“Valoraciones y significados que un grupo diverso de jóvenes

Anuncio
81,9(56,'$'GH&+,/(
)$&8/7$'GH&,(1&,$662&,$/(6
'(3$57$0(172'(('8&$&,Ï1
(6&8(/$GH3267*5$'2
352*5$0$GH0$*,67(5(1('8&$&,Ï1
0(1&,21&855Ë&8/2<&2081,'$'('8&$7,9$
³9DORUDFLRQHV\VLJQLILFDGRVTXH
8QJUXSRGLYHUVRGHMyYHQHVFKLOHQRV
2WRUJDDOVLVWHPDVRFLDOYLJHQWH´
7(6,63$5$237$5$/*5$'2GH0$*Ë67(5(1('8&$&,Ï1
&210(1&,Ï1(1&855Ë&8/2<&2081,'$'('8&$7,9$
7(6,67$
0$5,2$*8,/$5$5e9$/2
',5(&725$GH7(6,6
352)(625$021,&$//$f$0(1$
6DQWLDJRGH&KLOH
,1',&(
&$3,78/2,,1752'8&&,Ï1
(OSUREOHPD\VXLPSRUWDQFLD
2EMHWLYRVSULQFLSDOHV
&$3,78/2,,$17(&('(17(67(Ï5,&26<(03Ë5,&26
(VWDGRDFWXDOGHOSUREOHPDDQWHFHGHQWHV
$QWHFHGHQWHVFRQFHSWXDOHV\ILORVyILFRV
&$3,78/2,,,0(72'2/2*Ë$
$QWHFHGHQWHVWHyULFRVUHVSHFWRGHORVPpWRGRV
GHLQYHVWLJDFLyQ
7LSRGHLQYHVWLJDFLyQ
&DUDFWHUtVWLFDVGHODPXHVWUD WHyULFD
3URFHGLPLHQWRV
&$3,78/2,9$1È/,6,6(,17(535(7$&,Ï1'(/265(68/7$'26
2UGHQDPLHQWRGHORVGDWRV
$QiOLVLVLVGHOGLVFXUVR
7ULDQJXODFLyQ
3ULPHUDOHFWXUDDQiOLVLVGHVFULSWLYR\GHILQLFLyQGH
FDWHJRUtDV
GHSRODULGDGHV\RHVWUXFWXUDVSDUDGRMDOHV
6HJXQGDOHFWXUDDQiOLVLVHVWUXFWXUDOJHQHUDFLyQ
&$3,78/29$1È/,6,6'(/265(68/7$'26(,17(535(7$&,Ï1'(/$
,1)250$&,Ï1
'LVRQDQFLDHQWUHODIRUPDOLGDGLQVWLWXFLRQDO\ODSHUFHSFLyQGH
ORVMyYHQHVHQWUHYLVWDGRV(VFDVDFUHGLELOLGDGGHODVLQVWLWXFLRQHV
RILFLDOHV\RIRUPDOHV
9DORUDFLyQ\DSHJRSRUODHVWUXFWXUDIDPLOLDU
/DYLROHQFLDDVXPLGRFRPRFRQVWLWXWLYDGHODPELHQWH\FRPR
IRUPDGHUHODFLyQFRWLGLDQD
FDPELR HVFDVRIXQGDPHQWRSDUDHVDHVSHUDQ]DGHFDPELR
&$3,78/29,81$35238(67$'(,17(535(7$&,Ï17(Ï5,&$
'HVFRQILDQ]DHQODPHMRUtDGHOVLVWHPD± HVSHUDQ]DGHXQ
0DQLIHVWDFLyQGHQLKLOLVPR\SHVLPLVPRFRPRDFWLWXGGHWUDVIRQGR
,QWURGXFFLyQ
(OPRPHQWRKLVWRULFR\VRFLDODFWXDOYLVWRGHVGHODSHUVSHFWLYDGH
ODVQXHYDVJHQHUDFLRQHVODGLDOpFWLFDJHQHUDFLRQDO\VX
PRGRGHH[SUHVLyQHQHVWHPRPHQWRKLVWyULFR
&RQVHFXHQFLDVHQHOFDPSRHGXFDWLYR\HQODODERUGRFHQWH
(PHUJHXQSUREOHPDQRSODQWHDGRHQORVREMHWLYRVLQLFLDOHV
FRQILJXUDQ
3RVLELOLGDGHVGHVDOLGDVIUHQWHDORV³FtUFXORVYLFLRVRV´TXHVH
/DQHFHVLGDGGHXQDQXHYD³PLUDGD´
&$3,78/29,,¢&202//(*$5$/26-29(1(6"81$35238(67$
'(6'(/$('8&$&,21
&$3,78/29,,, 5()/(;,21(6),1$/(6
%,%/,2*5$)Ë$
$1(;26
&$3,78/2,
,1752'8&&,21
(/352%/(0$<68,03257$1&,$
8QD GH ODV FDUDFWHUtVWLFDV PiV QRWDEOHV GH pSRFD DFWXDO HV OD DFHOHUDFLyQ GH
³WHPSR KLVWyULFR´ (Q HIHFWR HQ ODV ~OWLPDV GRV GpFDGDV KHPRV SUHVHQFLDGRFDPELRV
GHHQRUPHHQYHUJDGXUDSUiFWLFDPHQWHHQWRGRVORVFDPSRVGHOTXHKDFHUVRFLDOHQOR
SROtWLFRHFRQyPLFRFLHQWtILFRFXOWXUDOMXUtGLFRHWFKDQRFXUULGRWUDQVIRUPDFLRQHVTXH
KDQLPSDFWDGRIXHUWHPHQWHHQORVXVRVFRVWXPEUHV\YDORUHVGHODSREODFLyQ3DUHFH
HYLGHQWH TXH OD SURIXQGLGDG GH ORV FDPELRV DFRQWHFLGRV HQ PXFKRV FDPSRV KD
LPSOLFDGR OD QHFHVLGDG GH PRGLILFDU SHUVSHFWLYDV UHVSHFWR GH PXFKRV DVSHFWRV TXH
KDFHQDODYLGDHQVRFLHGDG
3RURWUDSDUWHSDUHFHH[LVWLUXQDDWHQFLyQHVSHFLDOGHGLYHUVRVVHFWRUHVUHVSHFWR
GHOFRPSRUWDPLHQWR\ODVDFWLWXGHVGHODVQXHYDVJHQHUDFLRQHV$OHVFXFKDUROHHUODV
RSLQLRQHV YHUWLGDV HQ ORV PHGLRV GH FRPXQLFDFLyQ SRU ORV OLGHUHV \R GLULJHQWHV HV
SRVLEOH LGHQWLILFDU XQD SUHRFXSDFLyQ GH UHOHYDQFLD DFHUFD GH OR TXH RFXUUH FRQ ORV
MyYHQHV(VWDSUHRFXSDFLyQVXHOHHVWDUDFRPSDxDGDGHXQH[SOtFLWDRYHODGDFUtWLFDDO
ORVFRPSRUWDPLHQWRV\DFWLWXGHVMXYHQLOHV FRQFHSWRVFRPR³FULVLVPRUDO´³SHUGLGDGH
YDORUHV´³GHVRULHQWDFLyQMXYHQLO´VRQVRORDOJXQDVH[SUHVLRQHVHVFXFKDGDVGHERFDGH
ORV IRUPDGRUHV GH RSLQLyQ GH GLVWLQWD tQGROH $ VX YH] HV SRVLEOH FRQVWDWDU GLIHUHQWHV
IHQyPHQRVTXHKDFHQFRPSUHQVLEOHHVWDSUHRFXSDFLyQ HOLQFUHPHQWRHQODVDFFLRQHV
GHYLROHQFLDHQGRQGHVHYHQLQYROXFUDGRVMyYHQHVODHVFDVDRPtQLPDLQVFULSFLyQGH
ODV QXHYDV JHQHUDFLRQHV HQ ORV UHJLVWURV HOHFWRUDOHV HO DODUPDQWH DXPHQWR GHO
FRQVXPRGHGURJDV\DOFRKROORVFDVRVGHVXLFLGLRMXYHQLOVRQVRORDOJXQDVGHHVWDV
DFWLWXGHV \FRPSRUWDPLHQWRVTXHDWDQWRVSUHRFXSDQ0XFKRVYHQHQHVWDVFRQGXFWDV
FRQQRWDFLRQHV DQWLVRFLDOHV R DQWLVLVWpPLFDV TXH UHYHODUtDQ XQ SUREOHPD SURIXQGR HQ
UHODFLyQ D OD LQWHJUDFLyQ VRFLDO GH ODV QXHYDV JHQHUDFLRQHV $ OR DQWHULRU VH GHEH
DJUHJDU OR TXH DOJXQRV KDQ YHQLGR HQ LGHQWLILFDU FRPR XQD FULVLV GH SDUDGLJPDV DO
GHFDHU ORV PRGHORV SROtWLFR VRFLDO TXH GHVGH HO VLJOR SDVDGR KDQ GDGR UHIHUHQFLD \
RULHQWDFLyQ D JUDQGHV FRQMXQWRV KXPDQRV (VWRV PRGHORV RSHUDURQ FRPR IXHUWH
UHIHUHQFLD SDUD ORV MyYHQHV GH YDULDV JHQHUDFLRQHV TXH DGRSWDEDQ XQD SRVLFLyQ
GHILQLGD GH DFHSWDFLyQ R UHFKD]R D ODV FRQGLFLRQHV VRFLDOHV H[LVWHQWHV \ TXH HQ
FRQVHFXHQFLD DGRSWDEDQ XQD SRVWXUD DFWLYD DO UHVSHFWR OR TXH VH REVHUYD
DSDUHQWHPHQWH KR\ HQ GtD HV XQD SRVWXUD GLVWLQWD TXH SDUD DOJXQRV GHQRWDUtD
LQGLIHUHQFLDRGHVLQWHUpVSRUODPDUFKDGHORVDVXQWRVS~EOLFRVRLQVWLWXFLRQDOHV
'DGDVODVLPSOLFDQFLDVHLPSRUWDQFLDGHODVXQWRUHVXOWDGHVXPRLQWHUpVLQGDJDU
DFHUFD GH ODV YLVLRQHV TXH ODV QXHYDV JHQHUDFLRQHV WLHQH UHVSHFWR GH OD YLGD HQ
VRFLHGDG/DSUHJXQWDIXQGDPHQWDOODSRGHPRVHQXQFLDUGHODVLJXLHQWHPDQHUD
¢&XiOVHUiODRSLQLyQ\YLVLyQTXHORVMyYHQHVDFWXDOHVGHQXHVWURSDtVWLHQHQGH
ODVRFLHGDGHQJHQHUDO\GHODVLQVWLWXFLRQHVHQSDUWLFXODU"
(QHVSHFLDOGHVGHQXHVWUDSHUVSHFWLYDGHHGXFDGRUHVHVGHVXPDLPSRUWDQFLD
FRPSUHQGHU FDEDOPHQWH ORV VHQWLGRV \ VLJQLILFDGRV TXH WHQJD SDUD ORV MyYHQHV VX
LQVHUFLyQ VRFLDO OD PD\RU R PHQRU FRQILDQ]D GHVFRQILDQ]D TXH WHQJDQ GH ODV
LQVWLWXFLRQHV HO VHQWLGR GH VXV DFWLWXGHV R FRPSRUWDPLHQWRV ODV YDORUDFLRQHV TXH
RWRUJXHQ D ODV LQVWLWXFLRQHV GHO VLVWHPD HWF 'HVGH HVH SXQWR GH YLVWD VH SXHGH
HQWHQGHUODLPSRUWDQFLDTXHGHVGHODHGXFDFLyQVHDERUGHQHVWDVWHPiWLFDVWRGDYH]
TXHHVDEVROXWDPHQWHLPSURSLRSUHWHQGHUTXHHOSURFHVRHGXFDWLYRSXHGDSUR\HFWDUVH
\ JHVWDUVH VLQ XQD DGHFXDGD FRPSUHQVLyQ GH ORV FRQWH[WRV VRFLDOHV HQ TXH VH
GHVDUUROOD(QHVWHVHQWLGRVHUHILHUH-XOLD5RPHRFXDQGRVHxDOD
³8QSODQWHDPLHQWRHGXFDWLYRGHEHHVWDEOHFHUVHDSDUWLUGHODQRQHJDFLyQ
GH OD FRQWUDGLFFLyQ KXPDQD (V OD ~QLFD PDQHUD GH DILDWDU OR pWLFR D OR
PRUDO 'H RWUDPDQHUD VH FRQWLQXDUiFRQVWUX\HQGRHOSODQRGHORTXHVH
HVSHUD HQ GLYRUFLR FRQ OR TXH RSHUD /D WRPD GH FRQFLHQFLD GH OD
FRQWUDGLFFLyQ SRVLELOLWD DO KRPEUH D LGHQWLILFDU VXV FRPSRUWDPLHQWRV \ D
DQDOL]DUORV
FUtWLFDPHQWH
SDUD
VLWXDUVH
FRQWH[WXDOPHQWH
HQ
HO
FRPSRUWDPLHQWR GHVHDEOH GH DGRSWDU VHJ~Q IXHUH OD VLWXDFLyQ HQ TXH
GLFKRFRPSRUWDPLHQWRVHPDQLIHVWDUH´³9DORUHV\(GXFDFLyQ´
3RUHOORXQHVWXGLRTXHDQDOLFHGHPDQHUDSURIXQGDORVGLVFXUVRVGHXQGLYHUVR
\ KHWHURJpQHR FRQMXQWR GH MyYHQHV SXHGH HQWUHJDU \ DSRUWDU DQWHFHGHQWHV
HVFODUHFHGRUHV UHVSHFWR GH HVWRV WySLFRV $O SURIXQGL]DU ORV FRQFHSWRV YHUWLGRV
YHUEDOPHQWH HV SRVLEOH LQWHUSUHWDU ORV VLJQLILFDGRV \ VHQWLGRV GH GLFKDV
FRQFHSWXDOL]DFLRQHV (O FRQRFLPLHQWR TXH HPHUMD SXHGH LPSOLFDU XQD FRPSUHQVLyQ GH
PD\RUSURIXQGLGDGDFHUFDGHODVLWXDFLyQGHODVQXHYDVJHQHUDFLRQHVHQUHODFLyQDOD
YLGDHQVRFLHGDG3DUDODHGXFDFLyQHVWRSXHGHVHUGHODPD\RULPSRUWDQFLD\DTXHORV
GLVHxRV GH SODQHV \ SURJUDPDV HGXFDWLYRV \ FXUULFXODUHV EDVDGRV HQ VXSXHVWRV
HUUyQHRV DFHUFD GH OD VLWXDFLyQ MXYHQLO SXHGH LPSOLFDU XQ GHVSHUGLFLR LPSRUWDQWH GH
UHFXUVRV KXPDQRV \ HFRQyPLFRV SDUD HO SDtV SRU HO FRQWUDULR XQD DGHFXDGD
FRPSUHQVLyQGHOHVWDGRGHVLWXDFLyQGHOSUREOHPDSXHGHLPSOLFDUHODGHFXDGRGLVHxR
GHHVWUDWHJLDVSDUDDERUGDUFRQp[LWRODVSROtWLFDVHGXFDWLYDVTXHVHLPSOHPHQWHQ
2%-(7,92635,1&,3$/(6
2EMHWLYRJXtD
$QDOL]DU OD RSLQLyQ GH ORV MyYHQHV HQWUHYLVWDGRV HQ UHODFLyQ D OD DFHSWDFLyQ R
UHFKD]RTXHPDQLILHVWDQDFHUFDGHOVLVWHPDVRFLDOYLJHQWHHQ&KLOHVREUHODEDVH
GHODVFDWHJRUtDV\ORVFRQFHSWRVTXHHPHUJHQHQVXSURSLRGLVFXUVR
2EMHWLYRVHVSHFtILFRV
,QIHULUODVVLJQLILFDFLRQHVTXHORV MyYHQHVWLHQHQUHVSHFWRGHOVLVWHPD VRFLDOHQTXH
YLYHQ
,GHQWLILFDUORVFRQFHSWRVTXHUHSUHVHQWDQRLPSOLFDQFDWHJRUtDVVLJQLILFDWLYDVSDUDORV
DFWRUHVTXHSDUWLFLSDQGHOHVWXGLRHQUHODFLyQDOVLVWHPDVRFLDO
5HFRQRFHU OD OHJLWLPLGDG \ OD YDORUDFLyQ TXH ORV SDUWtFLSHV GHO HVWXGLR DVLJQDQ DO
VLVWHPDVRFLDOYLJHQWHFRPRSRVLELOLGDGUHDOGHPHMRUDPLHQWRGHVXVLWXDFLyQSHUVRQDO
\GHOFROHFWLYRGHOFXDOVHVLHQWHQSDUWH
3UHFRQILJXUDUODFRQFHSFLyQGHGHVDUUROORSHUVRQDO\VRFLDOTXHORVHQWUHYLVWDGRV
H[SUHVDQHQVXGLVFXUVR
&$3,78/2,,
$17(&('(17(67(Ï5,&26<(03Ë5,&26
(67$'2$&78$/'(/352%/(0$$17(&('(17(6
3DUHFH HYLGHQWH OD H[LVWHQFLD GH XQD LGHD JHQHUDOL]DGD UHVSHFWR GH QXHVWUD
VRFLHGDG SUHVHQWD XQD VLWXDFLyQ MXYHQLO SUREOHPiWLFD \ SUHRFXSDQWH (VWD SHUFHSFLyQ
SXHGHVHUUHIUHQGDGDFRQQXPHURVRVDQWHFHGHQWHVDSRUWDGRVSRURUJDQLVPRVS~EOLFRV
\SULYDGRV\DVXYH]SRUGLVWLQWRVLQYHVWLJDGRUHV
8QDUDGLRJUDItDHVWDGtVWLFDGHODMXYHQWXGFKLOHQD
'H DFXHUGR D ODV SUR\HFFLRQHV GHO FHQVR GH SREODFLyQ GHO DxR DO GH
-XQLRGHKDEtDHQ&KLOHMyYHQHVHQWUH\DxRVORTXHFRUUHVSRQGH
DO GH OD SREODFLyQ XUEDQD GHO SDtV(VWRV IXHURQFRQFHELGRVHQWUHODV GpFDGDV
GHORVVHWHQWD\ORVRFKHQWDGHVGHHVRVDxRVODWDVDGHQDWDOLGDGGHQXHVWURSDtVKD
YHQLGR HQ FUHFLHQWH GLVPLQXFLyQ HV SUREDEOH SRU WDQWR TXH QXQFD PiV QXHVWUR SDtV
GLVSRQJD GH XQD MXYHQWXG WDQ QXPHURVD (O SHVR GH ORV JUXSRV GH HGDG GH OD
SREODFLyQPHQRUGHDxRVVHSXHGHDSUHFLDUHQHOVLJXLHQWHJUiILFRQ~PHUR
DDxRV
DDxRV
DDxRV
DDxRV
DDxRV
DDxRV
(QFXDQWRDOHVWDGRFLYLOODPD\RUSDUWHGHORVMyYHQHVFKLOHQRVVRQVROWHURVTXH
QXQFD KDQ HVWDGR FDVDGRV FRQ XQ GHO WRWDO 2EYLDPHQWH HVWH SRUFHQWDMH
GLVPLQX\HDPHGLGDTXHDYDQ]DODHGDGFRQXQGHVROWHURVDQWHVGHORVDxRV
\XQTXHHVWDFDVDGR DOOOHJDUDORVDxRV/RVJUiILFRVGHODOPXHVWUDQODV
HVWDGtVWLFDVSRUVH[R\SRUWUDPRHWiUHR
(QFXDQWRDOORJURHGXFDFLRQDOPiVGHODPLWDGGHORVMyYHQHVVHHQFXHQWUDFRQ
VXHVFRODULGDGDOGtDHOKDDEDQGRQDGRHOVLVWHPDHVFRODUVLQKDEHUFXOPLQDGRVX
HQVHxDQ]D PHGLD \ XQ VH HQFXHQWUD UHWUDVDGR HQ DO PHQRV WUHV DxRV OR TXH VH
FRQVLGHUD XQ SUHiPEXOR GH DEDQGRQR 6L HPEDUJR ODV HVWDGtVWLFDV PXHVWUDQ TXH HO
VLVWHPD HGXFDFLRQDO KD DXPHQWDGR VLJQLILFDWLYDPHQWH OD UHWHQFLyQ \ VH SUR\HFWD TXH
VROR XQD GHVHUFLyQ PDVLYD HQ ORV DFWXDOHV HVWXGLDQWHV PDQWHQGUtD HQ ORV SUy[LPRV
DxRV ORV QLYHOHV DFWXDOHV (O JUXHVR GHO DEDQGRQR HVFRODU HVWi FRQFHQWUDGR HQ HO
HVWUDWRVRFLRHFRQyPLFREDMRGRQGHDOFDQ]DHOHQFRQWUDVWHFRQHOHVWUDWRVRFLR
HFRQyPLFRDOWRGRQGHVyORDOFDQ]DHOFRPRORPXHVWUDQORVJUiILFRV1ž\
'LFKD WHQGHQFLD VH PDQLILHVWD WDPELpQ HQ ODV HVWDGtVWLFDV VREUH DFWLYLGDG
SULQFLSDOTXHUHDOL]DQORVMyYHQHV(QHOHVWUDWRVRFLRHFRQyPLFRDOWRXQVHGHGLFD
D ORV HVWXGLRV OR TXH VyOR UHDOL]D XQ HQ HO HVWUDWR VRFLR HFRQyPLFR EDMR \ XQ
HQHOHVWUDWRPHGLR(VRORHYLGHQFLDORVJUiILFRV1ž\
&21',&,Ï1 '( $&7,9,'$' '( /26 -Ï9(1(6 6(*Ò1 67$786 62&,2(&21Ï0,&2 (QFXHVWD
1DFLRQDOGH-XYHQWXG
2WUR GDWR LQWHUHVDQWH HV HO TXH PXHVWUD HO SRUFHQWDMH GH MyYHQHV TXH VH
FRQVLGHUDGLVWLQWRDORVDGXOWRVHYLGHQFLiQGRVHXQDDXWRFDOLILFDFLyQGLIHUHQFLDGRUDPX\
QHWDFRPRORGHPXHVWUDHOJUiILFR1ž
(QFXDQWRDODSDUWLFLSDFLyQHQRUJDQL]DFLRQHVVRFLDOHVXQSRFRPiVGHODPLWDG
GHFODUD QR SDUWLFLSDU HQ RUJDQL]DFLyQ DOJXQD (QWUH ORV TXH SDUWLFLSDQ GH DOJXQD
RUJDQL]DFLyQHOSRUFHQWDMHPD\RULWDULRORKDFHHQHQWLGDGHVGHSRUWLYDVFRQODVDOYHGDG
TXHODGLIHUHQFLDHQWUHKRPEUHV\PXMHUHVHVPX\VLJQLILFDWLYD(OJUiILFR1žPXHVWUD
HVWDVHVWDGtVWLFDV
2WUD LQIRUPDFLyQ TXH SXHGH UHVXOWDU ~WLO OD HQWUHJD XQ HVWXGLR UHDOL]DGR SRU HO
VXVFULWR HQ HO FXUVR GH ³$QWURSRORJtDVRFLDODSOLFDGRDOD HGXFDFLyQ´GHO3URJUDPDGH
0DJtVWHUHQ(GXFDFLyQDOTXHFRUUHVSRQGHHVWDWHVLV(QGLFKRWUDEDMRVHUHDOL]yXQD
HQFXHVWDDXQJUXSRGHHVWXGLDQWHVGHHGXFDFLyQVXSHULRUFRQVXOWiQGROHVDFHUFDGHOD
FDOLILFDFLyQ TXH GDEDQ D GLIHUHQWHV LQVWLWXFLRQHV 6L ELHQ HV FLHUWR VH WUDWy GH XQD
PXHVWUD PX\ SHTXHxD OR TXH QR SHUPLWH UHDOL]DU JHQHUDOL]DFLRQHV PX\ FDWHJyULFDV
DSRUWDQXQDFHUFDPLHQWRDOWHPDTXHQRVSXHGHUHVXOWDU~WLO(OFXDGURUHVXPHQHVHO
VLJXLHQWH
35(*817$1ž&2/2&$&,Ï1'(127$'($Y HUDQH[R
,167,78&,Ï1127$3520(',22%7(1,'$
ž81,9(56,'$'
ž &2/(*,2
ž /$)$0,/,$
ž ,*/(6,$&$7Ï/,&$
ž 081,&,3,2
ž *2%,(512
ž ,*/(6,$(9$1*e/,&$
ž &21*5(621$&,21$/
ž 3$57,'2632/Ë7,&26
(VWD SUHJXQWD HQWUHJD GDWRV PX\ LQWHUHVDQWHV 3RU GH SURQWR VROR WUHV LQVWLWXFLRQHV VRQ DSUREDGDV SRU ORV
MyYHQHVREWHQLHQGRXQDFDOLILFDFLyQVXILFLHQWHOD8QLYHUVLGDGREWLHQHODPHMRUQRWD\ODSULQFLSDOUD]yQTXHVHGLR
HUD HQ UHODFLyQ D YDORUiUVHOH FRPR XQD RUJDQL]DFLyQ DELHUWD D OD GLYHUVLGDG D OD SOXUDOLGDG XQ HVSDFLR
GHPRFUiWLFR (Q FXDQWR D OD IDPLOLD ODV UD]RQHV HQWUHJDGDV VRQ GH RUGHQ DIHFWLYR FRQVLGHUiQGRVHOH FRPR HO
HVSDFLREiVLFR\IXQGDPHQWDOGHODSHUVRQDQRVHGHVFRQRFHTXHSUHVHQWDSUREOHPDVSHURGHWRGDVPDQHUDVVH
OHYDORUD<HQFXDQWRDO&ROHJLRVLELHQHVFLHUWRDSUXHEDHVFDVDPHQWHPHSDUHFHTXHODRSLQLyQGHXQRGHORV
HQWUHYLVWDGRVHVUHSUHVHQWDWLYRGHOVHQWLUGHYDULRV³GHVSXpVGHWRGRQRPHWUDWDURQWDQPDO´
(QFXDQWRDODVLQVWLWXFLRQHV PDOFDOLILFDGDVHVFDVLXQiQLPH ODPX\PDODRSLQLyQTXHORVHQWUHYLVWDGRVWLHQHQ
GHOPXQGRSROtWLFR\DTXHODVFDWHJRUtDV³SDUWLGRVSROtWLFRV´³FRQJUHVRQDFLRQDO´\³JRELHUQR´REWLHQHQODVSHRUHV
FDOLILFDFLRQHV³(O0XQLFLSLR´HVRWUDLQVWLWXFLyQSROtWLFD\DXQTXHQRHVWDHQORV~OWLPRVOXJDUHVGHWRGRVPRGRV
REWLHQH XQD FDOLILFDFLyQ GHILFLHQWH /RV DUJXPHQWRV PDV UHFXUULGRV IXHURQ HQ UHODFLyQ D TXH VH WUDWD GH
LQVWLWXFLRQHV DOHMDGDV GH ORV SUREOHPDV UHDOHV EXURFUDWL]DGDV DXWRUUHIHUHQWHV SRFR FUHtEOHV $OJXQDV GH ODV
IUDVHPHQFLRQDGDVIXHURQ³QROHVFUHRQDGD´³VHSUHRFXSDQVRORGHVXVLQWHUHVHV´´FRQWDOGHVREUHVDOLU
KDFHQFXDOTXLHUFRVD´³HVWiQPX\OHMRVGHODJHQWH´
,QWHUHVDQWHGHFRQVLGHUDUWDPELpQHVODEDMDFDOLILFDFLyQGHODVLQVWLWXFLRQHVUHOLJLRVDV/D,JOHVLD&DWyOLFDREWLHQH
XQSURPHGLRGHSHURHVWHVHYHIDYRUHFLGRSRUXQHQWUHYLVWDGRTXHUHVXOWyVHUPLHPEURVGHO2SXV'HL\OD
FDOLILFyFRQQRWD6LQFRQVLGHUDUHVHFDVRODFDOLILFDFLyQSURPHGLRDOFDQ]DXQHVFXiOLGR(QFXDQWRDOD
,JOHVLD(YDQJpOLFD VRORXQGHORVDOXPQRVHQWUHYLVWDGRVOHSXVRQRWDORVUHVWDQWHVLQGLFDURQQRFRQRFHUOR
VXILFLHQWHFRPRSDUDHPLWLURSLQLyQHQWRGRFDVRVXFDOLILFDFLyQWDPELpQHVEDMD
,1)250$&,Ï1 720$'$ '( ³ (678',2 62%5( /$ ,1)/8(1&,$ '( /$ ('8&$&,Ï1 < 275$6
,167,78&,21(6(1-Ï9(1(681,9(56,7$5,26´$f2
7DPELpQ PH KD SDUHFLGR TXH QRV HQWUHJD DQWHFHGHQWHV UHOHYDQWHV GHVGH XQ
SXQWR GH YLVWD VRFLROyJLFR OR SODQWHDGR SRU (XJHQLR 7LURQL 6HxDOD TXH ORV DxRV IXHURQORVWLHPSRVGHp[WDVLV\ORVMyYHQHV HUDQLQYLWDGRVFRPRQLQJ~QRWURVHFWRUGHOD
VRFLHGDGFKLOHQDDORTXHGHQRPLQD³HOEDLOH´GHODPRGHUQL]DFLyQ5HILULpQGRVHDHVRV
DxRVGLFH
³&KLOH HQWHUR SDUHFtD XQ SRUYHQLU DELHUWR SDUD ORV MyYHQHV TXH VDOtDQ GH
WRGDV SDUWHV FRQ OD LQYLWDFLyQ HQ OD PDQR H[LJLHQGR VX OXJDU /D
LQGXVWULDOL]DFLyQ \ ORV SODQHV GH YLYLHQGD \ XUEDQL]DFLyQ ODV UHIRUPDV
HGXFDFLRQDO \ XQLYHUVLWDULD ORV FDPELRV HQ OD LJOHVLD SRVW FRQFLOLDU OD
H[SDQVLyQ GH ORV PHGLRV PDVLYRV GH FRPXQLFDFLyQ OD SURSLD UHIRUPD
DJUDULDWRGRVHOORVIXHURQSURFHVRVTXHODVRFLHGDGSXVRHQPDUFKDSDUD
SRGHUFXPSOLUFRQVXSDODEUDDQWHORVMyYHQHV´SDJ
7LURQLPXHVWUDFRPRHQHVDpSRFDKDEtDIXQGDPHQWRSDUDHO³RSWLPLVPRMXYHQLO´
VHxDODTXHODSURSRUFLyQGHHVWXGLDQWHVVREUH ODSREODFLyQDFWLYDKDEtDVXELGRGHO
HQHODxRDOHQSRUFHQWDMHTXHDXQTXHPiVPRGHUDGDPHQWHFRQWLQXR
VXELHQGR KDVWD OD GpFDGD GHO 7DPELpQ HQ VX PRPHQWR ORV MyYHQHV HQFRQWUDEDQ
HPSOHR HQWUH ORV DxRV \ HO GHVHPSOHR HQWUH OD SREODFLyQ DFWLYD PHQRU GH DxRV VH UHGXMR GHO DO \ ORV HPSOHRV TXH VH REWHQtDQ HUDQ FDGD YH] PiV
FDOLILFDGRVKDFLpQGRVHFRVWXPEUHHQORVVHFWRUHVSRSXODUHV\PHGLRVHOTXHORVKLMRV
REWXYLHUDQHPSOHRVGHPD\RUFDOLILFDFLyQ\PHMRUUHPXQHUDGRVTXHVXVSDGUHVHQWDO
VHQWLGRODQRFLyQGHSURJUHVRHQWUHORVMyYHQHVUHVXOWDEDSRVLEOH\FUHtEOH/DVLWXDFLyQ
HQ HO DxR HV GLIHUHQWH OD QRFLyQ GH SURJUHVR HFRQyPLFR \ VRFLDO D WUDYpV GHO
HVWXGLR \ HO WUDEDMR KD GHFDtGR RVWHQVLEOHPHQWH OD FRPSOHWDFLyQ GH HVWXGLRV
VHFXQGDULRV KR\ GtD QR DVHJXUD QL GH FHUFD HO DFFHVR D WUDEDMRV FDOLILFDGRV SRU HO
FRQWUDULR FRQ WDO QLYHO GH FDOLILFDFLyQ HGXFDFLRQDO VH FRQVLJXHQ HPSOHRV GH PX\ EDMR
UDQJR\GHUHPXQHUDFLyQFHUFDQDDOPtQLPRDVXYH]ODWDVDGHGHVHPSOHR MXYHQLOVH
KD HOHYDGR FRQVLGHUDEOHPHQWH HQ ORV ~OWLPRV DxRV DOFDQ]DQGR HQ XQD PHGLD
QDFLRQDO GH DOUHGHGRU GHO OD TXH VH HOHYD D FLIUDV FHUFDQDV DO WHUFLR HQ ORV
VHFWRUHV SRSXODUHV (VWR VH FRUURERUD FRQ GLIHUHQWHV GDWRV HFRQyPLFRV FRPR SRU
HMHPSOR OD LQIRUPDFLyQ DSRUWDGD SRU HO JHUHQWH GH OD $VRFLDFLyQ GH ,QGXVWULDOHV GH
9DOSDUDtVRD(FRQRPtD\1HJRFLRVGHO'LDULRHO0HUFXULRHOGtDGH(QHURGHHQ
GRQGH VX HQWLGDG GLDJQRVWLFD XQ VLJQLILFDWLYR DXPHQWR GHO GHVHPSOHR HQ OD UHJLyQ
DIHFWDQGR IXQGDPHQWDOPHQWH D OD SREODFLyQ MRYHQ GH HQWUH \ DxRV TXLHQHV \D
RFXSDQHOGHOWRWDOGHGHVHPSOHDGRVGHODUHJLyQVHHVWLPDTXHGLFKDSURSRUFLyQ
HV VLPLODU HQ ODV UHVWDQWHV UHJLRQHV GHO SDtV 6L WRPDPRV HQ FRQVLGHUDFLyQ TXH OD
PHWRGRORJtDRILFLDOGHFiOFXORGHOGHVHPSOHRHQ&KLOHFRQVLGHUDHPSOHDGDDODSHUVRQD
TXHKDWUDEDMDGRXQDKRUDRPiVHQODVHPDQDGH VHUHQFXHVWDGDSRGHPRVHVWLPDU
TXH KD\ VHFWRUHV VRFLDOHV HQ GRQGH HO GHVHPSOHRRVXEHPSOHRMXYHQLOSHUIHFWDPHQWH
SXHGHDOFDQ]DUDOR PiV
< \D HQ GLUHFWR DQiOLVLV GH ORV HOHPHQWRV TXH FRQILJXUDQOD VLWXDFLyQDFWXDOGH
ORV MyYHQHV KD\ XQ DVXQWR TXH VH GHEH WHQHU HQ FRQVLGHUDFLyQ FRPR VRQ ODV
HQIHUPHGDGHVSVLFRVRFLDOHV\ORVFRPSRUWDPLHQWRVDXWRGHVWUXFWLYRVTXHVHSUHVHQWDQ
HQODSREODFLyQMXYHQLO0DXULFLR/DERUHGHV\6LOYLR&KLQNHVLQYHVWLJDGRUHVGHO6(5
VHUYLFLR GH HVWXGLRV UHJLRQDOHV GH OD ž UHJLyQ FLWDQ XQ HVWXGLR GHO DxR GHO
0LQLVWHULRGH6DOXGTXHPXHVWUDTXHXQGHORVFKLOHQRVPD\RUHVGHDxRVVXIUH
DOJ~Q WLSR GH GDxR PHQWDO DPHQ GH RWUR FRQMXQWR VLPLODU TXH VH HQFRQWUDUtD HQ
VLWXDFLyQ GH DOWR ULHVJR HV GHFLU HQ &KLOH KD\ FHUFD GH PLOORQHV GH SHUVRQDV TXH
SUHVHQWDQ FXDGURV SVLTXtDWULFRV \ RWUR WDQWR VH HQFXHQWUD ³DO ILOR GH OD QDYDMD´ SDUD
LQJUHVDU D HVWH JUXSR 3RU RWUD SDUWH VHxDODQ TXH HQ &KLOH H[LVWHQ XQ GH
DOFRKyOLFRV FOtQLFRV SHUVRQDV \ EHEHGRUHV DQRUPDOHV HQWUH ORV
MyYHQHV HQ ORV ~OWLPRV DxRV VH KD FXDGUXSOLFDGR HO Q~PHUR GH EHEHGRUHV
DQRUPDOHV \ HQ HO FDVR GH ORV QLxRV GH FDGD HV XQ FRQVXPLGRU H[FHVLYR
/DERGHUV\&KLQNHVLQGLFDQWDPELpQTXHHQ&KLOHH[LVWHQDOUHGHGRUGHPHGLRPLOOyQGH
GURJDGLFWRV\TXHDHVWHJUXSRGHFRQVXPLGRUHVKDELWXDOHVVHGHEHDJUHJDUKDVWDXQ
TXHORVRQRFDVLRQDOPHQWHH[SDQGLpQGRVHHOFRQVXPRDFHOHUDGDPHQWHHQWUHORV
PHQRUHVGHDxRV/RVDXWRUHVSODQWHDQVXLQTXLHWXG\VHxDODQ
³1R GHMD GH UHVXOWDU SDUDGyMLFR TXH XQD KXPDQLGDG TXH WDQWR KD
DYDQ]DGRHQHOFRQRFLPLHQWR\HQODFUHDFLyQGHLQVWUXPHQWRVTXHKDUtDQ
SRVLEOH XQD YLGDPHMRU \ GRQGHVHJXVWDSURFODPDUHOILQGHODVXWRStDV
VH FRQVWDWDQ WDQWRV IHQyPHQRV VRFLDOPHQWH H[WHQGLGRV TXH UHIOHMDQ
PDUJLQDFLyQ \ DLVODPLHQWR (OOR VH H[SUHVD QR VyOR HQ XQD FULVLV GH
GLVWULEXFLyQ \ HTXLGDG GH ORV ELHQHV TXH OD VRFLHGDG SRVHH VLQR TX H
DGHPiVHQXQDFULVLVGHVHQWLGR\GHSHUWHQHQFLDGHDPSOLRVVHFWRUHVTXH
QRVHVLHQWHQVRFLDOPHQWHLQFRUSRUDGRV\FXOWXUDOPHQWHLQFRUSRUDGRVFRQ
ODGLQiPLFDLPSHUDQWH´SiJLQD
/RVDXWRUHVQRVVHxDODQDOJRTXHSXHGHVHU~WLOGHWHQHUHQFXHQWD SDUDQXHVWUR
HVWXGLR FXDO HV OD PLUDGD TXH FRQVLGHUD HO SUREOHPD QR VyOR HQ VX SHUVSHFWLYD
HFRQyPLFDVLQRTXHWUDWDGHLQFRUSRUDUXQDPLUDGDPiVLQWHJUDOGHODVLWXDFLyQGHORV
MyYHQHV
8QFXDGURVLPLODUSUHVHQWDQODVFLIUDVDSRUWDGDVSRUOD2UJDQL]DFLyQ0XQGLDOGH
OD 6DOXG 206 VHJ~Q HVWH RUJDQLVPR LQWHUQDFLRQDO HQ HO DxR HO GH ORV
KDELWDQWHVGHODFLXGDGGH6DQWLDJRVXIUHQWUDVWRUQRVGHSUHVLYRVFLIUDTXHDRSLQLyQGH
*HPD&DEUHUDPHGLFRFLUXMDQRHLQYHVWLJDGRUDGHOD8QLYHUVLGDGGH&KLOHHVXQDFLIUD
TXHSRGUtDOOHJDUKDVWDDGXSOLFDUVHGHFRQWDUVHFRQHVWDGtVWLFDVPiVSUHFLVDV VHJ~Q
ODPLVPDRUJDQL]DFLyQHOSRUFHQWDMHPiVDOWRGHPRUELOLGDGSVLTXLiWULFDHQHOPXQGROR
RFXSD&KLOHFRQXQFLIUDTXHSUHVHQWDXQDIXHUWHWHQGHQFLDDOD DO]DHQORV~OWLPRV
DxRV$QLYHOGHWRGRHOSDtVHVXQGHODSREODFLyQODTXHVXIUHGHGHSUHVLyQOR
TXHUHSUHVHQWDXQDFLIUDPHQRUDODGHO*UDQ6DQWLDJRSHURTXHGHWRGDVPDQHUDVHV
VXSHULRU HQ XQ D OD PHGLD PXQGLDO \D TXH VHJ~Q OD 206 XQD GH FDGD GLH]
SHUVRQDVSUHVHQWDHVWHVtQGURPHHQHOPXQGR
6HJ~Q HO OLEUR ³/DV HQIHUPHGDGHV PHQWDOHV HQ &KLOH PDJQLWXG \
FRQVHFXHQFLDV´HGLWDGRSRUOD8QLGDGGH6DOXG0HQWDOGHO0LQLVWHULRGH6DOXGHQORV
VHFWRUHV XUEDQRV HQWUH XQ \ GH ORV PD\RUHV GH DxRV KD VXIULGR DOJ~Q
SUREOHPD GH VDOXG PHQWDO \ HQWUH HO \ OR KD H[SHULPHQWDGR GXUDQWH HO XOWLPR
DxR HQWUH ODV GpFDGDV GHO \ GHO HVWD IUHFXHQFLD DXPHQWR HQ XQ /RV
VLTXLDWUDV $OEHUWR 0LQROHWWL \ &DUPHQ /ySH] DXWRUHV GH HVWH LQIRUPH VHxDODQ TXH
LQIOX\HHQHVWDUHDOLGDGODVFRQGLFLRQHVGHYLGD PRGHUQDVTXHVRQPX\DGYHUVDVDOD
VDOXG PHQWDO 'H HVWD UHDOLGDG JHQHUDO QR HVFDSDQ ODV JHQHUDFLRQHV PiV MyYHQHV EDVWH VHxDODU TXH HO HVWXGLR LQGLFD TXH HO GH ORV QLxRV GH SULPHUR EiVLFR TXH
DVLVWHQDHVFXHODVPXQLFLSDOL]DGDVSUHVHQWDQWUDVWRUQRVSVLFROyJLFRV GHHOORVHO
FRUUHVSRQGHDFRQGXFWDVGHVDGDSWDWLYDV\XQDDOJ~QJUDGRGHPDOWUDWR VLHPSUH
HO PLVPR LQIRUPH LQGLFD TXH HO R PiV GH ORV HVWXGLDQWHV GH HQVHxDQ]D PHGLD
FRQVXPH GURJDV LOtFLWDV /RV GRV FXDGURV GH PD\RU SUHYDOHQFLD VRQ OD GHSUHVLyQ HQ
PXMHUHV \ OD GHSHQGHQFLD DOFRKyOLFD HQ KRPEUHV HVWH XOWLPR DVSHFWR WLHQH DGHPiV
JUDYHV FRQVHFXHQFLDV QR VROR SDUD OD SHUVRQD TXH OD SDGHFH VLQR TXH DIHFWD
JUDYHPHQWH HO HQWRUQR VRFLDO HO GH ODV PXHUWHV GH PD\RUHV GH DxRV HV
DWULEXLEOH D ODV FRQVHFXHQFLDV GHO DEXVR \ GHSHQGHQFLD GHO DOFRKRO HQ HO DVSHFWR
HFRQyPLFR HO EHEHU H[FHVLYR \ HO DOFRKROLVPR RFDVLRQDQ SHUGLGDV SRU 8 PLOORQHVDODxRORTXHHTXLYDOHDOGREOHGHOSUHVXSXHVWRDQXDOGHOVLVWHPDS~EOLFRGH
VDOXG
0XFKRV GH HVWRV DQWHFHGHQWHV \ HVWXGLRV GDQ FXHQWD OR TXH KD GDGR HQ
LGHQWLILFiUVHOH FRPR OD ³SUREOHPiWLFD MXYHQLO´ HQWUH HOORV HO \D FLWDGR UHVSHFWR GH OD
GHQRPLQDGD DSDWtD GH ORV MyYHQHV HQ UHODFLyQ D ORV DVXQWRV VRFLDOHV \ S~EOLFRV 6LQ
HPEDUJRHVD~OWLPDFUHHQFLDVHUHODWLYL]DDODOX]GHXQDLQYHVWLJDFLyQUHDOL]DGDSRUHO
,QVWLWXWRGH(VWXGLRV$YDQ]DGRV,'($GHOD8QLYHUVLGDGGH6DQWLDJR/DLQYHVWLJDFLyQ
VH KL]RVREUHODEDVHGHXQHVWXGLRHPStULFRFRQPpWRGRVFXDQWLWDWLYRV\FXDOLWDWLYRV
HQ FROHJLRV GH OD 5HJLyQ 0HWURSROLWDQD \ 9,,, UHJLyQ FRQ XQD PXHVWUD GH HVWXGLDQWHVGHFXDUWRPHGLR(QpOVHVHxDODTXHXQGHORVMyYHQHVHQFXHVWDGRV
SDUWLFLSD HQ DVRFLDFLRQHV GH GLVWLQWR WLSR FDUDFWHUL]iQGRVH HVWDV RUJDQL]DFLRQHV SRU
VHU GH QRWDEOH GLYHUVLGDG 6LQ HPEDUJR HQ OR TXH HVSHFtILFDPHQWH VH UHILHUH D OD
SDUWLFLSDFLyQSROtWLFDHOHVWXGLRFRPSUXHEDTXHHOJUXHVRGHORVMyYHQHVQRPDQLILHVWD
LQWHUpV HQ HVH WLSR GH SDUWLFLSDFLyQ \ H[SUHVLyQ (O 'RFWRUHQ6RFLRORJtD\HQFDUJDGR
GHOHVWXGLR&ULVWtDQ3DUNHUVHxDODTXHKR\QRPiVGHOGHORVMyYHQHVHVWXGLDQWHV
SDUWLFLSD DFWLYDPHQWH HQ SROtWLFD PLHQWUDV TXH KDFH WUHLQWD DxRV OR KDFtD HO 3DUNHUFRQFOX\HDHVWHUHVSHFWRTXH³KD\XQDGLVFRQIRUPLGDGFRQODSROtWLFDWDOFRPR
VHGDDKRUD´ORTXHVLQHPEDUJRQRLPSOLFDXQDDFWLWXGGHGHVLQWHUpVHQRWURVPRGRV
GHSDUWLFLSDFLyQFRPRORFRQILUPDQODVFLIUDVGHSDUWLFLSDFLyQLQGLFDGDVPiVDUULED
$17(&('(17(6&21&(378$/(6<),/262),&26
3DUD QXHVWUR LQWHUpV GH LU HQPDUFDQGR FRQFHSWXDOPHQWH OD PLUDGD FRQ TXH IXH
DERUGDGRHVWHHVWXGLRFRQYLHQHDKRUDUHYLVDUHOWHPDMXYHQLOGHVGHGLIHUHQWHVySWLFDV
DHIHFWRGHLUDFODUDQGRHOPDUFRWHyULFRTXHKDRSHUDGR
-yYHQHV¢ UHEHOGHV"8QDQWHFHGHQWHKLVWyULFR
(V HYLGHQWH TXH ORV PRYLPLHQWRV MXYHQLOHV GH ORV ILQDOHV GH ORV DxRV PDUFDURQIXHUWHPHQWH$OUHFRUGDUVHODGpFDGDGHOVXHOHDVRFLDUVHGHVGHHOSXQWR
GH YLVWD GH ORV PRYLPLHQWRV MXYHQLOHV FRQ ORV OODPDGRV ³UHYROXFLRQDULRV GH PD\R´
DTXHOORVLQFHQGLDULRVMyYHQHVHVWXGLDQWHVGHXQLYHUVLGDGHVGH3DULVSULQFLSDOPHQWHGH
/D6RUERQD6LQHPEDUJRVLELHQHVFLHUWRODVDFFLRQHVPiVHPEOHPiWLFDV\YLVWRVDV
RFXUULHURQ HQ 3DUtV HQ HO HOOR IXH OD H[SUHVLyQ GH XQ PRYLPLHQWR SODQHWDULR XQD
VXHUWH GH ROHDGD GH UHEHOLyQ MXYHQLO TXH VH H[SUHVR HQ PXFKRV OXJDUHV HQ &KLOH VH
GHEH UHFRUGDU ODV KLVWyULFDV PRYLOL]DFLRQHV HVWXGLDQWLOHV SRU OD UHIRUPD XQLYHUVLWDULD
DFDHFLGD HQ HVRV DxRV$OIUHGR$OSLQH DFDGpPLFRXUXJXD\RHQXQDUWLFXORUHIHULGRD
ODV MRUQDGDV GH 3DULV GHO VHxDOD DOJXQDV GH ODV FDUDFWHUtVWLFDV GH DTXHO
PRYLPLHQWR
³'XUDQWH HO GHFHQLR GH ORV VHVHQWD HQ HO VHQR PLVPR GH ODV VRFLHGDGHV
GHVDUUROODGDVODVTXHH[SHULPHQWDEDQHOPD\RUDXJHHFRQyPLFRGHOVLJOR
VHSURGXMHURQODV~OWLPDVPRYLOL]DFLRQHVFROHFWLYDVHQSRVGHXQREMHWLYR
FRP~QVLHQGRHOPRPHQWRHQHOFXDOODVLQVXUUHFFLRQHVOOHJDURQDVX
SXQWR PiV iOJLGR 3URWDJRQL]DGDV SRU ODV JHQHUDFLRQHV PiV MyYHQHV
HVWDV UHEHOLRQHV HUDQ LQH[SOLFDEOHV SDUD ORV GLULJHQWHV SROtWLFRV \ ODV
JHQHUDFLRQHV DQWHULRUHV $PpQ GH TXH OD VRFLHGDG RSXOHQWD VH
HQRUJXOOHFtD GH Vt PLVPD SRU ORV DxRV ORV LGHDOHV GH OD PRGHUQLGDG
EXUJXHVD QR VH FXPSOtDQ HQ WRGRV VXV WpUPLQRV ORV MyYHQHV GH OD
FRQWUDFXOWXUD HVWDGRXQLGHQVH VH PDUJLQDEDQ OD FRPXQLGDG QHJUD
UHLYLQGLFDED ORV GHUHFKRV FLYLOHV \ ORV HVWXGLDQWHV GH WRGR HO PXQGR VH
RSRQtDQ D XQD VRFLHGDG WHFQRFUiWLFD TXH VHJ~Q HOORV HQDMHQDED D ORV
KRPEUHV´5HYLVWD5HODFLRQHV1ž
(VWH DQiOLVLV FRLQFLGH FRQ OR VHxDODGR SRU 7LURQL HQ HO FDSLWXOR VREUH ORV
DQWHFHGHQWHV HPStULFRV HQ UHODFLyQ D OD MXYHQWXG FKLOHQD GH OD pSRFD (V GHFLU VH
DSUHFLDEDXQFODURLQWHUpVSRUODSDUWLFLSDFLyQ\OXFKDSROtWLFDSRUODPDQLIHVWDFLyQGH
XQD DFWLWXG GH FODUR FRPSURPLVR SRU OD WUDQVIRUPDFLyQ GH OD VRFLHGDG \ XQD
VXE\DFHQWH VHQVDFLyQ GH FRQILDQ]D UHVSHFWR GH ODV SRVLELOLGDGHV UHDOHV GH TXH HVD
JHQHUDFLyQHVWXYLHVHHQFRQGLFLRQHVGHSURWDJRQL]DUHVHFDPELR
'HVWDFD WDPELpQ HO DXWRU DOJXQDV FDUDFWHUtVWLFDV PiV FRQVWLWXWLYDV GH DTXHOORV
PRYLPLHQWRV
/RV HVWXGLDQWHV UHFKD]DURQ WDPELpQ OD UDFLRQDOLGDG SUDJPiWLFD TXH
LPSRQtDODFLHQFLD\ODWHFQRORJtDDODYLGDGHODVSHUVRQDV/D&DUWDGH/D
6RUERQDGHFtD1RTXHUHPRVHVWDUGLULJLGRVSRUODVOH\HVGHODFLHQFLDQL
SRU ODV GH OD HFRQRPtD R ORV LPSHUDWLYRV GH ORV SURJUHVRV WpFQLFRV /D
PRYLOL]DFLyQ HVWXGLDQWLO D SHVDU GH FRQVWLWXLU XQ PRYLPLHQWR PRGHUQR
QHJDEDODVSUHPLVDVVREUHODVTXHVHEDVDEDODPRGHUQLGDGODFLHQFLD\OD
WHFQRORJtD $O SUDJPDWLVPR XWLOLWDULR ORV MyYHQHV RSRQtDQ OD LPDJLQDFLyQ
FUHDWLYD /D LPDJLQDFLyQ WRPD HO SRGHU 7RGR HV 'DGi &UHDWLYLGDG
HVSRQWDQHLGDG YLGD 6HU UHDOLVWD SHGLU OR LPSRVLEOH 5HYLVWD
5HODFLRQHV1ž
/RTXHLQWHUHVDGHVWDFDUDFiHVTXHGLFKRPRYLPLHQWRJHQHUDFLRQDOSUHVHQWDED
FDUDFWHUtVWLFDVSURSLDVTXHOHGLHURQXQDLPSURQWDLQFRQIXQGLEOH(VSRVLEOHTXHGHVGH
DTXHOOD pSRFD TXHGDUD LQVWDODGD FDVL FRPR XQD SUHPLVD HO SUHVHQWDU D ORV MyYHQHV
FRPR DJHQWHV GH FDPELR \ UHEHOGtD /D LQWHUURJDQWH TXH VXUJH HV UHVSHFWR GH VL ODV
DFWXDOHV JHQHUDFLRQHV MXYHQLOHV SUHVHQWDQ OD PLVPD GLVSRVLFLyQ UHEHOGH TXH GHVGH
DTXHOODpSRFDVHDWULEX\HFDVLDXWRPiWLFDPHQWHDORVMyYHQHV
8QDYLVLyQGHO&KLOHGHKR\
7RPHPRVDOJXQRVDQWHFHGHQWHVGHXWLOLGDGTXHQRVDSRUWD7RPDV0RXOOLDQ(Q
VXVREUDVUHFLHQWHV0RXOOLDQKDH[SUHVDGRXQDYLVLyQFUtWLFDGHOPRGHORVHFRQyPLFR\
VRFLDO YLJHQWH HQ QXHVWUR SDtV 6X SXQWR GH YLVWD FRQWUDVWD FRQ OD SRVWXUD RILFLDO GHO
VLVWHPD\ FRQODYLVLyQSUHGRPLQDQWHHQORVPHGLRVGHFRPXQLFDFLyQPDVLYD(ODXWRU
PXHVWUDDUJXPHQWRVHQUHODFLyQDTXHQRH[LVWHHODSDUHQWH³FRQVHQVR´DFHUFDGHOR
GHVHDEOHFRPRGHVDUUROORGHOSDtV$VXYH]DOHUWDUHVSHFWRGHORVSUREOHPDVVRFLDOHV
TXHVHRULJLQDQGHVGHWDOPRGHOR ³1R HV H[WUDxR TXH HO GHELOLWDPLHQWR GH ODV HVSHUDQ]DV SROtWLFDV \ HO
SHVLPLVPR KDFLD ODV IRUPDVSROtWLFDV GH H[SUHVLyQ GHO PDOHVWDU VRFLDO VH
GHQMXQWRFRQFUHFLPLHQWRVIXHUWHVGHODGHOLQFXHQFLD\GHODYLROHQFLDQR
SROtWLFD /R TXH QR SXHGH HVSHUDUVH GH OD DFFLyQ FROHFWLYD RULHQWDGD D
ILQHVVHEXVFDHQHOGHOLWRGHVHVSHUDGRRUDELRVRHO~OWLPRUHFXUVRSDUD
VDOLU GH OD PDUJLQDOLGDG 3RU RWUD SDUWH OD REVHVLyQ SRU OD ULTXH]D \ HO
IDQDWLVPR GHO FRQVXPR WLHQGHQD UHODMDU ODV QRUPD V TXHULJHQODUHODFLyQ
FRQ HO GLQHUR FRQYHUWLGR HQ HO tGROR FRQWHPSRUiQHR QR VyOR HQWUH ORV
PDUJLQDGRV VLQR HVSHFLDOPHQWH HQWUH ORV SXGLHQWHV ¢ TXp OHJLWLPLGDG
SXHGH KDEHU SDUD FDVWLJDU D ORV GHOLQFXHQWHV SREUHV HQ XQD VRFLHGDGHQ
TXHODSDVLyQGHVRUELWDGDSRUHOGLQHURKDFHFRP~QODLQPRUDOLGDGHQORV
QHJRFLRV\HOWUDILFRGHLQIOXHQFLDVSROtWLFDVRVHDFHSWDQODVWUDPSDVHQ
HO SDJR GH WULEXWRV \ HQ HO FXPSOLPLHQWR GH ODV QRUPDV ODERUDOHV "
0RXOLDQ³(OFRQVXPRPHFRQVXPH´SiJLQDV (VWH DVXQWR VHxDODGR SRU 0RXOOLDQ UHVXOWD SHUWLQHQWH GH WHQHU HQ FXHQWD SDUD
