(VWUXFWXUDVGLVFXUVLYDVH
LGHROyJLFDVGHODQXHYDL]TXLHUGD
ODWLQRDPHULFDQD/RVFDVRVGH
$UJHQWLQD \
9HQH]XHOD
0DUtDGHO3LODU%XHQR
0DUtD-XOLD)UDQFpV
*XVWDYR,QVDXUUDOGH
3URIHVRUDHQOD8QLYHUVLGDG1DFLRQDOGH5RVDULR 815 8QLYHUVLGDG1DFLRQDO
GH(QWUH5tRV 81(5 \8QLYHUVLGDG1DFLRQDOGH/D3ODWD 81/3 ,QYHVWLJDGRUD
GHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtILFDV\7pFQLFDV &21,&(7 &RRU
GLQDGRUDGHO2EVHUYDWRULRGH3ROtWLFD([WHULRU$UJHQWLQDHQOD8QLYHUVLGDG1DFLR
QDOGH5RVDULR 815
7UDGXFWRUDSRUHO,QVWLWXWRGH(GXFDFLyQ6XSHULRU2OJD&RVVHWWLQL3RVWtWXORGH
OD8QLYHUVLGDG1DFLRQDOGH5RVDULR 815
/LFHQFLDGRHQ5HODFLRQHV,QWHUQDFLRQDOHVSRUOD8QLYHUVLGDG1DFLRQDOGH/D
Q~V 81/$ FRODERUDGRUGHO2EVHUYDWRULRGH3ROtWLFD([WHULRU$UJHQWLQDGHOD
8QLYHUVLGDG1DFLRQDOGH5RVDULR 815
&yGLJRGHUHIHUDWR63;/,;
KWWSG[GRLRUJVS
678',$32/,7,&
1~PHURSULPDYHUDYHUDQR±SiJ
3XEOLFDGDSRUOD)DFXOWDGGH&LHQFLD3ROtWLFD\5HODFLRQHV,QWHUQDFLRQDOHV
GHOD8QLYHUVLGDG&DWyOLFDGH&yUGRED&yUGRED5HS~EOLFD$UJHQWLQD
678',$32/,7,&
SULPDYHUDYHUDQR
5HVXPHQ
(VWHDSRUWHVHFRQFHQWUDHQDQDOL]DUFyPRORVGLVFXUVRVGH+XJR
&KiYH]HQ9HQH]XHOD\1pVWRU.LUFKQHU\&ULVWLQD)HUQiQGH]HQ$U
JHQWLQDVHHQPDUFDQGHQWURGHODLGHRORJtDGHODQXHYDL]TXLHUGDGH
$PpULFDODWLQD\HO&DULEH3DUDHOORQRVSUHJXQWDPRVSRUODVFDUDF
WHUtVWLFDVLGHROyJLFDVGHHVWDQXHYDL]TXLHUGDVREUHODEDVHGHOWUDED
MRFLPHQWDGRGHXQDLPSRUWDQWHFDQWLGDGGHDFDGpPLFRV(QGLFKR
FRQWH[WRUHFRQRFHPRVHOGHEDWHHQWUHDTXHOORVTXHHQFXHQWUDQKLORV
GHFRQWLQXLGDGHQWUHGLVWLQWDVJHVWLRQHVGHODUHJLyQDSDUWLUGHOD
LGHQWLILFDFLyQGHHVWDVFDUDFWHUtVWLFDVLGHROyJLFDVPLHQWUDVTXHRWURV
VHFRQFHQWUDQHQODVGLIHUHQFLDVGHPRGHORV\SURJUDPDV1XHVWUR
WUDEDMRSURFXUDUHFRUUHUDPERVFDPLQRVDODOX]GHXQFRUSXVGLVFXU
VLYR
$WUDYpVGHGLFKRVGLVFXUVRVVHHVWXGLDQODVHVWUXFWXUDVLGHROyJLFDV
\DVHDDTXHOODVH[SUHVDGDVGLUHFWDPHQWHSRUORVSURWDJRQLVWDVRVHDQ
VXE\DFHQWHV3DUDHOORVHVHOHFFLRQDURQXQDVHULHGHGLVFXUVRVTXH
FRQVWLWX\HQXQFRUSXVDOUHGHGRUGHFXDWURWHPDVFRQVLGHUDGRVSROtWL
FDPHQWHVLJQLILFDWLYRVVREHUDQtDHQHUJpWLFDVREHUDQtDWHUULWRULDOLQ
WHJUDFLyQHFRQyPLFD\FRRSHUDFLyQSROtWLFD
&DEHGHVWDFDUTXHHPSOHDPRVFRPRPHWRGRORJtDHODQiOLVLVLGHROy
JLFRGHOOHQJXDMH\GHOGLVFXUVRGH9DQ'LMN
3DODEUDVFODYH'LVFXUVRSROtWLFR±$UJHQWLQD±9HQH]XHOD±1XHYD
L]TXLHUGD
$EVWUDFW
7KLVFRQWULEXWLRQIRFXVHVRQDQDO\]LQJKRZWKHVSHHFKHVRI+XJR
&KiYH]LQ9HQH]XHODDQG1pVWRU.LUFKQHUDQG&ULVWLQD)HUQiQGH]LQ
$UJHQWLQDDUHIUDPHGZLWKLQWKHLGHRORJ\RIWKH³QHZ´OHIWRI/DWLQ
$PHULFDDQGWKH&DULEEHDQ7RGRWKLVZHDVNRXUVHOYHVDERXWWKH
LGHRORJLFDOFKDUDFWHULVWLFVRIWKLV³QHZ´OHIWEDVHGRQWKHFHPHQWHG
ZRUN RI DQ LPSRUWDQW QXPEHU RI DFDGHPLFV ,Q WKLV FRQWH[W ZH
UHFRJQL]H WKH GHEDWH DPRQJ WKRVH ZKR ILQG FRQWLQXLW\ WKUHDGV
EHWZHHQGLIIHUHQWHIIRUWVLQWKHUHJLRQEDVHGRQWKHLGHQWLILFDWLRQRI
WKHVHLGHRORJLFDOFKDUDFWHULVWLFVZKLOHRWKHUVIRFXVRQGLIIHUHQFHVLQ
PRGHOVDQGSURJUDPV2XUZRUNVHHNVWRWUDYHOERWKSDWKVLQWKH
OLJKWRIDGLVFXUVLYHFRUSXV
7KURXJKWKHVHGLVFRXUVHVLGHRORJLFDOVWUXFWXUHVDUHVWXGLHGHLWKHU
WKRVHH[SUHVVHGGLUHFWO\E\WKHSURWDJRQLVWVRUXQGHUO\LQJ)RUWKLVD
VHULHVRIVSHHFKHVZHUHVHOHFWHGWKDWFRQVWLWXWHDFRUSXVDURXQGIRXU
VXEMHFWV FRQVLGHUHG SROLWLFDOO\ VLJQLILFDQW HQHUJ\ VRYHUHLJQW\
WHUULWRULDO VRYHUHLJQW\ HFRQRPLF LQWHJUDWLRQ DQG SROLWLFDO
FRRSHUDWLRQ
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
,WVKRXOGEHQRWHGWKDWZHXVH9DQ'LMN¶VLGHRORJLFDODQDO\VLVRI
ODQJXDJHDQGGLVFRXUVHDVDPHWKRGRORJ\
.H\ZRUGV3ROLWLFDOVSHHFK±$UJHQWLQD±9HQH]XHOD±1HZOHIW
,QWURGXFFLyQ
7
5$6ODGHQRPLQDGDGpFDGDSHUGLGDHQ$PpULFDODWLQDHQODFXDO
FRQIOX\HURQ²DOPHQRV²GRVSURFHVRVLJXDOPHQWHPRYLOL]DGR
UHV\VLJQLILFDWLYRVODUHJLyQDGRSWyXQDQXHYDUHFHWDGHGHVD
UUROORXQLIRUPDGRU'LFKRVSURFHVRVLQYROXFUDURQSRUXQODGRHOUHVWD
EOHFLPLHQWRGHPRFUiWLFROXHJRGHXQODUJRSHUtRGRGHLQHVWDELOLGDGHV
HVSHFLDOPHQWHGDGDVSRUJROSHVGH(VWDGRSDWURFLQDGRVSRUDFWRUHVPiV
DOOiGHODVIURQWHUDVQDFLRQDOHV\SRVLELOLWDGRVSRUDFWRUHVGRPpVWLFRV
LQFOX\HQGRDODVHOLWHVSROtWLFDV7RGRHVWRHQHOFRQWH[WRGHXQDJXHUUD
LGHROyJLFD\IUtDTXHGLYLGLyDOPXQGRHQGRVGHMDQGRDOOODPDGRWHUFHU
PXQGRFRPRSUHQGDGHGLFKRSURFHVR
3RURWURODGRVHGHVHQFDGHQyODFULVLVGHODGHXGDH[WHUQDFRPRUHVXO
WDGRGHOVKRFNSHWUROHURODDIOXHQFLDGHSHWURGyODUHVDWDVDVH[WUHPDGD
PHQWHEDMDV\ODFRQVLJXLHQWHWRPDGHFUpGLWRSRUORVSDtVHVGH$PpULFD
ODWLQDTXHOXHJRGHEHUtDSDJDUVHHQFRQGLFLRQHVVHYHUDPHQWHGLVWLQWDVD
ODVDVXPLGDVHQVXVRUtJHQHV'HVGHHVWHPRPHQWRFRPRDQWHVHQOD
KLVWRULD\FRPRVXFHGLyDSULQFLSLRVGHORVLQWHQWRVSRUDGRSWDU
XQDVDOLGDGHODFULVLVTXHVXSXVLHUDXQDFRQVWUXFFLyQVROLGDULDUHJLRQDO
FRPREDVHGHQHJRFLDFLyQFRQORVDFUHHGRUHVQRIXQFLRQy
/DGpFDGDGHOQRYHQWDFRQVWLWX\yHQWRQFHVXQQXHYRLQWHQWRSRUDE
VRUEHU XQPRGHOR IRUPDGR PiVDOOiGHORV FRQILQHV UHJLRQDOHVTXH
(VWDFRQWULEXFLyQVHUHDOL]DHQHOVHQRGHOJUXSRGHWUDEDMRGHO2EVHUYDWRULRGH
3ROtWLFD([WHULRU$UJHQWLQD 23($ HVSDFLRDFDGpPLFRGHOD(VFXHODGH5HODFLRQHV
,QWHUQDFLRQDOHVGHOD)DFXOWDGGH&LHQFLD3ROtWLFD\5HODFLRQHV,QWHUQDFLRQDOHVGHOD
8QLYHUVLGDG1DFLRQDOGH5RVDULR(O23($LQWHJUDXQDUHGGHREVHUYDWRULRVGH
$PpULFDGHO6XU23([FRQJUXSRVGHHVWXGLRGHGLVWLQWDVXQLYHUVLGDGHVGH%UDVLO
9HQH]XHOD\8UXJXD\(O23($UHDOL]DGHPRGRVHPDQDOXQVHJXLPLHQWRGHODVQR
WLFLDVGHSROtWLFDH[WHULRUDUJHQWLQDTXHVHSXEOLFDQHQSHULyGLFRVQDFLRQDOHV\HQHO
%ROHWtQ GHO 0LQLVWHULR GH 5HODFLRQHV ([WHULRUHV ,QIRUPHV GLVSRQLEOHV HQ
ZZZRSHDUJHQWLQDRUJ
Ö
678',$32/,7,&
SULPDYHUDYHUDQR
LPSOLFyXQD FRQVWUXFFLyQ SROtWLFRLGHROyJLFDTXHDFWXDOL]y HOGHEDWH
(VWDGRPHUFDGR(VDVtTXHVHLGHQWLILFyDOSULPHURFRPRHOUHVSRQVD
EOHGHODVGHVYHQWXUDVSROtWLFDVHFRQyPLFDV\VRFLDOHVGHORV~OWLPRV
WLHPSRV\VHDERJySRUXQDQXHYDUHFHWDQHROLEHUDOEDVDGDHQHOPHU
FDGRFRPRUHJXODGRUQDWXUDOGHODDFWLYLGDGHFRQyPLFD'HHVWHPRGR
QRVRORVHDGRSWyXQPRGHORGHGHVDUUROORHFRQyPLFRVLQRTXHVHGLR
SDVRDXQSUR\HFWRSROtWLFRFRQDSR\RGHODVHOLWHVQDFLRQDOHV'LFKDV
HOLWHVGHGLIHUHQWHVPRGRVPiVRPHQRVSURIXQGRVDFRJLHURQXQDYL
VLyQ GHOPXQGRTXH VXSRQtDHO GHVPDQWHODPLHQWRGHODVFDSDFLGDGHV
GHO(VWDGR\ODH[WUDSRODFLyQGHVXSRGHUDORVDFWRUHVSULYDGRV(VWRV
~OWLPRVHQPD\RUPHGLGDHUDQHPSUHVDVWUDQVQDFLRQDOHVTXHDGTXL
ULHURQUHOHYDQFLD HQ ORVFRQWH[WRV SROtWLFRVGRPpVWLFRVSURGXFWR GHO
LQFUHPHQWRGHODLQYHUVLyQH[WUDQMHUDGLUHFWDHQODUHJLyQFRPRUHVXO
WDGRGHODJHQHUDFLyQGHFRQGLFLRQHVSURSLFLDVSDUDVXDFWXDFLyQFRPR
ODHVWDELOLGDGILVFDOQRUPDVEHQpYRODVHQWpUPLQRVILQDQFLHURV\DP
ELHQWDOPHQWHOD[DV
&RPRWRGRFLFORHOQHROLEHUDOLVPRWRFyIRQGRFRQODVFULVLVGHVDWDGDVD
ILQHVGHVLJOR;;\FX\DVKXHOODVGHSHQGLHURQGHODSURIXQGLGDGFRQOD
FXDOVHDGRSWyODUHFHWD$TXHOORVSDtVHVFX\DVSROtWLFDVS~EOLFDVUHSUR
GXMHURQHOPRGHOR\ORLQWHUQDOL]DURQPiVUDXGDPHQWHSUHVHUYDQGRHOH
PHQWRVGHFRQWLQXLGDGFRQVXWUDGLFLyQFXOWXUDOHLGHQWLGDGSROtWLFR
HFRQyPLFD SXGLHURQ VRUWHDU OD FULVLV FRQ PHQRUHV FRVWRV VRFLDOHV
0LHQWUDVTXHRWURVH[SHULPHQWDURQXQDFULVLVPXOWLGLPHQVLRQDOTXH
KL]RHFORVLRQDUWRGDPDOODGHFRQWHQFLyQLQVWLWXLGDWHQGLHQWHDSUHVHUYDU
DODVRFLHGDG\UHKDELOLWDQGRORVIDQWDVPDVGHODUJRDUUDLJRUHJLRQDO
FRPRODSREUH]D\ODGHVLJXDOGDG 0DUWtQH]5DQJHO 2FDPSR
*DUPHQGLD 6RWR
(OGHQRPLQDGRJLURDODL]TXLHUGDRODQXHYDL]TXLHUGDGH$PpULFDOD
WLQDFRLQFLGHWHPSRUDOPHQWHFRQODILQDOL]DFLyQGHOPRGHORQHROLEHUDO
\ODVFULVLVGHVFULWDVFRPRSXQWRFXOPLQHGHXQSURFHVRDSDUHQWHPHQWH
VLQUHWRUQR(QHVWHFRQWH[WR\WDOFRPRDILUPD&LYLGDQHV HO
DYDQFHGHODL]TXLHUGDVHOLJyHVWUHFKDPHQWHFRQODVOXFKDVFRQWUDKH
JHPyQLFDVHQXQVHQWLGRJUDPVFLDQR/DL]TXLHUGDDSURYHFKyODRSRU
WXQLGDGGHFRQVWUXLUSRGHUVREUHODEDVHGHXQDPLUDGDSURSLDDVHQWiQ
(VWDDILUPDFLyQGHYLHQHGHOPRPHQWRHQHOFXDOVHHVFULEHQHVWDVSiJLQDVHQHO
TXHHOQXHYRJLURDODGHUHFKDHQODUHJLyQ
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
GRVH HQODFUtWLFDKDFLDHOPRGHORQHROLEHUDO\VXVFRQVHFXHQFLDVVR
FLRHFRQyPLFDV H LQVWLWXFLRQDOHV 3DUDPLR &RURQLO =R
YDWWR $OHJUH $UGLWL 4XLURJD *XG\QDV
&RPRWRGRSUR\HFWRSROtWLFRHOGHODVL]TXLHUGDVVXGDPHULFDQDVWDP
ELpQ FRQOOHYyODFRQVWUXFFLyQGHSXQWRVQRGDOHV &LYLGDQHV
FRPRSXQWRVSULYLOHJLDGRVGHOGLVFXUVROLJDGRVDXQDFDGHQDGHVLJQLIL
FDQWHVHQXQFRQWH[WR(QWDOVHQWLGRODSROtWLFDSUHVHQWDXQUROGLVWLQWL
YRHQHOGLVFXUVR\OHQJXDMHHQODPHGLGDTXHLQIOX\HHQODVVLJQLILFD
FLRQHVGHORVHQXQFLDGRV
(VWRVSXQWRVQRGDOHVVHYLQFXODQDXQDLGHRORJtDFRPRRSLQLRQHVJH
QHUDOHV RUJDQL]DGDV DFHUFD GH WHPDV VRFLDOHV UHOHYDQWHV (DJO\
&KDLNHQ9DQ'LMN 'HHVWHPRGRORVJUXSRVTXHFRPSR
QHQXQDVRFLHGDGVHOHFFLRQDQRFRQVWUX\HQ XQUHSHUWRULRGHQRUPDV\
YDORUHVVRFLDOHVFRLQFLGHQWHFRQXQDFXOWXUD\FRQVXVSURSLRV ILQHVH
LQWHUHVHV\DVtFRQVWUX\HQXQD LGHRORJtDTXHHVDItQDOUHSHUWRULR H[
SXHVWR
'DGRTXHODLGHRORJtDVXSRQHXQDFRQVWUXFFLyQLGHQWLWDULDTXHGHYLHQH
GHXQSURFHVRGHFRQRFLPLHQWR\UHFRQRFLPLHQWRHQORVYDORUHVLQWHUH
VHV\ILQHVGHVXVPLHPEURVHQODVUHODFLRQHVDOLQWHULRUGHOJUXSR\HQ
WUHRWURVJUXSRVHVGLFKDLGHRORJtDTXHVHSRQHHQMXHJRHQODVUHODFLR
QHVGHSRGHUJHQHUDQGR²HQDOJXQRVFDVRV²HVWUXFWXUDVSRODUL]DGDV
(QSDODEUDVGH9DQ'LMN ODVLGHRORJtDVVRQLQKHUHQWHVDORVJUX
SRVVRFLDOHVORTXHORVOOHYDDFRQVWUXLUXQHOORV\QRVRWURVIXQFLRQDOD
VXVLQWHUHVHV(QDOJXQRVFDVRVHVWDGLVWLQFLyQSXHGHOOHJDUDFRQYHUWLU
VHHQXQDDXWRUUHSUHVHQWDFLyQSRVLWLYDIUHQWHDXQDSUHVHQWDFLyQGHORWUR
GHPRGRQHJDWLYRRSH\RUDWLYR
(VWH DSRUWH VH FRQFHQWUD HQ DQDOL]DU FyPR ORV GLVFXUVRV GH +XJR
&KiYH]HQ9HQH]XHOD\1pVWRU.LUFKQHU\&ULVWLQD)HUQiQGH]HQ$UJHQ
WLQDVHHQPDUFDQGHQWURGHODLGHRORJtDGHODQXHYDL]TXLHUGDGH$PpUL
FDODWLQD\HO&DULEH3DUDHOORQRVSUHJXQWDPRVSRUODVFDUDFWHUtVWLFDV
LGHROyJLFDVGHHVWDQXHYDL]TXLHUGDVREUHODEDVHGHOWUDEDMRFLPHQWDGR
GHXQDLPSRUWDQWHFDQWLGDGGHDFDGpPLFRV(QGLFKRFRQWH[WRUHFRQR
3DUD9$1',-. ORVJUXSRVVHOHFFLRQDQQRVRWURVFUHHPRVTXHORVJUXSRV
FRPRDFWRUHVFRQVWUX\HQGLFKRVYDORUHVFRPRDVSHFWRVLGHQWLWDULRV
678',$32/,7,&
SULPDYHUDYHUDQR
FHPRVHOGHEDWHHQWUHDTXHOORVTXHHQFXHQWUDQKLORVGHFRQWLQXLGDGHQ
WUHGLVWLQWDVJHVWLRQHVGHODUHJLyQDSDUWLUGHODLGHQWLILFDFLyQGHHVWDV
FDUDFWHUtVWLFDVLGHROyJLFDVPLHQWUDVTXHRWURVVHFRQFHQWUDQHQODVGLIH
UHQFLDVGHPRGHORV\SURJUDPDV1XHVWURWUDEDMRSURFXUDUHFRUUHUDP
ERVFDPLQRVDODOX]GHXQFRUSXVGLVFXUVLYR
$WUDYpVGHGLFKRVGLVFXUVRVVHHVWXGLDQODVHVWUXFWXUDVLGHROyJLFDV\D
VHDDTXHOODVH[SUHVDGDVGLUHFWDPHQWHSRUORVSURWDJRQLVWDVRVHDQVXE
\DFHQWHV3DUDHOORVHVHOHFFLRQDURQXQDVHULHGHGLVFXUVRVTXHFRQVWLWX
\HQXQFRUSXVDOUHGHGRUGHFXDWURWHPDVFRQVLGHUDGRVSROtWLFDPHQWH
VLJQLILFDWLYRVFRQORVSRVWXODGRVGHODQXHYDL]TXLHUGDHQODUHJLyQ'L
FKRVWHPDVVRQODVREHUDQtDHQHUJpWLFD\SDUWLFXODUPHQWHHOUROGHORV
KLGURFDUEXURVODVREHUDQtDWHUULWRULDOOLJDGDDOD&XHVWLyQ0DOYLQDVHQ
HOFDVRDUJHQWLQR\DORVGLIHUHQGRVFRQSDtVHVOLPtWURIHVSDUDHOFDVR
YHQH]RODQRODLQWHJUDFLyQHFRQyPLFDHQORUHODWLYRDODILUPDGHWUDWD
