Del fluido cerebroespinal a la regeneraciόn neural Y pasando por

3DVDM&LHQF
,661
'HOÀXLGRFHUHEURHVSLQDODODUHJHQHUDFLyQ
QHXUDOSDVDQGRSRUODVFpOXODVPDGUH
'DYLG%XHQRL7RUUHQV
'HSDUWDPHQWGH*HQpWLFD)DFXOWDWGH%LRORJLD
8QLYHUVLWDWGH%DUFHORQD
0XFKDVFLYLOL]DFLRQHVVHKDQGHVDUUROODGRMXQWRDUtRV\PDUHVXQRVPHGLRVÀXLGRV
TXHKDQVHUYLGRGHYHKtFXORGHFRKHVLyQ\WUDQVSRUWHIDYRUHFLHQGRODVXSHUYLYHQFLDGHODV
SHUVRQDVTXHYLYtDQDVXVRULOODV3DUDORVHJLSFLRVIXHHO1LORSDUDORVPHVRSRWiPLFRV
HO7LJULV\HOeXIUDWHV\SDUDORVJULHJRV\IHQLFLRVHO0HGLWHUUiQHR8QRGHORVVLVWHPDV
IXQFLRQDOPHQWHPiVFRPSOHMRVGHORVDQLPDOHVHVHOVLVWHPDQHUYLRVRHOFXDOORJUDVX
Pi[LPDH[SUHVLyQHQORVYHUWHEUDGRVPX\HVSHFLDOPHQWHHQyUJDQRVFRPRHOFHUHEUR
6RUSUHQGHQWHPHQWH HO FHUHEUR WDPELpQ VH RUJDQL]D GHVGH VXV LQLFLRV HPEULRQDULRV
\ GXUDQWH WRGD OD YLGD DGXOWD DOUHGHGRU GH XQ ÀXLGR H[WUDRUGLQDULDPHQWH GLQiPLFR \
FRPSOHMRHOGHQRPLQDGRÀXLGRFHUHEURHVSLQDO±RFHUHEURUUDTXtGHRHQDGXOWRV
/DIRUPDFLyQGHOVLVWHPDQHUYLRVRFHQWUDO
(O VLVWHPD QHUYLRVR FHQWUDO 61& HV XQR GH ORV VLVWHPDV PiV LQWHUHVDQWHV \
HVWXGLDGRVGHORVYHUWHEUDGRVSXHVWRTXHFRQWURODWRGDVODVIXQFLRQHVYLWDOHVGHORUJDQLVPR
(OyUJDQRPiVJUDQGH\FRPSOHMRGHO61&GHVGHHOSXQWRGHYLVWDIXQFLRQDO\HVWUXFWXUDO
HVVLQOXJDUDGXGDVHOFHUHEUR(OFHUHEURFRPRWRGRHOUHVWRGHO61&VHHPSLH]DD
IRUPDUPX\SURQWRGXUDQWHHOGHVDUUROORHPEULRQDULRFXDQGRXQD]RQDGHOHFWRGHUPR
GRUVDOHPSLH]DDGLIHUHQFLDUVHHQHOWHMLGRQHXURHFWRGpUPLFR\VHFRQYLHUWHHQODOODPDGD
SODFD QHXUDO )LJXUD $ FRQWLQXDFLyQ OD SODFD QHXUDO VH SOLHJD ORQJLWXGLQDOPHQWH
IRUPDQGRXQVXUFR±HOVXUFRQHXUDO±TXHWHUPLQDFHUUiQGRVHGRUVDOPHQWHJHQHUDQGRHO
WXERQHXUDODSDUWLUGHOFXDOVHIRUPDUiODPpGXODHVSLQDO\HQVXSDUWHPiVDQWHULRUHO
FHUHEURDSDUWLUGHXQHQVDQFKDPLHQWRGHHVWHWXER
(OGHVDUUROORGHO61&DSDUWLUGHHVWHSULPRUGLRQHXUDOLPSOLFDODDFFLyQVLPXOWiQHD
H LQWHUGHSHQGLHQWH GH YDULRV PHFDQLVPRV FRPR HO HVWDEOHFLPLHQWR GH LGHQWLGDGHV
SRVLFLRQDOHVTXHORUHJLRQDOL]DQ\FRPSOHMRVSURFHVRVGHKLVWRJpQHVLV\PRUIRJpQHVLV
6HKDGHPRVWUDGRTXHHQHVWRVSURFHVRVLQWHUYLHQHQXQJUDQQ~PHURGHPROpFXODVHQWUH
ODV FXDOHV GHVWDFDQ PROpFXODV TXH GLIXQGHQ SRU ORV WHMLGRV FRPR SRU HMHPSOR IDFWRUHV
GH FUHFLPLHQWR \ PRUIyJHQRV ORV FXDOHV DFW~DQ VREUH ODV FpOXODV YHFLQDV \ UHJXODQ OD
H[SUHVLyQGHPXOWLWXGGHIDFWRUHVGHWUDQVFULSFLyQTXHHVWDEOHFHQODVFRPSOHMDVUHGHV
JpQLFDVTXHFRQFOX\HQHQODIRUPDFLyQGHXQ61&IXQFLRQDO6HKDGHVFULWRTXHPXFKDV
GHHVWDVPROpFXODVSXHGHQGLIXQGLUDWUDYpVGHORVWHMLGRVSHURHODOFDQFHGHHVWHWLSRGH
GLIXVLyQHVOLPLWDGR\VHUHVWULQJHDODVFpOXODVYHFLQDV3DUDVHxDOL]DFLRQHVGHPiVODUJR