QXHVWUR HVWXGLR \D TXH VH VXHOH DWULEXLU D ORV MyYHQHV PXFKDV GH ODV FRQGXFWDV R
FRPSRUWDPLHQWRVVHxDODGRVSRUHODXWRU
¢4XpSDVDFRQODHGXFDFLyQ"
3DUD QXHVWUR LQWHUpV HVSHFtILFR GH DQDOL]DU OD UHDOLGDG MXYHQLO HQ IXQFLyQ GH
DSRUWDUDXQDSHUVSHFWLYDHGXFDFLRQDOUHVXOWDLQWHUHVDQWHFLWDUD5XELODUTXLHQDQDOL]D
ORV DVSHFWRV SVLFRVRFLDOHV GH OD LQVWLWXFLyQ HVFRODU 6HxDOD OD IXHUWH FRPSRQHQWH
LGHROyJLFDTXHVXVWHQWDODIXQFLRQDOLGDGGHODVLQVWLWXFLRQHV\GHODVFXDOHVSDUWHSRU
FLHUWRODLQVWLWXFLyQHVFRODU
³+D\ SRU OR WDQWR LQVWLWXFLRQHV HGXFDWLYDV UHFUHDWLYDV VDQLWDULDV
IDEULOHVFRPHUFLDOHVUHOLJLRVDVSHQDOHVHWFGHHOODVQRVLQWHUHVDQDTXt
ODV HGXFDWLYDV $ WUDYpV GH HOODV HO VLVWHPD JOREDO HQFDX]D VX LQIOXHQFLD
WUDQVPLWLHQGR OD &XOWXUD FRPR SDWULPRQLR FRP~Q SUHVHUYiQGROD
UHFUHiQGROH \ FUHDQGR QXHYDV H[SUHVLRQHV VX\DV VLHPSUH HQ
FRQFRUGDQFLDFRQORVVLVWHPDVLGHROyJLFRV\YDOyULFRVLPSHUDQWHVHQFDGD
JUXSR VRFLDO QDFLyQ SRU HMHPSOR (Q HVWH VHQWLGR WRGD ,(VLJQLILFD XQ
PHGLR GH GLIXVLyQ QR VyOR GH PHQVDMHV VLQR GH PHWD PHQVDMHV HQ
WpUPLQRV FRPXQLFDFLRQDOHV ORV FXDOHV QXQFDVRQµQHXWURV
\DTXHHVWiQ
WHxLGRV FXUULFXOXP RFXOWR¶ SRU OD WH[WXUD LGHROyJLFR YDOyULFD TXH
VXVWHQWD OD HVWUXFWXUD VRFLDO HQ OD FXDO VH LQVHUWD HQ QXHVWUR FDVR OD
LGHRORJtD QHROLEHUDO EDVDGD HQ HO HJRtVPR OD FRPSHWHQFLD \ HO
FRQVXPLVPR 3RU HVWRV WLHPSRV YLYLPRV HQ &KLOH OD DQRPLD \
FRQWUDGLFFLyQ HQWUH GRV VLVWHPDV YDOyULFRV FRQW UDSXHVWRV HVWH VLVWHPD
LPSXHVWR H LPSRUWDGR \ RWUR TXH SUHFRQL]D OD YLJHQFLD GH ORV YDORUHV
GHPRFUiWLFRV\GHORV'HUHFKRV+XPDQRVORFXDOVHYDHYLGHQFLDQGRQR
VyOR HQ OD GLQiPLFD VRFLRSROtWLFD QDFLRQDO VLQR HVSHFLDOPHQWH HQ HO
SURSLR VLVWHPD HGXFDWLYR 6RQ IUHFXHQWHV HQ FRQVHFXHQFLD ODV
GLVRQDQFLDV DFWLWXGLQDOHV
ORV GREOHV HVWiQGDUHV R GLVFXUVRV
OD
GLVJUHJDFLyQHQWUHWHRUtD\SUD[LVHVSHFLDOPHQWHHQHOiPELWRGHOHMHUFLFLR
GHODDXWRULGDG\HQODFRQGXFWDFRWLGLDQDHQHODXODHVFRODU´5HYLV WDGH
3VLFRORJtDGHOD8QLYHUVLGDGGH&KLOHYROXPHQ9,
$GHPiV SODQWHD 5XELODU XQD SRVLFLyQ TXH UHVXOWD FRLQFLGHQWH FRQ OD
DQWHULRUPHQWHFLWDGDGH0RXOLDQHQWpUPLQRVGHODVFRQVHFXHQFLDVVRFLDOHVTXHWLHQHOD
IXHUWH GLVRQDQFLD HQWUH OR SODQWHDGR IRUPDOPHQWH SRU HO VLVWHPD \ ODV FRQGLFLRQHV
DPELHQWDOHVUHDOHVTXHYDQHQFRQWUDQGRORVLQGLYLGXRV
³$ HVWD GLVRQDQFLD \ DQDFURQLVPR HQWUH OD FXOWXUD VXEMHWLYD TXH WUDH HO
HVWXGLDQWH\ODSURJUDPDFLyQIRUPDOTXHOHRIUHFHOD,(FRQVXVREMHWL YRV
QXPHUDGRV \ VX HYDOXDFLyQ REMHWLYD
VH VXPD DGHPiV \ PX\
GHFLVLYDPHQWH OD DQRPLD YDOyULFD RIHUWDGD VHGXFWRUDPHQWH SRU OD
WHOHYLVLyQ SRU HMHPSOR FRQ VXV WHOHQRYHODV
EHVW VHOOHUV
\ VSRWV
SXEOLFLWDULRV
LQVWUXPHQWDGRV DO VHUYLFLR GH OD LGHRORJ tD PHUFDQWLO \
FRQVXPLVWH LPSXHVWD SRU XQ VHFWRU GH DGXOWRV TXH PDQHMD HO SRGHU
FRQOOHYDQGR GHVHVWDELOL]DFLRQHV SVLFR VRFLDOHV IUXVWUDFLRQHV MXYHQLOHV
DOLHQDFLRQHV H LGRODWUtDV HVS~UHDV FRQIXVLRQHV \ GHVHVSHUDQ]DV HQ
VtQWHVLVXQODPHQWDEOHFXDGURGH GLIXVLyQGHLGHQWLGDGSHUVRQDO\VRFLDO
FX\RVHIHFWRVWLHQHQGLItFLOSURQyVWLFRSDJLQD
$O PRPHQWR GH FRPHQ]DU D LQWHUSUHWDU OD LQIRUPDFLyQ TXH QRV DSRUWDQ ORV
MyYHQHVHQWUHYLVWDGRVHVWDPRVHQFRQGLFLRQHVGHFRUURERUDURGHVHVWLPDUORVHxDODGR
SRU5XELODU
-RVp2UWHJD\*DVVHW8QDYLVLyQGHVGHHO([LVWHQFLDOLVPR
'HVGH XQD SHUVSHFWLYD PiV FRQFHSWXDO \ WHyULFD UHYLVDUHPRV DOJXQRV
SODQWHDPLHQWRVGHOSHQVDGRUHVSDxRO2UWHJD\*DVVHW6HSXHGHFRQVLGHUDUTXHHO
SHQVDPLHQWR GH 2UWHJD FRUUHVSRQGH D XQ WLSR GH H[LVWHQFLDOLVPR D~Q FXDQGR
DOJXQRV GH VXV SRVWXODGRV VRQ GLIHUHQWHV D ORV SODQWHDPLHQWRV GH ORV FRQVLGHUDGRV
IXQGDGRUHVGHWDOSRVWXUD
-26(257(*$<*$66(77
2UWHJD\*DVVHW-RVp ILOyVRIR\HQVD\LVWDHVSDxROIDPRVRSRUVXFUtWLFDKXPDQLVWDGHODFLYLOL]DFLyQ
PRGHUQD1DFLyHQ 0DGULGHQFX\DXQLYHUVLGDGVHGRFWRUyHQILORVRItD \DPSOLyHVWXGLRVHQODVXQLYHUVLGDGHVGH
/HLS]LJ %HUOtQ \ 0DUEXUJR 2UWHJD FRQVLJXLy HO FDUJR GH FDWHGUiWLFR GH PHWDItVLFD HQ OD 8QLYHUVLGDG GH 0DGULG
6XV DUWtFXORV FRQIHUHQFLDV \ HQVD\RV VREUH WHPDV ILORVyILFRV \ SROtWLFRV FRQWULEX\HURQ DO UHQDFHU
LQWHOHFWXDOHVSDxROGHODVSULPHUDVGpFDGDVGHOVLJOR;;\DODFDtGDGHODPRQDUTXtDHVSDxRODHQ6XILORVRItD
IRWRJUDILDGHHQFLFORSHGLDHQFDUWD
/D FRQFHSFLyQ H[LVWHQFLDOLVWD SDUWH GHVGH OD H[LVWHQFLD KXPDQD FRQFUHWD OD
H[LVWHQFLD SUHFHGH D OD HVHQFLD \ GHVGH HVH SXQWR GH SDUWLGD IRUPXOD VXV
SODQWHDPLHQWRV\SRVWXUDVIUHQWHDODYLGDRHOKHFKRVRFLDOFRQFUHWRHVWXGLDGR(OORHV
H[SOLFDGRFRQHQRUPHFODULGDGSRU2UWHJD ³&RQYLHQHDEDQGRQDUODLGHDGHTXHHOPHGLRPHFiQLFDPHQWHPRGHOHOD
YLGD SRU WDQWR TXH OD YLGD VHD XQ SURFHVR GH IXHUD D GHQWUR /DV
PRGLILFDFLRQHV H[WHUQDV DFW~DQ VyOR FRPR H[FLWDQWHV GH PRGLILFDFLRQHV
LQWUDRUJDQLFDV VRQPiVELHQSUHJXQWDVDTXHHOVHUYLYRUHVSRQGHFRQ
XQDPSOLRPDUJHQGHRULJLQDOLGDGLPSUHYLVLEOH FDGDHVSHFLH\DXQFDGD
YDULHGDG \ DXQ FDGD LQGLYLGXR DSURQWDUi XQD UHVSXHVWD PiV R PHQRV
GLIHUHQWHQXQFDLGpQWLFD9LYLUHQVXPDHVXQDRSHUDFLyQTXHVHKDFHGH
GHQWUR D IXHUD \ SRU HVR ODV FDXVDV R SULQFLSLRV GH VXV YDULDFLRQHV KD\
TXH EXVFDUODV HQ HO LQWHULRU GHO RUJDQLVPR´ 2UWHJD ³/D UHEHOLyQ GH ODV
PDVDV´SiJLQD
'HVGH HVD FRQFHSFLyQ UHVXOWD GH VXPR RSRUWXQR SDUD XQD FRPSUHQVLyQ
YHUGDGHUD TXH SHUPLWD LQGDJDU HQ SURIXQGLGDG HQ ORV VHQWLPLHQWRV \ VLJQLILFDGRV TXH
H[SUHVDQGLIHUHQWHVLQGLYLGXRVMyYHQHVGHQXHVWURSDtV/RVHVWXGLRVVyORGHVFULSWLYRV
RFXDQWLWDWLYRVSXHGHQVHU~WLOHVDPRGRGHRUGHQDULQIRUPDFLyQ\GHWHFWDUWHQGHQFLDV
SHURUHVXOWDUiQLQVXILFLHQWHVSDUDFRPSUHQGHUORTXH2UWHJDOODPD³HOSURFHVRGHIXHUD
D GHQWUR´ 3RU RWUD SDUWH 2UWHJD QRV HQWUHJD RWUD FRQFHSWXDOL]DFLyQ TXH UHVXOWD PX\
VHSRSXODUL]yHQWRUQRDODH[SUHVLyQ³\RVR\ \R\PLFLUFXQVWDQFLD\VLQRODVDOYRDHOODQRPHVDOYRDPt´ $OJXQDV
DGHFXDGRDQXHVWURLQWHUpV(QVXREUD³/DKLVWRULDFRPRVLVWHPD´VHUHILHUHDORTXH
HOGHQRPLQDODIHYLYD\ODIHLQHUWH
³*HQHUDOL]DQGR HO DVXQWR \R IRUPXODUtD DVt HVWD GLVWLQFLyQ FUHHPRV HQ
DOJRFRQIHYLYDFXDQGRHVDFUHHQFLDQRVEDVWD SDUDYLYLU \FUHHPRVHQ
DOJR FRQ IH PXHUWD FRQ IH LQHUWH FXDQGR VLQ KDEHUOD DEDQGRQDGR
HVWDQGR HQ HOOD WRGDYtD QR DFW~D HILFD]PHQWH HQ QXHVWUD YLGD /D
DUUDVWUDPRVLQYDOLGDDQXHVWUDHVSDOGDIRUPDD~ QSDUWHGHQRVRWURVSHUR
\DFLHQGR LQDFWLYD HQ HO GHVYiQ GH QXHVWUD DOPD 1R DSR\DPRV QXHVWUD
H[LVWHQFLDHQDTXHODOJRFUHtGRQREURWDQ\DHVSRQWiQHDPHQWHGHHVWDIH
ODV LQFLWDFLRQHV \ RULHQWDFLRQHV SDUD YLYLU /D SUXHED GH HOORV HV TXH VH
QRVROYLGDDWRGDKRUDTXHD~QFUHHPRVHQHVRPLHQWUDVTXHODIHYLYDHV
SUHVHQFLD SHUPDQHQWH \ DFWLYtVLPD GH OD HQWLGDG HQ TXH FUHHPRV´ SiJLQD
/DH[LVWHQFLDGHORTXHGHQRPLQDODIHLQHUWH SRGHPRVFRQVLGHUDUORXQVtQWRPDR
LQGLFDGRU GH FULVLV R GHFDGHQFLD GH XQ VLVWHPD (Q OD PLVPD REUD 2UWHJD SRQH XQ
HMHPSORPX\HVFODUHFHGRUHQUHODFLyQDORRFXUULGRHQOD(GDG0HGLD ³'XUDQWH OD (GDG 0HGLD KDEtD pVWH YLYLGR GH OD UHYHODFLyQ 6LQ HOOD \
DWHQLGRDVXVQXGDVIXHU]DVVHKXELHUDVHQWLGRLQFDSD]GH KDEpUVHODVFRQ
HO FRQWRUQR PLVWHULRVR TXH OH HUD HO PXQGR FRQ ORV WiUWDJRV \
SHVDGXPEUHV GH OD H[LVWHQFLD 3HUR FUHtD FRQ IH YLYD TXH XQ HQWH
WRGRSRGHURVR RPQLVFLR OH GHVFXEUtD GH PRGR JUDWXLWR WRGR OR HVHQFLDO
SDUD VX YLGD 3RGHPRV SHUVHJXLU ODV YLFLVLWXGHVGHHVWDIH\DVLVWLUFDVL
GHVXVSULQFLSDOHVREUDVVRQ³/D5HEHOLyQGHODV0DVDV´³/D+LVWRULDFRPR6LVWHPD´H³,GHDV\&UHHQFLDV´
JHQHUDFLyQ WUDV JHQHUDFLyQ D VX SURJUHVLYD GHFDGHQFLD (V XQD KLVWRULD
PHODQFyOLFD /D IH YLYD VH YD GHVQXWULHQGR SDOLGHFLHQGR SDUDOL]iQGRVH
KDVWDTXHSRUORVPRWLYRVTXHIXHUH QRSXHGRHQWUDUDKRUDHQHODVXQWR KDFLD PHGLDGRV GHO VLJOR ;9 HVD IH YLYD VH FRQYLHUWH FODUDPHQWH HQ IH
FDQVDGD LQHILFD] FXDQGR QR TXHGD SRU FRPSOHWR GHVDUUDLJDGD GHODOPD
LQGLYLGXDO (O KRPEUH GH HQWRQFHV FRPLHQ]D D VHQWLU TXH QR OH EDVWD OD
UHYHODFLyQ SDUD DFODUDUOH VXV UHODFLRQHV FR Q HO PXQGR XQD YH] PiV HO
KRPEUHVHVLHQWHSHUGLGRHQODVHOYDEURQFDGHOXQLYHUVRIUHQWHDORFXDO
FDUHFHGHRULHQWDFLyQ\PHGLDGRU(O;9\HO;9,VRQSRUHVRGRVVLJORV
GHHQRUPHGHVD]yQGHDWUR]LQTXLHWXG FRPRKR\GLUtDPRVGHFULVLV'H
HOODV VDOYD DO KRPEUH RFFLGHQWDO XQD QXHYD IH XQD QXHYD FUHHQFLD OD IH
HQ OD UD]yQ HQ OD QXRYH VFLHQ]H (O KRPEUH UHFDLGR UHQDFH (O
UHQDFLPLHQWR HV OD LQTXLHWXG SDUWXULHQWD GH XQD QXHYD FRQILDQ]D IXQGDGD
HQ OD UD]yQ ItVLFR PDWHPiWLFD QXHYD PHGLDGRUD HQWUH HO KRPEUH \ HO
PXQGR´SDJLQD
0H SDUHFH TXH D QXHVWURLQWHUpV UHVXOWD SHUWLQHQWH WHQHU HQ FRQVLGHUDFLyQ HVWD
FRQFHSWXDOL]DFLyQ GH 2UWHJD /D H[LVWHQFLD GH OR TXH GHQRPLQD OD IH YLYD HV
H[WUHPDGDPHQWHLPSRUWDQWHHQODOHJLWLPLGDG\IRUWDOH]DGHXQVLVWHPDVRFLDOHVWRVH
EDVDSULQFLSDOPHQWHHQODFRQILDQ]DTXHORVLQGLYLGXRVTXHODFRPSRQHQWHQJDQGHVXV
FUHHQFLDVIXQGDPHQWDOHV ODLQVWLWXFLRQDOLGDGODMXULGLFLGDGODHVWUXFWXUDHFRQyPLFDOD
HVWUDWLILFDFLyQVRFLDOODVUHODFLRQHVGHSRGHU\KDVWDODVFRQFHSWXDOL]DFLRQHVUHVSHFWR
GHODGLYLQLGDGVHVRVWLHQHQHQODIHYLYDTXHODVSHUVRQDVWHQJDQGHWDOHVWUXFWXUD3RU
HO FRQWUDULR OD SUHVHQFLD GH XQD IH LQHUWH HQ ORV PLHPEURV GH XQ FRQMXQWR VRFLDO
UHVSHFWRGHHVWRVWySLFRVVHUiQXQLPSRUWDQWHVtQWRPDGHFULVLVGHXQVLVWHPD'HVGH
QXHVWURLQWHUpVHVSHFtILFRGHOSUHVHQWHHVWXGLRUHVXOWDUtDGHXWLOLGDGLQGDJDUDFHUFDGHO
WLSR GH IH LQHUWH R YLYD TXH VH REVHUYD HQ ORV MyYHQHV HQWUHYLVWDGRV UHVSHFWR GHO
VLVWHPDVRFLDOLPSHUDQWH
0DULR5RGUtJXH]&RERV6LOR/DFRQFHSFLyQGHO1XHYR+XPDQLVPR
+D\ XQ LPSRUWDQWtVLPR SHQVDGRU FRQWHPSRUiQHR TXH QRV HQWUHJD OXFHV SDUD QXHVWUR
SUREOHPD (V HO SHQVDGRU DUJHQWLQR 0DULR 5RGUtJXH] &RERV FRQRFLGR OLWHUDULDPHQWH
FRPR 6,/2 6X FRQFHSFLyQ SODQWHD TXH HO VHU KXPDQR HV FRQFLHQFLD DFWLYD \ SRU
WDQWR FRQVWUXFWRU GH UHDOLGDG &RQVHFXHQWHPHQWH GHILQH DO VHU KXPDQR FRPR XQ VHU
KLVWyULFR\VRFLDOQRVRORVRFLDO3DUDpOORTXHGHILQHDOVHUKXPDQRHQFXDQWRWDOHVOD
UHIOH[LyQ GH OR KLVWyULFR VRFLDO FRPR PHPRULD SHUVRQDO FDGD DQLPDO HV VLHPSUH HO
SULPHUDQLPDOSHURFDGDVHUKXPDQRHVVXPHGLRKLVWyULFR\VRFLDO\HVDGHPiVOD
UHIOH[LyQ \ HO DSRUWH D OD WUDQVIRUPDFLyQ R LQHUFLD GH HVH PHGLR 6H GLVWDQFLD GHO
XWLOL]DGRFRQFHSWRGHQDWXUDOH]DKXPDQD\GLFHDOUHVSHFWR
³0HHV LQVXILFLHQWHODGHILQLFLyQGHOKRPEUHSRU VXVRFLDELOLGDG\DTXH
HVWRQRKDFHDODGLVWLQFLyQFRQQXPHURVDVHVSHFLHVWDPSRFRVXIXHU]D
GH WUDEDMR HV OR FDUDFWHUtVWLFR FRWHMDGD FRQ OD GH DQLPDOHV PiV
SRGHURVRV QL VLTXLHUD HO OHQJXDMH OR GHILQH HQVXHVHQFLDSRUTXH
VDEHPRVGHFyGLJRV\IRUPDVGHFRPXQLFDFLyQHQWUHGLYHUVRVDQLPDOHV
6,/2 HV HO VHXGyQLPR OLWHUDULR XWLOL]DGR SRU 0DULR 5RGUtJXH] &RERV (VWH SHQVDGRU QDFLGR HQ HO DxR HQ
$UJHQWLQD HV HO SULQFLSDO UHIHUHQWH ILORVyILFR H LGHROyJLFR GH OD FRUULHQWH FXOWXUDO GHO 1XHYR +XPDQLVPR (Q ORV
LQLFLRV GH VX REUD SRU ORV DxRV OD PD\RUtD GH VXV HVFULWRV PHFDQRJUDILDGRV DUWHVDQDOPHQWH FLUFXODEDQ HQ
DPELHQWHVMXYHQLOHVHLQWHOHFWXDOHV\VHOHVROtDFDOLILFDUFRPROLWHUDWXUDVXEWHUUiQHD/RH[WUDRUGLQDULRGHOGHVWLQR
GHHVDVREUDVFRQVLVWHHQTXHQXQFDIXHURQFDWDSXOWDGDVSRUFDPSDxDVSXEOLFLWDULDVQLPHUHFLHURQHOPiVPtQLPR
FRPHQWDULR GH RV FUtWLFRV \ IRUPDGRUHV GH RSLQLyQ $ VX YH] ODV GLFWDGXUDV PLOLWDUHV ODWLQRDPHULFDQDV UHTXLVDURQ
PLOHV GH HMHPSODUHV D OD YH] TXH ODV LQYHFWLYDV SHUVRQDOHV GLULJLGDV FRQWUD HO DXWRU GHVGH FLHUWRV PHGLRV GH
SUHQVDVHRFXSDEDQSRURFXOWDUHOWHPDGH VXVSURGXFFLRQHV7RGRHOORFRQWULEX\yDFUHDUXQDLPDJHQIDQWDVPDO
TXH SDUHFtD RVFLODU HQWUH OD LQH[LVWHQFLD RILFLDO \ OD H[LVWHQFLD UHDO $ SHVDU GH WRGDV HVWD GLILFXOWDGHV VX REUD VH
SURSDJy SRU HO PXQGR HQWHUR +R\ ORV WUDEDMRV GH HVWH DXWRU KDQ VLGR WUDGXFLGRV D PiV GH YHLQWH LGLRPDV \
QXPHURVRV GLDOHFWRV ,PSRUWDQWHV HGLWRULDOHV LPSULPHQ KR\ VXV REUDV \ VH KDQ YHQGLGR FHUFD GH GRV PLOORQHV GH
HMHPSODUHV D OR ODUJR GH PXFKRV SDtVHV (O DQGDPLDMH GH REUDV SODVPDGDV HQ HVDV REUDV KiQ GDGR OXJDU D OD
FXOWXUD GHO 1XHYR +XPDQLVPR TXH YD LQIOX\HQGR IXHUWHPHQWH HQ GLVWLQWDV H[SUHVLRQHV ILORVyILFDV DUWtVWLFDV \
SROtWLFDV
(Q FDPELR DO HQFRQWUDUVH FDGD QXHYR VHU KXPDQR FRQ XQ PXQGR
PRGLILFDGR SRU RWURV \ VHU FRQVWLWXtGR SRU HVH PXQGR LQWHQFLRQDGR
GHVFXEUR VX FDSDFLGDG GH DFXPXODFLyQ H LQFRUSRUDFLyQ D OR WHPSRUDO
GHVFXEUR VX GLPHQVLyQ KLVWyULFRVRFLDO QR VLPSOHPHQWH VRFLDO 9LVWDV
DVtODVFRVDVSXHGRLQWHQWDUXQDGHILQLFLyQGLFLHQGR(OKRPEUHHVHO
VHU KLVWyULFR FX\R PRGR GH DFFLyQ VRFLDO WUDQVIRUPD D VX SURSLD
QDWXUDOH]D 6L DGPLWR OR DQWHULRU KDEUp GH DFHSWDU TXH HVH VHU SXHGH
WUDQVIRUPDU LQWHQFLRQDOPHQWH VX FRQVWLWXFLyQ ItVLFD < DVt HVWi
RFXUULHQGR &RPHQ]y FRQ OD XWLOL]DFLyQ GH LQVWUXPHQWRV TXH SXHVWRV
DGHODQWHGHVXFXHUSRFRPRSUyWHVLVH[WHUQDVOHSHUPLWLHURQDODU JDU
VX PDQR SHUIHFFLRQDU VXV VHQWLGRV \ DXPHQWDU VX IXHU]D \ FDOLGDG GH
WUDEDMR1DWXUDOPHQWHQRHVWDEDGRWDGRSDUDORVPHGLRVOtTXLGR\DpUHR\
VLQHPEDUJRFUHyFRQGLFLRQHVSDUDGHVSOD]DUVHHQHOORVKDVWDFRPHQ]DU
D HPLJUDU GH VX PHGLR QDWXUDO HO SODQHWD 7LHUUD +R\ DGHPiV HVWi
LQWHUQiQGRVHHQVXSURSLRFXHUSRFDPELDQGRVXVyUJDQRVLQWHUYLQLHQGR
HQVXTXtPLFDFHUHEUDOIHFXQGDQGRLQYLWUR\PDQLSXODQGRVXVJHQHV6L
FRQODLGHDGHQDWXUDOH]DVHKDTXHULGRVHxDODUORSHUPDQHQWHWDO LGHD
HVKR\LQDGHFXDGDD~QVLVHODTXLHUHDSOLFDUDORPiVREMHWDOGHOVHU
KXPDQRHVGHFLUDVXFXHUSR<HQORTXHKDFHDXQDPRUDOQDWXUDOD
XQ GHUHFKR QDWXUDO R D LQVWLWXFLRQHV QDWXUDOHV HQFRQWUDPRV
RSXHVWDPHQWH TXH HQ HVH FDPSR WRGR HV KLVWyULFRVRFLDO \ QDGD DOOt
H[LVWHSRUQDWXUDOH]D´´&DUWDVDPLV$PLJRV´SiJLQD
0$5,252'5Ë*8(=&2%266,/2'85$17(81$&21)(5(1&,$(1$5*(17,1$
$//$1=$5(',725,$/3/$1(7$68/,%52³2%5$6&203/(7$6´
1R QRV UHVXOWDUi GLItFLO UHFRQRFHU FRPR OD LGHD GH ³QDWXUDOH]D KXPDQD´ TXH
H[SOLFDHODXWRUKDHVWDGRSUHVHQWHFRQPXFKDIXHU]DHQHOSDUDGLJPDSRVLWLYLVWD \ODV
WHRUtDV TXH EDViQGRVH HQ VXV IXQGDPHQWRV HVHQFLDOHV VH KDQ FRQVWUXLGR HQ ODV
~OWLPDVGpFDGDVHQORSROtWLFRVRFLDO\HQORGLVFLSOLQDU
(VWH SODQWHDPLHQWR GHO DXWRU HV FRPSOHPHQWDGR SRU OD LGHD GHO VHU KXPDQR
FRPR&RQFLHQFLD$FWLYDHQFRQWUDSRVLFLyQDODLGHDGH3DVLYLGDGGHOD&RQFLHQFLDTXH
KD SUHYDOHFLGR HQ ORV VLVWHPDV GH SHQVDPLHQWR GH FDUiFWHU PHFDQLFLVWD OD VLJXLHQWH
FLWDSUHFLVDVREUHHVWHSXQWR
(VWHFRQFHSWRHVWDGHVDUUROODGRPiVDGHODQWHHQHOWHPDGH³ORVPRGHORVGHHVWXGLRGHODUHDOLGDGVRFLDO´
³&RQWLJXD D OD FRQFHSFLyQ GH OD QDWXUDOH]D KXPDQD KD HVWDGR
RSHUDQGR RWUD TXH QRV KDEOy GH OD SDVLYLGDG GH OD FRQFLHQFLD (VWD
LGHRORJtD FRQVLGHUy DO KRPEUH FRPR XQD HQWLGDG TXH REUDED HQ
UHVSXHVWD D ORV HVWtPXORV GHO PXQGR QDWXUDO /R TXH FRPHQ]y HQ EXUGR
VHQVXDOLVPR SRFR D SRFR IXH GHVSOD]DGR SRU FRUULHQWHV KL VWRULFLVWDV
TXHFRQVHUYDURQHQVXVHQRODPLVPDLGHDHQWRUQRDODSDVLYLGDG<D~Q
FXDQGR SULYLOHJLDURQ OD DFWLYLGDG \ OD WUDQVIRUPDFLyQ GHO PXQGR SRU
VREUHODLQWHUSUHWDFLyQGHVXVKHFKRVFRQFLELHURQDGLFKDDFWLYLGDG
FRPRUHVXOWDQWH
GHFRQGLFLRQHVH[WHUQDVDODFRQFLHQFLD3HURDTXHOORV
DQWLJXRVSUHMXLFLRVHQWRUQRDODQDWXUDOH]DKXPDQD\DODSDVLYLGDGGHOD
FRQFLHQFLD KR\ VH LPSRQHQ WUDQVIRUPDGRV HQ QHRHYROXFLRQLVPR FRQ
FULWHULRVWDOHVFRPRODVHOHFFLyQQDWXUDOTXHVH HVWDEOHFHHQODOXFKDSRU
OD VXSHUYLYHQFLD GHOPiV DSWR 7DOFRQFHSFLyQ ]RROyJLFD HQ VX YHUVLyQ
PiVUHFLHQWHDOVHUWUDVSODQWDGDDOPXQGRKXPDQRWUDWDUiGHVXSHUDU
ODV DQWHULRUHV GLDOpFWLFDV GH UD]DV R GH FODVHV FRQ XQD GLDOpFWLFD
HVWDEOHFLGD VHJ~Q OH\HV HFRQyPLFDV QDWXUDOHV TXH DXWRUUHJXODQ WRGD
ODDFWLYLGDGVRFLDO$Vt XQDYH]PiVHOVHUKXPDQRFRQFUHWRTXHGD
VXPHUJLGR\REMHWLYL]DGR
2S&LW3iJLQD
(VWRV FRQFHSWRV EiVLFRV QRV SHUPLWHQ DFHUFDUQRV D XQD FRQFHSFLyQ GH ³OR
VRFLDO´ GHVGH XQD SHUVSHFWLYD SOHQDPHQWH KXPDQD \ QR XQD VLPSOH H[WUDSRODFLyQ
PHFiQLFDGHODV&LHQFLDV1DWXUDOHVRH[DFWDVHQGRQGHORKXPDQRDSDUHFHFRPRXQ
IHQyPHQR QDWXUDO PiV $Fi VH KDEOD HQWRQFHV GH OD QHFHVLGDG GH DUUDQFDU GH OR
KXPDQRSURSLDPHQWHWDOSDUDHVWXGLDUORVIHQyPHQRVVRFLDOHV
³+HPRV PHQFLRQDGR D ODV FRQFHSFLRQHV TXH SDUD H[SOLFDU DO KRPEUH
FRPLHQ]DQGHVGHJHQHUDOLGDGHVWHyULFDV\VRVWLHQHQODH[LVWHQFLDGHXQD
QDWXUDOH]D KXPDQD \ GH XQD FRQFLHQFLD SDVLYD (Q VHQWLGR RSXHVW R
QRVRWURV VRVWHQHPRV OD QHFHVLGDG GH DUUDQTXH GHVGH OD SDUWLFXODULGDG
KXPDQD VRVWHQHPRV HO IHQyPHQR KLVWyULFR VRFLDO \ QR QDWXUDO GHO VHU
KXPDQR \ WDPELpQ DILUPDPRV OD DFWLYLGDG GH VX FRQFLHQFLD
WUDQVIRUPDGRUDGHOPXQGRGHDFXHUGRDVXLQWHQFLyQ 9LPRVDVXYLGD
HQ VLWXDFLyQ \ D VX FXHUSR FRPR REMHWR QDWXUDO SHUFLELGR
LQPHGLDWDPHQWH \VRPHWLGRWDPELpQLQPHGLDWDPHQWHDQXPHURVRV
GLFWDGRVGHVXLQWHQFLyQ3RUFRQVLJXLHQWHVHLPSRQHQODVVLJXLHQWHV
SUHJXQWDVFyPR HVTXHODFRQFLHQFLDHVDFWLYDHVGHFLUFyPRHVTXH
SXHGHLQWHQFLRQDUVREUHHOFXHUSR\DWUDYpVGHpOWUDQVIRUPDUDOPXQGR"
(Q VHJXQGR OXJDU FyPR HV TXH OD FRQVWLWXFLyQ KXPDQD HV KLVWyULFR VRFLDO"(VWDV SUHJXQWDVGHEHQVHUUHVSRQGLGDVGHVG HODH[LVWHQFLD
SDUWLFXODUSDUDQRUHFDHUHQJHQHUDOLGDGHVWHyULFDVGHVGHODVFXDOHVVH
GHULYD OXHJR XQ VLVWHPD GH LQWHUSUHWDFLyQ 'H HVWD PDQHUD SDUD
UHVSRQGHU D OD SULPHUD SUHJXQWD WHQGUi TXH DSUHKHQGHUVH FRQ
HYLGHQFLD LQPHGLDWD FyPR OD LQWHQFLyQ DFW~D VREUH HO FXHUSR \ SDUD
UHVSRQGHU D OD VHJXQGD KDEUi TXH SDUWLU GH OD HYLGHQFLD GH OD
WHPSRUDOLGDG \ GH OD LQWHUVXEMHWLYLGDG HQ HO VHU KXPDQR \ QR GH OH\HV
JHQHUDOHVGHODKLVWRULD\GHODVRFLHGDG2S&LW3iJLQD
7DPELpQ UHVXOWD GH LQWHUpV SDUD ORV SURSyVLWRV GH HVWH WUDEDMR ODV LGHDV GHO
DXWRUUHVSHFWRGHIHQyPHQRGHOUHODWRKLVWyULFR\TXHQRVD\XGDQHQQXHVWUDLQWHQFLyQ
GHDERUGDUHOHVWXGLRGHODUHDOLGDGVRFLDOGHVGHXQDSHUVSHFWLYDSURSLDPHQWHKXPDQD
³&XDQGR $EHQKD]DQ H[SOLFD TXH HO KDFHU KXPDQR VH HIHFW~D SDUD
GHVSUHRFXSDUVH PXHVWUD TXH HO SRQHUVH DQWHV HVWi HQ OD UDt] GHO
KDFHU6LVREUHODEDVHGHHVHSHQVDUVHPRQWDUDXQD+LVWRULRORJtDYLVWD
GHVGH DIXHUD VHJXUDPHQWH VH WUDWDUtD GH H[SOLFDU O RV KHFKRV KLVWyULFRV
SRU GLVWLQWRV PRGRV GHO KDFHU FRQ UHIHUHQFLD D HVD VXHUWH GH GHV SUH
RFXSDFLyQ 6L HQ FDPELR DOJXLHQ WUDWDUD GH RUJDQL]DU OD PHQWDGD
+LVWRULRORJtD YLVWD GHVGH DGHQWUR SURFXUDUtD GDU UD]yQ GHO KHFKR
KXPDQRKLVWyULFRGHVGHODUDt]GHOSRQHUVHDQWHV5HVXOWDUtDQSXHVGRV
WLSRVELHQGLIHUHQWHVGHH[SRVLFLyQGHE~VTXHGD\GHYHULILFDFLyQ
(O VHJXQGR FDVR VH DFHUFDUtD D XQD H[SOLFLWDFLyQ GH ODV FDUDFWHUtVWLFDV
HVHQFLDOHVGHOKHFKRKLVWyULFRHQWDQWRSURGXFLGRSRUHOVHUKXPDQR\HO
SULPHURTXHGDUtDHQH[SOLFDFLyQSVLFRORJLVWD\PHFiQLFDGHODKLVWRULDVLQ
HQWHQGHUVHFyPRHOVLPSOHGHVSUHRFXSDUVHSXHGHHQJHQGUDUSURFHVRV\
VHU pO PLVPR SURFHVR 3XHV ELHQ HVWD IRUPD GH HQWHQGHU ODV FRVDV KD
SULPDGRKDVWDHOPRPHQWRDFWXDOHQGLYHU VDVILORVRItDVGHODKLVWRULD(VWR
QR ODV KD DOHMDGR GHPDVLDGR GH OR TXH \D +HJHO QRV SDUWLFLSDUD FXDQGR
HVWXGLDEDORVSURFHVRVPHFiQLFRV\TXtPLFRV
(VFODURTXHVHPHMDQWHVSRVWXUDVUHVXOWDQDGPLVLEOHKDVWDDQWHVGH+HJHO
SHUR D SDUWLU GH VXV H[SOLFDFLRQHV LQVLVWLU HQ HOOR GHQRWD FXDQGR PHQRV
FRUWHGDG LQWHOHFWXDO GLItFLOPHQWH FRPSHQVDGD SRU OD VLPSOH HUXGLFLyQ
KLVWyULFD $EHQKD]DQ GHVWDFD HO KDFHU FRPR XQ DOHMDPLHQWR GH OR TXH
QRVRWURV SRGHPRV OODPDU HO SRQHUVH DQWHV R HO SUH VHUVH\DHQ HO
PXQGR FRPR VHUFDEH KHLGHJJHULDQR 7RFD OD HVWUXFWXUD IXQGDPHQWDO
KXPDQD HQ WDQWR OD H[LVWHQFLD HV SUR\HFFLyQ \ HQ HVWD SUR\HFFLyQ HO
H[LVWHQWHMXHJDVXGHVWLQR
6L SRQHPRV ODV FRVDV GHOPRGR DQWHGLFKR QRVUHPLWLPRVDXQDH[pJHVLV
GH OD WHPSRUDOLGDG SRU FXDQWR OD FRPSUHQVLyQ TXH VH WHQJD GH HOOD
SHUPLWLUi HQWHQGHU HO SUR\HFWR HO SRQHUVH DQWHV 7DO H[pJHVLV QR HV
DFFHVRULD VLQR LQHOXGLEOH1RKDEUiIRUPDGHVDEHUFyPRODWHPSRUDOLGDG
RFXUUH HQ ORV KHFKRV FyPR D pVWRV VH ORV SXHGH WHPSRUL]DU HQ XQD
FRQFHSFLyQ KLVWyULFD VL QR VH GD UD]yQ GH OD LQWUtQVHFD WHPSRUDOLGDG GH
TXLHQHVORVSURGXFHQ$VtVHFRQYHQGUiDFRUGDURODKLVWRULDHVXQRFXUULU
TXH XELFD DO VHU KXPDQR HQ FDOLGDG GH HSLIHQyPHQR \ HQ WDO FDVR VyOR
SRGHPRV KDEODU GH KLVWRULD QDWXUDO SRU OR GH PiV LQMXVWLILFDGD VLQ
FRQVWUXFFLyQ KXPDQD R KDFHPRV KLVWRULD KXPDQD SRU OR GHPiV
MXVWLILFDGRUD GH FXDOTXLHU FRQVWUXFFLyQ 3DUWLFXODUPHQWH DGKHULPRV D OR
VHJXQGR´&RQWULEXFLRQHVDO3HQVDPLHQWR´SiJLQD
(VWD LGHD GHO KHFKR GH OD FRQVWUXFFLyQGHO UHODWRKLVWyULFRWLHQHDPLHQWHQGHU
YDOLGH]UHVSHFWRGHODV&LHQFLDV6RFLDOHVHQJHQHUDO\QRVyORHQUHODFLyQDOD+LVWRULD
(Q WDO VHQWLGR QRV UHVXOWD ~WLO HQ QXHVWUR LQWHUpV GHO SUHVHQWH HVWXGLR \D TXH
SUHFLVDPHQWH ODE~VTXHGDGHpVWHHVLQWHUSUHWDUHOKHFKRVRFLDOQRGHVGH³IXHUD´ GH
ORVVXMHWRVTXHGDQFXHQWDGHVXUHDOLGDGVLQRTXHDSDUWLUGHSURSLDYLYHQFLDTXHVH
H[SUHVDDWUDYpVGHOGLVFXUVR
7DPELpQ QRV VLUYH XQD OXFLGD GHVFULSFLyQ TXH HO DXWRU KDFH UHVSHFWR GH OD
HQYHUJDGXUD GH OD FULVLV TXH VH YLYH DFWXDOPHQWH 1yWHVH TXH QR DWULEX\H
FRQQRWDFLRQHVSXUDPHQWHQHJDWLYDVUHVSHFWRGHHVWDVLWXDFLyQDXQTXHDOHUWDUHVSHFWR
GHORVFRQIOLFWRV\SUREOHPDVTXHLPSOLFD(QODFODVHPDJLVWUDOTXHGDDOUHFLELUHOWtWXOR
GHGRFWRUKRQRUtVFDXVDSRUOD$FDGHPLDGH&LHQFLDVGH5XVLDVHUHILHUHDHVWR
³1XHVWUD VLWXDFLyQ DFWXDO GH FULVLV QR HVWi UHIHULGD D FLYLOL]DFLRQHV
VHSDUDGDVFRPRSRGtDRFXUULUHQRWURVWLHPSRVHQORVTXHHVDVXQLGDGHV
SRGtDQ LQWHUDFWXDU LJQRUDQGR R UHJXODQGR IDFWRUHV (Q HO SURFHVR GH
PXQGLDOL]DFLyQ FUHFLHQWH TXH HVWDPRV VXIULHQGR GHEHPRV LQWHUSUHWDU ORV
KHFKRV DFWXDQGR HQ GLQiPLFD JOREDO \ HVWUXFWXUDO 6LQ HPEDUJR YHPRV
TXH WRGR VH GHVHVWUXFWXUD TXH HO HVWDGR QDFLRQDO HV Wi KHULGR SRU ORV
JROSHV TXH OH SURSLQDQ GHVGH DEDMR ORV ORFDOLVPRV \ GHVGH DUULED OD
UHJLRQDOL]DFLyQ \ OD PXQGLDOL]DFLyQ TXH ODV SHUVRQDV ORV FyGLJRV
FXOWXUDOHVODVOHQJXDV\ORVHWQLDVVHPH]FODQHQXQDIDQWiVWLFDWRUUHGH
EDEHO TXH ODV HPSUHVDV FHQWUDOL]DGDV VXIUHQ OD FULVLV GH XQD
IOH[LELOL]DFLyQ TXHQRDOFDQ]DQDSRQHUHQSUiFWLFDTXHODVJHQHUDFLRQHV
VH DELVPDQ HQWUH VL FRPR VL HQ XQ PLVPR PRPHQWR \ OXJDU H[LVWLHUDQ
VXEFXOWXUDVVHSDUDGDVHQVXSDVDGR\HQVXVSUR\HFWRVDIXWXURTXHORV
PLHPEURV GH OD IDPLOLD TXH ORV FRPSDxHURV GH WUDEDMR TXH ODV
RUJDQL]DFLRQHV SROtWLFDV ODERUDOHV \ VRFLDOHV H[SHULPHQWDQ OD DFFLyQ GH
IXHU]DV FHQWULIXJDV GHVLQWHJUDGRUDV TXH ODV LGHRORJtDV WRPDGDV SRU HVH
WRUEHOOLQR QR SXHGHQ GDU UHVSXHVWD QL SXHGHQ LQVSLUD U OD DFFLyQ
FRKHUHQWHTXHODDQWLJXDVROLGDULGDGGHVDSDUHFHHQXQWHMLGRVRFLDOFDGD
YH] PiV GLVXHOWR \ TXH SRU ~OWLPR HO LQGLYLGXR GH KR\ TXH FXHQWD FRQ
PD\RUQXPHURGHSHUVRQDVHQVXSDLVDMHFRWLGLDQR\FRQPDVPHGLRVGH
FRPXQLFDFLyQ TXH QXQFD VH HQFXHQWUD DLVODGR H LQFRPXQLFDGR 7RGR OR
PHQFLRQDGR PXHVWUD TXH DXQ HVWRV KHFKRV GHVHVWUXFWXUDGRV \
SDUDGRMDOHV UHVSRQGHQ DO PLVPR SURFHVR TXH HV JOREDO \ TXH HV
HVWUXFWXUDO \ VL ODV DQWLJXDV LGHRORJtDV QR SXHGHQ GDU UHVSXHVWD D HVWRV
IHQyPHQRV HV SRUTXH HOODV IRUPDQ SDUWH GHO PXQGR TXH VH YD 6LQ
HPEDUJRPXFKRVSLHQVDQTXHHVWRVKHFKRVPDUFDQHOILQGHODVLGHDV\HO
ILQGHODKLVWRULDGHOFRQIOLFWR\GHOSURJUHVRKXPDQR3RUQXHVWUDSDUWHD
WRGR HVWR OH OODPDPRV ³FULVLV´ SHUR HVWDPRV PX\ OHMRV GH FRQVLG HUDU D
HVWD FULVLV FRPR XQD GHFDGHQFLD ILQDO SRUTXH YHPRV TXH HQ UHDOLGDG OD
GLVROXFLyQGHODVIRUPDVDQWHULRUHVYDFRUUHVSRQGLHQGRDODUXSWXUDGHXQ
URSDMHTXH\DTXHGDFKLFRDOVHUKXPDQR´6LOR³/DFULVLVGHFLYLOL]DFLyQ\
HO+XPDQLVPR´SiJLQDV
$VXYH]HQRWUDFRQIHUHQFLDUHDOL]DGDHQOD8QLYHUVLGDG$XWyQRPDGH0DGULG
HVWHSHQVDGRUVHUHILHUHDVXYLVLyQUHVSHFWRGHXQDSHFXOLDUDFWLWXGGHGLVLGHQFLDTXH
VH PDQLILHVWD HQ ODV QXHYDV JHQHUDFLRQHV (VWD DFWLWXG SXHGH VHU DQDORJL]DGDFRQ OD
IDPRVDIUDVHGHORVMyYHQHVFKLOHQRVGH³QRHVWDUQLDKt´
³$ ODV QXHYDV JHQHUDFLRQHV QR OHV LQWHUHVD FRPR WHPD FHQWUDO HOPRGHOR
HFRQyPLFR R VRFLDO TXH GLVFXWHQ WRGRV ORV GtDV ORV IRUPDGRUHV GH
RSLQLyQVLQRTXHHVSHUDQTXHODVLQVWLWXFLRQHV\ORVOtGHU HVQRVHDQXQD
FDUJDPiVTXHVHDJUHJXHDHVWHPXQGRFRPSOLFDGR3RUXQODGRHVSHUDQ
XQDQXHYDDOWHUQDWLYDSRUTXHORVPRGHORVH[LVWHQWHVOHVSDUHFHQDJRWDGRV
\SRURWUDSDUWHQRHVWiQGLVSXHVWDVDVHJXLUSODQWHDPLHQWRV\OLGHUD]JRV
TXHQRFRLQFLGHQFRQVXVHQVLELOLGDG(VWRSDUDPXFKRVHVFRQVLGHUDGR
FRPR XQD LUUHVSRQVDELOLGDG GH ORV PiV MyYHQHV SHUR \R QR HVWR\
KDEODQGR GH UHVSRQVDELOLGDGHV VLQR GH XQ WLSR GH VHQVLELOLGDG TXH GHEH
VHU WHQLGR VHULDPHQWH HQ FXHQWD < HVWH QR HV XQ SUREOHPD TXH VH
VROXFLRQH FRQ VRQGHRV GH RSLQLyQ R FRQ HQFXHVWDV SDUD VDEHU GH TXp
QXHYDPDQHUDVHSXHGHPDQLSXODUDODVRFLHGDGpVWHHVXQSUREOHPDGH
DSUHFLDFLyQJOREDOVREUHHOVLJQLILFDGRGHOVHUKXPDQRFRQFUHWRTXHKDVWD
DKRUD D VLGR FRQYRFDGR HQ WHRUtD \ WUDLFLRQDGR HQ OD SUiFWLFD´ 6LOR
³9LVLyQDFWXDOGHOKXPDQLVPR´SiJLQD
(OHVWXGLRGHORVVLJQLILFDGRV\GLVFXUVRVTXHHPHUJHQGHOGLVFXUVRGHXQJUXSR
GH MyYHQHV HV XQD SRVLELOLGDG GH HYDOXDU VL ORV SODQWHDPLHQWRV GHO DXWRU WLHQHQ
FRUUHVSRQGHQFLD FRQ OR H[SUHVDGR SRU ORV HQWUHYLVWDGRV HQ QXHVWUR HVWXGLR YHU
PHWRGRORJtDDXWLOL]DUPiVDGHODQWH6LORSODQWHDGRSRUHODXWRUVHFRUUHVSRQGHFRQOR
GHWHFWDGR HQ HO HVWXGLR HQWRQFHV HVWDUtDPRV HQ SUHVHQFLD GH XQ IHQyPHQR VRFLDO
GLJQRGHDWHQFLyQ\FRQVLGHUDFLyQHQHVSHFLDOSRUSDUWHGHORVHGXFDGRUHV
(OWHPDGHODV*HQHUDFLRQHV\OD'LDOpFWLFD*HQHUDFLRQDO
2WUR IXQGDPHQWR WHyULFR ~WLO D QXHVWUR DQiOLVLV FRUUHVSRQGH D ODV
FRQFHSWXDOL]DFLRQHVTXHGDQRULJHQDODWHRUtDGHOD'LDOpFWLFDJHQHUDFLRQDO (OWHPD
GH ODV JHQHUDFLRQHV KD VLGR WUDWDGR SRU YDULRV DXWRUHV HQWUH ORV TXH SRGHPRV
PHQFLRQDUD'URPHO/RUHQ]:HFKVVOHU7R\QEHH\6SHQJOHUSHURGHEHPRVD2UWHJD
\ *DVVHW HO SXQWR GH SDUWLGD D OD FRPSUHQVLyQ GH VX UHOHYDQFLD HQ HO GHVDUUROOR GHO
SURFHVR KLVWyULFR DO GHVDUUROODU VX WHRUtD GH ODV JHQHUDFLRQHV (VWH DXWRU DQDOL]D HQ
SURIXQGLGDG OD HQRUPH UHOHYDQFLD KLVWyULFD TXH WLHQH HO WHPD GH ODV JHQHUDFLRQHV
H[SOLFD FRPR FDGD JHQHUDFLyQ VH VLW~D HQ XQD FLHUWD ³VHQVLELOLGDG´ TXH OH RWRUJD
GHWHUPLQDGDV FDUDFWHUtVWLFDV OR TXH WHQGUi UHOHYDQWH LQIOXHQFLD VREUH VX HQWRUQR
KLVWyULFR\VRFLDO
³(Q HIHFWR FDGD JHQHUDFLyQ UHSUHVHQWD XQD FLHUWD DOWLWXG YLWDO GHVGH OD
FXDOVHVLHQWHODH[LVWHQFLDGHXQDPDQHUDGHWHUPLQDGD6LWRPDPRVHQVX
FRQMXQWRODHYROXFLyQGHXQSXHEORFDGDXQDGHVXVJHQHUDFLRQHVVHQRV
SUHVHQWD FRPR XQ PRPHQWR GH VX YLWDOLGDG FRPR XQD SXOVDFLyQ GH VX
SRWHQFLD KLVWyULFD < FDGD SXOVDFLyQ WLHQH XQD ILVRQRPtD SHFXOLDU ~QLFD
HVXQODWLGRLPSHUPXWDEOHHQODVHULHGHO SXOVRFRPRORHVFDGDQRWDHQHO
GHVDUUROOR GH XQD PHORGtD 3DUHMDPHQWH SRGHPRV LPDJLQDU D FDGD
JHQHUDFLyQEDMRODHVSHFLHGHXQSUR\HFWLOELROyJLFRODQ]DGRDOHVSDFLRHQ
XQ LQVWDQWH SUHFLVR FRQ XQD YLROHQFLD \ XQD GLUHFFLyQ GHWHUPLQDGDV 'H
XQD \ RWUD SDUWLFLSDQ WDQWR VXV HOHPHQWRV PiV YDOLRVRV FRPR ORV PiV
YXOJDUHV´³/DLGHDGHODVJHQHUDFLRQHV´3iJLQD
'HVWDFD WDPELpQ 2UWHJD FRPR ODV GLIHUHQWHV JHQHUDFLRQHV YDQ WHQLHQGR VXV
SDUWLFXODUHVFDUDFWHUtVWLFDV\HVRGHWHUPLQDDVXYH]ODVFDUDFWHUtVWLFDVGHODpSRFDGH
ODFXDOVRQWULEXWDULDVHVDVJHQHUDFLRQHVHOORKDEODHQWRQFHVGHODGHILQLWLYDLQIOXHQFLD
HQHOGHYHQLUKLVWyULFRGHODFWXDUGHHVWDV
³(O HVStULWX GH FDGD JHQHUDFLyQ GHSHQGH GH OD HFXDFLyQ TXH HVRV GRV
LQJUHGLHQWHV IRUPHQ GH OD DFWLWXG TXH DQWH FDGD XQR GH HOORV DGRSWH OD
PD\RUtD GH VXV LQGLYLGXRV ¢6H HQWUHJDUi D OR UHFLELGR GHVR\HQGR ODV
tQWLPDVYRFHVGHORHVSRQWiQHR"¢6HUiILHODpVWDVHLQGyFLODODDXWRULGDG
GHO SDVDGR" +D KDELGR JHQHUDFLRQHV TXH VLQWLHURQ XQD VXILFLHQWH
KRPRJHQHLGDG HQWUH OR UHFLELGR \ OR SURSLR (QWRQFHV VH YLYH HQ pSRFDV
FXPXODWLYDV2WUDVYHFHVKDQVHQWLGRXQDSURIXQGDKHWHURJHQHLGDGHQWUH
DPERV HOHPHQWRV \ VREUHYLQLHURQ pSRFDV HOLPLQDWRULDV \ SROpPLFDV
JHQHUDFLRQHV GH FRPEDWH (Q ODV SULPHUDV ORV QXHYR V MyYHQHV
VROLGDUL]DGRV FRQ ORV YLHMRV VH VXSHGLWDQ D HOORV HQ OD SROtWLFD HQ OD
FLHQFLDHQODVDUWHVVLJXHQGLULJLHQGRORVDQFLDQRV6RQWLHPSRVGHYLHMRV
(Q ODV VHJXQGDV FRPR QR VH WUDWD GH FRQVHUYDU \ DFXPXODU VLQR GH
DUUXPEDU \ VXVWLWXLU ORV YLHMRV TXHGDQ EDUULGRV SRU ORV PR]RV 6RQ
WLHPSRVGHMyYHQHVHGDGHVGHLQLFLDFLyQ\EHOLJHUDQFLDFRQVWUXFWLYD(VWH
ULWPR GH pSRFDV GH VHQHFWXG \ pSRFDV GH MXYHQWXG HV XQ IHQyPHQR WDQ
SDWHQWH D OR ODUJR GH OD KLVWRULD TXH VRUSUHQGH QR KDOODUOR DGYHUWLGR S RU
WRGR HO PXQGR /D UD]yQ GH HVWD LQDGYHUWHQFLD HVWi HQ TXH QR VH KD
LQWHQWDGR D~Q IRUPDOPHQWH OD LQVWDXUDFLyQ GH XQD QXHYD GLVFLSOLQD
FLHQWtILFD TXH SRGUtD OODPDUVH PHWDKLVWRULD OD FXDO VHUtD D ODV KLVWRULDV
FRQFUHWDV OR TXH HV OD ILVLRORJtD D OD FOtQL FD 8QD GH ODV PiV FXULRVDV
LQYHVWLJDFLRQHV PHWDKLVWyULFDV FRQVLVWLUtD HQ HO GHVFXEULPLHQWR GH ORV
JUDQGHV ULWPRV KLVWyULFRV 3RUTXH KD\ RWURV QR PHQRV HYLGHQWHV \
IXQGDPHQWDOHVTXHHODQWHGLFKRSRUHMHPSORHOULWPRVH[XDO6HLQVLQ~D
HQ HIHFWR XQD SHQGXODFLyQ HQ OD KLVWRULD GH pSRFDV VRPHWLGDV DO LQIOXMR
SUHGRPLQDQWH GHOYDUyQD pSRFDVVXE\XJDGDVSRUODLQIOXHQFLDIHPHQLQD
0XFKDV LQVWLWXFLRQHV XVRV LGHDV PLWRV KDVWD DKRUD LQH[SOLFDGRV VH
DFODUDQGHPDQHUDVRUSUHQGHQWHFXDQGRVHFDHHQODFXHQWDG HTXHFLHUWDV
pSRFDV KDQ VLGR UHJLGDV PRGHODGDV SRU OD VXSUHPDFtD GH OD PXMHU 3HUR
QRHVDKRUDRFDVLyQDGHFXDGDSDUDLQWHUQDUVHHQHVWDFXHVWLyQ´³/DLGHD
GHODVJHQHUDFLRQHV´SiJLQD
(VHYLGHQWHTXHHQQXHVWURHVWXGLRQRSUHWHQGHUtDPRVOOHJDUDGHVFXEULUHOULWPR
KLVWyULFR GH OD pSRFD SHUR Vt SRGHPRV HQFRQWUDU DOJXQRV HOHPHQWRV HVFODUHFHGRUHV
UHVSHFWR GH ODV FDUDFWHUtVWLFDV TXH SXGLHVHQ HQFRQWUDUVH HQ OD JHQHUDFLyQ D OD TXH
DWHQGHUHPRV\HQWDOVHQWLGRORVFRQFHSWRVGHVDUUROODGRVSRU2UWHJDSXHGHQ UHVXOWDU
RULHQWDGRUHV (O DXWRU WDPELpQ QRV H[SOLFD FRPR OD GLQiPLFD VRFLDO VH GHVDUUROOD
EiVLFDPHQWH D SDUWLU GH OD DFFLyQ JHQHUDFLRQDO OR TXH RWURV DXWRUHV OODPDUDQ
SRVWHULRUPHQWHODGLDOpFWLFDJHQHUDFLRQDOYHUPiVDGHODQWHHOORVHH[SOLFDFODUDPHQWH
DSDUWLUGHODVLJXLHQWHFLWD
$KRUD ELHQ HVWR QR HV VLQR KDOODU OD UD]yQ \ HO SHUtRGR GH ORV FDPELRV
KLVWyULFRVHQHOKHFKRDQHMRHVHQFLDOPHQWHDODYLGDKXPDQDGHTXHpVWD
WLHQHVLHPSUHXQDHGDG/DYLGDHVWLHPSR ²FRPR\DQRVKL]RYHU'LOWKH\
\ KR\ QRV UHLWHUD +HLGHJJHU \ QR WLHPSR FyVPLFR LPDJLQDULR \ SRUTXH
LPDJLQDULR LQILQLWR VLQR WLHPSR OLPLWDGR WLHPSR TXH VH DFDED TXH HV HO
YHUGDGHUR WLHPSR HO WLHPSR LUUHSDUDEOH² 3RU HVR HO KRPEUH WLHQH HGDG
/DHGDGHVHVWDUHOKRPEUHVLHPSUHHQXQFLHUWRWUR]RGHVXHVFDVRWLHPSR
²HV VHU FRPLHQ]R GHO WLHPSR YLWDO VHU DVFHQVLyQ KDFLD VX PLWDG VHU
FHQWURGHpOVHUKDFLDVXWpUPLQR² RFRPRVXHOHGHFLUVHVHUQLxRMRYHQ
PDGXURRDQFLDQR
3HUR HVWR VLJQLILFD TXH WRGD DFWXDOLGDG KLVWyULFD WRGR KR\HQYXHOYHHQ
ULJRUWUHVWLHPSRVGLVWLQWRVWUHVKR\GLIHUHQWHVRGLFKRGHRWUDPDQHUD
TXH HO SUHVHQWH HV ULFR GH WUHV JUDQGHV GLPHQVLRQHV YLWDOHV ODV FXDOHV
FRQYLYHQ DORMDGDV HQ pO TXLHUDQ R QR WUDEDGDV XQDV FRQ RWUDV \ SRU
IXHU]D DO VHU GLIHUHQWHV HQ HVHQFLDO KRVWLOLGDG +R\HV SDUDXQR YHLQWH
DxRV SDUD RWURV FXDUHQWD SDUD RWURV VHVHQWD \ HVR TXH VLHQGR WUHV
PRGRV GH YLGD WDQ GLVWLQWRV WHQJDQ TXH VHU HO PLVPR KR\ GHFODUD
VREUDGDPHQWH HO GLQiPLFR GUDPDWLVPR HO FRQIOLFWR \ FROLVLyQ TXH
FRQVWLWX\HHOIRQGRGHODPDWHULDKLVWyULFDGHWRGDFRQYLYHQFLDDFWXDO<D
ODOX]GHHVWDDGYHUWHQFLDVHYHHOHTXtYRFRRFXOWRHQODDSDUHQWHFODULGDG
GH XQD IHFKD SDUHFH XQ WLHPSR ~QLFR SHUR HQ YLYH XQ
PXFKDFKRXQKRPEUHPDGXUR\XQDQF LDQR\HVDFLIUDVHWULSOLFDHQWUHV
VLJQLILFDGRV GLIHUHQWHV \ D OD YH] DEDUFD ORV WUHV HV OD XQLGDG HQ XQ
WLHPSRKLVWyULFRGHWUHVHGDGHVGLVWLQWDV7RGRVVRPRVFRQWHPSRUiQHRV
YLYLPRV HQ HO PLVPR WLHPSR \ DWPyVIHUD ²HQ HO PLVPR PXQGR² SHUR
FRQWULEXLPRV D IRUPDUORV GH PRGR GLIHUHQWH 6yOR VH FRLQFLGH FRQ ORV
FRHWiQHRV /RV FRQWHPSRUiQHRV QR VRQ FRHWiQHRV XUJH GLVWLQJXLU HQ
KLVWRULD HQWUH FRHWDQHLGDG \ FRQWHPSRUDQHLGDG $ORMDGRV HQ XQ PLVPR
WLHPSRH[WHUQR\FURQROyJLFRFRQYLYHQWUHVWLHPSRVYLWDOHVG LVWLQWRV
(VWR HV OR TXH VXHOR OODPDU HO DQDFURQLVPR HVHQFLDO GH OD KLVWRULD
0HUFHG D HVH GHVHTXLOLEULR LQWHULRU VH PXHYH FDPELD UXHGD IOX\H 6L
WRGRV ORV FRQWHPSRUiQHRV IXpVHPRV FRHWiQHRV OD KLVWRULD VH GHWHQGUtD
DQTXLORVDGD SHWUHIDFWD HQ XQ JHVWR GHILQLWLYR VLQ SRVLELOLGDG GH
LQQRYDFLyQUDGLFDOQLQJXQD´³/DLGHDGHODJHQHUDFLyQ´SiJLQD
< VL SDUD HO DXWRU UHVXOWDED LQH[SOLFDEOH TXH HVWDV LPSRUWDQWtVLPDV
FRQVLGHUDFLRQHV QR KXELHVHQ VLGR FRQVLGHUDGD FRQ OD GHELGD LPSRUWDQFLD SRU ORV
HVWXGLRVRVGHODKLVWRULDQRGHMDGHVRUSUHQGHUWDPSRFRTXHHQHOFDPSRHGXFDFLRQDO
WDPSRFRKDVWDDKRUDVHKDOODFRQVLGHUDGRGHELGDPHQWHODHQRUPHWUDVFHQGHQFLDTXH
LPSOLFDODGLQiPLFDJHQHUDFLRQDOHQHOFXUVRGHORVDFRQWHFLPLHQWRVVRFLDOHV
3RVWHULRUPHQWH HQ ORV SRVWXODGRV GHO 1XHYR +XPDQLVPR UHDSDUHFH HVWD
FRQFHSFLyQ \D HQ XQ GHVDUUROOR PiV HODERUDGR \ SRVLFLRQDQGR HVWD LGHD FRQ HO
FDUiFWHUGHPRWRUKLVWyULFRDOHQWHQGHUTXHODKLVWRULDGHOVHUKXPDQRHVODKLVWRULDGH
OD VXSHUDFLyQ GH OR YLHMR SRU OR QXHYR PiV OD DFXPXODFLyQ \ OD WUDQVPLVLyQ GH OD
H[SHULHQFLDVRFLDO6,/2UHFRQRFHHOUHOHYDQWHDSRUWHUHDOL]DGRSRU2UWHJDVHxDODQGR
/DFRUULHQWHGHSHQVDPLHQWRGHO1XHYR+XPDQLVPRHVODH[SUHVLyQPiVFRQWHPSRUiQHDGHWLSRKXPDQLVWD8QD
GHVXVGLIHUHQFLDVFRQHO+XPDQLVPR+LVWyULFRUDGLFDHQVXFDUiFWHUXQLYHUVDOLVWD\QRVRORRFFLGHQWDOFRPRpVWH\D
TXHVHQXWUHGHIXHQWHVGHGLYHUVDVFXOWXUDV&RPR\DKHPRVYLVWRVXSULQFLSDOUHIHUHQWHILORVyILFRHVHOSHQVDGRU
DUJHQWLQR0DULR 5RGUtJXH]&RERVFRQRFLGROLWHUDULDPHQWHFRPR6LOR2WURVDXWRUHVLPSRUWDQWHVTXHVHHQFXDGUDQ
GHQWURGHHVWDFRUULHQWHVRQHOHVFULWRULWDOLDQR6DOYDWRUH3XOOHGGDORV&LHQWLVWDV6RFLDOHVUXVRV6HPHRQRY\.RYDO
HO LQJHQLHUR \ DFDGpPLFR HVSDxRO 0RQWHUR GH %XUJRV HO DQWURSyORJR \ DFDGpPLFR SHUXDQR -DYLHU =RUULOOD \ HO
OLQJLVWDDUJHQWLQR/XLV$PPDQ
/H\ XQLYHUVDO HQWHQGLGD FRPR WHQGHQFLD JHQHUDO GHODVHVWUXFWXUDVYLWDOHV GHODVRFLHGDG\ODFRQFLHQFLD(QHO
FDVR GH OD VRFLHGDG HVWD WHQGHQFLD VH H[SUHVD HQ OD GLDOpFWLFD JHQHUDFLRQDO HQ OD TXH WHUPLQDQ SULPDQGR ODV
JHQHUDFLRQHVTXHHPHUJHQHQODFRQFLHQFLDVHH[SUHVDHQODGLDOpFWLFDWHPSRUDOHQODTXHSULPDHOWLHPSRIXWXUR
HQODKLVWRULDVHH[SUHVDFRPRODVXSHUDFLyQGHORVPRPHQWRVDFWXDOHVSRURWURVPiVFRPSOHMRVTXHDYDQ]DQKDFLD
XQIXWXURLUUHYHUVLEOH(VHQODGHVHVWUXFWXUDFLyQGHFXDOTXLHUVLVWHPDGRQGHVHYHULILFDODVXSHUDFLyQGHORYLHMRSRU
TXH³VXWHRUtDGHODVJHQHUDFLRQHV KDVHUYLGRGHSXQWRGHDSR\RSDUDFRPSUHQGHUHO
PRYLPLHQWRLQWUtQVHFRGHOSURFHVRKLVWyULFR´
3HUR DGHPiV 6,/2 SURIXQGL]D HQ GLFKD WHRUtD 6HxDOD TXH D PHGLGD TXH OD
SURGXFFLyQ VRFLDOVHGHVDUUROODFUHFHHOKRUL]RQWHKXPDQRSHURODFRQWLQXLGDGGHHVH
SURFHVR QR HVWi JDUDQWL]DGD SRU OD VLPSOH H[LVWHQFLD GH REMHWRV VRFLDOHV SDUD HO OD
FRQWLQXLGDG HVWi GDGD SRU ODV JHQHUDFLRQHV KXPDQDV TXH VH LQWHUDFW~DQ \
WUDQVIRUPDQ HQ HO SURFHVR GH SURGXFFLyQ (VWDV JHQHUDFLRQHV TXH SHUPLWHQ
FRQWLQXLGDG\GHVDUUROORVRQHVWUXFWXUDVGLQiPLFDVVRQORTXHVHSXHGHHQWHQGHUFRPR
HOWLHPSRVRFLDOHQPRYLPLHQWRVLQHOFXDOXQDVRFLHGDGFDHUtDHQXQHVWDGRGHLQHUFLD
QDWXUDO \ SHUGHUtD VX FRQGLFLyQ GH VRFLHGDG KLVWyULFD FRPR RFXUULy HQ OD
GHVHVWUXFWXUDFLyQ GHDOJXQRV SRGHURVRVLPSHULRV\FLYLOL]DFLRQHVGHRWUDVpSRFDV
³(OPXQGRQDWXUDOYDUHWURFHGLHQGRHQWDQWRQDWXUDOH]DHQODPHGLGDHQ
TXH VH DPSOtD HO KRUL]RQWH KXPDQR /D SURGXFFLyQ VRFLDO VH FRQWLQ~D \
DPSOtDSHURHVWDFRQWLQXLGDGSXHGHRFXUULUQRVRODPHQWHS RUODSUHVHQFLD
GH REMHWRV VRFLDOHV TXH SRU Vt D~Q VLHQGR SRUWDGRUHV GH LQWHQFLRQHV
KXPDQDVQRKDQSRGLGRKDVWDDKRUDVHJXLUDPSOLiQGRVH/DFRQWLQXLGDG
HVWi GDGD SRU ODV JHQHUDFLRQHV KXPDQDV TXH QR HVWiQ SXHVWDV XQDV DO
ODGRGHRWUDVVLQRTXHVHLQWHUDFW~DQ\WUDQVIRUPDQ(VWDVJHQHUDFLRQHV
OR QXHYR6LQHPEDUJRORVHOHPHQWRVPiVSURJUHVLYRVGHODHWDSDDQWHULRUVHLQFRUSRUDQDOQXHYRSDVRHYROXWLYR
GHVHFKiQGRVHORVHOHPHQWRVTXHQRVHDGDSWDQDOFDPELRGHVLWXDFLyQ
0HSDUHFHTXHWLHQHLQWHUpVUHSURGXFLUWH[WXDOODQRWDTXHDOUHVSHFWRKDFHHQ³&RQWULEXFLRQHVDO3HQVDPLHQWR´
&yPRKDVLGRSRVLEOHTXHVHPHMDQWHFRQFHSFLyQKD\DSDVDGRFDVLLQDGYHUWLGDSDUDHOPXQGRGHODKLVWRULRORJtDHV
XQRGHHVRVJUDQGHVPLVWHULRVRPiVELHQWUDJHGLDVTXHVHH[SOLFDQSRUODDFFLyQGHDQWHSUHGLFDWLYRVHSRFDOHV
SUHVLRQDQGRHQHODPELHQWHFXOWXUDO(QODpSRFDGHOSUHGRPLQLRLGHROyJLFRDOHPiQIUDQFpV\DQJORVDMyQHO
SHQVDPLHQWRGH2UWHJDIXHDVRFLDGRDXQD(VSDxDTXHDGLIHUHQFLDGHKR\PDUFKDEDDFRQWUDPDQRGHOSURFHVR
KLVWyULFR3DUDFROPRGHPDOHVDOJXQRVGHVXVFRPHQWDULVWDVKLFLHURQGHDTXHOODREUDIHFXQGDXQDH[pJHVLV
SHTXHxDHLQWHUHVDGD'HVGHRWURiQJXOR2UWHJDSDJyFDURHOHVIXHU]RGHWUDGXFLUDOHQJXDMHDFFHVLEOHFDVL
SHULRGtVWLFRLPSRUWDQWHVWHPDVGHILORVRItD(VWRMDPiVOHIXHSHUGRQDGRSRUORVPDQGDULQHVGHODSHGDQWHUtD
DFDGpPLFDGHODV~OWLPDVGpFDGDV´
TXH SHUPLWHQ FRQWLQXLGDG \ GHVDUUROOR VRQ HVWUXFWXUDV GLQiPLFDV VRQ HO
WLHPSR VRFLDO HQ PRYLPLHQWR VLQ HO FXDO XQD VRFLHGDG FDHUtD HQ HVWDGR
QDWXUDO\SHUGHUtDVXFRQGLFLyQGHVRFLHGDG
2FXUUH SRU RWUD SDUWH TXH HQ WRGR PRPHQWR KLVWyULFR FRH[LVWHQ
JHQHUDFLRQHVGHGLVWLQWRQLYHOWHPSRUDOGHGLVWLQWDUHWHQFLyQ\SURWHQVLyQ
\TXHSRUWDQWRFRQILJXUDQSDLVDMHVGHVLWXDFLyQGLIHUHQWHV(OFXHUSR\HO
FRPSRUWDPLHQWR GH QLxRV \ DQFLDQRV GHODWD SDUD ODV JHQHUDFLRQ HV
DFWLYDVXQDSUHVHQFLDGHODTXHVHYLHQH\DODTXHVHYD\DVXYH]SDUD
ORV H[WUHPRV GH HVD WULSOH UHODFLyQ XELFDFLRQHV GH WHPSRUDOLGDG WDPELpQ
H[WUHPDV 3HUR HVWR QR SHUPDQHFH MDPiV GHWHQLGR SRUTXH PLHQWUDV ODV
JHQHUDFLRQHVDFWLYDVVHDQFLDQL]DQ \ORVDQFLDQRVPXHUHQORVQLxRVYDQ
WUDQVIRUPiQGRVH \ FRPLHQ]DQ D RFXSDU SRVLFLRQHV DFWLYDV (QWUH WDQWR
QXHYRV QDFLPLHQWRV UHFRQVWLWX\HQ FRQWLQXDPHQWH D OD VRFLHGDG´
&RQWULEXFLRQHVDO3HQVDPLHQWR´SiJLQD
(VWD YLVLyQ GHO SURFHVR KLVWyULFR HQWLHQGH TXH GHQWUR GH XQ PLVPR KRUL]RQWH
WHPSRUDO HQ XQ PLVPR PRPHQWR KLVWyULFR FRQFXUUHQ TXLHQHV VRQ FRQWHPSRUiQHRV
SHURORKDFHQGHVGHVXVSDUWLFXODUHVYLVLRQHVGHODUHDOLGDGHQUD]yQGHVXGLIHUHQFLD
GH HGDG FRQ RWUDV JHQHUDFLRQHV HVWR HV OR TXH PDUFD OD GLVWDQFLD HQ OD SHUVSHFWLYD
TXHVRVWLHQHQODVJHQHUDFLRQHVHVGHFLUDXQTXHRFXSHQHOPLVPRHVFHQDULRKLVWyULFR
ORKDFHQGHVGHXQGLYHUVR³QLYHO´VLWXDFLRQDO\H[SHULHQFLDO(VFODURHQWRQFHVTXHHQ
(Q HVWH FDVR VH HQWLHQGH SRUGHVHVWUXFWXUDFLyQ OD GHVFRPSRVLFLyQ GH XQD HVWUXFWXUD HQ HVWH FDVR XQ VLVWHPD
VRFLDOHQHOTXHVHGLVFRQWLQ~DODWHQGHQFLDGHOSURFHVRTXHHOGLRRULJHQ
7RGD VLWXDFLyQ VRFLDO VH HQFXHQWUD HQ XQ GHWHUPLQDGR PRPHQWR KLVWyULFR HQ HO TXH FRH[LVWHQ GLYHUVDV
JHQHUDFLRQHV8QPRPHQWRKLVWyULFRVHGLIHUHQFLDGHRWURFXDQGRDSDUHFHXQDJHQHUDFLyQGHUXSWXUDTXHGLVSXWDHO
SRGHUDODTXHORGHWHQWD'DGDHVDUXSWXUDVHHQFXHQWUDQFRQGLFLRQHVSDUDSURFHVDUXQDHWDSDGHPD\RUDPSOLWXG
RSDUDTXHODVLPSOHPHFiQLFDGHODGLDOpFWLFDJHQHUDFLRQDOVHFRQWLQ~H
FXDOTXLHUPRPHQWRKLVWyULFRFRH[LVWHQJHQHUDFLRQHVGHGLVWLQWRQLYHOWHPSRUDO\GLVWLQWD
H[SHULHQFLDELRJUiILFD\TXHSRUWDQWRFRQILJXUDQVLWXDFLRQHVGLIHUHQWHV
$ SDUWLU GH HVDV GHILQLFLRQHV \ FRQFHSWXDOL]DFLRQHV TXH UHDOL]DQ HVWRV GRV
DXWRUHV SRGHPRV GHFLU TXH HVTXHPiWLFDPHQWH VH HQWLHQGH TXH HQ FDGD PRPHQWR
KLVWyULFRFRH[LVWHQGLIHUHQWHVJHQHUDFLRQHVHQDFWLWXGGLQiPLFD
ž /D JHQHUDFLyQ TXH HVWD HQ HO SRGHU HFRQyPLFR SROtWLFR VRFLDOFXOWXUDOHVWpWLFR
UHOLJLRVR HWF (Q QXHVWUD VRFLHGDG HVWD FRUUHVSRQGH DO PXQGR DGXOWR TXH VRQ
TXLHQHV YDQ RFXSDQGR ORV HVSDFLRV GH SRGHU \ FRQWURO GH OD VRFLHGDG FRPR UHVXOWD
HYLGHQWH DO REVHUYDU D TXLHQHV RFXSDQ ORV FDUJRV \ IXQFLRQHV HQ ODV GLVWLQWDV WDUHDV
VRFLDOHV(VWDJHQHUDFLyQHQHOSRGHUWLHQHVXSDUWLFXODUYLVLyQGHOPXQGRFRQILJXUDGR
HQODDWPyVIHUDSURSLDGHODpSRFDHQTXHFRQVWUX\HURQVXYLVLyQGHODUHDOLGDG
ž /DJHQHUDFLyQTXHOXFKDSRUDFFHGHUDOSRGHURSDUWHGHHO\TXHVH³HQIUHQWD´D
ODTXHORVXVWHQWDHQHVHPRPHQWR(VWDJHQHUDFLyQFRUUHVSRQGHIXQGDPHQWDOPHQWHD
ORVMyYHQHVTXLHQHVYDQFRQILJXUDQGRVXYLVLyQGHPXQGRODTXHSRUGLVWDQFLDHSRFDO
HVQDWXUDOPHQWHGLVWLQWDDODGHODJHQHUDFLyQHQHOSRGHU
ž /DJHQHUDFLyQTXHHVWDHQHODSUHQGL]DMH&RUUHVSRQGHEiVLFDPHQWHDORVQLxRV\
DGROHVFHQWHV
+D\WDPELpQTXLHQHVSHUWHQHFHQDODJHQHUDFLyQGHVSOD]DGDDQFLDQRV\DTXLHQHVVH
LQFRUSRUDQ SULPDULDPHQWH UHFLpQ QDFLGRV ORV TXH DSDUHFHQ PDUJLQDGRV GH HVWH
SURFHVRGLDOpFWLFR
3RUDEVWUDFFLyQHVSRVLEOH³GHWHQHU´HVDGLQiPLFD\HQWDOFDVRVHSXHGHKDEODU
GH XQ PRPHQWR KLVWyULFR HQ HO TXH WRGRV ORV PLHPEURV HPSOD]DGRV HQ HO PLVPR
HVFHQDULRVRFLDOSXHGHQVHUFRQVLGHUDGRVFRQWHPSRUiQHRVHVGHFLUTXHYLYHQHQXQ
PLVPR WLHPSR HQ FXDQWR D IHFKDELOLGDG VH UHILHUH 3HUR HV HYLGHQWH TXH HVD
FRQWHPSRUDQHLGDG QR VHD KRPRJpQHD HQ OR TXH KDFH D VX WHPSRUDOLGDG LQWHUQD \
H[SHULHQFLDYLWDO/DVJHQHUDFLRQHVPiVFRQWLJXDVWUDWDQGHRFXSDUODDFWLYLGDGFHQWUDO
GH OD VRFLHGDG GH DFXHUGRFRQ VXV SDUWLFXODUHV YLVLRQHV H LQWHUHVHVHVWDEOHFLpQGRVH
FRQODVJHQHUDFLRQHVHQHOSRGHUXQDGLDOpFWLFDHQODTXHVHYHULILFDODVXSHUDFLyQGH
ORYLHMRSRUORQXHYR
(VWH SURFHVR GH GLDOpFWLFDJHQHUDFLRQDOWLHQHVLJQLILFDWLYDLPSRUWDQFLDGHVGHHO
SXQWRGHYLVWDGHOSURJUHVRVRFLDO$WUDYpVGHHVWDODVRFLHGDGVHUHQXHYDHQULTXHFH
HLQFRUSRUDODVQXHYDVFRQFHSFLRQHV\PLUDGDVSHUPLWLHQGRXQDGLQiPLFDTXHDEUHOD
SRVLELOLGDGGHWUDQVIRUPDFLyQGHODVFRQGLFLRQHVVRFLDOHVH[LVWHQWHV3RUORPLVPRHV
WDPELpQ SRVLEOH FRPSUHQGHU OD LPSRUWDQFLD TXH WLHQH SDUD XQ VLVWHPD VRFLDO R
FLYLOL]DFLyQ ODV FDUDFWHUtVWLFDV TXH WRPH GLQiPLFD HVSHFtILFD GH HVWD GLDOpFWLFD HQ XQ
PRPHQWR KLVWyULFR GHWHUPLQDGR /D HYHQWXDO UXSWXUD UDGLFDOL]DFLyQ R GLVFRQWLQXLGDG
GHHVWHSURFHVRWHQGUiFRQVHFXHQFLDVTXHHQFDVRDOJXQRVRQPHQRUHV
(QQXHVWURHVWXGLRVHKDWHQLGRSUHVHQWHHVWHLPSRUWDQWHIHQyPHQR\VHKDFHHO
DQiOLVLV GH OD LQIRUPDFLyQ WHQLHQGR FRSUHVHQWH HVWD WHRUtD TXH VHxDOD D OD GLDOpFWLFD
JHQHUDFLRQDOFRPRXQIDFWRUFODYHHQDOGLQiPLFDKLVWyULFD\VRFLDO
$17(&('(17(6
,19(67,*$&,21
7(25,&26
5(63(&72
GH
/26
0(72'26
GH
3DUDDGHQWUDUQRVHQHVWHWHPDQRVEDVDUHPRVHQODFDWHJRUL]DFLyQXWLOL]DGDSRU
*ORULD 3pUH] SDJLQD TXLHQ VHxDOD TXH D JUDQGHV UDVJRV VH SXHGH DILUPDU
TXH HQ ODV &LHQFLDV 6RFLDOHV KDQ SUHYDOHFLGR GRV JUDQGHV SHUVSHFWLYDV WHyULFDV OD
SRVLWLYLVWD\OD IHQRPHQROyJLFD'HQWURGHODSULPHUDSHUVSHFWLYDVHXELFDQQtWLGDPHQWH
ORVTXHSRGUtDQVHUFRQVLGHUDGRVVXVJUDQGHVPHQWRUHV&207(\'85.+(,0VHxDOD
3pUH] TXH ORV SRVLWLYLVWDV EXVFDQORV KHFKRV R ODV FDXVDV GH ORV IHQyPHQRV VRFLDOHV
FRQ LQGHSHQGHQFLD GH ORV HVWDGRV VXEMHWLYRV GH ORV LQGLYLGXRV WUDWDQGR ORV KHFKRV
VRFLDOHVFRPRVLIXHUDQ³FRVDV´TXHHMHUFHQLQIOXHQFLDH[WHUQDVREUHODVSHUVRQDV$VX
YH]QRVLQGLFDTXHODSHUVSHFWLYDIHQRPHQROyJLFDSUHVHQWDVXVPD\RUHVGHVDUUROORVHQ
OD)LORVRItDHQHVSHFLDODSDUWLUGH+866(5/HOTXHEDViQGRVHHQODVWHVLVGH+(*(/
GHVDUUROODHOGHQRPLQDGRPpWRGRIHQRPHQROyJLFR\PiVUHFLHQWHPHQWHKDWHQLGRHQWUH
VXV H[SRQHQWHV D %58< %(5*(5 \ /8&.0$1 \ HQ VX YDULDQWH GHQRPLQDGD
H[LVWHQFLDOLVWDD+(,'(**(5257(*$<*$66(76$575(0$5&(/\5,&2(85
HQWUHRWURV
3RUPLSDUWHPHSDUHFHGHOFDVRDJUHJDUFyPRXQUHIHUHQWHFRQWHPSRUiQHRGH
UHOHYDQFLD DO SHQVDGRU $UJHQWLQR52'5Ë*8(= &2%26 6,/2 HO TXHKDDSRUWDGRHQ
HVWD SHUVSHFWLYD GH DYDQ]DGD \ GH FDUiFWHU DPSOLR \D TXH KD EXVFDGR IXHQWHV
FXOWXUDOHVGLYHUVDV\SOXUDOHV\QRVRORRFFLGHQWDOHV 3RU VXSXHVWR VH WUDWD GH XQD FODVLILFDFLyQ PX\ JHQHUDO SHUR QRV D\XGD D HQFXDGUDU
QXHVWUR LQWHUpV HQ HO SUHVHQWH WUDEDMR 6LHPSUH HQ WpUPLQRV JHQpULFRV SRGHPRV
FRQVLGHUDUHTXLYDOHQWHVDODVVHxDODGDVODVGHQRPLQDFLRQHVGHPpWRGRVFXDQWLWDWLYRV\
PpWRGRVFXDOLWDWLYRVTXHUHFRJHQGLVWLQWRVDXWRUHVHQWUHRWURVODSURSLD*ORULD3pUH]
&RRN \ 5HLFKDUGW 5RGUtJXH] *LO \ *DUFtD \ -HV~V ,EixH] TXLHQ FULWLFDQGR GLFKD
FDWHJRUL]DFLyQQRSXHGHGHMDUGHFRQVLGHUDUODHQVXDQiOLVLV *ORULD3pUH]FRQVFLHQWH
GHOROLPLWDGRGHWDOHVGHQRPLQDFLRQHVVHxDOD
³&RQYLHQH XWLOL]DU FRQ FLHUWD UHVHUYD HVWDV GHQRPLQDFLRQHV SRUTXH
IDFLOLWDQ XQD YLVLyQ JOREDO \ HVTXHPiWLFD GH FDUiFWHU GLGiFWLFR TXH QRV
D\XGD D FRPSUHQGHU OD UHDOLGDG \ SURSRUFLRQDQ XQ JUDQ YDORU LOXVWUDWLYR
SHUR QR UHIOHMDQ OD UHDOLGDG VRFLDO HQ WRGD VX FRPSOHMLGDG \ SUHFLVLyQ´
SiJLQD
$Vt HQWRQFHV QRV EDVDUHPRV HQ GLFKDV FDWHJRUL]DFLRQHV SDUD HO SUHVHQWH
HVFULWRSHURWHQGUHPRVFRSUHVHQWHVXVOLPLWDFLRQHV
3DUD GDU XQ FRQWH[WR DGHFXDGR FRQYLHQH DQDOL]DU HVWRV PpWRGRV GHVGH OD
SHUVSHFWLYD GHO ³GLVFXUVR´ TXH VXE\DFH HQ HOORV 5RGUtJXH]*LO \ *DUFtD QRV DFODUDQ
VREUHHVWRHQVXREUD³0HWRGRORJtDGHOD,QYHVWLJDFLyQ&XDOLWDWLYD´6HxDODQTXH
KR\\DVHFRPSUHQGHTXHQRKD\XQD~QLFDYHQWDQDGHVGHODFXDOREVHUYDUODUHDOLGDG
3DUDSURIXQGL]DUHQHOVLVWHPDGHSHQVDPLHQWR\ODSHUVSHFWLYDWHyULFDGHHVWHDXWRUVHUHFRPLHQGDODREUD
\YHUOD FRQFODULGDGOOHJDQGRDVHxDODULQFOXVLYHTXH³QRKD\REVHUYDFLRQHVREMHWLYDV
VyOR REVHUYDFLRQHV FRQWH[WXDOL]DGDV VRFLDOPHQWH HQ ORV PXQGRV GH REVHUYDGRU \
REVHUYDGR´SiJLQD$VXYH]LQGLFDQTXHFXDOTXLHUPLUDGDTXHVHUHDOLFHDWUDYpV
GH OD YHQWDQD YHQGUi PHGLDWL]DGD R ILOWUDGD D WUDYpV GH ORV OHQWHV GHO OHQJXDMH GHO
JHQHUR OD FODVH VRFLDOODUD]DRODHWQLD(VWRVDXWRUHVLQGLFDQTXHWUDVFDGDXQDGH
ODV GLIHUHQWHV DFWLYLGDGHV GH XQ SURFHVR GH LQYHVWLJDFLyQ HQFRQWUDPRV OD ELRJUDItD
SHUVRQDO GHO LQYHVWLJDGRU TXH SDUWH GH XQD FODVH VRFLDO UDFLDO FXOWXUDO \ pWQLFD
GHWHUPLQDGD HQIUHQWiQGRVH HQWRQFHV ORV LQYHVWLJDGRUHV DO PXQGR GHVGH XQ FRQMXQWR
GHLGHDVTXHGHWHUPLQDQHOPDUFRGHVGHHOFXDOGHVDUUROODQVXWUDEDMR
(QFXDQWRDQXHVWURLQWHUpV PiVHVSHFLILFRFRPRHGXFDGRUHVFUHRUHOHYDQWHOD
FRPSUHQVLyQ GH ORV IXQGDPHQWRV SDUDGLJPiWLFRV TXH VRVWLHQHQ D ORV GLIHUHQWHV
PpWRGRV FLWDGRV 1R SDUHFH VHU HVWD VROR XQD GLVFXVLyQ PHWRGRORJtD OR TXH HVWD
LPSOtFLWR HV XQD FRQFHSFLyQ HSLVWHPROyJLFD OR TXH D VX YH] LPSOLFD XQD SRVWXUD
ILORVyILFD\RLGHROyJLFDTXHOHLQIOX\H
/RVPRGHORVGHHVWXGLRGHODUHDOLGDGVRFLDO
0HSDUHFHGHLPSRUWDQFLDSDUDQXHVWURLQWHUpVDQDOL]DUWUHVPRGHORVGHORVTXH
GD FXHQWD OD OLWHUDWXUD TXH KHPRV HVWXGLDGR 6RQ PRGHORV TXH VH KDQ SODQWHDGR HQ
GLFRWRPtDHQXQDVXHUWHGH³OXFKDSRUODVXSUHPDFtD´HQODTXHVHKDQSODQWHDGRVXV
UHSUHVHQWDQWHV\VHJXLGRUHV<DKHPRVYLVWRTXHHOORVVRQORVOODPDGRVJHQpULFDPHQWH
³&RQWULEXFLRQHVDOSHQVDPLHQWR´(GLWRULDO3ODQHWD6DQWLDJRGH&KLOH
PpWRGRV FXDQWLWDWLYRV UDFLRQDOLVWD R SRVLVWLYLVWD \ ORV PpWRGRV FXDOLWDWLYRV
IHQRPHQROyJLFR (VWXGLDUHPRV WDPELpQ XQ WHUFHU PpWRGR TXH KD VXUJLGR FRPR
DOWHUQDWLYDDORVGRVSULPHURV\TXHFRUUHVSRQGHDOPpWRGRVRFLRFUtWLFR
(OPRGHORUDFLRQDOLVWDRFXDQWLWDWLYR
(O RULJHQ GH HVWH PRGHOR VH HQFXHQWUD HQ ODV GHQRPLQDGDV FLHQFLDV H[DFWDV R
QDWXUDOHV GDQGR RULJHQ D OD SHUVSHFWLYD SRVLWLYLVWD D OD TXH QRV KHPRV UHIHULGR 6X
PHWRGRORJtD GH LQYHVWLJDFLyQ HV IXQGDPHQWDOPHQWH HO GH ODV &LHQFLDV )tVLFDV \
0DWHPiWLFDV TXH KD VLGR WUDVSDVDGR D ODV GHPiV FLHQFLDV LQFOX\HQGR D ODV &LHQFLDV
6RFLDOHV\SRUFLHUWRDOD(GXFDFLyQ/RVSULQFLSDOHVLPSXOVRUHVGHODDSOLFDFLyQGHHVWD
OyJLFD GH DQiOLVLV H LQYHVWLJDFLyQ IXHURQ &RPWH \ 'XUNKHLP 6H IXQGDPHQWD
SULQFLSDOPHQWH HQ OD DSOLFDFLyQ GHO PpWRGR FLHQWtILFR OR FXDO GHWHUPLQD XQD VHULH GH
FDUDFWHUtVWLFDV HQ VX PHWRGRORJtD GH LQYHVWLJDFLyQ \ DQiOLVLV *ORULD 3pUH] 6HUUDQR
DQDOL]D HVWH SDUDGLJPD \ VHxDOD ODV TXH D VX HQWHQGHU VRQ ODV FDUDFWHUtVWLFDV PDV
GHVWDFDGDV
$ %XVFDXQFRQRFLPLHQWRVLVWHPiWLFRFRPSUREDEOHPHGLEOH\UHSOLFDEOH
% 6X OtQHD GH LQYHVWLJDFLyQ EXVFD OD HILFDFLD \ HO LQFUHPHQWDU HO FRUSXV GH
FRQRFLPLHQWR
& /DPHWRGRORJtDVLJXHHOPRGHORKLSRWpWLFRGHGXFWLYR
' /DUHDOLGDGHVREVHUYDEOHPHGLEOH\FXDQWLILFDEOH
( 3DUWHGHXQDPXHVWUDVLJQLILFDWLYDSDUDJHQHUDOL]DUORVUHVXOWDGRV
([SOLFD3pUH]6HUUDQRTXHVXSODQWHDPLHQWRHSLVWHPROyJLFRVHEDVDHQODLGHD
GH OD ³XQLGDG GHO PpWRGR FLHQWtILFR´ DGRSWDQGR HO PRGHOR KLSRWpWLFRGHGXFWLYR WDQWR
SDUD ODV &LHQFLDV 6RFLDOHV FRPR SDUD ODV &LHQFLDV 1DWXUDOHV GH GRQGH SURFHGH \
PHWRGROyJLFDPHQWH VH ³HVWDQGDUL]D´ HO PpWRGR FRPR HO LGHDO GH OD PHWRGRORJtD GH OD
FLHQFLD $ VX HQWHQGHU HVWR LPSOLFD XQD YLVLyQ UHVWULQJLGD GH OD UHDOLGDG VRFLDO SXHV
DQDOL]D \ HVWXGLD DTXHOORV IHQyPHQRV REVHUYDEOHV TXH VRQ VXVFHSWLEOHV GH PHGLFLyQ
DQiOLVLV PDWHPiWLFR \ FRQWURO H[SHULPHQWDO 'HQRPLQD HVWR FRPR UHGXFFLRQLVPR
PHWRGROyJLFR\DTXHVHDGHFXDHOREMHWRGHHVWXGLRDOPpWRGR\QRHOPpWRGRDOREMHWR
GHHVWXGLR
3RU VX SDUWH -HV~V ,EixH] FLWD HO SDU HWLFHPLF HQ GRQGH HO HQIRTXH HWLF VH
SXHGHDQDORJL]DUFRQHOSDUDGLJPDSRVLWLYLVWDRFXDQWLWDWLYR\DTXHDODQDOL]DUGLFKRSDU
SRGHPRV REVHUYDU TXH PXFKDV GH ODV FDUDFWHUtVWLFDV TXHVHxDODSDUDHOHQIRTXHHWLF
FRLQFLGHQFRQHVWRVDOJXQDVGHODVTXHPHQFLRQDVRQ
$ (VJHQpULFRHLQWHUFXOWXUDOHOHPLFHVHVSHFLILFRHQLQWUDFXOWXUDO
% 6HEDVDHQODSUHGLFFLyQHOHPLFHQHOGHVFXEULPLHQWR
& (VDEVROXWRHOHPLFHVUHODWLYR
' (VIUDJPHQWDGRUHOHPLFHVLQWHJUDGRU
( 3URSRUFLRQDXQSXQWRGHSDUWLGDHOHPLFSURSRUFLRQDXQSXQWRGHOOHJDGD
$PLHQWHQGHUVHWUDWDGHXQSDUDGLJPDTXHVXVWHQWDVXSUHVWLJLRHQODVXSXHVWD
ILDELOLGDG \ FHUWH]D TXH OH HQWUHJD HO PpWRGR FLHQWtILFR TXH XWLOL]D SDUD VXV HVWXGLRV \
DQiOLVLV (VR OH EULQGD FHUWLGXPEUH OR FXDO QR GHMD GH VHU DWUDFWLYR HQ OD HGXFDFLyQ
GRQGH ODV SUHVLRQHV H[WHUQDV OOHYDQ PXFKDV YHFHV D XQD FLHUWD DQVLHGDG SRU HO
UHVXOWDGR PHGLEOH GH OD TXH QR HV IiFLO VXVWUDHUVH (Q XQD VRFLHGDG DOWDPHQWH
FRPSHWLWLYD H[LWLVWD FRQ DOWD YDORUDFLyQ SRU HO ORJUR GH ³FRVDV FRQFUHWDV´ QR SXHGH
UHVXOWDU WDQ H[WUDxR TXH VH GHPDQGH GH OD HGXFDFLyQ OD FRQVHFXFLyQ GH UHVXOWDGRV
FRQFUHWRV\FXDQWLILFDEOHV\TXHOD(VFXHOD\HO3URIHVRULQWHQWHQGDUUHVSXHVWDVHQHO
PDUFR GH HVD OyJLFD /D SUHJXQWD TXH VXUJH HV VL DFDVR XQ TXHKDFHU DOWDPHQWH
FRPSOHMR \ GHOLFDGR FRPR HV OD HGXFDFLyQ SXHGH VHU HYDOXDGR VRODPHQWH HQ EDVH D
FXDQWLILFDFLRQHV \PHGLFLyQGHYDULDEOHV/RVPRGHORVTXHHVWXGLDPRVDFRQWLQXDFLyQ
LQWHQWDUGDUXQDUHVSXHVWDDHVDLQWHUURJDQWH
(O PRGHORIHQRPHQROyJLFRRFXDOLWDWLYR
(VWH PRGHOR KD VXUJLGR FRPR XQD UHVSXHVWD DO SUHGRPLQLR TXH OD SHUVSHFWLYD
SRVLWLYLVWD LPSXVR HQ ODV &LHQFLDV 6RFLDOHV 'LOWKH\ IXH XQR GH VXV SULPHURV
H[SRQHQWHV GHVWDFDGRVDO KDEODU GH ODV ³FLHQFLDV GHO HVStULWX´ HQ FRQWUDSRVLFLyQ DODV
FLHQFLDVH[DFWDV6RQQXPHURVRVORVDXWRUHV\FRUULHQWHVTXHKDQSODQWHDGRSRVWXUDV
FUtWLFDVDOHQIRTXHUDFLRQDOLVWDSHURVXLQIOXHQFLDSRUODUJRWLHPSRIXHPDVELHQWHyULFD
TXH SUiFWLFD (Q ODV XOWLPDV GpFDGDVKDQVXUJLGRSODQWHDPLHQWRVTXHKDQWHQLGRPDV
SRVLELOLGDGHV GH DSOLFDFLyQ SUiFWLFD \ KDQ GDGR RULJHQ D PHWRGRORJtDV \ WpFQLFDV GH
LQYHVWLJDFLyQ\DQiOLVLVGHODUHDOLGDGVRFLDOORJUDQGRHVWDEOHFHUSXHQWHVHQWUHODWHRUtD
\ODSUiFWLFD
*ORULD3pUH]6HUUDQRPHQFLRQDODVTXHDVXSDUHFHUVRQODVFDUDFWHUtVWLFDVGLVWLQWLYDV
GHHVWHPRGHOR
$ /DWHRUtDFRQVWLWX\HXQDUHIOH[LyQHQGHVGHODSUiFWLFD
% ,QWHQWDFRPSUHQGHUODUHDOLGDGQRVRORGHVFULELUOD
& 'HVFULEH HO KHFKR HQ HO TXH VH GHVDUUROOD HO DFRQWHFLPLHQWR SURIXQGL]D
FRQWH[WRV
' 3URIXQGL]DHQORVGLIHUHQWHVPRWLYRVGHORVKHFKRV
( (OLQGLYLGXRHVXQVXMHWRLQWHUDFWLYRFRPXQLFDWLYRTXHFRPSDUWHVLJQLILFDGRV
&LWDQGR D 6KXOPDQ LQGLFD TXH VH KD LGR WRPDQGR FRQFLHQFLD GH TXH HQ
HGXFDFLyQVHUHTXLHUHXQDOyJLFDPX\GLVWLQWDDODUDFLRQDO\FLHQWtILFDSRVWXODGDSRUOD
LQYHVWLJDFLyQSRVLWLYLVWD\TXHVXVFRQWHQLGRVQRSXHGHQUHGXFLUVHDKDELOLGDGHVSDUDOD
JHVWLyQ HILFD] GH OD HQVHxDQ]D OR FXDO VH KD LGR KDFLHQGR SRVLEOH D SDUWLU GH OD
DSOLFDFLyQGHORVPRGHORVFXDOLWDWLYRV
3RUVXSDUWH&RRN\5HLFKDUGWDOLJXDOTXHFRQHOPRGHORFXDQWLWDWLYRFRLQFLGHQ
FRQ 3pUH] 6HUUDQR HQ FXDQWR D ODV FDUDFWHUtVWLFDV GHO PRGHOR FXDOLWDWLYR \ VHxDODQ
HQWUHRWUDV
$ 2EVHUYDFLyQQDWXUDOLVWD\VLQFRQWURO
% 2ULHQWDGRDOSURFHVR
& 1RJHQHUDOL]DEOHHVWXGLRVGHFDVRVDLVODGRV
' +ROLVWD
( 3Uy[LPRDORVGDWRVSHUVSHFWLYD³GHVGHGHQWUR´
) $VXPHXQDUHDOLGDGGLQiPLFD
0DUtD7HUHVD$QJXHUDHQHOOLEUR³(WQRJUDItD´FLWDWDPELpQORVTXHFRQVLGHUDODV
FDUDFWHUtVWLFDV PDV LPSRUWDQWHV GH OR TXH OODPD OD SHUVSHFWLYD FXDOLWDWLYD PHQFLRQD
HQWUHRWURVODVVLJXLHQWHV
$ &RQFHSFLyQP~OWLSOHGHODUHDOLGDG
% (OSULQFLSDOREMHWLYRVHUiODFRPSUHQVLyQGHORVIHQyPHQRV
& 6HLQWHUUHODFLRQDQHOLQYHVWLJDGRU\HOREMHWRGHODLQYHVWLJDFLyQLQIOX\pQGRVH
PXWXDPHQWH
' 1RSUHWHQGHHOOHJDUDDEVWUDFFLRQHVXQLYHUVDOHVGHVFULEHFDVRV
( /D VLPXOWDQHLGDG GH ORV IHQyPHQRV H LQWHUDFFLRQHV PXWXDV HQ HO KHFKR
HGXFDWLYRKDFHLPSRVLEOHGLVWLQJXLUODVFDXVDVGHORVHIHFWRV
) /RV YDORUHV HVWiQ LPSOtFLWRV HQ OD LQYHVWLJDFLyQ UHIOHMiQGRVH HQ ODV
SUHIHUHQFLDVSRUXQSDUDGLJPDHOHFFLyQGHXQDWHRUtDHWF
<FRPRKHPRVYLVWRDQWHULRUPHQWH-HV~V,EixH]FLWDHOSDUHWLFHPLF\SRGHPRV
UHODFLRQDUHOHQIRTXHHPLFFRPRXQHQIRTXHGHWLSRFXDOLWDWLYR\DTXHFRLQFLGHFRQORV
UDVJRVIXQGDPHQWDOHVTXHKHPRVFLWDGR'LFH,EixH]TXHHOHQIRTXHHPLFVHHOHYDDO
QLYHOGHODHVWUXFWXUD\SRUWDQWRHVLQWHJUDGRU\QRIUDJPHQWDGRUFRPRHOHWLFDVXYH]
TXH OD GHWHUPLQDFLyQ GH ORV UDVJRV SHUWLQHQWHV VH KDFHQ SRU SDUWH GH XQ REVHUYDGRU
LQWHUQRDOVLVWHPDHOLQYHVWLJDGRUHVWD³GHQWUR´\QR³IXHUD´FRPRHQHOHWLF
3DUHFH HYLGHQWH TXH HVWH PRGHOR KD VXUJLGR FRPR XQD UHVSXHVWD D ODV
LQVXILFLHQWHV SRVLELOLGDGHV TXH KD EULQGDGR HO PRGHOR UDFLRQDOLVWD SDUD HVWXGLDU
UHDOLGDGHVFRPSOHMDVFRPRORVRQODVUHDOLGDGHVVRFLDOHV3DUWLFXODUPHQWHODHGXFDFLyQ
KD VXIULGR SRU ODUJR
WLHPSR XQD VXHUWH GH ³WLUDQtD´ GH ORV PpWRGRV
UDFLRQDOLVWDVFXDQWLWDWLYRV\VRORHQGpFDGDVUHFLHQWHVKDQWRPDGRLPSXOVRODVWHRUtDV
GH FDUiFWHU IHQRPHQROyJLFR R FXDOLWDWLYR SHUPLWLHQGR XQD YLVLyQ PDV SOXUDO \
FRPSUHQVLYD GH OD UHDOLGDG HGXFDWLYD 6H WUDWD SUHFLVDPHQWH GH GDU FXHQWD GH OD
FRPSOHMLGDG GHODV LQWHUDFFLRQHV VRFLDOHV TXH VH GDQ HQ ODSUiFWLFDHGXFDWLYDORFXDO
QRUHVXOWDSRVLEOHFRQODVRODDSOLFDFLyQGHXQPRGHORGHWLSRFXDQWLWDWLYR
(OPRGHORVRFLRFUtWLFRGHLQYHVWLJDFLyQSDUWLFLSDWLYD\GHOVRFLRQiOLVLV
(VWH PRGHOR KD HPHUJLGR FRPR XQD DOWHUQDWLYD D ORV DQWHULRUHV XQ WHUFHU
HQIRTXH TXH VH SXHGH FRQVLGHUDU FRPR XQD SRVWXUD GH DFWLWXG FUtWLFD SHUPDQHQWH
IUHQWH DO KDFHU VRFLDO 6H VXVWHQWD HQ OD FRQFHSFLyQ GH TXH QL OD HGXFDFLyQ QL OD
LQYHVWLJDFLyQ VRQ QHXWUDOHV \ VH VHxDOD FRPR IDOVD OD VXSXHVWD QHXWUDOLGDG GH OD
FLHQFLD \D TXH PDQLILHVWDQ TXH HV LPSRVLEOH REWHQHU FRQRFLPLHQWRV LPSDUFLDOHV
*ORULD3pUH]6HUUDQRQRVLQGLFDODVFDUDFWHUtVWLFDVIXQGDPHQWDOHVGHHVWDPRGHOR'LFH
TXHORVSULQFLSDOHVSDUWLGDULRVGHHVWHWLSRGHLQYHVWLJDFLyQSURYLHQHQGHOFDPSRGHORV
PDUJLQDGRV R PRYLPLHQWRV DOWHUQDWLYRV OR TXH LPSOLFD TXH HVD RULHQWDFLRQHV GHVGH
GRQGHVXUJHQH[LJHQTXHHOLQYHVWLJDGRUVHDPLOLWDQWH FRQWDQGRGHHVHPRGRFRQXQ
PDUFRGHSHUPDQHQWHDXWRUUHIOH[LyQSDUDODOLEHUDFLyQKXPDQDSRUHOORHOLQYHVWLJDGRU
WLHQHTXHDVXPLUHOFRPSURPLVRTXHH[LMDGLFKRFDPELR(QWDOVHQWLGRODLQYHVWLJDFLyQ
VH FRPSURPHWH SDUD FRQVHJXLUHO FDPELR\ OD OLEHUDFLyQ GH OD RSUHVLyQ TXHJHQHUDHO
SUREOHPDRFRQIOLFWRLQYHVWLJDGR6HWUDWDHQWRQFHVGHFRQVWUXLUXQDWHRUtDTXHQRVROR
LQYHVWLJXH VLQR TXH DGHPiV RULHQWH OD DFFLyQ 3pUH] 6HUUDQR QRV VLQWHWL]D VXV
SULQFLSDOHVFDUDFWHUtVWLFDVTXHVRQ
$ $VXPHXQDYLVLyQJOREDO\GLDOpFWLFDGHODUHDOLGDGHGXFDWLYD/DHGXFDFLyQQR
SXHGH VHU FRPSUHQGLGD DO PDUJHQ GHODV FRQGLFLRQHV LGHROyJLFDVHFRQyPLFDV
SROtWLFDVHKLVWyULFDVTXHODFRQIRUPDQ
% $VXPHXQDYLVLyQGHPRFUiWLFDGHOFRQRFLPLHQWR
& 6XE\DFH XQD YLVLyQ SDUWLFXODU GH OD WHRUtD GHO FRQRFLPLHQWR\ VXV UHODFLRQHV
FRQODUHDOLGDG\FRQODSUiFWLFD6HPDQWLHQHXQDWHQVLyQGLDOpFWLFDGHDPEDV
' /D LQYHVWLJDFLyQ VH DUWLFXOD JHQHUD \ RUJDQL]D HQ OD SUiFWLFD \ GHVGH OD
SUiFWLFD
( (VGHFLGLGDPHQWHFRPSURPHWLGDFRQODWUDQVIRUPDFLyQ
$PLSDUHFHUHVWHXOWLPRDVSHFWRPHQFLRQDGRHVODVXVWDQWLYDGLIHUHQFLDFRQORV
PRGHORV FXDOLWDWLYRV ³WUDGLFLRQDOHV´ HQ ORV RWURV DVSHFWRV SRGHPRV HQFRQWUDU
VLPLOLWXGHVFRQHOPRGHORIHQRPHQROyJLFRRFXDOLWDWLYRSHURODGLIHUHQFLDIXQGDPHQWDO
HV TXH HO PRGHOR VRFLRFUtWLFR DVXPH XQ FRPSURPLVR QR VROR FRQ OD GHVFULSFLyQ R
H[SOLFDFLyQ GH OD UHDOLGDG FRPR HQ HO PRGHOR SRVLWLYLVWD R FRQ OD FRPSUHQVLyQ GH OD
UHDOLGDG FRPR HQ HO PRGHOR IHQRPHQROyJLFR VLQR TXH IXQGDPHQWDOPHQWH FRQ OD
WUDQVIRUPDFLyQ GH HVD UHDOLGDG D WUDYpV GHXQD GLQiPLFD OLEHUDGRUD GH ORV LQGLYLGXRV
LPSOLFDGRVHQHOOD'LFH3pUH]6HUUDQR
³(OPpWRGRGHPDQGDGRSRUODFLHQFLDVRFLDOFUtWLFDHVODFUtWLFDLGHROyJLFD
/R TXH VH EXVFD HV HO PpWRGR TXH OLEHUH D ORV LQGLYLGXRV GH OD HILFDFLD
FDXVDO GH HVRV SUREOHPDV VRFLDOHV TXH GLVWRUVLRQDQ OD GLVWRUVLyQ \ HO
HQWHQGLPLHQWRSHUPLWLpQGROHVDVtGHGLFDUVHDODUHFRQVWUXFFLyQFUtWLFDGH
ODVSRVLELOLGDGHV\ORVGHVHRVGHHPDQFLSDFLyQVXSULPLGRV´SiJLQD
3RU VX SDUWH /XtV *DEDUURQ \ /LEHUWDG +HUQiQGH] HQ VX REUD ³,QYHVWLJDFLyQ
3DUWLFLSDWLYD´ SUHVHQWDQ XQD SURSXHVWD TXH WDPELpQ SRGHPRV LQFOXLU GHQWUR GH HVWH
HQIRTXH HQ OR TXH GHQRPLQDQ ORV FXDGURV GH LQWHUSUHWDFLyQ KLVWyULFRFXOWXUDO \ TXH
GDQ RULJHQ D OD LQYHVWLJDFLyQ SDUWLFLSDWLYD HQ GRQGH SODQWHDQ OD OyJLFD GLDOpFWLFD HQ
FRQWUDSRVLFLyQ D OD OyJLFD IRUPDO ([SOLFDQ TXH HQ /DWLQRDPpULFD VH SURGXFH WRGR XQ
PRYLPLHQWRGHUHDFFLyQ\UHFXVDFLyQDOSUHGRPLQLRGHOSRVLWLYLVPRHQODSUiFWLFDGHODV
&LHQFLDV 6RFLDOHV PX\ YLQFXODGRV D ORV HIHUYHVFHQWHV DFRQWHFLPLHQWRV SROtWLFRV \
VRFLDOHVGHORVDxRVVHVHQWD\VHWHQWD(VWRVDFRQWHFLPLHQWRVOHYDQWDQODVGHPDQGDV
\ UHLYLQGLFDFLRQHV GH QXPHURVRV VHFWRUHV TXH VH VLHQWHQ LQVDWLVIHFKRV \ RSULPLGRV \
