RECONVERSIÏN Y CONSERVADURISMO POLËTICO EN BRASIL

Anuncio
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
5(&219(56,Ï1<&216(59$'85,602
32/Ë7,&2(1%5$6,/ORVOtPLWHVGHOFDPELR
0LJXHO6HUQD
5HVXPHQ(ODUWtFXORDERUGDORVFDPELRVSROtWLFRVUHFLHQWHVGHOD
GHPRFUDFLD\ORVSDUWLGRVSROtWLFRVGH%UDVLOGHVGHXQDSHUVSHFWLYD
KLVWyULFDFRPSDUDWLYD/DKLSyWHVLVFHQWUDOHVTXHSDUDH[SOLFDUOD
QDWXUDOH]D\OtPLWHVGHORVFDPELRVHOHFWRUDOHVKD\TXHFRPSUHQGHU
ODVGL¿FXOWDGHVKLVWyULFDVGHORVSURFHVRVGHGHPRFUDWL]DFLyQ\HO
SHVRGHXQDPDWUL]VRFLRSROtWLFDFRQVHUYDGRUD(QODSULPHUDVHFFLyQ
VH DQDOL]D OD IRUPDFLyQ GH XQD PDWUL] VRFLRSROtWLFD FRQVHUYDGRUD
\ ODV GHELOLGDGHV GH OD GHPRFUDWL]DFLyQ HQWUH \ (Q
OD VHJXQGD VHFFLyQ VH DERUGD OD GLQiPLFD GH OD GHPRFUDFLD \ ORV
SDUWLGRV SROtWLFRV HQ ODV ~OWLPDV GRV GpFDGDV SDUD LGHQWL¿FDU ORV
OtPLWHVGHORVFDPELRVSROtWLFRVHOHFWRUDOHVUHFLHQWHV
3DODEUDV FODYH GHPRFUDFLD FRQVHUYDGXULVPR SDUWLGRV SROtWLFRV
FDPELRVSROtWLFRV
(OWULXQIRGHXQDFRDOLFLyQSROtWLFDOLGHUDGDSRUXQSDUWLGRGH
L]TXLHUGDHQ%UDVLOSDUDODVHOHFFLRQHVQDFLRQDOHVGHDEULyXQ
DPSOLRHVSHFWURGHH[SHFWDWLYDVFRQUHVSHFWRDORVFDPELRVSROtWLFRV
\VRFLDOHVHQGLFKRSDtV\VXVLPSDFWRVKDFLDODUHJLyQ
¢&XiOHVVRQORVFDPELRVTXHVHHVWiQSURGXFLHQGR"HVSRU
FLHUWR XQD SUHJXQWD GLItFLO GH UHVSRQGHU \ TXH KD JHQHUDGR XQD
IXHUWH SROpPLFD GXUDQWH HO SULPHU DxR GHO QXHYR JRELHUQR TXH
FRQWLQXDKDVWDHO¿QDOGHOPDQGDWR3RUXQDSDUWHVHKDQDO]DGR
YRFHV FUtWLFDV GHVGH OD SURSLD L]TXLHUGD VREUH ODV LQVX¿FLHQFLDV
GH ODV UHIRUPDV VRFLDOHV \ OD FRQWLQXLGDG GH ODV SROtWLFDV SDVDGDV
3URIHVVRUGR'HSDUWDPHQWRGH6RFLRORJLDGD)DFXOWDGGH&LHQFLDV6RFLDOHVHGD)DFXOWDG
GH &LHQFLDV (FRQyPLFDV \ GH $GPLQLVWUDFLyQ GD 8QLYHUVLGDG GD 5HS~EOLFD ± 8UXJXDL
GRXWRUHPSROtWLFDFRPSDUDGDHLQWHJUDomRODWLQRDPHULFDQDSHOD8QLYHUVLGDGH)HGHUDOGR
5LR*UDQGHGR6XO±%UDVLO(PDLOPLJXHO#IFVHGXX\
$UWLJRUHFHELGRHPIHYDSURYDGRHPQRY
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
LPSXOVDGDV3DUDHOFHQWURSROtWLFRDQWHVFRQWURODGRSRUHOVHFWRUGHO
H[SUHVLGHQWH)HUQDQGR+HQULTXH&DUGRVRODRSRVLFLyQ\HOJRELHUQR
VHKDGHV¿JXUDGR3RURWUDSDUWHORVVHFWRUHVPiVFRQVHUYDGRUHVKDQ
FULWLFDGRODLQWHQVL¿FDFLyQGHODPRYLOL]DFLyQ\FRQÀLFWRVVRFLDOHV
HQWDQWRDPHQD]DGHOVWDWXVTXR
¢3RUTXpWDQWDSROpPLFD"¢FXiOHVKDQVLGRORVLPSDFWRVGHORV
FDPELRVSROtWLFRVHOHFWRUDOHVSDUDODGHPRFUDFLDEUDVLOHxD"¢SRUTXp
ODVHQVDFLyQGHLPSRUWDQWHVUHVLVWHQFLDVDGLFKRVFDPELRV"
1RHVVHQFLOORUHVSRQGHUHVWDVLQWHUURJDQWHVKDFLDHOIXWXUR
QRREVWDQWHHOREMHWLYRGHHVWHWUDEDMRHVPiVPRGHVWR\DFRWDGR
DERUGDQGR GLFKD SUREOHPiWLFD PLUDQGR KDFLD HO SDVDGR FyPR
KD VLGR OD IRUPD GH FRQVWUXFFLyQ GH OD GHPRFUDFLD EUDVLOHxD \ HO
VLVWHPDSDUWLGDULRSDUDFRPSUHQGHUWDQWRODVOLPLWDQWHVKLVWyULFDVGH
ODPLVPDFRPRGHORVLPSDFWRVGHODVWUDQVIRUPDFLRQHVUHFLHQWHV
3DUDDOFDQ]DUGLFKRREMHWLYRKD\TXHH[SORUDUPDVDOOiGHOD
FR\XQWXUDHLGHQWL¿FDUTXpIDFWRUHV\SURFHVRVGHODUJR\PHGLDQR
SOD]R LQÀX\HURQ HQ WDO VHQWLGR 3UHJXQWDUVH VREUH ODV GL¿FXOWDGHV
GHORVFDPELRVVXSRQHPLUDUHQXQDSHUVSHFWLYDGHODUJRSOD]RODV
UHVWULFFLRQHV SURYHQLHQWHV GHO OHJDGR KLVWyULFR GH OD FRQVWUXFFLyQ
GHPRFUiWLFDHQ%UDVLO(QIXQFLyQGHHOORVHDERUGDUiHQODSULPHUD
VHFFLyQ OD GHQRPLQDGD PDWUL] VRFLRSROtWLFD FRQVHUYDGRUD \ ODV
GHELOLGDGHVGHODQWHFHGHQWHGHGHPRFUDWL]DFLyQGXUDQWHHOSHUtRGR
HQWUH\5HVSRQGHUDFHUFDGHODQDWXUDOH]D\HIHFWRVGHORV
FDPELRVGHODGHPRFUDFLDFRQWHPSRUiQHDVXSRQHXQDQiOLVLVGHODV
WUDQVIRUPDFLRQHVVRFLDOHV\SROtWLFDVGHORVSDUWLGRVHQODV~OWLPDV
GRVGpFDGDVODFXDOVHUiDQDOL]DGDDSDUWLUGHODVHJXQGDVHFFLyQGHO
DUWtFXOR
/DSHUVSHFWLYDGHDQiOLVLVXWLOL]DGDVHUiGHVGHODVRFLRORJtD
SROtWLFDKLVWyULFD6HUQD(VWRVLJQL¿FDGHVWDFDUODXWLOL]DFLyQ
GHODYDULDEOHWHPSRUDOHQWDQWRYDULDEOHGHFRQWURO\DVHUH[SOLFDGD
(VWRTXLHUHGHFLUUHFXSHUDUODKLVWRULD³UHDO´HQFODYHVVRFLROyJLFDV
SDUWLHQGR GHO VXSXHVWR TXH ODV VRFLHGDGHV ODV H[SHULHQFLDV GH
FRQVWUXFFLyQLQVWLWXFLRQDORGHFRQÀLFWRVRFLDOQRVHUHDOL]DQQLVH
GHVWUX\HQGHXQPRPHQWRDRWURTXHSRVHHQFLHUWDWHPSRUDOLGDG
YLWDOFRQVXVFLFORVGHVDUUROORV\UXSWXUDV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
$VLPLVPR VH GHVWDFD HO DQiOLVLV GH ODV WUD\HFWRULDV GH
FRQVWUXFFLyQ KLVWyULFD GH ODV GHPRFUDFLDV SDUD HQWHQGHU WDQWR OD
SHFXOLDULGDGGHpVWRVUHJtPHQHVSROtWLFRVFRPRORVFRQGLFLRQDQWHV
\ FRQWH[WRV VRFLDOHV TXH H[SOLFDQ VX JpQHVLV \ GHVDUUROOR (Q
pVWH VHQWLGR OD IRUPDFLyQ GH ODV LQVWLWXFLRQHV SROtWLFDV QR SXHGH
UHGXFLUVHDGHWHUPLQLVPRVHVWUXFWXUDOHVVLQRTXHUHTXLHUHHQWHQGHU
ODFRPELQDFLyQHQWUHODVFRQGLFLRQHVHVWUXFWXUDOHVGHODVRFLHGDGORV
SURFHVRVSROtWLFRV\ODYROXQGDGGHORVVXMHWRVFROHFWLYRV6HDVXPH
WDPELpQ TXH OD DFFLyQ FROHFWLYD OD UHFRQVWUXFFLyQ GH ORV VXMHWRV
KLVWyULFRV\HOFDPELRVRFLDOWLHQHQXQDJDPDGH³LPSUHYLVLELOLGDG´
\³SRWHQFLDOLGDG´DSDUWLUGHODVDOWHUQDWLYDVREMHWLYDVGDGDVSRUODV
FRQGLFLRQDQWHVHVWUXFWXUDOHVTXHSURGXFHQXQHIHFWRGHLQQRYDFLyQ
HQFDGDWLHPSRKLVWyULFRFRQFUHWR
/RVRUtJHQHVGHXQDPDWUL]VRFLRSROtWLFDFRQVHUYDGRUD
(O QDFLPLHQWR GHO SHQVDPLHQWR SROtWLFR FRQVHUYDGRU VH
UHPRQWy DO PRPHQWR GH FUHDFLyQ GH OD QDFLyQ EUDVLOHxD SURFHVR
KLVWyULFRTXHFRPELQyXQDLQGHSHQGHQFLDFRQFLOLDGD\XQUpJLPHQ
SROtWLFR EDVDGR HQ XQ OLEHUDOLVPR FRQVHUYDGRU (O SURFHVR GH
LQGHSHQGHQFLDQDFLRQDOGH%UDVLOQRVHSURGXMRHQIRUPDGHUXSWXUD
YLROHQWDFRPRHQHOUHVWRGHODVFRORQLDVHVSDxRODVDPHULFDQDVVLQR
DWUDYpVGHOSURSLRJRELHUQRPHWURSROLWDQRSRUWXJXpVTXHYDDVHQWDU
ODVEDVHVGHODDXWRQRPtDEUDVLOHxDFRQIXHUWHLQÀXHQFLDGHELGRDO
WUDVODGR GH ODV LQVWLWXFLRQHV PRQiUTXLFDV SRUWXJXHVDV HQ %UDVLO \
TXHYDDOLPHQWDUODUHSURGXFFLyQGHOFRQVHUYDGXULVPRHQODHWDSD
IXQGDFLRQDOGHOSDtV
(O SHQVDPLHQWR SROtWLFR EUDVLOHxR IXQGDFLRQDO VH QXWULy GH
GRV YHUWLHQWHV WHyULFDV HQWUH HO SHQVDPLHQWR PRQiUTXLFR FRORQLDO
SRUWXJXpV \ HO HOHPHQWR QDFLRQDO UHSXEOLFDQR TXH TXHUtD URPSHU
FRQ OD VXSUHPDFtD SRUWXJXHVD $PEDV YHUWLHQWHV OOHYDURQ D FDER
XQD WUDQVDFFLyQ R FRQFLOLDFLyQ HQ HO SHUtRGR GH OD LQGHSHQGHQFLD
)DRURFDS(OFRQVHUYDGXULVPRGHODHOLWHGLULJHQWHWXYR
XQDYLVLyQPiVSUDJPiWLFDTXHHOOLEHUDOLVPRGHODpSRFDIXHXQD
LGHRORJtDDGDSWDGDDODVFLUFXQVWDQFLDVVRFLRHFRQyPLFDVGH%UDVLO
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
/DV UHIRUPDV GH ODV LQVWLWXFLRQHV HUDQ FRQFHELGDV SDUD FRQVHUYDU
HORUGHQSROtWLFRPiVTXHSDUDFDPELDUOR0HUFDGDQWH&DS
;9 /D LPSRUWDFLyQ GH XQ OLEHUDOLVPR FRQVHUYDGRU ±FRQWLQXDGRU
GH OD WUDGLFLyQ PRQiUTXLFD IXH OHQWD SURJUHVLYD D OR ODUJR GHO
WLHPSR \ HQ FRQYLYHQFLD FRQ SUiFWLFDV DXWRULWDULDV 7ULQGDGH
(O³HWKRV´OLEHUDOHQODSROtWLFDEUDVLOHxDQRVXSHUyVXVHVJR
FRQVHUYDGRU,PEXLGRSRUODLGHRORJtDPRQiUTXLFDGHODHOLWHSROtWLFD
\SRUODFRQIRUPDFLyQGHXQHVWDGRFHQWUDOLVWDH[FOX\HQWHIDYRUHFLy
ODV³DFWLWXGHVGHUHFKD]RDQWHODSDUWLFLSDFLyQSRSXODU´\HOEORTXHR
DODH[SDQVLyQGHPRFUiWLFD
/D FRQIRUPDFLyQ GH XQ (VWDGR EXURFUiWLFR SDWULPRQLDO
IXH RWUR IDFWRU TXH FRQWULEX\y DO FRQVHUYDGXULVPR VLHQGR XQ
FRQGLFLRQDQWH UHOHYDQWH SDUD OD FRQ¿JXUDFLyQ GH ODV LQVWLWXFLRQHV
SROtWLFDV/DFRQVWLWXFLyQGHXQ³HVWDPHQWREXURFUiWLFR´RULJLQDULR
GH XQD EXUJXHVtD LQGXVWULDO \ FRPHUFLDO TXH QR IXH FDSD] GH
HPDQFLSDUVH GHO (VWDGR \ PDQWXYR XQD UHODFLyQ SDWULPRQLDOLVWD
GHSHQGLHQWH GHO (VWDGR QDFLRQDO 5D\PXQGR )DRUR S \ /D H[WHQVLyQ GHO HVWDPHQWR EXURFUiWLFR VH UHDOL]y
SRU PHGLR GH ORV DSDUDWRV EXURFUiWLFRSROtWLFRV TXH VH HQWUHOD]RQ
SDWULPRQLDOPHQWH FRQ ORV LQWHUHVHV ORFDOHV \ GH ORV SURSLHWDULRV
UXUDOHV D WUDYpV GH GLYHUVRV PHFDQLVPRV GH FRRSWDFLyQ \ FRQWURO
SROtWLFRVDGPLQLVWUDWLYRV
2WUD YDULDEOH FODYH SDUD HQWHQGHU OD PDWUL] VRFLRSROtWLFD
FRQVHUYDGRUD IXH HO FDUiFWHU HOLWLVWD GH OD SROtWLFD EUDVLOHxD
IXQGDFLRQDO 8QR GH ORV DVSHFWRV VHxDODGRV HQ OD OLWHUDWXUD KD
VLGR OD FRPSRVLFLyQ \ IRUPDFLyQ GH OD HOLWH GLULJHQWH HQ OD HWDSD
IXQGDFLRQDO GHO (VWDGR QDFLRQDO 7ULQGDGH S %UDVLO
QXHYDPHQWHIXHXQFDVRTXHFRQWyFRQXQDHOLWHSROtWLFDVXPDPHQWH
KRPRJpQHD\XQLGD&DUYDOKRSGHVGHHOSXQWRGHYLVWD
GHVXVRFLDOL]DFLyQHGXFDWLYD\GHORVSHU¿OHVVRFLRSROtWLFRVGHORV
GLULJHQWHVTXH PDQWXYLHURQ OD FRQWLQXDFLyQ GH ORV OD]RV FRQ VX OD
DQWLJXDFRORQLDSRUWXJXHVD
/D IDVH GH LQVWDXUDFLyQ GH OD 5HS~EOLFD PDQWXYR HQ EXHQD
PHGLGD HVWH VHVJR HOLWLVWD HQ OD FRQVWUXFFLyQ GH OD SROtWLFD /D
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
5HS~EOLFD HVWXYR SHUPHDGD GH QXHYDV GRFWULQDV SRVLWLYLVWD \
PLOLWDULVWD SHUR FRQ XQ DXVHQFLD GH FRPSRQHQWHV OLEHUDOHV QL
GH VREHUDQtD EDVDGD HQ HO SXHEOR FRPR VXMHWR /D GHELOLGDG
GHPRFUiWLFDVHH[SUHVyHQXQDFLXGDGDQtDUHVWULQJLGDSRUFULWHULRV
GHFDSDFLGDGHGXFDWLYDH[FOXVLyQGHORVDQDOIDEHWRV(OORVLJQL¿Fy
XQDSDUWLFLSDFLyQOLPLWDGDDOGHODSREODFLyQTXHHUDDVXYH]
ODTXHWHQtDORVFRQWUROHVGHOSRGHUHFRQyPLFR
2WUR IDFWRU GHFLVLYR HQ HO SURFHVR GH FRQIRUPDFLyQ GH
OD 5HS~EOLFD IXH HO PRGR GH SURIHVLRQDOL]DFLyQ GHO (MpUFLWR \ VX
LQÀXHQFLDHQODSROtWLFD(Q%UDVLOVHSURGXMRXQDSURIHVLRQDOL]DFLyQ
\ SROLWL]DFLyQ WDUGtD HQ OD HWDSD GH FRQVWUXFFLyQ IXQGDFLRQDO GHO
(VWDGR QDFLRQDO 8ULFRFKHD MXJDQGR XQ SDSHO FUXFLDO HQ
OD SROtWLFD SRVWLPSHULDO LQWHJUiQGRVH FRPR XQR GH ORV VHFWRUHV
GLULJHQWHV\DVLPLVPRFXPSOLHQGRXQUROGHPRGHUDFLyQRiUELWURHQ
ODVGLVSXWDVLQWHUHOLWHVSROtWLFDVSRUHOSRGHUHVWDWDO
8Q UDVJR UHFXUUHQWH HQ ORV DQiOLVLV GH ODV UHODFLRQHV HQWUH
SROtWLFD\VRFLHGDGIXHODSHUYHUVDVLPELRVLVHQWUHHVSDFLRVS~EOLFR
\SULYDGRUHVXOWDGRGHXQDIRUPDFLyQSROtWLFDQDFLRQDOLUUHJXODUH
LPSHUIHFWD HQ OD TXH FRQÀX\HURQ GLYHUVRV IDFWRUHV /D H[WHQVLyQ
JHRJUi¿FDVXPDGRDODGLVFRQWLQXLGDGWHUULWRULDO\VRFLDOIDYRUHFLy
HO SURIXQGR HVStULWX SULYDGR \ SDWULDUFDO GH ORV iPELWRV ORFDOHV
(O PRQRSROLR GH OD IXQFLyQ S~EOLFD SRU OD SURSLD FODVH VHxRULDO
WHUUDWHQLHQWH TXH UHSUHVHQWDED OD RUJDQL]DFLyQ SULYDGD ORFDO WXYR
FRPR UHVXOWDGR OD IHXGDOL]DFLyQ GHO PDQGR SROtWLFR FRPXQDO (O
HVWDGRFRQYLYLySXHVFRQXQDWHQVLyQDQWDJyQLFDHQWUHODOHJDOLGDG
HVFULWDIRUPDO\ODFRQFHSFLyQGRFWULQDULDSHUVRQDOGHOJREHUQDQWH
\ORVGLULJHQWHVSROtWLFRVTXHLPSULPLHURQVXVHOOR\PROGHDURQODV
LQVWLWXFLRQHVSyOLWFDV'XDUWHFDS9,
/D ]RQDV JULVHV GH OD DUWLFXODFLyQ HQWUH iPELWRV S~EOLFRV \
SULYDGRVVHPDQLIHVWyWDPELpQHQODUHSURGXFFLyQGHPHFDQLVPRV
FOLHQWHODUHV GH GRPLQDFLyQ SDUURTXLDO WUDGLFLRQDO GH EDVH UXUDO
3DUDGyMLFDPHQWHHVWRVPHFDQLVPRVVHDFRSODURQDODVQXHYDVIRUPDV
GHSDUWLFLSDFLyQFLXGDGDQDFRPELQDQGRPHFDQLVPRVDXWRULWDULRV\
GHPRFUiWLFRV(VWRVHPDQLIHVWyHQGLYHUVRVSODQRVSDUWLFXODUPHQWH
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
HQ OD DUWLFXODFLyQ HQWUH HOHFFLRQHV QDFLRQDOHV D FDUJRV HMHFXWLYRV
FRQ HOHFFLRQHV HVWDGXDOHV \ PXQLFLSDOHV GRQGH VH WHMLHURQ
P~OWLSOHVFRPSURPLVRVFRQORVMHIHVSROtWLFRVORFDOHV/HDO
