Académique Documents
Professionnel Documents
Culture Documents
3UyORJR SRU
- RUJH %DVDGUH
/ LPD
( 6 7 8'ā,26
62%5(
/ &0/呸
LLOOO +(17 $ '( (/ 1$ &,21$ / 0(/ &+2O8~$ / 2
+ -!( '+2 / ,5 $
(O &HQWUR 3HUXDQR GH +LVWRULD (FRQyPLFD DJUDGHFH
OD FRODERUDFLyQ GHO SURIHVRU (PLOLR &KR\ FX\R GRQDWL
YR KD KHFKR SRVLEOH HVWH YROXPHQ GH OD %LEOLRWHFD 3H
UXDQD GH +LVWRULD (FRQRPLFD
3DEOR 0DFHUD
'LUHFWRU
*UDQGHV HORJLRV PHUHFH 3DEOR 0DFHUDā SRU VX LQLFLDWLYD SDUD
UHHGLWDU REUDV ROYLGDGDV R HVFDVDV VREUH OD KLVWRULD HFRQyPLFD 呸
UXDQD 5HVXOWD SDUDGRMDO HVWH HPSHxR WHQD] \D TXH VH āLUDWD GH
TXLHQ QR HV KRPEUH DFDXGDODGR \ GH TXLHQ QR VH FRELMD GHWUiV
GHO IiFLO SDUDSHWR GH DOJXQD HQWLGDG DFDGpPLFD +DFHSRFR WLH-
SR GLYXOJy XQ WUDEDMR TXH PXFKRV HUXGLWRV GHVFRQRFtDQ HO HQ6
\R SUHFLVDPHQWH VREUH OD KLVWRULD HFRQyPLFD QDFLRQDO HQ FRQMXQ
WR SXEOLFDGR SRU /XLV (VWHYHV HQ /LPD HQ EDMR ODRFXSDFLyQ
FKLOHQD $KRUD H[KXPD ORV DUWtFXORV GH -XDQ &RSHOOR \ /XLV 3H
WULFRQLBTXH DSDUHFLHURQ HQ HO GLDULR ( O 1DFLRQDO HQ 0DU]R GH
\ IXHURQ UHXQLGRV HQ XQ RS~VFXOR GH SiJLQDV
%XHQD FDQWLGDG GH RWURV PDWHULDOHV PX\ LQWHUHVDQWHV DEDUFD
VX SODQ GH WUDEDMR 0H VLHQWR VXPDPHQWH KRQUDGR FRQ ODSURSXHJ
WD TXH PH KDFH SDUD TXH HVFULED XQDV FXDQWDV SDODEUDV HQWRPR
D GLFKRV DUWtFXORV PXFKR PiV SRU FLHUWR TXH VLFRODERUDVHFRQ
FXDOTXLHU RUJDQLVPR RILFLDO 0DFHUD HVWi KDFLHQGR XQQXHYR SOD呸
WHDPLHQWR GH QXHVWUD KLVWRULD
OD FiWHGUD GH =RRQLPLD HQ OD )DFXOWDG GH 0HGLFLQD SHUR HOOD IXQ
FLRQy VROR HQ FRPR FiWHGUD OLEUH \ WXYR FRUWD GXUDFLyQ 2WUD
WHQWDWLYD DQiORJD UHDOL]y HQ SDUD HVWDEOHFHU OD DVLJQDWXUD GH
+LVWRULD &UtWLFD GH OD 0HGLFLQD LJXDOPHQWH HItPHUD
'L D FRQRFHU XQ SULPHU YROXPHQ GH 1XHYD =RRQLPLD / LPD
XQ SURJUDPD GH GLFKD PDWHULD XQD PHPRULD VREUH SURIL
OD[LV GH OD WLVLV WXEHUFXORVD / LPD XQRV HVWXGLRV VREUH OD
ILHEUH DPDULOOD / LPD XQD REUD VREUH OD QXHYD FiWHGUD GH
)LORVRItD 0pGLFD H +LVWRULD &UtWLFDāGH OD 0HGLFLQD / LPD
XQ GLVFXUVR DFDGpPLFR VREUH OD ILORVRItD YLVWD HQ UHODFLyQ FRQ ODV
FLHQFLDV \ ODV DUWHV HQ SOHQD JXHUUD FRQ &KLOH / LPD \ GL
YHUVRV WUDEDMRV HQ SXEOLFDFLRQHV GH OD 8QLYHUVLGDG GH 0LOiQ \ HQ
*DFHWD 0pGLF D HQ / LPD 3RGUtD FRQVLGHUi UVHOH DMHQR DOSHQVDPLHQ
WR TXH LQVSLUy VX HVWXGLR FRQ 3HWUtFRQL SHUR WHQtD D PXFKD KRQUUD
VHU VRFLR FRUUHVSRQVDO GH OD VRFLHGDG HFRQyPLFD GH &KLDYDUL
(V XQD OiVWLPD TXH GHVSXpV GH VH GHGLFDUD D HVFULELU VREUH
RWURV WHPDV SRU OR GHPiV FRQH[RV FRQ VX SURIHVLyQ \ QR FRQ ORV
TXH HVWXGLy DO ODGR GH 3HWULFRQL
9 pDVH OD HORJLRVD UHIHUHQFLD D HVD VRFLHGDG HQ ODV SS \
GH (VWXGLRV /D ELRJUDItD \ OD ELEOLRJUDItD GH &RSHOOR
HQ HO GLFFLRQDULR GH 0HGLFLQD 3HUXDQD SRU +HUPLOLR < DOGL]iQ
WRPR ,, /LPD 7DOOHUHV *UiILFRV GHO +RVSLWDO 9 tFWRU ODUFD +H
Pā 0JGDOHQD SS
LQIRUPH GH OD &RPLVLyQ HQFDUJDGD GHOHVWXGLR \ DGRSFLyQ GH XQ
SODQ JR££UDO / Lā£
XHVWRV S~EOLFRV /LPD /D FRPLVLyQ )H
OLSH 3DUGR 0LJXHO 6DQ 5RPiQ 1LFROiV 5RGULJR -RVp )DELR W?OFO
JDU 0DQXHO )HUUF\URV \ ) %DUUHGD ,PSUHQWD GH (O&RPHUFLR
LLL
GH 2VRUHV FRLQFLGLy FRQ HOORV HQ HO GLDJQyVWLFR GHOD JUDYH
VLWXDFLyQ SHUXDQD FX\R RUtJHQ HVWDEDVHJ~Q VXV SDODEUDV HQ OD IDOWD
GH RUGHQ \ HFRQRPtD HQ HO PDQHMR GH ORV FDXGDOHV S~EOLFRV \QX呸
WUD LPSUHYLVLyQ SDUD DGTXLULU FRPSURPLVRV GLItFLOHV GH FXPSOLU \
SDUD FUHDUQRV QHFHVLGDGHV LQGHELGDV \ RQHURVDV HQ OD DFWXDOLGDG
3HUR HO H[GLUHFWRU GH 5HQWDV HQ HO 0LQLVWHULRGH +DFLHQGD QR
DOXGLy SDUD QDGD D ORV (VWXGLRV VREUH OD ,QGHSHQGHQFLD HFRQyPL
FD GHO 3HU~ TXH DFDEDEDQ GH VHU FRQRFLGRV QL VH RFXSy GH ODV VR
OXFtRQHV DOOt SURSXHVWDV PiV DJXGDV TXH ODV GH pO
, 9
1R YDOH OD SHQD KDFHU DTXt XQ UHVXPHQ PLQXFLRVR GH pVWH R
S~VFXORSXHV HO OHFWRU OR YHUi HQ VHJXLGD %DVWD GHFLU TXH VH LQV
SLUD ā HQ XQDV SDODEUDV VLELOLQDV GH 3UDGLHU )RGHUp / D FDXVD SULQFL
SDO GH OD WULVWtVLPD VLWXDFLyQ HFRQyPLFD HQ TXH KR\ VH KDOOD HO
SDtV HV OD GHVSURSRUFLyQ HQ TXHHVWiQ OD SURGXFFLyQ GH OR TXH HO
3HU~ SURGXFH \ GH OR TXH FRQVXPH R UHFLEH GHO FRPHUFLR H[WUDQ
MHUR GH LPSRUWDFLyQ 6ROR HO WUDEDMR SRGUi UHPHGLDU ORV PDOHV GH
HVWD FULVLV HFRQyPLFD \ FRPHUFLDO HO WUDEDMR TXH UHVWDEOHFLHQGR
HVWH SUHFLRVR HTXLOLEULR SURGXFLUi HVWH LPSRUWDQWH \ IHOL] UHVXOWD
GR OD LQGHSHQGHQFLD HFRQyPLFD GHO 3HU~ WDQ KHUPRVD \ GLItFLO
FRPRā VX LQGHSHQGHQFLD SROtWLFD
&RSHOOR \ 3HWULFRQL FRPR RWURV DXWRUHV O~FLGRV HQ XQD pSRFD
GH DWXUGLPLHQWR KDFHQ XQD FUtWLFD SUHFLVD GH ODV SDQDFHDV IDODFHV
TXH LPSHUDURQ HQWRQFHV R LQPHGLDWDPHQWH DQWHV HQ HO 3HU~ $ Q呸
GD VLUYHQ ORV IHUURFDUULOHV DILUPDQ HQIUHQWiQGRVH D (QULTXH 0HLJJV
\ D TXLHQHV OR VLUYLHURQ R DGXODURQ VL QR KD\ SURGXFWRV TXH WUDQV
