65 asociación bíblica española Institución San Jerónimo Ana Rodríguez Láiz El Mesías hijo de David tesis El mesianismo dinástico en los comienzos del cristianismo ÍNDICE GENERAL PRESENTACIÓN ......................................................................................... 9 SIGLAS Y ABREVIATURAS ........................................................................... 1. Textos grecorromanos, judíos y cristianos ................................. 2. Colecciones, revistas y diccionarios ........................................... 3. Libros bíblicos ............................................................................ 11 11 12 15 INTRODUCCIÓN ......................................................................................... 1. Objeto y delimitación del estudio ............................................... 2. Principales estudios sobre el mesianismo davídico en el evangelio de Marcos .......................................................... 3. Metodología y organización del trabajo ..................................... 19 19 1. LA INTERPRETACIÓN DEL TÍTULO “HIJO DE DAVID” EN EL EVANGELIO DE MARCOS ............................................................... 1. El prólogo del evangelio (Mc 1,1-15) ........................................ /DDFWLYLGDGGH-HV~VHQ*DOLOHD0Fí ...................... 3. La confesión de Pedro: “Tú eres el mesías” (Mc 8,27-33)......... 4. Jesús es llamado “Hijo de David” (Mc 10,47-52) ...................... 5. La llegada de Jesús a Jerusalén (Mc 11,1-11) ............................ 6. La actuación de Jesús en Jerusalén (Mc 11,12í............... 7. El mesianismo de Jesús en el relato de la pasión (0Fí ........................................................................... 8. Conclusión .................................................................................. 2. LA ALIANZA DE DIOS CON LA CASA DE DAVID: ORIGEN Y DESARROLLO DE LA TRADICIÓN EN EL JUDAÍSMO ANTIGUO ..................... 20 38 43 43 55 69 75 84 92 97 106 1. Las fuentes de la alianza davídica .............................................. 1.1. El oráculo de Natán en la literatura deuteronomista ........ 1.2. La alianza davídica en los Salmos .................................... 1.3. El mesías davídico en los profetas .................................... 109 110 110 112 118 2. El retorno a las fuentes en el s. I a. C. ........................................ 2.1. Salmos de Salomón ........................................................... 2.2. Parábolas de Henoc ........................................................... 2.3. El mesianismo davídico en los escritos de Qumrán ......... 122 123 127 129 (/0(6Ë$6+,-2'('$9,' 3. Movimientos mesiánicos populares ........................................... 138 3.1. Movimientos surgidos tras la muerte de Herodes ............. 141 3.2. Movimientos mesiánicos durante la revuelta (66-70)....... 142 4. Conclusión .................................................................................. 145 3. LA IDENTIFICACIÓN DE JESÚS CON EL “HIJO DE DAVID” EN LA TRADICIÓN CRISTIANA ANTERIOR AL EVANGELIO DE MARCOS .................................... 1. La confesión cristiana contenida en Rm 1,3b-4a ....................... 1.1. Análisis diacrónico............................................................ 1.2. El contenido de la fórmula ................................................ 1.3. El Sitz im Leben de la fórmula .......................................... 147 147 150 153 158 2. La Resurrección como entronización ......................................... 2.1. Hch 2,22-36 ...................................................................... 2.2. Hch 13,32-33 .................................................................... 2.2 Conclusión ......................................................................... 159 159 161 162 3. Otros testimonios ........................................................................ 163 3.1. “Hijo de David” en el Libro del Apocalipsis .................... 163 3.2. Bern XII, 10-11 ................................................................ 165 4. Conclusión .................................................................................. 166 4. “HIJO DE DAVID” EN LA TRADICIÓN SINÓPTICA POSTERIOR AL EVANGELIO DE MARCOS ......................................................................................... 1. El evangelio de Mateo ................................................................ 1.1. El inicio del evangelio (Mt 1,1-25) ................................... 1.2 La misión de Jesús como “Hijo de David” (Mt 8í ...... 1.3. La entrada de Jesús en Jerusalén (Mt 21,1-11) ................. 1.4. La ascendencia davídica del mesías (Mt 22,41-42) .......... 169 169 170 180 186 188 2. El evangelio de Lucas................................................................. 2.1. El anuncio del nacimiento de Jesús .................................. 2.2. El cántico de Zacarías (Lc 1,67-79) .................................. 2.3 El nacimiento de Jesús (Lc 2,1-20) .................................... 2.4 La genealogía (Lc 3,23-38) ................................................ 2.5. El ministerio público de Jesús (Lc 4,14í ............... 2.6. Jesús en Jerusalén (Lc 19,29í ................................ 190 192 194 195 196 200 203 Ë1',&(*(1(5$/ 3. “Hijo de David” en el Libro de los Hechos ................................ 3.1. El discurso de Pedro en Pentecostés (Hch 2,14-41) ......... 3.2. El discurso de Pablo en la sinagoga de Antioquía (Hch 13,13-52) .................................................................. 3.3. La intervención de Santiago en la Asamblea de Jerusalén (Hch 15,13-21) ................................................................... 208 209 211 212 4. Conclusión .................................................................................. 214 EXCURSUS: LOS ESCRITOS DE IGNACIO DE ANTIOQUÍA .......................... 215 5. “HIJO DE DAVID” EN EL EVANGELIO DE JUAN ......................................... 1. “¿No dice la Escritura que de la descendencia de David y de la aldea de Belén, de donde es David, vendrá el Mesías?” (Jn 7,42) ...................................................................................... 2. “Tú eres rey de Israel” (Jn 1,19)................................................. 3. Conclusión .................................................................................. 6. EL MESIANISMO DINÁSTICO DE JESÚS EN EL MARCO DE LA CRISTOLOGÍA ANTIGUA .............................................................................................. 1. ¿Fue Jesús de la estirpe de David? ............................................. 2. “Hijo de David”: un título problemático para el evangelista Marcos ........................................................................................ 3. La recuperación del título en los evangelios de Mt y Lc............ 4. El silencio sobre el origen davídico de Jesús en el evangelio de Juan ........................................................................................ 5. Conclusión .................................................................................. EXCURSUS: LA GUERRA JUDÍA COMO CONTEXTO INMEDIATO DEL EVANGELIO DE MARCOS ............................................................... 219 220 227 231 233 236 242 251 253 256 259 CONCLUSIÓN ............................................................................................ 275 BIBLIOGRAFÍA .......................................................................................... 279 ÍNDICE DE AUTORES CITADOS ..................................................................... 305 ÍNDICE DE CITAS BÍBLICAS ......................................................................... 313 ÍNDICE GENERAL....................................................................................... 