OOHYD D QXPHURVRV FLHQWtILFRV VRFLDOHV D SRVWXODU OD QHFHVLGDG GH YLQFXODU OD DFWLYLGDG
FLHQWtILFD D ORV SURFHVRV GH WUDQVIRUPDFLyQ VRFLDO TXH VH OHYDQWDQ \ DVXPLU XQ
FRPSURPLVR FRQ GLFKRV FDPELRV 3DUD HVWRV DXWRUHV HV HQ /DWLQRDPpULFD GRQGH
VXUJHQORVPDVUHOHYDQWHVDSRUWHVHQHVWDSHUVSHFWLYD
$PLHQWHQGHUORVSULQFLSDOHVDVSHFWRVGHHVWHHQIRTXHHVTXHVHWUDWDGHXQD
SHUVSHFWLYD TXH QR VH SODQWHD HQ WpUPLQRV FHUUDGRV R GH FHUWH]DV VH WUDWD
SUHFLVDPHQWH GH DERUGDU OD LQYHVWLJDFLyQ GHVGH XQD SHUVSHFWLYD SDUWLFLSDWLYD \
WUDQVIRUPDGRUD\HQGRQGHOR~QLFRVHJXURHVSUHFLVDPHQWHVXLQFHUWLGXPEUH
$ VX YH] -HV~V ,EixH] EDViQGRVH HQ HO SDUDGLJPD GH OD FRPSOHMLGDG QRV SODQWHD OD
PHWRGRORJtD GHO 6RFLRDQiOLVLV (VWH GHVGH XQD SHUVSHFWLYD GLDOpFWLFD XWLOL]D OR TXH
,EixH] OODPD HO FRPSRQHQWH VHPLyWLFR 3ODQWHD HO 6RFLRDQiOLVLV FRPR XQ SDVR PDV
DYDQ]DGR GHVGH HO JUXSR GH GLVFXVLyQ FRPR PHWRGRORJtD WtSLFD GH ORV PRGHORV
FXDOLWDWLYRV D OD TXH FRQVLGHUD SURSLR GH OR TXH OODPD OD ³VHJXQGD FLEHUQpWLFD´ \ HO
VRFLDQiOLVLV FRPR SURSLR GH XQD ³WHUFHUD FLEHUQpWLFD´ ([SOLFD VX SODQWHDPLHQWR
GLFLHQGR
³/DSHUVSHFWLYDGLDOpFWLFDFX\DWpFQLFDPiVFRPSOHWDHVHOVRFLRDQiOLVLV
XWLOL]D WDPELpQ HO FRPSRQHQWH VHPLyWLFR /DV LQIRUPDFLRQHV VRQ
SURGXFLGDVPHGLDQWHMXHJRVGHOHQJXDMHGHWLSR³DVDPEOHD´ HQHOORVQR
VROR VH H[WUDH LQIRUPDFLyQ WDPELpQ VH LQ\HFWD QHJXHQWURStD ORV GLFKRV
KDFHQ\KD\KDFHUHVTXHQRVRQGLFKRV3RUHVRHOJUXSRGHGLVFXVLyQHV
LGHDO SDUD DQiOLVLV VLQ DFFLyQ \ HO VRFLRDQiOLVLV HV LGHDO SDUD DQiOLVLV
VHJXLGRVGHDFFLyQSiJLQD
/D GLIHUHQFLD IXQGDPHQWDO HQWUH OD VHJXQGD \ WHUFHUD FLEHUQpWLFD JUXSR GH
GLVFXVLyQ\VRFLRQiOLVLVHVWULEDHQTXHHQHOSULPHUFDVRVHWUDWDGHH[WUDHULQIRUPDFLyQ
DOJUXSR\HQHOVHJXQGRFDVRH[LVWHODQHJXHQWURStDTXHVHJHQHUDSRUOD³GHYROXFLyQ´
GH OD LQIRUPDFLyQ H[WUDtGD OD FXDO SXHGH VHU FRQYHUWLGD HQ DFFLyQ SRU HO JUXSR (VWR
OOHYDLQFOXVRDODSRVLELOLGDGGHTXHHOPLFURJUXSRHVWXGLDGRSXHGDUHSHUFXWLUVREUHHO
PDFURJUXSR D WUDYpV GH HVD LQIRUPDFLyQFRQYHUWLGD HQ DFFLyQ &RORFD,EixH] XQ PX\
HVFODUHFHGRU HMHPSOR VREUH OD GLIHUHQFLD GHO VRFLRQiOLVLV FRQ ORV RWURV PpWRGRV
UHODFLRQDQGRODSUiFWLFDSROtWLFDFRQODSUiFWLFDLQYHVWLJDWLYD
³+D\ GLVWLQWRV PRGRV GH SDUWLFLSDFLyQ SROtWLFD HO YRWR OD RSLQLyQ ODV
PRYLOL]DFLRQHV /D GHPRFUDFLD IRUPDO H[L JH TXH WRGRV YRWHQ \ TXH QR
KDJDQRWUDFRVDTXHYRWDU(OYRWRWLHQHODPLVPDIRUPDGLVWULEXWLYDTXH
ODHQWUHYLVWDKD\TXHHOHJLUXQRHQWUHXQFRQMXQWRFHUUDGRGHFDQGLGDWRV
XQDHQWUHXQFRQMXQWRFHUUDGRGHUHVSXHVWDV1DGDPHMRUTXHODHQFXHVWD
HVWDGtVWLFD SDUDLQYHVWLJDUHOFRPSRUWDPLHQWRHOHFWRUDO/DIRUPDFLyQ\OD
H[SUHVLyQGHODRSLQLyQS~EOLFDWLHQHQODPLVPDIRUPDHVWUXFWXUDOTXHOD
GLVFXVLyQHQJUXSRVRQGLVSRVLWLYRVFRQYHUVDFLRQDOHV1DGDPHMRUTXHHO
JUXSRGHGLVFXVLyQSDUDLQYHVWLJDUODR SLQLyQS~EOLFD/DVPRYLOL]DFLRQHV
KXHOJDV PDQLIHVWDFLRQHV WLHQHQ OD PLVPD IRUPD GLDOpFWLFD TXH OD
DVDPEOHD GH KHFKR OD DVDPEOHD HV XQD SLH]D FHQWUDO GH DPERV
GLVSRVLWLYRV HO GH LQIRUPDFLyQ \ HO GH DFFLyQ 1DGD PHMRU TXH HO
VRFLRDQiOLVLVSDUDLQYHVWLJDUODVPRYLOL]DFLRQHV´SiJLQD
$ PL HQWHQGHU VH SXHGH HVWDEOHFHU XQD UHODFLyQ HQWUH HO PRGHOR VRFLRFUtWLFR
SODQWHDGRSRU3pUH]6HUUDQRODLQYHVWLJDFLyQSDUWLFLSDWLYDGH*DEDUUyQ\+HUQiQGH]\
HO VRFLRDQiOLVLV SODQWHDGR SRU ,EixH] 3RU GH SURQWR VH WUDWD GH SRVWXUDV PX\ GH
DYDQ]DGD\VHJXUDPHQWHSDUDDOJXQRVSXHGHQSDUHFHUUDGLFDOHV(QDPERVFDVRVOD
SRVWXUDGHOLQYHVWLJDGRUQRHVVRORODGHREVHUYDGRUHOLQYHVWLJDGRUGHEH³VXPHUJLUVH´
HQ HO JUXSR HVWXGLDGR QR WRPD GLVWDQFLD IUHQWH DO FRQIOLFWR QR UHKX\H OD WHQVLyQ VH
LQ\HFWD HQHUJtD DO JUXSR HVWXGLDGR DSXQWDQGR KDFLD OD WUDQVIRUPDFLyQ GHOD VLWXDFLyQ
FRQIOLFWLYDXRSUHVLYD(QHVWHPRGHORHOVHUKXPDQRQRHVREMHWRGHLQYHVWLJDFLyQKD\
XQDFRQFHSFLyQGHHVWHFRPRXQVHUDFWLYRQR VLPSOHUHIOHMRGHFRQGLFLRQHVH[WHUQDVD
pO VH OH HQWLHQGH FRPR XQ FRQVWUXFWRU GH KLVWRULD WUDQVIRUPDGRUHV GH VX SURSLD
UHDOLGDG \ HQ FRQVHFXHQFLD WRGR RSULPLGR HVWD HQ FRQGLFLRQHV GH OLEHUDUVH
GHSHQGLHQGRGHODLQWHQFLyQ\DFWLWXGTXHDVXPDIUHQWHDVXHVWDGRGHRSUHVLyQ(QOR
TXH UHVSHFWD D QXHVWUR LQWHUpV HVSHFLILFR HQ OD HGXFDFLyQ HVWR LPSOLFD SDUD HO
LQYHVWLJDGRU R SURIHVRU XQD H[LJHQFLD pWLFD QR PHQRU WRGD YH] TXH FRQOOHYD
QHFHVDULDPHQWH D FRPSURPHWHUVH SRU OD WUDQVIRUPDFLyQ GH ODV FRQGLFLRQHV
RULJLQDGRUDV GH ORV FRQIOLFWRV \D VHDQ SURSLDPHQWH GHO VLVWHPD HGXFDWLYR HQ HO TXH
DFW~DRFRQODVFRQGLFLRQHVSROtWLFRVRFLDOTXHDIHFWDQDORVGLIHUHQWHVDFWRUHVFRQORV
TXHLQWHUDFW~DDOXPQRVSURIHVRUHVSDGUHVHWF
&RQFOXVLRQHV
/DYLHMDSXJQDHQWUHPpWRGRVGHLQYHVWLJDFLyQFXDQWLWDWLYRV\FXDOLWDWLYRVSDUHFH
HVWDUVLHQGRVXSHUDGD6RQFODURVORV DUJXPHQWRVHQHOVHQWLGRGHTXHXQDDGKHVLyQ
WRWDOFRQDOJXQRGHORVPpWRGRVTXLWDULTXH]DDODVSRVLELOLGDGHVGHHVWXGLDUODUHDOLGDG
VRFLDO GHVGH GLVWLQWRV iQJXORV \ SRU WDQWR REWHQHU FRQFOXVLRQHV PiV FRPSOHWDV 6LQ
HPEDUJRHOORQRGHEHLPSOLFDUDPLHQWHQGHUTXHOD LQWHUSUHWDFLyQ GHORVUHVXOWDGRV
REWHQLGRVQRVHDUHDOL]DGDGHVGHXQDySWLFDSDUDGLJPiWLFDTXHHQWUHJDODVEDVHV\ORV
IXQGDPHQWRVILORVyILFRVGHGLFKDLQWHUSUHWDFLyQ1RWHQGUtDSRUTXHH[WUDxDUQRVTXHXQ
H[LVWHQFLDOLVWDRIHQRPHQyORJRXWLOLFHUHFXUVRVHVWDGtVWLFRVHQXQDLQYHVWLJDFLyQRTXH
XQSRVLWLYLVWDSXHGDYDOHUVHGHXQJUXSRGHGLVFXVLyQSDUDFRPSOHWDUXQHVWXGLRORTXH
GHEHPRVWHQHUFODURHVTXHHOKLORFRQGXFWRUTXHRULHQWHORVLQWHUHVHV\ODVLQWHQFLRQHV
GH HVRV LQYHVWLJDGRUHV R HVWXGLRVRV DVt FRPR VXV LQWHUSUHWDFLRQHV \ FRQFOXVLRQHV
HVWDUiQ LUUHPHGLDEOHPHQWH LQIOXLGRV SRU ORV SRVWXODGRV \ SODQWHDPLHQWRV ILORVyILFRV
LGHROyJLFRV \ YDORULFRV TXH OH HQWUHJXH HO SDUDGLJPD DO FXDO FRQVFLHQWH R
LQFRQVFLHQWHPHQWHDGKLHUHQ*ORULD3pUH]6HUUDQRORH[SOLFDPX\ELHQFXDQGRGLFH
³/RV GLVWLQWRV SDUDGLJPDV VH EDVDQ HQ XQD YLVLyQ GHO PXQGR GLIHUHQWH \
FRPSOHPHQWDULD /RV GRV VRQ QHFHVDULRV SDUD WHQHU XQD SHUFHSFLyQ PiV
FODUDGHODUHDOLGDG/RTXHQRVHSXHGHKDFHUHVLQWHUSUHWDUORVUHVXOWDGRV
GHO HQIRTXH QDWXUDOLVWLFR TXH XWLOL]D PpWRGRV FXDOLWDWLYRV D OD OX] GHO
SDUDGLJPD SRVLWLYLVWD TXH XWLOL]D PpWRGRV FXDQWLWDWLYRV 'H KHFKR HO
PRGHOR SRVLWLYLVWD QR WLHQH OD IOH[LELOLGDG QHFHVDULD SDUD GHVFULELU OD
UHDOLGDG FRPR XQ WRGR ~QLFR QL SDUD GHVFULELU ORV IHQyPHQRV HQ VX
FRQWH[WR\DTXHHQFLHUWRPRGRORVGHVFRQWH[WXDOL]D\IUDJPHQWD´
SiJLQD(OVXEUD\DGRHVPtR (Q OR TXH GLFH UHODFLyQ GLUHFWDPHQWH FRQ OD HGXFDFLyQ SXHGH UHVXOWDU RSRUWXQR
FLWDUD-RVp*LPHQR6DFULVWiQTXLHQQRVGLFH
³6H GHGXFH GH IRUPD ELHQ HYLGHQWH TXH HO GLVFXUVR FXUULFXODU WHQJD
VLHPSUHXQDYHUWLHQWHSROtWLFD\TXHODWHRUL]DFLyQWLHQHTXHVHUHYDOXDGD
HQIXQFLyQGHOSDSHOTXHFXPSOHHQHOSURSLRFRQWH[WRTXHVHSURGXFHOD
SUiFWLFDFXUULFXODUDSUHFLDQGRVLVHGHVHQYXHOYHPDVELHQHQHOSDSHOGH
XQGLVFXUVRDGDSWDWLYRUHIRUPLVWDRGHUHVLVWHQFLD´SiJLQD
0HSDUHFHTXHVLUHODFLRQDPRVWRGRQXHVWURDQiOLVLVDQWHULRUFRQORVHxDODGRSRU
*LPHQR SRGHPRV FRQFOXLU TXH OD SHUWLQHQFLD GHO PpWRGR GH HVWXGLR H LQYHVWLJDFLyQ
WHQGUiWDPELpQPXFKDUHODFLyQFRQHOFRQWH[WRVRFLDOHKLVWyULFRHQTXHVHGHVHQYXHOYD
XQD SUiFWLFD HGXFDWLYD GHWHUPLQDGD &RQ HVWR TXLHUR GHFLU TXH OD IDFWLELOLGDG GH
DSOLFDFLyQ GH XQ PRGHOR GHSHQGHUi SRU FLHUWR GH VX SHUWLQHQFLD SHGDJyJLFD SHUR
DGHPiV GHEHUi VHU YLDEOH ³SROtWLFDPHQWH´ (V HYLGHQWH TXH HO PRGHOR VRFLRFUtWLFR
UHTXLHUH GH GHWHUPLQDGDV FRQGLFLRQHV TXH KDJDQ YLDEOH VX DSOLFDFLyQ (VDV
FRQGLFLRQHV HVWDUiQ UHODFLRQDGDV FRQ VLWXDFLRQHV GH FULVLV TXH KDJDQ TXH H[LVWD
GLVSRVLFLyQ DO FDPELR \ OD WUDQVIRUPDFLyQ GH XQD LQVWLWXFLyQ R OD FRPXQLGDG TXH OD
FRQIRUPD 6HUi HQ HVRV PRPHQWRV HQ TXH UHVXOWH HYLGHQWH OD FULVLV GH ORV YLHMRV
PpWRGRVHQTXHWHQGUiSRVLELOLGDGHVHIHFWLYDVXQDQXHYDSURSXHVWDWUDQVIRUPDGRUD
&$3,78/2,,,
0(72'2/2*Ë$
7,32'(,19(67,*$&,Ï1
/D HQWUHYLVWD GH DFXHUGR D 5RGUtJXH] *LO \ *DUFtD HV XQD WpFQLFD HQ OD TXH
XQD SHUVRQD VROLFLWD LQIRUPDFLyQ GH RWUD SDUD REWHQHU GDWRV VREUH XQ WHPD
GHWHUPLQDGR OR FXDO SUHVXSRQH OD H[LVWHQFLD D OR PHQRV GH GRV SHUVRQDV \ OD
SRVLELOLGDGGHLQWHUDFFLyQYHUEDO5RGUtJXH]S
3RU VX SDUWH %RJGDQ \ 7D\ORU VHxDODQ TXH ODV HQWUHYLVWDV HQ SURIXQGLGDG VRQ
DGHFXDGDVHQODVVLJXLHQWHVLWXDFLRQHV
&XDQGR ORV LQWHUHVHV GH OD LQYHVWLJDFLyQ VRQ UHODWLYDPHQWH FODURV \ HVWiQ
UHODWLYDPHQWHELHQGHILQLGRV
&XDQGRORVHVFHQDULRVRODVSHUVRQDVQRVRQDFFHVLEOHVGHRWURPRGR
&XDQGR HO LQYHVWLJDGRU WLHQH OLPLWDFLRQHV GH WLHPSR ORV HVWXGLRV UHDOL]DGRV FRQ
HVWDWpFQLFDSXHGHQFRPSOHWDUVHHQXQODSVRPiVEUHYHGHWLHPSR
&XDQGRODLQYHVWLJDFLyQGHSHQGHGHXQDDPSOLDJDPDGHHVFHQDULRV\RSHUVRQDV
HQ OD LQYHVWLJDFLyQ FXDOLWDWLYD XQ³JUXSR GH XQR´ SXHGH VHU WDQ HVFODUHFHGRU FRPR
XQDPXHVWUDJUDQGH
&XDQGR HO LQYHVWLJDGRU TXLHUH HVFODUHFHU XQD H[SHULHQFLDV KXPDQD V VXEMHWLYD
V PiV TXH FXDOTXLHU RWUR HQIRTXH HQ ODV &LHQFLDV 6RFLDOHV OD KLVWRULD GH YLGD
EDVDGD HQ OD HQWUHYLVWD HQ SURIXQGLGDG SHUPLWH FRQRFHU tQWLPDPHQWH D ODV
SHUVRQDVHLQWURGXFLUVHHQVXVH[SHULHQFLDV
7DO WpFQLFD SHUPLWH FRQRFHU \ FRPSUHQGHU GH PDQHUD SURIXQGD OD RSLQLyQ TXH
SXHGDQ WHQHU ORV VXMHWRV HQWUHYLVWDGRV \ SRU HVWH PRWLYR VH KD RSWDGR SRU HOOD SDUD
UHFRJHU OD RSLQLyQ GH MyYHQHV HQ UHODFLyQ D VX LGHQWLILFDFLyQ R GLVWDQFLDPLHQWR TXH
PDQLILHVWDQUHVSHFWRGHOVLVWHPDLPSHUDQWH\VXLQVWLWXFLRQDOLGDG
3RU RWUD SDUWH VH KD WHQLGR HQ FXHQWD OD QHFHVLGDG GH RWRUJDU FUHGLELOLGDG DO
HVWXGLR DVXQWR TXH QR UHVXOWD PHQRU HQ ORV GHQRPLQDGRV PpWRGRV FXDOLWDWLYRV WRGD
YH] TXH SRUVXFDUiFWHUIOH[LEOHVHUHTXLHUHXQFXLGDGRHVSHFLDOHQHVWHDVSHFWR(Q
WDOVHQWLGRTXHGDRSRUWXQRFRQVLGHUDUORVDVSHFWRVTXHVRQFLWDGRVSRU0yQLFD/ODxD
³(Q FRUUHVSRQGHQFLD FRQ ORV FULWHULRV GH YDOLGH] LQWHUQD \ H[WHUQD GH OD
LQYHVWLJDFLyQFXDQWLWDWLYDODLQYHVWLJDFLyQFXDOLWDWLYDWUDWDGHFXPSOLUFRQ
FULWHULRVGHFUHGLELOLGDGDWUDYpVGHSURFHGLPLHQWRVFRPR
2EVHUYDFLyQSHUVLVWHQWH
&KHTXHRFRQORVLQIRUPDQWHV
$QiOLVLVGHGDWRVQHJDWLYRV
7ULDQJXODFLyQXWLOL]DFLyQGHGLVWLQWRVPpWRGRVRIXHQWHVGHGDWRV´
³&DUDFWHUtVWLFDV *HQHUDOHV GHO 3URFHVR GH ,QYHVWLJDFLyQ &XDOLWDWLYD´
SiJLQD
(Q EDVH D OR DQWHULRU VH OOHJy GH GHILQLU XQD PHWRGRORJtD GH HVWXGLR GH FDVR HQ
EDVHDODWpFQLFDGHODHQWUHYLVWDSURIXQGDGHFDUiFWHUVHPLIOH[LEOH6HHVWDEOHFLyXQD
PXHVWUD WHyULFD EDVDGD HQ MyYHQHV GH GLVWLQWD FRQGLFLyQ HFRQyPLFD VRFLDO \ FXOWXUDO
DSXQWDQGR D H[WUDHU LQIRUPDFLyQ GLYHUVD HV GHFLU TXH GLHUD FXHQWD GH GLIHUHQWHV
UHDOLGDGHV SHUVRQDOHV JHQHUDFLRQDOHV VRFLDOHV \ FXOWXUDOHV \ TXH GLFKD LQIRUPDFLyQ
DOFDQ]DUD QLYHOHV GH SURIXQGLGDG UHOHYDQWHV $ VX YH] VH FRQVLGHUR OD QHFHVLGDG GH
RWRUJDUFUHGLELOLGDGDOHVWXGLR\VHDSOLFDURQORVSURFHGLPLHQWRVFRUUHVSRQGLHQWHV
&$5$&7(5Ë67,&$6'(/$08(675$7(Ï5,&$
6HVHOHFFLRQDURQMyYHQHVFRQODVVLJXLHQWHVFDUDFWHUtVWLFDV
„ 'HHGDGHQWUH\DxRV
„ 'HGLIHUHQWHFRQGLFLyQVRFLR HFRQyPLFD\HGXFDFLRQDO
(Q OR UHIHUHQWH D OD SULPHUD FRQGLFLyQ GLFKR UDQJR HWiUHR VH GHILQLy SRU
FRQVLGHUDUVHGLFKDVHGDGHVFRPR³IURQWHUDV´HQWUHODQLxH]\HOPXQGRDGXOWRHVGHFLU
VL ELHQ HV FLHUWR HQ PHQRUHV \ PD\RUHV HGDGHV D ODV VHxDODGDV WRGDYtD VH SRGUtD
FRQVLGHUDUDODVSHUVRQDVFRPRMyYHQHVVHSXHGHWDPELpQFRQVLGHUDUTXHGLFKRUDQJR
GHGLH]DxRVHVPiVHVWULFWDPHQWHORTXHVHSXHGHHQWHQGHUFRPR³pSRFDMXYHQLO´GHOD
YLGD GH XQD SHUVRQD (Q FXDQWR D OD VHJXQGD FRQGLFLyQ HOOR VH IXQGDPHQWD HQ OD
QHFHVLGDG\HOLQWHUpVGHGDUKHWHURJHQHLGDGVRFLDO\FXOWXUDODODPXHVWUDWHyULFD
6HJ~Q ODV FDUDFWHUtVWLFDV VRFLRHFRQyPLFDV \R HGXFDWLYRFXOWXUDOHV GH ORV
HQWUHYLVWDGRVVHOHVWLSLILFyHQODVVLJXLHQWHVFDWHJRUtDV
&$7(*25,$
+20%
-29(1(6 (678',$17(6 GH &$55(5$6 81,9(56,7$5,$6 GH 3520,625,$63(563(&7,9$6(&2120,&$6
&RUUHVSRQGH D MyYHQHV TXH HVWXGLDQ HQ OD 8QLYHUVLGDG FDUUHUDV TXH
08-
727$/
LPSOLFDQ XQ IXWXUR DXVSLFLRVR GHVGH HO SXQWR GH YLVWD GH ORV LQJUHVRV
HFRQyPLFRV \ FXHQWDQ FRQ DOWR SUH VWLJLR VRFLDO (M ,QJHQLHUtD &LYLO
'HUHFKR0HGLFLQD
-29(1(6 (678',$17(6 GH &$55(5$6 81,9(56,7$5,$6 GH %$-$63(563(&7,9$6(&2120,&$6
&RUUHVSRQGH D My YHQHV TXH HVWXGLDQ HQ OD 8QLYHUVLGDG R ,QVWLWXWR
3URIHVLRQDO FDUUHUDV GH EDMR R UHJXODU LQJUHVR HFRQyPLFR (M
3HGDJRJtD6RFLRORJtD$GPLQLVWUDFLyQ
-29(1(6(678',$17(66(&81'$5,26GH&2/(*,238%/,&2
&RUUHVSRQGH D MyYHQHV TXH HVWXGLDQ HQ FROHJLRV GH ILQDQFLDPLHQWR
S~EOLFR HV GHFLU GH PRGDOLGDG PXQLFLSDOL]DGR R SDUWLFXODU
VXEYHQFLRQDGR
-29(1(6
(678',$17(6
6(&81'$5,26
GH
&2/(*,2
3$57,&8/$53$*$'2
&RUUHVSRQGHDMyYHQHVTXHHVWXGLDQ HQ&ROHJLRVSDUWLFXODUHVSDJDGRV\
SRUHQGHGHQLYHOVRFLRHFRQyPLFRPHGLR DOWRDDOWR
-29(1(675$%$-$'25(6
&RUUHVSRQGH D MyYHQHV LQFRUSRUDGRV DO PXQGR ODERUDO \ TXH
GHVHPSHxDQWUDEDMRVGHEDMDFDOLILFDFLyQRWpFQLFRV
-29(1(60$5*,1$/(6
&RUUHVSRQGH D My YHQHV HQ VLWXDFLyQ GH PDUJLQDOLGDG VRFLDO H[WUHPD
LQFOX\HQGRFRQGXFWDVGHFDUDFWHUtVWLFDVDQWLVRFLDOHV
727$/
6HGHILQLyTXHODPXHVWUDWHyULFDVHUtDGHILQLGDHQEDVHDOFULWHULRGH³VDWXUDFLyQGH
OD LQIRUPDFLyQ´ (VWR TXLHUH GHFLU TXH VL ODV WHPiWLFDV VH UHSHWtDQ \ QR VXUJtD QXHYD
LQIRUPDFLyQ UHOHYDQWH DO HVWXGLR QR VH FRQVLGHUDUtD QHFHVDULR VHOHFFLRQDU QXHYRV
VXMHWRV(VWRDFRQWHFLyFRQODžHQWUHYLVWDSRUORFXDOVHGHILQLyHVHQXPHURFRPROD
PXHVWUDWHyULFDGHOHVWXGLR
352&(',0,(1726
6HUHDOL]DURQODVHQWUHYLVWDVHQIRUPDLQGLYLGXDOHQODSVRVGHWLHPSRGHXQPtQLPR
GH ¶ \ XQ Pi[LPR GH ¶ SRU FDGD HQWUHYLVWD XWLOL]DQGR ORV VLJXLHQWHV FULWHULRV \
FDUDFWHUtVWLFDV
„ /D HQWUHYLVWD VH UHDOL]y HQ XQ OXJDU WUDQTXLOR VLQ SDUWLFLSDFLyQ GH WHUFHUDV
SHUVRQDV VLQ H[FHVLYR UXLGR DPELHQWDO TXH SHUPLWLy DO HQWUHYLVWDGR VHQWLUVH
FyPRGR\UHODMDGRSDUDH[SOD\DUVH
„ (OHQWUHYLVWDGRUEXVFy XQDDFWLWXGFiOLGD\GHFRQILDQ]DFRQHOHQWUHYLVWDGR
HYLWDQGRHPLWLUVXRSLQLyQSHUVRQDOVREUHHOWHPDQLFDOLILFDUVXVRSLQLRQHV
„ 6H LQLFLD OD HQWUHYLVWD FRQ OD SUHJXQWD TXH HQ WpUPLQRV JHQHUDOHV H[SUHVD
PiV R PHQRV OR VLJXLHQWH ³4XLVLHUD VDEHU WX RSLQLyQ DFHUFD GH OD
VRFLHGDG HQ TXH YLYLPRV GH FRPRHQFXHQWUDVTXHIXQFLRQDHOVLVWHPD
VXV LQVWLWXFLRQHV´ (Q EDVH D HVD SUHJXQWD LQWURGXFWRULD VH VROLFLWy D FDGD
HQWUHYLVWDGR H[SOD\DUVH OLEUHPHQWH VLQ UHVWULFFLRQHV UHVSHFWR DO WHPD (Q
EDVH D OR H[SUHVDGR SRU HO HQWUHYLVWDGR VH OH UHDOL]DEDQ QXHYDV SUHJXQWDV
EXVFDQGR SURIXQGL]DU DOJXQDWHPiWLFD TXH SDUHFtD GHLQWHUpV R ELHQ UHWRPDU
HO WHPD FHQWUDO FXDQGR HO GLVFXUVR VH DOHMDED H[FHVLYDPHQWH &DGD GLVFXUVR
VHJUDEyHQFDVVHWWH
„ (OHQWUHYLVWDGRULQWHUYLQRHQFDVRGH „ 3HGLUSURIXQGL]DUDOJ~QFRQFHSWRTXHSDUHFtDUHOHYDQWH
„ 5HTXHULUDFODUDUDOJ~QFRQFHSWRRLGHDTXHQRVHHQWHQGtDFDEDOPHQWH
HQVXVLJQLILFDGR
„ 3HGLUHVSHFtILFDPHQWHTXHVHUHILULHUDDDOJ~QDVSHFWRUHOHYDQWHSDUDHO
HVWXGLR \
TXH QR KDEtD VLGR PHQFLRQDGR R SURIXQGL]DGR
FRQYHQLHQWHPHQWH
„ $\XGDUDFHQWUDUHOWHPDHQFDVRGHTXHHOHQWUHYLVWDGRVHDSDUWDUiGHO
LQWHUpVSULQFLSDO
&$3,78/2,9
$1È/,6,6(,17(535(7$&,Ï1'(/265(68/7$'26
25'(1$0,(172'(/26'$726
„ 6HWUDQVFULELyODJUDEDFLyQHQIRUPDOLWHUDO
„ 'HVSXpVGHVXFHVLYDVOHFWXUDVVHIRUPXODURQ\RUGHQDURQODVFDWHJRUtDVFRQ
ODV FXDOHV VH FODVLILFDURQ ORV FRQFHSWRV VLJQLILFDWLYRV TXH IRUPXODEDQ ORV
HQWUHYLVWDGRV
„ 6H XELFDURQ ORV FRQFHSWRV HVHQFLDOHV HV GHFLU DTXHOORV TXH H[SUHVDQ
FDWHJRUtDVVLJQLILFDWLYDVSDUDORVHQWUHYLVWDGRV
„ &RQVLGHUDQGR HO PDUFR FRQFHSWXDO VH UHDOL]y XQ DQiOLVLV GHO GLVFXUVR \ XQD
LQWHUSUHWDFLyQ GH OR H[SUHVDGR HQ EDVH D LQIHULU ODV VLJQLILFDFLRQHV GH GLFKR
GLVFXUVR
„ 6HUHDOL]yXQDIRUPXODFLyQWHyULFDTXHH[SOLFD \SUR\HFWDORV UHVXOWDGRV\VX
LQWHUSUHWDFLyQ
75,$1*8/$&,Ï1
6HHIHFW~RODWULDQJXODFLyQGHORVUHVXOWDGRV\ODVLQWHUSUHWDFLRQHVHIHFWXDGDV3DUD
HOOR VH EXVFy OD FUHGLELOLGDG GHO HVWXGLR FRWHMDQGR OD LQIRUPDFLyQ FRQ RWUDV
LQYHVWLJDFLRQHV TXH DERUGDEDQ WHPiWLFDV VLPLODUHV \ FRPSDUDQGR DGHPiV OD
LQWHUSUHWDFLyQ FRQ DOJXQRV GH ORV HQWUHYLVWDGRV D HIHFWR GH UHFRJHU VX RSLQLyQ GH OD
LQWHUSUHWDFLyQUHDOL]DGD(QWpUPLQRVFRQFUHWRVVHWULDQJXOyGHODVLJXLHQWHIRUPD
$ 6HFRPSDUDURQORVUHVXOWDGRV\ODLQWHUSUHWDFLyQUHDOL]DGDFRQHVWXGLRV
³6HJXQGD(QFXHVWD1DFLRQDOGH-XYHQWXG´GHO,1-89
³,QVWLWXFLyQ HVFRODU \ RUJDQL]DFLyQ IRUPDO MXYHQLO /D HPHUJHQFLD GH XQ
VXMHWR´GHO'HSDUWDPHQWR GH3VLFRORJtDGHOD8QLYHUVLGDGGH&KLOH
³,GHQWLGDGJHQHUDFLRQDOGHORV´GHO,1-89
³(VWDEOHFLPLHQWRV HGXFDFLRQDOHV HQ FRQIOLFWR *UXSRV GH UHVLVWHQFLD HQ VX
LQWHULRU´GH0yQLFD/ODxD
% 6HHQWUHJyDHQWUHYLVWDGRVHOOLVWDGRGHFDWHJRUtDV\VXGHILQLFLyQSDUDFRWHMDUVX
RSLQLyQ(VWDVSHUVRQDVOROH\HURQ\HQWUHJDURQVXRSLQLyQ(QDPERVFDVRVODRSLQLyQ
FRLQFLGLyFRQODLQWHUSUHWDFLyQ\PDQLIHVWDURQVXDFXHUGRFRQODFODVLILFDFLyQUHDOL]DGD
(QXQRGHORVFDVRVODSHUVRQDDSRUWyVXJHUHQFLDVTXHSHUPLWLHURQDILQDUODGHILQLFLyQ
GHDOJXQDVGHODVFDWHJRUtDV
$1È/,6,6'(/',6&8562
(O DQiOLVLV GH GLVFXUVR VHJ~Q 6WXEE SDUWH GHO VXSXHVWR GH TXH HO OHQJXDMH OD
DFFLyQ \ HO FRQRFLPLHQWR VRQ LQVHSDUDEOHV (VWR TXLHUH GHFLU TXH OHQJXDMH\ VLWXDFLyQ
VH LQWHUUHODFLRQDQ \ SRU OR WDQWR DO SRQHU DWHQFLyQ HQ HO XVR FRWLGLDQR GHO OHQJXDMH
SRGHPRV GHGXFLUOD OyJLFDTXHHQpOHVWiLPSOLFDGDPHGLDQWHLQWHUDFFLyQGHGLYHUVRV
IDFWRUHV (O DQiOLVLV GHO GLVFXUVR VH RULJLQD HQ OD QXHYD OLQJtVWLFD TXH FRPSUHQGH DO
OHQJXDMHFRPRIHQyPHQRGHOGLVFXUVR
(VWHHVWXGLRQRVyORHQWUHJDXQDFRPSOHWDLQIRUPDFLyQHVWDGtVWLFDDFHUFDGHODMXYHQWXGFKLOHQDVLQRTXH
DGHPiVUHDOL]DLQWHUSUHWDFLyQGHGLFKRVGDWRVTXHHQYDULRVDVSHFWRVFRLQFLGHFRQQXHVWUDVLQWHUSUHWDFLRQHV
(O SURFHGLPLHQWR GH XQ DQiOLVLV GH GLVFXUVR HV EiVLFDPHQWH D WUDYpV GH OD
UHFRJLGDGHGDWRVGHODWUDQVFULSFLyQGHODVFRQYHUVDFLRQHV\GHODQiOLVLVGHpVWDV1R
REVWDQWHH[LVWHXQDFDUHQFLDGHSURFHGLPLHQWRVDFHSWDGRVHQIRUPDJHQHUDO3RUWDQWR
SDUDDQDOL]DUHVWDVHQWUHYLVWDVVHRSWySRUHOVLJXLHQWHHVTXHPD
ž $QiOLVLVGHVFULSWLYR
ž $QiOLVLVHVWUXFWXUDO
35,0(5$/(&785$$1È/,6,6'(6&5,37,92<'(),1,&,21'(&$7(*25,$6
(VWD SULPHUD HWDSD TXH FRQVLVWH HQ XQD OHFWXUD OLQHDO GHO GLVFXUVR WLHQH OD
LQWHQFLyQ GH UHGXFLU ORV GDWRV GHO WH[WR D XQLGDGHV 7DOHV XQLGDGHV VRQ VHJPHQWRV
GLIHUHQFLDGRV TXH UHVXOWDQ VLJQLILFDQWHV HQ HO GLVFXUVR /D GLVFULPLQDFLyQ GH ODV
XQLGDGHVVHUHDOL]DSRUXQFULWHULR\HOTXHVHKDXWLOL]DGRKDVLGRHOFULWHULRWHPiWLFR
5RGUtJXH]SHVWRHVGHDFXHUGRDOFRQWHQLGRGHOWH[WR
'HVSXpV GH YDULDV OHFWXUDV UHDOL]DGDV GH ORV GLVFXUVRV JHQHUDGRV SRU ODV
HQWUHYLVWDVHPHUJHQODVXQLGDGHVWHPiWLFDVTXHVHKDQFRQVLGHUDGRVLJQLILFDWLYDV
/R ~WLO GH HVWH WLSR GH DQiOLVLV HVODSRVLELOLGDGGHSHUFLELUXQLGDGHVHQHOWH[WR
TXH VH YD\DQ UHLWHUDQGR FRQVWDQWHPHQWH OR FXDO SHUPLWH SUR\HFWDU ORV FRQFHSWRV
HVHQFLDOHVTXHHVWUXFWXUDQHOGLVFXUVR3RUHOORGHODOHFWXUD\DQiOLVLVGHORVGLVFXUVRV
6HWUDWDGHXQHVWXGLRHQEDVHDODPHWRGRORJtDGHJUXSRVGH GLVFXVLyQ&RLQFLGLyHQYDULDVFDWHJRUtDVFRQHO
VH IXH GHWHFWDQGR ORV FRQFHSWRV TXH HPHUJHQ GH PDQHUD UHLWHUDGD R HQ FRQWH[WRV
OLQJtVWLFRVTXHOHVGDQVLJQLILFDFLyQUHOHYDQWH\TXHYDQGDQGRRULJHQDFDWHJRUtDV
+H HQWHQGLGR HQWRQFHV SRU FDWHJRUtD OD VHJPHQWDFLyQ GH OD LQIRUPDFLyQ HQ
XQLGDGHV UHOHYDQWHV \ VLJQLILFDWLYDV GH PDQHUD GH FODVLILFDU FRQFHSWXDOPHQWH
DTXHOODVXQLGDGHVFXELHUWDVSRUXQPLVPRWySLFRFULWHULRVWHPiWLFRV
/DVFDWHJRUtDVSURSXHVWDVKDQVLGR
'LVFULPLQDFLyQ
'HVKXPDQL]DFLyQ
9LROHQFLDSHUVRQDO\VRFLDO
$EXVRGHSRGHUDXWRULWDULVPR
,QFRKHUHQFLD
5HFKD]RDOVLVWHPDSROtWLFRDSDWtD
'HWHULRURGHODHGXFDFLyQFUtWLFDDOVLVWHPDHGXFDFLRQDOFUtWLFDDORV
SURIHVRUHV
2SFLyQSRUORSHUVRQDO
(VSHUDQ]DGHXQFDPELR
,QWHUpVGHORS~EOLFR
HVWXGLRSUHVHQWHDOJXQDVGHHOODVVRQYLROHQFLDLQFRKHUHQFLDGLVFULPLQDFLyQDXWRULWDULVPR\DOLJXDOTXHHO
)DPLOLD
(OORV
'LVFULPLQDFLyQ
(VWD FDWHJRUtD WLSLILFD D XQ WLSR GH WUDWR GH LQIHULRULGDG HQFXDQWR D GHUHFKRV \
FRQGLFLyQ VRFLDO GH ODV SHUVRQDV HQ UD]yQ GH DOJXQD FDUDFWHUtVWLFD SDUWLFXODU GHO
LQGLYLGXRRFRQMXQWRDIHFWDGR(QHOSUHVHQWHHVWXGLRORVHQWUHYLVWDGRVKDQH[SUHVDGR
VHQWLPLHQWRV GH GLVFULPLQDFLyQ HQ UD]yQ GH VX HGDG JHQHUR FRQGLFLyQ VRFLDO RSFLyQ
FXOWXUDO\SRVWXUDLGHROyJLFD
³SHURVLHPSUHHVWDFODURTXHXQKRPEUHYDDJDQDUPiVTXHODPXMHUTXHODVPXMHUHVVHJXLPRVVLHQGR
VtPERORVH[XDOTXHPLHQWUDVPiVPLQDVHDLYDLDJDQDUPi VSODWDDXQTXHVHDLVXSHUWRQWDLJXDOYDLD
JDQDUPiVSODWD´(175(9,67$1žSiJLQDOtQHD
³KD\ PXFKD GLVFULPLQDFLyQ KDFLD ORV MyYHQHV \R WDPELpQ PH VLHQWR GLVFULPLQDGD PXFKDV YHFHV HQ OD
FDOOHHQHOPLVPRFROHJLR´(175(9,67$1žSiJLQDO tQHD
³SHUR HVR GH TXH QR PH HVFXFKHQ \ TXH WUDWHQ GH KDFHUPH D VX VHPHMDQ]D HVR VH SRGUtD GHFLU \R
HQFXHQWURTXHHVRHVGLVFULPLQDFLyQ(175(9,67$1žSiJLQDOtQHD
³RVHDPLQRUtDVGLJDPRVSROtWLFDVUDFLDOHVVH[XDOHVWDPELpQSXHGHV HUTXHVRQPDOPLUDGRVRVHD
VRQFRPRELFKRVUDURVGHQWURGHODVRFLHGDG´(175(9,67$1žSiJLQDOtQHD
SUHVHQWHWUDEDMRHOODVVHIRUPXODURQDSDUWLUGHORVGDWRVTXHHPHUJtDQGHOSURSLRGLVFXUVRGHORVMyYHQHV
³QR KD\ PXFKDV RSRUWXQLGDGHV VREUH WRGR SDUD ORV MyYHQHV VLHPSUHKD\PiVGLVFULPLQDFLyQSRUTXHVH
VDEHPHQRV´(175(9,67$1žSiJLQDOtQH D
³QR SRGHPRV KDFHU PXFKR QRVRWURV QR SRGHPRV DSRUWDU QDGD SRUTXH YDPRVDHVWDUVLHPSUHOLPLWDGR
SRUTXH WX VR\ PiV MRYHQ OOHYDL PHQRV WLHPSR GH H[SHULHQFLD PHQRV WLHPSR GH HVWR £ IXHUD ´
(175(9,67$1žSiJLQDOtQHD
'HVKXPDQL]DFLyQ
(VWD FDWHJRUtD WLSLILFD D GHWHUPLQDGDV FDUDFWHUtVWLFDV GH OD VRFLHGDG ODV
LQVWLWXFLRQHV R GH ORV FRPSRUWDPLHQWRV LQGLYLGXDOHV HQ GRQGH VH PDQLILHVWD XQD
GHVFRQVLGHUDFLyQRPDOWUDWRGHODVSHUVRQDVDXQJUDGRWDOTXHOOHYDDVXFRVLILFDFLyQ\
OLPLWDFLRQHV LPSRUWDQWHVDOHMHUFLFLRGHVXOLEHUWDG\VXEMHWLYLGDG
³HVWDPRVVREUHH[SORWDGRVRVHDWHQHPRVXQDKD\PXFKDFRQWDPLQDFLyQKD\PXFKDJHQWHTXHYLYH\
GHVWUX\H\HVFRPRGHVHFKDEOHFUHR\R´(175(9,67$1žSiJOtQHD
³¢ OD VRFLHGDG DFWXDO" XQD VRFLHGDG ¢ FyPR GHFLU" FyPR PtQLPR LQKXPDQD GRQGH QR LPSRUWDQ ODV
SHUVRQDVQRLPSRUWDFXDQWRYDORUWHQJDODSHUVRQDVLQRFXDQWRSRGHUWHQJD´(175(9,67$1žSiJ
OtQHD
³HOVHUKXPDQR VRORVHSRGUt DGHFLUTXHQRYDOHGHQWURGHHVWDVRFLHGDGHOVHUKXPDQRVLHPSUHWLHQH
TXHHVWDUDJUXSDGRFRQYDULRVVHUHVKXPDQRVSDUDYDOHU´(17(9,67$1žSiJOtQHD
³VLHQWRTXHODVRFLHGDGHVWDHQIHUPDDEVROXWDPHQWHHQHVWHFDVRODGHPLSDtVSHURVLHQWR TXHWDPELpQ
OD GHO PXQGR HQ FLHUWDV RFDVLRQHV SRU PXFKDV PXFKDV PXFKDV FRVDV YLFLDGD FRQ YDORUHV
GLVWRUVLRQDGRV OR VLHQWR FRQ OD JHQWH TXH PH YLQFXOR VH VLHQWH VH VLHQWH HQ ODV FDOOHV VH VLHQWH DO
VXELUVHDODPLFURVHVLHQWHDOLUDXQQHJR FLRVHVLHQWHHQWRGRHQODXQLYHUVLGDG\RORVLHQWRORVLHQWR
\QRPHJXVWD(175(9,67$1žSiJOtQHD
³HQWRQFHVSD¶PL\RYHRIDPLOLDVHQFULVLVDOFRKROLVPRVHSDUDFLyQPDOWUDWRDPD\RURPHQRUHVFDODQR
HVWR\ KDEODQGR GH GUDPDV IDPLOL DUHV SD¶ QD¶ GHVOHDOWDGHV R PDOD FRQYLYHQFLD \ SDUD PL VRQ YLGDV
GHVWUR]DGDV TXHDSRUWDQXQDIDPLOLDHVFRPRSXUDVSHORWLWDVTXHYDQDSRUWDQGRDHVWHPLVPRVLVWHPD
TXHHVWDGHVWUR]DGRFDFKDL(175(9,67$1žSiJOtQHD
³\RVLHQWRTXHODJHQWHQR VHWUDWDELHQQRKD\EXHQDVUHODFLRQHVHQWUHODVSHUVRQDVQRVHHVWDEOHFHQ
UHODFLRQHVGHVLQFHULGDGOD]RVGHDPLVWDGYHUGDGHURVFDFKDL(175(9,67$1žSiJOtQHD
9LROHQFLDSHUVRQDO\VRFLDO
3DUD GHILQLU HVWD FDWHJRUtD XWLOL]DUHPRV OD FRQFHSWXDOL]DFLyQ VHxDODGD HQ HO
GLFFLRQDULRGHO1XHYR+XPDQLVPRTXHGLFH³(VHOPiVVLPSOHIUHFXHQWH\HILFD]PRGR
SDUDPDQWHQHUHOSRGHU\ODVXSUHPDFtDSDUDLPSRQHUODSURSLDYROXQWDGDRWURVSDUD
XVXUSDUHOSRGHUODSURSLHGDG\D~QODVYLGDVDMHQDV´8WLOL]DPRVHVWDGHILQLFLyQ\DTXH
VH FRUUHVSRQGH SOHQDPHQWH FRQ ORV FRQWH[WRV \ VHQWLGRV HQ TXH VH PDQLILHVWD HVWH
FRQFHSWRHQORVGLVFXUVRVGHORVHQWUHYLVWDGRV
³HV XQD VRFLHGDG TXH DFW~D FRQ YLROHQFLD TXH HV XQ VLVWHPD YLROHQWR GH SRU VL HQWRQFHV
KXPDQRVDFWXDPRVFRQYLROHQFLD(175(9,67$1žSiJOtQHD
ORV VHUHV
³HVRPLVPRVHYHHQORVMyYHQHVRVHDPXFKDVYHFHVWXYHLVHQHOHVWDGLRORVORFRVTXHORVMyYHQHV
TXHWLUDQSLHGUDVRVHSHOHDQSRUOHVJXVWDOD&KLOHRHO&ROR\VRQLGHD OHVHVW~SLGRVFDFKDLFRQpQIDVLV
RVHDTXHLGHDOPiVHVW~SLGRTXHHOI~WEROQR\RORHQFXHQWURVXSHUWRQWRSHURHQFXHQWURTXHHVVXSHU
HVW~SLGR HO R VHD HVR GH TXH OOHJXHQ D WHQHU YLROHQFLD SRU XQ SDUWLGR SRU XQ HTXLSR GH I~WERO´
(175(9,67$1ž SiJOtQHD
³PHUHIHUtDPiVDTXHXQRQRSXHGHDQGDUFRPRDQWHVTXHHVWRHUDPiVWUDQTXLORDKRUDQRDKRUDXQR
DQGDPX\FRQPXFKDVSUHVLRQHVXQRQRSXHGHVDOLUELHQDODFDOOHSRUTXHHVWiQODVSDWRWDVTXHVLQR
OHVJXVWRFRPRXQRVHYLVW HOHWLUDQSDODEURWDVRVLPSOHPHQWHVHWLUDQDSHJDUOHDXQRGHUHSHQWHSRUTXH
XQRQRVHYLVWHFRPRDHOORVOHVJXVWDVRQGLVWLQWDVPDQHUDVGHSHQVDUSHURXQRQRSXHGHDQGDUOHLJXDO
TXHHOORVTXHWLHQHTXHDQGDUYHVWLGRDVt\HQWRQFHVHVPiVGLItFLOS DUDXQRSRUTXHVLHPSUHHVWiQORV
JUXSRV\TXHGHUHSHQWHDSDUHFHXQRVRORSHURQRVDEHVLDODYXHOWDGHODHVTXLQDHVWiQORVRWURVYHLQWH
\VLXQRVHHVSDQWDFRQHOROHKDFHDOJRHOVLOEDQRPiV\DSDUHFHQYHLQWHWUHLQWDSRUGHODQWH\GHWUiVGH
XQR´(175(9,67$1žSiJOtQHD
³LJXDOTXHODVILHVWDVDKRUDXQRQRSXHGHLUDILHVWDVTXHQR KD\SHOHDTXHXQRVHPHWHLJXDOVDOHFRQXQ
FRPERRFRQXQWDMRDKRUDXQRQRSXHGHLUDILHVWDWUDQTXLORVLHPSUHYDHVWDUDKtTXHYDOOHJDUDOJXLHQ\
YDHPSH]DUDDUPDUSHORWHUDFRPRKDSDVDGRRWUDVYHFHVHQGLVFRWKHTXHWDPELpQTXHXQRTXLHUHLUD
GLVFRWKHTXHSHURHVWDDKtTXHORVFRPSDGUHVDQGDQFRQSLVWRODV\VLQRORVGHMDLEDLODUFRQWXSRORODROH
PLUDLDODSRORODGHDOJXLHQDVtYDQ\WHFRORFDQOD SLVWRODHQODQXFD\DKtXQRTXHGDWUDQTXLORRTXHGDQ
PHMRU HOORV WUDQTXLORV SRUTXH VH VLHQWHQ PiV KRPEUHV XQR QR SRUTXH GD PLHGR GH TXH OH PDQGHQ XQ
EDOD]R\VHPXHUDDOWLUR\DKtVHDFDEHODYLGD´(175(9,67$'21žSiJOtQHD
³\ VH EDMDHOSDFR \FRQODSLVWRODSDVRKDVWDEDODSRV¶RLJD\HOORFR OHGLMR³DK¢PHYDLDSHJDUXQ
EDOD]R"SpJDPHXQEDOD]R´OHGHFLD³SpJDPHXQEDOD]R´OHGHFtD³SpJDPHSR¶PDULFyQ´OHGHFtD\QRV
VDOHQSHUVLJXLHQGRSD¶DOOi\VHGDODYXHOWDSRUHOSDVD MH\\RPHYLQHFRUULHQGRSD¶DFiVDTXHXQSDOR\
ORIXLDEXVFDUDOOiDO;;;;\RSHQVHTXHOHLEDQDSHJDUOH\MXVWRYR\GDQGRODYXHOWDDKt\PHWHUFHR
FRQHOORV\FRQHOSDORHQODPDQR\ORJXDUGRDVt\PHGLFHHOSDFR³\DFRQYRVPHYR\DGHVTX LWDU´
EDMD\PHSHJDXQDSDWDGD\TXH\RVDFRHOSDOR\SDDIIWRPDDKtWHQLVXQSDOR´(175(9,67$'21ž
SiJOtQHD
³\DSR¶PRYLOL]HPRQRVGRVGHORVFDEURVRVHDFXDWURVHIXHURQDEXVFDUXQRVDXWRVURERREYLRTXH
URERKLFLPRVXQDSDWRWD \ORVFDEURVVHIXHURQDSLWLDUVHGRVDXWRVSRUTXHTXHUtDPRVKDFHUODHQDXWRV
VH IXHURQ D UREDU GRV DXWRV \ OOHJDURQ FRQ ORV GRV DXWRV DTXt \ QRVRWURV QRV IXLPRV D FRQVHJXLU ODV
PDTXLQDV¢XVWHGFRQRFHODVPDTXLQDV"ODVPDTXLQDVSD¶GHIHQGHUVHQRV FRQVHJXLPRVXQDVEXHQDV
PDTXLQDV XQDV HVFRSHWDV DSDUHFLHURQ GRV HVFRSHWDV \ FRPR FLQFR SLVWRODV GHO QXHYH \ YDPRV \
YDPRVHQGRVDXWRVSDUWLPRV\QRVPHWLPRVSRUHOSDVDMH\OHPHWLPRVEDODDODFDVDKDVWDTXHQRV
DEXUULPRV´(175(9,67$'21žSiJ OtQHD
³QR LJXDO\RWXYHTXHSHOHDUSRUTXH LJXDO\RWHQtDDPLJRVSHUR WDPELpQWHQtDHQHPLJRVWHQtDKDUWRGH
PLVHQHPLJRVLJXDOWXYHTXHSHOHDUPHIXHURQDLQFHQGLDUODSLH]DXQGtD\\DHVWDQGRGXUPLHQGRPH
WLUDURQ FRFLQLOODV SUHQGLGDV SD¶ DGHQ WUR SD¶ TXHPDUPH HQFHUUDGR HQ OD SLH]D QR KDOODED FRPR VDOLU DVt
TXHSRUDUULEDGHOIXHJRQRPiVVDOLUFRUULHQGR´(175(9,67$'21žSiJOtQHD
³\RFUHRTXHHQJHQHUDOHVFRPRGLItFLOSODQWHDUXQHVWDGR3HUR\RFUHRTXHHVWi QSHUFLELHQGRPXFKD
YLROHQFLD R VHD HVWD PLVPD RQGD SRU HMHPSOR ODV SLVWRODV QR HV FDVXDOLGDG HV SRUTXH DOJR HVWi
SURPRYLHQGRTXHHVRVHDDVLHVWHGHVHRGHDQGDUVHGLVSDUDQGRQRPHSDUHFHVDQR´(175(9,67$'2
1žSiJOtQHD
³QR\RFUHRTXH HVRHVXQVtQWRPDQRPHUHILHURDOMXJXHWHHQVLFUHRTXHQRHVFDVXDOLGDGTXHHOORV
TXLHUDQ FRPSUDUOR FUHR TXH QR HV FDVXDOLGDG TXH ORV PRQRVDQLPDGRVPDVYLVWRVVHDQGHYLROHQFLD
FUHRTXHQRHVFDVXDOLGDGTXHORVMyYHQHVTXHHVODHWDSDVLJXLHQWH GHORVQLxRVHVWpQHQHVWHVLQVHQWLGR
\ KDVWD VXLFLGDUVH 2 VHD HV VXSHU IUHFXHQWH OHHU HO GLDULR \ FDFKDU TXH DGROHVFHQWHV GH DxRV VH
HVWpQPDWDQGR´(175(9,67$'21žSiJOtQHD
$EXVRGHSRGHUDXWRULWDULVPR
(QHVWHFDVRVHKDQYLQFXODGRHQXQDPLVPDFDWHJRUL]DFLyQGRVFRQFHSWRVTXH
QR VRQ LGpQWLFDPHQWH VtPLOHV SHUR TXH VH KDQ PDQLIHVWDGR HQ ORV GLVFXUVRV HQ XQ
VHQWLGR TXH HQ HVWH DQiOLVLV VH KD LQWHUSUHWDGR FRPR FRUUHVSRQGLHQWHV D XQD UDt]
FRP~QDXQDPLVPD³IDPLOLD´GHSUREOHPDWL]DFLyQ$FiVHGDFXHQWDGHXQVHQWLUTXH
PDQLILHVWD OD VHQVDFLyQ GH DEXVR LPSRVLFLyQ PDQLSXODFLyQ R YHQWDMD LOHJLWLPD TXH
HMHUFHQ TXLHQHV WLHQHQ DOJ~Q JUDGR GH SRGHU R DXWRULGDG \D VHD HQ HO PDFURQLYHO
JRELHUQROtGHUHVSUHQVDHWFRHQHOPLFURQLYHOSDGUHVSURIHVRUHVMHIHVHWF
³FUHRTXHFRPRTXHVHDSURYHFKDQGHOSRGHUTXHWLHQHQ\XWLOL]DQDODVSHUVRQDV\HVRHQWRGRiPELWR
\DVHDJRELHUQRLJOHVLDIHGHUDFLyQGHHVWXGLDQWHVHQWRGR´(175(9,67$'21žSiJOtQHD