(O³FRURQHOLVPR´IXHXQPHFDQLVPRDGDSWDWLYRGHVREUHYLYHQFLD\
UHSURGXFFLyQSROtWLFDGHODVROLJDUTXtDVWHUUDWHQLHQWHVDJUDULDVIUHQWH
DORVFDPELRVGHXUEDQL]DFLyQHLQGXVWULDOL]DFLyQGHODVRFLHGDG
/DPDTXLQDULDWUDGLFLRQDOGHODSROtWLFDGHFOLHQWHODVGHEDVH
ORFDOVHUHFRQYLUWLy\H[WHQGLySURJUHVLYDPHQWHLQFRUSRUiQGRVHDODV
IRUPDVSOXUDOLVWDVGHUHSUHVHQWDFLyQSROtWLFDGHVGHHQDGHODQWH
QRVyORHQiPELWRVUXUDOHVVLQRTXHWDPELpQVHUHSURGXMRHQHVSDFLRV
XUEDQRVHQWDQWRPHFDQLVPREXURFUiWLFRSDWULPRQLDOHQEHQH¿FLRGH
ODVFODVHVPHGLDVHPHUJHQWHV'HVGHHOPXQLFLSLRDO(VWDGRIHGHUDO
IXHPHFDQLVPRGHFRQWUROSROtWLFRDPSOLDGRKDFLDXQFOLHQWHOLVPR
D HVFDOD PDVLYD /DV SUiFWLFDV FOLHQWHOtVWLFDV VH UHSURGXFtDQ
SDUDOHODPHQWH D OD PRYLOL]DFLyQ GH OD SDUWLFLSDFLyQ SROtWLFD FRPR
PHFDQLVPRGHFRQWUROWXWHOD\GHSHQGHQFLDGHOHDOWDGHVHOHFWRUDOHV
SRUPHGLRGHLQWHUFDPELRGHIDYRUHVGHUHFXUVRVGHSRGHUS~EOLFR
\ EXURFUiWLFR /D QHJRFLDFLyQ SHUVRQDO FOLHQWHODU LQYROXFUDED OD
GLVWULEXFLyQ VHOHFWLYD GH XQD DPSOLD JDPD GH UHFXUVRV HVWDWDOHV
GH HPSOHR GH SURYLVLyQ GH VHUYLFLRV S~EOLFRV \ GH UHJXODFLyQ GH
LQWHUHVHVSDUWLFXODUHV
'H HVWD IRUPD OD GHPRFUDFLD FRH[LVWLUi FRQ GRV SULQFLSLRV
HQ OD RUJDQL]DFLyQ SROtWLFD GH WLSR SDWULPRQLDO EXURFUiWLFR OD
UHSUHVHQWDFLyQ \ OD FRRSWDFLyQ 6FKZDUW]PDQ &DS TXH
VHH[SUHVDEDQHQPHFDQLVPRVFRQWUDSXHVWRV\FRQYHUJHQWHVHQODV
UHODFLRQHVHQWUH(VWDGR\VRFLHGDGFLYLO
(O GHVDUUROOR SROtWLFR KDFLD IRUPDV LQVWLWXFLRQDOHV HQ TXH
SUHYDOHFtDQ PHFDQLVPRV GH FRRSWDFLyQ SURYLQR WDPELpQ GH ORV
SURFHVRV GH FHQWUDOL]DFLyQ HVWDWDO \ GH OD LGHRORJtD DXWRULWDULD
HVWDWLVWDDQWLOLEHUDO\DQWLSDUWLGDULDGHODKHUHQFLDGHO(VWDGR1RYR
/DVIRUPDVQHRSDWULPRQLDOHVGHOHVWDGRIXHURQUHVXOWDGRGH
GLYHUVRV SURFHVRV GH FHQWUDOL]DFLyQ \ GHVFHQWUDOL]DFLyQ GHO SRGHU
HVWDWDOTXHQRVHUHGXMHURQDORVPiUJHQHVGHPDQLREUDGHORViPELWRV
HVWDGXDO\PXQLFLSDOVLQRWDPELpQDOSDSHOFODYHTXHMXJDURQORV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
FRQÀLFWRVHQWUHGLVWLQWDVUHJLRQHVVRFLRSROtWLFDVHQODRUJDQL]DFLyQ
\GLQiPLFDGHOVLVWHPDSROtWLFRDORODUJRGHODKLVWRULDEUDVLOHxD
(OFLFORKLVWyULFRDHVHODQWHFHGHQWHPiVUHFRQRFLGR
GH OD IRUPDFLyQ GH XQD GHPRFUDFLD GH PDVDV SURFHVR SROtWLFR
TXHVHSURGXFHGHIRUPDSDUDOHODDXQDVHULHGHWUDQVIRUPDFLRQHV
HVWUXFWXUDOHVGHODVRFLHGDG\ODHFRQRPtDEUDVLOHxD
'HVGH OD GpFDGD GHO ¶ FRPLHQ]DQ D JHVWDUVH XQD VHULH GH
FDPELRVGHODUJRSOD]RTXHH[SUHVDUiQXQDPRGHUQL]DFLyQOHQWD\
FRQWURODGD GH OD VRFLHGDG \ XQD LQVWLWXFLRQDOL]DFLyQ GHPRFUiWLFD
GpELO(QDSHQDVHOGHODSREODFLyQYLYtDHQFLXGDGHVGH
PiVGHPLOKDELWDQWHV$LQLFLRVGHODGpFDGDGHOODWDVDGH
XUEDQL]DFLyQHUDGHKDFLDODSURSRUFLyQGHODSREODFLyQ
HQFHQWURVXUEDQRVVHHOHYDDO'HHVWDIRUPDVHPDQLIHVWDED
XQDPRGL¿FDFLyQSURJUHVLYDGHODHVWUXFWXUDVRFLDOGLVPLQX\HQGR
VXSHVRDJUDULRWUDGLFLRQDO\HPHUJLHQGRQXHYRVVHFWRUHVVRFLDOHV
(OGHQRPLQDGRGHVDUUROORHFRQyPLFR³KDFLDGHQWUR´VHGLyDWUDYpV
GHOSURFHVRGHVXVWLWXFLyQGHLPSRUWDFLRQHVGHVGHGHORVELHQHVGH
FRQVXPRQRGXUDGHURKDVWDORVELHQHVGHFDSLWDOGHORVDxRVD
ORV
/D H[WHQVLyQ GHO VXIUDJLR \ GH OD SDUWLFLSDFLyQ FLXGDGDQD
HIHFWLYD H[SUHVy XQ SURFHVR GH IXHUWH LPSXOVR D OD PRYLOL]DFLyQ
SROtWLFD \ DO HVWDEOHFLPLHQWR GH OD FRPSHWHQFLD HOHFWRUDO FRPR
PHFDQLVPR GH GLVSXWD GH HOHQFRV SROtWLFRV \ GLVWULEXFLyQ GH
FDUJRVGHJRELHUQRHQWUHORVGLYHUVRVSDUWLGRV/HHYROXFLyQGHOD
FRQYRFDWRULDFLXGDGDQDHQHOHFFLRQHVIXHPX\VLJQL¿FDWLYD+DVWD
ODSDUWLFLSDFLyQJHQHUDOHQHOHFFLRQHVQRVXSHUDEDHOGH
OD SREODFLyQ D SDUWLU GH HO HOHFWRUDGR VH H[SDQGH DO \SDUDDOFDQ]DDO /D FUHFLHQWHPRYLOL]DFLyQSROtWLFD
VLJQL¿Fy OD DPSOLDFLyQ H LQWHJUDFLyQ GH QXHYRV JUXSRV TXH VH
IXHURQ LQFRUSRUDQGR D OD DUHQD SROtWLFD 1R REVWDQWH XQD GH ODV
UHVWULFFLRQHVUHOHYDQWHVDODPLVPDIXHODH[FOXVLyQGHDQDOIDEHWRV
GHOGHUHFKRGHOVXIUDJLR
/D FDQDOL]DFLyQ GH OD SDUWLFLSDFLyQ SROtWLFD VH GLR SDUD
OHODPHQWH D OD LQVWLWXFLRQDOL]DFLyQ \ IXQFLRQDPLHQWR GH ODV UHJODV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
H LQVWLWXFLRQHV SROtWLFDV GH OD GHPRFUDFLD UHSUHVHQWDWLYD OLEHUDO
/D WDUGtD FRQIRUPDFLyQ SDUWLGDULD WXYR VXV FRQGLFLRQDQWHV HQ HO
GHVDUUROORSUHYLRGHHVWUXFWXUDVSROtWLFDVSDXWDGDVSRUODIRUWDOH]D
GHO (VWDGR QDFLRQDO SUHYLR DO VXUJLPLHQWR GHO VLVWHPD SDUWLGDULR
FRPRXQDYDULDEOHFHQWUDOSDUDHQWHQGHUODVGL¿FXOWDGHV\REVWiFXORV
HQ OD LQVWLWXFLRQDOL]DFLyQ GH OD GLQiPLFD SDUWLGDULD QDFLRQDO (O
HVWXGLR \D FOiVLFR GH 0DUtD GR &DUPR &DPSHOR GH 6RX]D DQDOL]yFRQGHWDOOHODLQÀXHQFLDFRQGLFLRQDQWHGHORVPHFDQLVPRV
HVWDWDOHVGHFHQWUDOL]DFLyQEXURFUiWLFRV\GHOJRELHUQRIHGHUDOHQOD
FRKHVLyQRUJDQL]DWLYDGHORVSDUWLGRVHQHOQLYHOQDFLRQDO
6H KD VHxDODGR UHFXUUHQWHPHQWH FRPR FDUDFWHUtVWLFDV
GHVWDFDEOHV GHO VLVWHPD SDUWLGDULR VX GHELOLGDG LQVWLWXFLRQDO HQ
WpUPLQRV GH SUHFDULHGDG IUDJLOLGDG \ IUDJPHQWDFLyQ LQWHUQD DVt
FRPRODGLVFRQWLQXLGDGWHPSRUDOGHODVRUJDQL]DFLRQHVSDUWLGDULDV
(Q HVWH VHQWLGR XQR GH ORV FRQWUDVWHV PiV SHFXOLDUHV GHO VLVWHPD
SROtWLFREUDVLOHxRIXHODFRPELQDFLyQGHXQDODUJDFRQWLQXLGDGHQHO
IXQFLRQDPLHQWRGHODVLQVWLWXFLRQHVSDUODPHQWDULDV\ORVPHFDQLVPRV
HOHFWRUDOHV SDUD OD VHOHFFLyQ GH HOLWHV FRQ XQD GLVFRQWLQXLGDG
FRQWUDVWDQWHDOQLYHOGHODVRUJDQL]DFLRQHVSDUWLGDULDV
(Q IXQFLyQ GH WRGRV ORV HOHPHQWRV SUHYLRV HV XQ SXQWR
FRP~QHQODOLWHUDWXUDD¿UPDUTXHXQVLVWHPDGHSDUWLGRVQDFLRQDO
GLIHUHQFLDGRVHGHVDUUROOyGHVSXpVGHOJROSHGHHVWDGRGH$
PHGLGDTXHVHVHGLPHQWDEDQORVSDWURQHVGHFRPSHWHQFLDHOHFWRUDO
DXPHQWDED OD LGHQWL¿FDFLyQ SROtWLFD GH OD FLXGDGDQtD FRQ ORV
SDUWLGRVH[SUHVDGDHQXQDPD\RUFRQJUXHQFLDHQWUHODVDFWLWXGHVGH
LGHQWL¿FDFLyQSROtWLFDSDUWLGDULD\ODVLQWHQFLRQHVGHYRWR/DYDUHGD
S
2WUR UDVJR GHVWDFDEOH HQ OD FRQ¿JXUDFLyQ GHO VLVWHPD GH
SDUWLGRVIXHODDUWLFXODFLyQGHORViPELWRVQDFLRQDOHVFRQXQDVHULH
GHVXEVLVWHPDVUHJLRQDOHVHVWDGXDOHV/LPD-UDSDUWLUGH
ORV FXiOHV VH WHMLHURQ GLYHUVDV DOLDQ]DV SDUWLGDULDV ± HVWDGXDOHV \
QDFLRQDOHV±VLJXLHQGRXQDUDFLRQDOLGDGFRQWH[WXDOHQHOWLHPSR\
HVSDFLRGHDFXHUGRDODSUR[LPLGDGLGHROyJLFD\DOWDPDxRGHORV
SDUWLGRV 'H HVWD PDQHUD OD FRQIRUPDFLyQ GH SDUWLGRV QDFLRQDOHV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
FRQYLYLy FRQ OD UHSUHVHQWDFLyQ GH LQWHUHVHV \ SDXWDV SROtWLFDV
UHJLRQDOHV
(OVLVWHPDHOHFWRUDOSRUVXSDUWHUHIRU]yDOJXQDVSDXWDVGHOD
SROtWLFDEUDVLOHxD'HXQODGRODFRPELQDFLyQGHOVLVWHPDPD\RULWDULR
SDUD FDUJRV HMHFXWLYRV \ SURSRUFLRQDO SDUD FDUJRV OHJLVODWLYRV
SULRUL]DQGR IXH DFRWDGR DO LQWHULRU GH ODV XQLGDGHV HVWDGXDOHV
.LQ]RSORFXiOWXYRHIHFWRVGHGHVSURSRUFLRQDOLGDG
GH ORV (VWDGRV PLHPEURV GH OD )HGHUDFLyQ VREUHUHSUHVHQWDQGR
HO SHVR GH ORV PiV SHTXHxRV \ VXEUHSUHVHQWy D ORV PiV JUDQGHV
'H RWUR ODGR OD DGRSFLyQ GHO VLVWHPD GH OLVWD DELHUWD SDUD OD
SUHVHQWDFLyQGHFDQGLGDWRVORTXHRWRUJyXQDLQÀXHQFLDHQRUPHDO
HOHFWRUSDUDODGHWHUPLQDFLyQGHORUGHQGHLQWHUQRGHORVSDUWLGRV
/DDXWRQRPtDGHORVFDQGLGDWRVUHVSHFWRDODVPiTXLQDVSDUWLGDULDV
HVWXYRIDYRUHFLGRSRUXQDJUDQFDQWLGDGGHLQFHQWLYRVDODVFDUUHUDV
SROtWLFDVLQGLYLGXDOHVODSHUVRQDOL]DFLyQGHODUHSUHVHQWDFLyQ\OD
UHSURGXFFLyQGHODPHFDQLVPRVFOLHQWHOtVWLFRV0DLQZDULQJ
S
(OOHJDGRSRSXOLVWDWXYRFRQVHFXHQFLDVP~OWLSOHV\DPELJXDV
VREUHHOGHVDUUROORGHPRFUiWLFRGHO SHUtRGR (O SDFWRSRSXOLVWDVH
DSR\DEDSRUXQDSDUWHHQXQPRGHORGHGHVDUUROORKDFLDGHQWURSRU
PHGLRGHODLQGXVWULDOL]DFLyQSRUVXVWLWXFLyQGHLPSRUWDFLRQHV\OD
H[SDQVLyQ GHO PHUFDGR LQWHUQR FRQ XQ SDSHO LPSXOVRU GHO (VWDGR
FHQWUDOJHVWDGDGHVGHODUHYROXFLyQGHOHQHOGHQRPLQDGR(VWDGR
1RYR3RURWURDUWLFXODEDXQDDOLDQ]DHQWUHODEXUJXHVtDLQGXVWULDO
ODVFODVHVPHGLDV\HOSUROHWDULRXUEDQRFRQXQVHFWRUDJURH[SRUWDGRU
\GHPLOLWDUHVQDFLRQDOLVWDV$ORVHOHPHQWRVHVWUXFWXUDOHV\VHFWRUHV
VRFLDOHVVHVXPDEDHOSDSHOGHVLPELRVLVVLPEyOLFD\SHUVRQDOHQHO
OLGHUD]JRFDULVPiWLFRGH*HWXOLR9DUJDV
(OODGRQHJDWLYRGHOOHJDGRSRSXOLVWDHQODSROtWLFDEUDVLOHxD
HVWXYRUHODFLRQDGRDOFDUiFWHUHVWDWLVWD\DQWLFLSDWRULRFXSXODUGHOD
PRYLOL]DFLyQSRSXODU6HLQWHUSUHWySXHVFRPRXQSURFHVRSROtWLFR
GHLQFRUSRUDFLyQGHODVPDVDVSRSXODUHVFRQWURODGRGH³DUULEDSDUD
DEDMR´SRUODQXHYDFODVHGLULJHQWHGHO(VWDGR1XHYR%RGHD
S
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
/D GHSHQGHQFLD SHUVRQDO GHO GHVWLQR GHO OtGHU VH UHIRU]DED
SRU OD IDOWD GH DXWRQRPtD GH ODV RUJDQL]DFLRQHV VLQGLFDOHV GH OD
HVWUXFWXUDGHO(VWDGRWUDVODGDQGRORVDWULEXWRVGHXQDSHUVRQDDXQD
IRUPDHVWDWDO\XQWLSRGHPRYLOL]DFLyQSROtWLFD:HIIRUWS
/DDPELYDOHQFLDLGHROyJLFDGHOSUR\HFWRSRSXOLVWD\WUDEDOKLVWD
FRQVLVWLy HQ TXH SRU XQD SDUWH EXVFDED RUJDQL]DU \ PRYLOL]DU DO
SUROHWDULDGR SDUD LQWHJUDUOR D OD HVWUXFWXUD VRFLDO FRPR PHGLR GH
PHMRUDGHODMXVWLFLDVRFLDO3RURWUDSDUWHSRVWXODEDODLQWHUYHQFLyQ
GHO(VWDGRHQWDQWRDJHQWHDUWLFXODGRUGHXQFRPSURPLVRVRFLDOTXH
DVHJXUDUDOD³LQWHJUDFLyQDUPyQLFDGHODVFODVHVSURGXFWRUDV´FRQHO
SURJUHVRHFRQyPLFR\VRFLDO%RGHDSFRQVWLWX\pQGRVH
HQPHGLRGHDUELWUDMH\QHXWUDOL]DFLyQGHOFRQÀLFWRVRFLDO/DSROpPLFD
FRQ UHVSHFWR D OD DPELYDOHQFLD GH ODV ³LQWHUSHODFLRQHV QDFLRQDO
SRSXODUHV´DOGHFLUGH/DFODXWXYRFRQVHFXHQFLDVHLQWHUSUHWDFLRQHV
GLYHUVDV8QDGHHOODVIXHSRVLELOLGDGGHO³DXWRULWDULVPRGHPRFUiWLFR´
%RGHD S SDUD LQWHUSUHWDU OD VLPELRVLV GHO OLGHUD]JR
FDULVPiWLFRGHOtGHU9DUJDVDQWHVLGHQWL¿FDGRFRQHO(VWDGROXHJR
UHFRQYHUWLGRHQXQOLGHU]D]JRSOHELVFLWDULRGHQWURGHODGHPRFUDFLD
OLEHUDOSOXUDOLVWD
/DVDPELYDOHQFLDVGHOOHJDGRSRSXOLVWDVHREVHUYDURQWDPELpQ
HQ OD HYROXFLyQ GHO GHVHPSHxR HOHFWRUDO HQWUH DPERV SDUWLGRV (O
GHFDLPLHQWRGHOPRGHORQDFLRQDOSRSXOLVWDIXHHQSDUWHHURVLRQDQGR
ODV EDVHV VRFLDOHV GHO 36' TXH VH H[SUHVy HQ XQ FODUR GHVFHQVR
GHFDXGDOHOHFWRUDODLQLFLRV GH ORV ¶ 0LHQWUDV HQ HO 36'
FRQWURODEDHOGHODVEDQFDVGHODFiPDUDIHGHUDOHQVX
UHSUHVHQWDFLyQSDUODPHQWDULDVHUHGXMRDXQ6RX]DS
DORTXHVHVXPyODIUDFWXUDGHODFRDOLFLyQFRQHO37%HQOD
HOHFFLyQGH-DQLR4XDGURV
(Q VHQWLGR LQYHUVR HO 37% VH IXH SURJUHVLYDPHQWH
UDGLFDOL]DQGRDLQLFLRVGHORV¶\HQUDL]DQGRFDGDYH]PiVIXHUWH
VX FDSDFLGDG GH PRYLOL]DFLyQ SRSXODU XUEDQD (VWD SDUWLFLSDFLyQ
SRSXODUVHH[SUHVDUiHQXQDIDVHGHFUHFLPLHQWRHOHFWRUDODFHQWXDGR
/DYDUHGDS(QFRQWDEDFRQXQDEDQFDGDSDUODPHQWDULDHQ
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
OD&iPDUD)HGHUDOGHHQWDQWRKDFLDDOFDQ]yDFRQWURODU
HOGHODVEDQFDV6RX]DS
(Q FRQWUDVWH DO SURJUHVLYR SURFHVR GH PRGHUQL]DFLyQ GH OD
HVWUXFWXUDVRFLDOGHSOXUDOL]DFLyQGHODUHSUHVHQWDFLyQSDUWLGDULDDVt
FRPRGHSDUWLFLSDFLyQSROtWLFD\PRYLOL]DFLyQVRFLDOFDGDYH]PiV
DXWyQRPDHOJROSHGHHVWDGRGHLQWHUUXPSLyHOGHVDUUROORGH
ODGHPRFUDFLDGHPDVDV/DVXHUWHGHODGHPRFUDFLDVHTXHEUyIUHQWH
D XQ DXWRULWDULVPR SUHFR] TXH WXYR P~OWLSOHV FRQVHFXHQFLDV TXH
YDQDH[SUHVDUDOJXQDVGHODVSULQFLSDOHVUHVWULFFLRQHVDOGHVDUUROOR
SROtWLFRGHOSHUtRGR
/D LUUXSFLyQ PLOLWDU WXYR XQ FDUiFWHU UHVWDXUDGRU GHO