SRUWDU $JUHJDQ OXHJR FRQWUD OD RQHURVD SROtWLFD VHJXLGD GXUDQWH
OD DGPLQLVWUDFLyQ GH %DOWD D QDGD VLUYHQ ORV HPSUpVWLWRV VLQR D
SURGXFLU HO SDQ GH KR\ \ HO KDPEUH GH PDxDQD \ VROR KDQ HUYLL
GR SDUD GDUQRV SURVSHULGDG ILFWLFLD \ DJRWDU QXHVWUR FUpGLWR \QXHV
WURV UHFXUVRV ILVFDOHV < SURVLJXHQ $ QDGD VLUYHQ JUDQGHV \ ELHQ
FRORFDGRV WHUUHQRV VL OHV IDOWD OD LUULJDFLyQ GH TXH VRQ VXVFHSWLEOHV
&RQIHUHQFLDV VREUH PDWHULDV HFRQyPLFDV GDGDV HQ HO &OXE /LWH
UDULR SRU - RVp 0DQXHO 2VRUHV ,PSUHQWD /LEHUDO GH (O &RUUHR
GHO 3HU~ /LPD S
9
D QDGD VLUYHQ ORV JUDQGHV \ IpUWLOHV WHUUHQRV GH OD &RVWD \ 6LHUUD VL
QR KD\ EUD]RV TXH ORV FXOWLYHQ D QDGD VLUYHQ ODV JUDQGHV ā KD
FLHQGDV VL GHVWUX\HQGR OD SHTXHxD DJULFXOWXUD KDQ GHVWUXLGR OD SH
TXHxD SURSLHGDG OD SREODFLyQ OLEUH H LQGtJHQD D QDGDVLUYHQ ORV
JUDQGHV SURGXFWRV GHO D]~FDU GHO DOJRGyQ GHO DJXDUGLHQWH \ TXH
PDQGDQ D ORV PHUFDGRV H[WUDQMHURV VL FRQ HOORV QR SRGHPRV SDJDU
HO FRPHUFLR GH LPSRUWDFLyQ D QDGD VLUYHQ ORV EDQFRV R HVWDEOH
FLPLHQWRV GH FUpGLWR VL QR JDUDQWL]DQ ORV YDORUHV TXH HPLWHQ \ VL
UHSUHVHQWDQ YDORUHV ILFWLFLRV R LPDJLQDULRV D QDGD VLUYH HO H[DJHUDU
HO VLVWHPD GH FRQWULEXFLRQHV GLUHFWDV R LQGLUHFWDV SDUD FUHDU FLHUWR
HTXLOLEULR VL WRGDV ODV FODVHV GHO SXHEOR TXH GHEHQ SDJDUODV VRQ SR
EUHV \ RSULPLGDV SRU OD IDOWD GH YLGD HFRQyPLFD HQ WRGDV ODV IRU
PDV GH OD LQGXVWULD \ SRU OR FDUR GH ODV VXEVLVWHQFLDV FUHDGR SRU
QXHVWUDV LPSUXGHQFLDV
1R HV QRYHGRVR VX DQDWHPD D OD ULTXH]D ILFWLFLD GHOJXDQR FR
PR FDXVD GH TXH HO 3HU~ GHVGH VLJXLHUD HO FDPLQR GHO DWUDVR
HQ OD SURGXFFLyQ GH OD LQGXVWULD QDFLRQDO PLHQWUDV
DX呸HQWDED HQRU
PHPHQWH HO FRQVXPR \ OD QHFHVLGDG GH OD LQGXVWULD H[WUDQMHUD3HUR
VtFDUHFH GH DQWHFHGHQWHV SRU OR PHQRV HQ OR TXH WLHQH GH SHUHQ
WRULD \ HQIiWLFD D OD YH] TXH UD]RQDGD VX WHVLV FHUFDQD D DOJXQDV
LGHDV KR\ YLJHQWHV GH TXH SDUD VDOYDUVH HO 3HU~ QHFHVLWD LQGXVWULD
OL]DUVH RUJDQL]DU HO WUDEDMR FUHDU R DXPHQWDU OD SURGXFFLyQ GH
WtFXORV TXH QHFHVLWD SDUD YLYLU \ SDUD VX SURSLR PHUFDGR (Q DUPR
QtD FRQ HVDV LGHDV SLGHQ OD FUHDFLyQ GH XQ 0LQLVWHULR GH )RPHQWR
QR FRPR RUJDQLVPR EXURFUiWLFR VLQR SDUD HO HVWtPXOR VLVWHPiWLFRGH
GLFKD SURGXFFLyQ FRQ HO DVHVRUDPLHQWR GH ORV FRQVHMRV HVSHFLDOL]D
GRV TXH VHDQ ~WLOHV HO IXQFLRQDPLHQWR GH XQD 6RFLHGDG (FRQyPLFD
FRQ VX UHVSHFWLYR SHULyGLFR PHMRUDV HQ ODV HVWDGtVWLFDV HVFXHODV D
SURStDGDV DO QLYHO GHO QXHYR UXPER SRU HOORV YLVOXPEUDGR£OH\HV TXH
DPSDUHQ ODV LQGXVWULDV FRQ UXSWXUD GH ORV FOiVLFRV SUHFHSWRV GHO OL
EUH FRPHUFLR SHUR GHIHQVRUDV VyOR GH ODV LQGXVWULDV ~WLOHV \ QR GH
WRGDV QL GH ODV PHUDPHQWH FXULRVDV (QXPHUDQ HQ GHWDOOH FXiOHV
SXHGHQ VHU HVDV HPSUHVDV VDOYDGRUDV GH OD DJULFXOWXUD OD PLQHUtD \
ODV PDQXIDFWXUDV 1R TXLHUHQ HO DXPHQWR GH ODV H[SRUWDFLRQHV SXHV
OHV SUHRFXSDQ IXQGDPHQWDOPHQWH OD SURGXFFLyQ \ HO FRQVXPR LQWHU
QR ,QVLVWHQ WDPELpQ HQ OD XUJHQFLD GH GLVPLQXLU HO FRPHUFLR GH
9
'H PiV HVWD GHFLW TXH ORV FRQVHMRV GH &RSHOOR \ 3HWULFRQL QR
IXHURQ HVFXFKDGRV &LHUWR HV TXH VXUJLHURQ ORV HQUHGDGRV SUREOHPDV
DOUHGHGRU GHO JXDQR GHVSXpV GHO FRQWUDWR 3UDGR5DSKDHO \ WDPELpQ
OD QDFLRQDOL]DFLyQ GHO VDOLWUH TXH HO UpJLPHQ GH 3UDGR DFWLYy GHV
SXpV GH KDEHU TXHGDGR SDUDOL]DGD R VHPLSDUDOL]DGD HQ ORV ~OWLPRV
WLHPSRV GH 0DQXHO 3DUGR FRQ OD HQRUPH GLIXVLyQ GHELOOHWHV EDQ
FDULRV SRFR GHVSXpV FRQYHUWLGRV HQ ELOOHWHV ILVFDOHV \ OD FULVLV HQ ORV
EDQFRV PLVPRV 3RU RWUD SDUWH HQ DTXHO PRPHQWR FUHSXVFXODU GH
WRGD XQD pSRFD YtVSHUD GH OD WUHPHQGD FRQPRFLyQ TXH IXH OD JXH
UUD FRQ &KLOH OD FDUUHUD SDUD LQGXVWULDOL]DU DO 3HU~ WDQ UiSLGD \ UB
GLFDOPHQWH FRPR ORV GRV DXWRUHV LWDOLDQRV TXHUtDQ WURSH]DED FRQ OL
YHUVRV REVWiFXORV LQPHGLDWRV (Q SULPHU OXJDU HO PHUFDGR LQWHUQR
WHQtD TXH VHU PX\ UHGXFLGR SRU OD H[LVWHQFLD GH XQD QXPHURVD SR
EODFLyQ LQGtJHQD DMHQD D OD HFRQRPtD PRGHUQD R VHD GH XQ KLQ
WHUODQG PDUJLQDO 9 DULDV GH ODV LQLFLDWLYDV TXH ORV SXEOLFLVWDV GH
(O 1DFLRQDO SODQWHDURQ VREUH WRGR HQ UHODFLyQ FRQ OD PLQHUtD \
OD DJULFXOWXUD KXELHUDQ QHFHVLWDGR QR VyOR VX FUHDFLyQ PLVPD VLQR
DGHFXDGDV YtDV GH FRPXQLFDFLyQ \ HO 3HU~ D SHVDU GH ORV JUDQGHV
IHUURFDUULOHV TXH DFDEDED GH WUD]DU FRQ WDQWRV VDFULILFLRV VHJXtD VLHB
9,
$ SHVDU GH WRGRV ORV IDFWRUHV TXH DFDEDQ GH VHU PHQFLRQDGRV
HV FLHUWR TXH VH LQLFLy OR TXH KDEUtD TXH OODPDU XQ PtFUR,QGXVWUtJ
OLVPR R LQGXVWULDOLVPR HQDQR HQ ORV DxRV TXH DQWHFHGLHURQ D
)UDFDVy OD IiEULFD GH SDSHO LQLFLDGD SRU 0DQXHO $ PXQiWHJXL HGLWRU
GH (O &RPHUFLR OD GH WHMLGRV GH DOJRGyQ GH &DJLJDR \ &DVDQRYD
pVWD HQ \ OR PLVPR RFXUULy FRQ OD GH VHGD 3HUR XQDQXHYD
pSRFD VH LQLFLy SDUD ORVWHMLGRV FXDQGR ORV WRPy D VX FDUJR &DUORV
/ySH] $OGDQD \ WUDVODGy HVD IiEULFD D 9 tWDUWH HQ /XLV (VWHYHV
H[SUHVy TXH HVWH VHxRU VROR KDEtD KHFKR XQD UHYROXFLyQ HFRQyPLFD
&DEH PHQFLRQDU DGHPiV HQWUH RWUDV OD IiEULFD GH JDOOHWDV \FKR
FRODWHV GH $ UWXUR )LHOG LQLFLDGD DOOD SRU HO DxR OD GH FLJD
UURV GH $QWRQLR 3RXFKDQ TXH OOHJy D WHQHU VX SURSLD LPSUHQWDOD GH
PRVDLFRV GH 3HGUR 5RVVHOOy OD IXQGLFLyQ GHO $ JXLOD HQ&KX
FXLWR OD PDUPROHUtD GH /XGRYLFR ,VROD OD GH PDQWHFD GH $SDUL
FLR +HUPDQRV OD GH D YDSRU SDUD HODERUDU FKRFRODWHV FX\RV SURSL呸
WDULRV HUDQ 9 LJQROR \ &RPSDxtD VXMHWD D LQWHQVD FRPSHWHQFLD SRU
OD GH (O 7LJUH GH 5DYHWWtQR HO ODERUDWRULR GH SURGXFWRV IDUUQD
FHXWLFRV / HRQDUG OD P~OWLSOH H[SDQVLyQ GH ODV ILGHOHUtDV ODV YHODV
HVWHDULQDV GH 3UXJXH HVSHFLDOPHQWH DODEDGDV SRU &RSHOOR \3HWUtFR
QL +DVWD KXER GHVGH XQD IiEULFD GH SLDQRV OD GH /XLV)UHXQG
SULPHUD HQ /LPD \ HQ $PpULFD GHO 6XU 2WURV HMHPSORV SXHGHQ VHU
DGHPiV LQFOXLGRV &DVR HVSHFLDO IXH HO GH ODV IiEULFDV GH FHUYH]D
Yttt ā
D ODV WUHV GHO &DOODR \ D OD GH /LPD OD $OHPDQD GH *XVWDYR 6SULQFN
PROOHV OD ,QWHUQDFLRQDO GH 6FKPLGW \ &tD \ OD 1DFtRQD GH $. LHIIHU
VHā DJUHJy HQ OD TXH HVWDKOHFLHURQ ORV QRUWHDPHULFDQRV -DFRER%DF
NXV \ - +RZDUG - KRQVWRQ
1R YR\ D UHSHWLU DTXt OR TXH HQ RWUR OXJDU KH H[SUHVDGR DFHUFD GH
ORV FRPLHQ]RV GHO DVRFLDFLRQLVPR REUHUR %DVWD UHFRUGDU OD SXEOLFDFLyQ
GH (O $UWHVDQR GHVGH O SDUD OOHJDU FRQ LQWHUUXSFLRQHV KDVWD
\ GH (O 2EUHUR GHVGH KDVWD DVt FRPR HO IXQFLRQDPLHQWR GH
HQWLGDGHV WDOHV FRPR OD 6RFLHGDG 7LSRJUiILFD GH $X[LOLRV 0XWXRV WDQ
DQWLJXD \ WDQ SRGHURVD ODV GLVWLQWDV 6RFLHGDGHV GH $UWHVDQRV \ OD 8
QLyQ 8QLYHUVDO GH $UWHVDQRV HQ RUJDQL]DGD SRU 0DQXHO 7)LJXHURD
QXHVWUR BSULQFLSDO GH ORV WDOOHUHV GH OD (VFXHOD GH $UWHV \ 2ILFLRV LQYH
WRU GH XQDFKDSD SDUD FDMDV GH ILHUUR TXH REWXYR XQD SDWHQWH HQ (VWD
GRV 8QLGRVā ¢ 6HUtD WRWDOPHQWH PHQWLURVR $QGUpV $YHOLQR $UDPEXU~ HQ
HQ HO TXLQWR GH VXV FRQWURYHUWLGRV HGLWRULDOHV GH / D 2SLQLyQ 1D
FLRQDO TXH SXEOLFy GHVSXpV GHO DVHVLQDWR GH 0DQXHO 3DUGR" DOOt HVFUL
ELy / DV GHVJUDFLDV PLVPDV TXH HQ HO RUGHQ ILQDQFLHUR KD VREUHYHQLGR
DO SDtV \ TXH IXHURQ FRURODULR GH IDWDO GH GHUURFKHV DQWHULRUHV QR KDQ
WHQLGR FRQWUD HO SXHEOR XQ HIHFWR WDQ IXQHVWR FRPR HO TXH VH OH KD KB
FKR FRQFHELU 6L HV FLHUWR TXH KR\ UHFLEH VX VDODULR HQ ELOOHWHV GHVSHH
FLDGRV VXV SULQFLSDOHV FRQVXPRV FDVL QR KDQ HQFDUHFLGR \ DGHPiV GHO
DXPHQWR GH ORV MRUQDOHV VH KDQ FUHDGR D OD VRPEUD GHO SDSHO PRQH
GD PXOWLWXG GH QXHYDV LQGXVWULDV R VH KDQ H[WHQGLGR RWUDV GDQGR WRGDV
RFXSDFLyQ VHJXUD \ UHPXQHUDGRUD D XQ PD\RU Q~PHUR GH EUD]RV/ DV Ii
EULFDV D]XFDUHUDV ODV GH FLJDUURV GH MDEyQ GH WHMLGRV GH DFHLWH GH
FULVWDOHV HWF \ ORV WDOOHUHV GH GLVWLQWDV FODVHV TXH VH KDQ HVWDEOHFLGR
R TXH VH KDQ DPSOLDGR FRQ HO JUDYDPHQ GHO DUWHIDFWR H[WUDQMHUR WRGR
HVWR KD FDPELDGR OD SRVLFLyQ SUHFDULD GH QXHVWURV REUHURV GiQGROHV OD
ERU SHUPDQHQWH GHQWUR GH VXV FRQRFLPLHQWRV SURIHVLRQDOHV 'HO HMpUFLWR
QR SRGHPRV GHFLU RWUR WDQWR SRUTXH HQ YHUGDG pO FRPR WRGRV ORV SHB
VLRQLVWDV KD VRSRUWDGR HO SHVR GH OD FULVLV
- RUJH %DVDGUH
(O DVHVLQDWR GH 0DQXHO 3DUGR 3UHVLGHQWH GHO 6HQDGR GH 1R
YLHPEUH GH / LPD ,PSUHQWD GHO (VWDGR SRU - (QULTXH GHO
&DPSR SS 5HFXpUGHVH TXH SUHFLVDPHQWH - (QULTXH
GHO &DPSR IXH XQR GH ORV JUDQGHV GLULJHQWHV GHO DVRFLDFLRQLVPR
EUHUR 0XULR HQ OD EDWDOOD GH 0LUDIORUHV HQ (QHUR GH
$/ %(1(92/ 2 /(&72O
/$,1'OL3(1'(12,$(&2120,&$22/ 3(58
&$3,78/ 2 /
,17%2'8&&,21
WL
,
呸V
PHQWHV GH HOOD KHPRVYLVWR i OR TXH KDVHUYLGR \ i OR TXH SXHGR
VHUYLUHOJXDQR HO VDOLWUH ORVIHUURFDUULOHV ORVā EDQFRV ODLQPL
JUDFLRQODV JUDQGHVKDFLHQGDV\ HPSUHVDV \ HVWDPRVYLHQGR TXH
DSHVDUGH WDQWRV YDSRUHV \ WHOpJUDIRV \ PRYLPLHQWR FRPHUFLDO
LQPHQVR XQPDOHVWDU呸FYX SURIXQGR LQHVSOLFDEOHQRV GHYRUD
QRVGHVFRQFLHUWD QRVGHVDQLPD \ QRV DPHQD]R OHXQ SRUYHQLU
WRGDYtDPDVWULVWH \TXHHVWDVLWXDHLRQQLQJXQDUHYXHOWDQRKD
ULDPDV TXH DJUDYDUOD\HPSHRUDUOD SRUTXHHOOD QR YLHQH\DGH
OD QDWXUDOHDDGHORVKRPEUHV VLQR GH ODVFRVDV QR GHULYDGH ORV
KRPEUHVGHO SUHVHQWH VLQRGHORV KRPEUHV G¼ SDVDGR HV GHFLUGH
WRGR ORKHFKR HQHVWRV ~OWLPRVā 0LRV \ GHOyV HUURUHV HFRQy
PLFRV TXHKDQIRUPDGR QXHVWUR PRGR GpVHU\GHYLYLU < SRLā OR
PLVPR TXHWDQWDVLOXVLRQHVVH KDQ GLVLSDGR SRU OR PLVPR TXHā
GHVFRQILDPRV \DGHODVLGHDV HFRQyPLFDV TXH QRVSURPHWtDQOD
SURVSHULGDG \QRVKDQFRQGXFLGR DOPiUJHQ GHXQ DELVPR SRU
- R PLVPR HVQDWXUDO HV SDWULyWLFR TXHWHQJDPRV LGHDV HFRQyPt
FDVPX\GLVWLQWDV \ TXH WHQJDPRVYDORUGH SXEOLFDUODV \ GLVFX
WLUKWV $FDVR HVWD FULVLVWHUULEOH TXH DWUD呸H%W OPRV QRV VHD PX\
