recrecimiento de yesa: el abastecimiento a zaragoza como excusa

Anuncio
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
5(&5(&,0,(172'(<(6$(/$%$67(&,0,(172
$=$5$*2=$&202(;&86$3$5$ /26
75$69$6(6
‹ 3HGUR $UURMR -RVp -DYLHU *UDFLD )FR -DYLHU 0DUWtQH] *LO -RVp 0DQXHO 1LFRODX \
0LJXHO6RODQD
3HGUR $UURMR $JXGR HV GRFWRU HQ &LHQFLDV )tVLFDV SRU OD 8QLYHUVLGDG GH =DUDJR]D
$FWXDOPHQWH HV SURIHVRU WLWXODU GHO 'HSDUWDPHQWR GH $QiOLVLV (FRQyPLFR GH OD )DFXOWDG GH
(FRQyPLFDVGH=DUDJR]D&HQWUDGDVXDFWLYLGDGGHHVWXGLR\GHLQYHVWLJDFLyQHQODHFRQRPtDGH
ORVUHFXUVRVQDWXUDOHVHVKR\XQRGHORVSRFRVHVSHFLDOLVWDVXQLYHUVLWDULRVHQPDWHULDGHJHVWLyQ
GHDJXDVGHVGHHOiPELWRGHODVFLHQFLDVHFRQyPLFDV+DSXEOLFDGRDUWtFXORV\WUDEDMRVHQORVTXH
VHFRQWUDVWDODUHDOLGDGFDOLIRUQLDQD\ODHVSDxRODUHODFLRQDGDFRQHODJXD
-RVp -DYLHU *UDFLD 6DQWRV HV JHyORJR H LQJHQLHUR DPELHQWDO SRU OD 8QLYHUVLGDG GH
=DUDJR]D (V SURIHVRU GH HQVHxDQ]D VHFXQGDULD HQ GLIHUHQWHV LQVWLWXWRV GH =DUDJR]D \ KD
SDUWLFLSDGR HQ SUR\HFWRV GH LQYHVWLJDFLyQ GH OD &iWHGUD GH +LGURJHRORJtD GH OD 8QLYHUVLGDG GH
=DUDJR]D +D SXEOLFDGR QXPHURVRV DUWtFXORV VREUH 'LGiFWLFD GH ODV &LHQFLDV GH OD 7LHUUD \ HV
PLHPEURGH&RDJUHW\GHOD&RRUGLQDGRUD%LVFDUUXpV0DOORVGH5LJORV
)FR -DYLHU 0DUWtQH] *LO HV GRFWRU HQ +LGURORJtD SRU /D 6RUERQD \ HQ *HRORJtD SRU OD
8QLYHUVLGDG GH %DUFHORQD (V 3UHPLR 1DFLRQDO GH ,QYHVWLJDFLyQ SRU HO &6,& \ FDWHGUiWLFR GH
+LGURJHRORJtDHQOD)DFXOWDGGH&LHQFLDVGHOD8QLYHUVLGDGGH=DUDJR]D(VDXWRUGHODSULPHUD\
PiVFRPSOHWDSXEOLFDFLyQVREUHHO$QWHSUR\HFWRGHO3ODQ+LGUROyJLFR1DFLRQDODORVSRFRVPHVHV
GH TXH IXHUD GDGR D FRQRFHU +D HVFULWR PiV GH XQ FHQWHQDU GH DUWtFXORV SHULRGtVWLFRV SDUD OD
SUHQVDQDFLRQDO\DUDJRQHVD(VPLHPEURIXQGDGRUGH&RDJUHW
-RVp0DQXHO1LFRODX,EDUUD HVGRFWRUHQ%LRORJtD\SURIHVRUGH(FRORJtDHQOD8QLYHUVLGDG
GH$OFDOiGyQGHLPSDUWHHQWUHRWUDVODDVLJQDWXUDGH(YDOXDFLyQGHLPSDFWR$PELHQWDO7UDEDMy
HQHO,QVWLWXWR3LUHQDLFRGH(FRORJtD&6,&HQ-DFD\IXHIXQGDGRUGH&2$3(
0LJXHO 6RODQD *DUFpV QDWXUDO GH $UWLHGD HV SURIHVRU GH VHFXQGDULD HQ +XHVFD GRQGH
DGHPiVHVFRQFHMDOGHO$\XQWDPLHQWR'HVGHKDFHDxRVIRUPDSDUWHDFWLYDGHODOXFKDFRQWUDHO
UHFUHFLPLHQWRGH<HVD\HOGHVDUUROORGHOD&DQDOGH%HUG~Q)XHIXQGDGRUGH&2$3(HQOD
SULPHUD&RRUGLQDGRUD$UDJRQHVDGH3XHEORV$IHFWDGRVSRU(PEDOVHV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
Ë1',&(
5(&5(&,0,(172'(<(6$(/$%$67(&,0,(172$=$5$*2=$&202(;&86$
3$5$/2675$69$6(6
0$5&2*(1(5$/'(/352%/(0$'(/$%$67(&,0,(172'($*8$$=$5$*2=$
<(/5(&5(&,0,(172'(<(6$
(/5(&5(&,0,(172'(<(6$,1752'8&&,Ï1+,67Ï5,&$
(/$&78$/(0%$/6(
/26&267(6',5(&726/$,181'$&,Ï1</$(;38/6,Ï1'(/$32%/$&,Ï1
/26&267(6,1',5(&726/$'(625*$1,=$&,Ï1'(/7(55,725,2
(/5(&5(&,0,(172'(<(6$'($18(67526'Ë$6
$17(&('(17(6'(/$%$67(&,0,(172'($*8$$=$5$*2=$'(6'((/3,5,1(2
(/6,67(0$+,'52/Ï*,&2$5$*Ï1&$%(&(5$'(/(%52
(/&$1$/'(%$5'(1$6
275268626(1%$5'(1$6
/268626(1(/$5$*Ï1%$-2
(/&$1$/,03(5,$/<275268626(1(/(-('(/(%52
(/$%$67(&,0,(172'($*8$$=$5$*2=$<68(172512
(/$%$67(&,0,(1726(*Ò1(/3/$1+,'52/Ï*,&2'(/(%52</$38%/,&,'$'
(/$%$67(&,0,(072'($*8$$=$5$*2=$<68(1725126(*Ò1(/$17(352<(&72
'($%5,/'(
&5Ë7,&$$/$17(352<(&72'($%$67(&,0,(172
(/$17(352<(&72127,(1(-867,),&$&,Ï17e&1,&$$/*81$
(/$17(352<(&7212'(/,0,7$48e27527,32'($&78$&,21(66211(&(6$5,$6
3$5$$%$67(&(5'($*8$'(<(6$$=$5$*2=$<68(172512
$86(1&,$'(',$*1Ï67,&26(,'(17,),&$&,Ï1'(/25,*(1'(/26352%/(0$6 6(720$&202$;,20$48(/$%8(1$&$/,'$'(125,*(1(6,*8$/$%8(1$
&$/,'$'(1'(67,126,148((6727(1*$32548(6(5&,(572
81352<(&72'((19(5*$'85$1238('(&21&(%,56(6,1/$0(-25$'(/$
'(),&,(17(5(''(=$5$*2=$
$%$67(&(5$/(172512)8(5$'(/(-('(/5Ë2(6,55$&,21$/
(;,67(1352%/(0$67e&1,&26'(6'((/38172'(9,67$+,'5È8/,&2127(1,'26(1
&8(17$
/$6$/7(51$7,9$6
/$23&,Ï1'(/$/27(7$(60È6&$5$
(/5(&5(&,0,(1726(*Ò1(/3/$1+,'52/Ï*,&2
(/$3529(&+$0,(172+,'52(/e&75,&2
(;,67(1275262%-(7,9260(12638%/,&,7$'26
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
/$/27(7$6(*Ò1(/3/$1+,'52/Ï*,&2
(;,67(1&2175$',&&,21(6(175(/2686263/$1,),&$'263$5$/$/27(7$</26
38%/,&,7$'26
$1È/,6,6&5Ë7,&2'(/$1(&(6,'$''(5(&5(&(5<(6$
126(7,(1((1&8(17$/$02'8/$&,Ï1'(&$8'$/(6(1(/$5$*Ï1%$-2
/$6'(0$1'$6'($*8$85%$1$(67È1,1)/$'$6
126(7,(1((1&8(17$/$6326,%,/,'$'(6'($+2552'(=$5$*2=$
327(1&,$/'($+2552'($*8$(1(/+2*$5
0(-25$'(/5(1',0,(172'(/$5('+,'5È8/,&$
126(7,(1((1&8(17$(/)8(57()5(12$/$75$16)250$&,Ï1'(18(925(*$'Ë2
(1%$5'(1$6
7e&1,&$0(17(/$&$3$&,'$''(/&$1$/'(%$5'(1$6123(50,7(321(5(15,(*2
%$5'(1$6,,
(/&267('(5(&5(&(5<(6$<&8/0,1$5%$5'(1$6
126(7,(1((1&8(17$/$6326,%,/,'$'(6'($+2552'(%$5'(1$6
&$17,),&$&,Ï1'(/$326,%,/,'$''($+2552
(;,67(1$/7(51$7,9$6%$5$7$63$5$(/$80(172'(*$5$17Ë$
(;,67(1$/7(51$7,9$6%$6$'$6(1$63(&726'((&2120Ë$'(/$*8$
(/5e*,0(1(&21Ï0,&2</$35,9$7,=$&,Ï1'(/$',675,%8&,Ï1'(/
$*8$
=$5$*2=$),1$1&,$5È81(0%$/6(48(121(&(6,7$
1248('$&/$5$/$5(/$&,Ï1(&21Ï0,&$'(=$5$*2=$&21(/&$1$/,03(5,$/
/$3523$*$1'$,167,78&,21$/862/$&,8'$'$1Ë$'(=$5$*2=$&202
³0$6$&5Ë7,&$´3$5$(;,*,5(/5(&5(&,0,(172
,03$&726$0%,(17$/(6'(/5(&5(&,0,(172'(<(6$
,03$&726$0%,(17$/(6&/$9(
&5Ë7,&$6$/(678',2'((9$/8$&,Ï1$0%,(17$/'(/352<(&72
(/,03$&7262%5((/3$75,021,2
&5Ë7,&$6$/02'2(148(6(+$5($/,=$'2/$(,$
35238(67$6'('(6$552//2'(6'(/$&$1$/'(%(5'Ò1
683(5$&,Ï1'(/75$80$+,67Ï5,&248(683862/$&216758&&,Ï1
'(/$&78$/(0%$/6(
$&(/(5$5/$60(','$648(3(50,7$1/$5(25'(1$&,Ï1
$'0,1,675$7,9$<'(6(59,&,26
0(-25$'(/$6,1)5$(6758&785$6'(&2081,&$&,21(6
327(1&,$&,Ï1'(6(1'(526<(13$57,&8/$5(/&$0,12'(
6$17,$*2
)$&,/,'$'(63$5$(/$3529(&+$0,(172'(/260217(6
(;3523,$'26325(/$&78$/(0%$/6(
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
$*8$67(50$/(6
(678',2,17(*5$/3$5$(/$3529(&+$0,(172'(/5Ë2$5$*Ï1
32/Ë*2126,1'8675,$/(6
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
0DUFR JHQHUDO GHO SUREOHPD GHO DEDVWHFLPLHQWR GH DJXD D =DUDJR]D \ HO
UHFUHFLPLHQWRGH<HVD
(ODFWXDOHPEDOVHGH<HVDFRQVWUXLGRHQSURYRFyHOGHVDORMRGLUHFWRGHSHUVRQDV
HODEDQGRQRGH7LHUPDV5XHVWD\(VFR\ODLQXQGDFLyQGHKD&RQORVKP HPEDOVDGRV
HQ<HVDVHFUHDURQKDGHUHJDGtRHQ%DUGHQDV(QVHSODQWHyHOUHFUHFLPLHQWRGHOD
DFWXDOSUHVDKDVWDKP GHFDSDFLGDGORTXHLPSOLFDUtDDQHJDURWUDVKDLQXQGDUHOFDVFR
XUEDQR GH 6LJpV \ ODV PHMRUHV WLHUUDV GH $UWLHGD \ 0LDQRV GHVDORMDQGR GH VXV FDVDV D SHUVRQDV
/RVREMHWLYRVGHFODUDGRVGHOUHFUHFLPLHQWRVRQ
x 3RQHUHQUHJDGtRQXHYDVKHFWiUHDVHQ%DUGHQDV
x $EDVWHFHUD=DUDJR]DGHKP GHDJXDSRWDEOHFDGDDxRPHGLDQWHXQDUHGGHGLVWULEXFLyQGH
FHQWHQDUHVGHNLOyPHWURV
x ,QVWDODUGRVFHQWUDOHV KLGURHOpFWULFDVFRQ XQD SRWHQFLDGH 0Z5HSDVDUHPRVODUDFLRQDOLGDG
GHHVWRVREMHWLYRV
/D DPSOLDFLyQ GHO UHJDGtR GH %DUGHQDV HVWi VLHQGR XWLOL]DGD FRPR FRDUWDGD VRFLDO GH RWURV
LQWHUHVHV (OUHFUHFLPLHQWRVyORWHQGUtD MXVWLILFDFLyQWpFQLFDHQXQPDUFRGHDPSOLDFLyQ PDVLYDGHO
DFWXDO UHJDGtR KHFKR TXH QL GHVGH OD 8( QL GHVGH ORV 3ODQHV 1DFLRQDOHV GH 5HJDGtR TXH
~OWLPDPHQWHVHKDQUHDOL]DGRHQ(VSDxDVHYHUHIUHQGDGR3HVHDHVWHPDUFRDSR\DGRSRU/R\ROD
GH 3DODFLR SDUHFHQ H[LVWLU IXHUWHV LQWHUHVHV SROtWLFRV HOHFWRUDOHV \ GH RWURV WLSRV LQWHUHVDGRV HQ
UHFUHFHU <HVD XWLOL]DQGR D OD FLXGDGDQtD GH =DUDJR]D FRPR ³PDVD FUtWLFD´ SDUD H[LJLUOR (O 3ODQ
1DFLRQDOGH5HJDGtRVGHO330$3$FRLQFLGHFRQHOGHO362(HQFRQWHPSODU~QLFDPHQWH
XQDGHPDQGDGHDJXDGHKP SDUDODSXHVWDHQUHJDGtRHQOD]RQDGHKDGHDTXtDODxR
H[FHVLYDPHQWH OHMRV GH ODV KD TXH MXVWLILFDUtDQ HO SUR\HFWR GH UHFUHFLPLHQWR (O
SUR\HFWR FRPSOHWR SUHVD FDQDOHV \ WUDQVIRUPDFLyQ HQ UHJDGtR DVFHQGHUtD VHJ~Q FiOFXORV GH OD
DGPLQLVWUDFLyQ GH RV DxRV D PLOORQHV GH SHVHWDV FRVWDQGR FDGD KHFWiUHD
WUDQVIRUPDGDPiVGHOWULSOHGHODFWXDOSUHFLRGHPHUFDGR(VXQSUR\HFWRHFRQyPLFDPHQWHLQYLDEOH
TXH SHVH D OD LOXVLyQ GH XQD SDUWH GH ORV UHJDQWHV QXQFD VH OOHYDUi D FDER /RV KP TXH
UHDOPHQWH KDUiQ IDOWD SXHGHQ DOPDFHQDUVH HQ WUHV SHTXHxRV HPEDOVHV HQ HO SURSLR SROtJRQR GH
ULHJRGHORVTXHKDEODUHPRVPiVDGHODQWH
(Q ORV ~OWLPRV WLHPSRV VH KD RSWDGR SRU PDQLSXODU HO VHJXQGR REMHWLYR FRPR FODYH SDUD
MXVWLILFDU HO UHFUHFLPLHQWR GH <HVD /D GHPDQGD GH DJXD GH =DUDJR]D SDUD XVR GH ERFD HV PX\
SHTXHxD \ SRGUtD VDWLVIDFHUVH FRQ HO DFWXDO HPEDOVH HO GH ORV DxRV SRU OR TXH WDPSRFR
MXVWLILFD VHPHMDQWH REUD 3RU VL IXHUD SRFR VH HVWi FRQVWUX\HQGR XQ QXHYR HPEDOVH HQ ODV
SUR[LPLGDGHVGH=DUDJR]D/D/RWHWDGHKP SDUDHVWHILQ
&LQFXHQWD PiV FLHQ QR VRQ ORV PLO KP GH PiV TXH VH TXLHUHQ UHFUHFHU HQ <HVD 6XUJH OD
SUHJXQWDGHSDUDTXp\SDUDTXLpQHVVHUiQORVRWURVKP (OLQWHUpVKLGURHOpFWULFRHOQHJRFLRGH
OD GLVWULEXFLyQ GHO DJXD SRU HPSUHVDV SULYDGDV \ IXQGDPHQWDOPHQWH DOPDFHQDU DJXD SDUD
WUDVYDVDUODDODFRVWDPHGLWHUUiQHDVRQORVREMHWLYRVLQFRQIHVRV
<HVDHVODSLH]DFODYHHQHOWUDVYDVHGHFDXGDOHVGHO(EURD9DOHQFLD\0XUFLD\SLODUGHOIXWXUR
3ODQ +LGUROyJLFR 1DFLRQDO (O 3LULQHR HQ HO HFRVLVWHPD D FRORQL]DU HO TXH WHQGUtD TXH FHGHU VXV
UHFXUVRV KtGULFRV \ DORMDU ODV LQIUDHVWUXFWXUDV GH UHJXODFLyQ 3DUD HOOR KD\ SUHYLVWRV RWURV FLQFR
JUDQGHVHPEDOVHVHQHOPDFL]R,WRL]%LVFDUUXpV-iQRYDV6DQWDOLHVWUD\5LDOS/DTXLHEUDHFROyJLFD
GHOVLVWHPDHVWiJDUDQWL]DGD\HVWRVHDSR\DGHVGHXQPLQLVWHULRTXHVHOODPDGHPHGLRDPELHQWH
1R HV FDVXDO TXH OD WUDPLWDFLyQ HQ GH OD (YDOXDFLyQ GH ,PSDFWR $PELHQWDO GH <HVD
FRLQFLGD FRQ OD SUHVHQWDFLyQ SRU SDUWH GHO 0,0$0 GHO ³/LEUR %ODQFR GHO $JXD´ GRFXPHQWR GH
GHEDWHGHOSUy[LPR3ODQ+LGUROyJLFR1DFLRQDOFX\DSULQFLSDOFRQFOXVLyQHVODQHFHVLGDGGHUHDOL]DU
WUDVYDVHVGHDJXDGHODFXHQFDGHO(EURDODVFXHQFDVGHODUFRPHGLWHUUiQHR
/D SULYDWL]DFLyQ GH OD GLVWULEXFLyQ \ JHVWLyQ GHO DJXD GH ERFD \ HO SDJR SRU ORV XVXDULRV GH
DEDVWHFLPLHQWRV GH LQIUDHVWUXFWXUDV SDUD UHJDGtRV \ WUDVYDVHV HV IDFWRU FODYH SDUD HQWHQGHU HO
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
UHFUHFLPLHQWR/DHPSUHVDS~EOLFD$&(6$$JXDVGHOD&XHQFDGHO(EURVDFDUiDFRQFXUVRODREUD
GH DEDVWHFLPLHQWR FRQ HO ³VHxXHOR´ DxDGLGR GH TXH OD VRFLHGDG R FRQVRUFLR TXH OD DFRPHWD VHUi
WDPELpQ OD FRQFHVLRQDULD GH OD H[SORWDFLyQ EDMR OD H[FXVD GH IDFLOLWDU TXH OD REUD VH KDJD HQ ORV
SOD]RV D ORV TXH REOLJD OD ILQDQFLDFLyQ SRU )RQGRV GH FRKHVLyQ GH OD 8QLyQ (XURSHD 6H WUDWD GH
FUHDUXQDHPSUHVDGHVXPLQLVWURGHDJXD³HQDOWD´DORVPXQLFLSLRVVLJXLHQGRDELHUWDODSRVLELOLGDG
GHTXHHVWRVSXHGDQDVXYH]FHGHUODJHVWLyQGHODEDVWHFLPLHQWRDODLQLFLDWLYDSULYDGDFUHiQGRVH
HPSUHVDVGHGLVWULEXFLyQ³HQEDMD´/DQHFHVLGDGGHXQDOPDFpQHVWUDWpJLFRFRQHOTXHHQWUDUHQHO
PHUFDGHRGHXQELHQS~EOLFRVHKDFHLQGLVSHQVDEOH/DH[WHQVLyQGHODUHGGHGLVWULEXFLyQDSXHEORV
FRPR &DULxHQD R (O )UDVQR D FHQWHQDUHV GH .P GH <HVD \ FRQ IXHQWHV DOWHUQDWLYDV GH DJXD GH
FDOLGDG HQ VXV FHUFDQtDV VyOR VH H[SOLFD SRU HO FDOODGR SURSyVLWR GH KDFHU GHSHQGHU DO PD\RU
Q~PHURGHSREODFLRQHVSRVLEOHVGHXQ~QLFRGLVWULEXLGRU
7DPELpQVHKDKXUWDGRGHOGHEDWHVRFLDOHOKHFKRGHTXHORVDEDVWHFLPLHQWRVVHFRQYHUWLUiQHQ
ILQDQFLDGRUHVGHODFWXDO UHJDGtR (QHIHFWRORVFiOFXORVGHOFRVWHGHODJXD SDUD =DUDJR]DFRQ ORV
TXH WUDEDMD OD &+( WLHQHQ \D HQ FXHQWD HO FDQRQ GH UHJXODFLyQ GH <HVD UHFUHFLGR WHQLHQGR HQ
FXHQWDTXHHOPHWURF~ELFRSDUDDEDVWHFLPLHQWRVXHOHSDJDUYHFHVPiVTXHHOGHVWLQDGRDULHJR
=DUDJR]D \ VX HQWRUQR VH FRQYHUWLUi HQ VXEYHQFLRQDGRU LQGLUHFWR GHO DJXD SDUD UHJDGtR PHGLDQWH
XQDLQIUDHVWUXFWXUDFX\DQHFHVLGDG GLItFLOPHQWHVHMXVWLILFD3HUR HVTXH DGHPiVOD&+( SUHWHQGH
TXH =DUDJR]D VLJD SDJDQGR HO DFWXDO FDQRQ \ WDULID TXH SDJD D VX DFWXDO SURYHHGRU HO &DQDO
,PSHULDO GH $UDJyQ SRU HO DJXD TXH GHMDUi GH XVDU HQ FRQFHSWR GH ³UHVHUYD HVWUDWpJLFD´ (VWD
FOiXVXODSURFHGHGHOKHFKRGHTXHODVKDUHJDGDVGHO&DQDOVHUtDQLQFDSDFHVGHVRSRUWDUHO
FRVWHGHPDQWHQLPLHQWRVLQODSUHVHQFLDGH=DUDJR]DTXHKR\HQGtDSDJDHOGHODVWDULIDV
1DWXUDOPHQWHORVLQWHUHVHVSXHVWRVHQMXHJRHQHODEDVWHFLPLHQWR\UHFUHFLPLHQWRLQFOXLGRVORV
PHUDPHQWH HOHFWRUDOHV VRQ LQPHQVRV \ OD FDGHQD VH URPSH SRU HO HVODEyQ GH ORV DIHFWDGRV ORV
KDELWDQWHV GH OD -DFHWDQLD TXH YDQ D VHU LQXQGDGRV \ TXH UHFLELUiQ XQ QXHYR LPSDFWR VRFLDO \
DPELHQWDO D DxDGLU DO TXH \D VXIULHURQ FRQ HO DFWXDO SDQWDQR (Q HO FDVR GH <HVD ORV LPSDFWRV
VRFLDOHVVRQPX\JUDYHVGHULYDGRVGHODLQXQGDFLyQGH6LJpV\GHODH[SXOVLyQGHSHUVRQDV
GHVXVFDVDVDOJRTXHHQFXDOTXLHUSDtVGHQXHVWURHQWRUQRHVUD]yQVXILFLHQWHSDUDQRREWHQHUXQD
'HFODUDFLyQ GH,PSDFWR$PELHQWDOIDYRUDEOH6HDQHJDUtDQ NLOyPHWURVGHO&DPLQRGH 6DQWLDJR
WUDQVLWDGRV GXUDQWH VLJORV SRU PLOORQHV GH SHUHJULQRV \ GHFODUDGR %LHQ GH ,QWHUpV &XOWXUDO \
3DWULPRQLRGHOD+XPDQLGDGSRUOD81(6&2HOPDJQtILFRFDVFRXUEDQRGH6LJpVYDULDVHUPLWDVH
LJOHVLDVURPiQLFDVHQ6LJpV5XHVWD\$UWLHGDXQDQHFUySROLVGHOD(GDGGHO+LHUURHQ5XHVWDORV
\DFLPLHQWRVDUTXHROyJLFRVGHYLOODVURPDQDVHQ$UWLHGDORVYHQHURVGHDJXDVWHUPDOHVHQ7LHUPDV
8QDGHODVFRODVGHOHPEDOVH\ODVYDULDQWHVGHFDUUHWHUDVDIHFWDUtDQDXQHVSDFLRQDWXUDOGHJUDQ
YDORUODIR]GH6LJpVXQHQFODYHGHDOWDGLYHUVLGDG\VLQJXODULGDGHQHOTXHVHKDOODQQXPHURVDV
HVSHFLHV SURWHJLGDV HQWUH HOODV HO TXHEUDQWDKXHVRV 7DPELpQ VH DIHFWD DO ÈUHD GH 3URWHFFLyQ GH
$YHVGHODV6LHUUDVGH/H\UH2UEDH,OOyQ
(Q HO PRPHQWR DFWXDO HVWi D SXQWR GH HPLWLUVH XQD 'HFODUDFLyQ GH ,PSDFWR $PELHQWDO GH
GXGRVDOHJDOLGDGEDVDGDHOVHJXQGR(VWXGLRGH,PSDFWRTXHVHUHDOL]DTXHHOSURSLR0LQLVWHULRKD
UHFRQRFLGR FRPR LQVXILFLHQWH /DV SUHVLRQHV SROtWLFDV GH /DQ]XHOD VREUH HO 0LQLVWHULR GH 0HGLR
$PELHQWHVRQPX\JUDQGHV(QHIHFWRHOJRELHUQRGH$UDJyQVHKDHULJLGRHQSRUWDYR]DFWLYRGHORV
LQWHUHVHV IDYRUDEOHV D ODV JUDQGHV REUDV GH UHJXODFLyQ HQ HO 3LULQHR TXH VRQ QXPHURVRV
KLGURHOpFWULFRV FRQ %HQLJQR %ODQFR 6HFUHWDULR GH (VWDGR GH $JXD \ &RVWDV \ KDVWD KDFH SRFR
DVHVRU MXUtGLFR GH ,EHUGUROD FULWLFDQGR OD QRUPDWLYD GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO GH ODV
FRQVWUXFWRUDV GH ORV JUDQGHV SDUWLGRV QDFLRQDOHV TXH WLHQHQ VXV YRWRV HQ ODV GHQVDPHQWH
SREODGDV FRPXQLGDGHV PHGLWHUUiQHDV \ GH ORV LQJHQXRV \ XWLOL]DGRV UHJDQWHV H[SHFWDQWHV
DUDJRQHVHVTXHMDPiVUHJDUiQ VXV VHFDQRV SHUR TXH DVSLUDQ D VHUDJXDWHQLHQWHV SRU OR TXH QR
VRQ WDQ LQJHQXRV (Q HVWH FRQWH[WR OD RSRVLFLyQ VRFLDO DO UHFUHFLPLHQWR HQ OD ]RQD DIHFWDGD HV
HQRUPH \ XQiQLPH 7RGRV ORV SXHEORV ê PDQFRPXQLGDGHV GHO 3LULQHR 2FFLGHQWDO DUDJRQpV HVWiQ
PDQLIHVWDQGRS~EOLFDPHQWHPHGLDQWH GLIHUHQWHVDFXHUGRVVXUDGLFDORSRVLFLyQDO UHFUHFLPLHQWRSRU
HOIXHUWHLPSDFWRVRFLDOTXHWHQGUtDHQWRGDOD]RQDODVRFLHGDGFLYLO\HOWHMLGRVRFLDOGHWRGRVHVWRV
SXHEORVVHHVWiUiSLGDPHQWHRUJDQL]DQGRHQWRUQRDXQD³3ODWDIRUPDHQFRQWUDGHOUHFUHFLPLHQWRGH
<HVD´ODSUHVLyQVRFLDOHQORVPHGLRVGHFRPXQLFDFLyQHVFRQWLQXD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(OUHFUHFLPLHQWRGH<HVDLQWURGXFFLyQKLVWyULFD
(ODFWXDOHPEDOVH
/D FRQVWUXFFLyQ GHO HPEDOVH GH <HVD KD PDUFDGR SURIXQGDPHQWH OD YLGD HQ HVWD FRPDUFD
SUHSLUHQDLFD D OR ODUJR GH WRGR HO VLJOR ;; \ KD FRQVWLWXLGR XQ IDFWRU GH GHVSREODFLyQ GH HQRUPH
LPSRUWDQFLD +D VLGR XQD DFWLYLGDG FRQVFLHQWH TXH SXHGH \ GHEH VHU MX]JDGR D SDUWLU GH FULWHULRV
FRQFUHWRV FRPR HO JUDGR GH FXPSOLPLHQWR GH VXV REMHWLYRV ORV FRVWHV HFRQyPLFRV VRFLDOHV \
DPELHQWDOHV DVRFLDGRV \ ODV SROtWLFDV DOWHUQDWLYDV TXH SXGLHURQ SODQWHDUVH HQ FDGD PRPHQWR \
IXHURQGHVFDUWDGRV
/RVGRVPRPHQWRVFUXFLDOHVSDUDODFRQVWUXFFLyQGH<HVDVHYLYLHURQGXUDQWHODVGLFWDGXUDVGH
SULPRGH5LYHUD\GH)UDQFR(VWHFRQWH[WRDXWRULWDULRLPSLGLyODGLVFXVLyQGHPRFUiWLFDWRPiQGRVH
HVWDVGHFLVLRQHVGXUDQWHXQDXWpQWLFRSHULRGRGHHVWDGRGHH[FHSFLyQ
/D/H\GH5HJDGtRVGHFRQWHPSOySRUSULPHUDYH]ODSRVLELOLGDGGHTXHOD$GPLQLVWUDFLyQ
HODERUDUDSUR\HFWRVGHLQIUDHVWUXFWXUDV\HMHFXWDUDODVREUDVSRUFXHQWDSURSLD8QRGHVXVSULPHURV
SODQHV IXH OD SXHVWD HQ UHJDGtR GH OD FRPDUFD GH %DUGHQDV DSURYHFKDQGR ODV DJXDV GHO UtR
$UDJyQ8QDIRUPXODFLyQSUHOLPLQDUGHHVWHSUR\HFWR DSDUHFH\DHQHO3ODQ 1DFLRQDO GH 2EUDVGH
\ VX IRUPD GHILQLWLYD IXH HVWDEOHFLGD HQ ORV SUR\HFWRV GHO HPEDOVH GH <HVD \ GHO &DQDO GH
%DUGHQDVDSUREDGRVHQORVDxRVEDMRODGLFWDGXUDGHO*HQHUDO3ULPRGH5LYHUD(QDSHQDV
VHKDEtDQGDGRORVSULPHURVSDVRVHQODFRQVWUXFFLyQGHOHPEDOVHSHURSRFRGHVSXpVGHOD*XHUUD
