( 7$6$6'((6&2/$5,=$&,Ï1(1/$6('$'(67(Ï5,&$6'(/26 1,9(/(6122%/,*$725,26&,1(\ ((GXFDFLyQ6HFXQGDULDVHJXQGDHWDSD 6LVWHPD(VWDWDOGH,QGLFDGRUHVGHOD(GXFDFLyQ(GLFLyQ 1 (YROXFLyQ GH ODV WDVDV QHWDV GH HVFRODUL]DFLyQ HQ ODV HGDGHV WHyULFDV GH ORV QLYHOHVGH(GXFDFLyQ6HFXQGDULDVHJXQGDHWDSDGHDDxRV 7DQWRHQ(VSDxDFRPRHQ(XURSDVHSUHWHQGHTXHORVFLXGDGDQRVDOFDQFHQXQ QLYHOGHHVWXGLRV\IRUPDFLyQVXSHULRUDOGHODHGXFDFLyQREOLJDWRULDVLHQGRSRU WDQWRSULPRUGLDOODHVFRODUL]DFLyQGHORVMyYHQHVHQWUHORV\ORVDxRV(Q UHODFLyQ FRQ HOOR XQR GH ORV REMHWLYRV GH OD (VWUDWHJLD (XURSD HV VLWXDU SRU GHEDMR GHO SDUD (VSDxD HO SRUFHQWDMH GH SHUVRQDV TXH DEDQGRQDQ OD HGXFDFLyQ \ OD IRUPDFLyQ VLQ KDEHU FRPSOHWDGR DO PHQRV OD VHJXQGDHWDSDGHOD(GXFDFLyQ6HFXQGDULD (QOD (Q HO FXUVR ODV WDVDV GH HVFRODUL]DFLyQ HQ HO FRQMXQWR GH ODV HWDSDV SREODFLyQ GHOVLVWHPDHGXFDWLYRVRQXQDORVDxRVXQDORVDxRVXQ HVFRODUL]DGDHUDXQ D ORV DxRV \ XQ D ORV DxRV 3RU WDQWR HO SRUFHQWDMH GH DORVDxRV SREODFLyQ HVFRODUL]DGD GLVPLQX\H VHJ~Q VH HOHYD OD HGDG FRQVLGHUDGD /D XQDORVXQ GLIHUHQFLD HQWUH ORV \ ORV DxRV QR VXSHUD ORV VHLV SXQWRV SRUFHQWXDOHV DORV\XQ SHUR HO GHVFHQVR DOFDQ]D ORV GRFH SXQWRV GH ORV D ORV DxRV \ FDVL ORV DORV QXHYHSXQWRVHQWUHORV\ORVDxRV9HU*UiILFR\WDEOD $ORV\DxRVOD (O*UiILFR\WDEODWDPELpQPXHVWUDODGLVWULEXFLyQGHODSREODFLyQHVFRODUL]DGD SREODFLyQVH HQODVGLVWLQWDVHWDSDVHGXFDWLYDV$ORV\DxRVODSREODFLyQHVFRODUL]DGD HVFRODUL]D VH HQFXHQWUD SULQFLSDOPHQWH HQ (GXFDFLyQ 6HFXQGDULD 2EOLJDWRULD \ HQ SULQFLSDOPHQWHHQ (GXFDFLyQ 6HFXQGDULD VHJXQGD HWDSD $Vt HO GH OD SREODFLyQ GH (62\(GXFDFLyQ DxRV HVWi HVFRODUL]DGD HQ (GXFDFLyQ 2EOLJDWRULD \ HO HQ (GXFDFLyQ 6HFXQGDULDVHJXQGD 6HFXQGDULD VHJXQGD HWDSD HO SRUFHQWDMH GH HVFRODUL]DFLyQ HQ (GXFDFLyQ GH HWDSD $GXOWRV HV WRGDYtD PX\ EDMR FRQ XQ $ ORV DxRV VH UHGXFH HO SRUFHQWDMH FRUUHVSRQGLHQWH