informe de la situación económica de el salvador, iv trimestre de 2009

ISSN 1813-5048
Informe de
la Situación
Económica de El Salvador
IV Trimestre de 2009
http://www.bcr.gob.sv
E-mail: info@bcr.gob.sv
BANCO CENTRAL DE RESERVA DE EL SALVADOR
,1)250('(/$
6,78$&,Ï1(&21Ï0,&$
'((/6$/9$'25
&8$57275,0(675(
%DQFR&HQWUDOGH5HVHUYDGH(O6DOYDGRU
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
%DQFR&HQWUDOGH5HVHUYDGH(O6DOYDGRU
6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU
&XDUWR7ULPHVWUH
(GLWD
%DQFR&HQWUDOGH5HVHUYDGH(O6DOYDGRU
$ODPHGD-XDQ3DEOR,,HQWUH\DYHQLGDQRUWH
6DQ6DOYDGRU(O6DOYDGRU
,1',&(
&RPLWpGH3ROtWLFD(FRQyPLFD
/XLV$GDOEHUWR$TXLQR&DUGRQD
*HUHQWHGH(VWXGLRV\(VWDGtVWLFDV(FRQyPLFDV
2VFDU2YLGLR&DEUHUD0HOJDU
-HIHGHO'HSDUWDPHQWRGH,QYHVWLJDFLyQ(FRQyPLFD\)LQDQFLHUD
, (QWRUQR,QWHUQDFLRQDO
6RQLD*XDGDOXSH*yPH]
*HUHQWHGHO6LVWHPD)LQDQFLHUR
0DULR(UQHVWR6LOYD
-HIH'HSDUWDPHQWRGH(VWDGtVWLFDV)LQDQFLHUDV\)LVFDOHV
,, (FRQRPtD1DFLRQDO
0DUJDULWD2FyQGH/ySH]
*HUHQWH,QWHUQDFLRQDO
6HFWRU5HDO
5HGDFFLyQ
&DUORV$OEHUWR6DQDEULD
'HSDUWDPHQWRGH,QYHVWLJDFLyQ(FRQyPLFD\)LQDQFLHUD
6HFWRU([WHUQR
6HFWRU)LVFDO
6HFWRU)LQDQFLHUR
-RVp)UHG\/ySH]4XLMDGD
'HSDUWDPHQWRGH$GPLQLVWUDFLyQGH5HVHUYDV,QWHUQDFLRQDOHV
5LFDUGR+HUUHUD%HOORVR
'HSDUWDPHQWRGH&XHQWDV0DFURHFRQyPLFDV
&ODXGLD0D\HOD&DOGHUyQ
'HSDUWDPHQWRGH%DODQ]DGH3DJRV
$OLULR$OIRQVR+HUQiQGH]
'HSDUWDPHQWRGH(VWDGtVWLFDV)LQDQFLHUDV\)LVFDOHV
5LFDUGR$UWXUR9LOOHGD
'HSDUWDPHQWRGH(VWDGtVWLFDV)LQDQFLHUDV\)LVFDOHV
-XOLR&pVDU$YHQGDxR
'HSDUWDPHQWRGH(VWDELOLGDGGHO6LVWHPD)LQDQFLHUR
(FRQRPtD1DFLRQDO
5(680(1(-(&87,92
'
XUDQWHODVHJXQGDPLWDGGHODVHFRQRPtDVGHVDUUROODGDVKDQGDGRVHxDOHV
GHUHFXSHUDFLyQ0XFKDVGHHVWDVHFRQRPtDVKDQH[SHULPHQWDGRFUHFLPLHQWRV
SRVLWLYRV ORV ~OWLPRV GRV WULPHVWUHV VLQ HPEDUJR KDQ VLGR LQVX¿FLHQWHV SDUD
FRQWUDUUHVWDUORVUHWURFHVRVHQWpUPLQRVDQXDOHV3RURWUDSDUWHHOPHUFDGRODERUDOVLJXH
PRVWUiQGRVHEDVWDQWHGHELOLWDGR
(Q HVWH FRQWH[WR \ GH DFXHUGR DO )RQGR 0RQHWDULR ,QWHUQDFLRQDO ODV HFRQRPtDV HPHU
JHQWHVKDQSDVDGRDUHSUHVHQWDUPRWRUHVGHGLQDPLVPRDQLYHOPXQGLDOGHWDOIRUPDTXH
VHSUHYpXQFUHFLPLHQWRJOREDOGHHQ\GHHQ/RVPHUFDGRVDFFLR
QDULRVFRQWLQXDURQODPDUFKDDOFLVWDTXHHPSUHQGLHURQGHVGHHOPHVGHPDU]RGH
$ QLYHO GRPpVWLFR HO 3,% GHO WHUFHU WULPHVWUH PRVWUy XQD WDVD DQXDO GH TXH
FRQWUDVWDFRQHOGHVHPSHxRHQHOPLVPRWULPHVWUHGH(OUHWURFHVRUHÀHMD
HOPHQRUHPSXMHGHODVDFWLYLGDGHVHFRQyPLFDVFRPRSRUHMHPSOR&RPHUFLR5HVWDX
UDQWHV\+RWHOHV,QGXVWULD0DQXIDFWXUHUD\0LQDV6HUYLFLRV&RPXQDOHV
6RFLDOHV 3HUVRQDOHV \ 'RPpVWLFRV %LHQHV ,QPXHEOHV \ 6HUYLFLRV 3UHVWDGRV D
ODV (PSUHVDV \ 7UDQVSRUWH $OPDFHQDMH \ &RPXQLFDFLRQHV ODV FXDOHV
FRQWUDVWDQFRQHOFUHFLPLHQWRSRVLWLYRHQGRVDFWLYLGDGHV6HUYLFLRVGHO*RELHUQR\
%DQFRV6HJXURV\RWUDV,QVWLWXFLRQHV)LQDQFLHUDV
(QHOORVLQGLFDGRUHVGHSUHFLRVGHODHFRQRPtDVDOYDGRUHxDPRVWUDURQFRPSRUWD
PLHQWRVGHÀDFLRQDULRVODPD\RUSDUWHGHODxR(O,35,H,30LQLFLDURQGLFKDWHQGHQFLDDO
¿QDOGHPLHQWUDVTXHHQHO,3&ORKL]RDSDUWLUGHOVHJXQGRVHPHVWUHGH(VWH
~OWLPRLQGLFDGRUPRVWUyXQDYDULDFLyQTXHVHDSUR[LPyDFHURDO¿QDOL]DUHODxR
/DVH[SRUWDFLRQHVWRWDOHVFHUUDURQHOFRQXQPRQWRGH86PLOORQHVUHJLV
WUiQGRVH XQD SpUGLGD GH 86 PLOORQHV FRQ UHVSHFWR D ODV GH SRU GLVPLQX
FLRQHVHQWRGRVORVUXEURVSULQFLSDOPHQWHPDTXLOD/DVLPSRUWDFLRQHVWRWDOHVUHJLVWUDURQ
XQPRQWRGH86PLOORQHVVLHQGRPiVEDMDVTXHODVGHFRPSRUWD
PLHQWRDVRFLDGRDOGHWHULRURGHODDFWLYLGDGHFRQyPLFDFRPRHIHFWRGHODFULVLVHFRQyPLFD
PXQGLDO
(O6HFWRU3~EOLFR1R)LQDQFLHURUHJLVWUyXQGp¿FLWJOREDOVLQ¿GHLFRPLVRVGH86
PLOORQHVHTXLYDOHQWHDOGHO3,%$ODJUHJDUORVSDJRVHIHFWXDGRVDWUDYpVGHO)LGHL
FRPLVRGH2EOLJDFLRQHV3UHYLVLRQDOHV)23\GHO)LGHLFRPLVRSDUD,QYHUVLyQHQ(GXFD
FLyQ 3D] 6RFLDO \ 6HJXULGDG &LXGDGDQD )26('8 VH UHJLVWUD XQ Gp¿FLW TXH DOFDQ]y
HQWpUPLQRVGHO3,%
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
,(172512,17(51$&,21$/
3ULQFLSDOHV(MHV(FRQyPLFRV0XQGLDOHV
0HMRUDGHFRQGLFLRQHV\SHUVSHFWLYDVHFRQyPLFDV
HQSULQFLSDOHVHMHVHFRQyPLFRVPXQGLDOHV
D(VWDGRV8QLGRV
(OSULPHUGDWRUHSRUWDGRSDUDHOFUHFLPLHQWRGHOFXDUWRWULPHVWUH
HQ(VWDGRV8QLGRVIXHGHVXULWPRPiVIXHUWHHQDxRV
(VWHWULPHVWUHPXHVWUDODGHVDFHOHUDFLyQGHODVLPSRUWDFLRQHV
\ XQ DXPHQWR HQ OD LQYHUVLyQ ¿MD QR UHVLGHQFLDO TXH PiV TXH
FRPSHQVDURQ OD GHVDFHOHUDFLyQ GH ORV JDVWRV GHO JRELHUQR
IHGHUDO /D YDULDFLyQ GH ORV LQYHQWDULRV FRQWULEX\y HQ DO
FDPELRGHGLFKR3,%WULPHVWUDOOXHJRGHDxDGLUHQHOWHUFHU
WULPHVWUH (Q FRQVHFXHQFLD HO 3,% VH FRQWUDMR HQ D XQD
WDVDGHOXHJRGHXQDOLJHUDH[SDQVLyQHQ
/DVYHQWDVPLQRULVWDV\GHDOLPHQWRVGHHQHURGHDXPHQ
WDURQPHQVXDOPHQWHOXHJRGHKDEHUPRVWUDGRXQDFDtGD
GHHQGLFLHPEUH([FOX\HQGRDXWRPyYLOHV\UHSXHVWRVHO
DXPHQWRPHQVXDOIXHGH(QHQHURODVYHQWDVDXPHQWDURQ
HQ OD PD\RUtD GH QHJRFLRV FRQ H[FHSFLyQ GH ODV YHQWDV UHOD
FLRQDGDVFRQHOKRJDUFRPRPXHEOHVRDUWtFXORVGHMDUGLQHUtD
/DFRQ¿DQ]DGHOFRQVXPLGRUUHSXQWyHQHQHUROXHJRGH
OD VXELGD GH GLFLHPEUH /RV GRV VXEtQGLFHV TXH OR FRPSRQHQ
DXPHQWDURQDOSDVDUHOTXHPLGHODVLWXDFLyQSUHVHQWHGH
HQGLFLHPEUHD\HOGHH[SHFWDWLYDVORKL]RGHVGHD
HQHQHUR
(OtQGLFHGHJHVWLyQGHFRPSUDVGHOVHFWRUPDQXIDFWXUHURUHSRUWy
FUHFLPLHQWRDODQRWDUHQHQHURIUHQWHDOGHGLFLHPEUH
\GHQRYLHPEUH$OHQWDGRUHVHOFRPSRUWDPLHQWRGHOVXEtQ
GLFH QXHYDV yUGHQHV TXH DSXQWDOD ODV SHUVSHFWLYDV GH FUHFL
PLHQWRGHOVHFWRUTXHOOHYDPHVHVFRQVHFXWLYRVSRUHQFLPD
GH PD\RU TXH LQGLFD FUHFLPLHQWR /DV H[SRUWDFLRQHV
PDQXIDFWXUHUDVKDQFUHFLGRSDUWLFXODUPHQWHVHKDQEHQH¿FLDGR
GHOFUHFLPLHQWRGHODVHOHFWUyQLFDV(OVHFWRUVHUYLFLRVFUHFHSRU
GRVPHVHVFRQVHFXWLYRVDOREWHQHUHQHQHURSXQWRV/DV
QXHYDVyUGHQHVTXHYDQGHODPDQRGHOGHVHPSHxRGHSURGXF
FLyQ\HPSOHRKDQREWHQLGRVXPHMRUSXQWDMHHQGRVDxRV
6HSHUGLHURQFHUFDGHSXHVWRVGHWUDEDMRDORODUJRGH
DSUR[LPDGDPHQWHPiVTXHORSHUGLGRHQ(Q
(QWRUQR,QWHUQDFLRQDO
HQHURVHGHVWUX\HURQFHUFDGHHPSOHRVIUHQWHD
HQGLFLHPEUHOXHJRGHKDEHUJHQHUDGRHQQRYLHPEUH
/RV HPSOHRV GH HQHUR VH SHUGLHURQ HQ FRQVWUXFFLyQ DOPDFH
QDPLHQWR\WUDQVSRUWH(QXQDIDVHGHH[SDQVLyQ\DDVHQWDGD
VHSXHGHQJHQHUDUDOUHGHGRUGHSXHVWRVGHWUDEDMRDO
PHV 6L FRQWUDVWDPRV FRQ ODV FLIUDV GHO 3,% SRGUtD D¿UPDUVH
TXHKD\XQDUHFXSHUDFLyQVLQJHQHUDFLyQGHHPSOHR/DFLIUD
GHGHVHPSOHRGLVPLQX\ySDUDVLWXDUVHHQHQHQHUR
'HQWURGHORVPD\RUHVJUXSRVGHWUDEDMDGRUHVHOGHVHPSOHRHV
PiVDOWRSDUDDGROHVFHQWHVDxRVFRQXQWDVDGH
HODIURDPHULFDQRFRQ\HOKLVSDQR
/D LQÀDFLyQ D GLFLHPEUH DOFDQ]y LPSXOVDGD SRU HO LQFUH
PHQWRDQXDOGHOFRPSRQHQWHHQHUJtDDSHVDUGHODGHVDFHOH
UDFLyQ GHO UXEUR DOLPHQWRV 6LQ HPEDUJR OD LQÀDFLyQ
Q~FOHRVHPDQWXYRHVWDEOHDOUHGHGRUGH
E-DSyQ
(O3,%MDSRQpVUHSRUWyXQFUHFLPLHQWRGHOXHJRGHPDQWH
QHUVHLQYDULDEOHHQHOWHUFHUWULPHVWUH/DDFWLYLGDGKDVLGRLPSXO
VDGDSULQFLSDOPHQWHSRUODGHPDQGDH[WHUQD\HOHVWtPXOR¿VFDO
(OFRQVXPRSULYDGRDXPHQWyDXQTXHODLQYHUVLyQ¿MDUHVLGHQ
FLDOSURVLJXLyHOWRQRFRQWUDFWLYRTXHOHFDUDFWHUL]yDORODUJRGH
'HHVWDIRUPDODHFRQRPtDMDSRQHVDUHSRUWDXQDFDtGD
GHHQOXHJRGHH[SHULPHQWDUXQDFRQWUDFFLyQGH
HQ(VWDFRQWUDFFLyQPXHVWUDHOSHRUGHVHPSHxRDQXDOHQ
YDULDVGpFDGDV
3RUHOODGRGHODRIHUWDVHJ~QHO0LQLVWHULRGH(FRQRPtD&RPHUFLR
H ,QGXVWULD OD SURGXFFLyQ LQGXVWULDO VH HOHYy LQWHUPHQ
VXDOSDUDXELFDUVHHQDOPHVGHGLFLHPEUHPRVWUDQGRVX
GpFLPRDYDQFHPHQVXDOFRQVHFXWLYR\GHDFXHUGRDORVSURQyV
WLFRVVHHVSHUDDYDQFHVHQHQHUR\IHEUHUR(OXVRGHODFDSD
FLGDGLQVWDODGDGHOVHFWRUPDQXIDFWXUHURVXELyHVWHVHUtD
VXGpFLPRPHVGHDYDQFH\VHXELFyHQ6LQHPEDUJR
VXQLYHOWRGDYtDOXFHPX\SRUGHEDMRGHVXQLYHOSUHUHFHVLyQ
/DV yUGHQHV GH QXHYD PDTXLQDULD SULYDGD TXH H[FOX\HQ ODV
yUGHQHV YROiWLOHV UHSRUWDURQ VX VHJXQGD FDtGD HQ QRYLHPEUH
\ VH XELFDURQ HQ VX QLYHO PiV EDMR GHVGH DEULO GH SHUR
OXHJRVHUHFXSHUDURQHQGLFLHPEUHDODXPHQWDUHQ(VWH
GDWRHVLPSRUWDQWHSXHVWRTXHHVXQLQGLFDGRUDGHODQWDGRGHOD
LQYHUVLyQGHFDSLWDOGHODVHPSUHVDV
3RUHOODGRGHODGHPDQGDODVYHQWDVPLQRULVWDVHQGLFLHPEUH
FD\HURQ HQ WpUPLQRV LQWHUDQXDOHV GHQWUR GH ODV TXH
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
VREUHVDOHQODVGLVPLQXFLRQHVHQPHUFDQFtDJHQHUDODOLPHQWRV
\EHELGDV
(OVHQWLPLHQWRGHOFRQVXPLGRUDXPHQWySXQWRVSDUDXELFDUVH
HQDOPHVGHHQHURGHDFXHUGRDOD2¿FLQDGHO*DELQHWH
(VWR SURVLJXH D ORV UHWURFHVRV GHO LQGLFDGRU HQ QRYLHPEUH \
GLFLHPEUH
/D LQÀDFLyQ Q~FOHR FRQWLQ~D VX WHQGHQFLD GHÀDFLRQLVWD SRU
GpFLPR PHV FRQVHFXWLYR \ UHÀHMy XQD YDULDFLyQ LQWHUDQXDO GH
(QORTXHUHVSHFWDDODLQÀDFLyQWRWDOpVWDPRVWUyXQD
YDULDFLyQGH