&LYLOVHGLRXQIXHUWHLPSXOVRDODVREUDVLQDXJXUiQGROR)UDQFRHQ6XFDSDFLGDGHUDGH
+P \ODVXSHUILFLHLQXQGDGDGH+DV
/RVFRVWHVGLUHFWRVODLQXQGDFLyQ\ODH[SXOVLyQGHODSREODFLyQ
(O ODUJR SURFHVR GH OD FRQVWUXFFLyQ GH <HVD SURYRFy HQ OD SREODFLyQ DPHQD]DGD TXH pVWD
GHMDUDGHDUUHJODUVXVFDVDV\PHMRUDUVXVFXOWLYRVDQWHODLQPLQHQWHLQXQGDFLyQGHVXVWLHUUDV\HO
REOLJDGR DEDQGRQR GH VXV YLYLHQGDV (VWR H[SOLFD HO ODPHQWDEOH HVWDGR HQ TXH VH HQFRQWUDEDQ
FXDQGRVHLQDXJXUyHOHPEDOVH
6HDQHJDURQ+DVGHHOODVFHUFDGHGHODPHMRUKXHUWDGHODFRPDUFD\VHGHMyVLQ
PHGLR GH YLGD D ORV KDELWDQWHV GH 7LHUPDV 5XHVWD \ (VFR DFDEDQGR WDPELpQ FRQ OD LPSRUWDQWH
FDEDxDJDQDGHUD
18&/(26 $)(&7$'26 325 (/ (0%$/6( '(
<(6$
7LHUPDV
5XHVWD
(VFR
727$/
+DELWDQWHVHQ
+DELWDQWHVHQ
/DGHVSREODFLyQFDXVDGDSRUHOHPEDOVHGH<HVDHVHQWpUPLQRVUHODWLYRVUHILULpQGRQRVDODV
JHQHUDGDVSRUSDQWDQRVODPiVLPSRUWDQWHGHODVHVWXGLDGDVHQ$UDJyQVXSRQHHQWRUQRDO
GHODSpUGLGDGHPRJUiILFDGHO3UHSLULQHRHQODHWDSD\HOHQOD$OWD=DUDJR]D
'(63/$=$0,(1726'(32%/$&,Ï1$62&,$'26$/$&216758&&,Ï1'(<(6$
3UHSLULQHR
3REODFLyQ KDE
3REODFLyQ KDE
'HVFHQVRGHPRJUiILFR KDE
3REODFLyQGHVSOD]DGD<HVD KDE
3XHEORVGHOD$OWD
=DUDJR]D
3DGUyQGH
KDE
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
3DGUyQGH
KDE
(O GHVWLQR GH ORV H[SXOVDGRV IXH SDUD EXHQD SDUWH GH ORV YHFLQRV GH 7LHUPDV HO SXHEOR GH
FRORQL]DFLyQ GH (O %D\R HO UHVWR VH GLVWULEX\y SULQFLSDOPHQWH HQWUH =DUDJR]D 6DQJHVD \
3DPSORQD
/RVFRVWHVLQGLUHFWRVODGHVRUJDQL]DFLyQGHOWHUULWRULR
/D GHVDSDULFLyQ GH 7LHUPDV FRPR Q~FOHR GH SREODFLyQ RUJDQL]DGRU \ FRQ pO GH WRGRV ORV
VHUYLFLRV TXH SUHVWDED FRQYLUWLy HQ PX\ GLItFLO OD VXSHUYLYHQFLD GHO UHVWR GH ORV SXHEORV GH OD
FRPDUFD
(OHPEDOVHGH<HVDRFXSyXQIRQGRGHYDOOHDQHJDQGR WLHUUDVGHDOWDFDOLGDG \SURGXFWLYLGDG
TXHGDQGR ORV WUHV Q~FOHRV PiV GLUHFWDPHQWH DIHFWDGRV VLQ PHGLRV GH VXEVLVWHQFLD 1R VyOR VH
LQXQGDURQ ODV PHMRUHV WLHUUDV WDQ HVFDVDV HQ HO 3LULQHR \ 3UHSLULQHR VLQR TXH DO GHVDSDUHFHU HO
JDQDGRVHSURGXMRXQHPEDVWHFLPLHQWRSURJUHVLYRGHORVSDVWRVQRDSURYHFKDGRV
2WUR IDFWRUD WHQHU HQ FXHQWD IXH OD HMHFXFLyQ GH JUDQGHV SURJUDPDV GH UHSREODFLyQ IRUHVWDO
SDUD UHGXFLU OD HURVLyQ \ DVt UHWHQHU OD FROPDWDFLyQ TXH OOHJy LQFOXVR DO YDOOH GH OD *DUFLSROOHUD
VLWXDGRDXQDGLVWDQFLDGH.P(OSDQWDQRGH<HVDKDKLSRWHFDGRHOIXWXURQRVyORGHODWLHUUD
LQXQGDGDVLQRGHWRGDOD&DQDOGH%HUG~Q\ODV$OWDV&LQFR9LOODV
6HSUHVHQWyFRPR LQHYLWDEOHODGHVSREODFLyQ GH ODV iUHDV LQXQGDGDV ORV PRQWHVH[SURSLDGRV
GH OD PDUJHQL]TXLHUGD GHO UtR $UDJyQ IXHURQ DGMXGLFDGRV D $\XQWDPLHQWRV GH IXHUD GHO YDOOH TXH
KDEtD UHVXOWDGR DIHFWDGR GLUHFWDPHQWH (O %DOQHDULR GH 7LHUPDV \ WRGR HO SRWHQFLDO TXH RIUHFtD VX
FDXGDO \ EXHQD DFFHVLELOLGDG IXH FRQGHQDGR D OD GHVDSDULFLyQ /D HVWUXFWXUD SURYLQFLDO GH ORV
PXQLFLSLRVGHMyDFXDWURGHHOORVGHVOLJDGRVFXDQGRQRHQIUHQWDGRVHQFXDQWRDLQWHUHVHVGHOUHVWR
GHORVGHVXFRPDUFD1RKXER XQD SROtWLFD QHXWUDO QL XQD DFWXDFLyQ TXH VH SURSXVLHUD FDXVDUHO
PHQRU GDxR SRVLEOH VLQR XQ FRQMXQWR GH GHFLVLRQHV RULHQWDGDV D DFDEDU FRQ ODV SRVLELOLGDGHV GH
VXSHUYLYHQFLDGHHVWD]RQD
(O5HFUHFLPLHQWRGH<HVD'HDQXHVWURVGtDV
$SULQFLSLRVGHORVDxRVVHSODQWHDSRUSDUWHGHO0LQLVWHULRGH2EUDV3~EOLFDVODUHJXODFLyQ
FRQMXQWDGHORVUtRV$UDJyQH,UDWLFRQHOREMHWRGHSURSRUFLRQDUDJXDSDUDHO3ODQGH5HJDGtRVGH
%DUGHQDV,,FRQWUHVSRVLEOHVRSFLRQHV
x
x
*UDQ /XPELHU VREUH HO ,UDWL GH +P GH FDSDFLGDG FRQ W~QHO D <HVD SDUD UHJXODU
FRQMXQWDPHQWHDPERVUtRV
/XPELHUDQWHVGHODFRQIOXHQFLDFRQHOUtR6DOD]DUGH+P
x $RL],WRL]HQHO,UDWLGH+P
x $VSXU]HQHO6DOD]DUGH+P FRQW~QHODOUtR$UDJyQHQ<HVD
x %HUG~QVREUHHOUtR$UDJyQGH+P
/DRSFLyQEVXVWLWX\HQGRHOHPEDOVHGH%HUG~QSRUHO5HFUHFLPLHQWRGH<HVDKDVWD+P
GHFDSDFLGDG
x
/DSURSXHVWDGHO*UDQ/XPELHUTXHSUHWHQGtDDSURYHFKDUOD)R]GH /XPELHUSDUDFRQVWUXLUOD
SUHVDIXHSDUDOL]DGDHQSRUODIXHUWHRSRVLFLyQSRSXODUFRQOD'LSXWDFLyQ)RUDOGH1DYDUUDDOD
FDEH]D
(O HPEDOVH GH %HUG~Q WDPELpQ IXH PDVLYDPHQWH FRQWHVWDGR FRQ PRYLOL]DFLRQHV TXH
FRLQFLGLHURQ FRQ OD WUDQVLFLyQ GHPRFUiWLFDDO HQWHQGHU QR VyORTXH LED D GHVWUXLUOD FRPDUFDVLQR
TXHVHWUDWDEDGHDOPDFHQDUJUDQGHVFDQWLGDGHVGHDJXDSDUDWUDVYDVDUIXHUDGH$UDJyQ\1DYDUUD
6RQ ORV PRPHQWRV HQ TXH GHVGH &DWDOXxD VH SLGH FRQ LQVLVWHQFLD HO WUDVYDVH GHO (EUR SRUTXH
VHJ~Q VXV SURSLRV GRFXPHQWRV QR WHQtDQ JDUDQWL]DGR HO VXPLQLVWUR GH DJXD SDUD VX IXWXUR
GHVDUUROORLQGXVWULDO
(Q HVWH VHQWLGR FRQYLHQH UHFRUGDU FRPR UHVXPHQ GH OD ILORVRItD TXH HQFHUUDEDQ HVWRV
SUR\HFWRVODVSDODEUDVTXHHQSURQXQFLyHOHQWRQFHVVHQDGRU5DPyQ6DLQ]GH 9DUDQGD (O
DJXDTXHVHSLHQVDDOPDFHQDUHQHO$UDJyQ\HQHO,UDWLQRVHUiSDUDULHJRV6HWUDWDGHHPEDOVDU
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
DJXD FRQ ORV HPEDOVHVGH /XPELHU\ %HUG~Q \D DEDQGRQDGRV R <HVD UHFUHFLGR \ FRQ RWURV TXH
WLHQHSUHYLVWRVOD'*2+SDUDSUHSDUDUHOWUDVYDVH $QGDOiQ
$SULQFLSLRVGHORVOD&+(DEDQGRQDODLGHDGHODUHJXODFLyQFRQMXQWD \FRRUGLQDGDGHODV
FXHQFDV GHO $UDJyQ \ GHO ,UDWL (Q VH LQLFLD HO SUR\HFWR GH ,WRL] HQ HO ,UDWL GH +P /DV
QXPHURVDV PRYLOL]DFLRQHV \ ORV UHFXUVRV SODQWHDGRV QR KDQ LPSHGLGR TXH OD $GPLQLVWUDFLyQ
VLJXLHUD FRQVWUX\HQGR OD SUHVD FRPHWLHQGR JUDYHV LUUHJXODULGDGHV DFWXDQGR LOHJDOPHQWH
LQFXPSOLHQGRVHQWHQFLDV\VLJXLHQGRODSROtWLFDGHKHFKRVFRQVXPDGRV
(O 5HFUHFLPLHQWR GH <HVD VH SODQWHD HQ XQ SUR\HFWR GH PRGLILFDGR HQ \ TXH VH
FRQFUHWD FRQ OD H[SRVLFLyQ D LQIRUPDFLyQ S~EOLFD HQ 1RYLHPEUH GH GHO SUR\HFWR GH
UHFUHFLPLHQWR\GHYDULDQWHVGHFDUUHWHUDV
(VWHSUR\HFWRQRHVHOPLVPRTXHKHPRVPHQFLRQDGRDQWHVHOGHFX\DFDSDFLGDGHUDGH
+P FRWDVHVDOYD6LJpV\+DVGHVXSHUILFLHLQXQGDGD
(OSUR\HFWRGHHVHOPLVPRTXHVHYXHOYHDSODQWHDUSRUDOJ~QVHFWRUHQ+P FRWDGHDJXDLQXQGD6LJpV+DVGHVXSHUILFLH\XQSUHVXSXHVWRGH03WVGH
1RVHQFRQWUDUtDPRVFRQHOVHJXQGRPD\RUHPEDOVHGHWRGDODFXHQFDGHO(EURGHVSXpVGH
0HTXLQHQ]D+P(VWHSUR\HFWRFRQWyHQFRQFLHQWRVGHDOHJDFLRQHVGHKDELWDQWHVGH
OD FRPDUFD GH ORV WUHV D\XQWDPLHQWRV DIHFWDGRV 6LJpV $UWLHGD \ 0LDQRV GH OD &iPDUD GH
&RPHUFLR GH +XHVFD \ GH OD '*$ SUHVLGLGD SRU 6DQWLDJR 0DUUDFR TXH FRQVLGHUDED HO
UHFUHFLPLHQWRPX\QHJDWLYRSDUDHOHTXLOLEULRWHUULWRULDOGH$UDJyQSURSRQLHQGRFRPRDOWHUQDWLYDHO
HPEDOVHGH(PE~QHQHOUtR$UDJyQ6XERUGiQGH+P TXHLQXQGDED+DV \TXH
WHQtDXQFRVWHGH03WV
(QHOSUR\HFWRGHUHFUHFLPLHQWRVDOHDH[SRVLFLyQS~EOLFDGHQXHYR6HSUHVHQWDQPiVGH
DOHJDFLRQHV GH SDUWLFXODUHV GH WRGR $UDJyQ SURIHVRUHV GH OD 8QLYHUVLGDG GH =DUDJR]D
GHFHQDVGHD\XQWDPLHQWRVGHODFRPDUFDSDUWLGRVSROtWLFRVFRPR&KXQWD$UDJRQHVLVWDH,]TXLHUGD
8QLGDWRGRVORVJUXSRVHFRORJLVWDVGH$UDJyQHWF(QQLQJXQRGHORVSHULRGRVVHKDFRQWHVWDGRD
ODVDOHJDFLRQHV
(Q\HOD\XQWDPLHQWRGH=DUDJR]DSUHVLGLGRSRU$QWRQLR*RQ]iOH]7ULYLxRODQ]DOD
FDPSDxD $JXD TXH KDV GH EHEHU FRQ HO OHPD 5HFUHFLPLHQWR GH <HVD \ FRQ /XLV *DUFtD
1LHWR FRPR FRQFHMDO UHVSRQVDEOH GH FDPSDxD (Q XQR GH ORV PD\RUHV GHIHQVRUHV GHO
UHFUHFLPLHQWR$QWRQLR$UDJyQSUHVLGHQWHGHOD&+(HVSURFHVDGRSRUODMXVWLFLDDFXVDGRGHOFREUR
GH FRPLVLRQHV LOHJDOHV (O HO D\XQWDPLHQWR GH =DUDJR]D OD '*$ \ OD &+( ILUPDQ XQ
FRQYHQLRGHFRODERUDFLyQSDUDOOHYDUDJXDGH<HVDDOFRUUHGRUGHO(EUR
(VWDGHFLVLyQSURYRFDODUHDFFLyQGHORVUHJDQWHVGH%DUGHQDV\GHDOJXQRVD\XQWDPLHQWRVGH
/DV&LQFR9LOODVTXHH[LJHQHOUHFUHFLPLHQWRSRUFRQVLGHUDUTXHVHOHVLRQDQVXVLQWHUHVHV
$QWHFHGHQWHVGHODEDVWHFLPLHQWRGHDJXDD=DUDJR]DGHVGHHO3LULQHR
&XDQGR HQ ORVDxRV VH SODQWHD OD QHFHVLGDG GH XQD QXHYDIXHQWH GH DEDVWHFLPLHQWR SDUD
=DUDJR]D LQGHSHQGLHQWH GHO &DQDO ,PSHULDO VH FUHtD TXH HO SUREOHPD D ODUJR SOD]R LED D VHU HO
HOHYDGRLQFUHPHQWRGHODGHPDQGDXUEDQDTXHMXQWRFRQXQDH[SDQVLyQFDVLLOLPLWDGDGHOUHJDGtR
SURYRFDUtDODLQVXILFLHQFLDGHODJXDWUDQVSRUWDGDSRUHO&DQDOVLHQGRH[LJLEOHVXFHPHQWDFLyQSDUD
DXPHQWDUODFDSDFLGDGGHWUDQVSRUWH\ODDSDULFLyQGHXQDQXHYDIXHQWHGHVXPLQLVWUR&RPRWDQWDV
YHFHVODSODQLILFDFLyQSHFySRUH[FHVRSHURODVLQIUDHVWUXFWXUDVTXHVHSODQWHDURQDXQVLQHMHFXWDU
VLJXHQWHQLHQGRYLJHQFLDSHVHDQRH[LVWLU\DHOREMHWLYRSDUDHOTXHIXHURQFUHDGDV
$VtHOGHMXQLRGHHO ([FPR$\XQWDPLHQWRGH=DUDJR]DVROLFLWD DO0LQLVWURGH2EUDV
S~EOLFDV GLVSRQHU GH XQ FDXGDO GH P V SDUD HO DEDVWHFLPLHQWR GH =DUDJR]D GHVGH HO &DQDO GH
%DUGHQDV 6H LQIRUPD IDYRUDEOHPHQWH SRU OD &+( (Q \D HUD XUJHQWH UHYHVWLU HO &DQDO SDUD
HYLWDU GHILFLHQFLDV GH VXPLQLVWUR HQ =DUDJR]D KDQ SDVDGR DxRV VLQ TXH KD\D H[LVWLGR HO PiV
PtQLPRSUREOHPD
(Q PDU]R GH OD RILFLQD GHO 3ODQ +LGUROyJLFR GH OD &+( UHDOL]D HO LQIRUPH HVWUDWHJLD GH
DEDVWHFLPLHQWR GH =DUDJR]D \ VX iUHD PHWURSROLWDQD HQ XQ KRUL]RQWH GH DxRV´ HQ GRQGH VH
FDOFXODEDSDUDHOXQRVKDELWDQWHVTXHFRQVXPLUtDQPVKP 3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
%ROHD )RUDGDGD HVFULEH HQ TXH HO UHYHVWLPLHQWR GHO &DQDO HV GH HYLGHQWH LQWHUpV SDUD
$UDJyQ SDUD ³DVHJXUDU ODV QXHYDV QHFHVLGDGHV GHULYDGDV GH OD LQGXVWULDOL]DFLyQ \ FUHFLPLHQWR´
'HOJDGR<XEHUR'LUHFWRUGHO &DQDO ,PSHULDO HOUHYHVWLPLHQWRSHUPLWHXQDXPHQWRGH P V
SDUD XVR GH DEDVWHFLPLHQWR GH =DUDJR]D ³OR TXH SHUPLWLUtD HO HVWXGLR FRQ WUDQTXLOLGDG GH RWUDV
IXHQWHVDOWHUQDWLYDVSDUDODVIXWXUDVQHFHVLGDGHVGHODFLXGDG´&HUH]R/DVWUDGD'LUHFWRUGH
YLDOLGDG \ DJXDV GHO $\XQWDPLHQWR GH =DUDJR]D ³(Q FXDQWR D SUHYLVLRQHV D ODUJR SOD]R GHO
DEDVWHFLPLHQWR GH DJXD PiV DOOi GHO DxR FXDQGR VH KD\DQ FXELHUWR ORV PV TXH
DFWXDOPHQWHHVWiSUHYLVWRGHULYDUGHOFDQDOLPSHULDOVHUiQHFHVDULRXWLOL]DURWURVUHFXUVRV\HQHVWH
VHQWLGR VH RULHQWD OD SHWLFLyQ YDULDV YHFHV IRUPXODGD SRU HO $\XQWDPLHQWR GH =DUDJR]D VREUH OD
GLVSRQLELOLGDGGHDJXDDSDUWLUGHOVLVWHPDGH%DUGHQDVXQDYH]UHFUHFLGR<HVD´
2EVHUYDPRVTXHSDUDHODxRODVQHFHVLGDGHVGHDJXDVHFLIUDEDQHQKP P V
ODUHDOLGDGKR\QRVGHPXHVWUDTXHVyORGHPDQGDPRVKP HTXLYDOHQWHVDP VGRV
YHFHV\PHGLDPHQRVGHORSODQLILFDGR
(QVXUJHHQ=DUDJR]DHOSUR\HFWR³=DUDJR]DFLXGDGDKRUUDGRUDGHDJXD´/D)XQGDFLyQ
(FRORJtD \'HVDUUROORGHIXHUWHLPSODQWDFLyQVRFLDOHQ$UDJyQTXHUtDGHPRVWUDUFRQHVWHSUR\HFWR
TXH HUD SRVLEOHUHVROYHUORV SUREOHPDV GH OD HVFDVH] GH DJXD FRQ RWUR HQIRTXH PiVEDUDWR PiV
HFROyJLFRPiVUiSLGR\VLQHQIUHQWDPLHQWRVVRFLDOHVDKRUUDQGRDJXDDXPHQWDQGRODHILFLHQFLDHQ
VXXVR/DILQDOLGDGGHOSUR\HFWRHUDSURPRYHUXQDQXHYDFXOWXUDGHODJXDFRQXQDJHVWLyQUDFLRQDO
GHHVHUHFXUVR QDWXUDO OLPLWDGRH LPSUHVFLQGLEOHSDUDOD YLGD (VWH REMHWLYRVH FRQFUHWDED D WUDYpV
GHODKRUURGHPLOORQHVGHOLWURVGHDJXDHQXVRVGRPpVWLFRVSDUDODFLXGDGGH=DUDJR]DHQHO
SOD]R GH XQ DxR $GHPiV HQ OD ~OWLPD IDVH GHO SUR\HFWR VH SURPRYtD HO FRQRFLPLHQWR GH RWUDV
PHGLGDVDKRUUDGRUDVGHDJXDHQODLQGXVWULD\RWURVXVRVXUEDQRVSDUTXHVMDUGLQHV(OSUR\HFWR
SODQWHDED FRPR LPSUHVFLQGLEOHV SDUD OD FRQVHFXFLyQ GH HVWH REMHWLYR ODV VLJXLHQWHV FXHVWLRQHV
LQWURGXFLU FDPELRV QRUPDWLYRV H LPSRVLWLYRV IRPHQWDU HQWUH ORV FRQVXPLGRUHV OD GHPDQGD GH
WHFQRORJtDDKRUUDGRUDGHDJXDHVWLPXODUHOPHUFDGRGHWHFQRORJtDDKRUUDGRUDGHDJXD\IRUPDUH
LQIRUPDUDORVSURIHVLRQDOHVGHOVHFWRU
(OSUR\HFWRWXYRXQSUHVXSXHVWRGHFDVLPLOORQHVGHSHVHWDV&DVLHOGHODILQDQFLDFLyQ
FRUULyDFDUJRGHO3URJUDPD/LIHGHOD8QLyQ(XURSHDUHSDUWLpQGRVHHOUHVWRHQWUHHO$\XQWDPLHQWR
GH =DUDJR]D OD 'LSXWDFLyQ *HQHUDO GH $UDJyQ ,EHUFDMD ODV HPSUHVDV SURPRWRUDV \ OD SURSLD
)XQGDFLyQ (FRORJtD \ 'HVDUUROOR (QWUH ORV ORJURV FRQVHJXLGRV SRU GLFKD FDPSDxD VH FXHQWD OD
GHFLVLyQ SRU HO SOHQR GHO $\XQWDPLHQWR GHO GH RFWXEUH GH FRQ HO DFXHUGR GH WRGRV ORV
JUXSRVSROtWLFRVSUHVHQWHVHQODFRPSDUHFHQFLDKDGHFLGLGRUHDOL]DUXQSODQSDUDDKRUUDUDJXDHQOD
FLXGDGWDQWRHQXVRVGRPpVWLFRVFRPRHQRWURVXVRVXUEDQRV
/D FDPSDxD DPSOLDPHQWH GLYXOJDGD HQ PHGLRV GH FRPXQLFDFLyQ \ HQ OD TXH ODV GLIHUHQWHV
DGPLQLVWUDFLRQHV RIUHFLHURQ XQD LPDJHQ S~EOLFD GH DFWXDU GH IRUPD DPELHQWDOPHQWH FRUUHFWD
FRQVLJXLyDKRUUDUXQKP \GHPRVWUyXQDSROtWLFD GHXWLOL]DFLyQSURSDJDQGtVWLFD GH ODPLVPD8QD
SDUWH GH OD VRFLHGDG HQWHQGtD HO DKRUUR FRPR IRUPD GH HYLWDU LQIUDHVWUXFWXUDV LPSDFWDQWHV HQ HO
PHGLRDPELHQWHFRPRHOUHFUHFLPLHQWRGH<HVDSHURWDQWRHO$\XQWDPLHQWRGH=DUDJR]DFRPRHO
*RELHUQR GH $UDJyQ KDQ GHMDGR ELHQ FODUR HQ VX SURSDJDQGD LQVWLWXFLRQDO TXH SDUD DEDVWHFHU D
=DUDJR]D HV QHFHVDULR UHFUHFHU <HVD HQ KP PiV 6yOR OD )XQGDFLyQ (\' UHODWLYL]D VX
SRVLFLyQ HQ HVWH DVSHFWR ³&XDQGR GH YHUGDG VHSDPRV OD YHUGDGHUD GHPDQGD GH DJXD SRGUtD
ORJUDVH XQ 3$&72 HQWUH WRGRV ORV LQWHUHVDGRV TXH LQFOX\HUD OD SRVLEOH FRQVWUXFFLyQ GH QXHYDV
REUDV KLGUiXOLFDV VL IXHUDQ QHFHVDULDV WDOHV FRPR UHFUHFHU <HVD GH IRUPD PRGHUDGD QR FRPR
DKRUDVHSURSRQH´)('QRWDGHSUHQVD
(OVLVWHPDKLGUROyJLFR$UDJyQ&DEHFHUDGHO(EUR
3DUDHQWHQGHUODXWLOLGDGGHOUHFUHFLPLHQWRGH<HVDHVQHFHVDULRFRQWHPSODUHOSUR\HFWRHQHO
HVTXHPDJHQHUDOGHXVRVGHODJXDGHOUtR$UDJyQ\GHO(EURHQVXHMHKDVWD=DUDJR]D
(OFDQDOGH%DUGHQDV
<D GHVGH HO VLJOR ;9,,, H[LVWtDQ LGHDV SDUD UHJDU PHGLDQWH ODV DJXDV GHO UtR $UDJyQ ]RQDV
DPSOLDV GH ODV FRPDUFDV GH %DUGHQDV \ &LQFR 9LOODV 8QD 5HDO 2UGHQ GH DFXHUGD OD
FRQVWLWXFLyQ GH XQD &RPLVLyQ WpFQLFD EiVLFD SDUD OD HMHFXFLyQ GHO 3DQWDQR GH <HVD \ &DQDO GH
%DUGHQDVTXHGRPLQDEDSRUJUDYHGDGKDHQWLHUUDV]DUDJR]DQDV\QDYDUUDV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(OFDQDOGH %DUGHQDV GH NPWLHQHVXRULJHQHQODSUHVD GH <HVDFLUFXODQGRGH RHVWH D
HVWHHQGLUHFFLyQDOHPEDOVHGH$UGLVDHQODFXHQFDGHO*iOOHJRVLQTXHVHKD\DUHDOL]DGRODXQLyQ
DOVLVWHPDGH5LHJRVGHO$OWR$UDJyQSUHYLVWDHQORVSUR\HFWRVGHSULQFLSLRVGHVLJOR6XFDSDFLGDG
HQRULJHQHVGHP VUHGXFLpQGRVHSURJUHVLYDPHQWH
'HO&DQDOSDUWHDODDOWXUDGH6iGDEDHO&DQDOGH/D3DUGLQDHQHOFUXFHGHODGLYLVLyQGHODV
FXHQFDVGHO$UDJyQ\GHO$UEDGHOTXHVHGHULYDQODVDFHTXLDVSULQFLSDOHVGH1DYDUUD\&LQFR9LOODV
GHP V\P VUHVSHFWLYDPHQWHSDUDVDWLVIDFHUODVGHPDQGDVGHODVWLHUUDVFRPSUHQGLGDV
HQDPEDVYHUWLHQWHV&RQRWUDVGRVDFHTXLDVPHQRUHV&DVFDMRV\6DVRVHFXOPLQDHOULHJRKDVWD
HOIRQGRGHOYDOOHGHOUtR$UEDGH/XHVLDHQJOREiQGRVHWRGRVHVWRVUHJDGtRVHQORTXHVHGHQRPLQD
%DUGHQDV,
&HUFD GHO SXHEOR GH /XQD DUUDQFD GHO &DQDO GH %DUGHQDV RWUD DFHTXLD PX\ LPSRUWDQWH OD
DFHTXLDGH6RUDTXHVHGLULJHKDFLD HOVXUFRQ XQDFDSDFLGDGHQRULJHQ GH P V3HVHD HVWDU
FRQVWUXLGDKDFHDxRVODWUDQVIRUPDFLyQHQUHJDGtRGHORVWHUUHQRVGRPLQDGRVFDVLWRGR%DUGHQDV
,, QR VH KD UHDOL]DGR /D DFHTXLD WHUPLQDHQ ODV SUR[LPLGDGHV GHO SXHEOR GH 5HPROLQRV \D HQ HO
FRUUHGRUGHO(EURSRUORTXHVLHPSUHKDVLGRXQDGHODVRSFLRQHVFODUDVSDUDOOHYDUDJXDGH<HVD
KDVWD=DUDJR]D\VXHQWRUQR
([LVWHQ SUR\HFWRV KR\ SUiFWLFDPHQWH DEDQGRQDGRV GH UHDOL]DU XQD DFHTXLD OD GHO *iOOHJR
TXHSDUWLHQGRGHO~OWLPR WUDPRGHO&DQDO GH%DUGHQDVVHGLULJHKDFLDHOVXUSHUR\DHQODFXHQFD
GHO *iOOHJR DO RHVWH GH ORV 0RQWHV GH =XHUD \ &DVWHMyQ /D ]RQD GRPLQDGD HV OR TXH VH OODPD
%DUGHQDV,,,
(Q ODDFWXDOLGDG HO&DQDOGH %DUGHQDV GD VHUYLFLRFRQ GLIHUHQWHV GRWDFLRQHV D KD HQ
1DYDUUD\VREUHWRGR=DUDJR]DGLVWULEXLGDVGHODVLJXLHQWHIRUPD(VWiSXHVWRHQULHJR&+(
ODFDVL WRWDOLGDGGH %DUGHQDV ,TXHVXSRQHKDHQFXDQWRD %DUGHQDV,,VH SURFHGH HQ OD
DFWXDOLGDG GH IRUPDPiVTXH UDOHQWL]DGD DO GHVDUUROOR GHO 3ODQ&RRUGLQDGR GH WUDQVIRUPDFLyQ HQ
UHJDGtR HVWDQGR SXHVWDV HQ UHJDGtR KD GH XQ WRWDO GH KD TXH FRPSUHQGH HO 3ODQ
UHVSHFWR D %DUGHQDV ,,, VHUtD SRVLEOH WpFQLFDPHQWH LQFUHPHQWDU HO UHJDGtR HQ KD &RPR
OXHJRGLVFXWLUHPRVHOKHFKRGHTXHODWUDQVIRUPDFLyQVHDWpFQLFDPHQWHSRVLEOHQRTXLHUHGHFLUTXH
VHDHFRQyPLFDPHQWHYLDEOH$GHPiVGHHVWDVXSHUILFLHHQULHJRHO&DQDOGH%DUGHQDVULHJDRWUDV
KDSHUWHQHFLHQWHVDUHJDGtRVWUDGLFLRQDOHVHQODFXHQFDGHORV$UEDV
2WURVXVRVHQ%DUGHQDV
/DGHPDQGDGHDJXDSDUDDEDVWHFLPLHQWRDSREODFLRQHVHLQGXVWULDQRHQHUJpWLFDHVPtQLPDHQ
UHODFLyQ D OD GHPDQGD DJUtFROD 0iV LQWHUpV WLHQH OD GHPDQGD KLGURHOpFWULFD HQ ORV FDQDOHV GH
%DUGHQDV (Q OD &RQIHGHUDFLyQ +LGURJUiILFD GHO (EUR FRQFHGH D OD &RPXQLGDG *HQHUDO GH
ULHJRVGH %DUGHQDVHODSURYHFKDPLHQWR SDUD XVRKLGURHOpFWULFRGHODJXDTXH FLUFXODSRU XQD VHULH
GHDFHTXLDVTXHVHGHWDOODQHQHOVLJXLHQWHFXDGUR(QSULQFLSLR\FRQODVFRQGLFLRQHVGHUHJXODFLyQ
DFWXDOHV HVWDV FHQWUDOHV GHEHUtDQ WXUELQDU H[FOXVLYDPHQWH ORV FDXGDOHV GHVWLQDGRV D UHJDGtR TXH
FLUFXODQSRUODVGLIHUHQWHVDFHTXLDV
&HQWUDO
&DXFH
7pUPLQR
PXQLFLSDO
3URYLQFLD
&LQFR 9LOODV $FHTXLD
GH (MHD GH
.
