(OSUHFLRGHODYLYLHQGDEXUEXMDGHMDEyQRGHKRUPLJyQ 9LYLPRVHQXQSDtV\HQXQPRPHQWRKLVWyULFRGHFUHFLPLHQWRVHOHYDGRVGHO SUHFLR GH OD YLYLHQGD 'HVGH KDVWD KR\ HO FUHFLPLHQWR UHDO DQXDO GHO SUHFLR GH OD YLYLHQGD VH KD VLWXDGR HQWRUQR DO &RQ HVDV WDVDV FRPSUDUVH XQD YLYLHQGD KR\ VXSRQH HO GREOH GH HVIXHU]R TXH HQ HQ WpUPLQRV GHO Q~PHUR GH DxRV TXH XQ VDODULR PHGLR QHFHVLWD SDUD FRPSUDU XQDYLYLHQGD/RVLQGLFDGRUHVGHDFFHVLELOLGDGGHO%DQFRGH(VSDxDWDPELpQ SRQHQ GH UHOLHYH GLFKR DVSHFWR $XQTXH HO HVIXHU]R WHyULFR GHO SULPHU DxR GH KLSRWHFD KD PDQWHQLGR XQ FRPSRUWDPLHQWR GH FUHFLPLHQWR VXDYH HQ ORV ~OWLPRV DxRV \ VH HQFXHQWUD HQWRUQR D OD PLWDG GHO Pi[LPR KLVWyULFR GH GH OD UHQWD EUXWD DQXDO IDPLOLDU GLFKR LQGLFDGRU HV SDUFLDO H LQVXILFLHQWHSDUDFRQRFHUHOHVIXHU]RUHDOGHOFLXGDGDQR(QHVWHHVIXHU]RVH GHEHQ LQFRUSRUDU HO HVIXHU]R LQLFLDO \ HO WLHPSR GXUDQWH HO FXDO VH GHEH PDQWHQHU GLFKR HVIXHU]R $PERV LQGLFDGRUHV VH HQFXHQWUDQ HQ Pi[LPRV KLVWyULFRV (Q FRQFUHWR HO GHVHPEROVR LQLFLDO SUiFWLFDPHQWH GREOD HO Pi[LPR GH VLWXiQGRVH HQWRUQR DO GH OD UHQWD EUXWD DQXDO IDPLOLDU\HOQ~PHURGHDxRVHQORVTXHVHGHEHVRVWHQHUGLFKRHVIXHU]RKD DXPHQWDGRHQDxRVUHVSHFWRDOPi[LPRGH\VHKDGREODGRUHVSHFWR DODGDWRDILQDOHVGHORVDxRVVLWXiQGRVHHQDxRV'LFKRIHQyPHQR KD GLILFXOWDGR HO DFFHVR D OD PLVPD GH ORV FROHFWLYRV PiV GHVIDYRUHFLGRV HQWUH HOORV ORV MyYHQHV \ KD GHVDWDGR HO GHEDWH UHVSHFWR D OD SRVLEOH H[LVWHQFLDGHXQDEXUEXMDLQPRELOLDULD\VXVSRVLEOHVFRQVHFXHQFLDV (Q FXDQWR DO DFFHVR D OD YLYLHQGD SRU SDUWH GH ORV PiV MyYHQHV \D HQ HO HO &RQVHMR (FRQyPLFR \ 6RFLDO PRVWUDED VX SUHRFXSDFLyQ HQ HO LQIRUPH ³/D HPDQFLSDFLyQ GH ORV MyYHQHV \ OD VLWXDFLyQ GH OD YLYLHQGD HQ (VSDxD´ (Q pO DO DXPHQWR GHO HVIXHU]R TXH VXSRQH DGTXLULU XQD YLYLHQGD VHOHVXPDQFRPRFDXVDQWHVGHOUHWUDVRHQODHGDGGHHPDQFLSDFLyQHQORV ~OWLPRV DxRV OD HVFDVD SHUFHSFLyQ GH HVWDELOLGDG HFRQyPLFD SURGXFWR