Académique Documents
Professionnel Documents
Culture Documents
DOHJUD
6RQ KRPEUHV RFLRVRV V³OR TXLHQHV HVW¡Q OLEUHV SDUD OD VDELGXUD V³OR
HOORVHVW¡QYLYRVSXHVQRFRQVHUYDQWDQV³ORVXYLGDFXDOTXLHUWLHPSR
OR D±DGHQ DO VX\R WRGRV ORV D±RV TXH VH KDQ GHVDUUROODGR DQWHV TXH
HOORVHVW¡QDGTXLULGRVSDUDHOORV6LQRVRPRVGHORP¡VGHVDJUDGHFLGR
UHFRQRFHUHPRVTXHORVHVFODUHFLGRVIXQGDGRUHVGHYHQHUDEOHVGRFWULQDV
QDFLHURQSDUDQRVRWURVRUJDQL]DURQVXYLGDSDUDQRVRWURV
61(&$6REUHODEUHYHGDGGHODYLGD
,QWURGXFFL³Q
/RV GLDULRV SULYDGRV GH XQR GH ORV HPSHUDGRUHV P¡V LPSRUWDQWHV GH 5RPD ODV FDUWDV
SHUVRQDOHVGHXQRGHORVPHMRUHVGUDPDWXUJRV\PHGLDGRUHVSROWLFRVP¡VVDELRVGH5RPD
ODV FODVHV GH XQ DQWLJXR HVFODYR \ H[LOLDGR TXH VH FRQYLUWL³ HQ XQ SURIHVRU LQIOX\HQWH
&RQWUDWRGRSURQ³VWLFR\WUDVHOSDVRGHXQRVGRVPLOHQLRVHVWRVGRFXPHQWRVDVRPEURVRV
VREUHYLYHQ
4X© GLFHQ" 3RGUDQ HVWDV S¡JLQDV DQWLJXDV \ SRFR FRQRFLGDV FRQWHQHU DOJR TXH
UHDOPHQWHVHDUHOHYDQWHSDUDODYLGDPRGHUQD"/DUHVSXHVWDHVV&RQWLHQHQHMHPSORVGHOD
VDELGXUDP¡VDGPLUDEOHHQODKLVWRULDPXQGLDO
(VWRV GRFXPHQWRV FRQVWLWX\HQ ORV IXQGDPHQWRV GH ORTXH VH FRQRFH FRPR HVWRLFLVPR
XQD ILORVRID DQWLJXD TXH DOJXQD YH] IXH XQD GH ODV GLVFLSOLQDV FLYLOHV P¡V SRSXODUHV HQ
2FFLGHQWH OD SUDFWLFDURQ ULFRV \ SREUHV SRGHURVRV \ GHVDIRUWXQDGRV SRU LJXDO WRGRV HQ
EXVFDGHODEXHQDYLGD6LQHPEDUJRHQHOWUDQVFXUVRGHORVVLJORVHOFRQRFLPLHQWRGHHVWD
HVFXHODGHSHQVDPLHQWRTXHDOJXQDYH]IXHHVHQFLDOSDUDWDQWRVGHVDSDUHFL³SRFRDSRFR
6DOYR DTXHOORV TXH DVSLUDQ D OD VDELGXUD HO HVWRLFLVPR HV GHVFRQRFLGR R
PDOLQWHUSUHWDGR 'H KHFKR VHUD GLIFLO HQFRQWUDU XQD SDODEUD TXH KD\D VXIULGR WDQWDV
LQMXVWLFLDV D PDQRV GHO LGLRPD FRPR ߡHVWRLFRߢ 3DUD OD SHUVRQD SURPHGLR HVWD IRUPD GH
YLGDYLJRURVDRULHQWDGDDODDFFL³Q\TXHFDPELDSDUDGLJPDVVHKDFRQYHUWLGRHQVLQ³QLPR
GH ߡVLQ HPRFL³Qߢ 'DGR TXH OD VROD PHQFL³Q GH OD ILORVRID DEXUUH R SRQH QHUYLRVD D OD
PD\RUD HQ OD VXSHUILFLH OD ߡILORVRID HVWRLFDߢ SDUHFH OR ºOWLPR TXH DOJXLHQ TXHUUD
DSUHQGHUPXFKRPHQRVQHFHVLWDUHQVXYLGDFRWLGLDQD
4X©GHVWLQRWDQWULVWHSDUDXQDHVFXHODILORV³ILFDODFXDOXQRGHVXVFUWLFRVRFDVLRQDOHV
$UWKXU6FKRSHQKDXHUGHVFULELUDFRQHVWDVSDODEUDVߡ/DFXPEUHVXSUHPDDODTXHSXHGH
OOHJDUHOKRPEUHFRQHOPHURXVRGHVXUD]³Qߢ
1XHVWURREMHWLYRHQHVWHOLEURHVUHVWDEOHFHUHOHVWRLFLVPRDOOXJDUTXHOHFRUUHVSRQGH
FRPR XQD KHUUDPLHQWD QHFHVDULD SDUD HO FRQWURO GH XQR PLVPR SDUD OD FRQVWDQFLD \ OD
VDELGXUD DOJR ºWLO SDUD H[SHULPHQWDU XQD YLGD SOHQD QR XQ FDPSR HVRW©ULFR GH HVWXGLR
DFDG©PLFR
6LQGXGDPXFKDVGHODVJUDQGHVPHQWHVGHODKLVWRULDQRV³ORHQWHQGLHURQHOHVWRLFLVPR
FRPR OR TXH UHDOPHQWH HV VLQR UHFXUULHURQ D ©O *HRUJH :DVKLQJWRQ :DOW :KLWPDQ
)HGHULFR HO *UDQGH (XJ¨QH 'HODFURL[ $GDP 6PLWK ,PPDQXHO .DQW 7KRPDV -HIIHUVRQ
0DWWKHZ $UQROG $PEURVH %LHUFH 7KHRGRUH 5RRVHYHOW :LOOLDP $OH[DQGHU 3HUF\ 5DOSK
:DOGR(PHUVRQ&DGDXQROH\³HVWXGL³FLW³RDGPLU³DORVHVWRLFRV
3RUVXSDUWHORVDQWLJXRVHVWRLFRVQRHUDQXQRVDS¡WLFRV/RVQRPEUHVTXHHQFRQWUDU¡V
HQ HVWH OLEUR ߚ0DUFR $XUHOLR (SLFWHWR 6©QHFDߚ FRUUHVSRQGHQ UHVSHFWLYDPHQWH D XQ
HPSHUDGRU URPDQR XQ DQWLJXR HVFODYR TXH ORJU³ FRQYHUWLUVH HQ XQ LQIOX\HQWH SURIHVRU \
DPLJRGHOHPSHUDGRU$GULDQR\XQIDPRVRGUDPDWXUJR\FRQVHMHURSROWLFR([LVWHQRWURV
HVWRLFRV FRPR &DW³Q HO -RYHQ TXLHQ IXH XQ SROWLFR DGPLUDGR =HQ³Q TXH IXH XQ
FRPHUFLDQWH SU³VSHUR FRPR YDULRV HVWRLFRV &OHDQWHV TXH IXH XQ DQWLJXR ER[HDGRU \
WUDEDM³DFDUUHDQGRDJXDSDUDSDJDUVHORVHVWXGLRV&ULVLSRGH6RORVTXLHQIXHXQFRUUHGRU
GH ODUJD GLVWDQFLD FX\RV HVFULWRV VH SHUGLHURQ SRU FRPSOHWR SHUR TXH FRQWDEDQ P¡V GH
VHWHFLHQWRVOLEURV0XVRQLR5XIRTXHIXHXQSURIHVRUHQWUHRWURV
+R\ HQ GD VREUH WRGR FRQ OD SXEOLFDFL³Q UHFLHQWH GH 7KH 2EVWDFOH ,V WKH :D\ HO
HVWRLFLVPR KD HQFRQWUDGR XQ SºEOLFR QXHYR \ GLYHUVR TXH LQFOX\H DO HTXLSR GH
HQWUHQDPLHQWR GH ORV 3DWULRWDV GH 1XHYD ,QJODWHUUD \ ORV +DOFRQHV 0DULQRV GH 6HDWWOH DO
UDSHUR // &RRO - D OD SUHVHQWDGRUD 0LFKHOH 7DIR\D DV FRPR D PXFKRV DWOHWDV
SURIHVLRQDOHVGLUHFWRUHVHMHFXWLYRVLQYHUVLRQLVWDVDUWLVWDVHPSUHVDULRV\ILJXUDVSºEOLFDV
4X© KDQ HQFRQWUDGR HVWRV KRPEUHV \ PXMHUHV HMHPSODUHV HQ HO HVWRLFLVPR TXH ORV
GHP¡VQRKDQVDELGRLGHQWLILFDU"
0XFKVLPR6LELHQFRQIUHFXHQFLDORVDFDG©PLFRVFRQVLGHUDQHOHVWRLFLVPRFRPRXQD
PHWRGRORJD DQWLFXDGD GH PQLPR LQWHU©V KDQ VLGR ORV SULQFLSDOHV DFWRUHV GHO PXQGR
TXLHQHV KDQ GHVFXELHUWR TXH DSRUWD OD WDQ QHFHVDULD IRUWDOH]D \ UHVLVWHQFLD SDUD VXV YLGDV
H[LJHQWHV&XDQGRHOSHULRGLVWD\YHWHUDQRGHOD*XHUUD&LYLO$PEURVH%LHUFHOHGLMRDXQ
MRYHQ HVFULWRU TXH HVWXGLDU D ORV HVWRLFRV OH HQVH±DUD ߡF³PR VHU XQ LQYLWDGR GLJQR HQ OD
PHVDGHORVGLRVHVߢRFXDQGRHOSLQWRU(XJ¨QH'HODFURL[ IDPRVRSRUVXFXDGUR/DOLEHUWDG
JXLDQGR DO SXHEOR GLMR TXH HO HVWRLFLVPR HUD VX ߡUHOLJL³Q UHFRQIRUWDQWHߢ KDEODEDQ SRU
H[SHULHQFLD SURSLD $O LJXDO TXH HO FRURQHO \ YDOLHQWH DEROLFLRQLVWD 7KRPDV :HQWZRUWK
+LJJLQVRQ TXLHQ OLGHU³ HO SULPHU UHJLPLHQWR FRPSOHWDPHQWH QHJUR HQ OD *XHUUD &LYLO
HVWDGXQLGHQVH \ UHDOL]³ XQD GH ODV WUDGXFFLRQHV P¡V PHPRUDEOHV GH (SLFWHWR (O FRORQR
VXUH±R\HVFULWRU:LOOLDP$OH[DQGHU3HUF\TXLHQGLULJL³ODVODERUHVGHUHVFDWHGXUDQWHOD
*UDQ,QXQGDFL³QGHO0LVLVLSLGHWHQDXQSXQWRGHUHIHUHQFLDºQLFRFXDQGRGLMRGHO
HVWRLFLVPR TXH ߡFXDQGR WRGR HVW¡ SHUGLGR VH UHFXSHUD GHSULVDߢ $V FRPR HO HVFULWRU H
LQYHUVLRQLVWD 7LP )HUULVV FXDQGR PHQFLRQ³ TXH HO HVWRLFLVPR HUD ߡHO VLVWHPD RSHUDWLYR
SHUVRQDO SHUIHFWRߢ RWURV HMHFXWLYRV LQIOX\HQWHV FRPR -RQDWKDQ 1HZKRXVH GLUHFWRU
HMHFXWLYRGH&RQG©1DVW,QWHUQDWLRQDOKDQHVWDGRGHDFXHUGR
3DUHFH TXH HO HVWRLFLVPR HVW¡ HVSHFLDOPHQWH GLVH±DGR SDUD HO FDPSR GH EDWDOOD (Q
HO FDSLW¡Q -DPHV 6WRFNGDOH TXLHQ IXHUD FRQGHFRUDGR FRQ OD 0HGDOOD GH +RQRU VH
ODQ]³HQSDUDFDGDVGHVGHVXDYL³QDOTXHKDEDQGHUULEDGRPLHQWUDVVREUHYRODED9LHWQDP
HQGRQGHSDV³PHGLDG©FDGDGHWRUWXUD\HQFDUFHODPLHQWR4X©QRPEUHPHQFLRQDED"(O
GH(SLFWHWR$VFRPRVHGLFHTXH)HGHULFRHO*UDQGHFDEDOJ³DOFDPSRGHEDWDOODFRQODV
REUDVGHORVHVWRLFRVHQVXVDOIRUMDVWDPEL©QHODQWLJXRJHQHUDOGHOD0DULQDFRPDQGDQWH
GH OD 27$1 \ DFWXDO VHFUHWDULR GH 'HIHQVD GH (VWDGRV 8QLGRV HO JHQHUDO -DPHV ߡ0DG
'RJߢ 0DWWLV OOHYDED ODV 0HGLWDFLRQHV GH 0DUFR $XUHOLR D VXV GHVSOLHJXHV HQ HO *ROIR
3©UVLFR $IJDQLVW¡Q H ,UDN 'H QXHYR QR VH WUDWD GH SURIHVRUHV VLQR GH SURIHVLRQDOHV
DFWLYRV TXH GHVFXEULHURQ TXH HO HVWRLFLVPR FRPR ILORVRID SU¡FWLFD FRLQFLGD FRQ VXV
REMHWLYRV
'H*UHFLDD5RPD\ODDFWXDOLGDG
(OHVWRLFLVPRIXHXQDHVFXHODGHILORVRIDTXHIXQG³=HQ³QGH&LWLRDSULQFLSLRVGHOVLJOR
,,,D&6XQRPEUHVHGHULYDGHOJULHJRVWRDS³UWLFRSRUTXHDKIXHGRQGH=HQ³QFRPHQ]³
DGDUFODVHV/DILORVRIDPDQLILHVWDTXHODYLUWXG VRQFXDWURODVYLUWXGHVIXQGDPHQWDOHVHO
FRQWUROGHXQRPLVPRHOYDORUODMXVWLFLD\ODVDELGXUD HVODIHOLFLGDG\TXHODFDXVDGHOD
PD\RUDGHQXHVWURVSUREOHPDVUDGLFDHQF³PRSHUFLELPRVODVFRVDVQRHQODVFRVDVHQV
PLVPDV(OHVWRLFLVPRQRVHQVH±DTXHQRSRGHPRVFRQWURODUQLGHSHQGHUGHQDGDVDOYRGH
OR TXH (SLFWHWR GHQRPLQ³ ߡOLEUH DOEHGURߢ HV GHFLU QXHVWUD FDSDFLGDG SDUD HPSOHDU OD
UD]³QSDUDHOHJLUF³PRFODVLILFDPRVUHVSRQGHPRV\QRVDGDSWDPRVDORVVXFHVRVH[WHUQRV
(O HVWRLFLVPR WHPSUDQR VH DFHUFDED PXFKR P¡V D XQD ILORVRID FRPSOHWD TXH RWUDV
HVFXHODV DQWLJXDV FX\RV QRPEUHV SRGU¡Q UHVXOWDU IDPLOLDUHV HSLFXUHVPR FLQLVPR
SODWRQLVPR HVFHSWLFLVPR 6XV SDUWLGDULRV DERUGDURQ YDULRV WHPDV HQWUH HOORV OD IVLFD OD
O³JLFDODFRVPRORJD\PXFKRVP¡V8QDGHODVDQDORJDVSUHIHULGDVGHORVHVWRLFRVSDUD
GHVFULELUVXILORVRIDHUDODGHXQFDPSRI©UWLO/DO³JLFDHUDODUHMDSURWHFWRUDODIVLFDHUD
HOFDPSR\HOFXOWLYRTXHVHSURGXFDHUDOD©WLFDRF³PRYLYLU
1RREVWDQWHDPHGLGDTXHHOHVWRLFLVPRHYROXFLRQ³VHFHQWU³SULPRUGLDOPHQWHHQGRV
GH HVWRV WHPDV OD O³JLFD \ OD ©WLFD (O HVWRLFLVPR VH WUDVODG³ GH *UHFLD D 5RPD \ VH
FRQYLUWL³HQXQDGLVFLSOLQDP¡VSU¡FWLFDSDUDDGDSWDUVHDODVYLGDVDFWLYDV\SUDJP¡WLFDVGH
ORVURPDQRVLQGXVWULRVRV&RPR0DUFR$XUHOLRREVHUYDUDP¡VWDUGHߡ'HERD5ºVWLFRߨ
QRKDEHUPHGHVYLDGRKDFLDODSURIXVL³QGHODVRIVWLFDQLKDEHUFRPSXHVWRWUDWDGRVWH³ULFRV
RHVDVREUDVUHW³ULFDVTXHWLHQGHQDODSHUVXDVL³Qߢ>0HGLWDFLRQHV@
3RUHOFRQWUDULR©O MXQWRFRQ(SLFWHWR\6©QHFD VHFHQWUDURQHQXQDVHULHGHSUHJXQWDV
QRWDQGLVWDQWHVGHODVTXHKR\HQGDVHJXLPRVSODQWH¡QGRQRVߡ&X¡OHVODPHMRUPDQHUD
GH YLYLU"ߢ ߡ4X© KDJR FRQ PL HQRMR"ߢ ߡ&X¡OHV VRQ PLV UHVSRQVDELOLGDGHV FRQ HO
SU³MLPR"ߢ ߡ/H WHQJR PLHGR D OD PXHUWH SRU TX©"ߢ ߡ&³PR KDFHUOH IUHQWH D ODV
GLILFXOWDGHV"ߢߡ&³PROLGLDUFRQHO©[LWRRHOSRGHU"ߢ
1RVHWUDWDEDGHSUHJXQWDVDEVWUDFWDV(QVXVHVFULWRVߚFDUWDVRGLDULRVSHUVRQDOHVߚ\
VXVFODVHVORVHVWRLFRVVHHVIRU]DURQSRUWUD]DUUHVSXHVWDVUHDOHV\IDFWLEOHV&RQHOWLHPSR
IRUPXODURQVXWUDEDMRHQWRUQRDXQDVHULHGHHMHUFLFLRVHQWUHVGLVFLSOLQDVIXQGDPHQWDOHV
/DGLVFLSOLQDGHODSHUFHSFL³Q F³PRYHPRV\SHUFLELPRVHOPXQGRTXHQRVURGHD
/DGLVFLSOLQDGHODDFFL³Q ODVGHFLVLRQHV\DFFLRQHVTXHWRPDPRV\FRQTX©ILQ
/DGLVFLSOLQDGHODYROXQWDG F³PRKDFHUIUHQWHDODVFRVDVTXHQRSRGHPRVFDPELDU
F³PRGHVDUUROODUXQDRSLQL³QFODUD\FRQYLQFHQWHF³PRHQWHQGHUUHDOPHQWHQXHVWUROXJDU
HQHOPXQGR
/RV HVWRLFRV QRV GLFHQ TXH VL FRQWURODPRV QXHVWUDV SHUFHSFLRQHV HQFRQWUDUHPRV FODULGDG
PHQWDO 6L QXHVWUDV DFFLRQHV VRQ FRUUHFWDV \ MXVWDV HQFRQWUDUHPRV OD VDELGXUD \ OD
SHUVSHFWLYDSDUDHQIUHQWDUFXDOTXLHUREVW¡FXORTXHVHQRVSUHVHQWH7DPEL©QFUHDQTXHDO
SUDFWLFDUHVWDVGLVFLSOLQDVDVFRPRDOLQVWUXLUODVDVXVFRQFLXGDGDQRVSRGUDQFXOWLYDUOD
UHVLOLHQFLDODGHWHUPLQDFL³QHLQFOXVRODDOHJUD
(O HVWRLFLVPR QDFL³ HQ HO WXUEXOHQWR PXQGR DQWLJXR VH FHQWU³ HQ OD QDWXUDOH]D
LPSUHGHFLEOHGHODYLGDFRWLGLDQD\EULQG³KHUUDPLHQWDVSU¡FWLFDVSDUDHPSOHDUODVDGLDULR
1XHVWURPXQGRPRGHUQRSRGU¡SDUHFHUUDGLFDOPHQWHGLVWLQWRGHOUHSUHVHQWDGRHQHOS³UWLFR
6WRD3RLNLOª GHOJRUDGH$WHQDVRHO)RUR\ODFRUWHURPDQRV6LQHPEDUJRORVHVWRLFRV
VHHVIRU]DURQSRUUHFRUGDU Y©DVHODHQWUDGDGHOGHQRYLHPEUH TXHQRVHHQIUHQWDEDQD
XQ SDQRUDPD PX\ GLVWLQWR TXH HO GH VXV DQWHSDVDGRV \ TXH HO IXWXUR QR DOWHUDUD
UDGLFDOPHQWHODQDWXUDOH]D\HOILQGHODH[LVWHQFLDKXPDQD&RPRDORVHVWRLFRVOHVJXVWDED
GHFLUXQGDHVWRGRVORVGDV<VLJXHVLHQGRDV
/RFXDOQRVWUDHDOSUHVHQWH
8QOLEURILORV³ILFRSDUDODYLGDILORV³ILFD
$OJXQRV HVWDPRV HVWUHVDGRV RWURV WUDEDMDPRV GHPDVLDGR 7DO YH] HVW©V OLGLDQGR FRQ ODV
GLILFXOWDGHV GH VHU SDGUH FRQ HO FDRV GH XQD QXHYD HPSUHVD TXL]¡ \D VHDV H[LWRVR \
H[SHULPHQWHVODUHVSRQVDELOLGDGGHOSRGHURODLQIOXHQFLD(QIUHQWDVXQDDGLFFL³Q"(VW¡V
PX\HQDPRUDGR"9DVGHXQDUHODFL³QGLIFLODRWUD"7HDFHUFDVDODYHMH]"'LVIUXWDVOD
GHVWUXFFL³QSURSLDGHODMXYHQWXG"(VW¡VRFXSDGR\DFWLYR"7HVLHQWHVDEXUULGVLPR"
1R LPSRUWD FX¡O VHD HO FDVR VLQ WRPDU HQ FXHQWD WX VLWXDFL³Q OD VDELGXUD GH ORV
HVWRLFRV WH SXHGH D\XGDU 'H KHFKR HQ PXFKRV FDVRV KDQ DERUGDGR FLHUWRV WHPDV HQ
W©UPLQRVTXHSDUHFHQLQFUHEOHPHQWHPRGHUQRV<HQHVRQRVHQIRFDUHPRVHQHVWHOLEUR
1RV UHPLWLPRV GLUHFWDPHQWH DO FDQRQ HVWRLFR SDUD SUHVHQWDU XQD VHOHFFL³Q GH ORV
PHMRUHV SDVDMHV GH WUHV GH ODV ILJXUDV P¡V LPSRUWDQWHV GHO HVWRLFLVPR WDUGR ߚ6©QHFD
(SLFWHWR \ 0DUFR $XUHOLRߚ DV FRPR DOJXQDV P¡[LPDV GH VXV SUHGHFHVRUHV =HQ³Q
&OHDQWHV &ULVLSR GH 6RORV 0XVRQLR 5XIR \ +HFDW³Q 3DUD DFRPSD±DU FDGD FLWD
LQWHQWDPRV FRQWDU XQD KLVWRULD EULQGDU FRQWH[WR SODQWHDU XQD SUHJXQWD GDU SLH D XQ
HMHUFLFLR R H[SOLFDU OD SHUVSHFWLYD GHO HVWRLFR D TXLHQ SHUWHQHFH SDUD TXH HQWLHQGDV FRQ
PD\RUSURIXQGLGDGODVUHVSXHVWDVTXHHVW¡VEXVFDQGR
/DVREUDVGHORVHVWRLFRVVLHPSUHVHKDQPDQWHQLGRLQWHUHVDQWHV\YLJHQWHVVLQLPSRUWDU
HO GHYHQLU KLVW³ULFR QL HO IOXMR GH VX SRSXODULGDG 1R IXH QXHVWUD LQWHQFL³Q DOWHUDUODV R
PRGHUQL]DUODV HQ HVWH OLEUR HQ HVH VHQWLGR \D KD\ PXFKDV WUDGXFFLRQHV H[FHOHQWHV (Q
FDPELRTXLVLPRVRUJDQL]DU\SUHVHQWDUODYDVWDFROHFFL³QGHVDELGXUDHVWRLFDGHODIRUPD
P¡V GLJHULEOH DFFHVLEOH \ FRKHUHQWH SRVLEOH (V YLDEOH ߚ\ DFRQVHMDEOHߚ FRQVXOWDU ODV
REUDV RULJLQDOHV GH ORV HVWRLFRV HQ VX WRWDOLGDG Y©DVH OD VHFFL³Q GH OHFWXUDV VXJHULGDV DO
ILQDO GH HVWH OLEUR 0LHQWUDV WDQWR SDUD HO OHFWRU RFXSDGR \ DFWLYR KHPRV LQWHQWDGR
SURGXFLUXQGHYRFLRQDULRSU¡FWLFR\GLUHFWRFRPRORVILO³VRIRVHQFXHVWL³Q<GHDFXHUGR
FRQODWUDGLFL³QHVWRLFDKHPRVD±DGLGRPDWHULDOSDUDHVWLPXODU\IDFLOLWDUHOSODQWHDPLHQWR
GHODVSUHJXQWDVWUDVFHQGHQWDOHV
/RVHVWRLFRVIXHURQSLRQHURVGHORVULWXDOHVPDWXWLQRV\QRFWXUQRVSUHSDUDFL³QSRUOD
PD±DQD\UHIOH[L³QSRUODWDUGH+HPRVHVFULWRHVWHOLEURSDUDTXHVHDºWLOHQDPERVFDVRV
&RQWLHQHXQDPHGLWDFL³QGLDULDSDUDWRGRVORVGDVGHOD±R DVFRPRXQDDGLFLRQDOSDUDORV
D±RVELVLHVWRV 6LORGHVHDVSXHGHVXWLOL]DUWDPEL©QXQFXDGHUQRSDUDDUWLFXODUWXVLGHDV\
UHDFFLRQHV Y©DQVH \ GH HQHUR \ GH GLFLHPEUH WDO FRPR ORV HVWRLFRV
DFRVWXPEUDEDQ
(OREMHWLYRGHHVWHHQIRTXHSU¡FWLFRGHODILORVRIDHVD\XGDUWHDYLYLUXQDYLGDPHMRU
(VSHUDPRVTXHQRKD\DXQDVRODSDODEUDHQHVWHOLEURTXHQRSXHGDQLGHEDSDUDIUDVHDQGR
D6©QHFDFRQYHUWLUVHHQXQDREUD
&RQHVHILQSUHVHQWDPRVHVWHOLEUR
3ULPHUD SDUWH
/D GLVFLSOLQD GH OD SHUFHSFL³Q
(QHUR
ߧ
&ODULGDG
GHHQHUR
&RQWURO\HOHFFL³Q
(Q HVR FRQVLVWH OD WDUHD SULQFLSDO GH OD YLGD 'LVWLQJXH ODV FRVDV SRQODV SRU
VHSDUDGR\ GL ߡ/RH[WHULRU QR GHSHQGH GHP HO DOEHGURGHSHQGH GH P '³QGH
EXVFDU©HOELHQ\HOPDO"(QORLQWHULRUHQPLVFRVDVߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/D SU¡FWLFD P¡V LPSRUWDQWH HQ OD ILORVRID HVWRLFD HV GLIHUHQFLDU HQWUH OR TXH SRGHPRV
FDPELDU\ORTXHQR$TXHOORHQORTXHSRGHPRVLQIOXLU\HQORTXHQR&XDQGRXQYXHORVH
UHWUDVD SRU HO FOLPD JULWDUOH DO HPSOHDGR GH OD DHUROQHD QR GHWHQGU¡ OD WRUPHQWD 6LQ
LPSRUWDU FX¡QWR OR GHVHHV WX HVWDWXUD QR DXPHQWDU¡ QL GLVPLQXLU¡ WDPSRFR FDPELDU¡V WX
SDVGHQDFLPLHQWR6LQLPSRUWDUORPXFKRTXHORLQWHQWHVQRSXHGHVREOLJDUDQDGLHDTXH
OHFDLJDVELHQ(QFLPDGHWRGRHOWLHPSRTXHOHGHGLTXHVDHVWRVSURS³VLWRVLQDPRYLEOHVHV
WLHPSRTXHQRHVW¡VHPSOHDQGRHQODVFRVDVTXHVSXHGHVFDPELDU
/RV JUXSRV GH UHKDELOLWDFL³Q GH DGLFFLRQHV SUDFWLFDQ DOJR GHQRPLQDGR RUDFL³Q GH
VHUHQLGDGߡ'LRVGDPHODVHUHQLGDGGHDFHSWDUODVFRVDVTXHQRSXHGRFDPELDUHOYDORUGH
FDPELDUODVFRVDVTXHV\ODVDELGXUDSDUDGLVWLQJXLUODVߢ/RVDGLFWRVQRSXHGHQFDPELDUHO
DEXVR TXH VXIULHURQ HQ VX LQIDQFLD QR SXHGHQ UHYHUWLU ODV HOHFFLRQHV TXH WRPDURQ R ORV
GD±RV TXH KDQ FDXVDGR VLQ HPEDUJR V SXHGHQ FDPELDU HO IXWXUR PHGLDQWH HO SRGHU TXH
WLHQHQ HQ HO PRPHQWR SUHVHQWH &RPR GLMR (SLFWHWR SXHGHQ FRQWURODU ODV HOHFFLRQHV TXH
WRPHQHQHVWHPRPHQWR
/R PLVPR RFXUUH HQ QXHVWUR FDVR 6L QRV SRGHPRV FRQFHQWUDU HQ GLVWLQJXLU TX©
HOHPHQWRVGHQXHVWURGDSRGHPRVFRQWURODU\FX¡OHVQRQRV³ORVHUHPRVP¡VIHOLFHVVLQR
TXH WHQGUHPRV XQD YHQWDMD FODUD VREUH ODV GHP¡V SHUVRQDV TXH QR VH GDQ FXHQWD GH TXH
HVW¡QOLEUDQGRXQDEDWDOODLPEDWLEOH
GHHQHUR
/DHGXFDFL³QHVOLEHUWDG
&X¡OHVHOIUXWRGHHVWDVGRFWULQDV"+DGHVHUHOP¡VKHUPRVR\FRQYHQLHQWHSDUD
ORVYHUGDGHUDPHQWHLQVWUXLGRVLPSHUWXUEDELOLGDGDXVHQFLDGHPLHGROLEHUWDG3XHV
HQHVWRQRKHPRVGHKDFHUFDVRDOYXOJRTXHGLFHTXHߡV³ORDORVOLEUHVVHOHVKD
GH SHUPLWLU OD LQVWUXFFL³Qߢ VLQR P¡V ELHQ D ORV ILO³VRIRV TXH GLFHQ TXH ߡV³OR ORV
LQVWUXLGRVVRQOLEUHVߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
3RU TX© HOHJLVWH HVWH OLEUR" 3RU TX© HOLJHV FXDOTXLHU RWUR" 1R SDUD SDUHFHU P¡V
LQWHOLJHQWHQRSDUDSDVDUHOWLHPSRHQHODYL³QQRSDUDHVFXFKDUORTXHTXLHUHVHVFXFKDU
KD\OHFWXUDVPXFKRP¡VVHQFLOODV
(OHJLVWHHVWHOLEURSRUTXHHVW¡VDSUHQGLHQGRDYLYLU3RUTXHTXLHUHVVHUP¡VOLEUHWHQHU
PHQRV PLHGRV \ DOFDQ]DU XQ HVWDGR GH SD] /D HGXFDFL³Q ߚOHHU \ UHIOH[LRQDU VREUH OD
VDELGXUDGHODVPHQWHVEULOODQWHVߚQRGHEHEXVFDUVHSRUTXHV7LHQHXQILQ
5HFXHUGDHVWHLPSHUDWLYRORVGDVTXHWHVLHQWDVGLVWUDGRFXDQGRWHSDUH]FDTXHYHUOD
WHOHRFRPHUXQUHIULJHULRVHDP¡VSURYHFKRVRTXHOHHURHVWXGLDUILORVRID(OFRQRFLPLHQWR
ߚHQSDUWLFXODUHOFRQRFLPLHQWRGHXQRPLVPRߚHVOLEHUWDG
GHHQHUR
0X©VWUDWHLPSODFDEOHFRQODVFRVDVTXHQRLPSRUWDQ
&X¡QWRVWHKDQUREDGRODYLGDVLQTXHWºWHSHUFDWDUDVGHORTXHSHUGDVFX¡QWRVH
KDQOOHYDGRHOGRORULQºWLOODDOHJUDQHFLDODFRGLFLDDQVLRVDODFRQYHUVDFL³QKXHUD
TX©SRFRWHKDQGHMDGRGHORWX\RFRPSUHQGHU¡VTXHPXHUHVSUHPDWXUDPHQWH
61(&$6REUHODEUHYHGDGGHODYLGD
8QD GH ODV FRVDV P¡V GLIFLOHV HQ OD YLGD HV GHFLU TXH QR $ LQYLWDFLRQHV VROLFLWXGHV
REOLJDFLRQHVDODVFRVDVTXHWRGRVORVGHP¡VHVW¡QKDFLHQGR(VDºQP¡VGLIFLOGHFLUTXH
QR D ODV HPRFLRQHV TXH FRQVXPHQ PXFKR WLHPSR LUD HPRFL³Q GLVWUDFFL³Q REVHVL³Q
OXMXULD 1LQJXQR GH HVWRV LPSXOVRV SDUHFH QRFLYR SRU V PLVPR SHUR IXHUD GH FRQWUROVH
FRQYLHUWHQHQXQFRPSURPLVRFRPRSRFRV
6LQRWLHQHVFXLGDGR©VWDVVRQSUHFLVDPHQWHODFODVHGHLPSRVLFLRQHVTXHWHDJRELDU¡Q\
FRQVXPLU¡QWXYLGD$OJXQDYH]WHKDVSUHJXQWDGRF³PRSXHGHVUHFXSHUDUWXWLHPSRF³PR
SXHGHV VHQWLUWH PHQRV RFXSDGR" &RPLHQ]D SRU DSUHQGHU HO SRGHU GH GHFLU ߡb1Rߢ SRU
HMHPSOR ߡ1R JUDFLDVߢ ߡ1R QR PH LQYROXFUDU© HQ HVRߢ ߡ1R DKRUD QR SXHGRߢ (V
SUREDEOHTXHKLHUDVDFLHUWDVSHUVRQDVRTXHVHPROHVWHQ,PSOLFDU¡PXFKRHVIXHU]R3HUR
FXDQWRP¡VWHQLHJXHVDODVFRVDVTXHQRVRQLPSRUWDQWHVP¡VSRGU¡VGHFLUTXHVDODVTXH
LPSRUWDQ(VWRWHSHUPLWLU¡YLYLU\GLVIUXWDUWXYLGDODYLGDTXHTXLHUHV
GHHQHUR
/DVJUDQGHVWUHV
%DVWDHOIRUPDUVHSUHVHQWHPHQWHXQDRSLQL³QH[DFWDKDFHUDODVD]³QXQDDFFL³Q
ºWLODODVRFLHGDG\GLVSRQHUHO¡QLPRGHWDOPRGRTXHSRUGHSURQWRVHDFDSD]GH
FRQWHQWDUVHFRQWRGRORTXHSURYLHQHGHODFDXVDH[WHULRU
0$5&2$85(/,20HGLWDFLRQHV
3HUFHSFL³QDFFL³QYROXQWDG6RQODVWUHVGLVFLSOLQDVFRLQFLGHQWHVDXQTXHIXQGDPHQWDOHV
GHOHVWRLFLVPR DVFRPRODRUJDQL]DFL³QGHHVWHOLEUR\HOYLDMHGHXQD±RTXHUHFL©QKHPRV
FRPHQ]DGR &ODUDPHQWHHVWDILORVRIDLPSOLFDPXFKRP¡V\SRGUDPRVSDVDUWRGRHOGD
KDEODQGR GH ODV GRFWULQDV SDUWLFXODUHV GH YDULRV HVWRLFRV ߡ+HU¡FOLWR SHQVDED TXHߨߢ
ߡ=HQ³Q HV RULJLQDULR GH &LWLR XQD FLXGDG GH &KLSUH \ FUHD TXHߨߢ 6LQ HPEDUJR HVD
LQIRUPDFL³QWHD\XGDUDHQWXGDDGD"4X©FODULGDGRIUHFHQHVWHWLSRGHFRQRFLPLHQWRV"
(Q FDPELR HO VLJXLHQWH UHFRUGDWRULR UHVXPH ODV WUHV SDUWHV HVHQFLDOHV GH OD ILORVRID
HVWRLFDTXHYDOHODSHQDWHQHUHQPHQWHWRGRVORVGDVHQWRGDVODVGHFLVLRQHVTXHWRPHV
&RQWURODWXVSHUFHSFLRQHV
'LULJHWXVDFFLRQHVDGHFXDGDPHQWH
$FHSWDFRQYROXQWDGORTXHHVFDSDDWXFRQWURO
(VWRGRORTXHQHFHVLWDPRVKDFHU
GHHQHUR
$FODUDWXVLQWHQFLRQHV
4XHWRGRHVIXHU]RVHUHILHUDDXQILQTXHVHUHPLWDDXQILQ$ORVTXHVRQSRUVX
WUDEDMRQRLQWUDQTXLORVVLQRLQVHQVDWRVORVLQTXLHWDQVXVLGHDVIDOVDVGHODVFRVDV
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
/D OH\ GH /DV OH\HV GHO SRGHU HV SODQHD KDVWD HO ILQDO (O DXWRU 5REHUW *UHHQH
DVHJXUDߡ&XDQGRSODQHDVKDVWDHOILQDOQRWHDJRELDU¡QODVFLUFXQVWDQFLDV\VDEU¡VFX¡QGR
WHUPLQDU $QWLFSDWH SDUD DEULUOH SDVR D OD VXHUWH \ FRQWULEXLU D PROGHDU WX IXWXURߢ (O
VHJXQGRK¡ELWRHQ/RVK¡ELWRVGHODJHQWHDOWDPHQWHHIHFWLYDHVHPSLH]DFRQXQREMHWLYR
HQPHQWH
7HQHUXQREMHWLYRHQPHQWHQRJDUDQWL]DTXHORFXPSOLU¡VߚQLQJºQHVWRLFRWROHUDUDHVD
VXSRVLFL³Qߚ SHURQR WHQHUOR JDUDQWL]D TXH QR OR FXPSOLU¡V 3DUD ORV HVWRLFRV ODV RLªVLV
RSLQLRQHVIDOVDV VRQUHVSRQVDEOHVQRV³ORGHODVWXUEDFLRQHVGHODOPDVLQRGHOFDRV\OD
GLVIXQFL³QGHODYLGD&XDQGRQRGLULJHVWXVHVIXHU]RVKDFLDXQDFDXVDRILQF³PRVDEU¡V
TX©KDFHUWRGRVORVVDQWRVGDV"&³PRVDEU¡VDTX©QHJDUWH\DTX©GHFLUTXHV"&³PR
VDEU¡V FXDQGR WH KD\DV KDUWDGR FXDQGR KD\DV FXPSOLGR WX PHWD FXDQGR WH KD\DV
GHVFHQWUDGRVLQXQFDKDVGHILQLGRHVDVFRVDV"
/DUHVSXHVWDHVTXHQRKD\PDQHUDGHVDEHUOR$VTXHWHHQFXHQWUDVFRQHOIUDFDVRR
SHRUFRQODORFXUDGHELGRDOROYLGR\ODIDOWDGHGLUHFFL³Q
GHHQHUR
'³QGHTXL©QTX©\SRUTX©
(O TXH QR VDEH OR TXH HV HO PXQGR QR VDEH G³QGH VH HQFXHQWUD (O TXH QR VDEH
SDUDTX©QDFL³QRDGYLHUWHTXL©QHV©OPLVPRQLTX©FRVDHVHOPXQGR(OKRPEUH
TXH FDUHFH GH DOJXQD GH HVWDV QRWLFLDV QR SRGUD GHFLU FRQ TX© PRWLYR YLQR DO
PXQGR &X¡O WH SDUHFH SXHV TXH VHU¡ HO TXH DPELFLRQD HORJLRV R KX\H ORV
YLWXSHULRVGHDTXHOORVTXHQRVDEHQG³QGHHVW¡QQLTXL©QHVVRQ"
0$5&2$85(/,20HGLWDFLRQHV
(OIDOOHFLGRFRPHGLDQWH0LWFK+HGEHUJWHQDXQDKLVWRULDJUDFLRVDTXHFRQWDEDHQVXUXWLQD
'XUDQWHXQDHQWUHYLVWDUDGLRI³QLFDHQYLYRXQORFXWRUOHSUHJXQW³ߡ4XL©QHUHV"ߢ(QHVH
PRPHQWRWXYRTXHSHQVDU(VWHWLSRHVSURIXQGRRHVWR\HQODHVWDFL³QHTXLYRFDGD"
&RQFX¡QWDIUHFXHQFLDQRVSUHJXQWDPRVDOJRWDQVHQFLOORFRPRߡ4XL©QHUHV"ߢߡ4X©
KDFHV"ߢRߡ'HG³QGHYLHQHV"ߢ&RPRODVFRQVLGHUDPRVSUHJXQWDVVXSHUILFLDOHVߚVLHVTXH
QRVODVSODQWHDPRVߚQRQRVPROHVWDPRVP¡VTXHFRQUHVSXHVWDVVXSHUILFLDOHV
3HURDXQFRQXQDSLVWRODHQODFDEH]DODPD\RUDQRSRGUDGDUXQDUHVSXHVWDVXVWDQFLDO
7ºSRGUDV"7HKDVWRPDGRHOWLHPSRGHVDEHUFRQFODULGDGTXL©QHUHV\TX©UHSUHVHQWDV"
2 HVW¡V PX\ RFXSDGR FRQ FRVDV TXH QR VRQ LPSRUWDQWHV LPLWDQGR ODV LQIOXHQFLDV
LQFRUUHFWDV\VLJXLHQGRFDPLQRVGHFHSFLRQDQWHVLQVDWLVIDFWRULRVRLQH[LVWHQWHV"
GHHQHUR
6LHWHIXQFLRQHVFODUDVGHODPHQWH
/DV WDUHDV GHO DOPD VRQ VHQWLU LPSXOVRV VHQWLU DYHUVLRQHV GHVHDU UHFKD]DU
SUHSDUDVHLQWHQWDUDVHQWLU4X©HVORTXHHQHVWDVWDUHDVSXHGHKDFHUODVXFLDH
LPSXUD"1DGDP¡VTXHVXVMXLFLRVPDOLJQRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
([DPLQHPRVFDGDXQDGHHVDVWDUHDV
,PSXOVRVDFWXDU\SHQVDUFRUUHFWDPHQWH
$YHUVLRQHVDODWHQWDFL³Q
'HVHDUVHUPHMRU
5HFKD]DUODQHJDWLYLGDGODVPDODVLQIOXHQFLDVORTXHQRHVYHUGDGHUR
3UHSDUDUVHSDUDORTXHQRVHVSHUDSDUDORTXHSXHGDVXFHGHU
,QWHQWDUQXHVWURSULQFLSLRUHFWRU\PD\RUSULRULGDG
$VHQWLUQRHQJD±DUQRVVREUHORTXHSRGHPRVFRQWURODU\ORTXHQR \HVWDUGLVSXHVWRVD
DFHSWDUORºOWLPR
(VWRHVORTXHODPHQWHWLHQHTXHKDFHU'HEHPRVDVHJXUDUQRVGHTXHORKDJD\FRQVLGHUDU
WRGRORGHP¡VFRQWDPLQDFL³QRFRUUXSFL³Q
GHHQHUR
5HFRQRFHUQXHVWUDVDGLFFLRQHV
(OTXHGHVHDGDUSUXHEDVGHXQD\RWUDYLUWXG>SLHGDG\ILGHOLGDG@WHQGU¡TXHVXIULU
PXFKDVPROHVWLDVTXHGHQRPLQDPRVPDOHV\VDFULILFDUPXFKRVJXVWRVHQORVTXH
QRV FRPSODFHPRV FRPR VL IXHUDQ ELHQHV 3HUHFH OD IRUWDOH]D TXH GHEH SRQHUVH D
SUXHEDDVPLVPDSHUHFHODPDJQDQLPLGDGTXHQRSXHGHEULOODUVLQRPHQRVSUHFLD
FXDOQDGHUDVORVREMHWRVTXHHOYXOJRFRGLFLDFRPRYDOLRVRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
/DV LQGXOJHQFLDV TXH FRQVLGHUDPRV LQRIHQVLYDV SXHGHQ FRQYHUWLUVH HQ DGLFFLRQHV D JUDQ
HVFDOD&RPHQ]DPRVFRQFDI©HQODPD±DQD\GHQWURGHSRFR\DQRSRGHPRVHPSH]DUHO
GD VLQ ©O 5HYLVDPRV QXHVWUR FRUUHR SRUTXH HV SDUWH GH QXHVWUR WUDEDMR \ GH UHSHQWH
VHQWLPRVHQQXHVWUREROVLOORXQDYLEUDFL³QIDQWDVPDGHOWHO©IRQRFDGDSRFRVVHJXQGRV0X\
SURQWRHVWRVK¡ELWRVLQRIHQVLYRVDUUXLQDQQXHVWUDVYLGDV
(VDV SHTXH±DV FRPSXOVLRQHV H LPSXOVRV QR V³OR VRFDYDQ QXHVWUDOLEHUWDG \ VREHUDQD
QXEODQQXHVWUDFODULGDG&UHHPRVTXHWHQHPRVHOFRQWUROSHURHVDV"(QSDODEUDVGHXQ
DGLFWR OD DGLFFL³Q HV FXDQGR ߡSHUGHPRV OD OLEHUWDG GH DEVWHQHUQRVߢ 5HFXSHUHPRV HVD
OLEHUWDG
(VD DGLFFL³Q SXHGH YDULDU HQ WX FDVR UHIUHVFR" GURJDV" TXHMDUWH" HO FKLVPH"
LQWHUQHW" PRUGHUWH ODV X±DV" 6LQ HPEDUJR GHEHV UHFXSHUDU OD FDSDFLGDG GH DEVWHQHUWH
SRUTXHHQHOODVHHQFXHQWUDWXFODULGDG\FRQWUROGHWLPLVPR
GHHQHUR
/RTXHFRQWURODPRV\ORTXHQR
+D\FLHUWDVFRVDVTXHGHSHQGHQGHQRVRWURV\RWUDVTXHQR'HSHQGHQGHQRVRWURV
OD RSLQL³Q ODV LQFOLQDFLRQHV HO GHVHR OD DYHUVL³Q \ HQ GHILQLWLYD WRGR OR TXH VRQ
QXHVWURV SURSLRV DFWRV 1R GHSHQGHQ GH QRVRWURV HO FXHUSR ODV ULTXH]DV OD
UHSXWDFL³Q ORV FDUJRV \ HQ GHILQLWLYD WRGR OR TXH QR VRQ QXHVWURV SURSLRV DFWRV
/DVFRVDVTXHGHSHQGHQGHQRVRWURVVRQSRUQDWXUDOH]DOLEUHVQRHVW¡QVXMHWDVD
UHVWULFFLRQHV QL LPSHGLPHQWRV SHUR ODV FRVDV TXH QR GHSHQGHQ GH QRVRWURV VRQ
G©ELOHVVHUYLOHVHVW¡QVXMHWDVDUHVWULFFLRQHVLPSXHVWDVSRUODYROXQWDGGHRWURV
(3,&7(72(QTXLULGL³Q
+R\ QR FRQWURODU¡V ORV VXFHVRV H[WHULRUHV 7H GD PLHGR" 8Q SRFR SHUR VH HTXLOLEUD
FXDQGRQRVGDPRVFXHQWDGHTXHSRGHPRVFRQWURODUQXHVWUDRSLQL³QVREUHHVRVVXFHVRV7º
GHFLGHVVLVRQEXHQRVRPDORVMXVWRVRLQMXVWRV1RFRQWURODVODVLWXDFL³QSHURVFRQWURODV
ORTXHSLHQVDVVREUHHOOD
(QWLHQGHV F³PR IXQFLRQD" $EVROXWDPHQWH WRGDV ODV FRVDV TXH QR FRQWURODPRV ߚHO
PXQGR H[WHULRU RWUDV SHUVRQDV OD VXHUWH HO NDUPD OR TXH VHDߚ SUHVHQWDQ XQ ¡UHD
FRUUHVSRQGLHQWHTXHVSXHGHVFRQWURODU6³ORFRQHVRWHQHPRVPXFKRTXHUHDOL]DUPXFKR
SRGHU
/RPHMRUGHWRGRHVTXHHQWHQGHUORTXHFRQWURODPRVQRVEULQGDFODULGDGUHDOVREUHHO
PXQGR WRGR OR TXH WHQHPRV HV QXHVWUD SURSLD PHQWH 5HFX©UGDOR KR\ FXDQGR LQWHQWHV
GLULJLUHMHUFHUWXLQIOXHQFLDKDFLDIXHUDHVPXFKRPHMRU\P¡VFRQYHQLHQWHKDFHUORKDFLD
GHQWUR
GHHQHUR
6LTXLHUHVVHUFRQVWDQWH
/DHVHQFLDGHOELHQHVFLHUWDFODVHGHDOEHGURODGHOPDOFLHUWDFODVHGHDOEHGUR
(QWRQFHVTX©HVORH[WHULRU"0DWHULDVSDUDHODOEHGURHQFX\RWUDWRDOFDQ]DU¡VX
SURSLRELHQRPDO&³PRDOFDQ]DUHOELHQ"6LQRDGPLUDODVPDWHULDV3XHVVLODV
RSLQLRQHV VREUH ODV PDWHULDV VRQ FRUUHFWDV KDFHQ EXHQR HO DOEHGUR SHUR VL VRQ
WRUFLGDV\GHVYLDGDVPDOR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$ORVHVWRLFRVOHVLQWHUHVDODFRQVWDQFLDODHVWDELOLGDG\ODWUDQTXLOLGDGUDVJRVDORVTXHOD
PD\RUD DVSLUDPRV SHUR TXH SDUHFHPRV H[SHULPHQWDU EUHYHPHQWH &³PR FXPSOLU XQD
PHWD WDQ LQDFFHVLEOH" &³PR HQFDUQDU OD HXVWDWKHLD OD SDODEUD FRQ OD TXH $UULDQR
GHVFULEL³HVWDHQVH±DQ]DGH(SLFWHWR "
3XHVQRFRQVXHUWH1RKD\TXHHOLPLQDUODVLQIOXHQFLDVH[WHUQDVQLHVFDSDUSDUDEXVFDU
ODFDOPD\ODVROHGDG(QFDPELRVHWUDWDGHILOWUDUHOPXQGRH[WHULRUDWUDY©VGHOFRUUHFWRU
GHQXHVWURMXLFLR(VRSXHGHKDFHUQXHVWUDUD]³QWRPDUODQDWXUDOH]DUHWRUFLGDFRQIXVD\
DJRELDQWHGHORVVXFHVRVH[WHUQRV\RUJDQL]DUORV
6LQ HPEDUJR VL QXHVWUR MXLFLR HVW¡ UHWRUFLGR SRUTXH QR HPSOHDPRV OD UD]³Q HQWRQFHV
WRGRORGHP¡VHVWDU¡UHWRUFLGR\SHUGHUHPRVODFDSDFLGDGGHWUDQTXLOL]DUQRVHQHOFDRV\OD
SULVD GH OD YLGD 6L TXLHUHV VHU FRQVWDQWH VL TXLHUHV FODULGDG GHEHV HPSOHDU HO MXLFLR
DGHFXDGR
GHHQHUR
6LTXLHUHVVHULQFRQVWDQWH
3XHVVL XQR SRQHOD SUHFDXFL³Q GRQGH KD\DOEHGUR \ REUDVGHO DOEHGUR DO SXQWR
MXQWRFRQHOTXHUHUSUHFDYHUVH\SDUDHOORWHQGU¡DVXGLVSRVLFL³QHOUHFKD]R3HURVL
OD XVD GRQGH ODV FRVDV QR GHSHQGHQ GH QRVRWURV QL GH QXHVWUR DOEHGUR DO
H[SHULPHQWDU UHFKD]R GH OR TXH GHSHQGH GH RWURV SRU IXHU]D VHQWLU¡ WHPRU
DJLWDFL³QLQTXLHWXG
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/D LPDJHQ GHO ILO³VRIR ]HQ HV OD GHO PRQMH HQ ODV FROLQDV YHUGHV \ VLOHQFLRVDV R HQ XQ
KHUPRVRWHPSORVREUHXQDFDQWLODGR/RVHVWRLFRVVRQODDQWWHVLVGHHVWDLGHDHQFDPELR
VRQHOKRPEUHHQHOPHUFDGRHOVHQDGRUHQHO)RURODHVSRVDYDOLHQWHHVSHUDQGRDTXHVX
VROGDGRUHJUHVHGHEDWDOODODHVFXOWRUDRFXSDGDHQVXHVWXGLR3HVHDHOORHOHVWRLFRHVW¡HQ
SD]
(SLFWHWR WH UHFXHUGD TXH OD VHUHQLGDG \ OD HVWDELOLGDG VRQ UHVXOWDGR GH WX DOEHGUR \
MXLFLR QR GH WX HQWRUQR 6L TXLHUHV HYLWDU WRGDV ODV LQWHUUXSFLRQHV TXH WH LPSLGHQ HVWDU
WUDQTXLOR ߚRWUDV SHUVRQDV VXFHVRV H[WHUQRV HO HVWU©Vߚ QXQFD OR FRQVHJXLU¡V 7XV
SUREOHPDV WH VHJXLU¡Q FDGD TXH KX\DV \ WH HVFRQGDV 3HUR VL TXLHUHV HYLWDU ORV MXLFLRV
QRFLYRV \ SHUWXUEDGRUHV TXH RFDVLRQDQ GLFKRV SUREOHPDV HQWRQFHV GHEHV VHU FRQVWDQWH \
HVWDEOHHQGRQGHWHHQFXHQWUHV
GHHQHUR
(OºQLFRFDPLQRSDUDODVHUHQLGDG
+D\ XQ FDPLQR SDUD OD VHUHQLGDG ߚWHQOR D PDQR DO DOED \ GXUDQWH HO GD \ SRU OD
QRFKHߚHODSDUWDPHQWRGHORTXHQRGHSHQGHGHODOEHGURHOQRFRQVLGHUDUQDGD
FRPRSURSLRHOHQWUHJDUWRGRDO*HQLRDOD)RUWXQD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(VWDPD±DQDUHFXHUGDTX©FRQWURODV\TX©QR5HFXHUGDFHQWUDUWHHQORSULPHURQRHQOR
VHJXQGR
$QWHVGHFRPHUUHFXHUGDTXHORºQLFRTXHSRVHHVHVWXFDSDFLGDGSDUDWRPDUGHFLVLRQHV
SDUDHPSOHDUODUD]³Q\HOMXLFLRDOKDFHUOR (VORºQLFRTXHQXQFDWHSXHGHQTXLWDUGHO
WRGR
3RUODWDUGHUHFXHUGDTXHDGHP¡VGHODVGHFLVLRQHVTXHWRPDVWXGHVWLQRQRGHSHQGH
SRU FRPSOHWR GH WL (O PXQGR HVW¡ JLUDQGR \ QRVRWURV JLUDPRV FRQ ©O VLQ LPSRUWDU OD
GLUHFFL³QEXHQDRPDOD
(QODQRFKHUHFXHUGDGHQXHYRFX¡QWRHVW¡IXHUDGHWXFRQWURO\HQG³QGHFRPLHQ]DQ\
WHUPLQDQWXVHOHFFLRQHV
5HFRVWDGRHQODFDPDUHFXHUGDTXHHOVXH±RHVXQDHVSHFLHGHUHQGLFL³Q\FRQILDQ]D
DGPUDWHFRQORI¡FLOTXHHV\SUHS¡UDWHSDUDHPSH]DUGHQXHYRHOFLFORPD±DQD
GHHQHUR
(OFUFXORGHFRQWURO
'HQRVRWURVGHSHQGHQHODOEHGUR\WRGDVODVDFFLRQHVGHODOEHGURQRGHSHQGHQGH
QRVRWURVHOFXHUSRODVSDUWHVGHOFXHUSRODKDFLHQGDORVSDGUHVORVKHUPDQRVORV
KLMRVODSDWULD\VHQFLOODPHQWHTXLHQHVQRVDFRPSD±DQ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(VWR HV WDQ LPSRUWDQWH TXH YDOH OD SHQD UHSHWLU XQD SHUVRQD VHQVDWD UHFRQRFH TX© KD\ DO
LQWHULRUGHVXFUFXORGHFRQWURO\TX©KD\IXHUDGH©O
/D EXHQD QRWLFLD HV TXH HV PX\ VHQFLOOR UHFRUGDU OR TXH FRQWURODPRV 6HJºQ ORV
HVWRLFRVHOFUFXORGHFRQWUROFRQWLHQHXQDVRODFRVDWXPHQWH$VHVLQFOXVRWXFXHUSR
IVLFR QR HQWUD GHO WRGR DO FUFXOR $ ILQ GH FXHQWDV HQ FXDOTXLHU PRPHQWR SRGUD
DFRPHWHUWH XQD HQIHUPHGDG R XQD GLVFDSDFLGDG 3RGUDV YLDMDU D XQ SDV H[WUDQMHUR \
WHUPLQDUHQODF¡UFHO
3HURHVXQDEXHQDQRWLFLDSRUTXHDVGLVPLQX\HGU¡VWLFDPHQWHODFDQWLGDGGHFRVDVHQ
ODVTXHWLHQHVTXHSHQVDU/DVLPSOLFLGDGLPSOLFDFODULGDG0LHQWUDVWRGRHOPXQGRYDGH
XQODGRDORWURFRQXQDOLVWDNLORP©WULFDGHUHVSRQVDELOLGDGHVߚFRVDVGHODVTXHGHKHFKR
QRVRQUHVSRQVDEOHVߚWºV³ORWLHQHVXQDUHVSRQVDELOLGDG6³ORWLHQHVTXHKDFHUWHFDUJRGH
XQDFRVDWXVGHFLVLRQHVWXYROXQWDGWXPHQWH
$VTXHWHQORHQFXHQWD
GHHQHUR
&RUWDORVKLORVTXHPDQLSXODQWXPHQWH
$FDEDDOJXQDYH]GHFRQRFHUTXHSRVHHVHQWLPLVPRDOJRP¡VQREOHP¡VGLYLQR
TXHORVREMHWRVTXHH[FLWDQHQWLODVSDVLRQHV\WHDJLWDQHQXQDSDODEUDDPDQHUD
GH XQ WWHUH &X¡O HV DKRUD PL SHQVDPLHQWR" $FDVR HO WHPRU OD VRVSHFKD OD
FRGLFLDXRWUDSDVL³QDQ¡ORJD"
0$5&2$85(/,20HGLWDFLRQHV
3LHQVD HQ WRGRV ORV LQWHUHVHV TXH FRPSLWHQ GXUDQWH XQ PLQXWR SRU WX DWHQFL³Q WLHPSR \
GLQHUR/RVFLHQWILFRVGHORVDOLPHQWRVWUDEDMDQGHVDUUROODQGRSURGXFWRVSDUDH[SORWDUWXV
SDSLODV JXVWDWLYDV ,QJHQLHURV GH 6LOLFRQ 9DOOH\ HVW¡Q GLVH±DQGR DSOLFDFLRQHV LJXDO GH
DGLFWLYDV TXH ODV DSXHVWDV /RV PHGLRV GH FRPXQLFDFL³Q FUHDQ KLVWRULDV SDUD SURYRFDU HO
HQRMR\ODLQGLJQDFL³QGHODJHQWH
6H WUDWD GH XQD SHTXH±D PXHVWUD GH ODV WHQWDFLRQHV \ IXHU]DV TXH QRV LQIOX\HQ QRV
GLVWUDHQ\QRVDOHMDQGHODVFRVDVYHUGDGHUDPHQWHLPSRUWDQWHV3RUVXHUWH0DUFR$XUHOLR
QR HVWDED H[SXHVWR D HVWRV H[WUHPRV GH QXHVWUD FXOWXUD PRGHUQD 6LQ HPEDUJR WDPEL©Q
FRQRFD GLVWUDFWRUHV ORV FKLVPHV HO LQWHUPLQDEOH UHFODPR GHO WUDEDMR ORV PLHGRV OD
VRVSHFKD\ODOXMXULD$WRGRVORVVHUHVKXPDQRVQRVDWUDHQHVWDVIXHU]DVLQWHUQDV\H[WHUQDV
TXHFDGDYH]VRQP¡VSRGHURVDV\GLIFLOHVGHUHVLVWLU
/DILORVRIDFRQVLVWHVLPSOHPHQWHHQSRQHUPXFKDDWHQFL³Q\HVIRU]DUVHSRUVHUP¡VTXH
XQSH³Q&RPRDILUPD9LNWRU)UDQNOHQ/DYROXQWDGGHVHQWLGRߡ$OKRPEUHORDQLPDQORV
LPSXOVRV SHUR ORV YDORUHV OR UHVWULQJHQߢ (VWRV YDORUHV \ OD FRQVFLHQFLD GH XQR PLVPR
HYLWDQTXHVHDPRVWWHUHV6SRQHUDWHQFL³QUHTXLHUHHVIXHU]R\FRQVFLHQFLDSHURDFDVR
QRHVPHMRUDTXHQRVPXHYDQFRQXQRVKLORV"
GHHQHUR
0DQWHQHUVHHQFDPLQDGRSURGXFHSD]
/DWUDQTXLOLGDGV³ORDOFDQ]DDTXLHQHVVHKDQIRUPDGRXQMXLFLRLQPXWDEOH\VHJXUR
ORVGHP¡VHQVHJXLGDGHVIDOOHFHQ\OXHJRVHUHFXSHUDQ\IOXFWºDQDOWHUQDWLYDPHQWH
HQWUHUHQXQFLDV\GHVHRV
&X¡O HV OD FDXVD GH VX DJLWDFL³Q" 4XH QDGD TXHGD FODUR D ORV TXH VLJXHQ OD
P¡VLQVHJXUDGHODVQRUPDVODRSLQL³QSºEOLFDߨ
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q VX HQVD\R VREUH OD WUDQTXLOLGDG 6©QHFD HPSOHD OD SDODEUD JULHJD HXWK\PLD D OD FXDO
GHILQH DV ߡWHQHU FRQILDQ]D HQ WL PLVPR \ FUHHU TXH YDV SRU HO EXHQ FDPLQR VLQ GHMDUWH
GHVYLDUHQDEVROXWRSRUODVKXHOODVFUX]DGDVGHORVPXFKRVTXHFRUUHWHDQSRUWRGDVSDUWHVߢ
>@$VHJXUDTXHHVWHHVWDGRPHQWDOSURGXFHODWUDQTXLOLGDG
7HQHUXQSXQWRGHYLVWDFODURQRVSHUPLWHDOEHUJDUHVWDFUHHQFLD(VWRQRTXLHUHGHFLU
TXHVLHPSUHHVWDUHPRVFLHQSRUFLHQWRVHJXURVGHWRGRRTXHGHEDPRVHVWDUOR(QFDPELR
TXLHUH GHFLU TXH SRGHPRV HVWDU VHJXURV GH TXH YDPRV HQ OD GLUHFFL³Q FRUUHFWD 4XH QR
QHFHVLWDPRV FRPSDUDUQRV FRQVWDQWHPHQWH FRQ ORV GHP¡V QL FDPELDU GH RSLQL³Q FDGD WUHV
VHJXQGRVVHJºQODQXHYDLQIRUPDFL³QTXHHQFRQWUHPRV
3RU HO FRQWUDULR OD WUDQTXLOLGDG \ OD SD] VH HQFXHQWUDQ FXDQGR LGHQWLILFDPRV QXHVWUR
FDPLQR\ORDFDWDPRVFXDQGRVHJXLPRVHVHUXPERߚQDWXUDOPHQWHSRGHPRVKDFHUDMXVWHV
FXDQGR KDJD IDOWDߚ SHUR LJQRUDPRV ODV VLUHQDV GLVWUDFWRUDV TXH QRV OODPDQ SURYRFDQGR
TXHYLUHPRVKDFLDODVURFDV
GHHQHUR
1XQFDKDJDVQDGDSRUFRVWXPEUH
(Q OD PD\RU SDUWH GH ORV FDVRV QR QRV VHUYLPRV FRKHUHQWHPHQWH GH ODV
SUHVXQFLRQHV FRUUHFWDV HQ ORV DVXQWRV VLQR TXH P¡V ELHQ VHJXLPRV OD FRVWXPEUH
YLO<SXHVWRTXHDILUPRTXHHVWRHVDVHOTXHSUDFWLFDKDGHEXVFDUYHQFHUVHDV
PLVPR QR JXVWDU GHO SODFHU QR UHFKD]DU ORV EDMRV QR GHOHLWDUVH FRQ OD YLGD QR
WHPHUODPXHUWH\HQFXHVWLRQHVGHGLQHURQRSUHIHULUHOFREUDUDOSDJDU
08621,258)2'LVHUWDFLRQHV
/HSUHJXQWDQDXQHPSOHDGRߡ3RUTX©ORKLFLVWHDV"ߢOUHVSRQGHߡ3RUTXHVLHPSUHOR
KHPRV KHFKR DVߢ /D UHVSXHVWD IUXVWUD D FXDOTXLHU EXHQ MHIH \ KDFH VDOLYDU D FXDOTXLHU
HPSUHQGHGRU(OHPSOHDGRKDGHMDGRGHSHQVDU\HVW¡RSHUDQGRPHF¡QLFDPHQWHDSDUWLUGHO
K¡ELWR(VHOPRPHQWRRSRUWXQRSDUDTXHODFRPSHWHQFLDWUDVWRTXHHOQHJRFLR\HVSUREDEOH
TXHFXDOTXLHUMHIHSHQVDQWHGHVSLGDDOWUDEDMDGRU
'HEHUDPRVVHULJXDOGHLPSODFDEOHVFRQQXHVWURVSURSLRVK¡ELWRV'HKHFKRHVWDPRV
HVWXGLDQGR ILORVRID SUHFLVDPHQWH SDUD SRQHUOH ILQ D OD FRQGXFWD PHF¡QLFD 3LHQVD TX©
KDFHV D SDUWLU GH OD PHPRULD PHF¡QLFD R OD UXWLQD 3UHJºQWDWH 'H YHUGDG HV OD PHMRU
PDQHUDGHKDFHUOR"5HIOH[LRQDSRUTX©ORKDFHVKD]ORSRUODVUD]RQHVFRUUHFWDV
GHHQHUR
5HLQLFLDHOWUDEDMRGHYHUGDG
6R\ YXHVWUR HGXFDGRU \ YRVRWURV DKRUD RV HGXF¡LV FRQPLJR < \R WHQJR HVWH
SUR\HFWR KDFHURV OLEUHV GH WUDEDV LQFRHUFLEOHV VLQ LPSHGLPHQWRV OLEUHV
YHQWXURVRVIHOLFHVFRQODYLVWDSXHVWDHQODGLYLQLGDGSDUDWRGRORSHTXH±RFRPROR
JUDQGH \ YRVRWURV HVW¡LV DTX SDUD DSUHQGHU \ HMHUFLWDURV HQ HOOR 3RU TX©
HQWRQFHVQROOHY¡LVDFDERODWDUHDVLWDPEL©QYRVRWURVWHQ©LVXQSUR\HFWRFRPRHV
GHELGR\\RSRVHRSDUDHVHSUR\HFWRXQDSUHSDUDFL³QFRPRHVGHELGR"4X©HVOR
TXHIDOWD"ߨ(OSURSLRDVXQWRHVIDFWLEOH\GHSHQGHV³ORGHQRVRWURVߨ'HMHPRVOR
TXHSDV³KDVWDDKRUD6LPSOHPHQWHHPSHFHPRVFUHHGPH\YHU©LV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
5HFXHUGDVFXDQGRHQODHVFXHODRHQWXLQIDQFLDOHWHPDVDDOJRSRUTXHWHQDVPLHGRGH
KDFHUORPDO"/DPD\RUDGHORVDGROHVFHQWHVSUHILHUHQKDUDJDQHDUHQYH]GHHVIRU]DUVH(O
HVIXHU]RSHUH]RVR\GHVDQLPDGROHVEULQGDXQSUHWH[WRSUHIDEULFDGRߡ1RLPSRUWDSRUTXH
QLVLTXLHUDPHHVIRUF©ߢ
$ PHGLGD TXH PDGXUDPRV HO IUDFDVR \D QR HV LQVLJQLILFDQWH <D QR QRV MXJDPRV XQD
FDOLILFDFL³QRXQWURIHRGHSRUWLYRVLQRODFDOLGDGGHODYLGD\ODFDSDFLGDGSDUDOLGLDUFRQHO
PXQGRTXHQRVURGHD
1RGHMHVTXHWHLQWLPLGH7LHQHVDORVPHMRUHVSURIHVRUHVGHOPXQGRDORVILO³VRIRVP¡V
VDELRVGHODKLVWRULD<QRV³ORHUHVFDSD]HOSURIHVRUWHSLGHDOJRPX\VHQFLOORHPSLH]DD
WUDEDMDU(OUHVWRRFXUULU¡FRPRFRQVHFXHQFLD
GHHQHUR
0LUDHOPXQGRFRPRSRHWD\DUWLVWD
(VWD LQILQLWD EUHYHGDG GHO WLHPSR YYHOD SXHV FRQIRUP¡QGRWH FRQ OD QDWXUDOH]D \
WHUPLQD WX YLGD FRQ DJUDGR DO PRGR TXH OD DFHLWXQD OOHJDGD D VD]³Q FDH
EHQGLFLHQGRDODWLHUUDTXHODVRVWXYR\GDQGRJUDFLDVDO¡UEROTXHOHGLRVDYLD
0$5&2$85(/,20HGLWDFLRQHV
(Q ODV0HGLWDFLRQHV GH 0DUFR $XUHOLR KD\ H[SUHVLRQHV GH XQD EHOOH]D LPSUHVLRQDQWH XQ
FRPSOHPHQWR DVRPEURVR VL VH WLHQH HQ FXHQWD HO SºEOLFR DO TXH HVWDEDQ GLULJLGDV ©O
PLVPR (QXQSDVDMHDODEDODߡJUDFLD\HODWUDFWLYRߢGHORVSURFHVRVGHODQDWXUDOH]DߡODV
HVSLJDVTXHVHGREODQKDFLDODWLHUUDORVSOLHJXHVTXHVXUFDQODIUHQWHGHOOH³QODHVSXPD
TXH PDQD GHO KRFLFR GHO MDEDOߢ >@ 'HEHUDPRV DJUDGHFHU DO SURIHVRU SULYDGR GH
UHW³ULFD0DUFR&RUQHOLR)URQW³QSRUODVLP¡JHQHVGHHVWHYYLGRSDVDMH(OSDGUHDGRSWLYR
GH0DUFR$XUHOLRHOLJL³D)URQW³QߚFRQVLGHUDGRSRUPXFKRVHOPHMRURUDGRUGH5RPD
DGHP¡VGH&LFHU³QߚSDUDTXHHQVH±DUDD0DUFR$XUHOLRDSHQVDUHVFULELU\KDEODU
1RV³ORVRQIUDVHVKHUPRVDVVLQRTXHWDPEL©QOHEULQGDURQߚ\DKRUDDQRVRWURVߚXQD
SHUVSHFWLYDHORFXHQWHVREUHORVVXFHVRVHQDSDULHQFLDRUGLQDULRVRQREHOORV6HUHTXLHUHHO
RMRGHXQDUWLVWDSDUDYHUTXHHOILQDOGHODYLGDQRHVGLVWLQWRGHXQIUXWRPDGXURTXHFDH
GHO¡UERO6HUHTXLHUHXQSRHWDSDUDGDUVHFXHQWDGHF³PRߡHOSDQTXHVHFXHFHVHDJULHWDHQ
GHWHUPLQDGRVOXJDUHV\ODVKHQGLGXUDVDVIRUPDGDVFRQWUDULDVDORTXHSURPHWDHODUWHGHO
SDQDGHURRIUHFHQXQFLHUWRSODFHU\H[FLWDQSRUPRGRSHFXOLDUHODSHWLWRߢ>@\HQFRQWUDU
XQDPHW¡IRUDHQHOODV
9HUORTXHORVGHP¡VQRSXHGHQYHUHQFRQWUDUODJUDFLD\ODDUPRQDHQOXJDUHVTXHORV
GHP¡V SDVDQ SRU DOWR LPSOLFD FODULGDG \ DOHJUD $FDVR QR HV PXFKR PHMRU TXH YHU HO
PXQGRFRPRXQVLWLRVRPEUR"
GHHQHUR
$GRQGHTXLHUDTXHYD\DVFRQVHUYDVWXDOEHGUR
/DWULEXQD\ODF¡UFHOVRQFDGDXQDXQOXJDUHOXQRHOHYDGRHORWURKXPLOGHSHUR
HO DOEHGUR HV LJXDO 6L TXLHUHV FRQVHUYDUOR LJXDO HQ FDGD XQR GH HVRV OXJDUHV
SXHGHVHUFRQVHUYDGR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/RVHVWRLFRVWHQDQRFXSDFLRQHVLQILQLWDPHQWHGLVWLQWDV$OJXQRVHUDQULFRVRWURVQDFLHURQ
HQ HO ºOWLPR SHOGD±R GH OD UJLGD MHUDUTXD URPDQD $OJXQRV OD WXYLHURQ I¡FLO \ RWURV
LQFUHEOHPHQWH GLIFLO VH WDPEL©Q HV QXHVWUR FDVR 7RGRV DFXGLPRV D OD ILORVRID GHVGH
RUJHQHV GLVWLQWRV LQFOXVR HQ QXHVWUD SURSLD YLGD H[SHULPHQWDPRV HSLVRGLRV GH EXHQD \
PDODVXHUWH
6LQHPEDUJRHQWRGDVODVFLUFXQVWDQFLDVߚDGYHUVLGDGHVRYHQWDMDVߚHQHOIRQGRV³OR
WHQHPRVTXHKDFHUXQDFRVDFHQWUDUQRVHQORTXHHVW¡EDMRQXHVWURFRQWURO\GLVWLQJXLUOR
TXHQR$KRUDPLVPRSRGHPRVHVWDUFDEL]EDMRVGHELGRDGLILFXOWDGHVKDFHXQSDUGHD±RV
SXGLPRVKDEHUYLYLGRSURVSHULGDGDEVROXWD\HQXQSDUGHGDVTXL]¡QRVYD\DWDQELHQTXH
HO©[LWRVHYXHOYDXQDFDUJD8QDFRVDVHPDQWHQGU¡FRQVWDQWHQXHVWURDOEHGURWDQWRHQ
ODVFRVDVLPSRUWDQWHVFRPRHQODVSHTXH±DV
(QHOIRQGRHVWRHVFODULGDG$OPDUJHQGHORTXHVRPRVHQGRQGHQRVHQFRQWUHPRVOR
TXH LPSRUWD VRQ QXHVWUDV HOHFFLRQHV 4X© VRQ" &³PR ODV HYDOXDUHPRV" &³PR ODV
DSURYHFKDUHPRV DO P¡[LPR" VDV VRQ ODV SUHJXQWDV TXH QRV SODQWHD OD YLGD VLQ LPSRUWDU
QXHVWUDVLWXDFL³Q&³PRUHVSRQGHU¡V"
GHHQHUR
5HDYLYDWXVSHQVDPLHQWRV
/RV SULQFLSLRV GH OD ILORVRID YLYHQ 'H TX© PRGR SRGUDQ PRULU D QR VHU TXH VH
DPRUWLJ¼HQODVLGHDVTXHOHVFRUUHVSRQGHQ"<GHWLGHSHQGHHODYLYDUODVVLQFHVDUߨ
WLHQHV HQ WX PDQR UHYLYLU 0LUD GH QXHYR ODV FRVDV FRQ ORV PLVPRV RMRV FRQ TXH
DQWHVODVKDVYLVWRTXHHQHVWRFRQVLVWHHOUHYLYLU
0$5&2$85(/,20HGLWDFLRQHV
+DV WHQLGR DOJXQDV VHPDQDV PDODV" 7H KDV DOHMDGR GH ORV SULQFLSLRV \ FUHHQFLDV TXH
YDORUDV"(VW¡ELHQQRVSDVDDWRGRV
'HKHFKRVHJXUROHSDV³D0DUFR$XUHOLRWDOYH]SRUHVRHVFULEL³HVWDQRWD7DOYH]
KDED HVWDGR OLGLDQGR FRQ VHQDGRUHV GLIFLOHV R WHQLHQGR GLILFXOWDGHV FRQ VX KLMR
DWRUPHQWDGR 7DO YH] HQ HVWDV VLWXDFLRQHV SHUGL³ ORV HVWULERV VH GHSULPL³ R GHM³ GH
SUHRFXSDUVHSRU©O4XL©QQRORKDUD"
6LQHPEDUJRORLPSRUWDQWHDTXHVUHFRUGDUTXHSHVHDORTXHVXFHGDVLQLPSRUWDUFX¡Q
GHFHSFLRQDQWH KD\D VLGR QXHVWUD FRQGXFWD HQ HO SDVDGR ORV SULQFLSLRV VH PDQWLHQHQ
LQDOWHUDEOHV3RGHPRVDGRSWDUORVGHQXHYRHQFXDOTXLHUPRPHQWR/RTXHSDV³D\HUߚOR
TXH SDV³ KDFH FLQFR PLQXWRVߚ HVW¡ HQ HO SDVDGR 3RGHPRV YROYHU D HPSH]DU FXDQGR
TXHUDPRV
3RUTX©QRKDFHUORDKRUD"
GHHQHUR
8QULWXDOPDWXWLQR
$OSXQWRGHOHYDQWDUVHDODOEDSLHQVDߡ4X©PHIDOWDSDUDODLPSDVLELOLGDG"4X©
SDUD OD LPSHUWXUEDELOLGDG" 4XL©Q VR\" 9HUGDG TXH QR VR\ FXHUSR KDFLHQGD
IDPD"1LQJXQDGHHVDVFRVDVVLQRTX©"6R\XQVHUUDFLRQDO(QWRQFHVFX¡OHV
VRQODVUHFODPDFLRQHV"ߢ5HSDVDORTXHKDVKHFKRߡ4X©QRUPDWUDQVJUHGGHODV
GHODVHUHQLGDG"4X©KLFHGHSRFRDPLVWRVRRGHLQVRFLDEOHRGHLQJUDWR"4X©
QROOHY©DFDERGHORQHFHVDULRSDUDHVR"ߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
0XFKDJHQWHH[LWRVDWLHQHXQULWXDOPDWXWLQR3DUDDOJXQRVHVODPHGLWDFL³Q3DUDRWURVHO
HMHUFLFLR 3DUD PXFKRV HVFULELU HQ XQ GLDULR V³OR XQ SDU GH S¡JLQDV SDUD SODVPDU VXV
SHQVDPLHQWRVPLHGRVDQKHORV(QHVWRVFDVRVHOSXQWRQRHVODDFWLYLGDGVLQRODUHIOH[L³Q
DPDQHUDGHULWXDO/DLGHDHVWRPDUVHHOWLHPSRSDUDPLUDUKDFLDXQRPLVPR\H[DPLQDUVH
/RV HVWRLFRV DERJDEDQ P¡V SRU WRPDUVH WLHPSR TXH SRU FXDOTXLHU RWUD FRVD 1R
VDEHPRV VL 0DUFR $XUHOLR HVFULEL³ VXV 0HGLWDFLRQHV HQ OD PD±DQD R OD QRFKH SHUR V
VDEHPRVTXHVHUHVHUY³PRPHQWRVGHWLHPSRDVRODV\HQVLOHQFLR\TXHHVFULEL³SDUD©O\
QDGLHP¡V6LHVW¡VSHQVDQGRHQG³QGHLQLFLDUWXULWXDOQRHVPDODLGHDVHJXLUHOHMHPSORGH
0DUFR$XUHOLRRODOLVWDGH(SLFWHWR
7RGRVORVGDVDSDUWLUGHKR\KD]WHODVPLVPDVSUHJXQWDVFRPSOHMDV3HUPLWHTXHOD
ILORVRID\HOHVIXHU]RWHJXHQSDUDHQFRQWUDUPHMRUHVUHVSXHVWDVXQDPD±DQDDODYH]HQ
HOWUDQVFXUVRGHWXYLGD
GHHQHUR
(OGDHYDOXDGR
6LQP¡VSRQGU©ODDWHQFL³QHQP\FRVDTXHUHVXOWDPX\SURYHFKRVDUHYLVDU©PL
MRUQDGD1RVYXHOYHPX\GHIHFWXRVRVHOKHFKRGHTXHQDGLHWRPDHQFRQVLGHUDFL³Q
VX YLGD GLVFXUULPRV VREUH OR TXH KHPRV GH KDFHU \ HVWR UDUDV YHFHV SHUR QR
FRQVLGHUDPRV OR TXH KHPRV KHFKR DKRUD ELHQ OD SUHYLVL³Q GHO IXWXUR SHQGH GHO
SDVDGR
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q XQD FDUWD D VX KHUPDQR PD\RU 1RYDWR 6©QHFD GHVFULEH XQ HMHUFLFLR EHQHILFLRVR TXH
WRP³SUHVWDGRGHRWURILO³VRIRSURPLQHQWH$OWHUPLQDUHOGDVHSODQWHDEDHVWDVSUHJXQWDV
FRQ YDULDQWHV 4X© PDO HVTXLY© KR\" 0HMRU© GH DOJºQ PRGR" 0LV DFFLRQHV IXHURQ
MXVWDV"&³PRSXHGRPHMRUDU"
$OHPSH]DURWHUPLQDUFDGDGDHOHVWRLFRVHVLHQWDFRQVXGLDULR\UHSDVDTX©KL]RTX©
SHQV³TX©SRGUDPHMRUDU3RUHVWDUD]³QODV0HGLWDFLRQHVGH0DUFR$XUHOLRVRQXQOLEUR
HQ FLHUWD PHGLGD LQGHVFLIUDEOH SRUTXH OR HVFULEL³ SDUD DGTXLULU FODULGDG SHUVRQDO QR
EHQHILFLRSºEOLFR(VFULELUHMHUFLFLRVHVWRLFRVHUD\VLJXHVLHQGRXQDIRUPDGHSUDFWLFDUORV
GHODPLVPDPDQHUDTXHORHVUHSHWLUXQDRUDFL³QRXQKLPQR
/OHYD XQ GLDULR \D VHD HQ XQD FRPSXWDGRUD R HQ XQD OLEUHWD 7³PDWH WLHPSR SDUD
UHFRUGDU GHOLEHUDGDPHQWH ORV VXFHVRV GHO GD DQWHULRU 0X©VWUDWH ULJXURVR HQ WXV
YDORUDFLRQHV 'DWH FXHQWD GH TX© FRQWULEX\³ D WX IHOLFLGDG \ TX© OH UHVW³ $QRWD TX©
DVSHFWRVWHJXVWDUDWUDEDMDURFLWDVTXHWHJXVWHQ$OHVIRU]DUWHSRUUHJLVWUDUHVDVLGHDVHV
PHQRV IDFWLEOH TXH VH WH ROYLGHQ 8Q SXQWR DGLFLRQDO WDPEL©Q OOHYDU¡V FXHQWD GH WX
SURJUHVR
GHHQHUR
/DYHUGDGVREUHHOGLQHUR
3DVHPRV D ORV SXGLHQWHV bTX© QXPHURVDV VRQ ODV RFDVLRQHV HQ TXH VRQ
VHPHMDQWHV D ORV SREUHV (O HTXLSDMH GH ORV TXH VH SRQHQ HQ FDPLQR VH KD
UHVWULQJLGR \ VLHPSUH TXH OD XUJHQFLD GHO YLDMH H[LJH SUHPXUD VH UHQXQFLD DO WURSHO
GH DFRPSD±DQWHV /RV TXH HVW¡Q HQ HO HM©UFLWR TX© SDUWH GH VXV ELHQHV OOHYDQ
FRQVLJR"
61(&$&RQVRODFL³QDVXPDGUH+HOYLD
(OHVFULWRU)6FRWW)LW]JHUDOGTXLHQFRQIUHFXHQFLDUHDO]DEDHOJODPRXUGHODVYLGDVGHORV
ULFRV \ IDPRVRV HQ OLEURV FRPR (O JUDQ *DWVE\ DUUDQFD VX FXHQWR ߡ7KH 5LFK %R\ߢ FRQ
HVWDVOQHDVDKRUDFO¡VLFDVߡ3HUPWDQPHKDEODUOHVGHTXLHQHVVRQPX\ULFRV6RQGLIHUHQWHV
D QRVRWURVߢ 8Q SDU GH D±RV GHVSX©V GH TXH VH SXEOLFDUD HVWH FXHQWR VX DPLJR (UQHVW
+HPLQJZD\EURPH³FRQ)LW]JHUDOGDOHVFULELUߡ6WLHQHQP¡VGLQHURߢ>HQߡ/DVQLHYHVGHO
.LOLPDQMDURߢ@
(VR QRV UHFXHUGD 6©QHFD &RPR XQR GH ORV KRPEUHV P¡V ULFRV GH 5RPD VDED GH
SULPHUD PDQR TXH HO GLQHUR DSHQDV FDPELD OD YLGD 1R UHVXHOYH ORV SUREOHPDV FRPR ODV
SHUVRQDVTXHQRORWLHQHQFUHHQTXHORKDFH'HKHFKRQLQJXQDSRVHVL³QPDWHULDOORKDU¡
/DVFRVDVH[WHUQDVQRSXHGHQVROXFLRQDUSUREOHPDVLQWHUQRV
&RQIUHFXHQFLDHVWRVHQRVROYLGD\FDXVDPXFKDFRQIXVL³Q\GRORU&RPR+HPLQJZD\
HVFULELUD VREUH )LW]JHUDOG ߡ&UHD TXH >ORV ULFRV@ HUDQ XQD FODVH VRFLDO SDUWLFXODUPHQWH
JODPXURVD3RUHVRFXDQGRGHVFXEUL³ORFRQWUDULRVXIUL³XQDGHFHSFL³QDOLJXDOTXHFRQ
WRGRORGHP¡VTXHORGHFHSFLRQ³ߢ/RPLVPRHVSHUWLQHQWHHQQXHVWURFDVR
GHHQHUR
$VSLUDDHQWHQGHUODVFRVDVDIRQGR
'HER D 5ºVWLFR HO KDEHU FRPSUHQGLGR OD QHFHVLGDG GHߨ OHHU FRQ UHIOH[L³Q VLQ
FRQWHQWDUPH FRQ XQD QRWLFLD VXSHUILFLDO GH ORV HVFULWRV QR GDU I¡FLO DVHQVR D ODV
SHUVRQDVTXHFKDUODQGHWRGRIXHUDGHSURS³VLWR
0$5&2$85(/,20HGLWDFLRQHV
(O SULPHU OLEUR GH ODV 0HGLWDFLRQHV GH 0DUFR $XUHOLR FRPLHQ]D FRQ XQ FDW¡ORJR GH
JUDWLWXG$JUDGHFHXQDDXQDODVSULQFLSDOHVLQIOXHQFLDVHQVXYLGD8QDGHODVSHUVRQDVD
TXLHQ DJUDGHFH HV -XQLR 5ºVWLFR XQ SURIHVRU TXH LQFXOF³ HQ VX DOXPQR HO DPRU SRU OD
FODULGDG\ODFRPSUHQVL³QDIRQGRHOGHVHRGHQRGHWHQHUVHHQODVXSHUILFLHFXDQGRVHWUDWD
GHDSUHQGHU
)XHWDPEL©QJUDFLDVD-XQLR5ºVWLFRTXH0DUFR$XUHOLRFRQRFL³D(SLFWHWR'HKHFKR
5ºVWLFROHSUHVW³D0DUFR$XUHOLRVXFRSLDSHUVRQDOGHODVHQVH±DQ]DVGH(SLFWHWR4XHGD
FODURTXH©VWHQRVHFRQIRUP³FRQDSUHQGHUORVSXQWRVHVHQFLDOHVGHHVWDVHQVH±DQ]DV\TXH
QR ORV DFHSW³ VLPSOHPHQWH SRU WUDWDUVH GH OD UHFRPHQGDFL³Q GH VX SURIHVRU $OJXQD YH]
3DXO-RKQVRQGLMRHQEURPDTXH(GPXQG:LOVRQOHDOLEURVߡFRPRVLHVWXYLHUDHQMXLFLROD
SURSLD YLGD GHO DXWRUߢ $V OH\³ 0DUFR $XUHOLR D (SLFWHWR \ FXDQGR ODV HQVH±DQ]DV HUDQ
DFHSWDEOHVHQWRQFHVODVDEVRUED6HFRQYLUWLHURQHQSDUWHGHVXDGQFRPRVHUKXPDQR/DV
FLW³DPSOLDPHQWHHQHOWUDQVFXUVRGHVXYLGDHQFRQWU³FODULGDG\IRUWDOH]DHQVXVSDODEUDV
LQFOXVRHQPHGLRGHOOXMR\SRGHULQPHQVRVTXHOOHJ³DSRVHHU
(VHOWLSRGHOHFWXUD\HVWXGLRDIRQGRTXHGHEHPRVFXOWLYDUSRUORFXDOOHHUHPRVXQD
S¡JLQDDOGDHQYH]GHXQFDSWXORDOGD$VSRGUHPRVWRPDUQRVHOWLHPSRSDUDOHHUFRQ
DWHQFL³Q\DIRQGR
GHHQHUR
(OºQLFRSUHPLR
4X© UHVWDU¡ TXH VHD GLJQR GH HVWLPD" $ PL HQWHQGHU HO PRYHUVH \ PDQWHQHUVH
FRQIRUPH DO SURSLR HVWDGR W©UPLQR DO FXDO FRQGXFHQ ORV HVWXGLRV \ ODV DUWHVߨ +H
DTXORTXHHQUHDOLGDGPHUHFHHVWLPD6LORORJUDUHVQREXVFDU¡VRWURELHQ
(V SRVLEOH TXH QL DXQ FRQ HVWR FHVHV GH DSUHFLDU RWUDV FRVDV" 3XHV QR WH
YHU¡VOLEUHFDSD]GHEDVWDUWHDWLPLVPRH[HQWRGHSDVLRQHV"3RUQHFHVLGDGVHU¡V
HQYLGLRVR FRPSHWLGRU VRVSHFKDU¡V GH DTXHOORV TXH SRGUDQ DUUHEDWDUWH HVWRV
ELHQHV DUPDU¡V DVHFKDQ]DV D ORV SRVHHGRUHV GH OR TXH WLHQHV WDQWD HVWLPDߨ $O
FRQWUDULRHOUHVSHWR\ODHVWLPDTXHSURIHVHVDWXLQWHOLJHQFLDKDU¡QGHWLXQKRPEUH
FRQWHQWRGHWLPLVPRKDU¡QTXHWHDGDSWHVDODYLGDVRFLDO\TXHWHFRQIRUPHVFRQ
ORV GLRVHV HV GHFLU TXH SOHQDPHQWH DSUXHEHV FXDQWR ORV GLRVHV SUR\HFWDQ \
HVWDEOHFHQ
0$5&2$85(/,20HGLWDFLRQHV
:DUUHQ %XIIHWW FX\D IRUWXQD DVFLHQGH D FHUFD GH PLO PLOORQHV GH G³ODUHV YLYH HQ OD
PLVPDFDVDTXHFRPSU³HQSRUG³ODUHV-RKQ8UVFKHOGHIHQVDGHORV5DYHQV
GH%DOWLPRUHJDQDPLOORQHVSHURYLYHFRQDOD±R/DHVWUHOODGHORV6SXUVGH6DQ
$QWRQLR.DZKL/HRQDUGVHWUDVODGDHQODFDPLRQHWD7DKRHGHTXHKDWHQLGRGHVGHOD
DGROHVFHQFLDDSHVDUGHTXHWLHQHXQFRQWUDWRSRUXQRVPLOORQHVGHG³ODUHV3RUTX©"
1RSRUTXHVHDQWDFD±RVVLQRSRUTXHODVFRVDVTXHFRQVLGHUDQLPSRUWDQWHVVRQEDUDWDV
1L %XIIHWW QL 8UVFKHO QL /HRQDUG DFDEDURQ DV SRU DFFLGHQWH 6X HVWLOR GH YLGD HV HO
UHVXOWDGRGHVXVSULRULGDGHV&XOWLYDQLQWHUHVHVTXHHVW¡QGHEDMRGHVXVPHGLRVHFRQ³PLFRV
\ FRPR UHVXOWDGR FXDOTXLHU VDODULR OHV RWRUJDUD OD OLEHUWDG GH FXOWLYDU ODV FRVDV TXH OHV
LPSRUWDQ/DGLIHUHQFLDHVTXHVHHQULTXHFLHURQHQH[FHVR(VWHWLSRGHFODULGDGߚVREUHOR
TXH DWHVRUDQߚ VLJQLILFD TXH SXHGHQ GLVIUXWDU VXV YLGDV LQFOXVR VL ORV PHUFDGRV VH
GHVSORPDUDQRLQWHUUXPSLHUDQVXVFDUUHUDVSRUXQDOHVL³Q
&XDQWDV P¡V FRVDV DQKHOHPRV \ FXDQWR P¡V WHQJDPRV TXH KDFHU SDUD JDQDUQRV R
DOFDQ]DUHVRVORJURVPHQRVGLVIUXWDPRVQXHVWUDYLGD<PHQRVOLEUHVVRPRV
GHHQHUR
(OSRGHUGHXQPDQWUD
%RUUD ORV GHVYDURV GH WX IDQWDVD UHSLWL©QGRWH VLQ FHVDU SHQGH GH P HQ HVWH
PRPHQWRHOTXHQRKD\DHQHVWDPLDOPDHOPHQRUYLFLRQLGHVHRQLDEVROXWDPHQWH
QLQJXQD DJLWDFL³Q $QWHV ELHQ YHR WRGDV ODV FRVDV FRPR VRQ HQ V \ XVR GH FDGD
XQDVHJºQVXP©ULWR1RROYLGHVHVWDIDFXOWDGTXHWHRWRUJ³ODQDWXUDOH]D
0$5&2$85(/,20HGLWDFLRQHV
(V SUREDEOH TXH FXDOTXLHUD TXH KD\D WRPDGR XQD FODVH GH \RJD R KD\D WHQLGR DOJºQ
DFHUFDPLHQWRDOSHQVDPLHQWRKLQGºREXGLVWDKD\DHVFXFKDGRGHOFRQFHSWRGHPDQWUD(Q
V¡QVFULWR VLJQLILFD ߡHQXQFLDFL³Q VDJUDGDߢ ߚHV GHFLU XQD SDODEUD XQD IUDVH XQD LGHD
LQFOXVR XQ VRQLGRߚ FX\R ILQ HV EULQGDU FODULGDG R JXD HVSLULWXDO 8Q PDQWUD SXHGH VHU
HVSHFLDOPHQWH ºWLO GXUDQWH OD PHGLWDFL³Q SRUTXH QRV SHUPLWH EORTXHDU WRGR OR GHP¡V
PLHQWUDVQRVFRQFHQWUDPRV
7LHQH VHQWLGR HQWRQFHV TXH 0DUFR $XUHOLR KD\D VXJHULGR HVWH PDQWUD HVWRLFR XQ
UHFRUGDWRULRRIUDVHTXHSRGHPRVXWLOL]DUFXDQGRVLQWDPRVTXHODVIDOVDVLPSUHVLRQHVODV
GLVWUDFFLRQHV R HO DJRELR GH OD YLGD FRWLGLDQD QRV DEUXPDQ (Q HVHQFLD GLFH ߡ7HQJR HO
SRGHUGHQWURGHPSDUDPDQWHQHUHVDVFRVDVDUD\D3XHGRYHUODYHUGDGߢ
$GDSWDODVSDODEUDVFRPRTXLHUDV(VRGHSHQGHGHWLSHURWHQXQPDQWUD\ºVDORSDUD
HQFRQWUDUODFODULGDGTXHEXVFDV
GHHQHUR
/DVWUHV¡UHDVGHHMHUFLFLR
+D\WUHVW³SLFRVHQORVTXHKDGHHMHUFLWDUVHHOTXHKD\DGHVHUEXHQR\KRQUDGRHO
UHODWLYRDORVGHVHRV\ORVUHFKD]RVSDUDTXHQLVHYHDIUXVWUDGRHQVXVGHVHRVQL
YD\D D FDHU HQ OR TXH DERUUHFH HO UHODWLYR D ORV LPSXOVRV \ UHSXOVLRQHV \
VHQFLOODPHQWHDOGHEHUSDUDTXHDFWºHHQRUGHQFRQEXHQVHQWLGRVLQGHVFXLGRHO
WHUFHURHVHOUHODWLYRDODLQIDOLELOLGDG\DODSUXGHQFLD\HQJHQHUDOHOUHODWLYRDORV
DVHQWLPLHQWRV
'HHOORVHOP¡VLPSRUWDQWH\HOTXHP¡VXUJHHVHOUHODWLYRDODVSDVLRQHV3XHV
ODSDVL³QQDFHQRGHRWURPRGRVLQRDOIUXVWUDUVHHOGHVHRRDOLUDFDHUHQORTXHVH
DERUUHFH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
+R\YDPRVDHQIRFDUQRVHQODVWUHV¡UHDVGHHMHUFLFLRTXHGHILQL³(SLFWHWR
3ULPHURGHEHPRVWHQHUHQFXHQWDFX¡OHVVRQQXHVWURVGHVHRV\FX¡OHVQXHVWURVUHFKD]RV
3RUTX©"3DUDTXHSHUVLJDPRVOREXHQR\HYLWHPRVORPDOR1RHVVXILFLHQWHFRQHVFXFKDU
DWXFXHUSRSRUTXHFRQIUHFXHQFLDORTXHQRVDWUDHQRVOOHYDSRUPDOFDPLQR
(Q VHJXQGR OXJDU GHEHPRV H[DPLQDU QXHVWURV LPSXOVRV DO DFWXDU HVWR HV QXHVWURV
PRWLYRV (VWDPRV KDFLHQGR ODV FRVDV SRU ODV UD]RQHV FRUUHFWDV" 2 DFWXDPRV SRUTXH QR
QRVKHPRVGHWHQLGRDSHQVDU"2FUHHPRVTXHWHQHPRVTXHKDFHUODVFRVDV"
3RU ºOWLPR KDEOHPRV GHO MXLFLR 1XHVWUD FDSDFLGDG SDUD YHU ODV FRVDV FRQ FODULGDG \
FRPRHVGHELGRFXDQGRHPSOHDPRVHOPD\RUUHJDORTXHQRVGLRODQDWXUDOH]DODUD]³Q
VWDV VRQ ODV WUHV ¡UHDV GH HMHUFLFLR TXH HQ OD SU¡FWLFD HVW¡Q LQHYLWDEOHPHQWH XQLGDV
1XHVWUR MXLFLR LQIOX\H HQ OR TXH GHVHDPRV QXHVWURV GHVHRV \ QXHVWUR MXLFLR LQIOX\HQ HQ
F³PR DFWXDPRV 1R REVWDQWH QR SRGHPRV VHQFLOODPHQWH HVSHUDU D TXH HVWR RFXUUD
'HEHPRVGHGLFDUWLHPSRGHYHUGDGHUDUHIOH[L³Q\HQHUJDHQFDGDDVSHFWRGHQXHVWUDYLGD
6LORKDFHPRVHQFRQWUDUHPRVODFODULGDG\HO©[LWR
GHHQHUR
2EVHUYDDORVVDELRV
0LUDFRQ DWHQFL³Q ORVSULQFLSLRV TXH JXDQ DORV VDELRV TX©FRVDV HYLWDQ \ FX¡OHV
GHVHDQDOFDQ]DU
0$5&2$85(/,20HGLWDFLRQHV
3DUD 6©QHFD ߡ6L QR HV FRQIRUPH D XQ SDWU³Q QR FRUUHJLU¡V ORV GHIHFWRVߢ >(SVWRODV
PRUDOHV @ (V HO URO GH ORV VDELRV HQ QXHVWUDV YLGDV VHU PRGHORV H LQVSLUDFL³Q 3DUD
FRPSDUWLUQXHVWUDVLGHDV\SRQHUDSUXHEDQXHVWUDVVXSRVLFLRQHV
'HWLGHSHQGHTXL©QVHDHVDSHUVRQD7DOYH]HVWXSDGUHRWXPDGUH7DOYH]XQILO³VRIR
HVFULWRURSHQVDGRU7DOYH]HOPHMRUPRGHORHVSUHJXQWDUWHTX©KDUD-HVºV"
(OLJHDDOJXLHQREVHUYDTX©KDFH \TX©QRKDFH \HVIX©U]DWHSRUKDFHUORPLVPR
GHHQHUR
2SWDSRUODVHQFLOOH]
$I¡QDWH ILMDPHQWH D FDGD KRUD FRPR URPDQR \ FRPR YDU³Q HQ KDFHU OR TXH
WXYLHUHVHQWUHPDQRVFRQSUHFLVD\VLQFHUDJUDYHGDGFRQDPRUOLEHUWDG\MXVWLFLD
SURFXUDQGR GHVDVLUWH GH FXDOTXLHU RWUD SUHRFXSDFL³Q /R FRQVHJXLU¡V VL HMHFXWDV
FDGD DFFL³Q GH WX YLGD FRPR VL IXHUD OD ºOWLPD GHVSRMDGD GH WRGD LUUHIOH[L³Q \ GH
WRGD DSDVLRQDGD UHSXJQDQFLD DO VH±RUR GH OD UD]³Q VLQ IDOVHGDG QL HJRVPR R
GLVSOLFHQFLDDQWHODVGLVSRVLFLRQHVGHOGHVWLQR<DYHVFX¡QSRFRVVRQORVSULQFLSLRV
TXH GHEHV SRVHHU SDUD YLYLU XQD YLGD SU³VSHUD \ WHPHURVD GH ORV GLRVHV 4XH ORV
GLRVHVQRH[LJLU¡QRWUDFRVDDTXLHQREVHUYDUHHVWRVSUHFHSWRV
0$5&2$85(/,20HGLWDFLRQHV
&DGD GD SUHVHQWD OD RSRUWXQLGDG GH SHQVDU GHPDVLDGR ODV FRVDV 4X© PH SRQJR" /HV
FDLJRELHQ"(VWR\FRPLHQGRELHQ"4X©PHGHSDUDODYLGD"0LMHIHHVW¡FRQWHQWRFRQPL
WUDEDMR"
+R\HQIRTX©PRQRVHQORTXHWHQHPRVHQIUHQWH6LJDPRVODRUGHQTXHHOHQWUHQDGRUGH
ORV3DWULRWDVGH1XHYD,QJODWHUUD%LOO%HOLFKLFNOHVGDDVXVMXJDGRUHVߡ+DJDQVXWUDEDMRߢ
&RPRURPDQREXHQVROGDGRPDHVWURGHWXRILFLR1RQHFHVLWDPRVSHUGHUQRVHQPLOHVGH
GLVWUDFFLRQHVQLHQORVDVXQWRVDMHQRV
0DUFR $XUHOLR VXJLHUH HQIRFDUQRV HQ FDGD WDUHD FRPR VL IXHUD OD ºOWLPD SRUTXH ELHQ
SRGUDVHUOR,QFOXVRVLQRORHVHTXLYRFDUVHFRQORTXHWLHQHVGHODQWHQRD\XGDHQQDGD
(QFXHQWUDODFODULGDGHQODVLPSOLFLGDGGHKDFHUORTXHWHWRFD
GHHQHUR
1RWLHQHVTXHVDEHUORWRGR
6LTXLHUHVPHMRUDUSUHS¡UDWHDVHUFRQVLGHUDGRLQVHQVDWR\QHFLRHQORTXHDWD±HD
ODVFRVDVH[WHUQDV1RSUHWHQGDVTXHWHFUHDQXQHQWHQGLGRHQQDGD<VLDDOJXLHQ
SDUHFHVXQDSHUVRQDGHLPSRUWDQFLDGHVFRQIDGHWL
(3,&7(72(QTXLULGL³Q
8QD GH ODV FRVDV P¡V HORFXHQWHV TXH SXHGHV GHFLU FRPR VHU KXPDQR HQ QXHVWUR PXQGR
PHGLDWL]DGRKLSHUFRQHFWDGRODVYHLQWLFXDWURKRUDVGHOGDWRGRVORVGDVHVߡ1RV©ߢ2GH
IRUPDP¡VSURYRFDGRUDߡ1RPHLPSRUWDߢ3DUHFHTXHEXHQDSDUWHGHODVRFLHGDGFRQVLGHUD
XQPDQGDPLHQWRHVWDUDOWDQWRGHFDGDDFRQWHFLPLHQWRYHUFDGDFDSWXORGHWRGDVODVVHULHV
UHFRQRFLGDV SRU OD FUWLFD VHJXLU ODV QRWLFLDV UHOLJLRVDPHQWH \ SUHVHQWDUVH DQWH ORV GHP¡V
FRPRXQLQGLYLGXRLQIRUPDGR\VRILVWLFDGR
3HURHQG³QGHHVW¡ODHYLGHQFLDTXHLQGLTXHTXHHVQHFHVDULR"(VXQDREOLJDFL³QTXH
LPSRQJD OD SROLFD" 2 VLPSOHPHQWH WHPHV SDUHFHU LQFXOWR HQ XQD FHQD" 6 WLHQHV OD
REOLJDFL³QFRQWXSDV\WXIDPLOLDGHVHJXLUORVVXFHVRVTXHOHVDIHFWDQGLUHFWDPHQWHSHUR
QDGDP¡V
&X¡QWR WLHPSR HQHUJD \ FDSDFLGDG LQWHOHFWXDO WHQGUDV VL FRUWDUDV GU¡VWLFDPHQWH WX
FRQVXPR PHGL¡WLFR" $FDVR QR WH VHQWLUDV P¡V GHVFDQVDGR \ SUHVHQWH VL QR WH DOWHUDUD H
LQGLJQDUDFDGDHVF¡QGDORQRWLFLDGHºOWLPDKRUD\FULVLV PXFKDVGHODVFXDOHVQLVLTXLHUD
VXFHGHQ "
GHHQHUR
/DILORVRIDFRPRPHGLFLQDGHODOPD
1RWHHQWUHJXHVDODILORVRIDFRPRHOQL±RDXQPDHVWURGHHVFXHODVLQRFRPRORV
TXH VXIUHQ GH OD YLVWD VH VLUYHQ GH OD HVSRQMD \ OD FODUD GH KXHYR R FRPR RWURV
HQIHUPRV GH OD FDWDSODVPD \ GH OD ORFL³Q 'H HVWD IRUPD QR DODUGHDU¡V GH XQD
IRU]DGD REHGLHQFLD D OD UD]³Q DQWHV ELHQ VHQWLU¡V KROJXUD HQ DGKHULUWH D VXV
GLFW¡PHQHV
0$5&2$85(/,20HGLWDFLRQHV
&XDQWR P¡V RFXSDGRV HVWDPRV FXDQWR P¡V WUDEDMDPRV DSUHQGHPRV \ OHHPRV P¡V QRV
GLVWUDHPRV6HJXLPRVXQULWPR*DQDPRVGLQHURVRPRVFUHDWLYRVHVWDPRVHVWLPXODGRV\
RFXSDGRV3DUHFHTXHWRGRYDELHQ3HURQRVDOHMDPRVFDGDYH]P¡VGHODILORVRID
&RQ HO WLHPSR HVWD QHJOLJHQFLD FRQWULEX\H D XQ SUREOHPD ߚVH DFXPXOD HO HVWU©V VH
QXEOD OD PHQWH ROYLGDPRV OR LPSRUWDQWHߚ \ HO UHVXOWDGR HV QRFLYR &XDQGR VXFHGH HV
LPSRUWDQWH SLVDU HO IUHQR IUHQDU HO LPSXOVR \ HO PRPHQWR 5HFXSHUDU HO U©JLPHQ \ ODV
SU¡FWLFDVTXHVDEHPRVHVW¡QHQUDL]DGDVHQODFODULGDGHOEXHQMXLFLRORVEXHQRVSULQFLSLRV
\ODEXHQDVDOXG
(O REMHWLYR GHO HVWRLFLVPR HV VHU OD PHGLFLQD GHO DOPD 1RV DOLYLD GH ODV
YXOQHUDELOLGDGHVGHODYLGDPRGHUQD1RVGHYXHOYHHOYLJRUTXHQHFHVLWDPRVSDUDSURVSHUDU
HQODYLGD5HFXUUHD©O\SHUPLWHTXHVXUWDHIHFWR
)HEUHUR
ߧ
3DVLRQHV\HPRFLRQHV
GHIHEUHUR
3DUDHOKRPEUHLPSXOVLYR
7HQSUHVHQWHHQWXVDVDOWRVGHF³OHUDTXHQRHVSURSLDGHOKRPEUHODLUULWDFL³QVLQR
ODGXO]XUD\HOVRVLHJRTXHDODYH]TXHKXPDQDVVRQYLUWXGHVP¡VYDURQLOHVTXH
LQIXQGHQDOTXHODVSRVHHP¡VIXHU]DP¡VQHUYLRV\P¡VYDORUYLULOTXHDOTXHVH
LPSDFLHQWD \ PDOGLFH &XDQWR P¡V VX FRQGXFWD VH DFHUFD D OD LPSDVLELOLGDG WDQWR
PD\RUHVVHU¡QVXVIXHU]DV
0$5&2$85(/,20HGLWDFLRQHV
3RU TX© ORV DWOHWDV VH LQVXOWDQ" 3RU TX© RIHQGHQ \ PDOGLFHQ D VXV ULYDOHV FXDQGR ORV
U©IHULV QR ORV YHQ" 3DUD SURYRFDU XQD UHDFFL³Q 'LVWUDHU \ HQRMDU D ORV RSRQHQWHV HV XQ
P©WRGRVHQFLOORSDUDKDFHUORVIDOODU
,QWHQWDUHFRUGDUORFXDQGRWHHQRMHV/DLUDQRHVLPSUHVLRQDQWHQLIXHUWHHVXQHUURUHV
XQDGHELOLGDG6HJºQORTXHHVW©VKDFLHQGRLQFOXVRSRGUDVHUXQDWUDPSD
/RV VHJXLGRUHV \ ULYDOHV GHO ER[HDGRU -RH /RXLV OR OODPDEDQ HO ߡ5RERW GHO 5LQJߢ
SRUTXHHUDFRPSOHWDPHQWHLPSDVLEOHVXFRQGXFWDIUD\VHUHQDHUDPXFKRP¡VDWHUUDGRUD
TXHFXDOTXLHUPLUDGDGHPHQWHRH[DEUXSWRHPRFLRQDO
/DIRUWDOH]DHVODFDSDFLGDGSDUDFRQWURODUVH6HUODSHUVRQDTXHQXQFDVHHQRMDQRVH
WUDVWRUQDSRUTXHFRQWURODVXVSDVLRQHVVXVSDVLRQHVQRODFRQWURODQ
GHIHEUHUR
8QHVWDGRPHQWDODSURSLDGR
+D]WHDVODFXHQWDHUHVYLHMRQRSHUPLWDVTXHVHHVFODYLFH>DWXHVSULWX@TXHVHD
DJLWDGR FRPR WWHUH PRYLGR SRU KLORV D PHUFHG GH GLVWLQWRV HJRVWDV TXH VH LUULWH
FRQWUDHOGHVWLQRSUHVHQWHRTXHWHPDHOIXWXUR
0$5&2$85(/,20HGLWDFLRQHV
1RVPROHVWDODSHUVRQDTXHLQWHQWDPDQGDUQRV1RPHGLJDVF³PRYHVWLUPHF³PRSHQVDU
F³PR KDFHU PL WUDEDMR F³PR YLYLU (V SRUTXH VRPRV LQGLYLGXRV LQGHSHQGLHQWHV TXH QRV
YDOHPRVSRUQRVRWURVPLVPRV
3RUORPHQRVHVRFUHHPRV
6LQHPEDUJRVLQRHVWDPRVGHDFXHUGRFRQORTXHGLFHDOJXLHQDOJRHQQXHVWURLQWHULRU
QRV GLFH TXH WHQHPRV TXH GLVFXWLU FRQ HVD SHUVRQD 6L WHQHPRV XQ SODW³Q GH JDOOHWDV
HQIUHQWH WHQHPRV TXH FRPHUODV 6L DOJXLHQ KDFH DOJR TXH QR QRV JXVWD WHQHPRV TXH
PROHVWDUQRV &XDQGR VXFHGH DOJR PDOR WHQHPRV TXH HQWULVWHFHUQRV GHSULPLUQRV R
SUHRFXSDUQRV 3HUR VL PLQXWRV GHVSX©V VXFHGH DOJR EXHQR GH UHSHQWH HVWDPRV IHOLFHV
HPRFLRQDGRV\TXHUHPRVP¡V
1XQFDSHUPLWLUDPRVTXHDOJXLHQP¡VQRVPDQLSXODUDFRPRVHORSHUPLWLPRVDQXHVWURV
LPSXOVRV(VKRUDGHTXHORYHDPRVDVQRVRPRVPDULRQHWDVDODVTXHVHSXHGDPDQLSXODU
D FDSULFKR 'HEHUDPRV WHQHU HO FRQWURO QR FHGHUOR D QXHVWUDV HPRFLRQHV SRUTXH VRPRV
SHUVRQDVLQGHSHQGLHQWHV\DXW³QRPDV
GHIHEUHUR
(ORULJHQGHWXDQVLHGDG
&XDQGRYHRDXQLQGLYLGXRDQJXVWLDGRPHGLJRߡ4X©TXHUU¡©VWH"6LQRTXLVLHUD
DOJRGHORTXHQRGHSHQGHGH©OF³PRLEDDHVWDUDQJXVWLDGR"ߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
4X© TXLHUH HO SDGUH DQVLRVR TXH VH SUHRFXSD SRU VXV KLMRV" 8Q PXQGR TXH VLHPSUH VHD
VHJXUR4X©TXLHUHXQDYLDMHUDDSUHVXUDGD"4XHHOFOLPDVHFDOPH\HOWU¡ILFRGHVDSDUH]FD
SDUDOOHJDUDWLHPSRDVXYXHOR8QLQYHUVLRQLVWDQHUYLRVR"4XHHOPHUFDGRVHUHFXSHUH\
XQDWUDQVDFFL³QOHJHQHUHJDQDQFLDV
7RGRVHVWRVHVFHQDULRVWLHQHQORPLVPRHQFRPºQ(QSDODEUDVGH(SLFWHWRTXHUHUDOJR
TXH QR GHSHQGH GH QRVRWURV (QWXVLDVPDUQRV HPRFLRQDUQRV SRQHUQRV QHUYLRVRV HVRV
PRPHQWRV LQWHQVRV GRORURVRV \ GH DQVLHGDG QRV UHWUDWDQ HQ QXHVWUR HVWDGR P¡V YDQR \
VHUYLO 0LUDU HO UHORM OD ILOD FRQWLJXD \ HO FLHOR HV FRPR VL SHUWHQHFL©UDPRV D XQ FXOWR
UHOLJLRVR TXH FUHH TXH ORV GLRVHV V³OR QRV GDU¡Q OR TXH TXHUHPRV VL FHGHPRV QXHVWUD
WUDQTXLOLGDG
+R\ FXDQGR WH VLHQWDV DQVLRVR SUHJºQWDWH 3RUTX© WHQJR HO HVW³PDJR KHFKR QXGR"
7HQJR HO FRQWURO R OD DQVLHGDG OR WLHQH" < OR P¡V LPSRUWDQWH PL DQVLHGDG PH KDFH
DOJºQELHQ"
GHIHEUHUR
$SURS³VLWRGHVHULQYHQFLEOH
4XL©Q HV HO LQYHQFLEOH" $TXHO D TXLHQ QR VDFD GH VXV FDVLOODV QDGD DMHQR DO
DOEHGUR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$OJXQD YH] KDV YLVWR D XQ SURIHVLRQDO FRQ H[SHULHQFLD OLGLDU FRQ ORV PHGLRV GH