D OD (GXFDFLyQ 2EOLJDWRULD PLHQWUDV TXH DXPHQWD OD HVFRODUL]DFLyQ HQ (GXFDFLyQ 6HFXQGDULD VHJXQGD HWDSD \ HQ(GXFDFLyQGH$GXOWRV $ORV\DxRV (QWUHODSREODFLyQGH\DxRVORVPD\RUHVSRUFHQWDMHVGHHVFRODUL]DFLyQ ORVPD\RUHV FRUUHVSRQGHQ D (GXFDFLyQ 6HFXQGDULD VHJXQGD HWDSD \ D (GXFDFLyQ SRUFHQWDMHV 8QLYHUVLWDULD (PSLH]DQ D VHU VLJQLILFDWLYDV ODV WDVDV GH HVFRODUL]DFLyQ HQ FRUUHVSRQGHQD (GXFDFLyQ 6XSHULRU QR XQLYHUVLWDULD \ DXPHQWDQ ODV FRUUHVSRQGLHQWHV D (GXFDFLyQ (GXFDFLyQGH$GXOWRVPLHQWUDVTXHORVSRUFHQWDMHVGHSREODFLyQHQ(GXFDFLyQ 6HFXQGDULDVHJXQGD 2EOLJDWRULDVRQ\DPX\UHGXFLGRV$ORVDxRVXQGHODSREODFLyQVH HWDSD\D(GXFDFLyQ HQFXHQWUDHQ (GXFDFLyQ 6HFXQGDULDVHJXQGDHWDSD \ XQ HQ (GXFDFLyQ 8QLYHUVLWDULD 8QLYHUVLWDULD PLHQWUDV TXH D (GXFDFLyQ 2EOLJDWRULD (GXFDFLyQ 6XSHULRU QR XQLYHUVLWDULD \ ( GH $GXOWRV FRUUHVSRQGHQ PHQRUHV SRUFHQWDMHV XQ XQ \XQUHVSHFWLYDPHQWH$ORVDxRVDXPHQWDQORVSRUFHQWDMHVGH HVFRODUL]DFLyQ HQ (GXFDFLyQ 8QLYHUVLWDULD \ HQ (GXFDFLyQ VXSHULRU QR XQLYHUVLWDULD\GLVPLQX\HQORVSRUFHQWDMHVFRUUHVSRQGLHQWHVD(GXFDFLyQ 6HFXQGDULD VHJXQGD HWDSD D (GXFDFLyQ 2EOLJDWRULD \ D (GXFDFLyQGH$GXOWRV9HU*UiILFR\WDEOD &DVWLOOD\/HyQ 3RUFRPXQLGDGHVDXWyQRPDV&DVWLOOD\/HyQ*DOLFLD&RPXQLGDGGH0DGULG\ *DOLFLD&RPXQLGDG 3DtV 9DVFR VH VLW~DQ SRU HQFLPD GH OD PHGLD QDFLRQDO HQ ODV FXDWUR HGDGHV GH0DGULG\3DtV DQDOL]DGDV 3DtV 9DVFR SUHVHQWD OD PD\RU WDVD WDQWR D ORV FRPR D ORV 9DVFRSUHVHQWDQGH DxRVPLHQWUDVTXHDORV\DORVDxRVODWDVDPiVHOHYDGDVHHQFXHQWUD DDxRVWDVDVGH HQ OD &RPXQLGDG GH 0DGULG /DV WDVDV PiV EDMDV FRUUHVSRQGHQ HQ WRGDV ODV HVFRODUL]DFLyQSRU HGDGHV D ,OOHV %DOHDUV ODV WDVDV GH 0HOLOOD WDPELpQ VH HQFXHQWUDQ VLHPSUH HQFLPDGHODPHGLD HQWUHODVPiVUHGXFLGDV\ORPLVPRVXFHGHHQ&HXWDVDOYRSDUDODHGDGGH DxRV9HU*UiILFR\WDEOD ( *UiILFR \ WDEOD 7DVDV QHWDV GH HVFRODUL]DFLyQ GH D DxRV HQ HO VLVWHPD HGXFDWLYR SRU