N 3 - Organization of American States

Oficina Regional de Ciencia para
América Latina y el Caribe
Programa
Hidrológico
Internacional
N° 3
N° 3
3URJUDPD81(6&22($,6$50$PpULFDV
$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
$63(&72662&,2(&21Ï0,&26$0%,(17$/(6
<&/,0È7,&26'(/266,67(0$6$&8Ë)(526
75$16)5217(5,=26'(/$6$0e5,&$6
3+,9,,6HULH,6$50$PpULFDV1R
3XEOLFDGRHQSRUOD2ILFLQD5HJLRQDOGH&LHQFLDSDUD$PpULFD/DWLQD\HO&DULEH
GHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUD OD(GXFDFLyQOD&LHQFLD \OD&XOWXUD
81(6&2 3URJUDPD +LGUROyJLFR ,QWHUQDFLRQDO 3+, \ SRU HO 'HSDUWDPHQWR GH
'HVDUUROOR6RVWHQLEOH''6GHOD2UJDQL]DFLyQGHORV(VWDGRV$PHULFDQRV2($
6HULH,6$50$PpULFDV1R
,6%1
‹81(6&2
/DVGHQRPLQDFLRQHVTXHVHHPSOHDQHQHVWDSXEOLFDFLyQ\ODSUHVHQWDFLyQGHORVGDWRV
TXH HQ HOOD ILJXUD QR VXSRQHQ SRU SDUWH GH OD 81(6&2 \ GH OD 2($ OD DGRSFLyQ GH
SRVWXUDDOJXQDHQORTXHVHUHILHUHDOHVWDWXWRMXUtGLFRGHORVSDtVHVWHUULWRULRVFLXGDGHV
R ]RQDV R GH VXV DXWRULGDGHV QL HQ FXDQWR D VXV IURQWHUDV R OtPLWHV /DV LGHDV \
RSLQLRQHV H[SUHVDGDV HQ HVWD SXEOLFDFLyQ VRQ ODV GH ORV DXWRUHV \ QR UHSUHVHQWDQ
QHFHVDULDPHQWHHOSXQWRGHYLVWDGHOD81(6&2RGHOD2($
6H DXWRUL]D OD UHSURGXFLyQ D FRQGLFLyQ GH TXH OD IXHQWH VH PHQFLRQH HQ IRUPD
DSURSULDGD \ VH HQYtH FRSLD D OD GLUHFFLyQ DEDMR FLWDGD (VWH GRFXPHQWR GHEH FLWDUVH
FRPR
81(6&2$VSHFWRV6RFLRHFRQyPLFRV$PELHQWDOHV\&OLPiWLFRVGHORV6LVWHPDV
$FXtIHURV7UDQVIURQWHUL]RVGHODV$PpULFDV6HULH,6$50$PpULFDV1R
'HQWURGHOOtPLWHGHOD GLVSRQLELOLGDGFRSLDV JUDWXLWDVGH HVWDSXEOLFDFLyQSXHGHQVHU
VROLFLWDGDVD
3URJUDPD+LGUROyJLFR,QWHUQDFLRQDOSDUD$PpULFD/DWLQD\HO&DULEH3+,/$&
2ILFLQD5HJLRQDOGH&LHQFLDSDUD$PpULFD/DWLQD\HO&DULEH
81(6&2
'U/XLV33LHUDžSLVR
0RQWHYLGHR8UXJXD\
7HO
)D[
(PDLOSKL#XQHVFRRUJX\
KWWSZZZXQHVFRRUJX\SKL
3URJUDPD81(6&22($,6$50$PpULFDV
$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
$63(&72662&,2(&21Ï0,&26
$0%,(17$/(6<&/,0È7,&26'(/26
6,67(0$6$&8Ë)(526
75$16)5217(5,=26'(/$6$0e5,&$6
(VWDSXEOLFDFLyQKDVLGRHODERUDGDFRQODGRFXPHQWDFLyQDSRUWDGDSRUORV
&RRUGLQDGRUHV1DFLRQDOHVGHO3URJUDPD81(6&22($,6$50$PpULFDV
UHODWLYDDORV6LVWHPDV$FXtIHURVGHODV$PpULFDV\FRQHODSRUWHWHPiWLFRGH
HVSHFLDOLVWDV\SHUVRQDOGH81(6&23+,\GH2($''66XFRPSLODFLyQ\HGLFLyQ
HVWXYRDFDUJRGHO&RRUGLQDGRU*HQHUDOGHO3URJUDPD81(6&22($
,6$50$PpULFDV1HOVRQGD)UDQFD5LEHLURGRV$QMRV
0RQWHYLGHR:DVKLQJWRQ'&
2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD
\OD&XOWXUD81(6&2
$OEHUWR7HMDGD*XLEHUW
'LUHFWRUGHOD'LYLVLyQGH&LHQFLDVGHO$JXD
$OLFH$XUHOL
(VSHFLDOLVWDGH3URJUDPD3+,
0DUtD&RQFHSFLyQ'RQRVR
+LGUyORJD5HJLRQDO2ILFLQD5HJLRQDOGH&LHQFLDSDUD$PpULFD/DWLQD
\HO&DULEHKDVWDHQHUR
0LFKHOD0LOHWWR
&RRUGLQDGRU$GMXQWR81::$3
=HOPLUD0D\
$VLVWHQWHGH3URJUDPD3+,/$&
2UJDQL]DFLyQGHORV(VWDGRV$PHULFDQRV±2($
&OHWXV6SULQJHU
'LUHFWRUGHO'HSDUWDPHQWRGH'HVDUUROOR6RVWHQLEOH±''6
-RUJH5XFNV
-HIHÈUHD*HRJUiILFD$PpULFD/DWLQD''6KDVWDILQ
0D[LPLOLDQR&DPSRV
-HIHÈUHD*HRJUiILFD$PpULFD/DWLQD''6DSDUWLU
(QULTXH%HOOR
-HIH$GMXQWRÈUHD*HRJUiILFD$PpULFD/DWLQD''6
/\GLD8JDV&
$VLVWHQWH7pFQLFDGH3UR\HFWRV''6
&RRUGLQDGRU *HQHUDO GHO 3URJUDPD 81(6&22($ ,6$50
$PpULFDV
1HOVRQGD)UDQFD5LEHLURGRV$QMRV
(VSHFLDOLVWD6HQLRUHQ5HFXUVRV+tGULFRV
&RRUGLQDGRUHV1DFLRQDOHV
$5*(17,1$
2IHOLD7XMFKQHLGHU±81/&21,&(7
%(/,&(
5XGROSK:LOOLDPV-U±%106
%2/,9,$
+XJR'HOJDGR%XUJRV±6(5*(27(&0,1
%5$6,/
-~OLR7DGKHX6LOYD.HWWHOKXW±65+800$
&$1$'È
$OIRQVR5LYHUD±15&DQ*6&
&+,/(
0DUtD$QJpOLFD$OHJULD±'*$
&2/20%,$
2PDU)UDQFR±,'($0
&267$5,&$
5RGULJR&DOYR3RUUDV±,&(
(&8$'25
*XLOOHUPR*DOODUGR±,1$0+,
(/6$/9$'25
$QD'HLV\/ySH]5DPRV±61(7
(67$'2681,'26'($0e5,&$
1RUPDQ*UDQQHPDQQ±86*6
*8$7(0$/$
9tFWRU0DQXHO3pUH]±,16,980(+
*8<$1$
%KDOHND6HXODOO±+<'520(7
+$,7Ë
$VWUHO-RVHSK±0LQLVWqUHGHO
(QYLURQQHPHQW
+21'85$6
6HUJLR*DOHO6iQFKH]$ULWD±'*5+6(51$
0e;,&2
)HOLSH,$UUHJXtQ&RUWH]±&1$
1,&$5$*8$
5LJREHUWR/ySH]9DOGLYLD±'5+&0$5(1$
3$1$0È
6LOYDQR9HUJDUD±$1$0
3$5$*8$<
)HUQDQGR/DUUR]D±'5+900(023&
3(5Ò
(GZLQ=HQWHQR7XSLxR±,15(1$
5(3Ò%/,&$'20,1,&$1$
)UDQFLVFR75RGUtJXH]±,1'5+,
685,1$0
0RHNLUDQ$$PDWDOL±+5'
858*8$<
-RVp/XLV*HQWD±',1$6$
9(1(=8(/$
)HUQDQGR'HFDUOL±'+02'*&+0,1$0%
35()$&,2
(VWHOLEURVREUHORVDVSHFWRVVRFLRHFRQyPLFRVDPELHQWDOHV\FOLPiWLFRVGHORVVLVWHPDV
DFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDVFRQVWLWX\HHOWHUFHUYROXPHQGHXQDVHULHGH
FXDWURSUHSDUDGDHQHOPDUFRGHO3URJUDPD81(6&22($,6$50$PpULFDV
(OSULPHUOLEURSUHVHQWyXQDHYDOXDFLyQSUHOLPLQDULQYHQWDULRGHORVVLVWHPDVDFXtIHURV
WUDQVIURQWHUL]RVGHODV$PpULFDV\IXHSXEOLFDGRHQ(OVHJXQGRYROXPHQWUDWyGHO
PDUFROHJDOHLQVWLWXFLRQDOHQODJHVWLyQGHORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV
$PpULFDV\IXHSXEOLFDGRHQ)LQDOPHQWHHOFXDUWROLEURSUHVHQWDUiXQDHVWUDWHJLD
SDUD OD JHVWLyQ GH ORV VLVWHPDV DFXtIHURV WUDQVIURQWHUL]RV GH ODV $PpULFDV \ VHUi
SXEOLFDGRHQ
(O 3URJUDPD 81(6&22($ ,6$50 $PpULFDV HV XQD LQLFLDWLYD KHPLVIpULFD EDMR OD
FRRUGLQDFLyQFRQMXQWDGHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD
&LHQFLD \ OD &XOWXUD ± 81(6&2 D WUDYpV GHO 3URJUDPD +LGUROyJLFR ,QWHUQDFLRQDO ±
3+, \ OD 2UJDQL]DFLyQ GH ORV (VWDGRV $PHULFDQRV ± 2($ SRU PHGLR GH VX
'HSDUWDPHQWR GH 'HVDUUROOR 6RVWHQLEOH ± ''6 \ GHO )RQGR (VSHFLDO 0XOWLODWHUDO GHO
&RQVHMR,QWHUDPHULFDQRSDUDHO'HVDUUROOR,QWHJUDO±)(0&,',
*UDFLDV D OD FRQWULEXFLyQ GH ORV &RRUGLQDGRUHV 1DFLRQDOHV GH ,6$50 $PpULFDV
UHSUHVHQWDQWHV GH ORV SDtVHV GHO KHPLVIHULR DPHULFDQR TXH FRPSDUWHQ DJXDV
VXEWHUUiQHDV HO 3URJUDPD DO ILQDO GH KD LGHQWLILFDGR DFXtIHURV
WUDQVIURQWHUL]RV GH ORV FXDOHV HVWiQ ORFDOL]DGRV HQ 6XGDPpULFD HQ
&HQWURDPpULFDHQ1RUWHDPpULFD\HQHO&DULEH
3DUD OD SUHSDUDFLyQ GH HVWH OLEUR VH XWLOL]y FRPR GRFXPHQWR GH EDVH XQ FXHVWLRQDULR
SUHSDUDGR SRU XQ JUXSR GH H[SHUWRV GH OD UHJLyQ TXH IXH FRPSOHWDGR SRU ODV
LQVWLWXFLRQHV GH ORV (VWDGRV 0LHPEURV SDUWtFLSHV UHVSRQVDEOHV GH OD JHVWLyQ GH ORV
UHFXUVRV KtGULFRV VXEWHUUiQHRV TXH DSRUWDURQ OD LQIRUPDFLyQ GLVSRQLEOH VREUH FDGD
DFXtIHUR WUDQVIURQWHUL]R GH ODV $PpULFDV /D LQIRUPDFLyQ LQFOX\H SDUD FDGD DFXtIHUR
WUDQVIURQWHUL]R VX H[WHQVLyQ OD SREODFLyQ \ HO XVR GHO DJXD VXEWHUUiQHD VX
GLVSRQLELOLGDG\FDOLGDG\ODVYDULDFLRQHVFOLPiWLFDVDFWXDOHV\SUHYLVWDVHQODUHJLyQGH
FDGD DFXtIHUR 6H LQGLFDQ DVLPLVPR ODV ]RQDV SURWHJLGDV \ GH FRQVHUYDFLyQ
UHODFLRQDGDV FRQ FDGD DFXtIHUR \ ORV DVSHFWRV UHODWLYRV D OD SODQLILFDFLyQ \
UHJODPHQWDFLyQ GHO XVR GHO DJXD VXEWHUUiQHD DVt FRPR ORV EHQHILFLRV HFRQyPLFRV
GHULYDGRVGHVXXVR\ODVWHQGHQFLDVGHXVRSUHYLVLEOHVFRPRUHFXUVRWUDQVIURQWHUL]R
(OFRQWHQLGRGHORVFXHVWLRQDULRV\VXVFRUUHVSRQGLHQWHVPDSDVIXHURQSUHSDUDGRVSRU
ORV &RRUGLQDGRUHV 1DFLRQDOHV \ VXV FRODERUDGRUHV HGLWDGRV SRU 81(6&2 \ 2($ \
UHYLVDGRVHQHO7DOOHUUHDOL]DGRHQHODxRGHHQ6DQWR'RPLQJRVLHQGRILQDOPHQWH
DSUREDGRVHQHO7DOOHUGH4XLWRHQHODxRGH
'XUDQWHODSUHSDUDFLyQGHHVWH/LEURTXHSUHVHQWDVLHWHFDStWXORV\XQ$QH[RFRQILFKDV
\PDSDVVHSXGRFRQILUPDUHOHVStULWXGHFRRSHUDFLyQHLQWHUpVSRUHOWHPDGHWRGRVORV
SDtVHV SDUWLFLSDQWHV /RV FDStWXORV SUHVHQWDQ HO SURFHVR \ HYROXFLyQ GH ,6$50
$PpULFDVXQDYLVLyQJHQHUDOGHORVDFXtIHURVWUDQVIURQWHUL]RVGHODUHJLyQLQIRUPDFLyQ
VREUHORVDVSHFWRVVRFLRHFRQyPLFRVDPELHQWDOHV\FOLPiWLFRVGHORVVLVWHPDVDFXtIHURV
WUDQVIURQWHUL]RVGHODV$PpULFDVXQDQiOLVLVGHOFRQRFLPLHQWRUHJLRQDOODVFRQFOXVLRQHV
\ UHFRPHQGDFLRQHV SDUD DFFLRQHV IXWXUDV DVt FRPR OD OLVWD GH ORV &RRUGLQDGRUHV
1DFLRQDOHVFRODERUDGRUHVHLQVWLWXFLRQHVSDUWLFLSDQWHV \ODOLVWDGHVLJODV\VLWLRVZHE
UHODFLRQDGRVFRQORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDV
$*5$'(&,0,(1726
/D SUHVHQWH SXEOLFDFLyQ HV HO SURGXFWR GH OD FRODERUDFLyQ HQWUH HO 3URJUDPD
+LGUROyJLFR ,QWHUQDFLRQDO GH OD 81(6&2 \ OD 2($ D WUDYpV GHO 'HSDUWDPHQWR GH
'HVDUUROOR 6RVWHQLEOH \ FRQ HO DSR\R GHO )RQGR (VSHFLDO 0XOWLODWHUDO GHO &RQVHMR
,QWHUDPHULFDQRSDUDHO'HVDUUROOR,QWHJUDO±)(0&,',
/D81(6&2\OD2($DJUDGHFHQPX\HVSHFLDOPHQWHDORV&RRUGLQDGRUHV1DFLRQDOHV
GHO 3URJUDPD ,6$50 $PpULFDV SRU OD ODERU UHDOL]DGD GXUDQWH OD SUHSDUDFLyQ GHO
GRFXPHQWR DVt FRPR D ODV LQVWLWXFLRQHV TXH IDFLOLWDURQ OD LQIRUPDFLyQ SDUD OD
HODERUDFLyQGHODVILFKDV\PDSDV
$VLPLVPRDJUDGHFHQDODVLQVWLWXFLRQHV\SHUVRQDVTXHIDFLOLWDURQODUHDOL]DFLyQGHORV
VLHWH 7DOOHUHV GH &RRUGLQDFLyQ UHDOL]DGRV HQ 0RQWHYLGHR (O 3DVR 6DQ
3DEOR 6DQ 6DOYDGRU 0RQWUHDO 6DQWR 'RPLQJR \ 4XLWR
3RU RWUD SDUWH HO 3URJUDPD 81(6&22($ ,6$50 $PpULFDV UHFRQRFH OD ODERU
GHVDUUROODGD SRU ORV FRQVXOWRUHV $OEHUWR 0DQJDQHOOL \ (GLVRQ 5RVDV TXLHQHV IXHURQ
UHVSRQVDEOHV SRU HO GHVDUUROOR GH ODV ILFKDV FRQVROLGDGDV SRU VLVWHPD DFXtIHUR \ ORV
FRUUHVSRQGLHQWHVPDSDVTXHVHSUHVHQWDQHQHODQH[RGHODSUHVHQWHSXEOLFDFLyQ
)LQDOPHQWHOD81(6&2\OD2($DJUDGHFHQODODERUGHWRGRVTXLHQHVFRODERUDURQFRQ
ODHGLFLyQ\UHYLVLyQGHHVWDWHUFHUDSXEOLFDFLyQGHOD6HULH,6$50$PpULFDV
7DEODGH&RQWHQLGRV
3URJUDPD81(6&22($,6$50$PpULFDV
$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
$63(&72662&,2(&21Ï0,&26$0%,(17$/(6<&/,0È7,&26'(/26
6,67(0$6$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
352&(62<(92/8&,Ï1'(,6$50$0e5,&$6
(O3URJUDPD81(6&22($,6$50$PpULFDV
$FFLRQHVGHVDUUROODGDV\UHVXOWDGRV
$FFLRQHVDGHVDUUROODU\UHVXOWDGRVHVSHUDGRV
6,67(0$6 $&8Ë)(526 75$16)5217(5,=26 '( /$6
$0e5,&$6
6LVWHPDV$FXtIHURV7UDQVIURQWHUL]RVDOILQDOGH
8ELFDFLyQGHORV6LVWHPDV$FXtIHURV7UDQVIURQWHUL]RVGHODV$PpULFDV
$63(&726 62&,2(&21Ï0,&26 $0%,(17$/(6 <
&/,0È7,&26(1/266,67(0$6$&8Ë)(526
75$16)5217(5,=26'(/$6$0e5,&$6
%UHYHUHVHxDVREUHODUHFRSLODFLyQ\SUHVHQWDFLyQGHODLQIRUPDFLyQ
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO1RUWH
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHO&DULEH
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH&HQWURDPpULFD
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO6XU
$1È/,6,6'(/&212&,0,(1725(*,21$/
$VSHFWRVDPELHQWDOHV
%HQHILFLRVHFRQyPLFRVGHULYDGRVGHODJHVWLyQ
,PSDFWRSRWHQFLDOGHOFDPELRFOLPiWLFR
&RRSHUDFLyQSDUDODJHVWLyQ
&21&/86,21(6<5(&20(1'$&,21(6
&RQFOXVLRQHV
5HFRPHQGDFLRQHV
&225',1$'25(6 1$&,21$/(6 ,167,78&,21(6 <
&2/$%25$'25(6
/,67$'(6,*/$6<6,7,26:(%
$1(;2 ),&+$6 < 0$3$6 '( /26 6,67(0$6
$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
352&(62<(92/8&,Ï1'(,6$50$0e5,&$6
(O3URJUDPD81(6&22($,6$50$PpULFDV
(O 3URJUDPD 81(6&22($ ,6$50 $PpULFDV HV XQD LQLFLDWLYD UHJLRQDO TXH IXH
SUHVHQWDGD SRU HO 3URJUDPD +LGUROyJLFR ,QWHUQDFLRQDO GH OD 81(6&2 FRQMXQWDPHQWH
FRQ HO 'HSDUWDPHQWR GH 'HVDUUROOR 6RVWHQLEOH GH OD 2($ GXUDQWH HO 7DOOHU VREUH
$FXtIHURV7UDQVIURQWHUL]RVTXHWXYROXJDUGXUDQWHHO;;;,,&RQJUHVRGHOD$VRFLDFLyQ
/DWLQRDPHULFDQD GH +LGURORJtD SDUD HO 'HVDUUROOR HQ FRQMXQWR FRQ OD $VRFLDFLyQ
,QWHUQDFLRQDOGH+LGURJHRORJtDUHDOL]DGRHQODFLXGDGGH0DUGHO3ODWD$UJHQWLQDHQ
RFWXEUHGH
(O3URJUDPD0XQGLDO³*HVWLyQGHORV5HFXUVRV$FXtIHURV7UDQVIURQWHUL]RV±,6$50´
VH LQLFLy GXUDQWH OD  6HVLyQ GHO &RQVHMR ,QWHUJXEHUQDPHQWDO GHO 3URJUDPD
+LGUROyJLFR ,QWHUQDFLRQDO GH OD 81(6&2 UHDOL]DGR HQ 3DUtV HQ MXQLR GH (VWH
3URJUDPD HVWi GLULJLGR D SURPRYHU HO FRQRFLPLHQWR GH ORV UHFXUVRV KtGULFRV
VXEWHUUiQHRVWUDQVIURQWHUL]RV\ODFRODERUDFLyQHQWUHORVSDtVHVTXHFRPSDUWHQHOPLVPR
UHFXUVR SDUD ORJUDU FRQVHQVRV HQ HO iPELWR FLHQWtILFR DPELHQWDO LQVWLWXFLRQDO
VRFLRHFRQyPLFR\OHJDO2WUDPHWDLPSRUWDQWHGHO3URJUDPD,6$50HVODLGHQWLILFDFLyQ
GH(VWXGLRVGH&DVRTXHVHDQGHLQWHUpVUHOHYDQWHSDUDORV(VWDGRV0LHPEURV
(QWUH ORV SULQFLSDOHV REMHWLYRV GHO 3URJUDPD 81(6&22($ ,6$50$PpULFDV HVWiQ
DOFDQ]DUXQPHMRUFRQRFLPLHQWRVREUHGHODVDJXDVVXEWHUUiQHDVWUDQVIURQWHUL]DVGHODV
$PpULFDV GHVGH HO SXQWR GH YLVWD FLHQWtILFR DPELHQWDO LQVWLWXFLRQDO VRFLRHFRQyPLFR
FOLPiWLFR \ OHJDO REWHQHU \ YDOLGDU LQIRUPDFLyQ GH ORV VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV GH OD UHJLyQ VHOHFFLRQDU FDVRV GH HVWXGLR SULRULWDULRV FRQ HO ILQ GH
LPSOHPHQWDU SUR\HFWRV SLORWR HQ GLYHUVDV UHJLRQHV GH ODV $PpULFDV \ SUHSDUDU \
GLVHPLQDU LQIRUPDFLyQ FLHQWtILFD EDVDGD HQ ODV H[SHULHQFLDV GH ORV SDtVHV SDUD XQD
JHVWLyQVRVWHQLEOHGHORVUHFXUVRVKtGULFRVVXEWHUUiQHRVTXHSXHGDQVHUDSOLFDGDVHQVX
GHVDUUROOR
(O 3URJUDPD 81(6&22($ ,6$50 $PpULFDV HVWi FRPSXHVWR SRU XQ &RPLWp GH
&RRUGLQDFLyQ\SRU&RRUGLQDGRUHV1DFLRQDOHVGHORV(VWDGRV0LHPEURVHVFRJLGRVSRU
ORV &RPLWpV 1DFLRQDOHV GHO 3URJUDPD +LGUROyJLFR ,QWHUQDFLRQDO ± 3+, \ ORV 3XQWRV
)RFDOHVGHOD5HG,QWHUDPHULFDQDGH5HFXUVRV+tGULFRV±5,5+
$GHPiV GXUDQWH ORV 7DOOHUHV GH &RRUGLQDFLyQ DQXDOHV VH KDQ FRQIRUPDGR *UXSRV GH
7UDEDMR HVSHFtILFRV SRU SDUWH GH ORV &RRUGLQDGRUHV 1DFLRQDOHV SDUD SUHVHQWDU
SURSXHVWDV \ UHFRPHQGDFLRQHV VREUH WHPDV GH LQWHUpV 'HVGH HO HO 3URJUDPD
81(6&22($,6$50$PpULFDVFXHQWDFRQHODSR\RGHO)RQGR(VSHFLDO0XOWLODWHUDO
GHO&RQVHMR,QWHUDPHULFDQRSDUDHO'HVDUUROOR,QWHJUDO±)(0&,',GHOD2($
(OWUDEDMRUHDOL]DGRHQHOPDUFRGHO3URJUDPD81(6&22($,6$50$PpULFDVIDFLOLWD
OD LQWHJUDFLyQ \ OD FRODERUDFLyQ UHJLRQDO HQWUH ORV SDtVHV TXH FRPSDUWHQ VLVWHPDV
DFXtIHURVWUDQVIURQWHUL]RVHQODUHJLyQGHDFXHUGRFRQODYLVLyQ\ODPLVLyQGHILQLGDSRU
HVWRVSDtVHVSDUD,6$50$PpULFDV
9,6,Ï1 ± /D JHVWLyQ VRVWHQLEOH \ SURWHFFLyQ GH ODV DJXDV WUDQVIURQWHUL]DV
VXEWHUUiQHDVHQODV$PpULFDV
1
0,6,Ï1 ± $XPHQWDU OD JHQHUDFLyQ \ HO LQWHUFDPELR GHO FRQRFLPLHQWR GH ORV
VLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDV\IRUWDOHFHUHOLQWHUFDPELRGH
ODLQIRUPDFLyQHQWUHORVSDtVHVGHODV$PpULFDV
$FFLRQHVGHVDUUROODGDV\UHVXOWDGRV
&RPR UHVXOWDGR GH ORV VLHWH SULPHURV DxRV GHO 3URJUDPD 81(6&22($
,6$50 $PpULFDV ORV SDtVHV GH OD UHJLyQ TXH FRPSDUWHQ VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
v HOLJLHURQ D VXV &RRUGLQDGRUHV 1DFLRQDOHV \ HVWDEOHFLHURQ XQD UHG GH
FRPXQLFDFLyQHQWUHHOORV\ORVRUJDQLVPRVSDUWLFLSDQWHV
v HVWDEOHFLHURQ XQD PHWRGRORJtD GH WUDEDMR D WUDYpV GH WDOOHUHV GH FRRUGLQDFLyQ
DQXDOHVFRQDPSOLDSDUWLFLSDFLyQDGHPiVGHJUXSRVGHWUDEDMRHVSHFtILFRV
v GHILQLHURQ FRQ DPSOLR GHEDWH OD YLVLyQ \ OD PLVLyQ GHO 3URJUDPD
81(6&22($,6$50$PpULFDV
v SUHSDUDURQ XQ LQYHQWDULR GH ORV VLVWHPDV DFXtIHURV LGHQWLILFDGRV ORV FXDOHV DO
ILQDO GH DOFDQ]DQ HO VLJQLILFDWLYR Q~PHUR GH GLVWULEXLGRV DVt HQ
1RUWHDPpULFDHQHO&DULEHHQ&HQWURDPpULFD\HQ6XGDPpULFD
v UHDOL]DURQ XQ LQYHQWDULR \ HO DQiOLVLV GHO PDUFR MXUtGLFR H LQVWLWXFLRQDO GH ORV
SDtVHVTXHFRPSDUWHQDFXtIHURVWUDQVIURQWHUL]RVHQODV$PpULFDV
v SUHSDUDURQ XQ LQYHQWDULR FRQ HO DQiOLVLV FRUUHVSRQGLHQWH GH ORV DVSHFWRV
VRFLRHFRQyPLFRV DPELHQWDOHV \ FOLPiWLFRV GH ORV VLVWHPDV DFXtIHURV
LGHQWLILFDGRV
v FRQWULEX\HURQ D OD SXEOLFDFLyQ HQ HVSDxRO GH ORV OLEURV HGLWDGRV FRQ ORV
UHVXOWDGRV GH ORV WUDEDMRV UHDOL]DGRV HQ HO PDUFR GHO 3URJUDPD TXH IXHURQ
WUDGXFLGRVDOLQJOpV\SXEOLFDGRVHQORVVLWLRVZHEGHOD81(6&2\GHOD2($
v DQDOL]DURQDWUDYpVGHXQ*UXSRGH7UDEDMR \ HQUHXQLyQGH FRRUGLQDFLyQORV
FRQFHSWRV EiVLFRV SDUD OD GHILQLFLyQ GH XQ SURFHVR KDFLD OD HVWUDWHJLD SDUD OD
JHVWLyQLQWHJUDGDGHORVDFXtIHURVWUDQVIURQWHUL]RVGHODUHJLyQ
v LGHQWLILFDURQ GLYHUVRV HVWXGLRV GH FDVR HQ ODV FXDWUR iUHDV GHO KHPLVIHULR ±
1RUWH &HQWUR 6XU \ &DULEH ± LQLFLDQGR \ UHDOL]DQGR DFFLRQHV SDUD HO
FRQRFLPLHQWR KLGURJHROyJLFR GH ORV VLVWHPDV DFXtIHURV WUDQVIURQWHUL]RV
LGHQWLILFDGRV HQ ]RQDV VHPLiULGDV HQ ]RQDV WURSLFDOHV HQ iUHDV XUEDQDV HQWUH
RWUDVTXHUHFLELHURQUHFXUVRVILQDQFLHURVGHGLYHUVDVLQVWLWXFLRQHVQDFLRQDOHVH
LQWHUQDFLRQDOHV
v SDUWLFLSDURQ HQ FRQIHUHQFLDV LQWHUQDFLRQDOHV UHJLRQDOHV \ QDFLRQDOHV FRQ HO
REMHWLYRGHGLIXQGLUODVVLQHUJLDVLQWHUUHJLRQDOHV\QDFLRQDOHV\GLYXOJDQGRSRU
GLYHUVRVPHGLRVORVUHVXOWDGRVREWHQLGRV\ODLPSRUWDQFLDGHOFRQRFLPLHQWRGH
ORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDV
2
v
SDUWLFLSDURQ HQ GHEDWHV FRQ HO (PEDMDGRU &KXVHL <DPDGD GH OD &RPLVLyQ GH
'HUHFKR,QWHUQDFLRQDOGHODV1DFLRQHV8QLGDV±81,/&
&DGD DxR ORV &RRUGLQDGRUHV 1DFLRQDOHV \ HO &RPLWp GH &RRUGLQDFLyQ GHO 3URJUDPD
81(6&22($ ,6$50$PpULFDV VH UH~QHQ HQ XQR GH ORV (VWDGRV 0LHPEURV TXH VH
RIUHFH FRPR DQILWULyQ SDUD GLVFXWLU ORV UHVXOWDGRV DOFDQ]DGRV \ DFRUGDU HO 3ODQ GH
7UDEDMR$QXDO
(QWUHORVSULQFLSDOHVUHVXOWDGRVGHO3URJUDPD81(6&22($,6$50$PpULFDVHVWiQ
v 7DOOHUHVGH&RRUGLQDFLyQ
,
0RQWHYLGHR8UXJXD\GHVHSWLHPEUHGH
,,
(O3DVR86$GHQRYLHPEUHGH
,,, 6DQ3DEOR%UDVLOGHQRYLHPEUHGHGLFLHPEUHGH
,9 6DQ6DOYDGRU(O6DOYDGRUGHQRYLHPEUHGH
9
0RQWUHDO&DQDGiGHVHSWLHPEUHGH
9, -XDQ'yOLR5HS~EOLFD'RPLQLFDQDGHGLFLHPEUHGH\
9,, 4XLWR(FXDGRUGHVHSWLHPEUHGH
(Q ORV GLYHUVRV 7DOOHUHV ORV SDtVHV RUJDQL]DURQ YLVLWDV GH FDPSR D DFXtIHURV
WUDQVIURQWHUL]RV SDUD TXH ORV SDUWLFLSDQWHV FRQRFLHUDQ ORV DVSHFWRV SUiFWLFRV GH VX
H[SORWDFLyQ
v
(VWXGLRVGH&DVR
v *XDUDQt$UJHQWLQD%UDVLO3DUDJXD\8UXJXD\FRQFOXtGR
v +XHFR%ROVyQ0p[LFR86$HQHMHFXFLyQ
v $UWLERQLWR0DVDFUH+DLWt5HS~EOLFD'RPLQLFDQDHQSUHSDUDFLyQ
v <UHQGi7RED7DULMHxR$UJHQWLQD%ROLYLD3DUDJXD\HQSUHSDUDFLyQ
v 2VWXD0HWDSiQ*XDWHPDOD(O6DOYDGRUHQSUHSDUDFLyQ
$GHPiVIXHURQLGHQWLILFDGRVHQORV7DOOHUHVGH &RRUGLQDFLyQRWURV(VWXGLRVGH&DVR
SHUR TXH WRGDYtD QHFHVLWDQ PiV GHILQLFLRQHV SDUD VX LQFOXVLyQ HQ OD OLVWD GH ,6$50
$PpULFDV HQWUH ORV FXDOHV VH HQFXHQWUDQ HO 3DQWDQDO HQWUH %ROLYLD%UDVLO3DUDJXD\
$PD]RQDVHQWUH%UDVLO%ROLYLD&RORPELD(FXDGRU3HU~9HQH]XHOD&KkWHDXJXD\HQWUH
&DQDGi(VWDGRV8QLGRV\=DUXPLOODHQWUH(FXDGRU\3HU~
v
3XEOLFDFLRQHV
v 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV HQ ODV $PpULFDV ± (YDOXDFLyQ
3UHOLPLQDU ± SXEOLFDGR HQ 6HULH ,6$50$PpULFDV 1R GLVSRQLEOH HQ
HVSDxROHLQJOpV
v 0DUFR /HJDO H ,QVWLWXFLRQDO HQ OD *HVWLyQ GH ORV 6LVWHPDV $FXtIHURV
7UDQVIURQWHUL]RV GH ODV $PpULFDV ± SXEOLFDGR HQ 6HULH ,6$50
$PpULFDV1RGLVSRQLEOHHQHVSDxROHLQJOpV
v $VSHFWRV 6RFLRHFRQyPLFRV $PELHQWDOHV \ &OLPiWLFRV GH ORV 6LVWHPDV
$FXtIHURV 7UDQVIURQWHUL]RV GH ODV $PpULFDV ± SXEOLFDGR HQ 6HULH
,6$50$PpULFDV1RGLVSRQLEOHHQHVSDxRO
(VWDVSXEOLFDFLRQHVVHHQFXHQWUDQGLVSRQLEOHVHQKWWSZZZXQHVFRRUJX\
3
v
3DUWLFLSDFLyQHQ&RQIHUHQFLDV\(YHQWRV
(QWUHODVPiVUHFLHQWHVSUHVHQWDFLRQHVGHORVUHVXOWDGRVGHO3URJUDPD,6$50$PpULFDV
VHHQFXHQWUDQ
v ;,, &XUVR ,QWHUQDFLRQDO GH $JXD 6XEWHUUiQHD \ 0HGLR $PELHQWH ±
&,$60$/D+DEDQD&XEDGHMXQLRGH
v &RQIHUHQFLD GH OD 1DWLRQDO *URXQGZDWHU$VVRFLDWLRQ 861*:$ &LXGDG
GH3DQDPi3DQDPiGHMXQLRGH
v 9)RUR0XQGLDOGHO$JXD(VWDPEXO7XUTXtDPDU]RGH
v 6LPSRVLRGH*HVWLyQGH$JXDV7UDQVIURQWHUL]DV7HVDOyQLFD*UHFLDGH
RFWXEUHGH
v ,; &RQJUHVR /DWLQRDPHULFDQR GH +LGURORJtD 6XEWHUUiQHD $/6+8'
4XLWR(FXDGRUGHMXOLRGH
v  &RQIHUHQFLD ,QWHUQDFLRQDO HQ *HVWLyQ GH$FXtIHURV 7UDQVIURQWHUL]RV HQ
ÈIULFD±7UtSROL/LELDGHPD\RGH
v ,9)RUR0XQGLDOGH$JXD&LXGDGGH0p[LFR
$FFLRQHVDGHVDUUROODU\UHVXOWDGRVHVSHUDGRV
/DV UHFRPHQGDFLRQHV GH ORV &RRUGLQDGRUHV 1DFLRQDOHV SDUD ODV DFFLRQHV D GHVDUUROODU
HQHOPDUFRGHOSURJUDPD,6$50$PpULFDVHVWiQFHQWUDGDVHQOD
v SUHSDUDFLyQ GH XQ GRFXPHQWR UHJLRQDO ³+DFLD XQD HVWUDWHJLD GH OD JHVWLyQ
LQWHJUDGDGHORVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDV´\VXSXEOLFDFLyQHQ
HVSDxROHLQJOpV
v FRQWLQXDFLyQ GH ORV HVWXGLRV GH FDVR HQ HMHFXFLyQ \ SURJUDPDGRV FX\RV
UHVXOWDGRV GHEHQ VHU FRQGHQVDGRV HQ XQ OLEUR SDUD GLVHPLQDU ORV UHVXOWDGRV \
OHFFLRQHVDSUHQGLGDV
v DFWXDOL]DFLyQGHOLQYHQWDULRGHORVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDV \
GHORVOLEURVSXEOLFDGRVDWUDYpVGHPHGLRHOHFWUyQLFR
6,67(0$6$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
6LVWHPDV$FXtIHURV7UDQVIURQWHUL]RVLGHQWLILFDGRVDOILQDOGH
(O FRQRFLPLHQWR GH ORV VLVWHPDV DFXtIHURV WUDQVIURQWHUL]RV HQ ODV $PpULFDV KD
HYROXFLRQDGRFRQHOGHVDUUROORGHODVDFWLYLGDGHVGHO3URJUDPD81(6&22($,6$50
$PpULFDV (O LQYHQWDULR DO LQLFLR GHO 3URJUDPD LQGLFDED PHQRV GH GRV GHFHQDV \ DO
ILQDOGHHOQ~PHURGHDFXtIHURVLQYHQWDULDGRVDOFDQ]D
v HQ$PpULFDGHO1RUWH
4
v
v
v
HQ$PpULFD&HQWUDO
HQHO&DULEH
HQ$PpULFDGHO6XU
(VWRVQ~PHURVHVSHFLDOPHQWHHQ$PpULFDGHO6XUWHQGHUiQDDXPHQWDUHQORVSUy[LPRV
DxRVJUDFLDVDORVHVWXGLRVTXHVHUiQGHVDUUROODGRVSRUORVSDtVHV
(OVLJQLILFDGRRLPSRUWDQFLDGHORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVHQODV$PpULFDV
HV EDVWDQWH GLIHUHQWH HQ FDGD FDVR (Q DOJXQRV FDVRV HVWRV UHFXUVRV VRQ OD IXHQWH
SULQFLSDO GH DEDVWHFLPLHQWR GH DJXD PLHQWUDV TXH HQ RWURV HVWiQ SRFR H[SORWDGRV
$GHPiV PXFKRV GH HVWRV DFXtIHURV VRQ VXPDPHQWH LPSRUWDQWHV SDUD ORV HFRVLVWHPDV
TXHGHSHQGHQGHHOORVFRPRHVHOFDVRGHO6LVWHPD$FXtIHUR3DQWDQDOFRPSDUWLGRSRU
%ROLYLD%UDVLO\3DUDJXD\
(O QLYHO GH FRRSHUDFLyQ HQWUH ORV SDtVHV YDUtD GH FDVL LQH[LVWHQWH D XQD FRRSHUDFLyQ
WpFQLFDSDUWLFLSDWLYDGHODVRFLHGDGODFRPXQLGDGFLHQWtILFD\ORVJRELHUQRV(QJHQHUDO
HQ OD UHJLyQ VH DSUHFLD XQ IXHUWH LQWHUpV HQ FRRSHUDU D ILQ GH FRPSDUWLU \ HYDOXDU OD
LQIRUPDFLyQ
/DOLVWD\ODXELFDFLyQGHORVDFXtIHURVWUDQVIURQWHUL]RVLGHQWLILFDGRVHQODV$PpULFDVVH
LQGLFDQ HQ HO PDSD JHQHUDO 6H SXHGH REVHUYDU OD SUHVHQFLD GH VLVWHPDV DFXtIHURV GH
WDPDxRV GLIHUHQWHV (VWD GLVWULEXFLyQ HVSDFLDO IXH REWHQLGD GH OD LQIRUPDFLyQ HQYLDGD
SRUORVSDtVHV
(Q$PpULFD GHO 1RUWH ORV DFXtIHURV WUDQVIURQWHUL]RV HVWiQ XELFDGRV ~QLFDPHQWH HQWUH
GRVSDtVHVGHELGRDVXVFDUDFWHUtVWLFDVJHRJUiILFDV/DPLVPDVLWXDFLyQVHSUHVHQWDHQHO
&DULEHGRQGHVRODPHQWHODLVOD+LVSDQLRODHVFRPSDUWLGDHQWUHGRVSDtVHV
(Q$PpULFD &HQWUDO IXHURQ LGHQWLILFDGRV GRV DFXtIHURV FRPSDUWLGRV HQWUH WUHV SDtVHV
/RVGHPiVVLVWHPDVDFXtIHURVVRQFRPSDUWLGRVSRUGRVSDtVHV
(Q$PpULFDGHO6XUH[LVWHQDFXtIHURVWUDQVIURQWHUL]RVTXHVRQFRPSDUWLGRVSRU\
KDVWDSDtVHVVHJ~QVXVGLPHQVLRQHV\XELFDFLyQJHRJUiILFD
5
8ELFDFLyQGHORV6LVWHPDV$FXtIHURV7UDQVIURQWHUL]RVGHODV$PpULFDV±
6LVWHPDV$FXtIHURV7UDQVIURQWHUL]RVGHODV$PpULFDV±
$0e5,&$'(/1257(1257+$0(5,&$
1
$EERWVIRUG6XPDV
&DQDGi(8$
1
6DQWD&UX]
0p[LFR(8$
1
2NDQDJDQ2VR\RRV
&DQDGi(8$
1
6DQ3HGUR
0p[LFR(8$
1
*UDQG)RUNV
&DQDGi(8$
1
&RQHMRV0pGDQRV%ROVyQGHOD0HVLOOD
0p[LFR(8$
1
3RSODU
&DQDGi(8$
1
%ROVyQGH+XHFR9DOOHGH-XiUH]
0p[LFR(8$
1
(VWHYDQ
&DQDGi(8$
1
(GZDUGV7ULQLW\(O%XUUR
0p[LFR(8$
1
1RUWKHUQ*UHDW3ODLQV
&DQDGi(8$
1
&XHQFD%DMDGHO5tR%UDYR*UDQGH
0p[LFR(8$
1
&KkWHDXJXD\
&DQDGi(8$
1
/RV0LPEUHV±/DV3DOPDV
0p[LFR(8$
1
6DQ'LHJR7LMXDQD
0p[LFR(8$
1
-XGLWK5LYHU
&DQDGi(8$
1
&XHQFD%DMDGHO5tR&RORUDGR
0p[LFR(8$
1
0LON5LYHU
&DQDGi(8$
1 6RQR\WD3iSDJRV
0p[LFR(8$
1
5LFKHOLHX/DNH&KDPSODLQ
&DQDGi(8$
1 1RJDOHV
0p[LFR(8$
&$5,%(&$5,%%($1
&% 0DVDFUH
+DLWt5HS'RPLQLFDQD
&%
/RV/DJRV
+DLWt5HS'RPLQLFDQD
&% $UWLERQLWR
+DLWt5HS'RPLQLFDQD
&%
3HGHUQDOHV
+DLWt5HS'RPLQLFDQD
$0e5,&$&(175$/&(175$/$0(5,&$
&
6RFRQXVFR6XFKLDWH&RDWiQ
*XDWHPDOD0p[LFR
&
6DUVW~Q
*XDWHPDOD%HOLFH
&
&KLFRPXVHOR&XLOFR6HOHJXD
*XDWHPDOD0p[LFR
&
7HPDVK
*XDWHPDOD%HOLFH
&
2FRVLQJR8VXPDFLQWD3RFyP,[FiQ
*XDWHPDOD0p[LFR
&
'HOWDGHO5tR0RWDJXD
*XDWHPDOD+RQGXUDV
&
0iUTXH]GH&RPLOODV&KL[R\;DFOEDO
*XDWHPDOD0p[LFR
&
&KLTXLPXOD&RSiQ5XLQDV
*XDWHPDOD+RQGXUDV
&
%RFDGHO&HUUR6DQ3HGUR
*XDWHPDOD0p[LFR
&
(VTXLSXODV2FRWHSHTXH&LWDOi
*XDWHPDOD+RQGXUDV(O6DOYDGRU
&
7ULQLWDULD1HQWyQ
*XDWHPDOD0p[LFR
&
2VWXD0HWDSiQ
(O6DOYDGRU*XDWHPDOD
&
3HQtQVXODGH<XFDWiQ&DQGHODULD+RQGR
*XDWHPDOD0p[LFR%HOLFH
&
5tR3D]
(O6DOYDGRU*XDWHPDOD
&
0RSiQ%HOLFH
*XDWHPDOD%HOLFH
&
(VWHUR5HDO5tR1HJUR
+RQGXUDV1LFDUDJXD
&
3XVLOD0RKR
*XDWHPDOD%HOLFH
&
6L[DROD
&RVWD5LFD3DQDPi
6
$JXD'XOFH
%ROLYLD3DUDJXD\
$0e5,&$'(/6856287+$0e5,&$
6
&KRFR'DULpQ
6
7iFKLUD3DPSORQLWD
&RORPELD9HQH]XHOD
6
2OODJH
%ROLYLD&KLOH
6
/D*XDMLUD
&RORPELD9HQH]XHOD
6
&RQFRUGLD(VFULWRV&DSOLQD
&KLOH3HU~
6
*UXSR5RUDLPD
%UDVLO*X\DQD9HQH]XHOD
6
$TXLGDXDQD$TXLGDEiQ
%UDVLO3DUDJXD\
6
%RD 9LVWD6HUUD
6DYDQQD
%UDVLO*X\DQD
6
&DLXi%DXUX$FDUD\
%UDVLO3DUDJXD\
6
=DQGHULM
*X\DQD6XULQDP
6
*XDUDQt
6
&RHVHZLMQH
*X\DQD6XULQDP
6
6HUUD*HUDO
6
$6DQG%6DQG
*X\DQD6XULQDP
6
/LWRUiQHR&KX\
%UDVLO8UXJXD\
6
&RVWHLUR
%UDVLO*XD\DQD)UDQFHVD
6
3HUPR&DUERQtIHUR
%UDVLO8UXJXD\
6
7XOFiQ,SLDOHV
&RORPELD(FXDGRU
6
/LWRUDO&UHWiFLFR
$UJHQWLQD8UXJXD\
6
=DUXPLOOD
(FXDGRU3HU~
6
6DOWR6DOWR&KLFR
$UJHQWLQD8UXJXD\
6
3X\DQJR7XPEHV&DWDPD\R&KLUD
(FXDGRU3HU~
6
3XQHxRV
$UJHQWLQD%ROLYLD
6
$PD]RQDV
%ROLYLD%UDVLO&RORPELD
(FXDGRU3HU~9HQH]XHOD
6
<UHQGi7RED7DULMHxR
$UJHQWLQD%ROLYLD3DUDJXD\
6
7LWLFDFD
%ROLYLD3HU~
6
(O&yQGRU&DxDGyQGHO&yQGRU
$UJHQWLQD&KLOH
6
3DQWDQDO
%ROLYLD%UDVLO3DUDJXD\
6
$VFRWiQ
%ROLYLD&KLOH
6
&RORPELD3DQDPi
GR
7XFDQR1RUWK
$UJHQWLQD%UDVLO3DUDJXD\
8UXJXD\
$UJHQWLQD%UDVLO3DUDJXD\
8UXJXD\
7
$63(&726 62&,2(&21Ï0,&26 $0%,(17$/(6 < &/,0È7,&26 (1
/266,67(0$6$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
%UHYHUHVHxDVREUHODUHFRSLODFLyQ\SUHVHQWDFLyQGHODLQIRUPDFLyQ
,QYHQWDULDU HO FRQRFLPLHQWR DFWXDO GH ORV DFXtIHURV WUDQVIURQWHUL]RV HQ ODV $PpULFDV
GHVGH&DQDGiKDVWD$UJHQWLQD&KLOHWHQLHQGRHQFXHQWDTXHVHWUDWDGHXQWRWDOGH
SDtVHV QR HV WDUHD VHQFLOOD (O QLYHO GH FRQRFLPLHQWR GH ODV DJXDV VXEWHUUiQHDV
WUDQVIURQWHUL]DVHQODV$PpULFDVHVPX\GLVSHUVR3RUORWDQWRSDUDSUHSDUDUXQDYLVLyQ
JHQHUDO GHO FRQWLQHQWH KXER TXH WRPDU HQ FRQVLGHUDFLyQ YDULRV DVSHFWRV FRPR
FDUDFWHUtVWLFDVKLGUROyJLFDV\JHROyJLFDVVLJQLILFDGRGHODJXDVXEWHUUiQHDHQOD]RQD\
FDUDFWHUtVWLFDVHVSHFtILFDVGHORVDFXtIHURVSDLVDMHSREODFLyQFOLPDGHPDQGDGHDJXD
\VXXVRDVSHFWRVHFRQyPLFRVHQWUHRWURV
/DIDOWDGHLQIRUPDFLyQ\ORVYDFtRVH[LVWHQWHVIXHURQFRQVLGHUDGRVGXUDQWHORVGLiORJRV
HQWUH ORV SDtVHV (O GHVHR GH FRQRFHU FRRSHUDU \ FRPSDUWLU GH FDGD XQR GH ORV SDtVHV
SDUWLFLSDQWHV GH ,6$50 $PpULFDV IDFLOLWy HQRUPHPHQWH OD SUHVHQWDFLyQ GH OD
LQIRUPDFLyQGLVSRQLEOHHQORVVXEFDStWXORVVLJXLHQWHVGHWDOODGRVHQHO$QH[R
8Q FXHVWLRQDULR VREUH ORV DVSHFWRV VRFLRHFRQyPLFRV DPELHQWDOHV \ FOLPiWLFRV GH ORV
VLVWHPDV DFXtIHURV WUDQVIURQWHUL]RV GH ODV $PpULFDV IXH SUHSDUDGR SRU XQ JUXSR GH
H[SHUWRVHQUHXQLyQUHDOL]DGDHQ0LDPLHQMXQLRGHVLHQGRDQDOL]DGR\YDOLGDGR
SRU ORV &RRUGLQDGRUHV 1DFLRQDOHV GXUDQWH HO 9 7DOOHU GH &RRUGLQDFLyQ FHOHEUDGR HQ
VHSWLHPEUHGHOHQ0RQWUHDO&DQDGi\HQYLDGRDWRGRVORVSDtVHV
8QD SULPHUD YHUVLyQ GH OD LQIRUPDFLyQ GLVSRQLEOH SUHSDUDGD SRU ORV &RRUGLQDGRUHV
1DFLRQDOHV\VXVFRODERUDGRUHVIXHGLVFXWLGDHQHO9,7DOOHUGH&RRUGLQDFLyQUHDOL]DGR
HQGLFLHPEUHGHHQ-XDQ'yOLR5HS~EOLFD'RPLQLFDQD(QHVDRFDVLyQVHGLVFXWLy
LJXDOPHQWH FRPR SUHVHQWDU OD LQIRUPDFLyQ HQ IRUPD FDUWRJUiILFD SDUD FDGD VLVWHPD
DFXtIHUR
/D VHJXQGD YHUVLyQ IXH SUHVHQWDGD SRU OD &RRUGLQDFLyQ GH ,6$50 $PpULFDV D ORV
SDtVHV TXH SDUWLFLSDURQ GHO9,, 7DOOHU GH &RRUGLQDFLyQ UHDOL]DGR HQ 4XLWR VHSWLHPEUH
GHVLHQGRUHYLVDGD\DMXVWDGDSRUORV&RRUGLQDGRUHV1DFLRQDOHV
7RGDVODVUHFRPHQGDFLRQHVGHORV&RRUGLQDGRUHV1DFLRQDOHVIXHURQFRQVLGHUDGDV \VH
SUHSDUyHOSUHVHQWHFDStWXOR\HO$QH[RFRQHOPDWHULDOGLVSRQLEOH
/DLQIRUPDFLyQSURYHtGDHQHVWH/LEURHQIRUPDGHILFKDV\PDSDVSHUPLWHFRPSOHWDU
HO SULPHU LQYHQWDULR SXEOLFDGR HQ 6LQ HPEDUJR SRU IDOWD GH GDWRV VH GHEH
FRQVLGHUDUODVRODPHQWHFRPRLQGLFDWLYDFRPREDVHDVHUFRPSOHWDGDSRUORVSDtVHVHQ
XQIXWXUR\FRQWLQXDPHQWHPHMRUDGDFRQQXHYDVLQIRUPDFLRQHV
8
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO1RUWH
/DVILFKDV\PDSDVFRUUHVSRQGLHQWHVVHSUHVHQWDQHQHO$QH[R
/DOLVWDGHDFXtIHURVGHHVWDVXEUHJLyQHVODVLJXLHQWH
1$EERWVIRUG6XPDV&DQDGi(8$
12NDQDJDQ2VR\RRV&DQDGi(8$
1*UDQG)RUNV&DQDGi(8$
1±3RSODU&DQDGi(8$
1±(VWHYDQ&DQDGi(8$
11RUWKHUQ*UHDW3ODLQV&DQDGi(8$
1±&KkWHDXJXD\&DQDGi(8$
16DQ'LHJR7LMXDQD0p[LFR(8$
1&XHQFD%DMDGHO5tR&RORUDGR0p[LFR(8$
16RQR\WD3iSDJRV0p[LFR(8$
1±1RJDOHV0p[LFR(8$
16DQWD&UX]0p[LFR(8$
16DQ3HGUR0p[LFR(8$
1&RQHMRV0pGDQRV%ROVyQGHOD0HVLOOD0p[LFR(8$
1%ROVyQGH+XHFR9DOOHGH-XiUH]0p[LFR(8$
1(GZDUGV7ULQLW\(O%XUUR0p[LFR(8$
1&XHQFD%DMDGHO5tR%UDYR*UDQGH0p[LFR(8$
1/RV0LPEUHV±/DV3DOPDV0p[LFR(8$
1-XGLWK5LYHU&DQDGi(8$
10LON5LYHU&DQDGi(8$
15LFKHOLHX/DNH&KDPSODLQ&DQDGi(8$
9
10
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHO&DULEH
/DVILFKDV\PDSDVFRUUHVSRQGLHQWHVVHSUHVHQWDQHQHO$QH[R
/DOLVWDGHDFXtIHURVGHHVWDVXEUHJLyQHVODVLJXLHQWH
&%±0DVDFUH+DLWt5HS'RPLQLFDQD
&%±$UWLERQLWR+DLWt5HS'RPLQLFDQD
&%/RV/DJRV+DLWt5HS'RPLQLFDQD
&%±3HGHUQDOHV+DLWt5HS'RPLQLFDQD
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH&HQWURDPpULFD
/DVILFKDV\PDSDVFRUUHVSRQGLHQWHVVHSUHVHQWDQHQHO$QH[R
/DOLVWDGHDFXtIHURVGHHVWDVXEUHJLyQHVODVLJXLHQWH
&6RFRQXVFR6XFKLDWH&RDWiQ*XDWHPDOD0p[LFR
&&KLFRPXVHOR&XLOFR6HOHJXD*XDWHPDOD0p[LFR
&2FRVLQJR8VXPDFLQWD3RFyP,[FiQ*XDWHPDOD0p[LFR
&0iUTXH]GH&RPLOODV&KL[R\;DFOEDO*XDWHPDOD0p[LFR
&%RFDGHO&HUUR6DQ3HGUR*XDWHPDOD0p[LFR
&7ULQLWDULD1HQWyQ*XDWHPDOD0p[LFR
&3HQtQVXODGH<XFDWiQ&DQGHODULD+RQGR*XDWHPDOD0p[LFR%HOLFH
&0RSiQ%HOLFH*XDWHPDOD%HOLFH
&3XVLOD0RKR*XDWHPDOD%HOLFH
&±6DUVW~Q*XDWHPDOD%HOLFH
&±7HPDVK*XDWHPDOD%HOLFH
&'HOWDGHO5tR0RWDJXD*XDWHPDOD+RQGXUDV
&&KLTXLPXOD&RSiQ5XLQDV*XDWHPDOD+RQGXUDV
&(VTXLSXODV2FRWHSHTXH&LWDOi*XDWHPDOD+RQGXUDV(O6DOYDGRU
&2VWXD0HWDSiQ(O6DOYDGRU*XDWHPDOD
&5tR3D](O6DOYDGRU*XDWHPDOD
&(VWHUR5HDO5tR1HJUR+RQGXUDV1LFDUDJXD
&±6L[DROD&RVWD5LFD3DQDPD
11
12
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO6XU
/DVILFKDV\PDSDVFRUUHVSRQGLHQWHVVHSUHVHQWDQHQHO$QH[R
/DOLVWDGHDFXtIHURVGHHVWDVXEUHJLyQHVODVLJXLHQWH
6&KRFR'DULpQ&RORPELD3DQDPD
67iFKLUD3DPSORQLWD&RO{PELD9HQH]XHOD
6/D*XDMLUD&RO{PELD9HQH]XHOD
6*UXSR5RUDLPD%UDVLO*X\DQD9HQH]XHOD
6%RD9LVWD6HUUDGR7XFDQR1RUWK6DYDQQD%UDVLO*X\DQD
6±=DQGHULM*X\DQD6XULQDP
6±&RHVHZLMQH*X\DQD6XULQDP
6$6DQG%6DQG*X\DQD6XULQDP
6±&RVWHLUR%UDVLO*X\DQD)UDQFHVD
67XOFiQ,SLDOHV&RORPELD(FXDGRU
6±=DUXPLOOD(FXDGRU3HU~
63X\DQJR7XPEHV&DWDPD\R&KLUD(FXDGRU3HU~
6±$PD]RQDV%ROLYLD%UDVLO&RORPELD3HU~9HQH]XHOD
6±7LWLFDFD%ROLYLD3HU~
6±3DQWDQDO%ROLYLD%UDVLO3DUDJXD\
6$JXD'XOFH%ROLYLD3DUDJXD\
6±2OODJH%ROLYLD&KLOH
6&RQFRUGLD(VFULWRV&DSOLQD&KLOH3HU~
6$TXLGDXDQD$TXLGDEiQ%UDVLO3DUDJXD\
6&DLXi%DXUX$FDUD\%UDVLO3DUDJXD\
6±*XDUDQt$UJHQWLQD%UDVLO3DUDJXD\8UXJXD\
66HUUD*HUDO$UJHQWLQD%UDVLO3DUDJXD\8UXJXD\
6/LWRUiQHR&KX\%UDVLO8UXJXD\
63HUPR&DUERQtIHUR%UDVLO8UXJXD\
6/LWRUDO&UHWiFLFR$UJHQWLQD8UXJXD\
66DOWR6DOWR&KLFR$UJHQWLQD8UXJXD\
6±3XQHxRV$UJHQWLQD%ROLYLD
6<UHQGi7RED7DULMHxR$UJHQWLQD%ROLYLD3DUDJXD\
6(O&yQGRU&DxDGyQGHO&yQGRU$UJHQWLQD&KLOH
6±$VFRWiQ%ROLYLD&KLOH
13
14
$1È/,6,6'(/&212&,0,(1725(*,21$/
(O PDWHULDO SUHVHQWDGR HQ ORV VXEFDStWXORV VLJXLHQWHV IXH SUHSDUDGR SRU FXDWUR
HVSHFLDOLVWDV TXH DQDOL]DURQ ODV GLYHUVDV ILFKDV \ PDSDV SUHSDUDGRV SRU ORV
&RRUGLQDGRUHV1DFLRQDOHV\VXVFRODERUDGRUHV
(VXQDQiOLVLVSUHOLPLQDUTXHUHIOHMDODYLVLyQGHODLQIRUPDFLyQGLVSRQLEOHHQ/RV
DVSHFWRV DPELHQWDOHV IXHURQ SUHSDUDGRV SRU 0LFKDHO 0F&ODLQ GH OD )ORULGD
,QWHUQDWLRQDO8QLYHUVLW\ORVEHQHILFLRVHFRQyPLFRVSRU0DQWKD0HKDOOLVGHOD)ORULGD
$WODQWLF 8QLYHUVLW\ (O LPSDFWR SRWHQFLDO GHO FDPELR FOLPiWLFR SRU /HQ %HUU\ GHO
&HQWUH IRU (QYLURQPHQWDO 6WXGLHV GH OD )ORULGD $WODQWLF 8QLYHUVLW\ \ OD FRRSHUDFLyQ
SDUDODJHVWLyQSRU/HQD6DODPp\5D\D0DULQD6WHSKDQGHOD81(6&2
$VSHFWRVDPELHQWDOHV
3DUD OD JHVWLyQ GH ORV DFXtIHURV FRPSDUWLGRV HV IXQGDPHQWDO FRQVLGHUDU GRV WHPDV
DPELHQWDOHVFUtWLFRVODFRQWDPLQDFLyQGHOUHFXUVR\ODFRQVHUYDFLyQGHORVHFRVLVWHPDV
LPSRUWDQWHV
/D FRQWDPLQDFLyQ GHO DJXD VXEWHUUiQHD GHJUDGD JUDYHPHQWH OD FDOLGDG GHO UHFXUVR \
SXHGHDPHQD]DUODVDOXGKXPDQD\ODGHORVHFRVLVWHPDV/DFRQWDPLQDFLyQVHSURGXFH
DWUDYpVGHODGHVFDUJDGLUHFWDHLQGLUHFWDGHFRQWDPLQDQWHVHQODV]RQDVGHUHFDUJDGH
XQDFXtIHUR/DVGHVFDUJDVGLUHFWDVSXHGHQLQFOXLUODILOWUDFLyQGHWDQTXHVGHDOPDFHQDMH
VXEWHUUiQHRVRSR]RVGHLQ\HFFLyQGHDJXDVVHUYLGDVHQWDQWRTXHODVLQGLUHFWDVSXHGHQ
SURYHQLUGHOL[LYLDFLyQRLQILOWUDFLyQGHRWUDVDJXDVVXSHUILFLDOHVFRQWDPLQDGDV
2WUDVIRUPDVGHFRQWDPLQDFLyQFRPXQHVGHORVDFXtIHURVLQFOX\HQODVIXHUWHVFDUJDVGH
PLQHUDOHVGHULYDGDVGHODGLVROXFLyQGHOVXVWUDWRGHODFXtIHUR URFDV \ODLQWUXVLyQGH
DJXD VDODGD HQ ]RQDV FRVWHUDV /RV DFXtIHURV VRQ PiV R PHQRV YXOQHUDEOHV D OD
FRQWDPLQDFLyQVHJ~QODSURIXQGLGDGGHOQLYHOIUHiWLFRVXVSURSLHGDGHVKLGUiXOLFDV\ODV
GHOVXVWUDWRVXSUD\DFHQWHSRUHMHPSORVXHORV\HVWUDWRVJHROyJLFRVSRFRSURIXQGRVHO
WLSR GH XVR GH OD WLHUUD SUDFWLFDGR HQ ODV ]RQDV GH UHFDUJD OD SUR[LPLGDG D OD OtQHD
FRVWHUD\ODFRPSRVLFLyQJHROyJLFD
/RVHFRVLVWHPDVLQIOX\HQIXHUWHPHQWHHQODJHVWLyQGHORVDFXtIHURVFRPSDUWLGRVGHVGH
HOSXQWRGHYLVWDGHVXVYDORUHVGHFRQVHUYDFLyQ\GHORVVHUYLFLRVGLUHFWRVTXHSUHVWDQD
ODV FRPXQLGDGHV KXPDQDV /D LPSRUWDQFLD GH ORV HFRVLVWHPDV VH LQFUHPHQWD HQ ODV
]RQDVGHUHFDUJD\GHVFDUJDHQTXHVHGDXQDLQWHUDFFLyQHQWUHHODJXDVXEWHUUiQHD\OD
VXSHUILFLH
/DFRQVHUYDFLyQGHORVHFRVLVWHPDVQDWXUDOHVWDOHVFRPRERVTXHVKXPHGDOHVHWFHQ
ODV]RQDVGHUHFDUJDJHQHUDOPHQWHDXPHQWDODVWDVDVGHUHFDUJD\SURWHJHODFDOLGDGGHO
DJXDVXEWHUUiQHD
(QODV]RQDVGHUHFDUJD \ GHVFDUJDORVHFRVLVWHPDV SXHGHQGHSHQGHUGLUHFWDPHQWHGHO
DJXDVXEWHUUiQHD$VtVXFHGHHQHVSHFLDOHQHOFDVRGHHFRVLVWHPDVDFXiWLFRVYDOLRVRV
FRPRORVKXPHGDOHVORVODJRV\ORVUtRV
15
&RUUHVSRQGHKDFHUXQD GLVWLQFLyQ LPSRUWDQWHHQWUH]RQDVGHUHFDUJD \GHGHVFDUJDHQ
ODVSULPHUDVORVHFRVLVWHPDVQDWXUDOHVVHFRQVHUYDQHQSDUWHSDUDSURWHJHUODFDQWLGDG\
FDOLGDG GHO DJXD VXEWHUUiQHD HQ HO DFXtIHUR HQ WDQWR TXH HQ ODV GH GHVFDUJD ORV
FRHILFLHQWHV GH IOXMR GH DJXD VXEWHUUiQHD VH FRQVHUYDQ SDUD SURWHJHU YDOLRVRV
HFRVLVWHPDVGHSHQGLHQWHV
/D FRQWDPLQDFLyQ \ OD GHJUDGDFLyQ GHO DJXD VXEWHUUiQHD GH ORV HFRVLVWHPDV FRQH[RV
SXHGHQSURYRFDUSpUGLGDVHFRQyPLFDVHLQFOXVRFRQIOLFWRVHQWUHSDtVHVYHFLQRVFXDQGR
ODV DFWLYLGDGHV UHDOL]DGDV HQ XQ SDtV SURYRFDQ GHJUDGDFLyQ GHO VXHOR \ SpUGLGDV
HFRQyPLFDVHQHORWURSDtV(VRVWHPDVVHWUDWDQVHSDUDGDPHQWHHQHOLQIRUPHMXQWRFRQ
ORVSRWHQFLDOHVLPSDFWRVGHOFDPELRFOLPiWLFR
,QIRUPDFLyQGLVSRQLEOH
(QHVWHVXEFDStWXORVHUHVXPHEUHYHPHQWHODLQIRUPDFLyQUHFRSLODGDGXUDQWHOD)DVH,,,
GH ,6$50$PpULFDV HQ FXDQWR VH UHILHUH DO DFWXDO HVWDGR DPELHQWDO GH ORV DFXtIHURV
FRPSDUWLGRVVXYXOQHUDELOLGDGDODGHJUDGDFLyQDPELHQWDO\HOHVWDGRGHORVSODQHVGH
JHVWLyQ \ GH ODV ]RQDV SURWHJLGDV GHVLJQDGDV /D LQIRUPDFLyQ TXH DTXt VH SUHVHQWD VH
EDVDHQWHUDPHQWHHQODLQIRUPDFLyQFRQWHQLGDHQODVUHVSXHVWDVGHORVSDtVHVSDUWtFLSHVD
ORV FXHVWLRQDULRV 3DUD FLHUWRV DFXtIHURV SRU HMHPSOR HO $FXtIHUR *XDUDQt SXHGH
REWHQHUVHLQIRUPDFLyQPiVGHWDOODGDHQRWUDVIXHQWHV
(O HVWDGR DPELHQWDO VH HYDOXy SULQFLSDOPHQWH VREUH OD EDVH GH LQIRUPDFLyQ
SURSRUFLRQDGDHQODVVLJXLHQWHVVHFFLRQHVGHORVFXHVWLRQDULRV
v &DUDFWHUtVWLFDVGHOWLSRGHDFXtIHUR
v &DOLGDGGHODJXD
v &DPELRV SHUFLELGRV HQ GLVSRQLELOLGDG \ FDOLGDG GHO DJXD HQ HO DFXtIHUR
&UHFLPLHQWRGLVPLQXFLyQ GH OD QDSD GH DJXD FRQWDPLQDFLyQ TXtPLFD GH
IHUWLOL]DQWHVPLFURELROyJLFDFDPELRHQFRORURORUHV\RVDERURGHODVDOLQLGDG
v &REHUWXUDXVRDFWXDOGHODWLHUUDLQFOXLGRHOXVRLQGXVWULDO
/DYXOQHUDELOLGDGGHORVDFXtIHURVDODGHJUDGDFLyQDPELHQWDOVHHYDOXySULQFLSDOPHQWH
VREUH OD EDVH GH OD LQIRUPDFLyQ SURSRUFLRQDGD HQ ODV VLJXLHQWHV VHFFLRQHV GH ORV
FXHVWLRQDULRV
v &DUDFWHUtVWLFDVGHOWLSRGHDFXtIHUROLWRORJtDVLPSOLILFDGDUDQJRGHHVSHVRUWLSR
KLGUiXOLFR
v 3URIXQGLGDG]RQDVPDJQLWXGGHUHFDUJD\H[SORWDFLyQ
v 3REODFLyQ WRWDO 3REO XUEDQD \ SULQFLSDOHV FLXGDGHV 3REODFLyQ UXUDO
,QFUHPHQWRSDUDWDVD3REODFLyQHQODV]RQDVGHUHFDUJD3REOHQODV]RQDV
GHGHVFDUJD
v 3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDODVIXWXUDVGRVGpFDGDV
v ,PSDFWR GH IHQyPHQRV H[WUHPRV HQ HO DFXtIHUR LQXQGDFLRQHV VHTXtDV
WHUUHPRWRV ([LVWHQFLD GH SODQHV GH H[SORWDFLyQ GHO DFXtIHUR HQ HVSHFLDO GXUDQWH
SHUtRGRVGHVHTXtD
v &REHUWXUDXVRDFWXDOGHODWLHUUDLQFOXLGRHOXVRLQGXVWULDO
v 3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV\HFRVLVWHPDV
16
v (FRVLVWHPDV GHSHQGLHQWHV GH DJXDV VXEWHUUiQHDV DOLPHQWDGDV SRU HO DFXtIHUR
/DJRV DUUR\RV UtRV KXPHGDOHV ODJXQDV ERVTXHV FKLSULRWDV ]RQDV GH
DSURYHFKDPLHQWRGHDJXDVSRUDQLPDOHV\SODQWDVVLOYHVWUHVUXWDVGHVREUHYXHORGH
DYHV
v $UUR\RVUtRVODJRVDUULEDPHQFLRQDGRVTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJD
GH DJXDV VXEWHUUiQHDV QDWXUDOHV GHO DFXtIHUR WUDQVIURQWHUL]R HVSHFLDOPHQWH HQ ORV
SHUtRGRVVHFRV
(OHVWDGRGHORVSODQHVGHJHVWLyQ\ODV]RQDVSURWHJLGDVVHHYDOXySULQFLSDOPHQWHVREUH
ODEDVHGHODLQIRUPDFLyQSURSRUFLRQDGDHQODVVLJXLHQWHVVHFFLRQHVGHORVFXHVWLRQDULRV
v =RQDV SURWHJLGDV \ ]RQDV FRQ SURJUDPDV GH FRQVHUYDFLyQ \R UHVWDXUDFLyQ GH
VXHORV
v 3ODQHV GH RUGHQDPLHQWR WHUULWRULDO SDUD OD ]RQD GHO DFXtIHUR FDUDFWHUtVWLFDV
HVWDGRDFWXDOGHORVSODQHVFRPSRQHQWHVGHOSODQTXHLQIOXLUiQVREUHODUHFDUJD
GHORVDFXtIHURV
v 3ODQ GH PDQHMR GH UHFXUVRV KtGULFRV SDUD OD ]RQD GHO DFXtIHUR FDUDFWHUtVWLFDV
HVWDGRDFWXDOGHOSODQ
v 0HGLGDVSDUDODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO
\RHQHOSODQGHPDQHMRGHDJXDV\PHGLGDVWHQGLHQWHVDPDQWHQHU\PHMRUDUOD
UHFDUJDGHODFXtIHUR\VXVXVWHQWDELOLGDG
,QIRUPDFLyQDPELHQWDODFWXDO
(Q JHQHUDO HQ ORV DFXtIHURV FRPSDUWLGRV GH ODV $PpULFDV OD FDOLGDG GH ODV DJXDV
VXEWHUUiQHDV HVEXHQDDXQTXHIDOWDQGDWRVVREUHPXFKRVDFXtIHURV /RV SUREOHPDVGH
FDOLGDG GHO DJXD PiV IUHFXHQWHPHQWH FRPXQLFDGRV HVWiQ UHODFLRQDGRV FRQ QLYHOHV
QDWXUDOPHQWHHOHYDGRVGHVDOHVPLQHUDOHVVXOIDWRV\FORUXURVGHULYDGRVGHODVURFDVTXH
IRUPDQORVDFXtIHURV1RREVWDQWHWDPELpQVHGLRDFRQRFHUDPSOLDPHQWHODSUHVHQFLD
GHFRQWDPLQDFLyQDQWURSRJpQLFD
8Q HMHPSOR GH FRQWDPLQDFLyQ QDWXUDO HV HO GH OD &XHQFD %DMD GHO 5tR %UDYR*UDQGH
1FRPSDUWLGDSRU0p[LFR\ORV(VWDGRV8QLGRVHQTXHVHLQIRUPyGHODSUHVHQFLD
GHSSPGHVyOLGRVGLVXHOWRVHQVHGLPHQWRVDUFLOORDUHQRVRVORFDOL]DGRVHQ]RQDV
DOHMDGDVGHODVLQIOXHQFLDVGHO5tR%UDYR$QiORJDPHQWHHQHO$FXtIHUR*XDUDQt6
KD\ VHFWRUHV GH$UJHQWLQD \ %UDVLO HQ TXH HO VLVWHPD DFXtIHUR SUHVHQWD DOWD VDOLQLGDG
HVSHFLDOPHQWHHQ]RQDVFRQILQDGDVPX\SURIXQGDV'HKHFKRODDOWDVDOLQLGDGDVRFLDGD
D YDORUHV HOHYDGRV GH WHPSHUDWXUD HV XQD FDUDFWHUtVWLFD PX\ FRP~Q HQ ODV DJXDV
XELFDGDVDJUDQGHVSURIXQGLGDGHVFRPRWDPELpQORHVODSUHVHQFLDGHHOHYDGRVQLYHOHV
GHDUVpQLFR\IO~RUFRPRIXHFRPXQLFDGRSRU%UDVLO
(Q DFXtIHURV &HQWURDPHULFDQRV FRPR ORV GH (VTXLSXODV2FRWHSHTXH&LWDOi &
2VWXD0HWDSiQ&\6L[DROD&VHLGHQWLILFyHOKLHUURFRPRHOHPHQWRGHHVSHFLDO
SUHRFXSDFLyQ(QRWURVDFXtIHURVFRPRHOGH<UHQGi±7RED±7DULMHxR6FRPSDUWLGR
SRU$UJHQWLQD%ROLYLD \3DUDJXD\VHHQFXHQWUDQQLYHOHVGHDJXDVVXEWHUUiQHDVGXOFHV
DOWHUQDGDV D QLYHOHV GH DJXDV VXEWHUUiQHDV DOWDPHQWH VDOLQDV OR TXH FRQVWLWX\H XQD
GLILFXOWDG HQ OD H[SORWDFLyQ GHO VLVWHPD DFXtIHUR (Q XQRV SRFRV DFXtIHURV FRPR HO
6LVWHPD $FXtIHUR 3HUPR&DUERQtIHUR 6 HO DJXD VXEWHUUiQHD HV FDVL LQXWLOL]DEOH
GHELGRDVXDOWRFRQWHQLGRQDWXUDOGHPLQHUDOHV
17
7DPELpQ VH LQIRUPy GH HOHYDGRV QLYHOHV GH VDOLQLGDG \ FRQWHQLGR GH PLQHUDOHV HQ
DFXtIHURV FRVWHURV FRPR HO 6LVWHPD $FXtIHUR /LWRUiQHR&KX\ 6 FRPSDUWLGR SRU
%UDVLO \8UXJXD\ \HO7LMXDQD6DQ'LHJR1 FRPSDUWLGRSRU0p[LFR\ORV(VWDGRV
8QLGRVTXHHVWiQVXMHWRVDLQWUXVLyQGHDJXDPDULQDeVWDHVPiVVHYHUDHQDFXtIHURVHQ
TXHODWDVDGHH[WUDFFLyQGHDJXDVVXEWHUUiQHDVHQODFRVWDHVPX\DOWD
(QYDULRVDFXtIHURVVHLQIRUPyWDPELpQGHIXHQWHVDQWURSRJpQLFDVGHFRQWDPLQDFLyQ/D
IRUPD PiV FRP~Q GH FRQWDPLQDFLyQ DQWURSRJpQLFD HV OD GH ORV QLWUDWRV OLJDGRV D ODV
DFWLYLGDGHVDJUtFRODVHVSHFLDOPHQWHODDJULFXOWXUDGHDOWDLQWHQVLGDG8QFDVRHORFXHQWH
HV HO GHO$FXtIHUR &DLXi%DXUX$FDUD\ 6 FRPSDUWLGR SRU %UDVLO \ 3DUDJXD\ (VWH
DFXtIHUR QR FRQILQDGR HVWi IRUPDGR SRU URFDV VXPDPHQWH SHUPHDEOHV D ODV FXDOHV VH
VXSHUSRQHQ ]RQDV LQWHQVDPHQWH FXOWLYDGDV GHO iUHD GH 6DQ 3DEOR FRP~QPHQWH
FRQWDPLQDGDV FRQ QLWUDWRV /RV SUREOHPDV GH FRQWDPLQDFLyQ VRQ H[DFHUEDGRV SRU OD
VREUHH[SORWDFLyQGHODVDJXDVVXEWHUUiQHDVGHODFXtIHUR
$VLPLVPRVHLQIRUPyVREUHSUREOHPDVGHFRQWDPLQDFLyQFRQQLWUDWRVHQPXFKRVRWURV
DFXtIHURV FRPSDUWLGRV GH WRGDV SDUWHV GH ODV $PpULFDV WDOHV FRPR HO DFXtIHUR
&KkWHDXJXD\ 1 TXH VH H[WLHQGH HQ &DQDGi \ (VWDGRV 8QLGRV HO DFXtIHUR
(VTXLSXODV2FRWHSHTXH \ &LWDOi & GH $PpULFD &HQWUDO (Q HVWDV VXEUHJLyQ VH
SODQWHDURQWDPELpQSUHRFXSDFLRQHVVREUHHOXVRGHSODJXLFLGDVSRUHQFLPDGHDFXtIHURV
FRPR HO GH 5tR 3D] & FRPSDUWLGR SRU (O 6DOYDGRU \ *XDWHPDOD (VDV VXVWDQFLDV
TXtPLFDVVHDSOLFDQSDUDODSURGXFFLyQGHFXOWLYRVGHVXEVLVWHQFLDHQ]RQDVGHUHFDUJD
DVtFRPRFXOWLYRVFRPHUFLDOHV\SXHGHQDIHFWDUWDQWRDODVDJXDVVXEWHUUiQHDVFRPRD
ODVVXSHUILFLDOHV
&RPRVHSUHYHtDODFRQWDPLQDFLyQWHQGLyDFRQFHQWUDUVHHQDFXtIHURVPHQRVSURIXQGRV
QRFRQILQDGRVXELFDGRVSRUGHEDMRGH]RQDVGHQVDPHQWHSREODGDVHQTXHHOXVRGHOD
WLHUUDHVPiVLQWHQVLYRHVSHFLDOPHQWHXUEDQR\GHWLHUUDVGHVWLQDGDVDODDJULFXOWXUD/D
FRQWDPLQDFLyQ HV WDPELpQ PiV VHYHUD HQ DFXtIHURV IRUPDGRV SRU WLSRV SHUPHDEOHV GH
URFDV8QHMHPSORVREUHVDOLHQWHHVHOGHODVURFDVFiUVWLFDVTXHIRUPDQHODFXtIHURGHOD
3HQtQVXODGH<XFDWiQ&DQGHODULD+RQGR&
9XOQHUDELOLGDGDPELHQWDO
3DUD HYDOXDU OD YXOQHUDELOLGDG VH XVDURQ ODV UHVSXHVWDV D SUHJXQWDV TXH UHIOHMDQ OD
LQWHQVLGDGGHODSUHVLyQTXHVHHMHUFHHQORVDFXtIHURV\HOQLYHOGHVHQVLELOLGDGGHpVWRV
D WDOHV SUHVLRQHV /D HYDOXDFLyQ GH OD YXOQHUDELOLGDG GHSHQGH HQ JUDQ PHGLGD GHO
FRQRFLPLHQWR GH ORV OXJDUHV GH UHFDUJD GH ORV DFXtIHURV SXHV HV HQ HVDV ]RQDV GH
UHFDUJDTXHORVFRQWDPLQDQWHVOLEHUDGRVLPSDFWDQGLUHFWDPHQWHVREUHORVDFXtIHURV
0XFKDV SUHVLRQHV D ODV TXH HVWiQ VRPHWLGRV ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV
LQFOXLGRV ORV SURYRFDGRV SRU HO XVR \ OD FRQWDPLQDFLyQ SXHGHQ YLQFXODUVH FRQ OD
SREODFLyQKXPDQD/DGHQVLGDGGHSREODFLyQ\DHVDOWDHQFLPDGHPXFKRVDFXtIHURV\
HQ JHQHUDO VH HVWLPD TXH HO FUHFLPLHQWR GHPRJUiILFR KDVWD HVWDUi FRPSUHQGLGR
HQWUH \ SRU DxR /DPHQWDEOHPHQWH HQ ODV $PpULFDV WRGDYtD QR VH KDQ
GHOLQHDGR FODUDPHQWH ODV ]RQDV GH UHFDUJD GH PXFKRV DFXtIHURV FRPSDUWLGRV $Vt
DXQTXHPLOORQHVGHSHUVRQDVKDELWDQ]RQDVVXSHUSXHVWDVDO$FXtIHUR*XDUDQt6
QRVHVDEHFRQFHUWH]DFXiOHVODSURSRUFLyQTXHKDELWDODV]RQDVGHUHFDUJD
18
(Q DOJXQDV VLWXDFLRQHV FRPR ODV GHO$FXtIHUR &DLXi%DXUX$FDUD\ 6 WRWDOPHQWH
QR FRQILQDGR SRGHPRV VXSRQHU TXH OD WRWDOLGDG GH OD SREODFLyQ PLOORQHV GH
SHUVRQDV TXH KDELWD ]RQDV VXSHUSXHVWDV DO DFXtIHUR SXHGH DIHFWDU D OD FDOLGDG GHO
PLVPR SHUR HQ OD PD\RUtD GH ORV DFXtIHURV IXH LPSRVLEOH HYDOXDU FRQ SUHFLVLyQ HO
SRUFHQWDMHSREODFLRQDOTXHYLYHQHQODV]RQDVGHUHFDUJD
(OWLSRGHXVRGHODWLHUUDH[LVWHQWHSRUHQFLPDGHODV]RQDVGHUHFDUJDLQIOX\HWDPELpQ
SRGHURVDPHQWHVREUHODFDOLGDGGHODJXDVXEWHUUiQHDGHODFXtIHUR(QFDVRVHVSHFtILFRV
GHODVHFFLyQDQWHULRUYLPRVTXHODFRQWDPLQDFLyQFRQQLWUDWRVHVPiVFRP~QSRUGHEDMR
GH ]RQDV DJUtFRODV LQWHQVDPHQWH FXOWLYDGDV \ TXH OD FRQWDPLQDFLyQ PLFURELDQD \ GH
PHWDOHVVHGDSRUGHEDMRGH]RQDVXUEDQL]DGDV
/DPHQWDEOHPHQWHODLQIRUPDFLyQVREUHHOXVRGHODWLHUUDFRQWHQLGDHQODVUHVSXHVWDVD
ORV FXHVWLRQDULRV HQ JHQHUDO QR HV H[SOtFLWD GHVGH HO SXQWR GH YLVWD HVSDFLDO (VWR
FRPELQDGRFRQHOKHFKRGHTXHODV]RQDVGHUHFDUJDGHODPD\RUtDGHORVDFXtIHURVQR
HVWiGHELGDPHQWHGHOLQHDGDLPSLGLyHYDOXDUPiVDPSOLDPHQWHODYXOQHUDELOLGDGGHORV
DFXtIHURVYLQFXODGDFRQHOXVRGHODWLHUUD
'RV JUDQGHV DFXtIHURV FRPSDUWLGRV GH OD UHJLyQ VH GHVWDFDQ FRPR HVSHFLDOPHQWH
YXOQHUDEOHV SRUTXH HQ JUDQ PHGLGD QR HVWiQ FRQILQDGRV VRQ SRFR SURIXQGRV \ HVWiQ
IRUPDGRV SRU URFDV VXPDPHQWH SHUPHDEOHV 6RQ ORV GH OD 3HQtQVXOD GH <XFDWiQ
&DQGHODULD+RQGR & FRPSDUWLGR SRU 0p[LFR *XDWHPDOD \ %HOLFH \ HO 6LVWHPD
$FXtIHUR$PD]RQDV6FRPSDUWLGRSRU%ROLYLD%UDVLO&RORPELD(FXDGRU3HU~ \
9HQH]XHOD $GHPiV HVRV DFXtIHURV HVWiQ XELFDGRV HQ ]RQDV K~PHGDV \ VH OHV
VXSHUSRQHQJUDQGHVH[WHQVLRQHVGHERVTXHVFRQDOWRQLYHOGHELRGLYHUVLGDG6DOYRHQHO
FDVRGHSUREOHPDVDLVODGRVHODJXDHQHVRVDFXtIHURVVLJXHVLHQGRGHDOWDFDOLGDGSHUR
FRQ HO DXPHQWR GH OD GHQVLGDG GH SREODFLyQ \ HO FUHFLPLHQWR GH ODV FLXGDGHV HVRV
SHOLJURVVHLQWHQVLILFDUiQ
6LPXOWiQHDPHQWH HV SUREDEOH TXH HQ HVDV ]RQDV DXPHQWH OD GHSHQGHQFLD GH DJXDV
VXEWHUUiQHDV SXUDV GH SDUWH GH ODV SREODFLRQHV KXPDQDV (O DJXD VXEWHUUiQHD \D HV OD
SULQFLSDO IXHQWH GH DJXD HQ HO<XFDWiQ & HQ TXH HO SDLVDMH FiUVWLFR QR IDYRUHFH OD
SUHVHQFLDGHUtRVSHURHOXVRGHDJXDVVXEWHUUiQHDVWDPELpQHVWiFUHFLHQGRDXQULWPR
VRUSUHQGHQWH HQ HO $PD]RQDV 6 6HJ~Q ODV HQFXHVWDV OD GHPDQGD GH DJXD
VXEWHUUiQHD\DUHSUHVHQWDHOGHODGHPDQGDGHDJXDHQWUHORVSDtVHVTXHIRUPDQ
ODUHJLyQ(QORVHVWDGRVEUDVLOHxRVGH3DUi\$PDSiHO\HOGHOXVRGHODJXD
UHVSHFWLYDPHQWH FRUUHVSRQGH DO DJXD VXEWHUUiQHD (Q OD ORFDOLGDG GH &DUDFDUDL OD
GHPDQGD GH DJXD VH VDWLVIDFH HQ VX WRWDOLGDG FRQ DJXD VXEWHUUiQHD SURYHQLHQWH GHO
$FXtIHUR,oi
(V QRWDEOH HO Q~PHUR GH ]RQDV SURWHJLGDV XELFDGDV SRU HQFLPD GH DFXtIHURV
FRPSDUWLGRV/DVPLVPDVIRUPDQSDUWHGHSDUTXHVQDFLRQDOHVHVWDGXDOHV\PXQLFLSDOHV
UHVHUYDVELROyJLFDVELRVIpULFDV \IRUHVWDOHVUHIXJLRVGHYLGDVLOYHVWUH \VLWLRV5DPVDU
1RVHVDEHFRQFHUWH]DFXiQWDVGHHVDV]RQDVSURWHJLGDVHVWiQFRPSUHQGLGDVGHQWURGH
]RQDVGHUHFDUJDGHDFXtIHURVFRPSDUWLGRV\SRUORWDQWRD\XGDQDSURWHJHUODFDOLGDGGH
ODV DJXDV VXEWHUUiQHDV 7DPSRFR UHVXOWD FODUR FXiQWRV KXPHGDOHV SURWHJLGRV VLWLRV
5DPVDU \ QR SURWHJLGRV HVWiQ FRPSUHQGLGRV HQ ODV ]RQDV GH GHVFDUJD GH DFXtIHURV \
SRUORWDQWRGHSHQGHQGHGHVFDUJDVGHORVDFXtIHURV
8QD H[FHSFLyQ D HVD LQFHUWLGXPEUH SXHGH HQFRQWUDUVH HQ DFXtIHURV RULJLQDGRV D PX\
DOWDV HOHYDFLRQHV FRPR HO $FXtIHUR 7XOFiQ,SLDOHV 6 FRPSDUWLGR SRU (FXDGRU \
19
&RORPELD /D ]RQD GH UHFDUJD GHO DFXtIHUR KD VLGR LGHQWLILFDGD FRPR SHUWHQHFLHQWH DO
HFRVLVWHPD GH SiUDPRV XELFDGR D PiV GH PHWURV SRU HQFLPD GHO QLYHO GHO PDU
'LFKRHFRVLVWHPDHVGHSRUVtXQD]RQDHQSHOLJURDQWHODFRQWLQXDLQWHQVLILFDFLyQGH
ODVSUHVLRQHVGHOGHVDUUROORTXHVHKDFHQVHQWLUHQODUHJLyQDQGLQD
(QODVUHVSXHVWDVDOFXHVWLRQDULRVHLGHQWLILFyXQJUDQQ~PHURGHHFRVLVWHPDVDFXiWLFRV
TXH GHSHQGHQ GH DFXtIHURV FRPSDUWLGRV (QWUH HOORV KD\ KXPHGDOHV ODJRV \ UtRV (O
$FXtIHUR *XDUDQt 6 KD VLGR LGHQWLILFDGR FRPR OD IXHQWH GHO IOXMR GH EDVH HQ UtRV
FRPR HO 3DUDQi HO 3HORWDV \ HO 7LHWr 6H HVWLPD TXH HO $FXtIHUR 6L[DROD &
FRQWULEX\HFRQPiVGHOGHVXGHVFDUJDDODVXVWHQWDFLyQGHO5tR6L[DRODDORODUJR
GH OD IURQWHUD HQWUH &RVWD 5LFD \ 3DQDPi (VRV VLVWHPDV DFXiWLFRV SURSRUFLRQDQ
GLYHUVRV ELHQHV \ VHUYLFLRV D FRPXQLGDGHV KXPDQDV HVWDEOHFLGDV FRUULHQWH DEDMR QR
VLHQGRHOPHQRVLPSRUWDQWHGHHOORVXQVXPLQLVWURVRVWHQLGRGHDJXDSXUD
(VWDGRGHODJHVWLyQ
1RH[LVWHQSODQHVGHRUGHQDPLHQWRWHUULWRULDOQLSODQHVGHPDQHMRGHUHFXUVRVKtGULFRV
SDUD OD PD\RUtD GH ORV DFXtIHURV FRPSDUWLGRV H[LVWHQWHV HQ ODV $PpULFDV 6H HVWiQ
HODERUDQGRSURJUDPDVWUDQVIURQWHUL]RVHQDOJXQDV]RQDVFRPRHOSUR\HFWR*()%DQFR
0XQGLDO2($VREUHHO6LVWHPDGHO$FXtIHUR*XDUDQt6DWUDYpVGHOFXDOVHDFXHUGD
OOHYDU DGHODQWH XQ 3URJUDPD GH $FFLyQ (VWUDWpJLFD UHJLRQDO HQWUH ORV SDtVHV 8QD
DFWLYLGDGVLPLODUVHLQFOX\HHQHO3UR\HFWRGH*HVWLyQ ,QWHJUDGDGH(FRVLVWHPDVGHOD
&XHQFD%LQDFLRQDOGHO5tR6L[DROD&HQWUH&RVWD5LFD\3DQDPi(QDOJXQRVFDVRV
FRPR HO GHO$FXtIHUR$EERWVIRUG6XPDV 1 FRPSDUWLGR SRU &DQDGi \ ORV (VWDGRV
8QLGRV H[LVWH XQD FRQVLGHUDEOH FRODERUDFLyQ HQ PDWHULD GH JHVWLyQ GH DFXtIHURV
FRPSDUWLGRVDXQDIDOWDGHSURJUDPDVIRUPDOHVFRQMXQWRV
6LQ HPEDUJR OD PD\RUtD GH ORV SODQHV GH RUGHQDPLHQWR WHUULWRULDO R GH PDQHMR GH
UHFXUVRVKtGULFRVVLJXHQVLHQGRXQLODWHUDOHV\DPHQXGRQRVHFHQWUDQHVSHFtILFDPHQWH
HQODJHVWLyQGHODFXtIHUR(Q$UJHQWLQDSRUHMHPSORVHHVWiSUHSDUDQGRXQQXHYR3ODQ
(VWUDWpJLFR1DFLRQDO ³$UJHQWLQD3ROtWLFD \ (VWUDWHJLD1DFLRQDOGH'HVDUUROOR \
2UGHQDPLHQWR7HUULWRULDO´3URYLQFLDVGHWRGDVSDUWHVGH$UJHQWLQDHVWiQSUHSDUDQGRVXV
SURSLRVSODQHVSDUDTXHWHQJDQFDELGDHQHOPDUFRQDFLRQDO\HVDODERUFRPSUHQGHORV
UHFXUVRVKtGULFRVVXEWHUUiQHRVGHWRGRVORVDFXtIHURVFRPSDUWLGRVH[LVWHQWHVHQHOSDtV
$QiORJDPHQWH$UJHQWLQDWLHQHXQ3ODQ1DFLRQDO)HGHUDOGH5HFXUVRV+tGULFRVTXHULJH
ODJHVWLyQGHODVDJXDVVXEWHUUiQHDV
(Q %UDVLO ORV 3ODQRV 'LUHWRUHV 0XQLFLSDLV VRQ SODQHV GH RUGHQDPLHQWR \ XVR GH OD
WLHUUD 'HQWUR GH OD ]RQD GHO $FXtIHUR *XDUDQt PXQLFLSDOLGDGHV KDQ LQLFLDGR HO
SURFHVR GH HODERUDFLyQ GH HVRV SODQHV GH ORV FXDOHV \D KDQ VLGR DSUREDGRV \ HVWiQUHFRUULHQGRHOSURFHVRGHDSUREDFLyQ /RV SODQHVHVWDGXDOHVWDPELpQSXHGHQVHU
LQIOX\HQWHV (O 3ODQ GH 5HFXUVRV +tGULFRV GH 6mR 3DXOR VH RFXSD GH ORV EDODQFHV
KtGULFRV \ HO FRQWURO GH OD FDOLGDG GHO DJXD VXEWHUUiQHD \ JHQHUD PDSDV GH
YXOQHUDELOLGDGGHODPLVPD
$ QLYHO QDFLRQDO VH KDQ HODERUDGR WDPELpQ LQVWUXPHQWRV GH SODQLILFDFLyQ \ JHVWLyQ
IRUPDGRV SRU XQD SOXUDOLGDG GH FRPSRQHQWHV FRPR OR PXHVWUD HO FDVR GHO $FXtIHUR
*XDUDQtHQ8UXJXD\(QHVHSDtVHO3ODQGH*HVWLyQGHO$FXtIHUR,QIUDEDViOWLFR*XDUDQt
'HFUHWR \ PRGLILFDWLYRV 1RV \ 1RUPDV 7pFQLFDV
&RQVWUXFWLYDV GH 3R]RV 'HFUHWR \ -XQWD $VHVRUD GHO $FXtIHUR *XDUDQt
20
5HVROXFLyQ 3UHVLGHQFLDO 1ƒ WUDEDMDQ FRQFHUWDGDPHQWH SDUD UHDOL]DU XQD
JHVWLyQHILFD]GHODFXtIHUR
(QRWURVFDVRVODSODQLILFDFLyQ\ODJHVWLyQGHOUHFXUVRSXHGHQHVWDUFRPSUHQGLGDVHQ
SODQHVLQWHUQDFLRQDOHVPiVYDVWRV8QHMHPSORHVHO3ODQ(VWUDWpJLFR7ULQDFLRQDO3(7
UHODWLYR DO GHVDUUROOR DPELHQWDO HFRQyPLFR \ VRFLDO GH OD UHJLyQ GHO 7ULILQLR TXH
FRPSDUWHQ *XDWHPDOD +RQGXUDV \ (O 6DOYDGRU (O PDQHMR GH ORV UHFXUVRV QDWXUDOHV
ILJXUDFRPRFRPSRQHQWHGHO3ODQ(VWUDWpJLFR\HODFXtIHURFRPSDUWLGR2VWXD0HWDSiQ
&HVWiFRPSUHQGLGRHQODHVIHUDGHDFFLyQGHHVHSODQ
&RQFOXVLRQHV
/D)DVH,,,GH,6$50$PpULFDVSURSRUFLRQDXQDYDOLRVDHYDOXDFLyQLQLFLDOGHOHVWDGR\
ODVWHQGHQFLDVGHORVWHPDVDPELHQWDOHVH[LVWHQWHV HQORVDFXtIHURVFRPSDUWLGRVGHODV
$PpULFDV (O SURJUDPD UHYHOD TXH FRQ SRFDV H[FHSFLRQHV OD LQIRUPDFLyQ VREUH OD
FRQGLFLyQDPELHQWDOGHORVDFXtIHURVFRPSDUWLGRV\ORVHFRVLVWHPDVFRQH[RVHVHVFDVD
/D LQIRUPDFLyQ VREUH OD FDOLGDG GH ODV DJXDV VXEWHUUiQHDV QR HV VLVWHPiWLFD \ HVWi
OLPLWDGD HQ HO HVSDFLR \ HQ HO WLHPSR (VWiQ FRPHQ]DQGR D PDQLIHVWDUVH LPSRUWDQWHV
PRGDOLGDGHV GH UHODFLyQ HQWUH FDOLGDG GH ODV DJXDV VXEWHUUiQHDV SURSLHGDGHV GH ORV
DFXtIHURV GHQVLGDG GH SREODFLyQ \ XVR GH OD WLHUUD SHUR VH UHTXLHUHQ HYDOXDFLRQHV GH
FDOLGDGPiVVLVWHPiWLFDVGHODJXDVXEWHUUiQHD
$XQTXHORVIDFWRUHVTXHGDQOXJDUDODYXOQHUDELOLGDGGHORVDFXtIHURVVHFRQRFHQELHQ
GHVGHHOSXQWRFLHQWtILFRIDOWDQGDWRVHVSHFtILFRVSDUDUHDOL]DUHYDOXDFLRQHVPLQXFLRVDV
GHODYXOQHUDELOLGDGGHORVDFXtIHURVFRPSDUWLGRVH[LVWHQWHVHQODV$PpULFDV
8QD LPSRUWDQWH QHFHVLGDG HV OD GH GHOLQHDU FODUDPHQWH OD XELFDFLyQ GH ODV ]RQDV GH
UHFDUJD \ GHVFDUJD GH ORV DFXtIHURV 'HOLQHDU ODV ]RQDV GH UHFDUJD HV HVHQFLDO SDUD
LGHQWLILFDUODVSDUWHVGHOSDLVDMHTXHGHWHUPLQDQHQPD\RUPHGLGDODFDQWLGDG\FDOLGDG
GHODJXDTXHLQJUHVDHQHODFXtIHURWUDVORFXDOVHSXHGHQVXSHUSRQHUPDSDVGH]RQDVGH
UHFDUJD UHFLHQWHPHQWH FRQIHFFLRQDGRV FRQ PDSDV GH SURSLHGDGHV GH ORV DFXtIHURV
GHQVLGDGGHSREODFLyQ\XVRGHODWLHUUDSDUDLGHQWLILFDU]RQDVGHYXOQHUDELOLGDGFUtWLFDV
TXHUHTXLHUDQLQPHGLDWDVLQWHUYHQFLRQHVGHPDQHMR8QDFODUDGHOLPLWDFLyQGHODV]RQDV
GH GHVFDUJD D\XGDUi D LGHQWLILFDU HFRVLVWHPDV GHSHQGLHQWHV TXH SXHGHQ VHU
HVSHFLDOPHQWH YDOLRVRV GHVGH HO SXQWR GH YLVWD GH ORV ELHQHV \ VHUYLFLRV TXH
SURSRUFLRQDQDORVXVXDULRVGHUHFXUVRVFRUULHQWHDEDMR
/DV UHVSXHVWDV D ORV FXHVWLRQDULRV HQ UHYHODQ TXH OD UHJLyQ FXHQWD FRQ GLYHUVRV
LQVWUXPHQWRVGHSODQLILFDFLyQGHOGHVDUUROOR\JHVWLyQGHUHFXUVRVSDUDKDFHUIUHQWHDORV
SUREOHPDVDPELHQWDOHVEiVLFRVTXHHQIUHQWDQORVDFXtIHURV1RREVWDQWHODPD\RUtDGH
HVRVLQVWUXPHQWRVVRQGHFDUiFWHUXQLODWHUDOHLQVXILFLHQWHVSDUDDWHQGHUORVSUREOHPDV
WUDQVIURQWHUL]RV TXH HQIUHQWDQ ORV DFXtIHURV FRPSDUWLGRV $ OD YH] TXH ODV FRQWLQXDV
LQYHVWLJDFLRQHVFLHQWtILFDVDFODUDQORVGHVDItRVHVSHFtILFRVTXHVHSODQWHDQHQPDWHULDGH
JHVWLyQHVLPSRUWDQWHWUDEDMDUHQODSXHVWDHQPDUFKDGHLQVWUXPHQWRVGHSODQLILFDFLyQ
\JHVWLyQTXHSHUPLWDQKDFHUIUHQWHDORVSUREOHPDV
%HQHILFLRVHFRQyPLFRVGHULYDGRVGHODJHVWLyQ
(OXVR\ODJHVWLyQGHORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVHQWUHGLVWLQWDVQDFLRQHVVRQ
YLWDOHV SDUD OD VRVWHQLELOLGDG GH ORV UHFXUVRV KtGULFRV D XQ QLYHO DGHFXDGR SDUD
VDWLVIDFHU ODV QHFHVLGDGHV GH ORV VHUHV KXPDQRV HQ HO +HPLVIHULR 2FFLGHQWDO /R
21
H[SUHVDGR HV YiOLGR SDUD ORV UHFXUVRV KtGULFRV GHVWLQDGRV DO FRQVXPR KXPDQR OD
SURGXFFLyQDJUtFRODODFUtDGHDQLPDOHVODLQGXVWULD\ODIORUD\IDXQDHQJHQHUDO/D
HQFXHVWDVREUHVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVHQODV$PpULFDVOOHYDGDDFDERSRUHO
SURJUDPD ,6$50 GH 81(6&22($ SURSRUFLRQy XQD LQIRUPDFLyQ TXH VH QHFHVLWDED
PXFKRUHVSHFWRDORVEHQHILFLRVHFRQyPLFRVJHQHUDGRVSRUDFWLYLGDGHVUHODWLYDVDOXVR
\ODSURGXFFLyQGHODWLHUUDHOJUDGRHQTXHODVHFRQRPtDVORFDOHVDJULFXOWXUDLQGXVWULD
UHFXUVRV QDWXUDOHVELRGLYHUVLGDG GHSHQGHQ GHO DFFHVR D ORV UHFXUVRV KtGULFRV HO
SRUFHQWDMHHVWLPDGRGHODVSREODFLRQHVTXHVHKDOODQHQHOQLYHOGHSREUH]DTXHXVDQORV
UHFXUVRV KtGULFRV \ ORV PHGLRV GH YLGD TXH VH YHUtDQ DPHQD]DGRV ODV SpUGLGDV
HFRQyPLFDV TXH VH JHQHUDUtDQ VL ORV VLVWHPDV DFXtIHURV H[SHULPHQWDUDQ LPSDFWRV
QHJDWLYRV
(O DQiOLVLV GH ORV UHVXOWDGRV VH VXEGLYLGLy HQ IXQFLyQ D ODV SULQFLSDOHV UHJLRQHV
JHRJUiILFDV$PpULFDGHO1RUWH$PpULFD&HQWUDOHO&DULEH\$PpULFDGHO6XU1RWRGRV
ORVSDtVHVHVWXGLDGRVKDQORJUDGRSURSRUFLRQDUVXVUHVSXHVWDVSRUORWDQWRVHQHFHVLWDUi
LQIRUPDFLyQ DGLFLRQDO TXH VH DxDGLUi D ORV UHVXOWDGRV D PHGLGD TXH VH UHFLED 1R
REVWDQWH VH KDQ UHFRJLGR GDWRV DGHFXDGRV TXH KDFHQ SRVLEOH OD LGHQWLILFDFLyQ GH
WHQGHQFLDV \ SUREOHPDV VREUH HO IXWXUR XVR GH ORV VLVWHPDV DFXtIHURV SDUD PiV GH XQ
SDtV
/DV HQFXHVWDV VREUH 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV GH ORV SDtVHV UHDOL]DGDV SRU
,6$50$PpULFDVFRQGXMHURQDODVFRQFOXVLRQHVSUHVHQWDGDVDFRQWLQXDFLyQ
%HQHILFLRVHFRQyPLFRVSURYHQLHQWHVGHOXVRGHODJXDWHQLHQGRHQFXHQWDHOXVR\OD
SURGXFFLyQ GH OD WLHUUD HQ ODV DFWLYLGDGHV UHDOL]DGDV HQ OD ]RQD GHO DFXtIHUR
WUDQVIURQWHUL]R
$
$PpULFDGHO1RUWH
([LVWH XQD IXHUWH GHSHQGHQFLD GHO DJXD SDUD ODV DJURLQGXVWULDV SURGXFFLyQ DJUtFROD
ULHJR XVR GRPpVWLFR WXULVPR \ XVR LQGXVWULDO ([LVWHQ DGHPiV FDVRV GH SURGXFFLyQ
PLQHUDOHQTXHVHXVDHODJXDVXEWHUUiQHDSDUDSURFHVDU\PHMRUDUODSURGXFFLyQ
(QODPD\RUtDGHORVFDVRVQRVHGLVSRQHGHHVWLPDFLRQHVGHOEHQHILFLRHFRQyPLFRQR
REVWDQWHHQ1RJDOHV1HOEHQHILFLRHQULHJRHVGHDOUHGHGRUGH86PLOORQHV\
HQORV0LPEUHV/DV3DOPDV1HVGH86PLOORQHVSDUDSURGXFFLyQDJUtFROD
%
$PpULFD&HQWUDO
/DVDFWLYLGDGHVTXHPiVGHSHQGHQGHODFXtIHURVRQODDJULFXOWXUDODJDQDGHUtD\HOXVR
GRPpVWLFR (Q JHQHUDO OD GHSHQGHQFLD HV UHGXFLGD SRUTXH HO DJXD VH XVD SDUD
LQFUHPHQWDUHODJXDVXSHUILFLDORVXDSURYHFKDPLHQWRUHFLpQHVWiHPSH]DQGRDWUDYpVGH
SR]RVH[FDYDGRV&RPRORVSR]RVVRQSRFRSURIXQGRVH[LVWHXQSUREOHPDGHFDOLGDG
GHODJXD
&
$PpULFDGHO6XU
(O iPELWR GH PD\RU GHSHQGHQFLD GHO DFXtIHUR HV HO GH OD VXEVLVWHQFLD GH SHUVRQDV \
DQLPDOHV(QWRGD$PpULFDGHO6XUH[LVWHXQVHFWRUGHDJULFXOWXUDLQWHQVLYD(ODJXDVH
XVD WDPELpQ SDUD DFWLYLGDGHV WXUtVWLFDV FX\R PRQWR VH HVWLPy HQ 86 PLOORQHV HQ
8UXJXD\ HQ \ FRPHUFLR WUDQVIURQWHUL]R (O FXOWLYR GH DUUR] WLHQH XQ YDORU GH
22
DSUR[LPDGDPHQWH86PLOORQHVSRUDxR\SDUDODFUtDGHDQLPDOHVVHDSURYHFKDHQ
JUDQPHGLGDHODJXDVXEWHUUiQHD/DV]RQDVUXUDOHVVHYHQHVSHFLDOPHQWHDIHFWDGDVHQOR
TXH DWDxH D OD DJULFXOWXUD OD SHVFD \ HO XVR GHO DJXD SRU SDUWH GH FRPXQLGDGHV
LQGtJHQDV(QODORFDOLGDGGH5LEHLUmR3UHWR%UDVLOSRUHMHPSORORVUHVLGHQWHV
GH OD PLVPD GHSHQGHQ GHO DFXtIHUR *UDQ SDUWH GH OD UHJLyQ 3DUDJXD\ 8UXJXD\
$UJHQWLQD \ %UDVLO LQIRUPy TXH QR GLVSRQH GH LQIRUPDFLyQ VREUH ORV EHQHILFLRV
HFRQyPLFRV(QJHQHUDOHODJXDHVYLWDOSDUDHOIXWXURGHODHFRQRPtDGHODUHJLyQ
(Q TXp PHGLGD OD HFRQRPtD ORFDO DJULFXOWXUDLQGXVWULDUHFXUVRV
QDWXUDOHVELRGLYHUVLGDGGHSHQGHGHODFFHVRDOUHFXUVRDJXD
$
$PpULFDGHO1RUWH
/DVHFRQRPtDVORFDOHVGHSHQGHQGHODJXDVXEWHUUiQHDHVSHFLDOPHQWHSDUDODDJULFXOWXUD
\ODFUtDGHDQLPDOHV
%
$PpULFD&HQWUDO
/DVHFRQRPtDVORFDOHVGHSHQGHQGHODJXDVXEWHUUiQHDSDUDDJULFXOWXUDFUtDGHDQLPDOHV
VHPRYLHQWHV\WXULVPR(QDOJXQRVSDtVHVODLQGXVWULD\ODVSODQWDVGHSURFHVDPLHQWR
GHFHPHQWRXVDQHOGHODJXD7DPELpQHVDOWDODGHPDQGDGHDJXDSDUDODLQGXVWULD
&
$PpULFDGHO6XU
9HQH]XHOD6GHSHQGHHQPiVGHOGHODJXDSDUDJUDQSDUWHGHVXVHFWRUDJUtFROD
MXQWR FRQ VXV VHFWRUHV LQGXVWULDO \ GH VHUYLFLRV (O GHVDUUROOR GH OD HFRQRPtD \ HO
GLQDPLVPRGHHVWD]RQDGHSHQGHQGHORVUHFXUVRVKtGULFRV(VSUHFLVRXVDUORVDFXtIHURV
FXDQGRHOQLYHOGHODJXDVXSHUILFLDOHVEDMR
(Q3DUDJXD\6ODFUtDGHDQLPDOHV\ODDJULFXOWXUDTXHVHLQWHQVLILFyHQORV~OWLPRV
DxRVVHKDQYLVWRDIHFWDGDV(OGHODJXDVHXVDSDUDODDJULFXOWXUDHOSDUDOD
LQGXVWULD\HOHVREMHWRGHFRPHUFLRWUDQVIURQWHUL]R
8UXJXD\ XVD ORV DFXtIHURV SDUD UHVSDOGDU HO HFRWXULVPR GH EDOQHDULRV FRVWHURV \ SDUD
WXULVPRWHUPDO
/D HFRQRPtD GH $UJHQWLQD GHSHQGH HQ JUDQ PHGLGD GHO DJXD HVSHFLDOPHQWH SDUD VX
GHVDUUROORHFRQyPLFRUHJLRQDOHQHOVHFWRUDJUtFROD
(O DFXtIHUR WUDQVIURQWHUL]R TXH FRPSDUWHQ 3DUDJXD\ \ $UJHQWLQD HV PX\ LPSRUWDQWH
FRPRIXHQWHGHDJXDVVXEWHUUiQHDVTXHMXQWRFRQODVDJXDVVXSHUILFLDOHVVHXVDQSDUDOD
JDQDGHUtD
(VWLPDFLyQ SRUFHQWXDO GHO QLYHO GH SREUH]D GH ODV SREODFLRQHV TXH XVDQ ORV
UHFXUVRVKtGULFRVGHORVDFXtIHURVLQJUHVRPHGLRHVWLPDGRHQ86
$
$PpULFDGHO1RUWH
1R VH SXGR HVWLPDU HO SRUFHQWDMH GH OD SREODFLyQ TXH YLYH HQ OD SREUH]D HQ OD PD\RU
SDUWH GH ORV DFXtIHURV WUDQVIURQWHUL]RV SHUR HQ OD SREUH]D HQ HO &RQGDGR GH (O
3DVRVHHVWLPyHQHOGHOWRWDOGHODSREODFLyQGHODUHJLyQ
23
%
$PpULFD&HQWUDO
$XQTXH HQ JHQHUDO QR KD\ HVWLPDFLRQHV GH OD SREUH]D ODV SREODFLRQHV LQGtJHQDV VRQ
PXFKR PiV SREUHV TXH ODV UHVWDQWHV 6H WUDWD GH XQD VLWXDFLyQ PX\ FRPSOHMD HQ ODV
]RQDV UXUDOHV HQ TXH OD SREODFLyQ HV DXWRVXILFLHQWH PHGLDQWH HO XVR GH SR]RV
H[FDYDGRV WLHQH DFFHVR D DJXD IDQJRVD FX\R PDQWHQLPLHQWR HV FRVWRVR \ FXHQWD FRQ
HVFDVR HPSOHR IRUPDO (Q ODV ]RQDV PHQFLRQDGDV OD SREUH]D RVFLOD HQWUH PRGHUDGD \
H[WUHPD\HVGLItFLOHVWLPDUVXPDJQLWXG
&
$PpULFDGHO6XU
$XQTXHVHVDEHTXHHOSRUFHQWDMHGHSREUH]DHVDOWRHQ$UJHQWLQD9HQH]XHOD\%UDVLO
QR VH GLVSRQH GH FLIUDV TXH SHUPLWDQ LGHQWLILFDU HO QLYHO UHDO /DV SREODFLRQHV UXUDOHV
VRQSREUHVSHURHQODVSREODFLRQHVXUEDQDVHOQLYHOGHSREUH]DWDPELpQHVHOHYDGR
8UXJXD\ QR GLVSRQH GH LQIRUPDFLyQ TXH SHUPLWD HVWLPDU HO QLYHO GH SREUH]D HQ ODV
]RQDVGHORVDFXtIHURVFRQVLGHUDGRV
(Q 3DUDJXD\ 6 HO GHVDUUROOR GH OD DJULFXOWXUD \ HO FRPHUFLR ORFDOHV GHSHQGH
GLUHFWDPHQWH GH ORV UHFXUVRV KtGULFRV /D PHGLDQD GHO LQJUHVR DQXDO HV GH 86
PHQVXDOHVSRUSHUVRQD(QHODFXtIHUR63DUDJXD\HVWLPyXQDPHGLDQDGHOLQJUHVRHQ
86PHQVXDOHVSRUSHUVRQD
6LVHSURGXMHUDQLPSDFWRVQHJDWLYRVHQHODFXtIHUR¢TXpPHGLRVGHYLGDVHYHUtDQ
DPHQD]DGRV"¢TXpSpUGLGDVHFRQyPLFDVVHH[SHULPHQWDUtDQ"
$
$PpULFDGHO1RUWH
([LVWHQLQIRUPHVKHWHURJpQHRVGHORVHFRVLVWHPDVGH$PpULFDGHO1RUWHGHORVDFXtIHURV
WUDQVIURQWHUL]RV$OJXQRVVHxDODQTXHQLQJ~QHFRVLVWHPDH[LVWHQWHGHSHQGHSRUDKRUDGH
ODV DJXDV VXEWHUUiQHDV 1 RWURV HQ FDPELR PDQLILHVWDQ TXH OD IORUD \ OD IDXQD
GHSHQGHQGHHVDVDJXDV/DHYDSRUDFLyQHVWiSURYRFDQGRODVDOLQL]DFLyQGHODGHVFDUJD
GHOVLVWHPD
(O 5tR %UDYR*UDQGH HV LPSRUWDQWH SDUD ORV DFXtIHURV \ SDUD OR TXH DSRUWD (VWDGRV
8QLGRV D WUDYpV GH OD IURQWHUD /R H[SUHVDGR VH DSOLFD D ORV VHFWRUHV GH DJULFXOWXUD
DJURLQGXVWULDVDFXLFXOWXUDDJXDSRWDEOH\SHVFDMXQWRFRQHOWXULVPR\ODVFDQWHUDV
%
$PpULFD&HQWUDO
/D IORUD \ OD IDXQD GHSHQGHQ GH ORV DFXtIHURV HQ HVSHFLDO SRUTXH OD UHGXFFLyQ GH ODV
DJXDV IOXYLDOHV DIHFWD OD GLVSRQLELOLGDG GH DJXD VXSHUILFLDO 7RGD OD SREODFLyQ VH YH
DIHFWDGD/RVSR]RVH[FDYDGRV\ODELRGLYHUVLGDGHVWDUtDQDPHQD]DGRV
(O6DOYDGRULQIRUPDTXHODSREODFLyQHVDXWRVXILFLHQWHJUDFLDVDORVSR]RVH[FDYDGRV\
TXHODELRGLYHUVLGDGGHSHQGHGHODJXDVXSHUILFLDOPiVTXHGHODJXDVXEWHUUiQHD
(Q FXDQWR D &RVWD 5LFD OD FRQWDPLQDFLyQ GHO DFXtIHUR WUDQVIURQWHUL]R VXSRQH HO
GHWHULRUR GH OD FDOLGDG GHO DJXD FRQ HO FRQVLJXLHQWH LPSDFWR SDUD ORV HFRVLVWHPDV
24
KtGULFRVODSHVFD\ODVDFWLYLGDGHVUHFUHDWLYDVTXHGHSHQGHQGHOUtR/DVVHTXtDVJUDYHV
SURYRFDQODUHGXFFLyQGHOWUiILFRIOXYLDO
&
$PpULFDGHO6XU
/RV LPSDFWRV QHJDWLYRV H[SHULPHQWDGRV SRU ORV VLVWHPDV DFXtIHURV GDQ OXJDU D OD
GLVPLQXFLyQGHORVPHGLRVGHVXEVLVWHQFLDGHSHUVRQDV\DQLPDOHV\YDQHQGHWULPHQWR
GH OD DFWLYLGDG DJUtFROD (Q DOJXQRV SDtVHV GH $PpULFD GHO 6XU TXH KDQ VXIULGR
IHQyPHQRV H[WUHPRV ODV UHVHUYDV KtGULFDV KDQ DXPHQWDGR SRU OR FXDO QR H[LVWHQ
LPSDFWRVQHJDWLYRVYLQFXODGRVFRQHVHWLSRGHIHQyPHQRV
3DUDJXD\KDREVHUYDGRLQWHQVRVHIHFWRVH[SHULPHQWDGRVSRUFRPXQLGDGHVLQGtJHQDV \
SRUODIORUD\ODIDXQDGHWLHUUDVPDGHUHUDV
8UXJXD\LQIRUPDTXHORVLPSDFWRVQHJDWLYRVH[SHULPHQWDGRVSRUORVVLVWHPDVDFXtIHURV
SRGUtDQSURYRFDUSpUGLGDVHQHOVHFWRUWXUtVWLFR
(QODPD\RUtDGHORVFDVRVQRVHGLVSRQHGHLQIRUPDFLyQVREUHHOLPSDFWRGHIHQyPHQRV
H[WUHPRVHQORVVLVWHPDVDFXtIHURV
7HQGHQFLDVHPHUJHQWHV
$XQTXH QR WRGRV ORV LQIRUPHV UHFLELGRV SURYLQLHURQ GH ORV SDtVHV TXH FRPSDUWHQ
VLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVODPD\RUtDGHORVSDtVHVFRQVLGHUDQLPSRUWDQWHVORV
KHFKRVVLJXLHQWHV
v (OGHVDUUROOR\ORVEHQHILFLRVHFRQyPLFRVGHSHQGHQGHODH[LVWHQFLDGHUHFXUVRV
KtGULFRV DGHFXDGRV GH EXHQD FDOLGDG (O GHVDUUROOR FRPSUHQGH FRQVXPR
KXPDQR DJURLQGXVWULDV DJULFXOWXUD ULHJR FUtD GH DQLPDOHV WXULVPR H
LQGXVWULD 3DUD HO IXWXUR FUHFLPLHQWR HFRQyPLFR VH GHEHQ WHQHU HQ FXHQWD ODV
DFWLYLGDGHVGHXVR\SURGXFFLyQGHODWLHUUD
v (O DFFHVR D UHFXUVRV KtGULFRV GH FDOLGDG DGHFXDGD UHYLVWH IXQGDPHQWDO
LPSRUWDQFLDSDUDODDJULFXOWXUDODLQGXVWULDODJHVWLyQGHORVUHFXUVRVQDWXUDOHV
\ODVRVWHQLELOLGDGGHODELRGLYHUVLGDG
v /DPD\RUtDGHORVSDtVHVQRGLVSRQHQDFWXDOPHQWHGHHVWLPDFLRQHVHFRQyPLFDV
GH ORV QLYHOHV GH SREUH]D H[SHULPHQWDGRV SRU ODV SREODFLRQHV GH XVXDULRV GH
UHFXUVRVKtGULFRVGHORVDFXtIHURVSHURHVWLPDQTXHH[LVWHJUDYHSREUH]DHQODV
UHJLRQHV \ TXH ORV UHFXUVRV KtGULFRV VRQ QHFHVDULRV SDUD HO FUHFLPLHQWR \ HO
GHVDUUROORHFRQyPLFRVEiVLFRV
v /D PD\RUtD GH ORV SDtVHV QR UHFRSLODQ \ JXDUGDQ GDWRV VREUH ORV SRWHQFLDOHV
FRVWRV HFRQyPLFRV GH ORV LPSDFWRV QHJDWLYRV H[SHULPHQWDGRV SRU ORV VLVWHPDV
DFXtIHURV (VRV GDWRV UHYLVWHQ LPSRUWDQFLD SDUD IXWXUDV GHFLVLRQHV UHIHUHQWHV D
ORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RV
&XHVWLRQHVHPHUJHQWHV
&RPRUHVXOWDGRGHHVWHHVWXGLRVHKDQLGHQWLILFDGRDOJXQDVFXHVWLRQHVLPSRUWDQWHV
v /D JHVWLyQ WUDQVIURQWHUL]D GHPXHVWUD IDOWD GH DUPRQL]DFLyQ HQWUH ORV VLVWHPDV
QDWXUDOHV\ORVFUHDGRVSRUORVVHUHVKXPDQRV
25
8QLGDGHV JHRJUiILFDV QDWXUDOHV ± /RV VLVWHPDV QDWXUDOHV FUHDQ IURQWHUDV
QDWXUDOHVFRPRFXHQFDVKLGURJUiILFDV\VLVWHPDVDFXtIHURV
8QLGDGHV SROtWLFDV FUHDGDV SRU HO KRPEUH ± /RV VHUHV KXPDQRV KDQ FUHDGR
IURQWHUDVSROtWLFDVFRPRODVTXHGHOLPLWDQFLXGDGHVSURYLQFLDVHVWDGRV\SDtVHV
v
(Q WDQWR TXH OD JHVWLyQ DTXt FRQVLGHUDGD VH UHILHUH D ODV XQLGDGHV
JHRJUiILFDVORVGDWRVHFRQyPLFRVHVWiQDGLVSRVLFLyQGHXQLGDGHVSROtWLFDVHVWDEOHFLGDV
SRU HO KRPEUH SREODFLyQ SRU FLXGDG WDVD GH SREUH]D SRU PXQLFLSDOLGDG HWF 3DUD
HVWDEOHFHU QLYHOHV GH SREUH]D SDUD OD ]RQD TXH URGHD DO DFXtIHUR FRPSDUWLGR VHUtD
QHFHVDULRHVWLPDUGDWRVGHFHQVRVEDVDGRVHQXQDH[WHQVLyQWHUULWRULDOSUHGHWHUPLQDGD
(QORV(VWDGRV8QLGRVSXHGHXVDUVHODLQIRUPDFLyQGHHVHJpQHURSURYHQLHQWHGHOFHQVR
SDUDHVWLPDUORVGDWRVFRUUHVSRQGLHQWHVDGHWHUPLQDGRHVSDFLRItVLFRSHURHVRVGDWRVQR
VRQGHIiFLODFFHVRSDUDODPD\RUtDGHORVUHVWDQWHVSDtVHVGHODV$PpULFDV
v
(QWUHORVDGPLQLVWUDGRUHVGHUHFXUVRVKtGULFRVQRKDH[LVWLGRODWUDGLFLyQGH
REWHQHUFRQVHUYDU\DSOLFDUGDWRVHFRQyPLFRVDVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RV
v
3XHGHKDEHULQFRPSDWLELOLGDGHQWUHORVREMHWLYRVGHORVSDtVHVFRQUHODFLyQ
DOGHVDUUROORHFRQyPLFR
v
$GHPiVSXHGHKDEHULQFRPSDWLELOLGDGHQWUHGLIHUHQWHVFXOWXUDV$OJXQRVSDtVHV
WLHQHQXQDRULHQWDFLyQPiVFROHFWLYLVWDGHVGHHOSXQWRGHYLVWDVRFLDOHQWDQWRTXHRWURV
WLHQHQ XQD RULHQWDFLyQ PiV GHPRFUiWLFDPHQWH LQGLYLGXDOLVWD (Q FDGD XQR GH HVDV
WHQGHQFLDVVHWUDWDHQIRUPDGLIHUHQWHODLQIRUPDFLyQ\VHDGRSWDQGHFLVLRQHVGHGLVWLQWD
PDQHUD +DLWt \ OD 5HS~EOLFD 'RPLQLFDQD SRU HMHPSOR HVWiQ FRQIRUPDGRV SRU
SREODFLRQHVGHGLIHUHQWHVFXOWXUDVTXHQRKDEODQHOPLVPRLGLRPD\TXHHQYLUWXGGH
VXV UHVSHFWLYDV FXOWXUDV DGRSWDQ GHFLVLRQHV GLIHUHQWHV /R PLVPR RFXUUH FRQ (VWDGRV
8QLGRV\0p[LFR
v
/DV FXOWXUDV SROtWLFDV VRQ GLYHUVDV HQ ORV GLVWLQWRV SDtVHV GH ODV $PpULFDV
DOJXQRVSDtVHVWLHQHQHVWUXFWXUDVSROtWLFDVLQHVWDEOHV
v
/DV HVWUXFWXUDV \ HVWUDWHJLDV GH JHVWLyQ GHEHQ HODERUDUVH GH PRGR TXH
WUDVFLHQGDQ ODV IURQWHUDV FRPR UHVSDOGR GH OD LQWHJULGDG GHO VLVWHPD DFXtIHUR /D
HVWUXFWXUD GH JHVWLyQ SRGUtD VHU GHILQLGD SRU XQD MXQWD GH DGPLQLVWUDFLyQ IRUPDGD SRU
UHSUHVHQWDQWHV GH FDGD XQR GH ORV SDtVHV TXH FRPSDUWHQ HO VLVWHPD DFXtIHUR \ TXH
GHWHUPLQHSROtWLFDV\HVWUDWHJLDVGHJHVWLyQRULHQWDGDV\DSUREDGDVSRUORV*RELHUQRV
&RQFOXVLRQHV
(O VLVWHPD DFXtIHUR WUDQVIURQWHUL]R GHEH FRQFHELUVH FRPR XQD XQLGDG FRPSOHWD \ QR
GHSHQGHUH[FOXVLYDPHQWHGHODUHVSXHVWDGHFDGDXQRGHORVSDtVHVHQIRUPDLQGLYLGXDO
$ YHFHV ORV SDtVHV IURQWHUL]RV SURSRUFLRQDQ LQIRUPDFLyQ GLIHUHQWH VREUH HO PLVPR
VLVWHPDDFXtIHUR(OORSXHGHGHEHUVHDOD H[LVWHQFLDGHFRQGLFLRQHVPX\GLIHUHQWHVHQ
ODVGLYHUVDVSDUWHVGHOVLVWHPDRDGLIHUHQFLDVGHPHGLFLyQ\DSOLFDFLyQGHGDWRVSDUDOD
JHVWLyQGHOVLVWHPD3RUHOORHVLPSHULRVRTXHODJHVWLyQGHODFXtIHURWUDQVIURQWHUL]RVH
UHDOLFH FRPR XQ VLVWHPD FRPSOHWR 6H ORJUDUtD DVt XQD YLVLyQ LQWHJUDO GH OR TXH HVWi
VXFHGLHQGR
26
v
v
ItVLFDPHQWH DO VLVWHPD PLVPR FRPR UHVXOWDGR GH IHQyPHQRV H[WUHPRV GHO
GHVDUUROOR HFRQyPLFR GHO DXPHQWR GH ODV WHQVLRQHV SURYRFDGDV SRU HO
FUHFLPLHQWRGHPRJUiILFRHQWUHRWURV\
D ODV IXQFLRQHV FRQVXPR KXPDQR DJULFXOWXUD DQLPDOHV LQGXVWULD
ELRGLYHUVLGDGTXHHOVLVWHPDUHVSDOGD
/RVFLHQWtILFRVWLHQGHQDSUHVFLQGLUGHHVWDGtVWLFDVHFRQyPLFDVHQVXVDQiOLVLVGHKHFKRV
GHODQDWXUDOH]D(QJHQHUDOHVWRKDOOHYDGRDORVWRPDGRUHVGHGHFLVLRQHVDFRQVLGHUDU
ORV WHPDV DPELHQWDOHV FRPR LPSRUWDQWHV SDUD OD VRFLHGDG SHUR QR WDQ YLWDOHV FRPR
RWURVWHPDVGHLQWHUpVGHWLSRHFRQyPLFR(QFRQVHFXHQFLDOD JHVWLyQGHORVUHFXUVRV
QDWXUDOHVIUHFXHQWHPHQWHYDDOD]DJDGHRWURVVHUYLFLRVS~EOLFRV
$O LQLFLDU FXDOTXLHU SURFHVR GH JHVWLyQ GHEHUtD UHDOL]DUVH XQ DQiOLVLV GH
FRVWRVEHQHILFLRV HFRQyPLFRV SDUD TXH OD LQIRUPDFLyQ SXHGD WUDWDUVH FRQ ODV
DXWRULGDGHVJXEHUQDPHQWDOHV\HPSUHVDULDOHVDILQGHHODERUDUSROtWLFDVTXHSRQJDQGH
PDQLILHVWR OD LPSRUWDQFLD GH XQD DGHFXDGD JHVWLyQ GH ORV UHFXUVRV QDWXUDOHV
HVSHFLDOPHQWHORVUHFXUVRVKtGULFRVDQWHVGHTXHVHKD\DQSURGXFLGRGDxRVLUUHSDUDEOHV
8Q DQiOLVLV HTXLOLEUDGR PRVWUDUtD D ORV WRPDGRUHV GH GHFLVLRQHV TXH HO UHDOL]DU XQD
DGHFXDGD JHVWLyQGHHVRVUHFXUVRVHVPHQRV FRVWRVRHQWpUPLQRVILVFDOHV \GHFDSLWDO
KXPDQRTXHHOWUDWDUGHUHFXSHUDUORVGHVSXpVTXHVHKDQGDxDGRRSHUGLGR
8QHMHPSORVREUHHVWHWHPDIXHRIUHFLGRHQHO97DOOHUUHDOL]DGRHQ0RQWUHDOSRUXQRGH
ORV UHSUHVHQWDQWHV GH ,6$50$PpULFDV TXLHQ VHxDOy TXH XQ JRELHUQR KDEtD RWRUJDGR
XQ FRQWUDWR D XQD FRPSDxtD PLQHUD SDUD TXH LQLFLDUD RSHUDFLRQHV HQ HO SDtV HQ ODV
FHUFDQtDVGHOVLVWHPDDFXtIHURWUDQVIURQWHUL]R(OJRELHUQRFRQFHEtDODRSHUDFLyQFRPR
XQDPDQHUDGHSURPRYHUHOGHVDUUROORHFRQyPLFRGHOSDtVSHURQRFRPSUHQGtDHOFRVWR
SRWHQFLDOTXHSRGtDUHFDHUVREUHODSREODFLyQODIORUDODIDXQD\SHTXHxDVDFWLYLGDGHV
TXHGHSHQGHQGHODFDOLGDGGHODJXDDKRUD\HQHOIXWXUR6HWUDWDEDHYLGHQWHPHQWHGH
XQFDVRHQTXHORVGDWRV\RODLQIRUPDFLyQHFRQyPLFDUHIHUHQWHDFXDOTXLHUDFWLYLGDG
TXHSXGLHUDOOHJDUDDIHFWDUDODFXtIHURKDEUtDVLGRLPSRUWDQWH
/DJHVWLyQGHORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVHVYLWDOSDUDODIXWXUDSUHVHUYDFLyQ
GHOELHQPDWHULDOPiVLPSRUWDQWHSDUDODKXPDQLGDGHODJXD7DQWRORVJRELHUQRVFRPR
ODVHPSUHVDV\ODVRFLHGDGFXPSOHQDOJ~QUROHQODJHVWLyQGHORVUHFXUVRVKtGULFRV8Q
GHVDUUROOR VRVWHQLEOH GHSHQGHUi GH OD VRVWHQLELOLGDG GH ORV VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
,PSDFWRSRWHQFLDOGHOFDPELRFOLPiWLFR
(VWHVXEFDStWXORVVHEDVDHQODVUHVSXHVWDVDOFXHVWLRQDULRVREUHORVSDUiPHWURVVRFLDOHV
\ HFRQyPLFRV GH OD HYROXFLyQ GH ORV DFXtIHURV WUDQVIURQWHUL]RV GH ODV $PpULFDV /DV
UHVSXHVWDVDOFXHVWLRQDULRIXHURQSURSRUFLRQDGDVSRUORVUHVSHFWLYRVSDtVHVSRUORFXDO
GHEHKDFHUVHXQDFRPSDUDFLyQGHORVGDWRV\ODVSHUFHSFLRQHVVREUHODVFDUDFWHUtVWLFDV
GHXVRGHODFXtIHURTXHYD\DPiVDOOiGHODVIURQWHUDVQDFLRQDOHV1RWRGRVORVSDtVHV
UHVSRQGLHURQDOSURFHVRGHOFXHVWLRQDULRDWLHPSRSDUDODSUHSDUDFLyQGHHVWHLQIRUPH
SRUORFXDOHQDOJXQRVFDVRVODLQIRUPDFLyQVREUHDOJXQRVDFXtIHURVHVLQFRPSOHWD
27
/RVWHPDVUHIHUHQWHVDOFDPELRFOLPiWLFRVHDERUGDURQHQODSUHJXQWDTXHFRQWHQtDODV
VLJXLHQWHVFXDWURSUHJXQWDVVHFXQGDULDV
v ¢4Xp FDPELRV KD KDELGR HQ OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV
SUHFLSLWDFLRQHV SOXYLDOHV HQ HO DFXtIHUR HQ OD ~OWLPD GpFDGD" 3XHGHQ XVDUVH
FDPELRVSRUFHQWXDOHV
v ¢+DQWHQLGRDOJ~QLPSDFWRHQODVPRGDOLGDGHVGHUHFDUJD"
6LHVDVt¢TXpLPSDFWRVVHSUHYpQ"
v ¢4Xp FDPELRV VH SUHYpQ HQ ODV SUHFLSLWDFLRQHV SOXYLDOHV HQ ODV GRV SUy[LPDV
GpFDGDV"
v ¢6HSUHYpQFDPELRVHQODVPRGDOLGDGHVGHUHFDUJD"
6LHVDVt¢HQTXpFRQVLVWHQHVRVFDPELRV"
v ¢4Xp LPSDFWR SURGXFHQ HQ HO DFXtIHUR IHQyPHQRV H[WUHPRV LQXQGDFLRQHV
VHTXtDV WHUUHPRWRV" ¢H[LVWH DOJ~Q SODQ GH DSURYHFKDPLHQWR GHO DFXtIHUR
HVSHFLDOPHQWHHQSHUtRGRVGHVHTXtD"
v ¢4XpXVRVHKDFHGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV"
+XERGLIHUHQFLDVVXVWDQFLDOHVHQFXDQWRDOQLYHOGHODVUHVSXHVWDVDVtFRPRXQDDPSOLD
GLYHUVLGDG UHJLRQDO FRQ UHVSHFWR DO FRQRFLPLHQWR UHSRUWDGR GH ODV WHQGHQFLDV H
LPSDFWRV\HQORTXHDWDxHDORVFDPELRVYLQFXODGRVFRQIOXFWXDFLRQHVGHOWLSRGHODV
FRUULHQWHVGH/D1LxD\(O1LxR\RFRQWHQGHQFLDVGHOFOLPDDPiVODUJRSOD]R
(QJHQHUDOORVSDtVHVGHO&DULEH\$PpULFD&HQWUDOGHPXHVWUDQFODUDVPRGDOLGDGHVGH
FDPELR HVSHFLDOPHQWH HQ ODV ]RQDV iULGDV \ VHPLiULGDV HQ WDQWR TXH ORV SDtVHV
VXGDPHULFDQRV SHUFLEHQ FDPELRV PHQRV HYLGHQWHV (Q UHODFLyQ FRQ DOJXQRV DFXtIHURV
TXLHQHVUHVSRQGLHURQDORVFXHVWLRQDULRVEULQGDURQHVFDVDLQIRUPDFLyQFRPRSDUDSRGHU
WUDEDMDU HQ EDVH D HOOD /DPHQWDEOHPHQWH FRQ UHVSHFWR D DOJXQRV DFXtIHURV VyOR VH
REWXYLHURQUHVSXHVWDVGHXQRGHORVGRVRPiVSDtVHVTXHORVFRPSDUWHQORTXHGLILFXOWy
HOORJURGHFRUUHODFLRQHVWUDQVIURQWHUL]DV
(O UHVWR GHO SUHVHQWH VXEFDStWXOR VH RUJDQL]DUi HQ WRUQR D ODV FXDWUR SUHJXQWDV
VHFXQGDULDV\DVXVUHVSXHVWDV
$FXtIHUR
1
$EERWVIRUG6XPDV
1
*UDQG)RUNV
1
&KkWHDXJXD\
&
6RFRQXVFR6XFKLDWH&RDWDQ
28
3DtV
&DQDGi
(VWDGRV8QLGRV
&DQDGi
(VWDGRV8QLGRV
&DQDGi
(VWDGRV8QLGRV
0p[LFR
*XDWHPDOD
9 5HVSXHVWD
± 6LQUHVSXHVWD
9 9 9
9 9 9
±
±
±
9 9 9
9
±
±
9
&
&KLFRPXVHOR&XLOFR6HOHJXD
6
7iFKLUD3DPSORQLWD
&
2FRVLQJR8VDPDFLQWD3RFRP
,[FDQ
*UXSR
5RUDLPD
6
6
&
&
*XDMLUD
0DUTXpV GH &RPLOODV&KL[R\
;DFOEDO
%RFDGHO&HUUR
&
&
7ULQLWDULD1HQWRQ
3HQLQVXOD GH <XFDWiQ&DQGHODULD
+RQGR
1
6DQ'LHJR7LMXDQD
1
&RORUDGR
&XHQFD
6
7XOFDQ,SLDOHV
%DMD
GHO
5tR
0p[LFR
*XDWHPDOD
9HQH]XHOD
&RORPELD
0p[LFR
*XDWHPDOD
9HQH]XHOD
%UDVLO
*X\DQD
9HQH]XHOD
&RORPELD
0p[LFR
*XDWHPDOD
0p[LFR
*XDWHPDOD
0p[LFR
*XDWHPDOD
0p[LFR
*XDWHPDOD
%HOLFH
0p[LFR
(VWDGRV8QLGRV
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
9
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
9
±
(FXDGRU
&RORPELD
±
9 9
± 9
9 9
9
9
9
±
±
±
9
9
9
9
9
9
±
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
1
1RJDOHV
6
=DUXPLOOD
3HU~
(FXDGRU
9 9 9
9 9 9
9
9
1
6DQWD&UX]
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
1
6DQ3HGUR
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
6
$PD]RQDV
9HQH]XHOD
%UDVLO
9
*XDWHPDOD
+RQGXUDV
(O6DOYDGRU
0p[LFR
(VWDGRV8QLGRV
9 ±
9
9 9 ±
9 9 9
9 9 9
9
9
(O6DOYDGRU
*XDWHPDOD
9 9 9
9
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
9 9
9
&
&LWDOD
1
(VTXLSXODV2FRWHSHTXH
&RQHMRV 0HGDQRV%ROVyQ GH OD
0HVLOOD
&
2VWXD0HWDSiQ
1
-XDUH]
%ROVyQ GHO +XHFR9DOOH GH
&
5tR3D]
1
(GZDUGV7ULQLW\HO%XUUR
(O6DOYDGRU
*XDWHPDOD
0p[LFR
(VWDGRV8QLGRV
±
9 9 9
±
9
29
1
&XHQFD
%DMD
%UDYR*UDQGH
GHO
5LR
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
0p[LFR
(VWDGRV8QLGRV
9 9 9
9
9
9
9 9 9
9
1
0LPEUHV/DV3DOPDV
&
6L[DROD
6
&RQFRUGLD(VFULWRV&DSOLQD
6
&DLXi%DXU~
3DUDJXD\
%UDVLO
9 9
9
6
*XDUDQt
$UJHQWLQD
%UDVLO
3DUDJXD\
8UXJXD\
3DUDJXD\
%UDVLO
$UJHQWLQD
8UXJXD\
%UDVLO
8UXJXD\
±
±
±
&RVWD5LFD
3DQDPi
3HU~
&KLOH
±
±
±
6
/LWRUiQHR&KX\
6
3HUPR&DUERQLIHUR
%UDVLO
8UXJXD\
9 9
9 9
9 ±
9 ±
±
±
9
9 9
9 9 ±
9 9 ±
6
/LWRUDO&UHWiFLFR
$UJHQWLQD
8UXJXD\
9 9
9 9
6
6DOWR
6DOWR&KLFR
$UJHQWLQD
8UXJXD\
±
±
9 9 ±
9 9 ±
6
<UHQGi
7RED7DULMHxR
3DUDJXD\
%ROLYLD
$UJHQWLQD
9 9 9
9 9 ±
6
6HUUD*HUDO
9
9
9
9
9
9
±
±
9
±
±
±
±
±
±
9
±
9DULDFLyQGHODFDQWLGDGLQWHQVLGDG\SHULRGLFLGDGGHODVSUHFLSLWDFLRQHVSOXYLDOHV
DORODUJRGHODFXtIHUR
(VWD SUHJXQWD UHFLELy XQD DPSOLD JDPD GH UHVSXHVWDV SHUR KXER XQD FDVL WRWDO
XQLIRUPLGDG HQ ODV PLVPDV $OJXQDV GH HOODV VH UHILULHURQ D OD YDULDFLyQ GH ODV
SUHFLSLWDFLRQHV SOXYLDOHV FRPR FRQVHFXHQFLD GH OD DOWLWXG UHILULpQGRVH D OD GLYHUVLGDG
HVSDFLDOPiVTXHDODWHPSRUDO
(QUHVXPHQVHFRQVLGHUDTXHORVDFXtIHURVFDQDGLHQVHVH[SHULPHQWDQHVFDVRVFDPELRV
SHULyGLFRVGXUDQWHODVSUHFLSLWDFLRQHVSOXYLDOHVSHURSRFRYDULDURQHQOD~OWLPDGpFDGD
(VWDGRV8QLGRVQRSURSRUFLRQyLQIRUPHVFRQMXQWRVFRQ&DQDGiVREUHORVDFXtIHURVTXH
DPERV SDtVHV FRPSDUWHQ 0p[LFR LQIRUPy VREUH DPSOLDV YDULDFLRQHV GH ODV
SUHFLSLWDFLRQHVHQGLYHUVRVDFXtIHURVGLVWLQWRVGH<XFDWiQHQSDUWHGHELGRDOLPSDFWRGH
ODVWRUPHQWDVWURSLFDOHV(QDOJXQDV]RQDVGHFDSWDFLyQGHDFXtIHURVSHM1RJDOHVVH
PRGLILFyODPRGDOLGDGGHODVSUHFLSLWDFLRQHVSOXYLDOHVUHJLVWUiQGRVHLQWHQVDVWRUPHQWDV
VHSDUDGDVSRUVHTXtDV/DPD\RULQWHQVLGDGGHODVSUHFLSLWDFLRQHVSOXYLDOHVDXPHQWyODV
HVFRUUHQWtDV\UHGXMRODUHFDUJD
(Q$PpULFD&HQWUDOODV SUHFLSLWDFLRQHVSOXYLDOHVLQXVXDOPHQWH LQWHQVDVDVRFLDGDVFRQ
WRUPHQWDVWURSLFDOHVKDQFRQWULEXLGRDODUHFDUJDGHORVDFXtIHURVSHURWDPELpQVHGDQ
30
VHTXtDV PiV SURORQJDGDV (Q HVD UHJLyQ HO DXPHQWR GH ODV SUHFLSLWDFLRQHV SOXYLDOHV
EDVWySDUDFRPSHQVDUHOLQFUHPHQWRGHODVHVFRUUHQWtDVDVRFLDGRFRQODLQWHQVLGDGGHODV
WRUPHQWDV 1R REVWDQWH HQ (O 6DOYDGRU ODV SUHFLSLWDFLRQHV SOXYLDOHV VH KDQ YHQLGR
UHGXFLHQGR GHVGH OR TXH KD GDGR OXJDU DO XVR GH SR]RV (VD UHGXFFLyQ \ OD
HOHYDGDHYDSRWUDQVSLUDFLyQGLHURQOXJDUDSURFHVRVGHHURVLyQ\VHGLPHQWDFLyQ
(Q9HQH]XHODVHSURGXMRXQLQFUHPHQWRVLQSUHFHGHQWHVGHODVSUHFLSLWDFLRQHVGHORUGHQ
GHO DO TXH FRQWULEX\y D OD UHFDUJD \ XQ DXPHQWR GHO VH UHJLVWUy HQ HO
DFXtIHUR7iFKLUD(QHODFXtIHUR=DUXPLOODHQ3HU~\(FXDGRUODUHJLyQKDVLGRDIHFWDGD
SRUXQWLHPSRH[WUHPDGDPHQWHVHFR\DXPHQWRGHODVWHPSHUDWXUDVORTXHIXHVHJXLGR
SRUDxRVK~PHGRVTXHUHSRQHQHOQLYHOGHODFXtIHUR
(Q%UDVLOHOLQIRUPHVREUHHODFXtIHURGHO*UXSR5RUDLPDLGHQWLILFDHOFLFORKLGUROyJLFR
FRPR HO PHMRU LQGLFDGRU GHO FDPELR GH ODV SUHFLSLWDFLRQHV FRQ SHUtRGRV VHFRV PiV
SURORQJDGRV H LQXQGDFLRQHV SHUR VH KL]R KLQFDSLp HQ TXH D HOOR SXHGHQ FRQWULEXLU OD
GHIRUHVWDFLyQ \ HO FDPELR GH ODV SUHFLSLWDFLRQHV /D GHIRUHVWDFLyQ DXPHQWD ODV
HVFRUUHQWtDV\UHGXFHODUHFDUJDGHODFXtIHUR(QRWUDV]RQDVVHUHJLVWUDXQDGLVPLQXFLyQ
GHODOHQODVSUHFLSLWDFLRQHV
(QHOFDVRGH3DUDJXD\VHLQIRUPDVREUHDXVHQFLDGHFDPELRVHQODVSUHFLSLWDFLRQHVHQ
HODFXtIHURGH6HUUD*HUDOHQWDQWRTXH8UXJXD\UHJLVWUDHODXPHQWRGHORVWRWDOHVGHODV
SUHFLSLWDFLRQHV SOXYLDOHV FRQ SUHFLSLWDFLRQHV GH PD\RU LQWHQVLGDG SDUD HO PLVPR
DFXtIHUR$UJHQWLQDHQVXVUHVSXHVWDVFRUUHVSRQGLHQWHVDODFXtIHUR/LWRUDO&UHWiFLFRGD
FXHQWDGHDXPHQWRGHODVSUHFLSLWDFLRQHVHQDOJXQDV]RQDV\GLVPLQXFLyQHQRWUDV
(QUHVXPHQSDUDHVWDSUHJXQWDQRKD\WHQGHQFLDVFRQWLQHQWDOHVLGHQWLILFDEOHVVDOYRHO
DXPHQWRGHLQWHQVLGDGGHODVWRUPHQWDV\VHTXtDVSHULyGLFDVIHQyPHQRVVREUHORVTXH
ODVUHVSXHVWDVFRLQFLGLHURQHQIRUPDDPSOLD
&XiOHVVRQORVFDPELRV
¢4XpFDPELRVVHSUHYpQHQODVSUHFLSLWDFLRQHVSOXYLDOHVHQODVSUy[LPDVGRVGpFDGDV\
FXiOHVVRQORVLPSDFWRVSUHYLVWRVFRQUHVSHFWRDODVPRGDOLGDGHVGHUHFDUJD"
)XH GLItFLO UHVSRQGHU FRQ SUHFLVLyQ D HVWD SUHJXQWD DOJXQRV UHVSRQGLHURQ XVDQGR
SUHYLVLRQHV GHO 3,&& SDUD VX UHJLyQ FRPR EDVH GH VX UHVSXHVWD HQ WDQWR TXH RWURV
XVDURQ SUHGLFFLRQHV PiV ORFDOHV 'H WRGDV IRUPDV UHVSRQGLy XQ DOWR SRUFHQWDMH GH
SDtVHV(OVLJXLHQWHHVXQUHVXPHQGHHVDVUHVSXHVWDVSRUUHJLRQHV\SDtVHV
(Q&DQDGiXVDQGRHOPRGHORGH&DPELR&OLPiWLFR*OREDOODUHVSXHVWDOOHYDDSHQVDU
TXH ORV LQYLHUQRV PiV K~PHGRV FRQWULEXLUiQ D UHFDUJDU HO DFXtIHUR$EERWVIRUG SRFRV
FDPELRVVHGLHURQDFRQRFHUVREUHORVGHPiV
(QORVLQIRUPHVVREUHORVQXPHURVRVDFXtIHURVGH0p[LFRVHKDFHKLQFDSLpHQODIDOWDGH
LQIRUPDFLyQVREUHHOSRWHQFLDOGHIXWXURVFDPELRVGHODVSUHFLSLWDFLRQHVSHURVHVHxDOD
TXHODVSUR\HFFLRQHVGHO3,&&LQGLFDQTXHODVWHPSHUDWXUDVVHHOHYDUiQHQHOIXWXUR\
ODVSUHFLSLWDFLRQHVSOXYLDOHVSXHGHQUHGXFLUVH(QJHQHUDOXQDH[WHQVLyQGHODVDFWXDOHV
FRQGLFLRQHVFRQSUHFLSLWDFLRQHVPiVIXHUWHVPD\RUHVHVFRUUHQWtDV \DPSOLRVSHULRGRV
GHVHTXtDFDUDFWHUL]DUiQDHVWDUHJLyQHQ JHQHUDOiULGD \VHPLiULGD(QHODFXtIHURGH
31
7LMXDQD XQ SUREOHPD DGLFLRQDO HV OD SURQXQFLDGD UHGXFFLyQ GH OD FRUULHQWH GHO 5tR
*UDQGH TXH UHGXFH OD UHFDUJD GH HVH DFXtIHUR \ GD OXJDU D XQ DXPHQWR GH OD
VDOLQL]DFLyQ
&RQ UHVSHFWR D$PpULFD &HQWUDO (O 6DOYDGRU SURSRUFLRQD ORV DQiOLVLV PiV GHWDOODGRV
(QJHQHUDOODUHFDUJDKDDXPHQWDGRGHELGRDLQWHQVDVOOXYLDVDXQTXHQRVHKDHYDOXDGR
HO LPSDFWR VREUH OD UHFDUJD GHO DFXtIHUR WUDQVIURQWHUL]R /DV SUR\HFFLRQHV GHO 3,&&
IXHURQODEDVHSDUDODSUHGLFFLyQGHODSUHFLSLWDFLyQ\ODUHFDUJDIXWXUDV(QHODFXtIHUR
GH=DUXPLOODTXHFRPSDUWHQ3HU~\(FXDGRUODVSUR\HFFLRQHVLQGLFDQDXPHQWRGHODV
WHPSHUDWXUDV \ FRQGLFLRQHV PiV VHFDV FRQ OD FRQVLJXLHQWH UHGXFFLyQ GHO DJXD
GLVSRQLEOHSDUDUHFDUJD
(QORVLQIRUPHVGH%UDVLOVREUHVXVDFXtIHURVWUDQVIURQWHUL]RVVHGHVWDFDODIOXFWXDFLyQ
GH(O1LxR\/D1LxDFRPRLPSRUWDQWHFRPSRQHQWHGHODVSUR\HFFLRQHVVREUHIXWXUDV
SUHFLSLWDFLRQHV \VHXVDQSUR\HFFLRQHVGHO3,&&SDUDFUHDUYLVLRQHVGHSHUtRGRVPiV
ODUJRV
(Q $UJHQWLQD 8UXJXD\ \ 3DUDJXD\ QR H[LVWHQ SUR\HFFLRQHV FRQVLVWHQWHV VREUH
SUHFLSLWDFLRQHVSDUDODVSUy[LPDVGRVGpFDGDV
(QUHVXPHQODVSUR\HFFLRQHVGHFDPELRVGHODVSUHFLSLWDFLRQHV\ODUHFDUJDDORODUJR
GH ODV SUy[LPDV GRV GpFDGDV VRQ YDULDGDV \ SURSRUFLRQDQ HVFDVRV GDWRV FXDQWLWDWLYRV
TXHVLUYDQGHEDVHSDUDSUHYHUODVUHFDUJDVIXWXUDV
,PSDFWR GH IHQyPHQRV H[WUHPRV HQ HO DFXtIHUR ¢H[LVWH DOJ~Q SODQ HVSHFtILFR GH
H[SORWDFLyQGHODFXtIHURHVSHFLDOPHQWHHQSHUtRGRVVHFRV"
$OJXQRV UHVSRQGLHURQ TXH FDUHFtDQ GH LQIRUPDFLyQ SDUD FRQWHVWDU HVD SUHJXQWD RWURV
SURSRUFLRQDURQ UHVSXHVWDV GHWDOODGDV (Q &DQDGi ORV SULQFLSDOHV WHPDV IXHURQ ODV
LQXQGDFLRQHVDVRFLDGDVFRQDOWRVQLYHOHVGHODFXtIHURGH*UDQG)RUNV(QHODFXtIHURGH
$EERWVIRUG HO SULQFLSDO SODQ SDUD KDFHU IUHQWH D IHQyPHQRV H[WUHPRV IXH HO XVR
SRWHQFLDO GHO DFXtIHUR FRPR IXHQWH VXVWLWXWLYD GH VXPLQLVWUR GH DJXD HQ FDVR GH
HPHUJHQFLD
(QWUH ORV IHQyPHQRV H[WUHPRV GRFXPHQWDGRV HQ 0p[LFR ILJXUDQ OD UHGXFFLyQ GH OD
FRUULHQWH GHO 5tR &RORUDGR TXH UHGXFH OD UHFDUJD ODV LQXQGDFLRQHV SURYRFDGDV SRU
WRUPHQWDVWURSLFDOHV\HOLPSDFWRGHSHUtRGRVGHVHTXtDPiVSURORQJDGRV/DUHGXFFLyQ
GHODFRUULHQWHGHO5tR&RORUDGRUHGXFHHOQLYHOGHODJXDVXEWHUUiQHD\VLELHQQRKD\
XQSODQIRUPDODOUHVSHFWRVHSHUIRUDQSR]RVPiVSURIXQGRVDXQTXHVHHVWiH[WUD\HQGR
PiV DJXD VDOLQD /DV LQXQGDFLRQHV SURYRFDGDV SRU WRUPHQWDV WURSLFDOHV FRQWULEX\HQ
FLHUWDPHQWH D OD UHFDUJD SHUR DGHPiV DUUDVWUDQ REUDV GH LQIUDHVWUXFWXUD SDUD DJXDV \
SXHGHQ VHGLPHQWDU SR]RV SRFR SURIXQGRV 8QD YH] WHUPLQDGDV ODV LQXQGDFLRQHV VH
SHUIRUDQQXHYRVSR]RV\VHUHVWDEOHFHQODVYtDVGHDJXD/DVVHTXtDVVHYHUDVSURYRFDQ
XQDUHVSXHVWDVLPLODUVHSHUIRUDQQXHYRVSR]RV\VHUHGXFHHOULHJRGHMDUGLQHV\RHO
ULHJR
(Q (O 6DOYDGRU OD VHTXtD JHQHUD YXOQHUDELOLGDG SDUD OD SREODFLyQ KXPDQD \ SDUD OD
ELRGLYHUVLGDG\GDOXJDUDXQXVRH[FHVLYRGHODFXtIHUR
32
(Q (FXDGRU \ 3HU~ HQ HO DFXtIHUR =DUXPLOOD OD VHTXtD H[WUHPD KD GDGR OXJDU D OD
UHGXFFLyQGHODUHFDUJDTXHQRKDVLGRUHSXHVWDSRUODVLQXQGDFLRQHVSHULyGLFDV
(Q%UDVLOVRQSRFRVORVGDWRVTXHILJXUDQHQHOFXHVWLRQDULRVREUHIHQyPHQRVH[WUHPRV
\HQODVUHVSXHVWDVUHVSHFWLYDV
8VRGHODFXtIHURGXUDQWH\GHVSXpVGHIHQyPHQRVH[WUHPRV
/DVUHVSXHVWDVDHVWDSUHJXQWDIXHURQPHQRVGHWDOODGDVTXHRWUDVRQRKXERGDWRVVREUH
HOXVRHVSHFLDOGHODFXtIHURWUDVIHQyPHQRVH[WUHPRV
(Q &DQDGi OD ~QLFD UHVSXHVWD UHJLVWUDGD DQWH ORV IHQyPHQRV H[WUHPRV FRQVLVWH HQ
HQYLDU DVHVRUtDV GH VDOXG WUDV OD LQXQGDFLyQ (Q 0p[LFR ODV UHVSXHVWDV YDUtDQ SHUR
LQFOX\HQODSHUIRUDFLyQORFDOGHQXHYRVSR]RVODUHQRYDFLyQGHODVREUDVGHORVFDQDOHV
GHDJXD\VLVWHPDVGHULHJR\HOVXPLQLVWURGHD\XGDJXEHUQDPHQWDODORVSREODGRUHV\
DQLPDOHVORFDOHV
(O6DOYDGRUWLHQHXQDGHODVUHVSXHVWDVPiVIRFDOL]DGDVIUHQWHDIHQyPHQRVH[WUHPRV\D
TXH KD\ SODQHV GH LQYHVWLJDFLyQ GH OD XWLOL]DFLyQ GHO DFXtIHUR WUDQVIURQWHUL]R WUDV
IHQyPHQRV H[WUHPRV WDOHV FRPR OD VHTXtD \ WDPELpQ SDUD OD HODERUDFLyQ GH XQ SODQ
EiVLFRGHXVRUHJXODUGHODFXtIHURWUDQVIURQWHUL]R
(Q DOJXQRV OXJDUHV ORV DFXtIHURV VH XVDQ HQ IRUPD PiV LQWHQVLYD WUDV VHTXtDV
SURORQJDGDVDXQTXHHQPXFKRVFDVRVQRKXERUHVSXHVWDDHVWDSUHJXQWDRODUHVSXHVWD
FDUHFLyGHGDWRV(YLGHQWHPHQWHVHWUDWDGHXQiUHDHQTXHHVSUHFLVRVHJXLUWUDEDMDQGR
(QORVWUHVFXDGURVVLJXLHQWHVVHLOXVWUDODLPSRUWDQFLDGHFRQVLGHUDUDODFXtIHURFRPR
XQWRGR\FRPSDUDU\FRQWUDVWDUODVUHVSXHVWDVPiVDOOiGHODVIURQWHUDVQDFLRQDOHV(Q
HO DFXtIHUR GH =DUXPLOOD XELFDGR HQWUH 3HU~ \ (FXDGRU KD\ IXHUWHV FRQWUDVWHV HQ HO
EDODQFHGHOXVRHQWUHORVGRVSDtVHV(QHODFXtIHUR/LWRUiQHRKD\IXHUWHVFRQWUDVWHVHQ
FXDQWR DO XVR 7DPELpQ HQ %UDVLO HO DJXD VH XVD SULQFLSDOPHQWH SDUD HO FRQVXPR
&XDQGR VH GLVSRQJD GH PiV GDWRV SURYHQLHQWHV GH DFXtIHURV GH YDULRV SDtVHV VHUi
LPSRUWDQWHH[DPLQDUHQFRQMXQWRHOXVRGHODFXtIHUR\ORVSODQHVSDUDHOPLVPR
33
$FXtIHUR$PD]RQDV6
3REODFLyQ
%UDVLO
9HQH]XHOD
LQGtJHQDVHQWRWDO
8VRGHODJXD
8VRKXPDQRHQ5RQGRQLDGH
GHPDQGD
ULHJRSHVFDHLQGXVWULD
+XPDQR
QRVHXVDHQOD
DJULFXOWXUD
&DOLGDGGHODJXD
%XHQDSHURSXHGHVHUVXVFHSWLEOH
DODFRQWDPLQDFLyQ
%XHQD
9DULDFLRQHVGHODV
SUHFLSLWDFLRQHVHQOD
~OWLPDGpFDGD
$XPHQWRGHODHVFRUUHQWtDSXHGH
GHEHUVHDODGHIRUHVWDFLyQ
GHDXPHQWRGHOD
SUHFLSLWDFLyQ
9DULDFLyQHQODV
SUy[LPDVGRVGpFDGDV
1RVHFRQRFH
1RVHFRQRFH
,PSDFWRGHIHQyPHQRV
H[WUHPRV
1RVHFRQRFH
/DVHTXtDUHGXFHORV
FXOWLYRV
8VRWUDVIHQyPHQRV
H[WUHPRV
8VRGHDJXDSDUDULHJR
$FXtIHUR=DUXPLOOD6
3REODFLyQ
3HU~
(FXDGRU
8VRGHODJXD
ULHJR
GRPpVWLFR
ULHJR
GRPpVWLFR
&DOLGDGGHODJXD
9DULDEOH
%XHQD
9DULDFLRQHVGHODV
SUHFLSLWDFLRQHVHQOD
~OWLPDGpFDGD
ƒ&LQYLHUQR
ƒ&YHUDQR
ÈULGRHQODFRVWD
VHSWHQWULRQDO
+~PHGRGLFLHPEUH
PD\R
6HFRMXQLRQRYLHPEUH
9DULDFLyQHQODV
SUy[LPDVGRVGpFDGDV
$XPHQWRGHODWHPSHUDWXUD
'LVPLQXFLyQGHODV
SUHFLSLWDFLRQHV
1RKD\HVWXGLRV
HVSHFtILFRV
34
(O1LxRFDXVDLQXQGDFLRQHV
,PSDFWRGHIHQyPHQRV
H[WUHPRV
8VRWUDVIHQyPHQRV
H[WUHPRV
1RUHJLVWUDGR
,PSDFWRQHJDWLYRGH
ODVLQXQGDFLRQHV
SURYRFDGDVSRU(O
1LxR
8VRLPSRUWDQWH
GXUDQWHODVVHTXtDV
$FXtIHUR/LWRUiQHR6
%UDVLO
8UXJXD\
8VRGHODJXD
3DUDXVRQRUPDOGHODSREODFLyQ
3~EOLFRXUEDQR\
GRPpVWLFR
&DOLGDGGHODJXD
(QJHQHUDOHODJXDHVGHEXHQD
FDOLGDGSHURFRQFRQWHQLGR
PHWiOLFR
3URSHQVDDODLQWUXVLyQVDOLQD
(ODJXDHQJHQHUDOHV
GHEXHQDFDOLGDG
ORFDOPHQWHFRQKLHUUR
\FORUXURVGHELGRDO
RULJHQPDULQRGHVXV
VHGLPHQWRV
9DULDFLRQHVGHODV
SUHFLSLWDFLRQHVHQOD
~OWLPDGpFDGD
$XPHQWRGHODVSUHFLSLWDFLRQHV
$XPHQWRGHOD
LQWHQVLGDGGHODV
SUHFLSLWDFLRQHV
0D\RUHV
SUHFLSLWDFLRQHV
SURPHGLR
9DULDFLyQHQODV
SUy[LPDVGRVGpFDGDV
3UR\HFFLRQHVGHLQFUHPHQWRGH
DJUDGRVGHODWHPSHUDWXUDDPiV
WDUGDUHQ
3UDWLFDPHQWH
GHVSUHFLDEOHV
3REODFLyQ
&RQFOXVLRQHV
5HVXPLHQGR HV HYLGHQWH TXH VL ELHQ KD\ RSLQLRQHV FODUDV VREUH HO SDSHO GHO FDPELR
FOLPiWLFRHQHOXVRDFWXDO\IXWXURGHORVDFXtIHURVHOWHPDQRKDVLGRFRQVLGHUDGRGH
FDSLWDOLPSRUWDQFLD\VHUHTXLHUHPiVLQIRUPDFLyQ(QJUDQSDUWHGHODUHJLyQHVGLItFLO
GLVWLQJXLU HQWUH ODV IOXFWXDFLRQHV FtFOLFDV GH (O 1LxR/D 1LxD \ ODV WHQGHQFLDV D ODUJR
SOD]R
(QHO&DULEH \$PpULFD&HQWUDOH[LVWHXQDSHUFHSFLyQJHQHUDOGHPD\RULQWHQVLGDGGH
ODVWRUPHQWDV \SHUtRGRVGHVHTXtDPiVSURORQJDGRVHLQWHQVRV IHQyPHQRTXHLQIOX\H
HQODUHFDUJD'HHOORVHGHULYDQLPSRUWDQWHVFRQVHFXHQFLDVDODUJRSOD]RHQFXDQWRDO
XVR\DODVQHFHVLGDGHVGHOXVRGHORVDFXtIHURVWUDQVIURQWHUL]RV
35
&RRSHUDFLyQSDUDODJHVWLyQ
(O Q~PHUR GH LQWHUUHODFLRQHV SRVLWLYDV R QHJDWLYDV HQWUH SDtVHV TXH FRPSDUWHQ
DFXtIHURVGHVGHHOH[WUHPRVHSWHQWULRQDOKDVWDHOPHULGLRQDOGHO&RQWLQHQWH$PHULFDQR
HVVXPDPHQWHGHVLJXDOODJDPDDEDUFDGHVGHODDXVHQFLDWRWDOGHLQWHUUHODFLRQHVKDVWD
YDULDV LQWHUUHODFLRQHV FRQ UHVXOWDGRV FRQFUHWRV 1R REVWDQWH HQ JHQHUDO HO Q~PHUR GH
LQWHUUHODFLRQHV HV UHODWLYDPHQWH EDMR HQ FRPSDUDFLyQ FRQ HO Q~PHUR GH DFXtIHURV
FRPSDUWLGRVFRQRFLGRV
6yORVHFRQVLGHUDURQDFXtIHURVFRPSDUWLGRVDORVHIHFWRVGHODLQYHVWLJDFLyQVHJ~Q
HO Q~PHUR GH UHVSXHVWDV D ORV FXHVWLRQDULRV UHFLELGRV (Q HO FXHVWLRQDULR VH SUHJXQWD
VREUHODVLQWHUUHODFLRQHVTXHWXYLHURQOXJDUHQORV~OWLPRVDxRV3HVHDOLPSRUWDQWH
Q~PHUR GH DFXtIHURV FRPSDUWLGRV OD PD\RUtD GH ORV SDtVHV LQIRUPDQ TXH QR
PDQWXYLHURQLQWHUUHODFLyQDOJXQDRVyORXQDVSRFDVLQWHUUHODFLRQHV FRQ VXVSDtVHV
YHFLQRVFRQHOORVTXHFRPSDUWHQXQPLVPRDFXtIHUR
/DFLIUDPiVDOWDGHLQWHUUHODFLRQHVLQGLFDGDVHVGHFLQFRSDUDXQDFXtIHURFRPSDUWLGR
SRU&DQDGi\ORV(VWDGRV8QLGRVHOGH&KkWHDXJXD\
6H LQIRUPD GH XQD DPSOLD FRRSHUDFLyQ FRQ UHVSHFWR DO DFXtIHUR *XDUDQt HQWUH %UDVLO
$UJHQWLQD 3DUDJXD\ \ 8UXJXD\ VLHQGR pVWD XQD GH ODV SRFDV LQWHUUHODFLRQHV SRVLWLYDV
TXHUH~QHQDPiVGHGRVSDtVHV
4XpFODVHGHLQWHUUHODFLRQHVSUHYDOHFHQ"
6H LQIRUPD GH LQWHUUHODFLRQHV FRQ UHVSHFWR D GH ORV DFXtIHURV FRQVLGHUDGRV &DVL
WRGDV ODV LQWHUUHODFLRQHV GHFODUDGDV VRQ SRVLWLYDV HVWDQGR GHVWLQDGDV D PHMRUDU OD
FRRSHUDFLyQHQWUHORVSDtVHVLQWHUHVDGRVHQWUHORVDFXtIHURVFRPSDUWLGRV
&RPSHWHQFLD
/DPD\RUtDGHODVLQWHUUHODFLRQHVQRSRVLWLYDVVREUHODVTXHVHLQIRUPDJXDUGDQUHODFLyQ
FRQODFDQWLGDGGHOUHFXUVR/DSULQFLSDOGHODVUD]RQHVDODVTXHVHKDFHUHIHUHQFLDFRQ
UHVSHFWR D HVDV LQWHUUHODFLRQHV HV HO FUHFLPLHQWR GHPRJUiILFR FRQWLQXDQGR FRQ HO XVR
H[WHQVLYR GHO DJXD SDUD DWHQGHU QHFHVLGDGHV DJUtFRODV \ OD YDULDELOLGDG FOLPiWLFD 'H
KHFKRKD\GHWDOHVGHFODUDFLRQHVVREUH FRPSHWHQFLDHQWRUQR DOXVRGHDFXtIHURV
UHODFLRQDGDVHQODPD\RUtDGHORVFDVRVFRQHOYROXPHQGHODJXD(QRWUDVUHVSXHVWDV
VHVXEUD\yXQD³FRPSHWHQFLDSRWHQFLDO´
&XDQGRODFRPSHWHQFLDDOXGLGDHQORVLQIRUPHVHVWiUHODFLRQDGDFRQODFDOLGDGGHODJXD
ODV UD]RQHV GHFODUDGDV FRQVLVWHQ HQ SUREOHPDV FRQ DJXDV UHVLGXDOHV \ FRQWDPLQDFLyQ
SURYRFDGDSRUDFWLYLGDGHVPLQHUDV
(Q WUHV FDVRV ORV LQIRUPHV VH UHILHUHQ D OD FRPSHWHQFLD UHODWLYD H[FOXVLYDPHQWH DO
DJXD VXSHUILFLDO \ QR DO DJXD VXEWHUUiQHD FRPR HQ HO 5LR *UDQGH (VWDGRV 8QLGRV
0p[LFRROD&XHQFD%DMD5LR&RORUDGR(VWDGRV8QLGRV0p[LFR\HO$PD]RQDV
&XDQGR VH UHFRQRFH OD H[LVWHQFLD GH FRPSHWHQFLD OD PLVPD VyOR VH GHVFULEH FRPR
PtQLPD R SRWHQFLDO SDUD HO IXWXUR 1LQJXQR GH ORV (VWDGRV PHQFLRQy XQD JUDYH
FRPSHWHQFLDRXQFRQIOLFWRUHDO1RREVWDQWHPXFKRVSDtVHVQRLQGLFDURQHQDEVROXWRVL
H[LVWH R QR FRPSHWHQFLD (Q OD PD\RUtD GH HVWRV FDVRV ORV SDtVHV VLPSOHPHQWH HVWiQ
36
XVDQGR\H[SORWDQGRHODFXtIHURFDGDXQRGHHOORVHQVXSURSLRWHUULWRULRVLQQLQJXQD
GHFLVLyQRDFFLyQFRQMXQWD
3DtVHVYHFLQRVHQPXFKRVFDVRVHYDO~DQHQIRUPDGLIHUHQWHODH[LVWHQFLD \HOQLYHOGH
SRWHQFLDO FRPSHWHQFLD (VWDGRV 8QLGRV \ 0p[LFR SRU HMHPSOR UHIOHMDQ RSLQLRQHV
GLIHUHQWHVFRQUHVSHFWRDODFXtIHUR6RQR\WD3iSDJRV3RUXQDSDUWHD(VWDGRV8QLGRVOH
SUHRFXSD HO PD\RU \ PiV DFHOHUDGR FUHFLPLHQWR GHPRJUiILFR GH 0p[LFR DVt FRPR HO
PD\RU Q~PHUR GH SUHGLRV DJUtFRODV H[LVWHQWHV HQ 6RQR\WD 0p[LFR 0LHQWUDV TXH HVWH
~OWLPR QLHJD TXH H[LVWD FRPSHWHQFLD FRQ UHVSHFWR D HVH PLVPR DFXtIHUR DXQTXH
VXEUD\DODLPSRUWDQFLDGHORVUHFXUVRVGHODFXtIHURSDUDODVQHFHVLGDGHVGHODSREODFLyQ
LQGtJHQD GH ORV 3iSDJRV TXH KDELWD WHUULWRULR HVWDGRXQLGHQVH \ WDPELpQ SDUD ODV
FRPXQLGDGHVUXUDOHVGLVSHUVDVHQHOWHUULWRULRPH[LFDQR2WURLQIRUPHGLVSDUVHUHILHUH
DO DFXtIHUR GH 6DQ 3HGUR (VWDGRV 8QLGRV KDFH UHIHUHQFLD D XQ HVWXGLR UHFLHQWH TXH
GHPXHVWUDTXHVLELHQHOFUHFLPLHQWRGHPRJUiILFR\ODFRQWDPLQDFLyQSURYRFDGDSRUHO
HIOXHQWHGHODDFWLYLGDGPLQHUDSXHGHQVHUVLJQLILFDWLYRVGHOODGRPH[LFDQRHOPD\RUGH
ORVSUREOHPDVTXHDIHFWDDOD]RQDULEHUHxDGH6DQ3HGURFRQVLVWHHQHOERPEHRGHDJXD
VXEWHUUiQHDSDUDXVRDJUtFROD\ODVREUDVGHPHMRUDVGHWLHUUDVHQHOOD]RGH$UL]RQD6LQ
HPEDUJR0p[LFRQLHJDODH[LVWHQFLDGHFRPSHWHQFLDHQWUHORVGRVSDtVHVFRQUHVSHFWRD
HVRVUHFXUVRVPHQFLRQDHOGHVDUUROORGHODDJULFXOWXUDHQODVIDMDVIURQWHUL]DVGHDPERV
SDtVHVSHURQRODFRQVLGHUDFRPSHWHQFLD
(VRV HMHPSORV PXHVWUDQ FODUDPHQWH FRPR OD PLVPD VLWXDFLyQ SXHGH SHUFLELUVH HQ
IRUPDVRSXHVWDVHQORVGLVWLQWRVODGRVGHXQDIURQWHUD
/D FRPSHWHQFLD JXDUGD UHODFLyQ SULQFLSDOPHQWH FRQ OD FDQWLGDG \ FDOLGDG GH ORV
UHFXUVRV 7DO FRPR VXFHGH FRQ ORV UHFXUVRV KtGULFRV WUDQVIURQWHUL]RV VXSHUILFLDOHV ORV
SDtVHVJHQHUDOPHQWHGLVFUHSDQHQFXDQWRDOYROXPHQ\DODFDOLGDGGHODJXD
&RRSHUDFLyQ
&XDQGRVHOHVVROLFLWDTXHLQIRUPHQVREUHWRGRVORVWLSRVGHLQWHUUHODFLRQHVTXHWXYLHURQ
OXJDU FRQ VXV YHFLQRV SDtVHV IRUPXODURQ GHFODUDFLRQHV FDVL WRGDV SRVLWLYDV VREUH
DFXtIHURV 6yOR XQ SDtV &DQDGi GHFODUy FRPSHWHQFLD PtQLPD H LQWHUUHODFLRQHV
SRVLWLYDV HQ &ROXPELD %ULWiQLFD HQ &DQDGi \ HQ HO (VWDGR GH :DVKLQJWRQ HQ ORV
(VWDGRV 8QLGRV KD KDELGR YDULRV LQWHUFDPELRV GH FRPXQLFDFLRQHV FRQ UHVSHFWR DO
DFXtIHUR HQWUH ORV JRELHUQRV RUJDQLVPRV IHGHUDOHV DVt FRPR HQWUH XQLYHUVLGDGHV \
PXQLFLSDOLGDGHV
6H GHFODUD TXH OD FRPSHWHQFLD HV PtQLPD FRQ UHVSHFWR D OD GLVSRQLELOLGDG GH DJXDV
VXEWHUUiQHDV HQ FDPELR H[LVWH SUHRFXSDFLyQ FRQ UHVSHFWR D ORV SRVLEOHV LPSDFWRV GHO
XVRDJUtFRODGHODWLHUUD
(OQLYHOGHLQWHUUHODFLRQHVSRVLWLYDVVXLQWHQVLGDGDVtFRPRVXp[LWRGLILHUHQHQIRUPD
SURQXQFLDGDHQWUHORVGLYHUVRVFDVRVVREUHORVTXHVHWLHQHFRQRFLPLHQWR/DPD\RUtDGH
ORV SDtVHV TXH LQIRUPDURQ VREUH FRPSHWHQFLD H[SUHVDURQ TXH WDPELpQ H[LVWH
FRRSHUDFLyQFRQUHVSHFWRDOPLVPRDFXtIHUR
/DV LQWHUUHODFLRQHV GH FRRSHUDFLyQ VREUH ODV TXH VH LQIRUPD GLILHUHQ QR VyOR HQ
LQWHQVLGDG\QLYHOGHp[LWRVLQRWDPELpQHQFXDQWRDODHVIHUD\JDPDGHWHPDVVREUHODV
TXH KD YHUVDGR OD JDPD YD GHVGH LQWHUFDPELR GH LQIRUPDFLyQ KDVWD XQD FRPSOHMD
JHVWLyQ HVWUDWpJLFD FRQ UHVSHFWR D YDULRV WHPDV /D PD\RUtD GH ORV DFXHUGRV VH
37
HQFDPLQDQDXQDJHVWLyQFRQMXQWDGHODFXtIHURSDUDHOGHVDUUROORVRVWHQLEOHDVtFRPRD
OD SURWHFFLyQ GHO DFXtIHUR \ GH VX VLVWHPD HFROyJLFR 2WURV REMHWLYRV GH FRRSHUDFLyQ
PHQFLRQDGRV VRQ DGHPiV GH ORV GH LQWHUFDPELR GH LQIRUPDFLyQ \ UHDOL]DFLyQ GH
HVWXGLRV FLHQWtILFRV FRQMXQWRV SUHYHQFLyQ GH ULHVJRV PLWLJDFLyQ GH OD FRQWDPLQDFLyQ
FRODERUDFLyQWpFQLFD\PHGLGDVFRQFUHWDVWDOHVFRPRFRODERUDFLyQHQFDVRGHVHTXtDV
(QDOJXQRVFDVRVDXQTXHQRVHPHQFLRQDQLQWHUUHODFLRQHVDQLYHOGHORVJRELHUQRVVH
KDFHUHIHUHQFLDDODFRRSHUDFLyQFLHQWtILFDFRPRSRVLEOHLQWHUUHODFLyQHQWUHSDtVHVTXH
FRPSDUWHQ XQ DFXtIHUR FRPR RFXUUH FRQ OD PD\RUtD GH ORV DFXtIHURV FRPSDUWLGRV SRU
0p[LFR \ *XDWHPDOD /D LQYHVWLJDFLyQ UHDOL]DGD SRU ,16,980(+ HQ *XDWHPDOD \
&21$*8$ HQ 0p[LFR IXH FRRUGLQDGD SRU OD &RPLVLyQ ,QWHUQDFLRQDO GH /tPLWHV \
$JXDV &,/$ 0p[LFR*XDWHPDOD FRPR LQWHUUHODFLyQ WUDQVIURQWHUL]D SRVLWLYD HQWUH
DPERVSDtVHV
(QRWURVFDVRVVHLQIRUPDTXHODVLQWHUUHODFLRQHVHQFDPLQDGDVDHVWDEOHFHUFRRSHUDFLyQ
WUDQVIURQWHUL]D QR IXHURQ H[LWRVDV (O FDVR GHO DFXtIHUR7iFKLUD 3DPSORQLWD \ *XDMLUD
FRPSDUWLGR SRU9HQH]XHOD \ &RORPELD HV HQ HIHFWR XQ HMHPSOR HQ TXH ODV UHXQLRQHV
LQWHUQDFLRQDOHV SDUD OD UHDOL]DFLyQ GH HVWXGLRV \ DFXHUGRV LQWHJUDGRV QR DOFDQ]DURQ
WRGDYtDVXVREMHWLYRV
8QDGHODVLQWHUUHODFLRQHVGHFRRSHUDFLyQPiVH[LWRVDVVREUHODVTXHVHLQIRUPyHVHO
SUR\HFWR HQ HO DFXtIHUR *XDUDQt ILQDQFLDGR SRU HO )RQGR SDUD HO 0HGLR $PELHQWH
0XQGLDO *() (O SUR\HFWR GHO 6LVWHPD $FXtIHUR *XDUDQt 6$* LQGXMR OD
FRODERUDFLyQ HQWUH ORV SDtVHV UHVSHFWLYRV SDUD XQD PHMRU JHVWLyQ GHO VLVWHPD \ VX
SURWHFFLyQ'HKHFKRORVFXDWURSDtVHVHVWiQHODERUDQGRXQPDUFRLQVWLWXFLRQDOSDUDOD
JHVWLyQ \ SURWHFFLyQ HO DFXtIHUR SDUD OD DFWXDO JHQHUDFLyQ \ ODV IXWXUDV$VLPLVPR VH
SUHSDUyXQSUR\HFWRGH'HFODUDFLyQGHSULQFLSLRV\OtQHDVGHDFFLyQEiVLFRV
(QHOFDVRGH%UDVLOHVWHFRQVLGHUyHOSUR\HFWRFRPRXQSRVLEOHPRGHORGHPHMRUDGHOD
FRRSHUDFLyQHQRWURVDFXtIHURVGHODUHJLyQFRPRORVGH&DLXi%DXUX3DQWDQDO6HUUD
*HUDO\HODFXtIHUR<UHQGi7RED7DULMHxR
/RV HMHPSORV \ HO Q~PHUR GH DFWLYLGDGHV VREUH ODV TXH VH LQIRUPy PXHVWUDQ OD
H[LVWHQFLDGHXQDJHQXLQDYROXQWDGGHFRRSHUDFLyQ
$GHPiVODVLQWHUUHODFLRQHVSRVLWLYDVHVWiQUHODFLRQDGDVFRQXQDDPSOLDJDPDGHWHPDV
WDOHVFRPRFDOLGDG\YROXPHQGHODJXDSHURWDPELpQJHVWLyQFRQMXQWDLQWHUFDPELRGH
GDWRV PLWLJDFLyQ GH ULHVJRV \ FRRSHUDFLyQ WpFQLFD 'H KHFKR ORV SDtVHV HQFXHQWUDQ
QXPHURVDVUD]RQHVSDUDFRRSHUDU
¢4XpVHHVWiKDFLHQGRSDUDLQWHQVLILFDUODFRRSHUDFLyQ\RLPSHGLUHODXPHQWRGH
ODFRPSHWHQFLD"
/DVPHGLGDVDGRSWDGDVSDUDSUHYHQLUXQDSRVLEOHFRPSHWHQFLDRLPSHGLUHODXPHQWRGH
ODVLQWHUUHODFLRQHVGHFRPSHWHQFLDH[LVWHQWHVGLILHUHQVHJ~QORVSDtVHV\RHODFXtIHURGH
TXHVHWUDWH
/RV (VWDGRV 8QLGRV OOHYDURQ D FDER LQYHVWLJDFLRQHV FLHQWtILFDV VREUH UHFXUVRV
WUDQVIURQWHUL]RVSDUDSUHYHQLUHODXPHQWRGHODFRPSHWHQFLDHQWRUQRDORVDFXtIHURVTXH
FRPSDUWH FRQ VXV YHFLQRV (VDV LQYHVWLJDFLRQHV FLHQWtILFDV FRPSUHQGLHURQ HO
VHJXLPLHQWRGHODFDOLGDGGHORVUHFXUVRVKtGULFRVGHORVDFXtIHURVHVWXGLDGRVDVtFRPR
HOIOXMRGHOUtRGHOPLVPRVLVWHPD\HOPRGHODGRGHUHFXUVRVUHJLRQDOHV/DHYDOXDFLyQ
38
VyORIXHUHDOL]DGDSRU(VWDGRV8QLGRVVLQODFRRSHUDFLyQGHSDtVHVYHFLQRV'HKHFKR
HQHO&RQJUHVRGHORV(VWDGRV8QLGRVKDEtDVDQFLRQDGROD/H\GH(YDOXDFLyQGH
$FXtIHURV7UDQVIURQWHUL]RV(VWDGRV8QLGRV0p[LFR
(Q HO FDVR GH *XDWHPDOD \ (O 6DOYDGRU SDUWLFLSDURQ MXQWRV HQ HO SUR\HFWR 81(6&2
3&&3 GH HYDOXDFLyQ GHO HVWDGR GH FRQIOLFWR \ FRRSHUDFLyQ HQ HO DFXtIHUR 2VWXD
0HWDSiQTXHFRPSDUWHQ(OREMHWLYRGHOHVWXGLRHVSUHYHUODHYHQWXDOLQWHQVLILFDFLyQGH
XQDSRVLEOHFRPSHWHQFLDHQWUHDPERVSDtVHVFUHDQGRXQDYLVLyQFRP~QSDUDODJHVWLyQ
FRQMXQWDGHOUHIHULGRFXHUSRGHDJXD
3DUD SUHYHQLU HO GHVDUUROOR GH OD FRPSHWHQFLD HQ HO FDVR GHO DFXtIHUR GH 6DQWD &UX]
(VWDGRV 8QLGRV0p[LFR VH FUHy OD 'LUHFFLyQ GH 0DQHMR H ,PSRUWDFLyQ GH$JXD GH
6DQWD &UX] (Q HO FDVR GH 6DQ 3HGUR (VWDGRV 8QLGRV0p[LFR VH HVWDEOHFLHURQ
SURJUDPDV GH GHVYtR GH HIOXHQWHV GH DFWLYLGDGHV PLQHUDV DSDUWiQGRORV GHO UtR \ GH
LQFUHPHQWR GH OD UHFDUJD D OD YH] TXH VH OLPLWDED HO ERPEHR (Q HO FDVR GHO DFXtIHUR
(VTXLSXODV2FRWHSHTXH&LWDOi*XDWHPDOD(O6DOYDGRU+RQGXUDV\GHODFXtIHUR2VWXD
0HWDSiQ *XDWHPDOD(O 6DOYDGRU VH LQLFLDURQ DFWLYLGDGHV GH FRRSHUDFLyQ HQWUH
JRELHUQRVORFDOHV
/DVPHGLGDVDGRSWDGDVSDUDPHMRUDUODFRRSHUDFLyQH[LVWHQWHGLILHUHQWDPELpQVHJ~QORV
SDtVHV \ DFXtIHURV HQ FXHVWLyQ /DV DFWLYLGDGHV GH IRPHQWR GH OD FRRSHUDFLyQ PiV D
PHQXGR PHQFLRQDGDV FRQVLVWHQ HQ OD UHDOL]DFLyQ GH SUR\HFWRV PXOWLODWHUDOHV \ OD
HMHFXFLyQGHDFXHUGRVELODWHUDOHVRPXOWLODWHUDOHV8QHMHPSORGHSUR\HFWRELODWHUDOHVOD
FRQVWUXFFLyQGHXQDSODQWDHOpFWULFDHQ$UL]RQD(VWDGRV8QLGRVFRQODXWLOL]DFLyQGH
DJXDVUHVLGXDOHVSURYHQLHQWHVGH0p[LFRSDUDUHIULJHUDFLyQ\VXPLQLVWURGHHOHFWULFLGDG
DDPERV6HH[LPHDVtGHOSDJRGHWUDWDPLHQWRGHDJXDVUHVLGXDOHVPH[LFDQDV\VHFUHDQ
SXHVWRVGHWUDEDMRHQ$UL]RQD
2WUDV PHGLGDV HQWUH SDtVHV YHFLQRV SDUD PHMRUDU OD FRRSHUDFLyQ FRQVLVWHQ HQ OD
UHDOL]DFLyQ GH HVWXGLRV FLHQWtILFRV FRQMXQWRV FRQYHUVDFLRQHV LQIRUPDOHV \ UHXQLRQHV D
QLYHOORFDOQDFLRQDOHLQWHUQDFLRQDOVREUHGLIHUHQWHVWHPDVSRUHMHPSORWHPDVWpFQLFRV
HLQVWLWXFLRQDOHV
¢4XpSUHRFXSDFLRQHVVHSODQWHDQSDUDHOIXWXUR"
$XQTXH D~Q QR VH SODQWHDQ SUHRFXSDFLRQHV QL H[LVWH FRPSHWHQFLD HQ WRUQR D DOJXQRV
DFXtIHURV YDULRV SDtVHV PHQFLRQDQ OD SRVLELOLGDG GH IXWXUDV SUHRFXSDFLRQHV /DV
UD]RQHV GH HVD SUHRFXSDFLyQ VRQ P~OWLSOHV \ SRGUtDQ FRQVLVWLU HQ UHSHUFXVLRQHV GHO
FDPELRFOLPiWLFRDPSOLDXWLOL]DFLyQGHODJXDRFRQWDPLQDFLyQ
/DVSUHRFXSDFLRQHVGH0p[LFRVHUHODFLRQDQHQFDPELRFRQXQSRVLEOHLQFUHPHQWRGHO
ERPEHRSRUSDUWHGHORV(VWDGRV8QLGRVGHDJXDVGHORVDFXtIHURV6RQR\WD3iSDJRV\
5LR %UDYR*UDQGH TXH SURYRFDUtD XQD LPSRUWDQWH GLVPLQXFLyQ GH OD UHFDUJD GHO IOXMR
VXEWHUUiQHR 0p[LFR PHQFLRQD DVLPLVPR SUHRFXSDFLRQHV UHIHUHQWHV DO ULHVJR GH
FRQWDPLQDFLyQGHODVSDUWHVDOWDVGHORVDFXtIHURV2FRVLQJR8VXPDFLQWD3RFyP,[FiQ\
0DUTXpVGH&RPLOODV&KL[R\;DFOEDOTXHFRPSDUWHFRQ*XDWHPDOD
0XFKRV SDtVHV H[SUHVDURQ OD QHFHVLGDG GH FRRSHUDFLyQ IXWXUD HQ ORV DFXtIHURV TXH
FRPSDUWHQFRQVXVYHFLQRV/DVPHGLGDVUHFRPHQGDGDVPiVDPHQXGRSDUDHVWDEOHFHU
HVD FRRSHUDFLyQ FRQVLVWHQ HQ LQWHUFDPELR GH LQIRUPDFLyQ \ SDUWLFLSDFLyQ HQ HVWXGLRV
ELODWHUDOHV 6H FRQVLGHUD ~WLO DGHPiV GLVSRQHU GH DFXHUGRV \ SODQHV GH JHVWLyQ
39
ELODWHUDOHV DVt FRPR FRPLVLRQHV D QLYHO ORFDO TXH UH~QDQ D UHSUHVHQWDQWHV GH OD
SREODFLyQORFDO\DERUGHQWHPDVGHLQWHUpVFRP~Q
(Q HO FDVR GH 8UXJXD\ \$UJHQWLQD HVWRV H[SUHVDQ VX LQWHUpV HQ FRPSOHWDU \ OOHYDU D
FDERDFWLYLGDGHVWHQGLHQWHVDSUHVHUYDUODFDOLGDG\FDQWLGDGGHORVUHFXUVRVKtGULFRVGHO
DFXtIHUR6DOWR6DOWR&KLFR
&RQFOXVLRQHV
$XQTXH QR WRGRV ORV SDtVHV UHVSRQGLHURQ D PXFKDV SDUWHV GHO FXHVWLRQDULR OD
LQIRUPDFLyQUHFRJLGDOOHYDDODFRQFOXVLyQGHTXHHOEDODQFHGHODVLQWHUUHODFLRQHVVREUH
HOXVRGHDFXtIHURVFRPSDUWLGRVVHLQFOLQDKDFLDODFRRSHUDFLyQ
(QORVLQIRUPHVGHSDtVHVVHIRUPXODQGHFODUDFLRQHVFDVLWRGDVHOODVSRVLWLYDVVREUH
DFXtIHURVHQWDQWRTXHLQIRUPHVHQTXHVHDOXGHDFRPSHWHQFLDYHUVDQVREUHHOXVR
GH RFKR DFXtIHURV (O Q~PHUR GH LQWHUUHODFLRQHV SRVLWLYDV VREUH ODV TXH VH LQIRUPy
VXSHUDHOGHLQWHUUHODFLRQHVGHFRPSHWHQFLD$QiORJDPHQWHHOQ~PHURGHDFXtIHURVHQ
TXHKDKDELGRFRRSHUDFLyQVXSHUDHOQ~PHURGHDFXtIHURVHQTXHH[LVWHODVHQVDFLyQGH
TXH KD KDELGR FRPSHWHQFLD 1LQJ~Q SDtV GHFODUy H[FOXVLYDPHQWH LQWHUUHODFLRQHV
QHJDWLYDV
$GHPiVODFRRSHUDFLyQDEDUFDXQDDPSOLDJDPDGHWHPDVHQWDQWRTXHODFRPSHWHQFLD
HQJHQHUDOJXDUGDUHODFLyQFRQODFDOLGDG\HOYROXPHQGHDJXD
$VLPLVPRVHLQIRUPDTXHODFRRSHUDFLyQVHGDGHQWURRIXHUDGHXQPDUFRSROtWLFR1R
REVWDQWH SDtVHV FRPR &DQDGi \ (VWDGRV 8QLGRV TXH WLHQHQ XQD ODUJD KLVWRULD GH
FRRSHUDFLyQ\XVRFRPSDUWLGRGHUHFXUVRVKtGULFRVVXSHUILFLDOHVFRQXQVyOLGRDFXHUGR
\ XQD &RPLVLyQ HQ IXQFLRQDPLHQWR VH LQWHUUHODFLRQDQ HQ IRUPD EDVWDQWH PiV SRVLWLYD
TXH RWURV HQ WRUQR D ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV (Q RWURV SDtVHV FRPR ORV GHO
DFXtIHUR *XDUDQt OD FRRSHUDFLyQ FRQ UHVSHFWR DO DFXtIHUR KD VLGR LQGXFLGD SRU ORV
FLHQWtILFRV \ GHWDOODGD HQ XQ SUR\HFWR DFRUGDGR SRU ORV SDtVHV /D H[LVWHQFLD GH XQ
PDUFRD\XGDDTXHODVLQWHUUHODFLRQHVVHDQSRVLWLYDV\VHGHVDUUROOHQKDVWDGDUOXJDUDOD
FRRSHUDFLyQ
/RVSDtVHVTXHUHVSRQGLHURQDHVWHFXHVWLRQDULREXVFDQ\UHDOL]DQFRRSHUDFLyQFLHQWtILFD
\ WpFQLFD \ OD FRQVLGHUDQ FRPR XQ FDPLQR TXH FRQGXFH D OD LQWHQVLILFDFLyQ GH OD
FRRSHUDFLyQSROtWLFD
(QJHQHUDODFWLYLGDGHVXQLODWHUDOHVWDOHVFRPRHVWXGLRVHYDOXDFLRQHVHLQYHVWLJDFLRQHV
IDYRUHFHQ OD FRRSHUDFLyQ DXQTXH pVWD QR VH HVWDEOH]FD RILFLDOPHQWH HQWUH SDtVHV TXH
FRPSDUWHQ XQ DFXtIHUR HQ WDQWR TXH ODV DFWLYLGDGHV XQLODWHUDOHV HQFDPLQDGDV HQ XQ
VHQWLGRQHJDWLYRQRKDFHQPiVTXHDPSOLDUODEUHFKDHQWUHORVSDtVHV6HKDLQIRUPDGR
GHDFWLYLGDGHVGHIRPHQWRGHODFRRSHUDFLyQHQWDQWRTXHQRVHGHFODUyQLQJXQDVHULD
GLYHUJHQFLDGHRSLQLRQHV
(VDV UHWURLQIRUPDFLRQHV VREUH ODV LQWHUUHODFLRQHV HQWUH ORV SDtVHV TXH FRPSDUWHQ XQ
DFXtIHURPXHVWUDQXQDPX\SURQXQFLDGDWHQGHQFLDKDFLDODFRRSHUDFLyQ\FRQILUPDQOD
SRVLELOLGDGGHTXHSDUWHVFRQLQWHUHVHVGLYHUJHQWHVXWLOLFHQDUPRQLRVDPHQWHXQUHFXUVR
FRP~Q/RJUDUFRRSHUDFLyQHQWRUQRDDFXtIHURVFRPSDUWLGRVJDUDQWL]DODGLVSRQLELOLGDG
GHDJXDGHEXHQDFDOLGDG\HQFDQWLGDGDGHFXDGDSDUDORVSXHEORVFX\DYLGDGHSHQGH
40
GHOUHFXUVR$XQFXDQGRVHDQFRPSDUWLGRVSRUYDULRVLQWHUHVDGRVORVDFXtIHURVQRVRQ
HQPRGRDOJXQRXQDIXHQWHGHFRQIOLFWRVLQHYLWDEOHV
/RV DFXtIHURV FRPSDUWLGRV QR GHEHQ FRQFHELUVH DXWRPiWLFDPHQWH FRPR XQ UHFXUVR
OLPLWDGRHQWRUQRDOFXDOFRPSLWHQGLIHUHQWHVSDUWHVVLQRFRPRXQUHFXUVRPXOWLIDFpWLFR
TXHEULQGDRSRUWXQLGDGHVSDUDFUHDUQXHYRVEHQHILFLRVTXHKDQGHFRPSDUWLUVHUHVROYHU
SUREOHPDVGHORVLQWHUHVDGRV\DWHQGHUVXVUHVSHFWLYRVLQWHUHVHV
41
&21&/86,21(6<5(&20(1'$&,21(6
&RQFOXVLRQHV
/RV UHVXOWDGRV GH ORV SULPHURV VLHWH DxRV GHO 3URJUDPD 81(6&22($
,6$50 $PpULFDV FRQ OD SDUWLFLSDFLyQ DFWLYD GH ORV SDtVHV GH OD UHJLyQ TXH
FRPSDUWHQ VLVWHPDV DFXtIHURV WUDQVIURQWHUL]RV PXHVWUDQ XQD HYROXFLyQ FUHFLHQWH GHO
FRQRFLPLHQWR GHO Q~PHUR GH DFXtIHURV \ GH VXV FDUDFWHUtVWLFDV KLGURJHROyJLFDV
VRFLRHFRQyPLFDVDPELHQWDOHVFOLPiWLFDV\OHJDOHV
'XUDQWH HO GHVDUUROOR GH ORV 7DOOHUHV GH &RRUGLQDFLyQ OD HODERUDFLyQ GH ORV OLEURV
SXEOLFDGRV \ DFWLYLGDGHV GH ORV HVWXGLRV GH FDVR VH SXGR FRPSUREDU HO LQWHUpV \ OD
FDSDFLGDGGHORVSDtVHVTXHFRPSDUWHQDFXtIHURVGHWUDEDMDU\FRODERUDUHQHOPDUFRGHO
3URJUDPD81(6&22($,6$50$PpULFDV
&DGD YH] PiV ORV SDtVHV GHO KHPLVIHULR HVWiQ WRPDQGR HQ FXHQWD ORV DGHODQWRV
FLHQWtILFRV HQ HO FDPSR GH OD KLGURJHRORJtD EXVFDQGR GHILQLU PDUFRV GH UHJXODFLyQ
SDUDIDFLOLWDUHOXVR\ODJHVWLyQGHORVUHFXUVRVKtGULFRVVXEWHUUiQHRVORFXDOUHIOHMDHO
GHVHRGHHQIUHQWDUORVSUREOHPDVUHODFLRQDGRVDORVDFXtIHURVWUDQVIURQWHUL]RVGHPDQHUD
FRKHUHQWHHLQWHJUDGD
(QWUHWDQWRVHREVHUYDTXHHQJHQHUDOORVSUREOHPDVTXHDIHFWDQODVDJXDVVXEWHUUiQHDV
WUDQVIURQWHUL]DVVHUHODFLRQDQFRQODIDOWDGHLQIRUPDFLyQ0XFKDVYHFHVGDWRVTXHVRQ
YLWDOHVSDUDODJHVWLyQGHODJXDHVWiQIUDJPHQWDGRVRQRVHHQFXHQWUDQGLVSRQLEOHV/D
IDOWD GH LQIRUPDFLyQ DIHFWD OD IRUPD HQ TXH ORV SROtWLFRV \ HO S~EOLFR SHUFLEDQ D HVWH
YDOLRVRUHFXUVRVXEWHUUiQHR\OLPLWDODFRPSUHQVLyQGHVXLPSRUWDQFLDSDUDODVHJXULGDG
DOLPHQWDUtD \ HO DOLYLR GH OD SREUH]D (VWR JHQHUDOPHQWH VH WUDGXFH HQ SROtWLFDV
IUDJPHQWDGDV \ DXVHQFLD GH HVWUDWHJLDV GH JHVWLyQ LQWHJUDGD GH ORV UHFXUVRV
VXEWHUUiQHRV
5HFRPHQGDFLRQHV
/RV SDVRV GHILQLGRV SDUD ODV DFWLYLGDGHV SURJUDPDGDV HQ HO PDUFR GHO 3URJUDPD
81(6&22($ ,6$50 $PpULFDV GHPXHVWUDQ XQD FRQFLHQFLD SDUD OD
FRQVROLGDFLyQ GHO FRQRFLPLHQWR REWHQLGR D WUDYpV GH OD SXEOLFDFLyQ GH ODV EDVHV SDUD
XQDHVWUDWHJLDSDUDODJHVWLyQLQWHJUDGDGHORVVLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV
$PpULFDV\GHODVEXHQDVSUiFWLFDVGHORVHVWXGLRVGHFDVRDVtFRPRODGLVHPLQDFLyQGH
ODLQIRUPDFLyQREWHQLGDDWUDYpVGHXQDSODWDIRUPDHOHFWUyQLFD
+D\WRGDYtDXQDQHFHVLGDGXUJHQWHGHXQDPD\RUFRPXQLFDFLyQHQWUHWRGRVORVDFWRUHV
LQYROXFUDGRV HQ DJXDV VXEWHUUiQHDV WUDQVIURQWHUL]DV SDUD IDFLOLWDU XQ PD\RU
FRQRFLPLHQWR\HOXVRVRVWHQLEOHGHHVWHYDOLRVRUHFXUVR
'HEH UHDOL]DUVH HO EDODQFH \ OD HYDOXDFLyQ GH ORV DxRV GHO 3URJUDPD ,6$50
$PpULFDVHQSDUDGHILQLUORVIXWXURVSDVRVTXHGHEHUiQVHUFRQVLGHUDGRVSRUWRGRV
ORVLQWHUHVDGRV
42
&225',1$'25(6
1$&,21$/(6
,167,78&,21(6
&2/$%25$'25(6,167,78&,21$/(6
$5*(17,1$
2IHOLD7XMFKQHLGHU
,QYHVWLJDGRU&21,&(7
3URIHVRU7LWXODU*HVWLyQGHORV5HFXUVRV+tGULFRV6XEWHUUiQHRV
*UXSRGH,QYHVWLJDFLRQHV*HRKLGUROyJLFDV
)DFXOWDGGH,QJHQLHUtD\&LHQFLDV+tGULFDV
8QLYHUVLGDG1DFLRQDOGHO/LWRUDO
&LXGDG8QLYHUVLWDULD6DQWD)H±$UJHQWLQD
7HO,QW
7HO)D[
HPDLOSLFK\#ILFKXQOHGXDU
&RODERUDGRUHV
v
9HUyQLFD0XVDFFKLR
%(/,=(
5XGROSK:LOOLDPV-U
+\GURORJLVW
1DWLRQDO0HWHRURORJLFDO6HUYLFH
3KLOLS*ROGVRQ,QWHUQDWLRQDO$LUSRUW
32%R[
%HOL]H&LW\%HOL]H
HPDLOUZLOOLDPV#K\GURPHWJRYE]UXGROSKBZLOOLDPV#KRWPDLOFRP
UXGROSKBZLOOLDPV#\DKRRFRP
%2/,9,$
+XJR'HOJDGR%XUJRV
'LUHFWRU*HQHUDO(MHFXWLYR
6HUYLFLR1DFLRQDOGH*HRORJtD\0LQHUtD
6(5*(27(&0,1
)HGHULFR=XD]R(VTXLQD5H\HV2UWL]
/D3D]%ROLYLD
7HO
)D[
HPDLOKGHOJDGR#VHUJHRPLQJRYER
&RODERUDGRUHV
v
(TXLSRGH6(5*(27(&0,1
v
0D\HO6XQDJXD&RUR
<
43
%5$6,/
-~OLR7KDGHX6LOYD.HWWHOKXW
'LUHWRUGR3URJUDPDGH,PSOHPHQWDomR
6HFUHWDUtDGH5HFXUVRV+tGULFRVH$PELHQWH8UEDQR
'LUHWRULDGH5HFXUVRV+tGULFRV
6(31/RWH7HUUHR
&(3%UDVtOLD')
7HO
HPDLOMXOLRNHWWHOKXW#PPDJRYEU
&RODERUDGRUHV
v
$GULDQD1LHPH\HU3LUHV)HUUHLUD
v
&ODXGLD)HUUHLUD/LPD
v
/DHVWDQLVODXOD6RX]D6LOYD
v
5RVHOLGRV6DQWRV6RX]D
v
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
&$1$'$
$OIRQVR5LYHUD
&KLHI+\GURJHRORJLVWDQG3URJUDP0DQDJHU
*HRORJLFDO6XUYH\RI&DQDGD
1DWXUDO5HVRXUFHV&DQDGD
UXHGHOD&RXURQQH
4XHEHF4XHEHF*.$&DQDGD
7HO
)D[
HPDLODULYHUD#QUFDQJFFD
&RODERUDGRUHV
v
'LDQD$OOHQ
&+,/(
0DUtD$QJpOLFD$OHJUtD
,QJHQLHUR$VHVRU'*$
(VWDGR3LVR
6DQWLDJR&KLOH
7HO
HPDLOPDULDDOHJULD#PRSJRYFO
&RODERUDGRUHV
v
&DUORV%HUURHWD%XVWRV
v
0DUFHOR(VSLQR]D
44
&2/20%,$
2PDU)UDQFR
-HIHGH+LGURORJtD0HWHRURORJtD\(VWXGLRV$PELHQWDOHV
6DQWD)HGH%RJRWi&RORPELD
7HO
HPDLORIUDQFR#LGHDPJRYFR
&RODERUDGRUHV
v
1HOVRQ2PDU9DUJDV0DUWtQH]
&267$5,&$
5RGULJR$&DOYR3RUUDV
,QJHQLHUR+LGURJHyORJR
ÈUHDGH$XVFXOWDFLyQGH2EUDV
,QVWLWXWR&RVWDUULFHQVHGH(OHFWULFLGDG±,&(
32%R[6DQ-RVp&RVWD5LFD
7HO
&HO
HPDLOUFDOYRS#LFHJRFUFDOYRUS#JPDLOFRP
(&8$'25
*XLOOHUPR*DOODUGR
'LUHFWRU(MHFXWLYR
,1$0+,
,xDTXLWR1\&RUHD
(FXDGRU
7HOIH[W
HPDLOLQDPKL#LQDPKLJRYHF
&RODERUDGRUHV
v
1DSROHyQ%XUEDQR
(/6$/9$'25
$QD'HLV\/ySH]5DPRV
'LUHFWRUD6HUYLFLR+LGUROyJLFR1DFLRQDO6+1
6HUYLFLR1DFLRQDOGH(VWXGLRV7HUULWRULDOHV±61(7
0LQLVWHULRGH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV0$51
7HO
)D[
HPDLOGORSH]#PDUQJREVY
45
&RODERUDGRUHV
v
(OL]DEHWK*UDQDGRV
(67$'2681,'26'($0e5,&$
1RUPDQ*UDQQHPDQQ
86*HRORJLFDO6XUYH\86*6
0HUFDQWLOH:D\6XLWH
/DQVLQJ0,
7HO
HPDLOQJJUDQQH#XVJVJRY
&RODERUDGRUHV
v
,QJULG9HUVWUDHWHQ
v
-RKQ:LOOLDPV
v
:HVOH\5'DQVNLQ
v
-DPHV/HHQKRXWV
v
-RKQ+RIIPDQQ
v
-DPHV6WHIDQRY
v
$QQ$GLV
*8$7(0$/$
9tFWRU0DQXHO3pUH]
-HIHGH8QLGDGGH6HUYLFLRV+tGULFRV
,QVWLWXWRGH0HWHRURORJtDH+LGURORJtD,16,980(+
$YHQLGD=RQD
*XDWHPDOD&LXGDG*XDWHPDOD
7HO
)D[
HPDLOYLFPDQ#\VKRRFRPLQGLUHFFLRQ#LQVLYXPHKJREJW
&RODERUDGRUHV
v
)XOJHQFLR*DYDULWR
*8<$1$
%KDOHND6HXODOO
$FWLQJ&KLHI+\GURPHWHRURORJLFDO2IILFHU
0LQLVWU\RI$JULFXOWXUH
+\GURPHWHRURORJLFDO6HUYLFH*X\DQD
7HO
HPDLOEKDOHNDVHXODOO#\DKRRFRP
46
&RODERUDGRUHV
v
$OEHUW0HQWH
+$,7Ë
$VWUHO-RVHSK
&RRUGRQQDWHXUGHV'LUHFWLRQV'pSDUWHPHQWDOHV
0LQLVWqUHGHO
(QYLURQQHPHQW
+DXW7XUJHDX
7HO
&HO
&RXUULHODVWUHOMR#\DKRRIURVQLFNMRVHSK#JPDLOFRP
&RODERUDGRUHV
v
(PPDQXHO0ROOLpUH
+21'85$6
6HUJLR*DOHO6iQFKH]$ULWD
'LUHFFLyQGH5HFXUVRV+tGULFRVGHOD6(51$
7HO)D[
'LUHFFLyQ(GLILFLRGH'()20,1
$YH/D)$2%RXOHYDUG&HQWURDPHULFD
7HJXFLJDOSD+RQGXUDV&$
HPDLOJDOHOKQ#\DKRRHV
0e;,&2
)HOLSH,$UUHJXLQ&RUWH]
6XEGLUHFWRU*HQHUDO7pFQLFR
&RPLVLyQ1DFLRQDOGHO$JXD±&1$
,QVXUJHQWHV6XUÂ3LVR&RO(UPLWD
0p[LFR')0p[LFR
7HO
)D[
HPDLOIHOLSHDUUHJXLQ#FRQDJXDJREP[
&RODERUDGRUHV
v
v
5XEpQ&KDYHV*XLOOpQ
9tFWRU0&DVWDxyQ$UFRV
47
1,&$5$*8$
5LJREHUWR/ySH]9DOGLYLD
2ILFLQDGH5HFXUVRV+LGULFRV\&XHQFDV+LGURJUiILFDV
0$5(1$
0DQDJXD1LFDUDJXD
7HOH[W
HPDLOULORYDO#\DKRRFRP
&RODERUDGRUHV
v
3HWURQD*DJR
3$1$0È
6LOYDQR9HUJDUD
'LUHFWRUGH&XHQFDV
-HIHGHOD'LUHFFLyQGH3DWULPRQLR1DWXUDO
R
$XWRULGDG1DFLRQDOGHO$PELHQWHGH3DQDPi
$OEURNH(GLI SLVR
&LXGDGGH3DQDPi5HS~EOLFDGH3DQDPi
7HO
)D[
HPDLOVLOYDQRBYHUJDUD#DQDPJRESD
&RODERUDGRUHV
v
(ULF7HMHUD
3$5$*8$<
)HUQDQGR/DUUR]D
&RRUGLQDGRU1DFLRQDO
'LUHFWRU*HQHUDO
'*3&5+6($0
7HO)D[
$VXQFLyQ3DUDJXD\
HPDLOUKLGULFRV#VHDPJRYS\IHUQDQGRODUUR]D#JPDLOFRP
&RODERUDGRUHV
v
$QD0DULD&DVWLOOR&OHULFL
v
)pOL[&DUYDOKR
v
1pVWRU&DEUDO
3(5Ò
(GZLQ=HQWHQR7XSLxR
'LUHFFLRQGH&RQVHUYDFLyQ
$XWRULGDG1DFLRQDOGHO$JXD$1$
48
&DOOH'LHFLVLHWH
8UE(O3DORPDU±6DQ,VLGUR
/LPD3HUX
7HO
HPDLOH]HQWHQR#DQDJRESH=HQWHQRHGZLQ#KRWPDLOFRP
5(3Ò%/,&$'20,1,&$1$
)UDQFLVFR75RGUtJXH]
'LUHFWRU(MHFXWLYR
,QVWLWXWR1DFLRQDOGH5HFXUVRV+tGUDXOLFRV±,1'5+,
$Y-LPHQH]0R\DHVT5HS~EOLFDGH/tEDQR&HQWURGHORV+pURHV
$SDUWDGR3RVWDO
6DQWR'RPLQJR5HS~EOLFD'RPLQLFDQD
7HO
)D[
HPDLOGLUHFFLRQ#LQGUKLJRYGRIWURGULJXH]#FRGHWHOQHWGR
&RODERUDGRUHV
v
;LRPDUD/XEHUHV
v
&DURO&DWKHOLQH
v
+pFWRU5RGUtJXH]
v
<HQQ\5RGULJXHV(QFDUQDFLyQ
685,1$0
0RHNLUDQ$UPDQG$PDWDOL
0LQLVWU\RI3XEOLF:RUNV
'LUHFWRU+\GUDXOLF5HVHDUFK'LYLVLRQ
&RPP:H\WKLQJKZHJ
3DUDPDULER6XULQDP
7HOKRPHPRELOH
)D[
HPDLODUPDQGBDPDW#\DKRRFRP
&RODERUDGRUHV
v
$OEHUWH0HQWH
858*8$<
-RVp/XLV*HQWD
'LUHFWRU1DFLRQDOGH$JXDV\6DQHDPLHQWR
0LQLVWHULRGH9LYLHQGD2UGHQDPLHQWR7HUULWRULDO\0HGLR$PELHQWH
49
5LQFyQ3LVR0RQWHYLGHR8UXJXD\
7HOH[W
)D[
HPDLOMOJHQWD#PYRWPDJXEX\
&RODERUDGRUHV
v
(GL-XUL
v
/RXUGHV%DWLVWD
v
-XDQ/HGHVPD
v
;LPHQD/DFXpV
v
3DEOR'HFRXG
v
0DOHQD3HVVL
9(1(=8(/$
)HUQDQGR'HFDUOL5
&RRUGLQDGRUGH+LGURORJtD6XEWHUUiQHD
,QVWLWXWR1DFLRQDOGH0HWHRURORJtDH+LGURORJtD,1$0(+
'LUHFFLyQ&DUUHWHUD+R\RGHOD3XHUWD$Y3ULQFLSDOGH6DUWHQHMD3DUTXH7HFQROyJLFR
,'($(GLILFLR,1$0(+&DUDFDV0XQLFLSLR%DUXWD(VWDGR0LUDQGD
5HS~EOLFD%ROLYDULDQDGH9HQH]XHOD
7HO
&HO
HPDLOIGHFDUOLUD#JPDLOFRPIGHFDUOL#LQDPHKJREYHIGHFDUOL#KRWDPLOFRP
&RRUGLQDGRU5HJLRQDOGHO3URJUDPD81(6&22($,6$50$PpULFDV
1HOVRQGD)UDQFD5LEHLURGRV$QMRV
(VSHFLDOLVWDHQ5HFXUVRV+tGULFRV
%UDVLOLD%UDVLO
HPDLOQHOVRQGDIUDQFD#\DKRRFRPEU
81(6&2
9LFWRU3RFKDWDSDUWLUGHPDU]RGH
&RRUGLQDGRU5HJLRQDO5HVSRQVDEOH
3URJUDPD+LGUROyJLFR,QWHUQDFLRQDO
81(6&2
(GLILFLR0(5&2685
'U/XLV3LHUDRSLVR
0RQWHYLGHR8UXJXD\
7HO
)D[
HPDLOSKL#XQHVFRRUJX\YSRFKDW#XQHVFRRUJX\
50
0DULD&RQFHSFLyQ'RQRVRKDVWDHQHURGH
+LGUyORJD5HJLRQDOSDUD$PHULFD/DWLQD\HO&DULEH
(VSHFLDOLVWDGH3URJUDPDV&LHQFLDV$PELHQWDOHV\5HFXUVRV+tGULFRV
=HOPLUD0D\
$VLVWHQWH7pFQLFD