(O 0LQLVWHULR GH $VXQWRV ,QWHUQRV \ &RPXQLFDFLRQHV ¿My HQ
ODWDVDGHGHVHPSOHRGHGLFLHPEUHPHQRVTXHHQ
QRYLHPEUH TXH HTXLYDOH D XQD UHGXFFLyQ GH GHVHP
SOHDGRV$SHVDUGHODXPHQWRGHSXHVWRVGHWUDEDMRHQ
GLFLHPEUHODFLIUDGHHPSOHDGRVKDUHSRUWDGRVXGpFLPRUHWUR
FHVRFRQVHFXWLYRDOHIHFWXDUXQDFRPSDUDFLyQLQWHUDQXDO
F=RQDGHO(XUR
/D (XUR]RQD PRVWUy XQ FUHFLPLHQWR GH HQ HO ~OWLPR
WULPHVWUHGHOXHJRGHXQDXPHQWRGHDOUHGHGRUGH
HQ HO WHUFHU WULPHVWUH &RQ HVWH UHVXOWDGR OD HFRQRPtD GH OD
(XUR]RQD PXHVWUD XQ UHWURFHVR GH HQ \ OD 8QLyQ
(XURSHD GH 'H ORV SDtVHV GH OD ]RQD TXH WLHQHQ
FLIUDVGLVSRQLEOHVDGLFKRWULPHVWUH)UDQFLD+RODQGD$XVWULD\
(VORYDTXLDUHSRUWDQGDWRVSRVLWLYRVGHFUHFLPLHQWR$OHPDQLD\
3RUWXJDOREVHUYDURQXQDWDVDQXODPLHQWUDVTXH*UHFLD(VSDxD
,WDOLD\&KLSUHPRVWUDURQUHWURFHVRV
(QRFWXEUHVHLQWHUUXPSLyXQFLFORGHYDULRVPHVHVGHH[SDQ
VLyQ GH OD SURGXFFLyQ LQGXVWULDO GH OD (XUR]RQD SDUD OXHJR
YROYHUDUHFXSHUDUVHLQWHUPHQVXDOHQQRYLHPEUHKHFKRTXH
WDPELpQVHYLRUHÀHMDGRHQODVHFRQRPtDVPiVLPSRUWDQWHV
6LQ HPEDUJR D QLYHO LQWHUDQXDO HO LQGLFDGRU UHÀHMD XQD FDtGD
TXHKDYHQLGRPRGHUiQGRVH\TXHIXHGH
(O YROXPHQ GH YHQWDV PLQRULVWDV D GLFLHPEUH VH PDQWXYR VLQ
FDPELR UHVSHFWR D QRYLHPEUH SHUR PRVWUy XQD YDULDFLyQ GH
HQ WpUPLQRV DQXDOHV (Q HO FRPSRUWDPLHQWR GHO GDWR
PHQVXDOLQÀX\yHODXPHQWRGHODVYHQWDVGHOJUXSRGHDOLPHQWRV
EHELGDV\WDEDFRTXHFRPSHQVyODFDtGDGHORVSURGXFWRV
QRDOLPHQWLFLRV(QHQHURODFRQ¿DQ]DGHOFRQVXPLGRU
VH LQFUHPHQWy HQ SXQWRV LQFLGLy HQ HVWH UHVXOWDGR HO IXHUWH
LQFUHPHQWRGHODFRQ¿DQ]DHQ,WDOLD
(QWRUQR,QWHUQDFLRQDO
(OGHVHPSOHRGHOD(XUR]RQDHVFDOy\VHXELFyHQ
HQGLFLHPEUH(VWDHVODWDVDPiVDOWDH[KLELGDGHVGHDJRVWR
GH8QDxRDQWHVHOLQGLFDGRUIXH'HHVWDPDQHUD
ODFLIUDGHGHVHPSOHDGRVDGLFLHPEUHURQGDORVPLOORQHV
GHSHUVRQDV
/XHJRGHUHWURFHGHUHQODVHJXQGDPLWDGGHORVSUHFLRV
GH OD JDVROLQD KDQ UHSXQWDGR HQ FRQ EDMDV HYHQWXDOHV
SURYRFDGDVSRUODSUHRFXSDFLyQVREUHODVROLGH]GHODUHFXSH
UDFLyQ HFRQyPLFD /D LQÀDFLyQ DQXDO GH OD (XUR]RQD VXELy GH
HQQRYLHPEUHDHQGLFLHPEUH\VHHVWLPDTXHURQGH
HOHQHQHUR(QWUHWDQWRODLQÀDFLyQQ~FOHRIXHGHHQ
GLFLHPEUH,QÀDFLRQHVQHJDWLYDVLQWHUDQXDOHVVHREVHUYDURQHQ
,UODQGD0DOWD\3RUWXJDO\ODVPD\RUHV
IXHURQHQ/X[HPEXUJR\*UHFLDSDUDGLFLHPEUH
G3HUVSHFWLYDV(FRQyPLFDV
(O )RQGR 0RQHWDULR ,QWHUQDFLRQDO GLYXOJy HQ HQHUR OD DFWXDOL
]DFLyQ GH VXV SUR\HFFLRQHV HFRQyPLFDV JOREDOHV 3DUD SURQRVWLFDXQFUHFLPLHQWRPXQGLDOGH\SDUD
/DVHFRQRPtDVGHVDUUROODGDVSDVDUiQGHWHQHUXQDFRQWUDFFLyQ
GHHQDXQDH[SDQVLyQGHHQ/DVHPHU
JHQWHVOLGHUDUiQHVWDUHFXSHUDFLyQFRQXQFUHFLPLHQWRHVWLPDGR
GHHQ\HQ6LQHPEDUJRHO)0,DGYLHUWH
TXH WRGDYtD QR VH GLVWLQJXHQ VHxDOHV FODUDV GH VROLGH] GH OD
GHPDQGD DJUHJDGD DO PHQRV HQ ODV HFRQRPtDV DYDQ]DGDV
VL VH GHMD GH ODGR ORV HVWtPXORV LQGXFLGRV SRU ORV JRELHUQRV
6HJ~QHORUJDQLVPRHOFUHFLPLHQWRSUR\HFWDGRGHHVWHJUXSRGH
SDtVHVHVWiSRUGHEDMRGHOGHVHPSHxRSUHFULVLV
(QWpUPLQRVGHOSURPHGLRVLPSOHODLQÀDFLyQHQORVSDtVHVODWL
QRDPHULFDQRVVHFRORFyHQHQTXHUHSUHVHQWDXQD
UHEDMD QRWRULD FRQ UHVSHFWR D ORV SUHFLRV GH $O H[FOXLU
9HQH]XHODTXHHVHO~QLFRSDtVTXHSUHVHQWDWDVDGHLQÀDFLyQ
GHGtJLWRVHOSURPHGLRVHUHGXFHD/DLQÀDFLyQGH
WXYRGRVFRPSRUWDPLHQWRVXQRFUHFLHQWHKDVWDODSULPHUDPLWDG
GHO DxR \ RWUR GHVFHQGHQWH GHVGH OD VHJXQGD PLWDG GHO DxR
\ TXH VH DFHQWXy D SDUWLU GH RFWXEUH GHELGR D OD FDtGD GH ORV
SUHFLRVLQWHUQDFLRQDOHVGHORVFRPEXVWLEOHV\GHORVDOLPHQWRV
$XQDGRDORDQWHULRUODSRQGHUDFLyQGHORVDOLPHQWRVGHQWURGHO
tQGLFH WDPELpQ KD FRQWULEXLGR D H[SOLFDU HVWH GHVFHQVR HQ ORV
SUHFLRVDQLYHOGHUHJLyQHQ
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
0HUFDGRV)LQDQFLHUR\GH&DSLWDOHV
(Q86$FRQGLFLRQHV¿QDQFLHUDVQRUPDOL]iQGRVH
HPSOHR\YLYLHQGDUH]DJDGRV
(XURSDFRQEXHQSDQRUDPDDXQTXHRSDFDGR
SRUSUHVLRQHVVREUH*UHFLD(VSDxDH,WDOLD
D7DVDVGH,QWHUpV
(O WHUFHU WULPHVWUH GHO DxR ¿QDOL]y HQ XQ WRQR SURPHWHGRU FRQ
PHMRUDVHQODFRQ¿DQ]D\HORSWLPLVPRGHOPHUFDGR/RVULHVJRV
GHWXUEXOHQFLDVLQHVSHUDGDVQRHVWDEDQGLVLSDGRVHQYLVWDGHO
SHUVLVWHQWHUH]DJRHQWpUPLQRVGHUHFXSHUDFLyQGHOHPSOHR\
HOVHFWRUYLYLHQGD(QHVWHFRQWH[WRHO)('PDQWXYRDQFODGDVX
SROtWLFDPRQHWDULDFRQWDVDVHQQLYHOHVFHUFDQRVDFHUR
'XUDQWH HO FXDUWR WULPHVWUH OD UHFXSHUDFLyQ HFRQyPLFD KD
FRQWLQXDGRVROLGL¿FiQGRVHVRUWHDQGRODSHRUFULVLVHFRQyPLFD
\ ¿QDQFLHUD GHVSXpV GH OD ,, *XHUUD 0XQGLDO /RV LQGLFDGRUHV
HFRQyPLFRV HQ VX PD\RUtD KDQ VLGR IDYRUDEOHV GXUDQWH HO
WULPHVWUHFRPRIXHHOFDVRGHO3,%HOFXDOVHDFHOHUyGHXQD
WDVDGHSRUFLHQWRHQHOWHUFHUWULPHVWUHDXQDWDVDGH
SRUFLHQWR
$OJXQRVVHFWRUHVKDQFRQWLQXDGRDYDQ]DQGRHQWHUULWRULRSRVL
WLYRRVHKDQPDQWHQLGRHQXQDWUD\HFWRULDGHPHMRUD/DVLQYHU
VLRQHV UHVLGHQFLDOHV VXELHURQ SRU VHJXQGR WULPHVWUH FRQVH
FXWLYR OXHJR GH WULPHVWUHV GH FRQWUDFFLyQ ODV YHQWDV GH
FDVDV QXHYDV \ XVDGDV WDPELpQ VH LQFUHPHQWDURQ GHELGR D
SUHFLRVPiVDFFHVLEOHVODPHMRUDHQODVFRQGLFLRQHVGHFUpGLWR
\ ORV LQFHQWLYRV WULEXWDULRV GHO JRELHUQR 3RU HO ODGR GHO JDVWR
GH FRQVXPR XQR GH ORV SULQFLSDOHV PRWRUHV GH OD HFRQRPtD
WDPELpQVHWXYLHURQUHVXOWDGRVDOHQWDGRUHV
(O PHUFDGR GH WUDEDMR VH FRQWUDMR GH QXHYR HQ HO WULPHVWUH \
SHUGLyXQRVHPSOHRVOOHYDQGRDODWDVDGHGHVHPSOHR
SRUHQFLPDGHOVHJ~QOD'LUHFFLyQGH(VWDGtVWLFDV/DER
UDOHV OR FXDO FRQ¿UPD OD H[SHFWDWLYD GH TXH D~Q GHEH SDVDU
DOJ~Q WLHPSR SDUD TXH HO HPSOHR HPSLHFH D SURGXFLU DOJ~Q
LPSXOVRVLJQL¿FDWLYRDODDFWLYLGDGHFRQyPLFD
1RREVWDQWHODVPHMRUDVHOFRQVXPRTXHFXHQWDGRVWHUFLRVGH
ODDFWLYLGDGHFRQyPLFDD~QVHPXHVWUDWLWXEHDQWH\QRVHHVSH
UDUtDXQDYDQFHVyOLGRHQWDQWRQRVHREVHUYHQVLJQRVFODURVGH
IRUWDOH]DHQHOPHUFDGRODERUDO3RURWUDSDUWHHOVHFWRUYLYLHQGD
TXH HQ RWURV FLFORV UHFHVLYRV IXH HO SURSXOVRU GHO FUHFLPLHQWR
DKRUD FRQWLQ~D UH]DJDGR \ FRQWLQXDUi HMHUFLHQGR XQ HIHFWR
QHJDWLYRHQODULTXH]DGHORVKRJDUHV
(QWRUQR,QWHUQDFLRQDO
/DPHMRUDHQODVFRQGLFLRQHVHFRQyPLFDVKDWHQLGRXQHIHFWRHQ
HOPHUFDGR¿QDQFLHURHOFXDOGHVGHHOVHJXQGRWULPHVWUHFODUD
PHQWH \D KDEtD PRGL¿FDGR VXV H[SHFWDWLYDV GH WDVDV OR TXH
SURYRFyTXHODVPLVPDVFHUUDUDQDODO]DSDUD¿QDOHVGH
/DV WDVDV GH ORV ERQRV GHO WHVRUR GH DxRV VXELHURQ XQRV
SXQWRVEiVLFRVFRQUHVSHFWRDOWULPHVWUHDQWHULRU\GHLJXDO
IRUPDHOUHQGLPLHQWRGHODVQRWDVGHGRVDxRVVHLQFUHPHQWyHQ
SXQWRVEiVLFRVFRQORTXHODFXUYDGHUHQGLPLHQWRV¿QDOL]y
HODxRHQXQDSRVLFLyQPiVHPSLQDGDFRPRVHHYLGHQFLDSRUHO
GLIHUHQFLDOGHUHQGLPLHQWRGHSEHQWUHODQRWDGH\GRV
DxRV/DWDVD/LERUSRUVXSDUWHFHUUyHODxRHQSEHQOtQHD
FRQHOFRPSRUWDPLHQWRGHOVHJPHQWRFRUWRGHODFXUYDTXHVH
PDQWLHQHDWDGDDODSROtWLFDPRQHWDULDGHO)HG
(Q HVWD FR\XQWXUD HO )HG PDQWXYR VLQ FDPELRV OD WDVD GH
UHIHUHQFLD SDUD ORV IRQGRV IHGHUDOHV HQWUH \ HQ ODV
UHXQLRQHV UHJXODUHV GH QRYLHPEUH \ GLFLHPEUH 1R REVWDQWH
OR DQWHULRU ORV YHKtFXORV GH HPHUJHQFLD FUHDGRV SRU HO )HG
SDUD LQ\HFWDU OLTXLGH] D OD HFRQRPtD \D VHD SRU OD PHMRUD GH
ODVFRQGLFLRQHV¿QDQFLHUDVRFRPRHIHFWRGHXQDDFWLWXGGHOL
EHUDGD VH KDQ HVWDGR UHGXFLHQGR H LQFOXVR HO SURJUDPD GH
FRPSUDGHDFWLYRVUHVSDOGDGRVSRUKLSRWHFDVHVWiSURJUDPDGR
SDUD¿QDOL]DUHQHOPHVGHPDU]RSUy[LPR(QWDOVHQWLGR\DHV
SRVLEOHKDEODUGHXQFDPELRGHSROtWLFDGHO)HGDXQTXHVHHVWp
SURGXFLHQGRSRUODYtDGHODSROtWLFDFXDQWLWDWLYD\QRSRUHOODGR
GHODSROtWLFDPRQHWDULDWUDGLFLRQDO
6LQ OXJDU D GXGDV OD FR\XQWXUD HFRQyPLFD HQ (VWDGRV 8QLGRV
KDPHMRUDGRQRWRULDPHQWHGXUDQWHORV~OWLPRVWULPHVWUHVHQORV
TXHVHKDREVHUYDGRXQVDOWRHQODWDVDGHFUHFLPLHQWR\XQD
PHMRUDHQODGLQiPLFDHQRWURVVHFWRUHVFRPRHVHOFRQVXPR\OD
YLYLHQGD6LQHPEDUJRD~QVHUHTXLHUHTXHVHDFWLYHGHQWURGH
HVWDGLQiPLFDHOPHUFDGRODERUDOORFXDOHVFODYHSDUDGHVHQ
FDGHQDU HO FLFOR YLUWXRVR TXH VH EDVD HQ XQ PHUFDGR ODERUDO
IXHUWH TXH VH WUDGXFH HQ PHMRUD GH LQJUHVRV LQFUHPHQWR HQ
ODGHPDQGDSULYDGD\PHMRUDHQODFRQ¿DQ]DGHORVFRQVXPL
GRUHV
(QHVWHHQWRUQR\HQXQFRQWH[WRGHLQÀDFLyQFRQWURODGDHVGH
SUHYHUTXHHO)HG~QLFDPHQWHGDUtDVHxDOHVGHFDPELRVHQOD
SROtWLFDPRQHWDULDFXDQGRWHQJDVX¿FLHQWHHYLGHQFLDGHTXHOD
HFRQRPtDSXHGHPDQWHQHUVHVLQD\XGDHQODVHQGDGHOFUHFL
PLHQWR3RVWHULRUPHQWHVHHVSHUDUtDTXHHO)HGGHGLTXHVX¿
FLHQWHWLHPSR\HVIXHU]RSDUDGHVPRQWDUWRGRVORVSURJUDPDV
GHHVWLPXORDGRSWDGRVFRQHOPHQRUWUDXPDSRVLEOHDQWHVGH
SURFHGHUDLQFUHPHQWDUODVWDVDVGHLQWHUpV
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
(Q (XURSD ODV ~OWLPDV HVWDGtVWLFDV WDPELpQ DSXQWDQ D TXH OD
UHFXSHUDFLyQ GH OD HFRQRPtD VLJXH HQ PDUFKD (QWUH HOODV
HO 3,% VH LQFUHPHQWy HQ GXUDQWH HO WHUFHU WULPHVWUH FRQ