GRVGHOLEUHFRPHUFLR\KDFLHQGRHVSHFLDOpQIDVLVHQHOSUR\HFWRGHO
$/&$\HQHO0HUFRVXU\ILQDOPHQWHODFRRSHUDFLyQSROtWLFDHQSURFH
VRVFRPR81$685\VXDERUGDMHGHFULVLVRTXHEUDQWDPLHQWRVGHPR
FUiWLFRVHQODUHJLyQ
&DEHGHVWDFDUTXHHPSOHDPRVFRPRPHWRGRORJtDHODQiOLVLVLGHROyJLFR
GHOOHQJXDMH\GHOGLVFXUVRGH9DQ'LMN (VWDVHFRQVWLWX\HFRPR
XQDSRVWXUDFUtWLFDTXHVXSRQHODSRVLELOLGDGGHGHVFXEULU\H[SRQHUODV
LGHRORJtDVDWUDYpVGHXQDOHFWXUDPLQXFLRVDGHXQHVFULWRRXQGLVFXUVR
RUDOPHGLDQWHHODQiOLVLVVLVWHPiWLFRVLHPSUH\FXDQGRORVXVXDULRVPD
QLILHVWHQH[SOtFLWDRLPSOtFLWDPHQWHGLFKDVLGHRORJtDVSRUPHGLRGHOOHQ
JXDMHRGHRWURVPRGRVGHFRPXQLFDFLyQ(ODQiOLVLVVHUHDOL]yDWUDYpV
GHODPLUDGDGLFRWyPLFDTXHRIUHFHHOLQJURXS\HORXWJURXSHQODSHUV
SHFWLYDGH9DQ'LMNTXHVXSRQHHQHOSULPHUFDVRXQDFRQVWUXFFLyQ
GLVFXUVLYDGHXQJUXSRGHSHUVRQDVFRQXQDLGHQWLGDGHLQWHUHVHVFRP
SDUWLGRVTXHORVXQHQFRQIRUPDQGRXQQRVRWURVLQFOXVLYR$OPLVPR
WLHPSRHORXWJURXSLQYROXFUDXQDH[FOXVLyQGHOLQJURXSSRURSRVLFLyQ
DOFRQMXQWRGHLQWHUHVHV\DOHMDPLHQWRHQWpUPLQRVGHLGHQWLGDGFRQV
WUXLGD
3RUHQGHVHSURSRQHGHVQXGDUODVUHODFLRQHVHQWUHHVWUXFWXUDGLVFXUVLYD
\HVWUXFWXUDLGHROyJLFDHQXQFRUSXVGHGLHFLVpLVGLVFXUVRVSUHVLGHQFLD
OHVTXHFRUUHVSRQGHQHQSRUFLRQHVLJXDOHVDOFKDYLVPR\DONLUFKQHULV
PRYLVWRVFRPRXQWRGRPiVDOOiGHTXHHONLUFKQHULVPRHVWpLQWHJUDGR
SRUGRVSUHVLGHQWHV
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
(VWRVGLVFXUVRVFRQVWLWX\HQXQFRUSXVTXHIXHDQDOL]DGRDODOX]GHORV
VLJXLHQWHVLQGLFDGRUHV ODIUHFXHQFLDGH SDODEUDV FRPRVLJQLILFDQWHV
DVt FRPR SRVWHULRUPHQWH ODUHFXUUHQFLD GH VHULHVOp[LFDVUHOHYDQWHV
SRU HMHPSOR PLOLWDUHVVROGDGRVEpOLFR \JXHUUD \ VX HQWUHFUX]D
PLHQWRUHIOHMDGRHQODFRDSDULFLyQGHVXVFRPSRQHQWHV$VLPLVPRKH
PRVSURFXUDGRLGHQWLILFDUVLJQRVSRVLWLYRVRQHJDWLYRVDVRFLDGRVDHV
WDVFRRFXUUHQFLDVPHGLDQWH XQDQiOLVLVGHOFRQWH[WRLQPHGLDWR GH OD
IUDVHDVtFRPRGHOFRQWH[WRJHQHUDOGHOGLVFXUVRSROtWLFR'HOPLVPR
PRGRVHSURFXUyHVWXGLDUVLHOOp[LFRYLQFXODGRFRQHVWDVVHULHVDWUD
YLHVDWHPDVGLIHUHQWHVHQSDUWLFXODUORVWHPDVVHOHFFLRQDGRV(VWRV
HOHPHQWRVVRQSXHVWRVHQMXHJRDSDUWLUGHODFRPSDUDFLyQGHORVFD
VRV\ODE~VTXHGDGHFUXFHVHQWUHORVWHPDVFRPRYLQFXODFLyQGHFXHV
WLRQHV
/DHVWUXFWXUD GHOWUDEDMRHVWiGDGDSRU XQDSULPHUDVHFFLyQTXHSUR
IXQGL]DHOGLiORJRWHyULFRHQHOFRQWH[WRGHODGLVFXVLyQVREUHLGHROR
JtDVHLGHQWLGDGHVSROtWLFDVHQODUHJLyQGH$PpULFDODWLQD\HQSDUWL
FXODUGH6XGDPpULFD/XHJRVHFRQWH[WXDOL]DQORVFDVRVEDMRHVWXGLR
(QXQWHUFHUDSDUWDGRVHHVSHFLILFDQORVFULWHULRVWHPiWLFRVSDUDODVH
OHFFLyQGHOFRUSXVGLVFXUVLYR)LQDOPHQWHHQODFXDUWD\TXLQWDSDUWH
VHSUHVHQWDQORVUHVXOWDGRVDVRFLDGRVDORVWHPDVGHVREHUDQtDWHUULWR
ULDO\HQHUJpWLFDSDUDSRVWHULRUPHQWHDERUGDUODLQWHJUDFLyQHFRQyPL
FD\ODFRRSHUDFLyQSROtWLFD
$OJXQRVDVSHFWRVWHyULFRVUHODWLYRVDODVLGHRORJtDV
SROtWLFDV\ODVUHSUHVHQWDFLRQHVVRFLDOHVGHOFKDYLVPR\
HONLUFKQHULVPR
/RVGHEDWHVVREUHOD QXHYD L]TXLHUGDHQ$PpULFDODWLQDDOXGLHQGRDO
SURFHVRSROtWLFRDELHUWRDLQLFLRVGHOVLJOR;;,HQGLYHUVRVSDtVHVGHOD
UHJLyQGRQGHJRELHUQRVGHQRPLQDGRVSURJUHVLVWDVDVXPLHURQOD3UHVL
GHQFLDGHVXVSDtVHVWUDVSURFHVRVGHPRFUiWLFRVVRQH[WHQVRVHQODOLWH
UDWXUD
/DJUDQPD\RUtDGHORVDXWRUHVFRLQFLGHQHQODDOWDFRPSOHMLGDGGHHVWH
PRYLPLHQWRDORTXHVHDJUHJDODKHWHURJHQHLGDGDODOX]GHODVH[SH
ULHQFLDVGH+XJR&KiYH] /XODGD6LOYD 1pVWRU.LUFKQHU
7DEDUp9i]TXH] (YR0RUDOHV 0LFKHOOH%DFKHOHW
678',$32/,7,&
SULPDYHUDYHUDQR
'DQLHO2UWHJD 5DIDHO&RUUHD \&ULVWLQD)HUQiQ
GH]
0LHQWUDVXQDSDUWHGHORVDFDGpPLFRVFRPSUHQGHQTXHODVH[SHULHQFLDV
GH%UDVLO&KLOH\8UXJXD\VRQUDGLFDOPHQWHGLVWLQWDVDODVGH9HQH]XH
OD%ROLYLD\(FXDGRURWURVFRQVLGHUDQTXHVRQPiVORVDVSHFWRVHQFR
P~QTXHORVTXHORVGLVWDQFLDQ$VXYH]ODVLWXDFLyQGH$UJHQWLQDVH
FRQVLGHUDWDQWRXQPRGHORKtEULGRFRPRSURSLRGHOVHJXQGRFRQMXQWR
$TXHOORVTXHDSXHVWDQSRUODVGLIHUHQFLDVHQWUHDPERVPRGHORVKDFHQ
KLQFDSLpHQTXHORVSULPHURVUHSUHVHQWDURQDXQDL]TXLHUGDUDFLRQDO\
JUDGXDOLVWDVLHQGRTXHORVVHJXQGRVHQFDUQDURQDOSRSXOLVPRODWLQR
DPHULFDQRFRQUDt]EROLYDULDQD 3HWNRII3DUDPLR0DOD
PXG
/RVDXWRUHVTXHSURFXUDQWUD]DUSXHQWHVHQWUHODVH[SHULHQFLDVDVXPHQ
TXHVLELHQSXHGHWUDWDUVHGHGRVPRGHORVH[LVWHXQWHUUHQRFRP~QGH
RSRVLFLyQDOPRGHORQHROLEHUDO 5DPtUH]*DOOHJR0RUHLUD
1DWDQVRQ 'LFKRHQFXHQWURWUDQVFXUUHHQODLGHQWLILFDFLyQGHDO
JXQDVGHODVSULQFLSDOHVFDUDFWHUtVWLFDVGHODQXHYDL]TXLHUGDODWLQRDPH
ULFDQD(VWDVFRLQFLGHQFRQODDGVFULSFLyQDLGHDV\SURJUDPDVGHQRPL
QDGRV GH L]TXLHUGD \ SURJUHVLVWDV ODV IyUPXODV GH GHVDUUROOR
DOWHUQDWLYDVDOPRGHORQHROLEHUDOORVSURJUDPDVDVRFLDGRVDVHFWRUHV
PiVYXOQHUDEOHVDVXPLHQGRODUHSUHVHQWDFLyQGHVXMHWRVVRFLDOHVPDUJL
QDGRV(QHVWHVHQWLGRHYLGHQFLD0RUHLUD TXHGLFKDUHSUHVHQWD
FLyQGHVXMHWRVQRVRORUHVSRQGHDODPDUJLQDOL]DFLyQGHODGHUHFKD
VLQRGHODL]TXLHUGDWUDGLFLRQDO'HHVWHPRGRVHFRORFDHQHOFHQWURGH
ODHVFHQDDLQGtJHQDV\JUXSRVRULJLQDULRVDPELHQWDOLVWDVIHPLQLVWDV
WDQWRFRPRJUXSRVXUEDQRV'HOPLVPRPRGRODLGHRORJtDGHODQXHYD
L]TXLHUGDSDUHFLHUDFRLQFLGLUHQWpUPLQRVJHQHUDOHVFRQODSURSXHVWDGH
XQ(VWDGRDFWLYRIUHQWHDOPHUFDGRDVtFRPRXQDFUtWLFDDOUROGH(VWD
GRV8QLGRVHQHOHVFHQDULRLQWHUQDFLRQDOMXQWRFRQODVRUJDQL]DFLRQHV
LQWHUQDFLRQDOHV\ODUHOHYDQFLDGHVXUHIRUPD'HOPLVPRPRGRDSXHV
WDQSRUODGHIHQVDGHODFRRSHUDFLyQUHJLRQDOFRPRHOHVSDFLRPiVSUR
SLFLRSDUDODVROXFLyQGHFRQWURYHUVLDV 0RUHLUD
7DOHVJRELHUQRVKDQGHVDUUROODGRVXVSRVWXODGRVEDVDGRVHQODVH[SH
ULHQFLDVGHODL]TXLHUGDODWLQRDPHULFDQDGHGpFDGDVSUHYLDVFRPSUHQ
/DVIHFKDVFRUUHVSRQGHQDVXDUULERDOJRELHUQR
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
GLHQGRODLPSRUWDQFLDGHDGHFXDUVHDODVGLQiPLFDVGHODJOREDOL]DFLyQ
FDSLWDOLVWDORTXHQRTXLWDVXFXHVWLRQDPLHQWRHQDOJXQRVFDVRV
1DWDQVRQ OXHJRGHPRVWUDUODVGLIHUHQFLDVHQWUHODVGLVWLQWDVH[
SHULHQFLDVODWLQRDPHULFDQDVGHOSHUtRGRDJUHJDDORVSXQWRVFRPXQHVHO
UHWRUQRGHORVSURJUDPDVHFRQyPLFRVKHWHURGR[RVODSUHRFXSDFLyQSRU
UHGXFLUORVQLYHOHVGHSREUH]D\GHVLJXDOGDG\ODYROXQWDGGLVFXUVLYDGH
DYDQ]DUHQODLQWHJUDFLyQUHJLRQDOHQGLYHUVRVQLYHOHV
(QHVWHSURFHVRGHLGHQWLILFDUODVFDUDFWHUtVWLFDVGHODLGHRORJtDSURSLD
GHODQXHYDL]TXLHUGDODWLQRDPHULFDQDQRSDVDGHVDSHUFLELGRHOKHFKR
GHTXHH[LVWHQSURIXQGDVGLIHUHQFLDVHQODVSURSXHVWDV\HQORVGLVFXU
VRV GHORV OtGHUHVGHOD UHJLyQ (VWDVGLIHUHQFLDVLQFOX\HQDQWDJRQLV
PRV FRPR HO ³SDQODWLQRDPHULFDQLVPRPLOLWDU´GH &KiYH] 0RUHLUD
IUHQWH D ODUHSUHVHQWDFLyQQHJDWLYDTXH WLHQH HQ$UJHQWLQD HO
DSDUDWRPLOLWDUFRPRSURGXFWRGHODVH[SHULHQFLDVGHJROSHGH(VWDGR
HQFDEH]DGDVSRUODV)XHU]DV$UPDGDVDORODUJRGHOVLJOR;;1RVROR
HVWRVLQRODVGLVWLQWDVPLUDGDVDFHUFDGHODUHODFLyQ(VWDGRPHUFDGR
GRQGHPXFKRVDXWRUHVXELFDQD%UDVLO&KLOH\8UXJXD\FRQXQDySWL
FDPiVSURPHUFDGRIUHQWHDODVRSFLRQHVEROLYDULDQDV 3DQQL]D
/R]DQR
$VLPLVPRHVLQVRVOD\DEOHTXHHOFRQFHSWRGHLGHRORJtDKDVLGRREMHWR
GHH[WHQVRVGHEDWHVGHVGHODILORVRItDSROtWLFDLQFOX\HQGRD/RFNHSD
VDQGRSRU0DU[\VXVVHJXLGRUHVFRPR/XNDFV$OWKXVVHU*UDPVFL\
$GRUQRKDVWDDSRUWHVPiVUHFLHQWHVFRPRORVGH0DQKHLP\9DQ'LFN
HQWUHRWURV 0RUHQR
9DQ'LMN GHILQHDODLGHRORJtDFRPRXQVLVWHPDGHLGHDV\FUHHQ
FLDVTXHUHILHUHQDXQJUXSRVRFLDO\DVXVLQWHUHVHV(QHOSHQVDPLHQWR
GHODXWRUODVLGHRORJtDVVRQVRFLDOHVRFRPSDUWLGDVUHILHUHQDKHFKRV
JHQHUDOHV\QRHVSHFtILFRV\VRQJUXSDOHV\QRFXOWXUDOHV7DPELpQODV
GHILQHFRPRVLVWHPDVEiVLFRVGHFRJQLFLyQVRFLDOFRPRHOHPHQWRVRU
JDQL]DGRUHVGHDFWLWXGHV\RWURVWLSRVGHUHSUHVHQWDFLRQHVVRFLDOHVFRP
SDUWLGDVSRUPLHPEURVGHXQJUXSR 9DQ'LMN /RFXDOOOHYDD
HYLGHQFLDUTXHODVLGHRORJtDVQRVRQYHUGDGHUDVQLIDOVDV
6LQHPEDUJRDILUPD0RUHQR
ODSHUVSHFWLYDTXHSURSRQH9DQ'LMNSHUPLWHSHQVDUDODLGHRORJtD
SROtWLFDFRPRHOVLVWHPDGHFUHHQFLDVJUXSDOHV\JHQHUDOHVTXHFRQVWL
WX\HODEDVHD[LRPiWLFDGHODVLGHQWLGDGHVSROtWLFDVRUJDQL]DFLRQDOHV
678',$32/,7,&
SULPDYHUDYHUDQR
(QHVWHVHQWLGRODVLGHQWLGDGHVSROtWLFDVRUJDQL]DFLRQDOHVFRQVWLWX\HQ
VLVWHPDVGHFUHHQFLDVJUXSDOHVTXH\DQRVRQJHQHUDOHVDEVWUDFWRV
VLQRUHIHULGRVDHOHPHQWRVFRQFUHWRV\GHWHUPLQDGRVSRUORTXHVH
YHQLQWHUSHODGDVGHXQPRGRGLUHFWR\FRQVWDQWHSRUODFR\XQWXUD\HO
FRQWH[WRHQHOTXHDFW~DQ/DLQWHUDFFLyQHQWUHODEDVHD[LRPiWLFD\
ORVSRVLFLRQDPLHQWRVFRQFUHWRVHVORTXHSRGHPRVOODPDUGHILQLFLR
QHVSROtWLFRLGHROyJLFDVTXHLQFOX\HQVLVWHPDVGHFUHHQFLDVGHGLIH
UHQWHVQLYHOHVGHDEVWUDFFLyQ
$VXYH]HVDEDVHD[LRPiWLFDFRPSDUWLGDSHUPLWHFRQVWUXLUXQOHQJXDMH
FRP~Q(QWDOVHQWLGRFRPSUHQGHPRVTXHPiVDOOiGHODVSURIXQGDVGL
IHUHQFLDVHQWUHORVOtGHUHVDQDOL]DGRVVXVFRQWH[WRV\VXVSURJUDPDV
SURSXHVWRVH[LVWHQOtQHDVFRPXQHVTXHSXHGHQUDVWUHDUVHHQORVGLVFXU
VRVDWUDYpVGHODIUHFXHQFLDGHDSDULFLyQGHSDODEUDV\ODVDVRFLDFLRQHV
Op[LFDV
&RLQFLGHQ9DQ'LMN\&LYLGDQHVHQTXHODVLGHRORJtDVJHQHUDQUHSUHVHQ
WDFLRQHVVRFLDOHV FDOLILFDGDVSRUHOVHJXQGRDXWRUFRPR³FXDOTXLHU
HQXQFLDGRTXHFRPSRUWDXQDFUHHQFLDTXHVLUYHGHSULQFLSLRJHQHUDGRU
GHWRPDGHSRVLFLyQHQORVSURFHVRVVLPEyOLFRV´ &LYLGDQHV
(VWDVUHSUHVHQWDFLRQHVVRFLDOHVVRQHOUHVXOWDGRGHODPDOJDPDPLHQWR
HQWUHODVFUHHQFLDV\FRJQLFLRQHVLQGLYLGXDOHV\ODVGHOJUXSR(VWDGLV
WDQFLDSXHGHDFRUWDUVHHQODILJXUDGHXQOtGHUTXHSRUVXVFDUDFWHUtVWL
FDVHVSHFtILFDVSXHGHDXQDUHQVXSHUVRQDFRJQLFLRQHVTXHUHVXOWHQUL
YDOHVHQXQPLVPRJUXSR'HVGHORVWLSRVGHOLGHUD]JRVZHEHULDQRV
KDVWDODDFWXDOLGDGVHKDQEXVFDGRGLVWLQWRVPRGRVGHDQDOL]DUORVPR
WLYRVSRUORVFXDOHVFLHUWRV OtGHUHVDOFDQ]DQSUHGRPLQLR JHQHUDQGR
FDPELRVVLJQLILFDWLYRVHQODHVWUXFWXUDLGHROyJLFDGHXQJUXSR\SRU
HQGHFUHDQGRSXQWRVQRGDOHV
'DGRTXHODLGHRORJtDHVXQPRGRGHOHJLWLPDU\GHFRQVWUXLUSRGHU
9DQ'LMN FRPSUHQGHPRVTXHODVHVWUXFWXUDVGLVFXUVLYDVGHODV
LQWHUYHQFLRQHVGHOtGHUHVUHJLRQDOHVTXHUHVSRQGHQDODQXHYDL]TXLHUGD
LQYROXFUDQHVWUXFWXUDVLGHROyJLFDVDGHVHQWUDxDU
(VWRVOtGHUHVSROtWLFRVVRQSUHVLGHQWHVHQWDQWRPi[LPRVUHSUHVHQWDQWHV
GHODYR]GHVXSXHEORHQFDUQDQGRODVREHUDQtDSRSXODU\ODGHPRFUD
FLDSODVPDGDHQHOHFFLRQHVOLEUHVHVSHFLDOPHQWHHQHOFRQWH[WRGHORV
P~OWLSOHVTXHEUDQWDPLHQWRVGHPRFUiWLFRVVXFHGLGRVHQODUHJLyQGXUDQ
WHHOVLJOR;;
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
&RQWH[WXDOL]DFLyQGHORVFDVRV
/RVSUHVLGHQWHVVHOHFFLRQDGRVHQHVWDFRQWULEXFLyQ+XJR&KiYH]1pV
WRU.LUFKQHU\&ULVWLQD)HUQiQGH]DUULEDURQDOSRGHUHQSURFHVRVHOHF
WRUDOHVOLEUHVHQXQFRQWH[WRGHPRFUiWLFR1RREVWDQWHHVLQQHJDEOH
TXHODILJXUDGHOSULPHURHVDVRFLDGDDOPRYLPLHQWRGHRILFLDOHVTXHHQ
VHVXEOHYyFRQWUDHOJRELHUQRLQVWLWXLGRHQ9HQH]XHODORTXHOH
YDOLyGRVDxRVGHSULVLyQ
$UJHQWLQD\9HQH]XHODFRQVWLWX\HQHMHPSORVGHPRYLPLHQWRVSROtWLFRV
DQFODGRVHQYDORUHVHLGHRORJtDVFRQWUDKHJHPyQLFDVHQHOVHQWLGRGHO
IXHUWHDUUDLJRGHOGLVFXUVRHVSHFLDOPHQWHDQWL\DQTXLVWDPHGLDQWHXQD
FRQVWUXFFLyQLGHQWLWDULDVXE\DFHQWH4XL]iVVHDPXFKRPiVDVtHQHO
FDVRGH$UJHQWLQDFX\RUHFKD]RDO³LPSHULDOLVPR´QRUWHDPHULFDQRVH
H[SUHVyGHVGHHOSDQDPHULFDQLVPRGHILQHVGHOVLJOR;,; 3XLJ
)HUUDUL%XHQR
7UDVSDVDGRXQSHUtRGRGHIXHUWHKHUPDQDPLHQWRFRQORVYDORUHVHLGHR
ORJtDVQHROLEHUDOHVDVRFLDGDVDODVUHFHWDVGHO&RQVHQVRGH:DVKLQJWRQ