RUGHQ 2¶'RQQHOO IUHQWH D OD SHUFHSFLyQ GH ORV VHFWRUHV
FRQVHUYDGRUHVGHDPHQD]DGHTXLHEUHGHOVWDWXTXRDQWHODHPHUJHQFLD
GHODPRYLOL]DFLyQSRSXODU\ODQHFHVLGDGGH³QRUPDOL]DFLyQ´GHOD
HFRQRPtD(VWDSHUFHSFLyQSRUSDUWHGHORVVHFWRUHVFRQVHUYDGRUHV
GHLQHVWDELOLGDGSROtWLFD\YDFtRGHSRGHUQRVHH[SOLFDEDVyORSRU
HO FXHVWLRQDPLHQWR GHO GHVDUUROOR FDSLWDOLVWD VLQR WDPELpQ SRU OD
VHQVDFLyQGHDPHQD]DGHFDPELRGHOQ~FOHRGHODHVWUXFWXUDDJUDULD
WUDGLFLRQDO /RV VHFWRUHV GH OD HVWUXFWXUD DJUDULD WUDGLFLRQDO VH
SHUFLEtDQWHPHURVRVHQVXVIXHQWHVGHSRGHUWDQWRSRUODPRYLOL]DFLyQ
GHORVVHFWRUHVVXEDOWHUQRVUXUDOHVFRPRSRUORVUHTXHULPLHQWRVGH
XQQXHYRLPSXOVRDODFDSLWDOL]DFLyQ\PRGHUQL]DFLyQGHODJUR
2WUDFRQVHFXHQFLDGHODLQVWDXUDFLyQGHOUpJLPHQDXWRULWDULR
D SDUWLU GH IXH HO IRUWDOHFLPLHQWR GHO FHQWUDOLVPR HVWDWDO
/D LQWHUYHQFLyQ PLOLWDU DVXPLy XQ SDSHO PRGHUDGRU 6WHSDQ
DXWRSURFODPiQGRVHHQWDQWRJXDUGLDQHVGHOVWDWXTXRUHSUHVHQWDGR
HQHOHVWDGRQDFLyQ
(OTXLHEUHGHODVLQVWLWXFLRQHVSROtWLFDVVLJQL¿FyXQDUXSWXUD
HQ ODV IRUPDV GH UHSUHVHQWDFLyQ SOXUDOLVWD OD GHVHVWUXFWXUDFLyQ
GH ORV DFWRUHV \ RUJDQL]DFLRQHV SDUWLGDULDV QDFLRQDOHV SUHYLDV
(Q FRQWUDSDUWLGD VH SURGXMR XQD UHHVWUXFWXUDFLyQ GH ORV IRUPDWRV
UHSUHVHQWDFLyQ SROtWLFD FRPELQDQGR XQ UpJLPHQ GH JRELHUQR
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
DXWRULWDULRFRQDOJXQDVLQVWLWXFLRQHVUHSUHVHQWDWLYDVUHVWULQJLGDVHQ
VXVIXQFLRQHV\FRKDELWDQGRFRQFDQDOHVHVWDWDOHVGHFRRSWDFLyQ\
PHGLDFLyQGHLQWHUHVHV
8QDGHPRFUDFLDOLEHUDOGHPDVDVFRQGHVLJXDOGDGHV
SHUVLVWHQWHV
/DFRQVWUXFFLyQGHODGHPRFUDFLDEUDVLOHxDHQORV~OWLPRV
DxRVGHEHFRPSUHQGHUVHHQHOPDUFRGHFDPELRVGHODUJR\PHGLDQR
SOD]RHQODVUHODFLRQHV(VWDGR\VRFLHGDG/DVWUDQVIRUPDFLRQHVGHOD
VRFLHGDG\GHPRFUDFLDEUDVLOHxDSXHGHQVHUDQDOL]DGDHQWUHVSODQRV
RGLPHQVLRQHVHQORTXHUH¿HUHDOPRGHORGHGHVDUUROORHFRQyPLFR
DODIRUPDVGHHVWUXFWXUDFLyQGHDOLDQ]DVSROtWLFDVGHJRELHUQR\HQ
UHODFLyQDODPRYLOL]DFLyQGHQXHYRVDFWRUHVFROHFWLYRV
'HVGHODGpFDGDGHODOVHSURGXMRXQDFHOHUDGRSURFHVR
GH GHVDUUROOR HFRQyPLFR TXH FRQVWLWX\y D %UDVLO GHQWUR GH ODV
QDFLRQHVFRQVLGHUDGDVFRPRSRWHQFLDVHPHUJHQWHVDQLYHOPXQGLDO
\FRQXQOLGHUD]JRSDUWLFXODUGHQWURGHODWLQRDPpULFD
(VWDWUDQVIRUPDFLyQHFRQyPLFDVHSURGXMRSDUDOHODPHQWHDXQ
SURFHVRDXWRULWDULR\FRQWURODGRSROtWLFD\VRFLDOPHQWH1RREVWDQWH
ODDSHUWXUDSROtWLFDDFRPLHQ]RVGHORVRFKHQWDLQLFLyXQSURFHVRGH
PRYLOL]DFLyQSROtWLFD\VRFLDOGHOFXiOYDDHPHUJHUXQQXHYRIRUPDWR
LQVWLWXFLRQDO\GHDFWRUHVTXHGDUiQOXJDUDXQDGHPRFUDWL]DFLyQVLQ
SUHFHGHQWHVHQFXDQWRDH[WHQVLyQ\UHSUHVHQWDFLyQDOFDQ]DGD
$ SHVDU GH OD D¿UPDFLyQ GHO SURFHVR GH GHPRFUDWL]DFLyQ
SROtWLFD \ VRFLDO HO JLUR GRPLQDQWH KDFLD XQD OLEHUDOL]DFLyQ
HFRQyPLFD HQ ORV QRYHQWD LPSOLFy TXH OD GHPRFUDFLD HPHUJHQWH
WXYRTXHFRQYLYLUFRQHOPDQWHQLPLHQWRGHGHVLJXDOGDGHVVRFLDOHV
SHUVLVWHQWHV
$ HIHFWRV GHO DQiOLVLV PiV GHWDOODGR GH ORV FDPELRV VH
LGHQWL¿FDUiGLVWLQWRVVXESHUtRGRVUHOHYDQWHV(OSULPHURDEDUFyOD
GpFDGD GHO RFKHQWD GHVGH OD UHIRUPD SDUWLGDULD \ FRQYRFDWRULDV D
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
HOHFFLRQHV FRPSHWLWLYDV HQ KDVWD OD DSUREDFLyQ GH OD QXHYD
FRQVWLWXFLyQTXHFXOPLQyFRQODVHOHFFLRQHVJHQHUDOHV\DELHUWDVGH
/RVHMHVGHOSHUtRGRSDVDURQSRUXQGREOHUHFRUULGRHQWUHHO
GHFOLYH\FULVLVGHOPRGHORGHGHVDUUROORDUWLFXODGRDO(VWDGR\XQ
SURFHVRSURIXQGRGHGHPRFUDWL]DFLyQSROtWLFD\VRFLDO
/D GLVROXFLyQ GHO IRUPDWR ELSDUWLGLVWD LPSXHVWR SRU HO
UpJLPHQ DXWRULWDULR GHVGH \ OD UHFRQVWUXFFLyQ GH XQ VLVWHPD
GH UHSUHVHQWDFLyQ SOXUDOLVWD IXH UHVXOWDGR GH XQD ODUJD WUDQVLFLyQ
GHPRFUiWLFD(VWHSURFHVRµOHQWR¶HQFXDQWRDVXGXUDFLyQWHPSRUDO
GHDµJUDGXDO¶HQODIRUPDGHOLEHUDOL]DFLyQGHOUpJLPHQ
SROtWLFR\µFRQWURODGR¶GHVGHODF~VSLGHSRUORVPLOLWDUHV$VLPLVPR
ORV DYDQFHV HQ ODV UHJODV GH MXHJR \ GHPDQGDV GH SDUWLFLSDFLyQ
IXHURQFDQDOL]DGRVPHGLDQWHHOSURFHGLPLHQWRHOHFWRUDO
/D DSHUWXUD SURJUHVLYD SRU OD YtD HOHFWRUDO IXH YLDEOH HQ
JUDQPHGLGDSRUODDFHSWDFLyQGHODRSRVLFLyQDGLVSXWDUXQDFXRWD
GH SRGHU HQ HO iPELWR OHJLVODWLYR GHELOLWDGR HQ VXV SRWHVWDGHV GH
DFFLyQ \ FRQWURODGR GHQWUR GH ODV UHJODV IRUPDOHV LPSXHVWDV SRU
HO UpJLPHQ DXWRULWDULR /DPRXQLHU S 'H HVWD PDQHUD
ODWUDQVLFLyQDGTXLULyXQWLSRGHQHJRFLDFLyQLPSOtFLWDPiVTXHGH
VDOLGDQHJRFLDGDRSDFWDGD
(OSXQWRGHLQÀH[LyQGHODWUDQVLFLyQGHPRFUiWLFDHQ%UDVLO
VHSURGXMyDSDUWLUGHODxRGRQGHHOLQFUHPHQWRGHODIXHU]D
SROtWLFDHOHFWRUDO GH OD RSRVLFLyQ \ OD UHDFWLYDFLyQ GH HVSDFLRV
GH RUJDQL]DFLyQ VRFLDO GH OD VRFLHGDG FLYLO SUHVLRQDURQ SDUD XQD
DSHUWXUDSROtWLFDTXHPRGL¿FyORVPDUFRVGHOSUR\HFWRRULJLQDULRGH
OLEHUDOL]DFLyQWXWHODGD
(O LPSXOVR KDFLD OD DSHUWXUD SROtWLFD VH SURGXFtD HQ XQ
WUDVIRQGRGHSURIXQGRVFDPELRVHQODHVWUXFWXUDVRFLDOUHVXOWDGRGHO
IXHUWHGHVDUUROORHFyQRPLFRGHODGpFDGDGHODO+DFLD
%UDVLOGHMDED¿QDOPHQWHODFRQGLFLyQGHVRFLHGDGUXUDOVXSREODFLyQ
XUEDQD DOFDQ]DED DO GH OD SREODFLyQ WRWDO $VLPLVPR OD
SREODFLyQHFRQyPLFDPHQWHDFWLYDHQHOVHFWRUSULPDULRVHUHGXMRDO
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
\WDPELpQGLVPLQX\yODSDUWLFLSDFLyQGHOVHFWRUDOGH
ODVH[SRUWDFLRQHV(OQXHYRFLFORGHPRGHUQL]DFLyQ\GHVDUUROORVH
WUDGXMRHQFDPELRVHQODFRPSRVLFLyQGHORVVHFWRUHVGHODHFRQRPtD
/D FRQWULEXFLyQ VHFWRULDO SDUD HO 3%, TXH KDFLD HUD GH XQ
GHOVHFWRUVHFXQGDULR\GHGHOVHFWRUWHUFLDULRSDVDURQ
DDSRUWDUKDFLDXQ\GHO3%,UHVSHFWLYDPHQWH
3DUDOHODPHQWH D HVWRV SURIXQGRV FDPELRV VRFLDOHV \
HFRQyPLFRV HVWUXFWXUDOHV VH SURGXFtD XQ UHQDFLPLHQWR GH OD
VRFLHGDGFLYLORUJDQL]DGD\ODPRYLOL]DFLyQGHORVDFWRUHVSRSXODUHV
UHFODPDQGR PD\RU SDUWLFLSDFLyQ \ DWHQFLyQ D QHFHVLGDGHV EiVLFDV
LQVDWLVIHFKDV(QHVWHVHQWLGRHPHUJHQQXHYRVDFWRUHVFROHFWLYRV
ORVVLQGLFDWRVGHWUDEDMDUHVXUEDQRVPRYLPLHQWRVVRFLDOHVXUEDQRV
\UXUDOHVHQSURGHPHMRUHVFRQGLFLRQHVGHYLGDSDUDODSREODFLyQ\
WDPELpQPRYLPLHQWRVGHVHFWRUHVLQWHOHFWXDOHV\GHODFXOWXUD
(Q HVWH FRQWH[WR ODV HOHFFLRQHV GH VLJQL¿FDURQ HO
DJRWDPLHQWR GHO IRUPDWR ELSDUWLGLVWD LPSXHVWR SRU HO UpJLPHQ
DXWRULWDULR\HOUHWRUQRDXQVLVWHPDPiVSOXUDOLVWDHQFXDQWRDOQ~PHUR
GH SDUWLGRV \ HQ HO SHVR GH OD RSRVLFLyQ DO UpJLPHQ DXWRULWDULR
3RUXQODGRODVGRVIXHU]DVSROtWLFDVSULQFLSDOHVFDPELDURQGHVLJOD
HO0'%TXHDJOXWLQDEDDWRGDODRSRVLFLyQSROtWLFDVHWUDQVIRUPy
HQHO3DUWLGRGHO0RYLPLHQWR'HPRFUiWLFR%UDVLOHxRPLHQWUDVTXH
OD DQWLJXD $5(1$ UHSUHVHQWDQWH SROtWLFR GHO VHFWRU R¿FLDOLVWD HQ
HO JRELHUQR VH FRQVWLWX\y HQ HO 3DUWLGR 'HPRFUiWLFR 6RFLDO 1R
REVWDQWH HVWRV SDUWLGRV QR SHUGHUiQ VX FDSDFLGDG GH FDQDOL]DFLyQ
GH ODV DGKHVLRQHV SROtWLFDV UHWHQLHQGR HO GH ODV SUHIHUHQFLDV
SDUWLGDULDV
3RU RWUR ODGR VXUJLHURQ WUHV SDUWLGRV GH RSRVLFLyQ 'RV GH
HOORVVHYLQFXODURQFRQODUHIXQGDFLyQ\UHLQYHQFLyQGHODWUDGLFLyQ
³WUDEDOKLVWD´ JHWXOLVWD (O FOLPD GH DSHUWXUD SROtWLFD D SDUWLU GH OD
/H\GH$PQLVWtDSHUPLWLyHOUHJUHVRGHOH[LOLR\UHRUJDQL]DFLyQGH
ORVDQWLJXRVFXDGURVGHGLULJHQWHVGHO3DUWLGR7UDEDOKLVWD%UDVLOHxR
6LQHPEDUJRODUHRUJDQL]DFLyQGHODQWLJXR37%VHKL]RSRUPHGLR
GHXQDGLYLVLyQLQWHUQD\GHUHLQYHQFLyQSROtWLFD(QSDUWHGHELGR
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
D YLHMDV ULYDOLGDGHV HQWUH MDQJXLVWDV \ EUL]ROLVWDV DVt FRPR D ORV
UHFHORV TXH JHQHUy OD VXFHVLyQ GH OLGHUD]JR SROtWLFR HQ %UL]ROD
XQLGR D XQD SROpPLFD GHFLVLyQ GH OD MXVWLFLD D IDYRU GH PDQWHQHU
HQPDQRVGH,YHWH9DUJDVODVLJODSDUWLGDULDFDWDOL]yXQDIUDFWXUD
HQWUH ORV WUDEDOKLVWDV TXH WXYR FRPR FRQVHFXHQFLDV OD HPHUJHQFLD
GHXQQXHYRSDUWLGR/DSpUGLGDGHODVLJODSDUWLGDULDGLVPLQX\yHO
LPSDFWRSROtWLFRGHODUHIXQGDFLyQGHO37%TXHGLYLGLyHOSHVRGH
VXVFXDGURVSDUWLGDULRVKLVWyULFRV\UHFRORFyDO37%KDFLDHOFDPSR
LGHROyJLFRFRQVHUYDGRU
/DUHLQYHQFLyQGHXQQXHYRSDUWLGRWUDEDOKLVWDVHUHDOL]yFRQ
ODIXQGDFLyQGHO3DUWLGR'HPRFUDWD7UDEDOKLVWD/DUHFRQVWUXFFLyQ
GH OD LGHQWLGDG WUDEDOKLVWD VH GLR D SDUWLU GH OD FRQYRFDWRULD
GH %UL]ROD TXH VH SUHVHQWy HQ WDQWR OtGHU KLVWyULFR GHO 37%
UHLQWHUSUHWDQGRODYLJHQFLD\FRQWLQXLGDGGHOWUDEDOKLVPRGH9DUJDV
'HHVWDPDQHUDDSDUHFLHURQEDQGHUDVWtSLFDVWUDEDOKLVWDVFRPROD
E~VTXHGD GHO GHVDUUROOR \ HPDQFLSDFLyQ QDFLRQDO DPHQD]DGR SRU
GRV JUDQGHV HQHPLJRV OD ³ROLJDUTXtD UXUDO´ \ HO ³LPSHULDOLVPR
H[WUDQMHUR´\HOWUDEDOKLVPRHQWDQWRPRYLPLHQWRGHGHIHQVDGHODV
FODVHVWUDEDMDGRUDV\ODVIXHU]DVSRSXODUHVHQRSRVLFLyQDODVHOLWHV
QDFLRQDOHV$VLPLVPRHPHUJLHURQQXHYDVWHPiWLFDVODRSFLyQSRU
OD GHPRFUDFLD \ HO VRFLDOLVPR LQWHUSUHWDQGR DO WUDEDOKLVPR FRPR
XQ FDPLQR SDUD OD FRQVWUXFFLyQ GHO VRFLDOLVPR GHPRFUiWLFR OD
YDORUL]DFLyQGHOSOXUDOLVPR\ODGHIHQVDGHODVPLQRUtDVH[FOXLGDV
pQIDVLVHQODVFXHVWLRQHVGHJpQHUR\HWQLD
(OWHUFHUDFWRUSROtWLFRHQMXHJRHOPiVQXHYRIXHHO3DUWLGRGH
ORV7UDEDMDGRUHV37QDFLyDLQLFLDWLYDGHORVSRGHURVRVVLQGLFDWRV
GH WUDEDMDGRUHV SDXOLVWDV IXQGDGRV D ¿QHV GH OD GpFDGD GHO ¶
FRQRFLGRFRPR³QRYRVLQGLFDOLVPR´
/DRULJLQDOLGDGHQHOHVSHFWURSDUWLGDULRIXHGDGDSRUVXRULJHQ
TXH QR UHVLGLy HQ GLVLGHQFLDV R UHFRPSRVLFLyQ GH HOLWHV SROtWLFDV
SDVDGDVVLQRHQVXFDUiFWHUVRFLHWDULRHLGHROyJLFRDXWyQRPRGHODV
FOLHQWHODV \ VHUYLFLRV GHO (VWDGR /D SHFXOLDULGDG GH OD HVWUXFWXUD
RUJDQL]DWLYD IXH UHVXOWDGR GH OD FRQMXJDFLyQ GH WUHV HOHPHQWRV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
HVWUXFWXUDOHVDODLQLFLDWLYDIXQGDFLRQDOSURYLQRGHORVVLQGLFDWRV
GHWUDEDMDGRUHVVHFWRUHVGHODLQWHOHFWXDOLGDG\GHODFODVHSROtWLFD
HQODRSRVLFLyQ\GHSDUWHGHORVPRYLPLHQWRVVRFLDOHVXUEDQRVGH
OD GpFDGD GHO ¶ \ RUJDQL]DFLRQHV GH L]TXLHUGD E OD IRUPDFLyQ
GH XQD RUJDQL]DFLyQ GH SDUWLGR GH PDVD SRGHURVR PiV DOOi GH ODV
LQVWDQFLDVHOHFWRUDOHV\FXQSURJUDPDSROtWLFRFRQXQDLGHRORJtD
FODVLVWDTXHVHSURSRQtDODUHRUJDQL]DFLyQGHOVLVWHPDSROtWLFRHQOD
UHSUHVHQWDFLyQGHLQWHUHVHV\SDUWLFLSDFLyQGHORVVHFWRUHVSRSXODUHV
0HQHJXHOORS
(O SHUtRGR HQWUH ODV HOHFFLRQHV GH \ HO WUDVSDVR GHO
JRELHUQR IHGHUDO HQ HVWXYR SDXWDGR SRU XQD WHQVLyQ HQWUH
ODV LQLFLDWLYDV GHO UpJLPHQ DXWRULWDULR GH FRQWURODU FXSXODUPHQWH
OD VXFHVLyQ GHO PDQGDWR SUHVLGHQFLDO YtD LQGLUHFWD SRU PHGLR GHO
&ROHJLR(OHFWRUDO\ODVSRVWXUDVGHORVVHFWRUHVPiVFUtWLFRVGHOD
RSRVLFLyQGHDPSOLDUORVFDQDOHVGHSDUWLFLSDFLyQFLXGDGDQD
(QpVWHFRQWH[WRGHVGHXQVHFWRUGHO30'%HO37\SDUWLGRV
GHL]TXLHUGDRUJDQL]DURQXQDDPSOLDPRYLOL]DFLyQSRSXODUSDUDOD
UHDOL]DFLyQGHHOHFFLRQHVGLUHFWDVSDUDSUHVLGHQWHODV³'LUHWDVMi´
/D PRYLOL]DFLyQ QR ORJUy REVWDFXOL]DU HO DFXHUGR FXSXODU SDUD OD
GHVLJQDFLyQGHOSUHVLGHQWHVXFHVRUDOUpJLPHQVLQHPEDUJRIXHXQD
H[SUHVLyQGHODGHPDQGDVRFLDOSRUGHPRFUDWL]DFLyQGHODVHVWUXFWXUDV
SROtWLFDV H LQKLELy OD UHDFFLyQ JROSLVWD GH JUXSRV IDYRUDEOHV D OD
FRQWLQXLGDGGHOUpJLPHQ$UWXULS
'HVGHODHOHFFLyQGH7DQFUHGR1HYHVSRUSDUWHGHO&ROHJLR
(OHFWRUDOHQKDVWDODVHOHFFLRQHVJHQHUDOHVSRUSULPHUDYH]HQ
IRUPDGLUHFWDGHOSUHVLGHQWHHQQRYLHPEUHGHIXHXQSHUtRGR