UHVSHFWRDODQWHULRUDODYH]TXHVHHVSHUDEDQQ~PHURVVLPL
ODUHVSDUDHOFXDUWRWULPHVWUH(OËQGLFHGH*HUHQWHVGH&RPSUD
VHLQFUHPHQWyDXQQLYHOGHFRQORTXHVHXELFySRUHQFLPD
GHOQLYHOGHTXHHVYLVWRFRPRODIURQWHUDHQWUHUHFHVLyQ\
FUHFLPLHQWR
6LQHPEDUJRHOSDQRUDPDSDUD(XURSDIXHRSDFDGRHQFLHUWD
PDQHUD SRU OD FULVLV GH GHXGD GH 'XEDL TXH SURYRFy TXH HO
PHUFDGRYROYLHUDVXPLUDGDDSDtVHVGHODUHJLyQFRQXQDGpELO
SRVLFLyQ¿VFDO\FRQSUREOHPDVGHVRVWHQLELOLGDGGHGHXGD)XH
DVtFRPR*UHFLD(VSDxD\KDVWDFLHUWRSXQWR,WDOLDHVWXYLHURQ
LQYROXFUDGRVHQUXPRUHVVREUHXQSRVLEOHGHIDXOWHQVXGHXGD
\TXHPRWLYDURQD6WDQGDUG3RRUVDUHGXFLUODFDOL¿FDFLyQGH
*UHFLDD%%%\FRORFDUDOSDtVHQODFDWHJRUtDGH³SDQRUDPD
QHJDWLYR´LJXDODFFLyQTXHSDUD(VSDxD
8QDHVFDODGDHQODSUHVLRQHVVREUHORVSDtVHVPHQRVDYHQWD
MDGRVHQOD]RQDHXURLQGXGDEOHPHQWHDIHFWDUiODFRQGXFWDGHO
%DQFR &HQWUDO (XURSHR \ VH HVSHUDUtD TXH HQ HO FRUWR SOD]R
(XURSDPDQWHQJDVXWDVDGHUHIHUHQFLDHQHOQLYHODFWXDOGH
(Q-DSyQHOSDQRUDPDHFRQyPLFRFRQWLQXyWDQVRPEUtRFRPR
HQ HO WULPHVWUH DQWHULRU $ SHVDU GH KDEHUVH UHJLVWUDGR XQ
UHSXQWHHQODVH[SRUWDFLRQHV\HQODSURGXFFLyQLQGXVWULDOODV
HQFXHVWDVGHFRQ¿DQ]DFRQWLQXDURQGpELOHV\ODHFRQRPtDD~Q
VHPDQWLHQHLQPHUVDHQXQFLFORGHÀDFLRQDULRVHJ~QVHUHÀHMy
HQHO,3&GHOPHVGHGLFLHPEUHHOFXDOVHFRQWUDMRHQFRQ
UHVSHFWRDODxRDQWHULRU
(Q HVWH HQWRUQR HO %DQFR GH -DSyQ KD HVWDGR LQPyYLO FRQ
UHVSHFWR D VX SROtWLFD PRQHWDULD \ QR VH YLVOXPEUD QLQJXQD
LQWHQFLyQGHFDPELDUHVDDFWLWXGHQHOFRUWRSOD]RPDQWHQLHQGR
VXWDVDHQ
(OGyODUVHPDQWLHQH¿UPHIUHQWHDOHXUR\HO\HQ
E7LSRVGHFDPELR
(OGyODUDEULyHOWULPHVWUHHQXQQLYHOGH–\FHUUyOHYH
PHQWHDODO]DHQ–FRQUHVSHFWRDOHXURHOGyODUDEULy
HQ¼\FHUUyOHYHPHQWHDODEDMDHQ¼'HORV
LQGLFDGRUHV DQWHULRUHV UiSLGDPHQWH SRGUtD FRQFOXLUVH TXH QR
KD RFXUULGR QDGD LPSRUWDQWH HQ ORV PHUFDGRV GH GLYLVDV TXH
VHD GLJQR GH QRWDU VLQ HPEDUJR DOJXQRV DQDOLVWDV DSXQWDQ
(QWRUQR,QWHUQDFLRQDO
TXH HVRV Q~PHURV QR VRQ UHSUHVHQWDWLYRV GH OR TXH HIHFWLYD
PHQWHKDVXFHGLGRHQHOPHUFDGR\HVRHVXQFDPELRLPSRU
WDQWHGHOVHQWLPLHQWRFRQUHVSHFWRDODPRQHGDQRUWHDPHULFDQD
FRPRHIHFWRGHODPHMRUDHQORVGDWRVHFRQyPLFRVTXHSRQHQ
DODHFRQRPtDHQXQDWUD\HFWRULDGHUHFXSHUDFLyQ\FUHFLPLHQWR
VRVWHQLGR
(QWpUPLQRVJHQHUDOHVSRGUtDGHFLUVHTXHHOGyODUKDWHQLGRXQ
EXHQGHVHPSHxRHQHOWULPHVWUH\DTXHHOPHUFDGRHVSHUDED
TXH OD PHMRUD HQ ODV FRQGLFLRQHV GH OD HFRQRPtD QRUWHDPHUL
FDQD\VXFRQVHFXHQWHHIHFWRSRVLWLYRSDUDODHFRQRPtDJOREDO
KDUtD TXH FRQWLQXDUD OD WHQGHQFLD GH GHVKDFHU SRVLFLRQHV HQ
GLFKDPRQHGDSDUDLQYHUWLUORVHQDFWLYRVPiVUHQWDEOHVHVSH
FLDOPHQWHHQORVPHUFDGRVHPHUJHQWHV6LQHPEDUJRHOUHVXO
WDGRGHOWULPHVWUHUHÀHMDTXHODVH[SHFWDWLYDVGHXQDO]DHQORV
QLYHOHVGHWDVDHQ(VWDGRV8QLGRVKDVLGRPHMRUSRQGHUDGDSRU
HOPHUFDGR\HQHVSHFLDOHQXQWULPHVWUHHQTXHKDQDÀRUDGR
SUHRFXSDFLRQHV GH FDUiFWHU ¿VFDO \ VRVWHQLELOLGDG GH GHXGD
HQODUHJLyQHXURSHD\ODHFRQRPtDHQ-DSyQFRQWLQ~DHQXQ
HVWDGRLQPXWDEOHGHLQDFWLYLGDG
(QORTXHVHUH¿HUHDSHUVSHFWLYDVHVLPSRUWDQWHHQSULPHUOXJDU
KDFHUQRWDUTXHGXUDQWHDOJ~QWLHPSRODFRWL]DFLyQGHO\HQYHUVXV
HOGyODUKDHVWDGRGHVYLQFXODGDDODVH[SHFWDWLYDVGHWDVDVGH
LQWHUpVHVSHFLDOPHQWHHQPHGLRGHODUHFLHQWHFULVLVXQDLQIRU
PDFLyQHQHOPLVPRVHQWLGRSRGUtDKDFHUVHFRQUHVSHFWRDOD
FRWL]DFLyQGHOHXURYHUVXVHOGyODU3RURWUDSDUWHGHEHKDFHUVH
QRWDUTXHD~QGXUDQWHODFULVLVTXHLPSDFWDEDGLUHFWDPHQWHDOD
HFRQRPtDGH(8HOGyODUVHPDQWXYRUHODWLYDPHQWHIXHUWH
6REUHODEDVHGHORDQWHVGLFKRVHUtDGHHVSHUDUTXHODVH[SHF
WDWLYDV GH WDVDV SRU VL PLVPDV QR WHQGUiQ HO SRGHU VX¿FLHQWH
SDUD LQÀXHQFLDU OD FRWL]DFLyQ GH ODV GLVWLQWDV PRQHGDV PLHQ
WUDVORVGLIHUHQFLDOHVGHWDVDVHQWUHHOODVVHPDQWHQJDQHQORV
QLYHOHVDFWXDOHV3RUWDQWRHQHOFRUWRSOD]RGHEHUtDSHVDUPiV
ODPHMRUDHQORVIXQGDPHQWRVGHODHFRQRPtDQRUWHDPHULFDQDD
ODFXDOVHDJUHJDUtDQODVSUHVLRQHVTXHVHFLHUQHQVREUH(XURSD
\ODGHELOLGDGGHODHFRQRPtDMDSRQHVDTXHVHUtDEHQH¿FLRVD
SDUDHOGyODUHQHOFRUWRSOD]R
0HUFDGRVDFFLRQDULRVFRQWLQXDURQDODO]D
F0HUFDGRVEXUViWLOHV
/RV PHUFDGRV DFFLRQDULRV D QLYHO JOREDO FRQWLQXDURQ FRQ JUDQ
tPSHWX OD PDUFKD DOFLVWD TXH HPSUHQGLHURQ GHVGH HO PHV GH
PDU]R GH &RQ HO GHVHPSHxR GHO ~OWLPR WULPHVWUH HO
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
PHUFDGRDFFLRQDULRFHUUyXQDxRH[FHSFLRQDOTXHKDWHQLGRD
VX EDVH SUHFLRV GHSULPLGRV GH ODV DFFLRQHV GHELGR D OD UHFH
VLyQJOREDOTXHKDQHVWLPXODGRXQDIXHUWHGHPDQGDSRUSDUWH
GH LQYHUVLRQLVWDV EXVFDQGR JDQDQFLDV FRQ OD HVWDELOL]DFLyQ \
HOUHWRUQRDODVHQGDGHFUHFLPLHQWRGHODHFRQRPtDJOREDOODV
DFFLRQHVVHKDQDSUHFLDGRJHQHUDQGRDOWRVUHWRUQRV
6LQKDFHUODPtQLPDSDXVDODVDFFLRQHVQRUWHDPHULFDQDVUHWR
PDURQODWHQGHQFLDDODO]DGHOWHUFHUWULPHVWUH\VHPDQWXYLHURQ
HQ HVH PLVPR WRQR KDVWD HO FLHUUH WUDV OR FXDO HO tQGLFH 'RZ
-RQHV REWXYR XQ UHWRUQR GH SDUD HO WULPHVWUH DQXDO HO tQGLFH 6WDQGDUG 3RRUV REWXYR DQXDO PLHQWUDV TXH HO 1$6'$4 JDQy DQXD
OL]DGR &RQ ODV JDQDQFLDV GHO WULPHVWUH HO tQGLFH 'RZ -RQHV
DFXPXOyXQUHWRUQRSDUDHODxRGHDOUHGHGRUGHHO
tQGLFH6WDQGDUG3RRUVVHDSUHFLyDOUHGHGRUGH\HO
tQGLFH1$6'$4DOUHGHGRUGH
/XHJR GHO H[WUDRUGLQDULR GHVHPSHxR GHO WHUFHU WULPHVWUH \D
HPSLH]DQ D VXUJLU RSLQLRQHV SHVLPLVWDV VREUH OD VRVWHQLEL
OLGDGGHGLFKDWHQGHQFLDHVSHFLDOPHQWHDQWHODSHUVSHFWLYDGH
WDVDV PiV DOWDV DOUHGHGRU GHO JORER OR FXDO GHEHUtD OLPLWDU OD
DFWXDOFRUULGD6LQHPEDUJRDOREVHUYDUXQSHUtRGRPiVODUJR
VHDSUHFLDTXHPXFKRVtQGLFHVDFFLRQDULRVD~QHVWiQPX\SRU
GHEDMRGHORVQLYHOHVGHKDFHGLH]DxRVFRQORFXDOODVDFFLRQHV
FODUDPHQWHGHELHUDQVXELUPiVSDUDUHWRUQDUDQLYHOHVHQOtQHD
FRQORVQLYHOHVSUHYLRVDODFULVLV
/DV DFFLRQHV HQ -DSyQ WDPELpQ HVWXYLHURQ DO DO]D GXUDQWH HO
WULPHVWUH (O tQGLFH 1,..(, UHJLVWUy XQD JDQDQFLD GH WULPHVWUDOHTXLYDOHQWHDDQXDOFRQORTXHFHUUyHODxR
FRQXQUHWRUQRGH
(FRQRPtD1DFLRQDO
,,(&2120,$1$&,21$/
6HFWRU5HDO
(O3,%VHUHGXMRHQHQHO7HUFHU7ULPHVWUHGH
/D HFRQRPtD VDOYDGRUHxD HQ HO WUDQVFXUVR GH HQIUHQWy
FRQGLFLRQHVGHVIDYRUDEOHVHO3,%GHFUHFLyHQORVSULPHURVWUHV
WULPHVWUHVGHODxRVLWXDFLyQVLQSUHFHGHQWHGHVGHHODxREDVH
,QGLFDGRUHV UHODFLRQDGRV FRQ OD SURGXFFLyQ GH ELHQHV \
VHUYLFLRVWDPELpQPRVWUDURQVtQWRPDVGHGHELOLGDGVLQHPEDUJR
DO¿QDOGHODxRVHSHUFLEHQVHxDOHVDUHYHUWLUGLFKRFRPSRUWD
PLHQWR HQ SDUWLFXODU VH REVHUYD HQ HO ,9$( GH QRYLHPEUH GH
LPSRUWDFLyQGHELHQHVGHFRQVXPR\H[SRUWDFLRQHV(VWH
HVFHQDULRRSWLPLVWDSDUDODHFRQyPLFDVDOYDGRUHxDVHDUWLFXOD
FRQODUHFXSHUDFLyQGHO3,%GHORV(VWDGRV8QLGRV/D2¿FLQD
GH$QiOLVLV(FRQyPLFRGHO'HSDUWDPHQWRGH&RPHUFLRGHHVH
SDtV GLR D FRQRFHU HO FiOFXOR SUHOLPLQDU GHO SURGXFWR LQWHUQR
EUXWRSDUDHOFXDUWRWULPHVWUHGHHO3,%UHDODXPHQWyFRQ
XQDWDVDDQXDOGHSRUFLHQWRHVHOVHJXQGRDYDQFHSRVLWLYR
FRQVHFXWLYR GHO LQGLFDGRU \ HO PD\RU DXPHQWR GHVGH HO WHUFHU
WULPHVWUHGH\VHVLW~DSRUDUULEDDOREWHQLGRHQHO
WHUFHUWULPHVWUHGH
D3URGXFWR,QWHUQR%UXWR7ULPHVWUDO
(O3,%GHOWHUFHUWULPHVWUHPRVWUyXQDWDVDDQXDOGHSRU
GHEDMRDODxRDQWHULRUHQHOPLVPRWULPHVWUHODFDtGDIXH
SRUHOPHQRUHPSXMHGHODVDFWLYLGDGHVHFRQyPLFDV&RPHUFLR
5HVWDXUDQWHV \ +RWHOHV ,QGXVWULD 0DQXIDFWXUHUD \
0LQDV 6HUYLFLRV &RPXQDOHV 6RFLDOHV 3HUVRQDOHV \
'RPpVWLFRV %LHQHV ,QPXHEOHV \ 6HUYLFLRV 3UHVWDGRV
D ODV (PSUHVDV 7UDQVSRUWH$OPDFHQDMH \ &RPXQLFD
FLRQHV(OHFWULFLGDG*DV\$JXDFDEHGHVWDFDU
TXH OD $JULFXOWXUD &D]D 6LOYLFXOWXUD \ 3HVFD PRVWUy XQD
YDULDFLyQ QHJDWLYD SRU SULPHUD YH] GHVGH HO VHJXQGR
WULPHVWUH GH &RQVWUXFFLyQ HVWD ~OWLPD FRQ XQD
WDVD PHQRV QHJDWLYD TXH WULPHVWUHV SUHFHGHQWHV 7DPELpQ VH
UHJLVWUDURQFUHFLPLHQWRVSRVLWLYRVHQGRVDFWLYLGDGHV6HUYLFLRV
GHO *RELHUQR \ %DQFRV 6HJXURV \ RWUDV ,QVWLWXFLRQHV
)LQDQFLHUDV
&RPHUFLR 5HVWDXUDQWHV \ +RWHOHV UHJLVWUy XQD WDVD DQXDO HQ
HO WHUFHU WULPHVWUH GH LQIHULRU DO GH SDUD HO
PLVPR SHUtRGR (VWD FUHFLPLHQWR IXH FRPSDWLEOH FRQ OD HYROX
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
FLyQPRVWUDGDSRUYDULDEOHVUHODFLRQDGDVFRQODDFWLYLGDGD(O
WRWDOLPSRUWDGRGHELHQHVGHFRQVXPRHQHOIXHGH
86PLOORQHVPHQRUHQ86PLOORQHVUHVSHFWRD
E(OPRQWRGHUHPHVDVIDPLOLDUHVUHFLELGDVHQIXH
GH86PLOORQHVPHQRUHQ86PLOORQHVFRPSD
UDGR FRQ HV GH UHFRQRFHU TXH HVWH ÀXMR GH HIHFWLYR
IRPHQWDHOFRPHUFLR\ODGHPDQGDLQWHUQDHQQXHVWURSDtV
3RU VX SDUWH OD FRQVWUXFFLyQ VLJXLy FRQ VX GpELO FUHFLPLHQWR
HQ HVWD RSRUWXQLGDG RFXUUH HQ PHQRU PHGLGD GHVGH TXH
FRPHQ]y D PRVWUDU WDVDV QHJDWLYDV HQ HO VHJXQGR WULPHVWUH
GH OOHJDQGR D VX SXQWR PiV EDMR HQ HO ,9 WULPHVWUH GH
GHVGHHVDIHFKDHOULWPRGHFUHFLPLHQWRPHMRUy