³FODURSRUTXH GHUHSHQWHXQRSRUHMHPSORQRSXHGHHVWDUSDUDGDHQXQDHVTXLQDVLQTXHHOORVYD\DQORV
SDFRV QR VH SR¶ VH DFHUTXHQ D PROHVWDU R D SUHJXQWDU TXH HVWiQ KDFLHQGR VL XQR QR VLTXLHUD HVWD
WRPDQGRQDGDQRHVWDKDFLHQGRQDGDHVWDVRODPHQWHSDUDGRHQXQDH VTXLQD\DHOKHFKRGHTXHXQR
HVWHYHVWLGRGHXQWLSRGHIRUPDYDQDKtDPROHVWDUWH\FRVDVTXHQRSDVDQHQRWUDVSDUWHVTXHRWURWLSR
GH JHQWH TXH HVWH YHVWLGD GLVWLQWR R FRPR D HOORV OHV JXVWH QR VH DFHUFDQORV GHMDQ QR PDV DXQTXH
SXHGHQ HVWDU KDF LHQGR FXDOTXLHU FXHVWLyQ QR VH SXHGHQ HVWDU IXPDQGR R WRPDQGR WRGR´
(175(9,67$'21žSiJOtQHD
³SLHQVR \R TXH HQ HVR HV SDVDGR D OOHYDU KD\ LQMXVWLFLDV ODERUDOHV KDQ EDMDGR ORV VXHOGRV QR HVWiQ
SDJDQGRODVKRUDVH[WUDRUGLQDULDVHQDOJXQRV ODGRV\ODJHQWH\RFUHRTXHVHVLHQWHSDVDGDDOOHYDUHV
FyPRXQDHVWDIDRVHDQRVHVLHQWHDJXVWR´(175(9,67$1žSiJOtQHD
³GLFHQTXHWRGRVVRPRVLJXDOHVSHURDOILQDOVLHPSUHORVTXHWLHQHQSODWD\ORVSRGHURVRVVLHPSUHYDQD
HVWDUDUULEDVLHPSUHHQFLPDGHXQRSLVRWHDQGR\ORVTXHHVWiQPiVDEDMRUHFODPDQ\QRORVHVFXFKDQ´
(175(9,67$'21žSiJOtQHD
³ORVTXHWLHQHHOSRGHUODPHQWDEOHPHQWHKDFHQORTXHTXLHUHQ\XQRVHTXHGDGHPDQRVFUX]DGDVSRUTXH
XQR VH SRGUtD GHFLU TXH HV WpUPLQR PHGLR QR WLHQH QL PXFKR QL WLHQH PX\ SRFR HV DKt QR PiV HV XQ
WUDEDMDGRU XQ ODERUDGRU FRPR PD\RUPHQWH OR GHQRPLQDQ XQR HVWD DKt QR VH SUHRFXSDQ´
(175(9,67$'21žSiJOtQHD
³\RORPLUpPLpHDPLFRPSDxHUR\VHJXLPRVVDSHDQGR \HOJHRQVHVDOHGHODXWRGHODFDPLRQHWD\
YLHQH ³EXHQR QR OH KDEOH D ORV FRQFKHVXPDGUHV´ ¢ D PL PH HVWi GLFLHQGR" ³TXH YHQtV D KDFHUWH HO
JHRQ FRQFKHWXPDGUH´OH GLMH RLJD SHUR QR PHVDTXHODPDGUHSR¶OHGLMHXVWHGQRWLHQHGHUHFKRD
VDFDUPHODPDGUH³TXHHVWDLGHOLFDGRGHWtPSDQRVFRQFKHWXPDGUH´PHGLMRDKGLMHVHFUHHQPDORV
HVWRV YiPRQRV \ HO ;;;; PL RWUR FRPSDxHUR GLMR ´GHMpPRVORV VHU VL HVWRV´ SHUR D WRGD ERFD
³YiPRQRVYiPRQRVSRUTXHHVWRVWLHQHQHOSRGHUYiPR QRVVHTXLHEUDQ´FRQWRQREXUOHVFR\HOUDWLVH
HQRMRRVHDHOSDFR\QRVYLQLPRVSD¶DFi´(175(9,67$'21žSiJOtQHD
³VLSR¶\RQRTXLHURWHQHUSUREOHPDVFRQFDUDELQHURVSRUHVRFXDQGRYLHQHQ\RORVSDFRVHQPRWRQRV
WLHQHQ SHUR ELHQ XQD PDOD D QRVRWURV£QRVWLHQHQXQDPDODSHUR \RQRVHSRUTXHVLQRVRWURVQROHV
KHPRVKHFKRQXQFDQDGDDHOORVQXQFDORVKHPRVPROHVWDGRQRVWLHQHQXQDPDODRLJDXXXKKKVDEH
TXHDQRVRWURVQRVYHQDKtHQODHVTXLQD\OOHJDQHVRVJHRQHVQRVOOHJ DQDSXURUHWDUQRV\DSHJDUQRV
³\D\D\DSDUWDQORVJHRQHVGHDTXt´QRVHFKDQDVtSR¶\\ROHKHGLFKRDORVFDEURVFRUUiPRQRVQR
PiV³QRHVTXHODJHD´QR\ROHVGLJRSD¶TXHWHSRQLVDDOHJDUFRQHVWRVSD\DVRVVLHVWRVWLHQH
WRGDVODVGHJDQDUSRVJHRQQRVRWURVFRQORVSDSHOHVPDUFDGRVHVWRVQRVSLQWDQHOPRQRQRVRWURVOHV
SHJDPRVPtQLPRQRVYDPRVDTXHGDUHQFDQDYDPRVDTXHGDUQRVRWURVHQFDQD\HVWRVFDJDGRVGHOD
ULVDYDQDTXHGDUDIXHUDJHRQ´(175(9,67$'21žSiJOtQH D
³HVWRGRFRPRPX\FRQVHUYDGRUDFiRVHDWRGRPX\DXWRULWDULRDFiWRGRDVXPLGRDEDMRKDFHUOHWUDEDMR
DO RWUR QR VH SR¶ SHUR QR FUHDWLYLGDG PX\ SRFD \R FUHR TXH GHVGH HO FROHJLR GHVGH FKLFR WDPELpQ
VLHPSUH ORV PLVPRV WUDEDMRV HQ WRGRV ODGRV WRGR LJXDO QR QR VH LQFHQWLYD SDUD QDGD OD FUHDWLYLGDG´
(175(9,67$1žSiJOtQHD
³DLQVWLWXFLRQHVTXHTXLHUHQVXE\XJDUDWUDYpVGHRWUDVSHUVRQDVTXHVRQORVGHWHQWRUHVGHOSRGHUSDUHFH
TXHKLVWyULFDPHQWHXQDGHORVPD\RUHVPHFDQLVPRVTXH KDPRYLGRDODKLVWRULDHVHOGHVHRGHVXE\XJDU
DRWURVHUKXPDQRHOGHVHRGHSRGHU\TXHPLVRUGHQHVVHDQREHGHFLGDVSRURWUR´(175(9,67$1ž
SiJOtQHD
³DYHU¢DTXLHQHVLGHQWLILFRFRPRHOSRGHU"DYHUHQHVWD\RFUHRTXHHOPXQGRHQH VWHPRPHQWRFRPR
FHQWUR HO FRPSOHMR PLOLWDU LQGXVWULDO OD LJOHVLD ORV SDUWLGRV SROtWLFRV VRQ PDQLSXODGRV SRU HQWHV
HFRQyPLFRV HVWRV YDQ FRORFDQGR JHQWH YDQ FRPSUDQGR ILOyVRIRV SURIHVRUHV XQLYHUVLWDULRV YDQ
PHWLHQGRVXLGHRORJtDHQODVHVFXHODV EXHQR\IXQFLRQDDWUDYpVGHWHPDVSURGXFWLYRVHQWHVQRFUtWLFRV
D OD VRFLHGDG HVWDV LQVWLWXFLRQHV TXH VRQ RUJDQLVPRV QDFLRQDOHV TXH YDQ SLGLHQGR TXH OD VRFLHGDG VH
GLVFLSOLQH D VX DQWRMR HVWD KHFKR HQ EDVH D OD D OD IXQFLRQDOLGDG TXH WLHQH TXH WHQHU OD JHQWH SDUD
SURGXFLUPDVGHQWURGHORTXHOHLQWHUHVDDHOORV´(175(9,67$1žSiJOtQHD
,QFRKHUHQFLD
5HILpUHVH D XQ WLSR GH FRQGXFWD HQ GRQGH VH SURGXFH XQD GLVWDQFLD R
FRQWUDGLFFLyQ HQWUH HO GLVFXUVR \ OD DFFLyQ GH ORV GLIHUHQWHV DFWRUHV FLWDGRV SRU ORV
HQWUHYLVWDGRV (VWD FDWHJRUtD UHVXOWD HVSHFLDOPHQWH UHOHYDQWH WRGD YH] TXH HV FLWDGR
FDVLGHPDQHUDXQiQLPHFRPRHOSULQFLSDOIDFWRUGHUHFKD]RUHVSHFWRGHODDFWXDFLyQ
GHDXWRULGDGHV\OtGHUHV
³FRPRTXH FRPRTXHWUDWDQGHGDUXQDLPDJHQTXHDSR\DDOJRSHURWHHVWDLDSR\DQGRDWLPLVPRR
VHD VXSRQJDPRV )UHL DK &KLOH HVWD VXSHUDQGR OD SREUH]D DVt VDOH DO PXQGR OD VXSHUDFLyQ GH OD
SREUH]DORVMDJXDUHVGH/DWLQRDPpULFDODFXQDGHOSURJUHVRGH/DWLQRDP pULFDFDFKDL\WRGRHVFRPRSD¶
DUUHJODUVXLPDJHQGHEXHQSUHVLGHQWH´(175(9,67$1žSiJOtQHD
³ODLJOHVLDD\TXHODLJOHVLDHVWiFRQORVSREUHVVLTXHODLJOHVLDGHORVSREUHVTXHKDFHQHOELHQ\TXH
GLRV FLHUWR VH DSURYHFKDQ GH OD JHQWH R VHDFXDOTXLHU UHOLJLyQ VXSRQJDPRV TXH GLRV GLFH TXH QR VH
TXHTXHHOVHxRU\ODKXHYD\ODJHQWHOHFUHHRVHDODJHQWHGHYHUGDGWLHQHXQDFUHHQFLDUHOLJLRVDTXH
GLRVTXHHOVHxRUTXHQRVHTXHFXDQGRHVSD¶SXURVDFDUOHVSODWD\PHMRUDUODVL WXDFLyQHFRQyPLFDGH
ODLJOHVLDRVHDODLJOHVLDFDWyOLFDODHYDQJpOLFDODTXHVHDFDFKDL´(175(9,67$1žSiJOtQHD
³EXHQRGHORVLQVSHFWRUHVORPLVPR\HOGLUHFWRUPXFKDVYHFHVWDPELpQSUHWHQGHHVFXFKDUWHSHURDOILQDO
VHODYDODVPDQRVF RQWXSUREOHPD\QRKDFHQDGDWHHVFXFKDSHURQRWHR\HQRHQWLHQGHORTXHWXOH
GLFHVQR\WDPELpQVRQEDVDGRVHQVXVLGHDVRVHDHOORVWLHQHQUHJODPHQWR\VHEDVDQHQHOUHJODPHQWR
SHURPXFKDVYHFHVKD\FRVDVTXHHQHOUHJODPHQWRQRVDOHQ\HOORVSU HWHQGHQKDFHUODVSHURQRVDOHQQR
VHEDVDQHQQDGDVHSRGUtDGHFLU´(175(9,67$1žSiJOtQHD
³EXHQRSRUHMHPSORKDEODQGR\DGHODLJOHVLD\RHQHVHVHQWLGRYHRKLSRFUHVtDSRUTXHLJXDOHQODLJOHVLD
QRVHSR¶HOFXUDSXHGHKDEODUFRQEXHQDVS DODEUDV\WRGR\DOILQDOXQRYDSRUODFDOOH\QLORPLUDQROR
PLUDQ HQ PHQRV WDPELpQ \ HVR SXFKD \R HQFXHQWUR TXH HVR QD¶ TXH YHU HVR HV KLSRFUHVtD´
(175(9,67$1žSiJOtQHD
³SRUTXH LJXDO SRU HMHPSOR XQ SURIHVRU R HO PLVPR GLUHFWRU WH SXH GHQ KDEODU PXFKDV FRVDV HQ XQ
PRPHQWRSHURGHVSXpVXQRYDDSRQHUYDDGHFLUOHVTXHFXPSODQWRGRORTXHWHGLMHURQ\VHODYDQODV
PDQRVQRORKDFHQ´(175(9,67$1žSiJOtQHD
³QRPiVTXHXQSUREOHPDHVXQDGHVDYHQLHQFLDSRUORVLGHDOHVSROtWL FRVRVHDFUHRTXHORVSDUWLGRVTXH
UHSUHVHQWDURQ HQ DOJ~Q PRPHQWR PLV LGHDOHV GHVYLDURQ VX SROtWLFD KDFLD RWUDV FRVDV TXH QR PH
LQWHUHVDURQ\QRVHJXtGLJDPRVHQHVHiPELWRSHURVLHPSUHPHPDQWHQtHQHVDOtQHD´(175(9,67$1ž
SiJOtQHD
³FODUR VL PH GHFHSFLRQp GH DOJXQD JHQWH VL HVR HV OR PiV DFHSWDEOH QR IXHURQ FRQVHFXHQWHV HQ
UHDOLGDGSDUDORTXHHOORVSURIHVDQRVRQODVEDVHVGHOSDUWLGRHVR´(175(9,67$1žSiJOtQHD
³FODUR\DHVWHHVWiHQWDOFDUJRHVJHQHUDO\DQGDPHW LGRHQGURJDVQRSXHGHDUHWLURRWUDHUDXQR
TXH VHSD FRPR GLFH &DUDELQHURV TXH YHUGDGHUDPHQWH OH JXVWH OD LQVWLWXFLyQ WUDLJDPRV D XQR TXH
YHUGDGHUDPHQWH OH JXVWH \ HVH TXH WUDLJDPRV TXH VHD FDUDGXUD \D GHVGH HO PRPHQWR TXH HO VHD
FDUDGXUD YD D HPSH]DUD PRYLOL]DUVH SD¶ DEDMR D WRGRV ORV FRLPHURV SD¶ DIXHUD YRV FRLPHUR YRV
FRLPHURYRVFRLPHUR£IXHUD´(175(9,67$'21žSiJOtQHD
³D YHU ¢ FyPR WRGR WDQ KLSyFULWD" D YHU HV TXH OD JHQWH WLHQH XQD IRUPD GH SHQVDU SHUR SDUD VX
FRQYHQLHQFLD VH ROYLGDQ GH WRGRV VXV SULQFLSLRV WRGR R VHD QR YDOH QDGD SDVDQ D VHUKLSyFULWDV DOJR
FRPRSRUHMHPSORORTXHSDVDWDPELpQHQORGHODLJOHVLDHQUHDOLGDGHVWDQUHFDWDGRWRGR\VDEHTXH
WRGRHOPXQGRGHQWURGHVXVILODVWDPELpQQRVH SR¶KD\FRQIOLFWRVPRUDOHVWRGR\ORVJDOORVQRVHSR¶OR
KDFHQQRPiVVLYDFRQWUDVXVSULQFLSLRVPRUDOHVQRLPSRUWDSHURLJXDOGHVSXpVVLJXHQ\HQGRDPLVD\
VH JROSHDQ HO SHFKR \ HVD FXHVWLyQ PH FDUJD \ HV SHUR GHPDVLDGR FRP~Q HQ WRGR HQ HO WUDE DMR HO
FKDTXHWHR HV WRGR KLSyFULWD DO ILQDO \ YDQ WX YHLV OD JHQWH TXH YD HQ FRQWUD GH VXV SULQFLSLRV SHUR
GHVSXpVVLJXHSUHGLFDQGROR PLVPRSUHGLFDQ\QRSUDFWLFDQ´ (175(9,67$1žSiJOtQHD ³EXHQRHVWtSLFRHQORVMyYHQHVVHYHPHQRV SRUTXHVRPRVFRPRELHQLGHDOLVWDV\ELHQFRQVHFXHQWHVHQ
UHDOLGDG SHUR GHVSXpV TXH XQR VH HPSLH]D D PHWHU \D QR VH SR¶ HQ HO PXQGR ODERUDO HPSLH]D D
FDPELDUWRGR\QRVHHPSH]DPRVDVHJXLUODPLVPDUXWLQDTXHKDFHWRGRHOPXQGRYROYHPRVDFDHUHQ
HO PLVPR VLVWHPD \ WRGR FRPR TXH HO VLVWHPD QRV DEVRUEH \ DKt TXHGDURQ WRGRV ORV LGHDOHV WRGRV
QXHVWURVSULQFLSLRVGHUHSHQWHTXHGDWRGRDKt(175(9,67$1žSiJOtQHD
5HFKD]RDOVLVWHPDSROtWLFRDSDWtD
(VWD FDWHJRUtD VXUJH D SDUWLU GH XQD UHLWHUDFLyQ HQ HO GLVFXUVR HQ GRQGH VH
PDQLILHVWDXQDSRVWXUDGHUHFKD]RDOVLVWHPDSROtWLFR(QDOJXQRVFDVRVVHWUDWDGHXQ
DELHUWR\H[SOtFLWRUHFKD]R\HQRWURVVHPDQLILHVWDDWUDYpVGHXQDDFWLWXGGHDSDWtDR
LQGLIHUHQFLDUHVSHFWRGHHVWDDFWLYLGDG\VXVDFWRUHV
³QRPHGDQJDQDVGHSDUWLFLSDUQRPHGDQJDQDVGHPHWHUPHDVDEHUTXHGLFHWDOSHUVRQDQRPHYDQL
PHYLHQH´(175(9,67$1žSiJOtQHD
³TXHVDOJDQGHOSRGHUTXHQRH[LVWLHUDQXQDFXHVWLyQDVtRVHDQR HQWLHQGRRVHDORTXHHVSHUDUtDHV
TXHVDOJDQGHOSRGHUQRWLHQHSRUTXHHVWDUDKtTXHVLVHYDQDEHQHILFLDUHOORVSRUTXHWRPDQXQSRGHUHQ
OR VRFLDO HV HVW~SLGR \ SRUTXH HO VLVWHPD OHV GD SRGHU R VHD DKt HQWUDUtDPRV D FDPELDU HO VLVWHPD
FDPELDU HO SRGHU FDPELDU WRGR FDPELDU HO VLVWHPD SLUDPLGDO TXH VHD KRUL]RQWDO SHUR HV GLItFLLLLLO FRQ
FLHUWRVDUFDVPR´(175(9,67$1žSiJOtQHD
RVHD\RHQXQVLVWHPDFyPRHVWHHQHVWDVFRQGLFLRQHVQRPHLQVFULERSD¶YRWDUQLORFD\\RVHTXHKD\
TXH FDPELDU ODVFRVDVRUJDQL]iQGRVH\WRGDODFRVDSHUR\RTXLHURSDUWLFLSDUORPHQRVSRVLEOHHQHVWH
VLVWHPD\VLKD\XQFDPELRTXLHURTXH VHDDWUDYpVGHRUJDQL]DFLyQVLQRKD\RUJDQL]DFLyQQRORYDLD
KDFHUSRVLEOH\SRGHPRVVHJXLUYRWDQGR\YRWDQGR\ YRWDQGR\QRYDKDEHURUJDQL]DFLyQQRFUHRHQXQ
VLVWHPDSLUDPLGDODVtSDUDQDGD(175(9,67$1žSiJOtQHD
³KXPREYLDPHQWHGLVWLQWRVSHURHVSHUDUGHHOORV\RQRHVSHURQDGD´(175(9,67$1žSiJOtQHD
³D YHU ¢ TXH QR PH LQWHUHV DQ " QR VH SR¶ FXDQGR VH SRQHQ D KDEODU GH SROtWLFD HQ OD WHOH \D QR PH
LQWHUHVDYHUORSRUTXHDOILQDOPHGDORPLVPR´(175(9,67$1žSiJOtQHD
³QRVpQRPHVLHQWRSDQD¶LGHQWLILFDGDFRQODSROtWLFDHVXQWHPDTXHQRPHLQWHUHVDHQ PLYLGDGHER
UHFRQRFHUORQRHVDOJRTXHPHSUHRFXSHDVtHQHOVHQWLGRDPSOLRGHORTXHHVODSROtWLFDRQRPHMRUDO
UHYpVDOUHYpVSHUGRQDHQHOVHQWLGRHVWULFWRGHORTXHHVODSROtWLFDSRUTXHHQHOVHQWLGRDPSOLRSROtWLFD
HVWRGR\TXHVH\R\EOD EOD\\RWDPELpQKDUtDSROtWLFDHQHVHFDVRHQHOVHQWLGRDPSOLRFDFKDLSHUR
HQ HO VHQWLGR HVWULFWR GH OD TXH HV OD SROtWLFD GH ORV SROtWLFRV GH ORV SDUWLGRV SROtWLFRV HQ HO VHQWLGR
HVWULFWRGHERFRQIHVDUTXHDPLQRPHLQWHUHVDODSROtWLFD´(17 5(9,67$1žSiJOtQHD
³HVSHUDUtDXQFDPELRGHPHQWHTXHQRYDDSDVDUSRUHVRQRHVSHURQDGDQRQRHVSHURQDGDSRUTXHOR
TXH SRGUtD SDVDU VH TXH QR YD D SDVDU XQ FDPELR GH PHQWDOLGDG XQD YLVLyQ GLIHUHQWH GH ODV FRVDV´
(175(9,67$1žSiJOtQHD
³\R\DQRHVSHURQDGD\R\DRVHDKDFHWLHPSR\DTXHDPLPHGDORPLVPRTXHKDJDQORTXHKDJDQD
PLQXQFDPHDIHFWDPX\SRFRSRUTXHVLHPSUHHVWiQDVtDVtORVSODQHVSROtWLFRVLJXDOGDQFRPRULVD´
(175(9,67$1žSiJOtQHD ³UHDOPHQWH QR HVWiQ SUHRFXSDGRV GH VDFDU SODWD HVWiQ SUHRFXSDGRV GH DWHQGHU SRFR \ JDQDU KDUWR´
(175(9,67$1žSiJOtQHD
³QRORYDQDKDFHUVLHVWiQFRQORVEROVLOORVOOHQRVGHSODWD´(175(9,67$1žSiJOtQHD
³VL\RHVWR\VHQWDGRDTXt\PHHVWiOOHJDQGRODSODWDDPRQWRQHVSD¶TXHPHYR\DLQWHUHVDUHQHOGHOODGR
TXH VH HVWH PXULHQGR OR LPSRUWDQWH HV TXH \R HVWR\ DJDUUDQGR SODWD WHQLHQGR \R OD SODWD \ HO SRGHU
DSDUWHRVHDFXDQGR\RTXLHUDHOGHDOODGRYDDFRPHU\DKR\G tDYDDFRPHUGHUHSHQWHORVJDOORVVRQ
DVtVRQWHUULEOHGHFDUDGXUD´(175(9,67$1žSiJOtQHD
³ EXHQR DKRUD GHQWUR GH ORV MyYHQHV VH QRWD KDUWR FRPR TXH HVWDPRV DSHVWDGRV SRU TXH EXHQR HV
FRVDGHYHUQRPiVODIDOWDGHLQWHUpVTXHKD\HQ SROtWLFDHOPLOOyQ\PHGLRPiVRPHQRVTXHQRHVWDPRV
LQVFULWRV \R PH LQFOX\R GHQWUR GH HOORV R VHD \R QR HVWR\ LQVFULWR SRUTXH HQ UHDOLGDG FRPR TXH QR
HQFRQWUDPRVTXLHQWDPELpQQRVUHSUHVHQWH´(175(9,67$1žSiJOtQHD
³GDQ YXHOWD ODV HQFXHVWDV OD SULRUL]DFLyQGHODJHQWH\VHSUHRFXSDQGH FXHVWLRQHVQD¶TXHYHUFRQORV
SUREOHPDVGHODJHQWHVRQRWURV\HVDFXHVWLyQHQUHDOLGDGHVVXSHUSHQFDRVHDXQDLPSRWHQFLDPX\
JUDQGH´(175(9,67$1žSiJOtQHD
³\RFUHRTXHQRKD\PXFKRTXHHVSHUDUHQUHDOLGDGQRFUHRTXHVHSXHGDHVSHUDUJUDQGHVFRVDVMDMD
MD<RHVSHUDUtDPiVGHORVTXHHVWiQVXE\XJDGRV´(175(9,67$1žSiJOtQHD
³SRUTXHHOORVWLHQHQMXVWDPHQWHODFDSDFLGDGGHFDPELDUHVWHHVWDGRG HFRVDVSR¶TXHEXHQRWRGRVORV
yUJDQRV QR UHVSHWDQ D QDGLH OD MXULGLFLGDG DSDUDWRV FRHUFLWLYRV GHO HVWDGR HVWiQ VLHPSUH
SUHJXQWiQGROHVTXHKDFHQ\HOORVSRGUtDQVLTXLVLHUDQWHQHUXQDDFWLWXGGLVWLQWDDKRUDSRUHVRPLVPR\R
FUHR TXH FRPR OOHYDQ WDQW RV DxRV FRQ OD PLVPD DFWLWXG QR KD\ TXH HVSHUDU QDGD GH HOORV VLQR GH
TXLHQHVQRHVWDPRVHQHOPXQGRTXHTXHUHPRVYLYLU´(175(9,67$SiJOtQHD
'HWHULRURGHOD(GXFDFLyQFUtWLFDDOVLVWHPDHGXFDFLRQDOFUtWLFDDORV
SURIHVRUHV
5HLWHUDGDPHQWH VH H[SUHVD XQD SUHRFXSDFLyQ R LQWHUpV SRU HO WHPD GH OD
HGXFDFLyQ (Q WDOSUHRFXSDFLyQVHPDQLILHVWDQIXHUWHVFUtWLFDV WDQWRDOIXQFLRQDPLHQWR
GHOVLVWHPDFRPRDOFRPSRUWDPLHQWRGHORVSURIHVRUHV
³DTXtQRVHQRWDWDQWRWHQHPRVKDVWDV LOORQFLWRVSD¶HVWXGLDUVLXQSRFRFRPRSULYLOHJLDGRVORYHVW~VL
HVTXHQRHVWDQWRFRPRSULYLOHJLDGRVLQRHVFRPRGHEHVHUFRPRTXHVHKDQROYLGDGRGHORVGHPiV
SRUTXHDVtGHELHUDVHUGHELHUDVHUDVtWRGRPHMRUSRUTXHLJXDOTXHORVSURIHVR UHVFXDQGRXQRHVWiD
JXVWR HVWXGLDQGR FRPR TXH XQR DSUHQGH PiV FXDQGR XQR HVWi D GLVJXVWR FRPR TXH XQROR ~QLFR TXH
TXLHUHHVDSUREDU\\DFKDRPHGDORPLVPRDSUHQGHURQRDSUHQGHUHQWRQFHVGHELHUDVHUFRPRHVDFi
RVHDSULYLOHJLDGRRVHDVHSXHGH YHUGHSHQGHGHOSXQWRGHYLVWDVRPRVGHDOOiVRPRVSULYLOHJLDGRV\
DFi \R FUHR TXH HOORV HVWiQ ROYLGDGRV SRU TXH \R FUHR TXH GHELHUD VHU FRPR DFi RFXSDU ELHQ ORV
UHFXUVRV´(175(9,67$1žSiJOtQHD
³KDEODQGR GH SURIHVRUHV ORV SURIHVRUHV SD UD PL HVWiQ EDVDGRV HQ VX LGHD HQ WRGR VLHPSUH KD\
H[FHSFLRQHVREYLDPHQWHSHURHVWiQEDVDGRVHQVXLGHDRVHDXQRQRSXHGHFDPELDUORTXHHOORVGLJDQ
XQRQRORSXHGHFDPELDU\VLHQXQDGH HVDVHOORVSXHGHQHVWDUHTXLYRFDGRVSHURWDPSRFRORDFHSWDQQR
DFHSWDQTXHRWUDSHUVRQDSLHQVHGLVWLQWRDHOORV´(175(9,67$1žSiJOtQHD
³OR YHR DEVROXWDPHQWH GLYRUFLDGR GH OD UHDOLGDG GH ORV QLxRV DEVROXWDPHQWH HVR HV FyPR XQD GH ODV
SHRUHVFRVDV£DEVROXWDPHQWHGLYRUFLDGRGHODUHDOLGDGGHORVQLxRV ORVQLxRVMXHJDQKDVWDORVDxRV\
OOHJDQDOFROHJLR\VHYLVWHQFRPRPLOLFRV\WLHQHQTXHLUFRQORV]DSDWRVOXVWUDGRV\VHWLHQHQTXHVHQWDU
HQEDQFRVGHUHFKRV\WLHQHQTXHHVWDUFDOODGRVSRUKRUDV\WLHQHQTXHHVFULELUFRQOHWUDERQLWDHQWRQFHV
HV XQGLYRUFLRFRQVXUHDOLGDGFRQVXPXQGRSHURHVSDQWRVRLQFUHtEOHTXHKD\TXHWHQHUGRVGHGRVGH
IUHQWHQRKD\TXHVDEHUQLGHSVLFRORJtDSD¶GDUVHFXHQWDQRHVQHFHVDULRVDEHUGHSVLFRORJtDLQIDQWLOSD¶
GDUVHFXHQWDGHHVWRKD\TXHFRQRFHUXQSRFR DORVQLxRVQDGDPDVSDUDGDUVHFXHQWDTXHHOORVHQWUDQ
GHXQPXQGRKDVWDORVDxRV\HQWUDQDHVWHVLVWHPD\HQWUDQDODFiUFHODODFiUFHOVHFRQYLHUWHQHQ
PLOLFRV\ORVTXHQRVHFRQYLHUWHQHQPLOLFRVWLHQHQSUREOHPDVGHDSUHQGL]DMH´(175(9,67$1 žSiJ
OtQHD
³\RHPSHFHDWUDEDMDU\DKtKDQSDVDGRFRPRFLQFRDxRV\DGHHVWR\VLJRDKtRVHDWUDEDMDQGRSRUHVR
HV TXH QR KH SRGLGR HVWXGLDUSHUR VLHQWRPiVTXHXQDQHFHVLGDGFRPRTXHFDHDKtORTXHGHFtD\R LQVDWLVIDFFLyQHVHVRRVHD GHVDUUROODUVHHVWXGLDUFUHRTXHHVVXSHULPSRUWDQWH\WRGDODJHQWHGHEHUtD
SHQVDULJXDOSRUTXHHOHVWXGLRVLHPSUHOOHYDDDOJREXHQRVLHPSUHHVSRVLWLYRVDEHU\GHVDUUROODUVHHQOD
SDUWH LQWHOHFWXDO SRUTXH DVt XQR SXHGH \WLHQHIXQGDPHQWRVSDUDSRGHU OXFKDUSDUDSRGHURUJDQL]DUVH
SDUDSRGHUGHVDUUROODUDODGHPiVJHQWH´(175(9,67$1žSiJOtQHD
³\RFUHRTXHPiVQHFHVDULRHVXQSURIHVRUTXHGHEHUtDJDQDUORPLVPRTXHXQPpGLFRRXQDSURIHVLyQ
WUDGLFLRQDO\RFUHRTXHSRUDKtHVWDHOIXWXUR GHORVSURIHVRUHVRVHDTXHVLJDQDQPiV\RFUHRTXHYDQD
WHQHUFRPRPiVJDQDVGHKDFHUFODVHVSRUTXHPXFKRVSURIHVRUHVVRQFRPRORVFREUD VXHOGRVFRPROHV
GLFHQ TXH HVSHUDQKDVWDILQGHPHVSD¶FREUDUODSODWDHLUVHSDODFDVDFDFKDL\RFUHRTXHHVR
HVWD
PDORVHD\DVHDHOSURIHVRUSRUTXHWLHQHTXHHVWDUFRQVHUHVKXPDQRV\QRSDUDFREUDUXQVXHOGRSHUR
\R FUHR TXH HV LPSRUWDQWH WDPELpQ TXH HO IDFWRU HFRQyPLFR QR VHD FRPR XQ LPSHGLPHQWR SDUD KDFHU
FODVHVRVHDVLRVHDWLHQHTXHWHQHUODVFR PRGLGDGHVPtQLPDVSDUDHVWDEOHFHUVHSRUTXHFXDQGRXQR
HVWD ELHQ HVWDEOH HFRQyPLFDPHQWH R VHDWLHQHFDVD\WLHQHFRPRWUDQVSRUWDUVH FyPRGDPHQWH\RFUHR
TXHHVRDIHFWDHQUHODFLyQDVXSURIHVLyQRVHDODPDQHUDGHKDFHUFODVHVLGXHUPHPDO\RFUHRTXHH VR
DIHFWD D ORV DOXPQRV FRPR HO KDFH FODVH \R FUHR TXH HVR HV ELHQ FRPR OR LPSRUWDQWH GHO SODQR
HFRQyPLFRHQHVWHPLQXWR´(175(9,67$QžSiJOtQHD
³DKRUDVDOLyXQDQXHYDUHIRUPDTXHQRVHGRQGHODVDFDURQHQORVOLFHRVWp FQLFR SURIHVLRQDODKRUDXQR
GH WHUFHUR \ FXDUWR HVWXGLD OD SURIHVLyQ TXH XQR YD VHU GHVSXpV \D XQR QR VDOHFRPRWpFQLFR R FRPR
SURIHVLRQDOVLQRTXHVDOHFRPRD\XGDQWH\SDUDHVRGHVSXpVWHQGUtDPRVTXHLUDOD8QLYHUVLGDG\VHJXLU
HVWXGLDQGRHVRSD¶VDFDU HOWtWXORGHWpFQLFRRSURIHVLRQDO\SDUDHVRQRKD\SODWDODVFRQGLFLRQHVVRQ
PX\GLItFLOHVGHHQWUDU´(175(9,67$1žSiJOtQHD
³SRUTXH YDPRV D OOHJDU QR HVSHUR PX\ OXHJR YDPRV OOHJDU D OD LQGLJHQFLD \D TXH KD\ TXH SDJDU SDUD
HVWXGLDUEiVLFDDKRUDKD\TXHSDJDUHQWRGRVORVOLFHRVSDUDHVWXGLDUHQODHQVHxDQ]DPHGLDDOILQDOVH
YD D KDFHU PX\ GLILFXOWRVD OD OOHJDGD KDVWD DOOi \ YDQ D TXHGDU PXFKRV LQGLJHQWHV SRUTXH KD\ PXFKDV
SHUVRQDV TXH QR HVWiQ FRPR SDUD SDJDU HVR \ YDQ D HPSH]DU D KD EHU LQGLJHQWHV FRVDV TXH XQR QR
TXLHUHYHU´(175(9,67$1žSiJOtQHD
³UHVXOWDTXHGHUHSHQWHQRDOFDQ]DQLSD¶ODPLFURGHXQRHQWRQFHVQRHVPX\OLQGRTXHORVSURIHVRUHVOH
HVWpQLQFHQWLYDQGRDXQRDWUDEDMDUHVWDELHQSHURTXHQRVSLQWHQ XQDFXHVWLyQTXHQRHVYHUGDGHVRHV
PX\GLIHUHQWHSRUTXHFXDQGRHQWUHDWUDEDMDUPHGLFXHQWDGHPXFKDVFRVDVGHFyPRVRQTXHHVPX\
GLIHUHQWHDOFROHJLR´(175(9,67$1žSiJOtQHD
³VLDVtFRPRYDPRVQRVH\RSLHQVRTXHPDOPDOPDOSD¶ PLPDOSD¶PLVDPLJRVFRPRGLFHPLPDPD
LJXDOPHSUHRFXSRGHPLVDPLJRVLJXDOQRPiVQRVRWURVQRVKHPRVPRYLOL]DGRSD¶TXHQRVGHQWUDEDMR
KHPRVLGRDGRQGHQRVGLFHQKHPRVLGRWDPELpQDHVRVSURJUDPDVGHHVWXGLRTXHKDQGDGRPHQWLUDV£
SXUDVPHQWLUDVFRQpQIDVLVWHDJDUUDQSDOFKXOHWHR´(175(9,67$1žSDJOtQHD
³SXWDVLHVWiQKDFLHQGRXQFXUVRSD¶UHFXSHUDUODMXYHQWXG¢SD¶TXHPLUDLODILFKD"TXHILFKD¢SD¶TXH
SHGtVSDSHOGHDQWHFHGHQWHV"¢SD¶TXH"VLTXHUtVUHFXSHUDUDOD MXYHQWXGHVDJHDWLHQHTXHVHUXQQR
VH XQ SXQWR DSDUWH QR VH SXHGH WRPDU HQ FXHQWD HO SDSHO GH DQWHFHGHQWHV DO PRPHQWR TXH WX TXHUtV
VDOYDUDODMXYHQWXGQRVHSXHGHWRPDUHQFXHQWDHVR´(175(9,67$1žSiJOtQHD
HHKKKD\SXHGHVHUF ODURHQODIDOWDGHWUDWDUWRGRVHVWRVWHPDVGHVGHFKLFRGHVGHHOPLVPRFROHJLRR
VHDSRUHMHPSORODHGXFDFLyQFtYLFDTXHWXYH\RSHURIXHKRUULEOHQRIXHHGXFDFLyQFtYLFDHVDFXHVWLyQ
PHDFXHUGR\
¢FyPRIXH"
QRVHHUDXQDFODVHGHKLVWRUL DFDFKDL"SHURQXQFDKDEODPRVHQUHDOLGDGGHSROtWLFD\HVHQWUHWHQLGDOD
SROtWLFDHQFXHQWUR\RSHURQXQFDVHKDEOyELHQSROtWLFDRVHDQXQFDQRVH[SOLFDURQELHQVLVWHPDVWRGR
TXHGDPRVLJQRUDQWHVHQUHDOLGDGGHVGHDKtVHSRGUtDGHFLURVHDVHSRGUt DWUDWDUHVWRGHVGHFKLFR\
SRUTXH DVt XQR QR VH DSUHQGD D UHVSHWDU ODV LGHDV GH WRGRV QR PiV FRPR WLHQH TXH VHU TXH WRGRV
SXHGDQRSLQDU\QRVSRGDPRVHQWHQGHULJXDOHVRHVORTXHIDOWDHQWRQFHVGHFKLFRVHYLHQHDUUDVWUDQGR
HVWDFXHVWLyQ\RFUHR (175(9,67$1žSiJOtQHD
³HVDPLVPDUHODFLyQGHVLWXHVWiVHVWXGLDQGRDOJRSURPLVRULRHVFODURFODUDPHQWHORTXHODVRFLHGDGVH
SODQWHDVLWXHVWXGLDVHQOD8EXHQRYDVDSRGHUWUDEDMDUELHQFRVDTXHWDPELpQKHFRQYHUVDGRSHUR
HVRHVPHFiQLFRHVRQRHVDOJRTXHKD\DHOHJLGR\RFRPRUHDOL]DFLyQFUHRTXHVLPLUDVDWXFDUUHUDDWX
SURIHVLyQ FRPR DOJR TXH WH YD D UHDOL]DU R OR TXH VHD D WX IDPLOLDQR Vp XQR FDH HQ OD IUXVWUDFLyQ
UiSLGDPHQWHFXDQGRWHGDVFXHQWDTXHHVRHQUHDOLGDGQR HUD´(175(9,67$1žSiJOtQHD
2SFLyQSRUORSHUVRQDO
(VWDFDWHJRUtDWLSLILFDXQDDFWLWXG\GLVSRVLFLyQGHORVHQWUHYLVWDGRVDSULRUL]DUR
YDORUDUHQPD\RUPHGLGDODVSRVLELOLGDGHVTXHRWRUJDHOHVIXHU]RLQGLYLGXDOFRPRYtDGH
ORJURGHOD IHOLFLGDGRGHVDUUROORSRUVREUHORVSUR\HFWRVFROHFWLYRVRPHMRUDPLHQWRGH
ODVFRQGLFLRQHVVRFLDOHVRGHODFRPXQLGDGGHSHUWHQHFLD
³QR VH PiV TXH QDGD WHQHU XQ EXHQ IXWXUR HVR HV OR TXH D PL PH PRWLYD SRGHU GDU XQD FKDQFH D PL
IDPLOLDDGHODQWH\T XHWHQJDXQDEXHQDHGXFDFLyQ\TXHQRWHQJDTXHHVWDUSDVDQGRFRVDVPiVDOOiGHOR
TXHXQRTXLHUHRVHDHFRQyPLFDVRFRVDVDVt´(175(9,67$1žSiJOtQHD
³SHURPHGDORPLVPRORTXHHOORVTXLHUDQRFRPRVHDQSRUTXHDOILQDOPLHQWUDV\RHVWpEL HQRVHDFRQ
PLIDPLOLDVHSRGUtDGHFLUPLHQWUDV\RHVWpELHQPHGDORPLVPRORTXHKDJDHOUHVWRDXQTXHGHTXHPH
PROHVWDPHPROHVWDSHURVL\RWHQJRODSRVLELOLGDGGHVXUJLU\SRQHUOHHPSHxR\SRQHUHQMXHJRWRGROR
TXH\RTXLHURKDFHUSDUDFDPELDUD OJRSDUDPLHVRHVWDELHQ(175(9,67$1žSiJOtQHD
³RVHDSD¶PLORPiVLPSRUWDQWHVRQPLVSODQHVSHUVRQDOHVPLVFRVDVSHUVRQDOHVPLVPHWDVSHUVRQDOHV
WUDWDUGHFyPRWRGRHVWHPDORKDFHUFRPRTXHQRH[LVWLHUDHOVPR JODFDSDGHR]RQRWRGRVORVPDOHV
GH OD VRFLHGDG EXHQR HO PDO XVR GHO SRGHU \ WRGDV ODV FRVDV PDODV TXH WLHQH HVWD VRFLHGDG VL ODV
UHSURGXFLVDGHQWURGHWXFDVDFRVDTXHXQRYDDFXDOTXLHUFDVD\ORSXHGHYHUPiVRPHQRVDKtVLTXH
HVWULVWH´(175(9,67$1žSiJOtQHD
³\RFUHRTXHGHVSXpVVHJXLUpSHUIHFFLRQiQGRPH\EXHQRWRGRELHQVHYHEXHQRVLHPSUHFRQODD\XGD
GH PL IDPLOLD FDFKDL R VHD HQ HVWH PLQXWR \R QR SRGUtD KDFHUOR VROR SHUR \R FUHR TXH YD D OOHJDU XQ
WLHPSRTXH\DVHDPiV LQGHSHQGLHQWH\WHQJDPiVUHVSRQVDELOLGDGHVGHODVTXHWHQJRDKRUD\FUHRTXH
VHYHELHQ´(175(9,67$1žSiJOtQHD
³VL HVR VRQ FRVDV TXH TXLHUR KDFHU \ EXVFDU FRQVHJXLUPH DOJR KDEODU SRU DTXt KDEODU SRU DOOi SDUD
WUDWDUGHFRQVHJXLUSRUTXH VLPHTXHGRDTXtQRPiVHVSHUDQGRTXHOOHJXHQYDQDSDVDUXQRRGRVDxRV
VLQTXHOOHJXHQDGD\ODH[SHULHQFLDGHVSXpVORTXHXQRKDDSUHQGLGRVHYDPDUFKLWDQGR\GHVSXpVXQR
QRVHDFXHUGD´(175(9,67$'21žSiJOtQHD
³VL VXSHU RSWLPLVWD VLH PSUH KH VLGR VXSHU RSWLPLVWD \R FUHR TXH ELHQ PH YHR QR VH SR¶ WUDEDMDQGR
LJXDO WHQLHQGR XQ EXHQ VXHOGR \R FUHR SRU OR PHQRV HVWH WtWXOR PH YD D\XGDU KDUWR XQD EXHQD IDPLOLD
RMDOiVLSXHGRIRUPDUQRSHURPHYHRVXSHUELHQVL´(175(9,67$'21ž SiJOtQHD
(VSHUDQ]DGHXQFDPELR
(VWDFDWHJRUtDVXUJHDSDUWLUGHUHLWHUDGRVFRQFHSWRVTXHH[SUHVDQODFUHHQFLDR
FRQILDQ]D HQ OD SRVLELOLGDG GH TXH OD DFWXDO VLWXDFLyQ VRFLDO ODV PiV GH ODV YHFHV
IXHUWHPHQWHFULWLFDGDSRUORVHQWUHYLVWDGRV
³\RFUHRTXHPiVHQODMXYHQWXGPiVHQODVQXHYDVJHQHUDFLRQHVTXHHVWiQVDOLHQGRORVDGXOWRV\DKD\
DOJXQRVTXHTXHGDQFRQXQDPHQWDOLGDGPiVDQWLJXD\HVWiQSHJDGRVHQHVR\RWURVTXHLJXDOVRQPiV
DELHUWRV D HQWHQGHU OR TXH SDVD D HO SDtV R S RU HO ODGR GH OD SROtWLFD PiV DELHUWR D RWUDV LGHDV
(175(9,67$'21žSiJOtQHD
³,JXDO \R WHQJR KDUWD HVSHUDQ]D HQ ORV MyYHQHV DKRUD R VHD FUHR TXH HQ XQRV DxRV PiV SXHGH TXH
KD\DRUJDQL]DFLyQ\VLKD\RUJDQL]DFLyQYDDKDEHUFDPELRV´(175( 9,67$1žSiJOtQHD
³VLQRVHSR¶HOVLJOR;;,HVHOVLJORPiVULFRFDPELRGHVLJOR\DQRHVWDPRVHQ DxRVDWUiVFDFKDL
ODUHYROXFLyQLQGXVWULDOSDVRHVWDPRVHQODVPLVPDVFRQGLFLRQHV\DEDVWDWLHQHTXHKDEHURWURFDPELR
WLHQHTXHKDEHUDOJR´(175(9,67$SiJOtQHD
³\R \R HVSHUDUtD GH ORV MyYHQHV VH SRGUtD GHFLU GH PLV DPLJRV GH OD JHQWH FRQ OD TXH \R PH MXQWR
SRUTXH \R FUHR TXH VL WRGRV VH XQHQ \ OXFKDQ SRU DOJR SRGHPRV FDPELDU PXFKDV FRVDV GH HOORV \R
HVSHUDUtDPXFKR ORVMyYHQHVHQJHQHUDOVLQRQGDGLVFULPLQDURQGDVQDGDGHHVRUD]DVPHQRVQDGD´
(175(9,67$1žSiJOtQHD
³\RPHHQFXHQWURHKPHHQFXHQWURGLVWLQWDSRUTXHVHSRGUtDGHFLUSRUTXHQRHVWR\GHDFXHUGRFRQHO
VLVWHPDFRQFRPRSLHQVDSR UTXHPHJXVWDUtDFDPELDUFRVDVTXHFRPRGLMHHQGHQDQWHVTXHOXFKDQGR\R
FUHRTXHLJXDOVHSXHGHQFDPELDU´(175(9,67$1žSiJOtQHD
³\RVHTXHH[LVWHRWUD\TXHYDYHQLUSRUTXHKD\JHQWHTXHVHpVWDIRUPDQGRDVtFDFKDLWDUGHRWHPSUDQR
HVHVLVWHPDYDDYHQLUDSDUWHpVWHVLVWHPD\DIUDFDVRDIRUWXQDGDPHQWHpVWHVLVWHPDIUDFDVRDXQTXHOR
TXLHUDQ WDSDU \ DXQTXH WX HVFXFKDL D )UHL GLFLHQGR XQD KXHYDGD QD¶ TXH YHU SHUR pVWH VLVWHPD
HGXFDFLRQDOTXHHVWiLPSHUDQGRHQpVWHPRPHQWRIUDFDVyFRODSVyG HWRGDVPDQHUDVFDFKDLHQWRQFHV
VHQHFHVLWDJHQWHVHQHFHVLWDXQUHPHGLR\HVHUHPHGLR\DHVWi\KD\JHQWHWUDEDMDQGRHQHVRORTXH
SDVDHVTXHQRVHKDPDVLILFDGR´(175(9,67$1žSiJOtQHD
³WRGRVVDEHQTXHHVXQDOXFKDOHYDQWDUVHWRGRVORVGtDVWUDEDMDUOXFKDUHQHOWUDEDMRHQODFDOOH\FUHR
TXH KD\ TXH VHJXLU DGHODQWH VHJXLU \ FRQVHJXLU ODV FRVDV TXH XQR VH SURSRQH TXH SXHGD D OD YH]
LQYROXFUDU D PiV JHQWH \ TXH HVWR VH KDJD PDVLYR \ DVt SRGDPRV UHDOPHQWH VDOLU GH HVWD FULVLV TXH
WHQHPRVTXHODJHQWHSXHGDVHQWLUVHPiVVDWLVIHFKDGHODVFRVDVTXHVLHQWH´(175(9,67$1žSiJ
OtQHD
³VL VL OD JHQWH VLHQWH KDFHUORVL OD JHQWH GHMD GH WHQHU HO PLHGR TXH GHFtD \RVLFUHR TXH HV SRVLEOH HHKK OD JHQWH HQ HVWH SDtV HV FRPR TXHGDGD FRPR GHFtD DQWHULRUPHQWH SHUR VL OR YHR SRVLEOH HQ OD
PHGLGD TXH OD JHQWH VH LQYROXFUH PiV TXH OD JHQWH GLJD OR TXH VLHQWD \ TXH SLHQVD VL FUHR TXH HV
SRVLEOH´(175(9,67$1žSiJOtQHD
³\RHQPLFDOLGDGGHMRYHQH[SUHVDUSDODEUDVSHURQRFRQYLROHQFLDSRUTXHKD\PXFKRVTXHSLHQVDQTXH
H[SUHViQGRVHFRQYLROHQFLDYDQDFRQVHJXLUDOJR\HQRFDVLRQHVOR~QLFRTXHFRQVLJXHQHVTXHGDUGHWUiV
GHODVUHMDVPXFKDVYHFHVHQWRQFHVKDEODUEXVFD USRUDTXtEXVFDUSRUDOOiVHSXHGHFRQVHJXLUPXFKR
PiVTXHHVWDUKDFLHQGRSHORWHUDHQFXDOTXLHUODGRGHODFDOOH ´(175(9,67$'21žSiJOtQHD
³SHURORYHRELHQFRPRVLVWHPDRMDOiTXHQRVHPDGXUDUDXQSRFRODFRVDWRGRHVWRTXHWHGHFtD VLVH
DFDEDHQUHDOLGDGHVHRGLR\RFUHRTXHVHDYDQ]DUtDKDUWR\VHUtDVXSHUEXHQRSD¶WRGDODJHQWHSHUR\R
FUHRHQUHDOLGDGEXHQRDOJ~QGtDVHYDDGDURVHD\RWHQJRODHVSHUDQ]DHQHVR\GiQGRVHHVRFUHR
TXHYDVXSHUELHQHOFDPLQR´(175(9,6 7$'21žSiJOtQHD
³FUHRTXHFXDQGRXQRVLHQWHODGLIHUHQFLDHQWUHHOYDFtRHQWUHHOGHVHRGHYLYLUYDQSDVDQGRFRVDVTXHD
WLWHWUDQVIRUPDQ\TXHWHKDFHQVHQWLUWHPXFKRPHMRU\HQWRQFHVFXDQGRHORWURYHTXHVHSXHGHHVWDU
PHMRU FXDQGR OR V IHQyPHQRV VRFLDOHV HPSXMDQ D OD JHQWH D OD GHVHVSHUDFLyQ HQWRQFHV ODV SRVLFLRQHV
TXHWLHQHQXQDOHJLWLPLGDGPX\JUDQGHODVSRVLFLRQHVTXHKDFHQHQUHDOLGDGTXHORVLQGLYLGXRVTXHYLYDQ
HQXQDIRUPDPHMRUHVDVVLWXDFLRQHVSXHGHQLQIOXHQFLDUDXQDFDQW LGDGGHSHUVRQDVFUHRTXHQRSXGH
FRQHFWDUELHQODLGHDGHWRGRVPRGRVSHUR´(175(9,67$1žSiJOtQHD
³FUHR TXH XQD PLQRUtD SXHGH SURGXFLU FDPELRV PX\ SURIXQGRV FXDQGR OD VLWXDFLyQ GH OD JHQWH HV GH
GHVHVSHUDFLyQHVGHUHIHUHQFLDHVGH EXVFDUGHGHFLUEXHQR\DHVWHPXQGRHQHOTXHHVWR\QRFRUUH
HVWDSRPiTXHPHKDQYHQGLGR\DQRHV~WLOTXLHURYHUDOJRGLVWLQWR´(175(9,67$1žSiJOtQHD
³VL OD YHR SHUR HV DOJR TXH XQR SXHGH LU ORJUDQGR TXH VXFHGD QR VXUJH HVWD PLQRU tD SRU DVLPLODFLyQ
HVSRQWiQHDHVDOJRTXHXQRYDLQWHQFLRQDQGRTXHYDFRQVWUX\HQGRXQREXVFDFRQWDFWDUVHFRQJHQWH
HVSHFLDOHQHVHVHQWLGRHQWRQFHVKD\XQHVWDGRGHDFFLRQHVGHSHUPDQHQWHE~VTXHGDGHLQGLYLGXRVTXH
TXLHUDQFRQVWUXLUXQPXQGRGLVWLQWR ´(175(9,67$1žSiJOtQHD
,QWHUpVHQORS~EOLFR
(VWD FDWHJRUtD GD FXHQWD GH OR H[SUHVDGR HQ HO GLVFXUVR FRQ UHODFLyQ D OD
PDQLIHVWDFLyQ GH XQ LQWHUpV \ SUHRFXSDFLyQ SRU ORV WHPDV S~EOLFRV R ³SROtWLFRV´ $TXt
HQFRQWUDPRVXQDDSDUHQWHSDUDGRMD\DTXHWDOFRPRYLPRVHQXQDFDWHJRUtDDQWHULRU
WDPELpQ H[LVWH XQ IXHUWH UHFKD]R DOD DFWLYLGDG SROtWLFD SHUR HOOR QR LPSOLFD DO SDUHFHU
XQGHVLQWHUpVHQODVWHPiWLFDVVRFLDOHV
³QR FRQR]FR ELHQ HO WHPD SHUR \D YLHQGR D QLYHO QDFLRQDO GH VDODULR \R FUHR TXH SRU DKt KDEUtD TXH
HPSH]DUSRUTXHXQSURIHVRUGHVFRQWHQWRQXQFDHVXQEXHQSURIHVRU\HVRYDDGDUXQDPDODHGXFDFLyQ
\XQDPDODHGXFDFLyQYDDGDUPHQRVFXOWXUDWDOYH]WDOYH]YDDGDUXQDHQVHxDQ]DHUUDGDTXHYDDLU
LPSOLFDQGR WRGR T XH YD D VHUDOJR FtFOLFR TXH YD D LU WLUDQGR Si EDMR \ HQ VDOXGEXHQRKD\PXFKD
JHQWHQHFHVLWiTXHHVWDVRQiTXHQRSXHGHKDFHUXVRGHODVDOXGSRUTXHQRWLHQHORVUHFXUVRVHVWiPDO
HQIRFDGR D YHFHV DGRQGH YDQ ORV UHFXUVRV GH OD VDOXG R VDFDU UHF XUVRV GH RWURV ODGRV SDUD
LQIUDHVWUXFWXUD \ VDODULRV D YHFHV \R QR VH FRPR DQGDQ ORV VDODULRV SHUR OD LQIUDHVWUXFWXUD D YHFHV HV
GHSORUDEOHGHMDKDUWRTXHGHVHDUGDSHQDDYHFHV´(175(9,67$1žSiJOtQHD
³FODURRVHDHOUHVSHWRSRUORVVHU HVKXPDQRVTXHQDGLHORFXPSOHLJXDOKD\YLROHQFLDLJXDOKD\GHWRGR
SHUR\RFUHRTXHVHSRGUtDSHUR\RORYHRRVHDSDUDTXHKDOODXQDRUJDQL]DFLyQyDxRVPiV\R
FUHR\RVHD\RYHRSRUTXHVLKD\WDQWRMRYHQTXHQRVHLQVFULEHHVSRUTXHKD \DOJRHQFRQWUDSHURIDOWD
TXH HVDV LGHDV VH DFODUHQ HQWRQFHV \R YHR SRVLEOH TXH KDOOD RUJDQL]DFLyQ \ DKt PH TXHGDUtD ´
(175(9,67$1žSiJOtQHD
³HKGHORTXHSDVDGHFRPRVHULJHQHKGHORVSUREOHPDVTXHWLHQHQTXHWLHQHHOSDt VGHODIRUPD
GH ORV PDQLIHVWDQWHV GH OD IRUPD TXH VH H[SUHVDQ HOORV KDFLD HO SDtV GHO WHUURULVPR HVDV QRWLFLDV PH
LQWHUHVDQ\RHQFXHQWURTXHHVDVVRQQRWLFLDVEXHQDV´(175(9,67$1žSiJOtQHD
³TXHVHSUHRFXSDUDQGHRWUDVFRVDV RVHDSRUHMHPSORGHODSREUH]DGHHVWHPLVPRHOWHUUHPRWRTXH
KXERHQ¢&RORPELDFLHUWR"XQHMHPSOR\DGHHVRVVDTXHRVSD¶PLTXHHVWDELHQTXHHVWpQFXLGDQGR