FRPXQLFDFL³Q" 1LQJXQD SUHJXQWD HV GHPDVLDGR GLIFLO QLQJºQ WRQR GH YR] GHPDVLDGR
PRUGD] QL LQVXOWDQWH (VTXLYDQ ORV JROSHV FRQ VHQWLGR GHO KXPRU HOHJDQFLD \ SDFLHQFLD
,QFOXVR VL ORV SURYRFDQ HOLJHQ QR UHDFFLRQDU QL LQPXWDUVH /R FRQVLJXHQ QR V³OR SRU VX
IRUPDFL³Q \ H[SHULHQFLD WDPEL©Q SRUTXH HQWLHQGHQ TXH UHDFFLRQDU HPRFLRQDOPHQWH
HPSHRUDODVLWXDFL³Q/RVPHGLRVHVSHUDQTXHVHHTXLYRTXHQRVHPROHVWHQDVTXHSDUD
QDYHJDU HQ ORV HYHQWRV GH OD SUHQVD KDQ LQWHUQDOL]DGR OD LPSRUWDQFLD GH PDQWHQHUVH EDMR
FRQWURO
(V SRFR SUREDEOH TXH WHQJDV TXH HQIUHQWDU D XQD KRUGD GH UHSRUWHURV DJXGRV TXH WH
ERPEDUGHHQ FRQ SUHJXQWDV LQVHQVLEOHV 3HUR SRGUD VHU ºWLO ߚVLQ LPSRUWDU HO HVWU©V OD
IUXVWUDFL³QRHODJRELRߚLPDJLQDUOR\HPSOHDUORFRPRPRGHORSDUDKDFHUOHIUHQWHDHVDV
VLWXDFLRQHV 1XHVWUR OLEUH DOEHGUR ߚSURKDLUHVLV FRPR ORV HVWRLFRV OH KDQ OODPDGRߚ HV
XQDHVSHFLHGHLQYHQFLELOLGDGTXHSRGHPRVFXOWLYDU3RGHPRVHQFRJHUQRVGHKRPEURVDQWH
DWDTXHV KRVWLOHV \ UHVROYHU OD SUHVL³Q R ORV SUREOHPDV FRPR VL QDGD < FRPR QXHVWUR
PRGHORDOWHUPLQDUSRGHPRVVH±DODUDODPXOWLWXG\GHFLUߡ4XL©QVLJXH"ߢ
GHIHEUHUR
6RVLHJDWXVLPSXOVRV
1RWHGHMHVDUUDVWUDUSRUHOWRUEHOOLQRGHODVSDVLRQHVDQWHVELHQDWRGRPSHWXGHO
LQVWLQWRRIUHFHORTXHGHMXVWLFLDOHWRFDDQWHWRGDDSUHQVL³QGHODIDQWDVDFRQVHUYD
ODIDFXOWDGGHSHQVDU
0$5&2$85(/,20HGLWDFLRQHV
3LHQVD HQ ODV SHUVRQDV PDQLDFDV TXH IRUPDQ SDUWH GH WX YLGD 1R ODV TXH SDGHFHQ XQ
WUDVWRUQRGHVDIRUWXQDGRVLQRDTXHOODVFX\DVYLGDV\GHFLVLRQHVVRQXQGHVRUGHQ7RGRHVW¡
H[WUHPDGDPHQWH ELHQ R DEUXPDGRUDPHQWH PDO HO GD HV PDUDYLOORVR R S©VLPR 1R WH
SDUHFHQ DJRWDGRUDV" 1R GHVHDUDV TXH WXYLHUDQ XQ ILOWUR SDUD GLIHUHQFLDU ORV EXHQRV
LPSXOVRVGHORVPDORV"
/R KD\ /D MXVWLFLD OD UD]³Q \ OD ILORVRID 6L H[LVWH XQ PHQVDMH FHQWUDO HQ HO
SHQVDPLHQWR HVWRLFR HV ©VWH VH YDQ D PDQLIHVWDU LPSXOVRV GH WRGD FODVH \ WX ODERU HV
FRQWURODUORVFRPRHQWUHQDUDXQSHUUR(QEUHYHSLHQVDDQWHVGHDFWXDU3UHJXQWD4XL©Q
HVW¡HQFRQWURO"4X©SULQFLSLRVPHJXDQ"
GHIHEUHUR
1REXVTXHVFRQIOLFWRV
1RHVWR\GHDFXHUGRFRQHVRVTXHVHODQ]DQHQPHGLRGHOROHDMH\TXHGDQGRSRU
EXHQDXQDYLGDDJLWDGDFDGDGDVHHQIUHQWDQFRQJUDQHPSH±RDODVGLILFXOWDGHV
(O VDELR VRSRUWDU¡ HVWD IRUPD GH YLGD QR OD HVFRJHU¡ \ SUHIHULU¡ KDOODUVH HQ SD]
DQWHVTXHHQOXFKD
61(&$(SVWRODVPRUDOHVD/XFLOLR
6H KD YXHOWR FOLFK© FLWDU HO GLVFXUVR GH 7KHRGRUH 5RRVHYHOW ߡ+RPEUH HQ OD DUHQDߢ TXH
FHOHEUD ߡDO KRPEUH >ߨ@ FRQ HO URVWUR GHVILJXUDGR SRU HO SROYR VXGRU\ VDQJUH DO TXH VH
HVIXHU]D YDOLHQWHPHQWHߢ D GLIHUHQFLD GH DTXHO TXH SHUPDQHFH DO PDUJHQ 5RRVHYHOW
SURQXQFL³HVWHGLVFXUVRSRFRDQWHVGHGHMDUVXFDUJRHQODFLPDGHVXSRSXODULGDG8QSDU
GH D±RV GHVSX©V VH HQIUHQW³ D VX DQWLJXR SURWHJLGR HQ XQ LQWHQWR SRU UHJUHVDU D OD &DVD
%ODQFDSHURSHUGL³SRUPXFKR\FDVLPXHUHDVHVLQDGRHQHOSURFHVR7DPEL©QFDVLPXHUH
H[SORUDQGR HO $PD]RQDV PDW³ D PLOHV GH DQLPDOHV GXUDQWH VDIDULV HQ IULFD \ OH URJ³ D
:RRGURZ:LOVRQTXHOHSHUPLWLHUDHQOLVWDUVHHQOD3ULPHUD*XHUUD0XQGLDOSHVHDWHQHU
D±RVGHHGDG+L]RPXFKDVFRVDVTXHHQUHWURVSHFWLYDVRQGHVFRQFHUWDQWHV
7KHRGRUH 5RRVHYHOW IXH XQ JUDQ KRPEUH 6LQ HPEDUJR WDPEL©Q OR PRWLYDED XQD
FRPSXOVL³Q XQD DGLFFL³Q DO WUDEDMR \ OD DFWLYLGDG TXH SDUHFD LQDJRWDEOH 0XFKRV
FRPSDUWLPRV HVH PDO TXH QRV LPSXOVH DOJR TXH QR SRGHPRV FRQWURODU 7HPHPRV
TXHGDUQRV TXLHWRV DV TXH EXVFDPRV HO FRQIOLFWR \ OD DFFL³Q D PRGR GH GLVWUDFFL³Q
(OHJLPRVHVWDUHQJXHUUDߚHQDOJXQRVFDVRVGHIRUPDOLWHUDOߚFXDQGRGHKHFKRODSD]HV
XQDDOWHUQDWLYDPXFKRP¡VKRQRUDEOH\DGHFXDGD
6HOKRPEUHHQODDUHQDHVDGPLUDEOHDOLJXDOTXHHOVROGDGRHOSROWLFRODPXMHUGH
QHJRFLRV\WRGDVODVGHP¡VSURIHVLRQHV3HURߚ\©VWHHVXQJUDQSHURߚV³ORVLHVWDPRVHQ
ODDUHQDSRUORVPRWLYRVFRUUHFWRV
GHIHEUHUR
(OPLHGRHVXQDSURIHFDTXHSRUVXSURSLDQDWXUDOH]DVH
FXPSOH
$PXFKRVOHVSHUMXGLFDHOSURSLRPLHGRPXFKRVVHHQFXHQWUDQFRQVXVKDGRVSRU
WHPHUORV
61(&$(GLSR
$QG\*URYHDQWLJXRGLUHFWRUHMHFXWLYRGH,QWHOGHFODU³FRQQRWRULHGDGߡ6³ORVREUHYLYHQ
ORV SDUDQRLFRVߢ 7DO YH] VHD FLHUWR SHUR WDPEL©Q VDEHPRV TXH FRQ IUHFXHQFLD ORV
SDUDQRLFRVVHDXWRGHVWUX\HQP¡VU¡SLGR\GHIRUPDP¡VHVSHFWDFXODUTXHFXDOTXLHUDGHVXV
HQHPLJRV6©QHFDWHQDDFFHVR\FRQRFLPLHQWRDOD©OLWHP¡VSRGHURVDGH5RPDSRUORTXH
VHJXURYLRHOGHVDUUROORGHHVWDGLQ¡PLFDPX\GHFHUFD1HU³QHOHVWXGLDQWHFX\RVH[FHVRV
6©QHFD LQWHQW³ UHIUHQDU QR V³OR DVHVLQ³ D VX SURSLD PDGUH \ D VX HVSRVD FRQ HO WLHPSR
WDPEL©QVHYROYL³FRQWUD6©QHFDVXPHQWRU
/DFRPELQDFL³QGHSRGHUWHPRU\PDQDSXHGHVHUPRUWDO(OOGHUFRQYHQFLGRGHTXH
OR SXHGHQ WUDLFLRQDU DFWºD SULPHUR \ WUDLFLRQD SULPHUR 7HPHURVR GH QR DJUDGDU VH
HVIXHU]DDWDOJUDGRSRUDJUDGDUTXHVXFHGHORFRQWUDULR&RQYHQFLGRGHVXPDODGLUHFFL³Q
TXLHUH FRQWURODUOR WRGR \ VH FRQYLHUWH HQ OD IXHQWH GH OD PDOD GLUHFFL³Q < DV
VXFHVLYDPHQWHQRVLQIOLJLPRVFLHJDPHQWHODVFRVDVTXHWHPHPRVRQRVKRUURUL]DQ
/D SU³[LPD YH] TXH WHPDV XQ UHVXOWDGR VXSXHVWDPHQWH GHVDVWURVR UHFXHUGD TXH VL QR
FRQWURODVWXVLPSXOVRVVLSLHUGHVHOFRQWUROVREUHWLPLVPRSRGU¡VVHUODSURSLDIXHQWHGHO
GHVDVWUH TXH WHPHV /H KD SDVDGR D SHUVRQDV P¡V LQWHOLJHQWHV SRGHURVDV \ H[LWRVDV
7DPEL©QQRVSXHGHSDVDUDQRVRWURV
GHIHEUHUR
7HKL]RVHQWLUPHMRUKDFHUHVR"
b3HUR VLHQWR XQ YLYR GRORU ߡ(V TXH QR OR VLHQWHV FXDQGR OR VRSRUWDV FRPR ODV
PXMHUHV"ߢ
61(&$(SVWRODVPRUDOHVD/XFLOLR
/DSU³[LPDYH]TXHDOJXLHQVHDOWHUHIUHQWHDWLߚVLOORUDJULWDURPSHDOJRHVPRUGD]R
FUXHOߚREVHUYDF³PRHVWDDILUPDFL³QORVGHWLHQHHQVHFRߡ(VSHURTXHHVWRWHKDJDVHQWLU
PHMRUߢ 3RUTXH SRU VXSXHVWR QR HV DV QLFDPHQWH HQ OD EXUEXMD GH OD HPRFL³Q H[WUHPD
SRGHPRVMXVWLILFDUHVHWLSRGHFRPSRUWDPLHQWR\FXDQGRQRVSLGHQGDUH[SOLFDFLRQHVQRV
VHQWLPRVDYHUJRQ]DGRV
9DOHODSHQDLQWHQWDUORFRQWLJRPLVPR/DSU³[LPDYH]TXHHVW©VSHUGLHQGRHOFRQWURO
TXHM¡QGRWHSRUORVVQWRPDVGHXQUHVIULDGRROORUDQGRGHDUUHSHQWLPLHQWRSUHJXQWD0H
HVWR\VLQWLHQGRPHMRU"$OLYLDPLVVQWRPDV"
GHIHEUHUR
1RWLHQHVTXHWHQHUXQDRSLQL³Q
7HHVOFLWRDDOJºQUHVSHFWRQRIRUPDUMXLFLRDOJXQR\HYLWDUODLQTXLHWXGGHODOPD
TXHODVFRVDVHQVPLVPDVQRWLHQHQXQDQDWXUDOH]DWDQSRGHURVDTXHQRVREOLJXH
DIRUPXODUQXHVWURVMXLFLRV
0$5&2$85(/,20HGLWDFLRQHV
VWHHVXQHMHUFLFLRSHFXOLDUSLHQVDHQWRGDVODVFRVDVTXHQRVDEHVFRVDVTXHORVGHP¡V
KD\DQGLFKRGHWLDWXVHVSDOGDVHUURUHVTXHKDVFRPHWLGRVLQVDEHUORFRVDVTXHKDVWLUDGR
RSHUGLGRVLQGDUWHFXHQWD&³PRUHDFFLRQDVWH"'HQLQJXQDIRUPDSRUTXHQRWHHQWHUDVWH
(Q RWUDV SDODEUDV HV SRVLEOH QR WHQHU RSLQL³Q VREUH DOJR QHJDWLYR 6³OR HV QHFHVDULR
FXOWLYDUHVHSRGHUHQYH]GHHVSHUDUTXHOOHJXHFRPRSRUDFFLGHQWH6REUHWRGRFXDQGRXQD
RSLQL³QSXHGHPROHVWDUQRV3UDFWLFDODFDSDFLGDGGHQRDOEHUJDUQLQJºQSHQVDPLHQWRVREUH
DOJRHQSDUWLFXODUKD]GHFXHQWDTXHQXQFDRFXUUL³RTXHQRVDEHVQDGDGHVXH[LVWHQFLD
4XHVHYXHOYDLUUHOHYDQWHRLQH[LVWHQWH$VOHUHVWDU¡VPXFKDLQIOXHQFLD
GHIHEUHUR
/DLUDHVFRPEXVWLEOHQRFLYR
1RQRVDJRELDQLQJXQDSDVL³QP¡VDQVLRVD\SURSHQVDDODDJUHVLYLGDG\VREHUELD
VL VDOH ELHQ HQORTXHFLGD VL VH YH IUXVWUDGD QL VLTXLHUD SRU VX IUDFDVR DERFDGD DO
KDVWR HQ FXDQWR OD VXHUWH OH KD HVFDPRWHDGR D VX DGYHUVDULR YXHOYH FRQWUD HOOD
PLVPDVXVPRUGLVFRV
61(&$6REUHODLUD
&RPRORVHVWRLFRVKDQGLFKRHQLQQXPHUDEOHVRFDVLRQHVHQRMDUVHFDVLQXQFDUHVXHOYHQDGD
(Q JHQHUDO HPSHRUD ODV FRVDV 1RV PROHVWDPRV OD RWUD SHUVRQD VH PROHVWD WRGRV HVW¡Q
PROHVWRV\HOSUREOHPDFRQWLQºDVLQUHVROYHUVH
0XFKDV SHUVRQDV H[LWRVDV FXHQWDQ TXH OD LUD HV XQ FRPEXVWLEOH IXQGDPHQWDO HQ VXV
YLGDV (O GHVHR GH ߡGHPRVWUDU D WRGRV TXH VH HTXLYRFDQߢ R ߡUHVWUHJ¡UVHORV HQ OD FDUDߢ KD
SURGXFLGR PXFKRV PLOORQDULRV /D LUD GH VHU OODPDGR JRUGR R HVWºSLGR KD FUHDGR
HVSHFPHQHV FRQ XQ IVLFR HVWXSHQGR \ PHQWHV EULOODQWHV /D LUD GH VHU UHFKD]DGR KD
PRWLYDGRDPXFKRVDODEUDUVHVXSURSLRFDPLQR
6LQHPEDUJRHVXQDDFWLWXGFRUWDGHPLUDV'LFKDVKLVWRULDVLJQRUDQODFRQWDPLQDFL³Q\
HOGHVJDVWHTXHVHSURGXFHQFRPRHIHFWRVHFXQGDULR,JQRUDQORTXHVXFHGHFXDQGRHVDLUD
GHWRQDQWHVHDFDED\TXHFDGDYH]VHUHTXLHUHP¡VSDUDPDQWHQHUHOPRWRUHQPDUFKD KDVWD
TXHFRQHOWLHPSRORºQLFRTXHTXHGDHVODLUDKDFLDXQRPLVPR (Q0DUWLQ/XWKHU
.LQJ-UDGYLUWL³DRWURVOGHUHVGHORVGHUHFKRVFLYLOHVTXHߡHORGLRHVXQDFDUJDGHPDVLDGR
SHVDGDߢSHVHDTXHWHQDQWRGDVODVUD]RQHVSDUDUHVSRQGHUDORGLRFRQRGLR
/RPLVPRRFXUUHFRQODLUDGHKHFKRFRQODPD\RUDGHODVHPRFLRQHVH[WUHPDVVRQ
FRPEXVWLEOH W³[LFR (Q HO PXQGR VREUD VLQ GXGD SHUR QXQFD YDOH OD SHQD HO SUHFLR TXH
LPSOLFD
GHIHEUHUR
+©URHR1HU³Q"
1XHVWURHVSULWXRUDHVUH\RUDWLUDQRUH\FXDQGRDWLHQGHDODYLUWXGFXLGDODVDOXG
GHO FXHUSR TXH WLHQH HQFRPHQGDGR \ QR OH RUGHQD QDGD YHUJRQ]RVR QL YLO PDV
FXDQGRHVLQPRGHUDGRDPELFLRVRDQWRMDGL]RVHJDQDXQQRPEUHGHWHVWDEOH\FUXHO
\UHVXOWDXQWLUDQR
61(&$(SVWRODVPRUDOHVD/XFLOLR
6HJºQ HO GLFKR HO SRGHU DEVROXWR FRUURPSH SRU FRPSOHWR $ SULPHUD YLVWD HV FLHUWR (O
SXSLORGH6©QHFD1HU³Q\VXOHWDQDGHFUPHQHV\DVHVLQDWRVHVHOHMHPSORSHUIHFWR2WUR
HPSHUDGRU'RPLFLDQRH[SXOV³DWRGRVORVILO³VRIRVGH5RPDSRUPHURFDSULFKR (SLFWHWR
VHYLRREOLJDGRDKXLUFRPRUHVXOWDGRGHHVR 0XFKRVGHORVHPSHUDGRUHVURPDQRVHUDQ
WLUDQRV 1R REVWDQWH QR PXFKR WLHPSR GHVSX©V (SLFWHWR HQWDEODUD XQD DPLVWDG PX\
FHUFDQDFRQRWURHPSHUDGRU$GULDQRTXLHQD\XGDUDDTXH0DUFR$XUHOLROOHJDUDDOWURQR
XQRGHORVPHMRUHVHMHPSORVGHXQVDELRUH\ILO³VRIR
$V TXH QR HVW¡ FODUR TXH HO SRGHU VLHPSUH FRUURPSD 'H KHFKR HQ PXFKRV FDVRV
GHSHQGHGHODIRUWDOH]DLQWHULRU\ODFRQVFLHQFLDGHORVLQGLYLGXRVGHORTXHYDORUDQTX©
GHVHRVFRQWURODQVLFRPSUHQGHQTXHODMXVWLFLDHLPSDUFLDOLGDGVRQFDSDFHVGHFRQWUDUUHVWDU
ODVWHQWDFLRQHVTXHVXSRQHQODULTXH]DLOLPLWDGD\HOUHVSHWR
(Q WX FDVR RFXUUH OR PLVPR WDQWR SHUVRQDO FRPR SURIHVLRQDOPHQWH 7LUDQR R UH\"
+©URHR1HU³Q"4X©TXLHUHVVHU"
GHIHEUHUR
3URWHJHWXWUDQTXLOLGDG
$WLHQGHߨ D ODV UHSUHVHQWDFLRQHV HVWDWH GHVSLHUWR 4XH QR HV FRVD EDQDO OR
FXVWRGLDGRVLQRODKRQHVWLGDGODOHDOWDGHOHTXLOLEULRODLPSDVLELOLGDGODDXVHQFLD
GHWULVWH]DGHWHPRUODLPSHUWXUEDELOLGDGHQXQDSDODEUDODOLEHUWDG$FDPELRGH
TX©YDVDYHQGHUHVWR"
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QWUDEDMRGLVIXQFLRQDOTXHWHHVWUHVDXQDUHODFL³QFRQIOLFWLYDODYLGDEDMRORVUHIOHFWRUHV
&XDQGR HO HVWRLFLVPR QRV D\XGD D JHVWLRQDU \ UHIOH[LRQDU VREUH QXHVWUDV UHDFFLRQHV
HPRFLRQDOHVSXHGHVHUP¡VI¡FLOVREUHOOHYDUHVWDVVLWXDFLRQHV/DILORVRIDWHSXHGHD\XGDU
DFRQWURODU\UHGXFLUORVGHWRQDQWHVTXHSDUHFHQDFWLYDUVHFRQWDQWDIUHFXHQFLD
3HURKHDTXXQDSUHJXQWDSRUTX©WHVRPHWHVDHVWR"'HYHUGDGHVHOHQWRUQRSDUDHO
TXHHVW¡VKHFKR"3DUDTX©XQGHVILOHGHFRUUHRVHOHFWU³QLFRVGHVDJUDGDEOHV\SUREOHPDVHQ
OD RILFLQD" 1XHVWUDV JO¡QGXODV VXSUDUUHQDOHV WLHQHQ XQ OPLWH DQWHV GH WHUPLQDU H[KDXVWDV
1RGHEHUDVSURWHJHUODVSDUDVLWXDFLRQHVGHYLGDRPXHUWH"
$V TXH UHFXUUH DO HVWRLFLVPR SDUD OLGLDU FRQ HVDV GLILFXOWDGHV 3HUR QR ROYLGHV
SUHJXQWDUWH'HYHUGDGHVODYLGDTXHTXLHUR"&DGDTXHWHPROHVWDVXQSRTXLWRGHYLGD
DEDQGRQD WX FXHUSR (Q HVDV FRVDV TXLHUHV GHVSHUGLFLDU XQ UHFXUVR WDQ LQHVWLPDEOH" 1R
WHPDVDKDFHUXQFDPELRXQRJUDQGH
GHIHEUHUR
(OSODFHUSXHGHFRQYHUWLUVHHQFDVWLJR
6L KDV FRQFHELGR OD LGHD GH DOJR TXH WH FRPSODFH JX¡UGDWH GH VHU DUUDVWUDGR SRU
HOOR P¡V ELHQ GHMD TXH HO DVXQWR HVSHUH \ W³PDWH XQ FLHUWR SOD]R SRU VX SDUWH
/XHJRSLHQVDHQDPERVPRPHQWRVHQHOPRPHQWRHQTXHJR]DEDVGHOSODFHU\HQ
HO PRPHQWR GHVSX©V GHO JRFH HQ TXH WH DUUHSHQWLU¡V \ WH KDU¡V UHSURFKHV D WL
PLVPR < FRORFD IUHQWH D HVWR OD YLVL³Q GH F³PR WH UHJRFLMDU¡V VL WH KDV DEVWHQLGR
GHOSODFHU\FX¡QVDWLVIHFKRWHYDVDVHQWLUGHWLPLVPR3HURVLWHSDUHFHUD]RQDEOH
HPEDUFDUWH HQ HVD VLWXDFL³Q WHQ FXLGDGR SDUD TXH VX HQFDQWR VX DJUDGR \ VX
DWUDFWLYR QR WH YHQ]DQ FRORFD HQ HO RWUR ODGR OD LGHD GH FX¡QWR PHMRU HV VHU
FRQVFLHQWHGHKDEHUFRQVHJXLGRHVDYLFWRULD
(3,&7(72(QTXLULGL³Q
(O FRQWURO GH XQR PLVPR HV VLQ GXGD GLIFLO 3RU HVR SXHGH VHU ºWLO XQ WUXFR SRSXODU GH
PXFKDVGLHWDV$OJXQDVSHUPLWHQߡXQGDSDUDKDFHUWUDPSDߢXQGDDODVHPDQDHQHOTXH
SXHGHVFRPHUORTXHTXLHUDV'XUDQWHODVHPDQDVHLQVWDDODVSHUVRQDVDGLHWDDHVFULELUHQ
XQDOLVWDORVDOLPHQWRVTXHVHOHVDQWRMDQSDUDTXHGHVSX©VSXHGDQGDUVHJXVWR ODLGHDHV
TXHVLFRPHVVDOXGDEOHVHLVGHVLHWHGDVDODVHPDQDOOHYDVODGHODQWHUD
$OSULQFLSLRHVWRSDUHFHXQVXH±RSHURFXDOTXLHUDTXHORKD\DKHFKRVDEHODYHUGDGHQ
ORVGDVGHWUDPSDFRPHVKDVWDKDUWDUWH\GHVSX©VWHRGLDVSRUHOOR'HQWURGHSRFRHVW¡V
GLVSXHVWRDQRKDFHUWUDPSD3RUTXHQRORQHFHVLWDV\QLVHWHDQWRMD1RHVPX\GLVWLQWRGH
FXDQGRXQSDGUHGHVFXEUHDVXKLMRFRQFLJDUURV\ORREOLJDDIXPDUVHWRGDODFDMHWLOOD
(V LPSRUWDQWH TXH UHODFLRQHV OD VXSXHVWD WHQWDFL³Q FRQ VXV HIHFWRV UHDOHV &XDQGR
HQWLHQGDV TXH ORV FDSULFKRV SXHGHQ UHVXOWDU SHRU TXH UHVLVWLUVH OD QHFHVLGDG FRPLHQ]D D
SHUGHUVXDWUDFWLYR'HHVWHPRGRHOFRQWUROGHXQRPLVPRVHFRQYLHUWHHQHOSODFHU\OD
WHQWDFL³QHQDUUHSHQWLPLHQWR
GHIHEUHUR
3LHQVDDQWHVGHDFWXDU
/DYHUGDGHUD\ºQLFDVDELGXUDHVFRQRFHUOD0HQWHTXHSXHGHGLVSRQHURJREHUQDU
WRGDVODVFRVDVSRUPHGLRGHWRGDVODVFRVDV
+(5&/,72FLWDGRHQ',*(1(6/$(5&,2
9LGDV\RSLQLRQHVGHORVILO³VRIRVLOXVWUHV
6HJXUDPHQWHWHKDEU¡VSUHJXQWDGR3RUTX©ORKLFH"7RGRVORKHPRVKHFKR&³PRSXGH
VHUWDQWRQWR"(QTX©HVWDEDSHQVDQGR"
1RHVWDEDVSHQVDQGR©VHHVHOSUREOHPD(QHVDFDEH]DDOEHUJDVUD]³QHLQWHOLJHQFLD
/RGLIFLOHVDVHJXUDUWHGHXWLOL]DUODVRIUHQDUODV$VHJXUDUWHGHTXHWXPHQWHHVW¡DFDUJR
QRWXVHPRFLRQHVQLWXVVHQVDFLRQHVIVLFDVLQPHGLDWDVWDPSRFRWXVKRUPRQDV
(QI³FDWHHQWXLQWHOLJHQFLDSDUDTXHKDJDORVX\R
GHIHEUHUR
6³ORVRQSHVDGLOODV
5HFREUDORVVHQWLGRVUHWRUQDDWLPLVPR\VDOLGRGHWXOHWDUJR\FRPSUHQGLGRTXH
HUDQLOXVLRQHVODVFRVDVTXHWHSHUWXUEDQPLUDSRUVHJXQGDYH]HVWDVFRVDVGHDF¡
FRQORVRMRVPX\GHVSLHUWRVFRPRSRFRKDPLUDEDVDTX©OODV
0$5&2$85(/,20HGLWDFLRQHV
(OHVFULWRU5D\PRQG&KDQGOHUQRVGHVFULEL³DODPD\RUDHQXQDFDUWDDVXHGLWRUߡ1XQFD
UHFRUG© HO SDVDGR DXQTXH WXYH PXFKRV SHULRGRV LQWUDQTXLORV HQ ORV TXH SHQV© HQ HO
IXWXURߢ$OJXQDYH]7KRPDV-HIIHUVRQEURPH³HQXQDFDUWDTXHOHHVFULEL³D-RKQ$GDPV
ߡb&X¡QWR GRORU QRV KDQ LQIOLJLGR ORV PDOHV TXH QXQFD KDQ VXFHGLGRߢ < 6©QHFD OR GLMR
PHMRUߡ3RUPX\FLHUWRTXHVHDDOJXQRGHORVPDOHVTXHWHQHPRVHVP¡VFLHUWRDºQTXHORV
WHPRUHVVHFDOPDQ\TXHODVHVSHUDQ]DVQRVGHIUDXGDQߢ>(SVWRODVPRUDOHV@
3DUDORVHVWRLFRVPXFKDVFRVDVTXHQRVPROHVWDQVRQSURGXFWRGHODLPDJLQDFL³QQRGH
OD UHDOLGDG &RPR ORV VXH±RV VRQ FODURV \ UHDOLVWDV HQ HO PRPHQWR SHUR FXDQGR
GHVSHUWDPRV SDUHFHQ DEVXUGRV (Q XQ VXH±R QXQFD QRV GHWHQHPRVD SHQVDU ߡ(VWRWLHQH
VHQWLGR"ߢ1RVHJXLPRVODFRUULHQWH/RPLVPRVXFHGHFRQQXHVWURVDUUHEDWRVGHLUDWHPRU
RFXDOTXLHURWUDHPRFL³QH[WUHPD
0ROHVWDUVH HV FRPR FRQWLQXDU HO VXH±R GHVSLHUWR /R TXH WH SURYRF³ QR IXH UHDO WX
UHDFFL³Q V < DV XQD VLWXDFL³Q IDOVD JHQHUD FRQVHFXHQFLDV UHDOHV 3RU HVR QHFHVLWDV
GHVSHUWDUDKRUDPLVPRHQYH]GHFUHDUXQDSHVDGLOOD
GHIHEUHUR
1RFRPSOLTXHVODVFRVDVP¡VGHORQHFHVDULR
6LDOJXQRWHSUHJXQWDUHF³PRVHHVFULEHHOQRPEUHGH$QWRQLQRSURIHULUDVDFDVR
OHYDQWDQGRODYR]FDGDXQDGHODVOHWUDVGHHVWHQRPEUH"3XHVTX©VLVHLUULWDVHQ
WH LUULWDUDV Wº DVLPLVPR" 1R FRQWLQXDUDV P¡V ELHQ SURQXQFLDQGR GHVSDFLR FDGD
XQDGHODVOHWUDV"$FX©UGDWHLJXDOPHQWHHQODUHDOLGDGTXHWRGDREOLJDFL³QFRQVWD
GHFLHUWDFDQWLGDGGHWLHPSR&RQYLHQHREVHUY¡QGRODOOHYDUDOFDERFRQEXHQRUGHQ
ODDFFL³QSURSXHVWDVLQDOERURWDUWHQLLUULWDUWHFRQWUDORVTXHVHLQGLJQDQFRQWUDWL
0$5&2$85(/,20HGLWDFLRQHV
VWHHVXQHVFHQDULRIUHFXHQWH(VW¡VWUDEDMDQGRFRQXQFROHJDIUXVWUDQWHRXQMHIHGLIFLO
7HSLGHQKDFHUDOJR\FRPRWHGHVDJUDGDHOPHQVDMHURWHQLHJDVGHLQPHGLDWR6HGLILFXOWD
SRUXQDXRWUDUD]³QRELHQVXSHWLFL³QIXHGHVDJUDGDEOH\JURVHUD$VTXHUHVSRQGHVߡ1R
ORKDU©ߢ(OORVVHGHVTXLWDQ\QRKDFHQDOJRTXHOHVKDEDVSHGLGRDQWHVDVHOFRQIOLFWRVH
LQWHQVLILFD
0LHQWUDVWDQWRVLSXGLHUDVPLUDUODVFRVDVFRQSHUVSHFWLYD\GHIRUPDREMHWLYDWDOYH]
WHGDUDVFXHQWDGHTXHQRWRGRORTXHWHSLGHQHVSRFRUD]RQDEOH'HKHFKRDOJXQDVFRVDV
VRQ PX\ I¡FLOHV R SRU OR PHQRV DFHSWDEOHV < VL OR KLFLHUDV ODV RWUDV ODERUHV WDPEL©Q
SRGUDQSDUHFHUP¡VWROHUDEOHV'HQWURGHSRFRKDEUDVWHUPLQDGR
/D YLGD \ QXHVWUR WUDEDMR \D VRQ GLIFLOHV 1R ORV FRPSOLTXHPRV UHDFFLRQDQGR GH
IRUPDHPRFLRQDODDVXQWRVLQVLJQLILFDQWHVRSURYRFDQGREDWDOODVTXHSDUDHPSH]DUQLQRV
LPSRUWDQ1RSHUPLWDPRVTXHODVHPRFLRQHVVHLQWHUSRQJDQFRQHONDWKªNRQODVDFFLRQHV
VHQFLOODV\DSURSLDGDVTXHGHVHPERFDQHQODYLUWXG
GHIHEUHUR
(OHQHPLJRGHODIHOLFLGDG
1XQFD HV SRVLEOH TXH FRLQFLGDQ IHOLFLGDG \ GHVHR GH OR DXVHQWH 3XHV OD IHOLFLGDG
GHEH DSDUWDUVH GH WRGR OR TXH DSHWHFH \ SDUHFHUVH D DOJXLHQ VDFLDGR 1R KD GH
HVWDUXQLGDDODVHGQLDOKDPEUH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
1RV GHFLPRV &XDQGR PH WLWXOH VHU© IHOL] &XDQGR PH DVFLHQGDQ FXDQGR VH QRWHQ ORV
UHVXOWDGRV GH OD GLHWD FXDQGR WHQJD HO GLQHUR TXH PLV SDGUHV QXQFD WXYLHURQ /RV
SVLF³ORJRV GHQRPLQDQ HVWD WHQGHQFLD IHOLFLGDG FRQGLFLRQDO &RPR HO KRUL]RQWH SXHGHV
FDPLQDUNLO³PHWURV\NLO³PHWURV\QXQFDOOHJDUQLVLTXLHUDWHYDVDDFHUFDU
$QWLFLSDUXQVXFHVRIXWXURFRQDQVLDVLPDJLQDUDOJRTXHGHVHDVFRQSDVL³QDQKHODUXQ
HVFHQDULRIHOL]SRUDJUDGDEOHVTXHSDUH]FDQHVWDVDFWLYLGDGHVHVWURSHDQWXRSRUWXQLGDGGH
VHUIHOL]DTX\DKRUD,GHQWLILFDHVHGHVHRSRUWHQHUP¡VPHMRUDOJºQGD\FRQVLG©UDORSRU
ORTXHHVHOHQHPLJRGHWXVDWLVIDFFL³Q7RPDSDUWLGRWXIHOLFLGDGRDTXHOOR&RPRGLFH
(SLFWHWRDPEDVQRVRQFRPSDWLEOHV
GHIHEUHUR
3UHS¡UDWHSDUDODWRUPHQWD
VH HV HO TXH GH YHUGDG VH HMHUFLWD HO TXH VH HQWUHQD SDUD HQIUHQWDUVH D
UHSUHVHQWDFLRQHV >IDOVDV@ b$JXDQWD GHVGLFKDGR b1R WH GHMHV OOHYDU /D OXFKD HV
JUDQGH OD REUD GLYLQD SRU XQ UHLQR SRU OD OLEHUWDG SRU OD IHOLFLGDG SRU OD
LPSHUWXUEDELOLGDG
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(SLFWHWRWDPEL©QXWLOL]³ODPHW¡IRUDGHXQDWRUPHQWDDILUPDEDTXHQXHVWUDVLPSUHVLRQHVQR
VRQ GLVWLQWDV GHO FOLPD H[WUHPR TXH QRV SXHGHQ DWUDSDU \ VDFXGLU /R SRGHPRV HQWHQGHU
FXDQGRQRVH[DOWDPRVRDIURQWDPRVXQDVXQWRFRQSDVL³Q
6LQ HPEDUJR SHQVHPRV HQ HO SDSHO GHO FOLPD HQ ORV WLHPSRV PRGHUQRV +R\ KD\
PHWHRU³ORJRV \ H[SHUWRV TXH SXHGHQ SUHGHFLU ORV SDWURQHV GH XQD WRUPHQWD FRQ EDVWDQWH
H[DFWLWXG 6³OR HVWDPRV LQGHIHQVRV IUHQWH D XQ KXUDF¡Q VL QRV QHJDPRV D SUHSDUDUQRV R
LJQRUDPRVODVDGYHUWHQFLDV
6LQRFRQWDPRVFRQXQSODQVLQXQFDDSUHQGHPRVDDVHJXUDUODVYHQWDQDVHVWDUHPRVD
PHUFHGGHHVRVHOHPHQWRVH[WHUQRVHLQWHUQRV6HJXLPRVVLHQGRVHUHVKXPDQRVLQIHULRUHV
FRPSDUDGRV FRQ ORV YLHQWRV GH FDVL GRVFLHQWRV NLO³PHWURV SRU KRUD DXQ DV WHQHPRV OD
YHQWDMDGHSUHSDUDUQRVGHHQIUHQWDUORVGHIRUPDVQXHYDV
GHIHEUHUR
(OEDQTXHWHGHODYLGD
5HFXHUGD TXH HQ OD YLGD GHEHV FRPSRUWDUWH FRPR VL HVWXYLHUDV HQ XQ EDQTXHWH
,PDJLQD TXH DOJR VH OOHYD D OD PHVD \ HVW¡ IUHQWH D WL $ODUJD HO EUD]R \ WRPD XQ
WUR]R FRQ GLVFUHFL³Q ,PDJLQD TXH SDVD SRU GHODQWH GH WL 1R OR UHWHQJDV ,PDJLQD
TXHWRGDYDQRWHKDOOHJDGR1RGHVULHQGDVXHOWDDWXGHVHR\HVSHUDDTXHHVW©
IUHQWH D WL $FWºD DV FRQ UHVSHFWR D ORV QL±RV FRQ UHVSHFWR D ODV PXMHUHV \ GHO
PLVPR PRGR FRQ ORV FDUJRV RILFLDOHV FRQ OD ULTXH]D \ VHU¡V DOJºQ GD XQ GLJQR
LQYLWDGRDORVEDQTXHWHVGHORVGLRVHV
(3,&7(72(QTXLULGL³Q
/D SU³[LPD YH] TXH YHDV DOJR TXH TXLHUHV UHFXHUGD OD PHW¡IRUD GH (SLFWHWR VREUH HO
EDQTXHWHGHODYLGD&XDQGRWHVRUSUHQGDVHPRFLRQDGROLVWRSDUDKDFHUFXDOTXLHUFRVDOR
TXHVHDSRUFRQVHJXLUORߚHOHTXLYDOHQWHDDODUJDUHOEUD]R\DUUHEDWDUOHHOSODWRDDOJXLHQ
ߚUHFXHUGDVRQPDORVPRGDOHV\HVLQQHFHVDULR(QWRQFHVHVSHUDWXWXUQRFRQSDFLHQFLD
(VWD PHW¡IRUD WDPEL©Q WLHQH RWUDV LQWHUSUHWDFLRQHV 3RU HMHPSOR SRGUDPRV WHQHU HQ
FXHQWDTXHVRPRVDIRUWXQDGRVGHKDEHUVLGRLQYLWDGRVDXQIHVWQWDQPDUDYLOORVR \HVWDU
DJUDGHFLGRV 2 GHEHUDPRV WRPDUQRV HO WLHPSR GH VDERUHDU ORV SODWRV TXH VH VLUYHQ
GLVIUXWDU HO PRPHQWR SUHVHQWH SHUR KDUWDUQRV GH FRPLGD \ EHELGD QR HV EXHQR PXFKR
PHQRV SDUD QXHVWUD VDOXG D ILQ GH FXHQWDV OD JXOD HV XQ SHFDGR FDSLWDO $O ILQDO GH OD
FRPLGDHVGHPDODHGXFDFL³QQRD\XGDUDODQILWUL³QDOLPSLDU\ODYDUORVWUDVWHV GHVDSHJR
<SRUºOWLPRODSU³[LPDYH]QRVWRFDU¡VHUDQILWULRQHV\DJDVDMDUDORVGHP¡VFRPRHOORV
ORKDQKHFKR REUDGHFDULGDG
b'LVIUXWDODFRPLGD
GHIHEUHUR
(OJUDQGHVILOHGHOGHVHR
b&X¡QWRV SODFHUHV KDQ JR]DGR ORV PDOYDGRV ORV SURVWLWXLGRV ORV SDUULFLGDV ORV
WLUDQRV
0$5&2$85(/,20HGLWDFLRQHV
1XQFDHVEXHQRMX]JDUDORVGHP¡VSHURVYDOHODSHQDWRPDUVHXQPRPHQWRSDUDHQWHQGHU
F³PR IXQFLRQD XQD YLGD GHGLFDGD D VDWLVIDFHU WRGRV ORV FDSULFKRV (Q %LUG E\ %LUG OD
HVFULWRUD $QQH /DPRWW EURPHD ߡ$OJXQD YH] VH KDQ SUHJXQWDGR TX© SLHQVD 'LRV GHO
GLQHUR"6³ORKD\TXHYHUDODVSHUVRQDVDTXLHQHVVHORVFRQFHGHߢ6XFHGHORPLVPRFRQHO
SODFHU0LUDDOGLFWDGRU\VXKDU©QGHDPDQWHVPDQLSXODGRUDVHLQWULJDQWHV0LUDTX©SURQWR
ODVILHVWDVGHXQDHVWUHOODMRYHQVHFRQYLHUWHQHQDGLFFL³Q\XQDFDUUHUDWUXQFDGD
3UHJºQWDWH9DOHODSHQD"(VUHDOPHQWHDJUDGDEOH"
7HQORHQFXHQWDFXDQGRDQVHVDOJRRFRQWHPSOHVGDUWHJXVWRFRQXQYLFLRߡLQRIHQVLYRߢ
GHIHEUHUR
1RGHVHHVQDGDQRTXLHUDVQDGD
5HFXHUGDTXHQRV³ORHODQVLDGHSRGHU\ULTXH]DQRVKDFHYLOHV\VXERUGLQDGRVD
RWUDVFRVDVVLQRWDPEL©QHODQVLDGHFDOPD\RFLR\YLDMHV\OHWUDV6HQFLOODPHQWH
VHDORTXHVHDORH[WHULRUVXDSUHFLRQRVVXERUGLQDDRWUDFRVDߨ3RUHVRGRQGH
HVW¡HODI¡QDOOHVW¡WDPEL©QHOLPSHGLPHQWR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(SLFWHWRQRHVW¡VXJLULHQGRTXHODSD]HORFLRORVYLDMHV\HODSUHQGL]DMHVRQPDORVRV"
3RU IRUWXQD QR 6LQ HPEDUJR HO GHVHR FRQVWDQWH \ IHUYLHQWH ߚVL ELHQ QR HV PDOR SRU V
PLVPRߚHVW¡FDUJDGRGHSRVLEOHVFRPSOLFDFLRQHV/RTXHGHVHDPRVQRVKDFHYXOQHUDEOHV
<DVHDXQDRSRUWXQLGDGSDUDYLDMDUSRUHOPXQGRVHUSUHVLGHQWHVWHQHUFLQFRPLQXWRVGH
SD] \ WUDQTXLOLGDG FXDQGR DQKHODPRV DOJR FXDQGR TXHUHPRV OR LPSRVLEOH QRV
SUHGLVSRQHPRVDVHUYFWLPDVGHODGHFHSFL³Q3RUTXHHOGHVWLQRVLHPSUHSXHGHLQWHUYHQLU\
HQWRQFHVHVSUREDEOHSHUGHUHOFRQWUROGHXQRPLVPR
&RPR'L³JHQHVHOF©OHEUHILO³VRIRFQLFRDILUP³XQDYH]ߡ(VHOSULYLOHJLRGHGLRVHV
QRGHVHDUQDGD\GHKRPEUHVGLYLQRVGHVHDUSRFRߢ1RTXHUHUQDGDQRVKDFHLQYHQFLEOHV
SRUTXH DV WHQHPRV FRQWURO VREUH WRGR 1R V³OR VH UHILHUH D QR GHVHDU ODV FRVDV TXH VRQ
I¡FLOHVGHFULWLFDUFRPRHOGLQHURRODIDPDODFODVHGHGLVSDUDWHVTXHHVW¡QLOXVWUDGRVHQ
DOJXQDVGHQXHVWUDVREUDV\I¡EXODVFO¡VLFDV(VDOX]YHUGHDODTXH*DWVE\DVSLU³WDPEL©Q
SXHGH UHSUHVHQWDU FRVDV SRVLWLYDV FRPR HO DPRU R XQD FDXVD QREOH 3HUR GH LJXDO IRUPD
SXHGHQGHVWUXLUDDOJXLHQ
&XDQGR VH WUDWD GH WXV PHWDV \ HVIXHU]RV SUHJºQWDWH /DV FRQWUROR R HOODV PH
FRQWURODQDP"
GHIHEUHUR
/RTXHHVPHMRUTXHQRVHGLJD
>&DW³Q@ VH HMHUFLWDED WDPEL©Q HQ OD RUDWRULD FRPR LQVWUXPHQWR SDUD GLULJLUVH D ODV
PDVDV SRU FRQVLGHUDU TXH FRPR HQ XQD JUDQ FLXGDG HV FRQYHQLHQWH TXH OD
ILORVRID SROWLFD GLVSRQJD WDPEL©Q GH XQD IXHU]D GH FRPEDWH 6LQ HPEDUJR QR VH
HMHUFLWDED FRQ RWURV QL VH OH R\³ XQ GLVFXUVR \ XQ FRPSD±HUR OH GLMR ߡ/D JHQWH
FULWLFDWXVLOHQFLRߢ$ORTXHUHSOLF³ߡ$OPHQRVTXHQRFULWLTXHQPLYLGD(PSH]DU©D
KDEODUFXDQGRYD\DDGHFLUFRVDVTXHQRGHEDFDOODUߢ
3/87$5&2ߡ&DW³QHOMRYHQߢHQ9LGDVSDUDOHODV
(V I¡FLO DFWXDU KDFHUOR FRQ HQWXVLDVPR (V P¡V I¡FLO GHWHQHUVH KDFHU XQD SDXVD
UHIOH[LRQDU1RQRHVWR\VHJXURGHTXHWHQJDTXHKDFHUOR1RHVWR\VHJXURGHHVWDUOLVWR
&XDQGR &DW³Q HQWU³ D OD SROWLFD PXFKRV HVSHUDEDQ TXH KLFLHUD FRVDV PDUDYLOORVDV GH
LQPHGLDWRGLVFXUVRVLQVSLUDGRUHVFRQGHQDVLQWHQVDVDQ¡OLVLVVHQVDWRVOHUDFRQVFLHQWHGH
HVWDSUHVL³QߚDOJRTXHWRGRVWHQHPRVFRQVWDQWHPHQWHߚ\VHUHVLVWL³(VI¡FLOFRPSODFHUD
ODVPDVDV \DQXHVWURHJR
3RUHOFRQWUDULRHVSHU³\VHSUHSDU³$QDOL]³VXVLGHDVVHDVHJXU³GHQRUHDFFLRQDUFRQ
VXV HPRFLRQHV FRQ HJRVPR LJQRUDQFLD R SUHPDWXUDPHQWH &XDQGR HVWXYR OLVWR KDEO³
FXDQGRHVWXYRVHJXURGHTXHVXVSDODEUDVHUDQGLJQDVGHVHUHVFXFKDGDV
+DFHUHVWRUHTXLHUHDGTXLULUFRQVFLHQFLD+DFHIDOWDTXHQRVGHWHQJDPRVDHYDOXDUQRV
FRQKRQHVWLGDG3XHGHVKDFHUOR"
GHIHEUHUR
$ODVFLUFXQVWDQFLDVQROHVLPSRUWDQQXHVWURVVHQWLPLHQWRV
1RHVUD]³QHQRMDUVHFRQWUDODVFRVDVSXHVHOODVQRVHFXLGDQGHHQRMRV
0$5&2$85(/,20HGLWDFLRQHV
8QDFDQWLGDGFRQVLGHUDEOHGHODV0HGLWDFLRQHVHVW¡FRPSXHVWDSRUFLWDVEUHYHV\SDVDMHVGH
RWURVHVFULWRUHV(VWRHVSRUTXH0DUFR$XUHOLRQRQHFHVDULDPHQWHTXHUDSURGXFLUXQDREUD
RULJLQDO HQ FDPELR HVWDED SUDFWLFDQGR UHFRUGDQGR HQVH±DQ]DV LPSRUWDQWHV \ D YHFHV
HVWDVHQVH±DQ]DVFRQVLVWDQHQFRVDVTXH\DKDEDOHGR
(VWDFLWDHQSDUWLFXODUHVHVSHFLDOSRUTXHSURYLHQHGHXQDREUDGH(XUSLGHVFX\DREUD
QR VREUHYLYH VDOYR SRU IUDJPHQWRV FRPR ©VWH 3RU OR TXH VH SXHGH HQWHQGHU GH OD REUD
%HOHURIRQWHHOK©URHGXGDGHODH[LVWHQFLDGHORVGLRVHV3HURHQHVWDOQHDDILUPDSRUTX©
PROHVWDUVHFRQODVFDXVDV\ODVIXHU]DVVXSHULRUHVDQRVRWURV"3RUTX©QRVWRPDPRVHVWDV
FRVDV SHUVRQDOPHQWH" $ ILQ GH FXHQWDV ORV VXFHVRV H[WHUQRV QR VRQ VHUHV VHQVLEOHV ߚQR
SXHGHQ UHVSRQGHU D QXHVWURV JULWRV \ ODPHQWRVߚ \ WDPSRFR ORV GLRVHV HQ VX PD\RUD
LQGLIHUHQWHV
(VR HV OR TXH 0DUFR $XUHOLR VH UHFRUGDED DTX ODV FLUFXQVWDQFLDV VRQ LQFDSDFHV GH
FRQVLGHUDU R SUHRFXSDUVH SRU WXV VHQWLPLHQWRV DQVLHGDG R HPRFL³Q 1R OHV LPSRUWD WX
UHDFFL³Q 1R VRQ SHUVRQDV $V TXH GHMD GH DFWXDU FRPR VL H[DOWDUWH WXYLHUD HIHFWR HQ
GHWHUPLQDGDVLWXDFL³Q/DVVLWXDFLRQHVVRQLQPXQHVDHVWR
GHIHEUHUR
/DYHUGDGHUDIXHQWHGHOSHUMXLFLR
5HFXHUGDTXHORTXHWHRIHQGHQRHVODDFFL³QGHOTXHWHLQVXOWDRWHJROSHDVLQROD
RSLQL³Q TXH WLHQHV DFHUFD GH OR TXH VLJQLILFD VHU RIHQGLGR &XDQGR XQ KRPEUH WH
LUULWH GHEHV VDEHU TXH HV WX SURSLD RSLQL³Q OD TXH WH KD LUULWDGR 3RU FRQVLJXLHQWH
HVIX©U]DWH GH IRUPD HVSHFLDO HQ QR GHMDUWH OOHYDU SRU ODV DSDULHQFLDV 3XHV FXDQWR
DQWHVORKDJDVP¡VI¡FLOPHQWHDGTXLULU¡VFRQWUROVREUHWLPLVPR
(3,&7(72(QTXLULGL³Q
/RV HVWRLFRV QRV UHFXHUGDQ TXH QR KD\ XQ VXFHVR REMHWLYDPHQWH EXHQR R PDOR FRPR WDO
&XDQGR XQ PXOWLPLOORQDULR SLHUGH XQ PLOO³Q GH G³ODUHV GHELGR D OD IOXFWXDFL³Q GHO
PHUFDGR QR HV OR PLVPR TXH FXDQGR Wº R \R SHUGHPRV XQ PLOO³Q GH G³ODUHV 7H WRPDV
GLVWLQWRXQFRPHQWDULRQHJDWLYRVLSURYLHQHGHWXSHRUHQHPLJRTXHGHWXHVSRVD6LDOJXLHQ
WHPDQGDXQFRUUHRIXULRVRSHURQRORYLVWHH[LVWH"(QRWUDVSDODEUDVHVWDVVLWXDFLRQHV
H[LJHQQXHVWUDSDUWLFLSDFL³QFRQWH[WR\FDWHJRUL]DFL³QSDUDVHUߡPDODVߢ
'HKHFKRQXHVWUDUHDFFL³QGHFLGHVLVHFRPHWL³RQRXQPDO6LVHQWLPRVTXHQRVKDQ
WUDWDGRLQMXVWDPHQWH\QRVHQRMDPRVSRUVXSXHVWRTXHHVRSDUHFHU¡6LOHYDQWDPRVODYR]
SRUTXHVHQWLPRVTXHQRVHVW¡QUHWDQGRQDWXUDOPHQWHVHVXVFLWDU¡XQHQIUHQWDPLHQWR
6LQHPEDUJRVLQRVFRQWURODPRVVHUHPRVQRVRWURVTXLHQHVGHFLGDPRVVLWLOGDUDOJRGH
EXHQR R PDOR 'H KHFKR VL HO PLVPR VXFHVR QRV RFXUULHUD HQ GLVWLQWDV HWDSDV GH QXHVWUD
YLGD WHQGUDPRV UHDFFLRQHV PX\ GLIHUHQWHV $V TXH SRU TX© QR HOHJLU QR FODVLILFDU ODV
FRVDVDV"3RUTX©QRHOHJLUQRUHDFFLRQDU"
GHIHEUHUR
/RVDUWLILFLRVGHOPLWR
&RQYLHQH FRQVWDQWHPHQWH UHFRUGDU DTXHOORV TXH SRU XQD FDXVD X RWUD VH
HQFROHUL]DURQH[FHVLYDPHQWHORVTXHKDQDOFDQ]DGRODFXPEUHGHORVKRQRUHVGH
OD GHVJUDFLD GHO RGLR R GH ODV VXHUWHV P¡V GLVSDUHV UHIOH[LRQD GHVSX©V TX©
TXHGDDKRUDGHWRGRHVWR"+XPRFHQL]DI¡EXODRTXL]¡QLI¡EXOD
0$5&2$85(/,20HGLWDFLRQHV
(Q VXV HVFULWRV 0DUFR $XUHOLR VH±DOD FRQVWDQWHPHQWH TXH D ORV HPSHUDGRUHV TXH OR
SUHFHGLHURQDSHQDVORVUHFRUGDEDQXQSDUGHD±RVGHVSX©VGHVXVPDQGDWRV3DUD©OHVWR
HUD XQ UHFRUGDWRULR GH TXH VLQ LPSRUWDU ORV WHUULWRULRV TXH FRQTXLVWDUD VLQ LPSRUWDU OR
PXFKRTXHLPSXVLHUDVXYROXQWDGHQHOPXQGRVHUDFRPRFRQVWUXLUXQFDVWLOORHQODDUHQD
HOSDVRGHOWLHPSRORGHUULEDUDSURQWR
(V HO PLVPR FDVR GH TXLHQHV VH GHMDQ GRPLQDU SRU HO RGLR OD LUD OD REVHVL³Q R HO
SHUIHFFLRQLVPR $ 0DUFR $XUHOLR OH JXVWDED VH±DODU TXH $OHMDQGUR 0DJQR ߚXQR GH ORV
KRPEUHV P¡V DSDVLRQDGRV \ DPELFLRVRV GH OD KLVWRULDߚ HVW¡ HQWHUUDGR HQ HO PLVPR VLWLR
TXH HO FRFKHUR GH VXV PXODV &RQ HO WLHPSR WRGRV SHUHFHUHPRV \ QRV ROYLGDU¡Q
'HEHUDPRV GLVIUXWDU HVWD WHPSRUDGD EUHYH HQ OD WLHUUD QR GHMDU TXH QRV HVFODYLFHQ ODV
HPRFLRQHVTXHQRVKDFHQVHQWLUPLVHUDEOHVHLQVDWLVIHFKRV
GHIHEUHUR
6REUHJXVWRVQRKD\QDGDHVFULWR
&RPHWH DOJXLHQ XQD IDOWD FRQWUD P" O OR YHU¡ 7LHQH VX SURSLR FDU¡FWHU \ VX
SURSLR PRGR GH REUDU <R SRU PL SDUWH V³OR WHQJR HQ HVWH PRPHQWR OR TXH OD
QDWXUDOH]D XQLYHUVDO TXLHUH TXH WHQJD DO SUHVHQWH \ KDJR OR TXH PL QDWXUDOH]D
TXLHUHTXHSRQJDSRUDKRUDHQHMHFXFL³Q
0$5&2$85(/,20HGLWDFLRQHV
'H YH] HQ FXDQGR $EUDKDP /LQFROQ VH SRQD IXULRVR FRQ DOJºQ VXERUGLQDGR XQR GH VXV
JHQHUDOHVHLQFOXVRFRQDOJºQDPLJR(QYH]GHGHVTXLWDUVHFRQHVDSHUVRQDGLUHFWDPHQWH
HVFULEDXQDFDUWDH[WHQVDHQODTXHH[SOLFDEDVXFDVRSRUTX©VHHTXLYRFDEDQ\TX©TXHUD
TXHVXSLHUDQ'HVSX©VODGREODEDODJXDUGDEDHQHOFDM³QGHVXHVFULWRULR\QRODHQYLDED
QXQFD0XFKDVGHHVDVFDUWDVVREUHYLYHQSRUFDVXDOLGDG
O VDED DO LJXDO TXH HO DQWLJXR HPSHUDGRU URPDQR TXH HV I¡FLO FRQWUDDWDFDU (V
WHQWDGRUGHFLUDODJHQWHVXVYHUGDGHV3HURFDVLVLHPSUHWHUPLQDVDUUHSHQWLGR&DVLVLHPSUH
GHVHDVQRKDEHUPDQGDGRODFDUWD5HFXHUGDODºOWLPDYH]TXHSHUGLVWHORVHVWULERV&X¡O
IXHHOUHVXOWDGR"+XERDOJºQEHQHILFLR"
GHIHEUHUR
&XOWLYDODLQGLIHUHQFLDHQGRQGHORVGHP¡VFRVHFKDQODSDVL³Q
'H OR H[LVWHQWH XQDV FRVDV VRQ EXHQDV RWUDV PDODV \ RWUDV LQGLIHUHQWHV %XHQDV
VRQODVYLUWXGHV\ORTXHSDUWLFLSDGHHOODVPDODVODVPDOGDGHV\ORTXHSDUWLFLSDGH
OD PDOGDG LQGLIHUHQWH OR TXH HVW¡ HQWUH DPEDV OD ULTXH]D OD VDOXG OD YLGD OD
PXHUWHHOSODFHUHOGRORU
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
,PDJLQDHOSRGHUTXHWHQGUDVHQWXYLGD\WXVUHODFLRQHVSHUVRQDOHVVLWRGDVODVFRVDVTXH
SUHRFXSDQ D ORV GHP¡V ߚVL HVW¡Q GHOJDGRV VL WLHQHQ GLQHUR FX¡QWRV D±RV OHV TXHGDQ GH
YLGD F³PR YDQ D PRULUߚ QR LPSRUWDUDQ WDQWR 4X© SDVDUD VL HQ YH] GH HVWDU PROHVWR
HPRFLRQDGRVHQWLUWHHQYLGLRVRSRVHVLYRRFRGLFLRVRFRPRHOUHVWRIXHUDVREMHWLYRVHUHQR
\ OºFLGR" 7H LPDJLQDV" ,PDJLQD TX© HIHFWR WHQGUD HQ WXV UHODFLRQHV ODERUDOHV
VHQWLPHQWDOHV\DPLVWDGHV
6©QHFD HUD XQ KRPEUH LQFUHEOHPHQWH DGLQHUDGR LQFOXVR IDPRVR VLQ HPEDUJR HUD XQ
HVWRLFR7HQDPXFKRVELHQHVPDWHULDOHVSHURFRPRGLFHQORVHVWRLFRVWDPEL©QORVWUDWDED
FRQ LQGLIHUHQFLD $XQTXH ORV GLVIUXWDED WDPEL©Q DFHSWDED TXH SRGDQ GHVDSDUHFHU DOJºQ
GD(VXQDPHMRUDFWLWXGTXHDQVLDUWHQHUP¡VRWHQHUSDYRUDSHUGHULQFOXVRXQFHQWDYR/D
LQGLIHUHQFLDHVXQWHUUHQRQHXWUDOV³OLGR
1RVHWUDWDGHHOXGLUQLUHFKD]DUODVFRVDVRODVFRQVHFXHQFLDVP¡VELHQGHQRRWRUJDUOHV
P¡V SRGHU R SUHIHUHQFLD GH OD GHELGD 6LQ GXGD QR HV I¡FLO SHUR GH ORJUDUOR DFDVR QR
HVWDUDVPXFKRP¡VUHODMDGR"
GHIHEUHUR
&XDQGRSLHUGHVHOFRQWURO
(ODOPDHVFRPRXQEDUUH±RGHDJXDODVUHSUHVHQWDFLRQHVFRPRHOUD\RGHOX]TXH
LQFLGHVREUH HO DJXD&XDQGR HO DJXD VHPXHYH SDUHFH TXHWDPEL©Q VH PXHYH HO
UD\RGHOX]\VLQHPEDUJRQRVHPXHYH<FXDQGRXQRGHVIDOOHFHQRVRQODVDUWHV
QL ODV YLUWXGHV ODV TXH VH FRQIXQGHQ VLQR HO HVSULWX HQ HO TXH UHVLGHQ < XQD YH]
TXHVHUHVWDEOHFHVHUHVWDEOHFHQWDPEL©QHOODV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
7HHTXLYRFDVWHXQSRFRRWDOYH]PXFKR
<TX©"(VRQRFDPELDODILORVRIDTXH\DFRQRFHV1RTXLHUHGHFLUTXHWXOLEUHDOEHGUR
WHKD\DDEDQGRQDGRSDUDVLHPSUH$OFRQWUDULRWºORDEDQGRQDVWHWHPSRUDOPHQWH
5HFXHUGDTXHODWXUEXOHQFLDGHOPRPHQWRQRDIHFWDODVKHUUDPLHQWDV\ORVREMHWLYRVGH
QXHVWUDIRUPDFL³Q'HWHQWH5HFXSHUDODFRPSRVWXUD7HHVW¡HVSHUDQGR
GHIHEUHUR
(OPDQWUDGHODYLGDPRGHUQDHVߡSRGHPRVWHQHUORWRGRߢ(OWUDEDMRODIDPLOLDHOVHQWLGR
HO©[LWRHOWLHPSROLEUHORTXHUHPRVWRGRDOPLVPRWLHPSR DGHP¡VDKRUDPLVPR
(Q*UHFLDHOVDO³QGHFODVHV VFKROHLRQ HUDXQFHQWURGHRFLRHQGRQGHORVHVWXGLDQWHV
FRQWHPSODEDQODVFRVDVVXSHULRUHV OREXHQRORYHUGDGHUR\ORKHUPRVR FRQHOILQGHYLYLU
XQDYLGDPHMRU6HWUDWDEDGHSULRUL]DUFXHVWLRQDUODVSULRULGDGHVGHOPXQGRH[WHULRU+R\
HQGDHVWDPRVGHPDVLDGRRFXSDGRVFRQVLJXLHQGRFRVDVFRPRQL±RVTXHPHWHQODPDQRHQ
XQERWHGHJDOOHWDVFRPRSDUDFXHVWLRQDUQDGD
(SLFWHWR DILUPD ߡ1R GHVHHV PXFKRߢ &©QWUDWH SULRUL]D HQWUHQD D WX PHQWH SDUD TXH
SUHJXQWH1HFHVLWRHVWR"4X©SDVDUDVLQRORWHQJR"3XHGRDUUHJO¡UPHODVVLQHVWR"
/DV UHVSXHVWDV D HVWDV SUHJXQWDV WH D\XGDU¡Q D UHODMDUWH D SUHVFLQGLU GH ODV FRVDV
LQQHFHVDULDV TXH WH PDQWLHQHQ RFXSDGR GHPDVLDGR DJRELDGR SDUD WHQHU XQD YLGD
HTXLOLEUDGD\IHOL]
0DU]R
ߧ
&RQFLHQFLD
GHPDU]R
(OFRPLHQ]RGHODILORVRID
VWHHVHOSULQFLSLRGHILORVRIDUODSHUFHSFL³QGHF³PRHVHOSURSLRUHJHQWH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DILORVRIDHVLQWLPLGDQWH3RUG³QGHHPSH]DU"&RQOLEURV"&ODVHV"9HQGHPRVWRGDV
QXHVWUDVSRVHVLRQHVWHUUHQDOHV"
&RQQDGDGHHVWR(SLFWHWRDILUPDTXHXQRVHFRQYLHUWHHQILO³VRIRFXDQGRFRPLHQ]DD
HMHUFLWDUVXUD]³QUHFWRUD\DFXHVWLRQDUODVHPRFLRQHVSULQFLSLRVLQFOXVRHOOHQJXDMHTXH
ORVGHP¡VGDQSRUVHQWDGR6HFUHHTXHXQDQLPDOSRVHHFRQVFLHQFLDGHVPLVPRFXDQGR
ORJUD UHFRQRFHUVH FRPSOHWDPHQWH HQ XQ HVSHMR 4XL]¡ SRGUDPRV GHFLU TXH HPSH]DPRV
QXHVWURYLDMHHQODILORVRIDFXDQGRVRPRVFRQVFLHQWHVGHODFDSDFLGDGGHDQDOL]DUQXHVWUDV
PHQWHV
3XHGHVHPSH]DUFRQHVHSDVRKR\"&XDQGRORKDJDVGHVFXEULU¡VTXHDSDUWLUGHHOOR
FREUDPRV YLGD TXH YLYLPRV XQD YLGD ߚSDUD SDUDIUDVHDU D 6³FUDWHVߚ TXH YDOH OD SHQD
YLYLUVH
GHPDU]R
8QDYDORUDFL³QSURSLDSUHFLVD
(VSUHFLVRYDORUDUVHDVPLVPRSRUTXHJHQHUDOPHQWHQRVLPDJLQDPRVSRGHUP¡V
GHORTXHSRGHPRV
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
/DPD\RUDVHUHVLVWHDODLGHDGHHPLWLUXQMXLFLRKRQHVWRVREUHVPLVPRWDOYH]SRUTXH
WHPH TXH ©VWH PLQLPLFH DOJXQDV LGHDV VREUH TXL©Q HV \ GH TX© HV FDSD] &RPR GLFWD OD
P¡[LPDGH*RHWKHHVXQJUDQHUURUߡFUHHUVHP¡VGHORTXHXQRHVߢ&³PRFRQVLGHUDUTXH
WHFRQRFHVELHQVLWHQLHJDVDUHFRQRFHUWXVGHELOLGDGHV"
1RWHPDVHYDOXDUWHSRUPLHGRDDGPLWLUDOJXQDVYHUGDGHVVREUHWL/DVHJXQGDSDUWHGH
ODP¡[LPDGH*RHWKHWDPEL©QHVLPSRUWDQWHDILUPDTXHHVLJXDOGHQRFLYRߡFUHHUVHPHQRV
GHORTXHXQRYDOHߢ1RHVLJXDOGHFRPºQVRUSUHQGHUVHDQWHORELHQTXHOLGLDPRVFRQXQ
HVFHQDULRDOTXHWHPDPRV"2DOKHFKRGHSRGHUGHMDUGHODGRODSHQDSRUXQVHUTXHULGR\
FXLGDUOR DXQTXH VLHPSUH KDEDPRV FUHGR TXH VL DOJR OH SDVDED D QXHVWURV SDGUHV R
KHUPDQRVHVWDUDPRVGHVWUR]DGRV2F³PRUHDFFLRQDPRVHQXQDVLWXDFL³QHVWUHVDQWHRDQWH
XQDRSRUWXQLGDGTXHQRVFDPELDODYLGD
6XEHVWLPDPRVQXHVWUDVFDSDFLGDGHVDOLJXDOTXHSHOLJURVDPHQWHVREUHVWLPDPRVRWUDV
&XOWLYD OD KDELOLGDG SDUD MX]JDUWH GH IRUPD SUHFLVD \ KRQHVWD 0LUD HQ WX LQWHULRU SDUD
GLVFHUQLUGHTX©HUHVFDSD]\TX©VHUHTXLHUHSDUDOLEHUDUHVHSRWHQFLDO
GHPDU]R
'HV LQWHJUDFL³Q
(VR QR FRQFXHUGD +DV GH VHU XQ KRPEUH R EXHQR R PDOR +DV GH FXOWLYDU R WX
SURSLR UHJHQWH R OR H[WHULRU 2 SRQHV WX HVIXHU]R HQ OR LQWHULRU R HQ OR H[WHULRU (V
GHFLURWHQHUODGLVSRVLFL³QGHXQILO³VRIRRODGHXQSDUWLFXODU
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
7RGRVVRPRVSHUVRQDVFRPSOHMDV7HQHPRVPºOWLSOHVPDWLFHVQHFHVLGDGHVFRQWUDGLFWRULDV
GHVHRV\PLHGRV(OPXQGRH[WHULRUQRHVPHQRVFRQIXVR\FRQWUDGLFWRULR6LQRWHQHPRV
FXLGDGR FRQ HO WLHPSR WRGDV HVWDV IXHU]DV TXH QRV MDODQ \ HPSXMDQ QRV WHUPLQDU¡Q
GHVWUX\HQGR 1R SRGHPRV YLYLU FRPR VL IX©UDPRV -HN\OO \ +\GH 3RU OR PHQRV QR SRU
PXFKR
7HQHPRV XQD DOWHUQDWLYD FHQWUDUQRV URWXQGDPHQWH HQ HO LQWHULRU FRPR HO ILO³VRIR R
FRPSRUWDUQRVFRPRHOOGHUGHXQDPXOWLWXG\FRQYHUWLUQRVHQORTXH©VWDH[LMDHQFXDOTXLHU
PRPHQWR
6L QR QRV FHQWUDPRV HQ QXHVWUD LQWHJUDFL³Q LQWHUQD ߚFRQRFLPLHQWR GH XQR PLVPRߚ
FRUUHPRVHOULHVJRGHGHVLQWHJUDUQRVSRUIXHUD
GHPDU]R
/DFRQVFLHQFLDHVOLEHUWDG
/LEUHHVHOTXHYLYHFRPRTXLHUHDOTXHQRVHSXHGHIRU]DUQLSRQHULPSHGLPHQWRV
QLYLROHQWDUVLQREVW¡FXORVHQVXVLPSXOVRVQLIDOORVHQVXVGHVHRVQLWURSLH]RVHQ
VXVUHFKD]RV(QWRQFHVTXL©QTXLHUHYLYLUHQHOHUURU"1DGLH4XL©QTXLHUHYLYLU
HQJD±DGR GHM¡QGRVH HQJD±DU VLHQGR LQMXVWR LQFRQWLQHQWH TXHMXPEURVR YLO"
1DGLH3RUWDQWRQLQJºQPDOYDGRYLYHFRPRTXLHUH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(VWULVWHSHQVDUFX¡QWRWLHPSRGHGLFDQPXFKDVSHUVRQDVHQHOWUDQVFXUVRGHXQGDDKDFHU
FRVDV TXH ߡWLHQHQߢ TXH KDFHU QR PH UHILHUR D REOLJDFLRQHV FRPR HO WUDEDMR R OD IDPLOLD
VLQR D ODV REOLJDFLRQHV TXH DFHSWDPRV LQQHFHVDULDPHQWH GHELGR D OD YDQLGDG R OD
LJQRUDQFLD 7HQ HQ FXHQWD ODV DFFLRQHV TXH OOHYDPRV D FDER SDUD LPSUHVLRQDU D RWUDV
SHUVRQDV R KDVWD G³QGH OOHJDPRV SDUD VDWLVIDFHU LPSXOVRV R GHVHRV TXH QL VLTXLHUD
FXHVWLRQDPRV (Q XQD GH VXV FDUWDV F©OHEUHV 6©QHFD REVHUYD FRQ FX¡QWD IUHFXHQFLD ODV
SHUVRQDVSRGHURVDVVRQHVFODYDVGHVXGLQHURSRVLFLRQHVDPDQWHVHLQFOXVRGHVXVHVFODYRV
OHJDOHV HQ 5RPD ߡ1R H[LVWH HVFODYLWXG P¡V GHVKRQURVD TXH OD YROXQWDULDߢ >(SVWRODV
PRUDOHV@GLMRFRQHVFDUQLR
9HPRVHVWDHVFODYLWXGFRQVWDQWHPHQWHXQDSHUVRQDFRGHSHQGLHQWHTXHQRSXHGHHYLWDU
OLPSLDU HO WLUDGHUR GH XQ DPLJR GLVIXQFLRQDO XQ MHIH TXH HVW¡ DO SHQGLHQWH KDVWD GHO P¡V
PQLPR GHWDOOH \ TXH HV DYDUR /RV LQQXPHUDEOHV HYHQWRV \ UHXQLRQHV D ORV TXH YDPRV
DXQTXHHVWHPRVGHPDVLDGRRFXSDGRV
'HYH]HQFXDQGRKD]XQDOLVWDGHWXVREOLJDFLRQHV&X¡QWDVVRQDXWRLPSXHVWDV"6RQ
UHDOPHQWHQHFHVDULDV"(UHVWDQOLEUHFRPRFUHHV"
GHPDU]R
/LPLWDORFRVWRVR
$V SXHV HQ DTXHOODV FRVDV D ODV TXH DVSLUDPRV D ODV TXH WHQGHPRV FRQ JUDQ
HVIXHU]RKHPRVGHFRQVLGHUDUTXHRQRFRQWLHQHQYHQWDMDDOJXQDRFRQWLHQHQXQD
PD\RU GHVYHQWDMD DOJXQDV VRQ VXSHUIOXDV RWUDV QR WDQ YDOLRVDV 3HUR HVWR QR OR
DSUHFLDPRVFODUDPHQWH\QRVSDUHFHJUDWXLWRORTXHFXHVWDPX\FDUR
61(&$(SVWRODVPRUDOHVD/XFLOLR
'HODVPºOWLSOHVFDUWDVGH6©QHFDSRVLEOHPHQWHODDQWHULRUVHDXQDGHODVP¡VLPSRUWDQWHV
\ XQD GH ODV PHQRV FRPSUHQGLGDV 6XJLHUH DOJR TXH SDVD GHVDSHUFLELGR HQ XQD VRFLHGDG
TXH WLHQH FDVDV FDGD YH] P¡V JUDQGHV \ SHUWHQHQFLDV FDGD YH] P¡V QXPHURVDV WDQWR
HPSH±R SRU DFXPXODU WLHQH XQ FRVWR RFXOWR < FXDQWR DQWHV VHDPRV FRQVFLHQWHV GH HOOR
PHMRU
5HFXHUGDLQFOXVRORJUDWXLWRWLHQHSUHFLRSRUHMHPSORHOFRVWRGHJXDUGDUOR\DVHDHQ
QXHVWUDV FRFKHUDV R HQ QXHVWUDV PHQWHV +R\ FXDQGR SDVHV MXQWR D WXV SRVHVLRQHV
SUHJºQWDWH 1HFHVLWR HVWR" (V VXSHUIOXR" (Q HO IRQGR FX¡QWR YDOH" 4X© PH HVW¡
FRVWDQGR"
7HVRUSUHQGHU¡QODVUHVSXHVWDV\ORPXFKRTXHHVWDPRVSDJDQGRVLQVDEHUOR
GHPDU]R
1RWHLQYHQWHVFXHQWRV
(QFRPSD±DJX¡UGDWHGHKDEODUPXFKRDFHUFDGHWXVSURSLRVDFWRVRORVSHOLJURV
SRUORVTXHKDVSDVDGRSXHVDXQTXHDWLWHFRPSOD]FDKDFHUPHQFL³QGHHOORQR
FRPSODFHU¡DORVRWURVHVFXFKDUWH
(3,&7(72(QTXLULGL³Q
(O ILO³VRIR PRGHUQR 1DVVLP 7DOHE QRV KD DGYHUWLGR VREUH OD ߡIDODFLD QDUUDWLYDߢ OD
WHQGHQFLD D FRQHFWDU VXFHVRV GHO SDVDGR TXH QR HVW¡Q UHODFLRQDGRV SDUD IRUPDU KLVWRULDV
$XQTXHVHDVDWLVIDFWRULRFUHDUHVWDVKLVWRULDVVRQLQWUQVHFDPHQWHHQJD±RVDV3URGXFHQXQ
VHQWLGRGHFRKHVL³Q\FHUWH]DTXHQRHVUHDO
6L HVWR HV GHPDVLDGR YHKHPHQWH UHFXHUGD TXH FRPR VH±DOD (SLFWHWR KD\ RWUD UD]³Q
SDUDQRFRQWDUKLVWRULDVVREUHWXSDVDGR(VDEXUULGRPROHVWR\DXWRFRPSODFLHQWH7DOYH]
WHJXVWHGRPLQDUODFRQYHUVDFL³Q\KDEODUGHWLSHUR\ORVGHP¡V"&UHHVTXHGLVIUXWDQWXV
PHMRUHVPRPHQWRVGHODSUHSDUDWRULD"(VRSRUWXQRFRPSDUWLURWUDKLVWRULDH[DJHUDGDVREUH
WXVKDELOLGDGHVVH[XDOHV"
,QWHQWDQRFUHDUXQDEXUEXMDIDQWDVLRVDYLYHHQODUHDOLGDG(VFXFKD \ FRQHFWD FRQ OD
JHQWHQRPRQWHVXQHVSHFW¡FXORSDUDHOORV
GHPDU]R
1RFRQIHVHQORVVHQWLGRV
>+HU¡FOLWR@ DO DPRU SURSLR OR OODPDED PDO GH FRUD]³Q \ TXH OD YLVWD \ DVSHFWR
HQJD±DQ
',*(1(6/$(5&,29LGDV\RSLQLRQHVGHORVILO³VRIRVLOXVWUHV
/DFRQVFLHQFLDGHXQRPLVPRHVODFDSDFLGDGSDUDHYDOXDUVHREMHWLYDPHQWH/DFDSDFLGDG
SDUDFXHVWLRQDUQXHVWURVLQVWLQWRVSDWURQHV\VXSRVLFLRQHV2LªVLVHQJD±DUVHDXQRPLVPR
RODRSLQL³QDUURJDQWHHLQFRQWURYHUWLEOHH[LJHTXHH[DPLQHPRVWRGDVQXHVWUDVRSLQLRQHVD
GHWDOOHSXHVLQFOXVRQXHVWURVRMRVQRVHQJD±DQ
3RUXQDSDUWHHVDODUPDQWHb1LVLTXLHUDSXHGRFRQILDUHQPLVVHQWLGRV"6SRGUDV
FRQVLGHUDUORDV2SRGUDVYHUORGHRWURPRGRFRPRQXHVWURVVHQWLGRVVHHTXLYRFDQFRQ
IUHFXHQFLD QXHVWUDV HPRFLRQHV VH DODUPDQ GHPDVLDGR QXHVWUDV SUR\HFFLRQHV VRQ
GHPDVLDGR RSWLPLVWDV HV PHMRU QR VDFDU FRQFOXVLRQHV GHPDVLDGR U¡SLGR VREUH QDGD
3RGHPRVVHUFUWLFRVGHWRGRORTXHKDFHPRV\VHUFRQVFLHQWHVGHWRGRORTXHRFXUUHSDUD
WRPDUODPHMRUGHFLVL³Q
GHPDU]R
1RUHQXQFLHVDWXOLEHUWDGVLQTXHUHU
6LVHWHSLGLHUDTXHSXVLHVHVWXFXHUSRDGLVSRVLFL³QGHOSULPHURTXHHQFXHQWUHVHQ
HOFDPLQRWHVHQWLUDVRIHQGLGRSHURSRQHUWXHQWHQGLPLHQWRHQPDQRVGHOSULPHUR
TXHHQFXHQWUDVGHPRGRTXHVL©OWHLQVXOWDWXHQWHQGLPLHQWRVHVLHQWHWXUEDGR\
DOWHUDGRHVRQRWHDYHUJ¼HQ]D"
(3,&7(72(QTXLULGL³Q
3RU LQVWLQWR QRV SURWHJHPRV IVLFDPHQWH 1R SHUPLWLPRV TXH ODV SHUVRQDV QRV WRTXHQ
LQWLPLGHQ R FRQWUROHQ D GRQGH YDPRV 3HUR FXDQGR VH WUDWD GH OD PHQWH VRPRV PHQRV
GLVFLSOLQDGRV/DHQWUHJDPRVDODVUHGHVVRFLDOHVODWHOHYLVL³QRDORTXHKDFHQSLHQVDQR
GLFHQORVGHP¡V1RVVHQWDPRVDWUDEDMDU\FXDQGRPHQRVQRVGDPRVFXHQWD\DHVWDPRVHQ
LQWHUQHW1RVVHQWDPRVFRQQXHVWUDVIDPLOLDV\HQSRFRWLHPSRVDFDPRVQXHVWURVWHO©IRQRV
1RVVHQWDPRVWUDQTXLODPHQWHHQXQSDUTXH\HQYH]GHKDFHUXQHMHUFLFLRGHLQWURVSHFFL³Q
MX]JDPRVDODJHQWHTXHSDVD
1L VLTXLHUD QRV GDPRV FXHQWD GH TXH OR KDFHPRV 1R QRV SHUFDWDPRV GHO GHVSHUGLFLR
TXHLPSOLFDODLQHILFLHQFLD\ODGLVWUDFFL³QTXHSURYRFD<ORSHRUQDGLHQRVREOLJDQRVOR
LPSRQHPRVSRUFXHQWDSURSLD
3DUDORVHVWRLFRVHVRHVXQDDERPLQDFL³Q6DEHQTXHHOPXQGRSXHGHFRQWURODUQXHVWURV
FXHUSRVSXHGHQHQFDUFHODUQRVRHOFOLPDQRVSXHGHSHUWXUEDU3HURODPHQWH"(VQXHVWUD\
GHEHPRV SURWHJHUOD GHEHPRV FRQWURODU OD PHQWH \ ODV SHUFHSFLRQHV /D PHQWH HV QXHVWUD
SRVHVL³QP¡VSUHFLDGD
GHPDU]R
(QFXHQWUDDWXJUXSR
+DV GH VHU FXLGDGRVR VREUH WRGR FRQ QR PH]FODUWH FRQ DOJXQR GH WXV DQWLJXRV
FRQRFLGRV R DPLJRV WDQWR TXH WH UHEDMHV D OR PLVPR TXH ©O 6L QR WH HFKDU¡V D
SHUGHUDWLPLVPRߨ(OLJHSXHVVLTXLHUHVVHUTXHULGRLJXDOSRUORVGHDQWHVVLHQGR
LJXDOTXHHUDVDQWHVRVLHQGRPHMRUQRREWHQHUORPLVPRߨ6LQRHVDGXSOLFLGDGWH
KDU¡GHODVGRVPDQHUDVQLDYDQ]DU¡VHQODPHGLGDDGHFXDGDQLFRQVHJXLU¡VORTXH
DQWHVFRQVHJXDV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DV FRVDV EXHQDV ODV DSUHQGHU¡V GH ORV EXHQRV 3HUR VL FRQ ORV PDOYDGRV WH
PH]FODVHFKDU¡VDSHUGHULQFOXVRHOVHQWLGRTXHWLHQHV
08621,258)2FLWDD7(2*1,6HQ'LVHUWDFLRQHV
ߡ(UHVHOSURPHGLRGHODVFLQFRSHUVRQDVFRQODVTXHFRQYLYHVP¡VߢHVODOQHDGH-LP5RKQ
TXH VH FLWD HQ WRGDV SDUWHV -DPHV $OWXFKHU DFRQVHMD D ORV M³YHQHV HVFULWRUHV \
HPSUHQGHGRUHVTXHHQFXHQWUHQDVXߡJUXSRߢXQFRQMXQWRGHFROHJDVTXHORVPRWLYHQDVHU
PHMRUHV(VSUREDEOHTXHFXDQGRWXSDGUHWHYLHUDFRQFKLFRVTXHHUDQXQDPDODLQIOXHQFLD
DGYLUWLHUD TXH HUHV FRPR WXV DPLJRV 8QD GH ODV P¡[LPDV GH *RHWKH OR H[SUHVD PHMRU
ߡ'LPHFRQTXL©QDQGDV\WHGLU©TXL©QHUHVߢ
&RQVLGHUDFRQVFLHQWHPHQWHDTXL©QSHUPLWHVHVWDUHQWXYLGDQRFRPRXQHOLWLVWDVLQR
FRPRDOJXLHQTXHTXLHUHFXOWLYDUODPHMRUYLGDSRVLEOH6REUHODJHQWHTXHFRQRFHV\FRQOD
TXH FRQYLYHV SUHJºQWDWH0H HVW¡Q KDFLHQGR VHU PHMRU" 0H DQLPDQ D VXSHUDUPH \ PH
H[LJHQ UHVSRQVDELOL]DUPH GH PLV DFWRV" 2 PH DUUDVWUDQ D VX QLYHO" $KRUD FRQ HVWR HQ
PHQWH KD]WH OD SUHJXQWD P¡V LPSRUWDQWH 'HEHUD FRQYLYLU P¡V R PHQRV FRQ HVWDV
SHUVRQDV"
/DVHJXQGDSDUWHGHODFLWDGH*RHWKHQRVVXJLHUHODVLPSOLFDFLRQHVGHHVWDHOHFFL³Qߡ6L
V©DTX©GHGLFDVWXWLHPSRHQWRQFHVVDEU©TX©VHU¡GHWLߢ
GHPDU]R
(QFX©QWUDWHXQ&DW³Q
8QDJUDQSDUWHGHODVIDOWDVVHHYLWDVLXQWHVWLJRSHUPDQHFHMXQWRDTXLHQHVYDQD
FRPHWHUODV(ODOPDGHEHWHQHUDOJXLHQDTXLHQYHQHUDUFX\RDVFHQGLHQWHKDJDDºQ
P¡V VDJUDGD VX LQWLPLGDG b%LHQDYHQWXUDGR DTXHO GH TXLHQ QR V³OR OD SUHVHQFLD
VLQRKDVWDHOUHFXHUGRQRVPHMRUD
61(&$(SVWRODVPRUDOHVD/XFLOLR
&DW³Q HO -RYHQ XQ SROWLFR URPDQR F©OHEUH SRU VX GLVFLSOLQD \ GHIHQVD KHURLFD GH OD
5HSºEOLFD IUHQWH D -XOLR &©VDU ILJXUD FRQVWDQWHPHQWH HQ OD OLWHUDWXUD HVWRLFD OR FXDO HV
LQWHUHVDQWH SRUTXH ©O QR HVFULEL³ QDGD QR GLR FODVHV QR RIUHFL³ HQWUHYLVWDV *UDFLDV D VX
HMHPSORYDOLHQWH\DXGD]HVXQILO³VRIRDOTXHVHOHFLWDFRQWDQWDIUHFXHQFLD
6©QHFD QRV GLFH TXH WRGRV GHEHUDPRV WHQHU HQ PHQWH D XQ &DW³Q XQD SHUVRQD
JUDQGLRVD \ QREOH TXH JXH QXHVWUDV DFFLRQHV LQFOXVR DXQTXH QR HVW©Q SUHVHQWHV
IVLFDPHQWH (O HFRQRPLVWD $GDP 6PLWK WHQD XQ FRQFHSWR VLPLODU TXH GHQRPLQ³ HO
HVSHFWDGRULQGLIHUHQWH1RWLHQHTXHVHUXQDSHUVRQDUHDODOJXLHQTXHFRPRGLMR6©QHFD
VHDWHVWLJRGHQXHVWUDFRQGXFWD$OJXLHQTXHHQVLOHQFLRQRVSXHGDUHSUHQGHUVLHVWDPRV
KDFLHQGRDOJRSHUH]RVRGHVKRQHVWRRHJRVWD
< VL DFWXDPRV ELHQ \ YLYLPRV DV QXHVWUD YLGD WDO YH] SRGUHPRV VHU HO &DW³Q R HO
HVSHFWDGRULQGLIHUHQWHGHDOJXLHQP¡VFXDQGRORQHFHVLWH
GHPDU]R
9LYLUVLQUHVWULFFLRQHV
(V OLEUH HO KRPEUH VLQ LPSHGLPHQWRV HO TXH WLHQH ODV FRVDV D PDQR FRPR TXLHUH
$TX©O D TXLHQ VH SXHGH LPSHGLU REOLJDU R HVWRUEDU R HPSXMDUOH D DOJR FRQWUD VX
YROXQWDGHVHVFODYR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
2EVHUYD D DOJXQDV GH ODV SHUVRQDV P¡VSRGHURVDV ULFDV \ IDPRVDV GHO PXQGR ,JQRUDODV
WUDPSDV GH VX ©[LWR \ OR TXH SXHGHQ FRPSUDU &RQF©QWUDWH HQ OR TXH WXYLHURQ TXH GDU D
FDPELRDQDOL]DORTXHOHVKDFRVWDGRHO©[LWR
&X¡OHVHOFRVWRSULQFLSDO"/DOLEHUWDG6XWUDEDMRH[LJHTXHVHYLVWDQGHWUDMHVX©[LWR
GHSHQGH GH TXH DVLVWDQ D GHWHUPLQDGDV ILHVWDV TXH VHDQ VHUYLOHV FRQ SHUVRQDV TXH QR OHV
DJUDGDQH[LJHLQYDULDEOHPHQWHTXHQRSXHGDQGHFLUORTXHSLHQVDQ3HRUDºQUHTXLHUHTXH
FDPELHQRTXHKDJDQFRVDVPDODV
6ODVUHFRPSHQVDVVRQMXJRVDVSHURHQHOIRQGRQXQFDKDQH[DPLQDGRODWUDQVDFFL³Q
(Q SDODEUDV GH 6©QHFD ߡ/D VHUYLGXPEUH KDELWD DKRUD EDMR P¡UPRO \ RURߢ >(SVWRODV
PRUDOHV @ 'HPDVLDGDV SHUVRQDV H[LWRVDV VRQ SULVLRQHUDV HQ F¡UFHOHV TXH HOODV
PLVPDVKDQFUHDGR(VRTXLHUHV"3RUHVRWUDEDMDVWDQWR"(VSHUHPRVTXHQR
GHPDU]R
3RQWHHQORV]DSDWRVGHTXLHQVHHTXLYRFD
&XDQGRDOJXQRGHOLQTXLHUHHQDOJRFRQWUDWLFRQVLGHUDDOSXQWRTX©MXLFLRGHOELHQ\
GHO PDO VH IRUP³ DO IDOWDU 3RUTXH GLVFXUULHQGR VREUH HVWR OH FRPSDGHFHU¡V VLQ
VRUSUHQGHUWH QL PRYHUWH D LQGLJQDFL³Q 3RUTXH R WH IRUPDU¡V Wº WDPEL©Q HO PLVPR
GLFWDPHQ TXH ©O VREUH HO ELHQ X RWUR VHPHMDQWH \ DV VHU¡ UD]RQDEOH TXH OH
SHUGRQHV R QR FRPSDUWLU¡V VX RSLQL³Q VREUH HO ELHQ \ HO PDO \ WH VHU¡ P¡V I¡FLO
SHUGRQDUOHSRUVXLJQRUDQFLD
0$5&2$85(/,20HGLWDFLRQHV
6³FUDWHV SRVLEOHPHQWH OD SHUVRQD P¡V VDELD GH OD KLVWRULD GHFD TXH ߡQDGLH DFWºD PDO
GHOLEHUDGDPHQWHߢ R VHD TXH QDGLH VH HTXLYRFD D SURS³VLWR 1DGLH FUHH HTXLYRFDUVH
LQFOXVRVLORKDFHFUHHTXHHVW¡ELHQSHURVHHTXLYRFDb'HORFRQWUDULRQRORFUHHUD
3RGUDVHUTXHORVGHVDLUHVTXHKDVSDGHFLGRRHOGD±RTXHWHKDQSURYRFDGRORVGHP¡V
QRKD\DVLGRLQWHQFLRQDGR"4X©WDOVLFUHDQKDFHUORFRUUHFWRSDUDHOORVLQFOXVRSDUDWL"
(V FRPR HO PRQXPHQWR SDUD ORV VROGDGRV FRQIHGHUDGRV HQ $UOLQJWRQ XQD FDXVD
HYLGHQWHPHQWHHUU³QHDSRUODTXHOXFKDURQSHUVRQDVTXHVHHTXLYRFDURQ HOFXDOGHFODUD
HQSDUWHTXHORVVROGDGRVHMHUFLHURQߡHQFXPSOLPLHQWRDOGHEHUFRPRHOORVORHQWHQGLHURQߢ
'H QXHYR HQWHQGLHURQ PDO SHUR VX DFWLWXG IXH JHQXLQD DV FRPR /LQFROQ IXH VLQFHUR
FXDQGR WHUPLQ³ VX F©OHEUH GLVFXUVR HQ HO &RRSHU 8QLRQ ߡ$WUHY¡PRQRV KDVWD HO ILQDO D
FXPSOLUFRQQXHVWURGHEHUWDOFRPRORHQWHQGDPRVߢ
4X©WDQWROHUDQWH\FRPSUHQVLYRVHUDVKR\VLSXGLHUDVYHUODVDFFLRQHVGHORVGHP¡V
FRPR LQWHQWRV SDUD KDFHU OR FRUUHFWR" (VW©V R QR GH DFXHUGR D TX© JUDGR HVWD LGHD
FDPELDUDWXSHUVSHFWLYDVREUHDFFLRQHVTXHFRQVLGHUDEDVRIHQVLYDVREHOLJHUDQWHV"
GHPDU]R
8QGDWRGRWHQGU¡VHQWLGR
&XDQGR HVW©V UHFODPDQGR D OD SURYLGHQFLD UHIOH[LRQD \ WH GDU¡V FXHQWD GH TXH HO
DVXQWRVXFHGL³GHDFXHUGRFRQODUD]³Q
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(QSDUWHOXFKDPRVFRQWUDODVFRVDVTXHVXFHGHQSRUTXHHVWDPRVWDQFHQWUDGRVHQQXHVWUR
SODQTXHVHQRVROYLGDTXHTXL]¡VH[LVWDXQSODQP¡VJUDQGHTXHGHVFRQRFHPRV$FDVRQR
VXFHGHTXHPXFKDVYHFHVDOJRTXHFRQVLGHU¡EDPRVXQGHVDVWUHUHVXOW³FRQHOWLHPSRXQ
JROSH GH VXHUWH" 7DPEL©Q ROYLGDPRV TXH QR VRPRV ORV ºQLFRV LPSRUWDQWHV \ TXH QXHVWUD
S©UGLGDELHQSRGUDVHUODJDQDQFLDGHDOJXLHQP¡V
(VWD VHQVDFL³Q GH DJUDYLR HV VLPSOHPHQWH XQ SUREOHPD GH FRQFLHQFLD 'HEHPRV
UHFRUGDUTXHODUD]³QULJHWRGDVODVFRVDVSHURTXHVHWUDWDGHXQDUD]³QYDVWD\XQLYHUVDO
TXHQRVLHPSUHYHPRVTXHXQKXUDF¡QVHDHOUHVXOWDGRGHTXHXQDPDULSRVDDJLWHVXVDODV
HQ RWUR KHPLVIHULR R TXH OD GHVJUDFLD TXH H[SHULPHQWDPRV VHD HO SUHOXGLR GH XQ IXWXUR
DJUDGDEOH\HQYLGLDEOH
GHPDU]R
/DVDWLVIDFFL³QSURSLDHVXQHQHPLJR
>=HQ³Q@GHFDTXHQDGDKD\P¡VDMHQRDODVFLHQFLDVTXHODVDWLVIDFFL³QSURSLD
',*(1(6/$(5&,29LGDVGHORVILO³VRIRVP¡VLOXVWUHV
/D VDWLVIDFFL³Q SURSLD ORV GHOLULRV GH JUDQGH]D QR V³OR VRQ UDVJRV PX\ PROHVWRV GH OD
SHUVRQDOLGDG(OHJRQRV³ORHVGHVDJUDGDEOH\RGLRVR(VHOHQHPLJRDEVROXWRGHQXHVWUD
FDSDFLGDGSDUDDSUHQGHU\FUHFHU
(Q SDODEUDV GH (SLFWHWR ߡ(V LPSRVLEOH HPSH]DU D DSUHQGHU OR TXH XQR FUHH VDEHUVHߢ
>'LVHUWDFLRQHV @ +R\ VHUHPRV LQFDSDFHV GH PHMRUDU LQFDSDFHV GH DSUHQGHU
LQFDSDFHVGHJDQDUQRVHOUHVSHWRGHORVGHP¡VVLFUHHPRVTXHVRPRVSHUIHFWRVTXHVRPRV
XQRVJHQLRVODXUHDGRV(QHVWHVHQWLGRHOHJR\ODVDWLVIDFFL³QSURSLDVRQORVHQHPLJRVGH
ODVFRVDVTXHGHVHDPRVSRUTXHQRVHQJD±DPRVDOFUHHUTXH\DODVSRVHHPRV
$V TXH GHEHPRV PHGLDU HO HJR FRQ OD KRVWLOLGDG \ HO RGLR TXH ©VWH GHVSOLHJD
PDOLFLRVDPHQWHHQQXHVWUDFRQWUDSDUDVDOHMDUORDXQTXHVHDHQXQSHULRGRGHYHLQWLFXDWUR
KRUDVDODYH]
GHPDU]R
6³ORWHQHPRVHOSUHVHQWH
$XQTXHGHELHUDVYLYLUWUHVPLOD±RV\DXQGLH]YHFHVRWURVWDQWRVDFX©UGDWHVLHPSUH
TXHQRVHSLHUGHRWUDYLGDTXHODTXHVHYLYH\TXHV³ORVHYLYHODTXHVHSLHUGH
$V OD P¡V ODUJD YLGD \ OD P¡V FRUWD YLHQHQ D UHGXFLUVH D OR PLVPR (O PRPHQWR
SUHVHQWHTXHVHYLYHHVLJXDOSDUDWRGRVHOTXHVHSLHUGHORHVWDPEL©Q\HVWHTXH
VH SLHUGH OOHJD D SDUHFHU>Q@RV LQGLYLVLEOH < HV TXH QR VH SLHUGH HO SDVDGR QL HO
IXWXURSXHVORTXHQRSRVHHPRVF³PRSRGUDDUUHEDW¡UVHQRV"
0$5&2$85(/,20HGLWDFLRQHV
+R\GDWHFXHQWDFRQFX¡QWDIUHFXHQFLDEXVFDVP¡V(VWRHVTXLHUHVTXHHOSDVDGRVHDPHMRU
GH OR TXH IXH GLIHUHQWH PHMRU DºQ YLJHQWH HWF©WHUD R TXLHUHV TXH HO IXWXUR VXFHGD WDO
FRPRHVSHUDV VLQVLTXLHUDSHQVDUF³PRSRGUDDIHFWDUDORVGHP¡V
&XDQGR OR KDFHV HVW¡V GHVFXLGDQGR HO PRPHQWR SUHVHQWH b4X© JHVWR WDQ
GHVDJUDGHFLGR+D\XQGLFKRTXHVHOHDWULEX\HDOFDULFDWXULVWD%LO.HDQHTXHYDOHODSHQD
UHFRUGDUߡ$\HUHVHOSDVDGRPD±DQDHVHOIXWXURSHURKR\HVXQUHJDOR3RUHVRVHOODPD
SUHVHQWHߢ3RVHHPRVHVWHSUHVHQWHSHURWLHQHIHFKDGHFDGXFLGDG\YHQFHPX\SURQWR6LOR
GLVIUXWDVWRGRVHU¡VXILFLHQWHSXHGHGXUDUWRGDXQDYLGD
GHPDU]R
7XSDUWHVDJUDGD
5HYHUHQFLD OD IDFXOWDG RSLQDWLYD 7RGR GHSHQGH GH DK SDUD TXH MDP¡V VH
LQWURGX]FD HQ WX UHFWD UD]³Q XQD RSLQL³Q UHSXJQDQWH FRQ OD QDWXUDOH]D \ FRQ OD
FRQVWLWXFL³QGHOVHUUDFLRQDO(VDIDFXOWDGDQXQFLDORVSHOLJURVGHODLPSUHYLVL³QHQ
HOMX]JDUODVEXHQDVUHODFLRQHVFRQORVKRPEUHV\ODREHGLHQFLDDORVGLRVHV
0$5&2$85(/,20HGLWDFLRQHV
(OKHFKRGHTXHSXHGDVSHQVDUGHTXHSXHGDVOHHUHVWHOLEURGHTXHVHDVFDSD]GHHPSOHDU
ODUD]³QSDUDOLGLDUFRQFXDOTXLHUVLWXDFL³QWRGRHVWRWHEULQGDODFDSDFLGDGGHPHMRUDUWXV
FLUFXQVWDQFLDV\VHUPHMRU(VLPSRUWDQWHYDORUDUHVWRSRUTXHHVXQDFDSDFLGDGJHQXLQD1R
WRGRVWLHQHQWDQWDVXHUWH
(QVHULRORTXHGDVSRUKHFKRDRWURVQLVLTXLHUDVHOHVRFXUULUDVR±DUOR
+R\W³PDWHXQPRPHQWRSDUDUHFRUGDUTXHWLHQHVODFDSDFLGDGGHHPSOHDUODO³JLFD\OD
UD]³QSDUDPDQHMDUVLWXDFLRQHV\FLUFXQVWDQFLDV(VWRWHRWRUJDXQSRGHULPSHQVDEOHSDUD
DOWHUDU WXV FLUFXQVWDQFLDV \ ODV GH ORV GHP¡V < UHFXHUGD TXH HO SRGHU LPSOLFD
UHVSRQVDELOLGDG
GHPDU]R
/DEHOOH]DGHHOHJLU
1RHUHVFDUQH\SHORVLQRDOEHGUR6LWXDOEHGURHVEHOORHQWRQFHVVHU¡VEHOOR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(Q OD SHOFXOD (O FOXE GH OD SHOHD KD\ XQD OQHD TXH GLFH ߡ1R HUHV WX WUDEDMR QR HUHV
FX¡QWR GLQHUR WLHQHV HQ WX FXHQWD GH EDQFR 1R HUHV HO FRFKH TXH PDQHMDV 1R HUHV HO
FRQWHQLGRGHWXFDUWHUDߢ(YLGHQWHPHQWHQXHVWURDPLJR(SLFWHWRQXQFDYLRHVDSHOFXODQL
OH\³HOOLEURSHURSDUHFHTXHHOFRQVXPLVPRGHORVQRYHQWDWDPEL©QH[LVWL³HQODDQWLJXD
5RPD
(V I¡FLO FRQIXQGLU OD LPDJHQ TXH SUHVHQWDPRV DO PXQGR FRQ OD UHDOLGDG GH TXL©QHV
VRPRV VREUH WRGR FXDQGR ORV PHQVDMHV GH ORV PHGLRV HQWXUELDQ GHOLEHUDGDPHQWH HVD
GLVWLQFL³Q
3XHGH TXH KR\ WH YHDV KHUPRVR SHUR VL HV HO UHVXOWDGR GH OD REVHVL³Q YDQD IUHQWH DO
HVSHMR ORV HVWRLFRV SUHJXQWDUDQ UHDOPHQWH HUHV KHUPRVR" 8Q FXHUSR UHVXOWDGR GHO
HVIXHU]R HV DGPLUDEOH 8Q FXHUSR FX\R REMHWLYR HV LPSUHVLRQDU D ORV PLHPEURV GHO
JLPQDVLRQR
(VORTXHORVHVWRLFRVQRVLQYLWDQDUHIOH[LRQDU1RHQODDSDULHQFLDGHODVFRVDVVLQRHO
HVIXHU]RODDFWLYLGDG\ODVHOHFFLRQHVGHODVTXHVRQUHVXOWDGR
GHPDU]R
,PSRVLEOHVLQWXFRQVHQWLPLHQWR
+R\PHH[LPGHWRGRHVWRUERRSRUPHMRUGHFLUVDFXGGHPWRGRHVWRUERYLVWR
TXHHOPDOQRHVWDEDIXHUDVLQRHQPLLQWHULRUHQPLVRSLQLRQHV
0$5&2$85(/,20HGLWDFLRQHV
(QGDVGLIFLOHVSRGUHPRVGHFLUߡ0LWUDEDMRHVDJRELDQWHߢRߡPLMHIHHVIUXVWUDQWHߢ6LWDQ
V³ORSXGL©UDPRVHQWHQGHUTXHHVWRHVLPSRVLEOHDOJXLHQQRSXHGHIUXVWUDUWHHOWUDEDMRQR
SXHGH DJRELDUWH SRUTXH VRQ REMHWRV H[WHUQRV \ QR WLHQHQ DFFHVR D WX PHQWH (VDV
HPRFLRQHVDVGHUHDOHVSURYLHQHQGHGHQWURQRGHIXHUD
/RV HVWRLFRV XWLOL]DQ OD SDODEUD K\SROªSVLV ߡDFHSWDUߢ SHUFHSFLRQHV SHQVDPLHQWRV \
MXLFLRVHQODPHQWH/RTXHDVXPLPRVORTXHJHQHUDPRVHQODPHQWHSRUYROXQWDGSURSLD
HVQXHVWUDUHVSRQVDELOLGDG1RSRGHPRVFXOSDUDORVGHP¡VSRUKDFHUQRVVHQWLUHVWUHVDGRVR
IUXVWUDGRV DV FRPR QR SRGHPRV FXOSDUORV SRU QXHVWURV FHORV /D FDXVD HVW¡ HQ QXHVWUR
LQWHULRUHOORVV³ORVRQHOEODQFR
GHPDU]R
6DELGXUDLQWHPSRUDO
(VWDVGRVFRVDVKD\TXHWHQHUDPDQRTXHIXHUDGHODOEHGURQRKD\QDGDQLEXHQR
QLPDOR\TXHQRKD\TXHDGHODQWDUVHDORVDFRQWHFLPLHQWRVVLQRVHJXLUORV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$PHGLDGRVGHOVLJOR ;;KDEDXQVDFHUGRWHMHVXLWDGHQRPEUH$QWKRQ\GH0HOOR1DFL³
HQ %RPED\ FXDQGR DºQ HVWDED EDMR GRPLQLR EULW¡QLFR 'H 0HOOR HUD XQD DPDOJDPD GH
PXFKDV FXOWXUDV \ SHUVSHFWLYDV RULHQWDO RFFLGHQWDO LQFOXVR WHQD IRUPDFL³Q HQ
SVLFRWHUDSLD (V LQWHUHVDQWH YHU F³PR VH GHVDUUROOD OD VDELGXUD DWHPSRUDO D OR ODUJR GH
GLVWLQWDVHVFXHODV©SRFDVHLGHDVVWDHVXQDFLWDGHOOLEURGH'H0HOOR8QD OODPDGD DO
DPRU
(OPRWLYRGHPLLUULWDFL³QQRVHHQFXHQWUDHQDTXHOODSHUVRQDVLQRHQP
5HFXHUGDFDGDLQGLYLGXRSXHGHHOHJLU6LHPSUHWLHQHVHOFRQWURO/DFDXVDGHXQDPROHVWLD
ߚR QXHVWUD QRFL³Q GH TXH DOJR HVW¡ PDOߚ VXUJH GH QRVRWURV GH QXHVWUDV HWLTXHWDV R
H[SHFWDWLYDV &RQ OD PLVPD IDFLOLGDG SRGHPRV FDPELDU HVDV HWLTXHWDV \ OD LGHD GH TXH
PHUHFHPRVFLHUWRVSULYLOHJLRV\GHFLGLUDFHSWDU\DPDUORTXHVXFHGHDQXHVWURDOUHGHGRU
(VWDVDELGXUDVHKDUHSHWLGR\GHVFXELHUWRGHIRUPDLQGHSHQGLHQWHHQFDGDVLJOR\HQFDGD
SDVGHVGHHOSULQFLSLRGHORVWLHPSRV
GHPDU]R
/LVWR\HQFDVD
0L YROXQWDG VHUD WHQHU ORV WRUPHQWRV OHMRV GH P SHUR VL KXELHUH TXH SDGHFHUORV
VHU¡ PL GHVHR FRPSRUWDUPH HQ PHGLR GH HOORV FRQ IRUWDOH]D KRQHVWLGDG \ YDORU
3RUTX©QRYR\DSUHIHULUTXHVHHYLWHODJXHUUD"3HURVLVHSURGXFHPLGHVHRVHU¡
VRSRUWDUFRQPDJQDQLPLGDGODVKHULGDVHOKDPEUH\FXDQWDVGHVJUDFLDVDFDUUHDOD
IDWDOLGDG GH OD JXHUUD 1R VR\ WDQ GHPHQWH SDUD TXHUHU HQIHUPDU SHUR VL KH GH
DUURVWUDUODHQIHUPHGDGVHU¡PLGHVHRQRFRPSRUWDUPHQLFRQLPSDFLHQFLDQLFRPR
XQD PXMHU $V TXH QR HV OD FRQWUDULHGDG OR GHVHDEOH VLQR OD YLUWXG FRQ TXH
VRSRUWDPRVODFRQWUDULHGDG
61(&$(SVWRODVPRUDOHVD/XFLOLR
(OSUHVLGHQWHHVWDGXQLGHQVH-DPHV*DUILHOGIXHXQJUDQKRPEUHߚFULDGRHQFLUFXQVWDQFLDV
KXPLOGHV DXWRGLGDFWD \ FRQ HO WLHPSR K©URH GH OD *XHUUD &LYLOߚ FX\D SUHVLGHQFLD IXH
LQWHUUXPSLGD SRU OD EDOD GH XQ DVHVLQR (Q VX EUHYH SDVR SRU HO FDUJR VH HQIUHQW³ D XQD
QDFL³Q\XQSDUWLGRUHSXEOLFDQRGLYLGLGRVDPDUJDPHQWH'XUDQWHXQDUL±DTXHGHVDILDEDOD
DXWRULGDG GH VX FDUJR VH PDQWXYR ILUPH FXDQGR OH GLMR D XQ DVHVRU ߡ'HVGH OXHJR TXH
GHVDSUXHERODJXHUUDSHURVLPHODWUDHQDPLSXHUWDHOPHQVDMHURPHHQFRQWUDU¡HQFDVDߢ
$ HVR VH UHILHUH 6©QHFD HQ HVWH SDVDMH (VWDUDPRV GHPHQWHV VL TXLVL©UDPRV HQIUHQWDU
GLILFXOWDGHV HQ OD YLGD SHUR HVWDUDPRV LJXDO GH GHPHQWHV VL ILQJL©UDPRV TXH QR ODV
HQIUHQWDUHPRV3RUHVRFXDQGRWRTXHQDQXHVWUDSXHUWDߚFRPRELHQSRGUDQKDFHUORHVWD
PD±DQDߚ DVHJXU©PRQRV GH HVWDU SUHSDUDGRV SDUD UHVSRQGHU 1R FRPR FXDQGR QRV
VRUSUHQGH XQ YLVLWDQWH HQ OD PDGUXJDGD VLQR FRPR FXDQGR HVSHUDPRV D XQ LQYLWDGR
HVSHFLDOYHVWLGRVFRQODDFWLWXGDGHFXDGDOLVWRV
GHPDU]R
(OPHMRUUHWLURHVDTXQRDOO¡DIXHUD
/H EXVFDQ SDUD VROD] HO FDPSR OD SODWD OD PRQWD±D FRVDV TXH Wº PLVPR
DFRVWXPEUDV D GHVHDU FRQ HO P¡V YLYR DQKHOR 7RGR HVWR GHQRWD YXOJDULGDG GH
HVSULWX WHQLHQGR XQR HQ VX PDQR D FXDOTXLHU KRUD HO UHWLUDUVH HQ V PLVPR (Q
QLQJºQ OXJDU HQFXHQWUD HO KRPEUH UHIXJLR P¡V DSDFLEOH P¡V WUDQTXLOR TXH HQ VX
SURSLDDOPDVREUHWRGRFXDQGRDWHVRUDDTXHOORVELHQHVTXHFRQXQDVRODRMHDGD
QRVGHYXHOYHQHQVHJXLGDODOLEHUWDGGHHVSULWX\ORTXH\ROODPROLEHUWDGGHHVSULWX
QR HV RWUD FRVD TXH HO HVWDGR GH XQ DOPD ELHQ RUGHQDGD &RQF©GHWH SXHV
FRQVWDQWHPHQWHHVWHGHVFDQVR\UHKD]WHFRQ©O
0$5&2$85(/,20HGLWDFLRQHV
7HYDVGHYDFDFLRQHVSURQWR"(VW¡VGHVHDQGRTXHOOHJXHHOILQGHVHPDQDSDUDWHQHUSD]\
WUDQTXLOLGDG" 7DO YH] FXDQGR ODV FRVDV VH FDOPHQ R FXDQGR WHUPLQH HVWR 3HUR FX¡QWDV
YHFHVKDIXQFLRQDGR"
(OSURIHVRUGHPHGLWDFL³Q]HQ-RQ.DEDW=LQQDFX±³XQDH[SUHVL³QIDPRVDߡ$GRQGH
TXLHUDTXHYD\DVDKHVW¡Vߢ3RGHPRVUHWLUDUQRVHQFXDOTXLHUPRPHQWRDOPLUDUHQQXHVWUR
LQWHULRU3RGHPRVVHQWDUQRVFRQORVRMRVFHUUDGRV\VHQWLUQXHVWUDUHVSLUDFL³QDOLQKDODU\
H[KDODU3RGHPRVSRQHUDOJRGHPºVLFD\GHVFRQHFWDUQRVGHOPXQGR3RGHPRVDSDJDUORV
DSDUDWRV WHFQRO³JLFRV \ VLOHQFLDU HVRV SHQVDPLHQWRV GHVHQIUHQDGRV HQ OD PHQWH (VR QRV
EULQGDU¡SD]\QDGDP¡V
GHPDU]R
(OLQGLFLRGHXQDYHUGDGHUDHGXFDFL³Q
(QTX©FRQVLVWHODHGXFDFL³Q"(QDSUHQGHUDDGHFXDUODVSUHVXQFLRQHVQDWXUDOHV
D ORV REMHWRV HQ SDUWLFXODU VHJºQ OD QDWXUDOH]D \ DGHP¡V D GLVWLQJXLU TXH GH OR
H[LVWHQWHXQDVFRVDVGHSHQGHQGHQRVRWURV\RWUDVQRGHSHQGHQGHQRVRWURV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QWWXORFROJDGRHQXQDSDUHGLQGLFDTXHWLHQHVXQDHGXFDFL³QHQODPLVPDPHGLGDTXHORV
]DSDWRVHQWXVSLHVLQGLFDQTXHHVW¡VFDPLQDQGR(VXQLQLFLRDSHQDVVXILFLHQWH
'H OR FRQWUDULR F³PR SRGUD WDQWD JHQWH ߡHGXFDGDߢ WRPDU GHFLVLRQHV WDQ SRFR
UD]RQDEOHV" 2 LJQRUDU WDQWDV FRVDV REYLDV" (Q SDUWH HV SRUTXH ROYLGDQ TXH GHEHUDQ
FHQWUDUVH V³OR HQ OR TXH SXHGHQ FRQWURODU 8Q IUDJPHQWR TXH VREUHYLYH GHO ILO³VRIR
+HU¡FOLWRH[SUHVDHVDUHDOLGDGߡ(OPDHVWURGHODPDVDHV+HVRGRFUHHQTXHVDEDP¡VTXH
QDGLH©OTXHQRGHVFXEUL³TXHHOGD\ODEHQ©YRODVRQXQDFRVDߢ>)UDJPHQWRV@
$VFRPRSXHGHVFDPLQDUSHUIHFWDPHQWHELHQVLQ]DSDWRVQRQHFHVLWDVHQWUDUDXQVDO³Q
GHFODVHVSDUDHQWHQGHUODUHDOLGDGE¡VLFD\IXQGDPHQWDOGHODQDWXUDOH]D\QXHVWURSDSHOHQ