~WLO VLQRV FRQGXFH iFRQRFHU\HVWXGLDU \ DSURYHFKDU\ H[SORWDU
WRVHOHPHQWRVGHYHUGDGHUD ULTXH]DTXH WHQHIOOR% GH TXH SRGH
PRV GLVSRQHU\ TXH VROR FRQXQD LQHVSOLFDEOH LQGROHQFLD y FRQ
HUURUHV LPSHUGRQDEOHVGH ODOH\ā SXHGHQ KDFHUVH HVWpULOHV 2 HQ
RWUDV SDODEUDV VL OOHJDVHPRVi SHUVXDGLUQRV TXH iQDGD VLUYHQ
ORV HPSUpVWLWRVVLQR i SURGXFLUHOSDQGH KR\\HOKDPEUH GHPD
xDQD \āVROR KDQVHUYLGR SDWDGDUQRVXQDSURVSHULGDGILFWLFLD\
DJRWDUQXHVWUR FUpGLWR \QXHVWURVUHFXUVRV ILVFDOHV TXH iQDGD
VLUYHQ ORVIHUURFDUULOHVVLQR KD\SURGXFWRV TXH WUDVSRUWDU TXH i
ULDGD ËUYH呸 JUDQGHV \ELHQFRORFDGRVWHUUHQRV VLOHVIDOWDODLUUL
JDFtRQ GH TXH VRQ VXVFHSWLEOHV TXH i QDGD VLUYHQ ORV JUDQGHI:
IUWLOHVWHUUHQRVGHODFRVWD \ GH ODVLHUUDVL QR KD\ EUD]RV TXH
ORVFXOWLYHQ\VLIDOWDXQDFRUULHQWH GHLQPLJUDHLRQTXp DQLPHOD
FXOWXUD TXH iUXXOD VL呸H KDEODUGHLQWLJUDFLRQ VL HV HVFODYD VL
QR VH OH GLPiV HVSHFWDWLYD TXH XQ 6-O呸ULR VtQR VH LQWHUHVD i
HVD tQPMJUDFLRQFRQORV EHQHILFLRV GHO VXHOR VLQR HVāPXOWLIRUPH
\UHSUHVHQWDQWH GHWRGDV ODV LQGXVWULDV \ TXHOHMRVā GH VHUODFDQ
VDGHEHVHUHOHIHFWRGHQXHVWUDSURVSHULGDG\GH ODāVDELGXUtDGH
QXHVWUDV OH\H呸 HVGHFLU TXH ODLQPLJUDHLRQYHQGUii EXVFDUQRV
VLQTXH OD YVL\DP呸V i EXTHDU VLHVWDEOHFHPRVODV 呸RQGLFLRQHV GH
XQāELHQHVWDUJUDQGH\SHUPDQHQWH SDUD WRGRV 6L OOHJiVHPRV i
SHUVXDGLUQRV T OHi QDGD VLUYHQ ODV ULTXH]DVPLQHUDOHVVLQ VHJX
U呸GDG OHJDO V-呸&呸- !LWDO呸V VLQ 呸iTXLQDV VLQ FDPL""Vā TXp iDGD
VLUYHQ ODV JUDQGHVKDFLHQGDV V GHVWUX\HQGR OD SHTXHxD DJULHXO
WXUDKDQGHVWUXLGR OD SHTXHxD SURSLHGDGODSREODFLRQSREUH OL
EUH p LQGtJHQDSDUDVRVWLWXLUODFRQ ODFKLQD TXH i QDGD VLUYHQ
ORV JUDQGHVSURGXFWRVGH D]~FDU GH>DOJRGRQ GH DJXDUGLHQWH i
TXH VHPDQGDQ i ORVPHUFDGRVH[WUDQMHURV VLFRQ HOORVQR SRGHā
PRD SDJDUHOFRPHUFLR GH LPSRUWDFLRQ \VLORVPLVPRV SURSLHWD
ULRVQR SXHGHQSDJDU ORVJUDQGHV JDVWRV \ā ORVLQWHUHVHV GHVXV
GHXGDV TXH i QDGD VLUYHQ ORVEDQFRV y HVWDEOHFLPLHQWRV GH FUp
GLWR VLQR JDUDQWL]DQORV YDORUHV TXHHPLWHQ \ VL UHSUHVHQWDQ
YDORUHVILFWLFLRV pLPDJLQDULRV TXH i QDGD VLUYH HO H[DJHUDU XQ
VLVWHPDGH FRQWULEXFLRQHVGLUHFWDV p LQGLUHFWDVSDUDFUHDU FLHUWR
HTXLOLEULR VLWRGDVODV FODVHVGHOSXHEOR TXH GHEHQ SDJDUODVVRQ
SREUHV\RSULPLGDVSRUODIDOWDGH YLGD HFRQyPLFD HQ WRGDVODV
IRUPDV GHODLQGXVWULD \SHUOR FDUR GH ODV VXEVLVWHQFLDV FUHDGR
SRUQXHVWUDVLPSUXGHQFLDV ā
+p DTXt SXHVTXHHOSUREOHPDHFRxyPLFR TXHWHQHPRVTXHHV
WXGLDU\UHVROYHU QR HV VROR GLILFLO VLQR HVWUHPDPHQWH FRPSOHMR
SRUTXH DEUD]DWRGRVORV SXQWRV WRGRV ORV ODGRV WRGRV ORVHOH
PHQWRVGHODYLGDHFRQyPLFDGHXQ SXHEOR \ SRUTXH XQHUURU
TXH VH FRPHWDHQXQD SDUWH LQIOX\H VLQLHVWUDPHQWH HQ ODV GH
PDV \YLFHYHUVD XQELHQXQSURJUHVR TXH VH DOFDQFH HQODYLGD
VRFLDO LQIOX\H~WLOPHQWH VREUH ORV GHPRV UDPRV GH HVD PLVPD
YLGD
(VHQYLVWDGHODV P~WXDV UHODFLRQHV Gp ORV YDULRV SXQWRV GH
HVH JUDQSUREOHPDHFRQyPLFR \ GH VX FDUiFWHU FRPSOHMR HV HQ
YLVWDGH ODLPSRVLELOLGDGGHUHVROYHUOR VLQWRFDUWRGRVORV SXQWRV
TXH DEUD]D TXH HOS~EOLFREHQpYROR DWULEXLUi i HVWD QHFHVLGDG
QR i QHFLDSUHWHQVLRQGH VDEHUOR WRGR \GLVFXWLUOR WRGR \ UHVRO
YHUORWRGR VLKHPRV WHQLGR TXH WUDWDU FDVLWRGDVODV FXHVWLRQHV
TXH GHFLGHQGHOSRUYHQLUEXHQR y PDOR GH QXHVWUDYLGD HFRQy
PLFD < FRPR HQHVWDGLVFXVLRQQR WHQHPRVQLQJXQ LQWHUpVSHU
VRQDO QLGHSDUWLGR QLGHHVFXHOD VLQR WDQ VROR GHOYHUGDGHUR
ELHQHVWDUJHQHUDO GHOSDtV DVtFRQILDPRV TXH HO S~EOLFR VH RFX
SDUiGH QXHVWUDV LGHDV QR SRUTXH VHDQ QXHVWUDV VLQR SRUTXH
SHUWHQHFHQ i ODQDFLRQ VL FRQGXFHQDOIHFXQGR UHVXOWDGR GHRU
JDQL]DUHOWUDEDMR QDFLRQDOSDUDOOHJDUiODLQGHSHQGHQFLDHFRQy
PLFDGHO3HU~ VHJXUDPHQWH WDQLPSRUWDQWH \ WDQGLItFLO FRPRVX
LQGHSHQGHQFLDSROtWLFD ā
'HFODUDPRV TXHQR HVQXHVWUD PHQWH WUDWDU HVWH WHPDGLItFLO
HQ HOWHUUHQR HVSLQRVR GHODV DEVWUDFFLRQHV \ GHODV WHRUtDV VLQR
HQHOāFDPSR OODQR GHORVKHFKRVSUiFWLFRV TXH VRQ SHFXOLDUHV DO
3HU~ KHFKRVTXHWRGRVYHPRV TXH WRGRVWRFDPRV FRQOD PDQR
SRUTXH WRGRVVXIULPRV \ PDV WRGDYtD WHPHPRV OOHYDGRV ~QLFD
PHQWHGH DTXHOVHQWLGR SUiFWLFRTQH VH SXHGH WHQHU DX Q VLQ KD
EHUFXUVDGR HFRQRPtDSROtWLFD HO VHQWLGR SUiFWLFR TXH DQLPyDO
PDULQHUR JHQRYpV DO JULWDU DFTXD DOOHIXQL FXDQGR YLy TXH ORV
LQJHQLHURV DO FRORFDUHOIDPRVR REHOLVFR GHO 9 DWLFDQR QDGDKD
FLDQSDUDFRPSOHWDUOD FRORFDFLyQp LPSHGLUTXH VHFD\HVH (VWR
QR TXLHUHGHFLUTXH QRWHQJiPRV QXHVWUR SXQWR GH SDUWLGDFLHQ
WtILFR TXH VHULDDEVXUGR \KDVWDLPSUXGHQWH GLVLPXODUOR SRUTXH
VHULDTXHUHUGLVFXWLUODVPDV GLItFLOHV FXHVWLRQHV HFRQyPLFDVVLQ
SURIHVDUFLHUWRVSULQFLSLRV GH HFRQRPtD SROtWLFD 3RU HVR GHFOD
UDPRVWDPELHQTXHODGRFWULQDTXH SURIHVDPRVQR HVOD &UHPDWtV
WLFD ODTXHHVWXGLDOD SURGXFFLRQGH ODULTXH]DVRFLDOHQDEVWUDF
WRy HQUHODFLRQVRODPHQWH FRQHOSURYHFKRGHO, FDSLWDOLVWDTXH OD
