%LRUHGXFFLyQ(,QPRYLOL]DFLyQ,Q6LWX'H&URPR9L(Q6XHORV 0DUtD3tD'L1DQQR*DEULHOD&RUGRQ/HRQDUGR'L3DROR/HRQDUGR0XUUXQL\*XVWDYR&XUXWFKHW B /DERUDWRULRGH$QiOLVLV$PELHQWDO(VFXHODGH&LHQFLD\7HFQRORJtD8QLYHUVLGDG1DFLRQDOGH *HQHUDO6DQ0DUWtQ$YGD*UDO3D]HQWUH&RQVWLWX\HQWHV\0LJXHOHWHV 4XRQVHW7HO LQWHUQR H &21,&(7 (PDLOJFXUXFKH#XQVDPHGXDU 0DUtD3tD'L1DQQR %HFDULDGH,QYHVWLJDFLyQGHOD(VFXHODGH&LHQFLD\7HFQRORJtD(VWXGLDQWHDYDQ]DGD GH /LFHQ $QiOLVLV $PELHQWDO 5HDOL]D WUDEDMRV GH LQYHVWLJDFLyQ HQ WHPiWLFDV GH ELRUUHPHGLDFLyQ GH VLWLRV FRQWDPLQDGRVFRQPHWDOHV\GHELROL[LYLDFLyQ$XWRUDGHFRPXQLFDFLRQHVDFRQJUHVRV\DUWtFXORVHQUHYLVWDV GHGLYXOJDFLyQ$X[LOLDUGRFHQWHGHOD816$0(PDLOGLQDQQR#GDWDFRP *DEULHOD&RUGRQ(VWXGLDQWHDYDQ]DGDGH/LFHQ$QiOLVLV$PELHQWDO5HDOL]DWUDEDMRVGHLQYHVWLJDFLyQHQHO ,148,0$( 8%$ VREUH VWUHVV HQ YHJHWDOHV GHELGR D FRQWDPLQDFLyQ HQ VXHORV (PDLO JDELFRUGRQ#\DKRRFRPDU /HRQDUGR'L3DROR (VWXGLDQWHDYDQ]DGRGH/LFHQ$QiOLVLV$PELHQWDO%HFDULRGHO,1$UHDOL]DHVWXGLRVGH HYDOXDFLRQGHLPSDFWRGHREUDVKLGUDXOLFDVHQFRUULHQWHVGHDJXD(PDLOOHRGLSDROR#\DKRRFRPDU /HRQDUGR 0XUUXQL (VWXGLDQWH DYDQ]DGR GH /LFHQ $QiOLVLV $PELHQWDO %HFDULR GH ,QYHVWLJDFLyQ GH OD (VFXHODGH&LHQFLD\7HFQRORJtD5HDOL]DHVWXGLRVGHGHWHUPLQDFLyQGHFRQWDPLQDQWHVDWPRVIpULFRV$XWRU GH FRPXQLFDFLRQHV D FRQJUHVRV \ DUWtFXORV HQ UHYLVWDV GH GLYXOJDFLyQ $X[LOLDU GRFHQWH GH OD 816$0 (PDLOOHRPXUUXQL#KRWPDLOFRP *XVWDYR&XUXWFKHW'RFWRUHQ&LHQFLDV([DFWDVGHOD)DFXOWDGGH&LHQFLDV([DFWDV81/3(VSHFLDOL]DGRHQ ELRWHFQRORJtD,QYHVWLJDGRU$GMXQWRVLQGLUHFWRUGHO&21,&(7'LUHFWRUGHSUR\HFWR\3URIHVRUHQOD(VFXHOD GH &LHQFLD \ 7HFQRORJtD 816$0 &RDXWRU GH SXEOLFDFLRQHV LQWHUQDFLRQDOHV \ QXPHURVDV FRPXQLFDFLRQHV D FRQJUHVRV QDFLRQDOHV HQ LQWHUQDFLRQDOHV HQ WHPDV UHODFLRQDGRV FRQ ELROL[LYLDFLyQ \ ELRUHPHGLDFLyQDVtFRPRGRFHQFLDXQLYHUVLWDULD$FWXDOPHQWHFRRUGLQDGRUGHODVDFWLYLGDGHVGHOSUR\HFWRGH H[WHQVLyQ0HJDSLODV(PDLOJFXUXFKH#XQVDPHGXDU 3DODEUDVFODYH $FLGLWKLREDFLOOXVFURPR9,OLVtPHWURVUHPHGLDFLyQLQPRYLOL]DFLyQ &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 5(680(1 6H HVWXGLy OD UHGXFFLyQ GH FURPR9, D FURPR,,, HQ XQ VXHOR DUWLILFLDOPHQWH FRQWDPLQDGR SRU DFFLyQ LQGLUHFWDLQVLWX GHODVEDFWHULDVDXWRWURIDV$FLGLWKLREDFLOOXVWKLRR[LGDQV FUHFLGDVVREUHD]XIUHHOHPHQWDO 3DUDHOORVHXWLOL]DURQOLVtPHWURVGRQGHVHHYDOXyODOL[LYLDFLyQGHFURPR9,\FURPR,,,EDMRFLHUWRUpJLPHQ GHULHJR\GLIHUHQWHVDJUHJDGRVVXSHUILFLDOHVGHOLQyFXOREDFWHULDQR /RV UHVXOWDGRV REWHQLGRV PXHVWUDQ XQ DOWR SRUFHQWDMH GH UHGXFFLyQ GH FURPR9, \ VX FRQVHFXHQWH LQPRYLOL]DFLyQ HQ ORV VLVWHPDV LQRFXODGRV VXJLULHQGR JUDQ SRWHQFLDOLGDG GHO SURFHVR SDUD ELRUHPHGLDFLyQ GHVLWLRVFRQWDPLQDGRV ,1752'8&&,Ï1 /D PD\RU FDQWLGDG GHO FURPR HQ HO PHGLR DPELHQWH VH HQFXHQWUD HQ OD IRUPD GH FURPR,,, 6LQ HPEDUJR SXHGHQ HQFRQWUDUVH DOWDV FRQFHQWUDFLRQHV GH FURPR9, FRPR UHVXOWDGR GH SURFHVRV LQGXVWULDOHV FRPR OD PLQHUtDFXUWLGRGHFXHURV\JDOYDQRSODVWtDHQWUHRWURV&KXDQ(OFURPR9,HVDOWDPHQWHVROXEOHHQ WRGDFRQGLFLyQGHS+ORFXDOORKDFHPX\PyYLOHQORVHFRVLVWHPDVDGHPiVGHVHUH[WUHPDGDPHQWHWy[LFR \FDUFLQyJHQRJUXSR$(3$(OFURPR,,,HQFDPELRHVPXFKRPHQRVWy[LFR\QRVXHOHHVWDUELRGLVSRQLEOH \DTXHIRUPDy[LGRVHKLGUy[LGRVLQVROXEOHV3RUORWDQWRHOSULPHUSDVRHQHOWUDWDPLHQWRGHXQHIOXHQWHR XQVLWLRFRQWDPLQDGRFRQFURPR9,GHEHVHUQHFHVDULDPHQWHVXUHGXFFLyQDFURPR,,,GLVPLQX\pQGRVHDVt VXWR[LFLGDG\PRYLOLGDG /D UHGXFFLyQ PLFURELROyJLFD GH FURPR9, KD UHFLELGR HVSHFLDO DWHQFLyQ HQ ORV ~OWLPRV DxRV GDGD VXV SRWHQFLDOHVEDMRV FRVWRV \ FDUDFWHU GH WHFQRORJtD OLPSLD 6LQ HPEDUJR ODV GLIHUHQWHV HVSHFLHV HVWXGLDGDV FDSDFHV GH UHDOL]DU WDO UHGXFFLyQ JHQHUDOPHQWH VRQ KHWHUyWURIDV \ DQDHUyELFDV /RYOH\ OR FXDO LPSOLFDFRQGLFLRQHVGHFXOWLYRVRILVWLFDGDV\DJUHJDGRGHVXVWUDWRVRUJiQLFRVTXHHQFDUHFHQQRWDEOHPHQWH HOSURFHVR/DSRVLELOLGDGGHXWLOL]DURUJDQLVPRVDHUyELFRVDXWyWURIRVFRPRORV$FLGLWKLREDFLOOXV SXHGHVHU XQDDOWHUQDWLYDDWUDFWLYDSDUDLPSOHPHQWDUSURFHVRVUREXVWRV\GHEDMRFRVWR%ULHUOH\ 7UDEDMRVSUHYLRVVREUHUHGXFFLyQGHFURPR9,HQHIOXHQWHVDFXRVRVFRQ$FLGLWKLREDFLOOXV 