OOHJDQGR D HQ HO WHUFHU WULPHVWUH GH (O UHVXOWDGR
HVWXYR DFRUGH DO FRPSRUWDPLHQWR GHO SULQFLSDO LQGLFDGRU GH OD
FRQVWUXFFLyQ &RQVXPR$SDUHQWH GH &HPHQWR &$& HQ FUHFLyHQSUHVHQWDQGRXQDPHMRUSRVLFLyQDODxRSUHFH
GHQWH PHGLGR HQ WHQGHQFLD FLFOR (Q HVWH FRQWH[WR
ODSURGXFFLyQQDFLRQDOGHFHPHQWRHQHOFD\yHQ
HQ FRPSDUDFLyQ DO DxR SUHYLR OD HYROXFLyQ VH SUHVHQWD HQ HO
VLJXLHQWHFXDGUR
/D ,QGXVWULD 0DQXIDFWXUHUD \ 0LQDV H[SHULPHQWy XQD WDVD GH
YDULDFLyQ DQXDO GHVIDYRUDEOH HQ HO WHUFHU WULPHVWUH GH GH SRU DEDMR GHO DOFDQ]DGR HQ (O PHQRU
HPSXMHWDPELpQVHREVHUYyHQHOHPSOHRGHHVWDDFWLYLGDGHQ
WHQGHQFLDFLFORDQRYLHPEUHGHODYDULDFLyQDQXDOIXHGH
LQIHULRUDOGHHQHOPLVPRSHUtRGR3RUVX
SDUWHODVH[SRUWDFLRQHVWRWDOHVUHYLUWLHURQODWHQGHQFLDEDMLVWDDO
REWHQHUXQDWDVDGHYDULDFLyQDQXDOSRVLWLYDHQWHQGHQFLDFLFOR
GHGHVSXpVGHXQDxRGHFUHFLPLHQWRVDGYHUVRVODWDVD
DQXDOGHGLFLHPEUHGHIXHGH
/DV H[SRUWDFLRQHV WUDGLFLRQDOHV VH UHGXMHURQ HQ 86
PLOORQHV ODV QR WUDGLFLRQDOHV HQ 86 PLOORQHV PLHQWUDV
TXH OD PDTXLOD H[SHULPHQWy XQD FDtGD GH 86 PLOORQHV
YDOH GHVWDFDU TXH HO Gp¿FLW FRPHUFLDO IXH PHQRU DO SDVDU GH
86PLOORQHVHQD86PLOORQHVHQ
'HDFXHUGRDODVHULHGHFRWL]DQWHVGHOVHFWRUSULYDGRGHO,QVWLWXWR
GHO6HJXUR6RFLDO
(FRQRPtD1DFLRQDO
EËQGLFHGH9ROXPHQGHOD$FWLYLGDG(FRQyPLFD,9$(
1RYLHPEUH
(OËQGLFHGH9ROXPHQGHOD$FWLYLGDG(FRQyPLFD,9$(UHJLVWUy
XQGHFUHFLPLHQWRDQXDOHQWHQGHQFLDFLFORGHHQQRYLHPEUH
GHLQIHULRUDODWDVDGHODxRDQWHULRU0LHQWUDVTXH
HOFUHFLPLHQWRLQWHUDQXDOGHO,9$(SURPHGLRPyYLOGHORV~OWLPRV
GRFHPHVHVHQWHQGHQFLDFLFORWDPELpQIXHQHJDWLYR
/DV DFWLYLGDGHV HFRQyPLFDV TXH LQFLGLHURQ HQ OD GHFOLQDFLyQ
DQXDOGHO,9$(IXHURQ&RPHUFLR5HVWDXUDQWHV\+RWHOHV6HUYL
FLRV&RPXQDOHV6RFLDOHV\3HUVRQDOHV7UDQVSRUWH$OPDFHQD
PLHQWR\&RPXQLFDFLRQHV%LHQHV,QPXHEOHV\6HUYLFLRV3UHV
WDGRVDODV(PSUHVDV,QGXVWULD0DQXIDFWXUHUD\&RQVWUXFFLyQ
/D YDULDFLyQ PHQVXDO GHO ,9$( WHQGHQFLD FLFOR FRQWLQ~D
PRVWUDQGR WDVDV QHJDWLYDV SHUR FDGD YH] PiV SHTXHxDV \
VLJXHXQDWUD\HFWRULDGHPHMRUD
F&RQVXPR,QYHUVLyQ\([SRUWDFLRQHV
(O FRQVXPR HV OD SULQFLSDO YDULDEOH GH OD GHPDQGD JOREDO \
GHO3,%XQDIXHQWHSRWHQFLDOHQODGLQiPLFDGHOFRQVXPR¿QDO
SULYDGRVRQODVUHPHVDVIDPLOLDUHVPLHQWUDVTXHODLQYHUVLyQVH
IRUWDOHFHFRQODLPSRUWDFLyQGHELHQHVGHFDSLWDO\FRQODVREUDV
GHFRQVWUXFFLyQS~EOLFD\SULYDGD
/DV UHPHVDV IDPLOLDUHV HQ HO VH UHGXMHURQ HQ 86
PLOORQHVDOSDVDUGH86PLOORQHVUHFLELGRVHQD
86PLOORQHVHQHO3RUVXSDUWHODVLPSRUWDFLRQHV
GHELHQHVGHFDSLWDOVXPDURQ86PLOORQHVHQ\HQ
IXHURQ86PLOORQHVPHQRUHQ86PLOORQHV
2WURFRPSRQHQWHGHODGHPDQGDJOREDOVRQODVH[SRUWDFLRQHV
HQ HO pVWDV SUHVHQWDURQ XQD YDULDFLyQ DQXDO SRVLWLYD HQ
WHQGHQFLD FLFOR GH VXSHULRU DO GH SDUD HO
PLVPRSHUtRGR(OWRWDOH[SRUWDGRHQHOIXHGH86
PLOORQHV PHQRU HQ 86 PLOORQHV DO $VLPLVPR ODV
H[SRUWDFLRQHV QR WUDGLFLRQDOHV GH VXPDURQ 86
PLOORQHV LQIHULRUHV HQ 86 PLOORQHV D ODV GHO DxR SUHFH
GHQWH
(VWH LQGLFDGRU PHQVXDO QR PLGH HO 3,% EULQGD XQD VHxDO GH OD
WHQGHQFLDGHFRUWRSOD]RGHODDFWLYLGDGSURGXFWLYDODFXDOVHUHOD
FLRQDFRQHOFRPSRUWDPLHQWRHVSHUDGRGHO3,%WULPHVWUDO\DQXDO
ODV VHULHV VH PLGHQ HQ WHQGHQFLD FLFOR H[WUD\pQGROH ORV FRPSR
QHQWHVLUUHJXODUHV\HVWDFLRQDOHVGHODVHULHRULJLQDO
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
/RV(VWDGRV8QLGRVHVHOSULQFLSDOPHUFDGRGHODVH[SRUWDFLRQHV
VDOYDGRUHxDVVHJXLGRGHOiUHD&HQWURDPHULFDQD&RPRSRUFHQ
WDMH GHO WRWDO ODV H[SRUWDFLRQHV D ORV (VWDGRV 8QLGRV FD\HURQ
HQSXQWRVDOSDVDUGHHQHODHQ
0LHQWUDVTXHHOPHUFDGR&HQWURDPHULFDQR,QFOX\HQGR3DQDPi
\ 5HSXEOLFD 'RPLQLFDQD PHMRUy HQ SXQWRV SRUFHQWXDOHV
DOFDQ]DQGRHOGHOWRWDOH[SRUWDGRHQHO'XUDQWHHO
SHUtRGRHQUHIHUHQFLDODVYHQWDVDHVWRVGRVPHUFDGRVIXHURQ
GHVIDYRUDEOHVHQ&HQWUR$PpULFDHOSDtVFRQPD\RUHVYHQWDV
IXH *XDWHPDOD 86 PLOORQHV PLHQWUDV TXH HQ HO
YDORUIXHGH86PLOORQHV$OHPDQLDIXHHOPHUFDGRIXHUD
GHODUHJLyQFRQPD\RUH[SRUWDFLyQFRQ86PLOORQHV\HQ
IXHURQ86PLOORQHV
G(YROXFLyQGHO(PSOHR1RYLHPEUHGH
(OHPSOHRDQRYLHPEUH GHPRVWUyXQDWDVDGHYDULDFLyQ
DQXDOHQWHQGHQFLDFLFORGHPHQRUDODUHJLVWUDGDHQHO
PLVPRSHUtRGRGHTXHIXHGHHQORV~OWLPRVPHVHV
HVWD YDULDFLyQ GHO LQGLFDGRU KD LQWHUUXPSLGR OD WUD\HFWRULD
GHVFHQGHQWH
6HJ~QORVGDWRVRULJLQDOHVGHORVFRWL]DQWHVHOHPSOHRGHFUHFLy
HQSOD]DVGHWUDEDMRHQQRYLHPEUHGHFRQUHVSHFWR
DOPLVPRPHVGHODxRSDVDGR~QLFDPHQWHODDFWLYLGDGGH7UDQV
SRUWH$OPDFHQDPLHQWR\&RPXQLFDFLRQHV\(OHFWULFLGDG
\DJXDFUHFLHURQSRVLWLYDPHQWHPLHQWUDVTXHOD,QGXVWULD
0DQXIDFWXUHUDH[SHULPHQWyODPD\RUFDtGDpVWD~OWLPD
WLHQHODPD\RUSURSRUFLyQGHOWRWDOGHWUDEDMD
GRUHVDFWLYRVHQODHFRQRPtDDOPHVHQUHIHUHQFLD
/DWHQGHQFLDLQÀDFLRQDULDFDPELDDSDUWLUGHO
VHJXQGRVHPHVWUHGHODxR
H(YROXFLyQGHORVSUHFLRVHQHURGLFLHPEUHGH
(QORVLQGLFDGRUHVGHSUHFLRVGHODHFRQRPtDVDOYDGRUHxD
PRVWUDURQ GHÀDFLyQ HQ OD PD\RU SDUWH GHO DxR HO ,35, H ,30
LQLFLDURQGLFKDWHQGHQFLDDO¿QDOGHPLHQWUDVTXHHQHO,3&
VHKL]RVHQWLUDOLQLFLRGHOVHJXQGRVHPHVWUHDO¿QDOL]DUHODxROD
WDVDVHDSUR[LPyDFHUR
/DYDULDFLyQDQXDOGHO,3&HQIXHGHPLHQWUDVTXH
HQODWDVDIXHGHSDUDHOPLVPRSHUtRGR$O¿QDOGHO
DxR 'LFLHPEUH OD SULQFLSDO FDtGD HQ ORV SUHFLRV VH UHJLVWUy
&RQEDVHDORVFRWL]DQWHVDO,QVWLWXWRGHO6HJXUR6RFLDO
(FRQRPtD1DFLRQDO
HQ ORV $OLPHQWRV \ %HELGDV QR $OFRKyOLFDV PLHQWUDV
TXHODGLYLVLyQGH$ORMDPLHQWR$JXD(OHFWULFLGDG*DV\2WURV
&RPEXVWLEOHVUHJLVWUyODPD\RUDO]DVHJXLGRGH7UDQV
SRUWH \ ODV %HELGDV $OFRKyOLFDV 7DEDFR \ (VWXSHID
FLHQWHV(GXFDFLyQ\6DOXG/RVDOLPHQWRV
PRVWUDURQGHVFHQVRGHVGHDEULO\WUDQVSRUWHORKL]RHQWUHHQHUR
\RFWXEUH(VWDVGRVGLYLVLRQHVSDUWLFLSDQFRQHO\
HQODFDQDVWDGHPHUFDGRUHVSHFWLYDPHQWH
0LHQWUDV TXH HO ËQGLFH GH 3UHFLRV DO 3RU 0D\RU ,30 H[FOX
\HQGR FDIp UHJLVWUy HQ XQD WDVD DQXDO GH PD\RU
TXH OD FDtGD GH GHO DxR SDVDGR HQ HO PLVPR SHUtRGR
&DEHPHQFLRQDUTXHGXUDQWHHODxRODWDVDIXHGLVFRQWLQXDHQWUH
QHJDWLYD\SRVLWLYDDO¿QDOGHODxRHOFUHFLPLHQWRIXHSRVLWLYR
(OËQGLFH3UHFLRV,QGXVWULDOHV,35,H[SHULPHQWyXQDYDULDFLyQ
DQXDOGHVXSHULRUDOGH(OFRPSRUWDPLHQWR
GHHVWHLQGLFDGRUIXHGHWHUPLQDGRSRUODVYDULDFLRQHVGH)DEUL
FDFLyQGH6XVWDQFLDV4XtPLFDV\3URGXFWRV4XtPLFRV'HULYDGRV
GHO 3HWUyOHR \ GHO &DUEyQ GH &DXFKR \ GH 3OiVWLFR HQGLFLHPEUHGHHOFUHFLPLHQWRIXHGHFRPRUHVXO
WDGRGHODVRVFLODFLRQHVGHOSUHFLRGHOSHWUyOHR$VLPLVPRKXER
UDPDVFRQWDVDVGHYDULDFLyQQHJDWLYDV3URGXFWRV$OLPHQWLFLRV
%HELGDV\7DEDFR7H[WLOHV3UHQGDVGH9HVWLUH,QGXV
WULDVGHO&XHUR,QGXVWULDVGHOD0DGHUD\3URGXFWRVGH
OD0DGHUD,QFOXLGRV0XHEOHVFRPRODVSULQFLSDOHV
2WURLQGLFDGRUGHSUHFLRVHQODHFRQRPtDHVHOGHÀDFWRULPSOtFLWR
GHO 3,% HQ HO WHUFHU WULPHVWUH GH UHJLVWUy XQD YDULDFLyQ
DQXDO GH PHQRU D OD GH TXH HQ HO PLVPR SHUtRGR
UHJLVWUy/DWHQGHQFLDKDFLDODEDMDGHHVWHLQGLFDGRUHVWXYR
UHODFLRQDGDVFRQODPHQRUGHPDQGDLQWHUQDFRPRUHVXOWDGRGH
ODFULVLVTXHHQIUHQWDODHFRQRPtDLQWHUQDFLRQDOHLPSDFWRHQOD
SURGXFFLyQGHELHQHV\VHUYLFLRVHQHOSDtV
6HFWRU([WHUQR
D%DODQ]DGH3DJRV(QHURVHSWLHPEUH
L&XHQWD&RUULHQWH
&DtGDUHOHYDQWHHQFRPHUFLRPHMRUDGp¿FLWGHFXHQWDFRUULHQWH
$VHSWLHPEUHGHODFXHQWDFRUULHQWHGHODEDODQ]DGHSDJRV
UHJLVWUyXQGp¿FLWGH86PLOORQHVVLJQL¿FDWLYDPHQWHPHQRU
DOREVHUYDGRHQHOPLVPRSHUtRGRGHODxRGHELGR
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
SULQFLSDOPHQWHDXQDLPSRUWDQWHFRQWUDFFLyQGHOFRPHUFLRH[WH
ULRUGHELHQHVGH'HIRUPDJOREDOORVLQJUHVRVWRWDOHV
GHODFXHQWDFRUULHQWHPRVWUDURQXQDUHGXFFLyQGH\ORV
HJUHVRVGH
/D PHMRUD HQ HO Gp¿FLW GH OD FXHQWD GH ELHQHV VH RULJLQy SRU
XQGHVFHQVRGHHQHOPRQWRLPSRUWDGR\GHHQ
ODVH[SRUWDFLRQHV(OGp¿FLWFHUUyFRQXQYDORUGH86
PLOORQHV&DEHPHQFLRQDUTXHSDUDHOWHUFHUWULPHVWUHGH
VH HPSLH]D D REVHUYDU XQD OHYH GLVPLQXFLyQ HQ HO FRPSRUWD
PLHQWR GHVFHQGHQWH TXH YHQtDQ UHJLVWUDQGR DPEDV YDULDEOHV
QRREVWDQWHD~QVHPDQWLHQHHQWDVDVGHGHFUHFLPLHQWRGHGRV
GtJLWRV
'HQWURGHODVH[SRUWDFLRQHVHOUXEURPiVDIHFWDGRIXHPDTXLOD
FRQXQDFDtGDGHVHJXLGDGHODVQRWUDGLFLRQDOHVFRQ
\ ODV YHQWDV GH WUDGLFLRQDOHV TXH GLVPLQX\HURQ 'HORVSURGXFWRVTXHFXEULHURQHOGHOYDORUH[SRUWDGRORV
TXHPRVWUDURQFUHFLPLHQWRHQVXVYHQWDVIXHURQD]~FDUSDSHO
KLJLpQLFRFDMDVEROVDV\GHPiVHQYDVHVSOiVWLFRVDJXDDJXD
PLQHUDOJDVL¿FDGD\GHPiVEHELGDVQRDOFRKyOLFDVORVGHPiV
SURGXFWRVGHODLQGXVWULDDOLPHQWLFLD\HQYDVHVGHSDSHO\FDUWyQ
/DVLPSRUWDFLRQHVTXHPiVUHWURFHGLHURQIXHURQODVGHELHQHV
LQWHUPHGLRVFRQXQDGLVPLQXFLyQGHGHQWURGHORVFXDOHV
ORV VHFWRUHV PiV DIHFWDGRV IXHURQ OD LQGXVWULD PDQXIDFWXUHUD
\ OD FRQVWUXFFLyQ /RV ELHQHV GH FDSLWDO GHFUHFLHURQ GHELGR SULQFLSDOPHQWH D PHQRUHV FRPSUDV HQ HO VHFWRU WUDQV