HOOD&RPLHQ]DFRQODFRQVFLHQFLD\ODUHIOH[L³Q1RV³ORXQDYH]VLQRFDGDVHJXQGRWRGRV
ORVGDV
GHPDU]R
(ODOPDHQFDGHQDGD
/DV HQIHUPHGDGHV VRQ YLFLRV LQYHWHUDGRV HQGXUHFLGRV FRPR OD DYDULFLD FRPR OD
DPELFL³QVWDVVHDGKLHUHQDODOPDPX\HVWUHFKDPHQWH\FRPLHQ]DQDVHUPDOHV
FRQWLQXRV VX\RV 3DUD GHILQLUOD HQ SRFDV SDODEUDV OD HQIHUPHGDG HV XQ MXLFLR
REVWLQDGR HQ HO PDO WDO FRPR FRQVLGHUDU DUGLHQWHPHQWH GHVHDEOH OR TXH V³OR
VXDYHPHQWHKD\TXHGHVHDU
61(&$(SVWRODVPRUDOHVD/XFLOLR
(QHOGHVDVWUHILQDQFLHURGHILQDOHVGHODG©FDGDGHFLHQWRVGHSHUVRQDVEULOODQWHV\
UD]RQDEOHVSHUGLHURQPLOHVGHPLOORQHVGHG³ODUHV&³PRHVSRVLEOHTXHHVWDVSHUVRQDVWDQ
LQWHOLJHQWHVKD\DQVLGRWDQLPSUXGHQWHV"&RQRFDQHOVLVWHPDVDEDQF³PRIXQFLRQDEDQORV
PHUFDGRV \ KDEDQ PDQHMDGR PLOHV GH PLOORQHV VL QR HV TXH ELOORQHV GH G³ODUHV 6LQ
HPEDUJRVHHTXLYRFDURQDVRPEURVDPHQWH\VXHUURUWUDVWRUQ³HOPHUFDGRJOREDO
1R HV GLIFLO HQWHQGHU TXH OD DYDULFLD IXH SDUWH GHO SUREOHPD /D DYDULFLD SURYRF³ OD
FUHDFL³Q GH PHUFDGRV FRPSOHMRV TXH QDGLH HQWHQGD SDUD JDQDU GLQHUR I¡FLO /D DYDULFLD
SURYRF³TXHVHKLFLHUDQQHJRFLRVFRQIRQGRVFRPXQHVGHGHXGD/DDYDULFLDLPSLGL³TXHVH
GHILQLHUDODVLWXDFL³QSRUORTXHHUDXQFDVWLOORGHQDLSHVTXHODP¡VPQLPDEULVDSRGD
GHUURFDU
1RWLHQHPXFKRFDVRFULWLFDUDHVRVLQGLYLGXRVGHVSX©VGHORVDFRQWHFLPLHQWRVHVPHMRU
DQDOL]DUTXHODDYDULFLD\ORVYLFLRVSXHGHQWHQHUXQHIHFWRVLPLODUHQWXSURSLDYLGD4X©
HUURUHVGHMXLFLRSURYRFDQWXVYLFLRV"4X©ߡHQIHUPHGDGߢSRGUDVSDGHFHU"
&³PRSRGUDLQWHUYHQLUWXPHQWHUDFLRQDOSDUDUHJXODUORV"
GHPDU]R
/DILORVRIDHVW¡HQWRGR
&RPHFRPRKRPEUHEHEHFRPRKRPEUHDUU©JODWHF¡VDWHWHQKLMRVRFXSDFDUJRV
DEVWHQWH GH LQVXOWDU VRSRUWD DO KHUPDQR LQVHQVDWR VRSRUWD DO SDGUH DO KLMR DO
YHFLQR DO FRPSD±HUR GH YLDMH 0X©VWUDQRV HVR SDUD TXH YHDPRV TXH HQ YHUGDG
KDVDSUHQGLGRDOJRGHORVILO³VRIRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
3OXWDUFR EL³JUDIR URPDQR \ DGPLUDGRU GH ORV HVWRLFRV FRPHQ]³ D HVWXGLDU ODV JUDQGHV
REUDVGHODOLWHUDWXUDURPDQDHQVXPDGXUH]6LQHPEDUJRFRPRGHWDOODHQVXELRJUDIDGH
'HP³VWHQHV OH VRUSUHQGL³ OR U¡SLGR TXH VH HPSDS³ GH WRGR ߡ1R WDQWR KH DSUHQGLGR \
FRQRFLGR ODV FRVDV SRU ODV SDODEUDV FXDQWR WRPDQGR FRQRFLPLHQWR GH ODV FRVDV HOODV PH
KDQFRQGXFLGRDVDEHUODVSDODEUDVߢ>9LGDVSDUDOHODV,9@
$ HVWR VH UHILHUH (SLFWHWR FXDQGR KDEOD GHO HVWXGLR GH OD ILORVRID (VWXGLD V SHUR
WDPEL©QYLYHWXYLGD(VODºQLFDPDQHUDGHHQWHQGHUDIRQGRVXVLJQLILFDGR<P¡VDºQ
FRQ HO WLHPSR V³OR D SDUWLU GH WXV DFWRV \ HOHFFLRQHV VHU¡ SRVLEOH GHVFXEULU VL WH WRPDVWH
HVWDVHQVH±DQ]DVHQVHULR
7HQORHQPHQWHKR\GHFDPLQRDOWUDEDMRUXPERDXQDFLWDDOGHFLGLUSRUTXL©QYRWDU
DO OODPDU D WXV SDGUHV HQ OD QRFKH DO VDOXGDU D WX YHFLQR FXDQGR HQWUDV D WX FDVD DO
SURSRUFLRQDUOHXQDSURSLQDDOPHQVDMHURDOGDUOHODVEXHQDVQRFKHVDXQVHUTXHULGR7RGR
HOORHVILORVRID7RGRHVH[SHULHQFLDTXHOHRWRUJDVHQWLGRDODVSDODEUDV
GHPDU]R
/DULTXH]D\ODOLEHUWDGVRQJUDWXLWDV
/DOLEHUWDGQRVHFRQVLJXHFRQODVDFLHGDGGHORGHVHDGRVLQRFRQODVXSUHVL³QGHO
GHVHR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
+D\ GRV PDQHUDV GH VHU ULFR FRQVHJXLU WRGR OR TXH TXLHUHV R TXHUHU WRGR OR TXH WLHQHV
$KRUD PLVPR TX© HV P¡V I¡FLO DOFDQ]DU" /R PLVPR VXFHGH FRQ OD OLEHUWDG 6L WH
LPSDFLHQWDVSHOHDV\WHHVIXHU]DVSRUWHQHUP¡VQXQFDVHU¡VOLEUH4X©WDOVLWHFHQWUDUDV
HQORSRVLEOHGHOLEHUWDGTXH\DWLHQHV"(QWRQFHVVHUDVOLEUHHQHVWHLQVWDQWH
GHPDU]R
4X©ULJHWXIDFXOWDGUHFWRUD"
&³PR XVD GH WL PLVPR WX IDFXOWDG UHFWRUD" (Q HVWR HVWULED WRGR /R GHP¡V R
SHUWHQH]FDRHVFDSHDWXOLEUHDOEHGURQRHVP¡VTXHFDG¡YHU\KXPR
0$5&2$85(/,20HGLWDFLRQHV
(O HVFULWRU VDWULFR URPDQR -XYHQDO HV IDPRVR SRU SODQWHDU HVWD SUHJXQWD 4XLV FXVWRGLHW
LSVRVFXVWRGHV" 4XL©QYLJLODDORVYLJLODQWHV" (QFLHUWRVHQWLGRHVORTXH0DUFR$XUHOLR
VHSUHJXQWD\ORTXHWDOYH]WHSUHJXQWHVHQHOWUDQVFXUVRGHOGD4X©LQIOX\HODIDFXOWDG
UHFWRUDTXHJXDWXYLGD"
(VWR VXSRQH XQD H[SORUDFL³Q GH WHPDV FRPR OD ELRORJD HYROXWLYD OD SVLFRORJD OD
QHXURORJD LQFOXVR HO VXEFRQVFLHQWH 'HELGR D TXH HVWDV IXHU]DV P¡V SURIXQGDV PROGHDQ
ODVPHQWHVP¡VGLVFLSOLQDGDV\UDFLRQDOHVSXHGHVVHUODSHUVRQDP¡VSDFLHQWHGHOPXQGR
SHURVLODFLHQFLDGHPXHVWUDTXHWRPDPRVPDODVGHFLVLRQHVFRQHOHVW³PDJRYDFRGHTX©
VLUYHODSDFLHQFLD"
$V TXH QR WH OLPLWHV DO HVWRLFLVPR H[SORUD ODV IXHU]DV TXH OR LPSXOVDQ \ SRVLELOLWDQ
$SUHQGH TX© VXVWHQWD HVWD ILORVRID TXH HVW¡V HVWXGLDQGR F³PR IXQFLRQDQ OD PHQWH \ HO
FXHUSR (QWLHQGH QR V³OR WX IDFXOWDG UHFWRUD ߚORV YLJLODQWHVߚ WDPEL©Q D TXL©Q \ TX© OD
ULJH
GHPDU]R
3DJDSRUHOYDORUGHODVFRVDV
>'L³JHQHVGH6QRSHGLMR@TXHODVFRVDVPHMRUHVVHYHQGHQSRUPX\SRFRSUHFLR\
DOFRQWUDULR
',*(1(6/$(5&,29LGDV\RSLQLRQHVGHORVILO³VRIRVP¡VLOXVWUHV
3XHGHV FRPSUDU XQ VLOO³Q GH SOXPDV FRQ GLDPDQWHV LQFUXVWDGRV SRU FDVL GRVFLHQWRV PLO
G³ODUHV 7DPEL©Q HV SRVLEOH FRQWUDWDU D XQ DVHVLQR SRU TXLQLHQWRV G³ODUHV 5HFX©UGDOR OD
SU³[LPDYH]TXHDOJXLHQLQVLVWDHQTXHHOPHUFDGRGHFLGHHOYDORUGHODVFRVDV(OPHUFDGR
SXHGHVHUUD]RQDEOHSHURODVSHUVRQDVTXHORFRPSRQHQQR
'L³JHQHV IXQGDGRU GH OD HVFXHOD GH SHQVDPLHQWR FQLFD UHVDOW³ HO YHUGDGHUR YDORU
D[LD GHODVFRVDVXQWHPDSHUVLVWHQWHHQHOHVWRLFLVPR\TXHWDQWR(SLFWHWRFRPR0DUFR
$XUHOLRSODVPDURQHQVXREUD(VI¡FLOSHUGHUVH&XDQGRODVSHUVRQDVTXHWHURGHDQJDVWDQ
XQDIRUWXQDHQEDUDWLMDVTXHQRVHSXHGHQOOHYDUFXDQGRPXHUDQSRGUDSDUHFHUXQDEXHQD
LQYHUVL³QSDUDWLWDPEL©Q
3HURGHVGHOXHJRTXHQRORHV/DVFRVDVEXHQDVGHODYLGDYDOHQORTXHYDOHQ/DVFRVDV
LQQHFHVDULDVQRYDOHQODSHQDVLQLPSRUWDUHOSUHFLR/DFODYHHVDSUHFLDUODGLIHUHQFLD
GHPDU]R
/DFREDUGDHVXQSUREOHPDGHGLVH±R
/DYLGDVLQXQDILQDOLGDGHVLQFRQVWDQWH\VLHVFLHUWRTXHGHEHPRVSRQHUQRVXQILQ
ORV SULQFLSLRV UHVXOWDQ QHFHVDULRV 3LHQVR TXH DGPLWLU¡V TXH QDGD KD\ P¡V
YHUJRQ]RVRTXHXQKRPEUHYDFLODQWHLQVHJXUR\TXHYXHOYHWPLGDPHQWHVXVSDVRV
SDUDDWU¡V(VWRQRDFRQWHFHU¡HQWRGDFLUFXQVWDQFLDVLQRHOLPLQDPRVDTXHOORTXH
VXMHWDHO¡QLPRORUHWLHQH\OHLPSLGHDYDQ]DU\HVIRU]DUVHFRQSOHQLWXG
61(&$(SVWRODVPRUDOHVD/XFLOLR
(OHTXLSRULYDOPXHVWUDVXSHULRULGDGOOHYDODGHODQWHUDGHVGHHOSULQFLSLR\QXQFDWXYLVWH
RSRUWXQLGDG GH UHFXSHUDUWH (QWUDV D XQD UHXQL³Q GH QHJRFLRV WH WRPDQ GHVSUHYHQLGR \
WRGRVDOHPDO8QDFRQYHUVDFL³QGHOLFDGDVHLQWHQVLILFD\WHUPLQDHQJULWRV&DPELDVWHGH
HVSHFLDOLGDGDODPLWDGGHODFDUUHUD\WXYLVWHTXHYROYHUDHPSH]DU\JUDGXDUWHWDUGH7H
VXHQDIDPLOLDU"
(V HO FDRV TXH UHVXOWD SRU QR SODQHDU ODV FRVDV 1R SRUTXH ORV SODQHV VHDQ SHUIHFWRV
VLQRSRUTXHODJHQWHTXHQRORVWLHQHߚFRPRXQEDWDOO³QGHVROGDGRVGHLQIDQWHUDVLQXQ
OGHUIXHUWHߚHVP¡VSURSHQVDDDJRELDUVH\DWLUDUODWRDOOD(OHQWUHQDGRUJDQDGRUGHXQ
6ºSHU7D]³Q%LOO:DOVKHOXGDHVWHULHVJR\KDFDXQHVTXHPDSDUDHOLQLFLRGHVXVMXHJRV
ߡ6LTXLHUHQGRUPLUGXUDQWHODQRFKHDQWHVGHOSDUWLGRHVWUXFWXUHQVXVYHLQWLFLQFRMXJDGDV
HQODPHQWHODQRFKHSUHYLD3XHGHQHQWUDUDOHVWDGLRHLQLFLDUHOMXHJRVLQHVWU©VߢGLMRHQ
XQDFRQIHUHQFLDVREUHODSODQLILFDFL³QGHORVMXHJRV$VWDPEL©QVHSXHGHLJQRUDUXQSDU
GH SXQWRV HQ FRQWUD HQ HO LQLFLR GHO MXHJR R XQD VRUSUHVD GHO RSRQHQWHHV LUUHOHYDQWH\D
WLHQHVWXHVWUDWHJLD
1RLQWHQWHVLPSURYLVDUVREUHODPDUFKDWHQXQSODQ
GHPDU]R
3RUTX©WLHQHVTXHLPSUHVLRQDUDHVDVSHUVRQDV"
6L DOJXQD YH] TXLVLHUDV YROYHUWH KDFLD ODV FRVDV H[WHULRUHV D ILQ GH FRPSODFHU D
DOJXLHQ GHEHV VDEHU TXH HVR VLJQLILFD TXH KDV H[WUDYLDGR WX FDPLQR HQ OD YLGD
&RQF©QWUDWHSXHVHQWRGRFRQVHUXQILO³VRIR\VLTXLHUHVDSDUHFHUDQWHORVRMRV
GHRWURVFRPRILO³VRIRDSDUHFHFRPRWDODQWHWLPLVPR\TXHHVRWHEDVWH
(3,&7(72(QTXLULGL³Q
$FDVR QR KD\ QDGD P¡V WULVWH TXH HVIRU]DUQRV SRU LPSUHVLRQDU D DOJXLHQ" &XDQGR
H[DPLQDPRVHQUHWURVSHFWLYDODVFRVDVTXHKDFHPRVSDUDJDQDUQRVHOYLVWREXHQRGHORV
GHP¡V©VWDVSXHGHQSDUHFHUUHVXOWDGRGHXQDGHPHQFLDWHPSRUDO'HUHSHQWHYHVWLPRVURSD
LQF³PRGD \ ULGFXOD TXH VHJºQ QRV KDQ GLFKR HVW¡ GH PRGD FRPHPRV \ KDEODPRV
GLIHUHQWH\DQVLDPRVHVDOODPDGDRPHQVDMH8QDFRVDVHUDKDFHUHVWDVFRVDVSRUTXHQRV
JXVWDQSHURQRHVDV(VHOPHGLRSDUDFRQVHJXLUXQILQTXHDOJXLHQQRVG©VXYLVWREXHQR
&RPR0DUFR$XUHOLRVH±DODUHSHWLGDPHQWHODLURQDHVTXHHVDVSHUVRQDVFX\DRSLQL³Q
YDORUDPRVQRVRQWDQH[WUDRUGLQDULDV7LHQHQIDOODVVHGLVWUDHQ\DVRPEUDQSRUWRGDFODVH
GHWRQWHUDV/RVDEHPRV\VLQHPEDUJRQRTXHUHPRVSHQVDUHQHOOR&LWDQGR(OFOXEGHOD
SHOHDGHQXHYRߡ&RPSUDPRVFRVDVTXHQRQHFHVLWDPRVSDUDLPSUHVLRQDUDSHUVRQDVTXHQR
QRVFDHQELHQߢ
$FDVR QR VXHQD ULGFXOR" 0¡V DºQ QR WH GLVWDQFLD HQRUPHPHQWH GH OD VHUHQLGDG \
VHJXULGDGTXHODILORVRIDSXHGHEULQGDU"
GHPDU]R
5D]RQDHQWRGRPRPHQWR
5HFRUUH WX PLVPR SULQFLSLR UHFWRU HO GHO XQLYHUVR HO GH WX SU³MLPR HO WX\R SDUD
FRQVHJXLU XQ HVSULWX GH MXVWLFLD HO GHO XQLYHUVR SDUD TXH UHIOH[LRQHV GH TX©
FRQMXQWRHUHVSDUWHHOGHOSU³MLPRSDUDVDEHUVLGHEHVFXOSDUOHGHLJQRUDQFLDRGH
UHIOH[L³QKDFL©QGRWHFDUJRDOPLVPRWLHPSRGHTXHHVWXSDULHQWH
0$5&2$85(/,20HGLWDFLRQHV
6LODUD]³QQRULJHQXHVWUDVYLGDVHQWRQFHVTX©ODVULJH"/RVLPSXOVRV"/RVFDSULFKRV"
/DLPLWDFL³Q"/RVK¡ELWRVLUUHIOH[LYRV"&XDQGRH[DPLQDPRVQXHVWUDFRQGXFWDSDVDGDHV
WULVWH GDUQRV FXHQWD FRQ TX© IUHFXHQFLD QR DFWXDPRV GH IRUPD FRQVFLHQWH R SUHPHGLWDGD
VLQRPRYLGRVSRUIXHU]DVTXHQRQRVWRPDPRVODPROHVWLDGHHYDOXDU7DPEL©QUHVXOWDTXH
VRQLQVWDQFLDVGHODVTXHPX\SUREDEOHPHQWHQRVDUUHSHQWLUHPRV
GHPDU]R
(UHVSURGXFWRGHWXIRUPDFL³Q
(O SHUVHJXLU LPSRVLEOHV HV ORFXUD < HV LPSRVLEOH TXH ORV PDOYDGRV QR FRPHWDQ
WDOHVDFFLRQHV
0$5&2$85(/,20HGLWDFLRQHV
8QSHUURDOTXHOHSHUPLWDQSHUVHJXLUFRFKHVSHUVHJXLU¡FRFKHV8QQL±RDOTXHQXQFDOH
SRQJDQ OPLWHV VHU¡ XQ PDOFULDGR 8Q LQYHUVLRQLVWD VLQ GLVFLSOLQD QR HV XQ LQYHUVLRQLVWD
VLQRXQDSRVWDGRU8QDPHQWHVLQFRQWUROGHVPLVPDTXHQRHQWLHQGHVXFDSDFLGDGSDUD
UHJXODUVHVHU¡PDQLSXODGDSRUVXFHVRVH[WHUQRVHLPSXOVRVLUUHIOH[LYRV
VWD QR SXHGH VHU WX UHDOLGDG DV TXH GHEHV HVWDU DO WDQWR GH HOOR 'HEHV UHFXUULU D OD
IRUPDFL³Q H LQVWDXUDU K¡ELWRV SDUD VXVWLWXLU OD LJQRUDQFLD \ OD IDOWD GH GLVFLSOLQD 6³OR
HQWRQFHV HPSH]DU¡V D FRPSRUWDUWH \ DFWXDU GLIHUHQWH 6³OR HQWRQFHV GHMDU¡V GH EXVFDU OR
LPSRVLEOHORREWXVR\ORLQQHFHVDULR
$EULO
ߧ
3HQVDPLHQWRLPSDUFLDO
GHDEULO
(OFRORUGHWXVSHQVDPLHQWRV
7XLQWHOLJHQFLDVHU¡FXDOODKDJDQWXVLGHDVKDELWXDOHVSXHVHODOPDTXHGDLPEXLGD
GHVXVLGHDV
0$5&2$85(/,20HGLWDFLRQHV
6LWRGRVORVGDVGREODVWXFXHUSRSDUDTXHDGRSWHXQDSRVLFL³QVHQWDGDSRUPXFKRWLHPSR
ODFXUYDWXUDGHODFROXPQDFDPELD8QGRFWRUSXHGHVDEHUSRUXQDUDGLRJUDID RDXWRSVLD
VL HVD SHUVRQD GHVHPSH±³ VX WUDEDMR VHQWDGD 6L WRGRV ORV GDV PHWHV ORV SLHV HQ XQRV
]DSDWRVGHYHVWLUGLPLQXWRV\HVWUHFKRVORVSLHVWDPEL©QDGRSWDQHVDIRUPD
(VORPLVPRFRQODPHQWH6LWLHQHVXQDSHUVSHFWLYDFRQVWDQWHPHQWHQHJDWLYDGHQWURGH
SRFR WRGR WH SDUHFHU¡ PDOR &L©UUDOD \ WDPEL©Q VHU¡V GH PHQWH QHJDWLYD /O©QDOD FRQ ORV
SHQVDPLHQWRVLQFRUUHFWRV\WXYLGDWHQGU¡HOPLVPRFRORU
GHDEULO
9LJLODDTX©SHUPLWHVODHQWUDGD
/DIDUVDGHODYLGDODJXHUUDHOWHPRUHOHVWXSRUODVHUYLGXPEUHLU¡QERUUDQGRHQ
WLGHGDHQGDDTXHOORVSULQFLSLRVVDJUDGRVTXHWXVHVWXGLRVVREUHODQDWXUDOH]DWH
GDQDHQWHQGHU\TXHUHVSHWDVKRQUDGDPHQWH
0$5&2$85(/,20HGLWDFLRQHV
4X©WDQGLIFLOHVKDFHUORFRUUHFWRFXDQGRWHURGHDJHQWHFRQHVW¡QGDUHVPX\EDMRV"4X©
WDQFRPSOLFDGRHVVHUSRVLWLYR\HPS¡WLFRGHQWURGHODEXUEXMDQHJDWLYDGHOPXUPXOORGHOD
WHOHYLVL³Q"4X©WDQGLIFLOHVFHQWUDUWHHQWXVDVXQWRVVLHOGUDPDWLVPR\FRQIOLFWRGHORV
GHP¡VWHGLVWUDH"
,QHYLWDEOHPHQWH WRGRV HVWDUHPRV H[SXHVWRV D HVWDV LQIOXHQFLDV HQ FLHUWR PRPHQWR VLQ
LPSRUWDUORPXFKRTXHLQWHQWHPRVHOXGLUODV3HURFXDQGRRFXUUDQDGLHGLFHTXHGHEHPRV
SHUPLWLUTXHVHLPSUHJQHQHQQXHVWUDPHQWH7HQHPRVODFDSDFLGDGSDUDSRQHUXQDEDUUHUD
\ GHFLGLU D TX© SHUPLWLU OD HQWUDGD 3XHGH VHU TXH YLVLWDV LQHVSHUDGDV VH SUHVHQWHQ HQ WX
FDVDSHURQRWLHQHVTXHLQYLWDUORVDTXHVHTXHGHQDFHQDU1RWLHQHVTXHGHMDUORVHQWUDUHQ
WXPHQWH
GHDEULO
(QJD±DGR\GLYLGLGR
/D UHDOLGDG QRV FRQIXQGH GLOXFLG©PRVOD (Q OXJDU GHO ELHQ DEUDFHPRV HO PDO
WHQHPRV GHVHRV FRQWUDULRV D ORV TXH WXYLPRV QXHVWURV YRWRV QXHVWURV SUR\HFWRV
SXJQDQHQWUHV
61(&$(SVWRODVPRUDOHVD/XFLOLR
8QDPXMHUDVHJXUDTXHTXLHUHFRQRFHUDXQEXHQWLSR\FDVDUVHVLQHPEDUJRFRQYLYHFRQ
LGLRWDV 8Q KRPEUH GLFH TXH GHVHDUD HQFRQWUDU XQ EXHQ WUDEDMR SHUR QL VLTXLHUD VH KD
PROHVWDGR HQ EXVFDUOR (MHFXWLYRV LQWHQWDQ GHVDUUROODU GRV HVWUDWHJLDV D OD YH] ߚVH OH
GHQRPLQDRSFL³QPL[WDߚ\OHVVRUSUHQGHTXHQLQJXQDUHVXOWH
7RGDVHVWDVSHUVRQDVHVW¡QHQJD±DGDV\GLYLGLGDVFRPRQRVSDVDWDPEL©QDQRVRWURV
8QDPDQROHWLHQGHXQDWUDPSDDODRWUD(QSDODEUDVGH0DUWLQ/XWKHU.LQJߡ(QQXHVWUDV
YLGDVVHGHVDUUROODXQDHVSHFLHGHJXHUUDFLYLOߢXQDJXHUUDHQWUHHOODGREXHQR\PDORGHO
DOPDGHFDGDLQGLYLGXR
/RV HVWRLFRV DVHJXUDQ TXH HVD JXHUUD VXHOH VHU HO UHVXOWDGR GH QXHVWURV GHVHRV
FRQWUDGLFWRULRVQXHVWURVMXLFLRVUHWRUFLGRVRSHQVDPLHQWRVSDUFLDOHV1RQRVGHWHQHPRVD
SUHJXQWDUQRV %LHQ HQ HO IRQGR TX© TXLHUR" 4X© HVWR\ EXVFDQGR FRQ HVWR" 6L OR
KLFL©UDPRV QRV GDUDPRV FXHQWD GH ORV GHVHRV FRQIOLFWLYRV H LQFRQVLVWHQWHV TXH
DOEHUJDPRV<HQWRQFHVGHMDUDPRVGHVDERWHDUQRV
GHDEULO
1RSHUPLWDVTXHVHWHVXEDDODFDEH]D
0LUDELHQGHQRߡFHVDUL]DUWHߢGHSLHVDFDEH]DGHLPSUHJQDUWHGHHVWHVHQWLPLHQWR
GHPDMHVWDGFRPRVXHOHVXFHGHU&RQV©UYDWHSXHVVLPSOHKRQHVWRSXURJUDYH
QDWXUDODPLJRGHODMXVWLFLDSLDGRVREHQ©YRORDIHFWXRVRILUPHHQHOFXPSOLPLHQWR
GHORVGHEHUHV/XFKDSRUFRQVHUYDUWHWDOFXDOTXLVRKDFHUWHODILORVRID5HYHUHQFLD
D ORV GLRVHV SURWHJH D ORV KRPEUHV %UHYH HV OD YLGD (O VROR IUXWR TXH VH SXHGH
VDFDU GH HVWD H[LVWHQFLD WHUUHVWUH VRQ ODV VDQWDV GLVSRVLFLRQHV GHO ¡QLPR \ ODV
DFFLRQHVVXJHULGDVSRUHOELHQFRPºQ
0$5&2$85(/,20HGLWDFLRQHV
(V GLIFLO VLTXLHUD LPDJLQDU F³PR IXH OD YLGD GH 0DUFR $XUHOLR QR QDFL³ HPSHUDGRU QL
REWXYRHOSXHVWRGHOLEHUDGDPHQWHVHORRWRUJDURQ1RREVWDQWHGHUHSHQWHVHFRQYLUWL³HQ
HOKRPEUHP¡VULFRGHOPXQGROGHUGHOHM©UFLWRP¡VSRGHURVRGHODWLHUUDJREHUQDQWHGHO
LPSHULRP¡VYDVWRHQODKLVWRULDXQGLRVHQWUHORVKRPEUHV
&RQ UD]³Q HVFULEL³ PHQVDMHV FRPR ©VWH SDUD PDQWHQHU ORV SLHV HQ OD WLHUUD 6LQ HOORV
TXL]¡V KDEUD SHUGLGR GH YLVWD OR LPSRUWDQWH KDEUD VLGR YFWLPD GH ODV PHQWLUDV GH WRGR
DTXHOTXHQHFHVLWDEDDOJRGH©O<DTXHVWDPRVVLQLPSRUWDUORTXHKDJDPRVFRUUHPRVHO
ULHVJRGHSHUGHUODFDEH]D
&XDQGR WHQHPRV ©[LWR GHEHPRV DVHJXUDUQRV GH TXH QR QRV FDPELH GH PDQWHQHU
QXHVWUR FDU¡FWHU VLQ LPSRUWDU OD WHQWDFL³Q GH WUDQVIRUPDUQRV /D UD]³Q GHEH UHJLU VLQ
LPSRUWDUODEXHQDVXHUWHTXHVHQRVSUHVHQWH
GHDEULO
&RQIDSHURFRPSUXHED
/RSULPHURQRWHGHMHVDUUHEDWDUSRU>OD@LQWHQVLGDG>GHODUHSUHVHQWDFL³Q@VLQRGL
ߡ(VS©UDPHXQSRFRUHSUHVHQWDFL³QGHMDTXHYHDTXL©QHUHV\GHTX©WUDWDVGHMD
TXHWHSRQJDDSUXHEDߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QDGHODVPDUDYLOODVGHODPHQWHHVODUDSLGH]FRQODTXHSXHGHHQWHQGHU\FODVLILFDUWRGR
&RPR GLFH 0DOFROP *ODGZHOO HQ %OLQN LQWHOLJHQFLD LQWXLWLYD FRQVWDQWHPHQWH WRPDPRV
GHFLVLRQHVHQIUDFFLRQHVGHVHJXQGRVTXHVHEDVDQHQD±RVGHH[SHULHQFLD\FRQRFLPLHQWR
'HO PLVPR PRGR HPSOHDPRV HVD KDELOLGDG SDUD FRQILUPDU SUHMXLFLRV HVWHUHRWLSRV \
VXSRVLFLRQHV4XHGDFODURTXHHOSULPHUSDWU³QHVXQDIXHQWHGHIRUWDOH]D\HOVHJXQGRXQD
JUDQGHELOLGDG
3HUGHPRV PX\ SRFR KDFLHQGR XQD SDXVD SDUD FRQVLGHUDU QXHVWUDV LGHDV 'H YHUGDG
HVWRHVWDQPDOR"&RQR]FRELHQDHVWDSHUVRQD"3RUTX©HVWRPHSURYRFDVHQWLPLHQWRV
WDQLQWHQVRV"$FDVRODDQVLHGDGFRQWULEX\HDHVWDVLWXDFL³Q"4X©WLHQHHVWRGHHVSHFLDO"
$O SODQWHDUQRV HVWDV SUHJXQWDV ߚDO SRQHU D SUXHED QXHVWUDV LPSUHVLRQHV FRPR
UHFRPLHQGD (SLFWHWRߚ HV PHQRV SUREDEOH TXH QRV GHMHPRV OOHYDU SRU HOODV R DFWXHPRV
EDVDGRVHQXQDLPSUHVL³QHTXLYRFDGDRSDUFLDO6HJXLPRVWHQLHQGRODOLEHUWDGGHHPSOHDU
QXHVWURV LQVWLQWRV SHUR FRPR GLFH HO SURYHUELR UXVR VLHPSUH GHEHPRV ߡFRQILDU SHUR
FRPSUREDUߢ
GHDEULO
3UHS¡UDWHSDUDODQHJDWLYLGDG
$SHQDV DPDQH]FD KD]WH HQ WX LQWHULRU HVWD FXHQWD KR\ WURSH]DU© FRQ DOJºQ
HQWURPHWLGRFRQDOJºQLQJUDWRFRQDOJºQLQVROHQWHFRQXQGRORVRXQHQYLGLRVRXQ
HJRVWD7RGRVHVWRVYLFLRVOHVVREUHYLQLHURQSRULJQRUDQFLDGHOELHQ\GHOPDO3HUR
\RKDELHQGRREVHUYDGRTXHODQDWXUDOH]DGHOELHQHVOREHOOR\TXHODGHOPDOHVOR
WRUSH\TXHODFRQGLFL³QGHOSHFDGRUPLVPRHVWDOTXHQRGHMDGHVHUPLSDULHQWHߨ
QRSXHGRUHFLELUDIUHQWDGHQLQJXQRGHHOORVSRUTXHQLQJXQRSRGUDPDQFKDUPHFRQ
VX LQIDPLD 1R SXHGR WDPSRFR HQRMDUPH FRQWUD PL SDULHQWH QL DERUUHFHUOH TXH
KHPRVVLGRFUHDGRVSDUDD\XGDUQRVPXWXDPHQWH
0$5&2$85(/,20HGLWDFLRQHV
3XHGHVHVWDUVHJXURGHTXHHQDOJºQPRPHQWRGHOGDYDVDLQWHUDFWXDUFRQDOJXLHQTXHVH
FRPSRUWHFRPRLGLRWD WRGRVORKHPRVKHFKR /DSUHJXQWDHVHVWDU¡VSUHSDUDGR"
(VWH HMHUFLFLR PH UHFXHUGD XQ FKLVWH GHO HVFULWRU \ KXPRULVWD GHO VLJOR ;9,,, 1LFRODV
&KDPIRUWTXLHQGLMRTXHVLߡWHWUDJDVXQVDSRWRGDVODVPD±DQDVߢHVWDU¡VIRUWDOHFLGRSDUD
HQIUHQWDU WRGR OR DVTXHURVR TXH WH SXHGD VXFHGHU HQ HO WUDQVFXUVR GHO GD 1R HV PHMRU
HQWHQGHU ߚDO GHVSHUWDUߚ TXH HQ RFDVLRQHV ORV GHP¡V VH FRPSRUWDQ FRQ HJRVPR H
LJQRUDQFLD HOVDSR TXHGLJHULUORWRGRHOGD"
6LQ HPEDUJR HVWR WLHQH XQD VHJXQGD SDUWH DO LJXDO TXH OD FLWD GH 0DUFR $XUHOLR
ߡ1LQJXQR SRGUD PDQFKDUPH FRQ VX LQIDPLD 1R SXHGR WDPSRFR HQRMDUPH FRQWUD PL
SDULHQWH QL DERUUHFHUOHߢ 3UHSDUDUVH QR FRQVLVWH HQ UHFKD]DU D WRGR HO PXQGR SRU
DGHODQWDGR 6LQR TXH WDO YH] FRPR WH KDV SUHSDUDGR SRGU¡V UHVSRQGHU FRQ SDFLHQFLD
SHUG³Q\FRPSUHQVL³Q
GHDEULO
(VSHUDFDPELDUGHRSLQL³Q
'RVFRVDVKD\TXHDUUDQFDUGHORVKRPEUHVODRSLQL³QDUELWUDULD\ODGHVFRQILDQ]D
8QDRSLQL³QDUELWUDULDHVFUHHUTXHDXQRQROHIDOWDQDGDGHVFRQILDQ]DHOVXSRQHU
TXHQRHVSRVLEOHVHUIHOL]HQWUHWDQWDVYLFLVLWXGHV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
&RQFX¡QWDIUHFXHQFLDFRPHQ]DPRVDOJºQSUR\HFWRFRQODVHJXULGDGGHVDEHUH[DFWDPHQWH
F³PRVHGHVDUUROODU¡"&RQFX¡QWDIUHFXHQFLDQRVUHXQLPRVFRQSHUVRQDV\FUHHPRVVDEHU
H[DFWDPHQWH TXL©QHV VRQ" &RQ FX¡QWD IUHFXHQFLD HVWDV VXSRVLFLRQHV UHVXOWDQ VHU
WRWDOPHQWHIDOVDV"
3RUHVRGHEHPRVOXFKDUFRQWUDQXHVWUDVSURSHQVLRQHVHLGHDVSUHFRQFHELGDVSRUTXHVRQ
XQDFDUJD3UHJºQWDWH4X©HVORTXHQRKHFRQVLGHUDGR"3RUTX©HVWRHVDV"6R\SDUWH
GHO SUREOHPD R OD VROXFL³Q" 3RGUD HVWDUPH HTXLYRFDQGR" 7HQ HVSHFLDO FXLGDGR HQ
DFHSWDUORTXHQRVDEHV\GHVSX©VFRQWU¡VWDORFRQORVFRQRFLPLHQWRVTXHVWLHQHV
5HFXHUGDVLHVWDILORVRIDWLHQHXQDHQVH±DQ]DHVHQFLDOHVTXHQRVRPRVWDQLQWHOLJHQWHV
QLVHQVDWRVFRPRFUHHPRV6LTXHUHPRVVHUVHQVDWRVKD\TXHFXHVWLRQDU\VHUKXPLOGHVQR
FRPRPXFKRVFUHHQFRQFHUWH]DGHVFRQILDGRV\DUURJDQWHV
GHDEULO
(OSUHFLRGHDFHSWDUIDOVLILFDFLRQHV
)LMDRVHQORTXHVHUHILHUHDODPRQHGDHQORTXHSDUHFHTXHQRVFRQFLHUQHHQDOJR
F³PR KHPRV LQYHQWDGR XQ DUWH \ GH FX¡QWRV PHGLRV VH VLUYH HO SHULWR SDUD HO
FRQWUDVWHGHODVPRQHGDVߨSRQHPRVPXFKDDWHQFL³QHQHOMXLFLRGHODVFRVDVTXH
QRV SXHGHQ HQJD±DU SHUR HQ OR TXH VH UHILHUH DO GHVGLFKDGR UHJHQWH DFHSWDPRV
VLQ PLUDPLHQWRV ERVWH]DQGR \ GRUPLGRV FXDOTXLHU UHSUHVHQWDFL³Q 3RUTXH HO
FDVWLJRQRVHQRVYLHQHHQFLPD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
&XDQGR ODV PRQHGDV HUDQ PXFKR P¡V UXGLPHQWDULDV OD JHQWH WHQD TXH GHGLFDU PXFKR
WLHPSR D YHULILFDUODV SDUD FRPSUREDU TXH OD PRQHGD TXH KDED UHFLELGR HUD JHQXLQD /D
SDODEUDJULHJDGRNLPD]HLQTXLHUHGHFLUߡHQVD\DUߢRFRPSUREDUODFDOLGDGGHXQPLQHUDO(UD
FRPºQ TXH ORV FRPHUFLDQWHV IXHUDQ VXILFLHQWHPHQWH KDELOLGRVRV FRPR SDUD YHULILFDU OD
PRQHGDODQ]¡QGRODFRQWUDXQDVXSHUILFLHGXUD\HVFXFKDUODQRWDTXHHPLWD,QFOXVRKR\
HQ GD VL DOJXLHQ WH GLHUD XQ ELOOHWH GH PLO SHVRV WDO YH] OR IURWDUDV FRQ ORV GHGRV R OR
YHUDVDFRQWUDOX]SDUDYHULILFDUTXHQRVHDIDOVR
7RGR HVWR SDUD XQD PRQHGD LPDJLQDULD XQ LQYHQWR GH OD VRFLHGDG (O SXQWR GH HVWD
PHW¡IRUD HV UHVDOWDU F³PR QRV HPSH±DPRV HQ FRPSUREDU VL HO GLQHUR HV UHDO HQ FDPELR
DFHSWDPRV LGHDV R VXSRVLFLRQHV TXH SRGUDQ FDPELDUQRV OD YLGD VLQ FXHVWLRQDUODV 8QD
KLS³WHVLVLU³QLFDGHHVWHWLSRWHQHUPXFKRGLQHURWHKDFHULFRRTXHVLPXFKDVSHUVRQDV
FUHHQDOJRGHEHVHUFLHUWR
7HQGUDPRV TXH FRQILUPDU HVWDV QRFLRQHV FRQ HO PLVPR FXLGDGR TXH XQ HPSOHDGR GH
XQDFDVDGHFDPELR&RPRQRVUHFXHUGD(SLFWHWRߡ/DPD\RU\SULPHUDWDUHDGHOILO³VRIRHV
SRQHUDSUXHEDODVUHSUHVHQWDFLRQHV\MX]JDUODV\QRDFHSWDUQLQJXQDVLQKDEHUODSXHVWRD
SUXHEDߢ>'LVHUWDFLRQHV@
GHDEULO
9HULILFDWXVLPSUHVLRQHV
(MHUFWDWH HQWRQFHV HQ VHJXLU HO FDPLQR UHFWR GLFLHQGR D WRGD WRVFD DSDULHQFLD
ߡ(UHVV³ORXQDDSDULHQFLD\GHQLQJºQPRGRORTXHSDUHFHVVHUߢ([DPQDODVHJºQ
ORV FULWHULRV TXH SRVHHV \ VREUH WRGR VHJºQ HVWH SULPHUR \ SULQFLSDO VL WLHQH
UHODFL³QFRQODVFRVDVTXHGHSHQGHQGHXQRPLVPRRFRQODVTXHQRGHSHQGHQGH
XQR PLVPR \ VL IRUPD SDUWH GH HVWDV ºOWLPDV HVWDWH SUHVWR D GHFLU TXH QR WH
FRQFLHUQH
(3,&7(72(QTXLULGL³Q
(QXQPXQGRKLSHUVDWXUDGRGHSROWLFDV\SURFHVRVDOJXQRVYDQHQODGLUHFFL³QFRQWUDULD
/GHUHV DXGDFHV ߡFRQIDQ HQ VX LQVWLQWRߢ 8Q JXUº HVSLULWXDO GLFH TXH HV LPSRUWDQWH GHMDU
ߡTXH WX FXHUSR WH JXHߢ 8Q DPLJR TXH LQWHQWD D\XGDUQRV SDUD WRPDU XQD GHFLVL³Q GLIFLO
SRGUDSUHJXQWDUߡ4X©FUHHVTXHHVORFRUUHFWR"ߢ
(VWRVHQIRTXHVHQODWRPDGHGHFLVLRQHVFRQWUDGLFHQQXPHURVRVHVWXGLRVGHFDVRHQORV
TXHORVLQVWLQWRVGHORVLQGLYLGXRVORVKDQPHWLGRHQSUREOHPDVb1XHVWURVVHQWLGRVVLHPSUH
VHHTXLYRFDQ&RPRDQLPDOHVVXMHWRVDODOHQWDIXHU]DGHODHYROXFL³QKHPRVGHVDUUROODGR
WRGD FODVH GH W©FQLFDV KHXUVWLFDV SURSHQVLRQHV \ UHVSXHVWDV HPRFLRQDOHV TXH VHJXUR
IXQFLRQDURQ ELHQ HQ OD VDEDQD SHUR TXH HQ HO PXQGR DFWXDO VRQ FRPSOHWDPHQWH
FRQWUDSURGXFHQWHV
3DUWHGHOHVWRLFLVPRFRQVLVWHHQFXOWLYDUODFRQVFLHQFLD\WHQHUSHUVSHFWLYDSDUDDQDOL]DU
WXVVHQWLGRVFXHVWLRQDUVXSUHFLVL³Q\SURFHGHUV³ORFRQORVSRVLWLYRV\FRQVWUXFWLYRV6HV
WHQWDGRUSUHVFLQGLUGHODGLVFLSOLQD\HORUGHQ\KDFHUORTXHVHVLHQWHELHQSHURVLQXHVWURV
PºOWLSOHV DUUHSHQWLPLHQWRV GH OD MXYHQWXG VLUYHQ GH DOJR OR TXH VH VLHQWH ELHQ DKRUD QR
VLHPSUH WHQGU¡ YLJHQFLD 6RVSHFKD GH WXV VHQWLGRV 'H QXHYR FRQID SHUR VLHPSUH
FRPSUXHED
GHDEULO
/RVMXLFLRVSURYRFDQPROHVWLD
/RV KRPEUHV VH VLHQWHQ PROHVWRV QR SRU ODV FRVDV TXH OHV VXFHGHQ VLQR SRU ODV
LGHDVTXHWLHQHQDFHUFDGHODVFRVDV
(3,&7(72(QTXLULGL³Q
(O JXHUUHUR \ VDPXU¡L 0XVDVKL LGHQWLILF³ XQD GLIHUHQFLD HQWUH QXHVWUR ߡRMR SHUFHSWRUߢ \
QXHVWURߡRMRREVHUYDGRUߢ(ORMRREVHUYDGRUYHORTXHHV(ORMRSHUFHSWRUYHHOVXSXHVWR
VLJQLILFDGRGHODVFRVDV&X¡OFUHHVTXHFDXVDPD\RUDQJXVWLD"
8Q VXFHVR HV LQDQLPDGR HV REMHWLYR HV VLPSOHPHQWH OR TXH HV HV OR TXH QXHVWUR RMR
REVHUYDGRUYH
(VWR PH DUUXLQDU¡ &³PR PH SXGR KDEHU SDVDGR HVWR" b$K (V FXOSD GH WDO \ FXDO
$TXHVW¡QXHVWURRMRSHUFHSWRU'HVSLHUWDPROHVWLD\GHVSX©VFXOSDDOVXFHVR
GHDEULO
6LTXLHUHVDSUHQGHUKD]ORFRQKXPLOGDG
([SXOVDODRSLQL³QLQMXVWLILFDGD3XHVHVLPSRVLEOHHPSH]DUDDSUHQGHUORTXHXQR
FUHHVDEHUVH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
'H WRGRV ORV HVWRLFRV (SLFWHWR HV HO P¡V FHUFDQR D XQ YHUGDGHUR PDHVWUR 7HQD XQD
HVFXHOD\GDEDFODVHV'HKHFKRVXVDELGXUDQRVOOHJDJUDFLDVDXQRGHVXVDOXPQRVTXH
WRP³PX\EXHQRVDSXQWHV8QDGHODVFRVDVTXHORIUXVWUDEDGHVXVHVWXGLDQWHVGHILORVRID
ߚ\TXHKDIUXVWUDGRDSURIHVRUHVXQLYHUVLWDULRVGHVGHHOSULQFLSLRGHORVWLHPSRVߚHVTXH
ORVDOXPQRVDVHJXUDQTXHUHUTXHOHVHQVH±HQSHURHQHOIRQGRFUHHQTXH\DORVDEHQWRGR
/D UHDOLGDG HV TXH WRGRV VRPRV FXOSDEOHV GH SHQVDU TXH OR VDEHPRV WRGR \ WRGRV
DSUHQGHUDPRVP¡VVLSXGL©UDPRVSUHVFLQGLUGHHVDDFWLWXG6LQLPSRUWDUORLQWHOLJHQWHVR
H[LWRVRVTXHVHDPRVVLHPSUHKD\DOJXLHQP¡VLQWHOLJHQWHP¡VH[LWRVR\P¡VVHQVDWRTXH
QRVRWURV (PHUVRQ OR H[SUHV³ PX\ ELHQ ߡ7RGR KRPEUH TXH FRQR]FR HV VXSHULRU D P HQ
DOJºQVHQWLGR(QHVHVHQWLGRDSUHQGRGH©Oߢ
6LTXLHUHVDSUHQGHUVLTXLHUHVPHMRUDUWXYLGDEXVFDUPDHVWURVILO³VRIRV\OLEURVHVXQ
EXHQ FRPLHQ]R 3HUR HVWH HQIRTXH V³OR VHU¡ HIHFWLYR VL HUHV KXPLOGH \ HVW¡V GLVSXHVWR D
UHQXQFLDUDRSLQLRQHVTXHWHKD\DVIRUPDGR
GHDEULO
5HFKD]DUHJDORVWHQWDGRUHV
$WUHR4XL©QUHFKD]DORVGRQHVTXHGHUUDPDODIRUWXQD"
7LHVWHV7RGRHOTXHVDEHSRUH[SHULHQFLDORI¡FLOTXHVHGLVLSDQ
61(&$7LHVWHV
7LHVWHV HV XQD GH ODV REUDV P¡V RVFXUDV \ SHUWXUEDGRUDV GH 6©QHFD ,QFOXVR GRV PLO D±RV
GHVSX©V VLJXH VLHQGR XQ FO¡VLFR GHO J©QHUR GH OD WUDJHGLD 6LQ UHYHODU OD WUDPD OD FLWD
SURYLHQHGHODHVFHQDHQODTXH$WUHRLQWHQWDDWUDHUDVXRGLDGRKHUPDQR7LHVWHVSDUDTXH
FDLJD HQ XQD WUDPSD FUXHO RIUHFL©QGROH UHJDORV WHQWDGRUHV \ JHQHURVRV $O SULQFLSLR
7LHVWHVORVUHFKD]DDQWHHOGHVFRQFLHUWRDEVROXWRGHVXHQHPLJR
1RUPDOPHQWH QRV VRUSUHQGH FXDQGR DOJXLHQ UHFKD]D XQ UHJDOR FRVWRVR XQ SXHVWR GH
KRQRU R XQ ©[LWR (O JHQHUDO :LOOLDP 7 6KHUPDQ UHFKD]³ URWXQGDPHQWH GLVWLQWDV RIHUWDV
SDUD VHU SUHVLGHQWH GH (VWDGRV 8QLGRV /OHJ³ D GHFLU ߡ1R DFHSWDU© VHU FDQGLGDWR \ QR
HMHUFHU©VLVR\HOHJLGRߢ6LVXDPLJR8O\VVHV6*UDQWKXELHUDKHFKRXQDGHFODUDFL³QDVGH
VKHUPDQLDQD FRPRVHFRQRFHHQODDFWXDOLGDGDHVHWLSRGHUHFKD]RV VLQGXGDVHKXELHUD
VDOYDJXDUGDGRGHORVFDPELRVWDQGHVDVWURVRVTXHYLYL³
3HVH D VXV GXGDV LQLFLDOHV 7LHVWHV WHUPLQ³ VXFXPELHQGR D OD WHQWDFL³Q \ DFHSW³ ORV
ߡGRQHVGHODIRUWXQDߢORFXDOUHVXOW³XQDUGLGTXHRFXOWDEDXQDGHVGLFKDGHYDVWDGRUD1R
WRGDV ODV RSRUWXQLGDGHV LPSOLFDQ SHOLJUR SHUR HO REMHWLYR GH OD REUD HUD UHFRUGDUQRV TXH
QXHVWUDDWUDFFL³QSRUORQXHYR\RVWHQWRVRQRVSXHGHPHWHUHQVHULRVSUREOHPDV
GHDEULO
0HQRVHVP¡V
$OKDFHUDOJRTXHQRVHDGHPDODJUDGRQLVLQUHVSHWRDOELHQFRPºQQLVLQSUHYLR
H[DPHQ QL EUDFHDQGR HQ VHQWLGR RSXHVWR 1R DGRUQH OD H[WUHPDGD ILQXUD WX
SHQVDPLHQWR +DEOD SRFR DEUD]D SRFRV QHJRFLRVߨ PDQW©Q XQ VHPEODQWH
SODFHQWHUR GHVHPEDUD]DGR GH WRGR PLQLVWHULR H[WHUQR \ GH WRGD WUDQTXLOLGDG
SURFXUDGDSRUORVRWURV&RQYLHQHSXHVPDQWHQHUVHUHFWRVREUHVVLQQHFHVLGDG
GHVHUHQGHUH]DGR
0$5&2$85(/,20HGLWDFLRQHV
(Q PXFKRV DVSHFWRV GH OD YLGD HV SHUWLQHQWH HO GLFKR ߡPHQRV HV P¡Vߢ 3RU HMHPSOR ORV
HVFULWRUHVTXHDGPLUDPRVVXHOHQVHUPDHVWURVGHODHFRQRPD\ODEUHYHGDGGHOOHQJXDMH
/R TXH GHMDQ IXHUD HV LJXDO GH LPSRUWDQWH ߚD YHFHV KDVWD P¡Vߚ TXH OR TXH LQFOX\HQ
3KLOLS/HYLQHWLHQHXQSRHPDWLWXODGRߡOQXQFDXWLOL]DUDXQDSDODEUDTXHQRKLFLHUDIDOWDߢ
< HQ +DPOHW VH HQFXHQWUD HO PHMRU HMHPSOR GH WRGRV OD U©SOLFD GH OD UHLQD *HUWUXGLV
GHVSX©VGHXQGLVFXUVRH[WHQVR\UHW³ULFRGH3RORQLRߡ0¡VVXVWDQFLD\PHQRVUHW³ULFDߢOH
GLFHb9HDOJUDQR
,PDJLQDDOHPSHUDGRUURPDQRFRQVXSºEOLFRFDXWLYR\SRGHULOLPLWDGRUHFRUG¡QGRVH
QR VHU XQD SHUVRQD GH ߡGHPDVLDGDV SDODEUDV \ GHPDVLDGDV DFFLRQHVߢ 7HQOR HQ PHQWH OD
SU³[LPDYH]TXHWHVLHQWDVH[FHVLYRRXQSRFRDUURJDQWHODSU³[LPDYH]TXHWHQJDVJDQDV
GHLPSUHVLRQDUDORVGHP¡V
GHDEULO
6©XQH[SHUWRHQORLPSRUWDQWH
&U©HPHHVPHMRUVDFDUODVFXHQWDVGHODYLGDGHXQRTXHODVGHOWULJRSºEOLFR
61(&$6REUHODEUHYHGDGGHODYLGD
9D\D FRVDV HQ ODV TXH DOJXQRV VRQ H[SHUWRV GHSRUWHV GH IDQWDVD GDWRV VREUH IDPRVRV
PHUFDGRVGHPDWHULDVSULPDVRGHXWHQVLOLRVGHULYDGRVORVK¡ELWRVGHKLJLHQHGHOFOHURGHO
VLJOR;,,,
3RGHPRVVHUPX\EXHQRVHQORTXHQRVGHGLFDPRVRK¡ELOHVHQXQDSU¡FWLFDSRUODTXH
TXLVL©UDPRVQRVSDJDUDQ6LQHPEDUJRQXHVWUDVSURSLDVYLGDVK¡ELWRV\WHQGHQFLDVSXHGHQ
VHUXQPLVWHULRSDUDQRVRWURVPLVPRV
6©QHFD HVFULED HVWH LPSRUWDQWH UHFRUGDWRULR D VX VXHJUR TXLHQ HVWXYR D FDUJR GHO
JUDQHURGH5RPD'HVSX©VUHYRFDURQVXSXHVWRSRUPRWLYRVSROWLFRV6©QHFDVXJHUDTXH
QRLPSRUWDEDTXHDKRUDSRGDFHQWUDUVXHQHUJDDVXYLGDLQWHUQD
&XDQGR OOHJXH HO ILQDO GH WX YLGD SODQWHD TX© FRQRFLPLHQWRV VRQ P¡V YDOLRVRV" 7X
FRPSUHQVL³QVREUHORVDVXQWRVGHODYLGD\ODPXHUWHRORVGDWRVGHORV2VRVGH&KLFDJRGH
OD WHPSRUDGD " 4X© D\XGDU¡ P¡V D WXV KLMRV" 7X FRPSUHQVL³Q GH OD IHOLFLGDG \ HO
VHQWLGR GH OD YLGD R VHJXLU ODV QRWLFLDV SROWLFDV P¡V LPSRUWDQWHV WRGRV ORV GDV GXUDQWH
WUHLQWDD±RV"
GHDEULO
3DJDLPSXHVWRV
1LQJºQUHY©VPHVREUHYHQGU¡MDP¡VTXHORDVXPDFRQWULVWH]DFRQURVWURHQRMDGR
QLQJºQ WULEXWR SDJDU© FRQWUDULDGR 7RGRV ORV LQIRUWXQLRV DQWH ORV FXDOHV JHPLPRV
SRUORVFXDOHVQRVDWHPRUL]DPRVVRQWULEXWRVDODYLGDQRHVSHUHV/XFLOLRTXHULGR
QLSLGDVYHUWHOLEUHGHHOORV
61(&$(SVWRODVPRUDOHVD/XFLOLR
&XDQGROOHJDODKRUDGHSDJDULPSXHVWRVWDOYH]SLHQVHVFRPRPXFKRVWHTXHMHVGHTXH
WHQJDV TXH SDJDUOH DO JRELHUQR &XDUHQWD SRU FLHQWR GH PLV LQJUHVRV D HVD JHQWH" b<
SDUDTX©"
/RSULPHUR>HQPXFKRVSDVHV@ORVLPSXHVWRVVHGHVWLQDQDSURJUDPDV\VHUYLFLRVTXH
VHJXURGDVSRUKHFKR(QVHJXQGROXJDUWHFUHHVPX\HVSHFLDO"/DJHQWHOOHYDPLOHQLRV
TXHM¡QGRVHGHSDJDULPSXHVWRV\DKRUDHVW¡PXHUWD6XS©UDOR7HUFHURHVXQEXHQGLOHPD
PXFKRPHMRUTXHJDQDUWDQSRFRTXHQRWHTXHGHQDGDSDUDSDJDUOHDOJRELHUQRRYLYLUHQ
DQDUTXD\WHQHUTXHSDJDUSRUFDGDVHUYLFLRE¡VLFRHQXQDOXFKDFRQWUDODQDWXUDOH]D
/RP¡VLPSRUWDQWHHVTXHORVLPSXHVWRVILVFDOHVQRVRQORVºQLFRVTXHSDJDVV³ORVRQ
ORV ILQDQFLHURV 7RGR OR TXH KDFHPRV LPSOLFD XQD FXRWD (VSHUDU HV XQ LPSXHVWR D ORV
YLDMHV/RVUXPRUHV\ORVFKLVPHVVRQLPSXHVWRVDOKHFKRGHVHUXQDSHUVRQDSºEOLFDODV
GHVDYHQHQFLDV \ IUXVWUDFLRQHV RFDVLRQDOHV VRQ LPSXHVWRV TXH SDJDQ KDVWD ODV UHODFLRQHV
P¡VIHOLFHVHOURERHVXQLPSXHVWRVREUHODDEXQGDQFLD\ODSRVHVL³QGHFRVDVTXHRWURV
TXLHUHQ WHQHU HO HVWU©V \ ORV SUREOHPDV VRQ DUDQFHOHV LPSOFLWRV HQ HO ©[LWR \ DV
VXFHVLYDPHQWH
+D\PXFKRVLPSXHVWRVHQODYLGD3XHGHVFRQGHQDUORVSXHGHVHVIRU]DUWHPXFKRߚSHUR
LQºWLOPHQWHߚ SDUD HYDGLUORV R VLPSOHPHQWH SXHGHV SDJDUORV \ GLVIUXWDU ORV IUXWRV TXH WH
TXHGDQ
GHDEULO
2EVHUYDODFDXVD\HOHIHFWR
&RQYLHQHDWHQGHUSDODEUDSRUSDODEUDDORTXHVHHVW¡GLFLHQGR\DFDGDXQRGH
ORVLPSXOVRVGHORTXHVHHVW¡KDFLHQGR<DODYHUGDGHQHVWHºOWLPRFDVRLPSRUWD
PLUDUDQWHWRGRDTX©ILQVHUHILHUHHOLQWHQWRSHURHQHORWURGHEHU¡UHSDUDUVHELHQ
HQHOVLJQLILFDGRGHODVSDODEUDV
0$5&2$85(/,20HGLWDFLRQHV
*UDFLDV DO WUDEDMR GHO SVLF³ORJR $OEHUW (OOLV HO HVWRLFLVPR OOHJ³ D PLOORQHV GH SHUVRQDV
PHGLDQWHORTXHVHGHQRPLQDWHUDSLDFRJQLWLYRFRQGXFWXDO&RPRWHUDSLD©VWDD\XGDDORV
SDFLHQWHVDLGHQWLILFDUSDWURQHVGHVWUXFWLYRVHQVXVSHQVDPLHQWRV\FRQGXFWDSDUDTXHFRQ
HOWLHPSRSXHGDQJHVWLRQDUORV\GLULJLUORVHQXQDGLUHFFL³QP¡VSRVLWLYD
'HVGHOXHJR0DUFR$XUHOLRQRWXYRIRUPDFL³QFRPRSVLF³ORJRSHURVXVSDODEUDVVRQ
LJXDO GH LPSRUWDQWHV TXH ODV GH FXDOTXLHU P©GLFR 7H SLGH VHU REVHUYDGRU GH WXV SURSLRV
SHQVDPLHQWRV\GHODVDFFLRQHVTXHGLFKRVSHQVDPLHQWRVSURYRFDQ'HG³QGHSURYLHQHQ"
4X© SURSHQVLRQHV FRQWLHQHQ" 6RQ FRQVWUXFWLYRV R GHVWUXFWLYRV" 7H LQYLWDQ D FRPHWHU
HUURUHVRDGRSWDUFRQGXFWDVGHODVTXHGHVSX©VWHDUUHSLHQWHV",GHQWLILFDSDWURQHVDVFRPR
HOHQFXHQWURGHODFDXVD\HOHIHFWR
6³OR DV VH URPSHQ ORV SDWURQHV FRQGXFWXDOHV QHJDWLYRV \ V³OR HQWRQFHV VH SXHGHQ
ORJUDUPHMRUDVHQODYLGDUHDO
GHDEULO
1RKD\SHQDVLQGHOLWR
([SXOVD GH WL HVD RSLQL³Q \ VH VXSULPLU¡ OD TXHMD ߡ6H PH KD LQIDPDGRߢ 6XSULPH
HVWDTXHMD\VHVXSULPLU¡WRGDLQMXULD
0$5&2$85(/,20HGLWDFLRQHV
8QD SDODEUD SXHGH WHQHU GLYHUVRV VLJQLILFDGRV 8QD DFHSFL³Q SXHGH VHU VHYHUD \ RWUD
FRPSOHWDPHQWHLQRFHQWH/DPLVPDSDODEUDSXHGHVHUXQDRIHQVDRVLJQLILFDUߡD\XGDQWHGH
FRFLQDߢ'HOPLVPRPRGRXQDH[SUHVL³QVDUF¡VWLFDGLILHUHGU¡VWLFDPHQWHGHDOJRPRUGD]\
PDOLQWHQFLRQDGR
/D LQWHUSUHWDFL³Q GH XQ FRPHQWDULR R SDODEUD WLHQH PXFKVLPR SHVR (V OD GLIHUHQFLD
HQWUH VHU JUDFLRVR R KHULU D DOJXLHQ /D GLIHUHQFLD HQWUH SURYRFDU XQD SHOHD R TXH GRV
SHUVRQDVVHHQWLHQGDQ
3RU HVR HV PX\ LPSRUWDQWH FRQWURODU ODV SURSHQVLRQHV \ SHUVSHFWLYDV GH QXHVWUDV
LQWHUDFFLRQHV&XDQGRHVFXFKDVRYHVDOJRTX©LQWHUSUHWDFL³QWHSUHFLSLWDVDKDFHU"&X¡O
HVWXLQWHUSUHWDFL³QSRUGHIHFWRGHODVLQWHQFLRQHVGHDOJXLHQP¡V"
6LWHJXVWDUDVHQWLUWHKHULGRRPROHVWRFRQPHQRVIUHFXHQFLDHQWRQFHVDVHJºUDWHGHTXH
WXV LQWHUSUHWDFLRQHV GH OR TXH GLJDQ ORV GHP¡V OR SHUPLWDQ 6L LQILHUHV OR FRUUHFWR HQ ODV
DFFLRQHVGHDOJXLHQRHQVXFHVRVH[WHUQRVVHU¡PXFKRP¡VSUREDEOHTXHWHQJDVODUHDFFL³Q
FRUUHFWD
GHDEULO
/DVRSLQLRQHVVRQߨ
4X©HVODGHVGLFKD"8QDRSLQL³Q4X©VRQODULYDOLGDGODGLVHQVL³QHOUHSURFKH
ODDFXVDFL³QODLPSLHGDGODFKDUODWDQHUD"7RGRHVRVRQRSLQLRQHV\QDGDP¡V\
RSLQLRQHVVREUHFRVDVDMHQDVDODOEHGURFRPRVLVHWUDWDUDGHELHQHV\PDOHV4XH
DOJXLHQOOHYHHVDDFWLWXGDORTXHGHSHQGHGHODOEHGUR\\ROHGR\SDODEUDGHTXHVH
PDQWHQGU¡HQFDOPDVHDFRPRVHDORTXHOHURGHH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
7RGRHOPXQGRWLHQHRSLQLRQHV
&RQVLGHUD WRGDV ODV RSLQLRQHV TXH WLHQHV VREUH HO FOLPD VREUH ORV SULQFLSLRV GH ORV
OLEHUDOHV \ FRQVHUYDGRUHV TXH VL HO FRPHQWDULR GH WDO SHUVRQD IXH JURVHUR R QR VL HUHV
H[LWRVRRQR\DVVXFHVLYDPHQWH&RQVWDQWHPHQWHREVHUYDPRVHOPXQGR\GDPRVQXHVWUD
RSLQL³QGHORTXHYHPRV<FRQIUHFXHQFLDDQXHVWUDRSLQL³QODGHILQHQGRJPDV UHOLJLRVRV
RFXOWXUDOHV ODLGHDGHTXHPHUHFHPRVFLHUWRVSULYLOHJLRVH[SHFWDWLYDV\HQDOJXQRVFDVRV
ODLJQRUDQFLD
b&RQ UD]³Q QRV PROHVWDPRV FRQ WDQWD IUHFXHQFLD < VL SUHVFLQGL©UDPRV GH HVWDV
RSLQLRQHV",QWHQWHPRVHOLPLQDUODV HNNRSWHLQFRUWDURGHUULEDU GHQXHVWUDVYLGDVSDUDTXH
ODVFRVDVVLPSOHPHQWHVHDQ1LEXHQDVQLPDODVVLQLQIOXHQFLDGHQXHVWUDRSLQL³QRMXLFLRV
4XHV³ORVHDQ
GHDEULO
1XHVWUDHVIHUDGHLPSXOVRV
ߡ&RQYLHQHߚGLFHHOPLVPR(SLFWHWRߚDSUHQGHUHODUWHGHGDUVXFRQVHQWLPLHQWRߢ\
HQODSDUWHGHVXOLEURTXHWUDWDGHORVLPSXOVRVߡ&RQYLHQHSRQHUDWHQFL³QHQREUDU
FRQODGHELGDUHVHUYDSDUDPLUDUHOELHQSºEOLFRSDUDFRQVHJXLUORTXHUHVSRQGHDO
P©ULWRGHFDGDFRVDߢ
0$5&2$85(/,20HGLWDFLRQHV
$TXWHQHPRVDOHPSHUDGRUߚHOKRPEUHP¡VSRGHURVRGHOPXQGRFLWDQGRHQVXGLDULROD
VDELGXUD GH XQ DQWLJXR HVFODYR \ SRU OR TXH VDEHPRV 0DUFR $XUHOLR SXGR KDEHU
FRQVHJXLGR ORV DSXQWHV GH ODV FODVHV GH (SLFWHWR GLUHFWDPHQWH GH XQR GH VXV DQWLJXRV
DOXPQRV (Q HO IRQGR HVD VDELGXUD VH FHQWUDED HQ OD UHQGLFL³Q \ HQ DFWXDU SDUD HO ELHQ
FRPºQ HQ ORV OPLWHV GH QXHVWUR SRGHU \ OD LPSRUWDQFLD GH FRQWURODU QXHVWURV LPSXOVRV
DOJRTXHWRGDSHUVRQDFRQDXWRULGDGGHEHUDVDEHU
3DUHFHTXHHVSRFRIUHFXHQWHTXHHOSRGHU\ODIDOWDGH©OHQWUHQHQODPLVPD³UELWDSHUR
FXDQGRORKDFHQSXHGHQFDPELDUHOPXQGR3HQVHPRVTXHHOSUHVLGHQWH$EUDKDP/LQFROQ
FRQRFL³ VH HVFULEL³ \ DSUHQGL³ GH )UHGHULFN 'RXJODVV RWUR DQWLJXR HVFODYR GH XQD
LQWHOLJHQFLD\SHUFHSFL³QFRQVLGHUDEOHV
(QWRGRFDVRHVRVKRPEUHVYLYLHURQFXPSOLHQGRORVSULQFLSLRVDTXH[SUHVDGRVTXHHQ
QXHVWUDYLGD\DVHDTXHVHDPRVPX\SRGHURVRVRORFRQWUDULRHVSUHFLVRGDUFDELGDDOR
TXHSXHGDVXFHGHU\GDUOHLPSRUWDQFLDDOELHQFRPºQ\DOYDORUUHDOGHODVFRVDV<VREUH
WRGR HVWDU GLVSXHVWRV D DSUHQGHU GH FXDOTXLHUD VLQ LPSRUWDU FX¡O VHD VX VLWXDFL³Q HQ OD
YLGD
GHDEULO
/RYHUGDGHUDPHQWHEXHQRHVVHQFLOOR
&X¡OVHDODQDWXUDOH]DGHDTXHOODVFRVDVTXHHQHOFRQFHSWRGHOYXOJRVHHVWLPDQ
FRPRELHQHVSRGU¡VFROHJLUORGHHVWRTXHWHGLU©DKRUD
6XSRQJDPRV TXH XQ KRPEUH UHSXWH SRU YHUGDGHURV ELHQHV FLHUWDV FRVDV
H[LVWHQWHV FRPR OD VDELGXUD OD WHPSODQ]D OD MXVWLFLD OD IRUWDOH]D 'HVSX©V GH
KDEHU KHFKR GH DQWHPDQR HO GHELGR FRQFHSWR GH HVWDV YLUWXGHV QR SRGUD ©O RU
DTXHOYHUVRߡ3RVHHWDQWDVULTXH]DVߨߢ
0$5&2$85(/,20HGLWDFLRQHV
(V WDQ FRQWURYHUWLGR GHFLU TXH SRU XQ ODGR KD\ FRVDV TXH OD JHQWH YDORUD \ WH SUHVLRQD
SDUDTXHWDPEL©QYDORUHV \SRURWURFRVDVTXHUHDOPHQWHVRQEXHQDV"2FXHVWLRQDUVLOD
IDPD\ODIRUWXQDVRQWRGRORTXHVHGLFHGHHOODV"&RPR6©QHFDREVHUY³HQ+©UFXOHVHQHO
(WD
b2KVLVHDEULHUDQORVSHFKRVGHORVULFRV
bTX©JUDQGHVPLHGRVVXHOHYDGDIRUWXQDOHYDQWDHQVXLQWHULRU>@
(Q HO WUDQVFXUVR GH ORV VLJORV ODV SHUVRQDV KDQ DVXPLGR TXH OD ULTXH]D HV XQ W³QLFR
PDUDYLOORVR TXH OR FXUD WRGR OD LQIHOLFLGDG \ ORV SUREOHPDV 'H OR FRQWUDULR SRU TX©
WUDEDMDUWDQWRSDUDFRQVHJXLUOR"6LQHPEDUJRXQDYH]TXH\DWHQDQHOGLQHUR\HOHVWDWXV
TXHDQVLDEDQGHVFXEUDQTXHQRHUDFRPRHVSHUDEDQ3DVDORPLVPRFRQWDQWDVFRVDVDODV
TXHDVSLUDPRVVLQPHGLWDUORELHQ
3RU RWUD SDUWH HO ߡELHQߢ SRU HO TXH DERJDEDQ ORV HVWRLFRV HV PXFKR P¡V VHQFLOOR \
GLUHFWR VDELGXUD FRQWURO GH XQR PLVPR MXVWLFLD YDORU 4XLHQ ORJUD HVWDV YLUWXGHV
GLVFUHWDVQRSDGHFHHOUHPRUGLPLHQWRGHOFRPSUDGRU
GHDEULO
1RWHGLVWUDLJDV
&XDQGR UHODMHV XQ PRPHQWR OD DWHQFL³Q QR WH SLHQVHV TXH OD UHFXSHUDU¡V FXDQGR
TXLHUDVVLQRWHQDPDQRTXHSRUHOHUURUGHKR\SRUIXHU]DWXVDVXQWRVLU¡QSHRU
HQ OR GHP¡Vߨ (V SRVLEOH TXH XQR \D QR VH HTXLYRTXH" ,PSRVLEOH SHUR V HV
SRVLEOH WHQGHU FRQVWDQWHPHQWH D QR HTXLYRFDUVH 3XHV VHUD GHVHDEOH TXH VLQ
UHODMDUQXQFDHVWDDWHQFL³QTXHG¡UDPRVDSDUWHDOPHQRVGHXQRVSRFRVHUURUHV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(QVXOLEUR$WHQFL³QSOHQDHOSRGHUGHODFRQFHQWUDFL³Q:LQLIUHG*DOODJKHUFLWDD'DYLG
0H\HUFLHQWILFRFRJQLWLYRGHOD8QLYHUVLGDGGH0LFKLJDQߡ(LQVWHLQQRLQYHQW³ODWHRUD
GHODUHODWLYLGDGPLHQWUDVWUDEDMDEDVLPXOW¡QHDPHQWHHQGLIHUHQWHVWDUHDVHQODRILFLQDVXL]D
GH SDWHQWHVߢ )XH GHVSX©V FXDQGR UHDOPHQWH WXYR WLHPSR SDUD FHQWUDUVH \ HVWXGLDU /D
DWHQFL³Q HV LPSRUWDQWH \ HQ XQD ©SRFD HQ OD TXH FDGD QXHYD DSOLFDFL³Q S¡JLQD ZHE
DUWFXOROLEURWXLW\SRVWVHSHOHDQSRUQXHVWUDDWHQFL³QVXYDORUKDDXPHQWDGR
(QSDUWH(SLFWHWRGLFHTXHODDWHQFL³QHVXQK¡ELWR\TXHODGLVWUDFFL³QIRPHQWDPDORV
K¡ELWRV\GDSLHDORVHUURUHV
1XQFD FRPSOHWDU¡V WRGDV WXV ODERUHV VL SHUPLWHV TXH FDGD LQWHUUXSFL³Q PQLPD WH
GLVWUDLJD7XDWHQFL³QHVXQRGHWXVUHFXUVRVP¡VLPSRUWDQWHVb1RODGHVSHUGLFLHV
GHDEULO
/RVLQGLFLRVGHXQDSHUVRQDUDFLRQDO
+H DTX ODV FDUDFWHUVWLFDV GHO DOPD UDFLRQDO VH YH D V PLVPD VH DQDOL]D D V
PLVPD VH DPROGD FXDO HOOD TXLHUH 5HFRJH HOOD PLVPD HO IUXWR TXH SURGXFHߨ (OOD
DOFDQ]DߨVXW©UPLQRSURSLR
0$5&2$85(/,20HGLWDFLRQHV
3DUDVHUUDFLRQDOKR\WHQHPRVTXHKDFHUV³ORWUHVFRVDV
3ULPHURGHEHPRVPLUDUDOLQWHULRU
6HJXQGRGHEHPRVH[DPLQDUQRVFRQRMRFUWLFR
3RU ºOWLPR GHEHPRV WRPDU QXHVWUDV SURSLDV GHFLVLRQHV VLQ OD LQWHUIHUHQFLD GH
SURSHQVLRQHVQLQRFLRQHVSRSXODUHV
GHDEULO
/DPHQWHHVWRGDWX\D
7UHVVRQORVHOHPHQWRVGHTXHKDVVLGRIRUPDGRFXHUSRHVSULWXLQWHOLJHQFLD/RV
GRVSULPHURVVRQWX\RVHQFXDQWRFRQYLHQHTXHORVFXLGHVV³ORHOWHUFHURHVWX\R
SURSLR
0$5&2$85(/,20HGLWDFLRQHV
8QD HQIHUPHGDG SXHGH FDXVDU HVWUDJRV HQ HO FXHUSR SXHGHV VXIULU XQD OHVL³Q R TXHGDU
GLVFDSDFLWDGR HQ XQ DFFLGHQWH UHSHQWLQR 3XHGHQ DSUHVDUWH R WRUWXUDUWH 3XHGHV UHVSLUDU HO
ºOWLPRDOLHQWRSRUTXHWHKDOOHJDGRODKRUDRSRUTXHDOJXLHQWHORKDTXLWDGR/DUHVSLUDFL³Q
SXHGHH[DOWDUVHSRUHVIXHU]RH[FHVLYRRDOJXQDHQIHUPHGDG3HURKDVWDHOILQDOODPHQWHHV
QXHVWUD
1R TXLHUH GHFLU TXH ODV RWUDV GRV SDUWHV GH OD YLGD TXH 0DUFR $XUHOLR PHQFLRQD ߚ
FXHUSR \ HVSULWXߚ QR LPSRUWHQ SHUR VRQ PHQRV ߡQXHVWUDVߢ TXH OD PHQWH 1R GHGLFDUDV
PXFKR WLHPSR D DUUHJODU XQD FDVD TXH UHQWDV R V" 1XHVWUD PHQWH HV QXHVWUD DV GH
VLPSOH$VHJXU©PRQRVGHWUDWDUODELHQ
GHDEULO
8QXVRSURGXFWLYRSDUDHORGLR
,JXDO TXH VH WLHQH LGHD GH OR TXH VRQ ODV YLDQGDV FRFLGDV \ RWURV DOLPHQWRV
VHPHMDQWHV DO GHFLU TXH HVWR HV XQ FDG¡YHU GH SHVFDGR DTXHOOR XQ FDG¡YHU GH
S¡MDURRGHOHFK³QRWDPEL©QTXHHOIDOHUQRQRHVP¡VTXHHOMXJRGHXQJ©QHURGH
XYDODWRJDSUHWH[WDODQDGHRYHMDWH±LGDHQVDQJUHGHPDULVFR\SRUORUHVSHFWLYR
DOSODFHUGHODPRUTXHQRHV©VWHP¡VTXHXQFRQWDFWRGHQHUYLRV\H[FUHFL³QGHO
KXPRUDFRPSD±DGRGHXQDFRQYXOVL³QLJXDOTXHHVWDVLGHDVDOFDQ]DQGHOOHQRORV
PLVPRV REMHWRV \ SHQHWUDQ HQ VX LQWHULRU GH VX VXHUWH TXH VH YH OR TXH VRQ HQ
UHDOLGDGGHOPLVPRPRGRFRQYLHQHREUDUHQWRGRHOGLVFXUVRGHODYLGD
0$5&2$85(/,20HGLWDFLRQHV
+D\ XQ HMHUFLFLR HVWRLFR TXH ELHQ SRGUD GHVFULELUVH FRPR H[SUHVL³Q GHVSHFWLYD /RV
HVWRLFRV HPSOHDQ XQ OHQJXDMH FDVL FQLFR SDUD GHVFRPSRQHU DOJXQDV GH ODV FRVDV P¡V
FRGLFLDGDV\OXMRVDVGHODYLGD(VHOFDVRGHODH[SUHVL³QGH0DUFR$XUHOLRVREUHHODPRU
SRU TX© GLUD DOJR DV" %LHQ VL WH WRPDV XQ PRPHQWR SDUD SHQVDU HQ HO DPRU FRQ HVD
SHUVSHFWLYD DEVXUGD HV PHQRV SUREDEOH TXH SDVHV SHQXULDV EXVF¡QGROR (V KDFHU XQ
FRQWUDSHVRDODSURSHQVL³QQDWXUDOTXHWHQHPRVKDFLDDOJRTXHVHVLHQWHELHQ
3RGHPRV HPSOHDU HVWD PLVPD SHUVSHFWLYD SDUD PXFKDV FRVDV TXH OD JHQWH YDORUD 3RU
HMHPSOR LPDJLQD D OD SHUVRQD GH HVD IRWR TXH FDXVD HQYLGLDV HQ ODV UHGHV VRFLDOHV
SUHSDU¡QGROD FRQ HVPHUR 'HVHDV XQ DVFHQVR ODERUDO LPSRUWDQWH" 3LHQVD HQ ODV YLGDV GH
ORVTXHVXSXHVWDPHQWHVRQH[LWRVRVDºQORTXLHUHV"6LHPSUHDPELFLRQDPRVP¡VGLQHUR\
QR GHVSUHQGHUQRV GH ©O SHUR VL SHQVDPRV TXH HVW¡ UHSOHWR GH EDFWHULDV \ PXJUH" (VD
SHUVRQDKHUPRVD\SHUIHFWDDTXLHQDGPLUDVGHVGHOHMRVVLHVW¡VROWHUDHVSRUTXHDOJXLHQ
GHEL³KDEHUODGHMDGR"SRUTXHGHEHWHQHUDOJRPDOR
(VWH HMHUFLFLR QR WH FRQYHUWLU¡ HQ FQLFR SHUR V WH SURSRUFLRQDU¡ XQ SRFR GH OD WDQ
QHFHVDULDREMHWLYLGDG
GHDEULO
1RWLHQHQDGDGHPDORHTXLYRFDUVH
6L DOJXLHQ SXGLHVH FRQYHQFHUPH \ KDFHUPH SDWHQWH TXH QR SLHQVR QL REUR
UHFWDPHQWH GH JUDGR FDPELDUD PL FRQGXFWD %XVFR OD YHUGDG TXH QR KD GD±DGR
QXQFD D QLQJXQR TXH HV GD±DUVH SRU HO FRQWUDULR REVWLQDUVH HQ VX HUURU \ HQ VX
LJQRUDQFLD
0$5&2$85(/,20HGLWDFLRQHV
8QDYH]DOJXLHQLQWHQW³GLVFXWLUFRQHOILO³VRIR&LFHU³QFLWDQGRDOJRTXH©OPLVPRKDED
GLFKRRHVFULWR'LFKDSHUVRQDDVHJXUDEDTXH&LFHU³QDILUPDEDXQDFRVDHQHVHPRPHQWR
SHUR TXH HQ HO SDVDGR KDED FUHGR RWUD 6X UHVSXHVWD IXH ߡ1RVRWURV SRU HO FRQWUDULR
YLYLPRVHOGDDGD\GHFLPRVWRGRORTXHJROSHDQXHVWUDPHQWHSRUVXSUREDELOLGDG\SRU
HVDUD]³QVRPRVORVºQLFRVOLEUHVߢ>'LVSXWDFLRQHVWXVFXODQDV@
$QDGLHGHEHUDDYHUJRQ]DUOHFDPELDUGHSDUHFHUSDUDHVRHVODPHQWH6HJºQ(PHUVRQ
ߡ/D FRKHUHQFLD QHFLD HV HO GXHQGH GH ODV PHQWHV SHTXH±DV DGRUDGR SRU ORV SHTXH±RV
GLULJHQWHVILO³VRIRV\WH³ORJRVߢ3RUHVRQRVHVIRU]DPRVWDQWRSRUDSUHQGHU\HPSDSDUQRV
GH VDELGXUD 6HUD YHUJRQ]RVR VL QR SXGL©UDPRV GHVFXEULU TXH HQ HO SDVDGR QRV
HTXLYRFDPRV
5HFXHUGD HUHV OLEUH &XDQGR DOJXLHQ VH±DOH XQ GHIHFWR OHJWLPR HQ WXV SULQFLSLRV R
DFFLRQHVQRWHHVW¡FULWLFDQGR(VW¡SUHVHQWDQGRXQDPHMRUDOWHUQDWLYDb$F©SWDOD
GHDEULO
(QHOHQWUHQDPLHQWRSDVDQFRVDV
(QORVHMHUFLFLRVJLPQ¡VWLFRVDOJXQRDQRGXGDUORQRVKDEU¡DUD±DGRFRQVXVX±DV
RHFK¡QGRVHQRVHQFLPDQRVKDEU¡DUUHPHWLGRFRQODFDEH]D3HURQLORGDPRVD
HQWHQGHUQLQRVRIHQGHPRVQLOHFDOLILFDPRVHQORVXFHVLYRGHWUDLGRU&LHUWDPHQWH
QRVJXDUGDPRVGH©OSHURQRFRPRGHXQHQHPLJRQLFRQGHVFRQILDQ]DVLQRTXHOH
KXUWDPRVHOFXHUSRFRQ¡QLPREHQ©YROR$VVXFHGDDSUR[LPDGDPHQWHHQODVRWUDV
FR\XQWXUDV GH OD YLGD 1R SDUHPRV PLHQWHV HQ PXFKDV FRVDV TXH KDFHQ DTXHOORV
KRPEUHV TXH VRQ SRU GHFLUOR DV QXHVWURV FRPSD±HURV GH JLPQDVLR (V SRVLEOH
HIHFWLYDPHQWHFRPRGHFDHVTXLYDUORVVLQRGLDUORVQLWHQHUORVSRUVRVSHFKRVRV
0$5&2$85(/,20HGLWDFLRQHV
6L FRQVLGHUDPRV TXH WRGRV ORV GDV \ VLWXDFLRQHV VRQ XQD HVSHFLH GH HMHUFLFLR GH
HQWUHQDPLHQWR GH UHSHQWH SDUHFH TXH QRV LQYROXFUDPRV PHQRV 'H UHSHQWH HUHV P¡V
JHQHURVR D OD KRUD GH LQWHUSUHWDU WXV HUURUHV \ ORV DMHQRV 6LQ GXGD HV XQD DFWLWXG P¡V
UHVLOLHQWHTXHILQJLUTXHHQFDGDHQFXHQWURQRVMXJDPRVHOFDPSHRQDWR
&XDQGR UHFLEDV XQ FRGD]R R XQ JROSH LQMXVWR VDFºGHWH HO GRORU \ UHFXHUGD (VWR\
DSUHQGLHQGR0LVSDUULQJWDPEL©QHVW¡DSUHQGLHQGR/RVGRVHVWDPRVSUDFWLFDQGRHVWRGR
/RFRQR]FRXQSRFRP¡V\DSDUWLUGHPLUHDFFL³QWDPEL©Q©OPHFRQRFHU¡XQSRFRP¡V
GHDEULO
'DOHODYXHOWD
'D XQD YXHOWD DO FXHUSR FRQW©PSODOR FXDO HV GH VX\R \ F³PR VHU¡ FXDQGR KD\D
HQYHMHFLGRHQIHUPDGRPXHUWR
&RUWDHVODYLGDGHTXLHQDODED\GHTXLHQHVDODEDGRGHTXLHQVHDFXHUGDGH
DOJXLHQ\GHTXLHQHVUHFRUGDGR$GHP¡VDFRQWHFHHVWRHQXQULQF³QGHOPXQGR\
DXQ DOO QR ORJUDQ SRQHUVH WRGRV GH DFXHUGR QL VLTXLHUD XQR VROR VXHOH LU DFRUGH
FRQVLJRPLVPRb<WRGDODWLHUUDQRHVP¡VTXHXQSXQWR
0$5&2$85(/,20HGLWDFLRQHV
(O HVWRLFLVPR VH UHILHUH D PLUDU ODV FRVDV GHVGH WRGRV ORV ¡QJXORV HV P¡V I¡FLO HQWHQGHU
FLHUWDV FLUFXQVWDQFLDV GHVGH GLVWLQWDV SHUVSHFWLYDV (Q VLWXDFLRQHV SRVLEOHPHQWH QHJDWLYDV
XQD PLUDGD REMHWLYD LQFOXVR VXSHUILFLDO SRGUD VHU VXSHULRU (VD GLVSRVLFL³Q SRGUD
SHUPLWLUQRV YHU ODV FRVDV FRQ PD\RU FODULGDG VLQ H[SORUDU GHPDVLDGR OR TXH SXHGHQ
UHSUHVHQWDURVXVSRVLEOHVFDXVDV(QRWURVFDVRVHQSDUWLFXODUDTXHOORVTXHLPSOLFDQDOJR
LPSUHVLRQDQWHRGLJQRGHHORJLRVXQDDODEDQ]DEDVDGDHQODVH[SUHVLRQHVGHVSHFWLYDVHV
ºWLO$OH[DPLQDUODVVLWXDFLRQHVGHVGHGHQWUR©VWDVQRVSXHGHQLQWLPLGDURLQIOXLUPHQRV
6L H[SORUDV WX WHPRU D OD PXHUWH R HO ROYLGR TX© HQFRQWUDU¡V" 6L OH GDV OD YXHOWD D
DOJXQDFHUHPRQLDOXMRVDTX©HQFRQWUDU¡V"
GHDEULO
/DVQHFHVLGDGHVWHFRQYLHUWHQHQVLUYLHQWH
7¡QWDOR6HWUDWDGHSRGHUVXSUHPR
7LHVWHV1DGDYDOHVLQRWLHQHVQLQJXQDDPELFL³Q
61(&$7LHVWHV
(QHOPXQGRPRGHUQRQXHVWURVHQFXHQWURVFRQODWLUDQDVRQXQSRFRP¡VYROXQWDULRVTXH
HQ ORV WLHPSRV DQWLJXRV 6RSRUWDPRV D QXHVWUR MHIH FRQWURODGRU DXQTXH TXL]¡ SRGUDPRV
FDPELDUGHWUDEDMRVLTXLVL©UDPRV&DPELDPRVQXHVWURHVWLORDOYHVWLURQRVDEVWHQHPRVGH
GHFLU OR TXH SHQVDPRV SRUTXH TXHUHPRV SHUWHQHFHU D DOJºQ JUXSR TXH FRQVLGHUDPRV
LQWHUHVDQWH$JXDQWDPRVDFUWLFRVRFOLHQWHVFUXHOHVSRUTXHTXHUHPRVTXHQRVGHQVXYLVWR
EXHQR(QHVWRVFDVRVVXSRGHUH[LVWHSRUQXHVWUDVQHFHVLGDGHV6LORFDPELDVVHU¡VOLEUH
(QRFDVLRQHVHOGHVDSDUHFLGRIRW³JUDIRGHPRGD%LOO&XQQLQJKDPVHQHJDEDDFREUDUD
ODVUHYLVWDVSRUVXWUDEDMR&XDQGRXQMRYHQDGYHQHGL]ROHSUHJXQW³ODUD]³QODUHVSXHVWD
GH&XQQLQJKDPIXH©SLFDߡ&KLFRVLQRDFHSWDVGLQHURQRSXHGHQGHFLUWHTX©KDFHUߢ
5HFXHUGD DFHSWDU GLQHUR TXHUHUOR ߚGH PDQHUD SURYHUELDO R OLWHUDOߚ WH FRQYLHUWH HQ
VLUYLHQWH GH ODV SHUVRQDV TXH OR WLHQHQ &RPR GLFH 6©QHFD OD LQGLIHUHQFLD DQXOD HO SRGHU
VXSUHPRSRUORPHQRVHQORTXHVHUHILHUHDWXYLGD
GHDEULO
6DFXGHHOSROYRGHODYLGD
$EUD]D FRQ OD PLUDGD HO FXUVR GH ORV DVWURV FRPR TXLHQ HYROXFLRQD FRQ HOORV \
FRQVLGHUD VLQ FHVDU ODV PXWXDV FRQYHUVLRQHV GH ORV HOHPHQWRV (VWDV
FRQVLGHUDFLRQHVSXULILFDQGHODVP¡FXODVGHHVWDYLGDWHUUHVWUH
0$5&2$85(/,20HGLWDFLRQHV
(VFDVLLPSRVLEOHPLUDUODVHVWUHOODV\QRVHQWLUDOJR&RPRKDH[SOLFDGRHOFRVP³ORJR1HLO
GH*UDVVH7\VRQHOFRVPRVQRVSURYRFDHPRFLRQHVFRPSOHMDV3RUXQDSDUWHVHQWLPRVXQD
LQVLJQLILFDQFLD LQILQLWHVLPDO FXDQGR QRV FRPSDUDPRV FRQ HO XQLYHUVR YDVWR SRU RWUD XQD
FRQH[L³QH[WUHPDFRQHVWHWRGRWDQLQPHQVR
4XHGDFODURTXHGDGRTXHKDELWDPRVQXHVWURVFXHUSRVDGLDULRHVWHQWDGRUSHQVDUTXH
VRQ OR P¡V LPSRUWDQWH GHO PXQGR 6LQ HPEDUJR FRQWUDUUHVWDPRV HVD SURSHQVL³Q DO
FRQWHPSODUODQDWXUDOH]DFRVDVP¡VJUDQGHVTXHQRVRWURV8QDIUDVHGH6©QHFDTXHVHKD
FRQYHUWLGRHQSURYHUELRWDPEL©QH[SUHVDODSHUFHSFL³QGH0DUFR$XUHOLR0XQGXVLSVHHVW
LQJHQV GHRUXP RPQLXP WHPSOXP ߡ(Q HO WHPSOR GH ORV 'LRVHV TXH HV HO PXQGRߢ
>(SVWRODVPRUDOHV@
0LUDUODKHUPRVDH[WHQVL³QGHOFLHORHVXQDQWGRWRIUHQWHDODPH]TXLQGDGSHUVLVWHQWH
GH ODV SUHRFXSDFLRQHV WHUUHQDOHV < HV EXHQR \ DOHFFLRQDGRU SHUGHUWH HQ HOOD WDQWR FRPR
SXHGDV
GHDEULO
4X©FRLQFLGHFRQWXFDU¡FWHU"
&DGD XQR H[SHULPHQWD GH PRGR GLVWLQWR OR UD]RQDEOH \ OR LUUDFLRQDO LJXDO TXH OR
EXHQR\ORPDOR\TXHORFRQYHQLHQWH\ORLQFRQYHQLHQWHVDHVODUD]³QSULQFLSDOGH
TXHQHFHVLWHPRVODHGXFDFL³QTXHDSUHQGDPRVDDGDSWDUGHPRGRDFRUGHFRQOD
QDWXUDOH]DHOFRQFHSWRUD]RQDEOHHLUUDFLRQDODORVFDVRVSDUWLFXODUHV
3DUD MX]JDU OR UD]RQDEOH \ OR LUUDFLRQDO FDGD XQR GH QRVRWURV QRV VHUYLPRV QR
V³OR GHO YDORU GH ODV FRVDV H[WHUQDV VLQR WDPEL©Q GH QXHVWUD SURSLD GLJQLGDG
SHUVRQDO
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(VVHQFLOORHVWDUDEVRUWRVHQQXHVWUDVRSLQLRQHVGHODVFRVDV(VFRPRVLQRVDSHJ¡UDPRVD
JXLRQHV LQYLVLEOHV \ VLJXL©UDPRV LQVWUXFFLRQHV R SDWURQHV TXH QL VLTXLHUD HQWHQGHPRV
&XDQWRP¡VFXHVWLRQHVHVWRVJXLRQHV\FXDQWRP¡VORVVRPHWDVDODULJXURVDSUXHEDGHWX
HGXFDFL³QP¡VVHU¡VWXSURSLDEUºMXOD7HQGU¡VLGHDVILUPHVSURSLDVTXHQROHSHUWHQHFHQ
DQDGLHP¡V
(O FDU¡FWHU HV XQD GHIHQVD HORFXHQWH HQ XQ PXQGR DO TXH OH HQFDQWDUD VHGXFLUWH
FRPSUDUWHWHQWDUWH\FDPELDUWH6LVDEHVORTXHFUHHV\SRUTX©ORFUHHVHYLWDU¡VUHODFLRQHV
YHQHQRVDV WUDEDMRV W³[LFRV DPLJRV LQWHUHVDGRV \ XQD VHULH GH PDOHV TXH DTXHMDQ D ODV
SHUVRQDV TXH QR KDQ UHIOH[LRQDGR VREUH VXV SUHRFXSDFLRQHV P¡V SURIXQGDV (V WX
HGXFDFL³QSRUHVRF©QWUDWHHQHVDODERU
6HJXQGD SDUWH
/D GLVFLSOLQD GH OD DFFL³Q
0D\R
ߧ
$FFLRQHVFRQFUHWDV
GHPD\R
4XHWXFDU¡FWHUVHDWXGHFODUDFL³QGHSULQFLSLRV
3XHVHOILORVRIDUQRSDUHFHTXHVHDRWUDFRVDVLQREXVFDUGHSDODEUD\OOHYDUDFDER
GHREUDORTXHHVDGHFXDGR\FRQYHQLHQWH
08621,258)2'LVHUWDFLRQHV
8QPRQMHVHYLVWHFRQWºQLFD8QVDFHUGRWHVHSRQHHOFXHOOR8QEDQTXHURVHSRQHXQWUDMH
FRVWRVR \ FDUJD XQ SRUWDIROLR 8Q HVWRLFR QR WLHQH XQLIRUPH \ QR WLHQH XQD LPDJHQ
HVWHUHRWSLFD1RVHOHLGHQWLILFDSRUHODVSHFWRODYLVWDQLHOVRQLGR
/DºQLFDIRUPDGHUHFRQRFHUOR"3RUVXFDU¡FWHU
GHPD\R
6©ODSHUVRQDTXHTXLHUHVVHU
(QSULPHUOXJDUGLWHDWLPLVPRTXL©QTXLHUHVVHU<OXHJRGHDFXHUGRFRQHVRKD]
ORTXHKDFHV<HVTXHHQFDVLWRGDVODVGHP¡VFRVDVYHPRVTXHVXFHGHDV/RV
DWOHWDVGHFLGHQSULPHURTXL©QHVTXLHUHQVHU\OXHJRGHDFXHUGRFRQHVRREUDQHQ
FRQVHFXHQFLD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(VPX\LPSUREDEOHTXHXQDUTXHUROHG©DXQEODQFRDOTXHQRDSXQW³3DVDORPLVPRHQWX
FDVR 6LQ LPSRUWDU WX REMHWLYR VHJXUR IDOODU¡V VL QR WH PROHVWDV HQ DSXQWDU \ GLVSDUDU
1XHVWUDVSHUFHSFLRQHV\SULQFLSLRVQRVJXDQSDUDHOHJLUORTXHTXHUHPRVSHURHQºOWLPD
LQVWDQFLDQXHVWUDVDFFLRQHVGLFWDQVLORFRQVHJXLUHPRVRQR
$V TXH GHGLFD WLHPSR ߚUHDO LQLQWHUUXPSLGRߚ D SHQVDU TX© HV LPSRUWDQWH SDUD WL
FX¡OHV VRQ WXV SULRULGDGHV 'HVSX©V HVP©UDWH HQ HOOR \ UHQXQFLD D OR GHP¡V 1R HV
VXILFLHQWHDQKHODUORGHEHVDFWXDU\KDFHUORDGHFXDGDPHQWH
GHPD\R
'HPXHVWUDORTXHVDEHVQRORFXHQWHV
/RV TXH KDQ UHFLELGR ORV SUHFHSWRV SHODGRV TXLHUHQ YRPLWDUORV LQPHGLDWDPHQWH
FRPR ORV HQIHUPRV GHO HVW³PDJR HO DOLPHQWR 3ULPHUR GLJL©UHORV \ OXHJR QR ORV
YRPLWHV DV 6L QR VH WUDQVIRUPDU¡Q GH YHUGDG HQ Y³PLWR FRVD LPSXUD H
LQFRPHVWLEOH 3RU HO FRQWUDULR D SDUWLU GH KDEHUORV GLJHULGR PX©VWUDQRV DOJºQ
FDPELRHQWXUHJHQWHFRPRORVDWOHWDVORVKRPEURVVHJºQVHHMHUFLWDURQ\FRPLHURQ
FRPRORVTXHKDQUHFLELGRODVDUWHVVHJºQORTXHDSUHQGLHURQ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(V I¡FLO UHFRUGDU PXFKRV GH ORV DIRULVPRV GH ORV HVWRLFRV LQFOXVR DO FLWDUORV VXHQDQ
LQWHOLJHQWHV 6LQ HPEDUJR OD ILORVRID QR VH WUDWD GH HVR 6X REMHWLYR HV FRQYHUWLU HVDV
SDODEUDV HQ REUDV 3DUD 0XVRQLR 5XIR OD MXVWLILFDFL³Q GH OD ILORVRID HV FXDQGR ߡ>HO
DOXPQR@ SUHVHQWD REUDV DFRUGHV FRQ ORV UD]RQDPLHQWRV TXH DFHSW³ \ HUDQ FRUUHFWRVߢ
>'LVHUWDFLRQHV@
+R\RHQFXDOTXLHUPRPHQWRFXDQGRWHGHVFXEUDVGHVHDQGRLPSDUWLUFRQRFLPLHQWRGH
IRUPD FRQGHVFHQGLHQWH SUHJºQWDWH (VWDU© PHMRU KDEODQGR R SHUPLWLHQGR TXH PLV
DFFLRQHV\HOHFFLRQHVLOXVWUHQHVHFRQRFLPLHQWR"
GHPD\R
/RYHUGDGHUDPHQWHLPSUHVLRQDQWH
b&X¡QWR P¡V JORULRVR HO EHQHILFLDU D PXFKRV TXH HO YLYLU VXQWXRVDPHQWH b&X¡QWR
P¡VKRQHVWRJDVWDUHQORVKRPEUHVTXHHQPDGHUDV\SLHGUDV
08621,258)2'LVHUWDFLRQHV
3LHQVDWRGRORTXHVDEHVGHOHVWLORGHYLGDGHORVULFRV\IDPRVRVVWHFRPSU³XQDFDVDGH
PLOORQHV GH G³ODUHV $TX©O YLDMD FRQ VX SURSLR SHOXTXHUR 7DO RWUR WLHQH XQ WLJUH R XQ
HOHIDQWHGHPDVFRWD
/RV PLVPRV UXPRUHV \ PDOD IDPD HUDQ SRSXODUHV HQ OD ©SRFD URPDQD $ FLHUWRV
URPDQRV VH OHV FRQRFD SRU ORV PLOHV GH VHVWHUFLRV TXH JDVWDEDQ HQ HVWDQTXHV NRL2WURV
WHQDQ PDOD IDPD SRU ODV RUJDV \ EDQTXHWHV VXQWXRVRV TXH RUJDQL]DEDQ /DV REUDV GH
SRHWDVURPDQRVFRPR-XYHQDO\0DUFLDOHVW¡QOOHQDVGHUXPRUHVGHHVWHWLSR
(Q ºOWLPD LQVWDQFLD DO JDVWDUORV DGLQHUDGRV \ RVWHQWRVRV REWLHQHQ OR TXH TXLHUHQ VX
UHSXWDFL³Q b3HUR TX© VXSHUIOXD (Q VHULR HV WDQ LPSUHVLRQDQWH JDVWDU JDVWDU \ JDVWDU"
'DGRVORVIRQGRVTXL©QQRSRGUDKDFHUOR"
9DOLHQWHPHQWH0DUFR$XUHOLRYHQGL³DOJXQRVPXHEOHVLPSHULDOHVSDUDVDOGDUGHXGDVGH
ODJXHUUD0¡VUHFLHQWHPHQWH-RV©0XMLFDH[SUHVLGHQWHGH8UXJXD\GHVWDF³SRUGRQDU
SRUFLHQWRGHVXVDODULRSUHVLGHQFLDODODEHQHILFHQFLD\PDQHMDUHOPLVPRFRFKHGHVGHKDFH
D±RV 4XL©Q SXHGH KDFHU HVWH WLSR GH JHVWRV" 1R WRGRV $V TXH TXL©Q HV P¡V
LPSUHVLRQDQWH"
GHPD\R
7ºHUHVHOSUR\HFWR
/D PDWHULD GHO KRPEUH EXHQR \ KRQUDGR HV VX SURSLR UHJHQWH HO FXHUSR HV OD
PDWHULDGHOP©GLFR\GHOPDVDMLVWDHOFDPSRORHVGHOFDPSHVLQR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/RVSURIHVLRQLVWDVQRWLHQHQTXHMXVWLILFDUHOWLHPSRTXHOHGHGLFDQDIRUPDUVHRSUDFWLFDU
VX WUDEDMR $ HVR VH GHGLFDQ \ PHMRUDQ FRQ OD SU¡FWLFD /D PDWHULD SULPD YDUD VHJºQ OD
FDUUHUD DV FRPR OD XELFDFL³Q \ GXUDFL³Q GHO HQWUHQDPLHQWR YDUD VHJºQ OD SHUVRQD \
SURIHVL³Q 6LQ HPEDUJR XQD FRQVWDQWH HV F³PR VH WUDEDMD HVD PDWHULD ODV PHMRUDV
JUDGXDOHV\ODKDELOLGDG
6HJºQORVHVWRLFRVODPHQWHHVHOELHQTXHGHEHVWUDEDMDUP¡V\HQWHQGHUPHMRU
GHPD\R
/DUHFWLWXGHVKHUPRVD
(QWRQFHV TX© KDFH DO KRPEUH KHUPRVR"ߨ 1R VHU¡ OD SUHVHQFLD GH OD YLUWXG
SURSLD GHO KRPEUH" $V TXH WDPEL©Q Wº VL TXLHUHV VHU KHUPRVR PXFKDFKR
HVIX©U]DWHHQHVRHQODYLUWXGKXPDQD
<FX¡OHV©VD"
ߚ0LUDDTXL©QDODEDVFXDQGRDODEDVDDOJXLHQVLQDSDVLRQDPLHQWR$ORVMXVWRV
RDORVLQMXVWRV"
ߚ$ORVMXVWRV
ߚ$ORVVHQVDWRVRDORVOLFHQFLRVRV"
ߚ$ORVVHQVDWRV
ߚ$ORVFRQWLQHQWHVRDORVLQFRQWLQHQWHV"
ߚ$ORVFRQWLQHQWHV
ߚ3XHVVDEHTXHDOKDFHUWHFRPRXQRGHHOORVWHKDU¡VKHUPRVR\TXHPLHQWUDV
GHVFXLGHV HVR SRU IXHU]D VHU¡V IHR SRU P¡V TXH KDJDV GH WRGR SDUD SDUHFHU
KHUPRVR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DVQRFLRQHVFRQWHPSRU¡QHDVGHODEHOOH]DVRQULGFXODV1XHVWURVHVW¡QGDUHVGHORTXHHV
DWUDFWLYRVRQLQFUHEOHPHQWHDQWLHVWRLFRVSXHVDSUHFLDPRV\HORJLDPRVFRVDVVREUHODVTXH
FDVLQRWHQHPRVFRQWUROS³PXORVPDUFDGRVFRPSOH[L³QDOWXUDPLUDGDSHQHWUDQWH
'H YHUGDG HV KHUPRVR JDQDU OD ORWHUD" 2 GHEHUD OD EHOOH]D GHSHQGHU GH ODV
HOHFFLRQHVDFFLRQHV\DWULEXWRVTXHGHVDUUROODPRV"(VWDELOLGDGXQVHQWLGRGHODMXVWLFLDXQ
FRPSURPLVRFRQHOGHEHUVWRVVRQUDVJRVKHUPRVRV\P¡VSURIXQGRVTXHODVDSDULHQFLDV
+R\ SXHGHV GHVHFKDU WXV SUHMXLFLRV DFWXDU FRQ MXVWLFLD PDQWHQHU OD HVWDELOLGDG
FRQWURODUWHLQFOXVRVLLPSOLFDGHGLFDFL³Q\VDFULILFLR6LHVWRQRHVKHUPRVRHQWRQFHVTX©
ORHV"
GHPD\R
&³PRWHQHUXQEXHQGD
/DGLYLQLGDGSXVRHVWDOH\\GLFHߡ6LTXLHUHVDOJREXHQRW³PDORGHWLPLVPRߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
VWDHVODJDUDQWDGHTXHWHQGU¡VXQEXHQGDKD]FRVDVEXHQDV
&XDOTXLHU RWUD IXHQWH GH DOHJUD HVW¡ IXHUD GH WX FRQWURO R QR HV UHQRYDEOH 3HUR ©VWD
GHSHQGH SRU FRPSOHWR GH WL VLHPSUH \ HV LQWHUPLQDEOH (V OD IRUPD P¡[LPD GH
LQGHSHQGHQFLD
GHPD\R
(OELHQ\HOPDO")MDWHHQWXVHOHFFLRQHV
'³QGH UHVLGH HO ELHQ" (Q HO DOEHGUR '³QGH HO PDO" (Q HO DOEHGUR '³QGH OR
TXHQRHVQLORXQRQLORRWUR"(QORTXHQRGHSHQGHGHODOEHGUR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
+R\ D PHGLGD TXH ODV FRVDV VH GHVDUUROOHQ FXDQGR UHIOH[LRQHV VREUH VX VLJQLILFDGR \
FRQWHPSOHV GLVWLQWDV GHFLVLRQHV UHFXHUGD OD GHFLVL³Q FRUUHFWD VLHPSUH SURYLHQH GHO OLEUH
DOEHGUR 1R GH OD UHFRPSHQVD QL GHO ©[LWR TXH LPSOLTXH VLQR GH TXH VHD OD HOHFFL³Q
FRUUHFWD
(ODIRULVPRGH(SLFWHWRQRVD\XGDDDEULUQRVFDPLQRSRUHVWRFRQFODULGDG\FRQILDQ]D
$OJRHVEXHQRRPDOR"(VW¡ELHQRPDO"
,JQRUDWRGRORGHP¡V&©QWUDWHHQWXVHOHFFLRQHV
GHPD\R
&DUSHGLHP
&RQ WRGD HO DOPD RFXS©PRQRV GH HVWR \ UHQXQFLDQGR D FXDQWR QRV GLYLHUWH
DWHQGDPRVDHVWHVRORREMHWLYRSUHFDYHUTXHGHMDGRVDWU¡VQRVGHPRVFXHQWDDO
ILQDO GH OD UDSLGH] GH HVWH WLHPSR YHORFVLPR TXH QR SRGHPRV GHWHQHU 'HEHQ
DJUDGDUQRV ORV SULPHURV GDV XQR SRU XQR FRPR ORV PHMRUHV \ VHU RULHQWDGRV HQ
QXHVWURSURYHFKR+D\TXHDIHUUDUVHDORTXHVHHVFDSD
61(&$(SVWRODVPRUDOHVD/XFLOLR
+R\ V³OR WHQGU¡V XQD RSRUWXQLGDG 9HLQWLFXDWUR KRUDV SDUD DSURYHFKDUOD 'HVSX©V KDEU¡
GHVDSDUHFLGRSDUDVLHPSUH(VWDU¡VUHDOPHQWHSUHVHQWHHOGDGHKR\"(VW¡VVHJXURGHTXH
KDU¡VORPHMRUSRUVHUODPHMRUYHUVL³QGHWL"
4X©ORJUDU¡VKDFHUKR\DQWHVGHTXHHOGDVHWHHVFDSH\VHFRQYLHUWDHQHOSDVDGR"
&XDQGRDOJXLHQWHSUHJXQWHTX©KLFLVWHD\HUHQVHULRTXLHUHVTXHODUHVSXHVWDVHDߡQDGDߢ"
GHPD\R
1RWHLQVSLUHVV©ODLQVSLUDFL³Q
+DJDPRVߨDOJXQDJHVWDYDOHURVDVLWX©PRQRVHQWUHORVPRGHORV
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q OD ©SRFD JULHJD \ URPDQD HUD IUHFXHQWH LJXDO TXH DKRUD TXH ORV SROWLFRV
FRQGHVFHQGLHUDQDVXSºEOLFR&ROPDEDQGHHORJLRVHIXVLYRVDODPXOWLWXGDVXSDVRODV
YLFWRULDVPLOLWDUHVGHOSDVDGR&X¡QWDVYHFHVKDVHVFXFKDGRDXQFDQGLGDWRGHFLUߡVWHHV
HO SDV P¡V JUDQGH GH OD KLVWRULD GHO PXQGRߢ" &RPR RUDGRU 'HP³VWHQHV VH±DO³ TXH FRQ
JXVWR HVFXFKDPRV GXUDQWH KRUDV D XQ RUDGRU TXH IUHQWH D DOJºQ PRQXPHQWR IDPRVR R
VDJUDGRߡORDQD>QXHVWURV@DQWHSDVDGRVߨ>VXV@KD]D±DVߨ\P©ULWRVߢ
3HUR TX© ORJUDQ HVWDV OLVRQMDV" 1DGD SHRU DºQ OD DGPLUDFL³Q GH ORV HQWXVLDVWDV QRV
GLVWUDHGHVXVYHUGDGHUDVLQWHQFLRQHV7DPEL©QFRPRH[SOLFD'HP³VWHQHVWUDLFLRQDDHVRV
PLVPRV DQWHSDVDGRV TXH QRV LQVSLUDQ 'HP³VWHQHV FRQFOX\³ VX GLVFXUVR D ORV DWHQLHQVHV
FRQ SDODEUDV TXH GHVSX©V 6©QHFD UHSHWLUD \ TXH DºQ UHVXHQDQ VLJORV GHVSX©V ߡ(Q ILQ
KHPRVGHSURFXUDUKDFHUQRVGLJQRVGHQXHVWURVDQWHSDVDGRVPHGLDQWHQXHVWURVDFWRV\QR
SRUQXHVWURVGLVFXUVRVHQHO¡JRUDߢ
(VHOFDVRGHODVFLWDVHQHVWHOLEUR\RWUDVSDODEUDVLQVSLUDGRUDVTXHOOHJXHQDWXVRGRV
1RWHOLPLWHVDDGPLUDUODVXWLO]DODV6LJXHVXHMHPSOR
GHPD\R
/DFXOSDHVSHRUTXHODF¡UFHO
8QD JUDQ SDUWH GH QXHVWUD VHJXULGDG UDGLFD HQ QR FRPHWHU LQMXVWLFLD DOJXQD ORV
SUHSRWHQWHVOOHYDQXQDYLGDWXUELD\GHVRUGHQDGD
61(&$(SVWRODVPRUDOHVD/XFLOLR
3LHQVDHQORVIXJLWLYRVTXHVHHQWUHJDQSRUFXHQWDSURSLDDODVDXWRULGDGHVGHVSX©VGHD±RV
GH IXJD 3RU TX© OR KDFHQ" (UDQ OLEUHV HVWDEDQ SRU HQFLPD GH OD OH\ b\ VH GLHURQ SRU
YHQFLGRV3RUTXHFRQHOWLHPSRODFXOSD\HOHVWU©VGHODYLGDIXJLWLYDVHYXHOYHQSHRUTXH
HOSDQRUDPDGHXQDYLGDVLQOLEHUWDG'HKHFKRFRQVWLWX\HQXQDSULVL³QHQVPLVPRV
3RUHVWRPLVPRHVSUREDEOHTXHGHQL±ROHVKD\DVFRQIHVDGRXQDPHQWLUDDWXVSDGUHV
TXLHQHVQRVRVSHFKDEDQSDUDQDGDGHWL3RUHVRXQDSDUHMDSXHGHUHYHODUXQDLQILGHOLGDG
SRUYROXQWDGSURSLDDXQTXHVXSDUHMDQRWHQJDQLLGHDߡ3RUTX©PHFXHQWDVHVR"ߢJULWDHO
WUDLFLRQDGRPLHQWUDVVDOHGHFDVDߡb3RUTXHODVFRVDVLEDQPX\ELHQ\QRSRGDVRSRUWDUORߢ
(O SUHFLR SRU KDFHU HO PDO HV LQPHQVR QR V³OR SDUD OD VRFLHGDG WDPEL©Q SDUD HO
SHUSHWUDGRU0LUDODVYLGDVGHODPD\RUDTXHUHFKD]DOD©WLFD\ODGLVFLSOLQDVXHOHQHVWDU
PDUFDGDV SRU HO FDRV \ OD PLVHULD &DVL VLHPSUH HVWH FDVWLJR HV LJXDO R SHRU TXH HO TXH
LPSRQHODVRFLHGDG
3RU HVR WDQWRV GHOLQFXHQWHV PHQRUHV FRQILHVDQ R VH HQWUHJDQ YROXQWDULDPHQWH 1R
VLHPSUHOOHJDQDODVºOWLPDVFRQVHFXHQFLDVSHURHQVXVSHRUHVPRPHQWRVVHGDQFXHQWDGH
TXHQRSXHGHQYLYLUDV4XLHUHQODWUDQTXLOLGDGTXHLPSOLFDKDFHUHOELHQ$OLJXDOTXHWº
GHPD\R
/DERQGDGVLHPSUHHVODUHVSXHVWDDGHFXDGD
/D PDQVHGXPEUH HV LQYHQFLEOH VL IXHUH IUDQFD VLQ VRQULVD EXUORQD VLQ KLSRFUHVD
3RUTXHTX©WHSRGU¡KDFHUHOKRPEUHP¡VYLROHQWRVLFRQWLQXDUHVWHVWLPRQL¡QGROH