SURGXFH GRFWULQDHJRLVWD\PHUFDQWLO WDQ VRItVWLFD HQ VXVSULQ
FLSLRVFRPRIXQHVWDHQVXV UHVXOWDGRV DO (VWDGR \ i WRGDVā ,DV
FODVHVGHOSXHEOR
/ D GRFWULQD TXHSURIHVDPRV HML OD( HRQRPLD 3ROLWLFD HQHOVHQ
WLGR GHO LQPRUWDO6LVPRQGL HV GHFLUOD TXH HVWXGLD ODSURGXFFLRQ
GH ODULTXH]DVRFLDOHQUHODHLRQFRQODMXVWLFLD FRQODFRQYHQLHQ
FLDGHO(VWDGR FRQHOELHQHVWDU GH WRGDV ODV FODVHV GHO SXHEOR
TXH FRQFXUUHQ i ODSURGXFFLRQGH ODULTXH]D 6LOD&UHPDWtVWLFD
SXHGHMDFWDUVH呸HODJLJDQWHVFDSURGXFFLRQ \ ULTXH]D GH ,QJOD
WHUUDDFRPSDxDGDGHODVTXHURVRSDXSHULVPR FRUUXSFLRQ\PLVH
ULD GHODV FODVHVDJUtFRODV \ REUHUDV TXHQR SXHGH UHPHGLDUQL
FRQVXOLEHUWDGSROtWLFD XLFRQVXVFRORQLDV QLFRQ VXLQPHQVR
FRPHUFLRQLFRQVXVWHVRURV QLFRQVX LQGLVSXWDEOHJHQLR QLFRQ
VXFDULGDGOHJDO OD(FRQRPtDSROtWLFDSUHVHQWDHMHPSORV GHSXH
EORVSUyVSHURVSRUODPHMRUGLVWULEXFLRQGH OD ULTXH]D FRPR OD
)UDQFLD OD,WDOLD OD 6XL]D OD%pOJLFD OD+RODQGD ORV (VWDGRV
8QLGRVHQ TXH HVWRVPDOHV VRQGHVFRQRFLGRV \ HQTXH ODFLHQFLD
WLHQH XQLGHDO\ XQUHVXOWDGR PX\ GLVWLQWRV
'HFODUDGRV QXHVWURV SURSyVLWRV \ QXHVWUR SXQWR GHSDUWLGD
FRQYLHQHTXH H[DPLQHPRVODVLWXDFLRQ HFRQyPLFD GHO3HU~ TXH
LQGDJXHPRVODV FDXVDV GHOPDOHVWDUSURIXQGR TXHGLy SRUUHVXO
WDGR ~OWLPR ODSDUDOL]DFLRQGHOFRPHUFLR SDUDTXH DVt FRQR]FD
PRVORVUHPHGLRVTXHOH VRQFRUHODWLYRV \ WHQJDPRVOD IXHU]D\
GHFLVLRQGH DSOLFDUORV YHQFLHQGR ORV REVWiFXORV TXH VH RSRQHQ
i ODDSOLFDFLRQGH XQVLVWHPDVDOYDGRU
&$3,78/ 2 ,,
6,7 8$&,20 (221ÏOI,&$ 'O/ O (OOW/ 26 352'8&726
呸( %8 =; 32%7 &- 217 ,67 2,
(1 D(/ O2,20 221 / 26 &2068- ,26 ', 68 OOO32 7$2,21
&$3,78/ 2
&$ 86W6 '(/ (48,/ ,%5,2 - &21Ï0,&2 < $81 '( / $ 35263(5,'$ ' &2. (5&8/ '(
(6726 - / 7,0 $ f 26M < &$ 86$6 '(/ '(,,( 48,/ ,%%,2 $ &78$ / '(/ 228(%&,2
< '( / $ LM 35(6(17 (6 $ 1*867,$ 6
&$3,78/ 2 ,9
āPRV 48( 6( OO$ 1 ,17(17 $ '2 3$5 $ &216(59 $ 5&,(572(48,/ ,- OOOO2 &21 5(6
3(&7 2 $ / &2OO( %&- 2 (; 75O1- ( 52 B
&$3,78/ 2 9
&217- 18$ 'W/ 6$ / ,7%(
&$3,78/ 2 9 ,
$ / *81$ 6 ,'($ 6 48( 6( +$ 1 35 ( 6( 17 $ '2 Ï 38( ( 1 35 ( 6( 17 $ 5 6( 3$5 $ 6
9 $ 5 / $ I- 7 8$ &,21 (&21Ï0,&$ '(, 3$ ,6( 03567 ,7265('8&&,21 '(
35(6838( 67 2$ 80( 17 2 '( &217 5,%8&,21( 6ā
&$3,78/ 2 9 ,,
&2OI7 OOIO?$ 9 (I7 $ ', %O(1OOO0$ 2,2,8/ :,,- / $
'( ,,$ 126 8 - %OO7 $6 呸9 ( 17 $ '(
7% 8. DF QLDD < DOO88; %$ 1&2 1$ &,2. $
/
&$3,78/ 2,;
&21&Ë86,21&27 ( - 2 '( / $ 6O78O
&,21 (&21Ï0,2$ '%/ 3( 5H %1
$ 17 (6'( / *8$ 12 &21/ $ 48( 6( +$
ā 6
)250$ '2(1 (67 26 $ 6āÏ(1
6LWRGR OR TXH VH KDLQWHQWDGRā y ORTXH SXHG
VDOYDUODVLWXDFLRQ DQJXVWLRVDHQTXH VHKDOODHO H LQWHQWDUVH SDUD
FLHQWH VLODV PLVPDVPHGLGDVVDOYDGRUDV TXH SDtV HV LQVXIL
JRELHUQR VREUH JXDQR \ VREUH HO VDOLWUH QR DGRSWH y FXOWLYHHO
VRQH
PDV TXH GH XQHIHFWR VLQR LQFRPSOHWR DO PHQR YLGHQWHPHQWH
FODUR TXH HOPDOHV PX\ SURIXQGR \TXHHVS VWUDQVLWRULR HV
FDXVDV < TXH SDUD OOHJDUi UHFLVR HVWXGLDU VXV
GHVFXEULUODVHV SUHFLVR ā UHPRQWDUVH i
ODpSRFDHQTXHOD FDUHQFLDGHOJXDQR \ GHOVDOLWUH
U~ HQXQ VLVWHPDGLIHUHQWH +R\ SRUXQDUDUD WHQLD HO 3H
GHQFLDHOJXDQR \HOVDOLWUH HVSDUD HO3HU~FDVL\ H[WUDxDHRLQFL
UDQ OXHJR HVWDPRV PDV y PpQRV UHVSHFWR i HVWRVFRPR QR H[LVWLH
GHULTXHDDFRPR HQ HQTXHQDGLH KDEODEDGH GRV HOHPHQWRV
QDV HPSH]DED iFRQRFHUVH H[SHQGHUVH HO VDOLWUH \ V SH
JXDQ
O呸V $ OLHU\ GRQ) UDQFLVFR 4XLURD < VLQ HPED R SRU GRQ $TXL
SURIXQGDHQWUH DTXHOODVLWXDFLRQHFRQyPLFDGH UJR TXH GLIHUHQFLD
VHQFLDPRV HQ , (QWyQFHV HO SUHVXSXHVW GHOR \ ODTXH SUH
R
FDV HUDSDUD H£ELHQLR HQOD VXPDGH PLOORQHV VJDVWRV S~EOL
ā GH SHVRV EROL
YLQQRV KR\ £
!DG GH PLOORQHV VROHV (QWyXFRVQR WHQtDPRV
QL XQ JUDQGH HMpUFLWR QL XQD JUXQGR HVFXDGUD L IHUURFDUULNV
QL WHOpJUDIRV QL EDQFRV QL JDV QLMQQL 6 SXKOLFRV QL SLODFLR©
GH H[SRHLFLRQ QL YDSRUHVTXH HQWUDQ \ VXOFQ FDGD GLQ SXUD WRGD
GLUHFFLRQ GHO PXQGR QL XQ FRPHUFLR GH LPSRUWXHLRQ3VR£83
KDWULSOLFDGR ODV UHQWDV GH ODV DGXDQDV \ OD SREODFLRQGHO&DOODR
1R WHQtDPRV ODVJUDQGHVKDFLHQGDV GH D]~FDU \ GH DOJRGRQ FRQ
PiTXLQDV SHUIHFFLRQDGDV \ FRQ QRWDEOH H[SRUWDFLyQGH HVWRVSUR
GXHWRV 6LQ HPEDUJR UHVSHFWR Wt OD SURGXFFLyQ PLQHUD HUD PDV
IORUHFLHQWHHQWyQFHVGHOR TXH VHDDFWXDOPHQWH \ OR SUXHEDODSL
ILD TXHVH SURGXFH \ ODVTXHMDVGHORVPLQHURV 5HVSHFWR iODDJUL
FXOWXUD VH KD WUDVIRUPDGR SHUR QR KX PHMRUDGR QL HQ EHQHILFLR
GHO JRELHUQRQLGHO SXHEOR &LHUWR TXH i OD SURGXFFLyQ GH ORV
DJXDUGLHQWHV V KDQJUHJDGR OD FXOWXUDGHO YLQR HQ SURSRUFLR
QHVQRWDEOHV U GHFDOLGDGHVH[FHOHQWHV SHUR TQH QR VRSRUWDQ OD
FRPSHWHQFLDGHORV YLQRV \ OLFRUHV H[WUDQMHURV 0LHQWUDVWDQWR HO
VLVWHPDGH ODV JUDQGHVKDFLHQGDV GH D]~FDU \ GHDOJRGRQ KD KH
FKR GHVDSDUHFHU OD SHTXHQQ DJULFXOWXUD GH SDQ OOHYDU OD SR
EODFLRQ LQ,LJHQQKD KDSDU FLGR SDUDGDUOXJDU i OD SREODHLRX