GRVGHORVOtGHUHVUHJLRQDOHVPiVFRQWHVWDWDULRVDOPHQRVHQWpUPLQRV
GLVFXUVLYRVVHDORMDURQHQORVSDtVHVEDMRHVWXGLR+XJR&KiYH]\1pV
WRU.LUFKQHU
6XVGLVFXUVRVGHQRWDQODE~VTXHGDGHODHPDQFLSDFLyQSROtWLFDDWUDYpV
GHPRGHORVHFRQyPLFRVTXHILQDOPHQWHSUHVHQWDQXQFDUiFWHUH[WUDFWL
YLVWDRQHRH[WUDFWLYLVWD *XG\QDV 1RREVWDQWHHVWRVGLVFXUVRV
FRQWLHQHQXQFRQMXQWRGHVLJQLILFDQWHVDQFODGRVHQODFRQVWUXFFLyQGH
PRGHORVGHVGHVXVSDtVHV\SDUDVXVVRFLHGDGHVFRPRDQWtGRWRDUHFHWDV
IRUiQHDVKDOODGDVFXOSDEOHVGHXQDFULVLVVLQSUHFHGHQWHVGHODFXDOVH
DEURJDQHOGHVLJQLRGHKDEHUVDOLGR
(ONLUFKQHULVPR\HOEROLYDULDQLVPRVRQPRYLPLHQWRVQDFLGRVDODOX]
GHFRQVLJQDV\SURFHVRVKLVWyULFRVWDQVLPLODUHVFRPRGLVtPLOHV(ONLU
FKQHULVPRLQWHJUD\HQFDUQDHOUHSXGLRDODFODVHPLOLWDUTXHSURSLFLy
ORVTXHEUDQWDPLHQWRVGHPRFUiWLFRVGHJUDQSDUWHGHOVLJOR;;HQOD$U
JHQWLQD\TXHVHFXHVWUyWRUWXUy\PDWyDSHUVRQDVHQVX~OWLPD
LQFXUVLyQGHD(OEROLYDULDQLVPRVHJHVWyVREUHEDVHVPLOLWD
UHV\IXHUHVSRQVDEOHGHOJROSHSROtWLFRPLOLWDUGH
3RURWUDSDUWHODOOHJDGDDOJRELHUQRWDPELpQVHSURGXMRHQFRQGLFLRQHV
GLVWLQWDVORTXHPDUFDXQDGLIHUHQFLDHQVXVOHJLWLPLGDGHVGHRULJHQ
678',$32/,7,&
SULPDYHUDYHUDQR
&KiYH]DOFDQ]yODSRVLFLyQSUHVLGHQFLDOHQXQSURFHVRHOHFWRUDOGRQGH
REWXYRHO GHORVYRWRVHQ\1pVWRU.LUFKQHURFXSyHOVLOOyQ
SUHVLGHQFLDOFRQXQ GHORVYRWRVREWHQLGRVHQORVFRPLFLRVGH
GRQGHKDEtDUHVXOWDGRVHJXQGROXHJRGHOH[SUHVLGHQWH&DUORV0H
QHPTXLHQREWXYRXQ (VWRVXSXVRTXH.LUFKQHUVHYLHUDHQOD
QHFHVLGDGGH FRQVWUXLUSRGHUPHGLDQWH OD OHJLWLPDFLyQ VRFLDO GH XQ
PRGRPiVSURJUHVLYR\HQXQFRQWH[WRLQWHUQRGHVIDYRUDEOHFRPRSUR
GXFWRGHODFULVLVTXHD~QSUHYDOHFtDHQHOSDtV
$VXYH]SXHGHQUDVWUHDUVHGLVWLQWRVPRPHQWRVHQORVPRYLPLHQWRVSR
OtWLFRVDQDOL]DGRV'LYHUVRVDXWRUHVUHFRQRFHQTXHIXHKDFLDTXH
HOGLVFXUVR\ODVDFFLRQHVVHUDGLFDOL]DURQHQ9HQH]XHODHVSHFLDOPHQWH
HQUHODFLyQFRQODQXHYD&RQVWLWXFLyQ\XQSDTXHWHOHJLVODWLYRTXHPR
GLILFyHOVWDWXVTXRGHOJRELHUQR *LDFDORQH5RPHUR (VWR
VHYLRUHIRU]DGRHQFRPRSURGXFWRGHOLQWHQWRGHJROSHSHUSHWUDGR
FRQWUD&KiYH] )XHQWHV (VDVtTXHHOGLVFXUVRFRQWHVWDWDULRKD
FLDORVRUJDQLVPRVLQWHUQDFLRQDOHVFRQWUDODGHSHQGHQFLDHFRQyPLFD\
ODVXERUGLQDFLyQSROtWLFDHQSDUWLFXODUKDFLD(VWDGRV8QLGRVVHYROYLH
URQSLODUHVPDQLILHVWRVHQODDJHQGDGHJRELHUQRGDGDSRUHOIRUWDOHFL
PLHQWRGHXQSUR\HFWRSROtWLFRSURSLRDWUDYpVGHODH[SDQVLyQGHODUH
YROXFLyQEROLYDULDQD\VXVYDORUHVVLPEyOLFRV 0RUDOHV (XGLV
3RUVXSDUWHHONLUFKQHULVPRKDWHQLGRGLVWLQWRVPRPHQWRV5HVSHFWRD
ODILJXUDGH1pVWRU.LUFKQHUSXHGHQLGHQWLILFDUVHDOPHQRVGRVHWDSDV
XQDGXUDQWHVXVSULPHURVGRVDxRVGHJRELHUQRFRQFHQWUDGRV\KDVWD
UHVWULQJLGRVDODVDOLGDGHOGHIDXOW\FRQXQDDJHQGDSROtWLFDFDVLH[FOX
\HQWHPHQWHFHQWUDGDHQODQHJRFLDFLyQGHODGHXGDVREHUDQD2WURPR
PHQWRSXHGHLGHQWLILFDUVHWUDVFLUFXQVWDQFLDHQODFXDOVXGLVFXUVR
VHFRPHQ]yDH[DFHUEDU\ODVHOHFFLRQHVOHJLVODWLYDVGLHURQPiVDLUHHQ
WpUPLQRVGHOHJLWLPLGDG²MXQWRFRQODVHQFXHVWDV²DXQJRELHUQRD
SUXHED$VXYH]ODOOHJDGDGH&ULVWLQD)HUQiQGH]FRQXQHVWLORSROtWL
FRGLIHUHQWHJHQHUyFDPELRVHQHOGLVFXUVR\HQODVDFFLRQHVFRPR
PRGRGHSURIXQGL]DUHOPRGHOR/RFXDOVHYLRH[DFHUEDGRWUDVODPXHU
WHGH1pVWRU.LUFKQHUHQRFWXEUHGH
6LQHPEDUJRQRVHSURFHGLyDXQDVHJXQGDYXHOWDREDOORWDJHGDGRTXHVHQHJR
FLyHQWUHORVGLVWLQWRVDFWRUHVGHOSHURQLVPRTXH0HQHPUHQXQFLDUDDVXSRVLFLyQ\
TXH1pVWRU.LUFKQHUDVXPLHUDFRPRSUHVLGHQWHHQODPHGLGDTXHHUDVRVWHQLGR\
DSDGULQDGRSRUVXSUHGHFHVRU(GXDUGR'XKDOGH
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
(QHOJRELHUQRGH&ULVWLQD)HUQiQGH]WDPELpQSXHGHQUHFRQRFHUVHGLV
WLQWDVHWDSDV1RFDEHGXGDGHTXHHOFKRTXHFRQHOVHFWRUDJURH[SRUWD
GRUVHYROYLyXQDJUDQGHELOLGDGGHODSULPHUDKRUDHQ6LQHPEDU
JROD3UHVLGHQWDORJUyUHFRQVWUXLUSRGHUHLQFOXVRSURIXQGL]yDOJXQDV
GHODVUHFHWDVHFRQyPLFDV\FRPHUFLDOHVGHVXSUHGHFHVRUORFXDOVH
HYLGHQFLDHQODHOHFFLyQGHIXQFLRQDULRVFRPR*XLOOHUPR0RUHQRHQOD
FDUWHUDFRPHUFLDO\GH$[HO.LFLOORIHQHO0LQLVWHULRGH(FRQRPtD(Q
HOSULPHUFDVRXQDFWRUFODYHHQODVSROtWLFDVSURWHFFLRQLVWDV\VXVWLWXWL
YDV\HQHOVHJXQGRXQH[SRQHQWHGHOPDU[LVPRHFRQyPLFRDOPHQRV
GHVGHVXDXWRSHUFHSFLyQ\GLVFXUVR
3RUORH[SXHVWR+XJR&KiYH]SRUXQODGR\1pVWRU.LUFKQHU\&ULVWL
QD)HUQiQGH]SRURWURUHSUHVHQWDQFRQVWUXFFLRQHVLGHROyJLFDVFRQWUD
KHJHPyQLFDVOLJDGDVDXQDPLUDGDGHOSDVDGR\GHOIXWXURDWUDYpVGH
XQDDXWRSHUFHSFLyQSRVLWLYDGHVtPLVPRV\GHVXVPRYLPLHQWRV\XQD
YDORUDFLyQQHJDWLYDGHVXVFRQWULQFDQWHVGRPpVWLFRV\H[WHUQRV'RQGH
ORVHQHPLJRVLQWHUQRVVHDVRFLDURQDORVHQHPLJRVH[WHUQRVFRPRVRFLRV
HQFRQWUDGHOSXHEORGHODFODVHWUDEDMDGRUDGHORVSDWULRWDVGHORVPL
OLWDQWHV\GHORVSRVWHUJDGRVHQWUHRWURV
&ULWHULRVWHPiWLFRVSDUDODVHOHFFLyQGHORVGLVFXUVRVDQDOL]DGRV
8QHOHPHQWRTXHKDOODPRVHQFRP~QHQHOGLVFXUVRSROtWLFRGHDPERV
PRYLPLHQWRVDXQTXHFRQPD\RURPHQRUGLQDPLVPRGHSHQGLHQGRGH
ODVFLUFXQVWDQFLDVSROtWLFDV HVODXWLOL]DFLyQGHODVREHUDQtDHQHUJpWLFD
FRPRKHUUDPLHQWDGLVFXUVLYD(QSDUWLFXODUORUHODWLYRDODSROtWLFDKL
GURFDUEXUtIHUDFRPRLQVWUXPHQWRSDUDFRQVWUXLUSRGHU\DOWHUDUFDGHQDV
GHVLJQLILFDQWHV\VLJQLILFDGRVDWUDYpVGHXQDPLUDGDDQWLFRORQLDOLVWD
2WUDVGLPHQVLRQHVGHODVREHUDQtDDGHPiVGHODHQHUJpWLFDVHOLJDQD
XQDYLVLyQGHORVUHFXUVRVQDWXUDOHVVXSURSLHGDG\XVXIUXFWRHQWDQWR
DUWLFXODGRUHVGHODLGHQWLGDGQDFLRQDO(QWDOVHQWLGRODUHODFLyQFRQHO
HVSDFLR\FRQHOWHUULWRULRFRPRHOHPHQWRIXQGDFLRQDOGHO(VWDGRFRQV
WLWX\HXQRGHORVDVSHFWRVSULPLJHQLRVGHODLGHQWLGDGQDFLRQDO(QHO
FDVRDUJHQWLQRODGLVSXWDSRUODVREHUDQtDGHODV,VODV0DOYLQDV*HRU
(QHOFDVRGHONLUFKQHULVPRDVRFLDGRDODQDFLRQDOL]DFLyQRH[SURSLDFLyQGHO
GHODVDFFLRQHVGHODHPSUHVD<3)HQPDQRVGHOJUXSR5HSVRO
678',$32/,7,&
SULPDYHUDYHUDQR
JLDV\6DQGZLFKGHO6XUFRQ*UDQ%UHWDxDHVXQFRQIOLFWRWUDGLFLRQDOGH
ODUJDGDWDTXHOOHYyDXQFRQIOLFWREpOLFRHQGRQGHODVHJXQGDUH
VXOWyYLFWRULRVD
/DGHQRPLQDGD³FDXVD0DOYLQDV´FRQVWLWX\HXQRGHORVHOHPHQWRVPiV
GLVWLQWLYRVGHO³VHUDUJHQWLQR´\SRUHQGHGHODLGHQWLGDGQDFLRQDO 3D
OHUPR )DELiQ%RVRHU LQYLWDDDQDOL]DUWUHVGLPHQVLRQHV
FXHVWLyQFDXVD\VLJQLILFDQWH/DFXHVWLyQUHILHUHDOUHFODPRWHUULWRULDO
SRUODVREHUDQtDGHODUFKLSLpODJR\VXVHWDSDVKLVWyULFDV\JHVWLRQHVGL
SORPiWLFDV/DFDXVDDOXGHDODUHLYLQGLFDFLyQQDFLRQDOUHIHULGDDORV
PRGRVXVRV\FRQWUDGLFFLRQHVGHOQDFLRQDOLVPRDUJHQWLQR)LQDOPHQWH
XQ³VLJQLILFDQWH0DOYLQDV´FRPRVLJQROLQJtVWLFRDVRFLDGRFRQUHSUH
VHQWDFLRQHVGLYHUVDV\HQHOTXHVHYHQUHIOHMDGDVODVPDUFDVGHLGHQWL
GDG\FDUDFWHUtVWLFDVGHODFXOWXUDSROtWLFDTXHLQFLGHQHQODVGLVWLQWDV
YLVLRQHVVREUHODLQVHUFLyQLQWHUQDFLRQDO(OVLJQLILFDQWHTXHLPSOLFyHO
FRQIOLFWREpOLFRDOXGHDXQUpJLPHQDXWRULWDULRDODEXVRGHODVGLSORPD
FLDVSDUDOHODV\DODSHUFHSFLyQGHODVHOLWHVVREUHODLQVHUFLyQLQWHUQD
FLRQDO
9HQH]XHODSRUVXSDUWHSUHVHQWDGRVFRQIOLFWRVWHUULWRULDOHVFRQDFWRUHV
UHJLRQDOHV OD GHPDUFDFLyQ GHO *ROIR FRQ &RORPELD \ OD ]RQD GHO
(VHTXLERFRQ*X\DQD3DUDHOVHJXQGRFDVRODVGLIHUHQFLDVLGHROyJLFDV
HQWUHDPERVSDtVHV²GXUDQWHORVJRELHUQRVFKDYLVWDV²FRQOOHYDURQ
XQDYLQFXODFLyQGHFXHVWLRQHVHQHOGLVFXUVRGHUHLYLQGLFDFLyQWHUULWR
ULDO$PERVSDtVHVKDQXWLOL]DGRHQVXVGLVFXUVRVDO³HQHPLJRFRP~Q´
TXHHVDGHPiVLGHROyJLFDPHQWHRSXHVWR\TXHSDUDODFRQVWUXFFLyQ
LGHQWLWDULDYHQH]RODQDUHSUHVHQWDORVLGHDOHVGHODSRWHQFLDKHJHPyQLFD
'HLJXDOPRGRFDEHGHVWDFDUTXHODVUHODFLRQHVELODWHUDOHVWXYLHURQVXV
PRPHQWRVGRQGHVHSHQVyHQXQDDVRFLDFLyQHVWUDWpJLFD\TXHDSHVDU
GHORVHOHPHQWRVLGHROyJLFRVODIUDWHUQLGDGODWLQRDPHULFDQDSRGtDVHU
XQIDFWRUGHXQLyQPiVLPSRUWDQWH
3DUDHOORODFRRSHUDFLyQSROtWLFDUHJLRQDODWUDYpVGHODUiSLGDPRYLOL
]DFLyQGHSUHVLGHQWHV\PLQLVWURVKDVLGRXQFRP~QGHQRPLQDGRUGHOD
VROLGDULGDGIUHQWHD FRQIOLFWRVHVSHFLDOPHQWHGHtQGROHFRQYHQFLRQDO
GHVGHHOFRQIOLFWRFHQWURDPHULFDQRHQDGHODQWH0XFKRPiVHQWLHPSRV
UHFLHQWHVHVSHFLDOPHQWHDWUDYpVGHOD8QLyQGH1DFLRQHV6XGDPHULFD
QDV 81$685 'HKHFKRODFRRSHUDFLyQSROtWLFD TXH RWURUDKDEtD
VLGRVXERUGLQDGDDIDYRUGHODLQWHJUDFLyQHFRQyPLFD\FRPHUFLDOTXH
FRQOOHYyGLYHUVRVLQWHQWRVUHJLRQDOHV\VXEUHJLRQHVHQ$PpULFDODWLQD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
KDVLGRUHLYLQGLFDGDHQOD~OWLPDGpFDGD,QFOXVR81$685KDVLGRXQ
HVSDFLRGHDILUPDFLyQGHORVYDORUHVGHPRFUiWLFRVUHJLRQDOHV\ODE~V
TXHGDGHGHVDUWLFXODFLyQGHJROSHVGH(VWDGRQRFRQYHQFLRQDOHV SRU
PHGLRVMXUtGLFDPHQWHYiOLGRVDXQTXHSROtWLFDPHQWHGLVFXWLEOHV FRPR
HORFXUULGRHQ3DUDJXD\ .HUVIIHOG
2WURDVSHFWRDPHQFLRQDUHQXQDPLUDGDFRPSDUDWLYDGHDPERVFDVRV
HVTXHORVOtGHUHVDQDOL]DGRVDSHODURQDXQDHVSHFLHGHH[FHSFLRQDOLV
PRKLVWyULFRFRPRFRPSRQHQWHLGHROyJLFRGLQDPL]DGRU\SURIXQGL]D
GRUGHXQDSRODULGDGPDQLILHVWDHQORVGLVFXUVRVSROtWLFRVSRUWHPDVGL
YHUVRV(VHH[FHSFLRQDOLVPRUHILHUHDODE~VTXHGDGHUHFRQVWUXLUXQD
LGHQWLGDGQDFLRQDOTXHRWURUDSXGROLJDUVHDHOHPHQWRVFXOWXUDOHVIRUi
QHRVTXHDKRUDVRQUHFKD]DGRVHQODE~VTXHGD\UHYDORUDFLyQGHDTXH
OORVRWURVDVSHFWRVGHODLGHQWLGDGPiVOLJDGRVDXQQRVRWURVTXHWDP
ELpQ FRQVWLWX\HXQD FRQVWUXFFLyQFRJQLWLYD \ SROtWLFRLGHROyJLFD$
SDUWLUGHGLFKDGLQiPLFDLGHQWLILFDPRVODSUHGLVSRVLFLyQLQWHUQDRH[
WHUQDGHOGLVFXUVRHQFDGDFDVRVHOHFFLRQDGR
6REHUDQtDWHUULWRULDO\HQHUJpWLFD
D&RQWH[WRGHORVGLVFXUVRVVHOHFFLRQDGRV
(OSULPHUGLVFXUVRGHOJRELHUQRYHQH]RODQRVHOHFFLRQDGRSDUDHODQiOL
VLVGHODWHPiWLFDGHODVREHUDQtDHQHUJpWLFDHVGHHQHURGH(V
XQDIHFKDHVSHFLDOPHQWHVLJQLILFDWLYDSRUTXHVHWUDWDGHXQSHUtRGRGH
UHIXHU]RGHOSRGHUGH+XJR&KiYH]OXHJRGHOLQWHQWRGHJROSHGH(V
WDGRGHOTXHWDUGyPiVGHXQDxRHQUHFXSHUDUVH6HWUDWDGHXQDFD
GHQDQDFLRQDOHQODTXHHO3UHVLGHQWHVHGLULJHDOD$VDPEOHD 1DFLR
QDO 'LYHUVRV DXWRUHV OR VHxDODQ FRPR XQ GLVFXUVR FODYH SDUD
LQWHUSUHWDUHO³SHQVDPLHQWRSHWUROHUR´GHOEROLYDULDQLVPRGHDOOtTXH
VHLQFOX\D HQ GLVWLQWRV FRPSLODGRVGLVFXUVLYRVDVt FRPR HQDQiOLVLV
LGHROyJLFRV
(OVHJXQGRGHORVGLVFXUVRVPDUFDXQPRPHQWRLPSRUWDQWHHQODHYROX
FLyQGH3HWURFDULEHHQSDUWLFXODUDSDUWLUGHORVGHVDItRVTXHSUHVHQWy
ODFULVLVHFRQyPLFDLQWHUQDFLRQDO\OXHJRGHWUHVDxRVGHVXFRQVWLWX
FLyQ6HWUDWDGHXQDLQWHUYHQFLyQSURORQJDGDGXUDQWHOD,9&XPEUHGH
3HWURFDULEHGXUDQWH OD FXDO WDPELpQSDUWLFLSDURQ MHIHV GH (VWDGRGH
RWUDVQDFLRQHV (VWDV ~OWLPDVIXHURQVXSULPLGDV SDUDDQDOL]DU ~QLFD
678',$32/,7,&
SULPDYHUDYHUDQR
PHQWHODVSDODEUDV GH &KiYH](OSULPHURGHORV GLVFXUVRV VHHQIRFD
SULQFLSDOPHQWHHQ FXHVWLRQHVYLQFXODGDVFRQ ODSHWUROHUDYHQH]RODQD
QDFLRQDOL]DGD3'96$\VXVYtQFXORVFRQSDtVHVGHVDUUROODGRVDSDUWLU
GHODHVWUDWHJLDGHDGPLQLVWUDFLRQHVH[WUDQMHUDVGHSRVHHUUHILQHUtDVHQ
HOH[WUDQMHUR(OVHJXQGRGLVFXUVRHVWiPiVFRQFHQWUDGRHQODSROtWLFD
SHWUROHUDYHQH]RODQDSULQFLSDOPHQWHHQHO &DULEHUHILULpQGRVHDVXV
RSRVLWRUHVH[WHUQRV\WDPELpQLQWHUQRV
0LHQWUDVWDQWRODVHOHFFLyQGHGLVFXUVRVNLUFKQHULVWDVEXVFyWDPELpQ
PRPHQWRVUHOHYDQWHVWDQWRGHIRUPDWHPSRUDOFRPRHQODYLQFXODFLyQ
HQWUHSROtWLFDLQWHUQD\SROtWLFDH[WHULRU(OSULPHURGHORVGLVFXUVRV
FRQVLVWHHQODVSDODEUDVSURQXQFLDGDVSRUHOHQWRQFHVSUHVLGHQWH1pVWRU