FRPXQLGDGDXWyQRPD DxRV DxRV (63$f$ 3DtV9DVFR &DVWLOOD\/HyQ $QGDOXFtD /D5LRMD *DOLFLD ([WUHPDGXUD &DQWDEULD 0DGULG &DVWLOOD/D0DQFKD &DWDOXxD $UDJyQ &HXWD 1DYDUUD &DQDULDV 0XUFLD5GH &9DOHQFLDQD $VWXULDV 0HOLOOD %DOHDUV,OOHV (63$f$ 3DtV9DVFR $QGDOXFtD &DQWDEULD &DVWLOOD\/HyQ $VWXULDV *DOLFLD 0DGULG /D5LRMD 1DYDUUD &DVWLOOD/D0DQFKD $UDJyQ &DQDULDV ([WUHPDGXUD 0XUFLD5GH &DWDOXxD &9DOHQFLDQD &HXWD 0HOLOOD %DOHDUV,OOHV DxRV DxRV (63$f$ 0DGULG 3DtV9DVFR &DVWLOOD\/HyQ 1DYDUUD $VWXULDV $UDJyQ *DOLFLD &DQWDEULD $QGDOXFtD 0XUFLD5GH &9DOHQFLDQD &DWDOXxD &DQDULDV ([WUHPDGXUD &DVWLOOD/D0DQFKD /D5LRMD 0HOLOOD &HXWD %DOHDUV,OOHV (63$f$ (2EOLJDWRULD (6HFXQGDULDVHJXQGDHWDSD 0DGULG 3DtV9DVFR &DVWLOOD\/HyQ *DOLFLD 1DYDUUD $VWXULDV $UDJyQ &DQWDEULD 0XUFLD5GH &9DOHQFLDQD &DWDOXxD $QGDOXFtD &DQDULDV ([WUHPDGXUD /D5LRMD &DVWLOOD/D0DQFKD 0HOLOOD &HXWD %DOHDUV,OOHV (6XSHULRUQRXQLYHUVLWDULD (8QLYHUVLWDULD ($GXOWRV ($GXOWRV (8QLYHUVLWDULD (6HFXQGDULD HWDSD (6XSHULRUQR 8QLYHUVLWDULD (2EOLJDWRULD ($GXOWRV DxRV (8QLYHUVLWDULD (6XSHULRUQR 8QLYHUVLWDULD (6HFXQGDULD HWDSD (2EOLJDWRULD DxRV ($GXOWRV (6XSHULRUQR 8QLYHUVLWDULD (6HFXQGDULD HWDSD (2EOLJDWRULD DxRV ($GXOWRV (2EOLJDWRULD (6HFXQGDULD HWDSD DxRV (VSDxD $QGDOXFtD $UDJyQ $VWXULDV %DOHDUV,OOHV &DQDULDV &DQWDEULD &DVWLOOD\/HyQ &DVWLOOD/D0DQFKD &DWDOXxD &9DOHQFLDQD ([WUHPDGXUD *DOLFLD 0DGULG 0XUFLD5GH 1DYDUUD 3DtV9DVFR 5LRMD/D &HXWD 0HOLOOD 6LVWHPD(VWDWDOGH,QGLFDGRUHVGHOD(GXFDFLyQ(GLFLyQ 2 (O *UiILFR PXHVWUD OD HYROXFLyQ GH ODV WDVDV GH HVFRODUL]DFLyQ GH D DxRVHQWUH \ 6H REVHUYD XQDXPHQWRGH ODVWDVDV HQWRGDV ODV HGDGHV FRQVLGHUDGDV HO PHQRU DXPHQWR DOJR PHQRV GH SXQWRV SRUFHQWXDOHV VH SURGXFH D ORV DxRV HGDG HQ OD TXH HO SRUFHQWDMH GH HVFRODUL]DFLyQ VXSHUDED \D HO HQ HO LQLFLR GHO SHULRGR 3DUD HO UHVWR GH