331 35(6(17$&,Ï1 /DV SiJLQDV TXH VLJXHQ UHFRJHQ OD WHVLV GRFWRUDO TXH GHIHQGt HQ OD )DFXOWDGGH7HRORJtDGHOD8QLYHUVLGDG3RQWLILFDGH6DODPDQFDHOGtD GHHQHURGHFRQHOWtWXOR³©+LMRGH'DYLGªHQHOHYDQJHOLRVHJ~Q 0DUFRV ,QWHUSUHWDFLyQ WHROyJLFD \ FRQWH[WXDOL]DFLyQ HQ HO PDUFR GH OD FULVWRORJtDSULPLWLYD´6HPDQWLHQHHOWH[WRHQVXSUiFWLFDOLWHUDOLGDGFRQ DOJXQDV DGHFXDFLRQHV SDUD HVWD SXEOLFDFLyQ 6H KD SUHWHQGLGR HQ OD PHGLGDGHORSRVLEOHGHVFDUJDUORGHHOHPHQWRVWpFQLFRVSDUDIDFLOLWDUXQD OHFWXUDiJLO\DVHTXLEOHQRVRORDHVSHFLDOLVWDVVLQRWDPELpQDOHFWRUHVQR LQLFLDGRV $JUDGH]FRDOD$VRFLDFLyQ%tEOLFD(VSDxRODTXHKD\DSUHVHQWDGRHVWH WUDEDMR DOD HGLWRULDO 9HUER 'LYLQR SDUD VX GLIXVLyQ /D SXEOLFDFLyQ GHO PLVPR FRQVWLWX\H SDUD Pt OD FXOPLQDFLyQ GHO WUDEDMR UHDOL]DGR \ HO UHFRQRFLPLHQWR DO HVIXHU]R TXH KH GHGLFDGR D SURIXQGL]DU HQ HO FRQRFLPLHQWRGHOD%LEOLD 'HVHRGHMDUFRQVWDQFLDGHPLVLQFHUDJUDWLWXGDOSURIHVRU'6DQWLDJR *XLMDUUR 2SRUWR FDWHGUiWLFR GH 1XHYR 7HVWDPHQWR GH OD )DFXOWDG GH 7HRORJtD GH OD 836$ SRU VX DFRPSDxDPLHQWR DFDGpPLFR VX GLVSRQLELOLGDG\VXDOLHQWRHQWRGRPRPHQWR6LQVXFRQILDQ]DVXDWHQWD OHFWXUD \ VXV RULHQWDFLRQHV HVWH WUDEDMR QR KXELHUD VLGR SRVLEOH $JUDGH]FR DVLPLVPR D OD 8QLYHUVLGDG 3RQWLILFLD GH 6DODPDQFD \ HQ HVSHFLDODORVSURIHVRUHVGHO%LHQLR\'RFWRUDGRGH7HRORJtD%tEOLFDSRU WRGR OR TXH PH KDQ DSRUWDGR D OR ODUJR GH HVWRV DxRV GH HVWXGLR H LQYHVWLJDFLyQ 'HVHR DJUDGHFHU WDPELpQ OD FRODERUDFLyQ GH WDQWDV SHUVRQDVTXHVLHPSUHVHKDQPRVWUDGRGLVSXHVWDVDEULQGDUPHVXD\XGD\ DWRGRVORVDPLJRVFRPSDxHURVGHWUDEDMR\IDPLOLDUHVTXHGXUDQWHHVWH WLHPSRPHKDQDFRPSDxDGR\DSR\DGRHQODHODERUDFLyQGHHVWHHVWXGLR ,1752'8&&,Ï1 2EMHWR\GHOLPLWDFLyQGHOHVWXGLR (O WUDEDMR TXH DTXt VH SUHVHQWD RIUHFH XQD LQWHUSUHWDFLyQ GHO WtWXOR +LMRGH'DYLGHQHOHYDQJHOLRGH0DUFRVHQHOFRQWH[WRGHODFULVWRORJtD DQWLJXD/DILQDOLGDGQRHVWDQVRORSRQHUGHPDQLILHVWRTXpIXHORTXHHO HYDQJHOLVWDTXLVRWUDQVPLWLUVLQRVLWXDUVXSRVWXUDHQXQPDUFRHYROXWLYR PiVDPSOLRTXHGpWHVWLPRQLRGHODVGLYHUVDVWUD\HFWRULDVKHUPHQpXWLFDV TXHVLJXLyHVWHDVSHFWRGHODLGHQWLGDGGH-HV~V\GHODWHQVLyQFRQODTXH KDQOOHJDGRKDVWDQRVRWURV6HSUHWHQGHFRQHOORSURIXQGL]DUHQODLPDJHQ GH-HV~VWUDQVPLWLGDHQHVWHHYDQJHOLR\DVX YH]DYDQ]DUHQHOGHEDWH VREUH OD SOXUDOLGDG GH PRGHORV FULVWROyJLFRV TXH QDFLHURQ GH OD H[SHULHQFLD\ODUHIOH[LyQHQWUHORVSULPHURVVHJXLGRUHVGH-HV~V\TXHVH HQFXHQWUDQUHFRJLGRVHQORVHVFULWRVFDQyQLFRV (OLQWHUpVLQLFLDOSRUHVWHHVWXGLRQDFHDSDUWLUGHXQDFRQVWDWDFLyQOD GLIHUHQFLDHQWUHHOHYDQJHOLRGH0DUFRV\ODWUDGLFLyQVLQySWLFDSRVWHULRU DpOUHVSHFWRDODLGHQWLILFDFLyQGH-HV~VFRQHO+LMRGH'DYLGHQTXLHQVH FXPSOHQ ODV SURPHVDV PHVLiQLFDV 3RU RWUR ODGR OD H[LVWHQFLD GH XQ H[WUDxR YtQFXOR HQWUH HVWH HYDQJHOLR \ HO GH -XDQ SXHV DSDUHQWHPHQWH DPERV HPLWHQ XQD YDORUDFLyQ VLPLODU VREUH HOOR /D E~VTXHGD GH UHVSXHVWDV DO SRU TXp \ DO FyPR GH HVWH KHFKR DVt FRPR HO LQWHQWR SRU IRUPXODU VX DOFDQFH FRQVWLWX\H HO SXQWR GH SDUWLGD (O KRUL]RQWH GHO WUDEDMRLPSOLFDDGHPiVODLQFOXVLyQGHXQDH[SOLFDFLyQGHWDOODGDGHOXVR GHO WtWXOR HQ HO MXGDtVPR GH OD pSRFD XQD FRPSUHQVLyQ PiV FODUD GHO PRGRFyPRVHLQWURGXMRHQHOFULVWLDQLVPRDQWLJXR\XQDGHVFULSFLyQGH ODVGLIHUHQWHVIRUPDVHQTXHIXHDSOLFDGRD-HV~V&RQHOORVHSUHWHQGHQ DMXVWDU ORV PDUFRV FRQFHSWXDOHV WHROyJLFRV \ FRQWH[WXDOHV HQ ORV TXH GLFKR WtWXOR IXH DVXPLGR UHFRQILJXUDGR R FXHVWLRQDGR SRU ORV SULPHURV FULVWLDQRV SDUDH[SOLFDU HOPRGR HQ TXH TXHGyUHIOHMDGR HQHOHYDQJHOLR GH0DUFRV\ODVLPSOLFDFLRQHVFULVWROyJLFDVGHULYDGDVGHOSURFHVR (VWHWUDEDMRWRPDFRPREDVH\VHLQVFULEHHQHOFRQMXQWRGHHVWXGLRV UHDOL]DGRVGHVGHGLIHUHQWHVSHUVSHFWLYDVVREUHODLGHQWLGDGGH-HV~VFRPR +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV 8QD YLVLyQ JHQHUDO GH ORV GLVWLQWRVPRGRVHQTXHVHKDDFFHGLGRDOVLJQLILFDGRGHHVWHWtWXORHQHVWH HYDQJHOLRSHUPLWLUiFHQWUDUDGHFXDGDPHQWHHOSURFHGLPLHQWRGHDQiOLVLV TXHDTXtVHOOHYDUiDFDER\MXVWLILFDUVXFRQYHQLHQFLD (/0(6Ë$6+,-2'('$9,' 3ULQFLSDOHV HVWXGLRV VREUH HO PHVLDQLVPR GDYtGLFR HQ HO (YDQJHOLRGH0DUFRV $ SHVDU GHOD DWHQFLyQ RWRUJDGD HQ ORV ~OWLPRV DxRVDO GHVDUUROOR GH ORVWtWXORVFULVWROyJLFRVHQHOHYDQJHOLRGH0DUFRVHOGH+LMRGH'DYLGKD UHFLELGRWDQVRORXQWUDWDPLHQWROLPLWDGR/DPD\RUSDUWHGHORVWUDEDMRV VHHQFXHQWUDQLQWHJUDGRVHQORVHVWXGLRVTXHDERUGDQGHPDQHUDJHQHUDO HOXVRGHpVWH\RWURVWtWXORVHQWRGRHO1XHYR7HVWDPHQWRRHQDUWtFXORV\ SXEOLFDFLRQHV TXH WUDWDQ GLYHUVRV DVSHFWRV WHROyJLFRV GH HVWH HYDQJHOLR FRPRSRUHMHPSORHO5HLQRGH'LRV6RQPHQRVQXPHURVRVORVHVWXGLRV VLVWHPiWLFRV\GLUHFWRVVREUHHOWHPDHVSHFtILFR /DVDSRUWDFLRQHVPiVVLJQLILFDWLYDVVHSXHGHQGLYLGLUHQGRVJUXSRV /DVTXHSURYLHQHQGHODDSOLFDFLyQGHPpWRGRVKLVWyULFR±FUtWLFRV\VH FHQWUDQ SULQFLSDOPHQWH HQ GLVFHUQLU ORV LQWHUHVHV UHGDFFLRQDOHV GHO HYDQJHOLVWD R HQ DFODUDU HO VLJQLILFDGR GHO WtWXOR \ VX HQWUDGD HQ HO FULVWLDQLVPR SULPLWLYR \ /DV TXH SURYLHQHQ GH OD DSOLFDFLyQ GH PpWRGRVQDUUDWLYRV $SRUWDFLRQHVGHORVPpWRGRVKLVWyULFRFUtWLFRV (O SULPHU HVWXGLR VLJQLILFDWLYR VREUH HO WtWXOR +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV VH HQFXHQWUD HQPDUFDGR HQ RWUR PiV DPSOLR UHDOL]DGRSRU)+DKQ(QpOVHDQDOL]DQORVGHQRPLQDGRVWtWXORV GH PDMHVWDG +LMR GHO KRPEUH 6HxRU 0HVtDV +LMR GH 'DYLG H +LMR GH 'LRVWHQLHQGRHQFXHQWDWRGDV\FDGDXQDGHVXVDSDULFLRQHVHQHO1XHYR 7HVWDPHQWR 'HVGH XQD SHUVSHFWLYD GLDFUyQLFD HO DXWRU H[DPLQD ORV HVWDGLRV GH OD WUDGLFLyQ TXH SUHFHGHQ D FDGD XQR GHHOORV \ HOPRGR HQ TXHTXHGDURQFRQVLJQDGRVHQORVGLIHUHQWHVOLEURV $O DQDOL]DU HO WtWXOR +LMR GH 'DYLG +DKQ GHWHFWD TXH HQ HO 1XHYR 7HVWDPHQWR KD\ KXHOODV GH WUHV JUXSRV GLIHUHQWHV GH WUDGLFLRQHV HO SULPHURGHRULJHQSDOHVWLQHQVHHVWDUtDFHQWUDGRHQODWUDQVPLVLyQGHOD DVFHQGHQFLD GDYtGLFD GH -HV~V \ KD TXHGDGR FRQVLJQDGR HQ ODV JHQHDORJtDV 0W /F \ HQ HO $SRFDOLSVLV $S (O VHJXQGR JUXSR GH WUDGLFLRQHV QDFLGDV HQ HVWH FDVR HQ ORV FtUFXORVFULVWLDQRVMXGHRKHOHQLVWDVHVWDUtDQGHWUiVGHODIyUPXODGH5P \GHODGLVSXWDUHIOHMDGDHQ0F\SDUDOHORV)LQDOPHQWHXQ WHUFHU JUXSR UHFRJHUtD ODV WUDGLFLRQHV LQGHSHQGLHQWHV TXH TXHGDURQ SODVPDGDVHQORVUHODWRVGHODLQIDQFLDGH0DWHR\/XFDV+DKQFRQFOX\H LQGLFDQGR TXH HQ HO FULVWLDQLVPR SULPLWLYR OD DVFHQGHQFLD GDYtGLFD GH )HUGLQDQG +DKQ 7KH 7LWOHV RI -HVXV LQ &KULVWRORJ\ 7KHLU +LVWRU\ LQ (DUO\ &KULVWLDQLW\&DPEULGJH-DPHV&ODUNH&R ,1752'8&&,Ï1 -HV~V QR IXH GLVSXWDGD \ TXH OD SURPHVD GH UHVWDXUDFLyQ GH OD GLQDVWtD GDYtGLFDIXHDSOLFDGDDVXPLVLyQHVFDWROyJLFD (Q HVWH FRQWH[WR HYDO~D OD XWLOL]DFLyQ GH ODV UHIHUHQFLDV DO +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV 'HVFDUWD OD SRVLELOLGDG GH TXH OD HVFHQDHQODFXDO-HV~VGLVFXWHVREUHODDVFHQGHQFLDGDYtGLFDGHOPHVtDV SXHGDLQWHUSUHWDUVHFRPRXQUHFKD]RDODYLQFXODFLyQHQWUHORV WtWXORVGH0HVtDVH+LMRGH'DYLG(QIXQFLyQGHODUHFRQVWUXFFLyQTXHKD KHFKR DQWHULRUPHQWH VREUH HO XVR GHO WtWXOR DSOLFDGR D -HV~V HQ HO FULVWLDQLVPRSULPLWLYRVRVWLHQHTXHODDILUPDFLyQGHODILOLDFLyQGDYtGLFD GH -HV~V IXH DFHSWDGD VLQ FXHVWLRQDPLHQWR \ FRQVLGHUD LPSRVLEOH TXH 0DUFRVSXGLHUDHVWDURIUHFLHQGRXQDLQWHUSUHWDFLyQGLIHUHQWH &UHHWDPELpQLQDFHSWDEOHYHUHQ0FXQUHFKD]RDODVLGHDV SROtWLFR QDFLRQDOLVWDV XQLGDV DO +LMR GH 'DYLG WDO FRPR FRQVLGHUDED &XOOPDQ\TXHGHEDSUHVXSRQHUVHTXHHOWtWXORGH+LMRGH'DYLGDOLJXDO TXH HO GH 0HVtDV \ 6HxRU HVWXYLHUD WRPDGR FRQ XQ VLJQLILFDGR HVSHFtILFDPHQWHFULVWLDQR3DUD+DKQHOWH[WRVHH[SOLFDHQHOVHQWLGRGH XQD FULVWRORJtD HQ GRV HVWDGLRVD OD OX] GH 5P ED-HV~V WLHQH XQD GLJQLGDG VXSHULRU SRU VX UHVXUUHFFLyQ SHUR HVR QR LPSLGH GHVLJQDUOH FRPR+LMRGH'DYLGHQVXYLGDWHUUHQDPRVWUiQGRVHDVtTXH\DHQWRQFHV SRVHtD XQD GLJQLGDG HVSHFLDO eVWD VHJ~Q +DKQ VH UHIOHMD HQ RWURV GRV SDVDMHVGHOHYDQJHOLRGH0DUFRVODFXUDFLyQGHOFLHJR%DUWLPHR \ OD HQWUDGD GH -HV~V HQ -HUXVDOpQ /D IRUPXODFLyQ GH OD OODPDGD FULVWRORJtD HQ GRV HVWDGLRV SURYHQGUtD GH ORV FtUFXORV MXGHR KHOHQLVWDV FRPR XQ PRGR GH UHVROYHU OD WHQVLyQ HQWUH OD DVFHQGHQFLD GDYtGLFD GH -HV~V \ VX GLJQLGDG PHVLiQLFRHVFDWROyJLFD TXH KDEUtD VLGR UHHPSOD]DGDSRUODLGHDGHH[DOWDFLyQ (QHVWXGLRVSRVWHULRUHVGRVFXHVWLRQHVOHVHUiQUHEDWLGDVDHVWHDXWRU OD SULPHUD VX HVWULFWR PRGR GH HQFDMDU HO RULJHQ GH ODV WUDGLFLRQHV HQ FtUFXORVFULVWLDQRVSDOHVWLQHQVHVMXGHRKHOHQLVWDVRSDJDQRVODVHJXQGD HOLQWHQWRGHLJXDODUODSRVLFLyQGHOHYDQJHOLRGH0DUFRVUHVSHFWRDOWtWXOR +LMR GH 'DYLG D OD GHO PDUFR FRP~Q GH OD FULVWRORJtD SULPLWLYD \ QR FRQWHPSODUORFRPRXQDH[FHSFLyQVLJQLILFDWLYD\H[WUDxDHQHVHFRQWH[WR &ILELG (Q HVWH SXQWR VH VLW~D HQ FRQWUD GH XQ DXWRU DQWHULRU :LOOLDP :UHGH ³-HVXV DOV 'DYLGVVRKQ´ HQ ,G 9RUWUlJH XQG 6WXGLHQ 7ELQJHQ 0RKU 3DUD :UHGH HQ %HUQ ;,, VH HQFRQWUDED XQD WUDGLFLyQ GLIHUHQWH GH HVWD FRQWURYHUVLD TXH LQGLFDEDTXHKXERGLVFXVLyQVREUHHOWHPD3DUD+DKQHVWRQRSXHGHDGXFLUVH\DTXHVHUtD XQDGLVHQVLyQGHOVLJOR,,QRGHODpSRFDHQTXHVHUHGDFWDURQORVHYDQJHOLRV 2VFDU&XOOPDQQ&ULVWRORJtDGHO1XHYR7HVWDPHQWR%(%6DODPDQFD6tJXHPH (/0(6Ë$6+,-2'('$9,' &RQXQREMHWLYRGLIHUHQWHDOGH+DKQ6(-RKQVRQSXEOLFD XQRV DxRV PiV WDUGH XQ DUWtFXOR VREUH HO PHVLDQLVPR GDYtGLFR HQ ORV HYDQJHOLRVHQHOTXHEXVFDHVWDEOHFHUHO6LW]LP/HEHQGHYDULDVSHUtFRSDV \ GHWHUPLQDU XQD OtQHD GH GHVDUUROOR GH OD