GHODWHPSRUDOLGDGODERUDOFDUDFWHUtVWLFDGLIHUHQFLDOGHOPHUFDGRGHWUDEDMR HVSDxRO \ GH DXWRQRPtD $GLFLRQDOPHQWH VH SXHGH DxDGLU XQD HVFDVD 'LFKRSRUFHQWDMHKDGLVPLQXLGRHQXQHQODIUDQMDHQWUH\DxRV\HQXQHQODIUDQMDGH HQWUH\DxRV RIHUWDGHDOTXLOHUDVHTXLEOHTXHVLUYDGHFRPSHWHQFLDDODSURSLHGDG\TXH WLHQHTXHYHQLUSULQFLSDOPHQWHGHPDQRVGHOVHFWRUS~EOLFR 5HVSHFWR D OD SRVLEOH EXUEXMD LQPRELOLDULD pVWD SRU GHILQLFLyQ VH SURGXFH FXDQGR DOJR DXPHQWD GH SUHFLR VLQ PRWLYR HFRQyPLFR DOJXQR \ GHELGR ~QLFDPHQWH D ODV H[SHFWDWLYDV GH ORV DJHQWHV ¢+D\ PRWLYRV VyOLGRV SDUD TXH HO SUHFLR GH OD YLYLHQGD FRQWLQ~H VXELHQGR" /D PD\RUtD GH PRWLYRV DGXFLGRV KDVWD HO PRPHQWR SDUHFHQ DJRWDGRV 6H DFDEy HO DFFHVR D OD YLYLHQGD GHO ERRP GHPRJUiILFR ODV EDMDGDV GH WLSRV GH LQWHUpV HO HIHFWR HXUR OD UHGXFFLyQ VRVWHQLGD GHO SDUR \ ODV EDMDGDV GH OD EROVD ¢4Xp QRV TXHGD SDUD MXVWLILFDU GLFKDV VXELGDV" 8QD LQYHUVLyQ H[WUDQMHUD QR PX\ VyOLGD \ TXH SHUFLEH FDGD YH] FRPR PHQRV UHQWDEOH OD LQYHUVLyQ HQ ODGULOOR HVSDxROXQDGHPDQGDLQPLJUDQWHSRFRVROYHQWH\HVRVtXQDGHPDQGDGH ODGULOOR TXH HV SDJDGR HQ JUDQ SDUWH HQ ³E´ TXH QR SDUHFH KDEHUVH YLVWR DIHFWDGDSRUHOILQDOGHODSHVHWDKD\GDWRVTXHFRQVWDWDQTXHVHPXHYHQ DODxRHQ(VSDxDPiVELOOHWHVGH¼TXHGH¼\ODFUHHQFLDGHTXHYD D VHJXLU VXELHQGR \ TXH SRU WDQWR QRV SRGHPRV HQGHXGDU FRQ FXRWDV ³FyPRGDV´SHURFRQSOD]RVFDGDYH]PiVODUJRV $OJXQRV GDWRV \ FRPHQWDULRV VHQFLOORV UHIXHU]DQ HVWD LPSUHVLyQ (Q SULPHU OXJDU GXUDQWH \ HO ,EH[ OR FXDO FRQVWLWX\H XQD FDUWHUD EDVWDQWHGLYHUVLILFDGD\QRPX\DUULHVJDGDFUHFLySRUHQFLPDGHOSUHFLRGH ODYLYLHQGD$VtSDUHFHTXHVHHPSLH]DDLQYHUWLUODWHQGHQFLDGH \VHFRQILUPDTXHODUHQWDELOLGDGEUXWDVLQWHQHUHQFXHQWDODILVFDOLGDGGH DPERVPHUFDGRVVXHOHVHUVLPLODU$GHPiVHOYDORUGHXQtQGLFHEXUViWLO\ HOGHXQSLVRUHSUHVHQWDWLYRSUHVHQWDQHOPLVPRULHVJRTXHEDMHVXSUHFLR \ TXH FXDQGR YHQGD OR KDJD SRU GHEDMR GH VX SUHFLR GH FRPSUD /RV GRV VRQDFWLYRVFRQULHVJRDXQTXHVtHVFLHUWRTXHVLPHGLPRVHOULHVJRGHXQ DFWLYRSRUODGLVSHUVLyQGHVXVSUHFLRVHVGHFLUSRUODGLIHUHQFLDHQWUHVXV SUHFLRV Pi[LPRV \ PtQLPRV HO ,EH[ HV DOJR PiV YROiWLO SUHVHQWD XQ PD\RUULHVJR¢3RUTXpVXHOHEDMDUXQtQGLFHFRPRHO,EH["3RUTXHKXER XQD H[FHVLYD HXIRULD TXH KD\ TXH FRUUHJLU SRU VXELGDV GHO WLSR GHLQWHUpV SRU PDORV FRPSRUWDPLHQWRV GH OD HFRQRPtD SRU GHPDQGDV TXH QR VRQ VyOLGDV 7RGRV HVWRV PRWLYRV VRQ YiOLGRV FRPR UD]RQHV SDUD TXH EDMH HO SUHFLRGHORVSLVRV (Q VHJXQGR OXJDU OD RIHUWD GH VXHOR QR HV WDQ LQHOiVWLFD FRPR VH VXHOH DUJXPHQWDU /D RIHUWD GH VXHOR XUEDQL]DEOH UHVSRQGH FRQ IDFLOLGDG D OD GHPDQGD\GHKHFKRHQ(VSDxDVHFRQVWUX\HQDFWXDOPHQWHDOUHGHGRUGH YLYLHQGDV DQXDOHV &LIUD VXPDPHQWH HOHYDGD VL VH FRQVLGHUD TXH ODV QHFHVLGDGHV GH YLYLHQGD SRU FUHFLPLHQWR GH OD SREODFLyQ VHJ~Q ODV SUR\HFFLRQHV UHDOL]DGDV SRU HO ,1( VRQ GH YLYLHQGDV DQXDOHV DSUR[LPDGDPHQWH (QWHUFHUOXJDUSDUHFHVHUTXHOD3ROtWLFD3~EOLFDGH9LYLHQGDFX\R~QLFRHMH HUD OD D\XGD LQGLVFULPLQDGD D OD SURSLHGDG HVWi WRFDQGR D VX ILQ (Q HO QXHYR 3ODQ GH 9LYLHQGD SUHVHQWDGR UHFLHQWHPHQWH DSDUHFHQ PiV DFWXDFLRQHVIDYRUDEOHVDODOTXLOHUVRFLDO\SULYDGR6LVHFRQILUPD\VRVWLHQH HVWD WHQGHQFLD VH SXHGH DVLVWLU D XQ FDPELR GH HVFHQDULR HQ HO TXH HO PHUFDGR GH DOTXLOHU VHD XQ PHUFDGR YHUGDGHUDPHQWH FRPSHWLWLYR TXH DXPHQWHVXSHVRUHVSHFWRDODSURSLHGDG(VSDxDMXQWRFRQ,UODQGDVRQORV SDtVHVHXURSHRVFRQPD\RUWDVDGHSURSLHWDULRVVHJ~QORVGDWRVGHOD +RXVLQJ 6WDWLVWLFV LQ WKH (XURSHDQ 8QLRQ GH 3DUD HOOR VyOR HV QHFHVDULR TXH HO SUHVXSXHVWR GHVWLQDGR D YLYLHQGD LQYLHUWD ORV WpUPLQRV \ GHMH GHVWLQDUVH HQ XQ D OD OODPDGD SROtWLFD GH D\XGD LQGLUHFWD GHVJUDYDFLRQHV GH ,53) \ WDQ VyOR XQ D OD SROtWLFD GH D\XGD GLUHFWD DOTXLOHU VRFLDO YLYLHQGD GH SURWHFFLyQ RILFLDO HWF /D PHGLD GH OD 8QLyQ (XURSHD PXHVWUD SURSRUFLRQHV LQYHUVDV HO SUHVXSXHVWR GHVWLQDGR D YLYLHQGD VH UHSDUWH HQ XQ PHGLDQWH D\XGD GLUHFWD PLHQWUDV TXH VyOR VHGHVWLQDDODD\XGDLQGLUHFWDXQ (QWRQFHV ¢SXHGH H[SORWDU