SRUWH\FRPXQLFDFLRQHVDXQTXHWRGRVORVVHFWRUHVUHJLVWUDURQ
FDtGDVSHURHQPHQRUFXDQWtD/RVELHQHVGHFRQVXPRFD\HURQ
GHORVFXDOHVORVELHQHVGXUDGHURVGLVPLQX\HURQ
\ ORV QR GXUDGHURV /RV SULQFLSDOHV SURGXFWRV LPSRU
WDGRV HQ HO SHUtRGR IXHURQ DFHLWHV GH SHWUyOHR \ RWURV PLQH
UDOHV PiTXLQDV \ DSDUDWRV PHFiQLFRV PHGLFDPHQWRV KLHUUR
HQEUXWR\DXWRPyYLOHV
(OUXEURGHVHUYLFLRVUHJLVWUyXQGp¿FLWGH86PLOORQHV
VLHQGRPiVDOWRTXHHOREVHUYDGRHQHOPLVPRSHUtRGRGHO
DxR DQWHULRU HVWH LQFUHPHQWR VH GHELy SULQFLSDOPHQWH D XQ
PD\RU SDJR HQ FRQFHSWR GH UHDVHJXURV$VLPLVPR KXER XQD
UHGXFFLyQ LPSRUWDQWH HQ ORV LQJUHVRV QHWRV HQ FRQFHSWR GH
YLDMHV(QORVVHUYLFLRVGHWUDQVSRUWHORVUXEURVPiVDIHFWDGRV
IXHURQORVSDJRVGHÀHWHVWHUUHVWUHV\PDUtWLPRVGHORVFXDOHV
HQ FRQMXQWR VH FDQFHODURQ 86 PLOORQHV PHQRV FRPSDUDGR
FRQHOPLVPRSHUtRGRGHODxRDQWHULRU
(FRQRPtD1DFLRQDO
/DFXHQWDGHUHQWDFHUUyFRQXQGp¿FLWGH86PLOORQHV
VLHQGRPiVDOWRDOREVHUYDGRHQHODxRDQWHULRUUHODFLR
QDGRDXQPD\RUSDJRQHWRGHLQWHUHVHVSRUGHXGDGHORVRWURV
VHFWRUHV\UHPLVLyQGHXWLOLGDGHVHQODLQYHUVLyQGLUHFWD
/D FXHQWD GH WUDQVIHUHQFLDV FRUULHQWHV SUHVHQWy XQ PRQWR GH
86 PLOORQHV PRVWUDQGR XQ GHFUHFLPLHQWR GH GRQGH ODV UHPHVDV GH WUDEDMDGRUHV UHJLVWUDURQ XQD FDtGD GH
3HVHDTXH(VWDGRV8QLGRVHPSLH]DDGDUVHxDOHVGH
UHFXSHUDFLyQ HFRQyPLFD HO GHVHPSOHR PDQWLHQH WDVDV D GRV
GtJLWRVFHUUDQGRDVHSWLHPEUHFRQHOJOREDO\HOKLVSDQRHQ
/DVRWUDVWUDQVIHUHQFLDVVHWULSOLFDURQFRPSDUDGDVDODV
GHOUHJLVWUDQGRXQYDORUGH86PLOORQHVGHVWLQDGDV
SULQFLSDOPHQWH D ORV RWURV VHFWRUHV \ WXYLHURQ FRPR SULQFLSDO
IXHQWH(VWDGRV8QLGRV
LL&XHQWDGH&DSLWDO\)LQDQFLHUD
'LVPLQX\HQDFWLYRV\SDVLYRVH[WHUQRV
/D FXHQWD FDSLWDO \ ¿QDQFLHUD PRVWUy HQWUDGDV QHWDV SRU
86 PLOORQHV GHELGR D XQD GLVPLQXFLyQ GH ORV DFWLYRV
H[WHUQRVSRU86PLOORQHV
/DVWUDQVIHUHQFLDVGHFDSLWDOVHLQFUHPHQWDURQPRVWUDQGR
XQWRWDOGH86PLOORQHVGHODVFXDOHVHOVHGHVWLQy
DORVRWURVVHFWRUHV\ODVFXDOHVUHJLVWUDURQXQFUHFLPLHQWRGH
/DV WUDQVIHUHQFLDV FDSWDGDV SRU HO *RELHUQR *HQHUDO
KDQPRVWUDGRXQFRPSRUWDPLHQWRFUHFLHQWHUHODFLRQDGDVDORV
LQJUHVRVGHVWLQDGRVD)RPLOHQLR
3RU HO ODGR GH OD FXHQWD ¿QDQFLHUD KXER HQWUDGDV QHWDV SRU
86PLOORQHVUHVXOWDGRDVRFLDGRDUHWRUQRVGHFDSLWDO\
SDJRVQHWRVGHGHXGD
/DVUHSDWULDFLRQHVQHWDVGHFDSLWDOVHHIHFWXDURQSULQFLSDOPHQWH
HQ ODV FXHQWDV GH LQYHUVLyQ GH FDUWHUD SRU 86 PLOORQHV
HVSHFt¿FDPHQWH UHODFLRQDGDV D RSHUDFLRQHV UHDOL]DGDV SRU
ORV %DQFRV (Q FRQFHSWR GH RWUD LQYHUVLyQ LQJUHVy XQ WRWDO GH
86PLOORQHVGHELGRDWUDQVDFFLRQHVGHORVRWURVVHFWRUHV
HQORVUXEURVGHPRQHGD\GHSyVLWRV\FUpGLWRVFRPHUFLDOHV/D
LQYHUVLyQGLUHFWDFHUUyFRQUHWRUQRVQHWRVGH86PLOORQHV
/RV SDVLYRV H[WHUQRV UHJLVWUDURQ SDJRV QHWRV GH 86
PLOORQHVUHODFLRQDGRVSULQFLSDOPHQWHDSDJRVGHSUpVWDPRVSRU
XQWRWDOGH86PLOORQHVHVSHFt¿FDPHQWHGHORVEDQFRV\
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
RWURVVHFWRUHVWDQWRSDUDGHXGDGHFRUWRFRPRGHODUJRSOD]RHQ
VXPDpVWRVGRVVHFWRUHVGLVPLQX\HURQVXVSDVLYRVH[WHUQRVHQ
86PLOORQHV/D$XWRULGDG0RQHWDULD\*RELHUQR*HQHUDO
UHJLVWUDURQ XQ LQFUHPHQWR GH SDVLYRV H[WHUQRV SRU 86
PLOORQHVSULQFLSDOPHQWHSRUHQGHXGDPLHQWRYtDSUpVWDPRV
/RV ÀXMRV GH LQYHUVLyQ H[WUDQMHUD GLUHFWD IXHURQ GH 86
PLOORQHV UHODFLRQDGRV D 86 PLOORQHV HQ FRQFHSWR GH
SDUWLFLSDFLRQHVGHFDSLWDO86GHXWLOLGDGHVUHLQYHUWLGDV\
86PLOORQHVGHLQJUHVRQHWRSRUSUpVWDPRVHQWUHHPSUHVDV
GHLQYHUVLyQ(OSULQFLSDOGHVWLQRGHHVWDLQYHUVLyQIXHKDFLDORV
VHFWRUHV GH PDTXLOD ¿QDQFLHUR FRPHUFLR H LQGXVWULD PDQX
IDFWXUHUD /RV SDtVHV TXH JHQHUDURQ HVWRV DSRUWHV GH FDSLWDO
IXHURQ SULQFLSDOPHQWH 3DQDPi 86 PLOORQHV 6LQJDSXU
86PLOORQHV\(VWDGRV8QLGRV86PLOORQHV
E&RPHUFLR([WHULRUGH%LHQHVD'LFLHPEUH
([SRUWDFLRQHVGHPDTXLODODVPiVDIHFWDGDVSRUFULVLV
L([SRUWDFLRQHV
/DV H[SRUWDFLRQHV WRWDOHV FHUUDURQ HO FRQ XQ PRQWR GH
86 PLOORQHV UHJLVWUiQGRVH XQD SpUGLGD GH 86
PLOORQHVHQODVYHQWDVSRUGLVPLQXFLRQHVHQWRGRVORVUXEURV
SULQFLSDOPHQWHPDTXLOD
'XUDQWH HO DxR ODV FDtGDV PiV DFHQWXDGDV VH GLHURQ HQ HO
VHJXQGR\WHUFHUWULPHVWUH\UHVSHFWLYDPHQWH
REVHUYiQGRVH SDUD HO ~OWLPR WULPHVWUH XQD OHYH WHQGHQFLD D
UHFXSHUDUVH DXQTXH D~Q VH PDQWXYR FRQ WDVDV QHJDWLYDV
GH 'HSHQGHUi GH OD YHORFLGDG GH UHFXSHUDFLyQ GH OD
HFRQRPtD PXQGLDO SULQFLSDOPHQWH GH (VWDGRV 8QLGRV HO TXH
ODV H[SRUWDFLRQHV VDOYDGRUHxDV UHJLVWUHQ XQD UHYHUVLyQ HQ VX
WHQGHQFLD
/DV H[SRUWDFLRQHV GH SURGXFWRV WUDGLFLRQDOHV UHJLVWUDURQ XQ
GHVFHQVRGHFHUUDQGRFRQXQYDORUGH86PLOORQHV
GH ORV FXDOHV HO IXH HQ FRQFHSWR GH YHQWDV GH FDIp ODV
FXDOHV GLVPLQX\HURQ DVRFLDGR D XQD UHGXFFLyQ HQ HO
YROXPHQH[SRUWDGRGH\HQHOSUHFLRGH(ODURPi
WLFR VDOYDGRUHxR IXH DGTXLULGR SULQFLSDOPHQWH SRU $OHPDQLD
(VWDGRV8QLGRV-DSyQ%pOJLFD\&DQDGi/DVH[SRUWDFLRQHVGH
D]~FDUIXHURQGH86PLOORQHVUHJLVWUDQGRXQLQFUHPHQWR
GHO UHODFLRQDGR D PHMRUHV SUHFLRV HQ HO PHUFDGR LQWHU
QDFLRQDO QR REVWDQWH TXH HO YROXPHQ WDPELpQ PRVWUy XQ DO]D
GHORVSULQFLSDOHVFRPSUDGRUHVIXHURQ(VWDGRV8QLGRV
(FRQRPtD1DFLRQDO
5XVLD 7DLZiQ \ &DQDGi /DV YHQWDV GH FDPDUyQ UHJLVWUDURQ
XQYDORUGH86PLOORQHVUHJLVWUDQGRXQDFDtGDGH
DVRFLDGD D SUHFLRV SRFR DWUDFWLYRV HQ HO PHUFDGR H[WHUQR \D
TXHHOYROXPHQUHJLVWUyXQDO]DGHHOSULQFLSDOFRPSUDGRU
IXH(VWDGRV8QLGRV
(QFRQFHSWRGHSURGXFWRVQRWUDGLFLRQDOHVVHH[SRUWyXQPRQWR
GH86PLOORQHVGHVSORPiQGRVHUHVSHFWRDHQXQ
GHELGRDFRQWUDFFLRQHVHQODVYHQWDVKDFLD&HQWURDPp
ULFDGH\DOUHVWRGHOPXQGRGH/RVSURGXFWRV
TXH PD\RU YDORU H[SRUWDGR UHSRUWDURQ IXHURQ SDSHO KLJLpQLFR
86 PLOORQHV DOFRKRO HWtOLFR 86 PLOORQHV PHGL
FDPHQWRV 86 PLOORQHV SUHSDUDFLRQHV DOLPHQWLFLDV
86PLOORQHV\GHVSHUGLFLRVGHRURRGHFKDSDGRGHRUR
86PLOORQHV
/DV H[SRUWDFLRQHV GH PDTXLOD UHJLVWUDURQ XQ YDORU H[SRUWDGR
GH 86 PLOORQHV PRVWUDQGR XQ GHVFHQVR GH UHVSHFWRDODxRDQWHULRUFRQYLUWLpQGRVHHQHOUXEURPiVSHUMXGL
FDGRSRUORVHIHFWRVGHODFULVLVPXQGLDO\HOGHWHULRURGHHFRQR
PtDVFRPRODHVWDGRXQLGHQVH/DPDTXLODWH[WLO\GHFRQIHFFLyQ
FD\yGHODFXDOODVYHQWDVGHSUHQGDV\FRPSOHPHQWRV
GHYHVWLUGHWHMLGRGHSXQWRIXHURQODVGHPD\RUGHFUHFLPLHQWR
DOSUHVHQWDUXQDWDVDGH/RVSURGXFWRVTXHPiVGLVPL
QX\HURQIXHURQ³7VKLUWV´RFDPLVHWDVGHDOJRGyQVXpWHUHVGH
DOJRGyQ \ ³7VKLUWV´ R FDPLVHWDV GH RWUDV PDWHULDV WH[WLOHV /D
PDTXLOD GH QR FRQIHFFLyQ GLVPLQX\y ± DWHQXiQGRVH HO
GHFUHFLPLHQWR TXH YHQtD REVHUYDQGR KDVWD VHSWLHPEUH GRQGH
ODWDVDIXHGHGHELGRSULQFLSDOPHQWHDXQPHMRUGHVHP
SHxRGHODVH[SRUWDFLRQHVGHFKLSVHOHFWUyQLFRV
&DtGDHQDFWLYLGDGHFRQyPLFDDIHFWyLPSRUWDFLRQHV
LL,PSRUWDFLRQHV
/DVLPSRUWDFLRQHVWRWDOHVUHJLVWUDURQXQPRQWRGH86
PLOORQHVVLHQGRPiVEDMDVTXHODVGHOFRPSRUWD
PLHQWRDVRFLDGRDOGHWHULRURGHODDFWLYLGDGHFRQyPLFDODFXDO
VHHVWLPDFLHUUHFRQXQGHFUHFLPLHQWRGHFRPRHIHFWRGH
ODFULVLVHFRQyPLFDPXQGLDO
(O UXEUR TXH PD\RU FDtGD SUHVHQWy IXH HO GH ELHQHV LQWHUPH
GLRVFRQXQDWDVDGHPRVWUDQGRXQYDORUGH86
PLOORQHVGHQWURGHORVFXDOHVORVVHFWRUHVTXHPHQRUHVFRPSUDV
UHJLVWUDURQIXHURQODLQGXVWULDPDQXIDFWXUHUD\FRQVWUXFFLyQ$O
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
H[FOXLU ODV FRPSUDV GH SHWUyOHR FUXGR \ GHULYDGRV ORV ELHQHV
LQWHUPHGLRVGLVPLQX\HURQ
/DV FRPSUDV GH ELHQHV GH FRQVXPR VXPDURQ 86
PLOORQHVUHJLVWUDQGRXQGHVFHQVRGHDQXDOUHODFLRQDGR
DUHGXFFLRQHVHQORVLPSRUWHVGHELHQHVGXUDGHURVGH\
GHORVQRGXUDGHURVGHGHpVWRV~OWLPRVVLVHH[FOX\HQ
ODV FRPSUDV GH GHULYDGRV GH SHWUyOHR PXHVWUDQ XQD FDtGD GH
(Q FRQFHSWR GH ELHQHV GH FDSLWDO VH LPSRUWy XQ WRWDO GH
86PLOORQHVPRVWUDQGRXQDUHGXFFLyQGHUHOD
FLRQDGD D FRQWUDFFLRQHV HQ ODV DGTXLVLFLRQHV GH ORV VHFWRUHV
WUDQVSRUWH \ FRPXQLFDFLRQHV LQGXVWULD PDQXIDFWXUHUD \
FRPHUFLR
/DIDFWXUDSHWUROHUDVHUHGXMRUHJLVWUDQGRXQYDORUWRWDO
GH86PLOORQHVGHELGRDXQDUHGXFFLyQHQHOYROXPHQ
LPSRUWDGRGH\HQHOSUHFLRGHSHWUyOHRFUXGRGH
FHUUDQGR pVWH ~OWLPR HQ 86 SRU EDUULO /RV IXWXURV GH
SHWUyOHR UHÀHMDQ XQD WHQGHQFLD DO DO]D PDUFDQGR SUHFLRV HQ
DOUHGHGRU GH 86 SRU EDUULO /DV FRPSUDV GH GHULYDGRV GH
SHWUyOHRGLVPLQX\HURQ\SHWUyOHRFUXGRHQ
F7LSRGH&DPELR(IHFWLYR5HDO
(OtQGLFHGHOWLSRGHFDPELRHIHFWLYRUHDOSDUDHOUHJLVWUyXQD
DSUHFLDFLyQSURPHGLRDQXDOGHJHQHUDGDSRUODSpUGLGD
GH FRPSHWLWLYLGDG SUHVHQWDGD FRQ &HQWURDPpULFD \ (VWDGRV
8QLGRVFRQDSUHFLDFLRQHVELODWHUDOHVGH\UHVSHFWL
YDPHQWH/DPD\RUSpUGLGDVHREVHUYyFRQ&HQWURDPpULFDSULQ
FLSDOPHQWHSRUGHSUHFLDFLRQHVHQHOWLSRGHFDPELRQRPLQDOGH
*XDWHPDOD&RVWD5LFD\1LFDUDJXD&DEHPHQFLRQDUTXHHQHO