&LQFR9LOODV
&DEDOOHURV
6iGDED$OWR
&DQDO
/D 6iGDED
3DUGLQD
ORV =DUDJR]D
&LQFR 9LOODV $FHTXLD
GH (MHD GH
.
&LQFR9LOODV
&DEDOOHURV
ORV =DUDJR]D
&LQFR 9LOODV $FHTXLD
GH (MHD GH
.
&LQFR9LOODV
&DEDOOHURV
ORV =DUDJR]D
6iGDED%DMR
&DUFDVWLOOR
&DQDO
3DUGLQD
/D 6iGDED
$FHTXLD
1DYDUUD
GH &DUFDVWLOOR
&DXGDO
OV
=DUDJR]D
=DUDJR]D
1DYDUUD
(VWDV PLQLFHQWUDOHV FRQ XQD SRWHQFLD LQVWDODGD GH 0Z VXSRQHQ XQD IXHUWH LQ\HFFLyQ
HFRQyPLFD SDUD OD &RPXQLGDG GH 5HJDQWHV 1R GLVSRQHPRV GH GDWRV FRQFUHWRV SDUD %DUGHQDV
SHURDSRUWDUHPRVDOJXQRVGDWRVPX\VLJQLILFDGRVGHXQSROtJRQRDQiORJRFRPRHV5LHJRVGHO$OWR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
$UDJyQ (VWH SROtJRQR LQJUHVy HQ 0HPRULD 5$$ SRU OD IDFWXUDFLyQ GH OD HOHFWULFLGDG
SURGXFLGD PiVGHPLOORQHVGHSHVHWDV PLHQWUDVTXH HOUHVWRGH WRGRV ORV LQJUHVRV IXH GH PLOORQHV FRQVyORWUHVFHQWUDOHVORVLQJUHVRVKLGURHOpFWULFRVVRQYHFHVPD\RUHVTXH ORV GH ODV
FXRWDVGHPDQWHQLPLHQWRTXHSDJDQORVDJULFXOWRUHV6HHQWLHQGHHOLQWHUpVGHODV&RPXQLGDGHVGH
ULHJR SRU HVWDV FHQWUDOHV \ HO GH GLVSRQHU GH DJXD HQ H[FHVR FRQ OD TXH SRGHU WXUELQDU FDXGDOHV
VREUDQWHV
/RVXVRVHQHO$UDJyQEDMR
$QDOL]DUHPRV ODV GHPDQGDV GH DJXDV GHO UtR $UDJyQ GHVGH HO HPEDOVH GH <HVD KDVWD VX
FRQIOXHQFLD FRQ HO (EUR HQ ODVSUR[LPLGDGHVGH $OIDUR'HVGH <HVD KDVWDGHVHPERFDGXUD H[LVWHQ
XQDVKDGHUHJDGtRVWUDGLFLRQDOHVTXHGHPDQGDQKP GHDJXDVGH<HVDSHURWDPELpQ
GH VXVDIOXHQWHV ,UDWL \ $UJD &+( 6LQ HPEDUJR HO YROXPHQ GH DJXD TXH VDOH GH <HVD UtR
DEDMRHVPXFKRPD\RUGDGRTXHH[LVWHQGRVWLSRVGHFRQFHVLRQHVPiVDSDUWHGHOUHJDGtR3RUXQ
ODGRODVFHQWUDOHVKLGURHOpFWULFDVGHOD6DQJHVLQD\GHO$\XQWDPLHQWRGH6DQJHVDFHUFDGH<HVD
TXHWXUELQDQGHPDQHUDFRQWLQXDP VGHORVFXDOHVSURFHGHQGH<HVD\RWURVGHO,UDWL(VWD
FRQFHVLyQ WXUELQD KP /D RWUD FRQFHVLyQ HV OD GH OD 3LVFLIDFWRUtD <HVD 6$ FRQ P V
FRQFHGLGRVKP (O3ODQ+LGUROyJLFRGHOD&XHQFDGHO(EURWLHQHDSUREDGDODPRGXODFLyQGHFDXGDOHVFRQWLQXRV
DJXDV DEDMR GH <HVD KDVWD KP P V FDXGDO VXILFLHQWH SDUD OD SLVFLIDFWRUtD \ OD
FREHUWXUDGHUHJDGtRVGHO$UDJyQEDMRGHVGH<HVD([SURSLDQGRFDXGDOHVHQHOVDOWRKLGURHOpFWULFR
VHOLEHUDUiQKP (V SUHFLVR FRPHQWDU TXH HQ OD DFWXDOLGDG OD SUHVD GH <HVD QR WLHQH QLQJXQD FHQWUDO
KLGURHOpFWULFDGHSLHGHSUHVD(OGHDEULOGHHODSURYHFKDPLHQWRGHOVDOWRIXHDGMXGLFDGRD
+LGUR1LWUR(VSDxROD6$SHURSRU20GHGHQRYLHPEUHGHVHDFRUGyGHMDUODHQVXVSHQVR
OD WUDPLWDFLyQ GHO H[SHGLHQWH KDVWD WDQWR UHFDLJD UHVROXFLyQ VREUH HO SRVLEOH UHFUHFLPLHQWR GH OD
SUHVD
(O&DQDO,PSHULDO\RWURVXVRVHQHOHMHGHO(EUR
(O&DQDO,PSHULDOSRUODPDUJHQGHUHFKD \HOGH7DXVWHSRUODL]TXLHUGDULHJDQHOFRUUHGRUGHO
(EURGHVGH7XGHODKDVWD)XHQWHVGH(EUR \5HPROLQRV UHVSHFWLYDPHQWH (VWRVFDQDOHVMXQWRFRQ
RWURV GH PHQRU HQWLGDG UHFLEHQ DJXDV GHULYDGDV GHO (EUR PHGLDQWH D]XGHV \ UHJXODGDV HQ HO
HPEDOVHGHO(EURHPEDOVHKLSHUDQXDOGH+P TXHVHHQFXHQWUDHQWUH%XUJRV\&DQWDEULDFHUFD
GHOQDFLPLHQWR
(QSULQFLSLRHOVLVWHPDHVLQGHSHQGLHQWHGHOVLVWHPDGHO$UDJyQSHURHQODDFWXDOLGDGGHELGRD
OD SUHVHQFLD GH H[FHGHQWHV HQ HO $UDJyQ HVWRV VH HPSOHDQ SDUD PHMRUDU HO VHUYLFLR HQ ODV
GHPDQGDVGHORVFDQDOHVGH7DXVWHH,PSHULDO(OFDQDOGH7DXVWHULHJDXQDVKD\HO,PSHULDO
KDVLELHQHQHVWH~OWLPRODVGHPDQGDVXUEDQDVGHDEDVWHFLPLHQWRDODFLXGDGGH=DUDJR]D
UHSUHVHQWDQXQSRUFHQWDMHLPSRUWDQWHKP ULHJR\KP DEDVWHFLPLHQWRVHJ~Q&+(
+DQ FRPHQ]DGR ODV REUDV GHO HPEDOVH GH /D /RWHWD GH KP ~WLOHV FHUFD GH *DOOXU \
FRQWHPSODGRHQHO3ODQ+LGUROyJLFRGHO(EUR6HJ~QpVWHODILQDOLGDGHVUHJXODUDJXDVGHLQYLHUQR
DSRUWDGDVSRUHOHYDFLyQGHVGHHO&DQDO ,PSHULDO SDUD OD PHMRUD GH OD H[SORWDFLyQ GH ORVXVRV GHO
(MHGHO(EURLQFOX\HQGRODGLYHUVLILFDFLyQGHODEDVWHFLPLHQWRGH=DUDJR]D
(ODEDVWHFLPLHQWRGHDJXDD=DUDJR]D\VXHQWRUQR
(ODEDVWHFLPLHQWRVHJ~QHO3ODQ+LGUROyJLFRGHO(EUR\ODSXEOLFLGDG
(O 3ODQ +LGUROyJLFR GH OD &XHQFD GHO (EUR QRUPDWLYD OHJDO DSUREDGD HQ SUR\HFWD XQD
VHULHGHLQIUDHVWUXFWXUDVFRQODVTXHSRGHUGDUVHUYLFLRDXQLQFUHPHQWRGHUHJDGtRVHQ%DUGHQDV\
HOFDQDO,PSHULDO\XQFDPELRHQODIXHQWHGHDJXDGH=DUDJR]DTXHGHMDUiGHVHUGHOFDQDO,PSHULDO
SDUDVHUGH<HVD(QRFWXEUHGHFRPLHQ]DXQDFDPSDxDSXEOLFLWDULDUHIHUHQWHDOSUR\HFWRGH
WUDtGD GH DJXDV GH FDOLGDG D =DUDJR]D GHVGH <HVD FX\RV SODQWHDPLHQWRV QR FRLQFLGHQ
QHFHVDULDPHQWHFRQORVGHO3ODQGH&XHQFD&RPHQWDUHPRVODVOtQHDVPDHVWUDVGHXQR\RWUR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
x
x
x
x
x
x
x
(QOtQHDVJHQHUDOHVHO3ODQ+LGUROyJLFRSODQWHDORVLJXLHQWH
(VQHFHVDULRFXOPLQDUODWUDQVIRUPDFLyQHQUHJDGtRGH%DUGHQDV,,\,,,
3DUDHOORHVSUHFLVRUHFUHFHU<HVD
6HFRQVWUX\H/D/RWHWDSDUDERPEHDUGXUDQWHHOLQYLHUQRHODJXDGHOFDQDO,PSHULDOTXHQHFHVLWD
HODEDVWHFLPLHQWRD=DUDJR]D\VXHQWRUQRGXUDQWHXQDxR
$SUR[LPDGDPHQWH ORV KP TXH \D QR GHPDQGDUi =DUDJR]D GHO &DQDO TXHGDQ GLVSRQLEOHV
SDUDXQLQFUHPHQWRGHGRWDFLRQHV\H[WHQVLyQGHUHJDGtRHQHOFDQDO,PSHULDO
0iVDGHODQWHFRQHOUHFUHFLPLHQWRVHOOHYDHODJXDGH<HVDKDVWD=DUDJR]DGHIRUPDFRQWLQXD
VLQQHFHVLGDGGHDOPDFHQDPLHQWRLQWHUPHGLRGHVGHODDFHTXLDGH6RUDKDVWDODVSREODFLRQHV
GHOFRUUHGRUGHO(EURPHGLDQWHXQDDGHFXDGDUHGGHFRQGXFFLRQHV
/D/RWHWDTXHGDHQHVWDVLWXDFLyQSDUDXVRH[FOXVLYRDJUtFRODGLVSRQLpQGRVHGHORVKP TXH
=DUDJR]DQRXVDPiVWRGDODFDSDFLGDGGHOHPEDOVHGH/D/RWHWD
(QHVWHSUR\HFWRHODJXDD=DUDJR]DVHOOHYDHQFRQWLQXRGHVGH<HVDP VSRUORTXHOD
DFHTXLDGH6RUDDFWXDOSRVHHVXILFLHQWHFDSDFLGDGGHWUDQVSRUWH\VHSUHFLVDGHXQWXERGHVGH
HOILQDOGH6RUDKDVWD=DUDJR]DGHEDMDFDSDFLGDGGHWUDQVSRUWH
(QGLFLHPEUHGHVHFRQVWLWX\HODVRFLHGDGHVWDWDO$JXDVGHOD&XHQFDGHO(EUR$&(6$
TXH \D HQ QRYLHPEUH KDEtD SUHVHQWDGR XQD PHPRULD GH³$FWXDFLRQHV GH DJXDV GH OD FXHQFD GHO
(EUR6$$&(6$(QWUHODVDFWXDFLRQHVGHULYDGDVGHFRQYHQLRVHQWUHDGPLQLVWUDFLRQHVSUHVHQWD
HO ³$EDVWHFLPLHQWR GD DJXDV D =DUDJR]D \ FRUUHGRUGHO (EUR´ HQ HO TXH VH GD XQ JLUR UDGLFDO D OR
SODQLILFDGR 6H SUHWHQGH DEDVWHFHU D =DUDJR]D FRQ DJXDV GHO UtR $UDJyQ D WUDYpV GHO VLVWHPD GH
%DUGHQDVPHGLDQWHXQDILQDQFLDFLyQPL[WD)RQGRVGHFRKHVLyQ&RQFHVLRQDULRVHQODTXHFDGDXQR
DSRUWD PLOORQHV GH SHVHWDV 6H DILUPD TXH ³(O WUD]DGR \ HO HVTXHPD KLGUiXOLFR QR HVWiQ
GHILQLGRVSHURODDOWHUQDWLYDPiVFRQYHQLHQWHFRQVLVWLUtDHQFDSWDUDJXDVGHLQYLHUQRFXDQGRORV
FDQDOHVGH%DUGHQDVQRVHHPSOHDQSDUDULHJR\ODDIHFFLyQDORVULHJRVGH%DUGHQDVHVSHTXHxD
/DVDJXDVVHUHJXODUiQHQXQHPEDOVH\GHVGHDOOtVHVXPLQLVWUDUtDFRQXQDFRQGXFFLyQD=DUDJR]D
\ DO UHVWR GH ODV SREODFLRQHV GHO FRUUHGRU GHO (EUR /RV DxRV GH GpILFLW GH DJXDV HQ HO $UDJyQ
KDVWD TXH VH UHDOLFH HO UHFUHFLPLHQWR GH <HVD VHUtDQ VXPLQLVWUDGDV SRU HO FDQDO ,PSHULDO (Q
FXDOTXLHUFDVRVLHPSUHVHUiHO&DQDO,PSHULDOXQHVWUDWpJLFRDEDVWHFLPLHQWRSDUD=DUDJR]DSRUOR
TXHFRQVWLWXLUiXQDIXHQWHGHVXPLQLVWURGHREOLJDGRPDQWHQLPLHQWR´
(O 3ODQ GH $EDVWHFLPLHQWR GH $JXD D =DUDJR]D \ VX HQWRUQR SXEOLFLWDGR GXUDQWH HO PHV GH
RFWXEUHGHHVXQ3ODQFX\RVREMHWLYRVHQWUDQHQFRQIOLFWRFRQHO3ODQ+LGUROyJLFRGHOD&XHQFD
GHO(EURUHFLHQWHPHQWHDSUREDGRSRUHO*RELHUQRHVSDxRO
x
x
x
x
x
x
x
(Q VtQWHVLV HO 3ODQ FRQVLVWH VHJ~Q VH KD SXEOLFLWDGR HQ ORV PHGLRV GH FRPXQLFDFLyQ HQ
DEDVWHFHUD=DUDJR]D\SREODFLRQHVGHVXHQWRUQRWRPDQGRDJXDVGHH[FHOHQWHFDOLGDGGHO
HPEDOVHGH<HVDHQHOUtR$UDJyQ
6HSXHGHWUDHUDJXDD=DUDJR]DVLQUHFUHFHU<HVD
(VWD DJXDV VH GHULYDQ PHGLDQWH XQD LQIUDHVWUXFWXUD \D H[LVWHQWH OD DFHTXLD GH 6RUD HQ ODV
pSRFDVHQODVTXHGLFKRHPEDOVHUHERVDHQHURDDEULOGHWDOIRUPDTXHQRVHYHUiQDIHFWDGRV
ORVUHJDGtRVGH%DUGHQDVGHSHQGLHQWHVGH<HVD
(O DJXD GHULYDGD VH DOPDFHQDUtD HQ HO HPEDOVH GH /D /RWHWD GH SUy[LPD FUHDFLyQ HQ ODV
SUR[LPLGDGHVGH=DUDJR]D*DOOXU\TXHSRVHHUiXQDFDSDFLGDGHTXLYDOHQWHDOFRQVXPRGHXQ
DxRSDUD=DUDJR]D\VXHQWRUQR
([SUHVDPHQWH VH SXEOLFLWD TXH FRQ HO QXHYR 3ODQ GH $EDVWHFLPLHQWR ³=DUDJR]D VyOR FDSWDUi
DJXDV VREUDQWHV GHO VLVWHPD GH %DUGHQDV (Q ORV DxRV VHFRV WHQGUi TXH UHFXUULU DO FDQDO
,PSHULDOGH$UDJyQ´
$XQTXHQRVHH[SOLFLWDHVWRVXSRQHTXHSDUDHO&DQDO,PSHULDOVyORVHDPSOtDQORVYRO~PHQHV
TXHQR WRPD=DUDJR]DGHO&DQDOKP SHURTXHQRGLVSRQGUiGHODVDJXDVDOPDFHQDGDVHQ
/D/RWHWD
6HSUHWHQGHUHFUHFHU<HVDHQXQDVHJXQGDIDVHFRQHOItQGHDXPHQWDUODJDUDQWtDSDUDULHJRV\
DEDVWHFLPLHQWR
&RPRVHREVHUYDDPERVSODQHVVRQFRQWUDGLFWRULRVH[LVWLHQGRXQQLYHOGHFRQIXVLyQHOHYDGR
6LVHYDDUHFUHFHU<HVDVHSXHGHWUDHUHODJXDHQFRQWLQXR\QRKDUtDIDOWDPRGLILFDUODDFHTXLDGH
6RUDQLXQDFRQGXFFLyQDOD/RWHWDGHJUDQGHVGLPHQVLRQHV6LHOSUR\HFWRTXHVHSLHQVDHMHFXWDU
HVHOGHO3ODQ+LGUROyJLFRVHHVWiHQJDxDQGRDODFLXGDGDQtDGH=DUDJR]DFRQODSXEOLFLGDG\DTXH
VH SROtWLFDPHQWH VH HVWi DERFDQGR DO UHFUHFLPLHQWR GH <HVD 6L HO SUR\HFWR D HMHFXWDU HV HO
SXEOLFLWDGRVHHQJDxDDORVUHJDQWHV\DTXHQRVHYDDUHFUHFHU<HVD\/D/RWHWDQRVHUYLUiDJXD
SDUDUHJDGtRHQHOFDQDO,PSHULDO
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(ODEDVWHFLPLHQWRGHDJXDD=DUDJR]D\VXHQWRUQRVHJ~Q HO$QWHSUR\HFWRGH DEULO GH
(QHVWHFRQWH[WRGHFRQIXVLyQHQWUHORSODQLILFDGR\ORSXEOLFLWDGRVHVDFDDH[SRVLFLyQS~EOLFD
VHJ~Q%2$GH GHPDU]RGHHO$QWHSUR\HFWRGH³$EDVWHFLPLHQWRGHDJXDD=DUDJR]D\VX
HQWRUQR´'HOOLWHUDOGHHVWH%2$H[WUDHPRVORVLJXLHQWH
/DV REUDV FRQVWDQ GH XQD FRQGXFFLyQ SULQFLSDO HQ WXEHUtD YDULRV UDPDOHV GH WXEHUtDV GH
GLVWULEXFLyQHVWDFLRQHVGHERPEHR \ GHSyVLWRVUHJXODGRUHV/D WRPD GH DJXD VH UHDOL]D HQ HO 3.
GH OD DFHTXLD GH 6RUD HQ HO 70 GH &DVWHMyQ GH 9DOGHMDVD (O DJXD VH WRPDUi ~QLFDPHQWH
FXDQGR HO HPEDOVH GH <HVD VH HQFXHQWUH HQ VLWXDFLyQ WpFQLFD GH YHUWLGRV \ FXDQGR HO &DQDO GH
%DUGHQDV\VXUHGGHDFHTXLDVVHHQFXHQWUHQDELHUWRV\FRQFDSDFLGDGGHWUDQVSRUWHGLVSRQLEOH\D
TXHHQWDQWRHQFXDQWRHOHPEDOVHGH<HVDQRVHUHFUH]FDORVGHUHFKRVDODXWLOL]DFLyQGHODJXD
GHOUtR$UDJyQGHODEDVWHFLPLHQWRD=DUDJR]D\VXHQWRUQRVRQVHFXQGDULRVDORVXVRVSUHIHUHQWHV
GHOUtR$UDJyQ\GHOVLVWHPD%DUGHQDV
x
x
(OSUR\HFWRFRQVWDGH
7XEHUtD3ULQFLSDO7UDPR6RUD/RWHWD/DWXEHUtDGHHVWHWUDPRWLHQH.PGHORQJLWXG \XQ
GLiPHWUR GH PP FRQ XQD FDSDFLGDG GH GLVHxR GH P V 7UDV DWUDYHVDU HO (EUR OD
FRQGXFFLyQ PDQWLHQH OD GLUHFFLyQ VXURHVWH SRU OD ]RQD UHJDEOH GHO &DQDO ,PSHULDO 7UDV
DWUDYHVDUODDXWRSLVWDODFRQGXFFLyQVHGLYLGHHQGRVUDPDOHVXQRTXHFRQGXFHODVDJXDVKDVWD
HO HPEDOVH GH /D /RWHWD \ RWUR TXH ODV FRQGXFH KDVWD ODV EDOVDV GH URWXUD GH FDUJD GH OD
)XHPSXGLDWHUPLQDQGRHVWHWUDPRGH.PGHORQJLWXG
7XEHUtD3ULQFLSDO7UDPR/RWHWD=DUDJR]D/DWXEHUtDGHHVWHWUDPRWLHQH.PGHORQJLWXG
FRQXQGLiPHWURPi[LPRGHPP\XQPtQLPRGHPP/DFDSDFLGDGPi[LPDGHHVWH
WUDPRHVGHP V(OWUDPR/RWHWD=DUDJR]DFRPLHQ]DHQODVEDOVDVGH)XHPSXGLDMXQWRDO
HPEDOVHGH/D/RWHWD'HHVWDVEDOVDVDODVTXHVHSRGUiERPEHDUDJXDGHVGH/D/RWHWDQDFH
OD WXEHUtD IRU]DGD TXH FRQGXFH ODV DJXDV KDFLD =DUDJR]D KDVWD ORV GHSyVLWRV PXQLFLSDOHV GH
9DOGHVSDUWHUD SDUD FRQWLQXDU KDVWD OOHJDU D ORV GHSyVLWRV \ SODQWD SRWDELOL]DGRUD GH
&DVDEODQFD
$GHPiVGHODFRQGXFFLyQSULQFLSDO VH SUR\HFWDXQDUHGGHWXEHUtDVGHGLVWULEXFLyQDJUXSDGDV
HQFLQFRFRUUHGRUHVSDUDDEDVWHFHUDORVPXQLFLSLRVFRQVLGHUDGRV
x
x
x
x
x
&RUUHGRU GHO (EUR DJXDV DUULED GH =DUDJR]D $EDVWHFH D *DOOXU 0DOOpQ \ 1RYLOODV $OFDOi GH
(EUR%RTXLxHQL&DEDxDVGH(EUR/XFHQL3HGUROD\3UDGLOODGH(EUR$ODJyQ)LJXHUXHODV/D
-R\RVD 3LQVHTXH 5HPROLQRV 6REUDGLHO 7RUUHVGH %HUUHOOpQ \ *ULVpQ VXPLQLVWUiQGRVH GHVGH
HOODDOEDUULRGH9LOODUUDSDTXHQRHVWiLQFOXLGRHQODUHGPXQLFLSDOGH=DUDJR]D
&RUUHGRU GHO(EURDJXDVDEDMR GH=DUDJR]D (VWH FRUUHGRUFRQVWD GH GRVUHGHVGH WXEHUtDV
XQD SRU FDGD PDUJHQ GHO UtR (EUR KDELpQGRVH DGRSWDGR FRQHFWDU HVWDV UHGHV D OD DFWXDO UHG
PXQLFLSDO/DUHGPXQLFLSDOHQHOSROtJRQRLQGXVWULDOGH0DOSLFDVLWXDGRHQODPDUJHQL]TXLHUGD
GHO(EURWLHQHXQWUDPRDOTXHVHFRQHFWDUiODWXEHUtDSUR\HFWDGDSDUDDEDVWHFHUDOD3XHEODGH
$OILQGpQ'HVGHODUHGPXQLFLSDOGHOEDUULRGHOD&DUWXMD%DMDVLWXDGRHQODPDUJHQGHUHFKDGHO
(EURVHVXPLQLVWUDUiDORVPXQLFLSLRVGH(O%XUJRGH(EUR\)XHQWHVGH(EUR
&RUUHGRU GHO UtR -DOyQ $EDVWHFH D %iUEROHV 3OHLWDV 3ODVHQFLD GH -DOyQ %DUGDOOXU 8UUHD GH
-DOyQ5XHGDGH-DOyQ\/XPSLDTXHeSLOD6DOLOODVGH-DOyQ/XFHQDGH-DOyQ&DODWRUDR5LFOD\
/D$OPXQLDGH'RxD*RGLQD0RUDWDGH-DOyQ(O)UDVQR6DYLxiQ\3DUDFXHOORVGHOD5LEHUD
&RUUHGRU GHO UtR +XHUYD &XDUWH GH +XHUYD \ &DGUHWH %RWRUULWD &DULxHQD -DXOtQ /D 0XHOD
/RQJDUHV0DUtDGH+XHUYD0H]DORFKD0R]RWD\0XHOKDVWDDOFDQ]DU&DULxHQD
&RUUHGRUGHOUtR*iOOHJR3DUDDEDVWHFHUDORVPXQLFLSLRVGHHVWHFRUUHGRUVHWRPDDJXDGHOD
UHG PXQLFLSDO GH =DUDJR]D HQ HO SROtJRQR LQGXVWULDO GH 0DOSLFD GRQGH VH FRQHFWD OD PDUJHQ
L]TXLHUGDGHOFRUUHGRUGHO(EURDJXDVDEDMRGH=DUDJR]D /OHJDKDVWD*XUUHDGH*iOOHJR6DQ
0DWHRGH*iOOHJR/HFLxHQD3HUGLJXHUD)DUOHWH\0RQHJULOOR=XHUD
(QHODQHMRQ~PHURDODQWHSUR\HFWRVHKDUHDOL]DGRDXQTXHFLWDQGRDO%2$QRHVQHFHVDULR
VHJ~QODOHJLVODFLyQYLJHQWHXQDQiOLVLVPHGLRDPELHQWDOGHODVREUDVOOHJiQGRVHDODFRQFOXVLyQGH
TXHQR VHDIHFWDDQLQJXQD]RQDVHQVLEOH&RPROXHJRFRPHQWDUHPRVHQWRGRHODQWHSUR\HFWRQR
VHFLWDHQQLQJ~QPRPHQWRHOUHFUHFLPLHQWRGH<HVDSHVHDTXHHQHVWHHVWXGLRGH]RQDVVHQVLEOHV
DPELHQWDOPHQWHVHHVSHFLILFDQ \DQDOL]DQOD6LHUUDGH2UED)R]GH6DOYDWLHUUD \RWURVTXHQRVRQ
DIHFWDGRVSRUHOWUD]DGRGHODVFRQGXFFLRQHVSHURVtSRUHOUHFUHFLPLHQWR(QHVWHDQHMRDPELHQWDO
VHHVWDEOHFHXQDDFWXDFLyQSDUDOHODDODWUDtGDGHDJXDVFRQVLVWHQWHHQOD³3URWHFFLyQDPELHQWDOGH
OD &XHQFD $OWD GHO 5tR $UDJyQ´ FRQVLVWHQWH EiVLFDPHQWH HQ XQD LQYHUVLyQ GH PLOORQHV SDUD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
UHJDU KD HQ OD PHVHWD GH $ED\ FHUFD GH -DFD PHGLDQWH ODV DJXDV UHVLGXDOHV GHSXUDGDV GH
HVWHPXQLFLSLRFRQHOItQGHTXHODVPLVPDVQRDFDEHQHQ<HVD
&UtWLFDDODQWHSUR\HFWRGHDEDVWHFLPLHQWR
(QORVDVSHFWRVGHODFDOLGDGUHODFLRQDGRVFRQHODJXDGHERFDHOULJRU\HOPpWRGRGHEHQVHU
H[TXLVLWRV /RV SODQWHDPLHQWRV EiVLFRV HQ XQ SUR\HFWR GH FDOLGDG GH DJXD SRWDEOH QR VRQ ODV
FXHVWLRQHV KLGUROyJLFDV KLGUiXOLFDV KLGURTXtPLFDV R HFRQyPLFDV VLQR ODV GH VDOXG S~EOLFD GH
SULPHUD PDJQLWXG /RV SUR\HFWRV GH DEDVWHFLPLHQWR GH DJXDV SRWDEOHV GH FDOLGDG D JUDQGHV
FLXGDGHV VRQ DQWH WRGR SUR\HFWRV VDQLWDULRV 'H FXDOTXLHU PDQHUD UHTXLHUHQ XQ DGHFXDGR
SODQWHDPLHQWR SOXULGLVFLSOLQDU TXH GHEH LU SUHFHGLGR GH XQD HWDSD GH HVWXGLRV H LQYHVWLJDFLRQHV
UHOHYDQWHV GH ORV SUREOHPDV \ GH VXV DOWHUQDWLYDV FRQ XQD SUHFHSWLYD H LQH[FXVDEOH SDUWLFLSDFLyQ
VRFLDO 1R KD VLGR HVWH HO FDVR HQ GRQGH OD $GPLQLVWUDFLyQ KLGUiXOLFD XQD YH] PiV VH KD
SRVLFLDQDGRHQVXSDSHOGHMXH]\SDUWHOHMRVGHVHUXQDUELWURGHOSUREOHPD\XQJDUDQWHGHOELHQ
KDFHU
(ODQWHSUR\HFWRQRWLHQHMXVWLILFDFLyQWpFQLFDDOJXQD
(O DQWHSUR\HFWR UHVXOWD XQ PHUR FDWiORJR GH H[SURSLDFLRQHV \ SUHVXSXHVWR GH REUD FLYLO VLQ
MXVWLILFDFLyQDOJXQDGHODDFWXDFLyQTXHVHFRQWHPSOD
1L HQ =DUDJR]D FDSLWDO QL HQ HO HQWRUQR FRQVLGHUDGR HQ HO DQWHSUR\HFWR ORV VLVWHPDV GH
DEDVWHFLPLHQWRGHDJXDVSRWDEOHVSUHVHQWDQSUREOHPDDOJXQRGHFDQWLGDG/DFXHVWLyQDGHEDWHHV
ODFDOLGDGGHODJXDVHUYLGD
'HELGRDXQDSUHYLVLyQGHFUHFLPLHQWRHQVXGtDPDOGLDJQRVWLFDGDODFLXGDGGH=DUDJR]DTXH
HV OD SDUWH LQPHQVDPHQWH PD\RULWDULD GH OD SREODFLyQ DIHFWDGDSRUHO DQWHSUR\HFWR DTXt DOHJDGR
GLVSRQH GH XQD SODQWD SRWDELOL]DGRUD PRGHUQD GRWDGD GH EXHQRV HOHPHQWRV GH FRQWURO \ GH
UHVSXHVWD SURQWD DQWH FXDOTXLHU HYHQWXDOLGDG HVWi GLPHQVLRQDGR SDUD DWHQGHU HQ FDGD PRPHQWR
XQD GHPDQGD UHDO HQ OD UHG GHO GREOH GH OD DFWXDO \ GLVSRQH GH OD UHVHUYD GH ORV FDXGDOHV
SHUWLQHQWHV
3RU RWUD SDUWH VLHPSUH VH KD PDQLIHVWDGR GHVGH OD DXWRULGDG FRPSHWHQWH TXH OD FDOLGDG GHO
DJXDSRWDEOHGHODEDVWHFLPLHQWRGH=DUDJR]DFXPSOHHVFUXSXORVDPHQWHFRQODVQRUPDVVDQLWDULDV
ELROyJLFDVTXtPLFDVItVLFDVGHWR[LFLGDGRUJDQROpSWLFDV\UDGLROyJLFDVH[LJLGDVSRUODOH\\TXHHQ
FRQVHFXHQFLDHODJXDVHUYLGDHVDGHFXDGDPHQWHSRWDEOH\QRHQWUDxDULHVJRDOJXQRSDUDODVDOXG