WX EHQHYROHQFLD \ VL GDGD OD RFDVL³Q OR DPRQHVWDUHV FRQ GXO]XUD OR LQVWUX\HUHV
KROJDGDPHQWHHQDTXHOSUHFLVRPRPHQWRHQTXHLQWHQWHGD±DUWH"
0$5&2$85(/,20HGLWDFLRQHV
4X©SDVDUDVLODSU³[LPDYH]TXHWHWUDWDUDQFRQPDOLFLDQRV³ORWHFRQWXYLHUDVSDUDQR
FRQWHVWDUVLQRTXHUHVSRQGLHUDVFRQDPDELOLGDGURWXQGD"4X©SDVDUDVLSXGLHUDVߡDPDUD
WXVHQHPLJRVKDFHUHOELHQDTXLHQWHRGLDߢ"4X©HIHFWRVXUWLUD"
/D%LEOLDGLFHTXHFXDQGRSXHGHVKDFHUDOJRQREOH\ERQGDGRVRSRUXQHQHPLJRRGLRVR
HVFRPRYHUWHUߡDVFXDVGHIXHJRߨVREUHVXFDEH]Dߢ/DUHDFFL³QTXHVHHVSHUDDQWHHORGLR
HVRGLR&XDQGRKR\DOJXLHQWHGLJDDOJRPRUGD]RPDORHVSHUDU¡TXHUHVSRQGDVLJXDOQR
FRQ DPDELOLGDG &XDQGR HVR QR VXFHGH OHV DYHUJ¼HQ]D /HV DVRPEUD ORV KDFH PHMRU D
HOORV\DWL
/D JURVHUD OD PDOGDG \ OD FUXHOGDG HQPDVFDUDQ XQD GHELOLGDG SURIXQGDPHQWH
DUUDLJDGD /D DPDELOLGDG HQ HVWRV FDVRV V³OR HV SRVLEOH VL HUHV XQD SHUVRQD GH IRUWDOH]D
LPSHFDEOH7LHQHVHVDIRUWDOH]D$SURY©FKDOD
GHPD\R
$OLPHQWDODIRJDWDGHOK¡ELWR
7RGR K¡ELWR \ IDFXOWDG VH PDQWLHQH \ DFUHFLHQWD SRU PHGLR GH ODV DFFLRQHV
FRUUHVSRQGLHQWHVODGHSDVHDUSRUPHGLRGHOSDVHRODGHFRUUHUSRUPHGLRGHOD
FDUUHUDߨ 3RU OR WDQWR HQ JHQHUDO VL TXLHUHV KDFHU DOJR KD]OR KDELWXDOPHQWH 6L
TXLHUHV GHMDU GH KDFHU DOJR QR OR KDJDV SHUR DFRVWºPEUDWH D KDFHU RWUD FRVD HQ
OXJDUGHDTX©OOD$VSDVDWDPEL©QFRQORDQPLFR&XDQGRWHLUULWHVGDWHFXHQWDGH
TXH QR V³OR WH KD SDVDGR HVD FRVD PDOD VLQR TXH DGHP¡V KDV DFUHFHQWDGR HO
K¡ELWR\TXHHVFRPRKDEHUHFKDGREUR]DDOIXHJR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$ULVW³WHOHV GLMR ߡ6RPRV ORV TXH KDFHPRV GD D GD GH PRGR TXH OD H[FHOHQFLD QR HV XQ
DFWRVLQRXQK¡ELWRߢ/RVHVWRLFRVORFRPSOHPHQWDQFXDQGRDILUPDQTXHVRPRVSURGXFWR
GH QXHVWURV SHQVDPLHQWRV (Q SDODEUDV GH 0DUFR $XUHOLR ߡ7X LQWHOLJHQFLD VHU¡ FXDO OD
KDJDQWXVLGHDVKDELWXDOHVߢ>@
5HSDVD WXV DFWLYLGDGHV GH HVWD VHPDQD OR TXH WHQJDV SODQHDGR SDUD KR\ \ OD VHPDQD
HQWUDQWH4X©WDQWRVHDSHJDQWXVDFFLRQHVDODSHUVRQDTXHWHJXVWDUDVHURDTXLHQFUHHV
TXHHUHV"4X©IRJDWDHVW¡VDOLPHQWDQGR"(QTX©FODVHGHSHUVRQDWHHVW¡VFRQYLUWLHQGR"
GHPD\R
1XHVWURELHQHVWDUUDGLFDHQQXHVWUDVDFFLRQHV
(OTXHHVDPELFLRVRGHJORULDKDFHFRQVLVWLUODSURSLDIHOLFLGDGHQODDFWLYLGDGDMHQD
HO YROXSWXRVR HQ HO JRFH GH VXV SDVLRQHV HO FXHUGR HQ VX SURSLR SURFHGHUߨ
4XL©QHV VRQ DTXHOORV D TXLHQHV GHVHDPRV DJUDGDU" < FRQ TX© PLUDV SRU TX©
SURFHGLPLHQWRV"b&³PRHQEUHYHVHSXOWDU¡WRGDVHVWDVFRVDVHOWLHPSR\FX¡QWDV
KDVHSXOWDGR\D
0$5&2$85(/,20HGLWDFLRQHV
6LWXIHOLFLGDGGHSHQGHGHFXPSOLUFLHUWDVPHWDVTX©SDVDVLLQWHUYLHQHHOGHVWLQR"4X©
SDVDVLWHUHFKD]DQ"6LVHLQWHUSRQHQVXFHVRVH[WHUQRV"4X©SDVDUDVLFRQVLJXHVWRGROR
TXHWHKDVSURSXHVWRSHURGHVFXEUHVTXHDQDGLHOHLPSUHVLRQD"VHHVHOSUREOHPDFXDQGR
SHUPLWHVTXHODVFRVDVTXHQRSXHGHVFRQWURODUGLFWHQWXIHOLFLGDG(VXQULHVJRLQVHQVDWR
6LXQDFWRUVHFHQWUDHQODUHFHSFL³QSºEOLFDGHXQSUR\HFWRHVGHFLUVLDODFUWLFDOH
JXVWDRVLHVXQ©[LWRVHVHQWLU¡GHFHSFLRQDGR\KHULGRFRQVWDQWHPHQWH6LQHPEDUJRVLOH
DSDVLRQDVXDFWXDFL³Qߚ\VHHVPHUDSDUDTXHVHDORPHMRUSRVLEOHߚVLHPSUHHQFRQWUDU¡
VDWLVIDFFL³QHQVXWUDEDMR&RPR©OGHEHUDPRVHQFRQWUDUSODFHUHQQXHVWUDVDFFLRQHVߚHQ
ODVDFFLRQHVDGHFXDGDVߚ\QRHQHOUHVXOWDGR
1XHVWUDDPELFL³QQRGHEHFHQWUDUVHHQJDQDUVLQRHQMXJDUFRQWRGRQXHVWURHVIXHU]R
1XHVWUDLQWHQFL³QQRGHEHVHUHODJUDGHFLPLHQWRRUHFRQRFLPLHQWRVLQRD\XGDU\KDFHUOR
TXH FRQVLGHUDPRV FRUUHFWR 1R GHEHPRV FHQWUDUQRV HQ OR TXH QRV VXFHGH VLQR HQ F³PR
UHVSRQGHPRV$VVLHPSUHHQFRQWUDUHPRVVDWLVIDFFL³Q\UHVLOLHQFLD
GHPD\R
$JUDGHFHORTXHWLHQHV
1R SLHQVHV WDQWR HQ ORV ELHQHV DXVHQWHV FRPR HQ ORV SUHVHQWHV DXQ HQWUH ORV
SUHVHQWHV SDUD OD FRQVLGHUDFL³Q VREUH ORV P¡V DYHQWDMDGRV \ FRQ HVWH PRWLYR
LPDJLQDFRQTX©VROLFLWXGORVEXVFDUDVVLQRORVWXYLHVHV3HURJX¡UGDWHDOPLVPR
WLHPSR GH TXH FRPSODFL©QGRWH HQ OD SRVHVL³Q GH ORV ELHQHV SUHVHQWHV QR WH
DFRVWXPEUHV D WHQHUORV HQ WDQWD HVWLPD TXH VL DOJXQD YH] WH IDOWDUHQ KD\DV GH
SHUWXUEDUWH
0$5&2$85(/,20HGLWDFLRQHV
1RUPDOPHQWHDQKHODPRVORTXHWLHQHQORVGHP¡V,QWHQWDPRVGHVHVSHUDGDPHQWHHVWDUDOD
DOWXUDGHORVYHFLQRV\HOORVKDFHQORPLVPR
6HUD JUDFLRVR VL QR IXHUD WDQ WULVWH $V TXH QR DPELFLRQHV OR TXH WLHQHQ ORV GHP¡V
5HVLVWHWXQHFHVLGDGGHDFXPXODUSDUDODSRVWHULGDG$SUHFLD\DSURYHFKDORTXH\DWLHQHV\
SHUPLWHTXHODJUDWLWXGJXHWXVDFFLRQHV
GHPD\R
(OP©WRGRHQFDGHQD
6LQRTXLHUHVVHULUDFXQGRQRDOLPHQWHVWXFRVWXPEUHQRSRQJDVHQHOODQDGDTXH
OD KDJD FUHFHU 0DQWHQWH WUDQTXLOR HO SULPHU GD \ FXHQWD ORV GDV TXH QR WH
HQIDGDVWHߡ6RODLUULWDUPHDGLDULRDKRUDXQGDV\RWURQRߢ OXHJRFDGDWUHVGDV
FDGDFXDWUR 6LORGHMDVGXUDQWHWUHLQWDRIUHFHXQVDFULILFLRDODGLYLQLGDG3XHVOD
FRVWXPEUHDOSULQFLSLRVHGHELOLWD\OXHJRLQFOXVRGHVDSDUHFHSRUFRPSOHWR
ߡ+R\QRPHHQWULVWHF QLPD±DQDQLHQGRVPHVHVVHJXLGRVQLHQWUHV SHURPH
PDQWXYR HQ JXDUGLD DO SURGXFLU FLHUWRV HQRMRVߢ 6DEHV TXH HVDV FRVDV HVW¡Q PX\
ELHQSRUWXSDUWH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(OFRPHGLDQWH-HUU\6HLQIHOGOHGLRXQFRQVHMRDOMRYHQ%UDG,VDDFVREUHF³PRHVFULELU\
FUHDU PDWHULDO /H GLMR TXH OOHYDUD XQ FDOHQGDULR \ TXH WRGRV ORV GDV TXH HVFULELHUD XQ
FKLVWH \ WDFKDUD HO GD FRQ XQD ; 'HQWUR GH SRFR VH ORJUD XQD UHDFFL³Q HQ FDGHQD \ WX
ODERUFRQVLVWHHQQRURPSHUODFDGHQD(O©[LWRVHYXHOYHFXHVWL³QGHLPSXOVR8QDYH]TXH
DUUDQFDVHVI¡FLOVHJXLU
6HLQIHOGHPSOH³HOP©WRGRHQFDGHQDSDUDDGRSWDUXQK¡ELWRSRVLWLYR(SLFWHWRSRUVX
SDUWH DERJD SRU HPSOHDUOR SDUD HOLPLQDU XQR QHJDWLYR 1R GLILHUH PXFKR GH WRPDUVH OD
VREULHGDG ߡXQ GD D OD YH]ߢ (PSLH]D KDFLHQGR OR TXH VHD FRQWURODQGR WX FDU¡FWHU OD
GLVWUDFFL³Q R OD SURFUDVWLQDFL³Q 'HVSX©V KD] OR PLVPR HO GD VLJXLHQWH \ HO VLJXLHQWH
&RQVWUX\H XQD FDGHQD \ GHVSX©V HVP©UDWH SRU QR URPSHUOD 1R HFKHV D SHUGHU WX EXHQD
UDFKD
GHPD\R
(OHVWRLFRHVXQDREUDHQFXUVR
0RVWUDGPH XQ >HVWRLFR@ HQIHUPR \ FRQWHQWR HQ SHOLJUR \ FRQWHQWR PXULHQGR \
FRQWHQWR H[LOLDGR \ FRQWHQWR GHVSUHVWLJLDGR \ FRQWHQWR 0RVWU¡GPHOR 3RU ORV
GLRVHV GHVHR YHU XQ HVWRLFR 3HUR QR SRG©LV PRVWUDUPH D QDGLH PRGHODGR DV
0RVWUDGPH DO PHQRV XQR TXH VH HVW© PRGHODQGR XQR FRQ LQFOLQDFL³Q D HOOR
+DFHGPHHOIDYRU
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(QYH]GHDVSLUDUDODILORVRIDFRPRILQFRQVLG©UDODDOJRTXHSRQHVHQSU¡FWLFD1RGHYH]
HQFXDQGRVLQRHQHOWUDQVFXUVRGHWXYLGDSURJUHVDQGRSRFRDSRFR(MHFXFL³QFRQVWDQWH
QRHSLIDQDVVLQIRUPDGHILQLGD
$(SLFWHWROHHQFDQWDEDGHVPHQWLUDVXVDOXPQRVGHVXVDWLVIDFFL³QHQJUHGDDOUHVSHFWR
GH VX SURJUHVR 4XHUD UHFRUGDUOHV ߚ\ DKRUD D WLߚ TXH VL TXHUDQ DFHUFDUVH D HVD
SHUIHFFL³QVHUHTXLHUHWUDEDMRFRQVWDQWH\DSUHQGL]DMHVHULRWRGRVORVGDV
(VLPSRUWDQWHTXHUHFRUGHPRVHQQXHVWURSURSLRYLDMHGHVXSHUDFL³QSHUVRQDOTXHXQR
QXQFDOOHJD(OVDELRߚHOHVWRLFRLGHDOTXHVHFRQGXFHFRQSHUIHFFL³QHQFDGDRFDVL³Qߚ
HVXQLGHDOQRXQILQ
GHPD\R
&RPRKDFHVFXDOTXLHUFRVDORKDFHVWRGR
3RQ WX DWHQFL³Q HQ OR TXH WLHQHV HQWUH PDQRV YLJLOD OD DFWLYLGDG HQ FXUVR HO
SULQFLSLRLG³QHRDQWHVTXHVHUORGHVGHKR\PLVPR
0$5&2$85(/,20HGLWDFLRQHV
(VGLYHUWLGRSHQVDUHQHOIXWXUR(VI¡FLOUXPLDUHOSDVDGR(VP¡VFRPSOLFDGRGHGLFDUHVD
HQHUJD HQ OR TXH WHQHPRV HQ IUHQWH HQ HVWH PRPHQWR VREUH WRGR VL HV DOJR TXH QR
TXHUHPRVKDFHU3HQVDPRV(VV³ORXQWUDEDMRQRPHGHILQH1RLPSRUWD3HURVLPSRUWD
4XL©Q VDEH WDO YH] VHD OR ºOWLPR TXH KDJDV $TX \DFH 'DYLG HQWHUUDGR YLYR EDMR XQD
PRQWD±DGHSHQGLHQWHVVLQUHVROYHU
+D\XQGLFKRDQWLJXRߡ&RPRKDFHVFXDOTXLHUFRVDORKDFHVWRGRߢ(VYHUGDG&RPR
DFWºHV HO GD GH KR\ DFWXDU¡V WRGRV ORV GDV &RPR YLYDV HVWH PLQXWR YLYLU¡V WRGRV ORV
PLQXWRV
GHPD\R
$SUHQGHSUDFWLFDSUHS¡UDWH
3RU HVR H[KRUWDQ ORV ILO³VRIRV ߡD QR FRQWHQWDUVH V³OR FRQ DSUHQGHU VLQR D D±DGLU
DGHP¡VHOLQWHU©V\OXHJRODSU¡FWLFDߢ3RUTXHQRVKDEDPRVDFRVWXPEUDGRGXUDQWH
PXFKRWLHPSRDKDFHUORFRQWUDULR\WHQHPRVHQXVRODVVXSRVLFLRQHVFRQWUDULDVD
ODVFRUUHFWDV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
0X\SRFDVSHUVRQDVSXHGHQYHUXQYLGHRLQVWUXFWLYRRHVFXFKDUXQDH[SOLFDFL³Q\GHVSX©V
VDEHUF³PRKDFHUORDODSHUIHFFL³Q/DPD\RUDWHQHPRVTXHKDFHUDOJRYDULDVYHFHVSDUD
DSUHQGHUORELHQ8QDGHODVFDUDFWHUVWLFDVGHODVDUWHVPDUFLDOHVHOHQWUHQDPLHQWRPLOLWDU\
HODWO©WLFRHVODSU¡FWLFDPRQ³WRQDHLQWHUPLQDEOH8QDWOHWDGHDOWRQLYHOWLHQHTXHHQWUHQDU
GXUDQWH D±RV DQWHV GH UHDOL]DU XQD UXWLQD TXH SXHGH GXUDU VHJXQGRV HO HMHUFLFLR GH GRV
PLQXWRVF³PR]DIDUVHGHXQDOODYHHOVDOWRSHUIHFWR(OFRQRFLPLHQWRQRHVVXILFLHQWH/RV
PºVFXORV\HOFXHUSRGHEHQDEVRUEHUOR'HEHVHUSDUWHGHQRVRWURVRFRUUHPRVHOULHVJRGH
SHUGHUORHQFXDQWRH[SHULPHQWHPRVHVWU©VRGLILFXOWDGHV
(VRRFXUUHFRQORVSULQFLSLRVILORV³ILFRV(VLPSRVLEOHHVFXFKDUDOJRXQDYH]\UHFXUULU
DHOORFXDQGRHOPXQGRVHQRVYHQJDDEDMR5HFXHUGDTXH0DUFR$XUHOLRQRHVFULEL³VXV
0HGLWDFLRQHV SDUD QDGLH (VWDED FDYLODQGR DFWLYDPHQWH SDUD ©O ,QFOXVR SHVH D VHU XQ
KRPEUH H[LWRVR VHQVDWR \ H[SHULPHQWDGR KDVWD ORV ºOWLPRV GDV GH VX YLGD VH GHGLF³ D
SUDFWLFDU \ SUHSDUDUVH SDUD KDFHU OR FRUUHFWR &RPR FLQWD QHJUD VHJXD SUHVHQW¡QGRVH DO
GRMRWRGRVORVGDVSDUDHQWUHQDUFRPRDWOHWDSURIHVLRQDOOOHJDEDDODVSU¡FWLFDVWRGDVODV
VHPDQDVDXQTXHWDOYH]RWURVORFRQVLGHUDEDQLQQHFHVDULR
GHPD\R
&DOLGDGQRFDQWLGDG
$ TX© ILQ ORV OLEURV LQQXPHUDEOHV \ ODV ELEOLRWHFDV FX\R GXH±R HQ WRGD VX YLGD
DSHQDVVHKDOHGRORVQGLFHV"$OTXHHVW¡DSUHQGLHQGRORDEUXPDODPXOWLWXGQROR
LQVWUX\H\HVFRQPXFKRSUHIHULEOHGHGLFDUWHDXQRVSRFRVDXWRUHVTXHGLYDJDUSRU
PXFKRV
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
1RKD\UHFRPSHQVDSRUKDEHUOHGRPXFKRDQWHVGHPRULU,QFOXVRVLIXHUDVHOOHFWRUP¡V
GHGLFDGR GHO PXQGR ߚLQFOXVR VL OH\HUDV XQ OLEUR DO GDߚ WX FROHFFL³Q QXQFD VHUD P¡V
H[WHQVDTXHODVHFFL³QGHXQDELEOLRWHFD1LVLTXLHUDWHDFHUFDUDVDORTXHVHDOPDFHQDHQ
ORV VHUYLGRUHV GH *RRJOH %RRNV QL SRGUDV PDQWHQHUWH DO GD FRQ ORV PLOHV GH WWXORV
QXHYRVTXHVHSXEOLFDQHQ$PD]RQFDGDD±R
4X© SDVDUD VL FXDQGR VH WUDWDUD GH OHHU \ DSUHQGHU SULRUL]DUDV OD FDOLGDG \ QR OD
FDQWLGDG" 4X© WDO VL OH\HUDV XQRV FXDQWRV OLEURV D SURIXQGLGDG HQ YH] GH KRMHDU
VXSHUILFLDOPHQWHWRGRVORVOLEURVQXHYRV"3XHGHTXHWXVUHSLVDVHVW©QP¡VYDFDVSHURWX
FHUHEUR\WXYLGDHVWDUDQP¡VOOHQRV
GHPD\R
4X©FODVHGHER[HDGRUHUHV"
(QTX©FRQVLVWHILORVRIDU"$FDVRQRHVXQSUHSDUDUVHSDUDORTXHVXFHGD"1R
FRPSUHQGHV TXH HV FRPR VL GLMHUDV ߡb6L YXHOYR D SUHSDUDUPH SDUD VRSRUWDU FRQ
PDQVHGXPEUHORTXHVXFHGDTXHPHSDVHORTXHVHDߢ&RPRVLDOJXLHQUHQXQFLDUD
DOSDQFUDFLRSRUUHFLELUJROSHV3HURHQHVHFDVRHVSRVLEOHGHMDUOR\HYLWDUODSDOL]D
PLHQWUDVTXHHQ©VWHVLGHMDPRVGHILORVRIDUTX©SURYHFKRKD\"
4X© GHEH XQR GHFLU HQ FDGD GLILFXOWDG" b(Q HVWR PH HQWUHQDED SDUD HVWR PH
HMHUFLWDED
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$ORVHVWRLFRVOHVHQFDQWDEDQODVPHW¡IRUDVGHER[\OXFKDFRPRDQRVRWURVQRVJXVWDQODV
DOHJRUDV GH EHLVERO \ IXWERO DPHULFDQR 4XL]¡ VH GHED D TXH HO GHSRUWH SDQNUDWLRQ ߚHQ
VHQWLGROLWHUDOߡWRGDODIXHU]DߢXQDIRUPDP¡VSXUDGHODVDUWHVPDUFLDOHVPL[WDVTXHVHYHQ
HQ OD DFWXDOLGDG HQ OD XIFߚ HUD LQWHJUDO SDUD OD QL±H] \ PDGXUH] HQ *UHFLD \ 5RPD GH
KHFKR HVWXGLRV UHFLHQWHV KDQ GHVFXELHUWR HMHPSORV GH ߡRUHMD GH FROLIORUߢ XQD KHULGD
IUHFXHQWHHQODOXFKDFXHUSRDFXHUSRHQODVHVWDWXDVJULHJDV /RVHVWRLFRVVHUHILHUHQDOD
OXFKDSRUTXHOHVHUDIDPLOLDU
6©QHFDHVFULEHTXHODSURVSHULGDGVLQPRUHWRQHVHVG©ELO\I¡FLOGHGHUURWDUHQHOULQJ
SHUR ߡGRQGH VH KD WHQLGR FRQWLQXD SHOHD FRQ ODV GHVFRPRGLGDGHV FUDQVH FDOORV FRQ ODV
LQMXULDVVLQUHQGLUVHDORVLQIRUWXQLRVߢ>7UDWDGRVPRUDOHV @ $VHJXUD TXH HVWD FODVH GH
KRPEUHSHOHDKDVWDHOILQ\QXQFDVHULQGH
$HVRWDPEL©QVHUHILHUH(SLFWHWR4X©FODVHGHER[HDGRUHUHVVLWHPDUFKDVSRUTXHWH
JROSHDQ"b(VODQDWXUDOH]DGHOGHSRUWH(VRWHLPSHGLU¡FRQWLQXDU"
GHPD\R
+R\HVHOGD
&RQ UD]³Q OOHYDV WX PHUHFLGR 3XHV HVSHUDV DSOD]DU KDVWD PD±DQD HO VHU EXHQR
DQWHVTXHVHUORGHVGHKR\PLVPR
0$5&2$85(/,20HGLWDFLRQHV
<R QR PH TXHMR GH OR EUHYH GHO SOD]R 'DU¡ SDUD PXFKR &RQVXPDU¡ HVWH GD V
FRQVXPDU¡ DOJR TXH \D QXQFD QLQJºQ RWUR GD SXHGD PDQWHQHU HQ VLOHQFLR 9R\ D
DWDFDUKDVWDDORVGLRVHV\YR\DKDFHUWHPEODUDOPXQGRHQWHUR
61(&$0HGHD
&DVL VLHPSUH VDEHPRV TX© HV OR FRUUHFWR 6DEHPRV TXH QR GHEHPRV PROHVWDUQRV TXH QR
GHEHPRV WRPDUQRV ODV FRVDV GH IRUPD SHUVRQDO TXH GHEHUDPRV HQWUDU D OD WLHQGD GH
DOLPHQWRV RUJ¡QLFRV \ QR DO UHVWDXUDQWH GH FRPLGD U¡SLGD TXH GHEHPRV VHQWDUQRV \
FRQFHQWUDUQRVXQDKRUD/RGLIFLOHVGHFLGLUKDFHUORHQXQPRPHQWRGDGR
4X© QRV GHWLHQH" (O DXWRU 6WHYHQ 3UHVVILHOG GHQRPLQ³ HVWD IXHU]D ߡOD UHVLVWHQFLDߢ
&RPRORHVER]DHQ/DJXHUUDGHODUWHߡ1RSHQVDPRVߝ1XQFDYR\DHVFULELUPLVLQIRQDߞ
P¡VELHQߝ9R\DHVFULELUPLVLQIRQDSHURYR\DHPSH]DUPD±DQDߞߢ
+R\QRPD±DQDHVHOGDSDUDHPSH]DUDKDFHUODVFRVDVELHQ
GHPD\R
(QV©±DPHDYLYLU
0X©VWUDPH TXH HO ELHQ GH OD YLGD QR VH KDOOD HQ OD GXUDFL³Q GH ©VWD VLQR HQ VX
DSURYHFKDPLHQWR \ TXH SXHGH DFRQWHFHU P¡V DºQ DFRQWHFH FRQ PXFKVLPD
IUHFXHQFLDTXHKD\DYLYLGRSRFRTXLHQKDYLYLGRODUJRWLHPSR
61(&$(SVWRODVPRUDOHVD/XFLOLR
1RKDFHIDOWDGHPRVWUDUOHD6©QHFD'HPX©VWUDWHDWLPLVPRTXHVLQLPSRUWDUFX¡QWRVD±RV
WHWRTXHYLYLUVHSXHGDGHFLUFRPSOHWD\FODUDPHQWHTXHYLYLVWHXQDYLGDORQJHYD\SOHQD
7RGRV FRQRFHPRV D DOJXLHQ DV DOJXLHQ D TXLHQ SHUGLPRV DQWHV GH WLHPSR \ GH TXLHQ
SHQVDPRV6LSXGLHUDKDFHUODPLWDGGHORTXHKL]RFRQVLGHUDUDTXHDSURYHFK©PLYLGD
/D PHMRU IRUPD GH FRQVHJXLUOR HV FHQWUDUQRV HQ HO PRPHQWR SUHVHQWH HQ OR TXH QRV
RFXSDDKRUDPLVPR\DVHDJUDQGHRSHTXH±R&RPRGLFH6©QHFDDOYROFDUQRVFRPSOHWDH
LQWHQFLRQDOPHQWH HQ HO SUHVHQWH ߡKDVWD WDO SXQWR HO WUDQVFXUULU GH HVWD SUHFLSLWDGD IXJD
UHVXOWDVXDYHߢ>(SVWRODVPRUDOHV@
GHPD\R
/DEUDWXSURSLDEXHQDVXHUWH
(QFLHUWRVLQVWDQWHVGHORVTXHPHVRUSUHQGRIXLGLFKRVR
3HURHOKRPEUHIHOL]HVHOTXHODEUDXQDEXHQDIRUWXQD\XQDEXHQDIRUWXQDQR
FRQVLVWHHQRWUDFRVDTXHHQODVEXHQDVLQFOLQDFLRQHVGHODOPDORVEXHQRVGHVHRV\
ODVEXHQDVDFFLRQHV
0$5&2$85(/,20HGLWDFLRQHV
&X¡OHVODQRFL³QP¡VSURGXFWLYDGHODEXHQDVXHUWH"$TXHOODTXHVHGHILQHSRUIDFWRUHV
FRPSOHWDPHQWH D]DURVRV TXH HVFDSDQ GH QXHVWUR FRQWURO R XQ DVXQWR GH SUREDELOLGDG TXH
SXHGH LQFUHPHQWDU ߚDXQTXH QR HV JDUDQWDߚ D SDUWLU GH ODV GHFLVLRQHV \ SUHSDUDFL³Q
DGHFXDGDV"(VFODURTXHODºOWLPD3RUHVRODVSHUVRQDVH[LWRVDVDXQTXHPLVWHULRVDPHQWH
ߡDIRUWXQDGDVߢSDUHFHQJUDYLWDUKDFLDHOOD
6HJºQODPDUDYLOORVDS¡JLQD4XRWH,QYHVWLJDWRUYHUVLRQHVGHHVWDLGHDVHUHPRQWDQSRU
ORPHQRVDOVLJOR;9,HQHOSURYHUELRߡODGLOLJHQFLDHVODPDGUHGHODEXHQDVXHUWHߢ(QORV
D±RV YHLQWH &ROHPDQ &R[ OD PRGHUQL]³ ߡ&UHR ILUPHPHQWH HQ OD VXHUWH &XDQWR P¡V
WUDEDMR P¡V VXHUWH WHQJRߢ DXQTXH VH KD DWULEXLGR LQFRUUHFWDPHQWH D 7KRPDV -HIIHUVRQ
+R\GHFLPRVߡ/DVXHUWHHVXQDFRPELQDFL³QGHWUDEDMRDUGXR\RSRUWXQLGDGHVߢ2HVDO
UHY©V"
+R\SRGUDVWHQHUEXHQDVXHUWHFRPRSRUDUWHGHPDJLDRSRGUDVSUHSDUDUWHSDUDWHQHU
VXHUWHHQIRF¡QGRWHHQKDFHUORFRUUHFWRHQHOPRPHQWRDGHFXDGRLU³QLFDPHQWHFRQHOOROD
VXHUWHVHYXHOYHLQQHFHVDULD
GHPD\R
(QG³QGHHQFRQWUDUODDOHJUD
/D FRPSODFHQFLD GHO KRPEUH FRQVLVWH HQ FXPSOLU VX GHEHU GH KRPEUH < GHEHU
SULYDWLYRGHOKRPEUHHVODEHQHYROHQFLDSDUDFRQVXVVHPHMDQWHVHOGHVSUHFLRSRU
ORV PRYLPLHQWRV VHQVXDOHV HO GLVFHUQLPLHQWR GH ODV LGHDV SUREDEOHV OD
FRQWHPSODFL³Q GH OD QDWXUDOH]D XQLYHUVDO \ GH OR TXH VH SURGXFH FRQIRUPH D VXV
OH\HV
0$5&2$85(/,20HGLWDFLRQHV
&XDQGR ORV HQWUHQDGRUHV GH SHUURV VH HQFXHQWUDQ FRQ XQ SHUUR GLVIXQFLRQDO R GHVGLFKDGR
SUHJXQWDQ ߡ/R VDFDQ D SDVHDU"ߢ /R KDFHQ SRUTXH ORV SHUURV HVW¡Q FULDGRV SDUD KDFHU
FLHUWDV ODERUHV ߚWUDEDMDUߚ \ FXDQGR VH OHV SULYD GH XQD SDUWH HVHQFLDO GH VX QDWXUDOH]D
VXIUHQ\VHSRUWDQPDO(VQHFHVDULRVLQLPSRUWDUFX¡QSULYLOHJLDGD\F³PRGDVHDVXYLGD
7DPEL©Q RFXUUH FRQ ORV KXPDQRV &XDQGR ORV HVWRLFRV SURSRQHQ SUHVFLQGLU GH FLHUWDV
HPRFLRQHV R OXMRV PDWHULDOHV QR HV SRUTXH QR ORV GLVIUXWHQ (VWR QR TXLHUH GHFLU TXH OD
YLGD HVWRLFD HVW© GHVSURYLVWD GH IHOLFLGDG R GLYHUVL³Q /RV HVWRLFRV TXLHUHQ D\XGDUQRV D
HQFRQWUDUQXHVWUDHVHQFLDH[SHULPHQWDUODDOHJUDGHQXHVWUDYHUGDGHUDODERUKXPDQD
GHPD\R
4XHQRWHLPSRUWHORTXHSLHQVHQORVGHP¡V
0XFKDV YHFHV PH SUHJXQWR PDUDYLOODGR F³PR HV TXH DP¡QGRVH FDGD XQR D V
PLVPR P¡V TXH D WRGRV ORV RWURV HVWLPH HQ PHQRV OD RSLQL³Q SURSLD IRUPDGD GH
Vߨ 5HVSHWDPRV P¡V DO SU³MLPR FXDQGR RSLQD DOJR DFHUFD GH QRVRWURV TXH D
QRVRWURVPLVPRV
0$5&2$85(/,20HGLWDFLRQHV
4X© U¡SLGR GHVDWHQGHPRV QXHVWURV SURSLRV VHQWLPLHQWRV \ DGRSWDPRV ORV DMHQRV (Q OD
WLHQGD FUHHPRV TXH XQD FDPLVD VH YH ELHQ SHUR VL QXHVWUD SDUHMD R FROHJDV KDFHQ XQ
FRPHQWDULRGLVSOLFHQWHODYHPRVFRQYHUJ¼HQ]D\GHVSUHFLR3RGHPRVHVWDULQPHQVDPHQWH
IHOLFHV FRQ QXHVWUD YLGD KDVWD TXH GHVFXEULPRV TXH DOJXLHQ TXH QL VLTXLHUD QRV FDH ELHQ
WLHQHP¡VTXHQRVRWURVRSHRU\GHPDQHUDP¡VSUHFDULDQXHVWURVORJURV\WDOHQWRVQRQRV
VDWLVIDFHQKDVWDTXHXQDWHUFHUDSHUVRQDORVYDOLGD
&RPR OD PD\RUD GH ORV HMHUFLFLRV HVWRLFRV ©VWH LQWHQWD HQVH±DUQRV TXH DXQTXH
JHVWLRQHPRVQXHVWUDVRSLQLRQHVQRFRQWURODPRVORTXHSLHQVDQORVGHP¡VPXFKRPHQRVOR
TXHSLHQVDQGHQRVRWURV3RUHOORSRQHUQRVDPHUFHGGHHVWDVRSLQLRQHVHLQWHQWDUREWHQHU
HOYLVWREXHQRGHORVGHP¡VHVXQHVIXHU]RSHOLJURVR
1RGHGLTXHVGHPDVLDGRWLHPSRDFRQVLGHUDUORTXHSLHQVHQORVGHP¡V3UHRFºSDWHSRU
ORTXHWºSLHQVDV&RQVLGHUDORVUHVXOWDGRVODVFRQVHFXHQFLDVVLHVRQRORFRUUHFWR
GHPD\R
3UHRFºSDWHSRUORVGHWDOOHV
4XHXQDFRVDELHQKHFKDDXQTXHVHDSRFRDSRFRQRHVFRVDSRFD
=(11FLWDGRHQ',*(1(6/$(5&,29LGDV\RSLQLRQHVGHORVILO³VRIRV
(O F©OHEUH EL³JUDIR 'L³JHQHV /DHUFLR OH DWULEX\H HVWD FLWD D =HQ³Q DXQTXH UHFRQRFH TXH
WDPEL©QSXGRKDEHUVLGRGH6³FUDWHVRVHDTXHSXHGHVHUODFLWDGHXQDFLWDGHRWUDFLWD
$FDVRLPSRUWD"/DYHUGDGHVODYHUGDG
(QHVWHFDVRODYHUGDGODFRQRFHPRVPX\ELHQORVGHWDOOHVYDQVXPDQGR8QDSHUVRQD
HV ERQGDGRVD QR SRUTXH GLJD TXH OR VHD VLQR SRUTXH VXV DFFLRQHV VRQ QREOHV 8QR QR
FRQVLJXH HVWDELOLGDG FRPR SRU REUD GH PDJLD HV FXHVWL³Q GH PXFKDV GHFLVLRQHV
LQGLYLGXDOHVGHOHYDQWDUVHDODKRUDDGHFXDGDWHQGHUODFDPDHOXGLUORVDWDMRVLQYHUWLUHQ
XQRPLVPRKDFHUWXWUDEDMR1RWHHTXLYRTXHVDXQTXHODDFFL³QLQGLYLGXDOVHDSHTXH±DVX
HIHFWRDFXPXODWLYRQRORHV
&RQVLGHUDWRGDVODVGHFLVLRQHVPHQRUHVTXHVHWHSUHVHQWDU¡QHQHOWUDQVFXUVRGHOGD
6DEHVFX¡OHVWHOOHYDU¡QSRUHOEXHQFDPLQR\FX¡OHVSRUXQDWDMR"(OLJHHOEXHQFDPLQR\
REVHUYDF³PRHVWRVGHWDOOHVVXPDQHQODWUDQVIRUPDFL³Q
GHPD\R
/DVSULPHUDVGRVFRVDVTXHKDFHUDQWHVGHDFWXDU
/RSULQFLSDOHVTXHQRWHWXUEHVSXHVWRGRDFRQWHFHVHJºQORRUGHQDODQDWXUDOH]D
XQLYHUVDO\GHQWURGHSRFRQRVHU¡V\DQDGLHVLQGHMDUUDVWURHQQLQJXQDSDUWHOR
PLVPRTXH$GULDQRORPLVPRTXH$XJXVWR'HVSX©VWHQLHQGRORVRMRVILMRVVREUHWX
REUDLQG¡JDODHQVPLVPD\UHIOH[LRQDQGRTXHORTXHWHFRQYLHQHHVVHUKRPEUH
YLUWXRVR HMHFXWD GHUHFKDPHQWH \ GH OD PDQHUD TXH WH SDUH]FD P¡V MXVWD OR TXH
UHFODPDGHWLODQDWXUDOH]DKXPDQDV³ORTXHKDVGHKDFHUORFRQLQWHQFL³QVDQDFRQ
PRGHVWLD\VLQGREOH]
0$5&2$85(/,20HGLWDFLRQHV
,PDJLQD DXQTXH VHD XQ VHJXQGR F³PR IXH OD YLGD GH 0DUFR $XUHOLR FRPR HPSHUDGRU
3UHVLGDHO6HQDGROLGHUDEDODVWURSDVGXUDQWHODVEDWDOODVFRPRRILFLDOPD\RUGLULJDXQD
HVWUDWHJLDPDMHVWXRVDGHOHM©UFLWR7DPEL©QHVFXFKDEDSHWLFLRQHVGHFLXGDGDQRVDERJDGRV
\JRELHUQRVH[WUDQMHURV(QRWUDVSDODEUDVFRPRODPD\RUDGHODJHQWHHQHOSRGHUVHOH
H[LJDTXHWRPDUDGHFLVLRQHVWRGRHOGDWRGRVORVGDVGHFLVL³QWUDVGHFLVL³Q
6XI³UPXODSDUDWRPDUGHFLVLRQHVHVXQP©WRGRSDUDKDFHUORFRUUHFWRTXHOLWHUDOPHQWH
ORJU³GHPRVWUDUHQEDWDOOD3RUHVRGHEHUDPRVSUREDUOR
3ULPHUR QR WH DWRUPHQWHV HVR LQIOXLU¡ QHJDWLYDPHQWH HQ WX GHFLVL³Q \ OD FRPSOLFDU¡
P¡VGHORQHFHVDULR
'HVSX©V UHFXHUGD ORV REMHWLYRV \ ORV SULQFLSLRV TXH YDORUDV $O SDVDU WXV SRVLEOHV
DFFLRQHVSRUHVWHILOWURHOLPLQDU¡VODVPDODVGHFLVLRQHV\GHVWDFDU¡VODVDGHFXDGDV
1RWHDWRUPHQWHV
+D]ORFRUUHFWR
(VWRGR
GHPD\R
(OWUDEDMRHVWHUDSLD
(OWUDEDMRQXWUHORVHVSULWXVJHQHURVRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
7HUHVXOWDIDPLOLDUHVDVHQVDFL³QTXHSURYRFDQRLUDOJLPQDVLRHQYDULRVGDV"7HVLHQWHV
HQIHUPL]RLUULWDEOHFODXVWURI³ELFRLQGHFLVR2WURVODH[SHULPHQWDQFXDQGRVHWRPDQXQDV
YDFDFLRQHVPX\H[WHQVDVRHQORVSULPHURVGDVGHODMXELODFL³Q/DPHQWH\HOFXHUSRHVW¡Q
KHFKRVSDUDXWLOL]DUVHFXDQGRQRWLHQHQXQILQSURGXFWLYRVHYXHOYHQHQVXFRQWUD
(V WULVWH SHQVDU TXH HVWH WLSR GH IUXVWUDFL³Q HV OD UHDOLGDG FRWLGLDQD GH PXFKRV
'HVSHUGLFLDQ EXHQD SDUWH GH VX SRWHQFLDO SRUTXH WLHQHQ WUDEDMRV HQ ORV TXHKDFHQ SRFR R
SRUTXH WLHQHQ GHPDVLDGR WLHPSR OLEUH /R SHRU HV FXDQGR LQWHQWDPRV LJQRUDU HVWRV
VHQWLPLHQWRV FRPSUDQGR FRVDV VDOLHQGR GH ILHVWD SHOHDQGR VLHQGR GUDP¡WLFRV
VDWLVIDFLHQGRODH[LVWHQFLDFRQFDORUDVYDFDVHQYH]GHHQFRQWUDUDOLPHQWRUHDO
/DVROXFL³QHVVHQFLOOD\SRUVXHUWHVLHPSUHDODPDQR6DODWUDEDMDU
GHPD\R
7UDEDMDUPXFKRRDSHQDV"
1RSXHGROODPDUDDOJXLHQODERULRVRVLV³ORRLJRTXHOHHRHVFULEH\DXQTXHD±DGD
TXH WRGDV ODV QRFKHV DºQ QR VH OR OODPR VL QR FRQR]FR OD UHODFL³Q FRQ OR RWURߨ
3HURVLSRQHVXHVIXHU]RHQUHODFL³QFRQVXSURSLRUHJHQWHSDUDWHQHUOR\OOHYDUOR
DGHODQWHFRQIRUPHDQDWXUDOH]DV³ORHQWRQFHVOHOODPRODERULRVR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
4X© WDQ SUREDEOH HV TXH OD SHUVRQD P¡V RFXSDGD TXH FRQR]FDV VHD OD P¡V SURGXFWLYD"
6ROHPRVSHQVDUTXHODDFWLYLGDGGHVPHGLGDHVXQUDVJRSRVLWLYR\FUHHPRVTXHVHGHEHUD
UHFRPSHQVDUSDVDUPXFKDVKRUDVHQHOWUDEDMR
0HMRUHYDOºDTX©HVW¡VKDFLHQGRSRUTX©ORKDFHV\FX¡OHVVHU¡QVXVFRQVHFXHQFLDV6L
QRREWLHQHVXQDUHVSXHVWDVDWLVIDFWRULDHQWRQFHVGHMDGHKDFHUOR
GHPD\R
6³ORWHQHPRVXQDREOLJDFL³Q
4X©DUWHSURIHVDV"(OGHVHUKRPEUHGHELHQ
0$5&2$85(/,20HGLWDFLRQHV
$QWHWRGRORVHVWRLFRVFUHDQTXHQXHVWUDODERUHQODWLHUUDHVVHUKRPEUHVGHELHQ$XQTXH
HVXQDREOLJDFL³QHOHPHQWDOVRPRVH[SHUWRVHQLQYHQWDUSUHWH[WRVSDUDQRVHUOR
3DUDFLWDUD%HOLFKLFNGHQXHYRߡ+D]ORTXHWHWRFDߢ
-XQLR
ߧ
5HVROXFL³QGHSUREOHPDV
GHMXQLR
6LHPSUHWHQXQDFO¡XVXODPHQWDOLQYHUVD
1LQJXQDRWUDFRVDVXHOHRSRQHUVHDORTXHHVSURSLRGHODLQWHOLJHQFLDP¡VTXHHOOD
PLVPDSXHVDHOODQROHOOHJDQQLHOIXHJRQLHOKLHUURQLHOWLUDQRQLODFDOXPQLDQL
RWUDFRVD
0$5&2$85(/,20HGLWDFLRQHV
/RVREVW¡FXORVVRQSDUWHGHODYLGDVXFHGHQFRVDVVHLQWHUSRQHQREVW¡FXORVHQWXFDPLQR
ODV VLWXDFLRQHV VDOHQ PDO 6LQ HPEDUJR FXDQGR OD PHQWH HVWRLFD HVW¡ RSHUDQGR
DGHFXDGDPHQWH QDGD SXHGH GHWHQHUOD SRUTXH SDUD WRGDV ODV DFFLRQHVTXH WRPD WLHQH XQD
ߡFO¡XVXODLQYHUVDߢ
'H TX© VH WUDWD" (V XQ SODQ GH FRQWLQJHQFLD 6L XQ DPLJR QRV WUDLFLRQD QXHVWUD
FO¡XVXOD LQYHUVD FRQVLVWH HQ DSUHQGHU F³PR VXFHGL³ \ SHUGRQDU HO HUURU GH OD SHUVRQD 6L
QRVPHWHQDODF¡UFHOQXHVWUDFO¡XVXODLQYHUVDFRQVLVWHHQQHJDUQRVDTXHHVWHFDPELRQRV
DEDWD H LQWHQWDU VHU VROLGDULRV FRQ QXHVWURV FRPSD±HURV SUHVRV &XDQGR XQD IDOOD W©FQLFD
ERUUD QXHVWUR WUDEDMR QXHVWUD FO¡XVXOD LQYHUVD FRQVLVWH HQ HPSH]DU GH QXHYR \ KDFHUOR
PHMRU1XHVWURSURJUHVRSXHGHHQFRQWUDUVHFRQGLILFXOWDGHVRLQWHUUXSFLRQHVSHURODPHQWH
VLHPSUHVHSXHGHFDPELDUFRQVHUYDHOSRGHUGHUHGLULJLUHOFDPLQR
3DUDHOORKD\TXHUHFRUGDUHOUXPERKDELWXDOGHODVFRVDV/DOH\GH0XUSK\HVWDEOHFH
TXH ߡVL DOJR SXHGH VDOLU PDO OR KDU¡ߢ $V GHEHPRV WHQHU OD FO¡XVXOD LQYHUVD D OD PDQR
SRUTXHHVSUREDEOHTXHODXVHPRV\QDGLHSRGU¡LPSHGLUOR
GHMXQLR
/DSHUVSHFWLYDGH3ODW³Q
(V EHOOR DTXHO SDVDMH GH 3ODW³Q ߡ,PSRUWD PXFKR D TXLHQ GLVFXUUD VREUH ORV
KRPEUHVTXHFRQVLGHUHDVLPLVPRFRPRGHVGHXQOXJDUHOHYDGRORTXHSDVDHQOD
UHGRQGH]GHODWLHUUDODVPXOWLWXGHVORVHM©UFLWRVODVODEUDQ]DVORVPDWULPRQLRV\
GLYRUFLRV ORV QDFLPLHQWRV \ PXHUWHV HO EDUXOOR GH ORV WULEXQDOHV ORV SDVHV
GHVLHUWRV ODV GLYHUVDV SREODFLRQHV E¡UEDUDV ODV ILHVWDV \ OXWRV ODV IHULDV WRGD OD
EDUDKºQGD\HODUPRQLRVRFRQMXQWRGHORVFRQWUDVWHVߢ
0$5&2$85(/,20HGLWDFLRQHV
+D\XQGL¡ORJRKHUPRVRWLWXODGRߡ,FDURPHQLSRߢGHOSRHWD/XFLDQRGH6DP³VDWDHQHOFXDO
DOQDUUDGRUVHOHRWRUJDODFDSDFLGDGGHYRODU\YHUHOPXQGRGHVGHORDOWR$OPLUDUDOD
WLHUUD SHUFLEH OR GLPLQXWDV TXH VH YHQ WRGDV ODV SHUVRQDV KDVWD ODV P¡V ULFDV ODV
SURSLHGDGHVHLPSHULRVHQWHURV'HVGHHVDSHUVSHFWLYDWRGDVVXVEDWDOODV\SUHRFXSDFLRQHV
SDUHFHQLQVLJQLILFDQWHV
(Q OD $QWLJ¼HGDG HVWH HMHUFLFLR HUD VLPSOHPHQWH WH³ULFR OR P¡V DOWR TXH VH SRGD
DVFHQGHUHUDDODFLPDGHXQDPRQWD±DRDXQHGLILFLRGHXQSDUGHSLVRVGHDOWXUD3HURFRQ
HOSURJUHVRGHODWHFQRORJDORVKXPDQRVKDQSRGLGRDGRSWDUODYLVL³QGHXQDYH\PXFKR
P¡V
(ODVWURQDXWD(GJDU0LWFKHOOIXHXQDGHODVSULPHUDVSHUVRQDVHQYHUODWLHUUDGHVGHHO
HVSDFLR&RPRGHWDOO³P¡VWDUGH
(QHOHVSDFLRH[WHULRUGHVDUUROODVXQDFRQFLHQFLDJOREDODOLQVWDQWHXQDSUHRFXSDFL³Q
SRUODVSHUVRQDVXQDLQVDWLVIDFFL³QLQPHQVDFRQHOHVWDGRGHOPXQGR\XQDFRPSXOVL³Q
SRUKDFHUDOJRDOUHVSHFWR'HVGHODOXQDODSROWLFDLQWHUQDFLRQDOSDUHFHLQVLJQLILFDQWH
4XLHUHV WRPDU D DOJºQ SROWLFR GHO FRJRWH \ DUUDVWUDUOR XQRV PLOORQHV GH NLO³PHWURV
SDUDGHFLUOHߡ0LUDHVRGHVJUDFLDGRߢ
0XFKRVSUREOHPDVVHSXHGHQUHVROYHUFRQODSHUVSHFWLYDGH3ODW³Q8WLO]DOD
GHMXQLR
(VEXHQRVHUIOH[LEOH
1R OH HV SRVLEOH VHU VROGDGR TXH VH SUHVHQWH SDUD ODV PDJLVWUDWXUDV +D GH YLYLU
FRPRXQSDUWLFXODUTXHVHKDJDRUDGRU/HKDQLPSXHVWRVLOHQFLRTXHD\XGHDVXV
FRQFLXGDGDQRV FRQ VX FDOODGD DVLVWHQFLD /H UHVXOWD SHOLJURVR LQFOXVR HQWUDU HQ HO
IRUR TXH HQ ODV FDVDV HQ ORV HVSHFW¡FXORV HQ ORV FRQYLWHV VH FRQGX]FD FRPR
FRPSD±HUREXHQRFRPRXQDPLJRILHOFRPRXQFRQYLGDGRGLVFUHWR+DUHQXQFLDGR
DODVWDUHDVGHXQFLXGDGDQRTXHHMHU]DODVGHXQKRPEUH
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
3RFRDQWHVGHVXPXHUWHFXDQGRODYLFWRULDGHOD*XHUUD&LYLODOILQHVWDEDDVXDOFDQFH
/LQFROQFRQW³XQDKLVWRULDDXQSºEOLFRGHJHQHUDOHV\DOPLUDQWHVVREUHXQKRPEUHTXHOR
EXVF³ SDUD SHGLUOH XQ DOWR FDUJR HQ HO JRELHUQR 3ULPHUR HO KRPEUH OH SLGL³VHU PLQLVWUR
H[WHULRU&XDQGR/LQFROQORUHFKD]³HOKRPEUHOHSLGL³XQSXHVWRP¡VPRGHVWR$OYHUVH
UHFKD]DGR GH QXHYR SLGL³ VHU RILFLDO DGXDQDO GH EDMR UDQJR $O GDUVH FXHQWD GH TXH QR
FRQVHJXLUDQLHVRDOILQDOOHSLGL³D/LQFROQXQSDUGHSDQWDORQHVYLHMRVߡ$KHVW¡ELHQVHU
KXPLOGHߢ/LQFROQFRQFOX\³ODKLVWRULDHQWUHULVDV
(VWDKLVWRULDUHSUHVHQWDODIOH[LELOLGDG\GHWHUPLQDFL³QGHOHVWRLFLVPR6LQRSRGHPRV
KDFHU HVWR HQWRQFHV WDO YH] SRGHPRV LQWHQWDU DTXHOOR < VL QR SRGHPRV KDFHU DTXHOOR
HQWRQFHV WDO YH] SRGDPRV LQWHQWDU RWUD FRVD ,QFOXVR VL HVR ºOWLPR FRQVLVWH HQ VHU XQ
KRPEUH GH ELHQ VLHPSUH WHQHPRV XQD RSRUWXQLGDG SDUD SUDFWLFDU QXHVWUD ILORVRID SDUD
FRQWULEXLUGHDOJºQPRGR
GHMXQLR
3DUDHVRHVWDPRVDTX
3RU TX© QRV LUULWDPRV" 3RU TX© QRV TXHMDPRV" 3DUD HVWR KHPRV VLGR
SUHSDUDGRV
61(&$6REUHODSURYLGHQFLD
1DGLHGLMRTXHODYLGDHUDI¡FLO1DGLHGLMRTXHVHUDMXVWD
6LQ HPEDUJR QR ROYLGHV TXH SURYLHQHV GH XQ OLQDMH GH DQWHSDVDGRV H[WHQVR H
LQLQWHUUXPSLGRTXHKDVREUHYLYLGRDDGYHUVLGDGHV\GLILFXOWDGHVLQLPDJLQDEOHV6XVJHQHV\
VDQJUHFRUUHQSRUWXRUJDQLVPR6LQHOORVQRHVWDUDVDTX
(UHV KHUHGHUR GH XQD WUDGLFL³Q LPSUHVLRQDQWH \ FRPR GHVFHQGLHQWH HUHV FDSD] GH OR
PLVPRTXHHOORV3DUDHVRHVW¡VDTXSDUDHVRWHHQJHQGUDURQ
7HQORHQFXHQWDFXDQGRODVFRVDVVHSRQJDQGLIFLOHV
GHMXQLR
/PSLDWHODQDUL]
< HQWRQFHV GHFLPRV ߡb$\ 'LRV \ 6H±RU &³PR QR PH YR\ D DQJXVWLDU"ߢ
,QVHQVDWRQRWLHQHVPDQRV"1RWHODVKL]RODGLYLQLGDG"7HYDVDSRQHUDKRUDD
UH]DUSDUDTXHQRVHWHFDLJDQORVPRFRV"0HMRUOPSLDORV\QRWHTXHMHV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(O PXQGR HV LQMXVWR (O SDUWLGR HVW¡ DUUHJODGR )XODQR GH WDO WH WLHQH WLUULD 7DO YH] HVWDV
WHRUDV VHDQ FLHUWDV SHUR HQ VHQWLGR SU¡FWLFR ߚDTX \ DKRUDߚ GH TX© WH VLUYHQ" (VH
LQIRUPH JXEHUQDPHQWDO R DUWFXOR FRPSDVLYR HQ ODV QRWLFLDV QR SDJDU¡ WXV UHFLERV QL OD
WHUDSLD GH WX SLHUQD URWD WDPSRFR FRQVHJXLU¡ HVH SU©VWDPR TXH QHFHVLWDV 1DGD VH ORJUD
VXFXPELHQGR D OD DXWRFRPSDVL³Q \ D OD QDUUDWLYD GH ODV GHVGLFKDV 1DGD VDOYR GUHQDU OD
HQHUJD\PRWLYDFL³QTXHQHFHVLWDVSDUDUHVROYHUWXSUREOHPD
7HQHPRVXQDDOWHUQDWLYDQRVFHQWUDPRVHQHQXPHUDUODVLQMXVWLFLDVTXHKHPRVYLYLGR
R DSURYHFKDPRV OR TXH VH QRV KD GDGR \ QRV SRQHPRV D WUDEDMDU" (VSHUDUHPRV D TXH
DOJXLHQQRVUHVFDWHRHVFXFKDUHPRVODOODPDGDGHHPSRGHUDPLHQWRGH0DUFR$XUHOLRSDUD
ߡPLUDUSRUWXELHQVLWLHQHVFXHQWDFRQWLJRPLVPRKDVWDTXHVHDSRVLEOHߢ"(VPHMRUTXH
OLPSLDUWHODQDUL] TXH\DHVXQSDVRHQVPLVPR
GHMXQLR
&X¡QGRVHJXLU\FX¡QGRUHQXQFLDU
$±DGHWDPEL©QDDTXHOORVTXHVRQSRFRWRUQDGL]RVQRSRUFXOSDGHVXFRQVWDQFLD
VLQRGHVXLQGROHQFLD\YLYHQQRFRPRTXLHUHQVLQRFRPRHPSH]DURQ
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
(Q7KH 'LS 6HWK *RGLQ KDFH XQD DQDORJD LQWHUHVDQWH HQWUH WUHV FODVHV GH SHUVRQDV TXH
KDFHQILODHQHOVºSHU8QDVHIRUPDHQXQDILODFRUWD\VHTXHGDDKVLQLPSRUWDUOROHQWD
TXH YD\D R OR U¡SLGR TXH DYDQFHQ ODV RWUDV 2WUD VH FDPELD GH ILOD FRQVWDQWHPHQWH SDUD
DKRUUDUVHXQRVVHJXQGRV<XQDWHUFHUDV³ORVHFDPELDXQDYH]FXDQGRTXHGDFODURTXHVX
ILOD HVW¡ UHWUDVDGD \ KD\ XQD VDOLGD FODUD 'HVSX©V VLJXH DGHODQWH FRQ VX GD &RQ HVWR
TXLHUHTXHQRVSUHJXQWHPRVTX©FODVHGHSHUVRQDVRPRV
6©QHFDWDPEL©QQRVDFRQVHMDVHUODWHUFHUDFODVH4XHKD\DVHPSUHQGLGRXQFDPLQRQR
TXLHUH GHFLU TXH HVW©V FRPSURPHWLGR D ©O GH SRU YLGD VREUH WRGR VL UHVXOWD TXH WLHQH
GHIHFWRVXREVW¡FXORV$OPLVPRWLHPSRWDPSRFRHVSUHWH[WRSDUDVHUYROXEOHRSRFRFODUR
6H UHTXLHUH YDORU SDUD KDFHU ODV FRVDV GH IRUPD GLVWLQWD \ FUHDU FDPELRV DV FRPR
GLVFLSOLQD\FRQVFLHQFLDSDUDLGHQWLILFDUTXHVLDOJRSDUHFHPXFKR PHMRU HV XQD WHQWDFL³Q
TXHWDPSRFRSXHGHVDWLVIDFHUQRVFRQVWDQWHPHQWH
GHMXQLR
(QFXHQWUDDORVPHQWRUHVLQGLFDGRV
6ROHPRVGHFLUTXHQRHVWXYRHQQXHVWUDPDQRTX©SDGUHVQRVWRFDEDQHQVXHUWH
TXH QRV IXHURQ GDGRV DO D]DU PDV QRV HV SRVLEOH QDFHU SDUD QRVRWURV D QXHVWUR
DOEHGUR
61(&$6REUHODEUHYHGDGGHODYLGD
6RPRVDIRUWXQDGRVSXHVDOJXQRVGHORVKRPEUHV\PXMHUHVP¡VJUDQGHVGHODKLVWRULDKDQ
UHJLVWUDGR VX VDELGXUD \ GLVSDUDWHV HQ OLEURV \ GLDULRV (Q PXFKRV RWURV FDVRV XQ
EL³JUDIR FXLGDGRVR KD KHFKR XQD FU³QLFD GH VXV YLGDV GH 3OXWDUFR D %RVZHOO \ 5REHUW
&DUR OD OLWHUDWXUD TXH VH HQFXHQWUD HQ FXDOTXLHU ELEOLRWHFD VXPD PLOORQHV GH S¡JLQDV \
PLOHVGHD±RVGHFRQRFLPLHQWRSHUFHSFL³Q\H[SHULHQFLD
7DOYH]WXVSDGUHVQRIXHURQPRGHORVDVHJXLURQXQFDWXYLVWHXQPHQWRU6LQHPEDUJR
VLTXHUHPRVSRGHPRVWHQHUDFFHVRDODVDELGXUDGHQXHVWURVDQWHSDVDGRVDTXHOORVFRPR
TXLHQHVDVSLUDPRVDVHU
1RV³ORGHEHPRVEXVFDUHVHFRQRFLPLHQWRDGTXLULGRFRQWDQWRHVIXHU]ROHGHEHPRVD
ODVSHUVRQDVTXHVHWRPDURQHOWLHPSRGHUHJLVWUDUVXVH[SHULHQFLDVLQWHQWDUWUDQVPLWLUVXV
WUDGLFLRQHV\VHJXLUVXVHMHPSORVVHUKLMRVSURPHWHGRUHVGHHVWRVSDGUHVQREOHV
GHMXQLR
8QODGULOORDODYH]DXQTXHVHDDEXUULGR
&RQYLHQHRUGHQDUWRGDWXYLGDHQFDGDXQDGHODVDFFLRQHV\VLFDGDXQDGHHOODV
ORJUD HO ILQ TXH OH FRUUHVSRQGH HQ FXDQWR VHD SRVLEOH GDWH SRU VDWLVIHFKR < TXH
HOODVDOFDQFHQHOILQFRUUHVSRQGLHQWHQLQJXQRSXHGHLPSHGUWHOR
ߚ3HURORLPSLGHXQDFDXVDH[WHULRU
ߚ1DGDKDEU¡TXHWHLPSLGDSUDFWLFDUODMXVWLFLDODWHPSODQ]DODSUXGHQFLD
ߚ7DOYH]VHRSRQGU¡RWUDFRVDDPLIDFXOWDGRSHUDWLYD
ߚ$FDVR SHUR JUDFLDV D OD UHVLJQDFL³Q DQWH HO REVW¡FXOR PLVPR \ D OD VDELD
DGKHVL³Q D OR TXH VH SUHVHQWDUH VH VXVWLWXLU¡ DO LQVWDQWH RWUD DFFL³Q TXH FXDGUH
PHMRUDOEXHQRUGHQGHYLGDGHODTXHDQWHVKDEODPRV
0$5&2$85(/,20HGLWDFLRQHV
/RV DWOHWDV SURIHVLRQDOHV GH DOWR UHQGLPLHQWR \ D QLYHO XQLYHUVLWDULR VLJXHQ XQD ILORVRID
GHQRPLQDGDߡ(OSURFHVRߢ(VXQDILORVRIDTXHFRQFLEL³HOHQWUHQDGRUGHOD8QLYHUVLGDGGH
$ODEDPD1LFN6DEDQTXLHQOHVHQVH±³DVXVMXJDGRUHVTXHLJQRUDUDQHOSDQRUDPDDPSOLR
ߚSDUWLGRV LPSRUWDQWHV JDQDU FDPSHRQDWRV OD YHQWDMD HQRUPH GHO ULYDOߚ \ TXH VH
HQIRFDUDQHQKDFHUELHQODVFRVDVP¡VPQLPDVSUDFWLFDUFRQWRGRVXHPSH±RWHUPLQDUXQD
MXJDGDHVSHFILFDDSRGHUDUVHGHOEDO³Q8QDWHPSRUDGDGXUDPHVHVXQSDUWLGRGXUDKRUDV
HO HPSDWH SRGUD HVWDU D FXDWUR WRXFKGRZQV SHUR XQD VROD MXJDGD GXUD V³OR XQ SDU GH
VHJXQGRV<ORVSDUWLGRV\ODVWHPSRUDGDVVHFRQVWLWX\HQSRUVHJXQGRV
6L ORV HTXLSRV VLJXHQ ߡ(O SURFHVRߢ VXHOHQ JDQDU 6XSHUDQ ORV REVW¡FXORV \ FRQ HO
WLHPSROOHJDQDODFLPDVLQKDEHUVHHQIRFDGRHQORVREVW¡FXORVGHIRUPDGLUHFWD6LVLJXHV
ߡ(OSURFHVRߢHQWXYLGDߚUHDOL]DVODVDFFLRQHVDGHFXDGDVHQHORUGHQFRUUHFWRXQDGHVSX©V
GH RWUDߚ WDPEL©Q WH LU¡ ELHQ 1R V³OR HVR HVWDU¡V PHMRU SUHSDUDGR SDUD VXSHUDU FRQ
SUHVWH]D ORV REVW¡FXORV TXH VH WH SUHVHQWHQ (VWDU¡V GHPDVLDGR RFXSDGR SRQLHQGR XQ SLH
GHODQWHGHORWURFRPRSDUDGDUWHFXHQWDVLTXLHUDGHORVREVW¡FXORV
GHMXQLR
5HVXHOYHORVSUREOHPDVFRQDQWHODFL³Q
1R KD\ YLFLR TXH QR SUHWHQGD GHIHQGHUVH QLQJXQR FX\RV FRPLHQ]RV QR VHDQ
WPLGRV\H[FXVDEOHVSHURGHDTXVHGLIXQGHFRQPD\RUDPSOLWXG1RORJUDU¡VTXH
FHVHVLOHSHUPLWHVFRPHQ]DU7RGDSDVL³QDOSULQFLSLRHVG©ELOOXHJRHOODPLVPDVH
UREXVWHFH \ PLHQWUDV SURJUHVD DGTXLHUH IXHU]DV HV P¡V I¡FLO UHFKD]DUOD TXH
H[WLUSDUOD
61(&$(SVWRODVPRUDOHVD/XFLOLR
3XEOLOLR 6LUR QRV UHFXHUGD HQ XQ HSLJUDPD TXH ߡHV P¡V I¡FLO FUX]DU XQ UR HQ VX
QDFLPLHQWRߢ $ HVR VH UHILHUH 6©QHFD WDPEL©Q /DV DJXDV HPEUDYHFLGDV \ ODV FRUULHQWHV
PRUWDOHVGHORVPDORVK¡ELWRVODIDOWDGHGLVFLSOLQDHOFDRV\ODGLVIXQFL³QHQDOJºQSXQWR
FRPHQ]DURQ FRPR XQ VXUWLGRU LQRIHQVLYR 0¡V DGHODQWH VRQ XQ ODJR R HVWDQTXH SO¡FLGR
LQFOXVRXQPDQDQWLDOVXEWHUU¡QHRHIHUYHVFHQWH
4X© SUHILHUHV KDFHU HVWDU D SXQWR GH DKRJDUWH HQ XQ FUXFH SHOLJURVR GHQWUR GH XQDV
VHPDQDVRFUX]DUDKRUDPLHQWUDVHVI¡FLO"'HSHQGHGHWL
GHMXQLR
7ºSXHGHV
1R HV MXVWR VXSRQHU TXH VL D WL WH SDUHFH XQD FRVD GLIFLOPHQWH UHDOL]DEOH VHD SRU
HVWR PLVPR LPSRVLEOH SDUD WRGR KRPEUH DQWHV ELHQ OR TXH HV SRVLEOH \
FRUUHVSRQGLHQWHDXQKRPEUHSHUVX¡GHWHTXHWDPEL©QHVDVHTXLEOHSRUWL
0$5&2$85(/,20HGLWDFLRQHV
(QHVWHPXQGRKD\GRVWLSRVGHSHUVRQDV/DVSULPHUDVREVHUYDQDTXLHQHVWLHQHQORJURV\
SLHQVDQ 3RU TX© HOODV" 3RU TX© QR \R" /DV RWUDV REVHUYDQ D ODV PLVPDV SHUVRQDV \
SLHQVDQ6LHOORVSXHGHQ\RSRUTX©QR"
/DVSULPHUDVVRQߡVXPDFHURߢ VLWºJDQDV\RSLHUGR \FHORVDV/DVRWUDVQRVRQߡVXPD
FHURߢ KD\ PXFKR SDUD WRGRV \ FRQVLGHUDQ HO ©[LWR GH ORV GHP¡V XQD LQVSLUDFL³Q4X©
DFWLWXGWHLQYLWDU¡DFWXDU"&X¡OWHSURYRFDU¡DPDUJXUD\GHVHVSHUDFL³Q"
4XL©QTXLHUHVVHU"
GHMXQLR
1RHPSHRUHVODVFRVDV
/D F³OHUD \ HO GRORU TXH H[SHULPHQWDPRV SRU ODV FXOSDV DMHQDV QRV DFDUUHDQ XQD
WXUEDFL³Q PD\RU TXH OD TXH QRV FDXVDUDQ HQ V DTXHOODV FRVDV SRU ODV FXDOHV
PRQWDPRVHQF³OHUD\QRVUHVHQWLPRV
0$5&2$85(/,20HGLWDFLRQHV
'LFHHODGDJLRTXHODUHJODP¡VLPSRUWDQWHGHORVDJXMHURVHVTXHVLߡWHHQFXHQWUDVHQXQR
GHMHV GH H[FDYDUߢ 3XHGH VHU HO HMHPSOR GH VDELGXUD UDFLRQDO TXH P¡V VH LQIULQJH HQ HO
PXQGR /R TXH OD PD\RUD KDFH FXDQGR DOJR VXFHGH VDOH PDO R VH OH LPSRQH HV
HPSHRUDUOR 3ULPHUR QRV PROHVWDPRV R DQJXVWLDPRV \ GHVSX©V SHUGHPRV ORV HVWULERV VLQ
VLTXLHUDFRQFHELUXQSODQ
+R\DVJQDWHODVODERUHVP¡VVHQFLOODV\SRVLEOHVQRHPSHRUHVODVFRVDV6LQLPSRUWDU
ORTXHVXFHGDQRVXPHVHOHQRMRRODVHPRFLRQHVQHJDWLYDVDODHFXDFL³Q1RUHDFFLRQHV
SRUTXHV'©MDORDV'HMDGHFDYDU'HVSX©VSODQHDF³PRVDOLU
GHMXQLR
8QDPHQWHSUHSDUDGDHVPHMRUTXHFXDOTXLHUJXLRQ
'HHVHPRGRWDPEL©QHVULGFXORGHFLUߡb3RQWHHQPLOXJDUߢb4X©YR\DSRQHUPH
HQ WX OXJDU 6LQR ߡ+D] TXH PL SHQVDPLHQWR UHVXOWH OR TXH UHVXOWH VH DFRPRGH D
HOORߢߨ 6L ORV DFRQWHFLPLHQWRV WH GLFWDQ RWUD FRVD TX© GLU¡V R TX© KDU¡V"
$FX©UGDWHGHHVWHSULQFLSLRXQLYHUVDO\FRQRFHU¡VODQRUPDGHFRQGXFWD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
6HUD DJUDGDEOH TXH DOJXLHQ QRV HQVH±DUD H[DFWDPHQWH TX© KDFHU HQ FDGD VLWXDFL³Q
'HGLFDPRVEXHQDSDUWHGHQXHVWUDVYLGDVDSUHSDUDUQRVSDUDHVWRHVWXGLDQGRSDUDDTXHOOR
DKRUUDQGRRDQWLFLS¡QGRQRVSDUDXQPRPHQWRDUELWUDULRHQHOIXWXUR3HURFRPRVH±DO³HO
ER[HDGRU0LNH7\VRQORVSODQHVWHUPLQDQFXDQGRWHGDQXQSX±HWD]RHQODFDUD
/RV HVWRLFRV QR EXVFDQ OD UHVSXHVWD SDUD FDGD SUHJXQWD R XQ SODQ SDUD FDGD
HYHQWXDOLGDG 6LQ HPEDUJR WDPSRFR VH SUHRFXSDQ 3RU TX©" 3RUTXH FRQIDQ HQ TXH
SRGU¡Q DGDSWDUVH \ FDPELDU VHJºQ ODV FLUFXQVWDQFLDV (Q YH] GH LQVWUXLUVH FXOWLYDQ
KDELOLGDGHV FRPR FUHDWLYLGDG LQGHSHQGHQFLD FRQILDQ]D HQ XQR PLVPR LQJHQLR \ OD
FDSDFLGDG SDUD UHVROYHU SUREOHPDV 'H HVWH PRGR VRQ UHVLOLHQWHV \ QR UJLGRV 1RVRWURV
SRGHPRVKDFHUORPLVPR
+R\ QRV FHQWUDUHPRV HQ OR HVWUDW©JLFR \ QR HQ OR W¡FWLFR 1RV UHFRUGDUHPRV TXH HV
PHMRUTXHQRVHQVH±HQ\QRTXHQRVGHQ\VHUHPRVIOH[LEOHVHQYH]GHVHJXLUXQJXLRQDO
SLHGHODOHWUD
GHMXQLR
/DYLGDHVXQFDPSRGHEDWDOOD
1R VDEHV TXH HVWH DVXQWR HV XQD FDPSD±D" 8QR KD GH YLJLODU RWUR VDOLU D
LQVSHFFLRQDURWURLQFOXVRFRPEDWLUߨ/DYLGDGHFDGDXQRHVXQDFDPSD±D\ODUJD
\YDULDGD7ºKDVGHPDQWHQHUODDFWLWXGGHOVROGDGR\KDFHUORWRGRDXQDVH±DGHO
HVWUDWHJRߨ 3RQWH HQ XQD FLXGDG LPSRUWDQWH \ QR HQ XQ SXHVWR PHQRU VLQR FRPR
VHQDGRU1RVDEHVTXHDOJXLHQDVSRFRKDGHRFXSDUVHGHVXFDVDVLQRTXHOD
PD\RUSDUWHGHODVYHFHVHVWDU¡IXHUDߨ"
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(O HVFULWRU 5REHUW *UHHQH XWLOL]D FRQ IUHFXHQFLD OD IUDVH ߡ$V HQ OD JXHUUD FRPR HQ OD
YLGDߢ (V XQ DIRULVPR TXH FRQYLHQH WHQHU D OD PDQR SRUTXH QXHVWUD YLGD HV XQD EDWDOOD
WDQWR HQ VHQWLGR OLWHUDO FRPR ILJXUDGR &RPR HVSHFLH SHOHDPRV SDUD VREUHYLYLU HQ XQ
SODQHWDLQGLIHUHQWHDQWHQXHVWUDVXSHUYLYHQFLD&RPRLQGLYLGXRVSHOHDPRVSDUDVREUHYLYLU
HQWUH XQD HVSHFLH FX\D SREODFL³Q HV GH PLOHV GH PLOORQHV ,QFOXVR GHQWUR GH QXHVWURV
RUJDQLVPRVFRPEDWHQGLVWLQWDVEDFWHULDV9LYHUHHVWPLOLWDUH 9LYLUHVOXFKDU
+R\ OXFKDU¡V SRU WX PHWD WH UHVLVWLU¡V D ORV LPSXOVRV OXFKDU¡V SDUD FRQYHUWLUWH HQ OD
SHUVRQDTXHTXLHUHVVHU4X©DWULEXWRVQHFHVLWDVSDUDJDQDUHVWDVJXHUUDV"
'LVFLSOLQD /XFLGH]
)RUWDOH]D 'HVDSHJR
9DORU 6DFULILFLR
<FRQTX©DWULEXWRVVHSLHUGHXQDJXHUUD"
&REDUGD ([FHVRGHFRQILDQ]D
,PSUXGHQFLD 'HELOLGDG
'HVRUJDQL]DFL³Q (JRVPR
&RPRHQODJXHUUDHVWRVDWULEXWRVVRQLPSRUWDQWHVHQODYLGDGLDULD
GHMXQLR
3UXHEDODRWUDDVD
7RGR WLHQH GRV DVDV XQD SRU OD TXH SXHGH VHU OOHYDGR \ RWUD SRU OD TXH QR 6L WX
KHUPDQR DFWºD LQMXVWDPHQWH QR DJDUUHV HO DFWR SRU HO DVD GH TXH ©O DFWºD
LQMXVWDPHQWH SXHV ©VD HV HO DVD SRU OD TXH QR SXHGH VHU OOHYDGR DJ¡UUDOR SRU OD
RWUDSRUODGHTXHHVWXKHUPDQR\VHKDFULDGRFRQWLJRDVORDJDUUDU¡VSRUHODVD
SRUODTXHSXHGHVHUOOHYDGR
(3,&7(72(QTXLULGL³Q
(O F©OHEUH SHULRGLVWD :LOOLDP 6HDEURRN SDGHFL³ XQ DOFRKROLVPR WDQ GHELOLWDQWH TXH HQ
LQJUHV³ D XQ KRVSLWDO SVLTXL¡WULFR HQ DTXHO HQWRQFHV HO ºQLFR VLWLR HQ GRQGH SRGD
WUDWDU VX DGLFFL³Q (Q VXV PHPRULDV $VLOR FXHQWD OD KLVWRULD GH OD OXFKD TXH VXSXVR
FDPELDUVXYLGDGHQWURGHOKRVSLWDO$OSULQFLSLRFRQVHUY³VXVSRVWXUDVDGLFWLYDV\FRPR
UHVXOWDGRQRVHDGDSWDEDVHPHWDHQSUREOHPDV\VHUHEHODEDFRQWUDHOSHUVRQDO&DVLQR
PHMRU³\HVWXYLHURQDSXQWRGHH[SXOVDUOR
+DVWDTXHXQGDVHHQFRQWU³FRQODFLWDGH(SLFWHWRTXHGLFHTXHWRGRWLHQHGRVDVDV
ߡ$JDUU©ODRWUDDVD\VHJXDGHODQWHߢFRQW³P¡VDGHODQWH,QFOXVRHPSH]³DSDVDUODELHQHQ
HO KRVSLWDO 6H FHQWU³ HQ VX UHFXSHUDFL³Q FRQ YHUGDGHUR HQWXVLDVPR ߡ'H SURQWR GHVFXEU
TXH HVWDU VREULR HUD PDUDYLOORVR H[WUD±R \ KHUPRVRߨ )XH FRPR VL KXELHUD UHWLUDGR XQ
YHOR HVSXPD R FDSD GH WRGDV ODV FRVDV YLVXDOHV \ DXGLWLYDVߢ (V XQD H[SHULHQFLD TXH
FRPSDUWHQ PXFKRV DGLFWRV FXDQGR DO ILQ GHMDQ GH KDFHU ODV FRVDV D VX PDQHUD \ VRQ
UHFHSWLYRV DQWH ODV SHUVSHFWLYDV VDELGXUD \ HQVH±DQ]DV GH TXLHQHV KDQ SDVDGR SRU OR
PLVPR
1R HV VHJXUR TXH HVWH HQIRTXH ߚDJDUUDU OD RWUD DVDߚ WHQJD ORV PLVPRV UHVXOWDGRV
WUDVFHQGHQWDOHV SDUD WL 3HUR SRU TX© VHJXLU DJDUUDQGR ODV FRVDV FRQ HO DVD TXH QR KD
IXQFLRQDGR"
GHMXQLR
(VFXFKDUGDP¡VIUXWRVTXHKDEODU
$XQMRYHQTXHKDEODEDGHPDVLDGR>=HQ³Q@OHGLMR7HQHPRVGRVRUHMDV\XQDERFD
SDUDRUPXFKR\KDEODUSRFR
',*(1(6/$(5&,29LGDVGHORVILO³VRIRVP¡VLOXVWUHV
3RUTX©ORVVHQVDWRVWLHQHQWDQSRFRVSUREOHPDVFRPSDUDGRVFRQHOUHVWRGHQRVRWURV"/DV
UD]RQHVVRQVHQFLOODV
(Q SULPHU OXJDU ORV VHQVDWRV SDUHFHQ FRQWURODU VXV H[SHFWDWLYDV HQ OD PHGLGD GH OR
SRVLEOH3DUDHPSH]DUUDUDYH]HVSHUDQORLPSRVLEOH
(QVHJXQGROXJDUVLHPSUHFRQVLGHUDQHOPHMRU\HOSHRUHVFHQDULR1RV³ORSLHQVDQHQ
OR TXH GHVHDQ WDPEL©Q HQ OR TXH ߚHQ W©UPLQRV UHDOLVWDVߚ SXHGH VXFHGHU VL ODV FRVDV
FDPELDUDQGHUHSHQWH
(Q WHUFHU OXJDU ORV VHQVDWRV DFWºDQ FRQ XQD FO¡XVXOD LQYHUVD ߚHV GHFLU QR V³OR
FRQVLGHUDQORTXHSXHGHVDOLUPDOWDPEL©QHVW¡QSUHSDUDGRVSDUDTXHVXFHGDFRPRVLDVOR
KXELHUDQTXHULGRߚHVXQDRSRUWXQLGDGSDUDODH[FHOHQFLD\ODYLUWXG
6LORUHSOLFDVKR\WDPEL©QHQFRQWUDU¡VTXHQDGDWHVRUSUHQGHU¡QLLU¡HQFRQWUDGHWXV
H[SHFWDWLYDV
GHMXQLR
1RWHDYHUJ¼HQFHVSRUSHGLUD\XGD
1R WH GHVD]RQHV SRU OD D\XGD DMHQD /R TXH WH LQFXPEH HV FXPSOLU FRQ WX GHEHU
FRPR FRQYLHQH DO VROGDGR DVDOWDU OD PXUDOOD 4X© KDUDV VL SRU XQD FRMHUD QR
SXGLHUDVHVFDODUSRUWLVRORODVDOPHQDV\WHIXHUDSRVLEOHFRQODD\XGDGHRWUR"
0$5&2$85(/,20HGLWDFLRQHV
1DGLH GLMR TXH QDFHPRV FRQ WRGDV ODV KHUUDPLHQWDV QHFHVDULDV SDUD UHVROYHU FXDOTXLHU
SUREOHPD TXH HQIUHQWHPRV HQ OD YLGD 'H KHFKR GH UHFL©Q QDFLGRV ©UDPRV SU¡FWLFDPHQWH
LQGHIHQVRV $OJXLHQ QRV D\XG³ HQWRQFHV \ HQWHQGLPRV TXH SRGDPRV SHGLU D\XGD $V
VXSLPRVTXH©UDPRVDPDGRV
<ORVHJXLPRVVLHQGR3XHGHVSHGLUD\XGDDTXLHQVHD1RWLHQHVTXHOLGLDUFRQWRGRHQ
VROHGDG6LQHFHVLWDVD\XGDFDPDUDGDV³ORSGHOD
GHMXQLR
2IHQVDRGHIHQVD"
1R SRVHH OD IRUWXQD FRPR FUHHPRV PDQRV ODUJDV D QDGLH DWUDSD VL QR HVW¡
SHJDGRDHOOD$VSXHVHQFXDQWRQRVVHDSRVLEOHGHXQVDOWRDOHM©PRQRVGHHOOD
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q(OSUQFLSH0DTXLDYHORTXLHQVXSXHVWDPHQWHDGPLUDEDD6©QHFDDILUPDߡ/DIRUWXQD
HVPXMHU\VLVHTXLHUHGRPLQDUODKD\TXHPDOWUDWDUOD\IUHQDUODߢ,QFOXVRSDUDHOVLJOR;9,
HVXQDLPDJHQHVSDQWRVD3HURSDUDXQJREHUQDQWHGHVSLDGDGR\GHDPELFL³QLQILQLWDHUD
QRUPDO(VHOHVWLORGHYLGDGHVDJUDGDEOHTXHDQKHODV"
$KRUD FRPSDU©PRVOR FRQ OD SHUVSHFWLYD GH 6©QHFD 1R V³OR GLFH TXH FXDQWR P¡V
IRUFHMHHVFRQODIRUWXQDP¡VYXOQHUDEOHWHYXHOYHVDQWHHOODWDPEL©QDVHJXUDTXHHOFDPLQR
P¡V VHJXUR HV ߡHO PXUR LQH[SXJQDEOHߢ GH OD ILORVRID >(SVWRODV @ ߡ/D ILORVRIDߢ
DILUPD QRV D\XGD D GRPDU ߡHO IUHQHV H[FHVLYR GH QXHVWUD FRGLFLD \ GRPLQD OD IXULD GH
QXHVWURVPLHGRVߢ
(Q ORV GHSRUWHV R HQ OD JXHUUD OD PHW¡IRUD SHUWLQHQWH VHUD OD DOWHUQDWLYD HQWUH XQD
HVWUDWHJLD GH RIHQVD LQWHUPLQDEOH \ DJRWDGRUD \ XQD HVWUDWHJLD GH GHIHQVD UHVLOLHQWH \
IOH[LEOH&X¡OMXJDU¡V"4X©FODVHGHSHUVRQDHUHV"
6³ORWºSXHGHVUHVSRQGHUOR3HURVHUDVQHJOLJHQWHVLQRFRQVLGHUDUDVHOGHVHQODFHGHOD
PD\RUDGHORVSUQFLSHVGHOOLEURGH0DTXLDYHOR\TX©WDQSRFRVGHHOORVPXULHURQIHOLFHV
HQVXFDPDURGHDGRVGHVXVVHUHVTXHULGRV
GHMXQLR
'LVSXHVWRV\GLOLJHQWHV
4XHHOGHVWLQRQRVHQFXHQWUHGLVSXHVWRV\GLOLJHQWHV(VXQJUDQHVSULWXHVWHTXH
VH OH KD HQWUHJDGR SRU HO FRQWUDULR HV XQ HVSULWX PH]TXLQR \ GHJHQHUDGR DTXHO
TXH OR FRPEDWH TXH UHSUXHED HO RUGHQ GHO PXQGR \ SUHILHUH FRUUHJLU D ORV GLRVHV
DQWHVTXHDVPLVPR
61(&$(SVWRODVPRUDOHVD/XFLOLR
6LQLPSRUWDUORTXHSDVHKR\TXHHOGDQRVHQFXHQWUHGLVSXHVWRV\GLOLJHQWHVOLVWRVSDUD
KDFHUOHIUHQWHDORVSUREOHPDVODVGLILFXOWDGHVDTXLHQHVGHFHSFLRQDQRFRQIXQGHQFRQVXV
DFWLWXGHVOLVWRVSDUDDFHSWDUODVFRVDV\KDFHUTXHIXQFLRQHQSDUDQRVRWURV1RGHVHHPRV
UHFXSHUDUHOWLHPSRSHUGLGRRUHKDFHUHOXQLYHUVRVHJºQQXHVWUDVSUHIHUHQFLDV3RUTXHVHUD
PXFKRPHMRU\P¡VVHQFLOORUHLQYHQWDUQRV
GHMXQLR
&RQF©QWUDWHHQHOSUHVHQWH
1R WH FRQWXUEHV OD LPDJLQDFL³Q UHSUHVHQW¡QGRWH GH XQ JROSH WRGD WX YLGD QR
UHIOH[LRQHV D XQ WLHPSR FX¡OHV \ FX¡QWDV SUXHEDV SUREDEOHPHQWH KDQ GH
VREUHYHQLUWHDQWHVELHQHQFDGDXQRGHORVDFRQWHFLPLHQWRVSUHVHQWHVSUHJºQWDWH
ߡ4X©KD\HQHVWRTXHQRVHDVRSRUWDEOH\OOHYDGHUR"ߢ
0$5&2$85(/,20HGLWDFLRQHV
&XDQGR UHFXHUGDV ODV FRVDV P¡V LPSUHVLRQDQWHV LQFOXVR DWHUUDGRUDV TXH KDV KHFKR R
YLYLGR F³PR IXHURQ SRVLEOHV" &³PR ORJUDVWH SDVDU SRU DOWR HO SHOLJUR R ODV SRFDV
SRVLELOLGDGHV"&RPRORGHVFULEH0DUFR$XUHOLRHVWDEDVPX\RFXSDGRFRQORVGHWDOOHVSDUD
SHUPLWLU TXH OD VLWXDFL³Q WH DEDWLHUD 'H KHFKR VHJXUR QL VLTXLHUD OR SHQVDVWH HQ HO
PRPHQWR
8QSHUVRQDMHHQODQRYHOD/XOODE\GH&KXFN3DODKQLXNGLFHߡ(OWUXFRSDUDROYLGDUHO
SDQRUDPD P¡V DPSOLR HV REVHUYDU WRGR GH FHUFDߢ $ YHFHV HV LPSRUWDQWH FRQVLGHUDU HO
SDQRUDPD \ ORV HVWRLFRV QRV KDQ D\XGDGR D KDFHUOR 1R REVWDQWH PXFKDV YHFHV HV
FRQWUDSURGXFHQWH\DJRELDQWHSHQVDUHQWRGRORTXHVHDYHFLQD'HPRGRTXHDOHQIRFDUQRV
GH PDQHUD H[FOXVLYD HQ HO SUHVHQWH SRGHPRV HYLWDU R UHWLUDU HVRV SHQVDPLHQWRV
LQWLPLGDQWHVRQHJDWLYRVGHQXHVWUDPHQWH
8Q KRPEUH TXH FDPLQD SRU OD FXHUGD IORMD QR QHFHVLWD UHFRUGDU OR DOWR TXH HVW¡
VXVSHQGLGR 8Q HTXLSR LQYLFWR LQWHQWD QR SHQVDU HQ VX UDFKD JDQDGRUD SHUIHFWD &RPR
QRVRWURVHVPHMRUTXHKDJDQXQDFRVDDODYH]SRUTXHWRGRORGHP¡VHVLUUHOHYDQWH
GHMXQLR
/DFDOPDHVFRQWDJLRVD
6L ODV FRVDV FX\R GHVHR R DYHUVL³Q WH LQIXQGH LQTXLHWXG QR VDOHQ D WX HQFXHQWUR
DQWHV SRU HO FRQWUDULR HUHV Wº HO TXH HQ FLHUWR PRGR WH DYDQ]DV D HOODV GHEH WX
MXLFLRWUDQTXLOL]DUVHDFHUFDGHODVPLVPDVTXHDVSHUPDQHFHU¡QLQP³YLOHV\QRVH
WHYHU¡\HQGRDVX]DJDRKX\©QGRODV
0$5&2$85(/,20HGLWDFLRQHV
/RV RILFLDOHV GH VHDO WLHQHQ XQD P¡[LPD TXH WUDQVPLWHQ GH ERFD HQ ERFD (Q PHGLR GHO
FDRVLQFOXVRHQODFRQIXVL³QGHODJXHUUDVXFRQVHMRGHPRVWUDGRHQEDWDOODHVߡ/DFDOPD
HVFRQWDJLRVDߢ
6REUHWRGRFXDQGRODFDOPDSURYLHQHGHOKRPEUHRPXMHUUHVSRQVDEOH6LORVKRPEUHV
SLHUGHQORVHVWULERVVLHOJUXSRQRHVW¡VHJXURGHTX©KDFHUGHVSX©VHVODODERUGHOOGHU
KDFHUXQDFRVDLQIXQGLUODFDOPDQRSRUODIXHU]DVLQRSRUHOHMHPSOR
$ HVR DVSLUD VLQ LPSRUWDU FX¡O VHD WX WUDEDMR D VHU OD SHUVRQD FDVXDO \ UHODMDGD HQ
FXDOTXLHU VLWXDFL³Q TXH OHV GLFH D WRGRV TXH UHVSLUHQ\ QR VH SUHRFXSHQ 3RUTXH ORWLHQHV
EDMRFRQWURO1RVHDVHODODUPLVWDHOSDUDQRLFRHOSUHRFXS³QRHOLUUDFLRQDO6©ODFDOPD
QRXQREVW¡FXOR
&RQWDJLDU¡VDORVGHP¡V
GHMXQLR
'DWHXQDYXHOWD
>+D\TXH@SDVHDUFDPLQDQGRFDPSRDWUDY©VSDUDTXHFRQHODLUHOLEUHUHVSLUDGRHQ
DEXQGDQFLDHOHVSULWXVHHQJUDQGH]FD\VHHOHYH
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
(QXQDFLXGDGFRQRFLGDSRUVXUXLGRFRPR5RPDHUDLPSRVLEOHHVWDUHQSD]\HQVLOHQFLR
/RV UXLGRV GH ORV YDJRQHV ORV JULWRV GH ORV YHQGHGRUHV HO PDUWLOOHR GHO KHUUHUR WRGR
OOHQDED ODV FDOOHV FRQ XQD YLROHQFLD SHQHWUDQWH VLQ PHQFLRQDU ORV RORUHV I©WLGRV GH XQD
FLXGDG FRQ GUHQDMH H KLJLHQH GHILFLHQWHV $V TXH ORV ILO³VRIRV FDPLQDEDQ PXFKR SDUD
WUDVODGDUVHSDUDGHVSHMDUVHSDUDWRPDUDLUHIUHVFR
(QHOWUDQVFXUVRGHORVVLJORVILO³VRIRVHVFULWRUHVSRHWDV\SHQVDGRUHVKDQGHVFXELHUWR
TXH FDPLQDU WLHQH XQ EHQHILFLR DGLFLRQDO EULQGD WLHPSR \ HVSDFLR SDUD WUDEDMDU PHMRU
&RPR1LHW]VFKHGLUDP¡VDGHODQWHߡ/DVJUDQGHVLGHDVVHFRQFLEHQFDPLQDQGRߢ
+R\DVHJºUDWHGHFDPLQDU<HQHOIXWXURFXDQGRWHHVWUHVHVRDJRELHVVDODFDPLQDU
&XDQGR WHQJDV XQ SUREOHPD R XQD GHFLVL³Q GLIFLO VDO D FDPLQDU &XDQGR TXLHUDV VHU
FUHDWLYR VDO D FDPLQDU &XDQGR QHFHVLWHV DLUH IUHVFR VDO D FDPLQDU &XDQGR WHQJDV TXH
KDFHU XQD OODPDGD VDO D FDPLQDU &XDQGR QHFHVLWHV KDFHU HMHUFLFLR VDO D FDPLQDU P¡V
WLHPSR&XDQGRWHQJDVXQDUHXQL³QRLQYLWHVDXQDPLJRDWXFDVDVDOJDQDFDPLQDU
1XWUHWXFXHUSR\WXDOPD\DSURYHFKDSDUDUHVROYHUSUREOHPDVHQHOFDPLQR
GHMXQLR
/DGHILQLFL³QGHODLQVHQVDWH]
6L GHUURWDGR XQD VROD YH] GLFHV TXH P¡V DGHODQWH YHQFHU¡V \ OXHJR RWUD YH] OR
PLVPRV¡EHWHTXHHQWRQFHVHVWDU¡VWDQPDO\WDQG©ELOTXHQRWHGDU¡VFXHQWDGH
TXHIDOODVVLQRTXHLQFOXVRHPSH]DU¡VDEXVFDUWHH[FXVDVSRUHVHDVXQWR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
6HKDGLFKRTXHODGHILQLFL³QGHLQVHQVDWH]HVLQWHQWDUORPLVPRXQD\RWUDYH]HVSHUDQGR
XQUHVXOWDGRGLVWLQWR6LQHPEDUJRDVORTXHKDFHODPD\RUD6HGLFHQ+R\QRPHYR\D
HQRMDU+R\QRPHYR\DIUXVWUDU 3HURQR KDFHQ QDGD GLVWLQWR 6LJXHQ OD PLVPD UXWLQD \
HVSHUDQTXHHVWDYH]IXQFLRQHb/DHVSHUDQ]DQRHVXQDHVWUDWHJLD
(OIUDFDVRHVXQFRPSRQHQWHGHODYLGDVREUHHOTXHWHQHPRVSRFDLQIOXHQFLD3RURWUD
SDUWHDSUHQGHUGH©OHVRSFLRQDO7HQHPRVTXHHOHJLUDSUHQGHU'HEHPRVRSWDUGHPDQHUD
FRQVFLHQWHKDFHUODVFRVDVGHIRUPDGLVWLQWDPRGLILFDU\FDPELDUKDVWDREWHQHUHOUHVXOWDGR
GHVHDGR6LQHPEDUJRHVGLIFLO
/R I¡FLO HV TXHGDUVH FRQ HO PLVPR SDWU³Q LQIUXFWXRVR 1R VXSRQH QLQJºQ HVIXHU]R R
SHQVDPLHQWRDGLFLRQDODVTXHTXL]¡SRUHVRODPD\RUDORVLJXHKDFLHQGR
GHMXQLR
(OFDPLQRP¡VODUJR
7RGRV DTXHOORV ELHQHV D TXH GHVHDV OOHJDU SRU URGHRV SXHGHV DOFDQ]DUORV
HQVHJXLGDVLQRWHTXLHUHVPDODWLPLVPR
0$5&2$85(/,20HGLWDFLRQHV
&XDQGRSUHJXQWDVDODJHQWHHQTX©REMHWLYRHVW¡WUDEDMDQGRODPD\RUDWHUHVSRQGHU¡DOJR
VLPLODU D HVWR ߡ(VWR\ LQWHQWDQGR VHUߨߢ 2 WH FRQWDU¡ TXH TXLHUH REWHQHU XQ SXHVWR
LPSUHVLRQDQWHVHUPLOORQDULRTXHORGHVFXEUDQVHUIDPRVRORTXHVHD6LDKRQGDVP¡V\
SUHJXQWDVߡ3RUTX©"ߢRߡ&³PRFUHHVTXHVHU¡FXDQGRORORJUHV"ߢHQHOIRQGRODJHQWH
TXLHUHOLEHUWDGIHOLFLGDG\HOUHVSHWRGHVXVLJXDOHV
8Q HVWRLFR YH HVWR \ VDFXGH OD FDEH]D SRU HO HVIXHU]R \ VDFULILFLR LQPHQVRV TXH
GHGLFDPRV D EXVFDU FRVDV TXH VRQ WDQ I¡FLOHV \ GLUHFWDV GH FRQVHJXLU (V FRPR VL
SUHILUL©UDPRV SDVDU D±RV FRQVWUX\HQGR XQD FRPSOHMD P¡TXLQD 5XEH *ROGEHUJ HQ YH] GH
HVWLUDU OD PDQR SDUD DJDUUDU OR TXH TXHUHPRV (V FRPR VL EXVFDUDV WXV OHQWHV GH VRO SRU
WRGDVSDUWHV\OXHJRWHGLHUDVFXHQWDGHTXHORVWUDDVHQODFDEH]D
/LEHUWDG"(VI¡FLOUDGLFDHQWXVHOHFFLRQHV
)HOLFLGDG"(VI¡FLOUDGLFDHQWXVHOHFFLRQHV
5HVSHWRGHWXVLJXDOHV"7DPEL©QUDGLFDHQWXVHOHFFLRQHV
<WLHQHVWRGRGHODQWHQRQHFHVLWDVWRPDUHOFDPLQRP¡VODUJR
GHMXQLR
/RVYHUGDGHUDPHQWHHGXFDGRVQRVRQFRQIOLFWLYRV
(OKRPEUHEXHQR\KRQUDGRQLGLVSXWD©OPLVPRFRQQDGLHQLHQODPHGLGDGHVXV
IXHU]DVVHORSHUPLWHDRWURߨ(QHVRFRQVLVWHODHGXFDFL³QHQDSUHQGHUTX©HVOR
SURSLR\TX©HVORDMHQR
'³QGHKD\DºQOXJDUSDUDODGLVSXWDSDUDTXLHQHVDV"
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
6H VDEH TXH 6³FUDWHV YLDM³ SRU WRGD $WHQDV EXVFDED D ODV SHUVRQDV FRQ TXLHQHV PHQRV
HVWDEDGHDFXHUGR\HQWDEODEDGLVFXVLRQHVH[WHQVDVFRQHOODV(QHVWDVGLVFXVLRQHVߚRHO
UHJLVWUR TXH QRV TXHGD GH HOODVߚ KD\ PXFKRV HMHPSORV HQ ORV TXH VXV LQWHUORFXWRUHV VH
GHVHVSHUDEDQ PROHVWDEDQ X RIHQGDQ SRU VXV SUHJXQWDV (Q HIHFWR ORV DWHQLHQVHV VH
PROHVWDEDQWDQWRTXHVHQWHQFLDURQD6³FUDWHVDPXHUWH
6LQHPEDUJRQRSDUHFDTXH6³FUDWHVVHPROHVWDUD,QFOXVRFXDQGRKDEODEDGHWHPDVGH
YLGD R PXHUWH VLHPSUH VH PDQWHQD FDOPDGR /H LQWHUHVDED P¡V HVFXFKDU OR TXH VX
LQWHUORFXWRUWHQDTXHGHFLUTXHVHUHVFXFKDGRRߚHQORTXHODPD\RUDLQVLVWHߚJDQDUOD
GLVFXVL³Q
/DSU³[LPDYH]TXHVRVWHQJDVXQDGLVFXVL³QSROWLFDRWHQJDVXQGHVDFXHUGRSHUVRQDO
SUHJºQWDWH +D\ PRWLYR SDUD SHOHDU SRU HVWR" 'LVFXWLU D\XGDU¡ D UHVROYHUOR" 8QD
SHUVRQD HGXFDGD R VHQVDWD VHUD WDQ FRQIOLFWLYD" 2 P¡V ELHQ UHVSLUDUD VH UHODMDUD \
UHVLVWLUD OD WHQWDFL³Q GH HQWUDU HQ FRQIOLFWR" 3LHQVD HQ OR TXH SRGUDV FRQVHJXLU ߚ\ OR
PHMRUTXHWHVHQWLUDVߚVLSXGLHUDVFRQTXLVWDUODQHFHVLGDGGHSHOHDU\JDQDUFDGDEDWDOOD
GLPLQXWD
GHMXQLR
/RVVDELRVQRWLHQHQߡSUREOHPDVߢ
3RU HVWR HV SRU OR TXH GHFLPRV TXH DO VDELR QR OH VXFHGH QDGD HQ FRQWUD GH VXV
SUHYLVLRQHV
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
(O SRHWD +HVRGR GHFD TXH ߡHO PHMRU WHVRUR HV XQD OHQJXD PRGHUDGDߢ 5REHUW *UHHQH OR
FRQVLGHUDXQDOH\GHOSRGHUVLHPSUHGLPHQRVGHORQHFHVDULR
+DEODPRV SRUTXH FUHHPRV TXH D\XGD DXQTXH HQ UHDOLGDG QRV FRPSOLFD ODV FRVDV 6L
QXHVWUDSDUHMDVHHVW¡GHVDKRJDQGRTXHUHPRVGHFLUOHORTXHGHEHKDFHU'HKHFKRORTXH
HQHOIRQGRTXLHUHGHQRVRWURVHVTXHODHVFXFKHPRV(QRWUDVVLWXDFLRQHVHOPXQGRLQWHQWD
GDUQRVUHWURDOLPHQWDFL³QRFRPHQWDULRVSHURLQWHQWDPRVGLVFXWLUSDUDUHVROYHUHOSUREOHPD
FRQORFXDOHPSHRUDPRVODVFRVDV
$V TXH KR\ VHU¡V SDUWH GHO SUREOHPD R OD VROXFL³Q" (VFXFKDU¡V OD VDELGXUD GHO
PXQGRRODVLOHQFLDU¡VFRQP¡VUXLGR"
GHMXQLR
,QWHQWDORFRQWUDULR
4XH HQ TX© FRQVLVWH HQFRQWUDU XQ UHPHGLR SDUD OD FRVWXPEUH" (Q OD FRVWXPEUH
FRQWUDULD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
9LNWRU )UDQNO XQ EULOODQWH SVLF³ORJR VREUHYLYLHQWH GHO +RORFDXVWR FXU³ ODV IRELDV \
K¡ELWRV QHXU³WLFRV GH VXV SDFLHQWHV FRQ XQ P©WRGR GHQRPLQDGR OD LQWHQFL³Q SDUDG³MLFD
'LJDPRV TXH XQ SDFLHQWH QR SRGD GRUPLU /D WHUDSLD HVW¡QGDU KXELHUD VLGR XQ P©WRGR
REYLRFRPRUHFXUULUDW©FQLFDVGHUHODMDFL³Q(QFDPELR)UDQNODQLPDEDDVXSDFLHQWHD
LQWHQWDU TXHGDUVH GHVSLHUWR 'HVFXEUL³ TXH QR HQIRFDUVH HQ HO SUREOHPD GHVYLDED OD
DWHQFL³QREVHVLYDGHOSDFLHQWH\FRQHOWLHPSROHSHUPLWDGRUPLUFRQQRUPDOLGDG
6HJXLGRUHVGHODVHULHGHWHOHYLVL³Q6HLQIHOGTXL]¡UHFXHUGHQHOFDSWXORߡ7KH2SSRVLWHߢ
HQHOTXH*HRUJH&RVWDQ]DPHMRUDVXYLGDFRPRSRUDUWHGHPDJLDKDFLHQGRORRSXHVWRD
OR TXH KDUD QRUPDOPHQWH ߡ6L WRGRV WXV LQVWLQWRV HVW¡Q HTXLYRFDGRV HQWRQFHV OR RSXHVWR
WHQGUDTXHHVWDUELHQߢOHGLFH-HUU\(OSXQWRHVTXHDYHFHVQXHVWURVLQVWLQWRVRK¡ELWRVVH
DWRUDQHQXQSDWU³QQHJDWLYRTXHQRVDOHMDGHQXHVWUR\RQDWXUDO\VDOXGDEOH
(VWR QR TXLHUH GHFLU TXH GHEDV GHVHFKDU WRGDV ODV FRVDV GH WX YLGD DOJXQDV FRVDV
IXQFLRQDQ bHVW¡VOH\HQGRHVWHOLEUR 3HURTX©WDOVLKR\H[SORUDUDVORVRSXHVWRV"4X©
WDOVLURPSLHUDVHOSDWU³Q"
GHMXQLR
/DVDGYHUVLGDGHVVRQUHYHODGRUDV
'H TX© VLUYH HVSRVR DJUDYDU FRQ TXHMDV ORV PDOHV" /R TXH \R FRQVLGHUR
YHUGDGHUDPHQWHSURSLRGHXQUH\HVDFHSWDUODDGYHUVLGDG\FXDQWRP¡VLQVHJXUD
VHD VX VLWXDFL³Q \ P¡V YDFLOH DPHQD]DQGR UXLQD OD PROH GH VX LPSHULR FRQ WDQWD
P¡V VHJXULGDG \ YDOHQWD GHEH PDQWHQHUVH D SLH ILUPH 1R HV GH KRPEUHV GDU OD
HVSDOGDDOD)RUWXQD
61(&$(GLSR
&RPRGLUHFWRUHMHFXWLYRGH&KDUOHV6FKZDE:DOW%HWWLQJHUFRQWUDWDDFLHQWRVGHSHUVRQDV
FDGDD±R\HQWUHYLVWDDFLHQWRVP¡V3XHGHGHFLUFRQVHJXULGDGTXHHQHOFXUVRGHVXYLGD
KDWHQLGR©[LWRVHUURUHV\VRUSUHVDVFXDQGRVHWUDWDGHLQFRUSRUDUDJHQWHDODHPSUHVD1R
REVWDQWH WHQJDPRV HQ FXHQWD XQD W©FQLFD TXH KD HPSOHDGR FRQ ORV D±RV OOHYD D XQ
FDQGLGDWRDGHVD\XQDU\OHSLGHDOJHUHQWHGHOUHVWDXUDQWHTXHOHVLUYDPDOVXSHGLGR
/HLQWHUHVDYHUVXUHDFFL³Q6HHQRMDQ"6HSRUWDQJURVHURV"3HUPLWHQTXHOHVDUUXLQH
ODUHXQL³Q"*HVWLRQDQHOLQFRQYHQLHQWHFRQJUDFLD\DPDELOLGDG"
/DJHVWL³QGHXQDDGYHUVLGDGPQLPDSXHGHSDUHFHUSRFDFRVDSHURGHKHFKRHVPX\
UHYHODGRUD
GHMXQLR
1RKDFHIDOWDIODJHODUVH
/D ILORVRID H[LJH IUXJDOLGDG QR FDVWLJR DGHP¡V SXHGH H[LVWLU XQD IUXJDOLGDG VLQ
GHVDOL±R
61(&$(SVWRODVPRUDOHVD/XFLOLR
/DV0HGLWDFLRQHVGH0DUFR$XUHOLRHVW¡QUHSOHWDVGHDXWRFUWLFDDVFRPRORVHVFULWRVGH
ORV GHP¡V HVWRLFRV 1R REVWDQWH HV LPSRUWDQWH UHFRUGDU TXH KDVWD DK OOHJDQ 1R VH
IODJHODEDQQRSDJDEDQQLQJXQDSHQLWHQFLDQRWHQDQSUREOHPDVGHDXWRHVWLPDQRVHQWDQ
FXOSDQLVHRGLDEDQ1XQFDORVHVFXFKDVOODPDUVHSHGD]RVGHPLHUGDLQºWLOHVWDPSRFRVH
PDWDEDQGHKDPEUHQLVHFRUWDEDQDPRGRGHFDVWLJR6XDXWRFUWLFDHVFRQVWUXFWLYD
$WDFDUWHFUXHOPHQWHSULYDUWHHQH[FHVRFDVWLJDUWHHVIODJHODUWHQRVXSHUDUWH
1RKDFHIDOWDVHUGXUR3RQWHHVW¡QGDUHVDOWRVSHURQRLPSRVLEOHV\SHUG³QDWHFXDQGRWH
HTXLYRTXHV
GHMXQLR
6LQSUHWH[WRV
1R SRGU¡V SRU WX LJQRUDQFLD OHHU XQ OLEUR 3HUR SXHGHV UHSULPLU WRGD DOWHUDFL³Q
SXHGHVGRPLQDUHOGHOHLWH\HOVXIULPLHQWRSXHGHVVREUHSRQHUWHDODYDQDJORULDQR
LUULWDUWHFRQWUDORVQHFLRVHLQJUDWRV\DXQPLUDUSRUVXVLQWHUHVHV
0$5&2$85(/,20HGLWDFLRQHV
ߡ$VQDFߢߡ1XQFDDSUHQGRWUDFRVDߢߡ0LVSDGUHVPHGLHURQXQHMHPSORDWUR]ߢߡ7RGRV
ORVGHP¡VORKDFHQߢ4X©VRQHVWDVH[SUHVLRQHV"3UHWH[WRVDORVTXHUHFXUUHODJHQWHSDUD
MXVWLILFDUVH\TXHGDUVHFRPRHVW¡HQYH]GHPHMRUDU
'HVGHOXHJRHVSRVLEOHUHIUHQDUQXHVWUDDUURJDQFLDFRQWURODUQXHVWUDLUD\VHUSHUVRQDV
ERQGDGRVDV&³PRFUHHVTXHKDFHQORVGHP¡V"6LQGXGDVXVSDGUHVQRIXHURQSHUIHFWRV
QRVDOLHURQGHODPDWUL]VLHQGRLQFDSDFHVGHVHUHJRF©QWULFRVRLQPXQHVDODVWHQWDFLRQHV
7UDEDMDURQHQHOORORSULRUL]DURQORUHVROYLHURQFRPRUHVROYHUDQFXDOTXLHUSUREOHPDVH
GHGLFDURQDHQFRQWUDUXQDVROXFL³QSURJUHVDURQSRFRDSRFRKDVWDFRQVHJXLUOR
6HFRQYLUWLHURQHQTXLHQHVVRQ,JXDOTXHWºSXHGHVKDFHUOR
GHMXQLR
(OREVW¡FXORHVHOFDPLQR
(Q FXDQWR DOJXQRV KRPEUHV >ߨ@ SXHGHQ REVWDFXOL]DU HQ DOJºQ PRGR PL DFWLYLGDG
SHURPLHPSH±R\PLVDSWLWXGHVLQWHUQDVQRFRQRFHQWUDEDVJUDFLDVDPLIDFXOWDGGH
HFRQRPL]DUPH \ GHUULEDU ORV REVW¡FXORV 3XHVWR TXH OD LQWHOLJHQFLD GHUULED \
GHVSOD]D DQWH HO ILQ TXH OD JXD WRGR LPSHGLPHQWR GH VX DFWLYLGDG /R TXH
HVWRUEDED VX EXHQD DFFL³Q OH VLUYH GH PHGLR SDUD DYHQWDMDU OR TXH FRUWDED VX
FDPLQROHD\XGDDDYDQ]DU
0$5&2$85(/,20HGLWDFLRQHV
+R\ VXFHGHU¡Q FRVDV TXH YDQ HQ FRQWUD GH WXV SODQHV 6L QR KR\ VHJXUR PD±DQD &RPR
UHVXOWDGR GH HVWRV REVW¡FXORV QR SRGU¡V KDFHU OR TXH SODQHDVWH 1R HV WDQ PDOR FRPR
SDUHFHSRUTXHWXPHQWHHVLQILQLWDPHQWHHO¡VWLFD\DGDSWDEOH7LHQHVHOSRGHUGHUHFXUULUDO
HMHUFLFLR HVWRLFR GH GDUOH OD YXHOWD D ORV REVW¡FXORV WRPDU XQD FLUFXQVWDQFLD QHJDWLYD \
FRQYHUWLUOD HQ XQD RSRUWXQLGDG SDUD SUDFWLFDU XQD YLUWXG LQYROXQWDULD R XQD IRUPD GH
H[FHOHQFLD
6L DOJR WH LPSLGH OOHJDU D WX GHVWLQR D WLHPSR HQWRQFHV HV XQD RSRUWXQLGDG SDUD
SUDFWLFDUODSDFLHQFLD
6LXQHPSOHDGRFRPHWHXQHUURUFRVWRVRHVXQDRSRUWXQLGDGGHHQVH±DUOHXQDOHFFL³Q
YDOLRVD
6L XQD IDOOD W©FQLFD GH WX FRPSXWDGRUD ERUUD WX WUDEDMR HV XQD RSRUWXQLGDG SDUD
HPSH]DUGHVGHFHUR
6LDOJXLHQWHKDFHGD±RHVXQDRSRUWXQLGDGSDUDSUDFWLFDUHOSHUG³Q
6LDOJRHVGLIFLOHVXQDRSRUWXQLGDGGHYROYHUWHP¡VIXHUWH
,QWHQWDVHJXLUHVWDOQHDGHSHQVDPLHQWR\FRPSUXHEDVLKD\XQDVLWXDFL³QHQODTXHQR
SXHGDVSUDFWLFDUQLQJXQDYLUWXGXREWHQHUXQEHQHILFLR1RODKD\FDGDLPSHGLPHQWRSXHGH
VXVFLWDUODDFFL³QGHXQDXRWUDIRUPD
-XOLR
ߧ
'HEHU
GHMXOLR
+D]ORTXHWHWRFD
+DJDRGLJDHORWURORTXHOHFXDGUHFRQYLHQHDPVHUKRPEUHGHELHQ1RGHRWUD
VXHUWHTXHVLHORURODHVPHUDOGDRODSºUSXUDUHSLWLHVHQSRUP¡VTXHVHKDJDRVH
GLJDFRQYLHQHTXH\RVHDHVPHUDOGD\FRQVHUYDUPLSURSLRFRORU
0$5&2$85(/,20HGLWDFLRQHV
/RVHVWRLFRVFUHDQTXHWRGDVODVSHUVRQDVDQLPDOHV\FRVDVWLHQHQXQVHQWLGRROXJDUHQOD
QDWXUDOH]D ,QFOXVR HQ OD *UHFLD \ 5RPD DQWLJXD HQWHQGDQ DXQTXH YDJDPHQWH TXH HO
PXQGR VH FRPSRQD GH PLOORQHV GH ¡WRPRV GLPLQXWRV (VWD LGHD ߚ\ OD GH XQ FRVPRV
LQWHUFRQHFWDGRߚUHVSDOGDVXFRQYLFFL³QGHTXHWRGDVODVSHUVRQDV\WRGDVODVDFFLRQHVVRQ
SDUWHGHXQVLVWHPDP¡VDPSOLR7RGRVWLHQHQXQDODERUHVSHFILFD,QFOXVRODVSHUVRQDVTXH
REUDEDQPDOKDFDQVXODERUGHVHUPDODVSRUTXHHOPDOHVSDUWHGHODYLGD
/R IXQGDPHQWDO GH HVWH VLVWHPD HUD OD FRQYLFFL³Q GH TXH Wº HO HVWXGLDQWH TXH KD
EXVFDGR HO HVWRLFLVPR WLHQH OD ODERU P¡V LPSRUWDQWH bVHU EXHQR 6HU VHQVDWR ߡ6HU OD
SHUVRQDTXHODILORVRIDTXLHUHTXHVHDVߢ
&XPSOH FRQ OR TXH WH WRFD 6LQ LPSRUWDU OR TXH SDVH VLQ LPSRUWDU ODV ODERUHV GH ORV
GHP¡VFXPSOHFRQODWX\D6©EXHQR
GHMXOLR
6REUHHOGHEHU\ODVFLUFXQVWDQFLDV