GRQGH VH SURFHVDURQ FDPELRV TXH LPSDFWDURQ D ODUJR SOD]R HQ HO
QXHYRIRUPDWRPXOWLSDUWLGLVWD
/RV SULPHURV DxRV GH JRELHUQR GH OD ³1RYD 5HS~EOLFD´ VH
GHVDUUROODURQ HQ XQ FRQWH[WR GH FULVLV GH P~OWLSOHV GLPHQVLRQHV
OD PXHUWH VRUSUHVLYD GH 7DQFUHGR 1HYHV OD VLWXDFLyQ GH FULVLV
HFRQyPLFD\ODIRUPXODFLyQGHUHVSXHVWDVFDQDOL]DGDVHQHO3ODQR
&UX]DGR /DV HOHFFLRQHV GH UHIRU]DURQ OD OHJLWLPLGDG GH OD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
³$OLDQ]DGHPRFUiWLFD´30%'3)/TXHXQL¿FyDORVVHFWRUHVPiV
FRQVHUYDGRUHV GHO 30'% \ GH ORV SDUWLGRV GHO DQWLJXR UpJLPHQ
HQ HO JRELHUQR IHGHUDO \ OD SROtWLFD GH JREHUQDGRUHV HVWDGXDOHV
(O 30'% REWXYR GH ODV JRELHUQRV HVWDGXDOHV \ OD PD\RUtD
DEVROXWD HQ HO SDUODPHQWR IHGHUDO (Q HVWDV HOHFFLRQHV WDPELpQ VH
SURGXMHURQ DOJXQDV WHQGHQFLDV GH FDPELRV TXH VH FDWDOL]DUiQ HQ
SRUXQODGRODIUDJPHQWDFLyQGHORVSDUWLGRVGHGHUHFKD\SRU
RWURHOOHQWRDXQTXHSURJUHVLYRFUHFLPLHQWRGHSDUWLGRVGHL]TXLHUGD
PiVQRWRULRHQHO37
/DVH[SHFWDWLYDVFUHFLHQWHVGHWHPDVVRFLDOHV\HFRQyPLFRV
SHQGLHQWHVGHODWUDQVLFLyQVHWUDVODGDURQGHODDJHQGDJXEHUQDWLYD
KDFLDOD$VDPEOHD&RQVWLWX\HQWHGHFRQOD¿QDOLGDGGHDSUREDU
XQDQXHYDFRQVWLWXFLyQ(VWDFRQMXJDFLyQGHGHPDQGDV\DFWRUHVVH
FDQDOL]y KDFLD XQ SURFHVR GH GHPRFUDWL]DFLyQ GH ODV LQVWLWXFLRQHV
S~EOLFDV GHVGH D OD FRQVWLWX\HQWH GH 6DOOXP S
\TXHVHSODVPyHQP~OWLSOHVUHIRUPDV
6HGHVWDFySXHVODUHIRUPDGHOVLVWHPDHOHFWRUDOHQHVSHFLDO
HQODHOHFFLyQSUHVLGHQFLDO/DFRQVDJUDFLyQGHHOHFFLRQHVGLUHFWDV
D 3UHVLGHQWH SRU VLVWHPD GH PD\RUtD DEVROXWD GH YRWRV YiOLGRV HQ
GRVYXHOWDVVXVWLWX\yHOGHVJDVWDGRPpWRGRGHODHOHFFLyQLQGLUHFWD
DWUDYpVGHXQFROHJLRHOHFWRUDO$GHPiVVHUHGXMRODGXUDFLyQGHO
PDQGDWR SUHVLGHQFLDO GH D DxRV $VLPLVPR VH HVWDEOHFLy OD
VLPXOWDQHLGDG HQ ODV HOHFFLRQHV SUHVLGHQFLDOHV FRQ OD UHQRYDFLyQ
SDUFLDOGHO&RQJUHVRQDFLRQDO\FRQODVHOHFFLRQHVDFDUJRVHMHFXWLYRV
\SDUODPHQWDULRVHVWDGXDOHV1RREVWDQWHVHPDQWXYRODVHSDUDFLyQ
HQWUHHOHFFLRQHVQDFLRQDOHV\HVWDGXDOHVGHODVPXQLFLSDOHV7DPELpQ
VH FRQVDJUy OD HOHFFLyQ GLUHFWD SDUD WRGRV ORV FDUJRV HMHFXWLYRV
HOHFWLYRVSUHVLGHQWH\JREHUQDGRUHVGHOD)HGHUDFLyQ
2WUDV UHIRUPDV TXH WHQtDQ TXH YHU FRQ HO VLVWHPD GH
UHSUHVHQWDFLyQIXHURQODLQFRUSRUDFLyQGHODUHSUHVHQWDFLyQSROtWLFD
GHOGLVWULWRIHGHUDO\ODJDUDQWtDHIHFWLYDGHOLEHUWDGGHRUJDQL]DFLyQ
GHWRGRVORVSDUWLGRVSROtWLFRV
/DV UHIRUPDV QR VH OLPLWDURQ D ORV SURFHGLPLHQWRV GH
UHSUHVHQWDFLyQ \ HOHFFLyQ GH FDUJRV SROtWLFRV VLQR TXH WDPELpQ
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
HOLPLQDURQ UHVWULFFLRQHV \ XQLYHUVDOL]DURQ OD FLXGDGDQtD
LQFRUSRUDQGRSRUSULPHUDYH]HOGHUHFKRDOYRWRGHORVDQDOIDEHWRV
(VWD GHPRFUDWL]DFLyQ GH OD EDVH FLXGDGDQD VH DFRPSDxy GH XQD
H[WHQVLyQHIHFWLYDGHODSDUWLFLSDFLyQHOHFWRUDOTXHSDVyGH
HQDGHODSREODFLyQSDUDODGpFDGDGHOQRYHQWD'HHVWD
IRUPDODQXHYDUHS~EOLFDDOFDQ]yQLYHOHVGHSDUWLFLSDFLyQSROtWLFD
VLPLODUHVDORVGH$UJHQWLQD\HOFRQRVXUTXHRVWHQWDQGHORVJUDGRV
GHSDUWLFLSDFLyQHOHFWRUDOPiVDOWRVGH$PpULFDGHOVXU
/D DPSOLDFLyQ GH ORV GHUHFKRV FLXGDGDQRV WDPELpQ VH
SURGXFLHURQ HQ HO UHFRQRFLPLHQWR GH OD FDSDFLGDG DXWyQRPD GH
RUJDQL]DFLyQ FROHFWLYD GH ODV FODVHV SRSXODUHV \ GH P~OWLSOHV
GHUHFKRVVRFLDOHV
(QHVWHPDUFROD&RQVWLWX\HQWHIXHXQHVSDFLRFHQWUDOSDUD
PHGLU OD UHFRPSRVLFLyQ \ UHDOLQHDPLHQWR GH ORV SDUWLGRV TXH VH
H[SUHVDURQ HQ ODV HOHFFLRQHV GH OD UXSWXUD GHO 30'% \ OD
FUHDFLyQ GHO 36'% HO GHVSUHVWLJLR GH OD FODVH SROtWLFD WUDGLFLRQDO
\ HO YRWR FDVWLJR DO JRELHUQR OD DSXHVWD SRU FDQGLGDWRV TXH
UHSUHVHQWDURQODRSRVLFLyQDORVYDORUHVGHOOLEHUDOLVPRFRQVHUYDGRU
\ODSRODUL]DFLyQGHORVSDUWLGRVHQHOHMHL]TXLHUGDGHUHFKD
/D UHHVWUXFWXUDFLyQ GHO VLVWHPD SDUWLGDULR TXHGy PDQL¿HVWD
HQODVHOHFFLRQHVGH/RVDQiOLVLVPRVWUDURQTXHHOYRWRFDVWLJR
FRQWUD ORV SROtWLFRV WUDGLFLRQDOHV FRQVHUYDGRUHV VH H[SUHVy HQ XQ
DSR\R D ORV FDQGLGDWRV SUHVLGHQFLDOHV TXH VH LGHQWL¿FDURQ FRQ OD
SHUFHSFLyQGHFDPELR\GHVXSHUDFLyQGHODLQMXVWLFLDODH[FOXVLyQ
\ODGHVFRQ¿DQ]DHQODVLQVWLWXFLRQHVSROtWLFDV6DOOXP-U*UDHIIH
/LPDS6LQHPEDUJRODFULVLVGHFRQ¿DQ]DSDUWLGDULDQR
VH H[SUHVy FULVLV LQVWLWXFLRQDO VLQR TXH VH FDQDOL]y D WUDYpV GH OD
PLJUDFLyQGHODVIXHU]DVSROtWLFDVKDFLDORVSRORVGHODL]TXLHUGD\
ODGHUHFKD
(Q OD FR\XQWXUD ORV FDPELRV PiV QRWRULRV IXHURQ HO
YDFLDPLHQWR GHO FHQWUR GHELGR DO TXLHEUH GHO 30'% HO GHVJDVWH
GHODDOLDQ]DR¿FLDOLVWDHQWUHHOFHQWUR\ODGHUHFKD30'%3)/\
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
ODDSDULFLyQGHQXHYRVSDUWLGRVODHVFLVLyQHO36'%\HOLPSDFWR
GH OD DSDULFLyQ GHO OLGHUD]JR FDULVPiWLFR GH &ROORU GH 0HOOR TXH
UHHVWUXFWXUDDORVVHFWRUHVFRQVHUYDGRUHV(OYDFLDPLHQWRGHOFHQWUR
IXH VXVWLWXtGR SRU XQD FRPSHWHQFLD FHQWUtIXJD D ORV H[WUHPRV TXH
SRODUL]yODVHOHFFLRQHVHQWUHODGHUHFKD\ODL]TXLHUGD
5HIRUPDVQHROLEHUDOHV\UHFRQYHUVLyQGHORVDFWRUHV
SROtWLFRV
(Q FRQWUDVWH FRQ ORV LPSXOVRV D OD GHPRFUDWL]DFLyQ GH
ODV HVWUXFWXUDV SROtWLFDV GH ORV RFKHQWD OD GpFDGD GHO QRYHQWD VH
FDUDFWHUL]y SRU OD UHRULHQWDFLyQ GRPLQDQWH KDFLD LPSODQWDFLyQ
GH UHIRUPDV GH OLEHUDOL]DFLyQ HFRQyPLFD \ UHIRUPD GHO (VWDGR
DXVWHULGDG ¿VFDO SULYDWL]DFLyQ OLEHUDOL]DFLyQ GH PHUFDGRV /D
GLQiPLFD SROtWLFD SDUWLGDULD DFRPSDxDUi HO ULWPR \ PRGR GH HVWDV
UHIRUPDV TXH VH H[SUHVDUiQ HQ UHDOLQHDPLHQWRV GH ODV IXHU]DV
SROtWLFDVSDUWLGDULDV\ODUHFRQYHUVLyQGHORVDFWRUHVGRPLQDQWHVGH
ODWUDQVLFLyQSROtWLFD3RUXQDSDUWHVHH[SUHVDUiHQODUHQRYDFLyQ
SRSXOLVWDHOLWHVWUDGLFLRQDOHV\SRURWUDODHPHUJHQFLDGHXQDQXHYD
RSRVLFLyQ SROtWLFR VRFLDO (VWH UHDOLQHDPLHQWR SROtWLFR LGHROyJLFR
VH H[SUHVDUi DVLPLVPR HQ FDPELRV HQ OD UHSUHVHQWDFLyQ SROtWLFD \
VRFLDO
(OLPSXOVRSRSXOLVWDOLEHUDOQRREWHQGUiUpGLWRVHQWpUPLQRV
GH JREHUQDELOLGDG \ IXH PRGHUDGR HQ VXV DOFDQFHV FRQ OD VDOLGD
GH &ROORU GH 0HOOR \ OD LQDXJXUDFLyQ GHO FLFOR GH OLEHUDOL]DFLyQ
VRFLDO GH ORV JRELHUQRV GH )HUQDQGR +HQULTXH &DUGRVR GH D (VWR SHUPLWLy QXHYRV DYDQFHV HQ OD OLEHUDOL]DFLyQ GHO
(VWDGRFRQXQHVWLORGHLPSOHPHQWDFLyQGHUHIRUPDVJUDGXDOHVGH
ODV UHIRUPDV \ FRQ SROtWLFDV VRFLDOHV FRPSHQVDWRULDV $O PLVPR
WLHPSRHVWRVJRELHUQRVDVHJXUDURQXQDHVWDELOLGDGSROtWLFDEDVDGD
HQ OD UHFRPSRVLFLyQ GH XQD DOLDQ]D HQWUH HO FHQWUR \ ORV SDUWLGRV
FRQVHUYDGRUHV/DFRQVROLGDFLyQGHHVDDOLDQ]DSROtWLFDVHSODVPy
HQODUHIRUPDHOHFWRUDOSDUFLDOGHTXHSHUPLWLyODUHHOHFFLyQ
SUHVLGHQFLDO
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
/RVORJURVHFRQyPLFRVGHOSODQ5HDO\ODDUWLFXODFLyQGHXQD
DOLDQ]D SROtWLFD HVWDEOH VH YHUiQ HQIUHQWDGRV D ODV FRQVHFXHQFLDV
GHODFULVLVHFRQyPLFDGH/RVFRVWRVSROtWLFRV\VRFLDOHVGHO
SURJUDPDGHOLEHUDOL]DFLyQODUHIRUPDGHO(VWDGR\SRVWHULRUFULVLV
IXHURQ FDSLWDOL]DGRV SROtWLFDPHQWH SRU OD RSRVLFLyQ GH L]TXLHUGD
TXHVXSRDVXYH]FDQDOL]DUHOGHVFRQWHQWRVRFLDO
(QHOWUDVIRQGRGHOVDOGRQHJDWLYRGHODVGHQRPLQDGDVUHIRUPDV
HFRQyPLFDVGHVHJXQGDJHQHUDFLyQHVWiODSDUDGyMLFDFRKDELWDFLyQ
HQWUHGHPRFUDFLD\GHVLJXDOGDGHVVRFLDOHVSHUVLVWHQWHV6LSRUXQD
SDUWH HO OLEHUDOLVPR VRFLDO FRQ SROtWLFDV VRFLDOHV FRPSHQVDWRULDV
\ PDQWHQLPLHQWR GHO JDVWR S~EOLFR VRFLDO FRQVLJXLy UHGXFLU ORV
QLYHOHV GH SREUH]D PHGLGD SRU HO PpWRGR GH OD OtQHD GH LQJUHVRV
SDVDEDGHGHODVSHUVRQDVHQDGHODVSHUVRQDVHQ
&(3$/HVDWHQGHQFLDFRPHQ]DEDDUHYHUWLUVHDSDUWLUGHOD
FULVLVGH2WURVLQGLFDGRUHVVHxDODEDQWHQGHQFLDVRSXHVWDVHQ
ODUHSURGXFFLyQGHODVGHVLJXDOGDGHVVRFLDOHV\FDPELRVUHJUHVLYRV
GHODHVWUXFWXUDVRFLDO(OVHFWRULQIRUPDOHQWUH\FUHFLy
GHGDGHOD3($&(3$/\HOGHVHPSOHRWDPELpQYROYLD
D LQFUHPHQWDUVH 3HUR HO GDWR PiV VLJQL¿FDWLYR GH OD SHUVLVWHQFLD
GHODVGHVLJXDOGDGHVVRFLDOHVIXHURQORVLQGLFDGRUHVGHGLVWULEXFLyQ
GHOLQJUHVRDSDUWLUGHO,QGLFHGHJLQLTXHPRVWUDEDODWHQGHQFLDD
UHSURGXFLUHLQFUHPHQWDUXQDGLVWULEXFLyQUHJUHVLYDODPiVDOWDGH
$PpULFD/DWLQD\GHODVPiVDOWDVGHOPXQGR
(QHOtQGLFHGH*LQLVHVLWXDEDHQPLHQWUDVTXHHQ
VHHOHYDEDD&(3$/(VWRVHH[SUHVDEDTXHSDUD
PLHQWUDVHOGHORVHVWUDWRVGHODSREODFLyQGHPHQRUHVLQJUHVRV
UHFLEtDHOGHOWRWDOGHLQJUHVRVJHQHUDGRVHQHOGH
HVWUDWRSREODFLRQDOGHPiVDOWRVLQJUHVRVVHDSURSLDEDGHOGH
ORSURGXFLGRHVHDxR
(O DJRWDPLHQWR GH ODV UHIRUPDV OLEHUDOL]DQWHV DEULHURQ XQ
QXHYRHVFHQDULRSROtWLFRGHFDUDDODVHOHFFLRQHVGHHQHOFXiO
VHFRQMXJDUiODGLYLVLyQGHOFHQWUR\GHODDOLDQ]DFRQORVVHFWRUHV
FRQVHUYDGRUHV (O HVSDFLR YDFtR VHUi RFXSDGR SRU XQD DOLDQ]D
SROtWLFDLQpGLWDGHXQSDUWLGRGHL]TXLHUGDFRQVHFWRUHVGHFHQWUR\
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
XQDSDUWHGHOHPSUHVDULDGRHQEXVFDGHXQQXHYRSDFWRGHVDUUROOLVWD
SRSXODU GHMDQGR SODQWHDGRV YDULRV GHVDItRV SDUD OD GHPRFUDFLD
FRQWHPSRUiQHD
(VWRV FDPELRV HQ ODV DOLDQ]DV SROtWLFDV SDUWLGDULDV VH
H[SUHVDURQHQHOSHUtRGRDWUDYpVGHYDULRVUHDOLQHDPLHQWRVSROtWLFRV
HOHFWRUDOHV
/RVFDPELRVSROtWLFRVPiVQRWRULRVVHGLHURQHQODVHOHFFLRQHV
SUHVLGHQFLDOHV YHU FXDGUR (O SULPHU UHDOLQHDPLHQWR UHOHYDQWH
IXHURQODVHOHFFLRQHVGHHQODVFXiOHVVHSUHVHQWDURQGRVSRORV
RSXHVWRV'HXQODGRHOHQVD\RGHUHQRYDFLyQSRSXOLVWDGHODGHUHFKD
FRQVHUYDGRUD WUiV HO OLGHUD]JR GH &ROORU GH 0HOOR TXH DJOXWLQy DO
GHORVYRWDQWHV(QHORWURH[WUHPRODL]TXLHUGDTXHGLVSXWy
FRQ GRV FDQGLGDWXUDV PX\ SDUHMDV OD GH %UL]ROD H[SUHVLyQ GH OD
KHUHQFLD WUDEDOKLVWD \ /XOD TXH SURYHQtD GH OD QXHYD L]TXLHUGD
GH RULJHQ VLQGLFDO OD FXiO VH SUR\HFWy SRU SULPHUD YH] FRPR XQD
DOWHUQDWLYD SROtWLFD QDFLRQDO $GHPiV HQ OD FR\XQWXUD VH SURGXFH
XQDGLYLVLyQGHOFHQWURTXHWLHQHFRPRUHVXOWDGRODHPHUJHQFLDGHO
3DUWLGR GH OD 6RFLDO 'HPRFUDFLD %UDVLOHxD 36'% GH )HUQDQGR
+HQULTXHTXHREWXYRGHODVDGKHVLRQHV
$QWH HO IUDFDVR GHO HQVD\R QHRSRSXOLVWD ORV HVFHQDULRV
HOHFWRUDOHV GH \ WXYLHURQ SRU XQD SDUWH OD PD\RUtD
DEVROXWD GH ORV YRWRV DJOXWLQDGRV WUDV OD FDQGLGDWXUD GH )HUQDQGR
+HQULTXH &DUGRVR FRQ XQD DOLDQ]D HVWDEOH HQWUH HO FHQWUR \ ORV
SDUWLGRVGHGHUHFKDFRQVHUYDGRUHV3RURWURODGRODL]TXLHUGDVHIXH
FRDOLJyGHVGHODRSRVLFLyQHQWUHODVGRVJUDQGHVIXHU]DV37\3'7
$VLPLVPR VH SURGXMR OD HPHUJHQFLD GH RWUD FDQGLGDWXUD GHVGH OD
L]TXLHUGDHO336DQWLJXR3&%TXHSURFXUyXQQXHYRHVSDFLRGH
FHQWURL]TXLHUGD\REWXYRHOGHORVYRWRV
3DUDODVHOHFFLRQHVGHVHFRQVWDWyXQQXHYRUHDOLQHDPLHQWR
SROtWLFR'HXQODGRVHDJRWyODDOLDQ]DHQWUHORVVHFWRUHVGHFHQWUR
\ SDUWLGRV FRQVHUYDGRUHV FRQ XQD FDQGLGDWXUD GH -RVp 6HUUD FRQ
SRFRFDULVPD\EDMRGHVHPSHxRHQODRSLQLyQS~EOLFDTXHDOFDQ]yHO
GHORVYRWRV(VWDFDQGLGDWXUDUHFRJtREiVLFDPHQWHORVYRWRV
GHO36'%PiVDOJ~QVHJPHQWRPiVGHFHQWUR
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
&XDGUR±9RWDFLyQGHORVSDUWLGRVHQHOHFFLRQHV
PD\RULWDULDVDFDUJRVHMHFXWLYRVHQ%UDVLOYRWRVYiOLGRVSRU
OHJHQGDSDUWLGDULD
)XHQWH76(
VXPDORVYRWRVFRDOLFLyQHOHFWRUDOGHO3)/\37%HQPiVORVGH30'%33%HQ
1RWD6HH[FOX\HQORVSDUWLGRVTXHUHFLELHURQPHQRVGHOGHORVYRWRV