HGDGHVHODXPHQWRVHVLW~DHQWRUQRDORV\SXQWRVSRUFHQWXDOHV /DVWDVDVGH (Q OD HYROXFLyQ GH ODV WDVDV GH HVFRODUL]DFLyQ VH DSUHFLD TXH ODV HVFRODUL]DFLyQGHODV FRUUHVSRQGLHQWHV D ODVPXMHUHV VRQ VXSHULRUHV D ODV GH ORV KRPEUHV HQ WRGDV PXMHUHVHQWUH\ ODV HGDGHV \ HQ WRGR HO SHULRGR FRQVLGHUDGR /DV GLIHUHQFLDV VRQ PD\RUHV DxRVVRQPiV FXDQWRPiVHOHYDGDHVODHGDGSHURVHKDQLGRUHGXFLHQGRHQORV~OWLPRVVHLV HOHYDGDVTXHODV DxRV $Vt HQ OD GLIHUHQFLD HV GH XQ SXQWR SRUFHQWXDO D ORV DxRV FRUUHVSRQGLHQWHVD WUHV D ORV FLQFR D ORV \ VLHWH D ORV (VWDV GLIHUHQFLDV VRQ EDVWDQWH ORVKRPEUHV PHQRUHV TXH ODV REVHUYDGDV HQ FLQFR SXQWRV SRUFHQWXDOHV D ORV DxRVQXHYHDORVGRFHDORV\WUHFHDORV9HU*UiILFR /DHYROXFLyQGHOD (QODHYROXFLyQGHODWDVDGHHVFRODUL]DFLyQSRUFRPXQLGDGDXWyQRPDDORV HVFRODUL]DFLyQDORV DxRVHQWUHORVFXUVRV\VHREVHUYDXQDHYROXFLyQSRVLWLYDHQ DxRVHVSRVLWLYD WRGDVODVFRPXQLGDGHVDXWyQRPDV/DVGLIHUHQFLDVVRQPtQLPDVHQHOFDVRGH HQWRGDVODV&&$$ 3ULQFLSDGR GH $VWXULDV \ 3DtV 9DVFR TXH \D SUHVHQWDEDQ HQ XQDV WDVDV GH HVFRODUL]DFLyQ GHO \ GHO UHVSHFWLYDPHQWH (Q FDPELR GHVWDFD HO DXPHQWR GH $QGDOXFtD GRQGH VH VXSHUDQ ORV SXQWRV SRUFHQWXDOHV GH GLIHUHQFLD 2WUDV FRPXQLGDGHV DXWyQRPDV FRQ DXPHQWRV SRU HQFLPDGHODPHGLDQDFLRQDOSXQWRVSRUFHQWXDOHVVRQ5HJLyQGH0XUFLD &DWDOXxD\&RPXQLGDG9DOHQFLDQD9HU*UiILFR\WDEOD (VSDxDVHHQFXHQWUD (Q ODV WDVDV GH HVFRODUL]DFLyQ D ORV \ DxRV HQ (VSDxD VH HQODPHGLDHXURSHD HQFXHQWUDQ FHUFD GH ODV UHVSHFWLYDV PHGLDV HQ OD 8QLyQ (XURSHD $ ORV GHHVFRODUL]DFLyQD DxRVODWDVDHVSDxRODVXSHUDOLJHUDPHQWHDODPHGLDHXURSHDORVSDtVHVFRQ ORV\DxRV PD\RUHVWDVDVGHHVFRODUL]DFLyQDHVWDHGDGVRQ+XQJUtDH,UODQGD/DWDVDGH HVFRODUL]DFLyQDORVDxRVHQ(VSDxDHVPX\VLPLODU DODPHGLDGHOD8QLyQ (XURSHD VLHQGR %pOJLFD \ (VWRQLD ORV SDtVHV FRQ WDVDV PiV HOHYDGDV (Q DPEDVHGDGHV0DOWDHVHOSDtVHXURSHRFRQPHQRUWDVDGHHVFRODUL]DFLyQ9HU *UiILFR (QWUH\ ODWDVDGH