4XH VHD OR PLVPR FXDQGR FXPSOHV FRQ WX GHEHU HVWDU KHODGR GH IUR R DEULJDGR
IDOWR GH VXH±R R KDUWR GH GRUPLU RU PXUPXUDU GH WL R DODEDUWH PRULU R KDFHU RWUD
FRVD3RUTXHODDFFL³QGHPRULUHVDVLPLVPRXQDGHODVTXHFRPSRQHQODYLGDSXHV
EDVWDHQ FXDQWR DHOOD TXH GLVSRQJDPRV ELHQOR TXH WXYL©UDPRVD OD VD]³Q HQWUH
PDQRV
0$5&2$85(/,20HGLWDFLRQHV
(VWR PH KDU¡ ULFR" ,PSUHVLRQDU© D ORV GHP¡V" 4X© WDQWR QHFHVLWR HVIRU]DUPH"
&X¡QWR PH OOHYDU¡" 4X© JDQR" 'HEHUD KDFHU RWUD FRVD" 6RQ SUHJXQWDV TXH QRV
KDFHPRVHQPHGLRGHODVRSRUWXQLGDGHV\REOLJDFLRQHVFRWLGLDQDV
0DUFR$XUHOLRWHQDPXFKDVUHVSRQVDELOLGDGHVDOLJXDOTXHTXLHQHVHVW¡QHQHOSRGHU
HMHFXWLYR3UHVLGDMXLFLRVHVFXFKDEDDXGLHQFLDVHQYLDEDDODVWURSDVDFRPEDWHQRPEUDED
DGPLQLVWUDGRUHV DSUREDED SUHVXSXHVWRV 0XFKR GHSHQGD GH VXV GHFLVLRQHV \ DFFLRQHV
'HEDKDFHUHVWRRDTXHOOR"4X©KD\GHHVWDSUHRFXSDFL³Q\GHHVWDRWUD"&X¡QGRSRGD
GLYHUWLUVH"(OUHFRUGDWRULRVHQFLOORGHDUULEDHUDXQDIRUPDGHUHVROYHUHOPX\FRPSOLFDGR
SUREOHPDGHORVLQFHQWLYRVODVTXHMDVORVPLHGRV\ORVLQWHUHVHVFRQIOLFWLYRV
(VDORTXHGHEHPRVUHFXUULUSDUDGHFLGLUTX©KDFHUHQFDGDIDVHGHODYLGD/DPRUDO
SXHGHVHUFRPSOLFDGDSHURORFRUUHFWRVXHOHVHUORVXILFLHQWHPHQWHFODURHLQWXLWLYRFRPR
SDUD TXH OR UHFRQR]FDPRV 1XHVWUR GHEHU UDUD YH] HV I¡FLO SHUR HV LPSRUWDQWH 7DPEL©Q
VXHOHVHUODHOHFFL³QP¡VGLIFLO1RREVWDQWHGHEHPRVKDFHUOR
GHMXOLR
&DPELDߡWHQHUTXHߢSRUߡTXHUHUߢ
/DWDUHDGHOILO³VRIRHVDOJRGHHVWHWLSRTXHGHEHDUPRQL]DUVXSURSLDYROXQWDGFRQ
ORVVXFHVRVGHPRGRTXHQLVXFHGDHQFRQWUDGHQXHVWUDYROXQWDGDOJRGHORTXH
VXFHGHQLGHMHGHVXFHGHUDOJRGHORTXHQRVXFHGHFXDQGRQRVRWURVTXHUHPRVTXH
V
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QDOLVWDH[WHQVDGHSHQGLHQWHVSDUHFHLQWLPLGDQWH\RQHURVDWDQWDVFRVDVTXHWHQHPRVTXH
KDFHUHQXQGDRXQDVHPDQD8QDOLVWDGHFRVDVTXHTXLHURKDFHUVXHQDDSULYLOHJLRWRGDV
ODV FRVDV TXH PH HPRFLRQD H[SHULPHQWDU 1R HV V³OR XQ MXHJR VHP¡QWLFR HV XQD IDFHWD
FHQWUDOGHODFRVPRYLVL³QGHOILO³VRIR
+R\ LQWHQWD QR LPSRQHU WX YROXQWDG HQ HO PXQGR &RQVLG©UDWH DIRUWXQDGR FRPR SDUD
UHFLELU\UHVSRQGHUDODYROXQWDGGHOPXQGR
$WRUDGR HQ HO WU¡ILFR" 6RQ XQRV PLQXWRV PDUDYLOORVRV SDUD VHQWDUWH \ UHODMDUWH 7X
FRFKHVHGHVFRPSXVRSRUHVWDULQDFWLYRWDQWRWLHPSR"4X©EXHQDRSRUWXQLGDGSDUDFDPLQDU
WRGRHOGD8QLGLRWDGLVWUDGRHQVXFHOXODUFDVLWHDWURSHOOD\WHHPSDS³GHSLHVDFDEH]D
FRQ DJXD VXFLD" 9D\D UHFRUGDWRULR GH OR SUHFDULD GH QXHVWUD H[LVWHQFLD \ TX© WRQWHUD
PROHVWDUVHSRUDOJRWDQVXSHUILFLDOFRPROOHJDUWDUGHRWHQHUSUREOHPDVHQHOWUDQVSRUWH
$OPDUJHQGHODVLURQDVSXHGHTXHHQDSDULHQFLDQRKD\DXQDGLIHUHQFLDHQRUPHHQWUH
WHQHUTXHKDFHUDOJR\TXHUHUKDFHUORSHURODKD\/DGLIHUHQFLDHVHQRUPH\HVSO©QGLGD
GHMXOLR
3URWHJHODOODPD
*XDUGDWXSURSLRELHQHQWRGRHOGHORVGHP¡VVHJºQWHIXHGDGRPLHQWUDVSXHGDV
XVDUODUD]³QHQHOORFRQIRUP¡QGRWHV³ORFRQHVR6LQRVHU¡VGHVYHQWXUDGRVHU¡V
GHVGLFKDGRVXIULU¡VLPSHGLPHQWRVVXIULU¡VWUDEDV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DERQGDGTXHDOEHUJDVHVFRPRXQDOODPDSHTXH±D\WºHUHVVXFXLGDGRU(VWXWUDEDMRGD
DGDDVHJXUDUWHGHTXHWHQJDVXILFLHQWHFRPEXVWLEOHGHTXHQRVHREVWUX\DRVHDSDJXH
&DGDSHUVRQDWLHQHVXSURSLDYHUVL³QGHHVWDOODPD\HVUHVSRQVDEOHGHHOODLJXDOTXHWº
6L WRGRV IDOODQ HO PXQGR VHU¡ PXFKR P¡V VRPEUR 3HUR VLHPSUH \ FXDQGR WX OODPD HVW©
HQFHQGLGDKDEU¡OX]HQHOPXQGR
GHMXOLR
1DGLHGLMRTXHVHUDI¡FLO
(OKRPEUHEXHQRUHDOL]DU¡FXDQWRSLHQVDTXHKDGHKDFHUHQDUDVGHODKRQHVWLGDG
DXQFXDQGRVHDIDWLJRVRDXQFXDQGRVHDSHUMXGLFLDODXQFXDQGRVHDDUULHVJDGRD
OD LQYHUVD XQD DFFL³Q WRUSH QR OD UHDOL]DU¡ DXQTXH OH SURSRUFLRQH GLQHUR SODFHU
SRGHUR1LQJXQDFDXVDOHKDU¡GHVLVWLUGHORKRQHVWRQLQJXQDOHLQYLWDU¡DORWRUSH
61(&$(SVWRODVPRUDOHVD/XFLOLR
6LKDFHUHOELHQIXHUDI¡FLOWRGRVORKDUDQ \VLKDFHUHOPDOQRIXHUDWHQWDGRURDWUDFWLYR
QDGLH OR KDUD (V OR PLVPR FRQ HO GHEHU 6L FXDOTXLHUD SXGLHUD FXPSOLUOR VH OH KDEUD
DVLJQDGRDDOJXLHQP¡V(QFDPELRVHWHDVLJQ³DWL
3RU IRUWXQD QR HUHV FRPR ORV GHP¡V 1R WHPHV KDFHU OR GLIFLO 3XHGHV UHVLVWLU ODV
UHFRPSHQVDVVXSHUILFLDOHV\DWUDFWLYDV&LHUWR"
GHMXOLR
'HVSLHUWD
3RU OD PD±DQD FXDQGR VLQWLHVHV SHUH]D DO OHYDQWDUWH SLHQVD <R PH OHYDQWR SDUD
FXPSOLU FRQ ORV RILFLRV SURSLRV GH XQ KRPEUH 0H GHVD]RQDU© SXHV VL YR\ D
HMHFXWDUDTXHOORSDUDORTXHQDFSDUDORTXHYLQHDOPXQGR"$HVWRIXLIRUPDGR
SDUDDUUHOODQDUPHHQODFDPDFDOLHQWHHQWUHPLVFREHUWRUHV"ߡ3HURHVWRߢGLU¡VߡHV
P¡V DJUDGDEOHߢ )XLVWH IRUPDGR HQWRQFHV SDUD VROD]DUWH" < HQ VXPD QDFLVWH
SDUDODSDVLYLGDGRSDUDODDFWLYLGDG"
0$5&2$85(/,20HGLWDFLRQHV
(VUHFRQIRUWDQWHSHQVDUTXHLQFOXVRKDFHGRVPLOD±RVHOHPSHUDGRUGH5RPD TXLHQVHJºQ
VHGLFHSDGHFDXQSRFRGHLQVRPQLR VHDQLPDEDSDUDKDFHUVHGHIXHU]DGHYROXQWDGHQOD
PD±DQD SDUD TXLWDUVH ODV FRELMDV \ OHYDQWDUVH 'HVGH TXH QRV PDQGDQ D OD HVFXHOD SRU
SULPHUDYH]KDVWDTXHQRVMXELODPRVHQIUHQWDPRVODPLVPDGLILFXOWDG6HUDP¡VDJUDGDEOH
FHUUDUORVRMRV\DSDJDUHOGHVSHUWDGRUXQSDUGHYHFHVP¡V3HURQRSRGHPRV
3RUTXH WHQHPRV WUDEDMR 1R V³OR WHQHPRV OD YRFDFL³Q D OD TXH QRV KHPRV GHGLFDGR
WDPEL©Q WHQHPRV XQD FDXVD VXSHULRU D OD TXH VH UHILHUHQ ORV HVWRLFRV HO ELHQ FRPºQ 1R
SRGHPRVD\XGDUQRVDORVGHP¡V\DOPXQGRDPHQRVTXHQRVOHYDQWHPRV\QRVSRQJDPRV
D WUDEDMDU &XDQWR DQWHV PHMRU $V TXH YDPRV 0©WHWH D OD UHJDGHUD W³PDWH XQ FDI© \
DGHODQWH
GHMXOLR
1XHVWURGHEHUGHDSUHQGHU
4XLHUHVVDEHUSRUTX©OXJDUHVDQGXYRHUUDQWH8OLVHVP¡VELHQTXHHQVH±DUQRVHO
PRGR GH QR LQFXUULU VLHPSUH HQ HO HUURU"ߨ (QV©±DPH F³PR DPDU D OD SDWULD D OD
HVSRVD DO SDGUH F³PR QDYHJDU DXQ GHVSX©V GHO QDXIUDJLR KDFLD REMHWLYRV WDQ
KRQURVRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
0XFKRV PDHVWURV HQVH±DQ PDO OD 2GLVHD (QVH±DQ ODV IHFKDV GHEDWHQ VL +RPHUR IXH HO
DXWRU R QR VL HUD FLHJR H[SOLFDQ OD WUDGLFL³Q RUDO OHV FXHQWDQ D ORV DOXPQRV TX© HV XQ
FFORSHRF³PRIXQFLRQ³HO&DEDOORGH7UR\D
(OFRQVHMRGH6©QHFDDDOJXLHQTXHHVWXGLDORVFO¡VLFRVHVROYLGDUVHGHHVR/DVIHFKDV
ORVQRPEUHV\ORVOXJDUHVDSHQDVLPSRUWDQ/RTXHLQWHUHVDHVODPRUDOHMD6LQRHQWHQGLVWH
QDGD GH OD 2GLVHD P¡V TXH OD UHOHYDQFLD GH OD SHUVHYHUDQFLD ORV SHOLJURV GHO RUJXOOR
GHVPHGLGRORVULHVJRVGHODWHQWDFL³Q\ODGLVWUDFFL³QHQWRQFHVDSUHQGLVWHDOJR
$TXQRLQWHQWDPRVVDOLUELHQHQORVH[¡PHQHVRLPSUHVLRQDUDORVSURIHVRUHV(VWDPRV
OH\HQGR\HVWXGLDQGRSDUDYLYLUSDUDVHUEXHQRVVHUHVKXPDQRVVLHPSUH
GHMXOLR
'HMDGHSHUGHUHOWLHPSR
b%DVWD\DGHHVWDPLVHUDEOHH[LVWHQFLDOOHQDGHPXUPXUDFLRQHV\IDOVHGDGHV3RU
TX©WHWXUEDV"4X©KD\HQHVWRGHH[WUDRUGLQDULR"4X©WHVDFDGHMXLFLR"4XL]¡
ODFDXVD"([DPQDOD$FDVRODPDWHULD"([DPQDOD)XHUDGHHVWRQDGDP¡VKD\
3HUR\DHVWLHPSRTXHYXHOWRKDFLDORVGLRVHVWHKDJDVP¡VVLQFHUR\PHMRU
(VORPLVPRVHUWHVWLJRGHHVWHHVSHFW¡FXORGHODYLGDSRUFLHQD±RVRV³ORSRU
WUHV
0$5&2$85(/,20HGLWDFLRQHV
(QXQRGHVXVPHMRUHVHQVD\RV-RDQ'LGLRQDILUPDߡ(OFDU¡FWHUߚODYROXQWDGGHDFHSWDU
ODUHVSRQVDELOLGDGGHODSURSLDYLGDߚHVGHGRQGHEURWDHODPRUSURSLRߢ
0DUFR$XUHOLRQRVLQYLWDDQRSHUGHUHOWLHPSRTXHM¡QGRQRVGHORTXHQRWHQHPRVROR
TXHQRQRVKDIXQFLRQDGR'HEHPRVGHMDUGHKDFHUWRQWHUDV\VHUGXH±RVGHQXHVWUDVYLGDV
(OFDU¡FWHUVHSXHGHGHVDUUROODU\FXDQGRVHKDFHHOUHVXOWDGRHVHOUHVSHWRSRUXQRPLVPR
1RREVWDQWHHVRLPSOLFDHPSH]DU\WRP¡UQRVORFRQVHULHGDG1RGHVSX©VGHKDEHUUHVXHOWR
FLHUWDV LQWHUURJDQWHV R DWHQGLGR FLHUWDV GLVWUDFFLRQHV VLQR DKRUD KR\ PLVPR +DFHUVH
UHVSRQVDEOHHVHOSULPHUSDVR
9LYLUVLQHVWHFDU¡FWHUHVHOSHRUGHWRGRVORVGHVWLQRV&RPR'LGLRQVH±DO³HQߡ6REUHHO
DPRUSURSLRߢߡ9LYLUVLQDPRUSURSLRHVSDVDUWHODQRFKHHQYHODVLQTXHWHSXHGDQD\XGDU
QLODOHFKHFDOLHQWHRHOIHQREDUELWDOQLODPDQRTXHGHVFDQVDVREUHODFROFKDFRQWDQGRWXV
SHFDGRV SRU DFFL³Q R SRU RPLVL³Q ODV FRQILDQ]DV WUDLFLRQDGDV ODV SURPHVDV VXWLOPHQWH
URWDV\ORVGRQHVLUUHYRFDEOHPHQWHGHVSHUGLFLDGRVSRUSHUH]DRFREDUGDRGHMDGH]ߢ
(UHVPXFKRPHMRUTXHHVR
GHMXOLR
(OUH\ILO³VRIR
<R RSLQR TXH HO EXHQ UH\ GLUHFWDPHQWH SRU QHFHVLGDG KD GH VHU ILO³VRIR \ TXH HO
ILO³VRIRGLUHFWDPHQWHKDGHVHUUHJLR
08621,258)2'LVHUWDFLRQHV
(OJHQHUDOLVUDHO+HU]L+DOHYLHVW¡FRQYHQFLGRGHTXHODILORVRIDHVHVHQFLDOHQVXSDSHO
FRPR OGHU \ JXHUUHUR ߡ/D JHQWH PH GHFD TXH OD DGPLQLVWUDFL³Q GH HPSUHVDV HV SDUD OD
YLGDSU¡FWLFD\ODILORVRIDSDUDHOHVSULWX(QHOFXUVRGHORVD±RVKHGHVFXELHUWRTXHHVOR
FRQWUDULRHPSOHRODILORVRIDHQFRQWH[WRVPXFKRP¡VSU¡FWLFRVߢDVHJXUD/DJXHUUD\HO
OLGHUD]JR RIUHFHQ XQD VHULH LQWHUPLQDEOH GH GHFLVLRQHV ©WLFDV TXH UHTXLHUHQ SULRUL]DU
HTXLOLEUDU\WHQHUFODULGDG<HQHVRD\XGDODILORVRID
3ODW³QORVDEDFXDQGRLPDJLQ³XQDXWRSDJREHUQDGDSRUXQUH\ILO³VRIRߡ$PHQRVTXH
ORV ILO³VRIRV UHLQHQ HQ ORV (VWDGRV R ORV TXH DKRUD VRQ OODPDGRV UH\HV \ JREHUQDQWHV
ILORVRIHQGHPRGRJHQXLQR\DGHFXDGRߢDILUPDHQ/D5HSºEOLFD>G@0DUFR$XUHOLRHUD
XQUH\ILO³VRIRHQVHQWLGROLWHUDO
4X©WLHQHTXHYHUFRQWLJR"+D\PHQRVUH\HVHQHVWRVGDVSHURWRGRVVRPRVOGHUHVGH
XQRXRWURPRGRGHIDPLOLDVHPSUHVDVHTXLSRVSºEOLFRVJUXSRVGHDPLJRVGHQRVRWURV
PLVPRV (O HVWXGLR GH OD ILORVRID FXOWLYD QXHVWUD UD]³Q \ ©WLFD SDUD TXH SRGDPRV
GHVHPSH±DU ELHQ QXHVWUR WUDEDMR 1R SRGHPRV VLPSOHPHQWH LPSURYLVDU GHPDVLDGDV
SHUVRQDVFXHQWDQFRQTXHORKDJDPRVELHQ
GHMXOLR
9HQHUDHODUWHKXPLOGH
$FHSWDHODUWHTXHKDVDSUHQGLGR\J³]DWHHQ©O<ORTXHWHUHVWDUHGHYLGDS¡VDOR
FRPR TXLHQ OR FRQID WRGR GHVGH OR SURIXQGR GHO DOPD D ORV GLRVHV VLQ KDFHUVH
WLUDQRQLHVFODYRGHQDGLH
0$5&2$85(/,20HGLWDFLRQHV
6LHQWUDVDDOJºQFOXEGHFRPHGLDHQ1XHYD<RUNR/RVQJHOHVFXDOTXLHUILQGHVHPDQD
HQODQRFKHHVSUREDEOHTXHWHHQFXHQWUHVDORVFRPHGLDQWHVP¡VLPSRUWDQWHV\H[LWRVRVGHO
PHGLRSUREDQGRVXPDWHULDOIUHQWHDXQSX±DGRGHSHUVRQDV$XQTXHJDQHQXQDIRUWXQDHQ
SHOFXODVRJLUDVDKORVWLHQHVSUDFWLFDQGRODIRUPDP¡VHOHPHQWDOGHVXDUWH
6L OH SUHJXQWDV D FXDOTXLHUD GH HOORV ߡ3RU TX© OR KDFHV" 3RU TX© WRGDYD WH
SUHVHQWDV"ߢVXUHVSXHVWDVXHOHVHUߡ3RUTXHVR\EXHQRSRUTXHPHHQFDQWD3RUTXHTXLHUR
PHMRUDU3RUTXHPHDSDVLRQDFRQHFWDUFRQHOSºEOLFR3RUTXHQRSXHGRQRKDFHUORߢ
3DUD HOORV VXELUVH DO HVFHQDULR HQ &DUROLQHV R HQ 7KH &RPHG\ &HOODU D OD XQD GH OD
PDGUXJDGD QR HV WUDEDMR HV HVWLPXODQWH 1RWLHQHQ TXH KDFHUOR VRQ OLEUHV \ KDQ HOHJLGR
KDFHUOR
6LQ LPSRUWDU HO DUWH KXPLOGH TXH SUDFWLTXHV HVW¡V VHJXUR GH TXH OH HVW¡V GHGLFDQGR
WLHPSR"7HJXVWDWDQWRORTXHKDFHVTXHOHGHGLFDVWLHPSR"3XHGHVHVWDUVHJXURGHTXHVL
WH HVIXHU]DV OR GHP¡V VDOGU¡ VROR" 3RUTXH DV VHU¡ 6L WH HQWXVLDVPD WX DUWH VHU¡V XQ
DUWHVDQR
GHMXOLR
7XSURSLDHPSUHVDHPHUJHQWH
3HUR TX© GLFH 6³FUDWHV" ߡ,JXDO TXH XQR ߚGLFHߚ GLVIUXWD PHMRUDQGR VX FDPSR
RWURVXFDEDOORDV\RGLVIUXWRGDDGDDOSHUFLELUTXHPHKDJRPHMRUߢ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DPRGDHQHVWRVGDVHVLQLFLDUWXSURSLDHPSUHVDVHUXQHPSUHQGHGRU6LQGXGDFRQFHELU
XQQHJRFLRGHVGHFHURSXHGHVHULQPHQVDPHQWHJUDWLILFDQWH3RUHVRODJHQWHOHGHGLFDWRGD
XQDYLGDWUDEDMDLQFRQWDEOHVKRUDV\VHDUULHVJDPXFKR
3HUR DFDVR QR GHEHUDPRV SRQHU HO PLVPR LQWHU©V HQ FRQVWUXLUQRV FRPR OR KDUDPRV
FRPRXQDHPSUHVD"
&RPRHQHOFDVRGHXQDHPSUHVDHPHUJHQWHHPSH]DPRVFRPRXQDLGHDQRVLQFXEDQ
VDOLPRV DO PXQGR HQ GRQGH QRV GHVDUUROODPRV OHQWDPHQWH \ GHVSX©V FRQ HO WLHPSR
DFXPXODPRV VRFLRV HPSOHDGRUHV FOLHQWHV LQYHUVLRQLVWDV \ ULTXH]D (Q VHULR HV WDQ UDUR
WUDWDUWXYLGDFRQODPLVPDVHULHGDGFRQODTXHWUDWDUDVODLGHDSDUDXQDHPSUHVD"(QHO
IRQGRFX¡OGHODVGRVHVFXHVWL³QGHYLGDRPXHUWH"
GHMXOLR
8QDVUHJODVVHQFLOODV
1R GHV ODUJDV D WXV DFFLRQHV QR WH HPEUROOHV HQ ODV FRQYHUVDFLRQHV QR
YDJDEXQGHHV FRQ OD LPDJLQDFL³Q HQ XQD SDODEUD QR VH DKRJXH HO DOPD HQ V
PLVPDQLVHGLVSHUVHDOH[WHULRUQRDEVRUEDHOWU¡IDJRWXYLGD
0$5&2$85(/,20HGLWDFLRQHV
/D VLPSOLFLGDG UDUD YH] HV VHQFLOOD 3HUR DKRUD TXH FXHQWDV FRQ HVWDV UHJODV SURSRQWH
SRQHUODV HQ SU¡FWLFD FRQ OD SULPHUD HQWUDGD HQ WX OLVWD GH SHQGLHQWHV FRQ OD SULPHUD
FRQYHUVDFL³QTXHWHQJDVFRQWXDOPD\GHVGHOXHJRFRQODYLGDTXHODEUDV1RV³ORKR\
WRGRVORVGDV
(VFUEHORHQXQSL]DUU³Q\QRORROYLGHV
GHMXOLR
8QOGHUOLGHUD
$OJXQR FXDQGR GLVSHQVD XQ EHQHILFLR D RWUR HVW¡ GLVSXHVWR D WHQHU HQ FXHQWD
FDOFXODGDPHQWH HVWH IDYRU (VWR RWUR QR LQWHQWD REUDU GH HVWD JXLVD FRQVLGHUD
HPSHURDOIDYRUHFLGRHQVXVDGHQWURVFRPRDXQGHXGRU\QRVHROYLGDGHOELHQTXH
OHKDGLVSHQVDGR3HURXQWHUFHURKDROYLGDGR\DHQFLHUWRPRGRHOIDYRUTXHKL]R
VHDVHPHMDDODYL±DTXHSURGXFHODXYD\QRUHFODPDQDGDP¡VGHVSX©VGHKDEHU
SURGXFLGRHOSURSLRIUXWRFRPRHOFDEDOORTXHKDKHFKRVXFDUUHUDHOSHUURTXHKD
VHJXLGRVXFD]DODDEHMDTXHKDIDEULFDGRVXSDQDO$VHOKRPEUHTXHIDYRUHFL³D
RWURQRGHEHLQWHQWDUEHQHILFLDUVHVLQRSHQVDUF³PROHVHUYLUDRWUDYH]LPLWDQGRD
ODYLGTXHDVXWLHPSRYXHOYHDOOHYDUODXYD
0$5&2$85(/,20HGLWDFLRQHV
$OJXQDYH]KDVHVFXFKDGRDDOJXLHQUHSHWLUWXVLGHDVFRPRVLIXHUDQVX\DV"$OJXQDYH]
DOJºQKHUPDQRRIDPLOLDUPHQRULPLW³WXFRQGXFWDWDOYH]WXIRUPDGHYHVWLURODPºVLFD
TXHHVFXFKDEDV"7DOYH]WHPXGDVWHDXQDQXHYDFRORQLD\WHVLJXL³XQSX±DGRGHKSVWHUV
&XDQGR VRPRV M³YHQHV H LQH[SHUWRV SRGHPRV UHDFFLRQDU QHJDWLYDPHQWH DQWH HVWDV
VLWXDFLRQHVb'HMDGHFRSLDUPH\RORKLFHSULPHUR
$PHGLGDTXHPDGXUDPRVFRPHQ]DPRVDYHUORFRQRWURVRMRV(QWHQGHPRVTXHSRQHU
HO HMHPSOR \ D\XGDU HV XQ VHUYLFLR TXH SURSRUFLRQDQ ORV OGHUHV GHO PXQGR (V QXHVWUR
GHEHU KDFHU HVWR HQ VLWXDFLRQHV LPSRUWDQWHV \ PHQRUHV 6L TXHUHPRV VHU OGHUHV GHEHPRV
HQWHQGHUTXHHOVHUYLFLRGHVDJUDGHFLGRHVSDUWHGHOWUDEDMR'HEHPRVKDFHUORTXHKDFHQORV
OGHUHV SRUTXH QR OR KDFHQ SRU HO FU©GLWR QL HO DJUDGHFLPLHQWR WDPSRFR SRU HO
UHFRQRFLPLHQWR(VQXHVWURGHEHU
GHMXOLR
8QSRFRGHFRQRFLPLHQWRHVSHOLJURVR
7RGD JUDQ IDFXOWDG HV SHOLJURVD SDUD HO SULQFLSLDQWH 3RU FRQVLJXLHQWH KD\ TXH
VRSRUWDU HVH WLSR GH FRVDV VHJºQ OD FDSDFLGDG DOJXQDV VRQ DFRUGHV FRQ OD
QDWXUDOH]DSHURQRSDUDHOG©ELO
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/RV PHMRUHV PDHVWURV VXHOHQ VHU P¡V H[LJHQWHV FRQ VXV HVWXGLDQWHV P¡V SURPHWHGRUHV
&XDQGRLGHQWLILFDQHOSRWHQFLDOTXLHUHQTXHOHVDTXHQWRGRHOSURYHFKR3HURORVPHMRUHV
PDHVWURVWDPEL©QVRQFRQVFLHQWHVGHTXHODVFDSDFLGDGHVQDWXUDOHV\ODFRPSUHQVL³QU¡SLGD
SXHGHQ VHU SHOLJURVDV SDUD HO DOXPQR VL VH OH GHMD VROR 6L HO DOXPQR SURPHWH GHVGH
SHTXH±RHVWRSXHGHUHVXOWDUHQXQDFRQILDQ]DH[FHVLYDHQVPLVPR\FUHDUPDORVK¡ELWRV
4XLHQHVDSUHQGHQU¡SLGRWLHQHQODPDODIDPDGHVDOWDUVHODVFODVHVHOHPHQWDOHVHLJQRUDUOR
HVHQFLDO
1RWHGHMHVGHOOHYDU7³PDORFRQFDOPD(VWXGLDFRQKXPLOGDG
GHMXOLR
%DVWDFRQKDFHUORFRUUHFWR
&XDQGR KXELHUHV KHFKR XQ IDYRU \ RWUR OR KXELHUH UHFRQRFLGR TX© RWUD WHUFHUD
VDWLVIDFFL³QEXVFDVWRGDYDFRPRKDFHQORVQHFLRV"/DGHSDVDUFRPRELHQKHFKRU
RVHUSDJDGRFRQXQDUHFRPSHQVD"
0$5&2$85(/,20HGLWDFLRQHV
/DUHVSXHVWDDODSUHJXQWDߡ3RUTX©KLFLVWHORFRUUHFWR"ߢVLHPSUHGHEHUDVHUߡ3RUTXHHUD
ORFRUUHFWRߢ$ILQGHFXHQWDVFXDQGRHVFXFKDVRYHVDRWUDSHUVRQDKDFHUORߚVREUHWRGR
FXDQGRSDVDURQXQDSXURRGLILFXOWDGFRPRFRQVHFXHQFLDGHKDFHUORFRUUHFWRߚDFDVRQR
SLHQVDVVHHVXQVHUKXPDQRHQVXPHMRUPRPHQWR"
(QWRQFHV SRU TX© UD\RV QHFHVLWDV TXH WH GHQ ODV JUDFLDV R WH UHFRQR]FDQ SRU KDEHU
KHFKRORFRUUHFWR"(VWXGHEHU
GHMXOLR
(OSURJUHVRGHODOPD
4X©XVRKDJRSXHVHQHVWHLQVWDQWHGHPLDOPD"(QFDGDXQDGHPLVDFFLRQHV
PHIRUPXODU©HVWDSUHJXQWD\H[DPLQDU©TX©FRVDWHQJRDKRUDHQHVWDSDUWHGHP
PLVPRTXHVHOODPDUHFWRMXLFLR\HQTX©HVWDGRWHQJRPLDOPDDOSUHVHQWH$FDVR
HQHOGHXQQL±RGHXQMRYHQߨGHXQWLUDQRGHXQMXPHQWRGHXQDILHUD"
0$5&2$85(/,20HGLWDFLRQHV
&RQTX©HVW¡VFRPSURPHWLGR"&RQTX©FDXVDPLVL³QXREMHWLYR"4X©HVW¡VKDFLHQGR"
<P¡VLPSRUWDQWHSRUTX©ORKDFHV"&³PRVHUHIOHMDQORVYDORUHVTXHP¡VDWHVRUDVHQOR
TXH KDFHV WRGRV ORV GDV" 7XV DFFLRQHV VRQ FRQVLVWHQWHV FRQ WXV YDORUHV R HVW¡V
GHDPEXODQGRVLQFRQWUROPLHQWUDVVLJXHVWRGRPHQRVWXDPELFL³Q"
&XDQGR H[DPLQHV HVWDV SUHJXQWDV TXL]¡ WH LQFRPRGHQ ODV UHVSXHVWDV (VW¡ ELHQ (VR
TXLHUHGHFLUTXHKDVWRPDGRHOSULPHUSDVRSDUDFRUUHJLUWXFRQGXFWDSDUDVHUPHMRUTXH
HVDV FULDWXUDV VDOYDMHV TXH PHQFLRQD 0DUFR $XUHOLR 7DPEL©Q TXLHUH GHFLU TXHHVW¡V P¡V
FHUFD GH GHVFXEULU FX¡O HV WX GHEHU HQ HVWD YLGD &XDQGR OR KDJDV WH KDEU¡V DFHUFDGR XQ
SRFRP¡VDFXPSOLUOR
GHMXOLR
1RDEDQGRQHVDORVGHP¡VߨQLDWLPLVPR
$O PRGR TXH QR SRGU¡Q KDFHUWH GHVYLDU GH OD SU¡FWLFD GHO ELHQ ORV TXH VH WH
RSXVLHUHQFXDQGRVLJXHVHOFDPLQRGHODUHFWDUD]³QDVWDPSRFRORJUDU¡QKDFHUWH
SHUGHU OD GXO]XUD SDUD FRQ ORV PLVPRV 3RU HOOR REVHUYD FRQ LJXDO FHOR DPERV
SURS³VLWRVFRQVHUYDQRV³ORXQMXLFLR\XQDFRQGXFWDLPSHUWXUEDEOHVVLQRWDPEL©Q
OD PDQVHGXPEUH FRQ ORV TXH LQWHQWDUHQ FUHDUWH REVW¡FXORV R GH RWUD PDQHUD WH
IXHUHQPROHVWRV3XHVLJXDOSUXHEDGHGHELOLGDGVHUDHOHQRMDUVHFRQWUDHOORVTXH
HOUHQXQFLDUDODDFFL³Q\FHGHUSRUWHPRU+D\HQHIHFWRGRVFODVHVGHGHVHUWRUHV
HO FREDUGH TXH WLHPEOD \ HO TXH UHQXQFLD DO SDULHQWH \ DPLJR TXH OH GLR OD
QDWXUDOH]D
0$5&2$85(/,20HGLWDFLRQHV
$ PHGLGD TXH SURJUHVDPRV HQ OD YLGD QRV HQFRQWUDPRV FRQ ODV OLPLWDFLRQHV GH OD JHQWH
TXHQRVURGHD(VFRPRXQDGLHWDFXDQGRWRGRVORVGHP¡VQRHVW¡QFRPLHQGRVDQRKD\XQD
HVSHFLH GH DOLQHDFL³Q QDWXUDO 3HUR VL XQD SHUVRQD HPSLH]D D FRPHU VDOXGDEOHGH UHSHQWH
KD\SUHIHUHQFLDVFRQWUDULDV$KRUDVHGLVFXWHVREUHG³QGHFHQDU
$V FRPR QR DEDQGRQDUDV WX QXHYR FDPLQR V³OR SRUTXH ORV GHP¡V OR HQFXHQWUDQ
SUREOHP¡WLFRQRGHEHVDEDQGRQDUDHVDVSHUVRQDV1RODVUHFKDFHVQLODVGHMHVDVXVXHUWH
1RWHHQRMHVQLSHOHHVFRQHOODV$ILQGHFXHQWDVHVWXYLVWHHQVXOXJDUQRKDFHPXFKR
GHMXOLR
&DGDXQRHVPDHVWURGHVXSURSLRFDPSR
(OOLEUHDOEHGURGHPLSU³MLPRHVLJXDOPHQWHLQGLIHUHQWHDPLOLEUHDOEHGURFRPRVX
VRSOR\VXFDUQH3XHVWRTXHDXQTXHHQUHDOLGDGORVXQRVQDFLPRVSDUDORVRWURV
ODUHFWDUD]³QGHFDGDXQRSRVHHVXSURSLDLQGHSHQGHQFLDGHQRVHUDVODPDOGDG
GHO SU³MLPR YHQGUD D VHU XQ PDO SDUD P 3HUR 'LRV QR OR KD GHFUHWDGR GH HVWH
PRGR SRUTXH GH OR FRQWUDULR HVWDUD HQ PDQRV GH RWUR HO TXH \R IXHVH
GHVJUDFLDGR
0$5&2$85(/,20HGLWDFLRQHV
(Q XQ SDV OLEUH WXV GHUHFKRV WHUPLQDQ GRQGH HPSLH]DQ ORV GH ORV GHP¡V (V GHFLU
FXDOTXLHUDHVOLEUHGHKDFHUORTXHTXLHUDH[FHSWRFXDQGRLQWHUILHUDFRQWXFXHUSR\HVSDFLR
(VWHGLFKRWDPEL©QSXHGHDSOLFDUVHFRPRILORVRIDSHUVRQDO
6LQ HPEDUJR YLYLU DV UHTXLHUH GRV VXSRVLFLRQHV LPSRUWDQWHV 3ULPHUR GHEHV YLYLU WX
SURSLD YLGD VLQ LPSRQHUOD QHJDWLYDPHQWH D ORV GHP¡V 6HJXQGR GHEHV WHQHU OD PHQWH
DELHUWD\VHUWROHUDQWHSDUDTXHORVGHP¡VKDJDQORPLVPR
3XHGHV KDFHUOR" ,QFOXVR FXDQGR HVW©V HQ WRWDO GHVDFXHUGR FRQ ODV GHFLVLRQHV TXH
WRPHQ" 3XHGHV HQWHQGHU TXH VX YLGD HV DVXQWR VX\R \ OD WX\D HV DVXQWR WX\R" (UHV
FRQVFLHQWHGHTXHWLHQHVVXILFLHQWHGHTX©RFXSDUWHFRPRSDUDPROHVWDUDORVGHP¡V"
GHMXOLR
3HUG³QDORVSRUTXHQRVDEHQORTXHKDFHQ
7RGD DOPD ߚVH DILUPDߚ HVW¡ SULYDGD D SHVDU VX\R GH OD YHUGDG /R PLVPR OH
VXFHGHU¡UHVSHFWRGHODMXVWLFLDODWHPSODQ]DODEHQHYROHQFLD\GHWRGDRWUDYLUWXG
VHPHMDQWH (V DEVROXWDPHQWH LQGLVSHQVDEOH TXH D PHQXGR WH DFXHUGHV GH HVWR
SXHVDVVHU¡VP¡VLQGXOJHQWHFRQORVGHP¡V
0$5&2$85(/,20HGLWDFLRQHV
&XDQGR -HVºV DVFHQGL³ DO 0RQWH &DOYDULR SRU OD 9D 'RORURVD VXIUL³ PXFKVLPR /R
KDEDQ JROSHDGR D]RWDGR REOLJDGR D FDUJDU VX SURSLD FUX] \ HVWDED D SXQWR GH VHU
FUXFLILFDGRMXQWRDGRVODGURQ]XHORV'HVGHDKYLRDXQRVVROGDGRVHFKDUORVGDGRVSDUD
GHFLGLUTXL©QSRGUDFRQVHUYDUVXURSD\HVFXFK³DODJHQWHLQVXOWDUOR\GHVSUHFLDUOR
6LQLPSRUWDUFX¡OHVVHDQWXVSULQFLSLRVUHOLJLRVRVODVSDODEUDVTXH-HVºVSURQXQFL³HQ
HVH PRPHQWR ߚFRQVLGHUDQGR TXH OR KL]R PLHQWUDV OR VRPHWDQ D XQ VXIULPLHQWR
LQLPDJLQDEOHߚVRQHVFDORIULDQWHV-HVºVPLU³DOFLHOR\GLMRߡ3DGUHSHUG³QDORVSRUTXHQR
VDEHQORTXHKDFHQߢ
(V OD PLVPD YHUGDG TXH 3ODW³Q KDED UHYHODGR VLJORV DWU¡V \ TXH 0DUFR $XUHOLR
SURFODP³FDVLGRVVLJORVGHVSX©VTXH-HVºVRWURVFULVWLDQRVGHELHURQKDEHUSURQXQFLDGROR
PLVPR PLHQWUDV ORV URPDQRV ORV HMHFXWDEDQ FRQ FUXHOGDG SHUG³QDORV GHVFRQRFHQ OD
YHUGDGGHORFRQWUDULRQRORKDUDQ
(PSOHDHVWDYHUGDGSDUDVHUERQGDGRVR\JHQWLO
GHMXOLR
+HFKRSDUDODMXVWLFLD
(O TXH SHFD FRQWUD OD MXVWLFLD FRPHWH XQD LPSLHGDG 3XHV KDELHQGR IRUPDGR OD
QDWXUDOH]D XQLYHUVDO ORV VHUHV UDFLRQDOHV ORV XQRV SDUD ORV RWURV TXLHUH TXH VH
D\XGHQPXWXDPHQWHVHJºQVXP©ULWRVLQKDFHUVHQXQFDPDODOJXQRHOKRPEUHTXH
WUDVSDVDHVWHGHVHRGHODQDWXUDOH]DFRPHWHHYLGHQWHPHQWHXQDLPSLHGDGFRQWUDOD
P¡VYHQHUDEOHGHODVGLYLQLGDGHV
0$5&2$85(/,20HGLWDFLRQHV
1RVUHIHULPRVDORVDFWRVP¡VDWURFHVFRPRFUPHQHVFRQWUDODQDWXUDOH]D&RQVLGHUDPRV
TXH FLHUWDV FRVDV VRQ DIUHQWDV GH OHVD KXPDQLGDG 6LQ LPSRUWDU FX¡QWR GLILUDPRV HQ HO
¡PELWRUHOLJLRVRSROWLFRHQQXHVWUDFULDQ]DFODVHRJ©QHURDTXOOHJDPRVDXQDFXHUGR
3RUTX©"3RUTXHQXHVWURVHQWLGRGHODMXVWLFLDHVPX\SURIXQGR1RVPROHVWDFXDQGR
ODVSHUVRQDVVHPHWHQHQODILODQRVFDHQPDOORVYLYLGRUHVDSUREDPRVOH\HVTXHSURWHJHQ
DORVLQGHIHQVRV\SDJDPRVQXHVWURVLPSXHVWRVHQSDUWHSDUDTXHVHUHGLVWULEX\DQXHVWUD
ULTXH]DHQWUHORVP¡VQHFHVLWDGRV$OPLVPRWLHPSRVLFUHHPRVTXHQRVSRGHPRVVDOLUFRQ
OD QXHVWUD WDO YH] LQWHQWHPRV KDFHU WUDPSD R DGDSWDU ODV QRUPDV D QXHVWUR EHQHILFLR
3DUDIUDVHDQGRD%LOO:DOVKFXDQGRQRVODVWHQHPRVTXHDUUHJODUVRORVPXFKRVLQGLYLGXRV
SUHIHULPRVSDVDUGHVDSHUFLELGRV
(QWRQFHV OD FODYH HV HVWDEOHFHU OPLWHV \ FRPSURPLVRV V³OLGRV SDUD UHVSDOGDU QXHVWUD
LQFOLQDFL³QSRUODMXVWLFLDFRPR/LQFROQSLGL³DXQDQDFL³QGLYLGLGD\HQDUGHFLGDDFRJHU
ߡDORVPHMRUHV¡QJHOHVGHQXHVWUDQDWXUDOH]Dߢ
GHMXOLR
+HFKRVSDUDIXQFLRQDUHQFRQMXQWR
&XDQGR VLQWLHUHV UHSXJQDQFLD HQ OHYDQWDUWH GH GRUPLU DFX©UGDWH TXH HV
FRUUHVSRQGLHQWHDWXFRQGLFL³Q\DODQDWXUDOH]DKXPDQDHOSURGXFLUDFFLRQHVºWLOHV
DO ELHQ GH OD VRFLHGDG \ TXH HO GRUPLU HV FRPºQ WDPEL©Q D ORV VHUHV SULYDGRV GH
UD]³Q$VSXHVORTXHHVFRQIRUPHFRQODQDWXUDOH]DGHFDGDXQROHHVP¡VSURSLR
\DGHFXDGR
0$5&2$85(/,20HGLWDFLRQHV
6L XQ SHUUR SDVD WRGR HO GD WXPEDGR ߚPX\ SUREDEOHPHQWH HQ WX FDPDߚ HVW¡ ELHQ 6H
HVW¡ FRPSRUWDQGR FRPR SHUUR 1R WLHQH TXH HVWDU HQ QLQJXQD SDUWH QR WLHQH QLQJXQD
REOLJDFL³Q P¡V TXH VHU ©O PLVPR 6HJºQ ORV HVWRLFRV ORV VHUHV KXPDQRV WHQHPRV XQD
REOLJDFL³Q VXSHULRU QR FRQ ORV GLRVHV VLQR FRQ QRVRWURV PLVPRV /R TXH QRV VDFD GH OD
FDPDWRGDVODVPD±DQDVߚLQFOXVRFXDQGRQRVFXHVWDWUDEDMRFRPRD0DUFR$XUHOLRߚHV
ODSUD[HLVNRLQRQLNDVDSRGLGRQDL FXPSOLUFRQHOWUDEDMRTXHKDFHPRVSDUDHOELHQFRPºQ
/D FLYLOL]DFL³Q \ OD QDFL³Q VRQ SUR\HFWRV VXSUHPRV TXH FRQVWUXLPRV \ OR KHPRV KHFKR
MXQWR FRQ QXHVWURV DQWHSDVDGRV GHVGH KDFH PLOHQLRV (VWDPRV KHFKRV SDUD FRRSHUDU
V\QHUJLD XQRVFRQRWURV
$VTXHVLQHFHVLWDVXQHVWPXORSDUDVDOLUGHODFDPDHVWDPD±DQDVLQHFHVLWDVP¡VTXH
FDIHQD UHFXUUH D HVWR /D JHQWH GHSHQGH GH WL 7X ILQ HV D\XGDU D UHDOL]DU HVWD REUD HQ
FRQMXQWRHVWDPRVHVSHU¡QGRWHDQVLRVRV
GHMXOLR
1DGLHWHREOLJDDKDFHUQDGD
1DGD HV KRQHVWR GH FXDQGR VH HMHFXWD D GLVJXVWR R SRU FRDFFL³Q 7RGD DFFL³Q
KRQHVWDHVYROXQWDULD
61(&$(SVWRODVPRUDOHVD/XFLOLR
1RWLHQHVTXHKDFHUORFRUUHFWR6LHPSUHWLHQHVODRSFL³QGHVHUHJRVWDJURVHURQHIDVWR
REWXVR SHGDQWH PDOYDGR R HVWºSLGR 'H KHFKR D YHFHV KD\ LQFHQWLYRV SDUD WRPDU HVH
FDPLQR3RUTXHQRDWRGRVORVFULPLQDOHVORVDWUDSDQ
3HURFX¡OHVVXHOHQVHUORVUHVXOWDGRVGHHVWDIRUPDGHSHQVDU"&³PRVHUHIOHMDHQOD
YLGD"
1R WLHQHV TXH KDFHU OR FRUUHFWR QL WLHQHV TXH FXPSOLU FRQ WX GHEHU 3XHGHV KDFHUOR
4XLHUHVKDFHUOR
GHMXOLR
5HFLEHORVKRQRUHV\ORVGHVDLUHVGHODPLVPDIRUPD
5HFLEHELHQHVVLQHQJUHUWHGHVSU©QGHWHGHHOORVVLQPRVWUDUUHSXJQDQFLD
0$5&2$85(/,20HGLWDFLRQHV
(QSOHQRFRODSVRGHOD5HSºEOLFDURPDQDGXUDQWHODJXHUUDFLYLOHQWUH3RPSH\R\&©VDU
3RPSH\R WRP³ OD GHFLVL³Q GH FHGHUOH HO FRQWURO GH OD DUPDGD D &DW³Q 6XSXVR XQ KRQRU
HQRUPH\XQSXHVWRFRQPXFKVLPRSRGHU6LQHPEDUJRXQSDUGHGDVGHVSX©V3RPSH\R
WXYR TXH UHVSRQGHU D ODV SURWHVWDV GH VX FHORVR FUFXOR FHUFDQR \ UHYHUWLU VX GHFLVL³Q
UHWLU¡QGROHHOSXHVWR
5HFLELUXQDVFHQVR\OXHJRSHUGHUORSXGRVHUXQDKXPLOODFL³QSºEOLFDDVRPEURVDSHUR
VHJºQORVUHJLVWURVODUHDFFL³QGH&DW³QIXHQXOD5HVSRQGL³DOKRQRU\DOGHVKRQRUGHOD
PLVPD IRUPD FRQ LQGLIHUHQFLD \ DFHSWDFL³Q 1R SHUPLWL³ TXH LQIOX\HUD HQ VX DSR\R D OD
FDXVD 'H KHFKR GHVSX©V GHO GHVDLUH WUDEDM³ FRQ ORV VROGDGRV SDUD GDUOHV GLVFXUVRV
LQVSLUDFLRQDOHVDORVKRPEUHVTXHHVWDEDQEDMRVXPDQGR
$ HVR VH UHILHUH 0DUFR $XUHOLR 1R WH WRPHV ORV GHVDLUHV GHO GD D PRGR SHUVRQDO
WDPSRFRODVUHFRPSHQVDV\UHFRQRFLPLHQWRVVREUHWRGRFXDQGRHOGHEHUWHKDDVLJQDGRXQD
FDXVD LPSRUWDQWH 'HWDOOHV VXSHUILFLDOHV FRPR HO SXHVWR TXHRFXSDV QR UHYHODQ QDGDGH WL
FRPRSHUVRQD6³ORWXFRPSRUWDPLHQWRORKDU¡FRPRHQHOFDVRGH&DW³Q
GHMXOLR
(QDOJºQOXJDUDOJXLHQHVW¡PXULHQGR
&XDQGR WH GHQ XQD QRWLFLD LQTXLHWDQWH WHQ D PDQR DTXHOOR GH TXH QR FDEH QRWLFLD
VREUH QDGD GHO DOEHGUR $FDVR SXHGH DOJXLHQ GDUWH OD QRWLFLD GH TXH KLFLVWH PDO
XQDVXSRVLFL³QRGHVHDVWHWRUSHPHQWH"'HQLQJºQPRGR6LQRTXHߡDOJXLHQPXUL³ߢ
4X©WLHQHTXHYHUFRQWLJR"
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QDPLJRELHQLQWHQFLRQDGRSXHGHSUHJXQWDUWHTX©RSLQDVGHDOJXQDWUDJHGLDTXHRFXUUHHQ
FXDOTXLHUSDUWHGHOPXQGR(QWXSUHRFXSDFL³QLJXDOGHELHQLQWHQFLRQDGDUHVSRQGHVߡ0H
SDUHFHWHUULEOHߢ
(QHVWHHVFHQDULRORVGRVKDQSUHVFLQGLGRGHVXOLEUHDOEHGURVLQKDFHUXQDVRODFRVD
SRUODVYFWLPDVTXHVXIUHQHQGLFKDWUDJHGLD3XHGHVHUPX\I¡FLOSHUPLWLUTXHODVQRWLFLDV
WHUULEOHV GH WRGR HO PXQGR QRV GLVWUDLJDQ LQFOXVR QRV FRQVXPDQ /D UHVSXHVWD GH ORV
HVWRLFRVHQHVWRVFDVRVQRHVLJQRUDUODV1RREVWDQWHODHPSDWDVLQVHQWLGRWDPSRFRD\XGD
\ HO SUHFLR HQ OD PD\RUD GH ORV FDVRV HV HO GHWULPHQWR D OD VHUHQLGDG SHUVRQDO 6L HQ
UHDOLGDGSXHGHVKDFHUDOJRSRUHVDJHQWHTXHVXIUHHQWRQFHVVODVQRWLFLDVSHUWXUEDGRUDV
\ WX UHDFFL³Q WLHQHQ UHOHYDQFLD HQ WX OLEUH DOEHGUR 6L WX SDUWLFLSDFL³Q VH OLPLWD D OD
HPRFL³QGUDP¡WLFDPHMRUF©QWUDWHHQWXGHEHULQGLYLGXDOFRQWLJRPLVPRWXIDPLOLD\WX
SDV
GHMXOLR
4X©GLFHWXHSLWDILR"
&XDQGRYHDVVXSUHWH[WD\DRVWHQWDGDHQRFDVLRQHVIUHFXHQWHVVXQRPEUHF©OHEUH
HQ HO IRUR QR ORV HQYLGLHV HVR OR DOFDQ]DQ FRQ SUHMXLFLR GH VX YLGDߨ $ DOJXQRV
DQWHVGHTXHDVFHQGLHUDQDODFLPDGHVXDPELFL³QORVKDDEDQGRQDGRODYLGDHQ
ORVSUHOLPLQDUHVGHODOXFKDDRWURVFXDQGRKDEDQWUHSDGRDODP¡VDOWDGLJQLGDG
JUDFLDV D PLO LQGLJQLGDGHV OHV KD YHQLGR HO IXQHVWR SHQVDPLHQWR GH TXH KDQ
WUDEDMDGRSDUDHOHSLWDILRGHVXWXPED
61(&$6REUHODEUHYHGDGGHODYLGD
$ YHFHV QXHVWURV FRPSURPLVRV SURIHVLRQDOHV SXHGHQ YROYHUVH XQ ILQ HQ V PLVPRV 8Q
SROWLFR SXHGH MXVWLILFDU TXH GHVFXLGD D VX IDPLOLD SRU FHQWUDUVH HQVX WUDEDMR XQHVFULWRU
SXHGHFUHHUTXHVXߡJHQLDOLGDGߢMXVWLILFDVXFRQGXFWDHJRVWDRDQWLVRFLDO&XDOTXLHUDTXH
SRVHDFLHUWDSHUVSHFWLYDSXHGHYHUTXHGHKHFKRHOSROWLFRHVW¡HQDPRUDGRGHODIDPD\DO
HVFULWRU OH JXVWD VHU FRQGHVFHQGLHQWH \ VHQWLUVH VXSHULRU /RV DGLFWRV DO WUDEDMR VLHPSUH
EXVFDQSUHWH[WRVSDUDVXHJRVPR
6L ELHQ HVWDV DFWLWXGHV SXHGHQ UHVXOWDU HQ ORJURV LPSUHVLRQDQWHV VX FRVWR UDUD YH] VH
MXVWLILFD/DFDSDFLGDGGHWUDEDMDUDUGXDPHQWHHVDGPLUDEOH3HURHUHVXQVHU KXPDQR QR
XQ KDFHU KXPDQR 6©QHFD VH±DOD TXH QR VRPRV DQLPDOHV ߡ(V SODFHQWHUR PRULU HQ
DUUHRV"ߢSUHJXQW³$OHNVDQGU6RO]KHQLWV\QORH[SUHV³PHMRUߡ(OWUDEDMRHVODFDXVDGHOD
PXHUWHGHORVFDEDOORV7RGRVGHEHUDQVDEHUORߢ
GHMXOLR
&XDQGRORVKRPEUHVGHELHQQRKDFHQQDGD
)UHFXHQWHPHQWHVHSHFDFRQWUDMXVWLFLDSRURPLVL³Q\QRV³ORSRUDFFL³Q
0$5&2$85(/,20HGLWDFLRQHV
(QODKLVWRULDDEXQGDODHYLGHQFLDGHTXHODKXPDQLGDGHVFDSD]GHKDFHUHOPDOQRV³ORGH
IRUPD DFWLYD VLQR SDVLYD (Q DOJXQRV GH QXHVWURV PRPHQWRV P¡V YHUJRQ]RVRV ߚGH OD
HVFODYLWXGDO+RORFDXVWRGHODVHJUHJDFL³QDODVHVLQDWRGH.LWW\*HQRYHVHߚODFXOSDQR
IXHH[FOXVLYDGHORVSHUSHWUDGRUHVODFRPSDUWHQORVFLXGDGDQRVFRPXQHV\FRUULHQWHVTXH
SRU GLYHUVDV UD]RQHV GHFLGLHURQ QR LQYROXFUDUVH (VR VH H[SUHVD PHMRU HQ HVWD FLWD SDUD
TXHWULXQIHHOPDOEDVWDFRQTXHORVKRPEUHVGHELHQQRKDJDQQDGD1REDVWDFRQQRKDFHU
HOPDO7DPEL©QGHEHVVHUXQDIXHU]DGHOELHQHQHOPXQGRHQODPHGLGDGHORSRVLEOH
GHMXOLR
(QG³QGHVRQPHMRUHVODVFRVDV"
6L KDOODUHV HQ HO GLVFXUVR GH OD YLGD KXPDQD XQ ELHQ VXSHULRU D OD MXVWLFLD D OD
VLQFHULGDG D OD FRUGXUD DO YDORU \ SDUD GHFLUOR GH XQD YH] DO ELHQ GH XQD
LQWHOLJHQFLD FRPSODFLGD HQ V PLVPD HQ WDQWR FRQIRUPD WX FRQGXFWD FRQ OD UHFWD
UD]³Q \ VDWLVIHFKD GH VX GHVWLQR SRU OR TXH WRFD D ODV FRVDV HVSRQW¡QHDPHQWH
UHSDUWLGDV DO D]DU VL KDOODUHV GLJR XQ ELHQ GH PHMRU FRQGLFL³Q DEUD]¡QGROR FRQ
WRGDHODOPDGLVIUXWDHQKRUDEXHQDGHHVWHELHQVXSUHPRTXHGHVFXEUDV
0$5&2$85(/,20HGLWDFLRQHV
7RGRV LQVLVWLPRV HQ FRQVHJXLU ODV FRVDV TXH FUHHPRV LPSRUWDQWHV (Q FLHUWR PRPHQWR
WRGRV FUHPRV TXH HO GLQHUR VHUD OD UHVSXHVWD TXH HO ©[LWR HUD OR P¡V LPSRUWDQWH TXH HO
DPRULQDJRWDEOHGHXQDKHUPRVDSHUVRQDQRVKDUDVHQWLUIHOLFHV4X©KDFHPRVFXDQGRSRU
ILQFRQVHJXLPRVHVWRVREMHWRVVDJUDGRV"1RHVTXHVHDQVXSHUIOXRVRFDUH]FDQGHVHQWLGR
ߚV³ORTXLHQHVQXQFDORVKDQWHQLGRORFUHHQߚSHURORTXHGHVFXEULPRVHVTXHQREDVWDQ
(OGLQHURFUHDSUREOHPDVHVFDODUXQDPRQWD±DH[SRQHXQDFLPDP¡VDOWD\QXQFDKDEU¡
VXILFLHQWHDPRU
3HURVKD\DOJRPHMRUODYLUWXGODFXDOHVVXSURSLDUHFRPSHQVD/DYLUWXGHVHOºQLFR
ELHQ TXH UHVXOWD VHU PXFKR P¡V GH OR TXH HVSHUDPRV \ QR SRGHPRV SRVHHUOD HQ JUDGRV
VLPSOHPHQWHODWHQHPRVRQR3RUHVRODYLUWXGߚODMXVWLFLDODKRQHVWLGDGODGLVFLSOLQD\HO
YDORUߚHVORºQLFRSRUORTXHYDOHODSHQDHVIRU]DUVH
GHMXOLR
5HFRQRFHWXVSULYLOHJLRV
/RVKRPEUHVVRQXQRVP¡VDJXGRV\RWURVP¡VREWXVRV\FULDGRVXQRVHQPHMRUHV
FRVWXPEUHV\RWURVHQSHRUHVVLHQGRXQRVGHSHRUFDU¡FWHURQDWXUDOQHFHVLWDUDQ
PD\RU QºPHUR GH GHPRVWUDFLRQHV \ PD\RU DUJXPHQWDFL³Q SDUD DFHSWDU HVWDV
RSLQLRQHV\TXHGDUPRGHODGRVVHJºQHOODVLJXDOFUHRTXHORVFXHUSRVHQIHUPL]RV
QHFHVLWDQPXFKRPD\RUFXLGDGRSDUDHVWDUELHQ
08621,258)2'LVHUWDFLRQHV
$O FRQFOXLU XQ LQWHUFDPELR IUXVWUDQWH WDO YH] SLHQVHV $K HVWH LQGLYLGXR HV XQ LGLRWD2
SUHJXQW¡QGRWH3RUTX©QRSXHGHQKDFHUODVFRVDVELHQ"
6LQHPEDUJRQRWRGRVKDQWHQLGRODVPLVPDVYHQWDMDVTXHWº(VWRQRTXLHUHGHFLUTXH
WX YLGD KD\D VLGR I¡FLO VLQR TXH OHV OOHYDV YHQWDMD D ORV GHP¡V 3RU HVR QXHVWUR GHEHU HV
HQWHQGHU\VHUSDFLHQWHFRQORVGHP¡V
/D ILORVRID HV XQD IRUPDFL³Q HVSLULWXDO TXH VXSRQH FXLGDGRV SDUD HO DOPD $OJXQRV
QHFHVLWDQP¡VFXLGDGRVTXHRWURVDVFRPRDOJXQRVWLHQHQPHMRUPHWDEROLVPRRQDFLHURQ
P¡V DOWRV &XDQWR P¡V FRPSDVLYR \ WROHUDQWH SXHGDV VHU FRQ ORV GHP¡V ߚFXDQWR PD\RU
FRQVFLHQFLDWHQJDVGHWXVSULYLOHJLRV\YHQWDMDVߚVHU¡VP¡VVROLGDULR\SDFLHQWH
GHMXOLR
8QDQWGRWRSDUDHOHVSULWX
4XLHQSUDFWLFDODILORVRIDFRPRDQWGRWRGHVXHVSULWXUHVXOWDPDJQ¡QLPROOHQRGH
FRQILDQ]DLQYHQFLEOH\P¡VHOHYDGRFXDQGRXQRVHOHDFHUFD
61(&$(SVWRODVPRUDOHVD/XFLOLR
4X© HV ߡXQ DQWGRWR SDUD HO HVSULWXߢ" 7DO YH] 6©QHFD TXLHUH GHFLU TXH PHGLDQWH OD
QDWXUDOH]D \ OD HGXFDFL³Q GHVDUUROODPRV XQD VHULH GH FDUDFWHUVWLFDV ºQLFDV DOJXQDV
SRVLWLYDV \ RWUDV QHJDWLYDV &XDQGR ODV FDUDFWHUVWLFDV QHJDWLYDV HPSLH]DQ D WHQHU
FRQVHFXHQFLDV HQ QXHVWUD YLGD DOJXQRV UHFXUULPRV D WHUDSLD SVLFRDQ¡OLVLV R XQ JUXSR GH
D\XGD(OSXQWR"&XUDUFLHUWRVUDVJRVHJRVWDVRGHVWUXFWLYRV
6LQHPEDUJRDSHVDUGHWRGRVORVP©WRGRVSDUDVDQDUQXHVWUDVFDUDFWHUVWLFDVQHJDWLYDV
ODILORVRIDKDH[LVWLGRGHVGHKDFHP¡VWLHPSR\KDD\XGDGRDP¡VJHQWH6HFHQWUDQRV³OR
HQPLWLJDUORVHIHFWRVGHXQDHQIHUPHGDGPHQWDORXQDQHXURVLVWDPEL©QHVW¡GLVH±DGDSDUD
DOHQWDUODSURVSHULGDGKXPDQD3DUDD\XGDUWHDYLYLUODEXHQDYLGD
1RPHUHFHVSURVSHUDU"1RWHJXVWDUDWHQHUXQDOPDPDUDYLOORVDOOHQDGHFRQILDQ]DH
LQYHQFLEOH IUHQWH D ORV VXFHVRV H[WHUQRV" 1R WH JXVWDUD VHU FRPR OD FHEROOD SURYHUELDO
GRWDGDGHFDSDVGHJUDQGH]D"
(QWRQFHVSUDFWLFDWXILORVRID
GHMXOLR
/DGLFKDHVWRLFD
&U©HPHHOJR]RYHUGDGHURHVFRVDVHULD-X]JDVDFDVRTXHDOJXLHQGHDVSHFWR
GLVROXWR\ߨߡGLYHUWLGLOORߢYDDPHQRVSUHFLDUODPXHUWHDEULUVXVSXHUWDVDODSREUH]D
SRQHU IUHQR D ORV SODFHUHV HMHUFLWDUVH HQ OD WROHUDQFLD GHO GRORU" 4XLHQ DSOLFD D V
PLVPRHVWRVSULQFLSLRVGLVIUXWDGHXQJR]RLQPHQVRDXQTXHSRFRDWUD\HQWH4XLHUR
TXH WH KDOOHV HQ OD SRVHVL³Q GH HVWH JR]R QXQFD WH IDOWDU¡ XQD YH] TXH KD\DV
HQFRQWUDGRODIXHQWHTXHORVXVWHQWD
61(&$(SVWRODVPRUDOHVD/XFLOLR
8VDPRV OD SDODEUD ߡDOHJUDߢ \ VXV GHULYDGRV FRQ GHPDVLDGD KROJXUD ߡ0H HQFDQWDQ ODV
QRWLFLDVߢߡ(VXQSODFHUHVWDUFRQHOODߢߡ(VXQDRFDVL³QIHVWLYDߢ6LQHPEDUJRQLQJXQRGH
HVWRVHMHPSORVVXJLHUHDOHJUDYHUGDGHUD6HDFHUFDQP¡VELHQDXQߡ¡QLPRߢ(OFXDORFXSD
XQQLYHOVXSHUILFLDO
3DUD 6©QHFD OD DOHJUD HV XQ HVWDGR P¡V SURIXQGR (V OR TXH VHQWLPRV GHQWUR \ SRFR
WLHQHTXHYHUFRQVRQULVDVRFDUFDMDGDV$VTXHFXDQGRVHGLFHTXHORVHVWRLFRVVRQDULVFRV
RGHSUHVLYRVQRORVHQWLHQGHQELHQ$TXL©QOHLPSRUWDVLDOJXLHQHVW¡DQLPDGRHQXQEXHQ
PRPHQWR"4X©FODVHGHORJURHV©VH"
6LQ HPEDUJR SXHGHV HVWDU FRPSOHWDPHQWH VDWLVIHFKR FRQ WX YLGD" 3XHGHV HQIUHQWDU
FRQ YDOHQWD OR TXH OD YLGD WH GHSDUD GH XQ GD SDUD RWUR" 3XHGHV UHFXSHUDUWH GH FDGD
DGYHUVLGDGVLQSHUGHUHOULWPR"3XHGHVVHUXQDIXHQWHGHIRUWDOH]DHLQVSLUDFL³QSDUDWXV
VHUHVTXHULGRV"VDHVODDOHJUDHVWRLFDODTXHSURFHGHGHODGHWHUPLQDFL³QODH[FHOHQFLD
\HOGHEHU(VDOJRVHULRPXFKRP¡VLPSRUWDQWHTXHXQDVRQULVDRXQDYR]FRQWHQWD
GHMXOLR
7XFDUUHUDQRHVXQDFDGHQDSHUSHWXD
3HQRVR DTXHO D TXLHQ KD DEDQGRQDGR VX HVSULWX FXDQGR ELHQ HQWUDGR HQ D±RV
>H[SRQD@ HQ XQ MXLFLR VXV FRQFOXVLRQHV D IDYRU GH XQRV OLWLJDQWHV DEVROXWDPHQWH
GHVFRQRFLGRV\EXVFDEDODDSUREDFL³QGHXQDFRQFXUUHQFLDLQH[SHUWD
61(&$6REUHODEUHYHGDGGHODYLGD
&DGDFLHUWRWLHPSRVHUHSUHVHQWDXQHVSHFW¡FXORWULVWHHQODVQRWLFLDV8QPLOORQDULRYLHMR
DXQVH±RUGHVXLPSHULRHVOOHYDGRDODFRUWH/RVDFFLRQLVWDV\IDPLOLDUHVDFXGHQDOMXLFLR
SDUDDUJXPHQWDUTXH\DQRWLHQHODFDSDFLGDGPHQWDOSDUDWRPDUGHFLVLRQHVTXHHOSDWULDUFD
QRHVW¡HQFRQGLFLRQHVGHGLULJLUVXHPSUHVD\RFXSDUVHGHDVXQWRVOHJDOHV'HELGRDTXH
HVWHKRPEUHSRGHURVRVHQHJ³DFHGHUHOFRQWURORIRUPXODUXQSODQGHVXFHVL³QHVSUHVDGH
XQD GH ODV SHRUHV KXPLOODFLRQHV OD H[SRVLFL³Q SºEOLFD GH VXV YXOQHUDELOLGDGHV P¡V
SULYDGDV
1RGHEHPRVGHGLFDUQRVDQXHVWURWUDEDMRDWDOJUDGRTXHQRVFUHDPRVLQPXQHVDQWHOD
UHDOLGDG GHO HQYHMHFLPLHQWR \ OD YLGD 4XL©Q TXLHUH VHU OD SHUVRQD TXH QXQFD FHGH" 7X
YLGDWLHQHWDQSRFDLPSRUWDQFLDTXHWXºQLFRLQWHU©VHVWXWUDEDMRKDVWDTXHWHOOHYHQHQXQ
DWDºG"
(QRUJXOO©FHWHGHWXWUDEDMRSHURUHFXHUGDTXHQRORHVWRGR
$JRVWR
ߧ
3UDJPDWLVPR
GHDJRVWR
1RDVSLUHVDODSHUIHFFL³Q
(VDPDUJRHOSHSLQR"FKDOR+D\]DU]DVHQHOFDPLQR"'HVYDWH(VREDVWD1R
SURVLJDVGLFLHQGR3RUTX©VHKLFLHURQHVWDVFRVDVHQHOPXQGR"'HRWUDPDQHUD
VHUDVODEXUODGHOKRPEUHTXHHVWXGLDODQDWXUDOH]DFRPRVHWHUHLUDQHOFDUSLQWHUR
RHO]DSDWHURVLOHVUHSURFKDUDVSRUTXHYHVHQVXVWDOOHUHVDVHUUDGXUDV\UHWD]RVGH
ODV PDWHULDV TXH WUDEDMDQ DXQTXH WLHQHQ GRQGH DUURMDUORV 3HUR OD QDWXUDOH]D GHO
XQLYHUVRQDGDGLVSRQHIXHUDGHV
0$5&2$85(/,20HGLWDFLRQHV
1RVJXVWDTXHODVFRVDVVHDQSHUIHFWDVDVTXHQRVSURPHWHPRVHPSH]DUDOJRFXDQGRODV
FRQGLFLRQHVVHDQDGHFXDGDVRHVWHPRVSUHSDUDGRV/DUHDOLGDGHVTXHVHUDPHMRUFHQWUDUVH
HQDUUHJO¡UQRVODVWDOFRPRHVW¡QODVFRVDV
0DUFR$XUHOLRVHUHFRUG³ߡ1RVXH±HVFRQYHUHVWDEOHFLGDODUHSºEOLFDGH3ODW³Qߢ1R
HVSHUDEDTXHHOPXQGRIXHUDWDOFRPR©OTXHUDVDEDGHPDQHUDLQVWLQWLYDTXHLJXDOTXHHO
ILO³VRIR FDW³OLFR -RVHI 3LHSHU TXLHQ GLUD P¡V WDUGH ߡV³OR DTXHO TXH VHSD F³PR VRQ \ VH
GDQODVFRVDVSXHGHKDFHUHOELHQߢ
+R\ QR SHUPLWLUHPRV TXH QXHVWUD FRPSUHQVL³Q KRQHVWDGHO PXQGR QRV LPSLGD VDFDUOH
PHMRU SURYHFKR 7DPSRFR SHUPLWLUHPRV TXH PROHVWLDV LQVLJQLILFDQWHV X REVW¡FXORV
PHQRUHVVHLQWHUSRQJDQHQODODERULPSRUWDQWHTXHWHQHPRV
GHDJRVWR
3RGHPRVWUDEDMDUFRPRVHD
< TX© OXJDU RFXSDUD HO HVWDU GHVWHUUDGR HQ UHODFL³Q FRQ HO FXLGDGR GH QRVRWURV
PLVPRV\FRQODFRQVHFXFL³QGHODYLUWXG"
08621,258)2'LVHUWDFLRQHV
(QWUDGRV ORV D±RV GHVSX©V GH XQD FLUXJD D 7KHRGRUH 5RRVHYHOW OH GLMHURQ TXH SRGUD
WHUPLQDU SRVWUDGR HQ XQD VLOOD GH UXHGDV HO WLHPSR TXH OH TXHGDED GH YLGD &RQ VX
HQWXVLDVPRFDUDFWHUVWLFRUHVSRQGL³ߡb'HDFXHUGRb7DPEL©QSXHGRWUDEDMDUDVߢ
$VSRGHPRVUHVSRQGHULQFOXVRDODVYXHOWDVP¡VLQFDSDFLWDQWHVGHOGHVWLQRWUDEDMDQGR
FRQORTXHQRVTXHGD1DGDQRVSXHGHLPSHGLUDSUHQGHU'HKHFKRODVVLWXDFLRQHVGLIFLOHV
VXHOHQ SUHVHQWDU RSRUWXQLGDGHV SDUD DSUHQGHU GH HOODV LQFOXVR VL QR HV HO WLSR GH
DSUHQGL]DMHTXHQRVKXELHUDJXVWDGR
$0XVRQLR5XIRSRUVXSDUWHORH[LOLDURQWUHVYHFHV XQDYH]HQHOJRELHUQRGH1HU³Q
\ RWUR HQ HO GH 9HVSDVLDQR QR REVWDQWH OD H[SXOVL³Q IRU]RVD GH VX YLGD \ KRJDU QR
YXOQHUDURQ VX HVWXGLR GH OD ILORVRID $ VX PDQHUD UHVSRQGL³ LJXDO TXH 5RRVHYHOW ߡb'H
DFXHUGR b7DPEL©Q SXHGR WUDEDMDU DVߢ < OR KL]R GXUDQWH ORV H[LOLRV FRQVLJXL³ GHGLFDU
WHPSRUDGDV D XQ DOXPQR GH QRPEUH (SLFWHWR \ DV D\XG³ D RULJLQDU HO HVWRLFLVPR HQ HO
PXQGR
GHDJRVWR
/DEXHQDYLGDVHHQFXHQWUDHQWRGDVSDUWHV
$KRUD QR YLDMDV DQGDV D OD YHQWXUD WH GHMDV OOHYDU \ FDPELDV XQ OXJDU SRU RWUR
VLHQGRDVTXHODILQDOLGDGTXHSHUVLJXHVODGHYLYLUKRQHVWDPHQWHHVW¡DQXHVWUR
DOFDQFHHQWRGROXJDU
3XHGHH[LVWLUDFDVRXQVLWLRP¡VDMHWUHDGRTXHHOIRUR"7DPEL©QHQ©OVHSXHGH
YLYLUDSDFLEOHPHQWHVLIXHUHSUHFLVR
61(&$(SVWRODVPRUDOHVD/XFLOLR
8Q HVFULWRU FRQRFLGR VH TXHM³ DOJXQD YH] SRUTXH GHVSX©V GH VX ©[LWR VXV DPLJRV
DGLQHUDGRVORLQYLWDEDQDVXVKHUPRVDVFDVDVH[³WLFDVߡ9HQDQXHVWUDUHVLGHQFLDHQHOVXU
GH )UDQFLDߢ R ߡ1XHVWUD FDVD HQ ORV PRQWHV VXL]RV HV HVWXSHQGD SDUD HVFULELUߢ (O HVFULWRU
YLDM³SRUHOPXQGRYLYLHQGROXMRVDPHQWHHVSHUDQGRHQFRQWUDULQVSLUDFL³Q\FUHDWLYLGDGHQ
HVDV FDVRQDV \ PDQVLRQHV LQVSLUDGRUDV 6LQ HPEDUJR FDVL QXQFD IXH DV 6LHPSUH OR
SHUVHJXD HO HQFDQWR GH RWUD FDVD PHMRU 6LHPSUH KDED GLVWUDFFLRQHV PXFKDV FRVDV TXH
KDFHU\HOEORTXHRGHOHVFULWRU\ODLQVHJXULGDGTXHDIHFWDDODVSHUVRQDVFUHDWLYDVYLDMDEDQ
FRQ©ODGRQGHIXHUD
1RVFRQYHQFHPRVGHTXHQHFHVLWDPRVHODPELHQWHLGHDODQWHVGHDFWXDUFRQVHULHGDG\
WUDEDMDU 2 FUHHPRV TXH XQDV YDFDFLRQHV R WLHPSR D VRODV VHU¡Q HO DQWGRWR SDUD XQD
UHODFL³QRXQSDGHFLPLHQWR(VRHVVDWLVIDFFL³QSURSLDHQVXP¡VSXUDHVHQFLD
(VPXFKRPHMRUVHUSUDJP¡WLFR\IOH[LEOHKDFHUORTXHQHFHVLWDPRVHQGRQGHVHD\D
FXDOTXLHUKRUD(OOXJDUSDUDWUDEDMDUSDUDYLYLUODEXHQDYLGDHVDTX
GHDJRVWR
6LQFXOSDVV³ORFRQF©QWUDWH
<D QR KDV GH VHJXLU PRVWU¡QGRWH LJXDO HQ QDGD GH OR TXH KDFHV DKRUD QL
UHFULPLQDQGRDODGLYLQLGDGQLDOKRPEUH+DVGHDSDUWDUGHWLSRUFRPSOHWRHOGHVHR
OOHYDU HO UHFKD]R V³OR D OR TXH GHSHQGH GHO DOEHGUR TXH QR KD\D HQ WL F³OHUD QL
UHVHQWLPLHQWRQLHQYLGLDQLFRPSDVL³Q
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
1HOVRQ0DQGHODHVWXYRHQFDUFHODGRYHLQWLVLHWHD±RVSRUTXHVHRSXVRDOEUXWDOU©JLPHQGHO
DSDUWKHLG HQ 6XG¡IULFD 'LHFLRFKR GH HVRV D±RV XV³ XQ FXER FRPR GH HVFXVDGR XQ FDWUH
GXURSDUDGRUPLUHQXQDFHOGDSHTXH±D\XQDYH]DOD±RVHOHSHUPLWDUHFLELUXQDYLVLWD
GXUDQWH WUHLQWD PLQXWRV )XH XQ WUDWR DWUR] FX\R ILQ HUD DLVODU \ GHVPRUDOL]DU D ORV
SULVLRQHURV3HVHDHOOR0DQGHODVHFRQYLUWL³HQXQDILJXUDGHGLJQLGDGGHQWURGHODF¡UFHO
$XQTXH OR SULYDURQ GH PXFKDV FRVDV QR GHM³ GH HQFRQWUDU PDQHUDV FUHDWLYDV GH
LPSRQHU VX YROXQWDG &RPR 1HYLOOH $OH[DQGHU XQR GH VXV FRPSD±HURV HQ OD F¡UFHO
H[SOLF³ HQ )URQWOLQH ߡ>0DQGHOD@ VLHPSUH KDFD XQD GHFODUDFL³Q GH SULQFLSLRV 6L QRV
SHGDQFDPLQDUU¡SLGR©OLQVLVWDHQFDPLQDUGHVSDFLR(OSXQWRHUDPDUFDUORVW©UPLQRVߢ
%ULQF³XQDFXHUGDVLPXODGD\ER[H³FRQXQULYDOLPDJLQDULRSDUDFRQVHUYDUVHHQIRUPD$
GLIHUHQFLDGHRWURVUHFOXVRVPDQWXYRODFDEH]DHQDOWRORVDQLPDEDHQ©SRFDVGLIFLOHV\
VLHPSUHSUHVHUY³ODFRQILDQ]DHQVPLVPR
7º WDPEL©Q SXHGHV SRVHHU HVWD FRQILDQ]D 6LQ LPSRUWDU OR TXH SDVH KR\ QL G³QGH WH
HQFXHQWUHV UHFXUUH D WX OLEUH DOEHGUR ,JQRUD HQ OD PHGLGD GH OR SRVLEOH ODV HPRFLRQHV
TXHVXUMDQSXHVVRQGLVWUDFFLRQHV1RWHGHMHVOOHYDUSRUODVHPRFLRQHVF©QWUDWH
GHDJRVWR
(OVLOHQFLRHVIRUWDOH]D
$FDOODUVHDSUHQGHFRQORVPXFKRVPDOHVGHODYLGD
61(&$7LHVWHV
5HFXHUGDODºOWLPDYH]TXHGLMLVWHDOJRPX\HVWºSLGRDOJRGHORTXHWHDUUHSHQWLVWH4X©
IXH"(VSRVLEOHTXHQRIXHUDQHFHVDULRGHFLUORSHURTXHKD\DVFUHGRTXHSDUHFHUDVOLVWR
LQWHUHVDQWHRWHVLQWLHUDVSDUWHGHDOJºQJUXSR
6HJºQ 5REHUW *UHHQH ߡ&XDQWR P¡V KDEOHV PD\RU HV HO ULHVJR GH TXH GLJDV DOJXQD
WRQWHUDߢ $ OR TXH D±DGLPRV FXDQWR P¡V KDEOHV PD\RU HV HO ULHVJR GH TXH GHVSHUGLFLHV
RSRUWXQLGDGHVLJQRUHVFRPHQWDULRVSRVLWLYRV\VXIUDV
/RVLQH[SHUWRV\WHPHURVRVKDEODQSDUDWUDQTXLOL]DUVH/DFDSDFLGDGGHHVFXFKDUGHQR
SDUWLFLSDUHQXQDFRQYHUVDFL³QGHOLEHUDGDPHQWH\YLYLUVLQVXYDOLGDFL³QQRHVIUHFXHQWH(O
VLOHQFLRHVXQDIRUPDGHDFXPXODUIXHU]D\FRQILDQ]DHQXQRPLVPR
GHDJRVWR
6LHPSUHKD\P¡VRSRUWXQLGDGGHPDQLREUDGHODTXHFUHHV
8VDODUD]³QSDUDODVGLILFXOWDGHVSXHGHQDEODQGDUVHODVGXUH]DVHQVDQFKDUVHODV
HVWUHFKHFHV\ORVSHVDUHVDEUXPDUPHQRVDTXLHQORVVRSRUWDVDELDPHQWH
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
$OJXQDYH]KDVHVWDGRSHUGLHQGRXQSDUWLGRLUUHPHGLDEOHPHQWH\GHUHSHQWHKDVGDGROD
YXHOWD \ JDQDGR" 5HFXHUGDV DTXHOOD YH] TXH FUHVWH TXH UHSUREDUDV HO H[DPHQ SHUR
HVWXGLDQGR WRGD OD QRFKH \ FRQ XQ SRFR GH VXHUWH FRQVHJXLVWH XQD FDOLILFDFL³Q GHFHQWH"
4X©WDOODFRUD]RQDGDTXHVHJXLVWHTXHRWURVKXELHUDQUHFKD]DGR\TXHUHVXOW³JORULRVD"
$KRUDQHFHVLWDVHVHWLSRGHHQHUJD\FUHDWLYLGDG\VREUHWRGRIHHQWLPLVPR1RJDQDV
QDGDFRQGHUURWLVPR VDOYRODGHUURWD 6LQHPEDUJRORPHMRUHVFHQWUDUVHHQHVDPQLPD
RSRUWXQLGDG8QD\XGDQWHGH/\QGRQ-RKQVRQDOJXQDYH]GHFODU³TXHUHVSHFWRD©OKDED
ߡODVHQVDFL³QGHTXHVLKDFDVWRGRJDQDUDVߢ7RGR2FRPRORH[SUHV³0DUFR$XUHOLRߡVL
HVKXPDQDPHQWHSRVLEOHSXHGHVKDFHUORߢ
GHDJRVWR
3UDJP¡WLFR\FRQSULQFLSLRV
$OOGRQGHVHSXHGHYLYLUHVSRVLEOHWDPEL©QYLYLUELHQ(VSRVLEOHYLYLUHQODFRUWH
SXHVWDPEL©QHQODFRUWHVHYLYHELHQ
0$5&2$85(/,20HGLWDFLRQHV
(Q VX H[FHSFLRQDO ߡELRJUDID ©WLFDߢ GH $EUDKDP /LQFROQ :LOOLDP /HH 0LOOHU KDFH XQD
REVHUYDFL³Q SHUWLQHQWH VREUH HVWH F©OHEUH SUHVLGHQWH QXHVWUD GHLILFDFL³Q GHO KRPEUH VH
HPSH±D HQ SUHWHQGHU TXH QR HUD SROWLFR 1RV FHQWUDPRV HQ VXV LQLFLRV KXPLOGHV VX
IRUPDFL³QDXWRGLGDFWDVXVGLVFXUVRVKHUPRVRV6LQHPEDUJROHUHVWDPRVLPSRUWDQFLDDVX
WUDEDMRODSROWLFD$VVHQRVHVFDSDORUHDOPHQWHLPSUHVLRQDQWH/LQFROQHUDFRPSDVLYR
SUXGHQWH MXVWR GH PHQWDOLGDG DELHUWD \ UHVXHOWR \ DO PLVPR WLHPSR HUD SROWLFR (UD
DGPLUDEOHHQXQDSURIHVL³QTXHFUHHPRVHVW¡SODJDGDGHORVSHUVRQDMHVRSXHVWRV
/RVSULQFLSLRV\HOSUDJPDWLVPRQRVRQRSXHVWRV$VYLYDVHQHOQLGRGHVHUSLHQWHVGH
:DVKLQJWRQWUDEDMHVHQHOPDWHULDOLVWD:DOO6WUHHWRKD\DVFUHFLGRHQXQSXHEORSHTXH±R\
FRQVHUYDGRUSXHGHVYLYLUELHQ0XFKRVRWURVORKDQKHFKR
GHDJRVWR
3DUWHGHOPXQGRHQVXHVWDGRDFWXDO
+D]ORTXHH[LJHGHWLODQDWXUDOH]D0DQRVDODREUDPLHQWUDVKD\DOXJDU\QRWH
SUHRFXSHV SRU VL WH LPLWDQ 1R VXH±HV HQ YHU HVWDEOHFLGD OD UHSºEOLFD GH 3ODW³Q
DQWHVELHQFRQW©QWDWHFRQWDOTXHSURJUHVHVXQSRFRFRQVLGHUDQGRTXHQRHVSRFR
IUXWRHVWHSHTXH±RUHVXOWDGR
0$5&2$85(/,20HGLWDFLRQHV
$OJXQDYH]KDVHVFXFKDGRODH[SUHVL³Qߡ1RSHUPLWDVTXHORSHUIHFWRVHDHQHPLJRGHOR
EXHQRߢ"/DLGHDQRHVFRQIRUPDUVHQLVDFULILFDUORVHVW¡QGDUHVVLQRQRGHMDUVHOOHYDUSRUHO
LGHDOGHSHUIHFFL³Q
(ORUJDQL]DGRUGHFRPXQLGDGHV6DXO$OLQVN\LQLFLDVXOLEUR7UDWDGRSDUDUDGLFDOHVFRQ
ODDUWLFXODFL³QSUDJP¡WLFDDXQTXHLQVSLUDGRUDGHGLFKDLGHD
&RPR RUJDQL]DGRU SDUWR GHO PXQGR HQ VX HVWDGR DFWXDO QR FRPR PH JXVWDUD TXH
IXHUD$FHSWDUQXHVWURPXQGRWDO\FRPRHVQRGHELOLWDGHQLQJºQPRGRQXHVWURGHVHR
GH WUDQVIRUPDUOR HQ HO PXQGR TXH FUHHPRV GHEH VHU HV QHFHVDULR FRPHQ]DU HQ HO
HVWDGRDFWXDOGHOPXQGRVLYDPRVDFDPELDUORHQORTXHFUHHPRVGHEHVHU
+D\ PXFKR SRU KDFHU DKRUD PLVPR DOJR TXH KR\ KDUD GH ©VWH XQ PXQGR PHMRU +D\
PXFKRVSDVRVSHTXH±RVTXHGHWRPDUORVFRQWULEXLUDQDOSURJUHVR1RWHMXVWLILTXHVSDUD
QRVHJXLUORVSRUTXHODVFRQGLFLRQHVQRVHDQDGHFXDGDVRSRUTXHSURQWRVHYDSUHVHQWDUXQD
PHMRURSRUWXQLGDG+D]ORTXHSXHGDVDKRUD<FXDQGRORKD\DVKHFKRFRQVLG©UDORHQVX
MXVWDPHGLGDQRH[DJHUHVORVUHVXOWDGRV5HKº\HGHOHJR\ORVSUHWH[WRVDQWHV\GHVSX©V
GHDJRVWR
$S©JDWHDORVKHFKRV
&XHQWDºQLFDPHQWHFRQORTXHWHUHSUHVHQWDQHQVXSULPHUPRPHQWRODVLGHDV6H
WHDYLVDTXHWHFDOXPQLDQ"(VWRVHWHSDUWLFLSDTXHKD\DVUHFLELGRDJUDYLRQRVHWH
DQXQFLD 9HR TXH HQIHUPD PL KLMR" /R PLUR PDV QR YHR TXH SHOLJUH VX YLGD
'HWHQWH SXHV GH HVWD VXHUWH VLHPSUH HQ ODV SULPHUDV UHSUHVHQWDFLRQHV QR
DJUHJXHVRWUDFRVDHQWXLQWHULRU\QRWHSDVDU¡QDGD
0$5&2$85(/,20HGLWDFLRQHV
$O SULQFLSLR HVWR SXHGH SDUHFHU OR RSXHVWR D WRGR OR TXH KDV DSUHQGLGR $FDVR QR
FXOWLYDPRVODPHQWH\ODVFDSDFLGDGHVGHOSHQVDPLHQWRFUWLFRSUHFLVDPHQWHSDUDQRDFHSWDU
ODVFRVDVHQVHQWLGROLWHUDO"6ODPD\RUDGHODVYHFHV6LQHPEDUJRDYHFHVHVHHQIRTXH
SXHGHVHUFRQWUDSURGXFHQWH
8Q ILO³VRIR WDPEL©Q WLHQH OD FDSDFLGDG GH HQ SDODEUDV GH 1LHW]VFKH ߡGHWHQHUVH FRQ
YDORUHQODVXSHUILFLHߢ\YHUODVFRVDVHQVXHVWDGRREMHWLYR\OODQR1LP¡VQLPHQRV6
ORV HVWRLFRV HUDQ ߡVXSHUILFLDOHV SRU SURIXQGLGDGߢ DVHJXUD +R\ PLHQWUDV ORV GHP¡V VH
GHMDQOOHYDUSRUODYLGDSUDFWLFDXQDHVSHFLHGHSUDJPDWLVPRIUDQFRYHUODVFRVDVEDMROD
OX]GHVXVSULPHUDVLPSUHVLRQHV
GHDJRVWR
/DSHUIHFFL³QHVHOHQHPLJRGHODDFFL³Q
>1R@QRVGHVSUHRFXSDPRVGHOFXLGDGRGHQLQJXQDRWUDFRVDSRUUHQXQFLDUDORP¡V
DOWR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(QSVLFRORJDVHLGHQWLILFDQORVWUDVWRUQRVFRJQLWLYRVSDWURQHVGHSHQVDPLHQWRH[DJHUDGR
TXH WLHQHQ XQ HIHFWR GHVWUXFWLYR HQ OD YLGD GHO SDFLHQWH 8QR GH ORV P¡V FRPXQHV HV HO
SHQVDPLHQWRߡWRGRRQDGDߢ RHVFLVL³Q (MHPSORVGHHOOR
6LQRPHDSR\DVHVW¡VHQPLFRQWUD
7DOSHUVRQDHVEXHQDRPDOD
&RPRHVWRQRIXHXQ©[LWRURWXQGRHVXQIUDFDVRWRWDO
(VWHWLSRGHSHQVDPLHQWRH[WUHPRVHDVRFLDFRQODGHSUHVL³Q\ODIUXVWUDFL³Q<F³PRQR"
(OSHUIHFFLRQLVPRUDUDYH]VHWUDGXFHHQSHUIHFFL³QP¡VELHQHQGHFHSFL³Q
(O SUDJPDWLVPR QR WLHQH WDOHV GLILFXOWDGHV $FHSWD OR TXH SXHGDV REWHQHU (VR QRV
UHFXHUGD (SLFWHWR 1XQFD VHUHPRV SHUIHFWRV VL WDO FRVD H[LVWH $ ILQ GH FXHQWDV VRPRV
KXPDQRV'HEHUDPRVTXHUHUSURJUHVDUVLQLPSRUWDUORSRFRTXHSRGDPRVORJUDU
GHDJRVWR
1RKD\WLHPSRGHWHRUDVV³ORUHVXOWDGRV
&³PR HQWRQFHVߨ YD D VHU PHMRU FRQRFHU OD WHRUD GH FDGD DVXQWR TXH HO HVWDU
DFRVWXPEUDGR \ KDFHU ODV FRVDV VHJºQ ODV LQGLFDFLRQHV GH OD WHRUD" 3RUTXH OD
FRVWXPEUH OOHYD DO VHU FDSD] GH REUDU \ HO FRQRFHU OD WHRUD GH XQ DVXQWR DO VHU
FDSD]GHKDEODU/DWHRUDFRODERUDFRQODSUD[LVDOHQVH±DUF³PRKD\TXHREUDU\
SUHFHGHHQHORUGHQDODFRVWXPEUHߨSHURHQODSU¡FWLFDSUHFHGHODFRVWXPEUHDOD
WHRUDSRUTXHHVP¡VLPSRUWDQWHTXHODWHRUDSDUDOOHYDUDOKRPEUHDODSUD[LV
08621,258)2'LVHUWDFLRQHV
&RPRGLFH+DPOHW
+D\P¡VFRVDVHQHOFLHOR\HQODWLHUUD+RUDFLR
TXHODVVR±DGDVSRUWXILORVRID
1R KD\ WLHPSR SDUD FRPSUREDU PHGLDQWH OD O³JLFD VL QXHVWUDV WHRUDV VRQ FRUUHFWDV
9LYLPRV HQ HO PXQGR UHDO /R TXH LPSRUWD HV F³PR VROXFLRQDU XQD VLWXDFL³Q \ VL SRGU¡V
VXSHUDUOD SDUD SDVDU D OD VLJXLHQWH (VWR QR TXLHUH GHFLU TXH WRGR YDOH SHUR QR SRGHPRV
ROYLGDUTXHDXQTXHODVWHRUDVVRQVHQFLOODV\GLUHFWDVODVVLWXDFLRQHVUDUDYH]ORVRQ
GHDJRVWR
4XHWXVSDODEUDVVHDQWX\DV
>0XFKDV SDODEUDV@ KDQ SURQXQFLDGR 3ODW³Q =HQ³Q &ULVLSR 3RVLGRQLR \ XQ JUDQ
V©TXLWR GH KRPEUHV WDQWRV \ WDQ YDOLRVRV 0RVWUDU© F³PR SXHGHQ SUREDU TXH VRQ
VX\DVREUHQGHDFXHUGRFRQORTXHGLFHQ
61(&$(SVWRODVPRUDOHVD/XFLOLR
8QD GH ODV FUWLFDV TXH ORV WUDGXFWRUHV \ SURIHVRUHV PRGHUQRV KDFHQ GHO HVWRLFLVPR HV OD
UHSHWLFL³Q/RVDFDG©PLFRVSRUHMHPSORKDQFRQVLGHUDGRTXH0DUFR$XUHOLRQRHVRULJLQDO
SRUTXH VXV HVFULWRV VH SDUHFHQ D ORV GH RWURV HVWRLFRV DQWHULRUHV D ©O (VWDV FUWLFDV QR
HQWLHQGHQHOSXQWRGHVXREUD
,QFOXVR DQWHV GH OD ©SRFD GH 0DUFR $XUHOLR 6©QHFD HUD FRQVFLHQWH GH TXH HQWUH ORV
ILO³VRIRV KDED PXFKRV SU©VWDPRV \ FRLQFLGHQFLDV (VWR HV SRUTXH D ORV YHUGDGHURV
ILO³VRIRVQROHVSUHRFXSDEDODDXWRUDºQLFDPHQWHVHRFXSDEDQGHORTXHIXQFLRQDUD0¡V
DºQFUHDQTXHORTXHVHGHFDLPSRUWDEDPHQRVTXHORTXHVHKDFD
< KR\ HVR VLJXH VLHQGR YLJHQWH (UHV OLEUH GH WRPDU WRGDV ODV SDODEUDVGH ORVJUDQGHV
ILO³VRIRV \ XVDUODV D WX JXVWR HVW¡Q PXHUWRV QR OHV LPSRUWD (UHV OLEUH GH UHWRFDUODV
HGLWDUODV\PHMRUDUODVFRPRTXLHUDV$G¡SWDODVDODVFRQGLFLRQHVUHDOHVGHOPXQGRUHDO/D
ºQLFD IRUPD GH GHPRVWUDU TXH HQ YHUGDG FRPSUHQGHV OR TXH GLFHV \ HVFULEHV GH TXH HQ
YHUGDGHUHVRULJLQDOHVSRQHUODVHQSU¡FWLFD'LODVFRQWXVDFFLRQHVP¡VTXHPHGLDQWHRWUD
FRVD
GHDJRVWR
7RPDHOFRQWURO\SRQOHILQDWXVSUREOHPDV
+DVVXIULGRPLOPLVHULDVSRUTXHQRWHKDEDVWDGRTXHODUHFWDUD]³QVHFRQWHQWDVH
FRQODPLVL³QFRUUHVSRQGLHQWHDVXQDWXUDOH]D<HOORHVEDVWDQWH
0$5&2$85(/,20HGLWDFLRQHV
&X¡QWRV GH WXV WHPRUHV VH KDQ FXPSOLGR" &X¡QWDV YHFHV OD DQVLHGDG WH KD SURYRFDGR
DFWXDUGHIRUPDTXHGHVSX©VWHDUUHSLHQWHV"&X¡QWDVYHFHVKDVSHUPLWLGRTXHORVFHORVOD
IUXVWUDFL³QRODFRGLFLDWHOOHYHQSRUXQPDOFDPLQR"
3HUPLWLU TXH OD UD]³Q GLFWH WRGDV QXHVWUDV DFFLRQHV SDUHFHU¡ FRPSOLFDGR SHUR QRV
DKRUUD PXFKRV SUREOHPDV &RPR GLFH HO SURYHUELR GH %HQ )UDQNOLQ ߡ8QD RQ]D GH
SUHYHQFL³QYDOHP¡VTXHXQDOLEUDGHFXUDߢ
7X FHUHEUR HVW¡ GLVH±DGR SDUD KDFHU VX WUDEDMR 6H VXSRQH TXH GHEH VHSDUDU OR
LPSRUWDQWH GH OR TXH QR WLHQH VHQWLGR JXDUGDU OD SHUVSHFWLYD LQTXLHWDUVH V³OR SRU OR TXH
YDOHODSHQD6³ORQHFHVLWDVXVDUOR
GHDJRVWR
1RHVSRUGLYHUVL³QHVSDUDODYLGD
/DILORVRID QR HVXQD DFWLYLGDG DJUDGDEOH DOSºEOLFR QL VHSUHVWD D OD RVWHQWDFL³Q
1RVHIXQGDHQODVSDODEUDVVLQRHQODVREUDV1LVHHPSOHDSDUDTXHWUDQVFXUUDHO
GDFRQDOJºQHQWUHWHQLPLHQWRSDUDYLYLUULJHODVDFFLRQHVPXHVWUDORTXHVHGHEH
KDFHU\ORTXHVHGHEHRPLWLUVHVLHQWDHQHOWLP³Q\DWUDY©VGHORVSHOLJURVGLULJH
HO UXPER GH ORV TXH YDFLODQ 6LQ HOOD QDGLH SXHGH YLYLU VLQ WHPRU QDGLH FRQ
VHJXULGDGLQQXPHUDEOHVVXFHVRVDFDHFHQFDGDKRUDTXHH[LJHQXQFRQVHMR\©VWH
KD\TXHUHFDEDUORGHHOOD
61(&$(SVWRODVPRUDOHVD/XFLOLR
+D\ XQD DQ©FGRWD GH &DW³Q HO 9LHMR FX\R ELVQLHWR &DW³Q HO -RYHQ VH FRQYLUWL³ HQ XQD
ILJXUDVREUHVDOLHQWHGHODYLGDURPDQD8QGD&DW³QSUHVHQFL³XQGLVFXUVRHVSO©QGLGRGH
&DUQ©DGHVXQILO³VRIRHVF©SWLFRTXHSURQXQFL³XQGLVFXUVRSR©WLFRVREUHODLPSRUWDQFLDGH
OD MXVWLFLD $O GD VLJXLHQWH &DW³Q HQFRQWU³ D &DUQ©DGHV GLVFXWLHQGR DSDVLRQDGDPHQWH
VREUHORVSUREOHPDVGHODMXVWLFLDDUJXPHQWDQGRTXHHUDXQVLPSOHPHFDQLVPRLQYHQWDGR
SRU OD VRFLHGDG SDUD LQVWDXUDU HO RUGHQ &DW³Q VH TXHG³ SDVPDGR SRU HVWD FODVH GH
ߡILO³VRIRߢTXHWUDWDEDXQWHPDWDQYDOLRVRFRPRVLIXHUDXQGHEDWHHQHOTXHGHIHQGDODV
GRVSDUWHVSRUPHURHQWUHWHQLPLHQWR4X©GHPRQLRVSUHWHQGD"
'HPRGRTXHHMHUFL³SUHVL³QHQHO6HQDGRSDUDTXHUHJUHVDUDQD&DUQ©DGHVD$WHQDVHQ
GRQGH \D QR SXGLHUD FRUURPSHU D OD MXYHQWXG URPDQD FRQ VXV WUXFRV UHW³ULFRV 3DUD XQ
HVWRLFRODILORVRIDQRHVXQPHURHQWUHWHQLPLHQWR(VSDUDXWLOL]DUODSDUDODYLGD
GHDJRVWR
/D6XSUHPD&RUWHGHWXPHQWH
7RGR HVWR SXHGH FRQFUHWDUVH I¡FLOPHQWH \ HQ SRFDV SDODEUDV HO ºQLFR ELHQ HV OD
YLUWXGQLQJXQRFLHUWDPHQWHH[LVWHVHSDUDGRGHHOODODSURSLDYLUWXGVHKDOODXELFDGD
HQ OD SDUWH P¡V QREOH GH QXHVWUR VHU HV GHFLU HQ OD UDFLRQDO (Q TX© FRQVLVWLU¡
HVWD YLUWXG" (Q XQ MXLFLR YHUGDGHUR \ HVWDEOH GH ©O SURFHGHU¡ HO LPSXOVR GH OD
YROXQWDG©OFRQIHULU¡FODULGDGDWRGDLGHDTXHPRWLYHGLFKRLPSXOVR
61(&$(SVWRODVPRUDOHVD/XFLOLR
3LHQVDHQDOJXLHQTXHWHQJDXQFDU¡FWHUPX\HVWULFWR3RUTX©VRQWDQFRQILDEOHVVHULRVR
H[FHOHQWHV"3RUTX©WLHQHQXQDUHSXWDFL³QLPSHFDEOH"
4XL]¡V LGHQWLILTXHV XQ SDWU³Q OD FRQVLVWHQFLD 6RQ KRQHVWRV QR V³OR FXDQGR HV
FRQYHQLHQWH 7H DSR\DQ HQ WRGR PRPHQWR /DV FXDOLGDGHV TXH ORV KDFHQ DGPLUDEOHV VH
PDQLILHVWDQHQWRGDVVXVDFFLRQHV GHHOODVߡSURFHGHHOLPSXOVRGHODYROXQWDGߢ
3RUHMHPSORSRUTX©YHQHUDPRVDSHUVRQDMHVFRPR7KHRGRUH5RRVHYHOW"1RSRUTXH
KD\D VLGR YDOLHQWH R IXHUWH XQD YH] 6LQR SRUTXH HVDV FXDOLGDGHV UHOXFHQ HQ WRGDV ODV
DQ©FGRWDVVREUH©O&XDQGRIXHMRYHQ\G©ELOVHYROYL³ER[HDGRU&XDQGRIXHIU¡JLOLEDDXQ
JLPQDVLRWRGRVORVGDVGXUDQWHKRUDV&XDQGRXQGDORGHVWUR]³ODS©UGLGDGHVXHVSRVD\
VXPDGUHIXHD7KH%DGODQGVDSDVWRUHDUJDQDGR<DVVXFHVLYDPHQWH
(UHVODVXPDGHWXVDFFLRQHV\ORTXHPDQDGHHVRߚWXVLPSXOVRVߚUHIOHMDODVDFFLRQHV
TXHKDVHPSUHQGLGR(OLJHFRQVDELGXUD
GHDJRVWR
&XDOTXLHUFRVDSXHGHVHUXQDYHQWDMD
$O PRGR FRPR FDGD XQR GH ORV VHUHV UDFLRQDOHV SDUWLFLSDPRV GH ODV IDFXOWDGHV
SURSLDV GH QXHVWUD HVSHFLH OD QDWXUDOH]D QRV KD GRWDGR DGHP¡V GH XQD IDFXOWDG
FRPºQFRQHOOD\HVTXHGHODPLVPDPDQHUDTXHODQDWXUDOH]DVHDSRGHUDGHWRGR
REVW¡FXORTXHVHOHSRQHHQHOFDPLQR\ORFRQYLHUWHHQSURYHFKRVX\RFRORF¡QGROR
HQ HO RUGHQ GH VX GHVWLQR \ KDFL©QGROR VX SDUWH GH LJXDO VXHUWH HO VHU UDFLRQDO
SXHGHKDFHUTXHWRGRREVW¡FXOROHVHDPDWHULDGHYLUWXG\YDOHUVHHOPLVPRVHJºQOH
DFRPRGDUH
0$5&2$85(/,20HGLWDFLRQHV
&RQVXPHWURVGHDOWXUD0XJJV\%RJXHVKDVLGRHOMXJDGRUP¡VEDMRGHOEDVTXHWERO
SURIHVLRQDO(QHOWUDQVFXUVRGHVXFDUUHUDVHEXUODURQGH©OORVXEHVWLPDURQ\H[FOX\HURQ
1RREVWDQWH%RJXHVFRQYLUWL³VXDOWXUDHQHOUDVJRTXHORFDUDFWHUL]³DQLYHOQDFLRQDO
$OJXQRVFRQVLGHUDEDQVXDOWXUDXQDPDOGLFL³QSHURSDUD©OHUDXQDEHQGLFL³Q'HVFXEUL³
TXH VXSRQD YHQWDMDV 'H KHFKR HQ OD FDQFKD OD HVWDWXUD EDMD WLHQH PXFKRV EHQHILFLRV
YHORFLGDG \ UDSLGH] OD FDSDFLGDG GH UREDU XQ EDO³Q D MXJDGRUHV FRQILDGRV \ PXFKVLPR
P¡VDOWRV VLQPHQFLRQDUTXHORVRWURVMXJDGRUHVORVXEHVWLPDEDQ
3RGUDVVDFDUOHSURYHFKRDHVWHHQIRTXH"4X©FRVDVFUHHVTXHWHKDQIUHQDGRSHURTXH
GHKHFKRSRGUDQVHUXQDIXHQWHRFXOWDGHIRUWDOH]D"
GHDJRVWR
0HKDJRUHVSRQVDEOH
1DGDDMHQRDODOEHGURSXHGHSRQHULPSHGLPHQWRVRSHUMXGLFDUDODOEHGURVLQRHV
©ODVPLVPR3RUWDQWRVLWDPEL©QQRVRWURVQRVLQFOLQ¡UDPRVDHVWRGHPRGRTXH
FXDQGR DQGDPRV SRU PDORV FDPLQRV QRV FXOS¡UDPRV D QRVRWURV PLVPRV \
UHFRUG¡UDPRV TXH QDGD HV UHVSRQVDEOH GH OD DOWHUDFL³Q \ GH OD DJLWDFL³Q VLQR OD
RSLQL³QRVMXURSRUWRGRVORVGLRVHVTXHSURJUHVDUDPRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
2MDO¡KR\SXHGDVHYLWDUUHSDUWLUFXOSDV$OJXLHQPDOLQWHUSUHW³WXVLQVWUXFFLRQHVHVWXFXOSD
SRU HVSHUDU OR FRQWUDULR $OJXLHQ GLMR DOJR JURVHUR WX VHQVLELOLGDG LQWHUSUHW³ DV VX
FRPHQWDULR7XVDFFLRQHVEDMDQTX©HVSHUDEDVKDFLHQGRWDOLQYHUVL³Q"3DUDTX©DQDOL]DV
HOPHUFDGRWRGRVORVGDV"
+D] OR TXH VHD VLQ LPSRUWDU TX© WDQ PDOR VHD SDUD YHU VL SXHGHV WHUPLQDU HO GD
UHVSRQVDELOL]DQGRDWXOLEUHDOEHGUR6LQRORORJUDVGXUDQWHXQGDHQWHURLQWHQWDKDFHUOR
XQDKRUDVLQRSXHGHVKDFHUORSRUXQDKRUDSUXHEDGLH]PLQXWRV
&RPLHQ]DFRPRKDJDIDOWDLQFOXVRXQPLQXWRVLQUHSDUWLUFXOSDVHVRVXSRQHSURJUHVR
HQHODUWHGHYLYLU
GHDJRVWR
6³ORORVWRQWRVVHSUHFLSLWDQ
(O TXH VH DIDQD HV LQYHQFLEOH < HV TXH HQ HIHFWR QR OXFKD HQ GRQGH QR HV P¡V
IXHUWHVLQRHQGRQGHHVP¡VIXHUWH1RUPDO3RUWDQWRTXLHUHVHOFDPSR"7³PDOR
/RV VLHUYRV" 7³PDORV (O SRGHU" 7³PDOR (O FXHUSHFLOOR" 3HUR QR KDU¡V TXH
UHFKDFHPLGHVHRQLTXHYD\DDFDHUHQHOREMHWRGHPLDYHUVL³Q6³ORHQWUDHQHVWD
OXFKD HQ OD GH OR TXH GHSHQGH GHO DOEHGUR &³PR HQWRQFHV QR YD D VHU
LQYHQFLEOH"
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
8QR GH ORV SULQFLSLRV IXQGDPHQWDOHV GH ODV DUWHV PDUFLDOHV HV TXH OD IXHU]D QR GHEH
FRPEDWLUDRWUDIXHU]D(VGHFLUQRLQWHQWHVYHQFHUDWXFRQWULQFDQWHHQVXSXQWRP¡VIXHUWH
6LQ HPEDUJR HV H[DFWDPHQWH OR TXH KDFHPRV FXDQGR LQWHQWDPRV UHDOL]DU XQD ODERU
LPSRVLEOHTXHQRQRVKHPRVPROHVWDGRHQUHIOH[LRQDURFXDQGRSHUPLWLPRVTXHDOJXLHQQRV
FRPSURPHWDRFXDQGRGHFLPRVTXHVDWRGR
$OJXQRVFUHHQTXHߡHOHJLUODVEDWDOODVߢHVXQDGHELOLGDGRXQDFDUDFWHUVWLFDFDOFXODGRUD
&³PR HV SRVLEOH TXH VHD G©ELO OLPLWDU OD FDQWLGDG GH YHFHV TXH IDOODPRV R PLQLPL]DU OD
FDQWLGDGGHKHULGDVLQQHFHVDULDVTXHRWURVQRVLQIOLJHQ"&³PRHVSRVLEOHTXHVHDPDOR"
&RPRGLFHHOGLFKRODGLVFUHFL³QHVODPHMRUSDUWHGHOYDORU/RVHVWRLFRVORGHQRPLQDURQ
DOEHGURb(VRTXLHUHGHFLUTXHHUHVUD]RQDEOH3LHQVDPX\ELHQDQWHVGHHOHJLU\YX©OYHWH
LQYHQFLEOH
GHDJRVWR
3UHVFLQGHGHORLQQHFHVDULR
ߡ7UDWDSRFRGHQHJRFLRVߢGLFHHORWURߡVLTXLHUHVFRQVHUYDUWHHQEXHQ¡QLPRߢ1R
IXHUDDFDVRPHMRUFDUJDUFRQORVQHJRFLRVQHFHVDULRV\FRQFXDQWRGLFWDUHODUD]³Q
GHOVHUQDWXUDOPHQWHVRFLDEOH\GHODPDQHUDTXHORGLFWDUH"
'HHVWDVXHUWHFRVHFKDU¡VQRV³ORHOEXHQ¡QLPRTXHGHULYDGHOGHEHUFXPSOLGR
VLQR HO TXH SURYLHQH GH XQD DFWLYLGDG PRGHUDGD (Q HIHFWR QR VLHQGR
LQGLVSHQVDEOHVODPD\RUSDUWHGHQXHVWUDVSDODEUDV\GHQXHVWUDVDFFLRQHVVLVHODV
FHUFHQDUHVHJR]DUDGHP¡VKROJXUD\WUDQTXLOLGDG'HGRQGHVHFROLJHTXHHVPX\
GHO FDVR UHIOH[LRQDU HQ WRGD RFDVL³Q 6HU¡ ©VWD XQD GH DTXHOODV FRVDV
LQQHFHVDULDV" 1R VRODPHQWH FRQYLHQH FHUFHQDU DTXHOODV DFFLRQHV TXH QR VRQ
QHFHVDULDVVLQRWDPEL©QODVLGHDV'HHVWDIRUPDQRVHUDQVXSHUIOXDVPXFKDVGH
ODVREUDVTXHFLHUWDVLGHDVOOHYDQFRQVLJR
0$5&2$85(/,20HGLWDFLRQHV
/RVHVWRLFRVQRHUDQPRQMHV1RVHUHWLUDEDQDOVDQWXDULRGHXQPRQDVWHULRRWHPSOR(UDQ
SROWLFRVHPSUHVDULRVVROGDGRVDUWLVWDV3UDFWLFDEDQVXILORVRIDHQPHGLRGHODMHWUHRGHOD
YLGDLJXDOTXHWºORLQWHQWDV
/D FODYH SDUD ORJUDUOR HV VXSULPLU LPSODFDEOHPHQWH OR TXH QR HV HVHQFLDO GH QXHVWUDV
YLGDVORTXHODYDQLGDGQRVREOLJDDKDFHUORTXHODDYDULFLDQRVLPSRQHORTXHODIDOWDGH
GLVFLSOLQDQRVH[LJHORTXHODIDOWDGHYDORUQRVLPSLGHUHFKD]DU'HEHPRVFRUWDUFRUWDU\
FRUWDUWRGRHVWR
GHDJRVWR
/RTXHFXHQWD
4XHHQQXHVWURLQWHULRUWRGRVHDGLVWLQWRSHURTXHHOSRUWHH[WHUQRVHDGHFXHFRQOD
JHQWH
61(&$(SVWRODVPRUDOHVD/XFLOLR
'L³JHQHV HO &QLFR HUD XQ ILO³VRIR FRQWURYHUWLGR TXH YDJDED SRU ODV FDOOHV FRPR XQ
LQGLJHQWH 0LOHV GH D±RV GHVSX©V VXV GHFODUDFLRQHV WRGDYD QRV LQYLWDQ D SHQVDU 6LQ
HPEDUJR VL OD PD\RUD OR KXELHUD YLVWR HQ DTXHOOD ©SRFD KDEUD SHQVDGR 4XL©Q HV HVH
ORFR"
(V WHQWDGRU OOHYDU OD ILORVRID DO H[WUHPR SHUR FRQ TX© ILQ" 'H KHFKR UHFKD]DU ORV
HOHPHQWRV HVHQFLDOHV GH OD VRFLHGDG SHUWXUED D ORV GHP¡V OHV VXSRQH XQD DPHQD]D 0¡V
DºQDXQTXHODWUDQVIRUPDFL³QH[WHUQDߚGHQXHVWUDURSDFRFKHDUUHJORSHUVRQDOߚSDUH]FD
LPSRUWDQWH HV VXSHUILFLDO FRPSDUDGD FRQ HO FDPELR LQWHUQR (V HO ºQLFR FDPELR TXH
FRQRFHPRV
GHDJRVWR
1RWHVLHQWDVDEDWLGRDQWHVGHWLHPSR
'HVYHQWXUDGRHVHOHVSULWXDQJXVWLDGRSRUHOIXWXURHLQIHOL]DQWHVGHODLQIHOLFLGDG
TXHHVW¡VROFLWRGHTXHOHGXUHQKDVWDHOILQGHODYLGDODVFRVDVTXHORGHOHLWDQ(Q
QLQJºQ PRPHQWR HVWDU¡ WUDQTXLOR \ SRU HO DQVLD GHO IXWXUR SHUGHU¡ ORV ELHQHV
SUHVHQWHVGHTXHSRGUDGLVIUXWDU
61(&$(SVWRODVPRUDOHVD/XFLOLR
6L OR SLHQVDV SUHRFXSDUQRV SRU PDODV QRWLFLDV LQPLQHQWHV HV SHFXOLDU 3RU GHILQLFL³Q OD
HVSHUD VLJQLILFD TXH WRGDYD QR VXFHGH DV TXH VHQWLUVH PDO DQWHV GH WLHPSR HV
FRPSOHWDPHQWH YROXQWDULR < HVR KDFHPRV PRUGHUQRV ODV X±DV WHQHU HO HVW³PDJR
HQUHYHVDGRGHVTXLWDUQRVFRQODJHQWHTXHWHQHPRVFHUFD3RUTX©"3RUTXHGHQWURGHSRFR
SRGUDSDVDUDOJRPDOR
(O SUDJP¡WLFR HO LQGLYLGXR GH DFFLRQHV HVW¡ GHPDVLDGR RFXSDGR FRPR SDUD SHUGHU
WLHPSR HQ HVDV WRQWHUDV (O SUDJP¡WLFR QR SXHGH SUHRFXSDUVH SRU WRGRV ORV HVFHQDULRV