3RU RWUD SDUWH OD FDQGLGDWXUD WULXQIDQWH GH /XOD REWHQGUi
HO GH ORV YRWDQWHV HQ OD SULPHUD YXHOWD (VWD FDQGLGDWXUD
SUHVLGHQFLDO H[SUHVDUi XQD FRDOLFLyQ SROtWLFD LQpGLWD (Q HO SODQR
IRUPDO HOHFWRUDO EiVLFDPHQWH HQWUH HO 37 \ HO 3DUWLGR /LEHUDO XQ
VHFWRUPLQRWDULRGHGHUHFKDHPSUHVDULDOORVFXiOHVDPERVSDUWLGRV
VXPDGRV FRQVWLWX\HURQ HO $GHPiV HVWD FRDOLFLyQ SROtWLFD
H[SUHVDEDXQDDOLDQ]DHQWUHODL]TXLHUGD\XQVHFWRUGHOFHQWURHQ
HOSODQRSDUWLGDULRSURJUDPiWLFR\VRFLDO(VWDDOLDQ]DFRQHOFHQWUR
\ XQ VHFWRU FRQVHUYDGRU SHUPLWLy VXSHUDU HO YHWR GH ORV VHFWRUHV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
FRQVHUYDGRUHV\XQLQFUHPHQWRVXVWDQFLDOGHOFDXGDOHOHFWRUDOSDUD
JDQDUODVHOHFFLRQHV
$SDUHFLHURQ WDPELpQ GRV FDQGLGDWXUDV GHVGH OD L]TXLHUGD
'H XQ ODGR XQD DOLDQ]D GH WRGR HO OHJDGR GH L]TXLHUGD KLVWyULFD
(OWUDEDOKLVPRHQVXVGRVYHUWLHQWHV3'7GHL]TXLHUGD\SRSXOLVWD
FRQVHUYDGRUDHO37%VXPDGRDODUHFRQYHUVLyQGHODQWLJXR3DUWLGR
&RPXQLVWD%UDVLOHxRHQ3DUWLGR3RSXODU6RFLDOLVWDREWHQLHQGR
GHORVYRWRV/DFDQGLGDWXUDSUHVLGHQFLDOH&LUR*RPHVUHFLELyFDVL
HOPLVPRFDXGDOHOHFWRUDOTXHORVWUHVSDUWLGRVPLHPEURV'HRWUR
ODGRDSDUHFHODFDQGLGDWXUDGH$QWKRQ\*DURWLQKRH[OLGHUGHO3'7
GH5LRGH-DQHLURGHIXHUWHLPSURQWDFDULVPiWLFDSRSXOLVWDTXHYD
DXWLOL]DUODOHJHQGDGHO36%SDUDSUHVHQWDUXQDDOWHQDWLYDHOHFWRUDO
TXHREWXYRHOGHORVYRWRV
/RV UHDOLQHDPLHQWRV HOHFWRUDOHV HQWUH ORV GLYHUVRV VHFWRUHV
SROtWLFRV LGHROyJLFRV GHO VLVWHPD SROtWLFR EUDVLOHxR VH H[SUHVDURQ
FDEDOPHQWHHQODUHSUHVHQWDFLyQSDUODPHQWDULDGHORVSDUWLGRVYHU
&XDGUR
&RQVLGHUDQGRHQFRQMXQWRWRGRHOSHUtRGRGHUHGHPRFUDWL]DFLyQ
VH SXGR REVHUYDU TXH SHVH D OD DSDUHQWH IUDJLOLGDG SDUWLGDULD ORV
SDUWLGRV\VXVFRDOLFLRQHVREHGHFLHURQDUHJODV\HVSDFLRVGHDFFLyQ
EDVWDQWH HVWDEOHV HQ HO HMH GH L]TXLHUGDGHUHFKD (Q VtQWHVLV VH
SXHGH D¿UPDU TXH HO VLVWHPD PXOWLSDUWLGLVWD SUH VH H[WLQJXLy
\ UHQJOyQ VHJXLGR VH UHLQVWDOy RWUR VLVWHPD PXOWLSDUWLGLVWD SRV
FRQ QXHYRV DFWRUHV SROtWLFRV RUJDQL]DGR HQ FDPSRV LGHROyJLFRV
FODUDPHQWHGLIHUHQFLDGRV
/XHJR GHO UHDOLQHDPLHQWR GH OD &RQVWLWX\HQWH GH TXH
PDUFyGHDOJ~QPRGRHO¿QGHODWUDQVLFLyQGHPRFUiWLFDUHVXOWDGR
H[SUHVDGR HQ ODV HOHFFLRQHV GH HO PDSD SDUWLGDULR D QLYHO
HOHFWRUDO \ SDUODPHQWDULR VH PDQWXYLHURQ ORV JUDQGHV EORTXHV
SROtWLFRVLGHROyJLFRV5RGULJXHVS/DUHVWDXUDFLyQGHO
PXOWLSDUWLGLVPRIXHDFRPSDxDGDGHOYDFLDPLHQWRGHODVGRVJUDQGHV
IXHU]DVSROtWLFDVFUHDGDVSRUHOUpJLPHQDXWRULWDULR30'%\HO3'6
TXHVHKDEtDQHVWUXFWXUDGRHQIXQFLyQGHODGHIHQVD\RSRVLFLyQDO
UpJLPHQ
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
&XDGUR±3RUFHQWDMHGHEDQFDVREWHQLGRVSRUORV
3DUWLGRVHQOD&iPDUDGH'LSXWDGRVHQ%UDVLO
)XHQWH(ODERUDGRHQEDVHD76(1LFRODX
2EVHUYDFLyQVHFRQVLGHUDQDTXHOORVSDUWLGRVFRQPiVGHOGHEDQFDV
(O3'6VHIXQGHFRQHO3'&HQ
(O FHQWUR VH GHVLQÀy XQ SRFR HQ VX VLJQL¿FDFLyQ SROtWLFD
DXQTXH FRQWLQXy VLHQGR HO TXH DJOXWLQy ORV SDUWLGRV FRQ PD\RU
IXHU]DSDUODPHQWDULDHOHFWRUDO/DSpUGLGDGHUHSUHVHQWDFLyQSROtWLFD
GHO 30'% GH HQ D HQ GH ODV EDQFDV D
GLSXWDGRV IXH RFXSDGD SDUFLDOPHQWH SRU HO 36'% GHO GH
EDQFDVHQDHQ
(Q OD GHUHFKD HO YDFLDPLHQWR GH FXDGURV SROtWLFRV DQWHV
DJUXSDGRV HQ HO 3'6 OXHJR GHVSOD]DGRV HQ HO 3DUWLGR 3RSXODU
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
%UDVLOHxR GH GH ODV EDQFDV HQ D HQ IXH
VXVWLWXLGR SRU OD FRQIRUPDFLyQ GH XQ Q~FOHR UHSUHVHQWDGR SRU HO
3DUWLGR GHO )UHQWH /LEHUDO TXH REWXYR DO GH ODV EDQFDV HQ
\ODGLVSHUVLyQGHYDULDVSHTXHxDVIXHU]DV
/D RUJDQL]DFLyQ GH ORV SDUWLGRV D QLYHO QDFLRQDO GXUDQWH
WRGRHOSHUtRGRVHDUWLFXOyWDPELpQGHDFXHUGRDODVSRVLFLRQHVTXH
DOFDQ]DURQHQODGLVSXWDHOHFWRUDOSRUFDUJRVJXEHUQDPHQWDOHVSDUD
HO FRQWURO GH ODV EXURFUDFLDV S~EOLFDV /D DFWLYLGDG GH JRELHUQR
FRQWLQXyVLHQGRXQHOHPHQWRQXFOHDGRU\GHIRUWDOHFLPLHQWRGHODV
DOLDQ]DV SDUWLGDULDV \ GH ORV SDUWLGRV /D IRUPDFLyQ GH JRELHUQRV
GH FRDOLFLyQ JXEHUQDPHQWDO VH UHDOL]DURQ FRQ OD PLVPD OD OyJLFD
SDUWLGDULD TXH RSHUy HQ HO QLYHO SDUODPHQWDULR \ FRQVWLWX\y XQ
HOHPHQWRGHFRKHVLyQHQODDFWLYLGDGSDUWLGDULD0HQHJXHOOR
S(QHVWHSODQRORPiVQRWRULRIXHODFRQWLQXLGDGGHODDOLDQ]D
HQWUHHOFHQWUR\ODGHUHFKDHQHOSHUtRGRSRV
3RU ~OWLPR HQ HO FDPSR GH OD L]TXLHUGD VH SURGXMHURQ WUHV
WLSRV GH WHQGHQFLDV HYROXWLYDV 8Q SURFHVR GH FUHFLPLHQWR UiSLGR
FRQXQDQRWRULDSUHVHQFLDHQODVHOHFFLRQHVSUHVLGHQFLDOHVFRQPiV
GHOGHYRWDQWHV\XQDH[SDQVLyQUHODWLYDHQODVSDUODPHQWDULDV
GHXQGHODVEDQFDVHQDHQ(VWHFDPSR
LGHROyJLFR WXYR FDPELRV LPSRUWDQWHV HQ VXV DJHQWHV SROtWLFRV HQ
ODKHJHPRQtDHOHFWRUDOHVWDEDFRPSDUWLGDHQWUHHO3'7\37
FRQXQSUHGRPLQLRGHOSULPHURKDVWDODVHOHFFLRQHVGHGRQGH
ODUHODFLyQVHLQYLUWLy\VHSHUFLELyODRFXSDFLyQSURJUHVLYDGHO37HQ
WDQWRHOSULQFLSDOSDUWLGRGHODL]TXLHUGD(O37SDVyGHGHODV
EDQFDVSDUODPHQWDULDVHQDOHQPLHQWUDVHO3'7
TXHGyUHVWULQJLGRDXQDUHSUHVHQWDFLyQSDUODPHQWDULDGH
$GHPiVVHREVHUYyXQFUHFLPLHQWRGHODIXHU]DHOHFWRUDOGH
SHTXHxRVSDUWLGRVFRPXQLVWDV\VRFLDOLVWDV
'H XQ ODGR OD HPHUJHQFLD GHO 3DUWLGR 6RFLDOLVWD %UDVLOHxR
TXHSDVDGHGHODVEDQFDVHQDOHQ(O36%
FRPSDUWLyFRQHO3'7ODFDUDFWHUtVWLFDGHVHUXQSDUWLGRGHL]TXLHUGD
FRQWLQXDGRUGHWUDGLFLRQHVSROtWLFDVSUH\TXHVXUJLyHQFRQ
HOREMHWLYRGHUHIXQGDUHOSUR\HFWRGHL]TXLHUGDVRFLDOLVWDGHPRFUiWLFD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
GHO36%HQ/DUHIXQGDFLyQGHHVWHSDUWLGRSUHWHQGLyRFXSDU
XQHVSDFLRSURSLRGHVRFLDOLVPRGHPRFUiWLFRGLIHUHQFLDGRGHXQD
SDUWH GH ORV FOiVLFRV SDUWLGRV FRPXQLVWDV \ GHO 37 \ SRU RWUR GH
ODV WUDGLFLRQHV GH L]TXLHUGD WUDEDOKLVWD (O pQIDVLV HVSHFt¿FR GH
OD SURSXHVWD SDUWLGDULD VH FHQWUy HQ OD UHLYLQGLFDFLyQ VLPXOWiQHD
GH ODV EDQGHUDV FOiVLFDV GHO VRFLDOLVPR FRPR VHU OD OXFKD FRQWUD
ODGHVLJXDOGDGVRFLDO\ODQHFHVLGDGGHLQWHUYHQFLyQGHO(VWDGRHQ
OD HFRQRPtD SDUD FRUUHJLU ORV HIHFWRV GLVIXQFLRQDOHV GHO PHUFDGR
6LPXOWiQHDPHQWHSRVWXOy OD FRQÀXHQFLD QHFHVDULD FRQ OD YHUWLHQWH
OLEHUDOHQHVSHFLDOHQORTXHUHVSHFWDDODYDORUL]DFLyQGHOUpJLPHQ
GHPRFUiWLFRDVtFRPRODYLJHQFLDGHORVGHUHFKRVFLXGDGDQRV\ODV
JDUDQWtDVEiVLFDVGHOHVWDGRGHGHUHFKR
'H RWUR ODGR WDPELpQ DSDUHFHQ SHTXHxDV IXHU]DV GHVSUHQ
GLPLHQWRVGHODQWLJXRSDUWLGRFRPXQLVWDEUDVLOHxRFRPRHO3DUWLGR
&RPXQLVWDGHO%UDVLO\HO3DUWLGR3RSXODU6RFLDOLVWDTXHFRQVLJXLHURQ
KDFLDODVHOHFFLRQHVGHXQDEDQFDGDSDUODPHQWDULDGH\
UHVSHFWLYDPHQWH
(VLPSRUWDQWHUHFRUGDUTXHHVWRVUHDOLPLHQWRVIXHURQOHQWRVHQ
HOWLHPSRGHELGRDORVHIHFWRVFRQGLFLRQDQWHVGHOVLVWHPDHOHFWRUDO
HQ HVSHFLDO OD GHVSURSRUFLRQDOLGDG GH ORV GLVWULWRV PD\RUHV DVt
FRPR HQWUH SDUWLGRV JUDQGHV \ SHTXHxRV (VWR VLJQL¿Fy TXH ORV
SDUWLGRV GH L]TXLHUGD TXH WHQtDQ VXV EDVHV HOHFWRUDOHV PiV IXHUWHV
HQ GLVWULWRV JUDQGHV WXYLHUDQ XQD UHSUHVHQWDFLRQ SDUODPHQWDULD
PHQRU D ORV YRWRV REWHQLGRV H LQYHUVDPHQWH HQ HO FDPSR GH ORV
SDUWLGRV FRQVHUYDGRUHV REWXYLHURQ VLVWHPiWLFDPHQWH PD\RU
FDQWLGDG GH EDQFDV IXQGDPHQWDOPHQWH SRU VX GHVHPSHxR HQ ORV
GLVWULWRVHOHFWRUDOHVPiVSHTXHxRVGRQGHVHFRQFHQWUDEDQVXVEDVHV
FOLHQWHODUHV $ PHGLGD TXH ORV SDUWLGRV DXPHQWDEDQ HO YROXPHQ
GHOHOHFWRUDGR\VHH[WHQGtDQHQWRGDOD)HGHUDFLyQFRPLHQ]DEDQD
WHQHUXQDUHSUHVHQWDFLyQSDUODPHQWDULDEDVWDQWHVLPLODUQRREVWDQWH
SHUVLVWLyODVXEUHSUHVHQWDFLyQGHORVSDUWLGRVPiVSHTXHxRV
/RVFDPELRVHQODVIXHU]DVSROtWLFDVSDUWLGDULDVVHSURGXMHURQ
QR VyOR GHELGR D ORV FDPELRV HVWUXFWXUDOHV HQ ODV UHODFLRQHV HQWUH
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
(VWDGR\6RFLHGDGRGHODVGLQiPLFDVGHODLQVWLWXFLRQHVSROtWLFDV
VLQRWDPELpQSRUXQSURFHVRGHODUJRSOD]RGHUHFRQYHUVLyQLGHROyJLFD
\ DGDSWDFLyQ SROtWLFD GH ORV VXMHWRV SROtWLFRV HQ VX LQWHJUDFLyQ DO
MXHJRSROtWLFRGHPRFUiWLFR
/DUHFRQYHUVLyQGHORVDFWRUHVSROtWLFRVVHUHDOL]yGHVGHORV
GRVH[WUHPRVGHOVLVWHPDSROtWLFR
D/DUHFRQYHUVLyQGHORVSDUWLGRVFRQVHUYDGRUHVVHSURGXMR
SRUPHGLRGHODLQWHJUDFLyQDOMXHJRGHPRFUiWLFRHQXQGREOHSURFHVR
KLVWyULFR3RUXQDSDUWHGHDGDSWDFLyQDODVQXHYDVFRQGLFLRQDQWHV
H[WHUQDVHLQWHUQDV'HRWUDSDUWHODUHFRQYHUVLyQLGHROyJLFD\GH
ODV EDVHV VRFLDOHV SDUD UHSURGXFLU VXV IXHU]DV GHQWUR GHO VLVWHPD
SROtWLFR(VWHSURFHVRVHH[SUHVyHQWUHVSODQRVGLYHUVRV
(Q HO iPELWR GH OD SROtWLFD GXUDQWH HO SURFHVR GH
LQVWLWXFLRQDOL]DFLyQ GH OD QXHYD IDVH GHPRFUiWLFD ORV SDUWLGRV
FRQVHUYDGRUHV WXYLHURQ XQ ³QRWDEOH H[LWR´ HQ HO ³PDQWHQLPLHQWR
GHOSRGHUSROtWLFR´0DLQZDULQJ0HQHJXHOOR3RZHUVS
/RVSDUWLGRVGHGHUHFKDUHSURGXMHURQXQIXHUWHSHVRHQHOFRQWURO
GH ORV UHVRUWHV GH SRGHU HVWDWDO GHVGH HO iPELWR QDFLRQDO KDVWD
ORV HVSDFLRV PiV FDSLODUHV GH ORV PXQLFLSLRV ORFDOHV $ VX YH] OD
SUHVHQFLDSROtWLFDGHORVPLVPRVVHVRVWXYRHQXQEXHQGHVHPSHxR
SROtWLFRHOHFWRUDOHQODWUDQVLFLyQGHODXWRULWDULVPRDODGHPRFUDFLD
/RVSDUWLGRVGHGHUHFKDPDQWXYLHURQXQDLQÀXHQFLDLPSRUWDQWH
HQ HO QLYHO QDFLRQDO WDQWR SRU KDEHU SDUWLFLSDGR VLVWHPiWLFDPHQWH
HQ ODV FRDOLFLRQHV GH JRELHUQRV FRPR SRU KDEHU REWHQLGR XQD
UHSUHVHQWDFLyQSDUODPHQWDULDDPSOLDFRQWURODQGRSURPHGLDOPHQWH
HOGHODVEDQFDVHQODFiPDUDGHGLSXWDGRV\HOGHODV
EDQFDVGHOVHQDGRHQWUH\
$VLPLVPR WXYLHURQ XQ FRQWURO UHOHYDQWH HQ ORV iPELWRV
GH JRELHUQRV UHJLRQDOHV \ ORFDOHV (Q HO SHUtRGR GH D REWXYLHURQHOGHORVJREHUQDGRUHV\PiVGHOGHORV
LQWHQGHQWHVHOHFWRV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
/DLQÀXHQFLDGHOEORTXHFRQVHUYDGRUIXHPiVDPSOLDTXHOD
UHSUHVHQWDFLyQGHORVSDUWLGRVGHGHUHFKD/RVSDUWLGRVFRQVHUYDGRUHV
QRWHQtDQVHFWRUHVGHFHQWURHL]TXLHUGDPLHQWUDVTXHSDUWLGRVGH
FHQWURWLHQHQSROtWLFRV\DODVFRQVHUYDGRUDVSRUWDQWRORVSROtWLFRV
FRQVHUYDGRUHVHUDQPiVTXHORVSDUWLGRV0DLQZDULQJ0HQHJXHOOR
3RZHUVS
/DSUHVHQFLDGHORVSDUWLGRVGHGHUHFKDUHSURGXMHURQYDULRV
GH ORV UDVJRV KLVWyULFRV GH OD PDWUL] SROtWLFD FRQVHUYDGRUD (Q HO
SODQRGHODVSURSXHVWDVSURJUDPiWLFDVVHPDQLIHVWDURQSURSHQVRVDO
SUHVLGHQFLDOLVPR UHIRU]DQGR HO SHUVRQDOLVPR HQ OD UHSUHVHQWDFLyQ
SROtWLFD\ODSUHIHUHQFLDDRFXSDUHVSDFLRVHQHVWUXFWXUDVSROtWLFDV
HVWDGXDOHV \ ORFDOHV &RPR FRQWUDFDUD HQ HO SODQR RUJDQL]DWLYR
H[SUHVDURQ DFWLWXGHV DQWLSDUWLGDULDV EDMD GLVFLSOLQD SDUWLGDULD
EDMRV QLYHOHV GH ¿GHOLGDG SDUWLGDULD \ GHSHQGHQFLD GH SUiFWLFDV
FOLHQWHOtVWLFDV0DLQZDULQJ0HQHJXHOOR3RZHUVS
2WUR SODQR GH WUDQVIRUPDFLyQ IXHURQ OD UHFRQYHUVLyQ GH ODV
EDVHV VRFLDOHV GH ORV SDUWLGRV FRQVHUYDGRUHV 3RU XQ ODGR HQ OD
UHSUHVHQWDFLyQSROtWLFDGHODVHOLWHVH[SUHVDURQHOSHVRKLVWyULFRGH
LQWHUHVHVDJUDULRV\FRQVHUYDGRUHVHQHO&RQJUHVR
(Q XQ HVWXGLR VREUH ODV EDQFDGDV SDUODPHQWDULDV &iPDUD
)HGHUDO GH 5RGULJXHV VH PRVWUy GLIHUHQFLDV HQ ORV
SHU¿OHV \ EDVHV VRFLDOHV HQWUH ODV GLYHUVDV IDPLOLDV SROtWLFDV
LGHROyJLFDV3RUHMHPSORHQORVSHU¿OHVRFXSDFLRQDOHVORVWUDPRV
GHLQJUHVRVSDWULPRQLDOPiVDOWRVSUHGRPLQDEDQHQSDUODPHQWDULRV
GHGHUHFKDHQFRQWUDSRVLFLyQDORVPiVEDMRVHQORVGHSDUWLGRVGH
L]TXLHUGD