9LHUDKDQ PRVWUDGRXQDEXHQDSHUIRUPDQFHGHOSURFHVRDXQTXHD~QQRKDQVLGRUHDOL]DGRVWUDEDMRVVREUHVXHORV (QHVWHWUDEDMRVHHYDO~DODFDSDFLGDGGHUHGXFFLyQ\FRQVHFXHQWHLQPRYLOL]DFLyQGHFURPR9,HQXQVXHOR FRQWDPLQDGRDUWLILFLDOPHQWHFRQFURPR9,XWLOL]DQGR$FLGLWKLREDFLOOXVWKLRR[LGDQV \D]XIUHHOHPHQWDO /DVEDFWHULDVGHO JpQHUR$FLGLWKLREDFLOOXV VRQ*UDPQHJDWLYDVTXLPLRDXWyWURIDV \ DFLGyILODV DPSOLDPHQWH XWLOL]DGDV HQ SURFHVRV ELRKLGURPHWDO~UJLFRV SDUD OD UHFXSHUDFLyQ GH RUR FREUH \ FREDOWR HQ YDULDV SDUWHV GHOPXQGR%ULHUOH\ (VWDVEDFWHULDVSXHGHQREWHQHUVXHQHUJtDDSDUWLUGHODFDWiOLVLVGHODR[LGDFLyQGHFRPSXHVWRVUHGXFLGRV GHD]XIUHD]XIUHHOHPHQWDOVXOIXURVHWFXWLOL]DQGRR[tJHQRFRPRDFHSWRUHOHFWUyQLFR (VWDR[LGDFLyQJHQHUDXQDVHULHGHFRPSXHVWRVLQWHUPHGLDULRVFRQXQ DOWRSRGHUUHGXFWRUSROLWLRQDWRV/RV SROLWLRQDWRVSXHGHQFRQWLQXDUVLHQGRR[LGDGRVWDQWRPLFURELDQDFRPR TXtPLFDPHQWH REWHQLpQGRVH FRPR SURGXFWRILQDOiFLGRVXOI~ULFR6WHXGHO4XLQWDQD &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 62 +2Æ 6Q62 + UHDFFLyQVREUHODVXSHUILFLH VHOLEHUDQDVROXFLyQ 6Q62 2 +2Æ 62 + (FXDFLRQHV\2EWHQFLyQGHHQHUJtDSRU$FLGLWKLREDFLOOXVWKLRR[LGDQV /RV PHGLRV iFLGRUHGXFWRUHV DVt IRUPDGRV KDQ VLGR XWLOL]DGRV HQ FXOWLYRV GH$FLGLWKLREDFLOOXV WKLRR[LGDQV $W SDUD FRQVHJXLU OD UHGXFFLyQ GH GLIHUHQWHV VXVWDQFLDV R[LGDQWHV WDOHV FRPR PDQJDQHVR,9 YDQDGLR9KLHUUR,,,\FURPR9,%ULDQG&XUXWFKHW2OLYHU 6Q62 &U2 + Æ &U +262 +2 (FXDFLRQ5HGXFFLyQGH&U9,SRUORVSROLWLRQDWRVJHQHUDGRVHQODR[LGDFLyQGHD]XIUHSRU$W 0$7(5,$/(6<0e72'26 0LFURRUJDQLVPRV 6HXWLOL]yODFHSD$FLGLWKLREDFLOOXVWKLRR[LGDQV '60/DPLVPDVHPDQWLHQHUXWLQDULDPHQWHHQFXOWLYRV OtTXLGRVXWLOL]DQGRPHGLR.1+62 J/.+32 J/0J62+2J/.&OJ/&D12 J/ S+ FRQ PY GH D]XIUH HOHPHQWDO FRPR IXHQWH GH HQHUJtD 6H FXOWLYDURQ D q FRQ DJLWDFLyQSRUEXUEXMHRGHDLUH /LVtPHWURV /RVVLVWHPDVIXHURQFRQVWUXLGRVXWLOL]DQGRERWHOODVSOiVWLFDV3(7GHP/GHFDSDFLGDG/RVPLVPRV IXHURQOOHQDGRVFRQXQVXHORDJUtFRODKRUL]RQWH$JDUHQDJ\JUDYDJYHUILJXUD/RV OLVtPHWURV IXHURQ FXELHUWRV HQ OD SDUWH VXSHULRU