FKLQD KDGLVPLQXLGR OQ FXOWXUD GHOPDt] GHOD SDSD GHO FDPR
WH OH ORV IUXWRV OD FULX GHFKDQFKRV SDUD OD HODERUDFLyQGH OD
PDQWHFD \ FRQ G SUHFLR VXELGRGH WRGDV HVDVFRVDV QR VROR VHKD
YLVWR OR FDUR NODVFRVDVPXVQHFHVDULDV i ODYLGDVLQR DELHUWDOD
SXHUWDOH ODLPSRUWDFLRQQR VRORDO WULJR \ DOJDQDGR VLQR i OD
SDSD DOPDL] DODUUR]iODPDQWHFDTXH HO3HU~ KD SURGXFLGR
VLHPSUH \ SXHGH SURGXFLUHQJUDQGHDEXQGDQFLD
&LHUWR VH KDHVWDEOHFLGR XQ JUDQGH FRPHUFLR SHURFDVLWRGR HQ
GDXR GHO 3HU~\ HQH[FOXVLYR EHQHILFLR GHOH[WUDQMHUR 'HVGH HO
VRPEUHUR GH *XD\DTXLOKDVWDHO ]DSDWLWR GH 3DUtV HO SHUXDQR
FRPSUDWRGR OR TXH HVQHFHVDULR i ODYLGD \GiHQUHWRUQRRURVR
QDQWH \ ODVSUHFLRVDV PDWHULDV SULPDV GH VXVXHOR VLQ DFRUGDUB
VH TXHWLHQH VRPEUHURVULYDOHViOyV GH *XD\DTXLO\GH ,WDOLDTXH
WLHQH YLQRVVXSHULRUHV i ORVGH )UDQFLD \ OH (VSDQD TXH ODV OD
QDV OH FDUQHUR DOSDFD YLFXxDTXH YHQGH i YLO SUHFLR ODV UHFLEH
Nā SXHVFRQYHUWLGDV HQ ULFRV WHMLGRV OH WRGD FODVH \ ODV SDJD i
SUHFLR GH RUR DO FRPHUFLR H[WUDQMHUR TXH GHOPLVPR PRGRUHFLER
ORV FXHURV ORVFXHUQRV HOPDUILO YHJHWDO FRQYHUWLGRV HQ REMHWRV
GH OD LQGXVWULD H[WUDQMHUD TXH HOSURGXFWRGHORVD]~FDUHVDSHQDV
SXHGHSDJDUORV JDVWRV \ GHXGDV HOH ODV KDFLHQGDV TXH ORV DOJR
GRQHV TXH PDQGD ~ ,QJODWHUUD Ë/ QQ SUHFLR TXH DSHQDV SXHGRFRV
WHDUORV JDVWRV ORV UHFLEH HQODIRUPD GHLQQXPHUDEOHVWHMLGRV SQ呸
UDWRGDVODV FODVHV GH ODVRFLHGDG TXH ODPLVLXXFDVFDULOOQ OXFR
HD HOPDWLFR HO DPRQLDFR TXH GDDOFR
UHFLEHGHQXHYR GH ODLQGXVWULD H[WUDQMHPHUFLR GH H[SRUWDFLRQORV
WLVWDVBGHWRGDFODVH FXDQGR UHFLEH \ā UD TXH HQYDQR WLHQH DU
SDKHFKD GHPXHEOHV \ REMHWRV GH DUWH SDJ DEX TXHVFDUJDGRV LHUR
WDQWR VLHVFLHUWR TXH KDQFUHFLGR ODV GH WRGD FODVH 0LHQWUDV
UHQWDVGH ODDGXDQD pVWD
QR DOFDQ]DQ i SDJDUORVFDUJRV GHO
KDFUHFLGR ODSREODFLRQGHORVFHQWURV SUHVXSXHVWR VLHV FLHUWR TXHā
TXH HVODGH ORVFRPHUFLDQWHVHQ JUDQ FRPHUFLDOHV OR HV WDPEtHQ
GH SREODHLRQLQGXVWULDO\PDQXIDFWXUHU GH \ SHTXHxDHVFDOD \ āQD
GHODLQGXVWULD VLHV FLHUWR TXH VH KD D GH ORV LQILQLWRV REMHWRV
GH DVRFLDHLRQ QR KDWHQLGR VLQ HPEDUJR GHVMIHUWDGR FLHUWR HVStULWX
\ HOIRPHQWR GH ODLQGXVWULD QDFLRQDO VLQR SRU REMHWR ODSURWHHHLRQ
FXODUHV \ILQDOPHQWH VL HV FLHUWR TXH VH HVSHFXODFLRQHV SDUWL
SHQGLR GHODV PRGDV GH 3DUtV VHGDV KD FXDGUXSOLFDGR HO H[
HVFLHUWR WDPELHQTXH KR\QR KD\UHWRSHUIXPHUtDV \ EDJDWHODV
TXHODYLGDGH EDUDWDTXH HUD HQ UQRVFRQ TXH SDJDUODV \
PRVHQ / LPDHO FDUR GH/ 6- GUHVVLQTX KR\HV FDUtVLPD \ WHQH
GHODULFD ,QJODWHUUDā H WHQJDPRV ORV UHFXUVRV
&$3,78/ 2 ;
87 ,/ ,'$ ' ,10( 16$ '( (67 $
&5W6,6 (&21Ï0,& $ < &20( 5&,$
/ 26 2- 26B - ( / 26 +20% 5(6 / 6, 38(' ( $ %5 ,L
3(16 $ '25( 6 62%5 ( / 26 3(/ ,*52
6(1OO (< / $ 6 (63( 5$ 1=$ 6 '(/ 6 '(/ 35(
3259 (1,5
&$3,78/ 2 ; ,
5( &85626 *5$ 1'(6 48, / $ 3529 ,'(1&,$ +$ '$ '2 $ / 3( 5 呸$ 48, 12 ) $ /
7 / 1 URD+20%5 ( 6 6,12 ( / +2,,%5 (
(VWiSUREDGR SRUOD*HRJUDILD \ SRU OD KLVWRULDTXH HO EDEL
WDQWH GH XQDUHJLRQHV DFWLYR \ODERULRVR LQGROHQWH y GHVFXLGDā
GR VHJXQ ODDEXQGDQFLDy HVFDVH] GH ORVUHFXUVRV TXH OH RWRUJXH
ODQDWXUDOH]D DFWLYR ODERULRVR IUXJDO VL HQFXHQWUD XQ WHUUHQR
SREUH\VLQUHFXUVRV SHUH]RVR KROJD]DQ \ IORMR VL ODWLHUUDHV
ULFD \ DEXQGDQWH (O UH[DWLR GDW XXHOHFWXP H[SOLFD SR呸ā TXp HO
ā 6JL]R VHDDFDVR HOSXHEOR PDV LQGXVWULRVR GHO PXQGR SRUTXH OD
- ORODQGDOOHJDVH i HVDSURVSHULGDGLQDXGLWD i SHVDU GH WHQHUTXH
OXFKDUSRUXQDSDUWH FRQ HO SRGHU SROtWLFR GH (VSDxD\ GH OD
RWUD FRQODVLQYDVLRQHV GHO 2FpDQR H[SOLFDFRPR OD %pOJLFD OD
%RKHPLD \ RWURVSXQWRVGH $ OHPDQLD WHQJDQ XQD SREODFLRQLQ
GXVWULRVD\ PRUDO TXHQR HVWiHQDUPRQtDFRQORV SURGXFWRVGHO
VXHOR \ DSOLFDGR i QXHVWUD$ PpULFD H[SOLFDFRPR HOSXHEOR FKL
OHQR FRORFDGR HQXQ WHUUHQR PHQRVULFR TXH HOQXHVWUR RIUHFH HO
HMHPSORGH XQDJUDQGH SURVSHULGDG GHELGD i VX WUDEDMR \i VX
EXHQJRELHUQR DOSDVR TXH HQ0pMLFR \ OD 5HS~EOLFD$ UJHQ
WLQD\ &RORPELD VXFHGH ORFRQWUDULR 6HULDPRVLQJUDWRVSDUDFRQ
OD3URYLGHQFLDVLGHMiVHPRV GHUHFRQRFHUTXH QRV KD IDYRUHFLGR
FRQJUDQGHVUHFXUVRVQDWXUDOHV TXH VROR DJXDUGDQ ODPDQRGHO
KRPEUH SDUDGDUUHVXOWDGRVSUHFLRVRV \ FUHDU IiRLOPHQWH OD LQGH
SHQGHQFLD HFRQyPLFD GHO3HU~
/ RV YDOOHV GH ODFRVWD VLELHQDOJXQRVSRFR IpUWLOHVSRUIDOWDGH
DJXD RWURVQR FDUHFHQGH HVH HOHPHQWR GH YLGD RWURVSXHGHQ
FRQVHJXLUOR SRUODPDQR GHOKRPEUH \ WRGRV GDU EDMR XQ FLHOR
WURSLFDOORV PDV YDOLRVRV SURGXFWRV / DFDxD GH D]~FDU DOJR
GRQ FixDPR OLQR DOIDOID PDt] SDSDV FDPRWHV IUXWDV YLQRV
WRGR HQVXPD H[FHSWXDGR HO WULJR TXH H[LJH XQ WHPSHUDPHQWR
PDV IULR / RVDOWLSODQRV \ YDOOHVGHODVLHUUDVL ELHQSXHGHQ GDU
HVWH SUHFLRVRSURGXFWRHVWR QR VHULD ~WLO SRU OR FDUR GHOWUDV
SRUWH 3HUR DOFRQWUDULR HV \ SXHGH GHVGH DKRUDVHUPX\~WLOSD