GHODSREODFLyQDEDVWHFLGD
4XLHUH HVWR GHFLU TXH HVWDPRV DQWH XQ SUREOHPD GH XUJHQWH LQWHUYHQFLyQ GHULYDGR GH XQD
FDOLGDG LQVRVWHQLEOH SRU ORV ULHVJRV GHULYDGRV SDUD OD VDOXG GH ODV SHUVRQDV VLQR DQWH XQD OyJLFD
DVSLUDFLyQGHPHMRUDGHODFDOLGDG TXtPLFDGHO DJXDEUXWD(VWD FLUFXQVWDQFLDUHODWLYL]D \FHQWUDHO
SUREOHPDIUHQWHDXQDSHUWLQD]SURSDJDQGDLQVWLWXFLRQDOTXHHVWiLQGXFLHQGRDODSREODFLyQDFUHHU
TXHHODJXDGH=DUDJR]DHVPDOD\TXHODWUDtGDGHDJXDVGHO3LULQHRHVXQDQHFHVLGDGSHUHQWRULD
HLQFRQGLFLRQDOSRUHQFLPDGHFRVWHV\GHFXDOTXLHUDQiOLVLVULJXURVRGHOSUREOHPD
(Q FXDOTXLHU FDVR DQWH XQ SUR\HFWR GH PHMRUD GH OD FDOLGDG GHO DJXD GH XQ DEDVWHFLPLHQWR
S~EOLFRODSULPHUDFXHVWLyQDDERUGDUHVODGHILQLFLyQGHOSUREOHPDHQFDGDXQRGHORVIDFWRUHVTXH
GHWHUPLQDQ HVD FDOLGDG HQ IXQFLyQ DGHPiV GH ODV GLIHUHQWHV SUHVWDFLRQHV \ XVRV D ORV TXH
WHyULFDPHQWHSXHGHVHUGHVWLQDGDHODJXD(VGHFLUHQTXHPHGLGDVHPHMRUDFRQODVDFWXDFLRQHV
SUR\HFWDGDVODFDOLGDGGHODJXDGHERFDODGHOLQRGRURODGHIUHJDUODGHOEDOGHRGHFDOOHVRODGH
GHWHUPLQDGRVXVRVLQGXVWULDOHV SDUDVDEHUGHTXpPHMRUD \YRO~PHQHVHVWDPRVKDEODQGRQRVHD
TXHD ODSRVWUHSDJXHORVFRVWHVTXLHQQRWLHQHTXHSDJDUYDOJDQPiVODVFLQWDVTXHHOPDQWR+D\
TXH GHILQLU TXp IDFWRUHV VRQ ORV IDFWRUHV UHVSRQVDEOHV GH OD VXSXHVWD PDOD FDOLGDG DFWXDO VL VRQ
SHUPDQHQWHV R VL VH SXHGH DFWXDU VREUH HOORV \ D TXp FRVWRV HFRQyPLFRV VRFLDOHV
PHGLRDPELHQWDOHVHWF
1DGD GH OR DQWHGLFKR DSDUHFH UHFRJLGR HQ HO DQWHSUR\HFWR H[SXHVWR DKRUD D LQIRUPDFLyQ
S~EOLFD TXH QR HV VLQR XQ SUR\HFWR KLGUiXOLFR GH WUDtGD GH DJXDV SODQWHDGR DEVROXWDPHQWH DO
PDUJHQ GHO SUREOHPD SULQFLSDO TXH HV OD FDOLGDG +DVWD WDO SXQWR HV HVWR FLHUWR TXH QL HQ OD
PHPRULDQLHQQLQJXQRGHVXVDQHMRVVHGHGLFDXQDVRODOtQHDDOSUREOHPDGHODFDOLGDG
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(ODQWHSUR\HFWRVRPHWLGRDLQIRUPDFLyQS~EOLFDHVHOUHVXOWDGRGHXQDVSULVDVLQDGPLVLEOHVHQ
XQSUR\HFWRGHODWUDVFHQGHQFLD\ODHQYHUJDGXUDHFRQyPLFDGHOSUHVHQWHFRQGLFLRQDGRSRUOOHJDUD
WLHPSR D VROLFLWDU OD SHUWLQHQWH D\XGD HFRQyPLFD D OD 8QLyQ (XURSHD HQ HVWH WLSR GH DFWXDFLRQHV
FRPRVLODREWHQFLyQGHXQDD\XGDMXVWLILFDVHHQVtPLVPRHOSUR\HFWR
(ODQWHSUR\HFWRQRGHOLPLWDTXpRWURWLSRGHDFWXDFLRQHVVRQQHFHVDULDVSDUDDEDVWHFHUGH
DJXDGH<HVDD=DUDJR]D\VXHQWRUQR
'HODOHFWXUDILQDOGHODPHPRULD\DQHMRVQRTXHGDFODURHOSDSHOTXHHQHVWHSUR\HFWRWLHQHQHO
HPEDOVHGH/D/RWHWD\PXFKRPHQRVHOUHFUHFLPLHQWRGH<HVD(QHODQXQFLRGHO%2$VHOHH³(O
DJXD VH WRPDUi ~QLFDPHQWH FXDQGR HO HPEDOVH GH <HVD VH HQFXHQWUH HQ VLWXDFLyQ WpFQLFD GH
YHUWLGRV \ FXDQGR HO &DQDO GH %DUGHQDV \ VX UHG GH DFHTXLDV VH HQFXHQWUHQ DELHUWRV \ FRQ
FDSDFLGDGGHWUDQVSRUWHGLVSRQLEOH\DTXHHQWDQWRHQFXDQWRHOHPEDOVHGH<HVDQRVHUHFUH]FD
ORVGHUHFKRVDODXWLOL]DFLyQGHODJXDGHOUtR$UDJyQGHODEDVWHFLPLHQWRD=DUDJR]D\VXHQWRUQRVRQ
VHFXQGDULRV D ORV XVRV SUHIHUHQWHV GHO UtR $UDJyQ \ GHO VLVWHPD %DUGHQDV´ 3HVH D HVWDV
DILUPDFLRQHV HO $QWHSUR\HFWR QR GLVFXWH HQ QLQJ~Q PRPHQWR HO UpJLPHQ MXUtGLFR GH ODV DJXDV GHO
DEDVWHFLPLHQWRQLMXVWLILFDODQHFHVLGDG RQR GH UHFUHFHU<HVD 6LQHPEDUJRHQ OD 'HFODUDFLyQ GH
,PSDFWR$PELHQWDOGHOUHFUHFLPLHQWRGH<HVDGHGHDEULOGHGHOTXHPDVWDUGHVHKDEODUi
HODEDVWHFLPLHQWRDSDUHFHFRPRMXVWLILFDFLyQGHOSUR\HFWR
/D'HFODUDFLyQGH,PSDFWR$PELHQWDOGHOUHFUHFLPLHQWRGH<HVDDGROHFHGHJUDYHVGHILFLHQFLDV
TXHYDDSURYRFDUDORVDIHFWDGRVDUHFXUULUODSRUYtDMXGLFLDOSRUORTXHHQWDQWRHQFXDQWRQRH[LVWD
XQD VHQWHQFLD ILUPH VREUH OD OHJDOLGDG GH GLFKD GHFODUDFLyQ GH LPSDFWR GHEHUtD SURGXFLUVH XQD
PRUDWRULDHQHODYDQFHGHO3ODQGH$EDVWHFLPLHQWRD=DUDJR]DGHQRVHUTXHH[LVWLHVHQDOWHUQDWLYDV
GHDEDVWHFLPLHQWRTXHQRSDVHQREOLJDWRULDPHQWHSRUUHFUHFHU<HVD
$XVHQFLDGHGLDJQyVWLFRVHLGHQWLILFDFLyQGHORULJHQGHORVSUREOHPDV
1RVHGHVFULEHQODVFDXVDVQLRUtJHQHVGHORVSUREOHPDVGHFDOLGDGRFDQWLGDGHQVXFDVRGHO
DJXDGHDEDVWHFLPLHQWRGHORVGLYHUVRVPXQLFLSLRVLQYROXFUDGRV(VWRVIDFWRUHVKD\TXHHQFRQWDUORV
HQ JUDQ PHGLGD HQ SURGXFWRGH OD DFWLYLGDG KXPDQD HQ VXV YHUWLHQWHV XUEDQtVWLFDV LQGXVWULDOHV \
DJUtFRODV
/RV DVSHFWRV UHODWLYRVD OD GXUH]D QDWXUDO GHO DJXD HQ HO 9DOOH GH (EUR VRQ FRPXQHV D RWURV
PXFKDVSREODFLRQHV\ELHQWROHUDGRVSRUHORUJDQLVPRKXPDQR
6HLJQRUDODHYDOXDFLyQGHORVLPSDFWRVSUHVHQWHV\IXWXURVGHORVSURJUDPDVGHGHSXUDFLyQGH
YHUWLGRVXUEDQRVTXHWHQtDQFRPRSURSyVLWRPHMRUDUODFDOLGDGGHQXHVWUDVDJXDVVXSHUILFLDOHVSRU
OR TXH VH GHGXFH TXH ORV SURPRWRUHV GDQ SRU IUDFDVDGD R LQVXILFLHQWH GLFKD DFWXDFLyQ FX\RV
HOHYDGRV FRVWHV KD VXEYHQFLRQDGR OD 8( $QWH OD DSDUHQWH LQHILFDFLD GH UHVXOWDGRV FDEUtD
SUHJXQWDUVHVREUHHOFRQWHQLGR\FRQWLQXLGDGGHODVDFWXDFLRQHVSHQGLHQWHV
(Q FRQVHFXHQFLD WDPSRFR VH SODQWHD PHGLGD FRUUHFWRUD R SDOLDWLYD QL VLTXLHUD SDUFLDO R
JUDGXDO QL VH HVWXGLD HO PDUJHQ GH PDQLREUD H[LVWHQWH SDUD FRUUHJLU ORV SUREOHPDV GH FDOLGDG
GLUHFWDPHQWHUHODFLRQDGRVFRQDFWLYLGDGHVDJUtFRODVRLQGXVWULDOHV
(VWD UHQGLFLyQ DO HVWDGR GH FRVDV \ UHQXQFLD D LQWHUYHQLU HQ OD UDt] GH ORV SUREOHPDV
DPELHQWDOHVFRQVWLWX\HODSURORQJDFLyQPDVGHODSROtWLFDGHO³KRUPLJyQ´HQODTXHVHDSOLFDDWRGRV
ORV GHVDItRV UHODWLYRV D OD FDOLGDG \ FDQWLGDG GH DJXD OD PLVPD UHFHWD QXHYDV REUDV FLYLOHV TXH
UHDOLFHQXQPD\RU\PiVOHMDQRDFRSLRGHUHFXUVR
6HWRPDFRPRD[LRPDTXHODEXHQDFDOLGDGHQRULJHQHVLJXDODEXHQDFDOLGDGHQGHVWLQR
VLQTXHHVWRWHQJDSRUTXHVHUFLHUWR
/DFDOLGDGGHXQDEDVWHFLPLHQWRREOLJDDFRQWHPSODUHOVLVWHPDHQVXDVSHFWRLQWHJUDOGHVGHOD
IXHQWH GH WRPD GHO DJXD EUXWD SDVDQGR SRU HO WUDQVSRUWH HQ DOWD HO HYHQWXDO DOPDFHQDPLHQWR \
UHJXODFLyQGHODJXDHQ WUiQVLWRKDVWDHOSURFHVRGHSRWDELOL]DFLyQ \ ODSURSLD GLVWULEXFLyQ HQEDMD
FRVDTXHQRVHLQILHUHGHODQWHSUR\HFWRVRPHWLGRDLQIRUPDFLyQS~EOLFD
8QDJXDEUXWDGHEXHQDFDOLGDGTXtPLFDSXHGHOOHJDUDFRQYHUWLUVHHQXQDJXDGHPDODFDOLGDG
SDUDHOXVXDULRVLQRKDVLGRDGHFXDGDPHQWHSURWHJLGDHQVXRULJHQHQVXWUDQVSRUWHHQDOWD\HQVX
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
HYHQWXDODOPDFHQDPLHQWRHQWUiQVLWRRVLHOVLVWHPDGHSRWDELOL]DFLyQQRHVHODGHFXDGRRODUHGGH
GLVWULEXFLyQHVWiPDOGLVHxDGD\RFRQVHUYDGD1LQJXQRGHHVWRVSODQWHDPLHQWRVVRQDQDOL]DGRVHQ
HO DQWHSUR\HFWR TXH HV XQ VLPSOH SUR\HFWR KLGUiXOLFR \ D~Q DVt DIHFWDGR SRU JUDYHV GHILFLHQFLDV
WpFQLFDVTXHORKDFHQDWRGDVOXFHVLQYLDEOH
(QHODQWHSUR\HFWRH[LVWHXQDLPSOtFLWDKLSyWHVLVHQODTXHVHLGHQWLILFDODVXSXHVWDFDOLGDGGHO
DJXDHQHORULJHQFRQODFDOLGDGTXHOOHJDDOJULIRGHOFLXGDGDQRVLQTXHHVWRWHQJDTXHVHUDVt\
PiV DXQ FXDQGR VH LGHQWLILFD H[FOXVLYDPHQWH DQWH OD RSLQLyQ S~EOLFD OD PDOD FDOLGDG FRQ ORV
DVSHFWRVRUJDQROpSWLFRVGHELGRVDKLSHUFORUDFLyQTXHVHGHWHFWDHQORVJULIRVHVGHFLU³DJXDEXHQD´
HV DTXHOOD TXH VLHQGR WUDQVSDUHQWH QR VDEH PDO HQ SDUWLFXODU D FORUR FXDQGR HO SUREOHPD GH
FRQWHQLGRGHFORURHQODUHGQRHVGHELGRDODFDOLGDG
/DFDOLGDGGHODJXDEUXWDHQHORULJHQQRHVVLQRXQHVODEyQLPSRUWDQWHSHURQR~QLFRGHOD
FDGHQDGHFRPSOHMRVSURFHVRVTXHIRUPDXQVLVWHPDGHDEDVWHFLPLHQWR3DUDHYDOXDUODHIHFWLYLGDG
GHO SUR\HFWR TXH VH DFRPHWH QR VH GHEH FRPSDUDU OD FDOLGDG GHO DJXD GH <HVD HQ RULJHQ FRQ OD
FDOLGDGGHODJXDGHO(EURHQHO%RFDOVLQRORVSDUiPHWURVILVLFRTXtPLFRVHVWLPDGRVDORODUJRGHO
DxRGHODJXDLQ\HFWDGDHQODUHGSURYHQLHQWHGH<HVDWUDVVXSDVRSRUOD/RWHWD\ODSRWDELOL]DGRUD
FRQORV SDUiPHWURVDFWXDOPHQWHH[LVWHQWHVHQ HO DJXD LQ\HFWDGDHQODUHG SURYHQLHQWH GHO%RFDO \
WUDWDPLHQWRHQODSRWDELOL]DGRUD
$VLPLVPRKDEUiTXHWHQHUHQFXHQWDHOHIHFWRGHODUHGGHGLVWULEXFLyQVREUHODFDOLGDGILQDOHQ
HOSXQWRGHFRQVXPRTXHHVFODYHHQHOFDVRGHODEDVWHFLPLHQWRGH=DUDJR]DFRPRDFRQWLQXDFLyQ
VHH[SOLFDUi
(Q HO VLVWHPD TXH VH GHVFULEHQ LQWHUYLHQHQ GLIHUHQWHV HOHPHQWRV \ DVSHFWRV TXH QR VH KDQ
FRQWHPSODGR HQDEVROXWRHQHODQWHSUR\HFWR
x
x
x
x
x
x
x
3URWHFFLyQGHOYDVR
,PSDFWRVGHOD&XHQFDDJXDVDUULED GHOHPEDOVHGH <HVD \ SRVLEOHV HIHFWRVGHO GHVDUUROORGH
ORVQ~FOHRVKDELWDGRVQXHYDVLQIUDHVWUXFWXUDVLQGXVWULDOHVDJUtFRODVJDQDGHUDV\WXUtVWLFDVTXH
VH SUR\HFWDQ LPSODQWDU FRQ SDUWLFXODU VLJQLILFDFLyQ GH UHJDGtRV HQ OD FDQDO GH %HUG~Q \ OD
DPSOLDFLyQGHHVWDFLRQHVGHHVTXt
,PSDFWRVGHODVDFWLYLGDGHVUHFUHDWLYDVGHSRUWLYDVHLQPRELOLDULDVH[LVWHQWHVRFRQWHPSODGDVHQ
ORVHQWRUQRVGHORV3DQWDQRVGH<HVD\/D/RWHWD\TXHVHSUHWHQGHQLPSXOVDUFRPRHOHPHQWRV
GHUHYLWDOL]DFLyQHFRQyPLFDGHODVFRPDUFDVUHVSHFWLYDV
5LHVJRV GH GHJUDGDFLyQ GHO DJXD DOPDFHQDGD HQ OD /RWHWD GXUDQWH HO SURORQJDGR SHULRGR GH
DOPDFHQDPLHQWRVRPHWLGDDODVDOWDVWHPSHUDWXUDSURSLDVGHODGHSUHVLyQFHQWUDOGHO(EUR\HQ
XQHPEDOVHVRPHURHQWHUUHQRVFRQDOWRFRQWHQLGRVHQVDOHV
$VLPLVPR HQ ODV RFDVLRQHV HQ TXH VHD SUHFLVR DEDVWHFHU =DUDJR]D FRQ DJXDV GHO FDQDO
PH]FODGD R HQ H[FOXVLYD OD PH]FOD VH FRQWHPSOD UHDOL]DUVH HQ OD /RWHWD HQ OXJDU GH HQ ORV
GHSyVLWRV GH OD SRWDELOL]DGRUD SRU OR TXH ORV UHVLGXRV RUJiQLFRV \ TXtPLFRV TXH WUDQVSRUWD
SXHGHQGHFDQWDUVH\DFXPXODUVHHQHOOHFKRGHOHPEDOVHGDGRTXHQRHVSRVLEOHHIHFWXDUXQD
OLPSLH]DSHULyGLFDLQWHQVLYD3RURWUR ODGRVHSLHUGHHOSRWHQFLDODXWRGHSXUDFLyQTXH ODVDJXDV
GHO&DQDO,PSHULDOPXHVWUDQHQDOJXQDVpSRFDVGHODxRKDVWDVXOOHJDGDD=DUDJR]DPHGLDQWH
FRQGXFFLyQDFLHORDELHUWR
7UDWDPLHQWRVGHSRWDELOL]DFLyQ
x (QHOSURFHVRGHSRWDELOL]DFLyQ ORVWUDWDPLHQWRVHPSOHDGRVGHEHQ VHUUHYLVDGRV \
DGDSWDGRV D ODV QXHYDV QHFHVLGDGHV H[LJLHQGR SRVLEOHPHQWH PRGLILFDFLRQHV GH
tQGROH PD\RU SDUD HIHFWXDU SURFHVRV GLVWLQWRV VHJ~Q OD SURFHGHQFLD GHO DJXD
FDPELRVTXHQRVHKDQGHVFULWR
x $VtSRUHMHPSORXQDEDMDFDQWLGDGGHVyOLGRVHQVXVSHQVLyQGLILFXOWDORVSURFHVRV
GH IORFXODFLyQ \ GHFDQWDFLyQ GH PDWHULD VyOLGD TXH VRQ LPSUHVFLQGLEOHV SDUD
HOLPLQDFLyQ GH YHFWRUHV SDWyJHQRV UHVLVWHQWHV D OD FORUDFLyQ 7DPELpQ HQ ORV
SURFHGLPLHQWRV GH FRDJXODFLyQ GHEHUtD VXVWLWXLUVH OD SUHFORUDFLyQ SRU RWURV
PpWRGRV QR SURGXFWRUHV GH 7UL+DOR0HWDQRV 7+0 FRPSXHVWRV QR GHJUDGDEOHV
GHSUREDGRFDUiFWHUFDQFHUtJHQR
x (O TXH ORV GHSyVLWRV GHO DJXD WUDWDGD HQ OD SRWDELOL]DGRUD GH =DUDJR]D VH
HQFXHQWUHQ GHVFXELHUWRV DVLPLVPR PHUPD OD FDOLGDG GHO DJXD DOPDFHQDGD SRU
FDtGDGHPDWHULDRUJiQLFDGLVROXFLyQGHVXEVWDQFLDVFRQWDPLQDQWHVYHUWLGRV«
/D UHG GH GLVWULEXFLyQ GHO DJXD SRWDELOL]DGD KDVWD ODV DFRPHWLGDV GH ODV YLYLHQGDV SUHVHQWD
DVLPLVPR XQ HVODEyQ FUtWLFR HQ OD FDGHQD GH OD FDOLGDG \D TXH OD UHG GH FRQGXFFLRQHV
FRQVWLWX\HXQDIXHQWHPD\RUGHFRQWDPLQDFLyQELROyJLFD\TXtPLFD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
x
x
'HEHUtD KDEHUVH HVWXGLDGR DVLPLVPR HO LPSDFWR GH OD VXVWLWXFLyQ GHODV DFWXDOHVDJXDV GXUDV
SRURWUDVGHPHQRUGXUH]D\DTXHSDUWHGHODVVXEVWDQFLDVGHSRVLWDGDV \HVWDELOL]DGDVHQODV
SDUHGHV GH ODV FRQGXFFLRQHV SRGUtDQ UHLQWHJUDUVH DO IOXMR $GHPiV HV FRQRFLGD OD PD\RU
DJUHVLYLGDG GH ODV DJXDV EODQGDVUHVSHFWRDO DWDTXH GH ORV WXEHUtDV DVSHFWR TXH DGHPiV GH
WHQHU XQD IDFHWD ILVLFRTXtPLFD UHSUHVHQWD XQ SRWHQFLDO DXPHQWR GH IXJDV SURYRFDGDV SRU OD
FRUURVLyQ\GLVROXFLyQ
/DGHVLQIHFFLyQ GHODJXD WUDWDGD DO LQWURGXFLUODHQ OD UHG GH FRQGXFFLRQHV UHDOL]DGD PHGLDQWH
FORUDFLyQ FRQVWLWX\H HO IDFWRUTXH PDVGLUHFWDPHQWH LQFLGH HQ OD DSUHFLDFLyQ GH OD FDOLGDG GHO
DJXDTXHEHEHHOXVXDULR'HKHFKRHOFLXGDGDQRGH=DUDJR]DDVRFLDODPDODFDOLGDGGHODJXD
TXH EHEH DO IXHUWHRORU TXH OH FRQILHUH HO H[FHVR GH FORUR OLEUH TXH WUDQVSRUWD OD UHG VXSHULRU
IUHFXHQWHPHQWH D PJO LQGXFFLyQ TXH VH SRWHQFLD VXEOLPLQDUPHQWH GHVGH ODV FDPSDxDV
SXEOLFLWDULDVGHODEDVWHFLPLHQWRGHVGH<HVD1RREVWDQWHHOSXQWRHVHQFLDODUHVDOWDUHVTXHORV
FRQWHQLGRVGHFORURHQODUHGQRYLHQHFRQGLFLRQDGRVSRUODFDOLGDGGHODJXDLQ\HFWDGDVLQRSRU
OD HVWUXFWXUD \ HVWDGR GH OD UHG GH GLVWULEXFLyQ 'H KHFKR DXQTXH HQ HO DJXD GH OD
SRWDELOL]DGRUD GH &DVDEODQFD IXHUD WRPDGD GH XQ PDQDQWLDO GH DJXD PLQHUDO D SLH GH ORV
GHSyVLWRVHOFRQWHQLGRHQFORURHQORVJULIRVVHUtDVHPHMDQWHSRUORTXHHOSULQFLSDOSDUiPHWUR
GHSHUFHSFLyQFRQHOTXHVHWUDEDMDHOVXEFRQVFLHQWHGHODRSLQLyQS~EOLFDDODKRUDGHKDEODUGH
ODFDOLGDGGHODJXDSHUPDQHFHUtDLQDOWHUDGR(VWRHVDVtSRUTXHODFORUDFLyQDJXDHQODHQWUDGD
HQODUHG REHGHFH DODQHFHVLGDG GHVXSULPLUOD PXOWLSOLFDFLyQ ORVPLFURRUJDQLVPRV SDWyJHQRV
TXHFRORQL]DQODVSDUHGHVLQWHULRUHVGHWRGRWLSRGHWXEHUtDV\ORVDOMLEHVGRPLFLOLDULRV3RUWDQWR
OD SUHVHQFLD GH XQ FLHUWD PtQLPD FDQWLGDG GH FORUR HQ HO DJXD PJO HVWDEOHFH XQD FLHUWD
JDUDQWtDGHHVWHULOLGDGGHODJXDFRQVXPLGD1RREVWDQWHFRQIRUPHHOFORUROLEUHYDHOLPLQDQGR
JpUPHQHV\UHDFFLRQDQGRFRQODPDWHULDRUJiQLFDTXHHQFXHQWUDDVXSDVRHVWHVHUHFRPELQD\
GHVDSDUHFHFRPRWDOSRUORTXHHVSUHFLVRVXPLQLVWUDUHQORVSXQWRVGHLQ\HFFLyQGHODJXDHQOD
UHGGRVLVPDVHOHYDGDVTXHHODQWHULRUYDORUPtQLPRUHFRPHQGDGRSDUDJDUDQWL]DUTXHDWRGRV
ORVSXQWRVGHOVLVWHPDOOHJDXQQLYHOVXILFLHQWH/DVGRVLVDLQ\HFWDUGHSHQGHQHVHQFLDOPHQWHGH
GRVIDFWRUHVHVHQFLDOHVHVWDGRGHODVFRQGXFFLRQHVWLHPSRGHUHVLGHQFLDGHODJXDGHQWURGHOD
UHG\HQPHQRUPHGLGDGHOQLYHOGHODWDVDGHURWXUDV\UHSDUDFLRQHV&RPRVHDSUHFLDHVWRV
IDFWRUHVQRWLHQHQTXHYHUFRQODFDOLGDGGHODJXDGHODIXHQWHGHVXPLQLVWUR
x (VWDGR GH ODV FRQGXFFLRQHV HO WLSRGH PDWHULDO \ DQWLJHGDG GHO VLVWHPD VRQ IDFWRUHV
TXH LQIOX\HQ HQ OH JUDGR GH FUHFLPLHQWR \ FRQVROLGDFLyQ GHO ELRILOP TXH UHFXEUH ODV
SDUHGHV LQWHUQDV GH ORV FRQGXFWRV (O PDQWHQLPLHQWR GH XQ JUDGR GH VDOXEULGDG
UD]RQDEOH GHO VLVWHPD GH GLVWULEXFLyQ H[LJH XQD OLPSLH]D R UHSRVLFLyQ VHOHFWLYD GH ORV
FRQGXFWRV
x 7LHPSRGHUHVLGHQFLD&RQIRUPHHODJXDSHUPDQHFHPDVWLHPSRHQ ODUHGORV QLYHOHV
GHFORURVHYDQUHGXFLHQGRGDGRTXHHOFRQWDFWRFRQODPDWHULDRUJiQLFDVHSURORQJD$
VX YH] HO WLHPSR GH SHUPDQHQFLD HQ OD UHG GHSHQGH GH OD YHORFLGDG D TXH HO DJXD
FLUFXOHSRUODPLVPD\GHODGLVWDQFLDTXHWHQJDTXHUHFRUUHUKDVWDOOHJDUDOXVXDULRPDV
H[WUHPR
x (QWUDGDGHFRQWDPLQDQWHV/DVURWXUDVFRUWHVGHVXPLQLVWURDVtFRPRODVUHSDUDFLRQHV
\ PDQWHQLPLHQWRV FRQGXFFLRQHV SRFR FXLGDGRVRV LPSOLFDQ XQD HQWUDGD GHVFRQWURODGD
GHFRQWDPLQDQWHV
/D UHG GH GLVWULEXFLyQ GH OD FLXGDG GH =DUDJR]D SUHVHQWD FRPSRQHQWHV GHVIDYRUDEOHV HQ ORV
WUHVFDStWXORV 5HODWLYDDQWLJHGDGGHODUHGFRQXQDWDVDGHUHSRVLFLyQLQFOXVRHQORVSHULRGRVPDV
DFWLYRVH[FHVLYDPHQWHOHQWRVtQGLFHGHURWXUDVHOHYDGR\WLHPSRVGHSHUPDQHQFLDPi[LPRV
HOHYDGRV 'HELGR D OD H[LVWHQFLD GH FRQGXFFLRQHV GH GLiPHWUR UHODWLYDPHQWH JUDQGH OD
YHORFLGDGGHFLUFXODFLyQGHODJXDHVPX\EDMD3RURWUR ODGR ODDOLPHQWDFLyQ GHOQ~FOHR GH
&DVHWDV TXH VH HQFXHQWUD D ;;; NP VH UHDOL]D GLUHFWDPHQWH GHVGH ORV GHSyVLWRV GH OD
SRWDELOL]DGRUD OR TXH LPSOLFD XQ PX\ HOHYDGR WLHPSR GH UHVLGHQFLD KDVWD OOHJDU D HVWRV
SXQWRV H[WUHPRV \ XQDV PX\HOHYDGDVGRVLV GH FORUR D LQ\HFWDU HQ OD SRWDELOL]DGRUD SDUD
JDUDQWL]DUORVQLYHOHVPtQLPRVHQHOGH&DVHWDV'DGRTXHODFORUDFLyQSDUDODHVWHULOL]DFLyQ
VH UHDOL]D HQ ORV PLVPRV GHSyVLWRV TXH DEDVWHFHQ DO UHVWR GH OD FLXGDG OD LUUDFLRQDO
HVWUXFWXUD DFWXDO GHO VXPLQLVWUR D ORV KDELWDQWHV GH &DVHWDV KDFH TXH WRGR HO UHVWR GH OD
FLXGDG WHQJD TXH VRSRUWDU GRVLV GH FORUR PX\ VXSHULRUHV D ODV TXH VHUtDQ HVWULFWDPHQWH
QHFHVDULDV\TXHHVHQJUDQSDUWHUHVSRQVDEOHGHOIXHUWHVDERUFDUDFWHUtVWLFRTXHSHUFLEHQ
SHUPDQHQWHPHQWHORV]DUDJR]DQRV\TXHDVRFLDQDODFDOLGDG
x )LQDOPHQWH XQ ~OWLPR GHWHULRUR GH OD FDOLGDG GHO DJXD VHUYLGD VH GHEH OD HVWUXFWXUD PiV
H[WHQGLGDGHGLVWULEXFLyQHQHOLQWHULRUGHODVYLYLHQGDV TXHVHLQGHSHQGL]D GHODUHGPHGLDQWH
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
XQ DOMLEH HQ HO TXH VH DOPDFHQD HO DJXD GH OD UHG SDUD SURFHGHU D VX HOHYDFLyQ PHGLDQWH XQ
JUXSR GH SUHVLyQ DVSHFWR TXH DGHPiV GH VHU HQHUJpWLFDPHQWH LQHILFD] LPSOLFD SUREOHPDV
VDQLWDULRV(VWRVDOMLEHVRGHSyVLWRVLQWHULRUHVQRUHFLEHQOLPSLH]DSHULyGLFDDOJXQDVXSRQHQXQD