(QODFDUDFWHUL]DFLyQVRFLDOGHORVJUDQGHVSDUWLGRVODVEDVHV
VRFLDOHV GH ODV HOLWHV VH H[SUHVDEDQ FODUDPHQWH /RV GRV SDUWLGRV
GH GHUHFKD PiV JUDQGHV WHQtDQ XQD FRPSRVLFLyQ VRFLDO VLPLODU
(O 3DUWLGR 3RSXODU %UDVLOHxR VH FDUDFWHUL]DED SRU XQ SHU¿O VRFLDO
SUHGRPLQDQWHGHORVVHFWRUHVHPSUHVDULRVXUEDQRV\UXUDOHV
DFRPSDxDGR GH XQ VHFWRU GH SURIHVLRQDOHV OLEHUDOHV WUDGLFLRQDOHV
5RGULJXHVS3RUVXSDUWHHO3DUWLGRGHO)UHQWH/LEHUDO
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
WDPELpQFRQWDEDFRQXQSHU¿OVRFLDOSUHGRPLQDQWHGHORVVHFWRUHV
HPSUHVDULRVXUEDQRV\UXUDOHVVXPDGRDXQVHFWRUYLQFXODGR
DO(VWDGRGHODDOWDEXURFUDFLDIHGHUDORHVWDGXDO\XQDSURSRUFLyQ
PLQRULWDULDGHSURIHVLRQDOHVOLEHUDOHV5RGULJXHVS
3RU RWUR ODGR ORV SDUWLGRV FRQVHUYDGRUHV ORJUDURQ XQ EXHQ
GHVHPSHxRHOHFWRUDODWUDYpVGHODUHSURGXFFLyQGHEDVHVVRFLDOHV
HVSHFt¿FDV/DVEDVHVGHORVSDUWLGRVGHGHUHFKDVHDSR\DURQHQHO
UHFOXWDPLHQWRHQODVUHJLRQHVPHQRVGHVDUUROODGDV±SULQFLSDOPHQWH
GHO QRUGHVWH ± HQ HO FRQWURO GH ORV SHTXHxRV PXQLFLSLRV \ OD
XWLOL]DFLyQGHORVPHFDQLVPRVFOLHQWHODUHVWUDGLFLRQDOHV$VLPLVPR
VX HOHFWRUDGR VH FDUDFWHUL]y SRU SHUWHQHFHU D ORV VHFWRUHV VRFLDOHV
PiVSREUHVHQORVWUDPRVWUDPRVGHLQJUHVRHFRQyPLFRPiVEDMRV
FRQ QLYHOHV GH LQVWUXFFLyQ PHQRUHV \ GH HGDGHV PiV DYDQ]DGDV
0DLQZDULQJ0HQHJXHOOR3RZHUVS0iVDOOiGHHVWRV
HOHPHQWRV FRPXQHV WDPELpQ VH LGHQWL¿FDURQ GRV SDWURQHV GH
UHFOXWDPLHQWR HOHFWRUDO GLVWLQWRV HQWUH ORV SDUWLGRV FRQVHUYDGRUHV
HO PD\RULWDULR R WUDGLFLRQDO TXH UHVSRQGLy D OD FDUDFWHUL]DFLyQ
SUHYLD\RWURPiVPRGHUQRTXHUHSUHVHQWDEDDHOHFWRUHVGHPHMRUHV
LQJUHVRVPiVDOWRVQLYHOHVHGXFDWLYRV\UHVLGHQWHVHQUHJLRQHVPiV
GHVDUUROODGDV \ PXQLFLSLRV JUDQGHV HMHPSOR GHO HOHFWRUDGR GHO
3DUWLGR/LEHUDO
/D UHFRQYHUVLyQ GH ORV SDUWLGRV FRQVHUYDGRUHV VH H[SUHVy D
VXYH]HQODUHRULHQWDFLyQGLVFXUVLYDHLGHROyJLFDHQODHFRQRPtD
FRQSRVWXUDVIDYRUDEOHVDODVSROtWLFDVGHOLEHUDOL]DFLyQHFRQyPLFD
HQODSROtWLFDFRQDFWLWXGHV\FRPSRUWDPLHQWRVGHPD\RUDSR\RDO
UpJLPHQGHPRFUiWLFRPLHQWUDVTXHVHPRVWUDURQPiVFRQVHUYDGRUHV
HQFXHVWLRQHVGHVHJXULGDGS~EOLFD\PRUDOIDPLOLDU0DLQZDULQJ
0HQHJXHOOR3RZHUVS
(Q UHODFLyQ FRQ HO DSR\R GH ODV UHIRUPDV HFRQyPLFDV
OLEHUDOL]DQWHV H[SUHVDURQ SRVLFLRQHV SURPHUFDGR PiV DELHUWRV
DO FDSLWDO H[WUDQMHUR \ IDYRUDEOHV D OD UHIRUPDV HFRQyPLFDV
QHROLEHUDOHV GHO (VWDGR FRPR VHU OD UHGXFFLyQ GHO JDVWR S~EOLFR
\ OD SULYDWL]DFLyQ GH HPSUHVDV S~EOLFDV (Q HVWH SODQR H[LVWLHURQ
³GLIHUHQFLDV VLJQL¿FDWLYDV´ HQWUH ORV SDUWLGRV FRQVHUYDGRUHV 3RU
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
XQ ODGR DTXHOORV SDUWLGRV 351 3'6±33% \ 3/ TXH H[SUHVDURQ
XQ GLVFXUVR ³FRQVHUYDGRU ELHQ DUWLFXODGR \ FRKHUHQWH´ GHVGH ODV
UHJLRQHVHFRQyPLFDVGHVDUUROODGDVGHOSDtVSULQFLSDOHVLPSXOVRUHV
GHO JLUR \ GHIHQVD LGHROyJLFD GHO ³QHROLEHUDOLVPR´ HQ VXV GRV
YHUVLRQHVSRSXOLVWDOLEHUDOFRQVHUYDGRUD3RURXWURODGRDTXHOORV
VHFWRUHV PHQRV LGHROyJLFRV \ PiV FOLHQWHOtVWDV R SHUVRQDOLVWDV OR
TXHIDFLOLWyXQPHMRUGHVHPSHxRHQWUHHOHFWRUHVPHQRVLQVWUXtGRV\
UHVLGHQWHVGHSHTXHxRVPXQLFLSLRV
(VWH OLEHUDOLVPR HFRQyPLFR IXH DFRPSDxDGR GH SRVLFLRQHV
FRQVHUYDGRUHVHQODV³FXHVWLRQHVVRFLDOHV´(OpQIDVLVGHOFUHFLPLHQWR
HFRQyPLFR VREUH ODV FXHVWLRQHV GLVWULEXWLYDV OD RSRVLFLyQ D OD
UHIRUPDDJUDULDHOUHFKD]RDLQFUHPHQWDUGHUHFKRV\SURWHFFLRQHV
VRFLDOHV TXH SXGLHUDQ OLPLWDU HO FUHFLPLHQWR HFRQyPLFR \ FRQ
SRVLFLRQHV FRQVHUYDGRUDV HQ WHPiWLFDV GH PRUDOLGDG IDPLOLDU
±FRQWUDOHJDOL]DFLyQDERUWRHLJXDOGDGGHUHFKRVDKRPRVH[XDOHV±
0DLQZDULQJ0HQHJXHOOR3RZHUVS
(ORWURJLURLGHROyJLFRUHOHYDQWHIXHODWHQGHQFLDGHORVSDUWLGRV
FRQVHUYDGRUHV D XQD PD\RU DFHSWDFLyQ GHO UpJLPHQ GHPRFUiWLFR
TXH HQ RWURV SHUtRGRV KLVWyULFRV SUHYLRV /RV SDUWLGRV GH GHUHFKD
SUHYLRVDKDEtDQFRQWULEXtGRPX\SRFRDOPDQWHQLPLHQWRGHOD
GHPRFUDFLDFRQPXFKRVFRPSRUWDPLHQWRVDQWLGHPRFUiWLFRV\FRQ
XQDSHUFHSFLyQGHODGHPRFUDFLDFRPR³DPHQD]D´DVXVLQWHUHVHV$
SDUWLUGHWXYLHURQXQDUHRULHQWDFLyQGLVFXUVLYDGHDFHSWDFLyQ
SURJUHVLYDGHOUpJLPHQGHPRFUiWLFR
9DULRVIDFWRUHVSXHGHQKDEHUFRQWULEXtGRDGLFKDPHWDPRUIRVLV
GHO FRPSRUWDPLHQWR GHPRFUiWLFR /D ³DPHQD]D GH FDPELR VRFLDO
UDGLFDO´ IXH PX\ EDMD HQ HO SHUtRGR GH UHGHPRFUDWL]DFLyQ (O
³HVWDEOLVKPHQWFRQVHUYDGRUPRGHUQR´WXYRXQDPD\RUGLVSRVLFLyQ
D OD DFHSWDFLyQ GH OD GHPRFUDFLD HQ WDQWR OD ³GHUHFKD DXWRULWDULD
WUDGLFLRQDO´HVWDEDHQUHWURFHVR/RV ³FRQVHUYDGRUHVUHFRQRFLHURQ
TXHHOUpJLPHQPLOLWDUQRIXHXQDVROXFLyQ´\HVWiQPiVUHQXHQWHV
D XQD LQWHUYHFLyQ PLOLWDU $ HOOR GHEH DJUHJDUVH FDPELRV HQ HO
FRQWH[WRLQWHUQDFLRQDOPiVIDYRUDEOHV³GHDSR\RDODGHPRFUDFLD´
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
GHPDQHUDTXHHO³FRVWRGHRSRQHUVHIURQWDOHPHQWHDODGHPRFUDFLD
KDDXPHQWDGR´0DLQZDULQJ0HQHJXHOOR3RZHUVS
E /D UHFRQYHUVLyQ GH ODV L]TXLHUGDV /D LQWHJUDFLyQ GH ODV
L]TXLHUGDVHQODQXHYDIDVHGHPRFUiWLFDVHGLyDWUDYHVGHXQGREOH
UHFRUULGR KLVWyULFR GH XQ ODGR OD DGDSWDFLyQ GH ODV L]TXLHUGDV D
XQFRQWH[WRH[WHUQRQDFLRQDOHLQWHUQDFLRQDOTXHSODQWHDURQQXHYRV
GHVDItRV \ SRU RWUR ODGR ORV SURFHVRV LQWHUQRV GH UHFRQYHUVLyQ
LGHROyJLFDGHODVLGHQWLGDGHVGHODVL]TXLHUGDV
/DV L]TXLHUGDV OOHYDURQ SXHV XQ WLSR GH LQWHJUDFLyQ SDUFLDO
DOMXHJRGHPRFUiWLFRTXHVHH[SUHVyHQWUHVSODQRV6HUQD
&DS
(Q HO iPELWR SROtWLFR LQVWLWXFLRQDO VH SURGXMR XQD FUHFLHQWH
SDUWLFLSDFLyQ GH ODV L]TXLHUGDV HQ OD FRPSHWHQFLD HOHFWRUDO H
LQVWLWXFLRQDOSRUFXRWDVGHSRGHUHQHOVLVWHPDSROtWLFR6LQHPEDUJR
HVWRV DYDQFHV HQ OD UHSUHVHQWDFLyQ SROtWLFD IXHURQ SDUFLDOHV
FRQVWLWX\HQGR PLQRUtDV GHVD¿DQWHV FRQWUD PD\RUtDV SROtWLFDV
FRQVHUYDGRUDVHQXQFOLPDGHpSRFDLQXQGDGRSRUHOQHROLEHUDOLVPR
/D LQWHJUDFLyQ SROtWLFD SDUFLDO VH FRQVWDWy WDPELpQ HQ ODV FDUUHUDV
SROtWLFDVGHORVOtGHUHVGHL]TXLHUGDDWUDYpVGHXQDSUHPLQHQFLDGH
OHJDGRKLVWyULFRGHOSDSHORSRVLWRU\GHUHVLVWHQFLDGHVGHGHQWUR\
IXHUDGHORViPELWRVSROtWLFRVLQVWLWXFLRQDOHV/DVWUD\HFWRULDVGHORV
GLULJHQWHVPRVWUDURQSDXWDVGHFDUUHUDVSDUODPHQWDULDV\SDUWLGDULDV
FODUDPHQWHHVWDEOHFLGDV$VXYH]ODH[SHULHQFLDUHVWULQJLGDHQOD
DFWLYLGDGJXEHUQDWLYDIXHXQLQGLFDGRUGHOSHVRGHODWUDGLFLyQGH
RSRVLFLyQSROtWLFD\UHVLVWHQFLDH[WUDSDUODPHQWDULDGHODVL]TXLHUGDV
6HUQD&DS
$SHVDUGHODFUHFLHQWHYLVLELOLGDGGHORVFDQGLGDWRV\SDUWLGRV
GHL]TXLHUGDHQODVHOHFFLRQHVSUHVLGHQFLDOHVQDFLRQDOHVHODFFHVR
DOFRQWUROGHHOHQFRVGHJRELHUQRIXHOLPLWDGR/DEDMDSDUWLFLSDFLyQ
SURPHGLRGHODVL]TXLHUGDVHQHODFFHVRDOJRELHUQRGHORVHVWDGRV
GXUDQWHHOSHUtRGRIXHPX\FODUD/RVWUHVSDUWLGRVPiV
YLVLEOHV3'736%\37VXPDGRVHOLJLHURQWDQVyORDOGH
WRGRVORVJREHUQDGRUHVGHOD)HGHUDFLyQ
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
/DGL¿FXOWDGSDUDRFXSDUFDUJRVHMHFXWLYRVVHKL]RPiVQRWRULD
FXDQGRVHDQDOL]DHOGHVHPSHxRHOHFWRUDOHQORVPXQLFLSLRVSDUDHO
SHUtRGR7RGRVORVSDUWLGRVGHL]TXLHUGDVXPDGRV3'7
36%37PiVORVSHTXHxRVSDUWLGRVDSHQDVDOFDQ]DURQDFRQWURODU
HOGHORVLQWHQGHQWHVHOHFWRV\HO37H[FOXVLYDPHQWHVyORHO
GHORVPXQLFLSLRV
(Q XQ VHJXQGR SODQR HQ OD VRFLHGDG ODV L]TXLHUGDV
HPHUJLHURQ FRPR DJHQWHV SROtWLFRV GH H[SUHVLyQ H LQWHUPHGLDFLyQ
GH LQWHUHVHV VREUH QXHYDV \ YLHMDV FXHVWLRQHV VRFLDOHV DJUDYDGDV
SRU OD LPSOHPHQWDFLyQ GH ODV UHIRUPDV HFRQyPLFDV QHROLEHUDOHV
6HSXHGHOODPDUDHVWHSODQRGHDFWXDFLyQGHODVL]TXLHUGDVFRPR
HOSDSHOGH³WULEXQRGHODSOHEH´H[SUHVLyQGHORVLQWHUHVHVGHORV
VHFWRUHVVRFLDOHVVXEDOWHUQRVPiVYXOQHUDEOHVDOLQWHULRUGHOVLVWHPD
SROtWLFRGHPRFUiWLFR(QHVWHVHQWLGRVHHQFRQWUDURQHYLGHQFLDVTXH
HQODVEDVHVVRFLDOHVGHORVSDUWLGRVGHL]TXLHUGDUHGHVDVRFLDWLYDV
UHODFLRQDGDVFRQYLHMDV\QXHYDVFXHVWLRQHVVRFLDOHVDVRFLDFLRQHV
JUHPLDOHVGHOPXQGRGHOWUDEDMRWUDEDMRRUJDQL]DFLRQHVGHOFDPSR
GHODHGXFDFLyQ\ODFXOWXUDGHUHFKRVKXPDQRV\GHPLQRUtDVHWF
DVtFRPRSRUORVYDFtRV\Gp¿FLWVVRFLDOHVGHMDGRVSRUODFULVLVGHO
(VWDGRGH%LHQHVWDU6HUQDFDS
$ VX YH] KD\ TXH FRQVLGHUDU TXH HO FDPSR GH OD L]TXLHUGD
HVWXYRVLJQDGRSRUXQDH[SDQVLyQWHUULWRULDOGHVLJXDO\KHWHURJpQHD
GHVXVEDVHVVRFLDOHVHOHFWRUDOHV
(O 3'7 PRVWUy VXV PHMRUHV GHVHPSHxRV HOHFWRUDOHV HQ ODV
UHJLRQHV GH PD\RU GHVDUUROOR GHO 6XU \ 6XUHVWH \ WDPELpQ SRU
PHGLRGHDOLDQ]DVSDUWLGDULDVYDULDEOHVHQODUHJLyQ1RUWH\1RUHVWH
3RURXWURODGRHOHOHFWRUDGRGHO36%WXYRXQDH[WHQVLyQWHUULWRULDO
GHVSURSRUFLRQDO\FRQIXHUWHVDQFODMHVUHJLRQDOHV8QDSDUWHGHVXV
EDVWLRQHV HOHFWRUDOHV \ VRFLDOHV VH XELFDURQ HQ OD UHJLyQ 1RUHVWH
WUDGLFLRQDO\HQHORWURH[WUHPRHQODUHJLyQVXUHVWHHQODViUHDV
PiVPRGHUQDVHQODVSULQFLSDOHVFLXGDGHV\FHQWURVXUEDQRVTXHKDQ
VLGRORVEDVWLRQHVHOHFWRUDOHV³WUDGLFLRQDOHV´GHODL]TXLHUGD
(O37VXUJLyFRPRSDUWLGRQXHYRHQODVUHJLRQHVPiVPRGHUQDV
HLQGXVWULDOL]DGDVFRQEDVHVHOHFWRUDOHVHQODUHJLyQ6XUHVWH\6XU$
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
SDUWLUGHODVHOHFFLRQHVGHTXHVHWUDQVIRUPyHQIXHU]DQDFLRQDO
IXHH[WHQGLHQGRSHQHWUDFLyQHOHFWRUDOSURJUHVLYDPHQWHKDFLDHQHO
UHVWRGHODVUHJLRQHVFRQHVSHFLDOLPSDFWRHQHVWDGRVTXHSDVDURQ
SRUSURFHVRVGHPRGHUQL]DFLyQDFHOHUDGD\DXWRULWDULD
3RU ~OWLPR HQ HO SODQR GLVFXUVLYR GH ODV L]TXLHUGDV VH
FRQVWDWy XQD UHFRQYHUVLyQ LGHROyJLFD PHGLDQWH OD LQFRUSRUDFLyQ
GH OD FXHVWLyQ GHPRFUiWLFD \ OD YDORUL]DFLyQ GH ODV LQVWLWXFLRQHV
SROtWLFDVTXHFRQWULEX\yDODOHJLWLPDFLyQSDUFLDOGHODGHPRFUDFLD
(OSURFHVRGHLQFRUSRUDFLyQGHODFXHVWLyQGHODGHPRFUDFLDHQHO
GLVFXUVRHLGHQWLGDGGHODVL]TXLHUGDVVHSODVPyHQFXDWURPRGRVGH
UHFRQYHUVLyQ LGHROyJLFD GH OD L]TXLHUGD HQ GHPRFUDFLD HO FDPLQR
UHSXEOLFDQR OD YtD VRFLDOGHPyFUDWD OD UHLQYHQFLyQ QDFLRQDO GH
VRFLDOLVPR \ ODV FRUULHQWHV GH GHPRFUDFLD UDGLFDO 6HUQD &DSV\
(O FDPLQR UHSXEOLFDQR VHJXLGR IXQGDPHQWDOPHQWH SRU HO
FHQWUR L]TXLHUGD VH SRVWXOy FRPR XQD DSXHVWD SRU XQD IRUPD GH
UHDSURSLDFLyQGHODGHPRFUDFLDHQIDWL]DQGRODpWLFDUHSXEOLFDQDGH
YDORUL]DFLyQ GHO IXQFLRQDPLHQWR WUDQVSDUHQWH GH ODV LQVWLWXFLRQHV
SROtWLFDV \ GH OD UHFXSHUDFLyQ GH OD DXWRQRPtD SROtWLFD FRPR HO
HVSDFLRGHORVLQWHUHVHVS~EOLFRV
/D YtD VRFLDOGHPyFUDWD IXH HQVD\DGD SRU ODV FRUULHQWHV
GH L]TXLHUGD PiV PRGHUDGDV TXH FRQMXJDURQ OD UHFXSHUDFLyQ GH
WUDGLFLRQHV SROtWLFDV QDFLRQDOHV \ GH UHIRUPD VRFLDO GH L]TXLHUGD
DOWHUQDWLYDV DO QHROLEHUDOLVPR SHUR GLIHUHQFLDGDV GH OD L]TXLHUGD
VRFLDOLVWD FOiVLFD $VLPLVPR DSDUHFLHURQ FRPR XQD SURSXHVWD
DJJLRUQDGDGHODL]TXLHUGDPHGLDQWHODLPSRUWDFLyQGRFWULQDULDGH
FRUULHQWHV GH VRFLDOLVPR GHPRFUiWLFR HXURSHDV GH SRVVHJXQGD
JXHUUDPXQGLDO
/DUHLQYHQFLyQQDFLRQDOGHODVWUDGLFLRQHVVRFLDOLVWDVWXYRD
VXLQWHULRUYDULDQWHVQRREVWDQWHHOHMHVHEDVyHQODLQWHQFLyQGH
FRPSDWLELOL]DFLyQGHORVSULQFLSLRVGHODGHPRFUDFLDUHSUHVHQWDWLYD
OLEHUDO DPROGiQGRORV HQ ODV H[SHULHQFLDV VRFLDOLVWDV QDFLRQDOHV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
(VWR VXSXVR XQD UHFRQYHUVLyQ LGHROyJLFD PHGLDQWH XQD GREOH