DOFDQFHVHKDFHQHFHVDULDODH[LVWHQFLDGHXQPHGLRÀXLGRDGHFXDGRTXHODVWUDQVSRUWH
/D DUTXLWHFWXUD GHO SULPRUGLR FHUHEUDO UHYHOD OD H[LVWHQFLD GH XQDV FDYLGDGHV
LQWHUQDVODVYHVtFXODVFHIiOLFDVTXHVRQODVSUHFXUVRUDVGHOVLVWHPDYHQWULFXODUGHOFHUHEUR
DGXOWRYpDVHOD)LJXUD7DQWRODVYHVtFXODVFHIiOLFDVHPEULRQDULDVFRPRORVYHQWUtFXORV
GHO FHUHEUR DGXOWR HVWiQ OOHQRV GH XQ ÀXLGR FRPSOHMR PX\ ULFR HQ SURWHtQDV HO ÀXLGR
FHUHEURHVSLQDO&6)RGHQRPLQDGRWDPELpQOtTXLGRFHUHEURUUDTXtGHRHOFXDODFW~DGH
HOHPHQWRGHFRKHVLyQGHOFHUHEUR\WDPELpQGHGLIXVLyQGHVHxDOHVSDUDWRGDVODVFpOXODV
'DYLG%XHQRL7RUUHQV
FRQODVTXHHVWiHQFRQWDFWR'HKHFKRHQDGXOWRVPXFKDVSDWRORJtDVGHO61&TXHGDQ
UHÀHMDGDVHQODFRPSRVLFLyQHVSHFt¿FDGHO&6)\DVHDFRPRFDXVDRFRPRFRQVHFXHQFLD
FRPRSRUHMHPSORODKLGURFHIDOLDYDULRVGHIHFWRVGHIRUPDFLyQ\FLHUUHGHOWXERQHXUDO
FRPR OD HVSLQD Et¿GD SURFHVRV GH LQÀDPDFLyQ \ UHSDUDFLyQ FHUHEUDO \ DOWHUDFLRQHV
QHXURGHJHQHUDWLYHV FRPR OD HVFOHURVLV P~OWLSOH \ ODV HQIHUPHGDGHV GH $O]KHLPHU \
3DUNLQVRQ(QHVWHVHQWLGRHODQiOLVLVGHO&6)\DVHXWLOL]DFRPRKHUUDPLHQWDGLDJQyVWLFD
HQDGXOWRV\ODUiSLGDDFFHVLELOLGDGTXHSHUPLWHHVWHÀXLGRVREUHORVWHMLGRVFHUHEUDOHV
KDFHTXHVHSXHGDXVDUFRPRYtDSDUDVXPLQLVWUDUDJHQWHVWHUDSpXWLFRVGLUHFWDPHQWHDO
FHUHEUR
)LJXUD(VTXHPDVLPSOL¿FDGRGHOGHVDUUROORGHOVLVWHPDQHUYLRVRHQORVYHUWHEUDGRVGRQGHVHPXHVWUDOD
IRUPDFLyQGHODVFDYLGDGHVFHIiOLFDV\VXSRVWHULRUFRQYHUVLyQHQORVYHQWUtFXORVFHUHEUDOHVGHOFHUHEURDGXOWR
/DVHQIHUPHGDGHVQHXURGHJHQHUDWLYDV
(O DXPHQWR HQ OD HVSHUDQ]D GH YLGD YD DVRFLDGR D XQ LQFUHPHQWR VLJQL¿FDWLYR
HQ OD LQFLGHQFLD GH GHWHUPLQDGDV HQIHUPHGDGHV HQWUH ODV FXDOHV KD\ TXH GHVWDFDU ODV
HQIHUPHGDGHV QHXURGHJHQHUDWLYDV SRU HO DOWR FRVWH SHUVRQDO VRFLDO \ HFRQyPLFR TXH
UHSUHVHQWDQ (VWDV HQIHUPHGDGHV FRPR ODV GHPHQFLDV DVRFLDGDV D OD HQIHUPHGDG GH
$O]KHLPHU \ ORV GHVyUGHQHV GHO VLVWHPD PRWRU FRPR OD HQIHUPHGDG GH 3DUNLQVRQ
LQFDSDFLWDQSURJUHVLYDPHQWHDODVSHUVRQDVTXHODVVXIUHQ\VRQDFWXDOPHQWHLUUHYHUVLEOHV
6XLQFLGHQFLDFRPELQDGDFRQHOFRVWHSHUVRQDO\VRFLDO\HOJUDQJDVWRHFRQyPLFRTXH
JHQHUDQ KDFH TXH VHDQ FRQVLGHUDGDV HQ WRGR RFFLGHQWH FRPR XQ JUDYH SUREOHPD GH
VDOXGS~EOLFD3DUDSRQHUXQHMHPSORHQORV(VWDGRV8QLGRVVHKDFDOFXODGRTXHFDGD
SDFLHQWHDIHFWDGRGHODHQIHUPHGDGGH3DUNLQVRQJDVWDXQRVGyODUHVFDGDDxRVyOR
HQPHGLFDPHQWRV\TXHHOJDVWRDQXDODQLYHOHVWDWDOTXHJHQHUDHVWDHQIHUPHGDGHVGH
DSUR[LPDGDPHQWH¶ELOORQHVGHGyODUHVLQFOX\HQGRORVJDVWRVGHFXLGDUDORVSDFLHQWHV
\ODSpUGLGDGHORVLQJUHVRVTXHVXSRQHSDUDORVIDPLOLDUHVGHODVSHUVRQDVDIHFWDGDV
$GHPiV VH SUHYp TXH WRGRV HVWRV FRVWHV VH LQFUHPHQWDUiQ SURSRUFLRQDOPHQWH
3DVDM&LHQF