.LUFKQHUGXUDQWHHODFWRGHILUPDGHDFXHUGRVFRQODSHWUROHUDYHQH]ROD
QDHQ1XHYDPHQWHDTXtVXUJHQORVFXHVWLRQDPLHQWRVLQWHUQRVHLQ
WHUQDFLRQDOHVSRUODHVWUDWHJLDHQHUJpWLFDGHOSDtVHQHOH[WHULRU\SRU
WUDWDUVHGHODILUPDGHDFXHUGRVGHFRRSHUDFLyQLQWHUQDFLRQDO/DPLVPD
SODQHDXQDSHUVSHFWLYDTXHWLHQGHDVXSHUDUODVFXHVWLRQHVLQWHUQDVVLQ
VRVOD\DUODV(VFHUFDQRHQHOWLHPSRDOVHJXQGRGLVFXUVRDQDOL]DGRGH
&KiYH]
3RURWUDSDUWHHOVHJXQGRWH[WRVHOHFFLRQDGRHQFXDQWRDVREHUDQtD
HQHUJpWLFDGXUDQWHODVDGPLQLVWUDFLRQHVNLUFKQHULVWDVFRUUHVSRQGHDOD
SUHVHQWDFLyQGHODHQWRQFHVSUHVLGHQWD&ULVWLQD)HUQiQGH]GXUDQWHHO
DQXQFLRGHOHQYtRDO&RQJUHVRGHOD1DFLyQGHOSUR\HFWRGHOH\GHH[
SURSLDFLyQGHODHPSUHVD<DFLPLHQWRV3HWUROtIHURV)LVFDOHV <3) 6H
FRPELQDQHOHPHQWRVGHSROtWLFDLQWHUQD\H[WHULRUDOWUDWDUVHGHXQDHP
SUHVDTXHHVWDEDHQPDQRVH[WUDQMHUDVSHURFX\DH[SURSLDFLyQGHELy
MXVWLILFDUVHDQWHHO&RQJUHVRHVGHFLUWDPELpQHQHOiPELWRLQWHUQR6H
WUDWDGHXQGLVFXUVRFODYHSDUDODSROtWLFDHQHUJpWLFDNLUFKQHULVWD\DTXH
HVWDDFFLyQPDUFyIXHUWHPHQWHODHVWUDWHJLDSHWUROHUDDUJHQWLQDHQORV
DxRVVLJXLHQWHVDVtFRPRVXDFFLRQDULQWHUQDFLRQDOHQHVWDPDWHULD\
VXVUHODFLRQHVFRQXQVRFLRLPSRUWDQWH(VSDxD
6LJXLHQGRFULWHULRVVLPLODUHVSDUDWUDWDUODFXHVWLyQGHODVREHUDQtDWHUUL
WRULDOVHEXVFyXQDLQWHUYHQFLyQGH&KiYH]TXHLQYROXFUDVHXQDHVSHFLH
GHGLiORJRFRQRWURVPDQGDWDULRVLQWHUQDFLRQDOHVGHPDQHUDGHUHPDU
FDUVXHQIRTXHH[WHUQR(QHVWHFDVRVHWUDWyGHOGLVFXUVRGXUDQWHOD
;;&XPEUHGH-HIHVGH(VWDGR\*RELHUQRGHO*UXSR5tRHQHODxR
(OFRQWH[WRLQWHUQDFLRQDOIXHUHOHYDQWHSDUDODVHOHFFLyQGHHVWH
GLVFXUVR\DTXHVHWUDWDGHXQPRPHQWRHQHOTXHHOHQWRQFHVSUHVLGHQ
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
WHFRORPELDQRÈOYDUR8ULEHSODQWHyHQXQDFXPEUHLQWHUQDFLRQDOVXV
IXHUWHVGLIHUHQFLDVFRQVXVYHFLQRV 9HQH]XHOD\(FXDGRU GXUDQWHOD
GHQRPLQDGDFULVLVGLSORPiWLFDRFULVLV$QGLQD(QHVWHFDVRODVFXHV
WLRQHVOLPtWURIHV\WHUULWRULDOHVVDOHQDODOX]DSDUWLUGHODSUHVXQWDYLR
ODFLyQGHOtPLWHVSRUSDUWHGH&RORPELD\ODGHQXQFLDGHGLFKRSDtVUHV
SHFWRDODSUHVXQWDLQWHUYHQFLyQGHVXVYHFLQRVHQVXFRQIOLFWRLQWHUQR
FRQODV)$5&6HWUDWDDGHPiVGHXQPRPHQWRSDUWLFXODUPHQWHUHOH
YDQWHSDUDODFXHVWLyQGHOGLIHUHQGRHQWUH9HQH]XHOD\*X\DQDUHVSHFWR
DO(VHTXLER
$VXYH]VHVHOHFFLRQyXQGLVFXUVRGLULJLGRSULQFLSDOPHQWHDXQS~EOL
FRLQWHUQRGXUDQWHODGHQRPLQDGD³0DUFKDSRUODSD]´\FRQWUDHOSDUD
PLOLWDULVPRHQPD\RGHHQ9HQH]XHOD(VWHGLVFXUVRUHYLVWHLPSRU
WDQFLDDOWUDWDUVHGHODSUHVHQWDFLyQGHODFXHVWLyQGHODGHIHQVDSRSXODU
\SDWULyWLFDGHODVIURQWHUDV\GHODVREHUDQtD6HWUDWDGHXQFRQWH[WRHQ
HOTXHODDGPLQLVWUDFLyQEROLYDULDQDDVHJXUDEDKDEHUGHVDUWLFXODGRXQD
UHGGHSDUDPLOLWDUHVLQWHUQDFLRQDOHVTXHEXVFDEDQHQWURPHWHUVHHQDVXQ
WRVLQWHUQRVYHQH]RODQRV$OJXQRVDXWRUHVUHPDUFDQVXLPSRUWDQFLDDO
WUDWDUVHGHOPRPHQWRFODYHHQHOTXHHOSUHVLGHQWHPDUFyHOFRPLHQ]R
GHODIDVH³DQWLLPSHULDOLVWD´GHVXUHYROXFLyQ
(QFXDQWRDO FDVR DUJHQWLQR SDUDOD VREHUDQtDWHUULWRULDO H[LVWHXQD
WHPiWLFD LQHOXGLEOH ODFXHVWLyQ0DOYLQDV(Q HVWH FDVR VHOHFFLRQD
PRVGRVGLVFXUVRVTXHUHIOHMDQGRVDVSHFWRVGLVWLQWRVGHODFXHVWLyQ
ORVHIHFWRV LQWHUQRVDSDUWLUGHODVSUREOHPiWLFDVGHORV YHWHUDQRVGH
ODJXHUUD\ODE~VTXHGDGHODVDGPLQLVWUDFLRQHVNLUFKQHULVWDVSRUWUD
WDUODFXHVWLyQHQRUJDQLVPRVLQWHUQDFLRQDOHV(QHOSULPHUFDVRDQD
OL]DPRVHOGLVFXUVRGH1pVWRU.LUFKQHUGXUDQWHODFHUHPRQLDGH FRQ
PHPRUDFLyQ GHO'tDGHO9HWHUDQRGH*XHUUD HQDEULOGH (Q HO
VHJXQGRFDVR VHWUDWDGHOD LQWHUYHQFLyQGH&ULVWLQD)HUQiQGH]DQWH
HO&RPLWpGH 'HVFRORQL]DFLyQGHODV1DFLRQHV8QLGDVHQ(VWH
VHGLRHQXQFRQWH[WRGHDXPHQWRGHODVWHQVLRQHVFRQ*UDQ%UHWDxD
GDGDVODVVDQFLRQHVLPSXHVWDVSRU$UJHQWLQDDSHWUROHUDVTXHUHDOL]D
EDQWDUHDVHQOD]RQDGLVSXWDGDODVDFFLRQHVPLOLWDUHVGHO SDtVHXUR
SHRHQOD]RQD\ODVSURSXHVWDVGHQHJRFLDFLyQVREUHFRPXQLFDFLRQHV
DpUHDV (O GLVFXUVR HQVt HV VLJQLILFDWLYR SRU HO iPELWRHQ HO TXHVH
UHDOL]yOXHJRGHXQDE~VTXHGDSRUSDUWH GH$UJHQWLQDGHDSR\RVLQ
WHUQDFLRQDOHVWDQWRDQLYHOELODWHUDOFRPRHQRWURVIRURVPXOWLODWHUDOHV
\UHJLRQDOHV
678',$32/,7,&
SULPDYHUDYHUDQR
E$QiOLVLVFXDQWLWDWLYR
(QORVGLVFXUVRVVHOHFFLRQDGRVUHVSHFWRDODWHPiWLFDGHVREHUDQtDHQHU
JpWLFDSDUDHOFDVRYHQH]RODQRHOVLJQLILFDQWHPiVXWLOL]DGRHV³QRVR
WURV´TXHDVXYH]VHSXHGHVXPDUDODIDPLOLDGHSDODEUDVUHODFLRQDGDV
FRPR³QXHVWURV´³QXHVWUDV´HWF(QVHJXQGROXJDUYHPRVODLPSRUWDQ
FLDGHODUHSHWLFLyQGHH[SUHVLRQHVWHPSRUDOHVOLJDGDVFRQHOSUHVHQWH
TXHHQFRQWH[WRVHSUHVHQWDQFRPRXQDIRUPDGHFRUWDUFRQHOSDVDGR
LQPHGLDWRDXQTXHQRVLHPSUHFRQHOSDVDGRPiVKLVWyULFR(QHVWHVHQ
WLGRWDPELpQVHGHVWDFDORYLQFXODGRFRQOR³QXHYR´
2WUDFDUDFWHUtVWLFDLQWHUHVDQWHHVODUHSHWLFLyQGHSDODEUDVUHODFLRQDGDV
FRQHOSHWUyOHR\VXLQGXVWULDVLQVRVOD\DUODDSDULFLyQGHRWUDPHUFDQ
FtDUHOHYDQWHORVIHUWLOL]DQWHV(VWRSRGUtDLQGLFDUQRVXQDYLQFXODFLyQ
HQWUHFXHVWLRQHVGHVREHUDQtDHQHUJpWLFD\VREHUDQtDDOLPHQWDULD/DUH
ODFLyQGHODSULPHUDFRQWHPiWLFDVFRPRODSDWULDHOSXHEOR\ORVWUDED
MDGRUHVVHHYLGHQFLDHQHOKHFKRGHTXHHVWRVVLJQLILFDQWHVVHHQFXHQ
WUHQHQWUHODVSULPHUDVSDODEUDVPiVXWLOL]DGDVHQGLVFXUVRVUHIHULGRV
DFXHVWLRQHVHQHUJpWLFDV$VLPLVPRYHPRVODUHOHYDQFLDGHFDPSRVVH
PiQWLFRVYLQFXODGRVDFXHVWLRQHVHFRQyPLFDV\ILQDQFLHUDVDVtFRPR
ODVFLIUDVFRQFUHWDVHQUHODFLyQFRQORVWHPDVWRFDGRV(VDVtTXHSDOD
EUDVFRPR³SUHFLR´³GyODUHV´³EROtYDUHV´\³PLOORQHV´ILJXUDQHQWUH
ODVPiVXWLOL]DGDV3RU~OWLPRFDEHGHVWDFDUODUHSHWLFLyQGHFDPSRVVH
PiQWLFRVYLQFXODGRVFRQORPXQGLDO\ODUHSHWLFLyQDXQTXHHQPHQRU
HVFDODGHUHIHUHQFLDVDSDtVHVHVSHFtILFRVDODUHJLyQFDULEHxD\DOFRQ
WLQHQWHDPHULFDQR
(QHOFDVRGHORVGLVFXUVRVDUJHQWLQRVYHPRVQXHYDPHQWHXQDIXHUWH
SUHSRQGHUDQFLDGHO³QRVRWURV´\ODIDPLOLDGHSDODEUDVUHODFLRQDGDFRQ
HVWD6LQHPEDUJRHQVHJXQGRWpUPLQRDSDUHFHODIDPLOLDGHSDODEUDV
XQLGDFRQ$UJHQWLQD\ORQDFLRQDO(QFXDQWRDOiPELWRLQWHUQDFLRQDOVH
GHVWDFDQSULQFLSDOPHQWHODVUHIHUHQFLDVFRQFUHWDVD9HQH]XHODHQPX
FKD PHQRU PHGLGD D (VWDGRV 8QLGRV 6L ELHQ QR WDQ PDUFDGDPHQWH
FRPRHQHOFDVRYHQH]RODQRYHPRVQXHYDPHQWHXQDUHIHUHQFLDDXQD
HVSHFLHGHTXLHEUHWHPSRUDODSDUWLUGHODUHSHWLFLyQGHDGYHUELRVGH
WLHPSRTXHLQGLFDQHOSUHVHQWHHQFRQWUDVWHFRQHOSDVDGR/RVFDPSRV
VHPiQWLFRVHQOD]DGRVFRQFLIUDV\FRQODHFRQRPtDILQDQ]DVDSDUHFHQ
UHIOHMDGRVDWUDYpVGHH[SUHVLRQHVFRPR³HPSUHVDV´³GyODUHV´³PLOOR
QHV´³LQYHUVLyQ´³UHQWDELOLGDG´\³SURGXFFLyQ´DXQTXHFRQPHQRUUH
IHUHQFLDDSUHFLRVFRVWRVHWF(OXVRGH³SXHEOR´HVDOJRPHQRU\VH
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
GHVWDFDQPiV³WRGRV´\³WRGDV´\ODVUHIHUHQFLDVDOWUDEDMR\ORVWUDEDMD
GRUHV&DEHGHVWDFDUWDPELpQXQDSUHVHQFLDPXFKRPiVPDUFDGDGH
SDODEUDVYLQFXODGDVFRQDFXHUGRVSDFWRV\FRRSHUDFLyQTXHHQHOFDVR
YHQH]RODQRDVtFRPRXQPD\RUpQIDVLVHQODIDPLOLDGHSDODEUDVGHULYD
GDVGH³FRQVWUXLU´
3DUDORVGLVFXUVRVYLQFXODGRVFRQVREHUDQtDWHUULWRULDOH[LVWHXQDFRQV
WUXFFLyQXQSRFRGLIHUHQWHUHVSHFWRDOLQJURXS\DORXWJURXS(QSULPHU
OXJDUHQHOFDVRGH&KiYH]HVPiVSURPLQHQWHODFDQWLGDGGHYHFHV
TXHVHXWLOL]DQODVSDODEUDVYLQFXODGDVDODSULPHUDSHUVRQDGHOVLQJXODU
\RPLV TXHVHUHSLWHQPiVTXHODVGHODSULPHUDSHUVRQDGHO SOXUDO
QRVRWURV 8QDVHJXQGDGLIHUHQFLDUHVSHFWRDORDQWHULRUHVODIUHFXHQ
FLDFRQODTXHHO3UHVLGHQWHVHUHILHUHDORVYHQH]RODQRVRD9HQH]XHOD
\DTXHHVWDIDPLOLDGHSDODEUDVRFXSDHOWHUFHUOXJDUGHQWURGHODVPiV
XWLOL]DGDV
$ODQDOL]DUFXDQWLWDWLYDPHQWHHVWHFRUSXVYHPRVTXHVXUJHXQFDPSR
VHPiQWLFROLJDGRDORPLOLWDU\FRPSXHVWRSRUSDODEUDVFRPR³GHIHQ
VD´³SDUDPLOLWDU´³PLOLWDUHV´³IXHU]D´\³VROGDGRV´$VLPLVPRHOVH
JXQGRSDtVPiVQRPEUDGRHV&RORPELDPLHQWUDVTXHVHUHSLWHQODVUH
IHUHQFLDVDO³LPSHULR´R³LPSHULDOLVPR´'HPRGRVLPLODUDOFDVRGHOD
VREHUDQtDHQHUJpWLFDHQORVGLVFXUVRVVHOHFFLRQDGRVSDUD9HQH]XHODODV
SDODEUDV³SXHEOR´\³QDFLyQ´VHHQFXHQWUDQHQWUHODVPiVXWLOL]DGDV
HQHOFRUSXV
(QHOFDVRGHOFRUSXVUHIHULGRDODVREHUDQtDWHUULWRULDODUJHQWLQDH[LV
WHXQDPXFKDPD\RUSUHSRQGHUDQFLDGHO³QRVRWURV´\ODIDPLOLDGHSD
ODEUDVGHULYDGDGH³$UJHQWLQD´TXHORHYLGHQFLDGRHQHOFDVRGH9HQH
]XHOD/DSULPHUDSHUVRQDVLQJXODUDSDUHFHUHFLpQHQRFWDYROXJDU\D
GLIHUHQFLDGHOFDVRGHODVREHUDQtDHQHUJpWLFDDUJHQWLQDODIUHFXHQFLD
HQ ODV GHULYDFLRQHVGHO QRPEUH GHOSDtV \VX JHQWLOLFLRDSDUHFHQHQ
SULPHUOXJDULQFOXVRVXSHUDQGRDO³QRVRWURV´&RPRHQHOFDVRGH9H
QH]XHODHQWUHORVVLQWDJPDVPiVUHSHWLGRVILJXUDHOQRPEUHGHXQSDtV
HQSDUWLFXODU*UDQ%UHWDxD\VXVJHQWLOLFLRV/RVFDPSRVVHPiQWLFRV
FRQUHIHUHQFLDDOHQIUHQWDPLHQWRVXUJHQGHPDQHUDPHQRVFDVWUHQVH\
PiVYLQFXODGDFRQSDODEUDVFRPR³OXFKD´³UHFXSHUDFLyQ´ \³GHIHQ
VD´(VSUHSRQGHUDQWHWDPELpQODUHSHWLFLyQGHVLJQLILFDQWHVUHODFLRQD
GRVFRQHOiPELWRGLSORPiWLFRFRPRODVSDODEUDV³FDQFLOOHU´³HPED
MDGRU´ DVt FRPR HO XVR IUHFXHQWH GH ³SD]´ (Q HVWRV GLVFXUVRV ODV
UHIHUHQFLDVDXQ³LPSHULR´VRQPXFKRPHQRUHVTXHHQHOFDVRYHQH]R
Ö
678',$32/,7,&
SULPDYHUDYHUDQR
ODQR HVWD SDODEUDVHHQFXHQWUDHQHO SXHVWR PLHQWUDVTXH³GHUH
FKR´VXUJHFRPRXQVLJQLILFDQWHUHOHYDQWHIUHQWHDVXSRFRXVR HQHO
FDVRYHQH]RODQR
(QHO$QH[R,ILJXUDQODVWDEODVFRUUHVSRQGLHQWHVDODVREHUDQtDHQHUJp
WLFD\DODVREHUDQtDWHUULWRULDO
F$QiOLVLVFRPSDUDWLYR
L6REHUDQtDHQHUJpWLFD
(QODFRQVWUXFFLyQGLVFXUVLYDEROLYDULDQDVREUHVDOHQFDGHQDVOp[LFDV
TXHFRQILJXUDQFDPSRVGHVLJQLILFDGRVHQIUHQWDGRV3RUXQODGRH[LVWH
HOJUXSRFDOLILFDGRGHPDQHUDSRVLWLYDFRQIRUPDGRSRUHOSXHEORYHQH
]RODQRORVSXHEORVODWLQRDPHULFDQRV\FDULEHxRVOtGHUHVSROtWLFRVDF
WXDOHVGHVGHxDGRVSRUORVFRQWULQFDQWHV FRPR)LGHO&DVWUR DVtFRPR
LQWHOHFWXDOHVGHOSDVDGRGHODUHJLyQTXHFRQILJXUDQXQDKLVWRULDFRP~Q
GHOFRQWLQHQWH$OFLWDUSDODEUDVWH[WXDOHVWDQWRGHSHUVRQDMHVSDVDGRV
FRPRSUHVHQWHV\UHPDUFDUVXYLQFXODFLyQFRQHO³QRVRWURV´GHOKDEODQ
WHHOSUHVLGHQWH&KiYH]UHIXHU]DORVYtQFXORVVLPEyOLFRVTXHSODQWHD
SDUDXQLUVHDO³QRVRWURV´UHJLRQDODXQHQVXVSDODEUDVGLULJLGDVDOiP
ELWRLQWHUQR(VWHLQJURXSWDPELpQLQFOX\HDSDtVHVGHRWUDVUHJLRQHVGHO
PXQGRDXQTXHORVYtQFXORVVLPEyOLFRV\HPRWLYRVVRQPHQRUHV/RV
SDtVHVGHOD2UJDQL]DFLyQGH3DtVHV([SRUWDGRUHVGH3HWUyOHR 23(3
DVtFRPR5XVLDVRQLQFOXLGRVHQWUHORVFDUDFWHUL]DGRVGHPDQHUDSRVLWL
YD\FRQORVFXDOHVH[LVWHFHUFDQtD
(QHOFDVRGHORVGLVFXUVRVNLUFKQHULVWDVHO³QRVRWURV´HVPiVPDUFDGD
PHQWHDUJHQWLQRDXQTXHHQDOJXQDVLQVWDQFLDVLQFOX\HDO0HUFRVXU\D
RWURVSDtVHVVXGDPHULFDQRVFRPR9HQH]XHOD\&RORPELD$HVWH~OWLPR
FDVRYROYHUHPRVPiVDGHODQWH(OpQIDVLVHQORVOD]RVGHKHUPDQGDG\
DPLVWDGFRQRWUDVQDFLRQHVGHOFRQWLQHQWHVHUHSLWHFRPRRFXUUHFRQ9H
QH]XHOD(O³QRVRWURV´DUJHQWLQRHVWDEOHFHLQWHUUHODFLRQHV\DVRFLDFLRQHV
FRQHOORVWUDEDMRVHQFRQMXQWRSHURQRQHFHVDULDPHQWHVHFRQIXQGHFRQ
ORVGHPiVODWLQRDPHULFDQRV2WURSXQWRLPSRUWDQWHHVTXHHO³QRVRWURV´
NLUFKQHULVWDWRPDODIRUPDGHFRQVXPLGRUHVS~EOLFRJHQWHHQJHQHUDO\
FOLHQWHVQRVRORGHSXHEOR\WUDEDMDGRUHV(OFDPSRVHPiQWLFRYLQFXODGR
D³FRQVXPLGRUHV´VHUHSLWHFDVLWDQWRFRPRHOGH³WUDEDMDGRUHV´PLHQ
WUDVTXH³QDFLyQ´\³UHS~EOLFD´ILJXUDQHQPD\RUHVRSRUWXQLGDGHVTXH
³SXHEOR´HQHVSHFLDOHQHOFDVRGHOGLVFXUVRGDGRHQHOiPELWRLQWHUQR