UHLQWHUSUHWDFLyQ GH OD FRQÀXHQFLD HQWUH ODV UHLYLQGLFDFLRQHV
GHPRFUiWLFDV \ ODV PHWDV VRFLDOLVWDV \ OD VXSHUSRVLFLyQ FRQ OD
UHFXSHUDFLyQ GH ODV UDtFHV QDFLRQDOHV HQ OD LPSODQWDFLyQ GH ORV
SDUWLGRVVRFLDOLVWDV
(O FXDUWR FDPLQR HQVD\DGR SRU ODV L]TXLHUGDV IXH OD
UDGLFDOL]DFLyQGHODGHPRFUDFLDTXHFRQVLVWLyHQODSURIXQGL]DFLyQ\
H[WHQVLyQGHORVSULQFLSLRVGHPRFUiWLFRVSDUDFRQVWUXLUXQSUR\HFWR
GHPRFUiWLFRPiVGHVDUUROODGRHLQWHJUDOFRQQXHYRVSUR\HFWRVGH
GHPRFUDFLDSDUWLFLSDWLYDGHVGHODEDVH
/DUHFRQYHUVLyQSROtWLFDLQWHUQDGHODFXHVWLyQGHPRFUiWLFDHQ
ODL]TXLHUGDVHFRPSOHPHQWyFRQXQDUHRULHQWDFLyQGHODOHJLWLPDFLyQ
H[WHUQD GH OD GHPRFUDFLD HQ XQ GREOH VHQWLGR /DV L]TXLHUGDV VH
LQWHJUDURQ SRU PHGLR GH XQD YDORUL]DFLyQ JHQHUDO SRVLWLYD GH OD
GHPRFUDFLD FRPR VLVWHPD SROtWLFR SUHIHULEOH IUHQWH D RWURV \ DO
PLVPR WLHPSR UHFODPDQGR XQD DFWLWXG FUtWLFD GH QHFHVLGDG GH
VXSHUDUODVLQVX¿FLHQFLDVGHODVGHPRFUDFLDVH[LVWHQWHV
(VWDUHRULHQWDFLyQLGHROyJLFDVHSURGXMRDVXYH]FRQUHVSHFWR
DODHFRQRPtDFRQXQD³PRGHUDFLyQSURJUDPiWLFD´HQFXDQWRDOD
³QHFHVLGDG´GHFDPELRV³HVWUXFWXUDOHV´GHOVLVWHPDFDSLWDOLVWD(VWD
PRGHUDFLyQVHGLyHQXQFOLPDVLJQDGRSRUXQDSDUWHGHFDPELRVGH
FRQWH[WRV D QLYHO LQWHUQDFLRQDO GH UHHVWUXFWXUDFLyQ GH ORV EORTXHV
HFRQyPLFRVGRPLQDQWHVODFULVLVGHODVHFRQRPtDVGH³VRFLDOLVPR
UHDO´ODKHJHPRQtDGHOSHQVDPLHQWRQHRFRQVHUYDGRU\QHROLEHUDO
OD SpUGLGD GH LQÀXHQFLD GH ODV WHRUtDV PDU[LVWDV ±UHYROXFLRQDULDV
\ RUWRGR[DV SDUD GDU FXHQWD GH ORV FDPELRV VRFLDOHV \ SROtWLFRV
FRQWHPSRUiQHRV 3RU RWUD SDUWH GHELGR D ODV WUDQVIRUPDFLRQHV GH
OD HVWUXFWXUD VRFLDO TXH GHVHVWUXFWXUDURQ ODV EDVHV WUDGLFLRQDOHV
GHO PXQGR GHO WUDEDMR XQLGR D XQD LQÀXHQFLD PD\RU GHO FDSLWDO
WUDQVQDFLRQDO\ODJOREDOL]DFLyQGHODYLGDVRFLDO6LQHPEDUJRHVWD
³PRGHUDFLyQ´GHODVFUtWLFDVDORVHIHFWRVHFRQyPLFRVGHOVLVWHPD
FDSLWDOLVWD QR VH WUDGXMR HQ OD HODERUDFLyQ GH PRGHORV R SROtWLFDV
HFRQyPLFDVDOWHUQDWLYRVFODURV\FRQVLVWHQWHV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
1RPHQRUHVIXHURQODVGL¿FXOWDGHVHQODHVIHUDVRFLDO3RUXQD
SDUWHODDFHSWDFLyQGHOUpJLPHQFDSLWDOLVWD\OD'HPRFUDFLDVHKD
UHDOL]DGRMXQWRDODFRQYLYHQFLDFRQQLYHOHVFUHFLHQWHV\PDJQLWXGHV
FRQVLGHUDEOHV GH VHFWRUHV VRFLDOHV DIHFWDGRV SRU VLWXDFLRQHV GH
H[FOXVLyQ VRFLDO \ IUHQWH D XQ (VWDGR 6RFLDO ³GHVKXHVDGR´ FRQ
EDMD FDSDFLGDG GH DWHQGHU D ORV SUREOHPDV GH OD YXOQHUDELOLGDG \
GHVLQWHJUDFLyQVRFLDO
'HFDPELRV\SHUPDQHQFLDV
(O DJRWDPLHQWR GHO FLFOR GH UHIRUPDV QHROLEHUDOHV \ OD
FDUUHUDKDFLDHOJRELHUQRQDFLRQDOGHXQSDUWLGRGHL]TXLHUGDDEULy
RSRUWXQLGDGHVSDUDHOUHFDPELRGHHOHQFRVSROtWLFRV(OORQRVXSXVR
XQFDPELRUDGLFDOHQODVFRQFHSFLRQHVGHJRELHUQRSRUHOFRQWUDULR
FRQWLQ~D OD SHUVLVWHQFLD GH OR TXH SRGUtD GHQRPLQDUVH OD SROtWLFD
HFRQyPLFDGHOSURJUDPDPtQLPR\ODKHJHPRQtDGHOSHQVDPLHQWR
HFRQyPLFR FRQYHQFLRQDO VREUH HO GHVDUUROOR 8QR GH ORV DVSHFWRV
TXHPiVOODPDODDWHQFLyQHVODSHUVLVWHQFLDGHHQIRTXHVGH³FXxR
HFRQRPLFLVWD´ HQ OD SHUVSHFWLYD GHO GHVDUUROOR TXH VH H[SUHVD GH
P~OWLSOHV IRUPDV /D FHQWUDOLGDG GH OD SROtWLFD HFRQyPLFD HQ ODV
GHFLVLRQHVGHODDJHQGDJXEHUQDPHQWDOXQLGDDODFUHHQFLDTXHOD
UHVWULFFLyQGHUHFXUVRVHFRQyPLFRV\ODDXVWHULGDG¿VFDOHQVXXVR
GHEHRULHQWDUODVSROtWLFDVS~EOLFDV/DFUHHQFLDTXHHOJUDGXDOLVPR
\ OD RUWRGR[LD HQ ODV SROtWLFDV HFRQyPLFDV DVHJXUD OD HVWDELOLGDG
HFRQyPLFD \ OD DWUDFFLyQ GH FDSLWDO H[WUDQMHUR $VLPLVPR VH
PLQLPL]DQORVFRQGLFLRQDQWHV\FDPELRVGHFRQWH[WRH[WHUQRHQORV
ORJURVGHODVSROtWLFDVGHFRUWRSOD]R/DDXWRQRPtDGHODSROtWLFD
HFRQyPLFD \ OD PLQLPL]DFLyQ GH OD LQWHUYHQFLyQ GH OD SROtWLFD (O
JDVWRVRFLDOGHEHWHQHUFRPRSULRULGDGXQDUHDVLJQDFLyQPiVH¿FLHQWH
GHOPLVPRKDFLDORVVHFWRUHVPiVFDUHQFLDGRVSDUDFRPSHQVDUORV
HIHFWRVGLVIXQFLRQDOHVGHODSURSLDHFRQRPtD
(OFRURODULRGHODJREHUQDELOLGDGHFRQyPLFDHVODDXVHQFLDGH
DUWLFXODFLyQHQWUHODVSROtWLFDVHFRQyPLFDV\VRFLDOHVRPHMRUGLFKR
ODSULRULGDGGHOGHVDUUROORHFRQyPLFR\ODFRQFHSFLyQGHOGHVDUUROOR
VRFLDOH[FOXVLYDPHQWHFRPRSROtWLFDVVRFLDOHVGHFRUWH³ERPEHULO´
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
SDUDSDOHDUORVHIHFWRVGLVIXQFLRQDOHVGHODH[FOXVLyQHFRQyPLFD/D
PLQLPL]DFLyQGHODVGHVLJXDOGDGHVHFRQyPLFDV\VRFLDOHVYDGHOD
PDQRFRQODUHSURGXFFLyQGHOD³WHRUtDGHOGHUUDPH´RULJLQDGDHQ
HVWXGLRVGH.XW]QHWFRQRFLGDSRSXODUPHQWHFRPRHOGLVFXUVRGH
SULPHURFUHFHU\OXHJRGLVWULEXLUSODQWHDXQFtUFXORYLUWXRVRHQWUH
FUHFLPLHQWR\GLVWULEXFLyQGHODULTXH]DGHGLVFXWLEOHFRPSUREDFLyQ
HPStULFD (O FUHFLPLHQWR HFRQyPLFR WHQGUtD HIHFWRV VRFLDOHV
SRVLWLYRVSRUTXHJHQHUDPiVHPSOHRVPHMRUDORVLQJUHVRVVDODULDOHV
\ODFDSDFLGDGGHFRQVXPR\ELHQHVWDUGHODSREODFLyQ$VLPLVPR
OD XWLOL]DFLyQ GHO FRQVXPLVPR \ HO FUpGLWR FRPR KHUUDPLHQWDV
UHSURGXFWRUDVGHOFRQIRUPLVPRVRFLDO
$ ORV LPSHUDWLYRV GH OD JREHUQDELOLGDG HFRQyPLFD VH
VXPDURQORVGHODSROtWLFD'HVGHHOLQLFLRHOJRELHUQRVHHQIUHQWy
DO GHVDItR GH DGPLQLVWUDU XQD FRDOLFLyQ KHWHURJpQHD H LQHVWDEOH
HQVXFRPSRVLFLyQ6HWUDWDGHXQDFRDOLFLyQLQHVWDEOHSRUTXHHVWi
FRPSXHVWDSRUXQSDUWLGRRUJiQLFR\GHPDVDVSHURTXHVyORFRQWUROD
XQTXLQWRGHOSDUODPHQWR\SRUWDQWRTXHUHTXLHUHGHVRFLRV\KDVWD
DKRUD ORV TXH WLHQH KDQ VLGR SHTXHxRV SDUWLGRV R IUDFFLRQHV GH
SDUWLGRVPiVJUDQGHVDVtFRPRXQVHJPHQWRQDGDGHVSUHFLDEOHGHO
GH SDUODPHQWDULRV TXH QR WLHQHQ QLQJXQD DGKHVLyQ SDUWLGDULD
VLPSOHPHQWH VH DOLQHDQ FRQ HO JRELHUQR GH WXUQR SDUD REWHQHU
PD\RUHVEHQH¿FLRVLQGLYLGXDOHV'HVGHHOSXQWRGHYLVWDLGHROyJLFR
LQWHJUDVHFWRUHVSROtWLFRVFRQVHUYDGRUHVTXHPiVGHXQDYH]HQOD
KLVWRULDEUDVLOHxDKDQVLGRDFWRUHVGHYHWRDLQLFLDWLYDSURJUHVLVWDV
SRSXODUHV(QHOSODQRVRFLDOH[SUHVDXQDDOLDQ]DHQWUHVHFWRUHVGH
WUDEDMDGRUHVRUJDQL]DGRVHVWDGR\HPSUHVDULRVQDFLRQDOHVPiVHO
DSR\RWiFLWRGHOHVWDEOLVPHQW¿QDQFLHURLQWHUQDFLRQDOFRQÀXHQFLD
GHLQWHUHVHVTXHHVSRVLEOHHQODPHGLGDTXHHOGHVDUUROORHFRQyPLFR
GLVWULEX\DEHQH¿FLRVSDUDWRGDVODVSDUWHV
/RV LPSHUDWLYRV GH OD JREHUQDELOLGDG SROtWLFD QR VyOR
OLPLWDQHOMXHJRGHORVDFWRUHVWDPELpQVHGXFHQHQODE~VTXHGD\
PDQWHQLPLHQWRGHOSRGHUHQHVHVHQWLGROD~OWLPDIDVHGHOPDQGDWR
GH/XODHVWiFDGDYH]PiVLQÀXHQFLDGDSRUHOHVFHQDULRHOHFWRUDOGHO
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
$O PRPHQWR GH GLDJQRVWLFDU ORV UXPERV GH OD H[SHULHQFLD
GHO JRELHUQR /XOD TXHGD XQ VDERU DJULGXOFH 'HFLU TXH HV OD
PHUD FRQWLQXLGDG GH ORV JRELHUQRV GH ) + &DUGRVR VHUtD IDOVR
&DPELDURQYDULRVDVSHFWRVHQODSROtWLFDEUDVLOHxD(QSULPHUOXJDU
OD UHQRYDFLyQ GH OD FODVH SROtWLFD GDQGR OXJDU D XQD SDUWLFLSDFLyQ
HQHOSRGHUSROtWLFRGHHOHQFRVGHORVVHFWRUHVVRFLDOHVVXEDOWHUQRV
KLVWyULFDPHQWH H[FOXtGRV $VLPLVPR VH DEULHURQ FDQDOHV HQ OD
HVWUXFWXUD GHO HVWDGR IXQGDPHQWDOPHQWH SRU PHGLR GH &RQVHMRV
SDUDXQDSDUWLFLSDFLyQPiVGLUHFWDGHORVVHFWRUHVGHODVRFLHGDGFLYLO
RUJDQL]DGD&DPELyWDPELpQODEDVHGHJRELHUQRGHXQDFRDOLFLyQ
OLEHUDO VRFLDO FRQIRUPDGD SRU XQ FHQWUR \ XQD GHUHFKD RUJiQLFD
VH VXVWLWX\y SRU XQD FRDOLFLyQ PiV KHWHURJpQHD FRQIRUPDGD SRU
OD L]TXLHUGD RUJDQL]DGD FRQ XQ VHFWRU GHO FHQWUR \ XQD SDUWH GH
ORV SDUWLGRV FRQVHUYDGRUHV &DPELy OD EDVH VRFLDO GH DSR\R GH
XQUHIRUPLVPRQHROLEHUDOGH&DUGRVREDVDGRHQXQVHFWRUWpFQLFR
PRGHUQL]DGRU DSR\DGR HQ HO FDSLWDO PXOWLQDFLRQDO \ VHFWRUHV
ROLJiUTXLFRV WUDGLFLRQDOHV KDFLD XQD FRDOLFLyQ GH WUDEDMDGRUHV
VLQGLFDOL]DGRVFRQXQVHFWRUGHODEXUJXHVtDQDFLRQDOODWROHUDQFLD
GHOFDSLWDO¿QDQFLHUR\HODSR\RSDVLYRGHVHFWRUHVFRQVHUYDGRUHV
\ORVVHFWRUHVVXEDOWHUQRVQRRUJDQL]DGRVTXHFRQVWLWX\HXQDJUDQ
PDVDSRSXODUGHHVH%UDVLOH[FOXtGRDOLDQ]DPRGHUDGDSRUOD¿JXUD
FDULVPiWLFDSRSXODUGH/XOD
(Q FXDQWR D ODV SROtWLFDV S~EOLFDV OD SROtWLFD HFRQyPLFD VL
ELHQQRVHDOWHUyVXVWDQFLDOPHQWHVHIUHQyHODYDQFHSULYDWLVWDGHO
VHFWRUS~EOLFR\VHUHRULHQWyODSROtWLFDH[WHULRUKDFLDODGHIHQVDGH
ODVREHUDQtDQDFLRQDOIUHQWHDORVHPEDWHVGHODJOREDOL]DFLyQSHUR
QRHQVHQWLGRWUDGLFLRQDOGHUHVLVWHQFLDVLQRGHUHVLJQL¿FDFLyQHQ
HOPDUFRGHORVHVSDFLRVPXOWLODWHUDOHVHLQWHUHVWDWDOHV7DPSRFRVH
DOWHUDURQVXVWDQWLYDPHQWHODVSROtWLFDVVRFLDOHV\GHUHGLVWULEXFLyQ
GHOLQJUHVRDXQTXHSURIXQGL]DURQVXOLEHUDOLVPRVRFLDO\UHRULHQWy
VX ¿ORVRItD UHLYLQGLFDQGR PiV XQD FXOWXUD GH GHUHFKRV TXH XQ
VLPSOHDVLVWHQFLDOLVPRFRQIDFKDGDGHPRFUiWLFD
¢4XpFRVDVQRIXHURQPRGL¿FDGDV"$OPHQRVHQHOFRUWR\
PHGLDQRSOD]RHOGHVDUUROORSHULIpULFRHQFXHVWLyQIXQGDPHQWDOPHQWH
GHELGR D OD SHUVLVWHQFLD GH OD YXOQHUDELOLGDG H[WHUQD ± DJUDYDGD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
SRUODYRODWLOLGDGGHOFDSLWDO¿QDQFLHUR\HOHQGHXGDPLHQWR±\ORV
LPSHUDWLYRVGHOPHUFDGRLQWHUQDFLRQDOFRPRFRQGLFLyQHVWUXFWXUDO
SDUD HO GHVDUUROOR QDFLRQDO D SHVDU GH ODV SRWHQFLDOLGDGHV GH OD
HFRQRPtDEUDVLOHxD$VXYH]XQDVSHFWRPiVJUDYHODGL¿FXOWDG
SDUDWUDQVIRUPDUXQSDWUyQKLVWyULFRGHGHVDUUROORVRFLDOGHVLJXDO
FRQFHQWUDGRU \ H[FOX\HQWH FRQ ODV SHRUHV GLVWULEXFLRQHV GH OD
ULTXH]DGH$PpULFD/DWLQD\GHOPXQGR8QSDWUyQGHVXEGHVDUUROOR
RYXOQHUDELOLGDGGHODFXHVWLyQVRFLDOTXHH[SUHVDGUDPiWLFDPHQWH
ODV GLVWLQWDV FDUDV GH OD H[FOXVLyQ VRFLDO FRQWHPSRUiQHD OD GHO
FDSLWDOLVPR DYDQ]DGR FRQ WUDEDMDGRUHV ÀH[LEOHV \ OD DPHQD]D
GH SDVDU D HQJURVDU ORV VXSHUQXPHUDULRV VLQ HPSOHR OD GHO VHFWRU
LQIRUPDOXUEDQDTXHWLHQHXQGHVDUUROORSDUDOHORDODPRGHUQL]DFLyQ
ODUD]yQGXDOGH)UDQFLVFRGH2OLYHLUDSHURVLQREWHQHUORVIUXWRV
\GHUHFKRVGHODPLVPD\DGHPiVODPDUJLQDFLyQKLVWyULFDKHUHQFLD
GHXQDVRFLHGDGVHPLHVFODYLVWDUXUDO\SDUURTXLDO
7DPSRFR VH PRGL¿Fy HO FRQVHUYDGXULVPR SROtWLFR TXH WLxy
ODSROtWLFDEUDVLOHxDGHVGHHORULJHQGHODQDFLyQ(OSHUVRQDOLVPR
ODDSURSLDFLyQSDWULPRQLDOLVWDGHODSDUDWRHVWDWDOODVLPELRVLVHQWUH
HVSDFLRVS~EOLFRV\SULYDGRVHOFOLHQWHOLVPRSROtWLFR\ODFRUUXSFLyQ
FRPRVXPDQLIHVWDFLyQPiVYLVLEOHQRVHKDQPRGL¿FDGRHQHOFRUWR
SOD]R
1RWDV
/DVSULQFLSDOHVUHJLRQHVGH%UDVLO5LRGH-DQHLUR0LQDV*HUDLV6DQ
3DEOR\5LR*UDQGHGHO6XUVHFRQIRUPDURQHQIXQFLyQGHOFRQWUROGH
GLVWLQWDVIXHQWHVGHSRGHUHLQWHUHVHVUHJLRQDOHVFRPRVHUODFHUFDQtD
D ODV VHGHV DGPLQLVWUDWLYDV GH JRELHUQR FHQWUDO iUHDV SURGXFWLYDV
YLQFXODGDVDOFRPHUFLRH[WHULRUHOSHVRHFRQyPLFR\GHPRJUi¿FRGH
DOJXQRV HVWDGRV HO GHVDUUROOR PLOLWDU TXH OHV GLHURQ GLYHUVDV FXRWDV
GHSRGHUSROtWLFRHQODGLQiPLFD\QHJRFLDFLyQFRQHOJRELHUQRFHQWUDO
6FKZDUW]PDQFDS,,
(O WH[WR PiV UHIHULGR GHVGH HVWD SRVWXUD HV HO GH %ROtYDU /DPRXQLHU
\ 5DTXHO 0HQHJXHOOR TXH QR GXGDQ HQ FDWDORJDU HO VLVWHPD
FRPR XQ FDVR GH ³VXEGHVDUUROOR´ SDUWLGDULR 'HQWUR GH HVWD OtQHD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
LQWHUSUHWDWLYD VH GHVWDFD PiV UHFLHQWHPHQWH HO WUDEDMR FRPSDUDWLYR
GH 6FRWW 0DLQZDULQJ \ 7LPRWK\ 6FXOO\ S TXH XELFDQ
D %UDVLO HQWUH ORV VLVWHPDV SDUWLGDULRV PHQRV LQVWLWXFLRQDOL]DGRV GH
$PpULFD/DWLQD
(OSURFHVRGHLQVWLWXFLRQDOL]DFLyQSURJUHVLYDGHXQVLVWHPDGHSDUWLGRV
PXOWLSDUWLGDULR KDVWD VH PDQLIHVWy HQ FXDWUR GLPHQVLRQHV