'HOÀXLGRFHUHEURHVSLQDODODUHJHQHUDFLyQQHXUDOSDVDQGRSRUODVFpOXODVPDGUH
FRQ HO DXPHQWR GH OD SREODFLyQ PD\RU GH DxRV TXH VH FDOFXOD TXH HQ HO DxR VHUi HO GREOH GHO DFWXDO 7RGD HVWD SUREOHPiWLFD KD KHFKR TXH DFWXDOPHQWH HVWDV
GRV HQIHUPHGDGHV TXH VRQ FRQVLGHUDGDV FRPR SURWRWLSR GH OD JUDQ IDPLOLD GH ODV
HQIHUPHGDGHV QHXURGHJHQHUDWLYDV VHDQ HVWXGLDGDV SRU XQ JUDQ Q~PHUR GH JUXSRV GH
LQYHVWLJDFLyQGHVGHWRGDVODVSHUVSHFWLYDVSRVLEOHVGHODFOtQLFDDODPROHFXODUORFXDO
HVWiJHQHUDQGRXQDHQRUPHFDQWLGDGGHLQIRUPDFLyQHQUHODWLYDPHQWHSRFRWLHPSR7RGD
HVWDLQIRUPDFLyQKDSHUPLWLGRHVWDEOHFHUDOJXQDVUHODFLRQHVFODUDVHQWUHODVDOWHUDFLRQHV
PRWRUDV\GHOFRPSRUWDPLHQWRDVRFLDGDVDHVWDVHQIHUPHGDGHV\GHWHUPLQDGRVFDPELRV
QHXURSDWROyJLFRV PDFURVFySLFRV VXFHVRV FHOXODUHV \ FRPSOHMDV FDVFDGDV JpQLFDV
\ WDPELpQ KD VXJHULGR OD SRVLELOLGDG GH WUDWDU D ORV SDFLHQWHV DFWLYDQGR ORV PLVPRV
VLVWHPDVJHQpWLFRV\FHOXODUHVTXHHOFHUHEURXWLOL]DQRUPDOPHQWHGXUDQWHHOGHVDUUROOR
HPEULRQDULR
/D SULQFLSDO UHIHUHQFLD FOtQLFD GH HVWDV HQIHUPHGDGHV HV HO GHWHULRUR SURJUHVLYR
GH ODV FDSDFLGDGHV FRJQLWLYDV HQ OD WLSRORJtD GH $O]KHLPHU \ GHO FRQWURO YROXQWDULR
GHO PRYLPLHQWR HQ OD HQIHUPHGDG GH 3DUNLQVRQ /DV FDUDFWHUtVWLFDV SULQFLSDOHV GH OD
HQIHUPHGDGGH$O]KHLPHUTXHJHQHUDOPHQWHVHHPSLH]DDPDQLIHVWDUGHVSXpVGHORV
DxRVVRQGHPHQFLDSpUGLGDGHPHPRULDLPSRVLELOLGDGGHDSUHQGL]DMHIDOWDGHDWHQFLyQ
\ FDUHQFLD GH MXLFLR DXWyQRPR XQDV PDQLIHVWDFLRQHV TXH YDQ VHJXLGDV GH GHSUHVLyQ
R DJUHVLYLGDG 'HVGH XQ SXQWR GH YLVWD SDWROyJLFR HVWD HQIHUPHGDG DFRVWXPEUD D LU
DVRFLDGDDDOWHUDFLRQHVHVWUXFWXUDOHVFRPRDWUR¿DFRUWLFDOVHYHUDSODFDVVHQLOHVIRUPDGDV
SRUDFXPXODFLRQHVGHSpSWLGRDPLORLGHRYLOORVQHXUR¿EULODUHVIRUPDGRVSRU¿ODPHQWRV
LQWUDFHOXODUHVDQRUPDOHVGHSURWHtQDWDX\SpUGLGDGHQHXURQDVHQUHJLRQHVHVSHFt¿FDV
GHOFHUHEURFRPRHOKLSRFDPSRHOWiODPRDQWHULRU\ODDPtJGDOD
(Q ORV DIHFWDGRV GH OD HQIHUPHGDG GH 3DUNLQVRQ HO GHVDUUROOR GH OD HQIHUPHGDG
HV WRGDYtD PiV WUDXPiWLFR GDGR TXH VRQ FRPSOHWDPHQWH FRQVFLHQWHV GH VX SUREOHPD
QHXURGHJHQHUDWLYR (VWD HQIHUPHGDG VH FDUDFWHUL]D SRU WHPEORUHV D ORV EUD]RV PDQRV
SLHUQDV \ PDQGtEXOD HVSHFLDOPHQWH PLHQWUDV HVWiQ HQ UHSRVR ULJLGH] OHQWLWXG HQ ORV
PRYLPLHQWRVYROXQWDULRV\HQDOJXQDVRFDVLRQHVWDPELpQGHPHQFLD'HVGHXQSXQWRGH
YLVWDSDWROyJLFRODHQIHUPHGDGGH3DUNLQVRQYDDVRFLDGDDODSUHVHQFLDGHORVOODPDGRV
FXHUSRVGH/HZLXQRVDJUHJDGRVSURWHLFRVGHPRUIRORJtDFDUDFWHUtVWLFD\DODPXHUWHGH
QHXURQDVGRSDPLQpUJLFDV±XQWLSRGHQHXURQDHVSHFLDOL]DUDHQODVHFUHFLyQGHGRSDPLQD
XQQHXURWUDQVPLVRU±GHXQDV]RQDVPX\FRQFUHWDGHOFHUHEURFRQRFLGDVFRPRVXVWDQFLD