SRVLEOHVFRQWDQWDDQWHODFL³Q3L©QVDOR(QHOPHMRUGHORVFDVRVVLODVQRWLFLDVUHVXOWDQVHU
PHMRUHV GH OR TXH HVSHUDEDV GHVSHUGLFLDVWH WRGR HVWH WLHPSR WHPLHQGR LQQHFHVDULDPHQWH
(QHOSHRUGHORVFDVRVVXIULVWHGHP¡VSRUWXSURSLDYROXQWDG
&³PRSRGUDVDSURYHFKDUPHMRUHVHWLHPSR"3RGUDVHUWXºOWLPRGDHQODWLHUUDOR
TXLHUHVSDVDUSUHRFXSDGR"(QTX©RWURDVSHFWRGHWXYLGDSRGUDVSURJUHVDUPLHQWUDVORV
GHP¡VHVW¡QHQDVFXDV\HVSHUDQHQDFWLWXGSDVLYDDOJºQGHVWLQRILFWLFLR"
4XHODVQRWLFLDVOOHJXHQFXDQGRWHQJDQTXHOOHJDU2FºSDWHHQWXWUDEDMRSDUDTXHQRWH
LPSRUWH
GHDJRVWR
1RWHSUHRFXSHVSRUODVFRVDVLQVLJQLILFDQWHV
&RQYLHQHߨ UHFRUGDU TXH HO HVPHUR DSOLFDGR D FDGD DFFL³Q HQ SDUWLFXODU GHEH
FRUUHVSRQGHUDOYDORUSURSLR\DODMXVWDSURSRUFL³QGHODPLVPD'HHVWDJXLVDQRWH
GHVFRUD]RQDU¡V D PHQRV TXH WH KD\DV HQWUHWHQLGR HQ QLPLHGDGHV P¡V GH OR TXH
FRQYHQD
0$5&2$85(/,20HGLWDFLRQHV
(QXQSVLFRWHUDSHXWDGHQRPEUH5LFKDUG&DUOVRQSXEOLF³HOOLEUR1RWHDKRJXHVHQ
XQYDVRGHDJXDDSUHQGHDUHDFFLRQDUGHIRUPDSRVLWLYD1XQFDHQODKLVWRULDXQOLEURVH
KDED DJRWDGR WDQ U¡SLGR SHUPDQHFL³ HQ ODV OLVWDV GH VXSHUYHQWDV GXUDQWH D±RV YHQGL³
PLOORQHVGHFRSLDVHQPXFKRVLGLRPDV
/ROHDVRQRYDOHODSHQDWHQHUHQFXHQWDODH[SRVLFL³QVXFLQWDGH&DUOVRQGHHVWDLGHD
LQWHPSRUDO,QFOXVR&RUQHOLR)URQW³QHOSURIHVRUGHUHW³ULFDGH0DUFR$XUHOLRODKXELHUD
FRQVLGHUDGRXQDIRUPDVXSHULRUGHH[SUHVDUODVDELGXUDTXHVXDOXPQRTXLVRPDQLIHVWDUHQ
OD FLWD GH DUULED $PERV GLFHQ OR PLVPR QR GHVSHUGLFLHV HO WLHPSR XQR GH ORV UHFXUVRV
P¡VYDOLRVRV\PHQRVUHQRYDEOHVFRQORVTXHFXHQWDV HQODVFRVDVTXHQRLPSRUWDQ<ODV
FRVDVTXHQRLPSRUWDQSHURTXHWLHQHVODREOLJDFL³QDEVROXWDGHKDFHU"3XHVGHGFDOHVHO
PHQRUWLHPSR\DWHQFL³QSRVLEOHV
6LGHVWLQDVDODVFRVDVP¡VWLHPSR\HQHUJDGHOTXHPHUHFHQ\DQRVRQLQVLJQLILFDQWHV
/DV YXHOYHV LPSRUWDQWHV SRU WRGR OR TXH OHV GHGLFDV < WULVWHPHQWH OH KDV UHVWDGR
LPSRUWDQFLDDODVFRVDVVLJQLILFDWLYDVWXIDPLOLDWXVDOXGWXVFRPSURPLVRVYHUGDGHURV
GHDJRVWR
3RUWXSURSLRLQWHU©V
$VSXHVPXHVWUDSRUTX©HOVDELRQRGHEHHPEULDJDUVHVH±DODODGHIRUPLGDGGHO
YLFLR\VXVLQFRQYHQLHQWHVFRQKHFKRVQRFRQSDODEUDV'HPXHVWUDߚORTXHUHVXOWD
PX\ I¡FLOߚ TXH HVR TXH GHQRPLQDQ SODFHU FXDQGR KD UHEDVDGR OD PHGLGD VH
FRQYLHUWHHQWRUPHQWR
61(&$(SVWRODVPRUDOHVD/XFLOLR
$FDVR KD\ XQD W©FQLFD PHQRV HIHFWLYD SDUD FRQYHQFHU D DOJXLHQ TXH UHJD±DUOR" $FDVR
KD\DOJRTXHPROHVWHP¡VDODJHQWHTXHODVQRFLRQHVDEVWUDFWDV"3RUHVRORVHVWRLFRVQR
GLFHQ ߡ1R KDJDV HVWR HV SHFDGRߢ P¡V ELHQ ߡ1R KDJDV HVWR SRUTXH WH KDU¡ VXIULUߢ 1R
GLFHQߡ(OSODFHUQRHVSODFHQWHURߢP¡VELHQߡ(OSODFHULQWHUPLQDEOHVHYXHOYHXQDHVSHFLH
GHFDVWLJRߢ6XVP©WRGRVGHSHUVXDVL³QVHDSHJDQDOIUDJPHQWRGH/DVOH\HVGHOSRGHU
ߡ5HFXUUHDOLQWHU©VSURSLRGHFDGDSHUVRQDQXQFDDVXSLHGDGQLJUDWLWXGߢ
6L WH GHVFXEUHV LQWHQWDQGR FRQYHQFHU D DOJXLHQ GH FDPELDU R KDFHU DOJR GLIHUHQWH
UHFXHUGDTXHHOLQWHU©VSURSLRHVXQDUPDPX\HILFD]1RHVSRUTXHHVWRRDTXHOORVHDPDOR
VLQR SRUTXH OHV FRQYLHQH KDFHUOR GH HVD IRUPD < GHPX©VWUDOHV QR OHV GHV OHFFLRQHV
PRUDOHV
4X©SDVDFXDQGRDSOLFDVHVWDIRUPDGHSHQVDUDWXSURSLDFRQGXFWD"
GHDJRVWR
6DTXHRGHVGHWRGRVORVIUHQWHV
1XQFDHQXQDEXHQDFDXVDPHDYHUJRQ]DU©GHXQDXWRUPDOR
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
8QRGHORVDVSHFWRVDVRPEURVRVGHODVFDUWDV\HQVD\RVGH6©QHFDHVODIUHFXHQFLDFRQOD
TXH FLWD D (SLFXUR 3RU TX© HV SHFXOLDU" 3RUTXH VH VXSRQH TXH HO HVWRLFLVPR \ HO
HSLFXUHVPRVRQILORVRIDVDELVPDOPHQWHRSXHVWDV ODUHDOLGDGHVTXHVLELHQODVGLIHUHQFLDV
VRQLPSRUWDQWHVVHWLHQGHQDH[DJHUDU
3HUR (SLFXUR HV FRPºQ HQ 6©QHFD D TXLHQ OH LQWHUHVDED OD VDELGXUD SXQWR 1R
LPSRUWDEDGHG³QGHSURFHGD$PXFKRVIXQGDPHQWDOLVWDVߚUHOLJLRVRVILORV³ILFRVHWF©WHUD
ߚVHOHVHVFDSDHVWR$TXL©QOHLPSRUWDVLXQIUDJPHQWRGHVDELGXUDHVGHXQHVWRLFRD
TXL©QOHLPSRUWDVLVHDMXVWDDODSHUIHFFL³QFRQHOHVWRLFLVPR"/RTXHLPSRUWDHVVLPHMRUD
WXYLGDVLWHWUDQVIRUPDDWL
6L GHMDUDQ GH LPSRUWDUWH ODV DILOLDFLRQHV R OD UHSXWDFL³Q TX© VDELGXUD R D\XGD
HQFRQWUDUDVKR\"&X¡QWRP¡VGHVFXEULUDVVLWHFHQWUDUDVHQHOP©ULWR"
GHDJRVWR
5HVSHWDHOSDVDGRSHURDFRJHHOIXWXUR
(QWRQFHVTX©QRYR\DVHJXLUODVKXHOODVGHORVDQWLJXRV"3RUVXSXHVWRWRPDU©HO
FDPLQRWULOODGRPDVVLHQFRQWUDUHRWURP¡VDFFHVLEOH\OODQRORSRWHQFLDU©4XLHQHV
DQWHV TXH QRVRWURV DERUGDURQ HVWDV FXHVWLRQHV QR VRQ GXH±RV VLQR JXDV GH
QXHVWUD PHQWH /D YHUGDG HVW¡ D GLVSRVLFL³Q GH WRGRV QDGLH WRGDYD OD KD
DFDSDUDGR
61(&$(SVWRODVPRUDOHVD/XFLOLR
/DV WUDGLFLRQHV VXHOHQ VHU ODV PHMRUHV SU¡FWLFDV SDUD KDFHU ODV FRVDV TXH DGHP¡V VH KDQ
FRPSUREDGR FRQ HO WLHPSR 6LQ HPEDUJR UHFXHUGD TXH ODV LGHDV TXH KR\ VRQ
FRQVHUYDGRUDV HQ VX PRPHQWR IXHURQ YDQJXDUGLVWDV H LQQRYDGRUDV 3RU HVR QR GHEHPRV
WHPHUH[SHULPHQWDUFRQLGHDVQXHYDV
(Q HO FDVR GH 6©QHFD SRGUD VHU DGRSWDU SHUFHSFLRQHV ILORV³ILFDV QXHYDV TXH
FRQWULEX\DQSRVLWLYDPHQWHDORVHVFULWRVGH=HQ³QR&OHDQWHV(QQXHVWURFDVRWDOYH]XQ
GHVFXEULPLHQWR HQ HO ¡PELWR GH OD SVLFRORJD FRQWULEX\H D OD REUD GH 6©QHFD R 0DUFR
$XUHOLR2WDOYH]HOGHVFXEULPLHQWRORKDJDPRVQRVRWURV6LHVWDVLGHDVVRQYHUGDGHUDV\
PHMRUHV DF©SWDODV XWLO]DODV 1R QHFHVLWDV VHU SULVLRQHUR GH XQ JUXSR GH KRPEUHV TXH
PXULHURQKDFHGRVPLOD±RVTXLHQHVGHVGHHQWRQFHVKDQGHMDGRGHDSUHQGHU
GHDJRVWR
(QODEºVTXHGDGHQDXIUDJLRV
+HQDXIUDJDGRDQWHVGHVXELUDODQDYHF³PRKDVXFHGLGRQRWHORFXHQWRSDUDTXH
QRSLHQVHVTXHKD\DTXHLQFOXLUHVWDIUDVHHQWUHODVSDUDGRMDVGHORVHVWRLFRVGHODV
TXH QLQJXQD HV IDOVD QL WDQ VRUSUHQGHQWH FRPR D SULPHUD YLVWD SDUHFH WH OR
GHPRVWUDU©FXDQGRTXLHUDVHVP¡VDXQTXHQRORTXLHUDV
61(&$(SVWRODVPRUDOHVD/XFLOLR
=HQ³Q FRQVLGHUDGR SRU PXFKRV HO IXQGDGRU GH OD HVFXHOD HVWRLFD IXH FRPHUFLDQWH DQWHV
TXH ILO³VRIR (Q XQ YLDMH HQWUH )HQLFLD \ (O 3LUHR VX EDUFR VH KXQGL³ MXQWR FRQ VX
FDUJDPHQWR =HQ³Q WHUPLQ³ HQ $WHQDV \ HQ XQD OLEUHUD HQFRQWU³ OD ILORVRID GH 6³FUDWHV
P¡VWDUGHFRQRFL³DXQILO³VRIRGHQRPEUH&UDWHVGH7HEDV(VWDVLQIOXHQFLDVFDPELDURQHO
FXUVRGHVXYLGDUDGLFDOPHQWH\OROOHYDURQDGHVDUUROODUODVLGHDV\ORVSULQFLSLRVTXHKR\
HQGDFRQRFHPRVFRPRHVWRLFLVPR6HJºQHOEL³JUDIRGHOD$QWLJ¼HGDG'L³JHQHV/DHUFLR
=HQ³QDILUPDEDDPRGRGHEURPDߡ'HVSX©VGHYLYLUXQQDXIUDJLRKHHPSUHQGLGRXQEXHQ
YLDMHߢRVHJºQRWURUHODWRߡ+DVKHFKRELHQ)RUWXQDDOOOHYDUPHDODILORVRIDߢ
/RVHVWRLFRVQRKDEODEDQHQVHQWLGRKLSRW©WLFRFXDQGRDILUPDURQTXHGHEDQFRQGXFLUVH
FRQ XQD FO¡XVXOD PHQWDO LQYHUVD \ TXH LQFOXVR ORV VXFHVRV P¡V GHVDIRUWXQDGRV SRGDQ
UHVXOWDUSRVLWLYRV6XILORVRIDVHEDVDHQHVDLGHD
GHDJRVWR
5HUROORUDU"
>+HU¡FOLWR@FDGDYH]TXHVHSUHVHQWDEDHQSºEOLFROORUDED>'HP³FULWR@UHDD©VWH
WRGRORTXHKDFHPRVOHSDUHFDXQDGHVJUDFLDDDTX©OXQDHVWXSLGH]
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
$FDVR©VWHHVHORULJHQGHHVDIDPRVDH[SUHVL³QVREUHODVQRWLFLDVIUXVWUDQWHVߡ1RV©VL
UHU R OORUDUߢ" /RV HVWRLFRV QR OH YHDQ VHQWLGR D PROHVWDUVH R HQWULVWHFHUVH SRU FRVDV
LQGLIHUHQWHVDQXHVWURVVHQWLPLHQWRV6REUHWRGRFXDQGRHVRVVHQWLPLHQWRVQRVKDFHQVHQWLU
SHRU
7DPEL©Q HV RWUR HMHPSOR GH TXH ORV HVWRLFRV QR HUDQ SDUD QDGD XQ JUXSR GH DQFLDQRV
GHSULPHQWHV \ DPDUJDGRV ,QFOXVR FXDQGR ODV FRVDV LEDQ PX\ PDO FXDQGR HO PXQGR OHV
GDEDPRWLYRVSDUDOORUDUGHGHVHVSHUDFL³QRFRUDMHSUHIHUDQUHUVH
&RPR'HP³FULWRSRGHPRVWRPDUODPLVPDGHFLVL³Q&DVLWRGDVODVVLWXDFLRQHVRIUHFHQ
P¡VRSRUWXQLGDGGHUHUTXHGHOORUDU<SRUORPHQRVHOVHQWLGRGHOKXPRUHVSURGXFWLYR
DVFRPRUHVWDULPSRUWDQFLDDODVFRVDV
GHDJRVWR
(OHVWRLFRRSXOHQWR
(O RUGHQDGRU GHO PXQGR TXH KD HVWDEOHFLGR ODV QRUPDV GH OD H[LVWHQFLD KD
GHWHUPLQDGR TXH QRV FRQVHUYHPRV VDQRV QR >HQ RSXOHQFLD@ SDUD FRQVHUYDU OD
VDOXG WRGR HVW¡ SUHSDUDGR \ GLVSXHVWR SDUD ODV GHOLFLDV WRGR VH KD GH FRQVHJXLU
FRQVXIULPLHQWR\DI¡Q
+DJDPRV XVR GH HVWH EHQHILFLR GH OD QDWXUDOH]D TXH GHEHUHPRV YDORUDU HQWUH
ORVJUDQGHV
61(&$(SVWRODVPRUDOHVD/XFLOLR
,QFOXVR HQ VX WLHPSR 6©QHFD HUD FULWLFDGR SRU SUHGLFDU YLUWXGHV HVWRLFDV PLHQWUDV SRVHD
XQDGHODVIRUWXQDVP¡VJUDQGHVGH5RPD6©QHFDHUDWDQDGLQHUDGRTXHVHJºQHVSHFXODQ
DOJXQRVKLVWRULDGRUHVGHELGRDSU©VWDPRVGHVRUELWDGRVTXHKL]RDORVFLXGDGDQRVGHORTXH
DKRUD FRQVWLWX\H HO 5HLQR 8QLGR ©VWRV FDXVDURQ XQD VXEOHYDFL³Q PD\ºVFXOD
%XUORQDPHQWHVXVFUWLFRVORDSRGDURQHOߡ(VWRLFRRSXOHQWRߢ
/DUHVSXHVWDGH6©QHFDHVPX\VHQFLOODSXGRKDEHUSRVHGRXQDJUDQULTXH]DSHURQR
ODQHFHVLWDED1RGHSHQGDGHHOODQLWDPSRFRHUDDGLFWRDHOOD3HVHDVXFXHQWDEDQFDULD
H[WUDYDJDQWHQRVHOHFRQVLGHU³QLGHFHUFDXQRGHORVGHUURFKDGRUHVRSOD\ER\VGH5RPD
6LQ LPSRUWDU VL VX UDFLRQDOL]DFL³Q HUD FLHUWD R QR R VL HUD XQ SRFR KLS³FULWD VX
SUHVFULSFL³Q SDUD QDYHJDU SRU OD VRFLHGDG PDWHULDOLVWD \ PRYLGD SRU OD ULTXH]D DFWXDO HV
EDVWDQWHGHFHQWH
6HWUDWDGHXQHQIRTXHSUDJP¡WLFRQRPRUDOL]DGRUGHODULTXH]D
3RGHPRV YLYLU ELHQ VLQ VHU HVFODYRV GHO OXMR < QR QHFHVLWDPRV WRPDU GHFLVLRQHV TXH
QRV REOLJXHQ D VHJXLU WUDEDMDQGR VLQ GHVFDQVR PLHQWUDV QRV DOHMDPRV GHO HVWXGLR \ OD
FRQWHPSODFL³Q SDUD JDQDU P¡V GLQHUR \ DV FRPSUDU FRVDV TXH QR QHFHVLWDPRV 1R KD\
QLQJXQDUHJODHVFULWDTXHDVHJXUHTXHHO©[LWRILQDQFLHURVHDVLQ³QLPRGHYLYLUSRUHQFLPD
GHWXVSRVLELOLGDGHV5HFXHUGDORVVHUHVKXPDQRVSXHGHQVHUIHOLFHVFRQPX\SRFR
GHDJRVWR
$VSLUDDQDGD 7HQORWRGR
1DGLHSXHGHDOFDQ]DUWRGRFXDQWRTXLHUHSXHGHFLHUWDPHQWHQRGHVHDUORTXHQR
SRVHH\VHUYLUVHFRQDOHJUDGHORVELHQHVTXHVHOHKDQRIUHFLGR
61(&$(SVWRODVPRUDOHVD/XFLOLR
([LVWLU¡ XQD SHUVRQD WDQ ULFD TXH OLWHUDOPHQWH QR H[LVWD QDGD TXH QR SXHGD FRPSUDU"
'LIFLOPHQWH,QFOXVRODVSHUVRQDVP¡VULFDVIUDFDVDQFXDQGRLQWHQWDQFRPSUDUHOHFFLRQHV
UHVSHWRFODVHVRFLDODPRU\XQDVHULHGHFRVDVTXHQRHVW¡QDODYHQWD
6L OD ULTXH]D REVFHQD QR WH EULQGD WRGR OR TXH TXLHUHV HQWRQFHV TX© WH SXHGH GDU"
+D\DOJXQDIRUPDGHUHVROYHUHVWDHFXDFL³Q"3DUDORVHVWRLFRVODKD\FDPELDQGRORTXH
TXLHUHV6LFDPELDVWXIRUPDGHSHQVDUORREWHQGU¡V-RKQ'5RFNHIHOOHUHOHMHPSORGHXQ
KRPEUHDGLQHUDGRFUHDTXHߡODULTXH]DGHXQKRPEUHGHEHGHILQLUVHVHJºQODUHODFL³QGH
VXVGHVHRV\JDVWRVFRQVXVLQJUHVRV6LVHVLHQWHULFRFRQGRVFLHQWRVSHVRV\WLHQHWRGROR
TXHTXLHUHHQWRQFHVGHYHUGDGHVULFRߢ
+R\SRGUDVSURFXUDULQFUHPHQWDUWXULTXH]DRWRPDUXQDWDMR\DQKHODUPHQRV
GHDJRVWR
&XDQGRWHVLHQWDVIORMR
(QHIHFWRFXDOTXLHUDVH±DODUDFRPRUDVJRFDUDFWHUVWLFRGHODQHFHGDGHOUHDOL]DU
VXVREUDVFRQLQGROHQFLDDODSDUTXHUHEHOGD\HPSXMDUHOFXHUSRHQXQVHQWLGR\
HODOPDHQRWURGLVWLQWRYL©QGRVHVROLFLWDGDSRUHVWPXORVPX\RSXHVWRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
6L HPSLH]DV DOJR \ GH LQPHGLDWR WH VLHQWHV IORMR R LUDVFLEOH SUHJºQWDWH 3RU TX© HVWR\
KDFLHQGR HVWR" 6L GH YHUGDG HV XQD QHFHVLGDG SUHJºQWDWH 4X© KD\ GHWU¡V GH PL
UHWLFHQFLD"0LHGR"5HQFRU"&DQVDQFLR"
1RHVSHUHVTXHDOJXLHQWHH[RQHUHGHHVDODERUTXHQRTXLHUHVKDFHU2TXHGHUHSHQWH
DOJXLHQWHH[SOLTXHSRUTX©HVLPSRUWDQWHORTXHHVW¡VKDFLHQGR1RVHDVODFODVHGHSHUVRQD
TXH GLFH V FRQ OD ERFD SHUR QR FRQ VXV DFFLRQHV (Q 6WHYH -REV GHFODU³ HQ
%XVLQHVVZHHN FXDQGR $SSOH DSHQDV HVWDED YLYLHQGR VX H[WUDRUGLQDULR DVFHQVR \ VH
FRQYHUWDHQXQDGHODVHPSUHVDVP¡VYDOLRVDVGHOPXQGRߡ/DFDOLGDGHVPXFKRPHMRUTXH
ODFDQWLGDGߨ8QMRQU³QHVPXFKRPHMRUTXHGRVGREOHVߢ
GHDJRVWR
7DPEL©QREVHUYDWXVIDOWDV
&XDQGRWHGHVD]RQDUHODFXOSDGHRWURYXHOWRDOSXQWRVREUHWLSLHQVDVLFRPHWHV
DOJXQDIDOWDVHPHMDQWHDORSLQDUSRUHMHPSORTXHHVXQELHQHOGLQHURRHOGHOHLWH
R OD JORULD \ RWUDV FRVDV GH HVWD HVSHFLH 3RUTXH UHIOH[LRQ¡QGROR DO LQVWDQWH
HFKDU¡VHQHOROYLGRWXHQRMRDOFRPSUHQGHUTXHHORWURREU³SRUIXHU]D4X©RWUD
FRVDSXGRKDFHU"7ºVLWHIXHUDSRVLEOHSURFXUDOLEHUDUWHGHHVWDVXMHFL³Q
0$5&2$85(/,20HGLWDFLRQHV
$QWHULRUPHQWH UHFRUGDPRV OD P¡[LPD WROHUDQWH GH 6³FUDWHV GH TXH ߡQDGLH DFWºD PDO
GHOLEHUDGDPHQWHߢ&X¡OHVODHYLGHQFLDP¡VFODUDGHGLFKDKLS³WHVLV"7RGDVODVRFDVLRQHV
TXH KHPRV REUDGR PDO VLQ PDOLFLD QL LQWHQFL³Q /DV UHFXHUGDV" $TXHOOD YH] TXH IXLVWH
JURVHURSRUTXHQRKDEDVGRUPLGRELHQHQGRVGDVHVDRWUDYH]HQODTXHWHGHMDVWHOOHYDU
SRULQIRUPDFL³QLPSUHFLVDFXDQGRWHSUHFLSLWDVWHFXDQGRROYLGDVWHRQRHQWHQGLVWHDOJR<
ODOLVWDVLJXH
3RUHVRHVLPSRUWDQWHQRUHFKD]DUDORVGHP¡VQLHWLTXHWDUORVGHHQHPLJRV6©LJXDOGH
FRPSDVLYRFRPRORHUHVFRQWLJR0X©VWUDWHLJXDOGHWROHUDQWHFRPRVHUDVFRQWLJRSDUDTXH
SXHGDVVHJXLUWUDEDMDQGRFRQHOORV\DSURYHFKDQGRVXVWDOHQWRV
7HUFHUD SDUWH
/D GLVFLSOLQD GH OD YROXQWDG
6HSWLHPEUH
ߧ
)RUWDOH]D\UHVLOLHQFLD
GHVHSWLHPEUH
8QDOPDV³OLGDHVPHMRUTXHODEXHQDVXHUWH
(ODOPDHVP¡VIXHUWHTXHFXDOTXLHUIRUWXQDGLULJHVXVFRVDVHQXQVHQWLGRRHQRWUR
\HVODFDXVDGHODIHOLFLGDG\GHODGHVYHQWXUDSDUDVPLVPD
61(&$(SVWRODVPRUDOHVD/XFLOLR
&DW³Q HO -RYHQ WHQD GLQHUR VXILFLHQWH SDUD YHVWLU HQ URSDV ILQDV 6LQ HPEDUJR
DFRVWXPEUDEDDFDPLQDUSRU5RPDGHVFDO]RQROHLPSRUWDEDQODVVXSRVLFLRQHVTXHKLFLHUD
ODJHQWHDVXSDVR3XGRKDEHUFRPLGRORVDOLPHQWRVP¡VH[TXLVLWRVSHURRSW³SRUORVP¡V
VHQFLOORV/ORYLHUDRKLFLHUDPXFKRFDORUOOHYDEDODFDEH]DGHVFXELHUWD
3RU TX© QR UHFXUULU D XQD FRPRGLGDG" 3RUTXH &DW³Q IRUPDED D VXDOPD SDUD KDFHUOD
IXHUWH\UHVLOLHQWH(QHVSHFILFRDSUHQGDODLQGLIHUHQFLDXQDDFWLWXGTXHH[SUHVDEDߡTXH
SDVHORTXHWHQJDTXHSDVDUߢ\TXHOHHUDºWLOHQODVWULQFKHUDVFRQHOHM©UFLWRHQHO)RURHQ
HO6HQDGR\HQVXYLGDFRPRSDGUH\KRPEUHGH(VWDGR
6X IRUPDFL³Q OR SUHSDU³ SDUD WRGR WLSR GH FRQGLFLRQHV WRGR WLSR GH VXHUWH 6L QRV
SUHSDUDPRVWDOYH]QRVIRUWDOH]FDPRVLJXDO
GHVHSWLHPEUH
/DHVFXHODGHOILO³VRIRHVXQKRVSLWDO
/D HVFXHOD GHO ILO³VRIR VH±RUHV HV XQ KRVSLWDO QR KDE©LV GH VDOLU FRQWHQWRV VLQR
GROLHQWHVSXHVQRYDLVVDQRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$OJXQDYH]KDVDFXGLGRDWHUDSLDIVLFDRGHUHKDELOLWDFL³Q"6LQLPSRUWDUORTXHVXQRPEUH
LPSOLTXHQLDODFDQWLGDGGHSHUVRQDVTXHYHDVWXPEDGDVUHFLELUPDVDMHVQRHVDJUDGDEOH
/D VDQDFL³Q GXHOH /RV SURIHVLRQDOHV VDEHQ H[DFWDPHQWH HQ G³QGH HMHUFHU SUHVL³Q \ TX©
]RQDV FDUJDU SDUD IRUWDOHFHU ODV GHELOLGDGHV GHO SDFLHQWH \ D\XGDUOH D HVWLPXODU ODV ]RQDV
DWURILDGDV
/D ILORVRID HVWRLFD VH SDUHFH PXFKR D HVH WLSR GH WHUDSLD $OJXQDV REVHUYDFLRQHV R
HMHUFLFLRV WRFDU¡Q XQR GH WXV SXQWRV VHQVLEOHV 1R HV SHUVRQDO VH VXSRQH TXH GHEH GROHU
$VGHVDUUROODU¡VODYROXQWDGSDUDUHVLVWLU\SHUVHYHUDUGXUDQWHODVPXFKDVGLILFXOWDGHVTXH
WLHQHODYLGD
GHVHSWLHPEUH
3ULPHURXQHQWUHQDPLHQWRULJXURVRHQHOLQYLHUQR
1LHOWRURQLHOKRPEUHGHQREOH]DVHKDFHQGHUHSHQWHVLQRTXHKDQGHPDQWHQHUVH
HQIRUPDGXUDQWHHOLQYLHUQRKDQGHSUHSDUDUVH\QRSUHFLSLWDUVHDODEXHQDGH'LRV
KDFLDORTXHQRFRQYLHQHHQDEVROXWR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$QWHVGHODOOHJDGDGHODJXHUUDPRGHUQDORVHM©UFLWRVDFRVWXPEUDEDQDGLVROYHUVHGXUDQWH
HOLQYLHUQR/DJXHUUDQRHUDFRPRODHQWHQGHPRVHQODDFWXDOLGDGVLQRXQDVHULHGHDVDOWRV
LQWHUUXPSLGRVSRUXQDEDWDOODGHFLVLYDH[FHSFLRQDO
&XDQGR (SLFWHWR GLFH TXH GHEHPRV PDQWHQHUQRV ߡHQ IRUPD GXUDQWH HO LQYLHUQRߢ ߚOD
SDODEUDJULHJDHVFKHLPDVNªVDLߚSRQDHQGXGDODQRFL³QGHOVROGDGRGHPHGLRWLHPSR R
FXDOTXLHUFRVDGHPHGLRWLHPSR 3DUDFRQVHJXLUODYLFWRULDXQRGHEHGHGLFDUFDGDVHJXQGR
\UHFXUVRDODSUHSDUDFL³Q\HOHQWUHQDPLHQWR/H%URQ-DPHVQRGHVFDQVDGXUDQWHHOYHUDQR
ORDSURYHFKDSDUDWUDEDMDUHQRWURVDVSHFWRVGHVXMXHJR(OHM©UFLWRHVWDGXQLGHQVHHQWUHQDD
VXV VROGDGRV GH GD \ QRFKH FXDQGR QR HVW¡ HQ JXHUUD SDUD SUHSDUDUVH SDUD FXDQGR ©VWD
VXFHGD\FXDQGRYDQDXQDJXHUUDSHOHDQKDVWDHOILQ
(QQXHVWURFDVRHVORPLVPRQRSRGHPRVHQIUHQWDUQRVDODYLGDFRQSRFRHQWXVLDVPR
1R KD\ YDFDFLRQHV QL VLTXLHUD ILQHV GH VHPDQD 6LHPSUH QRV HVWDPRV SUHSDUDQGR SDUD OR
TXH OD YLGD QRV WHQJD UHVHUYDGR \ FXDQGR QRV OR GD HVWDPRV OLVWRV \ QR QRV GHWHQHPRV
KDVWDKDEHUORUHVXHOWR
GHVHSWLHPEUH
&³PRVDEHUVLQXQFDWHKDVSXHVWRDSUXHED"
7H WHQJR SRU XQ LQIHOL] SRUTXH QXQFD KDV VLGR LQIHOL] +DV SDVDGR OD YLGD VLQ XQ
DGYHUVDULRQDGLHVDEU¡GHTX©KDVVLGRFDSD]QLWºPLVPRVLTXLHUD
61(&$6REUHODSURYLGHQFLD
/D PD\RUD GH TXLHQHV KDQ YLYLGR WLHPSRV GLIFLOHV OOHYDQ HVDV GLILFXOWDGHV FRPR
GLVWLQWLYRVGHKRQRU/RVRLU¡VGHFLUߡ4X©WLHPSRVDTXHOORVߢDXQTXHKR\YLYDQHQPXFKR
PHMRUHV FLUFXQVWDQFLDV ߡ$K OD MXYHQWXG HIPHUDߢ ߡ)XH OR PHMRU TXH PH SXGR KDEHU
SDVDGRߢ R ߡ1R FDPELDUD QDGDߢ 3RU GLIFLOHV TXH VHDQ HVDV ©SRFDV VRQ H[SHULHQFLDV
IRUPDWLYDVORVFRQYLUWLHURQHQTXLHQHVVRQDKRUD
/DV VXSXHVWDV GHVJUDFLDV WLHQHQ RWUR EHQHILFLR WUDV KDEHUODV H[SHULPHQWDGR \
VREUHYLYLGRFRPSUHQGHPRVPHMRUQXHVWUDVFDSDFLGDGHV\IXHU]DLQWHULRU3DVDUXQDSUXHED
GH IXHJR HPSRGHUD SRUTXH VDEHV TXH HQ HO IXWXUR SRGU¡V VREUHYLYLU D XQD DGYHUVLGDG
VLPLODU&RPRGLMR1LHW]VFKHߡ/RTXHQRPHPDWDPHKDFHP¡VIXHUWHߢ
6LKR\SDUHFHTXHODVFRVDVYDQGHPDOHQSHRURTXHWXVXHUWHHVW¡DSXQWRGHFDPELDU
SDUD TX© SUHRFXSDUVH" 3XHGH TXH VHD XQD GH HVDV H[SHULHQFLDV IRUPDWLYDV TXH GHVSX©V
DJUDGHFHU¡V
GHVHSWLHPEUH
&©QWUDWHHQWXVDVXQWRV
5HFXHUGDSXHVTXHVLFUHHVOLEUHVODVFRVDVTXHSRUQDWXUDOH]DVRQVHUYLOHV\TXH
HV WX\R OR TXH GHSHQGH GH RWURV HQFRQWUDU¡V LPSHGLPHQWRV WH ODPHQWDU¡V WH
VHQWLU¡V WXUEDGR FHQVXUDU¡V WDQWR D ORV GLRVHV FRPR D ORV KRPEUHV SHUR VL V³OR
FRQVLGHUDV WX\R OR TXH HV WX\R \ GH ORV RWURV OR TXH HV GH ORV RWURV WDO FRPR
UHDOPHQWHHVQDGLHWHH[LJLU¡QDGDQLWHSRQGU¡REVW¡FXORV\WºQXQFDFHQVXUDU¡VD
QDGLHQLDFXVDU¡VDQDGLHQLKDU¡VQDGDFRQWUDWXYROXQWDGQDGLHWHSHUMXGLFDU¡QR
WHQGU¡VHQHPLJRVQRVXIULU¡VQLQJºQGD±R
(3,&7(72(QTXLULGL³Q
&XDQGR HO FDSLW¡Q -DPHV 6WRFNGDOH VREUHYRODED 9LHWQDP GHUULEDURQ VX DYL³Q SDV³ VLHWH
D±RV \ PHGLR HQ YDULRV FDPSRV GH SULVLRQHURV GH JXHUUD $XQTXHOR VRPHWLHURQ D WRUWXUD
EUXWDO VH HVIRU]³ SDUD VREUHYLYLU (Q XQD RFDVL³Q FXDQGR VXV FDSWRUHV OR REOLJDURQ D
DSDUHFHUHQXQYLGHRSURSDJDQGVWLFR©OVHKLUL³FRQVHYHULGDGSDUDLPSHGLUOR
&XDQGR GHUULEDURQ VX DYL³Q VH GLMR TXH ߡHQWUDED HQ HO PXQGR GH (SLFWHWRߢ 1R VH
UHIHUD D TXH DVLVWLUD D XQ VHPLQDULR GHO ILO³VRIR 6DED OR TXH HQIUHQWDUD FXDQGR VH
HVWUHOODUDVDEDTXHVREUHYLYLUQRVHUDI¡FLO
&XDQGR -LP &ROOLQV OR HQWUHYLVW³ SDUD HO FO¡VLFR GH ORV QHJRFLRV *RRG WR *UHDW
6WRFNGDOHH[SOLF³TXHKDEDXQJUXSRHQORVFDPSRVTXHWHQDP¡VGLILFXOWDGHVߡ6HWUDWDED
GHORVRSWLPLVWDVTXLHQHVGHFDQߝYDPRVDVDOLUHQ1DYLGDGߞSHUROD1DYLGDGLED\YHQD
GHVSX©VGHFDQߝYDPRVDVDOLUHQSULPDYHUDߞSHURODSULPDYHUDLED\YHQD\OXHJRVHJXD
HOGDGH$FFL³QGH*UDFLDV\YROYDOD1DYLGDG(OORVPXULHURQGHSHQDߢ
6WRFNGDOHSHUVHYHU³\ORJU³VDOLU6RIRF³VXVGHVHRV\VHFHQWU³HQORºQLFRTXHSRGD
FRQWURODU©OPLVPR
GHVHSWLHPEUH
7HSXHGHQHQFDGHQDUSHURߨ
(QFDGHQDU¡VPLSLHUQDSHURPLDOEHGURQLHOSURSLR=HXVSXHGHYHQFHUOR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
6H GHFD TXH (SLFWHWR FDPLQDED FRQ XQD FRMHUD SHUPDQHQWH SRUTXH FXDQGR IXH HVFODYR
HVWXYRHQFDGHQDGR'RVPLOD±RVGHVSX©V-DPHV6WRFNGDOHWDPEL©QWXYRHQFDGHQDGDVODV
SLHUQDV \ORVEUD]RVDPDUUDGRVGHWU¡VGHODHVSDOGDDXQDFDGHQDHQHOWHFKRORFXDOORV
GLVORFDEDFRQVWDQWHPHQWH (OVHQDGRU-RKQ0F&DLQWDPEL©QHVWXYRHQHVDF¡UFHO\VXIUL³
WRUWXUDVLPLODU&RPRVXSDGUHHUDIDPRVRVXVFDSWRUHVOHRIUHFLHURQLQQXPHUDEOHVYHFHV
TXH DEDQGRQDUD D VXV KRPEUHV SDUD UHJUHVDU D VX FDVD O WDPEL©Q VH DIHUU³ D VX OLEUH
DOEHGUR \ GHFOLQ³ UHQGLUVH DQWH OD WHQWDFL³Q DXQTXH VXSXVLHUD OD S©UGLGD GH VX OLEHUWDG
IVLFDTXHVHJXURD±RUDED
1LQJXQR GH HVWRV KRPEUHV VH YLQR DEDMR 1DGLH SXGR REOLJDUORV D VDFULILFDU VXV
SULQFLSLRV VH HV HO SXQWR WH SRGU¡Q HQFDGHQDU SHUR QR WLHQHQ HO SRGHU GH FDPELDUWH
,QFOXVREDMRODSHRUWRUWXUD\FUXHOGDGTXHORVKXPDQRVVRPRVFDSDFHVGHLQIOLJLUQRVORV
XQRVDORVRWURVHOSRGHUVREUHQXHVWUDSURSLDPHQWH\HOSRGHUSDUDWRPDUQXHVWUDVSURSLDV
GHFLVLRQHVQRSXHGHDQXODUVHV³ORFHGHUVH
GHVHSWLHPEUH
1XHVWURSRGHURFXOWR
3LHQVDTXL©QHUHVORSULPHURXQKRPEUHHVGHFLUTXHQRWLHQHVQDGDVXSHULRUDO
DOEHGUR VLQR TXH D ©O HVW¡ VXERUGLQDGR OR GHP¡V \ ©O PLVPR QR SXHGH VHU
HVFODYL]DGRQLVXERUGLQDGR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(O SVLF³ORJR 9LNWRU )UDQNO HVWXYR WUHV D±RV HQFDUFHODGR HQ GLYHUVRV FDPSRV GH
FRQFHQWUDFL³Q LQFOX\HQGR $XVFKZLW] +DEDQ DVHVLQDGR D VX IDPLOLD \ D VX HVSRVD
GHVWUXLGR HO WUDEDMR GH WRGD VX YLGD \ OH KDEDQ DUUHEDWDGR OD OLEHUWDG /LWHUDOPHQWH QR OH
TXHGDEDQDGD1RREVWDQWHOXHJRGHPXFKDUHIOH[L³QGHVFXEUL³TXHOHTXHGDEDXQDFRVD
VXFDSDFLGDGSDUDGHFLGLUTX©VLJQLILFDEDHVWHVXIULPLHQWR1LVLTXLHUDORVQD]LVOHSXGLHURQ
TXLWDUHVR
0¡VWDUGH)UDQNOVHGLRFXHQWDGHTXHGHKHFKRSRGDHQFRQWUDUOHHOODGRSRVLWLYRDVX
VLWXDFL³Q7HQDODRSRUWXQLGDGGHVHJXLUSUREDQGR\H[SORUDQGRVXVWHRUDVSVLFRO³JLFDV \
WDOYH]FRUUHJLUODV $ºQSRGDD\XGDUDORVGHP¡V,QFOXVRHQFRQWU³FRQVXHORHQHOKHFKR
GHTXHVXVVHUHVTXHULGRVQRWXYLHURQTXHVRSRUWDUHOGRORU\ODPLVHULDTXH©OHQIUHQWDEDD
GLDULRHQHOFDPSR
7XSRGHURFXOWRHVWXFDSDFLGDGSDUDHPSOHDUODUD]³Q\WRPDUGHFLVLRQHVVLQLPSRUWDU
OR OLPLWDGDV R SHTXH±DV TXH VHDQ 3LHQVD HQ ORV ¡PELWRV GH WX YLGD HQ ORV TXH WH VLHQWHV
SUHVLRQDGRRHQORVTXHODVREOLJDFLRQHVWHDJRELDQ4X©DOWHUQDWLYDVWLHQHVGDWUDVGD"
7H VRUSUHQGHU¡ GHVFXEULU TXH VRQ PXFKDV /DV HVW¡V DSURYHFKDQGR" (VW¡V HQFRQWUDQGR
DVSHFWRVSRVLWLYRV"
GHVHSWLHPEUH
1RWHGHMHVHQJD±DUSRUODVXHUWH
$ QDGLH KD DSODVWDGR OD VXHUWH DGYHUVD VLQR DO TXH HQJD±³ PRVWU¡QGRVHOH
IDYRUDEOHߨHOTXHQRVHKDLQIODGRHQFLUFXQVWDQFLDVSU³VSHUDVWDPSRFRVHHQFRJH
FXDQGR FDPELDQ )UHQWH D DPEDV VLWXDFLRQHV PDQWLHQH LQF³OXPH VX HVSULWX VX
HQWHUH]D \D SXHVWD D SUXHED SXHV HQ OD YHQWXUD PLVPD KD DSUHQGLGR TX© SRGHU
WHQDFRQWUDODGHVYHQWXUD
61(&$&RQVRODFL³QD+HOYLD
(Q HO D±R G & 6©QHFD HVWXYR H[LOLDGR HQ &³UFHJD QR HVWDPRV GHO WRGR VHJXURV SRU
TX© SHUR ORV UXPRUHV GLFHQ TXH WXYR XQ URPDQFH FRQ OD KHUPDQD GHO HPSHUDGRU 3RFR
WLHPSR GHVSX©V OH HQYL³ XQD FDUWD D VX PDGUH SDUD WUDQTXLOL]DUOD \ FRQVRODUOD HQ HVH
PRPHQWRGHDQJXVWLD6LQHPEDUJRHQPXFKRVVHQWLGRVGHEL³KDEHUODGLULJLGRWDPEL©QDV
PLVPRVHUHJD±³XQSRFRSRUHVHJLURLQHVSHUDGRTXHWDQWRSDGHFL³
+DEDFRQVHJXLGRFLHUWR©[LWRSROWLFR\VRFLDO+DEDSHUVHJXLGRORVSODFHUHVFDUQDOHV
$KRUD ©O \ VX IDPLOLD OHV KDFDQ IUHQWH D ODV FRQVHFXHQFLDV DV FRPR WRGRV GHEHPRV
UHVSRQVDELOL]DUQRVSRUQXHVWUDFRQGXFWD\ORVULHVJRVTXHFRUUHPRV
&³PR UHVSRQGHUD" &³PR OR HQIUHQWDUD" 3RU OR PHQRV VX LQVWLQWR OH GLMR TXH
FRQVRODUD D VX PDGUH HQ YH] GH OLPLWDUVH D ODPHQWDU VX VXIULPLHQWR $XQTXH RWUDV FDUWDV
PXHVWUDQ TXH 6©QHFD URJ³ \ SUHVLRQ³ SDUD UHJUHVDU D 5RPD \ UHFXSHUDU VX SRGHU XQD
SHWLFL³QTXHFRQHOWLHPSRVHOHFRQFHGL³ SDUHFHTXHVRSRUW³HOGRORU\ODGHVJUDFLDGHO
H[LOLR EDVWDQWH ELHQ /D ILORVRID TXH KDED HVWXGLDGR OR SUHSDU³ SDUD HVWD FODVH GH
DGYHUVLGDG \ OH EULQG³ OD UHVROXFL³Q \ SDFLHQFLD TXH QHFHVLWDED SDUD HVSHUDU &XDQGR
FDPEL³ VX VXHUWH YROYL³ DO SRGHU OD ILORVRID OH LPSLGL³ TXH OR GLHUD SRU KHFKR R TXH VH
YROYLHUDGHSHQGLHQWHGH©O+L]RELHQSRUTXHODVXHUWHOHWHQDSUHSDUDGRRWURJLUR&XDQGR
HO QXHYR HPSHUDGRU YROF³ VX LUD HQ 6©QHFD OD ILORVRID YROYL³ D HQFRQWUDUOR OLVWR \
SUHSDUDGR
GHVHSWLHPEUH
$ORºQLFRTXHGHEHPRVWHPHUHVDOWHPRU
0DVQRH[LVWHUD]³QDOJXQDSDUDYLYLUQLOPLWHSRVLEOHHQODVGHVJUDFLDVVLXQRWHPH
FXDQWRHVVXVFHSWLEOHGHWHPRU
61(&$(SVWRODVPRUDOHVD/XFLOLR
0X\ D SULQFLSLRV GHO SHULRGR TXH VH GHQRPLQDUD OD 'HSUHVL³Q HO QXHYR SUHVLGHQWH
)UDQNOLQ 'HODQR 5RRVHYHOW SUHVW³ MXUDPHQWR \ SURQXQFL³ VX GLVFXUVR LQDXJXUDO &RPR
5RRVHYHOW IXH HO ºOWLPR SUHVLGHQWH HQ HO SRGHU DQWHV GH TXH VH UDWLILFDUD OD 9LJ©VLPD
(QPLHQGDDOD&RQVWLWXFL³QGH(VWDGRV8QLGRVQRSXGRRFXSDUVXFDUJRKDVWDPDU]RFRQ
ORFXDOODQDFL³QOOHYDEDPHVHVVLQOLGHUD]JRFRQWXQGHQWH6HUHVSLUDEDS¡QLFRORVEDQFRV
HVWDEDQHQFULVLV\ODJHQWHHVWDEDDVXVWDGD
4XL]¡ FRQR]FDV OD FLWD ߡ$ OR ºQLFR TXH GHEHPRV WHPHU HV DO WHPRUߢ TXH 5RRVHYHOW
SURQXQFL³ HQ HVH IDPRVR GLVFXUVR 9DOH OD SHQD FRQRFHU OD IUDVH FRPSOHWD SRUTXH HV
SHUWLQHQWHSDUDPXFKDVVLWXDFLRQHVGLIFLOHVGHODYLGD
3HUPWDQPHDVHJXUDUOHVPLILUPHFRQYLFFL³QGHTXHDORºQLFRTXHGHEHPRVWHPHUHVDO
WHPRU D XQ WHUURU LQGHVFULSWLEOH VLQ FDXVD QL MXVWLILFDFL³Q TXH SDUDOLFH ORV HVIXHU]RV
QHFHVDULRVSDUDFRQYHUWLUHOUHWURFHVRHQSURJUHVR
/RVHVWRLFRVVDEDQTXHHOWHPRUHUDWHPLEOHSRUODVPLVHULDVTXHRFDVLRQDED/DVFRVDVD
ODV TXH WHPHPRV VRQ QLPLHGDGHV FRPSDUDGDV FRQ ORV GD±RV TXH LQIOLJLPRV D RWURV \ D
QRVRWURVPLVPRVFXDQGROXFKDPRVLUUHIOH[LYDPHQWHSRUHOXGLUORV8QDFULVLVILQDQFLHUDHV
QHJDWLYDHQWUDUHQS¡QLFRHVSHRU(OWHUURUQRD\XGDDUHVROYHUXQDVLWXDFL³QGLIFLOV³OROD
FRPSOLFD3RUHVRGHEHPRVUHVLVWLU\UHFKD]DUORVLGHVHDPRVVRUWHDUOD
GHVHSWLHPEUH
3UHS¡UDWHHQEXHQDVFRQGLFLRQHV
7HSUHVFULELU©WRPHVGHYH]HQFXDQGRDOJXQRVGDVHQORVTXHFRQWHQW¡QGRWHFRQ
PX\ HVFDVD \ YXOJDU DOLPHQWDFL³Q FRQ XQ YHVWLGR ¡VSHUR \ UXJRVR GLJDV SDUD WXV
DGHQWURVߡ(VHVWRORTXHWHPDPRV"ߢ
(Q PHGLR GH OD VHJXULGDG DSU©VWHVH HO DOPD SDUD ODV GLILFXOWDGHV DIL¡QFHVH
FRQWUDORVUHYHVHVGHODIRUWXQDHQPHGLRGHVXVIDYRUHV(OVROGDGRHQSOHQDSD]
VH HMHUFLWD VLQ HQHPLJR HQIUHQWH OHYDQWD OD HPSDOL]DGD \ VH IDWLJD HQ WUDEDMRV
VXSHUIOXRVSDUDSRGHUEDVWDUVHHQORVQHFHVDULRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
4X©SDVDUDVLGXUDQWHXQGDDOPHVH[SHULPHQWDUDVORVHIHFWRVGHODSREUH]DHOKDPEUH
OD DLVODFL³Q WRWDO R FXDOTXLHU RWUD FLUFXQVWDQFLD D OD TXH WHPDV" 'HVSX©V GH OD LPSUHVL³Q
LQLFLDOORHPSH]DUDVDQRUPDOL]DU\GHMDUDGHVHUWDQWHPLEOH
+D\ PXFKDV GHVJUDFLDV TXH XQR SXHGH SUDFWLFDU PXFKRV SUREOHPDV TXH XQR SXHGH
VROXFLRQDU FRQ DQWHODFL³Q 6LPXOD TXH QR WLHQHV DJXD FDOLHQWH 6LPXOD TXH WH UREDURQ OD
FDUWHUD 6LPXOD TXH QR WLHQHV WX FROFK³Q F³PRGR \ TXH GHEHV GRUPLU HQ HO SLVR R TXH WH
LQFDXWDURQWXFRFKH\WLHQHVTXHFDPLQDUDWRGDVSDUWHV)LQJHTXHWHTXHGDVWHGHVHPSOHDGR
\QHFHVLWDVEXVFDUWUDEDMR1RV³ORSLHQVHVHQHVWDVFRVDVYYHODV+D]ORDKRUDFXDQGRWH
YD ELHQ 6©QHFD QRV UHFXHUGD ߡ(Q PHGLR GH OD VHJXULGDG DSU©VWHVH HO DOPD SDUD ODV
GLILFXOWDGHVߨ $ TXLHQ QR TXLVLHUHV YHU WHPEODQGR HQ SOHQD DFFL³Q HMHUFWDOR DQWHV GH OD
DFFL³Qߢ>(SVWRODVPRUDOHV@
GHVHSWLHPEUH
&³PRVHUDWHQHUPHQRV"
+DELWX©PRQRVHQWRQFHVDSRGHUFHQDUVLQSºEOLFR\DHVWDUHVFODYL]DGRVDPHQRV
HVFODYRV\DGLVSRQHUORVYHVWLGRVSDUDORTXHKDQVLGRLPDJLQDGRV\DYLYLUP¡V
HVWUHFKDPHQWH
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
'XUDQWHXQD©SRFDHOHVFULWRU6WHIDQ=ZHLJߚDTXLHQVHOHFRQRFHSRUVXVDELGXUDHVWRLFD
ߚ IXH XQR GH ORV DXWRUHV FRQ PD\RUHV YHQWDV GHO PXQGR KDVWD TXH HO DGYHQLPLHQWR GH
+LWOHU GHVWUX\³ VX YLGD (V XQ FXUVR WULVWH DXQTXH LQWHPSRUDO GH OD KLVWRULD ORV SROWLFRV
SLHUGHQVXFDUJRSRUWRPDUSDUWLGRSRUXQDFDXVDTXHSRVWHULRUPHQWHVHFRQVLGHUDYDOLHQWH
(VWDIDGRUHVUREDQDXQVLQQºPHURGHSDUHMDVSU³VSHUDV\WUDEDMDGRUDV$OJXLHQHVFXOSDGR
SRUXQFULPHQ\D±RVGHVSX©VORDEVXHOYHQ
(QFXDOTXLHUPRPHQWRSRGHPRVSHUGHUQXHVWUDSRVLFL³Q\WHQHUTXHDUUHJO¡UQRVODVFRQ
PHQRV GLQHUR UHFRQRFLPLHQWR UHFXUVRV DFFHVR ,QFOXVR FRQ ODV FDUHQFLDV TXH LPSOLFD OD
HGDG PHQRV PRYLOLGDG HQHUJD OLEHUWDG 6LQ HPEDUJR GH DOJºQ PRGR SRGHPRV
SUHSDUDUQRVSDUDHOORIDPLOLDUL]¡QGRQRVFRQODLGHDGHHVFDVH]
8QD IRUPD GH SURWHJHUQRV GH ODV YXHOWDV GHO GHVWLQR ߚ\ GHO Y©UWLJR HPRFLRQDO TXH
SXHGH RFDVLRQDUߚ HV YLYLU GHQWUR GH QXHVWUDV SRVLELOLGDGHV DKRUD$VTXH KR\SRGHPRV
DFRVWXPEUDUQRVDWHQHU\VREUHYLYLUFRQPHQRVSDUDTXHVLDOJXQDYH]QRVYHPRVHQHVD
VLWXDFL³QQRVHDWDQSHVDURVD
GHVHSWLHPEUH
6©PRGHVWRRDOJXLHQWHORUHFRUGDU¡
>=HQ³Q@GHFDTXHߡHQWRGRVHVPX\LQGHFRURVRHOIDVWRSHURVLQJXODUPHQWHHQORV
M³YHQHVߢ
',*(1(6/$(5&,29LGDVGHORVILO³VRIRVP¡VLOXVWUHV
/DF©OHEUHFDUWDGH,V³FUDWHVD'HP³QLFR TXHSRVWHULRUPHQWHVHUYLUDGHLQVSLUDFL³QSDUD
HOVROLORTXLRGH3RORQLRߡ6©ILHODWLPLVPRߢ>+DPOHW@ FRQWLHQHXQDDGYHUWHQFLDVLPLODUD
=HQ³Q ,V³FUDWHV OH DFRQVHMD DO MRYHQ ߡ6© DPDEOH \ QR DOWLYR FRQ ORV TXH VH WH DFHUTXHQ
SRUTXH HO RUJXOOR GH ORV VREHUELRV DSHQDV OR SXHGHQ DJXDQWDU ORV HVFODYRVߢ >'LVFXUVRV ,
VHFFL³Q@
8QR GH ORV WURSRV P¡V FRPXQHV HQ HO DUWH ߚGH OD OLWHUDWXUD DQWLJXD D ODV SHOFXODV
SRSXODUHVߚHVHOMRYHQLPSHWXRVR\GHPDVLDGRFRQILDGRDOTXHXQKRPEUHPD\RU\P¡V
VHQVDWR SRQH HQ VX OXJDU (V XQ FOLFK© SRUTXH HV XQD UHDOLGDG ODV SHUVRQDV SRVHHQ OD
WHQGHQFLDGHDGHODQWDUVHFUHHQTXHORHQWLHQGHQWRGR\TXHVRQPHMRUHVTXHORVGHP¡V(V
WDQGHVDJUDGDEOHDJXDQWDUDWDOSHUVRQDTXHDOJXLHQWLHQHTXHDOHFFLRQDUORV
6LQ HPEDUJR HV XQD FRQIURQWDFL³Q TXH VH SXHGH HYLWDU SRU FRPSOHWR 6L OD EXUEXMD
QXQFDVHLQIODQRKD\QHFHVLGDGGHURPSHUOD/DFRQILDQ]DH[FHVLYDHQXQRPLVPRHVXQD
GHELOLGDG\XQDFDUJDHQRUPH3HURVLHUHVKXPLOGHQDGLHWHQGU¡TXHSHGLUWHTXHORVHDV\
VHU¡PXFKRPHQRVSUREDEOHTXHHOPXQGRWHUHVHUYHVRUSUHVDVGHVDJUDGDEOHV6LPDQWLHQHV
ORVSLHVHQODWLHUUDQDGLHWHQGU¡TXHREOLJDUWHDKDFHUOR
GHVHSWLHPEUH
&³PRSURWHJHUQXHVWURIXHUWHLQWHUQRGHOPLHGR
3HUR VRQ ODV FRVDV ODV TXH VRQ WHPLEOHV SDUD FDGD XQR \ FXDQGR DOJXLHQ SXHGH
SURYH©UVHODVRDUUHEDW¡UVHODVDXQRHQWRQFHVHVFXDQGR©VHVHYXHOYHWHPLEOH
&³PR HQWRQFHV VH GHVWUX\H XQD IRUWDOH]D" 1R SRU HO KLHUUR QL SRU HO IXHJR
VLQRSRUODVRSLQLRQHVߨ3RUDTXKD\TXHHPSH]DU\GHVGHDTXKD\TXHDEDWLUOD
IRUWDOH]DH[SXOVDUDORVWLUDQRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/RVHVWRLFRVQRVKHUHGDURQXQFRQFHSWRPDUDYLOORVRODFLXGDGHODLQWHULRU&UHDQTXHHVWD
IRUWDOH]D SURWHJH D QXHVWUD DOPD $XQTXH VHDPRV YXOQHUDEOHV IVLFDPHQWH DXQTXH HQ
PXFKRV VHQWLGRV HVWHPRV D PHUFHG GHO GHVWLQR QXHVWUR GRPLQLR LQWHULRU HV LPSHQHWUDEOH
&RPR0DUFR$XUHOLRORGLMR HQUHSHWLGDVRFDVLRQHV ߡ/DVFRVDVSRUVPLVPDVQRWLHQHQ
FRQWDFWRFRQHODOPDߢ>0HGLWDFLRQHV@
1R REVWDQWH OD KLVWRULD QRV HQVH±D TXH WDPEL©Q SXHGHQ IUDQTXHDU ORV IXHUWHV
LPSHQHWUDEOHV VL VH OHV WUDLFLRQD SRU GHQWUR 6L ORV FLXGDGDQRV GHQWUR GH ODV PXUDOODV
VXFXPEHQ DO PLHGR OD DYDULFLD R OD FRGLFLD SXHGHQ DEULU ODV SXHUWDV \ GHMDU HQWUDU DO
HQHPLJR (V OR TXH PXFKRV KDFHPRV FXDQGR SHUGHPRV HO ¡QLPR \ QRV HQWUHJDPRV DO
PLHGR
6HWHKDRWRUJDGRXQDIRUWDOH]DV³OLGDQRODWUDLFLRQHV
GHVHSWLHPEUH
8QDIRUPDGLIHUHQWHGHRUDU
(PSLH]DSXHVDVXSOLFDUOH>DORVGLRVHV@DFHUFDGHHVWDVFRVDV\\DYHU¡V
VWH OH UXHJD HQ HVWRV W©UPLQRV ߡ&³PR REWHQGU© \R OD LQWLPLGDG GH HVWD
PXMHU"ߢ
ߚ6XSOFDOHVWXߡ&³PRSRGU©\RDEVWHQHUPHGHFRGLFLDUHVWRVIDYRUHV"ߢ
ߚ2WURߡ&³PRPHYHU©OLEUHGHHVWDLPSRUWXQLGDG"ߢ
ߚ7ºߡ'HTX©PHGLRPHYDOGU©SDUDQRQHFHVLWDUOLEUDUPHGHHVWR"ߢ
ߚ2WURߡb4XHQRPXHUDPLKLMRߢ
ߚ7ºߡb2MDO¡QRWLHPEOHDODKRUDGHSHUGHUOHߢ
0$5&2$85(/,20HGLWDFLRQHV
2UDU WLHQH FRQQRWDFLRQHV UHOLJLRVDV VLQ HPEDUJR HQ HO WUDQVFXUVR GH QXHVWUDV YLGD
GHVHDPRV \ SHGLPRV FRVDV 7DO YH] GXUDQWH XQD VLWXDFL³Q GLIFLO SLGDPRV D\XGD HQ
VLOHQFLR GHVSX©V GH XQD UXSWXUD GLIFLO SLGDPRV XQD VHJXQGD RSRUWXQLGDG GXUDQWH XQ
SDUWLGR QRV VHQWHPRV HQ OD RULOOD GHO DVLHQWR \ SLGDPRV DOJºQ UHVXOWDGR ߡ9DPRV YDPRV
YDPRVߢ R ߡ3RU IDYRUߢ ,QFOXVR VL QR QRV GLULJLPRV D DOJXLHQ HQ HVSHFILFR VHJXLPRV
RUDQGR (V VXPDPHQWH UHYHODGRU OR HJRVWDV TXH VXHOHQ VHU QXHVWUDV SHWLFLRQHV HQ HVWRV
PRPHQWRVSULYDGRVFXDQGRDQKHODPRVDOJRFRQWRGDVQXHVWUDVIXHU]DV
4XHUHPRV LQWHUYHQFL³Q GLYLQD SDUD TXH FRPR SRU DUWH GH PDJLD QXHVWUDV YLGDV VHDQ
P¡VVHQFLOODV3RUTX©QRSHGLUIRUWDOH]D\YDORUSDUDKDFHUORTXHWLHQHVTXHKDFHU"3RU
TX©QREXVFDUFODULGDGVREUHORTXHFRQWURODVORTXHHVW¡GHQWURGHWXVSRVLELOLGDGHV"7DO
YH]GHVFXEUDVTXHWXVRUDFLRQHVVHKDQFXPSOLGR
GHVHSWLHPEUH
8QMDUGQQRHVSDUDSUHVXPLUOR
(MHUFWDWH SULPHUR HQ TXH QR VH FRQR]FD TXL©Q HUHV )LORVRID SDUD WL XQ SRFR GH
WLHPSR$VQDFHHOIUXWR/DVHPLOODSDUDOOHJDUDODPDGXUH]KDGHHVWDUHQWHUUDGD
XQWLHPSRHVWDURFXOWDFUHFHUSRFRDSRFR6LHFKDODHVSLJDDQWHVGHHQFD±DUQR
OOHJDDW©UPLQRߨ7ºHUHVXQRGHHVRVSODQWRQHVIORUHFLVWHDQWHVGHORQHFHVDULRWH
TXHPDU¡HOLQYLHUQR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
'HVSX©V GH WRGR OR TXH KDV OHGR TXL]¡ VHD WHQWDGRU SHQVDU HVWR HV PDUDYLOORVR OR
HQWLHQGR 6R\ HVWRLFR 6LQ HPEDUJR QR HV WDQ I¡FLO 6³OR SRUTXH HVW©V GH DFXHUGR FRQ OD
ILORVRIDQRVLJQLILFDTXHKD\DHFKDGRUDFHVHQWXPHQWH
/HHUSDUDSDUHFHULQWHOLJHQWHRWHQHUXQDELEOLRWHFDLQWLPLGDQWHHVFRPRWHQHUXQMDUGQ
SDUD LPSUHVLRQDU D ORV YHFLQRV &XOWLYDUOR SDUD DOLPHQWDU D WX IDPLOLD" (V XQD DFWLYLGDG
KRQHVWD \ ºWLO /DV VHPLOODV GHO HVWRLFLVPR WDUGDQ HQ JHUPLQDU 'HGFDWH D DOLPHQWDUODV \
FXLGDUODV SDUD TXH HVW©Q SUHSDUDGDV ߚDO LJXDO TXH Wºߚ \ UREXVWDV SDUD ODV GXUDV ©SRFDV
LQYHUQDOHVGHODYLGD
GHVHSWLHPEUH
&XDOTXLHUDSXHGHFRUUHUFRQVXHUWHQRWRGRVSHUVLVWHQ
/D IHOLFLGDG YD D SDUDU D OD SOHEH \ D ORV GH QDWXUDO GHVSUHFLDEOH SRU HO FRQWUDULR
VXE\XJDUGHVDVWUHV\WHUURUHVKXPDQRVHVSURSLRGHOJUDQGHKRPEUH
61(&$6REUHODSURYLGHQFLD
4XL]¡ FRQR]FDV D SHUVRQDV TXH KD\DQ JR]DGR GH PXFKVLPD VXHUWH HQ OD YLGD 7DO YH]
JDQDURQ OD ORWHUD R WHUPLQDURQ VXV HVWXGLRV FRQ IDFLOLGDG 6LQ RUJDQL]DUVH WRPDQGR
GHFLVLRQHV GHVFXLGDGDV EULQFDQGR GH XQD FRVD D OD RWUD KDQ VREUHYLYLGR VLQ XQ UDVJX±R
+D\XQGLFKRߡ/DIRUWXQDIDYRUHFHDORVWRQWRVߢ
(V QRUPDO WHQHUOHV XQ SRFR GH HQYLGLD D HVWDV SHUVRQDV 7DPEL©Q TXHUHPRV XQD YLGD
I¡FLORHVRFUHHPRV3HURODYLGDI¡FLOHVUHDOPHQWHDGPLUDEOH"
&XDOTXLHUD SXHGH WHQHU VXHUWH 6HU GHVSLVWDGR QR HV QLQJXQD KDELOLGDG \ QDGLH OR
FRQVLGHUDUDXQDYLUWXG
3RURWUDSDUWHODSHUVRQDTXHSHUVHYHUDHQODVGLILFXOWDGHVTXHVLJXHDGHODQWHDXQTXH
ORVGHP¡VVHKD\DQGDGRSRUYHQFLGRVOOHJDDVXGHVWLQRFRQWUDEDMRDUGXR\KRQHVWLGDGHV
DGPLUDEOHSRUTXHVXVXSHUYLYHQFLDIXHUHVXOWDGRGHODIRUWDOH]D\ODUHVLOLHQFLDQRGHVXV
SULYLOHJLRV GH QDFLPLHQWR QL GH ODV FLUFXQVWDQFLDV 8QD SHUVRQD TXH VXSHU³ REVW¡FXORV
H[WHUQRV SDUD VHU H[LWRVR TXH GRPLQ³ VXV HPRFLRQHV H LPSXOVRV HV PXFKR P¡V
LPSUHVLRQDQWH /D SHUVRQD TXH OD KD WHQLGR PX\ GLIFLO \ TXH SHVH D HOOR KD WULXQIDGR HV
JUDQGH
GHVHSWLHPEUH
&³PROLGLDUFRQORVKRVWLOHV
4XLHUH DOJXLHQ GHVSUHFLDUPH" b$OO¡ ©O <R SRU PL SDUWH PH SUHYHQGU© ELHQ SDUD
TXHQRPHVRUSUHQGDKDFLHQGRRGLFLHQGRDOJRGLJQRGHGHVSUHFLR0HRGLDU¡"bO
OR VDEU¡ <R SRU OR TXH D P WRFD PH FRQVHUYDU© SDUD FRQ WRGRV EHQ©YROR \
ERQGDGRVR\DXQSDUDFRQHVHPLVPRHVWDU©GLVSXHVWRDGHPRVWUDUOHVXHUURUQR
SDUD KXPLOODUOH QL SDUD KDFHU DODUGH GH PL FRQVWDQFLD DQWHV ELHQ VLPSOH \
DPLJDEOHPHQWH
0$5&2$85(/,20HGLWDFLRQHV
&XDQGRDOJXLHQWLHQHXQDRSLQL³QURWXQGDVREUHDOJRHVIUHFXHQWHTXH©VWDUHYHOHP¡VGH
HOORV PLVPRV TXH GHO REMHWR GH OD RSLQL³Q (VWR HV SDUWLFXODUPHQWH SHUWLQHQWH FXDQGR
VXSRQHUHVHQWLPLHQWR\RGLR HVXQDLURQDWULVWHTXHHOSHUMXGLFDGRDOEHUJXHXQDDWUDFFL³Q
VHFUHWDSRUTXLHQHVRGLDHQSºEOLFR
3RU HOOR HO HVWRLFR KDFH GRV FRVDV FXDQGR VH HQFXHQWUD FRQ RGLR X RSLQLRQHV
GHVIDYRUDEOHV 6H SUHJXQWD 7HQJR FRQWURO VREUH HVWD RSLQL³Q" 6L KD\ RSRUWXQLGDG GH
LQIOXLUODRFDPELDUODODDSURYHFKD'HORFRQWUDULRDFHSWDDGLFKDSHUVRQDWDOFRPRHV \
QXQFDODRGLD 1XHVWUDODERU\DGHSRUVHVGLIFLO1RWHQHPRVWLHPSRSDUDFRQVLGHUDUOR
TXHSLHQVHQORVGHP¡VLQFOXVRVLQRVFRPSHWH
GHVHSWLHPEUH
&³PROLGLDUFRQHOGRORU
(Q WRGD DQJXVWLD WHQ D PDQR HVWD P¡[LPD HVWR QR HV LQGHFRURVR QL GHWHULRUD OD
LQWHOLJHQFLD TXH PH JRELHUQD SXHV QR OD FRUURPSH QL HQ FXDQWR HV UDFLRQDO QL HQ
FXDQWR HV VRFLDEOH $GHP¡V HQ ODV PD\RUHV FXLWDV Y¡OJDWH HVWD P¡[LPD GH
(SLFXUR HO GRORU QR HV LQVXIULEOH QL HWHUQR VL WH DFXHUGDV GH VXV OPLWHV \ QR OR
LPDJLQDVPD\RUGHORTXHHVHQUHDOLGDG$GYLHUWHDVLPLVPRTXHPXFKDVFRVDVTXH
QRV PROHVWDQ VRQ VLQ TXH OR HFKHPRV GH YHU YHUGDGHURV GRORUHV FRPR OD
VRPQROHQFLD HO H[FHVR GH FDORU OD LQDSHWHQFLD &XDQGR SXHV DOJXQD GH HVWDV
FRVDVWHIDVWLGLDGLSDUDFRQWLJRVXFXPERDOGRORU
0$5&2$85(/,20HGLWDFLRQHV
(QGXUDQWHXQYLDMHD1XHYD<RUN:LQVWRQ&KXUFKLOOFUX]DEDODFDOOH\ORDWURSHOO³
XQFRFKHTXHLEDDP¡VGHFLQFXHQWDNLO³PHWURVSRUKRUD8QWHVWLJRGDEDSRUKHFKRTXHOR
KDEDQPDWDGR(VWXYRKRVSLWDOL]DGRRFKRGDVFRQODVFRVWLOODVURWDV\XQDKHULGDVHYHUD
HQODFDEH]D
'H DOJºQ PRGR &KXUFKLOO VH PDQWXYR FRQVFLHQWH &XDQGR KDEO³ FRQ OD SROLFD VH
HVPHU³PXFKVLPRSRUHVWDEOHFHUTXHKDEDVLGRFXOSDVX\D\TXHQRTXHUDLQFULPLQDUDO
FRQGXFWRU 'HVSX©V HO FRQGXFWRU YLVLW³ D &KXUFKLOO HQ HO KRVSLWDO &XDQGR &KXUFKLOO VH
HQWHU³ TXH HO FRQGXFWRU HVWDED GHVHPSOHDGR LQWHQW³ GDUOH GLQHUR DO KRPEUH TXH FDVL OR
PDWD 0¡VTXHVXSURSLRGRORUOHSUHRFXSDEDTXHODSXEOLFLGDGGHODFFLGHQWHSHUMXGLFDUD
VXVSRVLELOLGDGHVODERUDOHVHLQWHQW³D\XGDUOR
0¡V DGHODQWH HVFULEL³ XQ DUWFXOR SHULRGVWLFR VREUH OD H[SHULHQFLD ߡ/D QDWXUDOH]D HV
PLVHULFRUGLRVD \ QR SRQH D SUXHED D VXV KLMRV KRPEUH R EHVWLD P¡V DOO¡ GH VXV OPLWHV
6³ORFXDQGRLQWHUYLHQHODFUXHOGDGKXPDQDVXUJHQWRUPHQWRVLQIHUQDOHV3RUORGHP¡VYLYH
DOOPLWHW³PDWHODVFRVDVWDOFRPRVRQQROHWHPDVDQDGD\WRGRHVWDU¡ELHQߢ
(QORVD±RVYHQLGHURV&KXUFKLOO\HOPXQGRDWHVWLJXDUDQORVWRUPHQWRVP¡VLQIHUQDOHV
RFDVLRQDGRVSRUHOKRPEUH1RREVWDQWH©O\PXFKRVGHQXHVWURVDQFHVWURVVRSRUWDURQHO
GRORU3RUWHUULEOHTXHIXHUDFRQHOWLHPSRWRGRYROYHUDDHVWDUELHQ3RUTXHFRPRGLFH
(SLFWHWRQDGDHVLQWHUPLQDEOH6HQHFHVLWDIRUWDOH]D\FRPSDVL³QSDUDVXSHUDUOR
GHVHSWLHPEUH
/DIOH[LELOLGDGGHODYROXQWDG
$FX©UGDWHTXHWDPEL©QHVDFWRGHOLEHUWDGHOPXGDUGHSDUHFHUVHJºQHODYLVRGH
TXLHQWHHQFDPLQDSRUTXHHVWX\DHVWDDFWLYLGDG\SURFHGHFRQIRUPHDWXYROXQWDG
\WXUHVROXFL³Q\SRUHOORVHJºQWXSURSLDLQWHOLJHQFLD
0$5&2$85(/,20HGLWDFLRQHV
&XDQGRWHSURSRQHVKDFHUDOJRVLHPSUHORWHUPLQDV"6LHVDVHVXQORJURLPSUHVLRQDQWH
6LQ HPEDUJR QR WH YXHOYDV SULVLRQHUR GH HVH WLSR GH UHVROXFL³Q 'LFKD YHQWDMD SRGUD
WHUPLQDUVLHQGRXQDFDUJD
/DV FRQGLFLRQHV FDPELDQ 6DOH D OD OX] QXHYD LQIRUPDFL³Q 6H VXVFLWDQ FLUFXQVWDQFLDV
GLVWLQWDV 6L QR WH SXHGHV DGDSWDU ߚVL VLJXHV DGHODQWH LQFDSD] GH DGDSWDUWH D HVWD
LQIRUPDFL³Qߚ QR HUHV PHMRU TXH XQ URERW (O SXQWR HV QR WHQHU YROXQWDG GH DFHUR VLQR
YROXQWDG DGDSWDEOH HPSOHDU OD UD]³Q SDUD DFODUDU OD SHUFHSFL³Q ORV LPSXOVRV \ ODV
RSLQLRQHVSDUDDFWXDUGHPDQHUDHILFD]SDUDHOILQDGHFXDGR
&DPELDU \ DGDSWDUVH QR HV VH±DO GH GHELOLGDG /D IOH[LELOLGDG HV XQD IRUWDOH]D 'H
KHFKRHQFRQMXQWRFRQODIRUWDOH]DHVWDIOH[LELOLGDGQRVKDU¡UHVLOLHQWHVHLPSDUDEOHV
GHVHSWLHPEUH
/DYLGDQRHVXQEDLOH
(ODUWHGHOELHQYLYLUVHDVHPHMDP¡VDODSDOHVWUDTXHDODRUTXHVWDSRUFXDQWRHV
SUHFLVR HVWDU XQR VREUH DYLVR LQFRQPRYLEOH FRQWUD ORV DFFLGHQWHV VºELWRV H
LPSUHYLVWRV
0$5&2$85(/,20HGLWDFLRQHV
(OEDLOHHVXQDPHW¡IRUDUHFXUUHQWHSDUDODYLGD8QRGHEHVHU¡JLO\VHJXLUHOULWPRGHOD
PºVLFD 8QR GHEH VHQWLU VHJXLU \ IOXLU FRQ OD SDUHMD 3HUR FXDOTXLHUD TXH KD\D LQWHQWDGR
KDFHU DOJR GLIFLO TXH KD\D FRPSHWLGR R VH KD\D HQIUHQWDGR D XQ DGYHUVDULR VDEH TXH OD
PHW¡IRUDGHOEDLOHHVLQVXILFLHQWH1DGLHHQWUDDOHVFHQDULRSDUDLQWHQWDUGHUULEDUDOEDLODUQ
QLQJºQULYDOORDVIL[LD
3RURWUDSDUWHSDUDXQOXFKDGRUODDGYHUVLGDG\ORLQHVSHUDGRVRQHOHPHQWRVLQWUQVHFRV
GHVXSURIHVL³Q6XGHSRUWHHVXQDEDWDOODFRPRODYLGD6HHQIUHQWDDXQDGYHUVDULRDV
FRPRDVXVSURSLDVOLPLWDFLRQHVHPRFLRQHV\SUHSDUDFL³Q
/D YLGD FRPR OD OXFKD UHTXLHUH PXFKR P¡V TXH PRYLPLHQWRV JU¡FLOHV 'HEHPRV
VRPHWHUQRV D HQWUHQDPLHQWR DUGXR \ FXOWLYDU OD YROXQWDG LQGRPDEOH GH SURVSHUDU /D
ILORVRIDHVHODFHURHQHOTXHDILODPRVQXHVWUDYROXQWDG\IRUWDOHFHPRVGLFKDUHVROXFL³Q
GHVHSWLHPEUH
0DQW©QODFRPSRVWXUDPDQW©QHOFRQWURO
&XDQGR SRU OD FRQFXUUHQFLD GH ODV FLUFXQVWDQFLDV WH YLHUHV FRPR GHVFRQFHUWDGR
YXHOYH HQVHJXLGD VREUH WL \ QR WH SURSDVHV IXHUD GH OR MXVWR P¡V WLHPSR GHO
QHFHVDULR6HU¡VWDQWRP¡VGXH±RGHODDUPRQDGHWXVDFWRVFXDQWRP¡VDPHQXGR
ODUHFXSHUHV
0$5&2$85(/,20HGLWDFLRQHV
'HYH]HQFXDQGRQRVHQFRQWUDU¡QGHVSUHYHQLGRV1RV³ORSRUDFRQWHFLPLHQWRVUHODWLYRVD
ODߡWHRUDGHORVVXFHVRVGHOFLVQHQHJURߢߚXQDWDTXHWHUURULVWDRXQDFULVLVILQDQFLHUDߚ
WDPEL©Q SRU KHFKRV PHQRUHV H LQHVSHUDGRV 6H PXHUH OD EDWHUD GH WX FRFKH WX DPLJR WH
FDQFHODGHºOWLPRPRPHQWRGHUHSHQWHQRWHVLHQWHVELHQ(VWDVVLWXDFLRQHVQRVFRQIXQGHQ
\ GHVRUJDQL]DQ $VXPLPRV TXH HO PXQGR IXQFLRQDU¡ GH FLHUWD PDQHUD \ SODQHDPRV HQ
FRQVHFXHQFLD &XDQGR HVD VXSRVLFL³Q VH YLHQH DEDMR WDPEL©Q QXHVWUD RUJDQL]DFL³Q \
FRPSUHQVL³Q
1R SDVD QDGD HV QRUPDO 8QD OQHD GH VROGDGRV GH LQIDQWHUD HQIUHQWDU¡ DWDTXHV
IXOPLQDQWHVODFODYHHVTXHQRSHUPLWDQTXHUHLQHHOFDRV'HYH]HQFXDQGRORVPºVLFRV
H[SHULPHQWDU¡QGLILFXOWDGHVW©FQLFDV\SHUGHU¡QHOULWPR(QDPERVFDVRVORLPSRUWDQWHHV
TXHVHUHFXSHUHQORP¡VSURQWRSRVLEOH
4XH©VHVHDWXFDVR8QDQXHYDFLUFXQVWDQFLDSXHGHLQWHUUXPSLUHORUGHQ\ODSD]'H
DFXHUGRFRQWU³ODWH\UHFXS©UDWH
GHVHSWLHPEUH
6LQGRORUQRKD\©[LWR
/DVFLUFXQVWDQFLDVGLIFLOHVVRQODVTXHPXHVWUDQDORVKRPEUHV3RUWDQWRFXDQGR
GHVFRQXQDGLILFXOWDGUHFXHUGDTXHODGLYLQLGDGFRPRXQPDHVWURGHJLPQDVLDWH
KDHQIUHQWDGRDXQGXURFRQWULQFDQWH
ߚ3DUDTX©"ߚSUHJXQWD
ߚ3DUD TXH OOHJXHV D VHU XQ YHQFHGRU ROPSLFR 3HUR QR VH OOHJD D HOOR VLQ
VXGRUHV<DPPHSDUHFHTXHQDGLHVHKDYLVWRHQXQDGLILFXOWDGPD\RUTXHHQOD
TXHWHYHVWºVLTXLHUHVVHUYLUWHGHOFRQWULQFDQWHFRPRORKDUDXQDWOHWD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$ ORV HVWRLFRV OHV HQFDQWDED XVDU PHW¡IRUDV GH ODV 2OLPSLDGDV VREUH WRGR GH OD OXFKD
&RPRQRVRWURVFRQVLGHUDEDQORVGHSRUWHVXQSDVDWLHPSRGLYHUWLGR\XQFDPSRGHSUXHEDV
SDUD ORV UHWRV TXH LQHYLWDEOHPHQWH HQIUHQWDPRV HQ HO WUDQVFXUVR GH OD YLGD &RPR GLMR
DOJXQDYH]HOJHQHUDO'RXJODV0DF$UWKXUFLWDTXHGHVSX©VVHJUDEDUDHQHOJLPQDVLRGHOD
$FDGHPLD0LOLWDUGH:HVW3RLQW
(QHOFDPSRGHOFRQIOLFWRDPLVWRVR
VHVLHPEUDQODVVHPLOODV
TXHHQRWURVFDPSRVHQRWURVGDV
UHQGLU¡QORVIUXWRVGHODYLFWRULD
$WRGRVQRVKDVXSHUDGRXQRSRQHQWHQRVKDIUXVWUDGRTXHSRVHDFLHUWDKDELOLGDGRDWULEXWR
TXHQRVRWURVQRVXDOWXUDYHORFLGDGYLVL³QORTXHVHD/DPDQHUDHQTXHUHVSRQGDPRVD
GLFKD GLILFXOWDG UHYHOD TX© FODVH GH DWOHWDV \ SHUVRQDV VRPRV /R FRQVLGHUDPRV XQD
RSRUWXQLGDG SDUD DSUHQGHU \ IRUWDOHFHUQRV" 1RV VHQWLPRV IUXVWUDGRV \ QRV TXHMDPRV" 2
SHRUFDQFHODPRV\QRVEXVFDPRVXQSDUWLGRP¡VI¡FLOTXHQRVXSRQJDXQGHVDIRVLQRTXH
QRVKDJDVHQWLUELHQ"
/RVJUDQGHVQRHOXGHQHVWDVSUXHEDVGHVXVFDSDFLGDGHV$OFRQWUDULRODVEXVFDQSRUTXH
DGHP¡VGHVHUODPHGLGDGHODJUDQGH]DVRQHOFDPLQRTXHFRQGXFHDHOOD
GHVHSWLHPEUH
/DIRUWDOH]DP¡VVHJXUD
$FX©UGDWHGHTXHODIDFXOWDGUHFWRUDVHKDFHLQH[SXJQDEOHFXDQGRUHFRJLGDGHQWUR
GHVVHFRQWHQWDFRQQRKDFHUORTXHQRHVVXJHVWRDXQTXHV³ORVHRSRQJDSRU
FDSULFKR 4X© VHU¡ SXHV FXDQGR JREHUQDGD SRU OD UD]³Q HPLWD SUXGHQWHPHQWH
XQ MXLFLR" /D LQWHOLJHQFLD OLEUH GH SDVLRQHV HV FRPR XQD FLXGDGHOD \ UHDOPHQWH HO
KRPEUH QR WLHQH SRVLFL³Q P¡V VHJXUD GRQGH UHWLUDUVH SDUD QR VHU HQ DGHODQWH
FDSWXUDGR
0$5&2$85(/,20HGLWDFLRQHV
%UXFH /HH DILUP³ DOJR LQWHUHVDQWH ߡ1R OH WHPR DO KRPEUH TXH KD SUDFWLFDGR GLH] PLO
SDWDGDVXQDYH]OHWHPRDOKRPEUHTXHKDSUDFWLFDGRXQDSDWDGDGLH]PLOYHFHVߢ&XDQGR
UHSHWLPRV XQD DFFL³Q FRQ WDO IUHFXHQFLD VH FRQYLHUWH HQ XQD FRQGXFWD LQFRQVFLHQWH OD
UHDOL]DPRVSRUGHIHFWRVLQSHQVDUOR
(QWUHQDU DUWHV PDUFLDOHV HV XQ HVWXGLR SURIXQGDPHQWH PHGLWDGR GHO PRYLPLHQWR $
YHFHVFRQVLGHUDPRVDORVVROGDGRVDXW³PDWDVSHURGHKHFKRKDQGHVDUUROODGRXQSDWU³QGH
FRQGXFWDVLQFRQVFLHQWHV&XDOTXLHUDSXHGHKDFHUOR
&XDQGR0DUFR$XUHOLRGLFHTXHXQDPHQWHߡVHFRQWHQWDFRQQRKDFHUORTXHQRHVVX
JHVWR DXQTXH V³OR VH RSRQJD SRU FDSULFKRߢ VH UHILHUH D TXH HO HQWUHQDPLHQWR DGHFXDGR
WLHQHODFDSDFLGDGGHFDPELDUORVK¡ELWRVGHVLHPSUH(QWUHQDSDUDFRQWURODUODLUD\QRWH
HQRMDU¡VDQWHFXDOTXLHUQLPLHGDG(QWUHQDSDUDHOXGLUORVFKLVPHV\QRWHDWUDHU¡Q(QWUHQD
FXDOTXLHUK¡ELWR\WHQGU¡VODFDSDFLGDGGHUHFXUULUD©OVLQSHQVDUORHQPRPHQWRVGXURV
&RQVLGHUDORVFRPSRUWDPLHQWRVTXHWHJXVWDUDUHLQLFLDUVLSXGLHUDV&X¡QWRVGHHOORV
KDVSUDFWLFDGRV³ORXQDYH]"+R\KD]ORGRVYHFHV
GHVHSWLHPEUH
3RGUDSDVDUWHDWL
/RV UHYHVHV LQHVSHUDGRV UHVXOWDQ P¡V JUDYHV OD QRYHGDG DXPHQWD HO SHVR GH OD
FDODPLGDG \ QR H[LVWH PRUWDO DOJXQR D TXLHQ QR GXHOD P¡V OD GHVJUDFLD TXH SRU
D±DGLGXUDOHKDVRUSUHQGLGR
3RU HOOR QDGD KD\ TXH QR GHED VHU SUHYLVWR QXHVWUR ¡QLPR GHEH DQWLFLSDUVH D
WRGR DFRQWHFLPLHQWR \ SHQVDU QR \D HQ WRGR OR TXH VXHOH VXFHGHU VLQR HQ WRGR OR
TXH SXHGH VXFHGHU 3XHV TX© FRVD KD\ TXH OD IRUWXQD QR ORJUH DUUHEDWDU VL OH
SODFHDXQGHODVLWXDFL³QP¡VSU³VSHUD"
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q HO D±R GXUDQWH HO UHLQDGR GH 1HU³Q XQ LQFHQGLR GHVWUX\³ OD FLXGDG GH 5RPD /D
FLXGDG IUDQFHVD GH /\RQ HQYL³ XQD FLIUD JHQHURVD SDUD D\XGDU D ODV YFWLPDV $O D±R
VLJXLHQWHORVFLXGDGDQRVGH/\RQVXIULHURQXQLQFHQGLRWU¡JLFRORFXDOPRWLY³D1HU³QD
HQYLDUODPLVPDVXPDDVXVYFWLPDV&RPR6©QHFDUHODW³SRUFRUUHVSRQGHQFLDDXQRGHVXV
DPLJRVGHEL³KDEHUOHVRUSUHQGLGRODFDOLGDGSR©WLFDGHORVKHFKRVTXHXQDFLXGDGD\XGDUD
DRWUDSDUDSRFRGHVSX©VVXIULUXQGHVDVWUHVLPLODU
&RQTX©IUHFXHQFLDQRVKDSDVDGR"&RQVRODPRVDXQDPLJRGXUDQWHXQDVHSDUDFL³Q\
QRVVRUSUHQGHTXHQXHVWUDUHODFL³QVHQWLPHQWDOWHUPLQH'HEHPRVSUHSDUDUQRVPHQWDOPHQWH
SDUDORVJLURVH[WUHPRVGHOGHVWLQR/DSU³[LPDYH]TXHGRQHVDXQDEHQHILFHQFLDQRV³OR
SLHQVHVHQODDFFL³QERQGDGRVDTXHHVW¡VUHDOL]DQGRFRQVLGHUDTXHXQGDWºPLVPRSRGUDV
VHUEHQHILFLDULRGHODFDULGDG
+DVWDGRQGHVDEHPRV6©QHFDSHUVRQLILF³HVWDVSDODEUDV0¡VRPHQRVXQD±RGHVSX©V
GH HVFULELU HVWD FDUWD VH OH DFXV³ IDOVDPHQWH GH FRQVSLUDU FRQWUD 1HU³Q (O SUHFLR" /R
VHQWHQFLDURQ D FRPHWHU VXLFLGLR &RPR UHODWD HO KLVWRULDGRU 7¡FLWR ORV DPLJRV P¡V
FHUFDQRV GH 6©QHFD OORUDURQ \ VH RSXVLHURQ DO YHUHGLFWR ߡ'³QGH HVW¡Q ORV SULQFLSLRV
ILORV³ILFRVRODVOHFFLRQHVTXHKDQHVWXGLDGRGXUDQWHWDQWRVD±RVFRQWUDODIDWDOLGDG"4XL©Q
QR FRQRFD OD FUXHOGDG GH 1HU³Q"ߢ >ߡ/D PXHUWH GH 6©QHFDߢ @ (VWR HV VDED TXH
WDPEL©QOHSRGDSDVDUD©OSRUORTXHHVWDEDSUHSDUDGR
GHVHSWLHPEUH
/DYXOQHUDELOLGDGGHODGHSHQGHQFLD
ߡ(VXQHVFODYRߨߢ0X©VWUDPHXQRTXHQRORVHDXQRHVHVFODYRGHODOXMXULDRWUR
GHODDYDULFLDRWURGHORVKRQRUHVWRGRVHVFODYRVGHODHVSHUDQ]DWRGRVGHOWHPRU
3XHGRFLWDUWHDXQH[F³QVXOHVFODYRGHXQDYLHMHFLWDXQULFRHVFODYRGHXQDMRYHQ
VLUYLHQWDߨ1RH[LVWHHVFODYLWXGP¡VGHVKRQURVDTXHODYROXQWDULD
61(&$(SVWRODVPRUDOHVD/XFLOLR
'HXQDXRWUDIRUPDWRGRVVRPRVDGLFWRV6RPRVDGLFWRVDQXHVWUDVUXWLQDVDQXHVWURFDI©
D QXHVWUDV FRPRGLGDGHV D OD DSUREDFL³Q DMHQD (VWDV GHSHQGHQFLDV VXSRQHQ TXH QR
FRQWURODPRVQXHVWUDVYLGDVODGHSHQGHQFLDORKDFH
$ GHFLU GH (SLFWHWR ߡ&XDOTXLHUD SXHV TXH WHQJD GHVHR GH VHU OLEUH GH HVWD VXHUWH
FRQYLHQHTXHVHDFRVWXPEUHDQRWHQHUGHVHRQLDYHUVL³QDOJXQDGHWRGRORTXHGHSHQGHGHO
SRGHU DMHQR 3RUTXH VL REUD GH RWUD PDQHUD FDHU¡ LQIDOLEOHPHQWH HQ OD VHUYLGXPEUHߢ
>(QTXLULGL³Q @ (Q FXDOTXLHU PRPHQWR \ VLQ SUHYLR DYLVR SRGHPRV SHUGHU QXHVWUDV
SRVHVLRQHVLQWHUUXPSLUQXHVWUDVUXWLQDVHOGRFWRUQRVSXHGHSURKLELUWRPDUFDI©RSRGHPRV
KDOODUQRVHQVLWXDFLRQHVLQF³PRGDV
3RUHVRGHEHPRVIRUWDOHFHUQRVSRQLHQGRDSUXHEDHVWDVGHSHQGHQFLDVDQWHVGHSHUGHUHO
FRQWURO 3XHGHV LQWHQWDU SUHVFLQGLU GH DOJR XQ GD" 3XHGHV VHJXLU XQD GLHWD GXUDQWH XQ
PHV"3XHGHVUHVLVWLUODVJDQDVGHKDFHUHVDOODPDGD"$OJXQDYH]WHKDVED±DGRFRQDJXD
IUD"'HVSX©VGHODVSULPHUDVYHFHVQRHVWDQPDOR$OJXQDYH]WHKDQSUHVWDGRXQFRFKH
QRWDQEXHQRFRPRHOTXHVLHPSUHXVDVSRUTXHHOWX\RHVWDEDHQHOWDOOHU")XHWDQPDOR"
0X©VWUDWH LQYXOQHUDEOH D WX GHSHQGHQFLD GH OD FRPRGLGDG R XQ GD WX YXOQHUDELOLGDG WH
GHELOLWDU¡
GHVHSWLHPEUH
3DUDTX©VRQODVYDFDFLRQHV
(OGHVFDQVRVLQHVWXGLRHVSDUDORVYLYRVPXHUWH\VHSXOWXUD
61(&$(SVWRODVPRUDOHVD/XFLOLR
7H PHUHFHV XQDV YDFDFLRQHV 7UDEDMDV DUGXDPHQWH VDFULILFDV PXFKDV FRVDV WH SUHVLRQDV
(V KRUD GH GHVFDQVDU 6ºEHWH D XQ DYL³Q UHJVWUDWH HQ XQ KRWHO \ YHWH D OD SOD\D SHUR
OO©YDWHXQOLEUR QRXQDOHFWXUDYXOJDUSDUDODSOD\D 'LVIUXWDWXUHODMDFL³QFRPRXQSRHWD
QR RFLRVDPHQWH VLQR DFWLYDPHQWH REVHUYD HO PXQGR D WX DOUHGHGRU DEV³UEHOR WRGR
FRPSUHQGHPHMRUWXOXJDUHQHOXQLYHUVR7³PDWHXQGDOLEUHGHOWUDEDMRGHYH]HQFXDQGR
SHURQRGHDSUHQGHU
4XL]¡WXPHWDHVJDQDUGLQHURVXILFLHQWHSDUDMXELODUWHMRYHQb%LHQSRUWL6LQHPEDUJR
HOPRWLYRGHODMXELODFL³QQRHVYLYLUFRQLQGROHQFLDRSDVDUHOWLHPSR6LQRSURVHJXLUWXV
YHUGDGHURVLQWHUHVHVDKRUDTXHWHTXLWDVWHGHHQFLPDXQDGLVWUDFFL³QWDQJUDQGH6HQWDUVH
WRGRHOGDVLQKDFHUQDGD"9HUODWHOHYLVL³QWRGRHOGDRYLDMDUGHXQOXJDUDRWURSDUD
VHQFLOODPHQWHWDFKDUXELFDFLRQHVGHXQDOLVWD"VDQRHVYLGDWDPSRFRHVOLEHUWDG
GHVHSWLHPEUH
4X©UHYHODU¡ODSURVSHULGDG"
+DVWDODSD]WHSURFXUDU¡PRWLYRVGHWHPRUQRKDEU¡FRQILDQ]DQLVLTXLHUDHQPHGLR
GH OD VHJXULGDG XQD YH] DPHGUHQWDGR HO ¡QLPR HO FXDO WDQ SURQWR FRPR KD
FRQWUDGRODFRVWXPEUHGHOWHPRULQMXVWLILFDGRHVLQFDSD]KDVWDGHSURWHJHUVHGHVX
VHJXULGDG (Q HIHFWR QR WRPD SUHFDXFLRQHV VLQR TXH KX\H DKRUD ELHQ HVWDPRV
P¡VH[SXHVWRVDORVSHOLJURVVLOHVGDPRVODHVSDOGD
61(&$(SVWRODVPRUDOHVD/XFLOLR
+D\XQSURYHUELRDQWLJXRTXHGLFHTXHHOGLQHURQRFDPELDDODJHQWHVLQRTXHHQIDWL]DVX
YHUGDGHUD SHUVRQDOLGDG 6HJºQ 5REHUW &DUR ߡHO SRGHU QR FRUURPSH UHYHODߢ 'H DOJºQ
PRGRODSURVSHULGDGߚILQDQFLHUD\SHUVRQDOߚHVLJXDO
6LKDVGHVDUUROODGRXQDHVSHFLHGH\HVRߚHQHOHMHPSORGH6©QHFDHOK¡ELWRGHHQWUDUHQ
S¡QLFRߚ HQWRQFHV QR LPSRUWD FX¡Q SRVLWLYD VHD WX YLGD (VW¡V SUHSDUDGR SDUD YLYLU HQ
S¡QLFR7XPHQWHHQFRQWUDU¡GHTX©SUHRFXSDUVH\VHJXLU¡VVLHQGRPLVHUDEOH7DOYH]P¡V
SRUTXHDKRUDWLHQHVP¡VTXHSHUGHU
3RUHVRHVLQVHQVDWRGHVHDUWHQHUEXHQDVXHUWH6LYDVDGHVHDUDOJRTXHVHDODIRUWDOH]D
GHFDU¡FWHUTXHSURVSHUDFXDQGRKD\EXHQDVXHUWH2PHMRUHVIX©U]DWHSDUDGHVDUUROODUHVH
FDU¡FWHU \ FRQILDQ]D 3LHQVD HQ FDGD DFFL³Q \ SHQVDPLHQWR FRQVLG©UDORV ODGULOORV SDUD WX
FDU¡FWHULQGHVWUXFWLEOH'HVSX©VHVP©UDWHSDUDGRWDUGHIRUWDOH]DHLPSRUWDQFLDDFDGDXQR
SRUGHUHFKRSURSLR
GHVHSWLHPEUH
7LHQHVODFDUWDGHWULXQIR
&RPR SURFHGD ORV GLRVHV KLFLHURQ TXH GHSHQGLHVH V³OR GH QRVRWURV OR P¡V
SRGHURVR GH WRGR \ OR TXH GRPLQDED OR GHP¡V HO XVR FRUUHFWR GH ODV
UHSUHVHQWDFLRQHV PLHQWUDV TXH OR GHP¡V QR GHSHQGH GH QRVRWURV (V TXH QR
TXHUDQ"$PPHSDUHFHTXHVLKXELHUDQSRGLGRQRVKDEUDQFRQILDGRWDPEL©QODV
RWUDVFRVDVSHURQRSRGDQGHQLQJºQPRGR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
3RGHPRVSHQVDUHQHOGDYHQLGHUR\GHVHVSHUDUQRVSRUODVFRVDVTXHQRFRQWURODPRVDORV
GHP¡VQXHVWUDVDOXGHOFOLPDHOUHVXOWDGRGHXQSUR\HFWRFXDQGRQRVGHVSUHQGHPRVGH©O
2 SRGUDPRV SHQVDU HQ HVH PLVPR GD \ DOHJUDUQRV GH OR TXH V FRQWURODPRV OD
FDSDFLGDGSDUDGHFLGLUHOVLJQLILFDGRGHFXDOTXLHUVXFHVR
/DVHJXQGDDOWHUQDWLYDSUHVHQWDXQSRGHUWRWDOXQDIRUPDGHFRQWUROYHUGDGHUD\MXVWD
6L WXYLHUDV FRQWURO VREUH ODV SHUVRQDV DFDVR ODV SHUVRQDV QR WHQGUDQ FRQWURO VREUH WL
WDPEL©Q"3RUHOFRQWUDULRVHWHKDRWRUJDGRHOSDORGHWULXQIRP¡VMXVWR\ºWLO6LELHQQR
SXHGHVFRQWURODUORVVXFHVRVH[WHUQRVWLHQHVODFDSDFLGDGGHGHFLGLUF³PRUHVSRQGHUDHVRV
VXFHVRV&RQWURODVORTXHFDGDVXFHVRH[WHUQRVXSRQHSDUDWLDQLYHOSHUVRQDO
(VWR LQFOX\H OD GLILFXOWDG TXH HVW¡V H[SHULPHQWDQGR DKRUD PLVPR &RQ HO HQIRTXH
DGHFXDGRGHVFXEULU¡VTXHODFDUWDGHWULXQIRHVP¡VTXHVXILFLHQWH
GHVHSWLHPEUH
7XVQHFHVLGDGHVUHDOHVVRQPQLPDV
3DUD OD FRGLFLD QDGD HV EDVWDQWH SDUD OD QDWXUDOH]D LQFOXVR XQ SRFR HV EDVWDQWH
/XHJR OD SREUH]D QR DFDUUHD QLQJXQD FRQWUDULHGDG D ORV GHVWHUUDGRV HQ HIHFWR
QLQJºQ GHVWLHUUR HV WDQ PVHUR TXH QR VHD I©UWLO GH VREUD SDUD DOLPHQWDU D XQ
KRPEUH
61(&$&RQVRODFL³QD+HOYLD
&RQYLHQHUHIOH[LRQDUVREUHORTXHDQWHVFRQVLGHUDEDVQRUPDO5HFXHUGDWXSULPHUVXHOGROR
JHQHURVRTXHSDUHFDHQWRQFHV2WXSULPHUGHSDUWDPHQWRFRQVXºQLFDKDELWDFL³Q\ED±R
\HOUDPHQTXHJXVWRVRGHYRUDEDVHQODFRFLQD+R\DPHGLGDTXHWHYXHOYHVP¡VH[LWRVR
HVWDV FRQGLFLRQHV QR SDUHFHQ VXILFLHQWHV 'H KHFKR VHJXUR TXLHUHV P¡V GH OR TXH \D
SRVHHV 6LQ HPEDUJR KDFH QR PXFKRV D±RV HVDV FRQGLFLRQHV QILPDV QR V³OR HUDQ
VXILFLHQWHVbHUDQPDUDYLOORVDV
&XDQGR HQFRQWUDPRV HO ©[LWR ROYLGDPRV OR IXHUWHV TXH ©UDPRV (VWDPRV WDQ
DFRVWXPEUDGRVDORTXHWHQHPRVTXHFUHHPRVTXHPRULUDPRVVLQHOOR1RVKDELWXDPRVDOD
FRPRGLGDG(QOD©SRFDGHODVJXHUUDVPXQGLDOHVQXHVWURVSDGUHV\DEXHORVVREUHYLYLHURQ
FRQHOJDVODPDQWHTXLOOD\ODHOHFWULFLGDGUDFLRQDGRV/HVIXHELHQFRPRDWLFXDQGRWHQDV
PHQRV
+R\ UHFXHUGD TXH HVWDUDV ELHQ VL GH UHSHQWH ODV FRVDV VDOLHUDQ PDO 7XV QHFHVLGDGHV
UHDOHV VRQ PQLPDV +D\ PX\ SRFDV FRVDV TXH UHDOPHQWH DPHQD]DUDQ WX VXSHUYLYHQFLD
3L©QVDOR\DGDSWDWXVSUHRFXSDFLRQHV\PLHGRVHQFRQVHFXHQFLD
GHVHSWLHPEUH
1RSXHGHVWRFDUPH
6LPHOOHYDVSRUIXHU]DHOFXHUSRHVWDU¡FRQWLJRSHURHODOPDFRQ(VWLOS³Q
=(11FLWDGRHQ',*(1(6/$(5&,29LGDVGHORVILO³VRIRVP¡VLOXVWUHV
=HQ³Q QR VH DWULEX\H SRGHUHV VHQFLOODPHQWH DILUPD TXH PLHQWUDV VX FXHUSR SXHGD VHU
YFWLPD GH PDOWUDWR OD ILORVRID ߚTXH FXOWLY³ FRQ VX PDHVWUR (VWLOS³Qߚ SURWHJH D VX
PHQWH FRQ XQD IRUWDOH]D LQWHUQD FX\DV UHMDV QXQFD SXHGHQ URPSHUVH GHVGH IXHUD V³OR
FHGHUVH
5XELQߡ+XUULFDQHߢ&DUWHUHOER[HDGRUDFXVDGRGHKRPLFLGLRTXHSDV³FDVLYHLQWHD±RV
HQODF¡UFHOGLMRߡ1RUHFRQR]FRODH[LVWHQFLDGHODF¡UFHO3DUDPQRH[LVWHߢ3RUVXSXHVWR
ODF¡UFHOH[LVWD\©OHVWXYRSUHVRSHURVHQHJDEDTXHVXPHQWHWDPEL©QORHVWXYLHUD
3RVHHV HVH SRGHU (VSHUHPRV TXH QXQFD WHQJDV TXH HPSOHDUOR HQ XQD VLWXDFL³Q GH
YLROHQFLD R XQD LQMXVWLFLD JUDYH 1R REVWDQWH OR WLHQHV D WX DOFDQFH SDUD FXDOTXLHU
DGYHUVLGDG6LQLPSRUWDUORTXHOHSDVHDWXFXHUSRVLQLPSRUWDUORTXHHOPXQGRH[WHULRUWH
LQIOLMD WX PHQWH SXHGH SHUPDQHFHU ILORV³ILFD (V WX\D HV LQWRFDEOH HQWRQFHV GH DOJºQ
PRGRWºWDPEL©Q
2FWXEUH
ߧ
9LUWXG\ERQGDG
GHRFWXEUH
'DOHULHQGDVXHOWDDODYLUWXG
6LODOODPDGHXQYHO³QFRQWLQºDDOXPEUDQGRKDVWDWDQWRTXHVHDSDJXHVLQFHVDU
GHGHVSHGLUVXUHVSODQGRUODVLQFHULGDGODMXVWLFLDODWHPSODQ]DYDQDH[WLQJXLUVH
HQWLDQWHVGHPRULU"
0$5&2$85(/,20HGLWDFLRQHV
,JXDO TXH +HU¡FOLWR 6©QHFD GLFH TXH ߡQRVRWURV QRV HQFHQGHPRV \ QRV DSDJDPRVߢ
>(SVWRODVPRUDOHV@/DOX]GHODUD]³QFXEUHHOXQLYHUVR<DVHDTXHODPHFKDGHWX
O¡PSDUDHVW©HQFHQGLGDSRUSULPHUDYH]GHVSX©VGHXQSHULRGRGHRVFXULGDGLQFOXVRDQWHV
GHOSURORQJDGRVXH±RSURYHUELDOQRLPSRUWD
$TXHVW¡VDKRUD\HVXQEXHQOXJDUSDUDGDUULHQGDVXHOWDDODYLUWXG\SHUPLWLUOHTXH
EULOOHGXUDQWHWRGDWXYLGD
GHRFWXEUH
(ODFWLYRP¡VYDOLRVR
(O VDELR QDGD SXHGH SHUGHU WRGR OR KD EDVDGR HQ V PLVPR QR FRQID QDGD D OD
VXHUWH WLHQH VXV ELHQHV HQ XQ OXJDU VHJXUR FRQWHQWR FRQ VX YLUWXG TXH QR WLHQH
QHFHVLGDGGHORIRUWXLWR\SRUWDQWRQRSXHGHDXPHQWDUQLPHQJXDU
61(&$6REUHODILUPH]DGHOVDELR
$OJXQRV LQYLHUWHQ VX GLQHUR HQ ELHQHV DFFLRQHV ERQRV SURSLHGDGHV 2WURV LQYLHUWHQ HQ
UHODFLRQHVSHUVRQDOHVRORJURVFRQODVHJXULGDGGHTXHSXHGHQUHFXUULUDHOORVFRPRRWURV
SXHGHQ UHWLUDU IRQGRV GH XQD FXHQWD EDQFDULD 3DUD 6©QHFD OD WHUFHUD FODVH GH SHUVRQDV
LQYLHUWHHQHOODVPLVPDVHQVHUEXHQDV\VHQVDWDV
'HHVWRVDFWLYRVFX¡OHVP¡VLQPXQHDODVIOXFWXDFLRQHVGHOPHUFDGR\ORVGHVDVWUHV"
&X¡OHVP¡VUHVLOLHQWHGHFDUDDODVGLILFXOWDGHV"/DSURSLDYLGDGH6©QHFDHVXQHMHPSOR
LQWHUHVDQWH&RPRDPLJRGHOHPSHUDGRUDFXPXO³XQDIRUWXQDSHURDPHGLGDTXH1HU³QVH
IXH GHVTXLFLDQGR FDGD YH] P¡V 6©QHFD VH GLR FXHQWD GH TXH GHED DOHMDUVH GH ©O /H
SURSXVRD1HU³QFHGHUOHWRGRVXGLQHUR\UHJUHVDUOHVXVUHJDORVDFDPELRGHOLEHUWDGWRWDO
$OILQDO1HU³QUHFKD]³VXRIHUWD(QWRGRFDVR6©QHFDVHIXHVHUHWLU³HQUHODWLYDSD]
+DVWDTXHXQGDDFXGLHURQORVYHUGXJRVFRQXQGHFUHWRPRUWDO(QHVHPRPHQWRHQTX©
VH DSR\³ 6©QHFD" 1R HQ VX GLQHUR QL HQ VXV DPLJRV TXLHQHV DXQTXH WHQDQ EXHQDV
LQWHQFLRQHVHUDQXQDIXHQWHFRQVLGHUDEOHGHSHVDU\ODPHQWDFLRQHV6HDSR\³HQVXYLUWXG\
VXIXHU]DLQWHULRU
)XHHOPRPHQWRP¡VGLIFLOGH6©QHFDHOºOWLPR\PDJQILFR
GHRFWXEUH
8QPDQWUDGHLQWHUGHSHQGHQFLDPXWXD
&RQVLGHUDDPHQXGRODFRKHVL³QGHWRGDVODVFRVDVTXHH[LVWHQHQHOPXQGR\OD
QWLPDUHODFL³QGHODVXQDVFRQODVRWUDV(QFLHUWRVHQWLGRVHHQOD]DQHQWUHV\SRU
HVWH UHVSHFWR VH FRPXQLFDQ DPLJDEOHPHQWH /DV XQDV GHSHQGHQ GH ODV RWUDV D
FDXVDGHOPRYLPLHQWRRUGHQDGRGHORUGHQSHUIHFWR\GHODXQL³QGHODPDWHULD
0$5&2$85(/,20HGLWDFLRQHV
$OJXQD YH] $QQH /DPRWW PDQLIHVW³ TXH WRGRV ORV HVFULWRUHV ߡVRQ ULDFKXHORV TXH IOX\HQ
KDFLDXQODJRߢTXHWRGRVFRQWULEX\HQDOPLVPRSUR\HFWRP¡VDPSOLR(VHOPLVPRFDVRHQ
PXFKDV LQGXVWULDV DXQTXH ODPHQWDEOHPHQWH LQFOXVR GHQWUR GH XQD PLVPD HPSUHVD HO
HJRVPRGHDOJXQRVORVLQGXFHDROYLGDUTXHWUDEDMDQMXQWRV&RPRVHUHVKXPDQRVWRGRV
UHVSLUDPRVORV¡WRPRVTXHFRQVWLWX\HURQDQXHVWURVDQFHVWURV\TXHUHJUHVDU¡QDODPLVPD
WLHUUDFXDQGRPXUDPRV
/RVHVWRLFRVQRVHFDQVDURQGHUHFRUGDUODLQWHUFRQHFWLYLGDGGHODYLGD7DOYH]SRUTXH
OD YLGD HQ *UHFLD \ 5RPD HUD SDUWLFXODUPHQWH VHYHUD $QLPDOHV \ VHUHV KXPDQRV HUDQ
VDFULILFDGRV VLQ PRWLYR SDUD GLYHUWLU D ODV PDVDV HQ HO &ROLVHR VXFHVRV TXH ORV HVWRLFRV
UHSUREDURQ 6HFRQTXLVWDEDQQDFLRQHV\VXVFLXGDGDQRVHUDQYHQGLGRVFRPRHVFODYRVSDUD
H[SDQGLUHOLPSHULR LQXWLOLGDGTXHWDPEL©QORVHVWRLFRVODPHQWDURQ (VWDFODVHGHFUXHOGDG
HV SRVLEOH FXDQGR ROYLGDPRV OR FHUFDQRV TXH VRPRV D QXHVWURV SU³MLPRV \ DO PHGLR
DPELHQWH
+R\W³PDWHXQPRPHQWRSDUDUHFRUGDUTXHHVWDPRVFRQHFWDGRV\TXHFDGDXQRWLHQHXQ
SDSHO EXHQRPDORIHR HQHVWHPXQGR
GHRFWXEUH
8QRSDUDWRGRV\WRGRVSDUDXQR
/RTXHQRHVºWLODODFROPHQDQRORHVWDPSRFRDODDEHMD
0$5&2$85(/,20HGLWDFLRQHV
(QHOFRQFHSWRHVWRLFRGHV\PSDWKHLDHVLQKHUHQWHODQRFL³QGHXQFRVPRVLQWHUFRQHFWDGR
HQHOTXHWRGRORTXHH[LVWHHQHOXQLYHUVRHVSDUWHGHXQWRGRP¡VDPSOLR0DUFR$XUHOLR
IXHXQRGHORVSULPHURVHVFULWRUHVHQDUWLFXODUODQRFL³QGHFRVPRSROLWLVPRUHILUL©QGRVHD
XQFLXGDGDQRGHOPXQGRQRV³ORGH5RPD
/DQRFL³QGHTXHHUHVXQDDEHMDHQXQDFROPHQDHVXQUHFRUGDWRULRGHHVWDSHUVSHFWLYD
0¡VWDUGH0DUFR$XUHOLRLQFOXVRDILUP³ORFRQWUDULRDHVDLGHDHQVXV0HGLWDFLRQHV SDUD
QRROYLGDUORߡ/RTXHQRHVQRFLYRDODFLXGDGQRSHUMXGLFDWDPSRFRDOFLXGDGDQRߢ>@
(OVLPSOHKHFKRGHTXHDOJRVHDQRFLYRSDUDWLQRTXLHUHGHFLUTXHORVHDSDUDWRGRV
4XH DOJR WH EHQHILFLH GHILQLWLYDPHQWH QR TXLHUH GHFLU TXH EHQHILFLH D WRGRV /RV
LQYHUVLRQLVWDVDSXHVWDQSRUODFDGDHVWUHSLWRVDGHODHFRQRPDVXVJDQDQFLDVGHSHQGHQGH
TXH WRGR \ WRGRV IUDFDVHQ (VR TXLHUHV VHU" 8Q EXHQ HVWRLFR HQWLHQGH TXH ORV LPSXOVRV
DGHFXDGRV\ODVDFFLRQHVFRUUHFWDVTXHGH©OVHGHULYDQVXSRQHQHOELHQSDUDODFRPXQLGDG
HVGHFLUXQEHQHILFLRSDUDXQDSHUVRQDVHQVDWD$ODLQYHUVDODVDFFLRQHVEXHQDV\VHQVDWDV
GHODFRPXQLGDGVRQEHQ©ILFDVSDUDHOLQGLYLGXR
GHRFWXEUH
/DVSDODEUDVQRVHSXHGHQUHWLUDU
(VPHMRUWURSH]DUFRQORVSLHV\FDHUTXHQRFRQODERFD
=(11FLWDGRHQ',*(1(6/$(5&,29LGDVGHORVILO³VRIRVP¡VLOXVWUHV
&XDQGRWHFDHVWHSXHGHVOHYDQWDUSHURUHFXHUGDQRSXHGHVUHWLUDUORTXHKDVGLFKR6REUH
WRGRVLVHWUDWDGHDOJRFUXHOHKLULHQWH
GHRFWXEUH
&XLG©PRQRVORVXQRVDORVRWURV
(VFRQIRUPHDODQDWXUDOH]DURGHDUGHDIHFWRDORVDPLJRV\DOHJUDUVHGHOSURJUHVR
GHHOORVFRPRGHOSURSLRSRUTXHVLWDOQRKLFL©UDPRVWDPSRFRSHUPDQHFHUDILUPH
HQQRVRWURVODYLUWXGTXHPDQWLHQHHOYLJRUHMHUFLW¡QGRVH
61(&$(SVWRODVPRUDOHVD/XFLOLR