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
$VLPLVPRHQFXDQWRDUHIHUHQFLDVKLVWyULFDVTXHPDUTXHQOD]RVVLPEy
OLFRVVRORHQHOGLVFXUVRGH1pVWRU.LUFKQHUDQWHODILUPDGHXQDFXHU
GRLQWHUQDFLRQDOYHPRVHVWHWLSRGHOtGHUHV\DXQHQHVWHFDVRGHPDQH
UDHItPHUDPLHQWUDVTXHHQODVSDODEUDVHQIRFDGDVDOiPELWRLQWHUQRVH
UHVDOWDQORVOD]RVFRQJRELHUQRVKLVWyULFRVDQWHULRUHVFRPRHOGH+LSy
OLWR<ULJR\HQ-XDQ'RPLQJR3HUyQ\-XDQ0DQXHOGH5RVDV
(VWRV~OWLPRVIRUPDQSDUWHFHUFDQDGHOLQJURXS\DTXHPDUFDQODFRQWL
QXLGDGHQHOFDPELR(QXQVHQWLGRVLPLODUSHURVLQQHFHVDULDPHQWHIRU
PDUSDUWHGHO³QRVRWURV´DSDUHFHQUHIHUHQFLDVDOUHVWRGHO³PXQGR´
FRQGHWDOODGDVPHQFLRQHVDFHUFDGHODVLWXDFLyQGHODVREHUDQtDHQHUJp
WLFDHQQXPHURVRVSDtVHVGHGLVWLQWRVFRQWLQHQWHV(QHVWHFDVRDGLIH
UHQFLDGHODVUHIHUHQFLDVGHOD23(3\5XVLDUHDOL]DGDVSRU&KiYH]HO
NLUFKQHULVPREXVFDHMHPSORVRPRGHORVTXHSUXHEHQVXFDPELRHQUHOD
FLyQFRQHOFDPLQRPDUFDGRSRUODKLVWRULDDQWHULRUDORVHQ$UJHQWL
QD\SRUORVGHPiVSDtVHVHQODDFWXDOLGDG(QHVWRVSODQWHRVVRORVH
SRQHXQpQIDVLVSRVLWLYRHQORVYtQFXORVFRQ%UDVLOVLQUHPDUFDUHVSH
FLDODILQLGDGFRQHOUHVWRGHORVHMHPSORVFLWDGRV
5HVSHFWRDORXWJURXSHQHOFDVRYHQH]RODQRODVUHIHUHQFLDVVRQDJUX
SRVFRQFUHWRV\SDUWLFXODUHVWDQWRHQHOiPELWRLQWHUQRFRPRH[WHUQR
(QHOSULPHURODUHIHUHQFLDUHSHWLGDHVDODWHFQRFUDFLDDORVJRELHUQRV
DQWHULRUHVTXHFHGLHURQODVREHUDQtDDQWHORVLQWHUHVHVH[WUDQMHURVDODV
HOLWHV³DSiWULGDV´TXHEXVFDURQVXSURSLREHQHILFLR\HOEHQHILFLRH[WHU
QRSRUVREUHHOGHOSXHEORYHQH]RODQR$HOORVVHXQHODFRPSOLFLGDGGH
ORVPHGLRVGHFRPXQLFDFLyQ(QHOFDVRH[WHUQRORVFRQWULQFDQWHVVRQ
ORVDJHQWHVGHOLPSHULDOLVPRGHVGHHOH[WHULRU\VXVDOLDGRVHQHOiPEL
WRLQWHUQRHQWUHHOORVORVGHIHQVRUHVGHO&RQVHQVRGH:DVKLQJWRQ\HO
QHROLEHUDOLVPR
(QORVGLVFXUVRVDUJHQWLQRVQRKD\XQDGHVFULSFLyQDELHUWDGHORXW
JURXSFRQODH[FHSFLyQGHORVPHGLRVGHFRPXQLFDFLyQQDFLRQDOHV6H
PHQFLRQDQEUHYHPHQWHODVSROtWLFDVGHORVDxRVFRPRJHQHUDGRUDV
GHSREUH]D\VHPDQWLHQHXQUHFKD]RGLVFXUVLYRDXQ³RWUR´GHOTXHVH
GLFHTXHSUHWHQGHJHQHUDUGLVFRUGLDVHLQFLWDUDDJUDYLRVSHURQRVH
DFODUDDELHUWDPHQWHGHTXLpQVHWUDWD(VWH³RWUR´UHFRUUHORVGLVFXUVRV
FRPRFRQWUDSDUWHGHOLQJURXSFRPRXQHQIUHQWDPLHQWRODWHQWHSHURVLQ
OtPLWHVFODURVDGLIHUHQFLDGHORVGLVFXUVRVFKDYLVWDV(QDOJXQDVLQV
WDQFLDVHORWURSXHGHVHUXQD³IDFFLyQ´RXQDGLYLVLyQGHQWURGHXQ
PLVPRJUXSRTXHHQVtPLVPRQRHVGHVFULWRFRPR³PDOR´8QHMHPSOR
SULPDYHUDYHUDQR
678',$32/,7,&
GHHVWRVRQODVUHIHUHQFLDVDORVHPSUHVDULRV/RVHPSUHVDULRVH[WUDQMH
URVHVSHFXODGRUHVHQFRQWUDSRVLFLyQFRQORVLQYHUVLRQLVWDV³GHEXHQD
IH´\FRQORVFDSLWDOHVORFDOHV3HURWDPELpQGHQWURGHHVWRV~OWLPRV
H[LVWHXQJUXSR³HVSHFXODGRU´GHOTXHHO³QRVRWURV´VHDOHMDDXQTXH
OODPDDHVWH³RWUR´DDFHUFDUVH$VLPLVPRHQFXDQWRDORVDFWRUHVFRQ
WLQHQWDOHVHQORVGLVFXUVRVNLUFKQHULVWDVDQDOL]DGRVVHUHSLWHHOUHFKD]R
DODYLVLyQGHXQ³RWUR´TXHSODQWHDUtDD&RORPELD\D(VWDGRV8QLGRV
FRPRSDUWHGHO³HQHPLJR´
(QHOFDVRGH$UJHQWLQDYHPRVPiVFODUDPHQWHXQDHVSHFLHGHHVFDOD
JUDGXDOGHDFHUFDPLHQWRDOHMDPLHQWRDOLQJURXSFRQ³KHUPDQRV´FHUFD
QRVDO³QRVRWURV´VLQFRQIRUPDUQHFHVDULDPHQWHSDUWHGHpODVtFRPR
GLYLVLRQHVGHQWURGHORXWJURXSWDQWRDQLYHOLQWHUQDFLRQDOFRPRDQLYHO
GRPpVWLFRFRQDOJXQRVJUXSRVPiVFHUFDQRVTXHRWURV
(QFXDQWRDODYLQFXODFLyQGHWHPDVHQDPERVFRUSXVORVVLJQLILFDQWHV
UHIHULGRVDOSHWUyOHRVXHOHQDSDUHFHUFRQRWURVYLQFXODGRVDODHFRQR
PtDDVtFRPRDFLIUDVHVSHFtILFDVVREUHYRO~PHQHVJDQDQFLDV\EHQHIL
FLRV(QHVWHVHQWLGRHOVHVJRHFRQyPLFRVHYHHQWRGRVORVGLVFXUVRV
,QFOXVRHQHOFDVRDUJHQWLQRHOFRQWH[WRLQPHGLDWRGHHVWRVVLJQLILFDQ
WHVHVPiVIXHUWHPHQWHHFRQyPLFR6LQHPEDUJRDWUDYpVGHODHFRQR
PtDHOSHWUyOHR\ODHQHUJtDHQJHQHUDODSDUHFHQUHODFLRQDGRVFRQRWURV
VHFWRUHV$XQTXHSDUDOD$UJHQWLQDHVPiVXQDUHODFLyQDIXWXURRSRU
DQDORJtDDPERVSDtVHVSODQWHDQXQYtQFXORFRQHGXFDFLyQ\VDOXG\
FRQORVDOLPHQWRV\ODLQWHJUDFLyQHFRQyPLFDUHJLRQDO(QHVWH~OWLPR
FDVRFDEHGHVWDFDUTXH9HQH]XHODSRQHPiVpQIDVLVHQHOWUDEDMRFRQ
MXQWRGHORV³SXHEORV´ODWLQRDPHULFDQRVXQLGRVSRUVXVSRHWDVVXVKp
URHV\VXVOD]RVGHKHUPDQGDGPLHQWUDVTXHHQHOGLVFXUVRDUJHQWLQROD
UHJLyQHVPiVXQDOLDGR\XQFRODERUDGRURLQFOXVRXQHMHPSORFRQHO
TXHFRPSDUDUODVLWXDFLyQDUJHQWLQD
3DUD9HQH]XHODHOSUHVHQWHUHSUHVHQWDODFULVLV ODOXFKD \OD GHIHQVD
FDVLEpOLFDFRQWUDHO RXWJURXSLQWHUQRKLVWyULFRRH[WHULRU(QHOFDVR
DUJHQWLQRHO SUHVHQWH HVXQSXQWRGH LQIOH[LyQTXH VHFRQHFWD FRQ HO
SDVDGR \ FX\D LPSRUWDQFLD VH GHEH D OR TXH WUDHUi HQ HO IXWXUR (O
³KR\´HVGHFDPELRVLQVHUUXSWXUDWRWDOTXHVHYLQFXODFRQVLWXDFLR
QHVUHLYLQGLFDGDVGHOD KLVWRULD SUHYLDDORV WUDWDQGRGH FRUUHJLU
VXVHUURUHV\HPXODUVXVDFLHUWRV(QHVWHFDVRFDVLQRKD\VLJQLILFDQ
WHVEpOLFRV PLHQWUDV TXHSUHGRPLQDQORV UHIHULGRV D ODFRQVWUXFFLyQ
IUHQWH D ODGHVWUXFFLyQ\HOVDTXHRTXH FDUDFWHUL]DQDO RXWJURXS DO
Ö
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
SURIHVLRQDOLVPR\ODSURGXFWLYLGDGIUHQWHDODLQFRPSHWHQFLD\PDODIH
GHORXWJURXS
LL6REHUDQtDWHUULWRULDO
(QHOFDVRDUJHQWLQRORVVLJQLILFDQWHVYLQFXODGRVFRQORPLOLWDUSXHGHQ
GLYLGLUVHHQGRVJUXSRV/RVTXHVHUHILHUHQDODVJXHUUDV\ODVLQYDVLR
QHVDSDUHFHQUHODFLRQDGDVGLUHFWDRLQGLUHFWDPHQWHFRQHOFRORQLDOLVPR
RODVGLFWDGXUDVDQLYHOLQWHUQDFLRQDOHLQWHUQR\SRUORWDQWRFRQYDOR
UDFLRQHV QHJDWLYDV (Q HO GLVFXUVR HO HQHPLJR FRORQLDOLVWD LQFOXVR
DSURYHFKDODWRPDGHSRGHUSRUSDUWHGHOHQHPLJRLQWHUQROD³GLFWDGX
UDPLOLWDU´(OHQIUHQWDPLHQWRHQWUHHVWRVGRVHQHPLJRVVHUtDDOJRFLU
FXQVWDQFLDO\DTXHSDUHFHQWHQHUPiVDWULEXWRVHQFRP~Q HOXVRLOHJt
WLPR GH OD IXHU]D OD GHVWUXFFLyQ GH LQVWLWXFLRQHV OD UXSWXUD GH
IDPLOLDV TXHGLIHUHQFLDV
/DVFDGHQDVOp[LFDVTXHDSXQWDQDODOXFKDGHIHQVLYDODVXEOHYDFLyQ\
ODUHEHOLyQSRUODIXHU]DUHIOHMDQXQDDFWLWXGSRVLWLYDGHSDUWHGHOKD
EODQWH/DJXHUUDVHUHFKD]DVHOHDWULEX\HDORXWJURXSHQHPLJRWDQWR
LQWHUQDFRPRLQWHUQDFLRQDOPHQWH\VRORVHUHVFDWDDORVLQGLYLGXRVTXH
VHYHQ³REOLJDGRV´DIRUPDUSDUWHGHHOODSRUODVFLUFXQVWDQFLDV(VWRV
~OWLPRVDGHPiVSDVDQDWHQHUODVPLVPDVFDUDFWHUtVWLFDVGHKHURtVPR\
YDORUTXHORVSDUWLFLSDQWHVGHODVOXFKDV³OHJtWLPDV´FRPRODLQGHSHQ
GHQFLD
/DGLVWLQFLyQHQWUHPLOLWDULVPREXHQR\PLOLWDULVPRPDORVHUHODFLRQD
FRQODFRQIRUPDFLyQGHGRVLGHDVFRQWUDSXHVWDVHOJUXSRGHORVSRGH
URVRVTXHDFFLRQDQHQFRQWUDGHOGHUHFKRLQWHUQDHLQWHUQDFLRQDOPHQWH
\HO JUXSRGH ORVOXFKDGRUHV TXHEXVFDQOD GHIHQVDGHO GHUHFKR \OD
OHJDOLGDG$VXYH]HOFRORQLDOLVPR\HOEHOLFLVPRWDQWRH[WHUQRVFRPR
LQWHUQRDSDUHFHQ FRPR SDUWHGHXQDKLVWRULDTXH GHEH VHUVXSHUDGD
1XHYDPHQWHHO SDVDGRVH LQWHUSUHWD GHGRV PDQHUDV SRU XQ ODGROD
YLROHQFLD\HOSUHGRPLQLRGHORVSRGHURVRV TXH VHGHEHVXSHUDU3RU
RWURODGRILJXUDFRPRSDUWHGHODVFDGHQDVOp[LFDVYLQFXODGDV DODID
PLOLD\DORVRUtJHQHVDUJHQWLQRVHQORVTXHVHHQFXHQWUDQYDORUHVHMHP
SODUHVFRPRHOFRVPRSROLWLVPRODOLEHUWDG\ODYDOHQWtD$TXtODUHOD
FLyQ IDPLOLDU SUHSRQGHUDQWH HV OD GH SDGUHV KLMRV \ DEXHORV OD GH
KHUHQFLD\SDWHUQDOLVPRTXHDSDUHFHFRQPiVIUHFXHQFLDTXHODGHKHU
PDQGDG
678',$32/,7,&
SULPDYHUDYHUDQR
(QHOFDVRGH9HQH]XHODWDPELpQSRGHPRVHQFRQWUDUXQDGLVWLQFLyQHQ
WUHGLVWLQWRVVLJQLILFDQWHVUHODFLRQDGRVFRQOREpOLFR(QHVWHFDVRHO
HMpUFLWR\HOPLOLWDULVPRQRVRQQHFHVDULDPHQWHQHJDWLYRV'HKHFKR
VRQSRVLWLYRVFXDQGRVHUHODFLRQDQFRQHOSXHEOR\ORSRSXODU$TXt
WDPELpQVHUHLYLQGLFDODKLVWRULDGHUHEHOGtD\OXFKDUHPDUFDQGRVXFD
UiFWHUUHYROXFLRQDULR
3DUD&KiYH]ORVDVSHFWRVQHJDWLYRVGHORVVLJQLILFDQWHVEpOLFRVFRQFLHU
QHQDODLGHRORJtDTXHSODVPDQFRQODLPSRVLFLyQSRUODIXHU]DGHORV
SRGHURVRVSRUVREUHORVSXHEORV$VtPiVTXHSXUDPHQWHPLOLWDUHQ
HVWHFDPSRDSDUHFHQFRQPiVIUHFXHQFLDORV³SDUDPLOLWDUHV´ORVTXH
XVDQODIXHU]DLOHJtWLPDPHQWHDOLJXDOTXH(VWDGRV8QLGRVFRPRLPSH
ULR\DTXHOODVHOLWHV\ROLJDUTXtDVTXHDFDWDQVXVyUGHQHV&RPRHQHO
FDVRDUJHQWLQRVHFRPSDUDHOLPSHULDOLVPRRFRORQLDOLVPRKLVWyULFRFRQ
FRQIOLFWRVDFWXDOHV7DPELpQGHPDQHUDVLPLODUDODDUJHQWLQDHO³HQH
PLJR´HVWDQWRLQWHUQRFRPRH[WHUQR\UHYLVWHFDUiFWHUVLPLODU
&DEHGHVWDFDUTXHDTXtHORXWJURXSHVXQYHUGDGHURHQHPLJRFRQIRUPD
GRSRUHOLPSHULDOLVPRHOSDUDPLOLWDULVPRHOQHROLEHUDOLVPRODROLJDU
TXtD\ORVWUDLGRUHVDODSDWULD6RQDTXHOORVTXHTXLHUHQGHUURFDUDORV
JRELHUQRVGHL]TXLHUGDSDUDQRSHUGHUSRGHU6LQHPEDUJRQRVRQSDt
VHVRSXHEORVVLQRJRELHUQRV\JUXSRVGHLQWHUHVHV3RUHMHPSORHOHQH
PLJRQRHV&RORPELDHQVtVLQRVXVSDUDPLOLWDUHV(ORXWJURXSDUJHQWL
QR WDPSRFR VRQ ORV SXHEORV SHUR Vt VRQ PiV FODUDPHQWH ORV SDtVHV
SRGHURVRV\HODXWRULWDULVPRLQWHUQR
0LHQWUDVWDQWRHOSXHEORVXEOHYDGR\ODUHYROXFLyQWLHQHQPXFKDDFWXD
OLGDGSDUDHOFKDYLVPR\QRVRQVRORKRQURVRVUHFXHUGRV/DOtQHDJH
QHDOyJLFDPLOLWDULVWDTXHPDUFDHOOtGHUEROLYDULDQRUHPDUFDODKLVWRULD
LQGHSHQGHQWLVWD\ODDFWXDOLGDGFRPRGRVWLHPSRVVLPLODUHV1RHVVROR
XQRKHUHGHURGHORWURFRPRHQHOFDVRDUJHQWLQRRUHFXHUGRVGHOXFKDV
SDVDGDVTXHFRQIRUPDURQODSDWULD(OKR\HVXQPRPHQWRGHOXFKDTXH
SXHGHOOHJDUDOHMHUFLFLRGHODIXHU]DDXQTXHODJXHUUDVHD³KRUURURVD´
\GHEDLQWHQWDUHYLWDUVH(QHOFDVRDUJHQWLQRVHUHPDUFDPiVFODUDPHQ
WHODOXFKDVLPEyOLFDHLQVWLWXFLRQDOFRPRODGHPDGUHV\YHWHUDQRVDVt
FRPRODIRUWDOH]DDWUDYpVGHOXVRGHLQVWUXPHQWRVFRPRODQHJRFLDFLyQ
\ODGLSORPDFLD
3RURWUDSDUWHHQUHODFLyQFRQORVOD]RVKLVWyULFRV\VDQJXtQHRVHVLQWH
UHVDQWHGHVWDFDUTXHHQODVSDODEUDVYHQH]RODQDVHOYtQFXORFRQODVQXH
YDVJHQHUDFLRQHVVHGHVDUUROODGHXQDPDQHUDGLVWLQWDDODDUJHQWLQD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
/RVKLMRV\ORVQLxRVVRQSDUWHGHOSUHVHQWH\GHOIXWXURLQWHJUDQ\DOL
PHQWDQDHVH³QRVRWURV´TXHFRQIRUPDHOSXHEOR6LHQHOGLVFXUVRDU
JHQWLQRODVPDGUHVHUDQODVOXFKDGRUDVHQHOGLVFXUVRYHQH]RODQRODV
UHIHUHQFLDVDORVSURJHQLWRUHVSUiFWLFDPHQWHQRDSDUHFHQ/RVKLMRVVRQ
GHOSXHEOR\UHSUHVHQWDQHOIXWXURGHO³QRVRWURV´SRUHOTXHKR\VHGHEH
OXFKDU
,QWHJUDFLyQHFRQyPLFD\FRRSHUDFLyQSROtWLFDHQiPELWRV
UHJLRQDOHV
D&RQWH[WRGHORVGLVFXUVRVVHOHFFLRQDGRV
3DUDHOWHPDGHODLQWHJUDFLyQUHJLRQDOVHHOLJLHURQSDUDHOFDVRDUJHQWL
QRGRVGLVFXUVRVUHSUHVHQWDWLYRVGHODE~VTXHGDGHLQVHUFLyQFRPHUFLDO
LQWHUQDFLRQDOTXHSRURWUDSDUWHXQHDHVWRVGRVSDtVHV(OSULPHUGLV
FXUVRIXHHOEULQGDGRSRU1pVWRU.LUFKQHUHQOD,9&XPEUHGHODV$Pp
ULFDVHQQRYLHPEUHGH(VWDIDPRVD,9&XPEUHSRGUtDKDEHUVH
FRQYHUWLGRHQHOSXQWDSLpLQLFLDOSDUDODJHQHUDFLyQGHXQJUDQEORTXH
UHJLRQDOGHOLEUHFRPHUFLRFRQWLQHQWDO(VWHSURFHVRHVWDEDLQFHQWLYDGR
SRU(VWDGRV8QLGRV\&DQDGiSHURFRQWDEDFRQHODSR\RGHSDtVHVFHQ
WURDPHULFDQRV\DOJXQRVVXGDPHULFDQRVTXLHQHVYHtDQHQHODFXHUGRGH
OLEUHFRPHUFLRXQLQVWUXPHQWRGHGHVDUUROOREDVDGRHQODLQYHUVLyQH[
WHUQD1RREVWDQWHXQJUXSRGHSUHVLGHQWHVHQORVTXHVHHQFRQWUDED
+XJR&KiYH]/XLV,QiFLR/XOD'D6LOYD\1pVWRU.LUFKQHUVHFRDOLJD
URQIUHQWHDODQHFHVLGDGGHSRQHUXQIUHQRDOLPSXOVROLEHUDOL]DGRUGH
(VWDGRV8QLGRV
(QHOGLVFXUVRHVSHFtILFRTXHDQDOL]DPRVHOH[SUHVLGHQWHDUJHQWLQR
RWRUJDDUJXPHQWRVHQFRQWUDGH³HVHWLSRGHLQWHJUDFLyQ´\EUHJDSRU
XQDLQWHJUDFLyQFRPHUFLDOTXHFRQVLGHUDPiVLQFOXVLYD\TXHYD\DHQ
FRQVRQDQFLDFRQVXE~VTXHGDGRPpVWLFDGHDXPHQWRGHODLQFOXVLyQVR