UHWHQFLyQDGLFLRQDOGHODJXDTXHVHWUDGXFHHQQXHYRVLQFUHPHQWRVGHFORURHQODSRWDELOL]DGRUD
VRQIXHQWHVGHFRQWDPLQDFLyQDGLFLRQDO\DTXHVXHOHQDFDEDUGHVFXELHUWRV\GHSpUGLGDVSRUHO
UHERVDGHURHQFXDQWRODVER\DVGHQLYHOGHMDQGHVHURSHUDWLYDV
(QFRQVHFXHQFLDODPHMRUDGHOD FDOLGDG GHO DJXD HQ HO DEDVWHFLPLHQWR D =DUDJR]D LPSOLFD OD
FRQVLGHUDFLyQGHP~OWLSOHVH[WUHPRVTXHQRVHKDQFRQVLGHUDGR\H[LJHODLQWHUYHQFLyQ\FRUUHFFLyQ
GHGLYHUVDVGHILFLHQFLDVHVWUXFWXUDOHVVLQFX\RFRQFXUVRODFDOLGDGGHODJXDVHUiGHJUDGDGD6HKDQ
LJQRUDGRWRGRVHVWRVH[WUHPRV\QRVHSUHYpODSODQLILFDFLyQQLUHDOL]DFLyQGHORVHVWXGLRVSUHYLRVQL
DFWXDFLRQHVSHUWLQHQWHV
8Q SUR\HFWR GH HQYHUJDGXUD QR SXHGH FRQFHELUVH VLQ OD PHMRUD GH OD GHILFLHQWH UHG GH
=DUDJR]D
(Q HO OLEUR ³(O HVWDGR GH ORV DEDVWHFLPLHQWRV HQ (VSDxD´ VH GLDJQRVWLFD FHUWHUDPHQWH HO PDO
HVWDGR GH ORV DEDVWHFLPLHQWRV GH DJXD GHO (VWDGR HVSDxRO HQ FRPSDUDFLyQ FRQ RWURV SDtVHV GH
QXHVWURHQWRUQR=DUDJR]DVHUtDXQHMHPSORGHHOORTXHVHVLW~DSRUGHEDMRGHODPHGLDGHOHVWDGR
HVSDxRO
(QHOFLWDGRWH[WRVHGHVFULELHURQORVUDVJRVJHQHUDOHVGHO VLVWHPDGHGRQGHVHKDQH[WUDtGR
ORV VLJXLHQWHV GDWRV \ UDWLRV LQGLFDGRUHV TXH FXDQGR HV SRVLEOH VH FRPSDUDQ FRQ ORV YDORUHV
DFRQVHMDGRV
x
x
x
x
x
x
x
x
x
x
5HQGLPLHQWRGHODUHGDJXDIDFWXUDGDUHVSHFWRDODJXDLQ\HFWDGDUDQJRDFRQVHMDEOH
)XJDVHVWLPDGDVHQODUHGUDQJRDFRQVHMDEOH
(TXLSRVPyYLOHVGHGHWHFFLyQGHIXJDV 9HULILFDFLyQDQXDOGHOGHHVWDGRGHFRQGXFFLRQHV
1LYHOHVGHFORUROLEHHQUHGPJO
/DVLWXDFLyQGHODFLXGDGGH=DUDJR]DHVGUDPiWLFD
+DVWD IHFKD UHFLHQWH QR WRGDV ODV WXEHUtDV GH VDOLGD GH OD GHSXUDGRUD GLVSRQtDQ GH
FDXGDOtPHWUR$FWXDOPHQWHVyORVHGLVSRQHGHPHGLGRUHVGHFDXGDOHQODVWXEHUtDVGHVDOLGDGH
ODGHSXUDGRUDUHFLHQWHPHQWHUHQRYDGRV\HQDOJ~QGHSyVLWRLQWHUPHGLR
7RGDV ODV RSHUDFLRQHV GH FRQWURO GH OD UHG GH GLVWULEXFLyQ VH UHDOL]DQ GH IRUPD PDQXDO QR
H[LVWHQ VLVWHPDV GH PHGLGD QL GH FRQWURO UHPRWR SRU OR TXH QR HV SRVLEOH PRQLWRUL]DFLyQ HQ
WLHPSRUHDO
/D GLVSRQLELOLGDG HQ DEXQGDQFLD GH DJXD GH OD FXHQFD GHO UtR (EUR KD HFKR GHVFXLGDU
KLVWyULFDPHQWHHOHVWDGRGHODEDVWHFLPLHQWRGHQWURGHORVSUHVXSXHVWRV0XQLFLSDOHV6LELHQHQ
ORV ~OWLPRV DxRV OD PD\RU SDUWH GH ORV PXQLFLSLRV KDQ FDPELDGR VX VHQVLELOLGDG KDFLD HO
SUREOHPD SRU HIHFWR GHO ~OWLPR SHULRGR GH VHTXtD HQ OD FLXGDG GH =DUDJR]D KDQ VLGR ODV
IUHFXHQWHV \ HVSHFWDFXODUHV URWXUDV GH WXEHUtDV TXH KDQ KHFKR WRPDU DOJXQDV LQLFLDWLYDV HQ
HVWHVHQWLGRDODDGPLQLVWUDFLyQORFDO
/RVVHUYLFLRVWpFQLFRVPXQLFLSDOHVHVWLPDEDQHQ+HUDOGRGH$UDJyQHQ
PLOORQHVGHSWVODLQYHUVLyQQHFHVDULDSDUDHQXQSODQGHUHQRYDFLyQLQWHJUDOGHWXEHUtDVGHORV
FXDOHVPLOORQHVVHUtDQQHFHVDULRVSDUDUHVROYHUORVSUREOHPDVPDVLPSRUWDQWHVGXUDQWHHO
SHULRGR6LQHPEDUJRHQHOSHULRGRODLQYHUVLyQVHKDOLPLWDGRDXQRV0SWV
3RGHPRV GHFLU TXH KDVWD OD IHFKD HO HVIXHU]R SRU UHQRYDU \ PRGHUQL]DU OD UHG GH
DEDVWHFLPLHQWRVLELHQKDGDGRXQFDPELRGHWHQGHQFLDHVPX\PRGHVWRIUHQWHDODGHWHULRUDGD
VLWXDFLyQLQLFLDO
$VLPLVPR QR UHVXOWD FRQYLQFHQWH HO TXH HO SUHVXSXHVWR SDUD OD UHSDUDFLyQ GH OD UHG GH
GLVWULEXFLyQUHVXOWHH[RUELWDGRFRPRSDUDDERUGDUORHQHOPHGLRSOD]RPLHQWUDVODVREUDVGHOD
WUDtGDGHDJXDVGHVGH<HVDVHFRQVLGHUHPRGHUDGR
$EDVWHFHUDOHQWRUQRIXHUDGHOHMHGHOUtRHVLUUDFLRQDO
,QGHSHQGLHQWHPHQWHGHODSRVLELOLGDGGHVROXFLRQHVDOWHUQDWLYDVDODEDVWHFLPLHQWRGHVGH<HVDTXH
SRVHHQ OD PD\RU SDUWH GH ORV Q~FOHRV UXUDOHV TXH VH LQFOX\HQ HQ HO DQWHSUR\HFWR HO FRVWH
HFRQyPLFR HIHFWLYR GH ORV FRUUHGRUHV SURSXHVWRV HV D WRGDV OXFHV GHVSURSRUFLRQDGR /D PD\RU
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
SDUWHODVSREODFLRQHVDIHFWDGDVGHEHUtDQGHVHFKDUODSRVLELOLGDGGHVXLQFOXVLyQHQHOVLVWHPDGDGR
TXHSXHGHUHVXOWDUOHVUXLQRVDHFRQyPLFDPHQWH
/RVSUREOHPDVHFRQyPLFRVGHOFRVWHGHODJXDDOXVXDULRQRSXHGHQVHUGHILQLGRVHQODPHGLGD
HQTXHQRVHVHDQHVWDEOHFLGDVFXHVWLRQHVWDQHOHPHQWDOHVFRPRODSDUWHDOtFXRWDGHOUHFUHFLPLHQWR
GH <HVD \ FRQVWUXFFLyQ GH /D /RWHWD /D LQFOXVLyQ GH ORV WUHV JUDQGHV UDPDOHV -DOyQ +XHUYD \
*DOOHJR FRPSOLFD OD GHILQLFLyQ GHO SUREOHPD \ OOHYD D XQRV UHVXOWDGRV HFRQyPLFDV GH DEVROXWD
LQYLDELOLGDG 1R HQWHQGHPRV OD MXVWLILFDFLyQ GH LQFOXLU SRU UD]RQHV GH FDOLGDG QL GH FDQWLGDG HVRV
UDPDOHVHQHOVLVWHPDGHOFRUUHGRU
(VGHQRWDUTXHHQWRGDVHVWDV]RQDVH[LVWHQRWUDVSRVLELOLGDGHVPXFKRPiVEDUDWDVVHQFLOODV
\VHJXUDVTXHSHUPLWLUtDQRIUHFHUDJXDVGHPHMRUFDOLGDGTXHODTXHVHRIUHFHHQHVWHDQWHSUR\HFWR
7RPDUHPRVDOUHVSHFWRORVFDVRVGHORVHMHVGHO+XHUYD\-DOyQ(O+XHUYDHVWiFRQVLGHUDGRFRPR
XQRGHORVUtRVPHMRUFRQVHUYDGRHQVXFDEHFHUD/RVHPEDOVHVGH0H]DORFKD\7RVRVSHUPLWLUtDQ
VXPLQLVWUDUDJXDVVLQFRVWHVGHERPEHRSRUJUDYHGDGDWRGRHOHMHGHO+XHUYDFRQXQRVFRVWHV
ULGtFXORV&DULxHQDSRUVXSDUWHGLVSRQHGHDFXtIHURVGHH[FHOHQWHFDOLGDGHQVXVLQPHGLDFLRQHV(O
DFXtIHUR WHUFLDULR FRQ XQD SRWHQFLD GH P HQWUH ORV \ ORV P GH SURIXQGLGDG WLHQH XQD
FDOLGDGH[FHSFLRQDO7DQWRHQHVWD]RQDFRPRHQODVSUR[LPLGDGHVGHOD$OPXQLDEDVWDUtDSURWHJHU
OD]RQDTXHHVWiDORVSLHVGHODVLHUUDGH$OJDLUpQSDUDJDUDQWL]DUXQIUHQWHGHSR]RVFRQH[FHOHQWH
FDOLGDGGHDJXDVDPHQRVGHRNPGHORVSULQFLSDOHVQ~FOHRVXUEDQRVGHOD]RQD&DULxHQD
/D $OPXQLD 5LFOD eSLOD 2EYLDPHQWH ORV FRVWHV GH HVWDV LQIUDHVWUXFWXUDV SR]RV UHG GH
WXEHUtDV\ORVGHERPEHR\PDQWHQLPLHQWRGHOVLVWHPDVHUtDQLQILQLWDPHQWHLQIHULRUHVDORVTXHVH
GHULYDQGHODQWHSUR\HFWR
5HVSHFWRDORVPXQLFLSLRVGHO%DMR$UDJyQDORVTXHHQHOSUR\HFWRVHGLVHxDQUHGHVSDUD
FDXGDOHV GH OV TXH VXSRQGUtDQ QDGD PHQRV TXH KP DxR HV GH QRWDU TXH VH KDQ
SUHVHQWDGR D %UXVHODV ORV SUR\HFWRV GH VXPLQLVWUR GH DOWD FDOLGDG D GLFKRV PXQLFLSLRV GHVGH HO
&DQDO GH 6iVWDJR 2EYLDPHQWH HO DFWXDO SUR\HFWR HV HQ HVWH VHQWLGR UHGXQGDQWH \ QR SXHGH
MXVWLILFDUVH FRPR LQFUHPHQWR GH JDUDQWtD R VHJXQGD IXHQWH GH VXPLQLVWUR HQ FDVR GH HPHUJHQFLD
SXHV UHVXOWDUtD HQ WRGR FDVR VREUHGLPHQVLRQDGD D WRGDV OXFHV 3RU RWUR ODGR UHVXOWD REYLR TXH
H[LVWHQRWUDVIXHQWHVTXHSXHGHQXVDUVHFRPRVXSOHPHQWDULDVRGHHPHUJHQFLDHVSHFLDOPHQWHVLOD
&+( JDUDQWL]D FRPR GHEHUtD OD DGHFXDGD OLPSLH]D \ SUHVHUYDFLyQ GH ODV DJXDV GHO (EUR /D
UHGXQGDQFLDSDUDFROPRFRQILQDQFLDFLyQHXURSHDQRVHSXHGHHQWHQGHUVLQRGHVGHXQDDFWLWXGGH
DEXVR\PDODDGPLQLVWUDFLyQGHORVIRQGRVHXURSHRV
5HVSHFWR DO HMH GHO *iOOHJR H[LVWHQ RWUDV PXFKDV RSFLRQHV TXH GHEHUtDQ VHU FRQVLGHUDGDV \
HVWXGLDGDV \TXHUHVXOWDUtDQVLQGXGDPXFKRPiVUD]RQDEOHV GHVGH XQ SXQWRGHYLVWD HFRQyPLFR
DPELHQWDO\VRFLDO/DVSURSLDVDJXDVGHO*iOOHJRD ODDOWXUDGHOD6RWRQHUDRODVGHO &LQFDHQHO
DEUD]R GH 7DUGLHQWD RIUHFHQ QLYHOHV GH FDOLGDG UHDOPHQWH DOWRV \ SRGUtDQ WUDQVSRUWDUVH SRU
JUDYHGDG VLQ JDVWRV GH ERPEHR (O SUREOHPD GH ORV ULHVJRV GH FRQWDPLQDFLyQ FRQ OLQGDQR GHO
*iOOHJR SRU ORV UHVLGXRV TXH ,QTXLQRVD DEDQGRQy HQ 6DELxiQLJR GHEHQ VHU DERUGDGRV GH IRUPD
FODUDHQOXJDUGHFRQGHQDUGHILQLWLYDPHQWHODXWLOLGDGGHHVDVDJXDVTXHSRURWURODGRQRROYLGHPRV
VHHVWiQXVDQGRWDPELpQHQUHJDGtRV3RURWUDSDUWHODSUR[LPLGDGGHODVPLVPDVDJXDVGHOVLVWHPD
GH%DUGHQDVDWUDYpVGHO&DQDOGH%DUGHQDVHQOD]RQDDOWDGHHVWHHMHHVRWUDRSFLyQTXHVHUYLUtD
QRVyORSDUDGDUVXPLQLVWURDODVHJXQGDRSFLyQRSFLyQ%DUGHQDVSUHVHQWDGDSRUHODQWHSUR\HFWR
VLQRHYHQWXDOPHQWHSDUDRIUHFHUXQDRSFLyQGLPHQVLRQDGDDODVQHFHVLGDGHVGHOHMHGHO*iOOHJR
([LVWHQSUREOHPDVWpFQLFRVGHVGHHOSXQWRGHYLVWDKLGUiXOLFRQRWHQLGRVHQFXHQWD
/RV SUREOHPDV WpFQLFRV TXH SODQWHD HO SUR\HFWR GH DEDVWHFLPLHQWR GHVGH 6RUD DO SUHWHQGHU
FRQGXFLU XQDFDXGDOGHP VSRUXQDVHFFLyQGHPGHGLiPHWURREOLJDD YHORFLGDGHVGH IOXMR
TXH VXSHUDQ ORV PV \ SUHVLRQHV GH DWPyVIHUDV VRQ JUDYHV 6X SODQWHDPLHQWR HV
WpFQLFDPHQWH LPSURFHGHQWH GD D OD REUD FLYLO XQ HOHYDGtVLPD IUDJLOLGDG \ YXOQHUDELOLGDG 8Q
SODQWHDPLHQWR FRUUHFWR REOLJDUtD D GXSOLFDU OD WXEHUtD QR VyOR SDUD VRVOD\DU HO SUREOHPD GH OD
YHORFLGDG VLQR WDPELpQ SDUD GDUOH VROLGH] DO VLVWHPD DQWH ODV SUHYLVLEOHV DYHUtDV URWXUDV
UHSDUDFLRQHV HWF /DV FXHVWLRQHV JHRWpFQLFDV GH XQD FRQGXFFLyQIRU]DGD GH HVWDV FDUDFWHUtVWLFDV
DVtFRPRODGHVFULSFLyQGHORVSRVLEOHVSDQRUDPDVGHHYHQWXDOURWXUD\GHVDEDVWHFLPLHQWRFUHDGRV
QRVRQFRQWHPSODGRV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
/DVDOWHUQDWLYDV
3UHYLDPHQWHDODHOHFFLyQGHWUDHUHODJXDGH<HVD SRUODDFHTXLDGH 6RUD ORTXHVHFRQRFH
FRPRDOWHUQDWLYD6RUD6XUVHEDUDMDURQRWUDVRSFLRQHVHQWUHODTXHGHVWDFDODTXHGHQRPLQDUHPRV
³0DUUDFRV´ RILFLDOPHQWH FRQRFLGD FRPR DOWHUQDWLYD &DQDO GH %DUGHQDV(PEDOVH GHO *iOOHJR
=DUDJR]D6HKDSUHWHQGLGRKDFHUYHUDQWHODRSLQLyQS~EOLFDTXHKDH[LVWLGRXQDUHFLHQWHGLVFXVLyQ
WpFQLFD VREUH FXDO GH ODV GRV DOWHUQDWLYDV HUD PHMRU SHUR OD UHDOLGDG HV TXH HVWD GLVFXVLyQ KDFH
DxRV TXH HVWDED ]DQMDGD HQ OD &+( \ XQD SXEOLFDFLyQ GH 0DQXHO 2PHGDV DFWXDO FRQVHMHUR GH
SUHVLGHQFLDGHOD&+(2PHGDV\DFRQVLGHUDEDHODEDVWHFLPLHQWRGHVGH<HVDSRUODRSFLyQ
6RUDVXU
8QPHVDQWHVGHODH[SRVLFLyQS~EOLFDGHODQWHSUR\HFWRGHWUDHUDJXDSRU6RUDVXUVHSUHVHQWy
D ORV JUXSRV PXQLFLSDOHV GHO D\XQWDPLHQWR GH =DUDJR]D XQD EUHYH GHVFULSFLyQ GH ODV GRV
DOWHUQDWLYDVEDUDMDGDVFRQVXVSURV\VXVFRQWUDV/DDOWHUQDWLYD³0DUUDFRV´FRQVLVWHHVHQFLDOPHQWH
HQ UHDOL]DU XQ HPEDOVH GH DQiORJDV FDUDFWHUtVWLFDV DO GH /D /RWHWD HQ XQ EDUUDQFR ODWHUDO HQ OD
PDUJHQGHUHFKDGHOUtR*iOOHJRHQHOWpUPLQRPXQLFLSDOGH0DUUDFRV(VWHHPEDOVHGHHQWUH \
KP VHOOHQDUtDFRQDJXDGH<HVDSURFHGHQWHGHOILQDOGHO&DQDOGH%DUGHQDVTXHFLUFXODDWDQ
VyOR.PGHOPLVPR'HHVWHHPEDOVHVDOGUtDXQDFRQGXFFLyQKDFLD=DUDJR]D\VXHQWRUQRFRQXQ
FDXGDOGHP V
6LQDSHQDVPiVGLVFXVLyQVHRSWDSRUODRSFLyQGH6RUDFX\DSULQFLSDOYHQWDMDSDUHFHVHUHO
PD\RU DYDQFH GH HMHFXFLyQ GHO DQWHSUR\HFWR TXH ³JDUDQWL]D SOD]R \ GLVSRVLFLyQ GH ORV IRQGRV GH
FRKHVLyQ HVWH DxR´ REYLiQGRVH FXHVWLRQHV LPSRUWDQWHV FRPR TXH OD RSFLyQ GH 0DUUDFRV SHUPLWH
PD\RUIOH[LELOLGDGHQODH[SORWDFLyQGHOVLVWHPD\PD\RULQGHSHQGHQFLDGHODEDVWHFLPLHQWRGHDJXD
D=DUDJR]DGHODVGHPDQGDVGHORVUHJDQWHV
(ODXPHQWRGHIOH[LELOLGDGVHGHEHDTXHHOILQDOGHOFDQDOGH%DUGHQDVWLHQHXQDFDSDFLGDGGH
P V PtQLPR PLHQWUDV TXH HO WXER 6RUD/D /RWHWD VyOR WLHQH P V (Q OD DOWHUQDWLYD GH
0DUUDFRV ORV KP TXH QHFHVLWD =DUDJR]D VH OOHQDQ FRQ WDQ VyOR GtDV TXH VREUH DJXD GH
<HVDFRVDKDELWXDOODPD\RUtDGHORVDxRV\UD]RQDEOHHODJXDH[FHGHQWHGH<HVDVREUDHQJUDQ
FDQWLGDGSHURGXUDQWHPX\SRFRVGtDVHQWUH\GtDVDxR6LVHWUDHSRUODDFHTXLDGH6RUDVH
WDUGDGtDVHQOOHQDU/D/RWHWD(VWRVXSRQHXQRGHHVWRVGRVKHFKRV
x
x
6HUHVSHWDQORVGHUHFKRVGHORVUHJDQWHVGH%DUGHQDVFRQORTXH=DUDJR]DWUDHDJXDGH<HVD
GXUDQWHXQRVGRVPHVHVDODxRXQRVKP \EHEHDJXDGH<HVDPH]FODGDFRQODGHO&DQDO
,PSHULDOGHIRUPDKDELWXDO
6HHQWUDHQFRQIOLFWRFRQ%DUGHQDVWUD\HQGRGXUDQWHGtDVHODJXDQHFHVDULDSDUDOOHQDU/D
/RWHWD\DERFDQGRDODH[SURSLDFLyQGHOVDOWRGH6DQJHVDRD RWUDVUHJXODFLRQHVLQWHUPHGLDVR
DOUHFUHFLPLHQWR
([LVWHQDGHPiVRWUDVYHQWDMDVVHJ~QHOLQIRUPHGH$&(6$GHOILQDOGHOFDQDOGH%DUGHQDVDO
HPEDOVHGH0DUUDFRVH[LVWLUtDXQGHVQLYHOGH PHWURVHQORVTXHVHSRGUtDFRQVWUXLUXQDFHQWUDO
TXHSRGUtDWXUELQDUXQYROXPHQPtQLPRGH+P $ORODUJRGHOWXERHQWUH0DUUDFRV\=DUDJR]D
SRGUtDKDEHURWURVDOWR
/DRSFLyQGH/D/RWHWDHVPiVFDUD
/D WUDtGD SRU /D /RWHWD VHJ~Q HO UHVXPHQ GH SUHVXSXHVWRV HQWUHJDGR D ORV JUXSRV GHO
$\XQWDPLHQWRFXHVWDPLOORQHV\ODGH0DUUDFRVFXHVWDPLOORQHV3HURFXDQGRYDPRV
DOGHVJORVHGHOFRVWHGHOHPEDOVHHOGH0DUUDFRVFXHVWDPLOORQHVSHURHOSUHFLRGH/D/RWHWD
QR YLHQH LQFOXLGR (Q OXJDU GH SRQHU ORV PLOORQHV TXH FXHVWD /D /RWHWD SRQHQ HQ HVWH
DSDUWDGR ORV PLOORQHV GH ERPEHDU DJXD GH /D /RWHWD D XQ GHSyVLWR 12 $3$5(&( (1 /26
35(6838(6726 (/ &267( '(/ (0%$/6( '( /$ /27(7$3(52 6Ë (/ '( 0$55$&26 (O
FRVWHUHDOGHODRSFLyQ/D/RWHWDHVGHPLOORQHVGHSHVHWDV PLOORQHVPiVTXHOD GH
0DUUDFRV
/DRSFLyQGH/D/RWHWDHQWUDHQFRQIOLFWRFODURFRQODVH[SHFWDWLYDVGHDPSOLDFLyQGHULHJRVHQ
HO&DQDO,PSHULDOTXHHVVX GHVWLQRRILFLDO (VH[LJLEOHXQFDPELRGHO3ODQGH &XHQFD SDUDSRGHU
GHGLFDUORH[FOXVLYDPHQWHDDEDVWHFLPLHQWR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(OUHFUHFLPLHQWRVHJ~QHO3ODQ+LGUROyJLFR
'HQWUR GH OD FHUHPRQLD GH OD FRQIXVLyQ TXH KD VXSXHVWR OD SXEOLFLGDG GH HO ~QLFR
GRFXPHQWRFRQ YDOLGH] RILFLDO HVHO 3ODQ +LGUROyJLFR GHOD&XHQFD GHO (EURDSUREDGR SRU GHFUHWR
OH\HVHPLVPRDxRMXQWRFRQHOUHVWRGH3ODQHV+LGUROyJLFRVGHFXHQFD7UDQVFULELPRVORVDUWtFXORV
UHIHUHQWHVD<HVD\/D/RWHWDSDUDTXHHOOHFWRUVDTXHVXVSURSLDVFRQFOXVLRQHV
$UWDVLJQDFLyQDDxRVHQODMXQWDGHH[SORWDFLyQQž&XHQFDVGHO$UDJyQ\$UED
/RV UHFXUVRV DFWXDOPHQWH GLVSRQLEOHV VH UHVHUYDUiQ SDUD ORV XVRV DFWXDOHV SDUD ORV
UHJDGtRVGH %DUGHQDV,, \ SDUD ORV SHTXHxRV UHJDGtRV VLWXDGRV DJXDV DUULED GHO HPEDOVH
GH<HVD
/RV UHFXUVRV GLVSRQLEOHV DO ILQDOL]DU HO SHULRGR GH DxRV VHUiQ ORV UHFXUVRV UHJXODGRV
DFWXDOPHQWHPiVORVGHULYDGRVGHODVVLJXLHQWHVDFWXDFLRQHV
$ 0RGXODFLyQ SRU SDUWH GH OD $GPLQLVWUDFLyQ GH ORV FDXGDOHV GHVWLQDGRV DO $UDJyQ EDMR \
JHVWLyQFRQMXQWDSDUDHVWHItQGHODVDSRUWDFLRQHVGHO$UDJyQ\GHO,UDWL
% 5HFUHFLPLHQWRGHODSUHVDGH<HVDHQHOUtR$UDJyQ
& 3HTXHxDV UHJXODFLRQHV GH FDUiFWHU ORFDO HQWUH ODV TXH VH HQFXHQWUDQ ODV UHJXODFLRQHV
LQWHUQDVGHOFDQDOGH%DUGHQDV
/RV UHFXUVRV DGLFLRQDOHV JHQHUDGRV SRU OD UHYLVLyQ GH FRQFHVLRQHV GHO $UDJyQ EDMR VH
UHVHUYDUiQSDUDORVDSURYHFKDPLHQWRVGHO$UDJyQEDMRSDUDFDXGDOHVGHFRPSHQVDFLyQ \
RWUDVGHPDQGDVGHOHMHGHO(EUR\SDUDORVUHJDGtRVGH%DUGHQDV,\,,
/D QXHYD UHJXODFLyQ GHULYDGD GHO UHFUHFLPLHQWR GH <HVD VH UHVHUYDUi SDUD HO
DEDVWHFLPLHQWRGHDJXDVHQHOFRUUHGRUGHO(EURDVtFRPRGHRWURVQ~FOHRVSREODFLRQDOHV
FRPRORVQDYDUURVVLWXDGRVDJXDVDEDMRGHOHPEDOVH \ GHO %DMR*iOOHJRFDXGDOHVGH
FRPSHQVDFLyQ GHO UtR $UDJyQ UHJDGtRV WUDGLFLRQDOHV LQFOXLGRV ORV GHO &DQDO ,PSHULDO GH
$UDJyQUHJDGtRVGH%DUGHQDV\FDQDOGH%HUG~Q\ILQDOPHQWHRWURVUHJDGtRV
$UW$VLJQDFLyQDDxRVHQOD-XQWDGH([SORWDFLyQQž&XHQFDVGHO$UDJyQ\GHO$UED
/RVUHFXUVRVDGLFLRQDOHVGLVSRQLEOHVDOILQDOGHOVHJXQGRKRUL]RQWHVHUiQORVJHQHUDGRVSRU
ODVDFWXDFLRQHVVLJXLHQWHV
&5HJXODFLyQGHO6DOD]DUHQODSURSLDFXHQFDRHQHOHPEDOVHGH<HVDSUHVDUHFUHFLGD
/RVUHFXUVRVSURFHGHQWHVGHODUHJXODFLyQGHO6DOD]DUVHUHVHUYDUiQSDUDHOVXPLQLVWURGH
ODVGHPDQGDVGHODSURSLDFXHQFD\GHOHQWRUQRGH$UDJyQEDMRSDUDHOVXPLQLVWURGHODV
GHPDQGDV GH OD DFHTXLD GHO *iOOHJR %DUGHQDV ,,, \ HQ VX FDVR SDUD HO DSR\R D ODV
GHPDQGDVGHOD-XQWDGH([SORWDFLyQQžR(MHGHO(EUR
(ODSURYHFKDPLHQWRKLGURHOpFWULFR
(O DSURYHFKDPLHQWR KLGURHOpFWULFR HV XQR GH ORV REMHWLYRV QR SXEOLFLWDGRV GHO UHFUHFLPLHQWR QL
UHFRQRFLGRFRPRWDOHQHO3ODQGHFXHQFD\DTXHFRQ<HVDUHFUHFLGRHVWiSUHYLVWRODFRQVWUXFFLyQ
GHGRVFHQWUDOHVDSLHGHSUHVDXQDTXHGHVDJXDHQHOUtR$UDJyQ\RWUDHQHO&DQDOGH%DUGHQDV
FX\D PDJQLWXG VHUi PX\ LPSRUWDQWH /DV FDUDFWHUtVWLFDV VRQ ODV VLJXLHQWHV &DXGDO GH PV \
VDOWR GHPHQ OD GH SLHGH SUHVD \ PV \ P HQ OD GHO &DQDO&RQ 0ZRFXSD HO
WHUFHUOXJDUHQ FXDQWR D SRWHQFLD LQVWDODGD GH WRGDV ODV FHQWUDOHV SUHYLVWDV HQ HO 3ODQ +LGUROyJLFR
GHO (EUR GHVSXpVGHHOVDOWRGH/ORVD/pULGD0ZH ,WRL] 1DYDUUD 0Z (Q FXDQWRD ODV
FHQWUDOHVGHSLHGHSUHVD\DFRQVWUXLGDVORVVDOWRVGH<HVDUHFUHFLGRVyORVHUtDQVXSHUDGRVHQWRGD
ODFXHQFDGHO(EURSRU0HTXLQHQ]D5LEDUURMD\&DQHOOHV+HPRVGHUHFRUGDUTXHHOLPSXOVRGHOD
WUDPLWDFLyQDGPLQLVWUDWLYDGHOUHFUHFLPLHQWRHQVHHMHUFHVLHQGR%HQLJQR%ODQFRVHFUHWDULRGH
(VWDGR GH $JXDV \ &RVWDV SHUVRQD TXH GXUDQWH VX PDQGDWR ILJXUD HQ HO UHJLVWUR PHUFDQWLO FRPR
DSRGHUDGRGH,EHUGUROD,,FRQRFLGDHPSUHVDGHOVHFWRUKLGURHOpFWULFR
([LVWHQRWURVREMHWLYRVPHQRVSXEOLFLWDGRV
(O *RELHUQR GH $UDJyQ TXH WDQWR LQVLVWH HQ OD UHDOL]DFLyQ GHO UHFUHFLPLHQWR GH <HVD GHEHUtD
H[SOLFLWDU ODV YtDV GH ILQDQFLDFLyQ SDUD WDQ IDUDyQLFR SUR\HFWR 3DUHFH GLItFLO TXH $UDJyQ REWHQJD
PLOORQHV GH SHVHWDV SDUD HO GHVDUUROOR GH XQRV UHJDGtRV HQ %DUGHQDV FXDQGR ODV