WUDGLFLyQ GH OD DVFHQGHQFLD GDYtGLFDGH-HV~VGHVGHODHWDSDGHO-HV~VKLVWyULFRKDVWDHOHYDQJHOLRGH -XDQ 5HWRPD HO VXVWUDWR MXGtR GHO PHVLDQLVPR GDYtGLFR H LQWHQWD GLIHUHQFLDU HO PDUFR YLWDO GH ODV SULPLWLYDV FUHHQFLDV HQ -HV~V FRPR 0HVtDV GH OD HYROXFLyQ SRVWHULRU GH OD FULVWRORJtD &RQ HOOR SRQH GH PDQLILHVWRODSOXUDOLGDGGHUHVSXHVWDVTXHVHGDQHQHO1XHYR7HVWDPHQWR DODLGHQWLILFDFLyQGH-HV~VFRQHO+LMRGH'DYLGLQGLFDQGRDVtXQDVSHFWR FRPSOHMRGHOSUREOHPD 5HVSHFWR D 0DUFRV VHxDOD TXH HVWH HYDQJHOLR UHSUHVHQWD OD FXOPLQDFLyQ GH XQ SURFHVR HQ HO FXDO HO PHVLDQLVPR GH -HV~V IXH WUDQVIRUPDGR KDVWD OOHJDU D VHU SUiFWLFDPHQWH UHFKD]DGR HQ SUR GH VX LGHQWLGDGFRPRHO+LMRGHOKRPEUHVXIULHQWH\FRPRHO+LMRGH'LRV(O FRQFHSWRGH+LMRGH'DYLGDSOLFDGRD-HV~VUHVXOWDUtDSRUWDQWRH[WHUQR \ H[WUDxR D HVWD SHUVSHFWLYD 6LQ HPEDUJR HO VDOXGR GH %DUWLPHR 0F HO WRQR UHYROXFLRQDULR GH OD PXOWLSOLFDFLyQ GH ORV SDQHV D FLQFRPLO\HOJULWRWULXQIDOGHODHQWUDGDHQ-HUXVDOpQ FRQVWLWX\HQHQWUHRWURVWHVWLPRQLRVGHTXHHOWtWXORVHDSOLFyD-HV~VHQ ODOtQHDPHVLiQLFRGDYtGLFDGHVSXpVGHVXUHVXUUHFFLyQHLQFOXVRDQWHV $XQTXHDOJXQDVGHVXVDILUPDFLRQHVVHDQGLVFXWLEOHVHVYDORUDEOHHO KHFKR GH TXH HVWH DXWRU LQWHQWH UHFRQVWUXLU XQ SURFHVR HQ WRUQR D ODV FUHHQFLDV HQ -HV~V FRPR +LMR GH 'DYLG \ VHxDOH TXp OXJDU RFXSD HO HYDQJHOLR GH 0DUFRV HQ pO &RQVLGHUD TXH OD GLYHUVLGDG TXH UHIOHMD HO 1XHYR 7HVWDPHQWR UHVSHFWR DHVWHWtWXORVHGHEH D XQD HYROXFLyQ GH ODV WUDGLFLRQHV PHVLiQLFR GDYtGLFDV D SDUWLU GH XQ SUREOHPD VXUJLGR HQ OD LJOHVLD SULPLWLYD OD FXHVWLyQ GH TXLpQ WHQtD HO SRGHU HQ HOOD &UHH SODXVLEOHTXHHQIXQFLyQGHVXDFWLYLGDG-HV~VIXHUDLGHQWLILFDGRFRQHO PHVtDV SRU VXV GLVFtSXORV \ TXH pO OR UHFKD]DUD 6LQ HPEDUJR HVWD LGHQWLILFDFLyQGH-HV~VFRQODOtQHDGH'DYLGVHUtD\DLPSDUDEOH\WUDVOD UHVXUUHFFLyQ VH DFHQWXDUtD VX GLPHQVLyQ WUDVFHQGHQWH (O HOHPHQWR GLQiVWLFR SHUPDQHFHUtD FRPR XQ GDWR LPSRUWDQWH SDUD GHWHUPLQDU HO OLGHUD]JR HQ OD LJOHVLD /D IDPLOLD GH 6DQWLDJR HO KHUPDQR GHO 6HxRU KDEUtD DSHODGR D OD FRQGLFLyQ GDYtGLFD GH -HV~V SDUD PDQWHQHU GLFKR OLGHUD]JR(OPRGRHQTXHFDGDHYDQJHOLVWDPDQHMyODWUDGLFLyQWHQGUtDGH IRQGRHVWDFRQWURYHUVLD 6KHUPDQ ( -RKQVRQ ³7KH 'DYLGLF 5R\DO 0RWLI LQ WKH *RVSHOV´ -%/ ,1752'8&&,Ï1 6LJXLHQGR HQ DOJXQRV DVSHFWRV ODV DILUPDFLRQHV GH +DKQ SULQFLSDOPHQWHVXHVWULFWDGLVWLQFLyQHQWUHODFRPXQLGDGSDOHVWLQHQVH\OD MXGHRKHOHQtVWLFD & %XUJHU SXEOLFy HQ XQ HVWXGLR H[KDXVWLYR VREUH HO +LMR GH 'DYLG HQ HO 1XHYR 7HVWDPHQWR GHVGH OD SHUVSHFWLYD KLVWyULFRFUtWLFD7UDVXQEUHYHFDStWXORVREUHHOVHQWLGRGHODH[SUHVLyQ HQHOMXGDtVPRGHODpSRFDH[DPLQyODWUDGLFLyQGHOPHVLDQLVPRGDYtGLFR HQ 5P ED ²TXH FRQVLGHUy HO FUHGR PiV DQWLJXR² \ D FRQWLQXDFLyQ HQ FDGD XQRGH ORV FXDWURHYDQJHOLRV \ HQ HO $SRFDOLSVLV 6XWHVLVGHIRQGRHVTXHODVFUHHQFLDVFULVWLDQDVHQHOHVWDWXVPHVLiQLFR GDYtGLFR GH -HV~V VXUJHQ HQ XQ PRPHQWR UHODWLYDPHQWH WDUGtR \ SUREDEOHPHQWHHQORVFtUFXORVFULVWLDQRVGHRULJHQMXGHRKHOHQLVWDQRHQ ODFRPXQLGDGSDOHVWLQHQVH (QVXWUDWDPLHQWRGHOHYDQJHOLRGH0DUFRVHVWXGLDORVSDVDMHVHQORV TXHDSDUHFHQH[SOtFLWDPHQWHUHIHUHQFLDVDOPHVLDQLVPRGDYtGLFRDSOLFDGR D-HV~VODFXUDFLyQGHOFLHJR%DUWLPHRODOOHJDGDGH-HV~VD -HUXVDOpQ \ OD GLVFXVLyQ VREUH OD DVFHQGHQFLD GDYtGLFD GHO PHVtDV 'HGLFDD FDGD XQR GH HOORV GRV DQiOLVLV SXHV HVWXGLD VHSDUDGDPHQWHODWUDGLFLyQSUHPDUTXLDQD\HOSDVDMHWDOFRPRDSDUHFHHQ HO HYDQJHOLR &RQFOX\H LQGLFDQGR TXH HV HO HYDQJHOLVWD TXLHQ SRQH HQ ERFDGH%DUWLPHRVXLQYRFDFLyQD-HV~VFRPR+LMRGH'DYLG\WDPELpQ TXLHQWUDQVIRUPDODSUHJXQWDVREUHHO+LMRGH'DYLG0F²TXH %XUJHU LQLFLDOPHQWH FRQVLGHUD XQD GLVSXWD DFHUFD GH OD DVFHQGHQFLD GDYtGLFDGHO0HVtDVTXH-HV~VQHJy²HQXQDDILUPDFLyQGHODFULVWRORJtD HQGRVHVWDGLRVTXHSURIHVDVXFRPXQLGDG-HV~VQDFLy+LMRGH'DYLG\HV +LMRGH'LRV 3DUD%XUJHUHOWtWXORGH+LMRGH'DYLGUHIOHMDXQGHWHUPLQDGRHVWDWXV WHROyJLFR PiV TXH XQD DVFHQGHQFLD JHQHDOyJLFD 6H OH DWULEX\y D -HV~V SRUTXHIXHFRQVLGHUDGRHOPHVtDVQRSRUTXHIXHUDGHODHVWLUSHGH'DYLG (QHVWDOtQHDHOHYDQJHOLVWD0DUFRVKDEUtDLQVHUWDGRHOWtWXORHQ HTXLYRFDGDPHQWH SXHV HO PHVtDV QR UHDOL]DED DFFLRQHV PLODJURVDV \ PRGLILFyODHQWUDGD GH-HV~V HQ-HUXVDOpQ ²HQ VX RULJHQ OD GHVFULSFLyQ GHODOOHJDGDGHORVSHUHJULQRVDODFLXGDGSDUDFHOHEUDUOD3DVFXD²HQ XQDDFODPDFLyQFRQWLQWHVPHVLiQLFRGDYtGLFRV $OLJXDOTXH-RKQVRQSHURGHIRUPDPiVH[KDXVWLYD%XUJHUFRQVWDWy OD GLYHUVLGDG GH SHUVSHFWLYDV TXH KDEtD HQ OD SULPLWLYD LJOHVLD VREUH OD FRQVLGHUDFLyQGH-HV~VFRPR+LMRGH'DYLG\ODYDULHGDGGHUHDFFLRQHV TXHVHGLHURQHQWRUQRDHOOR$GHPiVGHODFRQVWUXFFLyQGHDOJXQRVGH ORVFRQWH[WRVYLWDOHVTXHGLHURQRULJHQDODVWUDGLFLRQHVORPiVGLVFXWLGR &KULVWRSK %XUJHU -HVXV DOV 'DYLGVVRKQ (LQH 7UDGLWLRQVJHVFKLFKWOLFKH 8QWHUVXFKXQJ)5/$17*|WWLQJHQ9DQGHQKRHFN5XSUHFKW (/0(6Ë$6+,-2'('$9,' SRU ORV HVWXGLRV SRVWHULRUHV VHUi OD SULQFLSDO FRQFOXVLyQ D OD TXH OOHJD TXHODDSOLFDFLyQGHOWtWXORD-HV~VVHDWDUGtD\TXHWHQJDVXFHQWURHQODV FRPXQLGDGHVMXGHRKHOHQLVWDVWDPELpQTXHHOXVRGHHVWDWUDGLFLyQHQHO HYDQJHOLRGH0DUFRVGHEDDWULEXLUVHDOUHGDFWRUILQDO $OJXQDVGHODVFRQFOXVLRQHVSURSXHVWDVSRU+DKQ\%XUJHUUHVSHFWRDO WtWXOR+LMRGH'DYLGHQ0DUFRVVHUiQUHWRPDGDVSRURWURVDXWRUHVTXHVH FHQWUDUiQHVSHFtILFDPHQWHHQHVWHHYDQJHOLRSUHVFLQGLHQGRGHOLQWHUpVSRU FRQWUDVWDUOR FRQ HO UHVWR GH ODV WUDGLFLRQHV QHRWHVWDPHQWDULDV 'HVWDFDQ ORVVLJXLHQWHVHVWXGLRV 9.5REELQVUHDOL]DUiXQDH[pJHVLVH[KDXVWLYDGHOHSLVRGLR GH OD FXUDFLyQ GH %DUWLPHR 0F \ UHDILUPDUi TXH HO WtWXOR GH +LMR GH 'DYLG WDO FRPR DSDUHFH HQ HVWH HSLVRGLR YY WLHQH XQ FDUiFWHU UHGDFFLRQDO &RQVLGHUD TXH IXH LQWURGXFLGR SRU HO HYDQJHOLVWD FRQ XQD LQWHQFLyQ FULVWROyJLFD YLQFXODU GLFKR WtWXOR FRQ OD DFWLYLGDG FXUDWLYDGH-HV~VSDUDRFXOWDUFRQpOGHPDQHUDLQGLUHFWDVXLGHQWLGDGGH +LMRGH'LRV :.HOEHUHQXQDREUDPiVDPSOLDTXHGHGLFDDOVLJQLILFDGR GHO 5HLQR GH 'LRV HQ 0DUFRV DERUGDUi OD FXHVWLyQ GH OD DVFHQGHQFLD GDYtGLFDGHOPHVtDVDUDt]GHODQiOLVLVGHRWUDSHUtFRSDODOOHJDGDGH-HV~V D -HUXVDOpQ 0F &RQFOX\H VHxDODQGR TXH HO HYDQJHOLVWD KD LQWHUYHQLGRUHGDFFLRQDOPHQWHVREUHHVWDHVFHQDFRQHOREMHWLYRGHFDSWDU OD DWHQFLyQ GHO OHFWRU \ FXHVWLRQDU OD YDOLGH] GHO PHVLDQLVPR GDYtGLFR DSOLFDGRD-HV~V3RQHGHPDQLILHVWRFyPRHQORVFDStWXORVVHGD XQSURJUHVLYRDYDQFHHQHOORSDUDSUHVHQWDUD-HV~VFRPRHO+LMRGH'LRV TXHWUDHHO5HLQRGH'LRVQRFRPRHO+LMRGH'DYLGTXHWUDHHO5HLQRGH 'DYLG ,QFLGHHQHOKHFKRGHTXHHVWHHYDQJHOLRQRSODQWHDODFXHVWLyQGHOD DVFHQGHQFLD GDYtGLFD GH -HV~V KDVWD OD VHFFLyQ GH -HUXVDOpQ 'H HVWH PRGR VH UHIXHU]D OD QDWXUDOH]D MHURVROLPLWDQD GH OD WUDGLFLyQ \ VX DVRFLDFLyQ FRQ OD LGHRORJtD GH ODV DXWRULGDGHV GH OD FLXGDG (O REMHWLYR GHO HYDQJHOLVWD VHUtD H[SRQHU XQD UXSWXUD FRQ HVWDV WUDGLFLRQHV WDQ FHQWUDOHV\VXEUD\DUFyPRVHSURGXFHXQDUHRULHQWDFLyQGHODPLVLyQGH -HV~VKDFLDXQQXHYRREMHWLYRHVGHFLUHOHYDQJHOLVWDSUHWHQGHUtDURPSHU HO PLWR GHO PHVLDQLVPR GDYtGLFR \ GLVRFLDU HO 5HLQR GHO 7HPSOR : .HOEHU VH SODQWHD HO SRU TXp GH HVWD SRVWXUD GHVGH XQD SHUVSHFWLYD 9HUQRQ . 5REELQV ³7KH +HDOLQJ RI %OLQG %DUWLPDHXV LQ WKH 0DUFDQ 7KHRORJ\´ -%/ :HUQHU.HOEHU7KH.LQJGRPLQ0DUN$1HZ3ODFHDQGD1HZ7LPH3KLODGHOSKLD 3$)RUWUHVV3UHVV &ILELG ,1752'8&&,Ï1 KLVWyULFD\FRQVLGHUDTXHHQHOWUDVIRQGRGHODGHVWUXFFLyQGH-HUXVDOpQ \ GHO 7HPSOR HO DXWRU GHO VHJXQGR HYDQJHOLR HVWi UHGHILQLHQGR OD LGHQWLGDGFULVWLDQDHQRSRVLFLyQDODVWUDGLFLRQHVMXGtDVGH-HUXVDOpQFRQ HOLQWHUpVGHUHGHVFXEULUODFHQWUDOLGDGGH*DOLOHD (6-RKQVRQDKRQGDUiHQODPLVPDSHUVSHFWLYDTXH9. 5REELQVOOHJDQGRWDPELpQDODFRQFOXVLyQGHTXHHOWtWXOR+LMRGH'DYLG HQ0FHVXQDLQVHUFLyQVREUHODWUDGLFLyQSULPLWLYDTXHUHFRJtD ODHVFHQDGHODFXUDFLyQGHOFLHJR6LQHPEDUJRGLFKDLQVHUFLyQQRKDEUtD VLGRUHDOL]DGDSRUHOHYDQJHOLVWD\DTXHpVWHQRPXHVWUDLQWHUpVSRUKDFHU XQDUHOHFWXUDFULVWLDQDGHOWtWXOR-RKQVRQOODPDODDWHQFLyQVREUHORTXH HVWLPD PiV VLJQLILFDWLYR TXH DSDUH]FD HQ ERFD GH XQD SHUVRQD FLHJD 'DGR HO YDORU VLPEyOLFR GH OD FHJXHUD HQ HO HYDQJHOLR GH 0DUFRV FRQVLGHUDTXHVHGHEHHQWHQGHUHOWtWXORGHVGHHVWHSUHVXSXHVWR 8Q SDVR PiV HQ OD LQWHUSUHWDFLyQ GHO WtWXOR GH +LMR GH 'DYLG HQ 0DUFRV SDUWLHQGR GHO DQiOLVLV GHO SDVDMH GH %DUWLPHR OR GD 3 - $FKWHPHLHU/DGLIHUHQFLDFRQHVWXGLRVDQWHULRUHVUHVSRQGHDOD DSOLFDFLyQ GH XQD PHWRGRORJtD GLIHUHQWH OD SURSLD GH OD &UtWLFD GH ODV )RUPDV 6X REMHWLYR HV PRVWUDU TXH HVWH WH[WR VLJXH HO HVTXHPD GH ORV UHODWRV GH YRFDFLyQ PiV TXH HO GH ORV PLODJURV $O KLOR GHO DQiOLVLV UHDOL]DUi RWUDV FRQVLGHUDFLRQHV LPSRUWDQWHV TXH UHVXOWDUiQ QRYHGRVDV UHVSHFWRDOXVRGHODVLPiJHQHVPHVLiQLFRGDYtGLFDVHQHVWHHYDQJHOLR &RPLHQ]D OD H[pJHVLV GH 0F GLIHUHQFLDQGR HO PDWHULDO WUDGLFLRQDO \ UHGDFFLRQDO (Q FRQWUD GH %XUJHU \ 5REELQV GHGXFH TXH +LMRGH'DYLGSHUWHQHFHDODWUDGLFLyQDQWHULRUD0DUFRV$OHJDDOLJXDO TXH(6-RKQVRQTXHQRHVXQDH[SUHVLyQTXHHOHYDQJHOLVWDFRQVLGHUH DSURSLDGD SDUD FRPSUHQGHU TXLpQ HV -HV~V \D TXH DSHQDV OD XWLOL]D /R LPSRUWDQWHHVTXHHVWDKLVWRULDVHLQVHUWDDQWHVGHODHQWUDGDHQ-HUXVDOpQ SDUDUHODFLRQDUHOWtWXORFRQHOGHVWLQRGH-HV~V(QHVHVHQWLGRUHODFLRQD ORV WUHV SDVDMHV GRQGH VH HYRFD HO WtWXOR \ FRQFOX\H TXH UHIOHMDQ XQD VHFXHQFLD SURJUHVLYD HQHO UHFKD]R GHO PLVPR DSOLFDGR D-HV~V 'LFKD VHFXHQFLDILQDOL]DHQGRQGH-HV~VEXVFDFRQIXQGLUDORVHVFULEDV TXLHQHV D OR ODUJR GH WRGR HO HYDQJHOLR QR KDQ PRVWUDGR PiV TXH LQFDSDFLGDGSDUDFRPSUHQGHUODV(VFULWXUDV6HJ~QODSHUVSHFWLYDGHHVWH HYDQJHOLR HO PHVtDV \ SRU WDQWR -HV~V QR HV HO +LMR GH 'DYLG /D &ILELG (DUO6FKX\OHU-RKQVRQ³0DUN%OLQG%DUWLPDHXV´&%4 3DXO-$FKWHPHLHU³©$QG+H)ROORZHG+LPª0LUDFOHVDQG'LVFLSOHVKLSLQ0DUN ´6HPHLD &ILELG (/0(6Ë$6+,-2'('$9,' DPELJHGDGGHSUHSDUDUtDSDUDHOMXLFLRQHJDWLYRGH\ HQ OD HVFHQD GH %DUWLPHR HO HYDQJHOLVWD KDEUtD UHWRPDGR XQ WtWXOR GH OD WUDGLFLyQSHURKDFLHQGRXQDYDORUDFLyQQHJDWLYDGHOPLVPR/DSHUtFRSD GH %DUWLPHR GHVDUUROODUtD DVt XQD IXQFLyQ HPLQHQWHPHQWH GLVFLSXODU QR FULVWROyJLFDVLUYLHQGRGHLQFOXVLyQFRQODFXUDFLyQGHOFLHJRGH )-0DWHUDDSRUWDWDPELpQFRQFOXVLRQHVLPSRUWDQWHVDOXVR GHO WtWXOR HQ 0DUFRV VL ELHQ HV QHFHVDULR H[WUDHUORV GH VX HVWXGLR PiV DPSOLRVREUHHOUHODWRGHODSDVLyQ'LFKRHVWXGLRWLHQHFRPRILQDOLGDG GHPRVWUDUTXHODVLQWHUYHQFLRQHVGHOUHGDFWRUILQDOVREUHODQDUUDFLyQGH OD SDVLyQ \ PXHUWH EXVFDQ VXEUD\DU XQD WHRORJtD UHJLD TXH DOFDQ]D VX FOtPD[ FRQ OD FRQIHVLyQ GHO FHQWXULyQ &RPR HO HYDQJHOLVWD QR DSOLFDD-HV~VHOWtWXORGHUH\DQWHVGHOFDStWXORHODXWRUVHUHWURWUDHD SHUtFRSDV DQWHULRUHV SDUD H[SOLFDU HO PRGR HQ TXH 0DUFRV KD LGR SUHSDUDQGR SDUD HOOR PiVD~QFRQVLGHUD TXHHO PHVLDQLVPR UHJLRHVHO HMHGHODFULVWRORJtDGHHVWHHYDQJHOLR-HV~VHVHOUH\GHORVMXGtRV\HO UH\GH,VUDHOSRUTXHWDOFRPRSURFODPDHOFHQWXULyQHVHO+LMRGH'LRV 6XJLHUH TXH HO HYDQJHOLVWD \ VX FRPXQLGDG HVWDEDQ URGHDGRV GH RSRQHQWHV TXH GHFtDQ TXH -HV~V QR FXPSOtD ODV H[SHFWDWLYDV PHVLiQLFDV SUHVHQWHV HQ ODV (VFULWXUDV /D SHUVSHFWLYD UHJLD VLQ HPEDUJR HUD LPSRUWDQWHSDUD0DUFRVSXHVXQRGHVXVSUREOHPDVIXHH[SOLFDUFyPRHO 5H\ GH ORV MXGtRV SXGR VHU XQ PHVtDV FUXFLILFDGR 3DUD 0DWHUD OD UHVSXHVWD HVWDUtD HQ ODV PLVPDV (VFULWXUDVHVSHFLDOPHQWHHQORV 6DOPRV \ /;; GRQGH 'DYLG PLVPR SUHGLFH TXH HO PHVtDV UH\ VXIULUtD DQWHV GH TXH IXHUD LQDXJXUDGR VX UHLQR SHUR TXH HO UH\ UHFKD]DGR VH FRQYHUWLUtDHQODSLHGUDDQJXODU3DUDHOHYDQJHOLVWD0DUFRVHOUHLQDGRGH -HV~V WLHQH GRV FRPSRQHQWHV (V LQVHSDUDEOH GHO UHFKD]R \ HO VXIULPLHQWR \ 3RVHH XQDVSHFWR JORULRVR TXH VHUiUHYHODGR FXDQGR HO KLMR~QLFRYXHOYD(VWDYLVLyQGHODFHQWUDOLGDGTXHDOFDQ]DODFULVWRORJtD UHJLDHQHVWHHYDQJHOLRFRQYLHUWHD)-0DWHUDHQHOPi[LPRH[SRQHQWH GH TXLHQHV GHILHQGHQ TXH ODV FDWHJRUtDV PHVLiQLFRGDYtGLFDV VRQ FHQWUDOHVHQHOHYDQJHOLRGH0DUFRV 'H IRUPD SDUDOHOD D HVWDV FRQFOXVLRQHV TXH VH DOFDQ]DQ D SDUWLU GHO HVWXGLRGHSHUtFRSDVFRQFUHWDVHQORVDxRVFRPHQ]yDGLIXQGLUVHXQD LQWHUSUHWDFLyQ DOWHUQDWLYD VREUH OD UHIHUHQFLD ~OWLPD GHO +LMR GH 'DYLG DVRFLiQGRVH HVWH WtWXOR FRQ ODV OH\HQGDV VREUH HO SRGHU H[RUFLVWD GH 6DORPyQ''XOLQJHVHOSULPHURHQSUHVHQWDUXQDYLVLyQGHOD )UDQN - 0DWHUD 7KH .LQJVKLS RI -HVXV &RPSRVLWLRQ DQG 7KHRORJ\ LQ 0DUN 6%/'6&KLFR&$6FKRODUV3UHVV &ILELG 'HQQLV'XOLQJ³6RORPRQ([RUFLVPDQGWKH6RQRI'DYLG´+75 ,1752'8&&,Ï1 HYROXFLyQ GH OD LPDJHQ GH 6DORPyQ FRPR H[RUFLVWD VL ELHQ UHFRJH WUDEDMRV TXH VREUH HVWH WHPD VH KDEtDQ UHDOL]DGR DQWHULRUPHQWH (O HVWXGLR PiV UHFLHQWH VH HQFXHQWUD HQ OD REUD GH 3 7RULMDQR 'HVGHHVWDSHUVSHFWLYDHOHYDQJHOLVWD0DUFRVDOUHODFLRQDUHOWtWXORFRQ XQD DFWLYLGDG FXUDWLYD GH -HV~V HQ HO HSLVRGLR GH %DUWLPHR OR HVWDUtD UHWRPDQGRHQHVWHVHQWLGR\DFHQWXDUtDSULQFLSDOPHQWHVXDFWLYLGDGFRPR VDQDGRU /RV HVWXGLRV VREUH HO XVR GHO WpUPLQR FRQ HVWH VLJQLILFDGR KDFHQ GHULYDUHVWDUHSXWDFLyQGH6DORPyQFRPRH[RUFLVWDGH6E$SXQWDQD XQ IXHUWH GHVDUUROOR GH OD PLVPD HQ HO V , D & D SDUWLU GH OD UHLQWHUSUHWDFLyQ GHOD PRQDUTXtDGH 6DORPyQ D ODOX] GHO DSRJHR GH ORV UH\HV KHOHQLVWDV GH OD pSRFD \ GH OD WHQGHQFLD D GHLILFDUORV /RV WHVWLPRQLRV VREUH 6DORPyQ FRPR H[RUFLVWD VH UHFRJHQ HQ FLHUWRV IUDJPHQWRV GH ORV 6DOPRV GH 4XPUiQ HQ HO 3VHXGRILOyQ -RVHIR HO 7HVWDPHQWR GH 6DORPyQ \ HQ DOJXQRV JUDEDGRV DUDPHRV KDOODGRV HQ FXHQFRVGHVWLQDGRVSDUDFRQMXURV$XQTXHORVWHVWLPRQLRVGHODOLWHUDWXUD MXGtDGHODpSRFDQRVRQPX\DEXQGDQWHVHVWRVDXWRUHVFRQVLGHUDQTXHVt HVSRVLEOHOLJDUORVHQWUHVt\HVWDEOHFHUXQDWUD\HFWRULDGH6DORPyQFRPR H[RUFLVWD GHVDUUROODGD HQ XQ SHUtRGR DQWHULRU DO FULVWLDQLVPR \ TXH VH PDQWHQtDYLYDHQODpSRFDHQTXHVHFRPSXVLHURQORVHYDQJHOLRV'LFKRV WHVWLPRQLRV HQ FRQMXQWR GDUtDQ IH GH TXH HVWD WUDGLFLyQ VREUH 6DORPyQ HVWDEDUHODWLYDPHQWHH[WHQGLGD (Q UHODFLyQ FRQ HO HYDQJHOLR GH 0DUFRV GHVWDFDQ HQ HVWD OtQHD ORV HVWXGLRV GH % &KLOWRQ \ - + &KDUOHVZRUWK % &KLOWRQ FRQVLGHUD TXH -HV~V GHVDItD ODV H[SHFWDWLYDV PHVLiQLFDV DVRFLDGDVDO+LMRGH'DYLG\TXHHQUHK~VDDVRFLDUVHDpO3RU RWUR ODGR DFHSWD GLFKD FDUDFWHUL]DFLyQ FXDQGRpVWDVH UHILHUHD VX SDSHO FRPRVDQDGRU\H[RUFLVWD/DGLVFXVLyQFRQORVHVFULEDVUHIOHMDXQLQWHQWR SRU HOXGLU ODV SUHWHQVLRQHV PHVLiQLFDV SHUR VX UHSXWDFLyQ FRPR +LMR GH 3ULQFLSDOPHQWH /DUU\ )LVKHU ³&DQ 7KLV %H WKH 6RQ RI 'DYLG"´ HQ )UHGHULFN 7KRPDV 7URWWHU HG -HVXV DQG WKH +LVWRULDQ :ULWWHQ LQ +RQRU RI (UQHVW &DGPDQ &ROZHOO 3KLODGHOSKLD 3$ 7KH :HVWPLQVWHU 3UHVV .ODXV %HUJHU ³'LH .|QLJOLFKHQ 0HVVLDVWUDGLWLRQHQ GHV 1HXHQ 7HVWDPHWV´ 176 (YDOG /|YHVWDP³-HVXV)LOVGH'DYLGFKH]OHV6\QRSWLTXHV´67 3DEOR$7RULMDQR6RORPRQWKH(VRWHULF.LQJ)URP.LQJWR0DJXV'HYHORSPHQW RID7UDGLWLRQ-6-6XS/HLGHQ%ULOO %UXFH &KLOWRQ ³-HVXV EHQ 'DYLG 5HIOHFWLRQV RQ WKH 'DYLGVVRKQIUDJH´ -617 -DPHV+&KDUOHVZRUWK³7KH6RQRI'DYLG6RORPRQDQG-HVXV0F´HQ 3HGHU %RUJHQ ± 6RUHQ *LYHUVHQ HGV 7KH 1HZ 7HVWDPHQWDQG WKH +HOOHQLVWLF -XGDLVP $DUKXV$DUKXV8QLYHUVLW\3UHVV (/0(6Ë$6+,-2'('$9,' 'DYLG\VXDFWLYLGDGHQHOWHPSORKDEUtDQHQDUGHFLGRDVXVRSRQHQWHVTXH FUHtDQTXHpOWHQtDWDOHVSUHWHQVLRQHV\TXHHUDSHOLJURVR 3RU VX SDUWH - + &KDUOHVZRUWK FXHVWLRQD ODV LQWHUSUHWDFLRQHV TXH YHQHQODH[KRUWDFLyQGH%DUWLPHRXQUHFRQRFLPLHQWRDOPHVLDQLVPRGH -HV~V&RQVLGHUDTXHHVXQDLQYRFDFLyQDeOFRPRVDQDGRUHQODOtQHDGH ODV WUDGLFLRQHV GH 6DORPyQ 'LIHUHQFLD HQWUH HO XVR WLWXODU GH +LMR GH 'DYLG\HOQRWLWXODUTXHHVHOTXHDSDUHFHHQFRQWH[WRVWHUDSpXWLFRV\VH UHILHUHVRORDTXHHOPHVtDVVHDXQKLMRGH'DYLGQRHO+LMRGH'DYLG 5HVSHFWR D HVWD LQWHUSUHWDFLyQ GHO +LMR GH 'DYLG D SDUWLU GH ODV WUDGLFLRQHV GH 6DORPyQ FDEH GHVWDFDU TXH $ <DUEUR HQ VX FRPHQWDULRDOHYDQJHOLRGH0DUFRVUHEDWHODDILUPDFLyQGHTXHODLPDJHQ GHOPHVtDVSRUVtPLVPDQRSXGLHUDHVWDUDVRFLDGDDOSRGHUWDXPDW~UJLFR FRQ LQGHSHQGHQFLD GH 6DORPyQ SXHV 'DYLG PLVPR WHQtD HVWD LPDJHQ 1R VHUtD QHFHVDULR SRU WDQWR DFXGLU D HVWDV OH\HQGDV SDUD UHODFLRQDU DO PHVtDVFRQXQDSHUVRQDFDSD]GHUHDOL]DUFXUDFLRQHV 3RU ~OWLPR HV SUHFLVR FLWDU ORV HVWXGLRV GH GRV DXWRUHV TXH VLJXHQ WDPELpQPHWRGRORJtDVKLVWyULFRFUtWLFDVDXQTXHQRGHIRUPDH[FOXVLYD\ FX\DV DSRUWDFLRQHV UHVXOWDQ VLJQLILFDWLYDV SDUD OD GLVFXVLyQ GHO +LMR GH 'DYLGHQHOHYDQJHOLRGH0DUFRV (O SULPHUR HV OD DPSOLD PRQRJUDItD GH - 0DUFXV VREUH HO XVR GHO $QWLJXR 7HVWDPHQWR HQ 0DUFRV D OD OX] GH VX FULVWRORJtD (Q FRQFUHWRDQDOL]DHOVLJQLILFDGRGHORVWtWXORVGH0HVtDV+LMRGH'DYLG +LMRGHOKRPEUHH+LMRGH'LRVSDUWLHQGRGHODVFLWDVGHOD(VFULWXUDTXH XWLOL]DHOHYDQJHOLVWDDOOtGRQGHKD\UHIHUHQFLDVFULVWROyJLFDV5HDOL]DXQ HVWXGLR OLWHUDULR \ WHROyJLFR GH ORV WH[WRV GHO $QWLJXR 7HVWDPHQWR WRPDGRV SRU 0DUFRV DQDOL]D OD UHFRQVWUXFFLyQ HQ HO PRGR GH WUDQVPLWLUORV UHGDFFLyQ OD IRUPD HQ TXH VH LQWHUSUHWDURQ ORV WH[WRV PHVLiQLFRV HQ HO V , FRQ HVSHFLDO DWHQFLyQ DO FRQWH[WR GH OD UHYXHOWD MXGtD GHO DxR \ ILQDOPHQWH WUDWD GH GHVYHODU HO PHQVDMH TXH HO HYDQJHOLVWDTXLVRWUDQVPLWLUDVXFRPXQLGDG 'HGLFDXQFDStWXORDODLGHQWLILFDFLyQGH-HV~VFRPRHO+LMRGH'DYLG \ HO 6HxRU GH 'DYLG 0F 3DUWH GH OD FRQVLGHUDFLyQ GH TXH 6DO /;; GHEH HQWHQGHUVH HVFDWROyJLFDPHQWH HO 0HVtDV +LMR GH 'DYLGHVWiVLHQGRLQYLWDGRDVHQWDUVHHQHOWURQRFHOHVWLDODODGHUHFKDGH $GHOD <DUEUR &ROOLQV 0DUN $ &RPPHQWDU\ 0LQQHDSROLV 01 )RUWUHVV 3UHVV -RHO0DUFXV7KH:D\RIWKH/RUG&KULVWRORJLFDO([HJHVLVRIWKH2OG7HVWDPHQWLQ WKH*RVSHORI0DUN(GLQEXUJK77&ODUN ,ELG ,1752'8&&,Ï1 'LRVSDUDSDUWLFLSDUGHVXYLFWRULD0DUFRVXWLOL]DHVWHWtWXOR~QLFDPHQWH HQ XQ VHQWLGR HVFDWROyJLFR SXHV VX VHQWLGR WHUUHQDO QR KDUtD MXVWLFLD DO PHVLDQLVPRGH-HV~V/DVHVFHQDVGH%DUWLPHR\ODHQWUDGDHQ-HUXVDOpQ DQWLFLSDQ PRWLYRV GDYtGLFRV TXH VH YHQ LQWHUUXPSLGRV HQ 6LQ HPEDUJR GDGR TXH OD GLQDVWtD GDYtGLFD GHO PHVtDV HVWi ELHQ DWHVWLJXDGD HQODV(VFULWXUDV\TXHHQODpSRFDGH-HV~VODVH[SHFWDWLYDVPHVLiQLFDV HVWDEDQ UHODWLYDPHQWH HVFLQGLGDV GH VXV LPSOLFDFLRQHV WUDVFHQGHQWHV OD YLVLyQ GH 0DUFRV VXSRQGUtD XQ GHVDItR \ UHSUHVHQWDUtD