QLJUD\Q~FOHRVSLJPHQWDGRVGHODFRUWH]DFHUHEUDOODVFXDOHVSHUPLWHQODIXQFLyQPRWRUD
YROXQWDULD
$FWXDOPHQWHDORVSDFLHQWHVDIHFWDGRVGHHVWDVHQIHUPHGDGHVQHXURGHJHQHUDWLYDV
VHOHVVXPLQLVWUDQIiUPDFRVTXHFRQWULEX\HQDUHWUDVDUHOGHVDUUROORGHODHQIHUPHGDG
LQFOX\HQGRORVSURFHVRVGHSpUGLGDFRJQLWLYD\PRWRUDTXHVLJXHQVLHQGRLUUHYHUVLEOHV
3HURFDGDYH]VHKDFHPiVHYLGHQWHTXHSDUDGHVDUUROODUWHUDSLDVHIHFWLYDVSDUDFRPEDWLU
HVWDVHQIHUPHGDGHVKD\TXHHYLWDUODQHXURGHJHQHUDFLyQ\RUHHPSOH]DUODVFpOXODVTXH
GHJHQHUDQ SRU RWUDV GH IXQFLRQDOHV$ SHVDU GH TXH KD\ YDULDV SURSXHVWDV WHUDSpXWLFDV
\ SUHYHQWLYDV HQ HVWXGLR DTXt PHQFLRQDUp ODV TXH VH FHQWUDQ HQ OD OODPDGD PHGLFLQD
UHJHQHUDWLYDSXHVWRTXHHVHQXQDSDUWHGHHOODVHQODVTXHHVWiWUDEDMDQGRPLJUXSRGH
LQYHVWLJDFLyQ
/DVFpOXODVPDGUHQHXUDOHV
6L XQD FRVD WLHQHQ HQ FRP~Q WRGDV ODV HQIHUPHGDGHV QHXURGHJHQHUDWLYDV HV OD
SpUGLGD LUUHYHUVLEOH GH FpOXODV QHXUDOHV (VWD LUUHYHUVLELOLGDG HV GHELGD D ODV H[LJXDV
FDSDFLGDGHV UHJHQHUDWLYDV GHO 61& ODV FXDOHV YLHQHQ GDGDV SRU HO HVFDVR UHHPSOD]R
FHOXODUGHODVQHXURQDVFHUHEUDOHV\SRUODSUiFWLFDPHQWHQXODKDELOLGDGTXHWLHQHHOFHUHEUR
SDUDUHSDUDUHOSDWUyQQHXUDOGHVEDUDWDGRSRUODQHXURGHJHQHUDFLyQ+D\TXHSXQWXDOL]DU
TXHHVWRVGRVSURFHVRVVRQHVHQFLDOHVSDUDSRGHUUHFXSHUDUODIXQFLyQFHUHEUDOQRUPDO
3DVDM&LHQF
'DYLG%XHQRL7RUUHQV
'H KHFKR WRGRV QXHVWURV WHMLGRV WLHQHQ XQD FLHUWD FDSDFLGDG GH UHJHQHUDFLyQ TXH VH
EDVDHQODH[LVWHQFLDGHFpOXODVPDGUHGHWHMLGRODVFXDOHVGDGRHOFDVRVRQHVWLPXODGDV
SRUGHWHUPLQDGRVIDFWRUHVSDUDTXHSUROLIHUHQ\VHGLIHUHQFLHQHQHOWLSRFHOXODUTXHVHD
QHFHVDULR(QHOFDVRFRQFUHWRGHO61&VHKDGHWHFWDGRODSUHVHQFLDGHFpOXODVPDGUH
GH WHMLGR QHUYLRVR HQ OD GHQRPLQDGD ]RQD VXEYHQWULFXODU GH ORV YHQWUtFXORV ODWHUDOHV
GHOFHUHEURHQHOEXOERROIDWLYR\HQODOODPDGD]RQDVXEJUDQXODUGHOKLSRFDPSRSHUR
GHVJUDFLDGDPHQWH VX FDSDFLGDG SDUD UHJHQHUDU WHMLGR QHUYLRVR HV FRPR VH DFDED GH
PHQFLRQDUH[WUHPDGDPHQWHH[LJXD
/D PHGLFLQD UHJHQHUDWLYD HV XQD QXHYD UDPD ELRPpGLFD FX\R REMHWLYR HV FXUDU
HQIHUPHGDGHV R DIHFFLRQHV GHELGDV D XQ IXQFLRQDPLHQWR FHOXODU DQyPDOR DSRUWDQGR
FpOXODVIXQFLRQDOHVDOSDFLHQWHRPRYLOL]DQGRVXVSURSLDVFpOXODVSDUDTXHUHHPSODFHQODV
TXHGHJHQHUDQ+DEODUpGHGRVDOWHUQDWLYDVLQFOXLGDVGHQWURGHODPHGLFLQDUHJHQHUDWLYD
HOWUDVSODQWHFHOXODUFRQFpOXODVIHWDOHV\ODUHJHQHUDFLyQFRQFpOXODVPDGUHDGXOWDV
(O WUDVSODQWH FHOXODU FRQ FpOXODV IHWDOHV R GH QHRQDWRV FRQVLVWH HQ WUDVSODQWDU
FpOXODV QHXUDOHV GH IHWRV R QHRQDWRV REWHQLGDV GH DERUWRV QDWXUDOHV R GH GHIXQFLRQHV
HVSRQWiQHDV D ODV SHUVRQDV DIHFWDGDV 5HFLHQWHPHQWH VH KD GHPRVWUDGR OD XWLOLGDG
GH HVWD DSUR[LPDFLyQ HQ SDFLHQWHV DIHFWDGRV GH 3DUNLQVRQ \ HQ PRGHORV DQLPDOHV GH
ODERUDWRULRDORVFXDOHVVHKDWUDVSODQWDGRFpOXODVQHXUDOHVGRSDPLQpUJLFDV'HOPLVPR
PRGR SUXHEDV UHDOL]DGDV HQ SDFLHQWHV DIHFWDGRV GH OD HQIHUPHGDG GH +XQWLQWRQ RWUD
HQIHUPHGDGQHXURGHJHQHUDWLYDTXHVHFDUDFWHUL]DSRUIXHUWHVPRYLPLHQWRVLQYROXQWDULRV
DORVTXHVHKDWUDVSODQWDGRFpOXODVIHWDOHVGHOFRUSXPHVWULDWXP±XQD]RQDGHOFHUHEUR±
KDQSHUPLWLGRFRQVWDWDUXQDPHMRUDGHODVFDUDFWHUtVWLFDVGHFRPSRUWDPLHQWR\FRJQLWLYDV
DVRFLDGDVDHVWDHQIHUPHGDG
(Q WRGRV HVWRV FDVRV OD
LQWHJUDFLyQ IXQFLRQDO GH ODV
FpOXODV WUDVSODQWDGDV GHSHQGH
SULQFLSDOPHQWH GH OD HGDG GHO
UHFHSWRU VLHQGR PiV HOHYDGD HQ
FHUHEURVPiVMyYHQHV\WDPELpQ
GH OD SUHVHQFLD GH VXVWDQFLDV
QHXURJpQLFDV HQGyJHQDV GHO
SURSLR SDFLHQWH ODV FXDOHV
VRQ LQGLVSHQVDEOHV SDUD TXH
VH SURGX]FD OD GLIHUHQFLDFLyQ
QHXUDO3RUHVWHPRWLYRHVGHYLWDO
)LJXUD2EWHQFLyQGHFpOXODVPDGUHHPEULRQDULDVDSDUWLUGH
LPSRUWDQFLDFRQRFHUODFDSDFLGDG
XQEODVWRFLVWR
LQGXFWLYD GHO WHMLGR PDGXUR TXH
UHFLEH HO WUDVSODQWH ODV PROpFXODV LPSOLFDGDV \ OD FDVFDGD JpQLFD TXH OR FRQWUROD 6LQ
HPEDUJR HVWD DSUR[LPDFLyQ SUHVHQWD YDULRV SUREOHPDV 8QRV VRQ GHELGRV D OD PLVPD
IXHQWHGHODVFpOXODVWUDVSODQWDGDVGHYLDELOLGDGOLPLWDGD$GHPiVKD\TXHWHQHUPX\
SUHVHQWHODVLPSOLFDFLRQHVpWLFDVTXHUHSUHVHQWDXWLOL]DUFpOXODVIHWDOHV\GHQHRQDWRVD
SHVDUGHTXHSURYHQJDQGHDERUWRVRGHGHIXQFLRQHVQDWXUDOHVORTXHKDFHTXHVHDPX\
GLItFLOTXHVHSXHGDDSOLFDUHVWHWLSRGHWUDVSODQWHFHOXODUGHPDQHUDUXWLQDULD
8QD DOWHUQDWLYD SUREDEOHPHQWH PiV LQWHUHVDQWH HV OD XWLOL]DFLyQ GH ODV FpOXODV
PDGUH QHXUDOHV GH FHUHEUR DGXOWR ODV FXDOHV WLHQHQ OD FDSDFLGDG GH SUROLIHUDU WDQWR LQ
YLYRFRPRLQYLWURVLELHQVHFLHUWRTXHVXWDVDGHSUROLIHUDFLyQLQYLYRHQFRQGLFLRQHV
QRUPDOHV HV H[WUHPDGDPHQWH UHGXFLGD (VWDV FpOXODV FRPR VH KD GLFKR HQ XQ SiUUDIR
DQWHULRUVHHQFXHQWUDQHQXQDVORFDOL]DFLRQHVPX\FRQFUHWDVGHOFHUHEURJHQHUDOPHQWH
FHUFD GH ORV YHQWUtFXORV FHUHEUDOHV \ SRU WDQWR GHO ÀXLGR FHUHEURHVSLQDO &6) 3HUR
D SHVDU GHO FRQRFLPLHQWR DFWXDO VREUH ODV IXHQWHV QDWXUDOHV \ HO SRWHQFLDO GH HVWDV
FpOXODVVX XWLOL]DFLyQQRHV WDQVHQFLOODFRPR TXL]iV SRGUtD SDUHFHU 3RU XQ ODGR ODV
3DVDM&LHQF
'HOÀXLGRFHUHEURHVSLQDODODUHJHQHUDFLyQQHXUDOSDVDQGRSRUODVFpOXODVPDGUH
FpOXODVWUDVSODQWDGDVUHTXLHUHQXQDDGDSWDFLyQDODPELHQWHJHQHUDGRSRUODHQIHUPHGDG
QHXURGHJHQHUDWLYD$GHPiVWDPELpQLPSOLFDHOGHVDUUROORVHOHFWLYRGHIHQRWLSRVFHOXODUHV
HVSHFt¿FRVPX\FRPSOHMRV\HOHVWDEOHFLPLHQWRGHODVFRQH[LRQHVQHXUDOHVDGHFXDGDVFRQ