WUDQVIRUPDFLRQHVKDQVXIULGRXQDUDOHQWL]DFLyQKLVWyULFDHQHVWHVLJOR\FXDQGRHO3ODQ1DFLRQDOGH
5HJDGtRV GHO 33 VyOR FRQWHPSOD OD WUDQVIRUPDFLyQ GH KD HQ QXHVWUD &&$$ 3URPHWHU OD
WUDQVIRUPDFLyQGHORTXHTXHGDGH%DUGHQDVGH0RQHJURVGHOD/LWHUD$OWDGHO3(%($GHO&DQDO
&DODQGD$OFDxL]HWFHVXQFDQWRDOVRO6HKDFHQHFHVDULRUHGHILQLUXQQXHYR3DFWRGHO$JXDGRQGH
VH GHILQDQ REMHWLYRV UD]RQDEOHV HQ IXQFLyQ GH OD DFWXDO FR\XQWXUD VRFLRHFRQyPLFD \ GH PHUFDGRV
DJUtFRODV XQ 3DFWR EDVDGR HQ OD UDFLRQDOLGDG \ HQ HO UHVSHWR HQWUH ORV GLIHUHQWHV WHUULWRULRV GH
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
$UDJyQ XQ 3DFWR TXH GLVPLQX\D ORV GHVHTXLOLEULRV WHUULWRULDOHV \ DOHMDGR GH OD GHPDJRJLD \
HOHFWRUDOLVPRVLPSOyQGH*RELHUQR\RSRVLFLyQ
0iV IiFLO TXH REWHQHU ORV PLOORQHV SDUD OD FXOPLQDFLyQ GH %DUGHQDV HV TXH VH
REWHQJDQ PLOORQHV SDUD OD ILQDQFLDFLyQ GHO UHFUHFLPLHQWR VLQ TXH KD\D GLQHUR SDUD OD
WUDQVIRUPDFLyQ (O UHVXOWDGR VHUtD TXH HO HPEDOVH TXHGDUtD SDUD XQRV XVRV LQGHILQLGRV \ VH
FRQYHUWLUtD HQ DOPDFpQ GH DJXD VXVFHSWLEOH GH VHU WUDVYDVDGR D RWUDV FXHQFDV FRQ XQRV
UHQGLPLHQWRVDJUtFRODVPXFKRPD\RUHVUHFRUGHPRVHODUWtFXORGHO3ODQGHFXHQFDFXDQGRGLWD
³RWURVUHJDGtRV´\VREUHWRGRHQXQHQRUPHHPEDOVHKLGURHOpFWULFR
(OWUDVYDVHGHDJXDHVSODQWHDPLHQWRGHO/LEUR%ODQFRSUHVHQWDGRHQ\SUHFXUVRUGHO3ODQ
+LGUROyJLFR 1DFLRQDO ³(O ~QLFR 3ODQ +LGUROyJLFR FX\R WHUULWRULR HV HVWUXFWXUDOPHQWH GHILFLWDULR VHD
FXDO VHD OD ySWLFD GH DQiOLVLV HV HO FRUUHVSRQGLHQWH D OD FXHQFD GHO 6HJXUD (VWD VLWXDFLyQ VyOR
SXHGH VHU VXSHUDGD LQFUHPHQWDQGR ODV DSRUWDFLRQHV H[WHUQDV TXH DFWXDOPHQWH UHFLEH (Q ODV
FXHQFDV GH *XDGLDQD 6XU -~FDU \ (EUR H[LVWHQ VLVWHPDV GH H[SORWDFLyQ TXH VH HQFXHQWUDQ
WDPELpQ HQ VLWXDFLyQ GH HVFDVH] HVWUXFWXUDO DXQTXH QR OR HVWp HO FRQMXQWR GHO WHUULWRULR GHO 3ODQ
+LGUROyJLFRFRUUHVSRQGLHQWH´³(QORTXHVHUHILHUHDODLGHQWLILFDFLyQGHORVVLVWHPDVFRQVXSHUiYLW
SXHGHUHVXPLUVHTXHODFXHQFDGHO(EUR\HOPDFURVLVWHPDGHODFDEHFHUD \FXUVRPHGLRGHO7DMR
VHSUHVHQWDQSRUVXXELFDFLyQKLGURJUiILFD\PDJQLWXGGHOVXSHUiYLWH[LVWHQWHFRPRVXVFHSWLEOHVGH
VHUFRQVLGHUDGRVFRPRSRVLEOHViUHDVGHRULJHQSDUDWUDQVIHUHQFLDGHUHFXUVRVKDFLDORVVLVWHPDV
GHILFLWDULRV'XHUR \ 1RUWHSUHVHQWDQFODUDVSRVLELOLGDGHVGHVGHHOSXQWRGHYLVWD GHVXVUHFXUVRV
SHUR FRQ PD\RUHV GLILFXOWDGHV JHRJUiILFDV \ GH RWUR WLSR SRU VX XELFDFLyQ UHODWLYD UHVSHFWR D ODV
iUHDV GHILFLWDULDV´ 6H REVHUYD TXH GHVGH HO 0,0$0 VH SUHWHQGH OOHJDU D WLHPSR DO FDFDUHDGR
WUDVYDVH GHO (EUR DQWHV TXH ODV GLUHFWLYDV GH OD 8( YHWHQ GH IRUPD UDGLFDO OD SRVLELOLGDG GH ORV
PLVPRVHQODPLVPDOtQHDORVHXURGLSXWDGRVHVSDxROHVGHO33 \ GHO 362(YRWDURQHQIHEUHURGH
HQ HO 3OHQR GHO 3DUODPHQWR (XURSHR HQ FRQWUD GH ODV IXHUWHV OLPLWDFLRQHV D ORV WUDVYDVHV
LQFOXLGDVHQODGLUHFWLYDPDUFRVREUHDJXDVTXHSURVSHUDURQJUDFLDVDODUDFLRQDOLGDGGHORVYRWRV
GHVXVUHVSHFWLYRVJUXSRVSDUODPHQWDULRHXURSHRV
$HVWHLQWHUpVWUDVYDVLVWDQRVRQDMHQRVORVUHJDQWHVHO3UHVLGHQWHGHOD&RPXQLGDGGH5LHJRV
GH %DUGHQDV /XLV &LXGDG UHFRQRFtD OD SRVLELOLGDG GH FRQYHUWLUVH HQ ³DJXDWHQLHQWHV´ ³&RQ <HVD
UHFUHFLGR SRGHPRV VDWLVIDFHU ODV QHFHVLGDGHV GH %DUGHQDV GDU VHUYLFLR D LQGXVWULDV
DJURDOLPHQWDULDV \ D ORV DEDVWHFLPLHQWRV GH =DUDJR]D \ HQWRUQR \ FRQ HO DJXD TXH VREUH
SRGHPRVQHJRFLDUFRQFDWDODQHV\YDOHQFLDQRV´³(OSULQFLSLRGHVROLGDULGDGGHEHIXQFLRQDUSULPHUR
HQ$UDJyQSHURVLVREUDGHEHPRVDSOLFDUORDWRGRHOWHUULWRULRHVSDxRO´+HUDOGRGH$UDJyQ
(Q OD PLVPD IXHQWH &LXGDG VHxDODED TXH ³VH WUDWDUi GH XQD LPSRUWDQWH FDQWLGDG GH DJXD TXH
SXGLHUD KDFHUHQWDEOH FXDOTXLHU LQYHUVLyQ HQ LQIUDHVWUXFWXUDVDVLVWLHQGR D FLXGDGHV FRQ SUREOHPDV
FRPRSRGUtDVHU%DUFHORQD´
/D SURSLD 0LQLVWUD GH $JULFXOWXUD /R\ROD GH 3DODFLR FRPHQWDED HO GH DEULO GH HQ
&DVWHOOyQ ³(V QHFHVDULR HVIRU]DUQRV SDUD FRQVROLGDU ORV UHJDGtRV H[LVWHQWHV HQ OD SURYLQFLD GH
&DVWHOOyQ \ HVWR QR VH SXHGH UHVROYHU VLQ DSRUWDFLRQHV GH FXHQFDV H[WHULRUHV OR TXH VXSRQH OD
UHDOL]DFLyQGHXQ ³PLQLWUDVYDVH´GHO(EURHVWRLPSOLFDUHJXODFLRQHVHQ$UDJyQ´3RUSULPHUDYH]
XQPLHPEURGHO*RELHUQRFHQWUDOYLQFXODGLUHFWDPHQWHORVWUDVYDVHVDODHMHFXFLyQGHUHJXODFLRQHV
HQ$UDJyQ+HUDOGRGH$UDJyQ
/RV LQWHUHVHV HOHFWRUDOHV WDPSRFR VRQ DMHQRV D HVWH GHEDWH (O GH IHEUHUR GH OD
RUJDQL]DFLyQ *UHHQSHDFH KDFH S~EOLFD XQD FDUWD GH MXOLR GH GHO 6HFUHWDULR GH (VWDGR GH
$JXDV\&RVWDV%HQLJQR%ODQFRHQODTXHSDFWDFRQOD'LUHFFLyQGH3UHVXSXHVWRVGHO0LQLVWHULRGH
(FRQRPtD \ +DFLHQGD XQD HVWUDWHJLD HQFDPLQDGD D ³$WHQGHU D ODV XUJHQFLDV SROtWLFDV PiV
LQH[FXVDEOHVHQDxRSUHHOHFWRUDO\GHDFXHUGRFRQQXHVWUDVDOLDQ]DVSDUODPHQWDULDV´\³HYLWDUOOHJDU
DO DxR DxR GH HOHFFLRQHV JHQHUDOHV FRQ XQ SUHVXSXHVWR GLVSRQLEOH \ QR HMHFXWDEOH SRU
FDUHQFLD GH FRQWUDWRV YLYRV´ 6HJ~Q *UHHQSHDFH HVWD HVWUDWHJLD UHVSRQGH D TXH DOJXQRV VRFLRV
SDUODPHQWDULRVGHO33FRPROD8QLyQGHO3XHEOR1DYDUUR831\HO3DUWLGR$UDJRQpV5HJLRQDOLVWD
3$5PDQWLHQHQXQDIXHUWHSUHVLyQSDUDFRQWLQXDURLQLFLDUODVREUDVGHORVHPEDOVHV
/D VRPEUD GH SHTXHxDV R JUDQGHV FRUUXSWHODV WDPELpQ HVWiSUHVHQWH 'H KHFKR HO FRPLHQ]R
GHOSODQGHDEDVWHFLPLHQWRQRIXHPRGpOLFR7RPiV6DQFKRSUHVLGHQWHGHOD&+(\GHODVRFLHGDG
S~EOLFD $JXDV GH OD &XHQFD GHO (EUR $&(6$ DGMXGLFy HVWXGLRV SRU YDORU GH PLOORQHV GH
SHVHWDV SDUD HO SUR\HFWR GH WUDtGD GH DJXD D =DUDJR]D D XQD XQLyQ WHPSRUDO GH HPSUHVDV HQWUH
(XURHVWXGLRV\%6,QJHQLHUtD(VWD~OWLPDFRQVXOWRUDIXHIXQGDGDSRUHOSURSLR6DQFKRHQPD\RGH
MXQWRDXQFRPSDxHURGHOD&+($QWRQLR%DUEDQ\
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
/D/RWHWDVHJ~QHO3ODQ+LGUROyJLFR
(Q HO DUWtFXOR GHO 3ODQ +LGUROyJLFR GH OD FXHQFD GHO (EUR \ EDMR HO WtWXOR ³$VLJQDFLyQ D DxRVHQOD-XQWDGH([SORWDFLyQQž&DEHFHUDGHO(EUR´SRGHPRVOHHU
³$UW /RV UHFXUVRV DGLFLRQDOHV GLVSRQLEOHV DO SULPHU KRUL]RQWH VHUiQ ORV GHULYDGRV GH ODV
DFWXDFLRQHVVLJXLHQWHVE(PEDOVHGH/D/RWHWDFRQHOHYDFLyQGHVGHHOFDQDO,PSHULDO ´
$UW/DPHMRUDGHUHJXODFLyQSURSRUFLRQDGDSRUHOHPEDOVHGH/D/RWHWDVHUHVHUYDUiSDUD
ODPHMRUDGHODJDUDQWtD GHORVDEDVWHFLPLHQWRVXUEDQRV\GHORVRWURVXVRVLQGXVWULDOHVDFWXDOHV\
IXWXURVGHOHMHGHO(EUR\GHVXVFDQDOHVGHULYDGRVDOPDQWHQLPLHQWRGHFDXGDOHVGHFRPSHQVDFLyQ
DJXDV DEDMR GHO D]XG GH 3LJQDWHOOL D OD PHMRUD GH GRWDFLRQHV \ JDUDQWtDV GH ORV UHJDGtRV
WUDGLFLRQDOHVGHO(MHGHO(EURDODPHMRUDGHRWUDViUHDVUHJDEOHVHQWUHODVTXHVHHQFXHQWUDQODV
HOHYDFLRQHV H[LVWHQWHV R FRQ DXWRUL]DFLyQ DGPLQLVWUDWLYD GH ORV FDQDOHV GH /RGRVD H ,PSHULDO DO
VXPLQLVWUR GH ODV DPSOLDFLRQHV GH iUHDV UHJDEOHV GH GLFKRV FDQDOHV \ DO VXPLQLVWUR GH QXHYRV
UHJDGtRVTXHVHGHVDUUROOHQFRQWRPDHQHOSURSLR(MHRVXVFDQDOHVGHGHULYDFLyQ´
6HREVHUYDTXHHOHPEDOVHGH/D/RWHWDVHJ~QODQRUPDWLYDHVPXOWLXVR6LQHPEDUJRFXDQGR
VHDQDOL]DHO$QHMR%DODQFHVGHOD0HPRULDGHO3ODQVHREVHUYDODSURSRUFLyQGHVWLQDGDDFDGDItQ
(QODDFWXDOLGDGHO&DQDO,PSHULDOULHJDHQWUH7XGHOD\)XHQWHVGH(EURHQODPDUJHQGHUHFKD
GHO(EURKDFRQGRWDFLRQHVGHP KD\DxRVXSRQLHQGRXQDGHPDQGDGHKP 3DUDHO3ULPHU+RUL]RQWHGHO3ODQDDxRVVHSUHWHQGHSDVDUDUHJDUKDDPSOLDQGROD
GRWDFLyQKDVWDP KD\DxRORTXHVXSRQHXQDGHPDQGDGHKP LQFUHPHQWiQGRVHHQ
KP (VWHYDORUFRLQFLGHDSUR[LPDGDPHQWHFRQHOYROXPHQTXHDKRUDGHPDQGD=DUDJR]D\TXH
SDVDUtDDGHPDQGDUGH /D /RWHWD 3DUD HO VHJXQGR KRUL]RQWH GHO 3ODQ +LGUROyJLFR D DxRV ODV
KHFWiUHDV UHJDGDV SRU HO &DQDO ,PSHULDO SDVDQ D KD FRQ XQD GHPDQGD GH KP KP PiVTXHHQODDFWXDOLGDG6HJ~QHODUWGHO3ODQQRH[LVWHQLQJ~QRWURJUDQHPEDOVH
GLVSRQLEOHSDUDHOLQFUHPHQWRGHpVWHUHJDGtRSRUORTXHSRGHPRVFRQFOXLUTXH/D/RWHWDFRQ
KP ~WLOHV GH FDSDFLGDG WHQGUi VHJ~Q HO 3ODQ +LGUROyJLFR GH OD &XHQFD GHO (EUR XQD
ILQDOLGDGFDVLH[FOXVLYDSDUDUHJDGtR ([LVWHQFRQWUDGLFFLRQHVHQWUHORVXVRVSODQLILFDGRVSDUDOD/RWHWD\ORVSXEOLFLWDGRV
6HJ~QODSXEOLFLGDGGHOSUR\HFWRGHDEDVWHFLPLHQWRHOREMHWLYRGHOHPEDOVHGH/D/RWHWDSDVDD
VHU FODUDPHQWH HO DOPDFHQDPLHQWR GH DJXD GH H[FHOHQWH FDOLGDG H[FOXVLYDPHQWH GHO UtR $UDJyQ
SURFHGHQWHGH<HVDSDUDXVRGHERFDGH=DUDJR]D\VXHQWRUQR(QHVWHFRQWH[WRSURIXVDPHQWH
SXEOLFLWDGRVHSURGXFHHODFWRGHSXHVWDGHODSULPHUDSLHGUDGHOHPEDOVHGH/D/RWHWDD
OD TXH DVLVWH LQYLWDGR HO SUHVLGHQWH GH OD FRPXQLGDG GH UHJDQWHV GHO FDQDO ,PSHULDO -RVp $QWRQLR
5XELR6HJ~QODSUHQVD³5XELRDVHJXUyTXH/D/RWHWDSHUPLWLUiJDUDQWL]DUHOULHJRDFDVLKD
PiVHQOD]RQDGHOFDQDO³(QWUH)XHQWHV\4XLQWRVHSXHGHQUHJDUFDVLKHFWiUHDVPiVFRQ
ODFRQWLQXDFLyQGHOFDQDO\HQOD]RQDGHOHPEDOVHRWUDVKHFWiUHDVSRUHOHYDFLRQHV´+HUDOGR
GH $UDJyQ (VWDV UHLYLQGLFDFLRQHV HQ FRQWUDGLFFLyQ FRQ HO XVR SDUD DJXD GH ERFD
SXHGHQSHUIHFWDPHQWHHQFRQWUDUVXEDVHOHJDOHQHOGHFUHWRGHO3ODQ+LGUROyJLFRGHOD&XHQFDGHO
(EUR
(OSUR\HFWRGH/D/RWHWDWDPELpQKDJHQHUDGRFRQIOLFWRHQHOWpUPLQRPXQLFLSDOGH*DOOXUTXHOR
VRSRUWD\DTXHQDGLHSDUHFtDKDEHUOHVLQIRUPDGRGHODVREOLJDGDVUHVWULFFLRQHVDOXVRGHOWHUULWRULR
TXH DIHFWDDODFXHQFD YHUWLHQWHGH XQ HPEDOVHTXHVRSRUWDDJXD SDUD DEDVWHFHUD XQRV
KDELWDQWHV+HUDOGRGH$UDJyQHOWLWXODEDUHVSHFWRDODSXHVWDGHODSULPHUDSLHGUDGH/D
/RWHWD ´8Q JUDQ SUR\HFWR GH WXULVPR /RV YHFLQRV VXHxDQ FRQ XQ FHQWUR GH DFWLYLGDGHV QiXWLFDV
EDMRHO0RQFD\R$VHJXUDQTXHHVHOPRPHQWRGHHPSH]DUDSURPRYHULQLFLDWLYDVHLQYHUVLRQHV´\
HQ HO LQWHULRU GHVWDFDED ODV GHFODUDFLRQHV GH DOJXQRVYHFLQRV ³HQFXDQWR HVWpKHFKR PX\ SURQWR
FRPHQ]DUiQDFRQVWUXLUXUEDQL]DFLRQHV\KRWHOHV/DFODYHHVWDUiHQTXHVHDPRVODJHQWHGHORV
SXHEORV ORV TXH QRV SRQJDPRV ODV SLODV \ PRQWHPRV ORV KRWHOHV \ ORV DSDUWDPHQWRV +D\ TXH
HVSDELODUVHSRUTXHFRQHVRGHHVWDUDOODGRGH=DUDJR]DVHJXURTXHSURQWRYLHQHQDTXLWDUQRVHO
QHJRFLR´
6LQ HPEDUJR OD 'HFODUDFLyQ GH LPSDFWR DPELHQWDO GHMD FODUR TXH VH GHEHUi HVWDEOHFHU GH
PDQHUDULJXURVDXQFRQWUROGHVGHODUHYLVLyQGHORV3ODQHV*HQHUDOHVGH2UGHQDFLyQ8UEDQDGHORV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
PXQLFLSLRV FLUFXQGDQWHV GH PDQHUD TXH HYLWH D WRGD FRVWD OD FRQVWUXFFLyQ GH XUEDQL]DFLRQHV
LQFOXVR IXHUD GH ODV KHFWiUHDV GH WHUUHQRV TXH YHUWHUiQ VXV DJXDV DO ODJR /RV PXQLFLSLRV
GHEHUtDQ HVWLPXODU FDVR GH H[LVWLU GHPDQGDV SDUD FKDOHWV \ KXHUWRV HO TXH HVWRV VH FRQVWUX\DQ
MXQWRDORVFDVFRVXUEDQRVUHVSHFWLYRVGHMDQGRWRGRHOWHUULWRULRHQVXHVWDGRDFWXDO\FRPRHVSDFLR
QDWXUDO SURWHJLGR QR XUEDQL]DEOH´ (O (O 3HULyGLFR GH $UDJyQ UHFRJH OD QRWLFLD GH TXH ³(O
DOFDOGHGH*DOOXUGLFHTXH OD&+( IDOVHDODUHDOLGDG (OHTXLSR GH*RELHUQR GHO$\XQWDPLHQWR GH
*DOOXU SUHVHQWDUi XQD PRFLyQ GH FHQVXUD D OD &RQIHGHUDFLyQ +LGURJUiILFD GHO (EUR SRU KDEHU
FRVWHDGRODSXEOLFDFLyQGHXQIROOHWRSXEOLFLWDULRVREUHHOHPEDOVHGH/D/RWHWDHQHOTXHDVXMXLFLR
³VHIDOVHDODUHDOLGDG´
'HODQiOLVLVGHWRGDODGRFXPHQWDFLyQSURSDJDQGtVWLFDDODTXHKHPRVWHQLGRDFFHVRVHGHGXFH
TXHODXWLOLGDGGHOHPEDOVHGH/D/RWHWDHVGLIHUHQWHVHJ~QDTXLHQVHSUHWHQGDMXVWLILFDUHOSUR\HFWR
x
x
x
x
x
x
3DUD=DUDJR]D\HOUHVWRGHSREODFLRQHVDEDVWHFLGDV/D/RWHWDVHOOHQDFRQDJXDVSURFHGHQWHV
GH<HVDFRQHOREMHWLYRGHGRWDUODVGHDJXDGHO3LULQHRGHH[FHOHQWHFDOLGDG
3DUDORVUHJDQWHVGH%DUGHQDV/D/RWHWDVHOOHQDFRQDJXDVERPEHDGDVGHOFDQDO,PSHULDOGH
$UDJyQHQLQYLHUQRVLQTXHVHDSRUWHDJXDGH<HVDPLHQWUDVQRVHUHDOLFHHOUHFUHFLPLHQWRGH
GLFKRHPEDOVH
3DUD ORV UHJDQWHV GHO FDQDO ,PSHULDO HO RULJHQ GHO DJXD GH /D /RWHWD HV LQGLIHUHQWH SHUR
SULQFLSDOPHQWHVHUYLUi SDUDFXEULUOD GHPDQGD GH QXHYRV UHJDGtRV \ DPSOLDFLyQ GH GRWDFLRQHV
HQORV\DH[LVWHQWHV
(Q OD 8QLyQ (XURSHD VH SXEOLFLWD HO SUR\HFWR FRPR DJXD GH ERFD GH H[FHOHQWH FDOLGDG
SURFHGHQWHVHJ~QVHQRVGLFHH[FOXVLYDPHQWHGH<HVD
(QHO3ODQ+LGUROyJLFRGH&XHQFDGHO(EURHOREMHWLYRGH/D/RWHWDFRLQFLGHPD\RULWDULDPHQWH
FRQHOGHORVUHJDQWHVGHOFDQDO,PSHULDO
3DUD ORV KDELWDQWHV GH *DOOXU \ VX HQWRUQR /D /RWHWD LED D SURGXFLU XQ ³ERRP´ WXUtVWLFR TXH
DKRUDVHYRODWLOL]D
$QiOLVLVFUtWLFRGHODQHFHVLGDGGHUHFUHFHU<HVD
1RVHWLHQHHQFXHQWDODPRGXODFLyQGHFDXGDOHVHQHO$UDJyQ%DMR
(Q SULPHUOXJDU VH UHFRQRFH TXH HQ OD DFWXDOLGDG HO FDXGDO HFROyJLFR \ GH ULHJRV GHO $UDJyQ
EDMR HQ 1DYDUUD HV GH KP DxR (VWH YDORU HVWi HQ FRQVRQDQFLD FRQ OD FRQFHVLyQ GH XQD
KLGURHOpFWULFDHQ6DQJHVDTXHUHFLEHKP DxRP VGHO$UDJyQ\RWURVWDQWRVGHO,UDWL
(O3ODQHVWDEOHFHTXHHVWHFDXGDOFRQFHVLRQDOHVWiPX\SRUHQFLPDGHODVQHFHVLGDGHVGHORV
UHJDGtRV GHO $UDJyQ %DMR \ FRQVLGHUD SDUD HO SULPHU KRUL]RQWH \ HO VHJXQGR XQDV GHPDQGDV
VHUYLGDV DJXDV DEDMR GH <HVD GH VyOR +P OLEHUiQGRVH SDUD RWURV ILQHV LQFOXVR HO
DEDVWHFLPLHQWRD=DUDJR]DKP (VWDUHGXFFLyQLUtDDFRPSDxDGDGHODPRGXODFLyQGHFDXGDOHV
GH ULHJR \ PRGHUQL]DFLyQ ILFKD 05 GHO DQHMR GHO 3ODQ (Q SULQFLSLR OD OLEHUDFLyQ GH HVWRV
FDXGDOHV VRQ PiV TXH VXILFLHQWHV SDUD DEDVWHFHU =DUDJR]D SRU OR TXH VH KDFH HYLGHQWH OD QXOD
QHFHVLGDG GHO UHFUHFLPLHQWR HQ HO FRQWH[WR GH VXSHUILFLHV GH UHJDGtR DFWXDOHV 3RU RWUR ODGR OD
SHUGLGD GH SURGXFFLyQ KLGURHOpFWULFD VHUtD PtQLPD \D TXH OD SRWHQFLD LQVWDODGD HQ OD FHQWUDO HV
PtQLPD 0Z \ 0Z \ TXHGD FRPSHQVDGD SRUOD FUHDFLyQ GH QXHYDV PLQLFHQWUDOHV HQ HO
SROtJRQRGHULHJRVGH%DUGHQDV0Z
/DVGHPDQGDVGHDJXDXUEDQDHVWiQLQIODGDV
6HJ~QQXHVWURVSURSLRVFiOFXORVHOYDORUGHKP DxRGHGHPDQGDGHDJXDXUEDQDSDUDHO
DEDVWHFLPLHQWR GHO FRUUHGRU GHO (EUR VXSRQHQ XQ YDORU IDOWR GH WRGD MXVWLILFDFLyQ ULJXURVD \ TXH
VXSRQGUtDQXQDGRWDFLyQIXWXUDH[RUELWDQWHGHOKDE\GtDSDUD=DUDJR]D\OKDE\GtDSDUD
ORVSXHEORVPX\SRUHQFLPDGHORVYDORUHVFRQVLGHUDGRVQRUPDOHV(QODDFWXDOLGDG=DUDJR]DSRVHH
GRWDFLRQHV GH OKDE \ GtD \ SDUD ORV SXHEORV GH PHQRV GH KDELWDQWHV QR SDUHFHQ
UD]RQDEOHV GRWDFLRQHV GH PiV GH OKDE \ GtD WDO \ FRPR FRQVLGHUD OD SURSLD 'LSXWDFLyQ
3URYLQFLDOGH=DUDJR]D'3=
8QYDORUPXFKRPiVDMXVWDGRDODUHDOLGDGGHODVGHPDQGDVIXWXUDVHVHOGHKP DxR
TXH EDUDMDED HO SURSLR 3ODQ +LGUROyJLFR GH &XHQFD ³(Q OD VLWXDFLyQ IXWXUD D FRUWR SOD]R SULPHU
KRUL]RQWHORVKDELWDQWHVGHOWUDPRUHTXLHUHQKP DxR (Q ODVLWXDFLyQIXWXUD D
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
ODUJRSOD]RVHJXQGRKRUL]RQWHORVKDELWDQWHVUHTXLHUHQKP DxR´(O3ODQEDUDMDED
LPSOtFLWDPHQWHGRWDFLRQHVGHOKDE\GtD
1RVRWURVFRQVLGHUDPRVTXHODGHPDQGDIXWXUDGH=DUDJR]D\VXHQWRUQRQRVREUHSDVDUiHQ
HODxRORVKP FRQVLGHUDQGRTXHQRYDUtDQODVFRQGLFLRQHVGHPDODJHVWLyQDFWXDOHV
3DUDFDOFXODUORKHPRVUHDOL]DGRXQDQiOLVLVSREODFLyQDSREODFLyQGHORVKDELWDQWHVGHGHUHFKR
HQHODVLJQiQGROHOXHJRDFDGDSREODFLyQXQYDORUGHGRWDFLyQGHOKDE\GtDDQiORJDDOD
DFWXDOGH=DUDJR]DVLODSREODFLyQIXWXUDHUDPD\RUGHKDE\XQDGRWDFLyQGHOKDE\GtD
VLHUDPHQRUGHHVWDFLIUD3RVWHULRUPHQWHVHKDFDOFXODGRODGHPDQGDWRWDOSDUDFDGDSREODFLyQ \
VHKDVXPDGRREWHQLpQGRVHXQDGHPDQGDIXWXUDGHKPSDUDVHUYLUDXQD SREODFLyQTXHKDEUi
SDVDGRGHORVKDEGHKDVWDORVFDOFXODGRVSDUDHOFRQXQDGRWDFLyQ
PHGLDGH OKDE \GtD 3DUD HVWDPLVPDSREODFLyQORV KP RIHUWDGRV SRU OD &+( VXSRQHQ
GRWDFLRQHVGHP KDE\DxR(OFiOFXORGHODSREODFLyQHQHOVHKDUHDOL]DGRVXSRQLHQGR
TXHODWDVDGHFUHFLPLHQWRDQXDOVHPDQWLHQHFRQVWDQWHHLJXDODODGHOSHULRGRKHFKRTXH
HVWiGHO ODGRGHODVHJXULGDG \D TXH OD WDVDGH FUHFLPLHQWRGH ODVSREODFLRQHV D DEDVWHFHU QR KD
KHFKRVLQRGHFUHFHUGHVGH
1RVHWLHQHHQFXHQWDODVSRVLELOLGDGHVGHDKRUURGH=DUDJR]D
&RPR (EUySROLV KD HVWXGLDGR \ OD )XQGDFLyQ (FRORJtD \ 'HVDUUROOR KD GDGR D FRQRFHU
UHFLHQWHPHQWH HV SRVLEOH XQ DKRUUR PX\ VLJQLILFDWLYR GH DJXD HQ =DUDJR]D SRU YtD GH OD
PRGHUQL]DFLyQHQODVFRQGXFFLRQHV\ODGLYHUVLILFDFLyQGHIXHQWHVGHDJXDVHJ~QXVRV(QFRQFUHWR
VHDILUPDTXHORVKP DxRTXHDFWXDOPHQWHFRQVXPH=DUDJR]DSRGUtDQEDMDUVHVLQPHUPDSDUD
HOFRQIRUWGHOXVXDULRKDVWDKP DxR&RQHVWDPLVPDSURSRUFLyQORVKP TXHGHPDQGDUtD
HOFRUUHGRUGHO(EURSRGUtDQUHGXFLUVHKDVWDKP DxR