XQD SLH]D GHVFRQFHUWDQWH GH OD FULVWRORJtD SXHV VXSHUDUtD ODV DVRFLDFLRQHV WUDGLFLRQDOHVFRQHO+LMRGH'DYLG 5HVXHOYH HVWD WHQVLyQ LQGLFDQGR TXH SDUD 0DUFRV -HV~V HV XQ JXHUUHUR\VXHQWUDGDHQ-HUXVDOpQHVXQDFDPSDxDGHFLVLYDHQODJXHUUD VDQWD GH OD OLEHUDFLyQ HVFDWROyJLFD 0DUFRV MXJDUtD DVt FRQ XQD LPDJHQ PHVLiQLFRGDYtGLFD TXH HV D OD YH] SRFR WULXQIDOLVWD \ H[FHVLYDPHQWH WULXQIDOLVWD SRFR WULXQIDOLVWD HQ HO VHQWLGR GH TXH HO WULXQIR QR HV VROR VREUHVXHQHPLJRWHUUHQDOVLQRWDPELpQFRPRUHYHODVXPLQLVWHULRVREUH ORV HQHPLJRV VREUHQDWXUDOHV /D GLPHQVLyQ FHOHVWLDO GH OD YLFWRULD GH -HV~VHV YLWDO SDUD OD FULVWRORJtD GH0DUFRV (O WtWXOR GH+LMR GH 'DYLG FRPSDUDGR FRQ +LMR GH 'LRV H +LMR GHO +RPEUH WHQGUtD XQ KRUL]RQWH PHQRU3RURWURODGRODLPDJHQVHUtDGHPDVLDGRWULXQIDOLVWDSRUTXH-HV~V YHQFHDORVHQHPLJRVDWUDYpVGHOVXIULPLHQWR\ODPXHUWH3DUD0DUFRV -HV~V HV XQD ILJXUD UHJLD \ XQ JXHUUHUR VDQWR $O FXHVWLRQDU OD ILOLDFLyQ GDYtGLFDGHO0HVtDVDSXQWDDODILOLDFLyQGLYLQD\DODH[DOWDFLyQFyVPLFD FRPRORVYHUGDGHURVKRUL]RQWHVGHOPHVtDV 6HJ~Q0DUFXVHOHYDQJHOLVWDDODPSOLDUHVWHKRUL]RQWHGHODLGHQWLGDG GHOPHVtDVVHxDODTXH-HV~VFXPSOHODVH[SHFWDWLYDVPHVLiQLFDVTXHRWURV MXGtRV UHYROXFLRQDULRV KDEtDQ UHFODPDGR HQ UHIHUHQFLD D 6LPRQ EDU *LRUD \ DGHPiV TXH -HV~V HV PiV TXH HVR SXHV QR VROR KD DVFHQGLGR KDFLD-HUXVDOpQVLQRTXHWDPELpQORKDKHFKRSRUHOFDPLQRFHOHVWLDOSDUD VHUHQWURQL]DGRDODGHUHFKDGH'LRVGRQGHHVLQYLWDGRDHVSHUDUDTXHeO SRQJDDVXVHQHPLJRVFRPRHVWUDGRGHVXVSLHV1RFRQVLGHUDHOWtWXOR +LMR GH 'DYLG VXILFLHQWHPHQWH DSURSLDGR SDUD -HV~V VLQR +LMR GH 'LRV 6LQ HPEDUJR HO WtWXOR WDPSRFR HV WRWDOPHQWH UHFKD]DGR DO YLQFXODUOR D VXVLPSOLFDFLRQHVHVFDWROyJLFDV 0iV FHQWUDGR HQ OD IXQFLyQ HVSHFtILFD TXH GHVDUUROOD OD WUDGLFLyQ HQ HVWH HYDQJHOLR HV HO WUDEDMR GH 6 + 6PLWK 3DUD HQWHQGHU ODV FRQFOXVLRQHVDODVTXHOOHJDHVSUHFLVRWHQHUHQFXHQWDGRVSUHVXSXHVWRV &ILELG 6WHSKHQ+6PLWK³7KH)XQFWLRQRIWKH6RQRI'DYLG7UDGLWLRQLQ0DUN¶V*RVSHO´ 176 (/0(6Ë$6+,-2'('$9,' VREUHORVTXHRSHUDTXHHVWHHYDQJHOLRIXHHVFULWRHQWRUQRDORVDxRV DQWHV GH OD GHVWUXFFLyQ GH -HUXVDOpQ \ TXH HVWi GLULJLGR D ORV FULVWLDQRVGH5RPD $ SDUWLU GHO DQiOLVLV GH 0F \ 0F FRQVLGHUD TXH 0DUFRVQRQLHJDHOPHVLDQLVPRGDYtGLFRGH-HV~VSHURHVPX\UHWLFHQWH UHVSHFWR D VX QDWXUDOH]D (Q DPERV FDVRV VH HYLWDQ UHSUHVHQWDFLRQHV GH -HV~VFRPRXQPHVtDVSROtWLFR\VHUHDILUPDODLGHDGHTXH-HV~VHV+LMR GH 'DYLG HQ XQ VHQWLGR GLIHUHQWH DO GH ODV H[SHFWDWLYDV SRSXODUHV 5HVSHFWR D VHxDOD TXH HQ HVWDHVFHQD VH SRQH HQ FXHVWLyQ TXp WLSR GH DVFHQGHQFLD GDYtGLFD VH HVWi LQGLFDQGR QR VL pVWD VH GD 6H GLVWLQJXH HQWUH OD YLVLyQ SROtWLFD GHO PHVLDQLVPR H[SUHVDGD SRU ORV HVFULEDVGH-HUXVDOpQ\ODYLVLyQpWLFDUHSUHVHQWDGDSRU-HV~V 3DUD6+6PLWKHOHYDQJHOLVWDKDUHWHQLGRHVWHWtWXORGHODWUDGLFLyQ\ OR KD DVRFLDGR FRQ -HUXVDOpQ \ VXV FHUFDQtDV SHUR VLHPSUH HYLWDQGR LPiJHQHV TXH SXHGDQ SUHVXSRQHU XQD H[SHFWDWLYD SROtWLFD (O DXWRU VH SUHJXQWDSRUTXp\ODUHVSXHVWDTXHGDHVTXH0DUFRVTXHUtDUHODWLYL]DU ODVSROpPLFDVHQWUH3DOHVWLQD\5RPD (QFRQFOXVLyQVHGHWHFWDQFXDWURWUD\HFWRULDVHQHOHVWXGLRGHOWtWXOR +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV XWLOL]DQGR PHWRGRORJtDV GH FDUiFWHUKLVWyULFRFUtWLFRVLELHQWRGRVORVHVWXGLRVDSDUHFHQLQWHJUDGRVHQ RWURV TXH WLHQHQ REMHWLYRV PiV DPSOLRV 'LFKDV WUD\HFWRULDV VH SXHGHQ GHVFULELUGHODVLJXLHQWHPDQHUD (QSULPHUOXJDUGLIHUHQWHVHVWXGLRVRVKDQWUDWDGRGHXELFDUHOVHQWLGR TXH HO HYDQJHOLVWD GD D HVWH WtWXOR HQ HO PDUFR PiV DPSOLR GH OD FULVWRORJtD SULPLWLYD 4XLHQHV KDQ UHDOL]DGR HVWH LQWHQWR KDQ GHWHFWDGR FLHUWD VLQJXODULGDG HQ OD LQWHUSUHWDFLyQ RIUHFLGD SRU 0DUFRV DXQTXH GLYHUJHQDODKRUDGHFRQVLGHUDUVXVLPSOLFDFLRQHVpVWDVVRQPtQLPDV\ GHEHQ FRPSUHQGHUVH D OD OX] GH OD SHUVSHFWLYD PD\RULWDULD RIUHFLGD HQ RWURV HVFULWRV QHRWHVWDPHQWDULRV )+DKQ UHIOHMDQ XQ FRQIOLFWR LQWUDHFOHVLDO6(-RKQVRQRVHDMXVWDQDODFULVWRORJtDHQGRVHVWDGLRV FRQILUPiQGRVH DVt TXH HO WtWXOR IXH RWRUJDGR D -HV~V HQ XQ FRQWH[WR SRVWSDVFXDO&%XUJHU (Q VHJXQGR OXJDU HVWXGLRV FHQWUDGRV HQ HO DQiOLVLV GH ODV SHUtFRSDV PDUTXLDQDVTXHFRQWLHQHQHOWtWXORGLILHUHQDODKRUDGHHVWDEOHFHUVLVX XVR SHUWHQHFH D OD WUDGLFLyQ 3-$FKWHPHLHU D XQD HWDSD SRVWHULRU (6-RKQVRQ R VRQ XQD LQVHUFLyQ GHO UHGDFWRU ILQDO 9.5REELQV .HOEHU 6HJ~Q VH DVXPD XQR X RWUR SUHVXSXHVWR ORV DXWRUHV YDUtDQ DO HYDOXDU OD LPSRUWDQFLD RWRUJDGD D HVWH WtWXOR SRU HO HYDQJHOLVWD HQ HO FRQMXQWRGHVXFULVWRORJtDVLELHQODPD\RUtDGHWHFWDXQDDPELJHGDGHQ VX XVR /D H[FHSFLyQ PiV VLJQLILFDWLYD D HVWD FRQFOXVLyQ HV OD GH ,1752'8&&,Ï1 )-0DWHUDTXLHQFRQVLGHUDTXHODVFDWHJRUtDVPHVLiQLFRGDYtGLFDVHQVX SHUVSHFWLYDUHJLDDOFDQ]DQXQDJUDQLPSRUWDQFLDHQHVWHHYDQJHOLR (QWHUFHUOXJDUGLYHUVRVHVWXGLRVKDQSURIXQGL]DGRHQODSRVLELOLGDG GH TXH 0DUFRV UHFRMD FRPR WUDVIRQGR OD LPDJHQ GH 6DORPyQ FRPR H[RUFLVWD\pVWDVHDODTXHHVWpGHWUiVGHODDSOLFDFLyQGHOWtWXORGH+LMRGH 'DYLG D -HV~V %&KLOWRQ -+&KDUOHVZRUWK 'HVGH HVWD SHUVSHFWLYD FXHVWLRQDQTXHHOWtWXORWHQJDLPSOLFDFLRQHVPHVLiQLFDV (Q FXDUWR OXJDU ORV WUDEDMRV GH -0DUFXV \ 6+6PLWK GLULJHQ VXV HVIXHU]RV D DFODUDU HO KRUL]RQWH DO TXH DSXQWD HO WtWXOR HQ Vt PLVPR DSOLFDGR D -HV~V HQ HVWH HYDQJHOLR WHQLHQGR HQ FXHQWD ODV H[SHFWDWLYDV SRSXODUHV \ OD GLPHQVLyQ HVFDWROyJLFD TXH DOFDQ]y HQ HO FRQWH[WR GH OD UHYXHOWDMXGtD \ GH OD GHVWUXFFLyQ GH-HUXVDOpQ HV GHFLUHQ OD pSRFDHQ TXHVHFRPSXVRHOHYDQJHOLR (Q JHQHUDO VH SXHGH DILUPDU TXH GHVGH OD SHUVSHFWLYD KLVWyULFR FUtWLFDORVUHVXOWDGRVVXUJHQGHIRUPDLQGLUHFWDSULQFLSDOPHQWHDUDt]GHO DQiOLVLVGHWUHVSHUtFRSDVODFXUDFLyQGHOFLHJR%DUWLPHR0F OD OOHJDGD GH -HV~V D -HUXVDOpQ \ OD FRQWURYHUVLD GH -HV~V FRQ ORV HVFULEDV VREUH OD DVFHQGHQFLD GDYtGLFD GHO 0HVtDV (Q DOJXQRVFDVRVpVWDVVHUHODFLRQDQWDPELpQFRQHOUHODWRGHODSDVLyQ /RVHVWXGLRVRVGLYLGHQVXVRSLQLRQHVDFHUFDGHOPRGRHQTXH0DUFRV HQWLHQGHHOWtWXOR\HQTXpJUDGRpVWHSXHGHRQRFRQVLGHUDUVHSRVLWLYR/D E~VTXHGD GH XQD FRQVLVWHQFLD HQWUH ODV WUHV SHUtFRSDV FRQGXFH SULQFLSDOPHQWHDGRVYLVLRQHVSDUDXQRVODILOLDFLyQGDYtGLFDGH-HV~VHV SURIXQGDPHQWH FXHVWLRQDGD SRU HO HYDQJHOLVWD (VWR VH GHGXFH SULQFLSDOPHQWH D SDUWLU GH OD H[pJHVLV GH \ VH FRQILUPD DQDOL]DQGRODVRWUDVGRVHVFHQDV'HVGHHVWDSHUVSHFWLYDODLQWHQFLyQGHO HYDQJHOLVWD KDEUtD VLGR HYLWDU OD LGHQWLILFDFLyQ GH -HV~V FRQ HO 0HVtDV +LMRGH'DYLG3DUDRWURVHQFDPELRQRVXSRQHXQDYLVLyQWDQ QHJDWLYD KD\ XQD DFHSWDFLyQ FXDOLILFDGD GHO WtWXOR SHUR VXERUGLQDGR D RWURHVWDWXVGH-HV~VSDUDHQIDWL]DUTXHeOHVPiVTXHHO+LMRGH'DYLG FRQFUHWDPHQWHHO+LMRGH'LRV(VWH~OWLPRDUJXPHQWRHVWDUtDYLQFXODGRD ODFRQFHSFLyQGHODFULVWRORJtDHQGRVHVWDGLRVDPSOLDPHQWHDFHSWDGDHQ HOFULVWLDQLVPRQDFLHQWH $SRUWDFLRQHVGHORVPpWRGRVQDUUDWLYRV $ SDUWLU GH ORV DxRV OD DSOLFDFLyQ GH OD FUtWLFD QDUUDWLYD D OD H[pJHVLV EtEOLFD KD SHUPLWLGR RWUD VHULH GH LQWHUSUHWDFLRQHV VREUH HO VHQWLGR GH ODV WUDGLFLRQHV GHO 0HVtDV +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV'HVGHHODQiOLVLVGHODQDUUDWLYDLQWHUQDGHODREUDVHKDSXHVWR (/0(6Ë$6+,-2'('$9,' GHPDQLILHVWRHOPRGRHQTXHpVWH\RWURVWtWXORVFULVWROyJLFRVIXQFLRQDQ DQLYHOGHODKLVWRULD\GHOGLVFXUVR(VWRVXSRQHXQFDPELRGHSDUDGLJPD PHWRGROyJLFR UHVSHFWR D ORV DQWHULRUHV DXWRUHV SXHV WDO FRPR VH KD PRVWUDGR VXV FRQFOXVLRQHV WLHQHQ HQ FXHQWD HQ JUDQ PHGLGD HYLGHQFLDV H[WHUQDVDOUHODWRDSDUWLUGHORTXHVLJQLILFDEDODH[SUHVLyQ+LMRGH'DYLG HQ VX WUD\HFWRULD KLVWyULFD \ HVSHFLDOPHQWH HQ WLHPSRV GH -HV~V \ GHO FULVWLDQLVPR SULPLWLYR /RV SDUWLGDULRV GH OD PHWRGRORJtD QDUUDWLYD KDQ SUHVFLQGLGR JHQHUDOPHQWH GH ORV LQWHQWRV GLDFUyQLFRV SRU VHSDUDU ODV WUDGLFLRQHV GLVSRQLEOHV D 0DUFRV GH VXV SURSLDV DSRUWDFLRQHV SDUD FRQFHQWUDUVHHQORVDVSHFWRVVLQFUyQLFRV 4XLHQHV KDQ XWLOL]DGR DSUR[LPDFLRQHV QDUUDWLYDV DO WHPD KDQ FXHVWLRQDGR DGHPiV TXH OD IRFDOL]DFLyQ HQ HO XVR GH ORV WtWXORV VHD HO PHMRU PRGR GH DFFHGHU D OD FULVWRORJtD GH 0DUFRV HQ OXJDU GH H[SORUDU FyPRpVWDHPHUJHDORODUJRGHOUHODWR (O SULPHU LQWHQWR SRU DERUGDU OD FULVWRORJtD GHO HYDQJHOLR GH 0DUFRV DSOLFDQGR XQ PpWRGR QDUUDWLYR IXH UHDOL]DGR SRU - ' .LQJVEXU\ $OWUDWDUGHGLVWDQFLDUVHGHODVFULVWRORJtDVFHQWUDGDVHQHODQiOLVLV GHORVWtWXORVHVWXGLDFyPRHOHYDQJHOLVWDKDGHVDUUROODGRHOVHFUHWRGHOD LGHQWLGDGGH-HV~V\VXSURJUHVLYRGHVYHODPLHQWR5HVSHFWRDODFDWHJRUtD +LMRGH'DYLGFRQVLGHUDTXH0DUFRVKDLGHQWLILFDGRD-HV~VFRPRWDOVL ELHQHVWDGHVLJQDFLyQHVLQVXILFLHQWHSXHVHOVHFUHWRGHVXLGHQWLGDGHVWi PiVHVWUHFKDPHQWHXQLGRDODYHUGDGGHVXILOLDFLyQGLYLQD (QVXDQiOLVLVGHODWUDPDGHOHYDQJHOLR-'.LQJVEXU\VXEUD\DTXH D SDUWLU GH OD FRQIHVLyQ GH &HVDUHD 0DUFRV DOWHUD HO PRGR GH WUDWDU HO WHPDGHODLGHQWLGDGGH-HV~VSXHV\DQRVHUiQORVHVStULWXVTXLHQHVGLJDQ TXLpQ HV VLQR VHUHV KXPDQRV eVWRV LUiQ GHVYHODQGR TXLpQHV-HV~VHQWUHVHWDSDV3HGURORSURFODPD0HVtDV%DUWLPHR