HVFRODUL]DFLyQ DXPHQWDHQWRGDVODV HGDGHVGHD DxRV 6LVWHPD(VWDWDOGH,QGLFDGRUHVGHOD(GXFDFLyQ(GLFLyQ 3 (VSHFLILFDFLRQHVWpFQLFDV (GXFDFLyQ2EOLJDWRULDLQFOX\H(GXFDFLyQ6HFXQGDULD2EOLJDWRULD\(GXFDFLyQ(VSHFLDO (GXFDFLyQ6HFXQGDULDVHJXQGDHWDSDLQFOX\H%DFKLOOHUDWR3URJUDPDVGH&XDOLILFDFLyQ3URIHVLRQDO ,QLFLDO&LFORV)RUPDWLYRVGH*UDGR0HGLRGH)RUPDFLyQ3URIHVLRQDO\$UWHV3OiVWLFDV(QVHxDQ]DV 'HSRUWLYDV GH *UDGR 0HGLR (QVHxDQ]DV 3URIHVLRQDOHV GH 0~VLFD \ 'DQ]D \ (QVHxDQ]DV GH ,GLRPDV1LYHO$YDQ]DGR (GXFDFLyQ VXSHULRU QR XQLYHUVLWDULD LQFOX\H &LFORV )RUPDWLYRV GH *UDGR 6XSHULRU GH )RUPDFLyQ 3URIHVLRQDO \ $UWHV 3OiVWLFDV (QVHxDQ]DV 'HSRUWLYDV GH *UDGR 6XSHULRU \ (QVHxDQ]DV $UWtVWLFDV GH*UDGR6XSHULRU (GXFDFLyQXQLYHUVLWDULDLQFOX\H3ULPHU\6HJXQGR&LFOR*UDGR0iVWHU2ILFLDO\'RFWRUDGR (GXFDFLyQGH$GXOWRVLQFOX\H(QVHxDQ]DV,QLFLDOHV\6HFXQGDULDSDUDSHUVRQDVDGXOWDV /DV WDVDV GH \ DxRV GHO *UiILFR VH KDQ FDOFXODGR D SDUWLU GH ORV GDWRV GH (XURVWDW &XHVWLRQDULR82(/RVGDWRVGH(VSDxDVHKDQFDOFXODGRFRQODVHVWLPDFLRQHVLQWHUFHQVDOHVGH SREODFLyQDSDUWLUGHOFHQVRGH )XHQWHV (VWDGtVWLFDGHODV(QVHxDQ]DVQRXQLYHUVLWDULDV0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH (VWDGtVWLFDGH(VWXGLDQWHV8QLYHUVLWDULRV0LQLVWHULRGH(GXFDFLyQ&XOWXUD\'HSRUWH (VWLPDFLRQHVLQWHUFHQVDOHVGHSREODFLyQFHQVRV,1( 'DWRVLQWHUQDFLRQDOHV(XURVWDW&XHVWLRQDULR82( (*UiILFR(YROXFLyQGHODVWDVDVGHHVFRODUL]DFLyQGHDDxRVSRUVH[R DxRV DxRV DxRV DxRV $PERVVH[RV 0XMHUHV +RPEUHV (*UiILFR\WDEOD9DULDFLyQGHODWDVDQHWDGHHVFRODUL]DFLyQDORVDxRVD 9DULDFLyQ $QGDOXFtD 0XUFLD5GH &DWDOXxD &9DOHQFLDQD (VSDxD %DOHDUV,OOHV 0DGULG 5LRMD/D &DVWLOOD/D0DQFKD &DQDULDV &DQWDEULD &HXWD 1DYDUUD $UDJyQ ([WUHPDGXUD *DOLFLD &DVWLOOD\/HyQ 0HOLOOD $VWXULDV 3DtV9DVFR (*UiILFR7DVDGHHVFRODUL]DFLyQDORV\DxRVHQSDtVHVGHOD8QLyQ(XURSHD&XUVR DxRV 6LVWHPD(VWDWDOGH,QGLFDGRUHVGHOD(GXFDFLyQ(GLFLyQ DxRV 4