SDUD HYLWDU HYDSRUDFLyQ (O S+ LQLFLDO GHO VXHOR PHGLGR XWLOL]DQGR XQDUHODFLyQ GHVXHORVROXFLyQ GHFORUXUR GH FDOFLR 0 IXH GH (O VXHOR SUHVHQWy HVWUXFWXUDPLJDMRVDWH[WXUDDUFLOOROLPRVDPPGHDJXDGHQVLGDGDSDUHQWHGHJFP \XQDJUDQ FDSDFLGDG GH DPRUWLJXDFLyQ GH S+ KDFLD YDORUHV iFLGRV E PPRO + /XS+ /D GHWHUPLQDFLyQ GH ODV FDUDFWHUtVWLFDVGHOVXHORVHUHDOL]yGHDFXHUGRDORHVWDEOHFLGRSRUHO86*HRORJLFDO6HUYLFH )LJXUD)RWRJUDItDGHORVOLVtPHWURV &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH $OVXHORGHDOJXQRVGHORVOLVtPHWURVVHOHLQFRUSRUDURQJ.&U2 HQIRUPDVXSHUILFLDO6HLQRFXODURQORV PLVPRV FRQ GLIHUHQWHV FDQWLGDGHV D]XIUH HOHPHQWDO FRORQL]DGR FRQ$W SURYHQLHQWHV GH FXOWLYRV HQ IDVH H[SRQHQFLDOWDUGtDGHFUHFLPLHQWRUHDOL]DGRVHQIUDVFRVFRQDLUHDFLyQIRU]DGD$ORVFRQWUROHVHVWpULOHVVH LQFRUSRUy LJXDO FDQWLGDG GH D]XIUH VLQ FRORQL]DU (O D]XIUH IXH DxDGLGR HQ OD SDUWH VXSHUILFLDO GHO VXHOR \ PH]FODGRVXDYHPHQWHFRQXQDHVSiWXODGDGRTXHVLHQGRORVPLFURRUJDQLVPRVXWLOL]DGRVDHURELRVHVWULFWRV UHTXLHUHQR[tJHQR\DGHPiVHODJUHJDGRVXSHUILFLDOQRKRPRJpQHRHVPiVVHQFLOORHQHOFDPSR\DTXHQR UHTXLHUHPRYLPLHQWRGHVXHORV 3URWRFRORH[SHULPHQWDO /LVtPHWUR &RQWHQLGR 6XHORGLFURPDWRJD]XIUHLQRFXODGRJ 6XHORGLFURPDWRJ 6XHORGLFURPDWRJD]XIUHHVWpULOJ 6XHORGLFURPDWRJD]XIUHLQRFXODGRJ 6XHORGLFURPDWRJD]XIUHHVWpULOJ 6XHORD]XIUHLQRFXODGRJ /D H[SHULHQFLD WXYR XQD GXUDFLyQ GH GtDV SXQWR D SDUWLU GHO FXDO GHMy GH REVHUYDUVH FURPR 9, HQ HO OL[LYLDGR (O ULHJR GH ORV OLVtPHWURV FRQVLVWLy HQ P/ GH DJXD GHVWLODGD SRU VHPDQD UHSDUWLGRV HQ GRV ULHJRVGHP/\XQRGHP/3HULyGLFDPHQWHVREUHHOOL[LYLDGRVHPLGLyHOYROXPHQ\VHGHWHUPLQDURQ S+VXOIDWRV\FURPR9,(QDOJXQDVPXHVWUDVVHUHDOL]DURQDQiOLVLVSDUDGHWHUPLQDUFURPRWRWDO (OS+VHPLGLyXWLOL]DQGRXQHOHFWURGRGHYLGULRFRPELQDGRORVVXOIDWRVPHGLDQWHXQPpWRGRWXUELGLPpWULFR SUHFLSLWDFLyQ GH %D62 HO FURPR9, SRU HO PpWRGR FRORULPpWULFR GH GLIHQLOFDUED]LGD \ HO FURPR WRWDO VH PLGLyGHODPLVPDIRUPDOXHJRGHR[LGDUHOFURPR,,,FRQ.0Q2 HQPHGLRiFLGRD &$3+$$::$ /XHJRGHILQDOL]DGDODH[SHULHQFLDVHWRPDURQPXHVWUDVGHVXHORDGLIHUHQWHVDOWXUDVGHORVOLVtPHWURVSDUD HYDOXDU OD FDQWLGDG GH FURPR9, \ FURPR WRWDO UHWHQLGR HQ OD SDUWH VXSHUILFLDO LQWHUPHGLD H LQIHULRU GHO OLVtPHWURHVSDFLDQGRODVPXHVWUDVXQRVFHQWtPHWURVHQWUHVt3DUDHOORVHUHDOL]yXQDH[WUDFFLyQHQIUtR GXUDQWHKRUDVFRQ+62 0DXQJUDPRGHVXHORFRQWLQXiQGRVHFRQODVGHWHUPLQDFLRQHVVREUHHO H[WUDFWRVHJ~QORGHVFULSWRSUHYLDPHQWH &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH 5(68/7$'26<',6&86,Ï1 /DFRQFHQWUDFLyQGHFURPR9,\ODFDQWLGDGWRWDODFXPXODGDHQHOOL[LYLDGRVHPXHVWUDHQORVVLJXLHQWHV JUiILFRV &RQFHQWUDFLyQGH&URP R9,HQHOOL[LYLDGRSSP & U & UJ6LQRF SSPFURPR9, & UJ6 HVW & UJ6 LQRF & UJ6 HVW J6 HVW 7LHP SRGtDV 6XPDDFXPXODGDGH&URPR9,OL[LYLDGDPJWRWDOHV PJFURPR9, 7LHPSRGLDV )LJXUD&URPR9,WRWDO\FRQFHQWUDFLRQHVGHOPLVPRHQHOOtTXLGROL[LYLDGR/DVUHIHUHQFLDVVRQODV PLVPDVSDUDDPERVJUiILFRV 6HREVHUYDXQDQRWDEOHUHGXFFLyQGHODFDQWLGDGGHFURPROL[LYLDGDHQORVVLVWHPDVFRQDJUHJDGRGHD]XIUH LQRFXODGRFRQUHVSHFWRDORVFRQWUROHVHVWpULOHV(QGLFKRVVLVWHPDVDORVTXHVHDJUHJyD]XIUHFRORQL]DGR FRQ$W ODFDQWLGDGWRWDOGHFURPR9,TXHOL[LYLDHVGH\PJUHSUHVHQWDQGRXQ\GHOWRWDO &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH DJUHJDGR UHVSHFWLYDPHQWH PLHQWUDV TXH HQ ORV VLVWHPDV D ORV TXH VH DJUHJy LJXDO FDQWLGDG GH D]XIUH HVWpULO\HQHOFRQWUROVLQD]XIUHDJUHJDGROL[LYLDQ\PJGHFURPR9,\GHO WRWDODJUHJDGRUHVSHFWLYDPHQWH 6LVWHPD 3RUFHQWDMHGHUHWHQFLyQGH &RQFHQWUDFLyQPi[LPDGHFURPR9,HQ &U &U6LQRF &U6HVW &U6LQRF &U6HVW 6LQRF FURPR HOOL[LYLDGRSSP QRIXHFRQWDPLQDGR 7DEODPJWRWDOHV\FRQFHQWUDFLRQHVPi[LPDVGHFURPR9,HQHOOL[LYLDGR $VXYH]ODVFRQFHQWUDFLRQHVGHFURPR9,DOFDQ]DGDVHQORVOL[LYLDGRVIXHURQFRQVLGHUDEOHPHQWHPHQRUHV HQ ORV VLVWHPDV LQRFXODGRV TXH HQ ORV FRQWUROHV UHVSHFWLYRV 6H REVHUYD XQD UiSLGD PRYLOL]DFLyQ GHO FURPR9,HQORVVLVWHPDVHVWpULOHVFRQXQSLFRPi[LPRGHFRQFHQWUDFLyQHQWUHORV\GtDVPLHQWUDV TXHHQORVVLVWHPDVLQRFXODGRVODIRUPDGHODVFXUYDVVXJLHUHDFWLYLGDGGHUHGXFFLyQLQVLWX \VRVWHQLGDHQ HO WLHPSR 3XHGH SDUHFHU