UDODFUtDGHOJDQDGR YDFXQR \ODQDU \ VXV SURGXFWRV TXHVRV \
PDQWHTXLOOD\ORV SURGXFWRVGHODPRQWDxDFDFDRWDEDFR FDIp FH
UDYHJHWDO PDGHUDVILQDV VRPEUHURVILQRV ODQDV GH FDUQHUR GH
YLFXxD \ GH DOSDFD FDVFDULOOD FRFD\ RWURV REMHWRV TXHi SHVDU
GHOIOHWH VRVWLHQHQOD FRPSHWHQFLD GHOFRPHUFLRH[WUDQMHURQRVR
OR HQ/ LPDVLQR HQ(XURSD
/ D3URYLGHQFLDQR VH KDFRQWHQWDGR FRQGDUDO3HU~ XQWHUUH
QRYDVWR \TXH WLHQHWRGRVORVFOLPDV WRGDVODV]RQDV \ TXHSXH
GHWHQHUWRGDVODV FXOWXUDV WHUUHQR TXH HQ `H KR\D DPR]yQLFD
WHQGUiXQ GLDXQFDPSRLQPHQVR i VX DFWLYLGDG DJUtFRODā p LQ
GXVWULDO QR VHKDFRQWHQWDGRFRQGDUOHODHItPHUDVLELHQH[WUDHU
GLQDULDULTXH]DGHOJXDQR VLQR TXH WDPELHQOHUHJDOyPLQDV LQD
JRWDEOHV GH FDUEyQ GH SHWUROHR GH VDOLWUH GH \RGR \ GHERU4[
\ ILQDOPHQWHPLQDV GHPL YDORU LQHVWLPDEOH GH FREUH GHSODWD
GH RUR GH HLQDEUR TXH VLKR\QR VRQXQDULTXH]DHVSRUODV GLIL
FXOWDGHV GH VXH[SORWDFLRQ ā
0HUHFH SXHV HVFXVDUVH GH ORV SRFRV VXFHVRV TXH KR\WLHQHOD
LQGXVWULDPLQHUD QR VROR SRUTXH KD FDUHFLGR GH SURWHFFLRQTXH
OH YLHQH \ TXH OH YHQGUi XQ GtD GH XQ FRQMXQWR GH FLUFXQVWDQ
FLDV IDYRUDEOHV TXH KR\QR SXHGHQ UHDOL]DUVH VLQR WDPELHQSRU
TXHODULTXH]D PLQHUD HVPDV HItPHUDpLQFRQVWDQWH TXH ODULTXH
]DLQKHUHQWH iOD DJULFXOWXUD \ iODV DUWHV 5HVSHFWRiODVPLQDV
SXHGH GHFLUVH TXH VL QR VH KDKHFKR ELHQ QR VHKDKHFKR QLDO VL
QR VH KDKHFKR PDVHV SRUTXHQR OR KDSHUPLWLGRODIDOWDGHPi
TXLQDV GH FDPLQRV \LDLQXQGDFLRQ GH ORV WUDEDMRV \ ODV JUDQ
GHV GLVWDQFLDV
1R KD VXFHGLGR OR PLVPR UHVSHFWR iOD DJULFXOWXUD \ iODV DU
WHV TXH GH ODDJULFX8XWOL GHSHQGHQ SRUTXH UHVSHFWR i HVR VHKDQ
FRPHWLGR BHUU呸UHV JDUUDIDOHV \ KXER H` PDV LQFRPSUHQVLEOH GHV
FXLGR &RQODDEROLFLRQGH ORV HVFODYRV ODV KDFLHQGDV GH D]~FDU
VH TXHGDURQVLQEUD]RV \ HQWRQFHV VHSHQVy HQ HOVHUYLFLR GH ORV
FKLQRV FRQWUDWDGRV 6H TXLVRLPLWDU ODV JUDQGHV KDFLHQGDV GH
1RUWH $ PpULFD \SRGHUHQYLDUi ORVPHUFDGRV GH( XURSDFDUJD
PHQWRVGHD]~FDU\GH DOJRGRQ SHUXDQR DGRSWDQGR HOVLVWHPD
DULVWRFUiWLFR GHORVJUDQGHVIXQGRV GHORV JUDQGHV FDSLWDOHV GH
ORVFXDQWLRVRVSURGXFWRV $ VLPLHQWUDV FRQHVDFRQFHQWUDFLRQVH
GHVWUXLDOD SHSXHx DDJULFXOWXUD WDQWR BpQ VX SHUVRQDO FRPR HQ
ORV SURGXFWRVTXH UHVXOWy" 4XHORV BSURGXFWRUHV GH D]~FDU\ GH
DOJRGyQDHUUHDVLWRGRVFDUJDGRV GH JUDQGHVJDVWRV \ SDJDQy
PHMRU GLFKR QR SXHGHQ SDJDU BORV LQJHQWHV LQWHUHVHV FRQWUDtGRV
FRQVXV GHXGDVDVLTXH OD HVWDGtVWLFD DO LQGLFDU OD FLIUD GHOD
SURGXHFLRQDXP呸QWDG QR DSXQWDFXDQ FDURFXHVWD i ODQDFLRQ\
FXDQ SRFR SURYHFKRVDFD HO SURGXFWRU PLVPR < EDV呸DTXH HQ
HO PHUFDGHGH / LYHUSRRO y GH/ yQGUHV VH HQGXHQWUHQ EDMRV ORV
SUHFLRV SDUDTXHWRGRVORV FiOFXORV WRGRV ORV HVIXHU]RVKHFKRV
VDOJDQ EXUODGRV ā ā
< VLQHPEDUJRQRHUDGLItFLOQL LPSRVLEOHTXHORVJUDQGHVSUR
SLHWDULRVKXELHVHQWRPDGR XQUXPER GLVWLQWR VLKXELHVHQ FRQVL
GHUDGR HOSURGXFWR GHVXV WLHUUDVEDMRXQSXQWR GHYLVWDāPDVKX
PDQR PDVVRFLDO \呸DVSDWULyWLFR TXHUHPRV GHFLU DO SXQWR GH
YLVWDGHOD( PDQFLSOWWtRQ( FRQyPLFD GHO3HU~ (QOXJDUGHOOHYDU
ODOLEUHD GHLULEXWDULRV DO FRPHUFLR H[WUDQMHUR p LUH[SORUDQGRHQ
/ yQGUHV ORVSUHFLRVGHODOJRGRQ\ GHO D]~FDU GHEtDQ y SRGtDQ
SHQVDUTXHVLHO3HU~UHFLEH WRGRVORV DxRVJDQDGR YDFXQR PX
,DV\FDEDOORV VLUHFLEHDFHLWH PDQWHFDYLQRV OLFRUHV FHUYH]D \
VREUH WRGR HO呸ULJRGH &KLOH \ORVDUURFHVGH OD,QGLD VXV KDFLHQ
GDV SRGtDQ YHQWDMRVDPHQWHSUHVWDUVH i HVWRV FLLOWLYRV \ SURGXF
WRV / DDOIDOIDRXHVWDPHQRVBSD7 DVXFXOWXUDTXH ODODQD < HODO
JRGHQ \VLQ HPEDUJRHRQHOODVHFULDQORV FDEDOORV GHO 3HU~ TXH
WLHQHQāUL7iOHVāHQ HOPXQGR VH FULDQODVPXODD QHFHVDULDVS呸
UDQXHVWUDVLHUUD \ TXH QRVYLHQHQt YHQGHUGHVGp%XHQRV$ LUHV
VH FULDQ HO JDQDGRYDFXQR LQGLVSHQVDEOH DOWUDEDMR DJUtFQOD \ XO
FRQVXPR DOLPHQWLFLR GHO KRPEUR 1XHVWUDV KDFLHQGDVQR SRGtDQ
SRUFLHUWR SURGXFLUHOWULJR GH &KLOH SHURSXHGHQSURGXFLUJUDQ
*HV FRVHFKDV GHPDL] TXH HV HOSDQ VyOLGR VDQR \ EDUDWR GH ODV
FODVHV SREUHV GH ,WDOLD \ GH )UDQFLD SRGLDQ SURGXFLUJUDQGHV
FDQWLGDGHVGH FDPRWH FRQTXH VH FULDQORVFKDQFKRV \ VH SURGX
F呸 ODPDQWHFD TXH KR\ VH LPSRUWD GH 1RUWH$ PpULFD \ ILQDL L
PHQWH SRGLDQ SURGXFLUODSDSDTXH HV HOSDQGH ODSREUH ,UODQ
GD 'H VXHUWHTXH VLVH KXELHVHWHQLGR HQYLVWDXQILQ SDWULyWLFR
GH EDVWDU i QRVRWURVPLVPRV \ HPDQFLSDUVH GHO FRPHUFLRH[WUDQU
MRUR KXELpUDPRV GDGR PHQRV D]~FDU \ FKDQFDFD i &KLOH SH呸ā
KXELpUDPRVUHFLELGR PHQRVWULJR \ODV FODVHV SREUHV KXELHUDQ
QDGDGR HQODDEXQGDQFLDGH WRGRV ORV DUWtFXORV QHFHVDULRV i OD
YLGD PDL] DUUR] PDQWHFD FDUQHIUXWDV FDPRWHV SDSDV \HVWD
DEXQGDQFLDVHWUDGXFH HQ EXHQDHFRQRPtD SROtWLFDHQSREODFLyQ
FRQWHQWD PRUDO WUDEDMDGRUD \ VDODULRVWDPELHQPDV EDUDWRV \
TXH SXHGH JDVWDU \ FRQVXPLUORV SURGXFWRV 3DUD HQWUDU HQ HVWV