8QDGHODVFRVDVP¡VGLIFLOHVHVVHUWHVWLJRVGHOWULXQIRGHRWURVVREUHWRGRVLQRVRWURVQR
HVWDPRV SURVSHUDQGR (Q QXHVWUDV PHQWHV GH FD]DGRUHVUHFROHFWRUHV VRVSHFKDPRV TXH OD
YLGDHVߡVXPDFHURߢSDUDTXHDOJXLHQWHQJDP¡VQRVRWURVGHEHPRVWHQHUPHQRV
6LQ HPEDUJR FRPR WRGR OR UHIHUHQWH D OD ILORVRID OD HPSDWD \ HO GHVLQWHU©V VRQ
FXHVWL³Q GH SU¡FWLFD &RPR DGYLUWL³ 6©QHFD HV SRVLEOH ߡFHOHEUDU WRGRV VXV WULXQIRV \
FRQPRYHUVH SRU VXV IUDFDVRVߢ $V REUD XQD SHUVRQD YLUWXRVD DSUHQGH D FHOHEUDU ORV
WULXQIRV GH ORV GHP¡V ߚLQFOXVR VL VRQ D FRVWD VX\Dߚ \ D SUHVFLQGLU GH ORV FHORV \ ODV
FRQGXFWDVSRVHVLYDV7ºWDPEL©QSXHGHVKDFHUOR
GHRFWXEUH
8QPRWLYRHJRVWDSDUDVHUEXHQR
(O TXH SHFD SHFD FRQWUD V HO TXH FRPHWH XQD LQMXVWLFLD VH OD KDFH D V PLVPR
KDFL©QGRVHGD±R
0$5&2$85(/,20HGLWDFLRQHV
/DSU³[LPDYH]TXHKDJDVDOJRPDOLQWHQWDUHFRUGDUF³PRWHVHQWLVWH5DUDYH]XQRGLFH
ߡb0HVHQWGHPDUDYLOODߢ
+D\XQPRWLYRSRUHOTXHVHVXHOHHQFRQWUDUY³PLWRHQODVHVFHQDVGHOFULPHQ(QYH]
GHODFDWDUVLVTXHHOFULPLQDOFUHDTXHLEDDH[SHULPHQWDUGHVSX©VGHSHUPLWLUVHSHUGHUHO
FRQWURORYHQJDUVHWHUPLQDYRPLWDQGR6HQWLPRVDOJRVLPLODUDOPHQWLUKDFHUWUDPSDRDO
SHUMXGLFDUDDOJXLHQ
$VTXHHQHVHLQVWDQWHDQWHVGHTXHKDJDQHIHFWRORVEHQHILFLRVLOFLWRVGHWXVDFFLRQHV
SUHJXQWD&³PRPHVLHQWR"9DOHODSHQDHVDVHQVDFL³QGHPLHGRHQODJDUJDQWDFXDQGR
VRVSHFKDVTXHWHYDQDGHVFXEULU"
/D FRQVFLHQFLD GH XQR PLVPR \ OD PDOGDG QR VXHOHQ LU GH OD PDQR 6L QHFHVLWDV XQ
PRWLYRHJRVWDSDUDQRKDFHUHOPDOSRQWHHQFRQWDFWRFRQHVRVVHQWLPLHQWRVVRQXQIDFWRU
GLVXDVRULRHIHFWLYR
GHRFWXEUH
8QSODFHUVXSHULRU
<TX©SXHGHKDEHUP¡VDJUDGDEOHTXHVHJXLU>WXQDWXUDOH]D@"3XHVHOSODFHUQR
QRV HQJD±D DFDVR FRQ HVWH PLVPR FHER GHO JXVWR" b(D H[DPLQD SXHV VL QR
VHU¡Q FRVDV P¡V SODFHQWHUDV OD PDJQDQLPLGDG OD OLEHUWDG OD UHFWLWXG OD
EHQHYROHQFLDODSLHGDG<HQFXDQWRDODVDELGXUDKD\DOJRP¡VDJUDGDEOHVLVH
SLHQVD TX© VHJXULGDG TX© SURVSHULGDG SURFXUD HQ WRGDV ODV RFDVLRQHV OD IDFXOWDG
GHODREVHUYDFL³Q\GHODLQWHOLJHQFLD"
0$5&2$85(/,20HGLWDFLRQHV
1DGLHSXHGHDUJXPHQWDUTXHHOSODFHUQRVHVLHQWHELHQ3RUGHILQLFL³QORKDFH
1RREVWDQWHORTXH0DUFR$XUHOLRQRVUHFXHUGDKR\ߚDVFRPRVHORUHFRUG³©OPLVPR
ߚ HV TXH GLFKRV SODFHUHV GLIFLOPHQWH VH HTXLSDUDQ FRQ OD YLUWXG /D GRSDPLQD GH OD
GHVFDUJDRFDVLRQDGDSRUHOVH[RHVPRPHQW¡QHD$OLJXDOTXHHORUJXOORGHXQORJURRHO
DSODXVRFRUGLDOGHXQDPXOWLWXG(VWRVSODFHUHVVRQLQWHQVRVSHURVHHVIXPDQ\QRVGHMDQ
TXHULHQGR P¡V 4X© SHUGXUD \ SHUPDQHFH GHQWUR GH QXHVWUR FUFXOR GH FRQWURO " /D
VDELGXUDHOEXHQFDU¡FWHUODVREULHGDG\ODERQGDG
GHRFWXEUH
(VWDEOHFHSDXWDV\VJXHODV
$VVHMX]JDQ\VHSHVDQORVDVXQWRVGHVSX©VGHGLVSRQHUORVF¡QRQHV\HQHVR
FRQVLVWHHOILORVRIDUHQREVHUYDU\DVHJXUDUORVF¡QRQHV\OXHJRHOVHUYLUVHGHOR
FRQRFLGR\DHVWDUHDGHOKRPEUHEXHQR\KRQUDGR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(QHOWUDQVFXUVRGHOGDUHVSRQGHPRV\UHDFFLRQDPRVDODVFRVDVQRREVWDQWHHVUDURTXH
KDJDPRVXQDSDXVDSDUDSUHJXQWDUQRV/RTXHHVWR\DSXQWRGHKDFHUHVFRQVLVWHQWHFRQ
PLVSULQFLSLRV"0HMRUDºQ/DSHUVRQDTXHPHJXVWDUDVHUKDUDHVWR"
(OSXQWRHVHVWDEOHFHUSDXWDV\QRVDFULILFDUODV&XDQGRWHODYDVORVGLHQWHVHOLJHVDWXV
DPLJRVSLHUGHVODSDFLHQFLDWHHQDPRUDVOHHQVH±DVDWXKLMRRVDFDVDSDVHDUDWXSHUUR
WRGDV©VWDVVRQRSRUWXQLGDGHV
1RVHWUDWDGH4XLHURKDFHUHOELHQ©VWHHVXQSUHWH[WRVLQR4XLHURKDFHUHOELHQHQ
HVWDVLWXDFL³QHQSDUWLFXODUDKRUDPLVPR,PS³QXQDQRUPDDI©UUDWHDHOOD(VWRGR
GHRFWXEUH
5HYHUHQFLD\MXVWLFLD
'HMDGHODGRWRGRORSDVDGRFRQIDORIXWXURDODSURYLGHQFLD\HQGHUH]DORSUHVHQWH
VHJºQODSLHGDG\ODMXVWLFLDVHJºQODSLHGDGDILQGHDEUD]DUI©UYLGDPHQWHFXDQWR
WH IXHUH GLVSHQVDGR SXHVWR TXH OD QDWXUDOH]D WH OR GHVWLQ³ D WL SDUD HOOR VHJºQ OD
MXVWLFLDSDUDTXHOLEUHPHQWH\VLQWUDEDVGLJDVODYHUGDG\REUHVFRQIRUPHDODOH\\
DOP©ULWRGHOREMHWR
0$5&2$85(/,20HGLWDFLRQHV
6HJºQFXHQWD$XOR*HOLRDOJXQDYH](SLFWHWRGHFODU³ߡ$VߨTXLHQWLHQHJUDEDGDVHQVX
FRUD]³QHVWDVGRVSDODEUDV\SURFXUDREVHUYDUODV\FRQWURODUVHDVPLVPRHVHWDOFRPHWHU¡
SRFRV HUURUHV \ YLYLU¡ XQD YLGD PX\ VRVHJDGDߨ FRQWHQWH \ DEVWHQWHߢ >1RFKHV ¡WLFDV
@(VPX\EXHQFRQVHMR6LQHPEDUJRTX©SULQFLSLRVGHEHUDQGLFWDUHQTX©FRVDV
SHUVLVWLU\HQTX©RWUDVUHVLVWLU"
0DUFR$XUHOLRQRVEULQGDODUHVSXHVWDODUHYHUHQFLD\ODMXVWLFLD(QRWUDVSDODEUDVOD
YLUWXG
GHRFWXEUH
/DKRQHVWLGDGSRUGHIHFWR
b4X© SHUYHUVR \ ILQJLGR HV HO TXH GLFH \R KH GHFLGLGR FRQGXFLUPH OLPSLDPHQWH
FRQWLJRߚ4X©KDFHVSREUHDPLJRPR"1RHVQHFHVDULRDQGDUVHSRUODVUDPDV
(VWRVHYHU¡SRUVPLVPRGHEHOHHUVHHQWXURVWURLQPHGLDWDPHQWHVXHQDHVWRHQ
WXYR]DOSXQWRVHPDQLILHVWDHQWXVRMRVDVFRPRODSHUVRQDDPDGDFRQRFHWRGR
DO LQVWDQWH HQ ODV PLUDGDV GH VXV DPDQWHV (Q VXPD HO KRPEUH UHFWR \ YLUWXRVR
GHEHVHUWDOFXDOHVHOTXHKXHOHDVREDTXLQDGHPDQHUDTXHTXLHQVHOHDFHUFDUH
VLHQWDߨORTXHHVHQUHDOLGDG
0$5&2$85(/,20HGLWDFLRQHV
7RGRVKHPRVUHFXUULGRDIUDVHVDVߡ9R\DVHUKRQHVWRߨߢߡ1RTXLHURRIHQGHUWHSHURߨߢ
6HDQH[SUHVLRQHVYDFDVRQRVXVFLWDQODSUHJXQWDVLWLHQHVTXHDQWHFHGHUWXVFRPHQWDULRV
FRQLQGLFDFLRQHVGHKRQHVWLGDG\IUDQTXH]DTX©KD\GHWRGRORGHP¡VTXHGLFHV"6LGLFHV
TXHDKRUDHVW¡VVLHQGRKRQHVWRTXLHUHGHFLUTXHQRUPDOPHQWHQRORHUHV"
4X©WDOVLHQFDPELRFXOWLYDUDVXQDYLGD\UHSXWDFL³QFX\DKRQHVWLGDGIXHUDLJXDOGH
FRQILDEOHTXHXQDFDUWDGHUHFRPHQGDFL³QGH+DFLHQGDLJXDOGHHQI¡WLFD\H[SOFLWDTXHXQ
FRQWUDWRLJXDOGHSHUPDQHQWHTXHXQWDWXDMH"1RV³ORWHHYLWDUDUHFXUULUDFRQILUPDFLRQHV
TXHRWUDJHQWHPHQRVHVFUXSXORVDHPSOHDWDPEL©QWHKDU¡XQDPHMRUSHUVRQD
GHRFWXEUH
6LHPSUHHODPRU
'LFH+HFDW³Qߡ<RWHGHVFXEULU©XQPRGRGHSURYRFDUHODPRUVLQILOWURP¡JLFRVLQ
KLHUEDVVLQHQVDOPRVGHKHFKLFHUDDOJXQDVLTXLHUHVVHUDPDGRDPDߢ
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q %DUEDUD -RUGDQ VH GLULJL³ D OD &RQYHQFL³Q 1DFLRQDO 'HP³FUDWD \ FHQVXU³ OD
DYDULFLD HO HJRVPR \ ODV GLYLVLRQHV GH OD G©FDGD SUHYLD /D JHQWH HVWDED HVSHUDQGR XQ
FDPELRߡ4X©WLSRGHFDPELR"7UDQVIRUPDUHVHHQWRUQRSRURWURTXHVHFDUDFWHULFHSRUXQD
GHYRFL³QDOLQWHU©VSºEOLFRDOVHUYLFLRODWROHUDQFLD\HODPRU(ODPRUHODPRUHODPRUߢ
(ODPRUHODPRUHODPRUHODPRU3RUTX©"(QSDODEUDVGH7KH%HDWOHVSRUTXHߡDO
ILQDO HO DPRU TXH UHFLEHV HTXLYDOH DO DPRU TXH GDVߢ 1R V³OR HQ OD SROWLFD \ HQ OD
WROHUDQFLDWDPEL©QHQQXHVWUDYLGDSULYDGD&DVLQRH[LVWHQVLWXDFLRQHVHQODVTXHHORGLR
D\XGH3RUHOFRQWUDULRFDVLWRGDVODVVLWXDFLRQHVPHMRUDQJUDFLDVDODPRUߚRODHPSDWD
OD FRPSUHQVL³Q OD DSUHFLDFL³Qߚ LQFOXVR DTXHOODV HQ GRQGH HVW¡V HQ GHVDFXHUGR FRQ
DOJXLHQ
4XL©QVDEHDORPHMRUUHFLEDVDFDPELRXQSRFRGHDPRU
GHRFWXEUH
/DYHQJDQ]DHVXQSODWRTXHHVPHMRUQRVHUYLU
/DPHMRUIRUPDGHYHQJDUWHGHORVTXHWHLQMXULDQHVTXHQROHVOLPLWHV
0$5&2$85(/,20HGLWDFLRQHV
b&X¡QWR P¡V DGHFXDGR HV DUUHJODU XQ XOWUDMH TXH YHQJDUOR /D YHQJDQ]D FRQVXPH
PXFKR WLHPSR VH H[SRQH D PXFKRV XOWUDMHV PLHQWUDV VH GXHOH GH XQR VROR WRGRV
HVWDPRVDLUDGRVPXFKRP¡VWLHPSRGHOTXHHVWDPRVDJUDYLDGRVb&X¡QWRPHMRUHV
VDOLUSRUHOODGRFRQWUDULR\QRSRQHUGHIHFWRVDGHIHFWRV
61(&$6REUHODLUD
'LJDPRVTXHDOJXLHQWHKDWUDWDGRPDO'LJDPRVTXHDVFHQGLHURQDDOJXLHQ\QRDWLSRUTXH
HVDSHUVRQDVHDSURSL³HOFU©GLWRGHWXWUDEDMRRKL]RDOJRGHVKRQHVWR(VQDWXUDOSHQVDU
$VIXQFLRQDHOPXQGRR$OJºQGDPHWRFDU¡KDFHUDOJRDVRORP¡VIUHFXHQWH0HYR\D
YHQJDU 6LQ HPEDUJR VRQ ODV SHRUHV UHVSXHVWDV SRVLEOHV IUHQWH D HVWD FODVH GH FRQGXFWD
UHSUREDEOH
7DQWR 0DUFR $XUHOLR FRPR 6©QHFD HVFULELHURQ TXH OD UHVSXHVWD DGHFXDGD ߚOD PHMRU
YHQJDQ]DߚHVQRYHQJDUVH6LDOJXLHQWHWUDWDPDO\WºUHVSRQGHVLJXDOQRKDVKHFKRP¡V
TXHGHPRVWUDUTXHVXVDFFLRQHVHVWXYLHURQMXVWLILFDGDV6LUHVSRQGHVODGHVKRQHVWLGDGFRQ
GHVKRQHVWLGDGDGLYLQDTX©"'HPXHVWUDVTXHWRGRHOPXQGRPLHQWH
0HMRU EXVTXHPRV HVWDU SRU HQFLPD GH ODV FRVDV TXH QRV GHFHSFLRQDQ R ODVWLPDQ
,QWHQWHPRV VHU HO HMHPSOR TXH TXLVL©UDPRV TXH ORV GHP¡V VLJXLHUDQ (V KRUULEOH KDFHU
WUDPSDVHUHJRVWDVHQWLUODQHFHVLGDGGHLQIOLJLUGRORUDQXHVWURSU³MLPR3RURWUDSDUWH
YLYLUPRUDOPHQWH\ELHQHVPX\DJUDGDEOH
GHRFWXEUH
1RWHHQRMHVD\XGD
7HLUULWDVDFDVRFRQWUDHOTXHKLHGHDVREDTXLQD"7HLUULWDVFRQWUDHOTXHGHVSLGH
PDODOLHQWR"<TX©TXLHUHVTXHKDJD"(OXQRWLHQHDVODERFDHORWURGHWDOVXHUWH
ORVVREDFRVHVLQHYLWDEOHTXHVLHQGRDVVHGHVSUHQGDQGHWDOHVH[KDODFLRQHV
ߚ3HURHOKRPEUHߚDUJX\HHORWURߚHVW¡GRWDGRGHUD]³QSXHGHVLUHIOH[LRQD
WHQHUFRQFLHQFLDGHODIDOWDHQTXHLQFXUUH
ߚb6HDHQEXHQDKRUD3HURWºSDUWLFLSDVWDPEL©QGHUD]³Q([FLWDSXHVFRQOD
IDFXOWDGSHUVXDVLYDVXIDFXOWDGUD]RQDEOH
3HUVX¡GHVHOR DYVDOH 6L TXLHUH RUWH OR FXUDU¡V VLQ QHFHVLGDG GH PRQWDU HQ
F³OHUD
0$5&2$85(/,20HGLWDFLRQHV
+D\ XQD SHUVRQD VHQWDGD D WX ODGR HQ HO DYL³Q TXLHQ KDEOD HQ YR] DOWD \ WUDQVJUHGH WX
HVSDFLRDTXHOODSRUODTXHUHFKLQDVORVGLHQWHVDTXLHQRGLDVGHVGHODSURIXQGLGDGGHWX
DOPDSRUTXHHVLUUHVSHWXRVDLJQRUDQWH\GHVDJUDGDEOH(QHVWDVVLWXDFLRQHVTXL]¡WHG©OD
LPSUHVL³QGHTXHWLHQHVTXHFRQWURODUWHFRQWRGDVWXVIXHU]DVSDUDQRDVHVLQDUOD
(VFXULRVRTXHSULPHURUHDFFLRQHPRVDVDQWHVGHSRUHMHPSORSHGLUOHFRUW©VPHQWHTXH
QRKDJDUXLGRRSHGLUTXHQRVFDPELHQGHDVLHQWR3UHIHULPRVHQRMDUQRVVHQWLUUHQFRUTXH
QRVKLHUYDODVDQJUHDQWHVGHWHQHUXQDFRQYHUVDFL³QLQF³PRGDTXHGHKHFKROHD\XGHD
HVD SHUVRQD D KDFHU GH ©VWH XQ PXQGR PHMRU 1R V³OR TXHUHPRV TXH ORV GHP¡V VHDQ
PHMRUHV DGHP¡V HVSHUDPRV TXH VXFHGD FRPR SRU DUWH GH PDJLD FRPR VL FRQ QXHVWUD
PLUDGDDVHVLQDSXGL©UDPRVPRWLYDUFDPELRVHQODRWUDSHUVRQD
$XQTXHYLVWRDVXQRVHSUHJXQWDTXL©QHVHOLUUHVSHWXRVR
GHRFWXEUH
2WRUJDHOEHQHILFLRGHODGXGD
3HUVX¡GHWHTXH WRGR HVRSLQL³Q \ TXH ODRSLQL³Q SHQGH GHWL %RUUD SXHV FXDQGR
TXLHUDV WX RSLQL³Q \ FRPR QDYR TXH GREO³ XQ FDER HQFRQWUDU¡V DO SXQWR EXHQ
WLHPSRWRGRVORVHOHPHQWRVFDOPDGRV\XQJROIRVLQRODV
0$5&2$85(/,20HGLWDFLRQHV
$OJXQD YH] HO MXH] GH OD 6XSUHPD &RUWH GH -XVWLFLD GH (VWDGRV 8QLGRV 2OLYHU :HQGHOO
+ROPHVGHFODU³ߡ,QFOXVRXQSHUURGLVWLQJXHHQWUHXQDSDWDGD\XQWURSLH]Rߢ6LDOJXQDYH]
KDV SLVDGR D WX SHUUR SRU DFFLGHQWH VDEHV TXH VX SULPHUD UHDFFL³Q HV ODGUDU DXOODU R
HQVH±DUORVGLHQWHV(QHVHLQVWDQWHQRGLVWLQJXHQDGDV³ORVLHQWHGRORU&XDQGRYHTXL©Q
IXHHVFXFKDWXYR]UHFRQIRUWDQWHYXHOYHDPRYHUODFROD
8QD SHUVRQD YLUWXRVD QR VH DGHODQWD D HPLWLU MXLFLRV SUHFLSLWDGRV VREUH ORV GHP¡V HV
JHQHURVDFRQVXVVXSRVLFLRQHVDVXPHTXHIXHXQDFFLGHQWHTXHODRWUDSHUVRQDQRVDED
TXHQRYROYHU¡DSDVDU(VWRKDFHTXHODYLGDVHDP¡VVRSRUWDEOH\QRVKDFHP¡VWROHUDQWHV
0LHQWUDV WDQWR DVXPLU TXH ODV FRVDV VH KDFHQ SRU PDOLFLD ߚXQD GH ODV RSLQLRQHV P¡V
SUHFLSLWDGDVߚKDFHTXHWRGRVHDP¡VGLIFLOGHVRSRUWDU
6© UHIOH[LYR \ FRPSUHQVLYR HQ WXV VXSRVLFLRQHV \ FRPR GLMR 0DUFR $XUHOLR
HQFRQWUDU¡VWRGRVORVHOHPHQWRVFDOPDGRV\XQJROIRVLQRODV
GHRFWXEUH
3DVDODYR]
>+D\DOJXQRV@HVSULWXV¡YLGRVHQDVLPLODUODYLUWXGRIHFXQGRVHQSURGXFLUOD3RUHO
FRQWUDULRDORVTXHHVW¡QHPERWDGRVLQVHQVLEOHVRHVFODYL]DGRVSRUPDORVK¡ELWRV
OHVKDGHTXLWDUODKHUUXPEUHGHODOPDUHVWUHJ¡QGRODODUJRWLHPSRߨGHOPLVPRPRGR
TXHDORVSURSHQVRVKDFLDODYLUWXGORVHOHYDKDVWDODSHUIHFFL³QHOTXHOHVHQVH±D
ORVSULQFLSLRVILORV³ILFRVDVWDPEL©Q©VWHD\XGDU¡DORVP¡VG©ELOHV\ORVOLEUDU¡GH
IDOVRVSUHMXLFLRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
(OHVWRLFLVPRQRHVXQDUHOLJL³QHYDQJ©OLFD1RHVW¡VREOLJDGRDVDOYDUDQDGLHQRFRUUHVHO
ULHVJRGHWHUPLQDUHQHOLQILHUQRVLWXDOPDVHRSRQHDUHFLELUODVHQVH±DQ]DVGH(SLFWHWRR
0DUFR$XUHOLR6LQHPEDUJR\DTXHKDVDSUHQGLGR\HVWXGLDGRXQPHMRUFDPLQRSXHGHV
D\XGDU D ORV GHP¡V 3XHGHV FRPSDUWLU WX VDELGXUD R UHIOH[LRQHV FRQ XQ DPLJR R
GHVFRQRFLGRUHFXHUGDTXHSUHGLFDUFRQHOHMHPSORVLHPSUHHVPHMRUTXHGDUXQDFODVH
7RGRV PHUHFHQ EHQHILFLDUVH GH ORV ߡSULQFLSLRV ILORV³ILFRVߢ FRPR GLMR 6©QHFD 6L
LGHQWLILFDVDDOJXLHQTXHQHFHVLWHD\XGDRWHKDSHGLGRTXHORJXHVKD]OR(VORPQLPR
TXHSXHGHVKDFHU
GHRFWXEUH
(OEHQHILFLRGHODERQGDG
4XH WX IDYRU TXHGH SXHVWR GHO PLVPR PRGR TXH XQ WHVRUR SURIXQGDPHQWH
HQWHUUDGRTXHQRKD\TXHGHVHQWHUUDUVLQRHVSUHFLVRߨ/DQDWXUDOH]DPHRUGHQD
D\XGDUDORVKRPEUHVߨ'RQGHTXLHUDTXHKD\XQKRPEUHKD\OXJDUSDUDHOIDYRU
61(&$6REUHODYLGDIHOL]
/DSULPHUDSHUVRQDTXHHQFXHQWUHVKR\ߚXQFRQRFLGRRDPLJRߚVLQLPSRUWDUHOFRQWH[WR
ߚSRVLWLYRRQHJDWLYRߚHVXQDRSRUWXQLGDGSDUDVHUERQGDGRVRRVHJºQRWURVWUDGXFWRUHV
TXHKDQLQWHUSUHWDGRHVWHIUDJPHQWRGH6©QHFDHVXQDRSRUWXQLGDGSDUDEHQHILFLDUVHHQWUH
DPERV3XHGHVFRPSUHQGHUVXVFLUFXQVWDQFLDVSXHGHVHQWHQGHUTXL©QHVTX©QHFHVLWD\TX©
IXHU]DVRLPSXOVRVORPRWLYDQ3XHGHVWUDWDUORELHQ\VDOLUEHQHILFLDGRSRUHOOR
4XHVHDORPLVPRFRQODVHJXQGD\WHUFHUDSHUVRQDV'HVGHOXHJRQRKD\JDUDQWDGH
TXH UHJUHVDU¡Q HO IDYRU SHUR QR LPSRUWD &RPR VLHPSUH HQIRTX©PRQRV HQ OR TXH
FRQWURODPRVHQHVWHFDVRODFDSDFLGDGGHUHVSRQGHUFRQERQGDG
GHRFWXEUH
$PLJRV\HQHPLJRV
1DGDKD\P¡VRGLRVRTXHODDPLVWDGGHOORER(YLWDHVWHYLFLRP¡VTXHORVGHP¡V
(OKRPEUHGHYHUDVEXHQRUHFWREHQ©YRORPDQLILHVWDHVWDVFXDOLGDGHVHQVXVRMRV
VLQSRGHURFXOWDUODV
0$5&2$85(/,20HGLWDFLRQHV
(V PX\ HYLGHQWH TXH XQR GHEHUD DOHMDUVH GH ORV PDOYDGRV \ IDOVRV HQ OD PHGLGD GH OR
SRVLEOH XQ DPLJR FHORVR XQ SDGUH QDUFLVLVWD XQD SDUHMD TXH QR HV GH ILDU 'H HQWUDGD
SDUHFHTXH0DUFR$XUHOLRQRVUHFXHUGDTXHHYLWHPRVDORVDPLJRVIDOVRV
<VLGDPRVODYXHOWDDODVLWXDFL³Q"4X©WDOVLPHMRUQRVSUHJXQWDPRVFX¡QGRKHPRV
VLGRIDOVRVFRQQXHVWURVDPLJRV"$ILQGHFXHQWDVGHHVRVHWUDWDHOHVWRLFLVPRQRGHMX]JDU
HOFRPSRUWDPLHQWRGHORVGHP¡VVLQRHOSURSLR
7RGRV KHPRV VLGR HO DPLJRHQHPLJR +HPRV VLGR DPDEOHV HQ VX SUHVHQFLD ߚ
QRUPDOPHQWHSRUTXHQRVFRQYLHQHߚSHURGHVSX©VFRQRWUDVSHUVRQDVKHPRVGLFKRORTXH
SHQVDPRVHQHOIRQGR2KHPRVHVWDGRHQFRPSD±DGHDOJXLHQV³ORFXDQGRODVFRVDVYDQ
ELHQRQRVKHPRVQHJDGRDD\XGDUORSHVHDTXHQRVQHFHVLWDED
(VWH FRPSRUWDPLHQWR HV YLO \ YDOH OD SHQD UHFRUGDUOR OD SU³[LPD YH] TXH DFXVHPRV D
DOJXLHQGHVHUPDODPLJR
GHRFWXEUH
/RVEXHQRVK¡ELWRVHUUDGLFDQORVPDORV
3XHVWRTXHODFRVWXPEUHQRVSUHFHGHFRQILUPH]DDFRVWXPEUDGRVDXVDUGHOGHVHR
\ GHO UHFKD]R V³OR HQ HOOR HV SUHFLVR RSRQHU D HVWD FRVWXPEUH OD FRVWXPEUH
FRQWUDULD\HQGRQGHKD\DJUDQGHVGHVOLFHVGHODVUHSUHVHQWDFLRQHVDOORSRQHUHO
HMHUFLFLR
(3,&7(72'LVHUWDFLRQHV
&XDQGRXQSHUURODGUDIXHUWHSRUTXHKD\DOJXLHQHQODSXHUWDORSHRUTXHSXHGHVKDFHUHV
JULWDU3DUDHOSHUURHVFRPRVLWDPEL©QODGUDUDV&XDQGRXQSHUURVHHFKDDFRUUHUQRHV
ºWLOSHUVHJXLUORGHQXHYRHVFRPRVLORVGRVHVWXYLHUDQFRUULHQGR(QODVGRVVLWXDFLRQHV
XQDPHMRURSFL³QHVHQWUHWHQHUDOSHUURFRQRWUDFRVD'LOHTXHVHVLHQWH'LOHTXHYD\DDVX
FDPDRDVXFDVD&RUUHKDFLDODGLUHFFL³QRSXHVWD5RPSHHOSDWU³QLQWHUUXPSHHOLPSXOVR
QHJDWLYR
(V OR PLVPR FRQ QRVRWURV &XDQGR VH SUHVHQWH XQ K¡ELWR QHJDWLYR FRQWUDUU©VWDOR DO
FRPSURPHWHUWH FRQ XQD YLUWXG FRQWUDULD 3RU HMHPSOR GLJDPRV TXH WH GHVFXEUHV
SURFUDVWLQDQGR QR FHGDV FRPE¡WHOR /HY¡QWDWH \ VDO D FDPLQDU SDUD GHVSHMDU OD PHQWH \
YROYHUDHPSH]DU6LWHGHVFXEUHVGLFLHQGRDOJRQHJDWLYRRGHVDJUDGDEOHQRWHGHVSUHFLHV
D±DGHDOJRSRVLWLYR\DJUDGDEOHDOFRPHQWDULR
5HVLVWH ORV K¡ELWRV GH VLHPSUH \ DSURYHFKD SDUD SURJUHVDU 6L WH GHVFXEUHV WRPDQGR
DWDMRVGXUDQWHXQSUR\HFWRRHQWUHQDPLHQWRSURSRQWHKDFHUODVFRVDVDºQPHMRU
/RVEXHQRVK¡ELWRVWLHQHQHOSRGHUGHHUUDGLFDUORVPDORV<FRPRHVELHQVDELGRHV
I¡FLODGRSWDUK¡ELWRV
GHRFWXEUH
/RVLQGLFLRVGHODEXHQDYLGD
+DVDSUHQGLGRHQFXDQWDVFRVDVDQGXYLVWHHUUDGRTXHHQQLQJXQDSDUWHVHKDOODOD
IHOLFLGDGQLHQORVVLORJLVPRVQLHQODULTXH]DQLHQODJORULDQLHQHOSODFHUQLHQ
SDUWHDOJXQD3XHVHQWRQFHVHQTX©FRQVLVWH"(QKDFHUORTXHH[LJHODQDWXUDOH]D
KXPDQD<F³PRVHORJUDU¡"3RVH\HQGRSULQFLSLRVTXHUHJXOHQORVLQVWLQWRV\ORV
DFWRV<FX¡OHVVRQHVWRVSULQFLSLRV"/RVTXHGHFLGHQGHOELHQ\GHOPDOGHPRGR
TXHQRVHUHSXWHSRUELHQGHOKRPEUHORTXHQROHKDFHMXVWRPRGHUDGRGHFLGLGRH
LQGHSHQGLHQWHQLSRUPDOORTXHQROHFDXVDHIHFWRVRSXHVWRV
0$5&2$85(/,20HGLWDFLRQHV
&X¡O HV HO VLJQLILFDGR GH OD YLGD" 3RU TX© QDF" /D PD\RUD QRV SODQWHDPRV HVWDV
SUHJXQWDV D YHFHV GH M³YHQHV D YHFHV KDVWD TXH PDGXUDPRV 5DUD YH] HQFRQWUDPRV
UHVSXHVWDV3HURHVRVHGHEHDTXHVHQRVHVFDSDHOVHQWLGR&RPRVH±DOD9LNWRU)UDQNOHQ
(O KRPEUH HQ EXVFD GH VHQWLGR QR QRV WRFD SUHJXQWDU $O FRQWUDULR VH QRV SODQWHD OD
SUHJXQWD1XHVWUDVYLGDVVRQODUHVSXHVWD
1LQJºQ VDELR WH SXHGH GHFLU OR TXH \D VDEHV WDPSRFR WXV YLDMHV QL OHFWXUDV $O
FRQWUDULR GHEHV HQFRQWUDU OD UHVSXHVWD HQ WXV SURSLDV DFFLRQHV YLYLHQGR OD EXHQD YLGD
HQFDUQDQGR ORV SULQFLSLRV HYLGHQWHV GH OD MXVWLFLD HO FRQWURO GH XQR PLVPR HO YDORU OD
OLEHUWDG\DEVWHQL©QGRWHGHKDFHUHOPDO
GHRFWXEUH
+©URHVDTX\DKRUD
b4X© GHVDWLQDGR HO FRPSRUWDPLHQWR GH ORV KRPEUHV 1R TXLHUHQ UHYHUHQFLDU D VXV
FRQWHPSRU¡QHRV \ D VXV FRQFLXGDGDQRV SHUR SUHWHQGHQ HQ VXPR JUDGR VHU
DODEDGRVSRUORVYHQLGHURVDTXLHQHVQXQFDKDQYLVWRQLYHU¡QMDP¡V(VFRPRVLWH
ODPHQWDVHVSRUTXHWXVDQWHSDVDGRVQRWHKD\DQGHGLFDGRSDODEUDVKRQRUILFDV
0$5&2$85(/,20HGLWDFLRQHV
/DFLXGDGHJLSFLDGH$OHMDQGUDDºQOOHYDHOQRPEUHGHVXIXQGDGRU$OHMDQGUR0DJQRD
XQRVD±RVGHTXH©VWHKD\DSLVDGRODFLXGDG4X©JHQLDOVHUDTXHXQDFLXGDGOOHYDUD
WXQRPEUHGHVSX©VGHWDQWRVVLJORV"6DEHUTXHODVSHUVRQDVDºQGLFHQWXQRPEUH
1RORVHUDSDUDQDGDSRUTXHFRPR$OHMDQGURWDPEL©QHVWDUDVPXHUWR1RVDEUDVTXH
WXQRPEUHKDSHUGXUDGRGXUDQWHHOWUDQVFXUVRGHORVVLJORV3RUGHILQLFL³QQDGLHGLVIUXWDVX
OHJDGR
3HRUFRQVLGHUDODVDWURFLGDGHVTXH$OHMDQGURKL]RSDUDORJUDUOR/XFK³HQJXHUUDVVLQ
VHQWLGR 7HQD XQ FDU¡FWHU KRUULEOH LQFOXVR PDW³ D VX PHMRU DPLJR HQ XQD SHOHD GH
ERUUDFKRV(UDGHVSLDGDGR\HVFODYRGHVXDPELFL³Q7HSDUHFHDGPLUDEOH"
(QYH]GHGHVSHUGLFLDUXQVRORVHJXQGRWHQLHQGRHQFXHQWDODVRSLQLRQHVGHODVSHUVRQDV
GHOIXWXURߚTXHQLVLTXLHUDKDQQDFLGRߚF©QWUDWHHQVHUODPHMRUSHUVRQDTXHSXHGDVVHU
HQHOSUHVHQWH(QKDFHUORFRUUHFWRDKRUD(OIXWXURGLVWDQWHHVLUUHOHYDQWH6©EXHQRQREOH
HLPSUHVLRQDQWHDKRUDTXHWRGDYDLPSRUWD
GHRFWXEUH
(VI¡FLOPHMRUDUSHURHQTX©"
(Q EXHQD KRUD VHD RWUR P¡V K¡ELO OXFKDGRU TXH Wº SHUR TXH QLQJXQR VHD P¡V
VDFULILFDGRSDUDHOELHQVRFLDOQLP¡VFLUFXQVSHFWRQLP¡VELHQGLVSXHVWRDORTXH
DFRQWH]FDQLP¡VLQGXOJHQWHUHVSHFWRDORVGHVSUHFLRVGHOSU³MLPR
0$5&2$85(/,20HGLWDFLRQHV
4XHUHUPHMRUDUHVXQDFWRQREOH/DPD\RUDQLVHWRPDODPROHVWLD3HURHQWUHORVTXHVOD
YDQLGDG \ OD VXSHUILFLDOLGDG SXHGHQ FRUURPSHU VX SURFHVR 4XLHUHV XQ DEGRPHQ GH
ODYDGHUR SRUTXH HV XQ UHWR SHUVRQDO \ HVW¡V FRPSURPHWLGR FRQ HVD PHWD WDQ GLIFLO" 2
TXLHUHV LPSUHVLRQDU D ODV SHUVRQDV FXDQGR WH TXLWHV OD FDPLVHWD" (VW¡V FRUULHQGR HO
PDUDW³QSRUTXHTXLHUHVSRQHUDSUXHEDWXVOPLWHV"2HVW¡VHVFDSDQGRGHWXVSUREOHPDVHQ
FDVD"
1XHVWUDYROXQWDGQRGHEHFHQWUDUVHHQFRQYHUWLUQRVHQLQGLYLGXRVHQSHUIHFWDIRUPDR
SROJORWDVDTXLHQHVQROHVLPSRUWDQORVGHP¡V4X©SXQWRWLHQHJDQDUHQORVGHSRUWHV\
SHUGHUHQHOHVIXHU]RGHVHUEXHQHVSRVRSDGUHRKLMR"1RFRQIXQGDPRVPHMRUDUHQFLHUWRV
DVSHFWRVFRQPHMRUDUFRPRSHUVRQD /D VHJXQGD HV XQD SULRULGDG PXFKRP¡V LPSRUWDQWH
TXHODRWUD
GHRFWXEUH
'HPXHVWUDWXVFXDOLGDGHV
1R SXHGH DGPLUDUVH HQ WL OD DJXGH]D GH LQJHQLR" 6HD SHUR WHQGU¡V RWUDV
FXDOLGDGHV SRU ODV FXDOHV QR SRGU¡V GLVFXOSDUWH DOHJDQGR IXL PDO GRWDGR
&RQTXVWDODV SXHV TXH GHSHQGHQ ºQLFDPHQWH GH WX DUELWULR OD LQDOWHUDELOLGDG OD
JUDYHGDGODUHVLVWHQFLDODFRQWLQHQFLDODDFHSWDFL³QGHOGHVWLQRODPRGHUDFL³QGH
ORVGHVHRVODEHQHYROHQFLDODOLEHUWDGODVHQFLOOH]ODVHULHGDGODPDJQDQLPLGDG
0$5&2$85(/,20HGLWDFLRQHV
(V I¡FLO UHVSRQVDELOL]DU D QXHVWUDV FLUFXQVWDQFLDV 8QD SHUVRQD PDOGLFH SRUTXH QR QDFL³
P¡VDOWDRWUDGLFHTXHQRHVP¡VOLVWDXQDWHUFHUDTXHWLHQHXQDFRPSOH[L³QGLVWLQWDRWUD
P¡V TXH QDFL³ HQ RWUR SDV 6HUD GLIFLO HQFRQWUDU D XQD SHUVRQD HQ HVWH SODQHWD ߚ
HPSH]DQGR SRU ODV VXSHUPRGHORVߚ TXH QR VH FRQVLGHUH GHILFLHQWH SRU OR PHQRV HQ XQ
DVSHFWR&XDOHVTXLHUDTXHFUHDVVRQWXVGHIHFWRVUHFXHUGDTXHKD\FXDOLGDGHVSRVLWLYDVTXH
SXHGHVGHVDUUROODUTXHQRGHSHQGHQGHDFFLGHQWHVJHQ©WLFRV
7LHQHVODIDFXOWDGGHVHUKRQUDGRWLHQHVODFDSDFLGDGGHVHUGLJQRWLHQHVODDOWHUQDWLYD
GH UHVLVWLU 3XHGHV HOHJLU VHU IHOL] SXHGHV RSWDU SRU VHU GHFHQWH SXHGHV GHFLGLU VHU
DKRUUDGRU SXHGHV HVFRJHU VHU JHQHURVR FRQ WX SU³MLPR 3XHGHV HOHJLU VHU OLEUH SXHGHV
SHUVLVWLUVLQLPSRUWDUODVGLILFXOWDGHV3XHGHVHOXGLUHOFKLVPHSXHGHVVHUFRUW©V
+RQHVWDPHQWH DFDVR ORV UDVJRV TXH VRQ HO UHVXOWDGR GHO HVIXHU]R \ OD FDSDFLGDG QR
UHVXOWDQP¡VLPSUHVLRQDQWHV"
GHRFWXEUH
/DIXHQWHGHOELHQ
3HQHWUDWXLQWHULRU'HQWURGHWLHVW¡ODIXHQWHGHOELHQTXHSXHGHPDQDUVLQFHVDU
VLDKRQGDVVLHPSUH
0$5&2$85(/,20HGLWDFLRQHV
+R\SRGHPRVHVSHUDUTXHHOELHQQRVHQFXHQWUHEXHQDVQRWLFLDVEXHQFOLPDEXHQDVXHUWH
R ELHQ SRGHPRV HQFRQWUDUOR QRVRWURV PLVPRV HQ QXHVWUR LQWHULRU /D ERQGDG QR OOHJDU¡
SRU PHQVDMHUD WLHQHV TXH EXVFDUOD HQ HO IRQGR GH WX DOPD 6H HQFXHQWUD HQ WXV
SHQVDPLHQWRV\ODSURGXFHVFRQWXVDFFLRQHV
GHRFWXEUH
'RVWDUHDV
4X©HVORTXHKDFHDOKRPEUHOLEUHGHLPSHGLPHQWRVHLQGHSHQGLHQWH"1RORKDFH
ODULTXH]DQLHOFRQVXODGRQLODUHDOH]DVLQRTXHKDGHKDOODUVHDOJXQDRWUDUD]³Qߨ
DOYLYLUHOVDEHUYLYLU
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
7LHQHVGRVWDUHDVHVHQFLDOHVHQODYLGDVHUXQDEXHQDSHUVRQD\SHUVHJXLUODRFXSDFL³QTXH
WHDSDVLRQD7RGRORGHP¡VHVXQGHVSHUGLFLRGHHQHUJD\GHWXSRWHQFLDO
&³PR VH ORJUD" VD HV XQD SUHJXQWD P¡V GLIFLO 6LQ HPEDUJR OD ILORVRID HVWRLFD OD
VLPSOLILFD HYLWD ODV GLVWUDFFLRQHV ODV HPRFLRQHV GHVWUXFWLYDV OD SUHVL³Q H[WHUQD
3UHJºQWDWH 4X© HV OR TXH V³OR \R SXHGR KDFHU" &³PR SXHGR DSURYHFKDU PHMRU PL
WLHPSR OLPLWDGR HQ HVWH SODQHWD" ,QWHQWD KDFHU OR FRUUHFWR FXDQGR OD VLWXDFL³Q OR H[LMD
7UDWD D WX SU³MLPR FRPR WH JXVWDUD TXH ©VWH WH WUDWDUD < HQWLHQGH TXH FDGD HOHFFL³Q \
DVXQWR SRU SHTXH±RV TXH VHDQ HV XQD RSRUWXQLGDG SDUD SUDFWLFDU HVWRV SULQFLSLRV
XQLYHUVDOHV
(VWRGR(QHOORFRQVLVWHODKDELOLGDGP¡VLPSRUWDQWHGHWRGDVHQF³PRYLYLU
GHRFWXEUH
7UHVSDUWHVXQREMHWLYR
/RVPDHVWURVP¡VDXWRUL]DGRV\QXPHURVRVDILUPDURQTXHODVSDUWHVGHODILORVRID
VRQ WUHV OD PRUDO OD QDWXUDO \ OD O³JLFD /D SULPHUD FRQILJXUD HO DOPD OD VHJXQGD
LQYHVWLJDODQDWXUDOH]DODWHUFHUDGHILQHODSURSLHGDGGHORVYRFDEORVVXGLVSRVLFL³Q
\ODVFODVHVGHDUJXPHQWRVDILQGHTXHQRVHGHVOLFHHOHUURUHQOXJDUGHODYHUGDG
61(&$(SVWRODVPRUDOHVD/XFLOLR
(VWDV WUHV SDUWHV ߚOD PRUDO OD QDWXUDO \ OD O³JLFDߚ WLHQHQ XQREMHWLYR3RUGLVWLQWDVTXH
VHDQWLHQHQHOPLVPRILQD\XGDUWHDYLYLUXQDEXHQDYLGDUHJLGDSRUODUD]³Q
1RHQHOIXWXURDKRUD
GHRFWXEUH
&RVHFKDPRVORTXHFXOWLYDPRV
0¡VGHXQDYH]ORVFUPHQHVVHKDQYXHOWRFRQWUDTXLHQHVORVSURSXVLHURQ
61(&$7LHVWHV
(V LU³QLFR TXH 6©QHFD KLFLHUD TXH XQR GH VXV SHUVRQDMHV SURQXQFLDUD HVWH SDUODPHQWR
&RPR VDEHPRV GXUDQWH D±RV 6©QHFD IXH WXWRU \ PHQWRU GHO HPSHUDGRU 1HU³Q 1R KD\
PXFKDHYLGHQFLDTXHGHPXHVWUHTXH6©QHFDKD\DVLGRXQDLQIOXHQFLDPRUDOSRVLWLYDVREUH
DTXHO KRPEUH GHVHTXLOLEUDGR SHUR LQFOXVR HQ OD ©SRFD D ORV FRQWHPSRU¡QHRV GH 6©QHFD
OHVSDUHFDSHFXOLDUTXHHOILO³VRIRIXHUDODPDQRGHUHFKDGHXQDSHUVRQDWDQPDOD,QFOXVR
HPSOHDURQ OD SDODEUD JULHJD W\UDQQRGLGDVNDORV ߚSURIHVRU WLUDQRߚ SDUD GHVFULELUOR $V
FRPR6KDNHVSHDUHREVHUY³HQ0DFEHWKߡ$OHQVH±DUF³PRVHOOHYDDFDERODHMHFXFL³QGH
DFWRVVDQJULHQWRVODVHQVH±DQ]DVVHYROYHUDQHQFRQWUDQXHVWUDߢ>@ODFRODERUDFL³QGH
6©QHFDWHUPLQ³FRVW¡QGROHODYLGDDPDQRVGHVXDOXPQR
9DOHODSHQDWHQHUORHQFXHQWDFXDQGRFRQVLGHUHVFRQTXL©QWUDEDMDURFRQTXL©QKDFHU
QHJRFLRV6LOHHQVH±DVDXQFOLHQWHDKDFHUDOJRSRFR©WLFRRLOHJDOWHUHJUHVDU¡HOIDYRU
P¡VDGHODQWHVLQTXHORVRVSHFKHV"6LHUHVXQPDOHMHPSORSDUDWXVWUDEDMDGRUHVVRFLRVH
KLMRV©VWRVWHWUDLFLRQDU¡QRSHUMXGLFDU¡Q"7RGRWLHQHXQDFRQVHFXHQFLD(ONDUPDHVXQD
QRFL³QTXHKHPRVLPSRUWDGRGHO2ULHQWH\TXHHQFLHUUDHOPLVPRHVSULWX
6©QHFD SDJ³ HO SUHFLR SRU VXV HQVH±DQ]DV D 1HU³Q &RPR VH KD GHPRVWUDGR HQ HO
WUDQVFXUVRGHODKLVWRULDVXKLSRFUHVDߚHYLWDEOHRQRߚWXYRXQSUHFLR7DPEL©QVHU¡WX
FDVR
GHRFWXEUH
6RPRVHOXQRSDUDHORWUR
0¡V I¡FLOPHQWH VH KDOODUD XQ FXHUSR WHUUHVWUH TXH QR WXYLHUD FRQWDFWR FRQ QLQJºQ
RWUR FXHUSR WHUUHVWUH TXH XQ KRPEUH HQWHUDPHQWH VHJUHJDGR GH WRGRV ORV RWURV
KRPEUHV
0$5&2$85(/,20HGLWDFLRQHV
1DWXUDOPHQWH0DUFR$XUHOLR\ORVGHP¡VHVWRLFRVQRFRQRFLHURQODIVLFDQHZWRQLDQD6LQ
HPEDUJR VDEDQ TXH WRGR OR TXH VXED WHQD TXH EDMDU (V OD DQDORJD HPSOHDGD DTX
QXHVWUDLQWHUGHSHQGHQFLDPXWXDFRQHOSU³MLPRHVP¡VIXHUWHTXHODOH\GHODJUDYHGDG
/DILORVRIDDWUDHDLQWURYHUWLGRV(OHVWXGLRGHODQDWXUDOH]DKXPDQDWHSXHGHPRVWUDU
ORVGHIHFWRVGHODVSHUVRQDV\GHVSHUWDUGHVSUHFLR$OLJXDOTXHODVGLILFXOWDGHVQRVDVODQ
GHOPXQGR
1DGD FDPELD OR TXH VRPRV DQLPDOHV VRFLDOHV HQ SDODEUDV GH $ULVW³WHOHV 1RV
QHFHVLWDPRV'HEHPRVDSR\DUQRVFXLGDUQRV \SHUPLWLUTXHORVGHP¡VQRVFXLGHQ )LQJLU
ORFRQWUDULRHVLUFRQWUDQXHVWUDQDWXUDOH]DHVRHVP¡VRPHQRVORTXHLPSOLFDVHUKXPDQR
GHRFWXEUH
(OFDU¡FWHUHVGHVWLQR
(VFDGDFXDOTXLHQHVFRJHVXVFRVWXPEUHVODVIXQFLRQHVODVDVLJQDHOD]DU8QRV
FRPDQFRQWLJRSRUTXHVRQGLJQRVRWURVSDUDTXHVHKDJDQGLJQRV
61(&$(SVWRODVPRUDOHVD/XFLOLR
(QHOSURFHVRGHFRQWUDWDFL³QODPD\RUDGHHPSOHDGRUHVVHILMDQHQORVHVWXGLRV\WUDEDMRV
GHOFDQGLGDWR(VWRHVSRUTXHORV©[LWRVGHOSDVDGRSXHGHQVHUXQLQGLFDGRUGHORVVXFHVRV
GHO IXWXUR 3HUR DFDVR VLHPSUH HV DV" +D\ PXFKDV SHUVRQDV TXH OH GHEHQ VX ©[LWR D OD
VXHUWH7DOYH]HQWUDURQD2[IRUGR+DUYDUGJUDFLDVDVXVSDGUHV<TX©KD\GHOMRYHQTXH
QRKDWHQLGRWLHPSRGHFRQVWUXLUXQKLVWRULDOV³OLGR"(VLQºWLO"
'HVGH OXHJR TXH QR 3RUHVR HO FDU¡FWHU HV XQD PHMRU PHGLGD 1R V³OR SDUD WUDEDMRV
SDUD ODV DPLVWDGHV ODV UHODFLRQHV VHQWLPHQWDOHV SDUD WRGR +HU¡FOLWR OR H[SUHV³ HQ XQ
DIRULVPRߡ(OFDU¡FWHUHVGHVWLQRߢ
&XDQGRTXLHUDVPHMRUDUWXSRVLFL³QHQODYLGDHOFDU¡FWHUHVODPHMRUKHUUDPLHQWDWDO
YH]QRDFRUWRSOD]RSHURVLQGXGDDODUJRSOD]R/RPLVPRRFXUUHFRQODVSHUVRQDVTXH
LQYLWHVDIRUPDUSDUWHGHWXYLGD
GHRFWXEUH
4XL©QVHOOHYDHOPHMRUSHGD]R"
1RWHGDYHUJ¼HQ]DUHVHUYDUSDUDWLORVUHVWRVGHWXYLGD\GHVWLQDUDODEHQHILFLRVD
UHIOH[L³QVRODPHQWHHOWLHPSRTXH\DQRSXHGHVGHGLFDUDFRVDDOJXQD"
61(&$6REUHODEUHYHGDGGHODYLGD
(Q XQD GH VXV FDUWDV 6©QHFD UHODWD XQD KLVWRULD GH $OHMDQGUR 0DJQR 7DO SDUHFH TXH
PLHQWUDV $OHMDQGUR FRQTXLVWDED HO PXQGR FLHUWRV SDVHV OH RIUHFDQ WHUULWRULR FRQ OD
HVSHUDQ]DGHTXHQRVHPHWLHUDFRQHOORV6HJºQ6©QHFD$OHMDQGUROHVGHFDTXHQRKDED
YLDMDGR GHVGH $VLD SDUD DFHSWDU OR TXH HOORV TXLVLHUDQ GDUOH HQ FDPELR WHQGUDQ TXH
DFHSWDUORTXH©OGHFLGLHUDGHMDUOHV
$ GHFLU GH 6©QHFD GHEHUDPRV WUDWDU OD ILORVRID GHO PLVPR PRGR /D ILORVRID QR
GHEHUD WHQHU TXH DFHSWDU HO WLHPSR \ OD HQHUJD TXH QRV TXHGDQ GHVSX©V GH GLYHUVDV
RFXSDFLRQHV $O FRQWUDULR GHEHUDPRV UHVHUYDU WLHPSR SDUD HVDV RFXSDFLRQHV KDVWD TXH
WHUPLQHPRVQXHVWURHVWXGLR
6L HQ UHDOLGDG TXHUHPRV PHMRUDU SRU TX© UHVHUYDPRV QXHVWUD OHFWXUD D HVRV SRFRV
PLQXWRVDQWHVGHDSDJDUODOX]\DFRVWDUQRV"3RUTX©UHVHUYDPRVHQWUHRFKR\GLH]KRUDVD
PHGLR GD SDUD HVWDU HQ OD RILFLQD R LU D UHXQLRQHV \ QR DSDUWDPRV QLQJºQ PRPHQWR SDUD
UHIOH[LRQDU VREUH ODV JUDQGHV LQWHUURJDQWHV" 'H DOJºQ PRGR OD SHUVRQD SURPHGLR GHGLFD
YHLQWLRFKRKRUDVDODVHPDQDDYHUODWHOHYLVL³QSHURSUHJºQWDOHVLKDWHQLGRWLHPSRSDUD
HVWXGLDUILORVRID\WHGLU¡TXHHVW¡PX\RFXSDGD
GHRFWXEUH
1DFLVWHEXHQR
(OKRPEUHKDQDFLGRSDUDODYLUWXG
08621,258)2'LVHUWDFLRQHV
/DQRFL³QGHOSHFDGRRULJLQDOKDDJRELDGRDODKXPDQLGDGGHVGHKDFHVLJORV(QUHDOLGDG
HVWDPRV KHFKRV SDUD D\XGDUQRV \ VHU ERQGDGRVRV 'H OR FRQWUDULR QR KDEUDPRV
VREUHYLYLGRFRPRHVSHFLH
'LIFLOPHQWH KD\ XQD LGHD HQ OD ILORVRID HVWRLFD FRQ OD TXH QR HVWDUD GH DFXHUGR XQ
QL±RRDOJXLHQTXHFDUH]FDGHVHQWLGRFRPºQ/DVLGHDVTXHODFRQIRUPDQH[SORUDQTXL©QHV
VRPRV\ORTXHFRQVLGHUDPRVYHUGDGHUR/RºQLFRFRQORTXHHQWUDQHQFRQIOLFWRVRQORV
LQYHQWRV GH OD VRFLHGDG TXH QRUPDOPHQWH UHVSRQGHQ D LQWHUHVHV HJRVWDV P¡V TXH
EHQHILFLDUHOELHQFRPºQ
1DFLVWH EXHQR ߡ7RGRV QR XQR V \ RWUR QR SRU QDWXUDOH]D QDFHPRV GH WDO PRGR TXH
SRGHPRV YLYLU KHUPRVDPHQWH \ VLQ HUURUHVߢ >'LVHUWDFLRQHV @ 1DFLVWH FRQ XQD
DWUDFFL³QSRUODYLUWXG\HOGRPLQLRGHWLPLVPR6LWHKDVGLVWDQFLDGRGHHVRVSUHFHSWRVQR
HV GHELGR D XQD FRUUXSFL³Q LQQDWD VLQR SRUTXH KDV FXOWLYDGR ODV FRVDV \ ODV LGHDV
LQDSURSLDGDV&RPRVH±DO³6©QHFDODILORVRIDHVXQDKHUUDPLHQWDSDUDHOLPLQDUORWRGR\
UHFXSHUDUQXHVWUDYHUGDGHUDQDWXUDOH]D
1RYLHPEUH
ߧ
$FHSWDFL³QDPRUIDWL
GHQRYLHPEUH
$FHSWDODVFRVDVFRPRVRQ
1RWUDWHVGHTXHODVFRVDVRFXUUDQFRPRWºTXLHUHVTXLHUHP¡VELHQTXHODVFRVDV
TXHRFXUUHQVHDQFRPRVRQ\ODYLGDWUDQVFXUULU¡FRQWUDQTXLOLGDG
(3,&7(72(QTXLULGL³Q
(V I¡FLO DODEDU D OD SURYLGHQFLD SRU FDGD FRVD GH ODV TXH VXFHGHQ HQ HO PXQGR VL
XQR SRVHH HVWDV GRV FRVDV OD FDSDFLGDG GH FRPSUHQGHU FDGD VXFHVR \ OD GHO
DJUDGHFLPLHQWR 6L QR XQR QR YHU¡ OD XWLOLGDG GH ORV VXFHVRV \ HO RWUR QR OR
DJUDGHFHU¡DXQTXHORYHD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
6L SDVD DOJR LQGHVHDEOH TX© HV P¡V I¡FLO GH FDPELDU QXHVWUD RSLQL³Q R HO VXFHVR TXH
TXHG³HQHOSDVDGR"
/D UHVSXHVWD HV HYLGHQWH $FHSWD OR TXH RFXUUL³ \ FDPELD WX GHVHR GH TXH QR KXELHUD
SDVDGR(OHVWRLFLVPROROODPDߡHODUWHGHODDTXLHVFHQFLDߢDFHSWDUHQYH]GHUHIXWDUORWRGR
<ORVHVWRLFRVP¡VH[SHULPHQWDGRVOROOHYDQXQSDVRDGHODQWH(QYH]GHVHQFLOODPHQWH
DFHSWDUORTXHRFXUUHQRVLQYLWDQDGLVIUXWDUORTXHVHD0XFKRVVLJORVGHVSX©V1LHW]VFKH
DFX±³ODH[SUHVL³QSHUIHFWDSDUDFDSWXUDUHVWDLGHDDPRUIDWL DPRUSRUHOGHVWLQR 1RHV
V³ORDFHSWDUVLQRDOHJUDUVHSRUWRGRORTXHVXFHGD
'HVHDU TXH RFXUUD OR TXH KD VXFHGLGR HV XQD IRUPD LQWHOLJHQWH GH QR GHFHSFLRQDUVH
SRUTXHDVQDGDYDFRQWUDWXVGHVHRV3HURVHQWLUJUDWLWXGSRUORVXFHGLGR"5HJRFLMDUVH"
VDXQDUHFHWDSDUDODIHOLFLGDG\ODDOHJUD
GHQRYLHPEUH
6XERUGLQDWXVGHVHRVDORTXHVHU¡
<R QXQFD KDVWD DKRUD VXIU LPSHGLPHQWRV FXDQGR TXHUD DOJR QL PH YL REOLJDGR
FXDQGR QR TXHUD < F³PR HV HVR SRVLEOH" 6XERUGLQ© PL LPSXOVR D OD GLYLQLGDG
4XLHUH HOOD TXH \R SDVH ILHEUH WDPEL©Q \R TXLHUR 4XLHUH TXH PH LPSXOVH KDFLD
DOJRWDPEL©Q\RTXLHUR4XLHUHTXHGHVHHWDPEL©Q\RTXLHUR4XLHUHTXHFRQVLJD
DOJRWDPEL©Q\RTXLHUR1RTXLHUHQRTXLHUR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
&XDQGRHOJHQHUDO'ZLJKW'(LVHQKRZHUOHHVFULEL³DVXHVSRVDGXUDQWHODYVSHUDGHOD
LQYDVL³QGH1RUPDQGDOHGLMRߡ+HPRVKHFKRWRGRORTXHKHPRVFUHGRFRQYHQLHQWHODV
WURSDVHVW¡QHQIRUPD\WRGRVHVW¡QKDFLHQGRVXPHMRUHVIXHU]R(OUHVXOWDGRHVW¡HQPDQRV
GH ORV GLRVHVߢ +DED KHFKR WRGR OR TXH HVWDED HQ VX SRGHU \ VXFHGHUD OR TXHWHQD TXH
VXFHGHU&RPRGLUD(SLFWHWRHVWDEDOLVWRSDUDKDFHUOHIUHQWHDORTXHIXHUD'HKHFKRHVD
QRFKH(LVHQKRZHUKDEDHVFULWRRWUDFDUWD\ODKDEDSUHSDUDGRSDUDVHUHQYLDGDSRUVLOD
LQYDVL³QIUDFDVDED6L'LRVߚRHOGHVWLQRODVXHUWHRFRPRTXLHUDVOODPDUOHߚTXHUDTXH
IUDFDVDUDHVWDEDOLVWR
(VWDKLVWRULDRIUHFHXQDOHFFL³QPDUDYLOORVD(OKRPEUHDOPDQGRGHOTXHTXL]¡VHUDHO
HM©UFLWRP¡VSRGHURVRGHOPXQGRHQODYVSHUDGHODLQYDVL³QPHMRUSODQHDGD\RUJDQL]DGD
GHO PXQGR HUD OR VXILFLHQWHPHQWH KXPLOGH SDUD VDEHU TXH HO UHVXOWDGR OR WHQD DOJR R
DOJXLHQVXSHULRUD©O
/R PLVPR VXFHGH FRQ WRGDV QXHVWUDV HPSUHVDV 6LQ LPSRUWDU OR PXFKR TXH QRV
SUHSDUHPRVORKDELOLGRVRVHLQWHOLJHQWHVTXHVHDPRVHOUHVXOWDGRILQDOHVW¡HQSRGHUGHORV
GLRVHV&XDQWRDQWHVORVHSDPRVPHMRU
GHQRYLHPEUH
6LJXHODVUHFRPHQGDFLRQHVGHOGRFWRU
'H OD PLVPD PDQHUD TXH VXHOH GHFLUVH TXH $VFOHSLRV RUGHQ³ D XQR OD HTXLWDFL³Q
ORVED±RVIURVRHOFDPLQDUGHVFDO]RDVLPLVPRVHGHEHHQWHQGHUFXDQGRVHGLFHOD
QDWXUDOH]D XQLYHUVDO KD RUGHQDGR D ©VWH XQD HQIHUPHGDG XQD GROHQFLD XQD
PXWLODFL³QRDOJRSDUHFLGR3RUTXHDOOODSDODEUDRUGHQ³VLJQLILFDP¡VRPHQRVHO
GLRVKDDVLJQDGRSDUDWDOHQIHUPRXQWUDWDPLHQWRFRQGXFHQWHDVXVDQLGDG<DTX
ORTXHDFDHFHDFDGDXQROHKDVLGRDVLJQDGRFRPRFRUUHVSRQGLHQWHDVXKDGR
0$5&2$85(/,20HGLWDFLRQHV
/RV HVWRLFRV HUDQ PDHVWURV GH ODV DQDORJDV \ ODV HPSOHDEDQ FRPR KHUUDPLHQWD SDUD
UHIRU]DUVXUD]RQDPLHQWR
$TX 0DUFR $XUHOLR REVHUYD FRQ FX¡QWD YROXQWDG VRSRUWDPRV FRVDV GHVDJUDGDEOHV VL
ODV DFRPSD±DQ ODV SDODEUDV P¡JLFDV ߡSRU ³UGHQHV GHO GRFWRUߢ O GLFH TXH WLHQHV TXH
WRPDUWHXQDPHGLFLQDFRQVDERUGHVDJUDGDEOH\ORKDFHVGLFHTXHWLHQHVTXHGRUPLUERFD
DUULED FRPR PXUFL©ODJR DO SULQFLSLR WH VLHQWHV ULGFXOR SHUR GHQWUR GH SRFR OR KDFHV
SRUTXHFUHHVTXHPHMRUDU¡V
3RU RWUD SDUWH FXDQGR VH WUDWD GH DOJR H[WHUQR HVWDPRV GLVSXHVWRV D OLEUDU XQD
YHUGDGHUD EDWDOOD VL QXHVWURV SODQHV VH YHQ IUXVWUDGRV" 4X© WDO VL FRPR GLFH 0DUFR
$XUHOLRXQGRFWRUQRVORUHFHWDUDFRPRSDUWHGHXQWUDWDPLHQWR"4X©WDOVLIXHUDLJXDOGH
EXHQRTXHODPHGLFLQD"
4X©WDO"
GHQRYLHPEUH
1LELHQQLPDO
/DV FRVDV TXH VH KDOODQ D SXQWR GH FDPELDU QR H[SHULPHQWDQ QLQJºQ PDO FRPR
WDPSRFRDODVTXHQDFHQGHHVWDPXWDFL³QOHVYLHQHELHQDOJXQR
0$5&2$85(/,20HGLWDFLRQHV
&XDQGR OD JHQWH GLFH TXH ORV FDPELRV VRQ EXHQRV HQ JHQHUDO LQWHQWDQ WUDQTXLOL]DUVH R D
DOJXLHQP¡V3RUTXHSRULQVWLQWRFRQVLGHUDPRVTXHORVFDPELRVVRQPDORVRSRUORPHQRV
QRVJHQHUDQVRVSHFKD
/RVHVWRLFRVTXLHUHQTXHSUHVFLQGDVGHHVDVHWLTXHWDV(OFDPELRQRHVEXHQRHOVWDWX
TXRQRHVPDORVLPSOHPHQWHVRQ
5HFXHUGDORVVXFHVRVVRQREMHWLYRVQLFDPHQWHQXHVWUDRSLQL³QGLFWDVLDOJRHVEXHQR
R PDOR \ SRU WDQWR VL YDOH OD SHQD OXFKDU SRU HOOR R HVWDU HQ VX FRQWUD &X¡O VHUD XQD
PHMRUDFWLWXG"6DFDUOHSURYHFKRDWRGRSHURSDUDHOORSULPHURGHEHVGHMDUGHOXFKDU
GHQRYLHPEUH
8QSRGHUVXSHULRU
4XH HVWR PLVPR HV OD YLUWXG GHO KRPEUH IHOL] \ VX IHOL] FXUVR GH YLGD SXHVWR TXH
WRGDVODVFRVDVVHKDFHQSRUHOFRQFHSWR\DUPRQDGHOJHQLRSURSLRGHFDGDXQR
VHJºQODYROXQWDGGHOGLUHFWRUGHOXQLYHUVR
&5,6,32FLWDGRHQ',*(1(6/$(5&,2
9LGDVGHORVILO³VRIRVP¡VLOXVWUHV
(QXQSURJUDPDFRQWLQXRGHGRFHSDVRVDPXFKRVDGLFWRVVHOHVGLILFXOWDP¡VHOSDVRGRV
UHFRQRFHU XQ SRGHU VXSHULRU /RV DGLFWRV VXHOHQ UHEDWLUOR 3ULPHUR DUJXPHQWDQ TXH VRQ
DWHRVRQROHVJXVWDODUHOLJL³QRQRHQWLHQGHQSRUTX©HVLPSRUWDQWH
1RREVWDQWHP¡VDGHODQWHVHGDQFXHQWDGHTXHVHGHEHDVXDGLFFL³QHVRWUDIRUPDGH
HJRVPR \ HJRFHQWULVPR 'H KHFKR HO YRFDEXODULR GH HVWH SDVR HV PX\ FRPSUHQVLEOH
ߡ/OHJDPRV D FUHHU TXH XQ 3RGHU 6XSHULRU D QRVRWURV PLVPRV SRGUD GHYROYHUQRV HO VDQR
MXLFLRߢ/RVSDVRVVXSHULRUHVSLGHQTXHHODGLFWRVHULQGD\VHOLEHUH(OVHJXQGRSDVRWLHQH
PX\ SRFR TXH YHU FRQ ߡGLRVߢ \ P¡V FRQ ORV GHP¡V SDVRV HO DFWR GH VROWDU (O SXQWR HV
HQWUDUHQVLQWRQDFRQHOXQLYHUVR\GHVFDUWDUODLGHDW³[LFDGHTXHQRVHQFRQWUDPRVHQHO
FHQWURGHOXQLYHUVR
&RQ UD]³Q ORV HVWRLFRV VRQ SRSXODUHV HQWUH HVRV SURJUDPDV GH GRFH SDVRV 7DPEL©Q
TXHGDFODURTXHODVDELGXUDQRVEHQHILFLDDWRGRV1RWLHQHVTXHFUHHUTXHH[LVWHXQGLRV
TXHGLULJHHOXQLYHUVRV³ORGHMDGHFUHHUTXHWºHUHVHOGLUHFWRU(QFXDQWRWXHVSULWXHQWUH
HQ VLQWRQD FRQ HVD LGHD WX YLGD VHU¡ P¡V I¡FLO \ IHOL] SRUTXH KDEU¡V UHQXQFLDGR D OD
DGLFFL³QP¡VSRWHQWHGHWRGDVHOFRQWURO
GHQRYLHPEUH
$OJXLHQKLODODVKHEUDVGHODYLGD
$OTXHHOGDDOYHQLUORYLRVREHUELRD©VHHOGDDOKXLUOR
YLRSRVWUDGR
1DGLHFRQIHPXFKRHQODSURVSHULGDGQDGLHHQOD
DGYHUVLGDGSLHUGDHVSHUDQ]DV
0H]FODHVWR\DTXHOOR&ORWR\QRSHUPLWHTXHGXUHOD
IRUWXQDWRGRORDJLWDHOKDGR
1DGLHWXYRDORVGLRVHVWDQGHVXSDUWHFRPRSDUDSRGHU
SURPHWHUVHXQPD±DQDQXHVWURVDVXQWRVORVKDFHJLUDU
'LRVHQYHOR]WRUEHOOLQR
61(&$7LHVWHV
(OQRYHOLVWD&RUPDF0F&DUWK\YLYDHQXQDKDELWDFL³QGHXQKRWHOEDUDWRFXDQGRWRFDURQD
VXSXHUWD(UDXQPHQVDMHUROHKDEDQRWRUJDGRODEHFD0DF$UWKXU\G³ODUHV/RV
VXFHVRVLQHVSHUDGRVSXHGHQVHUSRVLWLYRV\QHJDWLYRV
4XL©QVR±DUDFRQHVWHJLURLQHVSHUDGR"4XL©QVLQR&ORWRXQDGHODVGLRVDVJULHJDVGHO
GHVWLQR TXLHQ KLODED ODV KHEUDV GH OD YLGD 3DUD ORV DQWLJXRV HOOD GHFLGD ORV VXFHVRV GH
QXHVWUDVYLGDVDOJXQRVEXHQRV\RWURVPDORV&RPRHVFULEL³HOGUDPDWXUJR(VTXLORߡ6LORV
GLRVHV QRV HQYDQ GHVJUDFLDV QR SXHGHV HYLWDUODVߢ >/RV VLHWH FRQWUD 7HEDV @ (UD OR
PLVPRFRQHOGHVWLQR\ODEXHQDVXHUWH
6X DFWLWXG UHVLJQDGD QRV SDUHFHU¡ SHFXOLDU KR\ HQ GD SHUR HQWHQGDQ TXL©Q WHQD HO
FRQWURO bQLHOORVQLQRVRWURV 1LODSURVSHULGDGQLODVGLILFXOWDGHVSRUJUDQGHVTXHVHDQ
GXUDQ SDUD VLHPSUH 8Q WULXQIR VH YXHOYH GLILFXOWDG XQD GLILFXOWDG VH YXHOYH WULXQIR /D
YLGDSXHGHFDPELDUHQXQLQVWDQWH5HFXHUGDFRQFX¡QWDIUHFXHQFLDRFXUUH
GHQRYLHPEUH
&³PRVHUSRGHURVR
&RQILDQGRHQTX©"1RHQODIDPDQLHQHOGLQHURQLHQODVPDJLVWUDWXUDVVLQRHQVX
SURSLDIXHU]DHVGHFLUHQVXVRSLQLRQHVVREUHORTXHGHSHQGHGHQRVRWURV\ORTXH
QRGHSHQGHGHQRVRWURV3XHVHVRHVORºQLFRTXHKDFHDORVOLEUHVDORVTXHQR
WLHQHQ WUDEDV OR TXH KDFH OHYDQWDU HO FXHOOR D ORV KXPLOODGRV OR TXH KDFH PLUDU
GLUHFWDPHQWHDORVRMRVGHORVULFRV\ORVWLUDQRV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
(Q XQD HVFHQD GH OD QRYHOD FO¡VLFD GH 6WHYHQ 3UHVVILHOG VREUH $OHMDQGUR 0DJQR /D
FRQTXLVWDGH$OHMDQGUR0DJQR$OHMDQGUROOHJDDOFUXFHGHXQURHQHOTXHVHHQFXHQWUD
FRQ XQ ILO³VRIR TXH VH QLHJD D DSDUWDUVH 6XV KRPEUHV H[FODPDQ ߡb(VWH KRPEUH KD
FRQTXLVWDGRHOPXQGR7ºTX©KDVKHFKR"ߢ(OILO³VRIRUHVSRQGHFRQWRWDOVHJXULGDGߡ+H
FRQTXLVWDGRODQHFHVLGDGGHFRQTXLVWDUHOPXQGRߢ
6DEHPRV TXH $OHMDQGUR V WXYR DOJºQ HQIUHQWDPLHQWR FRQ 'L³JHQHV HO &QLFR XQ
ILO³VRIRF©OHEUHSRUUHFKD]DUORTXHODVRFLHGDGYDORUD\SRUH[WHQVL³QODLPDJHQTXHWHQD
$OHMDQGURGH©OPLVPR$OLJXDOTXHHQHOHQFXHQWURILFWLFLRQDUUDGRSRU3UHVVILHOGHQOD
FRQIURQWDFL³QUHDOGH'L³JHQHV\$OHMDQGURHOILO³VRIRIXHP¡VHORFXHQWHTXHHOKRPEUH
P¡VSRGHURVRGHOPXQGRSRUTXHDGLIHUHQFLDVX\D'L³JHQHVWHQDPHQRVGHVHRV3XGLHURQ
PLUDUVHDORVRMRVSDUDFRPSUREDUTXL©QSRVHDHOYHUGDGHURGRPLQLRVREUHVPLVPRTXHVH
UHTXHUDSDUDWHQHUSRGHUGXUDGHUR
7ºWDPEL©QSXHGHVWHQHUOR,PSOLFDFHQWUDUWHHQWXLQWHULRUSDUDKDFHUWHGHSRGHUQRHQ
HO H[WHULRU &RPR OR H[SUHV³ 3XEOLR 6LUR TXLHQ KDED VLGR HVFODYR ߡ3RVHHUDV XQ JUDQ
LPSHULR"b'RPQDWHDWLPLVPRߢ>6HQWHQFLDV@
GHQRYLHPEUH
$FWRUHVHQXQDREUD
5HFXHUGDTXHHUHVXQDFWRUHQXQDUHSUHVHQWDFL³QTXHVHU¡FRPRHODXWRUGHFLGD
FRUWDVLODTXLHUHFRUWDODUJDVLODTXLHUHODUJDVL©OTXLHUHTXHUHSUHVHQWHVHOSDSHO
GH XQ SREUH RFºSDWH GH UHSUHVHQWDU HO SDSHO FRQ QDWXUDOLGDG \ VL HO SDSHO GH XQ
FRMR GH XQ PDJLVWUDGR R GH XQD SHUVRQD SULYDGD KD] RWUR WDQWR 3XHV ©VH HV WX
GHEHUDFWXDUELHQHQHOSDSHOTXHVHWHGDSHURVHOHFFLRQDUHOSDSHOFRUUHVSRQGHD
RWUR
(3,&7(72(QTXLULGL³Q
0DUFR$XUHOLRQRTXHUDVHUHPSHUDGRU1RHUDODFODVHGHSROWLFRTXHEXVFDEDXQSXHVWR
WDPSRFRHUDYHUGDGHURKHUHGHURDOWURQR3RUORTXHSRGHPRVGHGXFLUGHVXVFDUWDV\GHOD
KLVWRULDTXHUDVHUILO³VRIR1RREVWDQWHOD©OLWHSRGHURVDURPDQDHQWUHODTXHILJXUDEDHO
HPSHUDGRU$GULDQRYLRDOJRHQ©O/RSUHSDUDURQSDUDDVXPLUHOSRGHUORDGRSWDURQ\OR
SUHSDUDURQSDUDRFXSDUHOWURQRSRUTXHVDEDQTXHSRGUDFRQHOOR(QWUHWDQWR(SLFWHWRIXH
HVFODYRODPD\RUSDUWHGHVXYLGD\IXHSHUVHJXLGRGHELGRDVXVHQVH±DQ]DVILORV³ILFDV/RV
GRVORJUDURQPXFKRFRQORVSDSHOHVTXHVHOHVKDEDDVLJQDGR
(Q OD YLGD QXHVWUR SDSHO SXHGH VHU LJXDO GH D]DURVR TXH WLUDU ORV GDGRV $OJXQRV
QDFHPRV FRQ SULYLOHJLRV RWURV HQ PHGLR GH DGYHUVLGDGHV $ YHFHV WHQHPRV ODV
RSRUWXQLGDGHVTXHTXHUHPRV2WUDVWHQHPRVXQJROSHGHVXHUWHTXHQRVSDUHFHXQDFDUJD
/RVHVWRLFRVQRVUHFXHUGDQTXHVLQLPSRUWDUORTXHQRVSDVHKR\RHQHOWUDQVFXUVRGH
QXHVWUDYLGDVLQLPSRUWDUHQTX©HVSHFWURLQWHOHFWXDOVRFLDORIVLFRQRVXELTXHPRVQRHV
SURSLR TXHMDUQRV QL ODPHQWDUQRV SRU QXHVWUD VLWXDFL³Q VLQR KDFHU OR PHMRU SRVLEOH SRU
DFHSWDUOD\UHDOL]DUOD$ºQKD\IOH[LELOLGDGRHVSDFLRSDUDODDPELFL³Q"b&ODUR/DKLVWRULD
GHOWHDWURHVW¡UHSOHWDGHKLVWRULDVFRQSDSHOHVVHFXQGDULRVTXHVHYROYLHURQSURWDJ³QLFRV\
SHUVRQDMHV PHPRUDEOHV TXH DSDUHFLHURQ HQ IXWXUDV DGDSWDFLRQHV 6LQ HPEDUJR HVWR LQLFLD
FRQODDFHSWDFL³QODFRPSUHQVL³Q\HOGHVHRGHVREUHVDOLUHQORTXHVHQRVKDDVLJQDGR
GHQRYLHPEUH
7RGRIOX\H
(OPXQGRHVXQDPXWDFL³QFRQWLQXDODYLGDXQDLPDJLQDFL³Q
0$5&2$85(/,20HGLWDFLRQHV
(Q /D YLGD GH 7HVHR GH 3OXWDUFR ©VWH GHVFULEH TXH GXUDQWH VLJORV ORV DWHQLHQVHV
FRQVHUYDURQHOEDUFRGH7HVHRXQK©URHDWHQLHQVHHQFRQGLFLRQHVFRPRSDUDEDWDOOD&DGD
TXHXQWDEO³QVHSXGUDORUHHPSOD]DEDQKDVWDTXHFRQHOWLHPSRVHKDEDQFDPELDGRWRGRV
ORVWDEORQHV3OXWDUFRSUHJXQWDVLJXHVLHQGRHOEDUFRGH7HVHRRHVXQRQXHYR"
(Q -DS³Q FDGD YHLQWLWU©V D±RV VH UHFRQVWUX\H XQ F©OHEUH VDQWXDULR VKLQWR +D
H[SHULPHQWDGR P¡V GH VHVHQWD GH HVWRV FLFORV (V XQ VDQWXDULR FRQ D±RV GH
DQWLJ¼HGDG R VHVHQWD VDQWXDULRV FRQVHFXWLYRV" ,QFOXVR VH SRGUD GHFLU TXH HO 6HQDGR
HVWDGXQLGHQVHGDGRVXSURFHVRHOHFWRUDOGHVFRQFHUWDQWHQXQFDVHKDUHLQLFLDGR$FDVRHV
HOPLVPRTXHVHIRUP³HQOD©SRFDGH*HRUJH:DVKLQJWRQ"
1XHVWUD FRPSUHQVL³Q GH ODV FRVDV VH OLPLWD D XQD LPDJHQ LQVWDQW¡QHD XQD RSLQL³Q
HIPHUD(OXQLYHUVRHVW¡HQFDPELRFRQVWDQWH1RVFUHFHQODVX±DVODVFRUWDPRV\VLJXHQ
FUHFLHQGR/DSLHOVXVWLWX\HDSLHOPXHUWD/RVUHFXHUGRVQXHYRVVXVWLWX\HQDORVDQWLJXRV
6HJXLPRVVLHQGRORVPLVPRV"/DJHQWHDQXHVWURDOUHGHGRUVLJXHVLHQGRLJXDO"1DGDHVW¡
H[HQWRGHODIOXLGH]QLVLTXLHUDORTXHFRQVLGHUDPRVP¡VVDJUDGR
GHQRYLHPEUH
6LHPSUHLJXDO
3RQWH D SHQVDU SRU HMHPSOR HQ ORV WLHPSRV GH 9HVSDVLDQR 9HU¡V OR TXH KR\
JHQWHV TXH VH FDVDQ IRUPDQ XQD IDPLOLD HQIHUPDQ PXHUHQ JXHUUHDQ FHOHEUDQ
ILHVWDVWUDILFDQFXOWLYDQODWLHUUDDGXODQVHHQVREHUEHFHQUHFHODQLQWULJDQGHVHDQ
TXH RWURV PXHUDQ UHIXQIX±DQ FRQWUD HO SUHVHQWH DQGDQ HQDPRUDGRV DWHVRUDQ
DPELFLRQDQ HO FRQVXODGR HO LPSHULR 3XHV ELHQ WRGD HVWD JHQHUDFL³Q \D
GHVDSDUHFL³3DVDDKRUDDOD©SRFDGH7UDMDQRb5HSWDQVHORVPLVPRV
0$5&2$85(/,20HGLWDFLRQHV
(UQHVW+HPLQJZD\HPSLH]DVXQRYHOD)LHVWDFRQXQYHUVRGHOD%LEOLDߡ8QDJHQHUDFL³QYD
\RWUDJHQHUDFL³QYLHQHPDVODWLHUUDSHUPDQHFHSDUDVLHPSUH(OVROVDOH\HOVROVHSRQHD
VXOXJDUVHDSUHVXUD\GHDOOYXHOYHDVDOLUߢ6XHGLWRUGLUDGHHVWHSDVDMHTXHߡFRQWHQD
WRGDODVDELGXUDGHOPXQGRDQWLJXRߢ
$TX©VDELGXUDVHUHIHUD"8QDGHODVFRVDVP¡VDVRPEURVDVGHODKLVWRULDHVHOWLHPSR
HQ TXH ORV VHUHV KXPDQRV KDQ KHFKR ODV FRVDV TXH KDFHQ 6L ELHQ FLHUWDV DFWLWXGHV \
SU¡FWLFDVKDQGHVDSDUHFLGRORTXHUHVWDHVODJHQWHYLYHPXHUHDPDSHOHDOORUDUH
&RQIUHFXHQFLDORVUHSRUWHVHQWXVLDVWDVGHORVPHGLRVRORVOLEURVSRSXODUHVSHUSHWºDQ
ODFUHHQFLDGHTXHKHPRVOOHJDGRDODFLPDGHODKXPDQLGDGRTXHHQHVWD©SRFDODVFRVDV
VRQPX\GLVWLQWDV/DLURQDHVTXHODJHQWHOOHYDVLJORVFUH\©QGROR
/RV IXHUWHV QR DFHSWDQ HVWD QRFL³Q VDEHQ TXH FRQ FRQWDGDV H[FHSFLRQHV ODV FRVDV
VLJXHQ VLHQGR LJXDOHV VLHPSUH OR KDQ VLGR \ OR VHJXLU¡Q VLHQGR (UHV FRPR TXLHQHV WH
SUHFHGLHURQHUHVXQDHVFDODEUHYHKDVWDTXHOOHJXHQORVTXHVLJXHQGHVSX©VGHWL/DWLHUUD
SHUPDQHFHSHURQRVRWURVYDPRV\YHQLPRV
GHQRYLHPEUH
1RHVHOREMHWRVLQRORTXHKDFHPRVFRQ©O
6LDOJXQDFRVDH[WHULRUWHFRQWULVWDQRHVHOODODTXHWHFRQWXUEDVLQRHOMXLFLRTXHWH
IRUPDVDFHUFDGHODPLVPDSHURHQWXPDQRWLHQHVHODEROLUHVWHMXLFLRDOLQVWDQWH
0$5&2$85(/,20HGLWDFLRQHV
,PDJLQD TXH KDV VR±DGR FRQ WHQHU XQD YLGD HQ OD SROWLFD (UHV MRYHQ YLJRURVR \ KDV
RFXSDGRFDUJRVFDGDYH]P¡VLPSRUWDQWHVHQHOFXUVRGHWXFDUUHUD'HVSX©VDORVD±RV
HPSLH]DV D VHQWLUWH FDQVDGR 7XV P©GLFRV WH GLFHQ TXH WLHQHV SROLR \ TXH WX YLGD QXQFD
YROYHU¡DVHULJXDO(VHOILQGHWXFDUUHUDFLHUWR"
(VODKLVWRULDGH)UDQNOLQ'HODQR5RRVHYHOWDTXLHQDKRUDVHOHUHFRQRFHFRPRXQRGH
ORV OGHUHV SROWLFRV P¡V LPSRUWDQWHV GH (VWDGRV 8QLGRV $ VX PHGLDQD HGDG OH
GLDJQRVWLFDURQ SROLR D SHVDU GH TXH VH KDED GHGLFDGR D±RV D SUHSDUDUVH \ VR±DU FRQ OD
SUHVLGHQFLD
(VLPSRVLEOHHQWHQGHUD5RRVHYHOWVLQFRPSUHQGHUVXGLVFDSDFLGDG/DߡFRVDH[WHULRUߢ
IXHVXGLVFDSDFLGDGSHURVXMXLFLRQRLQFDSDFLW³VXFDUUHUDQLVXSHUVRQD$XQTXHVLQGXGD
IXHYFWLPDGHXQDHQIHUPHGDGHQWRQFHVLQFXUDEOHVHGHVSRM³ߚFDVLGHLQPHGLDWRߚGHOD
PHQWDOLGDGGHYFWLPD
1RFRQIXQGDPRVDFHSWDFL³QFRQSDVLYLGDG
GHQRYLHPEUH
/RVIXHUWHVDFHSWDQODUHVSRQVDELOLGDG
6LQRMX]JDPRVSRUELHQHVRPDOHVP¡VTXHORTXHGHSHQGHGHQXHVWURDOEHGURQR
QRV UHVWD QLQJXQD RWUD UD]³Q QL GH FXOSDU D ORV GLRVHV QL GH PDQWHQHUQRV FRQWUD
KRPEUHDOJXQRHQSLHGHJXHUUD
0$5&2$85(/,20HGLWDFLRQHV
8Q OHWUHUR HQ HO HVFULWRULR GHO SUHVLGHQWH HVWDGXQLGHQVH +DUU\ 7UXPDQ GHFD ߡ0H KDJR
UHVSRQVDEOHߢ &RPR SUHVLGHQWH FRQ PD\RU SRGHU \ FRQWURO TXH SU¡FWLFDPHQWH FXDOTXLHUD
VDEDTXHSDUDELHQRSDUDPDOQRSRGDUHVSRQVDELOL]DUDQDGLHSRUQDGDP¡VTXHD©O1R
SRGDHFKDUOHODFXOSDDQDGLH$KHQOD2ILFLQD2YDOWHUPLQDEDQODVFXOSDV
&RPR SUHVLGHQWHV GH QXHVWUDV YLGDV ߚ\ VDELHQGR ELHQ TXH QXHVWURV SRGHUHV LQLFLDQ \
WHUPLQDQFRQQXHVWURDOEHGURߚKDUDPRVELHQHQLQWHUQDOL]DUHVWDDFWLWXG1RFRQWURODPRV
ODVFRVDVIXHUDGHHVDHVIHUDSHURVFRQWURODPRVQXHVWUDVDFWLWXGHV\UHVSXHVWDVDGLFKRV
VXFHVRV\HVRHVGHPDVLDGR6XILFLHQWHWHQHPRVFRQVDEHUTXHWRGRVORVGDVQRWHQGUHPRV
DTXL©QFXOSDU$VXPDPRVODUHVSRQVDELOLGDG
GHQRYLHPEUH
1XQFDWHTXHMHVQXQFDGHVH[SOLFDFLRQHV
4XHQDGLHWHRLJDTXHMDUWHGHODYLGDTXHVHOOHYDHQODFRUWHQLWHRLJDVWºTXHMDUWH
DWLPLVPR
0$5&2$85(/,20HGLWDFLRQHV
,QFOXVRORVP¡VDIRUWXQDGRVVHTXHMDQDGHP¡VDYHFHVSDUHFHTXHFXDQWRP¡VDIRUWXQDGRV
P¡VWLHPSRWHQHPRVSDUDTXHMDUQRV0DUFR$XUHOLRHUDXQDOWRGLULJHQWHUHDFLRDVFRPR
SXHGHVVHUXQFRQWDGRUHQWUHQDGRUGHODOLJDLQIDQWLORDERJDGRUHDFLR2WDOYH]HQJHQHUDO
WH JXVWD WX WUDEDMR SHUR QR WH LPSRUWDUD WHQHU PHQRV UHVSRQVDELOLGDGHV 4X© SURGXFHQ
HVDVLGHDV"8QHVWDGRGH¡QLPRQHJDWLYR
5HFXHUGD HO OHPD GHO SULPHU PLQLVWUR EULW¡QLFR %HQMDPLQ 'LVUDHOL ߡ1XQFD WH TXHMHV
QXQFDGHVH[SOLFDFLRQHVߢ&RPR0DUFR$XUHOLRVDEDTXHODVFDUJDVGHODUHVSRQVDELOLGDG
HUDQ LQPHQVDV (V PX\ I¡FLO TXHMDUVH GH HVWR R DTXHOOR R LQYHQWDU SUHWH[WRV \
MXVWLILFDFLRQHVSDUDWXVDFWRV1RREVWDQWHHVRQRORJUDQDGD\QXQFDDOLJHUDODFDUJD
GHQRYLHPEUH
7ºHOLJHVHOUHVXOWDGR
/H KDQ PHWLGR HQ OD F¡UFHO /R GH ߡOH YDQ PDO ODV FRVDVߢ FDGD XQR OR D±DGH D VX
FRVHFKD
(3,&7(72'LVHUWDFLRQHV
&RPRKDEU¡VLGHQWLILFDGR©VWHHVXQHMHPSORFO¡VLFRGHOSHQVDPLHQWRHVWRLFR8QVXFHVR
SRUVPLVPRHVREMHWLYR/DGHVFULSFL³QߚVLGHFLPRVTXHIXHLQMXVWRXQDWUDJHGLDRTXH
DOJXLHQORKL]RDSURS³VLWRߚHVFRVDQXHVWUD
0DOFROP; HQWRQFHV0DOFROP/LWWOH HQWU³DSULVL³QFRPRFULPLQDOSHURVDOL³FRPR
XQ KRPEUH HGXFDGR UHOLJLRVR \ PRWLYDGR TXH SDUWLFLSDUD HQ OD OXFKD SRU ORV GHUHFKRV
FLYLOHV6XIUL³DOJºQPDO"2HOLJL³KDFHUSRVLWLYDVXH[SHULHQFLD"
/D DFHSWDFL³Q QR HV SDVLYD (V HO SULPHU SDVR HQ XQ SURFHVR DFWLYR HQ OD VXSHUDFL³Q
SHUVRQDO
GHQRYLHPEUH
7RGRHVFDPELR
&RQVLGHUD PX\ D PHQXGR OD UDSLGH] FRQ TXH ORV VHUHV H[LVWHQWHV \ ORV
DFRQWHFLPLHQWRVRFXUUHQ\VHQRVDUUHEDWDQ3RUTXHDODYHUGDGODVXVWDQFLDFRPR
XQ UR HVW¡ HQ FXUVR FRQVWDQWH ODV HQHUJDV HQ SHUSHWXD PXWDFL³Q ODV FDXVDV
VXMHWDVDLQQXPHUDEOHVDOWHUDFLRQHVFDVLQRKD\FRVDHVWDEOH
0$5&2$85(/,20HGLWDFLRQHV
0DUFR$XUHOLRWRPDSUHVWDGDHVWDPHW¡IRUDPDUDYLOORVDGH+HU¡FOLWRTXLHQGLMRߡ1DGLHVH
ED±DGRVYHFHVHQHOPLVPRURߢSRUTXHHOURKDFDPELDGRDVFRPRHOKRPEUH
/DYLGDFDPELDFRQVWDQWHPHQWHLJXDOTXHQRVRWURV0ROHVWDUVHSRUODVFRVDVHVDVXPLU
HTXLYRFDGDPHQWH TXH SHUGXUDU¡Q 5HFULPLQDUQRV R FXOSDU D ORV GHP¡V HV HQ YDQR
0ROHVWDUVH FRQ ORV FDPELRV HV DVXPLU HTXLYRFDGDPHQWH TXH WLHQHV SRGHU GH GHFLVL³Q HQ
HOORV
7RGRHVFDPELRDF©SWDORIOX\H
GHQRYLHPEUH
/DHVSHUDQ]D\HOPLHGRVRQORPLVPR
>+HFDW³Q@ߨ DILUPD ߡ6L GHMDV GH HVSHUDU GHMDU¡V GH WHPHUߢߨ /D FDXVD P¡V
SURIXQGD GH OR XQR \ GH OR RWUR HV TXH HQ OXJDU GH DFRPRGDUQRV D OD VLWXDFL³Q
SUHVHQWHSUR\HFWDPRVQXHVWURVSHQVDPLHQWRVHQODOHMDQD
61(&$(SVWRODVPRUDOHVD/XFLOLR
(Q JHQHUDO OD HVSHUDQ]D VH FRQVLGHUD EXHQD \ HO PLHGR PDOR 3DUD XQ HVWRLFR FRPR
+HFDW³Q GH 5RGDV VRQ OR PLVPR DPERV VRQ SUR\HFFLRQHV IXWXUDV GH FRVDV TXH QR
FRQWURODPRV/RVGRVVRQHQHPLJRVGHOPRPHQWRSUHVHQWHHQHOTXHWHHQFXHQWUDV/RVGRV
LPSOLFDQTXHYLYHVHQRSRVLFL³QDODPRUIDWL
1RVHWUDWDGHVXSHUDUQXHVWURVPLHGRVVLQRGHHQWHQGHUTXHWDQWRODHVSHUDQ]DFRPRHO
PLHGR VXSRQHQ XQD FDQWLGDG SHOLJURVD GH DQKHOR \ SUHRFXSDFL³Q 7ULVWHPHQWH HO DQKHOR
SURYRFDODSUHRFXSDFL³Q
GHQRYLHPEUH
1RMX]JXHVDPHQRVTXHߨ
'H OD SURSLD ILORVRID QR GHEHU¡V KDFHU RVWHQWDFL³Q PXFKRV LQFXUULHURQ HQ SHOLJUR
SRUKDEHUODSUDFWLFDGRFRQLQVROHQFLD\REVWLQDFL³QTXHWHOLEHUHDWLGHORVYLFLRV\
QRHFKHHQFDUDDORVGHP¡VORVVX\RV
61(&$(SVWRODVPRUDOHVD/XFLOLR
5HFXHUGD HO UXPER DGHFXDGR GH OD ILORVRID ߚGH WRGR OR TXH HVWDPRV KDFLHQGRߚ VH
HQIRFD HQ HO LQWHULRU (O REMHWLYR HV VXSHUDUQRV \ SHUPLWLU TXH ORV GHP¡V OR KDJDQ SRU VX
FXHQWD\HQVXSURSLRYLDMH&RQWURODPRVQXHVWUDVIDOWDVSRUORTXHUHFXUULPRVDODILORVRID
SDUDTXLW¡UQRVODVGHHQFLPDFRPRVLIXHUDQSHUFHEHVHQHOFDVFRGHXQEDUFR<ODVIDOWDV
GHORVGHP¡V"1R©VDVOHVWRFDQDHOORV
GHQRYLHPEUH
&XDWURK¡ELWRVGHODPHQWHHVWRLFD
7RGR VHU QDWXUDO VH FRQWHQWD FRQ VHJXLU SU³VSHUDPHQWH VX FDPLQR 3HUR OD
QDWXUDOH]DUDFLRQDOV³ORORVLJXHIHOL]PHQWHFXDQGRQRDVLHQWHDQLQJXQDLGHDIDOVDR
GXGRVD FXDQGR HQFDPLQD VXV LQVWLQWRV ºQLFDPHQWH D ODV DFFLRQHV ºWLOHV GH OD
FROHFWLYLGDGFXDQGRVHULJHV³ORSRUVXDUELWULRHQVXVGHVHRVRHQVXVDYHUVLRQHV
\DFHSWDGHEXHQDJDQDWRGRORTXHOHGHSDUHODFRPºQQDWXUDOH]D
0$5&2$85(/,20HGLWDFLRQHV
6LSRQHVDWHQFL³Q0DUFR$XUHOLRVHUHFXHUGDFRQVWDQWHPHQWHTX©HVHOHVWRLFLVPR$XQTXH
HVWDVYL±HWDVVRQºWLOHVSDUDTXLHQHVOROHHPRVPLOHVGHD±RVGHVSX©VSRGUDQKDEHUVLGR
ºWLOHVSDUD©O7DOYH]HVHGDKDEDDFHSWDGRXQDLPSUHVL³QIDOVDRKDEDDFWXDGRGHIRUPD
HJRVWD4XL]¡VKDEDSXHVWRVXHVSHUDQ]DHQDOJRIXHUDGHVXFRQWURORVHKDEDTXHMDGRX
RSXHVWRDDOJRTXHKDEDRFXUULGR2WDOYH]QRKDEDSHQVDGRHQHVWDVFRVDVGHVGHKDFD
WLHPSR\TXHUDXQUHFRUGDWRULR
6LQ LPSRUWDU FX¡O KD\D VLGR HO FDVR R FXDO VHD HO WX\R KR\ WHQJDPRV HQ PHQWH HVWRV
FXDWURK¡ELWRVHVHQFLDOHV
$FHSWDV³ORORTXHHVYHUGDGHUR
7UDEDMDSRUHOELHQFRPºQ
4XHWXVQHFHVLGDGHV\GHVHRVFRPSUHQGDQV³ORORTXHFRQWURODV
$FHSWDORTXHODQDWXUDOH]DWHWLHQHGHSDUDGR
GHQRYLHPEUH
$IRULVPRVGHWUHVKRPEUHVVDELRV
(QWRGDFLUFXQVWDQFLDGHEHUDPRVWHQHUSUHVHQWHVHVWDVP¡[LPDV
&RQGºFHPHbRK=HXV\Wº'HVWLQR
SRUHOFDPLQRTXHPHKDE©LVSUHVFULWR
DTXHVWR\GLVSXHVWRDVHJXLUOR<VLQRTXLVLHUH
DWUDHU©VREUHPODGHVJUDFLD\ORVHJXLU©LJXDOPHQWH
&/($17(6
$TXLHQQREOHPHQWHVHVRPHWHDODQHFHVLGDG
ORWHQHPRVSRUVDELR\GLHVWURHQODVFRVDVGLYLQDV
(853,'(6
b2K &ULW³Q 4XH DV VHD VL DV FRPSODFH D ORV GLRVHV $QLWR \ 0©OLWR SXHGHQ HQ
YHUGDGPDWDUPHPDVQRFDXVDUPHGD±R
3/$71&ULW³Q\$SRORJDGH6³FUDWHV
(3,&7(72(QTXLULGL³Q
(VWDVWUHVFLWDVTXHFRPSLO³(SLFWHWRHMHPSOLILFDQߚPHGLDQWHODVDELGXUDKLVW³ULFDߚORV
WHPDV GH OD WROHUDQFLD OD IOH[LELOLGDG \ OD DFHSWDFL³Q &OHDQWHV \ (XUSLGHV HYRFDQ HO
GHVWLQRFRPRXQFRQFHSWRTXHIDFLOLWDODDFHSWDFL³Q&XDQGRXQRFUHHHQXQSRGHUVXSHULRU
'LRVRGLRVHV HQWRQFHVQRKD\WDOFRVDFRPRXQVXFHVRFRQWUDULRDORSODQHDGR
,QFOXVRVLQRFUHHVHQXQDGHLGDGSXHGHVHQFRQWUDUFRQVXHORHQODVGLVWLQWDVOH\HVGHO
XQLYHUVRRHQHOFLFORGHODYLGD/RTXHQRVVXFHGHFRPRLQGLYLGXRVSRGU¡SDUHFHUD]DURVR
R GHVDJUDGDEOH FUXHO R LQH[SOLFDEOH VLQ HPEDUJR HVWRV VXFHVRV FREUDQ SHUIHFWR VHQWLGR
FXDQGRDGTXLULPRVDXQTXHVHDXQ¡SLFHGHSHUVSHFWLYD
3UDFWLTXHPRVGLFKDSHUVSHFWLYD)LQJHTXHFDGDVXFHVRߚ\DVHDGHVHDGRRLQHVSHUDGR
ߚHVWDEDGHVWLQDGRDVXFHGHUHVSHFILFDPHQWHSDUDWL1RWHUHVLVWLUDVRV"
GHQRYLHPEUH
2EVHUYDDKRUDFRPRVLHPSUH
4XLHQKDYLVWRHOSUHVHQWHORKDYLVWRWRGRWRGRORTXHVXFHGL³GHVGHODHWHUQLGDG\
OR TXH VXFHGHU¡ SRU WRGD OD HWHUQLGDG SXHV WRGDV ODV FRVDV WLHQHQ OD PLVPD
QDWXUDOH]D\ODPLVPDILVRQRPD
0$5&2$85(/,20HGLWDFLRQHV
/RV VXFHVRV TXH RFXUULU¡Q KR\ VRQ ORV PLVPRV TXH VLHPSUH KDQ RFXUULGR OD YLGD \ OD
PXHUWHGHODVSHUVRQDV\ORVDQLPDOHVHOWUD\HFWRGHODVQXEHVODLQKDODFL³Q\H[KDODFL³Q
GHO DLUH (VWH PRPHQWR SUHVHQWH SDUDIUDVHDQGR D (PHUVRQ HV XQD FLWD GH ORV PRPHQWRV
TXHKDQDFRQWHFLGRDQWHV\TXHDFRQWHFHU¡QGHVSX©VGHDTXDODHWHUQLGDG
(VWDLGHDVHH[SUHVDEHOOVLPDPHQWHHQHOKLPQRFULVWLDQRߡ*ORULD3DWULߢߡ&RPRHUDHQ
HOSULQFLSLRDKRUD\VLHPSUHSRUORVVLJORVGHORVVLJORVߢ(VWDLGHDQRGHEHVHUGHSULPHQWH
QLDOHQWDGRUDHVXQVLPSOHKHFKR1RREVWDQWHSXHGHWHQHUXQHIHFWRWUDQTXLOL]DGRUTXH
FHQWUD1RKDFHIDOWDHPRFLRQDUVHQLHVSHUDUFRQHODOPDHQYLOR6LQRORKDVYLVWRDQWHV
DOJXLHQP¡VORKDKHFKR(VRSXHGHVHUUHFRQIRUWDQWH
GHQRYLHPEUH
8QDYH]HVVXILFLHQWHXQDYH]HVSDUDVLHPSUH
/D DGLFL³Q GH WLHPSR QR DFUHFHQWDU¡ HO ELHQ VLQR TXH LQFOXVR VL XQR VH KDFH
SUXGHQWH SRU V³OR XQ LQVWDQWH HQ QDGD VHU¡ LQIHULRU VX IHOLFLGDG D OD GH TXLHQ KD
SUDFWLFDGROD YLUWXG GXUDQWHWRGD VX YLGD \HQ HOOD KDYLYLGR GLFKRVDPHQWH KDVWD HO
ILQDO
&5,6,32FLWDGRHQ3/87$5&22EUDVPRUDOHV\FRVWXPEUHVߡ6REUHODV
QRFLRQHVFRPXQHVFRQWUDORVHVWRLFRVߢ
4XL]¡ OD VDELGXUD \ OD IHOLFLGDG VRQ FRPR JDQDUVH XQD PHGDOOD HQ ODV 2OLPSLDGDV 1R
LPSRUWD VL JDQDVWH KDFH FLHQ D±RV R GLH] PLQXWRV R VL JDQDVWH XQD YH] R HQ GLVWLQWDV
FRPSHWHQFLDV 1R LPSRUWD VL P¡V DGHODQWH DOJXLHQ VXSHUD WX U©FRUG WDPSRFR VL QXQFD
YXHOYHV D FRPSHWLU 6LHPSUH VHU¡V PHGDOOLVWD \ VLHPSUH VDEU¡V TX© VH VLHQWH 1DGLH WH OR
SXHGHTXLWDUVHUDLPSRVLEOHYROYHUDH[SHULPHQWDUHOPLVPRVHQWLPLHQWR
(ODFWRU(YDQ+DQGOHUHJUHVDGRGH-XLOOLDUGVREUHYLYL³OHXFHPLDPLHORLGH\GHSUHVL³Q
DJXGD &RPSDUWL³ VX GHFLVL³Q GH WRPDU DQWLGHSUHVLYRV OR KL]R SRU SRFR WLHPSR SRUTXH
TXHUD VDEHU F³PR VH VHQWD OD IHOLFLGDG QRUPDO &XDQGR OR VXSR GHM³ GH WRPDUORV <D
SRGD FRQWLQXDU H[SHULPHQWDQGR GLILFXOWDGHV FRPR WRGRV &RQRFL³ HO LGHDO EUHYHPHQWH \
IXHVXILFLHQWH
7DOYH]KR\VHU¡HOGDHQHOTXHH[SHULPHQWDUHPRVIHOLFLGDGRVDELGXUD1RLQWHQWHV
DIHUUDUWH D HVH PRPHQWR FRQ WRGD WX IXHU]D 1R FRQWURODV VX GXUDFL³Q 'LVIUºWDOR
UHFRQ³FHOR\UHFX©UGDOR7HQHUORXQPRPHQWRHVLJXDOTXHWHQHUORSDUDVLHPSUH
GHQRYLHPEUH
(OFULVWDO\DHVW¡URWR
>/D IRUWXQD@ HV SHQRVD SDUD TXLHQHV HV LPSUHYLVWD I¡FLOPHQWH OD UHVLVWH TXLHQ
VLHPSUHODDJXDUGD
61(&$&RQVRODFL³QD+HOYLD
+D\XQUHODWRGHXQPDHVWUR]HQTXHWHQDXQDWD]DTXHDWHVRUDEDPXFKR(OPDHVWURGHFD
SDUDVߡ(OFULVWDO\DHVW¡URWRߢ'LVIUXWDEDODWD]DODXVDEDODPRVWUDEDDVXVYLVLWDVSHUR
HQVXPHQWH\DHVWDEDURWD$VTXHXQGDFXDQGRVHURPSL³VHQFLOODPHQWHGLMRSDUDV
ߡ3HURFODURߢ
/RV HVWRLFRV WDPEL©Q SLHQVDQ DV 6H GLFH TXH KD\ XQD KLVWRULD VREUH (SLFWHWR \ XQD
O¡PSDUD&RPRFHUUDEDVXFDVDFRQOODYHHQXQDRFDVL³QOHUREDURQXQDO¡PSDUDFRVWRVD
&XDQGRODVXVWLWX\³FRPSU³XQDP¡VEDUDWDSDUDQRVHQWLUWDQWRDSHJRSRUVLODYROYDQD
UREDU
/DGHVRODFL³QߚHVHVHQWLPLHQWRGHWRWDODIOLFFL³Q\VRUSUHVDIUHQWHDXQVXFHVRߚHVXQ
IDFWRU GH OR LPSUHYLVWR TXH FRQVLGHUDPRV HO VXFHVR $ QDGLH DWRUPHQWD TXH QLHYH HQ
LQYLHUQR SRUTXH KHPRV DSUHQGLGR D DFHSWDU LQFOXVR D DQWLFLSDU HVH FDPELR < ORV
LQFLGHQWHV TXH QRV VRUSUHQGHQ" 6L FRQVLGHU¡UDPRV VX SRVLELOLGDG WDO YH] QR QRV
VRUSUHQGHUDQWDQWR
GHQRYLHPEUH
(ODSHJRHVHQHPLJR
6HQFLOODPHQWH DFX©UGDWH GH TXH VL HVWLPDV FXDOTXLHU FRVD IXHUD GH WX SURSLR
DOEHGURKDVHFKDGRDSHUGHUHODOEHGUR
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$GHFLUGH$QWKRQ\GH0HOORߡ+D\XQDVRODFRVDTXHRFDVLRQDODLQIHOLFLGDG6XQRPEUH
HVDSHJRߢ$SHJRDODLPDJHQTXHWLHQHVGHXQDSHUVRQDDODULTXH]D\DOHVWDWXVDFLHUWR
OXJDU R ©SRFD D XQ WUDEDMR R XQ HVWLOR GH YLGD 7RGDV HVWDV FRVDV VRQ SHOLJURVDV SRU XQD
UD]³QHVFDSDQGHQXHVWURDOEHGUR1RGHFLGLPRVFX¡QWRODVFRQVHUYDPRV
8QRV GRV PLO D±RV DQWHV TXH GH 0HOOR (SLFWHWR VH GLR FXHQWD GH TXH HV PX\ GLIFLO
DFHSWDU ORV FDPELRV GHELGR D QXHVWURV DSHJRV &XDQGR ORV FRVHFKDPRV QR QRV TXHUHPRV
VHSDUDUGHHOORV0DQWHQHUHOVWDWXTXRQRVHVFODYL]DVRPRVFRPROD5HLQDGH&RUD]RQHV
HQ$OLFLDHQHOSDVGHODVPDUDYLOODVFRUUHPRVFDGDYH]P¡VU¡SLGRSHURSHUPDQHFHPRV
HQHOPLVPROXJDU
6LQ HPEDUJR WRGR VH HQFXHQWUD HQ FDPELR FRQVWDQWH SRVHHPRV FLHUWDV FRVDV SRU
GHWHUPLQDGRWLHPSR\OXHJRODVSHUGHPRV/RºQLFRSHUPDQHQWHHVHOSURKDLUHVLVQXHVWUR
DOEHGUR /RV REMHWRV GH QXHVWURV DSHJRV YDQ \ YLHQHQ QXHVWUR DOEHGUR HV UHVLOLHQWH \
DGDSWDEOH&XDQWRP¡VSURQWRVHDPRVFRQVFLHQWHVGHHOORPHMRU\P¡VI¡FLOVHU¡DFHSWDU\
DGDSWDUQRVDORTXHVXFHGD
GHQRYLHPEUH
$SUHQGHDGHVSUHQGHUWHGHORTXHQRHVWX\R
&XDQGRWRPHVFDUL±RDDOJRߚQRDQDGDLQDOLHQDEOHVLQRDDOJRGHOWLSRGHXQDROOD
RXQYDVRGHFULVWDOߚTXHFXDQGRVHURPSDWHDFXHUGHV\QRWHDOWHUHV7DPEL©Q
DV HQ HVWR FXDQGR EHVHV D XQ KLMLWR WX\R R D XQ KHUPDQR R D XQ DPLJR QXQFD
GHMHVLUGHOWRGRWXIDQWDVDQLSHUPLWDVTXHWXHIXVL³QYD\DKDVWDGRQGHHOODTXLHUD
VLQRWLUDGHHOODFRQWHQODFRPRORVTXHHVW¡QHQSLHDHVSDOGDVGHORVTXHFHOHEUDQ
HO WULXQIR \ OHV UHFXHUGDQ TXH VRPRV KXPDQRV 7º WDPEL©Q UHFX©UGDWH D WL PLVPR
DOJRDVTXHDPDVDXQPRUWDOTXHQRDPDVQDGDGHORWX\RWHKDVLGRGDGRSDUD
HVWHPRPHQWRQRFRPRFRVDLQDOLHQDEOHQLSDUDVLHPSUH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
'XUDQWH XQD FHUHPRQLD GH WULXQIR URPDQR OD PD\RUD GHO SºEOLFR QR TXLWDED ORV RMRV GH
HQFLPD GHO JHQHUDO YLFWRULRVR XELFDGR DO IUHQWH OD SULPHUD ILOD HUD XQR GH ORV VLWLRV P¡V
FRGLFLDGRV6³ORXQRVSRFRVVHSHUFDWDEDQGHOHVFODYRMXVWRGHWU¡VGHOFRPDQGDQWHTXHOH
VXVXUUDEDDORGRߡ5HFXHUGDHUHVPRUWDOߢb4X©UHFRUGDWRULRHQHODSRJHRGHODJORULD\OD
YLFWRULD
(Q QXHVWUDV YLGDV SRGHPRV DSUHQGHU D VHU DTXHO TXH VXVXUUD $QWH DOJR R DOJXLHQ D
TXLHQDWHVRUHPRVSRGHPRVVXVXUUDUQRVTXHHVIU¡JLOPRUWDO\QRHVQXHVWUR6LQLPSRUWDU
TX©WDQIXHUWHRLQYHQFLEOHSDUH]FDQXQFDORHV'HEHPRVUHFRUGDUQRVTXHSXHGHURPSHUVH
PRULUGHMDUQRV
8QR GH QXHVWURV PLHGRV P¡V SURIXQGRV HV OD S©UGLGD /D LJQRUDQFLD \ HO HQJD±R QR
VLUYHQGHFRQVXHORKDU¡QODS©UGLGDPXFKRP¡VGHVDJUDGDEOHFXDQGR©VWDRFXUUD
GHQRYLHPEUH
(VFXULRVRF³PRUHVXOWDQODVFRVDV
<R SHUVRQDOPHQWH DFHSWDUD PHMRU FDHU HQ OD HQIHUPHGDG TXH QR HQ OD PROLFLH
SXHV HO HVWDU HQIHUPR V³OR SHUMXGLFD DO FXHUSR PLHQWUDV TXH HVWDU HQ OD PROLFLH
SHUMXGLFDDORVGRVDODOPD\DOFXHUSRDOFXHUSRKDFLHQGRQDFHUHQ©OODGHELOLGDG\
OD IDOWD GH IXHU]D DO DOPD OD LQFRQWLQHQFLD \ OD FREDUGD < DGHP¡V OD PROLFLH
HQJHQGUDODLQMXVWLFLDLJXDOTXHODDYDULFLD
08621,258)2'LVHUWDFLRQHV
/DV KLVWRULDV GH ORV JDQDGRUHV GH OD ORWHUD WLHQGHQ D FRPSDUWLU XQ HOHPHQWR KDFHUVH GH
PXFKVLPR GH GLQHUR GH XQ GD SDUD RWUR HV XQD PDOGLFL³Q QR XQD EHQGLFL³Q 8Q SDU GH
D±RVGHVSX©VGHKDEHUUHFLELGRVXFKHTXHPXFKRVJDQDGRUHVHVW¡QHQSHRUHVFRQGLFLRQHV
ILQDQFLHUDV+DQSHUGLGRDPLVWDGHVVHKDQGLYRUFLDGR6XVYLGDVVHKDQFRQYHUWLGRHQXQD
SHVDGLOODGHELGRDVXHVFDQGDORVDEXHQDVXHUWH
(VFRPRODOHWUDGHODFDQFL³QGH0HWDOOLFD ߡ1R/HDI&ORYHUߢ ߡ(VDOX]UHFRQIRUWDQWH
DOILQDOGHOWºQHOUHVXOWDVHUXQWUHQGHFDUJDTXHYLHQHKDFLDWLDWRGDYHORFLGDGߢ
6LQ HPEDUJR OD UHVSXHVWD P¡V IUHFXHQWH GH XQ VREUHYLYLHQWH DO F¡QFHU TXLHQ
H[SHULPHQW³ODSHVDGLOODGHWRGDVVXHOHVHUߡ)XHORPHMRUTXHPHSXGRKDEHUSDVDGRߢ
(VFXULRVRF³PRUHVXOWDQODVFRVDVQRFUHHV"
GHQRYLHPEUH
(ODOWDULQGLIHUHQWH
0XFKRVJUXPRVGHLQFLHQVRVHFRORFDQVREUHXQPLVPRDOWDUORVXQRVFDHQDQWHV
ORVRWURVGHVSX©V3HURHVWHRUGHQGHFDGDQDGDLPSRUWD
0$5&2$85(/,20HGLWDFLRQHV
4X© WH GLVWLQJXH GH OD SHUVRQD P¡V ULFD GHO PXQGR" 7LHQHV PHQRV GLQHUR 4X© WH
GLVWLQJXHGHODSHUVRQDP¡VORQJHYDGHOPXQGR"(OODKDYLYLGRXQRVFXDQWRVD±RVP¡V/R
TXHWHGLVWLQJXHGHODSHUVRQDP¡VDOWDLQWHOLJHQWHU¡SLGDߨHVORPLVPR
6LQRVFRPSDUDPRVFRQORVGHP¡VVHQRVGLILFXOWDDFHSWDUQRVSRUTXHTXHUHPRVORTXH