ORVHOHPHQWRVORFDOHV\GLVWDQWHVRULJLQDOHV+D\HVWXGLRVHQTXHVHKDLPSODQWDGRFpOXODV
SURJHQLWRUDV±FpOXODVPDGUH±DGXOWDVGHOKLSRFDPSRHQKLSRFDPSRVDGXOWRVRHQEXOERV
ROIDWLYRV ODV FXDOHV KDQ DGTXLULGR ODV FDUDFWHUtVWLFDV PRUIROyJLFDV \ PROHFXODUHV GHO
WHMLGRKXpVSHG(QFDPELRVLVHLPSODQWDQHQFHUHEHORQRVRQFDSDFHVGHGLIHUHQFLDUVHHQ
QHXURQDVFHUHEHODUHV(VWRVUHVXOWDGRVFRQ¿UPDQODJUDQSODVWLFLGDGGHODVFpOXODVPDGUH
QHXUDOHVDGXOWDVSHURWDPELpQLQGLFDQTXHHVWDSODVWLFLGDGHVHQSULQFLSLROLPLWDGD
(OÀXLGRFHUHEURHVSLQDOHPEULRQDULR
6HD FRPR IXHUH HV LQWHUHVDQWH GHVWDFDU TXH ODV ]RQDV GH PD\RU DFWLYLGDG
QHXURJpQLFDGHOFHUHEURVHHQFXHQWUDQHQFRQWDFWRGLUHFWRFRQHOÀXLGRFHUHEURHVSLQDO
&6)ORTXHSHUPLWHVXSRQHUTXHHVWHÀXLGRSXHGHWHQHUXQSDSHOLPSRUWDQWHRLQFOXVR
FODYH HQ OD UHJXODFLyQ GH OD VXSHUYLYHQFLD \ GH OD SUROLIHUDFLyQ GH ODV FpOXODV PDGUH
QHXUDOHVDGXOWDV'HKHFKRHO&6)DGXOWRWLHQHVXRULJHQHQHO&6)HPEULRQDULRTXH
OOHQD ODV FDYLGDGHV FHIiOLFDV GXUDQWH HO GHVDUUROOR HPEULRQDULR YpDQVH ORV SULPHURV
SiUUDIRV GH HVWH DUWtFXOR /D LQYHVWLJDFLyQ GHO JUXSR GH LQYHVWLJDFLyQ OLGHUDGR SRU HO
DXWRUGHHVWHDUWtFXORVHFHQWUDSUHFLVDPHQWHHQHVWHSXQWRHOHVWXGLRGHODVPROpFXODV
SUHVHQWHVHQHOÀXLGRFHUHEURHVSLQDOHPEULRQDULR\GHVXLPSOLFDFLyQHQODLQGXFFLyQGHOD
)LJXUD5HVXPHQHVTXHPiWLFRGHODKLSyWHVLVGHWUDEDMR(OHVWXGLRGHO&6)HPEULRQDULRVXJLHUHTXHHO
XVRGHGHWHUPLQDGDVPROpFXODVHQHO&6)DGXOWRSXHGHIDYRUHFHUODQHXUHJHQHUDFLyQDFWLYDQGRODVFpOXODV
PDGUHQHXUDOHVGHOSURSLRFHUHEUR\HYLWDQGRODPXHUWHGHQHXURQDV
3DVDM&LHQF
'DYLG%XHQRL7RUUHQV
VXSHUYLYHQFLDSUROLIHUDFLyQ\GLIHUHQFLDFLyQGHODVFpOXODVPDGUHQHXUDOHVHPEULRQDULDV
HQORVHVWDGLRVGHPi[LPDSUROLIHUDFLyQ\GHLQLFLRGHODGLIHUHQFLDFLyQQHXUDOPROpFXODV
\ SURFHVRV TXH DO PHQRV SDUFLDOPHQWH SRGUtDQ VHU H[WUDSRODEOHV D ODV FpOXODV PDGUH
QHXUDOHVDGXOWDVSXHVWRTXHPXFKDVGHHOODVWDPELpQVRQSUHVHQWHVHQHO&6)DGXOWR\
DGHPiVVHHQFXHQWUDQDOWHUDGDVHQGHWHUPLQDGDVHQIHUPHGDGHVQHXURGHJHQHUDWLYDV
$VtHQQXHVWURJUXSRGHLQYHVWLJDFLyQKHPRVGHPRVWUDGRTXHODFRPSRVLFLyQGHO
&6)HPEULRQDULRHVH[WUDRUGLQDULDPHQWHFRPSOHMD\GLQiPLFD\TXHFRQWLHQHXQJUDQ
Q~PHURGHPROpFXODVTXHSXHGHQHVWDULPSOLFDGDVHQORVSURFHVRVGHQHXURJpQHVLV\GH
PRUIRJpQHVLVGHO61&(QHVWHVHQWLGRVHKDYLVWRTXHHO&6)HPEULRQDULRHVQHFHVDULRH
LPSUHVFLQGLEOHSDUDPDQWHQHUODVFDUDFWHUtVWLFDVFHOXODUHVEiVLFDVGHODVFpOXODVSURJHQLWRUDV
QHXUDOHV HV GHFLU SDUD PDQWHQHU VX VXSHUYLYHQFLD \ SDUD HVWLPXODU VX SUROLIHUDFLyQ
\ GLIHUHQFLDFLyQ KDFLD FpOXODV GH HVWLUSH QHXUDO DVt FRPR WDPELpQ SDUD PDQWHQHU OD
H[SUHVLyQ GH JHQHV TXH GHWHUPLQDQ HO SDWUyQ FDUDFWHUtVWLFR GH GHVDUUROOR FHUHEUDO
$GHPiV YDULRV DQiOLVLV HQ TXH