3URJUDPD+LGUROyJLFR,QWHUQDFLRQDO
81(6&2
(GLILFLR0(5&2685
'U/XLV3LHUDRSLVR
0RQWHYLGHR8UXJXD\
7HO
)D[
HPDLOSKL#XQHVFRRUJX\]PD\#XQHVFRRUJX\
&RODERUDGRUHV
0DQXHO0DUWtQH]3DVDQWH
&KU\VWHO2FDQWR3DVDQWH
2($2$6
0D[LPLOLDQR&DPSRVDSDUWLUGHVHWLHPEUHGH
-HIHÈUHD*HRJUiILFD$PpULFD/DWLQD
'HSDUWPHQWRI6XVWDLQDEOH'HYHORSPHQW'6'
2UJDQL]DWLRQRI$PHULFDQ6WDWHV±2$6
)6WUHHW1:
:DVKLQJWRQ'&86$
7HO
)D[
HPDLOPFDPSRV#RDVRUJ
-RUJH5XFNVKDVWDVHWLHPEUHGH
-HIHÈUHD*HRJUiILFD$PpULFD/DWLQD
HPDLOMRUJHUXFNV#JPDLOFRP
/\GLD0DUtD8JDV&DUUR
3URMHFW7HFKQLFDO$VVLVWDQW 'HSDUWPHQWRI6XVWDLQDEOH'HYHORSPHQW'6'
2UJDQL]DWLRQRI$PHULFDQ6WDWHV±2$6
)6WUHHW1:
:DVKLQJWRQ'&86$
7HO
)D[
HPDLOOXJDV#RDVRUJ
51
6,*/$6<6,7,26:(%
$5*(17,1$
,1$
,QVWLWXWR1DFLRQDOGHO$JXD±ZZZLQDJRYDU
),&+81/ )DFXOWDGGH,QJHQLHUtD\&LHQFLDV+tGULFDVGHOD8QLYHUVLGDG1DFLRQDO
GHO/LWRUDO±ZZZILFKXQOHGXDU
%(/,&(
106
1DWLRQDO0HWHRURORJLFDO6HUYLFH±ZZZK\GURPHWJRYE]
%2/,9,$
6(5*(27(&0,1 6HUYLFLR1DFLRQDOGH*HRORJtD\0LQHUtD±ZZZVHUJHRPLQER
00$
0LQLVWHULRGHO$JXD\0HGLR$PELHQWH±ZZZPPDJRYEU
%5$6,/
$1$
$JrQFLD1DFLRQDOGH$JXDV±ZZZDQDJRYEU
65+800$ 6HFUHWDUtD GH 5HFXUVRV +tGULFRV H $PELHQWH 8UEDQR ±
ZZZPPDJRYEU
&$1$'È
*6&
6HUYLFLR*HROyJLFRGH&DQDGi*HRORJLFDO6HUYLFH&DQDGi
15&DQ
1DWXUDO 5HVRXUFHV &DQDGi 0LQLVWHULR GH 5HFXUVRV 1DWXUDOHV ±
ZZZQUFDQJFFDHVV (DUWK 6FLHQFHV 6HFWRU ZZZHVVQUFDQJFFD ZZZQUFDQHVVJFFDJP*URXQGZDWHU3URJUDP
&2/20%,$
,'($0
,QVWLWXWR GH +LGURORJtD 0HWHRURORJtD \ (VWXGLRV $PELHQWDOHV ±
ZZZLGHDPJRYFR
0$9'7
0LQLVWHULR GHO $PELHQWH 9LYLHQGD \ 'HVDUUROOR 7HUULWRULDO ±
ZZZPLPDPELHQWHJRYFR
&267$5,&$
,&(
,QVWLWXWR&RVWDUULFHQVHGH(OHFWULFLGDG±ZZZJUXSRLFHFRP
'5+
'LUHFFLyQ*HQHUDOGH$JXDV±ZZZGUKJRYFU
0,1$(7
0LQLVWHULR GH $PELHQWH (QHUJtD \ 7HOHFRPXQLFDFLRQHV ±
ZZZPLQDHJRYFU
&+,/(
&21$3+, &RPLWp1DFLRQDOGHO3URJUDPD+LGUROyJLFR,QWHUQDFLRQDOGHO&KLOH
023
0LQLVWHULRGH2EUDV3~EOLFDV±ZZZPRSFO
'*$
'LUHFFLyQ*HQHUDOGH$JXDV±ZZZGJDFO
(&8$'25
,1$0+,
,QVWLWXWR1DFLRQDOGH0HWHRURORJtDH+LGURORJtD±ZZZLQDPKLJRYHF
6(1$*8$ 6HFUHWDUtD1DFLRQDOGHO$JXD±ZZZVHQDJXDJRYHF
(/6$/9$'25
61+
6HUYLFLR+LGUROyJLFR1DFLRQDO
61(7
6HUYLFLR1DFLRQDOGH(VWXGLRV7HUULWRULDOHV±ZZZVQHWJREVY
0$51
0LQLVWHULR GHO 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV ±
ZZZPDUQJREVY
52
(67$'2681,'26
,%:&
,QWHUQDFLRQDO %RXQGDU\ DQG:DWHU &RPPLVVLRQ&RPLVLyQ ,QWHUQDFLRQDO
GH/tPLWHV\$JXDV0p[LFR86$±ZZZLEZFVWDWHJRY
,-&
,QWHUQDWLRQDO -RLQW &RPPLVVLRQ&RPLVLyQ ,QWHUQDFLRQDO &RQMXQWD 86$
&DQDGi±ZZZLMFRUJ
86*6
8QLWHG 6WDWHV *HRORJLFDO 6XUYH\6HUYLFLR *HROyJLFR GH ORV (VWDGRV
8QLGRV±ZZZXVJVJRYZZZZDWHUXVJVJRYDJZJZUS*URXQGZDWHU
5HVRXUFHV3URJUDPZZZZDWHUXVJVJRY:DWHU5HVRXUFHV3URJUDP
*8$7(0$/$
,16,980(+ ,QVWLWXWR 1DFLRQDO GH 6LVPRORJtD 0HWHRURORJtD \ +LGURORJtD ±
ZZZQVLYXPHKJREJW
*8<$1$
+60$
+\GURPHWHRURORJLFDO6HUYLFH0LQLVWU\RI$JULFXOWXUH±ZZZPDJRYJ\
+$,7Ë
8QL4
8QLYHUVLWp4XLVTXHLD±ZZZXQLTKW
8(+
8QLYHUVLWpG¶eWDW+DLWt
0$51'5 0LQLVWqUHGHO¶$JULFXOWXUH
0'(
0LQLVWqUHGHO¶(QYLURQQPHQW
615(
6HUYLFH1DWLRQDOGrV5HVRXUFHVHP(DX[±ZZZ+DLWtJRY
+21'85$6
'*5+6(51$ 'LUHFFLyQ*HQHUDOGH5HFXUVRV+tGULFRVGHOD6HFUHWDUtDGH5HFXUVRV
1DWXUDOHV\$PELHQWH±ZZZVHUQDJREKQ
0e;,&2
&21$*8$&1$ &RPLVLyQ1DFLRQDOGHO$JXD±ZZZFRQDJXDJREP[
&,/$
&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHVHQWUH0p[LFR\(VWDGRV8QLGRV
±ZZZFLODRUJP[
6(0$51$7
6HFUHWDUtD GH 0HGLR $PELHQWH \ 5HFXUVRV 1DWXUDOHV ±
ZZZVHPDUQDWJREP[
1,&$5$*8$
'*31
'LUHFFLyQ*HQHUDOGHO3DWULPRQLR1DWXUDO
0$5(1$ 0LQLVWHULRGHO$PELHQWH\5HFXUVRV1DWXUDOHV±ZZZPDUHQDJREQL
3$1$0È
$1$0
$XWRULGDG1DFLRQDOGHO$PELHQWHGH3DQDPi±ZZZDQDPJRESD
',*,&+
'LUHFFLyQGH*HVWLyQ,QWHJUDGDGH&XHQFDV+LGURJUiILFDV
3$5$*8$<
'*3&5+ 'LUHFFLyQ *HQHUDO GH 3URWHFFLyQ \ &RQVHUYDFLyQ GH ORV 5HFXUVRV
+tGULFRV
6($0
6HFUHWDUtDGHO$PELHQWH±ZZZVHDPJRYS\
3(5Ò
$1$
$XWRULGDG1DFLRQDOGHO$JXD±ZZZDQDJRESH
53
5(3Ò%/,&$'20,1,&$1$
,1'5+,
,QVWLWXWR1DFLRQDOGH5HFXUVRV+LGUiXOLFRV±ZZZLQGUKLJRYGR
685,1$0
+5103: +\GUDXOLF 5HVHDUFK 'LYLVRU\ 0LQLVWU\ RI 3XEOLF :RUNV ±
ZZZPSZJRYVX
858*8$<
',1$6$
'LUHFFLyQ1DFLRQDOGH$JXDV\6DQHDPLHQWR
09270$ 0LQLVWHULR GH 9LYLHQGD 2UGHQDPLHQWR 7HUULWRULDO \ 0HGLR$PELHQWH ±
ZZZPYRWPDJREX\
',1$0,*( 'LUHFFLyQ1DFLRQDOGH0LQHUtD\*HRORJtD±ZZZGLQDPLJHJREX\
26(
2EUDV6DQLWDULDVGHO(VWDGR±ZZZRVHFRPX\
'1+
'LUHFFLyQ1DFLRQDOGH+LGURJUDItD±ZZZGQKJREX\
9(1(=8(/$
,1$0(+
,QVWLWXWR1DFLRQDOGH0HWHRURORJtDH+LGURORJtD±ZZZLQDPHKJREYH
0,1$0% 0LQLVWHULRGHO3RGHU3RSXODUSDUDHO$PELHQWH±ZZZPLQDPJREYH
25*$1,=$&,21(6,17(51$&,21$/(6
2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD
81(6&2
&XOWXUD±ZZZXQHVFRRUJX\
3URJUDPD+LGUROyJLFR,QWHUQDFLRQDO±ZZZXQHVFRRUJX\SKL
3+,
2UJDQL]DFLyQGHORV(VWDGRV$PHULFDQRV±ZZZRDVRUJ
2($
'HSDUWDPHQWRGH'HVDUUROOR6RVWHQLEOH±ZZZRDVRUJGVG
''6
)RQGR (VSHFLDO 0XOWLODWHUDO GH &RQVHMR ,QWHUDPHULFDQR SDUD HO
)(0&,',
'HVDUUROOR,QWHJUDO±ZZZRDVRUJ
81::$3 8QLWHG 1DWLRQV :RUOG :DWHU $VVHVVPHQW 3URJUDPPH ZZZXQHVFRRUJZDWHUZZDS
54
$1(;2
),&+$6<0$3$6
6,67(0$6$&8Ë)(52675$16)5217(5,=26
'(/$6$0e5,&$6
$PpULFDGHO1RUWH
&DULEH
&HQWURDPpULFD
$PpULFDGHO6XU
55
56
$63(&72662&,2(&21Ï0,&26$0%,(17$/(6<&/,0È7,&26(1/26
6,67(0$6$&8Ë)(52675$16)5217(5,=26'(/$6$0e5,&$6
%UHYHUHVHxDVREUHODUHFRSLODFLyQ\SUHVHQWDFLyQGHODLQIRUPDFLyQ
,QYHQWDULDU HO FRQRFLPLHQWR DFWXDO GH ORV DFXtIHURV WUDQVIURQWHUL]RV HQ ODV $PpULFDV
GHVGH&DQDGiKDVWD$UJHQWLQD&KLOHWHQLHQGRHQFXHQWDTXHVHWUDWDGHXQWRWDOGH
SDtVHV QR HV WDUHD VHQFLOOD (O QLYHO GH FRQRFLPLHQWR GH ODV DJXDV VXEWHUUiQHDV
WUDQVIURQWHUL]DVHQODV$PpULFDVHVPX\GLVSHUVR3RUORWDQWRSDUDSUHSDUDUXQDYLVLyQ
JHQHUDO GHO FRQWLQHQWH KXER TXH WRPDU HQ FRQVLGHUDFLyQ YDULRV DVSHFWRV FRPR
FDUDFWHUtVWLFDVKLGUROyJLFDV\JHROyJLFDVVLJQLILFDGRGHODJXDVXEWHUUiQHDHQOD]RQD\
FDUDFWHUtVWLFDVHVSHFtILFDVGHORVDFXtIHURVSDLVDMHSREODFLyQFOLPDGHPDQGDGHDJXD
\VXXVRDVSHFWRVHFRQyPLFRVHQWUHRWURV
/DIDOWDGHLQIRUPDFLyQ\ORVYDFtRVH[LVWHQWHVIXHURQFRQVLGHUDGRVGXUDQWHORVGLiORJRV
HQWUH ORV SDtVHV (O GHVHR GH FRQRFHU FRRSHUDU \ FRPSDUWLU GH FDGD XQR GH ORV SDtVHV
SDUWLFLSDQWHV GH ,6$50 $PpULFDV IDFLOLWy HQRUPHPHQWH OD SUHVHQWDFLyQ GH OD
LQIRUPDFLyQGLVSRQLEOHHQORVVXEFDStWXORVVLJXLHQWHVGHWDOODGRVHQHO$QH[R
8Q FXHVWLRQDULR VREUH ORV DVSHFWRV VRFLRHFRQyPLFRV DPELHQWDOHV \ FOLPiWLFRV GH ORV
VLVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHODV$PpULFDVSUHSDUDGRSRUXQJUXSRGHH[SHUWRV
HQ OD UHXQLyQ UHDOL]DGD HQ 0LDPL HQ MXQLR GH IXH DQDOL]DGR \ YDOLGDGR SRU ORV
&RRUGLQDGRUHV1DFLRQDOHVHQHO97DOOHUGH&RRUGLQDFLyQFHOHEUDGRHQVHSWLHPEUHGH
HQ0RQWUHDO&DQDGi\HQYLDGRDWRGRVORVSDtVHV
8QD SULPHUD YHUVLyQ GH OD LQIRUPDFLyQ GLVSRQLEOH SUHSDUDGD SRU ORV &RRUGLQDGRUHV
1DFLRQDOHV\VXVFRODERUDGRUHVIXHGLVFXWLGDHQHO9,7DOOHUGH&RRUGLQDFLyQUHDOL]DGR
HQGLFLHPEUHGHHQ-XDQ'yOLR5HS~EOLFD'RPLQLFDQD(QHVDRFDVLyQVHGLVFXWLy
FRPRSUHVHQWDUODLQIRUPDFLyQHQIRUPDFDUWRJUiILFDUHIHUHQWHDFDGDVLVWHPDDFXtIHUR
/D VHJXQGD YHUVLyQ IXH SUHVHQWDGD SRU OD &RRUGLQDFLyQ GH ,6$50 $PpULFDV D ORV
SDtVHV TXH SDUWLFLSDURQ GHO9,, 7DOOHU GH &RRUGLQDFLyQ UHDOL]DGR HQ 4XLWR VHSWLHPEUH
GHUHYLVDGD\DMXVWDGDSRUORV&RRUGLQDGRUHV1DFLRQDOHV
7RGDVODVUHFRPHQGDFLRQHVGHORV&RRUGLQDGRUHV1DFLRQDOHVIXHURQFRQVLGHUDGDV \VH
SUHSDUyHOSUHVHQWHFDStWXOR\HO$QH[RFRQHOPDWHULDOGLVSRQLEOH
/D LQIRUPDFLyQ VXPLQLVWUDGD HQ HVWH /LEUR HQ IRUPD GH ILFKDV \ PDSDV SHUPLWH
FRPSOHWDU HO SULPHU LQYHQWDULR SXEOLFDGR HQ 6LQ HPEDUJR SRU IDOWD GH PXFKRV
GDWRVKD\TXHFRQVLGHUDUODVRODPHQWHFRPREDVHDVHUFRPSOHWDGDSRUORVSDtVHVHQXQ
IXWXUR\FRQWLQXDPHQWHPHMRUDGDFRQQXHYDLQIRUPDFLyQ
57
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO1RUWH
1$EERWVIRUG6XPDV&DQDGi(8$
12NDQDJDQ2VR\RRV&DQDGi(8$
1*UDQG)RUNV&DQDGi(8$
1±3RSODU&DQDGi(8$
1±(VWHYDQ&DQDGi(8$
11RUWKHUQ*UHDW3ODLQV&DQDGi(8$
1±&KkWHDXJXD\&DQDGi(8$
16DQ'LHJR7LMXDQD0p[LFR(8$
1&XHQFD%DMDGHO5tR&RORUDGR0p[LFR(8$
16RQR\WD3iSDJRV0p[LFR(8$
1±1RJDOHV0p[LFR(8$
16DQWD&UX]0p[LFR(8$
16DQ3HGUR0p[LFR(8$
1&RQHMRV0pGDQRV%ROVyQGHOD0HVLOOD0p[LFR(8$
1%ROVyQGH+XHFR9DOOHGH-XiUH]0p[LFR(8$
1(GZDUGV7ULQLW\(O%XUUR0p[LFR(8$
1&XHQFD%DMDGHO5tR%UDYR*UDQGH0p[LFR(8$
1/RV0LPEUHV±/DV3DOPDV0p[LFR(8$
1-XGLWK5LYHU&DQDGi(8$
10LON5LYHU&DQDGi(8$
15LFKHOLHX/DNH&KDPSODLQ&DQDGi(8$
58
59
60
16,67(0$$&8Ë)(5275$16)5217(5,=2$%%276)25'680$6
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(OVLVWHPD$FXtIHUR7UDQVIURQWHUL]R$EERWVIRUG6XPDVVHH[WLHQGHSRUORVWHUULWRULRVGH
&DQDGi \ (VWDGRV 8QLGRV GH$PpULFD PiV SUHFLVDPHQWH DO VXGRHVWH GH OD &ROXPELD
%ULWiQLFD&$ \ HOQRURHVWHGHO (VWDGRGH:DVKLQJWRQ(8$VREUHXQ iUHDWRWDOGH
DSUR[LPDGDPHQWHNPRFXSDQGRNPHQ&DQDGi\NPHQ(VWDGRV8QLGRV
FRQSREODFLRQHVGH\KDELWDQWHVUHVSHFWLYDPHQWH
&DUDFWHUtVWLFDVGHODFXtIHUR
6H WUDWD GH XQ DFXtIHUR QR FRQILQDGR VREUH XQD SODQLFLH JODFLDO ³RXWZDVK´ DUHQDV \
JUDYDV VREUH\DFHQWH D H[WHQVRV GHSyVLWRV JODFLRPDULQRV DUFLOODV FRQVROLGDGDV
GRQGHORVVHGLPHQWRVGHYDOOHHVWiQFRQILQDGRVSRUURFDVWHUFLDULDVLPSHUPHDEOHV
&XDQGR ORV JODFLDUHV VH GHUULWHQ OLEHUDQ XQD JUDQ FDQWLGDG GH DJXD TXH D PHQXGR VH
H[WLHQGH HQ XQD JUDQ FDSD PiV DOOi GH OD PRUUHQD WHUPLQDO \ OOHYD FRQ HOOD JUDQGHV
FDQWLGDGHV GH URFD \ ³HVFRPEURV´ /D ]RQD GRQGH pVWRV VH GHSRVLWDQ VH FRQRFH FRPR
SODQLFLHRXWZDVK
/DSURIXQGLGDGGHODFXtIHURRVFLODHQWUHORV\PHWURV
=RQDVGHUHFDUJD
/D UHFDUJD VH SURGXFH IXQGDPHQWDOPHQWH HQ ]RQDV WRSRJUiILFDPHQWH DOWDV D DPERV
ODGRV GH OD IURQWHUD LQWHUQDFLRQDO D SDUWLU GH OD LQILOWUDFLyQ GH ODV SUHFLSLWDFLRQHV (O
UDQJRGHUHFDUJDVHHVWLPDHQWUH\PPDxR
([SORWDFLyQ\FDXGDOHV
/D H[SORWDFLyQ GHO DFXtIHUR HVWi GHVWLQDGD IXQGDPHQWDOPHQWH D ORV XVRV GRPpVWLFR
PXQLFLSDO\GHDEDVWHFLPLHQWRDSURGXFFLRQHVDJUtFRODV
/DWDVDGHH[WUDFFLyQWRWDOSDUDDPERVSDtVHVRVFLODHQHOHTXLYDOHQWHDPPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUGDWRVGHSREODFLyQHQODSiJLQDVLJXLHQWH
61
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
&DQDGi
(8$
KDELWDQWHV
KDELWDQWHV
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
8VRV
&XDGUR18VR$FWXDOGHODJXDGHODFXtIHUR
'RPpVWLFR
,QGXVWULDO
$JUtFROD\5LHJR
0~OWLSOHV
&DQDGi
(8$
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
+DQ VLGR GRFXPHQWDGDV \D GHVGH SULQFLSLRV GH OD GpFDGD HOHYDGDV
FRQFHQWUDFLRQHVGHQLWUDWRV12
(Q &DQDGi VH UHSRUWD TXH DOUHGHGRU GHO GH ORV SR]RV PXHVWUHDGRV WLHQHQ
FRQFHQWUDFLRQHV TXH VREUHSDVDQ HO Pi[LPR SHUPLWLGR GH PJ1O PLHQWUDV TXH HQ
(8$HVDFLIUDVHVLW~DHQGHORVSR]RVPXHVWUHDGRV\DGHPiVVHLQGLFDTXHVHKD
GHWHFWDGRDOJXQDSUHVHQFLDGHSHVWLFLGDV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6HUHSRUWDGHVFHQVRVHQODQDSDVRODPHQWHHQIRUPDSXQWXDO
([LVWH SUHRFXSDFLyQ SRU HO FRQWURO GH LQXQGDFLRQHV DJXDV DEDMR HQ ORV DUUR\RV TXH
IOX\HQ GHVGH HO DFXtIHUR GXUDQWH OD WHPSRUDGD GH OOXYLDV \ OD SUHYHQFLyQ GH OD
GLVPLQXFLyQGHIOXMRGHFDXGDOGXUDQWHODHVWDFLyQVHFD
62
&RQUHVSHFWRDODFDOLGDGGHODJXDODPD\RUSUHRFXSDFLyQHVUHIHUHQWHDODSUHVHQFLDGH
QLWUDWRV D DPERV ODGRV GH OD IURQWHUD WDPELpQ VH FRQRFH OD H[LVWHQFLD GH QXWULHQWHV
IHUWLOL]DQWHV RUJiQLFRV SUREDEOHPHQWH HQ DOJXQDV iUHDV DLVODGDV \ DOJXQD
FRQWDPLQDFLyQEDFWHULROyJLFDSHURQRJHQHUDOL]DGD
2WUDVIXHQWHVGHDJXD
/RVDUUR\RVVHGHULYDQWDQWRGHDJXDVGHHVFRUUHQWtDHQHOLQYLHUQRRSRUODGHVFDUJDGH
ODVDJXDVVXEWHUUiQHDVSRUORTXHORVDUUR\RVVRQDOWDPHQWHDIHFWDGRVSRUHOVLVWHPDGH
DJXDV VXEWHUUiQHDV /D IXHQWH GH DJXD PXQLFLSDO HQ $EERWVIRUG HV SULQFLSDOPHQWH D
SDUWLUGHUHVHUYRULRVGHDJXDVXSHUILFLDOHQODVPRQWDxDVHQHOODGRQRUWHGHO5tR)UDVHU
FRPSDUWH HO DEDVWHFLPLHQWR GH DJXD FRQ OD 0XQLFLSDOLGDG GH OD 0LVLyQ \ HV
LQGHSHQGLHQWHGH0HWUR9DQFRXYHU
/D FLXGDG WDPELpQ RSHUD RFKR FDPSRV GH SR]RV D ILQ GH FRPSOHPHQWDU HO
DEDVWHFLPLHQWRGHDJXDGHVXSHUILFLH\SDUDDEDVWHFLPLHQWRGHHPHUJHQFLD(ODJXDHQHO
5tR 1RRNVDFN :DVKLQJWRQ HV FRPSOHWDPHQWH DVLJQDGD D RWURV XVXDULRV HQ HVWH
PRPHQWR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
0D\RUPHQWH SHTXHxDV WHQGHQFLDV SRVLWLYDV HQ ODV SUHFLSLWDFLRQHV GXUDQWH ODV ~OWLPDV
GpFDGDV SHUR QR HVWDGtVWLFDPHQWH VLJQLILFDWLYDV 3HTXHxDV UHGXFFLRQHV HQ ODV
SUHFLSLWDFLRQHVHQPDU]R\PD\R(OSURPHGLRWRWDODQXDOGHSUHFLSLWDFLyQPXHVWUDXQD
WHQGHQFLDFtFOLFDGHDxRV
7HQGHQFLDV SRVLWLYDV HQ HO QLYHO GH ODV DJXDV VXEWHUUiQHDV GH HQHUR D PDU]R SHUR
WHQGHQFLDVQHJDWLYDVGHDEULODQRYLHPEUHDOJXQRVPHVHVFRQGHVFHQVRVVLJQLILFDWLYRV
HVWDGtVWLFDPHQWH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/DUHGXFFLyQGHODSUHFLSLWDFLyQDSDUWLUGHORV0RGHORVGH&LUFXODFLyQ*OREDO0&*V
VXJLHUH WDQWR WHQGHQFLDV HVWDFLRQDOHV SRVLWLYDV FRPR QHJDWLYDV VLWXiQGRVH HQ WRUQR D
FDPELR FHUR 6H SUHGLFHQ LQYLHUQRV PiV K~PHGRV VLHQGR HVWH HO SHUtRGR GH UHFDUJD
GRPLQDQWHHQHVWDiUHD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(OVLVWHPDDFXtIHURSXHGHVHUXWLOL]DGRSDUDSURSRUFLRQDUDEDVWHFLPLHQWRGHHPHUJHQFLD
GHDJXDDODVFLXGDGHVGH$EERWVIRUG\/\QGHQHQFDVRGHGHVDVWUHQDWXUDOGHELGRDOD
LQWHUUXSFLyQGHOVXPLQLVWURGH DJXDSRUHMHPSOR SRUODURWXUD GHODLQIUDHVWUXFWXUDGH
OtQHDVGHDEDVWHFLPLHQWRGHDJXDTXHFUX]DQHO5tR)UDVHUODFLXGDGRSHUDXQQ~PHUR
GH FDPSRV GH SR]RV SHUR SRU OR JHQHUDO FRQ XQD GHSHQGHQFLD RSHUDWLYD SDUFLDO (Q
JHQHUDOQRKD\ULHVJRVLPSRUWDQWHVGHLQXQGDFLRQHVHQOD]RQDGHODFXtIHUR
63
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
/DV DXWRULGDGHV VDQLWDULDV HQYtDQ DYLVRV GH SURWHFFLyQ GHO SR]R GXUDQWH LQXQGDFLRQHV
(OXVRGHODFXtIHURD~QQRKDVLGRSUREDGRHQFDVRVGHHPHUJHQFLDGHDEDVWHFLPLHQWRGH
DJXD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV XQLGDGHV GH SDLVDMH VHxDODGDV VRQ WLHUUDV SURGXFWLYDV DJURLQGXVWULD DYHV GH
FRUUDOSURGXFWRVOiFWHRVOHFKHFXOWLYRVED\DV
9LYLHQGDVXUEDQDV\UXUDOHV+REE\JUDQMDVWLHUUDVQDWXUDOHV
/D FREHUWXUD QDWXUDO RULJLQDO VH SXHGH VHxDODU FRPR ERVTXHV DO QRUWH UHFDUJD \
SDVWL]DOHVDOVXUGHVFDUJD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/D DJULFXOWXUD HV HQ JHQHUDO PiV LQWHQVD HQ HO ODGR FDQDGLHQVH FRQ UHVSHFWR D OD
SURGXFFLyQGHIUDPEXHVD\ODSURGXFFLyQDYtFROD\XQDPD\RUXUEDQL]DFLyQHQHOQRUWH
ERUGHDDODFXtIHURGRQGHVHHQFXHQWUDODFLXGDGGH$EERWVIRUG
7DPELpQH[LVWHXQGHVDUUROORUXUDODORODUJRGHOPDUJHQPHULGLRQDOGHODFXtIHURDSDUWLU
GHOGHVDUUROORGHODFLXGDGGH%HOOLQJKDP
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
GHSDVWRV
GHIRUUDMH
GHKRUWLFXOWXUD
OiFWHRV
GHJDQDGRHQFRQILQDPLHQWR
GHH[WUDFFLyQGHJUDYD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
([LVWHQHVSHFLHVGHSHFHVDPHQD]DGDVHQDUUR\RVDOLPHQWDGRVSRUDJXDVVXEWHUUiQHDV
%HUWUDQG)LVKWUDS7HQ0LOH
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RVHFRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHOVLVWHPDDFXtIHUR
WUDQVIURQWHUL]RVRQORVODJRV/D[WRQ\-XGVRQ
64
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
+D\SODQHVGHXVRGHODWLHUUDSODQHVGHPDQHMRGHQXWULHQWHV HQWUHRWURVHQWRGDOD
]RQD (O iUHD GHO ODGR FDQDGLHQVH KD VLGR GHVLJQDGD FRPR XQD ]RQD GH SURWHFFLyQ GH
DFXtIHURKWWSZZZDEERWVIRUGFD3DJH)DFWRU\DVS["3DJH,' +D\ XQ WUHPHQGR HVIXHU]R SRU SDUWH GH &DQDGi \ ORV ((88 SDUD OD JHVWLyQ GH ODV
DJXDVVXEWHUUiQHDV\ODPHMRUDGHODJHVWLyQGHORVQXWULHQWHVHQHVWHDFXtIHUR
$OJXQDV3UiFWLFDVGH0DQHMR%HQHILFLRVDV%03VHQHOVHFWRUDJUtFRODHVWiQHQFXUVR
SHURVXHILFDFLDUHDOHVLQFLHUWDSXHVWRTXHORVSUREOHPDVGHFRQWDPLQDQWHVHQODVDJXDV
VXEWHUUiQHDV D~Q SHUVLVWHQ /RV SODQHV GH JHVWLyQ GH OD JUDQMD LQFOX\HQ SODQHV SDUD OD
XWLOL]DFLyQ GH ORV UHVLGXRV JDQDGHURV /D SODQLILFDFLyQ GH OD *HVWLyQ GHO $JXD
6XEWHUUiQHDHVWiHQXQDIDVHLQLFLDOFRQFRQVXOWDHQWUHXQUDQJRLPSRUWDQWHGHJUXSRV
GHLQWHUHVDGRVVWDNHKROGHUV
7RGRVORVSODQHVWHQGUtDQFRQVHFXHQFLDVLPSDFWRVREUHODV]RQDVGHUHFDUJD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
/D JHVWLyQ GH ODV DJXDV VXEWHUUiQHDV FDQWLGDG \ FDOLGDG HV UHFRQRFLGD HQ YDULRV
LQVWUXPHQWRVQRUPDWLYRVDQLYHOIHGHUDOSURYLQFLDOHVWDWDO\PXQLFLSDO
(MHPSORV
v /H\GH3URWHFFLyQ$PELHQWDOGH&DQDGiVHFFLyQVREUHDJXDVWUDQVIURQWHUL]DV
v
%ULWLVK&ROXPELD/H\GH$JXDV
v
%ULWLVK&ROXPELD5HJODPHQWRGH3URWHFFLyQGH$JXD6XEWHUUiQHD
v
%ULWLVK&ROXPELD/H\GH3URWHFFLyQGH$JXD3RWDEOH
v
&LXGDGGH$EERWVIRUG5HJODPHQWRV$PELHQWDOHV
v
$SOLFDFLyQGHO(VWDGRGH:DVKLQJWRQGHOD/H\GH*HVWLyQGH&UHFLPLHQWR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
(QUHODFLyQFRQORVEHQHILFLRVHFRQyPLFRVGHULYDGRVGHOXVRGHO
VLVWHPDDFXtIHURWUDQVIURQWHUL]RVHSXHGHVHxDODUXQDLPSRUWDQWH
GHSHQGHQFLD VREUH HO DJXD XVR GH DJXD GRPpVWLFR GH KRJDUHV OD DJURLQGXVWULD HO ULHJR OD XWLOL]DFLyQ LQGXVWULDO GHO
DJXDGHVFRQRFLpQGRVHHO PRQWRHQGyODUHVTXHHOOR UHSUHVHQWD
HQODDFWXDOLGDG
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
/D HFRQRPtD ORFDO SUHVHQWD XQD DOWD GHSHQGHQFLD GH OD
DJULFXOWXUD FRQ UHVSHFWR DO XVR GHO DJXD SDUD ULHJR /DV DJXDV
VXSHUILFLDOHVQRHVWiQGLVSRQLEOHVSDUDDVLJQDFLyQDGLFLRQDO
65
v
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
1RHVWiGHWHUPLQDGRHOSRUFHQWDMHHVWLPDGRGHQLYHOGHSREUH]D
GH ODV SREODFLRQHV TXH GHSHQGHQ GH ORV UHFXUVRV GH DJXDV
VXEWHUUiQHDVWUDQVIURQWHUL]RV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
/D DPHQD]D D ORV PHGLRV GH YLGD SpUGLGDV HFRQyPLFDV HQ
FDVRGHTXHHOVLVWHPDDFXtIHURVHYLHUDDIHFWDGRQHJDWLYDPHQWH
VHVLW~DHQODHFRQRPtDHQJHQHUDOGHELGRDORVLPSDFWRVVREUH
HO DJXD SRWDEOH SDUD ORV UHVLGHQWHV DGHPiV GH ORV FDVRV
HVSHFtILFRVGHODDJULFXOWXUDODDJURLQGXVWULDODDFXLFXOWXUD\OD
SHVFD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
9DULDVLQWHUDFFLRQHVHQWUH%ULWLVK&ROXPELD\HOJRELHUQRGHO(VWDGRGH:DVKLQJWRQHQ
FRODERUDFLyQFRQDJHQFLDVIHGHUDOHVDVtFRPRHQWUHODVXQLYHUVLGDGHV\ORVPXQLFLSLRV
GH DPERV ODGRV GHO DFXtIHUR $EERWVIRUG6XPDV *UXSR GH 7UDEDMR ,QWHUQDFLRQDO GHO
$FXtIHUR
7RGRVVREUHODEDVHGHODFRODERUDFLyQPXWXD\HOLQWHUFDPELRGHLQIRUPDFLyQ
6H KD SURGXFLGR XQ PtQLPR GH FRPSHWHQFLD SDUD OD GLVSRQLELOLGDG GH DJXDV
VXEWHUUiQHDVVLQHPEDUJRH[LVWHODSUHRFXSDFLyQVREUHODFDOLGDGGHODJXDVXEWHUUiQHD
³DJXDVDUULED´GHORVLPSDFWRVGHOXVRDJUtFRODGHOVXHOR
(QFXDQWRDODFRODERUDFLyQHQWUHORVSDtVHVYHFLQRVHQODJHVWLyQGHOVLVWHPDDFXtIHUR
WRGDV ODV DFWLYLGDGHV GH FRRSHUDFLyQ KDQ VLGR UHDOL]DGDV FRQ HO SURSyVLWR FRP~Q GH
FDUWRJUDILDU\HYDOXDUFXDQWLWDWLYDPHQWHHODFXtIHURGHPRGRQRUPDOL]DGRVWDQGDUG
/DFRQVXOWDHQWUHSDtVHVVHSURGXFHSDUDSUR\HFWRVVLJQLILFDWLYRVGHGHVDUUROORGHDJXDV
VXEWHUUiQHDV\SDUDFRPSDUWLULQIRUPDFLyQVREUHHVWUDWHJLDVGHJHVWLyQ\ODVLQLFLDWLYDV
SDUDPLWLJDUODFRQWDPLQDFLyQGHODFXtIHUR
/RVFLHQWtILFRV\ORVIRQGRVVRQFRP~QPHQWHFRPSDUWLGRV
/DVDFFLRQHVSDUDPHMRUDUODFRRSHUDFLyQDFWXDOVRQHQFDUDGDVGHVGHWUHVSUHJXQWDVTXH
PDUFDQGLIHUHQWHVHVFHQDULRVSRVLEOHV
D 3DUDDQWLFLSDUODSRVLEOHHVFDODGDGHODFRPSHWHQFLD"
/RVSDtVHVQRDQWLFLSDQFXDOTXLHUHVFDODGDGHODFRPSHWHQFLDSRUHOXVRGHHVWH
DFXtIHUR
E 3DUDSUHYHQLUHOGHVDUUROORGHODFRPSHWHQFLD"
$PERVSDtVHVUHFRQRFHQTXHHOFRQRFLPLHQWRFLHQWtILFRHVHVHQFLDOSDUDHYLWDUHO
PDO XVR GHO DFXtIHUR DVt FRPR HO UHFRQRFLPLHQWR GH XQR \ RWUR DO GHUHFKR GH
XWLOL]DFLyQHTXLWDWLYR\UD]RQDEOH
F3DUDPHMRUDUODFRRSHUDFLyQH[LVWHQWH"
66
5HDOL]DFLyQ GH HVWXGLRV FLHQWtILFRV FRQMXQWRV \ FRQVXOWD SHUPDQHQWH D ORV
&RPLWpV GH DFXtIHURV WUDQVIURQWHUL]RV \ WDPELpQ D ORV JUXSRV GH LQWHUHVDGRV
VWDNHKROGHUV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(OLQWHUpVGHORVSDtVHVHVWiFHQWUDGRHQJHQHUDOHQODSUHRFXSDFLyQSRUODFDQWLGDGGH
DJXD VXEWHUUiQHD SDUD HO PDQWHQLPLHQWR GH ORV IOXMRV GH EDVH GH ODV FRUULHQWHV
VXSHUILFLDOHV
([LVWLy XQ LQWHUpV HQ SDUWLFXODU SDUD HO DEDVWHFLPLHQWR GH DJXD SDUD HO 3UR\HFWR GH
*HQHUDFLyQGH(QHUJtD6XPDV,,&DQFHODGRHQ
6LKXELHVHFRPSHWHQFLDSRUHOXVRGHOUHFXUVRORVHQIRTXHV\PHGLGDVSDUDUHVROYHUORV
VHUtDQDERUGDGRVDWUDYpVGHFRQVXOWDWUDQVIURQWHUL]D
$8725(6<)8(17(6
&DQDGi3UHSDUDGRFRQODFRODERUDFLyQGH$OIRQVR5LYHUD\'LDQD$OOHQ
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ
67
68
16,67(0$$&8Ë)(5275$16)5217(5,=22.$1$*$1262<226
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R2NDQDJDQ2VR\RRVHVWiORFDOL]DGRSULQFLSDOPHQWH
HQOD]RQDFHQWURVXUGHOD3URYLQFLDGHOD&ROXPELD%ULWiQLFDHQ&DQDGi\HQOD]RQD
FHQWURQRUWHGHO(VWDGRGH:DVKLQJWRQHQORV(8$
/D&XHQFD2NDQDJDQWLHQHFHUFDGHNPVHH[WLHQGHSRUHO(VWDGRGH:DVKLQJWRQ
\VXPD\RUH[WHQVLyQKDFLDHOVXUGHILQHHOiUHDGHO$FXtIHUR2VR\RRV
(OiUHDGHODFXtIHURHVGHDSUR[LPDGDPHQWHNP
/D &XHQFD 2NDQDJDQ VH HQIUHQWD D XQ LQFUHPHQWR GH OD SREODFLyQ GHELGR D ODV
FRQGLFLRQHVFOLPiWLFDVIDYRUDEOHV\DOGHVDUUROORFUHFLHQWHGHYLxHGRV
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURPXOWLFDSDHVWiFRQIRUPDGRGHVHGLPHQWRVQRFRQVROLGDGRVGHQWURGH
OD&XHQFD+LGURJUiILFD2NDQDJDQ\SUHVHQWDXQHVSHVRUGHPDP
=RQDVGHUHFDUJD
/DUHFDUJDRFXUUHHQ&DQDGi\ODGLUHFFLyQGHOIOXMRHVKDFLDHOVXU
/D UHFDUJD VH SURGXFH SULQFLSDOPHQWH SRU LQILOWUDFLyQ GH OOXYLD \ GH DJXD QLHYH TXH
SHQHWUDODFDSDGHVXHORTXHVHHQFXHQWUDMXVWRSRUGHEDMRGHODVXSHUILFLH
([SORWDFLyQ\FDXGDOHV
/DGHPDQGDGHDJXDDFWXDOPHQWHHVPRGHUDGD
(Q&DQDGiVXXVRHVGHDSUR[LPDGDPHQWH0PDxR1RKD\XQXVRVLJQLILFDWLYRGHO
DJXDVXEWHUUiQHDHQHOODGRGH(8$
,QIRUPDFLyQDGLFLRQDO
7RGDYtD KD\ PX\ SRFD LQIRUPDFLyQ HQ DPERV SDtVHV VREUH HVWH VLVWHPD DFXtIHUR
WUDQVIURQWHUL]R
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
+D\ SUHRFXSDFLyQ DFHUFD GHO LPSDFWR GHO GHVDUUROOR HQ ODV DJXDV VXEWHUUiQHDV FRQ
UHVSHFWR DO XVR \ FDOLGDG GHO /DJR 2NDQDJDQ \ WDPELpQ SRU HO LPSDFWR GHO FDPELR
FOLPiWLFRHQODGHPDQGDGHDJXD
69
(OGHVDUUROORIXWXURSRGUtDLPSDFWDUHOODJR\HOIOXMRGH&DQDGiKDFLDORV(8$
)8(17( 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV GH ODV $PpULFDV ± (YDOXDFLyQ
SUHOLPLQDU±3+,,96HULH,6$50$PpULFDV1ƒ±:DVKLQJWRQ0RQWHYLGHR
70
71
16,67(0$$&8Ë)(5275$16)5217(5,=2*5$1')25.6
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R *UDQG )RUNV HVWi ORFDOL]DGR HQWUH OD ]RQD FHQWUR
VXU GH ODV 3URYLQFLDV GH &ROXPELD %ULWiQLFD HQ &DQDGi \ OD SDUWH FHQWUR QRUWH GHO
(VWDGRGH:DVKLQJWRQHQORV(8$
/D H[WHQVLyQ GHO DFXtIHUR HV GH NP \ OD SRUFLyQ SULQFLSDO GHO PLVPR VH XELFD HQ
&DQDGi SULQFLSDOPHQWH DOUHGHGRU GH *UDQG )RUNV &ROXPELD %ULWiQLFD FRQ VROR XQD
SUHVHQFLDORFDOL]DGDHQ(8$
/DSREODFLyQGHOODGRFDQDGLHQVHHVWiHVWLPDGDHQXQRVKDELWDQWHVGHORVFXDOHV
XQRVVHXELFDQHQODFLXGDG
&DUDFWHUtVWLFDVGHODFXtIHUR
6HWUDWDGHXQDFXtIHURDOXYLDOFRPSXHVWRGHVHGLPHQWRVQRFRQVROLGDGRVFX\RHVSHVRU
RVFLODHQWUHORV\PHWURV
/DUHFDUJDRFXUUHHQ&DQDGi\ODGLUHFFLyQGHOIOXMRHVGHOHVWHKDFLDHOVXUGHQWURGHORV
(8$(Q(8$VHHVWLPDTXHHOIOXMRHVDORODUJRGHORVUtRV*UDQE\\.HWWOHKDFLDHO
HVWH\OXHJRKDFLDHOVXU
(OYROXPHQGHOVLVWHPDDFXtIHURHVGHNP\HOYDORUGHODUHFDUJDVHHVWLPDHQWUH
DPPDxR
(OYDOOHHQWHURDFW~DFRPRXQiUHDGHUHFDUJDDSDUWLUGHODSUHFLSLWDFLyQ*UDQSDUWHGHO
DJXDHQHOYDOOHSURYLHQHGHOUtR
([SORWDFLyQ\FDXGDOHV
/D GHPDQGD GH DJXD HQ OD UHJLyQ HV DOWD \ SDUD XVRV P~OWLSOHV OD H[SORWDFLyQ GHO
DFXtIHUR HQ &DQDGi HV GH XQ Pi[LPR GH PGtD GXUDQWH HO YHUDQR \ PXFKR
PHQRUHOUHVWRGHODxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQDFRQWLQXDFLyQ
72
&XDGUR1'DWRVGHSREODFLyQ
v
v
&DQDGi
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQDHVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
KDELWDQWHV
KDE
KDE
KDE
KDE
1RVLJQLILFDWLYD
8QDFRPXQLGDG'RXNDERXU
KDE
E
8VRV
(O XVR GHO ODGR FDQDGLHQVH HV IXQGDPHQWDOPHQWH DJUtFROD GHPDQGDQGR XQ GHO
FRQVXPRSDUDULHJRPLHQWUDVTXHHOUHVWDQWHVHXWLOL]DSDUDFRQVXPRGRPpVWLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/DFRQWDPLQDFLyQSRUQLWUDWRVHVXQSUREOHPDVLJQLILFDWLYRVHJXUDPHQWHSURYHQLHQWHGH
QXWULHQWHVIHUWLOL]DQWHV
3RU RWUR ODGR H[LVWH FRQWDPLQDFLyQ RUJiQLFD GH VXHOR \ DJXD SRVLEOHPHQWH ORFDO D
SDUWLUGHVLWLRVLQGXVWULDOHV\FRPHUFLDOHVHMHVWDFLRQHVGHVHUYLFLR
2WUDVIXHQWHVGHDJXD
/DVDOWDVWDVDVGHH[WUDFFLyQGHHVWHDFXtIHURSRGUtDQFRQGXFLUDXQDGLVPLQXFLyQHQHO
FDXGDOGHOUtRHQ]RQDVFHUFDQDVDOPLVPR\DTXHH[LVWHXQDHVWUHFKDUHODFLyQ/HMRVGHO
UtR HO QLYHO IUHiWLFR VLPSOHPHQWH FDHUtD SRU GHEDMR GH OD SURIXQGLGDG GHO SR]R /RV
DUUR\RVGHODPRQWDxDVRQHItPHURVFRQSRFDFRQWULEXFLyQDOEDODQFHGHDJXD/RVUtRV
.HWWOH\*UDQE\VHUtDQODIXHQWHDOWHUQDWLYDPiVSUREDEOH
73
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'HVGH D VH KDQ SURGXFLGR WHQGHQFLDV SRVLWLYDV \ QHJDWLYDV HQ OD
SUHFLSLWDFLyQ GLVSHUVD PHQVXDO *HQHUDOPHQWH H[LVWHQ WHQGHQFLDV SRVLWLYDV HQ ORV
QLYHOHVPHQVXDOHVGHODVDJXDVVXEWHUUiQHDVSHURQRVLJQLILFDWLYDV$SULQFLSLRGHDxR
VH GDQ ODV WHQGHQFLDV SRVLWLYDV HQ HO FDXGDO GHO UtR SHUR VH SURGXFHQ WHQGHQFLDV
QHJDWLYDVHQODVHJXQGDPLWDGGHODxR(OUtRHVXQDIXHQWHGHDJXDSDUDHODFXtIHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6REUHODEDVHGHUHGXFFLyQGHHVFDODGHORVGDWRVGH*&0
1LQJ~QFDPELRHQHOLQYLHUQR
3HTXHxRGHVFHQVRHQODSULPDYHUDGHODDFWXDO
3HTXHxRDXPHQWRHQHOYHUDQR
6LQFDPELRVHQHORWRxR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
%DVDGRVHQHO~QLFRSR]RGHREVHUYDFLyQGHODUJRSOD]R2:ORVQLYHOHVGHDJXD
REVHUYDGRVHQHOSR]RUHIOHMDQHOHVWDGRGHOUtR$OWRVQLYHOHVGHDJXDHQHOSDVDGRKDQ
UHVXOWDGRHQLQXQGDFLRQHVGHVyWDQRVHQiUHDVEDMDV(ODFXtIHURDOPHQRVHQODPLWDG
RFFLGHQWDO HV EDVWDQWH JUXHVR \ HQ pO QR KDQ VLGR UHSRUWDGRV SUREOHPDV GXUDQWH ORV
SHUtRGRVGHVHTXtD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV XQLGDGHV GH SDLVDMH HVWiQ FRQIRUPDGDV SRU WLHUUDV QDWXUDOHV WLHUUDV SURGXFWLYDV
XUEDQDV\SDLVDMHVDFXiWLFRVUtRV
/DFREHUWXUDQDWXUDORULJLQDOHVWDEDFRPSXHVWDGHSDVWL]DOHVHQHOYDOOH\FRQiUEROHV
HQODVWLHUUDVDOWDVPRQWDxRVDVTXHURGHDQHOYDOOH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
*UDQ GHVDUUROOR SDUD WLHUUD DJUtFROD OR TXH KD SURYRFDGR XQ IXHUWH FDPELR HQ OD
FREHUWXUD/DXUEDQL]DFLyQHQFDPELRKDVLGRPRGHUDGDFRPXQLGDGUXUDO
74
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
1RKD\iUHDVSURWHJLGDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RVDUUR\RVHQJHQHUDOSURYHHQUHFDUJDDODFXtIHUR1RH[LVWHQ]RQDVGHGHVFDUJD
(O 5tR .HWWOH SRU GRQGH VDOH GHO YDOOH HV OD FRUULHQWH TXH UHFLEH OD GHVFDUJD GHO
DFXtIHUR3RUVXSDUWHORVSDQWDQRV\ODJXQDVORFDOHVVRQKiELWDWVGHKXPHGDOHV \VRQ
H[SUHVLRQHVGHODQDSDIUHiWLFDORFDO
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
+D\SODQHVGHGHVDUUROORFRQHO$\XQWDPLHQWRSHURQRVHFRQRFHQWRGDYtDS~EOLFDPHQWH
/D FLXGDG GH *UDQG )RUNV \ iUHDV HOHFWRUDOHV WLHQHQ SODQHV RILFLDOHV GH OD FRPXQLGDG
SDUDHOGHVDUUROORGHOXVRGHODWLHUUD1RHVVHJXURVLWRGRVORVFRPSRQHQWHVGHOSODQ
WHQGUiQXQLPSDFWRVREUHODUHFDUJD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
+DFHDOJXQRVDxRVOD6RFLHGDGGH&RQVHUYDFLyQGHO$FXtIHUR*UDQG)RUNVFRPHQ]yD
LPSOHPHQWDU XQ SODQ GH SURWHFFLyQ GH OD IXHQWH GH DJXD SHUtPHWUR GH SURWHFFLyQ GH
SR]RV(VWHSURFHVRVHHVWDQFyGHIRUPDWHPSRUDO(VWHSODQVHDSOLFDUtDDWRGDHOiUHD
GHODFXtIHUR1RVHFRQRFHODH[LVWHQFLDGHXQSODQSDUDODFDQWLGDGGHDJXDDXQTXHOD
FLXGDGGH*UDQG)RUNVHVWDEDEXVFDQGRSHUIRUDUXQQXHYRSR]RGHSURGXFFLyQKDFHXQ
DxR R GRV 3UREDEOHPHQWH QLQJ~Q SODQ FRQVLGHUDUtD PHGLGDV SDUD DVHJXUDU OD QR
DIHFWDFLyQGHODLQILOWUDFLyQ
$OJXQRV GH ORV GLVWULWRV GH ULHJR 6LRQ SRU HMHPSOR VRQ PX\ FRQVFLHQWHV GH ODV
FXHVWLRQHV GH GHVDUUROOR HQ UHODFLyQ FRQ VXV FDPSRV GH SR]RV 3RU OR WDQWR KD\
FRQVLGHUDFLRQHV ORFDOL]DGDV GH DJXDV VXEWHUUiQHDV HQ ODV LQLFLDWLYDV GH SODQLILFDFLyQ
DXQTXHSUREDEOHPHQWHHVWHQRVHDXQSURFHVRIRUPDO
75
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRVKtGULFRVGH
ORVDFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
3ULQFLSDOPHQWH HQ ORV VHFWRUHV DJUtFROD \ WXULVPR 1R VH
WLHQH XQD HVWLPDFLyQ GH YDORU HQ GyODUHV DO DxR 7DPELpQ
IXHQWHGH':SDUDODFRPXQLGDGGH*UDQG)RUNV
v
$OWDGHSHQGHQFLD
1RH[LVWH³QLYHOGHSREUH]D´
$JULFXOWXUDDJURLQGXVWULDSHVFDWXULVPR
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURVHHQFXHQWUDVREUHWRGRHQHOODGRFDQDGLHQVH(OWUDEDMRKDVLGROOHYDGRD
FDER SULQFLSDOPHQWH SRU ODV XQLYHUVLGDGHV GH &DQDGi \ HO JRELHUQR SURYLQFLDO GH
&DQDGi6LQHPEDUJRKDQKDELGRSUREOHPDVLPSRUWDQWHVFRQHO5tR.HWWOHUHJXODFLyQ
GHO IOXMR GH (8$ \ VX LPSDFWR SRWHQFLDO VREUH ODV FRQGLFLRQHV GH ODV DJXDV
VXEWHUUiQHDVHQHODFXtIHUR
7RGDV ODV DFFLRQHV HVWiQ EDVDGDV HQ OD FRODERUDFLyQ PXWXD 1R KD KDELGR QLQJXQD
LQWHUDFFLyQ GHVGH HO SXQWR GH YLVWD GH OD FRPSHWHQFLD HQWUH ORV GRV SDtVHV HQ HVWH
DFXtIHUR
/RVSDtVHVQRSUHYpQQLQJ~QDXPHQWRGHODFRPSHWHQFLDSRUHOXVRGHHVWHDFXtIHUR
$8725(6<)8(17(6
&DQDGi3UHSDUDGRFRQODFRODERUDFLyQGH$OIRQVR5LYHUD\'LDQD$OOHQ
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG09HUVWUDHWHQ
76
77
16,67(0$$&8Ë)(5275$16)5217(5,=2323/$5
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R3RSODU5DYHQVFUDJKDFLDHOHVWHRFXSDXQWHUFLR
GH OD SRUFLyQ VXSHULRU GH OD 3URYLQFLD GH 6DVNDWFKHZDQ HQ &DQDGi \ GRV WHUFLRV VH
HQFXHQWUDQHQHO(VWDGRGH0RQWDQDHQORV(8$
([SORWDFLyQ
(O DJXD VXEWHUUiQHD SURYHQLHQWH GHO 6LVWHPD$FXtIHUR 3RSODU HV OD SULQFLSDO IXHQWH GH
DJXD HQ &RURQDFK 6DVNDWFKHZDQ \ HV OD ~QLFD IXHQWH GH DJXD SDUD OD SREODFLyQ GH
6FREH\ 0RQWDQD 3ODVWHU \ *URYH SRU OR WDQWR ORV LPSDFWRV GH XQD PLQD GH
FDUEyQSURSXHVWDVREUHORVDFXtIHURVVXE\DFHQWHVSRGUtDWHQHUHIHFWRVJUDYHVHQDPERV
SDtVHV
,QIRUPDFLyQDGLFLRQDO
7RGDYtD KD\ PX\ SRFD LQIRUPDFLyQ HQ DPERV SDtVHV VREUH HVWH VLVWHPD DFXtIHUR
WUDQVIURQWHUL]R
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
/DV SUiFWLFDV LQWHUQDFLRQDOHV HQ PDWHULD GH DJXDV WUDQVIURQWHUL]DV HQ &DQDGi VRQ
DGPLQLVWUDGDVSRUOD86&DQDGD,QWHUQDWLRQDO-RLQW&RPPLVVLRQ,-&/D,-&VLJXHHO
7UDWDGRVREUH$JXDV)URQWHUL]DVGHSURSRUFLRQDQGRORVSULQFLSLRV\PHFDQLVPRV
SDUDD\XGDUDSUHYHQLU\UHVROYHUORVFRQIOLFWRVVREUHHODJXD6LQHPEDUJRHO7UDWDGR
GH QR PHQFLRQy ODV DJXDV VXEWHUUiQHDV QR IXH KDVWD TXH ORV DFXtIHURV
WUDQVIURQWHUL]RVIXHURQFRQVLGHUDGRVSRUSULPHUDYH]SRUOD,-&
8QDFRPLVLyQELODWHUDOKDHVWDGRDFWLYDGHVGHLQWHJUDGDSRUUHSUHVHQWDQWHVGHORV
JRELHUQRV GH &DQDGi ORV ((88 6DVNDWFKHZDQ \ 0RQWDQD (VWH FRPLWp HV
UHVSRQVDEOHGHODYLJLODQFLD\HOLQWHUFDPELRGHGDWRVVREUHODFDQWLGDG\ODFDOLGDGGH
ODVDJXDVVXSHUILFLDOHV\VXEWHUUiQHDV
)8(17( 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV GH ODV $PpULFDV ± (YDOXDFLyQ
SUHOLPLQDU±3+,,96HULH,6$50$PpULFDV1ƒ±:DVKLQJWRQ0RQWHYLGHR
78
79
16,67(0$$&8Ë)(5275$16)5217(5,=2(67(9$1
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHV
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R (VWHYDQ HVWi ORFDOL]DGR HQWUH OD 3URYLQFLD GH
6DVNDWFKHZDQHQ&DQDGi\HO(VWDGRGH'DNRWDGHO1RUWHHQORV(8$
&DUDFWHUtVWLFDVGHODFXtIHUR
(O 6LVWHPD $FXtIHUR GH (VWHYDQ HVWi IRUPDGR SRU YDOOHV SUHJODFLDUHV GH ORV UtRV
<HOORZVWRQH0LVVRXUL \HO1RUWKZHVWHQ HOVXUHVWHGHOD3URYLQFLDGH6DVNDWFKHZDQ
(VWHHVXQDFXtIHURPD\RUTXHFDHGHQWURGHODFDWHJRUtDGHOWLSRIRUPDGRSRUFDQDOHVGH
YDOOHVHQWHUUDGRV(VWiGHQWURGHXQOHFKRGHURFDVPX\SRFRSHUPHDEOHV\HVWiFXELHUWR
SRUXQDFXLWDUGRGHFHUFDGHPGHHVSHVRUFRPSXHVWRSULQFLSDOPHQWHGHPRUUHQDV
$EDUFDFHUFDGHNPGHODUJR\PiVGHNPGHDQFKRFRQXQJURVRUGHP'DGDV
VXV FDUDFWHUtVWLFDV GH DFXtIHUR HQ FDQDOHV FRQ YDOOHV HQWHUUDGRV VX iUHD WRWDO HV
GHVFRQRFLGD
(O6LVWHPD$FXtIHUR(VWHYDQFRQVLVWHHQHO$FXtIHURGHO9DOOHGH(VWHYDQHO$FXtIHUR
GHO 9DOOH GH :H\EXUQ \ HO$FXtIHUR 5DYHQVFUDJ WRGRV IXQFLRQDQGR FRPR XQ VLVWHPD
~QLFR GH JUDQ WDPDxR (O $FXtIHUR GHO 9DOOH GH (VWHYDQ FRQVWD GH FXDWUR FDQDOHV
IOXYLDOHVLQWHUFRQHFWDGRVWDOODGRVHQODURFDGHOD)RUPDFLyQ5DYHQVFUDJ8QDFXtIHUR
FRPSOHMRHO$FXtIHURGHO9DOOHGH(VWHYDQSXHGHWHQHUKDVWDPGHHVSHVRU\SXHGH
GLYLGLUVHHQXQDSDUWHVXSHULRU\XQDXQLGDGLQIHULRU
/RVJUDQGHVDFXtIHURVGHYDOOHFRPRHO9DOOHGH(VWHYDQVHFDUDFWHUL]DQSRUXQDJUDQ
H[WHQVLyQ ORQJLWXGLQDO \ HVFDVD DQFKXUD 6RQ UHFDUJDGRV SRU HO IOXMR YHUWLFDO
GHVFHQGHQWH\SRUHOIOXMRODWHUDOGHODURFDDG\DFHQWHRDFXtIHURVFXDWHUQDULRV
([SORWDFLyQ\FDXGDOHV
/D H[SORWDFLyQ GH HVWH DFXtIHUR HQ HO ODGR FDQDGLHQVH HV GH 0PDxR 6H
GHVFRQRFHVXH[SORWDFLyQGHOODGRDPHULFDQR
0XFKD GH OD LQIRUPDFLyQ GHO VXPLQLVWUR GH DJXD VXEWHUUiQHD TXH HVWi GLVSRQLEOH VH
GHULYD GH ODV SUXHEDV GH ERPEHR UHDOL]DGDV GXUDQWH HO GHVDUUROOR HVSHFtILFR GHO SR]R
(VWRV SR]RV SURSRUFLRQDQ WtSLFDPHQWH ORV VXPLQLVWURV GH DJXD PXQLFLSDOHV R
GRPpVWLFRV SDUD ODV FRPXQLGDGHV R iUHDV LQGLYLGXDOHV /RV GDWRV REWHQLGRV GH ODV
SUXHEDV KHFKDV SDUD HVWRV SR]RV VRQ YiOLGRV SDUD HO VLWLR \ SURSyVLWR HVSHFtILFR \ QR
SXHGHQVHUXWLOL]DGRVSDUDSURSRUFLRQDUXQDPHGLGDGHORVUHQGLPLHQWRVVRVWHQLEOHVGH
OD WRWDOLGDG GHO DFXtIHUR /D FXDQWLILFDFLyQ GH OD RIHUWD GH DJXD VXEWHUUiQHD HV
SUDFWLFDPHQWHLPSRVLEOH(OGHVDUUROORGHORVDFXtIHURVFRQRFLGRVHVOLPLWDGR \SRUOR
WDQWR OD LQIRUPDFLyQ H[DFWD VREUH ODV WDVDV GH UHFDUJD HO UHQGLPLHQWR VRVWHQLEOH \ OD
H[WHQVLyQGHOiUHDHVDPHQXGRLQH[LVWHQWH
80
&DOLGDGGH$JXD
/RV GDWRV GH FDOLGDG GHO DJXD LQGLFDQ TXH HO DJXD GHO 6LVWHPD$FXtIHUR GHO 9DOOH GH
(VWHYDQVXHOHVHUGHWLSRELFDUERQDWDGDVyGLFDFRQFRQFHQWUDFLRQHVGH6'7TXHYDQGH
D PJO 0iV FRQFUHWDPHQWH HO DJXD GHO $FXtIHUR 5DYHQVFUDJ HV DOWD HQ
ELFDUERQDWR FORUXUR VRGLR KLHUUR \ DOFDOLQLGDG 6X GXUH]D UHODWLYDPHQWH EDMD HV XQD
FDUDFWHUtVWLFDGLVWLQWLYD(ODJXDGHO$FXtIHURGHO9DOOHGH(VWHYDQHVPLQHUDOL]DGDFRQ
WRGRV ORV FRPSRQHQWHV FRPXQHV SUHVHQWHV HQ QLYHOHV PRGHUDGDPHQWH DOWRV
HVSHFLDOPHQWHHOELFDUERQDWRGHVRGLR\HOKLHUUR(VGXUD\PRGHUDGDPHQWHDOFDOLQD(O
DJXD GHO$FXtIHUR GHO 9DOOH GH :H\EXUQ HV GXUD DOWD HQ DOFDOLQLGDG VXOIDWR FORUXUR
VRGLR\KLHUUR
,QIRUPDFLyQDGLFLRQDO
7RGDYtD KD\ PX\ SRFD LQIRUPDFLyQ HQ DPERV SDtVHV VREUH HVWH VLVWHPD DFXtIHUR
WUDQVIURQWHUL]R
)8(17( 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV GH ODV $PpULFDV ± (YDOXDFLyQ
SUHOLPLQDU±3+,,96HULH,6$50$PpULFDV1ƒ±:DVKLQJWRQ0RQWHYLGHR
81
82
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 1257+(51 *5($7
3/$,16
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHV\iUHD
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R1RUWKHUQ*UHDW3ODLQVHVXQJUDQVLVWHPDDFXtIHUR
ORFDOL]DGRHQWUHODVSURYLQFLDVGH6DVNDWFKHZDQ\0DQLWREDHQ&DQDGi\ORVHVWDGRVGH
0RQWDQD:\RPLQJ'DNRWDGHO1RUWH\'DNRWDGHO6XUHQORV(8$
/DGHVLJQDFLyQ\QRPEUHVGDGRVDHVWHVLVWHPDDFXtIHURVRQGLIHUHQWHVHQFDGDODGRGH
ODIURQWHUD(OQRPEUH³&DPEULDQR´HVGDGRHQHOODGRDPHULFDQRDODFXtIHURTXHHQHO
ODGR FDQDGLHQVH VH OODPD ³:LQQLSHJ´ WRPDQGR HO QRPEUH GH OD FLXGDG HO FXDO HVWi
HVHQFLDOPHQWHFRPSXHVWRGHODVPLVPDVDUHQLVFDVHQDPERVODGRVGHODIURQWHUD
/D RWUD GHQRPLQDFLyQ GDGD HQ ORV (8$ HV ³2UGRYLFLDQR´ \ HQ &DQDGi HV FRQRFLGR
FRPRHO$FXtIHUR³&DUERQDWDGR´'HKHFKRHOWpUPLQR³2UGRYLFLDQR´KDFHUHIHUHQFLDD
OD HGDG JHROyJLFD SHUR HVWD IRUPDFLyQ HVWi LQWHUFDODGD HQWUH SL]DUUDV R OXWLWDV
SUDFWLFDPHQWHLPSHUPHDEOHV\URFDVFDUERQDWDGDVPX\SHUPHDEOHV
7LHQHXQDVXSHUILFLHGHDSUR[LPDGDPHQWHNPGHODFXDOHOHVWiHQHOODGR
GH(8$\HOHQHOODGRFDQDGLHQVH
&DUDFWHUtVWLFDVGHODFXtIHUR
(VWHJUDQVLVWHPDDFXtIHURFRQILQDGRIRUPDXQVLQFOLQDOFRQHMHVXURHVWHQRUHVWHFRQXQ
ODUJRGHDSUR[LPDGDPHQWHNPGHVGHHOQRUWHGH:\RPLQJDOQRUWHGH0DQLWRED
DWUDYHVDQGR FXDWUR HVWDGRV \ GRV SURYLQFLDV (O VLVWHPD HV JHQHUDOPHQWH FRQILQDGR \
FRPSXHVWRGHDUHQLVFDVSL]DUUDVFDOL]DV\GRORPLWDV(ODJXDGHOVXEVXHORIOX\HDXQD
YHORFLGDGHVWLPDGDGHPVWUDYpVGHODIURQWHUDJHQHUDOPHQWHGHVGHORV(8$KDFLD
&DQDGi/DWUDQVPLVLYLGDGGHOVLVWHPDHVWiHVWLPDGDHQPGtD
=RQDVGHUHFDUJD
(OVLVWHPDWLHQHXQDUHFDUJDFRPELQDGDDHVFDODUHJLRQDOHQORV(8$\DHVFDODORFDOHQ
&DQDGiFUHDQGRXQHTXLOLEULRFDQWLGDG\FDOLGDGHQODViUHDVFDQDGLHQVHVGHGHVFDUJD
([SORWDFLyQ\FDXGDOHV
/DH[WUDFFLyQDFWXDOHQHOODGRGH(8$HVGHVFRQRFLGDPLHQWUDVHQHOODGRGH&DQDGi
:LQQLSHJ HO XVR GRPpVWLFR \ GH LUULJDFLyQ KD YDULDGR HQ HO WLHPSR HQWUH PHQRV GH
PGtD \ PGtD (VWDV FLIUDV VH DSOLFDQ VRODPHQWH DO DFXtIHUR FRQRFLGR
FRPR³2UGRYLFLDQR´HQORV(8$\FRPR³&DUERQDWDGR´HQ&DQDGi
8VRV
/DGHPDQGDGHDJXDHVEDMDSHURVHREVHUYDXQDXPHQWRHQOD3URYLQFLDGH0DQLWRED
HQ&DQDGi0LHQWUDVSRUORTXHVHUHILHUHDODFDOLGDGGHODVDJXDVKD\SUREOHPDVGH
83
VDOLQLGDGHQODUHJLyQFDQDGLHQVH/DVDJXDVGHOVLVWHPDDFXtIHURWLHQHQXVRP~OWLSOHHQ
WRGDODUHJLyQ\VXYXOQHUDELOLGDGHVFRQVLGHUDGDDOWD(OVLVWHPDHVLPSRUWDQWHDWRGRV
ORVQLYHOHVORFDOUHJLRQDO\JOREDO
&DOLGDGGH$JXD
(VWH VLVWHPD DFXtIHUR WLHQH DJXDV GH IRUPDFLyQ FRPSOHMD FRQ PH]FODV GH DJXD
PHWHyULFDFXHQFDVGHVDOPXHUDV\DJXDVVDODGDVGHRULJHQPDULQR
$~Q FXDQGR HQ HVWH VLVWHPD KD\ PXFKD DJXD VDOLQD \ VDOPXHUDV D SURIXQGLGDGHV
PD\RUHVDORVPSDUDFRQVLGHUDUORFRPRDFXtIHURHQHOODGRDPHULFDQRDUHQLVFDHQ
HO SDOHR]RLFR HQ UHDOLGDG VL H[LVWH XQ IOXMR WUDQVIURQWHUL]R DJXD GXOFH GH ORV (8$
KDFLD &DQDGi D OR ODUJR GH DOJXQDV FDSDV DFXtIHUDV EDMR SDOHR]RLFR HQ URFDV
FDUERQDWDGDVHOFXDOHVXWLOL]DGRFRPRDJXDSDUDDEDVWHFLPLHQWRGRPpVWLFRHQHOODGR
FDQDGLHQVH
,QIRUPDFLyQDGLFLRQDO
/RVLQIRUPHVTXHVHPHQFLRQDQDFRQWLQXDFLyQSUHVHQWDQLQIRUPDFLyQDGLFLRQDOVREUHOD
KLGURJHRORJtD\ODKLGURJHRTXtPLFDGHO6LVWHPD$FXtIHUR1RUWKHUQ*UHDW3ODLQV
*HRK\GURORJ\ RI %HGURFN$TXLIHUV LQ WKH 1RUWKHUQ *UHDW 3ODLQV LQ 3DUWV RI 0RQWDQD
1RUWK'DNRWD6RXWK'DNRWDDQG:\RPLQJ%\-RH6'RZQH\
5HJLRQDO$TXLIHU6\VWHP$QDO\VLV86*HRORJLFDO6XUYH\3URIHVVLRQDO3DSHU(
*HRFKHPLVWU\2I:DWHU,Q$TXLIHUV$QG&RQILQLQJ8QLWV2I7KH1RUWKHUQ*UHDW3ODLQV
,Q 3DUWV 2I 0RQWDQD 1RUWK 'DNRWD 6RXWK 'DNRWD$QG:\RPLQJ %\ -RKQ ) %XVE\
%ULDQW$.LPEDOO-RH6'RZQH\$QG.DWK\'3HWHU
5HJLRQDO $TXLIHU6\VWHP $QDO\VLV1RUWKHUQ *UHDW 3ODLQV 86 *HRORJLFDO 6XUYH\
3URIHVVLRQDO3DSHU)
)8(17( 6LVWHPDV $FXtIHURV 7UDQVIURQWHUL]RV GH ODV $PpULFDV ± (YDOXDFLyQ
SUHOLPLQDU±3+,,96HULH,6$50$PpULFDV1ƒ±:DVKLQJWRQ0RQWHYLGHR
84
85
16,67(0$$&8Ë)(5275$16)5217(5,=2&+Æ7($8*8$<
&$1$'È(8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R &KkWHDXJXD\ HVWi ORFDOL]DGR DO VXURHVWH GH
0RQWUHDOHQ&DQDGi\VHH[WLHQGHKDFLDODIURQWHUDGHORV(8$HQHO(VWDGRGH1XHYD
<RUN/DUHJLyQWLHQHXQDSREODFLyQUHODWLYDPHQWHGHQVDFRQDSUR[LPDGDPHQWH
KDELWDQWHVHQHOODGRFDQDGLHQVH\XQRVKDELWDQWHVGHOODGRGH(8$
(O iUHD WRWDO GHO VLVWHPD DFXtIHUR HV GH XQRV NP VLHQGR TXH NP
FRUUHVSRQGHQDOVHFWRUFDQDGLHQVH\NPDOVHFWRUGH(8$
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURVHFRPSRQHGHURFDVVHGLPHQWDULDVIUDFWXUDGDVDUHQLVFDVGRORPLWDV
\ FDOL]DV VXE\DFHQWHV D VHGLPHQWRV JODFLDUHV DUFLOOD DUHQDV JUDYDV /DV
SURIXQGLGDGHVSURPHGLRYDUtDQHQWUHDPHWURVHQ&DQDGi\HQWUHDPHWURV
HQ(8$/DV]RQDVGHUHFDUJDHVWiQUHSUHVHQWDGDVSRUDOWRVWRSRJUiILFRVDDPERVODGRV
GHODIURQWHUD
([SORWDFLyQ
/DH[SORWDFLyQHVPHGLDQDHQ&DQDGi\EDMDHQ(8$
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
v
3REODFLyQLQGtJHQD
HVWLPDGD
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
86
&DQDGi
(8$
KDELWDQWHV
KDELWDQWHV
KDE
KDE
/LJHURDXPHQWR
/LJHURDXPHQWR
KDE
KDE
/LJHURDXPHQWR
(VWiWLFD
0HQRVGHO
%DMD
$OWD
8VRV
(Q &DQDGi ORV XVRV VRQ SDUD SHTXHxDV HPSUHVDV GH HQYDVDGR GH DJXD UHGXFLGR XVR
GRPpVWLFR SREODFLyQ UXUDO HQ iUHDV GH UHFDUJD XVR GRPpVWLFR PX\ JUDQGH
DJURLQGXVWULDV H LUULJDFLyQ HQ iUHDV GH GHVFDUJD FHUFD GH OD FLXGDG GH 0RQWUHDO /D
GLVWULEXFLyQDSUR[LPDGDHQSRUFHQWDMHHVODVLJXLHQWH
ƒ $JURLQGXVWULDV
ƒ 5LHJR ƒ 'RPpVWLFR
ƒ ,QGXVWULD
0LHQWUDVWDQWRHQ(8$ORVXVRVSUHGRPLQDQWHVVRQHOGRPpVWLFR\HOXVRGHDJXDGHORV
PDQDQWLDOHVSDUDFULDGHURVGHSHFHVWDQWRS~EOLFRVFRPRSULYDGRV/DH[WUDFFLyQDQXDO
HVWLPDGDHVGH0PHQ&DQDGi\GHVFRQRFLGDHQ(8$
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DFDOLGDGQDWXUDOGHODJXDHVFRQVLGHUDGDEXHQDSRUDPERVSDtVHV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
&RQUHVSHFWRDORVFDPELRVHQODGLVSRQLELOLGDGGHDJXDVRORVHFRQRFHQGHVFHQVRVHQ
OD QDSD GH IRUPD ORFDOL]DGD PLHQWUDV TXH FRQ UHVSHFWR D OD FDOLGDG VH PHQFLRQD OD
SUHVHQFLDGHQXWULHQWHVIHUWLOL]DQWHV\FRPSXHVWRVTXtPLFRVRUJiQLFRV'1$3/V
2WUDVIXHQWHVGHDJXD
/DV IXHQWHV DOWHUQDWLYDV GH DJXD FRUUHVSRQGHQ D OD SURYHQLHQWH GH DJXD VXSHUILFLDO GH
UtRV\DUUR\RV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
1R KD\ FDPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHV HQ OD ]RQD GHO DFXtIHUR \ VX LQIOXHQFLD VREUH ODV PRGDOLGDGHV GH UHFDUJD
7DPSRFR H[LVWH SUHYLVLyQ GH FDPELRV GH ODV SUHFLSLWDFLRQHV SOXYLDOHV \ HQ OD UHFDUJD
SUHYLVWRVSDUDHOIXWXUR
&RQUHVSHFWRDSRVLEOHVLPSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRVQRVHREVHUYDQ
FDPELRV HQ HO DFXtIHUR QL SODQHV SDUD XQ GHVDUUROOR SDUWLFXODU GXUDQWH SHUtRGRV GH
VHTXtD
87
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVXQLGDGHVGHSDLVDMHVRQODVWLHUUDVQDWXUDOHV\ODVWLHUUDVSURGXFWLYDVPLHQWUDVTXH
ODFREHUWXUDQDWXUDORULJLQDOHVWiFRPSXHVWDSRU ERVTXHVDOVXUUHFDUJD \ SUDGHUDVDO
QRUWHGHVFDUJD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
7RGDYtD H[LVWHQ HQ JUDQ SDUWH ERVTXHV DO VXU SHUR OD WLHUUD KD FDPELDGR IXHUWHPHQWH
KDFLDHOQRUWHGHELGRDODDJULFXOWXUD\ODXUEDQL]DFLyQ
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
1RH[LVWHQiUHDVSURWHJLGDVTXHQRVHDQODV/DJXQDVGH0HUFLHUHQODVTXHGHELGRDXQ
DFWXDO OLWLJLR FXDOTXLHU H[WUDFFLyQ GH DJXD VXEWHUUiQHD HQ HO HQWRUQR GH OD ]RQD HVWi
SURKLELGDKDVWDTXHHOFRQIOLFWRKD\DWHUPLQDGR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
/RV SODQHV GH RUGHQDPLHQWR WHUULWRULDO SDUD OD ]RQD GHO DFXtIHUR HVWiQ HQ ³VWDQGE\´
GHELGR D OLWLJLRV \ FXHVWLRQHV GH OHJLVODFLyQ GHO ODGR FDQDGLHQVH PLHQWUDV TXH QR KD\
SODQHVGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
88
1R VH WLHQH HVD LQIRUPDFLyQ SHUR VH VDEH TXH ORV EHQHILFLRV
HFRQyPLFRVVRQLPSRUWDQWHV
$OWDGHSHQGHQFLD
1RKD\³QLYHOGHSREUH]D´
$JULFXOWXUDDJURLQGXVWULDV\FDQWHUDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
+D KDELGR KDVWD OD IHFKD DOUHGHGRU GH HQFXHQWURV WRGRV VREUH OD EDVH GH OD
FRODERUDFLyQPXWXD
/DVUHXQLRQHVHPSH]DURQDWHQHUOXJDUHQFXDQGRHOJRELHUQRGH&DQDGiLQLFLyOD
HYDOXDFLyQGHOVLVWHPDDFXtIHUR
1R KD KDELGR QLQJXQD LQWHUDFFLyQ HQ OD FRPSHWHQFLD HQWUH ORV GRV SDtVHV HQ HVWH
DFXtIHUR
(QFXDQWRDODVDFFLRQHVSDUDPHMRUDUODDFWXDOFRODERUDFLyQVHLQGLFDTXHDPERVSDtVHV
UHFRQRFHQTXHHOFRQRFLPLHQWRFLHQWtILFRHVHVHQFLDOSDUDHYLWDUHOPDOXVRGHODFXtIHUR
DVt FRPR HO UHFRQRFLPLHQWR GH XQR KDFLD RWUR DO GHUHFKR GH XWLOL]DFLyQ HTXLWDWLYD \
UD]RQDEOH 2WUD DFFLyQ TXH PHMRUDUtD OD FRODERUDFLyQ HV OD UHDOL]DFLyQ GH HVWXGLRV
FLHQWtILFRVHQFRQMXQWR
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
7RGDV ODV DFWLYLGDGHV GH FRRSHUDFLyQ KDQ VLGR UHDOL]DGDV FRQ HO SURSyVLWR FRP~Q GH
FDUWRJUDILDU\HYDOXDUFXDQWLWDWLYDPHQWHHOVLVWHPDDFXtIHURGHPRGRQRUPDOL]DGR/RV
FLHQWtILFRV\ORVIRQGRVIXHURQFRP~QPHQWHFRPSDUWLGRV
$8725(6<)8(17(6
&DQDGi3UHSDUDGRFRQODFRODERUDFLyQGH$OIRQVR5LYHUD
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ\-RKQ:LOOLDPV
89
90
16,67(0$$&8Ë)(5275$16)5217(5,=26$1',(*27,-8$1$
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 6DQ 'LHJR7LMXDQD VH ORFDOL]D HQ OD SRUFLyQ VXU GHO (VWDGR GH
&DOLIRUQLDHQORV(8$\HQODSRUFLyQQRUWHGHO(VWDGRGH%DMD&DOLIRUQLDHQ0p[LFR
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRV
GHODxRFRQXQiUHDHVWLPDGDHQNPPLHQWUDVTXHHQ(8$ODSREODFLyQHVGH
DSUR[LPDGDPHQWHKDELWDQWHVVREUHXQiUHDGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O VLVWHPD DFXtIHUR HVWi FRQIRUPDGR SRU PDWHULDOHV DOXYLDOHV HQ ORV YDOOHV \ SRU
FRQJORPHUDGRV HQ ODV WHUUD]DV \ ORPHUtRV DG\DFHQWHV 6X H[WHQVLyQ VXSHUILFLDO HV
UHGXFLGD\VXHVSHVRUHQWHUULWRULRPH[LFDQRHVGHPVLHQGRVLPLODUHQ(8$(QOD
SODQLFLHGH6DQ'LHJRVXHVSHVRUHVPHQRU
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
3DUDHOVLVWHPDDFXtIHURODSURIXQGLGDGDOQLYHOHVWiWLFRYDUtDHQWUH \P6HHVWi
UHJLVWUDQGRXQDVFHQVRJUDGXDOGHORVQLYHOHVIUHiWLFRVFHUFDGHODIURQWHUDGHELGRDOD
LQILOWUDFLyQGHDJXDVUHVLGXDOHVGHODFLXGDGGH7LMXDQD6HDSUR[LPDDOQLYHOGHOPDUHQ
(8$(QJHQHUDOODSURIXQGLGDGDODJXDDXPHQWDFRQODGLVWDQFLDGHVGHHORFpDQR
=RQDVGHUHFDUJD
/D UHFDUJD WRWDO TXH UHFLEH HO DFXtIHUR DVFLHQGH D KP DQXDOHV HQ VX PD\RU SDUWH
SURFHGHQWHVGHODUHFDUJDLQGXFLGDGHODVUHGHVGHDEDVWHFLPLHQWR\DOFDQWDULOODGRGHOD
FLXGDGGH7LMXDQD+LVWyULFDPHQWHODUHFDUJDVHSURGXMRHQODViUHDVURFRVDVRULHQWDOHV
5HFLHQWHPHQWHODPD\RUUHFDUJDVHSURGXFHFHUFDGHORVFDQDOHVGHIOXMR\HQPHQRU
SURSRUFLyQ SRU SUHFLSLWDFLyQ GLUHFWD ([FHSWR FHUFD GH DUUR\RV HO DJXD WLHQH PiV GH
DxRVGHDQWLJHGDG
([SORWDFLyQ\FDXGDOHV
/DH[WUDFFLyQGHDJXDVXEWHUUiQHDHVPD\RUHQWHUULWRULRPH[LFDQRGHOFXDOVHH[WUDHQ
KPDxR$FWXDOPHQWHHVWHYROXPHQWLHQGHDGLVPLQXLUGHELGRDODLPSRUWDFLyQGH
DJXDGHVGHOD&XHQFDGHO5tR&RORUDGRSDUDHODEDVWHFLPLHQWRGH7LMXDQD0HQRVGH
KPDxRVRQH[WUDtGRVHQ(8$
91
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
0p[LFR
(VWDGRV8QLGRV
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
KDELWDQWHV
KDELWDQWHV
KDE
7LMXDQD
KDE
6DQ'LHJR
KDE
&UHFLPLHQWRFHUFDQRDFHUR
KDE
KDE
KDE
&HUFDGH
KDE
KDE
KDE
KDE
8VRV
6REUHXQWRWDOGHKPH[WUDtGRVDQXDOPHQWHORVXVRVVHGLVWULEX\HQGHODVLJXLHQWH
PDQHUD
ƒ 5LHJR
KP
ƒ 'RPpVWLFR
KP
ƒ ,QGXVWULDO
KP
ƒ 3~EOLFRXUEDQR
KP
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q 0p[LFR OD FDOLGDG QDWXUDO GHO DJXD VXEWHUUiQHD HV DSWD SDUD WRGRV ORV XVRV HQ OD
SRUFLyQ VXSHULRU GHO DFXtIHUR SHUR VX VDOLQLGDG WRWDO DXPHQWD FRQ OD SURIXQGLGDG (Q
(8$ODPD\RUSDUWHGHODJXDHVVDOLQDFRQ7'6VXSHULRUDSSP
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(OFUHFLPLHQWRXUEDQRGH7LMXDQDKDRULJLQDGRXQDFRQWDPLQDFLyQFUHFLHQWHGHODFXtIHUR
\ HO DVFHQVR GH ORV QLYHOHV IUHiWLFRV SURYRFDGR SRU OD UHFDUJD GHVGH ODV IXJDV GH ODV
UHGHVKLGUiXOLFDV
6HKDQLGHQWLILFDGRSUREOHPDVGHVDOLQLGDGGHO DJXDVXEWHUUiQHDDPD\RUSURIXQGLGDG
HQ WHUULWRULR PH[LFDQR (O LPSDFWR WUDQVIURQWHUL]R DFWXDO R SRWHQFLDO HVWi UHODFLRQDGR
FRQODFDOLGDGGHODJXDTXHFUX]DODIURQWHUDLQWHUQDFLRQDOHQWUHDPERVSDtVHVGHELGRD
OD FRQWDPLQDFLyQ DVRFLDGD FRQ OD LQILOWUDFLyQ GH ODV DJXDV UHVLGXDOHV GH OD FLXGDG GH
92
7LMXDQD(Q(8$HOSRWHQFLDOGHFRQWDPLQDFLyQGHODJXDGXOFHHVWiOLPLWDGRDiUHDVFRQ
DOWDUHFDUJD\DVXYH]OLPLWDGRDORVPVXSHULRUHVGHODFXtIHUR
2WUDVIXHQWHVGHDJXD
6HJ~Q0p[LFRQRKD\RWUDVIXHQWHVGHDJXDGXOFH6LQHPEDUJRVHWLHQHHQSURFHVRXQ
SUR\HFWRSDUDLQFUHPHQWDUODLPSRUWDFLyQGHDJXDGHVGHOD&XHQFDGHO5tR&RORUDGR\
XQSUR\HFWRGHGHVDODFLyQGHDJXDPDULQDSDUDFRPSOHPHQWDUHODEDVWRGHODFLXGDGGH
7LMXDQD(Q(8$H[LVWHXQDSODQWDDFWLYDGHVDOLQL]DGRUDGHDJXDTXHSURSRUFLRQDDJXD
SRWDEOHSDUDXVRXUEDQRFHUFDGHO5tR6ZHHWZDWHU
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
7DQWR HQ WHUULWRULR PH[LFDQR FRPR GH (8$ OD SUHFLSLWDFLyQ PHGLD DQXDO HV GH PPFRQQRWDEOHVIOXFWXDFLRQHVGHXQDxRDRWUR/DVOOXYLDVVRQHVFDVDVWRUUHQFLDOHV\
GH FRUWD GXUDFLyQ SRU OR TXH JHQHUDQ HVFXUULPLHQWRV H[WUDRUGLQDULRV SHUR HVFDVD
UHFDUJD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q OD ]RQD GH 0p[LFR D ODUJR SOD]R VH SUHYpQ LQFUHPHQWRV GH WHPSHUDWXUD \
GHFUHFLPLHQWR GH OD OOXYLD GHULYDGR GHO FDPELR FOLPiWLFR PLHQWUDV HQ (8$ VH LQGLFD
TXHORVHIHFWRVGHOFDPELRFOLPiWLFRVRQGHVFRQRFLGRV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVWLHQHQXQLPSDFWRGLUHFWRHQODVUHJLRQHViULGDVGH0p[LFR\DTXHHQHOODV
ODIXHQWHSULQFLSDOGHDEDVWHFLPLHQWRHVHODJXDVXEWHUUiQHD(QOD]RQDGHHVWHDFXtIHUR
VHXWLOL]DWDPELpQDJXDVXSHUILFLDOGHULYDGDGHO5tR&RORUDGRORFXDODWHQ~DHOLPSDFWR
GHODVVHTXtDV(Q(8$VHSXHGHHVSHUDUXQPRGHUDGRLPSDFWRVDOYR HQHOYDOOHGHO
5tR7LMXDQD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
/DUHJXODULGDGGHODLPSRUWDFLyQGHDJXDGHO5tR&RORUDGRSURWHJHGHOLPSDFWRGHODV
VHTXtDV(QVXFDVRVH XWLOL]DHODFXtIHURFRPR XQDIXHQWH FRPSOHPHQWDULD(Q (8$
ORVHYHQWRVH[WUHPRVQRDOWHUDQVLJQLILFDWLYDPHQWHHOXVRGHODFXtIHUR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV SULQFLSDOHV XQLGDGHV GH SDLVDMH VRQ HO iUHD XUEDQD iUHDV DJUtFRODV \ VXHORV
GHVQXGRV /D FREHUWXUD RULJLQDO HV GH VXHORV GHVQXGRV HQ FRQGLFLRQHV GH DULGH] (Q
(8$RULJLQDOPHQWHKDEtDVDOYLDFRVWHUD\HVWXDULRV
93
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RVSULQFLSDOHVXVRVGHOVXHORVRQHOiUHDXUEDQDODV]RQDVDJUtFRODV\VXHORVGHVQXGRV
SDUDODSRUFLyQPH[LFDQD(Q(8$HOXVRGHODWLHUUDJHQHUDOPHQWHHVXUEDQRSDUDOD
DJULFXOWXUD\HQORVHVWXDULRVSURWHJLGRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
6HJ~Q 0p[LFR OD DFWLYLGDG DJUtFROD HV HVFDVD (Q (8$ OD DJULFXOWXUD H[LVWH
SULQFLSDOPHQWHHQSHTXHxDVSDUFHODVVREUHWRGRYHUGXUDV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
1RH[LVWHQiUHDVSURWHJLGDVHQWHUULWRULRPH[LFDQR6LQHPEDUJRHQ(8$ORVHVWXDULRV
FRVWHURVHVWiQSURWHJLGRVHOPD\RUGHORVFXDOHVHVHOHVWXDULRGHO5tR7LMXDQD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
1R H[LVWHQ HFRVLVWHPDV LPSRUWDQWHV GHSHQGLHQWHV GH DJXDV VXEWHUUiQHDV HQ WHUULWRULR
PH[LFDQR \ WDPSRFR H[LVWHQ FXHUSRV GH DJXD VXSHUILFLDO TXH UHFLEDQ DSRUWH GH DJXDV
VXEWHUUiQHDV/RVDUUR\RVWLHQHQUpJLPHQWRUUHQFLDOHLQWHUPLWHQWH
(Q(8$ORVHFRVLVWHPDVGHPD\RUSUHRFXSDFLyQVRQODVPDULVPDV GHDJXDVDODGD \D
TXHVRQHQSDUWHDOLPHQWDGDVSRUODVDJXDVVXEWHUUiQHDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q 0p[LFR H[LVWH HO 3ODQ (VWDWDO GH 'HVDUUROOR TXH LQFOX\H DOJXQRV DVSHFWRV
UHODFLRQDGRVFRQODGLVSRQLELOLGDGGHDJXD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
$FWXDOPHQWHHQ0p[LFRQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRVKtGULFRVSHUR
HORUJDQLVPRRSHUDGRUGHDJXDSRWDEOHGHODFLXGDGGH7LMXDQDSUHWHQGHUHDOL]DUXQSODQ
GH PDQHMR LQWHJUDGR GH ODV DJXDV VXEWHUUiQHDV \ VXSHUILFLDOHV 'H OOHYDUVH D FDER HO
SODQGHPDQHMRLQWHJUDGRLQFOXLUtDDFFLRQHVFRPRPDQHMRGHODGHPDQGDHQWRGRVORV
VHFWRUHV UHXVR SRWDELOL]DFLyQ GH DJXD VXSHUILFLDO SDUD FRQVXPR KXPDQR LQWHUFDPELR
GH DJXD XWLOL]DGD HQ OD DJULFXOWXUD SRU DJXD UHVLGXDO WUDWDGD FRQYHUVLyQ GH FXOWLYRV
LPSRUWDFLyQGHDJXD\GHVDODFLyQHQWUHRWUDVSUR\HFWRVTXHVHUiQFRQFHUWDGRVFRQORV
94
XVXDULRVGHODJXD\FRQORVGHPiVDFWRUHVLQYROXFUDGRVHQVXPDQHMR(Q(8$QRKD\
SODQHVGHJHVWLyQGHODVDJXDVVXEWHUUiQHDV(OXVRGHODVDJXDVVXEWHUUiQHDVHQJHQHUDO
VLJXHVLQHVWDUUHJXODGR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR(OEHQHILFLRHFRQyPLFRVHWUDGXFHHQHOFREURGHODJXD
SRWDEOHTXHVHXWLOL]DSDUDODGRWDFLyQGHODFLXGDGGH7LMXDQD\
GHODHVFDVDSURGXFFLyQDJUtFROD
(8$(ODJXDHV XWLOL]DGDSDUDORVVHFWRUHV XUEDQR \DJUtFROD
FRQWULEX\HQGRDVtDODHFRQRPtD
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
(8$ /DV DJXDV VXEWHUUiQHDV VRQ XQ FRPSRQHQWH PHQRU GHO
VXPLQLVWUR GH DJXD HQ JHQHUDO (O VXPLQLVWUR GH DJXD
VXEWHUUiQHD ORFDO HV LQIHULRU DO GHO XVR WRWDO GH DJXD \ SRU
FRQVLJXLHQWH HV VROR PRGHUDGDPHQWH LPSRUWDQWH SDUD OD
HFRQRPtD
0p[LFR1RH[LVWHQHFRVLVWHPDVLPSRUWDQWHVTXHGHSHQGHQGHO
DJXDVXEWHUUiQHD
(8$ /D HFRQRPtD VH YXHOYH PiV GHSHQGLHQWH GHO DJXD
LPSRUWDGD6XGLVSRQLELOLGDGHVPiVVHJXUDDKRUDTXHDQWHV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
+DVWDDKRUDQRVHKDWHQLGRLQWHUDFFLyQELQDFLRQDOFRQVLVWHQWH\HVSHFLILFDVRORVHKDQ
WUDWDGRDVSHFWRVDLVODGRVUHODFLRQDGRVFRQODFRQWDPLQDFLyQGHODVDJXDVUHVLGXDOHVGH
7LMXDQD(VQHFHVDULRHYDOXDUHODSRUWHGHODFXtIHURDWHUULWRULRGH(8$HQFDQWLGDG \
FDOLGDG
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
+DVWDHOPRPHQWRQRKD\FRPSHWHQFLDSRUHOXVRGHODJXDVXEWHUUiQHD/DH[WUDFFLyQGH
DJXD VXEWHUUiQHD HV PD\RU HQ WHUULWRULR PH[LFDQR DXQTXH HVWD GLVPLQX\H DO
LQFUHPHQWDUVHODH[SRUWDFLyQGHVGHOD&XHQFDGHO5tR&RORUDGRSDUDHODEDVWHFLPLHQWR
GH OD FLXGDG GH 7LMXDQD /D LQFHUWLGXPEUH GHO VXPLQLVWUR GH DJXD LPSRUWDGD SXHGH
DOHQWDUDORVRUJDQLVPRVORFDOHVGHDJXDSDUDGHVDUUROODUPiVORVUHFXUVRVKtGULFRVHQHO
IXWXURLQFOXLGDODGHVDOLQL]DFLyQGHDJXDVDOREUH
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$ 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJULG 0DULD 9HUVWUDHWHQ DQG :HVOH\ 5
'DQVNLQ
95
96
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 &8(1&$ %$-$ '(/ 5Ë2
&2/25$'2
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R &XHQFD %DMD GHO 5tR &RORUDGR VH ORFDOL]D HQ OD
SRUFLyQVXUGHORVHVWDGRVGH&DOLIRUQLD\$UL]RQDHQORV(8$\HQODSRUFLyQQRUWHGH
ORVHVWDGRVGH%DMD&DOLIRUQLD\6RQRUDHQ0p[LFR
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRVGHO
DxR\VHHQFXHQWUDVREUHXQiUHDGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(ODFXtIHURHVWiFRQVWLWXLGRSRUFOiVWLFRVQRFRQVROLGDGRVGHSRVLWDGRVHQHOGHOWDGHO5tR
&RORUDGR\HQODIRVDGHO0DUGHO6DOWyQHQODSRUFLyQPH[LFDQDWLHQHJUDQH[WHQVLyQ\
HVSHVRU GH YDULRV FLHQWRV GH PHWURV /D VDOLQLGDG GHO DJXD VXEWHUUiQHD VH KD
LQFUHPHQWDGR SRU HO ODYDGR GH VXHORV DJUtFRODV \ OD LQILOWUDFLyQ GH DJXDV GHO GUHQDMH
DJUtFRODSSP\VHKDLGHQWLILFDGRFRQWDPLQDFLyQGLIXVDRULJLQDGDSRUODV
SUiFWLFDVDJUtFRODV
/D SURIXQGLGDG DO QLYHO GHO DJXD VXEWHUUiQHD YDUtD GHVGH DOJXQRV PHWURV HQ OD ]RQD
DOHGDxDDOFDXFHGHO5tR&RORUDGR\HOFDQDO³7RGR$PHULFDQR´KDVWDORVPHQOD
EDWHUtDGHSR]RVORFDOL]DGDHQ6DQ/XLV5tR&RORUDGR
$XQTXHODUHFDUJDQDWXUDOHVPX\HVFDVDGHELGRDODSREUHSUHFLSLWDFLyQSOXYLDO\JUDQ
HYDSRUDFLyQSRWHQFLDOVHKDJHQHUDGRXQDFXDQWLRVDUHFDUJDLQGXFLGDSRUHOULHJRFRQ
DJXD VXSHUILFLDO GHO 5tR &RORUDGR ILOWUDFLyQ HQ FDQDOHV \ UHWRUQR GH H[FHGHQWHV GH
ULHJRHQWHUUHQRVGHJUDQFDSDFLGDGGHLQILOWUDFLyQ(OYDORUWRWDOGHHVWDUHFDUJDVHKD
HVWLPDGRHQKPDxR
/DH[WUDFFLyQGHDJXDVXEWHUUiQHDHVPD\RUHQWHUULWRULRPH[LFDQRGHORUGHQGHORV
KPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQPH[LFDQDHVWiHVWLPDGDHQKDEGHORVFXDOHVHO
KDE LQWHJUDQ OD IUDFFLyQ XUEDQD /D SREODFLyQ UXUDO FRUUHVSRQGH DO
UHVWDQWH KDE \ OD SREODFLyQ LQGtJHQD HVWLPDGD HV HO KDE'HDFXHUGRDODVFDUDFWHUtVWLFDVGHODFXtIHURHOGHODSREODFLyQVHHQFXHQWUD
DVHQWDGDVREUH]RQDVGHUHFDUJD\RGHVFDUJD
97
8VRV
/D H[WUDFFLyQ WRWDO GH DJXD GHO DFXtIHUR GH KPDxR VH GLVWULEX\H SRU XVRV FRPR
VLJXH
ƒ 5LHJR
KP
ƒ 'RPpVWLFR KP
ƒ ,QGXVWULDO KP
ƒ 3~EOLFRXUEDQR
KP
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DVDOLQLGDGGHODJXDHUDPX\YDULDGDHQFRQGLFLRQHVQDWXUDOHVSRUODDULGH]H[WUHPD
GHODUHJLyQKDEtDDJXDVDOREUHRVDODGDH[FHSWRHQODVSUR[LPLGDGHVGHO5tR&RORUDGR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXH OD UHQRYDFLyQ QDWXUDO GHO DFXtIHUR HV PX\ OHQWD \ SRFR FXDQWLRVD OD UHFDUJD
LQGXFLGDSRUHOULHJRLQFUHPHQWDODUHFDUJDWRWDO$SHVDUGHHOORHVWDIXHUHEDVDGDHQ
PDJQLWXGSRUODH[WUDFFLyQGHDJXDSRUERPEHRGHSR]RV'HVGHKDFHYDULDVGpFDGDVVH
HVWi PLQDQGR HO DOPDFHQDPLHQWR VXEWHUUiQHR $FWXDOPHQWH (8$ WLHQH HQ SURFHVR HO
UHYHVWLPLHQWR GHO &DQDO 7RGR $PHULFDQR FX\DV ILOWUDFLRQHV DOLPHQWDQ D OD SRUFLyQ
PH[LFDQD GHO DFXtIHUR $O FRPSOHWDUVH HVWD REUD VH HVSHUD TXH OD DOLPHQWDFLyQ
VXEWHUUiQHDVHUHGX]FDHQKPDQXDOHVSRUORFXDOVHHVWiQFRQWHPSODQGRGLYHUVDV
PHGLGDVGHPLWLJDFLyQGHHVWHLPSDFWR
(QODSRUFLyQPH[LFDQDGHODFXtIHURVHKDLQFUHPHQWDGRQRWDEOHPHQWHODVDOLQLGDGGHO
DJXDVXEWHUUiQHDSRUHOODYDGRGHVXHORVDJUtFRODV\ODSUHVHQFLDGHURFDVHYDSRUtWLFDV
HQJUDQSDUWHGHOYDOOH(QODDFWXDOLGDGODVDOLQLGDGWRWDOYDUtDHQWUH\SSP
FRQWHQGHQFLDFUHFLHQWH
2WUDVIXHQWHVGHDJXD
1RKD\RWUDVIXHQWHVGHDJXDGXOFHDXQTXHDODUJR SOD]RVHFRQWHPSODQSUR\HFWRVGH
GHVDODFLyQGHDJXDPDULQD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(OYDORUGHODSUHFLSLWDFLyQPHGLDDQXDOHVPHQRUDPPFRQIOXFWXDFLRQHVDQXDOHV
GHUHGXFLGDPDJQLWXG
98
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$ODUJRSOD]RVHHVSHUDHQODUHJLyQXQLQFUHPHQWRGHODWHPSHUDWXUD\XQDUHGXFFLyQ
GHODSUHFLSLWDFLyQSOXYLDODFDXVDGHOFDPELRFOLPiWLFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV VRQ XQ IHQyPHQR TXH DIHFWD OD GLVSRQLELOLGDG GH DJXD HQ WRGD OD FXHQFD
FRQLPSDFWRPXFKRPD\RUHQHODJXDVXSHUILFLDO(QHVRVFDVRVKD\XQDUHGXFFLyQGH
OD GRWDFLyQ FRUUHVSRQGLHQWH D DPERV SDtVHV FRQIRUPH DO WUDWDGR LQWHUQDFLRQDO (O
LPSDFWRVREUHHODFXtIHURHVSRFRVLJQLILFDWLYR7DPELpQVHUHJLVWUDQSHUtRGRVGHOOXYLDV
H[WUDRUGLQDULDVHQODFXHQFDDOWDGHOUtRTXHVHWUDGXFHQHQYRO~PHQHVH[FHGHQWHVTXH
VRQ GHVFDUJDGRV DO *ROIR GH &DOLIRUQLD VLQ DSURYHFKDPLHQWR DOJXQR SRU OR TXH VH
FRQWHPSODQSUR\HFWRVSDUDSURSLFLDUVXUHFDUJDDUWLILFLDO
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
([WUDFFLyQ DGLFLRQDO D OD DXWRUL]DGD SDUD DWHQGHU OD VLWXDFLyQ GH HPHUJHQFLD VLQ TXH
KDVWDHOPRPHQWRKD\DVLGRQHFHVDULRSHUIRUDUQXHYRVSR]RV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHVRQODV]RQDVDJUtFRODVPDWRUUDOHVVXHORVGHVQXGRV
\XUEDQRV/DFREHUWXUDQDWXUDORULJLQDOFRUUHVSRQGHD]RQDVGHVpUWLFDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RV SULQFLSDOHV XVRV GHO VXHOR VRQ ODV ]RQDV DJUtFRODV VXHORV GHVQXGRV PDWRUUDOHV \
]RQDVXUEDQDV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RVSULQFLSDOHVFXOWLYRVGHOGLVWULWRGHULHJRVRQFiUWDPRFHEDGDWULJRDOJRGyQVRUJR
PDt] \ DMRQMROt HQ VLVWHPD GH FXOWLYR GH VXUFRV \ PHOJDV /RV FXOWLYRV SHUHQQHV VRQ
DOIDOIDHVSiUUDJRYLG
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRODVSULQFLSDOHV]RQDVQDWXUDOHVSURWHJLGDVVRQ5HVHUYDGHOD%LRVIHUD$OWR
*ROIRGH&DOLIRUQLD\'HOWDGHO5tR&RORUDGR
99
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(QODSRUFLyQPH[LFDQDORVHFRVLVWHPDVGHSHQGLHQWHVGHODVDJXDVVXEWHUUiQHDVVRQORV
KXPHGDOHVGHOD0HVDGH$QGUDGH\HOHFRVLVWHPDGHO'HOWDGHO5tR&RORUDGRHOFXDO
UHFLEH OD SULQFLSDO GHVFDUJD QDWXUDO GHO DFXtIHUR \ HVFXUULPLHQWRV H[FHGHQWHV GHO
&RORUDGR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
([LVWHQSODQHVGHRUGHQDPLHQWRWHUULWRULDOFRPRSDUWHGHO3ODQ(VWDWDOGH'HVDUUROORGH
%DMD&DOLIRUQLDSHURVRORFRQWHPSODHQIRUPDSDUFLDOHOUHFXUVRKtGULFR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
([LVWH XQ SODQ GH PDQHMR GH ODV DJXDV VXSHUILFLDOHV TXH HVFXUUHQ D WUDYpV GHO &DQDO
7RGR$PHULFDQR(OSUR\HFWRFRQWHPSODHOUHYHVWLPLHQWRGHOFDQDO
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
v
v
v
v
100
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
0p[LFR(OEHQHILFLRHFRQyPLFRVHWUDGXFHHQHOYDORUGHOD
%HQHILFLRVHFRQyPLFRV SURGXFFLyQDJUtFRODGHOGLVWULWRGHULHJR³5tR&RORUDGR´
3DUD XQ DxR DJUtFROD FRPSOHWR HO YDORU GH OD SURGXFFLyQ HV
UHODFLRQDGRVDOXVRGHODJXD
GHDSUR[LPDGDPHQWH86
'HSHQGHQFLDGHOD
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO OD
HFRQRPtDORFDODJURLQGXVWULD
HFRQRPtD ORFDO EDVDGD HQ OD DJULFXOWXUD GHSHQGH HQ JUDQ
UHFXUVRVQDWXUDOHVGHODFFHVR
PHGLGDGHODH[SORWDFLyQGHODJXDVXEWHUUiQHD
DOUHFXUVRDJXD
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
0p[LFR6HGHVFRQRFHQRVHWLHQHXQDHVWLPDFLyQ
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0HGLRVGHYLGDTXH
0p[LFR (O HFRVLVWHPD TXH VH DIHFWDUtD DO UHYHVWLU HO &DQDO
FRUUHUtDQSHOLJURSpUGLGDV
7RGR $PHULFDQR VRQ ORV KXPHGDOHV RULJLQDGRV SRU ODV
HFRQyPLFDVVLHOVLVWHPD
LQILOWUDFLRQHVTXHVHSURGXFHQDORODUJRGHOGUHQ/D0HVD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(OWHPDGHOUHYHVWLPLHQWRGHOFDQDOHVWHPDGHQHJRFLDFLyQGHVGHKDFHPiVGHDxRV
HQHOVHQRGHOD&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHV\$JXDVHQWUH0p[LFR\ORV(8$
1RH[LVWHFRODERUDFLyQSDUDHOXVRGHODFXtIHURSHURHOSUR\HFWRGH UHYHVWLPLHQWRGHO
FDQDOSXHGHFRQYHUWLUVHHQXQDVXQWRGHOLWLJLRLQWHUQDFLRQDO
$SDUWH GH ODV PHGLGDV SDUD PLWLJDU ORV HIHFWRV QHJDWLYRV TXH RFDVLRQDUtD HQ WHUULWRULR
PH[LFDQR HO UHYHVWLPLHQWR GHO &DQDO 7RGR $PHULFDQR VH FRQWHPSODQ PHGLGDV SDUD
SUHVHUYDUHOHFRVLVWHPDGHO'HOWDGHO5tR&RORUDGR
,QWHUpVGHORVSDtVHVSRUHOXVRGHOVLVWHPDDFXtIHUR
3RUHOXVRGHODFXtIHURH[LVWHFRPSHWHQFLDFUHFLHQWHFRQIRUPHDXPHQWDODGHPDQGDGH
DJXDHQDPERVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
101
102
16,67(0$$&8Ë)(5275$16)5217(5,=26212<7$3È3$*26
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R6RQR\WD3iSDJRVHVWiXELFDGRHQODSRUFLyQQRUWH
GHO(VWDGRGH6RQRUDHQ0p[LFR\HQODSRUFLyQVXUGHO(VWDGRGH$UL]RQDHQORV(8$
/DSREODFLyQDSUR[LPDGDGHOVHFWRUPH[LFDQRHVGHKDELWDQWHVVREUHXQiUHDGH
NP
&DUDFWHUtVWLFDVGHODFXtIHUR
(ODFXtIHURHVWiIRUPDGRSRUPDWHULDOHVDOXYLDOHVFX\RHVSHVRUHVGHYDULDVGHFHQDVD
PiV GH P 6X H[WHQVLyQ VXSHUILFLDO HV UHGXFLGD VLHQGR TXH OD SRUFLyQ ³DJXDV
DUULED´FRUUHVSRQGHD(8$
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q0p[LFRODSURIXQGLGDGDOQLYHOHVWiWLFRYDUtDHQWUH\PHWURVFRQWHQGHQFLD
FUHFLHQWHGHODFRVWDKDFLDODSRUFLyQIURQWHUL]DGHODFXtIHUR
=RQDVGHUHFDUJD
/D UHFDUJD WRWDO PHGLD DQXDO TXH UHFLEH HO DFXtIHUR DVFLHQGH D XQRV KPDxR \ HV
RULJLQDGDHQVXPD\RUSDUWHSRUODLQILOWUDFLyQGHORVHVFXUULPLHQWRVDORODUJRGHOFDXFH
GHO5tR6RQR\WDGXUDQWHORVHVFDVRVSHUtRGRVGHOOXYLDVWRUUHQFLDOHV
(VWHDFXtIHURWLHQHODVVLJXLHQWHVFDUDFWHUtVWLFDVKPDxR
v
v
v
v
v
v
5HFDUJDPHGLDDQXDO
GHVFDUJDQDWXUDOFRPSURPHWLGD
YROXPHQFRQFHVLRQDGRGHDJXDVXEWHUUiQHD
YROXPHQGHH[WUDFFLyQFRQVLJQDGRHQHVWXGLRVWpFQLFRV
GLVSRQLELOLGDGPHGLDDQXDOGHDJXDVXEWHUUiQHD
5HVXOWDQGR HQ XQ GpILFLW GH PLOORQHV GH PHWURV F~ELFRV DQXDOHV '2)
([SORWDFLyQ\FDXGDOHV
/D H[WUDFFLyQ GH DJXD VXEWHUUiQHD HV PiV LPSRUWDQWH HQ WHUULWRULR PH[LFDQR \ HO XVR
SULQFLSDOGHODJXDHVDJUtFROD
103
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
v
7RWDO
v
8UEDQD\SULQFLSDOHVFLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
v
v
0p[LFR
(VWDGRV8QLGRV
KDELWDQWHV
KDE
3XHUWR3HxDVFR\6RQR\WD
KDE
/XNHYLOOH
KDE
0X\SHTXHxD
KDE
3UDFWLFDPHQWH
KDE
3REODFLyQLQGtJHQDHVWLPDGD
KDE
3REODFLyQHQ]RQDVGHUHFDUJD
KDE
KDELQFOX\HQODSREODFLyQ
GHODVORFDOLGDGHVGRQGHVHH[WUDH
DJXDVXEWHUUiQHD
$OUHGHGRUGHO
3REODFLyQHQ]RQDVGH
GHVFDUJD
8VRV
(OXVRSUHGRPLQDQWHGHODJXDHQODSRUFLyQPH[LFDQDHVHODJUtFROD
3RUVXSDUWH(8$LQGLFDTXHQRFRQRFHODGLVWULEXFLyQGHORVXVRVSHURHVWLPDTXHHV
PD\RUPHQWHGRPpVWLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q0p[LFRORVSUREOHPDVGHVDOLQLGDGHVWiQUHODFLRQDGRVFRQODVFRQGLFLRQHVFOLPiWLFDV
\ OD FRPXQLFDFLyQ KLGUiXOLFD FRQ HO PDU (V FRP~Q OD SUHVHQFLD GHO DJXD VDOREUH R
VDODGD HQ ODV iUHDVV UHWLUDGDV GHO UtR HQ ORV WUDPRV SURIXQGRV GHO DFXtIHUR \ HQ OD
SRUFLyQFRVWHUD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(ODFXtIHURHVWiVLHQGRVREUHH[SORWDGRHQHOFXUVRGHODV~OWLPDVGpFDGDVVHKDPLQDGR
HODOPDFHQDPLHQWRVXEWHUUiQHR(Q(VWDGRV8QLGRVIXHREVHUYDGRXQGHVFHQVRGHOQLYHO
GHDJXDHQWUH\IWWRPDGRHQGLIHUHQWHVSR]RVDORODUJRGHORV~OWLPRVDxRV1R
VHWLHQHQGDWRVHQFXDQWRDFDOLGDGGHDJXD
104
2WUDVIXHQWHVGHDJXD
1RH[LVWHQIXHQWHVDOWHUQDWLYDVRFRPSOHPHQWDULDVGHDJXDGXOFH'HLQFUHPHQWDUVHOD
GHPDQGDVRORTXHGDUtDLQFUHPHQWDUODVREUHH[SORWDFLyQRGHVDODUDJXDVXEWHUUiQHD
9$5,$&,21(6&/,0È7,&$6$&78$/(6<35(9,67$6(1/$5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O YDORU GH OD SUHFLSLWDFLyQ PHGLD DQXDO HV GH PP \ SRU HO PRPHQWR QR VH KDQ
UHJLVWUDGRYDULDFLRQHV/DVOOXYLDVVRQPX\HVFDVDVWRUUHQFLDOHV\GHFRUWDGXUDFLyQ
(QORVPHVHVGHPRQ]RQHVMXOLRDJRVWRVHSWLHPEUHVHSURGXFHXQDXPHQWRGHD
GH OD OOXYLD DQXDO SHUR KD\ XQ GHVFHQVR GHO SURPHGLR DQXDO GH SUHFLSLWDFLyQ GH
DPPDxR
1RVHFRQRFHHOSDWUyQGHUHFDUJD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
1RVHSUHYpQFDPELRVHQHOUpJLPHQGHOOXYLDVODUHJLyQVHFDUDFWHUL]DSRUVHUXQD]RQD
GHVpUWLFD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV WLHQHQ XQ LPSDFWR GLUHFWR HQ ODV UHJLRQHV iULGDV \ VHPLiULGDV \D TXH HQ
HOODVODIXHQWHSULQFLSDOGHDEDVWHFLPLHQWRHVHODJXDVXEWHUUiQHD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q0p[LFRVHSURGXFHODH[WUDFFLyQDGLFLRQDODODDXWRUL]DGDSDUDDWHQGHUODVLWXDFLyQ
GHHPHUJHQFLDPHGLDQWHSHUIRUDFLyQGHQXHYRVSR]RV3DUDHOXVRWXUtVWLFRODVROXFLyQ
DOSUREOHPDGHDEDVWHFLPLHQWRGHDJXDHVWiVLHQGRODLQVWDODFLyQGHSODQWDVGHVDODGRUDV
GHODJXDVDOREUHSURFHGHQWHGHOPDU
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
$PSOLDVFXHQFDVDOXYLDOHVVHSDUDGDVSRUHPSLQDGDVVLHUUDVFDUDFWHUL]DQODWRSRJUDItDGH
OD ]RQD (O iUHD UHSUHVHQWD ELHQ OD YHJHWDFLyQ SUHGRPLQDQWHPHQWH GH PDWRUUDOHV GHO
'HVLHUWRGH6RQRUDLQFOXLGRHOFDFWXV2UJDQ3LSH6WHQRFHUHXVWKXUEHULXQJUDQFDFWXV
TXHUDUDPHQWHVHHQFXHQWUDHQORV(VWDGRV8QLGRVSHURTXHHVFRP~QHQ0p[LFR
7UHV JUDQGHV DVRFLDFLRQHV YHJHWDOHV GHO 'HVLHUWR GH 6RQRUD HVWiQ UHSUHVHQWDGRV HQ OD
]RQD ODV WLHUUDV DOWDV GH $UL]RQD FRQ FDFWXV VDJXDUR &HUHXV JLJDQWHXV SDORYHUGH
&HUFLGLXP VSS \ FDFWXV 2UJDQ 3LSH ODV PLFURILWDV GH &DOLIRUQLD FRQ DUEXVWR GH OD
105
FUHRVRWD /DUUHD WULGHQWDWD \ EXUVDJH $PEURVLD VSS \ FRPSRQHQWHV IORUtVWLFRV
QRUPDOPHQWH DVRFLDGRV FRQ OD FRVWD GHO *ROIR GH 0p[LFR %XUVHUD PLFURSK\OOD \
&HUHXVWKXUEHUL
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/D FREHUWXUD DFWXDO GHO VXHOR VRQ ODV ]RQDV GHVpUWLFDV ORV PDWRUUDOHV \ ODV ]RQDV
XUEDQDV(OXVRSUHGRPLQDQWHGHOVXHOR\GHODJXDHVHODJUtFROD
7RGDOD]RQDFRQH[FHSFLyQGHODVSDUWHVDOWDVGHODVPRQWDxDVKDVLGRPRGLILFDGDSRU
HO SDVWRUHR GH JDQDGR HQ HO SDVDGR (VWD DFWLYLGDG VH FUHH TXH VH RULJLQy HQ \
FRQWLQXy KDVWD FXDQGR HO UHVWR GH JDQDGR IXH UHWLUDGR$XQTXH HO DOFDQFH GH OD
PRGLILFDFLyQ HQ VX PD\RUtD QR KD VLGR FXDQWLILFDGR VH FRQRFH TXH KD GDGR FRPR
UHVXOWDGR YLVLEOH OD HURVLyQ GHO VXHOR \ DOJXQRV FDPELRV HQ OD FRPSRVLFLyQ GH ODV
HVSHFLHVIORUDOHV
)XHQWH
KWWSZZZXQHVFRRUJPDEGEEUEUGLUGLUHFWRU\ELRUHVDVS"FRGH 86$PRGH DOO
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q 0p[LFR SULQFLSDOPHQWH VH WUDWD GH FXOWLYRV GH JUDQRV EiVLFRV PLHQWUDV TXH (8$
LQGLFDTXHQRKD\VLVWHPDVGHFXOWLYRVQLPDQHMRLQGXVWULDOGHDQLPDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRVHHQFXHQWUDODV5HVHUYDGH%LRVIHUD(O3LQDFDWH\*UDQ'HVLHUWRGH$OWDU
PLHQWUDVTXHHQ(8$HO0RQXPHQWR1DFLRQDO2UJDQ3LSH&DFWXVRFXSDODPD\RUSDUWH
GHOiUHDGHOVLVWHPDDFXtIHURFRQOD5HVHUYD7RKRQR2¶RGKDPHQHOODGRHVWH
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
5HVSHFWR GH ORV HFRVLVWHPDV GHSHQGLHQWHV GH DJXDV VXEWHUUiQHDV HQ 0p[LFR VH
ORFDOL]DQ FXDWUR ]RQDV GH KXPHGDOHV FRQRFLGDV FRPR (VWHURV /DV /LVDV 3XQWD
3HOtFDQR (VWHUR GH 0RU~D \ OD FXDUWD ]RQD VLQ QRPEUH SHUR QR H[LVWHQ FXHUSRV
VXSHUILFLDOHVGHDJXDVUtRVRDUUR\RVTXHUHFLEDQDSRUWHGHDJXDVXEWHUUiQHD
(Q(VWDGRV8QLGRVHO0DQDQWLDO4XLWREDTXLWRHVHOHFRVLVWHPDTXHVHDOLPHQWDGHDJXD
GHO VLVWHPD DFXtIHUR PLHQWUDV TXH FRQ UHIHUHQFLD DO DSURYHFKDPLHQWR GH DJXDV SRU
DQLPDOHV\SODQWDVVLOYHVWUHVVHPHQFLRQDQORVYHQDGRVGHO'HVLHUWRGH6RQRUDODVDYHV
PLJUDWRULDV\ODVWRUWXJDVGHSDQWDQR
106
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q0p[LFRH[LVWHXQ3ODQGH'HVDUUROOR(VWDWDOGH6RQRUDTXHLQFOX\HDOJXQRVDVSHFWRV
UHODFLRQDGRVFRQHODJXD(Q(VWDGRV8QLGRVVHWLHQHFRQRFLPLHQWRGHTXHH[LVWHHO3ODQ
*HQHUDOGH*HUHQFLDPLHQWRGHO3DUTXH1DFLRQDO2UJDQ3LSH&DFWXVGRQGHVHSURWHJHOD
YLGDVLOYHVWUHDWUDYpVGHODGHVLJQDFLyQGHiUHDVGHUHVHUYD
(Q (VWDGRV 8QLGRV VH SURWHJH OD YLGD VLOYHVWUH D WUDYpV GH OD GHVLJQDFLyQ GH iUHDV GH
UHVHUYDSRUHMHPSORDWUDYpVGHO6HUYLFLRGH3DUTXHV1DFLRQDOHV136TXHGHVLJQDODV
³iUHDVVLOYHVWUHV´RiUHDVSDUDFRQVHUYDFLyQGHODELRVIHUDSRUOD81(6&2\TXHSRU
GHILQLFLyQSXHGHQFRQWHQHUWDPELpQYDORUHFROyJLFRJHROyJLFRXRWUDVFDUDFWHUtVWLFDV
GHYDORUFLHQWtILFRHGXFDWLYRHVFpQLFRRKLVWyULFR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
3RU SDUWH GH 0p[LFR QR H[LVWH QLQJ~Q SODQ GH PDQHMR GH ORV UHFXUVRV KtGULFRV GH OD
]RQDPLHQWUDVTXHHQ(8$GHVGHVHFXHQWDFRQHO3ODQGH*HVWLyQGH5HFXUVRV
+tGULFRVGHO3DUTXH1DFLRQDO2UJDQ3LSH&DFWXV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQDJUtFROD \HOFREURGHVHUYLFLRVWXUtVWLFRV VLQTXHVH
FRQR]FDODFLIUDGHVXYDORU
(8$ 3RU HO 0RQXPHQWR 1DFLRQDO 2UJDQ 3LSH VH UHFLEH XQ
LQJUHVRDQXDOGH86
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD\HQHOVHFWRUWXUtVWLFRGHOD
GHVDODFLyQGHDJXDVDOREUH
(8$ /XNHYLOOH HO 0RQXPHQWR 1DFLRQDO 2UJDQ 3LSH &DFWXV \ OD
5HVHUYD 7RKRQR 2¶RGKDP GHSHQGHQ GHO DJXD VXEWHUUiQHD
VRODPHQWH
v
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR1RVHWLHQHXQDHVWLPDFLyQ
(8$6HGHVFRQRFH3DUDHOFRQGDGRGH3LPDHVGH
0p[LFR /DV ]RQDV GH KXPHGDOHV VH UHGXFLUtDQ R GHVDSDUHFHUtDQ
FDXVDQGRJUDYHVDIHFWDFLRQHVDOHFRVLVWHPDGHODUHJLyQ
(8$ $YHV PDPtIHURV HVSHFLHV HQ SHOLJUR GH H[WLQFLyQ
SURQJKRUQSXSILVKiUEROHViODPRV
107
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1R KD H[LVWLGR LQWHUDFFLyQ ELQDFLRQDO FRQ H[FHSFLyQ GH XQ LQWHUFDPELR SUHOLPLQDU GH
LQIRUPDFLyQSRUFRQGXFWRGHOD&,/$
,QWHUpVGHORVSDtVHVSRUHOXVRGHOVLVWHPDDFXtIHUR
+DVWDHOPRPHQWRQRKD\FRPSHWHQFLDVLJQLILFDWLYDSRUHOXVRGHODJXDSRUTXHQRKD\
LQFUHPHQWR LPSRUWDQWH GH VX GHPDQGD (O VLVWHPD DFXtIHUR HV LPSRUWDQWH SDUD OD
SREODFLyQ GH OD 5HVHUYD GH ORV ,QGLRV 3iSDJRV HQ WHUULWRULR GH ORV (8$ \ SDUD
DEDVWHFLPLHQWRGHFRPXQLGDGHVUXUDOHVGLVSHUVDVHQWHUULWRULRPH[LFDQRGRQGHH[LVWHOD
PD\RUSREODFLyQ\ODPD\RUWDVDGHFUHFLPLHQWR
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO FUHFLHQWH
GHVDUUROORGHODUHJLyQHVLPSRUWDQWHSURPRYHUHOLQWHUFDPELRGHLQIRUPDFLyQ\UHDOL]DU
HVWXGLRV ELQDFLRQDOHV SDUD IRPHQWDU HO GHVDUUROOR VXVWHQWDEOH GHO DFXtIHUR \ SUHYHQLU
LPSDFWRV SHUMXGLFLDOHV \D TXH XQ LQFUHPHQWR GH OD H[WUDFFLyQ HQ (8$ LPSOLFDUtD XQD
GLVPLQXFLyQ LPSRUWDQWH GH OD UHFDUJD SRU IOXMR VXEWHUUiQHR TXH UHFLEH OD SRUFLyQ
PH[LFDQD
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ\-DPHV/HHQKRXWV
108
109
16,67(0$$&8Ë)(5275$16)5217(5,=212*$/(6
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 1RJDOHV HVWi XELFDGR HQ OD SRUFLyQ QRUWH GHO
(VWDGRGH6RQRUDHQ0p[LFR\HQODSRUFLyQVXUGHO(VWDGRGH$UL]RQDHQORV(8$/D
SREODFLyQ HVWi FRQFHQWUDGD HQ ODV FLXGDGHV JHPHODV GH 1RJDOHV ODV DFWLYLGDGHV
SULQFLSDOHVVRQODDJULFXOWXUD\ODLQGXVWULD
(Q HO ODGR PH[LFDQR OD SREODFLyQ DSUR[LPDGD HUD GH KDELWDQWHV VHJ~Q GDWRV
GHODxR
(O iUHD WRWDO GHO DFXtIHUR HV GH DSUR[LPDGDPHQWH NP VLHQGR HO iUHD
FRUUHVSRQGLHQWHDOODGRPH[LFDQRGHNP\GHOODGRGH(8$NP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR VH HQFXHQWUD FRQVWLWXLGR SRU PDWHULDOHV DOXYLDOHV \ URFDV ILVXUDGDV HV GH
UHGXFLGD H[WHQVLyQ HQ 0p[LFR SRFR HVSHVRU \ SHUPHDELOLGDG PHGLD (O HVSHVRU
SURPHGLRHVGHPSDUDHODFXtIHURDOXYLDO\GHPSDUDHOTXHVHDORMDHQURFDV
IUDFWXUDGDV
(O DJXD VXEWHUUiQHD FLUFXOD GH 0p[LFR D (8$ D WUDYpV GH OD IDMD HVWUHFKD GHO DUUR\R
1RJDOHVHVWLPiQGRVHHOFDXGDOGHIOXMRHQKPDxR
/D ]RQDV GH UHFDUJD DO DFXtIHUR HVWiQ FRQVWLWXLGDV SRU ODV URFDV IUDFWXUDGDV TXH
FRQIRUPDQODVVLHUUDVTXHGHOLPLWDQDOYDOOHDOXYLDO(OYDORUGHODUHFDUJDVHHVWLPDHQ
KPDQXDOHVODUHFDUJD HVSREUHGHELGRDOD DULGH]GHODUHJLyQ TXH HQVXPD\RU
SDUWHHVJHQHUDGDHQWHUULWRULRPH[LFDQR
(OYROXPHQGHH[WUDFFLyQHVGHKPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQHQODSiJLQDVLJXLHQWH
8VRV
(Q0p[LFRHODJXDHVXWLOL]DGDHQXQFRQILQHVGHXVRLQGXVWULDO\PXQLFLSDO
(Q (8$ PLHQWUDV WDQWR ORV XVRV SULQFLSDOHV VRQ SDUD DFWLYLGDGHV YLQFXODGDV D ODV
DJURLQGXVWULDV \ SDUD XVRV GRPpVWLFRV DXQTXH VH GHVFRQRFH HO SRUFHQWDMH
FRUUHVSRQGLHQWHDFDGDXQRGHHOORV
110
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
0p[LFR
(VWDGRV8QLGRV
KDELWDQWHV
KDELWDQWHV
KDE
FRQFHQWUDGDHQODFLXGDGGH
1RJDOHV6RQRUD
KDEHQOD
FLXGDGGH1RJDOHV$UL]RQD
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DFDOLGDGQDWXUDOGHODJXDHVEXHQDHQFXDQWRDVXVDOLQLGDGDXQTXHVHKDLGHQWLILFDGR
FRQWDPLQDFLyQGHRULJHQLQGXVWULDOHQWHUULWRULRPH[LFDQR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6H KDQ SUHVHQWDGR SUREOHPDV GH FRQWDPLQDFLyQ GHO DFXtIHUR JHQHUDGD HQ WHUULWRULR
PH[LFDQR TXH VH SURSDJD KDFLD ORV (8$ 6H LGHQWLILFy OD SUHVHQFLD GH FLQFR
FRQWDPLQDQWHV SHUFORURHWLOHQR QLWUDWRV FROLIRUPHV IHFDOHV \ WRWDOHV KLHUUR \
PDQJDQHVR HQ 1RJDOHV 6RQRUD \ SHUFORURHWLOHQR QLWUDWRV \ DUVpQLFR HQ 1RJDOHV
$UL]RQD
(Q(VWDGRV8QLGRVVHGHWHFWyXQDEDMDGHOQLYHOGH DJXD DSLHV REVHUYDGR HQ
GLIHUHQWHVSR]RVHQORV~OWLPRVDxRV
6H LQGLFD TXH H[LVWHOD SRVLELOLGDG GH FRQWDPLQDFLyQ SRU &RPSXHVWRV 2UJDQRFORUDGRV
9ROiWLOHV 92& \ SRU 3HUFORURHWLOHQR 3&( SURYHQLHQWHV GH OD GHVFDUJD GH DJXDV
UHVLGXDOHV
2WUDVIXHQWHVGHDJXD
(Q 0p[LFR VH FRQWHPSOD HO LQFUHPHQWR GH OD LPSRUWDFLyQ GH DJXD GHO DFXtIHUR GHO
DUUR\R 6DQWD &UX] FRQ OR FXDO VH HVSHUD XQ LQFUHPHQWR GH OD GHVFDUJD GH DJXDV
UHVLGXDOHVDODFXtIHURFRQHOFRQVLJXLHQWHULHVJRGHFRQWDPLQDFLyQ
111
&RPR IXHQWHV GH DJXD DOWHUQDWLYDV (8$ FLWD ODV DJXDV UHVLGXDOHV GH ORV HIOXHQWHV
LQILOWUDGDVHQ0p[LFR\XRWURDFXtIHURVLWXDGRDOQRUHVWHGH1RJDOHVFRQODDFODUDFLyQ
VLJXLHQWH ODV DJXDV UHVLGXDOHV PHQFLRQDGDV VRQ WUDQVIURQWHUL]DV PLHQWUDV TXH HO
DFXtIHURGHOQRUHVWHQRORHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q 0p[LFR QR KD\ PD\RUHV YDULDFLRQHV HQ OD SUHFLSLWDFLyQ SOXYLDO QL HIHFWR DOJXQR
VREUHHOUpJLPHQGHUHFDUJDGHODFXtIHUR
(O YDORU GH OD SUHFLSLWDFLyQ PHGLD DQXDO HV GH PP /DV OOXYLDV VRQ HVFDVDV
WRUUHQFLDOHV\GHFRUWDGXUDFLyQVLQHPEDUJRVHSURGXFHXQLQFUHPHQWRGHODO
GHOSURPHGLRGHOOXYLDDQXDOHQORVPHVHVPRQ]yQLFRVMXOLRDJRVWR\VHSWLHPEUH
(8$LQGLFDTXHVHREVHUYDXQGHFUHFLPLHQWRHQODSUHFLSLWDFLyQHQSURPHGLRGH
PPDxRDPPDxR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q 0p[LFR VH SUHYp XQ LQFUHPHQWR GH OD WHPSHUDWXUD \ XQ GHFUHPHQWR GH OD
SUHFLSLWDFLyQSOXYLDODFRQVHFXHQFLDGHOFDPELRFOLPiWLFRFRQHOFRQVLJXLHQWHLPSDFWR
QHJDWLYRVREUHODUHFDUJDGHODFXtIHUR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV WLHQHQ XQ LPSDFWR GLUHFWR HQ ODV UHJLRQHV iULGDV \ VHPLiULGDV \D TXH HQ
HOODV OD IXHQWH SULQFLSDO GH DEDVWHFLPLHQWR HV HO DJXD VXEWHUUiQHD /D FRQVHFXHQFLD
YLVLEOHGHHVWHIHQyPHQRHVHODEDWLPLHQWRGHORVQLYHOHVGHODJXDHQORVDFXtIHURV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q0p[LFRH[LVWHODSRVLELOLGDGGHH[WUDFFLyQDGLFLRQDODODDXWRUL]DGDSDUDDWHQGHUOD
VLWXDFLyQGHHPHUJHQFLDVLQTXHKDVWDHOPRPHQWRKD\DVLGRQHFHVDULRSHUIRUDUQXHYRV
SR]RVPLHQWUDVTXHHQ(VWDGRV8QLGRVORVSR]RVVRQFHUUDGRVGXUDQWHORVHYHQWRVGH
VHTXtD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
112
&XDGUR18QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
0p[LFR
(VWDGRV8QLGRV
=RQDXUEDQD
7HUUHQRV1DWXUDOHV
=RQDiULGD
7LHUUDV1DWXUDOHV
$JULFXOWXUD
8UEDQD
,QGXVWULDO
5tRV
&REHUWXUDQDWXUDO
RULJLQDO
9HJHWDFLyQWtSLFDGH]RQDV
iULGDV
0H]FODGHPDWRUUDOHVGHO
'HVLHUWRGH6RQRUD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RVSULQFLSDOHVXVRVGHOVXHORVHGDQGHOODGRPH[LFDQRFRQORVSDVWL]DOHVHOERVTXH\
OD]RQDXUEDQDODTXHKDFUHFLGRJDQiQGROHWHUUHQRDODV]RQDViULGDVPLHQWUDVTXHHQ
(8$ OD PHQFLRQDGD PH]FOD GH PDWRUUDOHV GHO 'HVLHUWR GH 6RQRUD FRH[LVWH FRQ OD
FREHUWXUDUHVLGHQFLDO
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/DVDFWLYLGDGHVSULQFLSDOHVSDUD0p[LFRVRQHOFRPHUFLR\ORVVHUYLFLRVPLHQWUDVTXHOD
DJULFXOWXUD\ODJDQDGHUtDVRQLQFLSLHQWHV
(Q (8$ HO HV WHUUHQR XUEDQR \ HO UHVWR VRQ PDWRUUDOHV GHO GHVLHUWR QR
H[LVWLHQGRSRUORWDQWRVLVWHPDVGHFXOWLYRV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
1RH[LVWHQiUHDVSURWHJLGDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
3DUDQLQJXQRGHORVGRVSDtVHVH[LVWHQHFRVLVWHPDVLPSRUWDQWHVTXHGHSHQGDQGHODJXD
VXEWHUUiQHD1RH[LVWHQUtRVRDUUR\RVLPSRUWDQWHVORVTXHVHRULJLQDQVRQGHUpJLPHQ
WRUUHQFLDO(O$UUR\R/RV1RJDOHVHVGHUpJLPHQLQWHUPLWHQWH
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
1RH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDOSDUDODSRUFLyQPH[LFDQDGHOVLVWHPD
DFXtIHUR WUDQVIURQWHUL]R PLHQWUDV TXH (VWDGRV 8QLGRV LQGLFD TXH HVWD iUHD WLHQH XQD
113
GHQRPLQDFLyQFRPRUHVLGHQFLDOFRPHUFLDODJUtFRODS~EOLFDFRQFHQWURHQODFLXGDGGH
1RJDOHV$UL]RQD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
1RH[LVWHHQ0p[LFRQLQJ~QSODQGHPDQHMRGHORVUHFXUVRVKtGULFRVHQ(8$H[LVWHOD
OODPDGD 6DQWD &UX] $FWLYH 0DQDJHPHQW $UHD $0$ FX\R REMHWLYR HV DVHJXUDU HO
DEDVWHFLPLHQWR GH DJXD PDQWHQHU XQD FRQGLFLyQ GH FDXGDO VHJXUR \ SUHYHQLU ORV
GHVFHQVRV GHO QLYHO GH DJXD HQ HO DFXtIHUR (O SURJUDPD LQFOX\H PRGHORV GH DJXD
VXEWHUUiQHDFRQVHUYDFLyQGHDJXDUHFDUJDGHDJXD\DSOLFDFLRQHVGHVHJXURGHDJXD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR'HELGRDTXHODVDFWLYLGDGHVDJUtFRODV \ JDQDGHUDV
VRQ SDUD HO DXWRFRQVXPR QR H[LVWH XQ EHQHILFLR HFRQyPLFR
LPSRUWDQWH (O DJXD VXEWHUUiQHD VH GHVWLQD EiVLFDPHQWH SDUD
VDWLVIDFHUODVQHFHVLGDGHVGHDEDVWHFLPLHQWRGHDJXDSRWDEOH
(8$ FXHQWD FRQ XQ LQJUHVR GH 86 HQ OD
FLXGDGGH1RJDOHV$UL]RQD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
(8$$JURLQGXVWULDVWXULVPRDVXQWRVIURQWHUL]RV
v
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
0p[LFR6HGHVFRQRFHQRVHWLHQHXQDHVWLPDFLyQ
(8$3LPDFHQVXV86SRUSHUVRQD
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR 1R H[LVWHQ HFRVLVWHPDV LPSRUWDQWHV TXH GHSHQGHQ
GHODJXDVXEWHUUiQHD
(8$ÈODPRV\iUEROHVHQJHQHUDO
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
([LVWHXQ$FXHUGR%LQDFLRQDOHQWUH0p[LFR\ORV(VWDGRV8QLGRVPHGLDQWHHOFXDOIXH
SRVLEOH UHDOL]DU HQ HO (VWXGLR SDUD 'HWHUPLQDU OD 3UHVHQFLD GH &RQWDPLQDQWHV
$QWURSRJpQLFRVHQHO$FXtIHUR7UDQVIURQWHUL]RHQHOÈUHDGH1RJDOHV6RQRUD±1RJDOHV
$UL]RQD
$GLFLRQDOPHQWHVHKDQOOHYDGRDFDERFDPSDxDVGHPXHVWUHRGHDJXDVVXEWHUUiQHDVHQ
ORVDxRV\
114
7DPELpQ H[LVWHQ RWUR WLSR GH FRODERUDFLRQHV FRPR HO ERPEHR GH DJXD GHVGH$UL]RQD
KDFLD6RQRUDHQWLHPSRVGHVHTXtD
&RPRIRUPDGHPHMRUDUODLQWHUDFFLyQ(8$SURSRQH
3DUDDQWLFLSDUODSRVLEOHHVFDODGDGHODFRPSHWHQFLD0RQLWRUHRGHOQLYHOGHODVDJXDV
VXEWHUUiQHDV\ODFDOLGDG
3DUD HYLWDU HO GHVDUUROOR GH OD FRPSHWHQFLD &UHDFLyQ GH XQD$XWRULGDG GH *HVWLyQ H
,PSRUWDFLyQGH$JXDGH6DQWD&UX]
3DUDPHMRUDUODFRRSHUDFLyQH[LVWHQWH0HMRUDUODFDSDFLGDGGHODGHSXUDGRUD&RQVWUXLU
XQDSODQWDHOpFWULFDHQ$UL]RQDXVDQGRDJXDVUHVLGXDOHVGH0p[LFRSDUDODUHIULJHUDFLyQ
\ODDOLPHQWDFLyQGHDPERV1RJDOHV/RVSDJRVSRUHOWUDWDPLHQWRGHDJXDVUHVLGXDOHV
PH[LFDQDVVHUiQFDQFHODGRV\VHFUHDUiQHPSOHRVHQ$UL]RQD
$FWXDOPHQWH HVWH DFXtIHUR VH KD LQFOXLGR HQ XQ SURJUDPD HVSHFLDO SURPRYLGR SRU OD
&RPLVLyQ ,QWHUQDFLRQDO GH $JXD HQWUH 0p[LFR \ ORV (VWDGRV 8QLGRV SDUD UHDOL]DU
HVWXGLRVFRQMXQWRVGHHVWHDFXtIHURFRQUHFXUVRVDSRUWDGRVSRUDPEDVSDUWHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHOVLVWHPDDFXtIHUR
6LELHQ0p[LFRLQGLFDTXHQRH[LVWHFRPSHWHQFLDSRUHOXVRGHOVLVWHPDDFXtIHUR(8$
YHFRPSHWHQFLDFRQODFLXGDGGH1RJDOHV6RQRUD0p[LFRGHELGRDODJUDQSREODFLyQ
\HOFUHFLPLHQWRGHODPLVPDGHOODGRPH[LFDQR
/DV DJXDV UHVLGXDOHV PH[LFDQDV VRQ WUDWDGDV HQ ORV (8$ \ GHVFDUJDGDV DO 5tR 6DQWD
&UX] ¢$ TXLpQ SHUWHQHFH HO DJXD" ¢6H GHEH SDJDU SRU HO WUDWDPLHQWR GHO DJXD" /D
FDSDFLGDG GH OD SODQWD GHSXUDGRUD HVWi H[FHGLGD +D\ GLVFXVLRQHV SDUD WUDWDU GH
UHPHGLDUODVLWXDFLyQ
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV/HHQKRXWV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ-RKQ+RIIPDQQ\-DPHV
115
116
16,67(0$$&8Ë)(5275$16)5217(5,=26$17$&58=
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(OVLVWHPDDFXtIHURVHORFDOL]DHQODSDUWHQRUWHGHO(VWDGRGH6RQRUDHQ0p[LFR\HQOD
SDUWH VXU GH $UL]RQD HQ ORV (8$ /D SREODFLyQ HVWi FRQFHQWUDGD HQ OD SRUFLyQ
HVWDGRXQLGHQVH \ HQ VX PD\RU SDUWH HVWi GHGLFDGD D OD DJULFXOWXUD (Q WHUULWRULR
PH[LFDQRODGHQVLGDGGHSREODFLyQHVEDMD\HOGHVDUUROORLQFLSLHQWH
/D SREODFLyQ WRWDO HQ 0p[LFR HUD GH DSUR[LPDGDPHQWH KDELWDQWHV VHJ~Q GDWRV
WRPDGRVHQHODxRVREUHXQiUHDGHNPPLHQWUDVTXHHQ(8$VHHVWLPyHQ
KDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
(O VLVWHPD DFXtIHUR HVWi FRQVWLWXLGR SRU PDWHULDOHV DOXYLDOHV FRQJORPHUDGRV \ URFDV
YROFiQLFDV ILVXUDGDV 6X H[WHQVLyQ VXSHUILFLDO \ HVSHVRU VRQ UHGXFLGRV \ VX
WUDQVPLVLYLGDGHVPHGLD$0p[LFROHFRUUHVSRQGHODSRUFLyQDJXDVDUULED
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/DSURIXQGLGDGDOQLYHOHVWiWLFRYDUtDHQHOiUHDHQWUH\PHQODSRUFLyQPH[LFDQD
GHO DFXtIHUR DOXYLDO DFWXDOPHQWH HQ H[SORWDFLyQ (Q WHUULWRULR PH[LFDQR KD\ XQD
FUHFLHQWH H[SRUWDFLyQ GH DJXD VXEWHUUiQHD SDUD HO DEDVWHFLPLHQWR GH OD SREODFLyQ GH
1RJDOHVHQ6RQRUD
=RQDVGHUHFDUJD
(QWHUULWRULRPH[LFDQRODUHFDUJDVH HVWLPDHQXQRVKPDxR \ HV JHQHUDGRSRUOD
LQILOWUDFLyQGHODVOOXYLDVVREUHODVVLHUUDVTXHURGHDQDOYDOOH/DGLUHFFLyQSULQFLSDOGHO
IOXMR VXEWHUUiQHR HV GH 6 D 1 GH 0p[LFR D (8$ HO FDXGDO GH IOXMR D WUDYpV GH OD
IURQWHUDHVPHQRUDKPDxR
([SORWDFLyQ\FDXGDOHV
/DH[WUDFFLyQGHODFXtIHURHQWHUULWRULRPH[LFDQRHVGHKPDxR(OLQFUHPHQWRGHOD
H[WUDFFLyQ GH DJXD VXEWHUUiQHD HQ OD SRUFLyQ PH[LFDQD SXHGH UHGXFLU \ DXQ DQXODU HO
FDXGDOGHIOXMRTXHSDVDGH0p[LFRD(8$
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQHQODSiJLQDVLJXLHQWH
117
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQDHVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
0p[LFR
(VWDGRV8QLGRV
KDELWDQWHV
KDELWDQWHV
KDE
KDE
KDE
KDE
KDE
KDE
KDE
3LPD&HQVXV
KDE
8VRV
(Q 0p[LFR OD GLVWULEXFLyQ SRU XVRV GHO DJXD HV OD VLJXLHQWH KP SDUD
DEDVWHFLPLHQWRS~EOLFRXUEDQRKPSDUDULHJR\KPSDUDXVR
GRPpVWLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/D FDOLGDG QDWXUDO GHO DJXD VXEWHUUiQHD HV EXHQD \ QR VH KDQ LGHQWLILFDGR IRFRV
LPSRUWDQWHVGHFRQWDPLQDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/D FDOLGDG QDWXUDO GHO DJXD HV DSWD SDUD HO FRQVXPR KXPDQR QR VH KDQ LGHQWLILFDGR
SUREOHPDVGHFRQWDPLQDFLyQDQWURSRJpQLFD
2WUDVIXHQWHVGHDJXD
1RH[LVWHQIXHQWHVDOWHUQDVGHDEDVWHFLPLHQWR
(8$ FRQVLGHUD FRPR IXHQWH FRPSOHPHQWDULD HO WUDWDPLHQWR GH ODV DJXDV UHVLGXDOHV
HIOXHQWHVLQILOWUDGDVGHVGH0p[LFR\RWURVDFXtIHURVDOQRUHVWHGH1RJDOHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q OD SRUFLyQ PH[LFDQD QR VH UHJLVWUDQ IOXFWXDFLRQHV LPSRUWDQWHV GH OD SUHFLSLWDFLyQ
SOXYLDO
118
'HDFXHUGRD(8$H[LVWHDGHPiVXQLQFUHPHQWRGHHQWUHDGHODOOXYLDDQXDO
HQORVPHVHVGHPRQ]yQMXOLRDJRVWRVHSWLHPEUHGHFUHFHXQSURPHGLRDQXDOGHD
PPDXQTXHVHGHVFRQRFHODSDUWHGHUHFDUJD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$ODUJRSOD]RVHHVSHUDXQDUHGXFFLyQGHODUHFDUJDGHELGRDTXHHOFDPELRFOLPiWLFR
SURYRFDUi GLVPLQXFLyQ GH OD OOXYLD \ DXPHQWR GH OD WHPSHUDWXUD HQ HVWD UHJLyQ /DV
OOXYLDVVRQHVFDVDVWRUUHQFLDOHV\GHFRUWDGXUDFLyQ(OYDORUGHODSUHFLSLWDFLyQPHGLD
DQXDOHVGHPP
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV QR WLHQHQ XQ LPSDFWR LPSRUWDQWH SRUTXH HO GHVDUUROOR GHO DFXtIHUR HV
LQFLSLHQWHHQWHUULWRULRPH[LFDQRVLQHPEDUJRHQHOPHGLDQRSOD]RODUHGXFFLyQGHOD
UHFDUJDGXUDQWHORVSHUtRGRVVHFRVSRGUtDDIHFWDUODH[SRUWDFLyQGHDJXDSDUDHODEDVWR
GH1RJDOHV6RQRUD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
1R KD\ LPSDFWR GH IHQyPHQRV H[WUHPRV HQ OD DFWXDOLGDG HQ OD SRUFLyQ PH[LFDQD GHO
DFXtIHUR
(Q(8$GHVSXpVGHORVSHUtRGRVGHVHTXtDORVSR]RVGHMDQGHIXQFLRQDU
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
9HUFXDGURVREUHXQLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDOHQODSiJLQDVLJXLHQWH
&XDGUR18QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
(VWDGRV8QLGRV
0p[LFR
7LHUUDV1DWXUDOHV
$JULFXOWXUD
8UEDQD
,QGXVWULDOPLQHUtD
0H]FODGHPDWRUUDOHVGHO'HVLHUWRGH
6RQRUD
ÈUHDVDJUtFRODV
ÈUHDVQDWXUDOHV
%RVTXHV
=RQDVXUEDQDV
ÈUHDVQDWXUDOHV
119
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RVSULQFLSDOHVXVRVGHOVXHORHQODSRUFLyQPH[LFDQDVRQODViUHDVQDWXUDOHVERVTXHV
]RQDVDJUtFRODV\]RQDVXUEDQDVPLHQWUDVTXHHQ(8$VHLQGLFDTXHODFREHUWXUD\XVR
DFWXDOHVWiYLQFXODGDDPH]FODGHPDWRUUDOHVGHO'HVLHUWRGH6RQRUDXUEDQR7XFVRQ
PRQWHVULEHUHxRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
&XDGUR13ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(VWDGRV8QLGRV
0p[LFR
&XOWLYRV
0DWRUUDOHVGHO
GHVLHUWR
)HHGORWV3DVWXUDV
9HJHWDFLyQULSDULD
0Dt]
)ULMRO
6RUJR
3DSD
$YHQD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(QWHUULWRULRPH[LFDQRQRVHKDQGHFODUDGRiUHDVQDWXUDOHVSURWHJLGDVPLHQWUDVTXHGHO
ODGRGH(8$HVWiQ/DNH3DWDJRQLD\6RQRLWD&UHHN
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
1RH[LVWHQHFRVLVWHPDVLPSRUWDQWHVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVVHGHVWDFDTXH
ORVDUUR\RVVHRULJLQDQEDMRUpJLPHQWRUUHQFLDO
(Q (8$ VH PHQFLRQDQ ORV iODPRV FRPR GHSHQGLHQWHV GH OD DOLPHQWDFLyQ SRU DJXDV
VXEWHUUiQHDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(OiUHDPH[LFDQDFXHQWDFRQXQSODQHVWDWDOGHGHVDUUROORGHO(VWDGRGH6RQRUDSHURHV
SRFR HVSHFtILFR VREUH ORV DVSHFWRV UHODFLRQDGRV FRQ HO DJXD PLHQWUDV TXH HQ (8$ OD
GHVLJQDFLyQ GH ODV WLHUUDV VRQ UHVLGHQFLDO FRPHUFLDO DJULFXOWXUD S~EOLFD \ SDUTXHV
SURWHJLGRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
1R H[LVWH QLQJ~Q SODQ GH PDQHMR GH ORV UHFXUVRV KtGULFRV SDUD HO 6LVWHPD $FXtIHUR
6DQWD&UX]SRUSDUWHGH0p[LFR3RUVXSDUWH(VWDGRV8QLGRVFXHQWDFRQOD³6DQWD&UX]
120
$FWLYH0DQDJHPHQW$UHD$0$´\OD³7XFVRQ$0$´FX\RVREMHWLYRVVRQDVHJXUDUHO
DEDVWHFLPLHQWR GH DJXD PDQWHQHU XQD FRQGLFLyQ GH FDXGDO VHJXUR \ SUHYHQLU ORV
GHVFHQVRV GH QLYHO GHO VLVWHPD DFXtIHUR /RV SURJUDPDV LQFOX\HQ PRGHORV GH DJXD
VXEWHUUiQHDFRQVHUYDFLyQGHDJXDDSOLFDFLRQHVGH³DJXDVHJXUD´UHFDUJDGHDJXDHWF
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQDJUtFRODVLQTXHVHFRQR]FDODFLIUDGHVXYDORU
(8$ 86 ELOORQHV SDUD ORV FRQGDGRV GH 3LPD \ 6DQWD
&UX]
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
(8$*DQDGHUtDWXULVPRPLQHUtD
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDO
0p[LFR6HGHVFRQRFH\DGHPiVODSREODFLyQHVPX\SHTXHxD
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
(8$3LPD&HQVXV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
0p[LFR 1R H[LVWHQ HFRVLVWHPDV GHSHQGLHQWHV GH DJXDV
v
0HGLRVGHYLGDTXH
VXEWHUUiQHDV
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
(8$$YHV PDPtIHURV HVSHFLHV HQ SHOLJUR GH H[WLQFLyQ *LOD
VXEWHUUiQHRVHYLHUDDIHFWDGR
WRSPLQQRZ /HVVHUORQJ QRVHG EDW SURQJKRUQ ORV iUEROHV
QHJDWLYDPHQWH
iODPRV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
6HOOHYDQDFDERUHXQLRQHVHQWUHUHSUHVHQWDQWHVGHLQVWLWXFLRQHVGH6RQRUD\$UL]RQD/D
&,/$ HQWUH 0p[LFR \ ORV (VWDGRV 8QLGRV KD LQFOXLGR D HVWH DFXtIHUR GHQWUR GH VXV
SURJUDPDVGHLQWHUFDPELRGHLQIRUPDFLyQSHURKDVWDHOPRPHQWRQRVHKDQUHDOL]DGR
HVWXGLRVFRQMXQWRVQLXQSURJUDPDIRUPDOGHDFFLRQHV5HFLHQWHPHQWHVHHPSUHQGLyXQ
SURJUDPDTXHFRQVLGHUDODHMHFXFLyQGHHVWXGLRVFRQMXQWRVGHHVWHDFXtIHUR\HOGH6DQ
3HGURFRQUHFXUVRVDSRUWDGRVSRUDPEDVSDUWHVDVLPLVPRVHKDHODERUDGRXQ3UR\HFWR
GH/H\VREUH$FXtIHURV7UDQVIURQWHUL]RV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
+D\ LQWHUpV FUHFLHQWH HQ HVWH DFXtIHUR SRUTXH HV OD IXHQWH PiV LPSRUWDQWH SDUD HO
VXPLQLVWURGHDJXDD1RJDOHV6RQRUD\SRUTXHVXGHVFDUJDVXEWHUUiQHDHVFDSWDGDHQ
XQFDPSRGHSR]RVTXHDEDVWHFHD1RJDOHV$UL]RQD$GHPiVSRUSDUWHGHORV(8$KD\
LQWHUpVHQSURWHJHUVXYHJHWDFLyQULEHUHxD
(V QHFHVDULR FXDQWLILFDU FRQ SUHFLVLyQ HO DSRUWH GHO DFXtIHUR KDFLD HO WHUULWRULR GH ORV
(8$ 8Q LQFUHPHQWR LPSRUWDQWH GH OD H[WUDFFLyQ GH DJXD VXEWHUUiQHD HQ OD SRUFLyQ
PH[LFDQD SRGUtD UHGXFLU \ DQXODU HO FDXGDO GH IOXMR TXH VH GLULJH KDFLD HO FDPSR GH
SR]RVTXHVXPLQLVWUDDJXDDODFLXGDGGH1RJDOHV$UL]RQD
121
(Q FXDQWR D ODV DFFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ VH FUHH QHFHVDULR FRPSDUWLU
LQIRUPDFLyQ \ GHILQLU TXH QR HV FRQYHQLHQWH LQFUHPHQWDU OD H[WUDFFLyQ HQ WHUULWRULR
PH[LFDQR \D TXH HVWR SRGUtD PHUPDU HO IOXMR VXEWHUUiQHR TXH SDVD D WUDYpV GH OD
IURQWHUD LQWHUQDFLRQDO MXQWR D OD UHDOL]DFLyQ GH PRQLWRUHRV GH QLYHO \ FDOLGDG GH ODV
DJXDVVXEWHUUiQHDV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$ 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJULG 9HUVWUDHWHQ -RKQ +RIIPDQQ \ -DPHV
/HHQKRXWV
122
123
16,67(0$$&8Ë)(5275$16)5217(5,=25Ë26$13('52
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 6DQ 3HGUR VH ORFDOL]D HQ OD SRUFLyQ QRUWH GHO
(VWDGRGH6RQRUDHQ0p[LFR\HQODSRUFLyQVXUGHO(VWDGRGH$UL]RQDHQORV(8$/D
GHQVLGDGGHSREODFLyQHQDPEDVSRUFLRQHVHVEDMD
/D SREODFLyQ DSUR[LPDGD GHO VHFWRU PH[LFDQR HV GH KDELWDQWHV VHJ~Q GDWRV GH
GLVWULEXLGDHQXQiUHDGHNPPLHQWUDVTXHHQ(8$VHUHSRUWDQ
KDELWDQWHVDSUR[LPDGDPHQWH
&DUDFWHUtVWLFDVGHODFXtIHUR
(ODFXtIHURHVWiFRQVWLWXLGRSRUPDWHULDOHVDOXYLDOHVHQORVYDOOHV\SRUFRQJORPHUDGRV
HQ ODV ORPDGDV DG\DFHQWHV 6X H[WHQVLyQ VXSHUILFLDO \ HVSHVRU VRQ UHGXFLGRV VX
WUDQVPLVLYLGDG HV PHGLD D EDMD /D UHFDUJD HV SRFR FXDQWLRVD GHELGR D OD DULGH] GH OD
UHJLyQ
/DSURIXQGLGDGDOQLYHOHVWiWLFRYDUtDGHDP/RVYDORUHVPiVEDMRVVHORFDOL]DQ
KDFLDHOFDXFHGHO5tR6DQ3HGUR
/DV]RQDVGHUHFDUJDVHORFDOL]DQHQORVDIORUDPLHQWRVGHFRQJORPHUDGRVTXHFLUFXQGDQ
DOFDXFHGHO5tR6DQ3HGUR(OYDORUGHODUHFDUJDDVFLHQGHDKPDxRPLHQWUDVTXH
ODH[WUDFFLyQGHDJXDVXEWHUUiQHDHVGHKPDxRHQ0p[LFR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
124
0p[LFR
(8$
KDELWDQWHV
KDELWDQWHV
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
8VRV
(Q0p[LFRODH[WUDFFLyQGHKPVHGLVWULEX\HGHDFXHUGRDORVVLJXLHQWHVXVRV
ƒ ,QGXVWULDO
KP
ƒ 3~EOLFRXUEDQR
KP
ƒ 5LHJR
KP
ƒ 'RPpVWLFR
KP
(Q(8$VHLQGLFDTXHORVSULQFLSDOHVXVRVVRQVLPLODUHVDORVGH0p[LFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DFDOLGDGQDWXUDOGHODJXDVXEWHUUiQHDHVDFHSWDEOHDXQTXHVHKDUHJLVWUDGRXQULHVJR
GHFRQWDPLQDFLyQGHULYDGRGHODGHVFDUJDGHDJXDVUHVLGXDOHVGHXQD HPSUHVDPLQHUD
DVHQWDGDHQODFDEHFHUDGHOVLVWHPDVHJ~Q0p[LFR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/D YDULDFLyQ HQ OD GLVSRQLELOLGDG GH DJXD VXEWHUUiQHD VH SXHGH YLQFXODU D ODV
YDULDFLRQHVHQORVUHJLVWURVGHOOXYLD\ORVSDWURQHVGHUHFDUJD
(8$LQGLFDTXHVHYHULILFDXQDXPHQWRGHODOGHODOOXYLDDQXDOHQORVPHVHV
PRQ]yQLFRVMXOLRDJRVWR\VHSWLHPEUHPLHQWUDVTXHVHUHJLVWUDXQDGLVPLQXFLyQGHOD
SUHFLSLWDFLyQ PHGLD DQXDO GH D SXOJDGDVDxR DXQTXH VH GHVFRQRFHQ ORV
SDWURQHVGHUHFDUJD
(O ULHVJR GH SRWHQFLDO FDPELR HQ OD FDOLGDG GHO DJXD GHO VLVWHPD DFXtIHUR VH SXHGH
YLQFXODU FRPR IXH PHQFLRQDGR HQ HO SiUUDIR DQWHULRU D OD H[LVWHQFLD GH OD DFWLYLGDG
PLQHUDHQOD]RQD
2WUDVIXHQWHVGHDJXD
1R H[LVWHQ IXHQWHV DOWHUQDWLYDV GH DEDVWHFLPLHQWR VHUtD QHFHVDULR SHUIRUDU QXHYRV
SR]RV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
1R VH KDQ UHJLVWUDGR YDULDFLRQHV /DV OOXYLDV VRQ HVFDVDV WRUUHQFLDOHV \ GH FRUWD
GXUDFLyQ(OYDORUGHODSUHFLSLWDFLyQPHGLDDQXDOHVGHPP
125
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
1RVHSUHYpQFDPELRVHQHOUpJLPHQGHOOXYLD\ODUHJLyQVHFDUDFWHUL]DSRUSUHVHQWDU
FRQGLFLRQHVGHDULGH]
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVWLHQHQXQLPSDFWRGLUHFWRHQODVUHJLRQHViULGDV\VHPLiULGDVGH0p[LFR\D
TXH HQ HOODV OD IXHQWH SULQFLSDO GH DEDVWHFLPLHQWR HV HO DJXD VXEWHUUiQHD (VWDGRV
8QLGRV SRU HO FRQWUDULR VRVWLHQH XQD GHVFDUJD GHO QLYHO GH DJXD \ WDPELpQ XQ
GHFDLPLHQWRHQODGHVFDUJDGHODFXtIHUR
(OSULQFLSDOLPSDFWRGHODVVHTXtDVHVTXHSURGXFHQXQGHVFHQVRGHODQDSDIUHiWLFD \
SRUFRQVLJXLHQWHXQGHFUHFLPLHQWRGHODGHVFDUJDGHO5tR6DQ3HGUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXDVXEWHUUiQHD/DDJULFXOWXUDVHGHVDUUROODHQODVIUDQMDVIURQWHUL]DVGHDPERVSDtVHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&XDGUR18QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
(VWDGRV8QLGRV
0p[LFR
7LHUUDV1DWXUDOHV
$JULFXOWXUD
8UEDQD
,QGXVWULDOPLQHUtD
0H]FODGHPDWRUUDOHVGHO'HVLHUWRGH
6RQRUD\YHJHWDFLyQULSDULD
ÈUHDVDJUtFRODV
ÈUHDVQDWXUDOHV
%RVTXHV
=RQDVXUEDQDV
ÈUHDVQDWXUDOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(QODSRUFLyQPH[LFDQDGHOVLVWHPDDFXtIHURORVSULQFLSDOHVXVRVGHOVXHORVRQODViUHDV
QDWXUDOHVERVTXHV]RQDVDJUtFRODV\]RQDVXUEDQDV(Q(VWDGRV8QLGRVORVXVRVGDGRV
D OD WLHUUD HVWiQ YLQFXODGRV D DFWLYLGDGHV XUEDQDV UHVLGHQFLDOHV LQGXVWULDOHV GHO
HMpUFLWR DJULFXOWXUD PLHQWUDV TXH SHUVLVWH FREHUWXUD GH PDWRUUDOHV GHO 'HVLHUWR GH
6RQRUD\YHJHWDFLyQULSDULD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
3DUD0p[LFRORVSULQFLSDOHVFXOWLYRVHQRUGHQGHLPSRUWDQFLDVRQDOIDOIDPDt]IULMRO
VRUJRSDSDDYHQDFHEDGD\DMR
126
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(O VLVWHPD DFXtIHUR QR LQFOX\H iUHDV SURWHJLGDV GHO ODGR PH[LFDQR PLHQWUDV TXH HQ
(8$ HO 'HSDUWDPHQWR GH 5HFXUVRV +tGULFRV GH$UL]RQD $':5 WLHQH XQ SODQ SDUD
DVHJXUDUHODEDVWHFLPLHQWRGHDJXD\SUHYHQLUOD³UHWLUDGD´GHODFXtIHUR
/D $VRFLDFLyQ $OWR 6DQ 3HGUR 8633 XQ FRQVRUFLR GH JUXSRV GH LQWHUHVDGRV
VWDNHKROGHUV FODYHV HVWi WUDEDMDQGR SDUD JDUDQWL]DU D ODUJR SOD]R HO VXPLQLVWUR GH
DJXDVVXEWHUUiQHDV
/DV DFFLRQHV LQFOX\HQ OD FRQVWUXFFLyQ GH XQ SUR\HFWR GH UHFDUJD GH DJXDV UHVLGXDOHV
FHUFDGHOUtR\HQHOIXHUWHGHVDUUROORGHFXHQFDVGHUHWHQFLyQSDUDFDSWDU\UHFDUJDUHO
HVFXUULPLHQWR GH DJXD GH OOXYLD SURJUDPDV GH UHGXFFLyQ GH FRQVXPR GH DJXD HQ HO
WRLOHW\HOXVRGHDJXDVUHVLGXDOHVSDUDUHJDUORVFDPSRVGHJROI\ODSOD]DGHDUPDVGHO
IXHUWH
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q0p[LFRQRH[LVWHQHFRVLVWHPDVLPSRUWDQWHVGHSHQGLHQWHVGH DJXDVVXEWHUUiQHDV \
WDPSRFRH[LVWHQFXHUSRVGHDJXDVXSHUILFLDOTXHUHFLEDQDSRUWHGHDJXDVVXEWHUUiQHDV
/RVDUUR\RVTXHVHRULJLQDQVRQGHUpJLPHQWRUUHQFLDO
(Q (VWDGRV 8QLGRV ORV HFRVLVWHPDV GHSHQGLHQWHV GH DJXDV VXEWHUUiQHDV VRQ ORV
DUUR\RV UtRV YLGD VDOYDMH \ UXWDV GH PLJUDFLyQ GH DYHV (O 5tR 6DQ 3HGUR HV TXLHQ
UHFLEHODSULQFLSDOGHVFDUJD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
3DUD HO VHFWRU PH[LFDQR GHO VLVWHPD DFXtIHUR QR H[LVWH QLQJ~Q SODQ GH RUGHQDPLHQWR
WHUULWRULDO
(8$ VHxDOD TXH HO WHUULWRULR HVWi VLJQDGR SDUD XVRV UHVLGHQFLDO FRPHUFLDO GH
DJULFXOWXUDS~EOLFRHMpUFLWR)RUW+XDFKXFD$UP\*DUULVRQ\iUHDVSURWHJLGDV
(OH[FHVRGHGHVDUUROORWHQGUiXQLPSDFWRHQODVXVWHQWDELOLGDGGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
1RH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRVKtGULFRV
127
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
v
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQ DJUtFROD VLQ TXH VH FRQR]FD OD FLIUD GH VX YDORU /D
DFWLYLGDG PLQHUD WDPELpQ XWLOL]D DJXDV VXEWHUUiQHDV HQ VXV SURFHVRV
GHSURGXFFLyQ\EHQHILFLRGHPLQHUDOHV
(8$(OFRQGDGRGH&RFKLVHWLHQHXQLQJUHVRWRWDOGHELOORQHVGH
GyODUHV
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
(8$*DQDGHUtDHMpUFLWRWXULVPRPLQHUtD
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDO
0p[LFR6HGHVFRQRFH\DGHPiVODSREODFLyQHVPX\SHTXHxD
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
(8$&RFKLVHFHQVXV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
0p[LFR1RH[LVWHQHFRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDV
v
0HGLRVGHYLGDTXH
(8$ (V XQR GH ORV FRUUHGRUHV FRQ PD\RU ELRGLYHUVLGDG GH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR 1RUWHDPpULFDFRQHVSHFLHVGHDYHVPLJUDWRULDV(OLQJUHVRDQXDO
SRUHOWXULVPRGHREVHUYDFLyQGHDYHVHVHVWLPDGRHQPLOORQHVGH
VXEWHUUiQHRVHYLHUDDIHFWDGR
GyODUHV$GHPiVHVSHFLHVGHPDPtIHURVHVSHFLHVGHUHSWLOHV\
QHJDWLYDPHQWH
DQILELRVXWLOL]DQHVHFRUUHGRU
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q (8$ GHVGH HO 8633 VH UHXQLy YHFHV FRQ UHSUHVHQWDQWHV GH ODV
RUJDQL]DFLRQHV GH EDVH GH &DQDQHD 0p[LFR (O JUXSR 860p[LFR DKRUD VH OODPD
$VRFLDFLyQ %LQDFLRQDO GH 6DQ 3HGUR 6DQ 3HGUR %LQDWLRQDO 3DUWQHUVKLS \ HVWiQ
SUHYLVWDVIXWXUDVUHXQLRQHV
$ VX YH] (8$ VHxDOD TXH SDUD PHMRUDU OD LQWHUDFFLyQ HQWUH DPERV SDtVHV VH SRGUtD
LQFUHPHQWDU HO Q~PHUR GH HQFXHQWURV FRODERUDFLyQ D QLYHO GH ODV RUJDQL]DFLRQHV GH
EDVH\WDPELpQLPSOHPHQWDUORVSODQHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHOVLVWHPDDFXtIHUR
6L ELHQ 0p[LFR LQGLFD TXH KDVWD HO PRPHQWR QR KD\ QLQJXQD FRPSHWHQFLD HQWUH ORV
SDtVHVYHFLQRVSRUHOXVRGHODJXDVXEWHUUiQHD(8$H[SUHVDTXHKD\FRPSHWHQFLDFRQ
&DQDQHD6RQRUD0p[LFR
/DDJULFXOWXUDVHGHVDUUROODHQODVIUDQMDVIURQWHUL]DVGHDPERVSDtVHV
(V QHFHVDULR FXDQWLILFDU FRQ SUHFLVLyQ HO DSRUWH GHO DFXtIHUR KDFLD HO WHUULWRULR GH ORV
(8$ 8Q LQFUHPHQWR LPSRUWDQWH GH OD H[WUDFFLyQ GH DJXD VXEWHUUiQHD HQ OD SRUFLyQ
PH[LFDQDSRGUtDLPSOLFDUXQDUHGXFFLyQGHODUHFDUJDVXEWHUUiQHDTXHUHFLEHODSRUFLyQ
HVWDGRXQLGHQVHGHOVLVWHPD
128
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$ 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJULG 9HUVWUDHWHQ -RKQ +RIIPDQQ \ -DPHV
/HHQKRXWV
129
130
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 &21(-26 0e'$126
%2/6Ï1'(/$0(6,//$
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R&RQHMRV0pGDQRV%ROVyQGHOD0HVLOODVHH[WLHQGH
HQHO(VWDGRGH&KLKXDKXD0p[LFR\HQHO(VWDGRGH7H[DV(8$HQXQDUHJLyQPX\
iULGD(ODFXtIHURIRUPDSDUWHGHODVFXHQFDVFHUUDGDVGHODSRUFLyQRFFLGHQWDOGH7H[DV
\GHODSRUFLyQQRUWHGH0p[LFR
/D SREODFLyQ WRWDO HQ 0p[LFR HV GH DSUR[LPDGDPHQWH KDELWDQWHV VHJ~Q GDWRV
WRPDGRVHQHODxR
(Q0p[LFRHOiUHDGHOVLVWHPDDFXtIHURHVGHNPPLHQWUDVTXHHOiUHDWRWDOVH
HVWLPDHQXQRVNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(VWi FRQVWLWXLGR SRU PDWHULDOHV DOXYLDOHV \ GHSyVLWRV GH EROVyQ FX\R HVSHVRU HV GH
YDULRVFLHQWRVGHPHWURV\D~QPD\RUTXHPHQDPERVSDtVHV(VGHWLSR³OLEUH´
GHSHUPHDELOLGDGPHGLDDEDMD\JUDQFDSDFLGDGGHDOPDFHQDPLHQWR
/D SURIXQGLGDG DO QLYHO HVWiWLFR YDUtD HQ HO iUHD GH D PHWURV FRQ WHQGHQFLD
FUHFLHQWHGH(8$D0p[LFRFRQWURODGDSRUODWRSRJUDItD
/DV]RQDVGHUHFDUJDVHORFDOL]DQHQODVVLHUUDVTXHGHOLPLWDQHOYDOOH$XQTXHODOOXYLD
HVHVFDVDH[LVWHQIOXMRVUHJLRQDOHVTXHUHFDUJDQDODFXtIHUR$FWXDOPHQWHVHUHDOL]DXQ
HVWXGLRKLGURJHROyJLFRGHHYDOXDFLyQSDUDHVWLPDUODUHFDUJDPHGLDDQXDO
(QWHUULWRULRPH[LFDQRODH[WUDFFLyQGHDJXDHVDSHQDVGHXQRVKPDxRSDUDXVRV
GRPpVWLFRLQGXVWULDO\DJUtFROD6HWLHQHSURJUDPDGRLQLFLDUDFRUWRSOD]RODRSHUDFLyQ
GHXQDEDWHUtDGHSR]RVTXHVXPLQLVWUDUiDJXDD&LXGDG-XiUH]
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQPH[LFDQDHVWiHVWLPDGDHQXQRVKDELWDQWHVORVFXDOHV
HOLQWHJUDQODSREODFLyQUXUDO\WDPELpQFRQVWLWX\HQODSREODFLyQDVHQWDGDHQ]RQD
GHUHFDUJD/DSREODFLyQSUR\HFWDGDDODxRVHHVWLPDHQKDELWDQWHV
/DSREODFLyQLQGtJHQDHVWLPDGDHVGHKDELWDQWHV
131
8VRV
/RVXVRVGHODJXDH[WUDtGDGHODFXtIHURHQ0p[LFRVRQ
ƒ 5LHJR
KP
ƒ 'RPpVWLFR
KP
ƒ ,QGXVWULDO
KP
ƒ 3~EOLFRXUEDQR
KP
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q0p[LFRODVDOLQLGDGGHODJXDHVGHPHGLDDDOWD\HQJUDQSDUWHQRHVDSWDSDUDHO
FRQVXPRKXPDQRSRUH[FHGHUODQRUPDGHFDOLGDGFRUUHVSRQGLHQWH
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
1R VH KDQ UHJLVWUDGR FDPELRV VLJQLILFDWLYRV HQ OD FDQWLGDG QL HQ OD FDOLGDG GHO DJXD
VXEWHUUiQHD$PHGLDQRSOD]RFXDQGRVHLQLFLHODRSHUDFLyQGHODEDWHUtDGHSR]RVGH/D
0HVLOODVHHVSHUDXQLQFUHPHQWRGHODVDOLQLGDGSRUPLJUDFLyQGHODJXDGHPDODFDOLGDG
QDWXUDOH[LVWHQWHHQODViUHDVFLUFXQGDQWHV
2WUDVIXHQWHVGHDJXD
1R KD\ RWUDV IXHQWHV FRPSOHPHQWDULDV GH DJXD GXOFH SRU OR TXH D PHGLDQR SOD]R VH
FRQWHPSOD OD UHFDUJD DUWLILFLDO GH ODV DJXDV UHVLGXDOHV WUDWDGDV GH &LXGDG -XiUH] \ OD
GHVDODFLyQGHDJXDVXEWHUUiQHDVDOREUHRVDODGD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
1R VH KDQ UHJLVWUDGR YDULDFLRQHV /DV OOXYLDV VRQ HVFDVDV WRUUHQFLDOHV \ GH FRUWD
GXUDFLyQ(OYDORUGHODSUHFLSLWDFLyQPHGLDDQXDOHVGHPP
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$ODUJRSOD]RVHHVSHUDXQGHFUHPHQWRGHODUHFDUJDGHODFXtIHURGHULYDGRGHOFDPELR
FOLPDWLFRTXHHQHVWDUHJLyQSURYRFDUiXQGHFUHPHQWRGHODSUHFLSLWDFLyQSOXYLDO\XQ
DXPHQWRGHODWHPSHUDWXUD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVWLHQHQXQLPSDFWRGLUHFWRHQODVUHJLRQHViULGDV\VHPLiULGDVGH0p[LFR\D
TXHHQHOODVODIXHQWHSULQFLSDOGHDEDVWHFLPLHQWRHVHODJXDVXEWHUUiQHD
132
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
1R KD\ LPSDFWR GLUHFWR GHULYDGR GH ODV VHTXtDV SRUTXH HO GHVDUUROOR ORFDO HV PX\
HVFDVR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV XQLGDGHV GH SDLVDMH SULQFLSDOHV VRQ HO GHVLHUWR VXHORV VDOLQRV \ PDWRUUDOHV 1R
H[LVWHQ FHQWURV GH SREODFLyQ \ DJUtFRODV LPSRUWDQWHV OD PD\RU SDUWH GHO DFXtIHUR HVWi
FXELHUWDSRU]RQDVGHVpUWLFDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RV XVRV GH VXHOR SULQFLSDOHV VRQ ODV ]RQDV GHVpUWLFDV ORV PDWRUUDOHV \ ORV VXHORV
VDOLQRVGHVQXGRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
1RH[LVWHQFHQWURVGHSREODFLyQ\DJUtFRODVLPSRUWDQWHV/DDJULFXOWXUDHVLQFLSLHQWH\
VRORSDUDDXWRFRQVXPR
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
1RH[LVWHQiUHDVQDWXUDOHVSURWHJLGDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
1R H[LVWHQ HFRVLVWHPDV LPSRUWDQWHV SRU OD HOHYDGD VDOLQLGDG GHO DJXD GH ORV ODJRV \
KXPHGDOHVDOLPHQWDGRVSRUODGHVFDUJDQDWXUDOGHODFXtIHURHQODSRUFLyQPH[LFDQD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
1R H[LVWH QLQJ~Q SODQ GH RUGHQDPLHQWR WHUULWRULDO 6H WLHQH FRQWHPSODGR HO
HVWDEOHFLPLHQWRGHXQD]RQDGHUHVHUYDSDUDHODEDVWHFLPLHQWRGHDJXDSRWDEOHD&LXGDG
-XiUH]ORFDOL]DGDHQHODFXtIHURYHFLQR%ROVyQGHO+XHFR9DOOHGH-XiUH]
133
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
1RH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRVKtGULFRV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDO
GHOQLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR /DV DFWLYLGDGHV SURGXFWLYDV VRQ PtQLPDV ~QLFDPHQWH
VHUHVWULQJHDODDJULFXOWXUDGHDXWRFRQVXPR
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
0p[LFR 6H GHVFRQRFH \ DGHPiV OD SREODFLyQ HV VXPDPHQWH
HVFDVD
0p[LFR(O~QLFRHFRVLVWHPDTXHGHSHQGHGHODJXDVXEWHUUiQHD
\ VXSHUILFLDO HV OD /DJXQD (O %DUUHDO TXH GHELGR D OD
HYDSRUDFLyQ \ GHVFDUJD GHO VLVWHPD GH IOXMR UHJLRQDO SUHVHQWD
DJXDVXEWHUUiQHDFRQDOWDVDOLQLGDG
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1RKDKDELGRKDVWDDKRUDSURJUDPDIRUPDOGHLQWHUDFFLyQELQDFLRQDOFRQH[FHSFLyQGH
XQLQWHUFDPELRSUHOLPLQDUGHLQIRUPDFLyQUHODWLYDDODFXtIHUR
,QWHUpVGHORVSDtVHVSRUHOXVRGHOVLVWHPDDFXtIHUR
6HHVSHUDTXHDOLQLFLDUVHODRSHUDFLyQGHODEDWHUtDGHSR]RVGH/D0HVLOODVHJHQHUDUi
FLHUWDUHDFFLyQ\FRPSHWHQFLDSRUHOXVRGHODJXDGHHVWHDFXtIHUR
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ
134
135
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 %2/6Ï1 '(/ +8(&2
9$//('(-8È5(=
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R %ROVyQ GHO +XHFR9DOOH GH -XiUH] HV XQR GH ORV
PiV LPSRUWDQWHV GH OD IURQWHUD 0p[LFR(8$ 6H H[WLHQGH HQ HO (VWDGR GH &KLKXDKXD
0p[LFR\HQHO(VWDGRGH7H[DV(8$7LHQHJUDQLPSRUWDQFLDGDGRTXHVHWUDWDGH
XQD UHJLyQ FRQ SUHFLSLWDFLyQ SOXYLDO PHQRU TXH PPDxR \ HYDSRUDFLyQ SRWHQFLDO
PD\RUTXHPPDxR
/D H[WHQVLyQ WRWDO DSUR[LPDGD HV GH NP GH ORV FXDOHV NP FRUUHVSRQGHD0p[LFR\ORVUHVWDQWHVNPD(8$
/DSREODFLyQVREUHHOiUHDGHOVLVWHPDDFXtIHURHVGHKDELWDQWHVHQ0p[LFR
VHJ~QGDWRVGHODxR\DSUR[LPDGDPHQWHKDELWDQWHVHQ(8$
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q 0p[LFR HO DFXtIHUR HVWi FRQVWLWXLGR HQ VX SDUWH VXSHULRU SRU PDWHULDOHV FOiVWLFRV
DOXYLDOHV VHGLPHQWRV HyOLFRV \ GHSyVLWRV GH EROVyQ \ HQ VX SDUWH LQIHULRU SRU URFDV
VHGLPHQWDULDVNiUVWLFDVHtJQHDVH[WUXVLYDVHVGHWLSR³OLEUH´GHSHUPHDELOLGDGPHGLDD
EDMD\JUDQFDSDFLGDGGHDOPDFHQDPLHQWR6XHVSHVRUDOFDQ]DORVPHQHOGLVWULWRGH
ULHJR(QORV(VWDGRV8QLGRVORFRQIRUPDQGHSyVLWRVGHEROVyQFX\RHVSHVRUVXSHUDORV
PHQOD]RQDSDUDOHODDODVPRQWDxDV)UDQNOLQFXELHUWRVHQODIDMDIOXYLDOGHO5tR
*UDQGHSRUPDWHULDOHVDOXYLDOHV
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/DSURIXQGLGDGDORVQLYHOHVIUHiWLFRVYDUtDHQHOiUHDHQWUHDOJXQRVPHWURVHQODIUDQMD
ULEHUHxDGHO5tR%UDYR*UDQGH\ORVDPHQ0p[LFR\(8$UHVSHFWLYDPHQWH
HQIXQFLyQGHOUHOLHYHWRSRJUiILFR\GHODGLVWULEXFLyQGHOERPEHRGHSR]RV
=RQDVGHUHFDUJD
(QODSRUFLyQPH[LFDQDODUHFDUJDQDWXUDOWLHQHOXJDUHQORVIODQFRVGHODVVLHUUDVTXH
OLPLWDQDOYDOOH\DORODUJRGHOFDXFHGHOUtRODUHFDUJDLQFLGHQWDOSRUIXJDVHQODVUHGHV
KLGUiXOLFDV\SRULQILOWUDFLyQGHH[FHGHQWHVGHULHJRVHGDHQOD]RQDXUEDQDGH&LXGDG
-XiUH]\HQODV]RQDVDJUtFRODV
5HFDUJD QDWXUDO HQ ODV PRQWDxDV ÏUJDQR )UDQNOLQ \ +XHFR TXH URGHDQ DO YDOOH \ GH
UHFDUJDLQGXFLGDHQOD]RQDXUEDQDGH(O3DVR/DIXHQWHSULQFLSDOGHUHFDUJDDODFXtIHUR
VRQORVHVFXUULPLHQWRVGHO5tR%UDYR*UDQGHSHURDFWXDOPHQWHHOGHVYtRGHDJXDSDUD
FRQGXFLUOD D WUDYpV GH FDQDOHV KD UHGXFLGR GH PDQHUD FRQVLGHUDEOH HVWH DSRUWH
HVSHFLDOPHQWHHQODSRUFLyQFRPSUHQGLGDHQWUH(O3DVR\&LXGDG-XiUH]
136
([SORWDFLyQ\FDXGDOHV
/D H[WUDFFLyQ GH DJXD VXEWHUUiQHD HV GHO RUGHQ GH KPDxR HQ HO ODGR PH[LFDQR
TXHORXWLOL]DSDUDHODEDVWHFLPLHQWRGHOD]RQDXUEDQDGHFLXGDG-XiUH]\HQODSULPHUD
XQLGDGGHOGLVWULWRGHULHJRGHOYDOOHGH-XiUH](Q(VWDGRV8QLGRVODIXHQWHSULQFLSDO
TXHVXPLQLVWUDDJXDDODFLXGDGGH(O3DVR\DOD]RQDGHULHJRGHO%ROVyQGHO+XHFRHV
HO5tR%UDYR*UDQGHPLHQWUDVTXHHODFXtIHURHVXQDIXHQWHFRPSOHPHQWDULD
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
0p[LFR
(8$
KDELWDQWHV
KDELWDQWHV
KDE
FRQFHQWUDGDHQ&LXGDG-XiUH]
FRQFHQWUDGDHQ(O3DVR
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
D
KDE
KDE
8VRV
(Q 0p[LFR HO FUHFLPLHQWR GHPRJUiILFR XUEDQR FRQFHQWUDGR HQ &LXGDG -XiUH] KD
PRWLYDGR XQD WUDQVIHUHQFLD JUDGXDO GH DJXD GHO VHFWRU DJUtFROD DO S~EOLFR XUEDQR (Q
(8$HOFUHFLPLHQWRGHODGHPDQGDGHDJXDGHODFLXGDGGH(O3DVR\ODOLPLWDGDRIHUWD
GHODVIXHQWHVGHVXPLQLVWURKDGDGROXJDUDOGHVDUUROORGHXQVLVWHPDGHWUDWDPLHQWR
UHFDUJDUHXVRODVDJXDVUHVLGXDOHVPXQLFLSDOHVGHODFLXGDGGH(O3DVRVRQFRQGXFLGDV
D XQD SODQWD GH WUDWDPLHQWR GH QLYHO WHUFLDULR LQ\HFWDGDV PHGLDQWH SR]RV DO VXEVXHOR
GRQGH UHFLEHQ XQ WUDWDPLHQWR QDWXUDO \ UHFXSHUDGDV DJXDV DEDMR SDUD VHUYLUODV
QXHYDPHQWHDODFLXGDG
/D GLVWULEXFLyQ GH OD H[WUDFFLyQ DQXDO GH DJXD VXEWHUUiQHD HQ HO VHFWRU PH[LFDQR HV
FRPRVLJXH
v 5LHJR
KP
v 'RPpVWLFR KP
v ,QGXVWULDO
KP
v 3~EOLFRXUEDQR
KP
137
0LHQWUDVTXHHQ(8$VHLQGLFDTXHKD\XQFRQVXPRLQGXVWULDOGHXQGXUDQWHXQ
DxR QRUPDO \ GXUDQWH OD VHTXtD HO XVR S~EOLFRXUEDQR UHTXLHUH GH XQ HO
DJUtFROD HV GH GXUDQWH XQ DxR QRUPDO \ SDVD D GXUDQWH HYHQWRV GH VHTXtD \
ILQDOPHQWHODVDJURLQGXVWULDVFRQVXPHQXQ
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q0p[LFRHODFXtIHUR FRQWLHQHDJXDGXOFH HQVXWUDPRVXSHULRUHVSHFLDOPHQWHHQOD
IDMDIOXYLDOGHO5tR%UDYR*UDQGHDJXDVDOREUHHQVXWUDPRLQWHUPHGLR\DJXDVDODGDHQ
VXWUDPRSURIXQGR
(Q(8$ODFRQFHQWUDFLyQGH67'HVHQJHQHUDOOLJHUDPHQWHVXSHULRUDORVSSP
SDUDODSRUFLyQQRUWHGHODFXtIHURODFXDOGLVPLQX\HKDFLDODVPRQWDxDVTXHFRQVWLWX\HQ
iUHDVGHUHFDUJD\KDFLDHOFDXFHGHO5tR%UDYR*UDQGH(QODUHJLyQGH$ONDOL)ODWODV
FRQFHQWUDFLRQHVVXSHUDQODVSSPGH67'GHELGRDTXHHQHOODVHSUHVHQWDXQD
GHVFDUJDGHIOXMRUHJLRQDO
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(QVXHVWDGRQDWXUDOHODFXtIHURHVWDEDKLGUiXOLFDPHQWHFRQHFWDGRDO5tR%UDYR*UDQGH
DO TXH GHVFDUJDED SRU DPEDV PiUJHQHV SRU OR TXH QR KDEtD FLUFXODFLyQ VXEWHUUiQHD D
WUDYpVGHODIURQWHUD$OLQFUHPHQWDUVHODH[SORWDFLyQGHODFXtIHURHQDPERVSDtVHVVH
DEDWLHURQORVQLYHOHVGHODJXDVXEWHUUiQHD\HODFXtIHURVHGHVFRQHFWyGHOUtRTXHDKRUD
DOLPHQWDDODFXtIHURSRULQILOWUDFLyQDORODUJRGHVXFDXFH&RQHOORVHKDLQFUHPHQWDGR
OLJHUDPHQWHHOYROXPHQUHQRYDEOHGHDJXDVXEWHUUiQHD
'HVGH KDFH XQDV WUHV GpFDGDV OD SRUFLyQ PH[LFDQD GHO DFXtIHUR HVWi VRPHWLGD D
VREUHH[SORWDFLyQ UHFDUJD PHGLD PHQRU TXH OD H[WUDFFLyQ PHGLD D ODUJR SOD]R OD
GLIHUHQFLDHVWiVLHQGRFDSWDGDGHODOPDFHQDPLHQWRQRUHQRYDEOHGHODFXtIHURORFXDOKD
RULJLQDGRH[WHQVRVFRQRVGHDEDWLPLHQWRHQOD]RQDXUEDQDGH&LXGDG-XiUH]\(O3DVR
\HQODSULPHUDXQLGDGGHOGLVWULWRGHULHJR9DOOHGH-XiUH]$PHGLDQRSOD]RVHHVSHUD
FLHUWR LQFUHPHQWR GH OD UHFDUJD SRU LQILOWUDFLyQ GH DJXD UHVLGXDO HQ OD FLXGDG DO
LQFUHPHQWDUVHHOVXPLQLVWURGHVGHHOEROVyQGH/D0HVLOOD
/DFDOLGDGGHODJXDGHODSRUFLyQGXOFHGHODFXtIHURVHHVWiGHWHULRUDQGRJUDGXDOPHQWH
GHELGRDTXHHOERPEHRKDLQGXFLGRODPLJUDFLyQGHODJXDVDOREUHRVDODGDDG\DFHQWHR
VXE\DFHQWH\DODFDUJDFRQWDPLQDQWHDSRUWDGDSRUODLQILOWUDFLyQGHORVH[FHGHQWHVGH
ULHJR\HODJXDUHVLGXDOSURFHGHQWHGHORVGHVDUUROORVXUEDQRVLQGXVWULDOHV\DJUtFRODV
$SDUWH GH XQ LQFUHPHQWR GH OD VDOLQLGDG WRWDO VH KD LGHQWLILFDGR FRQWDPLQDFLyQ
PLFURELROyJLFD \ SUHVHQFLD GH HOHPHQWRV TXtPLFRV GLVXHOWRV HQ HO DJXD HQ
FRQFHQWUDFLRQHVPD\RUHVTXHODVQRUPDVSHUPLVLEOHVSDUDHOFRQVXPRKXPDQR
2WUDVIXHQWHVGHDJXD
8QDIXHQWHFRPSOHPHQWDULDGHDJXDVXSHUILFLDOSDUDHODEDVWHFLPLHQWRGHODSREODFLyQ
HVHO5tR%UDYR*UDQGHDXQTXHVXHVFXUULPLHQWRHVWiFRQWDPLQDGRSRUODGHVFDUJDGH
DJXDVUHVLGXDOHV \GHSHQGHHQPDJQLWXGGHODVYDULDFLRQHVGHODSUHFLSLWDFLyQSOXYLDO
3DUD VDWLVIDFHU HO LQFUHPHQWR GH OD GHPDQGD GH DJXD SDUD XVR S~EOLFR XUEDQR VH
138
FRQWHPSODQ OD SRWDELOL]DFLyQ GHO DJXD VXSHUILFLDO TXH FRUUHVSRQGH D 0p[LFR SDUD
DEDVWR GH &LXGDG -XiUH] TXH HQ VXVWLWXFLyQ HQWUHJDUtD VX DJXD UHVLGXDO WUDWDGD SDUD
ULHJRODLPSRUWDFLyQGHDJXDGHVGHFXHQFDVDG\DFHQWHVFRPRHO%ROVyQGH/D0HVLOOD
OD GHVDODFLyQ GH DJXD D PHGLDQR SOD]R \ OD UHFDUJD DUWLILFLDO GH DJXD GH OOXYLD HQ OD
VLHUUDGH-XiUH]'HPDQHUDVLPLODU(8$PHQFLRQDFRPRIXHQWHVDOWHUQDWLYDVHODJXD