H[WUDxR TXH EDFWHULDV DFLGyILODV H[WUHPDV FRPR HVWDV S+ ySWLPR DOUHGHGRU GH PDQWHQJDQ VX DFWLYLGDG HQ XQ VXHOR FHUFDQR D OD QHXWUDOLGDG SHUR VH KD GHPRVWUDGR HQ HVWXGLRV SUHYLRV FDSDFLGDG GHO $W GH FUHFHU VREUH D]XIUH HOHPHQWDO \ JHQHUDU SROLWLRQDWRV D~Q KDVWD S+ ORV FXDOHVVH HVWDELOL]DQ HQS+QHXWUR DDOFDOLQR2OLYHU \ DGHPiV KD\ TXH WHQHU HQ FXHQWD TXH HQ HO HQWRUQRGHOELRILOP EDFWHULDQR VREUH HO D]XIUH ODV FRQGLFLRQHV SXHGHQ VHU EDVWDQWH GLIHUHQWHV DO SURPHGLR GHOVXHOR /DFRQFHQWUDFLyQGHFURPR,,,HQHOOL[LYLDGRGDWRVQRPRVWUDGRVQXQFDIXHGHWHFWDEOHSRUORWDQWRWRGRHO FURPRTXHOL[LYLDHVFURPR9,ORTXHLQGLFDLQPRYLOL]DFLyQGHO&URPR,,,GHQWURGHORVVLVWHPDV(OS+GH ORV OL[LYLDGRV GH WRGRV ORV VLVWHPDV VH PDQWXYLHURQ HQWUH \ UDQJR HQ HO FXDO HV GH HVSHUDU OD SUHFLSLWDFLyQGHKLGUy[LGRVVXOIDWRVHKLGUR[RVXOIDWRVGHFURPR,,, (O FRQWURO VLQ DJUHJDGR GH D]XIUH HYLGHQFLD XQD UHGXFFLyQ EDVDO GH FURPR9, GH DOUHGHGRU GH SUREDEOHPHQWHGHELGDDOFRQWHQLGRGHPDWHULDRUJiQLFDGHOVXHOR 6L ELHQ VH SXHGH FRQVLGHUDU XQD DFFLyQ EDFWHULDQD SRU HO HIHFWR SURGXFLGR VREUH HO FURPR9, QR VH REVHUYy DFLGLILFDFLyQ GH ORV OL[LYLDGRV GXUDQWH HO H[SHULPHQWR (VWR SRGUtD VHU DWULEXLEOH D OD FDSDFLGDG EXIIHUGHOVXHOR\ODQDWXUDOH]DDOFDOLQDGHODDUHQD\JUDYDXWLOL]DGDV (OVLVWHPDLQRFXODGRFRQGHD]XIUHFRQUHVSHFWRDOVXHORRUJiQLFRPXHVWUDXQDPD\RUUHGXFFLyQ\ UHWHQFLyQ GHO FURPR9, TXH HO VLVWHPD LQRFXODGR FRQ (Q HVWH VLVWHPD SXHGHQ KDEHU H[LVWLGR OLPLWDFLRQHVHQODWUDQVIHUHQFLDGHJDVHV\DJXDKDFLDHOELRILOP EDFWHULDQR /DFDQWLGDGGHVXOIDWRPJWRWDOHVOL[LYLDGDQRPXHVWUDXQDUHODFLyQLQHTXtYRFDFRQ ODFDQWLGDGGHD]XIUH DJUHJDGR QL FRQ OD SUHVHQFLD GH PLFURRUJDQLVPRV (VWH KHFKR SRGUtD VHU H[SOLFDGR VXSRQLHQGR OD SUHFLSLWDFLyQ GH VXOIDWRV R KLGUR[RVXOIDWRV GH FURPR,,, FX\D H[LVWHQFLD VH FRPSUREDUi SRU GLIUDFFLyQ GH UD\RV; &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH (Q OD GHWHUPLQDFLyQ GH FURPR UHPDQHQWH HQ ORV VXHORV QR VH GHWHFWD FURPR9, HQ QLQJXQD DOWXUD