(VWRV GDWRV VH UHDILUPDQ HQ YDULRV SXQWRV HO SULPHUR HV TXH GHVGH ORV DxRV KDVWD OD
DFWXDOLGDGODGHPDQGDGHDJXDGHODFLXGDGGH=DUDJR]DQRKDKHFKRVLQRGHVFHQGHUGHPDQHUD
PX\VLJQLILFDWLYDGHVGHORVKP DxRGHKDVWDORVGH
(OGHFUHFLPLHQWRGHOFRQVXPRTXHVHREVHUYDHQODJUiILFDDQWHULRUHVGHELGRDXQDPHMRUDGH
ODVLQIUDHVWUXFWXUDV\FRQWUROGHIXJDV\DXQPHQRUSRUFHQWDMHGHDJXDSRWDEOHGHGLFDGDDOULHJRGH
MDUGLQHV \ DO FRQVXPR LQGXVWULDO (Q HVWH ~OWLPR FDVR KD KDELGR XQ LQFUHPHQWR GH FDSWDFLyQ GH
DJXDVVXEWHUUiQHDVORTXHKDKHFKRGLVPLQXLUODXWLOL]DFLyQGHDJXDSRWDEOHSDUDHVWRVILQHVSHUR
QRGHDJXDHQJHQHUDO
3HVHDWRGRODFDSDFLGDGGHDKRUUR\GLYHUVLILFDFLyQGHOVXPLQLVWURHQ=DUDJR]D\VXHQWRUQR
VLJXH VLHQGR PX\ JUDQGH KD\ TXH WHQHU HQ FXHQWD TXH OD GRWDFLyQ HVWi SRU HQFLPD GH OD PHGLD
HVSDxROD TXH VH VLW~D HQ OKDE \ GtD \ PXFKR PiV FRQ UHVSHFWR D OD GH RWURV SDtVHV PiV
GHVDUUROODGRV \ FRQ PiV GLVSRQLELOLGDG GHO UHFXUVR TXH HO QXHVWUR %pOJLFD $OHPDQLD +RODQGD R
)UDQFLDHVWiQHQHOHQWRUQRGHORVOKDE\GtDRD~QPHQRV/DGLIHUHQFLDKD\TXHEXVFDUODHQ
QXHVWUDVIXJDVQXHVWURVSUHFLRV ODDXVHQFLDFDVL WRWDOGH DSDUDWRVGH EDMR FRQVXPR \ OD IDOWD GH
VHQVLELOLGDGDODKRUDGHFRQVXPLU
8QD PHGLGD GHO UHQGLPLHQWR GH XQD UHG GH DEDVWHFLPLHQWR HV OD UHODFLyQ HQWUH HO DJXD
LQWURGXFLGD HQ OD UHG \ HO DJXD IDFWXUDGD =DUDJR]DVyORIDFWXUDHO GH OR LQ\HFWDGR HQ OD UHG
UR]DQGRHOHVWiQGDUPtQLPRGHOSDUDTXHVHDFRQVLGHUDGR XQVLVWHPDGHDEDVWHFLPLHQWRPDO
H[SORWDGR \ PDO JHVWLRQDGR HQ =DUDJR]D WRPR KP GHO &DQDO \ HO (EUR IXHURQ
GHYXHOWRV DO (EUR FRPR FRQVHFXHQFLD GHO SURFHVR GH SRWDELOL]DFLyQ GH ORV LQ\HFWDGRV HQ OD
UHG VyOR VH IDFWXUDURQ 6HJ~Q XQD HQFXHVWD GH HO SRUFHQWDMH PHGLR GH SpUGLGDV HQ
(VSDxDHVGHORGLFKRGHRWUDPDQHUDH[LVWHXQUHQGLPLHQWRRHILFLHQFLDHQODGLVWULEXFLyQGHO
&RPR YHPRV =DUDJR]D VH HQFXHQWUD SRU GHEDMR GHO PtQLPR HVWDWDO \ GH PXFKDV FLXGDGHV
HXURSHDV
&LXGDG
0DGULG
3UHFLR
=DUDJR]D
%DUFHORQD
9DOHQFLD
0237 5HQGLPLHQWR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
6HYLOOD
&yUGRED
0LOiQ
%HUOtQ
3DUtV
8QDHQFXHVWDGHGHOD$VRFLDFLyQ(VSDxRODGH$EDVWHFLPLHQWRVGH$JXD\6DQHDPLHQWR
$($6YDORUDODLPSRUWDQFLDGHGLIHUHQWHVIDFWRUHVTXHLQIOX\HQHQODVSpUGLGDVWRWDOHVHQ(VSDxD
3pUGLGDVWRWDOHV
3RUHUURU\DYHUtDHQFRQWDGRUHV
&RQVXPRVQRFRQWURODGRVPXFKDVYHFHVULHJRV
(QUHGHVGHGLVWULEXFLyQIXJDV\URWXUDV
3pUGLGDVHQRSHUDFLRQHVGHWUDWDPLHQWR
2WURVIDFWRUHV
)XHQWH$($6
3DUD=DUDJR]DQRH[LVWHXQDQiOLVLVGHODVFDXVDVGHOEDMRUHQGLPLHQWRHQODUHG(Q(VSDxDVH
FRQVLGHUDQGHQWURGHORUD]RQDEOHTXHODUHGGHDEDVWHFLPLHQWRSLHUGDGHQWURGHXQPDUJHQGHO
GHO DJXD LQ\HFWDGD (Q RWURV SDtVHV HVWRV SRUFHQWDMHV GH SpUGLGD VRQ HVFDQGDORVRV \
VRODPHQWHDFHSWDQFRPRPi[LPRSpUGLGDVGHO
(OSUHFLRGHODJXDHQ=DUDJR]DVLELHQHVPD\RUTXHODPHGLDHVWDWDOSWVP 0237
VLJXHVLHQGR HVFDVDPHQWHLQFHQWLYDGRUDO DKRUUR HQ FRPSDUDFLyQ FRQ RWUDV FLXGDGHV HVSDxRODV \
ODVPHGLDVGHORVSLDVHVHXURSHRVFRQPXFKRPD\RUUHFXUVRGLVSRQLEOH
3UHFLRPHGLRGHOPGHDJXDSRWDEOH,:6$
86$
%pOJLFD
$OHPDQLD
+RODQGD
)UDQFLD
$XVWULD
)LQODQGLD
'LQDPDUFD
(VSDxD
+XQJUtD
,WDOLD
3RWHQFLDOGHDKRUURGHDJXDHQHOKRJDU
/DPHGLDGHFRQVXPRGHDJXDHQ=DUDJR]DSRUKRJDUHVGHP DxR
+D\ XQD PHGLD GH SHUVRQDV SRU KRJDU \ FRPR KD\ XQRV KDELWDQWHV HVWLPDPRV
XQRVKRJDUHVHQ=DUDJR]D(VWRVXSRQHXQFRQVXPRGH+P DxRHQODWRWDOLGDGGHORV
KRJDUHV ]DUDJR]DQRV /DV WHFQRORJtDV DKRUUDGRUDV SDUD ORV HTXLSRV GHO KRJDU TXH XWLOL]DQ DJXD
JULIRV GXFKDV LQRGRURV HOHFWURGRPpVWLFRV« SXHGHQ DKRUUDU KDVWD XQ GH OD FDQWLGDG
FRQVXPLGD6LVXSRQHPRVXQDLQVWDODFLyQPRGHUDGDGHHVWDVWHFQRORJtDVHQORVKRJDUHVSRGHPRV
DOFDQ]DUXQSRUFHQWDMHGHDKRUURPiVPRGHVWRGHOORTXHVXSRQGUtDDKRUUDU+P DxR
0HMRUDGHOUHQGLPLHQWRGHODUHGKLGUiXOLFD
(QHOFDVR ]DUDJR]DQR ODVSpUGLGDVGHO DJXD LQ\HFWDGD D OR ODUJR GH OD UHG VH HVWLPDQ HQ XQ
6XSRQLHQGR HVWD FLIUD FRPR FRUUHFWD VL VH LQWURGXFHQ PHMRUDV \ VH FRQVLJXH UHGXFLU ODV
SpUGLGDVDXQHVGHFLUGLVPLQXLUODVSpUGLGDVHQXQHOORLPSOLFDUtDTXHQRVHUtDQHFHVDULR
LQ\HFWDU +P DxR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
6XPDQGR HO DKRUUR SRWHQFLDO HQ OD UHG \ HQ HO KRJDU SRGHPRV SUHVFLQGLU GH +P DxR$FWXDOPHQWHVHLQ\HFWDQ+P DxR6LVXVWUDHPRVORV+P DxRTXHSRWHQFLDOPHQWH
SRGHPRVDKRUUDUVHUHGXFHODFDQWLGDGGHDJXDQHFHVDULDD+P DxR
1RVHWLHQHHQFXHQWDHOIXHUWHIUHQRDODWUDQVIRUPDFLyQGHQXHYRUHJDGtRHQ%DUGHQDV
(ODFWXDOHPEDOVHGH<HVDWLHQHXQDFDSDFLGDGGHKP VLELHQVXFDSDFLGDGGHUHJXODFLyQ
HV PXFKR PD\RU (O IXWXUR HPEDOVH GH <HVD UHFUHFLGR WHQGUtD KP ~WLOHV HV GHFLU
SUiFWLFDPHQWH KP PiV \ VHUtD WULSOH GHO DFWXDO 6H FRQYHUWLUtD HQ HO VHJXQGR HPEDOVH PiV
JUDQGHGHWRGDODFXHQFDGHO(EURGHVSXpVGH0HTXLQHQ]D\HOPD\RUGHWRGDODFXHQFDIXHUDGHO
HMHGHO(EUR&RPSDUDQGRORVKP GHLQFUHPHQWRGHYROXPHQFRQORVKP RPHQRVTXH
FRQVXPLUtD=DUDJR]D\VXHQWRUQRTXHGDFODURTXH126(38('($),50$548((/$3257('(
$*8$6'(<(6$$=$5$*2=$-867,),48((/5(&5(&,0,(172
/RVYRO~PHQHVLQFUHPHQWDGRVVyORVHMXVWLILFDQHQHO3ODQSRUHOLQFUHPHQWRPiVDOOiGHWRGD
PHVXUDGHODVXSHUILFLHGHUHJDGtR(O3ODQSODQWHDHQHO$QHMRODVVLJXLHQWHVDPSOLDFLRQHV
5HJDGtRVGH-DFHWDQLD
1XHYD VXSHUILFLH SXHVWD HQ
ULHJR+D
&XOPLQDFLyQGH%DUGHQDV,,
&XOPLQDFLyQGH%DUGHQDV,
5HDOL]DU%DUGHQDV,,,
7RWDO
6HREVHUYDTXHUHFUHFHU<HVDWLHQHVHQWLGRSDUDDPSOLDUHOUHJDGtRHQ+DDVXPDUDODV
DFWXDOHVHQWUH%DUGHQDVWUDGLFLRQDOHVGHO$UDJyQ\$UED
0X\ OHMRV GH HVWDV HVSHFWDFXODUHV FLIUDV GH UHFUHFLPLHQWR VH HQFXHQWUDQ ODV SUHYLVLRQHV GHO
3ODQ1DFLRQDOGH5HJDGtRV+RUL]RQWHSUHVHQWDGRSRUOD'LUHFFLyQ*HQHUDOGH'HVDUUROORUXUDO
GHO 0LQLVWHULR GH $JULFXOWXUD GLULJLGR SRU /R\ROD GH 3DODFLR \ TXH HQ ELHQ SRFR GLILHUH GHO 3ODQ GH
5HJDGtR YLJHQWH FRQIHFFLRQDGR SRU HO JRELHUQR GHO 362( (O 0LQLVWHULR VH KD JDVWDGR PLOORQHV GH SHVHWDV HQ HVWXGLRV WpFQLFRV SDUD OD HODERUDFLyQ GHO 3ODQ 1DFLRQDO GH 5HJDGtRV
OOHJDQGRDODFRQFOXVLyQGHTXHGHOPLOOyQGRVFLHQWDVPLOKDSUHYLVWDVSRUORV3ODQHV+LGUROyJLFRVGH
&XHQFDGHQXHYRVUHJDGtRVVRQQHFHVDULRVSDUDHOLQWHUpVGHODQDFLyQWDQVyORKD\TXH
VHSRGUtDQUHDOL]DUQXHYDVKDGHUHJDGtRFRQILQHVPiVVRFLDOHVTXHHFRQyPLFRV
(Q OR TXH UHVSHFWD DO SUREOHPD TXH QRV RFXSD HO 3ODQ GH 5HJDGtRV VyOR FRQWHPSOD OD
WUDQVIRUPDFLyQHQ%DUGHQDV\WRGRVORVUHJDGtRVGHSHQGLHQWHVGHOUtR$UDJyQGHKDGHDTXt
DO GHMDQGR SHQGLHQWHV GH HMHFXWDU VLQH GLH KD GH UHJDGtRV SRVLEOHV /D QXHYD
GHPDQGD GH HVWDV QXHYDV WUDQVIRUPDFLRQHV \ GDQGR SRU EXHQDV ODV GRWDFLRQHV SRU +D
FRQVLGHUDGDVSRUHO3ODQ+LGUROyJLFRGHP KD\DxRPXFKRPiVTXHH[FHVLYDVDOFDQ]DQXQ
YDORU GH KP (O SDVRGH KD SODQLILFDGDV HQ HO 3ODQ GH FXHQFD D ODV GHO 3ODQ GH
UHJDGtRVELHQPHUHFHXQDUHIOH[LyQ\XQUHSODQWHDPLHQWRGHOSUR\HFWRPiVDXQFXDQGRORV3ODQHV
GH&XHQFDIXHURQDSUREDGRVFRQXQD PRFLyQGHO0LQLVWHULRGH$JULFXOWXUDHQODTXHVHOHVREOLJDD
DGDSWDUVHDOGH3ODQGHUHJDGtRVUHFRQRFLpQGRVHORV3ODQHVGH&XHQFDFRPRXQFDWiORJRGHWRGR
ORSRVLEOHSHURQRQHFHVDULDPHQWHHMHFXWDEOH
7pFQLFDPHQWHODFDSDFLGDGGHO&DQDOGH%DUGHQDVQRSHUPLWHSRQHUHQULHJR%DUGHQDV
,,
/DSXHVWD HQPDUFKDGH QXHYDVKD HQ %DUGHQDV,, FRQGRWDFLRQHV HOHYDGDVGH P KD \ DxR HV XQR GH ORV REMHWLYRV TXH VHJ~Q OD 'HFODUDFLyQ GH ,PSDFWR $PELHQWDO MXVWLILFD HO
UHFUHFLPLHQWRGH<HVD6HJ~QHVWHGRFXPHQWRKDFHQIDOWDKP PiVSDUD%DUGHQDVDDxDGLUD
ORVTXH\DXVDQ&RQORVSUR\HFWRVGHUHJXODFLyQDFWXDOHVHVWRHVVHQFLOODPHQWHLQYLDEOHHQHO
PHVSXQWDGHGHPDQGDGHDJXDSDUDUHJDGtRQRSXHGHVDOLUHVHYROXPHQGHDJXDSRUHO&DQDOGH
%DUGHQDV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
/D FDSDFLGDG Pi[LPD GH WUDQVSRUWH GHO &DQDO GH %DUGHQDV HV GH P V HTXLYDOHQWH D KP DOPHV(OPHVGHMXOLRHVHOPHVGHPi[LPDGHPDQGDFRQHOGH ODGHPDQGD DQXDOTXH
VXSRQHQHQODDFWXDOLGDGDJRWDUODFDSDFLGDGGHWUDQVSRUWHGHOFDQDO([WUDHUGH<HVDKP PiV
SDUD ODV KD VXSRQH VDFDU HQ HO PHV GH MXOLR KP KP PiV TXH OD FDSDFLGDG GH
WUDQVSRUWHPHQVXDOGHOFDQDO
2EOLJDWRULDPHQWHORV KP GHEHUtDQ HVWDU DOPDFHQDGRVDQWHVGHOPHVGH MXOLR HQ HPEDOVHV
TXH VH HQFXHQWUHQ HQ HO LQWHULRU GHO SROtJRQR GH ULHJR 3DUD HVWR OD &+( \ HO 3ODQ +LGUROyJLFR
FRQVLGHUDQODQHFHVLGDGGHFUHDUHPEDOVHVLQWHUQRVFX\DFRQVWUXFFLyQHVHVWULFWDPHQWHREOLJDWRULD
SDUDSRQHUHQULHJR%DUGHQDV,,
(OFRVWHGHUHFUHFHU<HVD\FXOPLQDU%DUGHQDV
3DUD UHJDU WRGDV HVWDV KHFWiUHDV TXH MXVWLILFDQ HO UHFUHFLPLHQWR H[LVWHQ XQD VHULH GH
DFWXDFLRQHVDUHDOL]DUGHODVTXHHOUHFUHFLPLHQWRHVWDQVyORXQDGHHOODV\QRODPiVFDUD6HJ~Q
HO3ODQ+LGUROyJLFRHOFRVWHHVWLPDGRGHODDFWXDFLyQ5HFUHFLPLHQWR&XOPLQDFLyQGH%DUGHQDVVHUtD
$FWXDFLyQ
5HFUHFLPLHQWRGH<HVD
5HSDUDFLyQGHFDQDOHV
0RGXODFLRQHVHQHO$UDJyQEDMR
%DOVDVGHUHJXODFLyQLQWHUQD
7UDQVIRUPDFLRQHV%DUGHQDV,
7UDQVIRUPDFLRQHV%DUGHQDV,,
7UDQVIRUPDFLRQHV%DUGHQDV,,,
7UDQVIRUPDFLRQHV-DFHWDQLD
7RWDOFRVWHGHDFWXDFLRQHV
&RVWH PLOORQHV
GHSWV
5HVXPLHQGR SDUD ODV KD VXVFHSWLEOHV GH VHU WUDQVIRUPDGDV HO FRVWH HVWLPDGR RILFLDO
VHUtD GH SWV PXFKRPiVFDUR TXH HO SUHFLR GH PHUFDGR GH XQD +D HQ OD SURYLQFLD GH
=DUDJR]D \ DVXPLHQGR TXH QR H[LVWH QLQJ~Q GHVIDVH FRQ UHVSHFWR D OR SUHVXSXHVWDGR 6L WDO \
FRPRSDUHFH%DUGHQDV,,,QRVHOOHJDUDDUHDOL]DUHOFRVWHPHGLRVHUtDSWDV(OFRVWHGH
WRGRHOSUR\HFWRHQHODFWXDOFRQWH[WRDJUtFROD\HFRQyPLFRKDFHLPSRVLEOHVXHMHFXFLyQ
1RVHWLHQHHQFXHQWDODVSRVLELOLGDGHVGHDKRUURGH%DUGHQDV
(QODHODERUDFLyQGHORV3ODQHV+LGUROyJLFRVGH&XHQFDVHFRQVXOWyDODV&&$$DFHUFDGHORV
YRO~PHQHVGHDJXDDUHVHUYDUSDUDODVGLIHUHQWHVGHPDQGDV(O3ODQ+LGUROyJLFRGH&XHQFDSUHYp
XQ LQFUHPHQWR GH OD GRWDFLyQ DFWXDO 2),&,$/ GH %DUGHQDV GH P KD \ DxR KDVWD ORV P KD (VWD HOHYDGD GRWDFLyQ HV LQH[SOLFDEOHPHQWH FRQVLGHUDGD LQFOXVR SDUD ODV QXHYDV
WUDQVIRUPDFLRQHVFRQVLVWHPDVHILFLHQWHVGHDSOLFDFLyQHQSDUFHODTXHVH SUHYpQ HQ%DUGHQDV,, \
,,,&RQWUDVWDQJUDQGHPHQWHHVWRVYDORUHVFRQORVTXHVROLFLWDHO*RELHUQRGH1DYDUUDHQUHVROXFLyQ
GH SDUD ORV UHJDGtRV H[SHFWDQWHV GHO &DQDO GH 1DYDUUD TXH HQ XQD ]RQD JHRJUiILFD \
FOLPiWLFDVLPLODUVRORGHPDQGDUtDQPKD\DxR,QFOXVRHQODSURSDJDQGDLQVWLWXFLRQDOVREUH
ODWUDtGDGHDJXDD=DUDJR]DVHUHFRQRFHTXHODVGRWDFLRQHVDFRUWRSOD]RSDUD%DUGHQDV,,KDQGH
VHUORVP KD\DxR
'HGXFLPRV TXH ODV GRWDFLRQHV HVWiQ FDOFXODGDV FRQ FULWHULRV PiV SROtWLFRV TXH WpFQLFRV /DV
GRWDFLRQHV PHGLDV REMHWLYR SDUD OD FRPDUFD DJUDULD GH (MHD D FRQVLGHUDU SDUD OD GLVWULEXFLyQ GH
FXOWLYRV GH VHJ~Q ODV HQFXHVWDV 7 GHO 0$3$ \ FRQVLGHUDQGR XQD HILFLHQFLD JOREDO GHO
VLVWHPD GHO DVFLHQGHQ VHJ~Q HO 3UR\HFWR GH 'LUHFWULFHV GH OD &+( D WDQ VyOR PKD \ DxR OR TXH VXSRQH XQDV QHFHVLGDGHV QHWDV GH PKD \ DxR 1RWD OD FRPDUFD
DJUDULDGH(MHDQRVHVXSHUSRQHFRPSOHWDPHQWHSHURVLHQEXHQDSDUWHFRQ%DUGHQDV
1RVRWURVKHPRVUHDOL]DGRRWURFiOFXORDSDUWLUGHODGLVWULEXFLyQGHFXOWLYRVGH'*$SDUDHODxR
\ODVQHFHVLGDGHVQHWDVSDUDFDGDFXOWLYRVHJ~QXQHVWXGLR GH ODVPLVPDVSRUFRPDUFDVHQ
$UDJyQ 0DUWtQH] HW DO /DV QHFHVLGDGHV QHWDV VRQ DOJR VXSHULRUHV D ODV GHO 0$3$ PKD\DxRHTXLYDOHQWHVDKPSDUDHOUHJDGtRGHWRGDODFRPDUFDDJUDULD
0$,=5
75,*5
$/)5
PKDDxR
KHFWiUHDVHQ%DUGHQDV 1HFHVLGDGHV
QHWDVKP
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
*,55
&(%$'5
+2575
2752/5
$552=5
275)255
2WURV
7RWDO
&RQVLGHUDQGR ODV GRWDFLRQHV RILFLDOHV &+( SDUD %DUGHQDV GH P KD \ DxR OD
HILFLHQFLDWRWDOVHGLVSRQHHQHO3HURODUHDOLGDGHVTXH%DUGHQDV\DSRVHHGRWDFLRQHVUHDOHV
PXFKRPD\RUHVTXHODVSUHYLVWDVSDUDHO3ODQ+LGUROyJLFRGHO(EURSDUDHOIXWXURDDxRV(QORV
WUHV ~OWLPRV DxRV HQ ORV TXH VH KDQ HGLWDGR ODV 0HPRULDV GH OD &+( VH KDQ
GHVHPEDOVDGR SDUD %DUGHQDV XQD PHGLD GH KP TXH SDUD XQD VXSHUILFLH GH KD
VXSRQHQGRWDFLRQHVGHPKD\DxR VLWXDQGR OD HILFLHQFLDGHOXVRGHO DJXD HQ WDQVyOR XQ
PX\DOHMDGRGHODFRQVLGHUDGDFRPRREMHWLYRSRUHO3ODQGH&XHQFDGHO6LHVWDHILFLHQFLD
VHFRQVLJXLHVHVyORVHQHFHVLWDUtDQPKD\DxRGHPDQGDQGRHOUHJDGtRDFWXDOGH%DUGHQDV
KPHVGHFLUKPPHQRVTXHHQ ODDFWXDOLGDG
1DWXUDOPHQWH HVWH DXPHQWR GH HILFLHQFLD QR VXUJLUi GH OD QDGD VLQR TXH SUHFLVDUi GH XQD
DGHFXDGDPRGHUQL]DFLyQTXHLQFOXLUiGHVGHSHTXHxRVHPEDOVHV\EDOVDVGHUHJXODFLyQHQWUiQVLWR
GHORVTXHKR\HQGtDDSHQDVGLVSRQHKDVWDPHFDQLVPRVHILFLHQWHVGHDSOLFDFLyQHQSDUFHODJRWHR
DVSHUVLyQ TXH HQ OD DFWXDOLGDG VRQ PLQRULWDULRV HQ %DUGHQDV (Q HVWHFRQWH[WR PRGHUQL]DGRU ORV
UHJDQWHVGH%DUGHQDVHVWDEDQDFWXDQGRKDVWDDKRUDFRQXQDDSXHVWDSRUODHILFLHQFLDFRPHQ]DQGR
D SUR\HFWDU OD UHJXODFLyQ GHQWUR GHO SURSLR VLVWHPD GH ULHJRV 6H KD DQXQFLDGR S~EOLFDPHQWH OD
SXHVWD HQ PDUFKD SRU $&(6$ GH ORV HPEDOVHV GH 0DOYHFLQR &DUFDVWLOOR \ /DYHUQp TXH VXSRQHQ
KP GH FDSDFLGDG SHUR VHJXUDPHQWH PXFKR PiV GH UHJXODFLyQ /D DSXHVWD SRU HVWRV
HPEDOVHV TXH SRFR R QDGD GHILQLGRV HVWDEDQ HQ HO 3ODQ +LGUROyJLFR GHPXHVWUD HO DFLHUWR GH ORV
UHJDQWHVGH%DUGHQDVDOSULRUL]DUHOXVRUDFLRQDO3HVHDTXHODOtQHDHPSUHQGLGDHUDODDGHFXDGD
GHVGH %DUGHQDVVHVLJXHSUHVLRQDQGRSROtWLFDPHQWHSDUDUHFUHFHU<HVD HQ QXHYRVKP VLQ
TXHODDPSOLDFLyQGHUHJDGtRVORMXVWLILTXH
&XDQWLILFDFLyQGHODSRVLELOLGDGGHDKRUUR
/RV GLIHUHQWHV HVFHQDULRV SRVLEOHV GH GHPDQGDV SDUD HO UtR $UDJyQ TXHGDQ SDWHQWHV HQ OD
VLJXLHQWHWDEOD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
'HPDQGDVHQKP
6LWXDFLyQ DFWXDO 6LWXDFLyQ DFWXDO 3UHYLVLyQ
&+( 3UHYLVLyQ &+( 3ODQ 3UHYLVLyQ
&+(
3ODQ 3ODQ +LGUROyJLFR KLGUROyJLFR VHJXQGR FDPSDxD
+LGUROyJLFR
PHPRULDV
&+( SULPHUKRUL]RQWH KRUL]RQWH
DEDVWHFLPLHQWR
GHVHPEDOVHV
5LHJRV FDEHFHUD GHO $UDJyQ VLHPSUHGRWDFLyQGH
%DUGHQDV,\,,DFWXDOKD 1XHYR%DUGHQDV,,\,,,
'HPDQGDV DJXDV GHEDMR GH <HVDHOHFWULFLGDGSLVFLULHJR
$EDVWHFLPLHQWRFRUUHGRUGHO(EUR 7RWDOGHPDQGDV
KD
KD KD
FRQ
GRWDFLyQ
KD FRQ GRWDFLRQHV GH PKD\DxR
GRWDFLyQ GRWDFLyQ GRWDFLyQ 3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
&+( (VFHQDULR
UHDOLVWD
FRQ
GRWDFLRQHV
HOHYDGDV
HQ
HO
UHJDGtR DFWXDO \
PHGLRHQHOQXHYR
KD
(VFHQDULR HILFLHQWH
GRWDFLyQGHHQ
WRGR
HO
UHJDGtR
H[FHSWR &DQDO GH
%HUG~Q
FRQ GRWDFLyQ
HILFLHQFLD GHO
D 5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
6HREVHUYDTXHODVGHPDQGDVGHUHJDGtR\DJXDGHERFDSDVDQGHORVDSUR[LPDGDPHQWH
KP GH OD SXEOLFLGDG LQVWLWXFLRQDO KDVWD ORV GHO HVFHQDULR HILFLHQWH R ORV GHO HVFHQDULR
UHDOLVWD(VWHGDWRHVVLJQLILFDWLYR\DTXHH[LVWHFRQVHQVRDPSOLRHQTXHHODFWXDOHPEDOVHGH<HVD
FRQFDSDFLGDGGHKP HVFDSD]GHUHJXODUKDVWDKP GDQGRVHUYLFLRFRQVXILFLHQWHJDUDQWtD
D OD DFWXDO GHPDQGD UHDO GH KP &RQFOXLPRV TXH VLPSOHPHQWH KDFLHQGR ELHQ ODV FXHQWDV
KLGUROyJLFDV \ GHVGH SHUVSHFWLYDV GH FUHFLPLHQWR GHO UHJDGtR FUHtEOHV <HVD DFWXDO HV VXILFLHQWH
SDUDFXEULUODVGHPDQGDVDFWXDOHV\IXWXUDV
([LVWHQDOWHUQDWLYDVEDUDWDVSDUDHODXPHQWRGHJDUDQWtD
([LVWHQDOWHUQDWLYDVEDVDGDVHQDVSHFWRVGHHFRQRPtDGHODJXD
&RQ/D/RWHWDQRFXOPLQDODSRVLELOLGDGGHUHJXODFLyQLQWHUQDGHOVLVWHPDSDUDDOPDFHQDUDJXD
SDUDHOFRUUHGRUGHO(EUR(VWRHVUHFRQRFLGRSRUHO3ODQ+LGUROyJLFRFXDQGRDVHJXUDTXHXQDYH]
DSURYHFKDGDV ODV LQIUDHVWUXFWXUDV LQIUDXWLOL]DGDV GH %DUGHQDV \ HO HPEDOVH GH /D /RWHWD ³VH
FRQVWUXLUiQ QXHYDV LQIUDHVWUXFWXUDVGH UHJXODFLyQ LQWHUPHGLD \ FRQGXFFLyQ´ ILFKD$%DQHMR (O
SURSLR 3ODQ UHFRQRFH TXH JDUDQWL]DU DJXD HQ =DUDJR]D QR H[LJH FRPR VH QRV TXLHUH
LQVLVWHQWHPHQWHFRQYHQFHUHOUHFUHFLPLHQWRGH<HVD
6LHOHVFHQDULRIXHVHHOPiVH[LJHQWHGHWRGRVHOSURSXHVWRSRU&+(HQWDQVyORDxRVGH
KXELHVHQH[LVWLGRFRUWHVHQHOVXPLQLVWURD=DUDJR]D([LVWHXQDSRVLELOLGDGGHDXPHQWRGHJDUDQWtD
EDVDGD HQ OD HOHYDGD FDSDFLGDG DO SDJR TXH WLHQH HO DJXD GH ERFD FRQ UHVSHFWR D OD DJUtFROD
FRPSUDUDJXDD ORVUHJDQWHVHQSHULRGRVVHFRV
(VWD IyUPXOD QR HV QRYHGRVD \ \D KD VLGR SXHVWD HQ PDUFKD HQ HO DEDVWHFLPLHQWR D 6HYLOOD
HQWUH(0$6(6$OD=RQD5HJDEOHGHO9LDU&59\OD&RQIHGHUDFLyQ+LGURJUiILFDGHO*XDGDOTXLYLU