SRUTXHQD¶TXHYHUTXHODJHQWHYD\DDUREDUOHDRWUDVSHUVRQDVTXHORSHUGLHURQWRGRGH HVDVFRVDVDVt
GHELHUDQ GH SUHRFXSDUVH R GH XQ HMHPSOR TXH OD JHQWH SREUH WXYLHUD GRQGH GRUPLU GRQGH TXHGDUVH WXYLHUDQSXGLHUDQRSWDUSRUVDOXGHGXFDFLyQVLQQHFHVLGDGGHTXHHVWpQSDJDQGR\SRUXQDEXHQDVDOXG
QRTXHWHQJDQTXHLUDXQFRQVXOWRULR \VDFDUXQQ~PHURSD¶HOSUy[LPRDxRFXDQGR\DODHQIHUPHGDGQR
YDDWHQHUUHPHGLR\HVDVFRVDV´(175(9,67$1žSiJOtQHD
³SHUR ORTXHVLVLHQWRHVTXHWHQJRXQDSRVWXUDSROtWLFDTXHDSHVDUGHTXHGLJRQRHVWR\QLDKtFRQOD
SROtWLFDQRPH LQWHUHVDQLPHDIHFWDODSROtWLFDLJXDOWHQJRXQDSRVWXUDSROtWLFDFDFKDLVLWXPHSUHJXQWDL
SRUHOFDVR3LQRFKHWRVLWXPHSUHJXQWDLSRUODVSUy[LPDVHOHFFLRQHVRVLWXPHSUHJXQWDLSRUHOJRELHUQR
\R WHQJR XQD SRVWXUD SROtWLFD TXH HV PtD TXH \R HV R HV OR TXH SLHQVR QR WH SRGUtD GHFLU GHO FDVR
3LQRFKHWVDEtVTXH3LQRFKHWPHGDORPLVPRQRDKtDEVROXWDPHQWHPHDEDQGHUL]RDOWLUR\VLHQWRDOJR
LQWHUQRTXHVHFRQWUDGLFHFRQORTXHWHHVWR\GLFLHQGRUHFLpQSRUTXH
¢ PH HQWHQGLV " KD\ IXHU]DV LQ WHUQDV TXH VL UHDFFLRQDQ IUHQWH D FRVDV SROtWLFDV DEVROXWDPHQWH
DEVROXWDPHQWHFRQpQIDVLV´(175(9,67$1žSiJOtQHD
³\RVLHQWRTXHPHSRGUtDOODPDUODDWHQFLyQSDUWLFLSDUHQXQSDUWLGRSROtWLFRHQHOFXDOVHKLFLHUDQFRVDV
QRYHGRVDVFUHDW LYDV\RFUHRTXHSRUHVRWHGLJRDORPHMRULJXDOQRPHLQWHUHVDUtDQRORSXHGRVDEHU
SRUTXHQXQFDKHYLYLGRHQXQDSDtVTXHVHGLHUDQHVDVFRVDVFDFKDLSHURWHQJRODLPSUHVLyQTXH\RVL
PH DQLPDUtD D SDUWLFLSDU HQ XQ SDUWLGR SROtWLFR GRQGH ODV FRVDV IXHUDQ GH YHUGDG \R ODV VLQWLHUD GH
YHUGDG FDFKDL IXHUDQ FODUDV IXHUD D SDUWLFLSDU FUHDWLYDPHQWH SRVLWLYDPHQWH FRQVWUX\HQGR´
(175(9,67$1žSiJOtQHD
³FUHR TXH PH VLHQWR LQVDWLVIHFKR SLHQVR TXH FUHR TXH QR KH SDUWLFLSDGR HQ OR TXH GHELHUD KDEHU
SDUWLFLSDGR R VHD D Pt PH EXHQR D Pt PH JXVWD OD SROtWLFD PH KXELHUD JXVWDGR KDEHU WHQLGR XQD
PLOLWDQFLDHQXQSDUWLGRTXHPHKDOODJXVWDGRTXHUHDOPHQWHPHKDOODVDWLVIHFKRFRQORTXHFUHRTXHVRQ
PLV LGHDOHV HVD HV PL SRVLFLyQ TXH H VH HV HO IXWXUR TXH YHR TXH PH VLHQWR LQVDWLVIHFKR SRU HVR´
(175(9,67$1žSiJOtQHD
³FUHR TXH WRGRV ORV KRPEUH \ WRGDV OD PXMHUHV HQ HVWH SDtV R HQ WRGR HO PXQGR WLHQHQ TXH WHQHU XQD
SRVLFLyQSROtWLFDQRTXHULHQGRGHFLUPLOLWDQGRHQXQSDUW LGRRHVWDQGRPHWLGRHQODFXHVWLyQSXHGHKDFHU
SROtWLFD GHVGH DIXHUD SXHGH VHU XQ SROtWLFR LQGHSHQGLHQWH R VHD VLPSDWL]DQGR FRQ ODV LGHDV GH DOJ~Q
SDUWLGR\VLQRWHJXVWDQRFRPSURPHWHUWHFRQHOSHURVLOXFKDQGRFXDQGRKD\DOJXQDRSRUWXQLGDGGHWX
KDFHUYDOHUWXSROtWLFDRVHDWXVLGHDOHV´(175(9,67$1žSiJOtQHD
³SRUTXH GLFHQ TXH WHQHPRV TXH SDUWLFLSDU \ QR GDQ QR KD\ LQVWDQFLDV FRPR SD¶ TXH ORV MyYHQHV
SDUWLFLSHPRVHQFXHVWLRQHVSROtWLFDV\VRFLDOHVTXHVRQODVFRVDVTXHPiVLQWHUHV DQ´(175(9,67$1ž
SiJOtQHD
³TXHFDPELHQHVRVFRPROH\HVTXHKD\GHQWURGHOJRELHUQRWRGRHVRTXHVHDPXFKRPiVIiFLOFRQVHJXLU
HVDVFRVDVTXHVRQWDQIXQGDPHQWDOHVFRPRODVDOXGHOHVWXGLRSRUTXHDKRUDHVWDPX\FDURTXHXQRQR
SXHGHHVWXGLDUDTXtTXHXQRQRSXHGHHVWXGLDUDFiHQWRQFHVTXHFDPELHQWDPELpQHVRVSUR\HFWRVTXH
WLHQHQGHFREUDUPXFKRSDUDVDFDUSODWDSDUDWHQHUDTXtSDUDWHQHUDOOiTXHVHDQHFXDOLWDWLYRVVLFSDUD
WRGRVTXHQRVHYD\DQVRORSDUDORVTXHWLHQHQSODWDVLQR TXHWDPELpQSDUDORVTXHWHQHPRVPHQRVTXH
VHDQPiVHFXDOLWDWLYRVVLF\VHDPXFKRPHMRUODDWHQFLyQ´(175(9,67$1žSiJOtQHD
³VLVLVLHPSUHFRQYHUVDPRVRVHD\QRVLQWHUHVDKDUWRHOWHPDWRGRVLQRQRVSRGHPRVHQUHDOLGDG
QRHVTXHGLJDPRVTXHQRHVWDPRVQLDKtRVHDHVDFXHVWLyQHVPHQWLUDWRGRVTXHUHPRVORPHMRUSD¶
WRGD OD JHQWH SHUR VL FRQYHUVDPRV WRGR \ FRPSDUWLPRV KDUWDV LGHDV HQ UHDOLGDG R VHD FRPR TXH
WHQHPRVKDUWDVJDQDVGHFDPELDUHOPXQGR\RMDOiTXHORSRGDPRVKD FHU´(175(9,67$1žSiJ
OtQHD
³VtSXHGHQVHUOtGHUHVSHURXQOtGHUQRVHXQOtGHUFRPRORVSUHVHQWDQQRXQOtGHU%LOO*DWHVQRXQOtGHU
YLROHQWRFRPR3LQRFKHWQROtGHUHVFRKHUHQWHVOtGHUHVTXHVHKDQPDQWHQLGRFUH\HQGRHQHOSRGHUGHOD
JHQWHRUJDQL]DGD\XQDDFWLWXGGHYLGDFRKHUHQWH´(175(9,67$1žSiJOtQHD
³HV XQD FRPSUHQVLyQ GH XQD VRFLHGDG GLVWLQWD YDORUHV GLVWLQWRV XQD FRPSUHQVLyQ GH XQD VRFLHGDG
EDVDGD HQ HO VHU KXPDQR HQ OD QR YLROHQFLD \ QR SRU HO FRQWUDULR HQ OD HFRQRPtD HQ HO GLQHUR´
(175(9,67$1žSiJOtQHD
)DPLOLD
/DQRFLyQGHIDPLOLDDSDUHFHGHPDQHUDUHLWHUDGDHQXQDGHILQLFLyQ\XELFDFLyQ
GHIXHUWHYDORUDFLyQ(QODPD\RUtDGHORVFDVRVHVODLQVWDQFLDGHDSR\RPiVYDORUDGD
HLQFOXVRHQDOJXQRVGHHOORVDGTXLHUHFDVLODFDUDFWHUtVWLFDGH³UHIXJLR´IUHQWHDOKRVWLO
PHGLRH[WHUQR
³PLHQWUDV\RHVWpELHQRVHDFRQPLIDPLOLDVHSRGUtDGHFLUPLHQWDV\RHVWpELHQPHGDORPLVPRORTXH
KDJDHOUHVWR´(175(9,67$1žSiJOtQHD
³YLYLUHQXQSDtVDVtFRQJHQWHDVtFDFKDLHVRSD¶PLHVVXSHUSHQFD\OD~QLFDPDQHUDSD¶PLGHHYDGLUVH
GHHVRHVWUDWDUGHYLYLUHQWXSHTXHxRQ~FOHR\WUDWDUGHHQHVHSHTXHxRQ~FOHRWXVHPEUDUDUPRQtD\WX
QRUHSURGXFLUHVWRFDFKDLTXHDYHFHVOROR JUDLTXHDYHFHVQRRORORJUDLDPHGLDV´(175(9,67$1ž
SiJOtQHD
³\EXHQRWRGRELHQVHYHEXHQRVLHPSUHFRQODD\XGDGHPLIDPLOLDFDFKDLRVHDHQHVWHPLQXWR\RQR
SRGUtDKDFHUORVRORSHUR\RFUHRTXH\DYDDOOHJDUXQWLHPSRTXH\DV HDPiVLQGHSHQGLHQWH\WHQJDPiV
UHVSRQVDELOLGDGHVGHODVTXHWHQJRDKRUD\FUHRTXHVHYHEXHQRSRUTXHKHWRPDGRFRQFLHQFLDGH
PXFKDVFRVDV\KHWRPDGROHFFLRQHVGHHUURUHVTXHFRPHWtHQHOSDVDGRTXHRMDOiQRORVUHSLWDHQHO
IXWXUR´(175(9,67$1žS iJOtQHD
³TXH WDPELpQ VH ILMDUDQ HQ QRVRWURV TXH WDPELpQ TXHUHPRV PXFKRV WLUDU SDUD DUULED WHQHU QXHVWUDV
FRVDVQXHVWUDVFDVDVWDPELpQDOJXQRVPXFKRVORDQKHODPRVSDUDSRGHUIRUPDUIDPLOLD´(175(9,67$
1žSiJOtQHD
³QRVHSR¶\RTXLHURWDPELpQ\RORTXHOHKDEODEDDPLSRORODTXLHURWHQHUPLIDPLOLDTXLHURWHQHUPLV
KLMRVQRVHSRWHQHUPLIDPLOLDWHQHUDOJRWHQHUPLFDVD\WLUDUSD¶DUULEDRVHDQRWRGDPLYLGDQR
TXLHUR TXH HVWRV PH JDQHQ SXFKD TXH PH J DQHQ HVWRV ORV WUDILFDQWHV \ OD GHOLQFXHQFLD QR TXLHUR
TXHPHJDQH\ROHGLJRDPLPDPDPLPDPDPHGLFHTXHWHQJRTXHHVWDUWUDQTXLORHVSHUDUTXHLJXDO
HVWDPRVSDVDQGRXQPDOPRPHQWRHQHOSDtVLJXDOSHURHVTXH\RQRVHKDVWDFXDQGRYR\DHVS HUDU´
(175(9,67$1žSiJOtQHD
³OHGLMHDPLPDPD\RFXDQGRYROYtDTXtOHGLMH\RORPiVSUHFLDGRTXHWHQJRPDPLDPtQRPHLPSRUWD
VLPHKDFtVGRUPLUHQHOVXHOLWRSRUDKtSHUR\RHVWDQGRDTXtVR\WHUULEOHGHIHOL]\RFRQWDOGHHVWDU FRQ
XVWHGHVOHGLMHSXWDLJXDOVLHQWUDPDODRQGDQRLPSRUWDHVPDODRQGDQRPiVVLVHDFXHVWDDODVGRFH
RVHDDODVRQFH\PHGLDWLHQHODSXHUWDFHUUDGDFRQFDQGDGR´(175(9,67$1žSiJOtQHD
³D PL PDPD \R OD WHQJR FRPR ELHQ SXHVWD HQ XQ DOWDU SRU HVR SRUTXH \R SHUIHFWDPHQWH YLHQGR \R
VLHPSUHPHJXVWDREVHUYDUPXFKRDQDOL]DUODVLWXDFLyQ\RYHRORVPLVPRVSUREOHPDVTXHKHPRVWHQLGR
SRUHMHPSORHQODIDPLOLDFXDOTXLHUSHUVRQDKXELHUDHVWDGRHQPLOXJDUORYHRGHVGHDIXHUDQRKXELH UD
WHQLGRDORPHMRUDPLPDPDDPLSDSDORRGLDUtDSHUROHWHQGUtDXQRGLR\SRUHMHPSORPLPDPDDPLPH
KL]R YHU TXH PL SDSD WLHQH XQD HQIHUPHGDG \ PH KL]R LJXDO TXHUHUOR \ DFHSWDUOR FRQ HVD HQIHUPHGDG
HQWRQFHV HV XQD FXHVWLyQ SHUR PX\ JUDQGH R VHD FRPR XQFRUD]yQPX\JUDQGHSD¶DOJXLHQTXHOHKD
KHFKRWDQWRSUREOHPDGXUDQWHWRGDVXYLGDQRVHSHURTXHHVPLSDSDTXHORWHQJRTXHDFHSWDUDVtQR
VHXQDFXHVWLyQFRPRELHQJUDQGHHQUHDOLGDG´(175(9,67$1SiJOtQHD
³(OORV´
6HKD FODVLILFDGRFRPRFDWHJRUtDHVWHFRQFHSWR\DTXHDSDUHFHUHLWHUDGDPHQWH
PHQFLRQDGR (Q WpUPLQRV JHQHUDOHVH[SUHVD XQD SRVLFLyQ GH GLVWDQFLD GH OHMDQtD GH
DTXHOORV FRQ ORV TXH QR VH LGHQWLILFD OD SHUVRQD GH ORV TXH VRQ GH ³OR RWUR´ 3RU
VXSXHVWR WLHQGH D H[SUHVDU XQD GHQRPLQDFLyQ TXH WLSLILFD D ORV UHSUHVHQWDQWHV GHO
VLVWHPDLQVWLWXFLRQDOSHURWDPELpQHPHUJHSDUDH[SUHVDURLGHQWLILFDUDORVTXHVRQGH
³DOOi´\QRGH³DFi´HQWDOFDVRKD\RFDVLRQHVHQORVTXHHO³HOORV´VHUHILHUHWDPELpQD
RWURVMyYHQHV
³WRGR WLHQH TXH UHJLUVH SRU OR TXH HOORV GLJDQ KDEODQGR GHO FROHJLR R GH FXDOTXLHU WLSR GH SHUVRQD´
(175(9,67$QžSiJOtQHD
³FODURSRUTXHGHUHSHQWHXQRSRUHMHPSORQRSXHGHHVWDUSDUDGDHQXQDHVTXLQDVLQTXH HOORV YD\DQORV
SDFRVQR VHSR¶VHDFHUTXHQDPROHVWDURDSUHJXQWDUTXHHVWiQKDFLHQGR´(175(9,67$QžSiJ
OtQHD
¢\TXHHVSHUDUtDVWXGH HOORV "¢FRPRWHJXVWDUtDTXHIXHUDQ"
KXPREYLDPHQWHGLVWLQWRVSHURHVSHUDUGH HOORV\RQRHVSHURQDGD(175(9,67$QžSiJ OtQHD
³HOORV VH SUHRFXSDQ GH HOORV QR PiV LJXDO KDFHQ FDULGDG SHUR SDUD VDFDU SDUD JDQDU LPSXHVWRV
SDUHFHFXHVWLRQHVDVtLJXDOQRHQWLHQGRPXFKRGHHVRSHURQRORVYHRFyPRORVYHRFyPRSHUVRQDV
TXHFODURVHDSURYHFKDQGHODJHQW H´(175(9,67$QžSiJOtQHD
³HVFRPRORTXHGHFtDDQWHVHOORVKDFHQVXVQHJRFLRVHQELHQGH HOORVSURYHFKRGH HOORV WRGRWRGROR
TXHHOORV KDFHQWRGDXQDLQYHUVLyQSDUD HOORV´(175(9,67$QžSiJOtQHD
³FODURSRUTXHLJXDOXQRQRVDEHFRQTXHYDQDDSDUHFHU HOORVVLDSDUHFHQFRQSLVWRODVRVLDSDUHFHQFRQ
XQDUPDEODQFDFRQFXFKLOORVTXHXQROHVYDDSHJDUDVt \\DDXQR VHORWLHQHQHQWHUUDGRROHWLHQHQHO
EDOD]RSXHVWRHQWRQFHVLJXDOKD\TXHDQGDUFRQKDUWRFXLGDGRVREUHWRGRFRQORVFRPSDGUHVHVWRVGHOD
GURJDGLFFLyQTXHXXXIIIVHWUDQVIRUPDQ\VHJ~Q HOORV VRQPiVKRPEUHVSRUTXHDQGDQFRQGURJDGLFFLyQ´
(175(9,67$QžSiJOtQHD
6(*81'$
/(&785$
$1È/,6,6
(6758&785$/
32/$5,'$'(6<2(6758&785$63$5$'2-$/(6
*(1(5$&,21
'(
6REUH OD EDVH GH ODV XQLGDGHV GH VLJQLILFDFLyQ VH SXHGH UHDOL]DU XQ DQiOLVLV
HVWUXFWXUDO GHO GLVFXUVR TXH FRQVLVWH HQ OD H[WUDFFLyQ GH FRQFHSWRV HVHQFLDOHV
HQWHQGLHQGR SRU pVWRV OD GHWHFFLyQ GH DTXHOODV SDODEUDV \ IUDVHV TXH WLHQHQ OD
FDSDFLGDG GH H[SUHVDU HVWDGRV GH iQLPR SRVLWLYRV R QHJDWLYRV \ TXH D VX YH]
SRVHHQ SRWHQFLDOLGDG GH WUDQVIRUPDFLyQ DO LQWHULRU GH ORV JUXSRV VRFLDOHV 'HVGH HVH
SXQWR GH YLVWD SDUHFLy GH LQWHUpV H[WUDHU GHO GLVFXUVR GH ODV SHUVRQDV HQWUHYLVWDGDV
DTXHOORVFRQFHSWRVTXHWHQtDQGLFKRDWULEXWR\GHWHUPLQDUSDUDOHODPHQWHODFDUHQFLDR
QHFHVLGDGTXHVHPDQLIHVWDEDHQGLFKDH[SUHVLyQ
/248(6((;35(6$
0$1,38/$&,Ï1'(/$,1)250$&,Ï1
³0XFKRV GH ORV SUREOHPDV GH OD VRFLHGDG VH
/$&$5(1&,$21(&(6,'$'
75$163$5(1&,$9(5$&,'$'
WDSDQ´
³/RV PLVPRV SHULRGLVWDV OOHYDQ D OD JHQWH
KDFLDRWURODGR´
³=DPRUDQR \ HO &KLQR 5tRV VH VDFDQ GH OD
PDQJDSDUDWDSDURWUDVFRVDV´
6(&7$5,60232/,7,&2
³1R SHVFR OD SROtWLFD HV PX\ FHUUDGD FDGD
$3(5785$3/85$/,'$'
XQRWUDWDGHLPSRQHUVXVLGHDV´
³OD JHQWH GH OD SROtWLFD GHELHUD VHU PiV
DELHUWDFDGDXQRVHYDSRUVXODGRQRPDV´
(6&(37,&,602'(6&21),$1=$
³$ OR PHMRU VH KDQ WUDWDGR GH DUUHJODU ORV
SUREOHPDV SHUR HQ UHDOLGDG VH KD DYDQ]DGR
&5(',%,/,'$'
&21),$1=$
(1
(/
)81&,21$0,(172GH/$6,167,78&,21(6
PX\SRFRFDVLQDGD´
³/R LGHDO VHUtD TXH WRGRV WUDWDUDQ GH OOHJDU D
XQ FRQVHQVR \ SUHRFXSDUVH GH ORV UHDOHV
SUREOHPDVSHURQRFUHRTXHVHGHH VHLGHDO´
³$O ILQDO PXFKDV FRVDV QR VRQ PiVTXH PHUR
WUDPLWH´
(;3/27$&,21$%862
³3HUR HV FRPR KXPLOODQWH R OD H[SORWDFLyQ
Pi[LPD TXH HO HPSUHVDULR SRU VHU HO MHIH VH
-867,&,$ 62&,$/ 5(&212&,0,(172 $/
75$%$-$'25
OOHYH OD WRUWD PiV JUD QGH \ WRGRV VXV
WUDEDMDGRUHVWHQJDQODPtQLPDSDUWH
0$/$&$/,'$'GH/$('8&$&,21
³HQFXHQWUR TXH KD\ XQD SDUWH GH OD VRFLHGDG
('8&$&,21GH&$/,'$'
TXH WLHQH XQD FXOWXUD \ RWUD WLHQH KDUWD
LQFXOWXUD´
³FDFKDL TXH LJXDO WLHQHQ TXH HQVHxDU GH OD
PDQHUD TXH OHV LPSRQHQ QR SXHGHQ YDULDU
PXFKR´
³HOGLYRUFLRFRQODUHDOLGDGHVFRPRDOJRDWRGR
QLYHOHQODHGXFDFLyQDWRGRQLYHOKDVWDHQOD
8QLYHUVLGDG´
³DPLPHHQFDQWDUtDTXHIXHUDWRGRDQLYHOPiV
HVWDWDO PiV D QLYHO S~EOLFR DVt TXH OD JHQWH
WHQJD OLEUH DFFHVR D OD XQLYHUVLGDG D OD
HGXFDFLyQ
12 5(63(72 GH /$6 3(5621$6 5(63(72 $ /$6 3(5621$6 '(5(&+26
$7523(//2$/26'(5(&+26
³HV PX\PDOR HO WUDWR VLHPSUH HVWiQ FRQ TXH
GH/$63(5621$6
WXVR\DTXtTXHWXVR\DFi\VLXQRFRPHW HXQ
HUURU GH QHUYLRV GH UHSHQWH \D OR WUDWDQ SHUR
FRPRHOIRUUR´
³PH WXYLHURQ GRV GtDV FROJDGR GtD \ QRFKH
GRV GtDV SR¶ XQD WRUWXUD EXHQD PH KLFLHURQ
GRVGtDVFROJDGRHQSHORWLWDDVt´
6,1
6(17,'2
(;,67(1&,$/
9$&,2
$1*867,$ 6(17,'2 GH 9,'$ 352<(&72 GH 9,'$
³FUHRTXHODJHQWHHVWDWULVWHFUHRTXHKD\XQ
75$6&(1'(17(
YDFtRDEVROXWR´
³FUHRTXHVLPLUDVDWXFDUUHUDDWXSURIHVLyQ
FRPRDOJRTXHWHYDDUHDOL]DURORTXHVHDD
WX IDPLOLD QR VH XQR FDH HQ OD IUXVWUDFLyQ
UiSLGDPHQWHFXDQGRVH GDFXHQWDTXHHVRHQ
UHDOLGDGQRHUD´
³SDUHFHTXHQRKDYLVWRDWRGRVORVPXFKDFKRV
TXHHVWiQSD¶ODFDJDHQODGURJDYDQDPRULU
DKt \D HOORV OR ~QLFR TXH HVSHUDQ HV PRULUVH
QDGDPiVHVWiQPXHUWRVODGURJD\DORVWLHQH
EDMDGRV´
³0XFKRV SURIHVRUHV VRQ FRPR ORV FREUD
VXHOGRVFRPROHVGLFHQTXHHVSHUDQKDVWDHO
ILQGHPHVSD¶FREUDUODSODWDHLUVHSD¶ODFDVD´
$SDUWLUGHORVFRQFHSWRVHVHQFLDOHVVHJHQHUDURQODVPHWDFDWHJRUtDVPHGLDQWH
XQ SURFHVR GH GHFRQVWUXFFLyQ GHO GLVFXUVR TXH SHUPLWLy GHVFLIUDU ORV SLODUHV GHVGH
GRQGH VH OHYDQWD \ VH HVWUXFWXUD HO GLVFXUVR (VWDV PHWDFDWHJRUtDV SHUPLWHQ
UHFRQVWUXLU GH PDQHUD IHQRPHQROyJLFD OD UHDOLGDG FRQWH[WXDO D SDUWLU GHO OHQJXDMH
(VWDVSXHGHQVHUYLVWDVGHVGHXQDSHUVSHFWLYDXQLGLPHVLRQDO
3DUWLFLSDFLyQ
&UHGLELOLGDGGHOVLVWHPD
$XWRHVWLPD DXWRYDORUL]DFLyQ
'LVSRVLFLyQDOFDPELRVRFLDO
3HUR WDPELpQ D SDUWLU GH GLFKDV PHWDFDWHJRUtDV VH SXHGH VLQWHWL]DU HQ DOJ~Q
FRQFHSWR TXH VH PDQLILHVWH HQ XQD GREOH GLPHQVLyQ \ TXH WHQJD OD FXDOLGDG GH
LQWHUSUHWDUVLQWpWLFDPHQWHORVFRQFHSWRVPDQLIHVWDGRVHQODPHWDFDWHJRUtDVDQWHULRUHV
(VDGREOHGLPHQVLyQODFODVLILTXHGLDOpFWLFDPHQWHHQ
$/RIRUPDOTXHFRPSUHQGHHOURO\ODYDORUDFLyQGHORVMyYHQHVHQHOGLVFXUVRRILFLDO
%/RUHDOTXHFRPSUHQGHORTXHORVMyYHQHVFUHHQ\VLHQWHQHQODUHDOLGDG
6H GHILQLy TXH HVRV GRV FRQFHSWRV DEDUFDQWHV H LQFOXVLYRV GH ODV
PHWDFDWHJRUtDVVRQ
&RQILDQ]D GHVFRQILDQ]DHQHOVLVWHPD
&RKHUHQFLD LQFRKHUHQFLD
$PERV FRQFHSWRV ELGLPHQVLRQDOHV WLHQHQ HVWUHFKD YLQFXODFLyQ HQWUH VL R PiV
ELHQGLFKRHQHOFRQWH[WRGHORVH[SUHVDGRSRUORVHQWUHYLVWDGRVHVSRVLEOHHVWDEOHFHU
XQDUHODFLyQHYLGHQWHTXHVHSRGUtDRUJDQL]DUFRQFHSWXDOPHQWHHQODVVLJXLHQWHVLGHDV
&21),$1=$± '(6&21),$1=$(1(/6,67(0$
/2)250$/
/25($/
³6HVXSRQHTXHWRGRVVHSUHRFXSDQGHOELHQFRP~Q
³&DGDXQRWLUDSDUDVXVSURSLDVLGHDVQRPDV´
³&ODUR SDUHFH TXH VH KDQ WUDWDGR GH DUUHJODU ORV ³0XFKRVGHORVSUREOHPDVVHWDSDQ´
SUREOHPDV´
³&KLOHHVWDVXSHUDQGRODSREUH]DDVtVDOHDOPXQGROD ³VLJXH LJXDO R VHD FRPR TXH WUDWDQ GH ³ DUUHJODU VX
VXSHUDFLyQ
GH
/DWLQRDPpULFD´
OD
SREUH]D
ORV
MDJXDUHV
GH LPDJHQFDFKDLDFRVWDGHQRVRWURVGHQRVRWUDV´
³TXHOD,JOHVLDHVWDFRQORVSREUHVVLTXHODLJOHVLDGH ³HV SD¶ SXUR VDFDUOHV SODWD \ PHMRUDU OD VLWXDFLyQ
ORVSREUHVTXHKDFHQHOELHQ\TXH'LRV´
³HO
GLUHFWRU
HVFXFKDUWH´
PXFKDV
YHFHV
WDPELpQ
HFRQyPLFDGHOD,JOHVLD´
SUHWHQGH ³WH HVFXFKD SHUR QR WH R\H QR HQWLHQGH OR TXH WX OH
³FRPRTXHWUDWDQGHGDUXQDLPDJHQTXHDSR\DDOJR´
GLFHV´
³R VHD VH DSURYHFKDQ GH QRVRWURV R VHD DO GHFLU TXH
QRVHVWiQD\XGDQGR´
&2+(5(1&,$ ,1&2+(5(1&,$
/2)250$/
/25($/
³D OR PHMRU HVWDPRV HVSHUDQGR TXH DSDUH]FD ³VH ROYLGDQ GH WRGRV VXV SULQFLSLRV WRGR R VHD QR
DOJXLHQ HQ UHDOLGDG QR VH SR¶ TXH QR VHD WDQWD YDOHQDGDSDVDQDVHUKLSyFULWDV´
PHQWLUDTXHVHSUHRFXSH´
³OR TXH HOORV SURSRQHQ OR TXH GLFHQ TXH YDQ D ³ODV DFFLRQHV TXH VH OOHYDQ D FDER QR VRQ QR
KDFHUFRPRGLFH\DYDPRVDKDFHUHVWR´
OOHJDQ D WRGD OD JHQWH \R FUHR TXH SRU DKt HVWD
FRPRXQDLQMXVWLFLDVRFLDO´
³XQ SURIHVRU R HO PLVPR GLUHFWRU WH SXHGHQ KDEODU ³YDVDGHFLUOHVTXHFXPSODQWRGRORTXHGLMHURQ\VH
PXFKDVFRVDVHQXQPRPHQWR
ODYDQODVPDQRVQRORKDFHQ´
$PERV FRQFHSWRV ELGLPHQVLRQDOHV WLHQHQ HVWUHFKD YLQFXODFLyQ HQWUH VL R PiV
ELHQGLFKRHQHOFRQWH[WRGHORVH[SUHVDGRSRUORVHQWUHYLVWDGRVHVSRVLEOHHVWDEOHFHU
XQD UHODFLyQ HYLGHQWH TXH VH SRGUtD RUJDQL]DU FRQFHSWXDOPHQWH HQ ODV VLJXLHQWH
FRQFOXVLyQ
3DUHFH HYLGHQWH TXH H[LVWH SRFD FRQILDQ]D \ FUHGLELOLGDG GH ORV MyYHQHV
HQWUHYLVWDGRV HQ OD LQVWLWXFLRQDOLGDG GHO VLVWHPD (VD GHVFRQILDQ]D HV PX\
HYLGHQWH \ H[SOtFLWD FRQ UHODFLyQ D ORV SROtWLFRV \R DO VLVWHPD SROtWLFR SHUR DO
SURIXQGL]DUHODQiOLVLVHVSRVLEOHGHWHFWDUTXHDEDUFDDXQHVSHFWURPiVDPSOLR
GHODSDUDWRLQVWLWXFLRQDO$XQTXHQROD~QLFDODSULQFLSDOUD]yQTXHHPHUJHSDUD
JHQHUDU HVWDVLWXDFLyQHVODIXHUWHLQFRKHUHQFLDTXHORVHQWUHYLVWDGRVDVLJQDQD
ODV LQVWLWXFLRQHV \ VXV UHSUHVHQWDQWHV HQ OR TXH KDFH D VX FRPSRUWDPLHQWR
DFWLWXGHV\DFFLRQHV
&$3,78/29
ž/(&785$$1$/,6,6(
,17(535(7$&,21GH/$,1)250$&,21
(QXQDSULPHUDOHFWXUDORV GDWRV\ODLQIRUPDFLyQTXHYDHQWUHJDQGRHODQiOLVLV
GH ODV HQWUHYLVWDV QRV SXHGHQ VHUYLU SDUD LU IRUPXODQGR XQD LQWHUSUHWDFLyQ 'DGR HO
FDUiFWHU FXDOLWDWLYR GHO SUHVHQWH HVWXGLR ODV FRQFOXVLRQHV REWHQLGDV QR VRQ
JHQHUDOL]DEOHV FRPR VL VH WUDWDVH GH XQD PXHVWUD HVWDGtVWLFDPHQWH UHSUHVHQWDWLYD
SHURVËHVSRVLEOHFRQVLGHUDUTXHVRQH[SUHVLyQGHXQDUHDOLGDGTXHSRGUtDSUHVHQWDUVH
FRQ DOJXQD UHJXODULGDG HQ RWURV FDVRV 3RU RWUD SDUWH HV LPSRUWDQWH WHQHU HQ FXHQWD
TXHDSHVDUGHODFRQVLGHUDFLyQDQWHULRUVHWUDWDGHLQIRUPDFLyQ\FRQRFLPLHQWRGHDOWD
VLJQLILFDFLyQ GDGR TXH HQ PXFKRV FDVRV ODV HQWUHYLVWDV FRQVLJXLHURQ QLYHOHV GH
SURIXQGLGDGTXHGLItFLOPHQWHSRGUtDQVHUFRQVHJXLGRVHQXQHVWXGLRFRQSUHHPLQHQFLD
HVWDGtVWLFD\FXDQWLWDWLYD
'LVRQDQFLD HQWUH OD IRUPDOLGDG LQVWLWXFLRQDO \ OD SHUFHSFLyQ GH ORV MyYHQHV
HQWUHYLVWDGRV(VFDVDFUHGLELOLGDGGHODVLQVWLWXFLRQHVRILFLDOHV\RIRUPDOHV
(QSULPHUOXJDUSDUHFHHYLGHQWHTXHH[LVWHXQDIXHUWHGLVRQDQFLDHQWUHHOSDSHO
\VLJQLILFDFLyQTXHVHDXWRRWRUJDQODVGLIHUHQWHVLQVWLWXFLRQHV\VXVUHVSHFWLYRVDFWRUHV
\ OD SHUFHSFLyQ \ YDOLGDFLyQ TXH OH RWRUJDQ ORV MyYHQHV HQWUHYLVWDGRV 'HVDUUROOHPRV
HVWDLGHDUHYLVDQGRGRVDVSHFWRVTXHHPHUJHQFODUDPHQWHHQHOHVWXGLR
5HYLVHPRV OD LQVWLWXFLyQ HGXFDWLYD JHQpULFDPHQWH OODPDGD HVFXHOD 6L QRV
UHPLWLPRV D OD LQIRUPDFLyQ RILFLDO H[LVWHQWH D QLYHO GH 0LQLVWHULR GH (GXFDFLyQ R
LQVWLWXFLRQHV GHSHQGLHQWHV R YLQFXODGDV DVt FRPR WDPELpQ ODV GHFODUDFLRQHV GH
SULQFLSLR R GRFXPHQWRV RILFLDOHV GH FROHJLRV RUJDQLVPRV JUHPLDOHV GRFHQWHV R
GLIHUHQWHVLQVWLWXFLRQHVUHODFLRQDGDVFRQODHGXFDFLyQREVHUYDUHPRVTXHVHVXHOHGDU
SRU HQWHQGLGR TXH H[LVWH XQD LQGLVFXWLEOH YDORUDFLyQ GHO FRQMXQWR GH OD VRFLHGDG
UHVSHFWRGHVXVLJQLILFDWLYDLPSRUWDQFLDHQWHQGLpQGRVHTXHHVDLPSRUWDQFLDVHEDVDHQ
HO LQVXVWLWXLEOH URO TXH MXHJDQ GLFKDV LQVWLWXFLyQ HVFXHOD \ VXV DFWRUHV SURIHVRUHV
SDGUHV RULHQWDGRUHV SVLFyORJRV LQYHVWLJDGRUHV HQ OD IRUPDFLyQ GH ODV QXHYDV
JHQHUDFLRQHV(VGHFLUVHVXSRQHTXHWDQWRODLQVWLWXFLyQHVFXHODFRPRVXVDFWRUHV
SURIHVRUHVVRQXQDLPSRUWDQWHUHIHUHQFLD\SRUHQGHVHHQFXHQWUDHQFRQGLFLRQHVGH
GDURULHQWDFLyQDODVQXHYDVJHQHUDFLRQHV6LQHPEDUJRDODOX]GHORVHxDODGRHQODV
HQWUHYLVWDV UHDOL]DGDV HQ HO SUHVHQWH HVWXGLR GLFKD YDORUDFLyQ VH HQFRQWUDUtD
VHYHUDPHQWH FXHVWLRQDGD GH ORV GLVFXUVRV DQDOL]DGRV VH GHVSUHQGH TXH OD IXHUWH
FUtWLFD TXH ORV MyYHQHV VRVWLHQHQ UHVSHFWR GH OD LQVWLWXFLyQ \ VXV DFWRUHV KDFH PX\
GLItFLO VXSRQHU TXH DFWXDOPHQWH HVWRV VH PDQLILHVWHQ GLVSXHVWRV D VHU RULHQWDGRV R
UHIHUHQFLDGRV SRU LQVWLWXFLRQHV \ SHUVRQDV TXH QR SDUHFHQ FRQWDU FRQ OHJLWLPLGDG GH
SDUWHGHHOORV6LVHDFHSWDHVWDLQWHUSUHWDFLyQQRV OOHYDDFRQFOXLUTXHHQWDOFDVRQRV
HQFRQWUDPRV IUHQWH D XQ DVXQWR QR PHQRU WRGD YH] TXH IXQFLRQD WRGR XQ DSDUDWDMH
LQVWLWXFLRQDOFX\RVXSXHVWRUHVSHFWRGHODOHJLWLPLGDGVRFLDOQRVHUtDDFHUWDGR
2WURDVSHFWRVLJQLILFDWLYRVXUJHHQUHODFLyQDODLQVWLWXFLRQDOLGDGSROtWLFD\VXVDFWRUHV
3RGHPRV REVHUYDU TXH IUHQWH DO SUREOHPD GH OD HVFDVD SDUWLFLSDFLyQ MXYHQLO HQ ORV
DVXQWRV S~EOLFRV ORV DQiOLVLV TXH PDQLILHVWDQ GLIHUHQWHV ³IRUPDGRUHV GH RSLQLyQ´ GH
PDQHUD VLPSOLILFDGD VH UHGXFHQ D VXSRQHU TXH HO SUREOHPD IXQGDPHQWDO HVWD HQ OD
H[LVWHQFLD GH XQD JHQHUDFLyQ DSiWLFD LQGLYLGXDOLVWD TXH QR PDQLILHVWD LQWHUpV SRU ORV
SUREOHPDV VRFLDOHV R FRPXQLWDULRV (V GHFLU HQ GLFKRV DQiOLVLV H[LVWH OD SUHPLVD R HO
SUHGLDORJDO GH TXH HO SUREOHPD VH XELFD FHQWUDOPHQWH HQ ORV MyYHQHV \ VX HVFDVR
³FRPSURPLVR FtYLFR´ 6LQ HPEDUJR OD LQIRUPDFLyQ TXH DSRUWD HO SUHVHQWH HVWXGLR
GHVFDUWD OD H[LVWHQFLD GH XQ WRWDO GHVLQWHUpV SRU ORV DVXQWRV S~EOLFRVSRU HO FRQWUDULR
HQYDULRVFDVRVVHREVHUYDXQPDQLILHVWRLQWHUpVSRUWHPiWLFDVGHQHWRFDUiFWHUVRFLDO\
HQ PXFKRV FDVRV HVWR VH HYLGHQFLD D WUDYpV GH SRVWXUDV FODUDV \ IXQGDPHQWDGDV
UHVSHFWRGHGLFKRVWHPDV/RVMyYHQHVHQWUHYLVWDGRVQRPDQLILHVWDQODVXSXHVWDDSDWtD
TXH VH OHV DWULEX\H OR TXH VL UHVXOWD HYLGHQWH HV XQ IXHUWH UHFKD]R D ODV SUiFWLFDV
SROtWLFDVTXHDHOORVOHVUHVXOWDQFHQVXUDEOHV
(VWD FRQFOXVLyQ SXHGH VHU FRWHMDGD FRQ ODV UHIOH[LRQHV GHO HVWXGLR ³,QVWLWXFLyQ
HVFRODU \ RUJDQL]DFLyQ IRUPDO MXYHQLO OD HPHUJHQFLD GH XQ VXMHWR´ GH &HUGD \ RWURV
(VWD HV XQD LQYHVWLJDFLyQ GH FDUiFWHU HWQRJUiILFDUHDOL]DGD HQGRVOLFHRV GH6DQWLDJR
FRQ HO REMHWR GH HVWXGLDU OD FXOWXUD MXYHQLO HQ HVRV FRQWH[WRV HGXFDWLYRV (PSOD]DGR
HVSHFtILFDPHQWH HQ HVWXGLDU HO VLVWHPD GH UHODFLRQHV TXH VH GD HQ HO HVSDFLR GHO
&HQWUR GH $OXPQRV HVSDFLR FDUDFWHUL]DGR SRU VX FDUiFWHU GH ³LQVWLWXFLRQDO´ DO HVWDU
VXMHWR D ODV IRUPDOLGDGHV \ QRUPDWLYDV UHJODPHQWDULDV GH OD HVFXHOD $ SDUWLU GH OD
UHODFLyQ ³,QVWLWXFLyQ DOXPQRV´ VH GHYHODQ FyPR OD HPHUJHQFLD GH XQ VXMHWR MXYHQLO
HQWUD HQ FRQWUDGLFFLyQ FRQ OD LQVWLWXFLyQ HVFRODU (O HVWXGLR FRLQFLGH FRQ QXHVWUDV
FRQFOXVLRQHV HQ RUGHQ D OD GLVWDQFLD \ WHQVLyQ HYLGHQWH TXH VH GD HQWUH ODV
DVSLUDFLRQHV \ VHQVLELOLGDG GH ORV MyYHQHV \ XQD HVWUXFWXUD LQVWLWXFLRQDO IRUPDO TXH
3RUSUHGLDORJDOHQWHQGHUHPRVDXQDHVWUXFWXUDGHFUHHQFLDV\SRVWXODGRVTXHHOREVHUYDGRSRVHHSUHYLDPHQWH
UHVSHFWR GHO IHQyPHQR TXH REVHUYD R DQDOL]D (VWD HVWUXFWXUD WLHQH OD FDUDFWHUtVWLFD GH WHQHUVH SRU HQWHQGLGD \
DVXPLGDSRUODVSDUWHV\SRUORWDQWRVLQTXHVHKDJDH[SOtFLWD'DGRWDOKHFKRSXHGHDFRQWHFHUTXHHQXQGLDORJR
ODVSDUWHVSRVHDQSUHGLDORJDOHVGLIHUHQWHVHLQFOXVRHQFRQWUDGRV6HHQWHQGHUiHQWRQFHVODLPSRUWDQFLDGHKDFHU
H[SOtFLWRVORVSUHGLDORJDOHVFRQORVFXDOHVVHRSHUDORFXDOODPHQWDEOHPHQWHQRVLHPSUHRFXUUH3DUD DPSOLDFLRQHV
VREUHHVWHWUDVFHQGHQWDOWHPDVHSXHGHYHUD2UWHJDHQ³LGHDV\FUHHQFLDV´\D6,/2HQODFRQIHUHQFLDGLFWDGDHQ
2FWXEUHGHHQOD$FDGHPLDGH&LHQFLDVGH5XVLDWLWXODGD³ODVFRQGLFLRQHVGHOGLiORJR´
GLItFLOPHQWH FRLQFLGHQ 8Q HMHPSOR HYLGHQWH GH HOOR VH YH HQ OD VLJXLHQWH FLWD GHO
HVWXGLR
³7DPELpQH[LVWHXQUHFODPRSRUSDUWHGHORVHVWXGLDQWHVHQUHODFLyQDOD
UHVWULFFLyQ D SDUWLFLSDU (Q HIHFWR YDULRV DOXPQRV ³OtGHUHV´ IXHURQ
PDQLIHVWDQGR VX YROXQWDG GH KDEHU SDUWLFLSDGR GH KD EHU SRVWXODGR D OD
GLUHFWLYD 1RWDVHUHILHUHDOFHQWURGHDOXPQRV6LQ HPEDUJRUHFRQRFtDQ
TXH HVR HUD LPSRVLEOH GHELGR D ODV UHVWULFFLRQHV SXHVWDV D ORV
LQWHUHVDGRV QR SXHGHQ VHU DOXPQRV GH ž PHGLR GHEHQ WHQHU EXHQDV
QRWDV \ EXHQD FRQGXFWD QR SXHGHQ VHU UHSLWHQWHV R KDEHU HVWDGR
FRQGLFLRQDOHV HWF $ SDUWLU GH HVH ³GHSXUDPLHQWR´ GH ORV FDQGLGDWRV D
GLULJLU HO &HQWUR GH $OXPQRV SDUHFH YHULILFDUVH XQ SURFHVR HQ HO TXH
QXPHURVRV OtGHUHV MXYHQLOHV TXHGDQ IXHUD GH OD SRVLELOLGDG GH SDUWLFLSDU
HQHO&HQWURGH$OXPQRVGHVFDOLILFDGRVSRUQRDGHFXDUVHDOSHUILOH[LJLGR
SDUDXQGLULJHQWH³EXHQDOXPQR´³RUGHQDGR´³QRFRQIOLFWLYR´SiJLQD
(VWRQRVHYLGHQFLDWDPELpQXQDGLVRQDQFLDHQWUHODVHQVLELOLGDG\DVSLUDFLRQHV
MXYHQLOHV \ ODV SRVLELOLGDGHV UHDOHV TXH HQWUHJD HO VLVWHPD (Q HO FDVR GH OD FLWDGD
LQYHVWLJDFLyQ HVD GLVRQDQFLD VH GD HQ OD LQVWLWXFLRQDOLGDG H[LVWHQWH SDUD OD
SDUWLFLSDFLyQGHUHSUHVHQWDFLyQHVWXGLDQWLOHQQXHVWURHVWXGLRODKHPRVHQFRQWUDGRHQ
OD LQVWLWXFLRQDOLGDG SROtWLFD ODERUDO VLQGLFDO HWF 6H WUDWD GH PXQGRV \ VLWXDFLRQHV
DSDUHQWHPHQWH GLVWLQWDV SHUR HQ WRGDV HOODV VH HQFXHQWUD TXH OR FRP~Q HV HVD
HQRUPH GLVRQDQFLD \ HOOR HV H[SUHVDGR FDWHJyULFD \ ILUPHPHQWH SRU ORV MyYHQHV
HVWXGLDGRVWDQWRHQQXHVWURHVWXGLRFRPRHQODLQYHVWLJDFLyQVHxDODGD
2WURHVWXGLRTXHSHUPLWHUHDILUPDUHVWDWHQGHQFLDHVWDGDGRSRUORVHxDODGRSRU
OD ³6HJXQGD (QFXHVWD 1DFLRQDO GH -XYHQWXG´ GHO DxR (OOD FRPSUXHED TXH XQ
Q~PHUR HVFDVR GH MyYHQHV VRQ DFWLYRV SROtWLFDPHQWH DXQTXH OD JUDQ PD\RUtD WLHQH
RSLQLyQ\PXHVWUDLQWHUpVUHVSHFWRGHODWHPiWLFDSROtWLFD(OHVWXGLRGHPXHVWUDTXHKD
DXPHQWDGR IXHUWHPHQWH HO GHVFUpGLWR GH ORV SDUWLGRV SROtWLFRV \ GH TXLHQHV HMHUFHQ
HVWD DFWLYLGDG DVt FRPR WDPELpQ GH DSDUHFHQ GHVHQFDQWDGRV FRQ RWURV PHFDQLVPRV
GH UHSUHVHQWDFLyQ TXH HO VLVWHPD RIUHFH /DV HVWDGtVWLFDV FRPSUXHEDQ HVWDV
DILUPDFLRQHVSRUHMHPSORHOVLJQLILFDWLYRGHVFHQVRGHODWDVDGHLQVFULSFLyQMXYHQLOHQ
ORVUHJLVWURVHOHFWRUDOHV(OHVWXGLRVHxDODDOUHVSHFWR
³(O GHVLQWHUpV GH ORV MyYHQHV SRU LQVFULELUVH HQ ORV UHJLVWURV HOHFWRUDOHV
HVXQDFRQGXFWDFRKHUHQWHFRQVXRSLQLyQSROtWLFD6LELHQFDVLHOGH
ORV MyYHQHV TXH HVWiQ LQVFULWRV HQ ORV UHJLVWURV HOHFWRUDOHV YROYHUtD D
KDFHUORORTXHPiVGHEHSUHRFXSDUHVTXHPXFKRVQRUHLQFLGLUtDQHQWD O
FRQGXFWD 6L D HVWH JUXSR VH VXPDQ ORV QR LQVFULWRV WHQHPRV TXH GRV
WHUFLRVGHORVMyYHQHVQROHJLWLPDQHOVLVWHPDHOHFWRUDO´SiJLQD
$PERVHVWXGLRVVLELHQGHVGHSHUVSHFWLYDVGLIHUHQWHVDOQXHVWURPXHVWUDQXQD
WHQGHQFLDVLPLODUDODTXHKHPRVHQFRQWUDGRHQHVWHHVWXGLR
3DUDIUDVHDQGR D 2UWHJD GLUHPRV TXH VH SXHGH REVHUYDU TXH UHVSHFWR GHO
VLVWHPD VX HVWUXFWXUD \ VXV LQVWLWXFLRQHV OR TXH H[LVWH FODUDPHQWH GH SDUWH GH ORV
MyYHQHVHVXQD³IHLQHUWH´1RKD\FRQILDQ]DHQODVLQVWLWXFLRQHV\HVWRSRGHPRVYHUOR
FRPRXQLQGLFDGRUHYLGHQWHGHXQDGHFDGHQFLDGHOVLVWHPDYLJHQWH
9DORUDFLyQ\DSHJRSRUODHVWUXFWXUDIDPLOLDU
6L HQ RWURV PRPHQWRV KLVWyULFRV HO HOHPHQWR GLVWLQWLYR GH OD GLDOpFWLFD
JHQHUDFLRQDO IXH OD IXHUWH FRQIURQWDFLyQ FRQ ORV SDGUHV \ HO FXHVWLRQDPLHQWR D OD
IDPLOLDFRPR LQVWLWXFLyQHOORHQFDVRDOJXQRVHREVHUYDHQORVMyYHQHVHQWUHYLVWDGRV
QL VLTXLHUD HQ DTXHOORV HQWUHYLVWDGRV HQ VLWXDFLyQ GH PDUJLQDOLGDG VRFLDO HQ GRQGH OD
HVWUXFWXUDIDPLOLDUHVWDJUDYHPHQWHGHWHULRUDGD/DIXHUWHFUtWLFDTXHHQPXFKRVFDVRV
VH KDFH DO VLVWHPD VRFLDO QR WRFD D ORV SDGUHV QL DO PHGLRIDPLOLDU LQPHGLDWR 3RU HO
FRQWUDULR OD IDPLOLD VH YH FRPR XQD VXHUWH GH UHIXJLR XQ iPELWR GH SHUWHQHQFLD
DOWDPHQWHYDORUDGR
¢WHLQWHUHVDWXIDPLOLD"
VLLLL EDVWDQWH \R OH GLMH D PL PDPD \R FXDQGR YROYt DTXt OH GLMH \R OR PiV
SUHFLDGRTXHWHQJR PDPLDPLQRPHLPSRUWDVLPHKDFLVGRUPLUHQHOVXHOLWR
SRU DKt SHUR \R HVWDQGR DTXt VR\ WHUULEOH GH IHOL] \R FRQ WDO GH HVWDU FRQ
XVWHGHVOHGLMHSXWDLJXDOVLHQWUDPDODRQGDQRLPSRUWDHVPDODRQGDQRPiV
VLVHDFXHVWDDODVGRFHRVHDDOD VRQFH\PHGLDWLHQHODSXHUWDFHUUDGDFRQ
FDQGDGR´MRYHQGURJDGLFWRFRQDQWHFHGHQWHVSROLFLDOHV
(VWHLQWHUHVDQWHWHPDHVWiWUDWDGRDPSOLDPHQWHHQHOPDUFRFRQFHSWXDOGHOSUHVHQWHHVWXGLRHQODVSDJLQDV
\
³WRGDVODVFRVDVPDODVTXHWLHQHpVWDVRFLHGDGVLODVUHSURGXFLVDGHQWURGHWX
FDVDFRVDTXHXQRYDDFXDOTXLHUFDVD\ORSXHGHYHUPiVPHQRVHVWHUULEO H
DKtVLTXHHVWULVWHHQWRQFHV\RSRUORPHQRVOXFKRSRUTXHHVRQRSDVHSRUQR
FRQWDPLQDUPHPiVGHORTXHFRQVFLHQWHPHQWHSXHGRORJUDULQFRQVFLHQWHPHQWH
LJXDOWDLVXSHUFRQWDPLQDGR\RORVHFDFKDLHVLQHYLWDEOHSHURWUDWDUGHTXHOR
TXH FRQVFLHQWHP HQWH SRGLV QR FRQWDPLQDUWH QR FRQWDPLQDUWH \R WUDWR HVR
OXFKRFRQHVRFDFKDLSRUTXHVLWUDLVWRGRVHVRVPDOHVGHODVRFLHGDGDWXFDVD
TXH WH GLJR \R IDPLOLD TXH YLVLWR OD YHR LJXDO GH HQIHUPD TXH HO SDtV LJXDO
WUD\HQGR WRGRV VXV SUREOHPDV SHUR HQ PLFUR D QLYHOHV PHQRUHV PHQRUHV HQ
UHODFLyQDTXHVRQPHQRVJHQWH\PD\RUHVDQLYHOTXHVRQYLGDVTXHVHHVWiQ
GHVWUX\HQGR SD¶ PL ORV SUREOHPDV LQWHUSHUVRQDOHV HV OR PiV LPSRUWDQWH ODV
UHODFLRQHVIDPLOLDUHVIUXVWUDGDVTXHWXSRGLVYHUSD¶PLHVDVVRQ YLGDVPXHUWDV
R VHD YLGDV HV TXH SDUD PL VLQ DPRU R VLQ EXHQDV UHODFLRQHV QR HV SRVLEOH
YLYLUFDFKDLHQWRQFHVSD¶PL\RYHRIDPLOLDVHQFULVLVDOFRKROLVPRVHSDUDFLyQ
PDOWUDWRDPD\RURPHQRUHVFDODQRHVWR\KDEODQGRGHGUDPDVIDPLOLDUHVSD¶
QD R GHVOHDOWDGHV R PDOD FRQYLYHQFLD \ SDUD PL VRQ YLGDV GHVWUR]DGDV TXH
DSRUWDQ XQD IDPLOLD HV FyPR SXUDV SHORWLWDV TXH YDQ DSRUWDQGR D HVWH PLVPR
VLVWHPDTXHpVWDGHVWUR]DGRFDFKDLHQWRQFHVKD\TXHWUDWDURVHD\RHVRWUDWR
GHQRVHJXLUHVDFRUULHQWH´ HVWXGLDQWHGH3HGDJRJtDDxRVFDVDGD
(VWD FRQFOXVLyQ FRLQFLGH FRQ ORV UHVXOWDGRV TXH DUURMD OD 6HJXQGD (QFXHVWD
1DFLRQDO GH -XYHQWXG GHO ,1-89 6HJ~Q HVH HVWXGLR XQ SRUFHQWDMH GH DOUHGHGRU GHO
FDOLILFD FRQ QRWDV R HQ HVFDOD GH D VX UHODFLyQ FRQ ORV SDGUHV HQ ORV
DVSHFWRVGHDSR\RGHPRVWUDFLyQGHDIHFWRFRPSUHQVLyQ\FRPXQLFDFLyQ1RREVWDQWH
HO HVWXGLR VHxDOD TXH HQ OD IDPLOLD VH SUHVHQWDQ SUREOHPDV TXH RWRUJDQ GRVLV GH
YXOQHUDELOLGDGDHVWDVLWXDFLyQFRPRVRQYLROHQFLDLQWUDIDPLOLDUFRQVXPRGHDOFRKRO\
GURJDVORTXHVHGDPiVIXHUWHPHQWHHQORVHVWUDWRVVRFLRHFRQyPLFRVEDMRV$SHVDU
GHHOORVHFRQILUPDODWHQGHQFLDTXHVHHYLGHQFLDHQQXHVWURHVWXGLR
³GH DFXHUGR FRQ ORV MyYHQHV OD IDPLOLD SDUHFH YLYLU XQ SHULRGR GH
PHMRUDPLHQWR HQ VXV UHODFLRQHV SRU XQD FHUFDQtD GH DPERV SDGUHV FRQ