VXSHUILFLDO GHO UtR OD WUDQVIHUHQFLD GH DJXD VXEWHUUiQHD GH RWUDV FXHQFDV \ OD
GHVDOLQL]DFLyQGHODJXDVDOREUH
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q OD ~OWLPD GpFDGD RFXUULy XQD VHTXtD VHYHUD GH YDULRV DxRV HQ TXH OD SUHFLSLWDFLyQ
DQXDOIXHPHQRUTXHODPHGLDPPDxR(VWHUpJLPHQGHOOXYLDLPSOLFyYDULDFLRQHV
HQHOHVFXUULPLHQWR\HQODUHFDUJDGHODFXtIHUR/DVOOXYLDVVRQHVFDVDVWRUUHQFLDOHV\
GHFRUWDGXUDFLyQ
(8$ PHQFLRQD TXH HO UHJLVWUR PiV EDMR GH OOXYLD IXH HQ HO DxR FRQ LQ
PLHQWUDVTXHHOUHJLVWURGHSUHFLSLWDFLRQHVPiVDOWRIXHHQFRQLQGXUDQWHODV
LQXQGDFLRQHV HO VLVWHPD DFXtIHUR UHFLELy DSRUWHV SRU LQILOWUDFLyQ GHVGH HO UtR \ GH ORV
HVWDQTXHVGHUHWHQFLyQ
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$PHGLDQRRODUJRSOD]RORVSURQyVWLFRVPHWHRUROyJLFRVLQGLFDQTXHHQHVDUHJLyQGH
0p[LFR DXPHQWDUi OD WHPSHUDWXUD \ GLVPLQXLUi OD SUHFLSLWDFLyQ SOXYLDO D FDXVD GHO
FDPELR FOLPiWLFR FRQ OR FXDO VH UHGXFLUi OD GLVSRQLELOLGDG GHO DJXD VXSHUILFLDO \
VXEWHUUiQHD\pVWDVXIULUiXQPD\RUVWUHVVKtGULFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV KDQ WHQLGR XQ LPSDFWR QHJDWLYR GLUHFWR VREUH OD UHFDUJD GHO DFXtIHUR
(VSRUiGLFDPHQWHVHKDQSUHVHQWDGRLQXQGDFLRQHVHQOD]RQDXUEDQDGH&LXGDG-XiUH]
FRPRFRQVHFXHQFLDGHOOXYLDVWRUUHQFLDOHVHQODVLHUUDDG\DFHQWH'XUDQWHHVWRVHYHQWRV
HO DFXtIHUR UHFLEH UHFDUJD DGLFLRQDO SRU LQILOWUDFLRQHV D OR ODUJR GHO UtR \ SRU HO
DOPDFHQDPLHQWRHQ]RQDVGHLQXQGDFLyQ
'XUDQWHODVHTXtDHOULHJRDJUtFRODDXPHQWD\KD\PHQRVLQILOWUDFLyQHQHODFXtIHURGH
ODUHGGHULHJRHOGUHQDMHGHDJXDGHPDODFDOLGDGSURYRFDHOGHWHULRURGHODFDOLGDGGHO
DJXDGHODFXtIHURVRPHUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
'XUDQWHODVVHTXtDVODH[WUDFFLyQGHDJXDDXWRUL]DGDHVFRP~QPHQWHUHEDVDGDSRUORV
XVXDULRVGLVPLQX\HQGRODLQILOWUDFLyQKDFLDHODFXtIHURSURFHGHQWHGHODUHGGHFDQDOHV
SDUDLUULJDFLyQ
139
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&XDGUR18QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
(VWDGRV8QLGRV
0p[LFR
3URGXFWLYDV$JUtFROD
7LHUUDV1DWXUDOHV
8UEDQD
$FXiWLFDOLPLWDGD
/DVSULQFLSDOHVXQLGDGHVGH
SDLVDMHVRQHOGHVLHUWRDUHQRVR
PDWRUUDOHVSDVWL]DOHV]RQDV
DJUtFRODV\]RQDVXUEDQDV
7LHUUDVQDWXUDOHVHQWLHUUDVDOWDVQRUWH
/ODQXUDVGHLQXQGDFLyQHQWLHUUDVEDMDVVXU
/DFREHUWXUDQDWXUDOGHOWHUUHQRHUDGHVXHORV
GHVQXGRVDUHQRVRV\VDOLWURVRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RVXVRVDFWXDOHVGHOVXHORVRQXUEDQRLQGXVWULDO\DJUtFRODHQHOYDOOHPLHQWUDVTXHHQ
HOUHVWRVHPDQWLHQHODFREHUWXUDQDWXUDOVXHORQDWXUDOVXHORGHVQXGR\DUHQRVR
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q0p[LFRORVSULQFLSDOHVFXOWLYRVGHOGLVWULWRGHULHJR³9DOOHGH-XiUH]´VRQDOJRGyQ
WULJRDOIDOIDDYHQD\FHEDGDIRUUDMHUDVVRUJRPDt]\KRUWDOL]DVHQVLVWHPDVGHFXOWLYR
GHVXUFRV\PHOJDV/RVFXOWLYRVSHUHQQHVVRQODDOIDOID\ORVIUXWDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRQRVHKDQHVWDEOHFLGRiUHDVQDWXUDOHVSURWHJLGDV
(Q (8$ H[LVWH HO 3URJUDPD GH 3URWHFFLyQ GH 3R]RV DSOLFDGR SRU 7&(4 7H[DV
&RPPLVVLRQRQ(QYLURQPHQWDO4XDOLW\\VHUYLFLRVGHDJXD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q WHUULWRULR PH[LFDQR QR H[LVWHQ HFRVLVWHPDV LPSRUWDQWHV GHSHQGLHQWHV GHO DJXD
VXEWHUUiQHD 2ULJLQDOPHQWH HQ ODV PiUJHQHV GHO UtR FUHFtD YHJHWDFLyQ ULEHUHxD TXH
DORMDEDIORUD\IDXQDOLPLWDGDVDKRUDSRUHOFRQWUROGHOHVFXUULPLHQWRHQSUHVDV\SRUHO
ERPEHRGHSR]RVKDPHUPDGRHOFDXGDOEDVHGHOUtR\VHKDGHWHULRUDGRODFDOLGDGGH
DJXD GDQGR OXJDU D OD GHVDSDULFLyQ JUDGXDO GH ORV HFRVLVWHPDV 6H KD UHJLVWUDGR XQD
GLVPLQXFLyQGHOHVFXUULPLHQWREDVHGHOUtRTXHDKRUDVRORHVVRVWHQLGRSRUODGHVFDUJD
GHOVLVWHPDGHGUHQDMHGHOGLVWULWRGHULHJR
140
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
0p[LFRFXHQWDFRQXQ3ODQ(VWDWDOGH'HVDUUROORTXHLQFOX\HDVSHFWRVUHODFLRQDGRVFRQ
HO UHFXUVR KtGULFR SHUR VX FRQWHQLGR QR HV HVSHFtILFR (Q (8$ FRQWLQ~D OD
XUEDQL]DFLyQODVWLHUUDVDJUtFRODVGHFUHFHQ\QRH[LVWHQSODQHVELQDFLRQDOHV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q 0p[LFR VH HVWi IRUPXODQGR XQ 3ODQ GH 0DQHMR ,QWHJUDGR \ XQ 5HJODPHQWR GH ORV
5HFXUVRV +tGULFRV (Q ORV (VWDGRV 8QLGRV H[LVWH XQ SUR\HFWR SDUD XQ SODQ DQiORJR
IRUPXODGRSRUSDUWHGHODFLXGDGGH(O3DVR\HO(VWDGRGH7H[DV7:'%7H[DV:DWHU
'HYHORSPHQW %RDUG TXH UHVDOWD OD FRQVHUYDFLyQ GHO UHFXUVR \ HO XVR GH DJXD
VXSHUILFLDO(QHOSUHVHQWHDxRHOJRELHUQRGHORV(8$KDLQLFLDGRODH[SORUDFLyQGHORV
DFXtIHURVWUDQVIURQWHUL]RVTXHFRPSDUWHFRQ0p[LFR
(OXVRGHODVDJXDVVXEWHUUiQHDVSDUDFRQWLQJHQFLDGHODVHTXtDHQODDJULFXOWXUDGHULHJR
\XVRVPXQLFLSDOHLQGXVWULDOHVWiFRQWHPSODGR
(Q 0p[LFR HO 3ODQ GH 0DQHMR ,QWHJUDGR TXH LQFOX\H DFFLRQHV FRPR PDQHMR GH OD
GHPDQGDHQWRGRVORVVHFWRUHVUHXVRSRWDELOL]DFLyQGHDJXDVXSHUILFLDOSDUDFRQVXPR
KXPDQR LQWHUFDPELR GH DJXD XWLOL]DGD HQ OD DJULFXOWXUD SRU DJXD UHVLGXDO WUDWDGD
FRQYHUVLyQ GH FXOWLYRV LPSRUWDFLyQ GH DJXD \ GHVDODFLyQ HQWUH RWUDV SUR\HFWRV TXH
VHUiQFRQFHUWDGRVFRQORVXVXDULRVGHODJXD\FRQORVGHPiVDFWRUHVLQYROXFUDGRVHQVX
PDQHMR
6HJ~Q(8$VHSRGUtDPHMRUDUODUHFDUJDDWUDYpVGHHVWDQTXHVGHGHWHQFLyQRODUHFDUJD
DUWLILFLDO
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
v
'HSHQGHQFLDGH
ODHFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
0p[LFR(OEHQHILFLRHFRQyPLFRHVWiUHSUHVHQWDGRSRUHOGHODV
DFWLYLGDGHV SURGXFWLYDV SULQFLSDOPHQWH OD DJULFXOWXUD \ OD
LQGXVWULDPDQXIDFWXUHUDDODVTXHVHGHVWLQDODPD\RUSDUWHGHO
YROXPHQGHDJXD
(8$ (O YDORU GH ORV EHQHILFLRV HFRQyPLFRV GHO XVR GHO DJXD
GHOVLVWHPDDFXtIHURQRKDVLGRDQDOL]DGR
0p[LFR$XQTXHWDPELpQVHXWLOL]DHQODDJULFXOWXUDODGRWDFLyQ
GHDJXDGHO5tR%UDYRTXHFRUUHVSRQGHD0p[LFRODHFRQRPtD
ORFDOGHSHQGHHQVXPD\RUSDUWHGHODJXDVXEWHUUiQHD
(8$ /RV XVRV 0XQLFLSDO H LQGXVWULDO VRQ DOWDPHQWH
GHSHQGLHQWHV
141
v
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRV
KtGULFRVGHORVDFXtIHURV
v
0HGLRVGHYLGD
TXHFRUUHUtDQSHOLJUR
SpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSRUSDUWHGH0p[LFR
(8$ 3HUVRQDV EDMR HO QLYHO GH SREUH]D HQ HO &RQGDGR GH (O
3DVR7;ODHVWLPDFLyQUHDOL]DGDHQHOHVGHO(O
LQJUHVRPHGLRGHKRJDUHVHVGH86
0p[LFR (O VXPLQLVWUR GH DJXD SDUD FRQVXPR KXPDQR HQ ODV
SREODFLRQHV VHUtD PiV GHILFLHQWH \ OD DJULFXOWXUD VHJXLUtD
SHUGLHQGRVXUHQWDELOLGDGDOPHQRVHQORVFXOWLYRVEiVLFRV'H
KHFKR HVWD HV XQD VLWXDFLyQ TXH VH KD YHQLGR GDQGR D
FRQVHFXHQFLDGHOLQFUHPHQWRGHODVDOLQLGDGGHODJXD
(8$ ,PSDFWR DGYHUVR VXVWDQFLDO SDUD WRGRV ORV VHFWRUHVGH OD
HFRQRPtD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
'HVGH OD GpFDGD GH ORV VH HVWi OOHYDQGR D FDER XQ SURJUDPD ELQDFLRQDO GH
LQWHUFDPELRGHLQIRUPDFLyQVREUHORVDFXtIHURVWUDQVIURQWHUL]RVFRQHVSHFLDODWHQFLyQDO
GHQRPLQDGR³-XiUH](O3DVR´XQHVWXGLRELQDFLRQDOGHOPLVPR\QXPHURVDVUHXQLRQHV
HQWUH GHOHJDFLRQHV GH DPERV SDtVHV SDUD WUDWDU GLYHUVRV DVXQWRV UHODFLRQDGRV FRQ ORV
UHFXUVRVKtGULFRV'HWRGDVIRUPDVORVPRGHORVGHVDUUROODGRVVRQLQGHSHQGLHQWHV\QR
H[LVWHQLQWHUFDPELRVPXWXRVHQHOPDQHMRGHOVLVWHPDDFXtIHUR
$FWXDOPHQWH VH FRQWHPSOD OD IRUPD GH LQWHUDFWXDU HQ OD DSOLFDFLyQ GH ORV SODQHV GH
PDQHMR SDUD TXH VHDQ FRPSDWLEOHV HQWUH Vt FRQ HO REMHWLYR FRP~Q GHO PDQHMR
VXVWHQWDEOHGHODIXHQWHFRPSDUWLGD\ODSUHYHQFLyQGHPD\RUHVHIHFWRVWUDQVIURQWHUL]RV
\ VH KD LQFUHPHQWDGR OD FRPXQLFDFLyQ HQWUH DPERV SDtVHV D WUDYpV GH OD &RPLVLyQ
,QWHUQDFLRQDO GH /tPLWHV \ $JXDV 6H SURPXHYHQ SURJUDPDV GH LQWHUFDPELR GH
LQIRUPDFLyQ \ GH SUR\HFWRV ELQDFLRQDOHV GH LQWHUpV FRP~Q 5HFLHQWHPHQWH VH HPLWLy
XQD YHUVLyQ SUHOLPLQDU GH XQ 3UR\HFWR GH /H\ VREUH $FXtIHURV 7UDQVIURQWHUL]RV \ VH
DFRUGy XQ SURJUDPD ELQDFLRQDO SDUD HMHFXWDU HVWXGLRV GH ORV DFXtIHURV %ROVyQ GHO
+XHFR6DQ3HGUR\6DQWD&UX]FRQUHFXUVRVDSRUWDGRVSRUDPEDVSDUWHV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO VLVWHPD DFXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(O LQWHUpV VREUH HO VLVWHPD DFXtIHUR HV GH JUDQ UHOHYDQFLD \ KD FREUDGR PD\RU
LPSRUWDQFLD FRQIRUPH LQFUHPHQWD HO VWUHVV KtGULFR HQ DPERV SDtVHV D FDXVD GH VX
FUHFLPLHQWR GHPRJUiILFR \ GHO HVSHUDGR FDPELR FOLPiWLFR FX\RV HIHFWRV SDUHFHQ
HVWDUVH\DSUHVHQWDQGR
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ-DPHV6WHIDQRY\$QQ$UGLV
142
143
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 (':$5'675,1,7<(/
%8552
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R(GZDUGV7ULQLW\(O%XUURVHH[WLHQGHHQODSRUFLyQ
QRUWHGHO(VWDGRGH&RDKXLOD0p[LFR\HQODSRUFLyQVXUGHO(VWDGRGH7H[DV(8$
(Q H[WHQVDV iUHDV GH (8$ DIORUD RULJLQDQGR FDXGDORVRV PDQDQWLDOHV \ DOLPHQWDQGR D
SR]RVGHDOWDSURGXFFLyQHQWHUULWRULRPH[LFDQRVXE\DFHDXQDLPSRUWDQWHVHFXHQFLDGH
URFDVVHGLPHQWDULDVPDULQDV\FRQWLQHQWDOHVSRFRSHUPHDEOHV
6XH[WHQVLyQVXSHUILFLDOHQWHUULWRULRGH0p[LFRHVGHXQRVNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR HVWi FRQVWLWXLGR SRU URFDV FDOL]DV GH DOWD SHUPHDELOLGDG VHFXQGDULD
VHGLPHQWRVDOXYLDOHVURFDVFULVWDOLQDVPHWDPyUILFDV\YROFiQLFDV
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/D SURIXQGLGDG DO QLYHO HVWiWLFR HV PX\ YDULDEOH GHSHQGLHQGR GH OD XQLGDG TXH VH
H[SORWH (V FRP~Q OD H[LVWHQFLD GH DFXtIHURV FRQILQDGRV TXH VH PDQLILHVWDQ SRU OD
SUHVHQFLDGHSR]RVVXUJHQWHV
/DDOWLWXGJHQHUDOGHODVXSHUILFLHSRWHQFLRPpWULFDHQODViUHDVGH6DQ$QWRQLR\$XVWLQ
RVFLODHQWUHPHQRVGHPHWURVVREUHHOQLYHOGHOPDUHQHO5tR&RORUDGRDPiVGH
PHWURVVREUHHOQLYHOGHOPDUHQORVFRQGDGRVGH8YDOGH\.LQQH\
=RQDVGHUHFDUJD
/DVURFDVFDOL]DVTXHDIORUDQHQODVVLHUUDVTXHGHOLPLWDQHODFXtIHURVRQODVSULQFLSDOHV
UHFHSWRUDVGHUHFDUJD$FWXDOPHQWHVHUHDOL]DXQHVWXGLRKLGURJHROyJLFRGHHYDOXDFLyQ
SDUDHVWLPDUVXPDJQLWXG
/DUHFDUJDGHODFXtIHURHVJHQHUDOPHQWHSRUODSUHFLSLWDFLyQGLUHFWDVREUHODVXSHUILFLH
GH OD WLHUUD (O DJXD HV PD\RUPHQWH QR FRQILQDGD HQ ODV SDUWHV VRPHUDV GHO VLVWHPD
DFXtIHUR\HVFRQILQDGDHQODV]RQDVPiVSURIXQGDV/DFDQWLGDGGHUHFDUJD\GHVFDUJD
YDUtDVXVWDQFLDOPHQWHGHFRQGDGRDFRQGDGRHQOD]RQDGHELGRDIDFWRUHVWDOHVFRPROD
WRSRJUDItDFDUDFWHUtVWLFDVGHIOXMRWLSRGHVXHORJHRORJtDIDOODVGLVROXFLyQGHJULHWDV
GLVWULEXFLyQGHODVSUHFLSLWDFLRQHV\ORVSDWURQHVGHXVRGHODWLHUUD$OUHGHGRUGHO
GHO WRWDO GH OD UHFDUJD GHO DFXtIHUR (GZDUGV VH SURGXFH HQ ORV FRQGDGRV GH .LQQH\
8YDOGH\0HGLQD
([SORWDFLyQ\FDXGDOHV
/D H[SORWDFLyQ DFWXDO GHO DFXtIHUR (GZDUGV7ULQLW\ HQ WHUULWRULR PH[LFDQR HV PX\
LQFLSLHQWHKPDxR(Q(8$HVPXFKRPD\RUKP DxR\YDULRVXVRVFRPSLWHQ
144
SRU HO DJXD GHO DFXtIHUR LQFOX\HQGR DEDVWHFLPLHQWR S~EOLFR H LQGXVWULDO DJULFXOWXUD
WXULVPR \ ORV HFRVLVWHPDV DVRFLDGRV D ORV PDQDQWLDOHV \ ORV VLVWHPDV PDQDQWLDOUtR
'XUDQWH HQ ORV FRQGDGRV GH 8YDOGH \ 0HGLQD ODV H[WUDFFLRQHV TXH HUDQ HQ VX
PD\RUtDSDUDHOULHJRDOFDQ]DURQXQWRWDOGHDOUHGHGRUGHPLOORQHV\PLOORQHV
GHPGtDUHVSHFWLYDPHQWH
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
0p[LFR
(VWDGRV8QLGRV
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQDHVWLPDGD
KDELWDQWHV
KDELWDQWHVVROR
FRQGDGRVIURQWHUL]RV
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
v
3REODFLyQHQ]RQDVGH
UHFDUJD
KDE
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
KDE
8VRV
(Q0p[LFRORVXVRVSDUDULHJR \GRPpVWLFRVHUHSDUWHQODWRWDOLGDGGHOYROXPHQDQXDO
H[WUDtGRVLHQGR
v 5LHJR KP
v 'RPpVWLFR KP
0LHQWUDVWDQWRHQ(8$ODHVWLPDFLyQLQGLFDTXHODVDJURLQGXVWULDVFRQVXPHQPiVGHXQ
\ HO UHVWDQWH HV XWLOL]DGR HQ DFWLYLGDGHV WDOHV FRPR PXQLFLSDO PLQHUtD
HQHUJtD\FUtDGHJDQDGR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DFDOLGDGGHODJXDTXHFRQWLHQHYDUtDHQHOiUHD HQWUHDJXDGXOFHHQODViUHDVGRQGH
DIORUDRVHHQFXHQWUDFHUFDGHODVXSHUILFLHGHOWHUUHQR \ DJXDVDOREUHRVDODGDHQODV
SRUFLRQHV SURIXQGDV GHO DFXtIHUR GHSHQGLHQGR GH OD FRPSRVLFLyQ GH ODV URFDV TXH
FRQVWLWX\HQORVDFXtIHURV\GHOWLHPSRGHUHVLGHQFLDGHODJXDHQHOVXEVXHOR
145
$XQTXHODFDOLGDGGHODJXDHVWtSLFDPHQWHGHGXUH]DHOHYDGDHVWDPELpQJHQHUDOPHQWH
GXOFHFRQH[FHSFLyQGHiUHDVHQODUHJLyQ7UDQV3HFRVGRQGHODVDJXDVVXEWHUUiQHDVGH
VHGLPHQWRVHYDSRUtWLFRVSpUPLFRV\RVDOPXHUDVGHFDPSRVGHSHWUyOHRVRQFDSDFHVGH
PH]FODUVHFRQODVDJXDVVXEWHUUiQHDVGHO6LVWHPD$FXtIHUR(GZDUGV7ULQLW\/DFDOLGDG
GHODJXDWDPELpQVHYHDIHFWDGDSRUODUHFDUJDLQGXFLGDSRUSpUGLGDVGHO5tR3HFRV$O
HVWH GHO 5tR 3HFRV VDOPXHUDV GH FDPSRV GH SHWUyOHR \ HVFRUUHQWtD DJUtFROD WLHQHQ XQ
HIHFWR VLJQLILFDWLYR VREUH OD FDOLGDG GH ODV DJXDV VXEWHUUiQHDV GH OD SDUWH QRUWH GHO
$FXtIHUR(GZDUGV7ULQLW\
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
1R VH KDQ LGHQWLILFDGR SUREOHPDV GH FDOLGDG HQ HO DJXD VXEWHUUiQHD GH ORV SR]RV \
PDQDQWLDOHVTXHVHH[SORWDQHQODUHJLyQ
(QWHUULWRULRPH[LFDQRVHHVSHUDQXQGHFUHPHQWRGHODUHFDUJDGHODFXtIHURGHULYDGRGHO
FDPELRFOLPiWLFR
%DVWDQWHFRQVWDQWHH[FHSWRHQHOQRUWH\HODOWLSODQRRFFLGHQWDOGRQGHVHKDSURGXFLGR
ODWHQGHQFLD JHQHUDODODGLVPLQXFLyQGHORVQLYHOHVGHDJXD(QJHQHUDO ODFDOLGDGGH
DJXD GHO DFXtIHUR VH PDQWLHQH SDUD XVR SRWDEOH SHUR FRQ DOWR 67' \ VDOPXHUDV GH
FDPSRVSHWUROHURVHQODSRUFLyQQRUWH
2WUDVIXHQWHVGHDJXD
(Q 0p[LFR QR H[LVWHQ IXHQWHV DOWHUQDWLYDV GH DEDVWHFLPLHQWR 3RU VX SDUWH (8$
PHQFLRQD TXH VH SRGUtDQ XWLOL]DU DFXtIHURV DOXYLDOHV SRFR SURIXQGRV \R DJXD
VXSHUILFLDOFRPRSRUHMHPSORHO5HVHUYRULR$PLVWDGXELFDGRHQODVFHUFDQtDVGHO5tR
7H[DV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O YDORU GH OD SUHFLSLWDFLyQ PHGLD DQXDO HV GH PP \ QR VH KDQ UHJLVWUDGR
YDULDFLRQHV /DV OOXYLDV VRQ HVFDVDV WRUUHQFLDOHV \ GH FRUWD GXUDFLyQ /DV WDVDV GH
HYDSRUDFLyQVRQDOWDVHQWRGDODPHVHWDHQJHQHUDO\YDUtDQHQXQUDQJRHQWUHPP
HQHOHVWHDPPHQHORHVWH/DVVHTXtDVVRQFRPXQHVHQOD0HVHWD(GZDUGVFRQ
DOUHGHGRUGHVHTXtDVGHPRGHUDGDVDVHYHUDVHQORV~OWLPRVDxRV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$FWXDOPHQWH QR VH SUHYpQ FDPELRV HQ HO UpJLPHQ GH OOXYLDV HQ 0p[LFR /D UHJLyQ VH
FDUDFWHUL]DSRUFRQGLFLRQHVGHHVFDVH]/DDFWXDOVHTXtDTXHVHLQLFLyGXUDQWHODVHJXQGD
PLWDGGHORVDxRVSRGUtDUHHPSOD]DUHOUHFRUGGH
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVWLHQHQXQLPSDFWRGLUHFWRHQODVUHJLRQHViULGDV\VHPLiULGDVGH0p[LFR\D
TXHHQHOODVODIXHQWHSULQFLSDOGHDEDVWHFLPLHQWR HVHODJXDVXEWHUUiQHD3RUVXSDUWH
146
(8$PHQFLRQDODH[LVWHQFLDGHHVWUDWHJLDVGHJHVWLyQGHDJXDVSDUDODUHJLyQTXHVH
SXHGHQFODVLILFDUHQWUHVFDWHJRUtDVJHQHUDOHVODFRQVHUYDFLyQODVDJXDVVXEWHUUiQHDV\
ODVVXSHUILFLDOHV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HDSOLFDHQ0p[LFRXQDH[WUDFFLyQDGLFLRQDODODDXWRUL]DGDSDUDDWHQGHUODVLWXDFLyQGH
HPHUJHQFLDVLQTXHKDVWDHOPRPHQWRKD\DVLGRQHFHVDULRSHUIRUDUQXHYRVSR]RV
/D UHJLyQ HVWi KDFLHQGR XQ HVIXHU]R FRQFHUWDGR SDUD OD FRQVHUYDFLyQ GHO DJXD HQ
VLVWHPDVGHULHJRDWUDYpVGHVLVWHPDVPDQHMRPiVHILFLHQWHGHFXOWLYRVSURJUDPDVGH
ULHJRVHQVLEOHVDOKRUDULR\HOXVRGHEDMDSUHVLyQHQVLVWHPDVGHULHJR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q 0p[LFR ODV SULQFLSDOHV XQLGDGHV GH SDLVDMH VRQ HO ERVTXH SDVWL]DOHV PDWRUUDOHV
FXHUSRVGHDJXD\]RQDXUEDQD
(Q(8$UXUDOFRPSXHVWRSRUWLHUUDVQDWXUDOHV\HQPHQRUPHGLGDODDJULFXOWXUD\
ODPLQHUtDODJDQDGHUtDODDJULFXOWXUDGHULHJRSURGXFFLyQGHSHWUyOHR\JDVGHODV
]RQDVXUEDQDV'HO5tR7H[DV
6DEDQD DFKDSDUUDGD FRQ HQFLQDVHQHEURVSDVWRV HQ HO QRUWH \ HO HVWH \ GHVLHUWR FRQ
DUEXVWRV\PDWRUUDOHVHQHOVXURHVWH6DOW&HGDU7DPDUL[VSSHOFXDODEVRUEHJUDQGHV
FDQWLGDGHV GH DJXD \ JHQHUD JUDQGHV GHSyVLWRV GH VDO \ RWUDV IUHDWRILWDV FXEUHQ ODV
FRUULHQWHV GH ORV YDOOHV OR TXH FRQWULEX\H D VLJQLILFDWLYDV FDQWLGDGHV GH
HYDSRWUDQVSLUDFLyQ
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/D FREHUWXUD \ XVR DFWXDO GH OD WLHUUD HVWi YLQFXODGD D ODV XQLGDGHV GH SDLVDMH
PHQFLRQDGDVHQHOSiUUDIRDQWHULRU
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
$GHPiVGHORVFXOWLYRVGHPDt]WULJR\DOJRGyQHQ(VWDGRV8QLGRVVHLPSOHPHQWDQORV
FRQWUDWRVGHFD]DHQDOUHGHGRUGHKHFWiUHDVGHWLHUUD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRH[LVWHXQiUHDQDWXUDOSURWHJLGDFRQRFLGDFRQ HOQRPEUHGH ³0DGHUDVGHO
&DUPHQ´
147
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(ODFXtIHURGHVFDUJDGHPDQHUDGLIXVDDODVIRUPDFLRQHVVXE\DFHQWHV\ILQDOPHQWHKDFLD
HOFDXFHGHO5tR%UDYR*UDQGH
8QD GHVFDUJD QDWXUDO GHO 6LVWHPD$FXtIHUR (GZDUGV7ULQLW\ RFXUUH SULQFLSDOPHQWH HQ
ORV PDQDQWLDOHV GRQGH HO QLYHO GH DJXD LQWHUVHFWD FDxRQHV R OD VXSHUILFLH WRSRJUiILFD
SURYH\HQGR HO IOXMR GH EDVH GH ORV DUUR\RV$GHPiV ODV IUHDWRILWDV TXH VH DOLPHQWDQ
SULQFLSDOPHQWHGHODJXDVXEWHUUiQHD\TXHVHXELFDQDORODUJRGHORVSULQFLSDOHVFDXFHV
GHORVDUUR\RVGHVFDUJDQHODFXtIHURGHIRUPDQDWXUDODWUDYpVGHODHYDSRWUDQVSLUDFLyQ
GRQGH OD QDSD IUHiWLFD HV OR VXILFLHQWHPHQWH VRPHUD SDUD OD UHG GH UDtFHV /RV IOXMRV
LQWHUIRUPDFLRQDOHVDSDUWLUGHDFXtIHURVPD\RUHV\PHQRUHVKLGUiXOLFDPHQWHFRQWLQXRV
WDPELpQ SURYHHQ XQD GHVFDUJD QDWXUDO HQ HO 6LVWHPD $FXtIHUR (GZDUGV7ULQLW\
SULQFLSDOPHQWHHQODV]RQDVVXU\HVWHGHODFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
1RH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDOHQ0p[LFR
(Q (8$ H[LVWH HO 3ODQ GH $JXD GH 7H[DV 7H[DV :DWHU 'HYHORSPHQW %RDUG
GHVDUUROODGRHQHO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
1RH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRVKtGULFRVSDUDHOVLVWHPDDFXtIHUR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDOXVR
GHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
148
0p[LFR(OEHQHILFLRHFRQyPLFRVHWUDGXFHHQHOYDORU
GHODSURGXFFLyQDJUtFRODVLQTXHVHFRQR]FDODFLIUD
GHVXYDORU
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH
GHODSURYHFKDPLHQWRGHODJXDVXEWHUUiQHDLQFOX\HQGR
HQHVWDDODJXDGHVFDUJDGDSRUORVPDQDQWLDOHV
0p[LFR &RQVLGHUDQGR DO 5tR %UDYR*UDQGH FRPR HO
~QLFR TXH UHFLEH DSRUWH GH DJXDV VXEWHUUiQHDV HO
LPSDFWR VHUtD PHQRU SRUTXH UHFLEH DSRUWDFLRQHV GH
RWURVDFXtIHURVDORMDGRVHQODIUDQMDWUDQVIURQWHUL]D
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1RKDH[LVWLGRQLQJXQDLQWHUDFFLyQ
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV SRUTXH OD ]RQD HVWi
SRFRSREODGDWDQWRHQORV(8$FRPRHQ0p[LFR
([LVWH HQ (VWDGRV 8QLGRV HO 3URJUDPD GH (YDOXDFLyQ GH $FXtIHURV 7UDQVIURQWHUL]RV
DXWRUL]DGRSRUHO&RQJUHVRGH(VWDGRV8QLGRV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ\$QQ$UGLV86*6
149
150
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 &8(1&$ %$-$ '(/ 5Ë2
%5$92*5$1'(
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R&XHQFD%DMDGHO5tR%UDYR*UDQGHVHH[WLHQGHHQ
ODSRUFLyQQRUWHGHORVHVWDGRVGH&RDKXLOD\7DPDXOLSDV0p[LFR\HQODSRUFLyQVXU
GHO(VWDGRGH7H[DV(8$HQODIDMDGHO5tR%UDYR*UDQGHFRPSUHQGLGRHQWUHOD3UHVD
,QWHUQDFLRQDO)DOFyQ\ODGHVHPERFDGXUDGHOUtRHQHO*ROIRGH0p[LFR
/DH[WHQVLyQGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDHVWiFRQIRUPDGRSRUQXPHURVRVDFXtIHURVDORMDGRVHQORVGHSyVLWRVIOXYLDOHV
GHO 5tR %UDYR*UDQGH \ VXV DIOXHQWHV SULQFLSDOHV (VWRV DFXtIHURV VRQ GH H[WHQVLyQ
VXSHUILFLDO YDULDGD HVSHVRU GH XQDV FXDQWDV GHFHQDV D YDULRV FLHQWRV GH PHWURV \
SUDFWLFDPHQWHLQGHSHQGLHQWHVHQWUHVt/RVPDWHULDOHVTXHFRPSRQHQHOVLVWHPDDFXtIHUR
VRQ YDULDEOHV H LQFOX\HQ VHGLPHQWRV FRQVROLGDGRV \ QR FRQVROLGDGRV URFDV tJQHDV \
PHWDPyUILFDV$SURIXQGLGDGVHUHJLVWUDQDOWDVFRQFHQWUDFLRQHVGHVDOLQLGDGTXHVXSHUDQ
ODVSSPGHVyOLGRVWRWDOHVGLVXHOWRV67'
(Q0p[LFRODSURIXQGLGDGDOQLYHOGHODJXDVXEWHUUiQHDYDUtDGHVGHDOJXQRVPHWURVHQ
OD]RQDULEHUHxDGHO5tR%UDYRKDVWDORVPHWURVFRQWHQGHQFLDFUHFLHQWHKDFLDORV
IODQFRV PRQWDxRVRV /D UHFDUJD GH OD SRUFLyQ PH[LFDQD GH ORV DFXtIHURV GHSHQGH HQ
EXHQDSDUWHGHODYDULDFLyQGHORVFDXGDOHVFRQGXFLGRVSRUHOUtRGHODUHFDUJDLQGXFLGD
HQ HO GLVWULWR GH ULHJR \ GH OD SUHFLSLWDFLyQ PHGLD DQXDO (O YDORU GH OD UHFDUJD PHGLD
DQXDOVHHVWLPDHQKPDxR
/DH[SORWDFLyQGHODFXtIHURHQWHUULWRULRPH[LFDQRHVGHORUGHQGHKPSRUDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/D SREODFLyQ SDUD OD SRUFLyQ PH[LFDQD HVWi HVWLPDGD HQ XQRV KDELWDQWHV
VHJ~Q GDWRV GH GH ORV FXDOHV HO KDE LQWHJUDQ OD IUDFFLyQ
XUEDQDFRQFHQWUDGDHQODVGRVSULQFLSDOHVFLXGDGHV5H\QRVD\0DWDPRURV
/DSREODFLyQUXUDOFRUUHVSRQGHDOUHVWDQWHKDE\ODSREODFLyQLQGtJHQD
HVWLPDGD HV GHO KDE 'HO WRWDO GH OD SREODFLyQ GHO ODGR PH[LFDQR HO
VHHQFXHQWUDHQ]RQDGHUHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
(Q FXDQWR DO VHFWRU FRUUHVSRQGLHQWH D (8$ OD SREODFLyQ HVWLPDGD HV GH KDELWDQWHVFRQXQGHSREODFLyQLQGtJHQD
151
8VRV
(Q 0p[LFR HO DJXD H[WUDtGD GH ORV DFXtIHURV KPDxR VH GLVWULEX\H SRU XVRV
FRPRVLJXH
ƒ 5LHJR
KP
ƒ 'RPpVWLFR
KP
ƒ ,QGXVWULDO
KP
ƒ 3~EOLFRXUEDQR
KP
0LHQWUDVWDQWRHQ(8$VHLQGLFDTXHHOFRQVXPRWRWDOGHDJXDHVGHDSUR[LPDGDPHQWH
[PDxRVLHQGRTXHHOULHJRDJUtFRODFRQVXPHDSUR[LPDGDPHQWH[PDxR\
HO FRQVXPR SDUD XVR PXQLFLSDO HV GH DSUR[LPDGDPHQWH [ PDxR QR VH DFODUD
FXDOHVVRQORVXVRVUHVWDQWHV
$GHPiVVHKDFHQRWDUTXHDSUR[LPDGDPHQWHHOGHOWRWDOGHDEDVWHFLPLHQWRGHDJXD
HVHQEDVHDDJXDVXEWHUUiQHD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(ODFXtIHURWLHQHFDOLGDGDSWDSDUDFRQVXPRKXPDQR \ULHJRVRORHQODIDMDIOXYLDOGHO
5tR *UDQGH%UDYR HQ HO UHVWR GH OD SODQLFLH FRVWHUD HO DJXD VXEWHUUiQHD HV VDOREUH R
VDODGD FRQ FRQFHQWUDFLRQHV FUHFLHQWHV FRQIRUPH DXPHQWD OD SURIXQGLGDG /D VDOLQLGDG
WRWDOHQJHQHUDOHVPD\RUTXHPJO\HQiUHDVH[WHQVDVVXSHUDORVPJO
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
1RVHKDQUHJLVWUDGRYDULDFLRQHVLPSRUWDQWHVGHODUHFDUJDGHDJXD(QFDPELRVLVHKD
LGHQWLILFDGR XQ LQFUHPHQWR JUDGXDO GH OD VDOLQLGDG HQ ODV ]RQDV DJUtFRODV GHELGR D OD
LQILOWUDFLyQ GH ORV H[FHGHQWHV GH ULHJR DVt FRPR FRQWDPLQDFLyQ HQ ODV ]RQDV XUEDQDV
SURYRFDGD SRU LQILOWUDFLyQ GH DJXDV UHVLGXDOHV QR WUDWDGDV$ SHVDU GH TXH HO DJXD HV
VDOREUHVHWLHQGHDLQFUHPHQWDUODH[WUDFFLyQGHDJXDHQWHUULWRULRPH[LFDQRFRQILQHV
GHGHVDODFLyQSDUDXVRVPXQLFLSDOHLQGXVWULDO
(8$KDFHUHIHUHQFLDDODRFXUUHQFLDGHERURHQWRGDODH[WHQVLyQGHODFXtIHUR
2WUDVIXHQWHVGHDJXD
6H FRQWHPSOD OD H[SORWDFLyQ FUHFLHQWH GHO DJXD VDOREUH \ OD FRQVWUXFFLyQ GH XQ
DFXHGXFWRSDUDLPSRUWDUDJXDVXSHUILFLDODJXDVDUULEDGHHVWD]RQD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(OYDORUGHODSUHFLSLWDFLyQPHGLDDQXDOYDUtDHQHOiUHDHQWUH\PPDxRFRQ
IOXFWXDFLRQHVSRFRVLJQLILFDWLYDVGHXQDxRDRWURHQORV~OWLPRVDxRV
152
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D UHFDUJD QDWXUDO VH VXSRQH PiV R PHQRV HVWDEOH HQ HO ODUJR SOD]R HQ FDPELR OD
UHFDUJD LQFLGHQWDO JHQHUDGD SRU ORV UHWRUQRV GH ULHJR SXHGH SUHVHQWDU YDULDFLRQHV
DQXDOHVDVRFLDGDVFRQODGLVSRQLELOLGDGGHDJXDVXSHUILFLDO\FRQHOPDQHMRGHODJXDHQ
HOGLVWULWRGHULHJR
6HJ~QODVSUR\HFFLRQHVPHWHRUROyJLFDVVHHVSHUDXQDGLVPLQXFLyQGHODSUHFLSLWDFLyQD
ODUJRSOD]RGHULYDGDGHOFDPELRFOLPiWLFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVVRQIUHFXHQWHVHQHVWDUHJLyQ\WLHQHQLPSOLFDFLRQHVHQHODEDVWHFLPLHQWRGH
DJXD SRWDEOH HQ OD DJULFXOWXUD \ HQ OD JDQDGHUtD (O DFXtIHUR DOXYLDO VH HQULTXHFH
GXUDQWHSHUtRGRVK~PHGRV\GHSUHFLSLWDFLyQQRUPDO\SLHUGHGXUDQWHORVSHUtRGRVGH
VHTXtD
1RVHFRQRFHQLQJ~QWLSRGHSODQGHGHVDUUROOR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q JHQHUDO QR VH UHJLVWUDQ HQ OD SRUFLyQ PH[LFDQD IHQyPHQRV KLGUROyJLFRV H[WUHPRV
FRQH[FHSFLyQGHHVSRUiGLFDVOOXYLDVH[WUDRUGLQDULDVDVRFLDGDVFRQKXUDFDQHVPLHQWUDV
TXH(8$LQGLFDTXHQRUHDOL]DXQXVRGLIHUHQWHDORQRUPDO
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV SULQFLSDOHV XQLGDGHV GH SDLVDMH VRQ ODV ]RQDV DJUtFRODV ODV WLHUUDV QDWXUDOHV
SDVWL]DOHVFXHUSRVGHDJXDSODQLFLHVGHPDUHD\ODV]RQDVXUEDQDVVLHQGRODFREHUWXUD
QDWXUDO RULJLQDO FRPSXHVWD SRU SDVWL]DOHV ERVTXHV ULEHUHxRV PDWRUUDOHV HVSLQRVRV GH
WLHUUDVDOWDV\ERVTXHVHVSLQRVRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q 0p[LFR ORV SULQFLSDOHV XVRV \ FREHUWXUDV GHO VXHOR VRQ ODV ]RQDV DJUtFRODV ORV
FXHUSRVGHDJXDSDVWL]DOHVWLHUUDVQDWXUDOHV\OD]RQDXUEDQDV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q 0p[LFR ORV SULQFLSDOHV FXOWLYRV GH ORV GRV GLVWULWRV GH ULHJR VRQ VRUJR PDt]
DOJRGyQ IULMRO VR\D JLUDVRO WULJR DYHQD PHOyQ VDQGtD \ KRUWDOL]DV WRGRV HOORV HQ
VLVWHPDVGHFXOWLYRGHVXUFRV\PHOJDV/RVFXOWLYRVSHUHQQHVVRQQDUDQMD\QRJDO
153
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
&XDGUR1=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\R
UHVWDXUDFLyQGHVXHORV
(VWDGRV8QLGRV
/RZHU5tR*UDQGH9DOOH\1DWLRQDO:LOGOLIH5HIXJHDQG:LOGOLIH&RUULGRU
/DJXQD$WDVFRVD1DWLRQDO:LOGOLIH5HIXJH
6DQWD$QD1DWLRQDO:LOGOLIH5HIXJH
6DEDO3DOP$XGXERQ&HQWHUDQG6DQFWXDU\
%HQWVHQ5tR*UDQGH9DOOH\6WDWH3DUN
0p[LFR
³/DJXQD0DGUH\'HOWDGHO5tR%UDYR´
³(O6DELQDO´
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q0p[LFRORVHFRVLVWHPDVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQ5tR%UDYR/DJXQD
0DGUH\KXPHGDOHVHQODGHVHPERFDGXUDGHO5tR%UDYR(QWUHODVSUHVDV\ODIURQWHUD
LQWHUQDFLRQDOHO5tR%UDYR*UDQGHUHFLEHHVFXUULPLHQWRJHQHUDGRSRUUHWRUQRVGHULHJR
\ GHVFDUJDV GH DJXD VXEWHUUiQHD QDWXUDO TXH PDQWLHQHQ XQ IOXMR EDVH \ HVFDVD
YHJHWDFLyQ ULEHUHxD HVWH FDXGDO KD GLVPLQXLGR D FDXVD GH OD H[WUDFFLyQ GH DJXD GHO
VXEVXHORHQODIDMDIOXYLDO
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q 0p[LFR VH GLVSRQH GH XQ 3ODQ (VWDWDO GH 'HVDUUROOR TXH LQFOX\H DOJXQRV DVSHFWRV
UHODFLRQDGRV FRQ HO DJXD DXQTXH HQ IRUPD SRFR SUHFLVD 1R H[LVWH XQ SODQ GH
RUGHQDPLHQWRWHUULWRULDOSURSLDPHQWHGLFKR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q 0p[LFR QR H[LVWH XQ SODQ GH PDQHMR GH ODV DJXDV VXEWHUUiQHDV SHUR VH WLHQH HQ
SURFHVRHOHVWDEOHFLPLHQWRGHXQRUGHQDPLHQWROHJDOTXHUHJXODUiODH[WUDFFLyQGHDJXD
VXEWHUUiQHD (O UHJODPHQWR FRQWHPSODUi OD FDSWDFLyQ GH DJXD VDOREUH FRQ ILQHV GH
GHVDODFLyQ HO XVR FRQMXQWR GH DJXD VXSHUILFLDO \ VXEWHUUiQHD \ HO FRQWURO GH OD
H[WUDFFLyQGHDJXDHQODIDMDIOXYLDO
(Q (8$ H[LVWH XQ 3UR\HFWR GH /H\ GHO 6HQDGR GH 7H[DV 3ODQ 5HJLRQDO GH $JXD 5HJLyQ
0
TXH
LQFOX\H
ORV
UHFXUVRV
GH
DJXDV
VXEWHUUiQHDV
KWWSZZZULRJUDQGHZDWHUSODQRUJ
154
$OJXQRV DVSHFWRV HVWiQ VLHQGR LPSOHPHQWDGRV GHVDOLQL]DFLyQ FRQVHUYDFLyQ GHO DJXD
SUHVDGH5tR*UDQGH
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQDJUtFRODGHORVGLVWULWRVGHULHJR³%DMR5tR%UDYR´\
³%DMR 5tR 6DQ -XDQ´ (O YDORU GH OD SURGXFFLyQ SDUD XQ DxR
DJUtFRODHVGHDSUR[LPDGDPHQWH86
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH SUHVDV OD
HFRQRPtDORFDOEDVDGDHQOD DJULFXOWXUD \ ODJDQDGHUtDGHSHQGH HQ
JUDQPHGLGDGHODH[SORWDFLyQGHODJXDVXEWHUUiQHD
(8$$OWDGHSHQGHQFLDGHDJXDVXSHUILFLDO
v
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRV
KtGULFRVGHORVDFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR1RVHWLHQHXQDHVWLPDFLyQ
(8$0X\SRFRXVRGRPpVWLFRGHODFXtIHURGHELGRDODPDODFDOLGDG
GHODJXDHQOD]RQDIURQWHUL]D
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
(8$/DLQWHUDFFLyQHQWUHHODJXDVXSHUILFLDO\VXEWHUUiQHDHVWiD~Q
PX\SRFRFRQRFLGD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
'HQWURGHORVSURJUDPDVGHOD&,/$VHLQFOX\HHOLQWHUFDPELRGHLQIRUPDFLyQVREUHHO
DFXtIHUR FRPSDUWLGR 1R KD\ XQ DFXHUGR HVSHFtILFR VREUH HO PDQHMR GHO DFXtIHUR
DXQTXHH[LVWHXQ$FWDGHOD&,/$TXHGLVSRQHODFRQVXOWDUHFtSURFDUHVSHFWRDQXHYRV
SUR\HFWRVGHGHVDUUROOR
([LVWHIXHUWHFRPSHWHQFLDSRUHODJXDVXSHUILFLDOHQWUHORVSDtVHVDXQTXHHVWiUHJXODGD
SRUXQ7UDWDGR,QWHUQDFLRQDO(Q0p[LFRJUXSRVGHXVXDULRVSURPXHYHQHOLQFUHPHQWR
GHODH[WUDFFLyQGHDJXDSDUDWRGRXVRDUJXPHQWDQGRTXHHQ(8$HODFXtIHURVHH[SORWD
HQIRUPDLQWHQVLYDFRQILQHVGHGHVDODFLyQ
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
+DVWD DKRUD OD SUHVLyQ KtGULFD KD HVWDGR FRQFHQWUDGD HQ ODV DJXDV VXSHUILFLDOHV VLQ
HPEDUJRDPHGLDQRSOD]RVHHVSHUDXQLQFUHPHQWRGHODH[SORWDFLyQGHHVWHDFXtIHUR
(VQHFHVDULRFXDQWLILFDUHODSRUWHGHODFXtIHURKDFLDHO5tR%UDYR\DFRUGDUHVTXHPDVGH
XVR FRQMXQWR DJXDV VXSHUILFLDOHVDJXDV VXEWHUUiQHDV 8Q LQFUHPHQWR LPSRUWDQWH GH OD
H[WUDFFLyQGHDJXDVXEWHUUiQHDSRGUtDSURYRFDUTXHORVDFXtIHURVVHGHVFRQHFWHQGHOUtR
LQFUHPHQWDQGRFRQHOORODLQILOWUDFLyQHQVXFDXFHDFRVWDGHXQDPD\RUUHGXFFLyQGHVX
FDXGDOEDVH
155
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
(8$3UHSDUDGRFRQODFRODERUDFLyQGH,QJULG9HUVWUDHWHQ\$QQ$UGLV
156
157
16,67(0$ $&8Ë)(52 75$16)5217(5,=2 &8(1&$ 0,0%5(6/$6
3$/0$6
0e;,&2(67$'2681,'26
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]RVHH[WLHQGHHQHO(VWDGRGH&KLKXDKXD0p[LFR\
HQ HO (VWDGR GH 1XHYR 0p[LFR (8$ 7LHQH XQD H[WHQVLyQ WRWDO GH NP
FRUUHVSRQGLHQGRNPD(8$\NPD0p[LFR/DSREODFLyQDSUR[LPDGDHV
GHKDELWDQWHVHQ0p[LFR\GHKDELWDQWHVHQ(8$
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURWLHQHVXRFXUUHQFLDHQXQDFXHQFDGHGUHQDMHFHUUDGD/DSULQFLSDO
XQLGDGGHSURGXFFLyQGHDJXDHQOD&XHQFD0LPEUHVVXURHVWHGH1XHYR0p[LFRYDUtD
HQXQUDQJRGHHVSHVRUGHDXQRVPHWURV+DQVRQHWDO+H\ZRRG
/D UHFDUJD DO VLVWHPD DFXtIHUR VH SURGXFH SRU LQILOWUDFLyQ GH DUUR\RV HItPHURV TXH
FUX]DQ HO PDUJHQ GH OD FXHQFD SRU OD LQILOWUDFLyQ GH OD SUHFLSLWDFLyQ SRU HO IOXMR GH
DJXD VXEWHUUiQHD GH FXHQFDV DG\DFHQWHV \ IOXMRV GH XQLGDGHV GH URFDV DG\DFHQWHV
GHQWURGHODFXHQFD
(ODJXDVXEWHUUiQHDJHQHUDOPHQWHIOX\HKDFLDHOVXUGHVGHODV]RQDVDOWDVGHOQRUWHGHOD
FXHQFD /D GHVFDUJD GH DJXD VXEWHUUiQHD VH FRPSRQH GH ERPEHR GH ORV SR]RV
WUDQVSLUDFLyQ GH ODV SODQWDV OD VDOLGD D SOD\DV \ PDQDQWLDOHV GH OD &XHQFD GH /RV
0XHUWRV HQ 0p[LFR GHVFDUJD DO 5tR 0LPEUHV \ IOXMR D OD &XHQFD 0HVLOOD FHUFD GH
0DVRQ'UDZ
$QWHVGHODUHFDUJD\GHVFDUJDGHODJXDVXEWHUUiQHDHUDDSUR[LPDGDPHQWHLJXDOD
SDUWLU GH DOUHGHGRU GHO GH ORV [ P H[WUDtGRV DO DxR IXH GH DJXDV
VXEWHUUiQHDHQVXPD\RUtDGHODOPDFHQDPLHQWRGHODFXtIHUR
/D WUDQVPLVLYLGDG GHO VLVWHPD DFXtIHUR IXH GHWHUPLQDGD PHGLDQWH WHVWV GH DFXtIHUR \
GDWRV GH FDSDFLGDG HVSHFtILFD \ RVFLOD HQWUH ORV D PGtD /D FRQGXFWLYLGDG
KLGUiXOLFD FDOFXODGD D SDUWLU GHO HVSHVRU VDWXUDGR \ OD WUDQVPLVLYLGDG YD GHVGH D
PGtD FRQ YDORUHV PHGLRV GH XQRV PGtD HQ HO iUHD GH 'HPLQJ \ PGtD HQ
RWURVOXJDUHV
/RVYDORUHVUHSRUWDGRVGHOFRHILFLHQWHGHDOPDFHQDPLHQWRHQODVSDUWHVFRQILQDGDVGHO
DFXtIHUR YDUtDQ GH D \ HQ ODV SDUWHV QR FRQILQDGDV YDQ GHVGH D
(OGHVDUUROORGHODJXDVXEWHUUiQHDHQWUH\IXHVLPXODGRXWLOL]DQGRORV
YDORUHVGHOFRHILFLHQWHGHDOPDFHQDPLHQWRGH\SDUDHO&RQJORPHUDGR*LOD
DSDUDORVGHSyVLWRVGHEROVyQ\SDUDORVGHSyVLWRVGHEROVyQFXELHUWRV
SRUDUFLOODODFXVWUH/DVLPXODFLyQGHOEDODQFHGHDJXDHQHVWDGRWUDQVLWRULRLQGLFyTXH
OD PD\RU SDUWH GHO DJXD ERPEHDGD HQ SURFHGtD GHO DOPDFHQDPLHQWR \ HQ PHQRU
FDQWLGDGSURYHQtDQGHUHGXFFLyQGHODHYDSRWUDQVSLUDFLyQ
158
/D~QLFDVDOLGDSRUDEDMRGHOD&XHQFD0LPEUHVH[FHSWRHOIOXMRKDFLD0p[LFRSXHGH
VHUHQHOiUHDGH0DVRQ'UDZGRQGHORVGDWRVGHOQLYHOGHDJXDVRQFXHVWLRQDEOHV
(Q 0p[LFR HO DFXtIHUR HVWi FRQVWLWXLGR SRU XQ PHGLR JUDQXODU LQWHJUDGR SRU JUDYDV
OLPRV \ DUHQDV GH RULJHQ IOXYLDO \ ODFXVWUH GLVWULEXLGRV HQ ORV YDOOHV \ OODQXUDV TXH
FRQIRUPDQHOEROVyQ\XQPHGLRIUDFWXUDGRFRQVWLWXLGRSRUURFDVtJQHDVH[WUXVLYDVFRQ
HVWUXFWXUDV VHFXQGDULDV TXH OHV FRQILHUHQ DOWD SHUPHDELOLGDG FRQJORPHUDGRV \ FDOL]DV
FRQDOWRJUDGRGHIUDFWXUDPLHQWR(ODFXtIHURHVGHWLSR³OLEUH´GHSHUPHDELOLGDGDOWDD
EDMD\JUDQFDSDFLGDGGHDOPDFHQDPLHQWR(OHVSHVRUGHODFXtIHURYDUtDGHDP
/DUHFDUJDGHODFXtIHURRFXUUHSULQFLSDOPHQWHSRUODVHQWUDGDVVXEWHUUiQHDVSURYHQLHQWHV
GHORVIUHQWHVPRQWDxRVRV\GHDFXtIHURVDG\DFHQWHVPLHQWUDVTXHODLQILOWUDFLyQDSDUWLU
GH OD SUHFLSLWDFLyQ HQ HO YDOOH \ GH ODV FRUULHQWHV VXSHUILFLDOHV HV SUDFWLFDPHQWH QXOD
GHELGR D OD UHGXFLGD SUHFLSLWDFLyQ \ OD HOHYDGD HYDSRUDFLyQ HQ OD ]RQD /D
WUDQVPLVLYLGDGGHODFXtIHURJUDQXODUYDUtDGH[D[PV/DFRQGXFWLYLGDG
KLGUiXOLFDYDUtDGH[D[PV
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
6HJ~Q0p[LFRODSURIXQGLGDGDORVQLYHOHVIUHiWLFRVYDUtDHQHOiUHDHQWUHPHQODV
]RQDV WRSRJUiILFDPHQWH EDMDV D PiV GH P HQ DOJXQDV iUHDV RFDVLRQDGDV SRU HO
ERPEHRGHORVSR]RV
(Q(8$ODSURIXQGLGDGYDUtDHQWUH\PHQIXQFLyQGHOUHOLHYHWRSRJUiILFR\GH
ODGLVWULEXFLyQGHOERPEHRGHSR]RV
=RQDVGHUHFDUJD
(Q (8$ OD UHFDUJD RFXUUH D SDUWLU GH OD LQILOWUDFLyQ GH OD SUHFLSLWDFLyQ \ GHO
HVFXUULPLHQWRGHUtRV\DORODUJRGHORVIUHQWHVPRQWDxRVRV\GHVGHDFXtIHURVDOXYLDOHV
DG\DFHQWHV /D UHFDUJD HV GH DSUR[LPDGDPHQWH [ PDxR HO GHO SURPHGLR
DQXDOGHODSUHFLSLWDFLyQHQODFXHQFD
(Q 0p[LFR OD UHFDUJD QDWXUDO WLHQH OXJDU SULQFLSDOPHQWH HQ ORV IODQFRV GH ODV VLHUUDV
TXHOLPLWDQDOYDOOHPLHQWUDVTXHODLQILOWUDFLyQDSDUWLUGHODJXDGHSUHFLSLWDFLyQ\GH
ORVHVFXUULPLHQWRVHVLQVLJQLILFDQWH
([SORWDFLyQ\FDXGDOHV
/D&XHQFDGH/RV0LPEUHVKDVLGRGHVDUUROODGDH[WHQVLYDPHQWHHQWUH\(O
GHVDUUROOR GH ODV REUDV GH FDSWDFLyQ GH DJXD VXEWHUUiQHD KD VLGR WDO TXH HO GHO
YROXPHQ GH H[WUDFFLyQ KD SURYHQLGR GHO DOPDFHQDPLHQWR SRU OR TXH ORV QLYHOHV
SLH]RPpWULFRVVHKDQDEDWLGR\VHKDUHGXFLGRODHYDSRWUDQVSLUDFLyQ\ODGHVFDUJDKDFLD
PDQDQWLDOHVHQ0p[LFR
(OGHVDUUROORGHODJXDVXEWHUUiQHDHQODFXHQFDVHSURGXMRHQGLIHUHQWHVPRPHQWRV\D
GLIHUHQWHV WDVDV $QWHV GH OD PD\RUtD GHO GHVDUUROOR VH HQFRQWUDED HQ OD SDUWH
FHQWUDOGHODFXHQFDPLHQWUDVTXHHOGHVDUUROORGHOERPEHRGHDJXDVXEWHUUiQHDHQHO
QRUWH\HOVXUGHODFXHQFDIXHSURGXFLGRHQJUDQPHGLGDGHVSXpVGH
159
/D H[WUDFFLyQ WRWDO HV GH DSUR[LPDGDPHQWH KPDxR HQ WHUULWRULR PH[LFDQR \ HQ
(8$ HV GH DOUHGHGRU GH [ P DQXDOHV DXQTXH VH HVWLPD TXH HVD FDQWLGDG GHEH
KDEHUVHLQFUHPHQWDGRHQORVDxRVUHFLHQWHV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR1'DWRVGHSREODFLyQ
0p[LFR
(VWDGRV8QLGRV
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
5XUDO
v
3REODFLyQLQGtJHQDHVWLPDGD
KDELWDQWHV
KDELWDQWHV
-RVHID 2UWL] GH 'RPtQJXH]
*HQHUDO 5RGULJR 0 4XHYHGR 'HPLQJ 6LOYHU &LW\ %D\DUG
3XHUWR 3DORPDV *XDGDOXSH &HQWUDO&ROXPEXV
9LFWRULD
KDE
KDE
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
8VRV
/RVXVRVGHOVLVWHPDDFXtIHURVHUHVXPHQHQHOFXDGURDFRQWLQXDFLyQ
&XDGUR18VR$FWXDOGHODJXDGHODFXtIHUR
0p[LFR
(VWDGRV8QLGRV
KP
$JUtFROD
KP
3XEOLFRXUEDQR
KP 'RPpVWLFRDEUHYDGHUR
KP
,QGXVWULDO
(OSURPHGLRGHWHPSRUDGDGHFXOWLYRHVGHGtDVHQ'HPLQJGHDOUHGHGRUGHOGH
DEULODOGHRFWXEUH/DWHPSRUDGDGHFXOWLYRHVVROROLJHUDPHQWHPiVFRUWDHQ6LOYHU
&LW\GRQGHHOSURPHGLRHVGHGtDVGHDOUHGHGRUGHOGHDEULODOGHRFWXEUH
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/D FDOLGDG QDWXUDO GHO DJXD VXEWHUUiQHD HQ OD SRUFLyQ PH[LFDQD HVWi UHSUHVHQWDGD SRU
DJXDGXOFHFRQFRQFHQWUDFLRQHVGHVyOLGRVWRWDOHVGLVXHOWRVPHQRUHVDSSPHQODV
SRUFLRQHVFRQDJXDGHUHFLHQWHLQILOWUDFLyQ\DJXDVDOREUHFRQFRQFHQWUDFLyQGHVyOLGRV
160
WRWDOHVGLVXHOWRVTXHH[FHGHHOOtPLWHGHSSPHVWDEOHFLGRSRUODQRUPDPH[LFDQD
SDUDDJXDGHVWLQDGDDOXVRSRWDEOHHQ]RQDVFHUFDQDVDODVODJXQDVR]RQDVDQWLJXDVGH
GHVFDUJDGHDJXDVXEWHUUiQHD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(ODFXtIHURVHFDUDFWHUL]DSRUVXVFRQGLFLRQHVGHHVFDVH]\DULGH]H[WUHPDV\DTXHODV
OOXYLDV VRQ HVFDVDV WRUUHQFLDOHV \ GH FRUWD GXUDFLyQ 6LQ HPEDUJR QR VH FXHQWD FRQ
LQIRUPDFLyQ GLVSRQLEOH SDUD REVHUYDU YDULDFLRQHV HQ HO QLYHO SLH]RPpWULFR QL HQ OD
GLVSRQLELOLGDGGHDJXDVXEWHUUiQHD
/DFDOLGDGGHODJXDHQHOQRUWH\HOFHQWURGHOD&XHQFD0LPEUHVHVDGHFXDGDSDUDOD
PD\RUtD GH ORV XVRV 'HELGR D VX JUDQ VDOLQLGDG \ DOFDOLQLGDG DOJXQDV GH ODV DJXDV
VXEWHUUiQHDVHQHOVXU\HOVXUHVWHGHODFXtIHURWLSREROVyQSXHGHQRVHUDGHFXDGDSDUDHO
ULHJR R XVR GRPpVWLFR /D FDOLGDG GHO DJXD GH OD SRUFLyQ GXOFH GHO DFXtIHUR SXHGH
GHWHULRUDUVHVLVHLQGXFHODPLJUDFLyQGHDJXDVDOREUH
2WUDVIXHQWHVGHDJXD
(ODFXtIHURHVOD~QLFDIXHQWHGHDJXDHQOD]RQD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(OFOLPDHQOD&XHQFD0LPEUHVHViULGRDVHPLiULGRFDUDFWHUL]DGRSRUODEDMDKXPHGDG
H[LVWH XQD JUDQ YDULDFLyQ GLXUQD GH WHPSHUDWXUD \ XQD SUHFLSLWDFLyQ FRQWURODGD SRU OD
RURJUDItD(OFKRTXHGHODVPDVDVK~PHGDVHQOD6LHUUD0DGUH2FFLGHQWDOSURYRFDTXH
ODV SUHFLSLWDFLRQHV HQ VXV IODQFRV VHDQ DOWDV UHGXFLHQGR VX FDSDFLGDG SDUD SURGXFLU
OOXYLDKDFLDODV]RQDVGHSODQLFLHGRQGHODSUHFLSLWDFLyQHVPHQRU
/D WHPSHUDWXUD PHGLD PHQVXDO HQ OD FLXGDG GH 'HPLQJ VHJ~Q GDWRV GH YDUtDHQXQUDQJRGHƒ&HQHQHURDƒ&HQMXOLR(Q)RUW%D\DUGDOUHGHGRUGHNP
DOQRUWHGH&HQWUDOODVFRUUHVSRQGLHQWHVWHPSHUDWXUDVYDUtDQHQWUHƒ&\ƒ&
(OSURPHGLRDQXDOGHSUHFLSLWDFLRQHVHQODFXHQFDRVFLODHQWUHPHQRVGHPPHQHO
VXU \ PiV GH PP HQ %ODFN 5DQJH /DV SUHFLSLWDFLRQHV HQ LQYLHUQR SURSRUFLRQDQ
GHVGH DOUHGHGRU GH XQ FXDUWR KDVWD SRFR PiV GH XQ WHUFLR GHO SURPHGLR DQXDO GH
SUHFLSLWDFLyQ
/DVSUHFLSLWDFLRQHVTXHYDQGHPD\RDRFWXEUHHVWiQJREHUQDGDVSRUODVPDVDVGHDLUH
K~PHGRSURYHQLHQWHVGHO2FpDQR3DFtILFRORTXHGHULYDHQWRUPHQWDVGLVSHUVDVGHFRUWD
GXUDFLyQ TXH SXHGHQ SURGXFLU OOXYLDV ORFDOPHQWH LQWHQVDV /D PD\RUtD GH HVDV OOXYLDV
RFXUUHQHQHOSHUtRGRMXOLRVHSWLHPEUH86:HDWKHU6HUYLFH3RURWUDSDUWH
HQ ORV PHVHV GH GLFLHPEUH HQHUR \ IHEUHUR VH JHQHUDQ SUHFLSLWDFLRQHV SRU OOXYLD \
QLHYHGHELGRDODSUHVHQFLDGHPDVDVGHDLUHIUtRSURYHQLHQWHVGHOQRUWHTXHDOFKRFDU
FRQ ODV PDVDV GH DLUH FDOLHQWH H[LVWHQWH HQ OD ]RQD GDQ OXJDU D OOXYLDV GH EDMD
LQWHQVLGDGODUJDGXUDFLyQ\DPSOLDH[WHQVLyQ
161
(Q OD ~OWLPD GpFDGD RFXUULy XQD VHTXtD VHYHUD GH YDULRV DxRV HQ TXH OD SUHFLSLWDFLyQ
DQXDOIXHPHQRUTXHODPHGLDPP(VWHUpJLPHQGHOOXYLDLPSOLFyYDULDFLRQHVHQ
HOHVFXUULPLHQWR\HQODUHFDUJDGHODFXtIHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$PHGLDQRRODUJRSOD]RORVSURQyVWLFRVPHWHRUROyJLFRVLQGLFDQTXHHQHVDUHJLyQGH
0p[LFR\GHORV(VWDGRV8QLGRVDXPHQWDUiODWHPSHUDWXUD\GLVPLQXLUiODSUHFLSLWDFLyQ
SOXYLDODFDXVDGHOFDPELRFOLPiWLFRFRQORFXDOVHUHGXFLUiODGLVSRQLELOLGDGGHDJXD
VXSHUILFLDO\VXEWHUUiQHD\pVWDVXIULUiXQPD\RUVWUHVVKtGULFR
/RV FDPELRV GHSHQGHQ HQ IRUPD SDUFLDO GH VL OD 2VFLODFLyQ 'HFHQDO GHO 3DFtILFR
QHJDWLYD2'3FRQWLQ~D\SHUPLWHDO6LVWHPD0RQ]yQGH$PpULFDGHO1RUWH1$06
VHJXLUHO³FDPLQR´VREUHHOVXURHVWHGH1XHYR0p[LFRRVHUHPSXMDGRPiVDOHVWHRDO
RHVWH(O1$06KDLGRFDPELDQGRHQORV~OWLPRVDxRV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(OVXURHVWHGHORV(VWDGRV8QLGRVHVVXVFHSWLEOHDODYDULDELOLGDGFOLPiWLFDDSDUWLUGH
2'3 (162 DVt FRPR 1$06 &XDQGR HVWRV FLFORV FOLPiWLFRV VH VLQFURQL]DQ HQ XQD
IDVHQHJDWLYDODSUREDELOLGDGGHVHTXtDDXPHQWD3RUHOFRQWUDULRVLVRQVLQFURQL]DGRV
HQXQDIDVHSRVLWLYDODSUREDELOLGDGGHLQXQGDFLRQHVVHLQFUHPHQWDFRPR
HWF
/DVVHTXtDVWLHQHQXQLPSDFWRQHJDWLYRGLUHFWRVREUHODUHFDUJDGHORVDFXtIHURVHQODV
UHJLRQHViULGDV\VHPLiULGDVGH0p[LFRGRQGHHODJXDVXEWHUUiQHDHVODIXHQWHSULQFLSDO
GHDEDVWHFLPLHQWR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q 0p[LFR GXUDQWH ODV VHTXtDV OD H[WUDFFLyQ GH DJXD DXWRUL]DGD HV FRP~QPHQWH
UHEDVDGD SRU ORV XVXDULRV SDUD DWHQGHU OD VLWXDFLyQ GH HPHUJHQFLD VLQ TXH KDVWD HO
PRPHQWRKD\DVLGRQHFHVDULRSHUIRUDUQXHYRVSR]RV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHVRQHOGHVLHUWRDUHQRVRPDWRUUDOHVSDVWL]DOHV]RQDV
DJUtFRODVPLQHUtD\]RQDVXUEDQDV
/D FREHUWXUD QDWXUDO GHO WHUUHQR HUD GH VXHORV DUHQRVRV GHVQXGRV R FRQ PDWRUUDOHV
YHJHWDFLyQGHVpUWLFD \KDOyILOD DVtFRPR]RQDV GH GHVFDUJDHQOODQXUDV GHLQXQGDFLyQ
FRQ OD SUHVHQFLD GH KXPHGDOHV SRWHQFLDOHV VHJ~Q 0p[LFR PLHQWUDV TXH (8$ LQGLFD
FRPRFREHUWXUDQDWXUDODOERVTXHSDVWL]DOHVGHGHVLHUWR\PHVTXLWH3URVRSLVVS
162
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RV XVRV DFWXDOHV GHO VXHOR HQ 0p[LFR VRQ DJUtFROD \ XUEDQR HQ DOJXQDV SHTXHxDV
FRPXQLGDGHVHQHOUHVWRGHOD]RQDODFREHUWXUDVLJXHVLHQGRVXHORGHVQXGR\DUHQRVR
FXELHUWRSRUPDWRUUDO\YHJHWDFLyQGHVpUWLFDPLHQWUDVTXHHQ(8$VHPHQFLRQDFRPR
FREHUWXUDDFWXDOGHODWLHUUDDORVERVTXHVGHVLHUWRVSUDGHUDV\HOPHVTXLWH
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q(8$ORVSULQFLSDOHVFXOWLYRVVRQODDOIDOIDSDVWRVYLxHGRVKXHUWRV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(QODSRUFLyQPH[LFDQDQRH[LVWHQiUHDVQDWXUDOHVSURWHJLGDVPLHQWUDVTXHHQ(8$OD
SDUWH QRUWH GH OD &XHQFD 0LPEUHV HQ %ODFN 5DQJH HV SDUWH GHO %RVTXH 1DFLRQDO GH
*LOD\HOiUHDVLOYHVWUH$OGR/HRSROG
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/DV DYHVTXHWLHQHQVXUXWDGH YXHORDORODUJR GH 5tR*UDQGHWDPELpQ XVDQHOFXUVR
VXSHULRU GHO 5tR 0LPEUHV 7DPELpQ KD\ WUHV HVSHFLHV GH SHFHV TXH VH VDEH TXH VRQ
QDWLYRV GHO 5tR 0LPEUHV &KLKXDKXD &KXE *LOD QLJUHVFHQV 5tR *UDQGH 6XFNHU
&DWRVWRPXV 3DQWRVWHXV SOHEHLXV \ OD ([WLUSDWHG %HDXWLIXO 6KLQHU
&\SULQHOODIRUPRVD/DVWUHVHVSHFLHVVRQWDPELpQQDWLYDVGHRWURVDUUR\RVTXHGUHQDQ
ODYHFLQD&XHQFDGH*X]PiQTXHHVXQDLQGLFDFLyQGHTXHHVWDVFXHQFDVSXHGHQKDEHU
HVWDGRKLGUROyJLFDPHQWHFRQHFWDGDVHQHOSDVDGR
1XPHURVRV PDQDQWLDOHV GH DJXD FDOLHQWH DO QRUWH GH 'HPLQJ 10 *URXQGZDWHU
XQGHUIORZXQDSDUWHLPSRUWDQWHGHODUHFDUJDGHO6$7DORODUJRGHODSDUWHQRUWHGHOD
)RVD0DQJDV+DQVRQHWDO
(Q 0p[LFR ORV HFRVLVWHPDV TXH SXGLHUDQ UHFLELU OD GHVFDUJD GH IOXMRV GH DJXD
VXEWHUUiQHDVRQODV/DJXQDV3DORPDV3DOPDV/RV-XJXHWHV(O7DVFDWH\3ROYDGHURQHV
HQ GRQGH ODV DJXDV VXEWHUUiQHDV \ ORV HVSRUiGLFRV HVFXUULPLHQWRV VXSHUILFLDOHV VH
FRQFHQWUDQ\VXIUHQHYDSRUDFLyQJHQHUDQGRVXHORVVDOLQRVHLQFUHPHQWRGHODVDOLQLGDG
GHO DJXD VXEWHUUiQHD ([LVWHQ KXPHGDOHV SRWHQFLDOHV HQ ODV ]RQDV WRSRJUiILFDPHQWH
EDMDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
/D LQLFLDWLYD$FWLYH :DWHU 5HVRXUFH 0DQDJHPHQW $:50 IXH ODQ]DGD HQ HQHUR GH
HQ UHVSXHVWD D ODV FRQGLFLRQHV FRQWLQXDGDV GH VHTXtD HQ HO (VWDGR GH 1XHYR
0p[LFR/D$:50VHUHILHUHDODVKHUUDPLHQWDVHVHQFLDOHV\ORVHOHPHQWRVQHFHVDULRV
163
SDUDTXHOD 1HZ0H[LFR6WDWH(QJLQHHUV2IILFH JHVWLRQHGHIRUPDDFWLYDORVUHFXUVRV
KtGULFRVOLPLWDGRVGHOHVWDGR
(QWUH ORV VLVWHPDV GH IOXMR LGHQWLILFDGRV FRPR GH DOWD SULRULGDG SRU OD 1HZ 0H[LFR
6WDWH(QJLQHHUV2IILFHSDUDHO$:50VHLQFOX\HOD&XHQFD$OWDGHO5tR0LPEUHV
/D &XHQFD 0LPEUHV HV XQD FXHQFD KLGURJHROyJLFD FHUUDGD GHVGH HQ 1XHYR
0p[LFRSRUGHFODUDFLyQGHOD1HZ0H[LFR6WDWH(QJLQHHUV2IILFH
0p[LFR1RH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXD
(Q 0p[LFR QR H[LVWH SODQ GH PDQHMR GH UHFXUVRV KtGULFRV PLHQWUDV TXH HQ (8$ VH
HQFXHQWUDQORVPHQFLRQDGRVHQHOSiUUDIRDQWHULRU
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR1$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
0p[LFR (O EHQHILFLR HFRQyPLFR HVWi UHSUHVHQWDGR SRU ODV
DFWLYLGDGHVSURGXFWLYDVSULQFLSDOPHQWHODDJULFXOWXUDDODTXHVH
GHVWLQDHOGHOYROXPHQGHDJXDVXEWHUUiQHDH[WUDtGD
(8$ %HQHILFLRV SRU HO XVR GHO DJXD PLQHUtDSURFHVDPLHQWR GH
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDOXVR PLQHUDOHV XVR XUEDQR \ WXULVPR ! 86 DJULFXOWXUD
JDQDGHUtD
GHODJXD
3URSXHVWDGHDUUHQGDPLHQWRGHORVGHUHFKRVGHDJXDGHODFXHQFD
VXSHULRUGHO5tR0LPEUHVDORVXVXDULRVGHODFXHQFDEDMDYDORU
DFWXDOGHVFRQRFLGR
0p[LFR /D HFRQRPtD ORFDO GHSHQGH H[FOXVLYDPHQWH GHO
DSURYHFKDPLHQWRGHODJXDVXEWHUUiQHD
(8$(ODFXtIHURHVOD~QLFDIXHQWH\IXHGHFODUDGRFRPR
XQD FXHQFD FHUUDGD D QXHYRV DSURYHFKDPLHQWRV GH DJXDV
VXEWHUUiQHDV\GHVXSHUILFLHSRUHO1HZ0H[LFR6WDWH(QJLQHHUHQ
HVGHFLUFRQVLJQySOHQDPHQWHORVUHFXUVRVKtGULFRV\QRVH
SHUPLWHQQXHYRVGHUHFKRVGHDJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
v
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGH
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSRUSDUWHGH0p[LFRDGHPiV
SREUH]DGHODVSREODFLRQHVTXH
ODSREODFLyQHVHVFDVD
XWLOL]DQORVUHFXUVRVKtGULFRV
GHORVDFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR /D SURGXFFLyQ DJUtFROD VH UHGXFLUtD VH DIHFWDUtD HO
DEDVWHFLPLHQWRSDUDXVRGRPpVWLFRDEUHYDGHUR\HOVXPLQLVWURGH
DJXD SDUD HO FRQVXPR KXPDQR HQ ODV SREODFLRQHV \ SDUD OD
LQGXVWULDVHUtDDIHFWDGR
164
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1RKD\LQWHUDFFLRQHVHQWUHDPERVSDtVHV
/RV DFWXDOHV R SRWHQFLDOHV DOWRV QLYHOHV GH FRQWDPLQDFLyQ \ DOFDOLQL]DFLyQ VRQ
SUHRFXSDFLRQHV \ OD UHFLHQWH VHTXtD KD SXHVWR GH UHOLHYH TXH OD QHFHVLGDG GH OD
FRQVHUYDFLyQGHODJXD\ODJHVWLyQFRQMXQWDGHODPLVPDVRQIXQGDPHQWDOHV
0p[LFRSURSRQHFRPRIRUPDGHPHMRUDUODVLQWHUDFFLRQHVIURQWHUL]DVOD H[LVWHQFLDGH
XQDPD\RUFRPXQLFDFLyQHQWUHDPERVSDtVHVDWUDYpV GHOD&RPLVLyQ ,QWHUQDFLRQDOGH
/tPLWHV\$JXDVDVtFRPRODSURPRFLyQGHSURJUDPDVGHLQWHUFDPELRGHLQIRUPDFLyQ\
GHSUR\HFWRVELQDFLRQDOHVGHLQWHUpVFRP~Q
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(O LQFUHPHQWR GH OD DJULFXOWXUD VRSRUWDGD SRU HO ERPEHR GH DJXD VXEWHUUiQHD HO
FUHFLPLHQWRGHOXVRXUEDQR\SDUDHOWXULVPRHOFUHFLPLHQWRGHODPLQHUtDVLHOSUHFLR
GHOFREUHVLJXHHQDXPHQWR\HOSRWHQFLDOJHRWHUPDOVRQLQWHUHVHVH[LVWHQWHVSRUHOXVR
GHOVLVWHPDDFXtIHUR
$8725(6<)8(17(6
(8$3UHSDUDGRFRQODFRODERUDFLyQGH+DQVRQ570F/HDQ-6DQG0LOOHU56
+\GURJHRORJLF IUDPHZRUN DQG SUHOLPLQDU\ VLPXODWLRQ RI JURXQGZDWHU IORZ LQ
WKH0LPEUHV%DVLQVRXWKZHVWHUQ1HZ0H[LFR
)XHQWHV86*HRORJLFDO6XUYH\:DWHU5HVRXUFHV,QYHVWLJDWLRQ5HSRUWS
KWWSSXEVHUXVJVJRYXVJVSXEVZULZUL&DVWDxyQ$UFRV
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0
165
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGHO&DULEH
&%±0DVDFUH+DLWt5HS'RPLQLFDQD
&%±$UWLERQLWR+DLWt5HS'RPLQLFDQD
&%/RV/DJRV+DLWt5HS'RPLQLFDQD
&%±3HGHUQDOHV+DLWt5HS'RPLQLFDQD
166
167
168
&%6,67(0$$&8Ë)(5275$16)5217(5,=20$6$&5(
5(3Ò%/,&$'20,1,&$1$+$,7Ë
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R0DVDFUHHVWiXELFDGRHQOD3URYLQFLD'DMDEyQGHO
ODGR GRPLQLFDQR \ HQ HO 'HSDUWDPHQWR 1RUGHVWH GHO ODGR +DLWtDQR VREUH XQ WRWDO GH
NP
/DH[WHQVLyQHQOD5HS~EOLFD'RPLQLFDQDHVGHNP\HQ+DLWtHVGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
/RV WLSRV OLWROyJLFRV SUHVHQWHV HVWiQ FRQIRUPDGRV SRU URFDV VHGLPHQWDULDV \
PDJPiWLFDVWDOHVFRPRDOXYLRQHVPDWHULDOHVGHWUtWLFRVDQGHVLWDV\ULRGDFLWDVFDOL]DV
GLRULWDV WRQDOLWDV \ URFDV XOWUDEiVLFDV 6HJ~Q VH H[SUHVD SRU +DLWt ODV URFDV SUHVHQWHV
GDWDQGHO&UHWiFLFR\HO&XDWHUQDULR
(OVLVWHPDDFXtIHURHVGHWLSROLEUHRFRQILQDGRVLHQGRTXHSRUODVOLWRORJtDVSUHVHQWHV
WHQHPRV GHQWUR GHO VLVWHPD DFXtIHURV DOXYLDOHV VHPLSHUPHDEOHV \ FDXWLYRV DFXtIHURV
DOXYLDOHVOLEUHVDFXtIHURVSRURVRV\FDUERQDWRVIUDFWXUDGRVPX\SHUPHDEOHV\DFXtIHURV
NiUVWLFRV
(OUDQJRGHHVSHVRUGHODFXtIHURYDGHVGHORVKDVWDORVP
=RQDGHUHFDUJD
/D]RQDGHUHFDUJDVHXELFDHQODVXEXQLGDGKLGURJHROyJLFD-DUDEDFRD/DV3ODFHWDVHQ
ODSRUFLyQFRUUHVSRQGLHQWHDOD5HS~EOLFD'RPLQLFDQD
6HJ~QHO(VWXGLR+LGURJHROyJLFR1DFLRQDO5HS'RP)DVH,,HOYROXPHQWRWDO
GH UHFDUJD DQXDO SRU LQILOWUDFLyQ GH OOXYLD HV GH KPDxR HQ SURPHGLR \ KPDxR HQ DxRV K~PHGRV PLHQWUDV TXH FRQ UHIHUHQFLD DO YROXPHQ WRWDO GH UHFDUJD
DQXDOSRUUHWRUQRGHULHJRHVGHHQWUHKPDxR
([SORWDFLyQ
/DH[SORWDFLyQGHOVLVWHPDDFXtIHURHVPHGLDDDOWDGRQGHVHJ~QGDWRVGHOD5HS~EOLFD
'RPLQLFDQD(VWXGLR+LGURJHROyJLFR1DFLRQDO5HS~EOLFD'RPLQLFDQD)DVH,,
SDUDHVWHSDtVODH[WUDFFLyQXUEDQDHVGHKPDxR\ODDJUtFRODKPDxR
862'(/$*8$68%7(55È1($(1(/È5($'(/$&8Ë)(52
(QOD5HS~EOLFD'RPLQLFDQDORVSULQFLSDOHVXVRVVRQHOULHJR\ODJDQDGHUtDPLHQWUDV
TXHSDUD+DLWtORVXVRVVRQULHJRGRPpVWLFRLQGXVWULDO\S~EOLFRXUEDQR
169
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
6HJ~Q5HS~EOLFD'RPLQLFDQDODFDOLGDGHVHQJHQHUDOEXHQDDXQTXHHQODHYDOXDFLyQ
GHODPLVPDVRORVHGHWHUPLQyODWHPSHUDWXUDGHODJXDODFRQGXFWLYLGDGHOpFWULFD\HO
S+
(Q+DLWtORV~QLFRVGDWRVTXHVHWLHQHQHVTXHODFDOLGDGHVPHGLD\FRQDOJ~QJUDGRGH
FRQWDPLQDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/RV FDPELRV SHUFLELGRV HQ HO DFXtIHUR GHO ODGR GH 5HS~EOLFD 'RPLQLFDQD PXHVWUDQ
OLJHUDVYDULDFLRQHVHQORVQLYHOHVIUHiWLFRVHQHOSXQWRGHUHIHUHQFLDTXHSUHVHQWDPD\RU
YDULDFLyQLQGLFDTXHVHSDVyGHPHWURVHQHODxRDPHWURVHQHODxR
\ODFDOLGDGGHODJXDPHGLGDVGH&(HQ—VFPDVXYH]UHSRUWDDOJXQDFRQWDPLQDFLyQ
EDFWHULROyJLFDVLQFXDQWLILFDU\VDOLQLGDGGHJODJO
(Q +DLWt OD GLVSRQLELOLGDG GH DJXD HQ FDQWLGDG \ HVSHFLDOPHQWH HQ FDOLGDG HV PX\
YDULDEOH HQ HO HVSDFLR FRPSUHQGLGR SRU HO DFXtIHUR 3RU HMHPSOR HQ DOJXQDV ]RQDV
GRQGH HO DJXD VXEWHUUiQHD HV PX\ DEXQGDQWH HV SUDFWLFDPHQWH LQVHUYLEOH \
FRQVHFXHQWHPHQWH VX FRQVXPR WLHQH VHULDV FRPSOLFDFLRQHV VDQLWDULDV 8QR GH ORV
SUREOHPDV PiV JUDYHV REVHUYDGRV IXH OD DOWD WDVD GH VDOLQLGDG HQ HO DJXD \ VXV
FRQVHFXHQFLDVHQPXMHUHVHPEDUD]DGDV\QLxRV
2WUDVIXHQWHVGHDJXDV
+DLWt SUHVHQWD DJXD VXSHUILFLDO DJXD GH OOXYLD \ RWURV DFXtIHURV PiV SURIXQGRV
GHWHUPLQDGRV UHFLHQWHPHQWH \ TXH D~Q QR KDQ VLGR GHVFULSWRV WUDQVIURQWHUL]RV \
QDFLRQDOHV
3RUVXSDUWHHQ5HS~EOLFD'RPLQLFDQDFRPRIXHQWHDOWHUQDWLYDVHWLHQHHO5tR0DVDFUH
\OD/DJXQD6DODGLOOD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q OD 5HS~EOLFD 'RPLQLFDQD FRVWD DWOiQWLFD ODV SUHFLSLWDFLRQHV SDUD OD &XHQFD GHO
0DVDFUHVHPDQWLHQHQHQUpJLPHQPX\SRFRYDULDEOHFRQSURPHGLRVHQWUHORV\
PPDxR GH HVWHPRGR ODV HVWLPDFLRQHV GH UHFDUJD VH PDQWLHQHQ FRQ PX\ SRFD
YDULDFLyQ
+DLWt SUHVHQWD XQD FLHUWD LUUHJXODULGDG HQ VX UpJLPHQ KtGULFR \ VH UHSRUWD XQD
GLVPLQXFLyQGHODUHFDUJDGHODFXtIHUR
170
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D UHFDUJD HQ OD SDUWH GH 5HS~EOLFD 'RPLQLFDQD SRGUtD YHUVH DIHFWDGD SRU OD
GLVPLQXFLyQGHODFREHUWXUDYHJHWDOGHODFXHQFD\HQJUDQPDQHUDSRUODGHIRUHVWDFLyQ
\HURVLyQGHORVVXHORV\DTXHLPSHGLUtDXQEXHQQLYHOGHLQILOWUDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
6HJ~Q 5HS~EOLFD 'RPLQLFDQD HO IHQyPHQR GH OD VHTXtD SRGUtD FDXVDU GDxRV HQ OD
FDSDFLGDGGHUHFDUJDGHODFXtIHUR\DTXHVXSULQFLSDODSRUWHHVHODJXDSURFHGHQWHGHODV
SUHFLSLWDFLRQHV\HQPHQRUJUDGRODVLQXQGDFLRQHV
+DLWtSUHVHQWDULHVJRGHFRQWDPLQDFLyQHVSHFLDOPHQWHHQHOiUHDNiUVWLFDGHLJXDOIRUPD
QRH[LVWHXQSODQSDUDWUDWDUHVWHSUREOHPD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
5HS~EOLFD 'RPLQLFDQD FRQVLGHUD TXH HO DFXtIHUR SRGUtD VHU XWLOL]DGR HQ FDVR GH XQ
HYHQWRH[WUHPRVHTXtDSRUPHGLRGHORVSR]RVGLVWULEXLGRVHQHOiUHDGHOD&XHQFD
GHO5tR0DVDFUH
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
&XDGUR&%8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
%RVTXHV
5HS~EOLFD
6LVWHPD0RQWDxRVR
0DQJOHV
%RVTXHV
'RPLQLFDQD
0DWRUUDOHV6HFRV
+DLWt
$JULFXOWXUD
$JULFXOWXUDFRPSDWLEOH
$JULFXOWXUDQRFRPSDWLEOH
$FXiWLFDV
8UEDQR
%RVTXHV
ÈUEROHV
0DQJOHVHQ]RQDVFRVWHUDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q5HS~EOLFD'RPLQLFDQDHOXVRSULQFLSDOGHODWLHUUDHVSDUDDJULFXOWXUDPL[WDGHVGH
DUUR] ERVTXHV GH FRQtIHUDV GHQVR ERVTXH ODWLIROLDGR K~PHGR ERVTXH ODWLIROLDGR
QXEODGR ERVTXHV VHFR FDIp FXOWLYRV LQWHQVLYRV HVFDVD YHJHWDFLyQ PDQJOHV PDWRUUDO
ODWLIROLDGRPDWRUUDOHVVHFR\SDVWR
0LHQWUDV TXH SDUD +DLWt HO SULQFLSDO XVR SULQFLSDO HV SDUD DJULFXOWXUD DVt FRPR SDUD
LQVWDODFLRQHVXUEDQDV
171
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q 5HS~EOLFD 'RPLQLFDQD ORV FXOWLYRV PL[WRV RFXSDQ NP OR TXH UHSUHVHQWD XQ
GHOWHUULWRULR/HFRQWLQ~DHOFDIpFRQNP\SRU~OWLPRHODUUR]
FRQ NP &RQ UHVSHFWR D +DLWt QR VH WLHQHQ GDWRV QXPpULFRV FRQ
UHODFLyQDOiUHDRFXSDGDSRUORVFXOWLYRV
&XDGUR&%3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
5HS~EOLFD
+DLWt
'RPLQLFDQD
&XOWLYRV
$UUR]
&XOWLYRV0L[WRV
&DIp
&DxDGHD]~FDU
&DIp
&DFDR
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
5HS~EOLFD 'RPLQLFDQD FXHQWD FRQ HO 3DUTXH 1DFLRQDO 0RQWH &ULVWL PLHQWUDV TXH HQ
+DLWtQRVHLQGLFDQ]RQDVSURWHJLGDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q FXDQWR D HFRVLVWHPDV GHSHQGLHQWHV UHIHULGR D +DLWt H[LVWHQ ODJRV DUUR\RV
KXPHGDOHV ODJXQDV SODQWDV VLOYHVWUHV DGHPiV GH DOJXQDV UXWDV GH VREUHYXHOR GH ODV
DYHV 3DUD 5HS~EOLFD 'RPLQLFDQD SRU HO FRQWUDULR VROR H[LVWHQ UtRV \ ODJXQDV
&RQMXQWDPHQWHSDUDORVGRVSDtVHV VHHQFXHQWUD HO5tR0DVDFUHFRPRIXHQWHGHDJXD
TXHUHFLEHXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUDODVDJXDV
VXEWHUUiQHDV GHQWUR GHO SODQ GH RUGHQDPLHQWR WHUULWRULDO \R HQ HO SODQ GH PDQHMR GH
DJXDV
(O'LDJQyVWLFRGHO3ODQ+LGUROyJLFR1DFLRQDOGHOD5HS~EOLFD'RPLQLFDQDHVXQ
SUR\HFWRFX\RREMHWLYREXVFDODRSWLPL]DFLyQGHOXVR\JHVWLyQGHORVUHFXUVRVKtGULFRV
QDFLRQDOHVLQVSLUDGRGHH[SHULHQFLDVHMHUFLGDVSRURWUDVQDFLRQHV(VWiSURSXHVWRFRPR
HO SODQ PDHVWUR D SDUWLU GH GRQGH VH GHILQLUiQ ORV FULWHULRV ODV SULRULGDGHV ODV
PHWRGRORJtDV\ODSODQLILFDFLyQFRQORVFXDOHVVHSUHWHQGHUHDOL]DUXQDSURYHFKDPLHQWR
Pi[LPR\VRVWHQLEOHGHORVUHFXUVRVKtGULFRVGHOSDtV
172
&RQWHPSOD FRQWURODU \ RUGHQDU ORV DVHQWDPLHQWRV KXPDQRV OD H[WUDFFLyQ GH DJXD
VXEWHUUiQHD\FXDOTXLHUDFWLYLGDGTXHFDXVHGDxRVDORVUHFXUVRVKtGULFRV
5HIHUHQWHD+DLWtQRH[LVWHQLQJ~QSODQGHPDQHMRSDUDOD]RQD\SRUHQGHPHGLGDV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&%$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
5HS~EOLFD'RPLQLFDQD3URGXFFLyQDJURSHFXDULD\DJXDGH
PD\RUFDOLGDG
v
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVRDJXD
5HS~EOLFD'RPLQLFDQD$JULFXOWXUDUHFXUVRVQDWXUDOHV
v
(VWLPDFLyQSRUFHQWXDOGHOQLYHO
GHSREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
5HS~EOLFD 'RPLQLFDQD (O tQGLFH GH SREUH]D SDUD ODV
SREODFLRQHVTXHKDELWDQHQOD&XHQFDGHO0DVDFUHGHOODGRGH
5HSXEOLFD'RPLQLFDQDHVGH<HOQLYHOGHGHVHPSOHR
HVGH
+DLWt0iVGHOLQJUHVRSURPHGLRPHQRUD86
v
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
5HS~EOLFD'RPLQLFDQD/DDJULFXOWXUDGHOD]RQDJDQDGHUtD
\VHUYLFLRVGHDJXDSRWDEOH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
([LVWHQDOJXQRVWUDWDGRV\DFXHUGRVHQWUHDPERVSDtVHV
7UDWDGRGH/tPLWHV)URQWHUL]RV
7UDWDGRGH3D]\$PLVWDG
3URWRFROR5HYLVLyQ/tQHD)URQWHUL]D
$FXHUGR%iVLFRGH&RRSHUDFLyQ
'HQWUR GHO $FXHUGR %iVLFR GH &RRSHUDFLyQ H[LVWH OD &RPLVLyQ 0L[WD 'RPLQLFR
+DLWtDQD
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
6H KD LPSOHPHQWDGR OD UHDOL]DFLyQ GH WDOOHUHV \ YLVLWDV D ORV GRV SDtVHV WDQWR SDUD
5HS~EOLFD 'RPLQLFDQD FRPR SDUD +DLWt GHVGH HO DxR SDUD FRRUGLQDFLyQ GH
3UR\HFWR,6$50*()
([LVWHDGHPiVXQDFRODERUDFLyQELQDFLRQDOHQODFUHDFLyQGHXQFRPLWpRILFLDOFX\RILQ
HVJHVWLRQDUHOXVRGHUHFXUVRVKtGULFRVGHORVDFXtIHURVWUDQVIURQWHUL]RVGHOD]RQD
&RPR IRUPD GH IRUWDOHFHU OD LQWHUDFFLyQ HQWUH DPERV SDtVHV VH SURSRQH SRU SDUWH GH
+DLWt OD FUHDFLyQ GH XQ FRPLWp RILFLDO WUDQVIURQWHUL]R \ OD FUHDFLyQ GH XQ FRQVHMR
173
FLHQWtILFR RILFLDO WUDQVIURQWHUL]R OR TXH YD DFRPSDxDGR GH OD LGHD GH FRODERUDFLyQ
ELQDFLRQDOHQWUHOD5HS~EOLFD'RPLQLFDQD\+DLWtSDUDJHVWLRQDUHOXVRGHORVUHFXUVRV
KtGULFRVGHORVDFXtIHURVWUDQVIURQWHUL]RVSUHVHQWDGDSRUODSULPHUD
$8725(6<)8(17(6
5HS~EOLFD'RPLQLFDQD;LRPDUD/OXEHUHV*XHUUHUR)UDQFLVFR75RGUtJXH]\RWURV
)XHQWHVXWLOL]DGDV(VWXGLR+LGURJHROyJLFR1DFLRQDO5HS'RP)DVH,,
+DLWt(PPDQXHO0ROLqUH\RWURV
)XHQWHVXWLOL]DGDV0DSD+LGURJHROyJLFRGH
174
175
&%6,67(0$$&8Ë)(5275$16)5217(5,=2$57,%21,72
5(3Ò%/,&$'20,1,&$1$+$,7Ë
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R $UWLERQLWR HVWi XELFDGR HQ OD ]RQD FHQWUR
RFFLGHQWDO GH OD 5HS~EOLFD 'RPLQLFDQD \ HQ HO9DOOH GH$UWLERQLWR HQ +DLWt VREUH XQ
WRWDOGHNP
(Q5HS~EOLFD'RPLQLFDQDODH[WHQVLyQHVGHNP\HQ+DLWtODH[WHQVLyQHVGH
NP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR HV GH WLSR OLEUH \R FRQILQDGR IRUPDGR SRU VHGLPHQWRV FOiVWLFRV
FRQVROLGDGRV6HGHVWDFDQGRVWLSRVSULQFLSDOHVGHURFDV
5RFDV SRURVDV FRQ LPSRUWDQFLD KLGURJHROyJLFD DOWD D EDMD 6H SUHVHQWDQ HQ
DFXtIHURVFRQWLQXRVGHH[WHQVLyQUHJLRQDODUHJLRQDOOLPLWDGDTXHVRQIRUPDGRV
SRU VHGLPHQWRV FOiVWLFRV FRQVROLGDGRV 3UHVHQWDQGR XQD SHUPHDELOLGDG
JHQHUDOPHQWH DOWD D PHGLDQD 'HQWUR GH HVWDV HV SRVLEOH HQFRQWUDU PDWHULDOHV
GHWUtWLFRV YDULHGDG GH FDOL]DV FRQ DOWD FRQFHQWUDFLyQ GH FDUERQDWRV SXGLHQGR
FRQVLGHUDUVHSDUWHGHODFXtIHURNiUVWLFRORVFXDOHVSUHVHQWDQILVXUDV\SRURVLGDG
DOWDHQGRQGHVHSXHGHSUHVHQWDUHODJXD
5RFDVSRURVDVIUDFWXUDGDVFRQSRFDLPSRUWDQFLDKLGURJHROyJLFD6HSUHVHQWDQ
HQ ORV DFXtIHURV ORFDOHV HQFRQWUDGRV HQ FDSDV ILQDV R OHQWHV DUHQRVRV D YHFHV
FDOFiUHRV OLEUHV &RQVWLWXLGRV SRU VHGLPHQWRV FOiVWLFRV QR FRQVROLGDGRV R
FRQVROLGDGRV 3UHVHQWDQ XQD SHUPHDELOLGDG PX\ EDMD $Vt GH HVWD IRUPD HV
SRVLEOH HQFRQWUDU URFDV GHO WLSR ULRGDFLWDV EDVDOWRV GLRULWDV WRQDOLWDV FRPR
WDPELpQYROFDQRVHGLPHQWDULDV
(OUDQJRGHHVSHVRUHQHVWUDWLJUDItDYLHQHGHILQLGRDVt
(UD
&XDWHUQDULR
7HUFLDULR
6XSHULRU
7HUFLDULR
,QIHULRU
176
)RUPDFLyQ
(VSHVRU
7HUUD]DV)OXYLDOHV
P
&RQJORPHUDGRV
/DVPDWDV
P
$UUR\R6HFR
$UUR\R%ODQFR
P
7ULQFKHUD
6RPEUHULWR
1HLED3ODLVDQFH
P
P
P
=RQDVGHUHFDUJD
3DUD 5HS~EOLFD 'RPLQLFDQD OD WDVD PHGLD GH UHFDUJD HV HVWLPDGD HQ PPDxR
3/$1,$&$6 6H FRQRFHQ GDWRV GH OD VXEXQLGDG KLGURJHROyJLFD /RQJDQL]D
3LHGUD &RORUDGD TXH DEDUFD OD ]RQD GH HVWXGLR GHO 5tR$UWLERQLWR GRQGH HO YROXPHQ
WRWDOGHUHFDUJDDQXDOSRULQILOWUDFLyQGHODOOXYLDHQKPDxRHVSDUDDxRK~PHGR
\SDUDDxRPHGLR(OYROXPHQGHUHFDUJDDQXDOSRUUHWRUQRVGHULHJRHQKPDxR
HV
6H WLHQH LQIRUPDFLyQ GH TXH XQR GH ORV VHFWRUHV GRQGH VH SURGXFLUiQ UHFDUJDV SRU
LQILOWUDFLyQ GHVGH FDXFHV VXSHUILFLDOHV VRQ ORV UtRV -RFD \$UWLERQLWR HQ HO VHFWRU GH
%DQLFD \ 3HGUR 6DQWDQD 6HJ~Q (VWXGLR +LGURJHROyJLFR 1DFLRQDO 5HS 'RP )DVH ,,
([SORWDFLyQ\FDXGDOHV
5HS~EOLFD 'RPLQLFDQD VRVWLHQH TXH HO QLYHO GH H[SORWDFLyQ HV EDMR KPDxR
VLHQGRODH[WUDFFLyQSDUDXVRDJUtFRODODPiVLQWHQVDKPDxR\ODXUEDQD
KPDxR FRQVLGHUDQGR FRPR iUHD GH HVWXGLR HO 5tR $UWLERQLWR \ OD VXEXQLGDG
/RQJDQL]D3LHGUD&RORUDGD
5HIHUHQWHD+DLWtHO~QLFRGDWRGLVSRQLEOHHVTXHODH[SORWDFLyQHVPHGLDDDOWD
862'(/$*8$68%7(55È1($(1(/È5($'(/$&8Ë)(52
(QOD5HS~EOLFD'RPLQLFDQDHOXVRDFWXDOGHOVLVWHPDDFXtIHURHVGRPpVWLFR\GHULHJR
SULQFLSDOPHQWH +DLWt SRU HO FRQWUDULR SUHVHQWD XVR GH ULHJR GRPpVWLFR LQGXVWULDO \
S~EOLFRXUEDQRHQJHQHUDO
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
5HS~EOLFD'RPLQLFDQDDOLJXDOTXH+DLWtFRQVLGHUDQTXHODFDOLGDGGHODJXDHVPHGLD
$WHQGLHQGRHODQLyQSUHGRPLQDQWHHVSRVLEOHREVHUYDUTXHODVDJXDVDQDOL]DGDVVRQGH
FDUiFWHUELFDUERQDWDGRHQODPD\RUSDUWHGHORVFDVRV'HWRGRVPRGRVHQJHQHUDOODV
DJXDVVXEWHUUiQHDVWLHQHQXQDFRPSRVLFLyQPX\KHWHURJpQHDGHVGHWpUPLQRVFiOFLFRV
VyGLFRVRPDJQpVLFRVKDVWDRWURVGHFDUiFWHUPL[WR
/DVDJXDVDQDOL]DGDVSUHVHQWDQXQDPLQHUDOL]DFLyQTXHYDUtDGHVGHEDMDDHOHYDGDFRQ
FRQGXFWLYLGDGHVTXHRVFLODQHQWUH\—6FPHQODSULPHUDFDPSDxD\\
—6FPHQODVHJXQGD\YDORUHVGHQLWUDWRVTXHRVFLODQHQWUH\PJOGH12
HQODSULPHUDFDPSDxD\HQWUH\PJOHQODVHJXQGD(OS+RVFLODHQWUH\
3DUDHOFDVRGHODWHPSHUDWXUDODVDJXDVGHOD]RQDGHHVWXGLRWLHQHQYDORUHVTXHRVFLODQ
HQWUH\ž&
177
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
5HS~EOLFD'RPLQLFDQDLQGLFDTXHQRH[LVWHXQDJUDQYDULDELOLGDGHQODGLVSRQLELOLGDG\
FDOLGDGGHODJXDHQHODFXtIHUR\DTXHVHJ~QUHJLVWURVDQXDOHVHQEDQFRGHGDWRVORV
QLYHOHV\FDOLGDGPDQWLHQHQYDORUHVPX\DSUR[LPDGRVDORVGHOtQHDEDVH
+DLWtSRUVXSDUWHVRVWLHQHTXHODYDULDELOLGDGGHDJXDGLVSRQLEOHHQFXDQWRDFDQWLGDG
\HQHVSHFLDODFDOLGDGHVH[WUHPDGDPHQWHYDULDEOHGHSHQGLHQGRGHOD]RQDGHODFXtIHUR
3RU HMHPSOR HQ ORVOXJDUHV GRQGH HO DJXD VXEWHUUiQHD HV DEXQGDQWH HV SUDFWLFDPHQWH
LQXWLOL]DEOH\SRUHQGHVXFRQVXPRKDWUDtGRSUREOHPDVVDQLWDULRVJUDYHV8QRGHORV
PD\RUHV SUREOHPDV REVHUYDGRV HV OD VDOLQLGDG GHO DJXD \ VXV FRQVHFXHQWHV
LQFRQYHQLHQWHVHQPXMHUHVHPEDUD]DGDV\QLxRV
2WUDVIXHQWHVGHDJXD
&RPR IXHQWH GH DJXD 5HS~EOLFD 'RPLQLFDQD WLHQH HO 5tR $UWLERQLWR \ VXV
FRQVHFXHQWHVDIOXHQWHVHO5tR0DFDVtDHO5tR-RFDHO5tR7RFLQRHO5tR/LEyQ \HO
5tR1H\WD
+DLWtFRPRIXHQWHGHDJXDDOWHUQDWLYDSUHVHQWDHODJXDGHOOXYLDODVDJXDVVXSHUILFLHV\
RWURVDFXtIHURVPiVSURIXQGRVTXHQRKDQVLGRGHVFXELHUWRV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
5HS~EOLFD'RPLQLFDQDVRVWLHQHTXHQRH[LVWHXQDJUDQYDULDELOLGDGHQODGLVSRQLELOLGDG
\ FDOLGDG GHO DJXD HQ HO DFXtIHUR \D TXH HQ ORV UHJLVWURV H[LVWHQWHV HQ ODV GLIHUHQWHV
HVWDFLRQHV SOXYLRPpWULFDV XELFDGDV HQ OD &XHQFD GHO $UWLERQLWR 6DEDQD 0XOD
0DWD\D\D &DWDQDPDWLD &DMXOLWR VH SXHGH REVHUYDU TXH OD SUHFLSLWDFLyQ PHGLD
PXOWLDQXDORVFLODHQWUH\PLOtPHWURVUHVSHFWLYDPHQWH
+DLWtSUHVHQWDXQUpJLPHQGHDJXDVLUUHJXODUDVtSRUHMHPSORODLQWHQVLGDGGHODJXDGH
OOXYLDFUHFHSHURODUHFDUJDGHFUHFH$GHPiVORVSUREOHPDVGHHURVLyQVRQJUDQGHV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3DUD 5HS~EOLFD 'RPLQLFDQD VH VDEH TXH VL ODV SUHFLSLWDFLRQHV VXIUHQ FDPELRV
GLVPLQX\HQGRVXSURPHGLRDQXDOODUHFDUJDGHODFXtIHURSRGUtDYHUVHDIHFWDGD\DTXH
GHSHQGH SULQFLSDOPHQWH GH OD OOXYLD7DPELpQ VH YHUtD DIHFWDGD SRU GLVPLQXFLyQ GH OD
FREHUWXUDYHJHWDOGHODFXHQFDODGHVIRUHVWDFLyQ\HURVLyQGHORVVXHORVTXHLPSHGLUtD
ODLQILOWUDFLyQGHDJXDSURYRFDQGRPD\RUHVHVFRUUHQWtDVVXSHUILFLDOHV
'HSDUWHGH+DLWtVHVHJXLUiQSUHYLHQGRORVFDPELRVPHQFLRQDGRVDQWHULRUPHQWHVLQR
H[LVWHXQFDPELRGHFRPSRUWDPLHQWR
178
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/D &XHQFD GHO$UWLERQLWR DEDVWHFH DJXD SDUD XVRV KXPDQRV HQHUJtD \ DJULFXOWXUD /D
PLVPDHVWiVLHQGRDIHFWDGDSRUHURVLyQDFHOHUDGDHOHYDGDHVFRUUHQWtDVHGLPHQWDFLyQ\
H[FHVR GH H[SORWDFLyQ 8Q PD\RU XVR GH VXV DFXtIHURV VRPHURV \ SURIXQGRV SRGUtD
DOLYLDUODSUHVLyQVREUHHOPHGLRDPELHQWHVXSHUILFLDO
(VWHDFXtIHURHVWiORFDOL]DGRHQODUHJLyQFHQWUDOLQWHUPRQWDxRVD\HQODFRVWDQRUWHGH
ODLVODHQODIURQWHUDHQWUHORVGRVSDtVHV8QDJUDQGHVIRUHVWDFLyQHQODVSDUWHVPiVDOWDV
GHOD&XHQFDGHO$UWLERQLWRKDWUDQVIRUPDGRHOSDLVDMHQDWXUDOLPSDFWDQGRIXHUWHPHQWH
HQ OD VDOXG GHO HFRVLVWHPD H LQWURGXFLHQGR HOHPHQWRV GH DOWD YXOQHUDELOLGDG D ODV
YDULDFLRQHV FOLPiWLFDV$ OR ODUJR GH OD FRVWD QRUWH HO DJXD GH PDU DYDQ]D KDFLD ORV
DFXtIHURVPiVVXSHUILFLDOHVFRQWDPLQDQGRODVDJXDVVXEWHUUiQHDVFRQVXDOWRFRQWHQLGR
GH VDO ([LVWH XQ JUDQ ULHVJR GH FRQWDPLQDFLyQ R SROXFLyQ HVSHFLDOPHQWH HQ HO iUHD
NiUVWLFD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q5HS~EOLFD'RPLQLFDQDORVSR]RVXELFDGRVHQGLFKRDFXtIHURSXHGHQVHJXLUVLHQGR
XWLOL]DGRV\DVtVHWRPDHQFXHQWDODPHGLGDGHDQDOL]DUODVDJXDVUHJXODUPHQWHSDUD
FRPSUREDUVXFDOLGDG
3RUSDUWHGH+DLWtQRVHWRPDQLQJ~QSODQHVSHFLDOOXHJRGHIHQyPHQRVH[WUHPRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
9HUFXDGURGHXQLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDOHQODSiJLQDVLJXLHQWH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q5HS~EOLFD'RPLQLFDQDHOXVRGHODWLHUUDHVSDUD DJULFXOWXUDSUHVHQWiQGRVHFRPR
FXOWLYRV HO DUUR] \ HO FDIp ORV GLIHUHQWHV WLSRV GH ERVTXHV ORV PDWRUUDOHV \ ODV ]RQDV
SREODGDV
(QFXDQWRD+DLWtSUHVHQWDFRPRSULQFLSDOFREHUWXUDODDJULFXOWXUD\ODLQIUDHVWUXFWXUD
XUEDQD
(QODSiJLQDVLJXLHQWHVHPXHVWUDHOFXDGURGHXQLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDO
RULJLQDO
179
&XDGUR&%8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
5HS~EOLFD
'RPLQLFDQD
+DLWt
1DOJDGH0DFR
$UPDQGR%HUP~GH]
6LHUUDGH1HLED
-XDQ8*DUFtD%
&HUURGH6DQ)UDQFLVFR
&HUURGH0RQJUHxp
&HUUR7ULQLWDULD
&HUURGHOD<HUED3DH]
&HUURGH3DQ$]~FDU
&HUURGH9DOOH6LPyQ
&HUURGH-LPpQH]
&HUURGHOD3LHGUDGH$PRODU
&HUURGHO0RQWD]R
/RPDGH3HULTXHWH
/RPDGHO&DIp
$OWRGHO0DQLHO
/RPDGH/D6DEDQD
/RPD/D6LHUUHVLWD
/RPDGH3XHUWR&RSH\
/RPDGHO*XDQR
/RPD)ORUHQWLQR
/RPDGH3HxD%ODQFD
/RPD(O*DMR$UULED
/RPDGH/RV*XDQGXOHV
%RVTXHFRQtIHUDDELHUWR
%RVTXHFRQtIHUDGHQVR
%RVTXHODWLIROLDGRK~PHGR
%RVTXHODWLIROLDGRQXEODGR
%RVTXHODWLIROLDGRVHPLK~PHGR
%RVTXHVHFR
0DWRUUDOODWLIROLDGR
0DWRUUDOVHFR
$JULFXOWXUD
$JULFXOWXUDFRPSDWLEOH
$JULFXOWXUDQRFRPSDWLEOH
$FXiWLFR
8UEDQR
%RVTXHV
6DEDQD
ÈUEROHV
0DQJOHVHQODViUHDVFRVWHUDV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
&XDGUR&%3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
5HS~EOLFD
+DLWt
'RPLQLFDQD
&XOWLYRV
$UUR]
&DIp
&XOWLYRV,QWHQVLYRV
$UUR]
&DIp
&RFRD
7DEDFR
&DxDGHD]~FDU
&XOWLYRVGHFRPLGD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
1RKD\]RQDVSURWHJLGDVHQHOiUHDGHOVLVWHPDDFXtIHUR
180
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
5HS~EOLFD'RPLQLFDQDKDGLVSXHVWRYDULDVOH\HVTXHVHGHWDOODQDFRQWLQXDFLyQFRPR
OD /H\ 1ž FUHDGD SRU HO ,1'5+, HQ OD IHFKD /XHJR OD /H\ 1ž VREUH
0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV\OD/H\1žVREUHDJXDVVXEWHUUiQHDVFUHDGD
HO$GHPiVHVWiQHQYLJHQFLDODSURSXHVWDGHOH\HVWDOHVFRPROD/H\*HQHUDO
GH$JXDHQHO&RQJUHVR\/H\GH$JXD3RWDEOH\6DQHDPLHQWR
(QDJRVWRGHVHGHFODUyFRPRSDUWHGHFRQVHUYDFLyQOD1RUPD$PELHQWDOVREUH
&DOLGDGGH$JXDV6XEWHUUiQHDV\'HVFDUJDDO6XEVXHOR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
3RU SDUWH GH 5HS~EOLFD 'RPLQLFDQD H[LVWH XQ GLDJQyVWLFR GHO 3ODQ +LGUROyJLFR
1DFLRQDO HO FXDO HV XQ SUR\HFWR FX\R REMHWLYR EXVFD OD RSWLPL]DFLyQ GHO XVR \
JHUHQFLD GH ORV UHFXUVRV KtGULFRV QDFLRQDOHV LQVSLUDGR GH H[SHULHQFLDV HMHUFLGDV SRU
RWUDVQDFLRQHV(VWiSURSXHVWRFRPRHOSODQPDHVWURDSDUWLUGHGRQGHVHGHILQLUiQORV
FULWHULRVODVSULRULGDGHVODVPHWRGRORJtDV\ODSODQLILFDFLyQFRQORVFXDOHVVHSUHWHQGH
UHDOL]DUXQDSURYHFKDPLHQWRPi[LPR\VRVWHQLEOHGHORVUHFXUVRVKtGULFRVGHOSDtV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&%$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV 5HS~EOLFD'RPLQLFDQD 3URGXFFLyQDJURSHFXDULD \
DJXDGHPD\RUFDOLGDG
UHODFLRQDGRVDOXVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
5HS~EOLFD 'RPLQLFDQD $JULFXOWXUD \ UHFXUVRV
QDWXUDOHV
v
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGHSREUH]D
GHODVSREODFLRQHVTXHXWLOL]DQ
ORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
5HS~EOLFD 'RPLQLFDQD 3URYLQFLD (OtDV
3LxD
+DLWt 0iV GHO LQJUHVR SRU SHUVRQD PHQRU D
86
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
5HS~EOLFD 'RPLQLFDQD /D DJULFXOWXUD GH OD ]RQD
JDQDGHUtD\VHUYLFLRVGHDJXDSRWDEOH
181
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
3RU SDUWH GH 5HS~EOLFD 'RPLQLFDQD H[LVWHQ ORV VLJXLHQWHV WUDWDWDGRV \ DFXHUGRV HO
7UDWDGR GH /tPLWHV )URQWHUL]RV ILUPDGR HO HO 7UDWDGR GH 3D] \$PLVWDG
ILUPDGR HO HO 3URWRFROR HQ UHYLVLyQVREUH XQD OtQHD IURQWHUL]D ILUPDGR HO
\ HO $FXHUGR %iVLFR GH &RRSHUDFLyQ ILUPDGR HO HQ FX\R
PDUFRVHFUHDOD&RPLVLyQ0L[WD'RPLQLFR+DLWtDQD
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
6H HVWi LPSOHPHQWDQGR OD UHDOL]DFLyQ GH WDOOHUHV \ YLVLWDV D ORV GRV SDtVHV 5HS~EOLFD
'RPLQLFDQD \ +DLWt GHVGH HO DxR SDUD FRRUGLQDFLyQ GH SUR\HFWR GH DFXtIHURV
WUDQVIURQWHUL]RVDXVSLFLDGRSRUOD81(6&22($
/D JHVWLyQ FRQMXQWD \ VRVWHQLEOH GH ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV FRPSDUWLGRV GH
/D+LVSDQLRODD\XGDUiDPLWLJDUHOtQGLFHGHGHJUDGDFLyQGHVXHORV\GHORVHFRVLVWHPDV
DVRFLDGRVDODVDJXDVVXEWHUUiQHDV\DDOLYLDUHODOWRtQGLFHGHSREUH]D
(QFXiQWRDDFFLRQHVSDUDPHMRUDUOD FRODERUDFLyQ HQHO HQODLVODFDULEHxDORV
JRELHUQRV GH +DLWt \ 5HS~EOLFD 'RPLQLFDQD EDMR ORV DXVSLFLRV GHO 3URJUDPD
81(6&22$6,6$50$PpULFDVDFRUGDURQWUDEDMDUHQFRQMXQWRHQODJHVWLyQGHGRV
DFXtIHURV WUDQVIURQWHUL]RV$UWLERQLWR \ 0DVDFUH FRQ HO REMHWLYR GH LQWHJUDU HO PDQHMR
GHO UHFXUVR VXEWHUUiQHR FRPSDUWLGR GHQWUR GHO PDUFR GH OD JHVWLyQ GH OD &XHQFD GHO
$UWLERQLWR\0DVDFUH(QHO(O)0$0DSUXHEDHOILQDQFLDPLHQWRGHORVWUDEDMRV
GHSUHSDUDFLyQSDUDHOSUR\HFWR$FXtIHURV$UWLERQLWR\0DVDFUH
$8725(6<)8(17(6
5HS~EOLFD'RPLQLFDQD3UHSDUDGRFRQODFRODERUDFLyQRSHUDWLYDGH<HQQ\5RGUtJXH]
(QFDUQDFLyQ
)XHQWHV XWLOL]DGDV 0DSD +LGURJHROyJLFR (VWXGLR +LGURJHROyJLFR 1DFLRQDO
5HS'RP)DVH,,3ODQLDFDV
+DLWt(PPDQXHO0ROLqUH\RWURV
)XHQWHVXWLOL]DGDV0DSDKLGURJHROyJLFRGH
182
183
&%6,67(0$$&8Ë)(5275$16)5217(5,=2/26/$*26
5(3Ò%/,&$'20,1,&$1$+$,7Ë
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R /RV /DJRV HVWi XELFDGR HQ OD UHJLyQ QRURHVWH
9DOOHGH1H\EDGHOODGRGRPLQLFDQR\HQOD3ODQLFLHGH&XOGH6DF'HSDUWDPHQWRGHO
2HVWHGHOODGR+DLWtDQR
6X H[WHQVLyQ HV GH DSUR[LPDGDPHQWH NP HQ 5HS~EOLFD 'RPLQLFDQD \ VH
GHVFRQRFHODVXSHUILFLHTXHRFXSDHQHOODGR+DLWtDQR
6HJ~QGDWRVGHODxRODFDQWLGDGGHKDELWDQWHVVREUHHOiUHDGHOVLVWHPDDFXtIHURHQ
VXSRUFLyQGRPLQLFDQDHVGH
&DUDFWHUtVWLFDVGHODFXtIHUR
5RFDVSRURVDVFRQLPSRUWDQFLDKLGURJHROyJLFDDOWDDEDMD
)RUPDFLyQ 4DD $FXtIHURV FRQWLQXRV GH H[WHQVLyQ YDULDEOH OLEUHV FRQVWLWXLGRV SRU
VHGLPHQWRV FOiVWLFRV QR FRQVROLGDGRV 3HUPHDELOLGDG YDULDEOH FDOLGDG TXtPLFD GH ODV
DJXDV JHQHUDOPHQWH EXHQD 3RVLELOLGDGHV GH H[SORWDFLyQ PHGLDQWH SR]RV VRPHURV
SURIXQGLGDGPHQRUGHPHWURV*UDQLPSRUWDQFLDKLGURJHROyJLFD
)RUPDFLyQ7VDVDE$FXtIHURVFRQWLQXRVGHH[WHQVLRQHVUHJLRQDOHVDUHJLRQDOOLPLWDGD
OLEUHV \RFRQILQDGDV )RUPDGRVSRUVHGLPHQWRV FOiVWLFRVFRQVROLGDGRV3HUPHDELOLGDG
JHQHUDOPHQWH DOWD D PHGLDQD &DOLGDG TXtPLFD GH ODV DJXDV JHQHUDOPHQWH EXHQD$OWD
LPSRUWDQFLDKLGURJHROyJLFD
)RUPDFLyQ 4FJ $FXtIHURV ORFDOHV HQFRQWUDGRV HQ ILQDV FDSDV R OHQWHV DUHQRVRV
$FXtIHURVFRQWLQXRVGHH[WHQVLyQUHVWULQJLGDRGHGLItFLOH[SORWDFLyQWDQWROLEUHVFRPR
FRQILQDGRV FRQVLVWHQWHV GH VHGLPHQWRV FOiVWLFRV QR FRQVROLGDGRV R FRQVROLGDGRV
3HUPHDELOLGDG JHQHUDOPHQWH EDMD &DOLGDG TXtPLFD GH ODV DJXDV JHQHUDOPHQWH EXHQD
FRQ H[FHSFLRQHV FRVWHUDV \ FHUFDQDV D ODJXQDV VDOREUHV 3RFD LPSRUWDQFLD
KLGURJHROyJLFD
5RFDVSRURVDVIUDFWXUDGDVFRQSRFDLPSRUWDQFLDKLGURJHROyJLFD
)RUPDFLyQ7VWU$FXtIHURVORFDOHVHQFRQWUDGRVHQFDSDVILQDVROHQWHVDUHQRVRVDYHFHV
FDOFiUHRVOLEUHV&RQVWLWXLGRVSRUVHGLPHQWRVFOiVWLFRVQRFRQVROLGDGRVRFRQVROLGDGRV
3HUPHDELOLGDG PX\ EDMD $JXDV GHVGH EXHQD D EDMD FDOLGDG TXtPLFD 0X\ SRFD
LPSRUWDQFLDKLGURJHROyJLFD
5RFDVIUDFWXUDGDVFRQLPSRUWDQFLDKLGURJHROyJLFDGHDOWDDEDMD
)RUPDFLyQ7LV$FXtIHURVORFDOHVUHVWULQJLGRV D]RQDVIUDFWXUDGDVOLEUHV RFRQILQDGDV
)RUPDGRV IXQGDPHQWDOPHQWH SRU URFDV FDOFiUHDV PDUJRVDV 3HUPHDELOLGDG
JHQHUDOPHQWH EDMD$JXDV JHQHUDOPHQWH GXUDV ,PSRUWDQFLD KLGURJHROyJLFD PHGLDQD D
EDMD(OUDQJRGHHVSHVRUGHODFXtIHURYDGHVGHORVKDVWDORVP
184
=RQDGHUHFDUJD
(Q 5HS~EOLFD 'RPLQLFDQD HO YROXPHQ GH UHFDUJD DQXDO SRU LQILOWUDFLyQ GH OD OOXYLD
KPDxR HV HQ DxR PHGLR \ HQ DxR K~PHGR PLHQWUDV TXH HO YROXPHQ GH
UHFDUJDDQXDOSRUUHWRUQRVGHULHJRKPDxRHV
([SORWDFLyQ
(Q5HS~EOLFD'RPLQLFDQDHOYROXPHQGHH[WUDFFLRQHVVXEWHUUiQHDVSDUDXVRVKXPDQRV
KPDxR HV \ HO YROXPHQ GH H[WUDFFLRQHV VXEWHUUiQHDV WRWDOHV SRU ERPEHRV
KPDxRHV
862'(/$*8$68%7(55È1($(1(/È5($'(/$&8Ë)(52
3DUD OD 5HS~EOLFD 'RPLQLFDQD ORV SULQFLSDOHV XVRV VRQ HO GRPpVWLFR HO DJUtFROD \ HO
JDQDGHUR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q JHQHUDO OD FDOLGDG QDWXUDO GHO DJXD HV EXHQD SHUR KD\ TXH KDFHU QRWDU TXH HQ OD
HYDOXDFLyQ GH OD PLVPD VROR VH GHWHUPLQy OD WHPSHUDWXUD GHO DJXD OD FRQGXFWLYLGDG
HOpFWULFD\HOS+
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/DHYROXFLyQGHORVQLYHOHVVHSUHVHQWDHQPHWURVSDUDHODxR\PHWURV
SDUDHODxRHQHOSXQWRGHUHIHUHQFLDTXHSUHVHQWDPD\RUYDULDELOLGDGHQJHQHUDO
ORV FDPELRV SHUFLELGRV VRQ SHTXHxRV HQ FXDQWR D OD SURIXQGLGDG GH OD QDSD IUHiWLFD
PLHQWUDV TXH WDPELpQ VH REVHUYDURQ SHTXHxRV FDPELRV HQ OD FRQGXFWLYLGDG HOpFWULFD
&(—6FP
2WUDVIXHQWHVGHDJXDV
(O5tR6ROLHWWHFXDQGRWLHQHFDXFH
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q OD 5HS~EOLFD 'RPLQLFDQD ORV YDORUHV DQXDOHV FDOFXODGRV VRQ PX\ YDULDEOHV
REWHQLpQGRVHXQDPHGLDGHSUHFLSLWDFLyQHQOD]RQDGHHVWXGLRGHPP
3XHGH REVHUYDUVH TXH OD GLVWULEXFLyQ PHQVXDO GH ODV SUHFLSLWDFLRQHV SUHVHQWD XQ
UpJLPHQ FRQ XQ SLFR Pi[LPR HQ RFWXEUH \ RWUR HQ PD\R /RV PHVHV PiV VHFRV VRQ
GLFLHPEUHHQHUR\IHEUHUR
185
/DSOXYLRPHWUtDDQXDOGH1HLEDHVGHPPHQDxRVHFRPPHQDxRPHGLR\
PPHQDxRK~PHGR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/D UHFDUJD SRGUtD YHUVH DIHFWDGD SRU OD GLVPLQXFLyQ GH OD FREHUWXUD YHJHWDO GH OD
FXHQFD DIHFWDGD HQ JUDQ PDQHUD SRU OD GHIRUHVWDFLyQ \ HURVLyQ GH ORV VXHORV \D TXH
LPSHGLUtDXQDEXHQDDEVRUFLyQGHODJXD\WHQHUEXHQQLYHOGHLQILOWUDFLyQ
(OIHQyPHQRGHODVHTXtDSRGUtDFDXVDUGDxRVHQODFDSDFLGDGGHUHFDUJDGHODFXtIHUR\D
TXHVXSULQFLSDODSRUWHHVHODJXDSURFHGHQWHGH ODVSUHFLSLWDFLRQHV \HQ PHQRUJUDGR
ODVLQXQGDFLRQHV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(ODFXtIHURSRGUtDVHUXWLOL]DGRHQFDVRGHXQHYHQWRH[WUHPRSRUPHGLRGHORVSR]RV
GLVWULEXLGRVHQHOiUHDGHODFXHQFDGHOD]RQDGH/RV/DJRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/D FREHUWXUD QDWXUDO HVWi UHSUHVHQWDGD SRU ERVTXH FRQtIHUD DELHUWR ERVTXH FRQtIHUD
GHQVRERVTXHODWLIROLDGRK~PHGRERVTXHODWLIROLDGRQXEODGRERVTXHODWLIROLDGRVHPL
QXEODGRERVTXHVHFRPDQJOHVHQHDVPDWRUUDOODWLIROLDGRPDWRUUDOHVVHFRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q FXDQWR D OD FREHUWXUD DFWXDO \ HO XVR GH OD WLHUUD VH SUHVHQWD HVFDVD YHJHWDFLyQ
PDWRUUDOHV VHFRV DJULFXOWXUD PL[WD DUUR] ERVTXH FRQtIHUD DELHUWR ERVTXH FRQtIHUD
GHQVRERVTXHODWLIROLDGRK~PHGRERVTXHODWLIROLDGRQXEODGRERVTXHODWLIROLDGRVHPL
QXEODGRERVTXHVHFRFDIpFDxDFXOWLYRVLQWHQVLYRVHQHDOPDWRUUDOODWLIROLDGRPLQD
SDVWRVDEDQDGHKXPHGDOHVVDOREUHV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRVHQ5HS~EOLFD'RPLQLFDQD
v
v
v
v
v
v
v
v
v
v
v
v
v
v
186
DJULFXOWXUDPL[WD
DUUR]
ERVTXHFRQtIHUDDELHUWR
ERVTXHFRQtIHUDGHQVR
ERVTXHODWLIROLDGRK~PHGR
ERVTXHODWLIROLDGRQXEODGR
ERVTXHODWLIROLDGRVHPLK~PHGR
ERVTXHVHFR
FDxD
FDIp
FXOWLYRVLQWHQVLYRV
HQHDO
HVFDVDYHJHWDFLyQ
PDQJOHV
v
v
v
v
v
PDWRUUDOODWLIROLDGR
PDWRUUDOVHFR
PLQD
SDVWR
VDEDQDGHKXPHGDOHVVDOREUHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
5HIXJLRGH)DXQD6LOYHVWUH$QQDEHOOH6GH'RG&RUUHGRU(FROyJLFR9tD&DEUDO3ROR
5HVHUYD %LROyJLFD 3DGUH 0LJXHO GH )XHUWHV 3DUTXH 1DFLRQDO 6LHUUD GH 1HLED
0RQXPHQWR1DWXUDO/DV&DREDV3DUTXH1DFLRQDO/DJR(QUULTXLOOR\3DUTXH1DFLRQDO
6LHUUDGH%DKRUXFR
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(O/DJR(QULTXLOOR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(O 'LDJQyVWLFR GHO 3ODQ +LGUROyJLFR 1DFLRQDO HV XQ SUR\HFWR FX\R REMHWLYR
EXVFDODRSWLPL]DFLyQGHOXVR\JHUHQFLDGHORVUHFXUVRVKtGULFRVQDFLRQDOHVLQVSLUDGR
GH H[SHULHQFLDV HMHUFLGDV SRU RWUDV QDFLRQHV (VWi SURSXHVWR FRPR HO SODQ PDHVWUR D
SDUWLU GH GRQGH VH GHILQLUiQ ORV FULWHULRV ODV SULRULGDGHV ODV PHWRGRORJtDV \ OD
SODQLILFDFLyQ FRQ ORV FXDOHV VH SUHWHQGH UHDOL]DU XQ DSURYHFKDPLHQWR Pi[LPR \
VRVWHQLEOHGHORVUHFXUVRVKtGULFRVGHOSDtV
&RQWHPSOD FRQWURO \ RUGHQDPLHQWR GH DVHQWDPLHQWRV KXPDQRV H[WUDFFLyQ GH DJXD
VXEWHUUiQHD\FXDOTXLHUDFWLYLGDGTXHFDXVHGDxRVDORVUHFXUVRVKtGULFRV
/H\GH$JXDV6XEWHUUiQHDV
/H\GH&UHDFLyQGHO,1'5+,
3URSXHVWDGH/H\*HQHUDOGH$JXDSHQGLHQWHDSUREDFLyQHQHO&RQJUHVR
3URSXHVWDGH/H\GH$JXD3RWDEOH\6DQHDPLHQWR
/H\VREUH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV
1RUPD$PELHQWDOVREUH&DOLGDGGH$JXDV6XEWHUUiQHDV\'HVFDUJDVDO6XEVXHORDJRVWR
187
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&%$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
5HVXPHQGHODLQIRUPDFLyQGHORVSDtVHV v
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
v
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRVQDWXUDOHVGHO
DFFHVRDOUHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORVDFXtIHURV
v
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJUR
SpUGLGDVHFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
5HS~EOLFD 'RPLQLFDQD 3URGXFFLyQ DJURSHFXDULD \
DJXDGHPD\RUFDOLGDG
5HS~EOLFD'RPLQLFDQD$JULFXOWXUDUHFXUVRVQDWXUDOHV
5HS~EOLFD 'RPLQLFDQD (O tQGLFH GH SREUH]D SDUD ODV
SREODFLRQHV TXH KDELWDQ HQ OD &XHQFD GH =RQD GH /RV
/DJRVHVGH
5HS~EOLFD 'RPLQLFDQD /D DJULFXOWXUD GH OD ]RQD
JDQDGHUtD\VHUYLFLRVGHDJXDSRWDEOH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
([LVWHQDOJXQRVWUDWDGRV\DFXHUGRVHQWUHDPERVSDtVHV
7UDWDGRGH/tPLWHV)URQWHUL]RV
7UDWDGRGH3D]\$PLVWDG
3URWRFRORUHYLVLyQOtQHDIURQWHUL]D
$FXHUGR%iVLFRGH&RRSHUDFLyQ
'HQWUR GHO $FXHUGR %iVLFR GH &RRSHUDFLyQ H[LVWH OD &RPLVLyQ 0L[WD 'RPLQLFR
+DLWtDQD
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
6H KD LPSOHPHQWDGR OD UHDOL]DFLyQ GH WDOOHUHV \ YLVLWDV D ORV GRV SDtVHV WDQWR SDUD
5HS~EOLFD 'RPLQLFDQD FRPR SDUD +DLWt D SDUWLU GHO DxR SDUD FRRUGLQDFLyQ GHO
3UR\HFWR,6$50$PpULFDV
&RODERUDFLyQELQDFLRQDOGH5HS~EOLFD'RPLQLFDQD\+DLWtSDUDJHVWLRQDUHOXVRGHORV
UHFXUVRVKtGULFRVGHORVDFXtIHURVWUDQVIURQWHUL]RV
&RPR $FFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ VH GHVWDFD OD JHVWLyQ RUJDQL]DGD SRU
81(6&22($,6$50 $PpULFDV *HVWLyQ GH ORV $FXtIHURV 7UDQVIURQWHUL]RV GH ODV
$PpULFDV
$8725(6<)8(17(6
5HS~EOLFD'RPLQLFDQD;LRPDUD/OXEHUHV*XHUUHUR6DQWR'RPLQJR
+DLWt(PPDQXHO0ROLqUH\RWURV
188
189
&%6,67(0$$&8Ë)(5275$16)5217(5,=23('(51$/(6
5(3Ò%/,&$'20,1,&$1$+$,7Ë
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R3HGHUQDOHVHVWiXELFDGRHQODSURYLQFLDGHOPLVPR
QRPEUHGHOODGRGRPLQLFDQR\HQHO'HSDUWDPHQWRGHO6XGHVWHGHOODGR+DLWtDQR
6X H[WHQVLyQ HV GH FHUFD GH NP HQ OD 6LHUUD GH %DKRUXFR \ GH NP HQ OD
3HQtQVXOD6XUGH%DUDKRQD
6HJ~QGDWRVGHODxRODFDQWLGDGGHKDELWDQWHVVREUHHOiUHDGHOVLVWHPDDFXtIHURHQ
VXSRUFLyQGRPLQLFDQDHVGHKDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
5RFDVSRURVDVFRQLPSRUWDQFLDKLGURJHROyJLFDDOWDDEDMD
$FXtIHURVFRQWLQXRVGHH[WHQVLyQYDULDEOHOLEUHVFRQVWLWXLGRVSRUVHGLPHQWRVFOiVWLFRV
QR FRQVROLGDGRV 3HUPHDELOLGDG YDULDEOH &DOLGDG TXtPLFD GH ODV DJXDV JHQHUDOPHQWH
EXHQD3RVLELOLGDGHVGHH[SORUDFLyQPHGLDQWHSR]RVKLGURJHROyJLFRV
$FXtIHURVORFDOHVHQFRQWUDGRVHQILQDVFDSDVROHQWHVDUHQRVRV
$FXtIHURVFRQWLQXRVGHH[WHQVLyQUHVWULQJLGDRGHGLItFLOH[SORUDFLyQWDQWROLEUHFRPR
FRQILQDGRV &RQVLVWHQWHV GH VHGLPHQWRV FOiVWLFRV QR FRQVROLGDGRV R FRQVROLGDGRV
3HUPHDELOLGDG JHQHUDOPHQWH EDMD &DOLGDG TXtPLFD GH ODV DJXDV JHQHUDOPHQWH EXHQD
FRQ H[FHSFLyQ GH ]RQDV FRVWHUDV \ FHUFDQDV D ODJXQDV VDOREUHV 3RFD LPSRUWDQFLD
KLGURJHROyJLFD
5RFDVIUDFWXUDGDVFRQLPSRUWDQFLDKLGURJHROyJLFDGHDOWDDEDMD
$FXtIHURV ORFDOHV UHVWULQJLGRV D ]RQDV IUDFWXUDGDV DPSOLDGDV JHQHUDOPHQWH SRU
GLVROXFLyQ FiUVWLFD OLEUHV \R FRQILQDGRV )RUPDGRV SRU URFDV FDOFiUHDV
IXQGDPHQWDOPHQWH DUUHFLIDOHV 3HUPHDELOLGDG JHQHUDOPHQWH DOWD D PHGLDQD $JXDV
JHQHUDOPHQWHGXUDV,PSRUWDQFLDKLGURJHROyJLFDDOWD
$FXtIHURVORFDOHVUHVWULQJLGRVD]RQDVIUDFWXUDGDVOLEUHV\RFRQILQDGRV)RUPDGRVSRU
URFDV FDOFiUHDV 3HUPHDELOLGDG JHQHUDOPHQWH PHGLDQD D EDMD $JXDV JHQHUDOPHQWH
GXUDV,PSRUWDQFLDKLGURJHROyJLFDDOWDDPHGLDQD
$FXtIHURV ORFDOHV UHVWULQJLGRV D ]RQDV IUDFWXUDGDV OLEUHV \R FRQILQDGRV )RUPDGRV
IXQGDPHQWDOPHQWH SRU URFDV FDOFiUHDV PDUJRVDV 3HUPHDELOLGDG JHQHUDOPHQWH EDMD
$JXDVJHQHUDOPHQWHGXUDV,PSRUWDQFLDPHGLDQDDEDMD
6XU\VXURHVWHDELHUWR\HQFRQH[LyQKtGULFDGHODVFDOL]DVDUUHFLIDOHVGHO0LRFHQR0F
FRQ HO PDU HQWUH HO &DER %HDWD \ 3HGHUQDOHV 6RODPHQWH H[LVWLUi XQ WUDPR FHUUDGR R
HVWDQFR HQWUH 3HGHUQDOHV \ HO OtPLWH IURQWHUL]R FRQ +DLWt DO DIORUDU ODV PDUJDV GHO
2OLJRFHQR0LRFHQR2PF
190
=RQDGHUHFDUJD
(Q 5HS~EOLFD 'RPLQLFDQD HO YROXPHQ GH UHFDUJD DQXDO SRU LQILOWUDFLyQ GH OD OOXYLD
KPHV0HULGLRQDO\3HQtQVXOD6XUGH%DUDKRQDHQDxRPHGLRHQDxRVHFR\
HQDxRK~PHGR\HOYROXPHQGHUHFDUJDDQXDOSRUUHWRUQRVGHULHJRKPHV
([SORWDFLyQ
/D H[SORWDFLyQ SXHGH VHU FRQVLGHUDGD FRPR GH QLYHO PHGLR HQ VX JUDQ PD\RUtD
UHVSRQGHDH[WUDFFLRQHVHIHFWXDGDVFRQSR]RVGHHVFDVDSURIXQGLGDGPHQRUHVGHP
\GHOLPLWDGRGLiPHWURGHHQWXEDFLyQLQIHULRUDPP
+DFLHQGR HO FiOFXOR SDUD OD 6XEXQLGDG 0HULGLRQDO GH %DKRUXFR \ 3HQtQVXOD 6XU GH
%DUDKRQDFRQXQDSREODFLyQGHKDELWDQWHVVHREWLHQH
v ([WUDFFLRQHVVHJ~QGRWDFLyQOKDEGtD KPDxR
v ([WUDFFLRQHVVHJ~QGRWDFLyQOKDEGtD KPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
(Q5HS~EOLFD'RPLQLFDQDODSREODFLyQHQ]RQDVGHGHVFDUJDHVWiFRPSXHVWDSRU
v 3URYLQFLD3HGHUQDOHVVHFFLRQHV3HGHUQDOHV&DER5RMR/DV0HUFHGHV0HQFLD
KDELWDQWHV
v 6XEXQLGDG0HULGLRQDOGH%DKRUXFR\3HQtQVXOD6XUGH%DUDKRQD
KDELWDQWHV
8VRV
3DUDOD5HS~EOLFD'RPLQLFDQDORVSULQFLSDOHVXVRVVRQHOGRPpVWLFR\ULHJR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q5HS~EOLFD'RPLQLFDQDODFDOLGDGGHODJXDHVUD]RQDEOHPHQWHEXHQDHQODPD\RUtD
GH ORV FDVRV SSP GH FORUXUR /D OiPLQD GH DJXD GXOFH QR H[FHGH P GH
HVSHVRU
/D FRQGXFWLYLGDG GH ODV PXHVWUDV GH DJXD DQDOL]DGDV HVWi FRPSUHQGLGD HQWUH \
M6FP
(QHOFDVRGHODWHPSHUDWXUDODVDJXDVGHOD]RQDGHHVWXGLRWLHQHQYDORUHVTXHRVFLODQ
HQWUH\ž&
191
3RU~OWLPRORVYDORUHVGHS+RVFLODQHQWUH\
/DSULPHUDFDPSDxDGHPXHVWUHRKLGURTXtPLFRVHKDOOHYDGRDFDERHQHQHURGH
PLHQWUDVTXHODVHJXQGDFDPSDxDVHUHDOL]yHQPD\RGH
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q JHQHUDO H[LVWH SRFD LQIRUPDFLyQ UHIHUHQWH D ORV FDPELRV HQ OD GLVSRQLELOLGDG \
FDOLGDGGHODJXDHQHODFXtIHURODLQIRUPDFLyQH[LVWHQWHUHIOHMDYDORUHVGHFRQGXFWLYLGDG
PX\EDMDSDUD SR]RVH[LVWHQWHVHQOD]RQD GHO DFXtIHUR HQHVWXGLR(QHVWRV
GDWRVSRGHPRVREVHUYDUTXHORVQLYHOHVQRKDQYDULDGRPXFKRFRQUHVSHFWRDOWLHPSR
GHPHGLFLyQDQXDO
(QOD]RQDGH&DER5RMR3HGHUQDOHVVHREVHUYDXQDVDOLQL]DFLyQSRUDJXDGHOPDUFX\D
FRQWLQXDFLyQWLHUUDDGHQWURQRHVWiWRGDYtDGHILQLGD
2WUDVIXHQWHVGHDJXDV
5tR3HGHUQDOHV5tR%RQLWR\5tR0XOLWRHQ5HS~EOLFD'RPLQLFDQD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
/RV YDORUHV DQXDOHV GH SUHFLSLWDFLyQ VRQ PX\ YDULDEOHV REWHQLpQGRVH XQ PyGXOR
SOXYLRPpWULFRDQXDOHQ3HGHUQDOHVGHPP
/D UHFDUJD SRU LQILOWUDFLyQ GLUHFWD GHO DJXD GH OOXYLD FRQVWLWX\H OD FRPSRQHQWH PiV
LPSRUWDQWH GH OD UHFDUJD GH OD ]RQD KLGURJHROyJLFD HQ HVWXGLR TXH VH SURGXFH SRU
LQILOWUDFLyQ GH OD OOXYLD SUHFLSLWDGD VREUH ODV VXSHUILFLHV GH ORV PDWHULDOHV SHUPHDEOHV
DIORUDQWHVWDQWRGHWLSRFDUERQDWDGRFRPRGHWUtWLFR
192
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6L ODV SUHFLSLWDFLRQHV VXIUHQ FDPELRV GLVPLQX\HQGR VX SURPHGLR DQXDO OD UHFDUJD GHO
DFXtIHURSRGUtDYHUVHDIHFWDGD\DTXHGHSHQGHSULQFLSDOPHQWHGHODOOXYLD7DPELpQVH
YHUtDDIHFWDGDSRUODGLVPLQXFLyQGHODFREHUWXUDYHJHWDOGHODFXHQFDODGHIRUHVWDFLyQ
\ HURVLyQ GH ORV VXHORV TXH LPSHGLUtD OD LQILOWUDFLyQ GHO DJXD SURYRFDQGR PD\RUHV
HVFRUUHQWtDVVXSHUILFLDOHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(OIHQyPHQRGHODVHTXtDSRGUtDFDXVDUXQDGLVPLQXFLyQHQODUHFDUJDGHODFXtIHUR\D
TXH VX SULQFLSDO DSRUWH HV OD LQILOWUDFLyQ SURGXFWR GH ODV SUHFLSLWDFLRQHV \ HQ PHQRU
JUDGRODVLQXQGDFLRQHV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
'XUDQWH \ GHVSXpV GH HYHQWRV H[WUHPRV ORV SR]RV XELFDGRV HQ GLFKR DFXtIHUR SXHGHQ
VHJXLU VLHQGR XWLOL]DGRV WRPDQGR OD PHGLGD GH DQDOL]DU ODV DJXDV UHJXODUPHQWH SDUD
FRPSUREDUVXFDOLGDG
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&RPRXQLGDGHVGHSDLVDMHVHPHQFLRQDQ3DUTXH1DFLRQDO6LHUUDGH%DKRUXFR/RPDOD
0DQLJXD /RPD &XHVWD %ODQFD &HUUR GHO 0DQJXLWR &RORQLD DJUtFROD )ORU GH 2UR
/RPDGH&DVXUGR/RPD/DV7ULQFKHUDV/RPD4XHPDGD/RPDGH0RQ*DUDWD/RPD
GH3HEOLTXH
/D FREHUWXUD QDWXUDO HVWi UHSUHVHQWDGD SRU ERVTXH FRQtIHUD DELHUWR ERVTXH FRQtIHUD
GHQVRERVTXHODWLIROLDGRQXEODGRERVTXHVHFRPDWRUUDOODWLIROLDGRPDWRUUDOVHFR
(Q+DLWtVHHQFXHQWUDHO3DUTXH1DFLRQDO&LWDGHOOH\HO3DUTXH1DFLRQDO/D9LVLWHHQHO
0DFL]RGHOD6HOOH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(QFXDQWRDODFREHUWXUDDFWXDO\HOXVRGHODWLHUUDVHSUHVHQWDDJULFXOWXUDPL[WDDUUR]
ERVTXH FRQtIHUD DELHUWR ERVTXH FRQtIHUD GHQVR ERVTXH ODWLIROLDGR QXEODGR ERVTXH
VHFRFDIpFXOWLYRVLQWHQVLYRVHVFDVDYHJHWDFLyQPDWRUUDOODWLIROLDGRPDWRUUDOVHFR \
]RQDSREODGD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q5HS~EOLFD'RPLQLFDQD\HQ+DLWtSUHGRPLQDODDJULFXOWXUDPL[WD
193
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
3DUTXH 1DFLRQDO 6LHUUD GH %DKRUXFR HQ 5HS~EOLFD 'RPLQLFDQD \ 3DUTXH 1DFLRQDO
&LWDGHOOH\OD9LVLWHHQ+DLWt
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q5HS~EOLFD'RPLQLFDQDHO5tR3HGHUQDOHV\HQ+DLWtHO5tR6ROLHWWH
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(O 'LDJQyVWLFR GHO 3ODQ +LGUROyJLFR 1DFLRQDO HV XQ SUR\HFWR FX\R REMHWLYR
EXVFDODRSWLPL]DFLyQGHOXVR\JHUHQFLDGHORVUHFXUVRVKtGULFRVQDFLRQDOHVLQVSLUDGR
GH H[SHULHQFLDV HMHUFLGDV SRU RWUDV QDFLRQHV (VWi SURSXHVWR FRPR HO SODQ PDHVWUR D
SDUWLU GH GRQGH VH GHILQLUiQ ORV FULWHULRV ODV SULRULGDGHV ODV PHWRGRORJtDV \ OD
SODQLILFDFLyQ FRQ ORV FXDOHV VH SUHWHQGH UHDOL]DU XQ DSURYHFKDPLHQWR Pi[LPR \
VRVWHQLEOHGHORVUHFXUVRVKtGULFRVGHOSDtV
&RQWHPSOD
&RQWURODU\RUGHQDUORVDVHQWDPLHQWRVKXPDQRVH[WUDFFLyQGHDJXDVXEWHUUiQHD
\FXDOTXLHUDFWLYLGDGTXHFDXVHGDxRVDORVUHFXUVRVKtGULFRV
(VWLPDU\SUR\HFWDUGHPDQGDVHQWRGRVORVVHFWRUHVXVXDULRVGHODJXD
,GHQWLILFDUODVSRVLEOHVPHGLGDV\DFFLRQHVSULRULWDULDVSDUDDWHQGHUODFUHFLHQWH
GHPDQGDGHDJXD\DOLYLDUODWHQVLyQKtGULFDYLJHQWH
$UPRQL]DU ORV GLYHUVRV SODQHV GH GHVDUUROOR HQ ORV VHFWRUHV VRFLDOHV \
SURGXFWLYRVFRQODVSUHYLVLRQHVFRUUHVSRQGLHQWHVDOXVRGHODJXD\VXSRWHQFLDO
SDUDGLVSRQHUGHXQPDUFRLQWHJUDGRUGHODVSROtWLFDV\HVWUDWHJLDVHQEDVHDOXVR
VXVWHQWDEOHGHORVUHFXUVRVKtGULFRV
3URSRQHU DFFLRQHV \ SUR\HFWRV SULRULWDULRV TXH DSRUWHQ D OD VROXFLyQ GH ODV
QHFHVLGDGHV \ SUREOHPDV LGHQWLILFDGRV SDUD VDWLVIDFHUORV RSWLPL]DQGR HO JUDGR
GH DSURYHFKDPLHQWR GHO DJXD SDUD VXVWHQWDU ORV SODQHV GH FUHFLPLHQWR VRFLDO \
HFRQyPLFR
&XDQWLILFDUORVUHFXUVRVHFRQyPLFRVUHTXHULGRVSDUDLPSOHPHQWDUODVDFFLRQHV\
SUR\HFWRV SULRULWDULRV LGHQWLILFDQGR ODV RSFLRQHV ILQDQFLHUDV \ ODV SRVLEOHV
IXHQWHV GH ILQDQFLDFLyQ SURSRQLHQGR DGHPiV XQ FRQMXQWR GH DFWXDFLRQHV \
PHGLGDVLQVWLWXFLRQDOHVFRDG\XYDQWHVSDUDKDFHUIUHQWHDPHWDVGHGHVDUUROOR\
HILFLHQFLDHQHODSURYHFKDPLHQWRGHORVUHFXUVRVKtGULFRV
0DQHMR DPELHQWDO TXH LQFOX\H HO XVR GH ORV UHFXUVRV VXEWHUUiQHRV
WUDQVIURQWHUL]RV GLVSRQLEOHV SDUD PHMRUDU HO XVR GHO VXHOR HQ ODV SODQLFLHV
194
LQWUDPRQWDQDV \FRVWHUDVTXHKDQVLGRSURJUHVLYDPHQWHGHJUDGDGDVSRUHOPDO
PDQHMRGHODJXDHQpSRFDVGHVHTXtDV
/H\GH$JXDV6XEWHUUiQHDV
/H\GH&UHDFLyQGHO,1'5+,
3URSXHVWDGH/H\GH$JXD3RWDEOH\6DQHDPLHQWR
/H\VREUH0HGLR$PELHQWH\5HFXUVRV1DWXUDOHV
1RUPD$PELHQWDOVREUH&DOLGDGGH$JXDV6XEWHUUiQHDV\'HVFDUJDVDO6XEVXHORDJRVWR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&%$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
5HS~EOLFD 'RPLQLFDQD 3URGXFFLyQ DJURSHFXDULD \ DJXD GH PD\RU
FDOLGDG
5HS~EOLFD'RPLQLFDQD$JULFXOWXUDUHFXUVRVQDWXUDOHV
5HS~EOLFD 'RPLQLFDQD (O tQGLFH GH SREUH]D SDUD ODV SREODFLRQHV
TXHKDELWDQHQOD]RQDHVGH
5HS~EOLFD 'RPLQLFDQD /D DJULFXOWXUD GH OD ]RQD JDQDGHUtD \
VHUYLFLRVGHDJXDSRWDEOH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
([LVWHQDOJXQRV7UDWDGRV\$FXHUGRVHQWUHDPERVSDtVHV
7UDWDGRGH/tPLWHV)URQWHUL]RV
7UDWDGRGH3D]\$PLVWDG
3URWRFRORUHYLVLyQOtQHDIURQWHUL]D
$FXHUGR%iVLFRGH&RRSHUDFLyQ
'HQWUR GHO $FXHUGR %iVLFR GH &RRSHUDFLyQ H[LVWH OD &RPLVLyQ 0L[WD 'RPLQLFR
+DLWtDQD
3DUDHOHQODLVODFDULEHxDORVJRELHUQRVGH+DLWt\5HS~EOLFD'RPLQLFDQDEDMR
ORV DXVSLFLRV GHO 3URJUDPD 81(6&22$6 ,6$50 $PpULFDV DFRUGDURQ WUDEDMDU HQ
FRQMXQWR HQ OD JHVWLyQ GH ORV DFXtIHURV WUDQVIURQWHUL]RV$UWLERQLWR \ 0DVDFUH FRQ HO
REMHWLYRGHLQWHJUDUHOPDQHMRGHOUHFXUVRVXEWHUUiQHRFRPSDUWLGRGHQWURGHOPDUFRGH
ODJHVWLyQGHOD&XHQFDGHO$UWLERQLWR\0DVDFUH
195
(QHO)RQGRSDUDHO0HGLR$PELHQWH0XQGLDO*()DSUXHEDHOILQDQFLDPLHQWR
GHORVWUDEDMRVGHSUHSDUDFLyQSDUDHO3UR\HFWR$FXtIHURV$UWLERQLWR\0DVDFUH
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
5HDOL]DFLyQGHWDOOHUHV\YLVLWDVDORVGRVSDtVHV5HS~EOLFD'RPLQLFDQD\+DLWtHQHO
DxRSDUDFRRUGLQDFLyQGHSUR\HFWRGHDFXtIHURVWUDQVIURQWHUL]RVDXVSLFLDGRSRUOD
81(6&22($,6$50$PpULFDV
/D JHVWLyQ FRQMXQWD \ VRVWHQLEOH GH ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV FRPSDUWLGRV GH
/D+LVSDQLRODD\XGDUiDPLWLJDUHOtQGLFHGHGHJUDGDFLyQGHVXHORV\GHORVHFRVLVWHPDV
DVRFLDGRVDODVDJXDVVXEWHUUiQHDV\DDOLYLDUHODOWRtQGLFHGHSREUH]D
$8725(6<)8(17(6
5HS~EOLFD'RPLQLFDQD<HQQ\5RGUtJXH](QFDUQDFLyQ
+DLWt(PPDQXHO0ROLqUH\RWURV
196
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH&HQWURDPpULFD
&6RFRQXVFR6XFKLDWH&RDWiQ*XDWHPDOD0p[LFR
&&KLFRPXVHOR&XLOFR6HOHJXD*XDWHPDOD0p[LFR
&2FRVLQJR8VXPDFLQWD3RFyP,[FiQ*XDWHPDOD0p[LFR
&0iUTXH]GH&RPLOODV&KL[R\;DFOEDO*XDWHPDOD0p[LFR
&%RFDGHO&HUUR6DQ3HGUR*XDWHPDOD0p[LFR
&7ULQLWDULD1HQWyQ*XDWHPDOD0p[LFR
&3HQtQVXODGH<XFDWiQ&DQGHODULD+RQGR*XDWHPDOD0p[LFR%HOLFH
&0RSiQ%HOLFH*XDWHPDOD%HOLFH
&3XVLOD0RKR*XDWHPDOD%HOLFH
&±6DUVW~Q*XDWHPDOD%HOLFH
&±7HPDVK*XDWHPDOD%HOLFH
&'HOWDGHO5tR0RWDJXD*XDWHPDOD+RQGXUDV
&&KLTXLPXOD&RSiQ5XLQDV*XDWHPDOD+RQGXUDV
&(VTXLSXODV2FRWHSHTXH&LWDOi*XDWHPDOD+RQGXUDV(O6DOYDGRU
&2VWXD0HWDSiQ(O6DOYDGRU*XDWHPDOD
&5tR3D](O6DOYDGRU*XDWHPDOD
&(VWHUR5HDO5tR1HJUR+RQGXUDV1LFDUDJXD
&±6L[DROD&RVWD5LFD3DQDPi
197
198
199
&6,67(0$
$&8Ë)(52
75$16)5217(5,=2
62&2186&2
68&+,$7(&2$7$1
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 6RFRQXVFR6XFKLDWH&RDWiQ VH H[WLHQGH SRU HO
(VWDGRGH&KLDSDVHQ0p[LFR\HQHO'HSDUWDPHQWRGH6DQ0DUFRVHQ*XDWHPDOD/D
WRSRJUDItD HV SUHGRPLQDQWHPHQWH PRQWDxRVD HQ VX SDUWH DOWD \ GH UHOLHYH SODQR HQ VX
SRUFLyQFRVWHUD
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRVGHO
DxR\VHHQFXHQWUDFRQFHQWUDGDHQOD]RQDFRVWHUDPLHQWUDVTXHHQ*XDWHPDODOD
SREODFLyQ HV GH KDELWDQWHV \ VH XELFD HQ YDOOHV ODGHUDV GH PRQWDxDV \ OD
PD\RUtD HQ OD SODQLFLH FRVWHUD GHO 2FpDQR 3DFtILFR (O iUHD GHO VLVWHPD DFXtIHUR HQ
0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR HVWi FRQVWLWXLGR SRU PDWHULDOHV DOXYLDOHV GH JUDQXORPHWUtD YDULDGD TXH
GHVFDQVDQVREUHURFDVFULVWDOLQDVJUDQLWRVGLRULWDV\YROFiQLFDVGHO7HUFLDULREDVDOWRV
\DQGHVLWDVHPLWLGDVSRUHO9ROFiQ7DFDQi
(ODFXtIHURHVGHWLSROLEUHGHFDUDFWHUtVWLFDVKLGUiXOLFDVYDULDGDV\HVWiFRQHFWDGRFRQ
HO5tR6XFKLDWHHQVXSRUFLyQEDMDHOFXDOFRQVWLWX\HVXQLYHOEDVHGHGHVFDUJD(QOD
SRUFLyQ DOWD HO IOXMR VXEWHUUiQHR HV GH *XDWHPDOD KDFLD 0p[LFR HQ OD SRUFLyQ EDMD
SUDFWLFDPHQWHQRH[LVWHFLUFXODFLyQVXEWHUUiQHDDWUDYpVGHODIURQWHUDLQWHUQDFLRQDO
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/DSURIXQGLGDGDOQLYHOGHODJXDVXEWHUUiQHDYDUtDHQODSODQLFLHGHDPHWURV(QOD
SDUWH DOWD GHO DFXtIHUR HV IUHFXHQWH OD DSDULFLyQ GH PDQDQWLDOHV GHELGR DO FRQWUDVWH GH
SHUPHDELOLGDGHV HQ HO FRQWDFWR HQWUH ODV URFDV DQGHVtWLFDV WREDV OLPRDUHQRVDV \
EUHFKDV TXH VRQ SURGXFWR GH ODV HPLVLRQHV GHO 9ROFiQ 7DFDQi 6H WUDWD GH DFXtIHURV
FROJDGRVVLQFRQH[LyQKLGUiXOLFDFRQHODFXtIHURJUDQXODUGHODSODQLFLHFRVWHUD
=RQDVGHUHFDUJD
/DV ]RQDV GH UHFDUJD HVWiQ FRQVWLWXLGDV SRU ORV DIORUDPLHQWRV GH URFDV YROFiQLFDV TXH
FRQVWLWX\HQODVODGHUDVGHO9ROFiQ7DFDQi/DUHFDUJDVHKDHVWLPDGRHQKPDxR
([SORWDFLyQ\FDXGDOHV
/D SREODFLyQ QR GHSHQGH H[FOXVLYDPHQWH GHO DSURYHFKDPLHQWR GHO DJXD VXEWHUUiQHD
H[WUDtGDPHGLDQWHSR]RVGDGDODDEXQGDQFLDGHDJXDVXSHUILFLDOHQUtRV\PDQDQWLDOHV
/D H[WUDFFLyQ HV GHO RUGHQ GH ORV KPDxR GHVWLQDGRV FDVL HQ VX WRWDOLGDG DO XVR
DJUtFROD
200
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
0p[LFR
*XDWHPDOD
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
KDELWDQWHV
KDE
FRQFHQWUDGDHQODVGRV
SULQFLSDOHVFLXGDGHV
7DSDFKXOD\+XL[WOD
KDELWDQWHV
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
0DP.LFKp
KDE
KDE
KDE
,QFOX\HODSREODFLyQGHODV
ORFDOLGDGHVGRQGHVHH[WUDH
DJXDVXEWHUUiQHD
KDE
8VRV
(ODJXDVXEWHUUiQHDWLHQHPD\RULPSRUWDQFLDHQORVSHUtRGRVGHHVWLDMHSDUDHOFRQVXPR
KXPDQR\HOGHVDUUROORDJUtFRODVLHQGRHQODSRUFLyQFRVWHUDGHO2FpDQR3DFtILFRGRQGH
WLHQHPD\RULQFLGHQFLD\DTXHHQODSDUWHEDMDGHODFXHQFDHVIXHQWHLPSRUWDQWHSDUDOD
DJULFXOWXUDTXHRFXSDHOPD\RUSRUFHQWDMHGHXWLOL]DFLyQPLHQWUDVTXHSDUDFRQVXPR
GRPpVWLFRSHFXDULRVHGHEHFRQVLGHUDUHOXVRHQWRGDVXH[WHQVLyQ
&XDGUR&3RUFHQWDMHGHXVRVGHODJXDGHO6LVWHPD$FXtIHUR
8VRV
0p[LFR
*XDWHPDOD
5LHJR
'RPpVWLFR
,QGXVWULDO
2WURVXVRV
3DUDHOFDVRGH0p[LFRH[LVWHXQDFXDQWLILFDFLyQGHORTXHUHSUHVHQWDQHVRVSRUFHQWDMHV
HQYROXPHQGHDJXDVXEWHUUiQHDFRQVXPLGD
o
5LHJR KP
o
'RPpVWLFR KP
o
3~EOLFRXUEDQR KP
o
,QGXVWULDO KP
201
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR \ HQ ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
/D FDOLGDG QDWXUDO GHO DJXD HV HQ JHQHUDO EXHQD SDUD WRGRV ORV XVRV VLQ HPEDUJR HO
FRQRFLPLHQWRTXHVHWLHQHGHOVLVWHPDDFXtIHURHVHVFDVRHOPRQLWRUHRGHQLYHOHV\GH
FDOLGDG GHO DJXD VXEWHUUiQHD WLHQH SRFD FREHUWXUD \ IDOWD DFWXDOL]DU OD HYDOXDFLyQ GHO
VLVWHPDHQFXDQWRDVXUHQRYDFLyQ
(VWiH[SXHVWRDODLQWUXVLyQVDOLQDHQODSRUFLyQFRVWHUD\VXFDOLGDGKDVLGRGHWHULRUDGD
SRUODVDFWLYLGDGHVDJURSHFXDULDVGHSRVLFLyQGHGHVHFKRVOtTXLGRV\VyOLGRV
/RVHYHQWRVPHWHRUROyJLFRVH[WUHPRVFRPRVHTXtDVKXUDFDQHV\WRUPHQWDVWURSLFDOHV
SXHGHQDIHFWDUODFDOLGDG\GLVSRQLELOLGDGGHDJXDDKRUDELHQHQFXDQWRDORVULHVJRV
VLJQLILFDWLYRVGHLPSDFWRWUDQVIURQWHUL]RVHSXHGHH[SUHVDUTXHKDVWDHOPRPHQWRVRQ
PtQLPRV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXH OD GLVSRQLELOLGDG GH DJXD VXEWHUUiQHD \ VXSHUILFLDO HV DEXQGDQWH OD FDOLGDG
TXtPLFDUHVWULQJHVXXVRHQDOJXQRVOXJDUHV
/D FDOLGDG GHO DJXD VXEWHUUiQHD VH KD GHWHULRUDGR FRPR FRQVHFXHQFLD GH ODV SUiFWLFDV
DJURSHFXDULDV OD GHSRVLFLyQ GH GHVHFKRV VyOLGRV \ OtTXLGRV \ OD LQFLGHQFLD GH
IHQyPHQRVPHWHRUROyJLFRVH[WUHPRV
(Q HO $FXtIHUR 6XFKtDWH&RDWiQ VH KDQ ORFDOL]DGR iUHDV FRQ DJRWDPLHQWR GH DJXDV
VXEWHUUiQHDV\HQOD]RQDFRVWHUDGHO2FpDQR3DFtILFR\DHPSLH]DQDSUHVHQWDUVHVLWLRV
FRQLQWUXVLRQHVPDULQDVHQIRUPDORFDOL]DGDFRPRSRUHMHPSORHQHOSDUFHODPLHQWR/D
%ODQFD
/DV FRQWDPLQDFLRQHV QRUPDOPHQWH WLHQGHQ D DXPHQWDU$VSHFWRV WDOHV FRPR HO FRORU
RORUHV VDERU VDOLQLGDG \ HQIHUPHGDGHV PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD
HVWDFLRQDOLGDG FOLPiWLFD FRQ HO HVIXHU]R GHO FRQWURO GH ORV YHFWRUHV SRU SDUWH GHO
0LQLVWHULRGH6DOXG3~EOLFD\$VLVWHQFLD6RFLDO
2WUDVIXHQWHVGHDJXD
'HO ODGR PH[LFDQR QR H[LVWHQ IXHQWHV DOWHUQDV SDUD HO VXPLQLVWUR GH ODV SREODFLRQHV
XUEDQDV /DV FRPXQLGDGHV UXUDOHV VH DEDVWHFHQ GH ORV PDQDQWLDOHV TXH H[LVWHQ HQ ODV
HVWULEDFLRQHVGHO9ROFiQ7DFDQiDOLPHQWDGRVSRUODVLQWHQVDVOOXYLDVTXHVHUHJLVWUDQHQ
HVWD]RQDODVPiVDEXQGDQWHVGHOSDtV
$KRUD ELHQ SDUD OD SRUFLyQ JXDWHPDOWHFD GHO VLVWHPD DFXtIHUR VH LQGLFD TXH HQ ORV
DOWLSODQRVSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVHQHOSLHGHPRQWDxDVHGHSHQGHGH
ODV OOXYLDV \ ORV PDQDQWLDOHV SRU OD FDOLGDG GHO DJXD \ HQ ODV ]RQDV FRVWHUDV ODV
202
DOWHUQDWLYDVVRQHODJXDGHOOXYLDHQODpSRFDOOXYLRVD\ORVSR]RVDUWHVDQDOHVHQODpSRFD
VHFDGHODxR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'DGDODYDULDFLyQLPSRUWDQWHGHVXHOHYDFLyQWRSRJUiILFDTXHYDUtDGHKDVWDPiVGH
PVQPODSUHFLSLWDFLyQSOXYLDOPHGLDDQXDOWLHQHXQDYDULDFLyQPX\LPSRUWDQWH
6H FRQVLGHUD TXH VX YDORU SURPHGLR DQXDO HV GHO RUGHQ GH ORV PP FRQ YDORUHV
H[WUHPRVPiVDOWRVTXHVXSHUDQORVPP(VWDHVODUHJLyQGHOSDtVGRQGHOOXHYH
PiVGXUDQWHFDVLWRGRHODxR
6LFRQVLGHUDPRVHOSHUtRGRGHORV~OWLPRVDxRVYHUHPRVTXHHQORVSULPHURVDxRV
VHSUHVHQWDURQDEDWLPLHQWRVPRGHUDGRVHQOD]RQDGHOOLWRUDOGHO2FpDQR3DFtILFRSHUR
SRVWHULRUPHQWH HQ ORV ~OWLPRV DxRV ORV UHJLVWURV GH OOXYLDV VH PRVWUDURQ EDVWDQWH
QRUPDOHVLQFOXVRVHSUHVHQWDURQDOJXQDVLQXQGDFLRQHVSRUORTXHVHSXHGHFRQVLGHUDU
TXH OD VLWXDFLyQ GH OD UHFDUJD KR\ HQ GtD HV QRUPDO \ OD PD\RUtD GH ORV SR]RV
DUWHVDQDOHV \ H[FDYDGRV \ OD UHFDUJD GHO DFXtIHUR QR VH KDQ YLVWR GUiVWLFDPHQWH
DIHFWDGRV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RU ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV VLHPSUH KDEUi DOWLEDMRV FRQ FDPELRV
SRVLWLYRV\QHJDWLYRV/D]RQDVHFDUDFWHUL]DSRUSUHVHQWDUXQDIUHFXHQWHLQFLGHQFLDGH
KXUDFDQHV\WRUPHQWDVWURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQHOUpJLPHQGHUHFDUJD
GHO DFXtIHUR DORMDGR HQ OD SODQLFLH FRVWHUD PLHQWUDV TXH OD UHFDUJD HQ iUHDV GH
SHQGLHQWHV\FRQFREHUWXUDYHJHWDOVHDIHFWDSRUHOFDPELRHQHOXVRGHOVXHOR\SRUHO
DYDQFHGHODVXUEDQL]DFLRQHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOH SDUD ODV FRPXQLGDGHV XUEDQDV \ UXUDOHV PH[LFDQDV VLHQGR QHFHVDULR FRQVWUXLU
QXHYDV IXHQWHV HQ OXJDUHV PiV VHJXURV \ SURWHJLGRV GH OD LQIOXHQFLD GH ODV DYHQLGDV
H[WUDRUGLQDULDV
$ORWURODGRGHODIURQWHUDHQORVERVTXHVVHPLVHFRVVXEWURSLFDOHVHQHOOLWRUDOFRVWHUR
GHO 2FpDQR 3DFtILFR ODV VHTXtDV \ ODV LQXQGDFLRQHV SXHGHQ REVHUYDUVH WRGRV ORV DxRV
GHSHQGLHQGRODpSRFDGHOPLVPR\HVWiHQIXQFLyQGHGLVWULEXFLyQDUHDO\FDQWLGDGGH
OOXYLDSUHFLSLWDGD
(Q ODV ]RQDV GH DOWLSODQR ODV VHTXtDV FOLPiWLFDV LPSDFWDQ VREUH OD GLVSRQLELOLGDG GH
FDXGDOHVGHSR]RV\PDQDQWLDOHV/RVWHUUHPRWRVFDPELDQHOUpJLPHQGHDOJXQDVFDSDV
DFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDVHQODViUHDVGHDOWLSODQRV
203
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRVWHUDVPLHQWUDVTXH0p[LFRLQGLFDTXHODXWLOL]DFLyQGHO
DFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDVPiVSURWHJLGDV\R
GHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQORVERVTXHVODVHOYD
SDVWL]DOHV\]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV\
VHOYD
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV \
SURGXFWLYDVHQODV0RQWDxDVGHOD6LHUUD0DGUHDOQRUWHGHODFXHQFDORVYROFDQHVGH
7DFDQi\7DMXPXOFRODViUHDVGH6LELQDO,[FKLJXiQ7RMTXLiQ6DQWD0DUWD0HOpQGUH]
/RV/LPRQHV(O3ODWDQDUORVHVWHURVGHO5tR6XFKLDWHODVSOD\DVGH2FyV\/RV)DURV
(OiUHDGHSODQLFLHFRVWHUDHVWiWRWDOPHQWHGHGLFDGDDDJULFXOWXUD\JDQDGHUtDLQWHQVLYD\
H[WHQVLYD
(QFXDQWRDODFREHUWXUDQDWXUDO*XDWHPDODLQGLFDTXHHVWDUtDFRPSXHVWDGHSDMRQDOHV
HQDOWXUDVPD\RUHVGHORVPVQPDFRQWLQXDFLyQYLHQHQORVERVTXHVGHFRQtIHUDV\
GH SHUHQQLIyOLDV GH D ERVTXHV GH TXHFXV UREOHV \ RWUDV HVSHFLHV
DXWyFWRQDVSRVWHULRUPHQWHSDUWHGHOD]RQDFDIHWDOHUDGHOVXURHVWHGH*XDWHPDOD(QOD
SODQLFLH FRVWHUD VH REVHUYDQ SODQWDFLRQHV H[WHQVLYDV FRQ DOWHUQDQFLD GH YHJHWDFLyQ
VHOYiWLFDSDVWL]DOHV \ODUHVHUYDGHERVTXHGHPDQJOHHQORVFDQDOHV \HVWXDULRVHQOD
GHVHPERFDGXUDGHO5tR6XFKLDWH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
0LHQWUDV TXH ODV SULQFLSDOHV FREHUWXUDV QDWXUDOHV VRQ ORV ERVTXHV OD VHOYD \ ORV
SDVWL]DOHV ORV XVRV GHO VXHOR FRUUHVSRQGHQ D ODV ]RQDV DJUtFRODV \ ORV FHQWURV GH
SREODFLyQ
$FWXDOPHQWHVREUHHOVLVWHPDDFXtIHURVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGH
PDt] VRUJR KRUWDOL]DV GH FOLPD FiOLGR IUXWDOHV WURSLFDOHV ]RQDV FRQ PDQJOH
JDQDGHUtDV H[WHQVLYDV SLxD PDQJR KXOH R FDXFKR FDFDR \ SDOPD DIULFDQD \ ODV
XUEDQL]DFLRQHVGHODVSREODFLRQHV(QODVPRQWDxDVFRQJUDQGHVHVIXHU]RVVHWUDWDGH
PDQWHQHUODViUHDVERVFRVDV\ODVSODQWDFLRQHVGHFDIp
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RVFXOWLYRVSULQFLSDOHVVRQFDIpFDFDRSOiWDQRPDQJRPDt]SDSD\D\OLPyQ
204
*XDWHPDOD SXQWXDOL]D TXH ODV SODQWDFLRQHV RFXSDQ XQ \ ORV KDWRV GH D DQLPDOHVKHFWiUHDXQWRGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMDPLHQWUDV
TXHODFREHUWXUDGHWLHUUDVQDWXUDOHVDOFDQ]DXQ
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DV iUHDV QDWXUDOHV SURWHJLGDV SDUD OD SRUFLyQ PH[LFDQD VRQ HO 9ROFiQ 7DFDQi \ /D
(QFUXFLMDGD PLHQWUDV TXH HQ *XDWHPDOD VH HQFXHQWUDQ WLHUUDV QDWXUDOHV HQ ODV
0RQWDxDVGHOD6LHUUD0DGUHDOQRUWHGHODFXHQFDORVYROFDQHVGH7DFDQi\7DMXPXOFR
OD PD\RU DOWXUD GH &HQWURDPpULFD ODV iUHDV GH 6LELQDO ,[FKLJXiQ 7RMTXLiQ 6DQWD
0DUWD0HOpQGUH]/RV/LPRQHV(O3ODWDQDUORVHVWHURVGHO5tR6XFKLDWH\ODVSOD\DVGH
2FyV\/RV)DURV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(QODSRUFLyQPH[LFDQDORVHFRVLVWHPDVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQORVUtRV
&RDWiQ \ 6XFKLDWH ORV KXPHGDOHV /D (QFUXFLMDGD \ OD /DJXQD 3DPSD (O &DELOGR ORV
TXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVVXEWHUUiQHDVHQpSRFDGHHVWLDMH
0LHQWUDV HQ *XDWHPDOD ODV iUHDV PRQWDxRVDV GH DOWXUD GHSHQGHQ GH ORV PDQDQWLDOHV
PRQWDxDVGHOD6LHUUD0DGUHYROFDQHVGH7DFDQi\7DMXPXOFR\WRGDHOiUHDGHSLHGH
PRQWDxD R %RFD &RVWD 7DPELpQ HQ EXHQD SDUWH ORV KXPHGDOHV \ HVWHURV GH OD ]RQD
FRVWHUDGHSHQGHQGHORVDSRUWHVGHODJXDVXEWHUUiQHD
'HVGHHOSXQWRGHYLVWDHFROyJLFRWRGDOD]RQDFRVWHUDHVLPSRUWDQWtVLPDSRUODVUXWDVGH
VREUHYXHORGHODVDYHVPLJUDWRULDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHVSHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
0LHQWUDVWDQWR0p[LFRLQGLFDTXHQRH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV HQ HVWH ~OWLPR ODV PXQLFLSDOLGDGHV WUDWDQ GH RUGHQDU HO WHUULWRULR FRQ XQD
205
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQDJUtFROD\SHFXDULDVLQTXHVHFRQR]FDODFLIUDGHVX
YDORU
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ
SHTXHxRVDJULFXOWRUHV\ORVSURGXFWRVQRUPDOPHQWHVRQYHQGLGRV
HQ ORV PHUFDGRV GH ODV SREODFLRQHV IURQWHUL]DV GH 0p[LFR \ GH
*XDWHPDOD 6H WLHQH HO LQLFLR GHO HFRWXULVPR FRPR WDPELpQ HV
LPSRUWDQWH HO WXULVPR GH SOD\D \ OD QDYHJDFLyQ SRU ORV HVWHURV
SHURFRQXQDLQIUDHVWUXFWXUDPX\SREUH
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH UtRV OD
HFRQRPtDORFDOEDVDGDHQODDJULFXOWXUD\ODJDQDGHUtDGHSHQGH
HQ JUDQ PHGLGD GH OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD LQFOXLGD
HQpVWDODGHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDU
KDVWD PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR KXPDQR VH
GHSHQGHGHORVPDQDQWLDOHV\GHORVSR]RVHQODVFXHQFDVGHORV
UtRV6XFKLDWH\&RDWiQ
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
v
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRV
KtGULFRVGHORVDFXtIHURV
0p[LFR1RVHWLHQHXQDHVWLPDFLyQ
*XDWHPDOD3REUH]DGHO
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
*XDWHPDOD/DVSREODFLRQHVGHHVWDFXHQFDGHSHQGHQWRWDOPHQWH
GHO DJXD VXEWHUUiQHD SDUD VX DEDVWHFLPLHQWR H LJXDOPHQWH FRPR
DEUHYDGHUR SDUD HO JDQDGR 7DPELpQ HQ OD SDUWH GH
DSURYHFKDPLHQWR GH ORV UHFXUVRV PDULQRFRVWHURV \ HQ ODV iUHDV
FRQSUR\HFWRVGHLUULJDFLyQ
v
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
206
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXDVXEWHUUiQHDQLVHKDQLGHQWLILFDGRHIHFWRVWUDQVIURQWHUL]RV
$FWXDOPHQWHORVFDXGDOHVVRQXVDGRVHQIRUPDORPiVHTXLWDWLYDPHQWHSRVLEOHSRUSDUWH
GHORVSREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
207
208
&6,67(0$
$&8Ë)(52
75$16)5217(5,=2
&+,&2086(/2
&8,/&26(/(*8$
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR &KLFRPXVHOR&XLOFR6HOHJXD VH ORFDOL]D HQ HO (VWDGR GH &KLDSDV
0p[LFR \ ORV GHSDUWDPHQWRV GH +XHKXHWHQDQJR 6DQ 0DUFRV \ 4XHW]DOWHQDQJR
*XDWHPDOD/DSREODFLyQPiVLPSRUWDQWHHVODFLXGDGGH+XHKXHWHQDQJR
/DSREODFLyQDSUR[LPDGDGHOVHFWRUPH[LFDQRHVGHKDELWDQWHVVHJ~QGDWRVGH
PLHQWUDVTXHHQ*XDWHPDODVHUHSRUWDQKDELWDQWHVDSUR[LPDGDPHQWH
XELFiQGRVHSUHIHUHQWHPHQWHHQORVYDOOHVDOXYLDOHV\HQODVODGHUDVGHPRQWDxDV
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(ODFXtIHURHVGHWLSROLEUHFRQGHVDUUROORNiUVWLFRLPSRUWDQWHHVWiFRQIRUPDGRHQVX
SDUWH VXSHULRU SRU FOiVWLFRV QR FRQVROLGDGRV \ HQ VX SDUWH LQIHULRU SRU URFDV NiUVWLFDV
OLPLWDGDVLQIHULRUPHQWHSRUURFDVPHWDPyUILFDV\PDULQDV
6X SHUPHDELOLGDG VHFXQGDULD HV DOWD SRU NDUVWLFLGDG \ IUDFWXUDPLHQWR \ KD\ ]RQDV
FRQGXFWRUDV DVRFLDGDV FRQ JUDQGHV IDOODV JHROyJLFDV WLHQH HVWUHFKD UHODFLyQ FRQ ODV
FRUULHQWHV VXSHUILFLDOHV FRQ ODV TXH LQWHUFDPELD DJXD HQ IRUPD DOWHUQDGD (O DJXD
FLUFXODGH*XDWHPDODKDFLD0p[LFR
/DSURIXQGLGDGDOQLYHOGHODJXDVXEWHUUiQHDYDUtDGHKDVWDP
/DV]RQDVGHUHFDUJDDODFXtIHURHVWiQLQWHJUDGDVSRUODVHFXHQFLDGHFDOL]DV\DUHQLVFDV
TXHFRQIRUPDQODVVLHUUDVTXHGHOLPLWDQDOYDOOH/DUHFDUJDHVPX\FXDQWLRVDGHELGRD
ODDOWDSHUPHDELOLGDGGHODVURFDVTXHURGHDQDOYDOOH\ODVDEXQGDQWHVOOXYLDV6XYDORU
DVFLHQGHDORVKPDxR
'HELGRDODDEXQGDQFLDGHIXHQWHVVXSHUILFLDOHVODH[WUDFFLyQGHDJXDVXEWHUUiQHDHV
LQFLSLHQWHGHVWLQDGDSULQFLSDOPHQWHDOXVRGRPpVWLFRDEUHYDGHUR6HHVWLPDTXHGLFKD
H[WUDFFLyQVHDGHORUGHQGHKPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHODSREODFLyQDFRQWLQXDFLyQ
209
&XDGUR&'DWRVGHSREODFLyQ
0p[LFR
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
v
3REODFLyQLQGtJHQD
HVWLPDGD
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
FRQFHQWUDGDHQ&KLFRPXVHOR
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
0DP.LFKp6LSDFDSHQVH
-DQFREDO\-DFDOWHFR
KDE
KDE
KDE
KDE
KDE
8VRV
(O DJXD VXEWHUUiQHD HV LPSRUWDQWH HVSHFLDOPHQWH GXUDQWH ORV SHUtRGRV GH HVWLDMH
DSURYHFKiQGRVHODGHVFDUJDGHPDQDQWLDOHV\ODH[WUDtGDPHGLDQWHSR]RVVRPHURVHQORV
YDOOHVSDUDXVRGRPpVWLFRSHFXDULR\DJUtFRODHQSHTXHxDHVFDOD
'HELGRDTXHHODEDVWHFLPLHQWRGHORVVHFWRUHVDJURSHFXDULR\SDUDFRQVXPRKXPDQRVH
KDFHPHGLDQWHHODSURYHFKDPLHQWRGHODVGHVFDUJDVGHORVPDQDQWLDOHVODH[WUDFFLyQGH
DJXD VXEWHUUiQHD PHGLDQWH SR]RV SURIXQGRV HV LQFLSLHQWH GHVWLQDGD SULQFLSDOPHQWH DO
XVR GRPpVWLFRDEUHYDGHUR 6H FDOFXOD XQD H[WUDFFLyQ DQXDO GH KP SDUD HO VHFWRU
PH[LFDQR
'H DFXHUGR D OR H[SUHVDGR SRU *XDWHPDOD HQ HO $FXtIHUR &XLOFR6HOHJXD VH WLHQH
EDVWDQWH GHSHQGHQFLD GH ORV FDXGDOHV GH ORV PDQDQWLDOHV \ HQWRQFHV FXDQGR ORV
SHUtRGRV OOXYLRVRV VRQ SREUHV DOJXQRV PDQDQWLDOHV UHGXFHQ FRQVLGHUDEOHPHQWH VXV
FDXGDOHV
*XDWHPDODUHSRUWDTXHORVXVRVSULQFLSDOHVVHGLVWULEX\HQGHODVLJXLHQWHPDQHUD
o $JURLQGXVWULDV
o 5LHJR
o 8VRGRPpVWLFR
o $EUHYDGHUR
o 2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/D FDOLGDG GHO DJXD VXEWHUUiQHD VH KD GHWHULRUDGR FRPR FRQVHFXHQFLD GH OD
FRQWDPLQDFLyQDQWURSRJpQLFDFDXVDGDSRUODVSUiFWLFDVDJURSHFXDULDVODVGHVFDUJDVGH
210
DJXDV UHVLGXDOHV \ OD IDOWD GH VDQHDPLHQWR DPELHQWDO EiVLFR \ SRU LQFLGHQFLD GH
IHQyPHQRVPHWHRUROyJLFRVH[WUHPRVKXUDFDQHV
(Q*XDWHPDODODSHUFHSFLyQHVTXHODFRQWDPLQDFLyQQRUPDOPHQWHWLHQGHDDXPHQWDU
&RORU RORUHV VDERU VDOLQLGDG \ HQIHUPHGDGHV PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD
HVWDFLRQDOLGDG FOLPiWLFD FRQ HO HVIXHU]R GHO FRQWURO GH ORV YHFWRUHV SRU SDUWH GHO
0LQLVWHULRGH6DOXG3~EOLFD\$VLVWHQFLD6RFLDO
2WUDVIXHQWHVGHDJXD
'HO ODGR PH[LFDQR QR H[LVWHQ IXHQWHV DOWHUQDV SDUD HO VXPLQLVWUR GH ODV SREODFLRQHV
XUEDQDV /DV FRPXQLGDGHV UXUDOHV VH DEDVWHFHQ GH ORV PDQDQWLDOHV TXH H[LVWHQ HQ ODV
HVWULEDFLRQHVGHODVVLHUUDV
$KRUD ELHQ SDUD OD SRUFLyQ JXDWHPDOWHFD GHO VLVWHPD DFXtIHUR VH LQGLFD TXH HQ ORV
DOWLSODQRVSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVHQHOSLHGHPRQWDxDVHGHSHQGHGH
ODV OOXYLDV \ ORV PDQDQWLDOHV SRU OD FDOLGDG GHO DJXD \ HQ ORV YDOOHV DOXYLDOHV VH
GHSHQGH GH ORV SR]RV DUWHVDQDOHV \ GH XQRV SRFRV SR]RV PHFiQLFRV VLHQGR ODV
DOWHUQDWLYDVHODJXDGHOOXYLDHQODpSRFDOOXYLRVD \ORVSR]RVDUWHVDQDOHVHQODpSRFD
VHFDGHODxR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'DGD OD YDULDFLyQ LPSRUWDQWH GH VX HOHYDFLyQ WRSRJUiILFD OD SUHFLSLWDFLyQ SOXYLDO
PHGLDDQXDOWDPELpQHVYDULDEOH6XYDORUPHGLRHVGHORUGHQGHORVPPDQXDOHV
3DUD*XDWHPDODHQORV~OWLPRVDxRVODVOOXYLDVVHKDQFRPSRUWDGREDVWDQWHQRUPDOHV
SRUORTXHODPD\RUtDGHORVSR]RVH[FDYDGRVRDUWHVDQDOHVQRVHYLHURQGUiVWLFDPHQWH
DIHFWDGRVHQVXUHFDUJD&RQODSUHVHQFLDGHOD7RUPHQWD6WDQVHSUHVHQWDURQSUREOHPDV
GHGHVOL]DPLHQWRVHLQXQGDFLRQHV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D]RQDVHFDUDFWHUL]DSRUSUHVHQWDUXQDIUHFXHQWHLQFLGHQFLDGHKXUDFDQHV\WRUPHQWDV
WURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQHOUpJLPHQGHUHFDUJDGHODFXtIHURDORMDGRHQ
ODSODQLFLHDOXYLDOGHOYDOOH$KRUDELHQGHDFXHUGRFRQODVREVHUYDFLRQHVGHORV~OWLPRV
DxRVVHKDQGDGRDOWLEDMRVSRVLWLYRV\QHJDWLYRV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOH SDUD ODV FRPXQLGDGHV XUEDQDV \ UXUDOHV PH[LFDQDV VLHQGR QHFHVDULR FRQVWUXLU
QXHYDV IXHQWHV HQ OXJDUHV PiV VHJXURV \ SURWHJLGRV GH OD LQIOXHQFLD GH ODV DYHQLGDV
H[WUDRUGLQDULDV
211
$O RWUR ODGR GH OD IURQWHUD HQ ORV ERVTXHV VHPLVHFRV VXEWURSLFDOHV HQ HO iUHD
IURQWHUL]DODVVHTXtDV\ODVLQXQGDFLRQHVSXHGHQREVHUYDUVHWRGRVORVDxRVGHSHQGLHQGR
OD pSRFD GHO PLVPR \ HVWi HQ IXQFLyQ GH OD GLVWULEXFLyQ HVSDFLDO \ FDQWLGDG GH OOXYLD
SUHFLSLWDGD
(Q ODV ]RQDV GH DOWLSODQR ODV VHTXtDV FOLPiWLFDV LPSDFWDQ VREUH OD GLVSRQLELOLGDG GH
FDXGDOHVGHSR]RV\PDQDQWLDOHV/RVWHUUHPRWRVFDPELDQHOUpJLPHQGHDOJXQDVFDSDV
DFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDVHQODViUHDVGHDOWLSODQRV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRVWHUDVPLHQWUDVTXH0p[LFRLQGLFDTXHODXWLOL]DFLyQGHO
DFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDVPiVSURWHJLGDV\R
GHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQORVERVTXHVODVHOYD
SDVWL]DOHV\]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV\
VHOYD
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV \
SURGXFWLYDVHQODV0RQWDxDVGHOD6LHUUD0DGUH DOVXUGHODFXHQFD \OD 6LHUUDGHORV
&XFKXPDWDQHVDOQRUWH0RQWDxDVGH7HFWLWiQ(O7ULXQIR0HVHWDGHORV&XFKXPDWDQHV
0RQWDxDV GH 7RGRV 6DQWRV &XFKXPDWiQ &RQFHSFLyQ \ 6DQ$QWRQLR +XLVWD 9DOOH GH
+XHKXHWHQDQJRORVVLWLRVDUTXHROyJLFRVGH=DFXOHX\OD]RQDFDIHWDOHUDGH/D/LEHUWDG
\/D'HPRFUDFLDGRQGHVHKDQREWHQLGRSUHPLRVLQWHUQDFLRQDOHVSRUVXFDIpGHSULPHUD
(QFXDQWRDODFREHUWXUDQDWXUDO*XDWHPDODLQGLFDTXHHVWDUtDFRPSXHVWDGHSDMRQDOHV
HQ DOWXUDV PD\RUHV D PVQP D FRQWLQXDFLyQ YLHQHQ ORV ERVTXHV GH FRQtIHUDV
SLQDEHWH\GHSHUHQQLIROLDVGHDERVTXHVGHTXHFXVUREOHV\RWUDVHVSHFLHV
DXWyFWRQDVSRVWHULRUPHQWHSDUWHGHOD]RQDFDIHWDOHUDGHOQRURHVWHGH*XDWHPDODHQOD
SODQLFLHVHREVHUYDQERVTXHVGHVDEDQDFRQDOWHUQDQFLDGHSDVWL]DOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