FLDO\GHUHGXFFLyQGHODVGHVLJXDOGDGHV
3RURWURODGRHOVHJXQGRGLVFXUVRDQDOL]DGRGH1pVWRU.LUFKQHUHVSUH
YLRDO³1RDO$/&$´\DTXHDFRQWHFHHQOD&XPEUHGH2XUR3UHWRGHO
0HUFRVXUHQ(QGLFKRHYHQWRHOSUHVLGHQWHEXVFyFRQVWLWXLUXQ
EORTXHUHJLRQDOGH³DVLVWHQFLDUHFtSURFDSDUDHOGHVDUUROORHTXLOLEUDGR\
HOPHMRUGHVHPSHxRGHQXHVWURVVHFWRUHVSURGXFWLYRV´HVWRVLQiQLPR
GHGHVDJUHJDUODVDVLPHWUtDVTXHH[LVWHQHQWUHORVPLHPEURV$VXYH]
678',$32/,7,&
SULPDYHUDYHUDQR
HQVXGLVFXUVRVHSURPXHYHXQDYLVLyQTXHYLQFXODHOGHVDUUROORLQWUDLQ
GXVWULDOFRQORVSURFHVRVGHLQYHUVLyQHLQQRYDFLyQFRQMXQWRVVREUHXQD
EDVHFRQMXQWD\HVWUDWpJLFD
$GLIHUHQFLDGHHVWRVGRVGLVFXUVRVODDSUR[LPDFLyQYHQH]RODQDLQFOX\H
RWURVHOHPHQWRVHQVXYLVLyQGHODLQWHJUDFLyQHFRQyPLFD(OSULPHUGLV
FXUVRYHQH]RODQRLQYROXFUDXQDUHIOH[LyQS~EOLFDWHOHYLVDGDGH+XJR
&KiYH]GHPDU]RGHHQODVSRVWULPHUtDVGHODFULVLVGHVREUH
ODGLUHFFLyQGHOFDSLWDOLVPR'HKHFKRFRPSDUDODVLWXDFLyQYHQH]RODQD\
UHJLRQDOFRQORDFRQWHFLGRHQ(VWDGRV8QLGRV(QHVWHGLVFXUVRDILUPDODV
PHGLGDVHFRQyPLFDVHQPDUFDGDVHQHOVRFLDOLVPRGHOVLJOR;;,\ODVX
SHULRULGDGTXHHVWDVUHSUHVHQWDQIUHQWHDOFDSLWDOLVPRPiVGHVHQIUHQDGR
(OVHJXQGRGLVFXUVRHVPiVUHFLHQWHSRUTXHHVGHGLFLHPEUHGHHQ
OD5HXQLyQ3OHQDULDFRQHO0HUFRVXUHQOD5HS~EOLFD2ULHQWDOGHO8UX
JXD\+XJR&KiYH]GHVFULEHFyPRGHEHUtDVHUHOSURFHVRGHFRQMXJD
FLyQGHLQWHUHVHVSDUDFRQIRUPDUXQEORTXHGHLQWHJUDFLyQUHJLRQDO(Q
WDOVHQWLGRSURPXHYHODFUHDFLyQGHLQVWLWXFLRQHVTXHIRPHQWHQODFR
RSHUDFLyQLQWHUQDFLRQDOFRPRIUXWRGHODQHFHVLGDGGHWUDEDMDUHQFRQ
MXQWRIUHQWHDODVDPHQD]DVH[WHUQDV$VLPLVPRSURSRQHXQDQXHYDDU
TXLWHFWXUD GHO 0HUFRVXU PiV DPSOLD TXH JHQHUH LQFHQWLYRV SDUD OD
FRQVWUXFFLyQGHQH[RVGHFRRSHUDFLyQ
(Q FXDQWR D OD FRRSHUDFLyQ SROtWLFD VH DQDOL]DQGRV GLVFXUVRV PiV
SUy[LPRVHQHOWLHPSRSDUDHOFDVRDUJHQWLQR
(QSULPHUOXJDUHOGLVFXUVRUHDOL]DGROXHJRGHOERPEDUGHRTXHUHDOL]y
&RORPELDD(FXDGRUFRPRUHVSXHVWDDODE~VTXHGDGHFpOXODVYLQFXODGDV
DOD)$5&(OGLVFXUVRGH&ULVWLQD)HUQiQGH]KDFHUHIHUHQFLDDOD&XP
EUHGH81$685GHDJRVWRGHHQODFLXGDGGH%DULORFKHUHDOL]DGD
FRQHOSURSyVLWRGHPHMRUDUODUHODFLyQELODWHUDOHQWUHHVWRVSDtVHV
(OVHJXQGRGLVFXUVRHVHOUHDOL]DGRHQRFDVLyQGHOFRQIOLFWRRFDVLRQDGR
SRUHODWHUUL]DMHREOLJDGRGHOSUHVLGHQWHGH%ROLYLD(YR0RUDOHVHQWH
UULWRULRIUDQFpV\SRUWXJXpV(QHVWHGLVFXUVRVHHYLGHQFLDXQDDOXVLyQD
XQ³RWUR´TXHFULWLFDDORVUHJtPHQHVGHODUHJLyQXWLOL]DQGRHOGHUHFKR
LQWHUQDFLRQDOFRPRDUJXPHQWRVLHQGRTXHHOORVFRPHWHQ³HVWDLQpGLWD
YLRODFLyQDODVPiVHOHPHQWDOHVQRUPDVYLJHQWHVGHO'HUHFKR,QWHUQD
FLRQDO´
3DUDDQDOL]DUHOFDVRGH9HQH]XHODVHHOLJLySULPHUDPHQWHHOGLVFXUVR
SURQXQFLDGRSRU&KiYH]HQOD&RQWUD&XPEUHROD,,,&XPEUHGHORV
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
3XHEORVUHDOL]DGDHQ0DUGHO3ODWD$XQTXHLQLFLDOPHQWHSRGUtDSHQVDU
VHFRPRGHWHUPLQDQWHGHLGHDVGHLQWHJUDFLyQHFRQyPLFDHOSURIXQGR
FRQWHQLGRSROtWLFRYHUWLGRHQpOORKDFHXQREMHWRGHDQiOLVLVSDUDFRP
SUHQGHUODVLGHDVUHODFLRQDGDVDODFRRSHUDFLyQSROtWLFD(QHVWHGLVFXU
VRSRUHMHPSORSODQWHDODQRFLyQGHXQD$PpULFDOLEUHGHO³QHROLEHUD
OLVPRQRUWHDPHULFDQR´
(OVHJXQGRGLVFXUVRHVGHQRYLHPEUHGH\UHILHUHDODFRRSHUDFLyQ
SROtWLFDHQODOtQHDGHGHIHQGHUODXQLGDGSROtWLFDUHJLRQDOSHURHQYH]
GHGLULJLUVXLQWHUpVKDFLD$PpULFDODWLQDFRPRFRQMXQWRODUHIHUHQFLD
HVWiIRFDOL]DGDHQ&RORPELD
E$QiOLVLVFXDQWLWDWLYR
$QLYHODEVROXWRWDQWRORVGLVFXUVRVGH$UJHQWLQDFRPRGH9HQH]XHOD
FXHQWDQFRQXQDPD\RUtDGHDOXVLRQHVDO³QRVRWURV´\DODIDPLOLDGH
SDODEUDVDVRFLDGDVDHVDQRFLyQQRVQXHVWUDQXHVWUDVQXHVWURQXHV
WURV(QFXDQWRDODVHJXQGDSDODEUDPiVUHLWHUDGDHQHOGLVFXUVRVREUH
FRRSHUDFLyQSROtWLFDDUJHQWLQRUHVDOWD³ORSUHVLGHQFLDO´\HQHOGLVFXUVR
GHLQWHJUDFLyQHFRQyPLFDODIDPLOLDGHSDODEUDVGHO³GHEHU´3DUDHO
FDVRGH9HQH]XHODODVSDODEUDVDVRFLDGDVDO\RPLPH\PtR
/DSUHYDOHQFLDGHOWHUFHUJUXSRGHSDODEUDVHVPiVGLYHUVD(QORUHODWL
YRDODLQWHJUDFLyQUHJLRQDOSDUDHOFDVRDUJHQWLQRSUHYDOHFHHOJUXSRGH
SDODEUDVOLJDGRDRWURVSDtVHVPLHQWUDVTXHSDUD9HQH]XHODUHVDOWDQSD
ODEUDVVLQGLFDGDVFRQHOSURSLRSDtVFRPR9HQH]XHOD\YHQH]RODQRV(Q
FXDQWRDODFRRSHUDFLyQSROtWLFDHQHOGLVFXUVRYHQH]RODQRUHVDOWDODID
PLOLD GH SDODEUDV ³SXHEORSXHEORV´ \ SDUD OD $UJHQWLQD OD SDODEUD
³81$685´
$JUDQGHVUDVJRVHVWDMHUDUTXtDGHQRWDODVHVWUDWHJLDVLQWHUQDFLRQDOHV
GHORVSDtVHVTXHVRQREMHWRGHHVWXGLR(QSULPHUOXJDUSRQHHQHYL
GHQFLDODFHQWUDOLGDGGHODLQFOXVLyQGHXQ³QRVRWURV´/RVGLVFXUVRVUH
IXHU]DQHVHQRVRWURVFRQODSUHYDOHQFLDGHODQRFLyQGHO³\R´HQHOFDVR
YHQH]RODQRPLHQWUDVTXHORVGLVFXUVRVDUJHQWLQRVUHODFLRQDQ³HOGHEHU´
FRQHOQRVRWURV \GHOWySLFRHQFXHVWLyQ HQLQWHJUDFLyQHFRQyPLFD\
ODLPSRUWDQFLDGHORSUHVLGHQFLDOHQODFRRSHUDFLyQSROtWLFD
(QHOWHUFHUQLYHOGHLPSRUWDQFLDVHHYLGHQFLDQD~QPiVODVGLIHUHQFLDV
HQODVHVWUDWHJLDVGHLQVHUFLyQ3RUHMHPSORODFHQWUDOLGDGGHORYHQH]R
ODQRHQORVGLVFXUVRVGHLQWHJUDFLyQHFRQyPLFDFRQWUDVWDFRQODPHQ
678',$32/,7,&
SULPDYHUDYHUDQR
FLyQGHORVSDtVHVHQJHQHUDOHQHOFDVRDUJHQWLQR&RQODPLVPDOyJLFD
ODFRRSHUDFLyQSROtWLFDHVWiIXHUWHPHQWHYLQFXODGDFRQHOSXHEORHQHO
GLVFXUVRYHQH]RODQRDGLIHUHQFLDGHOFDVRDUJHQWLQRFX\DFRRSHUDFLyQ
HVWiYLQFXODGDDOD8QDVXU
(QHO$QH[R,,VHLQFOX\HQODVWDEODVUHODWLYDVDODLQWHJUDFLyQHFRQyPL
FD\ODFRRSHUDFLyQSROtWLFD
F$QiOLVLVFRPSDUDWLYR
L,QWHJUDFLyQHFRQyPLFD
/DSRVLFLyQDUJHQWLQDHQORVGLVFXUVRVVREUHLQWHJUDFLyQHFRQyPLFDSD
UHFHGHPRVWUDUXQDDSUR[LPDFLyQFUtWLFDPHQRVUDGLFDO6LELHQUHFRQR
FHTXHORVJRELHUQRVSURPHUFDGRJHQHUDQSURFHVRVGHH[FOXVLyQ\SR
EUH]DQRUHDOL]DXQDFUtWLFDUDGLFDOGHOVLVWHPDFDSLWDOLVWD(OWUDEDMRHV
HOHMHFHQWUDOGHODUHFXSHUDFLyQ\DTXHIXQFLRQDFRPRJDUDQWtDGHOD
JREHUQDELOLGDGGHPRFUiWLFD\FRPRXQSXQWDOSDUDHOGHVDUUROORVRVWHQL
EOHHQHOWLHPSR$VLPLVPRUHVDOWDHOSURFHVRGHUHHVWUXFWXUDFLyQGHOD
GHXGDH[WHUQDFRPRXQDFWRGHMXVWLFLD\HQWLHQGHTXHODLQVHUFLyQLQ
WHUQDFLRQDODUJHQWLQDGHEHVHUYHKLFXOL]DGDHQXQEORTXHFRPR0HUFR
VXUSHURSDUHFHQRDKRQGDUHQHOWHPD
(OGLVFXUVRYHQH]RODQRHQFDPELRHQWLHQGHTXHHVWiQDFRQWHFLHQGR
FDPELRVKLVWyULFRVHVHQFLDOHVHQODVEDVHVGHOVLVWHPDFDSLWDOLVWDUHSUH
VHQWDGRSRUODKHJHPRQtDGH(VWDGRV8QLGRV7DOHVDVtTXHORVSDtVHV
GHVDUUROODGRVSDUHFHQHVWDUWHQLHQGRWDVDVGHPHQRUFUHFLPLHQWRUHODWL
YR8QSULPHUHMHPSORGHHVWDSDXODWLQDGHUURWDHVHOHQWLHUURGHOSUR
\HFWR$/&$TXHUHSUHVHQWDEDORVLQWHUHVHVQRUWHDPHULFDQRVH[SOLFLWD
GRV HQ OD UHJLyQ &RQ HVWRV FDPELRV &KiYH] SDUHFH SURSRQHU HO
HYHQWXDOLQJUHVRGH9HQH]XHODDO0HUFRVXUFRPRODRSRUWXQLGDGGHSUR
PRYHUFDPELRVUDGLFDOHVHQVXHVWUXFWXUDIRUPDQGRXQDQXHYDDUTXLWHF
WXUDUHJLRQDO
7HQLHQGRHQFXHQWDODVSULQFLSDOHVFDGHQDVOp[LFDVHO~QLFRSXQWRHQ
FRP~QHVHO0HUFRVXUSHURHOEORTXHHVWiVLJQLILFDGRGHGLIHUHQWHVPD
QHUDV/DSRVLFLyQGH.LUFKQHUGHILQLGDGHVGHORVLQLFLRVGHVXJHVWLyQ
TXHHVGHGRQGHSURYLHQHQORVGLVFXUVRVDQDOL]DGRVDTXtSURPXHYHDO
0HUFRVXUFRPRXQPHFDQLVPRGHLQWHJUDFLyQUHJLRQDOTXHFRPELQHQR
VRORHOHPHQWRVHFRQyPLFRVVLQRWDPELpQHOHPHQWRVVRFLDOHV\SROtWL
FRV3RUHOFRQWUDULR9HQH]XHODFRQGLVFXUVRVGHORVDxRV\
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
VLJXHYLVOXPEUDQGRORVSURFHVRVGHOEORTXHGHVGHDIXHUD\HVSRUHOOR
TXHSURFODPDXQDFDUWDGHLQWHQFLRQHVGHORTXHOHJXVWDUtDSRGHUUHDOL
]DUHQHVHHVSDFLR
&RPRVHGLMRDUULEDODSRVLFLyQGH&KiYH]HVGHDFRPSDVDUHOEORTXH
FRQORVFDPELRVTXHHYHQWXDOPHQWHVHJHQHUDUiQHQODHVWUXFWXUDGHOFD
SLWDOLVPRJOREDO
LL&RRSHUDFLyQSROtWLFD
(QHOFDVRGHODFRRSHUDFLyQSROtWLFD$UJHQWLQDSUHVHQWDDORV(VWDGRV
UHJLRQDOHVFRPRDPLJRVPRWLYRSRUHOFXDOFRQVLGHUDTXHODFRRSHUD
FLyQJHQHUDGDHQHVSDFLRVFRPROD81$685FRQWULEX\HDODSD]\DOD
VHJXULGDGHQODUHJLyQ(VWDSRVLFLyQYLVOXPEUDWUHVDPHQD]DVODSUH
VHQFLDGHEDVHVH[WUDFRQWLQHQWDOHVHOQDUFRWUiILFR\HOWHUURULVPR1R
REVWDQWHGDGDVXSRVLFLyQSDFLILVWDFRQVLGHUDTXHODVIXHU]DVDUPDGDV
QRVRQODVROXFLyQSDUDHVRVSUREOHPDV&RPRHMHLPSRUWDQWHWDPELpQ
UHVDOWDODSRVLFLyQGHTXHORVSXHEORVWLHQHQGHUHFKRV
(QODFRQVWUXFFLyQGLVFXUVLYDYHQH]RODQDODKHUPDQGDGQRVRORHVWi
SUR\HFWDGDKDFLDORVVRFLRVUHJLRQDOHVVLQRDWRGDODKXPDQLGDG/DFR
RSHUDFLyQSROtWLFDHVWiGHILQLGDHQFODYHFRQIOLFWLYDHQODPHGLGDTXHVH
HQWLHQGHTXHODXQLyQGHORVSXHEORVUHSUHVHQWDODOXFKDFRQWUDHODQDO
IDEHWLVPRHOKDPEUH\ODSREUH]D$VLPLVPRODYLVLyQQHJDWLYDGHORWUR
HVWiGLULJLGDKDFLDHOLPSHULDOLVPRQRUWHDPHULFDQR\VHHVWDUtDFRQWULEX
\HQGRDVXUXLQDFRQODGHVWUXFFLyQGHO$/&$
/RVGLVFXUVRVDUJHQWLQR\YHQH]RODQRFRLQFLGHQHQTXHODSUR[LPLGDG
ORVYXHOYHKHUPDQRV\HVRIXQFLRQDFRPRXQLQFHQWLYRSDUDODFRRSHUD
FLyQ1RREVWDQWHPLHQWUDVTXH9HQH]XHODPXHVWUDXQYtQFXORPiVXQL
YHUVDOHLQWHQWDSDOLDUSUREOHPDVFRPRHOKDPEUH\DQDOIDEHWLVPR$U
JHQWLQDFLHUUDHOFtUFXORHQHOHVSDFLRUHJLRQDOHQWHQGLHQGRD81$685
FRPRXQDSODWDIRUPDGHFRRSHUDFLyQUHJLRQDO\SRUORWDQWRFRPRXQ
HVSDFLRSDUDODSURPRFLyQGHODSD]\ODVHJXULGDG
/DSHUFHSFLyQGHODVDPHQD]DV\GHOHQHPLJRQRFRLQFLGHQ$UJHQWLQD
PXHVWUDXQDOyJLFDGLVFXUVLYDGHIHQVLYDHVGHFLUGHOXFKDFRQWUDFLHU
WDVDPHQD]DVFRPRHOQDUFRWUiILFRHOWHUURULVPR\ODVEDVHVH[WUDQMHUDV
)UHQWHDHVWDVDPHQD]DVODVROXFLyQQRHVXWLOL]DUODIXHU]DVLQRODFR
RSHUDFLyQSROtWLFD
(QHOFDVRGH9HQH]XHODHOGLVFXUVRUHYHODTXHODSULQFLSDODPHQD]DHVHO
VLVWHPDFDSLWDOLVWDTXHHURVLRQDODFRRSHUDFLyQSROtWLFD$XQTXHODVFD
678',$32/,7,&
SULPDYHUDYHUDQR
GHQDVOp[LFDVQRSURYHHQLQIRUPDFLyQGHODVROXFLyQTXHSXGLHUDOOHJDUD
SURYHHUSRGUtDDWLQDUVHTXHHOGLVFXUVRYHQH]RODQRHVPiVRIHQVLYR
&RQFOXVLRQHV
(VWDFRQWULEXFLyQVHFRQFHQWUyHQODUHFRQVWUXFFLyQGHHOHPHQWRVOLJD
GRVDODVLGHRORJtDVGHODQXHYDL]TXLHUGDODWLQRDPHULFDQDSUHVHQWHVHQ
HOGLVFXUVRSROtWLFRGH$UJHQWLQD\9HQH]XHODHQHOFRQWH[WRGHONLUFK
QHULVPR\GHOEROLYDULDQLVPRFRPRPRYLPLHQWRVFRQWUDKHJHPyQLFRV
XWLOL]DQGRODPHWRGRORJtDGHODQiOLVLVLGHROyJLFRGHOOHQJXDMH\GHOGLV
FXUVRGH9DQ'LMN
1RVKHPRVSUHJXQWDGRFyPRORVGLVFXUVRVVHOHFFLRQDGRVVHHQPDUFDQ
HQODLGHRORJtDGHODQXHYDL]TXLHUGDODWLQRDPHULFDQD3DUDHVRLGHQWLIL
FDPRVHQODSULPHUDVHFFLyQDOJXQDVFDUDFWHUtVWLFDVHQODVTXHFRLQFL
GHQGLYHUVRVDXWRUHV$VXYH]KHPRVUHFRQRFLGRTXHODELEOLRJUDItDVH
HQFXHQWUD GLYLGLGD HQWUH TXLHQHV HQFXHQWUDQ PD\RUHV VLPLOLWXGHV R
SXHQWHVLGHROyJLFRVHQWUHODDJHQGDSURJUDPiWLFDGHOFKDYLVPR\ODGH
NLUFKQHULVPR\DTXHOORVTXHLGHQWLILFDQGLIHUHQFLDVPiVSURIXQGDV6LQ
WRPDUXQDSRVLFLyQHQGLFKRGHEDWHKHPRVUHFRUULGRORVGLHFLVpLVGLV
FXUVRVSURFXUDQGRHQFRQWUDUSXQWRVGHDFHUFDPLHQWR\GLVWDQFLDPLHQWR
6HLGHQWLILFyODFRQVWUXFFLyQGHXQGLVFXUVRGLFRWyPLFROLJDGRDO³QRVR
WURV´\³HOORV´TXHVHSXHGHSODVPDUHQGLVWLQWDVDJHQGDV(VWRVXFHGH
HQODPHGLGDTXHODLGHRORJtDSROtWLFDSURPXHYHUHODFLRQHVGHSRGHU
TXHVHHQWUHWHMHQHQHVWUXFWXUDVGLFRWyPLFDVFRPRUHIOHMDPRVHQHOSUL
PHUDSDUWDGRGHHVWDFRQWULEXFLyQ(QSDUWLFXODUQRVLQWHUHVDURQFXDWUR
WHPDVRDJHQGDVYLQFXODGRVTXHUHYHODQHVWUXFWXUDVSRODUL]DGDV\OD
FRQVWUXFFLyQGHLQJURXSV\RXWJURXSV
(QORVWHPDVOLJDGRVFRQODVREHUDQtDWHUULWRULDOODVUHIHUHQFLDVDOLQ
JURXSFRPR³QRVRWURV´ORVYHQH]RODQRVORVDUJHQWLQRVHOSXHEOR\OD