FDPLQR QR HUDQLHV QHFHVDULR OD LQLFLDWLYD GHO JRELHUQR QLGHO
FRQJUHVR QLGH DVRFLDFLRQGH FDSLWDOLVWDV VROR HUD QHFHVDULDOD
LQLFLDWLYDGHOEXHQ VHQWLGR\ GHO SDWULRWLVPR TXH DOHMDQGR WRGR
IDOVR FiOFXOR GH JUDQGHV JDQDQFLDVTXH QXQFDVHBBUHDOL]DQ WXYLH
VHQXQILQPDV HOHYDGR TXH HV OD ,QGHSHQGHQFLDHFRQpPLFD GHO3H
U~ FRQāHOUHVXOWDGR TXL]DV GHUHDOL]DUPHQRV SURGXFWREUXWRSH
UR PDV SURYHFKR QHWR PHQRV JDVWRV PHQRVGHXGDV p LQWHUHVHV
TXH SDJ呸 < SRURWUD SDUWH HOHVSHFWiFXOR GHXQDSREODHLRQPDV
QXPHURVD \ OLEUH \ DFRPRGDGD FRQWRGRV ORV JRFHV GHODDEXQ
GDQHLD \ FRQODVDWLVIDFFLRQSDWULyWLFD LQHVSULPLEOHTXH FXDQWR
JDQDGR FDEDOORV PXODV PDQWHFD PDL] DUUR] VH IDEULFDHQ
VXV KDFLHQGDV WDQWR PHQRVVHUHFLEH WDQWR PHQRVV HGHSHQGHGHO
H[WUDQMHUR
&$3,78/ 2 ; ,,
&217 ,18$ '( / 26 352'8&7 26 3(58$ 126 (1 5(/ $ &,21 &21 / $ 6 $5 7 ( 6 ,1
'867 (,$ < &2+(5&- 2
&$3,78/ 2 ; ,,,
32172 '( 9 ,67$ 81,&2 < '()(16,9 2 (1 48( 352321(026 (/ )20(172 '( /
,1'8675,$ 3( 8$1$ 3%27(- (5 / $ ,1'8675,$ B2/ $ 48( &219 ,(1( < 3%$
'()(1'(5 O 8(%7%2 0(5&$'2
&$3,78/ 2 ; ,9
8L)/ 8(12,$ *5$ 1'( < 87- / 48( 1(&(6$ 5,$ 0(17( 7(1'5,$ (/ )20(17 2 'O
/ $ 6 $ 57(6 62%5( / 26 352'8&726 $ *5,&2/ $ 6
&$3,78/ 2 ; 9
6, 6% 482%( 6O/ 9 $5 / $ ,1'(3(1'(1&,$ (&2128O&$ '(/ 3%58 (6 3%(&OO,2
I%2& / $ 0$ % $ / 7 $ 0( 17 ( (67 26'2635,1&,3,26/ $ 25*$1,=$ &,21 '(/ 7%$ā
%$- 2%/ 6,67 %8$ 3527(22,21,67$ 2 3527(&&,21 '(/ 7%$%8 2 1$ &,21$ /
e 呸 \Q WLHPSRBGH 5DOLU OH L5WQV SREUHV 95 WWWOOQORV OH FVWR5 OX
JQUFV FRPXQHV GH O 5WQVMQHXODWRULQV WFyULFD), TH QQID GLFHQ \ t
QQGOOHRQGQHRQ HO WUDO呸MQ HVULTXH]D WUDO;MULO L TXHUHOV HVWDKO© HU
BHO FTLLOLEUZ HQWUH OD SURGXFFLRQ \ HOFRQXPRHOWUDEDMQVHUi WOOQJD
Z GH IDHPDQFLSDGQQ HFRQiPLpDGHO3HU~ / RTXH LPSRUWD VDEHU
HV GyQGH HQTXp \FyPRLUHPRV i WUDEDMDU FRQ TXp HOHPHQWRV
FRQ TXp HVSHUSQ]D FRQTXpSUHPLRV HRQTXpGLUHFRLRQā FRQTXp
SRUYHQLU \ 3VWRQDGLHOR KDGLFKR QDGLHORGLFH \ VLQ HPEUJR
HVHOSXQWRGHFLVLYR GHOSUREOHPDHHRQPLRR SRUTXH HV OD SDUOH
HMHFXWLD\SUiFWLFD \WDQ FLHUWRHVTXHHVWH SXQWR HV OD SDUOH
PDVGLItFLO\ RVFXUDGHOSUREOHPDTXH D呸QDV SURQXQFLDPRVHVWD
SDODEUDWUDEDMR TXHRVDVDOWDQFRQXQH-pUFLWRGHREMHFLRQHV
3DUDRUJDQL]DUHOBWUDEDMRQDFLRQDOVHQRV GLUi VH QHFHVLWD HD
StULWX GH DVRFLDFLRQ VHQHFHVLWDFDSLWDOHV VH QHFHVLWD KRPEUHV
HVSHFLDOHVāTXH HQWLHQGDQODV GLIHUHQWHVLQGXVWULDV TXH VHSODQWL$
TXHQ VHQHFHVLWHGLUHFWRUHVGHIiEULFDV\PDHVWURVTXHVHSDQPD
QHMDUODV FRQHFRQRPtD\ DFLHUWRVHQHFHVLWDXQDSREODHLRQLQGDV
WULRVD \ PRUDOGH DPERV VH[RV TXH KDJD FLHUWRV WUDEDMRV B WHQH
PRVTXHOXFKDUFRQKiELWRVSRSXODUHVGHKROJD]DQHULD p LQFRQH
WDQHLV FRQOR FDURGHORVVD- DULRVā FRQHOSHOLJUR GLODV UHYROX
FLRQHV FRQ OD LQFRQVHFXHQFLD GHORV JRELHUQRV GH ORV 2RQJUH
VRV (OUHVXOWDGR GHāWRGD HVWDDELGXUtDHV TXHQRVHSXHGH \TXH
RVH GHEHKDFHUQDGD HV GHFLU呸XH VLJD HO PLVPR VLVWHPD GH
SDUDOLVDHLRQ GH LQHUFLD \ GH UXWLQD &RQYLHQHSXHV HQPLQD
XQD i XQD HVWDVREMHFLRQHV SDUDYHUVLVRQVpULDV \ā GHTXp PR
GR SXHGHQUHPRYHUVHāORVREVWiFXORV TXHOHYHV JUDYHV SRVLYRV
LPDJLQDULRV VHRSRQHQi ODDRWXDRLRQ GH QXHVOUR SODQ HDRQ
PLFR HVGHFLU iODRUJDQL]DRLQGHOWUDEDMR QDRLRQDO
&RPHQ]HPRVSRUHOHVStULWXGH DHRF呸呸LRQ S呸UHFRQRRHU 呸H
GHVGHGRQ3HGUR 2ODDPRGHEHQHPpQWDPHPRQD HVH HVSLULWD
GH DVRFtDFtRQ TXHQR H[LVWLD HUDPX\ GOELO DH呸LGR IRUPDQGR
SRFR i SRFR DOSXQWR TXHGHELGR i pOKDQ VXUMLGR HXHDWRV YHLQ
- HDxRVWRGDVODVHPSUHVDV~WLOHVā Qy 呸XH H[LVWHQ DFWDDOPHQWH
< QRVROR VHKDāIRUPDGR VLQR TXHPDVELHQVH DE GH SRU OD
LQHVSHULHQFLDTXHHVSURSLD VL呸'OSUHGHORVKRPEUHV QXHYRV \GH
ODVFRVDVQXHYDV $ KRUDTXp 呸VWH HVSWULWX BGH DVRRLDHLRQ ZPH
DOLHQWRV TXHGH GHVDOHQWDGRGHSHQGHGHODQDWXUDOH]DGHORVSUR
\HFWRV \ HPSUHVDVLQGXVWULDOHV TXH VH SURSRQJDQ HV GHRLU TXH
RIUH]FDQVyOLGDJDQDQFLD\ VHJXUR UHVXOWDGR GHSHQGH GHO RDULF
WHU\ DQWHFHGHQWHV \ SRVLFLRQ VRFLDOGHODVSHUVRQDVTXHHPSHx DQ
HQFLWDVVXā SHUVRQD \ VXV FDSLWDOHV SRUTXH HVDVVRQ RWUD JDUDQ
Wt£L GR EXpQp[LWR (VSXHV HYLGHQWH TXHāDXQ VXSRQLHQGR TXH HO
HVStULWX GH DVRHLDFLRQ IXHVH KR\DOJR HQIULDGR \ GHVFRQILDGRYRO
YHUtD y DYLYDUVHHQWRGQ OD UHS~EOLFDFXDQGRVH SURSXVLHUDQ
呸
SURVDV ~WLOHV \QHFHVDULDVDO ELHQHVWDUHFRQyPLFRGHOSVLV FXDQGR
VS YLHVR ILJXUDU i ,Q HQEHDD GHVXV HPSURVDV KRPEUFD LPSRUWDQ
WH呸 SRUVX FDUiFWHU VX SRVLFLRX VRHLXO VXKRQUDGH] FDSLWDOHV \
H[SHULHQFLD HXQQGR ILQDOPHQWH VHYLHVH TXHHO &RQJUHVR \ HO *R
ELHUQR LPSXOVDGR GH %8 PLVPDUHVSRQVQELOLGXG \ GH OD RSLQLyQ
S~EOLFDDFRUGDVHË? HVWDV HPSUHVDV WRGQO% DWHQFLyQWRGD ,VSUR
WHHFLRQ PRUDO \ PDWHULDO TXHSXHGH\ GHEH RWRUJDUOH
&$3,78/ 2 ; 9 ,,
&217 O 8?(O8OO(1 '( 275$ 2%- ( &,21 DLL/ $ 7,9 $ $ / $ )$ / 7$ '( &$3,7$/ (6
'( 48( 02'2 38('( 683/ ,5/ $ / $ L!527)2&,21 '(/ &21*%-L£62 < '(/ *2
%,( %12