HOORV WLHQHQ R TXHUHPRV OR TXH SXGR KDEHU VLGR QR OR TXH WHQHPRV HQ OD YLGD UHDO 6LQ
HPEDUJRHVRQRLPSRUWD
$OJXQRV FRQVLGHUDU¡Q HVWH IUDJPHQWR GH 0DUFR $XUHOLR SHVLPLVWD \ RWURV RSWLPLVWD
SHUR HV XQD VLPSOH YHUGDG 7RGR HVWDPRV HQ HVWH PXQGR \ WRGRV QRV LUHPRV HQ DOJºQ
PRPHQWR DV TXH HV PHMRU QR SUHRFXSDUQRV SRU GLIHUHQFLDV LQVLJQLILFDQWHV 7HQHPRV
GHPDVLDGDVFRVDVTXHKDFHU
GHQRYLHPEUH
(OSODFHUGHLJQRUDUORQHJDWLYR
b&X¡Q I¡FLO HV VDFXGLU \ GHVWUXLU GH OD IDQWDVD WRGD LGHD R LPSRUWXQD R H[WUD±D \
UHFREUDUDOSXQWRODFDOPDQWHJUD
0$5&2$85(/,20HGLWDFLRQHV
/RV HVWRLFRV WXYLHURQ OD VXHUWH GH OLEUDUVH GH OD VREUHFDUJD GH LQIRUPDFL³QTXH SDGHFH OD
VRFLHGDG PRGHUQD 1R WHQDQ UHGHV VRFLDOHV SHUL³GLFRV QL WHOHYLVL³Q TXH ORV VDFDUD GH
TXLFLR 3HUR LQFOXVR HQWRQFHV XQD SHUVRQD LQGLVFLSOLQDGD KDEUD HQFRQWUDGR PXFKDV
GLVWUDFFLRQHV\PROHVWLDV
(Q DTXHO HQWRQFHV SDUWH GH OD PHQWDOLGDG HVWRLFD HUD XQD HVSHFLH GH LJQRUDQFLD
LPSXHVWD (O HSLJUDPD GH 3XEOLR 6LUR OR H[SUHVD PX\ ELHQ ߡ6LHPSUH UHKº\H OR TXH WH
LUULWDߢ(VGHFLUGDOHODHVSDOGDDODVFRVDVTXHWHH[DVSHUDQ6LVDEHVTXHKDEODUGHSROWLFD
HQ OD FRPLGD WHUPLQD HQ FRQIOLFWR SRU TX© LQVLVWHV HQ KDFHUOR" 6L ODV GHFLVLRQHV GH WXV
KHUPDQRV WH PROHVWDQ SRU TX© QR GHMDV GH PHWHUWH HQ VXV DVXQWRV" +D] OR PLVPR FRQ
RWUDVFRVDVTXHWHPROHVWHQ
(YLWDUODVQRHVXQDVH±DOGHGHELOLGDGVLQRGHYROXQWDGI©UUHD,QWHQWDSHQVDUߡ&RQR]FR
ELHQPLUHDFFL³QHQHVWHWLSRGHVLWXDFLRQHV\HVWDYH]QRPHYR\DGHMDUOOHYDUߢ'HVSX©V
ߡ7DPEL©QHQHOIXWXURYR\DUHWLUDUHVWHHVWPXORGHPLYLGDߢ
$FWRVHJXLGRVHSURGXFHSD]\VHUHQLGDG
GHQRYLHPEUH
1RHVUHVSRQVDELOLGDGGHORVGHP¡VVLQRWX\D
6LVHGHVYDWXSU³MLPRHQV©±DOHDPLJDEOHPHQWH\KD]OHYHUVXQHJOLJHQFLD3HURVL
HUHVLQFDSD]GHUHGXFLUOR©FKDWHDWLPLVPRODFXOSDRQLDWLPLVPRWHFXOSHV
0$5&2$85(/,20HGLWDFLRQHV
8QEXHQPDHVWURVDEHTXHFXDQGRXQDOXPQRHVW¡IDOODQGRODFXOSDUHFDHHQHOLQVWUXFWRU
QRHQHOSXSLOR&X¡QWRP¡VJHQHURVRV\WROHUDQWHVVHUDPRVVLSXVL©UDPRVHQSU¡FWLFDHVWD
LGHDHQRWUDVHVIHUDVGHQXHVWUDYLGD"7HQHUODFDSDFLGDGGHFRPSUHQGHUTXHVLXQDPLJRQR
HVGHILDUWDOYH]HVSRUTXHQRVHSDTX©HVW¡KDFLHQGRPDORSRUTXHQRKHPRVLQWHQWDGR
D\XGDUOHDFRUUHJLUHVHGHIHFWR6LHOUHQGLPLHQWRGHXQHPSOHDGRHVGHFHSFLRQDQWHKDEOD
FRQ©O\DYHULJXDVLOHKDFHIDOWDDOJR6LDOJXLHQHVPROHVWRLQWHQWDH[SOLFDUHOSUREOHPDGH
VXFRPSRUWDPLHQWRRSUHJºQWDWH3RUTX©UHDFFLRQRFRQWDOVHQVLELOLGDG"
6LQDGDGHHVWRIXQFLRQDSURFXUDGHMDUORSDVDU3RGUDWUDWDUVHGHXQLQFLGHQWHDLVODGR
GHQRYLHPEUH
9DVDHVWDUELHQ
1RWHDVRFLHVDORVODPHQWRVGHORVDIOLJLGRVQLDVXVFRQPRFLRQHV
0$5&2$85(/,20HGLWDFLRQHV
6LJXHHOORJRV
3HUR bFX¡Q WUDQTXLOR HV \ DO PLVPR WLHPSR IOH[LEOH HQ VX PDUFKD FX¡Q DOHJUH \
PRGHUDGRHOKRPEUHTXHVLJXHHQWRGRODUD]³Q
0$5&2$85(/,20HGLWDFLRQHV
/DUD]³QUHFWRUDGHOPXQGRߚSDUDORVHVWRLFRVHOORJRVߚIXQFLRQDGHIRUPDPLVWHULRVD$
YHFHVHOORJRVQRVEULQGDORTXHTXHUHPRVRWUDVSUHFLVDPHQWHORFRQWUDULR(QFXDOTXLHU
FDVRFUHDQTXHHOORJRVHUDXQDIXHU]DWRGRSRGHURVDTXHUHJDHOXQLYHUVR
+D\ XQD DQDORJD ºWLO TXH H[SOLFD HO ORJRV VRPRV FRPR XQ SHUUR D TXLHQ GDQ D]RWHV
SDUD TXH WLUHGH XQD FDUUHWD /DGLUHFFL³Q GH OD FDUUHWD GHFLGLU¡ D G³QGH YDPRV 6HJºQ OD
ORQJLWXG GHO O¡WLJR WDPEL©Q WHQGUHPRV EDVWDQWH RSRUWXQLGDG SDUD H[SORUDU \ GHFLGLU HO
ULWPR DXQTXH HQ ºOWLPD LQVWDQFLD FDGD TXLHQ WLHQH TXH HOHJLU VL LU¡ FRQ YROXQWDG R VH
DUUDVWUDU¡FRQSHVDGH]4X©VHU¡"
$FHSWDUHPRVJXVWRVRVRQRVQHJDUHPRV"$OILQDOHVORPLVPR
'LFLHPEUH
ߧ
0HGLWDFL³QVREUHODPRUWDOLGDG
GHGLFLHPEUH
$SDUHQWDTXHKR\HVHOILQ
0RGHOHPRV QXHVWUD DOPD FRPR VL KXEL©UDPRV OOHJDGR DO W©UPLQR 1R DSODFHPRV
QDGDFDGDGDDMXVWHPRVODVFXHQWDVFRQODYLGDߨ$TXHOTXHWRGRVORVGDVVDEH
GDUODºOWLPDPDQRDVXYLGDQRVLHQWHODQHFHVLGDGGHOWLHPSR
61(&$(SVWRODVPRUDOHVD/XFLOLR
ߡ9LYHFDGDGDFRPRVLIXHUDHOºOWLPRߢHVXQFOLFK©WRGRVORGLFHQSRFRVORKDFHQ(Q
WRGRFDVRTX©WDQUD]RQDEOHVHUDKDFHUOR"6©QHFDQRHVW¡VXJLULHQGRUHQXQFLDUDODVOH\HV
\FRQVLGHUDFLRQHVSDUWLFLSDUHQXQDRUJDSRUTXHHOPXQGRVHHVW¡DFDEDQGR
8QD DQDORJD P¡V VHQVDWD VHUD VHU FRPR XQ VROGDGR TXH HVW¡ D SXQWR GH PDUFKDUVHD
XQDPLVL³Q1RVDEHVLUHJUHVDU¡RQRTX©KDFH"3RQHHQUHJODVXVDVXQWRV/HVGLFHDVXV
KLMRVRVXIDPLOLDTXHORVDPD1RWLHQHWLHPSRSDUDSHOHDUQLRFXSDUVHGHQLPLHGDGHV
<HQODPD±DQDFXDQGRHVW¡OLVWRSDUDLUVHHVSHUDUHJUHVDUQWHJURSHURHVW¡SUHSDUDGR
SDUDODSRVLELOLGDGGHQRKDFHUOR
+R\YLYDPRVGHODPLVPDPDQHUD
GHGLFLHPEUH
1RPHSRQJDVDWHQFL³QHVWR\PXULHQGROHQWR
&RQIRUPDVLHPSUHWXVDFFLRQHVSDODEUDV\SHQVDPLHQWRVDODLGHDGHTXHSXHGHV
VDOLUDFDGDLQVWDQWHGHODYLGD
0$5&2$85(/,20HGLWDFLRQHV
$OJXQDYH]KDVHVFXFKDGRDDOJXLHQSUHJXQWDUߡ4X©KDUDVVLPD±DQDVXSLHUDVTXHWLHQHV
F¡QFHU"ߢ(OSURS³VLWRGHODSUHJXQWDHVTXHFRQVLGHUHVTX©WDQGLIHUHQWHVHUDWXYLGDVLGH
UHSHQWH WH TXHGDUDQ XQRV PHVHV R VHPDQDV GH YLGD 1R KD\ QDGD FRPR XQD HQIHUPHGDG
WHUPLQDOSDUDTXHODJHQWHUHDFFLRQH
$KRUD ELHQ \D WLHQHV XQ GLDJQ³VWLFR WHUPLQDO b7RGRV OR WHQHPRV (Q SDODEUDV GH
(GPXQG :LOVRQ ߡ/D PXHUWH HV XQD SURIHFD TXH QXQFD IDOODߢ 7RGRV QDFHPRV FRQ XQD
VHQWHQFLDGHPXHUWH&DGDVHJXQGRTXHSDVDQXQFDVHUHFXSHUD
&XDQGR WH GHV FXHQWD WHQGU¡ XQ HIHFWR HQRUPH HQ OR TXH KDJDV GLJDV \ SLHQVHV 1R
SHUPLWDVTXHWUDQVFXUUDRWURGDHQHOTXHLJQRUHVODUHDOLGDGGHTXHHUHVXQDSHUVRQDTXH
HVW¡PXULHQGR7RGRVORVRPRV3RGUDPRVKR\GHMDUGHDSDUHQWDUORFRQWUDULR"
GHGLFLHPEUH
(OILO³VRIRFRPRDUWHVDQRGHODYLGD\ODPXHUWH
/D ILORVRID QR SURPHWH DO KRPEUH FRQVHJXLUOH DOJR GH OR H[WHULRU VL QR HVWDU¡
DFHSWDQGRDOJRH[WUD±RDVXSURSLDPDWHULD$OLJXDOTXHODPDWHULDGHODUTXLWHFWRHV
ODPDGHUD\ODGHOHVFXOWRUHOEURQFHDVODSURSLDYLGDGHFDGDXQRHVODPDWHULDGHO
DUWHGHODYLGD
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
/DILORVRIDQRHVXQDDFWLYLGDGRFLRVDSURSLDV³ORGHDFDG©PLFRVRDGLQHUDGRV(VXQDGH
ODV DFWLYLGDGHV P¡V HVHQFLDOHV TXH XQ VHU KXPDQR SXHGH DGRSWDU 3DUD +HQU\ 'DYLG
7KRUHDXVXREMHWLYRHVߡUHVROYHUORVSUREOHPDVGHODYLGDQRV³ORHQWHRUDWDPEL©QHQOD
SU¡FWLFDߢ (VWD LGHD VH UHODFLRQD FRQ OD F©OHEUH FLWD GH &LFHU³Q ߡ/D YLGD HQWHUD GH ORV
ILO³VRIRVFRPRGLFH3ODW³QHVXQDSUHSDUDFL³QSDUDODPXHUWHߢ>'LVSXWDFLRQHVWXVFXODQDV
@
1R HVW¡V OH\HQGR HVWDV FLWDV \ KDFLHQGR HVWRV HMHUFLFLRV SRU GLYHUVL³Q $XQTXH VHDQ
DJUDGDEOHV\WHD\XGHQDUHODMDUWHVXREMHWLYRHVD\XGDUWHDHVFXOSLU\PHMRUDUWXYLGD<
FRPRWRGRVWHQHPRVXQDVRODYLGD\XQDVRODPXHUWHGHEHUDPRVDERUGDUFDGDH[SHULHQFLD
FRPRXQHVFXOWRUKDFHFRQVXVFLQFHOHVTXLHQHVFXOSHKDVWDOLEHUDUHO¡QJHOHQHOP¡UPRO
SDUDIUDVHDQGRD0LJXHOQJHO
,QWHQWDPRVOOHYDUDFDERHVRWDQGLIFLOߚYLYLU\PRULUߚGHODPHMRUPDQHUDSRVLEOH\
SDUD KDFHUOR GHEHPRV UHFRUGDU OR TXH KHPRV DSUHQGLGR \ ODV SDODEUDV VDELDV TXH KHPRV
UHFLELGR
GHGLFLHPEUH
1RWHSHUWHQHFH
/RVTXHSXHGHQVHULPSHGLGRV\DUUHEDWDGRV\ORVFRHUFLEOHVQRVRQSURSLRV\VRQ
SURSLRVORVOLEUHVGHLPSHGLPHQWRV
(3,&7(72'LVHUWDFLRQHV
(OFRQVHUYDFLRQLVWD'DQLHO2ߞ%ULHQKDGHFODUDGRTXHQRߡHVSURSLHWDULRߢGHVXUDQFKRGH
EºIDORVHQ'DNRWDGHO6XUGHYDULRVPLOHVGHKHFW¡UHDVV³ORYLYHDKPLHQWUDVHOEDQFROH
SHUPLWHKDFHUSDJRVVREUHODKLSRWHFD(VXQDEURPDVREUHODVUHDOLGDGHVHFRQ³PLFDVGHOD
JDQDGHUD\WDPEL©QWRFDODLGHDGHTXHODWLHUUDQRHVSURSLHGDGGHXQLQGLYLGXRTXH©VWD
GXUDU¡ P¡V WLHPSR TXH QRVRWURV \ QXHVWURV GHVFHQGLHQWHV 0DUFR $XUHOLR GHFD TXH QR
VRPRVGXH±RVGHQDGD\TXHLQFOXVRQXHVWUDVYLGDVVRQSDUWHGHXQILGHLFRPLVR
3RUPXFKRTXHQRVGHVJDUUHPRVODVYHVWLGXUDVSDUDWHQHUREMHWRVSRGHPRVSHUGHUORVHQ
XQVHJXQGR(VHOPLVPRFDVRFRQFRVDVTXHFRQVLGHUDPRVߡQXHVWUDVߢ\TXHVRQLJXDOGH
SUHFDULDV HVWDWXV VDOXG IRUWDOH]D IVLFD UHODFLRQHV SHUVRQDOHV &³PR SXHGHQ
SHUWHQHFHUQRV VL DOJR DMHQR D QRVRWURV ߚHO GHVWLQR OD PDOD VXHUWH OD PXHUWH HWF©WHUDߚ
QRVODVSXHGHTXLWDUVLQSUHYLRDYLVR"
4X©QRVSHUWHQHFH"1XHVWUDVYLGDVSHURQRSRUPXFKRWLHPSR
GHGLFLHPEUH
/RVEHQHILFLRVGHDOEHUJDUSHQVDPLHQWRVVHUHQRV
'HMD TXH OD PXHUWH HO H[LOLR \ WRGR DTXHOOR TXH SDUHFH WHUULEOH VH SUHVHQWH
FRWLGLDQDPHQWHDQWHWXVRMRVߨ\QXQFDSHQVDU¡VHQQDGDLQGLJQRQLGHVHDU¡VQDGD
GHIRUPDGHVPHGLGD
(3,&7(72(QTXLULGL³Q
/RV YLHQWRV SROWLFRV SRGUDQ FDPELDU HQ XQ LQVWDQWH \ DUUHEDWDUWH ODV OLEHUWDGHV P¡V
HOHPHQWDOHVTXHGDVSRUKHFKR6LQLPSRUWDUTXL©QHUHV\ODVHJXULGDGTXHKD\DUHLQDGRHQ
WXYLGDKD\DOJXLHQTXHWHUREDUD\PDWDUDSRUSRFRGLQHUR
&RPRVHKDH[SUHVDGRHQODLPSHUHFHGHUD(SRSH\DGH*LOJDPHVK
b/DKXPDQLGDGVHTXLHEUDFRPRXQMXQFRHQHOFD±DYHUDO
(OMRYHQDWUDFWLYRODMRYHQKHUPRVD
bDWRGRVOD0XHUWHVHORVOOHYDHQODSOHQLWXGGHODYLGD
/DPXHUWHQRHVODºQLFDLQWHUUXSFL³QLQHVSHUDGDQXHVWURVSODQHVSXHGHQYHQLUVHDEDMRSRU
PLOORQHVGHPRWLYRV+R\SRGUDVHUXQGDP¡VDJUDGDEOHVLLJQRUDUDVHVDVSRVLELOLGDGHV
SHURDTX©SUHFLR"
GHGLFLHPEUH
/DHVSDGDSHQGHVREUHWL
1R REUHV FRPR TXLHQ KD GH YLYLU GLH] PLO D±RV /R LUUHSDUDEOH HVW¡ \D VXVSHQGLGR
HQFLPDGHWL0LHQWUDVYLYHVPLHQWUDVHVDºQSRVLEOHV©KRPEUHGHELHQ
0$5&2$85(/,20HGLWDFLRQHV
(QXQUHODWRDQWLJXRXQFRUWHVDQROHVUHVW³LPSRUWDQFLDDODVUHVSRQVDELOLGDGHVGHVXUH\
3DUD PRVWUDUOH VX HUURU HO UH\ DFHSW³ FDPELDU GH OXJDU FRQ ©O SDUD TXH SXGLHUD
H[SHULPHQWDU F³PR HUD VHU UH\ (O UH\ FROJ³ XQD HVSDGD GH XQ SHOR VREUH HO WURQR SDUD
LOXVWUDUHOSHOLJUR\ODFDUJDGHOWURQRDVFRPRHOPLHGRFRQVWDQWHDVHUDVHVLQDGR$HVH
UHFRUGDWRULR FRQVWDQWH GH OD PXHUWH \ ODV GLILFXOWDGHV VH OH GHQRPLQ³ OD HVSDGD GH
'DPRFOHV
/D UHDOLGDG HV TXH XQD HVSDGD VLPLODU SHQGH SDUD WRGRV HQ FXDOTXLHU PRPHQWR QRV
SXHGHQDUUHEDWDUODYLGD\HVDDPHQD]DSXHGHWHQHUGRVHIHFWRVWHPRURPRWLYDFL³QREUDU
ELHQ\KDFHUHOELHQ3RUTXHODHVSDGDHVW¡GHVHQYDLQDGD\QRSRGHPRVSUHRFXSDUQRVSRU
QDGDP¡V3UHIHULUDVUHFLELUODGXUDQWHXQDFWRHJRVWD\YHUJRQ]RVR"3UHIHULUDVUHFLELUOD
HVSHUDQGRREUDUELHQHQHOIXWXUR"
GHGLFLHPEUH
/DPDQRTXHQRVWRF³
&RPR VL HVWXYLHUDV \D PXHUWR DO PXQGR \ FRPR VL IXHVH HO LQVWDQWH SUHVHQWH HO
W©UPLQR GH OD YLGD FRQYLHQH TXH YLYDV VHJºQ GLFWD OD QDWXUDOH]D HO UHVWR TXH WH
TXHGDUHGHYLGD1RWHDILFLRQHVP¡VTXHDORTXHWHDFRQWH]FD\DORTXHIRUPHOD
WUDPDGHODYLGD3XHVTX©RWUDFRVDSRGU¡VHUWHP¡VRSRUWXQD"
0$5&2$85(/,20HGLWDFLRQHV
7HQHPRVXQPLHGRLUUDFLRQDOGHUHFRQRFHUQXHVWUDSURSLDPRUWDOLGDG(YLWDPRVSHQVDUHQ
HOODSRUTXHQRVSDUHFHGHSULPHQWH'HKHFKRUHIOH[LRQDUVREUHODPRUWDOLGDGWLHQHHOHIHFWR
FRQWUDULRIRUWDOHFHQRHQWULVWHFH3RUTX©"3RUTXHQRVRWRUJDFODULGDG
6L GH SURQWR WH GLMHUDQ TXH WLHQHV XQD VHPDQD GH YLGD TX© FDPELRV DSOLFDUDV" 6L
PXULHUDV\UHVXFLWDUDVTX©WDQGLVWLQWDVHUDWXSHUVSHFWLYD"
6L FRPR GLMR 3U³VSHUR HQ /D WHPSHVWDG GH 6KDNHVSHDUH ߡGH FDGD WUHV GH PLV
SHQVDPLHQWRV XQR VH FRQVDJUDU¡ D PL WXPEDߢ >@ QR KD\ ULHVJR GH GHMDUQRV OOHYDU SRU
DVXQWRV R GLVWUDFFLRQHV LQVLJQLILFDQWHV (Q YH] GH QHJDU QXHVWUR WHPRU D OD PXHUWH
SHUPLWDPRVTXHQRVFRQYLHUWDHQPHMRUHVSHUVRQDVKR\
GHGLFLHPEUH
1RWHHVFRQGDVGHWXVVHQWLPLHQWRV
(VPHMRUYHQFHU>DODDQJXVWLD@TXHHQJD±DUOD
61(&$&RQVRODFL³QD+HOYLD
7RGRVKHPRVSHUGLGRDSHUVRQDVFHUFDQDVXQDPLJRXQFROHJDXQSDGUHRXQDEXHOR(Q
QXHVWUDSHQDDOJºQELHQLQWHQFLRQDGRKL]RORSRVLEOHSRUGLVWUDHUQRVXQSDUGHKRUDV3RU
DPDEOHVTXHVHDQHVWRVJHVWRVVRQHTXLYRFDGRV
6HKDHVWHUHRWLSDGRDORVHVWRLFRVGHUHSULPLUVXVHPRFLRQHV6LQHPEDUJRHOREMHWLYR
GHVXILORVRIDHUDHQVH±DUQRVDHQIUHQWDUSURFHVDU\PDQHMDUODVHPRFLRQHVGHLQPHGLDWR
QR LJQRUDUODV 3RU WHQWDGRU TXH VHD HQJD±DUWH X RFXOWDUWH GH XQD HPRFL³Q IXHUWH FRPR OD
SHQD ߚFRQYHQFHUWH D WL \ D ORV GHP¡V GH TXH HVW¡V ELHQߚ HV PHMRU UHFRQRFHUOD \
FRPSUHQGHUOD/DGLVWUDFFL³QSXHGHVHUDJUDGDEOHDFRUWRSOD]RLUDMXHJRVGHJODGLDGRUHV
FRPRORVURPDQRVKXELHUDQKHFKRSRUHMHPSOR3HURFHQWUDUVHHVPHMRUDODUJRSOD]R
(VR VLJQLILFD HQIUHQWDUOR DKRUD 3URFHVDU \ DQDOL]DU OR TXH SLHQVDV 3UHVFLQGH GH
H[SHFWDWLYDV OD VHQVDFL³Q GH TXH WLHQHV GHUHFKR D DOJR GH TXH WH KDQ SHUMXGLFDGR
(QFXHQWUDHODVSHFWRSRVLWLYR\WDPEL©QFRQYLYHFRQWXGRORU\DF©SWDORUHFXHUGDTXHHV
SDUWHGHODYLGD$VVHFRQTXLVWDODSHQD
GHGLFLHPEUH
'HVSLOIDUUDGRUHVGHWLHPSR
$XQTXHWRGRVORVWDOHQWRVTXHHQDOJºQPRPHQWRKDQEULOODGRHVW¡QGHDFXHUGRHQ
HVWHVRORSXQWRHQQLQJºQPRPHQWRVHDGPLUDU¡QEDVWDQWHGHHVWDRIXVFDFL³QGHOD
PHQWH GH ORV KRPEUHV 1R FRQVLHQWHQ TXH QDGLH LQYDGD VXV ILQFDV \ VL VXUJH XQ
SHTXH±RFRQIOLFWRVREUHODGLPHQVL³QGHORVWHUUHQRVDFXGHQFRUULHQGRDODVSLHGUDV
\DODVDUPDVGHMDQTXHRWURVHQWUHQHQVXYLGDHVP¡VHOORVPLVPRVLQWURGXFHQ
LQFOXVR D VXV IXWXURV SURSLHWDULRV 1R VH HQFXHQWUD QDGLH TXH TXLHUD UHSDUWLU VX
GLQHUR bHQWUH FX¡QWRV GLVWULEX\H FDGD XQR VX YLGD 6RQ HVWULFWRV D OD KRUD GH
FRQVHUYDU VX SDWULPRQLR HQ FXDQWR KD\ RFDVL³Q GH PDOJDVWDU HO WLHPSR SU³GLJRV
SRUGHP¡VFRQORºQLFRHQORTXHODDYDULFLDUHVXOWDKRQRUDEOH
61(&$6REUHODEUHYHGDGGHODYLGD
+R\ KDEU¡ XQD VHULH GH LQWHUUXSFLRQHV OODPDGDV FRUUHRV YLVLWDV HYHQWRV LQHVSHUDGRV
%RRNHU7:DVKLQJWRQDSXQW³TXHߡODFDQWLGDGGHSHUVRQDVTXHDJXDUGDQFRQVXPLUQXHVWUR
WLHPSRVLQQLQJºQVHQWLGRHVFDVLLQQXPHUDEOHߢ
3RURWUDSDUWHXQILO³VRIRVDEHTXHSRUGHIHFWRGHEHUDDGRSWDUXQHVWDGRGHUHIOH[L³Q
\FRQVFLHQFLDGHVPLVPR3RUHVRSURWHJHVXHVSDFLRSHUVRQDO\SHQVDPLHQWRVFRQWDQWD
FDXWHODGHODLQWURPLVL³QGHOPXQGR6DEHTXHXQSDUGHPLQXWRVGHFRQWHPSODFL³QVRQP¡V
LPSRUWDQWHVTXHFXDOTXLHUUHXQL³QRUHSRUWH7DPEL©QVDEHTXHHQHOIRQGRWHQHPRVPX\
SRFRWLHPSRGHYLGD\TXHQXHVWUDVH[LVWHQFLDVVHSXHGHQDJRWDUPX\U¡SLGR
6©QHFDQRVUHFXHUGDTXHVLELHQVRPRVHILFDFHVDOSURWHJHUQXHVWUDSURSLHGDGIVLFDHQ
FDPELRVRPRVGHPDVLDGROD[RVDODKRUDGHLPSRQHUIURQWHUDVPHQWDOHV/DSURSLHGDGVH
SXHGHUHFXSHUDUDEXQGDKD\WHUULWRULRTXHHOKRPEUHQRKDWRFDGR4X©KD\GHOWLHPSR"
(O WLHPSR HV QXHVWUR DFWLYR P¡V LUUHPSOD]DEOH QR SRGHPRV FRPSUDU P¡V 6³OR SRGHPRV
SURSRQHUQRVGHVSHUGLFLDUORPQLPDPHQWH
GHGLFLHPEUH
1RWHYHQGDVWDQEDUDWR
4XHQDGLHPHUREHQLQJºQGDSXHVQRPHYDDGHYROYHUQDGDTXHPHUH]FDWDQWR
JDVWR
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
/DV SHUVRQDV JDVWDQ P¡V GLQHUR FXDQGR XWLOL]DQ XQD WDUMHWD GH FU©GLWR TXH FXDQGR WLHQHQ
TXH SDJDU HQ HIHFWLYR 6L DOJXQD YH] WH KDV SUHJXQWDGR SRU TX© ORV EDQFRV LQVLVWHQ WDQWR
SDUDTXHODVFRQWUDWHV©VWHHVHOPRWLYRFXDQWDVP¡VWDUMHWDVWHQJDVP¡VJDVWDV
7UDWDPRV QXHVWURV GDV FRPR D QXHVWUR GLQHUR" &RPR QR VDEHPRV H[DFWDPHQWH
FX¡QWRVGDVYLYLUHPRV\FRPRQRVHPSH±DPRVHQQRSHQVDUHQTXHDOJºQGDPRULUHPRV
VRPRVEDVWDQWHJHQHURVRVDODKRUDGHRFXSDUQXHVWURWLHPSR3HUPLWLPRVTXHVHLPSRQJDQ
ODVSHUVRQDV\REOLJDFLRQHV\UDUDYH]QRVSUHJXQWDPRVTX©REWHQHPRVDFDPELR
/D P¡[LPD GH 6©QHFD HV HO HTXLYDOHQWH D GHVKDFHUWH GH WXV WDUMHWDV \ FDPELDUODV SRU
HIHFWLYR'LFHTXHWLHQHVTXHUHIOH[LRQDUVREUHFDGDWUDQVDFFL³Q9DOHORTXHFXHVWD"(V
XQDEXHQDFRPSUD"
GHGLFLHPEUH
'LJQLGDG\YDORU
$ ORV JODGLDGRUHV FRPR GLFH &LFHU³Q ORV WHQHPRV PDO YLVWRV VL LQWHQWDQ VDOYDU OD
YLGD SRU WRGRV ORV PHGLRV ORV DSODXGLPRV VL PXHVWUDQ RVWHQVLEOHPHQWH VX
PHQRVSUHFLRSRUHOOD
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
/RV FRPSD±HURV GH XQLYHUVLGDG GH /\QGRQ -RKQVRQ FRQWDEDQ XQD DQ©FGRWD YHUJRQ]RVD
VX\D$OSDUHFHU-RKQVRQHUDXQEUDYXF³Q\WHQDODQHFHVLGDGGHGRPLQDUHLQWLPLGDUDORV
GHP¡VFRQVWDQWHPHQWH1RREVWDQWHVXEL³JUDIR5REHUW&DURDFODUDTXHFXDQGRDOJXLHQVH
OH HQIUHQWDED UHVXOWDED VHU XQ FREDUGH (Q XQD RFDVL³Q GXUDQWH XQD GLVFXVL³Q VREUH XQD
SDUWLGD GH S³TXHU HQ YH] GH SHOHDU -RKQVRQ VH DYHQW³ D OD FDPD \ ߡHPSH]³ D SDWDOHDU
IUHQ©WLFR HQ HO DLUHߨ FRPR XQD QL±Dߢ *ULW³ ߡb6L PH SHJDV WH SDWHR b6L PH SHJDV WH
SDWHRߢ
0¡VDGHODQWH-RKQVRQWDPEL©QKL]RKDVWDORLPSRVLEOHSRUQRFRPEDWLUHQOD3ULPHUD
*XHUUD 0XQGLDO \ GLVIUXW³ OD YLGD HQ &DOLIRUQLD PLHQWUDV RWURV VROGDGRV SHOHDURQ \
PXULHURQIXHUDGHOSDV6LQHPEDUJRDVHJXUDEDVHUXQK©URHGHJXHUUDVDIXHXQDGHVXV
PHQWLUDVP¡VYHUJRQ]RVDV
1R HV SUHFLVR TXH LJQRUHPRV QXHVWUD VHJXULGDG IVLFD QL QRV LPSOLTXHPRV HQ DFWRV
YLROHQWRV JUDWXLWRV FRQ WDO GH VHU YDOLHQWHV 6LQ HPEDUJR QDGLH UHVSHWD D XQ FREDUGH D
QDGLHOHFDHELHQTXLHQHOXGHVXGHEHUQDGLHDGPLUDDXQDSHUVRQDTXHYDORUDHQH[FHVRVX
FRPRGLGDG\QHFHVLGDGHV
(V OD LURQD GH OD FREDUGD $XQTXH VX REMHWLYR HV SURWHJHUVH LQGLYLGXDOPHQWH FUHD
VHFUHWRVYHUJRQ]RVRV/DSURWHFFL³QLQGLYLGXDOQRYDOHODSHQDSRUWRGRORTXHLPSOLFD
6©YDOLHQWHWHQGLJQLGDG
GHGLFLHPEUH
/DYLGDVLJXH
&RQODFRQVLGHUDFL³QGHODVFRVDVSDVDGDV\GHWDQWRVFDPELRVFRPRVHRSHUDQHQ
HOSUHVHQWHVHSXHGHDVLVWLUGHDQWHPDQRDOIXWXUR3RUTXHHODVSHFWRVHU¡VLHPSUH
HOPLVPRQRVLHQGRSRVLEOHTXHVHVDOJDGHOULWPRGHORVDFRQWHFLPLHQWRV'HDTX
HVTXHFRQWHPSODUSRUFXDUHQWDD±RVORTXHSDVDHQODYLGDKXPDQDRSRUGLH]PLO
D±RVYLHQHDVHUORPLVPR3XHVTX©P¡VKDEUDVGHYHU"
0$5&2$85(/,20HGLWDFLRQHV
7RGR PXHUH FRQ HO WLHPSR QR V³OR ODV SHUVRQDV VLQR ODV HPSUHVDV ORV UHLQRV ODV
UHOLJLRQHV ODV LGHDV /D 5HSºEOLFD URPDQD GXU³ D±RV (O ,PSHULR URPDQR HQ HO FXDO
0DUFR$XUHOLRIXHFRQVLGHUDGRXQRGHߡORVFLQFREXHQRVHPSHUDGRUHVߢGXU³D±RV(O
VHUKXPDQRP¡VORQJHYRGHOTXHVHWHQJDFRQRFLPLHQWROOHJ³DORVD±RVGHHGDG/D
H[SHFWDWLYDGHYLGDSURPHGLRHQ(VWDGRV8QLGRVHVSRFRP¡VGHD±RV(QRWURVSDVHV
UHJLRQHV SRFR P¡V R PHQRV $O ILQDO WRGRV VXFXPELPRV FRPR GLMR 0DUFR $XUHOLR DO
ULWPR GH ORV DFRQWHFLPLHQWRV \ VLHPSUH KD\ XQD QRWD ILQDO GHFLGLGD 1R KDFH IDOWD
SUHRFXSDUVHSRUHVWRDXQTXHWDPSRFRWLHQHFDVRLJQRUDUOR
GHGLFLHPEUH
(VV³ORXQDFLIUD
/OHYDVDPDOSRUYHQWXUDHOTXHSHVHVWDQWDVOLEUDV\QROOHJXHVDODVWUHVFLHQWDV"
+D]ORPLVPRVHJºQHVWRVLKDVGHYLYLUKDVWDXQQºPHURGHWHUPLQDGRGHD±RV\
QRP¡V$OPRGRTXHWHFRQWHQWDVFRQODSDUWHGHVXVWDQFLDTXHWHKDWRFDGRDV
WDPEL©QFRQODFDQWLGDGGHOWLHPSR
0$5&2$85(/,20HGLWDFLRQHV
'LFHQTXHODHGDGHVV³ORXQDFLIUDSHURSDUDDOJXQRVHVPX\LPSRUWDQWHGHORFRQWUDULR
ODV PXMHUHV QR VH TXLWDUDQ D±RV \ ORV M³YHQHV DPELFLRVRV QR VH ORV VXPDUDQ /D JHQWH
DGLQHUDGD\ORVREVHVLRQDGRVFRQODVDOXGJDVWDQPLOORQHVGHG³ODUHVSDUDFDPELDUVXIHFKD
GHFDGXFLGDGGHORVDODHWHUQLGDG
(O QºPHUR GH D±RV TXH JDQHPRV QR LPSRUWD VLQR GH TX© VH FRPSRQHQ 6©QHFD OR
H[SUHV³PX\ELHQߡ/DUJDHVODYLGDVLODVDEHPRVDSURYHFKDUߢ>6REUHODEUHYHGDGGHOD
YLGD @ /DPHQWDEOHPHQWH OD PD\RUD QR OR KDFH OD GHVSHUGLFLD 6³OR FXDQGR \D HV
GHPDVLDGRWDUGHWUDWDGHFRPSHQVDUORLQWHQWDQGRHQYDQRJDQDUP¡VWLHPSRDVXIDYRU
$SURY©FKDODKR\DSURY©FKDODWRGRVORVGDVFRQW©QWDWHFRQORTXHVHWHKDRWRUJDGR
GHGLFLHPEUH
/RTXHGHEHUDPRVVDEHUKDFLDHOILQDO
+DEU¡V \D YLYLGR PXFKR \ QR DFDEDV DºQ GH VHU VHQFLOOR QL LPSHUWXUEDEOH QL
FRQILDGR SDUD FRPSUHQGHU TXH QDGD H[WHULRU SXHGH GD±DUWH QL EHQ©YROR SDUD FRQ
WRGRVQLFLIUDVDºQODVDELGXUDHQODVRODSU¡FWLFDGHODMXVWLFLD
0$5&2$85(/,20HGLWDFLRQHV
3RUORTXHVDEHPRV0DUFR$XUHOLRHVFULEL³PXFKDVGHVXV0HGLWDFLRQHVHQWUDGRHQD±RV
FXDQGRSDGHFDXQDHQIHUPHGDGJUDYH'HPRGRTXHFXDQGRGLFHߡ+DEU¡VYLYLGRPXFKRߢ
UHFRQRFDFRQIUDQTXH]DVXPRUWDOLGDG'HEL³VHUHVSHOX]QDQWH6HHQIUHQWDEDDODUHDOLGDG
GHODPXHUWH\QROHJXVWDEDORTXHYHDHVRVºOWLPRVPRPHQWRV
6 KDED ORJUDGR PXFKDV FRVDV SHUR VXV HPRFLRQHV DºQ OH FDXVDEDQ LQFRPRGLGDG
GRORU \ IUXVWUDFL³Q 6DED TXH GXUDQWH HO SRFR WLHPSR TXH OH TXHGDED OH DOLYLDUD WRPDU
PHMRUHVGHFLVLRQHV
&RQ VXHUWH WH TXHGD P¡V WLHPSR SHUR SRU HVR HV PXFKR P¡V LPSRUWDQWH SURJUHVDU
PLHQWUDVSXHGDV6RPRVSURGXFWRVVLQWHUPLQDUKDVWDHOºOWLPRPRPHQWR\0DUFR$XUHOLR
ORVDEDPX\ELHQ3HURFXDQWRDQWHVORFRPSUHQGDPRVP¡VSRGUHPRVGLVIUXWDUORVIUXWRV
GHOHVIXHU]RGHPROGHDUQXHVWURFDU¡FWHU\DQWHVSRGUHPRVSUHVFLQGLU HQPD\RUPHGLGD
GHODIDOVHGDGDQVLHGDGGLVJXVWR\DQWLHVWRLFLVPR
GHGLFLHPEUH
8QDI³UPXODVHQFLOODSDUDPHGLUORVGDV
/DSHUIHFFL³QPRUDOOOHYDFRQVLJRTXHVHYLYDFDGDGDFRPRVLIXHUHHOºOWLPRVLQ
DSUHVXUDUVHQLDPLODQDUVHQLREUDUFRQILFFL³Q
0$5&2$85(/,20HGLWDFLRQHV
/RV HVWRLFRV QR FUHDQ TXH SRGDQ VHU SHUIHFWRV /D LGHD GH FRQYHUWLUVH HQ XQ VDELR ߚOD
PD\RUDVSLUDFL³QSDUDWRGRILO³VRIRߚQRHUDUHDOLVWDHUDXQLGHDOSODW³QLFR
(QWRGRFDVRLQLFLDEDQFDGDGDFRQODHVSHUDQ]DGHDFHUFDUVHP¡VDHVHLGHDO7HQDQ
PXFKRTXHJDQDUHQHOLQWHQWR3RGUDVYLYLUFRPRVLKR\IXHUDWXºOWLPRGD"(VSRVLEOH
HQFDUQDUODWRWDOLGDGRODSHUIHFFL³QHQQXHVWURHWKRV FDU¡FWHU UHDOL]DQGRORFRUUHFWRVLQ
HVIXHU]RGXUDQWHYHLQWLFXDWURKRUDV"(VSRVLEOHKDFHUORSRUP¡VGHXQPLQXWR"
7DOYH]QRSHURVLSDUDORVHVWRLFRVHUDVXILFLHQWHLQWHQWDUORGHEHUDVHUORWDPEL©QSDUD
QRVRWURV
GHGLFLHPEUH
6DOXGGXUDGHUD
$SUHQGHOD>YLGD@GHORVVDQRVߨ\YLYLU¡VFRQFRQILDQ]D(QTX©"(QORºQLFRTXH
FDEHFRQILDUHQODOHDOWDGHQODVFRVDVOLEUHVGHWUDEDVHQORTXHQRVHWHSXHGH
DUUHEDWDUHVWRHVHQWXSURSLRDOEHGURߨ
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
&RPR OR HVWRLFRV DILUPDURQ UHSHWLGDPHQWH HV SHOLJURVR WHQHU IH HQ ODV FRVDV TXH QR
SRGHPRVFRQWURODU3HURWXDOEHGUR"3RUDKRUDORFRQWURODVSRUWDQWRHVXQDGHODVSRFDV
FRVDVHQODVTXHSXHGHVFRQILDU(VXQDVSHFWRGHODYLGDVREUHHOTXHQRVHSXHGHGDUXQ
GLDJQ³VWLFR WHUPLQDO VDOYR HO TXH WRGRV WHQHPRV GHVGH TXH QDFHPRV (V HO ºQLFR TXH
SHUPDQHFHSUVWLQR\QXQFDVHJDVWDV³ORHOXVXDULRUHQXQFLDD©OPDVQXQFDDOUHY©V
(QHVWHSDVDMH(SLFWHWRVH±DODTXHORVHVFODYRVORVREUHURV\ORVILO³VRIRVSXHGHQYLYLU
DV 6³FUDWHV 'L³JHQHV \ &OHDQWHV YLYLHURQ DV SHVH D TXH WHQDQ IDPLOLDV R FXDQGR HUDQ
HVWXGLDQWHVFRQGLILFXOWDGHV
<WºWDPEL©QSXHGHV
GHGLFLHPEUH
&RQ³FHWHDWLPLVPRDQWHVGHTXHVHDGHPDVLDGRWDUGH
/DPXHUWHHVXQDFDUJDSDUDDTXHOTXHVLHQGR
GHPDVLDGRFRQRFLGRSRUWRGRVGHVFRQRFLGRSDUDV
PLVPRPXHUH
61(&$7LHVWHV
$OJXQRV GH ORV LQGLYLGXRV P¡V SRGHURVRV H LPSRUWDQWHV GHO PXQGR SDUHFHQ QR WHQHU
FRQVFLHQFLD GH V PLVPRV $XQTXH VHDQ XQRV FRPSOHWRV GHVFRQRFLGRV DFXPXODQ XQD
FDQWLGDGGHLQIRUPDFL³QVXSHUILFLDOVREUHORVIDPRVRVSHURSDUHFHQVDEHUPX\SRFRVREUH
VPLVPRVSRUTXHHVW¡QPX\RFXSDGRVRSRUTXHHVPX\GRORURVR
7DPEL©QSRGHPRVVHUFXOSDEOHVGHOPLVPRSHFDGR,JQRUDPRVODP¡[LPDGH6³FUDWHV
ߡ&RQ³FHWHDWLPLVPRߢ\D±RVGHVSX©VFRQIUHFXHQFLDQRVGDPRVFXHQWDGHTXHKDVLGRHQ
QXHVWUR SHUMXLFLR FXDQGR XQ GD GHVSHUWDPRV \ QRV GDPRV FXHQWD GH OR SRFR TXH QRV
KHPRV SUHJXQWDGR 4XL©Q VR\" 4X© FRQVLGHUR LPSRUWDQWH" 4X© PH JXVWD" 4X©
QHFHVLWR"
$KRUD KR\ PLVPR WLHQHV WLHPSR SDUD H[SORUDUWH HQWHQGHU WX PHQWH \ FXHUSR 1R
HVSHUHV&RQ³FHWHDWLPLVPRDQWHVGHTXHVHDGHPDVLDGRWDUGH
GHGLFLHPEUH
$WRGRVQRVOOHJD
$OHMDQGUR GH 0DFHGRQLD \ VX PXODWHUR PXHUWRV ORV GRV YLQLHURQ D SDUDU HQ XQD
PLVPD FRVD R ELHQ IXHURQ UHDVXPLGRV HQ ODV PLVPDV UD]RQHV JHQHUDGRUDV GHO
PXQGRRELHQVHGLVSHUVDURQLJXDOPHQWHHQWUHORV¡WRPRV
0$5&2$85(/,20HGLWDFLRQHV
(Q XQ PXQGR TXH HQ PXFKRV VHQWLGRV FDGD YH] HV P¡V GHVLJXDO QR KD\ PXFKDV
H[SHULHQFLDV YHUGDGHUDPHQWH HTXLWDWLYDV &XDQGR %HQMDPLQ )UDQNOLQ DILUP³ TXH ߡHQ HVWH
PXQGRQDGDHVVHJXURVDOYRODPXHUWH\ORVLPSXHVWRVߢQRWHQDPDQHUDGHVDEHUORGLHVWUD
TXH HV PXFKD JHQWH SDUD HYDGLU ORV LPSXHVWRV 3HUR \ OD PXHUWH" (V OR ºQLFR TXH WRGRV
H[SHULPHQWDPRV
$ WRGRV QRV HVSHUD HO PLVPR ILQ 6LQ LPSRUWDU VL FRQTXLVWDVWH HO PXQGR FRQRFLGR R
EROHDVWH ORV ]DSDWRV GH TXLHQHV OR KLFLHURQ DO ILQDO OD PXHUWH QRV FRQYLHUWH D WRGRV HQ
LJXDOHV GH IRUPD UDGLFDO HV XQD OHFFL³Q GH KXPLOGDG H[WUHPD 6KDNHVSHDUH KL]R TXH
+DPOHWKDEODUDHQW©UPLQRVLPSODFDEOHVGH$OHMDQGUR0DJQR\-XOLR&©VDU
b,PSHULRVR&©VDUPXHUWR\HQDUFLOODWURFDGR
ELHQSXHGHWDSDUXQDJXMHURSDUDLPSHGLUTXHSDVHHOYLHQWR
\TXHHVHSROYRbD\TXHDOPXQGRTXLWDEDHODOLHQWR
UHPLHQGHXQDSDUHGSDUDSURWHJHUQRVGHOLQYLHUQRKHODGR>@
/D SU³[LPD YH] TXH WH VLHQWDV WRGRSRGHURVR ߚR OR FRQWUDULRߚ UHFXHUGD TXH WRGRV
WHUPLQDUHPRV LJXDO (Q OD PXHUWH QDGLH HV PHMRU QDGLH HV SHRU WRGDV QXHVWUDV KLVWRULDV
WLHQHQHOPLVPRILQ
GHGLFLHPEUH
(VFDODKXPDQD
3LHQVD HQ OD WRWDOLGDG GH OD VXVWDQFLD GH OD FXDO SDUWLFLSDV HQ PX\ SHTXH±D
SURSRUFL³Q \ HQ OD WRWDOLGDG GHO WLHPSR GHO FXDO WH KD FDELGR XQ LQWHUYDOR EUHYH
LQILQLWDPHQWHH[LJXR\HQHOGHVWLQRGHOFXDOHUHVXQDSDUWHPQLPD
0$5&2$85(/,20HGLWDFLRQHV
/DFDQWLGDGGHPDWHULDHQHOXQLYHUVRHVLQPHQVDELOORQHVGH¡WRPRV4X©SRUFHQWDMHGH
GLFKDPDWHULDFRQVWLWX\HXQFXHUSRKXPDQR"
/DFLHQFLDLQGLFDTXHOD7LHUUDWLHQHXQRVPLOHVGHPLOORQHVGHD±RV\QRSDUHFHTXH
YD\DDH[WLQJXLUVHSURQWR3RURWUDSDUWHFX¡QWROHTXHGDDQXHVWUDSUHVHQFLDHQODWLHUUD"
4XL]¡VXQDVFXDQWDVG©FDGDV"
$YHFHVHVQHFHVDULRFRQRFHUORVKHFKRV\ODVFLIUDVSDUDGDUQRVFXHQWDGHODHVFDODGH
ODH[LVWHQFLDGHOVHUKXPDQRHQHOXQLYHUVR
7HQORHQFXHQWDODSU³[LPDYH]TXHWHVLHQWDVYDQLGRVRRFUHDVTXHWRGRGHSHQGHGHWXV
DFWRV1RHVDVHUHVXQDSHUVRQDHQWUHWDQWDV\KDFHVWXPHMRUHVIXHU]RFRPRWDQWRV<
HVRHVWRGRORTXHGHEHVKDFHU
GHGLFLHPEUH
7HPHHOWHPRUDODPXHUWH
1RWHGDVFXHQWDGHTXHORFDSLWDOGHWRGRVORVPDOHVSDUDHOKRPEUH\GHODIDOWD
GHQREOH]D\GHODFREDUGDQRHVODPXHUWHVLQRP¡VELHQHOPLHGRDODPXHUWH"
(QHVRSXHVHMHUFWDWHPHTXHDHVRWLHQGDQWRGRVORVGLVFXUVRVORVHMHUFLFLRV
ODVOHFWXUDV\VDEU¡VTXHV³ORDVVHOLEHUDQORVKRPEUHV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
$QWHVGHVXLFLGDUVHHQYH]GHVRPHWHUVHDODGHVWUXFFL³QGHOD5HSºEOLFDURPDQDHQPDQRV
GH-XOLR&©VDUHOJUDQILO³VRIRHVWRLFR&DW³QSDUDDUPDUVHGHYDORUOH\³XQIUDJPHQWRGH
)HG³QGH3ODW³QHQHOFXDODILUPDߡ7HP©LVFRPRORVQL±RVTXHFXDQGRHODOPDVDOHGHO
FXHUSR OD DUUDVWUHQ ORV YLHQWRVߢ /D PXHUWH LQIXQGH WHPRU SRUTXH HV GHVFRQRFLGD QDGLH
SXHGHUHJUHVDU\FRQWDUQRVF³PRHV(VXQPLVWHULR
3HVHDQXHVWUDDFWLWXGLQIDQWLOHLJQRUDQWHHQWRUQRDODPXHUWHKD\PXFKRVKRPEUHV\
PXMHUHV VDELRV TXH SRU OR PHQRV QRV SXHGHQ JXLDU ([LVWH XQD UD]³Q SRU ODFXDO ODJHQWH
PD\RUQXQFDSDUHFHWHPHUDODPXHUWHKDQWHQLGRP¡VWLHPSRSDUDUHIOH[LRQDUDOUHVSHFWR
\ VH KDQ SHUFDWDGR GH OR LQºWLO TXH HV SUHRFXSDUVH ([LVWHQ RWURV UHFXUVRV PDUDYLOORVRV
XQRGHHOORVHVHOGLDULRHVWRLFRTXHHVFULEL³)ORULGD6FRWW0D[ZHOOGXUDQWHVXHQIHUPHGDG
WHUPLQDO 7KH 0HDVXUH RI 0\ 'D\V /DV F©OHEUHV SDODEUDV GH 6©QHFD SDUD UHSUHQGHU D VX
IDPLOLD\DPLJRVTXLHQHVKDEDQURWRDOORUDUHLPSORUDGRDVXVYHUGXJRVIXHURQߡ'³QGH
HVW¡QORVSULQFLSLRVILORV³ILFRVRODVOHFFLRQHVTXHKDQHVWXGLDGRGXUDQWHWDQWRVD±RVFRQWUD
OD IDWDOLGDG"ߢ >7¡FLWR$QDOHV @ (Q OD ILORVRID KD\ SDODEUDV LQVSLUDGRUDV YDOLHQWHV
GHKRPEUHV\PXMHUHVWHPHUDULRVTXHQRVSXHGHQD\XGDUDKDFHUIUHQWHDHVWHWHPRU
/RVHVWRLFRVRIUHFHQRWUDUHIOH[L³QºWLOVREUHODPXHUWH6LHQYHUGDGODPXHUWHHVXQILQ
HQWRQFHV D TX© WHPHPRV" 7XV PLHGRV UHFHSWRUHV GHO PLHGR SUHRFXSDFLRQHV \ GHVHRV
SHUHFHU¡QFRQWLJR3RUDWHUUDGRUDTXHSDUH]FDODPXHUWHUHFXHUGDVXSRQHHOILQGHOPLHGR
GHGLFLHPEUH
4X©KDVKHFKRHVWRVD±RV"
$PHQXGRXQDQFLDQRELHQYLHMRQRWLHQHQLQJºQRWURDUJXPHQWRFRQTX©GHPRVWUDU
TXHKDYLYLGRPXFKRH[FHSWRVXHGDG
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
&X¡QWRWLHPSROOHYDVFRQYLGD"0XOWLSOLFDWXHGDGSRU\OXHJRSRU&X¡QWDVKRUDV
KDVYLYLGR"4X©KDVKHFKRHQHOODV"
3DUDODPD\RUDODUHVSXHVWDHVQRORVXILFLHQWH7HQHPRVWDQWDVKRUDVTXHODVGDPRV
SRU KHFKR +HPRV MXJDGR SDUWLGRV GH JROI SDVDGR D±RV HQ OD RILFLQD YLVWR SHOFXODV
PHGLRFUHVOHGRXQDSLODGHOLEURVDEVXUGRVTXHGLIFLOPHQWHUHFRUGDPRV\WDOYH]KHPRV
FRQVHUYDGRXQDFDMDGHMXJXHWHV6RPRVFRPRHOSHUVRQDMHGH(OODUJRDGL³VGH5D\PRQG
&KDQGOHUߡ%¡VLFDPHQWHPDWRHOWLHPSRSHURVHUHVLVWHߢ
8QGDVHQRVHPSH]DU¡QDWHUPLQDUQXHVWUDVKRUDV6HUDDJUDGDEOHSRGHUGHFLUTXHOHV
VDFDPRV SURYHFKR 1R FRQ ORJURV GLQHUR QL HVWDWXV ߚ\D FRQRFHV OD RSLQL³Q GH ORV
HVWRLFRVDOUHVSHFWRߚVLQRHQHOVHQWLGRGHVDELGXUDSHUFHSFL³Q\SURJUHVRDXW©QWLFRHQ
ODVFRVDVTXHDWRGRVORVVHUHVKXPDQRVVHOHVGLILFXOWDQ
4X© SDVDUD VL SXGLHUDV GHFLU TXH DSURYHFKDVWH WX YLGD" 4X© SDVDUD VL SXGLHUDV
GHPRVWUDU TXH YLYLVWH FLHUWR QºPHUR GH D±RV" < QR V³OR TXH ORV YLYLVWH VLQR OR KLFLVWH
SOHQDPHQWH"
GHGLFLHPEUH
5HFODPDWXGHUHFKR
5HVXOWDLQGHFRURVRSDUDXQR\DDQFLDQRRTXHIULVDHQODDQFLDQLGDGREWHQHUVXV
FRQRFLPLHQWRVDSR\¡QGRVHHQXQOLEURGHPHPRULDVߡ(VWRGLMR=HQ³Qߢ\WºTX©"
ߡ(VWR GLMR &OHDQWHVߢ \ Wº TX©" +DVWD FX¡QGR WH PRYHU¡V DO GLFWDGR GH RWUR"
(MHUFH Wº HO PDQGDWR H[S³Q DOJXQD LGHD TXH OOHJXH D OD SRVWHULGDG RIUHFH DOJR \
TXHHOORVHDGHWXUHSXHVWR
61(&$(SVWRODVPRUDOHVD/XFLOLR
$O UHIOH[LRQDU HQ VX GLDULR VREUH HO WHPD GH OD LQPRUWDOLGDG 5DOSK :DOGR (PHUVRQ VH
TXHMDED GH OR PXFKR TXH ORV HVFULWRUHV HOXGHQ XQ WHPD FRPSOHMR \ UHFXUUHQ D FLWDV
ߡ'HWHVWRODVFLWDVFX©QWDPHORTXHVDEHVߢHVFULEL³
6©QHFDVHTXHMDEDGHORPLVPRDSUR[LPDGDPHQWHYHLQWHVLJORVDQWHV(VP¡VI¡FLOFLWDU
GHSHQGHUGHODVSDODEUDVVDELDVGHORVGHP¡V6REUHWRGRFXDQGROHFRQFHGHVDXWRULGDGD
SHUVRQDMHVWDQVREUHVDOLHQWHV
(VP¡VGLIFLO HLQWLPLGDQWH DUULHVJDUWH\H[SUHVDUWXVSHQVDPLHQWRV&³PRFUHHVTXH
ODVFLWDVVDELDVGHHVRVSHUVRQDMHVVREUHVDOLHQWHVVHFRQFLELHURQHQSULPHUOXJDU"
7XVH[SHULHQFLDVVRQYDOLRVDV7DPEL©QKDVDFXPXODGRVDELGXUD5HFODPDWXGHUHFKR
'HMDDOJRSDUDODSRVWHULGDGYHUEDOSHURWDPEL©QFRQHOHMHPSOR
GHGLFLHPEUH
4X©WDQWRWHPHVSHUGHU"
7HPHVPRULU\TX©©VWDWXYLGDQRHTXLYDOHDODPXHUWH"
61(&$(SVWRODVPRUDOHVD/XFLOLR
6©QHFDUHODWDXQDKLVWRULDHVSO©QGLGDVREUHXQURPDQRFRQXQDULTXH]DREVFHQDDTXLHQVXV
HVFODYRVFDUJDEDQHQXQDOLWHUD(QXQDRFDVL³QGHVSX©VGHTXHORFDUJDUDQSDUDWRPDUXQ
ED±R HO URPDQR SUHJXQW³ ߡ<D HVWR\ VHQWDGR"ߢ (O SXQWR GH 6©QHFD HUD HVHQFLDO TX©
FODVHGHYLGDSDW©WLFD\WULVWHHVDTXHOODHQODTXHYLYHVWDQGHVFRQHFWDGRGHOPXQGRTXHQL
VLTXLHUDVDEHVGLVWLQJXLUVLHVW¡VHQHOSLVR"3DUDHPSH]DUF³PRVDEHUVLHVW¡VYLYR"
/D PD\RUD WHPHPRV D OD PXHUWH 1R REVWDQWH HVWH WHPRU H[LJH XQD SUHJXQWD SDUD
SURWHJHU H[DFWDPHQWH TX©" 3DUD PXFKRV OD UHVSXHVWD HV KRUDV GH WHOHYLVL³Q FKLVPHV
FRPHU KDVWD KDUWDUVH GHVSHUGLFLDU VX SRWHQFLDO WHQHU XQ WUDEDMR DEXUULGR \ DV
VXFHVLYDPHQWH6DOYRTXHHQVHQWLGRHVWULFWRDFDVRHVWRHVYLYLU"9DOHODSHQDDIHUUDUVHD
HOOD\WHPHUSHUGHUOD"
1RSDUHFH
GHGLFLHPEUH
6LQVHQWLGRߨFRPRXQYLQRILQR
(OVDERUGHOYLQRSXUR\HOVDERUGHOPXOVRORFRQRFHVQDGDLPSRUWDTXHVHDQFLHQR
PLOODV¡QIRUDVTXHSDVDQSRUWXYHMLJDHUHVXQILOWUR
61(&$(SVWRODVPRUDOHVD/XFLOLR
+HDTXRWURHMHPSORGHRWUDH[SUHVL³QGHVGH±RVDHQHVWDRFDVL³QGH6©QHFDTXLHQGDGR
VXJXVWRSRUODRSXOHQFLDVHJXURGLVIUXWDEDGHXQEXHQYLQRGHYH]HQFXDQGR6XSXQWR
TXL]¡V LQTXLHWH D FXDOTXLHUD D TXLHQ HO ©[LWR \ OD DGXOWH] KDQ FRQYHUWLGR HQ XQ HQ³ORJR
DXQTXHHVWDO³JLFDVHSXHGHDSOLFDUDORVFKLVPRVRVDPDQWHVGHODWHFQRORJDPHO³PDQRV
\VLPLODUHV
3RUGLYHUWLGRVHPRFLRQDQWHV\DJUDGDEOHVTXHVHDQHVWRVSODFHUHVYDOHODSHQDGDUOHV
VX MXVWR YDORU $O ILQDO GH WXV GDV QR UHFLEHV XQ SUHPLR SRU KDEHU FRQVXPLGR P¡V
WUDEDMDGRP¡VJDVWDGRP¡VFROHFFLRQDGRP¡VRDSUHQGLGRP¡VVREUHODVGLVWLQWDVFRVHFKDV
TXH ORV GHP¡V (UHV XQ FRQGXFWR XQ UHFLSLHQWH TXH DOEHUJ³ R LQWHUDFWX³ GH PDQHUD
WHPSRUDOFRQHVWRVDUWFXORVHOHJDQWHV
6L WH GHVFXEUHV DQKHO¡QGRORV HVWD UHIOH[L³Q WH SXHGH D\XGDU D OLPLWDU XQ SRFR VX
HQFDQWR
GHGLFLHPEUH
1RTXHPHVODYHODSRUDPERVH[WUHPRV
+D\ TXH GDU XQ GHVDKRJR D ORV HVSULWXV WUDV GHVFDQVDU VH OHYDQWDQ P¡V
GLVSXHVWRV \ P¡V YLYDFHV ,JXDO TXH QR KD\ TXH H[LJLU GHPDVLDGR D ORV FDPSRV
I©UWLOHV SXHVSURQWRORVDJRWDU¡VXIHFXQGLGDGQXQFDLQWHUUXPSLGD DVHOFRQWLQXR
HVIXHU]R TXHEUDQWDU¡ HO PSHWX GH ORV HVSULWXV UHFXSHUDU¡Q VXV HQHUJDV
UHODM¡QGRVH \ UHSRVDQGR XQ SRFR GH OD DVLGXLGDG GH ORV HVIXHU]RV QDFH XQD
HVSHFLHGHHPERWDPLHQWR\ODVLWXGGHORVHVSULWXV
61(&$6REUHODWUDQTXLOLGDGGHOHVSULWX
1RVHSXHGHOHHUD0DUFR$XUHOLR\D6©QHFDVLQVRUSUHQGHUVHSRUODGLIHUHQFLDHQWUHHVWDV
GRV SHUVRQDOLGDGHV UDGLFDOPHQWH RSXHVWDV $ TXL©Q OH KXELHUDV FRQILDGR OD LQPHQVD
UHVSRQVDELOLGDG GH XQ LPSHULR" 7DO YH] D 0DUFR $XUHOLR 3HUR TXL©Q WH KXELHUD JXVWDGR
VHU FRPR LQGLYLGXR" 7DO YH] 6©QHFD 7DO YH] SRUTXH ©O SDUHFH KDEHU FRQVHJXLGR OR TXH
DKRUD GHQRPLQDPRV HTXLOLEULR HQWUH HO WUDEDMR \ OD YLGD SULYDGD 0DUFR $XUHOLR GD OD
LPSUHVL³QGHHVWDUDJRWDGRPLHQWUDVTXH6©QHFDVLHPSUHSDUHFHWHQHUHQHUJDYLWDOLGDG\
HVWDUGHVSHMDGR3RVLEOHPHQWHVXILORVRIDTXHSURSRQHUHVWDEOHFHU\UHODMDUVHߚPH]FODGD
FRQVXHVWXGLRULJXURVR\RWURVULWXDOHVHVWRLFRVߚWXYRPXFKRTXHYHU
/DPHQWHHVXQPºVFXOR\FRPRHOUHVWRVHSXHGHFDQVDUVDWXUDU\OHVLRQDU1XHVWUD
VDOXGWDPEL©QVHYHPLQDGDSRUHOH[FHVRGHFRPSURPLVRVODIDOWDGHGHVFDQVR\ORVPDORV
K¡ELWRV5HFXHUGDODOH\HQGDGH-RKQ+HQU\HOKRPEUHTXHGHVDIL³DODP¡TXLQDSHURDO
ILQDOPXHUHH[KDXVWR1RORROYLGHV
+R\HVSUREDEOHTXHWHHQIUHQWHVDFRVDVTXHDJRWHQWXSDFLHQFLDTXHUHTXLHUDQPXFKD
FODULGDG R FRQFHQWUDFL³Q R H[LMDQ FUHDWLYLGDG /D YLGD HV XQ WUD\HFWR ODUJR LPSOLFDU¡
PXFKRVPRPHQWRVDV3RGU¡VOLGLDUFRQHOORVVLTXHPDVODYHODSRUDPERVH[WUHPRV"6L
KDVDEXVDGR\PDFKDFDGRWXFXHUSR"
GHGLFLHPEUH
/DYLGDHVODUJDVLVDEHVDSURYHFKDUOD
1R WHQHPRV HVFDVR WLHPSR VLQR TXH SHUGHPRV PXFKR 1XHVWUD YLGD HV
VXILFLHQWHPHQWH ODUJD \ VH QRV KD GDGR HQ DEXQGDQFLD SDUD OD UHDOL]DFL³Q GH ODV
P¡V DOWDV HPSUHVDV VL VH LQYLHUWH ELHQ WRGD HQWHUD SHUR HQ FXDQWR VH GLVLSD D
WUDY©VGHOOXMR\ODDSDWDHQFXDQWRQRVHGHGLFDDQDGDEXHQRFXDQGRSRUILQQRV
UHFODPDQXHVWURºOWLPRWUDQFHQRVSHUFDWDPRVGHTXH\DKDWUDQVFXUULGRODYLGDTXH
QR FRPSUHQGLPRV TXH FRUUD $V HV QR UHFLELPRV XQD YLGD FRUWD VLQR TXH QRV OD
KDFHPRV
61(&$6REUHODEUHYHGDGGHODYLGD
1DGLH VDEH FX¡QWR WLHPSR YLYLU¡ SRU GHVJUDFLD SRGHPRV HVWDU VHJXURV GH XQD FRVD
GHVSHUGLFLDUHPRV GHPDVLDGR WLHPSR VHQWDGRV EXVFDQGR ODV FRVDV HTXLYRFDGDV
QHJ¡QGRQRV D FXHVWLRQDUQRV VREUH OR YHUGDGHUDPHQWH LPSRUWDQWH &RQ GHPDVLDGD
IUHFXHQFLDVRPRVFRPRORVDFDG©PLFRVFRQILDGRVTXH3HWUDUFDFULWLF³HQVXHQVD\RFO¡VLFR
VREUHODLJQRUDQFLDDTXHOORVTXHߡGHVSLOIDUUDQVXSRWHQFLDOHQFRVDVH[WHUQDV\VHEXVFDQ
HQHOODVߢ1RREVWDQWHQRWLHQHQLGHDGHORTXHKDFHQ
'H PRGR TXH KR\ VL WH GHVFXEUHV DSXUDGR R GLFLHQGR ߡ1R WHQJR WLHPSRߢ GHWHQWH XQ
VHJXQGR (V FLHUWR" 2 HVW¡V FRPSURPHWLGR FRQ PXFKDV FRVDV LQQHFHVDULDV" (UHV
HILFLHQWH R KDV DVXPLGR PXFKR GHVSHUGLFLR HQ WX YLGD" (O HVWDGXQLGHQVH SURPHGLR SDVD
XQDV FXDUHQWD KRUDV DO D±R HQ HO WU¡ILFR 6RQ PHVHV HQ WRGD XQD YLGD < SXHGHV VXVWLWXLU
ߡWU¡ILFRߢFRQORTXHTXLHUDVSHOHDUYHUODWHOHVR±DUGHVSLHUWR
7XYLGDHVODUJDV³ORDSURY©FKDOD
GHGLFLHPEUH
1RSHUPLWDVTXHWXDOPDSDUWDSULPHUR
(VYHUJRQ]RVRTXHFXDQGRWXFXHUSRQRUHQXQFLDDHVWDYLGDUHQXQFLHODSULPHUDWX
DOPD
0$5&2$85(/,20HGLWDFLRQHV
3HVHDVXVSULYLOHJLRV0DUFR$XUHOLRWXYRXQDYLGDGXUD(OKLVWRULDGRUURPDQR'LRQ&DVLR
GLMRTXHߡQRWXYRODEXHQDVXHUWHTXHPHUHFDSXHVQRWHQDXQFXHUSRIXHUWH\YLYL³XQD
VHULH GH SUREOHPDV SU¡FWLFDPHQWH GXUDQWH WRGR VX UHLQDGRߢ (Q FLHUWR SXQWR HVWDED WDQ
HQIHUPR TXH VH UXPRU³ TXH KDED PXHUWR \ ODV FRVDV HPSHRUDURQ FXDQGR HO JHQHUDO HQ
TXLHQP¡VFRQILDEDDSURYHFK³ODRSRUWXQLGDGSDUDGHFODUDUVHHPSHUDGRU
6LQ HPEDUJR SHVH D HVWDV GLILFXOWDGHV ߚORV D±RV GH JXHUUD ODV HQIHUPHGDGHV
LQFDSDFLWDQWHVVXKLMRDIOLJLGRߚQXQFDVHGLRSRUYHQFLGR(VXQHMHPSORLQVSLUDGRUSDUD
WHQHUORHQPHQWHFXDQGRKR\QRVFDQVHPRVQRVVLQWDPRVIUXVWUDGRVRWHQJDPRVTXHOLGLDU
FRQDOJXQDFULVLV(VWHKRPEUHWHQDWRGRVORVPRWLYRVSDUDHVWDUPROHVWR\DPDUJDGRSXGR
KDEHU UHQXQFLDGR D VXV SULQFLSLRV SDUD YLYLU FRQ OXMRV \ FRPRGLGDGHV SXGR KDEHU
GHVDWHQGLGR VXV UHVSRQVDELOLGDGHV SDUD FRQFHQWUDUVH HQ VX VDOXG SHUR QXQFD OR KL]R 6X
DOPDVHFRQVHUY³IXHUWHLQFOXVRFXDQGRVXFXHUSRVHGHELOLW³1RVHGLRSRUYHQFLGRKDVWD
HOVHJXQGRHQTXHVXFXHUSRORKL]RFXDQGRPXUL³FHUFDGH9LHQDHQHOD±RG&
GHGLFLHPEUH
6REUHVHUUHFRUGDGR
7RGRHVHIPHURHOTXHVXJLHUHXQHORJLRFRPRHOPLVPRREMHWRTXHORLQVSLUD
0$5&2$85(/,20HGLWDFLRQHV
'DWHXQDYXHOWDSRUODFDOOH\GHWHQWHHQODKHUPRVD%LEOLRWHFD3ºEOLFDGH1XHYD<RUN
FRQVXVPDMHVWXRVRVOHRQHVGHSLHGUD&XDQGRVXEDVDODELEOLRWHFDSDVDU¡VXQDSODFDGH
RURLQFUXVWDGDHQHOFHPHQWRHVSDUWHGHXQDVHULHGHFLWDVGHORVPHMRUHVHVFULWRUHVGHOD
KLVWRULD VWD HV GH 0DUFR $XUHOLR ߡ7RGR HV HIPHUR HO TXH VXJLHUH XQ HORJLR FRPR HO
PLVPRREMHWRTXHORLQVSLUDߢ
/D SURSLD ELEOLRWHFD HV GLVH±R GH OD ILUPD GH -RKQ 0HUYHQ &DUU¨UH XQR GH ORV
DUTXLWHFWRVP¡VQRWDEOHVGHOVLJOR ;; \ SRVHH ODV FROHFFLRQHV GH OXPLQDULDV\ILO¡QWURSRV
FRPR 6DPXHO 7LOGHQ -RKQ -DFRE $VWRU \ -DPHV /HQR[ FX\RV QRPEUHV HVW¡Q WDOODGRV HQ
SLHGUD+R\ORVGHUHFKRVVRQGHOLQYHUVLRQLVWD6WHSKHQ$6FKZDU]PDQ/DLQDXJXUDFL³Q
GHODELEOLRWHFDIXHHQ\DVLVWLHURQHOSUHVLGHQWH:LOOLDP+RZDUG7DIWHOJREHUQDGRU
-RKQ $OGHQ 'L[ \ HO DOFDOGH GH OD &LXGDG GH 1XHYD <RUN :LOOLDP -D\ *D\QRU (O
H[FHOHQWH*UHJJ/H)HYUHGLVH±³ODVSODFDVTXHHVW¡QHQHOFDPLQR
/D FLWD GH 0DUFR $XUHOLR QRV LQYLWD D UHIOH[LRQDU FX¡QWRV GH HVWRV LQGLYLGXRV
FRQRFDPRV GH QRPEUH" /DV SHUVRQDV LQYROXFUDGDV HQ OD KLVWRULD GH OD ELEOLRWHFD HUDQ
DOJXQRV GH ORV KRPEUHV P¡V IDPRVRV GHO PXQGR PDHVWURV HQ VXV UHVSHFWLYRV FDPSRV
DOJXQRVLQFUHEOHPHQWHDGLQHUDGRV,QFOXVRHQODVHFFL³QGHODVSODFDVPXFKRVHVFULWRUHV
IDPRVRV QR VRQ FRQRFLGRV SDUD HO OHFWRU PRGHUQR 0XULHURQ KDFH WLHPSR DV FRPR ORV
OHFWRUHVTXHORVUHFRUGDEDQ
7RGRV QRVRWURV LQFOXLGR 0DUFR $XUHOLR ߚDQWH TXLHQ SDVDQ SHDWRQHV GLVWUDGRVߚ
SHUGXUDQXQGDDORPXFKR
GHGLFLHPEUH
$JUDGHFH
/DJUDWLWXGHVXQELHQUHIHULGRDQRVRWURVDOLJXDOTXHODMXVWLFLDTXHQRVHRUGHQDD
ORVGHP¡VFRPRYXOJDUPHQWHVHSLHQVDJUDQSDUWHGHHOODUHYLHUWHKDFLDVPLVPD
61(&$(SVWRODVPRUDOHVD/XFLOLR
3LHQVDHQWRGRORTXHSXHGHVDJUDGHFHUKR\4XHHVW¡VYLYRTXHYLYHVHQXQD©SRFDGHSD]
HQEXHQDSDUWHTXHJR]DVGHVDOXG\WLHQHVWLHPSROLEUHSDUDOHHUHVWHOLEUR<ODVFRVDV
SHTXH±DV"/DSHUVRQDTXHWHVRQUL³ODPXMHUTXHWHDEUL³ODSXHUWDODFDQFL³QTXHWHJXVWD
HOFOLPDDJUDGDEOH
/DJUDWLWXGHVFRQWDJLRVD6XRSWLPLVPRHVUDGLDQWH
,QFOXVRVLKR\IXHUDWXºOWLPRGDHQODWLHUUDߚVLVXSLHUDVSRUDGHODQWDGRTXHHQSRFDV
KRUDV WHUPLQDUDߚ WHQGUDV SRU TX© DJUDGHFHU" 4X© WDQWR PHMRUDUD WX YLGD VL
FRPHQ]DUDVDVWRGRVORVGDV"6LORUHDOL]DUDVWRGRHOGD\SHUPLWLHUDVTXHWRFDUDWRGRV
ORVDVSHFWRVGHWXYLGD"
GHGLFLHPEUH
0RGHUDFL³Q
4XLWDIXHU]DV
\SHVRDODGHVJUDFLDDTXHOTXHOOHYD
FRQFDOPDVXLQIRUWXQLR
61(&$+©UFXOHVHQHO(WD
4X© WLHQHQ HQ FRPºQ ODV SHUVRQDV D TXLHQHV DGPLUDV DTXHOODV TXH SDUHFHQ FRQWURODU \
KDFHUOH IUHQWH D FXDOTXLHU DGYHUVLGDG \ GLILFXOWDG FRQ ©[LWR" 6X VHQWLGR GHO HTXLOLEULR VX
GLVFLSOLQD6LVHOHVFULWLFDGXUDQWHXQDWUDJHGLDRXQD©SRFDGHVIDYRUDEOHVLJXHQDGHODQWH
1RSRUTXHVHDQPHMRUHVTXHWºQLSRUTXHVHDQP¡VLQWHOLJHQWHV3RUTXHKDQDSUHQGLGR
XQVHFUHWRHVSRVLEOHPRGHUDUXQDVLWXDFL³QGLIFLOVLODUHFLEHVFRQFDOPDVLODWLHQHVHQ
FXHQWD\UHIOH[LRQDVSRUDQWLFLSDGR
1RV³ORHVSHUWLQHQWHSDUDODVDGYHUVLGDGHVGHOGDDGDWDPEL©QSDUDODPD\RUSUXHED
\ODP¡VLQHYLWDEOHGHWRGDVWDUGHRWHPSUDQRQXHVWUDPXHUWH3RGUDOOHJDUPD±DQDRHQ
FXDUHQWDD±RVSRGUDVHUU¡SLGDHLQGRORUDRLQVRSRUWDEOH1XHVWURPD\RUUHFXUVRGXUDQWH
HVD H[SHULHQFLD QR VHU¡ OD UHOLJL³Q WDPSRFR VHU¡Q SDODEUDV VDELDV GH ORV ILO³VRIRV
VHQFLOODPHQWHVHU¡QXHVWUDPHQWHWUDQTXLOD\FRQJUXHQWH
GHGLFLHPEUH
3DUWLFLSDHQWXSURSLRUHVFDWH
1R YDJDEXQGHHV P¡V 4XH QR KDV GH WHQHU WLHPSR SDUD UHOHHU WXV QRWDV QL ODV
DQWLJXDVKLVWRULDVGHORVURPDQRV\ORVJULHJRVQLH[WUDFWRVGHWUDWDGRVTXHKDEDV
UHVHUYDGR SDUD WX YHMH] $SUHVºUDWH SXHV HQ OOHJDU DO ILQ GHVSGHWH GH ODV YDQDV
HVSHUDQ]DV \ PLUD SRU WX ELHQ VL WLHQHV FXHQWD FRQWLJR PLVPR KDVWD TXH VHD
SRVLEOH
0$5&2$85(/,20HGLWDFLRQHV
(OREMHWLYRGHQXHVWUDOHFWXUD\HVWXGLRHVD\XGDUQRVDDOFDQ]DUXQDEXHQDYLGD \PXHUWH
(QFLHUWRSXQWRGHEHPRVDSDUWDUQXHVWURVOLEURV\DFWXDU3DUDTXHHQSDODEUDVGH6©QHFD
ߡODV SDODEUDV VH YXHOYDQ REUDVߢ +D\ XQ GLFKR ߡ(O DFDG©PLFR SXGR KDEHU VLGR VROGDGRߢ
4XHUHPRVVHUWDQWRDFDG©PLFRVFRPRVROGDGRVGHOEDQGRGHORVEXHQRV
$KRUD HVR HV OR TXH WH WRFD VHJXLU DGHODQWH /D UHVSXHVWD QR HV RWUR OLEUR VLQR ODV
HOHFFLRQHV \ GHFLVLRQHV DFHUWDGDV 4XL©Q VDEH FX¡QWR WLHPSR WH TXHGH R TX© WH GHSDUH HO
PD±DQD
&³PRVHJXLUVLHQGRHVWRLFR
(VSHUDPRVTXHHVWHOLEURWHKD\DGXUDGRXQD±R DXQTXHQRWHFXOSDPRVSRUKDEHUOROHGR
VLQ VHJXLU XQ RUGHQ 'H KHFKR HVR VHUD XQ KRQRU 4X© VLJXH" (VSHUDPRV KDEHUWH
LQWHUHVDGR HQ HO HVWRLFLVPR \ TXH OR DGRSWHV FRPR SU¡FWLFD GLDULD &RQ HVH ILQ KHPRV
FUHDGR 'DLO\6WRLFFRP XQD S¡JLQD FRQ HQWUHYLVWDV D HVWRLFRV SUDFWLFDQWHV DUWFXORV
HMHUFLFLRV\XQEROHWQHOHFWU³QLFRGLDULRPHGLDQWHHOFXDOSXHGHVUHFLELUVDELGXUDHVWRLFD
HQWXEX]³QGHFRUUHRWRGRVORVGDV
3XHGHVLQJUHVDUD'DLO\6WRLFFRPDKRUDPLVPRRHVFULELUDKHOOR#'DLO\6WRLFFRPSDUD
UHFLELU XQ SDTXHWH HVSHFLDO GH ERQRV HVWRLFRV HQWUH HOORV UHFRPHQGDFLRQHV GH OHFWXUDV \
P¡VPDWHULDOTXHQRSXGLPRVLQFOXLUHQHVWHOLEUR
8QPRGHORGHODSU¡FWLFDHVWRLFDWDUGD\JORVDULRGH
W©UPLQRV\SDVDMHVFODYH
&RPRVHH[SUHVDHQORVWH[WRVGH(SLFWHWR\0DUFR$XUHOLRHOSHQVDPLHQWRHVWRLFRWDUGR
GHO VLJOR ,, HVER]D XQD LPDJHQ QWLGD GH OD ODERU GH OD ILORVRID D OD KRUD GH IRPHQWDU OD
FRKHUHQFLD\ODYLUWXG&RPRVHVXJLHUHHQODREUDGH3LHUUH+DGRW\$$/RQJ Y©DVHHO
DSDUWDGRGHߡ/HFWXUDVVXJHULGDVߢ KHPRVGHVDUUROODGR\IRUPDOL]DGRODVWUHVGLVFLSOLQDVGH
(SLFWHWRHQXQDWDEODTXHSUHVHQWDODQDWXUDOH]DSURJUHVLYDGHODSURSXHVWDGHOHVWRLFLVPR
WDUGRSDUDFRQGXFLUQRV\JHVWLRQDUQXHVWUDVDFFLRQHVHQHOPXQGR(VWDWDEODUHºQHORVWUHV
WRSRL WHPDVRFDPSRVGHHVWXGLR \WUHVQLYHOHVGLVWLQWRVGHHMHUFLFLR DVNªVLV TXHVXJLHUH
(SLFWHWR WDPEL©Q PXHVWUD F³PR VH UHODFLRQDQ +DGRW OR VH±DOD FRQ OD EºVTXHGD GH OD
YLUWXGHQORVW©UPLQRVTXHH[SUHVD0DUFR$XUHOLR/DWDEODSURYLHQHGHHVWRVSDVDMHVFODYH
HQ(SLFWHWR
+D\ WUHV W³SLFRV HQ ORV TXH KD GH HMHUFLWDUVH HO TXH KD\D GH VHU EXHQR \ KRQUDGR HO
UHODWLYRDORVGHVHRV\ORVUHFKD]RVSDUDTXHQLVHYHDIUXVWUDGRHQVXVGHVHRVQLYD\D
DFDHUHQORTXHDERUUHFHHOUHODWLYRDORVLPSXOVRV\UHSXOVLRQHV\VHQFLOODPHQWHDO
GHEHUSDUDTXHDFWºHHQRUGHQFRQEXHQVHQWLGRVLQGHVFXLGRHOWHUFHURHVHOUHODWLYR
DODLQIDOLELOLGDG\DODSUXGHQFLD\HQJHQHUDOHOUHODWLYRDORVDVHQWLPLHQWRV
'HHOORVHOP¡VLPSRUWDQWH\HOTXHP¡VXUJHHVHOUHODWLYRDODVSDVLRQHV3XHVOD
SDVL³Q QDFH QR GH RWUR PRGR VLQR DO IUXVWUDUVH HO GHVHR R DO LU D FDHU HQ OR TXH VH
DERUUHFH
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
3RU HVR H[KRUWDQ ORV ILO³VRIRV ߡD QR FRQWHQWDUVH V³OR FRQ DSUHQGHU VLQR D D±DGLU
DGHP¡V HO LQWHU©V \ OXHJR OD SU¡FWLFDߢ 3RUTXH QRV KDEDPRV DFRVWXPEUDGR GXUDQWH
PXFKRWLHPSRDKDFHUORFRQWUDULR\WHQHPRVHQXVRODVVXSRVLFLRQHVFRQWUDULDVDODV
FRUUHFWDV
(3,&7(72'LVHUWDFLRQHVSRU$UULDQR
+HPRVLQFOXLGRW©UPLQRVFODYHHQFDGDQLYHOGHODWDEOD(VW¡SRUXQODGRHOSURJUHVR
SURNRSª SRUHQFLPDGHODGHFHSFL³QODRSLQL³QIDOVD\HOHUURUߚSDVDQGRSRUHOFRQWURO
GHOLPSXOVRߚKDVWDOOHJDUDORVMXLFLRVP¡VFODURV\HOFRQRFLPLHQWR FRKHUHQFLD \HVW¡HO
SURJUHVRTXHWRFDWRGRVORVQLYHOHVGHIRUPDFL³Q HVWXGLRPDQWK¡Q´SU¡FWLFDPHOHWD´
IRUPDFL³Q DUGXD DVNH´ KDVWD OOHJDU D OD FRUUHFFL³Q GHO K¡ELWR DFWXDU GH IRUPD P¡V
DSURSLDGD \ PHMRUDU HO MXLFLR HQFDUQDQGR ODV YLUWXGHV 'HVSX©V GH OD WDEOD RIUHFHPRV XQ
JORVDULRDQRWDGRGHFRQFHSWRV\SDVDMHVHVWRLFRVFODYH
8QPRGHORGHODSU¡FWLFDHVWRLFDWDUGD
7UHVGLVFLSOLQDVSDUDODDFFL³Q
$GLDSKRUD ͣͨ͛͵ͮͰ͠ FRVDV LQGLIHUHQWHV QL EXHQDV QL PDODV HQ HO VHQWLGR PRUDO
DEVROXWR6HJºQHOSHQVDPLHQWRHVWRLFRWRGDVODVFRVDVIXHUDGHQXHVWUDHVIHUDGHOLEUH
DOEHGUR Y©DVH SURKDLUHVLV VRQ LQGLIHUHQWHV (Q VHQWLGR UHODWLYR DOJXQDV FRVDV IXHUD
GH QXHVWUR FRQWURO VRQ FRVDV GHVHDEOHV R LQGHVHDEOHV SURªJPHQD DSURªJPHQD
0DUFR$XUHOLRGLFHߡHQFXDQWRDOJXQRVKRPEUHVVHQRVRSRQHQHQHOFXPSOLPLHQWRGH
QXHVWURVGHEHUHV\DHOKRPEUHEDMDDODFDWHJRUDGHORVVHUHVTXHPHVRQLQGLIHUHQWHVߢ
(OW©UPLQRDSDUHFHGLHFLVLHWHYHFHVHQ'LVHUWDFLRQHVSRU$UULDQRGH(SLFWHWR\
XQD YH] HQ (QTXLULGL³Q Y©DVH 'LVHUWDFLRQHV \ (Q 0DUFR $XUHOLR
DSDUHFH VHLV YHFHV Y©DVH WDPEL©Q ߡHOSURKDLUHVLV GH PL SU³MLPR HV LJXDOPHQWH
LQGLIHUHQWHDPLSURKDLUHVLVߢ
$QWKU´SRV ۣͬͧͰͯͮͱ XQ VHU KXPDQR VHUHV KXPDQRV HQ JHQHUDO 3DUD (SLFWHWR
VRPRV 'LVHUWDFLRQHV ߡOR SULPHUR XQ KRPEUH HV GHFLU TXH QR WLHQHV QDGD
VXSHULRUDODOEHGUR>SURKDLUHVLV@VLQRTXHD©OHVW¡VXERUGLQDGRORGHP¡V\©OPLVPR
QR SXHGH VHU HVFODYL]DGR QL VXERUGLQDGRߢ 8Q ߡKRPEUH KHUPRVRߢ SRVHH ODV YLUWXGHV
'LVHUWDFLRQHV E 'HEHPRV ߡVHU XQ KRPEUH R EXHQR R PDORߢ 'LVHUWDFLRQHV
OR TXH >3LHUUH@ +DGRW OODPD FRKHUHQFLD FRQ ORV SURSLRV SULQFLSLRV /D
FLXGDGHOD LQWHULRU (Q 0DUFR $XUHOLR Y©DVH HO W©UPLQR VH
HPSOHDHQFRQMXQWRFRQXQ©QIDVLVHQORTXHGHEHUDQVHUQXHVWURVDVXQWRV\WUDEDMR
$UHWª ͝ͳͤͰڈYLUWXG ERQGDG \ H[FHOHQFLD KXPDQD OD IXHQWH GHO YDORU DEVROXWR
+DGRW LGHQWLILFD TXH ODV FXDWUR YLUWXGHV HVHQFLDOHV GH 3ODW³Q QR HVW¡Q GHO WRGR
SUHVHQWHVHQODSUHVHQWDFL³QGH$UULDQRGH(SLFWHWR /DFLXGDGHODLQWHUQDS VLQR
HQ0DUFR$XUHOLRTXLHQVLJXL³GHFHUFDD(SLFWHWR$PERVKDFHQXQDDUWLFXODFL³Q\
FRUUHODFL³QFODUDVGHORTXH+DGRWGHQRPLQDߡORVWUHVDFWRVGHODOPDߢ Y©DVHODWDEOD
'L³JHQHV /DHUFLR GLFH TXH ODV FXDWUR YLUWXGHV FDUGLQDOHV HUDQ SULPRUGLDOHV SDUD ORV
HVWRLFRV 9LGDV \ RSLQLRQHV GH ORV ILO³VRIRV LOXVWUHV ߡ=HQ³Qߢ Ͳ͵ͰͮͲͼͬͦ
V´SKURVXQª FRQWURO GH XQR PLVPR ͣͨͩͨͮ͠Ͳͼͬͦ GLNDLRVXQª MXVWLFLD ͤ͠͞Ͱͣͬڈ
DQGUHLD YDORU ͵ͰͻͬͦͲͨͱ SKURQªVLV VDELGXUD 3DUD &ULVLSR H[SHULPHQWDU OD
VDELGXUD SKURQLPRV DXQTXHIXHUDXQPRPHQWRHVLJXDODXQDHWHUQLGDGGHHMHUFLWDU
DUHWª 3OXWDUFR2EUDVPRUDOHV\FRVWXPEUHV 0XVRQLR5XIRGLMRߡ(OKRPEUH
KD QDFLGR SDUD OD YLUWXGߢ 'LVHUWDFLRQHV 0DUFR $XUHOLR PHQFLRQD ODV FXDWUR
YLUWXGHVHQ\\WUHV VLQHOYDORU HQ\/DVLQFOXLPRVDTX
FRPRORVREMHWLYRVGHOSURJUHVRPRUDODOTXHYDGLULJLGDWRGDQXHVWUDDFWLYLGDGHQHO
PXQGR0DUFR$XUHOLRQRVLQYLWDDQRSHUPLWLUTXHQXHVWUDVYLUWXGHVVHH[WLQJDQDQWHV
GHPRULU (SLFWHWRVFLWDODMXVWLFLD\HOGRPLQLRGHXQRPLVPRHQVXGLVFXVL³Q
GHODYLUWXGHQHQGRQGHVXXVRGHͲ͵ͰͮͲͼͬͦHVP¡VPRGHUDGRHQHOVHQWLGR
GH ߡFRQWLQHQWHߢ TXH FRQWUDVWD FRQ ߡLQFRQWLQHQWHߢ \ DTX VX W©UPLQR SUHIHULGR SDUD
FRQWURO GH XQR PLVPR \ HQ WRGDV SDUWHV ILJXUD MXQWR FRQ VDELGXUD ͵Ͱͮͬͫ͞ HQ
HV ͱޣͤͳ͠Ͱͩ͢ۯHJNUDWHLV GRPLQLR R HMHUFHU FRQWURO VREUH TXH FRQWUDVWD FRQ
ͱޣͤͳ͠ͰͩڈDNUDWHLVGHVFRQWURO 6©QHFDHPSOHDHOODWQYLUWXV\GLFHTXHߡHOºQLFRELHQ
HV OD YLUWXGߢ OD FXDO FRQVLVWH HQ XQ ߡMXLFLR YHUGDGHUR \ HVWDEOHߢ (SVWRODV PRUDOHV
$[LD ݊ͭ͠ڈHO YDORU UHDO GH ODV FRVDV HO YDORU UHODWLYR GH ODV FRVDV SUHIHUHQFLDOHV
UHSXWDFL³Q R P©ULWR GH ODV SHUVRQDV $SDUHFH GLHFLRFKR YHFHV HQ 0DUFR $XUHOLR
Y©DVH\0DUFR$XUHOLRFLWDD(SLFWHWRFXDQGRDERUGDF³PR
HPSOHDU HO SRGHU GHO FRQVHQWLPLHQWR HQ OR UHIHUHQWH D QXHVWURV LPSXOVRV (Q
(SLFWHWR HO FRQFHSWR DSDUHFH YHLQWLQXHYH YHFHV HQ ODV 'LVHUWDFLRQHV \ GRV YHFHV HQ
(QTXLULGL³Q9©DVH'LVHUWDFLRQHV\(QJHQHUDOOD
LGHDHVTXHFRQGHPDVLDGDIUHFXHQFLDVDFULILFDPRVFRVDVGHPXFKRYDORUSRUFRVDVGH
PX\SRFRYDORUXQDQRFL³QTXHVHUHPRQWDDODVHQVH±DQ]DVGH'L³JHQHVGH6LQRSH
IXQGDGRU GH OD HVFXHOD FQLFD FRPR OR GHVFULEH 'L³JHQHV /DHUFLR 9LGDV GH ORV
ILO³VRIRVP¡VLOXVWUHV
'DLP´Q ͣͫͬ͠͞ HVSULWX GLYLQR GHQWUR GH ORV KXPDQRV QXHVWUR JHQLR LQGLYLGXDO
&ULVLSRGH6RORVDUJXPHQW³TXHWHQHUXQDYLGDIHOL]\IOXLGDHUDHOUHVXOWDGRGHߡWRGDV
ODVFRVDVVHKDFHQSRUHOFRQFHSWR\DUPRQDGHOJHQLRSURSLRGHFDGDXQRVHJºQOD
YROXQWDGGHOGLUHFWRUGHOXQLYHUVRߢ 9LGDVGHORVILO³VRIRVP¡VLOXVWUHV (SLFWHWR
QRVDVHJXUDTXHQRGHEHPRVSUHRFXSDUQRVSRUTXHQRHVWDPRVVRORVߡODGLYLQLGDGHVW¡
GHQWUR\YXHVWURGHPRQWDPEL©Qߢ 'LVHUWDFLRQHVQRHQODSUHVHQWHHGLFL³Q
'LDLUHVLV ͣͨ͠͞ͰͤͲͨͱ DQ¡OLVLVGLYLVL³QHQSDUWHV6HHPSOHDSDUDGLVWLQJXLUHQWUHORTXH
GHSHQGHGHQXHVWURDOEHGUR\ORTXHQR
'LNDLRVXQª ͣͨͩͨͮ͠Ͳͼͬͦ MXVWLFLD UHFWLWXG 'L³JHQHV /DHUFLR DVHJXUD TXH SDUD ORV
HVWRLFRVߡVHFRQIRUPDFRQODVOH\HV\FUHDODVVRFLHGDGHVߢ 9LGDVGHORVILO³VRIRVP¡V
LOXVWUHVQRHQODSUHVHQWHHGLFL³Q (VXQDGHODVFXDWURYLUWXGHVFDUGLQDOHV HV
GHFLU FRQWURO GH XQR PLVPR MXVWLFLD YDORU \ VDELGXUD /D SDODEUD VH HPSOHD
GLHFLVLHWHYHFHVHQ0DUFR$XUHOLRVLHPSUHHQHOHVSULWXTXHRIUHFH'L³JHQHV/DHUFLR
HQ GRQGH DSDUHFH FRQ RWUDV YLUWXGHV Y©DVH VREUH WRGR \ (Q
(SLFWHWRGLFHTXHGHEHPRVDVSLUDUDVHUFRPRORVߡMXVWRVߢ
(OHXWKHULD ͠͞ͰͤͧʹͤͪۯOLEHUWDG ߡ(O YXOJRߨ GLFH TXH ߝV³OR D ORV OLEUHV VH OHV KD GH
SHUPLWLU OD LQVWUXFFL³Qߞߢ SHUR HO HVWRLFR GLFH TXH ߡV³OR ORV LQVWUXLGRV VRQ OLEUHVߢ
'LVHUWDFLRQHV 7DPEL©QHQVXIRUPDDGMHWLYDDSDUHFHP¡VGHFLHQYHFHVHQ
ODV'LVHUWDFLRQHV0DUFR$XUHOLRHPSOHDHOVXVWDQWLYRFLQFRYHFHV Y©DVH
+HLPDUPHQª ͤ ͦͬͫ͜Ͱͫ͠܌GHVWLQR /RV HVWRLFRV HUDQ DPLJRV GH OD FXHVWL³Q GHO OLEUH
DOEHGUR \ HO GHWHUPLQLVPR WRGDV ODV FRVDV HVW¡Q GHFLGLGDV SHUR QXHVWUD UHVSXHVWD
GHSHQGHSRUFRPSOHWRGHQRVRWURV9©DVHSURQRLD
+RUPª ͫ͝ͰܜLPSXOVR SRVLWLYR R DSHWLWR SRU XQ REMHWR FRPR UHVXOWDGR GH RUH[LV \
QXHVWUR FRQVHQWLPLHQWR TXH QRV KDFH DFWXDU OR FRQWUDULR D DSKRUPª 6H SXHGH
UHIHULUDLPSXOVRVLUUDFLRQDOHVTXHQRVLQYLWDQDDFWXDURHOOLEUHDOEHGURSDUDDFWXDUR
HVIRU]DUVH FRQ XQ ILQ &LWDQGR D (SLFWHWR 0DUFR $XUHOLR DILUPD ߡ(Q OD SDUWH GH VX
OLEUR TXH WUDWD GH ORV LPSXOVRV ߝ&RQYLHQH SRQHU DWHQFL³Q HQ REUDU FRQ OD GHELGD
UHVHUYD>ͫͧ͜@ͱͨͲͤͰͭͤͯ͞͠ܨލSDUDPLUDUHOELHQSºEOLFR>ͩͮͨͬͬͨͩ͠͞@SDUDFRQVHJXLUOR
TXH UHVSRQGH DO P©ULWR GH FDGD FRVD >( ߢߞ@ͬͭ͠͞ڈV HO VHJXQGR QLYHO OD
FRKHUHQFLD TXH GD RULJHQ D QXHVWUDV DFFLRQHV Y©DVH WDEOD 8QD \ RWUD YH] 0DUFR
$XUHOLR YLQFXOD OD GLVFLSOLQD GH KRUPª FRQ ODV DFFLRQHV ºWLOHV DO ELHQ FRPºQ Y©DVH
WDPEL©Q \ORVUHFODPRVGHMXVWLFLD 6HLQFOX\HWUHLQWD\FXDWURYHFHVHQODV
'LVHUWDFLRQHVGH(SLFWHWRWUHVHQHO(QTXLULGL³Q\WUHLQWD\FLQFRHQ0DUFR$XUHOLR
6©QHFDUHFXUUHDOHTXLYDOHQWHHQODWQLPSHWXV\ORHPSOHDVHWHQWD\QXHYHYHFHVHQ
VXV FDUWDV Y©DVH(SVWRODV PRUDOHV HQ GRQGH DILUPD TXH ߡOD SURSLD YLUWXG VH
KDOOD XELFDGD HQ OD SDUWH P¡V QREOH GH QXHVWUR VHU HV GHFLU HQ OD UDFLRQDOߨ GH ©O
SURFHGHU¡HOLPSXOVRGHODYROXQWDG©OFRQIHULU¡FODULGDGDWRGDLGHDTXHPRWLYHGLFKR
LPSXOVRߢ
+XOª ͦͪܬPDWHULD PDWHULDO (V XQD UHIHUHQFLD FRPºQ HQ (SLFWHWR DSDUHFH P¡V GH
FXDUHQWDYHFHVHQJHQHUDOMXQWRFRQODVLJXLHQWHDQDORJDߡ$OLJXDOTXHODPDWHULDGHO
DUTXLWHFWRHVODPDGHUD\ODGHOHVFXOWRUHOEURQFHDVODSURSLDYLGDGHFDGDXQRHVOD
PDWHULDGHODUWHGHODYLGDߢ 'LVHUWDFLRQHV $VHYHUDTXHORH[WHULRUHVPDWHULD
SDUD HO DOEHGUR R SURKDLUHVLV DGHP¡V ߡ/D PDWHULD GHO KRPEUH EXHQR \
KRQUDGR HV VX SURSLR UHJHQWH KªJHPRQLNRQ ߢ (O W©UPLQR ILJXUD GLHFLQXHYH
YHFHV HQ 0DUFR $XUHOLR Y©DVH SULQFLSDOPHQWH HQ GRQGH DVHJXUD TXH ߡHO VHU
UDFLRQDOSXHGHKDFHUTXHWRGRREVW¡FXOROHVHDPDWHULDGHYLUWXG\YDOHUVHGHOPLVPR
VHJºQOHDFRPRGHߢ$YHFHVORDOWHUQDFRQRXVLD
.DORV ͩͪ͠ͻͱ KHUPRVR HQ HO VHQWLGR PRUDO QREOH YLUWXRVR (O W©UPLQR TXH 6©QHFD
XWLOL]DFRPRHTXLYDOHQWH\FRQIUHFXHQFLDHVKRQHVWXP
2LNHL´VLV ͮͤͩ͞܋Ͳͨͱ VREHUDQD GHO LQGLYLGXR DSURSLDFL³Q GH ODV QHFHVLGDGHV GHO
LQGLYLGXR R OD HVSHFLH +D\ XQD VROD LQVWDQFLD GH HVWH VXVWDQWLYR HQ (SLFWHWR
'LVHUWDFLRQHV TXH VH UHILHUH DO EHQHILFLR SURSLR DXQTXH ILJXUD HQ XQD
GLVFXVL³Q VREUH OR ߡEHQHILFLRVR SDUD HO FRPºQߢ 0DUFR $XUHOLR WDPEL©Q WLHQH XQD
DFHSFL³QTXHVHVLWºDH[SOFLWDPHQWHHQHORWURSRORGHODDSURSLDFL³QHVWRHVDOTXHVH
UHILHUH D ߡODV EXHQDV UHODFLRQHV FRQORV KRPEUHVߢ QXHVWUR DOEHGUR QRV SHUPLWH
YLYLUGHDFXHUGRFRQODQDWXUDOH]D\HIHFWXDUGLFKDDSURSLDFL³Q/DVIRUPDVYHUEDOHV\
DGMHWLYDOHVߡDSURSLDUߢ\VHUߡDGHFXDGRRDSURSLDGRߢVRQP¡VFRPXQHVHQDPERV
2UH[LV ͱͨͭͤͰܟGHVHRLQFOLQDFL³QSRUDOJR/RFRQWUDULRDHNNOLVLV(Q$ULVW³WHOHVHVWR
VH HQWHQGD FRPR ߡDSHWHQFLDߢ \ HUD DOJR TXH VH FRPSDUWD FRQ ORV DQLPDOHV \ VH
GLVWLQJXD GHO OLEUH DOEHGUR SURKDLUHVLV TXH LPSOLFDED WDQWR UDFLRQDOLGDG FRPR
LQWHQFL³Q(SLFWHWRGLFHVLTXHUHPRVVHUOLEUHVGHEHPRVߡDSDUWD>UQRV@GHORH[WHUQR\
FHQWUD>U@HOLQWHU©VHQHOSURSLRDOEHGURߢ 'LVHUWDFLRQHV 2UH[LV HNNOLVLV
VRQHOWHPDGHORVSULPHURVGHORVWUHVWRSRLRߡW³SLFRVHQORVTXHKD\TXHHMHUFLWDUVHߢ
TXHSURGXFHQFRKHUHQFLDORVRWURVGRVVRQKRUPªDSKRUPª\V\QNDWDWKHVLV
/D SDODEUD ILJXUDFLQFXHQWD \ VHLV YHFHV HQ ODV'LVHUWDFLRQHV \ VLHWH HQ (QTXLULGL³Q
$SDUHFHFLQFRYHFHVHQ0DUFR$XUHOLRORVߡSULQFLSLRV>GHEHQUHJXODU@ORVLQVWLQWRV\
ORV DFWRVߢ \ ߡVH ULJH V³OR SRU VX DUELWULRߢ (O YHUER ͢͜Ͱܛ RUHJ´ DVSLUDU
DQKHODU DSDUHFH FRQ IUHFXHQFLD \ HQ PXFKRV FDVRV FRLQFLGH FRQ ߡORJUDU HO UHVXOWDGR
TXHVHSUHWHQGDߢY©DVHKDPDUWDQ´\DSRW\QFKDQ´
2XVLD ͮ ͠͞ͲܧVXVWDQFLD R VHU D YHFHV VH XWLOL]D WDPEL©Q KXOª PDWHULD PDWHULDO
0DUFR $XUHOLR DVHYHUD ߡOD VXVWDQFLD FRPR XQ UR HVW¡ HQ FXUVR FRQVWDQWH ODV
HQHUJDVHQSHUSHWXDPXWDFL³QODVFDXVDVVXMHWDVDLQQXPHUDEOHVDOWHUDFLRQHVFDVLQR
KD\ FRVD HVWDEOHߢ OR FXDO VH UHPRQWD D +HU¡FOLWR 9LGDV GH ORV ILO³VRIRV P¡V
LOXVWUHV
3K\VLV ͵ͼͲͨͱ QDWXUDOH]D HO RUGHQ QDWXUDO GH ODV FRVDV HVSHFLHV R FODVH
FDUDFWHUVWLFD 7DQWR (SLFWHWR FRPR 0DUFR $XUHOLR DVHYHUDQ UHSHWLGDPHQWH TXH
GHEHPRV UHFXUULU D QXHVWUR SULQFLSLR UHJHQWH SDUD HVWDU HQ DUPRQD FRQ OD QDWXUDOH]D
'LVHUWDFLRQHV 0DUFR $XUHOLR 3DUD HO SHQVDPLHQWR HVWRLFR 'LRV \ OD
QDWXUDOH]DVRQXQRPLVPR
3URªJPHQD ͯͰͮͦͫͬ͢͜͠ FRVDV GHVHDGDV LQGLIHUHQWHV HQ XQ VHQWLGR PRUDO DEVROXWR
SHURFRVDVFRQXQYDORUSRVLWLYRUHODWLYR\QDWXUDOPHQWHGHVHDEOHVFRPRODVDOXG
/RFRQWUDULRDDSURªJPHQD
3V\FKª ͷʹͶ͝ HVWDGR PHQWDO DOPD YLGD SULQFLSLR GH YLGD $SDUHFH FXDUHQWD \ WUHV
YHFHV HQ ODV 'LVHUWDFLRQHV \ HO ODF³QLFR 0DUFR $XUHOLR OD HPSOHD VHVHQWD \ QXHYH
YHFHVHQVXV0HGLWDFLRQHV0DUFR$XUHOLRWLHQHXQDLPDJHQKHUPRVDGHODOPDUDFLRQDO
FRPR XQD HVIHUD HQ QR HQ OD SUHVHQWH HGLFL³Q (SLFWHWR OD FRQVLGHUD XQ
ߡEDUUH±RGHDJXDߢHQ(OW©UPLQRGH6©QHFDHVDQLPXVHODOPDUDFLRQDO/RV
HVWRLFRVHUDQPDWHULDOLVWDVDVTXHSDUDHOORVHODOPDWLHQHVXVWDQFLD
6\PSDWKHLD Ͳʹͫͯ͛ͧͤͨ͠ FRPSDVL³Q DILQLGDG HQWUH ODV SDUWHV GH XQ WRGR RUJ¡QLFR
LQWHUGHSHQGHQFLDPXWXD
7HFKQª ͳ͜Ͷͬͦ GHVWUH]D DUWH HQ HO VHQWLGR GH XQD SURIHVL³Q R YRFDFL³Q 0DUFR
$XUHOLRDVHYHUDTXHQXHVWUDWHFKQªHVߡVHUKRPEUHGHELHQߢ (SLFWHWRUHFXUUHD
ODVDQDORJDVGHGHVWUH]D\RILFLRFRQIUHFXHQFLDVREUHWRGRFXDQGROODPDODDWHQFL³Q
VREUHHOPDWHULDODGHFXDGRGHQXHVWUDODERUFRPRVHUHVKXPDQRV
$GHP¡V GH ORV WH[WRV GH OD VHULH /RHE &ODVVLFV ODV IXHQWHV GLJLWDOL]DGDV HQ
ZZZSHUVHXVWXIWVHGX\ODVRWUDVWUDGXFFLRQHVLPSUHVDVTXHVHPHQFLRQDURQSUHYLDPHQWH
KD\XQSX±DGRGHH[FHSFLRQDOHVREUDVUHFLHQWHVGHDFDG©PLFRVDFFHVLEOHV
+DGRW 3LHUUH /D FLXGDGHOD LQWHULRU 7UDGXFFL³Q GH 0DULD &XFXUHOOD 0LTXHO %DUFHORQD
$OSKD'HFD\
BBBB 4X© HV OD ILORVRID DQWLJXD" 7UDGXFFL³Q GH (OLDQH &D]HQDYH 7DSLH ,VRDUG
0DGULG)RQGRGH&XOWXUD(FRQ³PLFD(VSD±D
/RQJ $ $ (SLFWHWXV $ 6WRLF DQG 6RFUDWLF *XLGH WR /LIH 1XHYD <RUN 2[IRUG
8QLYHUVLW\3UHVV
BBBB*UHHN0RGHOVRI0LQGDQG6HOI&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
1XVVEDXP 0DUWKD /D WHUDSLD GHO GHVHR WHRUD \ SU¡FWLFD GH OD ©WLFD KHOHQVWLFD
7UDGXFFL³QGH0LJXHO&DQGHO%DUFHORQD3DLG³V
5REHUWVRQ'RQDOG7KH3KLORVRSK\RI&RJQLWLYH%HKDYLRXUDO7KHUDS\/RQGUHV.DUQDF
%RRNV
7UDGXFFLRQHVDOHVSD±RO
7(;72635,025',$/(6
'L³JHQHV/DHUFLR9LGDVGHORVILO³VRIRVP¡VLOXVWUHV7UDGXFFL³Q\SU³ORJRGH-RV©2UWL]\
6DQ]0©[LFR3RUUºD
(SLFWHWR'LVHUWDFLRQHVSRU$UULDQR7UDGXFFL³QLQWURGXFFL³Q\QRWDVGH3DORPD2UWL]
*DUFD0DGULG*UHGRV
BBBB(QTXLULGL³Q7UDGXFFL³QGH$JXVWQ/³SH]\0DUD7DEX\R3DOPDGH0DOORUFD
%DUFHORQD-RV©-GH2OD±HWD
0DUFR $XUHOLR 0HGLWDFLRQHV 7UDGXFFL³Q GH 0LJXHO 'RO§ 3DOPD GH 0DOORUFD
%DUFHORQD-RV©-GH2OD±HWD
0XVRQLR5XIR'LVHUWDFLRQHV)UDJPHQWRVPHQRUHV,QWURGXFFLRQHVWUDGXFFL³Q\QRWDV
GH3DORPD2UWL]*DUFD0DGULG*UHGRV
3OXWDUFR9LGDVSDUDOHODV,97UDGXFFL³QGH$QWRQLR5DQ]5RPDQLOORV3DUV/LEUHUDGH
$0©]LQ
BBBB9LGDVSDUDOHODV9,,,)RFL³Q&DW³QHO-RYHQ&LFHU³Q$JLV&OH³PHQHV7LEHULR
*D\R*UDFR,QWURGXFFLRQHVWUDGXFFL³Q\QRWDVGH&DUORV$OFDOGH0DUWQ\0DUWD
*RQ]¡OH]*RQ]¡OH]0DGULG*UHGRV
BBBB 2EUDV PRUDOHV \ GH FRVWXPEUHV 0RUDOLD ;, 7UDWDGRV SODW³QLFRV 7UDWDGRV
DQWLHVWRLFRV ,QWURGXFFLRQHV WUDGXFFL³Q \ QRWDV GH 0DUD QJHOHV 'XU¡Q /³SH] \
5DºO&DEDOOHUR6¡QFKH]0DGULG*UHGRV
6©QHFD &RQVRODFLRQHV 'L¡ORJRV $SRFRORFLQWRVLV (SVWRODV PRUDOHV D /XFLOLR
7UDGXFFL³Q \ HVWXGLR LQWURGXFWRULR GH -XDQ 0DQXHO 'D] 7RUUHV 0DGULG *UHGRV
BBBB 'L¡ORJRV 6REUH OD SURYLGHQFLD 6REUH OD LUD 6REUH OD YLGD IHOL] 6REUH HO RFLR
6REUH OD WUDQTXLOLGDG GHO HVSULWX 6REUH OD EUHYHGDG GH OD YLGD ,QWURGXFFLRQHV
WUDGXFFL³Q\QRWDVGH-XDQ0DULQ©,VLGUR0DGULG*UHGRV
BBBB(SVWRODVPRUDOHVD/XFLOLR9ROºPHQHV, ,,7UDGXFFL³Q\QRWDVGH,VPDHO5RFD
0HOD0DGULG*UHGRV
BBBB 7UDJHGLDV 9ROXPHQ +©UFXOHV ORFR /DV WUR\DQDV /DV IHQLFLDV 0HGHD
,QWURGXFFLRQHVWUDGXFFL³Q\QRWDVGH-HVºV/XTXH0RUHQR0DGULG*UHGRV
BBBB 7UDJHGLDV 9ROXPHQ )HGUD (GLSR $JDPHQ³Q 7LHVWHV +©UFXOHV HQ HO (WD
2FWDYLD ,QWURGXFFLRQHV WUDGXFFL³Q \ QRWDV GH -HVºV /XTXH 0RUHQR 0DGULG
*UHGRV
7(;7266(&81'$5,26
ZZZGDLO\VWRLFFRP
#5\DQ+ROLGD\
7WXORRULJLQDO7+('$,/<672,&0HGLWDWLRQVRQ:LVGRP3HUVHYHUDQFHDQGWKH$UWRI/LYLQJ
j5\DQ+ROLGD\\6WHSKHQ+DQVHOPDQ
3XEOLFDGRVHJºQDFXHUGRFRQ3RUWIROLRXQVHOORGH3HQJXLQ3XEOLVKLQJ*URXSXQDGLYLVL³QGH
3HQJXLQ5DQGRP+RXVH//&
7UDGXFFL³Q$ULGHOD7UHMR
'LVH±RGHSRUWDGD&ULVW³EDO+HQHVWURVD
)RWRJUDIDGH5\DQ+ROLGD\$QQ-RKDQVVRQ
)RWRJUDIDGH6WHSKHQ+DQVHOPDQ-XOLD6HUHEULQVN\
'5j(GLWRULDO2F©DQRGH0©[LFR6$GH&9
(XJHQLR6XH&RO3RODQFR&KDSXOWHSHF
&30LJXHO+LGDOJR&LXGDGGH0©[LFR
LQIR#RFHDQRFRPP[
ZZZRFHDQRP[
3ULPHUDHGLFL³QHQOLEURHOHFWU³QLFRRFWXEUH
H,6%1
1LQJXQDSDUWHGHHVWDSXEOLFDFL³QLQFOXLGRHOGLVH±RGHODFXELHUWDSXHGHVHUUHSURGXFLGD
DOPDFHQDGDRWUDVPLWLGDHQPDQHUDDOJXQDQLSRUQLQJºQPHGLR\DVHDHOHFWU³QLFRTXPLFR
PHF¡QLFR³SWLFRGHJUDEDFL³QRGHIRWRFRSLDVLQSHUPLVRSUHYLR\SRUHVFULWRGHOHGLWRU
/LEURFRQYHUWLGRDH3XESRU
0XWÁUH3URFHVRV(GLWRULDOHV\GH&RPXQLFDFL³Q
QGLFH
3RUWDGD
3¡JLQDGHWWXOR
,QWURGXFFL³Q
35,0(5$3$57(/$',6&,3/,1$'(/$3(5&(3&,1
(QHURFODULGDG
)HEUHURSDVLRQHV\HPRFLRQHV
0DU]RFRQFLHQFLD
$EULOSHQVDPLHQWRLPSDUFLDO
6(*81'$3$57(/$',6&,3/,1$'(/$$&&,1
0D\RDFFLRQHVFRQFUHWDV
-XQLRUHVROXFL³QGHSUREOHPDV
-XOLRGHEHU
$JRVWRSUDJPDWLVPR
7(5&(5$3$57(/$',6&,3/,1$'(/$92/817$'
6HSWLHPEUHIRUWDOH]D\UHVLOLHQFLD
2FWXEUHYLUWXG\ERQGDG
1RYLHPEUHDFHSWDFL³QDPRUIDWL
'LFLHPEUHPHGLWDFL³QVREUHODPRUWDOLGDG
&³PRVHJXLUVLHQGRHVWRLFR
8QPRGHORGHODSU¡FWLFDHVWRLFDWDUGD\JORVDULRGHW©UPLQRV\SDVDMHVFODYH
/HFWXUDVVXJHULGDV
7UDGXFFLRQHVDOHVSD±RO
'DWRVGHORVDXWRUHV
3¡JLQDGHFU©GLWRV
QGLFH
3RUWDGD
3¡JLQDGHWWXOR
,QWURGXFFL³Q
3ULPHUDSDUWH/DGLVFLSOLQDGHODSHUFHSFL³Q
(QHURFODULGDG
)HEUHURSDVLRQHV\HPRFLRQHV
0DU]RFRQFLHQFLD
$EULOSHQVDPLHQWRLPSDUFLDO
6HJXQGDSDUWH/DGLVFLSOLQDGHODDFFL³Q
0D\RDFFLRQHVFRQFUHWDV
-XQLRUHVROXFL³QGHSUREOHPDV
-XOLRGHEHU
$JRVWRSUDJPDWLVPR
7HUFHUDSDUWH/DGLVFLSOLQDGHODYROXQWDG
6HSWLHPEUHIRUWDOH]D\UHVLOLHQFLD
2FWXEUHYLUWXG\ERQGDG
1RYLHPEUHDFHSWDFL³QDPRUIDWL
'LFLHPEUHPHGLWDFL³QVREUHODPRUWDOLGDG
&³PRVHJXLUVLHQGRHVWRLFR
8QPRGHORGHODSU¡FWLFDHVWRLFDWDUGD\JORVDULRGHW©UPLQRV\SDVDMHV
FODYH
/HFWXUDVVXJHULGDV
7UDGXFFLRQHVDOHVSD±RO
'DWRVGHORVDXWRUHV
3¡JLQDGHFU©GLWRV