VH KD YDORUDGR OD SDUWLFLSDFLyQ
HVSHFt¿FD GH DOJXQDV GH ODV
PROpFXODV LGHQWL¿FDGDV HQ HO
&6) HPEULRQDULR FyPR SRU
HMHPSOR GHO GHQRPLQDGR IDFWRU
GH FUHFLPLHQWR GH ¿EUREODVWRV
Q~PHURGHODSURWHtQDGHXQLyQD
UHWLQRO\GHODSURKRUPRQDUHWLQRO
\ GH YDULDV DSROLSRSURWHtQDV \
GH ODV IUDFFLRQHV OLStGLFDV TXH
WUDQVSRUWDQ KDQ GHPRVWUDGR VX
LPSOLFDFLyQHVSHFt¿FD\QHFHVDULD
HQ ORV SURFHVRV FHOXODUHV \ GH
GHVDUUROOR TXH FRQGXFHQ KDFLD
XQ 61& IXQFLRQDO 0XFKRV GH
HVWRV WUDEDMRV VH KDQ KHFKR HQ
FRODERUDFLyQ FRQ XQ JUXSR GH
LQYHVWLJDFLyQGHOD8QLYHUVLGDGGH
9DOODGROLG'HODPLVPDPDQHUD
RWUR JUXSR GH LQYHVWLJDFLyQ GH
OD 8QLYHUVLGDG GH 0DQFKHVWHU
)LJXUD5HVXPHQHVTXHPiWLFRGHODKLSyWHVLVGHWUDEDMR(O 8. FRQ HO TXH HO DXWRU GH HVWH
&6)HPEULRQDULRVXJLHUHTXHHOXVRGHGHWHUPLQDGDVPROpFXODV DUWtFXOR FRODERUD KD GHPRVWUDGR
HQ HO &6) DGXOWR SXHGH IDYRUHFHU OD QHXUHJHQHUDFLyQ OD LPSOLFDFLyQ GHO &6) IHWDO HQ
DFWLYDQGR OHV FpOXODV PDGUH QHXUDOHV GHO SURSLR FHUHEUR \ OD IRUPDFLyQ QHXURQDO IHWDO OD
HYLWDQGR OD PXHVWUH GH QHXURQDV /DV FpOXODV PDUFDGDV VH ~OWLPDIDVHGHGHVDUUROORFHUHEUDO
HVWiQGLIHUHQFLDQGRHQQHXURQDV
DQWHVGHOQDFLPLHQWR
(VWRVHVWXGLRVVREUHODFRPSRVLFLyQ\ODIXQFLyQGHO&6)HPEULRQDULRDGTXLHUHQ
XQDHVSHFLDOUHOHYDQFLDHQORTXHUHVSHFWDDVXDSOLFDFLyQHQSHUVRQDVDGXOWDV/DLGHDHV
PX\VLPSOH/DPD\RUtDGHODVSURWHtQDVLGHQWL¿FDGDVHQ&6)HPEULRQDULRGHVGHGRQGH
HMHUFHQVXVHIHFWRVVREUHODVXSHUYLYHQFLDSUROLIHUDFLyQ\GLIHUHQFLDFLyQGHODVFpOXODV
SURJHQLWRUDVQHXUDOHVWDPELpQVHHQFXHQWUDQHQHO&6)DGXOWR$XQDVtPXFKDVGHHVWDV
SURWHtQDV VH HQFXHQWUDQ DOWHUDGDV HQ HO &6) GH SDFLHQWHV DIHFWDGRV GH HQIHUPHGDGHV
QHXURGHJHQHUDWLYDV\RQHXUROyJLFDVORTXHVXJLHUHTXHDOJXQDVGHODVIXQFLRQHVGHHVWDV
SURWHtQDVVHSRGUtDQPDQWHQHUDORODUJRGHWRGDODYLGD(VWRVKHFKRVSHUPLWHQSHQVDUHQ
XQDSRVLEOHYtDSDUDWHUDSLDVGHQHXUHJHQHUDFLyQSXHVWRTXHFyPR\DVHKDGLFKRODV
FpOXODVSURJHQLWRUDVGHO61&DGXOWRVHHQFXHQWUDQVLHPSUHHQFRQWDFWRFRQHVWHÀXLGR
)LJXUD
3DVDM&LHQF
'HOÀXLGRFHUHEURHVSLQDODODUHJHQHUDFLyQQHXUDOSDVDQGRSRUODVFpOXODVPDGUH
(QUHVXPHQDSHVDUGHTXHORVUHVXOWDGRVGHHVWRV\RWURVH[SHULPHQWRVUHODWLYRVD
ODVDOWHUQDWLYDVWHUDSpXWLFDVPHQFLRQDGDVVRQHVSHUDQ]DGRUHVXQRGHEHVHUPX\SUXGHQWH
DO YDORUDU VX SRVLEOH DSOLFDFLyQ D KXPDQRV GH PDQHUD UXWLQDULD GDGR TXH WRGDYtD VH
GHVFRQRFHQ PXFKRV GH ORV IDFWRUHV LPSOLFDGRV HQ ORV SURFHVRV GH SUROLIHUDFLyQ \
GLIHUHQFLDFLyQGHODVFpOXODVPDGUHQHXUDOHVDGXOWDVWDQWRHQFRQGLFLRQHVQRUPDOHVFyPR
GXUDQWHORVSURFHVRVGHQHXURGHJHQHUDFLyQ'HKHFKRWRGDYtDKD\PiVSUHJXQWDVTXH
UHVSXHVWDV3HURHVPX\SRVLEOHTXHHVWHÀXLGRHO&6)DFDEHGHVHPSHxDQGRXQSDSHO