UHVXOWDQGRTXHHOFURPR9,QRUHGXFLGRKDOL[LYLDGRWRWDOPHQWH3RURWUDSDUWHYHUPiVDUULEDHOFURPR,,, IRUPDGRVHLQPRYLOL]DWRWDOPHQWH /DVFRQFHQWUDFLRQHVGHFURPR,,,VHPXHVWUDQVRORVLVWHPDVDPRGRLOXVWUDWLYRHQPJFURPR.JVXHOR OXJDUGHWRPDGHPXHVWUD VHPXHVWUDQHQHOVLJXLHQWHJUiILFR VXSHULRU LQWHUPHGLD LQIHULRU &UJ6HVW &UJ6LQRF DUHQD SSPGHFURPRWRWDO &U )LJXUD&URPR,,,UHPDQHQWHHQHOVXHORGHORVOLVtPHWURV 6H SXHGH DSUHFLDU XQD PX\ VXSHULRU UHGXFFLyQ H LQPRYLOL]DFLyQ HQ HO VLVWHPD FRQ DJUHJDGR GH D]XIUH LQRFXODGR FRQ UHVSHFWR D ORV FRQWUROHV HVWpULOHV FRQ \ VLQ D]XIUH 'LFKD UHGXFFLyQ VH PDQLILHVWD GLUHFWDPHQWHHQORVSULPHURVFHQWtPHWURVGHOVXHORUHVXOWDGROyJLFRGDGRTXHHOSURFHVRGHIRUPDFLyQGH SROLWLRQDWRVHVDHUyELFR\DPERVFRQWDPLQDQWH\D]XIUHIXHURQDJUHJDGRVVREUHODVXSHUILFLHGHPDQHUD GHVLPXODUXQSRVLEOHSURFHVR³UHDO´(QHVWHFDVRH[LVWHXQDYHQWDMDDGLFLRQDOGDGRTXHOXHJRGHORJUDUOD UHGXFFLyQGHOFURPR9,HOFURPR,,,UHPDQHQWHVHSRGUtDH[WUDHUFRQODUHPRFLyQGHXQDFDSDVXSHUILFLDO 6H DSUHFLD DGHPiV FODUDPHQWH FRPR VH PLWLJD OD PLJUDFLyQ GHO FURPR KDFLD ORV KRUL]RQWHV LQIHULRUHV \ SRVLEOHVDFXtIHURV &21&/86,21(6 (O DJUHJDGR GH D]XIUH LQRFXODGR FRQ$W D XQ VXHOR FRQWDPLQDGR FRQ GLFURPDWR DO PHQRV KDVWD PJ FURPR9,.J VXHOR IDYRUHFH OD UHGXFFLyQ H LQPRYLOL]DFLyQ GHO FURPR9, (Q HVWD H[SHULHQFLD PHMRUD OD UHWHQFLyQHQXQUHVSHFWRGHXQVLVWHPDVLQD]XIUH /RVUHVXOWDGRV REWHQLGRV SHUPLWHQ VXSRQHU XQD JUDQ SRWHQFLDOLGDG GH HVWD PHWRGRORJtD SDUD UHPHGLDFLyQ GHVXHORVFRQWDPLQDGRVFRQFURPR9,HYLWDQGRIXQGDPHQWDOPHQWHODPLJUDFLyQGHOFRQWDPLQDQWHKDFLDORV DFXtIHURV 6H HVWiQ UHDOL]DQGR HVWXGLRV SDUD HYDOXDU HVWD FDSDFLGDG D GLIHUHQWHV FRQFHQWUDFLRQHV GH FURPR HQ HO VXHORFRQHOREMHWRGHRSWLPL]DU\HVFDODUHVWDWpFQLFD &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH %,%/,2*5$),$ $3+$$::$:3&30pWRGRVQRUPDOL]DGRVSDUDHODQiOLVLVGHDJXDVSRWDEOHV\UHVLGXDOHV't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tDV 1yELOH SRU HO PDWHULDO IRWRJUiILFR HPSOHDGR &RQJUHVR$UJHQWLQRGH6DQHDPLHQWR\0HGLR$PELHQWH DOGH6HSWLHPEUHGH