OD EXUEXMD" ,PDJtQHQVH HO VLJXLHQWH HVFHQDULR 6HFRQVWUX\HPXFKRSRUTXHVHSLHQVDTXHWRGRVHYDDYHQGHUIiFLO0XFKD RIHUWD /RV WLSRV GH LQWHUpV VXEHQ \ DOJXQRV LQGLYLGXRV QR SXHGHQ KDFHU IUHQWH D VXV SUpVWDPRV KLSRWHFDULRV 0iV RIHUWD /D HFRQRPtD HVSDxROD HQWUDHQFULVLV*HQWHHQSDURTXHQRSXHGHSDJDUVXVGHXGDV0iVRIHUWD (ODOTXLOHUVHFRQYLHUWHHQXQDYHUGDGHUDDOWHUQDWLYDDODSURSLHGDGSRUTXH VH JHQHUD XQD SROtWLFD HFRQyPLFD TXH QR OR GLVFULPLQD +D\ DOTXLOHU VRFLDO DFFHVLEOH\VHD\XGDILVFDOPHQWHDODUUHQGDWDULR\DODUUHQGDGRU0iVRIHUWD \ XQ HVFHQDULR GH FULVLV TXH VH DXWRUHIXHU]D 3HUR QL VLTXLHUD HV QHFHVDULR GLFKRHVFHQDULRHQ8.\$XVWUDOLDQRKDQVLGRQHFHVDULRVFDPELRVEUXVFRV GHORVWLSRVRHOGHVHPSOHRSDUDHPSH]DUHODMXVWH $OJXQRVGDWRV$XQTXHDOILQDOL]DUHOSULPHUWULPHVWUHGHOHO0LQLVWHULR GH9LYLHQGDSXEOLFyTXHHQHO~OWLPRDxRHOSUHFLRGHODYLYLHQGDFUHFLyPiV GH XQ QXHYDPHQWH VL VH REVHUYDQ ORV GDWRV FRUUHVSRQGLHQWHV DO SULPHUWULPHVWUHGHOVHSHUFLEHXQDFODUDGHVDFHOHUDFLyQVREUHWRGRHQ ODV ]RQDV PHQRV WXUtVWLFDV (Q VHJXQGR OXJDU GH OD OHFWXUD GH FLHUWRV LQIRUPHV LQPRELOLDULRV D SDUWLU GH GDWRV GH WDVDGRUDV R DJHQFLDV LQPRELOLDULDV VH REVHUYD FRPR HO Q~PHUR GH GtDV TXH WDUGD XQ SLVR HQ YHQGHUVH VH KD LQFUHPHQWDGR HQ PiV GH XQ GXUDQWH HO ~OWLPR DxR \ VLQ HPEDUJR OD GLIHUHQFLD HQWUH HO SUHFLR GH RIHUWD LQLFLDO SRU SDUWH GHO YHQGHGRU \ HO SUHFLR GH YHQWD ILQDO GH XQ SLVR VH PDQWLHQH ¢1R YHQ PiV FiUWHOHV GH SLVRV HQ YHQWD SRU ODV FDOOHV SHUR FXDQGR OODPDQ SDUD LQWHUHVDUVH SRU HO SUHFLR GH XQR GH HOORV HVFXFKDQ FRPR HO YHQGHGRU VXHOH PDQWHQHUHOSUHFLR" ¢([LVWHQ SUHFHGHQWHV" (Q -DSyQ R HQ $OHPDQLD XQD YLYLHQGD KR\ WRGDYtD FXHVWD PHQRV TXH D PLWDGHV GH ORV (Q 6XHFLD \ HQ ,QJODWHUUD D SULQFLSLRV GH ORV WDPELpQ VH SURGXMHURQ DMXVWHV LPSRUWDQWHV ¢< HQ (VSDxD"(Q(VSDxDHQWUH\ODYLYLHQGDSHUGLyXQGHSRGHU DGTXLVLWLYR (V GHFLU VX SUHFLR FUHFLy VLVWHPiWLFDPHQWH SRU GHEDMR GH OD LQIODFLyQEDMDQGRLQFOXVRHQWpUPLQRVQRPLQDOHVGXUDQWHDOJ~QWLHPSR ¢&XiOSRGUtDVHUVXPDJQLWXG"8QLQGLFDGRUTXHVHVXHOHXWLOL]DUSDUDPHGLU ODVREUHYDORUDFLyQGHOSUHFLRGHODYLYLHQGDHVODUDWLR3(5³SULFHHDUQLQJV UDWLR´6HWUDWDGHXQDDSUR[LPDFLyQKDELWXDOHQODOLWHUDWXUDILQDQFLHUD(Q HVWHFDVRQRH[LVWHQGLYLGHQGRVQLEHQHILFLRVSHURVHSXHGHFRQVLGHUDUTXH ORV DOTXLOHUHV VRQ ODV UHQWDV FRUUHVSRQGLHQWHV DO SUHFLR TXH VH SDJD SRU OD YLYLHQGD 6L OD UDWLR SUHFLR GH OD YLYLHQGD VREUH DOTXLOHUHV DOFDQ]D XQ YDORU HOHYDGR HQ WpUPLQRV KLVWyULFRV HQWRQFHV HV PX\ SUREDEOH TXH H[LVWD XQ EXUEXMD (Q HO FDVR HVSDxRO GLFKD UDWLR KD VXSHUDGR FRQ FUHFHV OD PHGLD SDUD HO SHULRGR HQ HO TXH H[LVWHQ GDWRV RILFLDOHV VREUH HO SUHFLR GH OD YLYLHQGD HQ PiV GH XQ VHJ~Q PXHVWUD XQ UHFLHQWH DUWtFXOR GH 7KH (FRQRPLVW GRQGH VH DOHUWD GH ODV SRVLEOHV FRQVHFXHQFLDV GHO IHQyPHQR ³JOREDO´ GH OD EXUEXMD LQPRELOLDULD 2WUDV HVWLPDFLRQHV GH DOJXQDV GH RUJDQLVPRV FRQ OD FUHGLELOLGDG GHO %DQFR GH (VSDxD (O )RQGR 0RQHWDULR ,QWHUQDFLRQDO /D )XQGDFLyQ %%9$ )81&$6 R 0RUJDQ DQG 6WDQOH\ HVWDEOHFHQGLFKDVREUHYDORUDFLyQHQWUHXQ\XQ ¢&yPR VHUi HO DMXVWH" 8QD GLVPLQXFLyQ GH SUHFLRV QRPLQDO DEUXSWD TXH GXUHSRFRVDxRVRXQDGLVPLQXFLyQGHSUHFLRVUHDOHVPiVVXDYHSHURPiV GXUDGHUD 7KH HFRQRPLVW DSXHVWD SRU HO SULPHU HVFHQDULR GHELGR D TXH ORV SUHFLRV HVWiQ PiV VREUHYDORUDGRV OD LQIODFLyQ HV PHQRU \ KD\ PXFKD PiV FRPSUDSRUPRWLYRLQYHUVLyQTXHHQRWURVERRPVDQWHULRUHV ¢4Xp FRQVHFXHQFLDV SRGUtD WHQHU" 3DUD HPSH]DU XQD GLVPLQXFLyQ GHO ³HIHFWR ULTXH]D´ \ SRU WDQWR GHO FRQVXPR TXH SRGUtD FRQGXFLU D XQD UHFHVLyQ \ PiV HQ XQ SDtV GRQGH DGHPiV HO VHFWRU GH OD FRQVWUXFFLyQ DJOXWLQD PiV GHO GHO 3,% 'RV GDWRV DOJR SHVLPLVWDV 3ULPHUR HQ +RODQGDVHKDSURGXFLGRODUHFHVLyQDSHVDUGHTXHHODWHUUL]DMHGHOSUHFLRV LQPRELOLDULRVKDVLGRVXDYH6HJXQGR¢(VXQDFDVXDOLGDGTXHORVGRVSDtVHV FRQ EXUEXMD LQPRELOLDULD HQ ORV -DSyQ \ $OHPDQLD VHDQ ORV GRV SDtVHV HQUHFHVLyQFRQXQGpELOFUHFLPLHQWRGHOFRQVXPRSULYDGR"