0LHQWUDV TXH ODV SULQFLSDOHV FREHUWXUDV QDWXUDOHV VRQ ORV ERVTXHV OD VHOYD ORV
SDVWL]DOHV ORV XVRV GHO VXHOR FRUUHVSRQGHQ D ODV ]RQDV DJUtFRODV \ ORV FHQWURV GH
SREODFLyQ
$FWXDOPHQWHVREUHHOVLVWHPDDFXtIHURVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGH
PDt] VRUJR KRUWDOL]DV GH FOLPD WHPSODGR IUXWDOHV VXEWURSLFDOHV JDQDGHUtDV \ ODV
XUEDQL]DFLRQHVGHODVSREODFLRQHV(QODVPRQWDxDVFRQJUDQGHVHVIXHU]RVVHWUDWDGH
PDQWHQHUODViUHDVERVFRVDV\ORVFDIHWDOHV
212
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FDIp FDFDR SOiWDQR PDQJR PDt] FDxD GH D]~FDU \
SDSD\D
*XDWHPDOD FXDQWLILFD HQ 3ODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DViUHDVQDWXUDOHVSURWHJLGDVTXHH[LVWHQHQHOVHFWRUPH[LFDQRVRQHO3LFRGHO/RUR\
(O7ULXQIRPLHQWUDVTXHHQ*XDWHPDODVHHQFXHQWUDQWLHUUDVQDWXUDOHVHQODV0RQWDxDV
GHOD6LHUUD0DGUHDOVXUGHODFXHQFDOD0HVHWDGHORV&XFKXPDWDQHV0RQWDxDVGH
7RGRV6DQWRV&XFKXPDWiQ\GH&RQFHSFLyQ\6DQ$QWRQLR+XLVWD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q0p[LFRORVHFRVLVWHPDVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQORVUtRV*ULMDOYDH
,QGHSHQGHQFLD\ORVKXPHGDOHVTXHVHRULJLQDQSRUODGHVFDUJDVXEWHUUiQHDHQOD3UHVD
%HOLVDULR 'RPtQJXH] /D $QJRVWXUD \ UHFLEHQ XQD LPSRUWDQWH GHVFDUJD GH DJXDV
VXEWHUUiQHDVHQpSRFDGHHVWLDMH
3RUVXSDUWHHQ*XDWHPDODODViUHDVPRQWDxRVDVGHDOWXUDGHSHQGHQGHORVPDQDQWLDOHV
0RQWDxDVGHOD6LHUUD0DGUH\GHOD6LHUUDGHORV&XFKXPDWDQHV
6L ELHQ GHSHQGHQ GH ORV DSRUWHV GHO DJXD VXEWHUUiQHD QR HQ WRGRV ODGRV OD FDOLGDG
TXtPLFD GHO DJXD HV EXHQD 'HVGH HO SXQWR GH YLVWD GH OD ELRGLYHUVLGDG WRGDV ODV
PRQWDxDVVRQDSURYHFKDGDVSRUDQLPDOHVH[LVWHQPXFKDVSODQWDVDXWyFWRQDV\WDPELpQ
VRQXWLOL]DGDVSDUDHOVREUHYXHORGHODVDYHVWDPELpQOOHJDQPXFKDVDYHVPLJUDWRULDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHVSHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
0LHQWUDVWDQWR0p[LFRLQGLFDTXHQRH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDO
213
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV (Q HVWH ~OWLPR ODV PXQLFLSDOLGDGHV WUDWDQ GH RUGHQDU HO WHUULWRULR FRQ XQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRV
HFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
(VWLPDFLyQ
SRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRV
GHORVDFXtIHURV
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
0p[LFR (O EHQHILFLR HFRQyPLFR VH WUDGXFH HQ HO YDORU GH OD
SURGXFFLyQDJUtFROD\SHFXDULDVLQTXHVHFRQR]FDODFLIUDGHVX
YDORU
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ
SHTXHxRVDJULFXOWRUHV\ORVSURGXFWRVQRUPDOPHQWHVRQYHQGLGRV
HQ ORV PHUFDGRV GH ODV SREODFLRQHV IURQWHUL]DV GH 0p[LFR \ GH
*XDWHPDOD 6H WLHQH HO LQLFLR GHO HFRWXULVPR FRPR WDPELpQ HV
LPSRUWDQWH HO WXULVPR DUTXHROyJLFR \ HWQROyJLFR SHUR FRQ XQD
LQIUDHVWUXFWXUDPX\SREUH
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH UtRV OD
HFRQRPtD ORFDO EDVDGD HQ OD DJULFXOWXUD \ OD JDQDGHUtD GHSHQGH
HQ JUDQ PHGLGD GH OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD LQFOXLGD
HQpVWDODGHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDU
KDVWD PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR KXPDQR VH
GHSHQGHGHORV PDQDQWLDOHV \GHORVSR]RVHQODVFXHQFDV GHORV
UtRV&XLOFR\6HOHJXD
v
0p[LFR 1R VH WLHQH XQD HVWLPDFLyQ SHUR SXHGH VHU LPSRUWDQWH
GDGRHOtQGLFHGHPDUJLQDFLyQGHODSREODFLyQLQGtJHQD
*XDWHPDOD3REUH]DGHO
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
*XDWHPDOD /D SREODFLRQHV GH HVWD FXHQFD GHSHQGHQ WRWDOPHQWH
GHO DJXD VXEWHUUiQHD \ VXSHUILFLDO SDUD VX DEDVWHFLPLHQWR H
LJXDOPHQWH FRPR DEUHYDGHUR SDUD HO JDQDGR \ SDUD VXSOLU ODV
GHPDQGDVGHDJXDSDUDLUULJDFLyQ\SDUDSHTXHxDVKLGURHOpFWULFDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
214
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO HVFDVR
FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVELQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV([LVWHULHVJRGHFRQWDPLQDFLyQHQODVSDUWHV
DOWDVGHODFXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXDVXEWHUUiQHDVLHQGRTXHORVFDXGDOHVVRQXVDGRVHQIRUPDORPiVHTXLWDWLYDPHQWH
SRVLEOHSRUSDUWHGHORVSREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
215
216
&6,67(0$$&8Ë)(5275$16)5217(5,=2 2&26,1*28680$&,17$
32&Ï0,;&È1
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O VLVWHPD WUDQVIURQWHUL]R VH ORFDOL]D HQ HO (VWDGR GH &KLDSDV 0p[LFR \ HQ ORV
GHSDUWDPHQWRV GH +XHKXHWHQDQJR 3HWpQ \ 4XLFKp *XDWHPDOD (O UHOLHYH HV
PRQWDxRVRFRQYDOOHV\PHVHWDVLQWHUPRQWDQRV
/DSREODFLyQDSUR[LPDGDGHOVHFWRUPH[LFDQRHVGHKDELWDQWHVVHJ~QGDWRVGH
PLHQWUDVTXHHQ*XDWHPDODVHUHSRUWDQKDELWDQWHVDSUR[LPDGDPHQWH
/DSREODFLyQHVWiGLVSHUVDHQSHTXHxDVFRPXQLGDGHVHQGRQGHVHXWLOL]DHODJXDSDUD
XVRVGRPpVWLFR\DJURSHFXDULRODVSULQFLSDOHVSREODFLRQHVGH*XDWHPDODORFRQVWLWX\HQ
6D\D[FKp\HO7ULiQJXOR,[LO
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
/D JHRORJtD SUHGRPLQDQWH HV GH URFDV VHGLPHQWDULDV FDOL]DV \ VHGLPHQWRV PDULQRV (O
DFXtIHUR HVWi FRQVWLWXLGR SRU URFDV NiUVWLFDV TXH UHSUHVHQWDQ FRPSOHMRV VLVWHPDV GH
FLUFXODFLyQVXEWHUUiQHDDVRFLDGRVFRQJUDQGHVFDYHUQDV\IUDFWXUDV
(ODJXDVXEWHUUiQHDFLUFXODGH*XDWHPDODKDFLD0p[LFR\GHVFDUJDDO5tR8VXPDFLQWD
TXHHVHOQLYHOGHOFDXGDOEDVH(QDOJXQDViUHDVHODJXDVXEWHUUiQHDVHFDUDFWHUL]DSRU
VX DOWR FRQWHQLGR GH VXOIDWRV \ FDUERQDWRV TXH OD KDFHQ SRFR DSWD SDUD HO FRQVXPR
KXPDQR\DQLPDO(ODFXtIHURKDVLGRSRFRHVWXGLDGRDXQTXHVHGLVSRQHGHLQIRUPDFLyQ
REWHQLGDHQORVHVWXGLRV\H[SORUDFLRQHVSHWUROHUDV(OFRQRFLPLHQWRKLGURJHROyJLFRHV
SREUH D FDXVD GHO HVFDVR GHVDUUROOR ORFDO /DV PHGLFLRQHV KLGURPpWULFDV VREUH HO 5tR
8VXPDFLQWDSURSRUFLRQDQXQDLGHDGHOFDXGDOEDVHDSRUWDGRSRUHODFXtIHUR
(ODJXDVXEWHUUiQHDHVGHSRFDLPSRUWDQFLDUHODWLYDSRUTXHORVQLYHOHVGHODJXDHVWiQ
SURIXQGRVVHFDSWDGHPDQDQWLDOHV\GHSR]RVSURIXQGRV
/DV]RQDVGHUHFDUJDDODFXtIHURHVWiQLQWHJUDGDVSRUODVURFDVFDOL]DVTXHFRQIRUPDQ
ODV VLHUUDV TXH GHOLPLWDQ DO YDOOH $XQTXH QR VH WLHQH XQD HYDOXDFLyQ GH OD UHFDUJD
PHGLD DQXDO TXH UHFLEH HO DFXtIHUR VH VXSRQH TXH HV PX\ FXDQWLRVD GHELGR D OD DOWD
SHUPHDELOLGDGGHODVURFDVODVDEXQGDQWHVOOXYLDV \ODH[WHQVDVXSHUILFLHTXHFXEUHHO
DFXtIHUR
([SORWDFLyQ\FDXGDOHV
(ODJXDVXEWHUUiQHDHVGHSRFDLPSRUWDQFLDUHODWLYDSRUTXHORVQLYHOHVGHODJXDHVWiQ
SURIXQGRV(VFDSWDGDHQORVPDQDQWLDOHV\PHGLDQWHSR]RVSURIXQGRVDGHPiVWDOFRPR
H[SUHVD0p[LFRGHELGRDODDEXQGDQFLDGHIXHQWHVVXSHUILFLDOHVODH[WUDFFLyQGHDJXD
217
VXEWHUUiQHD HV LQFLSLHQWH GHVWLQDGD SULQFLSDOPHQWH DO XVR GRPpVWLFRDEUHYDGHUR
HVWLPiQGRVHTXHODPLVPDVHDGHORUGHQGHKPDQXDOHV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
0p[LFR
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
KDE
v
3UR\HFFLyQ8DO
KDE
KDE
v
5XUDO
KDE
KDE
v
3UR\HFFLyQ5DO
KDE
KDE
KDE
0DP-DFDOWHFR.DQMREDO\
&KXM
KDE
KDE
KDE
KDE
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
8VRV
(O DFXtIHUR DEDVWHFH D OD SREODFLyQ UXUDO TXH XWLOL]D HO DJXD FRQ ILQHV GRPpVWLFR \
SHFXDULRDVtPLVPRDOLPHQWDDORVUtRV\VRVWLHQHODYHJHWDFLyQULEHUHxDHVSHFLDOPHQWH
GXUDQWHORVSHUtRGRVGHHVWLDMH
(Q HO $FXtIHUR 3RMRP ± ,[FiQ VH WLHQH PXFKD GHSHQGHQFLD GH ORV FDXGDOHV GH ORV
PDQDQWLDOHV FXDQGR ORV SHUtRGRV OOXYLRVRV VRQ SREUHV HQWRQFHV DOJXQRV PDQDQWLDOHV
UHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV
(QFXDQWRDORVSRUFHQWDMHVGHXVR*XDWHPDODSUHVHQWDORVVLJXLHQWHV
ƒ
ƒ
ƒ
ƒ
ƒ
$JURLQGXVWULDV
5LHJR
8VRGRPpVWLFR
$EUHYDGHUR
2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(O DJXD SUHVHQWD GH PDQHUD QDWXUDO DOWDV FRQFHQWUDFLRQHV GH VXOIDWRV \ FDUERQDWRV
GHULYDGRVGHODVURFDVSRUODVTXHFLUFXOD
218
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/D FDOLGDG GHO DJXD VXEWHUUiQHD VH KD GHWHULRUDGR FRPR FRQVHFXHQFLD GH OD
FRQWDPLQDFLyQDQWURSRJpQLFDFDXVDGDSRUODVGHVFDUJDVGHDJXDVUHVLGXDOHV\ODIDOWDGH
VDQHDPLHQWR DPELHQWDO EiVLFR 7DPELpQ OD LQFLGHQFLD GH IHQyPHQRV PHWHRUROyJLFRV
H[WUHPRVFDXVDGHWHULRURGHODFDOLGDG
(Q HO $FXtIHUR 3RMRP ± ,[FiQ VH WLHQH PXFKD GHSHQGHQFLD GHO FDXGDO GH ORV
PDQDQWLDOHV FXDQGR ORV SHUtRGRV OOXYLRVRV VRQ SREUHV HQWRQFHV DOJXQRV PDQDQWLDOHV
UHGXFHQFRQVLGHUDEOHPHQWHVXFDXGDO
2WUDVIXHQWHVGHDJXD
'HO ODGR PH[LFDQR QR H[LVWHQ IXHQWHV DOWHUQDV SDUD HO VXPLQLVWUR GH ODV SREODFLRQHV
XUEDQDV /DV FRPXQLGDGHV UXUDOHV VH DEDVWHFHQ GH ORV PDQDQWLDOHV TXH H[LVWHQ HQ ODV
HVWULEDFLRQHVGHODVVLHUUDV
$KRUD ELHQ SDUD OD SRUFLyQ JXDWHPDOWHFD GHO VLVWHPD DFXtIHUR VH LQGLFD TXH HQ ORV
DOWLSODQRVSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVHQHOSLHGHPRQWDxDVHGHSHQGHGH
ODV OOXYLDV \ ORV PDQDQWLDOHV SRU OD FDOLGDG GHO DJXD \ HQ ORV YDOOHV DOXYLDOHV VH
GHSHQGH GH ORV SR]RV DUWHVDQDOHV \ GH XQRV SRFRV SR]RV PHFiQLFRV VLHQGR ODV
DOWHUQDWLYDVHODJXDGHOOXYLDHQODpSRFDOOXYLRVD \ORVSR]RVDUWHVDQDOHVHQODpSRFD
VHFDGHODxR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'DGD OD YDULDFLyQ LPSRUWDQWH GH VX HOHYDFLyQ WRSRJUiILFD OD SUHFLSLWDFLyQ SOXYLDO
PHGLDDQXDOWDPELpQHVYDULDEOH6HFRQVLGHUDTXHVXYDORUPHGLRDQXDOHVGHORUGHQGH
ORVPPDQXDOHV
3DUD*XDWHPDODHQORV~OWLPRVDxRVODVOOXYLDVVHKDQFRPSRUWDGREDVWDQWHQRUPDOHV
SRUORTXHDWUDYpVGHORREVHUYDGRHQODPD\RUtDGHORVSR]RVH[FDYDGRVRDUWHVDQDOHV
OD UHFDUJD QR VH YLR GUiVWLFDPHQWH DIHFWDGD &RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH
SUHVHQWDURQSUREOHPDVGHGHVOL]DPLHQWRVHLQXQGDFLRQHVHQODFXHQFDEDMD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D]RQDVHFDUDFWHUL]DSRUSUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXH
SRGUiQ UHSHUFXWLU GLUHFWDPHQWH HQ HO UpJLPHQ GH UHFDUJD GH ODV URFDV FDOFiUHDV TXH
FRQIRUPDQODV]RQDVGHFDSWDFLyQ
$ SDUWLU GH ODV REVHUYDFLRQHV UHDOL]DGDV HQ ORV ~OWLPRV DxRV VH KDQ FRPSUREDGR
DOWLEDMRV SRVLWLYRV \ QHJDWLYRV HQ HO UpJLPHQ SOXYLRPpWULFR $KRUD ELHQ XQR GH ORV
IDFWRUHVTXHSXHGHDOWHUDUHQIRUPDVLJQLILFDWLYDODUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQ
FREHUWXUDYHJHWDOHVHOFDPELRHQHOXVRGHOVXHOR\HODYDQFHGHODVXUEDQL]DFLRQHV
219
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOH SDUD ODV FRPXQLGDGHV XUEDQDV \ UXUDOHV PH[LFDQDV VLHQGR QHFHVDULR FRQVWUXLU
QXHYDV IXHQWHV HQ OXJDUHV PiV VHJXURV \ SURWHJLGRV GH OD LQIOXHQFLD GH ODV DYHQLGDV
H[WUDRUGLQDULDV
$ORWURODGRGHODIURQWHUDHQORVERVTXHVPX\OOXYLRVRVWURSLFDOHVHQHOiUHDIURQWHUL]D
FRQ0p[LFRODVLQXQGDFLRQHVSXHGHQREVHUYDUVHWRGRVORVDxRVGHSHQGLHQGRODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHGLVWULEXFLyQHVSDFLDO\FDQWLGDGGHOOXYLDSUHFLSLWDGD
/DVOOXYLDVHQHVWDVFXHQFDVHVWiQIXHUWHPHQWHLQIOXHQFLDGDVSRUODDFWLYLGDGFLFOyQLFD
GHO0DU&DULEH\SRUORVIUHQWHVIUtRVGHODWLWXGHVPHGLDV\DOWDVLQWURGXFLHQGRYDSRUGH
DJXD GHO *ROIR GH 0p[LFR (Q ODV ]RQDV GH DOWLSODQR ODV VHTXtDV FOLPiWLFDV LPSDFWDQ
VREUHODGLVSRQLELOLGDGGHFDXGDOHVGHSR]RV\PDQDQWLDOHV/RVWHUUHPRWRVFDPELDQHO
UpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDVHQODV
iUHDVGHDOWLSODQRV\HQODV]RQDVGHFDYHUQDVDFXtIHURVNDUVW
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRQSR]RVDUWHVDQDOHVPLHQWUDVTXH0p[LFRLQGLFDTXHOD
XWLOL]DFLyQGHODFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDVPiV
SURWHJLGDV\RGHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQORVERVTXHVODVHOYD
SDVWL]DOHV\]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV\
VHOYD
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV \
SURGXFWLYDV HQ ODV 0RQWDxDV GH OD 6LHUUD GH ORV &XFKXPDWDQHV DO VXU 0HVHWD GH ORV
&XFKXPDWDQHV0RQWDxDVGH7RGRV6DQWRV&XFKXPDWiQ\OD]RQDVHOYiWLFDGH,[FiQ\
3OD\D*UDQGH7DPELpQODV]RQDVJDQDGHUDVGH3OD\D*UDQGH
(QFXDQWRDODFREHUWXUDQDWXUDO*XDWHPDODLQGLFDTXHHVWDUtDFRPSXHVWDGHSDMRQDOHV
HQDOWXUDVPD\RUHVGHORVPVQPDFRQWLQXDFLyQYLHQHQORVERVTXHVGHFRQtIHUDV
SLQDEHWH\GHSHUHQQLIROLDVGHDERVTXHVGHTXHFXVUREOHV\RWUDVHVSHFLHV
DXWyFWRQDV\SRVWHULRUPHQWHODV]RQDVVHOYiWLFDVWURSLFDOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
0LHQWUDV TXH ODV SULQFLSDOHV FREHUWXUDV QDWXUDOHV VRQ ORV ERVTXHV OD VHOYD ORV
SDVWL]DOHV ORV XVRV GHO VXHOR FRUUHVSRQGHQ D ODV ]RQDV DJUtFRODV \ ORV FHQWURV GH
SREODFLyQ
220
$FWXDOPHQWHVREUHHOVLVWHPDDFXtIHURVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGH
PDt] WULJR SDSD DYHQD KRUWDOL]DV GH FOLPD WHPSODGR IUXWDOHV VXEWURSLFDOHV
JDQDGHUtDV \ ODV XUEDQL]DFLRQHV GH ODV SREODFLRQHV (Q ODV PRQWDxDV FRQ JUDQGHV
HVIXHU]RVVHWUDWDGHPDQWHQHUODViUHDVERVFRVDV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FDIp FDFDR SOiWDQR PDQJR PDt] FDxD GH D]~FDU \
SDSD\D
*XDWHPDOD FXDQWLILFD HQ 3ODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DViUHDVQDWXUDOHVSURWHJLGDVPH[LFDQDVTXHVHORFDOL]DQHQHVWHVLVWHPDDFXtIHURVRQ
ODV /DJXQDV GH 0RQWHEHOOR \ OD 5HVHUYD GH OD %LRVIHUD 0RQWHV$]XOHV ([LVWHQ RWUDV
FRQRFLGDVFRQORVQRPEUHVGH&KDQNLQ<D[FKLOiQ0HW]DERN%RQDQSDN\/DFDQWXQ
(Q*XDWHPDODPLHQWUDVWDQWRHQFRQWUDPRV/D0HVHWDGHORV&XFKXPDWDQHV0RQWDxDV
GH7RGRV6DQWRV&XFKXPDWiQ]RQDVSURWHJLGDVGH6DQWD(XODOLD%DULOODV1HEDM3OD\D
*UDQGHH,[FiQ
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RVHFRVLVWHPDVPH[LFDQRVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQORVUtRVHQHVSHFLDO
HO8VXPDFLQWD\/DFDQWXQORVKXPHGDOHVTXHVHRULJLQDQHQVXVOHFKRVODV/DJXQDVGH
0RQWHEHOOR \ XQD VHULH GH ODJRV HQWUH ORV TXH GHVWDFDQ 2FRWDO 2MRV$]XOHV 6XVSLUR
6DQWD &ODUD *XLQHR %DTXHOWH 0HW]DERF \ /DJXQD $PDULOOD 7RGRV ORV HFRVLVWHPDV
PHQFLRQDGRVDQWHULRUPHQWHUHFLEHQGHVFDUJDGHDJXDVVXEWHUUiQHDV
(Q*XDWHPDODODViUHDVPRQWDxRVDVGHDOWXUDGHSHQGHQGHORVPDQDQWLDOHVGHOD6LHUUD
GH ORV &XFKXPDWDQHV 6L ELHQ GHSHQGHQ GH ORV DSRUWHV GHO DJXD VXEWHUUiQHD QR HQ
WRGRV ODGRV OD FDOLGDG TXtPLFD GHO DJXD HV EXHQD 'HVGH HO SXQWR GH YLVWD GH OD
ELRGLYHUVLGDG WRGDV ODV PRQWDxDV VRQ DSURYHFKDGDV SRU DQLPDOHV VLOYHVWUHV H[LVWHQ
PXFKDV SODQWDV DXWyFWRQDV \ WDPELpQ VRQ XWLOL]DGDV SDUD HO VREUHYXHOR GH ODV DYHV
WDPELpQOOHJDQPXFKDVDYHVPLJUDWRULDV
7RGDODUHGKLGURJUiILFDGHODVFXHQFDVGHORV UtRV3RMRPH ,[FiQ UHFLEHQLPSRUWDQWH
GHVFDUJDGHDJXDVXEWHUUiQHDGHOVLVWHPDDFXtIHUR
221
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHVSHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
0LHQWUDVWDQWR0p[LFRLQGLFDTXHQRH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV(QHVWH~OWLPRSDtVODVPXQLFLSDOLGDGHVWUDWDQGHRUGHQDUHOWHUULWRULRFRQXQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR(OEHQHILFLRHFRQyPLFRTXHVHREWLHQHGHOXVRGHO
DJXD VXEWHUUiQHD HV PtQLPR \D TXH OD H[WUDFFLyQ HV
LQFLSLHQWH
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ
SHTXHxRV DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ
YHQGLGRV HQ ORV PHUFDGRV GHODV SREODFLRQHV IURQWHUL]DV GH
0p[LFR \ GH *XDWHPDOD 6H WLHQH HO LQLFLR GHO HFRWXULVPR
FRPR WDPELpQ HV LPSRUWDQWH HO WXULVPR DUTXHROyJLFR
SDOHRQWROyJLFR \ HWQROyJLFR SHUR FRQ XQD LQIUDHVWUXFWXUD
PX\SREUH
0p[LFR$XQTXHWDPELpQVHXWLOL]DDJXDVXSHUILFLDOGHUtRV
OD HFRQRPtD ORFDO EDVDGD HQ OD DJULFXOWXUD \ OD JDQDGHUtD
GHSHQGH WDPELpQ GH OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD
LQFOXLGDHQHVWDODGHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGH
GXUDU KDVWD PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR
KXPDQRVHGHSHQGHGHORVPDQDQWLDOHV\GHORVSR]RVHQODV
FXHQFDVGHORVUtRV3RMRPH,[FiQ\VXVDIOXHQWHV
v
'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v
(VWLPDFLyQSRUFHQWXDO
0p[LFR 1R VH WLHQH XQD HVWLPDFLyQ SHUR SXHGH VHU
GHOQLYHOGHSREUH]DGHODV
LPSRUWDQWH GDGR HO tQGLFH GH PDUJLQDFLyQ GH OD SREODFLyQ
SREODFLRQHVTXHXWLOL]DQORV
LQGtJHQD
UHFXUVRVKtGULFRVGHORVDFXtIHURV
*XDWHPDOD3REUH]DGHO
222
v
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR /D IORUD \ IDXQD GH HVWRV HFRVLVWHPDV VH YHUtD
DIHFWDGD /D UHGXFFLyQ VLJQLILFDWLYD GHO FDXGDO EDVH GH ORV
UtRV &KL[R\ \ ;DFOEDO DIHFWDUtD VXV VLVWHPD IOXYLDOHV \ ORV
KXPHGDOHVGHODUHJLyQ
*XDWHPDOD /D SREODFLRQHV GH HVWD FXHQFD GHSHQGHQ
WRWDOPHQWH GHO DJXD VXEWHUUiQHD \ VXSHUILFLDO SDUD VX
DEDVWHFLPLHQWR H LJXDOPHQWH FRPR DEUHYDGHUR SDUD HO
JDQDGR\SDUDVXSOLUODVGHPDQGDVGHDJXDSDUDLUULJDFLyQD
SHVDUTXHHQYDULRVVLWLRVODFDOLGDGGHODJXDHVGXUD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO HVFDVR
FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVELQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV([LVWHULHVJRGHFRQWDPLQDFLyQHQODVSDUWHV
DOWDVGHODFXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxRQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
223
224
&6,67(0$ $&8Ë)(52 75$16)5217(5,=2 0È548(= GH &20,//$6
&+,;2<;$&/%$/
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR0DUTXpVGH&RPLOODV&KL[R\;DFOEDOVHH[WLHQGHHQHO(VWDGRGH
&KLDSDV0p[LFR \ HQORVGHSDUWDPHQWRVGH7RWRQLFDSiQ4XLFKp$OWD9HUDSD]%DMD
9HUDSD]\3HWpQ*XDWHPDOD
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRVGHO
DxR PLHQWUDV TXH HQ *XDWHPDOD OD SREODFLyQ HV GH KDELWDQWHV \ VH
XELFDHQORVYDOOHVDOXYLDOHVDOWLSODQRVODGHUDVGHPRQWDxDV\HQODVWLHUUDVEDMDV
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURVHHQFXHQWUDDORMDGRHQVHGLPHQWRVDOXYLDOHV\URFDVVHGLPHQWDULDV
GHO7HUFLDULRSULQFLSDOPHQWHFDOL]DV\GRORPLWDVFUHWiFLFDVTXHSUHVHQWDQH[WHQVDViUHDV
GH FLUFXODFLyQ NiUVWLFD 3RU HVWDU HQ URFDV NiUVWLFDV SUHVHQWD FRPSOHMRV VLVWHPDV GH
FLUFXODFLyQVXEWHUUiQHDDVRFLDGRFRQJUDQGHVFDYHUQDV\IUDFWXUDV(ODJXDVXEWHUUiQHD
FLUFXOD GH *XDWHPDOD KDFLD 0p[LFR \ OD GHVFDUJD HV D WUDYpV GH ORV UtRV 6DOLQDV \ /D
3DVLyQ*XDWHPDOD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
([LVWHQPDQDQWLDOHVORFDOL]DGRVHQODVSDUWHVDOWDVGHODVFXHQFDVSHURORVQLYHOHVGHO
DJXDVXEWHUUiQHDVRQPX\YDULDGRVSUHVHQWiQGRVHGHDPHQORVGHSyVLWRVDOXYLDOHV
PLHQWUDVTXHHQODVURFDVFDOFiUHDVHVWRVQLYHOHVQRUPDOPHQWHVRQSURIXQGRV
=RQDVGHUHFDUJD
/DV]RQDVGHUHFDUJDDODFXtIHURHVWiQLQWHJUDGDVSRUODVHFXHQFLDGHDUHQLVFDV\OXWLWDV
TXH FRQIRUPDQ ODV VLHUUDV TXH GHOLPLWDQ DO YDOOH 1R VH KD UHDOL]DGR XQ HVWXGLR
KLGURJHROyJLFR TXH SHUPLWD OD HVWLPDFLyQ GH OD UHFDUJD DXQTXH VH FRQVLGHUD TXH pVWD
VHD LPSRUWDQWH GHELGR D OD SUHVHQFLD GH OD VHFXHQFLD GH DUHQLVFD \ OXWLWDV \ VH KD
HVWLPDGRXQYDORUFRQVHUYDGRUPtQLPRSUREDEOHGHORUGHQGHORVKPDxR
([SORWDFLyQ\FDXGDOHV
(Q ODV SDUWH DOWDV GH OD FXHQFD HO DJXD VXEWHUUiQHD VH DSURYHFKD SRU PHGLR GH SR]RV
H[FDYDGRVSR]RVSHUIRUDGRV\PDQDQWLDOHV(QODVSDUWHVEDMDVHODSURYHFKDPLHQWRHV
HVFDVR 'HELGR D OD DEXQGDQFLD GH IXHQWHV VXSHUILFLDOHV OD H[WUDFFLyQ GH DJXD
VXEWHUUiQHD HV LQFLSLHQWH GHVWLQDGD SULQFLSDOPHQWH DO XVR GRPpVWLFRDEUHYDGHUR 6H
HVWLPDTXHGLFKDH[WUDFFLyQQRVXSHUDHOYDORUGHKPDxR
225
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
v
7RWDO
v
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
v
v
5XUDO
0p[LFR
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
1RH[LVWHSREODFLyQXUEDQD
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
0DP$JXDFDWHFD.DQMREDO
,[LO.LFKp8VSDQWHFR
.HNFKt3RFRPFKt.LFKp
$FKt\/DFDQGyQ&KRO
KDE
KDE
KDE
KDE
3UR\HFFLyQ5DO
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
8VRV
3DUD 0p[LFR GHELGR D TXH HO DEDVWHFLPLHQWR GH ORV VHFWRUHV DJURSHFXDULR \ SDUD
FRQVXPR KXPDQR VH KDFH PHGLDQWH HO DSURYHFKDPLHQWR GH ODV GHVFDUJDV GH ORV
PDQDQWLDOHVODH[WUDFFLyQGHDJXDVXEWHUUiQHDPHGLDQWHSR]RVHVLQFLSLHQWHGHVWLQDGD
SULQFLSDOPHQWHDOXVRGRPpVWLFRDEUHYDGHUR\VHHVWLPDTXHODPLVPDVHDGHORUGHQGHO
KPDxR
0LHQWUDVWDQWRHQ*XDWHPDODHOVLVWHPDDFXtIHURDEDVWHFHDODSREODFLyQXUEDQD\UXUDO
TXH XWLOL]D HO DJXD FRQ ILQHV GRPpVWLFRV DJURSHFXDULRV \ SULQFLSDOPHQWH HQ SHTXHxRV
VLVWHPDVGHLUULJDFLyQHVWDQGRGLVWULEXLGRHVHXVRGHODVLJXLHQWHPDQHUD
v
v
v
v
v
226
$JURLQGXVWULDV
5LHJR
8VRGRPpVWLFR
$EUHYDGHUR
2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
$XQTXH QR VH GLVSRQH GH LQIRUPDFLyQ UHIHUHQWH D OD FDOLGDG TXtPLFD GHO DJXD
VXEWHUUiQHDHVSRVLEOHTXHHQDOJXQRVVLWLRVFRQWHQJDDOWDVFRQFHQWUDFLRQHVGHVXOIDWRV
\FDUERQDWRVGHELGRDODQDWXUDOH]DFDOFiUHD\NiUVWLFDGHODVURFDVSRUODVTXHFLUFXOD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXH OD GLVSRQLELOLGDG GH DJXD VXEWHUUiQHD \ VXSHUILFLDO HV DEXQGDQWH OD FDOLGDG
TXtPLFDUHVWULQJHVXXVRHQDOJXQRVOXJDUHV
(Q HO$FXtIHUR &KL[R\ ± ;DFOEDO VH WLHQH PXFKD GHSHQGHQFLD GH ORV FDXGDOHV GH ORV
PDQDQWLDOHV\FXDQGRORVSHUtRGRVOOXYLRVRVVRQSREUHVHQWRQFHVDOJXQRVPDQDQWLDOHV
UHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV
/DFRQWDPLQDFLyQQRUPDOPHQWHWLHQGHDDXPHQWDURDPDQWHQHUVH&RORURORUHVVDERU\
ODVDOLQLGDGPDQWLHQHQVXVQLYHOHVGHDFXHUGRDODHVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
'HOODGRPH[LFDQRQRH[LVWHQIXHQWHVDOWHUQDVSDUDHOVXPLQLVWURGHODVSREODFLRQHV/DV
FRPXQLGDGHVUXUDOHVVHDEDVWHFHQGHORVPDQDQWLDOHVTXHH[LVWHQHQODVHVWULEDFLRQHVGH
ODVVLHUUDV\FXDQGRVXVDFXHGXFWRVVRQGHVWUXLGRVSRUHYHQWRVPHWHRUROyJLFRVH[WUHPRV
VRQFRQVWUXLGRVQXHYDPHQWH
$KRUD ELHQ SDUD OD SRUFLyQ JXDWHPDOWHFD GHO VLVWHPD DFXtIHUR VH LQGLFD TXH HQ ORV
DOWLSODQRVSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVHQHOSLHGHPRQWDxDVHGHSHQGHGH
ODV OOXYLDV \ ORV PDQDQWLDOHV SRU OD FDOLGDG GHO DJXD \ HQ ORV YDOOHV DOXYLDOHV ODV
DOWHUQDWLYDVVRQHODJXDGHOOXYLDHQODpSRFDOOXYLRVD\ORVSR]RVDUWHVDQDOHVHQODpSRFD
VHFDGHODxR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
7RPDQGRFRPREDVHORV~OWLPRVDxRVHOFRPSRUWDPLHQWRSOXYLRPpWULFRIXHEDVWDQWH
QRUPDOVLHQGRODSUHFLSLWDFLyQSOXYLDOPHGLDDQXDOGHORUGHQGHORVPP\QRVH
KDREVHUYDGRFRQVLJXLHQWHPHQWHXQDPRGLILFDFLyQVLJQLILFDWLYDHQODUHFDUJD
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH SUHVHQWDURQ SUREOHPDV GH GHVOL]DPLHQWRV H
LQXQGDFLRQHV HQ OD FXHQFD EDMD \ HQ HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV
KLVWyULFDVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
227
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D]RQDVHFDUDFWHUL]DSRUSUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXH
UHSHUFXWHQ GLUHFWDPHQWH HQ HO UpJLPHQ GH UHFDUJD GHO DFXtIHUR DORMDGR HQ OD SODQLFLH
DOXYLDOGHOYDOOH
'H WRGDV IRUPDV SRU ORV UHJLVWURV GH ORV ~OWLPRV DxRV VH REVHUYD TXH KDQ KDELGR
DOWLEDMRVSRVLWLYRV\QHJDWLYRVSHUREiVLFDPHQWHQRVHSUHYpQFDPELRVHQHOUpJLPHQGH
OOXYLDVDIXWXUR
/DUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQFREHUWXUDYHJHWDOVHDIHFWDSRUHOFDPELRHQHO
XVRGHOVXHOR\SRUHODYDQFHGHODVXUEDQL]DFLRQHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
$ORWURODGRGHODIURQWHUDHQORVERVTXHVPX\OOXYLRVRVWURSLFDOHVHQHOiUHDIURQWHUL]D
FRQ 0p[LFR ODV LQXQGDFLRQHV VRQ UHFXUUHQWHV \ SXHGHQ REVHUYDUVH WRGRV ORV DxRV
GHSHQGLHQGRODpSRFDGHOPLVPR\HVWiHQIXQFLyQGHGLVWULEXFLyQHVSDFLDO\FDQWLGDG
GHOOXYLDSUHFLSLWDGD
/DVOOXYLDVHQHVWDVFXHQFDVHVWiQIXHUWHPHQWHLQIOXHQFLDGDVSRUODDFWLYLGDGFLFOyQLFD
GHO0DU&DULEH\SRUORVIUHQWHVIUtRVGHODWLWXGHVPHGLDV\DOWDVLQWURGXFLHQGRYDSRUGH
DJXD GHO *ROIR GH 0p[LFR (Q ODV ]RQDV GH DOWLSODQR ODV VHTXtDV FOLPiWLFDV LPSDFWDQ
VREUHODGLVSRQLELOLGDGGHFDXGDOHVGHSR]RV\PDQDQWLDOHV/RVWHUUHPRWRVFDPELDQHO
UpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDVHQODV
iUHDVGHDOWLSODQRV\HQODV]RQDVGHFDYHUQDVDFXtIHURVNDUVW
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRQSR]RVDUWHVDQDOHVPLHQWUDVTXH0p[LFRLQGLFDTXHOD
XWLOL]DFLyQGHODFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDVPiV
SURWHJLGDV\RGHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQODVHOYDSDVWL]DOHV\
]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV\VHOYD
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV \
SURGXFWLYDV HQ ODV 0RQWDxDV GH OD 6LHUUD GH &KXDF~V 6LHUUD GH &KDPi 6LHUUD GH
228
&KLQDMi0RQWDxDVGH1HEDM&KDMXO \HO7ULiQJXOR,[LOORVYDOOHVSURGXFWLYRVGH6DQ
-HUyQLPR 6DODPi \ 5DELQDO OD ]RQD VHOYiWLFD GH ,[FiQ \ 3OD\D *UDQGH 7DPELpQ ODV
]RQDVJDQDGHUDVGH3OD\D*UDQGH\&KLVHF
(QFXDQWRDODFREHUWXUDQDWXUDO*XDWHPDODLQGLFDTXHHVWDUtDFRPSXHVWDGHSDMRQDOHV
HQDOWXUDVPD\RUHVGHORVPVQPDFRQWLQXDFLyQYLHQHQORVERVTXHVGHFRQtIHUDV
SLQDEHWH\GHSHUHQQLIROLDVGHDERVTXHVGHTXHFXVUREOHV\RWUDVHVSHFLHV
DXWyFWRQDV\SRVWHULRUPHQWHODV]RQDVVHOYiWLFDVWURSLFDOHV\DOJXQDViUHDVFRQERVTXH
GHVDEDQD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
0LHQWUDVTXHODVSULQFLSDOHVFREHUWXUDVQDWXUDOHVVRQODVHOYD\ORVSDVWL]DOHVORVXVRV
GHOVXHORFRUUHVSRQGHQDODV]RQDVDJUtFRODV\ORVFHQWURVGHSREODFLyQ
$FWXDOPHQWHVREUHHOVLVWHPDDFXtIHURVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGH
PDt] WULJR SDSD DYHQD KRUWDOL]DV GH FOLPD WHPSODGR IUXWDOHV VXEWURSLFDOHV
JDQDGHUtDV \ ODV XUEDQL]DFLRQHV GH ODV SREODFLRQHV (Q ODV PRQWDxDV FRQ JUDQGHV
HVIXHU]RVVHWUDWDGHPDQWHQHUODViUHDVERVFRVDV \ HQODViUHDVEDMDVH[LVWHQERVTXHV
WURSLFDOHVVDEDQDV\]RQDVFRQSDVWRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FDIp FDFDR SOiWDQR PDQJR FDxD GH D]~FDU PDt] \
SDSD\D
*XDWHPDOD FXDQWLILFD HQ 3ODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRH[LVWHXQiUHDQDWXUDOSURWHJLGDOODPDGD0DUTXpVGH&RPLOODVPLHQWUDVTXH
HQ *XDWHPDOD /D 0HVHWD GH ORV &XFKXPDWDQHV 0RQWDxDV GH OD 6LHUUD GH &KXDF~V
6LHUUD GH &KDPi 6LHUUD GH &KLQDMi 0RQWDxDV GH 1HEDM &KDMXO \ HO 7ULiQJXOR ,[LO
&KLVHF3OD\D*UDQGHH,[FiQ
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q0p[LFRORVHFRVLVWHPDVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQORVUtRV/DFDQW~Q\
6DOLQDV\ORVKXPHGDOHVTXHVHRULJLQDQHQVXVOHFKRVORVTXHUHFLEHQXQDLPSRUWDQWH
GHVFDUJDGHDJXDVVXEWHUUiQHDVHQpSRFDGHHVWLDMH
(Q*XDWHPDODODViUHDVPRQWDxRVDVGHDOWXUDGHSHQGHQGHORVPDQDQWLDOHVGHOD6LHUUD
GH ORV &XFKXPDWDQHV 6L ELHQ GHSHQGHQ GH ORV DSRUWHV GHO DJXD VXEWHUUiQHD QR HQ
WRGRV ODGRV OD FDOLGDG TXtPLFD GHO DJXD HV EXHQD 'HVGH HO SXQWR GH YLVWD GH OD
229
ELRGLYHUVLGDG WRGDV ODV PRQWDxDV VRQ DSURYHFKDGDV SRU DQLPDOHV VLOYHVWUHV H[LVWHQ
PXFKDVSODQWDVDXWyFWRQDV\WDPELpQVRQXWLOL]DGDVFRPRDOLPHQWRHQHOVREUHYXHORGH
ODVDYHVDHVWD]RQDWDPELpQOOHJDQPXFKDVDYHVPLJUDWRULDV
7RGDODUHGKLGURJUiILFDGHODVFXHQFDVGHORVUtRV&KL[R\\;DFOEDOUHFLEHQLPSRUWDQWH
GHVFDUJDGHDJXDVXEWHUUiQHDGHOVLVWHPDDFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV \ SXHQWHV 0LHQWUDV WDQWR 0p[LFR LQGLFD TXH QR H[LVWH QLQJ~Q SODQ GH
RUGHQDPLHQWRWHUULWRULDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV(QHVWH~OWLPRSDtVODVPXQLFLSDOLGDGHVWUDWDQGHRUGHQDUHOWHUULWRULRFRQXQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRV
DOXVRGHODJXD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
230
0p[LFR (O EHQHILFLR HFRQyPLFR TXH VH REWLHQH GHO XVR GHO DJXD
VXEWHUUiQHDHVPtQLPR\DTXHODH[WUDFFLyQHVLQFLSLHQWH
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ SHTXHxRV
DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ YHQGLGRV HQ ORV
PHUFDGRVGHODVSREODFLRQHVIURQWHUL]DVGH0p[LFR\GH*XDWHPDOD
6H WLHQH HO LQLFLR GHO HFRWXULVPR FRPR WDPELpQ HV LPSRUWDQWH HO
WXULVPR DUTXHROyJLFR SDOHRQWROyJLFR \ HWQROyJLFR SHUR FRQ XQD
LQIUDHVWUXFWXUDPX\SREUH
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH UtRV OD
HFRQRPtD ORFDO EDVDGD HQ OD DJULFXOWXUD \ OD JDQDGHUtD GHSHQGH
WDPELpQ GH OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD LQFOXtGD HQ pVWD OD
GHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD (Q OD pSRFD VHFD GHSHQGH HO (VWD SXHGH GXUDU
KDVWD PHVHV (Q OD SDUWH PHGLD SXHGH GXUDU KDVWD PHVHV HQ HO
DxRSHURSDUDHOFRQVXPRKXPDQRVHGHSHQGHGHORVPDQDQWLDOHV\
GHORVSR]RV\HQODSDUWHEDMDVHGHSHQGHGHORVUtRVGHODVFXHQFDV
GHORVUtRV&KL[R\\;DFOEDO\VXVDIOXHQWHV
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSHURSXHGHVHULPSRUWDQWHGDGR
HOtQGLFHGHPDUJLQDFLyQGHODSREODFLyQLQGtJHQD
*XDWHPDOD3REUH]DGHO
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
*XDWHPDOD/DSREODFLRQHVGHHVWDFXHQFDGHSHQGHQWRWDOPHQWHGHO
DJXD VXEWHUUiQHD \ VXSHUILFLDO SDUD VX DEDVWHFLPLHQWR H LJXDOPHQWH
FRPRDEUHYDGHURSDUDHOJDQDGR\SDUDVXSOLUODVGHPDQGDVGHDJXD
SDUD LUULJDFLyQ D SHVDU TXH HQ YDULRV VLWLRV OD FDOLGDG HV GH DJXDV
GXUDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO HVFDVR
FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVELQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV([LVWHULHVJRGHFRQWDPLQDFLyQHQODVSDUWHV
DOWDVGHODFXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
231
232
&6,67(0$ $&8Ë)(52 75$16)5217(5,=2 %2&$ '(/ &(5526$1
3('52
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R %RFD GHO &HUUR6DQ 3HGUR VH H[WLHQGH HQ ORV
HVWDGRV GH 7DEDVFR &DPSHFKH \ <XFDWiQ 0p[LFR \ HQ HO 'HSDUWDPHQWR GH 3HWpQ
*XDWHPDOD /D PD\RUtD GH OD SREODFLyQ GHO ODGR GH *XDWHPDOD VH HQFXHQWUD HQ OD
FDEHFHUD GH OD FXHQFD KLGURJUiILFD PLHQWUDV TXH HQ HO ODGR PH[LFDQR VH XELFD HQ ODV
SDUWHVEDMDV
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRVGHO
DxRPLHQWUDVTXHHQ*XDWHPDODODSREODFLyQHVGHKDELWDQWHV\VHXELFD
HQORVYDOOHVGHVDEDQDHQORVFDXFHVGHUtRV\DRULOODVGHORVODJRV
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O VLVWHPD DFXtIHUR VH ORFDOL]D VREUH FDOL]DV \ GRORPLWDV TXH WLHQHQ HOHYDGR JUDGR GH
SHUPHDELOLGDG SRU IUDFWXUDPLHQWR \ GH H[WHQVDV iUHDV FRQ GHVDUUROOR GH FLUFXODFLyQ
NiUVWLFD(QODV]RQDVPHGLDV\EDMDVVHWLHQHQVHGLPHQWRVPDULQRVWHUUtJHQRVDUHQLVFDV
FDOL]DV DUFLOORVDV \ OXWLWDV FXELHUWDV SRU VHGLPHQWRV UHFLHQWHV GHSRVLWDGDV HQ HO
DPELHQWHFRQWLQHQWDO
(QODPD\RUtDGHOiUHDHODFXtIHURHVOLEUHFRQIRUPDGRSRUPDWHULDOHVQRFRQVROLGDGRV
(V XQ DFXtIHUR PXOWLHVWUDWR GH PRGHVWD SURGXFWLYLGDG \ QLYHOHV GH SHUPHDELOLGDG
YDULDEOH SULPDULD \ VHFXQGDULD JHQHUDOPHQWH EDMD FRQ LQWHUFDODFLyQ GH QLYHOHV
LPSHUPHDEOHVDVHPLSHUPHDEOHV(QHVWUDWRVSURIXQGRVSXHGHHQFRQWUDUVHXQDFXtIHUR
GH EXHQD SURGXFWLYLGDG (O IOXMR HV GH HVWH D RHVWH GLULJLpQGRVH KDFLD HO *ROIR GH
0p[LFR
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/RV QLYHOHV GHO DJXD VXEWHUUiQHD YDUtDQ GH D P HQ ORV GHSyVLWRV DOXYLDOHV (Q ODV
URFDVFDOFiUHDVORVQLYHOHVVRQPiVSURIXQGRV
=RQDVGHUHFDUJD
/DV]RQDVGHUHFDUJDDODFXtIHURHVWiQLQWHJUDGDVSRUODVHFXHQFLDGHFDOL]DV\DUHQLVFDV
TXHFRQIRUPDQODVVLHUUDVTXHGHOLPLWDQDOYDOOH/DUHFDUJDHVPX\FXDQWLRVDGHELGRD
ODDOWDSHUPHDELOLGDGGHODVURFDVTXHURGHDQDOYDOOH\ODVDEXQGDQWHVOOXYLDV6HHVWLPD
TXHVXYDORUDVFLHQGHDORVKPDxR
233
([SORWDFLyQ\FDXGDOHV
'HELGRDODDEXQGDQFLDGHIXHQWHVVXSHUILFLDOHVODH[WUDFFLyQGHDJXDVXEWHUUiQHDHV
LQFLSLHQWHGHVWLQDGDSULQFLSDOPHQWHDOXVRGRPpVWLFRDEUHYDGHUR6HHVWLPDTXHGLFKD
H[WUDFFLyQVHDGHORUGHQGHORVKPDQXDOHV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
v
3REODFLyQLQGtJHQD
HVWLPDGD
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
0p[LFR
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
&RQFHQWUDGDHQODFLXGDGGH
7HQRVLTXH
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
.HNFKt0D\D,W]i.LFKp
/DFDQGyQ0RSiQ\<XFDWHFR
KDE
KDE
KDE
KDE
8VRV
3DUD 0p[LFR GHELGR D TXH HO DEDVWHFLPLHQWR GH ORV VHFWRUHV DJURSHFXDULR \ SDUD
FRQVXPR KXPDQR VH KDFH PHGLDQWH HO DSURYHFKDPLHQWR GHO DJXD GH ORV UtRV OD
H[WUDFFLyQGHDJXDVXEWHUUiQHDPHGLDQWHSR]RVHVLQFLSLHQWHGHVWLQDGDSULQFLSDOPHQWH
DOXVRGRPpVWLFRDEUHYDGHUR\VHHVWLPDTXHODPLVPDVHDGHORUGHQGHORVKPDxR
0LHQWUDVWDQWRHQ*XDWHPDODHOVLVWHPDDFXtIHURDEDVWHFHGHDJXDDODVSREODFLRQHVGHO
iUHDXUEDQDFHQWUDOGH3HWpQ\HOWRWDOGHXVRVVHGLVWULEX\DGHODVLJXLHQWHPDQHUD
v $JURLQGXVWULDV
v 5LHJR
v 8VRGRPpVWLFR
v $EUHYDGHUR
v 2WURVXVRV
234
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
1RVHGLVSRQHGHLQIRUPDFLyQUHFLHQWHGHODFDOLGDGTXtPLFDGHODJXDVXEWHUUiQHDHQ
DOJXQRV VLWLRV FRQWLHQH DOWDV FRQFHQWUDFLRQHV GH VXOIDWRV \ FDUERQDWRV GHELGR D OD
QDWXUDOH]DFDOFiUHD \NiUVWLFDGHODVURFDVSRUODVTXHFLUFXODHQODSDUWH VXSHULRUGHO
DFXtIHUR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXH OD GLVSRQLELOLGDG GH DJXD VXEWHUUiQHD \ VXSHUILFLDO HV DEXQGDQWH OD FDOLGDG
TXtPLFDSRGUtDUHVWULQJLUVXXVRHQDOJXQRVOXJDUHV
(Q HO $FXtIHUR 6DQ 3HGUR *XDWHPDOD VH WLHQH GHSHQGHQFLD GH ORV FDXGDOHV GH ORV
PDQDQWLDOHV\GHORVUtRVSRUORWDQWRFXDQGRORVSHUtRGRVOOXYLRVRVVRQSREUHVDOJXQRV
PDQDQWLDOHVUHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV
/DV FRQFHQWUDFLRQHV GH ORV FRQWDPLQDQWHV QRUPDOPHQWH PDQWLHQHQ VXV QLYHOHV SRU HO
KHFKRGHVHUXQDUHJLyQSRFRSREODGD&RORURORUHVVDERU\ODVDOLQLGDGPDQWLHQHQVXV
QLYHOHVGHDFXHUGRDODHVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
'HOODGRPH[LFDQRQRH[LVWHQIXHQWHVDOWHUQDVSDUDHOVXPLQLVWURGHODSREODFLyQXUEDQD
/DVFRPXQLGDGHVUXUDOHVVHDEDVWHFHQGHORVPDQDQWLDOHV \UtRVGHODUHJLyQ\FXDQGR
VXV DFXHGXFWRV VRQ GHVWUXLGRV SRU HYHQWRV PHWHRUROyJLFRV H[WUHPRV VRQ FRQVWUXLGRV
QXHYDPHQWH
$KRUD ELHQ SDUD OD SRUFLyQ JXDWHPDOWHFD GHO VLVWHPD DFXtIHUR VH LQGLFD TXH SXHGHQ
FRQVWUXLUVH SHTXHxRV HPEDOVHV ORV TXH ORFDOPHQWH VH FRQRFHQ FRQ HO QRPEUH GH
DJXDGDV R MXOHTXHV HQ JHQHUDO VH GHSHQGH GH ODV OOXYLDV SDUD REWHQHU DJXD GH EXHQD
FDOLGDG RUJDQROpSWLFD SRU OR WDQWR WDPELpQ GHO DJXD GH ORV UtRV DUUR\RV \ ODJRV (O
DJXD GH ORV SDQWDQRV \ iUHDV PDQDQWLDOHV FDVL VLHPSUH PXHVWUDQ XQ VDERU XQ WDQWR
GHVDJUDGDEOH
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
/D SUHFLSLWDFLyQ SOXYLDO PHGLD DQXDO HV GHO RUGHQ GH ORV PP HQ ORV ~OWLPRV DxRVODVOOXYLDVVHKDQFRPSRUWDGRGHIRUPDUHODWLYDPHQWHQRUPDOLQFOXVLYHHQDOJXQRV
FDVRVFRQYRO~PHQHVSRUHQFLPDGHODPHGLDSURYRFDQGRLQXQGDFLRQHVTXHDIHFWDURQD
ODVWLHUUDVEDMDVGH*XDWHPDOD\0p[LFR
/D PD\RUtD GH ORV PDQDQWLDOHV VH YLHURQ IDYRUHFLGRV DVt FRPR OD UHFDUJD GH SR]RV
H[FDYDGRV\SUREDEOHPHQWHGHORVSRFRVSR]RVSHUIRUDGRV
235
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD (Q HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
1R VH SUHYpQ FDPELRV HQ HO UpJLPHQ GH OOXYLDV VL ELHQ OD ]RQD VH FDUDFWHUL]D SRU
SUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQ
HOUpJLPHQGHUHFDUJDGHODFXtIHURDORMDGRHQODSODQLFLHDOXYLDOGHOYDOOH\HQVXV]RQDV
GHUHFDUJDFRQVWLWXLGDVSRUURFDVFDOFiUHDV
/D UHFDUJD HQ iUHDV GH SHQGLHQWHV \ FRQ IDOWD GH FREHUWXUD YHJHWDO VH DIHFWD SRU HO
FDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
(Q*XDWHPDODHQHVWDUHJLyQVHWLHQHQFOLPDVGHERVTXHVWURSLFDOHVOOXYLRVRVKDVWDPX\
OOXYLRVR HQ DOJXQRV YDOOHV VH GD OXJDU D H[WHQVDV VDEDQDV /D PD\RUtD GH OD ]RQD
DFXtIHUD VH HQFXHQWUD HQ VXHORV NDUVW SRU OR TXH H[LVWH XQ LQWHUFDPELR PX\ GLUHFWR \
DOWHUQDWLYRHQWUHDJXDVVXEWHUUiQHDV\VXSHUILFLDOHV(QHVWDFXHQFDODVLQXQGDFLRQHVVRQ
UHFXUUHQWHV WRGRV ORV DxRV GHSHQGLHQGR GH OD pSRFD GHO DxR \ HVWi HQ IXQFLyQ GHO
RULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLDSUHFLSLWDGD/DVOOXYLDVHQHVWDV
FXHQFDVHVWiQIXHUWHPHQWHLQIOXHQFLDGDVSRUODDFWLYLGDGFLFOyQLFDGHO0DU&DULEH\SRU
ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV LQWURGXFLHQGR YDSRU GH DJXD GHO *ROIR GH
0p[LFR
(QHVWD]RQDODDFWLYLGDGVtVPLFDHVHVFDVDSHURORVWHUUHPRWRVVLFDPELDQHOUpJLPHQ
GH DOJXQDV FDSDV DFXtIHUDV SULQFLSDOPHQWH HQ ]RQDV GH IDOODV JHROyJLFDV \ SRU ORV
GHUUXPEHVHQFDYHUQDVVXHORVNDUVW
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRQSR]RVDUWHVDQDOHV\PDQDQWLDOHVPLHQWUDVTXH0p[LFR
LQGLFDTXHODXWLOL]DFLyQGHODFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ
]RQDVPiVSURWHJLGDV\RGHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQODVHOYDSDVWL]DOHV\
]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV\VHOYD
236
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV IRUHVWDGDV
TXHFRQVWLWX\HQODPD\RUSDUWHGHODFXHQFD(QODViUHDVSODQDVSULQFLSDOPHQWHHQODV
]RQDV GH VDEDQDV VH HQFXHQWUDQ ODV SULQFLSDOHV iUHDV SURGXFWLYDV GH DJULFXOWXUD \
JDQDGHUtDDVtFRPRWDPELpQHQODVPiUJHQHVGHORVUtRV\GHODJRV/DVSREODFLRQHVVH
HQFXHQWUDQDODRULOODGHUtRV \ODJRVRGyQGHH[LVWHDOJXQDIXHQWHGHDJXDGHFDOLGDG
RUJDQROpSWLFDDFHSWDEOH(QPXFKDViUHDVODFRPXQLFDFLyQHVYtDIOXYLDORODFXVWUH
(Q FXDQWR D OD FREHUWXUD QDWXUDO *XDWHPDOD LQGLFD TXH HVWDUtD FRPSXHVWD GH ERVTXHV
WURSLFDOHVHQODPD\RUSDUWHGHODFXHQFD/DViUHDVSODQDVHVWXYLHURQFRQVWLWXLGDVSRU
VDEDQDV\SDVWRVQDWXUDOHV(OUHOLHYHHVGHSRFDHOHYDFLyQPVQP
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q0p[LFRODVSULQFLSDOHVFREHUWXUDV \XVRVGHOVXHORVRQODVHOYDORV SDVWL]DOHVODV
]RQDV DJUtFRODV \ ORV FHQWURV GH SREODFLyQ PLHQWUDV TXH HQ *XDWHPDOD DFWXDOPHQWH
VREUH ORV DFXtIHURV VH VLW~DQ iUHDV DJUtFRODV FRQ FXOWLYRV DQXDOHV GH PDt] IULMRO
KRUWDOL]DVGHFOLPDFiOLGRIUXWDOHVWURSLFDOHVJDQDGHUtD\ODVXUEDQL]DFLRQHVGHDOJXQDV
SREODFLRQHV /DV iUHDV SRFR SODQDV VH HQFXHQWUDQ FXELHUWDV FRQ HVSHFLHV GH ERVTXHV
WURSLFDOHViUHDVGHVDEDQD\]RQDVFRQSDVWRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FDIp FDFDR SOiWDQR PDQJR FDxD GH D]~FDU PDt] \
SDSD\D
(Q *XDWHPDOD ORV SULQFLSDOHV VLVWHPDV SURGXFWLYRV VH UHSDUWHQ HQ SODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRV XWLOL]DQGR QLYHO GH WHFQRORJtD PHGLD D
EDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q OD SRUFLyQ PH[LFDQD GHO VLVWHPD DFXtIHUR QR H[LVWHQ iUHDV QDWXUDOHV SURWHJLGDV
PLHQWUDV TXH HQ *XDWHPDOD VH HQFXHQWUDQ (O 0LUDGRU &DO]DGD 0D\D %LRWRSR &HUUR
&DKXt&DUPHOLWD3DVR&DEDOORV(O1DUDQMR(O&HLER6DQ3HGUR0DFW~Q1DFFKW~Q
/D0XUDOOD/DJXQD3HUGLGD/DJXQD/D*ORULD/DJXQD6DQ'LHJR\/DJXQDGH<HVR
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RV HFRVLVWHPDV PH[LFDQRV TXH GHSHQGHQ GHO DJXD VXEWHUUiQHD VRQ ORV UtRV
HVSHFLDOPHQWHHO8VXPDFLQWD\ORVKXPHGDOHVTXHRULJLQDHQVXOHFKR([LVWHQDGHPiV
ODJRVLPSRUWDQWHVHQWUHORVTXHGHVWDFDQ(O3XFWp(QVHQDGD*UDQGH\/D7RPDGLWD
7RGDVODViUHDVEDMDVHQ*XDWHPDODGHSHQGHQGHORVDSRUWHVGHODVDJXDVVXEWHUUiQHDV
SRUTXH HQ HVWDV ]RQDV VH PH]FODQ ODV DJXDV VXEWHUUiQHDV FRQ ODV DJXDV VXSHUILFLDOHV
237
FRPR FRQVHFXHQFLD GHO JUDGR GH PHWHRUL]DFLyQ GH ODV URFDV FDOL]DV \ ORV VHGLPHQWRV
PDULQRV\ODVFDSDVGH\HVRSUHVHQWHVHQODHVWUDWLJUDItDGHOD]RQD
7RGDV ODV PRQWDxDV VRQ IUHFXHQWDGDV SRU DQLPDOHV VLOYHVWUHV ([LVWH XQ Q~PHUR
FRQVLGHUDEOHGHSODQWDVDXWyFWRQDVDOJXQDVGHODVFXDOHVVRQXWLOL]DGDVFRPRDOLPHQWR
SRU ODV DYHV WDPELpQ VH SURGXFH HO SDVDMH GH YDULDV HVSHFLHV GH DYHV \ DQLPDOHV
PLJUDWRULRV
/RV UtRV \ ORV KXPHGDOHV TXH RULJLQDQ DGHPiV GH ORV ODJRV UHFLEHQ XQD LPSRUWDQWH
GHVFDUJDGHDJXDVVXEWHUUiQHDVHQpSRFDGHHVWLDMH
(Q *XDWHPDOD HO /DJR 3HWpQ ,W]i HV XQD YHQWDQD GHO QLYHO IUHiWLFR \ VX iUHD
DSUR[LPDGDPHQWH HV GH NPð /XHJR WRGD OD UHG KLGURJUiILFD UHFLEH DSRUWH GH ODV
DJXDVVXEWHUUiQHDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV \ SXHQWHV 0LHQWUDV WDQWR 0p[LFR LQGLFD TXH QR H[LVWH QLQJ~Q SODQ GH
RUGHQDPLHQWRWHUULWRULDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRVHQHVWH~OWLPRSDtVODVPXQLFLSDOLGDGHVWUDWDQGHRUGHQDUHOWHUULWRULRFRQXQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
9HU FXDGUR GH DVSHFWRV HFRQyPLFRV UHODWLYRV DO XVR GHO 6LVWHPD $FXtIHUR D
FRQWLQXDFLyQ
238
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR(OEHQHILFLRHFRQyPLFRTXHVHREWLHQHGHOXVRGHODJXD
VXEWHUUiQHDHVPtQLPR\DTXHODH[WUDFFLyQHVLQFLSLHQWH
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV HQ HO FDVR GH UtRV \
ODJRV VRQ XWLOL]DGRV SDUD HO WUDQVSRUWH IOXYLDO \ ODFXVWUH /D
PD\RUtDVRQSHTXHxRVDJULFXOWRUHV\ORVSURGXFWRVQRUPDOPHQWH
VRQYHQGLGRVHQORVPHUFDGRVGHODVSREODFLRQHVORFDOHV\SDUWH
HQ OD ]RQD IURQWHUL]D FRQ 0p[LFR 6H WLHQHQ DFWLYLGDGHV GH
HFRWXULVPR WXULVPR DUTXHROyJLFR SDOHRQWROyJLFR \ HWQROyJLFR
6HFXHQWDFRQVLVWHPDVKRWHOHURVIRUPDOHV\GHSULPHUD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
0p[LFR$XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH UtRV OD
HFRQRPtDORFDOEDVDGDHQODDJULFXOWXUD\ODJDQDGHUtDGHSHQGH
WDPELpQGHODH[SORWDFLyQGHODJXDVXEWHUUiQHDLQFOXLGDHQpVWD
ODGHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD (Q OD pSRFD VHFD GHSHQGH HO (VWD SXHGH
GXUDUGHDPHVHVHQHODxRSHURSDUDHOFRQVXPRKXPDQRVH
GHSHQGHGHORVPDQDQWLDOHV\GHDOJXQRVSR]RVSHUIRUDGRV(QOD
SDUWH EDMD VH GHSHQGH GH ORV DIOXHQWHV GHO 5tR 6DQ 3HGUR
FXDQGR OD FDOLGDG GHO DJXD OR SHUPLWH FDVR VLPLODU VXFHGH FRQ
ORVODJRV\ODJXQDV
(VWLPDFLyQSRUFHQWXDOGHOQLYHO
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSHURSXHGHVHULPSRUWDQWH
GHSREUH]DGHODVSREODFLRQHV
GDGRHOtQGLFHGHPDUJLQDFLyQGHODSREODFLyQLQGtJHQD
TXHXWLOL]DQORVUHFXUVRVKtGULFRV
*XDWHPDOD3REUH]DGHO
GHORVDFXtIHURV
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVL
HOVLVWHPDDFXtIHURVXEWHUUiQHR
VHYLHUDDIHFWDGRQHJDWLYDPHQWH
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
SULQFLSDOPHQWHHOVLVWHPDIOXYLDOGHO5tR8VXPDFLQWD
*XDWHPDOD &RODSVDUtDQ WDPELpQ XQD EXHQD FDQWLGDG GH ORV
VLVWHPDVELROyJLFRVGHODUHGGHDJXDVVXSHUILFLDOHV7DPELpQVH
DIHFWDUtDQ ODV SREODFLRQHV GH HVWD FXHQFD SRUTXH GHSHQGHQ GHO
DJXD VXSHUILFLDO SDUD HO DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV
DEDVWHFLPLHQWRV GH DJXD SDUD FRQVXPR KXPDQR H LJXDOPHQWH
FRPR DEUHYDGHUR SDUD HO JDQDGR \ SDUD VXSOLU ODV GHPDQGDV GH
DJXDSDUDLUULJDFLyQDSHVDUTXHHQYDULRVVLWLRVODFDOLGDGHVGH
DJXDVGXUDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&,/$
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
239
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO HVFDVR
FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVELQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV([LVWHULHVJRGHFRQWDPLQDFLyQHQODVSDUWHV
DOWDVGHODFXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
240
241
&6,67(0$$&8Ë)(5275$16)5217(5,=2/$75,1,7$5,$1(17Ï1
*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR/D7ULQLWDULD1HQWyQVHORFDOL]DHQHO(VWDGRGH&KLDSDVHQ0p[LFR
\ HQ HO 'HSDUWDPHQWR GH +XHKXHWHQDQJR HQ *XDWHPDOD (O UHOLHYH HV PRQWDxRVR FRQ
YDOOHVLQWHUPRQWDQRVHVWUHFKRV
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRVGHO
DxRPLHQWUDVTXHHQ*XDWHPDODODSREODFLyQHVGHKDELWDQWHV\VHXELFD
HQORVYDOOHVDOXYLDOHV\HQODVODGHUDVGHPRQWDxDV
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURHVWiDORMDGRHQXQUHOOHQRGHPDWHULDOHVQRFRQVROLGDGRVGHSRVLWDGR
VREUH XQD HVWUXFWXUD VLQFOLQDO GH URFDV FDOFiUHDV (O DFXtIHUR HV GHO WLSR OLEUH GH
SHUPHDELOLGDGPHGLD\EDMDFDSDFLGDGGHDOPDFHQDPLHQWR
6XV QLYHOHV IUHiWLFRV VRQ VRPHURV \ WLHQH HVWUHFKD FRQH[LyQ FRQ ODV FRUULHQWHV
VXSHUILFLDOHVFRQODVTXHLQWHUFDPELDDJXD(ODJXDIOX\HHQHOVXEVXHORGH*XDWHPDOD
KDFLD0p[LFR
6XV QLYHOHV IUHiWLFRV VRQ VRPHURV YDULDQGR GH D PHWURV \ WLHQHQ XQD HVWUHFKD
FRQH[LyQFRQODVFRUULHQWHVVXSHUILFLDOHV
/DV ]RQDV GH UHFDUJD DO VLVWHPD DFXtIHUR HVWiQ FRQVWLWXLGDV SRU ODV URFDV FDOL]DV TXH
FRQIRUPDQODVLHUUDVTXHURGHDQDOYDOOHDOXYLDO/DUHFDUJDHVPX\FXDQWLRVDGHELGRD
ODDOWDSHUPHDELOLGDGGHODVURFDVTXHURGHDQDOYDOOH\ODVDEXQGDQWHVOOXYLDV6XYDORU
DVFLHQGHDORVKPDxR
([SORWDFLyQ\FDXGDOHV
'HELGR D OD DEXQGDQFLD GH IXHQWHV VXSHUILFLDOHV OD H[WUDFFLyQ GH DJXD VXEWHUUiQHD HV
LQFLSLHQWHGHVWLQDGDSULQFLSDOPHQWHDOXVRGRPpVWLFRDEUHYDGHUR6HHVWLPDTXHGLFKD
H[WUDFFLyQVHDGHORUGHQGHORVKPDxR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQHQODSiJLQDVLJXLHQWH
242
&XDGUR&'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
v
3REODFLyQLQGtJHQD
HVWLPDGD
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
0p[LFR
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
&RQFHQWUDGDHQODFLXGDGGH
/D7ULQLWDULD
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
0DP-DFDOWHFR.DQMREDO&KXM
H,[LO
KDE
KDE
KDE
KDE
8VRV
(Q 0p[LFR HO XVR HV SUHGRPLQDQWHPHQWH GRPpVWLFRDEUHYDGHUR HVWLPiQGRVH HQ XQ
YROXPHQGHKPDxR
3RUVXSDUWH*XDWHPDODHVWLPDVXXVRHQ
v $JURLQGXVWULDV
v 5LHJR
v 8VRGRPpVWLFR
v $EUHYDGHUR
v 2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
$XQTXH QR VH GLVSRQH GH LQIRUPDFLyQ UHFLHQWH GH OD FDOLGDG TXtPLFD GHO DJXD
VXEWHUUiQHD HQ DOJXQRV VLWLRV FRQWLHQH DOWDV FRQFHQWUDFLRQHV GH VXOIDWRV \ FDUERQDWRV
GHELGRDODQDWXUDOH]DFDOFiUHD\NiUVWLFDGHODVURFDVSRUODVTXHFLUFXOD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q0p[LFRDXQTXHODGLVSRQLELOLGDGGHDJXDVXEWHUUiQHD\VXSHUILFLDOHVDEXQGDQWHOD
FDOLGDGTXtPLFDSRGUtDUHVWULQJLUVXXVRHQDOJXQRVOXJDUHV
1RVHGLVSRQHGHLQIRUPDFLyQUHFLHQWHGHODFDOLGDGTXtPLFDGHODJXDVXEWHUUiQHDSHUR
VH VDEH TXH HQ HO YDOOH H[LVWH FRQWDPLQDFLyQ DQWURSRJpQLFD FDXVDGD SRU ODV SUiFWLFDV
DJURSHFXDULDV ODV GHVFDUJDV GH DJXDV UHVLGXDOHV \ OD IDOWD GH VDQHDPLHQWR DPELHQWDO
243
EiVLFR7DPELpQ OD LQFLGHQFLD GH IHQyPHQRV PHWHRUROyJLFRV H[WUHPRV FDXVD GHWHULRUR
GHODFDOLGDG
(Q *XDWHPDOD PLHQWUDV WDQWR HQ HO $FXtIHUR /D 7ULQLWDULD1HQWyQ VH WLHQH EDVWDQWH
GHSHQGHQFLD GH ORV FDXGDOHV GH ORV PDQDQWLDOHV &XDQGR ORV SHUtRGRV OOXYLRVRV VRQ
SREUHV HQWRQFHV DOJXQRV PDQDQWLDOHV UHGXFHQ FRQVLGHUDEOHPHQWH VXV FDXGDOHV /DV
FRQWDPLQDFLRQHV QRUPDOPHQWH WLHQGHQ D DXPHQWDU &RORU RORUHV VDERU \ OD VDOLQLGDG
PDQWLHQHQVXVQLYHOHVGHDFXHUGRDODHVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
(Q0p[LFRQRH[LVWHQIXHQWHVDOWHUQDVSDUDHOVXPLQLVWURGHODSREODFLyQXUEDQD /DV
FRPXQLGDGHV UXUDOHV VH DEDVWHFHQ GH ORV PDQDQWLDOHV \ SR]RV VRPHURV &XDQGR VXV
DFXHGXFWRV VRQ GHVWUXLGRV SRU HYHQWRV PHWHRUROyJLFRV H[WUHPRV VRQ FRQVWUXLGRV
QXHYDPHQWH
(Q*XDWHPDODSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVHQODV]RQDVGHDOWLSODQRV(QHO
SLpGHPRQWDxDVHGHSHQGHGHODVOOXYLDV\ORVPDQDQWLDOHVSRUODFDOLGDGGHODJXD\
HQ ORV YDOOHV DOXYLDOHV VH GHSHQGH GH ORV SR]RV DUWHVDQDOHV \ GH XQRV SRFRV SR]RV
PHFiQLFRV /D DOWHUQDWLYD HV HO DJXD GH OOXYLD HQ OD pSRFD OOXYLRVD \ ORV SR]RV
DUWHVDQDOHVHQODpSRFDVHFDGHODxR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
1RVHSUHYpQFDPELRVHQHOUpJLPHQGHOOXYLDV/DSUHFLSLWDFLyQSOXYLDOPHGLDDQXDOHV
GHORUGHQGHORVPP
(Q ORV ~OWLPRV DxRV ODV OOXYLDV VH KDQ FRPSRUWDGR GH IRUPD QRUPDO SRU OR TXH OD
UHFDUJDQRVHYLRGUiVWLFDPHQWHDIHFWDGD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D]RQDVHFDUDFWHUL]DSRUSUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXH
UHSHUFXWHQ GLUHFWDPHQWH HQ HO UpJLPHQ GH UHFDUJD GHO DFXtIHUR DORMDGR HQ OD SODQLFLH
DOXYLDOGHOYDOOH\HQVX]RQDGHUHFDUJDFRQVWLWXLGDSRUURFDVFDOFiUHDV
/DUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQFREHUWXUDYHJHWDOVHDIHFWDSRUHOFDPELRHQHO
XVRGHOVXHOR\SRUHODYDQFHGHODVXUEDQL]DFLRQHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
244
(Q*XDWHPDODHQORVERVTXHVVHPLVHFRVVXEWURSLFDOHVVLWXDGRVHQHOiUHDIURQWHUL]DODV
VHTXtDV\ODVLQXQGDFLRQHVSXHGHQREVHUYDUVHWRGRVORVDxRVGHSHQGLHQGRODpSRFDGHO
PLVPR\HVWiHQIXQFLyQGHODGLVWULEXFLyQHVSDFLDO\FDQWLGDGGHOOXYLDSUHFLSLWDGD
(Q ODV ]RQDV GH DOWLSODQRV ODV VHTXtDV FOLPiWLFDV LPSDFWDQ VREUH OD GLVSRQLELOLGDG GH
FDXGDOHVGHSR]RV\PDQDQWLDOHV/RVWHUUHPRWRVFDPELDQHOUpJLPHQGHDOJXQDVFDSDV
DFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDVHQODViUHDVGHDOWLSODQRV\HQODV
]RQDVGHFDYHUQDVNDUVW
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH SUHVHQWDURQ SUREOHPDV GH GHVOL]DPLHQWRV H
LQXQGDFLRQHVHQODFXHQFDEDMD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH \R HQ IRUPD PHFiQLFD
SULQFLSDOPHQWHHQODV]RQDVFRQSR]RVDUWHVDQDOHV0LHQWUDVWDQWR0p[LFRLQGLFDTXH
ODXWLOL]DFLyQGHODFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDVPiV
SURWHJLGDV\RGHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQODVHOYDSDVWL]DOHV\
]RQDVDJUtFRODVFRUUHVSRQGLHQGRODFREHUWXUDQDWXUDORULJLQDODSDVWL]DOHV
(Q *XDWHPDOD ODV XQLGDGHV GH SDLVDMH VRQ GHILQLGDV FRPR WLHUUDV QDWXUDOHV \
SURGXFWLYDVHQODV0RQWDxDVGHOD6LHUUDGHORV&XFKXPDWDQHVDORHVWH0HVHWDGHORV
&XFKXPDWDQHV 0RQWDxDV GH 7RGRV 6DQWRV &XFKXPDWiQ OD ]RQD FDIHWDOHUD GH /D
0DQFRPXQLGDG +XLVWD FRQFHSFLyQ 6WD $QD \ 6DQ $QWRQLR +XLVWD ODV ]RQDV
JDQDGHUDVERYLQRVRYLQRVFDSULQRV \FDEDOODUGHODVSODQLFLHVGH1HQWyQ\GHRWURV
PXQLFLSLRVYHFLQRV
(QFXDQWRDODFREHUWXUDQDWXUDO*XDWHPDODLQGLFDTXHHVWDUtDFRPSXHVWDGHSDMRQDOHV
HQDOWXUDVPD\RUHVDORVPVQP$FRQWLQXDFLyQYLHQHQORVERVTXHVGHFRQtIHUDV
SLQDEHWH\GHSHUHQQLIROLDVGHDERVTXHVGHTXHFXVDOLVRVUREOHV\RWUDV
HVSHFLHV DXWyFWRQDV SRVWHULRUPHQWH HQ SDUWH GH OD ]RQD FDIHWDOHUD GHO QRURHVWH GH
*XDWHPDOD HQ OD SODQLFLH EDMD VH REVHUYDQ ERVTXHV GH VDEDQD FRQ DOWHUQDQFLD GH
SDVWL]DOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q 0p[LFR ODV SULQFLSDOHV FREHUWXUDV \ XVRV GHO VXHOR VRQ ORV ERVTXHV OD VHOYD ORV
SDVWL]DOHVODV]RQDVDJUtFRODV \ORVFHQWURVGHSREODFLyQPLHQWUDVTXHHQ*XDWHPDOD
DFWXDOPHQWHVREUHORVDFXtIHURVVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGHPDt]
WULJRSDSDDYHQDKRUWDOL]DVGHFOLPDWHPSODGRIUXWDOHVVXEWURSLFDOHVJDQDGHUtD\ODV
XUEDQL]DFLRQHVGHDOJXQDVSREODFLRQHV(QODVPRQWDxDVFRQJUDQGHVHVIXHU]RVVHWUDWD
GHPDQWHQHUODViUHDVERVFRVDV\ORVFDIHWDOHV
245
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FDIp FDFDR SOiWDQR PDQJR FDxD GH D]~FDU PDt] \
SDSD\D
(Q *XDWHPDOD ORV SULQFLSDOHV VLVWHPDV SURGXFWLYRV VH UHSDUWHQ HQ SODQWDFLRQHV KDWRVGHDDQLPDOHVKHFWiUHDWRGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDD
EDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q OD SRUFLyQ PH[LFDQD GHO VLVWHPD DFXtIHUR QR H[LVWHQ iUHDV QDWXUDOHV SURWHJLGDV
PLHQWUDVTXHHQ*XDWHPDODVHHQFXHQWUDQOD0HVHWDGHORV&XFKXPDWDQHV0RQWDxDVGH
7RGRV6DQWRV&XFKXPDWiQ\GH&RQFHSFLyQ\6DQ$QWRQLR+XLVWD\ODV]RQDVEDMDVGH
1HQWyQ
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RV HFRVLVWHPDV PH[LFDQRV TXH GHSHQGHQ GHO DJXD VXEWHUUiQHD VRQ ORV UtRV 6DQWR
'RPLQJR 6DQ -XDQ \ 6DQ 9LFHQWH DVt FRPR ORV KXPHGDOHV TXH RULJLQDQ ORV TXH
UHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVVXEWHUUiQHDVHQpSRFDGHHVWLDMH
(Q*XDWHPDODODViUHDVPRQWDxRVDVGHDOWXUDGHSHQGHQGHORVPDQDQWLDOHVGHOD6LHUUD
GH ORV &XFKXPDWDQHV 6L ELHQ GHSHQGHQ GH ORV DSRUWHV GHO DJXD VXEWHUUiQHD QR HQ
WRGRV ODGRV OD FDOLGDG TXtPLFD GHO DJXD HV EXHQD 'HVGH HO SXQWR GH YLVWD GH OD
ELRGLYHUVLGDG WRGDV ODV PRQWDxDV VRQ DSURYHFKDGDV SRU DQLPDOHV VLOYHVWUHV H[LVWHQ
PXFKDVSODQWDVDXWyFWRQDV\WDPELpQVRQXWLOL]DGDVFRPRDOLPHQWRHQHOVREUHYXHORGH
ODVDYHVDHVWD]RQDWDPELpQOOHJDQPXFKDVDYHVPLJUDWRULDV
7RGD OD UHG KLGURJUiILFD GH OD &XHQFD GHO 5tR 1HQWyQ UHFLEH LPSRUWDQWH GHVFDUJD GH
DJXDVXEWHUUiQHDGHOVLVWHPDDFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV \ SXHQWHV 0LHQWUDV WDQWR 0p[LFR LQGLFD TXH QR H[LVWH QLQJ~Q SODQ GH
RUGHQDPLHQWRWHUULWRULDO
246
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV(QHVWH~OWLPRSDtVODVPXQLFLSDOLGDGHVWUDWDQGHRUGHQDUHOWHUULWRULRFRQXQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR TXH VH REWLHQH GHO XVR GHO DJXD
VXEWHUUiQHDHVPtQLPR\DTXHODH[WUDFFLyQHVLQFLSLHQWH
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ SHTXHxRV
DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ YHQGLGRV HQ ORV
PHUFDGRV GH ODV SREODFLRQHV IURQWHUL]DV GH 0p[LFR \ GH *XDWHPDOD
6H WLHQH HO LQLFLR GHO HFRWXULVPR FRPR WDPELpQ HV LPSRUWDQWH HO
WXULVPR DUTXHROyJLFR SDOHRQWROyJLFR \ HWQROyJLFR SHUR FRQ XQD
LQIUDHVWUXFWXUDPX\SREUH
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
0p[LFR $XQTXH WDPELpQ VH XWLOL]D DJXD VXSHUILFLDO GH UtRV OD
HFRQRPtD ORFDO EDVDGD HQ OD DJULFXOWXUD \ OD JDQDGHUtD GHSHQGH
WDPELpQ GH OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD LQFOXLGD HQ pVWD OD
GHVFDUJDGHORVPDQDQWLDOHV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDUKDVWD
PHVHVHQHODxRSHURSDUDHOFRQVXPRKXPDQRVHGHSHQGHGHORV
PDQDQWLDOHV \ GH ORV SR]RV HQ OD &XHQFD GHO 5tR 1HQWyQ \ VXV
DIOXHQWHV
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSHURSXHGHVHULPSRUWDQWHGDGR
HOtQGLFHGHPDUJLQDFLyQGHODSREODFLyQLQGtJHQD
*XDWHPDOD3REUH]DGHO
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR/DIORUD\IDXQDGHHVWRVHFRVLVWHPDVVHYHUtDDIHFWDGD
*XDWHPDOD /D SREODFLRQHV GH HVWD FXHQFD GHSHQGHQ WRWDOPHQWH GHO
DJXD VXEWHUUiQHD \ VXSHUILFLDO SDUD VX DEDVWHFLPLHQWR H LJXDOPHQWH
FRPR DEUHYDGHUR SDUD HO JDQDGR \ SDUD VXSOLU ODV GHPDQGDV GH DJXD
SDUDLUULJDFLyQ\SHTXHxDVKLGURHOpFWULFDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHV\$JXDV&,/$
247
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$ SHVDU GH TXH QR VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV GDGR HO HVFDVR
FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVELQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV([LVWHULHVJRGHFRQWDPLQDFLyQHQODVSDUWHV
DOWDVGHODFXtIHUR
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
248
249
&6,67(0$$&8Ë)(5275$16)5217(5,=23(1Ë168/$'(<8&$7È1
&$1'(/$5,$+21'2
%(/,&(*8$7(0$/$0e;,&2
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O VLVWHPD DFXtIHUR VH ORFDOL]D HQ OD SRUFLyQ VXU GH OD 3HQtQVXOD GH <XFDWiQ HQ ORV
HVWDGRV GH &DPSHFKH \ 4XLQWDQD 5RR HQ 0p[LFR HQ HO 'HSDUWDPHQWR GH 3HWpQ HQ
*XDWHPDOD\HQORVGLVWULWRVGH2UDQJH:DON\&RUR]DOHQ%HOLFH(QVXPD\RUSDUWHVH
H[WLHQGH HQ OD 3ODWDIRUPD <XFDWHFD GH UHOLHYH SODQR /D SREODFLyQ HVWi DPSOLDPHQWH
GLVSHUVDHQODVWUHVQDFLRQHV
(QHOODGRPH[LFDQRODSREODFLyQDSUR[LPDGDHVGHKDELWDQWHVVHJ~QGDWRV
GHO DxR PLHQWUDV TXH HQ *XDWHPDOD OD SREODFLyQ HV GH KDELWDQWHV \ VH
XELFDHQORVFDXFHVGHORVSULQFLSDOHVDIOXHQWHVGHO5tR+RQGRR5tR$]XOGUHQDDO0DU
&DULEH\GHO5tR&DQGHODULDGUHQDDO*ROIRGH0p[LFR
(OiUHDGHOVLVWHPDDFXtIHURHQ0p[LFRHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR HVWi IRUPDGR SRU URFDV NiUVWLFDV FDOL]DV \ PDUJDV GH DOWD SHUPHDELOLGDG
VHFXQGDULDDVRFLDGDFRQRTXHGDGHVGHGLVROXFLyQGRQGHVHKDQGHVDUUROODGRFRPSOHMRV
VLVWHPDVGHFLUFXODFLyQVXEWHUUiQHD(QDOJXQDViUHDVHODJXDVXEWHUUiQHDFRQWLHQHDOWDV
FRQFHQWUDFLRQHVGHVXOIDWRVSRUORTXHQRHVDSWDSDUDHOFRQVXPRKXPDQR\SHFXDULR
8QD FDSD GH GHSyVLWRV DOXYLDOHV FXDWHUQDULRV HQ VX PD\RUtD FRPSXHVWD GH DUFLOOD \
PDUJDVHVWiUHFXELHUWDFRQ]RQDVDLVODGDVGHDUHQD/DVPDUJDVSXHGHQWHQHUKDVWD
PHWURVGHHVSHVRUPLHQWUDVTXHHODOXYLyQSXHGHVHUGHKDVWDPHWURVGHHVSHVRU
(ODJXDFLUFXODDWUDYpVGHOVXEVXHORGH*XDWHPDODD%HOLFH\OXHJRKDFLD0p[LFR
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(OWHUUHQRNiUVWLFRWLHQHUHGXFLGDSHQGLHQWHWRSRJUiILFD\JUDQFDSDFLGDGGHLQILOWUDFLyQ
FRQVHFXHQWHPHQWH OD SURIXQGLGDG DO QLYHO HVWiWLFR HV VRPHUD $GHPiV OD ~QLFD
FRUULHQWHVXSHUILFLDOHVHO5tR+RQGRTXHUHFLEHSDUWHGHODGHVFDUJDGHODFXtIHURTXH
HVFDSWDGRPHGLDQWHJUDQQ~PHURGHSR]RVSRFRSURIXQGRV
/RV SR]RV TXH SHQHWUDQ ORV DFXtIHURV QR FRQILQDGRV RVFLODQ HQ XQ UDQJR GH D PHWURV GH SURIXQGLGDG /RV DFXtIHURV FRQILQDGRV PiV SURIXQGRV HQ SLHGUD FDOL]D VH
LGHQWLILFDURQ D FHUFD GH PHWURV SRU GHEDMR GH OD VXSHUILFLH /RV QLYHOHV HVWiWLFRV
HVWiQHQWUH\PHWURVEDMRODVXSHUILFLHHQORVDFXtIHURVQRFRQILQDGRV
250
=RQDVGHUHFDUJD
'HELGRDTXHODVXSHUILFLHGHODFXtIHURHVWiDORMDGDHQXQDSODQLFLHFDOFiUHDFRQVWLWX\H
XQDH[FHOHQWHIXHQWHUHFHSWRUDGHODOOXYLDGHELGRDVXDOWDFDSDFLGDGGHLQILOWUDFLyQ(O
YDORUGHODUHFDUJDHVWLPDGDHVGHORUGHQGHORVKPDxR
/DUHFDUJDGHORVDFXtIHURVPiVSURIXQGRVHQSLHGUDFDOL]DQRVHFRQRFH
([SORWDFLyQ\FDXGDOHV
(OVLVWHPDDFXtIHURHVODSULQFLSDOIXHQWHGHDEDVWHFLPLHQWRGHDJXDSDUDODSREODFLyQ\
SDUDODVDFWLYLGDGHVSURGXFWLYDVGHODUHJLyQ /D H[WUDFFLyQVHJ~Q0p[LFRVH HVWLPD
TXHDVFLHQGHDKPDxR
/RVUHQGLPLHQWRVGHORVDFXtIHURVVXSHULRUHVQRFRQILQDGRVSURPHGLDORVOPLQ/RV
DFXtIHURVPiVSURIXQGRV\FRQILQDGRVWLHQHQXQUHQGLPLHQWRHQSURPHGLRGHOPLQ
/RVUHQGLPLHQWRVPi[LPRVVHHQFXHQWUDQFHUFDGHOPLQ
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
0p[LFR
v
7RWDO
v
8UEDQD\
SULQFLSDOHVFLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQ
LQGtJHQDHVWLPDGD
v
3REODFLyQHQ
]RQDVGHUHFDUJD
v
3REODFLyQHQ
]RQDVGHGHVFDUJD
*XDWHPDOD
%HOLFH
KDELWDQWHV
KDELWDQWHV
KDE
8D[DFW~Q'RV/DJXQDV
,[FDQUtR.LQDO\
;PDNDEDW~Q
KDE
&RUR]DO7RZQ
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
.HNFKt0D\D,W]i
.LFKp/DFDQGyQ
0RSiQ\<XFDWHFR
KDE
KDE
KDE
KDE
KDELWDQWHV
FRQFHQWUDGDHQODV
FLXGDGHVSULQFLSDOHVTXH
VRQ0pULGD&DPSHFKH
&LXGDGGHO&DUPHQ
&DQF~Q&KHWXPDO\
&R]XPHO
251
8VRV
/D H[WUDFFLyQ DQXDO HVWLPDGD GHO DFXtIHUR SRU SDUWH GH 0p[LFR FRUUHVSRQGH D XQ
YROXPHQWRWDOGHKPORVTXHVHUHSDUWHQHQORVVLJXLHQWHVSRUFHQWDMHVGHDFXHUGR
DORVGLIHUHQWHVXVRV
ƒ
ƒ
ƒ
ƒ
5LHJR
'RPpVWLFR
,QGXVWULDO
3~EOLFRXUEDQR
KP
KP
KP
KP
0LHQWUDVWDQWRVLELHQ*XDWHPDODQRWLHQHFXDQWLILFDGRHOYROXPHQH[WUDtGRLQGLFDTXH
ORVGLIHUHQWHVXVRVHQSRUFHQWDMHVHUHSDUWHQGHODVLJXLHQWHPDQHUD
ƒ
ƒ
ƒ
ƒ
ƒ
$JURLQGXVWULDV
5LHJR
8VRGRPpVWLFR
$EUHYDGHUR
2WURVXVRV
3DUD%HOLFHORVXVRVVRQGRPpVWLFRULHJRDJURLQGXVWULDV\DEDVWHFLPLHQWRS~EOLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
$XQTXHODGLVSRQLELOLGDGGHDJXDV VXEWHUUiQHDVHVPX\ DEXQGDQWHODFDOLGDGTXtPLFD
DVRFLDGDDODFRQWDPLQDFLyQDQWURSRJpQLFDODQDWXUDOH]DFDOFiUHDGHOPHGLRNiUVWLFR\
ODFRQH[LyQGHODFXtIHURFRQHODJXDPDULQDLPSRQHVHULDVUHVWULFFLRQHVSDUDVXXVRHQ
PXFKRVOXJDUHV
(QDOJXQDViUHDVWLHQHDOWDVFRQFHQWUDFLRQHVGHVXOIDWRVSRUORTXHQRHVDSWDSDUDHO
FRQVXPRKXPDQR\SHFXDULR
3RU VX SDUWH %HOLFH LQGLFD TXH VRQ SRFRV ORV GDWRV VREUH FDOLGDG GH DJXD GLVSRQLEOH
/RVYDORUHVPHGLRVVRQGXUH]DPJO&D&2S+VXOIDWRVPJOKLHUUR
PJOQLWUDWRPJO(ODJXDHVJHQHUDOPHQWHGXOFH\PX\GXUD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXH QR VH GLVSRQH GH LQIRUPDFLyQ UHFLHQWH GH OD FDOLGDG TXtPLFD GHO DJXD
VXEWHUUiQHD OD JUDQ FDSDFLGDG GH LQILOWUDFLyQ GHO PHGLR NiUVWLFR \ VX QXOD FDSDFLGDG
SDUD DWHQXDU ORV FRQWDPLQDQWHV OR KDFHQ DOWDPHQWH YXOQHUDEOH D OD FRQWDPLQDFLyQ
DQWURSRJpQLFD 6H KD GHWHFWDGR OD SUHVHQFLD GH DOWDV FRQFHQWUDFLRQHV GH QLWUDWRV \
FROLIRUPHV DVRFLDGRV D OD GHVFDUJD GH DJXDV UHVLGXDOHV GRPpVWLFDV \ SHFXDULDV
FDUERQDWRV\VXOIDWRV
6LQ HPEDUJR OD DEXQGDQWH UHFDUJD \ OD UiSLGD FLUFXODFLyQ GHO DJXD SURSLFLD OD
GLVROXFLyQ \ HO WUDQVSRUWH GH ORV FRQWDPLQDQWHV HVSHFLDOPHQWH GXUDQWH ODV OOXYLDV
WRUUHQFLDOHVDVRFLDGDVDORVKXUDFDQHV\ODVWRUPHQWDVWURSLFDOHV
252
(Q HO $FXtIHUR &DQGHODULD ± +RQGR SRUFLyQ JXDWHPDOWHFD VH WLHQH PDUFDGD
LQWHUGHSHQGHQFLD HQWUH ORV FDXGDOHV GH ORV PDQDQWLDOHV \ GH ORV UtRV &XDQGR ORV
SHUtRGRV OOXYLRVRV VRQ SREUHV HQWRQFHV DOJXQRV PDQDQWLDOHV UHGXFHQ
FRQVLGHUDEOHPHQWH VXV FDXGDOHV 3RU RWUD SDUWH ODV FRQFHQWUDFLRQHV GH ORV
FRQWDPLQDQWHVQRUPDOPHQWHPDQWLHQHQVXVQLYHOHVSRUHOKHFKRGHVHUXQDUHJLyQSRFR
SREODGD
(Q %HOLFH IDOWD LQIRUPDFLyQ SDUD IDFLOLWDU HO DQiOLVLV GH WHQGHQFLD
FUHFLPLHQWRGLVPLQXFLyQ GH ORV UHFXUVRV DFXtIHURV HQ OD FXHQFD WUDQVIURQWHUL]D 3RU
RWUR ODGR VH LQGLFD TXH HV DOWD OD SUREDELOLGDG GH FRQWDPLQDFLyQ GH ORV UHFXUVRV GHO
DFXtIHURFRQIHUWLOL]DQWHV\SHVWLFLGDVXWLOL]DGRVSRUODLQGXVWULDGHODSDSD\D
2WUDVIXHQWHVGHDJXD
(Q0p[LFRQRH[LVWHQIXHQWHVDOWHUQDVSDUDHOVXPLQLVWURGHODSREODFLyQXUEDQD /DV
FRPXQLGDGHV UXUDOHV VH DEDVWHFHQ GH SR]RV VRPHURV &XDQGR VXV DFXHGXFWRV VRQ
GHVWUXLGRVSRUHYHQWRVPHWHRUROyJLFRVH[WUHPRVVRQFRQVWUXLGRVQXHYDPHQWH
(Q *XDWHPDOD SXHGHQ FRQVWUXLUVH SHTXHxRV HPEDOVHV TXH VH FRQRFHQ FRQ HO QRPEUH
GHDJXDGDVRMXOHTXHVHQJHQHUDOVHGHSHQGHGHODVOOXYLDVSDUDREWHQHUDJXDGHEXHQD
FDOLGDGRUJDQROpSWLFDOXHJRFDVLVLHPSUHVHGHSHQGHGHODJXDGHORVUtRVDUUR\RV\GH
ODJRV
(Q%HOLFHODIXHQWHDOWHUQDWLYDGHDJXDHVSRUDOPDFHQDPLHQWRGHDJXDVSOXYLDOHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'HELGR D OD JUDQ H[WHQVLyQ VXSHUILFLDO GH HVWD UHJLyQ OD SUHFLSLWDFLyQ SOXYLDO PHGLD
DQXDOHVPX\YDULDEOH
'XUDQWHHOSHUtRGRHOSURPHGLRDQXDOGHSUHFLSLWDFLRQHVIXHGHPP
/DSUHFLSLWDFLyQDQXDOPi[LPDIXHGHPPHQ\HOPtQLPRDQXDOIXHGH
PPHQ
7RPDQGRHOSHUtRGRGHORV~OWLPRVDxRVHOUHJLVWURGHOOXYLDVVHKDFRPSRUWDGRHQ
IRUPD EDVWDQWH QRUPDO H LQFOXVLYH FRQ YRO~PHQHV DUULED GH OR QRUPDO SURYRFDQGR
DOJXQDVLQXQGDFLRQHVTXHDIHFWDQDODVWLHUUDVEDMDVGH*XDWHPDOD%HOLFH\0p[LFRSRU
ORTXHODPD\RUtDGHORVPDQDQWLDOHVVHYLHURQIDYRUHFLGRV
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD \ HQ HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
253
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6L ELHQ QR VH SUHYpQ FDPELRV HQ HO UpJLPHQ GH OOXYLDV OD ]RQD VH FDUDFWHUL]D SRU
SUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQ
HO UpJLPHQ GH UHFDUJD GHO DFXtIHUR DORMDGR HQ ODV URFDV FDOFiUHDV TXH FRQIRUPDQ OD
3ODWDIRUPDGH<XFDWiQ
'H DFXHUGR D ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV KD KDELGR DOWLEDMRV WDQWR
SRVLWLYRV FRPR QHJDWLYRV HQ HO UpJLPHQ GH OOXYLDV \ DGHPiV VLHPSUH VH WLHQH OD
LQIOXHQFLDGHORVYLHQWRVDOLVLRVGHO0DU&DULEH
/DUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQIDOWDGHFREHUWXUDYHJHWDOVHYHDIHFWDGDSRUHO
FDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQPiVTXHSRUHOUpJLPHQSOXYLRPpWULFR
'XUDQWHODVSUy[LPDVGRVGpFDGDVHOHVFHQDULR(&+$0$SUR\HFWDTXHHOSURPHGLR
VHUi GH PP DO DxR (O Pi[LPR DQXDO VHUi GH PP PLHQWUDV TXH HO
PtQLPRDQXDOVHUiGHPP
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
(QHVWDUHJLyQVHWLHQHQFOLPDVGHERVTXHVWURSLFDOHVOOXYLRVRV/DPD\RUtDGHOD]RQD
DFXtIHUD VH HQFXHQWUD HQ XQD JHRORJtD GH NDUVW SRU OR TXH H[LVWH XQ LQWHUFDPELR PX\
GLUHFWR\DOWHUQDWLYRHQWUHDJXDVVXEWHUUiQHDV\VXSHUILFLDOHV
(QHVWDFXHQFDODVLQXQGDFLRQHVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGHODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLD
SUHFLSLWDGD /DV OOXYLDV HQ HVWDV FXHQFDV HVWiQ IXHUWHPHQWH LQIOXHQFLDGDV SRU OD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ SRU ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV
LQWURGXFLHQGRYDSRUGHDJXDGHO*ROIRGH0p[LFR
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV HVFDVD SHUR OD RFXUUHQFLD GH DOJ~Q WHUUHPRWR
SURGXFLUtDXQFDPELRHQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV\SRUORVGHUUXPEHVHQFDYHUQDVNDUVW
/DVLQXQGDFLRQHVUHFDUJDQORVDFXtIHURVQRFRQILQDGRVGHELGRDODXPHQWRGHODVWDVDV
GHSHUFRODFLyQ/RVDFXtIHURVFRQILQDGRVVHUHFDUJDQSRUODOOXYLDDFXPXODGDVREUHORV
WHUUHQRV 'XUDQWH ODV VHTXtDV HO DXPHQWR GH OD GHPDQGD \ GHO ERPEHR UHVXOWD HQ OD
UHGXFFLyQ GH ORV QLYHOHV IUHiWLFRV 1R KD\ HYLGHQFLDV SDUD LGHQWLILFDU LPSDFWRV GH
WHUUHPRWRVHQHVWHVLVWHPDDFXtIHURWUDQVIURQWHUL]R
1RKD\QLQJ~QSODQGHVHTXtDSDUDHVWHVLVWHPDDFXtIHUR
254
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH 3RU RWUR ODGR FDEH
UHFRUGDUTXHODFDQWLGDGGHSR]RVHQHVWD]RQDHVHVFDVD3RUVXSDUWH 0p[LFRLQGLFD
TXHODXWLOL]DFLyQGHODFXtIHURVHSXHGHGDUSRUODSHUIRUDFLyQGHQXHYRVSR]RVHQ]RQDV
PiVSURWHJLGDV\RGHPHMRUFDOLGDGGHODJXDVXEWHUUiQHD
6HJ~Q%HOLFHGXUDQWHODVLQXQGDFLRQHVODPD\RUtDGHODVFRPXQLGDGHVHVWiQDIHFWDGDV\
PiV TXH DSURYHFKDU ORV UHFXUVRV DFXtIHURV pVWRV VH FRQWDPLQDQ FRQ ODV DJXDV GH
LQXQGDFLyQ'XUDQWHORVHYHQWRVGHVHTXtDORVQLYHOHVGHODFXtIHURVRQGHPDVLDGREDMRV
SDUDODFDSWDFLyQGHDJXDSRWDEOHVHJXUD$VtORVDFXtIHURVQRVHXWLOL]DQSDUDEHEHU6H
XWLOL]DHODJXDHPERWHOODGDRDJXDGHFDPLRQHVFLVWHUQD
'HVSXpVGHORVHYHQWRVH[WUHPRVORVSR]RVTXHDSURYHFKDQORVDFXtIHURVVRQSUREDGRV\
GHVLQIHFWDGRVVHJ~QVHDQHFHVDULRDQWHVGHTXHHVWpQRSHUDWLYRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHSDUDODSRUFLyQPH[LFDQDVRQORVERVTXHVODVHOYD
SDVWL]DOHV \ ]RQDV DJUtFRODV FRUUHVSRQGLHQGR OD FREHUWXUD QDWXUDO RULJLQDO D ERVTXHV
SDVWL]DOHV\VHOYD
(Q*XDWHPDODODVXQLGDGHVGHSDLVDMHVRQGHILQLGDVFRPRWLHUUDVQDWXUDOHVIRUHVWDGDV
ODV TXH FRQVWLWX\HQ OD PD\RU SDUWH GH OD FXHQFD /DV SREODFLRQHV VH HQFXHQWUDQ D OD
RULOOD GH UtRV \ ODJRV R GyQGH H[LVWLHURQ FDPSDPHQWRV FKLFOHURV (Q PXFKDV iUHDV OD
FRPXQLFDFLyQHVYtDIOXYLDOODFXVWUH\DpUHD
(Q FXDQWR D OD FREHUWXUD QDWXUDO *XDWHPDOD LQGLFD TXH HVWDUtD FRPSXHVWD GH ERVTXHV
WURSLFDOHVGHPDGHUDVILQDVFRQiUEROHVGH FKLFR]DSRWHLQFRUSRUDGRSDUD ODH[WUDFFLyQ
GHOOiWH[SDUDODHODERUDFLyQGHOFKLFOHHQODPD\RUSDUWHGHODFXHQFD(OUHOLHYHHVGH
SRFDHOHYDFLyQPVQP
(Q%HOLFHODVXQLGDGHVGHSDLVDMHH[LVWHQWHVLQFOX\HQPRQWDxDVYDOOHV\OODQXUDVUtRV
\ DUUR\RV ODJXQDV SDQWDQRV \ KXPHGDOHV VLHQGR HVWRV GRV ~OWLPRV \ ORV ERVTXHV OD
FREHUWXUDQDWXUDORULJLQDO
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q 0p[LFR ODV SULQFLSDOHV FREHUWXUDV \ XVRV GHO VXHOR VRQ ORV ERVTXHV OD VHOYD ORV
SDVWL]DOHVODV]RQDVDJUtFRODV \ORVFHQWURVGHSREODFLyQPLHQWUDVTXHHQ*XDWHPDOD
DFWXDOPHQWHVREUHORVDFXtIHURVVHVLW~DQiUHDVFRQERVTXHVWURSLFDOHVGHPDGHUDVILQDV
FRQ iUEROHV GH FKLFR]DSRWH DOJXQDV iUHDV DJUtFRODV GH SHTXHxRV DJULFXOWRUHV FRQ
FXOWLYRVDQXDOHVGHPDt]IULMROFDODED]DKRUWDOL]DVGHFOLPDFiOLGR\IUXWDOHVWURSLFDOHV
(OiUHDHVWiSRFRKDELWDGD
/DDFWXDOFREHUWXUDGHODWLHUUD\HOXVRGHODVWLHUUDVEDMDVHQ%HOLFHLQFOX\HQERVTXHV
ODWLIROLDGRVK~PHGRVPDQJODUHV\ERVTXHVGHPDWRUUDOHVOLWRUDOHVKXPHGDOHVORVXVRV
255
DJUtFRODV SODQWDFLRQHV GH D]~FDU JUDQMDV GH SDSD\D HO PDt] \ ORV FDPSRV GH IULMRO
SXHEORV\FLXGDGHV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV FXOWLYRV SULQFLSDOHV VRQ FtWULFRV FDFDR SOiWDQR PDQJR FDxD GH D]~FDU PDt] \
SDSD\D
(Q *XDWHPDOD ORV SULQFLSDOHV VLVWHPDV SURGXFWLYRV VH UHSDUWHQ HQ SODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRV XWLOL]DQGR QLYHO GH WHFQRORJtD PHGLD D
EDMD\FREHUWXUDGHWLHUUDVQDWXUDOHV
(Q%HOLFHORVSULQFLSDOHVFXOWLYRVVRQODFDxDGHD]~FDUSDSD\DPDt]DUUR]IULMROHV
GHODDOLPHQWDFLyQDQLPDOSROORVFHUGRVJDQDGRYDFXQR
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q0p[LFRGHELGRDODH[WUDRUGLQDULDEHOOH]D\YDVWDULTXH]DQDWXUDOGHODUHJLyQH[LVWH
XQD JUDQ FDQWLGDG GH iUHDV QDWXUDOHV SURWHJLGDV (QWH HOODV SRGHPRV PHQFLRQDU OD
/DJXQD GH 7pUPLQRV &DODNPXO %DODDQ .DD[ 8D\PLO 6LDQ .DDQ \ ORV 5HWHQHV ODV
5tDV&HOHVWXP\/DJDUWRVHO%DQFR&KLQFKRUURORV$UUHFLIHV6LDQ.DDQGH&R]XPHO
3XHUWR0RUHORV\/DJDUWRVODFRVWDRFFLGHQWHGH,VOD0XMHUHV3XQWD&DQFXuQ\3XQWD
1L]XF,VOD&RQYR\<XP%DODP']LELOFKDQWXQ
(Q *XDWHPDOD HQ OD &XHQFD GHO 5tR &DQGHODULD VH WLHQHQ ORV VLJXLHQWHV SXQWRV GH
FRQVHUYDFLyQ(O&RFR\6DQWD$PHOLD
(Q OD &XHQFD GHO 5tR +RQGR R$]XO VH SRVHHQ ORV VLJXLHQWHV VLWLRV GH FRQVHUYDFLyQ
8D[DFW~Q (O 5DPRQDO 'RV /DJXQDV ;XOW~Q ,[FDQUtR .LQDO /D +RQUDGH] \
;PDNDEDW~Q
(Q %HOLFH KD\ GRV iUHDV SURWHJLGDV HQ OD &XHQFD GHO 5tR +RQGR$JXD 7XUELDV \ HO
3URJUDPDGH&RQVHUYDFLyQ\0DQHMRGHO5tR%UDYR
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/RVHFRVLVWHPDVTXHGHSHQGHQGHODJXDVXEWHUUiQHDVRQODVODJXQDVUtRV\KXPHGDOHV
\DTXHWRGDVODViUHDVEDMDVUHFLEHQORVDSRUWHVGHODVDJXDVVXEWHUUiQHDVSRUTXHH[LVWH
XQD FODUD LQWHUDFFLyQ GH ODV DJXDV VXEWHUUiQHDV FRQ ODV DJXDV VXSHUILFLDOHV FRPR
FRQVHFXHQFLDGHOJUDGRGHPHWHRUL]DFLyQGHODVURFDVFDOL]DVORVVHGLPHQWRVPDULQRV\
ODVFDSDVGH\HVRSUHVHQWHVHQODHVWUDWLJUDItDGHOD]RQD
7RGDVODVPRQWDxDVVRQ DSURYHFKDGDVSRU DQLPDOHVVLOYHVWUHV([LVWHQPXFKDVSODQWDV
DXWyFWRQDV \ WDPELpQ VRQ XWLOL]DGDV FRPR DOLPHQWR HQ HO VREUHYXHOR GH ODV DYHV
WDPELpQOOHJDQPXFKDVDYHV\DQLPDOHVPLJUDWRULRV
256
/RV UtRV &DQGHODULD \ +RQGR R$]XO *XDWHPDOD UHFLEHQ DSRUWHV LPSRUWDQWHV GH ODV
DJXDV VXEWHUUiQHDV SRU OD SUHVHQFLD GH FDYHUQDV GH ORV .DUVW GH OD ]RQD WDQWR HQ OD
pSRFDVHFDFRPRGXUDQWHHOSHUtRGROOXYLRVR
(Q%HOLFHH[LVWHQORVKXPHGDOHVGHO5tR%RRWKV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHV
0LHQWUDVWDQWR0p[LFRLQGLFDTXHQRH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDO
(Q %HOLFH KD\ GLVSRVLFLRQHV SDUD OD LGHQWLILFDFLyQ GH ODV iUHDV GH UHFDUJD \ OD
SURWHFFLyQGHGLFKDV]RQDVFRQIRUPHDOD/H\)RUHVWDOHO)LGHLFRPLVRGH&RQVHUYDFLyQ
GHÈUHDV3URWHJLGDV\OD/H\GH*HVWLyQ,QWHJUDGDGH5HFXUVRV+tGULFRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
7DQWRHQ0p[LFRFRPRHQ*XDWHPDODQRH[LVWHQLQJ~QSODQGHPDQHMRGHORVUHFXUVRV
KtGULFRV(QHVWH~OWLPRSDtVODVPXQLFLSDOLGDGHVWUDWDQGHRUGHQDUHOWHUULWRULRFRQXQD
LQFLSLHQWH SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH
SHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
$O QR H[LVWLU XQ SODQ GH UHFXUVRV KtGULFRV HQ JHQHUDO ORV GDWRV GH DJXDV VXEWHUUiQHDV
FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFRFLHQWtILFR
KLVWyULFRSRUORWDQWRODFXDQWLILFDFLyQGHOFLFORGHODJXDHVSUDFWLFDPHQWHGHVFRQRFLGD
(Q %HOLFH H[LVWH XQ 3UR\HFWR GH /H\ GH 6LVWHPD ,QWHJUDGR GH 5HFXUVRV +tGULFRV TXH
VHUiSUHVHQWDGRDOD$VDPEOHD1DFLRQDOSDUDVXUDWLILFDFLyQ(QHVWHSUR\HFWRGHOH\VH
KD SUHYLVWR OD SUHSDUDFLyQ GH XQ SODQ GLUHFWRU QDFLRQDO GH JHVWLyQ GH ORV UHFXUVRV
KtGULFRV TXH LQFOXLUi OD JHVWLyQ GH ODV FXHQFDV KLGURJUiILFDV \ VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
9HUFXDGURGH$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHURD
FRQWLQXDFLyQ
257
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
0p[LFR (O EHQHILFLR HFRQyPLFR TXH VH REWLHQH GHO XVR GHO DJXD
VXEWHUUiQHD HV PX\ LPSRUWDQWH \D TXH HO GHVDUUROOR \ OD DFWLYLGDG
HFRQyPLFD GH OD UHJLyQ GHSHQGHQ H[FOXVLYDPHQWH GHO DSURYHFKDPLHQWR
GHODJXDVXEWHUUiQHD
*XDWHPDOD1RH[LVWHQHVWDGtVWLFDVSXHVHQHOFDVRGHUtRV\ODJRVVRQ
XWLOL]DGRVSDUDHOWUDQVSRUWHIOXYLDO\ODFXVWUH/DPD\RUtDVRQSHTXHxRV
DJULFXOWRUHV\ORVSURGXFWRVQRUPDOPHQWHVRQYHQGLGRVHQORVPHUFDGRV
GH ODV SREODFLRQHV ORFDOHV \ SDUWH HQ OD ]RQD IURQWHUL]D FRQ 0p[LFR \
%HOLFH 6H WLHQHQ DFWLYLGDGHV GH HFRWXULVPR WXULVPR DUTXHROyJLFR
SDOHRQWROyJLFR\HWQROyJLFR
%HOLFH/DVFLIUDVIDFLOLWDGDVSRUHO,QVWLWXWRGH(VWDGtVWLFDGH%HOLFHQR
SXHGHQ VHU GHVDJUHJDGDV D QLYHO GH FXHQFD (Q JHQHUDO ORV EHQHILFLRV
HFRQyPLFRV VH GHULYDQ GH OD LUULJDFLyQ GH DUUR] \ ODV SDSD\DV HO
SURFHVDPLHQWR GH SROORV FHUGRV \ JDQDGR DJXD HPERWHOODGD \ HO
VXPLQLVWURS~EOLFRGHDJXD
0p[LFR/DHFRQRPtDORFDOGHSHQGHtQWHJUDPHQWHGHODSURYHFKDPLHQWR
GHODJXDVXEWHUUiQHD
'HSHQGHQFLDGHODHFRQRPtD
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDUGHD
ORFDODJURLQGXVWULD
PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR KXPDQR VH GHSHQGH GH ORV
UHFXUVRVQDWXUDOHVGHO
PDQDQWLDOHV \ HQ OD SDUWH EDMD VH GHSHQGH GH ORV DIOXHQWHV GH ORV UtRV
DFFHVRDOUHFXUVRDJXD
&DQGHODULD \ +RQGR R$]XO FXDQGR OD FDOLGDG GHO DJXD OR SHUPLWH SRU
VXVFDUDFWHUtVWLFDVRUJDQROpSWLFDV
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0p[LFR1RVHWLHQHXQDHVWLPDFLyQSHURSXHGHVHULPSRUWDQWHGDGRHO
tQGLFH GH PDUJLQDFLyQ GH OD JUDQ SREODFLyQ LQGtJHQD TXH YLYH HQ HO
PHGLRUXUDO
*XDWHPDOD3REUH]DGHO
%HOLFH6HHVWLPDTXHHOGHORVFLXGDGDQRVVXPLGRVHQ ODSREUH]D
HVWiQXWLOL]DQGRHODJXDGHHVWHDFXtIHUR
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGR
QHJDWLYDPHQWH
0p[LFR /D IORUD \ IDXQD GH HVWRV HFRVLVWHPDV VH YHUtD DIHFWDGD
SURGXFLHQGR GDxRV LUUHSDUDEOHV DO HFRVLVWHPD H LQFDOFXODEOHV SpUGLGDV
HFRQyPLFDV
*XDWHPDOD6HFRODSVDUtDQWDPELpQXQDEXHQDFDQWLGDGGHORVVLVWHPDV
ELROyJLFRV GH OD UHG GH DJXDV VXSHUILFLDOHV 7DPELpQ VH DIHFWDUtDQ ODV
SREODFLRQHVGHHVWDFXHQFDSRUTXHGHSHQGHQGHODJXDVXSHUILFLDOSDUDHO
DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV DEDVWHFLPLHQWRV GH DJXD SDUD
FRQVXPRKXPDQRHLJXDOPHQWHFRPRDEUHYDGHURSDUDHOJDQDGR \SDUD
VXSOLUODVGHPDQGDVGHDJXDSDUDLUULJDFLyQDSHVDUTXHHQYDULRVVLWLRV
ODFDOLGDGHVGHDJXDVGXUDV\HQRWURVKD\FRQWHQLGRGHVXOIDWRV
%HOLFH (O VLVWHPD DFXtIHUR HV YXOQHUDEOH D OD FRQWDPLQDFLyQ SRU OD
ILOWUDFLyQ GH IHUWLOL]DQWHV KHUELFLGDV \ SHVWLFLGDV DVt FRPR GH ORV
GHVHFKRVDQLPDOHV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(ODFXtIHURKDVLGRREVHUYDGR \ HYDOXDGRSRU HO ,16,980(+ HQ*XDWHPDOD \SRUOD
&21$*8$ HQ 0p[LFR (Q ORV DVSHFWRV WUDQVIURQWHUL]RV LQWHUDFW~DQ EDMR OD
FRRUGLQDFLyQGHOD&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHV\$JXDV&,/$
258
/DV UHODFLRQHV HQWUH *XDWHPDOD \ 0p[LFR VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\H[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
(O6HUYLFLR1DFLRQDO+LGURPHWHRUROyJLFRGH%HOLFH&21$*8$GH0p[LFR\OD&,/$
KDQ FRPSOHWDGR UHFLHQWHPHQWH XQ HVWXGLR SDUD HO GLDJQyVWLFR GH OD &XHQFD GHO 5tR
+RQGR \ VH HVWi SUHSDUDQGR XQD SURSXHVWD ELQDFLRQDO SDUD OD JHVWLyQ LQWHJUDGD GH ORV
UHFXUVRVKtGULFRVGHODVFXHQFDVKLGURJUiILFDV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$SHVDUGHTXHHQODVFRQGLFLRQHVDFWXDOHVQRVHKDQSUHVHQWDGRQLH[LVWHHOULHVJRGH
HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV GHELGR DO LQFLSLHQWH GHVDUUROOR HQ HO WHUULWRULR
JXDWHPDOWHFR \ D OD DEXQGDQWH UHFDUJD HQ ODV SRUFLRQHV PH[LFDQD \ EHOLFHxD GDGR HO
HVFDVR FRQRFLPLHQWR JHQHUDO GHO DFXtIHUR HV LPSRUWDQWH SURPRYHU HO LQWHUFDPELR GH
LQIRUPDFLyQ\UHDOL]DUHVWXGLRVWULQDFLRQDOHVSDUDIRPHQWDUHOGHVDUUROORVXVWHQWDEOHGHO
DFXtIHUR\SUHYHQLULPSDFWRVSHUMXGLFLDOHV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVSDtVHVLQYROXFUDGRV
$8725(6<)8(17(6
0p[LFR3UHSDUDGRFRQODFRODERUDFLyQGH5XEpQ&KiYH]*XLOOpQ\9tFWRU0&DVWDxyQ
$UFRV
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
%HOLFH3UHSDUDGRFRQODFRODERUDFLyQGH5XGROSK:LOOLDPV
259
260
&6,67(0$$&8Ë)(5275$16)5217(5,=2023È1%(/,&(
%(/,&(*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
*XDWHPDOD FXHQWD FRQ KDELWDQWHV HQ HO iUHD ORV TXH VH XELFDQ HQ YDOOHV \
PHVHWDVDRULOODVGHORVFDXFHVGHORVSULQFLSDOHVDIOXHQWHVGHO5tR0RSiQ
&DUDFWHUtVWLFDVGHODFXtIHUR
(QHOFDVRGHHVWHDFXtIHURODVDJXDVVXSHUILFLDOHV\VXEWHUUiQHDVGHO5tR0RSiQYDQGH
*XDWHPDOD D %HOLFH /D FXHQFD DOWD QDFH HQ %HOLFH SDVD D *XDWHPDOD FRPR 5tR
&KLTXLEXO VH DOLPHQWD GH FDXGDOHV PD\RUHV \ SRVWHULRUPHQWH IRUPD HO 5tR 0RSiQ HO
FXDODOYROYHUDOWHUULWRULREHOLFHxRUHFLEHHOQRPEUHGH5tR%HOLFH$QWHULRUDOSDVRD
%HOLFHWRGDVODVDJXDVVRQSURGXFLGDVSRUODOOXYLDHQWHUULWRULRJXDWHPDOWHFR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORVFXDOHVHOKDELQWHJUDQODIUDFFLyQXUEDQD
/DSREODFLyQUXUDOFRUUHVSRQGHDOUHVWDQWHKDE\ODSREODFLyQLQGtJHQD
HVWLPDGD HV GH KDELWDQWHV ! .HNFKt .LFKp 0RSiQ \ *DULJXQD 'H
DFXHUGRDODVFDUDFWHUtVWLFDVGHODFXtIHURHOGHODSREODFLyQVHHQFXHQWUDDVHQWDGD
VREUH]RQDVGHUHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v $JURLQGXVWULDV
v 5LHJR
v 8VRGRPpVWLFR
v $EUHYDGHUR
v 2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(QHO$FXtIHUR0RSiQ*XDWHPDODVHWLHQHFLHUWDLQWHUGHSHQGHQFLDHQWUHORVFDXGDOHV
GH ORV PDQDQWLDOHV \ GH ORV UtRV &XDQGR ORV SHUtRGRV OOXYLRVRV VRQ SREUHV DOJXQRV
PDQDQWLDOHVUHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV\SRUHQGHORVFDXGDOHVGHORVUtRV
261
/D JHRORJtD SUHGRPLQDQWH HV GH URFDV VHGLPHQWDULDV FDOL]DV FRQ EXHQ GHVDUUROOR GH
NDUVWLILFDFLyQ /DV FRQFHQWUDFLRQHV GH ORV FRQWDPLQDQWHV QRUPDOPHQWH PDQWLHQHQ VXV
QLYHOHV HO FRORU RORUHV VDERU \ OD VDOLQLGDG PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD
HVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
(Q*XDWHPDODSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVTXHORFDOPHQWHVHFRQRFHQFRQ
HOQRPEUHGHDJXDGDVRMXOHTXHVHQJHQHUDOVHGHSHQGHGHODVOOXYLDVSDUDREWHQHUDJXD
GHEXHQDFDOLGDGRUJDQROpSWLFD\DVHDGHUtRVDUUR\RVRGHSHTXHxRVODJRV
(ODJXDGHORVSDQWDQRV\DOJXQRVPDQDQWLDOHVPXHVWUDQXQVDERUWDQWRGHVDJUDGDEOH
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
7RPDQGR FRPR UHIHUHQFLD ORV ~OWLPRV DxRV ORV UHJLVWURV GH OOXYLDV KDQ VLGR
UHODWLYDPHQWH QRUPDOHV LQFOXVLYH FRQ YRO~PHQHV DUULED GH OR QRUPDO SURYRFDQGR
LQXQGDFLRQHV TXH DIHFWDQ D ODV WLHUUDV EDMDV GH *XDWHPDOD \ %HOLFH SRU OR TXH OD
PD\RUtD GH ORV PDQDQWLDOHV QR VH YLHURQ DIHFWDGRV R IXHURQ IDYRUHFLGRV SRU HVWD
FLUFXQVWDQFLD
&RQ OD SUHVHQFLD GHO +XUDFiQ 0LWFK VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD (Q HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RUODVREVHUYDFLRQHVGHORV~OWLPRVDxRVVLHPSUHKDQH[LVWLGRDOWLEDMRVSRVLWLYRV\
QHJDWLYRV DGHPiV VLHPSUH HVWi SUHVHQWH OD LQIOXHQFLD GH ORV YLHQWRV DOLVLRV GHO 0DU
&DULEH
/D UHFDUJD HQ iUHDV GH SHQGLHQWHV \ FRQ IDOWD GH FREHUWXUD YHJHWDO VH YH PD\RUPHQWH
DIHFWDGDSRUHOFDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(QHVWDFXHQFDODVLQXQGDFLRQHVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGHODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLD
SUHFLSLWDGD /DV OOXYLDV HQ HVWDV FXHQFDV HVWiQ IXHUWHPHQWH LQIOXHQFLDGDV SRU OD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ SRU ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV
LQWURGXFLHQGRYDSRUGHDJXDGHO*ROIRGH0p[LFR
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV HVFDVD SHUR OD RFXUUHQFLD GH DOJ~Q WHUUHPRWR
SURGXFLUtDXQFDPELRHQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV\SRUORVGHUUXPEHVHQFDYHUQDVNDUVW
262
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6LHPSUH VH OH GD ORV PLVPRV XVRV VROR TXH FRQ DOJXQDV OLPLWDFLRQHV HQ
DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH (Q HVWD ]RQD H[LVWHQ SRFRV
SR]RVH[FDYDGRV\SHUIRUDGRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVXQLGDGHVGHSDLVDMHHQVXHORJXDWHPDOWHFRHVWiQFRQIRUPDGDVSRUWLHUUDVQDWXUDOHV
IRUHVWDGDV TXH VH FRQVWLWX\HQ HQ OD SDUWH DOWD GH OD FXHQFD /DV SREODFLRQHV VH
HQFXHQWUDQ D OD RULOOD GH UtRV \ ODJRV R HQ VLWLRV HQ YDOOHV GRQGH SXHGHQ OOHJDU ORV
DEDVWHFLPLHQWRV GH DJXD SDUD FRQVXPR KXPDQR (VWRV FDXGDOHV SURFHGHQ GH OXJDUHV
PRQWDxRVRV(QHVWDFXHQFDODFRPXQLFDFLyQHVWHUUHVWUHSRUFDUUHWHUDV
(QFXDQWRDODFREHUWXUDQDWXUDORULJLQDOVHPHQFLRQDQERVTXHVWURSLFDOHVGHPDGHUDV
ILQDV GH SLQRV FDULEH \ JUDQGHV H[WHQVLRQHV FRQ ERVTXHV GH VDEDQD (O UHOLHYH HV GH
SRFDHOHYDFLyQPVQP
&REHUWXUD\XVRDFWXDOGHODWLHUUD
$FWXDOPHQWH VREUH ORV DFXtIHURV VH VLW~DQ ]RQDV FRQ ERVTXHV WURSLFDOHV GH PDGHUDV
ILQDViUHDVGHSLQRV\RWUDVHVSHFLHVDUEyUHDV+R\HQGtDH[LVWHQSODQWDFLRQHVGHPDt]
IULMRO FDODED]DV KRUWDOL]DV GH FOLPD FiOLGR \ JUDQGHV H[WHQVLRQHV FRQ SDVWRV SDUD
DOLPHQWDUDORVKDWRVJDQDGHURV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q*XDWHPDODH[LVWHQSODQWDFLRQHVKDWRVGHDDQLPDOHVKHFWiUHDWRGRV
XWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD \FREHUWXUDGHWLHUUDVQDWXUDOHV\ERVTXHV
(OUHVWRGHODFXHQFDHVWiFRQYHJHWDFLyQDUEXVWLYD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q *XDWHPDOD HQ OD &XHQFD GHO 5tR 0RSiQ VH WLHQHQ ORV VLJXLHQWHV SXQWRV GH
FRQVHUYDFLyQ 3DUTXH 1DFLRQDO 7LNDO +ROPXO<DODFK 1DN~Q 0DQDQWLDO &KXQKXLVW
(O 1DUDQMR 3DUTXH 1DFLRQDO <D[Ki 6DFQDE$UUR\R GHO *XDUGD 3ODQFKD GH 3LHGUD
W]LTXtQ7]DFiQ/D3yOYRUD6RVODJXQDV6DOSHW\&LGDEHQTXH
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q*XDWHPDODWRGDVODViUHDVEDMDVGHSHQGHQGHORVDSRUWHVGHODVDJXDVVXEWHUUiQHDV
SRUTXH HQ HVWDV ]RQDV VH PH]FODQ ODV DJXDV VXEWHUUiQHDV FRQ ODV DJXDV VXSHUILFLDOHV
263
FRPRFRQVHFXHQFLDGHOJUDGRGHPHWHRUL]DFLyQGHODVURFDVFDOL]DV\ODViUHDVFRQ]RQDV
NDUVWLILFDGDV
7RGDVODVPRQWDxDVVRQ DSURYHFKDGDVSRU DQLPDOHVVLOYHVWUHV([LVWHQPXFKDVSODQWDV
DXWyFWRQDV \ WDPELpQ VRQ XWLOL]DGDV FRPR DOLPHQWR HQ HO VREUHYXHOR GH ODV DYHV
WDPELpQOOHJDQPXFKDVDYHV\DQLPDOHVPLJUDWRULRV
(O5tR0RSiQ\VXVDIOXHQWHVUHFLEHQDSRUWHVLPSRUWDQWHVGHODVDJXDVVXEWHUUiQHDVSRU
ODSUHVHQFLDGHFDYHUQDVGHORV.DUVWGHOD]RQDWDQWRHQODpSRFDVHFDFRPRGXUDQWHHO
SHUtRGROOXYLRVR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHVSHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
&RPR WDO QR H[LVWH SODQ GH PDQHMR GH UHFXUVRV KtGULFRV HQ *XDWHPDOD ODV
PXQLFLSDOLGDGHVWUDWDQGHRUGHQDUFRQXQDLQFLSLHQWHSODQLILFDFLyQSULQFLSDOPHQWHHQHO
iUHDXUEDQDODFXDOHVUHODWLYDPHQWHSHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
(QJHQHUDOHOWHPDGHFXDQWLILFDFLyQGHOFLFORGHODJXDHVPX\HVFDVRÒQLFDPHQWHVH
HQFXHQWUDQGLVSRQLEOHVGDWRVFOLPDWROyJLFRVGHO ,16,980(+ \GHO ,1'(HQDOJXQRV
VLWLRV GH OD &XHQFD +LGURJUiILFD GHO 5tR 0RSiQ SHUR UHJLVWURV GH GDWRV GH DJXDV
VXEWHUUiQHDV FDVL VLHPSUH VRQ PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFR
FLHQWtILFRKLVWyULFR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
264
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV HQ HO FDVR GH UtRV \
ODJRV VRQ XWLOL]DGRV SRU SHTXHxRV \ PHGLDQRV DJULFXOWRUHV FX\RV
SURGXFWRV QRUPDOPHQWH VRQ YHQGLGRV HQ ORV PHUFDGRV ORFDOHV \
RWUDSDUWHHQOD]RQDIURQWHUL]DFRQ%HOLFH6HWLHQHQDFWLYLGDGHV
GHHFRWXULVPRWXULVPRDUTXHROyJLFRSDOHRQWROyJLFR\HWQROyJLFR
(Q DOJXQRV VLWLRV FRPR HO 3DUTXH 1DFLRQDO 7LNDO VH FXHQWD FRQ
LQIUDHVWUXFWXUDKRWHOHUDIRUPDO\GHSULPHUDFDWHJRUtD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDU
GH D PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR KXPDQR VH
GHSHQGH GH ORV PDQDQWLDOHV \ HQ OD SDUWH EDMD VH GHSHQGH GH ORV
DIOXHQWHVGHO5tR0RSiQFXDQGRODFDOLGDGGHODJXDORSHUPLWHSRU
VXVFDUDFWHUtVWLFDVRUJDQROpSWLFDV(QFDVRFRQWUDULRHVQHFHVDULDOD
FRQVWUXFFLyQGHSHTXHxRVHPEDOVHVRDJXDGDV
(VWLPDFLyQSRUFHQWXDOGHOQLYHO
GHSREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRV
KtGULFRVGHORVDFXtIHURV
*XDWHPDOD3REUH]DGHO
*XDWHPDOD 6H FRODSVDUtDQ XQD EXHQD FDQWLGDG GH ORV VLVWHPDV
ELROyJLFRVGHODUHGGHDJXDVVXSHUILFLDOHV7DPELpQVHDIHFWDUtDQ
0HGLRVGHYLGDTXHFRUUHUtDQ
ODV SREODFLRQHV GH HVWD FXHQFD SRUTXH GHSHQGHQ GHO DJXD
SHOLJURSpUGLGDVHFRQyPLFDVVL
VXSHUILFLDO SDUD HO DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV
HOVLVWHPDDFXtIHURVXEWHUUiQHR
DEDVWHFLPLHQWRVGHDJXDSDUDFRQVXPRKXPDQRHLJXDOPHQWHFRPR
VHYLHUDDIHFWDGR
DEUHYDGHURSDUDHOJDQDGR\SDUDVXSOLUODVGHPDQGDVGHDJXDSDUD
QHJDWLYDPHQWH
LUULJDFLyQDSHVDUTXHHQYDULRVVLWLRVODFDOLGDGHVGHDJXDVGXUDV
\HQRWURVKD\FRQWHQLGRDOWRGHVXOIDWRV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
7DO FRPR H[SUHVD *XDWHPDOD ODV UHODFLRQHV FRQ %HOLFH VRQ VXPDPHQWH FRUGLDOHV \
WRGDV ODV DFWLYLGDGHV VH KDQ UHDOL]DGR SRU PXWXD FRODERUDFLyQ HQ PDWHULD GH UHFXUVRV
KtGULFRV$FWXDOPHQWHORVFDXGDOHVVRQXVDGRVHQIRUPDORPiVHTXLWDWLYDPHQWHSRVLEOH
HQWUHORVSREODGRUHVGHDPERVSDtVHV
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\DGHPiVH[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
$ VX YH] HQ *XDWHPDOD VH FXHQWD FRQ DOJXQDV HVWDFLRQHV GH PRQLWRUHR
KLGURPHWHRUROyJLFR RSHUDGDV SRU ,16,980(+ ,1'( \ OD &,/$ &RPLVLyQ
,QWHUQDFLRQDOGH/tPLWHV\$JXDV
$ WUDYpV GH OD &,/$ &RPLVLyQ ,QWHUQDFLRQDO GH /tPLWHV \$JXDV VH WUDWD FXDOTXLHU
SRVLEOH FRQIOLFWR HQ PDWHULD GH DJXDV IURQWHUL]DV VLHPSUH VH KD UHVSHWDGR HO
FRPSDUWLPLHQWRHFXiQLPHGHODVGHPDQGDVGHDJXDVHQWUHDPEDVQDFLRQHVSDUDVXXVR\
FRRSHUDFLyQPXWXD
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
265
266
&6,67(0$$&8Ë)(5275$16)5217(5,=2386,/$02+2
%(/,&(*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR3XVLOi0RKRVHHQFXHQWUDFRPSDUWLGRHQWUH*XDWHPDOD\%HOLFH\
VH XELFD HQ SHTXHxRV YDOOHV \ D RULOODV GH FDXFHV GH ORV SULQFLSDOHV DIOXHQWHV GHO 5tR
3XFLOi\GUHQDDO0DU&DULEH
(Q*XDWHPDODWLHQHXQDVXSHUILFLHGHNPFRQXQDSREODFLyQGHKDELWDQWHV\
HQ%HOLFHVRQXQRVNPDSUR[LPDGDPHQWHFRQXQDSREODFLyQGHKDELWDQWHV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORVFXDOHVHOKDELQWHJUDQODIUDFFLyQXUEDQD
/DSREODFLyQUXUDOFRUUHVSRQGHDOUHVWDQWHKDE\ODSREODFLyQLQGtJHQD
HVWLPDGD DO KDE .HNFKt .LFKp 0RSiQ \ *DULIXQD 'H DFXHUGR D ODV
FDUDFWHUtVWLFDVGHODFXtIHURHOGHODSREODFLyQVHHQFXHQWUDDVHQWDGDVREUH]RQDVGH
UHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
(Q%HOLFHVHLQGLFDTXHHOGHODSREODFLyQHVUXUDOGRQGHQRKD\FLXGDGHVVLQR
DOJXQDVYLOODV
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v $JURLQGXVWULDV
v 5LHJR
v 8VRGRPpVWLFR
v $EUHYDGHUR
v 2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGHDJXD
%HOLFHLQGLFDTXHHQJHQHUDOHODJXDHVGXOFH\GXUD([LVWHQSRFRVGDWRVGLVSRQLEOHVGH
FDOLGDG GH DJXD /DV PHGLFLRQHV GH SXQWRV SURPHGLRV VRQ ORV VLJXLHQWHV GXUH]D PJO&D&2PJOFORUXURVPJOKLHUURPJOQLWUDWRVPJO
267
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q HO $FXtIHUR 3XVLOi 0RKR *XDWHPDOD VH WLHQH FLHUWD LQWHUGHSHQGHQFLD HQWUH ORV
FDXGDOHV GH ORV PDQDQWLDOHV \ GH ORV UtRV &XDQGR ORV SHUtRGRV OOXYLRVRV VRQ SREUHV
DOJXQRVPDQDQWLDOHVUHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV\SRUHQGHORVFDXGDOHVGH
ORVUtRV/DJHRORJtDSUHGRPLQDQWHHVGHURFDVVHGLPHQWDULDVFDOL]DVFRQEXHQGHVDUUROOR
GH NDUVWLILFDFLyQ /DV FRQFHQWUDFLRQHV GH ORV FRQWDPLQDQWHV QRUPDOPHQWH PDQWLHQHQ
VXVQLYHOHVHOFRORURORUHVVDERU\ODVDOLQLGDGPDQWLHQHQVXVQLYHOHVGHDFXHUGRDOD
HVWDFLRQDOLGDGFOLPiWLFD
6HJ~Q%HOLFHQRKD\FDPELRVVLJQLILFDWLYRVHQODGLVSRQLELOLGDGGHUHVHUYDVGHDJXDV
VXEWHUUiQHDVHQHO$FXtIHURGH0RKR3XVLOD6LQHPEDUJRFRPRODSREODFLyQFUHFHVH
HVSHUDXQDXPHQWRHQODGHPDQGDGHDJXDSRWDEOH/DFDOLGDGGHODJXDHVWiLQIOXHQFLDGD
SRUHOGHVDUUROORGHODJHRORJtD\ODDFWLYLGDGDJUtFROD(VGHHVSHUDUXQOHQWRDXPHQWR
HQODVDFWLYLGDGHVDJUtFRODVSRUORWDQWRFXDOTXLHUFDPELRHQODFDOLGDGGHODJXDVHYHUi
LQIOXLGRSRUODVDFWLYLGDGHVDQWURSRJpQLFDV
2WUDVIXHQWHVGHDJXD
(Q*XDWHPDODSXHGHQFRQVWUXLUVHSHTXHxRVHPEDOVHVTXHORFDOPHQWHVHFRQRFHQFRQ
HOQRPEUHGHDJXDGDVRMXOHTXHVHQJHQHUDOVHGHSHQGHGHODVOOXYLDVSDUDREWHQHUDJXD
GHEXHQDFDOLGDGRUJDQROpSWLFD\DVHDGHUtRVDUUR\RVRGHSHTXHxRVODJRV
(ODJXDGHORVSDQWDQRV\DOJXQRVPDQDQWLDOHVPXHVWUDQXQVDERUWDQWRGHVDJUDGDEOH
(Q %HOLFH ODV IXHQWHV DOWHUQDWLYDV GH DJXD VRQ OD UHFROHFFLyQ \ HO DOPDFHQDPLHQWR GH
DJXD GH OOXYLD GXUDQWH OD WHPSRUDGD GH OOXYLDV /DV SREODFLRQHV FHUFDQDV DO UtR XVDQ
DEDVWHFLPLHQWR VXSHUILFLDO \ DJXDV VXEWHUUiQHDV SDUD VREUHYLYLU D ORV SHUtRGRV GH
HVFDVH] GH DJXD 1R KD\ XQ SODQ DFWXDO R LGHQWLILFDGR D IXWXUR SDUD LQFUHPHQWDU ODV
DFWLYLGDGHVTXHDXPHQWHQODVWDVDVGHH[WUDFFLyQRGDUOXJDUDODFRQWDPLQDFLyQGHHVWH
VLVWHPDDFXtIHURWUDQVIURQWHUL]R
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
7RPDQGR FRPR UHIHUHQFLD ORV ~OWLPRV DxRV ORV UHJLVWURV GH OOXYLDV KDQ VLGR
UHODWLYDPHQWH QRUPDOHV LQFOXVLYH FRQ YRO~PHQHV DUULED GH OR QRUPDO SURYRFDQGR
LQXQGDFLRQHV TXH DIHFWDQ D ODV WLHUUDV EDMDV GH *XDWHPDOD \ %HOLFH SRU OR TXH OD
PD\RUtD GH ORV PDQDQWLDOHV QR VH YLHURQ DIHFWDGRV R IXHURQ IDYRUHFLGRV SRU HVWD
FLUFXQVWDQFLD
&RQ OD SUHVHQFLD GHO +XUDFiQ 0LWFK VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD (Q HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
(Q%HOLFHGXUDQWHOD~OWLPDGpFDGDHOSURPHGLRDQXDOGHSUHFLSLWDFLRQHVIXHGH
PP/DSUHFLSLWDFLyQDQXDOPi[LPDIXHGHPP\ODSUHFLSLWDFLyQPtQLPD
DQXDOIXHGHPP
268
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RUODVREVHUYDFLRQHVGHORV~OWLPRVDxRVVLHPSUHKDQH[LVWLGRDOWLEDMRVSRVLWLYRV\
QHJDWLYRV DGHPiV VLHPSUH HVWi SUHVHQWH OD LQIOXHQFLD GH ORV YLHQWRV DOLVLRV GHO 0DU
&DULEH
/D UHFDUJD HQ iUHDV GH SHQGLHQWHV \ FRQ IDOWD GH FREHUWXUD YHJHWDO VH YH PD\RUPHQWH
DIHFWDGDSRUHOFDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQ
(Q%HOLFHORVUHVXOWDGRVGHOHVFHQDULR(&+$0$LQGLFDQTXHODSUHFLSLWDFLyQDQXDO
SURPHGLRVHUiGHPPODPtQLPDDQXDOGHPP\HOPi[LPRDQXDO
VHUiGHPP
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(QHVWDFXHQFDODVLQXQGDFLRQHVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGHODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLD
SUHFLSLWDGD /DV OOXYLDV HQ HVWDV FXHQFDV HVWiQ IXHUWHPHQWH LQIOXHQFLDGDV SRU OD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ SRU ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV
LQWURGXFLHQGRYDSRUGHDJXDGHO*ROIRGH0p[LFR
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV HVFDVD SHUR OD RFXUUHQFLD GH DOJ~Q WHUUHPRWR
SURGXFLUtDXQFDPELRHQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV\SRUORVGHUUXPEHVHQFDYHUQDVNDUVW
6HJ~Q %HOLFH HO LPSDFWR GH ODV LQXQGDFLRQHV VHTXtDV \ WHUUHPRWRV HQ HVWH VLVWHPD
DFXtIHURHVLQFLHUWR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6LHPSUH VH OH GD ORV PLVPRV XVRV VROR TXH FRQ DOJXQDV OLPLWDFLRQHV HQ
DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH (Q HVWD ]RQD H[LVWHQ SRFRV
SR]RV H[FDYDGRV \ SHUIRUDGRV HO DSURYHFKDPLHQWR GH ODV DJXDV VXEWHUUiQHDV HV SRU
PHGLRGHPDQDQWLDOHV
(Q%HOLFHGXUDQWHODVLQXQGDFLRQHVORVSR]RVFHUFDGHORVFXUVRVGHDJXDVHLQXQGDQ\
GXUDQWHODVHTXtDORVQLYHOHVGHORVSR]RVFDHQVLJQLILFDWLYDPHQWH'XUDQWHODVHTXtDORV
SR]RV VRQ H[SORWDGRV KDVWD TXH \D QR SXHGHQ DEDVWHFHU GH DJXD SRWDEOH
6XEVHFXHQWHPHQWHVHXWLOL]DHODOPDFHQDPLHQWRGHDJXDGHOOXYLD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVXQLGDGHVGHSDLVDMHHQVXHORJXDWHPDOWHFRHVWiQFRQIRUPDGDVSRUWLHUUDVQDWXUDOHV
IRUHVWDGDV TXH VH FRQVWLWX\HQ HQ OD SDUWH DOWD GH OD FXHQFD /DV SREODFLRQHV VH
HQFXHQWUDQ D OD RULOOD GH UtRV \ ODJRV R HQ VLWLRV HQ YDOOHV GRQGH SXHGHQ OOHJDU ORV
DEDVWHFLPLHQWRV GH DJXD SDUD FRQVXPR KXPDQR (VWRV FDXGDOHV SURFHGHQ GH OXJDUHV
PRQWDxRVRV(QHVWDFXHQFDODFRPXQLFDFLyQHVWHUUHVWUHSRUFDUUHWHUDV
269
(QFXDQWRDODFREHUWXUDQDWXUDORULJLQDOVHPHQFLRQDQERVTXHVWURSLFDOHVGHPDGHUDV
ILQDVGHSLQRVFDULEH\JUDQGHVH[WHQVLRQHVFRQERVTXHVGHVDEDQD(OUHOLHYHGHSRFD
HOHYDFLyQPVQP
$H[FHSFLyQGHXQDPtQLPDH[SDQVLyQGHODVDOGHDV\ODVJUDQMDVGHVXEVLVWHQFLD\OD
WDODVHOHFWLYDHQOD5HVHUYD)RUHVWDOODVXQLGDGHVGHSDLVDMHQRKDQFDPELDGRHQ%HOLFH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q *XDWHPDOD VREUH ORV DFXtIHURV VH VLW~DQ ]RQDV FRQ ERVTXHV WURSLFDOHV iUHDV GH
SLQRV \ RWUDV HVSHFLHV DUEyUHDV +R\ HQ GtD H[LVWHQ SODQWDFLRQHV GH PDt] IULMRO
FDODED]DVKRUWDOL]DVGHFOLPDFiOLGR\H[WHQVLRQHVFRQSDVWRVSDUDDOLPHQWDUDORVKDWRV
JDQDGHURV
(Q %HOLFH ODV XQLGDGHV DFWXDOHV GH SDLVDMH LQFOX\HQ ODV ODGHUDV RULHQWDOHV GH ODV
PRQWDxDVPD\DVUtRV\DUUR\RVSDQWDQRV\KXPHGDOHV/DFXELHUWD\XWLOL]DFLyQDFWXDO
GHOVXHORVRQSULQFLSDOPHQWHORVERVTXHVGHIURQGRVDVVXEPRQWDQR\WLHUUDVEDMDVORV
PDQJODUHV]RQDVGHDUEXVWRVORVKXPHGDOHVORVXVRVDJUtFRODV\ORVSXHEORV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q *XDWHPDOD SODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD WRGRV
XWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD \FREHUWXUDGHWLHUUDVQDWXUDOHV\ERVTXHV
(OUHVWRGHODFXHQFDHVWiFRQYHJHWDFLyQDUEXVWLYD
(Q %HOLFH VH GD SULQFLSDOPHQWH OD DJULFXOWXUD GH VXEVLVWHQFLD GH DUUR] IULMROHV FDFDR
PDt]
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q *XDWHPDOD HQ OD &XHQFD GHO 5tR 3XFLOi VH WLHQHQ ORV VLJXLHQWHV SXQWRV GH
FRQVHUYDFLyQ3XFLOi%DODP0XTXLOi/D&XPEUH\6HFR\RE
(Q%HOLFHODVVLJXLHQWHViUHDVSURWHJLGDVVHHQFXHQWUDQGHQWURGHOD&XHQFD0RKROD
5HVHUYD)RUHVWDOGH&ROXPELDHO6DQWXDULRGH9LGD6LOYHVWUH$JXDFDOLHQWHOD5HVHUYD
)RUHVWDOGH0DFKDFD\HO5tR%ODQFR3DUTXH1DFLRQDO
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q*XDWHPDODWRGDVODViUHDVEDMDVGHSHQGHQGHORVDSRUWHVGHODVDJXDVVXEWHUUiQHDV
SRUTXH HQ HVWDV ]RQDV VH PH]FODQ ODV DJXDV VXEWHUUiQHDV FRQ ODV DJXDV VXSHUILFLDOHV
FRPR FRQVHFXHQFLD GHO JUDGR GH PHWHRUL]DFLyQ GH ODV URFDV FDOL]DV \ ODV iUHDV
NDUVWLILFDGDV 7RGDV ODV PRQWDxDV VRQ DSURYHFKDGDV SRU DQLPDOHV VLOYHVWUHV ([LVWHQ
PXFKDVSODQWDVDXWyFWRQDV\WDPELpQVRQXWLOL]DGDVFRPRDOLPHQWRHQHOVREUHYXHORGH
ODVDYHVWDPELpQOOHJDQPXFKDVDYHV\DQLPDOHVPLJUDWRULRV
270
(O5tR3XFLOi\VXVDIOXHQWHVUHFLEHQDSRUWHVLPSRUWDQWHVGHODVDJXDVVXEWHUUiQHDVSRU
ODSUHVHQFLDGHFDYHUQDVGHORV.DUVWGHOD]RQDWDQWRHQODpSRFDVHFDFRPRGXUDQWHHO
SHUtRGROOXYLRVR
(Q %HOLFH ORV SDQWDQRV GH ODV FXHQFDV KLGURJUiILFDV \ ORV KXPHGDOHV GH 0RKR
GHSHQGHQGHODVDJXDVGHODFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q*XDWHPDODH[LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHD
OD JHVWLyQ GH ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU
GHVOL]DPLHQWRV H LQXQGDFLRQHV \ WDPELpQ SDUD SURWHFFLyQ GH OD LQIUDHVWUXFWXUD YLDO
FDPLQRV\SXHQWHVSHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
(Q %HOLFH KD\ GLVSRVLFLRQHV SDUD OD LGHQWLILFDFLyQ GH ODV iUHDV GH UHFDUJD \ OD
SURWHFFLyQGHGLFKDV]RQDVFRQIRUPHDOD/H\)RUHVWDOHO)LGHLFRPLVRGH&RQVHUYDFLyQ
GHÈUHDV3URWHJLGDV\OD/H\GH*HVWLyQ,QWHJUDGDGH5HFXUVRV+tGULFRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
&RPR WDO QR H[LVWH SODQ GH PDQHMR GH UHFXUVRV KtGULFRV HQ *XDWHPDOD /DV
PXQLFLSDOLGDGHVWUDWDQGHRUGHQDUFRQXQDLQFLSLHQWHSODQLILFDFLyQSULQFLSDOPHQWHHQHO
iUHDXUEDQDODFXDOHVUHODWLYDPHQWHSHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
(QJHQHUDOHOWHPDGHFXDQWLILFDFLyQGHOFLFORGHODJXDHVPX\HVFDVRÒQLFDPHQWHVH
HQFXHQWUDQGLVSRQLEOHVGDWRVFOLPDWROyJLFRVGHO ,16,980(+HQDOJXQRVVLWLRVGHOD
FXHQFD KLGURJUiILFD GH ORV UtRV 3XFLOi \ %ODQFR SHUR ORV UHJLVWURV GH GDWRV GH DJXDV
VXEWHUUiQHDV VRQ FDVL VLHPSUH PX\ HVFDVRV R HVWiQ EDVDGRV HQ DOJ~Q HVWXGLR WpFQLFR
FLHQWtILFRKLVWyULFR
(Q %HOLFH H[LVWH XQ 3UR\HFWR GH /H\ GH 6LVWHPD ,QWHJUDGR GH 5HFXUVRV +tGULFRV TXH
VHUiSUHVHQWDGRDOD$VDPEOHD1DFLRQDOSDUDVXUDWLILFDFLyQ(QHVWHSUR\HFWRGHOH\VH
KD SUHYLVWR OD SUHSDUDFLyQ GH XQ SODQ GLUHFWRU QDFLRQDO GH JHVWLyQ GH ORV UHFXUVRV
KtGULFRV TXH LQFOXLUi OD JHVWLyQ GH ODV FXHQFDV KLGURJUiILFDV \ VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
9HUFXDGURGHDVSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHURDFRQWLQXDFLyQ
271
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV HQ HO FDVR GH ORV UtRV
VRQ XWLOL]DGRV SRU SHTXHxRV \ PHGLDQRV DJULFXOWRUHV FX\RV
SURGXFWRV QRUPDOPHQWH VRQ YHQGLGRV HQ ORV PHUFDGRV ORFDOHV \
RWUDSDUWHHQOD]RQDIURQWHUL]DFRQ%HOLFH6HWLHQHQDFWLYLGDGHVGH
%HQHILFLRVHFRQyPLFRV
HFRWXULVPRWXULVPRDUTXHROyJLFRSDOHRQWROyJLFR\HWQROyJLFR
UHODFLRQDGRVDOXVRGHODJXD
%HOLFH 1R HV SRVLEOH GHVJORVDU ORV GDWRV HFRQyPLFRV SUHVHQWDGRV
SRU HO ,QVWLWXWR GH (VWDGtVWLFD GH %HOLFH /DV DFWLYLGDGHV
HFRQyPLFDVLQFOX\HQSHTXHxRVFRPSOHMRVWXUtVWLFRVGHDORMDPLHQWR
HFRWXULVPR\HOSURFHVDPLHQWRGHFDFDR
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDU
GHDPHVHVHQHODxRSHURSDUDHOFRQVXPRKXPDQRVHGHSHQGH
GHORVPDQDQWLDOHV\HQODSDUWHEDMDVHGHSHQGHGHORVDIOXHQWHVGHO
5tR 3XFLOi FXDQGR OD FDOLGDG GHO DJXD OR SHUPLWH SRU VXV
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV FDUDFWHUtVWLFDV RUJDQROpSWLFDV (Q FDVR FRQWUDULR HV QHFHVDULD OD
QDWXUDOHVGHODFFHVRDOUHFXUVR FRQVWUXFFLyQGHSHTXHxRVHPEDOVHVRDJXDGDV
DJXD
%HOLFH/D PD\RUtDGHORVFXOWLYRVGHDUUR]VRQLUULJDGRV \SRUOR
WDQWRGHSHQGHQHQJUDQPHGLGDHODFFHVRDODJXDVLQHPEDUJRHVD
DJXDVHVXPLQLVWUDGHODVH[LVWHQFLDVGHDJXDVXSHUILFLDO
(VWLPDFLyQSRUFHQWXDOGHOQLYHO *XDWHPDOD3REUH]DGHO
GHSREUH]DGHODVSREODFLRQHV
%HOLFH (O GH ORV SREUHV GHSHQGHQ GHO VXPLQLVWUR GH DJXD
TXHXWLOL]DQORVUHFXUVRV
SRWDEOHGHOVLVWHPDDFXtIHURWUDQVIURQWHUL]R
KtGULFRVGHORVDFXtIHURV
*XDWHPDOD &RODSVDUtDQ XQD EXHQD FDQWLGDG GH ORV VLVWHPDV
ELROyJLFRVGHODUHGGHDJXDVVXSHUILFLDOHV7DPELpQVHDIHFWDUtDQ
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVL ODV SREODFLRQHV GH HVWD FXHQFD SRUTXH GHSHQGHQ GHO DJXD
HOVLVWHPDDFXtIHURVXEWHUUiQHR VXSHUILFLDO SDUD HO DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV
VHYLHUDDIHFWDGRQHJDWLYDPHQWH DEDVWHFLPLHQWRVGHDJXDSDUDFRQVXPRKXPDQRHLJXDOPHQWHFRPR
DEUHYDGHURSDUDHOJDQDGR\SDUDVXSOLUODVGHPDQGDVGHDJXDSDUD
LUULJDFLyQDSHVDUTXHHQYDULRVVLWLRVODFDOLGDGHVGHDJXDVGXUDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
7DO FRPR H[SUHVD *XDWHPDOD ODV UHODFLRQHV FRQ %HOLFH VRQ VXPDPHQWH FRUGLDOHV \
WRGDV ODV DFWLYLGDGHV VH KDQ UHDOL]DGR SRU PXWXD FRODERUDFLyQ HQ PDWHULD GH UHFXUVRV
KtGULFRV$FWXDOPHQWHORVFDXGDOHVVRQXVDGRVHQIRUPDORPiVHTXLWDWLYDPHQWHSRVLEOH
HQWUHORVSREODGRUHVGHDPERVSDtVHV
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
\DGHPiVH[LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
$ VX YH] HQ *XDWHPDOD VH FXHQWD FRQ DOJXQDV HVWDFLRQHV GH PRQLWRUHR
KLGURPHWHRUROyJLFR RSHUDGDV SRU ,16,980(+ ,1'( \ OD &,/$ &RPLVLyQ
,QWHUQDFLRQDOGH/tPLWHV\$JXDV
$ WUDYpV GH OD &,/$ &RPLVLyQ ,QWHUQDFLRQDO GH /tPLWHV \$JXDV VH WUDWD FXDOTXLHU
SRVLEOH FRQIOLFWR HQ PDWHULD GH DJXDV IURQWHUL]DV VLHPSUH VH KD UHVSHWDGR HO
FRPSDUWLPLHQWRHFXiQLPHGHODVGHPDQGDVGHDJXDVHQWUHDPEDVQDFLRQHVSDUDVXXVR\
FRRSHUDFLyQPXWXD
272
6HJ~Q %HOLFH KD\ XQ DFXHUGR JHQHUDO D QLYHO WpFQLFR SDUD HO LQWHUFDPELR GH GDWRV H
LQIRUPDFLyQVREUHORVUHFXUVRVKtGULFRV1RIXHURQLGHQWLILFDGRVGHEDWHVGRFXPHQWDGRV
UHODFLRQDGRVFRQHO6LVWHPDGH$FXtIHUR7UDQVIURQWHUL]R0RKR3XVLOD
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
1RKDKDELGRLQWHUpVPDQLIHVWDGRHQWUH%HOLFH\*XDWHPDODSDUDODXWLOL]DFLyQFRQMXQWD
GHORVUHFXUVRVKtGULFRVHQHO6LVWHPDGH$FXtIHUR7UDQVIURQWHUL]R0RKR3XVLOD
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
%HOLFH3UHSDUDGRFRQODFRODERUDFLyQGH5XGROSK:LOOLDPV
273
274
&6,67(0$$&8Ë)(5275$16)5217(5,=26$567Ò1
%(/,&(*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R6DUVW~QVHH[WLHQGHDORODUJRGHORVGHSDUWDPHQWRV
GH 3HWpQ H ,]DEDO HQ *XDWHPDOD \ GHO 'LVWULWR GH 7ROHGR HQ %HOLFH (V SDUWH GH OD
&XHQFDGHO5tR6DUVW~QTXHQDFHHQ*XDWHPDOD\VHGLULJHKDFLD%HOLFH
/DFXHQFDSXHGHFRQVLGHUDUVHGHWRSRJUDItDRQGXODGDFRQDOWLWXGHVGHDPVQP
HQ ODV SDUWHV PiV DOWDV HQ *XDWHPDOD KDVWD DOFDQ]DU HO QLYHO GHO PDU HQ VX
GHVHPERFDGXUDHQHOWHUULWRULREHOLFHxRKDFLDHO0DU&DULEH
/D FXHQFD KLGURJUiILFD HQ HO ODGR JXDWHPDOWHFR GUHQD XQ iUHD GH NPð PLHQWUDV
TXHHQ%HOLFHVHVHxDODXQDH[WHQVLyQGHOVLVWHPDDFXtIHURGHP
&DUDFWHUtVWLFDVGHODFXtIHUR
*HROyJLFDPHQWH OD FXHQFD HVWi FRQIRUPDGD SULQFLSDOPHQWH SRU GH GHSyVLWRV
VHGLPHQWDULRVFOiVWLFRVPDULQRVGHURFDVFDUERQDWDGDVGHO&UHWiFLFRFRQVROLGDGDV
GH DOXYLRQHV FXDWHUQDULRV UHFLHQWHV SULQFLSDOPHQWH HQ OD SRUFLyQ EDMD \ HQ
MXULVGLFFLyQ GHO WHUULWRULR EHOLFHxR \ GH URFDV VHGLPHQWDULDV FRQ FDSDV URMDV GHO
7HUFLDULR 6XSHULRU /DV FDOL]DV \ GRORPLWDV FUHWiFLFDV PDQLILHVWDQ HOHYDGR JUDGR GH
SHUPHDELOLGDG SRU IUDFWXUDFLyQ \ WDPELpQ VH SUHVHQWDQ H[WHQVRV IHQyPHQRV GH
FLUFXODFLyQFiUVWLFD/RVVXHORVVXSHUILFLDOHVVRQYDULDEOHVJHQHUDOPHQWHVRQSREUHVHQ
ODV]RQDVSHQGLHQWHV\SRFRDEDVWDQWHSURIXQGRVHQODViUHDVDOXYLDOHV
/RV GHSyVLWRV VHGLPHQWDULRV WHUFLDULRV FRQVWLWX\HQ XQ DFXtIHUR PXOWLHVWUDWR GH
SURGXFWLYLGDG EDMD \ GH SHUPHDELOLGDG SULPDULD D VHFXQGDULD /DV FDOL]DV \ GRORPLWDV
FUHWiFLFDV FRQVWLWX\HQ XQ DFXtIHUR GH PX\ EXHQD SRWHQFLDOLGDG \ SHUPHDELOLGDG PX\
YDULDEOHGHDPðGtDSULQFLSDOPHQWHHQHOFDXFHGHO6DUVW~Q\HQOD]RQDDOXYLDO
FXDWHUQDULDHQ%HOLFH
(OIOXMRHVHQGLUHFFLyQRHVWH±HVWHKDFLDHOHVWHGLULJLpQGRVHD%HOLFH\DO0DU&DULEH
=RQDVGH5HFDUJD
(OiUHDGHUHFDUJDSRWHQFLDOGHODFXtIHURSUDFWLFDPHQWHHVHOGHOiUHDGHODFXHQFD
HTXLYDOHQWHDNPðHQHOWHUULWRULRJXDWHPDOWHFR\HOJUDGLHQWHKLGUiXOLFRHQHOiUHD
IURQWHUL]D SXHGH VHU GH D PHWURV NP PLHQWUDV TXH OD RVFLODFLyQ GH ORV QLYHOHV
IUHiWLFRVSXHGHDOFDQ]DUGHDPHWURVDxR/DVOOXYLDVSXHGHQLQILOWUDUGHD
%HOLFHXELFDOD]RQDGHUHFDUJDHQODVODGHUDVQRURULHQWDOHVGHODV0RQWDxDV0D\DV
275
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORV FXDOHV HO KDE LQWHJUDQ OD IUDFFLyQ XUEDQD VLHQGR ODV SULQFLSDOHV
FLXGDGHV6DUVW~Q&DTXt&UHHN/D&RUR]D&RFROt6HFDQFKp\&KDFPDLF
/D SREODFLyQ UXUDO FRUUHVSRQGH DO UHVWDQWH KDE \ OD SREODFLyQ
LQGtJHQDHVWLPDGDHVPD\RUDO.HNFKt.LFKp0RSiQ\*DULIXQD'HDFXHUGRD
ODV FDUDFWHUtVWLFDV GHO DFXtIHUR HO GH OD SREODFLyQ VH HQFXHQWUD DVHQWDGD VREUH
]RQDVGHUHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
(QHOODGREHOLFHxRODSREODFLyQHUDGHKDELWDQWHVVHJ~QGDWRVGHODxRWRGRV
HOORVLQGtJHQDV\HQHOPHGLRUXUDO
8VRV
(QJHQHUDOORVSULQFLSDOHVXVRVGHODJXDVXSHUILFLDOVRQSDUDODVVLJXLHQWHVDFWLYLGDGHV
DJXDSDUDFRQVXPRKXPDQRULHJRDEUHYDGHURWXULVPRHFRWXULVPRLQGXVWULDDFWLYLGDG
IRUHVWDO\DUWHVDQDO\WUDQVSRUWHIOXYLDO(QHOiUHDH[LVWHGHILFLHQFLDHQODFREHUWXUDGH
DJXDSDUDFRQVXPRKXPDQR\SHFXDULR3DUDHOSULPHURVHXWLOL]DHOVLVWHPDGHDOMLEHV\
GHDJXDGDVRSHTXHxDVODJXQDVDOPDFHQDGRUDVGHDJXDVSDUDXVRVGRPpVWLFRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
6HHQFXHQWUDQYDORUHVDOWRVGHVXOIDWRVFDUERQDWRV\RWURVFRPSXHVWRV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
([LVWH FRQH[LyQ GLUHFWD HQWUH ODV DJXDV VXEWHUUiQHDV \ ODV VXSHUILFLDOHV SRU OR FXDO HO
DFXtIHURHVYXOQHUDEOHDODFRQWDPLQDFLyQDQWURSRJpQLFD\ODVLQXQGDFLRQHVSURYRFDGDV
SRUORVIHQyPHQRVPHWHRUROyJLFRVH[WUHPRV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'HELGR D OD JUDQ H[WHQVLyQ VXSHUILFLDO GH HVWD UHJLyQ OD SUHFLSLWDFLyQ SOXYLDO PHGLD
DQXDOHVPX\YDULDEOH6HSXHGHFRQVLGHUDUXQYDORUSURPHGLRGHORUGHQGHORV
PPDQXDOHV
7RPDQGRHOSHUtRGRGHORV~OWLPRVDxRVHOUHJLVWURGHOOXYLDVVHKDFRPSRUWDGRHQ
IRUPD EDVWDQWH QRUPDO H LQFOXVLYH FRQ YRO~PHQHV DUULED GH OR QRUPDO SURYRFDQGR
276
DOJXQDVLQXQGDFLRQHVTXHDIHFWDQDODVWLHUUDVEDMDVGH*XDWHPDOD\%HOLFHSRUORTXHOD
PD\RUtDGHORVPDQDQWLDOHVVHYLHURQIDYRUHFLGRV
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD \ HQ HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6L ELHQ QR VH SUHYpQ FDPELRV HQ HO UpJLPHQ GH OOXYLDV OD ]RQD VH FDUDFWHUL]D SRU
SUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQ
HO UpJLPHQ GH UHFDUJD GHO DFXtIHUR DORMDGR HQ ODV URFDV FDOFiUHDV TXH FRQIRUPDQ OD
SODWDIRUPDGH<XFDWiQ
'H DFXHUGR D ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV KD KDELGR DOWLEDMRV WDQWR
SRVLWLYRV FRPR QHJDWLYRV HQ HO UpJLPHQ GH OOXYLDV \ DGHPiV VLHPSUH VH WLHQH OD
LQIOXHQFLDGHORVYLHQWRVDOLVLRVGHO0DU&DULEH
/RV UHVXOWDGRV GH ODV VLPXODFLRQHV UHDOL]DGDV FRQ HO PRGHOR (&+$0$ LQGLFDQ TXH
ODV SUHFLSLWDFLRQHV VXIULUiQ XQD OLJHUD GLVPLQXFLyQ HQ ORV GHFHQLRV GH \ VLHQGRGHPPHQHODxRPPHQHODxR\PPHQHO
/DUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQIDOWDGHFREHUWXUDYHJHWDOVHYHDIHFWDGDSRUHO
FDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQPiVTXHSRUHOUpJLPHQSOXYLRPpWULFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
(QHVWDUHJLyQVHWLHQHQFOLPDVGHERVTXHVWURSLFDOHVOOXYLRVRV/DPD\RUtDGHOD]RQD
DFXtIHUD VH HQFXHQWUD HQ XQD JHRORJtD GH NDUVW SRU OR TXH H[LVWH XQ LQWHUFDPELR PX\
GLUHFWR\DOWHUQDWLYRHQWUHDJXDVVXEWHUUiQHDV\VXSHUILFLDOHV
(QHVWDFXHQFDODVLQXQGDFLRQHVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGHODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLD
SUHFLSLWDGD /DV OOXYLDV HQ HVWDV FXHQFDV HVWiQ IXHUWHPHQWH LQIOXHQFLDGDV SRU OD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ SRU ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV
LQWURGXFLHQGRYDSRUGHDJXDGHO*ROIRGH0p[LFR
/DPD\RUtDGHODVFDSWDFLRQHVGHDJXDGHHVWHDFXtIHURVHHQFXHQWUDIXHUDGHODVOODQXUDV
GH LQXQGDFLyQ SRU OR WDQWR ORV SR]RV QR VH YHQ DIHFWDGRV QHJDWLYDPHQWH FXDQGR VH
SURGXFHQLQXQGDFLRQHV
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV HVFDVD SHUR OD RFXUUHQFLD GH DOJ~Q WHUUHPRWR
SURGXFLUtDXQFDPELRHQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV\SRUORVGHUUXPEHVHQFDYHUQDVNDUVW
277
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH 3RU RWUR ODGR FDEH
UHFRUGDUTXHODFDQWLGDGGHSR]RVHQHVWD]RQDHVHVFDVD
(Q %HOLFH QR KD\ QLQJ~Q SODQ SDUD OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD GXUDQWH ORV
SHUtRGRVGHVHTXtD
/RV VLVWHPDV DFXtIHURV IUHiWLFRV VH XWLOL]DQ SDUD HO DEDVWHFLPLHQWR GRPpVWLFR GH DJXD
SRWDEOH'XUDQWHORVSHUtRGRVH[WHQVRVGHHVFDVH]GHSUHFLSLWDFLRQHV\UHFDUJDHVWRV
VLVWHPDVVHERPEHDQKDVWDTXHODVERPEDVPDQXDOHVQRSXHGHQVXPLQLVWUDUPiVDJXD
3RVWHULRUPHQWH ORV VXPLQLVWURV VH KDFHQ D SDUWLU GH DJXD VXSHUILFLDO R GH
DOPDFHQDPLHQWRGHDJXDGHOOXYLD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO iUHD SUHGRPLQD HO FOLPD K~PHGR WURSLFDO \ RULJLQDOPHQWH OD YHJHWDFLyQ HUD GH
VHOYDERVTXHVGHKRMDDQFKDHQWLHUUDVEDMDVERVTXHVGHPDQJODUHV\OLWRUDOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
+R\ HQ GtD HO XVR GHO VXHOR KD FDPELDGR DEUXSWDPHQWH SDVDQGR SULQFLSDOPHQWH D
SDVWL]DOHV\DTXHPXFKDV]RQDVVRQIXHUWHPHQWHGHIRUHVWDGDV
(QODUHJLyQODVSULQFLSDOHVDFWLYLGDGHVHVWiQFRQVWLWXLGDVSRUODDJULFXOWXUD\JDQDGHUtD
FRQUHJXODUQLYHOGHGHVDUUROOR\ODDFWLYLGDGIRUHVWDODUWHVDQDOHLQGXVWULDO
(Q %HOLFH ODV XQLGDGHV GH SDLVDMH DFWXDO LQFOX\HQ PRQWDxDV YDOOHV UtRV \ DUUR\RV
SDQWDQRV\KXPHGDOHV\VLVWHPDVODJXQDUHV
+D\PX\SRFDDFWLYLGDGDJUtFRODGHVXEVLVWHQFLDLQFOX\HQGRHOPDt]IULMROHV\DUUR]
=21$6 3527(*,'$6 '( &216(59$&,Ï1 (1 /$ =21$ '(/
$&8Ë)(5275$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DV iUHDV SURWHJLGDV HQ *XDWHPDOD VRQ 6DUVW~Q /DJXQD *UDQGH &DTXt &UHHN OD
&RUR]D (O $JXDFDWH :DUUH &UHHN &RWRQ &RFROt 6pPR[ 6DQ MXDQ &KRFFKRF
6HFDQFKp&DKMFRUHFK\&KDFPDLF
(Q %HOLFH PLHQWUDV WDQWR VH LQGLFD TXH OD SDUWH VXU GHO 3DUTXH 1DFLRQDO 6DUVWRRQ
7HPDVKHVWiGHQWURGHOD&XHQFD7HPDVK
278
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %HOLFH KD\ GLVSRVLFLRQHV SDUD OD LGHQWLILFDFLyQ GH ODV iUHDV GH UHFDUJD \ OD
SURWHFFLyQGHGLFKDV]RQDVFRQIRUPHDOD/H\)RUHVWDOHO)LGHLFRPLVRGH&RQVHUYDFLyQ
GHÈUHDV3URWHJLGDV\OD/H\GH*HVWLyQ,QWHJUDGDGH5HFXUVRV+tGULFRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q %HOLFH H[LVWH XQ 3UR\HFWR GH /H\ GH 6LVWHPD ,QWHJUDGR GH 5HFXUVRV +tGULFRV TXH
VHUiSUHVHQWDGRDOD$VDPEOHD1DFLRQDOSDUDVXUDWLILFDFLyQ(QHVWHSUR\HFWRGHOH\VH
KD SUHYLVWR OD SUHSDUDFLyQ GH XQ SODQ GLUHFWRU QDFLRQDO GH JHVWLyQ GH ORV UHFXUVRV
KtGULFRV TXH LQFOXLUi OD JHVWLyQ GH ODV FXHQFDV KLGURJUiILFDV \ VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRVDO
XVRGHODJXD
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
*XDWHPDOD1RH[LVWHQHVWDGtVWLFDVSXHVHQHOFDVRGHUtRV
\ODJRVVRQXWLOL]DGRVSDUDHOWUDQVSRUWHIOXYLDO\ODFXVWUH/D
PD\RUtD VRQ SHTXHxRV DJULFXOWRUHV \ ORV SURGXFWRV
QRUPDOPHQWH VRQ YHQGLGRV HQ ORV PHUFDGRV GH ODV
SREODFLRQHVORFDOHV\SDUWHHQOD]RQDIURQWHUL]DFRQ0p[LFR
\ %HOLFH 6H WLHQHQ DFWLYLGDGHV GH HFRWXULVPR WXULVPR
DUTXHROyJLFRSDOHRQWROyJLFR\HWQROyJLFR
%HOLFH+D\PX\SRFDDFWLYLGDGHFRQyPLFDHQHVWHVLVWHPD
DFXtIHURWUDQVIURQWHUL]R
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGH
GXUDU GH D PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR
KXPDQRVHGHSHQGHGHORVPDQDQWLDOHV\HQODSDUWHEDMDVH
GHSHQGH GH ORV DIOXHQWHV GH ORV UtRV &DQGHODULD \ +RQGR R
$]XO FXDQGR OD FDOLGDG GHO DJXD OR SHUPLWH SRU VXV
FDUDFWHUtVWLFDVRUJDQROpSWLFDV
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
*XDWHPDOD3REUH]DGHO
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJUR
SpUGLGDVHFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
*XDWHPDOD 6HFRODSVDUtDQWDPELpQXQDEXHQDFDQWLGDGGH
ORV VLVWHPDV ELROyJLFRV GH OD UHG GH DJXDV VXSHUILFLDOHV
7DPELpQ VH DIHFWDUtDQ ODV SREODFLRQHV GH HVWD FXHQFD
SRUTXH GHSHQGHQ GHO DJXD VXSHUILFLDO SDUD HO
DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV DEDVWHFLPLHQWRV GH
DJXDSDUD FRQVXPR KXPDQR H LJXDOPHQWH FRPR DEUHYDGHUR
SDUD HO JDQDGR \ SDUD VXSOLU ODV GHPDQGDV GH DJXD SDUD
LUULJDFLyQDSHVDUTXHHQYDULRVVLWLRVODFDOLGDGHVGHDJXDV
GXUDV\HQRWURVKD\FRQWHQLGRGHVXOIDWRV
279
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(QORV~OWLPRVYHLQWHDxRVQRKDKDELGRQLQJ~QWUDWDGRRGHEDWHVRILFLDORQRRILFLDO
UHODFLRQDGRVFRQHO$FXtIHUR7UDQVIURQWHUL]R7HPDVK
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+D\ HYLGHQFLDV GH TXH H[LVWH XQ LQWHUpV HQWUH %HOLFH \ *XDWHPDOD SDUD HO XVR GH HVWH
DFXtIHURWUDQVIURQWHUL]RSHURVHGHEHFRQVLGHUDUTXHHVWHDFXtIHURHVWiSRFRSREODGRHQ
DPERVODGRVGHODIURQWHUDHQWUH%HOLFH\*XDWHPDOD/DVGHPDQGDVGHDJXDVRQEDMDV\
QRKD\HYLGHQFLDGHFULVLVGHDJXDSRWDEOHHQDPERVODGRVGHODIURQWHUDSRUORTXHQR
KD\XUJHQFLDSDUDLQLFLDUODFRODERUDFLyQELQDFLRQDO
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
%HOLFH3UHSDUDGRFRQODFRODERUDFLyQGH5XGROSK:LOOLDPV
280
281
&6,67(0$$&8Ë)(5275$16)5217(5,=27(0$6+
%(/,&(*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 7HPDVK VH H[WLHQGH D OR ODUJR GH ORV
'HSDUWDPHQWRVGH3HWpQHQ*XDWHPDOD\GHO'LVWULWRGH7ROHGRHQ%HOLFH(VSDUWHGHOD
&XHQFDGHO5tR7HPDVKTXHQDFHHQ*XDWHPDOD\VHGLULJHKDFLD%HOLFH
/DWRSRJUDItDHVRQGXODGDFRQDOWLWXGHVPHQRUHVDPVQPHQODVSDUWHVPiVDOWDVGH
*XDWHPDODKDVWDDOFDQ]DUHOQLYHOGHOPDUHQVXGHVHPERFDGXUDHQHOWHUULWRULREHOLFHxR
KDFLDHO0DU&DULEH
(OVLVWHPDDFXtIHURRFXSDXQiUHDGHNPHQ%HOLFH\GHNPHQ*XDWHPDOD
&DUDFWHUtVWLFDVGHODFXtIHUR
*HROyJLFDPHQWHODFXHQFDHVWiFRQIRUPDGDSULQFLSDOPHQWHSRUGHSyVLWRVVHGLPHQWDULRV