QDFLyQVRQUHFXUUHQWHV$VLPLVPRODPHQFLyQDORXWJURXSFRPSXHVWR
SRU³HOORV´&RORPELDHO,PSHULR*UDQ%UHWDxDHOFRORQLDOLVPRORV
HQHPLJRVVHHQFXHQWUDQSUHVHQWHV6LQHPEDUJRPLHQWUDVHQHOFDVRGH
9HQH]XHODODIDPLOLDGHSDODEUDVDVRFLDGDVDOPLOLWDULVPRODGHIHQVD\
ODIXHU]DWLHQHQXQDFRQGLFLyQSRVLWLYDHQORVGLVFXUVRVDQDOL]DGRV\VH
UHODFLRQDQGLUHFWDPHQWHFRQHOLQJURXSSDUDOD$UJHQWLQDORVPHGLRV
SDUDUHVROYHUODVGLVSXWDVWHUULWRULDOHVHVWiQGDGRVSRULQVWDQFLDVPXOWL
ODWHUDOHVLQVWUXPHQWRVMXUtGLFRVHOGHUHFKRODGLSORPDFLD\ODSD]
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
(QHVWHFRQWH[WR QRGHEHROYLGDUVHTXHOD&XHVWLyQ 0DOYLQDVFRPR
SULQFLSDOWHPDGHOD3($OLJDGDDFXHVWLRQHVGHVREHUDQtDWHUULWRULDO
VHHQFDX]DQXHYDPHQWHDWUDYpVGHFDQDOHVLQVWLWXFLRQDOHV\GLSORPiWL
FRVWUDVODJXHUUDSHUGLGDSRUOD$UJHQWLQDVREUHHOILQGHO~OWLPRJR
ELHUQRPLOLWDUDUULEDGRSRUXQJROSHGH(VWDGRHQ(QWDOVHQWLGR
HVFRVWRVRDODKLVWRULDGHOSDtVODUHIHUHQFLDSRVLWLYDDFXDOTXLHUFRP
SRQHQWH GHWLSR PLOLWDU HQ HVSHFLDO VL VH UHODFLRQD FRQ OD &XHVWLyQ
0DOYLQDV
&RQORFXDOWHPDVFRPRGHUHFKRVKXPDQRVODVREHUDQtDSRUODVLVODV
\VXVDVSHFWRVDVRFLDGRVFRQVWLWX\HQXQQ~FOHRGXURGHOD3($GHORV
JRELHUQRVNLUFKQHULVWDVGRQGHODGLIHUHQFLDHQWUHHOJRELHUQRFLYLO\HO
PLOLWDUVHYROYLyXQFRQGLFLRQDQWHHQODFRQVWUXFFLyQVLPEyOLFDHLGHQ
WLWDULDGHODSROtWLFDS~EOLFD\GHOGLVFXUVRSROtWLFR(QFRQWUDSRVLFLyQ
HQ9HQH]XHOD\HVSHFLDOPHQWHHQHOFRQWH[WRGHOEROLYDULDQLVPRHOPL
OLWDULVPRQRSUHVHQWDXQDFRQQRWDFLyQKLVWyULFDQHJDWLYD0iVELHQVH
OR SHUFLEHHQWpUPLQRV HPDQFLSDGRUHVORFXDOSXHGH UDVWUHDUVH D OD
SURSLDLPDJHQGH&KiYH]\VXLQJUHVRDODHVFHQDSROtWLFDYHQH]RODQD
(QORVFDVRVHQORVTXHVHSHUFLEHXQVLJQRQHJDWLYROLJDGRDORPLOL
WDUSDUDORVGLVFXUVRVGH&KiYH]UHILHUHQDORVSRGHURVRV\DORVSD
UDPLOLWDUHV
(QFXDQWRDODVREHUDQtDHQHUJpWLFDHORXWJURXSSDUDHOFDVRGH9HQH
]XHODYLHQHGDGRSRUORVWHFQyFUDWDV\ODVHPSUHVDVWUDQVQDFLRQDOHVORV
LPSHULDOLVWDVTXHVRQYLVWRVFRPRXQDDPHQD]DPLHQWUDVTXHHOLQJURXS
HVWiUHSUHVHQWDGRSRUHOSXHEORORVPDQGDWDULRVODWLQRDPHULFDQRVORV
KHUPDQRV\QRVRWURVORVSREUHV(VWHWLSRGHOyJLFDVHUHSURGXFHSDUDHO
FDVRDUJHQWLQRDXQTXHGHPRGRPiVPDWL]DGR6HHYLGHQFLDHQHOGLV
FXUVRNLUFKQHULVWDXQFRUWHWHPSRUDOTXHLPSOLFDXQDQWHV\XQGHVSXpV
GHODQDFLRQDOL]DFLyQGHODHPSUHVD<3)HVSHFLDOPHQWHHQWpUPLQRVGHO
FRQWUROGHORVUHFXUVRVKLGURFDUEXUtIHURV\HOUROGHODUHJLyQHQHVWD
QXHYDHWDSDFRQXQDOyJLFDSRVLWLYD(QHVWHFRQWH[WRODFRQFDWHQDFLyQ
SRVLWLYDHQWpUPLQRVGHSURGXFFLyQGHHQHUJtDVHJHQHUDHQODPHGLGD
TXHHVWiDVRFLDGDDO(VWDGRFRPRLQJURXSHQFRQWUDSRVLFLyQDORXWJURXS
UHSUHVHQWDGRHQGLVWLQWRVQLYHOHVSRUODVHPSUHVDV
$PERVWySLFRVFRQVWLWX\HQDVSHFWRVRVWHQVLEOHVGHODFRQVWUXFFLyQSR
ODUL]DGDGHODLGHQWLGDGGHORVPRYLPLHQWRVDQDOL]DGRVPDQLILHVWDHQ
ORVGLVFXUVRVSROtWLFRVWHQLHQGRHQFXHQWDXQDSHUVSHFWLYDGHOWHUULWRULR
\GHODVUHVHUYDVFRPRUHFXUVRVHVWUDWpJLFRVTXHSXHGHQFRQGLFLRQDUODV
SRVLELOLGDGHVGHGHVDUUROORGHGLFKRVSDtVHV
678',$32/,7,&
SULPDYHUDYHUDQR
(QUHODFLyQDODLQWHJUDFLyQHFRQyPLFDODPRGHUDFLyQGHOGLVFXUVRSR
OtWLFRHQHOFDVRDUJHQWLQRVHKDFHPiVRVWHQVLEOH9HQH]XHODFRQWLHQGH
FRQHOVLVWHPDFDSLWDOLVWD\SUHVHQWDXQDFUtWLFDUDGLFDODOPRGHORGHLQ
WHJUDFLyQHFRQyPLFDSUHVHQWDGRSRU(VWDGRV8QLGRVHQVXPLUDGDKHJH
PyQLFDGHO$/&$(OGLVFXUVRDUJHQWLQRVHFRQFHQWUDHQODJREHUQDELOL
GDGGHPRFUiWLFDODGHXGDH[WHUQDODHUUDGLFDFLyQGHODSREUH]D\FyPR
HOSURFHVRGHLQWHJUDFLyQVXEUHJLRQDO0HUFRVXUHVXQPRGRGHPHMRUDU
ODVFRQGLFLRQHVGHORVSDtVHVHQHVWHVHQWLGR(VDVtTXHHO0HUFRVXUHV
HOSXQWRGHHQFXHQWURHQWUHDPERVPRYLPLHQWRVLGHQWLILFDGRFRPRXQD
RSRUWXQLGDGSDUDSURPRYHUFDPELRVUDGLFDOHVHQHOFDVRGH9HQH]XHOD
WDQWRFRPRXQOXJDUGHUHIXJLR\XQDEDVHSDUDGHVGHDOOtFRQVWUXLUOLGH
UD]JRHQHOFDVRGHOD$UJHQWLQD8QDOyJLFDVLPLODUVHH[SUHVDHQOD
FRRSHUDFLyQSROtWLFDEDMR81$685
6LQHPEDUJRODFRQVWUXFFLyQGHORVLQJURXSV\RXWJURXSVHQOD]DGRVDOD
FRRSHUDFLyQ\ODLQWHJUDFLyQUHJLRQDOQRVRQQHFHVDULDPHQWHFRLQFLGHQ
WHV0LHQWUDVORVSUHVLGHQWHVDUJHQWLQRVUHILHUHQDVXVVRFLRVGHODUHJLyQ
FRPRLQJURXS\HQWpUPLQRVIUDWHUQDOHV9HQH]XHODFRQVWUX\HXQLQJURXS
PiVDPSOLRFRQUHIHUHQFLDVDOD+XPDQLGDG+DEUtDDOOtXQHOHPHQWRGLV
WLQWLYRTXHUHILHUHDODUHODFLyQELODWHUDOGRQGHDPERVKDEODQGHORV
RWURVFRPRKHUPDQRV\SRUHQGHSDUWHGHOLQJURXSGHPRGRH[SUHVR
8QQH[RHQWUHORVWHPDVGHVREHUDQtD\ODFRRSHUDFLyQSROtWLFDHLQWH
JUDFLyQHFRQyPLFDUDGLFDHQGLVWLQWRVUHVXOWDGRVGHODYLVLyQGLFRWyPL
FDGHOGLVFXUVR3DUDHOFDVRDUJHQWLQRODSHUFHSFLyQGHODVDPHQD]DV
TXHGHYLHQHQGHOGLVFXUVRHQFXHQWUDQHQODSD]\ODFRRSHUDFLyQSROtWL
FDUHJLRQDOHOPRGRGHGDUUHVSXHVWDHQFRQWUDSRVLFLyQDODSHUVSHFWLYD
GHODIXHU]D(OGLVFXUVRYHQH]RODQRPXHVWUDPD\RURIHQVLYDUHVSHFWRD
ODVDPHQD]DVSHUFLELGDV\VLELHQODVDOLGDUHJLRQDOHVEXVFDGDFRQVWLWX
\HXQHVODEyQHQODPLUDGDJOREDOGHOVLVWHPDFDSLWDOLVWD\VXLPSDFWR
HQODVHVWUXFWXUDVSROtWLFDVHFRQyPLFDV\VRFLDOHVLQWHUQDFLRQDOHV
(QVtQWHVLVHONLUFKQHULVPR\HOEROLYDULDQLVPRSUHVHQWDQVLPLOLWXGHV
GLVFXUVLYDVFRQUHODFLyQDODVLGHRORJtDVGHODQXHYDL]TXLHUGDGDGDV
SRUODVFRQVWUXFFLRQHVGH³QRVRWURV\HOORV´DVtFRPRHOFRUWHFRQHO
SDVDGRDXQTXHHOPLVPRVHDYDULDEOHHQFDGDFDVR'HOPLVPRPRGR
FRPSDUWHQXQLQJURXSGRQGHODUHJLyQHVVLJQLILFDWLYDSDUDODFRRSHUD
FLyQSROtWLFD\ODLQWHJUDFLyQHFRQyPLFD HQPD\RURPHQRUPHGLGDGH
SHQGLHQGRGHOWHPD HQXQFRQWH[WRGHFRQVWUXFFLyQGHXQPRGHORSROt
WLFR\HFRQyPLFRFRQWUDKHJHPyQLFRHQ$PpULFDODWLQD0HUFRVXUHV
XQRGHORVSXQWRVGHHQFXHQWURGHPD\RUVLJQLILFDGRSDUDODFRQVWUXF
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
FLyQGHORQXHYR(VWDVVLPLOLWXGHVVHH[SUHVDURQWDPELpQHQDFFLRQHV
GHSROtWLFDFRQFUHWD\HQFRRSHUDFLyQHFRQyPLFD\SROtWLFDFRPRPRGR
GHKDFHUIUHQWHDGLFKDVDPHQD]DV
1RREVWDQWHORVPDWLFHVHQWUHDPERVFDVRVVRQRVWHQVLEOHVHQWpUPLQRV
GHFRQVWUXFFLyQLGHQWLWDULDFRPRSURGXFWRGHODKLVWRULDQDFLRQDOHQ
FDGDFDVRORFXDOVHPDQLILHVWDHQGLVWLQWRVLQJURXSV\RXWJURXSV(Q
$UJHQWLQDVHREVHUYDXQDHVFDODPiVJUDGXDOGHDFHUFDPLHQWR\DOHMD
PLHQWRGHORVLQJURXSV\RXWJURXSVDGLIHUHQFLDGH9HQH]XHODGRQGH
DPERVVRQPiVPDUFDGRV\HQDOJXQRVFDVRVOLJDGRVDODOXFKDTXHHV
XQLQVWUXPHQWRGHODFRRSHUDFLyQ$UJHQWLQDHQGLVWLQWRVWHPDVPXHV
WUDPD\RULQFOLQDFLyQDODGLSORPDFLDDOPXOWLODWHUDOLVPRDOGHUHFKR\
DVLJQLILFDQWHVQREpOLFRV
'HFXDOTXLHUPRGRHVWDFRQWULEXFLyQFRQVWLWX\HXQHQIRTXHVXPDPHQ
WHIRFDOL]DGRHQYLUWXGGHODGLILFXOWDGHQODDSOLFDFLyQGHODPHWRGROR
JtDDXQFRUSXVGLVFXUVLYRPD\RU'LFKDPHWRGRORJtDHQOXJDUGHIDYR
UHFHUXQDPLUDGDH[WHQVLYDUHIOHMRGHXQDQiOLVLVFXDQWLWDWLYRXWLOL]DHO
DQiOLVLVFXDQWLWDWLYR\FXDOLWDWLYRSHURIDYRUHFHHOVHJXQGRFRPRPRGR
GHDQiOLVLV\UDVWUHRGHDVSHFWRVLGHQWLWDULRV
%LEOLRJUDItD
$/(*5(3 /RVJLURVDODL]TXLHUGDHQHO&RQR6XUJRELHUQRVSURJUHVLVWDV
\DOWHUQDWLYDVGHGHVDUUROORHQSHUVSHFWLYDFRPSDUDGD(FXDGRU&/$&62
GLVSRQLEOHHQKWWSELEOLRWHFDYLUWXDOFODFVRRUJDUDUOLEURVEHFDVJRESUR
DOHJUHSGI
$5',7,% ³(OJLURDODL]TXLHUGDHQ$PpULFDODWLQD¢XQDSROtWLFDSRVWOLEH
UDO"´&LHQFLDV6RFLDLV8QLVLQR
%262(5) ³0DOYLQDVDxRVGHVSXpVFXHVWLyQFDXVD\VLJQLILFDQWH´
&LHQFLDV6RFLDOHV5HYLVWDGHOD)DFXOWDGGH&LHQFLDV6RFLDOHVGHOD8%$
%8(1203 ³$XWRQRPtD7HQGHQFLDVSURIXQGDV\YDULDEOHVSHUVLVWHQWHVGH
OD3ROtWLFD([WHULRU$UJHQWLQD´%-,5
&,9,'$1(6-/ ³/XFKDVFRQWUDKHJHPyQLFDV\FDPELRSROtWLFRHODYDQFH
GHODL]TXLHUGDVXGDPHULFDQDHQSHUVSHFWLYDFRPSDUDGD´&RORPELD,QWHUQDFLR
QDO
&2521,/) ³(OHVWDGRGH$PpULFDODWLQD\VXV(VWDGRV´1XHYD6RFLHGDG
678',$32/,7,&
SULPDYHUDYHUDQR
($*/<$\&+$,.(16 7KHSV\FKRORJ\RIDWWLWXGHV2UODQGR+DUFRXUW
%UDFH-RYDQRYLFK&ROOHJH3XEOLVKHUV
)(55$5,* (VTXHPDGHOD3ROtWLFD([WHULRU$UJHQWLQD%XHQRV$LUHV(X
GHED
)8(17(6& ³)URQWHUDVFDOLHQWHV´)RUHLJQ$IIDLUV/DWLQRDPpULFD
*$55(7Ï10$ ³0RGHOR\OLGHUD]JRVHQ$PpULFDODWLQD´1XHYD6RFLH
GDG
*,$&$/21(5 ³9HQH]XHODHQ8QDVXULQWHJUDFLyQUHJLRQDO\GLVFXUVRSROt
WLFR´'HVDItRV
*8'<1$6( ³(VWDGRFRPSHQVDGRU\QXHYRVH[WUDFWLYLVPRV/DVDPELYDOHQ
FLDVGHOSURJUHVLVPRVXGDPHULFDQR´1XHYD6RFLHGDG
²²² ³'HEDWHVVREUHHOGHVDUUROOR\VXVDOWHUQDWLYDVHQ$PpULFDODWLQD
8QDEUHYHJXtDKHWHURGR[D´(Q/$1*0\02.5$1<' HGV 0iVDOOiGHO
GHVDUUROOR4XLWR*UXSR3HUPDQHQWHGH7UDEDMRVREUH$OWHUQDWLYDVDO
'HVDUUROOR)XQGDFLyQ5RVD/X[HPEXUJR\$E\D<DOD
.(56))(/'' ³(OSDSHOGHODXQDVXUDQWHORVFRQIOLFWRVLQWHUQDFLRQDOHV
GRVHVWXGLRVGHFDVR´5HYLVWDPH[LFDQDGHFLHQFLDVSROtWLFDV\VRFLDOHV
,QIRUPHV GHO 2EVHUYDWRULR GH 3ROtWLFD ([WHULRU$UJHQWLQD GLVSRQLEOHV HQ ZZZ
RSHDUJHQWLQDRUJ
/2=$12: ³/DL]TXLHUGDODWLQRDPHULFDQDHQHOSRGHULQWHUURJDQWHVVREUH
XQSURFHVRHQPDUFKD´1XHYD6RFLHGDG
0$/$08' & 3RSXOLVPRVODWLQRDPHULFDQRV/RVWySLFRVGHD\HUKR\\
VLHPSUH2YLHGR(GLFLRQHV1REHO
0$57Ë1(=5$1*(/5*$50(1',$5\6272( ³(O&RQVHQVRGH:DV
KLQJWRQODLQVWDXUDFLyQGHODVSROtWLFDVQHROLEHUDOHVHQ$PpULFDODWLQD´3ROtWLFD
\FXOWXUD
025$/(6-&\(8',6) ³/DSROtWLFDH[WHULRUGHOJRELHUQRGH&KiYH]
¢$FLHUWRVRLQFHUWLGXPEUHV"´&XDGHUQRVODWLQRDPHULFDQRV$xR
025(,5$& ³/RVGLOHPDVGHODQXHYDL]TXLHUGDJREHUQDQWHHQ$PpULFDOD
WLQD´3HQVDPLHQWR3OXUDO Q
025(12-( ³3HQVDUODLGHRORJtD\ODVLGHQWLGDGHVSROtWLFDV$SUR[LPD
FLRQHVWHyULFDV\XVRVSUiFWLFRV´(VWXGLRV3ROtWLFRV
1$7$1621- /DQXHYDL]TXLHUGDWULXQIRV\GHUURWDVGHORVJRELHUQRVGH
$UJHQWLQD%UDVLO%ROLYLD9HQH]XHOD&KLOH8UXJXD\\(FXDGRU%XHQRV$LUHV
'HEDWH
2&$032-$ 0iVDOOiGHO&RQVHQVRGH:DVKLQJWRQXQDDJHQGDGHGHVD
UUROORSDUD$PpULFDODWLQD0p[LFR&(3$/
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
3$/(5029 6DOHQODVKHULGDV%XHQRV$LUHV6XGDPHULFDQD
3$1,==$) ³(FRQRPLFFRQVWUDLQWVDQGVWUDWHJLFFKRLFHVWKHFDVHRIWKH
IUHQWHDPSOLRRI8UXJXD\ILUVW\HDULQRIILFH´&RQJUHVR$/$&,36DR3DXOR
3$5$0,2/ ³*LURDODL]TXLHUGD\UHJUHVRGHOSRSXOLVPR´1XHYD6RFLHGDG
3e5(=$&$12+\9$/'(55$0$( 3HQVDPLHQWR3HWUROHURGHO&RPDQ
GDQWH&KiYH]&DUDFDV0LQLVWHULRGHO3RGHU3RSXODUGH3HWUyOHR\0LQHUtD\
3'96$
3(7.2))7 ³/DVGRVL]TXLHUGDV´1XHYD6RFLHGDG
38,*-& ³/DSROtWLFDH[WHULRU\VXVWHQGHQFLDVSURIXQGDV´5HYLVWD$UJHQ
WLQDGH5HODFLRQHV,QWHUQDFLRQDOHV$xR
48,17(52)5$148,=.\'8148(& /DFRQVWUXFFLyQGHOVRFLDOLVPRGHO
VLJOR ;;, GLVFXUVRV GHO &RPDQGDQWH 6XSUHPR DQWH OD$VDPEOHD 1DFLRQDO
&DUDFDV)XQGDFLyQ)RQGR(GLWRULDOGHOD$VDPEOHD1DFLRQDO
48,52*$+ ³¢'HTXpKDEODPRVFXDQGRKDEODPRVGHL]TXLHUGDKR\"´7H
PDV\'HEDWHV
5$0Ë5(=*$//(*26) ³0XFKRPDuVTXHGRVL]TXLHUGDV´1XHYD6RFLHGDG
520(52& $'RVHWDSDVHQODSROtWLFDH[WHULRUGH9HQH]XHOD3ROLWHLD
9$1',-.7 $QiOLVLVGHOGLVFXUVRLGHROyJLFR0p[LFR8$0
²²² ,GHRORJtDXQDDSUR[LPDFLyQLQWHUGLVFLSOLQDULD%DUFHORQD*HGLVD
²²² ³6HPiQWLFDGHOGLVFXUVRHLGHRORJtD´'LVFXUVR 6RFLHGDG
=29$772' ³$PpULFDODWLQDGHVSXpVGHOUDOO\HOHFWRUDODOJXQDV
WHQGHQFLDV\GDWRVVREUHVDOLHQWHV´1XHYD6RFLHGDG
'LVFXUVRVHQ,QWHUQHW
&+È9(=+³4XHQRQRVGHVFDUULOHQ´ &DUDFDVQRYLHPEUHGH GLVSRQLEOH
HQKWWSZZZFXEDGHEDWHFXHVSHFLDOHVTXHQRQRVGHVFDUULOHQ
²²²'LVFXUVRGH&ODXVXUDGHOD,,,&XPEUHGHORV3XHEORVGH$PpULFD 0DUGHO
3ODWDGHQRYLHPEUHGH GLVSRQLEOHHQKWWSZZZQRGDODPD