OR DFODPD FRPR +LMR GH 'DYLG \ HO FHQWXULyQ URPDQR FRPR +LMR GH 'LRV - ' .LQJVEXU\ FRQVLGHUD TXH -HV~V DFHSWD OD DFODPDFLyQGH%DUWLPHR\SRUWDQWRTXHHVDGHFXDGRHOWtWXORDSOLFDGRD -HV~V VL VH WLHQH HQ FXHQWD HO FRQWH[WR GH FXUDFLyQ HQ TXH VH VLW~D HV GHFLU-HV~VHVHO+LMRGH'DYLGSHURQRFRPRXQUH\JXHUUHURVLQRFRPR DOJXLHQ TXH GHVDUUROOD VX DXWRULGDG SDUD RWRUJDU FRPSDVLyQ D ORV DIOLJLGRV -HV~V SRU WDQWR FXPSOLUtD GH PDQHUD LQHVSHUDGD ODV H[SHFWDWLYDVHVFDWROyJLFDVDVRFLDGDVFRQ'DYLG/DSHUtFRSDGHODHQWUDGD WULXQIDO VLJXH HQ HVWD OtQHD SHUR HO WtWXOR VH FRQVLGHUD LQVXILFLHQWH WDO -DFN 'HDQ .LQJVEXU\ 7KH &KULVWRORJ\ RI 0DUN¶V *RVSHO 3KLODGHOSKLD 3$ )RUWUHVV3UHVV 7UDWD HVWH DVSHFWR GH OD FULVWRORJtD HQ HO FDStWXOR ,,, ³7KH &KULVWRORJ\ RI 0DUN 7KH'DYLGLF0HVVLDK.LQJWKH6RQRI*RG´SS ,1752'8&&,Ï1 FRPR VH FRQVWDWD HQ OD GLVFXVLyQ GHVDUUROODGD HQ 6HJ~Q .LQJVEXU\DWUDYpVGHHVWDHVFHQDVHFRUULJHHOSXQWRGHYLVWDHYDOXDWLYR GH%DUWLPHRDIDYRUGHOGH'LRVPLVPR)LQDOPHQWHFDEHVHxDODUTXHHQ ODSDVLyQ-HV~VDVXPHHOWtWXORGHUH\GHORVMXGtRVVLELHQVHDOHMD GHVXGLPHQVLyQSROtWLFD 7DPELpQ GHVGH XQD SHUVSHFWLYD QDUUDWLYD SHUR FRPELQDQGR RWURV HOHPHQWRV ( . %URDGKHDG UHDOL]D XQ DQiOLVLV GHVFULSWLYR GH ORVWtWXORVTXHDSDUHFHQHQHOHYDQJHOLRGH0DUFRV(VWXGLDORVSDWURQHV OLWHUDULRV\ODVHVWUDWHJLDVHPSOHDGDVHQORVQRPEUHVGDGRVD-HV~V\DO PLVPR WLHPSR WUDWD GH HVWDEOHFHU FRQH[LRQHV FRQ LPSRUWDQWHV DVSHFWRV KLVWyULFRV \ WHROyJLFRV LPSOLFDGRVHQ GLFKRVWtWXORV5HVSHFWR D +LMR GH 'DYLGUHFRQRFHTXHVXSULQFLSDOVLJQLILFDGRKLVWyULFRHVPHVLiQLFRSHUR FRQVLGHUD TXH 0DUFRV FRQVWUX\H HO VX\R SURSLR DVRFLDQGR HO WtWXOR D OD FRPSDVLyQ SRGHURVD GH -HV~V \ D OD DXWRULGDG GHO PHVtDV /D QDUUDFLyQ QR KDFH QDGD SRU FRQILUPDU R QHJDU HO WtWXOR DSOLFDGR D -HV~V QL OR GHVDUUROOD GH QLQJXQD PDQHUD (Q HVWH HYDQJHOLR -HV~V QR HV HO WULXQIDGRU GDYtGLFR SHUR WDPSRFR VH SXHGH HVWDEOHFHU VHSDUDFLyQ HQWUH VX HVWDWXV WHUUHQDO \ FHOHVWLDO (O HYDQJHOLVWD VH HVWDUtD VHSDUDQGRGHODVOtQHDVWUDGLFLRQDOHVGHGHVDUUROORGHHVWHWtWXORSHURVLQ OOHJDU D QHJDUOR (Q FXDOTXLHU FDVR +LMR GH 'DYLG QR MXJDUtD QLQJ~Q SDSHOUHOHYDQWHHQODFDUDFWHUL]DFLyQGH-HV~V 5HVSHFWRDODREUDGH%URDGKHDGFDEHGHVWDFDUXQDFXHVWLyQDOWUDWDU HO WtWXOR GH UH\ DSOLFDGR D -HV~V VHxDOD HO PLVPR WUDVIRQGR KLVWyULFR SDUD pVWH TXH SDUD +LMR GH 'DYLG SHUR QR HVWDEOHFH QDUUDWLYDPHQWH QLQJXQD YLQFXODFLyQ HQWUH DPERV GH PRGR TXH SXHGD GDUVH XQD FRQFOXVLyQFRP~Q&RQVLGHUDTXHODFDUDFWHUL]DFLyQGH-HV~VFRPRUH\HV WRWDOPHQWHUHFKD]DGD 6LQHPEDUJR FRPR VH KD VHxDODGROD GH+LMR GH 'DYLGVHPDQWHQGUtDHQXQDFLHUWDDPELYDOHQFLD (VWD PLVPD FRQFOXVLyQ HV OD TXH H[SRQH HQ RWUD REUD SRVWHULRU &RQIOLFWR HQ 0DUFRV -HV~V DXWRULGDGHV GLVFtSXORV WUDG 5XILQR *RGR\ &yUGRED (O $OPHQGUR $SOLFDQGR GH QXHYR HO PpWRGR OLWHUDULR H[SRQH HO GHVDUUROOR QDUUDWLYR GHO HYDQJHOLRGH0DUFRVFHQWUiQGRVHHQHOFRQIOLFWRGH-HV~VFRQODVDXWRULGDGHVMXGtDV\FRQ ORVGLVFtSXORV(QHODQiOLVLVVREUH-HV~VFRPR+LMRGH'DYLGSSVXEUD\DTXHHVWH WtWXORHVFRQVLGHUDGRDGHFXDGRSRUHOHYDQJHOLVWDSDUDDSOLFDUORD-HV~VSHURLQVXILFLHQWH -HV~V HV HO +LMR GH 'DYLG SRUTXH HV GHVFHQGLHQWH VX\R VLQ HPEDUJR HV PiV TXH HVR SRUTXHHVHO+LMRGH'LRV (GZLQ . %URDGKHDG 1DPLQJ -HVXV 7LWXODU &KULVWRORJ\ LQ WKH *RVSHO RI 0DUN -6176XS6KHIILHOG6KHIILHOG$FDGHPLF3UHVV ,ELG ,ELG (/0(6Ë$6+,-2'('$9,' (QRWUDOtQHDGLIHUHQWH63$KHDUQH.UROOSXEOLFDXQHVWXGLR VREUH ORV VDOPRV GH ODPHQWDFLyQ LQGLYLGXDO HYRFDGRV HQ HO UHODWR GH OD SDVLyQGHOHYDQJHOLRGH0DUFRV/DILQDOLGDGHVSRQHUGHPDQLILHVWRHO PRGRHQTXHGLFKDVHYRFDFLRQHVUHVSRQGHQDOLQWHUpVGHOHYDQJHOLVWDSRU XWLOL]DUODLPDJHQGHOUH\'DYLGVXIULHQWHFRPRSDUWHGHODFDUDFWHUL]DFLyQ PXOWLIDFpWLFDGH-HV~VGHVSOHJDGDDORODUJRGHOHYDQJHOLR+DFHXVRHQVX DQiOLVLVGHODWHRUtDQDUUDWROyJLFDGH3DXO5LFRHXU7LHPSR\1DUUDFLyQ DXQTXH DSOLFD ODV KHUUDPLHQWDV GHO DQiOLVLV GLDFUyQLFR FXDQGR OR FRQVLGHUDRSRUWXQR 7UDVGHOLPLWDUORVVDOPRVGHODPHQWDFLyQLQGLYLGXDOTXHDSDUHFHQHQ HOUHODWRGHODSDVLyQLQGLFDQGRTXpORVFDUDFWHUL]DVXEUD\DHOKHFKRGH TXHODLPDJHQGH'DYLGFRPRSRHWDOOHJyDIRUPDUSDUWHGHOLPDJLQDULR MXGtR \ GH DKt TXH SXHGD GLVFXWLUVH OD SRVLELOLGDG GH TXH 0DUFRV DO XWLOL]DUVDOPRVHQHVWHUHODWRSUHWHQGDDVRFLDUD-HV~VFRQ'DYLG ,QWHQWD PRVWUDU TXH HVWD SHUVSHFWLYD HVWi SUHSDUDGD HQ ORV FDStWXORV DQWHULRUHV 0F GRQGH -HV~V HV SUHVHQWDGR HQ UHODFLyQ FRQ 'DYLG GLVWDQFLiQGRVHGHORVDVSHFWRVPLOLWDULVWDVGHOPHVLDQLVPRGDYtGLFRSHUR PDQWHQLHQGRGLFKDDVRFLDFLyQ$QDOL]DORVSDVDMHVGRQGHKD\UHIHUHQFLDV PHVLiQLFDVVLJQLILFDWLYDV\VXEUD\D HOKHFKRGHTXHDPHGLGDTXHODPLVLyQGH-HV~VVHYDIRFDOL]DQGRHQOD HQWUHJD SRU PXFKRV pVWDV DXPHQWDQ 7HQLHQGR HQ FXHQWD TXH ORV FDStWXORV ± KDQ SUHSDUDGR DO OHFWRU SDUD HO VXIULPLHQWR GHO 0HVtDV \ TXH ± KDQ XQLGR D -HV~V FRQ 'DYLG FRQVLGHUD TXH HO UHODWR GH OD SDVLyQUHODFLRQDUiDPERVDVSHFWRV\DTXH-HV~VVHUiSUHVHQWDGRVXIULHQGR HQVXHQWUHJDFRPRXQDILJXUDGDYtGLFDUHJLDTXHGDQGRFDUDFWHUL]DGRGH HVWHPRGRFRPRHOPHVtDVVXIULHQWH /DSULQFLSDOFRQFOXVLyQHVTXHDWUDYpVGHORVVDOPRVHYRFDGRVHQHO UHODWR GH OD SDVLyQ VH H[SUHVD XQD DQDORJtD HQWUH -HV~V \ 'DYLG TXH SHUPLWH FDUDFWHUL]DU D -HV~V FRPR XQD ILJXUD UHJLD TXH LQWHQWD FRPSUHQGHU HO VLJQLILFDGRGH VX VXIULPLHQWR D OD OX] GH VX UHODFLyQ FRQ 'LRV (Q UHVXPHQ OR TXH DSRUWD $KHDUQH.UROO HV XQD UHGHILQLFLyQ GH 0HVtDV+LMRGH'DYLGHQ0DUFRVQLHJDVXLPDJHQPLOLWDULVWD\WHUUHQDO SHURQRODUHJLDTXHVHVRVWLHQHDWUDYpVGHO6DOPR/;;²SXHVHVWH VDOPRHQIDWL]DORVDVSHFWRVFHOHVWHVGHHVWDLPDJLQHUtD²\DWUDYpVGHORV VDOPRVGHOUHODWRGHODSDVLyQ 6WHSKHQ 3 $KHDUQH.UROO 7KH 3VDOPV RI /DPHQW LQ 0DUN¶V 3DVVLRQ -HVXV¶ 'DYLGLF6XIIHULQJ617606&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV ,1752'8&&,Ï1 /DVFRQFOXVLRQHVGHHVWRVWUHVDXWRUHVVHUiQVHULDPHQWHUHEDWLGDVSRU (6WUXWKHUV0DOERQ SXHV FRQVLGHUD TXH WRGRV HOORV VLJXHQ SUHVWDQGRPiVDWHQFLyQDFXHVWLRQHVWHROyJLFDVTXHDDVSHFWRVOLWHUDULRV\ QDUUDWLYRV 6WUXWKHUV 0DOERQ DERUGD GH PDQHUD H[KDXVWLYD OD FDUDFWHUL]DFLyQ GH -HV~V HQ HO HYDQJHOLR GH 0DUFRV GHVGH XQD SHUVSHFWLYD H[FOXVLYDPHQWH QDUUDWLYD6XILQDOLGDGHVLUGHVHQWUDxDQGRORVGLIHUHQWHVQLYHOHVGHOUHODWR \ HO PRGR HQ TXH D WUDYpV GH HOORV TXHGD VXJHULGR TXLpQ HV -HV~V $WHQGLHQGR D OD QDWXUDOH]D QDUUDWLYD GHO HYDQJHOLR OD DXWRUD YD FRQVWUX\HQGR XQD FULVWRORJtD QDUUDWLYD GRQGH OD SUHJXQWD SRU -HV~V VH PXHYHGHQWURGHODKLVWRULDTXHVHFXHQWD$OQRSUR\HFWDUFRQVWUXFFLRQHV QDUUDWLYDV R WHROyJLFDV DMHQDV DO UHODWR SRQH GH PDQLILHVWR FyPR OD FDUDFWHUL]DFLyQ GH -HV~V HPHUJH D WUDYpV GH GLIHUHQWHV \X[WDSRVLFLRQHV TXHQRVHSXHGHQDUPRQL]DUHQWUHVtIiFLOPHQWH\TXHH[SUHVDQODWHQVLyQ FRQTXHHODXWRULPSOtFLWRGHOHYDQJHOLRGH0DUFRVKDTXHULGRSUHVHQWDUD -HV~V 3DUD OOHYDU D FDER HVWD WDUHD WRPD HQ FRQVLGHUDFLyQ XQ SUHVXSXHVWR QDUUDWROyJLFRIXQGDPHQWDOTXHDOSHUVRQDMHGHXQUHODWRVHOHFRQRFHQR VRORSRUORTXHGLFH\KDFHVLQRWDPELpQSRUORTXHRWURVSHUVRQDMHVGLFHQ \ KDFHQ HQ UHODFLyQ D pO GH DKt TXH HO LQWHUpV QR HVWp FHQWUDGR HQ FXHVWLRQHVFRQFUHWDVFRPRSRUHMHPSORORVWtWXORVVLQRHQHOGHVDUUROOR GH GLFKD FDUDFWHUL]DFLyQ D P~OWLSOHV QLYHOHV WHQLHQGR HQ FXHQWD FXDWUR DVSHFWRVORTXH-HV~VKDFH(QDFWHG&KULVWRORJ\ORTXHRWURVGLFHQGH -HV~V 3URMHFWHG &KULVWRORJ\ OR TXH -HV~V UHVSRQGH 'HIOHFWHG &KULVWRORJ\ OR TXH -HV~V GLFH HQ OXJDU GH OR TXH RWURV GLFHQ GH pO 5HIUDFWHG&KULVWRORJ\\ORTXHRWURVKDFHQUHIOHMDQGRDVtTXLpQHV-HV~V 5HIOHFWHG &KULVWRORJ\ (Q HVWH HVTXHPD HO DQiOLVLV GH OD FDWHJRUtD 0HVtDV+LMRGH'DYLGORVLW~DHQUHIHUHQFLDDORTXHRWURVGLFHQGH-HV~V \DODUHVSXHVWDTXHeOGD $OH[SRQHUHOPRGRHQTXHIXQFLRQD+LMRGH'DYLGGHVGHODQDUUDWLYD LQWHUQDGHODREUDVHGLVWDQFLDGHTXLHQHVFRQVLGHUDQTXHODLQYRFDFLyQGH +LMRGH'DYLGHVDFHSWDGDSRU-HV~V\SRUHOQDUUDGRU(QHOHYDQJHOLRGH 0DUFRVVROR-HV~V\%DUWLPHRXWLOL]DQHOWtWXOR$XQTXHQRVHVHSDORTXH VLJQLILFDHQVtPLVPRGHVGHODSURSLDQDUUDFLyQVHREVHUYDTXHFXDQGR %DUWLPHRORXWLOL]D-HV~VSDUHFHLJQRUDUOR\FXDQGRORKDFH-HV~VHVSDUD GLVFXWLUVLHOPHVtDVSXHGHVHUKLMRGH'DYLG7DPSRFRKD\UHDFFLyQSRU SDUWH GH -HV~V QL GHO QDUUDGRU FXDQGR ODV PXOWLWXGHV D OD HQWUDGD GH (OL]DEHWK 6WUXWKHUV 0DOERQ 0DUNV -HVXV &KDUDFWHUL]DWLRQ DV 1DUUDWLYH &KULVWRORJ\:DFR7;%D\ORU8QLYHUVLW\3UHVV (/0(6Ë$6+,-2'('$9,' -HUXVDOpQ OH DFODPDQ UHODFLRQiQGROR FRQ HO 5HLQR GH QXHVWUR SDGUH 'DYLG 6WUXWKHUV 0DOERQ FRQVLGHUD TXH HO HOHPHQWR PiV LPSRUWDQWH SDUD HYDOXDU HO WtWXOR HV OR TXH -HV~V UHVSRQGH D OR TXH GLFHQ ORV HVFULEDV /DFXHVWLyQGHODDVFHQGHQFLDGDYtGLFDGHO0HVtDVLOXVWUDOD FUHDWLYLGDG GHO DXWRU LPSOtFLWR \ FODULILFD HO SXQWR GH YLVWD GHO -HV~V PDUTXLDQR(OUHFKD]RGHODDSOLFDFLyQGH+LMRGH'DYLGD0HVtDVHVOD FRQFOXVLyQPiVREYLDSDUDHVWHSDVDMHORFXDOHVWiHQFRQVRQDQFLDFRQHO KHFKRGHTXHODLGHQWLGDGGH-HV~VFRPR+LMRGH'DYLGVRORVHDGLFKDSRU %DUWLPHR FXDQGR HVWi FLHJR 3DUD 0DOERQ HQ VH MXQWDQ GRV DUJXPHQWRVSRUORVFXDOHVVHJ~QHVWDSHUtFRSDHO0HVtDVQRSXHGHVHUHQ QLQJ~Q PRGR +LMR GH 'DYLG HQ SULPHU OXJDU SRUTXH 'DYLG QR SXHGH OODPDUOH 6HxRU \ HQ VHJXQGR OXJDU SRUTXH UHSUHVHQWD XQ PRGHOR HVWHUHRWLSDGR GH SHQVDPLHQWR TXH UHFRJHQ ORV HQHPLJRV GH -HV~V FX\D LGHRORJtDHVUHFKD]DGDSRUeODORODUJRGHWRGRHOHYDQJHOLR /RVHVFULEDVQRSXHGHQVHUTXLHQHVWHQJDQXQDYLVLyQDGHFXDGD GHVXSHUVRQD 7DPSRFRSXHGHGHGXFLUVHGHODSURSLDQDUUDFLyQXQDGLFRWRPtDHQWUH ORV DVSHFWRV FHOHVWLDOHV \ WHUUHQRV GHO +LMR GH 'DYLG QL XQD YLVLyQ SUROpSWLFD GHOWtWXOR TXH DSOLFDGR D-HV~V VH UHFKD]D GHVGH OD QDUUDWLYD LQWHUQDGHODQDUUDFLyQ$HVWRVHXQHTXHQLHOQDUUDGRUQLODYR]GH'LRV GLFHQ QDGD DFHUFD GH HOOR SRVLWLYD R QHJDWLYDPHQWH (O QDUUDGRU QXQFD PHQFLRQD DO +LMR GH 'DYLG SHUR HO ³-HV~V GH 0DUFRV´ DUJXPHQWD HQ FRQWUD GH TXH HO PHVtDV OR VHD WDO FRPR LQGLFDQ ORV HVFULEDV 'H HVWH PRGRODVWUHVSHUVSHFWLYDVPiVLPSRUWDQWHVSDUDHYDOXDUODLGHQWLGDGGH -HV~V SRU HO DXWRU LPSOtFLWR OD YR] GH 'LRV HO -HV~V PDUTXLDQR \ HO QDUUDGRU QR GLFHQ QDGD R OR FRQIURQWDQ 'H HVWH PRGR GHVGH OD FULVWRORJtDQDUUDWLYDQRVHSXHGHGHFLUTXH0HVtDV+LMRGH'DYLGVHDXQ DVSHFWR LPSRUWDQWH GH OD LGHQWLGDG GH -HV~V VHJ~Q HO HYDQJHOLR GH 0DUFRV (QFRQFOXVLyQODDSOLFDFLyQGHORVPpWRGRVQDUUDWLYRVDOHYDQJHOLRGH 0DUFRV KD LOXPLQDGR OD FDUDFWHUL]DFLyQ TXH RIUHFH HO HYDQJHOLVWD VREUH -HV~VFRPR+LMRGH'DYLGGHVGHODSHUVSHFWLYDGHOHYDQJHOLRFRPSOHWR\ SUHVFLQGLHQGR HQ OD PHGLGD GH OR SRVLEOH GH VLJQLILFDGRV H[WHUQRV $~Q DVtODVFRQFOXVLRQHVGHORVDXWRUHVVRQGLIHUHQWHVVHFRQVLGHUDXQWtWXOR DGHFXDGR SHUR TXH HV UHHYDOXDGR HQ VXV LPSOLFDFLRQHV .LQJVEXU\ XQ WtWXOR TXH QL VH FRQILUPD QL VH QLHJD SHUR HQ FXDOTXLHU FDVR FRQ XQD PtQLPDUHOHYDQFLD%URDGKHDGXQWtWXORTXHDSR\DODLGHQWLILFDFLyQGH -HV~V FRQ 'DYLG TXH VH GD SULQFLSDOPHQWH HQ HO UHODWR GH OD 3DVLyQ ,ELG ,1752'8&&,Ï1 $KHDUQH.UROORXQWtWXORTXHVHUHFKD]DHQODFDUDFWHUL]DFLyQGH-HV~V 6WUXWKHUV 0DOERQ /D GLIHUHQFLD HQWUH ODV FRQFOXVLRQHV VH EDVD HQ HO PRGRGHDSOLFDUODPHWRGRORJtDQDUUDWLYDVLELHQGHVGHHVWDSHUVSHFWLYDOD EDODQ]D VH LQFOLQD KDFLD OD FRQVWDWDFLyQ GH TXH +LMR GH 'DYLG QR HV DGHFXDGR SDUD LQGLFDU OD LGHQWLGDG GH -HV~V ,QGHSHQGLHQWHPHQWH GH OR TXH HOWtWXORVLJQLILTXH HOPRGR HQ TXH HV WUDtGRDOD QDUUDFLyQ LPSOLFD XQDYDORUDFLyQGHOPLVPRDOPHQRVDPELJXD 9DORUDFLyQILQDO $ OD YLVWD GH HVWDV DSRUWDFLRQHV OD SULPHUD DILUPDFLyQ TXH VH SXHGH UHDOL]DUHVTXHDSHVDUGHODVDSDULHQFLDVODVWUDGLFLRQHVVREUHHO+LMRGH 'DYLG HQ HO HYDQJHOLR GH 0DUFRV QR KDQ UHFLELGR XQ WUDWDPLHQWR VLVWHPiWLFRVLQRVRORVHFXQGDULR\HQIXQFLyQGHRWURVLQWHUHVHV/DUD]yQ SULQFLSDO HVWDUtD UHODFLRQDGD FRQ HO KHFKR GH TXH VH FRQVLGHUD XQD WUDGLFLyQ PDUJLQDO HQ HVWH HYDQJHOLR VREUH WRGR VL VH FRPSDUD FRQ HO OXJDU TXH RFXSD HQORV HYDQJHOLRVGH 0DWHR \ /XFDV HQ HOOLEUR GHORV +HFKRV GH ORV $SyVWROHV R HQ ODV IyUPXODV FULVWROyJLFDV PiV DQWLJXDV UHFRJLGDVHQGLIHUHQWHVHVFULWRVGHO1XHYR7HVWDPHQWR $ SHVDU GH ODV GLYHUJHQFLDV HO UHFRUULGR JHQHUDO SRU ORV HVWXGLRV UHDOL]DGRVSRQHGHPDQLILHVWRODGLILFXOWDGTXHH[LVWHSDUDDERUGDUFyPR DVXPH0DUFRVHVWHWtWXOR3RUXQODGRODVUHIHUHQFLDVVRQSRFRFODUDVSRU RWURQRUHVSRQGHQDODLPDJHQMXGtDGHOPHVLDQLVPRGDYtGLFRQLWDPSRFR DVXDVXQFLyQFULVWLDQD\HOORSODQWHDFODUDPHQWHXQDGLILFXOWDG6LQRVH UHFRQRFH XQ UHFKD]R H[SOtFLWR DO WtWXOR DSOLFDGR D -HV~V HQ 0DUFRV VH DUJXPHQWD VX DFHSWDFLyQ SHUR SUR\HFWDQGR HVWD FDWHJRUtD KDFLD GLPHQVLRQHVHVFDWROyJLFDVRUHFRQRFLHQGRTXHTXHGDVXSHUDGDSRUODGH +LMRGH'LRV(QFXDOTXLHUFDVRORVHVWXGLRVFRLQFLGHQDOVHxDODUTXHHO WUDWDPLHQWR TXH HO HYDQJHOLVWD GD D ODV WUDGLFLRQHV GDYtGLFDV UHVXOWD XQD SLH]DGHVFRQFHUWDQWHGHODFULVWRORJtDSULPLWLYD6LQHPEDUJRPX\SRFRV KDQDERUGDGRFXiOHVHOPRWLYRGHHVWDWHQVLyQ 7RGRHOORSHUPLWHVXJHULUODVVLJXLHQWHVSLVWDVSDUDODLQYHVWLJDFLyQ (V SUHFLVR UHDOL]DU SRU Vt VROR XQ HVWXGLR VLVWHPiWLFR GHO XVR GHO WtWXOR HQ 0DUFRV GHVGH XQD PHWRGRORJtD DGHFXDGD GH PRGR TXH ODV FRQFOXVLRQHVDODVTXHVHOOHJXHQQRHVWpQVXSHGLWDGDVDORVLQWHUHVHVSRU DERUGDURWURVWHPDV(QGLFKRHVWXGLRVHGHEHSODQWHDUHQSURIXQGLGDGOD SUHJXQWDSRUHOPRGRHQTXH0DUFRVDVXPHHVWHWtWXORWUDGLFLRQDO\SRUOD RULHQWDFLyQTXHOHGD 'HQWUR GHO WUDWDPLHQWR HVSHFtILFR GHO WtWXOR +LMR GH 'DYLG HQ 0DUFRVVHKDSUHVWDGRVXILFLHQWHDWHQFLyQDODVSHUtFRSDVTXHORUHFRJHQ (/0(6Ë$6+,-2'('$9,' HQODVHFFLyQGH-HUXVDOpQ0F±SHURFRQIUHFXHQFLDORVUHVXOWDGRV VHGHVOLJDQGHODVLPERORJtDUHJLDDSOLFDGDD-HV~VDORODUJRGHOUHODWRGH OD 3DVLyQ ± GH OD SHUVSHFWLYD TXH RIUHFH HVWH HYDQJHOLR VREUH HO PHVLDQLVPR\GHOPRGRHQTXHSUHVHQWDHODXWRUORVRUtJHQHVKXPDQRVGH -HV~V HQ UHODFLyQ D VX DVFHQGHQFLD IDPLOLDU (V QHFHVDULR SRU WDQWR DFODUDU HQ TXp PHGLGD +LMR GH 'DYLG VXSRQHLPSOtFLWDPHQWH 5H\ GH ORV MXGtRVHYDOXDUODYLQFXODFLyQHQWUHDPERVDVSHFWRVSRQLHQGRHQUHODFLyQ HO PRGR HQ TXH HO HYDQJHOLVWD SUHVHQWD OD PXHUWH GH -HV~V FRQ VX SUHWHQVLyQPHVLiQLFD\DQDOL]DUVLDOJXQRVGHHVWRVDVSHFWRVVHYLQFXODQR QR D VX DVFHQGHQFLD 3DUD HOOR HV QHFHVDULR FHQWUDUVH HQ ORV UHFXUVRV QDUUDWLYRVXWLOL]DGRVSRU0DUFRVGHPRGRTXHVHSXHGDQUHODFLRQDUWRGRV ORVDVSHFWRV\GHWHUPLQDUDVtFRQDPSOLWXGODYLVLyQTXHRIUHFH 6LODLQWHUSUHWDFLyQGDGDDOWtWXOR+LMRGH'DYLGHQHVWHHYDQJHOLR UHVXOWD FLHUWDPHQWH H[WUDxD HQ HOFRQMXQWR GH OD FULVWRORJtD SULPLWLYD VH KDFH QHFHVDULR DQDOL]DU FRQ GHWDOOH ODV GLIHUHQFLDV FRQ OD WUDGLFLyQ DQWHULRU\SRVWHULRUSDUDSRGHUGHWHUPLQDUHQTXpPHGLGDVHWUDWDGHXQD SHUVSHFWLYDDLVODGDRUHVSRQGHDXQDWUD\HFWRULDGHLQWHUSUHWDFLyQ7RGR HOOR UHTXLHUH DGHPiV WHQHU HQ FXHQWD ORV HOHPHQWRV TXH KDFHQ SRVLEOH HVWDEOHFHUGHXQPRGRSODXVLEOHODVFDXVDVGHODVGLYHUJHQFLDV 0HWRGRORJtD\RUJDQL]DFLyQGHOWUDEDMR 7DO FRPR VH KD LQGLFDGR HO LQWHUpV GH HVWH WUDEDMR HVWi FHQWUDGR HQ UHDOL]DU XQD LQWHUSUHWDFLyQ GHO WtWXOR +LMR GH 'DYLG HQ HO HYDQJHOLR GH 0DUFRVVXEUD\DQGRHOVHQWLGRTXHDOFDQ]DHQHOFRQMXQWRGHODFULVWRORJtD QDFLHQWH6HWUDWDUiSRUWDQWRGHUHVDOWDUODVLPSOLFDFLRQHVFULVWROyJLFDV TXHGLFKRWtWXORWLHQHHQHOHYDQJHOLRDVtFRPRODUHODFLyQTXHJXDUGDFRQ OD WUDGLFLyQ FULVWLDQD DQWHULRU \ SRVWHULRU D VX UHGDFFLyQ 3DUD HOOR VH UHTXLHUHHPSOHDUGLYHUVRVDFHUFDPLHQWRVPHWRGROyJLFRVDODVIXHQWHV (Q SULPHU OXJDU ODWDUHDGHVFULWDUHTXLHUHSUHJXQWDUVH FyPR HO DXWRU GHOHYDQJHOLRGH0DUFRVKDDVXPLGRHLQWHUSUHWDGRODILOLDFLyQGDYtGLFD GH-HV~V(VWRVXSRQHDERUGDUHOPRGRHQTXHVHGHVSOLHJDHVWHDVSHFWR GH VX LGHQWLGDG D OR ODUJR GHO UHODWR LQGHSHQGLHQWHPHQWH GH ODV LPSOLFDFLRQHV VLPEyOLFDV GH VX FRQWHQLGR 3DUD HOOR VH HPSOHDUi XQD PHWRGRORJtD QDUUDWLYD TXH SHUPLWH FHQWUDUVH HQ OD FDUDFWHUL]DFLyQ GH /DILQDOLGDG\ORVSDVRVGHOPpWRGRQDUUDWLYRDSOLFDGRDORVHVFULWRVEtEOLFRVKDVLGR GHVFULWR SRU 0DUN $OODQ 3RZHOO :KDW LV 1DUUDWLYH &ULWLFLVP" 0LQQHDSROLV 01 )RUWUHVV3UHVV'DQLHO0DUJXHUDW±<YDQ%RXUTXLQ&yPROHHUORVUHODWRVEtEOLFRV ,QLFLDFLyQDODQiOLVLVQDUUDWLYR6DQWDQGHU6DO7HUUDH(OHYDQJHOLRGH0DUFRVKD VLGR HVWXGLDGR D SDUWLU GH OD FDWHJRUtD GH UHODWR SRU 'DYLG 5KRDGV ± -RDQQD 'HZH\ ± 'RQDOG0LFKLH0DUFRVFRPRUHODWR6DODPDQFD6tJXHPH-DFN'HDQ.LQJVEXU\ ,1752'8&&,Ï1 -HV~V²SHUVRQDMHSULQFLSDOGHOUHODWR²FRPR+LMRGH'DYLG&RQHOORVH DVXPHXQSUHVXSXHVWRSUHYLRTXHGLFKDFDUDFWHUL]DFLyQQRVHOLPLWDDODV SHUtFRSDVHQODVTXHHVWHWtWXORDSDUHFHVLQRTXHHVQHFHVDULRFRQVLGHUDU ODREUDHQVXFRQMXQWR\GHVGHXQDSHUVSHFWLYDVLQFUyQLFDDQDOL]DUFyPR VH GHVSOLHJD GLFKDLGHQWLGDG TXp DVSHFWRV VHUHIXHU]DQ VH FXHVWLRQDQ R HQWUDQ HQ FRQWUDGLFFLyQ FRQ HVWD YLVLyQ GH -HV~V /D ILQDOLGDG HV GHVHQWUDxDUODDUWLFXODFLyQTXHJXDUGDQHQWUHVtGHWHUPLQDGDVHVFHQDV\OD GLQiPLFD LQWHUQD SRU OD TXH VH ULJHQ (VWD PHWRGRORJtD VH HPSOHDUi WDPELpQHQHOHVWXGLRGHRWURVWH[WRVTXHLJXDOPHQWHWLHQHQHVWHFDUiFWHU QDUUDWLYRFRPRVRQORVHYDQJHOLRVGH0DWHR/XFDV\-XDQ\HOOLEURGH ORV+HFKRVGHORV$SyVWROHV/DILQDOLGDGHVSRGHUFRQWDUFRQHOHPHQWRV VXILFLHQWHV SDUD FRPSDUDUORV FRQ 0DUFRV HQ UHODFLyQ DO PRGR HQ TXH PDQHMDQHVWDWUDGLFLyQVREUH-HV~V 3HUR HVWD PHWRGRORJtD SRU Vt VROD HV LQVXILFLHQWH SDUD DFRPHWHU HO REMHWLYR SODQWHDGR &RQ HO ILQ GH VLWXDU HO HYDQJHOLR GH 0DUFRV HQ HO PDUFR GH OD SULPLWLYD FULVWRORJtD HV QHFHVDULR DERUGDU HO FDUiFWHU GLDFUyQLFRGHDOJXQRVSDVDMHVQHRWHVWDPHQWDULRVLQFOXLGDVGHWHUPLQDGDV HVFHQDV GHO HYDQJHOLR GH 0DUFRV \ DFODUDU VX SUHKLVWRULD 3DUD HOOR VH DSOLFDUiQ ODV KHUUDPLHQWDV TXH SURSRUFLRQDQ ORV PpWRGRV KLVWyULFR FUtWLFRV 'H HVWD PDQHUD VH SUHWHQGH GHWHUPLQDU FRQ FLHUWR JUDGR GH SODXVLELOLGDG HO RULJHQ \ GHVDUUROOR GHO WtWXOR +LMR GH 'DYLG HQ HO FULVWLDQLVPR DQWHULRU D 0DUFRV 6H EXVFD FRQ HOOR DUURMDU OX] VREUH ODV SULPHUDV FRQIHVLRQHV GH IH HQ -HV~V FRPR +LMR GH 'DYLG \ HO XVR \ VHQWLGRRWRUJDGRDHVWHWtWXORHQODSULPHUDJHQHUDFLyQFULVWLDQD /D SURSXHVWD FRQOOHYD SRU WDQWR FRPELQDU OD DSOLFDFLyQ GH ORV PpWRGRVKLVWyULFRFUtWLFRVTXHDSRUWDQXQDSHUVSHFWLYDGLDFUyQLFDGHORV