FOiVWLFRV PDULQRV GHO &UHWiFLFR 7HUFLDULR FRQ SUHGRPLQLR GH XQ GH URFDV
VHGLPHQWDULDV PX\ SRFR FRQVROLGDGDV DOWHUQiQGRVH HVWUDWRV GH DUHQLVFDV VLOOLWDV
PDUJDVFDOL]DV\GRORPLWDV(OUHVWDQWHHVWiFRQIRUPDGRSRUFDOL]DV\GRORPLWDV
FUHWiFLFDV FRQ HOHYDGR JUDGR GH SHUPHDELOLGDG SRU IUDFWXUDFLyQ \ FRQ H[WHQVRV
IHQyPHQRV GH FLUFXODFLyQ FiUVWLFD /RV GHSyVLWRV VHGLPHQWDULRV WHUFLDULRV FRQVWLWX\HQ
XQ DFXtIHUR PXOWLHVWUDWR GH SURGXFWLYLGDG EDMD \ GH SHUPHDELOLGDG SULPDULD D
VHFXQGDULD /DV FDOL]DV \ GRORPLWDV FUHWiFLFDV FRQVWLWX\HQ XQ DFXtIHUR GH PX\ EXHQD
SRWHQFLDOLGDG \ SHUPHDELOLGDG PX\ YDULDEOH GH D PðGtD SULQFLSDOPHQWH HQ HO
FDXFHGHO7HPDVK
(O IOXMR FRUUH HQ GLUHFFLyQ RHVWH HVWH KDFLD HO HVWH GLULJLpQGRVH D %HOLFH \ DO 0DU
&DULEH
/DVSURIXQGLGDGHVSURPHGLRYDQGHDPVLQHPEDUJRORVSR]RVGHH[SORUDFLyQ
GHSHWUyOHRKDQHQFRQWUDGRDJXDHQHOHQWRUQRGHORVPGHSURIXQGLGDG
/D H[SORWDFLyQ HV EDMD FRQ UHQGLPLHQWRV GH OPLQ D OPLQ VHJ~Q GDWRV GH
%HOLFH
=RQDVGH5HFDUJD
(OiUHDGHUHFDUJDSRWHQFLDOGHODFXtIHURHVSUDFWLFDPHQWHHOGHOiUHDGHODFXHQFD
HTXLYDOHQWHDNPðHQHOWHUULWRULR JXDWHPDOWHFR \ HO JUDGLHQWHKLGUiXOLFRHQHO iUHD
IURQWHUL]D SXHGH VHU GH D PHWURV NP PLHQWUDV TXH OD RVFLODFLyQ GH ORV QLYHOHV
IUHiWLFRVSXHGHDOFDQ]DUGHDPHWURVDxR/DVOOXYLDVSXHGHQLQILOWUDUGHD
(Q %HOLFH OD XELFDFLyQ GH OD ]RQD GH UHFDUJD HV HQ ODV ODGHUDV RULHQWDOHV GH ODV
0RQWDxDV0D\DV
282
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORVFXDOHVHOKDELQWHJUDQODIUDFFLyQXUEDQD
/DSREODFLyQUXUDOFRUUHVSRQGHDOUHVWDQWHKDE\ODSREODFLyQLQGtJHQD
HVWLPDGD HV PD\RU DO .HNFKt .LFKp 0RSiQ \ *DULIXQD 'H DFXHUGR D ODV
FDUDFWHUtVWLFDVGHODFXtIHURHOGHODSREODFLyQVHHQFXHQWUDDVHQWDGDVREUH]RQDVGH
UHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
/D SREODFLyQ SDUD OD SDUWH FRUUHVSRQGLHQWH D %HOLFH HV GH KDELWDQWHV WRGRV
LQGtJHQDVHQHOPHGLRUXUDO\HQ]RQDFRUUHVSRQGLHQWHDGHVFDUJDGHO6LVWHPDDFXtIHUR
8VRV
(QJHQHUDOORVSULQFLSDOHVXVRVGHODJXDVXSHUILFLDOVRQSDUDODVVLJXLHQWHVDFWLYLGDGHV
DJXDSDUDFRQVXPRKXPDQRULHJRDEUHYDGHURWXULVPRHFRWXULVPRHLQGXVWULD
(QHOiUHDH[LVWHGHILFLHQFLDHQODFREHUWXUDGHDJXDSDUDFRQVXPRKXPDQR\SHFXDULR
3DUD HO SULPHUR VH XWLOL]D HO VLVWHPD GH DOMLEHV \ GH DJXDGDV R SHTXHxDV ODJXQDV
DOPDFHQDGRUDVGHDJXDVSDUDXVRVGRPpVWLFRV
(Q%HOLFHORVXVRVVRQSDUDFRQVXPRGRPpVWLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGHODJXD
6HJ~Q %HOLFH OD FDOLGDG QDWXUDO GHO DJXD HV EXHQD \ SUHVHQWD ORV VLJXLHQWHV YDORUHV
GXUH]DPJOHQ&D&2FORUXURVPJOVXOIDWRVPJOQLWUDWRVPJO
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
([LVWH FRQH[LyQ GLUHFWD HQWUH ODV DJXDV VXEWHUUiQHDV \ ODV VXSHUILFLDOHV SRU OR FXDO HO
DFXtIHURHVYXOQHUDEOHDODFRQWDPLQDFLyQDQWURSRJpQLFD\ODVLQXQGDFLRQHVSURYRFDGDV
SRUORVIHQyPHQRVPHWHRUROyJLFRVH[WUHPRV
1R KD\ FRQWURO LQWHJUDO GH ODV DJXDV VXEWHUUiQHDV HQ %HOLFH 0XHVWUHRV GH FDQWLGDG \
FDOLGDGVHUHDOL]DQHQXQSUR\HFWRGHLQYHVWLJDFLyQRSRUDOJ~QSUREOHPDSXQWXDO3RUOR
WDQWRQRKD\GDWRVVXILFLHQWHVSDUDGHWHUPLQDUODVWHQGHQFLDVHQODFDOLGDG\FDQWLGDGGH
ODVUHVHUYDVGHDJXDVVXEWHUUiQHDV
2WUDVIXHQWHVGHDJXD
/DV IXHQWHV DOWHUQDWLYDV GH DJXD VRQ OD UHFROHFFLyQ \ HO DOPDFHQDPLHQWR GH DJXD GH
OOXYLDGXUDQWHODWHPSRUDGDGHOOXYLDV/DVSREODFLRQHVFHUFDQDVDORVUtRVXVDQDJXDV
VXSHUILFLDOHV\DJXDVVXEWHUUiQHDVSDUDVREUHYLYLUDORVSHUtRGRVGHHVFDVH]GHDJXD
283
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
'HELGR D OD JUDQ H[WHQVLyQ VXSHUILFLDO GH HVWD UHJLyQ OD SUHFLSLWDFLyQ SOXYLDO PHGLD
DQXDOHVPX\YDULDEOH6HSXHGHFRQVLGHUDUXQYDORUSURPHGLRGHORUGHQGHORV
PPDQXDOHV
7RPDQGRHOSHUtRGRGHORV~OWLPRVDxRVHOUHJLVWURGHOOXYLDVVHKDFRPSRUWDGRHQ
IRUPD EDVWDQWH QRUPDO H LQFOXVLYH FRQ YRO~PHQHV DUULED GH OR QRUPDO SURYRFDQGR
DOJXQDVLQXQGDFLRQHVTXHDIHFWDQDODVWLHUUDVEDMDVGH*XDWHPDOD\%HOLFHSRUORTXHOD
PD\RUtDGHORVPDQDQWLDOHVVHYLHURQIDYRUHFLGRV
&RQ OD SUHVHQFLD GH OD 7RUPHQWD 6WDQ VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFD EDMD \ HQ HO DxR ODV FXHQFDV VXIULHURQ LQXQGDFLRQHV KLVWyULFDV
VREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO(VWH1ƒGHO0DU&DULEH
6HJ~Q %HOLFH H[LVWH XQD WHQGHQFLD FUHFLHQWH GH ODV SUHFLSLWDFLRQHV SDUD OD &XHQFD
7HPDVK (O SURPHGLR GH SUHFLSLWDFLRQHV GXUDQWH OD ~OWLPD GpFDGD IXH PP OD
Pi[LPDIXHPPPLHQWUDVTXHHOPtQLPRIXHGHPP
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6L ELHQ QR VH SUHYpQ FDPELRV HQ HO UpJLPHQ GH OOXYLDV OD ]RQD VH FDUDFWHUL]D SRU
SUHVHQWDULQFLGHQFLDGHKXUDFDQHV\WRUPHQWDVWURSLFDOHVTXHUHSHUFXWHQGLUHFWDPHQWHHQ
HO UpJLPHQ GH UHFDUJD GHO DFXtIHUR DORMDGR HQ ODV URFDV FDOFiUHDV TXH FRQIRUPDQ OD
SODWDIRUPDGH<XFDWiQ
'H DFXHUGR D ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV KDQ KDELGR DOWLEDMRV WDQWR
SRVLWLYRV FRPR QHJDWLYRV HQ HO UpJLPHQ GH OOXYLDV \ DGHPiV VLHPSUH VH WLHQH OD
LQIOXHQFLDGHORVYLHQWRVDOLVLRVGHO0DU&DULEH
/DUHFDUJDHQiUHDVGHSHQGLHQWHV\FRQIDOWDGHFREHUWXUDYHJHWDOVHYHDIHFWDGDSRUHO
FDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQPiVTXHSRUHOUpJLPHQSOXYLRPpWULFR
/RVUHVXOWDGRVGHOPRGHOR(&+$0$GHOOXYLDVREUHHO$FXtIHUR7HPDVKLQGLFDQXQ
SURPHGLR GH PP SRU DxR GXUDQWH ORV SUy[LPRV GRV GHFHQLRV (O DxR SLFR VHUi
FRQPP\ODPtQLPDVHUiGHPPHQHODxR(OSURPHGLRGHHVWDV
GRVGpFDGDVUHSUHVHQWDXQDXPHQWRGHOHQOD~OWLPDGpFDGD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/RV HYHQWRV PHWHRUROyJLFRV H[WUHPRV HVSHFLDOPHQWH ORV KXUDFDQHV \ WRUPHQWDV
WURSLFDOHV KDQ RFDVLRQDGR OD GHVWUXFFLyQ GH ODV IXHQWHV GH DEDVWHFLPLHQWR GH DJXD
SRWDEOHSDUDODVFRPXQLGDGHVPH[LFDQDVVLHQGRQHFHVDULRFRQVWUXLUQXHYDVIXHQWHVHQ
OXJDUHVPiVVHJXURV\SURWHJLGRVGHODLQIOXHQFLDGHODVDYHQLGDVH[WUDRUGLQDULDV
284
(QHVWDUHJLyQVHWLHQHQFOLPDVGHERVTXHVWURSLFDOHVOOXYLRVRV/DPD\RUtDGHOD]RQD
DFXtIHUD VH HQFXHQWUD HQ XQD JHRORJtD GH NDUVW SRU OR TXH H[LVWH XQ LQWHUFDPELR PX\
GLUHFWR\DOWHUQDWLYRHQWUHDJXDVVXEWHUUiQHDV\VXSHUILFLDOHV
(QHVWDFXHQFDODVLQXQGDFLRQHVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGHODpSRFD
GHOPLVPR\HVWiHQIXQFLyQGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDGGHOOXYLD
SUHFLSLWDGD /DV OOXYLDV HQ HVWDV FXHQFDV HVWiQ IXHUWHPHQWH LQIOXHQFLDGDV SRU OD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ SRU ORV IUHQWHV IUtRV GH ODWLWXGHV PHGLDV \ DOWDV
LQWURGXFLHQGRYDSRUGHDJXDGHO*ROIRGH0p[LFR
/DPD\RUtDGHODVFDSWDFLRQHVGHDJXDGHHVWHDFXtIHURVHHQFXHQWUDIXHUDGHODVOODQXUDV
GH LQXQGDFLyQ SRU OR WDQWR ORV SR]RV QR VH YHQ DIHFWDGRV QHJDWLYDPHQWH FXDQGR VH
SURGXFHQLQXQGDFLRQHV
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV HVFDVD SHUR OD RFXUUHQFLD GH DOJ~Q WHUUHPRWR
SURGXFLUtDXQFDPELRHQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV\SRUORVGHUUXPEHVHQFDYHUQDVNDUVW
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6HJ~Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHV
HQ DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH 3RU RWUR ODGR FDEH
UHFRUGDUTXHODFDQWLGDGGHSR]RVHQHVWD]RQDHVHVFDVD
(Q %HOLFH QR KD\ QLQJ~Q SODQ SDUD OD H[SORWDFLyQ GHO DJXD VXEWHUUiQHD GXUDQWH ORV
SHUtRGRVGHVHTXtD
/RV VLVWHPDV DFXtIHURV IUHiWLFRV VH XWLOL]DQ SDUD HO DEDVWHFLPLHQWR GRPpVWLFR GH DJXD
SRWDEOH'XUDQWHORVSHUtRGRVH[WHQVRVGHHVFDVH]GHSUHFLSLWDFLRQHV\UHFDUJDHVWRV
VLVWHPDVVHERPEHDQKDVWDTXHODVERPEDVPDQXDOHVQRSXHGHQVXPLQLVWUDUPiVDJXD
3RVWHULRUPHQWH ORV VXPLQLVWURV VH KDFHQ D SDUWLU GH DJXD VXSHUILFLDO R GH
DOPDFHQDPLHQWRGHDJXDGHOOXYLD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO iUHD SUHGRPLQD HO FOLPD K~PHGR WURSLFDO \ RULJLQDOPHQWH OD YHJHWDFLyQ HUD GH
VHOYD
/D FREHUWXUD RULJLQDO GH OD WLHUUD HQ %HOLFH SUHYLR DO GHVDUUROOR DJUtFROD IXH
SULQFLSDOPHQWHORVERVTXHVODWLIROLDGRVK~PHGRVGHODVWLHUUDVEDMDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
+R\ HQ GtD HO XVR GHO VXHOR KD FDPELDGR DEUXSWDPHQWH SDVDQGR SULQFLSDOPHQWH D
SDVWL]DOHV
285
/RVVXHORVVXSHUILFLDOHVJHQHUDOPHQWHVRQSREUHV\SRFRSURIXQGRV\PXFKDV]RQDVVRQ
IXHUWHPHQWH GHIRUHVWDGDV /DV SULQFLSDOHV DFWLYLGDGHV HVWiQ FRQVWLWXLGDV SRU OD
DJULFXOWXUD \ JDQDGHUtD GH VREUHYLYHQFLD FRQ EDMR QLYHO GH GHVDUUROOR \ OD DFWLYLGDG
IRUHVWDODUWHVDQDO
(Q%HOLFHODVXQLGDGHVDFWXDOHVGHSDLVDMHVRQSULQFLSDOPHQWHODVVHOYDVK~PHGDVODV
WLHUUDV DJUtFRODV ]RQDV GH DUEXVWRV PDQJODUHV \ SDQWDQRV VLHQGR ORV SULQFLSDOHV
FXOWLYRVDUUR]IULMROHVPDt]\FDFDR
=21$6 3527(*,'$6 '( &216(59$&,Ï1 (1 /$ =21$ '(/
$&8Ë)(5275$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DV iUHDV SURWHJLGDV HQ *XDWHPDOD VRQ 7LPD[ 6DMXO &KDFDOWp 4XHEUDGD 6HFD \
&DDFKp
(Q%HOLFHODSDUWHQRUWHGHO3DUTXH1DFLRQDO6DUVWRRQ7HPDVKVHHQFXHQWUDGHQWURGHOD
&XHQFD7HPDVK(VWDSRUFLyQHVGHDSUR[LPDGDPHQWHKHFWiUHDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %HOLFH KD\ GLVSRVLFLRQHV SDUD OD LGHQWLILFDFLyQ GH ODV iUHDV GH UHFDUJD \ OD
SURWHFFLyQGHGLFKDV]RQDVFRQIRUPHDOD/H\)RUHVWDOHO)LGHLFRPLVRGH&RQVHUYDFLyQ
GHÈUHDV3URWHJLGDV\OD/H\GH*HVWLyQ,QWHJUDGDGH5HFXUVRV+tGULFRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q %HOLFH H[LVWH XQ 3UR\HFWR GH /H\ GH 6LVWHPD ,QWHJUDGR GH 5HFXUVRV +tGULFRV TXH
VHUiSUHVHQWDGRDOD$VDPEOHD1DFLRQDOSDUDVXUDWLILFDFLyQ(QHVWHSUR\HFWRGHOH\VH
KD SUHYLVWR OD SUHSDUDFLyQ GH XQ SODQ GLUHFWRU QDFLRQDO GH JHVWLyQ GH ORV UHFXUVRV
KtGULFRV TXH LQFOXLUi OD JHVWLyQ GH ODV FXHQFDV KLGURJUiILFDV \ VLVWHPDV DFXtIHURV
WUDQVIURQWHUL]RV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
9HUFXDGURVREUHORVHFRQyPLFRVUHODWLYRVDOXVRGHOVLVWHPDDFXtIHUR
286
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
*XDWHPDOD1RH[LVWHQHVWDGtVWLFDVSXHVHQHOFDVR
GH UtRV \ ODJRV VRQ XWLOL]DGRV SDUD HO WUDQVSRUWH
IOXYLDO \ ODFXVWUH /D PD\RUtD VRQ SHTXHxRV
DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ
YHQGLGRVHQORV PHUFDGRVGHODVSREODFLRQHVORFDOHV
\SDUWHHQOD]RQDIURQWHUL]DFRQ0p[LFR\%HOLFH6H
WLHQHQ DFWLYLGDGHV GH HFRWXULVPR WXULVPR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DUTXHROyJLFRSDOHRQWROyJLFR\HWQROyJLFR
DOXVRGHODJXD
%HOLFH1RHVSRVLEOHGHVJORVDUORVGDWRVHFRQyPLFRV
SUHVHQWDGRV SRU HO ,QVWLWXWR GH (VWDGtVWLFD GH %HOLFH
/DV DFWLYLGDGHV HFRQyPLFDV LQFOX\HQ SHTXHxRV
FRPSOHMRV WXUtVWLFRV GH DORMDPLHQWR HFRWXULVPR \ HO
SURFHVDPLHQWRGHFDFDR
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWD
SXHGH GXUDU GH D PHVHV HQ HO DxR SHUR SDUD HO
FRQVXPRKXPDQRVHGHSHQGHGHORVPDQDQWLDOHV\HQ
OD SDUWH EDMD VH GHSHQGH GH ORV DIOXHQWHV GH ORV UtRV
&DQGHODULD \ +RQGR R $]XO FXDQGR OD FDOLGDG GHO
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJXD OR SHUPLWH SRU VXV FDUDFWHUtVWLFDV
DJURLQGXVWULDUHFXUVRVQDWXUDOHV
RUJDQROpSWLFDV
GHODFFHVRDOUHFXUVRDJXD
%HOLFH /D PD\RUtD GH ORV FXOWLYRV GH DUUR] VRQ
LUULJDGRV \ SRU OR WDQWR GHSHQGHQ HQ JUDQ PHGLGD HO
DFFHVR DO DJXD VLQ HPEDUJR HVD DJXD VH VXPLQLVWUD
GHODVH[LVWHQFLDVGHDJXDVXSHUILFLDO
*XDWHPDOD3REUH]DGHO
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
%HOLFH 6H HVWLPD TXH HO GH ORV FLXGDGDQRV
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
VXPLGRVHQODSREUH]DHVWiQXWLOL]DQGRHODJXDGHHVWH
DFXtIHURV
DFXtIHURFRPRVXPLQLVWURGHDJXDSRWDEOH
*XDWHPDOD 6H FRODSVDUtDQ WDPELpQ XQD EXHQD
FDQWLGDGGHORVVLVWHPDVELROyJLFRVGHODUHGGHDJXDV
VXSHUILFLDOHV 7DPELpQ VH DIHFWDUtDQ ODV SREODFLRQHV
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJUR GHHVWDFXHQFDSRUTXHGHSHQGHQGHODJXDVXSHUILFLDO
SDUD HO DSURYLVLRQDPLHQWR GH FDXGDOHV SDUD ORV
SpUGLGDVHFRQyPLFDVVLHOVLVWHPD
DEDVWHFLPLHQWRV GH DJXD SDUD FRQVXPR KXPDQR H
DFXtIHURVXEWHUUiQHRVHYLHUD
LJXDOPHQWH FRPR DEUHYDGHUR SDUD HO JDQDGR \ SDUD
DIHFWDGRQHJDWLYDPHQWH
VXSOLU ODV GHPDQGDV GH DJXD SDUD LUULJDFLyQ D SHVDU
TXHHQYDULRVVLWLRVODFDOLGDGHVGHDJXDVGXUDV\HQ
RWURVKD\FRQWHQLGRGHVXOIDWRV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(QORV~OWLPRVYHLQWHDxRVQRKDKDELGRQLQJ~QWUDWDGRRGHEDWHVRILFLDORQRRILFLDO
UHODFLRQDGRVFRQHO$FXtIHUR7UDQVIURQWHUL]R7HPDVK
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
1RKD\HYLGHQFLDVGHTXHH[LVWDXQLQWHUpVHQWUH%HOLFH\*XDWHPDODSDUDHOXVRGHHVWH
DFXtIHURWUDQVIURQWHUL]RSHURVHGHEHFRQVLGHUDUTXHHVWHDFXtIHURHVWiSRFRSREODGRHQ
287
DPERVODGRVGHODIURQWHUDODVGHPDQGDVGHDJXDVRQEDMDV\QRKD\HYLGHQFLDGHFULVLV
GHDJXDSRWDEOHSRUORTXHQRKD\XUJHQFLDSDUDLQLFLDUODFRODERUDFLyQELQDFLRQDO
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
%HOLFH3UHSDUDGRFRQODFRODERUDFLyQGH5XGROSK:LOOLDPV
288
289
&6,67(0$ $&8Ë)(52 75$16)5217(5,=2 '(/7$ '(/ 5Ë2
027$*8$
*8$7(0$/$+21'85$6
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R0RWDJXDVHH[WLHQGHDORODUJRGHO'HSDUWDPHQWR
GH ,]DEDO *XDWHPDOD \ HO 'HSDUWDPHQWR GH &RUWpV +RQGXUDV (O iUHD GHO VLVWHPD
DFXtIHURHQ*XDWHPDODHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q HVWD ]RQD SXHGH REVHUYDUVH XQD JHRORJtD YDULDGD FRQ SUHVHQFLD GH XQD LPSRUWDQWH
iUHDDOXYLDOTXHFXEUHH[WHQVDV]RQDVSODQDV\TXHVLUYHGHVXVWUDWRSDUDPDQWHQHUORV
VLVWHPDV GH PDQJODUHV \ ORV KXPHGDOHV HQ DPERV SDtVHV (Q HO iUHD GH ,]DEDO
SUHGRPLQDQ ORV DOXYLRQHV FXDWHUQDULRV GH JUDQXORPHWUtD YDULDEOH \ GH UHJXODU
SURIXQGLGDG
3RVWHULRUPHQWHSXHGHQREVHUYDUVHGHSyVLWRVVHGLPHQWDULRVWHUFLDULRVPX\SRFR
FRQVROLGDGRVDOWHUQiQGRVHFRQHVWUDWRVGHDUHQLVFDVFDOL]DVGRORPLWDV\\HVRDGHPiV
GHURFDVPHWDPyUILFDV\RWUDV(QORVYDOOHVODFRQGXFWLYLGDGKLGUiXOLFDGHORVSR]RVHV
DOWD QRUPDOPHQWH HO DFXtIHUR HV OLEUH \ HVWi HQ FRQWDFWR GLUHFWR FRQ ODV DJXDV
VXSHUILFLDOHV(QHOVXEVXHORVHLQILHUHODH[LVWHQFLDGHFLHUWRQLYHOGHOIUDFWXUDFLyQSRU
ODSUHVHQFLDGHODIDOODJHROyJLFDGHO0RWDJXD
(ODFXtIHURVHHQFXHQWUDSULQFLSDOPHQWHDSRFDSURIXQGLGDGHQHOHVWUDWRDOXYLDOUHFLHQWH
GHORVYDOOHVTXHVRQDWUDYHVDGRVSRUODFRUULHQWHGHO5tR0RWDJXDTXHQDFHHQHORHVWH
GHOD5HS~EOLFDGH*XDWHPDOD(QORVYDOOHVODFRQGXFWLYLGDGKLGUiXOLFDGHORVSR]RVHV
DOWD \ QRUPDOPHQWH HO DFXtIHUR HV OLEUH \ HVWi HQ FRQWDFWR GLUHFWR FRQ ODV DJXDV
VXSHUILFLDOHV(QHOVXEVXHORVHLQILHUHODH[LVWHQFLDGHFLHUWRQLYHOGHOIUDFWXUDFLyQSRU
OD SUHVHQFLD GH OD IDOOD JHROyJLFD GHO 0RWDJXD /RV GHSyVLWRV VHGLPHQWDULRV WHUFLDULRV
FRQVWLWX\HQXQDFXtIHURPXOWLHVWUDWRGHSURGXFWLYLGDGEDMD\GHSHUPHDELOLGDGSULPDULD
DVHFXQGDULD/RVDOXYLRQHVFXDWHUQDULRVFRQVWLWX\HQXQDFXtIHURGHSRURVLGDGSULPDULD
GH PX\ EXHQD SURGXFWLYLGDG FRQ WUDQVPLVLYLGDG YDULDEOH GH D PðGtD \
WUDQVPLVLYLGDGYDULDEOHGHDPðGtD
/DVFDOL]DV\GRORPLWDVFUHWiFLFDVFRQVWLWX\HQXQDFXtIHURGHPX\EXHQDSRWHQFLDOLGDG
\SHUPHDELOLGDGPX\YDULDEOH/DVOOXYLDVSXHGHQLQILOWUDUGHD(OIOXMRFRUUH
HQGLUHFFLyQVXURHVWHQRUHVWHKDFLDHOQRUHVWHGLULJLpQGRVHDO0DU&DULEH(OJUDGLHQWH
KLGUiXOLFRDWUDYpVGHODIURQWHUD HVGH D PNP \OD H[WHQVLyQDSUR[LPDGDGHO
DFXtIHURHVGHNPð/DYDULDFLyQGHORVQLYHOHVGHODJXDVXEWHUUiQHDHVGHD
PDxR
/RV SR]RV VRQ WRGRV VRPHURV VLHQGR OD SURIXQGLGDG SURPHGLR HQWUH \ P /D
UHFDUJDHVSUDFWLFDPHQWHHQHOGHOWDGHO5tR0RWDJXDHQXQiUHDGHNPð
290
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORVFXDOHVHOKDELQWHJUDQODIUDFFLyQXUEDQD
/D SREODFLyQ UXUDO FRUUHVSRQGH DO UHVWDQWH KDE \ OD SREODFLyQ LQGtJHQD
HVWLPDGD HV GH .HNFKt .LFKp \ *DULIXQD 'H DFXHUGR D ODV FDUDFWHUtVWLFDV GHO
DFXtIHUR HO GH OD SREODFLyQ VH HQFXHQWUD DVHQWDGD VREUH ]RQDV GH UHFDUJD \R
]RQDVGHGHVFDUJD
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v $JURLQGXVWULDV v 5LHJR v 8VRGRPpVWLFR v $EUHYDGHUR
v 2WURVXVRV
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6HKDQSHUFLELGRFDPELRVHQFXDQWRDOGHWHULRURSDXODWLQRGHODFDOLGDGGHODJXDSRUVX
XVRLQWHQVLYR\HODXPHQWRGHODVSREODFLRQHV
(Q HO DFXtIHUR GH OD GHVHPERFDGXUD GHO 5tR 0RWDJXD D~Q QR H[LVWHQ iUHDV FRQ
DJRWDPLHQWRGHDJXDVVXEWHUUiQHDVSHURHQOD]RQDFRVWHUDGHO0DU&DULEHVHSUHVHQWDQ
LQWUXVLRQHVPDULQDVHQIRUPDORFDOL]DGD\FRQODSUHVHQFLDGHOIHQyPHQR(126
/DVFRQWDPLQDFLRQHVQRUPDOPHQWHWLHQGHQDDXPHQWDU&RORURORUHVVDERUVDOLQLGDG\
HQIHUPHGDGHVPDQWLHQHQVXVQLYHOHVGHDFXHUGRDODHVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
(Q HO FDVR GH HVWD UHJLyQ VH SXHGHQ FRQVWUXLU SHTXHxRV HPEDOHV \D TXH OD
LPSHUPHDELOLGDG GH ORV VXHORV OR SHUPLWH SHUR FRQ FLHUWD GLILFXOWDG SRU OD WRSRJUDItD
SODQDGHODUHJLyQ
291
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(QOD]RQDGHO0DU&DULEHGH*XDWHPDODVHUHJLVWUDQDOWRVYRO~PHQHVGHOOXYLD
PPDxR GXUDQWH PHVHV DO DxR 1RUPDOPHQWH VROR VH SUHVHQWDQ SUREOHPDV GH
GpILFLWV HQ ORV DFXtIHURV GXUDQWH HO VHJXQGR DxR GH FDGD HYHQWR GHO IHQyPHQR GH (O
1LxR(126
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RU ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV VLHPSUH KDEUiQ DOWLEDMRV SRVLWLYRV \
QHJDWLYRVWRGRGHSHQGHGHODSUHVHQFLDGHOIHQyPHQR(126
/D]RQDHVWRWDOPHQWHUXUDOFRQSODQWDFLRQHVGHEDQDQRSDOPDDIULFDQDH[SORWDFLRQHV
JDQDGHUDV\iUHDVGHHFRWXULVPR\SOD\DV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DUHJLyQHVEDVWDQWHK~PHGDODVVHTXtDVDIHFWDQODUHFDUJDHQOD]RQDFRVWHUD\HQHVWH
FDVR HQ DOJXQRV VLWLRV SXHGHQ SUHVHQWDUVH SUREOHPD GH LQWUXVLRQHV PDULQDV &RQ OD
SUHVHQFLDGHLQXQGDFLRQHVHODFXtIHURHVYXOQHUDEOHDWRGRWLSRGHFRQWDPLQDFLyQ3RU
HVWDUHQiUHDVGHSODQLFLHFRVWHUDVREUHURFDVPHWDPyUILFDVFRQORVWHUUHPRWRVORFDOHV
QRVHKDQSUHVHQWDGRFDPELRVVXVWDQFLDOHVHQODVFDUDFWHUtVWLFDVGHODFXtIHUR
1RH[LVWHQLQJ~QSODQGHH[SORWDFLyQGHODFXtIHURHQHOFDVRGHVHTXtDV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6LHPSUH VH OH GD ORV PLVPRV XVRV VROR TXH FRQ DOJXQDV OLPLWDFLRQHV HQ
DEDVWHFLPLHQWRVPLHQWUDVVHGHVFRQWDPLQDQQDWXUDOPHQWH
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&DVL WRGD HO iUHD GH OD FXHQFD IXH ]RQD VHOYiWLFD \ FRQ PXFKDV iUHDV SDQWDQRVDV
$FWXDOPHQWH HO XVR GHO VXHOR FDPELy D SODQWDFLRQHV GH EDQDQR SDOPD DIULFDQD SLxD
PDt] \ SRWUHURV SDUD JDQDGHUtDV \ OD ]RQD FRVWHUD SDUD HO GHVDUUROOR KRWHOHUR \
HFRWXULVPR$~QTXHGDQDOJXQDViUHDVPRQWDxRVDVVHOYiWLFDVDVRFLDGDVFRQSDQWDQRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
$FWXDOPHQWHVREUHORVDFXtIHURVVHVLW~DQiUHDVDJUtFRODVFRQFXOWLYRVDQXDOHVGHPDt]
EDQDQHUDV SODQWDFLRQHV GH SDOPD DIULFDQD \ SRWUHURV SDUD JDQDGHUtDV \ ODV iUHDV
KRWHOHUDVHQODVSOD\DV
292
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
3ODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD \ FREHUWXUD GH WLHUUDV
QDWXUDOHV7RGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDOWD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
ÈUHDV HQ SURFHVR GH SURWHFFLyQ %DUUD GHO 0RWDJXD (O &LQFKDGR 0RQDMDOHV 0HGLD
/XQD\HO(VWHURGHSURJUDPDVGHFRQVHUYDFLyQGHVXHORVVHWLHQHSRUSDUWHGHODVILQFDV
SURGXFWRUDV GH EDQDQR HQ (QWUH 5tRV &KDPSDV &RUULHQWHV (O &DFDR \ /DV %ULVDV
DGHPiVGHODViUHDVHQSURFHVRGHSURWHFFLyQ\0RWDJXD9LHMR
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
7RGD OD ]RQD FRVWHUD HV LPSRUWDQWtVLPD SRU OD UXWDV GH VREUHYXHOR GH ODV DYHV
PLJUDWRULDV\SRUODVHVSHFLHVPDULQRFRVWHUDV(OiUHDGHHVWXDULRV\ORVKXPHGDOHVGH
%DUUDGHO0RWDJXD\HO(VWHUR0RWDJXD9LHMR\WRGRHOFXUVRGHO5tR0RWDJXD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
3ULQFLSDOPHQWHHQOR UHIHUHQWHDOD JHVWLyQGH ULHVJRH[LVWHSODQLILFDFLyQSRUSDUWHGH
6(*(3/$1SDUDODV iUHDVDPHQD]DGDVSRUGHVOL]DPLHQWRVHLQXQGDFLRQHVD~QQRHQ
SUiFWLFD1LQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
&RPR WDO QR H[LVWH ODV PXQLFLSDOLGDGHV WUDWDQ GH RUGHQDU FRQ XQD LQFLSLHQWH
SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH SHTXHxD HQ
FRPSDUDFLyQFRQHOiUHDUXUDO
(QJHQHUDOHOWHPDGHFXDQWLILFDFLyQGHOFLFORGHODJXDHVPX\HVFDVRÒQLFDPHQWHVH
HQFXHQWUDQ GLVSRQLEOHV ORV GDWRV GH ODV FXHQFDV KLGURJUiILFDV GHO ,16,980(+ SHUR
ORVGDWRVGHDJXDVVXEWHUUiQHDVFDVLVLHPSUHVRQPX\HVFDVRVRHVWiQEDVDGRVHQDOJ~Q
HVWXGLRWpFQLFRFLHQWtILFRKLVWyULFR
293
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ
SHTXHxRV \ JUDQGHV DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH
VRQ YHQGLGRV HQ ORV PHUFDGRV QDFLRQDOHV GH (O 6DOYDGRU
*XDWHPDOD\GHH[SRUWDFLyQD86$\(XURSD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
*XDWHPDOD (Q OD pSRFD VHFD GHSHQGH HO (VWD SXHGH
GXUDUKDVWDPHVHVHQHODxRSHURSDUDHOFRQVXPRKXPDQR
VHGHSHQGHGHORVPDQDQWLDOHV\GHORVSR]RVHQWRGDODFXHQFD
GHODGHVHPERFDGXUDGHO5tR0RWDJXD
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
*XDWHPDOD3REUH]DGHO
*XDWHPDOD/DSREODFLRQHVGHHVWDFXHQFDGHSHQGHQWRWDOPHQWH
GHODJXDVXEWHUUiQHDSDUDVXDEDVWHFLPLHQWRHLJXDOPHQWHFRPR
DEUHYDGHURSDUDHOJDQDGR\HOULHJRGHODVSODQWDFLRQHVGXUDQWH
ODHVWDFLyQVHFD7DPELpQHQODSDUWHGHDSURYHFKDPLHQWRGHORV
UHFXUVRVPDULQRFRVWHURV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
/DV UHODFLRQHV HQWUH *XDWHPDOD \ +RQGXUDV VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH$FWXDOPHQWHORVFDXGDOHVORVXVDQHQIRUPDHTXLWDWLYDORV
SREODGRUHVGHORVGRVSDtVHV
ÒQLFDPHQWH VH FXHQWDQ FRQ DOJXQDV HVWDFLRQHV GH PRQLWRUHR KLGURPHWHRUROyJLFR
RSHUDGDV SRU ,16,980(+ *XDWHPDOD \ SRU OD &,/$ &RPLVLyQ ,QWHUQDFLRQDO GH
/tPLWHV\$JXDV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+DVWDHOPRPHQWRQRKD\QLQJXQDFRPSHWHQFLDHQWUHORVSDtVHVYHFLQRVSRUHOXVRGHO
DJXD VXEWHUUiQHD QL VH KDQ LGHQWLILFDGR HIHFWRV WUDQVIURQWHUL]RV QHJDWLYRV VLHQGR TXH
ORV FDXGDOHV VRQ XVDGRV HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH SRU SDUWH GH ORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
294
295
&6,67(0$ $&8Ë)(52 75$16)5217(5,=2 &+,48,08/$&23È1
58,1$6
*8$7(0$/$+21'85$6
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R &KLTXLPXOD&RSiQ 5XLQDV VH H[WLHQGH D OR ODUJR
GHO 'HSDUWDPHQWR GH &KLTXLPXOD *XDWHPDOD \ GHO 'HSDUWDPHQWR GH 6DQWD 5RVD GH
&RSiQ+RQGXUDV(OFOLPDHVYDULDEOHHQWUH]RQDVVXEWURSLFDOHVVHFDVKDVWDVHPLiULGDV
\HOGpILFLWKtGULFRHVQRWRULRGXUDQWHODPD\RUSDUWHGHODxR
1RUPDOPHQWHODPD\RUSDUWHGHOD&XHQFDGHO5tR&DPRWiQ*XDWHPDODR5tR&RSiQ
+RQGXUDV SUHVHQWD XQD WRSRJUDItD TXHEUDGD FRQ VLVWHPDV PRQWDxRVRV GH DOWDV
SHQGLHQWHVFRQDPSOLDV]RQDVGHIRUHVWDGDV\HURVLRQDGDV
&DUDFWHUtVWLFDVGHODFXtIHUR
(QOD&XHQFDGHO5tR&DPRWiQSUHGRPLQDQORVLQWUXVLYRVJUDQtWLFRVODVODYDV\
WREDV YROFiQLFDV GH GLIHUHQWH JUDGR GH FRQVROLGDFLyQ \ GH GLYHUVD QDWXUDOH]D
OLWROyJLFDODYDVFXDWHUQDULDVDOXYLRQHVFXDWHUQDULRVFDOL]DV\GRORPLWDV
FUHWiFLFDV /D SULQFLSDO DFWLYLGDG GH ORV SREODGRUHV HV OD DJULFXOWXUD GH
VREUHYLYHQFLDFRQUHQGLPLHQWRVH[WUHPDGDPHQWHEDMRVHLQJUHVRVSHUFiSLWDPX\EDMRV
&RQVWLWX\HXQDFXtIHURFRQSRURVLGDGVHFXQGDULDUHODFLRQDGDDOJUDGRGHIUDFWXUDFLyQ
(VXQDFXtIHURFRQSHUPHDELOLGDGSULPDULD\VHFXQGDULD\HVLPSRUWDQWHSDUDODUHFDUJD
GH DFXtIHURV VXE\DFHQWHV /RV DOXYLRQHV FXDWHUQDULRV SUHVHQWDQ DFXtIHURV GH EXHQD
SURGXFWLYLGDG FRQ WUDQVPLVLYLGDG GH D PðGtD IXHUD GH HVDV ]RQDV OD
SHUPHDELOLGDGHVEDMD
/DV iUHDV FRQ VXHORV GH FDOL]DV \ GRORPLWDV FUHWiFLFDV WLHQHQ XQ HOHYDGR JUDGR GH
SHUPHDELOLGDGSRUIUDFWXUDFLyQ \SRUIHQyPHQRVGHFLUFXODFLyQFiUVWLFD \DFXtIHURVGH
EXHQDSRWHQFLDOLGDG1RUPDOPHQWHODVPHMRUHViUHDVDFXtIHUDVODFRQVWLWX\HQODV]RQDV
DOXYLDOHVGHO&XDWHUQDULR(OJUDGLHQWHKLGUiXOLFRDWUDYpVGHODIURQWHUDHVGHD
PNPPLHQWUDVTXHODVYDULDFLRQHVDQXDOHVGHODVDJXDVVXEWHUUiQHDVSXHGHQVHUGHD
PHWURV(OIOXMRHQODIURQWHUDYLHQHGH+RQGXUDV\VHGLULJHD*XDWHPDOD(ODFXtIHUR
HQHVWD]RQDVHHQFXHQWUDDSRFDSURIXQGLGDGHQHOHVWUDWRDOXYLDODWUDYHVDGRSRUHO5tR
&DPRWiQHQORVSHTXHxRVYDOOHVLQWHUPRQWDQRV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQJXDWHPDOWHFDHVWiHVWLPDGDHQXQRVKDELWDQWHVGH
ORVFXDOHVHOKDELQWHJUDQODIUDFFLyQXUEDQDVLHQGRODVSULQFLSDOHV
FLXGDGHV 3XHUWR %DUULRV 0RMDQDOHV 4XHW]DOLWR 0HGLD /XQD /DV 9HJDV \ 3XQWD
0DQDELTXH
296
/D SREODFLyQ UXUDO FRUUHVSRQGH DO UHVWDQWH KDE \ OD SREODFLyQ
LQGtJHQDHVWLPDGD HV&KRUWt3RFRPiQ\ /DGLQRFDVWHOODQRDQWLJXR'H
DFXHUGRDODVFDUDFWHUtVWLFDVGHODFXtIHURHOGHODSREODFLyQVHHQFXHQWUDDVHQWDGD
VREUH]RQDVGHUHFDUJD\HOUHVWDQWHHQ]RQDVGHGHVFDUJD
8VRV
(QODpSRFDVHFDORVSREODGRUHVGHSHQGHQGHODJXDGHORVPDQDQWLDOHV \GHORVSR]RV
SDUDDEDVWHFLPLHQWRKXPDQR\SDUDGHPDQGDVSHFXDULDVGRPpVWLFDV
/RVSULQFLSDOHVXVRVVHGLVWULEX\HQGHDFXHUGRD
v 5LHJR
v 8VRGRPpVWLFR
v $EUHYDGHUR
v $JURLQGXVWULDV
2WURV XVRV SULQFLSDOPHQWH SDUD FRQVHUYDU HO HFRWXULVPR OD IORUD \ IDXQD GH OD
&XHQFDGHO5tR*UDQGHGH=DFDSD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(QHO6LVWHPD$FXtIHUR&KLTXLPXOD&RSiQ5XLQDVVHWLHQHFLHUWDLQWHUGHSHQGHQFLDHQWUH
ORVFDXGDOHVORVPDQDQWLDOHV\ORVUtRV&XDQGRORVSHUtRGRVOOXYLRVRVVRQSREUHVFDVL
WRGRVORVPDQDQWLDOHVUHGXFHQFRQVLGHUDEOHPHQWHVXVFDXGDOHV\SRUHQGHORVFDXGDOHV
GHORVUtRV
/DVFRQFHQWUDFLRQHVGHORVFRQWDPLQDQWHVQRUPDOPHQWHPDQWLHQHQVXVQLYHOHVHOFRORU
RORUHV VDERU OD VDOLQLGDG \ ODV HQIHUPHGDGHV PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD
HVWDFLRQDOLGDG FOLPiWLFD \ FRQ HO HVIXHU]R GHO FRQWURO GH YHFWRUHV SRU SDUWH GHO
0LQLVWHULRGH6DOXG3~EOLFD\$VLVWHQFLD6RFLDOTXLHQHVUHDOL]DQPRQLWRUHRVVHPDQDOHV
HQORUHODFLRQDGRFRQHODJXDSRWDEOH\HOVDQHDPLHQWRDPELHQWDOHQODVFRPXQLGDGHV
(O VLVWHPD DFXtIHUR HV WDPELpQ YXOQHUDEOH D OD FRQWDPLQDFLyQ SRU LQILOWUDFLyQ GH
FRPSXHVWRVTXHVRQYROFDGRVDOFDXFHGHO5tR&DPRWiQ
2WUDVIXHQWHVGHDJXD
(Q HO FDVR GH HVWD UHJLyQ SXHGHQ FRQVWUXLUVH SHTXHxRV HPEDOVHV TXH ORFDOPHQWH VH
FRQRFHQ FRQ HO QRPEUH GH DJXDGDV HQ GRQGH XQLGDGHV GH JHRORJtD LPSHUPHDEOH OR
SHUPLWDQ(QDOJXQRVVLWLRVVHGHSHQGHGHODVOOXYLDVSDUDREWHQHUDJXDGHEXHQDFDOLGDG
RUJDQROpSWLFDSULQFLSDOPHQWHHQODV]RQDVFRQSUHVHQFLDGHURFDVFDOFiUHDV/XHJRFDVL
VLHPSUHVHGHSHQGHGHODJXDGHORVPDQDQWLDOHVUtRVDUUR\RV\GHSHTXHxRVHPEDOVHV
(ODJXDGHDOJXQRVPDQDQWLDOHVPXHVWUDXQVDERUDOJRGHVDJUDGDEOHSRUODSUHVHQFLDGH
FDUERQDWRVGHFDOFLR\PDJQHVLR
297
(QHOFDVRGHHVWHDFXtIHURODVDJXDVVXSHUILFLDOHV\VXEWHUUiQHDVGHOD&XHQFD$OWDGHO
5tR &DPRWiQ HQ +RQGXUDV WLHQH HO QRPEUH GH 5tR &RSiQ YDQ GH +RQGXUDV D
*XDWHPDOD
$SUR[LPDGDPHQWHODWHUFHUDSDUWHGHODFXHQFDVHHQFXHQWUDHQHOWHUULWRULRKRQGXUHxR\
GRV WHUFLRV HQ *XDWHPDOD (Q ODV FXHQFDV PHGLD \ EDMD OD OOXYLD \ ORV FDXGDOHV VRQ
SURGXFLGRVHQWHUULWRULRJXDWHPDOWHFR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q ORV ~OWLPRV DxRV ODV OOXYLDV VH KDQ FRPSRUWDGR GH IRUPD YDULDEOH \ FRQ
YRO~PHQHVDUULEDGHORQRUPDOSURYRFDQGRLQXQGDFLRQHVTXHDIHFWDQODVPiUJHQHVGH
ORVFDXFHV\ODV]RQDVEDMDVGHOiUHDGH=DFDSD\ODPD\RUtDGHPDQDQWLDOHVVHYLHURQ
IDYRUHFLGRV
(QORV~OWLPRVDxRVHQHOSHUtRGRGHORVSULPHURVDxRVORVPDQDQWLDOHV\ORVUtRV
SUHVHQWDURQ FDXGDOHV GHILFLWDULRV GH DFXHUGR DO ULWPR GH OD HVWDFLyQ OOXYLRVD \ FRQ OD
SUHVHQFLD GHO +XUDFiQ 0LWFK HQ VH WXYLHURQ SUREOHPDV GH LQXQGDFLRQHV HQ OD
FXHQFDEDMDPLHQWUDVTXHHQHODxRKXELHURQUHSRUWHVGHKDPEUXQDHQ&DPRWiQ
-RFRWiQ \ 2ORSD HQ HO 'HSDUWDPHQWR GH &KLTXLPXOD (Q HO DxR ODV FXHQFDV
VXIULHURQLQXQGDFLRQHVKLVWyULFDVVREUHVDOLHQWHVFRQODSUHVHQFLDGHOD2QGD7URSLFDOGHO
(VWH1ƒGHO0DU&DULEH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RU ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV VLHPSUH KXER DOWLEDMRV SRVLWLYRV \
QHJDWLYRVGHELGRDODLQIOXHQFLDGHORVYLHQWRVDOLVLRVGHO0DU&DULEH
/D UHFDUJD HQ iUHDV GH SHQGLHQWHV \ FRQ IDOWD GH FREHUWXUD YHJHWDO VH DIHFWD SRU HO
FDPELRHQHOXVRGHOVXHOR\ODGHIRUHVWDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(Q HVWD UHJLyQ VH WLHQHQ FOLPDV GH ERVTXHV WHPSODGRV VHPLK~PHGRV HQ SHTXHxD
SURSRUFLyQDVRFLDGRVDODVSODQWDFLRQHVGHFDIpODPD\RUtDGHOiUHDSRVHHFOLPDVVHPL
iULGRV FRQ XQD HVWDFLyQ OOXYLRVD GH FRUWD GXUDFLyQ /RV VXHORV SUHVHQWDQ JHRORJtD
YDULDGD GHVGH YROFiQLFRV VHGLPHQWDULRV FDOFiUHRV FRPSOHMRV SOXWyQLFRV KDVWD VXHORV
PHWDPyUILFRV/D]RQDDFXtIHUDSULQFLSDOVHHQFXHQWUDHQORVYDOOHVDOXYLDOHVHQGRQGH
H[LVWHLQWHUFDPELRPX\GLUHFWR\DOWHUQDWLYRHQWUHODVDJXDVVXEWHUUiQHDV\VXSHUILFLDOHV
(QHVWDFXHQFDODVLQXQGDFLRQHVV~ELWDVVRQUHFXUUHQWHVWRGRVORVDxRVGHSHQGLHQGRGH
ODpSRFDGHOPLVPR\WDPELpQGHSHQGHGHORULJHQODGLVWULEXFLyQHVSDFLDO\ODFDQWLGDG
GHOOXYLDSUHFLSLWDGD/DVOOXYLDVHQHVWDVFXHQFDVHVWiQIXHUWHPHQWHLQIOXHQFLDGDVSRUOD
DFWLYLGDG FLFOyQLFD GHO 0DU &DULEH \ GH OD ]RQD GH FRQYHUJHQFLD LQWHUWURSLFDO
LQWURGXFLHQGRYDSRUGHDJXDDOiUHDFRQWLQHQWDO
298
(Q HVWD ]RQD OD DFWLYLGDG VtVPLFD HV PX\ DFWLYD VH ORFDOL]DQ IDOODV JHROyJLFDV
LPSRUWDQWHVFRPRODVGH0RWDJXD,SDOD\&DPRWiQ-RFRWiQ/RVWHUUHPRWRVFDPELDQHO
UpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDVFRQDFXtIHURVFROJDGRVHQ
ODViUHDVPRQWDxRVDV
/D ]RQD DFXtIHUD HV YXOQHUDEOH SULQFLSDOPHQWH D IHQyPHQRV PHWHRUROyJLFRV FRPR ORV
SHUtRGRVGHVHTXtDGHELGRVDOIHQyPHQRGH(O1LxR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6LHPSUH VH OH GD ORV PLVPRV XVRV VROR TXH FRQ DOJXQDV OLPLWDFLRQHV HQ
DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH (Q HVWD ]RQD VH SUHVHQWDQ
JUDQ FDQWLGDG GH SR]RV H[FDYDGRV \ SHUIRUDGRV HO DSURYHFKDPLHQWR GH ODV DJXDV
VXEWHUUiQHDVWDPELpQHVSRUPHGLRGHPDQDQWLDOHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(QWHUULWRULRJXDWHPDOWHFRHQODV]RQDVDOWDVSXHGHQREVHUYDUVHERVTXHVSLQRFDULEH\
TXHUFXV SDUFLDOPHQWH LQWHUYHQLGRV SRU HO DYDQFH GH ODV SODQWDFLRQHV GH FDIp PDt]
IULMRO\GHDOJXQDVKRUWDOL]DVGHFOLPDWHPSODGR!PVQP
$ QLYHOHV HQWUH D PVQP H[LVWHQ ERVTXHV HVSLQRVRV SURSLRV GH ]RQDV VHPL
iULGDV\VHLQWHUFDODQ]RQDVJDQDGHUDV\SODQWDFLRQHVGHPDt]IULMROPDLFLOOR\DUUR]GH
LQXQGDFLyQ(QDOWXUDVPHQRUHVDPVQPFRQWLQ~DQORVERVTXHVFRQSODQWDFLRQHV
GHFDFWXVWXQDV\XWHSLxRO\HQORVVLWLRVTXHH[LVWHKXPHGDGVHFXOWLYDQODVKRUWDOL]DV
\IUXWDVGHFOLPDFiOLGRWRPDWHSLPLHQWRPHOyQVDQGtDSHSLQRRFNUDYLGPDUDxyQ
PDQJR\FtWULFRV
/DV SREODFLRQHV VH HQFXHQWUDQ D OD RULOOD GH UtRV R HQ YDOOHV GRQGH SXHGHQ OOHJDU ORV
DEDVWHFLPLHQWRVGHDJXDSDUDFRQVXPRKXPDQRSURFHGHQWHVGHPDQDQWLDOHVRGHSR]RV
SHUIRUDGRV PHFiQLFRV \ GH SR]RV H[FDYDGRV DUWHVDQDOHV /D LQILOWUDFLyQ SDUD OD
UHFDUJD SURFHGH GH ORV OXJDUHV PRQWDxRVRV (Q HVWD FXHQFD OD FRPXQLFDFLyQ HV
WHUUHVWUH SRU FDUUHWHUDV (Q HO SDVDGR H[LVWLy HO IHUURFDUULO LQWHURFHiQLFR )(*8$
SHURKR\HQGtDHVWiIXHUDGHRSHUDFLyQ
&REHUWXUD\XVRDFWXDOGHODWLHUUD
$FWXDOPHQWH VREUH ORV DFXtIHURV VH VLW~DQ ]RQDV FRQ SDUWH GH ORV ERVTXHV RULJLQDOHV
iUHDV GH SLQRV \ TXHUFXV \ RWUDV HVSHFLHV DUEyUHDV DXWyFWRQDV +R\ HQ GtD H[LVWHQ
SODQWDFLRQHV GH PDt] IULMRO FDODED]DV KRUWDOL]DV GH FOLPD FiOLGR \ H[WHQVLRQHV FRQ
SDVWRVSDUDDOLPHQWDUDORVKDWRVJDQDGHURV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
3ODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD \ FREHUWXUD GH WLHUUDV
QDWXUDOHV ERVTXHV \ ]RQDV SHGUHJRVDV 7RGRV XWLOL]DQGR QLYHOHV WHFQROyJLFRV GH
PHGLRDEDMR
299
=21$6 3527(*,'$6 '( &216(59$&,Ï1 (1 /$ =21$ '(/
$&8Ë)(5275$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q HO 6LVWHPD$FXtIHUR &KLTXLPXOD&RSiQ 5XLQDV VH WLHQHQ ORV VLJXLHQWHV SXQWRV GH
FRQVHUYDFLyQ &KDQPDJXD 7LPXVKiQ (O )ORULGR &DPRWiQ -RFRWiQ 4XH]DOWHSHTXH
6DQ-DFLQWR6DQ-XDQ(UPLWD9DGR+RQGR&KLTXLPXOD=DFDSD\(VWDQ]XHOD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
7RGDVODViUHDVEDMDVGHSHQGHQGHORVDSRUWHVGHODVDJXDVVXEWHUUiQHDVSRUTXHHQHVWDV
]RQDV VH PH]FODQ ODV DJXDV VXEWHUUiQHDV FRQ ODV DJXDV VXSHUILFLDOHV HQ ORV YDOOHV
DOXYLDOHV
7RGDV ODV PRQWDxDV VRQ DSURYHFKDGDV FRPR KiELWDW SRU DQLPDOHV VLOYHVWUHV ([LVWHQ
PXFKDV SODQWDV DXWyFWRQDV ODV TXH WDPELpQ VRQ XWLOL]DGDV FRPR DOLPHQWR HQ HO
VREUHYXHORGHODVDYHV\DQLPDOHVPLJUDWRULRV
(QHO6LVWHPD$FXtIHUR&KLTXLPXOD&RSiQ5XLQDV&XHQFDGHO5tR*UDQGHGH=DFDSD
VXVDIOXHQWHVUHFLEHQDSRUWHVLPSRUWDQWHVGHODVDJXDVVXEWHUUiQHDVSRUODSUHVHQFLDGH
FDYHUQDVGHORVVXHORV.DUVWGHOD]RQD\SRUODVILVXUDV\ODVGLDFODVDVGHODVURFDVHQ
ODV]RQDVGHDFWLYLGDGWHFWyQLFDWDQWRHQODpSRFDVHFDFRPRGXUDQWHHOSHUtRGROOXYLRVR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
([LVWHSODQLILFDFLyQD~QQRHQSUiFWLFDSULQFLSDOPHQWHHQORUHIHUHQWHDODJHVWLyQGH
ULHVJR SRU SDUWH GH 6(*(3/$1 SDUD ODV iUHDV DPHQD]DGDV SRU GHVOL]DPLHQWRV H
LQXQGDFLRQHV\WDPELpQSDUDSURWHFFLyQGHODLQIUDHVWUXFWXUDYLDOFDPLQRV\SXHQWHV
SHURQLQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
&RPR WDO QR H[LVWH /DV PXQLFLSDOLGDGHV WUDWDQ GH RUGHQDU FRQ XQD LQFLSLHQWH
SODQLILFDFLyQ SULQFLSDOPHQWH HQ HO iUHD XUEDQD OD FXDO HV UHODWLYDPHQWH SHTXHxD HQ
FRPSDUDFLyQFRQHOiUHDUXUDO
(QJHQHUDOHOWHPDGHFXDQWLILFDFLyQGHOFLFORGHODJXDHVPX\HVFDVRÒQLFDPHQWHVH
HQFXHQWUDQGLVSRQLEOHVGDWRVFOLPDWROyJLFRVGHO ,16,980(+HQDOJXQRVVLWLRVGHOD
&XHQFD +LGURJUiILFD GHO 5tR *UDQGH GH =DFDSD 5tR &RSiQ 5tR &DPRWiQ \ 5tR
*UDQGHFRQVWLWX\HQHOPLVPRUtRSHURORVUHJLVWURVGHDJXDVVXEWHUUiQHDVFDVLVLHPSUH
VRQPX\HVFDVRVRLQH[LVWHQWHV
300
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV HQ HO
FDVR GH ORV UtRV VRQ XWLOL]DGRV SRU SHTXHxRV \
PHGLDQRV
DJULFXOWRUHV
FX\RV
SURGXFWRV
QRUPDOPHQWH VRQ YHQGLGRV HQ ORV PHUFDGRV
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
ORFDOHV\RWUDSDUWHHQODVSREODFLRQHVIURQWHUL]DV
DOXVRGHODJXD
FRQ +RQGXUDV \ (O 6DOYDGRU 6H WLHQHQ
DFWLYLGDGHV GH HFRWXULVPR WXULVPR UHOLJLRVR
DUTXHROyJLFRSDOHRQWROyJLFR\HWQROyJLFR
*XDWHPDOD (Q OD pSRFD VHFD GHSHQGH HO (VWD SXHGH GXUDU GH D PHVHV HQ HO DxR SHUR
SDUD HO FRQVXPR KXPDQR VH GHSHQGH GH ORV
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRVQDWXUDOHV PDQDQWLDOHV\HQODSDUWHEDMDGHORVDIOXHQWHVGHO
5tR*UDQGHGH=DFDSDFXDQGRODFDOLGDGGHODJXD
GHODFFHVRDOUHFXUVRDJXD
OR SHUPLWH SRU VXV FDUDFWHUtVWLFDV RUJDQROpSWLFDV
(QFDVRFRQWUDULRHVQHFHVDULDODFRQVWUXFFLyQGH
SHTXHxRVHPEDOVHVRDJXDGDV
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
*XDWHPDOD3REUH]DGHO
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
*XDWHPDOD 6H FRODSVDUtDQ XQD EXHQD FDQWLGDG
GH ORV VLVWHPDV ELROyJLFRV GH OD UHG GH DJXDV
VXSHUILFLDOHV 7DPELpQ VH DIHFWDUtDQ ODV
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJUR SREODFLRQHVGHHVWDFXHQFDSRUTXHGHSHQGHQGHO
DJXD VXSHUILFLDO SDUD HO DSURYLVLRQDPLHQWR GH
SpUGLGDVHFRQyPLFDVVLHOVLVWHPD
FDXGDOHV SDUD ORV DEDVWHFLPLHQWRV GH DJXD SDUD
DFXtIHURVXEWHUUiQHRVHYLHUD
FRQVXPR KXPDQR H LJXDOPHQWH FRPR DEUHYDGHUR
DIHFWDGRQHJDWLYDPHQWH
SDUDHOJDQDGR\SDUDVXSOLUODVGHPDQGDVGHDJXD
SDUD LUULJDFLyQ D SHVDU TXH HQ YDULRV VLWLRV OD
FDOLGDGHVGHDJXDVGXUDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
/DV UHODFLRQHV HQWUH *XDWHPDOD \ +RQGXUDV VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHV VH KDQ UHDOL]DGR SRU PXWXD FRODERUDFLyQ HQ PDWHULD GH UHFXUVRV KtGULFRV
$FWXDOPHQWH ORV FDXGDOHV ORV XVDQ HQ IRUPD OR PiV HTXLWDWLYDPHQWH SRVLEOH ORV
SREODGRUHVGHORVGRVSDtVHV
$ WUDYpV GH OD &,/$ &RPLVLyQ ,QWHUQDFLRQDO GH /tPLWHV \$JXDV VH WUDWD FXDOTXLHU
SRVLEOH FRQIOLFWR HQ PDWHULD GH DJXDV IURQWHUL]DV VLHPSUH VH KD UHVSHWDGR HO
FRPSDUWLPLHQWRHFXiQLPHGHODVGHPDQGDVGHDJXDVHQWUHDPEDVQDFLRQHVSDUDVXXVR\
FRRSHUDFLyQPXWXD
6H FXHQWDQ FRQ DOJXQDV HYDOXDFLRQHV FOLPDWROyJLFDV UHDOL]DGDV SRU HO ,16,980(+
*XDWHPDOD\OD&,/$
6HPDQWLHQHQDOJXQDVUHODFLRQHVHQWUHODVPXQLFLSDOLGDGHVIURQWHUL]DVGHDPERVSDtVHV
301
([LVWHEXHQDUHODFLyQHQWUHORVDJULFXOWRUHV\JDQDGHURVGHODUHJLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
3RU VHU XQ DFXtIHUR HQ HO FXDO ORV FDXGDOHV YDQ GH +RQGXUDV D *XDWHPDOD QR H[LVWH
FRPSHWHQFLDGLUHFWDSRUORVFDXGDOHVSHURORVFDXGDOHVORVXVDQHQIRUPDHTXLWDWLYDORV
SREODGRUHVGHORVGRVSDtVHV
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
302
303
&6,67(0$
$&8Ë)(52
75$16)5217(5,=2
(648,38/$6
2&27(3(48(&,7$/È
(/6$/9$'25*8$7(0$/$+21'85$6
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R (VTXLSXODV2FRWHSHTXH&LWDOi VH H[WLHQGH
DSUR[LPDGDPHQWHDORODUJRGHNPFRUUHVSRQGLHQGRDORVPXQLFLSLRVGH0HWDSiQ
&LWDOi6DQ,JQDFLR/D3DOPDHQHO(O6DOYDGRUDORVPXQLFLSLRVGH(VTXLSXODV2ORSD
4XHW]DOWHSHTXH HQ *XDWHPDOD D ORV PXQLFLSLRV GH 1XHYD 2FRWHSHTXH 6DQWD )H
&RQFHSFLyQHQ+RQGXUDV/RVHOHPHQWRVILVLRJUiILFRVGRPLQDQWHVHVWiQUHSUHVHQWDGRV
SRUODFDGHQDYROFiQLFDGHO7HUFLDULRFRQHOHYDFLRQHVGHKDVWDPVQP
/DSREODFLyQHVWLPDGDHVGHXQRVKDELWDQWHVHQ*XDWHPDOD\GHXQRVHQ
(O6DOYDGRUFRQXQDH[WHQVLyQHQpVWH~OWLPRGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURHVXQVLVWHPDPXOWLFDSDOLEUHDFRQILQDGRVLHQGRODFRQGLFLyQOLEUH
OD PiV SUHGRPLQDQWH (V GH WLSR SRURVR \ IUDFWXUDGR \D TXH HVWi FRQVWLWXLGR SRU
GHSyVLWRV VHGLPHQWDULRV HQ YDOOHV DOXYLDOHV FXDWHUQDULRV SLURFODVWLWDV \ ODYDV iFLGDV D
LQWHUPHGLDViFLGDVGHO7HUFLDULR(QPXFKDV]RQDVVHREVHUYDDOWHUDFLyQKLGURWHUPDO
(O DFXtIHUR VRPHUR WLHQH XQD SURIXQGLGDG PHGLD GH P PLHQWUDV TXH HO DFXtIHUR
SURIXQGRYDUtDGHDP
(Q (O 6DOYDGRU FRPR ]RQDV GH UHFDUJD VH LQFOX\HQ ODV iUHDV XUEDQDV GH &LWDOi 6DQ
,JQDFLR \ /D 3DOPD \ iUHDV UXUDOHV DO QLYHO GH FDQWRQHV QR VH FXHQWD FRQ GDWRV PiV
GHWDOODGRVDOQLYHOGHFRPXQLGDGHVRFDVHUtRV
([SORWDFLyQ\FDXGDOHV
1R VH FXHQWD FRQ OD LQIRUPDFLyQ GH H[SORWDFLyQ GH ORV DFXtIHURV SHUR VL HV PX\
XWLOL]DGRSDUDDEDVWHFLPLHQWRGHDJXDGRPLFLOLDUHQODV]RQDVUXUDOHV
([LVWHQSUR\HFWRVWXUtVWLFRVTXHVRQDEDVWHFLGRVSRUDJXDVVXEWHUUiQHDV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHODSREODFLyQDFRQWLQXDFLyQ
304
&XDGUR&'DWRVGHSREODFLyQ
v
7RWDO
v
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
v
5XUDO
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
(O6DOYDGRU
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
&LWDOi/D3DOPD6DQ
,JQDFLR0DVDKXDW\6WD
5RVD*XDFKLSLOLQ
KDE
KDE
KDE
KDE
KDE
KDE
KDE
&KRUWt
KDE
KDE
KDE
KDE
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v 8VRGRPpVWLFR v 5LHJR v $JURLQGXVWULDV v $EUHYDGHUR
v 2WURVXVRV
0LHQWUDVTXHHQ(O6DOYDGRUORVXVRVVHGLVWULEX\HQGHDFXHUGRD
v 5LHJR
v $JURLQGXVWULDV v 3~EOLFRXUEDQR &$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/D FDOLGDG QDWXUDO GHO VLVWHPD DFXtIHUR HQ JHQHUDO HV EXHQD DXQTXH H[LVWH
FRQWDPLQDFLyQ SRU QXWULHQWHV DO 5tR /HPSD OD FXDO VH RULJLQD HQ ORV SDtVHV FRQ HO
DJUDYDQWHTXHHQ(O6DOYDGRUSRUHVWDUDJXDVDEDMRODFRQWDPLQDFLyQHVPD\RU
(Q JHQHUDO ORV DFXtIHURV OLEUHV TXH VRQ DSURYHFKDGRV SRU OD PD\RUtD GH SHUVRQDV HQ
iUHDV UXUDOHV D WUDYpV GH SR]RV H[FDYDGRV VH HQFXHQWUDQ FRQWDPLQDGRV SRU EDFWHULDV
FROLIRUPHV
305
/RV SR]RV SHUIRUDGRV TXH H[SORWDQ UHFXUVRV KtGULFRV VXEWHUUiQHRV HQ FRQGLFLRQHV GH
FRQILQDPLHQWRVRQPX\SRFRV\QRVHWLHQHLQIRUPDFLyQGHODFDOLGDGGHVXVDJXDV
/D FRQWDPLQDFLyQ TXtPLFD TXH SUHGRPLQD HV HO KLHUUR DXQTXH GH RULJHQ QDWXUDO
7DPELpQVHREVHUYDQYDORUHVDOWRVGH&DOFLR6RGLR\PiVSXQWXDOPHQWHQLWUDWRV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(QHOVLVWHPDDFXtIHURD~QQRH[LVWHQiUHDVFRQDJRWDPLHQWRGHDJXDVVXEWHUUiQHDV/D
SREODFLyQSHUFLEHXQDGLVPLQXFLyQHQODFDQWLGDGGHDJXDHQORVDUUR\RVTXHDEDVWHFHQ
DO 5tR /HPSD DXQTXH QR OR UHODFLRQD FRQ ODV DJXDV VXEWHUUiQHDV GLUHFWDPHQWH 6t
LGHQWLILFDQTXHORVPDQDQWLDOHVVHVHFDQPX\SURQWRWHUPLQDODpSRFDOOXYLRVD
/DVFRQWDPLQDFLRQHVQRUPDOPHQWHWLHQGHQDDXPHQWDU&RORURORUHVVDERUVDOLQLGDG\
HQIHUPHGDGHVPDQWLHQHQVXVQLYHOHVGHDFXHUGRDODHVWDFLRQDOLGDGFOLPiWLFD
(OXVRGHSHVWLFLGDVRIHUWLOL]DQWHVSDUDODSURGXFFLyQGHJUDQRVEiVLFRVHQODV]RQDVGH
UHFDUJDDVtFRPRSRUODDJURLQGXVWULDDIHFWDQWDQWRDODVDJXDVVXEWHUUiQHDVFRPRDOD
FDOLGDGGHO5tR/HPSD
2WUDVIXHQWHVGHDJXD
(QHOFDVRGHHVWDUHJLyQVHSXHGHQFRQVWUXLUSHTXHxRVHPEDOVHVORLPSHUPHDEOHGH
ORVVXHORVORSHUPLWHSDUDDSURYHFKDUDJXDVGHOOXYLDV\DJXDVVXSHUILFLDOHVGHUtR
&DEHDFRWDUTXHHOFDXGDOGHO5tR/HPSD\DHVWiVLHQGRXWLOL]DGRSDUDHOVXPLQLVWURGH
DJXDGHO*UDQ6DQ6DOYDGRU\ODJHQHUDFLyQGHHQHUJtDHOpFWULFDDJXDVDEDMRGHOD]RQD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
6H KD QRWDGR XQ DXPHQWR HQ ODV LQWHQVLGDGHV GH OOXYLD DVt FRPR XQ DXPHQWR GH OD
WHPSHUDWXUD GHO DLUH $GHPiV OD SHULRGLFLGDG GH HYHQWRV H[WUHPRV VH KD UHGXFLGR
SURYRFDQGRLQFUHPHQWRVEUXVFRVHQODHVFRUUHQWtD1RVHKDHYDOXDGRHOLPSDFWRHQORV
DFXtIHURVD~Q
(O PRQLWRUHR GH ORV UHFXUVRV KtGULFRV HQ OD ]RQD VH LQLFLy HQ SHUR VROR HQ HO
&DVHUtR(O3R\GH&LWDOiH[LVWHQSR]RVDUWHVDQDOHV(OPRQLWRUHRKDVLGRPX\LUUHJXODU
QR SXGLpQGRVH SUHFLVDU XQD WHQGHQFLD HQ OD YDULDFLyQ GH QLYHOHV \D TXH DOJXQDV
SHUVRQDVQRDXWRUL]DURQFRQWLQXDUPLGLHQGRVXVSR]RVSRUUHFHORGHTXHVHOHVFREUHQ
LPSXHVWRV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RUODVREVHUYDFLRQHVGHORV~OWLPRVDxRVVLHPSUHKDQH[LVWLGRDOWLEDMRVSRVLWLYRV\
QHJDWLYRV HQ ORV UHJLVWURV GH SUHFLSLWDFLRQHV 6LQ HPEDUJR OD UHFDUJD HQ iUHDV GH
SHQGLHQWHV\FRQIDOWDGHFREHUWXUDYHJHWDOVHYHPD\RUPHQWHDIHFWDGDSRUHOFDPELRHQ
306
HOXVRGHOVXHOR\ODGHIRUHVWDFLyQSRUORTXHODGLVSRQLELOLGDGKtGULFDVHYHUiUHGXFLGD
\DTXHDXPHQWDODHYDSRWUDQVSLUDFLyQDXPHQWDODHURVLyQ\VHUHGXFHODLQILOWUDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(VWD UHJLyQ HV VHPLVHFD D K~PHGD SHUR ODV VHTXtDV DIHFWDQ OD UHFDUJD DVt FRPR ORV
WHUUHPRWRVFDPELDQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGH
IDOODVJHROyJLFDV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
6LHPSUH VH OH GD ORV PLVPRV XVRV VROR TXH FRQ DOJXQDV OLPLWDFLRQHV HQ
DEDVWHFLPLHQWRV PLHQWUDV VH GHVFRQWDPLQDQ QDWXUDOPHQWH (Q HVWD ]RQD H[LVWHQ SRFRV
SR]RVH[FDYDGRV\SHUIRUDGRV
(Q HO SODQ GH PDQHMR SODQWHDGR HQ (O 6DOYDGRU VH SURSRQH XQD LQYHVWLJDFLyQ PiV
GHWDOODGDGHODXWLOL]DFLyQGHORVDFXtIHURVSDUDHQIUHQWDUSHUtRGRVGHVHTXtDV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q (O 6DOYDGRU ODV XQLGDGHV GH SDLVDMH HVWiQ FRPSXHVWDV SRU WLHUUDV SURGXFWLYDV
ERVTXHVQDWXUDOHVFLXGDGHVPLHQWUDVTXHODFREHUWXUDRULJLQDOHVGHERVTXHVQDWXUDOHV
(Q*XDWHPDODODPD\RUH[WHQVLyQHVXQD]RQDVHPLVHFDDK~PHGDSHGUHJRVDSHURORV
YDOOHV DOXYLDOHV VRQ PX\ SURGXFWLYRV \ ULFRV (Q ODV PRQWDxDV D~Q VH WLHQHQ iUHDV
ERVFRVDV \ SODQWDFLRQHV GH SLQRV \ TXHUFXV \ SUHVHQFLD GH PXFKRV PDQDQWLDOHV /DV
SREODFLRQHV SULQFLSDOHV VH HQFXHQWUDQ HQ ORV YDOOHV \ HQ ODGHUDV GH PRQWDxDV /D
FREHUWXUDRULJLQDOHVGHERVTXHVGHVDEDQD\SDVWRVQDWXUDOHVHQORVYDOOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
8VR DJUtFROD JUDQRV EiVLFRV GH DXWRFRQVXPR FDIp FDxD GH D]~FDU \ PDGHUDEOHV
SDVWRUHRGHDQLPDOHViUHDVQDWXUDOHVSURWHJLGDV(O3LWDO\0RQWHFULVWR
$FWXDOPHQWHVREUHORVDFXtIHURVVHVLW~DQiUHDV DJUtFRODV JDQDGHUDV DJURLQGXVWULDV \
SREODFLRQHV (Q ODV PRQWDxDV FRQ JUDQGHV HVIXHU]RV VH WUDWD GH PDQWHQHU ODV iUHDV
ERVFRVDV\ORVFDIHWDOHV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q(O6DOYDGRUVHWLHQH DJULFXOWXUDLQWHQVLYDVRVWHQLEOH1RWLHQHXELFDFLyQHVSHFtILFD
HQOD]RQDGHODFXtIHUR
'HVDUUROOR VLOYRSDVWRULO \ DJURIRUHVWDO FRQ FRQVHUYDFLyQ (V OD ]RQD PiV JUDQGH GH OD
&XHQFD$OWD GHO 5tR /HPSD OD SURGXFFLyQ PD\RULWDULDPHQWH HV GH JUDQRV EiVLFRV GH
DXWRFRQVXPR\SURGXFFLyQSHFXDULDH[WHQVLYDGHOD]RQD
(Q*XDWHPDODSODQWDFLRQHVKDWRVGHDDQLPDOHVKHFWiUHD\FREHUWXUDGH
WLHUUDVQDWXUDOHV7RGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLD
307
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DViUHDVSURWHJLGDVHQODUHJLyQ2ORSD2FRWHSHTXH&LWDOiVRQ
3DUTXH1DFLRQDO0RQWHFULVWRHQ0HWDSiQ(O7ULILQLRHVHOSXQWRGRQGH
FRQYHUJHQODVIURQWHUDVGHORVWUHVSDtVHV*XDWHPDOD+RQGXUDV\(O6DOYDGRU
&HUUR(O3LWDOHQ6DQ,JQDFLRFRPSDUWLGRFRQ+RQGXUDV
(Q *XDWHPDOD /DJXQD \ 9ROFiQ GH ,SDOD 0RQWDxDV GH 2ORSD &HUUR 0RQWHFULVWR
0RQWDxDV GH &KDQPDJXD %LRVIHUD GH OD )UDWHUQLGDG \ 0RQWDxDV GH &RQFHSFLyQ /DV
0LQDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
/DV iUHDV PRQWDxRVDV GHSHQGHQ GH ORV PDQDQWLDOHV /DJXQD \ 9ROFiQ GH ,SDOD
0RQWDxDV GH 2ORSD &HUUR 0RQWHFULVWR 0RQWDxDV GH &KDQPDJXD %LRVIHUD GH OD
)UDWHUQLGDG\0RQWDxDVGH&RQFHSFLyQ/DV0LQDV
3RVLEOHPHQWHODSDUWHDOWDGHODViUHDVQDWXUDOHVSURWHJLGDVVRQ]RQDVGHUHFDUJDGHODV
DJXDVVXEWHUUiQHDVGHODFXtIHUR7RGRVORVDUUR\RVTXHDOLPHQWDQDO5tR/HPSDUHFLEHQ
ODGHVFDUJDQDWXUDOGHODFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
3ODQ(VWUDWpJLFR7ULQDFLRQDO3(7SDUDHOGHVDUUROORDPELHQWDOHFRQyPLFR\VRFLDOGH
ODUHJLyQGHO7ULILQLRFRPSDUWLGDSRU*XDWHPDOD+RQGXUDV\(O6DOYDGRU
&RQ DFFLRQHV D QLYHO ORFDO PXQLFLSDO \ UHJLRQDO SRU SDtV \ WULQDFLRQDO HQ FRPSRQHQWHV
,
0DQHMRGHUHFXUVRVQDWXUDOHV
,,
3UHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHV
,,,
)RPHQWRDODGLYHUVLILFDFLyQHFRQyPLFD
,9
)RUWDOHFLPLHQWRLQVWLWXFLRQDO
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(O SODQ HVWUDWpJLFR WLHQH FRPR YLVLyQ XQD FXHQFD WULQDFLRQDO HQ GRQGH ORV VHUYLFLRV
DPELHQWDOHV JHQHUDGRV SRU ORV ERVTXHV SULQFLSDOPHQWH DJXD GH FDOLGDG SDLVDMHV HFR
308
WXUtVWLFRV\SURWHFFLyQGHVXHORVRQPDQHMDGRVVRVWHQLEOHPHQWHSRUORVSREODGRUHVGHO
7ULILQLRSDUDPHMRUDUVXELHQHVWDUWHQLHQGR DFFHVRDWHFQRORJtDV \PHUFDGRVSDUDORV
ELHQHV\VHUYLFLRVSURGXFLGRVHQODFXHQFD\FRPSOHPHQWDGRVFRQVHUYLFLRVEiVLFRVGH
VDOXGLQIUDHVWUXFWXUD\HGXFDFLyQ
3DUDODHODERUDFLyQGHXQSODQHVSHFtILFRVREUHPDQHMRGHORVUHFXUVRVVXEWHUUiQHRVVH
UHTXLHUHJHQHUDUPD\RULQIRUPDFLyQ
$GLFLRQDOPHQWHHO3UR\HFWR35(9'$8(GHVDUUROODDFFLRQHVRULHQWDGDVDUHGXFLUOD
YXOQHUDELOLGDGDPELHQWDO\UHDOL]DUiDFFLRQHVGHFRQVHUYDFLyQGHVXHORVSDUDPHMRUD\
SURWHFFLyQGHODJXD
7DPELpQ OD &RPLVLyQ (MHFXWLYD +LGURHOpFWULFD GHO 5tR /HPSD &(/ UHDOL]D
DFWLYLGDGHVGHUHIRUHVWDFLyQ\FRQVHUYDFLyQGHVXHORV
6HGHVDUUROODUiQODVVLJXLHQWHVOtQHDVGHDFFLyQ
,2UGHQDPLHQWRPXQLFLSDO\FRPXQLWDULRSDUDHOPDQHMRGHORVUHFXUVRVDJXD\
ERVTXH
,,0DQHMRLQWHJUDOGHORVGHVHFKRVVyOLGRV\OtTXLGRV
,,,3URPRFLyQGHVDQHDPLHQWREiVLFRHQiUHDVUXUDOHV
,93URWHFFLyQGHIXHQWHVGHDJXD\iUHDVGHUHFDUJDKtGULFDODFXDOLQFOX\HHODSR\RD
LQLFLDWLYDVORFDOHVGHRUGHQDPLHQWR\JHVWLyQGHUHFXUVRVKtGULFRV\OD
LQYHVWLJDFLyQVREUHUHFXUVRVKtGULFRV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ SHTXHxRV
DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ YHQGLGRV HQ ORV
PHUFDGRV QDFLRQDOHV GH (O 6DOYDGRU +RQGXUDV *XDWHPDOD \
H[SRUWDFLyQGHOFDIpRUJiQLFRD(8$\(XURSD(VPX\LPSRUWDQWHHO
WXULVPRUHOLJLRVR
(O 6DOYDGRU 6H XWLOL]D HO DJXD GHO DFXtIHUR VRPHUR SDUD HO
DEDVWHFLPLHQWR D QLYHO GH GRPLFLOLR GH OD SREODFLyQ TXH QR HV
FXELHUWDFRQVLVWHPDVGHDEDVWHFLPLHQWRGHDJXDHQWXEDGRSRUHQGH
PHMRUD OD FDOLGDG GH YLGD GH ODV SREODFLRQHV \ VX PHMRUD
FRQVHFXHQWHPHQWH HQ OD VDOXG DO FRQWDU FRQ DJXD GH PHMRU FDOLGDG
TXH OD HQFRQWUDGD D QLYHO VXSHUILFLDO0DQWHQHU ORV FDXGDOHV GHO 5tR
/HPSDTXHJHQHUDHQHUJtDHOpFWULFDSDUD(O6DOYDGRU
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
*XDWHPDOD (Q OD pSRFD VHFD GHSHQGH HO (VWD SXHGH GXUDU
KDVWD PHVHVHQHODxRSHURSDUDHOFRQVXPR KXPDQRVHGHSHQGH
GHORVPDQDQWLDOHV
(O6DOYDGRU(ODEUHYDGRGHJDQDGRHOWXULVPR
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
*XDWHPDOD3REUH]DGHO
(O 6DOYDGRU 6RQ SREODFLRQHV UXUDOHV ODV TXH VH DXWRDEDVWHFHQ FRQ
SR]RV H[FDYDGRV 3REODFLRQHV UXUDOHV GRQGH HO DFFHVR D DJXD
HQWXEDGD VH YXHOYH PX\ FRPSOLFDGR \ GH DOWRV FRVWRV GH
PDQWHQLPLHQWRGRQGHDGHPiVQRVHFXHQWDQFRQIXHQWHVGHHPSOHRV
HQ OD ]RQD 'H OD HVWLPDFLyQ SRUFHQWXDO GH SREUH]D VH HQFXHQWUD
FODVLILFDGDFRPRH[WUHPDSREUH]DDOWDDEDMD
309
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
*XDWHPDOD /DV PD\RUHV SpUGLGDV VHUtDQ HQ OD %LRVIHUD GH OD
)UDWHUQLGDG \ HO &HUUR 0RQWHFULVWR SRUTXH OD WHQGHQFLD VHUtD D OD
SpUGLGDGHOD]RQDERVFRVDGHOiUHD
(O 6DOYDGRU 7RGD OD SREODFLyQ TXH HV DXWRDEDVWHFLGD FRQ SR]RV
H[FDYDGRV \ WRGD OD ELRGLYHUVLGDG TXH GHSHQGH GH ORV PDQDQWLDOHV
SDUDPDQWHQHUORVFDXGDOHVGHORVUtRVHQpSRFDVHFD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q (O 6DOYDGRU HV D WUDYpV GHO SUR\HFWR 35(9'$ TXH HQ IRUPD WUDQVQDFLRQDO HOHYD
FDSDFLGDGHVHQODJHVWLyQ\SUHYHQFLyQDULHVJRVTXHLQFOX\HQORVUHFXUVRVKtGULFRV
&RQ OD LQWHUUHODFLyQ H[LVWHQWH HQWUH ORV DFXtIHURV \ OD GHPDQGD GH ORV PLVPRV HV
LQGLVSHQVDEOHHVWDEOHFHUDFXHUGRVPXOWLODWHUDOHVSDUDXQXVRVRVWHQLEOHGHORVPLVPRV
$XQDU HVIXHU]RV SDUD GHVDUUROODU XQ SODQ GH PDQHMR PXOWLODWHUDO FRQ SDUWLFLSDFLyQ GH
WRGRVORVDFWRUHV
)RUWDOHFHUODVUHGHVGHPRQLWRUHRHQFDQWLGDG\FDOLGDGGHORVUHFXUVRVVXEWHUUiQHRV
(VWDEOHFHUXQVLVWHPDTXHUHWURDOLPHQWHODLQIRUPDFLyQFRQMXQWD
(Q *XDWHPDOD VH WLHQH OD LQLFLDWLYD GHO &RPLVLyQ 7ULQDFLRQDO GHO 3ODQ 7ULILQLR HQ OD
UHDOL]DFLyQ GH SODQLILFDFLyQ \ RUJDQL]DFLyQ GH DXWRULGDGHV SULQFLSDOPHQWH FRQ ODV
PXQLFLSDOHV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
5HFRQRFHUTXHHODJXDHVXQUHFXUVRHVWUDWpJLFRFRPRIXHQWHGHDEDVWHFLPLHQWRSDUDODV
]RQDVUXUDOHV
$8725(6<)8(17(6
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
(O 6DOYDGRU 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJ 'H\VL /ySH] H ,QJ (OL]DEHWK
*UDQDGRVHQ61(7(O6DOYDGRU
310
311
&6,67(0$$&8Ë)(5275$16)5217(5,=22678$0(7$3È1
(/6$/9$'25*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 2VWXD0HWDSiQ VH XELFD HQ HO 0XQLFLSLR GH
0HWDSiQ HQ (O 6DOYDGRU \ HQ ORV GHSDUWDPHQWRV GH -XWLDSD -DODSD \ &KLTXLPXOD HQ
*XDWHPDOD /RV HOHPHQWRV ILVLRJUiILFRV GRPLQDQWHV HVWiQ UHSUHVHQWDGRV SRU OD FDGHQD
YROFiQLFDGHO7HUFLDULRFRQHOHYDFLRQHVGHKDVWDPVQP
(O VLVWHPD VH H[WLHQGH D XQ iUHD GH NP VLHQGR OD H[WHQVLyQ HQ (O 6DOYDGRU GH
DSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O VLVWHPD DFXtIHUR HV SRURVR \ IUDFWXUDGR VLHQGR FRQVWLWXLGR SRU GHSyVLWRV
VHGLPHQWDULRV HQ YDOOHV DOXYLDOHV FXDWHUQDULRV HQ UHOOHQRV GH HVFRULD YROFiQLFD TXH
LQFOX\HQFRODGDVGHODYDVEDViOWLFDV(QDOJXQDV]RQDVFRPR$VXQFLyQ0LWD\0HWDSiQ
VHREVHUYDQUHODWLYDPHQWHSHTXHxDV\DLVODGDViUHDVGHURFDVFDOL]DVDVtFRPRGHURFDV
PHWDPyUILFDV HQ OD ]RQD GH &RQFHSFLyQ /DV 0LQDV (V XQ DFXtIHUR PXOWLFDSD OLEUH D
FRQILQDGRVLHQGRODFRQGLFLyQGHOLEUHODPiVSUHGRPLQDQWH
3UHVHQWDXQDSURIXQGLGDGPi[LPDGHPSDUDODVFDSDVDFXtIHUDVVRPHUDV\GHD
PSDUDODVSURIXQGDV
=RQDVGHUHFDUJD
(Q *XDWHPDOD HQ iUHDV ERVFRVDV GH DOWXUD iUHDV FRQ URFD IUDFWXUDGD \ HQ ORV YDOOHV
DOXYLDOHV GH OD PLVPD FXHQFD (Q (O 6DOYDGRU GHQWUR GH ODV ]RQDV GH UHFDUJD VH
LQFOX\HQ ODV SREODFLRQHV XUEDQDV GH 0HWDSiQ 6DQ $QWRQLR 3DMRQDO 6DQWLDJR GH OD
)URQWHUD\&DQGHODULDGHOD)URQWHUDDGHPiVGHSREODFLyQUXUDODOQLYHOGHFDQWRQHVQR
VHFXHQWDFRQGDWRVPiVGHWDOODGRVDOQLYHOGHFRPXQLGDGHVRFDVHUtRV
([SORWDFLyQ\FDXGDOHV
1R VH FXHQWD FRQ OD LQIRUPDFLyQ GH H[SORWDFLyQ GH ORV DFXtIHURV SHUR VL HV PX\
XWLOL]DGRSRUODLQGXVWULDGHFHPHQWR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHODSREODFLyQHQODSiJLQDVLJXLHQWH
312
&XDGUR&'DWRVGHSREODFLyQ
(O6DOYDGRU
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE0HWDSiQ
6DQ$QWRQLR3DMRQDO6DQWLDJR
GHOD)URQWHUD\&DQGHODULDGH
OD)URQWHUD
KDE
-XWLDSD3URJUHVR0RQMDV6DQWD
&DWDULQD0LWD$VXQFLyQPLWD
6DQ0DQXHO&KDSDUUyQ\$JXD
%ODQFD
KDE
KDE
KDE
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
KDE
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
KDE
KDE
KDE
KDE
KDE
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v
v
v
v
v
8VRGRPpVWLFR
5LHJR
$JURLQGXVWULDV
$EUHYDGHUR
2WURVXVRV
0LHQWUDVTXHHQ(O6DOYDGRUORVXVRVVHGLVWULEX\HQGHDFXHUGRD
v 5LHJR v $JURLQGXVWULD v 3~EOLFRXUEDQR &$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DFDOLGDGGHODJXDHVWiGHQWURGHODVQRUPDVGHDJXDSRWDEOHHLUULJDFLyQ/DFDOLGDG
QR HV DFHSWDEOH HQ ODV DJXDV GH ]RQDV WHUPDOHV SRUTXH SXHGHQ FRQWHQHU PLQHUDOHV
SHVDGRV
313
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6HJ~Q HO (VWXGLR 6HGLPHQWDFLyQ *OREDO &(/+$5=$ ORV SULQFLSDOHV
SUREOHPDV GH FDOLGDG GH DJXD VXEWHUUiQHD HQ SR]RV FHUFDQRV DO /DJR GH *XLMD VRQ
FDOFLRPDJQHVLRSRWDVLRFORUXURVKLHUURJUDVD\DFHLWHVDPRQtDFRDUVpQLFRFURPR\
FROLIRUPHV(VWDFRQGLFLyQVHGHEHDODSRFDSURIXQGLGDGTXHWLHQHQDP/DV
FRQFHQWUDFLRQHVGHFURPR\DUVpQLFRUHVXOWDURQFRQQLYHOHVPX\DOWRV
(Q HO $FXtIHUR 2VWXD0HWDSiQ H[LVWHQ iUHDV FRQ DJRWDPLHQWR SULQFLSDOPHQWH SRU ORV
GpILFLWVGHOOXYLDHQDOJXQRVDxRV\SRUODSUHVLyQGHODVGHPDQGDVSULQFLSDOPHQWHODGH
ULHJR /DV FRQWDPLQDFLRQHV QRUPDOPHQWH WLHQGHQ D DXPHQWDU &RORU RORUHV VDERU
VDOLQLGDG \ HQIHUPHGDGHV PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD HVWDFLRQDOLGDG
FOLPiWLFD
6HHVWiHMHFXWDQGRXQSUR\HFWRGHFDUDFWHUL]DFLyQGHORVUHFXUVRVKtGULFRVHQOD&XHQFD
$OWD GHO 5tR /HPSD \ VH HVWi IRUPXODQGR XQD SURSXHVWD GH HYDOXDFLyQ GH OD
FRQWDPLQDFLyQ GH ORV UHFXUVRV KtGULFRV SDUD HMHFXWDUVH HQWUH HO SRU OR TXH
D~QQRVHFXHQWDFRQXQDOtQHDEDVHGHOHVWDGRGHGLFKRVUHFXUVRV
(OXVRGHSHVWLFLGDVRIHUWLOL]DQWHVSDUDODSURGXFFLyQGHJUDQRVEiVLFRVHQODV]RQDVGH
UHFDUJDDVtFRPRSRUODDJURLQGXVWULDDIHFWDQWDQWRDODVDJXDVVXEWHUUiQHDVFRPRDOD
FDOLGDGGHO/DJRGH*XLMD
/DXWLOL]DFLyQGHDJXDVVXEWHUUiQHDVHQODLQGXVWULDFHPHQWHUDXWLOL]DFLyQQRUHJXODGD
FRQGHPDQGDVFRQVLGHUDEOHVSDUDODSURGXFFLyQKtGULFDVXEWHUUiQHDGHOD]RQDSRGUtDQ
SRQHUHQULHVJRODVIXWXUDVGLVSRQLELOLGDGHV
2WUDVIXHQWHVGHDJXD
$JXDV GH OOXYLD \ DJXDV VXSHUILFLDOHV GH UtR DXQTXH HO FDXGDO GHO 5tR /HPSD \D HVWi
VLHQGR XWLOL]DGR SDUD HO VXPLQLVWUR GH DJXD GHO *UDQ 6DQ 6DOYDGRU \ OD JHQHUDFLyQ GH
HQHUJtDHOpFWULFDDJXDVDEDMRGHOD]RQD
(Q HO FDVR GH ORV UtRV ORV PiV FDXGDORVRV VRQ WUDQVIURQWHUL]RV DXQTXH VH SRGUtDQ
GHVDUUROODUSUR\HFWRVORFDOHVGHSHTXHxRVUtRV\FRQVWUXLUSHTXHxRVHPEDOVHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
6HKDQRWDGRXQDXPHQWRHQODLQWHQVLGDGGHOOXYLDDVtFRPRDXPHQWRHQODWHPSHUDWXUD
GHODLUH
9HUZZZVQHWJREVYHVWXGLRV
o 9DULDFLRQHV+LGURFOLPiWLFDVRHYLGHQFLDGHFDPELRFOLPiWLFRHQ(O6DOYDGRU
o ,QIRUPHGHDQiOLVLVGHFRPSRUWDPLHQWRKtGULFRHQ(O6DOYDGRU
314
(Q*XDWHPDODGXUDQWHORV~OWLPRVDxRVHQSRUORPHQRVVHUHJLVWUyGpILFLWGHO
GHO YROXPHQ GH OOXYLDV /D UHFDUJD VH YLR DIHFWDGD FRQ FDXGDOHV PHQRUHV GXUDQWH HO
HVWLDMH\SURIXQGL]DFLyQGHORVQLYHOHVGHORVSR]RVHOiUHDHVVHPLiULGD\PX\VHFD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/D GLVSRQLELOLGDG KtGULFD VH YHUi UHGXFLGD \D TXH DXPHQWD OD HYDSRWUDQVSLUDFLyQ
DXPHQWDODHURVLyQ\VHUHGXFHODLQILOWUDFLyQ
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(QHOSODQGHPDQHMRSODQWHDGRVHHVWiSHQVDQGRXQDLQYHVWLJDFLyQPiVGHWDOODGDGHOD
XWLOL]DFLyQ GH ORV DFXtIHURV SDUD HQIUHQWDU SHUtRGRV GH VHTXtDV TXH VLUYD GH EDVH SDUD
SODQLILFDU\UHJXODUHOXVRGHORVUHFXUVRVKtGULFRVVXEWHUUiQHRV
(QHVWDUHJLyQEXHQDSDUWHGHODxRHVVHFDSHURODVVHTXtDVDIHFWDQODUHFDUJDDVtFRPR
ORVWHUUHPRWRVFDPELDQHOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDV
GHIDOODVJHROyJLFDV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
1R H[LVWHQ SODQHV GH H[SORWDFLyQ SHUR VH HVWi HMHFXWDQGR XQ SUR\HFWR GH
FDUDFWHUL]DFLyQ GH ORV UHFXUVRV KtGULFRV FRQ DSR\R GHO 2,($ 8QD YH] VH KD\DQ
FDUDFWHUL]DGRORVUHFXUVRVKtGULFRVHQFDQWLGDG \ FDOLGDGVHSRGUi HODERUDUXQSODQGH
SURWHFFLyQ\DSURYHFKDPLHQWR
(Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHVHQ
ORVDEDVWHFLPLHQWRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(O6DOYDGRUWLHUUDVSURGXFWLYDVERVTXHVQDWXUDOHVODJRVFLXGDGHV&REHUWXUDRULJLQDO
ERVTXHVQDWXUDOHV
*XDWHPDOD OD PD\RU H[WHQVLyQ HV XQD ]RQD VHPLiULGD SHGUHJRVD SHUR ORV YDOOHV
DOXYLDOHVVRQPX\SURGXFWLYRV\ULFRV(QODVPRQWDxDVD~QVHWLHQHQiUHDVERVFRVDV\
SODQWDFLRQHV GH IUXWDOHV GHFLGXRV \ SUHVHQFLD GH PDQDQWLDOHV /DV SREODFLRQHV
SULQFLSDOHVVHHQFXHQWUDQHQORVYDOOHV
&REHUWXUDQDWXUDOERVTXHVGHVDEDQD\SDVWRVQDWXUDOHVHQORVYDOOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(O 6DOYDGRU XVR DJUtFROD JUDQRV EiVLFRV GH DXWRFRQVXPR FDIp FDxD GH D]~FDU \
PDGHUDEOHVSDVWHRGHDQLPDOHViUHDVQDWXUDOHVSURWHJLGDV0RQWHFULVWRXQDSHTXHxD
SDUWHSDUDXVRLQGXVWULDOFHPHQWHUD
315
*XDWHPDOD DFWXDOPHQWH VREUH ORV DFXtIHURV VH VLW~DQ iUHDV DJUtFRODV JDQDGHUDV
DJURLQGXVWULDV \ SREODFLRQHV (Q ODV PRQWDxDV FRQ JUDQGHV HVIXHU]RV VH WUDWD GH
PDQWHQHUODViUHDVERVFRVDV\GHIUXWDOHV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(O6DOYDGRUSURGXFFLyQFDIHWDOHUD\IRUHVWDOFRQDOWRYDORUDJUHJDGR(Q(O6DOYDGRUHO
iUHDHVSHTXHxDOLPLWDGDDXQDV]RQDVDOVXUGHODFXtIHUR\DOQRUWHGHOPLVPR(VXQD
]RQDGHUHFDUJDKtGULFD
5HJLyQERVFRVDGHO0DFL]RGH0RQWHFULVWR,QFOX\HPD\RULWDULDPHQWHiUHDVSURWHJLGDV
VLQPDQHMRVRVWHQLEOH
3URGXFFLyQIRUHVWDOHVXQiUHDGHERVTXHVGHFRQtIHUDVFRQUHGXFLGDViUHDVEDMRPDQHMR
IRUHVWDO
$JULFXOWXUDLQWHQVLYDVRVWHQLEOHQRWLHQHXELFDFLyQHVSHFLILFDHQOD]RQDGHODFXtIHUR
'HVDUUROOR VLOYRSDVWRULO \ DJURIRUHVWDO FRQ FRQVHUYDFLyQ (V OD ]RQD PiV JUDQGH GH OD
&XHQFD$OWD GHO 5tR /HPSD OD SURGXFFLyQ PD\RULWDULDPHQWH HV GH JUDQRV EiVLFRV GH
DXWRFRQVXPR\SURGXFFLyQSHFXDULDH[WHQVLYDGHOD]RQD
*XDWHPDOD SODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD \ FREHUWXUD GH
WLHUUDVQDWXUDOHV7RGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
/DV ]RQDV SURWHJLGDV GH (O 6DOYDGRU VRQ 0RQWHFULVWR 6DQ 'LHJR /D %DUUD 6DQ
-HUyQLPR\/D0DJGDOHQD
(Q*XDWHPDODVHWLHQH=RQD3URWHJLGDGHO9ROFiQ6XFKLWiQ/DJRGH*XLMD/DJXQDGH
$WHVFDWHPSD/DJXQD\9ROFiQGH,SDOD0RQWDxDVGH4XHVDGD0RQWDxDVGH6DQ&DUORV
$O]DWDWH0RQWDxDVGH-XWLDSD0RQWDxDVGH-DODSD0LUDPXQGR/DJXQDGH(O+R\R
9ROFiQ7DKXDO\/DJXQDGH5HWDQD\$JXDV7HUPDOHVGH0RQMDV\$VXQFLyQ0LWD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(O6DOYDGRUHOODJR\KXPHGDOGH*LMDGHSHQGHQSRUORVPHQRVHQSDUWHGHO6LVWHPD
$FXtIHUR2VWXD0HWDSiQ(VWD]RQDHVWDPELpQ]RQDGHDSURYHFKDPLHQWRGHDJXDVSRU
DQLPDOHV\UXWDVGHVREUHYXHORGHDYHVHQODPLVPDiUHDHO/DJRGH*LMDHVSDUWHGH
ORV&RUUHGRUHV0HVRDPHULFDQRV
3RVLEOHPHQWH OD SDUWH EDMD GHO iUHD QDWXUDO SURWHJLGD 0RQWHFULVWR HVWi DOLPHQWDGD SRU
ODVDJXDVVXEWHUUiQHDVGHODFXtIHUR
316
*XDWHPDODODViUHDVPRQWDxRVDVGHDOWXUDGHSHQGHQGHORVPDQDQWLDOHV/DJXQDGHHO
+R\R/DJRGH*LMD/DJXQDGH$WHVFDWHPSD/DJXQDGH5HWDQD9ROFiQGH,SDOD5tR
2VWXD\WRGRVVXVDIOXHQWHV\$JXDV7HUPDOHVGH0RQMDV\$VXQFLyQ0LWD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(O6DOYDGRUHO3ODQ7ULILQLRHVXQSURJUDPDFRQPiVGHDxRVGHIXQFLRQDPLHQWRHO
FXDOHVFRRUGLQDGRSRUODVYLFHSUHVLGHQFLDVGHORVSDtVHVDXQTXHHOSODQHVEDVWDQWH
UHFLHQWH GLFLHPEUH GH $FWXDOPHQWH VH HVWiQ UHDOL]DQGR SDUWHV GHO SODQ HQWUH
HOODV OD LQYHVWLJDFLyQ GH UHFXUVRV KtGULFRV D WUDYpV GHO SUR\HFWR 'HVDUUROOR 6RVWHQLEOH
GHO 0HGLR $PELHQWH \ ORV 5HFXUVRV +tGULFRV HQ OD &XHQFD $OWD GHO 5tR /HPSD
ILQDQFLDGRSRUORVJRELHUQRVGHORVWUHVSDtVHV\HO2UJDQLVPR,QWHUQDFLRQDOGH(QHUJtD
$WyPLFD2,($
1R HV XQ SODQ GH RUGHQDPLHQWR WHUULWRULDO SURSLDPHQWH GLFKR OR TXH H[LVWH HV HO 3ODQ
(VWUDWpJLFR 7ULQDFLRQDO 3(7 SDUD HO GHVDUUROOR DPELHQWDO HFRQyPLFR \ VRFLDO GH OD
UHJLyQGHO7ULILQLRFRPSDUWLGDSRU*XDWHPDOD+RQGXUDV\(O6DOYDGRU
/RVREMHWLYRVVHFHQWUDQHQ
D$OFDQ]DUXQPDQHMRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVUHQRYDEOHVGHODUHJLyQ
E5HGXFLUODYXOQHUDELOLGDGDQWHULHVJRVQDWXUDOHV
F)RPHQWDUHOGHVDUUROORHPSUHVDULDO\ODGLYHUVLILFDFLyQHFRQyPLFD
G )RUWDOHFHU OD LQVWLWXFLRQDOLGDG UHJLRQDO HVSHFLDOPHQWH GH ORV JRELHUQRV ORFDOHV \
PHMRUDU OD FDSDFLGDG RUJDQL]DWLYD GH ODV FRPXQLGDGHV GHQWUR GH XQ PDUFR GH
LQWHJUDFLyQWULQDFLRQDO
&RQ DFFLRQHV D QLYHO ORFDO PXQLFLSDO \ UHJLRQDO SRU SDtV \ WULQDFLRQDO HQ FRPSRQHQWHV
,0DQHMRGHUHFXUVRVQDWXUDOHV
,,3UHYHQFLyQ\PLWLJDFLyQGHGHVDVWUHV
,,,)RPHQWRDODGLYHUVLILFDFLyQHFRQyPLFD
,9)RUWDOHFLPLHQWRLQVWLWXFLRQDO
*XDWHPDOD SULQFLSDOPHQWH HQ OR UHIHUHQWH D OD JHVWLyQ GH ULHVJR H[LVWH SODQLILFDFLyQ
SRUSDUWHGH6(*(3/$1SDUDODViUHDVDPHQD]DGDVSRUGHVOL]DPLHQWRVHLQXQGDFLRQHV
1LQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(O SODQ HVWUDWpJLFR WLHQH FRPR YLVLyQ XQD FXHQFD WULQDFLRQDO HQ GRQGH ORV VHUYLFLRV
DPELHQWDOHV JHQHUDGRV SRU ORV ERVTXHV SULQFLSDOPHQWH DJXD GH FDOLGDG SDLVDMHV
HFRWXUtVWLFRV\SURWHFFLyQGHVXHORVRQPDQHMDGRVVRVWHQLEOHPHQWHSRUORVSREODGRUHV
GHO7ULILQLRSDUDPHMRUDUVXELHQHVWDUWHQLHQGR DFFHVRDWHFQRORJtDV \ PHUFDGRVSDUD
ORVELHQHV\VHUYLFLRVSURGXFLGRVHQODFXHQFD\FRPSOHPHQWDGRVFRQVHUYLFLRVEiVLFRV
GHVDOXGLQIUDHVWUXFWXUD\HGXFDFLyQ
317
3DUDODHODERUDFLyQGHXQSODQHVSHFtILFRVREUHPDQHMRGHORVUHFXUVRVVXEWHUUiQHRVVH
UHTXLHUHJHQHUDUPD\RULQIRUPDFLyQ
$GLFLRQDOPHQWH HO 3UR\HFWR 35(9'$8( GHVDUUROOD DFFLRQHV HQ GRV FXHQFDV GHO
DFXtIHUR 1XQXDSD \ 6KXVKXOD RULHQWDGDV D UHGXFLU OD YXOQHUDELOLGDG DPELHQWDO GH ODV
PLVPDV 'LFKR SUR\HFWR UHDOL]DUi DFFLRQHV GH FRQVHUYDFLyQ GH VXHORV SDUD PHMRUD \
SURWHFFLyQGHODJXD
7DPELpQ OD &RPLVLyQ (MHFXWLYD +LGURHOpFWULFD GHO 5tR /HPSD &(/ UHDOL]D
DFWLYLGDGHVGHOSODQHVWUDWpJLFRILQDQFLiQGRODVSDUDFRQVHUYDUHODJXDTXHDOLPHQWDODV
SUHVDVGH(O6DOYDGRU\UHGXFLUORVQLYHOHVGHVHGLPHQWDFLyQHQODVPLVPDV
(O SUR\HFWR GH LQYHVWLJDFLyQ FLWDGR 2,($ WLHQH HQWUH VXV REMHWLYRV SULQFLSDOHV
GHWHUPLQDU ODV iUHDV SULQFLSDOHV GH UHFDUJD GH ORV DFXtIHURV XWLOL]DQGR WpFQLFDV
KLGURJHROyJLFDVWUDGLFLRQDOHV\DGHPiVWpFQLFDVGHLQYHVWLJDFLyQLVRWySLFDV/RTXHVH
SUHWHQGH HV SURWHJHU ODV iUHDV GH UHFDUJD GH ORV DFXtIHURV R GH DOJXQDV IXHQWHV
HVSHFtILFDVGHDEDVWHFLPLHQWRGHDJXDDFLXGDGHV\FRPXQLGDGHV
3RURWUDSDUWHODVREUDVGHFRQVHUYDFLyQGHVXHORV\DJXDDJURIRUHVWHUtDLQIOX\HQPX\
SRVLWLYDPHQWH HQ OD UHFDUJD GH DFXtIHURV (VWR QR HVWi GRFXPHQWDGR SHUR VH KDQ
REVHUYDGRUHVXOWDGRVPX\LQWHUHVDQWHV
&(/ DFWXDOPHQWH HVWi UHDOL]DQGR DFFLRQHV GH UHIRUHVWDFLyQ \ FRQVHUYDFLyQ GH VXHORV
&RPR VH PHQFLRQy DQWHULRUPHQWH HQ HO 3(737&$5/ H[LVWH HO &RPSRQHQWH GH
0DQHMRGH5HFXUVRV1DWXUDOHVHQ HOFXDO H[LVWHQYDULRVHMHVTXHVHUHODFLRQDQFRQHO
PDQHMRDGHFXDGRGHUHFXUVRVKtGULFRVSHURSULQFLSDOPHQWHHOGH*HVWLyQ,QWHJUDGDGH
ORV 5HFXUVRV +tGULFRV 6X REMHWLYR HV SURPRYHU XQD DGHFXDGD UHJXODFLyQ KtGULFD \
DPELHQWDO GH OD &$5/ GHVDUUROODQGR DFFLRQHV SDUD HO PDQHMR GH iUHDV GH UHFDUJD \
IXHQWHV GH DJXD SRWDEOH FRQ ILQHV GH PHMRUDU VX FDOLGDG \ FDQWLGDG $Vt PLVPR VH
SURPRYHUi HO PDQHMR GH GHVHFKRV VyOLGRV \ OtTXLGRV SDUD UHGXFLU OD FRQWDPLQDFLyQ
DPELHQWDO
3DUDHVWRVHGHVDUUROODUiQODVVLJXLHQWHVOtQHDVGHDFFLyQ
2UGHQDPLHQWR PXQLFLSDO \ FRPXQLWDULR SDUD HO PDQHMR GH ORV UHFXUVRV DJXD \
ERVTXH
0DQHMRLQWHJUDOGHORVGHVHFKRVVyOLGRV\OtTXLGRV
3URPRFLyQGHVDQHDPLHQWREiVLFRHQiUHDVUXUDOHV
0DQHMRGHGHVHFKRVDJURLQGXVWULDOHVGHOEHQHILFLDGRDUWHVDQDOGHFDIp
/RVSULQFLSDOHVSURSyVLWRVVRQ
0LWLJDFLyQGHODFRQWDPLQDFLyQDWUDYpVGHPDQHMRLQWHJUDOGHORVGHVHFKRVVyOLGRV
VDQHDPLHQWR EiVLFR HQ HO iUHD UXUDO PDQHMR GH ORV GHVHFKRV DJURLQGXVWULDOHV GHO
EHQHILFLDGRDUWHVDQDOGHOFDIp\SODQHVGHJHVWLyQDPELHQWDOPXQLFLSDOHV
'LVPLQXFLyQGHODGHJUDGDFLyQGHOVXHORHQiUHDVFUtWLFDVSRUPHGLRGHLQWHUYHQFLyQ
HQ ILQFDV FRQ REUDV GH FRQVHUYDFLyQ GH VXHORV \ DJXD GLYHUVLILFDFLyQ SURGXFWLYD FRQ
VLVWHPDV DJURIRUHVWDOHV \ VLOYRSDVWRULOHV HVWDELOL]DFLyQ GH FiUFDYDV \ OD LQWURGXFFLyQ
GHVLVWHPDVGHDJULFXOWXUD\JDQDGHUtDFRQVHUYDFLRQLVWD
318
(VWDELOL]DFLyQ GH OD FREHUWXUD IRUHVWDO UHDOL]DQGR RUGHQDPLHQWR IRUHVWDO VRVWHQLEOH
SURWHFFLyQ GH iUHDV ERVFRVDV PXQLFLSDOHV R FRPXQLWDULDV IRUWDOHFLPLHQWR GH ORV
VLVWHPDV ORFDOHV GH FRQWURO GH LQFHQGLRV IRUHVWDOHV \ DSR\R D OD FHUWLILFDFLyQ GH FDIp
RUJiQLFR\HFROyJLFR
3URWHFFLyQGHIXHQWHVGHDJXD\iUHDVGHUHFDUJDKtGULFDHOFXDOLQFOX\HHODSR\RD
LQLFLDWLYDV ORFDOHV GH RUGHQDPLHQWR \ JHVWLyQ GH UHFXUVRV KtGULFRV \ OD LQYHVWLJDFLyQ
VREUHUHFXUVRVKtGULFRV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
(O 6DOYDGRU VH XWLOL]D HO DJXD GHO DFXtIHUR VRPHUR SDUD HO
DEDVWHFLPLHQWRDQLYHOGHGRPLFLOLRGHODSREODFLyQTXHQRHVFXELHUWD
FRQVLVWHPDVGHDEDVWHFLPLHQWRGHDJXDHQWXEDGR3RUHQGHPHMRUDOD
FDOLGDGGHYLGDGHODVSREODFLRQHV\VXPHMRUDFRQVHFXHQWHPHQWHHQOD
VDOXG DO FRQWDU FRQ DJXD GH PHMRU FDOLGDG TXH OD HQFRQWUDGD D QLYHO
VXSHUILFLDO
(QODSHVFDGHVDUUROODGDHQHOODJRTXHJHQHUDXQVXVWHQWRHFRQyPLFR
SDUD ORV KDELWDQWHV GH OD ]RQD7DPELpQ OD LQGXVWULD FHPHQWHUD TXH VH
XELFDHQ0HWDSiQXWLOL]DDJXDVVXEWHUUiQHDVSURIXQGDVSDUDVXSURFHVR
SURGXFWLYR
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ SHTXHxRV
DJULFXOWRUHV\ORVSURGXFWRVQRUPDOPHQWHVRQH[SRUWDGRVD(O6DOYDGRU
(O 6DOYDGRU /D LQGXVWULD FHPHQWHUD HQ OD ]RQD GH 0HWDSiQ JHQHUD
XQD GHPDQGD GH PDQR GH REUD ORFDO IXHUWH HQ OD ]RQD \ HO SURFHVR
SURGXFWLYR GH HVWD SODQWD UHTXLHUH GH OD H[SORWDFLyQ GH ODV DJXDV
VXEWHUUiQHDV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGHGXUDUKDVWD
PHVHVHQHODxR
(O 6DOYDGRU /DV SREODFLRQHV UXUDOHV VH DXWRDEDVWHFHQ FRQ SR]RV
(VWLPDFLyQSRUFHQWXDOGHO
H[FDYDGRVGRQGHHODFFHVRDDJXDHQWXEDGDVHYXHOYHPX\FRPSOLFDGR
QLYHOGHSREUH]DGHODV
\GHDOWRVFRVWRVGHPDQWHQLPLHQWR$GHPiVQRFXHQWDQFRQIXHQWHVGH
SREODFLRQHVTXHXWLOL]DQORV
HPSOHRV HQ OD ]RQD 'H OD HVWLPDFLyQ SRUFHQWXDO GH SREUH]D QR KD\
UHFXUVRVKtGULFRVGHORV
GDWR
DFXtIHURV
*XDWHPDOD3REUH]DGHO
0HGLRVGHYLGDTXHFRUUHUtDQ (O 6DOYDGRU 7RGD OD SREODFLyQ TXH HV DXWRDEDVWHFLGD FRQ SR]RV
H[FDYDGRVWRGDODELRGLYHUVLGDGTXHGHSHQGHGHORVPDQDQWLDOHVSDUD
SHOLJURSpUGLGDV
PDQWHQHU ORV FDXGDOHV GH ORV UtRV HQ pSRFD VHFD \ OD ELRGLYHUVLGDG
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD OLJDGDDOODJR\VXKXPHGDO
*XDWHPDOD/DVPD\RUHVSpUGLGDVVHUtDQHQHO/DJRGH*XLMDGRQGHOD
DIHFWDGRQHJDWLYDPHQWH
DFWLYLGDGSULQFLSDOORFRQVWLWX\HODSHVFD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHO
DFFHVRDOUHFXUVRDJXD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
$OPHQRVGRV3URJUDPD7ULQDFLRQDOGH'HVDUUROOR6RVWHQLEOHSDUDOD&XHQFD$OWDGHO
5tR /HPSD \ XQ SUR\HFWR ELQDFLRQDO HQWUH *XDWHPDOD \ (O 6DOYDGRU SDUD HO PDQHMR
VRVWHQLEOHGHOD&XHQFDGHO/DJRGH*LMD
319
'HVGHODVUHODFLRQHVHQWUH*XDWHPDOD\(O6DOYDGRUKDQVLGRVXPDPHQWHFRUGLDOHV
\WRGDVODVDFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRV
KtGULFRVSXHUWRVIURQWHUL]RVLQWHUFRQH[LyQKLGURHOpFWULFDPLJUDFLRQHVHWF
([LVWHXQWUDEDMRFRQMXQWRHQHOiUHDGHOHYDQWDU\XQLILFDULQIRUPDFLyQKLGURJHROyJLFD
GHQWUR GH ORV SDtVHV$ WUDYpV GH SUR\HFWRV WDOHV FRPR HO GH OD 2,($ VH GHVDUUROODQ
FRODERUDFLRQHVGHWLSRVWpFQLFRFRQLQWHUFDPELRGHLQIRUPDFLyQ2WURSUR\HFWRHVHOGH
35(9'$TXHHQIRUPDWUDQVQDFLRQDOHOHYDFDSDFLGDGHV HQOD JHVWLyQ \SUHYHQFLyQ D
ULHVJRVTXHLQFOX\HQORVUHFXUVRVKtGULFRV
&RQ OD LQWHUUHODFLyQ H[LVWHQWH HQWUH ORV DFXtIHURV \ OD GHPDQGD GH ORV PLVPRV HV
LQGLVSHQVDEOHHVWDEOHFHUDFXHUGRVELODWHUDOHVSDUDXQXVRVRVWHQLEOHGHORVPLVPRV
$FFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ DXQDU HVIXHU]RV SDUD GHVDUUROODU XQ SODQ GH
PDQHMRELODWHUDOFRQSDUWLFLSDFLyQGHWRGRVORVDFWRUHV
)RUWDOHFHUODVUHGHVGHPRQLWRUHRHQFDQWLGDG\FDOLGDGGHORVUHFXUVRVVXEWHUUiQHRV
(VWDEOHFHUXQVLVWHPDGHLQIRUPDFLyQTXHUHWURDOLPHQWHODLQIRUPDFLyQFRQMXQWD
(QHO$FXtIHUR2VWXD0HWDSiQVHHVWiUHDOL]DQGRRWURSUR\HFWRSLORWRGH81(6&2FRQ
HO3URJUDPD3&&3'HORV&RQIOLFWRV3RWHQFLDOHVDOD&RRSHUDFLyQ3RWHQFLDO
6HKDQFUHDGR0DQFRPXQLGDGHVGH0XQLFLSDOLGDGHVGHPXQLFLSLRVGHDPERVSDtVHVWDO
HVHOFDVRGHOD0DFRPXQLGDGGHO/DJRGH*LMDSDUDHYLWDUFXDOTXLHUWLSRGHSUREOHPD
HQWUHODVFRPXQLGDGHV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
5HFRQRFLHQGR TXH HO DJXD HV XQ UHFXUVR HVWUDWpJLFR SDUD HO GHVDUUROOR GH OD DFWLYLGDG
FHPHQWHUD HQ OD ]RQD HVWH GHEH VHU PDQHMDGR DGHFXDGDPHQWH \ FRPR IXHQWH GH
DEDVWHFLPLHQWRSDUDODV]RQDVUXUDOHV
$8725(6<)8(17(6
(O 6DOYDGRU 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJ 'H\VL /ySH] H ,QJ (OL]DEHWK
*UDQDGRVHQ61(7(O6DOYDGRUMXOLR
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
320
321
&6,67(0$$&8Ë)(5275$16)5217(5,=25Ë23$=
(/6$/9$'25*8$7(0$/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 5tR 3D] HQ (O 6DOYDGRU VH XELFD HQ ORV
GHSDUWDPHQWRVGH$KXDFKDSiQ\6DQWD$QDPLHQWUDVTXHHQ*XDWHPDODGUHQDSDUWHGH
ORVGHSDUWDPHQWRVGH-XWLDSD-DODSD\6DQWD5RVD
(QWUH ORV HOHPHQWRV ILVLRJUiILFRV GRPLQDQWHV HVWiQ OD FDGHQD YROFiQLFD MRYHQ GH OD
6LHUUDGH$SDQHFD6DQWD$QD\HO9ROFiQ(O&KLQJRHQODIURQWHUDHQWUH(O6DOYDGRU\
*XDWHPDODFRQHOHYDFLRQHVGHKDVWDPVQP
(OiUHDGHOVLVWHPDDFXtIHURHQ(O6DOYDGRUHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
6H HQFXHQWUDQ YDOOHV DOXYLDOHV LPSRUWDQWHV HQ ODV iUHDV GH 4XHVDGD SDUWH GH -XWLDSD
/DV 0DUtDV -DOSDWDJXD \ /DV 3LODV GHO ODGR GH *XDWHPDOD \ HO9DOOH GH 6LQJLO HQ (O
6DOYDGRU \ WDPELpQ H[LVWHQ H[WHQVLRQHV LPSRUWDQWHV GH GHSyVLWRV VHGLPHQWDULRV
DOXYLDOHVHQODSODQLFLHFRVWHUD6HREVHUYDQIRUPDFLRQHVGHRULJHQYROFiQLFRUHFLHQWH
TXH FRQIRUPDQ JUDQGHV EORTXHV HQ ODV iUHDV GHO 9ROFiQ /DV )ORUHV 6DQWD *HUWUXGLV
=DSRWLWOiQ \ ORV DOUHGHGRUHV GHO VXU GH -XWLDSD GHO ODGR GH *XDWHPDOD \ HQ OD 6LHUUD
$WDFR$SDQHFD\FRPSOHMRYROFiQLFRGH6DQWD$QDGHOODGRGH(O6DOYDGRU7DPELpQVH
WLHQHQ FRODGDV GH ODYDV EDViOWLFDV \ PDWHULDO ODKiULFR GHO 7HUFLDULR DOJXQDV ]RQDV GH
URFDVFDOL]DVORFDOL]DGDVHQ3LSLOWHSHTXHHQ*XDWHPDOD\HOiUHDGH6DQ0DUFRV(OUHVWR
GH OD FXHQFD HVWi FRQVWLWXLGD SRU WREDV YROFiQLFDV \ VHGLPHQWR ILQR HyOLFR GH RULJHQ
YROFiQLFRTXHSXHGHQVHUWHUFLDULRVRFXDWHUQDULRV
(O DFXtIHUR SXHGH FRQVLGHUDUVH GH OLEUH D FRQILQDGR VLHQGR OD FRQGLFLyQ GH DFXtIHUR
OLEUH OD TXH WLHQH PD\RU SUHGRPLQLR HQ OD SODQLFLH FRVWHUD \ HQ DOJXQRV YDOOHV
LQWHUPRQWDQRV([LVWHFRQH[LyQKLGUiXOLFDHQWUHUtRV\DFXtIHURV(OIOXMRDWUDYpVGHOD
IURQWHUDHVHQODGLUHFFLyQQRURHVWHVXURHVWHGHOODGRGH*XDWHPDOD\QRUHVWHVXURHVWH
GHOODGRGH(O6DOYDGRU
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
3UHVHQWDXQDSURIXQGLGDGPi[LPDGHVGHPHWURVHQDFXtIHURVGHEDMDVSURGXFFLRQHV\
KDVWDORVDPHWURVSDUDDFXtIHURVGHPD\RUSURGXFFLyQ
=RQDVGHUHFDUJD
(Q *XDWHPDOD 0RQWDxDV GH 4XHVDGD -XWLDSD -DOSDWDJXD <XSLOWHSHTXH ORV YDOOHV
DOXYLDOHV\ODVSODQLFLHVFRVWHUDVGHO2FpDQR3DFtILFR
(Q(O6DOYDGRUODFDGHQDYROFiQLFDFRQVWLWXLGDSRUODVSREODFLRQHVGH$WDFR\$SDQHFD
\FLHUWDVSDUWHVDOWDVGH&KDOFKXDSD\7DFXED
322
([SORWDFLyQ\FDXGDOHV
1R VH FXHQWD FRQ OD LQIRUPDFLyQ GH H[SORWDFLyQ GH ORV DFXtIHURV SHUR VL HV PX\
XWLOL]DGRSDUDHODEDVWHFLPLHQWRGHDJXDGHODVSREODFLRQHVGH$KXDFKDSiQ$WLTXL]D\D
&KDOFKXDSD\7DFXED\HODEDVWHFLPLHQWRSDUDODLQGXVWULDGHOD]RQDGH$KXDFKDSiQ
7XULVPRHQHOiUHDGH&KDOFKXDSD
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR&'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3UR\HFFLyQ5DO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
(O6DOYDGRU
*XDWHPDOD
KDELWDQWHV
KDELWDQWHV
KDE
$KXDFKDSDQ$WLTXL]D\D
&KDOFKXDSD7DFXED6DQ
/RUHQ]R\(O5HIXJLR
KDE
4XHVDGD-XWLDSD-DOSDWDJXD
0R\XWD&RQJXDFR
<XSLOWHSHTXH
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
8VRV
*XDWHPDODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v $JURLQGXVWULDV v 5LHJR v 8VRGRPpVWLFR v $EUHYDGHUR
v 2WURVXVRV
0LHQWUDVTXHHQ(O6DOYDGRUORVXVRVVHGLVWULEX\HQGHDFXHUGRD
v
'RPpVWLFR v
,QGXVWULDO
v
3~EOLFRXUEDQR
v
$JURLQGXVWULD
323
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/D FDOLGDG HVWi GHQWUR GH ODV QRUPDV GH DJXD SRWDEOH H LUULJDFLyQ /D FDOLGDG QR HV
DFHSWDEOH HQ ODV DJXDV GH ]RQDV WHUPDOHV \ GH ]RQDV JHRWpUPLFDV SRUTXH SXHGHQ
FRQWHQHUPLQHUDOHVSHVDGRVLJXDOPHQWHHQ]RQDVFRQLQWUXVLRQHVPDULQDV\HQ]RQDVGH
HVWHURV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(OXVRGHSHVWLFLGDVRIHUWLOL]DQWHVSDUDODSURGXFFLyQGHJUDQRVEiVLFRVHQODV]RQDVGH
UHFDUJDDVtFRPRSRUODDJURLQGXVWULDDIHFWDQWDQWRDODVDJXDVVXEWHUUiQHDVFRPRDOD
FDOLGDGGHODJXDVXSHUILFLDO
/DXWLOL]DFLyQGHDJXDVVXEWHUUiQHDVHQODVSREODFLRQHVPiVLPSRUWDQWHVGHOD]RQD\OD
LQGXVWULD XWLOL]DFLyQ QR UHJXODGD FRQ GHPDQGDV FRQVLGHUDEOHV SDUD OD SURGXFFLyQ
KtGULFD VXEWHUUiQHD GH OD ]RQD SRGUtDQ SRQHU HQ ULHVJR ODV IXWXUDV GLVSRQLELOLGDGHV
DXQTXHQRVHFXHQWDFRQHVWLPDFLRQHVGHSHUFHSFLyQGHODSREODFLyQOXJDUHxD
(QHO$FXtIHURGHO5tR3D]D~QQRH[LVWHQiUHDVFRQDJRWDPLHQWRGHDJXDVVXEWHUUiQHDV
SHUR HQ OD ]RQD FRVWHUD GHO 2FpDQR 3DFtILFR \D HPSLH]D D SUHVHQWDUVH LQWUXVLRQHV
PDULQDV HQ IRUPD ORFDOL]DGD /DV FRQWDPLQDFLRQHV QRUPDOPHQWH WLHQGHQ D DXPHQWDU
&RORU RORUHV VDERU VDOLQLGDG \ HQIHUPHGDGHV PDQWLHQHQ VXV QLYHOHV GH DFXHUGR D OD
HVWDFLRQDOLGDGFOLPiWLFD
2WUDVIXHQWHVGHDJXD
$JXDVOOXYLDVDXQTXHQRVHFXHQWDFRQLQIUDHVWUXFWXUDVDGHFXDGDVSDUDDOPDFHQDUHVWD
DJXDHQODVFDQWLGDGHVUHTXHULGDV\DTXHODVSREODFLRQHVVHDEDVWHFHQDSDUWLUGHSR]RV
SURIXQGRV\ODFDSWDFLyQGHPDQDQWLDOHVHQ]RQDVGHODUHJLyQ
(Q HO FDVR GH ORV UtRV ORV PiV FDXGDORVRV VRQ WUDQVIURQWHUL]RV DXQTXH VH SRGUtDQ
GHVDUUROODUSUR\HFWRVORFDOHVGHSHTXHxRVUtRVHQORVTXHVHSRGUtDQFRQVWUXLUSHTXHxRV
HPEDOVHV\DTXHORLPSHUPHDEOHGHORVVXHORVORSHUPLWH
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
6HKDQRWDGRXQDXPHQWRHQODLQWHQVLGDGGHOOXYLDDVtFRPRDXPHQWRHQODWHPSHUDWXUD
9HUZZZVQHWJREVYHVWXGLRV
o 9DULDFLRQHV+LGURFOLPiWLFDVRHYLGHQFLDGHFDPELRFOLPiWLFRHQ(O6DOYDGRU
o ,QIRUPHGHDQiOLVLVGHFRPSRUWDPLHQWRKtGULFRHQ(O6DOYDGRU
324
(Q*XDWHPDODHQORV~OWLPRVDxRVODVOOXYLDV VH KDQHQFRQWUDGREDVWDQWHQRUPDOHV
/DPD\RUtDGHORVSR]RVVRQH[FDYDGRVRDUWHVDQDOHV\ODUHFDUJDQRVHYLRDIHFWDGD(Q
ORV ~OWLPRV DxRV HQ HO SHUtRGR GH ORV SULPHURV VH SUHVHQWDURQ DEDWLPLHQWRV
LPSRUWDQWHV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3RU ORV FDPELRV GH XVR GH VXHOR HQ OD ]RQD GH UHFDUJD OD GLVSRQLELOLGDG KtGULFD
VXEWHUUiQHD VH YHUi UHGXFLGD \D TXH DXPHQWD OD HYDSRWUDQVSLUDFLyQ DXPHQWD OD
HVFRUUHQWtD \ VH UHGXFH OD LQILOWUDFLyQ DXQTXH HQ (O 6DOYDGRU QR KD\ HVWXGLRV
HVSHFtILFRV
3RU ODV REVHUYDFLRQHV GH ORV ~OWLPRV DxRV VLHPSUH KDEUiQ DOWLEDMRV SRVLWLYRV \
QHJDWLYRV
/DUHFDUJDHQiUHDVSHQGLHQWHV\FRQFREHUWXUDYHJHWDOVHDIHFWDSRUHOFDPELRHQHOXVR
GHOVXHOR\SRUHODYDQFHGHODVXUEDQL]DFLRQHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(VWDUHJLyQHVVHPLVHFDHQODViUHDVGHDOWXUD\K~PHGDHQODSDUWHEDMD/DVVHTXtDV
DIHFWDQ OD UHFDUJD HQ ODV ]RQDV DOWDV SHUR HQ ODV EDMDV ODV LQXQGDFLRQHV SURYRFDQ
UHFDUJDDXQTXHDXPHQWDQGRODFRQWDPLQDFLyQGHORVPLVPRV/RVWHUUHPRWRVFDPELDQ
HOUpJLPHQGHDOJXQDVFDSDVDFXtIHUDVSULQFLSDOPHQWHHQ]RQDVGHIDOODVJHROyJLFDV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
1RH[LVWHQSODQHVGHH[SORWDFLyQSHURVHHVWiWUDEDMDQGRHQHO'LDJQyVWLFR1DFLRQDOGH
$FXtIHURVTXHSHUPLWLUiODFDUDFWHUL]DFLyQGHORVUHFXUVRVKtGULFRVHQFDQWLGDG\FDOLGDG
\ VH SRGUi HODERUDU XQ SODQ GH SURWHFFLyQ \ DSURYHFKDPLHQWR LQFOX\HQGR IHQyPHQRV
H[WUHPRV
(Q*XDWHPDODVLHPSUHVHOHGDORVPLVPRVXVRVVRORTXHFRQDOJXQDVOLPLWDFLRQHVHQ
DEDVWHFLPLHQWRVPLHQWUDVVHGHVFRQWDPLQDQQDWXUDOPHQWH
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q(O6DOYDGRUODVXQLGDGHVGHSDLVDMHHVWiQFRPSXHVWDVSRUWLHUUDVSURGXFWLYDV]RQDV
FDIHWDOHUDVERVTXHVQDWXUDOHVODJXQDVFLXGDGHV&REHUWXUDRULJLQDOERVTXHVQDWXUDOHV
(Q*XDWHPDODODSDUWHDOWDHVXQD]RQDVHPLVHFDFRQiUHDVPRQWDxRVDVLPSRUWDQWHVOD
SDUWHPHGLDHVVHFDiULGD\PX\SHGUHJRVDSHURORVYDOOHVDOXYLDOHV\ODSODQLFLHFRVWHUD
VRQ PX\ SURGXFWLYRV \ ULFRV (Q ODV PRQWDxDV D~Q VH WLHQHQ iUHDV ERVFRVDV FRQ
SODQWDFLRQHV GH SLQRV \ TXHUFXV \ SUHVHQFLD GH PDQDQWLDOHV /DV SREODFLRQHV
SULQFLSDOHV VH HQFXHQWUDQ HQ ORV YDOOHV \ HQ ODGHUDV GH PRQWDxDV \ HQ OD SODQLFLH
FRVWHUD&REHUWXUDRULJLQDOERVTXHVGHVDEDQDERVTXHVGHFRQtIHUDV]RQDVVHOYiWLFDV\
SDVWRVQDWXUDOHVHQORVYDOOHV
325
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(O6DOYDGRUXVRDJUtFRODJUDQRVEiVLFRVGHDXWRFRQVXPRFDIpSDVWRUHRGHDQLPDOHV
iUHDV QDWXUDOHV SURWHJLGDV (O ,PSRVLEOH XQD SHTXHxD SDUWH SDUD XVR LQGXVWULDO TXH
FRLQFLGHFRQODViUHDVXUEDQL]DGDVGH$KXDFKDSiQ
*XDWHPDOD DFWXDOPHQWH VREUH ORV DFXtIHURV VH VLW~DQ iUHDV DJUtFRODV FRQ FXOWLYRV
DQXDOHVGHPDt]VRUJRKRUWDOL]DVGHFOLPDFiOLGRIUXWDOHVWURSLFDOHV]RQDVFRQPDQJOH
JDQDGHUDV H[WHQVLYDV \ ODV XUEDQL]DFLRQHV GH ODV SREODFLRQHV (Q ODV PRQWDxDV FRQ
JUDQGHVHVIXHU]RVVHWUDWDGHPDQWHQHUODViUHDVERVFRVDV\ORVFDIHWDOHV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(O 6DOYDGRU SURGXFFLyQ FDIHWDOHUD \ IRUHVWDO FRQ DOWR YDORU DJUHJDGR (Q (O
6DOYDGRUFRQVWLWX\HODV]RQDVGHUHFDUJDKtGULFD$JULFXOWXUDLQWHQVLYDQRWLHQH
XELFDFLyQHVSHFtILFDHQOD]RQDGHODFXtIHUR0RVDLFRGHFXOWLYRV\SDVWRV
*XDWHPDOD SODQWDFLRQHV KDWRV GH D DQLPDOHVKHFWiUHD \ FREHUWXUD GH
WLHUUDVQDWXUDOHV7RGRVXWLOL]DQGRQLYHOGHWHFQRORJtDPHGLDDEDMD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q(O6DOYDGRUODViUHDVQDWXUDOHVSURWHJLGDVHO%RVTXHHO,PSRVLEOHFRLQFLGHQFRQODV
SDUWHVDOWDVGHODFXtIHURTXHFRQVWLWX\HQODV]RQDVGHUHFDUJD
(Q*XDWHPDOD0RQWDxDVGH4XHVDGD\-XWLDSD9ROFiQ/DV)ORUHV9ROFiQGH0R\XWD
0DQDQWLDOHVHQHO9DOOHGH-DOSDWDJXD&DQDOGH&KLTXLPXOLOOD\ORVHVWHURVGH(O-LRWH
/D *DELQD /RV (VFODYRV *DULWD &KDSLQD ODV GXQDV \ SOD\DV GH ODV /LVDV \ (O
$KXPDGR/DJRGH(O&RPHQGDGRU\/DJXQDGH(O&KDSHWyQ
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(O 6DOYDGRU LQGLFD TXH HO FDXGDO EDVH GHO 5tR 3D] HV DOLPHQWDGR SRU ODV DJXDV
VXEWHUUiQHDVPLHQWUDVTXHHQ *XDWHPDODODV iUHDV PRQWDxRVDVGH DOWXUD GHSHQGHQ GH
ORV PDQDQWLDOHV 9ROFiQ GH 0R\XWD 0RQWDxDV GH 4XHVDGD PDQDQWLDOHV GHO 9DOOH GH
-DOSDWDJXD /DJXQD GH (O &RPHQGDGRU \ EXHQD SDUWH GH ORV KXPHGDOHV GHO &DQDO GH
&KLTXLPXOLOOD HO 5tR 3D] HQ OD SDUWH PHGLD GHSHQGH HQ JUDQ SDUWH GH ORV DSRUWHV GHO
DJXDVXEWHUUiQHD
7RGD OD ]RQD FRVWHUD HV LPSRUWDQWtVLPD SRU OD UXWDV GH VREUHYXHOR GH ODV DYHV
PLJUDWRULDV
326
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
6HJ~QLQGLFD*XDWHPDODHQORUHIHUHQWHDODJHVWLyQGHULHVJRH[LVWHSODQLILFDFLyQSRU
SDUWHGH6(*(3/$1SDUDODViUHDVDPHQD]DGDVSRUGHVOL]DPLHQWRVHLQXQGDFLRQHVD~Q
QRHQSUiFWLFD1LQJXQRGHHOORVPHMRUDUiODV]RQDVGHUHFDUJDGHODFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
$XQTXHQRH[LVWHXQSODQSURSLDPHQWHGLFKRVHKDQGHVDUUROODGRDFFLRQHVGHSURWHFFLyQ
GH IXHQWHV GH DJXD \ iUHDV GH UHFDUJD KtGULFD HO FXDO LQFOX\H HO DSR\R D LQLFLDWLYDV
ORFDOHVGHRUGHQDPLHQWR\JHVWLyQGHUHFXUVRVKtGULFRV\ODLQYHVWLJDFLyQVREUHUHFXUVRV
KtGULFRV DSR\DGRV FRQ IRQGRV GH OD 8QLyQ (XURSHD \ ODV PXQLFLSDOLGDGHV VHJ~Q
H[SUHVD(O6DOYDGRU
3RU VX SDUWH *XDWHPDOD REVHUYD TXH FRPR WDO QR H[LVWH XQ SODQ ODV PXQLFLSDOLGDGHV
WUDWDQGHRUGHQDUFRQXQDLQFLSLHQWHSODQLILFDFLyQSULQFLSDOPHQWHHQHOiUHDXUEDQDOD
FXDOHVUHODWLYDPHQWHSHTXHxDHQFRPSDUDFLyQFRQHOiUHDUXUDO
(Q JHQHUDO HO WHPD GH FXDQWLILFDFLyQ GHO FLFOR GHO DJXD HV PX\ HVFDVR $OJXQRV
DVSHFWRV VL VRQ PHQFLRQDGRV ÒQLFDPHQWH VH HQFXHQWUDQ GLVSRQLEOHV ORV GDWRV GH ODV
FXHQFDV KLGURJUiILFDV GHO ,16,980(+ SHUR ORV GDWRV GH DJXDV VXEWHUUiQHDV FDVL
VLHPSUHVRQPX\HVFDVRVRHVWiQEDVDGRVHQDOJ~QHVWXGLRWpFQLFRFLHQWtILFRKLVWyULFR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DOXVRGHODJXD
(O 6DOYDGRU 6H XWLOL]D HO DJXD GHO DFXtIHUR SDUD HO
DEDVWHFLPLHQWRGHODVFLXGDGHVPiVLPSRUWDQWHVGHOD]RQD\
DWUDYpVGHSR]RVH[FDYDGRV SDUDHODEDVWHFLPLHQWR DQLYHO
GRPLFLOLDU GH OD SREODFLyQ TXH QR HV FXELHUWD FRQ VLVWHPDV
GH DEDVWHFLPLHQWR GH DJXD 3RU HQGH PHMRUD OD FDOLGDG GH
YLGDGHODVSREODFLRQHV\VXPHMRUDFRQVHFXHQWHPHQWHHQOD
VDOXGDOFRQWDUFRQDJXDGHPHMRUFDOLGDGTXHODHQFRQWUDGD
DQLYHOVXSHUILFLDO
*XDWHPDOD 1R H[LVWHQ HVWDGtVWLFDV SXHV OD PD\RUtD VRQ
SHTXHxRV DJULFXOWRUHV \ ORV SURGXFWRV QRUPDOPHQWH VRQ
YHQGLGRV HQ ORV PHUFDGRV QDFLRQDOHV GH (O 6DOYDGRU \
*XDWHPDOD$FiHVPX\LPSRUWDQWHHOWXULVPRGHSOD\D\OD
QDYHJDFLyQSRUORVHVWHURV
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
(O 6DOYDGRU /D LQGXVWULD HQ $KXDFKDSiQ JHQHUD XQD
GHPDQGD GH PDQR GH REUD \ ORV SURFHVRV SURGXFWLYRV
UHTXLHUHQGHODH[SORWDFLyQGHODVDJXDVVXEWHUUiQHDV
*XDWHPDOD(QODpSRFDVHFDGHSHQGHHO(VWDSXHGH
GXUDU KDVWD PHVHV HQ HO DxR SHUR SDUD HO FRQVXPR
KXPDQR VH GHSHQGH GH ORV PDQDQWLDOHV \ GH ORV SR]RV HQ
WRGDOD&XHQFDGHO5tR3D]
327
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJUR
SpUGLGDVHFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
(O 6DOYDGRU 6RQ SREODFLRQHV UXUDOHV ODV TXH VH
DXWRDEDVWHFHQFRQSR]RVH[FDYDGRVGRQGHHODFFHVRDDJXD
HQWXEDGD VH YXHOYH PX\ FRPSOLFDGR \ GH DOWRV FRVWRV GH
PDQWHQLPLHQWR$GHPiVQRFXHQWDQFRQIXHQWHVGHHPSOHRV
HQ OD ]RQD 6XV PXQLFLSLRV HVWiQ FRQVLGHUDGRV FRPR
H[WUHPDSREUH]DDOWDEDMD\PRGHUDGD
*XDWHPDOD3REUH]DGHO
(O 6DOYDGRU7RGD OD SREODFLyQ TXH HV DXWRDEDVWHFLGD FRQ
SR]RVH[FDYDGRVWRGDODELRGLYHUVLGDGTXHGHSHQGH GHORV
PDQDQWLDOHVSDUDPDQWHQHUORVFDXGDOHVGHORVUtRVHQpSRFD
VHFD
*XDWHPDOD /D SREODFLRQHV GH HVWD FXHQFD GHSHQGHQ
WRWDOPHQWH GHO DJXD VXEWHUUiQHD SDUD VX DEDVWHFLPLHQWR H
LJXDOPHQWHFRPRDEUHYDGHURSDUDHOJDQDGR7DPELpQHQOD
SDUWHGHDSURYHFKDPLHQWRGHORVUHFXUVRVPDULQRFRVWHURV\
HQODViUHDVFRQSUR\HFWRVGHLUULJDFLyQ
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(O SUR\HFWR 35(9'$ TXH HQ IRUPD WUDQVQDFLRQDO HOHYD FDSDFLGDGHV HQ OD JHVWLyQ \
SUHYHQFLyQDULHVJRVTXHLQFOX\HQORVUHFXUVRVKtGULFRV
&RQ OD LQWHUUHODFLyQ H[LVWHQWH HQWUH ORV DFXtIHURV \ OD GHPDQGD GH ORV PLVPRV HV
LQGLVSHQVDEOHHVWDEOHFHUDFXHUGRVELODWHUDOHVSDUDXQXVRVRVWHQLEOHGHORVPLVPRV
/DV UHODFLRQHV HQWUH *XDWHPDOD \ (O 6DOYDGRU VRQ VXPDPHQWH FRUGLDOHV \ WRGDV ODV
DFWLYLGDGHVVHKDQUHDOL]DGRSRUPXWXDFRODERUDFLyQHQPDWHULDGHUHFXUVRVKtGULFRV\
OtQHDVIURQWHUL]DVGHVGH$FWXDOPHQWHORVFDXGDOHVORVXVDQHQIRUPDHTXLWDWLYDORV
SREODGRUHVGHORVGRVSDtVHV
3RU VHU XQ DFXtIHUR HQ SDUDOHOR H[LVWH FRPSHWHQFLD SHUR DFWXDOPHQWH ORV FDXGDOHV ORV
XVDQHQIRUPDHTXLWDWLYDORVSREODGRUHVGHORVGRVSDtVHV
ÒQLFDPHQWH VH FXHQWDQ FRQ DOJXQDV HVWDFLRQHV GH PRQLWRUHR KLGURPHWHRUROyJLFR
RSHUDGDV SRU ,16,980(+ *XDWHPDOD 61(7 (O 6DOYDGRU \ OD &,/$ &RPLVLyQ
,QWHUQDFLRQDOGH/tPLWHV\$JXDV
$FFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ DXQDU HVIXHU]RV SDUD GHVDUUROODU XQ SODQ GH
PDQHMRELODWHUDOFRQSDUWLFLSDFLyQGHWRGRVORVDFWRUHV
)RUWDOHFHUODVUHGHVGHPRQLWRUHRHQFDQWLGDG\FDOLGDGGHORVUHFXUVRVVXEWHUUiQHRV
(VWDEOHFHUXQVLVWHPDGHLQIRUPDFLyQTXHUHWURDOLPHQWHODLQIRUPDFLyQFRQMXQWD
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
5HFRQRFLHQGR TXH HO DJXD HV XQ UHFXUVR HVWUDWpJLFR SDUD HO GHVDUUROOR HQ OD ]RQD HVWH
GHEHVHUPDQHMDGRDGHFXDGDPHQWH
328
$8725(6<)8(17(6
(O 6DOYDGRU 3UHSDUDGR FRQ OD FRODERUDFLyQ GH ,QJ 'H\VL /ySH] H ,QJ (OL]DEHWK
*UDQDGRV61(7
*XDWHPDOD3UHSDUDGRFRQODFRODERUDFLyQGH)XOJHQFLR*DUDYLWR,16,980(+
329
330
&6,67(0$ $&8Ë)(52 75$16)5217(5,=2 (67(52 5($/5Ë2
1(*52
+21'85$61,&$5$*8$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R(VWHUR5HDO5tR1HJURHVWiXELFDGRHQODUHJLyQGH
&HQWURDPpULFDDOVXUHVWHGH+RQGXUDV \DOQRUHVWH GH1LFDUDJXD (OFOLPDHVWURSLFDO
VHFRK~PHGRFRQWHPSHUDWXUDVSURPHGLRTXHYDUtDQHQWUHƒ&Dƒ&
&DUDFWHUtVWLFDVGHODFXtIHUR
(O 6LVWHPD$FXtIHUR (VWHUR 5HDO5tR 1HJUR HV XQ DFXtIHUR OLEUH \ OD SURIXQGLGDG GHO
QLYHOGHODJXDYDULDGHDPHWURV(VWiFRQVWLWXLGRSRUURFDVYROFiQLFDVGHSyVLWRV
DOXYLDOHV \ IOXYLRFROXYLDOHV \ VX UHFDUJD HV SRU SUHFLSLWDFLyQ \ SRU DSRUWH GHO 5tR
1HJUR(OPD\RUSRWHQFLDOGHH[WUDFFLyQGHDJXDVXEWHUUiQHDVHORFDOL]DHQOD]RQDGH
URFDVVHGLPHQWDULDV(OIOXMRGHDJXDYDGHVXUHVWHDQRUHVWHVXSURGXFFLyQHVGHD
PKRUD\VXGLVSRQLELOLGDGHQ1LFDUDJXDHVGH[PGtDVLHQGRHOYROXPHQGH
H[WUDFFLyQGH[PGtD\VXHVSHVRUGHORUGHQGHORVDP
862'(/$*8$68%7(55È1($(1(/È5($'(/$&8Ë)(52
/RVXVRVSULQFLSDOHVVRQGRPpVWLFRULHJR\JDQDGHUtDLQFLSLHQWH
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(O PD\RU FRQVXPR GH DJXD HV GH RULJHQ VXEWHUUiQHR \ QR H[LVWH WUDWDPLHQWR GH
SRWDELOLGDG DGHFXDGR UD]yQ SRU OD FXDO HO DJXD YD SHUGLHQGR FDOLGDG FRQ SHOLJUR
SRWHQFLDOSDUDODVDOXGGHORVFRQVXPLGRUHV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/DDFWLYLGDGDQWURSRJpQLFDKDRULJLQDGRFRQWDPLQDFLyQSRUDJURTXtPLFRVXWLOL]DGRVHQ
ORVFXOWLYRVGHJUDQRVEiVLFRV\HOFXOWLYRGHDOJRGyQHQODGpFDGDGHODJUHJiQGRVH
ODFRQWDPLQDFLyQSURYHQLHQWHGHQLWUDWRVJHQHUDGRVSRUODJDQDGHUtDH[WHQVLYD\ODIDOWD
GHVHUYLFLRVGHVDQHDPLHQWREiVLFR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
/RVHIHFWRVGHOIHQyPHQRGH(O1LxRVRQODSULQFLSDOFDXVDGHDIHFWDFLyQ\FDPELRVHQ
ODVSUHFLSLWDFLRQHV
331
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
0iV GHO GHO iUHD GH OD FXHQFD VH HQFXHQWUD HQ HVWDGR GH VHYHUD GHJUDGDFLyQ
DPELHQWDO\VXLQIOXHQFLDGLUHFWDHVHOGHVHTXLOLEULRGHOFLFORKLGUROyJLFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
([LVWH XQD LPSRUWDQWH VXVFHSWLELOLGDG D ODV LQXQGDFLRQHV \ SRU FRQVLJXLHQWH D ODV
FRQWDPLQDFLRQHVSRULQILOWUDFLyQ
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/D FREHUWXUD DFWXDO GH OD WLHUUD HVWi FRPSXHVWD SRU ERVTXHV ODWLIROLDGRV GH FRQtIHUDV
ERVTXHV PL[WRV DJULFXOWXUD VXHORV GHVQXGRV SDVWRV \ PDWRUUDOHV FDPDURQHUDV
VDOLQHUDV\FHQWURVSREODGRV
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RV SULQFLSDOHV FXOWLYRV VRQ PDt] IULMRO VRUJR URMR EODQFR HWF DMRQMROt FDIp \
WDPELpQH[LVWHFUtDGHJDQDGR
=21$6 3527(*,'$6 '( &216(59$&,Ï1 (1 /$ =21$ '(/
$&8Ë)(5275$16)5217(5,=2
1RKD\]RQDVSURWHJLGDVHQHOiUHDGHOVLVWHPDDFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
6HQHFHVLWDUHDOL]DUHO3ODQGH2UGHQDPLHQWR7HUULWRULDOSDUDHVWDFXHQFD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
6RODPHQWHVHFXHQWDFRQXQGLDJQyVWLFRSDUDXQ3ODQGH3URWHFFLyQ\'HVDUUROORGHOD
&XHQFDGHO5tR1HJURHQWUH+RQGXUDV\1LFDUDJXD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
9HU FXDGUR VREUH DVSHFWRV HFRQyPLFRV UHODWLYRV DO XVR GHO VLVWHPD DFXtIHUR D
FRQWLQXDFLyQ
332
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRVDO
&RQVXPRKXPDQR\SURGXFFLyQ
XVRGHODJXD
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
$JULFXOWXUD\JDQDGRPD\RU
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
/D FODVLILFDFLyQ GH H[WUHPD SREUH]D GH ORV
PXQLFLSLRV TXH FRQIRUPDQ OD &XHQFD GHO 5tR
1HJURHVWiFRQVLGHUDGDFRPRDOWD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
$PERV SDtVHV HVWiQ LPSOHPHQWDQGR DFFLRQHV GH JHVWLyQ LQWHJUDGD GH ODV DJXDV
VXSHUILFLDOHV GH OD &XHQFD +LGURJUiILFD 5tR 1HJUR VH QHFHVLWD DUWLFXODU HVWDV
DFWLYLGDGHVFRQVLGHUDQGRODJHVWLyQLQWHJUDGDGHODVDJXDVVXEWHUUiQHDV
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
$PERVSDtVHVWLHQHQLQWHUpVHQHOXVRGHO6LVWHPD$FXtIHUR(VWHUR5HDO5tR1HJUR
$8725(6<)8(17(6
+RQGXUDV3UHSDUDGRFRQODFRODERUDFLyQGH/LF3HWURQD*DJR
'LUHFFLyQ*HQHUDOGH3DWULPRQLR1DWXUDO'*31
333
334
&6,67(0$$&8Ë)(5275$16)5217(5,=26,;$2/$
&267$5,&$3$1$0È
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R6L[DRODHVWiXELFDGRHQOD3URYLQFLDGH%RFDVGHO
7RURHQ3DQDPi\HQOD3URYLQFLDGH/LPyQHQ&RVWD5LFD
/DSREODFLyQHQ&RVWD5LFDHVGHKDELWDQWHVVHJ~QGDWRVGHODxRPLHQWUDV
TXH OD SREODFLyQ HQ 3DQDPi HV GH KDELWDQWHV \ HVWi GLVWULEXLGD HQ OD FXHQFD
PHGLD\EDMDGHO6L[DROD
(O iUHD HVWXGLDGD GHO DFXtIHUR FRUUHVSRQGH D NP HQ &RVWD 5LFD PLHQWUDV TXH HQ
3DQDPiODH[WHQVLyQHVGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
/D OLWRORJtD TXH SUHVHQWD HO VLVWHPD DFXtIHUR VH FRPSRQH HQ XQ GHO iUHD SRU
PDWHULDOHV IUDQFR DUFLOORVRV GH EDMD SHUPHDELOLGDG \ XQ OLPRDUHQRVRV GH DOWD
SHUPHDELOLGDG
(QOD]RQDGHGHVFDUJDORVQLYHOHVIUHiWLFRVRVFLODQHQHQWUHORV\ORVPHWURV
VREUHHOQLYHOGHOPDUGHSHQGLHQGRGHODFHUFDQtDGHORVSR]RVDO5tR6L[DROD
/DV]RQDVGHUHFDUJDWLHQHQVXXELFDFLyQFRQRFLGDHQ
)RUPDFLyQ5tR%DQDQRTXHDEDUFDXQGHOiUHDGHXELFDFLyQGHODFXtIHUR\DOOt
VHSURGXFHHOGHOWRWDOGHODUHFDUJD
'HSyVLWRVDOXYLRQDOHVGHO5tR6L[DRODDEDUFDQGRXQGHOiUHDGHXELFDFLyQGHO
DFXtIHUR\GRQGHVHSURGXFHODPD\RUSDUWHGHODUHFDUJDWRWDO
(O QLYHO GH H[SORWDFLyQ HV EDMR DOFDQ]DQGR PHQRV GHO GHO WRWDO GH OD UHFDUJD GHO
DFXtIHUR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHODSREODFLyQHQODSiJLQDVLJXLHQWH
8VRV
(QWRWDOVHH[WUDHQVRORKPDxRGHOWRWDOGHODUHFDUJDGHODFXtIHURHQ&RVWD5LFD
335
(OGHODH[WUDFFLyQHVSDUDXVRGRPpVWLFR\UHSUHVHQWDVRODPHQWHHOGHOD
UHFDUJDGHODFXtIHURPLHQWUDVTXHXQGHODH[SORWDFLyQHVSDUDXVRHQDJURLQGXVWULD
\UHSUHVHQWDHOGHODUHFDUJDGHODFXtIHUR
(Q WRWDO OD H[SORWDFLyQ LQGLFDGD GHO DFXtIHUR UHSUHVHQWD ~QLFDPHQWH HO GH OD
FDSDFLGDGGHUHFDUJDGHOVLVWHPDDFXtIHUR
&XDGUR&'DWRVGHSREODFLyQ
v
7RWDO
&RVWD5LFD
3DQDPi
KDELWDQWHV
KDELWDQWHV
v
8UEDQD\SULQFLSDOHV
FLXGDGHV
KDE
KDE
v
3UR\HFFLyQ8
KDE
KDE
v
5XUDO
KDE
KDE
v
3UR\HFFLyQ5
KDE
KDE
v
3REODFLyQLQGtJHQD
HVWLPDGD
KDE
KDE
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(QJHQHUDOODFDOLGDGGHODJXDHVEXHQD$OJXQRVVHFWRUHVGHODFXtIHURSUHVHQWDQDOWRV
FRQWHQLGRVGHKLHUURVXSHULRUHVDODQRUPD
(VWXGLRV UHFLHQWHV LQGLFDQ TXH HQ VX PD\RUtD ORV DFXHGXFWRV UXUDOHV SUHVHQWDQ
FRQWDPLQDFLyQSRUFROLIRUPHVIHFDOHV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q&RVWD5LFDGDGRTXHODH[SORWDFLyQGHODFXtIHURUHSUHVHQWD~QLFDPHQWHHOGHVX
FDSDFLGDGGHUHFDUJDQRVHGDQSUREOHPDVSRUVREUHH[SORWDFLyQ
6LQ HPEDUJR ODV DJXDV GHO VLVWHPD DFXtIHUR SUHVHQWDQ XQ FRQWHQLGR QDWXUDO GH KLHUUR
VXSHULRUDODQRUPDORTXHOLPLWDVXXWLOL]DFLyQ
$GLFLRQDOPHQWH SRU FRQGLFLRQHV GH SHUPHDELOLGDG HO DFXtIHUR HV VXVFHSWLEOH D VHU
FRQWDPLQDGRSRUOL[LYLDGRVGHWDQTXHVVpSWLFRV\OHWULQDV
(Q 3DQDPi QR VH WLHQH LQIRUPDFLyQ GH FDPELRV HQ OD QDSD GH DJXD QL HQ OD FDOLGDG
TXtPLFD GHO DJXD 6L VH FRQRFH TXH H[LVWH FRQWDPLQDFLyQ PLFURELROyJLFD GH ORV
DFXHGXFWRVUXUDOHVSHURQRWRGRVXWLOL]DQHODJXDVXEWHUUiQHDSDUDVXFRQVXPR
336
2WUDVIXHQWHVGHDJXD
/DVIXHQWHVDOWHUQDWLYDVGHDJXDVHDVRFLDQFRQIXHQWHVVXSHUILFLDOHVWDOHVFRPRHO5tR
6L[DRODWUDQVIURQWHUL]R\RWURVFRPRSRUHMHPSOR<RUNLQ\7VFXtHQ3DQDPi
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
/DYDULDFLyQQRKDVLGRVLJQLILFDWLYDHOSURPHGLRVHPDQWLHQHHQWUHPP\
PPDQXDOHV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(QHOHVFHQDULRIXWXURGHOSURFHVRGHGHVDUUROORGHORVSRWHQFLDOHVFDPELRVVHSUHYpXQ
DXPHQWRHQODWHPSHUDWXUDGHXQRVƒ&6HHVWLPDXQDGLVPLQXFLyQGHODSOXYLRVLGDG
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(V XQD ]RQD DOWDPHQWH VXVFHSWLEOH D JUDQGHV \ SHULyGLFRV SURFHVRV GH LQXQGDFLyQ ODV
FXDOHVLQXWLOL]DQORVSR]RVOLPLWDQGRHODFFHVRDOUHFXUVR
1RVHFRQWHPSODQSODQHVH[WHQVLYRVGHH[SORWDFLyQGHODFXtIHUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
'XUDQWHORVSURFHVRVGHLQXQGDFLyQGHOiUHDORVSR]RVVRQWRWDOPHQWHLQKDELOLWDGRVSRU
ORTXHQRHVSRVLEOHHODFFHVRDOUHFXUVR
(O DFXtIHUR UHSUHVHQWD OD UHVHUYD KtGULFD SDQDPHxD HQ OD ]RQD VH OH GDUi XQ XVR
GRPpVWLFRDJUtFROD\DJURSHFXDULR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q &RVWD 5LFD HO XVR GHO VXHOR HV SUHGRPLQDQWHPHQWH DJUtFROD HVSHFLDOPHQWH HQ HO
VHFWRUGHODFXHQFDTXHDEDUFDODSDUWHEDMDGHOYDOOHDOXYLDOGRQGHVHDSUHFLDQJUDQGHV
H[WHQVLRQHV GH WHUUHQR FXOWLYDGDV GH EDQDQR (VWDV WLHUUDV VRQ XWLOL]DGDV SRU YDULDV
FRUSRUDFLRQHV SDUD OD VLHPEUD \ HPSDFDGR GH EDQDQR $OJXQDV GH HOODV KDQ VLGR
DFRQGLFLRQDGDVSDUDHOSDVWRUHRGHJDQDGRGHHQJRUGHSHURHQJHQHUDOVRQH[WHQVLRQHV
SHTXHxDV
/D YHJHWDFLyQ RULJLQDO FRQVLVWtD HQ ERVTXHV GHQVRV GH FRPSRVLFLyQ IORUtVWLFD PL[WD
FRQ YDULRV HVWUDWRV DUEyUHRV 6H HVWLPD TXH HQ OD ]RQD SUHYDOHFtDQ GRV R WUHV
DVRFLDFLRQHV YHJHWDOHV GH JUDQ YROXPHQ FRQ XQD DOWD GLYHUVLGDG GH HVSHFLHV \ IDXQD
DQLPDOPX\ULFD(QODDFWXDOLGDGQRTXHGDQYHVWLJLRVGHHVWHERVTXH
337
(Q 3DQDPi ODV XQLGDGHV GHO SDLVDMH HVWiQ UHSUHVHQWDGDV SRU WLHUUDV QDWXUDOHV GH
FREHUWXUDERVFRVD]RQDVSURGXFWLYDVXUEDQDV \ UXUDOHVPLHQWUDVTXHODV]RQDVEDMDV
GHVDEDQDHVWiQFXELHUWDVSRUSDVWL]DOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q&RVWD5LFDODFREHUWXUD \XVRDFWXDOGHODWLHUUDVHGLVWULEX\HHQERVTXHSULPDULR
ERVTXHVHFXQGDULRSODQWDFLyQEDQDQHUDSDVWRV\iUHDXUEDQL]DGD
(Q3DQDPiVHHVWLPDXQGHXVRGHODVWLHUUDVHQHVSHFLDOSDUDXVRDJUtFROD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q&RVWD5LFDHOSULQFLSDOFXOWLYRHVHOEDQDQRFRQXQiUHDGHOPLHQWUDVTXHHQ
3DQDPiWDPELpQHOSULQFLSDOFXOWLYRHVHOGHEDQDQRMXQWRFRQHOSOiWDQR\FDFDR
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(QOD]RQDGHXELFDFLyQGHODFXtIHURODFXDOVHORFDOL]DHQODSDUWHLQIHULRUOD&XHQFD
GHO5tR6L[DRODQRVHXELFDQiUHDVSURWHJLGDV6LQHPEDUJROD&XHQFDGHO5tR6L[DROD
FXHQWDFRQVHLViUHDVSURWHJLGDVODVFXDOHVFXEUHQXQiUHDWRWDOGHKHFWiUHDVGH
XQWRWDOGHGHOWRWDOGHODFXHQFD
/DViUHDVVRQ
v
v
v
v
v
v
3DUTXH ,QWHUQDFLRQDO /D $PLVWDG 3,/$ FRPSDUWLGR HQWUH 3DQDPi \ &RVWD
5LFD
3DUTXH1DFLRQDO&KLUULGR&RVWD5LFD
5HVHUYD%LROyJLFD+LWR\&HUHUH&RVWD5LFD
5HIXJLRGH9LVD6LOYHVWUH*DQGRFD0DQ]DQLOOR&RVWD5LFD
+XPHGDOHVGH6DQ6DQ3RQG6DN3DQDPiFRQSODQGHPDQHMR
%RVTXH3URWHJLGR3DOR6HFR3DQDPi
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q&RVWD5LFDHOSULQFLSDOVLVWHPDQDWXUDOGHSHQGLHQWHGHOVLVWHPDDFXtIHURHVHO5tR
6L[DROD (VWH HV XQ UtR GH WLSR HIOXHQWH \ VH KD HVWLPDGR TXH PiV GHO GH OD
GHVFDUJDGHDFXtIHURVHSURGXFHKDFLDHVWHUtR
(Q3DQDPiVHPHQFLRQDHO+XPHGDO6DQ6DQ3RQG6DN5tR6L[DROD\5tR6DQ6DQ
338
(QFXDQWRDODVIXHQWHVGHDJXDTXHUHFLEHQODGHVFDUJDGHDJXDVXEWHUUiQHDVHHVWLPD
TXH WRGR HO IOXMR EDVH GHO 5tR 6L[DROD HVWi HQ IXQFLyQ GH ODV GHVFDUJDV GHO VLVWHPD
DFXtIHURGHOPLVPRQRPEUH
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q &RVWD 5LFD H[LVWH XQ SUR\HFWR GH *HVWLyQ ,QWHJUDGD GH (FRVLVWHPDV GH OD &XHQFD
%LQDFLRQDO GHO 5tR 6L[DROD (VWH SUR\HFWR FRQMXQWR HQWUH &RVWD 5LFD \ 3DQDPi WLHQH
FRPR REMHWLYR FDSDFLWDU D OD VRFLHGDG FLYLO SDUD DVHJXUDU XQ PDQHMR VRVWHQLEOH GH ORV
UHFXUVRV OR TXH LQFOX\H OD SDUWH KLGUROyJLFD WDQWR VXSHUILFLDO FRPR VXEWHUUiQHD
$GHPiVVHSURPXHYHODDGRSFLyQGHPRGHORVSURGXFWLYRVTXHVHDQFRPSDWLEOHVFRQOD
FRQVHUYDFLyQ\HOXVRVRVWHQLEOHGHORVUHFXUVRVQDWXUDOHVGHODFXHQFD)LQDOPHQWHHO
SUR\HFWR SURPXHYH HO GLUHFFLRQDU ORV SODQHV GH JHVWLyQ D OD FRQVHUYDFLyQ \ HO XVR
VRVWHQLEOHGHODELRGLYHUVLGDGHQODFXHQFD
(Q3DQDPiH[LVWHXQ3URJUDPDGH7LWXODFLyQGH7LHUUDV3521$7SDUDUHJXODUL]DUODV
SURSLHGDGHVUXUDOHV\XUEDQDVFRQODLQWHQFLyQGHUHVROYHUFRQIOLFWRV\FRQVROLGDFLyQGH
iUHDVSURWHJLGDV\WHUULWRULRVLQGtJHQDVHQORTXHUHVSHFWDDOD3URYLQFLDGH%RFDVGHO
7RURSURYLQFLDHQODTXHVHXELFDHO$FXtIHURGHO6L[DROD6HSUHWHQGHFXEULUPiVGH
KHFWiUHDV\RWRUJDUPiVGHQXHYRVWtWXORVGHSURSLHGDG
3RULQLFLDWLYDGHO%,'\FRQODFRODERUDFLyQGH3DQDPi0()$1$0\&RVWD5LFD
0,'(3/$10,1$(VHKDQUDWLILFDGR\HVWiQSRUHMHFXWDUVH
(O SUR\HFWR GH *()%,' SDUD OD *HVWLyQ ,QWHJUDGD GH (FRVLVWHPDV HQ OD &XHQFD
%LQDFLRQDO GHO 5tR 6L[DROD GHVDUUROODUi ORV VLJXLHQWHV FRPSRQHQWHV TXH LQIOXLUiQ GH
DOJXQDPDQHUDHQODFRQVHUYDFLyQ\ODUHFDUJDGHODFXtIHUR
)RUWDOHFLPLHQWR GHO PDUFR LQVWLWXFLRQDO \ GH ODV FDSDFLGDGHV WpFQLFDV \ RSHUDWLYDV
SDUDXQDJHVWLyQLQWHJUDGD
3URPRFLyQ GH SUiFWLFDV SURGXFWLYDV FRPSDWLEOHV FRQ OD FRQVHUYDFLyQ \ HO XVR
VRVWHQLEOHGHORVUHFXUVRVDJXD\VXHOR
&RQVHUYDFLyQ\XVRVRVWHQLEOHGHODELRGLYHUVLGDG
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
&RVWD5LFDtGHPDQWHULRUKWWSVL[DRODHS\SVDQHW
(QHOSUR\HFWRGH*HVWLyQ,QWHJUDGDGHOD&XHQFDGHO6L[DRODVHFRQWHPSODHODQiOLVLV
\GLDJQyVWLFRGHODFDOLGDGGHODVDJXDVVXEWHUUiQHDV \VXSHUILFLDOHVGHODFXHQFD \VH
HVWLSXOD OD UHDOL]DFLyQ GH XQD HVWUDWHJLD D ODUJR SOD]R SDUD OD UHDOL]DFLyQ GH
LQWHUYHQFLRQHVODFXDOVHJXLUtDFXDWUROtQHDVHVWUDWpJLFDV
v *HVWLyQDPELHQWDO
v 0DQHMRVRVWHQLEOHGHUHFXUVRVQDWXUDOHV\UHGXFFLyQGHODYXOQHUDELOLGDG
v )RUWDOHFLPLHQWRLQVWLWXFLRQDO
339
v
v
$FWLYLGDGHVSURGXFWLYDV\GHGLYHUVLILFDFLyQ
6HUYLFLRVEiVLFRVHLQIUDHVWUXFWXUDEiVLFD
3DQDPi (O +XPHGDO 6DQ 6DQ 3RQG 6DN TXH HVWi GHQWUR GH OD ]RQD GH LQIOXHQFLD GHO
DFXtIHUR FXHQWD FRQ SODQHV GH PDQHMR TXH LQFOX\HQ OD SURWHFFLyQ GH ORV UHFXUVRV
KtGULFRV\HOPLVPRHVWiHQVXSHQ~OWLPRDxR
(OSUR\HFWRSDUDOD*HVWLyQ,QWHJUDGDGH(FRVLVWHPDVHQOD&XHQFD%LQDFLRQDOGHO5tR
6L[DRODHVHOSUR\HFWRPiVUHOHYDQWHHQPDWHULDGHFRQVHUYDFLyQGHODFXHQFDTXHVHKD
FRQFUHWDGR \ HO PLVPR GHQWUR GH VXV REMHWLYRV FRQWHPSOD HO IRUWDOHFLPLHQWR GH ODV
FDSDFLGDGHV WpFQLFDV \ RSHUDWLYDV GH ORV DFWRUHV LQVWLWXFLRQDOHV \ VRFLDOHV HQ HO QLYHO
ORFDO QDFLRQDO \ ELQDFLRQDO UHTXHULGDV SDUD ORJUDU XQD HIHFWLYD H LQWHJUDO FRRSHUDFLyQ
ELQDFLRQDOVLJXLHQGRODYLVLyQ\ODVPHWDVFRPXQHVGHWDOODGDV
(Q HO iPELWR LQVWLWXFLRQDO VH IRUWDOHFHUi D ODV LQVWLWXFLRQHV FODYHV SDUD OD JHVWLyQ GH
FXHQFD HQWUH HVWDV 0,1$( $1$0 0$* 0,'$ 0LQLVWHULR GH 6DOXG
PXQLFLSDOLGDGHV GH 7DODPDQFD \ &KDQJXLQROD HQ iPELWRV YDULRV UHODFLRQDGRV FRQ
JHVWLyQWHUULWRULDOPDQHMRGHHVSDFLRVSURWHJLGRVFRQWUROHQXVRGHDJURTXtPLFRV3RU
VXSDUWHORVDFWRUHVVRFLDOHVVHUiQIRUWDOHFLGRVHQiPELWRVUHODFLRQDGRVFRQHOPDQHMR
GHUHFXUVRVQDWXUDOHVODJHVWLyQORFDOGHPLFURFXHQFDVFRQFLHQWL]DFLyQ\FDSLWDOL]DFLyQ
GHOFRQRFLPLHQWRUHODFLRQDGRFRQODFRQVHUYDFLyQ\XVRVRVWHQLEOHGHODELRGLYHUVLGDG
HO VXHOR \ DJXD %DMR HVWH FRPSRQHQWH WDPELpQ VH LQFOX\HQ DFFLRQHV SDUD PHMRUDU HO
ILQDQFLDPLHQWRVRVWHQLEOHSDUDHOPDQHMRGHFXHQFD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR&$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
&RVWD 5LFD /D 3ULQFLSDO DFWLYLGDG HFRQyPLFD HQ OD ]RQD GRQGH VH
XELFDHODFXtIHURHVODSURGXFFLyQEDQDQHUD
(Q iUHD SURGXFHQ PiV GH PLOORQHV GH FDMDV GH EDQDQR
DO DxR (Q VX SURFHVR GH ODYDGR \ HPSDFDGR VH XWLOL]DQ JUDQGHV
FDQWLGDGHV GH DJXD GH RULJHQ VXEWHUUiQHR 6ROR SRU OD SURGXFFLyQ
EDQDQHUDVHWLHQHQLQJUHVRVSRUPiVGH86DODxR
3DQDPi (Q OD FXHQFD PHGLD \ EDMD VH GHVDUUROODQ DFWLYLGDGHV
DJUtFRODV\JDQDGHUDV
&RVWD 5LFD 'DGR TXH OD SULQFLSDO DFWLYLGDG HFRQyPLFD \ SRU HQGH
JHQHUDGRUDGHHPSOHRGHSHQGHGHORVUHFXUVRVKLGURJHROyJLFRVWRGD
HOiUHDWLHQHXQDDOWtVLPDGHSHQGHQFLDGHODFXtIHUR
'HSHQGHQFLDGHODHFRQRPtD 6LDORDQWHULRUOHVXPDPRVTXHODSULQFLSDOIXHQWHVXSHUILFLDOGHDJXD
5tR6L[DRODGHSHQGHWDPELpQGHODFXtIHURHQSHUtRGRVGHHVWLDMHOD
ORFDODJURLQGXVWULD
GHSHQGHQFLDVHWRUQDD~QPD\RU
UHFXUVRVQDWXUDOHVGHO
3DQDPi /DV DFWLYLGDGHV DJUtFRODV \ JDQDGHUDV LQGXGDEOHPHQWH
DFFHVRDOUHFXUVRDJXD
WLHQHQ JUDQ GHSHQGHQFLD GHO UHFXUVR KtGULFR HQ OD UHJLyQ SHUR QR
SRGHPRV GHWHUPLQDU VL VX XVR GHSHQGH H[FOXVLYDPHQWH GHO DJXD
VXEWHUUiQHD
(VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
340
&RVWD5LFD6LQGDWRV
3DQDPi(OSRUFHQWDMHGHSREUH]DVHHVWLPDHQXQ
0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGR
QHJDWLYDPHQWH
&RVWD 5LFD /D FRQWDPLQDFLyQ GHO VLVWHPD DFXtIHUR LPSOLFDUtD OD
GLVPLQXFLyQGHODFDOLGDGGHOUHFXUVRKtGULFRVXSHUILFLDOORTXHDOD
YH] UHSHUFXWLUtD FRQ XQ LPSDFWR VREUH ORV HFRVLVWHPDV DVRFLDGRV D
ORV UtRV GHO iUHD (V GH HV HVSHUDUVH XQD UHSHUFXVLyQ VREUH ODV
DFWLYLGDGHV DVRFLDGDV D OD SHVFD \ D ODV DFWLYLGDGHV UHFUHDWLYDV
GHSHQGLHQWHVGHOUtR
'HSHQGLHQGRGHOJUDGRGHDIHFWDFLyQVHSRGUtDQWHQHUHIHFWRVVREUH
ORVHFRVLVWHPDVFRVWHURVFHUFDQRVDODGHVHPERFDGXUDGHOUtR
3DQDPi 'H DIHFWDUVH QHJDWLYDPHQWH HO DFXtIHUR ODV SHUGLGDV
HFRQyPLFDV VHUtDQ PX\ VLJQLILFDWLYDV HQ HO VHFWRU DJUtFROD \
JDQDGHUR\HQORVHFRVLVWHPDVGHODV]RQDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q&RVWD5LFDH[LVWHHOSUR\HFWR*HVWLyQ,QWHJUDGDGH(FRVLVWHPDV&XHQFD%LQDFLRQDO
GHO5tR6L[DRODFX\DVDJHQFLDVHMHFXWRUDVVRQHO0LQLVWHULRGH$PELHQWH\(QHUJtDGH
&RVWD5LFD0,1$(\/D$XWRULGDG1DFLRQDOGHO$PELHQWH$1$0GH3DQDPi
/RV REMHWLYRV GHO SUR\HFWR VRQ FRQWULEXLU DO XVR VRVWHQLEOH \ OD FRQVHUYDFLyQ GH OD
ELRGLYHUVLGDG \ORVUHFXUVRVGHOVXHOR \DJXDD WUDYpVGHOD FUHDFLyQGHXQDPELHQWH
IDYRUDEOH \ XQ PDQHMR LQWHJUDO H LQWHUVHJPHQWDO GH OD &XHQFD %LQDFLRQDO GHO 5tR
6L[DROD
'HQWUR GH OR REMHWLYRV HVSHFtILFRV VH FRQWHPSOD OD YDULDEOH KLGURJHROyJLFD (VWH
SUR\HFWRIXHUDWLILFDGRSRUORVJRELHUQRVGHDPERVSDtVHVHOGHPDU]RGH
5HIHUHQFLDKWWSVL[DRODHS\SVDQHW
6HJ~Q 3DQDPi HQWUH DPERV SDtVHV H[LVWH XQD FRPLVLyQ ELQDFLRQDO SDUD HO PDQHMR \
FRQVHUYDFLyQ GHO 3DUTXH ,QWHUQDFLRQDO /D $PLVWDG 3,/$ HO FXDO IRUPD SDUWH GH OD
FXHQFD\SRUORWDQWRFRQOOHYDDODSUHVHUYDFLyQGHODFXtIHUR7DPELpQKDVLGRUDWLILFDGR
HO SUR\HFWR GH *()%,' SDUD OD *HVWLyQ ,QWHJUDGD GH (FRVLVWHPDV HQ OD &XHQFD
%LQDFLRQDO GHO 5tR 6L[DROD FX\RV REMHWLYRV HVWiQ GLULJLGRV D FRQWULEXLU FRQ HO XVR
VRVWHQLEOH\ODFRQVHUYDFLyQGHODELRGLYHUVLGDG\ ORVUHFXUVRVGHOVXHOR\DJXD(VWH
SUR\HFWR VHUi HMHFXWDGR SRU OD $XWRULGDG 1DFLRQDO GHO $PELHQWH $1$0 GH OD
5HS~EOLFDGH3DQDPi\HO0LQLVWHULRGH$PELHQWH\(QHUJtDGHOD5HS~EOLFDGH&RVWD
5LFD0,1$(
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(Q&RVWD5LFDQRVHFRQRFHQFRQIOLFWRVRFRPSHWHQFLDVSRUHOXVRGHOUHFXUVR
(Q3DQDPiGHVGHHODxRVHLQLFLyHO3URJUDPD1DFLRQDOGH7LWXODFLyQ3521$7
FRQHOREMHWLYRGHUHJXODUL]DU\OHJDOL]DUODVWLHUUDVDQLYHOQDFLRQDOHQORTXHUHVSHFWDD
OD3URYLQFLDGH%RFDVGHO7RURSURYLQFLDIURQWHUL]DHQODTXHVHORFDOL]DHODFXtIHUR6H
HVWLPDOHJDOL]DUKHFWiUHDV\RWRUJDUPiVGHQXHYRVWtWXORVGHSURSLHGDG
GHWLHUUDVWDQWRUXUDOHVFRPRXUEDQDVDWUDYpVGHORVSURFHVRVGHFDWDVWUR\WLWXODFLyQ
UHVROXFLyQGHFRQIOLFWRV\FRQVROLGDFLyQGHODViUHDVSURWHJLGDV\WHUULWRULRVLQGtJHQDV
(VWD DFFLyQ FRQOOHYD D TXH ORV QXHYRV SURSLHWDULRV GH HVWRV WtWXORV VHDQ VXMHWRV D
341
FUpGLWRV HQ ODV HQWLGDGHV EDQFDULDV \ SXHGDQ GHVDUUROODU DFWLYLGDGHV DJUtFRODV \
DJURSHFXDULDV DFWLYLGDGHV TXH LQGXGDEOHPHQWH GH DOJXQD PDQHUD OH FUHDUiQ FDUJD DO
DFXtIHUR
$8725(6<)8(17(6
&RVWD5LFD3UHSDUDGRFRQODFRODERUDFLyQGH$OEHUWR5RGULJR&DOYR3RUUDV,QVWLWXWR
&RVWDUULFHQVHGH(OHFWULFLGDG±,&(
3DQDPi 3UHSDUDGR FRQ OD FRODERUDFLyQ GH (ULF 7HMHLUD $XWRULGDG 1DFLRQDO GHO
$PELHQWHGH3DQDPi
342
6LVWHPDVDFXtIHURVWUDQVIURQWHUL]RVGH$PpULFDGHO6XU
6&KRFR'DULpQ&RORPELD3DQDPi
67iFKLUD3DPSORQLWD&RORPELD9HQH]XHOD
6/D*XDMLUD&RORPELD9HQH]XHOD
6*UXSR5RUDLPD%UDVLO*X\DQD9HQH]XHOD
6%RD9LVWD6HUUDGR7XFDQR1RUWK6DYDQQD%UDVLO*X\DQD
6±=DQGHULM*X\DQD6XULQDP
6±&RHVHZLMQH*X\DQD6XULQDP
6$6DQG%6DQG*X\DQD6XULQDP
6±&RVWHLUR%UDVLO*X\DQD)UDQFHVD
67XOFiQ,SLDOHV&RORPELD(FXDGRU
6±=DUXPLOOD(FXDGRU3HU~
63X\DQJR7XPEHV&DWDPD\R&KLUD(FXDGRU3HU~
6±$PD]RQDV%ROLYLD%UDVLO&RORPELD3HU~9HQH]XHOD
6±7LWLFDFD%ROLYLD3HU~
6±3DQWDQDO%ROLYLD%UDVLO3DUDJXD\
6$JXD'XOFH%ROLYLD3DUDJXD\
6±2OODJH%ROLYLD&KLOH
6&RQFRUGLD(VFULWRV&DSOLQD&KLOH3HU~
6$TXLGDXDQD$TXLGDEiQ%UDVLO3DUDJXD\
6&DLXi%DXUX$FDUD\%UDVLO3DUDJXD\
6±*XDUDQt$UJHQWLQD%UDVLO3DUDJXD\8UXJXD\
66HUUD*HUDO$UJHQWLQD%UDVLO3DUDJXD\8UXJXD\
6/LWRUiQHR&KX\%UDVLO8UXJXD\
63HUPR&DUERQtIHUR%UDVLO8UXJXD\
6/LWRUDO&UHWiFLFR$UJHQWLQD8UXJXD\
66DOWR6DOWR&KLFR$UJHQWLQD8UXJXD\
6±3XQHxRV$UJHQWLQD%ROLYLD
6<UHQGi7RED7DULMHxR$UJHQWLQD%ROLYLD3DUDJXD\
6(O&yQGRU&DxDGyQGHO&yQGRU$UJHQWLQD&KLOH
6±$VFRWiQ%ROLYLD&KLOH
343
344
345
66,67(0$$&8Ë)(5275$16)5217(5,=2&+2&2'$5,e1
&2/20%,$3$1$0È
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R&KRFR'DULpQGHH[WHQVLyQYDULDEOHHQODIURQWHUD
FRORPER SDQDPHxD VH H[WLHQGH VREUH HO 'HSDUWDPHQWR GH &KRFR \ OD 3URYLQFLD GHO
'DULpQ XELFDGRV DO QRURHVWH \ DO VXUHVWH UHVSHFWLYDPHQWH 6H SUHVHQWD XQ UHOLHYH
DVRFLDGR D VHUUDQtDV FRQ SHQGLHQWHV DEUXSWDV HQ OD SDUWH DOWD \ PRGHUDGD D EDMD HQ OD
]RQDLQWHUPHGLDDSODQD/DSREODFLyQVHHQFXHQWUDGLVSHUVDHQSHTXHxRVDVHQWDPLHQWRV
KXPDQRV ODV FXDOHV VH DEDVWHFHQ GH ORV FXUVRV GH DJXDV GH ORV SULQFLSDOHV UtRV \
TXHEUDGDVTXHGUHQDQHOiUHDIURQWHUL]DDOLJXDOTXHORFDOPHQWHGHDJXDVVXEWHUUiQHDV
&DUDFWHUtVWLFDVGHODFXtIHUR
*HROyJLFDPHQWHHQHOiUHDIURQWHUL]DDIORUDQURFDVtJQHDVYROFiQLFDVHQVXPD\RUtDGH
FRPSRVLFLyQ LQWHUPHGLD EiVLFD \ XOWUD EiVLFD FRQVWLWXLGDV SRU DQGHVLWDV EDVDOWRV
DJORPHUDGRVSLOORZODYDVSLURGDFLWDVWREDVGDFLWDV\JDEURVTXHFRQVWLWX\HQDFXtIHURV
UHVWULQJLGRVD]RQDVGHIUDFWXUDVFRQDJXDVJHQHUDOPHQWHGHEXHQDFDOLGDG
7DPELpQRFXUUHQURFDVVHGLPHQWDULDVFHPHQWDGDVFRUUHVSRQGLHQWHVDFDOL]DVDUHQLVFDV
OXWLWDV FRQJORPHUDGRV TXH FRQIRUPDQ FDSDV DFXtIHUDV GH RULJHQ PDULQR GH QDWXUDOH]D
FOiVWLFDFRQVHFFLRQHVRFDVLRQDOHVGHRULJHQELRTXtPLFRFRQDJXDVGHFDOLGDGTXtPLFD
YDULDEOH
/DVXQLGDGHVDFXtIHUDVPHQFLRQDGDVDQWHULRUPHQWHVRQSRFRFRQRFLGDVGHVGHHOSXQWR
GHYLVWDKLGURJHROyJLFRQRVHKDHVWDEOHFLGRVXJHRPHWUtDiUHDHVSHVRUDOLJXDOTXH
VX PRGHOR GH IOXMR SDUD URFDV FRQ SRURVLGDG SULPDULD LQWHUJUDQXODU R VHFXQGDULD SRU
IUDFWXUDPLHQWRTXHSHUPLWDODLGHQWLILFDFLyQGHODViUHDVGHUHFDUJDWUiQVLWR\GHVFDUJD
VXV UHFXUVRV \ UHVHUYDV SRWHQFLDOHV \ HQ JHQHUDO VXV FDUDFWHUtVWLFDV KLGURGLQiPLFDV
WUDQVPLVLYLGDGFRHILFLHQWHGHDOPDFHQDPLHQWRFRQGXFWLYLGDGKLGUiXOLFD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
1RVHKDFDUDFWHUL]DGRODYXOQHUDELOLGDG \HOULHVJRDVRFLDGRDQWHFXDOTXLHUHYHQWRGH
FRQWDPLQDFLyQ/DGLVSRVLFLyQLQDGHFXDGDGHORVUHVLGXRVRUJiQLFRV\ORVYHUWLPLHQWRV
GH DJXDV UHVLGXDOHV GRPpVWLFDV VREUH ORV FXUVRV GH DJXD FRQVWLWX\HQ XQD IXHQWH GH
FRQWDPLQDFLyQDXQLGDGHVDFXtIHUDVORFDOHVGHH[WHQVLyQYDULDEOH\EDMDSHUPHDELOLGDG
HQURFDVVHGLPHQWDULDVDOLJXDOTXHDXQLGDGHVDFXtIHUDVDVRFLDGDVDURFDVHIXVLYDVHQ
VXJUDQPD\RUtDEiVLFDV\XOWUDEiVLFDVFX\DSHUPHDELOLGDGGHSHQGHGHODGHQVLGDGGH
IUDFWXUDPLHQWR
2WUDVIXHQWHVGHDJXD
&RUULHQWHVVXSHUILFLDOHVGHFDXGDOHVJUDQGHV
346
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O iUHD VH FDUDFWHUL]D SRU SUHVHQWDU XQ FOLPD PX\ K~PHGR FRQ XQD WHPSHUDWXUD
SURPHGLRGHž&\XQDSUHFLSLWDFLyQSURPHGLRGHORUGHQGHPP(QHO&KRFR
&RORPELDHVWHSURPHGLRDOFDQ]DORVPP
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DIURQWHUDFRORPERSDQDPHxDVHFDUDFWHUL]DSRUVHUXQDUHJLyQVHOYiWLFDGHERVTXHV
K~PHGRVRSOXYLDOHVHQVXPD\RUtDVLQLQWHUYHQFLyQDQWURSRJpQLFDGHDOWRLPSDFWR
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/DSREODFLyQVHGHGLFDSULQFLSDOPHQWHDODSHVFD\DODDJULFXOWXUDGHVXEVLVWHQFLD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
$JULFXOWXUDGHVXEVLVWHQFLDSOiWDQR\XFDHWF
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
/DFRQVHUYDFLyQ\SURWHFFLyQGHODV]RQDVGHUHFDUJDWUiQVLWR\GHVFDUJDGHODVDJXDV
VXEVXSHUILFLDOHV \ VXEWHUUiQHDV GH XQLGDGHV DFXtIHUDV DVRFLDGDV D URFDV EiVLFDV \
XOWUDEiVLFDV IUDFWXUDGDV \ D URFDV VHGLPHQWDULDV DVRFLDGRV D JUDQXORPHWUtD ILQD GH
RULJHQ PDULQR FDOFiUHR HV LQGLVSHQVDEOH SDUD OD FRQVHUYDFLyQ GH OD ELRGLYHUVLGDG GH
HVWHHFRVLVWHPDHVWUDWpJLFRSDUDORVGRVSDtVHV \ FRQWULEX\HDXQPHMRU FRQRFLPLHQWR
GHODGLQiPLFDHVSDFLDO\WHPSRUDOGHOFLFORKLGUROyJLFRVXVYDULDFLRQHVDQWHFDPELRV
FOLPiWLFRV H[WUHPRV GH OD UHJLyQ JDUDQWL]DQGR HO VHJXLPLHQWR \ PRQLWRUHR GH ORV
UHFXUVRV KtGULFRV GH OD PLVPD (O &KRFR %LRJHRJUiILFR HV FRQVLGHUDGR 5HVHUYD GH
%LRVIHUD
$8725(6<)8(17(6
&RORPELD3UHSDUDGRFRQODFRODERUDFLyQGH1HOVRQ2PDU9DUJDV0DUWtQH]
3DQDPi3UHSDUDGRFRQODFRODERUDFLyQGH(ULF7HMHLUD
347
348
66,67(0$$&8Ë)(5275$16)5217(5,=27È&+,5$3$03/21,7$
&2/20%,$9(1(=8(/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
9HQH]XHOD FXHQWD FRQ KDELWDQWHV VREUH XQ iUHD GH NP VHJ~Q GDWRV GHO
DxR(Q&RORPELDODSREODFLyQHVGHKDELWDQWHVGHDFXHUGRFRQHOFHQVR
GHO '$1( 'HSDUWDPHQWR $GPLQLVWUDWLYR 1DFLRQDO GH (VWDGtVWLFD HQ VREUH XQ
iUHDGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O HPSOD]DPLHQWR GHO YDOOH DOXYLDO HVWi FXELHUWR SRU VHGLPHQWRV GHO FXDWHUQDULR
DFXtIHURV VRPHURV FDUDFWHUtVWLFRV GH SHUPHDELOLGDG SULPDULD GH WLSR OLEUH D
VHPLFRQILQDGR \ SRU GHEDMR GH HVWD XQLGDG HVWiQ ORV DFXtIHURV GH SHUPHDELOLGDG
VHFXQGDULD HQ VHGLPHQWRV FRQVROLGDGRV GH HGDG FUHWiFLFD \ WHUFLDULD TXH KDQ VXIULGR
PRYLPLHQWRV WHFWyQLFRV SUHGRPLQDQWHPHQWH YHUWLFDOHV FDUDFWHUtVWLFRV GH DFXtIHURV
IUDFWXUDGRV\JHQHUDOPHQWHGHWLSRVHPLFRQILQDGRDFRQILQDGR
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
([LVWHQGRVDFXtIHURVXQRVXSHULRUFRUUHVSRQGLHQWHDORVVHGLPHQWRVDOXYLDOHVUHFLHQWHV
SRFRFRQVROLGDGRVFRQHVSHVRUTXHYDUtDHQWUHDP\HORWURTXHFRUUHVSRQGHDO
DFXtIHUR LQIHULRU VLWXDGR SRU GHEDMR GHO DOXYLyQ \ HVWi FRQVWLWXLGR SULQFLSDOPHQWH SRU
DUHQLVFDV (Q &RORPELD HO DSURYHFKDPLHQWR VH UHDOL]D SULQFLSDOPHQWH SRU PHGLR GH
DOMLEHVFRQSURIXQGLGDGKDVWDGHPHWURV&HUFDGHSR]RVGHDEDVWHFLPLHQWRWLHQHQ
SURIXQGLGDGHVHQWUH\PHWURV
=RQDVGHUHFDUJD
(Q9HQH]XHODORVIOXMRVSURYLHQHQGHOHVWHHQODV]RQDVPRQWDxRVDV\HQHOWUD\HFWRGHO
SLHGHPRQWH FRQMXQWDPHQWH FRQ ODV TXHEUDGDV DO HVWDU HQ FRQWDFWR FRQ HO DOXYLyQ VH
LQILOWUDQ\UHSUHVHQWDQORVPD\RUHVDSRUWHV2WUDYtDHVSRUODLQILOWUDFLyQGLUHFWDGHODV
DJXDVGHOOXYLDV\SRUDSRUWHVGHO5tR7iFKLUD(Q&RORPELDODUHFDUJDVHGDGHVGHODV
HVWULEDFLRQHVGHODFRUGLOOHUDRULHQWDO\DGLFLRQDOPHQWHKD\UHFDUJDGLUHFWDHQORVYDOOHV
DOXYLDOHVGHORVUtRV3DPSOLQLWD=XOLD6DUGLQDWD\&DWDWXPER
([SORWDFLyQ\FDXGDOHV
$FWXDOPHQWHODH[SORWDFLyQHQWpUPLQRVJHQHUDOHVVHFRQVLGHUDHQDSURYHFKDPLHQWRV
PHGLRV HVWLPiQGRVH DOUHGHGRU GH PPDxR (Q &RORPELD ORV FDXGDOHV GH
H[SORWDFLyQ VH HQFXHQWUDQ HQWUH \ OLWURV SRU VHJXQGR FRQ XQ DSURYHFKDPLHQWR
SURPHGLRGHPPDxR
349
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
v
3UR\HFFLyQ8DO
v
5XUDO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
&RORPELD
9HQH]XHOD
KDELWDQWHV
KDELWDQWHV
KDE
KDE
6DQ$QWRQLRGHO7iFKLUD\
8UHxD
6LQHVWLPDU
KDE
KDE
KDE
KDE
KDE
KDE
!KDE!