~OWLPRWULPHVWUHGHVHREVHUYyXQFDPELRHQODWHQGHQFLD
GHO tQGLFH JOREDO UHJLVWUiQGRVH GHSUHFLDFLRQHV UHODFLRQDGDV D
JDQDQFLDV GH FRPSHWLWLYLGDG FRQ (VWDGRV 8QLGRV +RQGXUDV
0p[LFR\&RVWD5LFDGHELGRSULQFLSDOPHQWHDHIHFWRSUHFLRV
G7pUPLQRVGH,QWHUFDPELR
(OtQGLFHGHWpUPLQRVGHLQWHUFDPELRHQHOIXHGHUHJLV
WUDQGRXQDPHMRUDGHGHELGRSULQFLSDOPHQWHDXQDFDtGD
HQHOtQGLFHGHSUHFLRVGHLPSRUWDFLyQGHFHUUDQGRFRQ
XQ YDORU GH LQFLGLHQGR HQ HVWH UHVXOWDGR ODV FDtGDV HQ
ORVUXEURVGHFRPEXVWLEOHV\OXEULFDQWHVVXPLQLVWURV
LQGXVWULDOHV\DOLPHQWRV\EHELGDV
(OtQGLFHFRUUHVSRQGHDOSURPHGLRGHHQHURGLFLHPEUH
(FRQRPtD1DFLRQDO
(O tQGLFH GH SUHFLRV GH H[SRUWDFLRQHV IXH GH PRVWUiQ
GRVHSUiFWLFDPHQWHLQYDULDEOHUHVSHFWRDOGDWRGH\DTXH
UHJLVWUyXQDOHYHGLVPLQXFLyQGHDQXDO(VWHFRPSRUWD
PLHQWRHVWXYRDVRFLDGRDXQDO]DHQHOtQGLFHGHSUHFLRVGHORV
SURGXFWRV WUDGLFLRQDOHV GH GHELGR DO GHVHPSHxR HQ ORV
SUHFLRVGHODD]~FDUGHFDxD(OtQGLFHGHORVSURGXFWRVQRWUDGL
FLRQDOHV GLVPLQX\y DIHFWDGR SRU FDtGDV HQ ORV SUHFLRV
GHIXQGLFLyQGHKLHUURRDFHURMDEyQ\SUHSDUDFLRQHV
SDUDODYDU\DOXPLQLR\VXVPDQXIDFWXUDV6H
DPRUWLJXy OD FDtGD FRQ HYROXFLRQHV GH SUHFLRV IDYRUDEOHV HQ
SURGXFWRV FRPR DOLPHQWRV GLYHUVRV SDSHO \ FDUWyQ \ DOFRKRO
HWtOLFR
6HFWRU)LVFDO
,QJUHVRVWULEXWDULRVGHVDFHOHUDQVXFDtGD
D,QJUHVRV7RWDOHV
$OWHUPLQDUHOFXDUWRWULPHVWUHGHORVLQJUHVRVWRWDOHVGHO
631)UHSRUWDQXQDUHGXFFLyQDFRUGHDOFRPSRUWDPLHQWRGHODV
SULQFLSDOHVYDULDEOHVPDFURHFRQyPLFDVVLQHPEDUJRVHREVHUYD
XQDVXDYL]DFLyQHQVXFDtGDH[SUHVDGDSRUWDVDVWULPHVWUDOHV
FDGD YH] PHQRV QHJDWLYDV OR FXDO SRGUtD HVWDU DVRFLDGR DO
FRPSRUWDPLHQWRVLPLODUGHO,9$(WHQGHQFLDFLFOR
/RVLQJUHVRV\GRQDFLRQHVGHO631)DVFHQGLHURQD86
PLOORQHVQLYHOLQIHULRUDOREWHQLGRHODxRDQWHULRUHQ\HQ
DOUHJLVWUDGRHQ(VWRUHVSRQGLyDXQDFDtGDHQWRGDV
ODVIXHQWHVGHLQJUHVRVDH[FHSFLyQGHODVGRQDFLRQHVTXHVH
GXSOLFDURQ'HVWDFDQODVUHGXFFLRQHVGHORVLQJUHVRVWULEXWDULRV
SRU86PLOORQHV\GHODVWUDQVIHUHQFLDVSURYHQLHQWHVGH
ODV(PSUHVDV)LQDQFLHUDV3~EOLFDVSRU86PLOORQHV/DV
GRV YDULDEOHV VHxDODGDV H[SOLFDQ HO GH OD FDtGD GH ORV
LQJUHVRV\GRQDFLRQHV
/RV LQJUHVRV WULEXWDULRV UHJLVWUDURQ XQ PRQWR GH 86
PLOORQHV PRVWUDQGR XQD YDULDFLyQ DQXDO GH ± RULJLQDGD
SULQFLSDOPHQWHSRUODFDtGDGHORVÀXMRVGHUHFDXGDFLyQSURYH
QLHQWHVGHOLPSXHVWRDOYDORUDJUHJDGR\HOLPSXHVWR
VREUH OD UHQWD (VWR JHQHUy XQD FDUJD WULEXWDULD GH
LQIHULRUDODGHOPLVPRSHUtRGRGHODxRDQWHULRUTXHIXH
1HWRVGHGHYROXFLRQHVGH,9$\UHQWD
1HWRV GH GHYROXFLRQHV GH ,9$ \ UHQWD TXH WRWDOL]DURQ 86
PLOORQHV
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
/RV EDMRV QLYHOHV HQ HO FRH¿FLHQWH GH WULEXWDFLyQ \ GHO VHFWRU
¿VFDOHQJHQHUDOHVWiQVXMHWRVDOOHQWRGHVHPSHxRGHODDFWL
YLGDGHFRQyPLFDLQWHUQD\GHOHQWRUQRHFRQyPLFRLQWHUQDFLRQDO
6LQHPEDUJRODWHQGHQFLDGHODDFWLYLGDGHFRQyPLFDGHOSDtV
DSUR[LPDGDDWUDYpVGHO,9$(KDHPSH]DGRDGHVDFHOHUDUVX
FDtGDFRPRVHREVHUYDHQODYDULDFLyQPHQVXDOGHGLFKRLQGL
FDGRU3RUVXSDUWHORVLQGLFDGRUHVLQWHUQDFLRQDOHVUHOHYDQWHV
SDUHFLHUDQ UHÀHMDU HO LQLFLR GH XQD UHFXSHUDFLyQ H[SUHVDGD
HQ XQD WDVD GH FUHFLPLHQWR GHO 3,% GHO FXDUWR WULPHVWUH GH OD
HFRQRPtD HVWDGRXQLGHQVH TXH DOFDQ]y OD PD\RU HQ
VHLV DxRV (VWR SRGUtD HVWDU GHWHUPLQDQGR OD UHGXFFLyQ GH OD
WDVDGHFUHFLPLHQWRWULPHVWUDOLQWHUDQXDOGHORVLQJUHVRVWULEXWD
ULRVODFXDOUHSRUWyHQHOFXDUWRWULPHVWUHIUHQWHDWDVDV
GH ± \ ± GH ORV SULPHURV WUHV WULPHVWUHV
UHVSHFWLYDPHQWH
/DV UHGXFFLRQHV LQWHUDQXDOHV GH ORV LPSXHVWRV SULQFLSDOHV
IXHURQ,9$FRQ86PLOORQHVGHUHFKRVDUDQFH
ODULRVGHLPSRUWDFLyQFRQ86PLOORQHV\UHQWDFRQ
86PLOORQHV
/DPD\RUUHFDXGDFLyQVHREWXYRFRQHOLPSXHVWRDOYDORUDJUH
JDGRSRUXQPRQWRGH86PLOORQHVQHWRVGHGHYROX
FLRQHV SRU 86 PLOORQHV (O LPSXHVWR DO YDORU DJUHJDGR
FRQWULEX\yFRQHOGHOWRWDOGHLQJUHVRVWULEXWDULRV'HQWUR
GHODFRQIRUPDFLyQGHHVWHLPSXHVWRHO,9$LPSRUWDFLyQWXYRXQD
UHGXFFLyQDQXDOGH\XQDXPHQWRGHO,9$GHFODUDFLyQGH
(OFRPSRUWDPLHQWRGHO,9$LPSRUWDFLyQHVFRQVLVWHQWHFRQ
ODUHGXFFLyQGHHQODLPSRUWDFLyQGHELHQHVGHFRQVXPR
\GHOHQODGHSHWUyOHR(O,9$LPSRUWDFLyQFRQWULEX\yFRQHO
GHOWRWDOGH,9$UHFDXGDGR
/DUHFDXGDFLyQGHOLPSXHVWRVREUHODUHQWDDVFHQGLyD86
PLOORQHV QHWRV GH GHYROXFLRQHV SRU 86 PLOORQHV 6X
FRQWULEXFLyQUHODWLYDIXHGHGHOWRWDOGHLQJUHVRVWULEXWD
ULRV
/RVDUDQFHOHVDODLPSRUWDFLyQUHJLVWUDURQXQPRQWRGH86
PLOORQHVPRVWUDQGRXQDUHGXFFLyQDQXDOGHHTXLYDOHQWH
D86PLOORQHVORFXDOHVWiUHODFLRQDGRFRQXQDFDtGDHQ
ODVLPSRUWDFLRQHVSRU86PLOORQHV
/RV LPSXHVWRV VREUH HO FRQVXPR GH SURGXFWRV TXH LQFOX\HQ
LPSXHVWRV D ORV OLFRUHV FHUYH]DV EHELGDV JDVHRVDV \ FLJDUUL
OORVDOFDQ]DURQXQQLYHOGH86PLOORQHVSUHVHQWDQGRXQ
DXPHQWRGH
(FRQRPtD1DFLRQDO
(O )29,$/ TXH VH ¿QDQFLD FRQ OD UHFDXGDFLyQ SURYHQLHQWH
GHXQDFRQWULEXFLyQHVSHFLDOVREUHORVFRPEXVWLEOHVFDSWyXQ
PRQWRGH86PLOORQHVSUHVHQWDQGRXQDXPHQWRDQXDOGH
/RV UHFXUVRV UHFDXGDGRV D WUDYpV GHO LPSXHVWR D OD WUDQVIH
UHQFLDGHSURSLHGDGHVIXHURQGH86PLOORQHVFLIUDLQIHULRU
DODGHGLFLHPEUHGHHQ86PLOORQHVORFXDOHVWiUHÀH
MDQGRXQDGLVPLQXFLyQHQODDFWLYLGDGLQPRELOLDULD
(O LPSXHVWR GHVWLQDGR SDUD ¿QDQFLDU HO VXEVLGLR DO WUDQVSRUWH
UHFDXGy 86 SUHVHQWDQGR XQ FUHFLPLHQWR DQXDO GH (VWHLPSXHVWRIXHFUHDGRHQQRYLHPEUHGHPHGLDQWHOD
DSUREDFLyQGHOD/H\7UDQVLWRULDSDUDOD(VWDELOLGDGGHODV7DULIDV
GH6HUYLFLRV3~EOLFRVGH7UDQVSRUWH&ROHFWLYRGH3DVDMHURV
/RVLQJUHVRVQRWULEXWDULRVDOFDQ]DURQXQPRQWRGH86
PLOORQHVPRVWUDQGRXQDUHGXFFLyQDQXDOGHHTXLYDOHQWH
D 86 PLOORQHV GHELGD D PHQRUHV LQJUHVRV SRU UHQWD GH
DFWLYRV \ RWURV /DV FRQWULEXFLRQHV D OD VHJXULGDG VRFLDO KDQ
FRQWUDUUHVWDGRHQSDUWHHOGHWHULRURGHORVLQJUHVRVREVHUYiQ
GRVH XQ LQFUHPHQWR HQ ODV FRWL]DFLRQHV GH ORV HPSOHDGRV H
LQVWLWXFLRQHVGHOVHFWRUS~EOLFR\GHORVSHQVLRQDGRVORFXDOKD
DPRUWLJXDGRHOHIHFWRGHODFULVLVVREUHORVLQJUHVRVGHO,QVWLWXWR
6DOYDGRUHxRGHO6HJXUR6RFLDO
/DVGRQDFLRQHVSHUFLELGDVSRUHO631)UHJLVWUDURQXQDXPHQWR
GH HTXLYDOHQWH D 86 PLOORQHV GHELGR SULQFLSDO
PHQWH D GRQDFLRQHV SURYHQLHQWHV GH OD 8QLyQ (XURSHD GHVWL
QDGRV DO SURJUDPD SDUD HO DOLYLR GH OD SREUH]D 3$3(6 GHO
*RELHUQR GH ORV (VWDGRV 8QLGRV GH 1RUWHDPpULFD RULHQWDGRV
DOSUR\HFWR)20,/(1,2\GHO*RELHUQRGH(VSDxDDWUDYpVGHO
)RQGR(VSDxROGH$JXD\6DQHDPLHQWR
(OGHVHPSHxR¿QDQFLHURGHODV(PSUHVDV3~EOLFDV1R)LQDQ
FLHUDV HYLGHQFLy XQ VXSHUiYLW GH RSHUDFLyQ GH 86
PLOORQHV UHVXOWDQGR LQIHULRU HQ 86 PLOORQHV DO
VXSHUiYLWREWHQLGRDGLFLHPEUHGHORTXHIXHGHWHUPLQDGR
SULQFLSDOPHQWHSRUODUHGXFFLyQHQORVLQJUHVRVGHRSHUDFLyQGH
&(/\&(3$SULQFLSDOPHQWH
/DV 7UDQVIHUHQFLDV GH (PSUHVDV )LQDQFLHUDV 3~EOLFDV GHVWL
QDGDV SULQFLSDOPHQWH SDUD ¿QDQFLDU ODV SHQVLRQHV GHO ,666
IXHURQ 86 PLOORQHV QLYHO LQIHULRU DO UHJLVWUDGR HQ TXHIXH86PLOORQHV(VWDUHGXFFLyQHVWiUHODFLRQDGDDO
KHFKRGHTXHQRKXERQXHYDVHPLVLRQHVGHO)26('8&()(6
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
(VRSRUWXQRVHxDODUTXHHO)23HQWUHJyGLUHFWDPHQWHDO,13(3
UHFXUVRVSDUDDWHQGHUORVUHTXHULPLHQWRVGHOSDJRGHSHQVLRQHV
ORFXDOQRVHUHJLVWUDHQHO6HFWRU3~EOLFR1R)LQDQFLHUR
E*DVWRV7RWDOHV
$O ¿QDOL]DU HO FXDUWR WULPHVWUH GH ORV JDVWRV \ FRQFH
VLyQ QHWD GH SUpVWDPRV GHO 631) DVFHQGLHURQ D 86
PLOORQHVWHQLHQGRXQFUHFLPLHQWRDQXDOGHHTXLYDOHQWHD
86PLOORQHVGHELGRSULQFLSDOPHQWHDOLQFUHPHQWRGHORV
JDVWRVFRUULHQWHV
L*DVWRV&RUULHQWHV
/RV JDVWRV FRUULHQWHV IXHURQ GH 86 PLOORQHV UHJLV
WUDQGRXQFUHFLPLHQWRDQXDOGHHTXLYDOHQWHD86
PLOORQHVVLHQGRpVWDODWDVDPiVEDMDGHORV~OWLPRVFLQFRDxRV
6LQHPEDUJRFRPRSURSRUFLyQGHOSURGXFWRLQWHUQREUXWR3,%
DOFDQ]DURQXQSRUFHQWDMHGHVLHQGRpVWHHOPD\RUQLYHO
HQORV~OWLPRVFLQFRDxRV(VWRVLQFUHPHQWRVHVWXYLHURQGHWHU
PLQDGRVSRUODUHGXFFLyQHQHOQLYHOGHO3,%QRPLQDO\RFXUULHURQ
SHVHDOPHQRUGLQDPLVPRHQORVJDVWRVGHFRQVXPRTXHUHGX
MHURQVXWDVDGHFUHFLPLHQWRGHDHQWUHGLFLHPEUH
\GLFLHPEUH\DODFDtGDHQORVJDVWRVSRUWUDQVIHUHQ
FLDVFRUULHQWHVHQ
&RQ UHVSHFWR D ORV FRPSRQHQWHV GH ORV JDVWRV FRUULHQWHV VH
WXYRXQFUHFLPLHQWRDQXDOGHORVVDODULRVSRUPLHQWUDVODV
FRPSUDV GH ELHQHV \ VHUYLFLRV VXELHURQ HQ DQXDO (VWRV
LQFUHPHQWRVVHYLHURQSDUFLDOPHQWHFRPSHQVDGRVSRUODUHGXF
FLyQ H[SHULPHQWDGD SRU ODV WUDQVIHUHQFLDV FRUULHQWHV HQ HTXLYDOHQWHD86PLOORQHVFRPRUHVXOWDGRGHODHOLPLQD
FLyQGHOVXEVLGLRDODHQHUJtDDIDPLOLDVTXHFRQVXPHQPiV
NLORYDWLRVPHQVXDOHV\GHODVXSUHVLyQFRPSOHWDGHOVXEVLGLRD
ODVHPSUHVDVPHGLGDTXHLQLFLyHQDJRVWRGHFRQODHOLPL
QDFLyQ GHO GHO VXEVLGLR \ TXH RULJLQDOPHQWH HVWDED GLVH
xDGDSDUDVHUVXSULPLGDFRPSOHWDPHQWHHQRFWXEUHGH