GLH]DQRVGHOQRDODOFDGLVFUXVRFRPSOHWRGHKXJRFKDYH]HQODFRQWUDFXPEUH
&KiYH]+XJR'LVFXUVRHQOD;;&XPEUHGH-HIHVGH(VWDGR\GH*RELHUQRGHO
*UXSR GH 5tR 6DQWR 'RPLQJR GH PDU]R GH GLVSRQLEOH HQ KWWS
WRGRFKDYH]JREYHWRGRFKDYH]LQWHUYHQFLRQGHOFRPDQGDQWHSUHVLGHQWHKXJR
FKDYH]GXUDQWH[[FXPEUHGHMHIHVGHHVWDGR\GHJRELHUQRGHOJUXSRGHULR
678',$32/,7,&
SULPDYHUDYHUDQR
&+È9(=+'LVFXUVRDQWHOD0DUFKDSRUODSD]\FRQWUDHOSDUDPLOLWDULVPRHQ9H
QH]XHOD &DUDFDV GH PD\R GH GLVSRQLEOH HQ KWWS
ZZZDQDOLWLFDFRPRSLQLRQRSLQLRQQDFLRQDOWUDQVFULSFLRQGHOGLVFXUVRHO
GHPD\RGHSRUHOSUHVLGHQWHKXJRFKDYH]IULDV
²²²'LVFXUVR³/D&RQWUDFULVLV´ &DUDFDVPDU]RGH GLVSRQLEOHHQ
KWWSZZZFXEDGHEDWHFXHVSHFLDOHVYHQH]XHODODFRQWUDFULVLV
²²²'LVFXUVRHQOD5HXQLyQ3OHQDULDFRQHO0HUFRVXU 0RQWHYLGHRGHGL
FLHPEUH GH GLVSRQLEOH HQ KWWSZZZUHYROXFLRQRPXHUWHRUJ
LQGH[SKSGLVFXUVRVGLVFXUVRVFRPDQGDQWHKXJRFKDYH]GLVFXUVRGHO
SUHVLGHQWHGHKXJRFKDYH]HQODUHXQLRQSOHQDULDGHOPHUFRVXUPRQWHYLGHR
UHSXEOLFDRULHQWDOGHOXUXJXD\)HUQiQGH]&ULVWLQD'LVFXUVRDQWHOD&XPEUH
([WUDRUGLQDULDGH8QDVXU 6DQ&DUORVGH%DULORFKHGHDJRVWRGH
GLVSRQLEOHHQKWWSZZZFINDUJHQWLQDFRPFINHQODFXPEUHH[WUDRUGLQDULD
GHXQDVXU
)(51È1'(=&ULVWLQD'LVFXUVRDQWH8QDVXU %ROLYLDGHMXOLRGH GLVSRQL
EOHHQKWWSZZZFINDUJHQWLQDFRPHYRPRUDOHVXQDVXUEROLYLD
²²²'LVFXUVRDQWHHO&RPLWpGH'HVFRORQL]DFLyQGHOD218 1XHYD<RUN
GHMXQLRGH GLVSRQLEOHHQKWWSZZZFDVDURVDGDJREDULQIRUPDFLRQDU
FKLYRVHVLRQGHOFRPLWHGHGHVFRORQL]DFLRQGHODRQXSDODEUDVGHOD
SUHVLGHQWDGHODQDFLRQ
²²²'LVFXUVRHQHODFWRGHDQXQFLRGHHQYtRDO&RQJUHVRGHOSUR\HFWRGHOH\GH
H[SURSLDFLyQGH<3) %XHQRV$LUHVGHDEULOGH GLVSRQLEOHHQKWWS
ZZZFDVDURVDGDJREDULQIRUPDFLRQDUFKLYRDQXQFLRGHOSUR\HFWRGH
OH\GHH[SURSLDFLRQGH\SIGLVFXUVRGHODSUHVLGHQWDGHODQDFLRQ
.,5&+1(51'LVFXUVRHQOD,9&XPEUHGHODV$PpULFDV 0DUGHO3ODWDGHQR
YLHPEUHGH GLVSRQLEOHHQKWWSZZZFINDUJHQWLQDFRPQHVWRUNLUFKQHU
HQODLYFXPEUHGHODVDPHULFDVHQPDUGHOSODWD
²²²'LVFXUVRDQWHOD&XPEUH'HO0HUFRVXU 2XUR3UHWRGHGLFLHPEUHGH
GLVSRQLEOHHQKWWSZZZFDVDURVDGDJREDULQIRUPDFLRQDUFKLYR
EODQN
²²²'LVFXUVRHQHODFWRGHILUPDGHDFXHUGRVFRQ3'96$ &DUDFDVGHIH
EUHURGH GLVSRQLEOHHQKWWSZZZFDVDURVDGDJREDUFRPSRQHQWFRQ
WHQWDUWLFOH"LG EODQN
²²²'LVFXUVRHQOD&HUHPRQLDGH&RQPHPRUDFLyQGHO³'tD'HO9HWHUDQRHH
*XHUUD\GHORV&DtGRVHQOD*XHUUDGH0DOYLQDV´ %XHQRV$LUHVGHDEULOGH
GLVSRQLEOHHQKWWSZZZFDVDURVDGDJREDULQIRUPDFLRQDUFKLYR
EODQN
7DEOD6REHUDQtDHQHUJpWLFD
3DtV
&RRFXUUHQFLDGH
VLJQLILFDQWHV
)UHFXHQFLD
6LJQLILFDGR
9DORUDFLyQ
9HQH]XHOD
7UDQVQDFLRQDOHV
±DWDTXHDPHQD]D
±GHIHQVDHVFXGR
/RVLQWHUHVHVIRUiQHRVUHSUHVHQWDGRVSRU
HPSUHVDVWUDQVQDFLRQDOHVFDSLWDOHV
H[WUDQMHURV HQSDUWLFXODUGHSDtVHVULFRV \
ODVHOLWHVORFDOHVXROLJDUTXtDVOOHYDQ
DGHODQWHDFFLRQHVDPHQD]DQWHVGHODVTXH
HOSXHEORR³QRVRWURV´GHEHGHIHQGHUVH\D
VHDDWUDYpVGHXQFRQWUDDWDTXHRDWUDYpV
GH³HVFXGRV´GHSURWHFFLyQ
1HJDWLYD
9HQH]XHOD
3UHFLRFRVWR±
JDQDQFLDV±
SURGXFFLyQ±
PHUFDGR
$OSODQWHDUODE~VTXHGDHJRtVWDGHOD
JDQDQFLDHOFDSLWDOLVPR\ODVHOLWHV
WHFQRFUiWLFDVSHUMXGLFDQDORVPiVSREUHV
EXVFDQHOGLQHURSRUHQFLPDGHOD
SURGXFFLyQUHDO(O³QRVRWURV´EXVFDHO
HTXLOLEULRGHOPHUFDGRDWUDYpVGHXQSUHFLR
MXVWR\HOXVRGHJDQDQFLDVSDUDILQHV
VRFLDOHVHQHVSHFLDOODSURGXFFLyQGHRWUDV
PHUFDGHUtDVQHFHVDULDV$VtORVWHPDV
HFRQyPLFRVSXHGHQVHUDERUGDGRVGH
PDQHUDSRVLWLYDRQHJDWLYDVHJ~QVHOOHYHQ
DGHODQWHGHPDQHUDHJRtVWDDSiWULGDRQR
3RVLWLYDRQHJDWLYD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
$1(;2,
/DVSDODEUDV\DFFLRQHVGHORVSRHWDV\
PDQGDWDULRVODWLQRDPHULFDQRVSUHVHQWHV\
SDVDGRVVLUYHQFRPRHMHPSORGHORVYDORUHV
TXHGHEHWHQHUODOXFKDSDWULRWDTXHOOHYD
DGHODQWHHO³QRVRWURV´GHOSXHEORYHQH]RODQR
\ORVSXHEORVODWLQRDPHULFDQRV\FDULEHxRV
/DOXFKDHVWDPELpQVLPEyOLFD\WLHQH
YDORUHVKLVWyULFRVHLGHROyJLFRVTXHVHYHQ
SODVPDGRVHQHVRVRWURVGLVFXUVRV
3RVLWLYD
&ULVLV±SHOLJUR±
FRQIOLFWR±RIHQVLYD±
HVWUDWHJLDSUR\HFWR
/DVFULVLVVRQJHQHUDGDVSRUDOJXLHQTXH
ORJUDREWHQHUUpGLWRGHHOODV6XUJHQGHXQ
DJRWDPLHQWRGHOVLVWHPDDQWHULRUGHXQ
FRQIOLFWRHQWUHHO³HOORV´LPSHULDOLVWDR
DSiWULGD\HO³QRVRWURV´GHORVSDtVHV
SREUHV3DUDHQIUHQWDUODVVHUHTXLHUHGH
XQDRIHQVLYDGHHVH³QRVRWURV´TXHJHQHUH
XQDHVWUDWHJLDGHFRQWUDDWDTXHRXQD
SURWHFFLyQDWUDYpVGHXQSUR\HFWRQXHYR
1HJDWLYD
)DUVD±PHQWLUD±
RFXOWDPLHQWR
PHGLiWLFR
/RVPHGLRVGHFRPXQLFDFLyQHVWXYLHURQ\
HVWiQDOVHUYLFLRGHORVLQWHUHVHVGHODV
HOLWHVQDFLRQDOHVHLQWHUQDFLRQDOHVGHORV
SDtVHVULFRV\ORVLQWHUHVHVHFRQyPLFRV'H
HVWDPDQHUDORJUDQRFXOWDUODFULVLVJHQHUDU
RGLRV\PHQWLUDFHUFDGHKHFKRVFRQFUHWRV
FRPRODQDFLRQDOL]DFLyQSHWUROHUDODFULVLV
GHOFDSLWDOLVPRHWF
1HJDWLYD
SULPDYHUDYHUDQR
678',$32/,7,&
3RHWDVPDQGDWDULRV
ODWLQRDPHULFDQRV±
KHUPDQRV±SDWULD
SDWULRWDV±SXHEOR
&RQVWUXLU±UHJLyQ
$PpULFDODWLQD±
DUJHQWLQD
(OpQIDVLVHVWiSXHVWRHQODFRQVWUXFFLyQGH
DOJRQXHYRHQFRQMXQWRFRQODUHJLyQ
$UJHQWLQDVHVXPDDODUHJLyQDWUDYpVGH
SDFWRVDFXHUGRV\FRODERUDFLyQGHGLVWLQWR
WLSRSDUDUHDOL]DUFDPELRV\FRQVWUXLUDOJR
QXHYR
3RVLWLYD
(PSUHVD±LQYHUVLyQ±
GHVDUUROOR
/DVHPSUHVDVVRQYLVWDVFRQRMRVSRVLWLYRV
HQODPHGLGDTXHFXPSODQVX
UHVSRQVDELOLGDGGHLQYHUWLU\FRQWULEXLUDO
GHVDUUROORGHOSDtV/DVHPSUHVDVTXH
LQYLHUWHQ\VHFRPSURPHWHQFRQHOGHVDUUROOR
GHOSDtVSXHGHQVHUS~EOLFDV
3RVLWLYD\QHJDWLYD
$GPLQLVWUDFLyQ
UHFXUVRV±(VWDGR
(QHOGLVFXUVRVHEXVFDUHIRU]DUODLGHDGH
TXHHO(VWDGRSXHGHDGPLQLVWUDUORVUHFXUVRV
GHPDQHUDHILFLHQWHTXHODVHPSUHVDV
SULYDGDVQRVLHPSUHDGPLQLVWUDQUHFXUVRVGH
IRUPDTXHEHQHILFLHQDOSDtV\TXHHO(VWDGR
GHEHYHODUSRUTXHHVWRVUHFXUVRVHVWpQELHQ
DGPLQLVWUDGRV
3RVLWLYD
3URGXFFLyQ±
FUHFLPLHQWR±
/DDVRFLDFLyQSRVLWLYDTXHH[LVWHHQWUHOD
SURGXFFLyQ\HOFUHFLPLHQWR\VX
FRQVHFXHQWHEHQHILFLRSDUDHOSDtVVH
UHIXHU]DDOPDUFDUODFRQFDWHQDFLyQQHJDWLYD
HQWUHODQRSURGXFFLyQ\HOQRFUHFLPLHQWR
VREUHHOSDtV
3RVLWLYD\QHJDWLYD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
$UJHQWLQD
(OSURIHVLRQDOLVPRHVXQYDORUTXHGHEHQ
VRVWHQHUODVHPSUHVDV\TXHSXHGHVHU
LPSXOVDGRSRUHOHVWDGRTXHSXHGHHVWDU
YLQFXODGRFRQODSROtWLFDDXQTXHQRVHD
SDUWLGLVWD/RVDUJHQWLQRVWLHQHQ
FDSDFLGDGHVSURIHVLRQDOHVSDUDDSRUWDUD
VXVHPSUHVDVXQLGDVDXQFRPSURPLVRFRQ
VXSDtV
3RVLWLYD
678',$32/,7,&
SURIHVLRQDO
SURIHVLRQDOL]DFLyQ±
HPSUHVD±
HVWDGRSROtWLFD±
DUJHQWLQRV
)XHQWH(ODERUDFLyQSURSLD
7DEOD6REHUDQtDWHUULWRULDO
3DtV
6LJQLILFDGR
9DORUDFLyQ
'HUHFKR±
UHVSHWRGHIHQVD±
$UJHQWLQD
6HUHPDUFDODUHODFLyQHQWUHODVOLEHUWDGHV\
ORVGHUHFKRVKXPDQRVFRQHOUHVSHWRKDFLD
HOORVSRUSDUWHGHOD$UJHQWLQD
3RVLWLYD
+LVWRULD±
SDWULD±
GHIHQGHU
/DGHIHQVDSDWULyWLFDVHYLQFXODFRQXQ
SDVDGRKLVWyULFRKHURLFRGHSXHEORV\OtGHUHV
TXHOXFKDURQSRUVXSDtV
3RVLWLYD
&RORQLDFRORQLDOLVPR±
WRGRV±
DQDFUyQLFRSDVDGR
/DKLVWRULDFRORQLDOGHODVJUDQGHVSRWHQFLDV
GHEHVHUVXSHUDGDGHEHGHMDUVHDWUiVHQ
WRGRHOPXQGR
1HJDWLYD
SULPDYHUDYHUDQR
$UJHQWLQD
)UHFXHQFLD
&RRFXUUHQFLDGH
VLJQLILFDQWHV
6HLGHQWLILFDODQDFLyQFRQHOSXHEOR\OD
OXFKDDUJHQWLQDHVODGHVXSXHEOR
3RVLWLYD
*RELHUQR±
GHUURFDUWXPEDU±
9HQH]XHOD
/RVJRELHUQRVGHL]TXLHUGDHQSDUWLFXODUHO
YHQH]RODQRVHHQFXHQWUDQKLVWyULFD\
DFWXDOPHQWHHQSHOLJURGHVHUGHUURFDGRV
1HJDWLYD
0LOLWDU±
SRSXODU±
XQLyQIXVLyQ
3XHGH\GHEHH[LVWLUXQLGDGHQWUHHOiPELWR
SRSXODUORFLYLO\ORPLOLWDU&XDQGRORV
PLOLWDUHVQRVRQ³IDVFLVWDV´RDPLJRVGHO
LPSHULRSXHGHQDFHUFDUVHDOSXHEOR
3RVLWLYD
+LMRV±
SXHEOR±
QRVRWURVQXHVWUR
+D\XQDIXHUWHFRQIRUPDFLyQDIHFWLYD
IDPLOLDUGHO³QRVRWURV´TXHFRQIRUPDHO
SXHEORYHQH]RODQR\ORVSXHEORV
ODWLQRDPHULFDQRV
3RVLWLYD
,PSHULDOLVPR±
YLHMR±
PiVFDUDFDUHWD
(OYLHMRLPSHULDOLVPRFRQPD\RUpQIDVLVHQOD
FRQTXLVWDWHUULWRULDOVHHQPDVFDUDGHWUiVGH
XQDILFFLyQGHERQGDG\VHSODVPDDWUDYpV
GHOLPSHULDOLVPRQHROLEHUDO
1HJDWLYD
*XHUUD±
PDWDUPXHUWH±
9HQH]XHOD±
&RORPELD
/DJXHUUDLQWHUQDVHSXHGHFRQIXQGLUFRQOD
H[WHUQDFXDQGRHVXWLOL]DGDSRUODGHUHFKD
(QHVWHVHQWLGRHOFRQIOLFWRVXSXHVWDPHQWH
LQWHUQRHQ&RORPELDVHWRUQyKLVWyULFDPHQWH\
HQODDFWXDOLGDGWDPELpQHQXQFRQIOLFWRSDUD
9HQH]XHODSRUORVLQWHUHVHVGHODGHUHFKD
1HJDWLYD
)XHQWH(ODERUDFLyQSURSLD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
9HQH]XHOD
QDFLyQQDFLRQDO±
SXHEOR±
DUJHQWLQR
7DEOD,QWHJUDFLyQHFRQyPLFD
3DtV
$UJHQWLQD
&RRFXUUHQFLDGH
VLJQLILFDQWHV
)UHFXHQFLD
6LJQLILFDGR
9DORUDFLyQ
3DUDTXHVHJHQHUHXQSURFHVRGH
GHVDUUROORHFRQyPLFRVXVWHQWDEOHOD
PHMRUPDQHUDHVSURPRYHUHOWUDEDMR
GLJQR
3RVLWLYD
,QWHJUDFLyQ±
0HUFRVXU±
EORTXH
/DLQWHJUDFLyQGHEHVHUYHKLFXOL]DGDSRUHO
0HUFRVXU\DFWXDUFRPREORTXH
3RVLWLYD
*REHUQDELOLGDG±
WUDEDMR±
GHPRFUDFLD
/DJREHUQDELOLGDGGHPRFUiWLFDWLHQHDO
WUDEDMRFRPREDVDPHQWR
3RVLWLYD
5HHVWUXFWXUDFLyQ±
GHXGD±
MXVWLFLD
/DUHHVWUXFWXUDFLyQGHODGHXGDFRPRXQ
DFWRGHMXVWLFLD
3RVLWLYD
([FOXVLyQ±
SREUH]D±
PHUFDGR
/DVSROtWLFDVSURPHUFDGROOHYDQDODSREUH]D
\DODH[FOXVLyQ
1HJDWLYD
SULPDYHUDYHUDQR
'HVDUUROOR±
VXVWHQWDEOH±
VRVWHQLEOH±
WUDEDMR
678',$32/,7,&
$1(;2,,
0HUFRVXU±
QXHYR±
DUTXLWHFWXUD±
PLHPEUR±
LQJUHVR±
LQFRUSRUDFLyQ±
9HQH]XHOD
9HQH]XHODHV YDDVHU HOQXHYRPLHPEUR
GHO0HUFRVXU\FRQpOYDDWHQHURWUD
DUTXLWHFWXUD
3RVLWLYD
$/&$±
GHUURWD
HQWHUUDPRV
'HUURWDPRV\HQWHUUDPRVDO$/&$
3RVLWLYD
&ULVLV±
FDSLWDOLVPR±
(VWDGRV8QLGRV
(OFDSLWDOLVPR\(VWDGRV8QLGRVHVWiHQ
FULVLV
1HJDWLYD
+LVWRULD±
FDPELR±
PRYLPLHQWR
/DKLVWRULDHVWiFDPELDQGR
3RVLWLYD
&UHFLPLHQWR±
QHJDWLYR±
GHVDUUROODGRV
&UHFLPLHQWRQHJDWLYRGHORVSDtVHV
GHVDUUROODGRV
1HJDWLYD
)XHQWH(ODERUDFLyQSURSLD
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
9HQH]XHOD
3DtV
$UJHQWLQD
&RRFXUUHQFLDGH
VLJQLILFDQWHV
)UHFXHQFLD
6LJQLILFDGR
9DORUDFLyQ
/RVSDtVHVGHODUHJLyQVRQKHUPDQRV
3RVLWLYD
3XHEOR±
GHUHFKR
(OSXHEORWLHQHGHUHFKRV
3RVLWLYD
1DUFRWUiILFR±
WHUURULVPR±
PLOLWDUHV±
,QWHOLJHQFLD±
IXHU]D
(OQDUFRWUiILFR\HOWHUURULVPRQRVHSXHGHQ
FRPEDWLUFRPRXQSUREOHPDPLLWDU
1HJDWLYD
%DVHV±
H[WUDWHUURULDOHV±
H[WUDFRQWLQHQWDOHV
1RSRGHPRVWHQHUEDVHVH[WUDFRQWLQHQWDOHV
1HJDWLYD
81$685±
SD]±
VHJXULGDG±
LQVWLWXFLyQ±
GHPRFUDFLD
8QDVXUJDUDQWL]DODSD]HOUHVSHWRGHODV
LQVWLWXFLRQHV\ODGHPRFUDFLDFRPRPHGLGD
SDUDVDOYDJXDUGDUODVHJXULGDG
3RVLWLYD
SULPDYHUDYHUDQR
+HUPDQR±
SDtVHV±
(VWDGRV±
UHJLyQ±
UHJLRQDOHV
678',$32/,7,&
7DEOD&RRSHUDFLyQSROtWLFD
8QLGDG±
SDWULD±
KXPDQLGDG
/DXQLGDGGHODSDWULDKXPDQLGDG
3RVLWLYD
,PSHULDOLVPR±
1RUWHDPpULFD±
$/&$
(O$/&$HVXQHMHPSORGHLPSHULDOLVPR
QRUWHDPHULFDQR
1HJDWLYD
(QWHUUDPRV$/&$
LPSHULDOLVPR
FDSLWDOLVPR
(QWHUUDPRVHO$/&$\DOFDSLWDOLVPR
1HJDWLYD
+HUPDQRV±
SXHEORV±
/DWLQRDPpULFD
/RVSXHEORVKHUPDQRVODWLQRDPHULFDQRV
3RVLWLYD
/XFKD±
DQDOIDEHWLVPR±
VDOXG±
KDPEUH±
SREUH]D
1XHVWUDOXFKDHVFRQWUDHODQDOIDEHWLVPRHO
KDPEUH\ODSREUH]D'DPRVVDOXG
3RVLWLYD
)XHQWH(ODERUDFLyQSURSLD
)HFKDGHUHFHSFLyQ
)HFKDGHDFHSWDFLyQ
0$'(/ 3,/$5%8(12 0$ -8/,$)5$1&e6 *867$92,16$855$/'(
9HQH]XHOD