!KDE!
8VRV
$PERV SDtVHV SUHVHQWDQ XQD GLVWULEXFLyQ HQ SRUFHQWDMH SDUD VXV GLVWLQWRV XVRV GH
DFXHUGRDOVLJXLHQWHGHWDOOH
&XDGUR68VRVGHODJXD
8VR
5LHJR
'RPpVWLFR
,QGXVWULDO
3~EOLFRXUEDQR
&RORPELD
9HQH]XHOD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q9HQH]XHODODFDOLGDGHVEXHQDDPHGLDGHVGHHOSXQWRGHYLVWDGHVXPLQHUDOL]DFLyQ
SHUR HQ DFXtIHURV SURIXQGRV WLHQGH D FRQWHQHU PiV VDOHV \ KD\ ]RQDV SURSHQVDV D OD
FRQWDPLQDFLyQSRUODLQWHUYHQFLyQXUEDQD
<DKD\]RQDVORFDOL]DGDVTXHVREUHSDVDQYDORUHVGH—VFPGHFRQGXFWLYLGDG(Q
&RORPELD ODV DJXDV VRQ ELFDUERQDWDGDV FiOFLFDV GXUDV FRQ DOWD YXOQHUDELOLGDG D OD
FRQWDPLQDFLyQ
350
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$SURYHFKDPLHQWRVLQWHQVLYRVKDQDEDWLGRVORVQLYHOHVGHDJXDHQOD]RQDQRURHVWHGHO
DFXtIHUR HQ HO VHFWRU YHQH]RODQR 6H H[SHULPHQWDQ DXPHQWRV GH VDOLQL]DFLyQ D PHGLGD
TXHVHSURIXQGL]DHQORVDFXtIHURVHQHOVHFWRUPHQFLRQDGR
(QHOVHFWRUVXU6DQ$QWRQLRVHKDQH[SHULPHQWDGRGHVFHQVRVSURPHGLRVGHPHQ
HOSHUtRGRHVWLPDQGRXQGHVFHQVRDQXDOGHPDxR
(Q HO VHFWRU QRUWH 8UHxD VH KDQ UHJLVWUDGR GHVGH HO DxR GHVFHQVRV GH
QLYHOHVGHP\VHHVWLPDVXGHVFHQVRDQXDOGHP
(Q&RORPELDORVGHVFHQVRVGHQLYHOHVVRQPX\EDMRV
2WUDVIXHQWHVGHDJXD
8QD IXHQWH DOWHUQD HV HO 5tR 7iFKLUD VLQ HPEDUJR SRU VHU GLYLVRULD GH OtPLWH
LQWHUQDFLRQDO JHQHUD WHQVLRQHV SDUD VX DSURYHFKDPLHQWR HQWUH ORV SDtVHV DGHPiV HVWi
HQ FRQVWDQWH GHWHULRUR SRUTXH HQ EXHQD SDUWH GH VX WUD\HFWR HVWiQ FRQFHQWUDGRV ORV
DVHQWDPLHQWRV KXPDQRV \ HVWi H[SXHVWR D OD DPHQD]D GH FRQWDPLQDFLyQ SRU OD
LQFRQWURODGD GHVFDUJD GH UHVLGXRV GH RULJHQ XUEDQR LQGXVWULDO DJUtFROD \ GHVHFKRV
VyOLGRVHQVXVPiUJHQHV7DPELpQKD\UHGXFFLyQHQVXVFDXGDOHVSULQFLSDOPHQWHSRUOD
LQWHUYHQFLyQ LQGLVFULPLQDGD HQ ODV iUHDV GH FDSWDFLyQ \ DO JUDQ Q~PHUR GH WRPDV
FODQGHVWLQDV
(Q&RORPELDVRQIXHQWHVDOWHUQDVORVUtRV3DPSOLQLWD=XOLD6DUGLQDWD\&DWDWXPER
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(QODV~OWLPDVGpFDGDVVHKDQLQFUHPHQWDGRODVSUHFLSLWDFLRQHVHQDOUHGHGRUGH\
GHDFXHUGRDORVUHJLVWURVGHODVHVWDFLRQHVGHOD]RQDODWHQGHQFLDHVDXPHQWRFRQWLQXR
HQODVSUHFLSLWDFLRQHV
(OFRPSRUWDPLHQWRGHODSUHFLSLWDFLyQHQOD]RQDKDUHSUHVHQWDGRDSRUWHVVLJQLILFDWLYRV
DODUHFDUJDHQORVDFXtIHURV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/D HPSUHVD KLGUROyJLFD GH OD UHJLyQ SRVHH FDPSRV GH SR]RV SDUD DEDVWHFLPLHQWR D
GHWHUPLQDGDV SREODFLRQHV \ WDPELpQ ODV DOFDOGtDV \ OD DFWLYLGDG SULYDGD WLHQHQ
GHVDUUROORVSDUDDEDVWHFLPLHQWRSREODFLRQDO\VLVWHPDVGHULHJR
(Q&RORPELDVHGHVFRQRFHHOLPSDFWRHQORVDFXtIHURVSRUIHQyPHQRVH[WUHPRV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q9HQH]XHODORVXVRVVRQDJUtFRODDEDVWHFLPLHQWRSREODFLRQDO\DJXDVHQYDVDGDV
351
(Q &RORPELD QR VH UHSRUWD OD YDULDFLyQ GH FRQVXPR GH DJXDV VXEWHUUiQHDV HQ
IHQyPHQRVH[WUHPRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV XQLGDGHV GH SDLVDMH FDUDFWHUtVWLFDV VRQ ODV ]RQDV PRQWDxRVDV SLHGHPRQWH \ OD
SODQLFLH DOXYLDO +D\ GLIHUHQWHV XVRV SURGXFWLYDV QDWXUDOHV XUEDQDV LQWHUYHQLGDV H
LQYDGLGDV 'H ORV NP GH VXSHUILFLH FRUUHVSRQGLHQWH DO DFXtIHUR ODV PD\RUHV
H[WHQVLRQHV VRQ GH XVR DJUtFROD \ XUEDQR HQ PHQRU SURSRUFLyQ ORV XVRV LQGXVWULDO \
FRPHUFLDOTXHGDQGRHOUHVWRFREHUWXUDQDWXUDORULJLQDO
(Q&RORPELDHVWD]RQDHVXUEDQD\HQPHQRUSURSRUFLyQHQODV]RQDVUXUDOHVHOXVRGH
ODWLHUUDHVSDUDDSURYHFKDPLHQWRDJUtFROD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(OXVRDFWXDOGHODWLHUUDVHGLVWULEX\HGHODVLJXLHQWHIRUPD
&XDGUR68VRVGHODWLHUUD
8VR
$JUtFROD
8UEDQR
,QGXVWULDO
)RUHVWDO
&REHUWXUDQDWXUDO
&RORPELD
9HQH]XHOD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q9HQH]XHODXQFRUUHVSRQGH DOFXOWLYRGHFDxDGHD]~FDUDOUHGHGRUGHXQD
JDQDGHUtDVHPLLQWHQVLYDSDVWRVHLQGXVWULDVXQDFREHUWXUDGHWLHUUDVQDWXUDOHV\HO
UHVWRHQRWURVUHQJORQHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q 9HQH]XHOD HVWi OD =RQD 3URWHFWRUD GHO 5tR 7iFKLUD ]RQD PRQWDxRVD HQWUH ODV
FLXGDGHV6DQ$QWRQLR\8UHxD\HO3DUTXH1DFLRQDO(O7DPi
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(O5tR7iFKLUDHQGHWHUPLQDGRVWUDPRVGHVXUHFRUULGRUHFLEHDJXDGHORVDFXtIHURVHQ
pSRFDGHVHTXtD
352
(Q &RORPELD ORV UtRV 3DPSOLQLWD =XOLD 6DUGLQDWD \ &DWDWXPER WLHQHQ DOLPHQWDFLyQ
VXEWHUUiQHDHQpSRFDVVHFDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
6tH[LVWHSODQGHRUGHQDPLHQWRSHURODVDJXDVVXEWHUUiQHDVKDQVLGRSRFRHVWXGLDGDV\
RIUHFHQ EXHQ SRWHQFLDO SDUD HO GHVDUUROOR GHO FXOWLYR PiV UHVDOWDQWH GH OD SODQLFLH
DOXYLDOODFDxDGHD]~FDU3HUWHQHFHDOD&XHQFDGHO&DWDWXPERTXHVHPDQHMDDWUDYpV
GHXQDFRPLVLyQELQDFLRQDO(Q&RORPELDVHHVWiIRUPXODQGRHO3ODQGH0DQHMRGHOD
&XHQFD +LGURJUiILFD GHO 5tR 3DPSOLQLWD \ VH FXHQWD FRQ SODQHV GH RUGHQDPLHQWR
WHUULWRULDOHQORVPXQLFLSLRVGH&~FXWD9LOODGH5RVDULR\/RV3DWLRV
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
([LVWHXQDSROtWLFDGHHVWtPXOR\GHVDUUROORHQHOiUHDGDGDVODVFRQGLFLRQHVWXUtVWLFDV
\ GH LQWHUFDPELR FRPHUFLDO HQWUH SDtVHV 6LQ HPEDUJR KD\ GHILFLHQFLDV HQ OD
GLVSRQLELOLGDG GH ORV UHFXUVRV KtGULFRV \ OD FRQGLFLyQ GH ]RQD VHPLiULGD UHFDH HQ ODV
DJXDVVXEWHUUiQHDVFRPRXQDYDULDEOHHVWUDWpJLFDHQHOGHVDUUROORGHODVDFWLYLGDGHVGH
OD]RQDHVSHFtILFDPHQWHHQODDJULFXOWXUDHQHOUXEURFDxDGHD]~FDU
1RREVWDQWHODODUJD\DFWLYDIUDQMDGHODFXtIHURWUDQVIURQWHUL]RQRVHKDGHVDUUROODGR
HQODSURSRUFLyQGHOGLQDPLVPRGHOD]RQD
([LVWHQSURSXHVWDV\UHFRPHQGDFLRQHVWpFQLFDVGHHVWXGLRVKLGURJHROyJLFRVUHDOL]DGRV
HQOD]RQD
(Q&RORPELDHODFXtIHURQRFXHQWDFRQ3ODQGH0DQHMRGH$JXDV6XEWHUUiQHDV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
&RORPELD $ SDUWLU GHO DJXD GHO DFXtIHUR VH DEDVWHFH XQD
SREODFLyQFHUFDQDDKDELWDQWHVSDUDFRQVXPRGRPpVWLFR
9HQH]XHOD 3DUD HO DxR VH SURFHVDURQ WRQHODGDV GH
FDxD HQ HO FHQWUDO 6H FXOWLYDQ KHFWiUHUDV \ VH HVSHUD KHFWiUHDVFRPRDXPHQWR
&RORPELD &HUFD GHO GHO DJXD VXEWHUUiQHD VH XWLOL]D SDUD HO
VHFWRUDJUtFRODHLQGXVWULDO
9HQH]XHOD 0iV GHO WDQWR DJUtFROD FRPR LQGXVWULDO \ GH
VHUYLFLRV
353
(VWLPDFLyQSRUFHQWXDOGHOQLYHO
GHSREUH]DGHODVSREODFLRQHV
TXHXWLOL]DQORVUHFXUVRV
KtGULFRVGHORVDFXtIHURV
&RORPELD/DSREODFLyQTXHXWLOL]DHODFXtIHURWLHQHXQtQGLFHGH
QHFHVLGDGHVEDMDVLQVDWLVIHFKDVGHO
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVL
HOVLVWHPDDFXtIHURVXEWHUUiQHR
VHYLHUDDIHFWDGRQHJDWLYDPHQWH
&RORPELD6HDIHFWDUtDHOVHFWRUGHDEDVWHFLPLHQWRGHDJXDSRWDEOH
SULQFLSDOPHQWH\ODSREODFLyQWHQGUtDTXHDGTXLULUHODJXDGHFDUUR
WDQTXHVFRQXQFRVWRPX\VXSHULRU
9HQH]XHOD(ODFXtIHURDSRUWDDJXDDXQDVKHFWiUHDVGHFDxD
RWURVUXEURVGHPDQHUDGLUHFWDVLQFRQWDUFRQODVIiEULFDVGHURSDV
DOIDUHUtDV\FRPHUFLDOL]DFLyQGHDJXDVHQYDVDGDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
,QWHQWRVGHFRRSHUDFLyQHQWUHSDtVHVDWUDYpVGHHQWLGDGHVUHJLRQDOHV6HKDQUHDOL]DGR
UHXQLRQHVWpFQLFDVUHJLRQDOHVHLQVWLWXFLRQDOHV\HVWXGLRVSUHOLPLQDUHVGHODFXtIHUR
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(OFUHFLPLHQWR\GLQDPLVPRGHODUHJLyQKDRULJLQDGRXVRVLQWHQVLYRVGHODFXtIHUR
$8725(6<)8(17(6
&RORPELD3UHSDUDGRFRQODFRODERUDFLyQGH1HOVRQ2PDU9DUJDV0DUWLQH]
9HQH]XHOD3UHSDUDGRFRQODFRODERUDFLyQGH)HUQDQGR'HFDUOL5
354
355
66,67(0$$&8Ë)(5275$16)5217(5,=2*8$-,5$
&2/20%,$9(1(=8(/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
9HQH]XHODFXHQWDFRQKDELWDQWHVVHJ~QGDWRVGHODxRORVTXHVHXELFDQ
VREUHXQiUHDGHNP(QODSDUWHFRORPELDQDHQ0DLFDRKD\KDELWDQWHV\
HOiUHDFRUUHVSRQGLHQWHHVGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
'H DFXHUGR D SURVSHFFLRQHV JHRItVLFDV ODV FDUDFWHUtVWLFDV OLWROyJLFDV GH ORV DFXtIHURV
SXHGHQGLIHUHQFLDUVHHQWUHV]RQDV
=RQDV VRPHUDV GH D P FRQ VHGLPHQWRV QR FRQVROLGDGRV FRQ SRVLELOLGDGHV
DFXtIHUDVSREUHVDQXOD
=RQDV LQWHUPHGLDV FRQ SURIXQGLGDGHV HQWUH \ P SRVLELOLGDGHV DFXtIHUDV
DVRFLDGDVDODVJULHWDV\FDYLGDGHVHQDUHQLVFDV\FDOL]DVWHUFLDULDV\FUHWiFLFDV
=RQDV SURIXQGDV TXH LQIUD\DFHQ ODV DQWHULRUHV \ SUHVHQWDQ ODV PHMRUHV FRQGLFLRQHV
DFXtIHUDV
/RVSR]RVDOMLEHV\MDJH\HVSHTXHxDVODJXQDVDUWLILFLDOHVFRQVWUXLGRVHQHODFXtIHUR
DOXYLDOWLHQHQHQVXPD\RUtDPROLQRVLQVWDODGRV\ODSURGXFFLyQHVFDVDPHQWHHVWiHQHO
UDQJR GH OV /DV SURIXQGLGDGHV VRQ LQIHULRUHV D P \ DOUHGHGRU GHO SXHGH
FDWDORJDUVHHQFXDQWRDFDOLGDGFRPRDJXDVDODGD3DUDODSHUIRUDFLyQGHQXHYRVSR]RV
FRQ PHMRUHV UHQGLPLHQWRV \ PHMRU FDOLGDG VH HVWLPD TXH ODV SURIXQGLGDGHV GHEHQ VHU
PD\RUHVDPHQOD*XDMLUD1RUWHDILQGHDWUDYHVDUODIRUPDFLyQ&DVWLOOHWHVODFXDO
VHDWULEX\HDORVDFXtIHURVFRQDJXDVDODGD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q9HQH]XHODKD\XQDWHQGHQFLDDODGLVPLQXFLyQGHORVQLYHOHVGHDJXDHQHODFXtIHUR
VXSHUILFLDO(ODFXtIHURSURIXQGRD~QQRKDVLGRDSURYHFKDGRSRUHVFDVDLQIRUPDFLyQ
(Q &RORPELD VH H[SORWDQ ORV VHGLPHQWRV UHFLHQWHV IOXYLDOHV HyOLFRV \ GH SOD\D TXH
FRQIRUPDQDFXtIHURVOLEUHVDVHPLFRQILQDGRV \URFDVVHGLPHQWDULDVGHWUtWLFDVWHUFLDULDV
TXH FRQIRUPDQ DFXtIHURV OLEUHV D FRQILQDGRV HQ ODV IRUPDFLRQHV 8LWSD \ 0RQJXt FRQ
FHUFD GH SR]RV DFFLRQDGRV HQ VX PD\RUtD SRU PROLQRV GH YLHQWR /RV SR]RV QR
VXSHUDQORVPHWURV
=RQDVGHUHFDUJD
)XQGDPHQWDOPHQWH ORV DSRUWHV LPSRUWDQWHV SURYLHQHQ GHO ODGR RHVWH &RORPELD \ OD
LQWHUYHQFLyQ HQ OD SDUWH DOWD GH OD FXHQFD FRQ HO GHVYtR \ FDSWDFLRQHV GH ORV UtRV KD
LQFLGLGRHQODPHUPDGHODUHFDUJDHQORVDFXtIHURVVXSHUILFLDOHV/DUHFDUJDVHUHDOL]D
356
HQOD)DOODGH2FDSRULQILOWUDFLyQVXEWHUUiQHD\GLUHFWDSRUSUHFLSLWDFLyQHQHOiUHDGH
0DLFDR
([SORWDFLyQ\FDXGDOHV
(Q9HQH]XHODH[LVWHQDSURYHFKDPLHQWRVLQWHQVLYRVHQORVDFXtIHURVVXSHUILFLDOHVDWUDYpV
GHSR]RVH[FDYDGRVDOMLEHV\MDJH\HVODJXQDVGHDOPDFHQDPLHQWRGHOOXYLD/RTXH
VHH[WUDHIXQGDPHQWDOPHQWHHVSDUDDEDVWHFLPLHQWRGHODSREODFLyQLQGtJHQD \SDUDORV
DQLPDOHVGHFUtD(QJHQHUDOVRQUHQGLPLHQWRVEDMRV
(Q&RORPELDKD\FHUFDGHSR]RVFRQFDXGDOHVGHVGHKDVWDOLWURVSRUVHJXQGR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
5XUDO
v
3REODFLyQLQGtJHQD
HVWLPDGD
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
&RORPELD
9HQH]XHOD
KDELWDQWHV
KDELWDQWHV
KDE
KDE
3DUDJXDLSRD6LQDPDLFD
KDE
KDE
KDE
KDE
KDE
KDE
KDE
8VRV
9HQH]XHODSUHVHQWDXQDGLVWULEXFLyQHQSRUFHQWDMHSDUDVXVGLVWLQWRVXVRVGHDFXHUGRDO
VLJXLHQWHGHWDOOH
v $EDVWHFLPLHQWRFRPXQLGDGLQGtJHQD
v $QLPDOHVGHFUtD
&RORPELD SUHVHQWD XQD GLVWULEXFLyQ GH DFXHUGR D VXV XVRV TXH VH PXHVWUD D
FRQWLQXDFLyQ
v $EDVWHFLPLHQWRGRPpVWLFRGHUDQFKHUtDV
FODQHVGHLQGtJHQDV\Q~FOHRVXUEDQRV
v $EDVWHFLPLHQWRXUEDQR v &UtDGHDQLPDOHV
357
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q9HQH]XHODHQVHTXtDVH[LVWHQDSURYHFKDPLHQWRVLQWHQVLYRV\ORVDFXtIHURVVRPHURV
HLQWHUPHGLRVHQVXFRQGLFLyQGHFHUFDQtDDODFRVWDHVWiQH[SXHVWRVDODVDOLQL]DFLyQ\
VXVDJXDVWLHQGHQDVHUVDOREUHV
(Q &RORPELD VH KDQ LGHQWLILFDGR FRQ JHRHOpFWULFD OHQWHV GH DJXD GXOFH SHUR HQ VX
PD\RUtD VRQ SRFR GXOFHV FORUXUDGR VyGLFR ELFDUERQDWDGR VyGLFR ELFDUERQDWDGR
FORUXUDGRVyGLFR\FORUXUDGRFiOFLFR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6HH[SHULPHQWDDXPHQWRVGHVDOLQL]DFLyQHQDFXtIHURVVRPHURVDPHGLGDTXHVHDFHUFDQ
DODOtQHDGHFRVWD\GLVPLQXFLyQGHORVQLYHOHVGHDJXDHQHODFXtIHURVXSHUILFLDO
2WUDVIXHQWHVGHDJXD
+D\ UHVHUYRULRV VXSHUILFLDOHV SHUR PX\ GLVWDQWHV DO iUHD FRQVLGHUDGD +D\ IXHQWHV
VXSHUILFLDOHVQDFLRQDOHV\WUDQVIURQWHUL]DVORVDFXtIHURVVRQWUDQVIURQWHUL]RV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(QODV~OWLPDVGpFDGDVVHKDQLQFUHPHQWDGRODVSUHFLSLWDFLRQHVDOUHGHGRUGH\GH
DFXHUGR D ORV UHJLVWURV GH ODV HVWDFLRQHV GH OD ]RQD HO FOLPD HV GH WLSR iULGR FRQ
SUHFLSLWDFLRQHVPPDxR\GHYHJHWDFLyQ[HUyILOD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(Q9HQH]XHODHQVHTXtDVH[LVWHQDSURYHFKDPLHQWRVLUUDFLRQDOHVGHODFXtIHURVXSHUILFLDO
DWUDYpVGHSR]RVH[FDYDGRVDOMLEHV\MDJH\HVODJXQDVGHDOPDFHQDPLHQWRGHOOXYLD
$~QQRVHKDQHVWDEOHFLGRSODQHVGHDSURYHFKDPLHQWRV
(Q &RORPELD HVWH DFXtIHUR FXHQWD FRQ XQ 3ODQ GH 0DQHMR GH $JXDV 6XEWHUUiQHDV
HODERUDGRSRUODDXWRULGDGDPELHQWDOUHJLRQDO&RUSRJXDMLUD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q9HQH]XHODVHXWLOL]DSDUDDEDVWHFLPLHQWRGHVXEVLVWHQFLDGHODFRPXQLGDGLQGtJHQD\
DQLPDOHVGHFUtD
358
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
3RUODFRQGLFLyQGHDULGH]SUHVHQWDQ]RQDVGHFDUiFWHUGHVpUWLFR)XQGDPHQWDOPHQWH
HO SDLVDMH HVWi FRQIRUPDGR SRU WLHUUDV QDWXUDOHV FRH[LVWLHQGR FRQ FXOWLYRV DLVODGRV GH
VXEVLVWHQFLD\DQLPDOHVGHFUtD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(QHOiUHDGHOVLVWHPDDFXtIHURHOXVR\ODFREHUWXUDDFWXDOGHODWLHUUDHVWiUHSUHVHQWDGR
SRU GH FUtD GH DQLPDOHV SDUD VXEVLVWHQFLD \ WLHUUDV QDWXUDOHV GH DPELHQWH
iULGRUHVSHFWLYDPHQWH
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
&XOWLYRVGHVXEVLVWHQFLD\XFDPDt]
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
([LVWHQSURJUDPDVGHGHVDUUROORGHHQHUJtDVDOWHUQDVSRUIXHQWHVHyOLFDVTXHLQFRUSRUDQ
HOPDQHMRGHVXHORV\ODSURWHFFLyQDPELHQWDO
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
=RQDVGHDSURYHFKDPLHQWRGHDJXDVSRUDQLPDOHV\SODQWDVVLOYHVWUHV(QOD3HQtQVXOD
GH OD *XDMLUD YHQH]RODQD OD UHG KtGULFD VXSHUILFLDO HV PX\ SREUH (Q &RORPELD VH
UHFRQRFHQORVUtRV5DQFKHUtD\&DUUDLSLD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q 9HQH]XHOD H[LVWH HO 3ODQ GH 2UGHQDPLHQWR GHO 7HUULWRULR (VWDGR =XOLD \ HQWUH ODV
DFFLRQHV GH DSURYHFKDPLHQWR GH ORV UHFXUVRV KLGUiXOLFRV HVWi FRPR SULRULWDULR HO
GHVDUUROOR LQWHJUDO GH OD *XDMLUD ,JXDOPHQWH HQ &RORPELD HO 3ODQ GH 2UGHQDPLHQWR
5HJLRQDOGH0DLFDRFRQWHPSODODJHVWLyQLQWHJUDGDGHODJXD
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q 9HQH]XHOD H[LVWHQ HVWXGLRV EiVLFRV GH ORV DFXtIHURV \ SURJUDPDV GH DFFLyQ
VXEUHJLRQDO(Q&RORPELDKD\SODQGHPDQHMRGHDJXDVVXEWHUUiQHDVHQHO0XQLFLSLR
GH0DLFDR
359
6HKDQUHDOL]DGRHVWXGLRVGHORVDFXtIHURVHQDFXHUGRVGHFRPLVLRQHVWpFQLFDVFRORPER
YHQH]RODQRV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
&RORPELD $EDVWHFLPLHQWR GRPpVWLFR GH UDQFKHUtDV FODQHV
GHLQGtJHQDV\Q~FOHRVXUEDQRV
9HQH]XHOD (O EHQHILFLR HV GH VXEVLVWHQFLD \ SDUD FUtD GH
DQLPDOHV
'HSHQGHQFLDGHODHFRQRPtD &RORPELD /D PLQHUtD GH FDUEyQ GH &DUUHMyQ DSURYHFKD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR DJXDVVXEWHUUiQHDV
9HQH]XHOD$OWDGHSHQGHQFLDSRUORHVFDVRGHOUHFXUVR
DOUHFXUVRDJXD
(VWLPDFLyQSRUFHQWXDOGHO
&RORPELD&HUFDGHOGHODSREODFLyQWLHQHQHFHVLGDGHV
QLYHOGHSREUH]DGHODV
EiVLFDVLQVDWLVIHFKDV
SREODFLRQHVTXHXWLOL]DQORV
9HQH]XHOD(OSRUFHQWDMHGHQLYHOGHSREUH]DHVDOWR
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV &RORPELD $EDVWHFLPLHQWR GRPpVWLFR GH UDQFKHUtDV FODQHV
GHLQGtJHQDV\Q~FOHRVXUEDQRV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR 9HQH]XHOD&XOWLYRVGHVXEVLVWHQFLD\DQLPDOHVGHFUtD
QHJDWLYDPHQWH
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
+DQ H[LVWLGR UHXQLRQHV LQWHUQDFLRQDOHV SDUD HO HVWXGLR LQWHJUDGR \ HQ OD E~VTXHGD GH
WUDWDGRVKDVWDDKRUDLQIUXFWXRVRV6HKDQUHDOL]DGRUHXQLRQHVLQWHUQDFLRQDOHVSDUDWUDWDU
GH GDU PDQHMR LQWHJUDO ORV UHFXUVRV KtGULFRV GH DPERV SDtVHV 6H KDQ UHDOL]DGR
UHXQLRQHVWpFQLFDVUHJLRQDOHVHLQVWLWXFLRQDOHV\HVWXGLRVSUHOLPLQDUHVGHODFXtIHUR
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
+D\ FRQVWDQWHV UHTXHULPLHQWRV GH DJXD GH OD SREODFLyQ LQGtJHQD GHO iUHD \ KD\
FRPSHWHQFLD KLVWyULFD SRU HO DSURYHFKDPLHQWR GHO UHFXUVR +DQ KDELGR LQWHQWRV GH
DGRSWDU PHGLGDV SDUD OD SURWHFFLyQ GH OD UHFDUJD GH ORV DFXtIHURV &RORPELD KDVWD
DKRUDVLQDFXHUGRV
$8725(6<)8(17(6
&RORPELD3UHSDUDGRFRQODFRODERUDFLyQGH1HOVRQ2PDU9DUJDV0DUWLQH]
9HQH]XHOD3UHSDUDGRFRQODFRODERUDFLyQGH)HUQDQGR'HFDUOL5
360
361
66,67(0$$&8Ë)(5275$16)5217(5,=2*5832525$,0$
%5$6,/*8<$1$9(1(=8(/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
/D SREODFLyQ TXH VH HQFXHQWUD VREUH HO VLVWHPD DFXtIHUR HQ 9HQH]XHOD HV GH
DSUR[LPDGDPHQWH KDELWDQWHV VHJ~Q GDWRV GHO DxR FRQVLGHUDQGR XQD
H[WHQVLyQGHNP(Q%UDVLOHOiUHDTXHDEDUFDHO6LVWHPD$FXtIHUR5RUDLPDHVGH
NP\XQDSREODFLyQHVWLPDGDGHKDELWDQWHVSDUWHGHORVPXQLFLSLRVGH
3DFDUDtPD\WRGRHOGH8LUDPXWkGDGRVGHO&HQVRGH,%*(
&DUDFWHUtVWLFDVGHODFXtIHUR
6H WUDWD GH XQ DFXtIHUR ORFDO FRQVWLWXLGR SRU DUHQLVFDV DUFyVLFDV WXIRV VLOWLWRV \
FRQJORPHUDGRV SDOHRSURWHUR]RLFRV 1R VH WLHQHQ LQIRUPDFLRQHV KLGURJHROyJLFDV H
KLGUROyJLFDV
(Q9HQH]XHOD HO 6LVWHPD$FXtIHUR7UDQVIURQWHUL]R 5RUDLPD HVWi ORFDOL]DGR DO VXUHVWH
GHO(VWDGR%ROtYDUFRUUHVSRQGHDOD&XHQFD$OWDGHO5tR&DURQt\OLPLWDFRQORVSDtVHV
%UDVLO\*X\DQD*UDQSDUWHGHOiUHDHVSDUTXHQDFLRQDO*UDQ6DEDQD\VXILVLRJUDItD
HVGHXQDSODQLFLHHOHYDGDDPiVGHPHQOD&XHQFDGHO&DURQt\DOLQHDGDVSRUHO
0RQWH 5RUDLPD \ OD 6LHUUD 3DFDULPD 'HVGH HO SXQWR GH YLVWD KLGURJHROyJLFR
FRUUHVSRQGH D OD 3URYLQFLD GH *XD\DQD VXESURYLQFLD 5RUDLPD FRQ XQD VXSHUILFLH
DSUR[LPDGD GH NP /D FDUDFWHUtVWLFD JHQHUDO GH ODV DJXDV VXEWHUUiQHDV VRQ ODV
VLJXLHQWHV WLHQHQ VX RFXUUHQFLD SULQFLSDOPHQWH HQ URFDV ILVXUDGDV FRQVWLWXLGDV SRU
DUHQLVFDV\FRQJORPHUDGRVURFDVFOiVWLFDVELHQFHPHQWDGDVSRFRRQRPHWDPRUIL]DGDV
JHQHUDOPHQWHGHSHUPHDELOLGDGYDULDEOHIUHFXHQWHPHQWHEDMDDPHGLD
/DUHFDUJDVHSURGXFHHQiUHDVGHDIORUDPLHQWR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
(Q %UDVLO VL ELHQ QR KD\ LQIRUPDFLRQHV VLVWHPDWL]DGDV OD PD\RUtD GH OD SREODFLyQ HV
XUEDQDFRQFHQWUiQGRVHHQODVFLXGDGHVGH8LUDPXWm\3DFDUDLPDUHVSHFWLYDPHQWHFRQ
\ KDELWDQWHV VHJ~Q HO FHQVR GH ,%*( GH (Q 9HQH]XHOD PLHQWUDV
WDQWRHOGHODSREODFLyQHVXUEDQD\VHHQFXHQWUDHQODVFLXGDGHVWXUtVWLFDV6DQWD
(OHQDGH8DLUHQ\8DGDSDU~
&RQ UHVSHFWR D OD SREODFLyQ LQGtJHQD HQ %UDVLO VH XELFD HQ XQRV KDELWDQWHV
GHVWDFiQGRVH OD 5DSRVD 7HUUD GR 6RO 3RU RWUD SDUWH 9HQH]XHOD LQGLFD TXH HO
SRUFHQWDMHGHSREODFLyQLQGtJHQDHVDOWRVLQOOHJDUDFXDQWLILFDUOR
362
8VRV
(Q%UDVLOHQORTXHUHVSHFWDDORVUHFXUVRVKtGULFRVVXEWHUUiQHRVSUHGRPLQDHOGRPLQLR
IUDFWXUDGR FDSD] GH DWHQGHU SHTXHxDV GHPDQGDV GH DJXD FRQ EXHQD FDOLGDG
HYHQWXDOPHQWHFRQDOWRWHQRUGH)HPJOFRPRHQODUHJLyQGH3DFDUDLPD
(Q OD 5HJLyQ +LGURJUiILFD $PD]yQLFD HO DJXD VXEWHUUiQHD HV XWLOL]DGD FDVL
H[FOXVLYDPHQWHSDUDHODEDVWHFLPLHQWRKXPDQR$XQTXHQRVHGLVSRQHGHLQIRUPDFLRQHV
SUHFLVDVVHSXHGHGHFLUFRQFLHUWDVHJXULGDGTXHHOYROXPHQGHDJXDGHVWLQDGRDRWURV
XVRV ULHJR DJURSHFXDULD LQGXVWULD HWF HV LQIHULRU DO GHO WRWDO 315+
&XDGHUQRV5HJLRQDOHV
(Q 9HQH]XHOD QR KD\ DSURYHFKDPLHQWRV VROR SR]RV H[FDYDGRV DUWHVDQDOHV SDUD
FRQVXPRGRPpVWLFR\DTXHHODJXDVXSHUILFLDOHVDEXQGDQWH
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
%XHQDSHURDOWDPHQWHVXVFHSWLEOHDODFRQWDPLQDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
$XQTXHFRQVWLWXLGRSRUURFDVVHGLPHQWDULDVSRWHQFLDOPHQWHSRURVDVGHELGRDSURFHVRV
JHROyJLFRV \WHFWyQLFRVRFXUULGRVDORODUJRGHOD KLVWRULDGHOSODQHWDKD\WHQGHQFLDD
TXH OD SRURVLGDG SULPDULD HVWp GLVPLQXLGD GHELGR D OD FHPHQWDFLyQ GH ORV SRURV
FRPSRUWiQGRVHGHHVDIRUPDFRPRXQDFXtIHURLQWHUJUDQXODUIUDFWXUDGR=((5&(55
(Q OD WLHUUD LQGtJHQD 5DSRVD6HUUD GR 6RO FRQ XQD SREODFLyQ LQGtJHQD GH SHUVRQDVFRPXQLGDGHVKD\XQXVRLQGLVFULPLQDGRGHDJURWy[LFRVSRUSODQWDGRUHV
GH DUUR] ORFDOL]DGRV GHQWUR GHO WHUULWRULR LQGtJHQD HQ ODV YHJDV GH ORV UtRV 6XUXPX \
&RWLQJR DIHFWDQGR SHUVRQDV GH ODV FRPXQLGDGGHV GH /LPmR 3HGUD GR 6RO 6mR
-RUJH &RSDtED -XD]HLUR 5HSRXVR -DZDUL &RTXHLULQKR \ &HGUR (QWUH ORV GDxRV
DPELHQWDOHVFDXVDGRVSRUORVDUUR]DOHVGHODUHJLyQHVWiQHOGUHQDMHGHiUHDVGHYHJD
ODJRV\SHTXHxRVFXUVRVGHDJXD\ODHPLVLyQGHJUDQGHVFDQWLGDGHVGHDJURWy[LFRV\
IHUWLOL]DQWHVFRQLPSDFWRVREUHORVUHFXUVRVSHVTXHURV\ODVDYHV
+D\WDPELpQFRQWDPLQDFLyQGHIXHQWHVGHDJXDSRUHOPHUFXULRGH\DFLPLHQWRVDFWLYRV
\ \D LQDFWLYRV HQ ODV UHJLRQHV GHO 5tR 0DX \ 4XLQy DIHFWDQGR SHUVRQDV GH ODV
FRPXQLGDGHV GH &DMX 0DORTXLQKD 3HGUD 3UHWD 8LUDPXWm \ /DJH ,1(6& MXQLR
2WUDVIXHQWHVGHDJXD
$ HVFDOD UHJLRQDO ORV UtRV GH OD FXHQFD DPD]yQLFD HVWiQ UHODWLYDPHQWH OLEUHV GH
FRQWDPLQDFLRQHV SURYHQLHQWHV GH IXHQWHV WDQWR GRPpVWLFDV FRPR LQGXVWULDOHV \
DJUtFRODV SULQFLSDOPHQWH GHELGR D ORV JUDQGHV YRO~PHQHV GH ORV UtRV GH OD UHJLyQ
0LHQWUDVWDQWRDHVFDODORFDOVRQLPSRUWDQWHVODVFRQWDPLQDFLRQHVSURYHQLHQWHVGHOD
363
XUEDQL]DFLyQ \D TXH HQ ODV FLXGDGHV GH OD UHJLyQ QRUWH DSHQDV HO GH ODV DJXDV
VHUYLGDVDODSREODFLyQVRQWUDWDGDV\QRKD\HQJHQHUDOVDQHDPLHQWREiVLFR
(Q SXQWRV HVSHFtILFRV KD\ FRQWDPLQDFLyQ GH UtRV SRU PHUFXULR SURYHQLHQWH GH OD
DFWLYLGDGPLQHUDDXQTXHVHDQUHODWDGRVOXJDUHVGHRULJHQQDWXUDOEDFNJURXQG3RUOR
WDQWR OD ~QLFD IXHQWH FRQILDEOH GH DEDVWHFLPLHQWR HV HO DJXD VXEWHUUiQHD PLHQWDV VHD
PRQLWRUHDGD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FLFOR KLGUROyJLFR HV FRQVLGHUDGR HO SULQFLSDO LQGLFDGRU GH FDPELRV JOREDOHV HQ OD
UHJLyQ /DVVHULHVGHODUJRSHUtRGRGHVFULELHQGR ORVQLYHOHVGHDJXD \ FDXGDOHVGHORV
UtRV QR LQGLFDQ KDVWD HO SUHVHQWH QLQJ~Q FDPELR DWULEXLEOH D ORV FDPELRV JOREDOHV
0LHQWUDV WDQWR HV DOWDPHQWH SUREDEOH TXH HO FLFOR HQ iUHDV LQWHQVDPHQWH GHIRUHVWDGDV
HVWp FDPELDQGR \ WRUQDQGR PiV VHFR GXUDQWH OD HVWDFLyQ VHFD FRPSDUDGD D DxRV
DQWHULRUHV*,:$
/DGHPRVWUDFLyQPiVWDQJLEOHGHODVDOWHUDFLRQHVGHOFLFORKLGUROyJLFRUHVXOWDQWHGHORV
FDPELRV JOREDOHV REVHUYDGRV HQ OD $PD]RQLD HV OD UHGXFFLyQ VLJQLILFDWLYD GH OD
FREHUWXUDGHQLHYHHQOD0RQWDxD$QWLVDQDHQ(FXDGRU*DODUUDJD6DQFKH]LQI3HVV
*,:$
ZZZXQHSRUJGHZDJLZDDUHDVUHSRUWVUEJLZDBUHJLRQDOBDVVHVVPHQWBESGI
&RQUHVSHFWRDOIXWXURVHSUHYpODGLVPLQXFLyQGHSUHFLSLWDFLRQHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q%UDVLOHO0RQWH5RUDLPDSXQWRGHIURQWHUDWULSOHHQWUH%UDVLO9HQH]XHOD\*X\DQD
FRQDOWLWXGGHPHWURVFRQVWLWX\HXQDFDUDFWHUtVWLFDIRUPDFLyQJHROyJLFDHQIRUPD
GH PHVD R WHSX\ FX\DV HVFDUSDV YHUWLFDOHV FRQ PiV GH PHWURV GH DOWXUD VRQ
IRUPDGDV SRU URFD DUHQLVFD 5HSUHVHQWD XQ PDUFR GH OD HVWUDWLJUDItD GHO 6XSHUJUXSR
5RUDLPD XQD FXHQFD VHGLPHQWDULD GH HGDG SDOHRSURWHUR]RLFD GHO (VFXGR GH ODV
*X\DQDVQRUWHGHO&UDWyQ$PD]yQLFR(VODFDEHFHUDGHLPSRUWDQWHVUtRVTXHGUHQDQHO
%UDVLO9HQH]XHOD\*X\DQDFRUURERUDQGRHOQRPEUHLQGtJHQDSRUHOFXDOHVFRQRFLGR
GH³PDGUHGHWRGDVODVDJXDV´GRQGHHQHOFRQWDFWRHQWUHODVIRUPDFLRQHVSHUPHDEOHVH
LPSHUPHDEOHVVHIRUPDQGLYHUVDVFDVFDGDV6,*(35HLV
(Q FXDQWR D OD FREHUWXUD RULJLQDO HO %RVTXH 7URSLFDO$PD]yQLFR HVWi FRPSXHVWR GH
WLSRV FRPSOHMRV GH YHJHWDFLyQ WDOHV FRPR ERVTXHV GH DOWXUD FHUUDGR FDPSRV GH
URUDLPDVDEDQDVHQFKDUFDGDV\ERVTXHHQFKDUFDGR
'HDFXHUGRFRQLQIRUPHVGHO,QSH352'(6KDVWDHQHURGHHOiUHDGHIRUHVWDGD
DFXPXODGDHQORVHVWDGRVLQFOXLGRVHQOD5HJLyQ+LGURJUiILFD$PD]yQLFDFRUUHVSRQGtD
D NP GHO iUHD WRWDO (Q VH UHJLVWUDED XQ iUHD GHIRUHVWDGD GH
364
NPGHOWRWDO3DUDORVDxRVGHDODVWDVDVGHGHIRUHVWDFLyQ
IXHURQ GH \ NPDxR UHVSHFWLYDPHQWH KDELHQGR VXSHUDGR ORV NPDxR D SDUWLU GH PDV HQ ORV ~OWLPRV DxRV HVWRV YDORUHV KDQ GLVPLQXLGR
315+ &DGHUQRV 5HJLRQDLV 1R KD\ GDWRV HVSHFtILFDPHQWH SDUD OD UHJLyQ GHO
DFXtIHUR
(Q9HQH]XHODODVXQLGDGHVGHSDLVDMHHVWiQUHSUHVHQWDGDVSRUWLHUUDVQDWXUDOHVHVFDVDV
]RQDV SURGXFWLYDV GH DJULFXOWXUD \ FHQWURV XUEDQRV +D\ GHVDUUROORV GH DFWLYLGDGHV
PLQHUDV\QDYHJDFLyQIOXYLDO=RQDVGHVDEDQDV\VHOYDVFRQVXHORVPHWHRUL]DGRV3RU
VX SDUWH OD FREHUWXUD RULJLQDO SUHVHQWDED JUDQ SRUFHQWDMH GH WLHUUDV QDWXUDOHV ]RQD
VHOYiWLFD\PDFL]RVPRQWDxRVRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
6REUH HO iUHD GHO VLVWHPD DFXtIHUR VH SUHVHQWDQ DOJXQDV ]RQDV FRQ DFWLYLGDG PLQHUD
WXUtVWLFD\FXOWLYRVGHVXEVLVWHQFLD(OSULQFLSDOFXOWLYRHVHOGHDUUR]
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q OD 5HJLyQ +LGURJUiILFD $PD]yQLFD %UDVLO H[LVWHQ FHUFD GH XQLGDGHV GH
FRQVHUYDFLyQ UHJLVWUDGDV (VSHFtILFDPHQWH HQ HVWH DFXtIHUR VH GHVWDFD OD SUHVHQFLD GHO
3DUTXH1DFLRQDO0RQWH5RUDLPD
(O3DUTXH1DFLRQDO&DQDLPDFXEUHSUDFWLFDPHQWHWRGRHODFXtIHURHQODGRGH9HQH]XHOD
FRQKDGHVXSHUILFLH
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
'LYHUVRVHFRVLVWHPDVVRQGHSHQGLHQWHVGHODVDJXDV VXEWHUUiQHDVSXGLHQGRGHVWDFDUVH
iUHDVHQFKDUFDGDV
/RVSULQFLSDOHVUtRVTXHEDxDQODUHJLyQVRQHO6XUXPX&RWLQJR\3DULPp
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
%UDVLO ([LVWH HO =RQHDPLHQWR (FRQyPLFR(FROyJLFR =(( GH OD UHJLyQ FHQWUDO GHO
(VWDGRGH5RUDLPDUHDOL]DGRSRU&350HQ
365
9HQH]XHOD (V XQD ]RQD SURWHFWRUD GH VHJXULGDG QDFLRQDO SDUD ODV IXHQWHV
KLGURHOpFWULFDV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v 'HSHQGHQFLDGHOD
HFRQRPtDORFDODJURLQGXVWULD
%UDVLO'HSHQGHQFLDEDMDGHOXVRGHODJXDGHODFXtIHUR
UHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
v 0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
%UDVLO $JULFXOWRUHV FULDGRUHV GH JDQDGR LQGLRV
SREODFLRQHV XUEDQDV HWF /RV HFRVLVWHPDV WDPELpQ
WHQGUtDQSpUGLGDVLQHVWLPDEOHV1RKD\GDWRVLQGLFDQGR
YDORUHVGHHVWDVSpUGLGDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q HO REMHWLYR GH ORV WUDWDGRV LQWHUQDFLRQDOHV VH UHVDOWD HO 7UDWDGR GH &RRSHUDFLyQ
$PD]yQLFD ILUPDGR HQ \ HQ YLJRU GHVGH SRU %ROLYLD %UDVLO &RORPELD
(FXDGRU*X\DQD3HU~6XULQDP\9HQH]XHOD(Q%UDVLOIXHSURPXOJDGRSRUHO'HFUHWR
Qž GH GH DJRVWR GH (VWH WUDWDGR WLHQH FRPR REMHWLYR HO GHVDUUROOR
DUPyQLFR GH ORV WHUULWRULRV GH OD UHJLyQ DPD]yQLFD FRQ SUHVHUYDFLyQ GHO PHGLR
DPELHQWH FRQVHUYDFLyQ \ XVR UDFLRQDO GH ORV UHFXUVRV QDWXUDOHV \ OD LQYHVWLJDFLyQ
FLHQWtILFD H LQWHUFDPELR GH LQIRUPDFLRQHV HQWUH ORV SDtVHV D ILQ GH DPSOLDU HO
FRQRFLPLHQWRVREUHORVUHFXUVRVGHODUHJLyQ
(QODVRFKRQDFLRQHVGHFLGLHURQFUHDUOD27&$SDUDIRUWDOHFHUHLPSOHPHQWDUORV
REMHWLYRV GHO WUDWDGR /D HQPLHQGD DO 7&$ IXH DSUREDGD WUHV DxRV GHVSXpV \ OD
VHFUHWDUtD SHUPDQHQWH VH HVWDEOHFLy HQ %UDVLOLD HQ GLFLHPEUH GH 7RGDV ODV
LQWHUDFFLRQHVVHEDVDQHQPXWXDFRODERUDFLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDWDOHV\GHDOFDQFHORFDO([LVWHWDPELpQHQHO315+
HO3URJUDPD;*HVWLyQ$PELHQWDOGH5HFXUVRV+tGULFRVGHOD&XHQFD$PD]yQLFD
366
$8725(6<)8(17(6
%UDVLO 3UHSDUDGR FRQ OD FRODERUDFLyQ GH -~OLR 7KDGHX .HWWHOKXW $GULDQD 1LHPH\HU
3LUHV )HUUHLUD &ODXGLD )HUUHLUD /LPD 5RVHOL GRV 6DQWRV 6RX]D /DHVWDQLVODXOD 6RX]D
6LOYD\-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
9HQH]XHOD3UHSDUDGRFRQODFRODERUDFLyQGH)HUQDQGR'HFDUOL5
367
368
66,67(0$ $&8Ë)(52 75$16)5217(5,=2 %2$ 9,67$6(55$ '2
78&$121257+6$9$11$
%5$6,/*8<$1$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R %RD 9LVWD6HUUD GR 7XFDQR1RUWK 6DYDQQD VH
HQFXHQWUDXELFDGRHQHO(VWDGRGH5RUDLPDHQODIURQWHUDFRQ*X\DQD&XHQFDGHO$OWR
5tR %UDQFR &XHQFD$PD]yQLFD 3UHVHQWD XQD H[WHQVLyQ DSUR[LPDGD GH NP
NPHQ%UDVLO\NPHQ*X\DQD
$EDUFD ODV SREODFLRQHV URUDLPHQVHV GH %RD 9LVWD %RQILP &DQWi $OWR $OHJUH \
1RUPDQGLD \ HO GLVWULWR JXD\DQHQVH GH 5XSXQXQL(VVVHTXLER $SDUWH GH HVWDV
SREODFLRQHVWDPELpQFRPSUHQGHODVWLHUUDVLQGtJHQDV0DFX[LV0DQRD3LXP0RVFRX
&DQDXDQLP 0RULXK 0DODFDFKHWD 7DEDODVFDGD -DEXWL %RP -HV~V HQWUH RWUDV HQ
WHUULWRULR EUDVLOHxR H ,XSXFDUL &DUDQDPER \ 3DULVKDUD 8DSL[DQDV HQ WHUULWRULR
JXD\DQHQVH
(Q%UDVLOKD\KDELWDQWHVHQ%RD9LVWD\HQORVPXQLFLSLRVYHFLQRVVREUH
HODFXtIHUR,%*(
&DUDFWHUtVWLFDVGHODFXtIHUR
&XDWHUQDULR GHSyVLWRV DOXYLRQDUHV )RUPDFLyQ$UHLD %UDQFD FRQVWLWXLGD GH GHSyVLWRV
GHGXQDVHyOLFDVDFWLYDVRIyVLOHV
1HyJHQR )RUPDFLyQ %RD 9LVWD FRQVWLWXLGD GH VHGLPHQWRV GH DUHQLVFDV DUFyVLFDV
FRQJORPHUiGLFDV DUFLOOD OLPR \ DUHQD ILQD D JUXHVD FRQ RULJHQ FROXYLRDOXYLRQDU /D
)RUPDFLyQ %RD 9LVWD HVWi VXE\DFHQWH D OD )RUPDFLyQ 6HUUD GR 7XFDQR GH HGDG
0HVR]RLFDTXHHVWiFRQVWLWXLGDSRUDUHQLVFDVFXDU]RVDVDUFyVLFDV \FRQJORPHUiGLFDV
IOXYLDOHVVLOWLWRV\DUFLOOLWDV)RUPDFLyQ$SRWHULFRQVWLWXLGDGHGHUUDPHVGHEDVDOWRV\
DQGHVLWDV
6HFRQVLGHUDTXHOD]RQDGHUHFDUJDGHOVLVWHPDFRUUHVSRQGHDWRGDVXiUHDGHH[WHQVLyQ
ODFXDOYLHQHVLHQGRFRPSURPHWLGDFRQODLPSHUPHDELOL]DFLyQGHODFLXGDGDVIDOWDGR
([SORWDFLyQ\FDXGDOHV
(VWH VLVWHPD DFXtIHUR HV SUHGRPLQDQWHPHQWH OLEUH FRQ SRUFLRQHV VHPLFRQILQDGDV \
SUHVHQWD YDULDFLRQHV GH FDXGDOHV PHGLRV DSUR[LPDGRV GH PK \ XQD HOHYDGD
FDSDFLGDGHVSHFtILFDFRQYDORUHVGHWUDQVPLVLYLGDGGHORUGHQGHD[PV\
SHUPHDELOLGDGGHD[PV(VEDVWDQWHYXOQHUDEOH\DTXHHQ%UDVLOVHREVHUYD
XQDWHQGHQFLDGHH[SDQVLyQGHODIURQWHUDDJUtFROD
(O FDXGDO GH SURGXFFLyQ PHGLD GH ORV SR]RV GH OD &RPSDQKLD GH $EDVWHFLPHQWR GH
5RUDLPD&$(5HQHOiUHDXUEDQDGH%RD9LVWDHVGHPK\HOFDXGDOHVSHFtILFR
PHGLRHVGHPKP=((5&(55
369
(Q%UDVLOGHODVVHGHVPXQLFLSDOHVVHDEDVWHFHQSDUFLDORWRWDOPHQWHSRUDJXD
VXEWHUUiQHDVLHQGRTXHVRQWRWDOPHQWHDEDVWHFLGDVGHODSREODFLyQXUEDQDHV
DWHQGLGDSRUOD&$(5VLHQGRGHODJXDVXEWHUUiQHD=((5&(55
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/D SREODFLyQ SDUD OD SRUFLyQ EUDVLOHxD HV GH KDELWDQWHV HQ OD FLXGDG GH %RD
9LVWD \ GH HQ ORV PXQLFLSLRV YHFLQRV /D SREODFLyQ LQGtJHQD HVWLPDGD HV GH
KDELWDQWHVGLVWULEXLGRVHQDOGHDVGH0DNX[L:DSL[DQD<DQRPDQL\$WXUDLX
8VRV
(O DJXD VXEWHUUiQHD HV XWLOL]DGD SDUD HO DEDVWHFLPLHQWR KXPDQR SULQFLSDOPHQWH GH OD
FDSLWDO GH 5RUDLPD%RD 9LVWD VLHQGR XWLOL]DGD WDPELpQ SDUD OD DJULFXOWXUD
315+&DGHUQRV5HJLRQDLV\=((5&(55
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
%XHQDSHURDOWDPHQWHVXVFHSWLEOHDODFRQWDPLQDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
/RVFDPELRVHQODGLVSRQLELOLGDG\FDOLGDGVRQYHULILFDGRVHQSXQWRVHVSHFtILFRV%RD
9LVWD 6H WUDWD GH XQ DFXtIHUR OLEUH FRQ HOHYDGD YXOQHUDELOLGDG QDWXUDO \ HOHYDGR
SRWHQFLDO GH FRQWDPLQDFLyQ GHELGR D SR]RV PDO FRQVWUXLGRV DXVHQFLD R LQDGHFXDGD
SURWHFFLyQ VDQLWDULD DEDQGRQR GH SR]RV VLQ UHDOL]DU HO VHOODGR FRUUHVSRQGLHQWH \
FDUHQFLDGHVDQHDPLHQWREiVLFR315+&DGHUQRV5HJLRQDLV
$SUR[LPDGDPHQWH GH OD SREODFLyQ XUEDQD GH %RD 9LVWD QR WLHQH UHG GH
VDQHDPLHQWR\VRQFRPXQHVSR]RVVLQWDSD
)XHURQ UHDOL]DGRV OHYDQWDPLHQWRV HQ OD UHJLyQ GH %RD 9LVWD \ OD UHJLyQ HVWH SUHVHQWD
PD\RUHV FRQGXFWLYLGDGHV WHQRU GH VDOHV GLVXHOWDV FRQ YDORUHV GH —6FP \ DOWRV
tQGLFHVGHQLWUDWRHQODUHJLyQFRQYDORUHVDUULED GHPJOXELFiQGRVHGHQWURGHORV
PiV DOWRV OR TXH IXH UHODFLRQDGR FRQ OD LQILOWUDFLyQ GH DJXDV VHUYLGDV \ IRVDV
GRPpVWLFDV=((5&(55
2WUDVIXHQWHVGHDJXD
$ HVFDOD UHJLRQDO ORV UtRV GH OD FXHQFD DPD]yQLFD HVWiQ UHODWLYDPHQWH OLEUHV GH
FRQWDPLQDFLRQHV SURYHQLHQWHV GH IXHQWHV WDQWR GRPpVWLFDV FRPR LQGXVWULDOHV \
DJUtFRODV SULQFLSDOPHQWH GHELGR D ORV JUDQGHV YRO~PHQHV GH ORV UtRV GH OD UHJLyQ
0LHQWUDV WDQWR D HVFDOD ORFDO VRQ LPSRUWDQWHV ODV FRQWDPLQDFLRQHV SURYHQLHQWHV GH OD
XUEDQL]DFLyQ \D TXH HQ ODV FLXGDGHV GH OD UHJLyQ QRUWH DSHQDV HO GH ODV DJXDV
VHUYLGDVDODSREODFLyQVRQWUDWDGDV\QRKD\HQJHQHUDOVDQHDPLHQWREiVLFR
370
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FLFOR KLGUROyJLFR HV FRQVLGHUDGR HO SULQFLSDO LQGLFDGRU GH FDPELRV JOREDOHV HQ OD
UHJLyQ /DVVHULHVGHODUJRSHUtRGRGHVFULELHQGR ORVQLYHOHVGHDJXD \ FDXGDOHVGHORV
UtRV QR LQGLFDQ KDVWD HO SUHVHQWH QLQJ~Q FDPELR DWULEXLEOH D ORV FDPELRV JOREDOHV
0LHQWUDV WDQWR HV DOWDPHQWH SUREDEOH TXH HO FLFOR HQ iUHDV LQWHQVDPHQWH GHIRUHVWDGDV
HVWp FDPELDQGR \ WRUQDQGR PiV VHFR GXUDQWH OD HVWDFLyQ VHFD FRPSDUDGD D DxRV
DQWHULRUHV*,:$
/DGHPRVWUDFLyQPiVWDQJLEOHGHODVDOWHUDFLRQHVGHOFLFORKLGUROyJLFRUHVXOWDQWHGHORV
FDPELRV JOREDOHV REVHUYDGRV HQ OD $PD]RQLD HV OD UHGXFFLyQ VLJQLILFDWLYD GH OD
FREHUWXUDGHQLHYHHQOD0RQWDxD$QWLVDQDHQ(FXDGRU*DODUUDJD6DQFKH]LQI3HVV
*,:$
ZZZXQHSRUJGHZDJLZDDUHDVUHSRUWVUEJLZDBUHJLRQDOBDVVHVVPHQWBESGI
&RQUHVSHFWRDOIXWXURVHSUHYpODGLVPLQXFLyQGHSUHFLSLWDFLRQHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(OUHOLHYHHVH[WUHPDGDPHQWHSODQRDOHYHPHQWHRQGXODGR/RFDOPHQWHKD\SUHVHQFLDGH
FROLQDV
/DFREHUWXUDRULJLQDOYLHQHGDGDSRUHO%RVTXH7URSLFDO$PD]yQLFRFRPSXHVWRGHWLSRV
FRPSOHMRV GH YHJHWDFLyQ WDOHV FRPR ERVTXHV GH DOWXUD FHUUDGR FDPSRV GH URUDLPD
VDEDQDVHQFKDUFDGDV\ERVTXHHQFKDUFDGR
'HDFXHUGRFRQLQIRUPHVGHO,QSH352'(6KDVWDHQHURGHHOiUHDGHIRUHVWDGD
DFXPXODGDHQORVHVWDGRVLQFOXLGRVHQOD5HJLyQ+LGURJUiILFD$PD]yQLFDFRUUHVSRQGtD
D NP GHO iUHD WRWDO (Q VH UHJLVWUDED XQ iUHD GHIRUHVWDGD GH
NPGHOWRWDO3DUDORVDxRVGHDODVWDVDVGHGHIRUHVWDFLyQ
IXHURQ GH \ NPDxR UHVSHFWLYDPHQWH KDELHQGR VXSHUDGR ORV NPDxR D SDUWLU GH PDV HQ ORV ~OWLPRV DxRV HVWRV YDORUHV KDQ GLVPLQXLGR
315+ &DGHUQRV 5HJLRQDLV 1R KD\ GDWRV HVSHFtILFDPHQWH SDUD OD UHJLyQ GHO
DFXtIHUR
371
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q OD 5HJLyQ +LGURJUiILFD $PD]yQLFD %UDVLO H[LVWHQ FHUFD GH XQLGDGHV GH
FRQVHUYDFLyQ UHJLVWUDGDV (VSHFtILFDPHQWH HQ HVWH DFXtIHUR VH GHVWDFD OD 5HVHUYD
3DUWLFXODUGHO3DWULPRQLR1DWXUDOGH7XSDTXLUL
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
'LYHUVRVHFRVLVWHPDVVRQGHSHQGLHQWHVGHODVDJXDV VXEWHUUiQHDVSXGLHQGRGHVWDFDUVH
iUHDVHQFKDUFDGDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
/D SULQFLSDO FLXGDG FRQ SODQ GLUHFWRU DSUREDGR HV %RD 9LVWD ([LVWH WDPELpQ HO
=RQHDPLHQWR(FRQyPLFR(FROyJLFR=((GHODUHJLyQFHQWUDOGHO(VWDGRGH5RUDLPD
UHDOL]DGRSRU&350HQ
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v 'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
%UDVLO 'HSHQGHQFLD PHGLD GHO XVR GHO DJXD GHO
DFXtIHUR
v 0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
%UDVLO $JULFXOWRUHV FULDGRUHV GH JDQDGR LQGLRV
SREODFLRQHV XUEDQDV HWF /RV HFRVLVWHPDV WDPELpQ
WHQGUtDQSpUGLGDVLQHVWLPDEOHV1RKD\GDWRVLQGLFDQGR
YDORUHVGHHVWDVSpUGLGDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q HO REMHWLYR GH ORV WUDWDGRV LQWHUQDFLRQDOHV VH UHVDOWD HO 7UDWDGR GH &RRSHUDFLyQ
$PD]yQLFD ILUPDGR HQ \ HQ YLJRU GHVGH SRU %ROLYLD %UDVLO &RORPELD
(FXDGRU *X\DQD 3HU~ 6XULQDP \ 9HQH]XHOD (Q HO %UDVLO IXH SURPXOJDGR SRU HO
'HFUHWR Qž GH GH DJRVWR GH (VWH WUDWDGR WLHQH FRPR REMHWLYR HO
GHVDUUROOR DUPyQLFR GH ORV WHUULWRULRV GH OD UHJLyQ DPD]yQLFD FRQ SUHVHUYDFLyQ GHO
PHGLRDPELHQWHFRQVHUYDFLyQ\XVRUDFLRQDOGHORVUHFXUVRVQDWXUDOHV\ODLQYHVWLJDFLyQ
FLHQWtILFD H LQWHUFDPELR GH LQIRUPDFLRQHV HQWUH ORV SDtVHV D ILQ GH DPSOLDU HO
FRQRFLPLHQWRVREUHORVUHFXUVRVGHODUHJLyQ
372
(QODVRFKRQDFLRQHVGHFLGLHURQFUHDUOD27&$SDUDIRUWDOHFHUHLPSOHPHQWDUORV
REMHWLYRV GHO WUDWDGR /D HQPLHQGD DO 7&$ IXH DSUREDGD WUHV DxRV GHVSXpV \ OD
VHFUHWDUtD SHUPDQHQWH VH HVWDEOHFLy HQ %UDVLOLD HQ GLFLHPEUH GH 7RGDV ODV
LQWHUDFFLRQHVVHEDVDQHQPXWXDFRODERUDFLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
([LVWHWDPELpQHQHO315+HO3URJUDPD;*HVWLyQ$PELHQWDOGH5HFXUVRV+tGULFRV
GHOD&XHQFD$PD]yQLFD
$8725(6<)8(17(6
%UDVLO 3UHSDUDGR FRQ OD FRODERUDFLyQ GH -~OLR 7KDGHX .HWWHOKXW $GULDQD 1LHPH\HU
3LUHV )HUUHLUD &ODXGLD )HUUHLUD /LPD 5RVHOL GRV 6DQWRV 6RX]D /DHVWDQLVODXOD 6RX]D
6LOYD\-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
373
374
375
376
666 6,67(0$ $&8Ë)(52 75$16)5217(5,=2 =$1'(5,- &2(6(:,-1($6$1'%6$1'
*8<$1$685,1$0
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]RGH*X\DQDHVWiXELFDGRDOQRUWHGH6XGDPpULFDHQ
GRV SDtVHV OD 5HS~EOLFD &RRSHUDWLYD GH *X\DQD \ 6XULQDP (O DFXtIHUR WLHQH XQD
VXSHUILFLHGHDOUHGHGRUGHNPðXQDPLWDGXELFDGDHQHOVXEVXHORGHODFRVWD\
ODRWUDPLWDGEDMRHOPDU
/DSREODFLyQGH6XULQDPHVGH\HQ*X\DQDHVGHKDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
(O6LVWHPD$FXtIHURGH*X\DQDFRQVLVWHHQWUHVDFXtIHURVFX\RVQRPEUHVVRQGLIHUHQWHV
HQ*X\DQD\HQ6XULQDPYHUFXDGUR
*HROyJLFDPHQWH HO VLVWHPD HV SDUWH GH VHGLPHQWRV GHO 0HVR]RLFR7HUFLDULR TXH
UHOOHQDQ OD FXHQFD FRVWHUD GH *X\DQD /RV VHGLPHQWRV TXH FRPSRQHQ ORV DFXtIHURV
YDUtDQHQHGDGGHVGH2OLJRFHQR0LRFHQRDO3OLRFHQR
(Q OD FRVWD HVWiQ FXELHUWRV SRU VHGLPHQWRV PiV UHFLHQWHV SHUWHQHFLHQWHV D OD HGDG
+RORFHQD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
&XDGUR6(VSHVRUGHODVXQLGDGHVDFXtIHUDV
([SORWDFLyQ\FDXGDOHV
(O$FXtIHUR$UHQD6XSHULRU8SSHU6DQG*X\DQDGHQRPLQDGR=DQGHULMHQ6XULQDPHV
HO PiV VXSHUILFLDO GH ORV WUHV DFXtIHURV HQ *X\DQD QR HV XVDGR FRPR IXHQWH GH DJXD
SRWDEOH
(O=DQGHULM6KDVLGRH[SORWDGRGHVGHHODxRHQODSDUWHTXHDIORUD\DFWXDOPHQWH
DWUDYpVGHXQDWXEHUtDGHNPFRQWULEX\HDODEDVWHFLPLHQWRGHODFDSLWDO3DUDPDULER
377
(O$FXtIHUR&RHVHZLMQHHVSDUWHGHODIRUPDFLyQFRQVWLWXLGDSRUDOWHUQDQFLDGHQLYHOHV
GH DUHQD \ DUFLOOD HQ *X\DQD ORFDOL]DGD HQWUH ORV DFXtIHURV$6DQG \ %6DQG \ HV
XWLOL]DGRSDUDFXEULUODGHPDQGDGHDJXDHQ6XULQDP
(O$FXtIHUR$6DQGHVDPSOLDPHQWHXVDGRSDUDDEDVWHFHUODGHPDQGDGHDJXD
(O%6DQGHVHOPiVSURIXQGRGHORVWUHVDFXtIHURV\HVXVDGRFRP~QPHQWHHQ*X\DQD
(Q6XULQDPVHHQFXHQWUDHQODSDUWHRHVWHGHOSDtVDJUDQSURIXQGLGDGSRUORWDQWRQR
HVXWLOL]DGRSDUDDEDVWHFLPLHQWR
862'(/$*8$68%7(55È1($(1(/È5($'(/$&8Ë)(52
/D GHPDQGD GH DJXD VH EDVD SULQFLSDOPHQWH VREUH UHFXUVRV KtGULFRV VXSHUILFLDOHV \
DJXDVVXEWHUUiQHDV/DVDJXDVVXSHUILFLDOHVVRQXVDGDVSDUDDJULFXOWXUDPLHQWUDVTXHODV
DJXDVVXEWHUUiQHDVVRQXVDGDVVRODPHQWHSDUDFRQVXPRKXPDQRGHELGRDVXDOWDFDOLGDG
\FRVWRVGHH[WUDFFLyQUHODWLYDPHQWHDOWRV
(QiUHDVXUEDQDVDSUR[LPDGDPHQWHHOGHODSREODFLyQWLHQHDFFHVRDODJXDSRWDEOH
SRU PHGLR GH FRQH[LRQHV FDVHUDV (Q ODV iUHDV UXUDOHV FHUFD GHO GH OD
SREODFLyQWLHQHDJXDSRWDEOHHQODFDVD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(O$FXtIHUR$UHQD 6XSHULRU 8SSHU 6DQG *X\DQD GHQRPLQDGR =DQGHULM HQ 6XULQDP
SUHVHQWDDOWRFRQWHQLGRGHKLHUURPD\RUDPJO\VDOLQLGDGPD\RUDPJO
(O$FXtIHUR$6DQGUHTXLHUHWUDWDPLHQWRSDUDH[WUDHUOHHOKLHUUR
(O %6DQG WLHQH XQ EDMR FRQWHQLGR HQ KLHUUR DOWD WHPSHUDWXUD \ WUD]RV GH VXOIDWR
KLGURJHQDGRHOTXHSXHGHVHUWUDWDGRFRQDHUHDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6LQHPEDUJRODH[SORWDFLyQGHODJXDVXEWHUUiQHDGHOVLVWHPDDFXtIHURQRHVXQDWDUHD
VHQFLOOD \ UHTXLHUH GH PXFKDV SUHFDXFLRQHV D~Q PiV SRU WUDWDUVH GH XQ UHFXUVR QR
UHQRYDEOH RULJLQDGR GXUDQWH HO 7HUFLDULR \ TXH GHVGH HQWRQFHV FDVL QR KD VLGR
UHFDUJDGR
(OHMHPSORPiVHYLGHQWHHVHOGHO$FXtIHURGH$UHQD$HOFXDODEDVWHFLyD3DUDPDULER
ODFDSLWDOGH6XULQDPGXUDQWHPHGLRVLJORFDXVDQGR DOILQDOXQD JUDQGLVPLQXFLyQGHO
QLYHOGHODJXD\VHULDVLQWUXVLRQHVGHDJXDVDOLQDSRUHOPDU&RPRFRQVHFXHQFLDKXER
TXHEXVFDUXQDQXHYDiUHDGHFDSWDFLyQDNPDOVXUGHODFLXGDGSDUDSRGHUDVHJXUDU
ODSURYLVLyQGHDJXD/RVHVWXGLRVGHSURVSHFFLyQ\ODUHDOL]DFLyQGHODQXHYDSODQWDGH
FDSWDFLyQ GHPRUDURQ YDULRV DxRV \ IXHURQ QHFHVDULRV ILQDQFLDPLHQWRV LQWHUQDFLRQDOHV
HQWUHVORVFXDOHVHVWiHOGHO%,'%DQFR,QWHUDPHULFDQRGH'HVDUUROOR
378
$XQTXH QR H[LVWH ULHVJR GH LQWHUIHUHQFLD HQWUH ODV iUHDV GH FDSWDFLyQ GHO VLVWHPD
DFXtIHURVHQHFHVLWDKDFHUXQJUDQHVIXHU]RSDUDDVHJXUDUXQPDQHMRFRQVFLHQWH\ELHQ
LPSOHPHQWDGRGHOUHFXUVR
2WUDVIXHQWHVGHDJXD
/DLPSRUWDQFLDGHODJXDVXEWHUUiQHDHQODVUHJLRQHVWDQWRGH*X\DQDFRPRGH6XULQDP
HVFUXFLDO\UHSUHVHQWDHO~QLFRUHFXUVRGHDJXDDGHFXDGRSDUDDEDVWHFHUDODSREODFLyQ
TXHHVWiFRQFHQWUDGDVREUHWRGRHQODUHJLyQFRVWHUD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FOLPD HV WURSLFDO FDOLHQWH \ K~PHGR PRGHUDGR SRU ORV YLHQWRV FDPELDQWHV GHO
QRUHVWH 6H FDUDFWHUL]D SRU HVWDFLRQHV OOXYLRVDV \ XQD FRUWD HVWDFLyQ GH OOXYLDV GLFLHPEUH\HQHURHQ6XULQDP\DPHGLDGRVGHPD\R\PHGLDGRVGHDJRVWRHQ*X\DQD
\ GH XQD ODUJD HVWDFLyQ OOXYLRVD (O SURPHGLR DQXDO GH SUHFLSLWDFLyQ SOXYLDO HV GH
DSUR[LPDGDPHQWH D PP HQ HO iUHD FRVWHUD GH *X\DQD \ OD WHPSHUDWXUD
GXUDQWH HO GtD HQ 3DUDPDULER 6XULQDP YDUtD HQWUH ƒ \ ƒ & FRQ XQD WHPSHUDWXUD
SURPHGLRDQXDOGHƒ&
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(O SHUILO JHRJUiILFR GH OD UHJLyQ VH FDUDFWHUL]D SRU WHQHU FROLQDV UHGRQGHDGDV
PD\RUPHQWH \ XQD IDMD FRVWHUD DQJRVWD \ SODQD FRQ SDQWDQRV /D YHJHWDFLyQ HVWi
FRPSXHVWDPD\RUPHQWHGHERVTXHWURSLFDOFRQVDEDQDVDOVXUGH*X\DQD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
(Q*X\DQDKD\FHUFDGHDJHQFLDVTXHVHHQFDUJDQGHODDGPLQLVWUDFLyQOHJLVODFLyQ
DEDVWHFLPLHQWR GHO UHFXUVR DJXD \ VXV IXQFLRQHV D PHQXGR VH VXSHUSRQHQ GH PDQHUD
GLUHFWD R LQGLUHFWD (Q 6XULQDP HO VLVWHPD GH DEDVWHFLPLHQWR GH DJXD HQ ODV iUHDV
XUEDQDVHVJHVWLRQDGRSRUOD&RPSDxtDGH$JXDGH6XULQDPPLHQWUDVTXHHO6HUYLFLRGH
6XPLQLVWURGH$JXDGHO0LQLVWHULRGH5HFXUVRV1DWXUDOHV \(QHUJtDHVUHVSRQVDEOHGH
ODViUHDVUXUDOHV
$8725(6<)8(17(6
3UHSDUDGRSRU$OEHUW0HQWHFRQVXOWRUHQ$JXDV6XEWHUUiQHDV\3URWHFFLyQ$PELHQWDO
379
380
66,67(0$$&8Ë)(5275$16)5217(5,=2&267(,52
%5$6,/*8$<$1$)5$1&(6$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R&RVWHLURVHHQFXHQWUDXELFDGRHQHOH[WUHPRQRUWH
GH %UDVLO (VWDGR GH$PDSi HQ OD IURQWHUD FRQ *XD\DQD )UDQFHVD FRQ XQD H[WHQVLyQ
DSUR[LPDGDGHNP$OJXQRVPXQLFLSLRVGHODUHJLyQQRUWHVHDEDVWHFHQGHHVWH
DFXtIHUR
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR OLEUH HQ WRGD VX H[WHQVLyQ FRQ YDULDFLRQHV HQWUH D PK HVWi
FRQVWLWXLGRSRUVHGLPHQWRVDOXYLRQDOHVVHPLFRQVROLGDGRVDQRFRQVROLGDGRV(Q%UDVLO
VH KD REVHUYDGR D QLYHO ORFDO OD SUHVHQFLD GH QLYHOHV GH KLHUUR HOHYDGR /D UHFDUJD VH
SURGXFHHQiUHDVGHDIORUDPLHQWR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQEUDVLOHxDHVWiHVWLPDGD HQXQRVKDELWDQWHVVHJ~Q
GDWRVGHOVLHQGR 0DFDSi \6DQWR$QWRQLRODVSULQFLSDOHV FLXGDGHV /DSULQFLSDO
DOGHDLQGtJHQDHV.DULSXQDFRQKDELWDQWHV
8VRV
(Q OD 5HJLyQ +LGURJUiILFD $PD]yQLFD HO DJXD VXEWHUUiQHD HV XWLOL]DGD FDVL
H[FOXVLYDPHQWHSDUDHODEDVWHFLPLHQWRKXPDQR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
%XHQDSHURDOWDPHQWHVXVFHSWLEOHDODFRQWDPLQDFLyQ
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(O$FXtIHUR &RVWHLUR FRPR ORV RWURV DFXtIHURV GH OD UHJLyQ DPD]yQLFD KD SUHVHQWDGR
OLPLWDFLRQHVHQWpUPLQRVPLFURELROyJLFRVSULQFLSDOPHQWHHQODViUHDVXUEDQDVGHELGRD
ODHOHYDGDYXOQHUDELOLGDGQDWXUDO\HOHYDGRSRWHQFLDOGHFRQWDPLQDFLyQGHELGRDSR]RV
PDO FRQVWUXLGRV DXVHQFLD R LQDGHFXDGD SURWHFFLyQ VDQLWDULD DEDQGRQR GH SR]RV VLQ
VHOODU\FDUHQFLDGHVDQHDPLHQWREiVLFR
381
2WUDVIXHQWHVGHDJXD
$ HVFDOD UHJLRQDO ORV UtRV GH OD FXHQFD DPD]yQLFD HVWiQ UHODWLYDPHQWH OLEUHV GH
FRQWDPLQDFLRQHV SURYHQLHQWHV GH IXHQWHV WDQWR GRPpVWLFDV FRPR LQGXVWULDOHV \
DJUtFRODVSULQFLSDOPHQWHGHELGRDORVJUDQGHVYRO~PHQHVGHORVUtRVGHODUHJLyQ
0LHQWUDVWDQWRDHVFDODORFDOVRQLPSRUWDQWHVODV FRQWDPLQDFLRQHVSURYHQLHQWHVGHOD
XUEDQL]DFLyQ \D TXH HQ ODV FLXGDGHV GH OD UHJLyQ QRUWH DSHQDV HO GH ODV DJXDV
VHUYLGDVDODSREODFLyQVRQWUDWDGDV\QRKD\HQJHQHUDOVDQHDPLHQWREiVLFR
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FLFOR KLGUROyJLFR HV FRQVLGHUDGR HO SULQFLSDO LQGLFDGRU GH FDPELRV JOREDOHV HQ OD
UHJLyQ /DVVHULHVGHODUJRSHUtRGRGHVFULELHQGR ORVQLYHOHVGHDJXD \ FDXGDOHVGHORV
UtRV QR LQGLFDQ KDVWD HO SUHVHQWH QLQJ~Q FDPELR DWULEXLEOH D ORV FDPELRV JOREDOHV
0LHQWUDV WDQWR HV DOWDPHQWH SUREDEOH TXH HO FLFOR HQ iUHDV LQWHQVDPHQWH GHIRUHVWDGDV
HVWp FDPELDQGR \ WRUQDQGR PiV VHFR GXUDQWH OD HVWDFLyQ VHFD FRPSDUDGD D DxRV
DQWHULRUHV*,:$
/DGHPRVWUDFLyQPiVWDQJLEOHGHODVDOWHUDFLRQHVGHOFLFORKLGUROyJLFRUHVXOWDQWHGHORV
FDPELRV JOREDOHV REVHUYDGRV HQ OD $PD]RQLD HV OD UHGXFFLyQ VLJQLILFDWLYD GH OD
FREHUWXUDGHQLHYHHQOD0RQWDxD$QWLVDQDHQ(FXDGRU*DODUUDJD6DQFKH]LQI3HVV
*,:$
ZZZXQHSRUJGHZDJLZDDUHDVUHSRUWVUEJLZDBUHJLRQDOBDVVHVVPHQWBESGI
&RQUHVSHFWRDOIXWXURVHSUHYpODGLVPLQXFLyQGHSUHFLSLWDFLRQHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(OUHOLHYHHVH[WUHPDGDPHQWHSODQRDOHYHPHQWHRQGXODGR/RFDOPHQWHKD\SUHVHQFLDGH
FROLQDV
&REHUWXUDRULJLQDOHO %RVTXH7URSLFDO$PD]yQLFRHVWi FRPSXHVWRGHWLSRVFRPSOHMRV
GH YHJHWDFLyQ WDOHV FRPR ERVTXHV GH DOWXUD FHUUDGR FDPSRV GH URUDLPD VDEDQDV
HQFKDUFDGDV\ERVTXHHQFKDUFDGR
'HDFXHUGRFRQLQIRUPHVGHO,QSH352'(6KDVWDHQHURGHHOiUHDGHIRUHVWDGD
DFXPXODGDHQORVHVWDGRVLQFOXLGRVHQOD5HJLyQ+LGURJUiILFD$PD]yQLFDFRUUHVSRQGtD
D NP GHO iUHD WRWDO (Q VH UHJLVWUDED XQ iUHD GHIRUHVWDGD GH
NPGHOWRWDO3DUDORVDxRVGHDODVWDVDVGHGHIRUHVWDFLyQ
IXHURQ GH \ NPDxR UHVSHFWLYDPHQWH KDELHQGR VXSHUDGR ORV NPDxR D SDUWLU GH PDV HQ ORV ~OWLPRV DxRV HVWRV YDORUHV KDQ GLVPLQXLGR
382
315+ &DGHUQRV 5HJLRQDLV 1R KD\ GDWRV HVSHFtILFDPHQWH SDUD OD UHJLyQ GHO
DFXtIHUR
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q OD 5HJLyQ +LGURJUiILFD $PD]yQLFD %UDVLO H[LVWHQ FHUFD GH XQLGDGHV GH
FRQVHUYDFLyQ UHJLVWUDGDV (VSHFtILFDPHQWH HQ HVWH DFXtIHUR VH GHVWDFDQ HO 3DUTXH
1DFLRQDO &DER 2UDQJH (VWDFLyQ (FROyJLFD 0DUDFi-LSLRFD \ ÈUHD GH 3URWHFFLyQ
$PELHQWDOGR$UTXLSpODJRGR0DUDMy
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
'LYHUVRVHFRVLVWHPDVVRQGHSHQGLHQWHVGHODVDJXDV VXEWHUUiQHDVSXGLHQGRGHVWDFDUVH
iUHDVHQFKDUFDGDV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
/DSULQFLSDOFLXGDGFRQSODQGLUHFWRUDSUREDGRHV0DFDSi$3
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v 'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
v 0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
%UDVLO'HSHQGHQFLDPHGLDGHOXVRGHODJXDGHODFXtIHUR
%UDVLO $JULFXOWRUHV FULDGRUHV GH JDQDGR LQGLRV
SREODFLRQHV XUEDQDV HWF /RV HFRVLVWHPDV WDPELpQ
WHQGUtDQ SpUGLGDV LQHVWLPDEOHV 1R KD\ GDWRV LQGLFDQGR
YDORUHVGHHVWDVSpUGLGDV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q HO REMHWLYR GH ORV WUDWDGRV LQWHUQDFLRQDOHV VH UHVDOWD HO 7UDWDGR GH &RRSHUDFLyQ
$PD]yQLFD ILUPDGR HQ \ HQ YLJRU GHVGH SRU %ROLYLD %UDVLO &RORPELD
(FXDGRU*X\DQD3HU~6XULQDP\9HQH]XHOD(Q%UDVLOIXHSURPXOJDGRSRUHO'HFUHWR
Qž GH GH DJRVWR GH (VWH WUDWDGR WLHQH FRPR REMHWLYR HO GHVDUUROOR
DUPyQLFR GH ORV WHUULWRULRV GH OD UHJLyQ DPD]yQLFD FRQ SUHVHUYDFLyQ GHO PHGLR
DPELHQWH FRQVHUYDFLyQ \ XVR UDFLRQDO GH ORV UHFXUVRV QDWXUDOHV \ OD LQYHVWLJDFLyQ
383
FLHQWtILFD H LQWHUFDPELR GH LQIRUPDFLRQHV HQWUH ORV SDtVHV D ILQ GH DPSOLDU HO
FRQRFLPLHQWRVREUHORVUHFXUVRVGHODUHJLyQ
(QODVRFKRQDFLRQHVGHFLGLHURQFUHDUOD27&$SDUDIRUWDOHFHUHLPSOHPHQWDUORV
REMHWLYRV GHO WUDWDGR /D HQPLHQGD DO 7&$ IXH DSUREDGD WUHV DxRV GHVSXpV \ OD
VHFUHWDUtD SHUPDQHQWH VH HVWDEOHFLy HQ %UDVLOLD HQ GLFLHPEUH GH 7RGDV ODV
LQWHUDFFLRQHVVHEDVDQHQPXWXDFRODERUDFLyQ
,QWHUpV GH ORV SDtVHV SRU HO XVR GHO 6LVWHPD $FXtIHUR HQIRTXH TXH KD VLGR
DSUREDGRPRWLYDFLRQHV\PHGLGDV
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
([LVWHWDPELpQHQHO315+HO3URJUDPD;*HVWLyQ$PELHQWDOGH5HFXUVRV+tGULFRV
GHOD&XHQFD$PD]yQLFDHQHODERUDFLyQ
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHX.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYD\
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
384
385
66,67(0$$&8Ë)(5275$16)5217(5,=278/&È1,3,$/(6
&2/20%,$(&8$'25
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R7XOFiQ,SLDOHVVHORFDOL]DDOVXUGH&RORPELDHQHO
'HSDUWDPHQWRGH1DULxRVREUHODVSREODFLRQHVGH,SLDOHV&DUORVDPD&XPEDO\3RWRVt
\ DO QRUWH GHO (FXDGRU HQ OD 3URYLQFLD GHO &DUFKL HQ HO &DQWyQ 7XOFiQ 3UHVHQWD XQ
UHOLHYH GH PHVHWDV FRQ SHQGLHQWHV JHQHUDOPHQWH PRGHUDGDV /DV SREODFLRQHV HQ
FRQMXQWRSDUDDPERVSDtVHVVRQGHORUGHQGHKDELWDQWHVODVFXDOHVDFWXDOPHQWH
SUHVHQWDQ GpILFLW GH DJXD WDQWR SDUD FRQVXPR KXPDQR FRPR SDUD ULHJR (O iUHD GHO
VLVWHPDDFXtIHURHQ&RORPELDHVGHDSUR[LPDGDPHQWHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
*HROyJLFDPHQWH HQ HO iUHD DIORUDQ URFDV YROFDQRFOiVWLFDV FRQVWLWXLGDV SRU ODYDV
FHQL]DVWREDV\SXPLWDVLQWHUFDODGDVORFDOPHQWHFRQIOXMRVGHORGRVRULJLQDGRVSRUODV
JODFLDFLRQHVGHOSOHLVWRFHQR\ODDFWLYLGDGYROFiQLFDGHOOHYDQWDPLHQWRGHOD&RUGLOOHUD
GH ORV $QGHV /RV VHGLPHQWRV GH RULJHQ YROFiQLFR FRQVWLWX\HQ VLVWHPDV DFXtIHURV GH
SRURVLGDG SULPDULD R LQWHUJUDQXODU FRQ SHUPHDELOLGDGHV PHGLDV D EDMDV FRQVWLWX\HQGR
SRWHQFLDOPHQWHDFXtIHURVGHEDMRVUHQGLPLHQWR
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(O DFXtIHUR HV SRFR FRQRFLGR VLQ HPEDUJR KD\ HYLGHQFLDV GH TXH H[LVWH XQ DFXtIHUR
VXSHUILFLDOFRQXQDSURIXQGLGDGPHQRUDORVP\RWURDXQDSURIXQGLGDGVXSHULRUD
ORVP
6HHVWLPDTXHODUHFDUJDHVSRUODVSUHFLSLWDFLRQHVVREUHORVPVQPHQODV]RQDV
GHSiUDPRV
([SORWDFLyQ\FDXGDOHV
/DH[SORWDFLyQHVEDMD6XPD\RUXWLOL]DFLyQHVSRUPHGLRGHSR]RVH[FDYDGRVFRQXQ
HVWLPDGR GH OV /DV YHUWLHQWHV VRQ ODV PiV XWLOL]DGDV SDUD ULHJR \ FRQVXPR
KXPDQR([LVWHXQDTXHDEDVWHFHD7XOFiQFRQOV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQHQODVLJXLHQWHSiJLQD
386
&XDGUR6'DWRVGHSREODFLyQ
&RORPELD
(FXDGRU
v
7RWDO
KDELWDQWHV
KDELWDQWHV
v
8UEDQD
KDE
KDE
v
5XUDO
KDE
KDE
8VRV
/DVYHUWLHQWHVJHQHUDOPHQWHVHXWLOL]DQSDUDULHJR1RVHFRQRFHVXSURGXFFLyQ(ODJXD
HQ VX PD\RU SRUFHQWDMH HV SDUD FRQVXPR GRPpVWLFR SRU HMHPSOR 7XOFiQ UHTXLHUH
DSUR[LPDGDPHQWHOV\XQDVRODYHUWLHQWHSURSRUFLRQDóGHOWRWDO
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DV DJXDV VXEWHUUiQHDV VH FDUDFWHUL]DQ SRU VHU GXOFHV FRQ EDMD VDOLQLGDG \ SUHVHQWDQ
YDORUHV GH FRQGXFWLYLGDG PHQRUHV D —6FP FRQ OD H[FHSFLyQ GH ORV PDQDQWLDOHV
WHUPRPLQHUDOHVTXHWLHQHQFRQGXFWLYLGDGHVTXHVXSHUDQORFDOPHQWHORV—6FP
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
1RVHKDQHYLGHQFLDGRFDPELRVVLJQLILFDWLYRVVLQ HPEDUJRSRUVHUXQD]RQDDJUtFROD
JDQDGHUDKD\ULHVJRGHFRQWDPLQDFLyQ
2WUDVIXHQWHVGHDJXD
$FWXDOPHQWH HO DJXD VXSHUILFLDO HV OD PiV XWLOL]DGD \ DO DFXtIHUR VH OR FRQVLGHUD XQD
UHVHUYD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
'HQWUR GH ODV SUREDELOLGDGHV GHO FDPELR FOLPiWLFR VH HVSHUD XQD GLVPLQXFLyQ GH OD
IUHFXHQFLDHQODVSUHFLSLWDFLRQHVSHURXQDXPHQWRHQVXVLQWHQVLGDGHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(QOD]RQDGHUHFDUJDPD\RUDORVPVQPVRQSiUDPRVKXPHGDOHVHQODSDUWHV
EDMDV DFXtIHUR VRQ ]RQDV SURGXFWLYDV DJUtFROD SDSDV PDt] KRUWDOL]DV \ JDQDGHUD
OHFKH\FDUQH
387
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RVSULQFLSDOHVFXOWLYRVVRQHOGHSDSDVPDt]KRUWDOL]DV\SDVWRV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
([LVWHXQDDPSOLD]RQDSURWHJLGDHFRVLVWHPDGHQRPLQDGD3iUDPRGH(OÈQJHO
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
1RKD\LQWHUDFFLRQHVHQWUHORVSDtVHVUHIHULGDVDHVWHVLVWHPDDFXtIHUR
&RPR IRUPD GH PHMRUDU OD FRODERUDFLyQ HQWUH DPERV VHUtD LPSRUWDQWH HVWDEOHFHU ODV
SROtWLFDV \ FRRUGLQDU DFFLRQHV QHFHVDULDV SDUD HO GHVDUUROOR VXVWHQWDEOH GH ODV FXHQFDV
KLGURJUiILFDVELQDFLRQDOHVFRQHVSHFLDOpQIDVLVHQODVFXHQFDV0LUD0DWDMH \&DUFKL
*XDLWDUD
$8725(6<)8(17(6
&RORPELD3UHSDUDGRFRQODFRODERUDFLyQGH1HOVRQ2PDU9DUJDV0DUWLQH]
(FXDGRU3UHSDUDGRFRQODFRODERUDFLyQGH1DSROHyQ%XUEDQR2
388
389
66,67(0$$&8Ë)(5275$16)5217(5,=2=$580,//$
(&8$'253(5Ò
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
6XiPELWRVHKDGHPDUFDGRVREUHODEDVHGHOD &XHQFD6XSHUILFLDOGHO5tR=DUXPLOOD
TXH LQYROXFUD D ORV SDtVHV GH 3HU~ \ (FXDGRU FRQ XQD H[WHQVLyQ GH NP HQ 3HU~
3URYLQFLDGH=DUXPLOODGLVWULWRV$JXDV9HUGHV=DUXPLOOD3DSD\DO\0DWDSDOR\
NPHQ(FXDGRU3URYLQFLDGH(O2URFDQWRQHV+XDTXLOODV$UHQLOODVODV/DMDV
(Q 3HU~ OD SREODFLyQ DSUR[LPDGD VREUH HO iUHD GHO VLVWHPD DFXtIHUR HV GH KDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q3HU~H[LVWHQGRVWLSRVGHDFXtIHURV8QRGHHOORVHVOLEUH\VXSHUILFLDOFRQIRUPDGR
SRU GHSyVLWRV DOXYLDOHV FXDWHUQDULRV WHUUD]DV PLHQWUDV TXH HO RWUR HV VHPLFRQILQDGR
XELFDGRDPD\RUSURIXQGLGDG\HQGHSyVLWRVWHUFLDULRVGHRULJHQPDULQRGRQGHODQDSD
VH HQFXHQWUD HQWUDPSDGD HQ KRUL]RQWHV QR FRQWLQXRV \ HQ EORTXHV +RUVW \ *UDEHQV
SURGXFWRGHOLQWHQVRWHFWRQLVPRRFXUULGRHQpSRFDVSDVDGDV
(Q (FXDGRU ERUGHDQGR D HVWRV VHGLPHQWRV VH HQFXHQWUDQ VHGLPHQWRV IXHUWHPHQWH
SOHJDGRV \ PHWDPRUIL]DGRV OXWLWDV DUHQLVFDV FXDUFLWD JQHLV ILOLWDV \ HVTXLVWRV GHO
*UXSR7DKXLQS]WODYDV\SLURFODVWRVGHOD)RUPDFLyQ0DFXFKL.P(OFXDWHUQDULR
LQGLIHUHQFLDGRUHFXEUHFDVLWRWDOPHQWHDODXQLGDG
(FXDGRU GHILQH ORV VLJXLHQWHV FRPSRQHQWHV GHO VLVWHPD DFXtIHUR DFXtIHUR GHO FDXFH
DOXYLDO 4 DFXtIHUR GH ORV GHSyVLWRV DOXYLDOHV 4 FRPSOHMR DFXtIHUR GH ORV
GHSyVLWRVQHyJHQRV1J
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q3HU~ODSURIXQGLGDGGHORVQLYHOHVIUHiWLFRVYDUtDHQWUHP\POOHJDQGR
LQFOXVRKDVWDP
(Q (FXDGRU OD SURIXQGLGDG GH ORV QLYHOHV IUHiWLFRV HV YDULDEOH \ IOXFW~D HQWUH PX\
VRPHURV \ HQ DOJXQRV FDVRV VXSHUDQ ORV P (O 1HyJHQR 1J HV FRQVLGHUDGR
FRQILQDGR
=RQDVGHUHFDUJD
/D UHFDUJD QDWXUDO RFXUUH HQ ODV SDUWHV DOWDV GH OD FXHQFD VREUH ORV PVQP HQ
WHUULWRULR HFXDWRULDQR \ HQ IRUPD VHFXQGDULD HQ DPEDV PiUJHQHV \ OHFKR GHO 5tR
=DUXPLOOD
([SORWDFLyQ\FDXGDOHV
(Q3HU~ODH[SORWDFLyQGHODVDJXDVVXEWHUUiQHDVHVGHKPDxRPLHQWUDVTXHHQ
(FXDGRUODH[SORWDFLyQGHODVDJXDVVXEWHUUiQHDVHVGHKPDxR
390
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR63REODFLyQ
3HU~
(FXDGRU
3REODFLyQWRWDO
KDELWDQWHV
KDELWDQWHV
3REODFLyQXUEDQD\
SULQFLSDOHVFLXGDGHV
KDE
&RQFHQWUDGDHQODFLXGDGGH
=DUXPLOOD
KDE
HQFHQWURVXUEDQRV+XDTXLODV
3REODFLyQUXUDO
KDE
KDE
8VRV
(Q3HU~ORVXVRVVHGLVWULEX\HQGHODVLJXLHQWHPDQHUD
v 5LHJR KP
v 'RPpVWLFR KP v 3HFXDULR
KP
0LHQWUDV TXH HQ (FXDGRU HO DFXtIHUR HV XWLOL]DGR SDUD ULHJR \ FRQVXPR KXPDQR
GLIHUHQFLiQGRVHHQ
v 3R]RVSURIXQGRVFRQVXPRKXPDQRDJULFXOWXUD\RWURV
v 3R]RVVRPHURVULHJRFRQVXPRKXPDQR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q WRGR HO DFXtIHUR HO DJXD GHO VXEVXHOR YDUtD GH DFHSWDEOH D PDOD FDOLGDG ±
—6FP VHJ~Q HO QLYHO FRQVLGHUDGR (Q HO 1HyJHQR 1J ODV DJXDV SUHVHQWDQ
EXHQD FDOLGDG &( —6FP PLHQWUDV TXH HQ HO &XDWHUQDULR 4 ORV YDORUHV
!—6FPLQGLFDQPDODFDOLGDGVHJ~QORLQGLFDGRSRU(FXDGRU
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q 3HU~ HO DFXtIHUR HV SRFR H[SORWDGR KP GHELGR D OD FRPSOHMLGDG TXH
SUHVHQWD 'H DOOt TXH PD\RUPHQWH VH H[WUDLJD DJXD GHO DFXtIHUR FRQIRUPDGR SRU
GHSyVLWRVVHGLPHQWDULRVWHUFLDULRVGHRULJHQPDULQRFX\DQDSDVHHQFXHQWUDHQWUDPSDGD
HQ KRUL]RQWHV QR FRQWLQXRV \ HQ EORTXHV +RUVW \ *UDEHQV SURGXFWR GHO IXHUWH
WHFWRQLVPRDFDHFLGRHQpSRFDVSDVDGDV'HEHLQGLFDUVHTXHPD\RUPHQWHODVDJXDVVRQ
GHPDODFDOLGDGDXQTXHH[LVWHQKRUL]RQWHVGHDFHSWDEOHFDOLGDGTXHVRQDSURYHFKDGRV
/DV DJXDV VXEWHUUiQHDV H[SORWDGDV GHO DFXtIHUR VXSHUILFLDO HVWiQ VLHQGR FRQWDPLQDGDV
SRUQLWULWRVSURGXFWRGHEDVXUDOHVGHVDJHVOHWULQDVHWF
391
(Q (FXDGRU ORV SR]RV VRPHURV GHO FXDWHUQDULR VH KDOODQ VXMHWRV D FRQWDPLQDFLyQ
RUJiQLFD\DTXHQRFXHQWDQFRQSURWHFFLyQ\SRUHQGHHVWiQPiVH[SXHVWRV/RVSR]RV
SHUIRUDGRV SURIXQGRV HVWiQ PHQRV H[SXHVWRV D OD FRQWDPLQDFLyQ \ VRQ XVDGRV SDUD
FRQVXPRKXPDQR
2WUDVIXHQWHVGHDJXD
(O5tR=DUXPLOODOtPLWHQDWXUDOHQWUH(FXDGRU\3HU~HVHOUHFXUVRSULQFLSDOSDUDODV
DFWLYLGDGHVSURGXFWLYDVGHODUHJLyQVLQHPEDUJRVXFDXGDOGLVPLQX\HRVWHQVLEOHPHQWH
HQORVSHUtRGRVDQXDOHVGHVHTXtD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FOLPD HV iULGR HQ ODV ]RQDV SODQDV \ PRQ]yQ WURSLFDO HQ ODV iUHDV PRQWDxRVDV
LQIOXHQFLDGRSRUOD]RQDGHFRQYHUJHQFLDLQWHUWURSLFDO\ODFRUULHQWHDQWiUWLFDRIUtDGH
+XPEROGW /D WHPSHUDWXUD SURPHGLR HV GH ž& PLHQWUDV TXH HQ YHUDQR OD
WHPSHUDWXUDVHHOHYDKDVWDORVž&
(ODxRKLGUROyJLFRVHGLYLGHHQGRVHVWDFLRQHVK~PHGDGHGLFLHPEUHDPD\RODFXDO
UHFDUJDDODFXtIHURVXSHUILFLDO\VHFDGHMXQLRDQRYLHPEUH
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/RV SURQyVWLFRV PHWHRUROyJLFRV LQGLFDQ TXH HQ HO 9DOOH GH =DUXPLOOD DXPHQWDUi OD
WHPSHUDWXUD \ HQ FRQVHFXHQFLD GLVPLQXLUi OD SUHFLSLWDFLyQ SOXYLDO D FDXVD GHO
FDOHQWDPLHQWRJOREDOSRUORTXHVHUHGXFLUiODGLVSRQLELOLGDGGHOUHFXUVRKtGULFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV FRQ PHVHV FRQ DXVHQFLD FDVL WRWDO GH SUHFLSLWDFLRQHV KDQ WHQLGR XQ
LPSDFWRQHJDWLYRVREUHODUHFDUJDGHODFXtIHUR6RORFXDQGRVHSUHVHQWDHOIHQyPHQRGH
(O 1LxR VH SURGXFHQ LQXQGDFLRQHV GHVERUGH GHO 5tR =DUXPLOOD SURGXFWR GH ODV
LQWHQVDV\WRUUHQFLDOHVOOXYLDVSURYRFDQGRGDxRVHQWRGRVORVVHFWRUHV
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q3HU~ODH[SORWDFLyQGHODFXtIHURHVSULRULWDULDFXDQGRVHSURGXFHQIHQyPHQRVFRPR
(O 1LxR \D TXH pVWH SURYRFD OD GHVWUXFFLyQ GH DOFDQWDULOODV \ WRGR HO VLVWHPD GH
GHVDJHVHQODFLXGDG
(Q(FXDGRUODH[SORWDFLyQGHODFXtIHURHVHQJHQHUDOLQGHSHQGLHQWHGHORVIHQyPHQRV
QDWXUDOHV H[WUHPRV VLQ HPEDUJR VX PD\RU XVR HV HQ pSRFD GH VHTXtD D PHVHV DO
DxR
392
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DVSULQFLSDOHVXQLGDGHVGHSDLVDMHVRQORVERVTXHVVHFRVWLSRVDEDQDGHORPDGD\
GHPRQWDxD(QORVERVTXHVVHGHVDUUROODQORVSDVWRVQDWXUDOHV\HVSHFLHVGHIORUD\
IDXQD/DFREHUWXUDQDWXUDOGHOWHUUHQRHVGHFDUiFWHUERVFRVRPX\VHFRWURSLFDOFRQ
PRQWHVHVSLQRVRV\PDWRUUDOGHVpUWLFR
&REHUWXUD\XVRDFWXDOGHODWLHUUD
3DUDORVGRVSDtVHVORVXVRVDFWXDOHVGHOVXHORVRQXUEDQR\DJUtFRODHQHOYDOOH
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q3HU~ORVSULQFLSDOHVFXOWLYRVGHOVXEGLVWULWRGHULHJRGHO9DOOH=DUXPLOODVRQ
v SOiWDQRJXLQHR
KD
v PDt]DPDULOOR
KD
v IULMRO KD
v RWURV KD
(Q (FXDGRU ORV SULQFLSDOHV FXOWLYRV VRQ GH FLFOR FRUWR FRPR PDt] IULMRO EDQDQR \
RWURVGHVXEVLVWHQFLD
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
1RH[LVWHQLQJ~QSODQGHRUGHQDPLHQWRWHUULWRULDOSDUDQLQJXQRGHORVGRVSDtVHVDVt
FRPR WDPSRFR H[LVWH XQ SODQ GH PDQHMR GH ORV UHFXUVRV KtGULFRV SDUD HO DFXtIHUR
WUDQVIURQWHUL]R
$OQRH[LVWLUXQSODQGHPDQHMRGHUHFXUVRVKtGULFRVVXEWHUUiQHRVQRH[LVWHQPHGLGDV
SHURVHUtDQHFHVDULRRSWDUSRUHODFXtIHURSURIXQGRXELFDGRHQGHSyVLWRVWHUFLDULRVSDUD
PHMRUDUHLQFUHPHQWDUHODJXD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
3DUD ORV GRV SDtVHV HO EHQHILFLR HFRQyPLFR OR UHSUHVHQWD OD
DFWLYLGDG SURGXFWLYD OLJDGD D OD DJULFXOWXUD GHELGR D TXH
%HQHILFLRV HFRQyPLFRV UHODFLRQDGRV
SURGXFWRVFRPRHOEDQDQRRUJiQLFRHVH[SRUWDGRSDUDORFXDO
DOXVRGHODJXD
XWLOL]DQ ODV DJXDV VXEWHUUiQHDV HQ pSRFD GH HVWLDMH RFKR
PHVHV
'HSHQGHQFLD GH OD HFRQRPtD ORFDO
/DHFRQRPtDORFDOSDUDORVGRVSDtVHVGHSHQGHSULQFLSDOPHQWH
DJUR LQGXVWULD UHFXUVRV
GHODDJULFXOWXUDODFXDOXWLOL]DHODJXDGHODFXtIHURHQpSRFDGH
QDWXUDOHV GHO DFFHVR DO UHFXUVR
HVWLDMH
DJXD
393
(VWLPDFLyQ SRUFHQWXDO GHO QLYHO GH
3HU~1RVHWLHQHQLQJXQDHVWLPDFLyQ
SREUH]D GH ODV SREODFLRQHV TXH
XWLOL]DQ ORV UHFXUVRV KtGULFRV GH ORV
(FXDGRU /DV SREODFLRQHV UXUDOHV VRQ SREUHV \ OD SREODFLyQ
DFXtIHURV
XUEDQDHQXQDOWRSRUFHQWDMHWLHQHQLYHOHVDOWRVGHSREUH]D
0HGLRV GH YLGD TXH FRUUHUtDQ
/D HVFDVH] GH ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV RFDVLRQDUi
SHOLJUR SpUGLGDV HFRQyPLFDV VL HO
GHWHULRUR HFRQyPLFR HQ OD SREODFLyQ TXH GHSHQGH GH OD
VLVWHPD DFXtIHUR VXEWHUUiQHR VH
DJULFXOWXUDHQDPERVSDtVHV
YLHUDDIHFWDGRQHJDWLYDPHQWH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(QIXQFLyQGHORHVWDEOHFLGRHQHO$FXHUGR$PSOLR(FXDWRULDQR3HUXDQRGH,QWHJUDFLyQ
)URQWHUL]DVXVFULWRHQ%UDVLOLDHOGHRFWXEUHGH\FRQHOILQGHHQIUHQWDUORV
UHTXHULPLHQWRV GH VXPLQLVWURV DFWXDOHV GH DJXD \ VDWLVIDFHU OD GHPDQGD IXWXUD
RUJDQLVPRV FRPR OD 2($ \ HO 2UJDQLVPR ,QWHUQDFLRQDO GH (QHUJtD$WyPLFD 2,($
SURPXHYHQ OD UHDOL]DFLyQ GH HVWXGLRV HQFDPLQDGRV D OD LQYHVWLJDFLyQ GH DJXDV
VXEWHUUiQHDV %DMR HVWD SUHPLVD HO 2,($ HQ HO PDUFR GHO 3UR\HFWR 5HJLRQDO
5/$ FRPSURPHWHQ D ORV HQWHV GH GHVDUUROOR UHJLRQDO 3UR\HFWR %LQDFLRQDO
3X\DQJR7XPEHV HQ3HU~ \6XEFRPLVLyQ(FXDWRULDQDSDUDHO$SURYHFKDPLHQWRGHODV
&XHQFDV+LGURJUiILFDV%LQDFLRQDO3X\DQJR7XPEHV35('(685SDUDTXHHMHFXWHQHO
(VWXGLRGH&DUDFWHUL]DFLyQGHO$FXtIHUR%LQDFLRQDO=DUXPLOOD
(OLQWHUFDPELRGHLQIRUPDFLyQHVHVFDVR\SRUORWDQWRHVSRFRORUHDOL]DGRHQODJHVWLyQ
GHODFXtIHUR(QHOODGRSHUXDQRHO,QVWLWXWR1DFLRQDOGH5HFXUVRV1DWXUDOHV,15(1$
KR\ $XWRULGDG 1DFLRQDO GHO $JXD KD UHDOL]DGR HO HVWXGLR KLGURJHROyJLFR GHO 9DOOH
=DUXPLOODLQFLGLHQGRHQODJHRItVLFDDWUDYpVGHVRQGHRV7'(0VRQGHRVTXHKD
SHUPLWLGRLQYHVWLJDUWDQWRORVGHSyVLWRVFXDWHUQDULRVFRPRWHUFLDULRV
/RVFRQYHQLRV\WUDWDGRVELQDFLRQDOHVVRQORVPHFDQLVPRVLGyQHRVTXHSHUPLWLUiQXQD
HIHFWLYDJHVWLyQ\FRODERUDFLyQSDUDHOGHVDUUROORGHODV]RQDVIURQWHUL]DV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(QHO3HU~DFWXDOPHQWHDQWHODHVFDVH]GHODVDJXDVVXSHUILFLDOHV \ DOKDEHU HVWXGLRV
KLGURJHROyJLFRV GHO DFXtIHUR HO JRELHUQR UHJLRQDO KD LQLFLDGR XQD FDPSDxD GH
SHUIRUDFLyQGHSR]RVFX\DVDJXDVVHUiQXWLOL]DGDVFRQILQHVGHULHJR\SREODFLRQDO
0DQHMDU HILFLHQWHPHQWH ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV SURPRYLHQGR HO XVR GH
WpFQLFDV LVRWySLFDV DVt FRPR SURPRYHU HO GHVDUUROOR GH ODV LQVWLWXFLRQHV FLHQWtILFDV \
WpFQLFDVQDFLRQDOHVSDUDHOXVRGHWpFQLFDVQXFOHDUHVHQHOPDQHMRGHUHFXUVRVKtGULFRV
3URPRYHUODFRRSHUDFLyQKRUL]RQWDOHQWUHORVSDtVHVGHODUHJLyQ
394
$8725(6<)8(17(6
3HU~3UHSDUDGRFRQODFRODERUDFLyQGH(GZLQ=HQWHQR7XSLxR
)XHQWH,QVWLWXWR1DFLRQDOGH5HFXUVRV1DWXUDOHV,15(1$KR\$XWRULGDG1DFLRQDOGHO
$JXD$1$
5HIHUHQFLDV(VWXGLR+LGURJHROyJLFRGHO9DOOH=DUXPLOOD
(FXDGRU3UHSDUDGRFRQODFRODERUDFLyQGH1DSROHyQ%XUEDQR2
395
396
66,67(0$ $&8Ë)(52 75$16)5217(5,=2 38<$1*2780%(6
&$7$0$<2&+,5$
(&8$'253(5Ò
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
/DH[WHQVLyQGHOVLVWHPDDFXtIHURHQ3HU~HVGHDSUR[LPDGDPHQWHNP 7XPEHV
PLHQWUDV TXH HQ &KLUD WLHQH XQD ORQJLWXG GH NP /D SREODFLyQ DSUR[LPDGD HQ
7XPEHVHVGHKDELWDQWHV\GHKDELWDQWHVHQ&KLUD
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q 3HU~ HQ 7XPEHV H[LVWH XQ DFXtIHUR OLEUH \ VXSHUILFLDO HQ GHSyVLWRV DOXYLDOHV
FXDWHUQDULRV \ RWUR VHPLFRQILQDGR XELFDGR D PD\RU SURIXQGLGDG \ HQ GHSyVLWRV
WHUFLDULRV GH RULJHQ PDULQR GRQGH OD QDSD VH HQFXHQWUD HQWUDPSDGD HQ KRUL]RQWHV QR
FRQWLQXRV\HQEORTXHV+RUVW\*UDEHQVSURGXFWRGHOLQWHQVRWHFWRQLVPRRFXUULGRHQ
pSRFDV SDVDGDV (Q &KLUD HO DFXtIHUR FRUUHVSRQGH SULQFLSDOPHQWH D GHSyVLWRV
FXDWHUQDULRV VXHOWRV H[LVWLHQGR OD SRVLELOLGDG GH XELFDU XQR SURIXQGR HQ GHSyVLWRV
WHUFLDULRV
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q3HU~HQHO$FXtIHUR7XPEHVODSURIXQGLGDGGHORVQLYHOHVIUHiWLFRVYDUtDHQWUH
P\POOHJDQGRLQFOXVRKDVWDPPLHQWUDVTXHHQ&KLUDIOXFW~DHQWUH\
PHQHODFXtIHURVXSHUILFLDOGHRULJHQFXDWHUQDULR
=RQDVGHUHFDUJD
/DUHFDUJDQDWXUDOSULQFLSDOVHGDHQODSDUWHDOWDGHODFXHQFDHQWHUULWRULRHFXDWRULDQR\
HQ IRUPD VHFXQGDULD HQ WHUULWRULR SHUXDQR HQ DPEDV PiUJHQHV GH ORV UtRV 7XPEHV \
&KLUD\HQiUHDVGHFXOWLYR
([SORWDFLyQ\FDXGDOHV
(Q3HU~HQ7XPEHVODH[SORWDFLyQGHODVDJXDVVXEWHUUiQHDVHVGHKPPLHQWUDV
TXHHQ&KLUDHVGHKP
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/D SREODFLyQ SDUD OD SRUFLyQ SHUXDQD HVWi HVWLPDGD HQ XQRV KDELWDQWHV HQ
7XPEHV \ HQ &KLUD GH ORV FXDOHV KDELWDQWHV LQWHJUDQ OD IUDFFLyQ
XUEDQDHQODFLXGDGGH7XPEHVKDELWDQWHVHQ6XOODQD\KDELWDQWHVHQ
7DODUD/DSREODFLyQUXUDOHQ7XPEHVFRUUHVSRQGHDKDELWDQWHV
397
8VRV
/DH[WUDFFLyQDQXDOHVWLPDGDGHO$FXtIHUR7XPEHVHVGHKPKPSDUDULHJR
\ KP SDUD XVR GRPpVWLFR (Q &KLUD VH H[WUDH KP KP SDUD XVR
GRPHVWLFRKPSDUDXVRLQGXVWULDO\KPSDUDULHJR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q3HU~HODJXDTXHVHH[WUDHGHO$FXtIHUR7XPEHVYDUtDGHEXHQDDPDODFDOLGDG
±—6FPPLHQWUDVTXHHQ&KLUDIOXFW~DHQWUH\—6FP
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(QHO3HU~HVPX\UHGXFLGDODH[SORWDFLyQGHOVLVWHPDDFXtIHURKP HQ 7XPEHV\
KP HQ &KLUD (Q 7XPEHV GHELGR D OD FRPSOHMLGDG TXH SUHVHQWD HO DFXtIHUR
PD\RUPHQWHVHH[WUDHDJXDGHGHSyVLWRVVHGLPHQWDULRVWHUFLDULRVGHRULJHQPDULQRFX\D
QDSD VH HQFXHQWUD HQWUDPSDGD HQ KRUL]RQWHV QR FRQWLQXRV \ HQ EORTXHV +RUVW \
*UDEHQVSURGXFWRGHOLQWHQVRWHFWRQLVPRDFDHFLGRHQpSRFDVSDVDGDV'HEHLQGLFDUVH
TXHPD\RUPHQWHODVDJXDVVRQGHPDODFDOLGDGDXQTXHH[LVWHQKRUL]RQWHVGHDFHSWDEOH
FDOLGDG TXH VRQ DSURYHFKDGRV (Q HO &KLUD OD H[SORWDFLyQ GHO DFXtIHUR WDPELpQ HV
UHGXFLGDH[WUD\HQGRDJXDSULQFLSDOPHQWHHQGHSyVLWRVDOXYLDOHVFXDWHUQDULRV
(Q OD SDUWH DOWD GH OD &XHQFD GHO 5tR 3X\DQJR 7XPEHV H[LVWHQ DOUHGHGRU GH DVLHQWRVPLQHURVSURGXFWRUHVGHRURORVFXDOHVXWLOL]DQHOPHUFXULRFRPRPDWHULDSULPD
SDUDVXH[SORWDFLyQHOFXDOVLQQLQJ~QWUDWDPLHQWRHVDUURMDGRDODVDJXDVGHDOJXQRV
UtRV DIOXHQWHV GHO 3X\DQJR SULQFLSDOPHQWH HO 5tR $PDULOOR HO FXDO VH HQFXHQWUD
FRQWDPLQDGR (Q OD SDUWH EDMD GH OD FXHQFD HO 5tR 7XPEHV HV FRQWDPLQDGR SRU ODV
DJXDVVHUYLGDVGHORVGHVDJHVTXHGLUHFWDPHQWHGHVHPERFDQHQVXFDXFH
2WUDVIXHQWHVGHDJXD
(Q SDUWH GHO WHUULWRULR SHUXDQR XQD IXHQWH GH DJXD FRPSOHPHQWDULD SDUD HO
DEDVWHFLPLHQWR D OD SREODFLyQ GH OD FLXGDG GH7XPEHV \ FLXGDGHV GH 6XOODQD 3DLWD \
7DODUDVRQODVDJXDVSURYHQLHQWHVGHORVUtRV7XPEHV\&KLUD
9$5,$&,21(6&/,0È7,&$6$&78$/(6<35(9,67$6(1/$5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q7XPEHVHOFOLPDHVVHPLWURSLFDOFRQVROFDVLWRGRHODxR\WHPSHUDWXUDSURPHGLR
GHž&(QpSRFDGHYHUDQRODWHPSHUDWXUDVHHOHYDKDVWDORVž&6HSUHVHQWDQ
DxRV VHFRV \ pSRFDV H[FHSFLRQDOPHQWH OOXYLRVDV HQ ORV PHVHV GH YHUDQR GLFLHPEUH ±
DEULOHOFXDOUHFDUJDDODFXtIHURHQIRUPDPtQLPD
398
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
/RV SURQyVWLFRV PHWHRUROyJLFRV LQGLFDQ TXH HQ HO 9DOOH 7XPEHV DXPHQWDUi OD
WHPSHUDWXUD \ HQ FRQVHFXHQFLD GLVPLQXLUi OD SUHFLSLWDFLyQ SOXYLDO D FDXVD GHO
FDOHQWDPLHQWRJOREDOSRUORTXHVHUHGXFLUiODGLVSRQLELOLGDGGHOUHFXUVRKtGULFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DV VHTXtDV KDQ WHQLGR XQ LPSDFWR QHJDWLYR VREUH OD UHFDUJD GHO DFXtIHUR 6ROR HO
DFXtIHURVHUHFDUJDHQIRUPDPtQLPDFXDQGRVHSUHVHQWDHOIHQyPHQR(O1LxRHOFXDO
FRQODVLQWHQVDV\WRUUHQFLDOHVOOXYLDVSURYRFDGDxRVHQWRGRVORVVHFWRUHVGHODFLXGDG
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q7XPEHVFXDQGRVHSURGXFHQIHQyPHQRVFRPR(O1LxRODH[SORWDFLyQGHODFXtIHUR
HV IXQGDPHQWDO \D TXH HVWH IHQyPHQR GHMD FRPR FRQVHFXHQFLD OD GHVWUXFFLyQ GH
DOFDQWDULOODV \WRGRHOVLVWHPDGHGHVDJHVHQODFLXGDG(VDOOtGRQGHVHKDFHXVRGHO
DFXtIHURDWUDYpVGHODH[SORWDFLyQGHODJXDGHOVXEVXHOR(Q&KLUDXWLOL]DQDJXDVTXHVH
DOPDFHQDQHQOD5HSUHVD3RHFKRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q7XPEHV ODV SULQFLSDOHV XQLGDGHV GH SDLVDMH VRQ ORV ERVTXHV VHFRV WLSR VDEDQD GH
ORPDGD\GHPRQWDxDGHQWURGHORVFXDOHVVHGHVDUUROODQORVSDVWRVQDWXUDOHV\HVSHFLHV
GHIORUD\IDXQD2WURSDLVDMHVHUtDQORV0DQJODUHVH[LVWHQWHVHQWUHHODFXtIHUR\HOPDU
/DFREHUWXUDQDWXUDOGHOWHUUHQRHVGHFDUiFWHUERVFRVRPX\VHFRWURSLFDOFRQPRQWHV
HVSLQRVRV\PDWRUUDOGHVpUWLFR
&REHUWXUD\XVRDFWXDOGHODWLHUUD
/RV XVRV DFWXDOHV GHO VXHOR VRQ XUEDQR \ DJUtFROD HQ HO YDOOH (Q HVWH YDOOH HO XVR
LQGXVWULDOHVHVFDVR
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/RVSULQFLSDOHVFXOWLYRVHQHO9DOOH7XPEHVVRQDUUR]±KD SOiWDQR
JXLQHR±KDPDt]DPDULOORKDIULMRO±KD
VR\DKDIULMROFDQDULRKDRWURVFXOWLYRVKD
(Q &KLUD ORV SULQFLSDOHV FXOWLYRV VRQ DUUR] ± KD SOiWDQR ± KD
FDxDGHD]~FDU±KD\OLPyQVXWLO±KD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
(Q HVWH DFXtIHUR WUDQVIURQWHUL]R QR H[LVWHQ ]RQDV SURWHJLGDV FRQ SURJUDPDV GH
SURWHFFLyQ\FRQVHUYDFLyQHVWDEOHFLGRVSRUHOHVWDGRSHUXDQR
399
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
1R H[LVWH QLQJ~Q SODQ GH RUGHQDPLHQWR WHUULWRULDO SDUD OD ]RQD GHO DFXtIHUR
WUDQVIURQWHUL]RDVtFRPRWDPSRFRH[LVWHXQSODQGHPDQHMRGHORVUHFXUVRVKtGULFRVHQ
OD ]RQD WUDQVIURQWHUL]D SRU OR TXH QR VH SXHGHQ PHQFLRQDU WDPSRFR PHGLGDV SDUD ODV
DJXDV VXEWHUUiQHDV SHUR Vt VHUtD QHFHVDULR RSWDU HQ7XPEHV SRU HO DFXtIHUR SURIXQGR
XELFDGR HQ GHSyVLWRV WHUFLDULRV SDUD PHMRUDU H LQFUHPHQWDU HO DJXD \ HQ &KLUD SRU HO
DFXtIHURVXSHUILFLDOGHRULJHQFXDWHUQDULR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DOXVRGHODJXD
'HSHQGHQFLD GH OD HFRQRPtD ORFDO
DJUR LQGXVWULD UHFXUVRV
QDWXUDOHV GHO DFFHVR DO UHFXUVR
DJXD
3HU~ (O EHQHILFLR HFRQyPLFR OR UHSUHVHQWD OD DFWLYLGDG
SURGXFWLYD OLJDGD D OD DJULFXOWXUD GHELGR D TXH SURGXFWRV
FRPRHODUUR]\HOEDQDQRRUJiQLFRHVH[SRUWDGRSDUDORFXDO
XWLOL]DQODVDJXDVVXEWHUUiQHDVHQpSRFDGHHVWLDMH(Q&KLUD
ODVDJXDVVXEWHUUiQHDVVRQXWLOL]DGDVHQHOEDQDQRRUJiQLFR
3HU~ /D HFRQRPtD ORFDO GHSHQGH SULQFLSDOPHQWH GH OD
DJULFXOWXUD OD FXDO XWLOL]D WDQWR HO DJXD VXSHUILFLDO FRPR HO
DJXDGHOVXEVXHOR
(QHO&KLUDXWLOL]DQSULQFLSDOPHQWHODVDJXDVVXSHUILFLDOHV
(VWLPDFLyQ SRUFHQWXDO GHO QLYHO GH
SREUH]D GH ODV SREODFLRQHV TXH
3HU~1RVHWLHQHQLQJXQDHVWLPDFLyQ
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
3HU~ (Q 7XPEHV OD HVFDVH] GH ORV UHFXUVRV KtGULFRV
0HGLRV GH YLGD TXH FRUUHUtDQ
VXEWHUUiQHRVRFDVLRQDUiGHWHULRURHFRQyPLFRHQODSREODFLyQ
SHOLJUR SpUGLGDV HFRQyPLFDV VL HO
TXHGHSHQGHGHODDJULFXOWXUD0HQRVLPSDFWRVXFHGHUiHQHO
VLVWHPD DFXtIHUR VXEWHUUiQHR VH
&KLUD GHELGR D TXH H[LVWH HO DOPDFHQDPLHQWR GH DJXD D
YLHUDDIHFWDGRQHJDWLYDPHQWH
WUDYpVGHXQDUHSUHVDSDUDLUULJDUODVWLHUUDVGHFXOWLYR
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1RH[LVWHQLQWHUDFFLRQHVHQUHODFLyQDODFXtIHURWUDQVIURQWHUL]R
(Q FXDQWR D ODV DFFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ VH DSHOD D XQD PD\RU
FRPXQLFDFLyQ HQWUH DPERV SDtVHV 3HU~ ± (FXDGRU D WUDYpV GH RUJDQLVPRV FRPR OD
&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHV\$JXDVDVtFRPRWDPELpQSURPRFLyQGHSURJUDPDV
GHLQWHUFDPELRGHLQIRUPDFLyQ\GHSUR\HFWRVELQDFLRQDOHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(Q 3HU~ GHELGR DO LQFUHPHQWR GH OD IURQWHUD DJUtFROD FDxD GH D]~FDU SDUD ELR
FRPEXVWLEOHVHKDFHQHFHVDULR HOXVRGHODVDJXDVVXEWHUUiQHDVPRWLYRSRUHOFXDO
DFWXDOPHQWH VH HQFXHQWUD HQ SOHQD HMHFXFLyQ GH XQ HVWXGLR KLGURJHROyJLFR GHO &KLUD
400
FX\RUHVXOWDGRSHUPLWLUiWHQHUXQFRQRFLPLHQWRFDEDOGHODFXtIHUR\HQHVSHFLDOGHODJXD
DOPDFHQDGDHQHOVXEVXHOR
$8725(6<)8(17(6
3HU~ &RODERUDFLyQ GH (GZLQ =HQWHQR 7XSLxR $XWRULGDG 1DFLRQDO GHO $JXD
$1$
5HIHUHQFLDV(VWXGLR+LGURJHROyJLFRGHO9DOOH&KLUDHQHMHFXFLyQ
(FXDGRU3UHSDUDGRFRQODFRODERUDFLyQGH1DSROHyQ%XUEDQR2
401
402
66,67(0$$&8Ë)(5275$16)5217(5,=2$0$=21$6
%2/,9,$%5$6,/&2/20%,$(&8$'253(5Ò9(1(=8(/$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R$PD]RQDVH[6ROLP}HV,oiLQFOX\HQGRWRGDYtDOD
)RUPDFLyQ$OWHUGR&KmRFRPSUHQGHORVSDtVHVGH%ROLYLD%UDVLO&RORPELD(FXDGRU
3HU~\9HQH]XHODTXLHQHVDQDOL]DQGRORVPDSDVKLGURJHROyJLFRVHLQWHJUiQGRORVDOGH
$PpULFDGHO6XUDHVFDODFRQVLGHUDQTXHHVSRVLEOHODH[LVWHQFLDGHXQJUDQ
VLVWHPD DFXtIHUR UHJLRQDO GHQRPLQDGR ³$PD]RQDV´ WHQLHQGR HQ FXHQWD ODV
FDUDFWHUtVWLFDVJHROyJLFDVKLGURJHROyJLFDVWRSRJUiILFDVJHRPRUIROyJLFDV\FOLPiWLFDV
(ODFXtIHURWHQGUtDXQDH[WHQVLyQGHDSUR[LPDGDPHQWHNP
&XDGUR6([WHQVLyQ
%ROLYLD
9HQH]XHOD
NP
NP
3HU~
&RORPELD
NP
NP
&XDGUR63REODFLyQ
%ROLYLD
KDE
9HQH]XHOD
KDE
3HU~
KDE
&RORPELD
KDE
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q%UDVLOHO6LVWHPD$FXtIHUR$PD]RQDVFRPSUHQGHODVSURYLQFLDVKLGURJHROyJLFDVGH
$PpULFDGHO6XUGHQRPLQDGDV$PD]RQDV\2ULQRFRHQGRQGHVHXELFDQGLYHUVRVWLSRV
GH DFXtIHURV FRQVWLWXLGRV GH VHGLPHQWRV QR FRQVROLGDGRV \ FRQVROLGDGRV (O VLVWHPD
DFXtIHUR VH FDUDFWHUL]D SRU XQ HVSHVRU GH KDVWD P FRPR DFXtIHUR OLEUH
HQFRQWUiQGRVHWDPELpQHQFRQGLFLRQHVFRQILQDGDV\GHJUDQHVSHVRU
(Q 9HQH]XHOD HVWi LQWHJUDGR SRU OD 3URYLQFLD GHO 2ULQRFR TXH ILVLRJUiILFDPHQWH
FRUUHVSRQGHDORVOODQRVYHQH]RODQRVFRQXQDVXSHUILFLHDSUR[LPDGDGHNP
3RVHHDFXtIHURVFRQEXHQSRWHQFLDO \EXHQDVFDUDFWHUtVWLFDVKLGURJHROyJLFDVDVtFRPR
H[FHOHQWH FDOLGDG HQ ODV DJXDV 6H FDUDFWHUL]D SRU WHQHU SRURVLGDG LQWHUJUDQXODU
SUHGRPLQDQGR JUDYDV H LQWHUFDODFLRQHV GH DUHQDV \ DUFLOODV FRQ SURIXQGLGDGHV
SURPHGLR GH P 6X SHUPHDELOLGDG HV YDULDEOH GH DOWD D EDMD \ IUHFXHQWHPHQWH GH
WLSROLEUH
(Q%ROLYLDODOLWRORJtDVHGLPHQWDULDHVWiFRQVWLWXLGDSRUDJORPHUDGRVJUDYDV\DUHQDV
FRQSRURVLGDGSULPDULDFX\RUDQJRGHHVSHVRUHVGHDP
(Q3HU~HVWiFRQIRUPDGRSRUVHGLPHQWRVDOXYLDOHVGHHGDGFXDWHUQDULDFRQVWLWXLGRVSRU
JUDYDV DUHQDV OLPRV ORGROLWDV \ DUFLOODV HQWUHPH]FODGRV HQ GLIHUHQWHV SURSRUFLRQHV
IRUPDQGR KRUL]RQWHV GH HVSHVRUHV YDULDEOHV TXH VH SUHVHQWDQ HQ IRUPD DOWHUQDGD HQ
VHQWLGR YHUWLFDO DVt FRPR SRU GHSyVLWRV GH OD IRUPDFLRQHV GH HGDG WHUFLDULD 3HEDV
,SXUXUR ,TXLWRV \ 1DXWD PLHPEUR ,QIHULRU FRQIRUPDGR SRU URFDV VHGLPHQWDULDV SRFR
403
FRPSDFWDVHVGHFLUYDUtDQGHPDWHULDOHVILQRVLPSHUPHDEOHVDPDWHULDOHVPH]FODGRV
ILQRV\JUXHVRVSHUPHDEOHVFX\DGLVSRVLFLyQVHHIHFW~DHQIRUPDLUUHJXODU
(Q &RORPELD OD FXHQFD HVWi FXELHUWD SRU GHSyVLWRV FXDWHUQDULRV IOXYLRODFXVWUHV TXH
VXSUD\DFHQURFDVVHGLPHQWDULDVGHWUtWLFDVGHWH[WXUDVDUHQRVDVOXWLWLFDV\FDUERQDWDGDV
TXH VH H[WLHQGHQ GHVGH HO 3DOHR]RLFR KDVWD HO 7HUFLDULR 6XSHULRU (VWD VHFXHQFLD
GHVFDQVD VREUH OD SDOHRWRSRJUDILD GHO EDVDPHQWR tJQHRFULVWDOLQR GHO HVFXGR GH OD
*X\DQD TXH VH OHYDQWD KDFLD HO RULHQWH /D JUXHVD VHFXHQFLD GH URFDV VHGLPHQWDULDV
GHWUtWLFDVFRQIRUPDXQDHVWUXFWXUDPRQRFOLQDOIDOODGDOLJHUDPHQWH\EDVFXODGDKDFLDHO
RFFLGHQWHTXHVHDGHOJD]DKDFLDHOHVWH
/RV DFXtIHURV FRQVWLWXLGRV SRU VHGLPHQWRV WHUFLDULRV \ GHSyVLWRV UHFLHQWHV DO SDUHFHU
WLHQHQFRQH[LyQKLGUiXOLFDFRQORVUtRVSULQFLSDOHVHQDOJXQRVSXQWRV\HQRWURVUHFLEHQ
DSRUWHGHSUHFLSLWDFLyQHQORVVLWLRVGRQGHDIORUDQODVXQLGDGHVGHDOXYLRQHVUHFLHQWHVHQ
ODV YHJDV \ SOD\RQHV GH ORV UtRV \ HQ ORV SDOHRFDQDOHV H[SXHVWRV (Q HVWH DFXtIHUR
VXSHULRUHVGHHVSHUDUVHTXHODGLUHFFLyQGHIOXMRGHODVDJXDVVXEWHUUiQHDVFRLQFLGDFRQ
ODGLUHFFLyQGHOGUHQDMHRULJLQDO
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q9HQH]XHODHQWpUPLQRVJHQHUDOHVVHKDQPDQWHQLGRORVQLYHOHVGHDJXD(QDOJXQRV
VHFWRUHVKDQSRGLGRGHVFHQGHUSHURVLQFRQVHFXHQFLDVGHDJRWDPLHQWRVGHORVDFXtIHURV
(Q %UDVLO ORV DFXtIHURV FRQ PHMRUHV UHQGLPLHQWRV HVWiQ FRQVWLWXLGRV HQVX JUDQ SDUWH
SRU XQLGDGHV OLWROyJLFDV SRFR R QR FRQVROLGDGDV FRQ SRURVLGDG LQWHUJUDQXODU
SUHGRPLQDQGR JUDYDV H LQWHUFDODFLRQHV GH DUHQDV \ DUFLOODV FRQ SURIXQGLGDGHV
SURPHGLRGHP
(Q3HU~XQHVWXGLRUHDOL]DGRHQOD]RQDGH,TXLWRVKDGHWHUPLQDGRTXHORVQLYHOHVGH
DJXDVHHQFXHQWUDQFDVLVXSHUILFLDOPHQWHDSURIXQGLGDGHVHQWUH\P
(Q &RORPELD HO DFXtIHUR VXSHULRU HV FRQWLQXR HQ OD FXHQFD \ SRU OR WDQWR FDEH
SUHVXSRQHUXQDDPSOLDLQWHUFRQH[LyQKLGUiXOLFDUHJLRQDOSRUORPHQRVHQORVSULPHURV
PHWURVGHSURIXQGLGDG(QHOiUHDGHOSLHGHPRQWHOODQHURVHLGHQWLILFDQDFXtIHURV
OLEUHVDFRQILQDGRVFRQVWLWXLGRVSRUXQDVHFXHQFLDGHWHUUD]DV\FRQRVGHGH\HFFLyQGHO
FXDWHUQDULRFX\RHVSHVRUYDUtDGHDPHWURV/RVQLYHOHVHVWiWLFRVVHHQFXHQWUDQ
HQWUHPHWURV\PHWURVEDMRODVXSHUILFLH\ODSURGXFFLyQSURPHGLRGHORVSR]RV
HV GH OLWURV SRU VHJXQGR (Q ORV PXQLFLSLRV GH$UDXTXLWD 3XHUWR 5RQGRQ \ &UDYR
1RUWH \ $UDXFD VH KDQ SHUIRUDGR DOJXQRV SR]RV SDUD DEDVWHFLPLHQWR GRPpVWLFR \
S~EOLFR GH ORV FXDOHV VROR VH VDEH TXH WLHQHQ SURIXQGLGDGHV PHQRUHV GH PHWURV \
FDXGDOHVGHORUGHQGHOLWURVSRUVHJXQGR
=RQDVGHUHFDUJD
(Q%UDVLOQRIXHURQLGHQWLILFDGDViUHDVGHUHFDUJD/DSRUFLyQFHQWUDOHQODIURQWHUDFRQ
&RORPELD(FXDGRU\3HU~HVWiLGHQWLILFDGDHQHO0DSD+LGURJHROyJLFRGH$PpULFDGHO
6XU FRPR iUHD GH GHVFDUJD iUHD LQXQGDGD 3UREDEOHPHQWH EXHQD SDUWH GH OD UHFDUJD
SURYLHQHGHODVSRUFLRQHVPiVDOWDVDORHVWHSLHGHPRQWHDQGLQR\FRUGLOOHUD\DWUDYpV
GH LQILOWUDFLyQ GH OD SUHFLSLWDFLyQ GLUHFWD \ GH ODV DJXDV GH ORV UtRV 6ROLP}HV -XUXi
1HJURH$PD]RQDV
404
(Q 9HQH]XHOD ORV IOXMRV SURYLHQHQ SULQFLSDOPHQWH GHO SLHGHPRQWH DQGLQR \ GH OD
FRUGLOOHUDFHQWURRULHQWDO2WUDYtDGHLQILOWUDFLyQHVDWUDYpVGHODSUHFLSLWDFLyQGLUHFWD\
GH ODV DJXDV GH ORV UtRV HQ OD H[WHQVD ILVLRJUDItD TXH FRPSUHQGH ORV OODQRV \ ODV
PHVHWDV
(Q 3HU~ ODV DJXDV VXEWHUUiQHDV HQ OD ]RQD LQYHVWLJDGD IRUPD SDUWH GH XQD QDSD
VHPLFRQILQDGDGHELGRDTXHORVKRUL]RQWHVSURGXFWLYRVDFXtIHURVVLWXDGRVDGLIHUHQWHV
SURIXQGLGDGHV VH HQFXHQWUDQ VHOODGRV HQ VX EDVH SRU PDWHULDOHV LPSHUPHDEOHV ORV
FXDOHVGHEHQWHQHUXQDUHFDUJDHQODSDUWHDOWDGHODV]RQDVHVWXGLDGDV]RQDVK~PHGDV
DVtFRPRWDPELpQGHODVLQILOWUDFLRQHVGHO5tR8FD\DOL\GHOD/DJXQD<DULQDFRFKD/D
UHFDUJDGHODFXtIHURVXSHUILFLDO OLEUHSURYLHQH SULQFLSDOPHQWHGHODVLQILOWUDFLRQHVGH
ODVOOXYLDVWRUUHQFLDOHVTXHRFXUUHQHQODVHOYDSHUXDQD
(Q&RORPELDODUHFDUJDUHJLRQDOVHUHDOL]DHQHOSLHGHPRQWHGHOD&RUGLOOHUD2ULHQWDO
$QGHV&RORPELDQRV8QDUHFDUJDDGLFLRQDOVHSURGXFHGHPDQHUDGLUHFWDDWUDYpVGH
DUHQDV \ JUDYDV GH SODQLFLHV DOXYLDOHV \ GHSyVLWRV HyOLFRV SULQFLSDOPHQWH HQ OD
2ULQRTXLDFRORPELDQD
([SORWDFLyQ\FDXGDOHV
(Q%UDVLODSHVDUGHODJUDQDEXQGDQFLDGHDJXDVVXSHUILFLDOHVODVDJXDVVXEWHUUiQHDV
VRQ DPSOLDPHQWH XWLOL]DGDV HQ OD UHJLyQ FRQ GHVWDTXH SDUD ORV HVWDGRV GH$PD]RQDV
3DUi\$PDSi
(Q%ROLYLDODH[SORWDFLyQHVGHFDUiFWHUPHGLRSHURVHGHVFRQRFHHOYROXPHQH[WUDtGR
$FWXDOPHQWH HQ9HQH]XHOD KDFLD OD ]RQD RFFLGHQWDO GH OD 3URYLQFLD GHO2ULQRFR KD\
LQWHQVDVH[SORWDFLRQHVGHDJXDVVXEWHUUiQHDV6LQHPEDUJRHQOD]RQDRULHQWDOGRQGHVH
HPSOD]DQORVPHMRUHVDFXtIHURVGHOSDtVODH[SORWDFLyQHQODPD\RUtDGHVXVVHFWRUHVVH
FRQVLGHUDVXEDSURYHFKDGD
(Q3HU~,TXLWRVODV]RQDVPiVH[SORWDGDVFRUUHVSRQGHQDO'LVWULWRGH6DQ-XDQ%DXWLVWD
\DORVVHFWRUHVDOHGDxRVGHODHURSXHUWRGHHVWDFLXGDG(OYROXPHQGHDJXDH[SORWDGDGHO
DFXtIHURPHGLDQWHSR]RVIXHGHP
&DXGDOHVGHH[SORWDFLyQHQWUH\OVHQODSDUWHQRUWHFRQXQDSURGXFFLyQGH
PLOORQHV GH PHWURV F~ELFRV +DFLD HO VXU OD SURGXFFLyQ QR DOFDQ]D ORV PLOORQHV GH
PHWURVF~ELFRV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHSREODFLyQHQODSiJLQDVLJXLHQWH
(Q %UDVLO OD SREODFLyQ LQGtJHQD HVWi HVWLPDGD HQ KDELWDQWHV HQ %ROLYLD VH
HVWLPD TXH HV \ HQ9HQH]XHOD HV XQ 9HQH]XHOD HVWLPD TXH OD SREODFLyQ HQ
]RQDGHUHFDUJDHVGHXQ\HQ]RQDVGHGHVFDUJDXQ
405
&XDGUR63REODFLyQ
%ROLYLD
9HQH]XHOD
3HU~
&RORPELD
KDELWDQWHV
KDELWDQWHV
!
KDELWDQWHV
KDELWDQWHV
8UEDQD\
SULQFLSDOHV
FLXGDGHV
!