1HWRVGHGHYROXFLRQHVGH,9$\5HQWD
(FRQRPtD1DFLRQDO
LL*DVWRVGH&DSLWDO
/RVJDVWRVGHFDSLWDOUHÀHMDURQXQDUHGXFFLyQGHORTXH
HTXLYDOHD86PLOORQHVHVWRVHH[SOLFDSULQFLSDOPHQWHSRU
XQDUHGXFFLyQGHODVWUDQVIHUHQFLDVGHFDSLWDO
/DV WUDQVIHQFLDV GH FDSLWDO DVFHQGLHURQ D 86 PLOORQHV
UHGXFLpQGRVHHQ86PLOORQHVFRQUHVSHFWRDODxRDQWHULRU
GHELGRDTXHVHUHGXMRODDVLJQDFLyQHQWUHJDGDDO%0,
/D HMHFXFLyQ ¿QDQFLHUD GH OD LQYHUVLyQ GHO 631) DVFHQGLy
D 86 PLOORQHV PHQRU D OD GHO DxR DQWHULRU HQ 86
PLOORQHV&RQUHVSHFWRDO3,%UHSUHVHQWyXQGHO3,%VXSH
UDQGR D OD GHO DxR SDVDGR HQ SXQWRV SRUFHQWXDOHV /DV
LQVWLWXFLRQHV TXH FRQWULEX\HURQ D OD UHGXFFLyQ HQ OD LQYHUVLyQ
S~EOLFDGLVPLQX\HQGRVXHMHFXFLyQIXHURQ&(3$063$60$*
0,1('\023
/DUHGXFFLyQHQODLQYHUVLyQIXHSDUFLDOPHQWHFRPSHQVDGDSRU
DXPHQWRV UHDOL]DGRV SULQFLSDOPHQWH SRU &(/ )20,/(1,2
)29,$/\)2'(6
/DLQYHUVLyQGHVWLQDGDDODUHFRQVWUXFFLyQDVFHQGLyD86
PLOORQHVLQIHULRUDODUHDOL]DGDKDVWDGLFLHPEUHGHTXHIXH
86PLOORQHV
F$KRUUR&RUULHQWH
(O VDOGR GH DKRUUR FRUULHQWH GHO 6HFWRU 3~EOLFR 1R )LQDQFLHUR
IXH 86 PLOORQHV VLHQGR pVWD OD SULPHUD YH] HQ XQD
GpFDGDTXHVHJHQHUDDKRUURQHJDWLYRGHVDKRUUR$GLFLHPEUH
GHHODKRUURS~EOLFRIXH86PLOORQHV(VWHUHVXOWDGR
UHÀHMDSRUXQODGRODHVWUHFKDUHODFLyQHQWUHODUHFDXGDFLyQ\HO
FRPSRUWDPLHQWRGHODDFWLYLGDGHFRQyPLFD\SRURWURODULJLGH]D
ODEDMDGHOJDVWRFRUULHQWHHQSDUWLFXODUORVJDVWRVGHFRQVXPR
3RUVXSDUWHHODKRUURSULPDULRHOFXDOH[FOX\HORVLQWHUHVHVGH
ODGHXGDVHPDQWXYRHQYDORUHVSRVLWLYRVORFXDOHVWDUtDLQGL
FDQGRODLPSRUWDQFLDGHOSDJRGHLQWHUHVHVGHODGHXGDS~EOLFD
VREUHODJHQHUDFLyQGHDKRUURGHO6HFWRU3~EOLFR1R)LQDQFLHUR
G5HVXOWDGR*OREDOGHO6HFWRU3~EOLFR1R)LQDQFLHUR
(O 6HFWRU 3~EOLFR 1R )LQDQFLHUR UHJLVWUy XQ Gp¿FLW JOREDO VLQ
¿GHLFRPLVRV GH 86 PLOORQHV HTXLYDOHQWH DO GHO
3,% $O DJUHJDU ORV SDJRV HIHFWXDGRV D WUDYpV GHO )LGHLFR
([FOX\HSDJRGHLQWHUHVHVGHODGHXGDS~EOLFD
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
PLVR GH 2EOLJDFLRQHV 3UHYLVLRQDOHV )23 \ GHO )LGHLFRPLVR
SDUD ,QYHUVLyQ HQ (GXFDFLyQ 3D] 6RFLDO \ 6HJXULGDG &LXGD
GDQD)26('8VHUHJLVWUDXQGp¿FLWGH86PLOORQHV
PRVWUDQGRXQLQFUHPHQWRGH86PLOORQHVFRQUHODFLyQDO
Gp¿FLWREVHUYDGRHQVLPLODUSHUtRGRGHFRQORFXDODOFDQ]y
HOHQWpUPLQRVGHO3,%
H)LQDQFLDPLHQWR GHO 5HVXOWDGR *OREDO 6HFWRU 3~EOLFR 1R )L
QDQFLHUR
(O Gp¿FLW ¿VFDO D GLFLHPEUH GH VH ¿QDQFLy FRQ UHFXUVRV
H[WHUQRV QHWRV SRU XQ YDORU GH 86 PLOORQHV \ FRQ
UHFXUVRVLQWHUQRVSRUXQPRQWRGH86PLOORQHV&RQHVWR
HO ¿QDQFLDPLHQWR H[WHUQR QHWR DOFDQ]y XQ DXPHQWR DQXDO GH
86PLOORQHV\HOLQWHUQRQHWRXQDUHGXFFLyQGH86
PLOORQHV FRQ UHODFLyQ DO UHFLELGR D GLFLHPEUH GH (VWRV
UHFXUVRVVHXWLOL]DURQSDUD¿QDQFLDUSDUWHGHORVJDVWRVGDGDOD
LQVX¿FLHQFLDGHORVLQJUHVRV\GRQDFLRQHVREWHQLGDV
(O ÀXMR DFXPXODGR GH GHVHPEROVRV GH SUpVWDPRV H[WHUQRV
IXH GH 86 PLOORQHV VREUHVDOLHQGR ORV GHVHPEROVRV
GH SUpVWDPRV GHO %,' SRU 86 PLOORQHV GHO %,5) SRU
86PLOORQHV\%&,(SRU86PLOORQHV$VLPLVPRVH
KL]RXQDHPLVLyQGHHXURERQRVSRU86PLOORQHVGHORV
FXDOHV86PLOORQHVIXHURQFRORFDGRVHQWUHQRUHVLGHQWHV
3RUVXSDUWHODVDPRUWL]DFLRQHVGHSUpVWDPRVH[WHUQRVDVFHQ
GLHURQD86PLOORQHVGLVPLQX\HQGRHQ86PLOORQHV
/RVSDJRVTXHGHVWDFDQVRQORVGHO%,'FRQ86
PLOORQHVGHO%,5)FRQ86PLOORQHV\GHO%&,(FRQ86
PLOORQHV
(O ¿QDQFLDPLHQWR LQWHUQR QHWR GHO 631) VH UHDOL]y SULQFLSDO
PHQWH PHGLDQWH FUpGLWRV RWRUJDGRV SRU OD EDQFD FRPHUFLDO
SRU86PLOORQHV\DWUDYpVGHRSHUDFLRQHVGHEROVDGH
YDORUHVSRU86PLOORQHV
/RV SDJRV GH OD GHXGD SUHYLVLRQDO UHJLVWUDGRV SRU HO )RQGR
GH 2EOLJDFLRQHV 3UHYLVLRQDOHV IXHURQ GH 86 PLOORQHV
PRVWUDQGRXQDXPHQWRDQXDOGHHTXLYDOHQWHD86
PLOORQHVFRQUHODFLyQDORDPRUWL]DGRDGLFLHPEUHGH(VWRV
UHFXUVRV IXHURQ GHVWLQDGRV SDUD SDJDU SHQVLRQHV GHO ,QVWLWXWR
6DOYDGRUHxRGHO6HJXUR6RFLDO,666SRU86PLOORQHV\
GHO,QVWLWXWRGH3HQVLRQHVGHORV(PSOHDGRV3~EOLFRV,13(3
SRU86PLOORQHV
(FRQRPtD1DFLRQDO
I6DOGRVGHOD'HXGDGHO6HFWRU3~EOLFR1R)LQDQFLHUR
(OVDOGRGHODGHXGDGHO631)FRPRSRUFHQWDMHGHO3,%DOFDQ]y
XQ QLYHO GH VXSHULRU DO REWHQLGR HQ GLFLHPEUH GH TXH IXH (VWH SRUFHQWDMH H[FOX\H OD GHXGD GH ORV ¿GHL
FRPLVRVSRUFRQFHSWRGH&HUWL¿FDGRVGH,QYHUVLyQ3UHYLVLRQDO
&,3\GH&HUWL¿FDGRV)LGXFLDULRVGH(GXFDFLyQ3D]6RFLDO\
6HJXULGDG&LXGDGDQD&()(6$GLFLHPEUHGHODGHXGD
H[WHUQDUHSUHVHQWyHOGHO3,%\ODGHXGDLQWHUQDVLJQL¿Fy
HOGHO3,%
3UHVHQWDGR HQ QLYHOHV HQ GLFLHPEUH GH OD GHXGD WRWDO
LQWHUQD\H[WHUQDGHO631)DOFDQ]yXQVDOGRGH86
PLOORQHV UHJLVWUDQGR XQ FUHFLPLHQWR DQXDO GH HTXLYD
OHQWH D 86 PLOORQHV 3RU VX SDUWH OD GHXGD H[WHUQD
S~EOLFD IXH 86 PLOORQHV LQFUHPHQWiQGRVH HQ HTXLYDOHQWHD86PLOORQHV$VLPLVPRODGHXGDLQWHUQDGHO
631) IXH 86 PLOORQHV LQFUHPHQWiQGRVH HQ 86
PLOORQHVDXPHQWDQGRDXQDWDVDGHO
(OVDOGRGHHXURERQRVDVFHQGLyD86PLOORQHV
GHO3,%PD\RUTXHHOVDOGRGHODxRDQWHULRUTXHIXH86
PLOORQHV(OVDOGRGHGHXGDGHFRUWRSOD]RGHO*2(6FRQVWLWXLGD
SRU/(7(6IXHGH86PLOORQHVLQIHULRUDOGHGLFLHPEUHGH
TXHIXH86PLOORQHV
J6HUYLFLRGHOD'HXGDGHO631)
'XUDQWH HO VHUYLFLR GH OD GHXGD WRWDO LQWHUQD \ H[WHUQD
GHO631)DVFHQGLyD86PLOORQHVFRQORFXDOOOHJyD
UHSUHVHQWDU HO GHO 3,% 'HQWUR GHO VHUYLFLR GH OD GHXGD
HOSDJRGHDPRUWL]DFLRQHVIXH86PLOORQHVUHSUHVHQ
WDQGRHOGHOVDOGRGHODGHXGDVXSHULRUDORDPRUWL]DGR
HQHOSHUtRGRHQHURGLFLHPEUHGHODxRDQWHULRUFXDQGRDVFHQGLy
D86PLOORQHVHTXLYDOHQWHVDOGHOVDOGRGHODGHXGD
(OSDJRGHLQWHUHVHVIXH86PLOORQHVUHSUHVHQWDQGRHO
GHO VHUYLFLR WRWDO \ HO GH ORV LQJUHVRV WULEXWDULRV
(QGLFLHPEUHGHORVLQWHUHVHVUHSUHVHQWDURQHOGHO
VHUYLFLR\HOGHORVLQJUHVRVWULEXWDULRV
&RPSUHQGHDPRUWL]DFLRQHVHLQWHUHVHVGHODGHXGDS~EOLFD
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
/RVEDQFRVFDQFHODURQGHXGDH[WHUQD
\GLYHUVL¿FDURQLQYHUVLRQHV
6HFWRU)LQDQFLHUR
D3DQRUDPD)LQDQFLHUR
$OFLHUUHGHODxRHOVLVWHPD¿QDQFLHURUHSRUWySRVLFLRQHV
KROJDGDV GH OLTXLGH] GHELGR HQ SDUWH DO UHODMDPLHQWR HQ HO
UHTXHULPLHQWR GH UHVHUYD GH OLTXLGH] DO DXPHQWR HQ OD FDSWD
FLyQGHGHSyVLWRV\ODFDtGDHQODFDUWHUDGHSUpVWDPRVDVRFLDGD
DOPHQRUFUHFLPLHQWRHFRQyPLFR(VWHFRQWH[WRSHUPLWLyDORV
EDQFRVPDQWHQHUUHVHUYDVGHOLTXLGH]SRUHQFLPDGHORQLYHOHV
UHTXHULGRV\UHGXFLUVXVSDVLYRVH[WHUQRV/DVWDVDVGHLQWHUpV
DFWLYDV VH FRPSRUWDURQ DO DO]D HQ WDQWR ODV WDVDV GH LQWHUpV
SDVLYDVPDQWXYLHURQVXWHQGHQFLDDODEDMD
L/LTXLGH]3ULYDGD
(O $JUHJDGR 0RQHWDULR PiV OtTXLGR 0¶ R PHGLR FLUFXODQWH
DVFHQGLyD86PLOORQHVORFXDOUHSUHVHQWyXQDXPHQWR
DQXDOGHUHYLUWLHQGRODVWDVDVQHJDWLYDVREVHUYDGDVHQ
HO VHJXQGR VHPHVWUH GHO DxR \ TXH HVWXYR VXVWHQWDGR HQ OD
FDSWDFLyQGH'HSyVLWRVDOD9LVWDTXHPRVWUDURQXQDYDULDFLyQ
DQXDOGH
(O$JUHJDGR0RQHWDULR0FRPSXHVWRSRUHO0PiVHO&XDVL
GLQHUR HO FXDO PLGH HO DKRUUR ¿QDQFLHUR GHO VHFWRU SULYDGR
DVFHQGLy D 86 PLOORQHV UHJLVWUDQGR XQ LQFUHPHQWR
DQXDO GH DVRFLDGR D OD UHFXSHUDFLyQ REVHUYDGD HQ ORV
GHSyVLWRVHQFXHQWDFRUULHQWHTXHFRPSHQVyODUHGXFFLyQHQORV
GHSyVLWRVGHDKRUUR\SOD]R
(O $JUHJDGR 0RQHWDULR 0 TXH UHSUHVHQWD OD VXPD GH 0
PiV2WUDV2EOLJDFLRQHV±DFWLYRV¿QDQFLHURVGHOVHFWRUSULYDGR
WtWXORV YDORUHV PRVWUy XQ VDOGR GH 86 PLOORQHV TXH
VLJQL¿FyXQLQFUHPHQWRDQXDOGH\XQÀXMRLQWHUDQXDO GH
86PLOORQHV
E6LVWHPD)LQDQFLHUR
(Q0D\RGHVHFRQRFLyTXH)LWFK5DWLQJVPRGL¿FyODFDOL¿
FDFLyQLQWHUQDFLRQDOGHODUJRSOD]RGH(O6DOYDGRUGHMiQGRODHQ
%% FRQ SHUVSHFWLYD QHJDWLYD (Q QRYLHPEUH 0RRG\V WDPELpQ
PRGL¿FDODFDOL¿FDFLyQGHO%RQR*XEHUQDPHQWDOGH(O6DOYDGRU
(FRQRPtD1DFLRQDO
HQ0RQHGD([WUDQMHUDGH³%DD´D³%D´FRQSHUVSHFWLYDQHJD
WLYD
L7DVDVGHLQWHUpV
/DV WDVDV GH UHIHUHQFLD LQWHUQDFLRQDO KDQ DFHQWXDGR VX
WHQGHQFLDDODEDMDD¿QDOHVGH\GXUDQWHHOFRQXQD
WHQGHQFLDPXFKRPiVHVWDEOH3DUDGLFLHPEUHGHODWDVD
GH )RQGRV )HGHUDOHV DOFDQ]y VLJQL¿FDWLYDPHQWH VXSH
ULRUDOTXHUHÀHMDSDUDGLFLHPEUHGHOSUHVHQWHDxR6LPLODU
FRPSRUWDPLHQWRVHSXHGHDSUHFLDUHQODWDVD/,%25PHVHV
$VtSDUDHOPHVGHGLFLHPEUHGHODWDVD/,%25PHVHV
DOFDQ]y OD FXDO VH UHGXMR D SDUD GLFLHPEUH GH
/DVLJXLHQWHJUi¿FDPXHVWUDODVWHQGHQFLDVDQWHVDSXQ
WDGDV
&RQ UHVSHFWR D ORV SUHFLRV QHJRFLDGRV D QLYHO GRPpVWLFR ODV
WDVDV GH UHIHUHQFLD HVWiQ WRPDQGR XQ FRPSRUWDPLHQWR VLPLODU
D ODV LQWHUQDFLRQDOHV DXQTXH FRQ XQD PD\RU WHQGHQFLD HQ OD
3DVLYD
/D WDVD EiVLFD DFWLYD SURPHGLR DQXDO DO PHV GH GLFLHPEUH GH
DOFDQ]y PHQRU DO TXH SUHVHQWDUD SDUD HO
PLVPR SHUtRGR GHO DxR DQWHULRU 0LHQWUDV TXH SRU HO ODGR GH
OD WDVD EiVLFD SDVLYD SDUD GLFLHPEUH GH UHÀHMy PHQRUDOTXHUHÀHMDEDHODxRDQWHULRU(VWD~OWLPDFRQ