VXV KLMRV HO SDGUH DSDUHFH FRPR IXHQWH GH DSR\R\ FRPSUHQVLyQ GHQWUR
GHODIDPLOLDHQDOJXQRVFDVRVPX\FHUFDGHODPDGUH´SiJLQD
(VWD FRQFOXVLyQ QRV SDUHFH GH JUDQ LPSRUWDQFLD $ QXHVWUR HQWHQGHU OD IDPLOLD
FXPSOLUtDKR\XQUROGHUHIXJLRVRFLDOHPRFLRQDO\HFRQyPLFRFRQPD\RUIXHU]DTXHHQ
RWURVPRPHQWRVKLVWyULFRV8QDSRVLEOHLQWHUSUHWDFLyQHVTXHHQXQVLVWHPDGRQGH OD
UHGGHSURWHFFLyQVRFLDOVHYHVHYHUDPHQWHGLVPLQXLGDODVSHUVRQDVEXVFDQUHIRU]DUHO
~QLFRHVSDFLRGRQGHKD\VHFRQVLJXHQFRQGLFLRQHVGHPtQLPDHVWDELOLGDG\VHJXULGDG
WDO YH] HVWD SRGUtD VHU OD PRWLYDFLyQ SULQFLSDO SDUD OD LQWHJUDFLyQ D ODV SDQGLOODV R
JUXSRV VLPLODUHV YHU VLJXLHQWH SXQWR (Q WRGR FDVR HVWH XQ DVXQWR TXH ELHQ SRGUtD
VHU FRQVLGHUDGR SDUD IXWXURV HVWXGLRV TXH DQDOLFHQ HQ SURIXQGLGDG HVWH LPSRUWDQWH
WHPD
ž /D YLROHQFLD DVXPLGR FRPR FRQVWLWXWLYD GHO DPELHQWH \ FRPR IRUPD GH
UHODFLyQFRWLGLDQD
(VWH DVSHFWR UHVXOWD HVSHFLDOPHQWH LPSRUWDQWH SRU VX FRQQRWDFLyQ \
FRQVHFXHQFLDVSUiFWLFDVTXHLPSOLFD$WUDYpVGHORVUHODWRV\GHORVGLVFXUVRVTXHVH
YDQ FRQVWUX\HQGRVH YDQFRQILJXUDQGRGLIHUHQWHVH[SUHVLRQHVTXHGDQFXHQWDGHXQD
IXHUWH VHQVDFLyQ GH YLROHQFLD D OD TXH HVWiQ H[SXHVWRV ORV HQWUHYLVWDGRV HQ VX
FRWLGLDQHLGDG 6H PHQFLRQD H[SOtFLWDPHQWH HO FRQFHSWR GH YLROHQFLD SDUD UHIHULUVH
IXQGDPHQWDOPHQWHDOHMHUFLFLRGHXQWLSRGHYLROHQFLDItVLFDODTXHDSDUHFHGHPDQHUD
UHLWHUDGDHQGLYHUVRVDFWRV FRWLGLDQRVHQODYLGDGHORVMyYHQHVSHURDGHPiVDSDUHFHQ
RWURV PRGRV GH YLROHQFLD TXH VL ELHQ HV FLHUWR PXFKDV YHFHV QR VRQ OLWHUDOPHQWH
H[SUHVDGRV EDMR HVWH FRQFHSWR VH OHV SXHGH XELFDU EDMR HVWD FDWHJRUL]DFLyQ OD
GHVKXPDQL]DFLyQ OD GLVFULPLQDFLyQ OD H[SORWDFLyQ ODERUDO HO DXWRULWDULVPR HO DEXVR
SROLFLDO VRQ DOJXQDV PDQHUDV FRPR VH PDQLILHVWD OD YLROHQFLD HQ OD YLGD GH HVWRV
MyYHQHV/RRWURUHOHYDQWHTXHVHSXHGHREVHUYDUHLQWHUSUHWDUHVXQDGLVSRVLFLyQTXH
VH PDQLILHVWD HQ DOJXQRV GH ORV FDVRV HVWXGLDGRV FRQ UHODFLyQ D LQFRUSRUDU HVD
VLWXDFLyQ GH YLROHQFLD GHO DPELHQWH FRPR XQ FRQGLFLRQDQWH GHO FXDO HV QHFHVDULR
SURWHJHUVH\IUHQWHDOFXDOHQDOJXQRVFDVRVODUHVSXHVWDGHDGDSWDFLyQHVWDPELpQHO
XVR \ DSOLFDFLyQ GH OD YLROHQFLD (VWR QRV SRQH IUHQWH D XQ FRPSOHMR SUREOHPD /D
PD\RUtDGHORVMyYHQHVVLHQWHIXHUWHPHQWHTXHHOPHGLRHVDOWDPHQWHYLROHQWR\YDULRV
GHHOORVHQIUHQWDQGLFKDVLWXDFLyQFRQFRQGXFWDVWDPELpQYLROHQWDV
(VWRVHYHFRUURERUDGRSRUORVDQWHFHGHQWHVTXHVXUJHQGHVGHHOPXQGRSROLFLDO(OGtD
GH (QHURGHODxR&DUDELQHURVGH&KLOHGLRDFRQRFHUS~EOLFDPHQWHXQHVWXGLR
VREUHHOWHPDGHODYLROHQFLDMXYHQLO(QHOVHVHxDODTXHHOLQFUHPHQWRGHODVSDQGLOODV
MXYHQLOHVGHFRPSRUWDPLHQWRYLROHQWRKDDXPHQWDGRGHPDQHUDH[SORVLYDHQORV~OWLPRV
DxRVLGHQWLILFiQGRVHVRORHQ6DQWLDJRODH[LVWHQFLDGHFHUFDGHSDQGLOODVDOWDPHQWH
RUJDQL]DGDVLQWHJUDGDVPD\RULWDULDPHQWHSRUDGROHVFHQWHV\MyYHQHVGHHQWUH\
DxRV \ DOJXQDV GH HOODV FXHQWDQ KDVWD FRQ PLHPEURV 6L ELHQ HV FLHUWR HVWDV
SDQGLOODVQRQHFHVDULDPHQWHSURWDJRQL]DQGHPDQHUDFRWLGLDQDKHFKRVGHYLROHQFLDVH
KD FRQVWDWDGR XQ LQFUHPHQWR HQ HVWD HQ HVSHFLDO HQ GLVSXWDV FRQ RWUDV SDQGLOODV
6HJ~Q &DUDELQHURV ORV LQWHJUDQWHV GH HVWRV JUXSRV VRQ MyYHQHV TXH QR HQFXHQWUDQ
HVSDFLRVQLFDQDOHVDGHFXDGRVSDUDODPDQLIHVWDFLyQGHVXVQHFHVLGDGHVGHGHVDUUROOR
\SDUWLFLSDFLyQFRPXQLWDULD(ODQiOLVLVDJUHJDTXHHQWUHHVWRVMyYHQHVVHDGYLHUWHFULVLV
GH YDORUHV \ ORV SUREOHPDV GH OD YLGD IDPLOLDU TXH H[SHULPHQWD OD VRFLHGDG FKLOHQD
GRQGH JUDQ FDQWLGDG GHMyYHQHV TXHGDQHQXQDVXHUWHGHDEDQGRQRSDVLYRSRUSDUWH
GHVXVSDGUHVORTXHORVLPSXOVDDODFDOOH\DORVDPLJRV6LELHQHVFLHUWRPHUHVXOWD
EDVWDQWH GLVFXWLEOH OD LQWHUSUHWDFLyQ XQ WDQWR VLPSOH GH OD FDXVD GHO SUREOHPD HO
HVWXGLRGHODSROLFtDFRUURERUDTXHHOSUREOHPDGHODYLROHQFLDTXHH[SUHVDQQXHVWURV
HQWUHYLVWDGRV\DVHSHUFLEHVRFLDOPHQWHFRPRXQSUREOHPDUHOHYDQWH
3RU RWUD SDUWH VHJ~Q ORV HQWUHYLVWDGRV HO SURSLR VLVWHPD HGXFDFLRQDO \ HQ
RFDVLRQHV LQFOXVR ORV SURSLRV HGXFDGRUHV VRQ SDUWH GH ORV DJHQWHV TXH ORV MyYHQHV
LGHQWLILFDQ FRPR YLROHQWDGRUHV ORV RUJDQLVPRV HQFDUJDGRV GH OD VHJXULGDG GH ORV
FLXGDGDQRV VRQ WDPELpQ LGHQWLILFDGRV FRPR DFWRUHV YLROHQWRV ODV LQVWLWXFLRQHV
HQFDUJDGDVGHUHJXODU\QRUPDUIUHQWHDHVWDVVLWXDFLRQHVQRFXHQWDQFRQOHJLWLPLGDG
QL FRQILDQ]D ¢ FyPR DERUGDU XQ SUREOHPD WDQ VHULR VL ODV LQVWLWXFLRQHV TXH
IRUPDOPHQWH OR WHQGUtDQ TXH UHVROYHU VRQ LGHQWLILFDGDV SRU ORV HQWUHYLVWDGRV
FRPRSDUWHGHOVLVWHPDGHYLROHQFLDGHQXQFLDGR"
'HVFRQILDQ]D HQ OD PHMRUtD GHO VLVWHPD ± HVSHUDQ]D GH XQ FDPELR HVFDVR
IXQGDPHQWRSDUDHVDHVSHUDQ]DGHFDPELR
/DUHODFLyQVHxDODGDHQODVXE±WLWXODFLyQSXHGHUHVXOWDUSDUDGRMDO3RUXQODGR
QR SDUHFH H[LVWLU HQ ORV MyYHQHV HQWUHYLVWDGRV FRQILDQ]D QL HVSHUDQ]D DOJXQD HQ TXH
GHVGHHOPLVPRVLVWHPDVHSXHGDQFRUUHJLUORVDVSHFWRVVHxDODGRVFRPRQHJDWLYRVSRU
HOORV 3HUR D VX YH] VRQ ORV PLVPRV HQWUHYLVWDGRV TXH H[SUHVDQ FRQ pQIDVLV GLFKD
GLVWDQFLD R GHVFRQILDQ]D ORV TXH PDQLILHVWDQ DELHUWR LQWHUpV \ FRQILDQ]D HQTXH HVRV
DVSHFWRVQHJDWLYRVSXHGHQVHUWUDQVIRUPDGRVLQFOX\HQGRFDVRVHQORVTXHVHDVHJXUD
TXH HOOR RFXUULUi HQ XQ SOD]R KLVWyULFDPHQWH FRUWR 6LQ HPEDUJR HQ OD PD\RUtD GHORV
FDVRV HVWXGLDGRV ORV DUJXPHQWRV TXH VH HQWUHJDQ SDUD IXQGDPHQWDU GLFKD SRVLFLyQ
SURFOLYHDOFDPELRVRQGpELOHVRFRQIXVRV
7UDWHPRV GH UHYLVDU FRQ PD\RU SURIXQGLGDG HVWD DSDUHQWH FRQWUDGLFFLyQ (V
HYLGHQWH TXH HQ PXFKRV FDVRV H[LVWH XQD FODUD \ H[SOtFLWD SRVLFLyQ GH UHFKD]R D OD
LQVWLWXFLRQDOLGDG YLJHQWH \ VXV UHSUHVHQWDQWHV\ QR H[LVWH FRQILDQ]D DOJXQD HQ TXH
SXHGDQ DFWXDU FRPR DJHQWHV GH FDPELR R GH VROXFLyQ GH ORV SUREOHPDV R
FRQIOLFWRV GHVFULWRV SHUR HV SUREDEOHPHQWH GHELGR D HVD PLVPD GHVFRQILDQ]D \
UHFKD]R TXH VH SODQWHD XQD H[SHFWDWLYD GH FDPELR GH PDQHUD WDQ FODUD \ URWXQGD
SDUHFLHUDTXH HQ YDULRV GH ORV FDVRV WDOSODQWHDPLHQWRHYLGHQFLDPiVXQDDVSLUDFLyQ
TXH XQD FRQYLFFLyQ UHVSHFWR GH TXH WDO FDPELR DFRQWH]FD \D TXH DO LQWHQWDU
SURIXQGL]DU UHVSHFWR GH ORV IXQGDPHQWRV TXH VRVWLHQHQ OD RSLQLyQ SURFOLYH DO FDPELR
VRFLDO KD\ HYLGHQWH GLILFXOWDG SDUD DUJXPHQWDU $KRUD ELHQ H[LVWHQ DOJXQRV SRFRV
FDVRVHQORVTXHVHHQWUHJDQIXQGDPHQWRVSDUDH[SOLFDUVXFRQILDQ]DHQXQDSURIXQGD
WUDQVIRUPDFLyQ GH OD FULWLFDGD VLWXDFLyQ DFWXDO (VWH KHFKR GH QR H[LVWLU XQD LGHD QL
XQD ³LPDJHQ´ FODUD GH ODV FDUDFWHUtVWLFDV \ RULHQWDFLyQ TXH WHQGUtD HVH FDPELR
SURFODPDGR LQGLFDUtD D PL HQWHQGHU TXH HQ ODV FDSDV PiVSURIXQGDVOR TXH H[LVWLUtD
VHUtDXQDLPDJHQGHIXWXURHVHQFLDOPHQWHSHVLPLVWD'HQRPLQRFDSDVPiVSURIXQGDVD
DTXHOORV DVSHFWRV TXH QR QHFHVDULDPHQWH VH H[SUHVDQ GH PDQHUD H[SOtFLWD HQ HO
GLVFXUVRYHUEDOHVGHFLUDTXHOORTXHHQHOGLVFXUVRVHUtD³HVFRQGLGR´R³EORTXHDGR´DO
PDQLIHVWDU XQD LGHD TXH QR VH YLQFXOD FRKHUHQWHPHQWH FRQ ODV LQWHQFLRQHV \
VHQWLPLHQWRVTXHVHHVWUXFWXUDLQWHUQDPHQWHHQHOSVLTXLVPRGHOLQGLYLGXR
+D\XQHVWXGLRHQFDUJDGRSRUHO,QVWLWXWR1DFLRQDOGHOD-XYHQWXGDXQHTXLSRGH
OD (VFXHOD GH 6RFLRORJtD GHOD 8QLYHUVLGDG GH&KLOH HQ HO DxR TXH FRLQFLGHFRQ
HVWDFRQFOXVLyQ(VWHVHGHQRPLQD³,GHQWLGDGJHQHUDFLRQDOGHORV´\VHWUDWDGHXQ
HVWXGLR FXDOLWDWLYR TXH GHWHFWD OD PLVPD WHQGHQFLD TXH GHVFULELPRV HVSHFtILFDPHQWH
HQ HVWH FDVR HQ JUXSRV GH GLVFXVLyQ FRQ SDUWLFLSDQWHV GH HQWUH \ DxRV (VWH
HVWXGLRLGHQWLILFDHOIHQyPHQRFRPR ³ODIDOWDGHXQFROHFWLYRMRYHQ´VHxDODQGRTXHHV
FODURTXHDODMXYHQWXGGHORVOHIDOWDQSUR\HFWRVFROHFWLYRV(OGLVFXUVRTXHHPHUJH
GH ORV JUXSRV GH GLVFXVLyQ HYLGHQFLD TXH XQ IXHUWH LQGLYLGXDOLVPR GHWHFWDGR HQ ORV
MyYHQHVHVWDUtDDVRFLDGRDODFRQYLFFLyQGHTXHH[LVWHQVDOLGDVFROHFWLYDV6HGLFHTXH
VHU MRYHQ HV EXVFDU \ OR TXH SURGXFH OD VRFLHGDG HV OD LPSRVLELOLGDG GH ORJUDU HVD
E~VTXHGD
³6L KD\ DOJR TXH DSDUHFH FODUR FRQ UHVSHFWR D OD MXYHQWXG HV TXH IDOWDQ
SUR\HFWRV FROHFWLYRV 2 OR TXH HV OR PLVPR GHFLU TXH OR TXH IDOWD HV
GLUHFFLyQ \ FODULGDG 'H IRUPD VHFXQGDULD FRQ UHVSHFWR D HVDV
DILUPDFLRQHV DSDUHFH HO WHPD GHO LQGLYLGXDOLVPR TXH DSDUHFH FRPR
UHVXOWDGRGHODIDOWDGHVHQWLGRFROHFWLYRSiJLQD
$ QXHVWUR HQWHQGHU HVWD FRQFOXVLyQ HV GH OD PD\RULPSRUWDQFLD\DTXHDSHVDU
GHODVPXFKDVVHxDOHVHQFRQWUDULRSRGHPRVD~QREVHUYDUODH[LVWHQFLDGHXQWLSRGH
DQiOLVLV TXH VXSRQH HQ ORV MyYHQHV XQD VXHUWH GH PHFiQLFD JHQHUDFLRQDO TXH ORV
XELFDUtD DXWRPiWLFDPHQWH FRPR UHYROXFLRQDULRV \ OXFKDGRUHV SRU HO VROR KHFKR GH
VLWXDUVH HQ GHWHUPLQDGD IUDQMD GH HGDG 1XHVWURV HVWXGLRV FRLQFLGHQWHV FRQ RWURV
FRQILUPDQTXHWDOFRQFHSFLyQGHWHUPLQLVWD\PHFDQLFLVWDHVSRUGHFLUORPHQRVLQJHQXD
\D TXH OR ~QLFR GHWHUPLQDGR HV TXH FDGD JHQHUDFLyQ WHQGHUi D XQD VXHUWH GH
KRPRJHQHLGDG GH SDLVDMH OR TXH 2UWHJD GHQRPLQD ³FRHWDQHRV´ (YLGHQWHPHQWH HVWD
SDUWLFXODULGDG JHQHUDFLRQDO LPSOLFDUi TXH VH HVWDEOH]FDQ GLIHUHQFLDV UHVSHFWR GH ODV
JHQHUDFLRQHV DQWHULRUHV \ SRVWHULRUHV SHUR FXDO VHUi HO SDUWLFXODU VHOOR GH HVD
VHQVLELOLGDGHQFDVRDOJXQRHVWDGHWHUPLQDGR
0DQLIHVWDFLyQGHQLKLOLVPR\SHVLPLVPRFRPRDFWLWXGGHWUDVIRQGR
+HDTXtXQSXQWRGHOLFDGR\XQWDQWRDUULHVJDGRHQVXLQWHUSUHWDFLyQ7DOFRPR
HVER]DPRV HQ HO SXQWR ž OD PDQLIHVWDFLyQ PiV UHLWHUDGD HQ ORV GLVFXUVRV VH GD HQ
RUGHQDH[SUHVDUSRUSDUWHGHORVHQWUHYLVWDGRVXQDDSDUHQWHFRQILDQ]DUHVSHFWRGHXQ
LQPLQHQWH FDPELR VRFLDO HO TXH VH SURGXFLUi IXQGDPHQWDOPHQWH SRU OD DFFLyQ GH OD
SURSLD JHQHUDFLyQ D OD TXH SHUWHQHFHQ 6LQ HPEDUJR DQDOL]DGRV ORV FRQFHSWRV
YHUWLGRV GH PDQHUD PiV SURIXQGD VH HYLGHQFLD GHELOLGDG HQ OD DUJXPHQWDFLyQ TXH
IXQGDPHQWHGLFKDVRSLQLRQHV3RUHOFRQWUDULRODSURIXQGL]DFLyQGHODQiOLVLVGDFXHQWD
GH XQ WUDVIRQGR GH SHVLPLVPR IUHQWH D ODV SRVLELOLGDGHV GH WUDQVIRUPDFLyQ GH OD
VLWXDFLyQ VRFLDO H[LVWHQWH HVWR SDUHFH FRQWUDGLFWRULR SHUR HQ ULJRU QR OR HV WDQWR
3DUHFLHUDTXH H[LVWH XQD DVSLUDFLyQ XQ IXHUWH GHVHR UHVSHFWR GH FDPELDU OD QHJDWLYD
VLWXDFLyQDFWXDOSHURHOORQRHVWDUtDVXVWHQWDGRHQXQDFUHHQFLDDUUDLJDGDIXHUWHPHQWH
GLFKRHQRWUDVSDODEUDVORTXHVHPDQLILHVWDHVXQDDVSLUDFLyQSHURHVDDVSLUDFLyQQR
VH FRUUHVSRQGH FRQ XQ SUR\HFWR \R XQD LPDJHQ PRYLOL]DGRUD
TXH SRVHD VXILFLHQWH
IXHU]D\DUUDLJRHQHOSVLTXLVPRGHOLQGLYLGXR(QODPD\RUtDGHORVFDVRVHVWXGLDGRVHO
DQKHORGHFDPELRPDQLIHVWDGRVHUtDDOJRPiVFHUFDQRDXQHVWDGRGHDQLPRTXHDOD
PDQLIHVWDFLyQGHXQDYROXQWDGSURIXQGDGHOLQGLYLGXR/DLQWHUSUHWDFLyQTXHLQVLQXDPRV
HV TXH GH WUDVIRQGR ODDFWLWXGSUHYDOHFHQWHHQODPD\RUtDGHORVFDVRVHVWXGLDGRVHV
GH FRQQRWDFLyQ QLKLOLVWD \D QR VROR UHVSHFWR GH OD VLWXDFLyQ DFWXDO YLYLGD VLQR TXH
WDPELpQUHVSHFWRGHODVSHUVSHFWLYDVIXWXUDV
³HVSHUDUtDXQFDPELRGHPHQWHTXHQRYDDSDVDUSRUHVRQRHVSHURQDGDSRUTXHOR
TXHSRGUtDSDVDUVHTXHQRYDDSDVDU´HQWUHYLVWDQžSiJLQDOtQHD
7DO YH] QR UHVXOWH FDVXDO TXH TXLHQHV PDQLILHVWDQ XQD FODUD SHUVSHFWLYD GH
FDPELRHQUHODFLyQDODFULWLFDGDVLWXDFLyQDFWXDO\TXHHVDSHUVSHFWLYDGHFDPELRVHD
IXQGDPHQWDGD \ FUHtEOH SDUD HOORV PLVPRV VHDQ SUHFLVDPHQWH ORV FDVRV GH MyYHQHV
TXHDVXPHQXQDSRVLFLyQSROtWLFDLGHROyJLFDUHOLJLRVDRILORVyILFDLQGHSHQGLHQWHPHQWH
GHFXDOVHDHVDSRVLFLyQDVXPLGDHOIDFWRUTXHVHREVHUYDHVSUHFLVDPHQWHHODVXPLU
XQDSRVWXUDFODUD\GHILQLGDIUHQWHDODVLWXDFLyQSHUVRQDO\VRFLDOTXHVHYLYH
3RU ³LPDJHQ PRYLOL]DGRUD´ HQWHQGHPRV XQ LGHDULR TXH OD SHUVRQD FRQVWUX\H HQ VX SVLTXLVPR \ TXH FRQILJXUD
GHWHUPLQDGDV LPiJHQHV HQ VX HVSDFLR GH UHSUHVHQWDFLyQ LQWHUQR LPiJHQHV TXHWLHQHQ OD³IXHU]D´ \FDSDFLGDGGH
PRWLYDU DFFLRQHV HQ HO LQGLYLGXR 3DUD DPSOLDFLyQ GH HVWH WHPD VH SXHGH YHU D 6LOR HQ ³&RQWULEXFLRQHV DO
SHQVDPLHQWR´
³\RFUHRTXHHORSWLPLVPRHVORTXHQHFHVLWRSD¶FRQVWUXLUHVD RUJDQL]DFLyQDVXYH]OD
RUJDQL]DFLyQ PH WLHQH ELHQ PH WLHQH GHVSLHUWR OXFLGR PH WLHQH FRQ JDQDV GH YLYLU´
HQWUHYLVWDQžSiJOtQHD
$SDUHQWHPHQWH HVH SRGUtDVHU XQ HOHPHQWR GLIHUHQFLDGRU HQWUHOD PD\RUtD TXH
WLHQHVRORXQDVXHUWHGH³GHFODUDFLyQGHLQWHQFLRQHV´UHVSHFWRGHOFDPELR\HVDPLQRUtD
GH FRQGLFLyQ PiV DFWLYD \ ³RSWLPLVWD´ UHVSHFWR D OD SRVLELOLGDG UHDO GH FRQFUHWDU HVH
FDPELRDQKHODGR
(VWR WDPELpQ VXUJH HQ HO HVWXGLR GHO ,1-89 FLWDGR HQ HO SXQWR DQWHULRU 6HJ~Q
HVWHORVMyYHQHVYHQ³HOPXQGRFRPRGHVDVWUH´VLF3DUDHVWHJUXSRODVLWXDFLyQGHO
PXQGR HV SHUIHFWDPHQWH GUDPiWLFD < HVWR DGHPiV VH SUHVHQWD HQ YDULRV QLYHOHV \
DVSHFWRVORTXHFRQYLHUWHDHVWDVHQVLELOLGDGHQXQDFDUDFWHUtVWLFDJHQHUDO
³6L ELHQ XQD UHSHWLFLyQ GH XQ WHPD \D FRQRFLGR TXH HVWDPRV HQ XQD
VRFLHGDG TXH WRGR OR UHGXFH D OD SURGXFWLYLGDG VRQ RWURV ORV WHPDVTXH
DOFDQ]DQ PD\RU FHQWUDOLGDG 3DUD HVWRV MyYHQHV VLPXOWiQHDPHQWH QR KD\
IXWXUR \ WRGR HV XQ HQJDxR -XQWDV DPEDV DILUPDFLRQHV GH SRU VL \D
EDVWDQWHQHJDWLYDVLQGLFDQXQDSRVLFLyQGHUHFKD]R\VHSDUDFLyQDEUXSWD
GHODVRFLHGDG6LPSOHPHQWHHOPXQGRYDDVHJXLULJXDORQRYDDVHJXLU
\FRPRWRGRHVXQHQJDxRQRKD\GHPDVLDGDVDOWHUQDWLYDV/DUHGXFFLyQD
OD SURGXFWLYLGDG TXH HV OD LPDJHQ FRQ FUHWD TXH WLHQHQ GH OD VRFLHGDG
JDQDHQGUDPDWLVPRDOXQLUVHDODVRWUDVDILUPDFLRQHV´SiJLQD
(VHYLGHQWHTXHVHGDQFODUDVFRLQFLGHQFLDVHQWUHHVWHHVWXGLR\HOQXHVWUR(OOR
HYLGHQFLDXQDSUHRFXSDQWHVLWXDFLyQTXHQRHVPHQRU 6LDORVDxRVQRVHYHFRQ
RSWLPLVPRHOIXWXUR¢HQWRQFHVFXDQGR"
¢ TXLHUH GHFLU HVWR TXH GLFKR QLKLOLVPR LPSOLFDUtD XQD VXHUWH GH GHWHUPLQLVPR
IDWDOLVWD UHVSHFWR GH ODV SHUVSHFWLYDV GH XQ FDPELR VRFLDO" /D UHVSXHVWD D HVWD
LQWHUURJDQWHLQWHQWDUHPRVDERUGDUODHQHOFDSLWXORILQDOGHHVWHWUDEDMR
&$3,78/29,
81$35238(67$GH,17(535(7$&,217(25,&$
,1752'8&&,Ï1
+H DFi HO SXQWR PiV GLItFLO GH XQ HVWXGLR GH HVWH WLSR (V HYLGHQWH TXH ODV
LQYHVWLJDFLRQHV GH WLSR FXDOLWDWLYR QR SXHGHQ QL SUHWHQGHQ KDFHU JHQHUDOL]DFLRQHV D
SDUWLU GH ORV GDWRV TXH DUURMDQ VXV HVWXGLRV 6L ELHQ HV FLHUWR HQWUHJDQ LQIRUPDFLyQ
UHOHYDQWH \ ODV PiV GH ODV YHFHV DOFDQ]DQ QLYHOHV GH SURIXQGL]DFLyQ TXH GLItFLOPHQWH
FRQVLJXHQ ORV HVWXGLRV FXDQWLWDWLYRV QR HV PHQRV FLHUWR TXH DO QR WUDEDMDU FRQ
³PXHVWUDV UHSUHVHQWDWLYDV´ FRPR HQ HVWRV VXV UHVXOWDGRV QR VRQ JHQHUDOL]DEOHV DO
FROHFWLYRDOFXDOSHUWHQHFHQORVLQGLYLGXRVHVWXGLDGRV
(OOR REYLDPHQWHQRLPSLGHUHDOL]DUXQDLQWHUSUHWDFLyQWHyULFDGHORVUHVXOWDGRV
REWHQLGRV (Q ULJRU HVH HV SUHFLVDPHQWH HO VHQWLGR TXH WLHQH WRGD LQYHVWLJDFLyQ /D
VLPSOH DFXPXODFLyQ \ FODVLILFDFLyQ GH LQIRUPDFLyQ QR GLUHPRV TXH UHVXOWD GHO WRGR
LQ~WLOSHURHVDSHQDVXQSULPHUSDVRHOHPHQWDOHQXQSURFHVRLQYHVWLJDWLYR%XQJHOR
H[SOLFDFXDQGRVHxDOD
³(O SURJUHVR GH OD FLHQFLD QR FRQVLVWH HQ DPRQWRQDU VLQ FULWHULR FUtWLFR
JHQHUDOL]DFLRQHV DLVODGD \ D~Q PHQRV GDWRV VXHOWRV (O SURJUHVR GH OD
FLHQFLDVXSRQHVLHPSUHHQPD\RURPHQRUPHGLGD\HQWUHRWUDVFRVDVXQ
DXPHQWRGHODVLVWHPDWLFLGDG RFRRUGLQDFLyQ´SiJLQD
3RU HOOR HV LPSRUWDQWH WHQHU FODULGDG UHVSHFWR GH TXH ODV FRQFOXVLRQHV
REWHQLGDV QR SXHGHQ VHU DXWRPiWLFD QL PHFiQLFDPHQWH JHQHUDOL]DGDV D WRGR HO
FROHFWLYR MXYHQLO SHUR HOOR QR LPSOLFD OD LPSRVLELOLGDG GH FRQVWUXLU LQWHUSUHWDFLRQHV
WHyULFDVDSDUWLUGHODLQIRUPDFLyQHQWUHJDGD(VWDVDSHVDUGHQRVHUJHQHUDOL]DEOHV
DSRUWDQ HOHPHQWRV TXH SXHGHQ VHU WRPDGRV HQ FXHQWD FRPR LQGLFDGRUHV R VtQWRPDV
GHXQDUHDOLGDGMXYHQLOGLJQDGHWHQHUHQFRQVLGHUDFLyQ
(VWR TXLHUH GHFLU TXH HO LQWHUpV HVWDUi HQ EXVFDU XQ HTXLOLEULR HQWUH XQ
RUGHQDPLHQWR \ SURFHVDPLHQWR GH OD LQIRUPDFLyQ TXH UHVXOWH ~WLO \ HO LQWHQWR GH
IRUPXODFLyQ GH XQD LQWHUSUHWDFLyQ WHyULFD D SDUWLU GH HVD LQIRUPDFLyQ (OOR WDPELpQ OR
DFODUD%XQJH
³VLGHVHDPRVVDEHUFRPRVHKDFHODFLHQFLDQRSRGHPRVOLPLWDUQRVDORV
PDQXDOHV GH ILORVRItD GH OD FLHQFLD SHUR WDPSRFR SRGHPRV LJQRUDU HO
SURGXFWR WHUPLQDGR SXHVWR TXH HVWH HV HO REMHWR GH OD LQYHVWLJDFLyQ
WHRUpWLFD´%XQJHSiJLQD
(VWD GREOH GLPHQVLyQ TXH SUHWHQGH GHVDUUROODU WRGD LQYHVWLJDFLyQ FLHQWtILFD HV
D~Q PiV SHUWLQHQWH DO WUDWDUVH GH XQD LQYHVWLJDFLyQ GH WLSRFXDOLWDWLYD \D TXH OD VROD
DFXPXODFLyQ \ RUGHQDPLHQWR GH LQIRUPDFLyQ UHVXOWD HQ XQ SURFHVR H[FHVLYDPHQWH
HOHPHQWDO DO WUDWDUVH GH FDVRV TXH QR WLHQHQ OD FDOLGDG GH PXHVWUDV UHSUHVHQWDWLYDV
3RU HOOR XQD LQYHVWLJDFLyQ FXDOLWDWLYD GHEH QHFHVDULDPHQWH FXOPLQDU FRQ XQD
LQWHUSUHWDFLyQWHyULFDODTXHSXHGHUHDOL]DUVHDODOX]GHDOJXQDWHRUtDH[LVWHQWHRELHQ
IRUPXODUVH \R FRQVWUXLUVH GHVGH OD SURSLD UHDOLGDG HPHUJHQWH HQ HO HVWXGLR OR TXH
DOJXQRVGHQRPLQDQWHRUtDGHVGHODEDVH
'HVGH HVH SXQWR GH YLVWD HV HO SURSLR %XQJH TXLHQ H[SOLFD QR VROR OD
LPSRUWDQFLD GH OD IRUPXODFLyQ WHyULFD VLQR TXH DGHPiV VHxDOD TXH HVWD GHEH
FRPHQ]DUDIRUPXODUVHORDQWHVSRVLEOHHQHOWUDEDMRLQYHVWLJDWLYR
³/DFRPSOHMLGDGGHODUHODFLyQHQWUHODWHRUtD\ODSUiFWLFDHOKHFKRGHTXH
ODV WHRUtDV QR VHDQ VLPSOHV UHV~PHQHV GH GDWRV QL LQVWDQWiQHDV GH ODV
FRVDVVXJLHUHTXHFXDQWRDQWHVHPSLHFHHOWU DEDMRWHRUpWLFRHQXQFDPSR
WDQWRPiVIiFLOVHUiHOGHVDUUROORGHOFRQRFLPLHQWRHOpO´SiJLQD
/RSODQWHDGRSRU%XQJHVHSXHGHHQWHQGHUFRPRTXHQRVHGHEHWHQHU³WHPRU´
GH IRUPXODU WHRUtD GHVGH ORV SULPHURV SDVRV GH OD LQYHVWLJDFLyQ \D TXH SUHFLVDPHQWH
HVDV IRUPXODFLRQHV VRQ ODV TXH GDUiQ OD SRVLELOLGDG GH SHUIHFFLRQDPLHQWR \
³DILQDPLHQWR´GHODWHRUtDGHVDUUROODGD
³$PHGLGDTXHVHFRQRFHQPiVKHFKRVHQSDUWHJUDFLDVDODLQWHUYHQFLyQ
GHWHRUtDVD~QJURVHUDVHVSRVLEOHSHUIHFFLRQDUpVWDVDVXYH ]ODVWHRUtDV
SHUIHFFLRQDGDV UHVXOWDQ XQ LQVWUXPHQWR PiV ~WLO SDUD OD FRQVHFXFLyQ GH
QXHYD LQIRUPDFLyQ UHOHYDQWH TXH GH RWUR PRGR QR SRGUtD VLTXLHUD
EXVFDUVH(QFDPELRVLVHYDUHWUDVDQGRODFRQVWUXFFLyQGHWHRUtDVSRUQR
VHQWLUVH VX QHFHVLGDG R SRU WHPRU D ORV IUDFDVRV RFXSDUi VX OXJDU XQ
FRQIXVR FRQMXQWR GH FUHHQFLDV \ XQ KD] GH SURFHGLPLHQWRV FLHJRV SXHV
HQFXDOTXLHUFDVRORTXHHVLPSRVLEOHHVSURFHGHUVLQLGHDV´SiJLQD
(Q HVD SHUVSHFWLYD VH KD GHVDUUROODGR XQD SURSXHVWD WHyULFD TXH VH YD
FRQVWUX\HQGR D SDUWLU GHO PLVPR WUDEDMR GH FDPSR \ TXH HQ OD PHGLGD TXH VH YDQ
GHVDUUROODQGR ORV SDVRV GH VLVWHPDWL]DFLyQ \ RUGHQDPLHQWR GH OD LQIRUPDFLyQ TXH YD
HPHUJLHQGRVHYDSHUIHFFLRQDQGR\DILQDQGR
%RJGRQ\7D\ORUFRUURERUDQHVHHQIRTXHHQVXOLEURDOVHxDODUODIRUPDHQTXH
VHYDFRQVWUX\HQGRODWHRUtDHQHVWHWLSRGHHVWXGLRV
³$ORODUJRGHODREVHUYDFLyQSDUWLFLSDQWHODVHQWUHYLVWDVHQSURIXQGLGDG\
RWUDVLQYHVWLJDFLRQHVFXDOLWDWLYDVORVLQYHVWLJDGRUHVVLJXHQODSLVWDGHORV
WHPD HPHUJHQWHV OHHQ VXV QRWDV GH FDPSR R WUDQVFULSFLRQHV \
GHVDUUROODQ FRQFHSWRV \ SURSRVLFLRQHV SDUD GDU VHQWLGR D VXV GDWRV´
SDJLQD
(VWRVPLVPRVDXWRUHVFLWDQD*ODVHU\6WUDXVVTXLHQHVSODQWHDURQHOHQIRTXHGH
OD WHRUtD IXQGDPHQWDGD TXH WLHQH OD ILQDOLGDG GH SHUPLWLU TXH VHDQ ORV SURSLRV
LQYHVWLJDGRUHV TXLHQHV GHVDUUROOHQ WHRUtD 3DUD HOORV OD LQYHVWLJDFLyQ FXDOLWDWLYD OR
PLVPR TXH OD FXDQWLWDWLYD SXHGH \ GHEH IRUPXODU WHRUtD D HIHFWR GH GHVDUUROODU \
SRQHUDSUXHEDSURSRVLFLRQHVDFHUFDGHODYLGDVRFLDO%RJGRQ\7D\ORUH[SOLFDQHVWR
³(O HQIRTXH GH OD WHRUtD IXQGDPHQWDGD HV XQ PpWRGR SDUD GHVFXEULU
WHRUtDV FRQFHSWRV KLSyWHVLV \ SURSRVLFLRQHV SDUWLHQGR GLUHFWDPHQWH GH
ORVGDWRV\QRGHVXSXHVWRVDSULRULGHRWUDVLQYHVWLJDFLRQHVRGHPDUFRV
WHyULFRVH[LVWHQWHV´SiJLQD
$GHFLUGHHVWRVDXWRUHVDOJHQHUDUWHRUtDIXQGDPHQWDGDORVLQYHVWLJDGRUHVQR
WUDWDQGHSUREDUVXVLGHDVVLQRVyORGHGHPRVWUDUTXHVRQSODXVLEOHV(QGHILQLWLYDHQ
HO SURFHGLPLHQWR GH OD WHRUtD IXQGDPHQWDGD VHUiQ ORV SURSLRV OHFWRUHV GH OD
LQYHVWLJDFLyQRHVWXGLRTXLHQHVGHEHQMX]JDUVXFUHGLELOLGDG
(VWRV PLVPRV DXWRUHV H[SOLFDQ TXH H[LVWHQ RWUDV WHQGHQFLDV GHQWUR GH OD
LQYHVWLJDFLyQFXDOLWDWLYDFLWDQGRORVTXHGHQRPLQDQ³HVWXGLRVSXUDPHQWHGHVFULSWLYRV´
HQWUHORVFXDOHVORVHVWXGLRVHWQRJUiILFRVVRQHOPiVWtSLFRHMHPSOR7DPELpQVHxDODQ
OD LQGXFFLyQ DQDOtWLFD FRPR XQ WLSR GH SURFHGLPLHQWR SDUD YHULILFDU WHRUtDV \
SURSRVLFLRQHV H[LVWHQWHV EDViQGRVH HQ ORV GDWRV FXDOLWDWLYRV HQ HVWH FDVR QR KD\
SUHWHQVLyQGHIRUPXODURFRQVWUXLUQXHYDVWHRUtDVVLQRVyORYHULILFDURSRWHQFLDUWHRUtDV
\DGHVDUUROODGDVSUHYLDPHQWH
$PLHQWHQGHUHVWDVVRQFRQFHSWXDOL]DFLRQHVTXHQRVUHVXOWDQ~WLOHVDHIHFWRGH
RUGHQDU \ FRPSUHQGHU DOJXQDV GH ODV OtQHDV R WHQGHQFLDV HQ ODLQYHVWLJDFLyQ GHO WLSR
TXH KHPRV GHVDUUROODGR 6LQ HPEDUJR HQ OD SUiFWLFD HVWDV PDQLIHVWDFLRQHV GH
SURFHGLPLHQWRV QR UHVXOWDQ WDQ SXUDPHQWH DSOLFDGDV HQ OD LQYHVWLJDFLyQ 6L ELHQ HV
FLHUWRHQWpUPLQRVJUXHVRVSRGHPRVLGHQWLILFDUXQDWHQGHQFLDKDFLDOD³YHULUILFDFLyQGH
ODWHRUtD´ \RWUDKDFLDOD³JHQHUDFLyQGHODWHRUtD´SUREDEOHPHQWHREVHUYDUHPRVTXHVH
VXHOHDSOLFDUSURFHGLPLHQWRVGHDPEDVWHQGHQFLDV'HWRGRVPRGRVHVHYLGHQWHTXH
XQ pQIDVLV HQ DOJXQD GH ODV GRV WHQGHQFLDV HVWDUi HQ OD LQWHQFLRQDOLGDG GHO
LQYHVWLJDGRU
(Q OR TXH UHVSHFWD DO SUHVHQWH HVWXGLR OR TXH VH LQWHQWD HV JHQHUDU XQD
SURSXHVWDGHLQWHUSUHWDFLyQWHyULFDGHVGHXQDSHUVSHFWLYDHLQWHUpVHGXFDFLRQDOHQWDO
FDVR VX WHQGHQFLD HV KDFtD OD ³JHQHUDFLyQ GH WHRUtD´ 3HUR FRKHUHQWHPHQWH FRQ OR
VHxDODGRHQHOSXQWRDQWHULRUHVHYLGHQWHTXHKD\XQPDUFRWHyULFRSUHH[LVWHQWHTXH
VLUYH GH EDVH FRQFHSWXDO D HVWD LQWHUSUHWDFLyQ (Q HVWH FDVR WDO LQIOXHQFLD
FRUUHVSRQGH IXQGDPHQWDOPHQWH D FRQFHSWRV \ FDWHJRUtDV WHyULFDV GHO
H[LVWHQFLDOLVPR \GHODILORVRItDGHO1XHYR+XPDQLVPR
(/ 020(172 +,6725,&2 < 62&,$/ $&78$/ 9,672 '(6'( /$
3(563(&7,9$ GH /$6 18(9$6 *(1(5$&,21(6 /$ ',$/e&7,&$
*(1(5$&,21$/ < 68 02'2 '( (;35(6,Ï1 (1 (67( 020(172
+,67Ï5,&2
< HVWH HV SUHFLVDPHQWH XQ DVSHFWR PX\ UHOHYDQWH TXH HPHUJH GHO SUHVHQWH
HVWXGLR 1R VH REVHUYD HQOD PD\RUtD GHORV MyYHQHVHQWUHYLVWDGRVXQDWHQGHQFLDD
GLVSXWDU HO SRGHU \ RUGHQ YLJHQWHV QR VH REVHUYD HQ HOORV HO LQWHUpV SRU JHQHUDU HVD
GLDOpFWLFDODDFWLWXGREVHUYDGDHVPiVELHQGHYDFtRIUHQWHDORLQVWLWXFLRQDOL]DGR\DOR
HVWDEOHFLGR6HREVHUYDXQDIXHUWH\DYHFHVYLUXOHQWDFUtWLFDDOVLVWHPDSHURQR H[LVWH
LQWHQFLyQGHDFFLRQDUSDUDFDPELDUORQRVHTXLHUHFDPELDUHOVLVWHPDPiVELHQVHOH
GD³YXHOWDODHVSDOGD´(VWHDVXQWRQRHVPHQRUSRUTXH¢TXHSDVDFRQXQVLVWHPDR
XQDVRFLHGDGTXHVHTXHGDVLQSRVLELOLGDGHVGHUHQRYDFLyQ"$FiSRGHPRVREVHUYDU
TXH OR ³YLHMR´ GHO VLVWHPD QR HVWD HQ YtDV GH VHU UHHPSOD]DGR SRU OR ³QXHYR´ VL
WRPDPRV OR VHxDODGR SRU ORV MyYHQHV HQWUHYLVWDGRVHVWD VRFLHGDG VH HVWD TXHGDQGR
VLQGLDOpFWLFDJHQHUDFLRQDODOPHQRVHQVXPRGR³WUDGLFLRQDO´6LHVRHVDVtLPSOLFDUtD
(Q HVSHFLDO KHPRV XWLOL]DGR FRQFHSWXDOL]DFLRQHV \ FDWHJRUtDV GH DQiOLVLV GHVDUUROODGDV SRU HO ILOyVRIR HVSDxRO
-RVp2UWHJD\*DVVHW
LQHYLWDEOHPHQWHVXHQYHMHFLPLHQWRGHVGHHOSXQWRGHYLVWDGHVXVHVWUXFWXUDVVRFLDOHV
(OOR SRU OR GHPiV QR UHVXOWD XQ IHQyPHQR WDQ LQXVXDO \D TXH HVWH HV SUHFLVDPHQWH
XQRGHORVVtQWRPDVTXHSXHGHXELFDUHQODKLVWRULDGHFDVRVGHWHUPLQRGHVLVWHPDV
VRFLDOHV R GH FLYLOL]DFLRQHV (VWH HV XQ DVXQWR TXH SDUHFH VHU GH OD PD\RU
LPSRUWDQFLD \ TXH QR GHELHUD VHU GHVHVWLPDGR SRU DTXHOORV TXH WHQHPRV
UHVSRQVDELOLGDGHVHGXFDWLYDVFRQODVQXHYDVJHQHUDFLRQHV
&216(&8(1&,$6 (1 (/ &$032 ('8&$7,92 < (1 /$ /$%25 '2&(17(
(0(5*(81352%/(0$123/$17($'2(1/262%-(7,926,1,&,$/(6
'DGRORDQWHULRUVHSXHGHQHQWHQGHUODVHQRUPHGLILFXOWDGHVTXHHVWiQWHQLHQGR
OD PD\RUtD GH ORV GRFHQWHV HQ VX LQWHUDFFLyQ FRQ ODV QXHYDV JHQHUDFLRQHV 4XLHQHV
GHVGH XQD FRQFHSFLyQ PiV FRQVHUYDGRUD LQWHQWDQ VLPSOHPHQWH VHU UHSURGXFWRUHV GH
ODV FRQGLFLRQHV VRFLDOHV H[LVWHQWHV HQFXHQWUDQ FRPR UHVSXHVWD XQ PDUFDGR
GHVLQWHUpVSRUDGDSWDUVHDXQVLVWHPDVRFLDOHQHOTXHQRVHFUHH3RUHOFRQWUDULRORV
HGXFDGRUHV TXH YHQ HQ ORV MyYHQHV OD HVSHUDQ]D GH XQD WUDQVIRUPDFLyQ GH OD
VRFLHGDGVXIUHQODIUXVWUDFLyQGHQRWHQHUUHVRQDQFLDHQVXVFRQYRFDWRULDVDFDPELDU
HO RUGHQ VRFLDO HVWR VH SXHGH H[SOLFDU SRU OD H[LVWHQFLD GH HQ XQD DFWLWXG GH
GLVWDQFLDPLHQWR\GHVFUHLPLHQWRDEVROXWRFRQTXHODVQXHYDVJHQHUDFLRQHVSHUFLEHQD
(Q ULJRU GLFKD ILORVRItD SXHGH VHU FRQVLGHUDGD WDPELpQ XQ WLSR GH H[LVWHQFLDOLVPR SHUR GDGR TXH SUHVHQWD
SDUWLFXODUHVHLPSRUWDQWHVDSRUWHVFRQFHSWXDOHVQXHYRVTXHQRVHHQFXHQWUDQHQORV³H[LVWHQFLDOLVPRVFOiVLFRV´VH
KDRSWDGRSRUGLIHUHQFLDUOR
5HVSHFWR GH HVWH WHPD VH SXHGH PHQFLRQDU ORV DSRUWHV GH 9LFR FRQ VX HVIXHU]R FODVLILFDGRU OD YLVLyQ
KLVWRULRORJLFD GH 7R\QEHH &RPWH FRQ VXOH\GHODVFLYLOL]DFLRQHV +HJHOTXHQRVKDEORGHODVFLYLOL]DFLRQHVFRPR
PDQLIHVWDFLRQHV GH ORV SDVRV GLDOpFWLFRV GHO HVStULWX DEVROXWR \GH6SHQJOHUTXHQRVSUHVHQWRDODVFLYLOL]DFLRQHV
FRPRHQWLGDGHVTXHELROyJLFDPHQWHVHJXtDQHWDSDVGHQDFLPLHQWRMXYHQWXGPDGXUH]\PXHUWH
OD VRFLHGDG SDUHFLHUD TXH YHQ OD VRFLHGDG HQ TXH YLYHQ HQ XQD VLWXDFLyQ GH
GHFDGHQFLDWDOTXHODKDFHLQPHMRUDEOH
3RGHPRVVXSRQHUTXHHVWDVLWXDFLyQQRGHMDGHVHUIUXVWUDQWHSDUDODPD\RUtDGH
ORVHGXFDGRUHVTXHSUREDEOHPHQWHVHVLHQWHQ³DUDQGRHQHOGHVLHUWR´HQXQDVXHUWH
GH DFFLyQ VLQ VHQWLGR HQ HO TXH VH SHUFLEH \ VH VLHQWH LQWHUQDPHQWH TXH OD ODERU
SHGDJyJLFDQRWLHQH\DGLUHFFLyQ
¢ QR VHUi HVWD XQD GH ODV FDXVDOHV TXH H[SOLTXH HO LQTXLHWDQWH DXPHQWR GH
HQIHUPHGDGHVSVLFROyJLFDVTXHVHSUHVHQWDQHQHOiPELWRGRFHQWH"
3RUORJHQHUDOHVWDVLWXDFLyQVXHOHH[SOLFDUVHGHVGHXQDSHUVSHFWLYDPHUDPHQWH
VDODULDO\DGPLQLVWUDWLYDHVGHFLUODVPDODVFRQGLFLRQHVHFRQyPLFDV\ORVGHWHULRUDGRV
DPELHQWHVODERUDOHVGHODVXQLGDGHVHGXFDWLYDVH[SOLFDUtDQHVWHIHQyPHQR3HUR
¢ FRPR VH H[SOLFD TXH HQ RWURV PRPHQWRV KLVWyULFRV D VLPLODUHV FRQGLFLRQHV QR VH
SUHVHQWDED HO PLVPR FXDGUR" ¢ FRPR VH H[SOLFD TXH HQ DTXHOORV HVWDEOHFLPLHQWRV
³SULYLOHJLDGRV´ TXH WLHQHQ PXFKR PHMRUHV VDODULRV \ FRQGLFLRQHV GH WUDEDMR TXH OD
PHGLDHOIHQyPHQRLJXDOPHQWHVHPDQLILHVWDHQDO]D"
1R VH SUHWHQGH HQ HVWH WUDEDMR QL FRQ PXFKR H[SOLFDU HVWH IHQyPHQR GH XQD
SHUVSHFWLYD XQLODWHUDO PDVD~Q FXDQGR ORV DQWHFHGHQWHV UHVXOWDQ D~QPX\SUHFDULRV
6LPSOHPHQWH VH SUHWHQGH D SDUWLU GH OD LQIRUPDFLyQ TXH VXUJH \ GH OD LQWHUSUHWDFLyQ
WHyULFD TXH VH YD FRQVWUX\HQGR LU HVER]DQGR SUHJXQWDV TXH SXHGHQ GDU FXUVR D
QXHYRVHVWXGLRVHVSHFtILFRV(QORTXHKDFHDHVWHHVWXGLRQRVGDPRVSRUFRQIRUPHV
FRQ HVER]DU HO SUREOHPD \ GHMDU SODQWHDGDV SUHJXQWDV TXH QRV SDUHFHQ GH LQWHUpV \
VXILFLHQWHPHQWHSHUWLQHQWHVFRPRSDUDSURIXQGL]DUHQVXDQiOLVLVHQIXWXURVWUDEDMRV
326,%,/,'$'(6'(6$/,'$6)5(17($ /26³&Ë5&8/269,&,2626´48(6(
&21),*85$1
/DV LQWHUSUHWDFLRQHV UHDOL]DGDV HQ ORV VXE FDStWXORV SUHFHGHQWHV SRGUtDQ
FRQGXFLUQRV D XQ SXQWR VLQ VDOLGD VL VROR WHUPLQDQ DOOt VH WUDWDUtD GH XQD VXHUWH GH
³FtUFXOR YLFLRVR´ \D TXH VH HVWDUtD HQ XQD VLWXDFLyQ QHJDWLYD \ GHVGH OD FXDO QR VH
YLVOXPEUDQ DOWHUQDWLYDV GH VROXFLyQ 3RU XQ ODGR XQD JHQHUDFLyQ FUtWLFD HQ VX
GLDJQRVWLFR GHO VLVWHPD SHUR VLQ OD DFWLWXG \ GLVSRVLFLyQ D WUDQVIRUPDU ORV DVSHFWRV
QHJDWLYRV FULWLFDGRV SRU RWUD SDUWH XQ FRQWLQJHQWH GRFHQWH FRQVFLHQWH GH HVWD
VLWXDFLyQ SHUR VLQ OD SRVLELOLGDG GH GDU UHVSXHVWDV DWLQDGDV DO DERUGDU HO IHQyPHQR
GHVGH FDWHJRUtDV \ FRQFHSFLRQHV GH DQiOLVLV REVROHWDV \ QR FRQFRUGDQWHV FRQ HO
PRPHQWRKLVWyULFRDFWXDO(VHYLGHQWHTXHQRSRGHPRVTXHGDUQRVHQODTXLHWXGIUHQWH
DHVDVLWXDFLyQHVGHFLUHVQHFHVDULRFRQVWUXLUSURSXHVWDVGHVDOLGDKDFLDVLWXDFLRQHV
PiVSRVLELOLWDULDV
8Q SULPHU SDVR SDUHFLHUD VHU HO DVXPLU TXH HO SUREOHPD H[LVWH (VWH SXQWR
SDUHFH REYLR SHUR D OD OX] GH ORV DQWHFHGHQWHV DSRUWDGRV SRU ORV HQWUHYLVWDGRV QR
SDUHFH TXH HO SUREOHPD HVWH VLHQGR FDEDOPHQWH FRPSUHQGLGR SRU XQ VHFWRU GH ORV
GRFHQWHV$GHFLUGHDOJXQRVGHORVMyYHQHVODVDFWLWXGHV\FRPSRUWDPLHQWRVDWUDYpV
GHORVFXDOHVVHKD HVWDEOHFLGRODUHODFLyQGHORVSURIHVRUHVKDFLDHOORVVHDVLHQWDPiV
HQ ODV IRUPDOLGDGHV \ ORV GHQRPLQDGRV ³FRQGXFWRV UHJXODUHV´ TXH HQ ODV UHDOHV
QHFHVLGDGHVGHORVHVWXGLDQWHV
³KDEODQGR GH SURIHVRUHVORVSURIHVRUHVSDUD PtHVWiQEDVDGRVHQVXLGHDHQ
WRGR VLHPSUH KD\ H[FHSFLRQHV REYLDPHQWH SHUR HVWiQ EDVDGRV HQ VX LGHD R
VHDXQRQRSXHGHFDPELDUORTXHHOORVGLJDQXQRQRORSXHGHFDPELDU\VLHQ
XQD GH HVDV HOORV SXHGHQ HVWDU HTXLYRFDGRV SHUR WDPSRFR OR DFHSWDQ QR
DFHSWDQ TXH RWUD SHUVRQD SLHQVH GLVWLQWR D HOORV´ %DUEDUD HVWXGLDQWH
VHFXQGDULDGHXQ/LFHR0XQLFLSDO
3DUHFH HYLGHQWH TXH OD UHIHUHQFLD TXH KLVWyULFDPHQWH KDQ HMHUFLGR ORV
SURIHVRUHV VREUH ODV QXHYDV JHQHUDFLRQHV HVWD VHYHUDPHQWH GLVPLQXLGD HQ HVWH
PRPHQWR GLFKRPiV FUXGDPHQWHVLQRVEDVDPRVHQORTXHPDQLILHVWDQORV MyYHQHV
HQWUHYLVWDGRVORVSURIHVRUHV QRHVWiQRULHQWDQGRDODVQXHYDVJHQHUDFLRQHV\DTXH
HVWDV QR HQFXHQWUDQ HQ DTXHOORV QL OD FUHGLELOLGDG QL OD FRPSUHQVLyQ GH VX VLWXDFLyQ
DFWXDO6HJ~QODLQIRUPDFLyQTXHVHKDSRGLGRH[WUDHUGHODVHQWUHYLVWDVHOORQRHVXQ