WH[WRVFRQRWURVGHFDUiFWHUOLWHUDULR\VLQFUyQLFRTXHWHQJDQHQFXHQWDOD XQLGDGQDUUDWLYDGHORVUHODWRV6LQHPEDUJRHOKRUL]RQWHILQDOGHOWUDEDMR QRVHOLPLWDDHVWDSHUVSHFWLYDDQDOtWLFD'DQGRXQSDVRPiVVHSUHWHQGH GHVFULELU HQ OD PHGLGD GH OR SRVLEOH ODV GLYHUVDV WUD\HFWRULDV GH LQWHUSUHWDFLyQGHODLPDJHQGH-HV~VFRPR+LMRGH'DYLG\DGHQWUDUVHHQ HO FyPR \ HO SRU TXp GHODV PLVPDV HQ HVSHFLDO OD TXH JXDUGD UHODFLyQ &RQIOLFWRHQ0DUFRV-HV~VDXWRULGDGHVGLVFtSXORV&yUGRED(O$OPHQGUR0iV HQ FRQFUHWR HO GHVDUUROOR QDUUDWLYR GH OD FULVWRORJtD SUHVHQWH HQ HVWH HYDQJHOLR \ OD H[SOLFLWDFLyQ GHO PpWRGR HPSOHDGR SDUD VX H[SRVLFLyQ VH HQFXHQWUD HQ 5REHUW & 7DQQHKLOO³7KH*RVSHORI0DUNDV1DUUDWLYH&KULVWRORJ\´6HPHLD-DFN 'HDQ .LQJVEXU\ 7KH &KULVWRORJ\ RI 0DUN¶V *RVSHO 3KLODGHOSKLD 3$ )RUWUHVV 3UHVV (OL]DEHWK 6WUXWKHUV 0DOERQ 0DUNV -HVXV &KDUDFWHUL]DWLRQ DV 1DUUDWLYH &KULVWRORJ\ :DFR 7; %D\ORU 8QLYHUVLW\ 3UHVV 6HJXLUHPRV HVSHFLDOPHQWH OD PHWRGRORJtDWDOFRPRODDSOLFDHVWDDXWRUD &I+HLQULFK=LPPHUPDQQ/RVPpWRGRVKLVWyULFRFUtWLFRVHQHO1XHYR7HVWDPHQWR %$&0DGULG%$& (/0(6Ë$6+,-2'('$9,' FRQ HO HYDQJHOLR GH 0DUFRV 6H WUDWD DVt GH SODQWHDU TXp SDSHO GHVHPSHxDURQ ODV WUDGLFLRQHV DVRFLDGDV DO PHVLDQLVPR GDYtGLFR HQ OD UHIOH[LyQVREUH-HV~VTXHVHOOHYyDFDERHQODVSULPHUDVFRPXQLGDGHV\ FRPSUHQGHUDVXOX]ODSHFXOLDULGDGGH0DUFRV 7HQLHQGR HQ FXHQWD HVWD RULHQWDFLyQ OD H[SOLFDFLyQ GHO PRGR \ OD UD]yQSRUODTXH-HV~VIXHFRQVLGHUDGRSRUGHWHUPLQDGRVJUXSRVHO+LMR GH'DYLGVHDERUGDUiDSOLFDQGRXQDQiOLVLVKLVWyULFRDHVWDFUHHQFLDFRQ ORVLQVWUXPHQWRVTXHSURSRUFLRQDODPHWRGRORJtDSURSLDGHODKLVWRULDGH ODV UHOLJLRQHV (VWR VXSRQH FRQWHPSODU GLFKD FUHHQFLD FRPR XQD UHDOLGDGKLVWyULFDPHQWHFRQGLFLRQDGD/DSHUVSHFWLYDHVSRVLEOHSXHVFRQ LQGHSHQGHQFLDGHODDFWLWXGTXHUHIOHMDQODVIXHQWHVKDFLDHOODVHH[SUHVy HQXQFRQWH[WRKLVWyULFRFRQFUHWRFRQVWLWX\yXQHOHPHQWRVLJQLILFDWLYRHQ ODUHIOH[LyQFULVWLDQDDFHUFDGH-HV~V\VXGHVDUUROORHVFRPSUHQVLEOHDOD OX] GH GLYHUVRV IDFWRUHV TXH SXHGHQ VHU H[SOLFLWDGRV 6H WUDWD GH LGHQWLILFDUORVPRVWUDUODFRQWULEXFLyQGHFDGDXQRGHHOORVDOSURFHVRGH GHVDUUROOR \ GLYHUVLILFDFLyQ GH HVWD FUHHQFLD FDSWDU ODV PRWLYDFLRQHV GH ODV SDUWLFXODUHV IRUPDV HQ TXH pVWD VH OOHJy D DUWLFXODU \ RIUHFHU XQD FRPSUHVLyQKLVWyULFDGHOIHQyPHQRQRVRORSRUH[SRVLFLyQGHORVXFHGLGR VLQRWDPELpQSRUHODQiOLVLVGHSRUTXp\FyPRRFXUULy (VWHSUHVXSXHVWRPHWRGROyJLFRKDFHUHIHUHQFLDDOLQWHUpVSRUHOHVWXGLRKLVWyULFRGH OD SULPLWLYD FULVWRORJtD HQ HO FRQWH[WR GH OD pSRFD URPDQD \ GHO MXGDtVPR GHO V , 1RV UHIHULPRVSRUWDQWRDODDVXQFLyQGHSUHVXSXHVWRV\HOHPHQWRVTXHGHULYDQGHOPpWRGR PiVDPSOLRGHODKLVWRULDGHODVUHOLJLRQHVDSOLFDGRDORULJHQ\GHVDUUROORGHODFULVWRORJtD DQWLJXDWDOFRPRKDVLGRDSOLFDGRGHGLYHUVDVIRUPDVSRUGLVWLQWRVH[HJHWDVHQWUHORVTXH GHVWDFDQORVWUDEDMRVGH+DKQ7KH7LWOHVRI-HVXVLQ&KULVWRORJ\HQFRPELQDFLyQFRQ PpWRGRV KLVWyULFRFULWLFRV 0DUWLQ +HQJHO -XGDLVP DQG +HOOHQLVP 6WXGLHV LQ 7KHLU (QFRXQWHULQ3DOHVWLQHGXULQJWKH(DUO\+HOOHQLVWLF3HULRG/RQGRQ6&03UHVV ,G 6WXGLHV LQ (DUO\ &KULVWRORJ\ /RQGRQ ± 1HZ <RUN 7 7 &ODUN 0DXULFH &DVH\ )URP -HZLVK 3URSKHW WR *HQWLOH *RG 7KH 2ULJLQV DQG 'HYHORSPHQW RI 1HZ 7HVWDPHQW &KULVWRORJ\ &DPEULGJH - &ODUN &R +HLNNL 5lLVlQHQ (O QDFLPLHQWR GH ODV FUHHQFLDV FULVWLDQDV %(% 6tJXHPH 6DODPDQFD 0iV FHQWUDGRVHQHOHVWXGLRGHDOJ~QDVSHFWRFRQFUHWRGHODFULVWRORJtD0DUWLQ+HQJHO(OKLMR GH'LRV(ORULJHQGHODFULVWRORJtD\ODKLVWRULDGHODUHOLJLyQMXGHRKHOHQtVWLFD%(% 6DODPDQFD6tJXHPH-DPHV'XQQ&KULVWRORJ\LQWKH0DNLQJ$Q,QTXLU\LQWRWKH 2ULJLQV RI WKH 'RFWULQH RI WKH ,QFDUQDWLRQ /RQGRQ 6&0 3UHVV 5LFKDUG %DXFNKDP*RG&UXFLILHG0RQRWKHLVPDQG&KULVWRORJ\LQWKH1HZ7HVWDPHQW&DUOLVOH :P % (HUGPDQV 3XEOLVKLQJ /DUU\ +XUWDGR 6HxRU -HVXFULVWR /D GHYRFLyQ D -HV~V HQ HO FULVWLDQLVPR SULPLWLYR %(% 6DODPDQFD 6tJXHPH 3RU ~OWLPR FDEH PHQFLRQDU XQD REUD TXH DXQTXH VH FRQVLGHUD VXSHUDGD HQ PXFKRV DVSHFWRV IXH SLRQHUDHQHVWHWLSRGHHVWXGLRV:%RXVVHW.\ULRV&KULVWRV$+LVWRU\RIWKH%HOLHILQ &KULVWIURPWKH%HJLQQLQJVRI&KULVWLDQLW\WR,UHQDHXV1DVKYLOOH71$ELQJGRQ 3DUDVXFUtWLFDYHU/DUU\+XUWDGR³1HZ7HVWDPHQW&KULVWRORJ\$&ULWLTXHRI%RXVVHW¶V ,QIOXHQFH´76 ,1752'8&&,Ï1 (OHVWXGLRKLVWyULFRGHHVWHHOHPHQWRGHODFULVWRORJtDUHTXLHUHWHQHUHQ FXHQWDHOFRQWH[WRVRFLDOKLVWyULFR\UHOLJLRVRGH3DOHVWLQDHQHOV ,DVt FRPRODPDWUL]MXGtDGHODTXHHPHUJHHOPRYLPLHQWRFULVWLDQR\TXHVH UHIOHMDFODUDPHQWHHQODH[SUHVLyQ+LMRGH'DYLG3RUHOORVHSRQGUiQGH PDQLILHVWR DTXHOORV HOHPHQWRV GHO FRQWH[WR TXH SXHGDQ FRQVLGHUDUVH SDUWLFXODUPHQWHUHOHYDQWHVSDUDHQWHQGHUHLQWHUSUHWDUODILOLDFLyQGDYtGLFD GH-HV~VHQVXVGLYHUVDVIRUPDV(VWRSHUPLWLUiXQDQiOLVLVFUtWLFRGHORV GDWRV \ XQD RSFLyQ HQ HO PRGR GH RUJDQL]DUORV TXH WHQJD HQ FXHQWD HO FRQWH[WR\ORVSURFHVRV $Vt SXHV DVXPLPRV GHO PRGHOR PHWRGROyJLFR GH OD KLVWRULD GH ODV UHOLJLRQHVHOKHFKRGHTXHHVSRVLEOHXQDQiOLVLVKLVWyULFR\HYROXWLYRHO LQWHUpV SRU FRPSUHQGHU ODV SRVLEOHV VHFXHQFLDV \ UHODFLRQHV HQWUH ODV GLVWLQWDV IRUPDV GH FRQVLGHUDU D -HV~V FRPR HO +LMR GH 'DYLG \ OD DWHQFLyQ D OD FURQRORJtD D OD ORFDOL]DFLyQ JHRJUiILFD \ D RWURV LQGLFLRV TXH SHUPLWDQ UHODFLRQDU ORV GLYHUVRV PRGRV HQ TXH HVWD FUHHQFLD VH GHVSOHJy R IXH FULWLFDGD (VWR QR VLJQLILFD TXH VH SUHVXSRQJD XQ GHVDUUROOR OLQHDO VLQR TXH VH FRQVLGHUD PiV ELHQ OD SRVLELOLGDG GH XQ HVTXHPD FRPSOHMR TXH FRQOOHYD WUD\HFWRULDV GLYHUVDV \ HYROXFLRQHV HQ SDUDOHOR $GHPiV HVWD PHWRGRORJtD REOLJD D SHQVDU HQ WpUPLQRV GH P~OWLSOHV IDFWRUHV LQWHUDFFLRQDGRV HQWUH Vt GH PDQHUD GLQiPLFD \ QR GH XQD ~QLFD H[SOLFDFLyQ $ SDUWLU GH OD FRUUHFWD REVHUYDFLyQ DQiOLVLV \ FRPSDUDFLyQ GH ORV GDWRV GH OD H[SOLFLWDFLyQ GH ORV IDFWRUHV KLVWyULFRV UHOHYDQWHV\GHODLQWHUDFFLyQKDELGDHQWUHHOORVVHRIUHFHUiXQDIRUPDGH SHUFLELU SRU TXp OD FRQIHVLyQ HQ -HV~V FRPR +LMR GH 'DYLG VXUJLy \ VH GHVDUUROOyGHODVIRUPDVSDUWLFXODUHVHQTXHORKL]RSDUDFRPSUHQGHUFRQ PD\RUFODULGDGODSHFXOLDULGDGGH0DUFRV /DDSOLFDFLyQGHFDGDXQDGHHVWDVPHWRGRORJtDVQDUUDWLYDKLVWyULFR FUtWLFD H KLVWyULFRUHOLJLRVD VH H[SOLFLWDUi HQ FDGD FDStWXOR &RQ HO HPSOHRGHODVWUHVVHLQWHQWDFRPELQDUSURIXQGLGDGHQHOHVWXGLR\DOD YH] DPSOLWXG GH KRUL]RQWH HQ HO TXH LQVFULELU HO UHVXOWDGR GHO PLVPR $PERVDVSHFWRVIRUPDQSDUWHGHODVSUHJXQWDVSODQWHDGDVVREUHFyPR\ SRUTXpVHGHVDUUROOyHVWDSULPLWLYDFUHHQFLDTXpFRQYLFFLRQHVDSDUHFHQ DUWLFXODGDV HQ HO HYDQJHOLR GH 0DUFRV HQ WRUQR D HOOD \ TXp PRGHOR H[SOLFDWLYRSXHGHRIUHFHUVHVREUHODVYLVLRQHVKDELGDVDQWHV\GHVSXpVGH VXUHGDFFLyQ (Q IXQFLyQ GHO REMHWLYR \ OD PHWRGRORJtD UHVHxDGD HO FDStWXOR SULPHURFRPLHQ]DDERUGDQGRHOLQWHUpVLQLFLDOGHOHVWXGLRHVGHFLUWLHQH FRPRILQDOLGDGGHVHQWUDxDUODLQWHUSUHWDFLyQTXHHODXWRUGHOHYDQJHOLRGH 0DUFRV GD D OD ILOLDFLyQ GDYtGLFD GH -HV~V WHQLHQGR HQ FXHQWD OD REUD FRPSOHWD 3DUD HOOR VH UHDOL]D XQ DQiOLVLV GHVGH OD SHUVSHFWLYD QDUUDWLYD WUDWDQGR DVt GH HVFODUHFHU FyPR HO DXWRU PDQHMD HVWH DVSHFWR GH OD (/0(6Ë$6+,-2'('$9,' LGHQWLGDGGH-HV~VFRQLQGHSHQGHQFLDGHVXVLJQLILFDGR1RREVWDQWHHQ ODV RFDVLRQHV TXH DVt VH UHTXLHUD VH DKRQGDUi HQ OD SUHKLVWRULD GH ORV WH[WRV SDUD HVWDEOHFHU GH PDQHUD SODXVLEOH VL HO HYDQJHOLVWD UHFRJH HVWH WtWXORGHODWUDGLFLyQ\VLHVDVtFXiOHVODRULHQWDFLyQTXHOHGD\FyPROR LQWHJUDHQHOFRQMXQWRGHOHYDQJHOLR 8QDYH]HVWDEOHFLGDODLQWHUSUHWDFLyQGDGDDOWtWXOR+LMRGH'DYLGVH DQDOL]DODUHVRQDQFLDTXHpVWDSXGRWHQHUSDUDVXVSULPHURVGHVWLQDWDULRV (VWR VXSRQH DGHQWUDUVH HQ XQD GREOH SHUVSHFWLYD SRU XQ ODGR HQ OD KHUHQFLDMXGtDGHODFXDOVHUHFRJHHVWDGLPHQVLyQGHODSHUVRQDGH-HV~V SRURWURHQHOPRGRHQTXHpVWDIXHUHWRPDGD\UHOHtGDHQODVSULPHUDV FRPXQLGDGHVFULVWLDQDV$HOORVHGHGLFDQORVGRVFDStWXORVVLJXLHQWHVHO FDStWXOR VHJXQGR WLHQH SRU REMHWLYR GHWHUPLQDU OD LQIOXHQFLD GH ODV WUDGLFLRQHV GDYtGLFDV HQ HO MXGDtVPR GHO V , HVWDEOHFLHQGR SUHYLDPHQWH ODV IXHQWHV PiV SULPLWLYDV \ OD HYROXFLyQ VXIULGD SRU GLFKD LGHRORJtD GXUDQWHHOSHUtRGRGHO6HJXQGR7HPSORHQHOFDStWXORWHUFHURVHDQDOL]D HO PRGR HQ TXH HVWDV WUDGLFLRQHV IXHURQ DVXPLGDV HQ ODV FRPXQLGDGHV FULVWLDQDVHQODpSRFDDQWHULRUDODUHGDFFLyQGHOHYDQJHOLRKDVWDOOHJDUD HVWDEOHFHUODDVRFLDFLyQGH-HV~VFRQHO+LMRGH'DYLG3RGHPRVVXSRQHU TXH DPEDV SHUVSHFWLYDV IRUPDEDQ SDUWH GHO LPDJLQDULR LGHROyJLFR \ FRQIHVLRQDOGHORVFUH\HQWHVDORVTXH0DUFRVGLULJHVXREUD\SHUPLWLUiQ HVWDEOHFHU OD LQFLGHQFLD GH OD LGHRORJtD GDYtGLFD HQ OD pSRFD HQ TXH VH UHGDFWyHOHYDQJHOLR (OFDStWXORFXDUWRDYDQ]DHQHOLQWHUpVSRUPRVWUDUODHYROXFLyQGHOD WUDGLFLyQ GH OD ILOLDFLyQ GDYtGLFD GH -HV~V HQ ORV HVFULWRV VLQySWLFRV SRVWHULRUHVD0DUFRV\HOFDStWXORTXLQWRKDFHORSURSLRFRQHOHYDQJHOLR GH-XDQ3RU~OWLPRHQHOFDStWXORVH[WRVHXELFDHOOXJDUTXHRFXSDOD SHUVSHFWLYDPDUTXLDQDVREUHODYLVLyQGH-HV~VFRPR+LMRGH'DYLGHQHO FRQMXQWR GH OD FULVWRORJtD QDFLHQWH \ ODV SRVLEOHV FDXVDV D ODV TXH UHVSRQGHGLFKDSHUVSHFWLYD