KDE
/DSREODFLyQXUEDQD
UHSUHVHQWDPHQRU
SRUFHQWDMHSHURFRQ
ULWPRVGH
FUHFLPLHQWR\
GLQDPLVPRHQODV
FLXGDGHV
7XFXSLWD0DWXULQ
(O7LJUH$QDFR3WR
/D&UX]&LXGDG
%ROtYDU&LXGDG
*XD\DQD&DODER]R
6DQ)HUQDQGR6DQ
&DUORV$FDULJXD
*XDQDUH%DULQDV
,TXLWRV
HQOD
]RQDXUEDQD
SULQFLSDOHV
FLXGDGHV
,TXLWRV6DQ
-XDQ
%DXWLVWD
KDE
KDE
(OPD\RUSRUFHQWDMH
GHODSREODFLyQHV
UXUDOGLVSHUVD
,TXLWRV
HQOD
]RQDUXUDO
KDE
7RWDO
5XUDO
8VRV
(Q%UDVLOHQOD5HJLyQ +LGURJUiILFD$PD]yQLFDHO DJXDVXEWHUUiQHDHV XWLOL]DGDFDVL
H[FOXVLYDPHQWH SDUD HO DEDVWHFLPLHQWR KXPDQR ,JXDOPHQWH VH SXHGH GHFLU TXH HO
YROXPHQGHDJXDGHVWLQDGRDRWURVXVRVFRPRULHJRJDQDGHUtDLQGXVWULDHVLQIHULRUDO
GHO WRWDO (O XVR LQGXVWULDO HVWi FRQFHQWUDGR HQ ODV PD\RUHV FLXGDGHV FRPR
0DQDXV315+&DGHUQRV5HJLRQDLV
/DV DJXDV VXEWHUUiQHDV UHSUHVHQWDQ XQ GHO WRWDO GH OD GHPDQGD (Q HO (VWDGR GH
$FUH GH ODV ORFDOLGDGHV XWLOL]DQ HVWH UHFXUVR HQ 5RQG{QLD XQ HQ 3DUi
GH ODV ORFDOLGDGHV \ HQ $PDSi PXHVWUDQ XQ SUHGRPLQLR GH ODV DJXDV
VXEWHUUiQHDVHQHODEDVWHFLPLHQWR6LQHPEDUJRHVHO(VWDGRGH$PD]RQDVHOTXHXWLOL]D
HO PD\RU YROXPHQ GH DJXD VXEWHUUiQHD FRQ FHUFD GHO GHO WRWDO JOREDO
GLVSRQLELOL]DGRHQWRGDODUHJLyQKLGURJUiILFD315+&DGHUQRV5HJLRQDLV
/D FLXGDG GH &DUDFDUDt 55 HV WRWDOPHQWH DEDVWHFLGD SRU HO$FXtIHUR ,oi VLHQGR TXH
ORVSR]RVIXQFLRQDQLQLQWHUUXPSLGDPHQWHOOHJDQGRDXQWRWDOGHPLOORQHVGHOLWURV
SRU GtD SDUD HO DEDVWHFLPLHQWR GH OD SREODFLyQ 3UREDEOHPHQWH HO 'LVWULWR GH 1RYD
&ROLQD 0XQLFLSLR GH 5RUDLQySROLV HV DEDVWHFLGR SRU HVWH PLVPR DFXtIHUR =((
5&(55
(Q%ROLYLDORVSULQFLSDOHVXVRVVRQGRPpVWLFRLQGXVWULDO\S~EOLFRXUEDQR
(Q9HQH]XHODXQHVSDUDULHJR\XQHVSDUDXVRGRPpVWLFR
406
(Q3HU~ORVXVRVVHGLVWULEX\HQGHODVLJXLHQWHIRUPD
'RPpVWLFR
P ,QGXVWULD O
P 3HFXDULR P
$JUtFROD P
(Q &RORPELD HO DJXD VXEWHUUiQHD HV XWLOL]DGD FDVL H[FOXVLYDPHQWH SDUD HO
DEDVWHFLPLHQWR GRPpVWLFR (O YROXPHQ GH DJXD GHVWLQDGR D RWURV XVRV FRPR ULHJR
JDQDGHUtDLQGXVWULDHVLQIHULRUDOGHOWRWDO
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q%UDVLOODFDOLGDGGHDJXDHVEXHQD\DOWDPHQWHVXVFHSWLEOHDODFRQWDPLQDFLyQ
(Q%ROLYLDODFDOLGDGHVEXHQD
(Q9HQH]XHODODVFRQFHQWUDFLRQHVGHOWRWDOGHVyOLGRVHQODPD\RUSDUWHGHOD3URYLQFLD
GHO2ULQRFRHVLQIHULRUDORVSSPVLHQGRXQDJXDSRWDEOHGHEXHQDFDOLGDG\DSWD
SDUD HO FRQVXPR KXPDQR \ GRPpVWLFR 6ROR HQ SHTXHxDV ]RQDV VH HQFXHQWUDQ
FRQFHQWUDFLRQHVVXSHULRUHVDSSP\YDORUHVVXSHULRUHVDSSPGHFRQWHQLGRGH
KLHUUR3UDFWLFDPHQWHHQWRGDODSURYLQFLDODVDJXDVVRQDSWDVSDUDODDJULFXOWXUD
(Q 3HU~ ODV DJXDV JHQHUDOPHQWH VH FDOLILFDQ FRPR GH FDOLGDG EXHQD D SHUPLVLEOHV
'HVGHHOSXQWRGHYLVWDDJUtFRODVRQDSWDVSDUDHOULHJR\HQFXDQWRDVXXVRSRWDEOHVRQ
FRQVLGHUDGDVGHSDVDEOHVDEXHQDV(QPX\SRFRVVHFWRUHVVHKDQHQFRQWUDGRDJXDVGH
PDODFDOLGDGFRQVLGHUDGDVVDOREUHV
(Q&RORPELDHODJXDHVOLJHUDPHQWHGXUDSHURSUDFWLFDPHQWHEXHQDSDUDWRGRXVR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(O $FXtIHUR 6ROLP}HV SUHVHQWD OLPLWDFLRQHV HQ WpUPLQRV PLFURELROyJLFRV
SULQFLSDOPHQWH HQ ODV iUHDV XUEDQDV GHELGR D OD DOWD YXOQHUDELOLGDG QDWXUDODFXtIHUR
IUHiWLFR FRQ QLYHO GH DJXD VRPHUR SUy[LPR D OD VXSHUILFLH \ HOHYDGR SRWHQFLDO GH
FRQWDPLQDFLyQ GHELGR D SR]RV PDO FRQVWUXLGRV DXVHQFLD R LQDGHFXDGD SURWHFFLyQ
VDQLWDULD DEDQGRQR GH SR]RV VLQ VHOODGR \ FDUHQFLD GH VDQHDPLHQWR EiVLFR 315+
&DGHUQRV5HJLRQDLV
(QJHQHUDOHOSUREOHPDHVHOPLVPRSDUDWRGRHOVLVWHPDDFXtIHURSULQFLSDOPHQWHHQ
ODViUHDVXUEDQDVGHVWDFiQGRVH0DQDXV6DQWDUpP5LR%UDQFR0DFDSi,OKDGH0DUDMy
\3RUWR9HOKR\SDUDODUHJLyQGHOHQWRUQRGHORVSULQFLSDOHVHMHVGHFRQH[LyQFDQDOGHO
5tR$PD]RQDVHQHOWUHFKR0DQDXV6DQWDUpP \ DORODUJRGHOD FDUUHWHUD&XLEi3RUWR
9HOKR
(Q%ROLYLDVHSUHVXPHTXHH[LVWHFRQWDPLQDFLyQGHOWLSRXUEDQRDXQTXHQRVHFXHQWD
FRQODLQIRUPDFLyQQHFHVDULD6HGHVFRQRFHQLJXDOPHQWHODGLVSRQLELOLGDGHOFDPELR
HQFDOLGDG\ODVFDUDFWHUtVWLFDVItVLFRTXtPLFDVGHODJXD
407
(Q 9HQH]XHOD OD GLVSRQLELOLGDG GH DJXD VXEWHUUiQHD KD VLGR HVWDEOH SRU OD
VXEXWLOL]DFLyQGHODIXHQWHVXEWHUUiQHDSHURHQWpUPLQRVJHQHUDOHVVHKDQPDQWHQLGRORV
QLYHOHV GH DJXD HQ DOJXQRV VHFWRUHV KD SRGLGR GHVFHQGHU SHUR VLQ FRQVHFXHQFLDV GH
DJRWDPLHQWRVHQORVDFXtIHURV/DFDOLGDGGHODJXDSRUORJHQHUDOHVEXHQD
/D VHOYD SHUXDQD SUHVHQWD XQ FOLPD WURSLFDO HO FXDO HVWi DVRFLDGR D OD SUHVHQFLD GH
DEXQGDQWHV OOXYLDV ODV FXDOHV UHFDUJDQ FRQVWDQWHPHQWH ORV DFXtIHURV H[LVWHQWHV HQ HVD
]RQD SRU OR TXH OD H[SORWDFLyQ GH ODV DJXDV VXEWHUUiQHDV QR JHQHUD VLJQLILFDWLYRV
GHVFHQVRVGHORVQLYHOHVIUHiWLFRV3RURWURODGRORVHVWXGLRVHIHFWXDGRVGHPXHVWUDQTXH
ODFDOLGDGGHODJXDHVFRQVLGHUDGDFRPRGHEXHQDDSDVDEOHWDQWRSDUDVXXVRDJUtFROD
FRPRSRWDEOH
(Q &RORPELD QR KD\ SUHVLyQ DFWXDOPHQWH VREUH ORV DFXtIHURV SRU VX OLPLWDGR
DSURYHFKDPLHQWR
2WUDVIXHQWHVGHDJXD
(Q%UDVLOHQHVFDODUHJLRQDOORVUtRVGHODFXHQFDDPD]yQLFDHVWiQUHODWLYDPHQWHOLEUHV
GH FRQWDPLQDFLRQHV SURYHQLHQWHV GH IXHQWHV WDQWR GRPpVWLFDV FRPR LQGXVWULDOHV \
DJUtFRODV SULQFLSDOPHQWH GHELGR D ORV JUDQGHV YRO~PHQHV GH ORV UtRV GH OD UHJLyQ
(QWUHWDQWR HQ HVFDOD ORFDO VRQ LPSRUWDQWHV ODV FRQWDPLQDFLRQHV SURYHQLHQWHV GH OD
XUEDQL]DFLyQ \D TXH HQ ODV FLXGDGHV GH OD UHJLyQ QRUWH DSHQDV GH ODV DJXDV
VHUYLGDVDODSREODFLyQVRQWUDWDGDV\QRKD\HQJHQHUDOVDQHDPLHQWREiVLFR(QSXQWRV
HVSHFtILFRV KD\ FRQWDPLQDFLyQ GH UtRV SRU PHUFXULR GHULYDGR GH OD DFWLYLGDG PLQHUD
DXQTXHVHKDQUHSRUWDGROXJDUHVGRQGHVXRULJHQHVQDWXUDOEDFNJURXQG3RUORWDQWR
OD ~QLFD IXHQWH FRQILDEOH GH DEDVWHFLPLHQWR HV HO DJXD VXEWHUUiQHD VLHPSUH TXH VHD
PRQLWRUHDGD
(Q %ROLYLD OD ]RQD FXHQWD FRQ JUDQ ULTXH]D GH DJXD VXSHUILFLDO WDQWR IOXYLDO FRPR
ODFXVWUH
(Q9HQH]XHODXQDIXHQWHDOWHUQDHVHO5tR2ULQRFRSHURSRUVXGLVWDQFLD\WUDWDPLHQWR
HVPX\FRPSOHMR\FRVWRVRHOWUDQVSRUWHGHOIOXLGRDODViUHDVGHGHVDUUROOR
(Q 3HU~ HO SULQFLSDO UtR GH OD VHOYD SHUXDQD HV HO$PD]RQDV SHUR H[LVWHQ QXPHURVRV
UtRVTXHWDPELpQWLHQHQYLWDOLPSRUWDQFLDHQHOFRPSRUWDPLHQWRGHHVWHVLVWHPDDFXtIHUR
FRPSRUWiQGRVHGHOPLVPRPRGR&RPRDIOXHQWHVORVPiVLPSRUWDQWHV VRQ0DUDxyQ
+XDOODJD1DSR7LJUH8FD\DOL0DQWDUR\3HUHQp
(Q&RORPELDKD\XQDGHQVDUHGGHUtRVFDXGDORVRVTXHFRUUHQGHRFFLGHQWHDRULHQWH
KDFLD ORV UtRV 2ULQRFR \ $PD]RQDV 6H GHVWDFDQ ORV UtRV $UDXFD &DTXHWD 0HWD
*XDYLDUH3XWXPD\R*XDLQLD9DXSHV$SRSRULV7RPR\9LFKDGD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(OFLFORKLGUROyJLFRHVFRQVLGHUDGRFRPRHOSULQFLSDOLQGLFDGRUGHFDPELRVJOREDOHVHQ
ODUHJLyQ/DVVHULHVGHSHUtRGRODUJRTXHGHVFULEHQORVQLYHOHVGHDJXD\IOXMRVGHORV
408
UtRV QR LQGLFDQ KDVWD HO SUHVHQWH FXDOTXLHU FDPELR DWULEXLEOH D ORV FDPELRV JOREDOHV
(QWUHWDQWRHVDOWDPHQWHSUREDEOHTXHHOFLFORHQiUHDVLQWHQVDPHQWHGHVIRUHVWDGDVHVWp
FDPELDQGR \ YROYLpQGRVH PiV VHFR GXUDQWH OD HVWDFLyQ VHFD FRPSDUDGD D ORV DxRV
DQWHULRUHV*,:$
/D GHPRVWUDFLyQ PiV WDQJLEOH GH ODV DOWHUDFLRQHV HQ HO FLFOR KLGUROyJLFR UHVXOWDQWH GH
ORV FDPELRV JOREDOHV REVHUYDGRV HQ OD $PD]RQLD HV OD UHGXFFLyQ VLJQLILFDWLYD GH OD
FREHUWXUD GH QLHYH HQ OD 0RQWDxD $QWLVDQD HQ HO (FXDGRU *DOiUUDJD6iQFKH] LQI
3HVV*,:$
ZZZXQHSRUJGHZDJLZDDUHDVUHSRUWVUEJLZDBUHJLRQDOBDVVHVVPHQWBESGI
(Q%ROLYLDODFDQWLGDGGHSUHFLSLWDFLyQSHUPDQHFHLJXDOODLQWHQVLGDGHVPD\RU \OD
IUHFXHQFLDKDGLVPLQXLGR
(Q 9HQH]XHOD OD WHQGHQFLD HV XQ LQFUHPHQWR GH DOUHGHGRU GHO HQ ODV
SUHFLSLWDFLRQHV (O FRPSRUWDPLHQWR GH OD SUHFLSLWDFLyQ HQ OD ]RQD KD UHSUHVHQWDGR
DSRUWHVVLJQLILFDWLYRVDODUHFDUJDHQORVDFXtIHURV
(Q3HU~ORVGHSDUWDPHQWRVGH/RUHWR\8FD\DOLTXHFXEUHQFDVLODWRWDOLGDGGHODVHOYD
SHUXDQD SUHVHQWDQ OOXYLDV FDVL WRGRV ORV PHVHV GHO DxR OR FXDO JHQHUD XQD UHFDUJD
FRQVWDQWH GH ORV DFXtIHURV H[LVWHQWHV HQ HVWDV ]RQDV D\XGDQGR D FRQVHUYDU ORV
HFRVLVWHPDV\HOKiELWDWGHODUHJLyQ
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q%UDVLOVHHVSHUDXQDGLVPLQXFLyQGHODVSUHFLSLWDFLRQHV(Q%ROLYLDODIUHFXHQFLD
GH SUHFLSLWDFLyQ GLVPLQXLUi OD LQWHQVLGDG DXPHQWDUi \ OD UHFDUJD HIHFWLYD VH UHGXFLUi
1RVHWLHQHQSURQyVWLFRVFXDQWLWDWLYRVDOLJXDOTXHHQ3HU~(Q&RORPELDVHHVSHUDXQD
GLVPLQXFLyQGHORVYDORUHVGHSUHFLSLWDFLyQHQORVSUy[LPRVDxRV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(Q%UDVLOQRKD\GDWRVVLVWHPDWL]DGRV
(Q HO FDVR GH %ROLYLD OD ]RQD VH LQXQGD DQXDOPHQWH FDGD DxR FRQ PD\RU VHYHULGDG
UHGXFLHQGRODUHFDUJD /DUHJLyQ QRHVVtVPLFD 1RH[LVWHQSODQHVGH H[SORWDFLyQ6H
FRQRFH TXH OD H[SORWDFLyQ HV DUELWUDULD \ VH LQFUHPHQWDUi SRU SHUVRQDV SDUWLFXODUHV \
FRPXQLGDGHV
(Q9HQH]XHODVHHVWiQHODERUDQGRSODQHVGHPDQHMRGHORVDFXtIHURVHQIXQFLyQGHOHMH
GHGHVDUUROORGHOiUHDGHODIUDQMDGHOD)DMD3HWUROtIHUDGHO2ULQRFR
(Q 3HU~ GXUDQWH ORV PHVHV GH YHUDQR GH GLFLHPEUH D PDU]R H[LVWHQ GHVERUGHV GH
DOJXQRV UtRV SRU OD LQWHQVLGDG GH ODV OOXYLDV H[LVWHQWHV SHUMXGLFDQGR iUHDV DJUtFRODV \
SREODGRVDG\DFHQWHV/DUHJLyQQRHVVtVPLFD1RH[LVWHQSODQHVGHH[SORWDFLyQ3RUORV
HVWXGLRVHIHFWXDGRVHQODV]RQDVGH,TXLWRV\8FD\DOLVHFRQRFHTXHODH[SORWDFLyQGH
ORVDFXtIHURVQRHVPX\VLJQLILFDWLYDSRUFRQWDUPD\RUPHQWHFRQDJXDVXSHUILFLDO
(Q&RORPELDVHSUHVHQWDQLQXQGDFLRQHVGHSODQLFLHVHQODVpSRFDVOOXYLRVDV
409
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q%ROLYLDQRVHKDFHQLQJ~QXVRSDUWLFXODUSRUIHQyPHQRVH[WUHPRV
(Q9HQH]XHODHODSURYHFKDPLHQWRSULQFLSDOHVSDUDULHJRGHODDJULFXOWXUDHQHYHQWRV
H[WUHPRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
%UDVLO
(O %RVTXH 7URSLFDO $PD]yQLFR HVWD
(O UHOLHYH VH FDUDFWHUL]D SRU VHU FRPSXHVWR GH WLSRV FRPSOHMRV GH
H[WUHPDGDPHQWH SODQR D OHYHPHQWH RQGXODGR YHJHWDFLyQWDOHVFRPRERVTXHVGHDOWLWXG
ORFDOPHQWHFRQRFXUUHQFLDGHFROLQDV
FHUURV VDEDQDV HQFKDUFDGDV \ ERVTXHV
HQFKDUFDGRV
0HQRVGHOGHODVXSHUILFLHGHODFXtIHURHV
XWLOL]DGDSDUDJDQDGHUtDSDVWL]DOHVQDWXUDOHV\
WHUUHQR KDELOLWDGR SRU GHIRUHVWDFLyQ (O %ROLYLD VRQ FHQWURV SREODGRV GLVSHUVRV FLXGDGHV
SHTXHxDV\FRPXQLGDGHVUXUDOHV(OVRQ
WLHUUDV ERVFRVDV QDWXUDOHV 1R H[LVWH XQ PDSD
GHXVRVGHVXHORVGLVSRQLEOH
3RVHH JUDQGHV HVSDFLRV FRQ FDUDFWHUtVWLFDV
WRSRJUiILFDV IDYRUDEOHV \ SRFD FRPSHWHQFLD
GH XVR (O iUHD SRVHH SURGXFFLRQHV
9HQH]XHOD
DJURSHFXDULDVH[WHQVLYDV\]RQDVSODQWDFLRQHV
IRUHVWDOHV ([LVWHQ ]RQDV FRQ YtD GH
FRPXQLFDFLyQSRUWUDQVSRUWHIOXYLDO
/D PD\RU SDUWH GHO iUHD GH OD VHOYD SHUXDQD
HVWiFXELHUWDSRUYHJHWDFLyQiUHDVQDWXUDOHV\
ERVTXHV ([LVWHQ FLXGDGHV FRQ UHOHYDQFLD
FRPRHVODFLXGDGGH,TXLWRVTXHUHSUHVHQWDHO
SULQFLSDOSXHUWRIOXYLDOGHODUHJLyQODFLXGDG
GH 3XFDOOSD7DUDSRWR TXH FRQVWLWX\H XQ JUDQ
3HU~
DWUDFWLYRWXUtVWLFRDVtFRPR]RQDVLQGXVWULDOHV
TXHVHGHGLFDQDODH[WUDFFLyQGHSHWUyOHRJDV
QDWXUDO \ ]RQDV PDGHUHUDV 0X\ LPSRUWDQWHV
VRQ ODV FRPXQLGDGHV QDWLYDV H[LVWHQWHV HQ OD
UHJLyQ ODV FXDOHV PDQWLHQHQ VXV FRVWXPEUHV \
WUDGLFLRQHV
410
&REHUWXUDQDWXUDORULJLQDO
%RVTXHV
/D
GHIRUHVWDFLyQ
H[WHQVLYD
SDUD
KDELOLWDFLyQ GH SDVWL]DOHV FRPHQ]y HQ
9HJHWDFLyQ GH VDEDQDV SDVWL]DOHV \
JDQDGHUtDH[WHQVLYDV
/DOODQXUDDPD]yQLFDHVWiUHSUHVHQWDGDSRU
VX H[WHQVD YHJHWDFLyQ \ YDULHGDG GH
ERVTXHVORVFXDOHVVHKDQLGRGHJUDGDQGR
GHELGR DO DYDQFH GHVPHVXUDGR GH OD
GHIRUHVWDFLyQ
+DFLDHOQRUWHVHUHFRQRFHXQDDOWLOODQXUDFRQ
DOWLWXGHV HQWUH \ P \ XQD LQFOLQDFLyQ
PX\ VXDYH KDFLD HO RULHQWH (VWH VLVWHPD VH
FDUDFWHUL]D SRU OD SUHVHQFLD GH IRUPDV
KHUHGDGDV FRPR VRQ ORV GLTXHV DOXYLDOHV
FXEHWDV GH LQXQGDFLyQ \ HMHV GH GUHQDMH
SDUFLDOPHQWH FROPDWDGRV \ FRQRFLGRV FRPR
HVWHURV´ /DV DFFLRQHV HyOLFDV GHMDURQ
PRGHODGRV WHVWLJRV GH VX DFFLyQ HQ OD %RVTXH K~PHGR WURSLFDO FRPSXHVWR SRU
&RORPELD DOWLOODQXUD SODQD (Q OD OODQXUD DOXYLDO VH XQD DOWD ELRGLYHUVLGDG GH YHJHWDFLyQ HQ
UHFRQRFHQ WHUUD]DV DOWDV XELFDGDV FHUFD D OD ERVTXHV\VDEDQDVHQFKDUFDGDV
FRUGLOOHUD FRQ DOWXUDV UHODWLYDV TXH DOFDQ]DQ
KDVWD R P \ HQWUH HOODV FRUUHQ UtRV
WUHQ]DGRV \ WHUUD]DV EDMDV TXH QR VXSHUDQ HQ
JHQHUDO ORV P GH DOWXUD HQ UHODFLyQ FRQ ORV
FDXFHVPHQRUHVGHORVUtRVSULQFLSDOHVDXQTXH
HQ DOJXQRV FDVRV VH DSUR[LPDQ D ORV P
+DFLD HO VXU HVWD SODQLFLH FRUUHVSRQGH D XQ
ERVTXHK~PHGRWURSLFDOFRQGHQVDYHJHWDFLyQ
(Q %UDVLO GH DFXHUGR FRQ ORV LQIRUPHV GH ,QSH 352'(6 HQ HQHUR GH HO iUHD
GHVIRUHVWDGD DFXPXODGD HQ ORV HVWDGRV GH OD 5HJLyQ +LGURJUiILFD $PD]yQLFD
FRUUHVSRQGH D NP GHO iUHD WRWDO (Q VH UHJLVWUy XQ iUHD
GHVIRUHVWDGDGHNPGHOWRWDO(QWUHORVDxRV\ODVWD]DVGH
GHVIRUHVWDFLyQIXHURQGH\NPDxRUHVSHFWLYDPHQWHWHQLHQGRVXSHUDGR
ORVNPDxRDSDUWLUGHO'HWRGRVPRGRVHQORV~OWLPRVDxRVHVWRVYDORUHV
VHKDQYLVWRGLVPLQXLGRV315+&XDGHUQRVUHJLRQDOHV,JXDOPHQWHQRH[LVWHQ
GDWRVSDUDODUHJLyQGHODFXtIHUR
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q%UDVLOHQOD5HJLyQ+LGURJUiILFD$PD]yQLFDSUHGRPLQDHOH[WUDFWLYLVPRYHJHWDO \
DQLPDO SULQFLSDOPHQWH SHVFD DJULFXOWXUD FRPHUFLDO \ GH VXEVLVWHQFLD H[WUDFWLYLVPR PLQHUDO SULQFLSDOPHQWH PLQHURV DUWHVDQDOHV \ PLQHUDO HPSUHVDULDO
LQFOX\HQGRJDV\SHWUyOHRSHFXDULDH[WHQVLYDHQPD\RUJUDGRSHFXDULDLQWHQVLYD
HQPHQRUHLQGXVWULDGHWUDQVIRUPDFLyQHQHVFDODPXFKRPiVSHTXHxD
(Q %ROLYLD PHQRV GHO GH OD VXSHUILFLH GHO DFXtIHUR HV XWLOL]DGD SDUD JDQDGHUtD
SDVWL]DOHVQDWXUDOHV\WHUUHQRKDELOLWDGRSRUGHIRUHVWDFLyQ(OVRQFHQWURVSREODGRV
GLVSHUVRV FLXGDGHV SHTXHxDV \ FRPXQLGDGHV UXUDOHV (O VRQ WLHUUDV ERVFRVDV
QDWXUDOHV
(Q9HQH]XHODDFWXDOPHQWHVHGHVDUUROODHOSUR\HFWRGHOD)32HOFXDORFXSDJUDQSDUWH
GHO iUHD GH OD 3URYLQFLD GHO 2ULQRFR ([LVWHQ GHVDUUROORV IRUHVWDOHV PDGHUHURV
DFWLYLGDGHVPLQHUDVJDQDGHUtDH[WHQVLYDVLVWHPDVGHULHJRVHQWUHRWURV6HHVSHUDFRQ
HOLPSXOVRGHOD)32DPHGLDQRSOD]RHOLQFUHPHQWRGHODDFWLYLGDGXUEDQDLQGXVWULDO
\SHWUROHUD
(Q 3HU~ ORV ERVTXHV WURSLFDOHV DPD]yQLFRV LQFOX\HQGR ORV GH OD 2ULQRTXLD *X\DQD
6XULQDP \ OD *XD\DQD )UDQFHVD FRPSUHQGHQ FHUFD GH PLOORQHV GH NLOyPHWURV
FXDGUDGRVGHORVTXHVHKDQLQWHUYHQLGRRFRORQL]DGRFHUFDGHORVHDHQWUH\
PLOOyQGHNLOyPHWURVFXDGUDGRV
/DGLVWULEXFLyQDFWXDODSUR[LPDGDGHOXVRGHODWLHUUDHQOD$PD]RQLDHVODVLJXLHQWH
411
7LHUUDVRFXSDGDVFRORQL]DGDV
PLOORQHVNPð
8VRDJURSHFXDULR\IRUHVWDODFWXDO
7LHUUDVDEDQGRQDGDVFXELHUWDVFRQ
ERVTXHVVHFXQGDULRVRGHJUDGDGDV
7LHUUDVSRFRRQDGDLQWHUYHQLGDV
©$PD]RQLDGHSLHª
PLOORQHVNPð
ÈUHDVSURWHJLGDVHVWULFWDV
PLOORQHVNPð
7LHUUDVLQGtJHQDV
PLOORQHVNPð
2WUDViUHDVGHWUDWDPLHQWRHVSHFLDO
ERVTXHVQDFLRQDOHVHWF
PLOORQHVNPð
(Q&RORPELDKDFLDHOQRUWHORVVXHORVVHXWLOL]DQSDUDJDQDGHUtDFXOWLYRVGHSOiWDQR
DUUR]\XFDVRUJR\H[SORWDFLyQSHWUROHUD+DFLDHOVXUQRKD\XVRSXHVFRUUHVSRQGHD
ODVHOYDK~PHGDGHO$PD]RQDVTXHWLHQHHVFDVDLQWHUYHQFLyQ
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q%UDVLOVHGHVWDFDQODDJURLQGXVWULDJUDQRVVRMDPDt]FDIpSRURWR\DUUR]DGHPiV
GHSLPLHQWDGHOUHLQRPDUDFXMiEDQDQDJXDUDQiMXWDPDOYDFDFDRGHQGp \FtWULFRV
SHFXDULD H[SORUDFLyQ PDGHUHUD \ HQ PHQRU HVFDOD HO H[WUDFWLYLVPR YHJHWDO
PDUFDGDPHQWH GH FDVWDxD DQGLURED \ GHQGr &DGHUQR GD 5HJLmR +LGURJUiILFD
$PD]}QLFD
(Q3HU~ORVSULQFLSDOHVFXOWLYRVGHODVHOYDSHUXDQDHVWiQUHSUHVHQWDGRVSRUODYDULHGDG
GHIUXWDOHVGHVWDFiQGRVHHOSOiWDQR\ORVFtWULFRVHQWUHRWURVDVtFRPRHODUUR]HOFDIp
HO PDt] HO DOJRGyQ \ SODQWDV GH XVR PHGLFLQDO /RV SULQFLSDOHV HFRVLVWHPDV OR
FRQVWLWX\HQ ORV ERVTXHV WURSLFDOHV FX\D H[WUDFFLyQ PDGHUHUD HV HQ JUDQ PHGLGD
LQGLVFULPLQDGDSRUODJUDQYDULHGDGGHHVSHFLHVTXHH[LVWHQHQOD]RQD
(Q9HQH]XHOD VH FRQRFH TXH DOUHGHGRU GHO HVWi FXELHUWR SRU JDQDGHUtD H[WHQVLYD
UHFXUVRVIRUHVWDOHVFXOWLYRV\iUHDVLQGXVWULDOHVDVtFRPRDFWLYLGDGHVSHWUROHUDV(QWUHHO
\UHVWDQWHORFRQIRUPDQODViUHDVQDWXUDOHV
(Q &RORPELD HO GHO VXHOR VH XWLOL]D SDUD JDQDGHUD H[WHQVLYD \ DFWLYLGDGHV
SHWUROHUDVXQVHGHVWLQDDFXOWLYRVGHDUUR]VRUJRSOiWDQR\\XFD(OUHVWRHViUHD
QDWXUDOFRQHVFDVDDQXODLQWHUYHQFLyQ
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q %UDVLO HQ OD 5HJLyQ +LGURJUiILFD $PD]yQLFD H[LVWHQ FHUFD GH XQLGDGHV GH
FRQVHUYDFLyQ(VSHFtILFDPHQWHHQHVWHDFXtIHURVHGHVWDFDODSUHVHQFLDGH
v )ORUHVWDV1DFLRQDOHV&D[LXDQm6DUDFi7DTXHUDGH3DX5RVD,WDLWXED3DUL
&DFKRHLUD,,7DUXDFi3LUDLDXUD,FDQD;Lp&LDLDQL$PD]RQDV5RUDLPD6DQWD
5RVDGRV3XUXV0DSLi,QDXLQL\7HIp
412
v
v
v
v
v
v
3DUTXHV(VWDGXDOHV&RUXPELDUD6HUUDGH5LFDUGR)UDQFR*XDMDUi0LULP\
5LR1HJUR
3DUTXHV1DFLRQDOHV-D~$PD]{QLD3LFRGD1HEOLQD6HUUDGR$UDoi6HUUDGD
0RFLGDGHGR9LUXi\6HUUDGR'LYLVRU
5HVHUYDV ([WUDFWLYLVWDV 5LR &DMDUL 7DSDMyV$ULSLXQV 9HUGH SDUD 6HPSUH
$OWR-XUXi%DL[R-XUXi$OWR7DUXDFi5LR]LQKRGD/LEHUGDGH\0pGLR-XUXi
5HVHUYDV%LROyJLFDVGR*XDSRUp\GH8DWXPm
(VWDFLRQHV(FROyJLFDV-XWDt6ROLP}HV\-XDQX-DSXULi
5HVHUYDVGH'HVDUUROOR6XVWHQWDEOHGR$PDQm\GH0DPLUDXi
(Q %ROLYLD SRU VX SDUWH H[LVWHQ ]RQDV SURWHJLGDV 1R H[LVWHQ PDSDV GLVSRQLEOHV 1R
H[LVWHQ]RQDVFRQSURJUDPDVGHSURWHFFLyQ\RUHVWDXUDFLyQGHVXHORV
(Q3HU~H[LVWHQODVVLJXLHQWHViUHDVSURWHJLGDV
v 3DUTXHV 1DFLRQDOHV 0DQX 0DGUH GH 'LRV 5tR $ELVHR 6DQ 0DUWtQ
&RUGLOOHUD$]XO 6DQ 0DUWtQ /RUHWR 8FD\DOL$OWR 3XU~V 8FD\DOL 0DGUH GH
'LRV
v 5HVHUYDV1DFLRQDOHV3DFD\D6DPLULD/RUHWR7DPERSDWD0DGUHGH'LRV
v 5HVHUYDV&RPXQDOHV3XU~V8FD\DOL0DGUHGH'LRV
v %RVTXHVGH3URWHFFLyQ$OWR0D\R6DQ0DUWtQ
v =RQDV 5HVHUYDGDV *XHSSL /RUHWR 6DQWLDJR&RPDLQD $PD]RQDV/RUHWR
&RUGLOOHUDGH&ROiQ$PD]RQDV3DFDFXUR/RUHWR6LHUUDGHO'LYLVRU/RUHWR
8FD\DOL
(Q &RORPELD 5HVHUYD GH OD 0DFDUHQD 3DUTXH 1DWXUDO GHO 5tR 7RPR 6DQWXDULR GH
)DXQD\)ORUDGHO$UDXFD3DUTXH1DWXUDO$PDFD\DFX
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q %UDVLO GLYHUVRV HFRVLVWHPDV VRQ GHSHQGLHQWHV GH ODV DJXDV VXEWHUUiQHDV SXGLHQGR
GHVWDFDUVHiUHDVHQFKDUFDGDV
(Q 9HQH]XHOD DUUR\RV UtRV KXPHGDOHV ODJXQDV ERVTXHV FKLSULRWDV ]RQDV GH
DSURYHFKDPLHQWRVGHDJXDVSRUDQLPDOHV\SODQWDVVLOYHVWUHVUXWDGHVREUHYXHORGHODV
DYHV/RVDFXtIHURVGHOiUHDHQVXPDUJHQL]TXLHUGDFRQWULEX\HQFRPRDSRUWHVSDUFLDOHV
DO5tR2ULQRFR\DO5tR$SXUH
(Q &RORPELD UtRV KXPHGDOHV ODJXQDV ERVTXHV iUHDV GH LQWHUpV HFROyJLFR SRU
SUHVHQFLD GH DQLPDOHV \ SODQWDV VLOYHVWUHV /RV DFXtIHURV GHO iUHD FRQWULEX\HQ FRPR
DSRUWHVSDUFLDOHVVLVWHPDKtGULFRVXSHUILFLDO
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q%UDVLOODVSULQFLSDOHVFLXGDGHVFRQSODQHVGLUHFWRUHVDSUREDGRVVRQ6DQWDQD$3
0DQDXV$0\0DFDSi$3/DVFLXGDGHVGH6DQWDUpP3$\3RUWR9HOKR52HVWiQ
UHYLVDQGRVXVSODQHVGLUHFWRUHV
413
(Q 9HQH]XHOD HO iUHD HVWi IRUPDGD SDUFLDOPHQWH SRU FXDWUR HVWDGRV R HQWLGDGHV
IHGHUDOHV WHQLHQGR FDGD XQR XQ SODQ GH RUGHQDPLHQWR WHUULWRULDO 1R REVWDQWH KDQ
H[LVWLGR GLIHUHQWHV SODQHV SDUD HVWD ]RQD FRPHQ]DQGR FRQ OD )DMD 3HWUROtIHUD GHO
2ULQRFR )$32 HO 3UR\HFWR 2ULQRFR $SXUH 352$ 3UR\HFWR $SXUH 2ULQRFR
35$2\DFWXDOPHQWHHO3UR\HFWR0DJQD5HVHUYDGHODIDMDGHO2ULQRFRHOFXDOHVWi
FHUWLILFDQGRODVUHVHUYDVGHSHWUyOHR
(VWiSRULQLFLDUVHHO3ODQGHOD)DMD3HWUROtIHUDGHO2ULQRFR)32([LVWHHO7UDWDGRGH
&RRSHUDFLyQ$PD]yQLFDHOFXDOSRUOLPLWDFLRQHVGHWLHPSRQRVHUHYLVy
(Q&RORPELDKD\SODQHV\HVTXHPDVGHGHVDUUROORGHOWHUULWRULRHQORVPXQLFLSLRV
TXH FRPSUHQGHQ HO iUHD GHO 6$7 3ODQHV GH RUGHQDPLHQWR \ PDQHMR GH FXHQFDV
KLGURJUiILFDVHQFLQFRFXHQFDVGHO6$7
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q 9HQH]XHOD HO SODQ FRQWHPSOD HO GHVDUUROOR GH VLVWHPDV GH FLXGDGHV UHILQHUtDV
LQGXVWULDV \ GHVDUUROORV DJUtFRODV HQ WRGD OD IDMD TXH LQWHJUD PiV GHO GH OD
3URYLQFLD +LGURJHROyJLFD GHO 2ULQRFR 6LVWHPD $PD]RQDV \ IXQGDPHQWDOPHQWH OD
IXHQWHSDUDDEDVWHFLPLHQWRVRQODVDJXDVVXEWHUUiQHDV
/DSDUWLFLSDFLyQGHO0LQLVWHULRGHO3RGHU3RSXODUSDUDHO$PELHQWHHQHO3UR\HFWRGHOD
)DMD3HWUROtIHUDGHO2ULQRFR)32FRPRHQWHUHFWRUGHORVUHFXUVRVKtGULFRVDILDQ]DUi
ODSURWHFFLyQ\FRQVHUYDFLyQHQODV]RQDVGHUHFDUJDGHORVDFXtIHURV
(VWiSODQWHDGDODHYDOXDFLyQGHORVUHFXUVRVKtGULFRVVXEWHUUiQHRVGHVGHHOGLDJQyVWLFR
LQYHQWDULRHYDOXDFLyQGHORVDFXtIHURV\ODLQVWDODFLyQGHUHGHVGHSR]RVGHREVHUYDFLyQ
HQ WRGD HO iUHD GHO SUR\HFWR DVt FRPR GLIHUHQWHV HVFHQDULRV GH DSURYHFKDPLHQWR
PHGLDQWHODDSOLFDFLyQGHPRGHORVKLGURGLQiPLFRVGHIOXMR\WUDQVSRUWH
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRV HFRQyPLFRV
UHODFLRQDGRV DO XVR GHO
DJXD
414
%UDVLO'HELGRDODOWRtQGLFHGHXVRGHODVDJXDVVXEWHUUiQHDVHQOD
UHJLyQ \ IDOWD GH FDOLGDG GH ODV DJXDV VXSHUILFLDOHV HQ GLYHUVRV
OXJDUHVORVEHQHILFLRVHFRQyPLFRVVRQDOWRV
%ROLYLD (O SRFR XVR GHO DJXD VXEWHUUiQHD HV SULQFLSDOPHQWH
KXPDQR FRQVXQWLYR \ GH IRUPD ORFDO \ SDUWLFXODU SRU OR TXH ORV
EHQHILFLRVHFRQyPLFRVVRQUHGXFLGRV
9HQH]XHOD (V VLJQLILFDWLYR \ HVSHUD LQFUHPHQWDUVH FRQ OD
LPSODQWDFLyQGHOSUR\HFWR
3HU~(OEHQHILFLRHFRQyPLFRORUHSUHVHQWDHQPHQRUSURSRUFLyQOD
DFWLYLGDGSURGXFWLYDOLJDGDDODDJULFXOWXUD\JDQDGHUtDSDUDORFXDO
XWLOL]DQODVDJXDVVXEWHUUiQHDVHQiUHDVQRPX\UHSUHVHQWDWLYDV
&RORPELD$EDVWHFLPLHQWRS~EOLFRGHSRUORPHQRVPXQLFLSLRV
GHOiUHD\DFWLYLGDGSHWUROHUD
'HSHQGHQFLD GH OD
HFRQRPtD ORFDO DJUR LQGXVWULD UHFXUVRV
QDWXUDOHV GHO DFFHVR DO
UHFXUVRDJXD
0HGLRV GH YLGD TXH
FRUUHUtDQ
SHOLJUR
SpUGLGDV HFRQyPLFDV VL
HO
VLVWHPD
DFXtIHUR
VXEWHUUiQHR VH YLHUD
DIHFWDGRQHJDWLYDPHQWH
%UDVLO'HSHQGHQFLDPHGLDDDOWDGHOXVRGHODJXDGHODFXtIHUR
%ROLYLD1RH[LVWHGHSHQGHQFLDGHODHFRQRPtDUHVSHFWRGHODJXD
VXEWHUUiQHD
9HQH]XHOD 'DGR HO GHVDUUROOR \ OD GLQiPLFD TXH KD\ HQ OD
]RQDHVDOWDODGHSHQGHQFLDGHOUHFXUVRDJXD
3HU~ /D HFRQRPtD ORFDO GHSHQGH SULQFLSDOPHQWH GH OD DFWLYLGDG
PDGHUHUD OD FXDO XWLOL]D HQ VX PD\RUtD ORV UHFXUVRV GH DJXD
VXSHUILFLDOHV
&RORPELD1RH[LVWHGHSHQGHQFLDGHODHFRQRPtDHQUHODFLyQ FRQ
HODJXDVXEWHUUiQHD
%UDVLO$JULFXOWRUHVJDQDGHURVLQGLRVSREODFLRQHVWUDGLFLRQDOHV\
XUEDQDV HWF /RV HFRVLVWHPDV WDPELpQ WHQGUtDQ SpUGLGDV
LQHVWLPDEOHV1RKD\GDWRVLQGLFDQGRYDORUHVGHHVWDVSpUGLGDV
9HQH]XHOD/DVSpUGLGDVVHUtDQFXDQWLRVDVKD\XQDJUDQUHVHUYDGH
DJXDTXHHVWiDVRFLDGDDOVLVWHPDGHODVDJXDVVXEWHUUiQHDV
3HU~ /D HVFDVH] GH ORV UHFXUVRV KtGULFRV VXEWHUUiQHRV RFDVLRQDUi
GHWHULRURHFRQyPLFRHQODSREODFLyQTXHGHSHQGHGHODVDFWLYLGDGHV
DJUtFRODV\JDQDGHUDV
&RORPELD$IHFWDFLyQDFDXGDOHV\FDOLGDGGHUtRV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q HO DOFDQFH GH ORV WUDWDGRV LQWHUQDFLRQDOHV VH UHVDOWD HO 7UDWDGR GH &RRSHUDFLyQ
$PD]yQLFD ILUPDGR HQ \ HQ YLJRU GHVGH SRU %ROLYLD %UDVLO &RORPELD
(FXDGRU*X\DQD3HU~6XULQDP\9HQH]XHOD(Q%UDVLOIXHSURPXOJDGRSRUHO'HFUHWR
Qž GH GH DJRVWR GH (VWH WUDWDGR WLHQH FRPR REMHWLYR HO GHVDUUROOR
DUPyQLFR GH ORV WHUULWRULRV GH OD UHJLyQ DPD]yQLFD FRPR OD SUHVHUYDFLyQ GHO PHGLR
DPLHQWH \ FRQVHUYDFLyQ \ XVR UDFLRQDO GH ORV UHFXUVRV QDWXUDOHV \ OD LQYHVWLJDFLyQ
FLHQWtILFD \ GH LQWHUFDPELR GH LQIRUPDFLRQHV HQWUH ORV SDtVHV FRPR ILQ GH DPSOLDU HO
FRQRFLPLHQWRVREUHORVUHFXUVRVGHODUHJLyQ
(QODVRFKRQDFLRQHVGHFLGLHURQFUHDUHO27&$SDUDIRUWDOHFHUHLPSOHPHQWDUORV
REMHWLYRV GHO 7UDWDGR /D HQPLHQGD D 7&$ IXH DSUREDGD WUHV DxRV GHVSXpV \ OD
VHFUHWDUtD SHUPDQHQWH VH HVWDEOHFLy HQ %UDVLOLD HQ GLFLHPEUH GH 7RGDV ODV
LQWHUDFFLRQHVVHEDVDURQHQXQDPXWXDFRODERUDFLyQ
(QHQFDVRGH%UDVLO\&RORPELDSRURWUDSDUWHWLHQHQXQDFXHUGRSDUDOD&RQVHUYDFLyQ
GH OD )ORUD \ OD )DXQD GH ORV 7HUULWRULRV $PD]yQLFRV UDWLILFiQGRVH HO 'HFUHWR
/HJLVODWLYRQžGHVHJ~QODSURPXOJDFLyQGHO'HFUHWRGH
(Q9HQH]XHODH[LVWHQFRPLVLRQHVWpFQLFDVELODWHUDOHVHQDJXDVVXSHUILFLDOHV
(Q 3HU~ SRU VX SDUWH QR H[LVWHQ LQWHUDFFLRQHV HQ UHODFLyQ DO DFXtIHUR WUDQVIURQWHUL]R
&RPRIRUPDGHPHMRUDUODVLQWHUDFFLRQHVVHSRGUtDIRPHQWDUXQDPD\RUFRPXQLFDFLyQ
415
HQWUHORVSDtVHV%UDVLO±%ROLYLD±&RORPELD3HU~±(FXDGRU9HQH]XHODDWUDYpVGH
RUJDQLVPRVFRPROD&RPLVLyQ,QWHUQDFLRQDOGH/tPLWHV\$JXDVDVtFRPRWDPELpQFRQ
OD SURPRFLyQ GH SURJUDPDV GH LQWHUFDPELR GH LQIRUPDFLyQ \ GH SUR\HFWRV
LQWHULQVWLWXFLRQDOHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(QHO%UDVLOHQHO3ODQ1DFLRQDOGH5HFXUVRV+tGULFRVH[LVWHXQVXESURJUDPDOODPDGR
3URJUDPD1DFLRQDOGH$JXDV6XEWHUUiQHDVTXHWLHQHFRPRREMHWLYRVODDPSOLDFLyQGHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURV WUDQVIURQWHUL]RV LQWHUHVWDGXDOHV \ GH DOFDQFH ORFDO ([LVWH WDPELpQ HQ HO
315+ HO 3URJUDPD ; *HVWLyQ $PELHQWDO GH 5HFXUVRV +tGULFRV GH OD &XHQFD
$PD]yQLFD
&RQ UHVSHFWR D 9HQH]XHOD HQ OD ]RQD OLPtWURIH QR H[LVWH FRPSHWHQFLD GH DJXDV
VXEWHUUiQHDV SRU OD FDQWLGDG GH DJXDV VXSHUILFLDOHV \ SRU OD LQVHJXULGDG GH OD ]RQD
PLHQWUDVTXHHQHOVLVWHPDGHDFXtIHURQDFLRQDOHVGHDOWDLPSRUWDQFLD
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYDH
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
%ROLYLD3UHSDUDGRFRQODFRODERUDFLyQGH6(5*(27(&0,1
9HQH]XHOD3UHSDUDGRFRQODFRODERUDFLyQGH)HUQDQGR'HFDUOL5
3HU~3UHSDUDGRFRQODFRODERUDFLyQGH(GZLQ=HQWHQR7XSLxR
(FXDGRU3UHSDUDGRFRQODFRODERUDFLyQGH1DSROHyQ%XUEDQR2
&RORPELD3UHSDUDGRFRQODFRODERUDFLyQGH1HOVRQ2PDU9DUJDV0DUWtQH]
416
417
66,67(0$$&8Ë)(5275$16)5217(5,=27,7,&$&$
%2/,9,$3(5Ò
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R7LWLFDFDHVWiORFDOL]DGRHQWUHODVUHS~EOLFDVGH3HU~
\ %ROLYLD &RUUHVSRQGH D XQ FOLPD IUtR GH DOWD PRQWDxD PVQP FRQ DOWRV
WRSRJUiILFRV\GHSUHVLRQHVHQGRUUHLFDV
(Q%ROLYLDDEDUFDXQDVXSHUILFLHGHDSUR[LPDGDPHQWHNPVLHQGRRFXSDGRSRU
XQDFDQWLGDG DOJRPHQRUDORVKDELWDQWHV ,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD
(Q3HU~GHDFXHUGRDODLQIRUPDFLyQFRQTXHVHFXHQWDKD\XQRVKDELWDQWHVHQ
5DPLV\XQRVKDELWDQWHVHQ&RDWDVHJ~QHOFHQVRGH
&DUDFWHUtVWLFDVGHODFXtIHUR
/DJHRORJtDGHOVLVWHPDDFXtIHURHVWiUHSUHVHQWDGDSRUGHSyVLWRVFXDWHUQDULRVDOXYLDOHV
IOXYLDOHVJODFLRIOXYLDOHV\ODFXVWUHV6HREVHUYDODSUHVHQFLDGHDUHQLVFDVFXDUFLWDV\
OXWLWDV FRUUHVSRQGLHQWHV DO 'HYyQLFR HO &DUERQtIHUR HVWi UHSUHVHQWDGR SRU DUHQLVFDV \
OLPROLWDV(Q3HU~VHPHQFLRQDDGHPiVODH[LVWHQFLDGHIRUPDFLRQHVJHROyJLFDVFRPR
$]DQJDURFX\RVGHSyVLWRVSXHGHQDOPDFHQDUDJXDHQVXVKRUL]RQWHV
(Q%ROLYLDHOUDQJRGHHVSHVRUGHOVLVWHPDDFXtIHURHVGHDP
(Q3HU~HQ5DPLVORVSR]RVSUHVHQWDQSURIXQGLGDGHVGHDFXHUGRDVXWLSRDVtHQORV
WXEXODUHVOOHJDKDVWDP\HQORVH[FDYDGRVYDUtDQHQWUHP\P(Q&RDWD
ORVSR]RVH[FDYDGRVWLHQHQSURIXQGLGDGHVGHPDP\ORVWXEXODUHVGH
PDP
=RQDVGHUHFDUJD
(Q%ROLYLDVHSURGXFHODUHFDUJDHQHOSLHGHPRQWH GHOD&RUGLOOHUD2ULHQWDOPLHQWUDV
TXHHQ3HU~WDQWRHQ5DPLVFRPRHQ&RDWDODV]RQDVGHUHFDUJDHVWiQGHWHUPLQDGDVSRU
HOiUHDGHLQIOXHQFLDGHUtRVSHTXHxDVTXHEUDGDV]RQDVGHFXOWLYR\FDQDOHVGHULHJRVLQ
UHYHVWLU
([SORWDFLyQ\FDXGDOHV
(Q%ROLYLDODH[SORWDFLyQHVPHGLDGHVFRQRFLpQGRVHORVFDXGDOHVH[WUDtGRV
(Q 3HU~ HQ 5DPLV HO YROXPHQ WRWDO H[SORWDGR GHO DFXtIHUR PHGLDQWH SR]RV HV GH
PKPTXHHTXLYDOHDXQFDXGDOFRQWLQXRGHH[SORWDFLyQGHPV
'HOWRWDOH[SORWDGRPVHHIHFWXyPHGLDQWHSR]RVWXEXODUHV\
P D WUDYpV GH WDMRV DELHUWRV (Q UHODFLyQ DO XVR GH ODV DJXDV VXEWHUUiQHDV
H[SORWDGDVSULQFLSDOPHQWHHVGRPpVWLFRFRQPDxRVHJXLGRSRUHO
418
DJUtFRODFRQP PDOXVRSHFXDULR\P
DOXVRLQGXVWULDOHVWD~OWLPDXWLOL]DGDHQODLQGXVWULDTXHVHUD
(Q&RDWDHOYROXPHQWRWDOH[SORWDGRGHODFXtIHURHVGHPDxRKPGH
ORVFXDOHVPDxRIXHPHGLDQWHSR]RVDWDMRDELHUWRPDxRFRQSR]RV
WXEXODUHV \ PDxR FRQ SR]RV PL[WRV (O YROXPHQ H[SORWDGR HV SULQFLSDOPHQWH
SDUD ILQHV GH XVR GRPpVWLFR \ SHFXDULR SDUD XVR GRPpVWLFR IXH GH PDxR
SDUDXVRSHFXDULRPDxRSDUDXVRLQGXVWULDOPDxR
\ILQDOPHQWHSDUDXVRDJUtFRODPDxRGHOYROXPHQWRWDO
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
3HU~
%ROLYLD
v
7RWDO
KDELWDQWHV
KDELWDQWHV
v
8UEDQD\SULQFLSDOHV
FLXGDGHV
5DPLVKDE
&RDWDKDE
KDE
v
5XUDO
5DPLVKDE
&RDWDKDE
KDE
(Q%ROLYLDODSREODFLyQHQ]RQDVGHUHFDUJDHVGHKDELWDQWHVPLHQWUDVTXHHQ
]RQDV GH GHVFDUJD VH HVWLPD HQ KDELWDQWHV )LQDOPHQWH OD SREODFLyQ LQGtJHQD
HVWiHVWLPDGDHQDOJRPHQRVTXHHO
8VRV
(Q%ROLYLDORVXVRVVRQGRPpVWLFRULHJRLQGXVWULDO\S~EOLFRXUEDQR
(Q3HU~HQ5DPLVODVDJXDVGHOVXEVXHORVRQGHXVRGRPpVWLFRLQGXVWULDODJUtFROD\
SHFXDULRPLHQWUDVTXHHQ&RDWDVRQGHXVRGRPpVWLFRLQGXVWULDODJUtFROD\SHFXDULR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q%ROLYLDVHHVWLPDTXHODFDOLGDGQDWXUDOGHODJXDHVEXHQD
(Q 3HU~ HQ 5DPLV OD FDOLGDG GH ODV DJXDV SDUD ULHJR VHJ~Q VX FRQGXFWLYLGDG HOpFWULFD
YDUtDGHEXHQDDSHUPLVLEOHPLHQWUDVTXHVHJ~QHO5$6\OD&(VRQSULQFLSDOPHQWH&6
\HQPHQRUSURSRUFLyQOD&6/DSULPHUDHVGHEXHQDFDOLGDG\DSWDSDUDVHUXWLOL]DGD
HQODDJULFXOWXUDPLHQWUDVTXHODVHJXQGDSXHGHXWLOL]DUVHSHUREDMRFLHUWDVFRQGLFLRQHV
(Q&RDWDODFDOLGDGGHODVDJXDVFRQILQHVGHULHJRVHJ~QODFRQGXFWLYLGDGHOpFWULFDHV
PD\RUPHQWHSHUPLVLEOH\VHFODVLILFDQFRPRDJXDVWLSR&6TXHSXHGHQXWLOL]DUVHHQOD
DJULFXOWXUDEDMRFLHUWDVFRQGLFLRQHVVHJXLGDHQLPSRUWDQFLDSRUHODJXDWLSR&6TXHVRQ
419
GHEXHQDFDOLGDG\DSWDVSDUDODDJULFXOWXUD\ILQDOPHQWHHODJXDWLSR&6TXHVRQDJXDV
GHEXHQDFDOLGDG\DSWDVSDUDHOULHJR
(QUHODFLyQDODSRWDELOLGDGGHODVDJXDVHVWDVYDUtDQPD\RUPHQWHGHEXHQDDPDOD
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q%ROLYLDVHWLHQHHYLGHQFLDGHGHVFHQVRGHOQLYHOIUHiWLFRPLHQWUDVTXHFRQUHVSHFWR
DODFDOLGDGH[LVWHFRQWDPLQDFLyQSRUGHVHFKRVVyOLGRV\OtTXLGRVTXHVRQWUDQVSRUWDGRV
PHGLDQWH ORV UtRV TXH GHVHPERFDQ GH OD FLXGDG GH (O $OWR ,JXDOPHQWH DOJXQRV
DIOXHQWHVGHOD&RUGLOOHUD2ULHQWDODSRUWDQDJXDVFRQWDPLQDGDVSRUDFWLYLGDGPLQHUD
(Q 3HU~ VH WLHQH HYLGHQFLD GH OLJHURV GHVFHQVRV GH DJXD WDQWR HQ 5DPLV FRPR HQ
&RDWD PLHQWUDV TXH FRQ UHVSHFWR D OD FDOLGDG VH SUHVHQWDQ SHTXHxDV YDULDFLRQHV HQ
FXDQWRDORVYDORUHVGHFRQGXFWLYLGDGHOpFWULFDHQDPEDVUHJLRQHV
2WUDVIXHQWHVGHDJXD
(Q%ROLYLDFRPRIXHQWHVDOWHUQDWLYDVGHDJXDVHWLHQHODFRVHFKDGHOOXYLDV \UHFDUJD
DUWLILFLDO GH DFXtIHURV (O DOPDFHQDPLHQWR GH DJXD VXSHUILFLDO QR HV IDYRUHFLGR SRU OD
WRSRJUDItD\ODHYDSRUDFLyQ
(Q 3HU~ HQ HO 'HSDUWDPHQWR GH 3XQR GRQGH VH HQFXHQWUDQ ODV FXHQFDV GH 5DPLV \
&RDWD H[LVWHQ PDQDQWLDOHV \ SHTXHxRV ODJRV TXH VH SXHGHQ FRQVLGHUDU FRPR IXHQWHV
DOWHUQDWLYDVGHDJXDSHURVHHQFXHQWUDQHQVXPD\RUtDHQODVSDUWHVDOWDVDOHMDGRVGHODV
]RQDVXUEDQDV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q %ROLYLD OD FDQWLGDG SHUPDQHFH LJXDO OD LQWHQVLGDG HV PD\RU \ OD IUHFXHQFLD KD
GLVPLQXLGR
(QHO3HU~HQHO'HSDUWDPHQWRGH3XQRODVSUHFLSLWDFLRQHVSOXYLDOHVRFXUUHQHQWUHORV
PHVHV GH RFWXEUH \ DEULO ODV FXDOHV PDQWLHQHQ UHJXODUPHQWH VX LQWHQVLGDG \
SHULRGLFLGDGFX\DLQIOXHQFLDHQODV]RQDVGHUHFDUJDJHQHUDOPHQWHHVODPLVPD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q %ROLYLD VH SUHYp TXH OD IUHFXHQFLD GH SUHFLSLWDFLyQ GLVPLQXLUi OD LQWHQVLGDG
DXPHQWDUiODUHFDUJDHIHFWLYDVHUHGXFLUi1RVHWLHQHQSURQyVWLFRVFXDQWLWDWLYRV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
%ROLYLD LQGLFD TXH OD ]RQD SUHVHQWD VHTXtDV GH PD\RU VHYHULGDG FDGD DxR 1R VH
UHJLVWUDQ HYHQWRV VtVPLFRV 1R H[LVWHQ SODQHV GH H[SORWDFLyQ 6H FRQRFH TXH OD
H[SORWDFLyQ HV DUELWUDULD \ VH LQFUHPHQWDUi SRU SHUVRQDV SDUWLFXODUHV \ FRPXQLGDGHV
HVSHFLDOPHQWHSDUDULHJRSRULQXQGDFLyQ
420
(Q 3HU~ HO 'HSDUWDPHQWR GH 3XQR VXIUH FDGD DxR GH XQ LQYLHUQR H[WUHPR FRQ
WHPSHUDWXUDV TXH DOFDQ]DQ PHGLGDV SRU GHEDMR GH ORV FHUR JUDGRV OR TXH SXHGH
LQIOXHQFLDUHQODUHFDUJDGHODFXtIHUR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q%ROLYLDODFREHUWXUDQDWXUDORULJLQDOHVWiFRPSXHVWDGHYHJHWDFLyQDUEXVWLYDHVFDVD
GHSDLVDMHVHPLiULGR
(Q 3HU~ OD UHJLyQ 3XQR FXHQWD FRQ XQLGDGHV JHRJUiILFDV FRPR ORV $QGHV TXH
UHSUHVHQWDDSUR[LPDGDPHQWHHOGHODVXSHUILFLH GHSDUWDPHQWDO \HVWiFRQIRUPDGD
SRU HO DOWLSODQR ODGHUDV iUHDV LQWHUPHGLDV \ OD FRUGLOOHUD /D VHOYD TXH UHSUHVHQWD HO
GH VX WHUULWRULR HV SRFR KDELWDGD \ HVWi HVFDVDPHQWH LQWHJUDGD D OD HFRQRPtD
GHSDUWDPHQWDO
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q%ROLYLDPiVGHOGHODVXSHUILFLHGHODFXtIHURHVXWLOL]DGDSDUDDJULFXOWXUDULHJR
SRU LQXQGDFLyQ \ JDQDGHUtD (O VRQ FHQWURV SREODGRV \D VHDQ FLXGDGHV JUDQGHV
FLXGDGHVSHTXHxDVyFRPXQLGDGHVUXUDOHV(OVRQWLHUUDViULGDVQDWXUDOHV
(QHO3HU~HQOD&XHQFDGHO5tR5DPLVVHWLHQHQDSUR[LPDGDPHQWHKHFWiUHDVGH
FXOWLYRVPLHQWUDVTXHHQ&RDWDKHFWiUHDVEDMRULHJRSUHGRPLQDQGRHQDPEDV
FXHQFDVODVFRVHFKDVGHSDSD\SDVWRVQDWXUDOHVSHURXWLOL]DQGRODVDJXDVVXSHUILFLDOHV
SUHFLSLWDFLRQHVSOXYLDOHV
/DV WLHUUDV GH DSWLWXG SDUD SDVWRV VH HQFXHQWUDQ HQ OD ]RQD DOWLSOiQLFD GRQGH OD JUDQ
PD\RUtD HVWi FRPSXHVWD GH SDVWRV QDWXUDOHV \ HQ FLHUWDV iUHDV PD\RUPHQWH GH PDQHMR
HPSUHVDULDO VH FXHQWD FRQ SDVWRV FXOWLYDGRV \ IRUUDMHV OR TXH GD OXJDU D OD DFWLYLGDG
SHFXDULD TXH FRQVWLWX\H OD SULQFLSDO DFWLYLGDG OD FXDO VLJQLILFD XQD GH ODV IXHQWHV TXH
PD\RUHVLQJUHVRVDSRUWDDOSURGXFWRU
(O SUHGRPLQLR GH OD DFWLYLGDG SHFXDULD VREUH ODV GHPiV VH PDQLILHVWD GHELGR D OD
H[LVWHQFLDGHFRQGLFLRQHVHFROyJLFDV\UHFXUVRVIDYRUDEOHVSDUDVXGHVDUUROORFULiQGRVH
SULQFLSDOPHQWH HO JDQDGR RYLQR \ WDPELpQ HO YDFXQR /RV FDPpOLGRV VXGDPHULFDQRV
DOSDFD \ OODPDV KDQ VLGR GHVSOD]DGRV D ]RQDV GH PD\RU DOWXUD FRQ UHVSXHVWDV
IDYRUDEOHVSDUDVXDGDSWDELOLGDG
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q%ROLYLDORVSULQFLSDOHVFXOWLYRVVRQODTXtQRDODSDWDWD\RWURVWXEpUFXORV)RUUDMH\
DOJXQDVHVSHFLHVGHOHJXPEUHV\YHUGXUDV
(Q3HU~SDSDROOXFRRFDKDEDVDOIDOIDDYHQDFHEDGDPDt]\SDVWRVQDWXUDOHV
421
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q3HU~H[LVWHOD5HVHUYD1DFLRQDOGHO/DJR7LWLFDFD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q %ROLYLD VH FRQVLGHUD TXH ODV HVSHFLHV GH IDXQD \ IORUD FRQWHQLGDV HQ HO /DJR
7LWLFDFDSXHGHQYHUVHDIHFWDGDVFRPRFRQVHFXHQFLDGHORVGHVFHQVRVHQHOQLYHOGHODV
DJXDVSRUGLVPLQXFLyQGHODSRUWHGHDJXDVXEWHUUiQHD
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
3HU~ (O XVR GHO DJXD VXEWHUUiQHR HV PtQLPR /D DFWLYLGDG
JDQDGHUDHVODPiVEHQHILFLDGDSRUHOGHVDUUROORGHORVSDVWRV
QDWXUDOHVSURSLFLRSDUDODFULDQ]DGHWRGRWLSRGHJDQDGR\GH
FDPpOLGRV
%ROLYLD (O DJXD VXEWHUUiQHD HV XWLOL]DGD HQ VX PD\RUtD SDUD
DFWLYLGDG JDQDGHUD \ DJUtFROD SRU OR TXH HO EHQHILFLR
HFRQyPLFRHVGHFRQVLGHUDFLyQ(QXQDPHQRUSURSRUFLyQHV
XWLOL]DGD SDUD DEDVWHFLPLHQWR GH PLOORQHV GH KDELWDQWHV HQ
]RQDVXUEDQDV\UXUDOHV
'HSHQGHQFLDGHODHFRQRPtD
ORFDODJURLQGXVWULD
UHFXUVRVQDWXUDOHVGHODFFHVR
DOUHFXUVRDJXD
3HU~ /D LQGXVWULD JDQDGHUD HV OD TXH PiV HVWD VXSHGLWDGD DO
UHFXUVR DJXD PLHQWUDV TXH OD DJULFXOWXUD OR KDFH HQ PHQRU
SURSRUFLyQ
%ROLYLD /DV DFWLYLGDGHV JDQDGHUDV \ DJUtFRODV LQWHQVLYDV
GHSHQGHQGHODSURYLVLyQGHDJXDVXEWHUUiQHD
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDV
VLHOVLVWHPDDFXtIHUR
VXEWHUUiQHRVHYLHUDDIHFWDGR
QHJDWLYDPHQWH
%ROLYLD 7RGDV ODV SREODFLRQHV DVHQWDGDV HQ SUR[LPLGDGHV DO
/DJR7LWLFDFDSXHGHQYHUVHDIHFWDGDVVLHOVLVWHPDDFXtIHURHV
DIHFWDGRGHDOJXQDIRUPD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(Q3HU~H[LVWHHO3UR\HFWR(VSHFLDO/DJR7LWLFDFD3(/7SHURKDVWDODIHFKDQRKD\
SUR\HFWRVGHWUDVFHQGHQFLDHQFRRUGLQDFLyQFRQDPERVSDtVHV
422
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
([LVWH LQWHUpV GH %ROLYLD \ 3HU~ HQ XWLOL]DU FRQ PD\RU LQWHQVLGDG HVWRV UHFXUVRV$ OD
IHFKD HO DSURYHFKDPLHQWR QR HV FRRUGLQDGR(Q 3HU~ KD\ LQWHUpV SRU SDUWH GHO HVWDGR
SDUDUHDOL]DUFRRUGLQDFLRQHV\OOHYDUDFDERSUR\HFWRVTXHSHUPLWDQODVRVWHQLELOLGDGGH
ORVUHFXUVRVKtGULFRVVXEWHUUiQHRVHQODYHUWLHQWHGHO/DJR7LWLFDFD
$8725(6<)8(17(6
3HU~3UHSDUDGRFRQODFRODERUDFLyQGH(GZLQ=HQWHQR7XSLxR
)XHQWH,QVWLWXWR1DFLRQDOGH5HFXUVRV1DWXUDOHV,15(1$KR\$XWRULGDG1DFLRQDOGHO
$JXD$1$
5HIHUHQFLDV,QYHQWDULRGH)XHQWHVGH$JXDV6XEWHUUiQHDVHQOD&XHQFDGHO5tR5DPLV
H,QYHQWDULRGH)XHQWHVGH$JXD6XEWHUUiQHDHQOD&XHQFDGHO5tR&RDWD
%ROLYLD3UHSDUDGRFRQODFRODERUDFLyQGH6(5*(27(&0,1\FRPSOHPHQWDGRSRUHO
,QJ0D\HO6XQDJXD
423
424
66,67(0$$&8Ë)(5275$16)5217(5,=23$17$1$/
%5$6,/%2/,9,$3$5$*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R3DQWDQDOHVWiORFDOL]DGRHQOD&XHQFD+LGURJUiILFD
GHO 5tR 3DUDJXD\ (O iUHD HVWLPDGD GHO DFXtIHUR HV GH DSUR[LPDGDPHQWH NP
NPHQ%UDVLONPHQ%ROLYLDNPHQ3DUDJXD\
/D SREODFLyQ HVWLPDGD VREUH HO iUHD GHO DFXtIHUR HV GH DSUR[LPDGDPHQWH KDELWDQWHV HQ %UDVLO PHQRV GH KDELWDQWHV HQ %ROLYLD \ KDELWDQWHV HQ
3DUDJXD\
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q%UDVLOHODFXtIHURVHFDUDFWHUL]DSRUVHUOLEUHFRQIRUPDGRSRUXQVLVWHPDPXOWLFDSD
IUHiWLFR \ HVWi FRQVWLWXLGR SRU VHGLPHQWRV WHUFLRFXDWHUQDULRV QR FRQVROLGDGRV \
VHPLFRQVROLGDGRV SUHGRPLQDQWHPHQWH DUHQRVRV /D GLUHFFLyQ GHO IOXMR HQ JHQHUDO HV
KDFLDOR5tR$OWR3DUDJXD\DSUR[LPDGDPHQWHKDFLDVXURHVWHGHVGHHOODGREUDVLOHUR\
VXUHVWHGHVGHHOODGREROLYLDQR\SDUDJXD\R
(Q %ROLYLD OD OLWRORJtD VH FDUDFWHUL]D SRU VHU VHGLPHQWDULD DJORPHUDGRV JUDYDV \
DUHQDV HQ SDUWH OLPRVR \ DUFLOORVR FX\D SRURVLGDG HV SULPDULD /D PD\RUtD GH ORV
DFXtIHURVHVGHWLSROLEUHDVHPLFRQILQDGR
(Q 3DUDJXD\ WDPELpQ FRQVWLWX\H XQ DFXtIHUR OLEUH \ OD OLWRORJtD FRUUHVSRQGH D XQ
DFXtIHUR VHGLPHQWDULR LQWHJUDGR SRU FRQJORPHUDGRV \ DUHQLVFDV HQ SDUWH OLPRVR \
DUFLOORVR
/DGLUHFFLyQSUHIHUHQFLDOGHOIOXMRVXEWHUUiQHRVHSUHVXPHGHRHVWHDHVWH(OFXHUSRGH
DJXDSULQFLSDOGHUHFHSFLyQGHODGHVFDUJDGHODFXtIHURHVHO5tR3DUDJXD\
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
6HJ~Q%UDVLOORVUHVXOWDGRVGHHVWXGLRVDXGLRPDJQHWRWHO~ULFRV$07PXHVWUDQTXHOD
&XHQFDGHO3DQWDQDOSRVHHXQDJHRPHWUtDDVLPpWULFDGHWLSRKHPLJUDEHQFRQSRODULGDG
KDFLDHORHVWH/DSURIXQGLGDGPi[LPDGHODFXHQFDDOFDQ]DKDVWDORVPSUy[LPRDO
5tR3DUDJXD\)XHQWH6KLPHOHV)
(Q %ROLYLD VH LQGLFD TXH HO UDQJR GH HVSHVRU YDUtD GH D P PLHQWUDV TXH HQ
3DUDJXD\WLHQHXQHVSHVRUYDULDEOH
=RQDVGHUHFDUJD
/RV WUHV SDtVHV LQGLFDQ TXH VLHQGR HO DFXtIHUR GH WLSR IUHiWLFR WRGD OD SODQLFLH GH
LQXQGDFLyQ VH FDUDFWHUL]D SRU VHU HO iUHD GH UHFDUJD $SDUWH GH HVR H[LVWHQ iUHDV GH
UHFDUJDUHJLRQDOHQHOERUGHVXURFFLGHQWDOGHO6LVWHPD$FXtIHUR*XDUDQt
425
([SORWDFLyQ\FDXGDOHV
(QORVWUHVSDtVHVVHFRQVLGHUDTXHHVXQDFXtIHURSRFRH[SORWDGRSHURFRQXQDLQPHQVD
LPSRUWDQFLDSDUDODSUHVHUYDFLyQGHORVHFRVLVWHPDVGHO3DQWDQDO
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
%UDVLO
%ROLYLD
3DUDJXD\
KDELWDQWHV
KDELWDQWHV
KDELWDQWHV
1RH[LVWHSREODFLyQ
XUEDQD
KDE
%DKtD1HJUD
FDSLWDOGHO'HSW
$OWR3DUDJXD\\
)XHUWH2OLPSR
KDE
KDE
KDE
v
3REODFLyQ
HQ]RQDVGH
UHFDUJD
(O$FXtIHUR3DQWDQDOHVGHO
WLSROLEUHGHHVWDPDQHUDOD
SREODFLyQTXHHVWiXELFDGD
VREUHODViUHDVGH
DIORUDPLHQWRHVODPLVPD
TXHODWRWDO
6HFRQVLGHUD
SREODFLyQGLVSHUVD
6HSUHVXPHTXHOD
UHFDUJDVH
SURGXFHHQOD
]RQDGH
LQXQGDFLyQGHO
5tR3DUDJXD\/DV
FLXGDGHV
DVHQWDGDVVRQ
%DKtD1HJUD\
)XHUWH2OLPSR
v
3REODFLyQ
HQ]RQDVGH
GHVFDUJD
$SUR[LPDGDPHQWH
KDE
(OWRWDOGHOD
SREODFLyQ
v
7RWDO
8UEDQDHQWUH\
&LXGDGHVPiVLPSRUWDQWHV
&RUXPEi3RFRQp\%DUmR
GH0HOJDoR
v
8UEDQD\
SULQFLSDOHV
FLXGDGHV
v
5XUDO
v
3REODFLyQ
LQGtJHQD
HVWLPDGD
5XUDOHQWUH\
(OGHODSREODFLyQHQ
HOiUHDGHDIORUDPLHQWRGHO
$FXtIHUR3DQWDQDOHV
LQGtJHQD
3ULPHUDPHQWHFRPRHO$FXtIHUR3DQWDQDOVHWUDWDGHXQVLVWHPDOLEUHEXHQDSDUWHGHODV
iUHDV GH UHFDUJD FRLQFLGHQ FRQ ODV GH GHVFDUJD (O FiOFXOR SUHVHQWDGR VH EDVD HQ HO
OHYDQWDPLHQWR UHDOL]DGR HQ HO &DGHUQR 5HJLRQDO %DFLD +LGURJUiILFD GR 3DUDJXDL GHO
315+)XHKHFKDXQDHVWLPDWLYDGHODViUHDV GHODVVXEFXHQFDVTXHFRLQFLGHQ
FRQ HO iUHD GH DIORUDPLHQWR GHO DFXtIHUR FDOFXOiQGRVH SRVWHULRUPHQWH OD SREODFLyQ
UHIHUHQWHDHVWDSRUFLyQVLHQGRSRUWDQWRXQFiOFXORPHUDPHQWHLOXVWUDWLYR
426
8VRV
(Q%UDVLOHOXVRGHODJXDHVSDUDSHTXHxDVSREODFLRQHVHQHOPHGLRUXUDOSRUPHGLRGH
SR]RVVRPHURV\RFLVWHUQDV
(Q%ROLYLDORVXVRVSUHSRQGHUDQWHVVRQGRPpVWLFRV\DPELHQWDOHV
(Q3DUDJXD\HQODDFWXDOLGDGODWRWDOLGDGGHODJXDTXHVHH[WUDHGHO6LVWHPD$FXtIHUR
3DQWDQDO VH XWLOL]D SDUD VDWLVIDFHU ODV QHFHVLGDGHV EiVLFDV FRPR FRQVXPR KLJLHQH
EHELGDGHDQLPDOHVULHJRGHKXHUWRVGHODVSREODFLRQHVDVHQWDGDVVREUHHODFXtIHUR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q %UDVLO ORV VHGLPHQWRV GH ODV SODQLFLHV HQ YDULRV OXJDUHV VRQ ULFRV HQ KLHUUR \
PDWHULD RUJiQLFD HQ GHVFRPSRVLFLyQ GHMDQGR ODV DJXDV VXEWHUUiQHDV FRQ WXUELGH]
HOHYDGDDGHPiVGHVDERU\RORUGHVDJUDGDEOH/DXWLOL]DFLyQGHIHUWLOL]DQWHVFDXVDDOWRV
QXWULHQWHV \ FRQWDPLQDFLyQTXtPLFD(QDOJXQRVSXQWRVKD\SUHVHQFLDGHDOWRVWHQRUHV
GHVDO
(Q %ROLYLD OD FDOLGDG GHO DJXD HV HQ JHQHUDO EXHQD \ ORFDOPHQWH VDOLQD \R
FRQWDPLQDGDSRUPHWDOHV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(VWXGLRVUHDOL]DGRVHQ%UDVLOPXHVWUDQHODJUDYDPLHQWRGHOSURFHVRGHSROXFLyQGHODV
DJXDVFDXVDGRSRUHOODQ]DPLHQWRGLUHFWRGHHIOXHQWHVHQORVFXUVRVGHDJXDDFWLYLGDGHV
PLQHUDV\SRUHOXVRGHDJURWy[LFRV
2WUDVIXHQWHVGHDJXD
6HJ~Q %UDVLO FXDOTXLHU FRQWDPLQDFLyQ GH HVWH DFXtIHUR YD D LQYLDELOL]DU HO XVR GH
IXHQWHVVXSHUILFLDOHVUtRVODJRVHWF \DTXH HQHVWDUHJLyQWRGRVORVFXUVRVGHDJXD
VXSHUILFLDOHVWLHQHQXQDIXHUWHLQWHUDFFLyQFRQHOIOXMRVXEWHUUiQHR
%ROLYLDSRUVXSDUWHH[SUHVDTXHOD]RQDFXHQWDFRQXQDULTXH]DFRQVLGHUDEOHGHDJXD
VXSHUILFLDO
(Q3DUDJXD\FRPRIXHQWHGHDJXDVHXWLOL]DQODVFRVHFKDVGHOOXYLDVWDMDPDUHVDOMLEHV
DJXDVQDFLRQDOHV\FXUVRVGHDJXDVLQWHUQRVFRQWUDWDPLHQWRQDFLRQDOFDSWDFLyQGHO
5tR 3DUDJXD\ WUDQVIURQWHUL]R \ OD FDSWDFLyQ GH RWURV DFXtIHURV D SURIXQGLGDG FRQ
GHVDOLQL]DFLyQQDFLRQDO
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
6HJ~Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQ HQWUH \ /DV SUHFLSLWDFLRQHV VH YHQ FRQGLFLRQDGDV SRU ORV
IHQyPHQRVGH/D1LxD\(O1LxR
427
/DVFRQGLFLRQHVFOLPiWLFDVGHODUHJLyQVRQLQIOXHQFLDGDVSRUODVFRUULHQWHVGH%UDVLO\
GH ODV 0DOYLQDV /DV SUR\HFFLRQHV VRQ GH DXPHQWR GH WHPSHUDWXUD KDVWD DOFDQ]DU XQ
DXPHQWRGHDJUDGRVKDVWDHODxR
)XHQWH3URJUDPD0DUFR
3RURWUDSDUWH3DUDJXD\LQGLFDTXHODWHQGHQFLDHVHOLQFUHPHQWRGHODVSUHFLSLWDFLRQHV
HQHOiUHDGHODFXtIHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q%UDVLOODSUHYLVLyQHVGHDXPHQWRGHODVSUHFLSLWDFLRQHV
6HJ~Q 3DUDJXD\ HQ HO iUHD GLUHFWD GHO DFXtIHUR QR VH GLVSRQH GH OD LQIRUPDFLyQ
VROLFLWDGDVLQHPEDUJRHQXQDHVWDFLyQDOVXU3XHUWR&DVDGRž¶ODWLWXGVXUž¶
ORQJLWXG RHVWH VH KD OOHYDGR HO UHJLVWUR GH OD FDQWLGDG GH SUHFLSLWDFLyQ HQWUH D
(QIXQFLyQGHODVWHQGHQFLDVODVSUHFLSLWDFLRQHVWHQGUiQXQDXPHQWRSDXODWLQR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
6HJ~Q %UDVLO DO VHU XQ DFXtIHUR GHO WLSR OLEUH VXIUH PD\RUHV LPSDFWRV GH VHTXtDV H
LQXQGDFLRQHV
(Q%ROLYLDOD]RQDVHLQXQGDDQXDOPHQWHFDGDDxR FRQPD\RUVHYHULGDGDIHFWDQGROD
UHFDUJD /D ]RQD QR HV VtVPLFD 1R H[LVWHQ SODQHV GH H[SORWDFLyQ 6H FRQRFH TXH OD
H[SORWDFLyQHVDUELWUDULD\VHLQFUHPHQWDUiSRUSHUVRQDVSDUWLFXODUHV\FRPXQLGDGHV
7DPELpQ HQ 3DUDJXD\ ODV LQXQGDFLRQHV WLHQHQ HIHFWR VREUH OD UHFDUJD GHO PLVPR 1R
H[LVWHQSODQHVSHURVHSUHYpTXHHOXVRVHLQWHQVLILTXHHQORVSHUtRGRVGHVHTXtD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q3DUDJXD\HODJXDGHODFXtIHURVHXWLOL]DSDUDVDWLVIDFHUODVQHFHVLGDGHVEiVLFDV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
428
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
%UDVLO
(O 3DQWDQDO HV XQD SODQLFLH LQXQGDEOH GH
IRUPDFLyQ UHFLHQWH FX\D DOWLWXG PHGLD HV
GH DSUR[LPDGDPHQWH PHWURV (V SRU
WDQWRXQDGHSUHVLyQUHODWLYDVLWXDGDHQWUH
ORV SODQDOWRV &HQWUDO 0HULGLRQDO \ HO
UHOLHYH SUHDQGLQR 3HULyGLFDPHQWH OD
SODQLFLH GHO 3DQWDQDO HV LQXQGDGD SRU HO
5tR3DUDJXD\\VXVDIOXHQWHV
'HVGHHOSXQWRGHYLVWDILWRJHRJUiILFR
HO 3DQWDQDO SUHVHQWD XQ PRVDLFR
LQWHJUDGR GH SDLVDMHV FRQ LQIOXHQFLD
SUHGRPLQDQWHGHFHUURVDOHVWH5HFLEH
WDPELpQ OD LQIOXHQFLD IORUtVWLFD GH OD
6HOYD$WOiQWLFDDOHVWHGHOD$PD]RQLD
DO QRUWH GHO &KDFR \ DO RHVWH (Q
GHWHUPLQDGDV iUHDV VH HQFXHQWUDQ
IUDJPHQWRV GH YHJHWDFLyQ DJUHVWH (Q
ORVSODQDOWRVSUHGRPLQDQORVFHUURV
%ROLYLD
0iVGHOHVERVTXHQDWXUDO
%RVTXHV
3DUDJXD\
/D]RQDHQFXHVWLyQHVWDFODVLILFDGDFRPR
GH SURGXFFLyQ JDQDGHUD H[WHQVLYD \ VHPL
H[WHQVLYDVHEDVDHQODQRWUDQVIRUPDFLyQ
GHODFREHUWXUDYHJHWDOQDWXUDOVLVWHPDGH
=RQDV EDMDV LQXQGDEOHV GHO iUHD GH OD
SURGXFFLyQGRQGHODLQWHUYHQFLyQVREUHHO
SODQLFLH GH LQXQGDFLyQ GHO 5tR
DPELHQWH HV PHQRU \ SRU HQGH OD SUHVLyQ
3DUDJXD\
VREUH ORV UHFXUVRV IRUUDMHURV WDPELpQ
IXHQWHPDSDGHRUGHQDPLHQWRDPELHQWDO
GHO WHUULWRULR GH ORV GHSDUWDPHQWRV $OWR
3DUDJXD\\%RTXHUyQRFWXEUH
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q %UDVLO VH WLHQHQ WLHUUDV SURGXFWLYDV WLHUUDV QDWXUDOHV FHUUDGR FDPSRV \ ERVTXHV
DVtFRPRWDPELpQiUHDVXUEDQDVSDVWRUHRV\iUHDVDJUtFRODV
(Q WpUPLQRV GH RFXSDFLyQ GH ODV WLHUUDV OD DFWLYLGDG PiV LQWHQVD VH UHILHUH D OD
JDQDGHUDVHJXLGDSRUODDFWLYLGDGDJUtFROD3DUWHGHODJDQDGHUtDH[WHQVLYDWDPELpQVH
DSURYHFKD HQ SDUWH VLJQLILFDWLYD GH ORV FDPSRV QDWXUDOHV HVSHFLDOPHQWH HQ OD SODQLFLH
SDQWDQHUDTXHFRUUHVSRQGHDOGHOiUHDGHORVHVWDEOHFLPLHQWRVDJURSHFXDULRV\
HQ SDVWRUHRV DUWLILFLDOHV GH ODV WLHUUDV RFXSDGDV SRU OD DFWLYLGDG &DGHUQR
5HJLRQDOGD5HJLmR+LGURJUiILFDGR5LR3DUDJXDL
(Q %ROLYLD HO XVR DFWXDO GH OD WLHUUD HVWi RULHQWDGR D OD JDQDGHUtD H[WHQVLYD VLHQGR
LJXDOPHQWHOLPLWDGRHOXVRGHVXHORSDUDODDJULFXOWXUD
(Q3DUDJXD\HOXVRDFWXDOGHODVWLHUUDVHVJDQDGHUtDH[WHQVLYD\VHPLH[WHQVLYD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q%UDVLOORVFXOWLYRVPiVLPSRUWDQWHVHQWpUPLQRVGHXQLGDGGHiUHDHQKHFWiUHDVHQ
ORV PXQLFLSLRV TXH LQWHJUDQ OD UHJLyQ KLGURJUiILFD VRQ VRMD PDt]
FDxDGHD]~FDUWULJRDUUR]\DOJRGyQ
(Q 3DUDJXD\ OD ]RQD HQ FXHVWLyQ HVWi FRQVWLWXLGD HQ VX WRWDOLGDG SRU SDVWL]DOHV GH
SUDGHUDVLQXQGDEOHV
429
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(VWHSXQWRVHUHVXPHHQHOFXDGURVLJXLHQWH
&XDGUR6=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\R
UHVWDXUDFLyQGHVXHORV
%UDVLO
%ROLYLD
3DUDJXD\
3DUTXH1DFLRQDO3DQWDQDO0DWRJURVVHQVH
(VWDFLyQ(FROyJLFDGH7DLPm
(VWDFLyQ(FROyJLFD6HUUDGDV$UDUDV
3DUTXH(VWDGXDOGHODV$JXDV&DOLHQWHV
3DUTXH(VWDGXDO6LHUUDGH6WD%DUEDUD
3DUTXH(VWDGXDOGHO3DQWDQDOGHO5tR1HJUR
&DPLQR3DUTXH7UDQVSDQWDQHLUD
5HVHUYDV3DUWLFXODUHVGHO3DWULPRQLR1DWXUDO
([LVWHXQD]RQDSURWHJLGDOODPDGD6DQ0DWtDVTXHLQFOX\HODVVDEDQDVLQXQGDEOHV
GHO3DQWDQDO\%RVTXH6HFR&KLTXLWDQR
([LVWHQ GRV iUHDV SURWHJLGDV HQ HO DFXtIHUR GH UHIHUHQFLD 3DUTXH /DJXQD
,QPDNDWD FRQ KD \ OD 5HVHUYD &LHQWtILFD (VWUHOOD UHIHUHQFLD \ UHVSHFWLYDPHQWH PDSD DGMXQWR GHO 6LVWHPD 1DFLRQDO GH ÈUHDV 6LOYHVWUHV
3URWHJLGDV 3DUDJXD\ 6,1$6,3 QRYLHPEUH HVFDOD ZZZVHDPJRYS\
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q%UDVLO/DJRD8EHUDED/DJRD*DtED/DJRD0DQGLRUp/DJRD%DtD9HUPHOKD/DJRD
-DFDGLJR5LR3DUDJXDL9D]DQWHGR&RULFKmR3LDJXiV9D]DQWHGR7HQGDO5LR7DTXDUL
9D]DQWHGR&RULFKmR1KHFROkQGLD5LR1HJUR5LR&DSLYDUL5LR0LUDQGD
(Q%ROLYLDVHFRQVLGHUDORVHFRVLVWHPDV \ ODELRGLYHUVLGDGFRPRSRVLEOHVIDFWRUHV HQ
DPHQD]DVLRFXUUHQFDPELRVHQORVDFXtIHURV\HOVLVWHPDKtGULFRHQJHQHUDO
(Q3DUDJXD\HQOD]RQDGHLQIOXHQFLDVHHQFXHQWUDQUtRVDUUR\RV\KXPHGDOHVUXWDVGH
VREUHYXHOR GH DYHV ]RQDV GH DSURYHFKDPLHQWR GH DJXDV SRU DQLPDOHV \ SODQWDV
VLOYHVWUHV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %UDVLO H[LVWHQ SODQHV GH RUGHQDPLHQWR WHUULWRULDO XVR \ RFXSDFLyQ GHO VXHOR
PXQLFLSDOHV HQ 0LUDVVRO '
2HVWH DSUREDGR DQWHV GH &iFHUHV UHYLVLyQ HQ
FXUVR \ %DUUD GR %XJUHV HQ 0DWR *URVVR \ &RUXPEi DSUREDGR HQ 0DWR *URVVR GR
6XO
430
(Q%ROLYLDH[LVWHHO3ODQGH8VRGH6XHORVGHO'HSDUWDPHQWRGH6DQWD&UX]
(Q3DUDJXD\H[LVWHHQOD'LUHFFLyQGH*HVWLyQ$PELHQWDOGHOD6HFUHWDUtDGHO$PELHQWH
XQ 3UR\HFWR GH 2UGHQDPLHQWR$PELHQWDO GHO 7HUULWRULR GH ORV 'HSDUWDPHQWRV GH$OWR
3DUDJXD\ \ %RTXHUyQ DSR\DGR SRU OD )XQGDFLyQ SDUD HO 'HVDUUROOR 6XVWHQWDEOH GHO
&KDFR$JHQFLDGHORV(8$SDUDHO'HVDUUROOR,QWHUQDFLRQDO86$,'\OD8(
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q%UDVLOHVLPSRUWDQWHFLWDUORVSODQHVGHDFFLRQHVHVWUDWpJLFDVSDUDHO*HUHQFLDPLHQWR
,QWHJUDO GHO 3DQWDQDO \ GH OD &XHQFD GHO $OWR 3DUDJXD\ TXH DEDUFD OD UHJLyQ GHO
DFXtIHURIRUPXODGRSRUOD$1$*()3180$2($SHURTXHQRHVHVSHFtILFRSDUDHO
$FXtIHUR3DQWDQDO
KWWSZZZDQDJRYEU*HVWDR5HF+LGULFRV3URJUDPDV3URMHWRVGRFV6LQWHVHB3DQWDQDOB3RUWSGI
(VWHSODQSUHYpDOJXQDV DFFLRQHV HQOD UHJLyQGHRFXUUHQFLDGHODFXtIHURSHURTXHQR
VRQHVSHFtILFDVSDUDHVWH(VWDVDFFLRQHVWUDWDQGHXQDIRUPDJHQHUDOGHHYDOXDFLRQHVGH
UHFXUVRV KtGULFRV HQ UHJLRQHV HVSHFtILFDV 7DTXDUt \ &RUXPEi HVWXGLRV GH PHWDOHV
SHVDGRV $OWR 3DUDJXD\ SURWHFFLyQ \ FUHDFLyQ GH XQLGDGHV GH FRQVHUYDFLyQ JHVWLyQ
GH VXHORV \ HURVLyQ 7DTXDUt JHUHQFLDPLHQWR DPELHQWDO XUEDQR 0LUDQGD \ $SD
5HKDELOLWDFLyQ GH WLHUUDV GHJUDGDGDV 3RFRQp \ DPSOLDFLyQ GH OD UHG GH PRQLWRUHR
LQFOXVLYHGHDJXDVVXEWHUUiQHDV
/RV3ODQHV(VWDGXDOHVGH5HFXUVRV+tGULFRVGHO(VWDGRGH0DWR*URVVR\0DWR*URVVR
GR6XOHVWiQUHVSHFWLYDPHQWHDSUREDGR\HQIDVHGHDSUREDFLyQ
(Q3DUDJXD\HQODDFWXDOLGDGFRQODSURPXOJDFLyQGHOD/H\GHORV5HFXUVRV
+tGULFRVGHO3DUDJXD\VHHVWiLPSODQWDQGRXQD UHRUJDQL]DFLyQGHOVHFWRUDVtFRPROD
UHJODPHQWDFLyQGHGLFKDOH\SRUODFXDOORVSODQHVRSUR\HFWRVGHOXVR\PDQHMRGHORV
UHFXUVRVKtGULFRVHVWiQHQSURFHVRGHHODERUDFLyQHQIXQFLyQGHXQDJHVWLyQLQWHJUDGD
GHORVUHFXUVRVKtGULFRV*,5+
([LVWHHQOD'LUHFFLyQGH*HVWLyQ$PELHQWDOGHOD6HFUHWDUtDGHO$PELHQWHXQ3UR\HFWR
GH 2UGHQDPLHQWR $PELHQWDO GHO 7HUULWRULR GH ORV 'HSDUWDPHQWRV GH $OWR 3DUDJXD\ \
%RTXHUyQDSR\DGRSRUOD)XQGDFLyQSDUDHO'HVDUUROOR'XVWHQWDEOHGHO&KDFR$JHQFLD
GHORV(8$SDUDHO'HVDUUROOR,QWHUQDFLRQDO86$,'\OD8(
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%UDVLO QR KD\ GDWRV VLVWHPDWL]DGRV SHUR GHELGR DO XVR HQ
SHTXHxDV SREODFLRQHV HQ HO PHGLR UXUDO HO EHQHILFLR VRFLDO HV
UHGXFLGRSHURHODPELHQWDOHVPX\JUDQGH
%ROLYLD(OXVRGHODJXDVXEWHUUiQHDHVSULQFLSDOPHQWHKXPDQR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
FRQVXQWLYR \ GH IRUPD ORFDO \ SDUWLFXODU SRU OR TXH ORV
DOXVRGHODJXD
EHQHILFLRVHFRQyPLFRVVRQUHGXFLGRV
3DUDJXD\6LELHQH[LVWHXQEHQHILFLRHFRQyPLFRGHELGRDOXVR
GHO DJXD HQ JHQHUDO SDUD OD JDQDGHUtD H[WHQVLYD \ VHPL
H[WHQVLYDORVPLVPRVQRHVWiQFXDQWLILFDGRV
431
%UDVLO(VDOWDPHQWHGHSHQGLHQWH
%ROLYLD 1R H[LVWH GHSHQGHQFLD GH OD HFRQRPtD UHVSHFWR GHO
DJXDVXEWHUUiQHD
3DUDJXD\ /D HFRQRPtD ORFDO JDQDGHUD GHSHQGH GLUHFWDPHQWH
GHOXVRGHODJXDSDUDVXGHVDUUROOR
%UDVLO (O UHQGLPLHQWR PHGLR DQXDO HQ 0DWR *URVVR HV 86
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
\ HQ 0DWR *URVVR GR 6XO 86 SREUH]DGHODVSREODFLRQHVTXH
$1$*()3180$2($
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
3DUDJXD\ (O LQJUHVR PHGLR HVWLPDGR SDUD OD ]RQD GH
DFXtIHURV
LQIOXHQFLDHVGH86PHQVXDOHVSRUSHUVRQD
%UDVLO$JULFXOWRUHV JDQDGHURV LQGLRV SREODFLRQHV XUEDQDV \
0HGLRVGHYLGDTXHFRUUHUtDQ
UXUDOHV HWF 1R KD\ GDWRV VLVWHPDWL]DGRV LQGLFDQGR YDORUHV GH
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
HVWDVSpUGLGDV
VLVWHPDDFXtIHURVXEWHUUiQHRVH
3DUDJXD\6HYHUiQDIHFWDGRVHVSHFLDOPHQWHODVFRPXQLGDGHV
YLHUDDIHFWDGRQHJDWLYDPHQWH
LQGtJHQDVODIORUD\ODIDXQDVLOYHVWUH
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
3DUD ORV WUHV SDtVHV HQWUH ORV WUDWDGRV \ QRUPDV PHUHFH GHVWDTXH HO 7UDWDGR GH OD
&XHQFD GHO 3ODWD TXH IXH ILUPDGR HQ %UDVLOLD %UDVLO HQ SRU FDQFLOOHUHV GH ORV
FLQFR SDtVHV GH OD FXHQFD \ WLHQH FRPR REMHWLYR ³SHUPLWLU HO GHVDUUROOR DUPyQLFR \
HTXLOLEUDGRDVtFRPRHOPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVGHODUHJLyQ\
DVHJXUDU VX SUHVHUYDFLyQ SDUD ODV JHQHUDFLRQHV IXWXUDV SRU PHGLR GH OD XWLOL]DFLyQ
UDFLRQDOGHORVDOXGLGRVUHFXUVRV´
(QWUH %UDVLO \ 3DUDJXD\ VH GHVWDFD HO $FXHUGR GH &RRSHUDFLyQ SDUD HO 'HVDUUROOR
6XVWHQWDEOH \ OD *HVWLyQ ,QWHJUDGD GH OD &XHQFD +LGURJUiILFD GHO 5tR$SD GHO GH
VHSWLHPEUHGHOTXHSURFXUDODSURPRFLyQGHOGHVDUUROORVXVWHQWDEOHGHODFXHQFD
PHGLDQWHODJHVWLyQLQWHJUDGDGHORVUHFXUVRVKtGULFRVIURQWHUL]RV \FUHDXQDFRPLVLyQ
PL[WD GH ORV GRV SDtVHV FRQ OD FRPSHWHQFLD GH LGHQWLILFDU LQLFLDWLYDV \ SUR\HFWRV GH
LQWHUpVELODWHUDO
(QFXDQWRDODVDFFLRQHVSDUDPHMRUDUODFRODERUDFLyQVHHQFXHQWUDODLPSOHPHQWDFLyQ
GH ORV DFXHUGRV \ WUDWDGRV H[LVWHQWHV \ HO GHVDUUROOR GH XQ SUR\HFWR FRQMXQWR HQWUH
%UDVLO%ROLYLD\3DUDJXD\SDUDHOJHUHQFLDPLHQWR\GHVDUUROORVXVWHQWDEOHGHO$FXtIHUR
3DQWDQDO TXH GHEHUi FRQVLGHUDU ORV DVSHFWRV LQVWLWXFLRQDO DPELHQWDO WpFQLFR VRFLDO \
HFRQyPLFRGHODH[SORWDFLyQDFWXDOPHQWHHQDQiOLVLVSRUHO*()
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
6HJ~Q%UDVLOHQHOiPELWRGHO3UR\HFWRGHO6LVWHPD$FXtIHUR*XDUDQt36$*TXHWXYR
FRPRSURSyVLWRDSR\DUD$UJHQWLQD%UDVLO3DUDJXD\\8UXJXD\HQODHODERUDFLyQGHXQ
PDUFR FRP~Q LQVWLWXFLRQDO OHJDO \ WpFQLFR GH JHUHQFLDPLHQWR \ SUHVHUYDFLyQ GHO
$FXtIHUR*XDUDQtDOJXQRVHVWXGLRVLQGLFDURQTXHH[LVWHXQDSRUWHGHO6$*HQGLUHFFLyQ
DO3DQWDQDO
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
432
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
([LVWHWDPELpQHQHO315+HO3URJUDPD;,±3URJUDPDGH&RQVHUYDFLyQGHODV$JXDV
HQHO3DQWDQDOHQHVSHFLDOHQVXVÈUHDV+~PHGDV
(Q %ROLYLD H[LVWHQ SROtWLFDV GH FRQVHUYDFLyQ GHO HFRVLVWHPD GHO 3DQWDQDO OR FXDO
LQFOX\HORVDFXtIHURV
(Q3DUDJXD\ODSROtWLFDQDFLRQDOGHUHFXUVRVKtGULFRVDSXQWDDODJHVWLyQLQWHJUDGDGHO
UHFXUVRFRQIRUPHDOD/H\GHORVUHFXUVRVKtGULFRV
$8725(6<)8(17(6
%UDVLOSUHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYDH
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
%ROLYLD SUHSDUDGR FRQ OD FRODERUDFLyQ GH 6(5*(27(&0,1 FRPSOHPHQWDGR SRU
0D\HO6XQDJXD
3DUDJXD\ SUHSDUDGR FRQ OD FRODERUDFLyQ GH $QD 0DUtD &DVWLOOR &OHULFL \ )pOL[
&DUYDOOR
433
434
66,67(0$$&8Ë)(5275$16)5217(5,=2$*8$'8/&(
3$5$*8$<%2/,9,$
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R$JXD'XOFHHVSDUWHGHXQDFXHQFDKLGURJHROyJLFD
UHJLRQDO FRPSDUWLGD SRU 3DUDJXD\ \ %ROLYLD \ VH XELFD HQ OD SRUFLyQ QRUWH GHO *UDQ
&KDFR3DUDJXD\R
(Q%ROLYLDHODFXtIHURHVWiXELFDGRHQHOH[WUHPR \VXUHVWHGH%ROLYLDTXHMXQWRDVX
iUHD GH LQIOXHQFLD FRQIRUPD GLVWLQWDV IRUPDFLRQHV DFXtIHUDV 7LHQH XQD H[WHQVLyQ GH
NP
(ODFXtIHURHQ3DUDJXD\WLHQHXQDVXSHUILFLHDSUR[LPDGDGHNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q 3DUDJXD\ VH GHVWDFDQ ORV DFXtIHURV GHO &DUERQtIHUR \ &UHWiFLFR /DV XQLGDGHV
SDOHR]RLFDV FRQILQDGDV PLQHUDOL]DGDV \ WHUPDOHV /RV DFXtIHURV GH DJXD GXOFH GHO
&UHWiFLFR VRQ GH QDWXUDOH]D JUDQXODU FRPSXHVWR GH DUHQLVFDV URMDV PDVLYDV \ PDO
VHOHFFLRQDGDV DGHPiV GH DFXtIHURV FRQVWLWXLGRV SRU DUHQLVFDV IULDEOH ILQD D PHGLD
FRQILQDGRSRUFDSDGHDUFLOODSOiVWLFDDYHFHVVHPLFRQVROLGDGDGHO7HUFLDULR
(Q %ROLYLD OD OLWRORJtD GHO PLVPR VH FDUDFWHUL]D SRU VHU VHGLPHQWDULD DJORPHUDGRV
JUDYDV \ DUHQDV FRQ XQD SRURVLGDG SULPDULD \ ORV DFXtIHURV VRQ OLEUHV \
VHPLFRQILQDGRV
/D SURIXQGLGDG HQ 3DUDJXD\ HV YDULDEOH GH DFXHUGR D ODV GLIHUHQWHV IRUPDFLRQHV
JHROyJLFDV
(Q %ROLYLD OD ]RQD GH UHFDUJD VH HQFXHQWUD HQ OD 6HUUDQtD GH OD &KLTXLWDQtD \ ORV
KXPHGDOHVGH2WXTXLVR7XFDYDFD
([SORWDFLyQ\FDXGDOHV
(Q 3DUDJXD\ ORV GDWRV GH SR]RV GHO iUHD LQGLFDQ XQ FDXGDO GH KDVWD PK HQ
DFXtIHURVGHOSHUtRGR&DUERQtIHUR\GHPKGHPX\EXHQDFDOLGDGHQDFXtIHURVGHO
&UHWiFLFR 6H OR FDOLILFD FRPR XQ DFXtIHUR UHJLRQDO GH JUDQ SRWHQFLDO KLGURJHROyJLFR
PX\SRFRH[SORUDGR
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQDFRQWLQXDFLyQ
435
&XDGUR6'DWRVGHSREODFLyQ
v
v
v
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
5XUDO
3REODFLyQLQGtJHQD
HVWLPDGD
3DUDJXD\
%ROLYLD
KDELWDQWHV
!KDELWDQWHV
KDE
KDE
3XHUWR6XDUH]
KDE
KDE
KDE
1RHVWiQFRQWHPSODGRV
HQODSREODFLyQWRWDO
SRUTXHVRQLWLQHUDQWHV
KDE
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
'DWRVGH%ROLYLDVHJ~QHO,QVWLWXWR1DFLRQDOGH(VWDGtVWLFD,1(
KDE
KDE
8VRV
(Q OD DFWXDOLGDG OD WRWDOLGDG GHO DJXD TXH VH H[WUDH GHO $FXtIHUR $JXD 'XOFH HQ
3DUDJXD\ VH XWLOL]D SDUD VDWLVIDFHU ODV QHFHVLGDGHV EiVLFDV GH ORV KDELWDQWHV DVHQWDGRV
VREUHHODFXtIHURFRQVXPRKLJLHQHULHJRGHKXHUWDVJDQDGHUtDVHPLH[WHQVLYD
(Q %ROLYLD HO DJXD GHO DFXtIHUR HV HPSOHDGD HQ HO DEDVWHFLPLHQWR SDUD FRQVXPR
GRPpVWLFR DJULFXOWXUD \ JDQDGHUtD FRPR VHJXQGD IXHQWH OXHJR GHO XVR GH DJXD
VXSHUILFLDO
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
(ODJXDH[WUDtGDGHODFXtIHURFUHWiFLFRHVGHPX\EXHQDFDOLGDG
(Q3DUDJXD\ODVIXHQWHVDOWHUQDWLYDVVRQFRVHFKD GHOOXYLDV WDMDPDUHVDOMLEHVDJXDV
QDFLRQDOHV FXUVRV GH DJXD LQWHUPLWHQWHV HQ pSRFDV OOXYLRVDV FRQ WUDWDPLHQWR
QDFLRQDOHV
&DSWDFLyQGHRWURVDFXtIHURVDSURIXQGLGDG±FRQGHVDOLQL]DFLyQQDFLRQDO
6HJ~Q%ROLYLDOD]RQDHVULFDHQDJXDVXSHUILFLDOODFXVWUH\KXPHGDOHVFRPRHOFDVRGHO
2WXTXLVR7XFDYDFD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
6HJ~Q3DUDJXD\ODVVHTXtDVSURORQJDGDVHQODUHJLyQDIHFWDUDQQRWDEOHPHQWHODUHFDUJD
GHODFXtIHUR\FRQVHFXHQWHPHQWHDXPHQWDUtDODWHQGHQFLDDODVDOLQL]DFLyQGHODVDJXDV
(O XVR GHO DFXtIHUR GXUDQWH \R GHVSXpV GH IHQyPHQRV H[WUHPRV HQ 3DUDJXD\ HV SDUD
VDWLVIDFHUQHFHVLGDGHVEiVLFDV\JDQDGHUtDVHPLH[WHQVLYD
436
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q 3DUDJXD\ HQ OD ]RQD HQ FXHVWLyQ VH HQFXHQWUDQ GRV WLSRV GH SDLVDMHV (O SULPHUR
WLHUUDVQDWXUDOHVFRQIRUPDGRSRUERVTXHVSULPDULRVDOWRV\]RQDVEDMDVGHODJXQDV
FDXFHV \ SDOHR FDXFHV TXH VRQ DOLPHQWDGRV HQ pSRFDV GH OOXYLD (O VHJXQGR WLSR
UHODFLRQDGRDOSDLVDMHHVWLHUUDSURGXFWLYDGHJDQDGHUtDVHPLH[WHQVLYD)XHQWH0DSD
GH 2UGHQDPLHQWR $PELHQWDO GHO 7HUULWRULR GH ORV 'HSDUWDPHQWRV $OWR 3DUDJXD\ \
%RTXHUyQRFWXEUH
&RPR FREHUWXUD QDWXUDO VH HQFXHQWUDQ ORV ERVTXHV SULPDULRV DOWRV \ DUEXVWRV VRWR
ERVTXHV\ODJXQDVQDWXUDOHV
(Q%ROLYLDODFREHUWXUDQDWXUDORULJLQDOHVGHERVTXHVSULPDULRVDOWRV\DUEXVWRVHQOD
6HUUDQtDGHOD&KLTXLWDQtD
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(OXVRDFWXDOGHODVWLHUUDVHVGHJDQDGHUtDVHPLH[WHQVLYD\HQSDUWHH[WHQVLYD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
/D]RQDHQFXHVWLyQQRWLHQHDJULFXOWXUDODJDQDGHUtDWLHQHHQDOJXQRVFDVRVFXOWLYRGH
SDVWXUDH[yWLFDDODUHJLyQ
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
3RU SDUWH GH 3DUDJXD\ H[LVWHQ FXDWUR VLVWHPDV GH iUHDV SURWHJLGDV HQ HO DFXtIHUR GH
UHIHUHQFLD3DUTXH'HIHQVRUHVGHO&KDFRFRQKD0RQXPHQWR1DFLRQDO&HUUR
&KRYRUHFDGHNP3DUTXH1DFLRQDO5tR1HJURFRQKD
(OiUHDWDPELpQVHHQFXHQWUDGHQWURGHOD5HVHUYDGHOD%LRVIHUD81(6&2TXHWLHQH
HQVXWRWDOLGDGKD5HIHUHQFLD1ƒ \UHVSHFWLYDPHQWH0DSDDGMXQWR
GHO 6LVWHPD 1DFLRQDO GH ÈUHDV 6LOYHVWUHV 3URWHJLGDV 3DUDJXD\ 6,1$6,3 QRYLHPEUH
HVFDODZZZVHDPJRYS\
(Q %ROLYLD WRGD HO iUHD GHO DFXtIHUR IRUPD SDUWH GHO 3DUTXH GH 0DQHMR ,QWHJUDGR
2WXTXLV VHJ~Q GDWRV GHO 6HUYLFLR 1DFLRQDO GH ÈUHDV 3URWHJLGDV 6(51$3 HO FXDO
FRQWLHQH XQR GH ORV KXPHGDOHV GH PD\RU LPSRUWDQFLD PXQGLDO HO 2WXTXLV $GHPiV
FRQWLHQHXQDGLYHUVLGDGELROyJLFDLPSRUWDQWH
437
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q3DUDJXD\HQOD]RQDGHLQIOXHQFLDVHHQFXHQWUDQUtRVDUUR\RVODJRVKXPHGDOHV\
UXWDVGHVREUHYXHORGHDYHV&RPRIXHQWHGHDJXDTXHUHFLEHXQDLPSRUWDQWHGHVFDUJD
VHHQFXHQWUDHO5tR7LPDQHHO/DJR3DOPDUGHODV,VODVORVDUUR\RV\ODJXQDVGHOiUHD
GHLQIOXHQFLDTXHUHFLEHQGHVFDUJDGHODFXtIHURGHUHIHUHQFLD
(Q%ROLYLDODELRGLYHUVLGDGFRQWHQLGDHQORVKXPHGDOHVFRQWLHQHXQDULTXH]DIDXQtVWLFD
UHVHUYRULR SHVTXHUR SDVWXUDV QDWXUDOHV \ SODQWDV DFXiWLFDV TXH SXHGH YHUVH DIHFWDGD
SRUFXDOTXLHUFDPELRHQHOUpJLPHQGHODFXtIHUR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q3DUDJXD\H[LVWHXQ3ODQGH2UGHQDPLHQWR$PELHQWDOGHO7HUULWRULRSURPRYLGRSRU
OD6HFUHWDUtDGHO$PELHQWHHQODSDUWHGHOD5HJLyQ2FFLGHQWDOR&KDFRHVSHFtILFDPHQWH
SDUDORVGHSDUWDPHQWRVGH%RTXHUyQ\$OWR3DUDJXD\(VWHSURJUDPDHVWiHQHMHFXFLyQ
$GHPiV H[LVWH XQ 3URJUDPD GH$FFLyQ 6XEUHJLRQDO SDUD HO 'HVDUUROOR 6RVWHQLEOH GHO
*UDQ &KDFR 6XGDPHULFDQR SURPRYLGR SRU ORV SDtVHV TXH OR LQWHJUDQ \ OD DJHQFLD GH
FRRSHUDFLyQDOHPDQD*7=HOFXDOWDPELpQVHHQFXHQWUDHQHMHFXFLyQ
(Q %ROLYLD HO 3ODQ GH 8VR GH 6XHORV GHO 'HSDUWDPHQWR GH 6DQWD &UX] FRQWLHQH ODV
EDVHV IXQGDPHQWDOHV SDUD OD SODQLILFDFLyQ GHO WHUULWRULR HQ HO iUHD GHO DFXtIHUR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q 3DUDJXD\ HQ OD DFWXDOLGDG FRQ OD SURPXOJDFLyQ GH OD /H\ 1ƒ GH ORV
5HFXUVRV+tGULFRVGHO3DUDJXD\VHHVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRU
DVt FRPR OD UHJODPHQWDFLyQ GH GLFKD OH\ SRU OD FXDO ORV SODQHV R SUR\HFWRV GHO XVR \
PDQHMR GH ORV UHFXUVRV KtGULFRV HVWiQ HQ SURFHVR GH HODERUDFLyQ HQ IXQFLyQ GH XQD
*HVWLyQ ,QWHJUDGD GH ORV 5HFXUVRV +tGULFRV *,5+ ([LVWH HO 3URJUDPD GH
2UGHQDPLHQWR$PELHQWDOGHO7HUULWRULRDQLYHOQDFLRQDOLPSOHPHQWDGRSRUOD6HFUHWDUtD
GHO$PELHQWH\FRQODLPSOHPHQWDFLyQGHOD/H\1žGHMXOLRGHVHSUHWHQGH
PHMRUDUHOPDQHMRGHODVDJXDV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v %HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
438
3DUDJXD\ 6L ELHQ H[LVWH XQ EHQHILFLR HFRQyPLFR GHELGR DO
XVR GHO DJXD HQ JHQHUDO SDUD OD JDQDGHUtD VHPL H[WHQVLYD \
H[WHQVLYDORVPLVPRVQRHVWiQFXDQWLILFDGRV
%ROLYLD /D SREODFLyQ GHO 3XHUWR 6XDUH] \ ODV DFWLYLGDGHV
SURGXFWLYDVTXHVHGHVDUUROODQHQOD]RQDVRQORVEHQHILFLDULRV
GLUHFWRVGHOXVRGHORVUHFXUVRVKtGULFRV
v 'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
v (VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
v 0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
3DUDJXD\/DHFRQRPtDORFDOJDQDGHUDGHSHQGHGLUHFWDPHQWH
GHOUHFXUVRDJXDSDUDVXGHVDUUROOR
%ROLYLD 1R H[LVWH GHSHQGHQFLD GH OD HFRQRPtD UHVSHFWR GHO
DJXDVXEWHUUiQHD
3DUDJXD\ (O LQJUHVR PHGLR HVWLPDGR SDUD OD ]RQD GH
LQIOXHQFLDHVGH86PHQVXDOHVSRUSHUVRQD
3DUDJXD\6HYHUiQDIHFWDGRVORVLQGtJHQDVTXHKDELWDQHQHO
iUHDODIORUD\ODIDXQDVLOYHVWUH
%ROLYLD /RV HFRVLVWHPDV SUHVHQWHV HQ OD ]RQD SXHGHQ YHUVH
DIHFWDGRV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
$PERV SDtVHV PHQFLRQDQ HO 7UDWDGR GH OD &XHQFD GHO 3ODWD \ 3DUDJXD\ VXPD DO
0(5&2685 HQ UHODFLyQ D OD SURWHFFLyQ GH ORV UHFXUVRV QDWXUDOHV \ HQ SDUWLFXODU ORV
DFXtIHURV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(QUHODFLyQDOXVRGHODFXtIHURVHWLHQHHO7UDWDGRGHOD&XHQFDGHO3ODWD3RURWUDSDUWH
QRH[LVWHFRODERUDFLyQHQWUHORVSDtVHVSDUDODJHVWLyQGHODFXtIHUR6HGHEHHQFDUDUHQ
IRUPDXUJHQWHXQFRQYHQLRHVSHFtILFRVREUHHODFXtIHURDQLYHOELQDFLRQDO\ODVDFFLRQHV
DWRPDUVHUHILHUHQDODLPSOHPHQWDFLyQGHOWUDWDGRH[LVWHQWH
$8725(6<)8(17(6
3DUDJXD\3UHSDUDGRFRQODFRODERUDFLyQGH$QD0DUtD&DVWLOOR&OHULFL)pOL[&DUYDOOR
%ROLYLD 3UHSDUDGR FRQ OD FRODERUDFLyQ GH 6(5*(27(&0,1 \ FRPSOHPHQWDGR SRU
0D\HO6XQDJXD
439
440
66,67(0$ $&8Ë)(52
*5$1'(6
%2/,9,$&+,/(
75$16)5217(5,=2
2//$*h(3$6726
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 2OODJH3DVWRV *UDQGHV VH XELFD HQ OD UHJLyQ
IURQWHUL]DHQWUH%ROLYLD\&KLOH6HHQFXHQWUDHQODFRUGLOOHUDRFFLGHQWDODOVXGHVWHGH
%ROLYLD'HSDUWDPHQWRGH3RWRVtOLPLWDQGRSRUHORHVWHFRQ&KLOH
(O iUHD WRWDO GHO DFXtIHUR HV GH NP FRUUHVSRQGLHQGR NP D OD SRUFLyQ
FKLOHQDFRQXQRVKDELWDQWHVVHJ~QGDWRVGHO \NPDOODGREROLYLDQR
FRQ XQD SREODFLyQ PHQRU D KDELWDQWHV (Q GHWDOOH VH GLVWLQJXHQ GRV DFXtIHURV
XQR FHQWUDO TXH HQ &KLOH FXEUH NP \ XQR VHFXQGDULR TXH FXEUH NP
DSUR[LPDGDPHQWH (O iUHD WRWDO GHO DFXtIHUR FRUUHVSRQGH SUDFWLFDPHQWH D OD GH OD
FXHQFD
&DUDFWHUtVWLFDVGHODFXtIHUR
/RV DFXtIHURV VRQ OLEUHV D FRQILQDGRV \ VH SUHVHQWDQ HQ URFDV IUDFWXUDGDV GH HGDG
WHUFLDULD \ HQ VHGLPHQWRV FXDWHUQDULRV SHUPHDELOLGDG SULPDULD \ VHFXQGDULD (Q OD
UHJLyQ VH SUHVHQWDQ URFDV YROFiQLFDV GDFLWDV DQGHVLWDV H LJQLPEULWDV 7DPELpQ
GHSyVLWRVGHPRUUHQDVFRQIRUPDGRVSRUEORTXHVJUDYDV\FDQWRV
(O DFXtIHUR FHQWUDO HVWi FRPSXHVWR SRU XQD FXEHWD PD\RULWDULDPHQWH VHGLPHQWDULD GH
SRURVLGDGSULPDULD\FRUUHVSRQGHSUDFWLFDPHQWHDOiUHDGHOVDODUHODFXtIHURVHFXQGDULR
HVWi FRPSXHVWR PD\RULWDULDPHQWH GH URFD YROFiQLFD FRQ SRURVLGDG VHFXQGDULD \
FRUUHVSRQGHDWRGDHOiUHDHQWRUQRDOVDODU
(O UDQJR GH HVSHVRU GHO VLVWHPD DFXtIHUR HV GH D P HQFRQWUiQGRVH HO QLYHO
HVWiWLFR HQ WRUQR D ORV PHWURV \ OD Pi[LPD SURIXQGLGDG GH SR]RV HQ DOUHGHGRU GH
PHWURV
=RQDVGHUHFDUJD
(Q%ROLYLDVHLQGLFDTXHOD]RQDGHUHFDUJDHVWiXELFDGDHQORVHVWUDWRYROFDQHVTXHVH
HQFXHQWUDQ FXELHUWRV GH QLHYH JUDQ SDUWH GHO DxR VLHQGR HO VLVWHPD GH UHFDUJD PX\
OHQWR
6HJ~Q&KLOHHOiUHDGHUHFDUJDFRUUHVSRQGHSUDFWLFDPHQWHDODFXHQFDHQVXWRWDOLGDG
&RQ %ROLYLD VH FRPSDUWH HO DFXtIHUR SULPDULR \ VHFXQGDULR 3DUD HO FDVR GHO DFXtIHUR
SULPDULRQRVHFXHQWDFRQODGHOLPLWDFLyQWRWDOGHOVDODU
441
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
5XUDO
&KLOH
%ROLYLD
KDELWDQWHV
KDELWDQWHV
KDE
KDE
KDE
KDE
v
3REODFLyQLQGtJHQD
HVWLPDGD
KDE
KDE
v
3REODFLyQHQ]RQDVGH
UHFDUJD
KDE
8VRV
/RVSULQFLSDOHVXVRVVRQHOGRPpVWLFR\JDQDGHUR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q%ROLYLDODFDOLGDGGHODJXDHVEXHQD
6HJ~Q &KLOH OD FXHQFD VH FDUDFWHUL]D SRU OD PDOD FDOLGDG GH VXV DJXDV 6H KDQ
HQFRQWUDGRVRODPHQWH IXHQWHVGH FDOLGDG DFHSWDEOHSDUDHOFRQVXPRKXPDQRDPEDV
VXSHUILFLDOHV \ FRQ QHFHVLGDG VROR GH FORUDFLyQ ODV TXH VH HQFXHQWUDQ DO RHVWH GH OD
FXHQFD
2WUDVIXHQWHVGHDJXD
(Q &KLOH HO $FXtIHUR GH $VFRWiQ OD &XHQFD GHO 5tR /RD \ FXHQFDV FHUUDGDV GH
$OFRQFKD0LFKLQFKD\&RSRVD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
(QWpUPLQRVJHQHUDOHVVHKDQDSUHFLDGRFLFORVGHFDGDOHVK~PHGRV\VHFRV/RDQWHULRU
DIHFWDORVDIORUDPLHQWRVGHRULOODGHOVDODUYHUWLHQWHV\QLYHOHVGHDFXtIHUR
442
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q%ROLYLDPiVGHOGHODVXSHUILFLHGHODFXtIHURHVSDLVDMHiULGRQDWXUDO
(O3ODQGH8VRGH6XHORVGHO'HSDUWDPHQWRGH3RWRVtGHWHUPLQDOD]RQDFRPRWLHUUDV
GH SURWHFFLyQ FRQ XVR UHVWULQJLGR /D FREHUWXUD QDWXUDO RULJLQDO HVWi FRPSXHVWD SRU
YHJHWDFLyQDUEXVWLYDHVFDVDWtSLFDGHFOLPDiULGR
(Q&KLOHVHSUHVHQWDQWLHUUDVQDWXUDOHV\SDLVDMHDOWLSOiQLFR
&REHUWXUD\XVRDFWXDOGHODWLHUUD
6HJ~Q %ROLYLD FRPR VH LQGLFy HQ HO SiUUDIR DQWHULRU PiV GHO HV SDLVDMH iULGR
QDWXUDO\FODVLILFDGRFRPRXVRJDQDGHURH[WHQVLYROLPLWDGR
(Q&KLOHKR\HQGtDQRVHOHGDXVRLQGXVWULDO([LVWHQiUHDVGHSDVWRUHRDVRFLDGDVDODV
]RQDV GH YHJDV \R ERIHGDOHV /DV iUHDV GH FXOWLYRV VRQ GH H[WHQVLyQ PtQLPD \ SDUD
DXWRVXVWHQWR
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
+DEDV]DQDKRULDVFHEROODVDMRVTXLQXD\ODSDSDDQGLQD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q&KLOHODVYHJDV\DFXtIHURVSURWHJLGRVFRUUHVSRQGHQDXQDIDFXOWDGGHOD'*$TXH
OLPLWDFXDOTXLHUH[SORWDFLyQHQHVDV]RQDV/DViUHDVGHUHVWULFFLyQUHVWULQJHQHOXVRGHO
DJXDSHURQROROLPLWDQWRWDOPHQWH
&KDTXLVLHQDJD&DVFD9LFXxHUtD
3XTLRV
&DXVLVD&LHQDJD5HGRQGD
&RDVD
$JXDGLWD
3DOSDQD$PLQFKD
&KDFR4XHEUDGDGHO,QFD
&DOL[WRR&DUFRWH/DJXQDHO/HyQ6DSXQWD2MR&DOLHQWH&XFKLFKD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q&KLOHVHLQGLFDQFRPRHFRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVD
443
6DODUGH2OODJH
4XHEUDGD(O4XLQFH
4XHEUDGDVDOQRURFFLGHQWHGHOVDODU
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%ROLYLD(OXVRHVSUDFWLFDPHQWHQXORSRUORTXHHOEHQHILFLR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV HFRQyPLFRDFWXDOHVPX\EDMR
DOXVRGHODJXD
&KLOH5HOHYDQWHHVWDUtDDVRFLDGRDODPLQHUtD
%ROLYLD 1R H[LVWH GHSHQGHQFLD GH OD HFRQRPtD UHVSHFWR GHO
'HSHQGHQFLDGHODHFRQRPtDORFDO DJXDVXEWHUUiQHD
DJURLQGXVWULDUHFXUVRV
&KLOH /D HFRQRPtD ORFDO HV GH PX\ SHTXHxD HVFDOD \ QR
QDWXUDOHVGHODFFHVRDOUHFXUVR
GHSHQGH GH ODV FRQGLFLRQHV GHO DFXtIHUR VLQ SHUMXLFLR GH OD
DJXD
H[LVWHQFLDGHO3$7
0HGLRVGHYLGDTXHFRUUHUtDQ
&KLOH /D HFRQRPtD ORFDO HV GH PX\ SHTXHxD HVFDOD \ QR
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
GHSHQGH GH ODV FRQGLFLRQHV GHO DFXtIHUR VLQ SHUMXLFLR GH OD
VLVWHPDDFXtIHURVXEWHUUiQHRVH
H[LVWHQFLDGHO3$7
YLHUDDIHFWDGRQHJDWLYDPHQWH
$8725(6<)8(17(6
%ROLYLD3UHSDUDGRFRQODFRODERUDFLyQGH0D\HO6XQDJXD&RUR6(5*(27(&0,1
&KLOH3UHSDUDGRFRQODFRODERUDFLyQGH&DUORV%HUURHWD%XVWRV&21$3+,
444
445
66,67(0$$&8Ë)(5275$16)5217(5,=2&21&25',$(6&5,726±
&$3/,1$
3(5Ò&+,/(
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R &RQFRUGLD (VFULWRV±&DSOLQD HVWi XELFDGR HQWUH
ODVUHS~EOLFDVGH&KLOH\3HU~&RPSUHQGHSULQFLSDOPHQWHODVFXHQFDVGHO5tR&DSOLQD\
ODV TXHEUDGDV 3DOFD9LODYLODQL &DXQDQL (VStULWXV \ +RQGD HQ HO H[WUHPR GH OD FRVWD
VXUGH3HU~\OD4XHEUDGD/D&RQFRUGLDHQ&KLOH
(O iUHD HQ 3HU~ HV GH NP \ OD SREODFLyQ DSUR[LPDGD GH KDELWDQWHV
PLHQWUDVTXHHOiUHDHQ&KLOHHVGHNPFRQXQDSREODFLyQGHKDELWDQWHV
HQODFLXGDGPiVFHUFDQDDSUR[LPDGDPHQWHDNP
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q 3HU~ HO DFXtIHUR HVWi FRQVWLWXLGR SRU GHSyVLWRV DOXYLDOHV GH HGDG FXDWHUQDULD 6H
FDUDFWHUL]DSRUVHUXQDFXtIHUROLEUHGHSHUPHDELOLGDGEXHQDDPHGLD
6HJ~Q&KLOHODJHRORJtDGHOVHFWRUHQVXOtPLWHVXUFRUUHVSRQGHDOD)RUPDFLyQ2[D\D
VREUHODFXDOVHLGHQWLILFDQVHGLPHQWRVUHFLHQWHVGHRULJHQHyOLFRIRUPDGREiVLFDPHQWH
SRUJUDQRVGHFXDU]RVXEUHGRQGHDGRV
'LFKD)RUPDFLyQ2[D\DVHHQFXHQWUDDPSOLDPHQWHH[WHQGLGDHQOD3URYLQFLDGH$ULFD
FRQVWLWX\HQGR HQ IRUPD LPSRUWDQWH OD DFWXDO VXSHUILFLH GH HURVLyQ (Q ORV VHFWRUHV
LQIHULRUHV ORV DIORUDPLHQWRV HVWiQ FRQVWLWXLGRV SULQFLSDOPHQWH SRU WREDV H LJQLPEULWDV
PDUUyQ \ JULVHV SXGLHQGR ORFDOL]DUVH KDFLD HO WHFKR \ OD EDVH HVWUDWRV GH WREDV
ULRGDFtWLFDVEODQFDV\URVDGDV
/D URFD PiV FRP~Q HQ HVWD IRUPDFLyQ EDMD FRUUHVSRQGH D XQD LJQLPEULWD PDUUyQ
YLWURFULVWDOLQDGHFRPSRVLFLyQULROtWLFD(QODVFHUFDQtDVGHOWHFKRGHOPLHPEURLQIHULRU
XQQLYHOLJQLPEUtWLFRJULVRVFXURSXHGHVHUFRQVLGHUDGRFRPRHVWUDWRJXtDGHELGRDVX
FRQWLQXLGDGDUHDO
5HVSHFWR DO UHOOHQR GHO YDOOH HVWH FRUUHVSRQGH HQ VX WRWDOLGDG D VHGLPHQWRV PDULQRV
SULQFLSDOPHQWHFRQJORPHUDGRVDUHQLVFDV \OLPROLWDVSDUGRRVFXUDVFRQLQWHUFDODFLRQHV
GH FRQFKDV TXH HQJUDQDQ KDFLD OD GHVHPERFDGXUD GH OD TXHEUDGD FRQ JUDYDV DUHQDV
OLPRV\FHQL]DYROFiQLFDGHRULJHQFRQWLQHQWDODOXYLRQDO(QHOVHFWRUEDMRGHOiUHDGH
HVWXGLR DSUR[LPDGDPHQWH GHVGH OD UXWD QRUWH KDFLD OD FRVWD ORV VHGLPHQWRV VH
XELFDUtDQVREUHURFDGHOD)RUPDFLyQ&RQFRUGLDPLHQWUDVTXHGHVGHGLFKRVHFWRUKDFLD
DJXDV DUULED VH XELFDUtDQ VREUH URFD GH WLSR YROFiQLFR \ DUHQLVFDV
PLFURFRQJORPHUiGLFDV
/DFDUDFWHUL]DFLyQGHODVIRUPDFLRQHVDFXtIHUDVHQHOiUHDGHHVWXGLRVHKDUHDOL]DGRD
SDUWLUGHORVUHJLVWURVHVWUDWLJUiILFRVGLVSRQLEOHVGHVHLVVRQGDMHVXELFDGRVHQGLFKDiUHD
\ GH ORV UHVXOWDGRV GH ODV SUXHEDV GH ERPEHR UHDOL]DGDV HQ DOJXQRV GH ORV VRQGDMHV
H[LVWHQWHV
446
'HDFXHUGRDODHVWUDWLJUDItDGLVSRQLEOHGHORVVRQGDMHVLQGLFDGRVORVUHOOHQRVHQHOiUHD
GHHVWXGLRVHFRPSRQHQSULQFLSDOPHQWHGHDUHQDVGHGLVWLQWRWDPDxRJHQHUDOPHQWHILQD
DPHGLDFRQLQWHUFDODFLRQHVGHHVWUDWRVGHGLIHUHQWHVFDUDFWHUtVWLFDV
/RV YDORUHV GH WUDQVPLVLYLGDGHV GHWHUPLQDGRV SRU HVWXGLRV $\DOD \ &DEUHUD LQGLFDQWUDQVPLVLYLGDGHVEDMDVYDULDEOHVHQHOUDQJRGH D PGtDH[FHSWRXQ
YDORUSXQWXDOGHORUGHQGHPGtD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q 3HU~ OD SURIXQGLGDG GH ORV QLYHOHV YDUtD HQWUH \ P OOHJDQGR SXQWXDOPHQWH
KDVWDP(OHVSHVRUGHODFXtIHURYDUtDGHDPOOHJDQGRKDVWDP4GD
6DOLQDV
(Q &KLOH GH DFXHUGR D OD LQIRUPDFLyQ DQWHULRU \ D OD FDUDFWHUL]DFLyQ JHROyJLFD
UHDOL]DGDHQHOVHFWRUGHHVWXGLRHOHVSHVRUGHOUHOOHQRTXHVREUH\DFHDODURFDEDVDOHV
FRQVLGHUDEOH GHO RUGHQ GH ORV P R PiV (Q HIHFWR HQ HO VRQGDMH GH PD\RU
SURIXQGLGDGVHSHUIRUyKDVWDPVLQHQFRQWUDUURFDEDVDO'HODPLVPDPDQHUDHQ
RWURSR]RXELFDGRDPHQRUGLVWDQFLDGHODFRVWDTXHHODQWHULRUVHSHUIRUyKDVWDP
GHSURIXQGLGDGVLQHQFRQWUDUURFD6LPLODUVLWXDFLyQVHGHVSUHQGHGHODLQIRUPDFLyQGH
ORVUHVWDQWHVVRQGDMHVGHOiUHDFX\DVSURIXQGLGDGHVDOFDQ]DQKDVWDORVPVLQTXH
VHKD\DDOFDQ]DGRURFD(QHOFDVRGHRWURVVRQGDMHVXELFDGRVDOVXUGHOiUHDGHHVWXGLR
HQ OD ]RQD EDMD GHO 9DOOH GHO 5tR /OXWD \ D XQD GLVWDQFLD VLPLODU GH OD FRVWD GH ORV
DQWHULRUHVVHDOFDQ]yODURFDEDVDODSURIXQGLGDGHVGHP\PUHVSHFWLYDPHQWH
ORTXHFRQFXHUGDFRQODHVWLPDFLyQDQWHULRU
'HVGH DJXDV DEDMR KDFLD DJXDV DUULED ORV SR]RV XELFDGRV D XQRV P GH OD FRVWD
SUHVHQWDQ XQ HVWUDWR FRPSXHVWR SULQFLSDOPHQWH GH DUHQLVFD KDVWD ORV P GH
SURIXQGLGDGEDMRHOFXDOVHXELFDUtDXQHVWUDWRGHOWLSRFRQJORPHUDGRTXHVHH[WHQGHUtD
PiV DOOi GH ORV P 'HQWUR GHO HVWUDWR GH DUHQLVFD VH XELFDQ HVWUDWRV GH EDMD
SHUPHDELOLGDGGHOWLSRFHQL]DYROFiQLFDFRQSRWHQFLDVGHORUGHQGHDP
$ PD\RU GLVWDQFLD GH OD FRVWD D XQRV P ORV VRQGDMHV PXHVWUDQ XQD
HVWUDWLJUDItDVLPLODU(QXQRGHHOORVODGHVFULSFLyQSURYHQLHQWHGHXQHVWXGLRDQWHULRU
VHxDODTXHVHWHQGUtDXQHVWUDWRVXSHULRUGHXQRVPGHHVSHVRUIRUPDGRSRUFDSDV
LQWHUFDODGDV GH GLIHUHQWH WLSR FRPSXHVWDV GH DUHQDV OLPRV FHQL]DV YROFiQLFDV SLHGUD
SyPH]\EORTXHVGHOLSDULWDRULROLWDFRQIyVLOHVPDULQRVKDVWDORVPTXHVREUH\DFH
D XQ HVWUDWR TXH VH H[WLHQGH DO PHQRV KDVWD ORV P GH VLPLODU FRPSRVLFLyQ DO
DQWHULRU SHUR VLQ IyVLOHV \ FRQ PD\RU OLWLILFDFLyQ 3RU VX SDUWH HQ HO RWUR SR]R VH
LGHQWLILFy XQ HVWUDWR VXSHUILFLDO GH DUHQD ILQD D JUXHVD GH P GH SRWHQFLD
VREUH\DFLHQGR D XQ HVWUDWR TXH OOHJD KDVWD ORV P GH SURIXQGLGDG IRUPDGR SRU
PDWHULDOHVILQRV
=RQDVGHUHFDUJD
(Q 3HU~ OD UHFDUJD QDWXUDO VH GD HQ OD SDUWH DOWD GH OD FXHQFD ]RQD K~PHGD \
TXHEUDGDVXELFDGDVHQDPEDVPiUJHQHVFRPR9LxDQL&DXxDQL\(VStULWXVDORODUJRGHO
FDXFH\iUHDVGHFXOWLYR/D<DUDGD
447
([SORWDFLyQ\FDXGDOHV
(Q3HU~ODH[SORWDFLyQGHODVDJXDVGHOVXEVXHORVHFRQFHQWUDHQODVSDPSDVGH/D
<DUDGD KPDxR PLHQWUDV TXH HQ OD ]RQD XUEDQD HV PtQLPD$FWXDOPHQWH HO
DFXtIHUR HVWi VREUHH[SORWDGR SURGXFLpQGRVH OD FRQWDPLQDFLyQ GH ODV DJXDV \ HO
IHQyPHQRGHLQWUXVLyQPDULQD\SRUHQGHODVDOLQL]DFLyQGHODVWLHUUDVFHUFDDOOLWRUDO
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DSREODFLyQSDUDODSRUFLyQSHUXDQDHVWiHVWLPDGDHQXQRVKDELWDQWHVGHORV
FXDOHVLQWHJUDQODIUDFFLyQXUEDQDFRQFHQWUDGDHQ7DFQD/DSREODFLyQ
UXUDO HV PHQRU D KDELWDQWHV \ OD SREODFLyQ LQGtJHQD HVWLPDGD HV GH KDELWDQWHV
8VRV
/RVSULQFLSDOHVXVRVSDUD3HU~VHGLVWULEX\HQGHODVLJXLHQWHIRUPD
ƒ
ƒ
ƒ
ƒ
5LHJR 'RPpVWLFR ,QGXVWULD
3~EOLFR8UEDQR
KP
KP
KP
KP
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
6HJ~Q3HU~HQODSDUWHDOWD\PHGLDGHOYDOOHHODJXDHVGHEXHQDDDFHSWDEOHFDOLGDG
± —6FP PLHQWUDV TXH HQ OD SDUWH EDMD HQ HVSHFLDO FHUFD GHO OLWRUDO OD
FDOLGDG GHO DJXD HV PDOD ± —6FP 3RU WDQWR VH GLFH TXH OD FDOLGDG GHO
DJXDYDUtDGHEXHQDDDOWDPHQWHPLQHUDOL]DGD
3RUVXSDUWH&KLOHLQGLFDTXHHQJHQHUDOHQWRGDHOiUHDHOFRQWHQLGRGHFORUXURV\HO
WRWDO GH VyOLGRV GLVXHOWRV HV UHODWLYDPHQWH DOWR (VSDFLDOPHQWH DPERV FRQWHQLGRV
SUHVHQWDQ XQ FRPSRUWDPLHQWR VLPLODU HQ TXH ORV YDORUHV PXHVWUHDGRV GLVPLQX\HQ D
PD\RUHVGLVWDQFLDVGHODFRVWD\GLVPLQX\HQGHVGHHOVXUKDFLDHOQRUWH/RDQWHULRUVH
GHEHUtD HQ SDUWH D TXH ORV UHOOHQRV XELFDGRV PiV KDFLD HO VXU GHO VHFWRU HVWXGLDGR
UHFLEHQ UHFDUJDV SURYHQLHQWHV GH OD &XHQFD GHO 5tR /OXWD FDUDFWHUL]DGDV SRU VX DOWR
FRQWHQLGR VDOLQR PLHQWUDV TXH KDFLD HO QRUWH GLFKR HIHFWR GHFUHFH \D TXH HO DJXD
VXEWHUUiQHD SURYLHQH GH OD &XHQFD GH (VFULWRV \ GH DTXHOODV FXHQFDV FRVWHUDV TXH
GUHQDQKDFLDODFRVWDHQHOVXUGHO3HU~
'HVGHHOSXQWRGHYLVWDGHVXFDOLGDGSDUDDJXDSRWDEOH\ULHJRWDQWRODVDJXDVGHORV
SR]RVXELFDGRVDPHQRVGHPLOPHWURVGHODFRVWDFRPRDTXHOORVXELFDGRVDOVXUGHOD
FRRUGHQDGD 870 1 SUHVHQWDQ FRQWHQLGRV GH VyOLGRV GLVXHOWRV WRWDOHV SRU
VREUHPJOHVGHFLUH[FHGHQHOOtPLWHHVWDEOHFLGRSRUODQRUPDFKLOHQDSDUDDJXD
SRWDEOH1&K6LPLODUFRPSRUWDPLHQWRSUHVHQWDHOFRQWHQLGRGHFORUXURVTXHHQOD
448
PLVPDiUHDLQGLFDGDSUHVHQWDYDORUHVSRUVREUHPJOYDORUTXHVXSHUDORVOtPLWHV
SHUPLWLGRV SRU ODV QRUPDV 1&K \ OD QRUPD GH DJXD SDUD ULHJR 1&K PJO
&RQUHODFLyQDODFDOLGDGGHODVDJXDVGHORVSR]RVXELFDGRVDPiVGHPLOPHWURVGHOD
FRVWDFRPRDTXHOORVXELFDGRVDOQRUWHGHODFRRUGHQDGD8701DQDOL]DGRV
ORVUHVXOWDGRVHQWUHJDGRVSRUORVGLVWLQWRVPXHVWUHRVUHDOL]DGRVDORODUJRGHOWLHPSRVH
SXHGHREVHUYDUTXHODFDOLGDGGHOUHFXUVRVXEWHUUiQHRVHKDFRQVHUYDGRDSWDSDUDVXXVR
HQDJXDSRWDEOH\ULHJR
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q 3HU~ HO$FXtIHUR GHO9DOOH &DSOLQD VH HQFXHQWUD XELFDGR DO VXU GHO SDtV HO VHFWRU
PiViULGRGHO3HU~$FWXDOPHQWHHVWiVLHQGRVREUHH[SORWDGRH[LVWLHQGRXQGHVEDODQFH
GHKPORFXDOKDRULJLQDGR
'HVFHQVRGHORVQLYHOHVGHDJXD±PDxR
,QFUHPHQWRGHODPLQHUDOL]DFLyQGHODJXD
$YDQFHGHODFXxDPDULQDNPGHORQJLWXG
*UDQGHVFRQRVGHGHSUHVLyQ<DUDGDEDMD
/DFDOLGDGGHODJXDGHOVXEVXHORVHYLHQHGHWHULRUDQGRHQODV]RQDVFHUFDQDVDOOLWRUDOHQ
XQFRQWLQXRSURFHVRGHVDOLQL]DFLyQFDPELDQGRVXFRPSRVLFLyQGHVXOIDWDGDFiOFLFDD
FORUXUDGDFiOFLFD/DVDOLQL]DFLyQHVDWULEXLGDDODLQWUXVLyQPDULQD
6HJ~Q&KLOHDODIHFKDQRVHUHJLVWUDQFDPELRVHQODFDOLGDGGHDJXD\WDPSRFRHQVX
GLVSRQLELOLGDG GDGR HO EDMR QLYHO GH H[SORWDFLyQ \ OD PDQWHQFLyQ GH ORV QLYHOHV
HVWiWLFRVGHODUHGGHPRQLWRUHRGHOD'*$
2WUDVIXHQWHVGHDJXD
(Q 3HU~ XQD IXHQWH GH FRPSOHPHQWR GH DJXD VXSHUILFLDO SDUD HO DEDVWHFLPLHQWR D OD
SREODFLyQGHODFLXGDGGH7DFQDVRQODVDJXDVSURYHQLHQWHVGHORVUtRV<XQJDQHOV
\ 8VKXVXPD OV SHUR DQWH XQD LQWHQVD H[WUDFFLyQ GH DJXD VXEWHUUiQHD ODV
DOWHUQDWLYDVVRQ
/DGHVDODFLyQGHODJXDGHPDU
7UDVYDVHGHDJXDGHVGHHODOWLSODQR/DJR7LWLFDFD
3HUIRUDFLyQGHSR]RVHQHOVHFWRUXELFDGRDPVQPGRQGHSRVWHULRUPHQWH
ODVDJXDVVHUiQWUDVODGDGDVD7DFQD$ILDQ]DPLHQWR+tGULFRGH7DFQD
(Q&KLOHH[LVWHQFXHQFDVDOWLSOiQLFDVVLQH[SORWDFLyQHQWUHHOODV/DXFD&DTXHQDSDUWH
DOWDGHOD&XHQFDGHO/OXWD
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(O FOLPD VH HQPDUFD GHQWUR GH ODV FDUDFWHUtVWLFDV HFROyJLFDV TXH FRUUHVSRQGHQ D OD
IRUPDFLyQGHGHVLHUWRVXEWURSLFDOiULGR
449
7RGDOD]RQDHViULGD\GHHVFDVDSUHFLSLWDFLyQSOXYLDOPPDxRDORTXHKDEUtD
TXH DJUHJDU XQD VHTXtD GH YDULRV DxRV TXH KD RFDVLRQDGR OD UHFDUJD PtQLPD GHO
DFXtIHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
$ODUJRRPHGLDQRSOD]RORVSURQyVWLFRVPHWHRUROyJLFRVLQGLFDQTXHHQHO9DOOH&DSOLQD
DXPHQWDUiODWHPSHUDWXUD\HQFRQVHFXHQFLDGLVPLQXLUiODSUHFLSLWDFLyQSOXYLDODFDXVD
GHOFDOHQWDPLHQWRJOREDOSRUORTXHVHUHGXFLUiODGLVSRQLELOLGDGGHOUHFXUVRKtGULFR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVREUHH[SORWDFLyQKDSURYRFDGRXQLPSDFWRQHJDWLYRHQHODFXtIHURTXHVHWUDGXFHHQ
GHVFHQVRVFRQWLQXRVGHORVQLYHOHVGHDJXD \ HODYDQFHGHODFXxDPDULQDHQFLHUWRV
VHFWRUHVKDFLDHOFRQWLQHQWHNP
'HVGHVHGHFODUDODYHGDSDUDODSHUIRUDFLyQGHQXHYRVSR]RVHQHODFXtIHUR$~Q
DVt VH KDQ LQFUHPHQWDGR ORV SR]RV RFDVLRQDQGR XQ GHVEDODQFH HQWUH OD RIHUWD \ OD
GHPDQGD
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(QHO$FXtIHUR&DSOLQD7DFQDGXUDQWHODVHTXtD ODH[SORWDFLyQGHODJXDVXEWHUUiQHD
HVPD\RUPHQWHUHEDVDGDSRUORVXVXDULRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q3HU~ODVSULQFLSDOHVXQLGDGHVGHSDLVDMHVRQHOGHVLHUWRDUHQRVRGHOD3DPSDGHOD
<DUDGD ]RQDV DJUtFRODV \ ]RQDV XUEDQDV /D QDWXUDOH]D GHO WHUUHQR HUD GH FDUiFWHU
GHVQXGRSRFDRQXODYHJHWDFLyQ\DUHQRVR
(Q&KLOHVHPHQFLRQDQODVWLHUUDVQDWXUDOHVGHVpUWLFDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q3HU~ORVXVRVDFWXDOHVGHOVXHORVRQXUEDQR±LQGXVWULDO\DJUtFRODHQHOYDOOH
/D FREHUWXUD FRUUHVSRQGH D ORV VXHORV GHVQXGRV DUHQRVRV \ HQ VHFWRUHV FHUFDQRV DO
OLWRUDOVDOLQR
(Q &KLOH GH DFXHUGR D OD &RUSRUDFLyQ 1DFLRQDO )RUHVWDO OD ]RQD GHO DFXtIHUR
WLHQH VROR GRV XVRV iUHDV GHVSURYLVWDV GH YHJHWDFLyQ SUDGHUDV \ PDWRUUDOHV 1R VH
REVHUYDQ XVRV LQGXVWULDOHV (Q OD ]RQD GHO DFXtIHUR VH ORFDOL]D HO $HURSXHUWR GH
&KDFDOOXWD\HOSDVRIURQWHUL]RGHOPLVPRQRPEUH
450
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q3HU~ORVSULQFLSDOHVFXOWLYRVGHOGLVWULWRGHULHJR7DFQD/D<DUDGDVRQROLYR
PDt]DMtSiSULNDFHEROODEODQFDDOIDOID\RWURV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DOXVRGHODJXD
3HU~(OEHQHILFLRHFRQyPLFRORUHSUHVHQWDQODVDFWLYLGDGHV
SURGXFWLYDV SULQFLSDOPHQWH OD DJULFXOWXUD ODV FXDOHV
XWLOL]DQODPD\RUSDUWHGHOYROXPHQGHDJXDGHODFXtIHUR
(QHODxRODDJURH[SRUWDFLyQGHODFXtIHURDOFDQ]y XQ
PRQWRGHGHGyODUHVSULQFLSDOPHQWHORVFXOWLYRV
GH DFHLWXQD PLOORQHV RUpJDQR PLOORQHV FHEROOD
PLOORQHV\DMtSiSULNDPLOORQHV
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
3HU~(Q7DFQDDSHVDUGHTXHHQ ODDJULFXOWXUDVH XWLOL]D
SDUWH GH ODV DJXDV GHO 5tR &DSOLQD OD HFRQRPtD ORFDO
GHSHQGH EiVLFDPHQWH GHO DJXD VXEWHUUiQHD XELFDGD HQ HO
FRQRGHIHFWLYRGHO5tR&DSOLQD/D<DUDGD
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
3HU~(Q7DFQDVXDJULFXOWXUDGHSHQGHEiVLFDPHQWHGHODV
DJXDVVXEWHUUiQHDVTXHVHH[SORWDQGHO$FXtIHUR&DSOLQDVX
H[SORWDFLyQ H[FHVLYD SURYRFDUi HO LQFUHPHQWR GH OD
VDOLQLGDGGHODJXD\SRUHQGHHOGHWHULRURGHODVWLHUUDVFRQ
HOODHOSHUMXLFLRGHODHFRQRPtDGHORVDJULFXOWRUHV
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
1RH[LVWHQWUDWDGRVHQUHODFLyQDODFXtIHURWUDQVIURQWHUL]R
(QWUHODVDFFLRQHVSDUDPHMRUDUODFRODERUDFLyQGHEHSURPRFLRQDUVHHOLQWHUFDPELRGH
LQIRUPDFLyQHQWUHDPERVSDtVHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(QHO3HU~HOXVRGHODFXtIHURHQODDJULFXOWXUDHVIXQGDPHQWDO \DTXHHVXVDGRHQOD
DJURH[SRUWDFLyQ
'HDOOtH[LVWHXQDSUHRFXSDFLyQHQHOGHWHULRURSDXODWLQRGHODFXtIHURTXHKDPRWLYDGR
TXHHOHVWDGRSHUXDQRGHVGHHODxR\YHODQGRSRUODSUHVHUYDFLyQFRQVHUYDFLyQ\
XVR VRVWHQLEOH GH ORV UHFXUVRV KtGULFRV GHO $FXtIHUR GH OD <DUDGD SURPXOJXH ODV
UHVROXFLRQHVPLQLVWHULDOHVGLULJLGDVDUHJXODUHOIXQFLRQDPLHQWRGHODFXtIHUR
v 50GHFODUDUODYHGDSDUDODHMHFXFLyQGHQXHYDVREUDVGHVWLQDGDVD
ODFDSWDFLyQGHODVDJXDVVXEWHUUiQHDV
v (Q 50 GHFODUD PDQWHQHU OD YHGD GHELGR D ORV GHVFHQVRV GH ORV
QLYHOHVIUHiWLFRV
451
$8725(6<)8(17(6
3HU~3UHSDUDGRFRQODFRODERUDFLyQGH(GZLQ=HQWHQR7XSLxR,QVWLWXWR1DFLRQDOGH
5HFXUVRV1DWXUDOHV±,QUHQDKR\$XWRULGDG1DFLRQDOGH$JXD±$1$
%DVDGRHQ(VWXGLR+LGURJHROyJLFRGHO9DOOH&DSOLQD
&KLOH3UHSDUDGRFRQODFRODERUDFLyQGH&DUORV%HUURHWD%XVWRV&21$3+,
452
453
66,67(0$$&8Ë)(5275$16)5217(5,=2$48,'$8$1$
$48,'$%È1
%5$6,/3$5$*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R $TXLGDXDQD$TXLGDEiQ HVWi ORFDOL]DGR HQ OD
&XHQFD +LGUROyJLFD GHO 3DUDQi FRQ XQD H[WHQVLyQ DSUR[LPDGD GH NP GH ORV
FXDOHVNPHVWiQHQ%UDVLO\NPHQ3DUDJXD\VLJXLHQGRXQDGLUHFFLyQ
QRUHVWHVXURHVWH
&DUDFWHUtVWLFDVGHODFXtIHUR
6HJ~Q %UDVLO OD VHGLPHQWDFLyQ GH OD )RUPDFLyQ$TXLGDXDQD RFXUUH HQ HO &DUERQtIHUR
6XSHULRU\HO3pUPLFR6XSHULRU3DOHR]RLFR(VXQDVHFXHQFLDVHGLPHQWDULDFRQLQWHQVD
YDULDFLyQ IDFLROyJLFD WDQWR KRUL]RQWDO FRPR YHUWLFDO TXH OH HV FDUDFWHUtVWLFD
SUHGRPLQDQWHPHQWH DUHQRVD GH FRORUDFLyQ URML]R (O DPELHQWH GH VHGLPHQWDFLyQ HV
IOXYLRODFXVWUHFRQVHGLPHQWRVJODFLDUHVDUHQLVFDVOXWLWDVYDUYLWDVHWF6HHQFXHQWUD
DSR\DGDGHPRGRGLVFRUGDQWHVREUHODVDUHQLVFDVGHOD)RUPDFLyQ)XUQDV
3RU VX SDUWH 3DUDJXD\ LQGLFD TXH OD JUDQ GLYHUVLGDG OLWROyJLFD HQ OD )RUPDFLyQ
$TXLGDEiQ&RURQHO 2YLHGR VXJLHUH XQD DPSOLD GLIHUHQFLDFLyQ IDFLROyJLFD ODWHUDO \
YHUWLFDO HQ HO iUHD /D SUHVHQFLD GH DUHQLVFDV \ DUFLOOLWDV FRQ HVWUDWLILFDFLyQ
SODQRSDUDOHODVDUHQLVFDVFRQGURSVWRQHVGLDPLFWLWDV \ ULWPLWDVLQGLFDQFODUDPHQWHXQ
DPELHQWHJODFLDODSHULJODFLDOFRQWLQHQWDOWUDQVLFLRQDO\PDULQRUDVR
7LHQH XQ HVSHVRU GH P SHUPHDELOLGDG PX\ EDMD \ GUHQDMH PDOR D UHJXODU HQ ODV
DUHQLVFDVILQDV
([SORWDFLyQ\FDXGDOHV
(Q 0DWR *URVVR %UDVLO HVWi EDVWDQWH H[SORWDGR \ RFXUUH KLGURWHUPDOLVPR (Q HO
(VWDGRGH6mR3DXORDOFDQ]DJUDQGHVSURIXQGLGDGHVORTXHGLILFXOWDVXH[SORWDFLyQ
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQDFRQWLQXDFLyQ
8VRV
(Q%UDVLOHOXVRSULQFLSDOHVHODEDVWHFLPLHQWRKXPDQR
6HJ~Q 3DUDJXD\ HQ OD DFWXDOLGDG OD WRWDOLGDG GHO DJXD TXH VH H[WUDH GHO DFXtIHUR
$TXLGDEiQ$TXLGDXDQD&QHO 2YLHGR VH XWLOL]D SDUDQ VDWLVIDFHU ODV QHFHVLGDGHV GHO
VHUYLFLR GH SURYLVLyQ GH DJXD SRWDEOH SDUD FRPXQLGDGHV UXUDOHV GHO 'LVWULWR GH %HOOD
454
9LVWD1RUWH\UXUDO\XUEDQDGHORVGLVWULWRVGH<E\<D~\+RUTXHWD(OSRUFHQWDMHGH
XVRGHODFXtIHURSDUDODDFWLYLGDGGHVFULSWDVHUtDGHORUGHQGHOPLHQWUDVTXHHO
UHVWDQWHVHGLVWULEX\HHQSHTXHxDVLQGXVWULDVFRPHUFLR\ULHJRGHSHTXHxRVFXOWLYRV
&XDGUR6'DWRVGHSREODFLyQ
%UDVLO
3DUDJXD\
KDELWDQWHV
,%*(
KDELWDQWHV
8UEDQD\SULQFLSDOHV
FLXGDGHV
&R[LP\$TXLGDXDQD
KDE
%HOOD9LVWD+RUTXHWD<E\<D~
5XUDO
$SUR[LPDGDPHQWH
GHODXUEDQD
KDE
7RWDO
3REODFLyQLQGtJHQD
KDE
KDE
HVWLPDGD
&iOFXOR UHDOL]DGR FRQ EDVH HQ HO OHYDQWDPLHQWR UHDOL]DGR HQ HO &DGHUQR 5HJLRQDO %DFLD
KLGURJUiILFDGR3DUDJXDLGH315+)XHKHFKDXQDHVWLPDFLyQGHOiUHDGHODVXEFXHQFDTXH
FRLQFLGH FRQ HO iUHD GH DIORUDPLHQWR GHO DFXtIHUR \ SRVWHULRUPHQWH VH YHULILFy ODV FRPXQLGDGHV
LQFOXLGDV HQ HVWD iUHD VXPiQGRVH HO Q~PHUR GH LQGLYLGXRV GH FDGD SREODFLyQ VLHQGR SRU WDQWR XQ
FiOFXORPHUDPHQWHLQGLFDWLYR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
$JXD JHQHUDOPHQWH EXHQD D UHJXODU DSWD SDUD FRQVXPR KXPDQR \ RWURV XVRV GH
FDUDFWHUtVWLFDV ELFDUERQDWDGDV FiOFLFDV 1R VH UHJLVWUDQ FDPELRV HQ FXDQWR D OD
GLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
2WUDVIXHQWHVGHDJXD
(Q%UDVLOORVUtRV1HJUR0LUDQGD1LRDTXH$TXLGDXDQD7DTXDUL2LULTXL\9HUPHOKR
(Q3DUDJXD\FXUVRVGHDJXDLQWHUQDFLRQDO±5tR$SDLQWHUQDFLRQDO3DUDJXD\%UDVLO\
FXUVRVGHDJXDLQWHUQRVFRQWUDWDPLHQWRQDFLRQDOHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQ HQWUH \ HVWDQGR FRQGLFLRQDGDV SRU ORV IHQyPHQRV /D 1LxD \ (O
1LxR
/DVFRQGLFLRQHVFOLPiWLFDVGHODUHJLyQVRQLQIOXHQFLDGDVSRUODVFRUULHQWHVGHO%UDVLO\
GH ODV 0DOYLQDV ([LVWHQ SUR\HFFLRQHV GH DXPHQWR GH WHPSHUDWXUD KDVWD DOFDQ]DU XQ
DXPHQWRGHDJUDGRVKDVWDHODxR)XHQWH3URJUDPD0DUFR
455
(Q 3DUDJXD\ HQ OD ]RQD GH LQIOXHQFLD GHO DFXtIHUR GH UHIHUHQFLD QR VH WLHQHQ
LQIRUPDFLRQHV QR REVWDQWH HQ XQD HVWDFLyQ FHUFDQD HQ OD FLXGDG GH &RQFHSFLyQ
FRRUGHQDGDVĦVXU\ĵRHVWHDORHVWHGH+RUTXHWDVHKDQUHJLVWUDGRGDWRV
GHOOXYLDHQWUHORVDxRVGHDFX\DWHQGHQFLDHVOLJHUDPHQWHSRVLWLYD
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3UHYLVLyQGHDXPHQWROLJHURGHSUHFLSLWDFLyQSHURVHHVSHUDXQDSRVLEOHGLVPLQXFLyQHQ
HOUpJLPHQGHUHFDUJDSRUHOFDPELRGHXVRGHODWLHUUD
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
/DVVHTXtDVSURORQJDGDVWLHQHQHIHFWRVREUHODUHFDUJDGHODFXtIHUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
1R H[LVWHQ SODQHV SHUR VH SUHYp TXH HO XVR VH LQWHQVLILTXH HQ HVWRV SHUtRGRV SDUD
VDWLVIDFHUQHFHVLGDGHVGHORVVLVWHPDVGHDJXDSRWDEOHSHTXHxDVLQGXVWULDV\FRPHUFLR
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q%UDVLOHQOD]RQDHQFXHVWLyQVHHQFXHQWUDQVHLVWLSRVGHSDLVDMHVXUEDQRERVTXHV
FRQWLQXRVHQJDOHUtDVXVRDJURSHFXDULRPHFDQL]DGRXVRDJURSHFXDULRQRPHFDQL]DGR
SUDGHUDVQDWXUDOHVDOWDVSUDGHUDVEDMDVLQXQGDGDVHVWHURV\SDQWDQRV
(QHOSODQDOWRSUHGRPLQDQORVFHUUDGRV6HGHVWDFDQODYHJHWDFLyQWURSLFDOORVFHUUDGRV
ORV FDPSRV OLPSLRV YHJHWDFLyQ FDGXFLIROLD \ YHJHWDFLyQ SHUHQQLIROLD FLOLDU FRQ
SUHGRPLQDQFLDGHORVFHUUDGRV
(Q 3DUDJXD\ OD FREHUWXUD GH WLHUUDV QDWXUDOHV VRQ ERVTXHV FRQWLQXRV HQ JDOHUtDV
SUDGHUDVQDWXUDOHVDOWDVSUDGHUDVEDMDVLQXQGDGDVHVWHURV\SDQWDQRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q%UDVLOHOSULQFLSDOXVRDFWXDOGHODWLHUUDHVHODJURSHFXDULR
(Q 3DUDJXD\ HO XVR DFWXDO GH ODV WLHUUDV HV XVR DJURSHFXDULR PHFDQL]DGR \ QR
PHFDQL]DGRSHTXHxDVLQGXVWULDVHQODV]RQDVXUEDQDVGH+RUTXHWD%HOOD9LVWDH<E\
<D~
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q %UDVLO ORV SULQFLSDOHV VLVWHPDV SURGXFWLYRV VRQ DJURSHFXDULR VRMD PDt] FDxD GH
D]~FDUWULJRDUUR]\DOJRGyQ
(Q3DUDJXD\HOXVRDJURSHFXDULRPHFDQL]DGRVHKDLQWHQVLILFDGRHQORV~OWLPRVDxRV
\RFXSDDSUR[LPDGDPHQWHHOPLHQWUDVTXHHOXVRDJURSHFXDULRQRPHFDQL]DGR
456
HVWi HQ HO RUGHQ GHO HO UHVWDQWH VH GLVWULEX\H HQ SHTXHxDV LQGXVWULDV \
FRPHUFLRVGHODUHJLyQ\WUDQVIURQWHUL]RV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
%UDVLO
v 3DUTXHV(VWDGXDOHVGR3DQWDQDOGR5LR1HJUR-RmR%DVVR\6HUUDGD6RQRUD
v (VWUDGDV3DUTXHVGH3LUDSXWDQJD\&DFKRHLUDGD)XPDoD-DFLDUD
3DUDJXD\
([LVWHQWUHVVLVWHPDVGHiUHDVSURWHJLGDVHQHODFXtIHURGHUHIHUHQFLD
v 3DUTXH3DVR%UDYRGHKD
v 3DUTXH6HUUDQtD6DQ/XLVGHKD
v 3DUTXH%HOOD9LVWDGHKD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(QOD]RQDGHLQIOXHQFLDVHHQFXHQWUDQUtRVDUUR\RV\KXPHGDOHVUXWDVGHVREUHYXHOR
GHDYHV
/DVIXHQWHVGHDJXDTXHUHFLEHQGHVFDUJDGHODFXtIHURVRQHQ%UDVLOORVUtRV1HJUR\
0LUDQGDPLHQWUDVTXHHQ3DUDJXD\VRQORVUtRV$SD$TXLGDEiQH<SDQp\KXPHGDOHV
DVRFLDGRV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQ GHO VXHOR \ HVWiQ SUHVHQWHV HQ PXQLFLSLRV HQ HO iUHD GH RFXUUHQFLD GHO
DFXtIHUR ([LVWHQ 3ODQHV GH 2UGHQDPLHQWR 7HUULWRULDO XVR \ RFXSDFLyQ GHO VXHOR
PXQLFLSDOHVHQ3R[RUpX-DUGLP%HOD9LVWD&R[LPDSUREDGRVHQ5LR9HUGHGH07
DSUREDGRFRQUHYLVLyQHQFXUVR\$TXLGDXDQD$QDVWiFLR\5RQGRQySROLVUHYLVDGRHQ
DSUREDFLyQ
(Q 3DUDJXD\ H[LVWHQ LQLFLDWLYDV SRU SDUWH GHO JRELHUQR QDFLRQDO HQ XQ SURJUDPD GH
RUGHQDPLHQWRWHUULWRULDODQLYHOQDFLRQDOHOFXDOHVWiHQHWDSDGHGLVHxR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q%UDVLOHO3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH6mR3DXOR
(O 3ODQ GH 5HFXUVRV +tGULFRV GH 6mR 3DXOR SUHVHQWD PRQLWRUHR GH FDOLGDG GH DJXD
VXEWHUUiQHDPDSDVGHYXOQHUDELOLGDG\EDODQFHVKtGULFRV
457
KWWSZZZVLJUKVSJRYEUVLJUK$5465(/$725,2&5+SHUKSGI
(O3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH0DWR*URVVRIXHDSUREDGR\HOGH
0DWR*URVVRGR6XOGHEHVHUDSUREDGRHVWHDxR
(VLPSRUWDQWHFLWDUHO3ODQGH$FFLRQHV(VWUDWpJLFDVSDUDHO*HUHQFLDPLHQWR,QWHJUDGR
GHO 3DQWDQDO \ GH OD &XHQFD GHO $OWR 3DUDJXD\ TXH DEDUFD OD UHJLyQ GHO DFXtIHUR
IRUPXODGRSRUOD$1$*()3180$2($SHURTXHQRHVHVSHFtILFRSDUDHO$FXtIHUR
3DQWDQDO
KWWSZZZDQDJRYEU*HVWDR5HF+LGULFRV3URJUDPDV3URMHWRVGRFV6LQWHVHB3DQWDQDOB3
RUWSGI
(VWHSODQSUHYpDOJXQDV DFFLRQHV HQOD UHJLyQGHRFXUUHQFLDGHODFXtIHURSHURTXHQR
VRQHVSHFtILFDVSDUDHVWH(VWDVDFFLRQHVWUDWDQGHXQDIRUPDJHQHUDOODVHYDOXDFLRQHVGH
UHFXUVRV KtGULFRV HQ UHJLRQHV HVSHFtILFDV HVWXGLRV GH PHWDOHV SHVDGRV SURWHFFLyQ \
FUHDFLyQGHXQLGDGHVGHFRQVHUYDFLyQJHVWLyQGHVXHORV\GHHURVLyQJHUHQFLDPLHQWR
DPELHQWDO XUEDQR UHKDELOLWDFLyQ GH WLHUUDV GHJUDGDGDV \ DPSOLDFLyQ GH OD UHG GH
PRQLWRUHRLQFOXVLYHGHDJXDVVXEWHUUiQHDV
(Q 3DUDJXD\ HQ OD DFWXDOLGDG FRQ OD SURPXOJDFLyQ GH OD /H\ 1ƒ GH ORV
5HFXUVRV+tGULFRVGHO3DUDJXD\VHHVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRU
DVt FRPR OD UHJODPHQWDFLyQ GH GLFKD OH\ SRU HO FXDO ORV SODQHV R SUR\HFWRV GHO XVR \
PDQHMR GH ORV UHFXUVRV KtGULFRV HVWiQ HQ SURFHVR GH HODERUDFLyQ HQ IXQFLyQ GH XQD
*HVWLyQ,QWHJUDGDGHORV5HFXUVRV+tGULFRV*,5+
(O SURJUDPD GH RUGHQDPLHQWR WHUULWRULDO D QLYHO QDFLRQDO WLHQH SRU REMHWLYR HO PDQHMR
VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV $ WDO HIHFWR VH GHILQH OD ]RQLILFDFLyQ \
UHJODPHQWDFLyQ GH ORV XVRV GH VXHOR VH HVWDEOHFHQ ODV QRUPDV GLVSRVLFLRQHV \
IDFXOWDGHV HVSHFLDOHV SDUD IRUWDOHFHU OD FDSDFLGDG GH JHVWLyQ GHSDUWDPHQWDO SDUD XQ
HVFHQDULRGHXQGHVDUUROORLQWHJUDOGHOWHUULWRULRSRUORWDQWRODVDFWLYLGDGHVSUHYLVWDV
VREUHHODFXtIHURSRGUtDQLQIOXHQFLDUHQODUHFDUJDGHOPLVPR
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v %HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
3DUDJXD\6LELHQH[LVWHXQEHQHILFLRHFRQyPLFRGHELGR
DOXVRGHODJXDHQJHQHUDOSDUDODDJULFXOWXUDSHTXHxDV
LQGXVWULDV\FRPHUFLRORVPLVPRVQRHVWiQFXDQWLILFDGRV
%UDVLO 'HSHQGHQFLD PHGLD D DOWD GHO XVR GHO DJXD GHO
v 'HSHQGHQFLDGHODHFRQRPtD
DFXtIHUR
ORFDODJURLQGXVWULDUHFXUVRV
3DUDJXD\/DHFRQRPtDORFDODJUtFRODHLQFLSLHQWHPHQWH
QDWXUDOHVGHODFFHVRDOUHFXUVR
LQGXVWULDOGHSHQGHGLUHFWDPHQWHGHOUHFXUVRDJXDSDUDVX
DJXD
GHVDUUROOR
v (VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
458
3DUDJXD\ (O LQJUHVR PHGLR HVWLPDGR SDUD OD ]RQD GH
LQIOXHQFLD HV GH HQWUH 86 \ PHQVXDOHV SRU
SHUVRQD
v 0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
%UDVLO $JULFXOWRUHV JDQDGHURV LQGLRV SREODFLRQHV
XUEDQDV HWF 1R KD\ GDWRV VLVWHPDWL]DGRV LQGLFDQGR
YDORUHVGHHVWDVSpUGLGDV
3DUDJXD\ 6H YHUiQ DIHFWDGRV HVSHFLDOPHQWH ODV
FRPXQLGDGHVLQGtJHQDVORVKXPHGDOHVODIORUD\ODIDXQD
VLOYHVWUH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(QWUHORVWUDWDGRVQRUPDVPHUHFHGHVWDTXHHO7UDWDGRGHOD&XHQFDGHO3ODWDTXHIXH
ILUPDGR HQ %UDVLOLD %UDVLO HQ SRU ORV &DQFLOOHUHV GH ORV FLQFR SDtVHV GH OD
FXHQFD\WLHQHFRPRREMHWLYR³SHUPLWLURGHVDUUROORDUPyQLFR\HTXLOLEUDGRDVtFRPRHO
PHMRUDSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVGHODUHJLyQ\DVHJXUDUVXSUHVHUYDFLyQ
SDUD ODV JHQHUDFLRQHV IXWXUDV SRU PHGLR GH OD XWLOL]DFLyQ UDFLRQDO GH ORV DOXGLGRV
UHFXUVRV´
/DFUHDFLyQGHO&,&HVXQDIRUPDGHFRODERUDFLyQHQWUHORVSDtVHV
7DPELpQVHGHEHGHVWDFDUHO$FXHUGRGH&RRSHUDFLyQHQWUHHO*RELHUQRGHOD5HS~EOLFD
)HGHUDWLYD GH %UDVLO \ HO *RELHUQR GH OD 5HS~EOLFD GHO 3DUDJXD\ SDUD HO 'HVDUUROOR
6XVWHQWDEOH \ OD *HVWLyQ ,QWHJUDGD GH OD &XHQFD +LGURJUiILFD GHO 5tR$SD GHO GH
VHWLHPEUHGH(QHO3DUDJXD\HODFXHUGRIXHVDQFLRQDGRSRUOD/H\1ƒ
\HQ%UDVLOIXHVDQFLRQDGRSRUHO'HFUHWR/HJLVODWLYR1ƒ
7DPELpQH[LVWHHOWUDWDGRGHFRRSHUDFLyQHQFDSDFLWDFLyQHQWUH %UDVLO \$UJHQWLQDTXH
FRQWHPSODODFXHVWLyQGHDFXtIHURVWUDQVIURQWHUL]RV
(O0(5&2685WLHQHHO3URJUDPD0DUFRGRQGHODJHVWLyQGHODJXDHVXQRGHVXVHMHV
SULQFLSDOHV
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(Q%UDVLOHQ6mR3DXORHVWiHQGHVDUUROORHO3UR\HFWR$FXtIHURVTXHSURFXUDSURPRYHU
ODSURWHFFLyQGHORVDFXtIHURVGHO HVWDGRLGHQWLILFDQGRODViUHDVFUtWLFDV \VHQVLEOHVHQ
WpUPLQRV GH FDOLGDG \ FDQWLGDG \ FUHDQGR PHFDQLVPRV GH FRQWURO \ UHVWULFFLyQ SDUD
SURSLFLDU FRQGLFLRQHV GH XVR VXVWHQWDEOH GHO DJXD VXEWHUUiQHD SRU HO JRELHUQR GHO
HVWDGR
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
(Q3DUDJXD\DFWXDOPHQWHFRQODSURPXOJDFLyQGHOD/H\1ƒGHORV5HFXUVRV
+tGULFRVGHO3DUDJXD\VHHVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRUDVtFRPROD
459
UHJODPHQWDFLyQGHGLFKDOH\SRUODFXDOORVSODQHVRSUR\HFWRVGHOXVR\PDQHMRGHORV
UHFXUVRVKtGULFRVHVWiQHQSURFHVRGHHODERUDFLyQHQIXQFLyQGHXQD*HVWLyQ,QWHJUDGD
GHORV5HFXUVRV+tGULFRV*,5+
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYDH
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
3DUDJXD\3UHSDUDGRFRQODFRODERUDFLyQGH$QD0DUtD&DVWLOOR&OHULFL)pOL[$OELQR
&DUEDOOR1pVWRU&DEUDO
460
461
66,67(0$$&8Ë)(5275$16)5217(5,=2&$,8È%$858$&$5$<
%5$6,/3$5$*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R &DLXi%DXUX$FDUD\ HVWi XELFDGR HQ OD &XHQFD
+LGURJUiILFDGHO5tR3DUDQiRFXSDQGRXQiUHDGHDSUR[LPDGDPHQWHNPHQOD
UHJLyQQRURHVWHGH3DUDJXD\SULQFLSDOPHQWHDOQRUWHGHO'HSDUWDPHQWRGH&DQLQGH\XHQ
OD IURQWHUD FRQ %UDVLO GRQGH VH HQFXHQWUDQ ORV HVWDGRV GH 6mR 3DXOR 3DUDQi 0DWR
*URVVRGHO6XU*RLiV\0LQDV*HUDLV
(Q%UDVLOWLHQHXQDH[WHQVLyQDSUR[LPDGDGHNPFRQXQDSREODFLyQHVWLPDGD
GHKDELWDQWHV)XHQWH315+
(Q 3DUDJXD\ VX H[WHQVLyQ HV GH DSUR[LPDGDPHQWH NP FRQ XQD SREODFLyQ
DSUR[LPDGDGHKDELWDQWHVVHJ~QGDWRVGHO
&DUDFWHUtVWLFDVGHODFXtIHUR
(ODFXtIHURHVSRURVRGHWLSROLEUHFRQVWLWXLGRSRUURFDVGHORVJUXSRV%DXUX\&DLXi
/D VHGLPHQWDFLyQ RFXUULy HQ GRV IDVHV OD SULPHUD HQ FRQGLFLRQHV HVHQFLDOPHQWH
GHVpUWLFDV\ODVHJXQGDVHPLiULGRFRQPD\RUSUHVHQFLDGHDJXD
/DVOLWRORJtDVSUHVHQWHVHVWiQUHSUHVHQWDGDVSRUDUHQLVFDVILQDVPDFL]DVFRQEDMRWHQRU
GH PDWUL] DUHQLVFDV ILQDV D PHGLDV FRQ EXHQD VHOHFFLyQ &DLXi $UHQLVFDV JURVHUDV
LQPDGXUDV FRQ DEXQGDQWHV QyGXORV \ FHPHQWR FDOFiUHR EDQFRV GH DUHQLVFDV ILQDV
LQWHUFDODGDVFRQIDQJROLWDV\VLOWLWRV%DXUX
(OHVSHVRUHVYDULDEOHFRQYDORUPHGLRGHPHWURV\Pi[LPRGHKDVWDP
/D]RQDGHUHFDUJDODFRPSRQHWRGDHOiUHDGHODFXtIHURDIORUDQWH
([SORWDFLyQ
(OVLVWHPDDFXtIHURHVLQWHQVDPHQWHH[SORWDGRSRUVHUGHIiFLODFFHVR\EDMRFRVWRSDUD
ODSHUIRUDFLyQGHSR]RV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
9HUFXDGURGHGDWRVGHSREODFLyQHQODVLJXLHQWHSiJLQD
462
8VRV
(Q%UDVLOQRH[LVWHXQDHVWLPDWLYDSRUXVRSDUDHODJXDVXEWHUUiQHD(OSULQFLSDOXVRGHO
DFXtIHURHVSDUD DEDVWHFLPLHQWRGRPpVWLFRHLQGXVWULDOVLHQGR LQWHQVDPHQWHH[SORWDGR
HQDOJXQDVUHJLRQHVFRPRHQODPLWDGRHVWHGHO(VWDGRGH6DQ3DEORGRQGH\DRFXUUH
FRQWDPLQDFLyQ(QHO(VWDGRGH3DUDQiHO$FXtIHUR&DLXiHVXVDGRSDUDDEDVWHFLPLHQWR
S~EOLFRGHOGHOiUHDGHRFXUUHQFLD
(Q3DUDJXD\HQFXiQWRDORVXVRVHOHVSDUDULHJRHOGRPpVWLFR\XQ
SDUDDJURLQGXVWULD
&XDGUR6'DWRVGHSREODFLyQ
%UDVLO
3DUDJXD\
KDELWDQWHV
315+
KDELWDQWHV
v 8UEDQD\SULQFLSDOHV
FLXGDGHV
KDE
KDE
v 5XUDO
KDE
KDE
v 7RWDO
v 3REODFLyQLQGtJHQD
KDE
HVWLPDGD
&iOFXORUHDOL]DGRWHQLHQGRFRPREDVHORVOHYDQWDPLHQWRVGHORV&DGHUQRV5HJLRQDLVGHODVUHJLRQHV
KLGURJUiILFDVGHO3DUDQi\8UXJXD\GHO315+)XHXWLOL]DGDXQDFRPSDUDFLyQGHODViUHDVGH
RFXUUHQFLD \ DIORUDPLHQWR GHO DFXtIHUR \ ODV SREODFLRQHV VLHQGR SRU WDQWR XQ FiOFXOR PHUDPHQWH
LOXVWUDWLYR
(O SRUFHQWDMH GH ODV SREODFLRQHV UXUDOHV \ XUEDQDV IXH HVWLPDGR WHQLHQGR FRPR EDVH ORV
OHYDQWDPLHQWRV GH ORV &DGHUQRV 5HJLRQDLV GH ODV UHJLRQHV KLGURJUiILFDV GHO 3DUDQi \ 8UXJXD\ GHO
315+WHQLpQGRVHHQFXHQWDODVPHGLDVGHORVSRUFHQWDMHVGHODVSREODFLRQHVGHODVGLIHUHQWHV
XQLGDGHVKLGURJUiILFDVGHVFRQWDQGRODGHO7LHWr
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(O DJXD GHO VLVWHPD DFXtIHUR HV JHQHUDOPHQWH EXHQD SDUD FRQVXPR KXPDQR \ RWURV
XVRV(QDOJXQDVUHJLRQHVVHGDSUHVHQFLDGHQLWUDWRVGHFDXVDDQWUySLFD/DVDJXDVGHO
DFXtIHURSUHVHQWDQGHPRGRJHQHUDOEDMDFRQFHQWUDFLyQVDOLQDFRQYDORUHVGHUHVLGXR
VHFRUDUDPHQWHDOFDQ]DQGRPJO)XHQWH0DSDGH$JXDV6XEWHUUkQHDVGR(VWDGRGH
6mR3DXOR±
(O(VWDGRGH6mR3DXORGLVSRQHGHUHGGHPRQLWRUHRGHFDOLGDGGHDJXDFRQSUHVHQFLD
GHFRQWDPLQDFLyQ
(Q 3DUDQi ODV DJXDV VH SUHVHQWDQ SRFR PLQHUDOL]DGDV VLHQGR GHO WLSR FiOFLFRVyGLFDV
ROLJRPLQHUDOHV
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q %UDVLO HO $FXtIHUR %DXUX&DLXi SRU VHU GH WLSR OLEUH SUHVHQWD SUREOHPDV GH
FRQWDPLQDFLyQSULQFLSDOPHQWHSRUQLWUDWRVHQHO(VWDGRGH6mR3DXOR63
463
(Q3DUDJXD\QRH[LVWHLQIRUPDFLyQSHURSRUORVFDPELRVGHOXVRGHODWLHUUDHODYDQFH
GHODVSREODFLRQHV\ODIDOWDGHLQIUDHVWUXFWXUDVHSUHVXPHGLVPLQXFLyQHQODUHFDUJD
DXPHQWRGHODGHVFDUJDDUWLILFLDOSR]RV\FRQWDPLQDFLyQGHORVQLYHOHVVXSHUILFLDOHV
2WUDVIXHQWHVGHDJXD
(Q%UDVLOORVUtRVGHOD&XHQFDGHO5tR3DUDQi
(Q3DUDJXD\DFXtIHURVPiVSURIXQGRV$OWR3DUDQi\*XDUDQtDPERVWUDQVIURQWHUL]RV
\DUUR\RVHQPXFKRVFDVRVFROPDWDGRVRFRQWDPLQDGRV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQ HQWUH XQ \ /DV SUHFLSLWDFLRQHV HVWiQ FRQGLFLRQDGDV SRU ORV
IHQyPHQRV GH /D 1LxD \ (O 1LxR /DV FRQGLFLRQHV FOLPiWLFDV GH OD UHJLyQ VRQ
LQIOXHQFLDGDV SRU ODV FRUULHQWHV GHO %UDVLO \ GH ODV 0DOYLQDV ([LVWHQ SUR\HFFLRQHV GH
DXPHQWRGHWHPSHUDWXUDKDVWDDOFDQ]DUXQDXPHQWRGHDJUDGRVKDVWDHODxR
)XHQWHGHO3URJUDPD0DUFR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6HJ~Q %UDVLO H[LVWH XQD SUHYLVLyQ GH DXPHQWR GH SUHFLSLWDFLRQHV 3RU VX SDUWH
3DUDJXD\ LQGLFD TXH ORV FDPELRV FOLPiWLFRV UHJLRQDOHV LQIOXLUiQ GLUHFWDPHQWH HQ HO
UpJLPHQGHODVSUHFLSLWDFLRQHVIXWXUDV'HELGRDTXHHODFXtIHURVHUHFDUJDGLUHFWDPHQWH
GHODVSUHFLSLWDFLRQHVFXDOTXLHUYDULDFLyQHQHOUpJLPHQGHHVWDVDIHFWDUtDGLUHFWDPHQWH
HQODUHFDUJDGHOPLVPR
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(O DFXtIHUR GH WLSR OLEUH VXIUH PD\RUHV LPSDFWRV GH VHFDV H LQXQGDFLRQHV DIHFWDQGR
GLUHFWDPHQWHHOQLYHOIUHiWLFRGHODVDJXDVGHODFXtIHUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(Q 3DUDJXD\ VH XWLOL]D SDUD VDWLVIDFHU QHFHVLGDGHV GH ORV VLVWHPDV GH DJXD SRWDEOH \
XVRVDJURSHFXDULRV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
464
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
%UDVLO
3DUDJXD\
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
3ODQDOWRV
5HOLHYHDSODQDGR
'RPLQDGD SRU HO %LRPD GH &HUUDGR
TXHVHHQFXHQWUDEDVWDQWHGHYDVWDGRHQ
OD UHJLyQ GH RFXUUHQFLD GHO DFXtIHUR
3UHVHQFLDGHiUHDVGH0DWD$WOiQWLFD
8UEDQR
%RVTXHVUHVLGXDOHV
8VRDJURSHFXDULRPHFDQL]DGR
SUDGHUDVQDWXUDOHVDOWDV
SUDGHUDVEDMDVLQXQGDGDVHVWHURV
\SDQWDQRV
%RVTXHVFRQWLQXRVHQJDOHUtDV
SUDGHUDVQDWXUDOHVDOWDV
SUDGHUDV EDMDV LQXQGDGDV HVWHURV \
SDQWDQRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q%UDVLOHOXVRDFWXDOGHODWLHUUDHVSDUDDFWLYLGDGHVDJURSHFXDULDV(OXVRDFWXDOGH
ODV WLHUUDV SDUDJXD\DV HV DJURSHFXDULR PHFDQL]DGR \ SHTXHxDV LQGXVWULDV HQ OD ]RQD
XUEDQDGH6DOWRGHO*XDLUi
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q%UDVLOORVSULQFLSDOHVFXOWLYRVVRQGHFDxDGHD]~FDUFLWULFXOWXUD\VRMD
(Q3DUDJXD\HOXVRDJURSHFXDULRPHFDQL]DGRVHKDLQWHQVLILFDGRHQORV~OWLPRVDxRV
\ RFXSD DSUR[LPDGDPHQWH HO HO UHVWDQWH VH GLVWULEX\H HQ SHTXHxDV
LQGXVWULDV\FRPHUFLRVGHODUHJLyQ\WUDQVIURQWHUL]RV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q%UDVLO
v 3DUTXH(VWDGXDO/DJR$]XO
v 5HVHUYDV(VWDGXDOHV3RQWDOGH3DUDQDSDQHPDH/DJRDGH6mR3DXOR
v (VWDFLRQHV(FROyJLFDV1RURHVWH3DXOLVWD&DHWHWXVH$VVLV
v 5HVHUYD%LROyJLFD3LQGRUDPD
v 5HVHUYD)RUHVWDO-XUHQD
(Q3DUDJXD\QRH[LVWHQiUHDVSURWHJLGDVHQHOiUHDGHLQIOXHQFLDGHODFXtIHURH[LVWHXQ
SURJUDPD HQ OD 'LUHFFLyQ GH 3ODQLILFDFLyQ (VWUDWpJLFD 2ILFLQD 1DFLRQDO GH /XFKD
FRQWUDOD'HVHUWLILFDFLyQ\0LWLJDFLyQGHOD6HTXtDGHOD6HFUHWDUtDGHO$PELHQWH(VWH
SURJUDPDVHHVWiLPSOHPHQWDQGRDQLYHOQDFLRQDOSHURHVWiLQFLSLHQWH
465
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q %UDVLO ORV FXUVRV GHSHQGLHQWHV GH DJXD VXEWHUUiQHDV VRQ SHTXHxDV FDxDGDV
OODPDGDVYHUHGDV(QHO(VWDGRGH*RLiVODViUHDVGHRFXUUHQFLDGHO$FXtIHUR&DLXi
FRQFHQWUDQODVPHMRUHVFRQGLFLRQHVGHUHFDUJD\ODPD\RUGHQVLGDGGHQDFLHQWHVVLHQGR
WDPELpQODSULQFLSDOIXHQWHGHDJXDUHVSRQVDEOHSRUODUHJXODUL]DFLyQGHORVUtRV9HUGmR
GRV %RLV 'RFH &ODUR $SRUp \ HO FXUVR PHGLREDMR GH ORV UtRV &RUUHQWH \ 9HUGH
)XHQWH+LGURJHRORJtDGHO(VWDGRGH*RLDV
(Q3DUDJXD\SDUWHGHODIORUDPLHQWRSHUWHQHFHDOD5HVHUYDGH%LRVIHUD0EDUDFD\~
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQ GHO VXHOR 6RQ PXQLFLSLRV HQ HO iUHD GH RFXUUHQFLD GHO DFXtIHUR TXH
SUHVHQWDQ3ODQHV'LUHFWRUHV0XQLFLSDOHVVLHQGRGHHVWRVTXHHVWiQDSUREDGRV\
HQUHYLVLyQ\DSUREDFLyQ
(Q3DUDJXD\OD6HFUHWDUtDGHO$PELHQWH6($0WLHQHXQ3URJUDPDGH2UGHQDPLHQWR
$PELHQWDOGHO7HUULWRULRDQLYHOQDFLRQDO(ORWURSURJUDPDGHRUGHQDPLHQWRWHUULWRULDOD
QLYHOQDFLRQDOOLGHUDGRSRUOD6HFUHWDUtD7pFQLFDGH3ODQLILFDFLyQVHHQFXHQWUDHQHWDSD
GHGLVHxR
(O3URJUDPDGH2UGHQDPLHQWR7HUULWRULDODQLYHOQDFLRQDOWLHQHSRUREMHWLYRHOPDQHMR
VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV $ WDO HIHFWR VH GHILQH OD ]RQLILFDFLyQ \
UHJODPHQWDFLyQ GH ORV XVRV GH VXHOR VH HVWDEOHFHQ ODV QRUPDV GLVSRVLFLRQHV \
IDFXOWDGHV HVSHFLDOHV SDUD IRUWDOHFHU OD FDSDFLGDG GH JHVWLyQ GHSDUWDPHQWDO SDUD XQ
HVFHQDULR GH XQ GHVDUUROOR LQWHJUDO GHO WHUULWRULR SRU OR WDQWR ODV DFWLYLGDGHV SUHYLVWDV
VREUHHODFXtIHURQRLQIOXHQFLDUiQHQODUHFDUJDGHOPLVPR
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q%UDVLOVHHQFXHQWUDHO3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH6DQ3DEOR
KWWSZZZVLJUKVSJRYEUVLJUK$5465(/$725,2&5+SHUKSGI
(VWHSODQSUHVHQWDPRQLWRUHRGHFDOLGDGGHDJXDVXEWHUUiQHDPDSDVGHYXOQHUDELOLGDG\
EDODQFHV KtGULFRV (Q HODERUDFLyQ VH HQFXHQWUD HO 3ODQ (VWDGXDO GH 5HFXUVRV +tGULFRV
GHO(VWDGRGH0LQDV*HUDLV\HO3ODQ(VWDGXDOGH*HVWLyQGHORV5HFXUVRV+tGULFRVGH
*RLiV HODERUDGR HQ $GHPiV IXH HODERUDGR HQ HO 3ODQ (VWDGXDO GH
5HFXUVRV +tGULFRV GHO (VWDGR GH 0DWR *URVVR GR 6XO FRQ SUHYLVLyQ GH DSUREDFLyQ
WDPELpQHQ
(Q 3DUDJXD\ HQ OD DFWXDOLGDG FRQ OD SURPXOJDFLyQ GH OD /H\ 1ƒ GH ORV
5HFXUVRV+tGULFRVGHO3DUDJXD\VHHVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRU
466
DVt FRPR OD UHJODPHQWDFLyQ GH GLFKD OH\ SRU OD FXDO ORV SODQHV R SUR\HFWRV GHO XVR \