FRPSDUDEOHDOTXHUHSUHVHQWDURQODVYtDVGHWUDQVSRUWHÀXYLDO\PDUtWLPRSDUDODVJUDQGHV
FLYLOL]DFLRQHVFOiVLFDVODUHYLWDOL]DFLyQFRQVWDQWHGHWRGDVODVFpOXODVFRQODVTXHHQWUH
HQFRQWDFWR
%LEOLRJUDItD
/LEURVGHGLYXOJDFLyQ
%XHQR'DYLGÏUJDQRVDODFDUWD3XEOLFDFLRQVGHOD8QLYHUVLWDWGH%DUFHORQD2PQLVFHOOXOD%DUFHORQD
*RPLV 5DPyQ )LQDO GH OD GLDEHWHV FpOXODV PDGUH OD HVSHUDQ]D GH OD ELRPHGLFLQD 8QLYHUVLWDW GH
9DOHQFLD6HUYHLGH3XEOLFDFLRQV9DOHQFLD
.ORW]NR$UOHQH-XGLWK¢4XLHUHVFORQDUWH"FLHQFLD\pWLFDGHODFORQDFLyQKXPDQD9DOHQFLD
$UWtFXORVFLHQWt¿FRVHVSHFLDOL]DGRV
*DWR $ 0RUR -$ $ORQVR 0, %XHQR ' 'H /D 0DQR $ DQG 0DUWtQ & (PEU\RQLF
FHUHEURVSLQDO ÀXLG UHJXODWHV QHXURHSLWKHOLDO VXUYLYDO SUROLIHUDWLRQ DQG QHXURJHQHVLV LQ FKLFN HPEU\RV
$QDWRPLFDO5HFRUGV
0DUWLQ&%XHQR'$ORQVR0,0RUR-$&DOOHMR63DUDGD&0DUWtQ3&DUQLYHUR(*DWR
$)*)SOD\VDNH\UROHLQHPEU\RQLFFHUHEURVSLQDOÀXLGWURSKLFSURSHUWLHVRYHUFKLFNHPEU\R
QHXURHSLWKHOLDOVWHPFHOOV'HYHORSPHQWDO%LRORJ\
3DUDGD&*DWR$DQG%XHQR'$OOWUDQVUHWLQRODQGUHWLQROELQGLQJSURWHLQIURPHPEU\RQLF
FHUHEURVSLQDO ÀXLG H[KLELW G\QDPLF EHKDYLRXU GXULQJ HDUO\ FHQWUDO QHUYRXV V\VWHP GHYHORSPHQW
1HXUR5HSRUW
3DUDGD&(VFROj*LO-&DQG%XHQR'/RZGHQVLW\OLSRSURWHLQVIURPHPEU\RQLFFHUHEURVSLQDO
ÀXLGDUHUHTXLUHGIRUQHXUDOGLIIHUHQWLDWLRQ-RXUQDORI1HXURVFLHQFH5HVHDUFK±
3DUDGD&3DUYDV0DQG%XHQR'&HUHEURVSLQDOÀXLGSURWHRPHVIURPQHXUDOGHYHORLSPHQWWR
QHXURGHJHQHUDWLYHGLVHDVHV&XUUHQW3URWHRPLFV
3DUDGD&$SDULFLR0*DWR$DQG%XHQR'3URWHRPHDQDO\VLVRIFKLFNHPEU\RQLFFHUHEUR
VSLQDOÀXLG3URWHRPLFV
3DUDGD&0DUWtQ&$ORQVR0,0RUR-$*DWR$%XHQR'(PEU\RQLF&HUHEURVSLQDO
)OXLG&ROODERUDWHV:LWKWKH,VWKPLF2UJDQL]HU7R5HJXODWH0HVHQFHSKDOLF*HQH([SUHVVLRQ-RXUQDORI
1HXURVFLHQFH5HVHDUFK
3DUDGD&*DWR$%XHQR'0DPPDOLDQ(PEU\RQLF&HUHEURVSLQDO)OXLGSURWHRPHKDVJUHDWHU
DSROLSRSURWHLQDQGHQ]\PHSDWWHUQFRPSOH[LW\WKDQWKHDYLDQSURWHRPH-RXUQDORI3URWHRPH5HVHDUFK
3DUYDV0DQG%XHQR'7KHHPEU\RQLFEORRG±&6)EDUULHUKDVPROHFXODUHOHPHQWVIRUVSHFL¿F
JOXFRVHWUDQVSRUWDQGIRUWKHJHQHUDOWUDQVSRUWRIPROHFXOHVYLDWUDQVFHOOXODUURXWHV$GYDQFHVLQ%LRVFLHQFH
DQG%LRWHFKQRORJ\
3DUYDV 0 DQG %XHQR ' 7KH HPEU\RQLF EORRG&6) EDUULHU KDV PROHFXODU
HOHPHQWVWRFRQWURO(&6)RVPRODULW\GXULQJHDUO\&16GHYHORSPHQW-RXUQDORI1HXURVFLHQFH5HVHDUFK
3DUYDV03DUDGD&DQG%XHQR'$EORRG±&6)EDUULHUIXQFWLRQFRQWUROVHPEU\RQLF&6)SURWHLQ
FRPSRVLWLRQDQGKRPHRVWDVLVGXULQJHDUO\&16GHYHORSPHQW'HYHORSPHQWDO%LRORJ\±
3DUYDV 0 5LXV 0 DQG %XHQR ' 0RVW RI WKH DEXQGDQW SURWHLQ IUDFWLRQV RI HPEU\RQLF
FHUHEURVSLQDOÀXLGDUHSURGXFHGRXWRIWKHEUDLQDQODJHQ7KH2SHQ3URWHRPLFV-RXUQDO
3DVDM&LHQF