XQDPDUFDGDWHQGHQFLDDODEDMDGXUDQWHHOSUHVHQWHDxR
LL'HSyVLWRV7RWDOHV
/RVGHSyVLWRVWRWDOHVDODFDQ]DURQPLOORQHVFUHFLHQGR
DQXDOGHQWURGHHVWRVODFDSWDFLyQGHGHSyVLWRVSULYDGRV
HYROXFLRQy D OD ODUJR GHO DxR FRQ WDVDV GH FUHFLPLHQWR QHJD
WLYDVVLWXDFLyQTXHVHUHYLUWLyDO¿QDOGHODxRFXDQGRVXVDOGR
VH XELFy HQ 86 PLOORQHV TXH UHSUHVHQWy XQ FUHFL
PLHQWRDQXDOGH\XQÀXMRGH86PLOORQHVUHVSHFWR
DOFLHUUHGH
/DSUHIHUHQFLDGHOLTXLGH]VHHYLGHQFLDHQHOGHVHPSHxRGHORV
GHSyVLWRV HQ FXHQWD FRUULHQWH TXH UHSRUWDURQ XQ FUHFLPLHQWR
DQXDOGH\TXHSHUPLWLyFRQWUDUUHVWDUODUHGXFFLyQREVHU
YDGDHQGHSyVLWRVGHDKRUUR\DSOD]R
'XUDQWHHODxRGHODVRSHUDFLRQHVGHOVLVWHPD¿QDQFLHUR
HVWXYLHURQ EDMR OD LQÀXHQFLD DGYHUVD GH OD GLVPLQXFLyQ HQ ORV
ÀXMRV GH UHFXUVRV H[WHUQRV SRU UHPHVDV IDPLOLDUHV \ H[SRUWD
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
FLRQHVDVtFRPRODPHQRUDFWLYLGDGHFRQyPLFD\ODSpUGLGDGH
HPSOHRVUHSHUFXWLHURQHQODFRQWUDFFLyQGHOLQJUHVRGLVSRQLEOH
\ HO GHWHULRUR GHO DKRUUR LQWHUQR 3RU RWUD SDUWH ODV WDVDV GH
LQWHUpVSDVLYDVHQWpUPLQRVUHDOHVVHPDQWXYLHURQQHJDWLYDVOR
TXHFRQVWLWX\HXQPHFDQLVPRGHGHVLQWHUPHGLDFLyQ¿QDQFLHUD
$FRQWLQXDFLyQVHPXHVWUDODHYROXFLyQGHODFDSWDFLyQGHGHSy
VLWRVSRUDJHQWHHFRQyPLFR
LLL&UpGLWR
/RV EDQFRV UHSRUWDURQ GXUDQWH HO DxR HQ IRUPD SHUVLVWHQWH
UHGXFFLRQHVHQHORWRUJDPLHQWRGHSUpVWDPRVDOVHFWRUSULYDGR
GHELGRSULQFLSDOPHQWHDODPHQRUDFWLYLGDGHFRQyPLFDTXHHOHYy
HOULHVJRGHLQVROYHQFLD\QRSDJRSRUSDUWHGHODVHPSUHVDV\
ODFDtGDHQHOHPSOHRLQFLGLyHQHOFRPSRUWDPLHQWRGHFUpGLWRV
SHUVRQDOHV\YLYLHQGD$GLFLRQDOPHQWHODFRQFHVLyQGHFUpGLWR
IXHDIHFWDGDSRUHODXPHQWRHQODPRUDEDQFDULD(OFUpGLWRDO
VHFWRU SULYDGR UHJLVWUy XQ VDOGR GH 86 PLOORQHV TXH
UHSUHVHQWDXQDUHGXFFLyQGHDQXDO\HQWpUPLQRVGHÀXMR
IXHXQDGLVPLQXFLyQGH86PLOORQHVDQXDOHV
F,QWHUPHGLDFLyQGHO6LVWHPD)LQDQFLHUR
(O PDUJHQ GH LQWHUPHGLDFLyQ EUXWR GHO VLVWHPD EDQFDULR D
GLFLHPEUHGHORJUDUHÀHMDUXQDUHFXSHUDFLyQHQFRPSDUD
FLyQDGLFLHPEUHGHODxRDQWHULRUFRQWUDULRDORVPHVHVSUHFH
GHQWHVHQORVFXDOHVGLFKRPDUJHQUHVXOWDEDPHQRUDOGHOPHV
GHFRPSDUDFLyQSURGXFWRGHORVHIHFWRVGHODFULVLVLQWHUQDFLRQDO
TXHVHUHÀHMDEDHQXQDPHQRULQWHUPHGLDFLyQ(VWRSXHGHDSUH
FLDUVHHQHOVLJXLHQWHFXDGUR
/RV*DVWRVGH2SHUDFLyQSRUVXSDUWHKDQPRVWUDGRXQFDPELR
LPSRUWDQWH WUDGXFLGR HQ XQ PD\RU QLYHO GH ORV PLVPRV FRQ
UHVSHFWRDORVSHUtRGRVGHFRPSDUDFLyQHMHUFLHQGRXQDPD\RU
SUHVLyQVREUHORVUHVXOWDGRV¿QDOHV
,JXDOFRPSRUWDPLHQWRVLJXHREVHUYiQGRVHFRQHOVDQHDPLHQWR
QHWR GH DFWLYRV GHELGR DO FUHFLHQWH GHWHULRUR PRVWUDGR SRU OD
FDUWHUD GH FUpGLWRV HO FXDO VH WUDGXFH HQ XQ FRQVWDQWH LQFUH
PHQWR GH OD FRQVWLWXFLyQ GH UHVHUYDV GH VDQHDPLHQWR FRQ HO
FRQVHFXHQWHLPSDFWRQHJDWLYRVREUHODJHVWLyQ¿QDQFLHUD
/RVDVSHFWRVDQWHVPHQFLRQDGRVKDQOOHYDGRDTXHHO0DUJHQ
)LQDOGHVSXpVGH,PSXHVWRVOOHJXHDQLYHOHVLQIHULRUHVDORVGHO
PLVPRSHUtRGRGHFRPSDUDFLyQGHORVGRVDxRVDQWHULRUHV
&RQUHVSHFWRDORVDFWLYRVSURGXFWLYRVEUXWRVSURPHGLR
(FRQRPtD1DFLRQDO
$ QLYHO GH FRQFHQWUDFLyQ OD FDUWHUD GH FUpGLWR FRQWLQ~D GHVWL
QiQGRVHHQPD\RUSURSRUFLyQDFXDWURVHFWRUHVHFRQy
PLFRV&RQVXPR$GTXLVLFLyQGH9LYLHQGD&RPHUFLRH,QGXVWULD
0DQXIDFWXUHUD
(Q FXDQWR D OD FDOLGDG GH GLFKD FDUWHUD PHGLGD D WUDYpV GH
ODSURSRUFLyQGHSUpVWDPRVYHQFLGRVFRQUHVSHFWRDODFDUWHUD
EUXWDWRWDOVHREVHUYDXQGHWHULRURFRQUHODFLyQDODPRVWUDGDHQ
GLFLHPEUHGHODxRDQWHULRU3DUDHOSUHVHQWHDxRGLFKDSURSRU
FLyQDOFDQ]yPD\RUDOTXHUHÀHMDUDHQ(O
PHQRU GLQDPLVPR SUHVHQWDGR SRU HO RWRUJDPLHQWR GH FUpGLWR
DXQDGR D XQ FRQVWDQWH FUHFLPLHQWR GH OD FDUWHUD YHQFLGD VRQ
ORVIDFWRUHVTXHKDQLQFLGLGRHQHOFUHFLPLHQWRGHOLQGLFDGRU
/DFREHUWXUDGHORVSUpVWDPRVYHQFLGRVDOFDQ]DDGLFLHPEUHGHO
SUHVHQWH DxR $O UHVSHFWR D QLYHO GH WHQGHQFLD VH KD
REVHUYDGRTXHODFREHUWXUDKDHVWDGRPRVWUDQGRHQSURPHGLR
XQD WHQGHQFLD KDFLD OD EDMD D~Q FXDQGR OD FRQVWLWXFLyQ GH
UHVHUYDV GH VDQHDPLHQWR KD H[SHULPHQWDGR XQ FUHFLPLHQWR
(VWR REHGHFH D TXH ORV SUpVWDPRV YHQFLGRV HVWiQ FUHFLHQGR
DXQPD\RUULWPRTXHODVUHVHUYDVFRQVWLWXLGDV$GLFLHPEUHGH
GLFKDFREHUWXUDHUDGH
(QFXDQWRDORV$FWLYRV([WUDRUGLQDULRVpVWRVYHQtDQREVHUYDQGR
HQ ORV DxRV DQWHULRUHV XQD WHQGHQFLD D OD EDMD VLQ HPEDUJR
HQ DOJXQRV PHVHV GHO SUHVHQWH DxR VH KD DGYHUWLGR FLHUWRV
LQFUHPHQWRVHQORVVDOGRVGHGLFKDFXHQWD3DUDGLFLHPEUHGH
VXVDOGRIXHGH00HOFXDOVHUHGXMRD00
SDUD HO PHV GH DQiOLVLV 3RU RWUD SDUWH HVWRV DFWLYRV SRVHHQ
XQD DGHFXDGD FREHUWXUD SRU 3URYLVLRQHV SRU OR TXH OD H[SR
VLFLyQSDWULPRQLDOSRUSDUWHGHOUHIHULGRUXEURHVUHODWLYDPHQWH
EDMDDVtSDUDGLFLHPEUHODH[SRVLFLyQSDWULPRQLDOHQHVWH
FRQFHSWR UHÀHMDED QLYHOHV GHO OD FXDO VH LQFUHPHQWy D
SDUDGLFLHPEUHGH/DWHQGHQFLDDQWHVPHQFLRQDGD
VHSXHGHDSUHFLDUHQODVLJXLHQWHJUi¿FD
G,QGLFDGRUHVGHO6LVWHPD)LQDQFLHUR
L(¿FLHQFLDGHOVLVWHPD¿QDQFLHUR
(OVLVWHPDEDQFDULRKDORJUDGRPDQWHQHUQLYHOHVSURPHGLRGH
H¿FLHQFLD SRU GHEDMR GHO FRQVLGHUDGR FRPR DFHSWDEOH
&DOFXODGRV FRQ EDVH HQ HVWDGRV ¿QDQFLHURV SUHOLPLQDUHV GH ORV
EDQFRVDGLFLHPEUHGHUHPLWLGRVSRUOD66)
0HGLGR SRU OD UHODFLyQ *DVWRV GH 2SHUDFLyQ FRQ UHVSHFWR D ORV
$FWLYRV3URGXFWLYRV%UXWRV3URPHGLR
,QIRUPHGHOD6LWXDFLyQ(FRQyPLFDGH(O6DOYDGRU,97ULPHVWUHGH
VHJ~Q HVWiQGDUHV LQWHUQDFLRQDOHV QR REVWDQWH GLFKD UHODFLyQ
HVWiFRPHQ]DQGRDH[SHULPHQWDUHQDOJ~QJUDGRFLHUWRVLQFUH
PHQWRV
6LQHPEDUJRODVLQVWLWXFLRQHVGHOVLVWHPDGHEDQFRVPDQL¿HVWDQ
HVWDUKDFLHQGRHVIXHU]RVSRUPDQWHQHUEDMRHOQLYHOGHJDVWRV
RSHUDWLYRV FRQ OD ¿QDOLGDG GH SUHVLRQDU HQ PHQRU PHGLGD ORV
UHVXOWDGRV¿QDQFLHURV(QHVHVHQWLGRDOPHVGHGLFLHPEUHGH
HOQLYHOGHH¿FLHQFLDDOFDQ]yDGLFLHPEUHGH
(V LPSRUWDQWH PHQFLRQDU TXH ORV UHVXOWDGRV VH PDQWX
YLHURQHVWDEOHVGXUDQWHHODxRFRPHQ]DQGRDREVHUYDUVH
ORVLQFUHPHQWRVGXUDQWH
LL5HQWDELOLGDG
/D UHQWDELOLGDG SDWULPRQLDO SURPHGLR GHO VLVWHPD EDQFDULR
DOFDQ]yDOPHVGHGLFLHPEUHGHODFXDOHVPHQRUD
ODUHJLVWUDGDDODPLVPDIHFKDGHODxRDQWHULRU&RQVLGH
UDQGRHOGHLQÀDFLyQTXHVHREWXYRDOPHVGHGLFLHPEUH
GLFKRVUHVXOWDGRVQRVHYHQPX\DIHFWDGRVHQWpUPLQRVUHDOHV
3DUDGLFLHPEUHGH~QLFDPHQWHFXDWURLQVWLWXFLRQHVUHÀHMDQ
UHVXOWDGRVQHJDWLYRV
(Q WpUPLQRV DEVROXWRV OD XWLOLGDG GH ORV EDQFRV DO PHV GH
GLFLHPEUH GH DVFLHQGH D 00 UHVXOWDGR PHQRU D
ORV00JHQHUDGRVHQHOPLVPRPHVGHODxRDQWHULRU(O
PHQRU GLQDPLVPR HQ HO FRPSRUWDPLHQWR GH OD LQWHUPHGLDFLyQ
GXUDQWHORVSULPHURVPHVHVGHODxRHOLQFUHPHQWRGHOQLYHOGH
*DVWRV 2SHUDWLYRV \ OD FRQVWDQWH FRQVWLWXFLyQ GH UHVHUYDV GH
VDQHDPLHQWRKDQVLGRORVIDFWRUHVTXHLQFLGLHURQHQHOFRPSRU
WDPLHQWRDQWHVDSXQWDGR
LLL6ROYHQFLDSDWULPRQLDO
/DVLWXDFLyQSDWULPRQLDOGHOVLVWHPDEDQFDULRSULYDGRFRQWLQ~D
FRQ QLYHOHV SRU DUULED GHO OHJDOPHQWH YLJHQWH SDUD 'LFKRQLYHODOFDQ]DDGLFLHPEUHGHHO
3RUVXSDUWHHO3DWULPRQLRJOREDOGHOVLVWHPDEDQFDULRDOFDQ]y
PLOORQHVDGLFLHPEUHGHWUDGXFLGRHQXQFUHFL
PLHQWRDQXDOGHPLOORQHVGLFKRFUHFLPLHQWRHVWiLQÀXHQ
FLDGRHQJUDQSDUWHSRUXQDPD\RUDFXPXODFLyQGH5HVXOWDGRV
GH(MHUFLFLRVDQWHULRUHVHLQFUHPHQWRVGHO&DSLWDO6RFLDO(VWH
~OWLPRDUDt]GHOQXHYRUHTXHULPLHQWRGH&DSLWDO6RFLDOSRUSDUWH
GHOD66)DSDUWLUGHMXOLRGHODLQFRUSRUDFLyQGH%DQFR
$]WHFD H LQFUHPHQWRV DGLFLRQDOHV UHDOL]DGRV SRU GRV LQVWLWX
FLRQHV
(FRQRPtD1DFLRQDO
H%DQFR&HQWUDOGH5HVHUYD
L5HVHUYDVGH/LTXLGH]
/DV5HVHUYDV GH/LTXLGH] 5/TXHORVEDQFRV \RWUDVLQVWLWX
FLRQHV¿QDQFLHUDVPDQWXYLHURQHQHO%DQFR&HQWUDOUHSRUWDURQ
XQ VDOGR 86 PLOORQHV TXH UHSUHVHQWD XQD UHGXFFLyQ
GH86PLOORQHVUHVSHFWRDODVUHSRUWDGDVDGLFLHPEUHGH
/DV UHVHUYDV GH OLTXLGH] UHTXHULGDV DO GH GLFLHPEUH DVFHQGLHURQ D 86 PLOORQHV OR TXH VLJQL¿Fy XQ H[FH
GHQWHGH86PLOORQHVHVWDGLVSRQLELOLGDGGHUHFXUVRVGH
ORVEDQFRVHQHO%&5SRUHQFLPDGHOUHTXHULGRVHH[SOLFDHQ
SDUWHSRUHOPHQRUGLQDPLVPRGHOFUpGLWRSULYDGR\SRUPRWLYR
GHULHVJRVTXHREVHUYDQODVHQWLGDGHV¿QDQFLHUDV
5HVHUYDVGH/LTXLGH]±3URPHGLR(IHFWLYR\5HTXHULGDV
0LOORQHVGH'yODUHV
LL5HVHUYDV,QWHUQDFLRQDOHV1HWDV
$OGHGLFLHPEUHGHODV5HVHUYDV,QWHUQDFLRQDOHV1HWDV
DVFHQGLHURQD86PLOORQHVPRVWUDQGRXQLQFUHPHQWR
DQXDOGH86PLOORQHVH[SOLFDGRSRUODDFXPXOD
FLyQGHGHSyVLWRVGHO*RELHUQR\ODPD\RUWHQHQFLD\DVLJQDFLyQ
GH'(*
'HMXOLRDGLFLHPEUHGHHQIRUPDJUDGXDOVHDXPHQWyHQ
DGLFLRQDO HO UHTXHULPLHQWR GH UHVHUYD GH OLTXLGH] VREUH ODV
REOLJDFLRQHV GH ODV LQVWLWXFLRQHV ¿QDQFLHUDV (VWD PHGLGD IXH
HOLPLQDGDJUDGXDOPHQWHHQWUHDEULODMXQLRGH
ISSN 1813-5048
Informe de
la Situación
Económica de El Salvador
IV Trimestre de 2009
http://www.bcr.gob.sv
E-mail: info@bcr.gob.sv
BANCO CENTRAL DE RESERVA DE EL SALVADOR