SUREOHPD TXH HQFRQWUHPRV VROR HQ ORV MyYHQHV TXH DFWXDOPHQWH HVWiQ LQVHUWRV HQ HO
QLYHO GH HQVHxDQ]D PHGLD HQFRQWUDPRV TXH HO IHQyPHQR VH H[SUHVD WDPELpQ HQ
MyYHQHV TXH \D QRWLHQHQODFRQGLFLyQGHHVWXGLDQWHVFRPR WDPELpQGHDTXHOORVTXH
KR\ IRUPDQ SDUWH GHO FRQWLQJHQWH GH OD HGXFDFLyQ VXSHULRU $VXPLU FDEDOPHQWH HVD
VLWXDFLyQHVXQSULPHUSDVRLQGLVSHQVDEOHSDUDLQLFLDUODE~VTXHGDGHVROXFLRQHV
$VXPLGRHOSUREOHPD\DVHKDEUiGDGRXQSULPHUSDVRLQWHUHVDQWH(OVLJXLHQWHSDVR
VHUtDHOH[SORUDUFDPLQRVSRVLEOHVGHWUDQVIRUPDFLyQGHHVWDVLWXDFLyQ6LWRPDPRVHQ
FXHQWDORVHxDODGRSRU2UWHJDHQORVSULPHURVFDStWXORVGHHVWHWUDEDMRUHVSHFWRGHOD
GLIHUHQFLDHQWUH³IHYLYD´\³IHLQHUWH´SDUHFHLQGLVSHQVDEOHHQFDPLQDUVHDODE~VTXHGD
GHOVHQWLPLHQWRGH³IHYLYD´TXHSHUPLWDVXSHUDUHVWDHYLGHQWHFRQGLFLyQGH³IHLQHUWH´
TXH VH REVHUYD HQ ODV QXHYDV JHQHUDFLRQHV 8Q SUREOHPD FRQFUHWR TXH SRGHPRV
DQWLFLSDUDOUHVSHFWRHVXQDFLHUWDDFWLWXGSHVLPLVWD\FRQIRUPLVWDTXHHQRFDVLRQHVVH
SUHVHQWD HQ ORV DFWRUHV GHO PHGLR HGXFDFLRQDO HV XQD VXHUWH GH DFHSWDFLyQ GH
FRQGLFLRQHV TXH VL ELHQ QR VH GHVHDQ QR VH YLVOXPEUD SRVLELOLGDGHV UHDOHV GH
PRGLILFDUODV HV OD DFHSWDFLyQ GH ODV FRQGLFLRQHV QR TXHULGDV MXVWLILFDGR HQ OD
H[LVWHQFLD GH SRGHUHV VXSHULRUHV TXH HV HQ GRQGH VH HQFXHQWUD ODFDSDFLGDG UHDO \
~QLFDGHWRPDUGHFLVLRQHV(YLGHQWHPHQWHHOORWLHQHVXJUDGRGHUHDOLGDGGHVFRQRFHU
TXHODHGXFDFLyQHVWDIXHUWHPHQWHGLUHFFLRQDGDGHVGHODVLQVWDQFLDVGHSRGHUSROtWLFR
HFRQyPLFRHLQFOXVRUHOLJLRVRVHUtDXQDHQRUPHLQJHQXLGDG\HVHYLGHQWHWDPELpQTXH
ODV SRVLELOLGDGHV GH WUDQVIRUPDFLyQ UHTXLHUHQ GH DPELHQWHV IDYRUDEOHV D TXH GLFKRV
FDPELRRSHUHQHQWDOVHQWLGRQRVHSXHGHVRVOD\DUTXHWRGRFDPELRLPSRUWDQWH\QR
PHUDPHQWH FRVPpWLFR HQ HGXFDFLyQ UHTXLHUH GH FRQGLFLRQHV SROtWLFDV \ VRFLDOHV
DGHFXDGDV 3HUR HVWR ~OWLPR QR WLHQH SRUTXH LPSOLFDU XQD DFWLWXG SDVLYD GH ORV
GRFHQWHV R LQYHVWLJDGRUHV VRFLDOHV D OD HVSHUD GH TXH GLFKDV FRQGLFLRQHV ³VH GHQ´
SRUHOFRQWUDULRVHSXHGHSDUWLFLSDUDFWLYDPHQWHGHODJHQHUDFLyQGHHVDVFRQGLFLRQHV
D WUDYpV GH XQD DFWLWXG FUtWLFD UHIOH[LYD H LQYHVWLJDWLYD GHO GRFHQWH UHVSHFWR GH VX
SURSLDSUiFWLFDSHGDJyJLFDFRWLGLDQD\GHODWHRUtD\SUiFWLFDFXUULFXODUDGRSWDGDSRUOD
HVFXHOD 6HUi HVD DFWLWXG UHIOH[LYD OD TXH GDUi IXQGDPHQWR D XQD SRVWXUD FUtWLFD GHO
TXHKDFHU YLJHQWH \ SHUPLWLUi JHQHUDU ODV FRQGLFLRQHV TXH KDJDQ SRVLEOH OD DSOLFDFLyQ
GHXQPRGHORVRFLRFUtWLFRHOTXHFRPRKHPRVYLVWRQRVRORFRPSUHQGHODUHDOLGDG VLQR
TXHDGHPiVODWUDQVIRUPD7DOFRPRKHPRVYLVWRHQWDOFDVRSXHGHVHU~WLOUHFXUULUD
ORV PpWRGRV FXDOLWDWLYRV SDUD GDU FXHQWD GH HVD QHFHVLGDG 'HWHUPLQDU HQ TXH
&XDQGR XWLOL]DPRV OD FDWHJRUtD ³SURIHVRUHV´ OR KDFHPRV HQ HO VHQWLGR JHQpULFR UHILULpQGRVH PiV ELHQ GH XQD
PRPHQWRVHUiRSRUWXQRODDSOLFDFLyQGHORVPpWRGRVVRFLRFUtWLFRVHVXQSUREOHPDHQ
HO TXH QR HV IiFLO GDU UHVSXHVWD DGHFXDGD HQ HO PRPHQWR RSRUWXQR SHUR D OR FXDO
KDEUtDTXH SUHVWDU ODGHELGDDWHQFLyQ(VHVDDFWLWXGDELHUWD\UHIOH[LYDODTXHSXHGH
D\XGDU D JHQHUDU ODV FRQGLFLRQHV SDUD XQD QXHYD SUiFWLFD HGXFDWLYD FRPSURPHWLGD
~QLFD\H[FOXVLYDPHQWHFRQHOPHMRUDPLHQWRKXPDQR\FRQHOGHVDUUROORGHWRGDVVXV
SRWHQFLDOLGDGHV
/$1(&(6,'$''(81$18(9$³0,5$'$´
'HILQLWLYDPHQWH QR SDUHFH FDVXDO HO GHVLQWHUpV DSDWtD \ GHVFRQILDQ]D GH ORV
MyYHQHV UHVSHFWR GH HVWH VLVWHPD LQVWLWXFLRQDO 7DPSRFR HV FDVXDO QL VHFXQGDULR OD
HVFDVDFDSDFLGDGGHRULHQWDFLyQ\UHIHUHQFLDTXHORVSURIHVRUHVHVWiQWHQLHQGRVREUH
ODVQXHYDVJHQHUDFLRQHVQRVHSXHGHVHJXLUDTXHOORHQORTXHQRVHFUHH\SRUWDQWR
QRSRGHPRVSUHWHQGHUORVSURIHVRUHVTXHORVMyYHQHVDFHSWHQYDORUHV\FUHHQFLDVTXH
HVWiQDJyQLFDV0HSDUHFHTXHHOPHQVDMHGHWUDVIRQGRTXHVXE\DFHHQORVGLVFXUVR
GH ORV HQWUHYLVWDGRV HV TXH DXQTXH HYLGHQWHPHQWH HQ HOORV QR KD\ FUHGLELOLGDG QL
FRQILDQ]DHQODVLQVWLWXFLRQHVGHOVLVWHPDH[LVWLUtDDVtHQSRWHQFLDOXQDGLVSRVLFLyQD
VHJXLU XQD SURSXHVWD XQ SUR\HFWR R XQ OLGHUD]JR VRFLDO TXH OHV UHVXOWDUD FUHtEOH \
FDXWLYDQWH
VXHUWHGHLQVWLWXFLyQGRFHQWH\SRUWDQWRQRGDFXHQWDGHODVVLWXDFLRQHVSDUWLFXODUHV\GLIHUHQWHVDORGHVFULWRTXH
VHGHQHQFDGDFDVRLQGLYLGXDOGHORVPLOHVGHGRFHQWHVTXHKR\VHGHVHPSHxDQHQHOVLVWHPDHGXFDFLRQDO
$ PL HQWHQGHU ORV SUREOHPDV \ QHFHVLGDGHV TXH HPHUJHQ GHO GLVFXUVR GH ORV
HQWUHYLVWDGRV VRQ H[SUHVLyQ GH XQ PRPHQWR KLVWyULFR GH FULVLV HQ GRQGH XQ YLHMR
SDUDGLJPD VH DJRWD \ FRPLHQ]D D H[SUHVDUVH OD QHFHVLGDG GH DOJR QXHYR FUHR TXH
DVLVWLPRVDODPXHUWHGHXQSDUDGLJPDTXHHQVXPRPHQWRKLVWyULFRIXH~WLOSHURTXH
QR HV UHVSXHVWD DGHFXDGD D ODV DFWXDOHV FLUFXQVWDQFLDV <D KHPRVYLVWR HQ FDStWXORV
DQWHULRUHVTXHXQHYLGHQWHLQGLFDGRUGHHVWRHVHOIHQyPHQRGHUXSWXUDHQHOSURFHVR
GH GLDOpFWLFD JHQHUDFLRQDO (VWD YHUGDGHUD FULVLV SDUDGLJPiWLFD D PL HQWHQGHU
DIHFWDQRVRORDXQSDUDGLJPDGLVFLSOLQDUVLQRTXHGDGDVXSURIXQGLGDGHVWDUtD
DIHFWDQGRDOSDUDGLJPDPDWUL]GHOVLVWHPDVRFLDOYLJHQWH
(QHVWHFDVRXVDPRVHOFRQFHSWRGHFULVLVQRHQHOXVRFRP~QHQGRQGHWLHQHIXHUWHFRQQRWDFLyQQHJDWLYD0iV
ELHQORXVDPRVHQHOVHQWLGRGHXQPRPHQWRGHSURFHVRHQGRQGHXQDYLHMDHVWUXFWXUDHVWDDJRWDGD\ODQXHYDQR
VHPDQLILHVWDSOHQDPHQWHD~QRULJLQDQGRHQWRQFHVXQPRPHQWRGHLQHVWDELOLGDGPD\RUDODKDELWXDO
&$3t78/29,,
¢&Ï02//(*$5$/26-Ï9(1(6"
81$35238(67$'(6'(/$('8&$&,Ï1
&RQVLGHUDQGR OR DQWHULRU HV TXH SDUHFH QHFHVDULR JHQHUDU XQD QXHYD PLUDGD
IUHQWHDOIHQyPHQRGHODUHDOLGDGMXYHQLO1RLQVLVWLUHQFUHHQFLDVFDWHJRUtDV\PpWRGRV
TXHQRHVWiQVLUYLHQGR(VPHQHVWHUJHQHUDUXQQXHYRLGHDOXQQXHYRSUR\HFWRVRFLDO
DOJR DVt FRPR OD XWRStD GHO QXHYRPLOHQLR /D VRFLHGDGHQJHQHUDO\ODHGXFDFLyQHQ
SDUWLFXODU UHTXLHUHQ GH XQD QXHYD PLUDGD XQD QXHYD PLUDGD TXH UHVFDWH DO VHU
KXPDQR TXH GH FXHQWD GH OD GLYHUVLGDG UDFLDO LGHROyJLFD \ FXOWXUDO GH OD VRFLHGDG
DFWXDO \ TXH KDJD UHQDFHU OD PtVWLFD VRFLDO HVD PtVWLFD TXH HQ RWURV PRPHQWRV
KLVWyULFRV KD RULHQWDGR DO VHU KXPDQR HQ XQD GLUHFFLyQ GH FUHFLPLHQWR \ SURJUHVR
SHUVRQDO\VRFLDO(QWDOVHQWLGRQRSRGHPRVVXSRQHUTXHVHDVyORODHGXFDFLyQODTXH
HVWH HQ FRQGLFLRQHV GH RSHUDU XQD WUDQVIRUPDFLyQ GH WDO HQYHUJDGXUD SHUR WDPSRFR
SDUHFHDGHFXDGRTXHGHVGHHOPXQGRGHODHGXFDFLyQVHDVXPDXQDSRVWXUDSDVLYD
HQGRQGHVHHVXQVLPSOHUHIOHMRGHORVDFRQWHFLPLHQWRVVRFLDOHVTXHVRQPRWRUL]DGRV
GHVGH RWUDV HVIHUDV /D HGXFDFLyQ SXHGH \ GHEH SHQVDUVH FRPR XQ HOHPHQWR
WUDVFHQGHQWH\GHFLVLYRHQODGLUHFFLyQTXHWRPHQORVDFRQWHFLPLHQWRVVRFLDOHV
3RU HOOR D SDUWLU GH WRPDU HQ FRQVLGHUDFLyQ WRGRV ORV SXQWRV DQWHULRUHV GH HVWH
HVWXGLR HV GHFLU HO DQiOLVLV \ GHFRQVWUXFFLyQ GHO GLVFXUVR OD FODVLILFDFLyQ GH ODV
FDWHJRUtDV HO DQiOLVLV GH ORV UHVXOWDGRV \ OD LQWHUSUHWDFLyQ WHyULFD HV TXH FUHR VH
SXHGH HVWDU HQ FRQGLFLRQHV GH HVER]DU XQD SURSXHVWD TXH SHUPLWD LU YLVOXPEUDQGR
SRVLELOLGDGHVGHVDOLGDIUHQWHDODVLWXDFLyQ
&UHR LQGLVSHQVDEOH WHQHU HQ FXHQWD TXH WRGD SURSXHVWD \R FRQVWUXFFLyQ
HGXFDWLYDVHXELFDHQORVPDUFRVGHXQDFRQFHSFLyQGHOVHUKXPDQR\GHODVRFLHGDG
TXH OH HQWUHJDQ ORV SRVWXODGRV HVHQFLDOHV TXH OD IXQGDPHQWDQ (Q WDO VHQWLGR OD
VLJXLHQWHFLWDGH0DQXHO6LOYDQRVSXHGHHVFODUHFHUDOUHVSHFWR
³/DV PRWLYDFLRQHV TXH JXtDQ D TXLHQHV WLHQHQ OD WDUHD GHO GLVHxR GHO
FXUULFXOXP H[SOtFLWR \ GH OD VHOHFFLyQ GH FLHUWDV iUHDV GHO FRQRFLPLHQWR
GHQWURGHXQDDPSOLDJDPDGHSRVLELOLGDGHVVHIXQGDPHQWDQHQSULQFLSLRV
GH FDUiFWHU ILORVyILFR SROtWLFR LGHROyJLFR HFRQyPLFR UHOLJLRVR´
³&RQFHSWRV\2ULHQWDFLRQHVGHO&XUULFXOXP
7HQLHQGR HQ FXHQWD GLFKR FRQWH[WR HV TXH PH SDUHFH SHUWLQHQWH \ QHFHVDULRLU
SUHFLVDQGR FRQFUHWDPHQWH UHVSHFWR GH XQD SURSXHVWD HGXFDWLYD HQ IXQFLyQ GH ODV
FDUDFWHUtVWLFDV \ QHFHVLGDGHV GHO PRPHQWR DFWXDO \ IXWXUR GH OD VRFLHGDG (Q WDO
VHQWLGR HV PHQHVWHU WHQHU FRQFLHQFLD GH ORV HOHPHQWRV IXQGDPHQWDOHV GHO DFWXDO
PRPHQWRKLVWyULFR\VRFLDO
(QSULPHUOXJDUKD\TXHHQWHQGHUTXHDVLVWLPRVDXQSURFHVRGHPXQGLDOL]DFLyQ
FUHFLHQWH D OD SDU GH XQ DFHOHUDGR GHVDUUROOR FLHQWLILFRWHFQROyJLFR TXH HVWi
SURGXFLHQGRSHUPDQHQWHVWUDQVIRUPDFLRQHVVRFLDOHVLQVWLWXFLRQDOHVHLQFOXVRYDORULFDV
/RV YLHMRV SDUDGLJPDV \ OD LQVWLWXFLRQHV IRUMDGDV HQ OD UDFLRQDOLGDG GHO VLJOR SDVDGR
HVWiQVLHQGRUiSLGDPHQWHVREUHSDVDGDVSRUHVWHSURFHVR
3RU RWUD SDUWH ORV YDORUHV \ SULQFLSLRV pWLFRV VRQ SRVWHUJDGRV SRU HO XWLOLWDULVPR \
SUDJPDWLVPR HQ ERJD OR TXH VH VXPD D OD IDOWD GH XWRStDV PRYLOL]DGRUDV OR TXH OH
RWRUJD XQ SHUILO PX\ QHWR DO FRPSRUWDPLHQWR VRFLDO DFHSWDGR VRFLDOPHQWH (VWRV PH
SDUHFHSXHGHQVHUFRQVLGHUDGRVFRPRORVPDVFODURVLQGLFDGRUHVGHODpSRFDDFWXDO
'DGR HVWR HV TXH OD HGXFDFLyQ UHSURGXFWRUD VL HQ WRGR PRPHQWR HV
FXHVWLRQDEOH SRU VX WHQGHQFLD LQHYLWDEOH KDFLD OD FRQVHUYDFLyQ OR HV PiV DXQ HQ
PRPHQWRV GH FULVLV \ FDPELR FRPR HO DFWXDO LQWHQWDU D WUDYpV GH OD HGXFDFLyQ
FRQVHUYDUXQPXQGRTXHPXHUHHVSRUGHFLUORPHQRVLQDGHFXDGRHLQRILFLRVR3RUHO
FRQWUDULRODHGXFDFLyQWLHQHXQSDSHOIXQGDPHQWDOTXHGHVHPSHxDUSDUDRULHQWDUHVWH
SURFHVRGHUDGLFDOHVWUDQVIRUPDFLRQHVHQXQDGLUHFFLyQDIDYRUGHOVHUKXPDQRGHEH
MXJDUVHSRUODPHMRUGHODVRSFLRQHV\HQPRGRDOJXQRGHEHDVXPLUDDFWLWXGSDVLYDR
GH VLPSOH UHIOHMR GH ORV DFRQWHFLPLHQWRV SROtWLFRV \ VRFLDOHV /D HGXFDFLyQ \ ORV
HGXFDGRUHVGHEHPRVDVXPLUHOSDSHOGHUHVHUYDPRUDO GHXQDVRFLHGDGTXHIUHQWHDOD
YRUiJLQHGHFDPELRVTXHVHGHVSOLHJDQRHVWDH[HQWDGHOSHOLJURGHSHUGHUHOUXPER\
GLULJLUVHKDFLDXQDVLWXDFLyQHQH[WUHPRFRPSOLFDGD
7HQLHQGRHQ FXHQWDORVHxDODGRDPLHQWHQGHUVRORXQDSRVWXUDTXHUHVFDWHOR
HVHQFLDO GHO VHU KXPDQR VX PDV SOHQD KXPDQLGDG VHUi FDSD] GH SHUPLWLUQRV VDOLU
FUHDWLYD\SRVLWLYDPHQWHGHODFULVLVGHOPRPHQWRDFWXDO(OORUHTXLHUHHQWRQFHVGHXQ
1XHYR +XPDQLVPR TXH VL ELHQ HV FLHUWR UHFRMD ORV DQWHFHGHQWHV GHO +XPDQLVPR
KLVWyULFR HQWLHQGD TXH OD QXHYD VRFLHGDG LQWHUFRQHFWDGD \ PXQGLDOL]DGD UHTXLHUH GH
XQD SURSXHVWD ILORVyILFR FXOWXUDO TXH GH FXHQWD GH OD H[LVWHQFLD GH PXOWLSOLFLGDG GH
FRVPRYLVLRQHVTXHGHVFRQItH GHODVYHUGDGHVDEVROXWDVTXHGHVFDOLILFDQODGLIHUHQFLD
R OD GLVLGHQFLD TXH FRPSUHQGDTXHORVVLVWHPDVFHUUDGRVGHSHQVDPLHQWRQRSRGUiQ
KDFHU SLH HQ XQD pSRFD GH GHVHVWUXFWXUDFLyQ +DEOR HQWRQFHV GH XQ +XPDQLVPR
8QLYHUVDOLVWDQRVRORRFFLGHQWDO\TXH HQHOFDVRHVSHFLILFRGHQXHVWUD/DWLQRDPpULFD
VHDFDSD]GHUHFRJHU\UHVFDWDUODVUDtFHVFXOWXUDOHVHKLVWyULFDVGHQXHVWURVSXHEORV
DODVTXHODJOREDOL]DFLyQKRPRJHQL]DGRUDGHORVFHQWURVGHSRGHUDFWXDODVIL[LDQDOLU
LPSRQLHQGR VX XQLODWHUDO YLVLyQ GH OD UHDOLGDG (VWH SXQWR PH SDUHFH GH OD PD\RU
LPSRUWDQFLD \D TXH XQR GH ORV UHFODPRV PDV IXHUWHV TXH KDQ KHFKR QXHVWURV
MyYHQHVHQWUHYLVWDGRVHVODGHPDQGDGHUHVSHWRDODGLYHUVLGDG\SDUWLFXODULGDG
FXOWXUDO\YDOyULFDTXHFDGDXQRVLHQWHFRPRVX\D
(QFXDQWRDORVSULQFLSLRVSDUDGLJPDWLFRVHQORVTXHGHEHUtDEDVDUVHXQDQXHYD
SURSXHVWDHGXFDWLYDDPLHQWHQGHUGHEHQLPSOLFDUXQDpWLFDTXHRULHQWHODDFFLyQ\OD
UHIOH[LyQSHUVRQDO\FRQMXQWD6HWUDWDGHSULQFLSLRVTXHDVXPDQHOFDUiFWHUGHDFWLWXG
GH YLGD \ TXH VHDQ FDSDFHV GH RWRUJDU ORV DFXHUGRV EiVLFRV SDUD OD FRH[LVWHQFLD
SDFLILFD\GHFRODERUDFLyQGHORVGLVWLQWRVJUXSRVVRFLDOHVSXHEORV\FXOWXUDV3RUTXH
¢FRPRORJUDUXQDXQLGDGEiVLFDXQDFRQYLYHQFLDDUPyQLFDVLH[LVWHQPXOWLSOLFLGDGGH
HWQLDVLGHRORJtDVFUHHQFLDVUHOLJLRVDVXVRV\FRVWXPEUHVHWF"¢FRPRSXHGHQWHQHU
H[SUHVLyQ\OHJLWLPLGDG ODV P~OWLSOHVFXOWXUDVHQXQ PXQGRJOREDOL]DGRTXHWLHQGHDOD
XQLILFDFLyQ" ¢ FyPR SXHGHQ WHQHU HVSDFLR ODV PLQRUtDV GH FXDOTXLHU WLSR HQ XQD
VRFLHGDGGHPDVDV"$PLHQWHQGHUHOORVHUiSRVLEOHHQODPHGLGDTXHH[LVWDDFXHUGR
HQVHLVSULQFLSLRVIXQGDPHQWDOHVTXHSXHGHQVHUYLUGHEDVHSDUDJHQHUDUORVFLPLHQWRV
GHXQQXHYRVLVWHPDVRFLDOGHFDUiFWHUKXPDQLVWD(OORVVRQ
8ELFDFLyQGHOVHUKXPDQRFRPRYDORU\SUHRFXSDFLyQFHQWUDO
$ILUPDFLyQGHODLJXDOGDGGHWRGRVORVVHUHVKXPDQRV
5HFRQRFLPLHQWRGHODGLYHUVLGDGSHUVRQDO\FXOWXUDO
7HQGHQFLDDOGHVDUUROORGHOFRQRFLPLHQWRSRUHQFLPDGHODDFHSWDGR
FRPRYHUGDGDEVROXWD
$ILUPDFLyQGHODOLEHUWDGGHLGHDV\FUHHQFLDV
5HSXGLRDODYLROHQFLD
$PLHQWHQGHUDTXtHVWiQODV EDVHVSDUDJHQHUDUXQDVRFLHGDGKXPDQDSOXUDO
DELHUWD \ OLEHUWDULD (VWRV VRQ ORV SULQFLSLRV GH DFWLWXG GH YLGD TXH SULRULWDULDPHQWH
GHEHUtD GHVDUUROODU XQD HGXFDFLyQ GH HVWRV WLHPSRV(OORLPSOLFD SRU FLHUWR XQVyOLGR
FRPSURPLVRpWLFRTXHKDJDLQDFHSWDEOHFXDOTXLHUSUiFWLFDHGXFDWLYDTXHDWHQWpFRQWUD
HVWRVSULQFLSLRVXQLYHUVDOHV/DSRVWHUJDFLyQGHODSHUVRQDHQKDUiVGHRWURVLQWHUHVHV
OD GHVLJXDOGDG GH GHUHFKRV OD GLVFULPLQDFLyQ GH FXDOTXLHU WLSR OD LPSRVLFLyQ GH
YHUGDGHV DEVROXWDV OD SHUVHFXFLyQ GH LGHDV \ FUHHQFLDV\ HO HMHUFLFLR GH OD YLROHQFLD
ItVLFD R SVLFROyJLFD VRQ SUiFWLFDV TXH KR\ WRGDYtD H[LVWHQ HQ HO VLVWHPD HGXFDWLYR
IRUPDO H LQIRUPDO SULQFLSDOPHQWH D WUDYpV GH IRUPDV RFXOWDV GHO FXUULFXOXP \ TXH HQ
XQDQXHYDHGXFDFLyQQRSRGUtDQWHQHUMXVWLILFDFLyQDOJXQD(VWR\FLHUWRTXHHOORLPSOLFD
XQDDOWDH[LJHQFLDpWLFD\PRUDOSDUDHOGRFHQWHPDVTXHHQORFRQFHSWXDOHQORTXH
KDFHDVXDFWLWXGGHYLGDSUiFWLFDSHURPHSDUHFHTXHWDOH[LJHQFLDHVSHUWLQHQWHGDGD
OD PDJQLWXG GH OD WDUHD \ GH ODV UHVSRQVDELOLGDGHV TXH LPSOLFD (VWRV SULQFLSLRV \
YDORUHV QR VRQ DOJR VROR SDUD GHFODPDU RIRUPXODUWHyULFDPHQWHGHEHQVHUSRUVREUH
WRGRXQDDFWLWXGTXHWRGRHOVLVWHPDHGXFDFLRQDOSRQJDHQSUiFWLFDGHPDQHUDWDOTXH
RSHUHFRPRPRGHORSDUDHOQLxR\MRYHQSRUTXHORYHDSOLFDGRQRSRUTXHORHVFXFKD
HQ XQ GLVFXUVR $ PRGR GH HMHPSOR KDJDPRV OD VLJXLHQWH UHIOH[LyQ ¢ FRPR SRGUtD
UHVXOWDUFUHtEOHXQDLQVWLWXFLyQTXHSURPXHYDHQWUHVXVDOXPQRVHO³UHVSHWR´FRPRSDUWH
GH ORV FRQWHQLGRV YDOyULFRV VL HO WUDWR KDFLD ORV DOXPQRV HV GH WLSR DXWRULWDULR \
GLVFULPLQDWRULR"+DEORHQVtQWHVLVGHXQDQXHYDFRKHUHQFLD\pWLFDSHUVRQDO\VRFLDO
TXHGHVGHODHVFXHODHPDQDSDUDLQIOXLUWRGRHOTXHKDFHUVRFLDO
(VWH UHVXOWD RWUR DVSHFWR D PL HQWHQGHU FHQWUDO \D TXH XQD GH ODV SULQFLSDOHV
UD]RQHV HVJULPLGDV SRU ORV MyYHQHV SDUD VX IDOWD GH FUHGLELOLGDG HQ HO VLVWHPD HV OD
PDUFDGD LQFRKHUHQFLD TXH REVHUYDQ HQ HO PXQGR DGXOWR &UHR TXH VROR GHVGH XQD
DFWLWXGGHUDGLFDOFRKHUHQFLDHQWUHHOGLVFXUVR\ODSUiFWLFDVHHVWDUiHQFRQGLFLRQHVGH
LUUHFXSHUDQGRODFRQILDQ]D\OD DXWRULGDGGHOPXQGRDGXOWRHQHVWHFDVRSURIHVRUHV
IUHQWHDODVQXHYDVJHQHUDFLRQHV
3HURHOORLPSOLFDXQDHVFXHOD\XQVLVWHPDHGXFDFLRQDOFRQFUHFLHQWHVJUDGRVGH
DXWRQRPtD6HUtDLQJHQXRVXSRQHUTXHHOSRGHUSROtWLFR\HFRQyPLFRHVWHSOHQDPHQWH
GLVSXHVWRDRWRUJDUDODHGXFDFLyQWDODXWRQRPtDTXHGLVPLQX\DVXLQIOXHQFLD\FRQWURO
VREUHORVGLVHxRV\TXHKDFHUHVHGXFDWLYRV(OORLPSOLFDHQFRQVHFXHQFLDTXHORJUDUWDO
FRQGLFLyQGHEHVHUXQDGHPDQGDGHODGHQRPLQDGDVRFLHGDGFLYLOVHUiQORVFROHFWLYRV
GH GRFHQWHVORV SDGUHVFLXGDGDQRVHLQFOXVRORV SURSLRVHVWXGLDQWHVORV TXHGHEHQ
LQFOXLU HQ VXV GHPDQGDV \ OXFKDV SRU XQD PD\RU GHPRFUDWL]DFLyQ GH OD VRFLHGDG HO
ORJUDU FUHFLHQWHV JUDGRV GH SDUWLFLSDFLyQ HQ OD SODQLILFDFLyQ \ JHVWLyQ HGXFDWLYD GH
PDQHUD WDO TXH GLFKRV SODQHV \ GLVHxRV FRUUHVSRQGDQ FDGD YH] PDV D ORV
UHTXHULPLHQWRV GH OD VRFLHGDG \ FDGD YH] PHQRV D ORV LQWHUHVHV SDUWLFXODUHV GH ORV
JUXSRVTXHFLUFXQVWDQFLDOPHQWHHVWiQHQHOSRGHURELHQGHORVGHQRPLQDGRVSRGHUHV
IiFWLFRV TXH HQ UD]yQ GH VX LQIOXHQFLD HFRQyPLFD PLOLWDU HFOHVLiVWLFD R GH RWUR WLSR
LQIOX\HQGLUHFWDPHQWHVREUHORVSODQHV\GLVHxRVHGXFDWLYRV
(V HYLGHQWH TXH OR TXH DTXt VH HVER]D VRQ D~Q LGHDV PX\ JHQHUDOHV VH WUDWD
PiVELHQGHODSURSXHVWDGHXQDDFWLWXGGHODDSHUWXUDKDFLDXQDQXHYDPLUDGDXQD
QXHYDFRQFHSFLyQ R FRPR KHPRVGLFKR DQWHULRUPHQWH XQ QXHYR SDUDGLJPD (VWH PH
SDUHFH HV XQ SULPHU SDVR IXQGDPHQWDO H LQHOXGLEOH \D TXH VHUi HVWpULO HO LQWHQWR GH
DERUGDU QXHYRV SUREOHPDV FRQ YLHMDV PLUDGDV $ SDUWLU GH HVD QXHYD DFWLWXG ORV
GRFHQWHV HVWDUHPRV HQ FRQGLFLRQHV GH UHIOH[LRQDU GH LQYHVWLJDU \ GH UHVROYHU ORV
SUREOHPDV FRQFUHWRV TXH VH QRV SUHVHQWDQ HQ OD SUiFWLFD HGXFDWLYD \ OR TXH HV PiV
LPSRUWDQWH UHFXSHUDU OD SHUGLGD FDSDFLGDG GH RULHQWDU \ GDU UHIHUHQFLD D ODV QXHYDV
JHQHUDFLRQHV
&$3,78/29,,,
5()/(;,21(6),1$/(6
6HxDODUTXHODHGXFDFLyQMXHJDXQSDSHOGHUHOHYDQFLDHQHVWHPRPHQWRGH
FULVLVQRGHMDGHUHVXOWDUHQXQDWDUHDTXHSXHGHYLVOXPEUDUVHFRPRDUGXD\FRPSOHMD
(IHFWLYDPHQWHGHDFHSWDUVHGLFKDWHVLVQRGHMDGHVHUIDWLJRVDODWDUHDTXHLPSOLFD
DVXPLUGLFKDVLWXDFLyQ(QFRQVHFXHQFLDQRSRGHPRVREYLDUHOFRQWH[WRVRFLDOH
KLVWyULFRGHVGHHOFXDOVHKDUHDOL]DGRWRGRHVWHDQiOLVLV\QRSRGHPRVWDPSRFR
VRVOD\DUODLPSRUWDQFLDGHWRPDUSRVLFLyQIUHQWHDORTXHHVWDRFXUULHQGR$PLHQWHQGHU
HOPHQVDMHTXHQRVGDQORVMyYHQHVHQWUHYLVWDGRVHVVXILFLHQWHPHQWHFODUR\IXHUWH
(VWDVLWXDFLyQQRVOOHYDDHVDVYLHMDVSUHJXQWDVH[LVWHQFLDOHVTXHGHDQWLJXRVHKD
KHFKRHOVHUKXPDQR ¢HQTXHFRQGLFLRQHVYLYR "\¢HQTXHFRQGLFLRQHVTXLVLHUDYLYLU "
$O UHVSRQGHUVH HVWDV SURIXQGDV SUHJXQWDV QRV SRQH QHFHVDULDPHQWH HQ
FRQWDFWRFRQQXHVWUDVLWXDFLyQYLWDO\H[LVWHQFLDO&DGDXQRGHORVDFWRUHVLQYROXFUDGRV
HQ HO PXQGR GH OD HGXFDFLyQ GHEHUtD UHDOL]DUVH HVWDV SUHJXQWDV 6XV UHVSXHVWDV
SHUPLWLUtDQ DFODUDUQRV UHVSHFWR GH FXDO GHELHUD VHU QXHVWUD SRVWXUD IUHQWH D OR TXH
DFRQWHFHFRQORVMyYHQHVODHGXFDFLyQ\FRQQXHVWUDVRFLHGDG6LGHVGHPLFRQGLFLyQ
GH DFWRU GHO PXQGR GH OD HGXFDFLyQ PH IRUPXOR HVDV SUHJXQWDV OD UHVSXHVWD WHQGUi
QHFHVDULDPHQWHFRQVHFXHQFLDVUHVSHFWRGHPLSRVLFLRQDPLHQWRIUHQWHDODVXQWR6LODV
FRQGLFLRQHVHQTXHYLYRUHVSHFWRGHODHGXFDFLyQ\RUHVSHFWRGHODVRFLHGDGVRQODV
GHVHDGDV SRU Pt HQWRQFHV OR FRKHUHQWH VHUi VRVWHQHU XQD SRVLFLyQ FRQVHUYDGRUD
UHSURGXFWRUDRVLPSOHPHQWHSDVLYDUHVSHFWRGHODVLWXDFLyQDFWXDOGHODHGXFDFLyQVXV
LQVWLWXFLRQHV\VXJHQWH6LSRUHOFRQWUDULRODVFRQGLFLRQHVHQTXHYLYRQRVRQDTXHOODV
D ODV TXH DVSLUR SDUD PL \ ORV TXH PH URGHDQ HQWRQFHV QHFHVDULDPHQWH WHQGUp TXH
DVXPLUXQDSRVWXUDGHWUDQVIRUPDFLyQGHHVDVFRQGLFLRQHVLQGHVHDGDV$PLHQWHQGHU
HVHHVHOGLOHPDIXQGDPHQWDODOTXHQRVHQIUHQWDPRVORVHGXFDGRUHVGHWRGRWLHPSR\
OXJDUSHURTXHSDUWLFXODUPHQWHHQHVWHWLHPSRQXHYRPLOHQLR\OXJDU&KLOHFREUDXQD
VLJQLILFDFLyQ GH HQRUPH SURIXQGLGDG 1XHVWUR SDtV YLYH VLWXDFLRQHV GH FRQIOLFWR VRFLDO
TXH QR SXHGHQ VHU VRVOD\DGDV \ TXH HQ SDUWH VH HYLGHQFLDQ HQ HO SUHVHQWH HVWXGLR
%DVWH PHQFLRQDU DOJXQRV GH ORV PiV DFXFLDQWHV SUREOHPDV TXH DTXHMDQ D QXHVWUD
VRFLHGDGORVtQGLFHVGHSREUH]D\PDUJLQDOLGDGODYLROHQFLDFUHFLHQWHGHODVJUDQGHV
FLXGDGHVODGHPRFUDFLDIUiJLOTXHGHEHIXQFLRQDUFRQLPSRUWDQWHVUHVDELRVGHOVLVWHPD
DXWRULWDULRHOFUHFLPLHQWRGHSRGHUTXHYDQDGTXLULHQGRODV PDILDVGHOQDUFRWUiILFROD
FRUUXSFLyQ FUHFLHQWH TXH DWDFD D ORV SRGHUHV S~EOLFRV \ SULYDGRV HO DXPHQWR GH ODV
HQIHUPHGDGHV SVLFRVRFLDOHV GHO WLSR QHXUyWLFR GHSUHVLYR HWF HWF (YLGHQWHPHQWH
DOJXQRVGHHOORVHVWiQH[SUHVDGRVHQODLQYHVWLJDFLyQTXHKHPRVUHDOL]DGR(VWRVVRQ
VtQWRPDVGHXQDVRFLHGDGTXHQRHVWiELHQQRVPXHVWUDQTXHODJUDYHHQIHUPHGDGGHO
VLQ VHQWLGR SHUVRQDO \ VRFLDO QRV HVWi DTXHMDQGR JUDYHPHQWH 0LUDGR GHVGH HVD
ySWLFD FUHR TXH HVD HV OD SULQFLSDO UHIOH[LyQ D TXH QRV LQYLWDQ ORV MyYHQHV GH HVWDV
HQWUHYLVWDVHVDFHUFDGHOVHQWLGRGHQXHVWUDODERUHGXFDWLYD
¢TXHSRVLFLyQWRPDUHPRVORVHGXFDGRUHVIUHQWHDpVWDVLWXDFLyQ"
1XHVWUDV GHFLVLRQHV LPSOLFDQ WRPDU SRVLFLyQ \ SDUWLFXODUPHQWH ORV HGXFDGRUHV
HVWDPRV REOLJDGRV D WHQHU HQ FXHQWD TXH OD SRVLFLyQ TXH DVXPDPRV QR WHQGUi
FRQVHFXHQFLDV VROR SDUD QRVRWURV R QXHVWUR PHGLR LQPHGLDWR IDPLOLDU QXHVWUR
SRVLFLRQDPLHQWR LQIOX\H VREUH XQ PHGLR VRFLDO GH PD\RU DOFDQFH \ TXHUiPRVOR R QR
VHUi UHIHUHQFLD SDUD XQ QXPHUR VLJQLILFDWLYR GH SHUVRQDV GH QXHVWUD VRFLHGDG 6L HO
FXUVRTXHWRPHQORVDFRQWHFLPLHQWRVVRFLDOHVHQHVWRVDxRVVHUiQGHWHUPLQDQWHVSDUD
HO FDUiFWHU TXH DVXPD OD VRFLHGDG GHO SUy[LPR PLOHQLR PH SDUHFH TXH GHMD HQ
HYLGHQFLDODHQRUPHUHOHYDQFLDTXHFREUDODSRVWXUDTXHDVXPDPRVFRPRHGXFDGRUHV
$VXYH]VHSXHGHRSLQDUTXHORSODQWHDGRQRUHVXOWDQRYHGRVR\DTXHVHKDQ
GLFKRHQDOJ~QRWURPRPHQWRSRURWURVDXWRUHV1DGLHSRGUtDGLVFXWLUXQDDVHYHUDFLyQ
GH HVH WLSR /R YHUGDGHUDPHQWH UHOHYDQWH D PL HQWHQGHU QR HVWULED WDQWR HQ OD
H[FOXVLYLGDG R VLQJXODULGDG GHORV SODQWHDPLHQWRV PiVELHQVH WUDWD GH DSRUWDU HQ HO
GHVDUUROOR \ H[SUHVLyQ GH XQD FUHFLHQWH VHQVLELOLGDG TXH DQLGD HQ OD SURIXQGLGDG GH
PXFKRV KRPEUHV \ PXMHUHV GH QXHVWUD QDFLyQ GLFKD VHQVLELOLGDG VH DOHMD FDGD YH]
PiVGHODSDWpWLFDGHVKXPDQL]DFLyQTXHVHREVHUYDHQXQVLVWHPDVRFLDOGHFDGHQWH\
DOHMDGR GH OD PiV HOHPHQWDO VROLGDULGDG (VWD QXHYD VHQVLELOLGDG VH H[SUHVD WRGDYtD
GLIXVDPHQWHORFXDOQROHSHUPLWHD~QKDFHUVHHYLGHQWHSDUDWRGRV VLQHPEDUJRHVD
QXHYD VHQVLELOLGDG HV FUHFLHQWH \ HVWD FREUDQGR IXHU]D HQ FRUD]RQHV VHQFLOORV TXH
HVWiQ UHSDUWLGRV SRU WRGD QXHVWUD KHUPRVD WLHUUD 3RGHPRV D\XGDU D TXH HVD
VHQVLELOLGDG YD\D HQ XQD GLUHFFLyQ TXH SHUPLWD FRQVWUXLU XQD VRFLHGDG KXPDQLVWD
SOXUDOQRYLROHQWD\IUDWHUQDO$\XGDUDVXH[SUHVLyQSOHQDHVWDUHDLQVLJQHGHFXDOTXLHU
HGXFDGRUFRQHOFRUD]yQELHQSXHVWR/DKLVWRULDHQVHxDTXHWRGRFDPELRLPSRUWDQWH
FRPLHQ]DHQSHTXHxRHVGHFLUVHWUDWDLQLFLDOPHQWHGHLQGLYLGXRVHVFODUHFLGRVOXHJRH
SHTXHxRVJUXSRV\GHVGHDKtHVDFRUUHQWDGDQXHYDYDH[WHQGLHQGRVXLQIOXHQFLD3RU
HOOR D~Q FXDQGR HQ XQ SULPHU PRPHQWR HVRV FRQMXQWRV H LQGLYLGXRV QR VHDQ
FRQVFLHQWHVGHODLPSRUWDQFLDTXHSXHGHWHQHUHOPDQLIHVWDUVLQWHPRU\VLQUXERUHVD
VHQVLELOLGDGVXH[SUHVLyQSXHGHVHUYLUGHDOLFLHQWHDTXLHQHVVLQWLHQGR\UHJLVWUDQGRHQ
VXLQWHULRULGDGODPDQLIHVWDFLyQGHHVDQXHYDVHQVLELOLGDGQRKDQSRGLGRPDQLIHVWDUOD
H[WHULRUPHQWH3RUHOORHVWLPRTXHLUJHQHUDQGRXQDFRUUHQWDGDGHRSLQLyQ\DFFLyQHQ
IDYRUGHXQDHGXFDFLyQYHUGDGHUDPHQWHKXPDQLVWDLPSOLFDHODSRUWHWHyULFR\SUiFWLFR
GH PXFKD JHQWH TXH FRPSDUWH WDO YLVLyQ (Q WDO VHQWLGR JHQHUDU XQD DPSOLD \ GLYHUVD
OLWHUDWXUD TXH GHVGH GLVWLQWDV \ SDUWLFXODUHV ySWLFDV FRQVWUX\D \ GHVDUUROOH SURSXHVWDV
HGXFDWLYDVHQHVWDOtQHDDGHPiVGHSURPRYHUH[SHULHQFLDVFRQFUHWDVGHXQQXHYRWLSR
GH HGXFDFLyQ TXH YD\DQ VLUYLHQGR GH HIHFWR GHPRVWUDFLyQ HQ FDVR DOJXQR VHUi XQD
WDUHDUHLWHUDWLYDHLQ~WLO
³6LDFDVRWHLPDJLQDVFRPRXQEyOLGRIXJD]TXHKDSHUGLGRVXEULOORDO
WRFDUHVWDWLHUUDDFHSWDUDVDOGRORU\DOVXIULPLHQWRFRPRODQDWXUDOH]D
PLVPD GH ODV FRVDV 3HUR VL FUHHV TXH KDV VLGR DUURMDGR DO PXQGR
SDUD FXPSOLU FRQ OD PLVLyQ GH KXPDQL]DUOR DJUDGHFHUiV D ORV TXH WH
SUHFHGLHURQ\FRQVWUX\HURQWUDEDMRVDPHQWHWXSHOGDxRSDUDFRQWLQXDU
HQ HO DVFHQVR 1RPEUDGRU GH PLO QRPEUHV KDFHGRU GH VHQWLGR WXV
SDGUHV\ORVSDGUHVGHWXVSDGUHVVHFRQWLQ~DQHQWL1RHUHVX QEyOLGR
TXH FDH VLQR XQD EULOODQWH VDHWD TXH YXHOD KDFLD ORV FLHORV (UHV HO
VHQWLGR GHO PXQGR \ FXDQGR DFODUDV WX VHQWLGR LOXPLQDV OD WLHUUD
&XDQGRSLHUGHVWXVHQWLGRODWLHUUDVHRVFXUHFH\HODELVPRVHDEUH7H
GLUp FXDO HVHOVHQWLGRGHWXYLGDDTXtKXPDQL]DUODWLHUUD¢TXHHV
KXPDQL]DUODWLHUUD"(VVXSHUDUHOGRORU\HOVXIULPLHQWRHVDSUHQGHU
VLQOLPLWHVHVDPDUODUHDOLGDGTXHFRQVWUX\HV´
6LORHQHOOLEUR³KXPDQL]DUODWLHUUD´
%,%/,2*5$),$
$*8,/$5 0DULR ³/D HGXFDFLyQ DFWXDO GHEH KDELOLWDU D ORV MyYHQHV´ 5HYLVWD GH
HGXFDFLyQGHO0LQLVWHULRGH(GXFDFLyQQž6DQWLDJRGH&KLOH
$*8,/$5 0DULR ³(VWXGLR VREUH OD LQIOXHQFLD GH OD HGXFDFLyQ \ RWUDV LQVWLWXFLRQHV HQ
MyYHQHVXQLYHUVLWDULRV´ 8QLYHUVLGDGGH&KLOH)DFXOWDGGH&LHQFLDV6RFLDOHVSURJUDPD
GH 0DJtVWHU HQ (GXFDFLyQ FXUVR GH WHRUtD DQWURSROyJLFD \ VRFLDO DSOLFDGD D OD
HGXFDFLyQ6DQWLDJRGH&KLOH
$*8,/$5 0DULR 3RQHQFLD VREUH -XYHQWXG \ (GXFDFLyQ ž HQFXHQWUR GHO &HQWUR
0XQGLDOGH(VWXGLRV+XPDQLVWDV0RVF~1RYLHPEUHGH
$*8,/$50DULR³8QDQiOLVLVFUtWLFRGHORVPpWRGRVGHLQYHVWLJDFLyQ´ (QVD\RSDUDHO
WDOOHU GH WHVLV GHO SURJUDPD GH 0DJtVWHU HQ (GXFDFLyQ GH OD )DFXOWDG GH &LHQFLDV
6RFLDOHVGHOD8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH
$*8,/$5 0DULR \ %,=( 5HEHFD ³3HGDJRJtD GH OD 'LYHUVLGDG 8QD SURSXHVWD GH
LQVSLUDFLyQKXPDQLVWD´ 9LUWXDO(GLFLRQHV6DQWLDJRGH&KLOH
$/3,1, $OIUHGR ³D DxRV HO 0D\R IUDQFHV´ 5HYLVWD 5HODFLRQHV Qž 0RQWHYLGHR
$9,/$ -RVp 0DUtD ³&DPLQR D OD FDUFHO /D FUtVLV GHO VtVWHPD FDUFHODULR /D QXHYD
GHOLQFXHQFLDHQ&KLOH (GLFLRQHV6(,6DQWLDJRGH&KLOH
%(5*(5 3HWHU \ /8&.0$11 7KRPDV ³/D FRQVWUXFFLyQ VRFLDO GH OD UHDOLGDG´
$PRUURUWX(GLWRUHV%XHQRV$LUHV
%2*'21 \ 7$</25 ³,QWURGXFFLyQ D ORV PpWRGRV FXDOLWDWLYRV GH LQYHVWLJDFLyQ´
(GLWRULDO3DLGRV%DUFHORQD
%81*(0DULR³/DLQYHVWLJDFLyQFLHQWtILFD´(GLWRULDO$ULHO%DUFHORQD
&$5$%,1(526 GH &+,/( ³(VWXGLR VREUH SDQGLOODV MXYHQLOHV´ 'LDULR (O 0HUFXULR
6DQWLDJRGH&KLOHGH)HEUHURGH
&(5'$ $QD 0DUtD $66$(/ -HQQ\ &(%$//26 )ORUHQFLR 6(3Ò/9('$ 5RGULJR
³,QVWLWXFLyQHVFRODU\RUJDQL]DFLyQIRUPDOMXYHQLO/DHPHUJHQFLDGHXQVXMHWR´5HYLVWD
GH3VLFRORJtDGHOD8QLYHUVLGDGGH&KLOHYROXPHQ9,,6DQWLDJRGH&KLOH
&22.7'\5(,&+$5'7&+6³0pWRGRVFXDOLWDWLYRV\FXDQWLWDWLYRVHQLQYHVWLJDFLyQ
HYDOXDWLYD´(GLFLRQHV0RUDWD6$0DGULG
&277(7 3DEOR \ RWURV ³,GHQWLGDG JHQHUDFLRQDO GH ORV ´ ,QVWLWXWR 1DFLRQDO GH OD
-XYHQWXG6DQWLDJRGH&KLOH
*$%$55Ï1 /XLV \ +(51$1'(= /LEHUWDG ³,QYHVWLJDFLyQ SDUWLFLSDWLYD´ &HQWUR GH
,QYHVWLJDFLRQHV6RFLROyJLFDV0DGULG
,167,78721$&,21$/GH/$-89(178'³6HJXQGD(QFXHVWDQDFLRQDOGH-XYHQWXG´
8QLGDGGH&RPXQLFDFLRQHV,1-896DQWLDJRGH&KLOH
/$%25'( 0DXULFLR \ &+,1.(6 6LOYLR ¢ 'HVDUUROOR KXPDQR R GHVDUUROOR GH ORV
REMHWRV´ 8QD SURSXHVWD SDUD XQD SUiFWLFD VRFLDO´ 6HUYLFLR GH (VWXGLRV 5HJLRQDOHV
&RQFHSFLyQ
//$f$ 0yQLFD ³&DUDFWHUtVWLFDV JHQHUDOHV GHO SURFHVR GH LQYHVWLJDFLyQ FXDOLWDWLYD´
$SXQWHV GHO FXUVR ³PHWRGRORJtD GH OD LQYHVWLJDFLyQ HGXFDFLRQDO FRQ HQIRTXH
FRPSUHQVLYRLQWHUSUHWDWLYR´GHOSURJUDPDGH0DJtVWHUHQ(GXFDFLyQGHOD)DFXOWDGGH
&LHQFLDV6RFLDOHVGHOD8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH
//$f$ 0yQLFD ³(VWDEOHFLPLHQWRV HGXFDFLRQDOHV HQ FRQIOLFWR *UXSRV GH UHVLVWHQFLD
HQVXLQWHULRU´ 3UR\HFWR','GHOD8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH
//$f$ 0yQLFD ³&XOWXUD HVFRODU MXYHQLO 8QLILFDFLyQ GH SHUVSHFWLYDV &ROHFFLyQ GH
WH[WRVGHDSR\RDODGRFHQFLDGHO3URJUDPDGH(GXFDFLyQ&RQWLQXDSDUDHO0DJLVWHULR
GHOD8QLYHUVLGDGGH&KLOH(QHUR6DQWLDJRGH&KLOH
257(*$<*$66(7-RVp³+LVWRULDFRPRVLVWHPD´(GLWRULDO6DUSH0DGULG
257(*$<*$66(7-RVp³,GHDV\FUHHQFLDV´$OLDQ]D(GLWRULDO0DGULG
257(*$ < *$66(7 -RVp/DLGHDGHODJHQHUDFLyQ´8QLYHUVLGDGGH&KLOH6LVWHPD
GH
,QIRUPDFLyQ
GH
%LEOLRWHFDV
SXEOLFDFLRQHV
HOHFWUyQLFDV
KWWSZZZVLVLEXFKLOHFOSXEOLFDFLRQHV 6DQWLDJR GH &KLOH 7H[WR RULJLQDO SXEOLFDGR HQ
HQHOWH[WR9GHODV2EUDV&RPSOHWDV
257(*$ < *$66(7 -RVp /D LGHD GH ODV JHQHUDFLRQHV´ 8QLYHUVLGDG GH &KLOH
6LVWHPD
GH
,QIRUPDFLyQ
GH
%LEOLRWHFDV
SXEOLFDFLRQHV
HOHFWUyQLFDV
KWWSZZZVLVLEXFKLOHFOSXEOLFDFLRQHV 6DQWLDJR GH &KLOH 7H[WR RULJLQDO SXEOLFDGR HQ
HQODSULPHUDSDUWHGHO³7HPDGHQXHVWURWLHPSR´
52'5Ë*8(= * *,/ - \ *$5&Ë$ ( ³0HWRGRORJtD GH OD LQYHVWLJDFLyQ FXDOLWDWLYD´
(GLFLRQHV$OMLEH0iODJD
520(2 -XOLD $SXQWHV GHO FXUVR $QiOLVLV GHO 'LVFXUVR 3URJUDPD GH 0DJtVWHU HQ
(GXFDFLyQ GH OD )DFXOWDG GH &LHQFLDV 6RFLDOHV GH OD 8QLYHUVLGDG GH &KLOH 6DQWLDJRGH&KLOH
520(2-XOLD³9DORUHV\(GXFDFLyQ´5HYLVWD3ROtWLFDeWLFD\7HFQRORJtD1ž
6DQWLDJRGH&KLOH
58%,/$5 /XtV ³$VSHFWRV SVLFRVRFLDOHV GH OD ,QVWLWXFLyQ HVFRODU´ 5HYLVWD GH
3VLFRORJtDGHOD8QLYHUVLGDGGH&KLOH9ROXPHQ9,6DQWLDJRGH&KLOH
6,/2&RQWULEXFLRQHVDOSHQVDPLHQWR´(GLWRULDO3ODQHWD6DQWLDJRGH&KLOH
6,/2³'LFFLRQDULRGHO1XHYR+XPDQLVPR´9LUWXDO(GLFLRQHV 6DQWLDJRGH&KLOH
6,/2³+XPDQL]DUOD7LHUUD´(GLWRULDO$QWDUHV0DGULG
6,/2³/DFULVLVGHFLYLOL]DFLyQ\HOKXPDQLVPR´&RQIHUHQFLDGLFWDGDHQOD$FDGHPLDGH
&LHQFLDVGH5XVLDHOGH0D\RGH 9LUWXDO(GLFLRQHV6DQWLDJRGH &KLOH
6,/2³/DVFRQGLFLRQHVGHOGLDORJR´ &RQIHUHQFLDGLFWDGDHQOD$FDGHPLDGH&LHQFLDVGH
5XVLDHOGH2FWXEUHGH9LUWXDO(GLFLRQHV6DQWLDJRGH&KLOH
6,/2³9LVLyQDFWXDOGHOKXPDQLVPR´&RQIHUHQFLDGLFWDGDHQOD8QLYHUVLGDG$XWyQRPD
GH0DGULGHOGH$EULOGH9LUWXDO(GLFLRQHV6DQWLDJRGH&KLOH
6,/9$ 0DQXHO ³$SXQWHV GHO FXUVR $QWUSSRORJtD VRFLDO DSOLFDGD D OD HGXFDFLyQ
3URJUDPD GH 0DJtVWHU HQ (GXFDFLyQ GH OD )DFXOWDG GH &LHQFLDV 6RFLDOHV GH OD
8QLYHUVLGDGGH&KLOH6DQWLDJRGH&KLOH
6,/9$ 0DQXHO³&RQFHSWRV \ 2ULHQWDFLRQHV GHO &XUULFXOXP´ 5HYLVWD 3UHVHQFLD 1ž 0DU]R $EULO6DQWLDJRGH&KLOH
678%%60LFKDHO³$QiOLVLVGHOGLVFXUVR$QiOLVLVVRFLROLQJLVWLFRGHOOHQJXDMHQDWXUDO´
$OLDQ]D(GLWRULDO0DGULG
7,521, (XJHQLR ³/RV VLOHQFLRV GH OD UHYROXFLyQ /D RWUD FDUD GH OD PRGHUQL]DFLyQ´
(GLWRULDOOD3XHUWD$ELHUWD6DQWLDJRGH&KLOH
=(1(/0$1+XJR/RVKRUL]RQWHVGHODUD]yQ $QWKURSRV%DUFHORQD
Descargar