PDQHMR GH ORV UHFXUVRV KtGULFRV HVWiQ HQ SURFHVR GH HODERUDFLyQ HQ IXQFLyQ GH XQD
*HVWLyQ ,QWHJUDGD GH ORV 5HFXUVRV +tGULFRV *,5+ $GHPiV H[LVWH XQ SURJUDPD GH
2UGHQDPLHQWR$PELHQWDOGHO7HUULWRULRDQLYHOQDFLRQDOLPSOHPHQWDGRSRUOD6HFUHWDUtD
GHO$PELHQWH \ FRQ OD LPSOHPHQWDFLyQ GH OD /H\ GH MXOLR GH VH SUHWHQGH
PHMRUDUHOPDQHMRGHODVDJXDV
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
v %HQHILFLRVHFRQyPLFRV
UHODFLRQDGRVDOXVRGHODJXD
3DUDJXD\ 6L ELHQ H[LVWH XQ EHQHILFLR HFRQyPLFR GHELGR
DO XVR GHO DJXD HQ JHQHUDO SDUD OD DJULFXOWXUD SHTXHxDV
LQGXVWULDV\FRPHUFLRORVPLVPRVQRHVWiQFXDQWLILFDGRV
v 'HSHQGHQFLDGHOD
HFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHV
GHODFFHVRDOUHFXUVRDJXD
%UDVLO 'HSHQGHQFLD PHGLD D DOWD GHO XVR GHO DJXD GHO
DFXtIHUR
3DUDJXD\ /D HFRQRPtD ORFDO DJUtFROD H LQFLSLHQWHPHQWH
LQGXVWULDO GHSHQGH GLUHFWDPHQWH GHO UHFXUVR DJXD SDUD VX
GHVDUUROOR
v (VWLPDFLyQSRUFHQWXDOGHO
QLYHOGHSREUH]DGHODV
SREODFLRQHVTXHXWLOL]DQORV
UHFXUVRVKtGULFRVGHORV
DFXtIHURV
3DUDJXD\ (O LQJUHVR PHGLR HVWLPDGR SDUD OD ]RQD GH
LQIOXHQFLD HV GH HQWUH 86 \ PHQVXDOHV SRU
SHUVRQD
v 0HGLRVGHYLGDTXH
FRUUHUtDQSHOLJURSpUGLGDV
HFRQyPLFDVVLHOVLVWHPD
DFXtIHURVXEWHUUiQHRVHYLHUD
DIHFWDGRQHJDWLYDPHQWH
3DUDJXD\ 6H YHUiQ DIHFWDGRV HVSHFLDOPHQWH ODV
FRPXQLGDGHVLQGtJHQDVODIORUD\ODIDXQDVLOYHVWUH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(QWUH ORV WUDWDGRVQRUPDV PHUHFH GHVWDTXH HO7UDWDGR GH OD &XHQFD GHO 3ODWD TXH IXH
ILUPDGRHQ%UDVLOLD%UDVLOHQSRUORV&DQFLOOHUHVGHORVFLQFRSDtVHVGHODFXHQFD
\ TXHWLHQH FRPRREMHWLYR³SHUPLWLUHOGHVDUUROORDUPyQLFR \HTXLOLEUDGRDVtFRPRHO
PHMRUDSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVGHODUHJLyQ\DVHJXUDUVXSUHVHUYDFLyQ
SDUD ODV JHQHUDFLRQHV IXWXUDV SRU PHGLR GH OD XWLOL]DFLyQ UDFLRQDO GH ORV DOXGLGRV
UHFXUVRV´
([LVWHQ WUDWDGRV D QLYHO GHO 0(5&2685 HQ UHODFLyQ D OD SURWHFFLyQ GH ORV UHFXUVRV
QDWXUDOHV \VHKDQ UHDOL]DGRUHXQLRQHVWUDQVIURQWHUL]DVHQWUH3DUDJXD\ \ %UDVLODQLYHO
GHSDUWDPHQWDO\GHPXQLFLSDOLGDGHVFRQPLUDVDODSURWHFFLyQGHORVUHFXUVRVKtGULFRV
WUDQVIURQWHUL]RV
467
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
$FWXDOPHQWHHVWiHQIXQFLRQDPLHQWRHO3UR\HFWR6LVWHPD$FXtIHUR*XDUDQt36$*TXH
WLHQHFRPRSURSyVLWRDSR\DUD$UJHQWLQD%UDVLO3DUDJXD\\8UXJXD\HQODHODERUDFLyQ
GHXQPDUFRFRP~QLQVWLWXFLRQDOOHJDO\WpFQLFRGHJHUHQFLDPLHQWR\SUHVHUYDFLyQGHO
$FXtIHUR*XDUDQt&RPRHO$FXtIHUR&DLXi%DXUXVHHQFXHQWUDVXSHUSXHVWRDO*XDUDQt
HQHVWHPDUFRSRGUtDVHUXWLOL]DGR
(Q6DQ3DEORVHHQFXHQWUDHQGHVDUUROORHO3UR\HFWR$FXtIHURVTXHWLHQHFRPRREMHWLYRV
SURPRYHU OD SURWHFFLyQ GH ORV DFXtIHURV GHO HVWDGR LGHQWLILFDQGR ODV iUHDV FUtWLFDV \
VHQVLEOHV HQ WpUPLQRV GH FDOLGDG \ FDQWLGDG \ FUHDQGR HO PHFDQLVPR GH FRQWURO \
UHVWULFFLyQ SDUD SURSLFLDU FRQGLFLRQHV GH XVR VXVWHQWDEOH GHO DJXD VXEWHUUiQHD SRU HO
JRELHUQRGHOHVWDGR
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
(VWHDFXtIHURHVPX\LPSRUWDQWHVHJ~Q3DUDJXD\GHELGRDTXHHVPiVVXSHUILFLDOTXH
HOLQIUD\DFHQWHHO$FXtIHUR$OWR3DUDQi6HUUD*HUDOTXHWLHQHSRURVLGDGVHFXQGDULD \
HVPiVFRVWRVRGHH[SORWDUGHELGRDOWLSRGHURFD(VWRVIDFWRUHVWDPELpQUHSUHVHQWDQVX
YXOQHUDELOLGDGSRUORTXHVHGHEHSURWHJHUSDUDVXVRVWHQLELOLGDG
1R H[LVWH HQ HO SDtV QLQJ~Q SUR\HFWR HVSHFtILFR VREUH HVWH DFXtIHUR VRODPHQWH ORV
WUDWDGRV VXSUDQDFLRQDOHV FRPR HO 0(5&2685 \ RWURV D QLYHO GHSDUWDPHQWDO HQ
UHODFLyQDODSURWHFFLyQGHORVUHFXUVRVQDWXUDOHV
%UDVLOLQGLFDTXHHQ FXDQWRDODFRODERUDFLyQH[LVWHODFUHDFLyQ \IXQFLRQDPLHQWRGHO
&,&ODFXDOHVXQDIRUPDGHFRODERUDFLyQHQWUHORVSDtVHV7DPELpQH[LVWHHOWUDWDGRGH
FRRSHUDFLyQHQFDSDFLWDFLyQHQWUH%UDVLO\$UJHQWLQDTXHFRQWHPSODODFXHVWLyQGHORV
DFXtIHURVWUDQVIURQWHUL]RV
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYDH
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
3DUDJXD\3UHSDUDGRFRQODFRODERUDFLyQGH$QD0DUtD&DVWLOOR&OHULFL)pOL[&DUYDOOR
468
469
66,67(0$$&8Ë)(5275$16)5217(5,=2*8$5$1Ë
$5*(17,1$%5$6,/3$5$*8$<858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR*XDUDQtVXE\DFHHQORVWHUULWRULRVGH$UJHQWLQD%UDVLO3DUDJXD\\
8UXJXD\HQWUHORVSDUDOHORVž\žVXU\ORVPHULGLDQRVž\žRHVWH\VXVOtPLWHV
VRQ GHWHUPLQDGRV SRU ODV iUHDV GH RFXUUHQFLD GH ODV XQLGDGHV JHROyJLFDV TXH OR
FRQVWLWX\HQ TXH HVWiQ ORFDOL]DGDV HQ ODV H[WUHPLGDGHV HVWH \ RHVWH GH OD &XHQFD GHO
3DUDQiFRQXQDH[WHQVLyQWRWDODSUR[LPDGDGHNP
&XDGUR6([WHQVLyQHQNP
$UJHQWLQD
%UDVLO
3DUDJXD\
8UXJXD\
/D SREODFLyQ UHVLGHQWH VREUH HO iUHD GH RFXUUHQFLD GHO DFXtIHUR IXH HVWLPDGD HQ
DSUR[LPDGDPHQWH PLOORQHV GH KDELWDQWHV OR TXH VLJQLILFD FHUFD GH OD PLWDG GH OD
SREODFLyQGHORVFXDWURSDtVHVGRQGHHO6$*HVWiSUHVHQWH
&DUDFWHUtVWLFDVGHODFXtIHUR
(O 6LVWHPD$FXtIHUR *XDUDQt FRUUHVSRQGH D ODV XQLGDGHV HVWUDWLJUiILFDV \ DFXtIHUDV \D
FRQRFLGDVHQFDGDSDtVFRPR0LVLRQHV$UJHQWLQD \3DUDJXD\ %RWXFDWX \3LUDPEyLD
%UDVLO\7DFXDUHPEy8UXJXD\(QODUHJLyQVXUGH%UDVLOVHDJUHJDQDO6$*QXHYDV
XQLGDGHVHVWUDWLJUiILFDVDVDEHU)RUPDFLyQ&DWXUULWD\6DQWD0DUtD
(O 6$* HV OD XQLGDG KLGURHVWUDWLJUiILFD PiV LPSRUWDQWH GH OD SDUWH PHULGLRQDO GHO
FRQWLQHQWHVXGDPHULFDQR\HVWiDVRFLDGRDOFRQMXQWRGHURFDVIRUPDGDVSRUVHGLPHQWRV
RULJLQDGRV GH OD DFXPXODFLyQ PHFiQLFD GH SDUWtFXODV GHWUtWLFDV SURGXFLGDV SRU OD
GHVFRPSRVLFLyQHURVLyQGHURFDVGHQRPLQDGDV³VLOLFLFOiVWLFRV´±JUDYDVDUHQDVOLPRV
\ DUFLOODV GH OD &XHQFD GHO 3DUDQi %UDVLO \ 3DUDJXD\ &XHQFD &KDFRSDUDQDHQVH
$UJHQWLQD\&XHQFD1RUWH8UXJXD\
/RVGLYHUVRVDVSHFWRVGHODJHRPHWUtDFRPSDUWLPHQWDFLyQ\DUTXLWHFWXUDGHHVWDH[WHQVD
FXHQFD \ GH VX FRUUHVSRQGLHQWH FDSD GH VHGLPHQWRV IXHURQ FRQWURODGRV SRU JUDQGHV
HOHPHQWRV HVWUXFWXUDOHV GHQRPLQDGRV DUFRV \ VLQFOLQDOHV TXH HMHUFtDQ OD IXQFLyQ GH
GLYLVRUHVItVLFRVGHODFXHQFD\iUHDIXHQWHGHORVVHGLPHQWRV(QHVWHDPSOLRFRQWH[WR
JHROyJLFR HVWUXFWXUDO HO 6$* IXH GHILQLGR FRPR HO FRQMXQWR GH URFDV VHGLPHQWDULDV
PHVR]RLFDV FRQWLQHQWDOHV FOiVWLFDV TXH HVWiQ SUHVHQWHV HQ ODV FXHQFDV GHO 3DUDQi \
&KDFRSDUDQDHQVH 6X EDVH HVWi OLPLWDGD HVWUDWLJUiILFDPHQWH GLVSRVLFLyQ GH ODV FDSDV
SRUXQDGLVFRUGDQFLDUHJLRQDOSHUPRWULiVLFDPLOORQHVGHDxRV\VXSDUWHVXSHULRU
SRU ORV GHUUDPHV EDViOWLFRV GH OD )RUPDFLyQ 6HUUD *HUDO DSUR[LPDGDPHQWH PLOORQHVGHDxRV
6HWUDWDGHXQFULWHULRRSHUDWLYRIXQGDPHQWDGRHQEDVHVHVWUDWLJUiILFDVHKLGURJHROyJLFDV
FRQYDOLGH]UHJLRQDO\TXHWLHQHFRPRSUHPLVDODLGHQWLILFDFLyQGHODVXSHUILFLHHURVLYD
470
EDVDO GH HGDG SHUPRWULiVLFD UHFRQRFLGD HQ JUDQ SDUWH GH OD &XHQFD GHO 3DUDQi (VWD
VXSHUILFLH GH GLVFRUGDQFLD UHJLRQDO FRORFD DO 6$* HQ FRQWDFWR FRQ XQLGDGHV
OLWRHVWUDWLJUiILFDVGHFDUDFWHUtVWLFDVKLGUiXOLFDVGLYHUVDVHQODSDUWHQRUWHGHODFXHQFD
ODVDUFLOODVGHOD)RUPDFLyQ&RUXPEDWDt\HQODSDUWHVXUODVXQLGDGHVDUHQRVDVGHODV
IRUPDFLRQHV5LRGR5DVWR6DQJDGR&DEUDO7DFXDU\\%XHQD9LVWD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
/RVHVSHVRUHVGHOFRQMXQWRGHURFDVHQWUHODGLVFRUGDQFLDSHUPRHRWULiVLFD\ORVEDVDOWR
GH OD )RUPDFLyQ 6HUUD *HUDO GHILQLFLyQ GHO 6$* YDUtDQ GH P HQ HO (VWDGR GH
0DWR *URVVR GR 6XO SR]R 5306 OOHJDQGR D SUDFWLFDPHQWH GHVDSDUHFHU HQ ODV
SUR[LPLGDGHVGHODIURQWHUDHQWUHORVHVWDGRVGH6DQWD&DWDULQD\5LR*UDQGHGR6XO\
HQHOWHUULWRULRDUJHQWLQRSR]RHQ6mR-RmRGR2HVWH±6&SUHVHQWDXQHVSHVRUGHO6$*
GHP(QSURPHGLRHOHVSHVRUGHODFXtIHURQRVXSHUDORVP
&RQ UHVSHFWR D OD SURIXQGLGDG GH ODV DUHQLVFDV TXH FRQIRUPDQ HO 6$* VH SXHGHQ
HQFRQWUDUGHVGHDIORUDQWHVDPiVGHP
/DVSURIXQGLGDGHVGHORVSR]RVVRQYDULDEOHVGHSHQGLHQGRGHOD]RQDGHRFXUUHQFLDHQ
TXH QRV HQFRQWUHPRV DVt WHQHPRV SHUIRUDFLRQHV TXH URQGDQ ORV P HQ ]RQDV
DIORUDQWHVDSHUIRUDFLRQHVGHPiVGHPHQOD]RQDFRQILQDGD
=RQDVGHUHFDUJD
/DV SULQFLSDOHV \ PiV HYLGHQWHV iUHDV GH GHVFDUJD \ UHFDUJD UHJLRQDO GH ODV DJXDV GHO
6$* HVWiQ DVRFLDGDV D ODV ]RQDV GH DIORUDPLHQWR /DV iUHDV GH DIORUDPLHQWR VLQ
HPEDUJR SUHVHQWDQ XQD GLQiPLFD SURSLD GH IOXMR ORFDO HQ IXQFLyQ GH FDUDFWHUtVWLFDV
JHRPRUIROyJLFDVSXGLHQGRSUHVHQWDU]RQDVTXHHMHUFHQODIXQFLyQGHUHFDUJD\RWUDVGH
GHVFDUJD(QHVWDViUHDVSDUWHGHODVUHFDUJDVDOLPHQWDHOIOXMRGHEDVHGHODVUHGHVGH
GUHQDMH H[LVWHQWHV (VWD GLQiPLFD GHO 6$* HMHUFH LQIOXHQFLD VREUH ODV iUHDV GH
KXPHGDOHV GHO 3DQWDQDO EUDVLOHxR (VWXGLRV LVRWySLFRV UHDOL]DGRV HQ ORV KXPHGDOHV GH
,EHUi $UJHQWLQD \ fHHPEXF~ 3DUDJXD\ QR FRQILUPDURQ OD RFXUUHQFLD GH GHVFDUJDV
VXEWHUUiQHDVGHO6$*&DVLWRGRHOOtPLWHRHVWHGHO6$*FRQVWLWX\HXQiUHDGHGHVFDUJD
TXH DOLPHQWD OD UHG GH GUHQDMH IRUPDGRUD GH OD &XHQFD GHO 5tR 3DUDJXD\ KDVWD HO
'HSDUWDPHQWRGH6DQ3HGURHQ3DUDJXD\
/DViUHDVGHDIORUDPLHQWRGHO6$*VXPDQNPðGHODVFXDOHVFHUFDGH
NPðGHHVWHWRWDOUHSUHVHQWDQiUHDVGHUHFDUJD
([SORWDFLyQ\FDXGDOHV
(Q JHQHUDO ORV SR]RV SUHVHQWDQ UHODWLYDPHQWH EDMD SURGXFWLYLGDG FRQ H[WUDFFLRQHV
SURPHGLR LQIHULRUHV D PñK 6LQ HPEDUJR FLHUWRV SR]RV XWLOL]DGRV SDUD
DEDVWHFLPLHQWR S~EOLFR SUHVHQWDQ FDXGDOHV VXSHULRUHV D GLFKR SURPHGLR$O FRPSDUDU
ORV FDXGDOHV GH ORV SR]RV FRQ HO SURPHGLR GH VXV UHVSHFWLYDV SURIXQGLGDGHV HQ FDGD
XQR GH ORV SDtVHV VH HYLGHQFLD XQD UHODFLyQ GLUHFWD HQ OD FXDO ORV PD\RUHV FDXGDOHV
RFXUUHQHQSR]RVGHPD\RUSURIXQGLGDG
6H REVHUYD TXH GH OD H[WUDFFLyQ DFWXDO RFXUUH HQ WHUULWRULR EUDVLOHxR VLHQGR HO
(VWDGRGH6mR3DXORHOiUHDFRQPD\RUQ~PHURGHSR]RV\XVRGHDJXD
471
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/DGLVWULEXFLyQGHODSREODFLyQUHVLGHQWHHQHOiUHDGHRFXUUHQFLDGHO6$*HVEDVWDQWH
GLIHUHQWHGHODYHULILFDGDHQORVFXDWURSDtVHVODPD\RUSDUWHGHODSREODFLyQUHVLGHQWH
VREUHHO6$*HVEUDVLOHxDFHUFDGHOGHOWRWDOTXHUHSUHVHQWD FDVLODPLWDGGHOD
SREODFLyQGH%UDVLO(Q3DUDJXD\PiVGHODPLWDGGHODSREODFLyQYLYHVREUH
HO6$*DXQTXHHVWHFRQWLQJHQWHUHSUHVHQWHDSHQDVGHODSREODFLyQWRWDOVREUHHO
6$* FRPR XQ WRGR &RQ UHODFLyQ D $UJHQWLQD \ 8UXJXD\ HO SRUFHQWDMH SREODFLRQDO
UHVLGHQWHVREUHHO6$*HQUHODFLyQDODSREODFLyQWRWDOGHORVUHVSHFWLYRVSDtVHVHVWiHQ
WRUQRGH6LQHPEDUJRPLHQWUDVHQ$UJHQWLQDHVWDSREODFLyQUHSUHVHQWDGHO
WRWDOSREODFLRQDOGHO6$*HQ8UXJXD\DOFDQ]DDSHQDV
/D GLVWULEXFLyQ GH OD GHQVLGDG SREODFLRQDO HQ HO iUHD GH RFXUUHQFLD GHO 6$* QR HV
XQLIRUPH YDUtD GHVGH iUHDV FRQ YDFtRV SREODFLRQDOHV KDVWD iUHDV FRQ GHQVLGDGHV TXH
UHEDVDQHOUDQJRGHKDELWDQWHVNPHQHO(VWDGRGH6mR3DXOR
%UDVLO $UJHQWLQD \ 8UXJXD\ SUHVHQWDQ XQ FXDGUR SREODFLRQDO SUHSRQGHUDQWHPHQWH
XUEDQR FRQ FHUFD GH D GH OD SREODFLyQ YLYLHQGR HQ ODV ]RQDV XUEDQDV HQ HO
iPELWR GH ORV OtPLWHV GHO 6$* PLHQWUDV TXH HQ 3DUDJXD\ FHUFD GH OD PLWDG GH OD
SREODFLyQYLYHHQHOFDPSR(VWDLQIRUPDFLyQHVLPSRUWDQWHSDUDIXWXUDVSUR\HFFLRQHV
VREUHORVXVRV\GHPDQGDVGHDJXDVVXEWHUUiQHDVGHO6$*
8VRV
(OXVRSULQFLSDODFWXDOGHODJXDGHO6$*VHDHQQ~PHURGHSR]RVRFDXGDOH[SORWDGRHV
HO DEDVWHFLPLHQWR S~EOLFR (Q $UJHQWLQD ORV SR]RV UHJLVWUDGRV VRQ H[SORWDGRV
~QLFDPHQWH SDUD ILQHV UHFUHDWLYRV (Q 8UXJXD\ \ 3DUDJXD\ PiV GHO GHO DJXD
H[WUDtGD HV GHVWLQDGD DO DEDVWHFLPLHQWR GH FHQWURV XUEDQRV (Q %UDVLO D SHVDU GH
SUHYDOHFHUHODEDVWHFLPLHQWRS~EOLFRVHREVHUYDXQXVRPiVGLYHUVLILFDGRGHODJXD
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DVDJXDVGHO6$*VHSUHVHQWDQHQJHQHUDOSRWDEOHVFRQEDMDPLQHUDOL]DFLyQLQGLFDGD
SRUODVFRQGXFWLYLGDGHV—6FP\EDMDYHORFLGDGGHIOXMR3UHVHQWDQYDORUHVGH
S+EDVWDQWHYDULDEOHVHQWUH\SHURHQODPD\RUtDGHORVFDVRVHVWiQSUy[LPRVD
QHXWUR /RFDOPHQWH SXHGHQ H[LVWLU iUHDV FRQ PD\RUHV FRQFHQWUDFLRQHV GH VXOIDWRV \
FRQFHQWUDFLRQHV GH IO~RU VXSHULRUHV D ORV QLYHOHV SUHYLVWRV SRU ODV QRUPDV GH FDOLGDG
SDUDXVRGRPpVWLFR
ÈUHDV FRQ SRFD FLUFXODFLyQ UHJLRQDO GH DJXD VXHOHQ HVWDU DVRFLDGDV FRQ XQD PD\RU
VDOLQLGDGHVWRRFXUUHHQODVSDUWHVFHQWUDOHVGHODFXHQFDHVSHFLDOPHQWHHQORVHVWDGRV
EUDVLOHxRV GH 3DUDQi 6DQWD &DWDULQD \ 5LR *UDQGH GR 6XO &XDQGR OD VDOLQLGDG
VREUHSDVDORVOtPLWHVDFHSWDEOHVHODJXDSUHVHQWDUHVWULFFLRQHVDFLHUWRVXVRVFRPRHVHO
FDVR GHO H[WUHPR VXU GHO 6$* \ HQ VX OtPLWH RHVWH HQ$UJHQWLQD LQIHULGDV D SDUWLU GH
SHUILOHVHOpFWULFRVHQSR]RVSDUDSURVSHFFLyQSHWUROtIHUD(QDOJXQRVSR]RVORFDOL]DGRV
472
HQODV]RQDVWHUPDOHVHQHOVXUGHO6$*KD\HYLGHQFLDVTXHHODJXDSUHVHQWDDGHPiVGH
OD VDOLQLGDG FRQFHQWUDFLRQHV HOHYDGDV GH RWURV HOHPHQWRV LQRUJiQLFRV TXH H[LJHQ XQ
DQiOLVLVHVSHFtILFRSDUDVXXVR
'HVGHHOSXQWRGHYLVWDKLGURTXtPLFRFRQVLGHUDQGR VLHPSUHODHVFDODGHWUDEDMR \ODV
VLPSOLILFDFLRQHV LQKHUHQWHV VRQ UHFRQRFLGDV FXDWUR SULQFLSDOHV ]RQDV KLGURTXtPLFDV
SDUDHO6$*
‡ =RQD , 7LSR $ FDUDFWHUL]DGD SRU OD SUHVHQFLD GH DJXDV SULQFLSDOPHQWH
ELFDUERQDWDGDVFiOFLFDV\VXERUGLQDGDPHQWHDJXDVELFDUERQDWDGDVFDOFRPDJQpVLFDV \
FDOFRVyGLFDV FRQ SRFD PLQHUDOL]DFLyQ UHIOHMDGD SULQFLSDOPHQWH HQ ODV EDMDV
FRQGXFWLYLGDGHV HOpFWULFDV REVHUYDGDV (VWD ]RQD HVWi ORFDOL]DGD SUy[LPD D OD IDMD GH
DIORUDPLHQWRV FRQWRUQHDQGR OD ]RQD GH FRQILQDPLHQWR GHO 6$* 3UHVHQWD DQFKRV
YDULDEOHVVLHQGRPiVHVWUHFKDHQODUHJLyQHVWHSXGLHQGRDOFDQ]DUFHUFDGHNPHQ
ODUHJLyQRHVWHSULQFLSDOPHQWHHQHO(VWDGRGH0DWR*URVVRGR6XO%U
‡ =RQD ,, 7LSR % FDUDFWHUL]DGD SRU OD SUHVHQFLD GH DJXDV SULQFLSDOPHQWH
ELFDUERQDWDGDV VyGLFDV GRQGH HO DFXtIHUR \D VH SUHVHQWD PiV FRQILQDGR FRQ PD\RU
JUDGR GH PLQHUDOL]DFLyQ UHIOHMDGR SULQFLSDOPHQWH HQ ODV FRQGXFWLYLGDGHV HOpFWULFDV
PHGLDV REVHUYDGDV (VWD ]RQD SUHVHQWD XQD VXE]RQD ORFDOL]DGD D OR ODUJR GHO 5tR
8UXJXD\ HQWUH ORV WHUULWRULRV GH $UJHQWLQD \ 8UXJXD\ GRQGH ODV DJXDV VRQ
FDUDFWHUL]DGDVSRUODSUHVHQFLDGHODQLyQFORUXURHQVXFRPSRVLFLyQ
‡ =RQD ,,, 7LSR & FDUDFWHUL]DGD SRU OD SUHVHQFLD GH DJXDV SULQFLSDOPHQWH
VXOIDWDGDV FORUXUDGDV VyGLFDV VXERUGLQDGDPHQWH FRQ SUHVHQFLD GH ELFDUERQDWR
DOWDPHQWH PLQHUDOL]DGDV OR TXH VH UHIOHMD SULQFLSDOPHQWH HQ ODV DOWDV FRQGXFWLYLGDGHV
HOpFWULFDVREVHUYDGDV(VWD]RQDHVFRLQFLGHQWHFRQOD³FDOKD´FHQWUDOGHOD&XHQFDGHO
5tR3DUDQi
‡=RQD,9(VWD]RQDIXHFDUDFWHUL]DGDSRUPHGLRGHREVHUYDFLRQHVLQGLUHFWDVHQ
SHUILOHV HOpFWULFRV GH SR]RV GH SHWUyOHR SHUIRUDGRV HQ ODV SURYLQFLDV GH (QWUH 5tRV
&KDFR )RUPRVD \ 6DQWLDJR GHO (VWHUR $U 6RQ SRVLEOHPHQWH DJXDV FORUXUDGDV
VyGLFDV FRQ DOWD PLQHUDOL]DFLyQ OR TXH GHWHUPLQD OD EDMD UHVLVWLYLGDG HOpFWULFD
REVHUYDGD HQ ORV SHUILOHV JHRItVLFRV ǷP SHUPLWLHQGR HVWLPDU FRQGXFWLYLGDGHV
HOpFWULFDVVXSHULRUHVD—6FP
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6H UHFRQRFH HO SUREOHPD GH QLWUDWR HQ DQiOLVLV GH DJXD HQ GHWHUPLQDGRV SR]RV (Q OD
SRUFLyQ FRQILQDGD GHO DFXtIHUR HV SUREDEOH TXH HVWp UHODFLRQDGR D DVSHFWRV GH
FRQVWUXFFLyQSR]RPDOXELFDGR\RIXHUDGHQRUPD(QOD]RQDQRFRQILQDGD\HQiUHDV
XUEDQDVHORULJHQGHEHHVWDUDVRFLDGRDODFRQWDPLQDFLyQDQWUySLFDIXQGDPHQWDOPHQWH
SRUIDOWDGHVDQHDPLHQWRHQ]RQDVXUEDQDV
(Q DOJXQRV FDVRV PX\ ORFDOL]DGRV VH REVHUYD OHYH DXPHQWR GH OD VDOLQLGDG
SUREDEOHPHQWHSRUDSRUWHVGHDJXDGHIRUPDFLRQHVFRQPD\RUFRQWHQLGRGHVDOHVTXHHO
6$*
(QFXDQWRDFDPELRVHQGLVSRQLELOLGDGKD\UHJLRQHVGH%UDVLOFRPR5LEHLUmR3UHWRHQ
HO(VWDGRGH6mR3DXORGRQGH\DVHKDQSUHVHQWDGRFDVRVGHGHVFHQVRVLPSRUWDQWHVGH
473
ORVQLYHOHVGHDJXDGHELGRDXQDH[SORWDFLyQLQWHQVLYD5LEHLUmR3UHWRHVXQDFLXGDGGH
DSUR[LPDGDPHQWHKDELWDQWHVTXHVHDEDVWHFHGHO6$*
2WUDVIXHQWHVGHDJXD
&RPR IXHQWHV GH DJXD DOWHUQDWLYDV VH WLHQHQ ORV 6LVWHPDV$FXtIHURV VREUH\DFHQWHV DO
6$*VHGLPHQWDULRV\EDVDOWRV\UHFXUVRVKtGULFRVVXSHUILFLDOHVGDGDODH[WHQVDUHGGH
GUHQDMHTXHH[LVWHHQHOiUHDGHRFXUUHQFLDGHO6LVWHPD$FXtIHUR*XDUDQt
$VtDPRGRGHHMHPSOR$UJHQWLQDPHQFLRQDORVVLVWHPDVDFXtIHURV6DOWR6DOWR&KLFR
/LWRUDO &UHWiFLFR \ 6HUUD *HUDO 3RU VX SDUWH 3DUDJXD\ PHQFLRQD FRPR IXHQWHV
VXSHUILFLDOHV QDFLRQDOHV ORV UtRV <SDQp -HMXt $JXDUD\ 7HELFXDU\ Pt &DSLLEDU\ 5tR
&RUULHQWHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
/RVSULQFLSDOHVDVSHFWRVFOLPiWLFRVGHOVXGHVWHGH$PpULFDGHO 6XUVRQORVFHQWURVGH
DOWD SUHVLyQ FDVL HVWDFLRQDULRV GHO 3DFtILFR \ GHO $WOiQWLFR 6XU \ HO FHQWUR GH EDMD
SUHVLyQHQHOQRURHVWHGH$UJHQWLQD \VXUGH%ROLYLDRULJLQDGDHQODLQWHUDFFLyQHQWUH
ORV $QGHV YLHQWRV GHO RHVWH HQ DOWRV QLYHOHV \ HO FDOHQWDPLHQWR GH OD VXSHUILFLH
/LHFKWHQVWHLQ (VWD VLWXDFLyQ DVRFLDGD D ODV GRV IXHQWHV SRVLEOHV GH YDSRU GH
DJXD HQ HO VXGHVWH GH $PpULFD GHO 6XU ± HO 2FpDQR $WOiQWLFR \ HO ERVTXH WURSLFDO
VXGDPHULFDQR±D\XGDDH[SOLFDUHOFLFORGHSUHFLSLWDFLRQHVHQHOiUHDGHRFXUUHQFLDGHO
6$*
(OFLFORDQXDOSURPHGLR \ ODSUHFLSLWDFLyQPHGLDDQXDOIXHURQFDOFXODGRVFRQEDVH HQ
GDWRV GH HVWDFLRQHV GH OD UHJLyQ TXH UHJLVWUDURQ OD SUHFLSLWDFLyQ GXUDQWH DxRV
D (O FDPSR GH OOXYLD DQXDO DFXPXODGD GXUDQWH HO SHUtRGR PXHVWUD XQ
JUDGLHQWH HQ GLUHFFLyQ D OD FRVWD GHO $WOiQWLFR ([LVWHQ GRV ]RQDV GH Pi[LPRV OD
SULPHUDHVWiFRPSUHQGLGDHQWUHORVPHULGLDQRVž\ž2DOQRUWHGHOSDUDOHORž6
GRQGH OD SUHFLSLWDFLyQ DVFLHQGH SRU HQFLPD GH ORV PP DQXDOHV \ OD VHJXQGD
FRPSUHQGHHOVXUGH%UDVLOODUHJLyQGH0LVLRQHV\HOHVWHGH3DUDJXD\(QHVWDUHJLyQ
ODSUHFLSLWDFLyQDQXDOVXSHUDORVPP/DFDQWLGDGGHOOXYLDGHFUHFHKDFLDHORHVWH
\VXGHVWH8UXJXD\
/D GLVWULEXFLyQ PHQVXDO PHGLD GH OOXYLD SDUD HO SHUtRGR PXHVWUD DOJXQDV
SDUWLFXODULGDGHV 7RGD OD UHJLyQ QRUWH GHO 6$* HV PDUFDGD SRU OD RFXUUHQFLD GH XQD
HVWDFLyQVHFDGXUDQWHHOLQYLHUQR\XQDOOXYLRVDFRUUHVSRQGLHQGRDOSHUtRGRGHYHUDQR
(VWD HYROXFLyQ DQXDO HVWi DVRFLDGD DO GHVSOD]DPLHQWR GH OD =RQD GH &RQYHUJHQFLD
,QWHUWURSLFDO VREUH HO FRQWLQHQWH SURGXFLHQGR XQ HIHFWR PRQ]yQLFR LPSRUWDQWH (Q
GLUHFFLyQKDFLDODIURQWHUDHQWUHORVWHUULWRULRVSDUDJXD\RV\DUJHQWLQRVUHJLyQVXGRHVWH
GHOD]RQDGHRFXUUHQFLDGHO6$*VHREVHUYDXQDXPHQWRHQODSUHFLSLWDFLyQGXUDQWHHO
LQYLHUQR HQ FRPSDUDFLyQ FRQ OD SDUWH QRUWH GHO iUHD (VWH FRPSRUWDPLHQWR WDPELpQ VH
REVHUYDHQODUHJLyQVXUGHOWHUULWRULREUDVLOHxRDFHQWXiQGRVHHQ8UXJXD\GRQGHOOXHYH
PXFKRHQHOLQYLHUQR6LQHPEDUJRDSHVDUGHODXPHQWRGHODVOOXYLDVHQHOLQYLHUQRORV
PD\RUHVtQGLFHVSOXYLRPpWULFRVSUHGRPLQDQHQHOYHUDQR
474
5HSRUWHVVREUHODYDULDFLyQPHGLDGHODWHPSHUDWXUDHQHOiUHDGHRFXUUHQFLDGHO6$*
FDOFXODGD FRQ EDVH HQ ORV GDWRV GH SXHVWRV GH PHGLFLyQ FRQWLQXD WDPELpQ
FROHFWDGRVGHDLGHQWLILFDQTXHODVWHPSHUDWXUDVPiVDOWDVVHSURGXFHQHQOD
UHJLyQ QRURHVWH GHO DFXtIHUR GXUDQWH ORV PHVHV GH YHUDQR FRQ GLVPLQXFLyQ GHO
JUDGLHQWH GH WHPSHUDWXUD HQ GLUHFFLyQ D OD SDUWH VXGHVWH GHO DFXtIHUR GXUDQWH WRGR HO
DxR \ HQ GLUHFFLyQ DO 2FpDQR $WOiQWLFR 'XUDQWH ORV PHVHV GH LQYLHUQR ODV
WHPSHUDWXUDVPHGLDVYDUtDQGHž&HQODSRUFLyQVXUGHOiUHDGHRFXUUHQFLDGHO6$*D
ž&HQODSRUFLyQQRUWHPLHQWUDVTXHHQODHVWDFLRQHVGHWUDQVLFLyQODVWHPSHUDWXUDV
PHGLDVSUHVHQWDQYDORUHVLQWHUPHGLDULRV
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(QHOPDUFRGHOGHVDUUROORGHO3UR\HFWR6LVWHPD$FXtIHUR*XDUDQtSDUDHOSHUtRGRGH
WLHPSR FRPSUHQGLGR HQWUH HO DxR D PHGLDQWH FiOFXORV QXPpULFRV IXHURQ
SUHYLVWRVGRVHVFHQDULRVFOLPiWLFRVXWLOL]DQGRPRGHORVUHJLRQDOHVGHUHVROXFLyQPHGLD
GHNP \ FRQEDVHHQHVFHQDULRVVRFLRHFRQyPLFRVSRVLEOHV /RVFiOFXORVJHQHUDUDQ
YDORUHV PHGLRV DQXDOHV HVWDFLRQDOHV PHQVXDOHV \ GLDULRV SDUD ODV GLVWLQWDV YDULDEOHV
/RVHVFHQDULRV$\%IXHURQGHILQLGRVGHODVLJXLHQWHIRUPD
‡$3UHVXPHXQPXQGRKHWHURJpQHRFRQODSUHVHUYDFLyQGHODVLGHQWLGDGHVORFDOHV
DOWDWDVDGHFUHFLPLHQWRSREODFLRQDO\GHVDUUROORHFRQyPLFRUHJLRQDOLQIHULRUDOGHRWUDV
SUHYLVLRQHV6HWUDWDGHXQHVFHQDULRFUtWLFR
‡%3UHVXPHXQPXQGRTXHHQIDWL]DODVVROXFLRQHVORFDOHVXQDXPHQWRFRQWLQXRGHOD
SREODFLyQLQIHULRUDOREVHUYDGRHQHOHVFHQDULR$ \QLYHOHVLQWHUPHGLRVGHGHVDUUROOR
HFRQyPLFR6HWUDWDGHXQHVFHQDULRPRGHUDGR
/DVYDULDEOHVXWLOL]DGDVIXHURQSUHFLSLWDFLyQWHPSHUDWXUD \GpILFLWV\H[FHVRVKtGULFRV
HQHOVXHOR6XVUHVSHFWLYRVUHVXOWDGRVHVWiQGHVFULWRVDFRQWLQXDFLyQ
3UHFLSLWDFLRQHV
/D SUHFLSLWDFLyQ HQ OD UHJLyQ GH HVWXGLR DXPHQWDUi SULQFLSDOPHQWH HQ RWRxR 6H
PDQWLHQHQODVDFWXDOHVWHQGHQFLDVSRVLWLYDVGHSUHFLSLWDFLyQ
7HPSHUDWXUDV
(Q WpUPLQRV JHQHUDOHV OD SUHYLVLyQ GHO HVFHQDULR $ HV XQ DXPHQWR GH WHPSHUDWXUD
PHGLDJOREDOGHƒ&KDVWD(OHVFHQDULR%SUHYpXQDXPHQWRGHƒ&/DVPiV
JUDQGHV YDULDFLRQHV GHEHUiQ RFXUULU HQ OD UHJLyQ QRUWH GHO 6$* (VWDGRV GH 0DWR
*URVVR GR 6XO \ 0DWR *URVVR HQ %UDVLO UHJLyQ FHQWUDO GH 3DUDJXD\ \ SRUFLRQHV GHO
QRUWHGH$UJHQWLQD\SULQFLSDOPHQWHHQORVPHVHVGHLQYLHUQR\SULPDYHUD
'pILFLWV\H[FHVRV
/RVSULQFLSDOHVDVSHFWRVFOLPiWLFRVGHLQWHUpVSDUDODUHJLyQSXHGHQVHUUHVXPLGRVGHOD
VLJXLHQWHPDQHUD
‡/DGLVSRQLELOLGDGGHDJXDHQHOVXHORGLVPLQXLUiVXVWDQFLDOPHQWHHQOD]RQDQRURHVWH
GHO DFXtIHUR GRQGH ORV GpILFLWV VH LQFUHPHQWDQ PDUFDGDPHQWH HVSHFLDOPHQWH HQ HO
HVFHQDULR$ /DV SULQFLSDOHV iUHDV DIHFWDGDV VH HQFXHQWUDQ HQ WHUULWRULR SDUDJXD\R \
EUDVLOHxRHQWUHORVSDUDOHORVž \ž6 \ORVPHULGLDQRVž \ž2(VWDUHJLyQGH
475
%UDVLO GH DFXHUGR D ORV PRGHORV H[LVWHQWHV SUHVHQWD YDORUHV GH H[FHVRV GH
DSUR[LPDGDPHQWH PP DQXDOHV $PERV HVFHQDULRV $ \ % DGYLHUWHQ GpILFLWV
HQWUH\PP
‡ (O H[WUHPR RHVWH GH OD ]RQD GH HVWXGLR HQWUH HO SDUDOHOR ž \ ž 6 HQ$UJHQWLQD
UHJLVWUDGpILFLWVGHORUGHQGHPPDQXDOHV6LQHPEDUJRORVHVFHQDULRVSUR\HFWDQXQ
GHVSOD]DPLHQWRGHODLVROtQHDSDUDHOHVWHPXFKRPiVSURIXQGRHQHOFDVRGHOHVFHQDULR
$ GRQGH ORV GpILFLWV VXSHUDQ ORV PP DQXDOHV (Q HO FDVR GHO HVFHQDULR % HO
GHVSOD]DPLHQWRHVPHQRUDVtFRPRODLQWHQVLGDGGHOGpILFLWSUHYLVWR
‡$PERV HVFHQDULRV SUHYpQ OD UHGXFFLyQ GH OD ]RQD GH H[FHVRV TXH DEDUFD HO VXU GH
%UDVLO HVWH GH 3DUDJXD\ 8UXJXD\ \ WRGD OD UHJLyQ DUJHQWLQD VDOYR HO H[WUHPR RHVWH
VHxDODGR HQ HO SXQWR DQWHULRU (Q HO FDVR GHO HVFHQDULR % ORV H[FHVRV VRQ PD\RUHV
DSUR[LPDGDPHQWHPPDQXDOHVHQHOiUHDEUDVLOHxDORFDOL]DGDHQž6ž2
‡(VWDUHGXFFLyQGHODGLVSRQLELOLGDGGHDJXDVHSUHVHQWDHQWRGDVODVHVWDFLRQHVGHODxR
DXQTXH VHUi PiV DFHQWXDGD HQ OD SULPDYHUD \ YHUDQR (Q HO FDVR GH YHUDQR
SULQFLSDOPHQWHHQHOHVFHQDULR$WRGRHODFXtIHURSUHVHQWDPHQRUGLVSRQLELOLGDGFRQ
UHGXFFLyQDFHQWXDGDGHOiUHDGHH[FHVR
‡ (Q HO FDVR GHO LQYLHUQR QR IXHURQ SUHYLVWRV JUDQGHV FDPELRV FXDQGR VH FRPSDUD OD
FOLPDWRORJtDDFWXDO\ORVSRVLEOHVHVFHQDULRVIXWXURV/D]RQDQRUWHGHOiUHDGHHVWXGLR
SDUHFH WHQHU PD\RUHV GpILFLWV \ OD ]RQD GH 8UXJXD\ SUHVHQWD PD\RUHV H[FHVRV
ORFDOL]DGRVHQHOFDVRGHOHVFHQDULR%
‡ (O RWRxR PXHVWUD WDPELpQ FDPELRV HYLGHQWHV /D FOLPDWRORJtD DFWXDO PRGHODGD
SUHVHQWD H[FHVRV HQ WRGD OD UHJLyQ H[FHSWR HQ HO QRURHVWH 6LQ HPEDUJR DPERV
HVFHQDULRVPXHVWUDQTXHOD]RQDGHH[FHVRVGLVPLQXLUiVXVWDQFLDOPHQWHVHOLPLWDUiDOD
UHJLyQ HQWUH \ ž 6 HQ HO FDVR GHO HVFHQDULR $ \ UHVWULQJLUi DO VXU GH %UDVLO
8UXJXD\\ODUHJLyQGHO5tRGHOD3ODWDHQHOHVFHQDULR%
‡(QHOFDVRGHODSULPDYHUDHOiUHDGHH[FHVRVXELFDGDHQHOVXGHVWHHQODFOLPDWRORJtD
DFWXDOGLVPLQX\HHQORVHVFHQDULRV3HURODFDUDFWHUtVWLFDPiVLPSRUWDQWHHVHODXPHQWR
HQODLQWHQVLGDGGHORVGpILFLWVHQHOQRUWHTXHFDPELDQGHVGHPPDYDORUHVPXFKR
PiVDOWRVPPHQ$\PPHQ%HQODSRUFLyQQRURHVWH
‡&RQUHODFLyQDOD]RQDVXGHVWHGHODFXtIHURFDUDFWHUL]DGDSRUH[FHVRVKtGULFRVDQXDOHV
QR SDUHFH H[LVWLU WHQGHQFLD KDFLD PD\RUHV FDPELRV 6ROR VH REVHUYD XQD OHYH
GLVPLQXFLyQGHORVH[FHVRVVREUHWRGRHQHOHVFHQDULR$,QFOXVLYHFRQORVDXPHQWRV
GHSUHFLSLWDFLyQSUHYLVWRVHOEDODQFHGHDJXDHQODDWPyVIHUDGHSHQGHUiWDPELpQGHORV
FDPELRVGHWHPSHUDWXUDTXHSDUDODUHJLyQGHODFXtIHURVRQFRQVLGHUDEOHV3XHGHKDEHU
HUURUHVHQHVWRVGDWRVSRUHIHFWRVGHERUGHV
‡/DUHGXFFLyQGHORVH[FHVRVHQHOVXGHVWHGHODFXtIHURVHSURGXFHHQGRVHVFHQDULRVHQ
WRGDVODVHVWDFLRQHVGHO DxRVDOYR HQHOLQYLHUQR(OHVFHQDULR$HV HO TXHSUHYpODV
UHGXFFLRQHVPiVDFHQWXDGDV
476
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
$UJHQWLQD
%UDVLO
3DUDJXD\
8UXJXD\
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
=RQDVXUEDQDV
7LHUUDVQDWXUDOHV
6HOYDV
%RVTXHV
=RQDVSURGXFWLYDVDJUtFROD
JDQDGHUD
+XPHGDOHV
5HVHUYDV1DWXUDOHV
&XHUSRVGHDJXD
5tRV\DUUR\RV
6HOYDV
%RVTXHV5HVLGXDOHV
8VRDJURSHFXDULR0HFDQL]DGR
3UDGHUDVQDWXUDOHV
3UDGHUDVEDMDVLQXQGDGDV
6LHUUDVHQIRUPDWDEXODU
&DxRQHV
(VFDUSDV
&DPSRV
3ODQDOWRV
&HUUDGR
0DWD$WOiQWLFD
%RVTXHVFRQ$UDFDXULD
%RVTXHHVWDFLRQDOGHFLGXD\
VHPLGHFLGXD
&DPSRVHQJHQHUDO
%RVTXHGHSLQRV
8UEDQD
%RVTXHVUHVLGXDOHV
8VRDJURSHFXDULRPHFDQL]DGR
3UDGHUDVEDMDVLQXQGDGDV
=RQDV3URGXFWLYDVQDWXUDOHV\
XUEDQDV
%RVTXHVGHOWLSRDWOiQWLFRFRQWLQXR
3UDGHUDVQDWXUDOHV
3UDGHUDVEDMDVLQXQGDGDV
3UDGHUDV1DWXUDOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(O XVR GHO VXHOR HQ HO iUHD GH RFXUUHQFLD GHO 6$* HV SUHGRPLQDQWHPHQWH DJUtFROD (O
DQiOLVLVPXOWLWHPSRUDOHYLGHQFLDTXHHQORV~OWLPRVDxRVKXERXQDYDQFHLPSRUWDQWH
GHiUHDVDJUtFRODVVREUHiUHDVGHERVTXHQDWXUDO/DVFODVHVGHXVRTXHSUHVHQWDURQORV
PD\RUHVFDPELRVIXHURQ
‡ /DFODVHGHXVRDJUtFRODTXHRFXSDEDGHOWHUULWRULRHQHOSHUtRGR
SDVyDRFXSDUHOHQHOHVFHQDULRDFWXDO
‡/DFODVHGHXVRFRUUHVSRQGLHQWHDOERVTXHGHQVRERVTXHQDWLYRTXHRFXSDED
GHOWHUULWRULRHQHOSHUtRGRSDVyDRFXSDUHQ
‡/DFODVHGHXVRFRUUHVSRQGLHQWHDORVERVTXHVGHJUDGDGRVTXHRFXSDED
GHOWHUULWRULRSDVyDRFXSDU
‡ /DV WLHUUDV VLQ FXOWLYDU TXH RFXSDEDQ GHO WHUULWRULR HQ HO SHUtRGR GLVPLQX\HURQ KDVWD HO DxR GH \ GHVSXpV VH HVWDELOL]DURQ FRQ OD
RFXSDFLyQGHORUGHQGHGHOWHUULWRULR
477
3RURWURODGRVLVHDQDOL]DQODVFODVHVGHXVRGHERVTXHGHQVR\ERVTXHGHJUDGDGRHQ
FRQMXQWRVHREVHUYDTXHHQHOSHUtRGR\RFXSDEDQGHODVXSHUILFLHGHO
6$* \ SRU HO DYDQFH GH ODV DFWLYLGDGHV DJURSHFXDULDV VH UHGXMR D XQ HQ OD
DFWXDOLGDG /D H[SDQVLyQ GH OD FODVH GH XVR DJUtFROD SUHVHQWy OD VHJXQGD YDULDFLyQ
GDGRTXHVXPD\RUGHVDUUROORVHSURGXMRVREUHODViUHDVGHYHJHWDFLyQQDWLYD
3ULQFLSDOHVFXOWLYRVRVLVWHPDVSURGXFWLYRV
&XDGUR63ULQFLSDOHVFXOWLYRVRVLVWHPDVSURGXFWLYRV
&XOWLYRV
$UJHQWLQD
$UUR]
6RUJR
6RMD
*LUDVRO
7DEDFR
&tWULFRV
<HUEDPDWH
7H
%UDVLO
6RMD
7ULJR
0Dt]
7DEDFR
)UXWD
&DxDGHD]~FDU
3DUDJXD\
6RMD
7ULJR
0Dt]
&RO]D
<HUEDPDWH
8UXJXD\
$UUR]
&tWULFRV
+RUWLFXOWXUD
&DxD
GH
D]~FDU
*DQDGHUtD
H[WHQVLYD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
$UJHQWLQD3URYLQFLDGH&RUULHQWHV6LWLR5DPVDU/DJXQDV\(VWHURVGHO,EHUi3URYLQFLD
GH0LVLRQHV5HVHUYDGH%LRVIHUD<DERWt
%UDVLO5HVHUYD%LROyJLFDGD6HUUD*HUDOGR6HUWmR]LQKRHGR$JXDt3DUTXH1DFLRQDO
GRV $SDUDGRV GD 6HUUD 6HUUD *HUDO GDV (PDVGR ,JXDoX GH ,OKD *UDQGH GH 6mR
-RDTXLP H GD 6HUUD GR7DEXOHLUR (VWDomR (FROyJLFD 1RURHVWH 3DXOLVWD H -DWDt 3DUTXH
(VWDGXDOGH3DUD~QD5HVHUYD(VWDGXDO3RQWDOGR3DUDQDSDQHPD/DJRDGH6mR3DXORH
$UHDGH5HOHYDQWH,QWHUHVVH(FROyJLFRGD6HUUDGR7LJUH
3DUDJXD\ (Q HO iUHD GH LQIOXHQFLD H[LVWHQ RFKR iUHDV SURWHJLGDV GH GLYHUVDV
FDWHJRUtDV
5HIXJLR%LROyJLFR&DUDSD KD
5HVHUYD%LROyJLFD/LPR\ KD
5HVHUYD%LROyJLFD,WDEy KD
5HIXJLR%LROyJLFR3LNLU\ KD
5HIXJLR%LROyJLFR7DWL<XSL
KD
0RQXPHQWR&LHQWtILFR0RLVpV%HUWRQL
KD
5HVHUYD1DWXUDO.XULC<
KD
5HVHUYD3DUD3DUTXHfDFXQGD\
KD
ÈUHDGH5HFXUVRV0DQHMDGRV6DQ5DIDHO KD
8UXJXD\9DOOHGHO/XQDUHMR(VWHURGH)DUUDSRV
478
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
5HJLRQDOPHQWHDSDUWLUGHODV]RQDVGHUHFDUJDKDVWDODiUHDVGHGHVFDUJDHOIOXMRGHODV
DJXDVVXEWHUUiQHDVGHOVLVWHPDSUHVHQWDXQDWHQGHQFLDGLUHFFLRQDOGHIOXMRQRUWHKDFLD
VXUSDUDOHOR HOHMHGHOD&XHQFDGHO3DUDQiGHVGHOD FRQIOXHQFLD HQWUHORVHVWDGRVGH
3DUDQi \ 0DWR *URVVR GR 6XO FRQ WHUULWRULR SDUDJXD\R (V LPSRUWDQWH FRQVLGHUDU TXH
WRGDVODViUHDVGHDIORUDPLHQWRSUHVHQWDQXQDGLQiPLFDSURSLDGHIOXMRUHJLRQDO\DVX
YH]SUHVHQWDQFDUDFWHUtVWLFDVGHIOXMRORFDOHVFRQ]RQDVHMHUFLHQGRODIXQFLyQGHUHFDUJD
R GHVFDUJD ORFDOHV 'H WRGDV IRUPDV HQ GLFKDV iUHDV GH DIORUDPLHQWR SDUWH GH ODV
UHFDUJDVDFDEDQSRUDOLPHQWDUHOIOXMRGHEDVHFRQODVUHGHVGHGUHQDMHH[LVWHQWH
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q$UJHQWLQDQRH[LVWHXQSODQGHRUGHQDPLHQWRWHUULWRULDOHVSHFtILFRSDUDOD]RQDGHO
DFXtIHUR 6H HQFXHQWUD HQ SURFHVR GH SUHSDUDFLyQ HO 3ODQ (VWUDWpJLFR 1DFLRQDO
³$UJHQWLQD 3ROtWLFD \ (VWUDWHJLD 1DFLRQDO GH 'HVDUUROOR \ 2UGHQDPLHQWR
7HUULWRULDO´&DGDSURYLQFLDGHEHLQWHJUDUVXSURSLRSODQGHRUGHQDPLHQWRWHUULWRULDODO
3ODQ 1DFLRQDO 6H HQFXHQWUD HQ PDUFKD DGHPiV HO 3URJUDPD GH 2UGHQDPLHQWR
$PELHQWDO GHO 7HUULWRULR &DGD XQD GH ODV SURYLQFLDV GRQGH VH VLW~D HO DFXtIHUR VH
HQFXHQWUD HQ SURFHVR GH HODERUDFLyQ GH ORV GRFXPHQWRV EDVH GH ORV SODQHV GH
RUGHQDPLHQWRWHUULWRULDODODIHFKD
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQ GHO VROR 6RQ ORV PXQLFLSLRV HQ HO iUHD GH RFXUUHQFLD GHO DFXtIHUR TXH
SUHVHQWDQ3ODQHV'LUHFWRUHV0XQLFLSDOHVVLHQGRTXHGHpVWRVHVWiQDSUREDGRV\
HQUHYLVLyQHQDSUREDFLyQ
(Q 3DUDJXD\ H[LVWHQ LQLFLDWLYDV SRU SDUWH GHO JRELHUQR QDFLRQDO HQ XQ SURJUDPD GH
RUGHQDPLHQWRWHUULWRULDODPELHQWDODQLYHOQDFLRQDO\WUDQVIURQWHUL]R(VWHRUGHQDPLHQWR
LPSOHPHQWDGRFRQWHPSODOD*HVWLyQ,QWHJUDGDGHORV5HFXUVRV+tGULFRV
(Q8UXJXD\VHFXHQWDFRQOD/H\/H\GH2UGHQDPLHQWR7HUULWRULDO\'HVDUUROOR
6XVWHQWDEOH
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q$UJHQWLQD H[LVWH XQ3ODQ 1DFLRQDO )HGHUDO GH 5HFXUVRV +tGULFRV 6H HQFXHQWUD HQ
FRQVHQVRHO3ODQ5HJLRQDOGH5HFXUVRV+tGULFRVTXHDEDUFDODVSURYLQFLDVGH)RUPRVD
&KDFR6DQWD)H0LVLRQHV(QWUH5tRV\&RUULHQWHV&DGDXQDGHODVSURYLQFLDVGRQGH
VHVLW~DHODFXtIHURVHHQFXHQWUDHQSURFHVRGHHODERUDFLyQGHORVGRFXPHQWRVEDVHGH
ORVSODQHVGHPDQHMRGHUHFXUVRVKtGULFRV
(Q%UDVLOKD\DOJXQRVHVWDGRVTXHFXHQWDQFRQ3ODQHV(VWDGXDOHVGH5HFXUVRV+tGULFRV
PiV R PHQRV DFWXDOL]DGRV 6mR 3DXOR 3DUDQi *RLiV PLHQWUDV TXH HQ RWURV HVWDGRV
479
GLFKRVSODQHVHVWiQHQHODERUDFLyQ0LQDV*HUDLV\6DQWD&DWDULQD0DWR*URVVR\0DWR
*URVVRGR6XO
(Q3DUDJXD\H[LVWHDQLYHOQDFLRQDOHO3UR\HFWR3LORWR,WDS~DGHO6$*ORFDOL]DGRHQHO
'HSDUWDPHQWR GH ,WDS~D (Q HVWD PLVPD iUHD GHO SLORWR DFWXDOPHQWH HVWi HQ YLJHQFLD
RWUR SUR\HFWR FRQ OD FRRSHUDFLyQ GHO *RELHUQR $OHPiQ GH 0DQHMR 6RVWHQLEOH \
3URWHFFLyQGH$JXDV6XEWHUUiQHDV%*56($0ZZZSDVS\RUJ
&RQODSURPXOJDFLyQGHOD/H\1ƒGHORV5HFXUVRV+tGULFRVGHO3DUDJXD\VH
HVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRUDVtFRPRODUHJODPHQWDFLyQGHGLFKD
OH\SRUHOFXDOORVSODQHVRSUR\HFWRVGHOXVR\PDQHMRGHORVUHFXUVRVKtGULFRVHVWiQHQ
SURFHVRGHHODERUDFLyQ HQIXQFLyQGHXQD*HVWLyQ ,QWHJUDGDGHORV5HFXUVRV+tGULFRV
*,5+
8UXJXD\ FXHQWD GHQWUR GH VX QRUPDWLYD FRQ HO 3ODQ GH *HVWLyQ GHO $FXtIHUR
,QIUDEDViOWLFR *XDUDQt 'HFUHWR \ PRGLILFDWLYRV 1RV \ 1RUPDV7pFQLFDV&RQVWUXFWLYDVGH3R]RV'HFUHWR-XQWD$VHVRUDGHO$FXtIHUR
*XDUDQt5HVROXFLyQ3UHVLGHQFLDO1ƒ
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DOXVRGHODJXD
$UJHQWLQD3RUWXULVPR\EDOQHRWHUDSLDHQOD3URYLQFLDGH
(QWUH5tRVPiVGH86SRUDxR
3DUDJXD\ (Q OD ]RQD GH LQIOXHQFLD GHO DFXtIHUR GH
UHIHUHQFLD HV JUDQGH HO EHQHILFLR HFRQyPLFR GHELGR DO XVR
GHO DJXD HQ SDUWLFXODU SDUD OD DJURSHFXDULD LQWHQVLYD
LQGXVWULD\FRPHUFLRQDFLRQDO\WUDQVIURQWHUL]R
8UXJXD\ (O SULQFLSDO EHQHILFLR HFRQyPLFR GHULYDGR GHO
XVR GHO DFXtIHUR HV HO SURYHQLHQWH GHO WXULVPR WHUPDO
HVWLPDGRHQ86DQXDOHV
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
$UJHQWLQD1RGHHVWHDFXtIHUR
%UDVLO 'HSHQGHQFLD PHGLD D DOWD GHO XVR GHO DJXD GHO
DFXtIHUR(O0XQLFLSLRGH5LEHLUmR3UHWRHQ63FRQ
KDELWDQWHVHVWRWDOPHQWHDEDVWHFLGRSRUHODFXtIHUR
3DUDJXD\ /D HFRQRPtD ORFDO DJURSHFXDULD OD LQGXVWULD \
HOFRPHUFLRGHSHQGHQGLUHFWDPHQWHGHOUHFXUVRDJXDWDQWR
VXSHUILFLDOFRPRVXEWHUUiQHDSDUDVXGHVDUUROOR
8UXJXD\ (O WXULVPR WHUPDO GHSHQGH GHO DFFHVR DO
UHFXUVRDJXDGHODFXtIHUR
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
3DUDJXD\ 6H YHUiQ DIHFWDGRV HVSHFLDOPHQWH ODV
FRPXQLGDGHVLQGtJHQDVODIORUD\ODIDXQDVLOYHVWUH
8UXJXD\7XULVPRWHUPDO\DEDVWHFLPLHQWRS~EOLFRXUEDQR
480
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
/DYROXQWDGGHSURWHJHUHODFXtIHUR\ODSHUFHSFLyQGHOFDUiFWHUWUDQVIURQWHUL]RGHHVWD
LQLFLDWLYD XQLy ORV FXDWUR SDtVHV HQ WRUQR DO 3UR\HFWR SDUD OD 3URWHFFLyQ$PELHQWDO \
'HVDUUROOR6RVWHQLEOHGHO6LVWHPD$FXtIHUR*XDUDQt36$*
'XUDQWHODHMHFXFLyQGHO36$*\HQJUDQPHGLGDJUDFLDVDpOODVHVWUXFWXUDVWpFQLFDV
OHJDOHVHLQVWLWXFLRQDOHVUHODFLRQDGDVDODJHVWLyQGHORVUHFXUVRVKtGULFRVVXEWHUUiQHRV
VHGHVDUUROODURQGHIRUPDDFHOHUDGD'HILQLWLYDPHQWHHOWHPD³DJXDVVXEWHUUiQHDV´IXH
LQWURGXFLGRHQODDJHQGDGHORVFXDWURSDtVHVTXHDFRJHQDO6$*
&RPRUHVXOWDGRGHHVWHFRQWH[WRGHUHDOL]DFLyQGHHVWXGLRV\H[SHULHQFLDVFRQMXQWDV\
GHODLQWHJUDFLyQGHFRQRFLPLHQWRVIXHURQREWHQLGRVORVVLJXLHQWHVUHVXOWDGRV
+XER XQ DYDQFH GHO FRQRFLPLHQWR WpFQLFR \ XQD JUDQ SURGXFFLyQ GH GDWRV )XHURQ
HODERUDGRV PDQXDOHV GH SURFHGLPLHQWRV SDUD ORV DFWRUHV YLQFXODGRV DO UHFXUVR HQ OD
UHJLyQ )XHURQ DGHPiV HVWDEOHFLGRV ORV SLODUHV WpFQLFRV \ OD YLVLyQ UHJLRQDO
LQGLVSHQVDEOHV SDUD OD JHVWLyQ VRVWHQLEOH GH ORV UHFXUVRV VXEWHUUiQHRV 0HUHFH VHU
GHVWDFDGR
L/DHODERUDFLyQGHFDUWRJUDItDJHROyJLFDHKLGURJHROyJLFDFRQGHWDOOHVGHOD
JHRPHWUtD\FRPSRUWDPLHQWRGHO6$*EDVDGDHQHOFRQVHQVR\FRUUHODFLRQHVGH
XQLGDGHVHVWUDWLJUiILFDVHQWUHORVFXDWURSDtVHV
LL/DFUHDFLyQGHXQEDQFRGHGDWRVGHSR]RVWXEXODUHVGLVSRQLEOHSDUDWRGRV
ORV DFWRUHV LQWHUHVDGRV \ FRQHFWDGR FRQ ORV SULQFLSDOHV VLVWHPDV GH EDQFR GH
GDWRVGHODUHJLyQ
LLL'LVHxRGHXQDUHGGHPRQLWRUHRUHJLRQDOGHSR]RVLQFOX\HQGRODVHOHFFLyQ
GH ORV SR]RV LQWHJUDQWHV HQ iUHDV FRQILQDGDV \ GH DIORUDPLHQWR \ ORV
UHVSHFWLYRVSURWRFRORVGHPXHVWUHR
LY /D FRQVWUXFFLyQ GH PRGHORV FRQFHSWXDOHV \ PDWHPiWLFRV GH IOXMR UHJLRQDO
GLVHxDGR SDUD HYDOXDU HVFHQDULRV UHJLRQDOHV GH XVRV GHO DJXD YtD PDFUR
DOWHUDFLRQHV HQ HO XVR \ RFXSDFLyQ GHO VXHOR \ ORFDO HQ ODV iUHDV SLORWR
KHUUDPLHQWDGLUHFWDGHJHVWLyQ\VROXFLyQGHSUREOHPDVORFDOHV
Y /DLPSOHPHQWDFLyQ \DOLPHQWDFLyQGHO6LVWHPDGH ,QIRUPDFLyQGHO6LVWHPD
$FXtIHUR *XDUDQt 6,6$* TXH XWLOL]D ODV WHFQRORJtDV PiV PRGHUQDV GH OD
LQIRUPDFLyQ\JHRSURFHVDPLHQWR
8QD FRQVHFXHQFLD GH ORV DYDQFHV PHQFLRQDGRV IXH HO GHVDUUROOR GH OD UHJXODFLyQ
VREUH DJXDV VXEWHUUiQHDV HQ ORV FXDWUR SDtVHV TXH DEULJDQ DO 6$* $UJHQWLQD %UDVLO
3DUDJXD\\8UXJXD\FRQDXPHQWRGHODMHUDUTXtDMXUtGLFD\ODSUHFLVLyQWpFQLFDGHODV
QRUPDV /D OHJLVODFLyQ IXH SHUIHFFLRQDGD DO GDU WUDWDPLHQWR HVSHFtILFR DO WHPD ³DJXDV
VXEWHUUiQHDV´ORTXHQRRFXUUtDDQWHVGH
481
4XL]iV HQ QLQJ~Q RWUR FXHUSR DFXtIHUR WUDQVIURQWHUL]R GHO PXQGR VH KD OOHJDGR DO
JUDGR GH DUPRQL]DFLyQ \ GH DYDQFH WpFQLFR FRQMXQWR FRPR HQ HO FDVR GHO 6$* (VWH
ORJUR IXH UHVXOWDGR GLUHFWR GH ORV HVIXHU]RV GH FRRSHUDFLyQ HQWUH ORV SDtVHV TXH
VXSHUDURQ ODV KHWHURJHQHLGDGHV UHODFLRQDGDV D VXV FDSDFLGDGHV WpFQLFDV H
LQVWLWXFLRQDOHV 6LQ HVWD FRRSHUDFLyQ ORV DYDQFHV DOFDQ]DGRV LQGLYLGXDOPHQWH HQ FDGD
SDtV QR KXELHUDQ VLGR WDQ H[SUHVLYRV \ HVWDUtDQ GLVSHUVRV VLQ SRVLELOLGDG GH
FRPSDUWLUORVRUHSOLFDUORVEDMRXQPDUFRGHJHVWLyQFRP~Q
)XH HODERUDGR XQ $QiOLVLV GH 'LDJQRVWLFR 7UDQVIURQWHUL]R $'7 6X SURFHVR GH
FRQVWUXFFLyQWXYRFRPREDVHXQDPSOLRSURFHVRGHFRQVXOWD\SDUWLFLSDFLyQSURPRYLGR
HQ FDGD XQR GH ORV SDtVHV D WUDYpV GH ODV 8QLGDGHV 1DFLRQDOHV GH (MHFXFLyQ GHO
3UR\HFWR81(3V$FWRUHVUHOHYDQWHVWDPELpQSDUWLFLSDURQGHHVWHSURFHVRHQWUHHOORV
UHSUHVHQWDQWHVGHORVHVWDGRV\PXQLFLSLRVLQYROXFUDGRVRUJDQL]DFLRQHVGHODVRFLHGDG
FLYLO\FRPLVLRQHVORFDOHVGHORV3UR\HFWRV3LORWR)XHURQLGHQWLILFDGDVODVFDXVDVGHORV
SULQFLSDOHV SUREOHPDV ORV YDFtRV GH LQIRUPDFLyQ \ ODV DFFLRQHV GH PLWLJDFLyQ
QHFHVDULDV SDUD VROXFLRQDU ORV WHPDV FUtWLFRV GHO 6$* OD SURWHFFLyQ GH OD FDOLGDG \
FDQWLGDGGHDJXD\VXJHVWLyQ
+D VLGR SUREDGR XQ PHFDQLVPR GH FRRSHUDFLyQ UHJLRQDO FRQ LQVWDQFLDV GH
SDUWLFLSDFLyQ \ GHFLVLyQ GH iPELWR QDFLRQDO HQ GLIHUHQWHV QLYHOHV FRPR HO &RQVHMR
6XSHULRU GH 'LUHFFLyQ GHO 3UR\HFWR &6'3 &RRUGLQDFLRQHV 1DFLRQDOHV &1 HO
&ROHJLDGRGH&RRUGLQDFLyQ&&\ODV8QLGDGHV1DFLRQDOHVGH(MHFXFLyQGHO3UR\HFWR
81(3$GHPiVIXHFRQVWLWXLGDXQD6HFUHWDUtD*HQHUDOGHO3UR\HFWR6*6$*FRPR
yUJDQRWpFQLFRUHJLRQDO SXQWRGHFRQYHUJHQFLD \GHSDUWLGDGH ODVLQLFLDWLYDVGHFDGD
XQRGHORVSDtVHVHQHO36$*6HFRQWyFRQODSDUWLFLSDFLyQGHOD6HFUHWDUtD*HQHUDOGH
OD 2UJDQL]DFLyQ GH ORV (VWDGRV $PHULFDQRV 6*2($ FRPR OD DJHQFLD UHJLRQDO GH
HMHFXFLyQGHORVIRQGRVGHO)0$0\GHO%DQFR0XQGLDOFRPRODDJHQFLD*()SDUDVX
LPSOHPHQWDFLyQ/DFUHDFLyQGHGLFKRVHVSDFLRVGHGLVFXVLyQHLQWHUFDPELRSURSRUFLRQy
XQDXPHQWRSURJUHVLYRGHFDSDFLGDGHVWpFQLFDV HLQVWLWXFLRQDOHVHOIRUWDOHFLPLHQWRGH
ODVUHODFLRQHVGHFRQILDQ]D\ODGLIXVLyQGHOHFFLRQHVDSUHQGLGDVHQWRGRVORVQLYHOHV(O
36$* HODERUy HO SULPHU 3($ HQ HO PXQGR UHODFLRQDGR D OD JHVWLyQ GH DJXDV
VXEWHUUiQHDVWUDQVIURQWHUL]DVTXHIXHUDDSR\DGRSRUHO)0$0SRUPHGLRGHO3URJUDPD
2SHUDWLYR
$WUDYpVGHO³)RQGR*XDUDQtGHODV8QLYHUVLGDGHV´IXHLPSOHPHQWDGRXQPHFDQLVPR
H[LWRVR GH DSR\R D DFWLYLGDGHV GH LQYHVWLJDFLyQ \ FDSDFLWDFLyQ DFDGpPLFDV VREUH
DVSHFWRVDPELHQWDOHV\VRFLDOHVGHO6$*SDUDODVXQLYHUVLGDGHVGHODUHJLyQ$GHPiVGH
ODV LQLFLDWLYDV GHO )RQGR OD SURSLD HMHFXFLyQ GHO 36$* JHQHUy XQ HVWtPXOR VLQ
SUHFHGHQWHVDODVLQLFLDWLYDVFLHQWtILFDVUHODFLRQDGDVDOWHPD(O6$*VHFRQYLUWLyHQXQD
LGHD JHQHUDGRUD GH RSRUWXQLGDGHV SDUD DSR\DU OD LQWHJUDFLyQ GH XQLYHUVLGDGHV \ OD
GLVSRQLELOLGDGGHUHFXUVRVSDUDLQYHVWLJDFLyQ
(O 36$* DSR\y D WUDYpV GHO ³)RQGR *XDUDQt GH OD &LXGDGDQtD´ DFFLRQHV
GHVDUUROODGDV SRU OD VRFLHGDG FLYLO HQ WpUPLQRV GH FRPXQLFDFLyQ SDUWLFLSDFLyQ \
HGXFDFLyQDPELHQWDOIRUPDOLQIRUPDO\QRLQIRUPDO/RVUHVXOWDGRVGHHVWDVDFFLRQHVVH
UH~QHQHQWUHVJUDQGHVJUXSRV
L HVIXHU]RV SDUD TXH ODV DJXDV VXEWHUUiQHDV HQ VX GLPHQVLyQ DPELHQWDO \
VRFLDOIRUPHQSDUWHGHODDJHQGDGHODVRFLHGDGFLYLOGHODUHJLyQ
LLDSR\RDODGLYXOJDFLyQGHO3UR\HFWR
482
LLL DFWLYLGDGHV SDUD GHVSHUWDU OD FRQFLHQFLD GH OD VRFLHGDG FLYLO VREUH OD
LPSRUWDQFLDGHODSUHVHUYDFLyQ\JHVWLyQVRVWHQLEOHGHO6$*
(OFRQRFLPLHQWRGHO$FXtIHUR*XDUDQtWXYRXQDH[FHOHQWHGLIXVLyQHQORVFXDWURSDtVHV
GHODUHJLyQ(O³)RQGRGHOD&LXGDGDQtD´HVXQHMHPSORFRQFUHWRDWUDYpVGHOFXDO
PLOORQHV GH SHUVRQDV KDQ WHQLGR FRQWDFWR GLUHFWR FRQ ORV WUDEDMRV GHO 36$* SDUD OD
SUHVHUYDFLyQDPELHQWDOXVRVRVWHQLEOH\JHVWLyQGHO6$*
(O36$*SURPRYLy\UHVSDOGyHQORV3UR\HFWRV3LORWRODDPSOLDSDUWLFLSDFLyQGHOD
VRFLHGDG(OREMHWLYRIXHJHQHUDUFRPSURPLVRVFUHFLHQWHVFRPRUHTXLVLWREiVLFRGHXQ
GHVDUUROORVRVWHQLEOHGHO6$*DQLYHOORFDO
/DIRUPDFLyQGHODV&RPLVLRQHV/RFDOHVGH$SR\RDO36$*HQFDGDXQRGHORVSLORWRV
&/$3IXHDGRSWDGDSRUODVFRPXQLGDGHVFRPRHVWUDWHJLDSDUDSRVLELOLWDUHOHMHUFLFLR
SDUWLFLSDWLYRPiVDFWLYRHQODHODERUDFLyQGHGHFLVLRQHVUHIHUHQWHVDSROtWLFDVS~EOLFDV
TXHDIHFWDQDODFXtIHUR6HOHRIUHFLyDORVDFWRUHVLQYROXFUDGRVXQHVSDFLRHQHOGLVHxR
DSOLFDFLyQ\HYDOXDFLyQGHDFFLRQHVORFDOHV6HHVWDEOHFLyODLPSRUWDQFLDGHODFUHDFLyQ
GHORVFRPLWpVGHDSR\RDODJHVWLyQFRQEDVHHQODH[SHULHQFLDSRVLWLYDGHODV&/$3HQ
ODViUHDVSLORWR(VWRVFRPLWpVSHUPLWLHURQDGHFXDUORVLQVWUXPHQWRVDODJHVWLyQORFDO
DUWLFXODU ORV GLYHUVRV HQIRTXHV HQ SDUWLFXODU HO GH ODV SROtWLFDV GH XVR GHO VXHOR GHO
PXQLFLSLR\GHODVSROtWLFDVKtGULFDVGHDOFDQFHQDFLRQDO\ORFDO\DPSOLDUHVSDFLRVGH
SDUWLFLSDFLyQ S~EOLFD \ HGXFDFLyQ DPELHQWDO HQ iUHDV GRQGH H[LVWHQ XVRV R SUREOHPDV
LPSRUWDQWHV UHODFLRQDGRV DO DFXtIHUR \ D ODV DJXDV VXEWHUUiQHDV$OJXQRV HMHPSORV GH
DYDQFHVORJUDGRVHQORV3UR\HFWRV3LORWRVRQOD]RQLILFDFLyQGHSR]RVHQ5LEHLUmR3UHWR
%UDVLOODFUHDFLyQGHO&RPLWpGHO&DSLLEDUt3DUDJXD\ \HODSR\RSDUDODGHILQLFLyQ
GH GLVWDQFLDV PtQLPDV HQWUH SR]RV HQ ODV iUHDV WHUPDOHV HQ &RQFRUGLD $UJHQWLQD \
6DOWR8UXJXD\
(QFRQIRUPLGDGFRQORVREMHWLYRVRULJLQDOHVGHOSUR\HFWRIXHGHVDUUROODGDXQDVHULH
GHDFFLRQHVLQYROXFUDQGRORVGLYHUVRVJUXSRVLQGtJHQDVORTXHIRUWDOHFLyORVYtQFXORV
LQVWLWXFLRQDOHV H[LVWHQWHV GLIXQGLy LPSRUWDQWH LQIRUPDFLyQ WpFQLFD \ SHUPLWLy TXH ORV
OtGHUHVLQGtJHQDVSURSXVLHVHQDFFLRQHVHVSHFtILFDVLQFOXLGDVHQHO3URJUDPD(VWUDWpJLFR
GH$FFLyQ
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
/RVFXDWURSDtVHVTXHDEULJDQDO6$*SRVHHQGLIHUHQWHVOHJLVODFLRQHV\RUJDQL]DFLRQHV
TXHSUHVHQWDQGLIHUHQWHVQLYHOHVGHHILFDFLDHQVXLPSODQWDFLyQ6LQHPEDUJRDSHVDUGH
HVWDV GLIHUHQFLDV VHDQ QRUPDWLYDV R UHODFLRQDGDV D VX HILFDFLD IXHURQ REVHUYDGRV
LPSRUWDQWHV DVSHFWRV FRLQFLGHQWHV VREUH ORV FXDOHV HV SRVLEOH FRQVWUXLU SROtWLFDV GH
JHVWLyQ FRRUGLQDGDV 'H HVWD IRUPD ODV DFFLRQHV D IXWXUR DSXQWDQ D XQD JHVWLyQ
FRRUGLQDGDHQHOiPELWRWUDQVIURQWHUL]RTXHUHVSHWHODVGLIHUHQFLDVQDFLRQDOHV\TXHVLQ
LPSRQHU PRGLILFDFLRQHV HQ ORV PDUFRV OHJDOHV LPSXOVH HQ FDVR GH VHU QHFHVDULR ORV
SXQWRVFRLQFLGHQWHVRFRQFRUGDQWHV6HWUDWDGHODE~VTXHGDGHXQDFRQYHUJHQFLDHQOD
JHVWLyQ &RPR SXQWR GH SDUWLGD VH REVHUYD TXH ORV SULQFLSLRV JHQHUDOHV GH JHVWLyQ \
SURWHFFLyQ DVt FRPR ORV LQVWUXPHQWRV SDUD VX VHJXLPLHQWR VRQ VLPLODUHV HQ WRGRV ORV
SDtVHV
(O3UR\HFWR6$*KDGDGRXQUHVXOWDGRPX\SRVLWLYRHQHOVHQWLGRGHODLQWHUDFFLyQHQWUH
ORVSDtVHVLQWHJUDQWHVSDUDFRODERUDUHQDFFLRQHVFRQHOREMHWLYRGHFRRUGLQDUODJHVWLyQ
GHO VLVWHPD HO UHVXOWDGR GH ORV HVWXGLRV VHUi XQ HOHPHQWR IXQGDPHQWDO SDUD OD
SURWHFFLyQ\SUHVHUYDFLyQGHOPLVPR
483
$8725(6<)8(17(6
$UJHQWLQD 3UHSDUDGR FRQ OD FRODERUDFLyQ GH 2IHOLD 7XMFKQHLGHU \ OD FRODERUDFLyQ
RSHUDWLYDGH,QJ9HUyQLFD0XVDFFKLR
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD5RVHOLGRV6DQWRV6RX]D/DHVWDQLVODXOD6RX]D6LOYDH
-XOLDQD*XHGHVGD&RVWD%H]HUUD
3DUDJXD\ 3UHSDUDGR FRQ OD FRODERUDFLyQ GH $QD 0DUtD &DVWLOOR &OHULFL FRQ OD
FRODERUDFLyQGH)pOL[&DUEDOOR
8UXJXD\3UHSDUDGRFRQODFRODERUDFLyQGH(GL-XUL/RXUGHV%DWLVWD-XDQ/HGHVPD
;LPHQD/DFXpV3DEOR'HFRXG\0DOHQD3HVVL
)XHQWH'RFXPHQWRVGHO3UR\HFWRSDUDOD3URWHFFLyQ$PELHQWDO\'HVDUUROOR6RVWHQLEOH
GHO6LVWHPD$FXtIHUR*XDUDQt
484
485
66,67(0$$&8Ë)(5275$16)5217(5,=26(55$*(5$/
$5*(17,1$%5$6,/3$5$*8$<858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R6HUUD*HUDODEDUFDWRGRHOSODQDOWRSDUDQDHQVH\VH
H[WLHQGHSRUORVWHUULWRULRVGH%UDVLO$UJHQWLQD3DUDJXD\\8UXJXD\VREUHXQWRWDOGH
NP
&XDGUR6([WHQVLyQ
$UJHQWLQD
NP
%UDVLO
3DUDJXD\
8UXJXD\
NP
NP
NP
&DUDFWHUtVWLFDVGHODFXtIHUR
(O DFXtIHUR HV GH WLSR IUDFWXUDGR FRQ SRUFLRQHV OLEUHV D VHPLFRQILQDGR \ HVWi
FRQVWLWXLGR SRU GHUUDPHV GH ODYDV EDViOWLFDV GLVSXHVWDV HQ IRUPD GH FRODGDV
VXSHUSXHVWDV
(O EDVDOWR HV XQD URFD tJQHD GH JUDQR ILQR \ FRPSRVLFLyQ PiILFD HV GHFLU
FRPSDUDWLYDPHQWH ULFR HQ FRPSXHVWRV IHUURPDJQHVLDQRV \ UHODWLYDPHQWH SREUH HQ
VtOLFH (V XQD URFD EiVLFD \D TXH WLHQH PHQRV GH XQ GH VtOLFH /RV EDVDOWRV TXH
IRUPDQGLFKRVGHUUDPHVVRQGHOWLSRWROHtWLFR
6H SUHVHQWD HQ JHQHUDO HQ IRUPD IUDFWXUDGD SRU OR TXH VX SRURVLGDG HV GH WLSR
VHFXQGDULR $GHPiV GH ODV IUDFWXUDV WHFWyQLFDV LPSRUWDQWHV SDUD OD FLUFXODFLyQ \
DOPDFHQDPLHQWRGHDJXDSUHVHQWDQIUDFWXUDVGHHQIULDPLHQWRTXHSXHGHQVHUYHUWLFDOHV
GLV\XQFLRQHVFROXPQDUHVRVXEKRUL]RQWDOHV
(Q%UDVLOVHGHVWDFDQDOJXQDViUHDVSRUSUHVHQWDUDOWRVFRQWHQLGRVVDOLQRV
(OVLVWHPDFRPSUHQGHODVGHQRPLQDFLRQHVGH)RUPDFLyQ$OWR3DUDQi3\6HUUD*HUDO
%U\$UDSH\$U\8\
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
&XDGUR63URIXQGLGDGHVGHODFXtIHUR
%UDVLO
'HVGHSRFRVPHWURVD
PiVGHP
3DUDJXD\
8UXJXD\
'HDP
P
(QHOiUHDDIORUDQWHKDVWDPiVRPHQRVP\HQVXEVXSHUILFLHPD\RUDP
&XDGUR63URIXQGLGDGHVGHSR]RV
486
$UJHQWLQD
%UDVLO
3DUDJXD\
8UXJXD\
DP
P
(QWUHP\P
'HDP
=RQDVGHUHFDUJD
(VLPSRUWDQWHGHVWDFDU TXHHQORVFXDWURVSDtVHVIDOWDLQIRUPDFLyQDFHUFDGHOSURFHVR
GHUHFDUJDSDUDHOFRQWUROGHODH[SORWDFLyQGHODFXtIHUR
(Q$UJHQWLQDODViUHDVGHUHFDUJD\GHVFDUJDQRHVWiQD~QFRPSOHWDPHQWHLGHQWLILFDGDV
(Q %UDVLO OD UHFDUJD VH GD HQ ORV DIORUDPLHQWRV \ WDPELpQ KD\ UHFDUJD LQGLUHFWD SRU
PHGLRGHOD)RUPDFLyQ&DLXi%DXUX
6HJ~QODLQYHVWLJDGRUD'RFWRUD$PpOLD+LUDWD3UR\HFWR)5$7$6*ODVIUDFWXUDV
PiVSURGXFWLYDVHQHO(VWDGRGH6mR3DXORVRQODVVXEKRUL]RQWDOHVRFRQLQFOLQDFLRQHV
EDMDVKDVWDPHQODVGLVFRQWLQXLGDGHVHQWUHORVVXFHVLYRVGHUUDPHV
6HJ~QHOSURIHVRU'RFWRU*LDQFDUOR/DVWyULDGHOD8)06IXHURQLGHQWLILFDGDVHQ
HO(VWDGRGH0DWR*URVVRGR6XOiUHDVGHUHFDUJDDOQRUWHUHJLyQGH&DPSR*UDQGH\
VXGHVWH $QWRQLR -RmR H 3RQWD 3RUm DGHPiV GH iUHDV GH GHVFDUJD HQ HO FHQWUR HQ OD
UHJLyQGH'RXUDGRV\VXGHVWH9LFHQWLQD%DWH]HOOLHWDOLQGLFDQXQDXPHQWRGH
HVSHVRU GH OD )RUPDFLyQ &DLXi%DXU~ GH HVWH SDUD HO RHVWH GRQGH OOHJD D DOFDQ]DU
YDORUHVHQFLPDGHPHQODUHJLyQGH)HUQDQGySROLV63(QHOH[WUHPRHVWHGHO
7ULiQJXOR0LQHURORVYDORUHVREWHQLGRVSDUDHOWRSHGHORVEDVDOWRVIXHURQGHKDVWD
PGHDOWLWXG
(Q 3DUDJXD\ VH KD REVHUYDGR TXH HO $FXtIHUR GHO %DVDOWR $OWR 3DUDQi DFW~D FRPR
UHFDUJDGHVFDUJDGHO$FXtIHUR*XDUDQtTXHOHVXE\DFH+D\UHJLRQHVHQODVTXHHOQLYHO
SRWHQFLRPpWULFR GH ODV DUHQLVFDV VH VREUHSRQH DO QLYHO IUHiWLFR GH ORV EDVDOWRV SRU
HMHPSOR HQ OD ]RQD DOHGDxD D &LXGDG GHO (VWH (Q GLFKR OXJDU WDPELpQ VH SUHVHQWDQ
PH]FODV GH DJXDV TXtPLFDPHQWH GLIHUHQWHV TXH FDUDFWHUL]DUtD D XQ DFXtIHUR OLEUH TXH
UHFLEHUHFDUJDSRUOOXYLDELFDUERQDWDGDFiOFLFDPDJQpVLFD
/D FRPSRVLFLyQ GH ODV DJXDV YDUtD GH ELFDUERQDWDGDVFiOFLFDVVyGLFDV SDVDQGR D
ELFDUERQDWDGDVVyGLFDV \ OOHJDQGR LQFOXVR D VXOIDWDGDVFORUXUDGDVVyGLFDV LQGLFDQGR
XQD³GHVFDUJD´GHO$FXtIHUR*XDUDQtHQHOEDVDOWR
/DV FRQGXFWLYLGDGHV HOpFWULFDV YDUtDQ HQWUH \ —6FP 6LQ HPEDUJR H[LVWH XQ
SR]RGHPGHSURIXQGLGDGHQ&LXGDGGHO(VWH+RWHO$XVWULDFX\DFRQGXFWLYLGDG
HOpFWULFDHVGH—6FPGHELGRDODSRUWHGHDJXDGHO$FXtIHUR*XDUDQt
(QVD\RV GH ERPEHR UHDOL]DGRV HQ ,WDLS~ FRQ HO ILQ GH HYDOXDU OD FRQGXFWLYLGDG
KLGUiXOLFDGHODVEUHFKDV\VXVFRQWDFWRVGLHURQYDORUHVGHFRQGXFWLYLGDGKLGUiXOLFDGH
PG SDUD OD EUHFKD XELFDGD GHQWUR GH ODV FRODGDV \ GH PG SDUD ODV EUHFKDV
XELFDGDV HQ HO FRQWDFWR HQWUH FRODGDV (V GHFLU TXH ODV PHMRUHV SRVLELOLGDGHV
KLGURJHROyJLFDVGHOEDVDOWRHVWiHQOD]RQDGHFRQWDFWRHQWUHORVGHUUDPHVDVtFRPRHQ
ODViUHDVFRQJUDQGHVIUDFWXUDPLHQWRVKRUL]RQWDOHV\YHUWLFDOHV*RGR\'H6DOYR
(Q8UXJXD\ODUHFDUJDVHSURGXFHGLUHFWDPHQWHSRULQILOWUDFLyQGHODVDJXDVPHWHyULFDV
D WUDYpV GH OD UHG KLGURJUiILFD HQ IDOODV IUDFWXUDV \ GLVFRQWLQXLGDGHV HVWUXFWXUDOHV GH
GLVWLQWDPDJQLWXGTXHFRQVWLWX\HQHO~QLFRPHGLRGHFLUFXODFLyQGHOIOXMRVXEWHUUiQHR
487
([SORWDFLyQ\FDXGDOHV
(Q$UJHQWLQDORVFDXGDOHVGHORVSR]RVVRQPX\YDULDEOHVGHELGRDODVFDUDFWHUtVWLFDV
IUDFWXUDGDVFRQIDMDVGHFDXGDOHVGHDPK
(Q%UDVLOVHLQGLFDTXHHOVLVWHPDDFXtIHURHVLQWHQVDPHQWHH[SORWDGR(QODUHJLyQGHO
7ULiQJXOR 0LQHLUR GDGR HO HOHYDGR JUDGR GH IUDFWXUDFLyQ GH ORV EDVDOWRV HO 6LVWHPD
$FXtIHUR 6HUUD *HUDO DOFDQ]D FDXGDOHV GH KDVWD PK VLHQGR VXILFLHQWH SDUD HO
DEDVWHFLPLHQWR GH SHTXHxDV FLXGDGHV DJULFXOWRUHV \ HPSUHVDV GH SHTXHxR D PHGLR
SRUWH $ SDUWLU GHO DQiOLVLV GH GDWRV GH FDXGDOHV VH FRQVWDWy TXH HQ HO 6HUUD *HUDO
IUDFWXUDGRODYDULDFLyQGHFDXGDOHVHVGHDPK%DWH]HOOLHWDO(QHO
(VWDGRGH3DUDQiORVSR]RVPiVSURGXFWLYRVHVWiQUHODFLRQDGRVDODXQLGDGQRUWHFX\RV
GHUUDPHVVRQPiVEiVLFRVFRQHVSHVRUGHVXHORGHORUGHQGHPFRQFDXGDOPHGLRGHO
RUGHQ GH D PK FRQ SURIXQGLGDG PHGLD GH P /D XQLGDG VXU HVWi
FDUDFWHUL]DGDSRUURFDVGHFRPSRVLFLyQiFLGDFRQHVSHVRUGHVXHORSHTXHxRDP\
FDXGDOHVPHQRUHVGHORUGHQGHDPKFRQSURIXQGLGDGPHGLDGHPSRUSR]R
(Q3DUDJXD\ODH[SORWDFLyQHVFRQVLGHUDGDFRPRPHGLD
(Q8UXJXD\ORVFDXGDOHVVRQPX\YDULDEOHVGHDPKGHSHQGLHQGRGLFKRYDORUGH
ODUHJLyQGHOWLSR\GLVWULEXFLyQGHODIUDFWXUDFLyQ(OFDXGDOHVSHFtILFRHVGHD
PKP6HXWLOL]DSDUDDEDVWHFLPLHQWRS~EOLFRGHSHTXHxDVSREODFLRQHV
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
7RWDO
8UEDQD\
SULQFLSDOHV
FLXGDGHV
v
5XUDO
v
3REODFLyQ
LQGtJHQD
HVWLPDGD
v
$UJHQWLQD
%UDVLO
3DUDJXD\
8UXJXD\
!KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
KDE
8UXJXDLDQD3DVVR
)XQGR&D[LDVGR6XO
KDE
*UDPDGR/RQGULQD
0DULQJi)R]GR
3RVDGDV3DVRGH
,JXDoX8EHUOkQGLD
/RV/LEUHV
8EHUDED-DWDt&DPSR
3XHUWR,JXD]~
*UDQGH'RXUDGRV
5LEHLUmR3UHWR
$UDUDTXDUD
!KDE
KDE
!
VLHQGRODV
DOGHDVPD\RUHV
!KDE
'RXUDGRV$PDPEDtH
*XDULWi
3REODFLyQHQ
KDE
KDE
KDE
]RQDVGHUHFDUJD
&iOFXOR UHDOL]DGR WHQLHQGR FRPR EDVH ORV OHYDQWDPLHQWRV GH ORV &DGHUQRV 5HJLRQDLV GH ODV UHJLRQHV
KLGURJUiILFDV GHO 3DUDQi \ 8UXJXD\ GR 315+ )XH XWLOL]DGD XQD FRPSDUDFLyQ GH ODV iUHDV GH
RFXUUHQFLD \ DIORUDPLHQWR GHO DFXtIHUR \ ODV SREODFLRQHV VLHQGR SRU WDQWR XQ FiOFXOR PHUDPHQWH
LOXVWUDWLYR
488
8VRV
(Q$UJHQWLQDHOUHFXUVRVHXWLOL]DSDUDDEDVWHFLPLHQWRKXPDQRHLQGXVWULDO
(Q %UDVLO HO SULQFLSDO XVR GHO DFXtIHUR HV SDUD DEDVWHFLPLHQWR S~EOLFR (Q OD UHJLyQ
KLGURJUiILFDGHO8UXJXD\UHJLyQVXUGHOSDtVHODEDVWHFLPLHQWRXUEDQR\GRPpVWLFRHV
HO XVR SUHSRQGHUDQWH FRQ VHJXLGR SRU ORV XVRV P~OWLSOHV H LQGXVWULDO 315+
(Q 6DQWD &DWDULQD XQ OHYDQWDPLHQWR EDVDGR HQ SR]RV WXEXODUHV DSXQWD HO XVR
KXPDQR FRQ LQGXVWULDO DJUtFROD \ DQLPDO \ UHFUHDFLyQ ([LVWHQ FDSWDFLRQHV GH DJXD VXEWHUUiQHD HQ HO RHVWH GHO (VWDGR GH 6DQWD &DWDULQD 6H
GHVWDFDVXXVRSDUDWXULVPRWHUPDOJHRWHUPDOLVPRHQHO&LUFXLWRGH$JXDV7HUPDOHVGH
6DQWD&DWDULQD)UHLWDV
(Q3DUDJXD\ORVSULQFLSDOHVXVRVVRQULHJRGRPpVWLFRHLQGXVWULDO
(Q 8UXJXD\ ODV DJXDV GHO VLVWHPD DFXtIHUR VRQ XWLOL]DGDV SDUD ULHJR GRPpVWLFR
LQGXVWULDO\S~EOLFRXUEDQR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q%UDVLOH[LVWHXQDSUHGRPLQDQFLDGHDJXDVGXOFHVSRWDEOHV\ORVYDORUHVGHS+PiV
DOFDOLQRV $GHPiV GHO KLHUUR \ PDJQHVLR HQ DOJXQDV PXHVWUDV SXHGHQ XOWUDSDVDU ORV
OtPLWHV GH OD SRWDELOLGDG /D FDOLGDG GHO DJXD HQ JHQHUDO SHUPLWH OD PD\RUtD GH ORV
XVRV SULQFLSDOPHQWH HO DEDVWHFLPLHQWR KXPDQR \ HO DEUHYDGR GH JDQDGR 6X FDUiFWHU
TXtPLFR HV ELFDUERQDWDGD FiOFLFD D PL[WD R ELFDUERQDWDGD VyGLFD &350 3UR\HFWR
2HVWHGH6DQWD&DWDULQD(QHO(VWDGRGH3DUDQiVRQELFDUERQDWDGDVVyGLFDV
(Q3DUDJXD\ODFDOLGDGGHODJXDHVPHGLD/DVFRQGXFWLYLGDGHVHOpFWULFDVYDUtDQHQWUH
\—6FP6LQHPEDUJRH[LVWHXQSR]RGHPGHSURIXQGLGDGHQ&LXGDGGHO
(VWH+RWHO$XVWULDFX\DFRQGXFWLYLGDGHOpFWULFDHVGH—6FPGHELGRDODSRUWH
GHDJXDGHO$FXtIHUR*XDUDQt
(Q8UXJXD\SUHVHQWDEXHQDFDOLGDGFRQEDMRFRQWHQLGRHQPLQHUDOHV67'PJO
(QFDVRVSXQWXDOHVVHKDQGHWHFWDGRDOWRVFRQWHQLGRVGHIO~RUPJO\DOWRVS+
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q 3DUDJXD\ VH KD UHSRUWDGR SpUGLGD GH FDXGDOHV GH SR]RV WXEXODUHV SURIXQGRV
GHVFHQVR GH QLYHOHV FRQWDPLQDFLyQ DQWUySLFD H LQYDVLyQ GH DJXD VDOREUH SURYHQLHQWH
GHO$FXtIHUR*XDUDQt
2WUDVIXHQWHVGHDJXD
(Q $UJHQWLQD VH FLWDQ ORV VLVWHPDV DFXtIHURV *XDUDQt 6DOWR ± 6DOWR &KLFR \ /LWRUDO
&UHWiFLFR5HFXUVRVKtGULFRVVXSHUILFLDOHVGHUtRVDUUR\RVHWF(Q%UDVLOORVUtRVGHOD
489
&XHQFDGHO3DUDQi(Q3DUDJXD\VXSHUILFLDOHVWUDQVIURQWHUL]RVVXSHUILFLDOHVQDFLRQDOHV
DFXtIHURV PiV SURIXQGRV 6LVWHPD$FXtIHUR *XDUDQt H[FHSWR ODV iUHDV GH ORV GLVWULWRV
GH+HUQDQGDULDV&LXGDGGHO(VWH \3UHVLGHQWH)UDQFR3RURWUD SDUWH8UXJXD\ LQGLFD
FRPRIXHQWHDOWHUQDWLYDODVDJXDVVXSHUILFLDOHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q$UJHQWLQD HQ ODV SURYLQFLDV GH 6DQWD )H (QWUH 5tRV \ &RUULHQWHV OD SUHFLSLWDFLyQ
PHGLDDQXDOVHKDLQFUHPHQWDGRHQDSUR[LPDGDPHQWHXQGHVGHODGpFDGDGHOHQ
DGHODQWH 3DUD ODV SURYLQFLDV GHO &KDFR \ )RUPRVD OD SUHFLSLWDFLyQ PHGLD DQXDO KD
GLVPLQXLGRXQHQODIUDQMDRHVWH&RQWUDULDPHQWHHQODIUDQMD HVWHODPLVPDKD
DXPHQWDGR XQ (VWRV UHVXOWDGRV VRQ HQ IXQFLyQ GH ORV PRGHORV GH SURQyVWLFRV
WHyULFRV
(Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQHQWUH\eVWDVVRQFRQGLFLRQDGDVSRUORVIHQyPHQRVGH/D1LxD\
(O1LxR\ODVFRQGLFLRQHVFOLPiWLFDVGHODUHJLyQVRQLQIOXHQFLDGDVSRUODVFRUULHQWHVGH
%UDVLO\GHODV0DOYLQDV$GHPiVVHSUHYpQSUR\HFFLRQHVHQDXPHQWRGHDJUDGRV
KDVWDHODxR
3DUDJXD\KDREWHQLGRLQIRUPDFLRQHVUHIHUHQWHVDODHYROXFLyQGHODVSUHFLSLWDFLRQHVHQ
HVWDFLRQHVFHUFDQDV\FRQFRQGLFLRQHVVLPLODUHVHQORVH[WUHPRVGHOiUHDGHODFXtIHUR
FRPR&RQFHSFLyQžCVXUžCRHVWH&LXGDGGHO(VWHžCVXUžC
RHVWH \(QFDUQDFLyQžCVXUžCRHVWH$SDUWHGHHVWRH[LVWHQHVWXGLRVGH
HVFHQDULRVUHJLRQDOHVFRQPRGHORVXWLOL]DGRVHQUHODFLyQDORVFDPELRVFOLPiWLFRVFRQ
WHQGHQFLD DO DXPHQWR GH OD SUHFLSLWDFLyQ \ GH OD WHPSHUDWXUD PtQLPD HQ HO iUHD GH
LQIOXHQFLD
6HJ~Q 8UXJXD\ VH REVHUYDQ FDPELRV HQ OD LQWHQVLGDG \ SHULRGLFLGDG GH ODV
SUHFLSLWDFLRQHV SOXYLDOHV FRQ PD\RU IUHFXHQFLD GH HYHQWRV H[WUHPRV DVt FRPR XQ
LQFUHPHQWR HQ HO SURPHGLR DQXDO GH OOXYLD 'LFKR HIHFWR VH PDQLILHVWD
IXQGDPHQWDOPHQWHHQHOSHUtRGRFRPSUHQGLGRHQWUHORVPHVHVGHRFWXEUH\IHEUHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q$UJHQWLQDHQIXQFLyQGHORVPRGHORVGHSURQyVWLFRWHyULFRVXWLOL]DGRVVHGHWDOODQ
GRVHVFHQDULRVGHFRQWH[WRSDUDODUHJLyQOLWRUDOPHVRSRWiPLFDSDUDHOSHUtRGR
3DUD XQ SULPHU HVFHQDULR FX\DV FDUDFWHUtVWLFDV GLVWLQWLYDV VRQ SUHVHUYDFLyQ GH ODV
LGHQWLGDGHVORFDOHVDOWDWDVDGHFUHFLPLHQWRSREODFLRQDOGHVDUUROORHFRQyPLFRUHJLRQDO
HQWUHRWURVORVUHVXOWDGRVPDQLIHVWDURQTXHODVSUHFLSLWDFLRQHVDQXDOHVGLVPLQXLUiQHQ
ODVSURYLQFLDVGH0LVLRQHV&RUULHQWHVQRUGHVWHGH(QWUH5tRVQRUWHGH6DQWD)H&KDFR
\ HVWH GH )RUPRVD 6H HVSHUDQ LQFUHPHQWRV GH SUHFLSLWDFLyQ HQ HO RHVWH GH )RUPRVD
FHQWUR\VXUGH6DQWD)H\RHVWH\VXGHVWHGH(QWUH5tRV
3DUDHOVHJXQGRHVFHQDULRHOFXDOFRQVLGHUDDXPHQWRFRQWLQXRGHODSREODFLyQ\QLYHOHV
LQWHUPHGLRVGHGHVDUUROORHFRQyPLFRODVSUHYLVLRQHVHQFXDQWRDSUHFLSLWDFLyQWXYLHURQ
490
XQ LPSDFWR PHQRV QRWDEOH TXH HQ HO SULPHU HVFHQDULR /D GLVPLQXFLyQ HQ ORV PRQWRV
DQXDOHV VH YHULILFDUi HQ &RUULHQWHV HQ OD PLWDG RULHQWDO GH &KDFR \ HQ HO QRUWH \
QRUGHVWHGH6DQWD)H(OUHVWRGHODUHJLyQWHQGUiXQDXPHQWRHQHOVXUGH6DQWD)H\HQ
HOHVWHGH0LVLRQHV
3DUD%UDVLOVHGDXQDSUHYLVLyQGHDXPHQWRGHSUHFLSLWDFLRQHV
6HJ~Q3DUDJXD\KD\WHQGHQFLDVSRVLWLYDVDODXPHQWRHQODVSUHFLSLWDFLRQHV$SHVDUGH
TXHODVSUHFLSLWDFLRQHVIXHURQHQ DXPHQWRDSDUHQWHPHQWHQRKDQWHQLGR LQIOXHQFLDHQ
ODV PRGDOLGDGHV GH UHFDUJD 'HSHQGHUiQ GH ODV WHQGHQFLDV UHJLRQDOHV 6H HVSHUD HQ
IXQFLyQ D ODV WHQGHQFLDV XQ DXPHQWR HQ HO UpJLPHQ GH SUHFLSLWDFLyQ 6L ELHQ ODV
WHQGHQFLDV VRQ HO DXPHQWR GH ODV SUHFLSLWDFLRQHV GHELGR D OD GHIRUHVWDFLyQ \ RWUDV
SUiFWLFDVTXHUHGXFHQODViUHDVGHUHFDUJDVHHVSHUDQUHGXFFLRQHVHQODUHFDUJD
/RV FDPELRV HQ OD SUHFLSLWDFLyQ SUHYLVWRV SDUD 8UXJXD\ HQ OD GpFDGD GH VHUtDQ
SUDFWLFDPHQWHGHVSUHFLDEOHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
(Q%UDVLOORVLPSDFWRVVRQSHTXHxRVSRUHOKHFKRGHTXHHODFXtIHURHVGHWLSRILVXUDGR
\WLHQHJUDQSDUWHGHVXiUHDORFDOL]DGDGHEDMRGHO$FXtIHUR&DLXi%DXU~
(Q3DUDJXD\ODUHFDUJDSULQFLSDOGHODFXtIHURGHUHIHUHQFLDSURYLHQHGHODJXDGHOOXYLD
(QFRQVHFXHQFLDODVSURORQJDGDVVHTXtDVWHQGUiQVXHIHFWRHQODUHFDUJD
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO FXDGUR GH OD VLJXLHQWH SiJLQD VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt
FRPRODFREHUWXUDQDWXUDORULJLQDO
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(O XVR GHO VXHOR HQ HO iUHD GH RFXUUHQFLD GHO 6LVWHPD $FXtIHUR 6HUUD *HUDO HV
SUHGRPLQDQWHPHQWH DJURSHFXDULR FRQ JUDQGHV H[WHQVLRQHV GH FXOWLYRV \ JDQDGHUtD
H[WHQVLYD
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
$UJHQWLQD
8QLGDGHVGH3DLVDMH
&REHUWXUDQDWXUDORULJLQDO
=RQDVXUEDQDV
7LHUUDVQDWXUDOHV
6HOYDV
%RVTXHV
=RQDVSURGXFWLYDVDJUtFROD
JDQDGHUD
+XPHGDOHV
5HVHUYDVQDWXUDOHV
&XHUSRVGHDJXD
5tRV\DUUR\RV
6HOYDV
%RVTXHVUHVLGXDOHV
8VRDJURSHFXDULRPHFDQL]DGR
3UDGHUDVQDWXUDOHV
3UDGHUDVEDMDVLQXQGDGDV
491
6LHUUDVHQIRUPDWDEXODU
&DxRQHV
(VFDUSDV
&DPSRV
3ODQDOWRV
&HUUDGR
0DWD$WOiQWLFD
%RVTXHVFRQ$UDFDXULD
%RVTXHHVWDFLRQDOGHFLGXD\
VHPLGHFLGXD
&DPSRVHQJHQHUDO
%RVTXHGHSLQRV
3DUDJXD\
8UEDQD
%RVTXHVUHVLGXDOHV
8VRDJURSHFXDULRPHFDQL]DGR
3UDGHUDVEDMDVLQXQGDGDV
%RVTXHVGHOWLSRDWOiQWLFRFRQWLQXR
3UDGHUDVQDWXUDOHV
3UDGHUDVEDMDVLQXQGDGDV
8UXJXD\
=RQDVSURGXFWLYDVQDWXUDOHV\
XUEDQDV\DFXiWLFDV
3UDGHUDVQDWXUDOHV
%UDVLO
3ULQFLSDOHVFXOWLYRVRVLVWHPDVSURGXFWLYRV
&XDGUR63ULQFLSDOHVFXOWLYRVRVLVWHPDVSURGXFWLYRV
&XOWLYRV
$UJHQWLQD
%UDVLO
$UUR]
6RUJR
6RMD
*LUDVRO
7DEDFR
&tWULFRV
<HUEDPDWH
7H
6RMD
7ULJR
0Dt]
7DEDFR
)UXWD
&DxDGHD]~FDU
3DUDJXD\
8UXJXD\
6RMD
0Dt]
<HUEDPDWH
$UUR]
&tWULFRV
+RUWLFXOWXUD
&DxDGHD]~FDU
*DQDGHUtD
H[WHQVLYD
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q$UJHQWLQDHQOD3URYLQFLDGH&RUULHQWHV6LWLR5DPVDU/DJXQDV\(VWHURVGHO,EHUi
(QOD3URYLQFLDGH0LVLRQHV5HVHUYDGH%LRVIHUD<DERWt
(Q %UDVLO 5HVHUYD %LROyJLFD GD 6HUUD *HUDO GR 6HUWmR]LQKR \ GR $JXDt 3DUTXH
1DFLRQDOGRV$SDUDGRVGD6HUUD6HUUD*HUDOGDV(PDVGR,JXDoXGH,OKD*UDQGHGH
6mR -RDTXLP \ GD 6HUUD GR 7DEXOHLUR (VWDomR (FROyJLFD 1RURHVWH 3DXOLVWD \ -DWDt
3DUTXH(VWDGXDOGH3DUD~QD5HVHUYD(VWDGXDO3RQWDOGR3DUDQDSDQHPD/DJRDGH6mR
3DXOR\$UHDGH5HOHYDQWH,QWHUHVVH(FROyJLFRGD6HUUDGR7LJUH
(Q 3DUDJXD\ HQ HO iUHD GH LQIOXHQFLD H[LVWHQ RFKR iUHDV SURWHJLGDV GH GLYHUVDV
FDWHJRUtDV 5HIXJLR %LROyJLFR &DUDSi 5HVHUYD %LROyJLFD /LPR\ 5HVHUYD %LROyJLFD
,WDEy 5HIXJLR %LROyJLFR 3LNLU\ 5HIXJLR %LROyJLFR 7DWL <XSL 0RQXPHQWR &LHQWtILFR
492
0RLVpV%HUWRQL5HVHUYD1DWXUDO.XULC<5HVHUYD3DUTXHfDFXQGD\ÈUHDGH5HFXUVRV
0DQHMDGRV6DQ5DIDHO
(Q8UXJXD\VHHQFXHQWUDHOiUHDSURWHJLGD9DOOHGHO/XQDUHMR
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q%UDVLOORVHFRVLVWHPDVGHSHQGLHQWHVGHODJXDVXEWHUUiQHDVRQORVEDxDGRVHQHOVXU
GHOSDtV
(Q 3DUDJXD\ HQ OD ]RQD GH LQIOXHQFLD VH HQFXHQWUDQ UtRV \ QDFLHQWHV GH UtRV DUUR\RV
KXPHGDOHV\UXWDVGHVREUHYXHORGHDYHV5HFLEHQGHVFDUJDWRGRVORVUtRV\DUUR\RVGH
OD&XHQFDGHO5tR3DUDQiGHOiUHDGHLQIOXHQFLDGHODFXtIHUR\DOJXQRVGHOD&XHQFDGHO
5tR3DUDJXD\FRPRHO$TXLGDEiQ<SDQp-HMXt$JXDUD\HO7HELFXDU\
(Q8UXJXD\HVWHDFXtIHURVHFRQVLGHUDLPSRUWDQWHSDUDODFRQVHUYDFLyQGHOHFRVLVWHPD
GHSHQGLHQWH\DTXHJDUDQWL]DHOIOXMRGHEDVHGHORVUtRVGHODUHJLyQKXPHGDOHV\]RQDV
GHDSURYHFKDPLHQWRGHDJXDSRUDQLPDOHV\SODQWDVVLOYHVWUHVHQWRGDHOiUHD5HFLEHQ
GHVFDUJDHO5tR8UXJXD\\FXUVRVGHDJXDWULEXWDULRVGHOPLVPR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
6H HQFXHQWUD HQ SURFHVR GH SUHSDUDFLyQ HQ $UJHQWLQD HO 3ODQ (VWUDWpJLFR 1DFLRQDO
³$UJHQWLQD 3ROtWLFD \ (VWUDWHJLD 1DFLRQDO GH 'HVDUUROOR \ 2UGHQDPLHQWR
7HUULWRULDO´&DGDSURYLQFLDGHEHLQWHJUDUVXSURSLRSODQGHRUGHQDPLHQWRWHUULWRULDODO
3ODQ 1DFLRQDO 6H HQFXHQWUD HQ PDUFKD DGHPiV HO 3URJUDPD GH 2UGHQDPLHQWR
$PELHQWDO GHO 7HUULWRULR /DV SURYLQFLDV GRQGH VH VLW~D HO DFXtIHUR VH HQFXHQWUDQ HQ
SURFHVR GH HODERUDFLyQ GH ORV GRFXPHQWRV EDVH GH ORV SODQHV GH RUGHQDPLHQWR
WHUULWRULDO
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQGHOVXHOR
(Q HO iUHD GH RFXUUHQFLD GHO DFXtIHUR H[LVWHQ PXQLFLSLRV TXH SUHVHQWDQ 3ODQHV
'LUHFWRUHV0XQLFLSDOHVHVWDQGRDSUREDGRV\HQUHYLVLyQ\DSUREDFLyQ
(Q 3DUDJXD\ H[LVWHQ LQLFLDWLYDV SRU SDUWH GHO JRELHUQR QDFLRQDO HQ XQ SURJUDPD GH
RUGHQDPLHQWRWHUULWRULDODQLYHOQDFLRQDO\WUDQVIURQWHUL]R$QLYHOQDFLRQDOH[LVWHXQD
JHVWLyQ GH LPSOHPHQWDFLyQ GH RUGHQDPLHQWR DPELHQWDO GHO WHUULWRULR SRU SDUWH GH OD
6HFUHWDUtDGHO$PELHQWH\DQLYHOORFDOVHHVWiLPSOHPHQWDQGRHQHOiUHDSLORWRGHO6$*
(Q8UXJXD\VHFXHQWDFRQOD/H\/H\GH2UGHQDPLHQWR7HUULWRULDO\'HVDUUROOR
6XVWHQWDEOH
493
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q$UJHQWLQD H[LVWH XQ3ODQ 1DFLRQDO )HGHUDO GH 5HFXUVRV +tGULFRV 6H HQFXHQWUD HQ
FRQVHQVRHO3ODQ5HJLRQDOGH5HFXUVRV+tGULFRVTXHDEDUFDODVSURYLQFLDVGH)RUPRVD
&KDFR6DQWD)H0LVLRQHV(QWUH5tRV\&RUULHQWHV&DGDXQDGHODVSURYLQFLDVGRQGH
VHVLW~DHODFXtIHURVHHQFXHQWUDHQSURFHVRGHHODERUDFLyQGHORVGRFXPHQWRVEDVHGH
ORVSODQHVGHPDQHMRGHUHFXUVRVKtGULFRV
(Q%UDVLOVHFXHQWDFRQHO3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH6mR3DXOR
KWWSZZZVLJUKVSJRYEUVLJUK$5465(/$725,2&5+SHUKSGI
(O3ODQ(VWDGXDOGH5HFXUVRVGH3DUDQiFRQWHPSODORUHIHUHQWHDODVDJXDVVXEWHUUiQHDV
(VWiHQHODERUDFLyQHO3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH0LQDV*HUDLV\
6DQWD&DWDULQD
3ODQ(VWDGXDOGH*HVWLyQGHORV5HFXUVRV+tGULFRVGH*RLiVHODERUDGRHQ
(O 3ODQ (VWDGXDO GH 5HFXUVRV +tGULFRV GHO (VWDGR GH 0DWR *URVVR IXH DSUREDGR HQ
MXQLR GH \ HO GH 0DWR *URVVR GR 6XO HVWi HQ YtDV GH VHU DSUREDGR DQWHV GH OD
ILQDOL]DFLyQGHO
$OJXQRV SODQHV HVWDGXDOHV GH UHFXUVRV KtGULFRV \D HVWiQ WUDWDQGR OD FXHVWLyQ GH ODV
DJXDVVXEWHUUiQHDVFRPRHOGH6mR3DXOR\3DUDQi
(O 3ODQ GH 5HFXUVRV +tGULFRV GH 6mR 3DXOR SUHVHQWD PRQLWRUHR GH FDOLGDG GH DJXD
VXEWHUUiQHDPDSDVGHYXOQHUDELOLGDG\EDODQFHVKtGULFRV
(Q 3DUDJXD\ GHELGR D OD LQIOXHQFLD GLUHFWD GHO DFXtIHUR HQ FXHVWLyQ VREUH HO 6LVWHPD
$FXtIHUR *XDUDQt 6$* pVWH HV FRQVLGHUDGR FRPR SDUWH LQWHJUDQWH GH ORV SURJUDPDV
GHO 3UR\HFWR 6$* D QLYHO QDFLRQDO FRQ HO 3UR\HFWR 3LORWR ,WDS~D $VLPLVPR HQ HO
3URJUDPDGH2UGHQDPLHQWR7HUULWRULDODQLYHOQDFLRQDOOHLQFOX\HHQHWDSDGHGLVHxR
(O 6$* WLHQH FRPR XQR VXV REMHWLYRV OD SURWHFFLyQ GH HVWH DFXtIHUR SRU FRQVWLWXLU OD
SDUWHVREUH\DFHQWHGHO$FXtIHUR*XDUDQtHQHVWHFDVRHO$OWR3DUDQi6HUUD*HUDO
(O SURJUDPD GH RUGHQDPLHQWR WHUULWRULDO D QLYHO QDFLRQDO WLHQH SRU REMHWLYR HO PDQHMR
VRVWHQLEOH GH ORV UHFXUVRV QDWXUDOHV $ WDO HIHFWR VH GHILQH OD ]RQLILFDFLyQ \
UHJODPHQWDFLyQ GH ORV XVRV GH VXHOR VH HVWDEOHFHQ ODV QRUPDV GLVSRVLFLRQHV \
IDFXOWDGHV HVSHFLDOHV SDUD IRUWDOHFHU OD FDSDFLGDG GH JHVWLyQ GHSDUWDPHQWDO SDUD XQ
HVFHQDULRGHXQGHVDUUROORLQWHJUDOGHOWHUULWRULR3RUORWDQWRODVDFWLYLGDGHVSUHYLVWDV
VREUHHODFXtIHURQRLQIOXHQFLDUiQHQODUHFDUJDGHOPLVPR
([LVWHDQLYHOQDFLRQDOODLPSOHPHQWDFLyQGHO3UR\HFWR3LORWRGHO6$*ORFDOL]DGRHQHO
'HSDUWDPHQWR GH ,WDS~D (Q HVWD PLVPD iUHD GHO SLORWR DFWXDOPHQWH HVWi HQ YLJHQFLD
RWUR SUR\HFWR FRQ OD FRRSHUDFLyQ GHO *RELHUQR $OHPiQ GH 0DQHMR 6RVWHQLEOH \
3URWHFFLyQGH$JXDV6XEWHUUiQHDV%*56($0ZZZSDVS\RUJ
&RQODSURPXOJDFLyQGHOD/H\1ƒGHORV5HFXUVRV+tGULFRVGHO3DUDJXD\VH
HVWiLPSOHPHQWDQGRXQDUHRUJDQL]DFLyQGHOVHFWRUDVtFRPRODUHJODPHQWDFLyQGHGLFKD
494
OH\SRUHOFXDOORVSODQHVRSUR\HFWRVGHOXVR\PDQHMRGHORVUHFXUVRVKtGULFRVHVWiQHQ
SURFHVRGHHODERUDFLyQ HQIXQFLyQGHXQD*HVWLyQ ,QWHJUDGDGHORV5HFXUVRV+tGULFRV
*,5+
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV
DOXVRGHODJXD
3DUDJXD\ (Q OD ]RQD GH LQIOXHQFLD GHO DFXtIHUR GH
UHIHUHQFLD HV JUDQGH HO EHQHILFLR HFRQyPLFR GHELGR DO XVR
GHO DJXD HQ SDUWLFXODU SDUD OD DJULFXOWXUD LQWHQVLYD
LQGXVWULD\FRPHUFLRWUDQVIURQWHUL]R
8UXJXD\ /RV GHULYDGRV GH OD SURGXFFLyQ DJUtFROD
JDQDGHUDHLQGXVWULDO
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
$UJHQWLQD(VFDVD
%UDVLO'HSHQGHQFLDPHGLDGHOXVRGHDJXDGHODFXtIHUR
3DUDJXD\(OiUHDGHLQIOXHQFLDGHODFXtIHURHQFXHVWLyQHV
ODPiVDIHFWDGDGHOSDtVHQHOXVRDJURSHFXDULRPHFDQL]DGR
TXH VH KD LQWHQVLILFDGR HQ ORV ~OWLPRV DxRV \ RFXSD
DSUR[LPDGDPHQWHHO8QHQODLQGXVWULD\HQ
HOFRPHUFLRGHODUHJLyQ\WUDQVIURQWHUL]RV
8UXJXD\ ,PSRUWDQWH SDUD OD SURGXFFLyQ DJUtFROD
JDQDGHUD
(VWLPDFLyQSRUFHQWXDOGHOQLYHOGH
SREUH]DGHODVSREODFLRQHVTXH
XWLOL]DQORVUHFXUVRVKtGULFRVGHORV
DFXtIHURV
3DUDJXD\ /D HFRQRPtD ORFDO DJUtFROD OD LQGXVWULD \ HO
FRPHUFLR GHSHQGHQ GLUHFWDPHQWH GHO UHFXUVR DJXD SDUD VX
GHVDUUROOR (O LQJUHVR PHGLR HVWLPDGR SDUD OD ]RQD GH
LQIOXHQFLDHVPD\RUD86PHQVXDOHVSRUSHUVRQD
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
3DUDJXD\ 6H YHUiQ DIHFWDGRV HVSHFLDOPHQWH ODV
FRPXQLGDGHVLQGtJHQDVODIORUD\ODIDXQDVLOYHVWUH
8UXJXD\3URGXFFLyQDJUtFRODJDQDGHUD
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
6HJ~Q %UDVLO HQWUH ORV WUDWDGRVQRUPDV PHUHFH GHVWDTXH HO 7UDWDGR GH OD &XHQFD GHO
3ODWD TXH IXH ILUPDGR HQ %UDVLOLD %UDVLO HQ SRU ORV &DQFLOOHUHV GH ORV FLQFR
SDtVHV GH OD FXHQFD \ WLHQH FRPR REMHWLYR ³SHUPLWLU HO GHVDUUROOR DUPyQLFR \
HTXLOLEUDGRDVtFRPRHOPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVGHODUHJLyQ
\ DVHJXUDU VX SUHVHUYDFLyQ SDUD ODV JHQHUDFLRQHV IXWXUDV SRU PHGLR GH OD XWLOL]DFLyQ
UDFLRQDOGHORVDOXGLGRVUHFXUVRV´
(O3UR\HFWR6LVWHPD$FXtIHUR*XDUDQt36$*YLHQHSURSLFLDQGRODFRRSHUDFLyQHQWUH
ORV SDtVHV SDUD OD JHVWLyQ GHO $FXtIHUR *XDUDQt TXH SRGUi VHUYLU GH EDVH D IXWXUDV
DFFLRQHVHQHO$FXtIHUR6HUUD*HUDO
495
$FXHUGR GH &RRSHUDFLyQ SDUD &DSDFLWDFLyQ HQ 5HFXUVRV +tGULFRV \ $FXtIHURV
7UDQVIURQWHUL]RV±%UDVLO\$UJHQWLQD
$FFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ LPSOHPHQWDFLyQ GH ORV DFXHUGRV \ WUDWDGRV
H[LVWHQWHV
6HJ~Q3DUDJXD\HO3UR\HFWR6LVWHPD$FXtIHUR*XDUDQtVHKDFRQVROLGDGRHIHFWLYDPHQWH
HQ HO iUHD GHO SUR\HFWR SLORWR \ D WUDYpV GH OD LQVWLWXFLyQ UHVSRQVDEOH OD 6($0 KDQ
WUDEDMDGR FRQMXQWDPHQWH SDUD UHDOL]DU ORV SURJUDPDV GH GLYXOJDFLyQ FRPXQLFDFLyQ
FDSDFLWDFLyQ \ HGXFDFLyQ SDUD HO FRQRFLPLHQWR GHO 6$* SULQFLSDOPHQWH HQ HO iUHD GH
LQIOXHQFLD FRPR WDPELpQ D QLYHO QDFLRQDO H LQWHUQDFLRQDO (O DFXtIHUR GH UHIHUHQFLD VH
FRQVLGHUD FRPR SDUWH GHO VLVWHPD UHVSRQVDEOH GH OD UHFDUJD GHQWUR GHO SDtV SRU HVWDU
VREUH\DFHQWHHQSDUWHDODVDUHQLVFDVTXHFRQIRUPDQHO$FXtIHUR0LVLRQHV*XDUDQt
(O3UR\HFWR6$*KDGDGRXQUHVXOWDGRPX\SRVLWLYRHQHOVHQWLGRGHODLQWHUDFFLyQHQWUH
ORVSDtVHVLQWHJUDQWHVSDUDFRODERUDUHQODVDFFLRQHVGHJHVWLyQGHOVLVWHPD(OUHVXOWDGR
GH ORV HVWXGLRV VHUi XQ HOHPHQWR IXQGDPHQWDO SDUD OD SURWHFFLyQ \ SUHVHUYDFLyQ GHO
PLVPR
$FFLRQHVSDUDPHMRUDUODFRODERUDFLyQRUJDQL]DFLRQHVORFDOHVFRQVWLWXLGDVHMHFXWDQGR
DFFLRQHVGH FRPXQLFDFLyQGLYXOJDFLyQ \FDSDFLWDFLyQSDUDODSUHVHUYDFLyQTXHVLUYDQ
GHDSR\RDORVHQWHVGHOJRELHUQR
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(Q %UDVLO VH HVWi OOHYDQGR D FDER SRU XQD UHG GH LQVWLWXWRV GH LQYHVWLJDFLyQ \
XQLYHUVLGDGHV HO 3UR\HFWR 5HGH *XDUDQt6HUUD *HUDO TXH SUHWHQGH HQWUH RWUDV FRVDV
HVWXGLDU OD LQWHUDFFLyQ HQWUH HVWRV VLVWHPDV DFXtIHURV \ SURIXQGL]DU ORV FRQRFLPLHQWRV
KLGURJHROyJLFRVGHO6HUUD*HUDO
(Q 63 VH GHVDUUROOD HO 3UR\HFWR$FXtIHURV TXH SURFXUD SURPRYHU OD SURWHFFLyQ GH ORV
DFXtIHURVGHOHVWDGRLGHQWLILFDQGRODViUHDVFUtWLFDV\VHQVLEOHVHQWpUPLQRVGHFDOLGDG\
FDQWLGDG \ FUHDQGRPHFDQLVPRVGHFRQWURO \ UHVWULFFLyQSDUDSURSLFLDUFRQGLFLRQHVGH
XVRVXVWHQWDEOHGHODJXDVXEWHUUiQHDSRUHOJRELHUQRGHOHVWDGR
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV H[LVWH XQ VXESURJUDPD OODPDGR 3URJUDPD
1DFLRQDO GH $JXDV 6XEWHUUiQHDV TXH WLHQH FRPR REMHWLYRV OD DPSOLDFLyQ GHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR D ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
(Q 3DUDJXD\ HVWH DFXtIHUR HV SDUWH LQWHJUDQWH GHO 6LVWHPD $FXtIHUR *XDUDQt 6$*
VHJ~QORFRQYHQLGRSRUORVSDtVHVHQHOSUR\HFWR\SRUWDQWRHVFRQVLGHUDGRFRPRSDUWH
GHODUHFDUJDGHO6$*'HELGRDHVWDUD]yQVHKDHVWXGLDGRHQLJXDOSURSRUFLyQTXHHO
$FXtIHUR0LVLRQHVR*XDUDQt
(OUHVXOWDGRPiVLPSRUWDQWHGHO3UR\HFWR6$*HVODLPSOHPHQWDFLyQGHODViUHDVSLORWRV
HQ ORV SDtVHV LQWHJUDQWHV \ OD FRQIRUPDFLyQ GH FRPLVLRQHV ORFDOHV SDUD OD JHVWLyQ GHO
VLVWHPDFRQXQDYLVLyQLQWHJUDGDGHSURWHFFLyQGHORVUHFXUVRVQDWXUDOHV
496
$8725(6<)8(17(6
$UJHQWLQD3UHSDUDGRFRQODFRODERUDFLyQRSHUDWLYDGH,QJ9HUyQLFD0XVDFFKLR
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD/DHVWDQLVODXOD6RX]D6LOYD5RVHOLGRV6DQWRV6RX]DH
-XOLDQD*XHGHVGD&RVWD%H]HUUD
)XHQWHV XWLOL]DGDV '13 352(6& 315+ 3URJUDPD 0DUFR
ZZZVLUJKVSJRYEUH
3DUDJXD\ 3UHSDUDGR FRQ OD FRODERUDFLyQ GH $QD 0DUtD &DVWLOOR &OHULFL FRQ OD
FRODERUDFLyQGH)pOL[&DUYDOOR
)XHQWHVXWLOL]DGDV%*56($0ZZZSDVS\RUJ
8UXJXD\3UHSDUDGRFRQODFRODERUDFLyQGH(GL-XUL/RXUGHV %DWLVWD-XDQ /HGHVPD
;LPHQD /DFXpV 3DEOR 'HFRXG \ 0DOHQD 3HVVL )XHQWHV XWLOL]DGDV '1+ ,1(
SUR\HFFLRQHV26(',1$0,*(&DUWD+LGURJHROyJLFD
497
498
66,67(0$$&8Ë)(5275$16)5217(5,=2/,725$1(2&+8<
%5$6,/858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R/LWRUiQHR&KX\HVWiORFDOL]DGRHQODUHJLyQOLWRUDO
GHO$WOiQWLFR 6XU DEDUFDQGR HO H[WUHPR VXU GH %UDVLO \ QRUGHVWH GHO 8UXJXD\ FRQ XQ
iUHD GH DOUHGHGRU GH NP HVWDQGR NP HQ 8UXJXD\ \ NP HQ
%UDVLO
/DSREODFLyQHVWLPDGDSDUDODSRUFLyQXUXJXD\DHVGHKDELWDQWHVVHJ~QGDWRVGHO
PLHQWUDV TXH SDUD %UDVLO OD SREODFLyQ ORFDOL]DGD VREUH HO iUHD DIORUDQWH ,%*(
HVGHKDELWDQWHVORTXHQRVLJQLILFDTXHVHDGHSHQGLHQWHRXVHDJXD
VXEWHUUiQHD\DTXHODPD\RUtDXVDDJXDVXSHUILFLDO
&DUDFWHUtVWLFDVGHODFXtIHUR
(OVLVWHPDDFXtIHURHVGHWLSROLEUHSRURVRQRFRQVROLGDGRGHSHUPHDELOLGDGSULPDULD
FRQVWLWXLGRSRUXQVLVWHPDGHSRVLFLRQDOGHSODQLFLHFRVWHUDDEDQLFRVDOXYLDOHVODJXQDV
\ EDUUHUDV HQ HYROXFLyQ FtFOLFD GHVGH HO 7HUFLDULR FRPSXHVWR SRU DUHQDV ILQDV \
JUXHVDV VXEDQJXORVDV D VXEUHGRQGHDGDV GH VHOHFFLyQ UHJXODU \ YDULDEOH FRQWHQLGR GH
FHPHQWRDUFLOORVR
(VWi FRQIRUPDGR SRU ORV GHQRPLQDGRV VLVWHPDV EDUUHUDODJXQD GH HGDG SOHLVWRFHQD
GRQGHFDGDEDUUHUDVHLQVWDOySUREDEOHPHQWHHQORVPi[LPRVWUDQVJUHVLYRVDOFDQ]DGRV
GXUDQWHORV~OWLPRVPD\RUHVFLFORVJODFLDUHVGHO&XDWHUQDULR/DVGLYHUVDVJHQHUDFLRQHV
GH EDUUHUD IXHURQ UHVSRQVDEOHV SRU OD JpQHVLV GH JUDQGHV FXHUSRV ODJXQDUHV TXH
FDUDFWHUL]DQGHIRUPDPX\VLQJXODUDOSDLVDMHGHODUHJLyQFRVWHUDGHQWURGHORVFXDOHV
VHGHVWDFDQOD/DJXQDGHORV3DWRVOD/DJXQD0HULQ\OD/DJXQD0DQJXHLUD
/DFDSDFLGDGHVSHFtILFDHQJHQHUDOHVDOWDPD\RUDPPiVSUy[LPDDODFRVWD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q%UDVLOVHHVWLPDFRPRSRFRSURIXQGRRVFLODQGRHQWUHP
(Q8UXJXD\HOHVSHVRUPi[LPRGHODFXtIHURHVGHP/DV]RQDVGHPD\RUHVSHVRUVH
HQFXHQWUDQDOVXUHVWH/DSURIXQGLGDGGHOQLYHOIUHiWLFRRVFLODHQHOHQWRUQRGHDP
DXQTXHHQ]RQDVGHH[WUDFFLyQSDUDDEDVWHFLPLHQWRKXPDQR/D3DORPD\&KX\SXHGH
HQFRQWUDUVHORFDOPHQWHGHSULPLGR
=RQDVGH5HFDUJD
(Q8UXJXD\ODUHFDUJDQDWXUDOWLHQHOXJDUDWUDYpVGHODLQILOWUDFLyQGLUHFWDGHODVDJXDV
PHWHyULFDV\GHVGHORVIODQFRVGHODVVLHUUDVTXHERUGHDQHOYDOOHORFDOL]DGDVDORHVWH\
DORODUJRGHOFRQWDFWRFRQHOFDXFHGHODUHGGHDJXDVVXSHUILFLDOHV
499
(Q %UDVLO OD UHFDUJD WLHQH OXJDU D WUDYpV GH OD LQILOWUDFLyQ GLUHFWD GH ODV DJXDV
PHWHyULFDVHQODUHJLyQH[WHUQDGHOFRUGyQOLWRUDODOVXGHVWH\QRUGHVWHHQODIRUPDFLyQ
FRQPHQRUVDOLQLGDGTFOHQHO0DSD+LGURJHROyJLFRGH$PpULFDGHO6XU
([SORWDFLyQ
6HJ~Q%UDVLOVHFDUDFWHUL]DSRUVHUXQDFXtIHURSRFRH[SORWDGR(Q8UXJXD\HQFDPELR
ODH[WUDFFLyQHVWiFRQFHQWUDGDHQODFLXGDGEDOQHDULDGH/D3DORPDGXUDQWHHOYHUDQR\
HQODFLXGDGGHO&KX\/RVFDXGDOHVGHH[SORWDFLyQYDUtDQHQWRUQRGHDPKHO
FDXGDOHVSHFtILFRSXHGHOOHJDUDPKP\ODSHUPHDELOLGDGGHDPGtD
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
'HO ODGR XUXJXD\R ORV SULQFLSDOHV FHQWURV SREODGRV VRQ ODV FLXGDGHV GHO &KX\ \
<DJXDUyQ VLHQGR HO WRWDO GH SREODFLyQ XUEDQD KDELWDQWHV PLHQWUDV TXH OD
SREODFLyQUXUDOHVGHKDELWDQWHV
(Q %UDVLO OD SREODFLyQ HQ HO iUHD DIORUDQWH HV GH KDELWDQWHV GH ORV FXDOHV
DSUR[LPDGDPHQWH HO UHVLGH HQ iUHDV XUEDQDV \ HO UHVWDQWH HQ iUHDV UXUDOHV
VLHQGR ODV SULQFLSDOHV FLXGDGHV GHO ODGR EUDVLOHUR &KXt -DJXDUmR &DQRDV \ 3HORWDV
WRGDVSHUWHQHFLHQWHVDO(VWDGRGH5LR*UDQGHGR6XO
8VRV
6HJ~Q%UDVLOHOXVRDFWXDOGHODVDJXDVVXEWHUUiQHDVHQODUHJLyQHVSUHGRPLQDQWHPHQWH
GHODViUHDVUXUDOHV\HQQ~FOHRVXUEDQRVPHQRUHV315+
(Q8UXJXD\HOXVRDFWXDOGHODJXDGHODFXtIHURHVS~EOLFRXUEDQR\GRPpVWLFR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q%UDVLOODVDJXDVVRQFODVLILFDGDVFRPRELFDUERQDWDGDVDFORUXUDGDVVyGLFDV/DJUDQ
PD\RUtDGHODVPXHVWUDVVRQGHDJXDGXOFHSXGLHQGRDSDUHFHUDJXDVDOREUHTXHH[FHGH
HOOtPLWHGHSRWDELOLGDG
/DLQIOXHQFLDRFHiQLFDHVWiPDUFDGDSRUODSUHVHQFLDGHFDQDOHVGHPDUHD \EUD]RVGH
PDUTXHSXHGHQFDXVDULQWUXVLyQGHDJXDVDOREUHRGHODSURSLDFXxDVDOLQD
(Q 8UXJXD\ HO DJXD HQ JHQHUDO HV GH EXHQD FDOLGDG 3UHVHQWD ORFDOPHQWH DOWRV
FRQWHQLGRVHQKLHUUR!PJO\FORUXURV!PJOGHELGRVDORULJHQPDULQRGHORV
VHGLPHQWRV \ WDPELpQ SRU VDOLQL]DFLyQ SURYHQLHQWH GH OD LQWUXVLyQ GH DJXD PDULQD
&RQWLHQHDJXDVELFDUERQDWDGDVVyGLFDV\FORUXUDGDVVyGLFDVFRQS+
500
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q DOJXQDV ]RQDV FRVWHUDV GH 8UXJXD\ %DUUD GHO &KX\ /D 3DORPD VH KD SURGXFLGR
VDOLQL]DFLyQGHODFXtIHURSRULQJUHVRGHDJXDPDULQD
2WUDVIXHQWHVGHDJXD
(Q%UDVLOVHPHQFLRQDDJXDVXSHUILFLDOGHGLYHUVDVODJXQDVWDOHVFRPR/DJRD0LULP
/DJRD0DQJXHLUD/DJRDGRV3DWRV\UtRVWDOHVFRPRHO5LR*XDLED
8UXJXD\ WDPELpQ LQGLFD FRPR IXHQWH DOWHUQDWLYD GH DJXD ORV UHFXUVRV KtGULFRV
VXSHUILFLDOHV
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
6HJ~Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQHQWUH\(VWDVSUHFLSLWDFLRQHVVRQFRQGLFLRQDGDVSRUORVIHQyPHQRV
GH/D1LxD\(O1LxR/DVFRQGLFLRQHVFOLPiWLFDVGHODUHJLyQVRQLQIOXHQFLDGDVSRUODV
FRUULHQWHV GH %UDVLO \ GH ODV 0DOYLQDV ([LVWHQ SUR\HFFLRQHV GH DXPHQWR GH
WHPSHUDWXUDKDVWDDOFDQ]DUXQDXPHQWRGHDJUDGRVKDVWDHODxR
(Q8UXJXD\VHREVHUYDQFDPELRVHQODLQWHQVLGDG\SHULRGLFLGDGGHODVSUHFLSLWDFLRQHV
SOXYLDOHV FRQ PD\RU IUHFXHQFLD GH HYHQWRV H[WUHPRV DVt FRPR XQ LQFUHPHQWR GHO
SURPHGLR DQXDO GH OOXYLD 'LFKR HIHFWR VH PDQLILHVWD IXQGDPHQWDOPHQWH HQ HO SHUtRGR
FRPSUHQGLGRHQWUHORVPHVHVGHRFWXEUH\IHEUHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q%UDVLOH[LVWHXQDSUHYLVLyQGHDXPHQWRGHSUHFLSLWDFLRQHVPLHQWUDVTXHORVFDPELRV
HQODSUHFLSLWDFLyQSUHYLVWDSDUDHO8UXJXD\HQODGpFDGDGHVHUtDQSUDFWLFDPHQWH
GHVSUHFLDEOHV
,PSDFWRVHQHODFXtIHURGHIHQyPHQRVH[WUHPRV
6HJ~Q %UDVLO SRU VHU XQ DFXtIHUR OLEUH VLWXDGR HQ OD ]RQD FRVWHUD HV SDUWLFXODUPHQWH
YXOQHUDEOHDIHQyPHQRVH[WUHPRV
(Q8UXJXD\ODFRLQFLGHQFLDGHVREUHH[SORWDFLyQSDUDEDOQHDULRVHQORVPHVHVGHYHUDQR
HVWDFLyQSLFRFRQXQSHUtRGRGHVHTXtDSRGUtDRFDVLRQDUHVWUpVRFRODSVRGHOXVRGHO
DFXtIHUR
8VRGHODFXtIHURGXUDQWH\RGHVSXpVGHIHQyPHQRVH[WUHPRV
(OXVRHVHOPLVPRGXUDQWHRGHVSXpVGHIHQyPHQRVH[WUHPRV
501
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q HO VLJXLHQWH FXDGUR VH UHVXPHQ ODV GLIHUHQWHV XQLGDGHV GH SDLVDMH DVt FRPR OD
FREHUWXUDQDWXUDORULJLQDO
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
8QLGDGHVGH3DLVDMH
%UDVLO
8UXJXD\
&REHUWXUDQDWXUDORULJLQDO
&RVWDVURFRVDVSOD\DVDUHQRVDV
UHVWLQJDVPDQJODUHVEDKLDV\
ODJXQDVFRVWHUDVGXQDVOLWRUDOHV
SODQLFLHVGHODJXQD
/DPD\RUSOD\DGHOPXQGR3OD\D
GHO&DVVLQRWLHQHFHUFDGH
NPGHH[WHQVLyQHQWUHOD
VDOLGDGHOD/DJXQDGHORV3DWRV\
HO$UUR\R&KX\
3URGXFWLYDVQDWXUDOHVXUEDQR
EDOQHDULDV\DFXiWLFDV
0DWD$WOiQWLFDUHVWLQJDV
FDPSRVVXOLQRV
3UDGHUDVQDWXUDOHV
\KXPHGDOHV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q%UDVLOVHHQFXHQWUDQSOD\DVUHVWLQJDV\ODJXQDVFRQXVRSDUDWXULVPR\EDOQHDULRV
$GHPiVH[LVWHODSUHVHQFLDGHJDQDGHUtDGHFRUWH\RYLQDGHODQD
(Q 8UXJXD\ WDPELpQ HV XQD ]RQD FRVWHUD GRQGH HO XVR DFWXDO GH OD WLHUUD DGHPiV GH
DFWLYLGDGHVSURGXFWLYDVDJURSHFXDULDVWLHQHXQDJUDQLPSRUWDQFLDHOWXULVPR
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
3DUDORVGRVSDtVHVVHGHVWDFDODSUHVHQFLDGHSODQWDFLRQHVGHDUUR]
(Q 8UXJXD\ DGHPiV H[LVWH IRUHVWDFLyQ JDQDGHUtD H[WHQVLYD EDOQHDULRV FRVWHURV
ODJXQDV\KXPHGDOHV
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q 5LR *UDQGH GR 6XO \ 6DQWD &DWDULQD ORV SRUFHQWDMHV GH XQLGDGHV GH FRQVHUYDFLyQ
HVWiQHQWRUQRGHO
502
/DViUHDVSURWHJLGDVGH%UDVLOVRQ
v
(VWDFLyQ (FROyJLFD GH 7DLP ]RQD Q~FOHR GH OD 5HVHUYD %LROyJLFD GH 0DWD
$WOiQWLFD
v +RUWR)ORUHVWDOGR/LWRUDO1RUWH
v 3DUTXH1DFLRQDOGD/DJRDGR3HL[H
v 5HVHUYD3DUWLFXODUGR3DWULP{QLR1DWXUDOGD&RVWDGR6HUUR
v 5HVHUYD3DUWLFXODUGR3DWULP{QLR1DWXUDO3RQWDOGD%DUUD
(O iUHD GHO DFXtIHUR HV FRQVLGHUDGD GH H[WUHPD LPSRUWDQFLD ELROyJLFD \ FRPR iUHD
SULRULWDULDSDUDODFRQVHUYDFLyQGHOD0DWD$WOiQWLFD\GHORV&DPSRV6XOLQRV
(Q8UXJXD\VHHQFXHQWUDQORV+XPHGDOHVGHO(VWHFRPR]RQDSURWHJLGD
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q %UDVLO VH HQFXHQWUD XQD VHFXHQFLD GH ODJXQDV \ ODJRV /DJRD GRV 3DWRV /DJR
*XDtED/DJRDGR3HL[H\HO%DxDGRGH7DLPHQWUHRWUDV
(QODOODPDGD&RVWD'RFHHO3DUTXH1DFLRQDOGD/DJRDGR3HL[H&RVWDDEDUFDXQiUHD
XWLOL]DGDSRUPiVGHWUHLQWDHVSHFLHVGHDYHVPLJUDWRULDVYHLQWLVpLVGHHOODVSURYHQLHQWHV
GHOKHPLVIHULRQRUWHDGHPiVGHDSUR[LPDGDPHQWHFLHQWRFLQFXHQWDHVSHFLHVUHVLGHQWHV
HQODUHJLyQ
&RPR IXHQWH GH DJXD TXH UHFLEH XQD GHVFDUJD VH HQFXHQWUDQ ODV ODJXQDV GRV 3DWRV
0HULQ0DQJXHLUDKXPHGDOHV\OD&XHQFDGHO2FpDQR$WOiQWLFR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQ GHO VXHOR 6RQ ORV PXQLFLSLRV HQ HO iUHD GH RFXUUHQFLD GHO DFXtIHUR TXH
SUHVHQWDQ3ODQHV'LUHFWRUHV0XQLFLSDOHVVLHQGRTXHGHpVWRVHVWiQDSUREDGRV\HQ
UHYLVLyQ\HQDSUREDFLyQ
(Q 8UXJXD\ H[LVWH OD /H\ /H\ GH 2UGHQDPLHQWR 7HUULWRULDO \ 'HVDUUROOR
6XVWHQWDEOH
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q%UDVLOFHUFDGHOGHOiUHDGHOD5HJLyQ+LGURJUiILFD$WOiQWLFR6XU\DFXHQWDFRQ
FRPLWpVGHFXHQFDLQVWDODGRV\HQIXQFLRQDPLHQWR315+(VWiHQHODERUDFLyQ
HO3ODQ(VWDGXDOGH5HFXUVRV+tGULFRVGHO(VWDGRGH6DQWD&DWDULQD \5tR*UDQGHGHO
6XU
503
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRV 8UXJXD\ /RV SURYHQLHQWHV GH OD DFWLYLGDG WXUtVWLFD
HVWLPDGRVHQ86DQXDOHV
DOXVRGHODJXD
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
%UDVLO $OWD GHSHQGHQFLD HQ OD SUHVHUYDFLyQ GH
HFRVLVWHPDV\WXULVPRHFROyJLFR
8UXJXD\$OWDGHSHQGHQFLDHQHOWXULVPRHFROyJLFR\HQHO
GHEDOQHDULRVFRVWHURV
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
8UXJXD\/RVYLQFXODGRVDOWXULVPR
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
7UDWDGR GH OD /DJXQD 0HUtQ HVWDEOHFLGR HQWUH %UDVLO \ 8UXJXD\ 7UDWDGR GH
&RRSHUDFLyQSDUDHO$SURYHFKDPLHQWRGHORV5HFXUVRV1DWXUDOHV\HO'HVDUUROORGHOD
&XHQFD GH OD /DJXQD 0HUtQ (O WUDWDGR EXVFD IXQGDPHQWDOPHQWH
SURPRYHU OD JHVWLyQ GH UHFXUVRV KtGULFRV WUDQVIURQWHUL]RV REVHUYDQGR ORV SULQFLSLRV
FRQVWLWXFLRQDOHV \ OHJDOHV GH ORV SDtVHV OLPtWURIHV \ GH ORV SULQFLSLRV GH GHUHFKR
LQWHUQDFLRQDOUHODWLYRVDODJHVWLyQGHUHFXUVRVKtGULFRVFRPSDUWLGRV
7UDWDGR GH OD &XHQFD GHO 3ODWD TXH IXH ILUPDGR HQ %UDVLOLD %UDVLO HQ SRU
FDQFLOOHUHVGHORVFLQFRSDtVHVGHODFXHQFD\WLHQHFRPRREMHWLYR³SHUPLWLUHOGHVDUUROOR
DUPyQLFR\HTXLOLEUDGRDVtFRPRHOPHMRUDSURYHFKDPLHQWRGHORVUHFXUVRVQDWXUDOHVGH
OD UHJLyQ \ DVHJXUDU VX SUHVHUYDFLyQ SDUD ODV JHQHUDFLRQHV IXWXUDV SRU PHGLR GH OD
XWLOL]DFLyQUDFLRQDOGHORVDOXGLGRVUHFXUVRV´
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
6HJ~Q%UDVLOHQHO3ODQ1DFLRQDOGH5HFXUVRV+tGULFRVH[LVWHXQVXESURJUDPDOODPDGR
3URJUDPD1DFLRQDOGH$JXDV6XEWHUUiQHDVTXHWLHQH FRPRREMHWLYRODDPSOLDFLyQGHO
FRQRFLPLHQWRKLGURJHROyJLFRGHVHQYROYLPLHQWRGHODEDVHOHJDOHLQVWLWXFLRQDOSDUDVX
DGHFXDGD JHVWLyQ DGHPiV GHO IRPHQWR GH ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ \PRYLOL]DFLyQVRFLDO6HGHVWDFDTXH HOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
&RQ UHVSHFWR D OD FRODERUDFLyQ HQWUH ORV SDtVHV QR VH KDQ DGRSWDGR PHGLGDV KDVWD HO
PRPHQWR
(O 3UR\HFWR 6LVWHPD $FXtIHUR *XDUDQt 36$* YLHQH SURSRUFLRQDQGR OD FRRSHUDFLyQ
HQWUHORVSDtVHVSDUDODJHVWLyQGHO$FXtIHUR*XDUDQtTXHSRGUtDVHUYLUGHEDVHDIXWXUDV
DFFLRQHVHQHO$FXtIHUR/LWRUDQHR&KX\
504
,JXDOPHQWH VH HVWLPD XQD LPSOHPHQWDFLyQ GH ORV DFXHUGRV H[LVWHQWHV \ SRVLEOH
GHVDUUROORGHHVWXGLRVFRQMXQWRVHQWUH8UXJXD\\%UDVLO
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD/DHVWDQLVODXOD6RX]D6LOYD5RVHOLGRV6DQWRV6RX]D\
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
8UXJXD\ 3UHSDUDGRFRQODFRODERUDFLyQGH(GL-XUL/RXUGHV %DWLVWD-XDQ /HGHVPD
;LPHQD/DFXpV3DEOR'HFRXG\0DOHQD3HVVL
)XHQWHV'1+,1(SUR\HFFLRQHV26(',1$0,*(&DUWD+LGURJHROyJLFD
505
506
66,67(0$$&8Ë)(5275$16)5217(5,=23(502&$5%21Ë)(52
%5$6,/858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O 6LVWHPD$FXtIHUR 7UDQVIURQWHUL]R 3HUPR&DUERQtIHUR HVWi ORFDOL]DGR HQ OD &XHQFD
+LGURJUiILFD GHO 5tR 8UXJXD\ FRQ XQ iUHD GH NP VLHQGR NP GH
8UXJXD\\NPGH%UDVLO/DSREODFLyQWRWDOVREUHHOiUHDHVWiHVWLPDGDHQXQRV
KDELWDQWHV $IORUD XQD SRUFLyQ HQ OD SDUWH VXU GH %UDVLO \ QRUGHVWH GH
8UXJXD\ HQWUH ODV FRRUGHQDGDV ž D ž 2 \ ž \ ž 6 \ WLHQH FRQWLQXLGDG HQ OD
VXSHUILFLH HQ OD SRUFLyQ HVWH GH HVWDV iUHDV /D UHJLyQ HV FRQRFLGD FRPR 'HSUHVLyQ
&HQWUDO *DXFKD FRQVWLWX\HQGR XQ iUHD VLQ JUDQGHV YDULDFLRQHV DOWLPpWULFDV GRQGH ODV
PD\RUHVDOWXUDVVHVLW~DQHQWRUQRDORVPFRQIRUPDVGHUHOLHYHFRQRFLGDVFRPR
FR[LOKDV SHTXHxRV FHUURV IRUPDV DPSOLDV \ DODUJDGDV GH WRSHV FRQYH[RV R SODQRV
FX\RVODGHUDVFDHQVXDYHPHQWHHQGLUHFFLyQDORVYDOOHV
&DUDFWHUtVWLFDVGHODFXtIHUR
(Q %UDVLO HO DFXtIHUR HV GH WLSR SRURVR LQWHUJUDQXODU QR FRQVROLGDGR FRQ SRURVLGDG
SULPDULD LQWHUVWLFLDO \ EDMD SURGXFWLYLGDG &RUUHVSRQGH D OD )RUPDFLyQ 6DQJD GR
&DEUDO3LUDPEyLD GHVFULSWR HQ HO 0DSD +LGURJHROyJLFR GHO (VWDGR GH 5LR *UDQGH GR
6XOFRPRHVWUDWRVVtOWLFRDUHQRVRVURML]RVFRQPDWUL]DUFLOORVD\DUHQLVFDVILQDVDPX\
ILQDVURML]DVFRQFHPHQWRFDOFiUHR
(Q8UXJXD\VHWUDWDGHXQDFXtIHUROLEUHDFRQILQDGRHQVHGLPHQWRVFRQVROLGDGRVGHODV
IRUPDFLRQHV 7UHV ,VODV \ 6DQ *UHJRULR FRQVWLWXLGRV SRU DUHQLVFDV ILQDV D PHGLDV
FRQWHQLHQGRQLYHOHVGHDUHQLVFDJUXHVDJUDYLOOD\QLYHOHVFRQJORPHUiGLFRVFRQFHPHQWR
DUFLOORVR
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q %UDVLO SUHVHQWD XQD SURIXQGLGDG GH PiV GH PHWURV (Q 8UXJXD\ IXHUD GH ODV
]RQDVGHDIORUDPLHQWRVHHQFXHQWUDDSURIXQGLGDGHVYDULDEOHVFRPSUHQGLGDVHQWUH\
PHWURV(OHVSHVRUGHODFXtIHURQRVXSHUDORVPHWURV
=RQDVGHUHFDUJD
/D UHFDUJD HV GH IRUPD GLUHFWD GH DJXDV PHWHyULFDV VREUH ODV iUHDV DIORUDQWHV \ HQ
FRQWDFWRFRQORVFDXFHVGHODUHGKLGURJUiILFDVXSHUILFLDO
([SORWDFLyQ\FDXGDOHV
1RUPDOPHQWHQRHVXQEXHQDFXtIHURDXQTXHVHHQFXHQWUDQSR]RVFRQEXHQFDXGDO(Q
HO0DSD+LGURJHROyJLFRGHO(VWDGRGH5LR*UDQGHGR 6XOODVFDSDFLGDGHVHVSHFtILFDV
VRQPX\YDULDEOHVHQJHQHUDOHQWUH\PKP(Q8UXJXD\ODH[SORWDFLyQHVSDUD
DEDVWHFLPLHQWRGRPpVWLFRGHSHTXHxDVSREODFLRQHV\ORVFDXGDOHVRVFLODQHQWUH\
PK
507
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
/D SREODFLyQ HQ %UDVLO HV GH XQRV KDELWDQWHV VLHQGR ODV SULQFLSDOHV FLXGDGHV
*UDYDWDt \ %DJp (Q 8UXJXD\ PLHQWUDV WDQWR OD SREODFLyQ RVFLOD HQ XQRV KDELWDQWHVVLHQGRHOSULQFLSDOFHQWURSREODGRODFLXGDGGH0HOR
8VRV
(Q %UDVLO HO XVR GHO DFXtIHUR HV SUHSRQGHUDQWHPHQWH GRPpVWLFRXUEDQR FRQ EDMD
SURGXFWLYLGDG\XWLOL]DFLyQ&350
(Q OD UHJLyQ GH OD &XHQFD +LGURJUiILFD GHO 8UXJXD\ HO XVR SUHSRQGHUDQWH HV HO
DEDVWHFLPLHQWRGRPpVWLFR\XUEDQRUHVSRQGLHQGRSRUHOGHORVSR]RVFDWDVWUDGRV
(Q8UXJXD\HOSULQFLSDOXVRHVGRPpVWLFRXUEDQR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
*HQHUDOPHQWHGHEXHQDFDOLGDG$JUDQGHVSURIXQGLGDGHVODVDJXDVSXHGHQVHUVDOLQDV
6XHOH SUHVHQWDU HQ IRUPD QDWXUDO DOWRV FRQWHQLGRV HQ FORUXURV ! PJO VXOIDWRV
KDVWDPJOKLHUURKDVWDPJOIO~RU!PJO\67'KDVWDPJO
TXHLQKDELOLWDQVXXVR
(QHO0DSD+LGURJHROyJLFRGHO(VWDGRGH5LR*UDQGHGR6XOODVDOLQLGDGYDUtDGH
PJOHQODViUHDVDIORUDQWHVDPiVGHPJOHQODVFRQILQDGDV(QODUHJLyQFHQWUDO
GHOHVWDGRVRQHQFRQWUDGDVVDOLQLGDGHVHQWUH\PJO
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
(Q8UXJXD\VHFDUDFWHUL]DSRUVHUXQDFXtIHURSRFRH[SORWDGRSRUSUREOHPDVQDWXUDOHV
HQODFDOLGDG
2WUDVIXHQWHVGHDJXD
$JXDVVXSHUILFLDOHVGHUtRV\ODJRVGHODUHJLyQ
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q %UDVLO HQ ORV ~OWLPRV DxRV ODV SUHFLSLWDFLRQHV VREUH OD &XHQFD GHO 3ODWD
DXPHQWDURQHQWUH\/DVSUHFLSLWDFLRQHVHVWiQFRQGLFLRQDGDVSRUORVIHQyPHQRV
/D 1LxD \ (O 1LxR /DV FRQGLFLRQHV FOLPiWLFDV GH OD UHJLyQ VRQ LQIOXHQFLDGDV SRU ODV
508
FRUULHQWHV GH %UDVLO \ GH ODV 0DOYLQDV ([LVWHQ SUR\HFFLRQHV GH DXPHQWR GH
WHPSHUDWXUD KDVWD DOFDQ]DU DXPHQWR GH D JUDGRV KDVWD HO DxR )XHQWH
3URJUDPD0DUFR
(Q8UXJXD\VHREVHUYDQFDPELRVHQODLQWHQVLGDG\SHULRGLFLGDGGHODVSUHFLSLWDFLRQHV
SOXYLDOHV FRQ PD\RU IUHFXHQFLD GH HYHQWRV H[WUHPRV DVt FRPR XQ LQFUHPHQWR GHO
SURPHGLR DQXDO GH OOXYLD 'LFKR HIHFWR VH PDQLILHVWD IXQGDPHQWDOPHQWH HQ HO SHUtRGR
FRPSUHQGLGRHQWUHORVPHVHVGHRFWXEUH\IHEUHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
6HJ~Q%UDVLOH[LVWHSUHYLVLyQGHDXPHQWRHQODVSUHFLSLWDFLRQHV
/RVFDPELRVHQODSUHFLSLWDFLyQSUHYLVWDSDUDHO8UXJXD\ HQODGpFDGDGHVHUtDQ
SUDFWLFDPHQWHGHVSUHFLDEOHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
&XDGUR68QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
%UDVLO
8UXJXD\
8QLGDGHVGH3DLVDMH
'HSUHVLyQ3HULIpULFD
3ODQLFLHV
&DPSDxD
&DPSRVGH-DJXDUmR
$UUR\R*UDQGH
3URGXFWLYDV
1DWXUDOHV
8UEDQDV
&REHUWXUDQDWXUDORULJLQDO
0DWD$WOiQWLFD
&DPSRV6XOLQRV
&DPSDxD*DXFKD5tR*UDQGHGHO6XU
3UDGHUDVQDWXUDOHV
(Q%UDVLOODUHJLyQHVFRQRFLGDSRU'HSUHVLyQ &HQWUDO*DXFKD IRUPDQGRXQiUHDVLQ
JUDQGHVYDULDFLRQHVDOWLPpWULFDVVLHQGRTXHODVPD\RUHVVHVLW~DQHQWRUQRDORVP
FRQVWLWX\HQGRIRUPDVGHUHOLHYHFRQRFLGDVFRPRFR[LOKDVSHTXHxDVVLHUUDV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
$VHQWDPLHQWRVKXPDQRVSHTXHxDVFLXGDGHVHLQWHQVRXVRDJUtFROD\JDQDGHUR$GHPiV
GHOGHVDUUROORGHLQGXVWULDVGHDOLPHQWRV
(Q8UXJXD\HOXVRDFWXDOGHODWLHUUDHVSDUDDFWLYLGDGHVGHOVHFWRUDJURSHFXDULR
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q%UDVLOHO(VWDGRGH 5tR*UDQGHGHO6XUSUHVHQWD JUDQGHViUHDVGRQGHODDFWLYLGDG
DJUtFRODHVLQWHQVDSULQFLSDOPHQWHFRQORVFXOWLYRVGHDUUR]VRMD\WULJR
(Q 8UXJXD\ ORV SULQFLSDOHV FXOWLYRV VRQ DUUR] \ IRUHVWDFLyQ 7DPELpQ VH UHDOL]D
JDQDGHUtDH[WHQVLYDHQWRGDHOiUHD
509
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(QHO(VWDGRGH5tR*UDQGHGHO6XUORVSRUFHQWDMHVGHXQLGDGHVGHFRQVHUYDFLyQHVWiQ
HQWRUQRDO
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q8UXJXD\FRPRHFRVLVWHPDVGHSHQGLHQWHVVHFLWDQDUUR\RVUtRVKXPHGDOHV\SODQWDV
VLOYHVWUHV\FRPRIXHQWHGHDJXDTXHUHFLEHGHVFDUJDVHPHQFLRQDHO5tR1HJUR\VXV
DIOXHQWHV
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q %UDVLO ORV 3ODQHV 'LUHFWRUHV 0XQLFLSDOHV VRQ SODQHV GH RUGHQDPLHQWR XVR \
RFXSDFLyQ GHO VXHOR 6RQ ORV PXQLFLSLRV HQ HO iUHD GH RFXUUHQFLD GHO DFXtIHUR TXH
SUHVHQWDQ3ODQHV'LUHFWRUHV0XQLFLSDOHVHVWDQGRWRGRVDSUREDGRV(Q8UXJXD\SRUVX
SDUWHH[LVWHOD/H\/H\GH2UGHQDPLHQWR7HUULWRULDO\'HVDUUROOR6XVWHQWDEOH
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(O(VWDGRGH5tR*UDQGHGHO6XUWRGDYtDQRSRVHHXQSODQHVWDGXDOGHUHFXUVRVKtGULFRV
SHURVHHQFXHQWUDHQIDVHGHHODERUDFLyQ
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
'HSHQGHQFLDGHODHFRQRPtDORFDO
DJURLQGXVWULDUHFXUVRV
QDWXUDOHVGHODFFHVRDOUHFXUVR
DJXD
%UDVLO%DMDGHSHQGHQFLD
8UXJXD\1RH[LVWHGHSHQGHQFLD
0HGLRVGHYLGDTXHFRUUHUtDQ
SHOLJURSpUGLGDVHFRQyPLFDVVLHO
VLVWHPDDFXtIHURVXEWHUUiQHRVH
YLHUDDIHFWDGRQHJDWLYDPHQWH
%UDVLO 3HTXHxRV Q~FOHRV UXUDOHV \ OD SREODFLyQ
GHSHQGLHQWHGHSR]RVGHODVFLXGDGHVGH%DJp\*UDYDWDt
8UXJXD\3HTXHxDVSREODFLRQHVTXHVRQDEDVWHFLGDV
510
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
,QWHUDFFLRQHVHQWUHORVSDtVHV
(O 7UDWDGR GH OD &XHQFD GHO 3ODWD IXH ILUPDGR HQ %UDVLOLD %UDVLO HQ SRU ORV
&DQFLOOHUHV GH FLQFR SDtVHV GH OD FXHQFD \ WLHQH FRPR REMHWLYR ³SHUPLWLU HO
GHVHQYROYLPLHQWR DUPyQLFR \ HTXLOLEUDGR DVt FRPR HO PHMRU DSURYHFKDPLHQWR GH ORV
UHFXUVRVQDWXUDOHVGHODUHJLyQ\DVHJXUDUVXSUHVHUYDFLyQSDUDODVJHQHUDFLRQHVIXWXUDV
SRUPHGLRGHODXWLOL]DFLyQUDFLRQDOGHORVDOXGLGRVUHFXUVRV´
,QWHUpVGHORVSDtVHVSRUHOXVRGHO6LVWHPD$FXtIHUR
(Q HO 3ODQ 1DFLRQDO GH 5HFXUVRV +tGULFRV GH %UDVLO H[LVWH XQ VXESURJUDPD OODPDGR
3URJUDPD1DFLRQDOGH$JXDV6XEWHUUiQHDVTXHWLHQHFRPRREMHWLYRVODDPSOLDFLyQGHO
FRQRFLPLHQWR KLGURJHROyJLFR GHVDUUROOR GH OD EDVH OHJDO H LQVWLWXFLRQDO SDUD VX
DGHFXDGD JHVWLyQ DSDUWH GHO IRPHQWR GH ODV DFFLRQHV GH HGXFDFLyQ DPELHQWDO
FDSDFLWDFLyQ\PRYLOL]DFLyQVRFLDO6HGHVWDFDTXHHOSULPHUVXESURJUDPDWUDWDGHORV
DFXtIHURVWUDQVIURQWHUL]RVLQWHUHVWDGXDOHV\GHDOFDQFHORFDO
(O 3UR\HFWR 6LVWHPD $FXtIHUR *XDUDQt 36$* YLHQH SURSRUFLRQDQGR OD FRRSHUDFLyQ
HQWUHORVSDtVHVSDUDODJHVWLyQGHO$FXtIHUR*XDUDQtTXHSRGUiVHUYLUGHEDVHDIXWXUDV
DFFLRQHVHQHO$FXtIHUR3HUPR&DUERQtIHUR
(Q FXDQWR D ODV DFFLRQHV SDUD PHMRUDU OD FRRSHUDFLyQ VH GHEHUtD SURFXUDU OD
LPSOHPHQWDFLyQGHDFXHUGRV\WUDWDGRVH[LVWHQWHVDVtFRPRHOGHVHQYROYLPLHQWRGHXQ
SURJUDPD GH FRRSHUDFLyQ ([LVWH DGHPiV OD SRVLELOLGDG GHO GHVDUUROOR GH HVWXGLRV
FRQMXQWRVHQWUH8UXJXD\\%UDVLO
$8725(6<)8(17(6
%UDVLO3UHSDUDGRFRQODFRODERUDFLyQGH-~OLR7DGHR.HWWHOKXW$GULDQD1LHPH\HU3LUHV
)HUUHLUD&ODXGLD)HUUHLUD/LPD/DHVWDQLVODXOD6RX]D6LOYD5RVHOLGRV6DQWRV6RX]D\
-XOLDQD*XHGHVGD&RVWD%H]HUUDPDSDV
8UXJXD\ 3UHSDUDGRFRQODFRODERUDFLyQGH (GL-XUL/RXUGHV %DWLVWD-XDQ /HGHVPD
;LPHQD/DFXpV3DEOR'HFRXG\0DOHQD3HVVL
)XHQWHV'1+,1(SUR\HFFLRQHV26(',1$0,*(&DUWD+LGURJHROyJLFD
511
512
66,67(0$$&8Ë)(5275$16)5217(5,=2/,725$/&5(7È&,&2
$5*(17,1$858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R/LWRUDO&UHWiFLFRHVWiXELFDGRHQDPEDVPiUJHQHV
GHO5tR8UXJXD\SDUWHFHQWURRHVWHGH8UXJXD\\SDUWHFHQWURHVWHGHOD3URYLQFLDGH
(QWUH5tRVGH$UJHQWLQD
(Q$UJHQWLQDRFXSDXQDVXSHUILFLHDSUR[LPDGDGHNPVLHQGRODSREODFLyQGH
XQRV KDELWDQWHV PLHQWUDV TXH HQ 8UXJXD\ DEDUFD XQRV NP FRQ XQD
SREODFLyQDSUR[LPDGDGHKDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
/D PD\RU VXSHUILFLH GH DIORUDPLHQWR GHO 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R /LWRUDO
&UHWiFLFR RFXUUH HQ HO WHUULWRULR GH 8UXJXD\ SURIXQGL]iQGRVH KDFLD HO RHVWH \
GLVPLQX\HQGR VX HVSHVRU KDFLD HO QRUWH 6H WUDWD GH XQD VHFXHQFLD VHGLPHQWDULD
FRPSXHVWDSRUODVIRUPDFLRQHV3XHUWR<HUXiHQ$UJHQWLQD\ODVIRUPDFLRQHV0HUFHGHV\
$VHQFLR HQ 8UXJXD\ FRUUHVSRQGLHQGR OD OLWRORJtD D DUHQLVFDV FRQJORPHUiGLFDV HQ OD
EDVH \ DUHQLVFDV ILQDV D PHGLDV LQWHUFDODGDV FRQ OLPRV KDFLD OD FLPD FHPHQWDGRV SRU
DUFLOODV \ FDOFiUHRV WRWDOL]DQGR HVSHVRUHV GH KDVWD P (V FRP~Q OD SUHVHQFLD GH
SURFHVRVGHVLOLFLILFDFLyQ\IHUULILFDFLyQHQORVVHGLPHQWRV/DFRQGXFWLYLGDGHOpFWULFD
GHODVDJXDVRVFLODHQWUHRKPVFPHQ8UXJXD\\RKPVFPHQ$UJHQWLQD\S+
HQWUH\
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q8UXJXD\ODVSURIXQGLGDGHVGHFDSWDFLyQRFXUUHQHQWUHORV\P/DV]RQDVGH
PD\RUHVSHVRUGHODFXtIHURVHHQFXHQWUDQDORHVWHDORODUJRGHOFXUVRGHO5tR8UXJXD\
SXGLHQGRDOFDQ]DUKDVWDP
=RQDVGHUHFDUJD
6L ELHQ ODV iUHDV GH UHFDUJD \ GHVFDUJD QR HVWiQ D~Q FRPSOHWDPHQWH LGHQWLILFDGDV VH
LQGLFD TXH HO iUHD GH UHFDUJD GHO VLVWHPD VH ORFDOL]D IXQGDPHQWDOPHQWH HQ HO ODGR
XUXJXD\RGRQGHVHLQILHUHTXHODPLVPDVHHIHFW~DGLUHFWDPHQWHSRULQILOWUDFLyQGHODV
DJXDVPHWHyULFDVHQHOiUHDGHDIORUDPLHQWR \DWUDYpVGHOFRQWDFWRFRQHOFDXFHGHOD
UHGGHDJXDVVXSHUILFLDOHV/DGLUHFFLyQGHOIOXMRVHGHVSOD]DGHHVWHDRHVWH1RH[LVWHQ
HVWXGLRV TXH DYDOHQ OR DQWHULRU 6H UHFRPLHQGD PDQWHQHU HVWD SRVWXUD SDUD SURPRYHU
HVWXGLRVHQXQIXWXURSUy[LPR
([SORWDFLyQ\FDXGDOHV
(Q8UXJXD\ORVFDXGDOHVGHH[SORWDFLyQYDUtDQHQIXQFLyQGHOD]RQDSXGLHQGRDOFDQ]DU
KDVWD PK FLXGDG GH <RXQJ (O FDXGDO HVSHFtILFR PHGLR HV GH PKP \ OD
WUDQVPLVLYLGDGHQWRUQRGH\PGtD
513
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
5XUDO
v
3REODFLyQHQ]RQDVGH
UHFDUJD
v
3REODFLyQHQ]RQDVGH
GHVFDUJD
$UJHQWLQD
8UXJXD\
!KDELWDQWHV
KDELWDQWHV
KDE
*XDOHJXD\FK~ &ROyQ \
&RQFHSFLyQGHO8UXJXD\
KDE
KDE
KDE
KDE
E
8VRV
(Q $UJHQWLQD HO UHFXUVR VH XWLOL]D SDUD DEDVWHFLPLHQWR KXPDQR JDQDGHUtD \ ULHJR
PLHQWUDV TXH HQ 8UXJXD\ OD H[WUDFFLyQ DQXDO HVWLPDGD HV GH KP SDUD SREODFLRQHV
VLHQGRVXVXVRVSUHSRQGHUDQWHVSDUDULHJRGRPpVWLFRLQGXVWULDO\S~EOLFRXUEDQR
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
(Q8UXJXD\HODJXDHQJHQHUDOHVGHEXHQDFDOLGDG67'PJOFRQ]RQDVGH
PX\ DOWD GXUH]D 67' ! PJO FRQ DOWR IO~RU ! PJO \ DOWR QLWUDWR ! PJO
&DPELRVSHUFLELGRVHQGLVSRQLELOLGDG\FDOLGDGGHODJXDGHODFXtIHUR
6HJ~Q8UXJXD\HQYDULDV]RQDVHVWRVDFXtIHURVSUHVHQWDQDOWRVFRQWHQLGRVGHQLWUDWRV\
HQDXPHQWRSURGXFWRGHIDOWDGHVDQHDPLHQWR\H[LVWHQFLDGHDJULFXOWXUDFHUHDOHUDPX\
GHVDUUROODGD
2WUDVIXHQWHVGHDJXD
/DVIXHQWHVDOWHUQDWLYDVGHDJXDVRQORV6LVWHPDV$FXtIHURV*XDUDQt6DOWR±6DOWR&KLFR
\6HUUD*HUDO\ORVUHFXUVRVKtGULFRVVXSHUILFLDOHVGHUtRVDUUR\RVHWF
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q$UJHQWLQD HQ ODV SURYLQFLDV GH 6DQWD )H (QWUH 5tRV \ &RUULHQWHV OD SUHFLSLWDFLyQ
PHGLDDQXDOVHKDLQFUHPHQWDGRHQDSUR[LPDGDPHQWHXQGHVGHODGpFDGDGHO
HQDGHODQWH3DUDODVSURYLQFLDVGH&KDFR \ )RUPRVDODSUHFLSLWDFLyQPHGLDDQXDOKD
514
GLVPLQXLGR XQ HQ OD IUDQMD RHVWH &RQWUDULDPHQWH HQ OD IUDQMD HVWH OD PLVPD KD
DXPHQWDGR XQ (VWRV UHVXOWDGRV VRQ HQ IXQFLyQ GH ORV PRGHORV GH SURQyVWLFR
WHyULFRV
(Q8UXJXD\VHREVHUYDQFDPELRVHQODLQWHQVLGDG\SHULRGLFLGDGGHODVSUHFLSLWDFLRQHV
SOXYLDOHV FRQ PD\RU IUHFXHQFLD GH HYHQWRV H[WUHPRV DVt FRPR XQ LQFUHPHQWR GH OD
OOXYLD SURPHGLR DQXDO 'LFKR HIHFWR VH PDQLILHVWD IXQGDPHQWDOPHQWH HQ HO SHUtRGR
FRPSUHQGLGRHQWUHORVPHVHVGHRFWXEUH\IHEUHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
(Q IXQFLyQ GH ORV PRGHORV GH SURQyVWLFR WHyULFRV XWLOL]DGRV HQ$UJHQWLQD VH GHWDOODQ
GRVHVFHQDULRVGHFRQWH[WRSDUDODUHJLyQOLWRUDOPHVRSRWiPLFDSDUDHOSHUtRGR
3DUD XQ SULPHU HVFHQDULR FX\DV FDUDFWHUtVWLFDV GLVWLQWLYDV VRQ SUHVHUYDFLyQ GH ODV
LGHQWLGDGHVORFDOHVDOWDWDVDGHFUHFLPLHQWRSREODFLRQDOGHVDUUROORHFRQyPLFRUHJLRQDO
HQWUHRWURVORVUHVXOWDGRVPDQLIHVWDURQTXHODVSUHFLSLWDFLRQHVDQXDOHVGLVPLQXLUiQHQ
ODVSURYLQFLDVGH0LVLRQHV&RUULHQWHVQRUGHVWHGH(QWUH5tRVQRUWHGH6DQWD)H&KDFR
\ HVWH GH )RUPRVD 6H HVSHUDQ LQFUHPHQWRV GH SUHFLSLWDFLyQ HQ HO RHVWH GH )RUPRVD
FHQWUR\VXUGH6DQWD)H\RHVWH\VXGHVWHGH(QWUH5tRV
3DUDHOVHJXQGRHVFHQDULRHOFXDOFRQVLGHUDDXPHQWRFRQWLQXRGHODSREODFLyQ\QLYHOHV
LQWHUPHGLRVGHGHVDUUROORHFRQyPLFRODVSUHYLVLRQHVHQFXDQWRDSUHFLSLWDFLyQWXYLHURQ
XQ LPSDFWR PHQRV QRWDEOH TXH HQ HO SULPHU HVFHQDULR /D GLVPLQXFLyQ HQ ORV PRQWRV
DQXDOHV VH YHULILFDUi HQ &RUULHQWHV HQ OD PLWDG RULHQWDO GH &KDFR \ HQ HO QRUWH \
QRUGHVWHGH6DQWD)H(OUHVWRGHODUHJLyQWHQGUiXQDXPHQWRHQHOVXUGH6DQWD)H\HQ
HOHVWHGH0LVLRQHV
/RVFDPELRVHQODSUHFLSLWDFLyQSUHYLVWDSDUDHO8UXJXD\ HQODGpFDGDGHVHUtDQ
SUDFWLFDPHQWHGHVSUHFLDEOHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
(Q$UJHQWLQDFRPRXQLGDGHVGHSDLVDMHVHHQFXHQWUDQ]RQDVXUEDQDVWLHUUDVQDWXUDOHV
]RQDV SURGXFWLYDV SULQFLSDOPHQWH DJUtFRODV KXPHGDOHV FXHUSRV GH DJXD UtRV \
DUUR\RVPLHQWUDVTXHODFREHUWXUDQDWXUDORULJLQDOHVWiFRPSXHVWDSRUWLHUUDVQDWXUDOHV
KXPHGDOHVFXHUSRVGHDJXDUtRV\DUUR\RV
(Q 8UXJXD\ VH PHQFLRQDQ FRPR XQLGDGHV GH SDLVDMH WLHUUDV SURGXFWLYDV QDWXUDOHV
XUEDQDV\DFXiWLFDV&REHUWXUDQDWXUDORULJLQDOSUDGHUDVQDWXUDOHV\ERVTXHVULEHUHxRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q $UJHQWLQD DSUR[LPDGDPHQWH GHO iUHD HVWi FXELHUWD SRU DFWLYLGDGHV
SURGXFWLYDV HQ 8UXJXD\ DGHPiV GH ORV VLVWHPDV GH FXOWLYRV VH UHDOL]D JDQDGHUtD
H[WHQVLYDHQWRGDHOiUHD
515
3ULQFLSDOHVFXOWLYRVRVLVWHPDVGHFXOWLYRV
(Q $UJHQWLQD VH FXOWLYD SULQFLSDOPHQWH DUUR] \ HQ PHQRU RUGHQ PDt] VRMD \ WULJR
PLHQWUDVTXHHQ8UXJXD\ORVSULQFLSDOHVFXOWLYRVVRQFHUHDOHV\ROHDJLQRVRVFtWULFRV\
IRUHVWDFLyQ
=21$63527(*,'$6'(&216(59$&,Ï1(1/$=21$'(/$&8Ë)(52
75$16)5217(5,=2
=RQDV3URWHJLGDV\]RQDVFRQSURJUDPDVGHFRQVHUYDFLyQ\RUHVWDXUDFLyQGH
VXHORV
(Q8UXJXD\ORV(VWHURVGH)DUUDSRVSUHVHQWHVHQOD]RQDLQWHJUDQHO6LVWHPD1DFLRQDO
GHÈUHDV3URWHJLGDV
(FRVLVWHPDVGHSHQGLHQWHVGHDJXDVVXEWHUUiQHDVDOLPHQWDGDVSRUHODFXtIHUR\
IXHQWHVGHDJXDTXHUHFLEHQXQDLPSRUWDQWHGHVFDUJDGHDJXDVXEWHUUiQHDQDWXUDO
GHODFXtIHURHVSHFLDOPHQWHHQORVSHUtRGRVVHFRV
(Q 8UXJXD\ VH PHQFLRQDQ DUUR\RV UtRV KXPHGDOHV ]RQDV GH DSURYHFKDPLHQWR GH
DJXDV SRU DQLPDOHV \ SODQWDV VLOYHVWUHV UXWDV GH VREUHYXHOR GH DYHV \D TXH HO 5tR
8UXJXD\UHFLEHGHVFDUJDGHHVWHDFXtIHUR\FXUVRVGHDJXDWULEXWDULRVGHOPLVPR
3/$1,),&$&,Ï1 < 5(*/$0(17$&,Ï1 '(/ 862 '(/ $*8$ (1 /$
=21$'(/$&8Ë)(5275$16)5217(5,=2
3ODQHVGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR
(Q$UJHQWLQDQRH[LVWHXQSODQGHRUGHQDPLHQWRWHUULWRULDOSDUDOD]RQDGHODFXtIHUR6H
HQFXHQWUD HQ SURFHVR GH SUHSDUDFLyQ HQ OD $UJHQWLQD HO 3ODQ (VWUDWpJLFR 1DFLRQDO
³$UJHQWLQD 3ROtWLFD \ (VWUDWHJLD 1DFLRQDO GH 'HVDUUROOR \ 2UGHQDPLHQWR
7HUULWRULDO´&DGDSURYLQFLDGHEHLQWHJUDUVXSURSLRSODQGHRUGHQDPLHQWRWHUULWRULDODO
3ODQ 1DFLRQDO 6H HQFXHQWUD HQ PDUFKD DGHPiV HO 3URJUDPD GH 2UGHQDPLHQWR
$PELHQWDO GHO 7HUULWRULR &DGD XQD GH ODV SURYLQFLDV GRQGH VH VLW~D HO DFXtIHUR VH
HQFXHQWUD HQ SURFHVR GH HODERUDFLyQ GH ORV GRFXPHQWRV EDVH GH ORV SODQHV GH
RUGHQDPLHQWRWHUULWRULDODODIHFKD
(Q 8UXJXD\ H[LVWH OD /H\ /H\ GH 2UGHQDPLHQWR 7HUULWRULDO \ 'HVDUUROOR
6XVWHQWDEOH
3ODQGHPDQHMRGHUHFXUVRVKtGULFRVSDUDOD]RQDGHODFXtIHUR\PHGLGDVSDUD
ODVDJXDVVXEWHUUiQHDVGHQWURGHOSODQGHRUGHQDPLHQWRWHUULWRULDO\RHQHOSODQ
GHPDQHMRGHDJXDV
(Q $UJHQWLQD QR H[LVWH XQ SODQ GH PDQHMR GH UHFXUVRV KtGULFRV SDUD OD ]RQD GHO
DFXtIHUR ([LVWH Vt XQ 3ODQ 1DFLRQDO )HGHUDO GH 5HFXUVRV +tGULFRV 6H HQFXHQWUD HQ
FRQVHQVRHO3ODQ5HJLRQDOGH5HFXUVRV+tGULFRVTXHDEDUFDODVSURYLQFLDVGH)RUPRVD
&KDFR6DQWD)H0LVLRQHV(QWUH5tRV\&RUULHQWHV&DGDXQDGHODVSURYLQFLDVGRQGH
VHVLW~DHODFXtIHURVHHQFXHQWUDHQSURFHVRGHHODERUDFLyQGHORVGRFXPHQWRVEDVHGH
ORVSODQHVGHPDQHMRGHUHFXUVRVKtGULFRV
516
%(1(),&,26 (&21Ï0,&26 '(5,9$'26 '(/ 862 '(/ $&8Ë)(52
75$16)5217(5,=2
&XDGUR6$VSHFWRVHFRQyPLFRVUHODWLYRVDOXVRGHO6LVWHPD$FXtIHUR
%HQHILFLRVHFRQyPLFRVUHODFLRQDGRVDOXVRGHO
DJXD
'HSHQGHQFLDGHODHFRQRPtDORFDODJUR
LQGXVWULDUHFXUVRVQDWXUDOHVGHODFFHVRDO
UHFXUVRDJXD
8UXJXD\ /RV GHULYDGRV GH OD SURGXFFLyQ
DJUtFRODJDQDGHUD
8UXJXD\(VFDVD
0HGLRVGHYLGDTXHFRUUHUtDQSHOLJURSpUGLGDV
8UXJXD\ $JULFXOWXUD FHUFDQD D ]RQDV
HFRQyPLFDVVLHOVLVWHPDDFXtIHURVXEWHUUiQHR
XUEDQDV
VHYLHUDDIHFWDGRQHJDWLYDPHQWH
7(1'(1&,$6 35(9,6,%/(6 (1 (/ 862 '(/ $*8$ &202 5(&8562
75$16)5217(5,=2
(Q8UXJXD\H[LVWHXQLQWHUpVFUHFLHQWHSDUDXVRSURGXFWLYRGRPpVWLFR
&RPR DFFLRQHV SDUD PHMRUDU OD FRODERUDFLyQ VHUtD SRVLEOH HO GHVDUUROOR GH HVWXGLRV
FRQMXQWRVHQWUH8UXJXD\\$UJHQWLQD
$8725(6<)8(17(6
$UJHQWLQD 'UD 2IHOLD 7XMFKQHLGHU &RRUGLQDGRUD 1DFLRQDO ,6$50 $PpULFDV
$UJHQWLQD
8UXJXD\3UHSDUDGRFRQODFRODERUDFLyQGH(GL-XUL/RXUGHV %DWLVWD-XDQ /HGHVPD
;LPHQD/DFXpV3DEOR'HFRXG\0DOHQD3HVVL
)XHQWHV'1+,1(SUR\HFFLRQHV26(',1$0,*(&DUWD+LGURJHROyJLFD
517
518
66,67(0$$&8Ë)(5275$16)5217(5,=26$/726$/72&+,&2
$5*(17,1$858*8$<
,1)250$&,Ï1*(1(5$/62%5((/$&8Ë)(5275$16)5217(5,=2
3DtVHViUHD\SREODFLyQWRWDO
(O6LVWHPD$FXtIHUR7UDQVIURQWHUL]R6DOWR6DOWR&KLFRHVWiXELFDGRDOQRUHVWH\FHQWUR
GH ODV SURYLQFLDV GH (QWUH 5tRV \ &RUULHQWHV HQ $UJHQWLQD \ DO RHVWH GH ORV
GHSDUWDPHQWRV GH 6DOWR \ $UWLJDV HQ 8UXJXD\ (O SDLVDMH HV RQGXODGR FRQ DEXQGDQWH
YHJHWDFLyQQDWXUDO
(OVLVWHPDDFXtIHURHQ$UJHQWLQDWLHQHXQDVXSHUILFLHDSUR[LPDGDGHNPFRQ
XQD SREODFLyQ HVWLPDGD HQ KDELWDQWHV (Q 8UXJXD\ OD H[WHQVLyQ HV GH XQRV
NPFRQXQDSREODFLyQDSUR[LPDGDGHKDELWDQWHV
&DUDFWHUtVWLFDVGHODFXtIHUR
(O 6LVWHPD $FXtIHUR 7UDQVIURQWHUL]R 6DOWR6DOWR &KLFR VH HQFXHQWUD DORMDGR HQ ODV
IRUPDFLRQHV6DOWRHQ8UXJXD\\6DOWR&KLFRHQ$UJHQWLQD/DVOLWRORJtDVFRUUHVSRQGHQ
D DUHQLVFDV PHGLDV KDVWD JUXHVDV GH RULJHQ IOXYLDO \ HGDG WHUFLDULD H[KLELHQGR
FHPHQWDFLyQSRUVLOLFLILFDFLyQSRVWHULRU(ODFXtIHURHVGHDOWRUHQGLPLHQWROLEUHVHPL
OLEUH D FRQILQDGR /DV iUHDV GH UHFDUJD VH XELFDQ HQ DIORUDPLHQWRV \ D WUDYpV GH
DIOXHQWHV GHO 5tR 8UXJXD\ \ RWURV FXUVRV PHQRUHV /D WUDQVPLVLYLGDG HV GH PPGtD\ODSHUPHDELOLGDGGHPGtD
3URIXQGLGDGGHODFXtIHUR\GHORVSR]RV
(Q8UXJXD\HOHVSHVRUPi[LPRGHODFXtIHURHVGHPHWURV/RFDOPHQWHH[LVWHQiUHDVGH
FRQILQDPLHQWRGHELGRDSUHVHQFLDGHOHQWHVGHDUFLOODHQHOWHFKRGHODSRUFLyQVXSHULRU\
FHPHQWDFLyQVLOtFHDSDUFLDOGHDOJXQRVHVWUDWRV/DV]RQDVGHPD\RUHVSHVRUVHHQFXHQWUDQ
DOQRUWHGHODFLXGDGGH6DOWRODGLUHFFLyQGHOIOXMRVHGHVSOD]DKDFLDHORHVWHGHVFDUJDQGR
HQHO5tR8UXJXD\\VXVWULEXWDULRV/DVSURIXQGLGDGHVGHFDSWDFLyQRFXUUHQHQWUH\
PHWURVFRUUHVSRQGLHQGRXQHQWUH\PHWURV
=RQDVGHUHFDUJD
(Q$UJHQWLQDODViUHDVGHUHFDUJD\GHVFDUJDQRHVWiQD~QFRPSOHWDPHQWHLGHQWLILFDGDV
(Q8UXJXD\VHLQILHUHTXHODUHFDUJDSULQFLSDOGHODFXtIHURVHUHDOL]DGLUHFWDPHQWHSRU
LQILOWUDFLyQ GH ODV DJXDV PHWHyULFDV \ D WUDYpV GHO FRQWDFWR FRQ OD UHG GH DJXDV
VXSHUILFLDOHVSHURQRH[LVWHQHVWXGLRVTXHDYDOHQORDQWHULRU6HUHFRPLHQGDPDQWHQHU
HVWDSRVWXUDSDUDSURPRYHUHVWXGLRVHQXQIXWXURSUy[LPR
([SORWDFLyQ\FDXGDOHV
(Q8UXJXD\FRQVWLWX\HODIXHQWHGHDEDVWHFLPLHQWRPHQRVSURIXQGDSDUDXVRGRPpVWLFR
ULHJRHLQGXVWULDO/RVFDXGDOHVGHH[SORWDFLyQYDUtDQHQWRUQRGHDPKHQWDQWRTXH
HOFDXGDOHVSHFtILFRRVFLODHQWUH\PKP/DWUDQVPLVLYLGDGHVGHPGtD
519
32%/$&,Ï1 < 862 '(/ $*8$ 68%7(55È1($ (1 (/ È5($ '(/
$&8Ë)(52
3REODFLyQ
&XDGUR6'DWRVGHSREODFLyQ
v
v
v
7RWDO
8UEDQD\SULQFLSDOHV
FLXGDGHV
5XUDO
$UJHQWLQD
8UXJXD\
KDELWDQWHV
KDELWDQWHV
KDE
&RQFRUGLD )HGHUDFLyQ
)HGHUDO\6DOWR*UDQGH
KDE
KDE
KDE
8VRV
(Q$UJHQWLQDVHXWLOL]DQXQRVPDxRSUHIHUHQWHPHQWHSDUDULHJRGHDUUR]
PLHQWUDVTXHHQ8UXJXD\ORVXVRVSUHSRQGHUDQWHVVRQSDUDULHJRFRQVXPRGRPpVWLFRH
LQGXVWULDO
&$/,'$' < &$0%,26 '(/ $*8$ 68%7(55È1($ '(/ $&8Ë)(52
75$16)5217(5,=2
&DOLGDGGH$JXD
/DVDJXDVVRQGHPX\EXHQDFDOLGDGGHOWLSRELFDUERQDWDGDVVyGLFDV
2WUDVIXHQWHVGHDJXD
&RPR IXHQWHV DOWHUQDWLYDV GH DJXD VH WLHQHQ DJXDV VXSHUILFLDOHV UtRV \ DUUR\RV \
DJXDVVXEWHUUiQHDV6LVWHPD$FXtIHUR*XDUDQt6\$FXtIHURILVXUDGR$UDSH\6
9$5,$&,21(6 &/,0È7,&$6$&78$/(6< 35(9,67$6 (1 /$ 5(*,Ï1
'(/$&8Ë)(5275$16)5217(5,=2
&DPELRV GH OD FDQWLGDG LQWHQVLGDG \ SHULRGLFLGDG GH ODV SUHFLSLWDFLRQHV
SOXYLDOHVHQOD]RQDGHODFXtIHUR\VXLQIOXHQFLDVREUHODVPRGDOLGDGHVGHUHFDUJD
(Q$UJHQWLQD HQ ODV SURYLQFLDV GH 6DQWD )H (QWUH 5tRV \ &RUULHQWHV OD SUHFLSLWDFLyQ
PHGLDDQXDOVHKDLQFUHPHQWDGRHQDSUR[LPDGDPHQWHXQGHVGHODGpFDGDGHO
HQDGHODQWH3DUDODVSURYLQFLDVGH&KDFR \ )RUPRVDODSUHFLSLWDFLyQPHGLDDQXDOKD
GLVPLQXLGR XQ HQ OD IUDQMD RHVWH &RQWUDULDPHQWH HQ OD IUDQMD HVWH OD PLVPD KD
DXPHQWDGR XQ (VWRV UHVXOWDGRV VRQ HQ IXQFLyQ GH ORV PRGHORV GH SURQyVWLFR
WHyULFRV
(Q8UXJXD\VHREVHUYDQFDPELRVHQODLQWHQVLGDG\SHULRGLFLGDGGHODVSUHFLSLWDFLRQHV
SOXYLDOHV FRQ PiV IUHFXHQWHV HYHQWRV H[WUHPRV DVt FRPR XQ LQFUHPHQWR GH OD OOXYLD
520
SURPHGLR DQXDO 'LFKR HIHFWR VH PDQLILHVWD IXQGDPHQWDOPHQWH HQ HO SHUtRGR
FRPSUHQGLGRHQWUHORVPHVHVGHRFWXEUH\IHEUHUR
3UHYLVLyQGHFDPELRVGHODVSUHFLSLWDFLRQHVSOXYLDOHV\HQODUHFDUJDSUHYLVWRV
SDUDHOIXWXUR
3DUD$UJHQWLQDHQIXQFLyQGHORVPRGHORVGHSURQyVWLFRWHyULFRVXWLOL]DGRVVHGHWDOODQ
GRVHVFHQDULRVGHFRQWH[WRSDUDODUHJLyQOLWRUDOPHVRSRWiPLFDSDUDHOSHUtRGR
3DUD XQ SULPHU HVFHQDULR FX\DV FDUDFWHUtVWLFDV GLVWLQWLYDV VRQ SUHVHUYDFLyQ GH ODV
LGHQWLGDGHVORFDOHVDOWDWDVDGHFUHFLPLHQWRSREODFLRQDOGHVDUUROORHFRQyPLFRUHJLRQDO
HQWUHRWURVORVUHVXOWDGRVPDQLIHVWDURQTXHODVSUHFLSLWDFLRQHVDQXDOHVGLVPLQXLUiQHQ
ODVSURYLQFLDVGH0LVLRQHV&RUULHQWHVQRUGHVWHGH(QWUH5tRVQRUWHGH6DQWD)H&KDFR
\ HVWH GH )RUPRVD 6H HVSHUDQ LQFUHPHQWRV GH SUHFLSLWDFLyQ HQ HO RHVWH GH )RUPRVD
FHQWUR\VXUGH6DQWD)H\RHVWH\VXGHVWHGH(QWUH5tRV
3DUDHOVHJXQGRHVFHQDULRHOFXDOFRQVLGHUDDXPHQWRFRQWLQXRGHODSREODFLyQ\QLYHOHV
LQWHUPHGLRVGHGHVDUUROORHFRQyPLFRODVSUHYLVLRQHVHQFXDQWRDSUHFLSLWDFLyQWXYLHURQ
XQ LPSDFWR PHQRV QRWDEOH TXH HQ HO SULPHU HVFHQDULR /D GLVPLQXFLyQ HQ ORV PRQWRV
DQXDOHV VH YHULILFDUi HQ &RUULHQWHV HQ OD PLWDG RULHQWDO GH &KDFR \ HQ HO QRUWH \
QRUGHVWHGH6DQWD)H(OUHVWRGHODUHJLyQWHQGUiXQDXPHQWRHQHOVXUGH6DQWD)H\HQ
HOHVWHGH0LVLRQHV
/RVFDPELRVHQODSUHFLSLWDFLyQSUHYLVWDSDUDHO8UXJXD\ HQODGpFDGDGHVHUtDQ
SUDFWLFDPHQWHGHVSUHFLDEOHV
862 < *(67,Ï1 '( /$ 7,(55$ (1 /$ =21$ '(/ $&8Ë)(52
75$16)5217(5,=2
8QLGDGHVGHSDLVDMH\FREHUWXUDQDWXUDORULJLQDO
/DV XQLGDGHV GH SDLVDMH HQ $UJHQWLQD VRQ ]RQDV XUEDQDV WLHUUDV QDWXUDOHV ]RQDV
SURGXFWLYDV SULQFLSDOPHQWH DJUtFRODV KXPHGDOHV FXHUSRV GH DJXD UtRV \ DUUR\RV
&REHUWXUDQDWXUDORULJLQDO7LHUUDVQDWXUDOHVKXPHGDOHVFXHUSRVGHDJXDUtRV\DUUR\RV
(Q 8UXJXD\ VH PHQFLRQDQ FRPR XQLGDGHV GH SDLVDMH WLHUUDV SURGXFWLYDV QDWXUDOHV \
XUEDQDV&REHUWXUDQDWXUDORULJLQDOSUDGHUDVQDWXUDOHV\ERVTXHVULEHUHxRV
&REHUWXUD\XVRDFWXDOGHODWLHUUD
(Q $UJHQWLQD DSUR[LPDGDPHQWH