D OD LQFRUSRUDFLyQ GH ODV GLIHUHQFLDV UHJLRQDOHV \ GH GHVDUUROOR
VRFLRHFRQyPLFRFRPRFOLYDMHVHVWUXFWXUDQWHVHQODVGLVSXWDVHOHFWRUDOHV
E OD VHGLPHQWDFLyQ \ HVWDELOL]DFLyQ GH ORV SDWURQHV GH FRPSHWHQFLD
SROtWLFD SRU ORV FDUJRV S~EOLFRV F OD DUWLFXODFLyQ FRPSOHMD HQWUH ODV
GLYHUVDVFDWHJRUtDVGHFRQÀLFWRVSRUPHGLRGHXQDSOXUDOLGDGGHDFWRUHV
SROtWLFRVGHOHQUDL]DPHQWRVRFLDOGHORVSDUWLGRVTXHVHWUDQVIRUPDURQ
HQFRQGXFWRVGHH[SUHVLyQHLGHQWL¿FDFLyQGHSUHIHUHQFLDVHOHFWRUDOHV
(O WpUPLQR SRSXOLVWD KD UHFLELGR P~OWLSOHV DFHSFLRQHV HQ OD H[WHQVD
OLWHUDWXUD DFDGpPLFD H[LVWHQWH QR REVWDQWH HQ $PpULFD /DWLQD H[LVWH
FLHUWR FRQVHQVR TXH HO IHQyPHQR WXYR XQ SHUtRGR VRFLRKLVWyULFR GH
DXJHHQODGpFDGDGHO¶\ORVHMHPSORVPiVSDUDGLJPiWLFRVIXHURQHO
YDUJXLVPR\HOSHURQLVPR
(O UpJLPHQ DXWRULWDULR LQLFLDGR HQ UHLQVWDOy XQ 3DUODPHQWR HQ
FRQXQDFRPSHWHQFLD\UHSUHVHQWDFLyQSROtWLFDUHVWULQJLGDDGRV
SDUWLGRV
/DRSRVLFLyQREWXYRHQHVWDVHOHFFLRQHVGLH]GHORVJREHUQDGRUHV
HVWDGXDOHV \ OD SpUGLGD GH OD PD\RUtD DEVROXWD GHO R¿FLDOLVPR HQ OD
&iPDUDGH'LSXWDGRV
(O 37% FRQWDED HQ FRQ GLSXWDGRV \ XQ VHQDGRU TXH FRQ OD
HVFLVLyQHO3'7YDDTXHGDUFRQGLH]GLSXWDGRVVLQVHQDGRU\OXHJRYD
DORJUDUQXHYDVLQFRUSRUDFLRQHVVREUHWRGRGHO0'%6HQWR6p
S
3DUDFRPSUHQGHUODFRPSOHMLGDGGHGLPHQVLRQHVSUHVHQWHHQODFULVLVVH
SXHGHFRQVXOWDU&DPDUJR
(VWH SURFHVR GH GHPRFUDWL]DFLyQ QR HVWXYR DXVHQWH GH UHVLVWHQFLDV \
WHQVLRQHV3RUHMHPSORHQODDVDPEOHDFRQVWLWX\HQWHGHVHSODQWHy
XQSUR\HFWRGHPD\RUSDUODPHQWDUL]DFLyQGHOVLVWHPDFRQFUHDFLyQGH
XQUpJLPHQVHPLSUHVLGHQFLDOTXHQRWXYRDSUREDFLyQ
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
(Q HVWH VHQWLGR VH OHJDOL]DURQ GH ORV GHUHFKRV VLQGLFDOHV GH ORV
WUDEDMDGRUHV VH DVHJXUy OD OLEHUWDG GH RUJDQL]DFLyQ HQ DVRFLDFLRQHV
QDFLRQDOHV\ODHOLPLQDFLyQGHORVFRQWUROHVGLUHFWRVGHO0LQLVWHULRGH
7UDEDMR
(VWHDVSHFWRKDVLGRXQSXQWRUHFXUUHQWHGHSROpPLFDHQODDFDGHPLD
EUDVLOHxD&RQXQREMHWLYRGHFDSWDUHOIXQFLRQDPLHQWR\FDPELRVGH
ODUJR SOD]R HV LPSRUWDQWH HO DSRUWH UHDOL]DGR SRU /LPRQJL )HUQDQGR
\ &KHLEXE )LJXHLUHGR $UJHOLQD DFHUFD GHO FRPSRUWDPLHQWR GH ORV
GLSXWDGRV IHGHUDOHV GH DFXHUGR D VX D¿OLDFLyQ SDUWLGDULD GRQGH
FRPSUREDURQODH[LVWHQFLDGHSDWURQHVLGHROyJLFRVFOiVLFRVGHL]TXLHUGD
\GHUHFKD/LPRQJL&KHLEXES
(V LQWHUHVDQWH DQRWDU ODV GLVWDQFLDV UHODWLYDV \ FRQYHUJHQFLD HQ OD
FRPSRVLFLyQVRFLDOFRQORVSDUWLGRVGHFHQWUR3RUXQODGR3DUWLGRGH
OD 6RFLDO 'HPRFUDFLD %UDVLOHxD IXH FDUDFWHUL]DGR FRPR OD H[SUHVLyQ
GHOD³EXUJXHVtDLQWHOHFWXDO´R³DOWDLQWHOOLJHQWVLD´5RGULJXHVS
DVRFLDFLyQ HQWUH XQ VHFWRU PLQRULWDULR HPSUHVDULDO XUEDQR \ XQD
IUDFFLyQLQWHOHFWXDOGHSURIHVLRQDOHVOLEHUDOHVDOWRVFDUJRVGHJRELHUQR
\SURIHVRUHV±SUHVHQFLDGHIRUPDFLyQHQFLHQFLDVKXPDQDV3RURWUD
SDUWHH[LVWLyXQDDXVHQFLDGHHPSUHVDULRVUXUDOHV\FODVHVSRSXODUHV
(O RWUR SDUWLGR GH FHQWUR HO 3DUWLGR GHO 0RYLPLHQWR 'HPRFUiWLFR
%UDVLOHxRHUDPiVKHWHURJpQHRXQDIUDFFLyQHPSUHVDULDOSUHGRPLQDQWH
SHURQRPD\RULWDULDSUHVHQFLDGHSURIHVLRQDOHVOLEHUDOHV\SURIHVRUHV
HUD EDVWDQWH HOHYDGD ± PiV TXH HQ ORV SDUWLGRV GH GHUHFKD
DXQTXH PHQRV TXH HQ ORV GH L]TXLHUGD ± GH LQJUHVRV SDWULPRQLDOHV
PHGLRV \ FRQ DXVHQFLD GH VHFWRUHV SRSXODUHV 5RGULJXHV S
7HQGHQFLD TXH SDUHFH UHYHUWLUVH SDUFLDOPHQWH FRQVLGHUDQGR
H[FOXVLYDPHQWHODVHOHFFLRQHVGHTXHHQWUHORVSDUWLGRVHOLJHQ
GHORVJREHUQDGRUHV1RREVWDQWHWDPELpQGHEHUHFRUGDUVHTXH
IXHHQHVWDHOHFFLyQGRQGHORVWUHVSDUWLGRVSUHVHQWDURQFDQGLGDWXUDV\
DOLDQ]DVSUHVLGHQFLDOHVGLIHUHQWHV
&DVRV PiV UHFLHQWHV OD DSDULFLyQ GHO SUHVLGHQWH GH OD &iPDUD GH
'LSXWDGRV6HYHULQR&DYDOFDQWLRODVGHQXQFLDVGHFRUUXSFLyQLQLFLDGDV
SRU 5REHUWR -HIIHUVRQ OtGHU GH XQ SDUWLGR TXH SDUWLFLSy GH WRGRV ORV
JRELHUQRVQDFLRQDOHVGHVGHODpSRFDGHORVPLOLWDUHVDOSUHVHQWH
'RV HMHPSORV EDVWDQWHV YLVLEOHV GH ORV REVWiFXORV KDQ VLGR KDVWD
DKRUD ORV SRFRV DYDQFHV HQ OD UHIRUPD DJUDULD \ ODV UHDFFLRQHV D OD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
¿VFDOL]DFLyQ GH WUDEDMR HQ FRQGLFLRQHV GH HVFODYLWXG TXH VH H[SUHVy
HQIRUPDH[WUHPDHQODPXHUWHGHWUHV¿VFDOHVGHWUDEDMRHQHQHURGH
5HFRQYHUVLRQDQGSROLWLFDOFRQVHUYDWLYHQHVVLQ%UD]LOWKH
ERXQGDULHVRIFKDQJH
$EVWUDFW 'UDZLQJ RQ FRPSDUDWLYH KLVWRULFDO SHUVSHFWLYH WKH
DUWLFOHH[DPLQHVWKHUHFHQWSROLWLFDOFKDQJHVLQWKHSDUW\V\VWHPDQG
%UD]LOLDQGHPRFUDF\2QWKHRQHKDQGWKHSDSHUH[SODLQVKLVWRULFDO
UHVWULFWLRQV RQ WKH GHPRFUDWL]DWLRQ SURFHVVHV 2Q WKH RWKHU KDQG
LW KLJKOLJKWV WKH LQKHULWDQFH RI FRQVHUYDWLYH VRFLRSROLWLFV PDWUL[
RQ WKH G\QDPLFV RI HOHFWRUDO FKDQJHV 7KH ¿UVW VHFWLRQ DQDO\]HV
WKHFRQVHUYDWLYHVRFLRSROLWLFVPDWUL[¶VGHYHORSPHQWDQGLGHQWL¿HV
GHPRFUDWL]DWLRQ SURFHVVHV¶ ZHDNQHVVHV EHWZHHQ DQG 7KH VHFRQG VHFWLRQ IRFXVHV RQ SROLWLFDO SDUWLHV DQG GHPRFUDF\
GHYHORSPHQW GXULQJ WKH ODVW GHFDGHV WR LGHQWLI\ WKH OLPLWV RI WKH
UHFHQWSROLWLFDOFKDQJHV
.H\ZRUGV GHPRFUDF\ FRQVHUYDWLYH LGHRORJ\ SROLWLFDO SDUWLHV
SROLWLFDOFKDQJHV
%LEOLRJUDItD
$5785,&DUORV$VHOHLo}HVQRSURFHVVRGHWUDQVLomRjGHPRFUDFLDQR
%UDVLO ,Q %$48(52 0DUFHOOR 2UJ 7UDQVLomR HOHLo}HV RSL
QLmRS~EOLFD3RUWR$OHJUH(G8)5*6
%2'($0LJXHO7UDEDOKLVPRHSRSXOLVPRQR5LR*UDQGHGR6XO3RUWR
$OHJUH(G8)5*6
&$0$5*2$VSiVLD$VGLPHQV}HVGDFULVH,Q&$0$5*2$VSiVLD
',1,=(OL2UJ&RQWLQXLGDGHHPXGDQoDQR%UDVLOGD1RYD5H
S~EOLFD5LRGH-DQHLUR(G,83(5-9pUWLFH
&$59$/+2-RVp0XULOR'H$FRQVWUXomRGDRUGHPH7HDWURGHVRP
EUDV5LRGH-DQHLUR(G8)5-5HOXPH'XPDUi
BBBBBBB$IRUPDomRGDVDOPDVRLPDJLQiULRGD5HS~EOLFDQR%UDVLO6mR
3DXOR&RPSDQKLDGDV/HWUDV
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
',1,=(OL%26&+,5HQDWR$FRQVROLGDomRGHPRFUiWLFDQR%UDVLODWR
UHVSROtWLFRVSURFHVVRVVRFLDLVHLQWHUPHGLDomRGHLQWHUHVHV,Q',
1,=(OLHWDO0RGHUQL]DomRHFRQVROLGDomRGHPRFUiWLFDQR%UDVLO
GLOHPDVGD1RYD5HS~EOLFD6mR3DXOR9pUWLFH
'8$57(1HVWRU$RUGHPSULYDGDHDRUJDQL]DomRSROtWLFDQDFLRQDO6mR
3DXOR&LD(GLWRUD1DFLRQDO
(63,1*$1'(56(1 *RVWD 'HVSXpV GH OD HGDG GH RUR HO IXWXUR GHO
(VWDGR %HQHIDFWRU HQ HO QXHYR RUGHQ PXQGLDO 5HYLVWD GH ,'(6
%XHQRV$LUHVQMXOVHW
)$2525D\PXQGR([LVWHXPSHQVDPHQWRSROtWLFREUDVLOHLUR6mR3DXOR
$WLFD
BBBBBBB2VGRQRVGRSRGHU3RUWR$OHJUH*ORERY
.(&.0DUJDUHW37DOyJLFDGDGLIHUHQoD6mR3DXORÈWLFD
.,1=2 0DULD G¶$OYD 5HSUHVHQWDomR SROtWLFD H VLVWHPD HOHLWRUDO QR
%UDVLO6mR3DXOR(G6tPEROR
/$0281,(5 %ROtYDU 2 µ%UDVLO DXWRULWiULR¶ UHYLVLWDGR R LPSDFWR
GDV HOHLo}HV VREUH D DEHUWXUD ,Q 67(3$1 $OIUHG 2UJ
'HPRFUDWL]DQGRR%UDVLO5LRGH-DQHLUR3D]H7HUUD
/$0281,(5 %ROtYDU 0(1(*8(//2 5DTXHO 3DUWLGRV SROtWLFRV
H FRQVROLGDomR GHPRFUiWLFD R FDVR EUDVLOHLUR 6mR 3DXOR
(G%UDVLOLHQVH
/$9$5('$ $QW{QLR $ GHPRFUDFLD QDV XUQDV R SURFHVVR SDUWLGiULR
HOHLWRUDOEUDVLOHLUR5LRGH-DQHLUR5LR)XQGR,83(5-
/,0$-U2ODYR%UDVLOGH2VSDUWLGRVSROtWLFRVEUDVLOHLURVDH[SHULrQFLD
IHGHUDOHUHJLRQDO5LRGH-DQHLUR*UDDO
/($/9LFWRU1XQHV&RURQHOLVPRHQ[DGDHYRWR6mR3DXOR$OID2PHJD
/,021*,)HUQDQGR),*8(,5('2$UJHOLQD&KHLEXE3DUWLGRVSROtWLFRV
QD&kPDUDGRV'HSXWDGRV'$'265HYLVWDGH&LrQFLDV
6RFLDLV5LRGH-DQHLURYQ
0$,1:$5,1*6FRWW3ROtWLFRVSDUWLGRVHVLVWHPDVHOHLWRUDLVR%UDVLO
QXPD SHUVSHFWLYD FRPSDUDWLYD 5HYLVWD 1RYRV (VWXGRV &(%5$3
6mR3DXORQPDU]R
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
5HFRQYHUVLyQ\FRQVHUYDGXULVPRSROtWLFRHQ%UDVLO
0$,1:$5,1* 6FRWW 6&8//< 7LPRWK\ $ LQVWLWXFLRQDOL]DomR GRV
6LVWHPDV 3DUWLGiULRV QD $PpULFD /DWLQD '$'26 5HYLVWD GH
&LrQFLDV6RFLDLVYQ
0$,1:$5,1* 6FRWW 0(1(*8(//2 5DTXHO 6&8//< 7LPRWK\
3DUWLGRVFRQVHUYDGRUHVQR%UDVLOFRQWHPSRUkQHR5LRGH-DQHLUR
3D]H7HUUD
0$//2 6XVDQD 6(51$ 0LJXHO 2UJV 6HGXFFLyQ \ GHVLOXVLyQ OD
SROtWLFD ODWLQRDPHULFDQD FRQWHPSRUiQHD 0RQWHYLGHR (G %DQGD
2ULHQWDO
0$//2 6XVDQD 025(,5$ &RQVWDQ]D 2UJV /D ODUJD HVSHUD
LWLQHUDULRV GH ODV L]TXLHUGDV HQ $UJHQWLQD %UDVLO \ 8UXJXD\
0RQWHYLGHR 'HSWR GH 6RFLRORJtD &6,& 8QLYHUVLGDG GH OD
5HS~EOLFD(GLWRULDO%DQGD2ULHQWDO
0$5(1&2 $QGUp 1mR VH ID]HP ROLJDUTXLDV FRPR DQWLJDPHQWH
UHFUXWDPHQWRSDUODPHQWDUH[SHULrQFLDSROtWLFDHYtQFXORVSDUWLGiULRV
HQWUH GHSXWDGRV EUDVLOHLURV 7HVH 'RXWRUDGR HP
&LrQFLD 3ROtWLFD ± 8QLYHUVLGDGH )HGHUDO GR 5LR *UDQGH GR 6XO
3RUWR$OHJUH
0(1(*8(//25DTXHO3DUWLGRVHJRYHUQRVQR%UDVLOFRQWHPSRUkQHR
5LRGH-DQHLUR3D]H7HUUD
BBBBBBB37DIRUPDomRGHXPSDUWLGR5LRGH-DQHLUR3D]H
7HUUD
0(5&$'$17( 3DXOR $ FRQVFLrQFLD FRQVHUYDGRUD GR %UDVLO 5LR GH
-DQHLUR6DJD
02,6(6-RVp$OYDUR2VEUDVLOHLURVHDGHPRFUDFLDEDVHVVyFLRSROtWLFDV
GDOHJLWLPLGDGHGHPRFUiWLFD6mR3DXORÈWLFD
1,&2/$80DUFRQL-DLUR'DGRVHOHLWRUDLVGR%UDVLO5LRGH
-DQHLUR,83(5-8&$05HYDQ
2¶'211(// *XLOOHUPR &RQWUDSXQWRV HQVD\RV HVFRJLGRV VREUH
DXWRULWDULPR\GHPRFUDWL]DFLyQ%XHQRV$LUHV3DLGyV
3$/(502 9LFHQWH &RPS 3ROtWLFD EUDVLOHxD FRQWHPSRUiQHD GH
&ROORUD/XQDHQDxRVGHWUDQVIRUPDFLyQ%XHQRV$LUHV,QVWLWXWR
7RUFXDWRGL7HOOD(G6LJOR;;,
52'5,*8(6 /H{QFLR 0DUWLQV 'LUHLWD FHQWUR H HVTXHUGD SDUWLGRV
LGHRORJLDHFRPSRVLomRVRFLDO3RQHQFLDHQHO6HPLQDULR3DUWLGRV
(OHLo}HV H 5HSUHVVHQWDomR SROtWLFD HQ ;;9 (QFRQWUR $QXDO GD
$132&6&D[DPEX0*RFWXEUH
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
0LJXHO6HUQD
52'5,*8(6 /H{QFLR 0DUWLQV $V HOHLo}HV GH XPD DSUHFLDomR
JHUDO'$'265HYLVWDGH&LrQFLDV6RFLDLVYQ
6$//80-81,25%UDVLOLR0HWDPRUIRVLVGHO(VWDGR%UDVLOHxRD¿QDOHV
GHO6LJOR;;,Q3$/(5029LFHQWH&RPS3ROtWLFDEUDVLOHxD
FRQWHPSRUiQHD %XHQRV $LUHV ,QVWLWXWR 7RUFXDWR GL 7HOOD (G
6LJOR;;,
6$//80-81,25%UDVLOLR*5$())(GXDUGR/,0$(OL]DEHWK*RPHV
GH(OHLo}HVSUHVLGHQFLDLVHFULVHGRVLVWHPDSDUWLGDULR/XD1RYD
5HYLVWDGHFXOWXUDHSROtWLFD6mR3DXORPD\R
6$1726:DQGHUOH\*XLOKHUPHGRV&LGDGDQLDHMXVWLoD5LRGH-DQHLUR
=DKDU
6(51$ 0LJXHO 5HFRQYHUVmR GHPRFUiWLFD GDV HVTXHUGDV QR &RQH 6XO
6DQ3DEOR('86&
BBBBBBB/RVXVRVGHODQiOLVLVFRPSDUDGRGHODHWLTXHWDPHWRGROyJLFDD
ODVFRPSDUDFLRQHVVXVWDQWLYDV,Q6(51$0LJXHO0$//26X
VDQD3$7(51$,15DIDHO2UJV(O¿QGHVLJOR\ODSROtWLFDHQ
$UJHQWLQD\8UXJXD\0RQWHYLGHR(G$OHMDQGUtD
6(1726e-RmR7UDMDQR%UL]ROLVPR5LRGH-DQHLUR(G)*9
6,1*(5$QGUH(VTXHUGDHGLUHLWDQRHOHLWRUDGREUDVLOHLUR6mR3DXOR
(G863
6&+:$57=0$1 6LPRQ %DVHV GR DXWRULWDULVPR EUDVLOHLUR %UDVtOLD
8QLYHUVLGDGHGH%UDVLOLD
BBBBBBB6mR3DXORHR(VWDGR1DFLRQDO6mR3DXOR'LIXVmR(XURSpLDGR
/LYUR
628=$ 0DULD GR &DUPR &DPSHOOR GH (VWDGR H SDUWLGRV SROtWLFRV QR
%UDVLOD6mR3DXOR(G$OID2PHJD
75,1'$'(+pOJLR/DFRQVWUXFFLyQGHO(VWDGRQDFLRQDOHQ$UJHQWLQD\
%UDVLO5HYLVWD0H[LFDQDGH6RFLRORJtD0p[LFRMDQ
PDU
BBBBBBB%DVHVGDGHPRFUDFLDEUDVLOHLUDOyJLFDOLEHUDOHSUi[LVDXWRULWiULD
,Q52848,e$/$0281,(5%6&+9$5=(5
- &RPR UHQDVFHP DV GHPRFUDFLDV 6mR 3DXOR %UDVLOLHQVH S
85,&2(&+($ )HUQDQGR 2 PLQRWDXUR LPSHULDO 6mR 3DXOR 'LIHO
:())257)UDQFLVFR2SRSXOLVPRQDSROtWLFDEUDVLOHLUD5LRGH-DQHLUR
3D]H7HUUD
6RFLHGDGHH(VWDGR%UDVtOLDYQSPDLRDJR
Descargar