(QVHILUPyXQDFXHUGR SDUD ODFHVLyQ GH KPGH ORVFXDOHVVH XWLOL]DURQVyOR FRQ XQ
FRVWHGHFRPSHQVDFLyQGHPLOORQHVGHSHVHWDVSWDVP(QMXOLRGHVHOOHJRDILUPDU
XQ ³$FXHUGR GH &RODERUDFLyQ HQWUH (0$6(6$ &59 \ &+*´ (VWH DFXHUGR HV HO SULPHUR HQ HO
PDUFRGHOD/H\GH$JXDVGH\SUHYpODUHDVLJQDFLyQWHPSRUDOGHODFRQFHVLyQDFDPELRGH
XQ SDJR DO WLWXODU GH OD FRQFHVLyQ &59 GH XQD FRPSHQVDFLyQ GH PLOORQHV GH SHVHWDV TXH
VXSRQtDXQFRVWHGHSWDVP(VWH SUHFLRHVHOTXHHODJULFXOWRUHVWDED GLVSXHVWR DUHFLELUSRU
GHMDUGHUHJDU\FXOWLYDUVHFDQRHQXQUHJDGtRPiVSURGXFWLYRTXHHQHO*XDGLDQD
(Q%DUGHQDVSWDVPVHUtDXQSUHFLRPiVTXHDSHWHFLEOHSRUHOTXHORVDJULFXOWRUHVGHMDUtDQ
GH UHJDUDOJXQDV KHFWiUHDV SDUDFXOWLYDUVHFDQR&RQ ODV GRWDFLRQHV GH PKD \ DxR FDGD
KHFWiUHDOLEHUDGDUHFLELUtDSWDV(OPHWURF~ELFRGHEHUtDSDJDUVHHQ=DUDJR]DSWVPiV
FDURORTXHUHSHUFXWLUtDHQFpQWLPRVHOOLWURHOHYDFLyQGHOSUHFLRDQiORJDDODUHSHUFXWLEOHSRUOD
WUDtGDGHDJXDVD=DUDJR]D3HURDGHPiVKD\TXHWHQHUHQFXHQWDTXHHVWRVyORRFXUULUtDYHFHV
FDGD DxRV SRU OR TXH VL =DUDJR]D FREUDVH XQD WDVD HQ FRQFHSWR GH ³VHJXUR GH VHTXtD SDUD
%DUGHQDV´ODUHSHUFXVLyQVREUHHOSUHFLRGHODJXDVHUtDWDQVyORGHFpQWLPRV
/DIUDVHUHVXPHQGHXQGRFXPHQWR&+(³1RSDJDUtDFpQWLPRVSRUOLWURSRUWHQHUDJXDGH
H[FHOHQWHFDOLGDGHQVXFDVD"´GHEHUtDFRQYHUWLUVHHQHVWDRWUD³¢1RSDJDUtDFpQWLPRVSRUOLWUR
SRU WHQHU DJXD GH H[FHOHQWH FDOLGDG HQ VX FDVD FRQ XQD JDUDQWtD WRWDO VLQ PHUPDU HO SRGHU
DGTXLVLWLYRGHORVUHJDQWHVGH%DUGHQDV\VLQLQXQGDUDODVJHQWHVGHOD&DQDOGH%HUG~Q"´
(OUpJLPHQHFRQyPLFR\ODSULYDWL]DFLyQGHODGLVWULEXFLyQGHODJXD
(QHOPRPHQWRGHUHGDFWDU HVWH LQIRUPH DXQ QR TXHGD FODUR HO UpJLPHQ HFRQyPLFR ILQDQFLHUR
GHO DEDVWHFLPLHQWR H[LVWHQ ILOWUDFLRQHV D OD SUHQVD \ GHFODUDFLRQHV GH 6DQFKR HQ ORV PHGLRV GH
FRPXQLFDFLyQ TXH SHUPLWHQ DWLVEDUOD ILORVRItD GHOPLVPR TXH QR HV RWUDTXH OD SULYDWL]DFLyQ GHOD
GLVWULEXFLyQ³HQDOWD´GHODJXDDORVPXQLFLSLRV
7RGRVHVWRVDVSHFWRVKDQVLGRHOLPLQDGRVFRPSOHWDPHQWHGHOGHEDWHVRFLDO\VLQHPEDUJRVRQ
ELHQSDWHQWHVFXDQGR HQ ODSiJLQDZHEGH OD HPSUHVD(OpFWULFDV 5HXQLGDVGH =DUDJR]D(5= VH
UHFRQRFH HO LQWHUpV SRU KDFHUVH FDUJR GH HVWH QHJRFLR PHGLDQWH VX ILOLDO *HVWLyQ GH $JXDV GH
$UDJyQ 6$ ³'XUDQWH HO DxR DGHPiV GH OD H[SORWDFLyQ GH ODV FRQFHVLRQHV HQ VHUYLFLR OD
6RFLHGDG VH KD LQWHUHVDGR SRU XQD VHULH GH SUR\HFWRV FX\D HMHFXFLyQ YD D VLJQLILFDU XQ QRWDEOH
LPSXOVR D OD DFWLYLGDG GH GLVWULEXFLyQ GH DJXD HQ OD &RPXQLGDG $XWyQRPD GH $UDJyQ (VWDV
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
DFWXDFLRQHV SUHYLVWDV SDUD ORV SUy[LPRV WUHV DxRV FRUUHVSRQGHQ DO DEDVWHFLPLHQWR GH DJXD D
=DUDJR]D FDSLWDO $OFDxL] &DODQGD &DVWHOVHUiV 9DOGHDOJRUID \ RWURV PXQLFLSLRV GHO %DMR (EUR
7RGRVHVWRVSUR\HFWRVVHGHVDUUROODUiQSUHYLVLEOHPHQWHGHVGHODVRFLHGDG$JXDVGHOD&XHQFDGHO
(EUR6$$&(6$HPSUHVDGHUHFLHQWHFRQVWLWXFLyQFX\R~QLFRDFFLRQLVWDHVHO(VWDGRDWUDYpV
GHOD&RQIHGHUDFLyQ+LGURJUiILFDGHO(EUR&RPRKHFKRLPSRUWDQWHDFDHFLGRGHVSXpVGHOFLHUUH
GHO HMHUFLFLRFDEHFRPHQWDUHODFFHVRGHOD&DMD GH $KRUURVGH OD ,QPDFXODGD DO DFFLRQDULDGR GH
*HVWLyQ GH $JXDV GH $UDJyQ 6$ TXH VH KD SURGXFLGR WUDV OD YHQWD SRU SDUWH GH (OpFWULFDV
5HXQLGDV'LYHUVLILFDFLyQ6$ GH XQ GH ODV DFFLRQHV GH HVWD 6RFLHGDG 7UDVHVWD RSHUDFLyQ
(OpFWULFDV 5HXQLGDV 'LYHUVLILFDFLyQ 6$ RVWHQWD HO GHO FDSLWDO H ,%(5&$-$ \ &$, XQ FDGDXQD/DHOHYDGDSUHVHQFLDGHFDSLWDODUDJRQpV\ODVROLGH]\IXHUWHLPSODQWDFLyQUHJLRQDOTXH
WLHQHQORVWUHVDFFLRQLVWDVGHOD6RFLHGDGFRQILHUHQD*HVWLyQGH$JXDVGH$UDJyQ6$XQDIXHUWH
UHSUHVHQWDWLYLGDGIUHQWHDFOLHQWHVHQWLGDGHVHLQVWLWXFLRQHVGHQXHVWUD&RPXQLGDG´
/DLGHDGH SULYDWL]DU\ ORV SUHWHQGLHQWHVDDFDSDUDUHVWHSUR\HFWR \DH[LVWHQ/D IyUPXOD SDUD
OOHYDUOR D FDER HV PHGLDQWH OR TXH VH KD GHQRPLQDGR ³FRQWUDWR GH FRQVWUXFFLyQ \ H[SORWDFLyQ´
$&(6$ VDFDUiDFRQFXUVR ODREUD GH DEDVWHFLPLHQWR FRQ HO LQWHUpV DxDGLGR GH TXH OD VRFLHGDG R
FRQVRUFLR D OD TXH VH OH DGMXGLTXH VHUi WDPELpQ OD FRQFHVLRQDULD GH OD H[SORWDFLyQ /D
FRQFHVLRQDULD IRUPDGD SRU OD HPSUHVD FRQVWUXFWRUD OD H[SORWDGRUD \ ODV HQWLGDGHV ILQDQFLHUDV
LQYLHUWH ORV PLOORQHV GH OD REUD TXH OH VHUiQ UHFXSHUDGRV PHGLDQWH HO FREUR GH PLOORQHVGH)RQGRVGH&RKHVLyQGHOD8(\WDULIDV3DUDFREUDUHVWRV)RQGRVHVQHFHVDULRTXHOD
REUD HVWp FRQWUDWDGD DQWHV GH GLFLHPEUH GH \ FRQFOXLGD DQWHV GH GLFLHPEUH GHO /D
HVWUXFWXUDGHFRVWHV\JDVWRVHVODVLJXLHQWH
*DVWRV
&RVWHGHODLQIUDHVWUXFWXUD
PLOORQHV
7RWDO
PLOORQHV
$FWXDFLRQHV
PHGLRDPELHQWDOHV
,QJUHVRV
)RQGRVGH&RKHVLyQ
7DULIDV
PLOORQHV
PLOORQHV
PLOORQHV
(OFRVWHILQDOHVWLPDGRTXHGHEHUiQSDJDUORVPXQLFLSLRVDOGLVWULEXLGRU³HQDOWD´VHKDHVWLPDGR
SRU $&(6$ HQ XQD SWDVP YHFHV PiV TXH ODV DFWXDOHV SWDVP TXH YLHQH D SDJDU
=DUDJR]D (VWD WDULID VH KD FDOFXODGR SDUD XQ SHULRGR GH DPRUWL]DFLyQ H[SORWDFLyQ GH DxRV \
WLHQH HQ FXHQWD HO SDJR GH ORV PLOORQHV GH LQIUDHVWUXFWXUD PiV HO FDQRQ GH UHJXODFLyQ GHO
HPEDOVHGHO(EUR\GH<HVDHQHODxRODVWDULIDVSRUHOXVRGHODVLQIUDHVWUXFWXUDVGHO&DQDO
,PSHULDO\GH%DUGHQDVORVJDVWRVGHPDQWHQLPLHQWR \H[SORWDFLyQ \XQGHEHQHILFLR LQGXVWULDO
GHODFRQFHVLRQDULD
/RVJDVWRVGHH[SORWDFLyQILOWUDGRVDODSUHQVDVRQORVVLJXLHQWHV
&RVWHVGHH[SORWDFLyQ
0LOORQHVGH
SWVDODxR
2WURVFiQRQHV\WDULIDV
&DQRQGHUHJXODFLyQGH<HVD
UHFUHFLGR
([SORWDFLyQ
0DQWHQLPLHQWR
2WURVJDVWRV
7RWDO
([LVWLUtD RWUD SRVLELOLGDG EDVDGD HQ XQ PHUR FRQWUDWR GH FRQVWUXFFLyQ TXH SDJDUtD HO GLQHUR
GHSRVLWDGRHQ$&(6$\XQDSRVWHULRUH[SORWDFLyQSRUSDUWHGHODSURSLD$&(6$RGHOD&+((VWD
YtD QR HV HOHJLGD \D TXH VHJ~Q 6DQFKR ³VXSRQGUtD UHWUDVRV TXH OOHYDVHQ D SHUGHU ORV IRQGRV
HXURSHRV´
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
=DUDJR]DILQDQFLDUiXQHPEDOVHTXHQRQHFHVLWD
(Q HO LQIRUPH GH OD 2ILFLQD GH 3UHVLGHQFLDGH OD &+( WLWXODGR ³´(O DEDVWHFLPLHQWR D =DUDJR]D
YLVWR GHVGH %DUGHQDV´ VHDVHJXUD TXHSDUDORVUHJDQWHV OD LQFRUSRUDFLyQ GH =DUDJR]DDO VLVWHPD
GHULHJRVVXSRQGUiXQDLQ\HFFLyQHFRQyPLFDDOVLVWHPDPX\LPSRUWDQWH\DTXH³ORVDEDVWHFLPLHQWRV
GH =DUDJR]D \ VX HQWRUQR SDJDUiQ HQ WRUQR D OD WHUFHUD SDUWH GH ORV JDVWRV GH OD &RPXQLGDG GH
%DUGHQDV \D TXH FDGD P GH DJXD GH DEDVWHFLPLHQWR SDJD HO HTXLYDOHQWH D P GHO DJXD FRQ
GHVWLQRDUHJDGtR´
'HVFRQRFHPRVHOGHVJORVH GH HVWDSURSRUFLyQPRQHWDULD SHURVLVXSRQHPRV TXH HV DQiORJD
HQFRQFHSWRVFRPR&DQRQGHUHJXODFLyQ\WDULIDHVWRVXSRQGUtDTXHHQHOFDVRGHXQUHFUHFLPLHQWR
=DUDJR]DSDJDUtDXQGHODREUDSHVHDVXSRQHUXQLQFUHPHQWRGHODGHPDQGDGHVyORHO
(QHOIRQGRVHHVWDUtDVXEYHQFLRQDGRGHVGHHOXVRGHERFD DORVXVRVDJUDULRV KHFKR TXHYDHQ
FRQWUDGHODILORVRItDGHODSURSXHVWDGHQXHYDGLUHFWLYDGHDJXDVGHOD8(/DSURSXHVWDREOLJDDORV
(VWDGRV D JDUDQWL]DU SDUD HO DxR OD SOHQD UHFXSHUDFLyQ GH WRGRV ORV FRVWHV GH WRGRV ORV
XVXDULRV \ VHFWRUHV FRQ HO REMHWLYR GH UHGXFLU ODV D\XGDV HVWDWDOHV GLUHFWDV ODV VXEYHQFLRQHV
FUX]DGDVHQWUHVHFWRUHV \ODVVXEYHQFLRQHVHQWUHXVXDULRVDFWXDOHV\IXWXURV
1RTXHGDFODUDODUHODFLyQHFRQyPLFDGH=DUDJR]DFRQHO&DQDO,PSHULDO
3HUR QR DFDED DTXt OD VXEYHQFLyQ DO PXQGR DJUtFROD GHVGH =DUDJR]D &RQVWUXLGR HO
DEDVWHFLPLHQWRGHO3LULQHRHODJXDGHOFDQDO,PSHULDOGHMDUiGHXVDUVHSDUDDJXDGHERFDSHVHD
WRGRHQHOGRFXPHQWR³$EDVWHFLPLHQWRGHDJXDD=DUDJR]D\VXHQWRUQR´HQHOTXHSDUWLFLSDQ'*$
$\XQWDPLHQWR GH =DUDJR]D \ &+( VH DILUPD TXH ³(O &DQDO ,PSHULDO VLHPSUH VHUi XQD IXHQWH GH
VXPLQLVWURSDUD=DUDJR]D\SRUWDQWRHOFDQDOUHFLELUiGH=DUDJR]D\ORVSXHEORVGHVXHQWRUQRXQ
FDQRQFRPR OR KDFHDKRUDGHO DEDVWHFLPLHQWRGH=DUDJR]D´ 6HGHGXFH TXH=DUDJR]DSDJDUi XQ
FDQRQ D %DUGHQDV SRU HO DJXD TXH XVH \ RWUR FDQRQ DO &DQDO ,PSHULDO SRU HO DJXD TXH QR XVH
5HFRUGHPRVTXH=DUDJR]DSDJDDQXDOPHQWHDOD&RPXQLGDG GHUHJDQWHVGHO FDQDO ,PSHULDO XQRV
PLOORQHV GH SHVHWDV \ TXH HO FRQMXQWR GH DEDVWHFLPLHQWRV GHSHQGLHQWHV GHO &DQDO VXSRQHQ
HQWUH HO \ GH ODV WDULIDV(O 3HULyGLFR TXH VL GHMDUDQGH SDJDUVH OH VXSRQGUtDDO
UHJDQWHXQDXPHQWRGHOJDVWRGHXQDVSWVKD\DxR
(VWHDVSHFWR\DIXHWHPDGHFRQWURYHUVLDHQHODQWHULRUHPSXMHDGPLQLVWUDWLYRGHOUHFUHFLPLHQWR
HQ/DVROXFLyQHVFRJLGDHQHVWDRFDVLyQFRQVLVWHHQTXH=DUDJR]DVLJDSDJDQGRXQFDQRQDO
&DQDO,PSHULDOTXHSHUPLWDODVXSHUYLYHQFLDGHOUHJDQWH6HWUDWDGHXQFDQRQILMRQRFRQWHPSODGR
HQODOHJLVODFLyQHQFRQFHSWRGH JDUDQWtD SRU GLVSRQHUGH XQD UHVHUYD HVWUDWpJLFDPiVXQ FDQRQ
ILMRSRUPHWURF~ELFRHQORVPHVHVHQTXH=DUDJR]DYROYLHUDDWRPDUDJXDGHO&DQDO/DFHUHPRQLD
GHODFRQIXVLyQVLJXHDGHODQWHVHDVHJXUDTXHVHYDDUHFUHFHU<HVDSXHVWRTXHVHSDJDUiFDQRQ
GH HPEDOVH UHFUHFLGR \ VH DVHJXUD TXH HO UHFUHFLPLHQWR VLUYH SDUD JDUDQWL]DU HQ XQ HO
DEDVWHFLPLHQWRD=DUDJR]DORTXHQRHVyELFHSDUDSDJDUXQFDQRQSRUUHVHUYDHVWUDWpJLFDTXHQR
VHXVDUiQXQFDVDOYRDYHUtDV
/DSURSDJDQGDLQVWLWXFLRQDO8VRODFLXGDGDQtDGH=DUDJR]DFRPR³PDVDFUtWLFD´
SDUDH[LJLUHOUHFUHFLPLHQWR
/DIXHUWHRSRVLFLyQTXHKDH[LVWLGRVLHPSUHHQODFRPDUFDGHOD-DFHWDQLDODUHFUHFLPLHQWRGH
<HVD \ HO KHFKR TXH GHVGH P~OWLSOHV DPELHQWHV FLHQWtILFRV \ WpFQLFRV VH YHD FRPR HO SLODU GH XQ
IXWXUR WUDVYDVH LQDGPLVLEOH KD OOHYDGR D FUHDU XQD HVWUDWHJLD SROtWLFD FRQ HO ILQ GH FRQYHQFHU D OD
FLXGDGDQtDDUDJRQHVDGHODOWRLQWHUpVTXHWLHQHHVWHUHFUHFLPLHQWRSDUDVXSURSLRIXWXUR/DSXHVWD
HQPDUFKDGHXQDLPSUHVLRQDQWHPDTXLQDULDSURSDJDQGtVWLFDGHODVLGHDVIXHU]D³DJXDGHFDOLGDG´
\³<HVDUHFUHFLGRDJXDSDUDWRGRV´VLUYHSDUDFRQYHQFHUDORVDUDJRQHVHVGHODQHFHVLGDGGHXQD
LQIUDHVWUXFWXUD TXH GH RWUR PRGR UHFKD]DUtDQ GH SODQR 1R HV HVWD OD SULPHUD YH] TXH VH LQWHQWD
XWLOL]DUDODFLXGDGDQtDGH=DUDJR]DFRPR³PDVDFUtWLFD´SDUDDSR\DUHOUHFUHFLPLHQWRGH <HVD HQ
MXQLR GH VH UHDOL]y XQD FDPSDxD LQVWLWXFLRQDO GH SURSDJDQGD PX\ DJUHVLYD HQ SUHQVD \
VRSRUWHVFDOOHMHURVFRQHOOHPD³$JXDTXHKDVGHEHEHU5HFUHFLPLHQWRGHOHPEDOVHGH<HVD´/D
IXHUWHRSRVLFLyQGHODFRPDUFDDIHFWDGDFRQVLJXLyIUHQDUWDQLUUDFLRQDOREUDTXHDKRUDVHLQWHQWDGH
QXHYRUHODQ]DU
/DH[LVWHQFLDGHHVWDHVWUDWHJLDVHUHFRQRFHDELHUWDPHQWH\VLQWDSXMRVHOGH VHSWLHPEUHGH
HQXQGRFXPHQWRHODERUDGRSRUODRILFLQDGH3UHVLGHQFLDGHOD&RQIHGHUDFLyQ+LGURJUiILFDGHO
(EURWLWXODGR³(ODEDVWHFLPLHQWRD=DUDJR]DYLVWRGHVGH%DUGHQDV´
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
³$KRUDFRQODIDOWDGH LQIRUPDFLyQH[LVWHQWHGHODSUREOHPiWLFD GHOUtR $UDJyQ \%DUGHQDV ORV
]DUDJR]DQRVQRSHUFLEHQODQHFHVLGDGGHUHFUHFHU<HVD \SRUWDQWRQRKD\DSR\RVRFLDOSDUDHOOR
/RV KHFKRV VRQ WHUFRV OOHYDPRV DxRV D YXHOWDV FRQ HO UHFUHFLPLHQWR GH <HVD EXVFDQGR
DOWHUQDWLYDV FRPR (PE~Q \ HQ GHILQLWLYD SDUDOL]DGRV $GHPiV KD\ TXH UHFRUGDU TXH OD SUHVD HVWi
XELFDGD HQ 1DYDUUD \ QR HV SUHFLVDPHQWH IiFLOFRQVWUXLUHPEDOVHV HQ HVH WHUULWRULR3RU HVR SDUD
UHFUHFHU<HVD\DVtWHQHUODVGHPDQGDVJDUDQWL]DGDVVHQHFHVLWDXQJUDQDSR\RVRFLDO\%DUGHQDV
MXQWR D =DUDJR]D Vt TXH FRQVWLWX\H XQD PDVD FUtWLFD SDUD H[LJLU HO UHFUHFLPLHQWR GH <HVD SRU
VHSDUDGRHOUHVXOWDGRHV\VHUiHYLGHQWH´\HQRWURODGR³6LTXHWLHQHPXFKRDJDQDUVHUHILHUHD
%DUGHQDV SRUTXH VLQHO DSR\R GH =DUDJR]D QR KD\ XQD EDVH VRFLROyJLFD VXILFLHQWH SDUD UHFUHFHU
<HVD REUD VLQ OD FXDO HO DJULFXOWRUHPSUHVDULR GH %DUGHQDV QR SXHGH HVWDU WUDQTXLOR SRUTXH HQ
DxRVVHFRVQRKD\JDUDQWtDGHTXHVHGLVSRQJDGHDJXDSDUDHOULHJR\DTXHODFDSDFLGDGGH<HVD
HV LQVXILFLHQWH \ QR SXHGH UHVSRQGHU DQWH DxRV GH VHTXtD´ 6LQ TXH QDGLH SUHVHQWH GRFXPHQWRV
WpFQLFRV GH GHEDWH VH UHDOL]DQ HVWDV DILUPDFLRQHV TXH HQVHJXLGD HQFXHQWUDQ HFR \ DGHSWRV
IHUYLHQWHVHQ%DUGHQDV
'HVGHRFWXEUHGHVHUHDOL]DXQDIXHUWHFDPSDxDSXEOLFLWDULDHQSUHQVDUDGLR\WHOHYLVLyQ
VHJ~Q IXHQWHV H[WUDRILFLDOHV HVWD SULPHUD FDPSDxD VXSRQH XQD LQYHUVLyQ GH PLOORQHV GH
SHVHWDV HQ ODV TXH VH LQFLGH HVSHFLDOPHQWH HQ OD QHFHVLGDG GH UHFUHFHU <HVD SDUD DVHJXUDU HO
DJXDGHFDOLGDGD=DUDJR]D³/DVROXFLyQGHILQLWLYDHVUHFUHFHU<HVDVHJXQGDIDVH=DUDJR]D\
%DUGHQDV XQLGDV SRU HO PLVPR LQWHUpV =DUDJR]D ORV Q~FOHRV GH VX HQWRUQR \ %DUGHQDV WLHQHQ HO
PLVPR LQWHUpV FRQVHJXLU HO UHFUHFLPLHQWR GH <HVD 6XV REMHWLYRV VRQ FRLQFLGHQWHV 6X ILQDOLGDG
LGpQWLFDGLVSRQHUGHFDXGDOHVSDUDWRGRV<HVDUHFUHFLGRVLJQLILFDODSURVSHULGDG\HOSURJUHVRGH
$UDJyQ´3URSDJDQGDHQ+HUDOGRGH$UDJyQ
&RQ OD OOHJDGD GH OD &RQIHGHUDFLyQ +LGURJUiILFD GHO (EUR LQWHQVLILFD OD FDPSDxD SDUD
FUHDURSLQLyQIDYRUDEOHDOSUR\HFWRGHDEDVWHFLPLHQWR\VXPDUDGKHVLRQHVDOSUR\HFWR6HGHVDUUROOD
XQSURJUDPDGHQRPLQDGR³3ODQGHOLGHUD]JR´TXHWLHQHXQFRVWHGH PLOORQHVGHSHVHWDV7RGDV
ODVDFWXDFLRQHVGHO ³3ODQGHOLGHUD]JR´VHILQDQFLDQDWUDYpVGH $&(6$ FRQ HO GLQHUR VREUDQWH GH
ORVPLOORQHVTXHDSRUWDURQ&+(*RELHUQRGH$UDJyQ\$\XQWDPLHQWRGH=DUDJR]DHQHOPDUFR
GHO FRQYHQLR SDUD HO HVWXGLR \ UHGDFFLyQ GHO SUR\HFWR GH DEDVWHFLPLHQWR TXH ILQDOPHQWH VH
DGMXGLFy SRU XQRV PLOORQHV 0DQXHO 2PHGDV VHFUHWDULR WpFQLFR GH OD 3UHVLGHQFLD GH OD &+(
H[SOLFDED HQ IHEUHUR GH TXH ³VH WUDWD GH LQYROXFUDU D WRGD OD VRFLHGDG DUDJRQHVD HQ HO
SUR\HFWR GH WUDtGD GH DJXD D =DUDJR]D \ VX HQWRUQR´ /D QXHYD IDVH GH OD FDPSDxD ±TXH VH
LGHQWLILFDFRQXQORJRWLSRTXHGLEXMDXQD=HQPHGLRGHXQ FtUFXORD]XOLQFOX\HODHGLFLyQGHIROOHWRV
GLYXOJDWLYRV VREUH ORV EHQHILFLRV GHO DJXD HQ OD VDOXG \ OD ERQGDG GHO SUR\HFWR GH DEDVWHFLPLHQWR
GHVGH<HVD
x
x
(QHOPDWHULDOSURSDJDQGtVWLFRHODERUDGRVHDSURYHFKDSDUDYHQGHUHOUHFUHFLPLHQWR
³$PHGLRSOD]RHOSDFWRHQWUHHOYDOOHGHO(EUR\OD&DQDOGH%HUG~QSHUPLWLUiTXHKD\DJDUDQWtD
DOHQHODEDVWHFLPLHQWRGHDJXDD=DUDJR]D(VWHSDFWRSHUPLWLUiUHFUHFHUHOHPEDOVHGH
<HVD SDUD JDUDQWL]DU HO DJXD D ORV DEDVWHFLPLHQWRV \ D ORV UHJDGtRV GH %DUGHQDV \ TXH YtD
WDULIDVGHDJXDVHSURGX]FDXQGHVDUUROORVRVWHQLEOHHQODFDEHFHUDGHOUtR$UDJyQ´&'URP
³3DUDJDUDQWL]DUVHXQVXPLQLVWURDOSRUHVQHFHVDULRUHFXUULUDODEDVWHFLPLHQWRGH<HVD
(O 3ODQ GH DEDVWHFLPLHQWR GH DJXD D =DUDJR]D HQ Vt PLVPR EHQHILFLD D WRGRV \ QR
SHUMXGLFDDQDGDQLDQDGLH´)ROOHWR³&DOLGDGGHDJXDFDOLGDGGHYLGD´
(OHVIXHU]RSURSDJDQGtVWLFRQRWLHQHSDUDQJyQHQODKLVWRULDGHODVLQIUDHVWUXFWXUDVHQ$UDJyQ
(O SURJUDPD GH FRQFLHQFLDFLyQ LQFOX\H SXEOLFLGDG HQ SUHQVD UDGLR \ WHOHYLVLyQ ORFDO WUDEDMRV GH
FRQVXOWRUtD HQFXHQWURV FRQ UHSUHVHQWDQWHV LQVWLWXFLRQDOHV \ VRFLDOHV R OD HGLFLyQ GH YtGHRV \
IROOHWRV 6H KDQ UHSDUWLGR FDUWDV RIUHFLHQGR LQIRUPDFLyQ \ GLIHUHQWH PDWHULDO D LQVWLWXFLRQHV
D\XQWDPLHQWRVHPSUHVDULRVVLQGLFDWRVHPSUHVDVFROHJLRVSURIHVLRQDOHVDVRFLDFLRQHVGHYHFLQRV
HFRORJLVWDVPHGLRVGHFRPXQLFDFLyQDVRFLDFLRQHVGHDPDVGHFDVDFROHJLRVLQVWLWXWRVHWF
(QHVWDPLVLYDVHSLGHRILFLDOPHQWHQRGLVFUHSDU³/DREOLJDGDIDVHGHLQIRUPDFLyQS~EOLFDTXH
VHLQLFLDSUy[LPDPHQWHGHEHUtDWUDQVFXUULUVLQLQFLGHQWHVTXHGHPRUDUDQGHIRUPDSHOLJURVDHOFXUVR
GH ORV DFRQWHFLPLHQWRV LPSLGLHQGR HO FXPSOLPLHQWR GH WRGRV ORV WUiPLWHV HQ OD IHFKD H[LJLGD 3RU
HOOR HQWHQGHPRV TXH VH KDFH SUHFLVR HYLWDU FXDOTXLHU WLSR GH FRQIURQWDFLyQ SROtWLFD \ VRFLDO TXH
LPSLGDHOULWPRQHFHVDULRSDUDODWUDPLWDFLyQGHOSUR\HFWR´(QHOYtGHRSXEOLFLWDULRVHYXHOYHDSHGLU
XQJUDQDFXHUGRVRFLDOTXHHQQLQJ~QPRPHQWRKDVLGRIDYRUHFLGRSRUORVSURPRWRUHVGHOSUR\HFWR
³6L VRPRV FLYLOL]DGRV \ DSRVWDPRV SRU XQD DFWLWXG FRQVWUXFWLYD HQ HO DxR ORV FLXGDGDQRV GH
=DUDJR]D\RWURVSXHEORVULEHUHxRVEHEHUiQDJXDGHFDOLGDG6LSRUHOFRQWUDULRODDFWLWXGVRFLDO
HVHOHQIUHQWDPLHQWRHVWpULO\QRFLYRVHJXLUHPRVKDEODQGRGHLUUHGHQWLVPR´
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
/D SURSLD FODVH SROtWLFD DUDJRQHVD KD VLGR GHVERUGDGD SRU OD SXEOLFLGDG 0XFKRV KDQ
UHFRQRFLGRODH[LVWHQFLDGHGLVFUHSDQFLDVHQHODQWHSUR\HFWRRHQODHOHFFLyQGHODDOWHUQDWLYDILQDO
SHURVHQFLOODPHQWHKDQFDOODGRSRUTXHVHOHVSRGtDDFXVDUGHIDYRUHFHU ODSpUGLGD GHILQDQFLDFLyQ
GHGLQHURGH(XURSDRGHTXHUHUTXH=DUDJR]DSLHUGDODRSRUWXQLGDGGHEHEHUDJXDGHFDOLGDG(Q
XQDPELHQWHSUHHOHFWRUDOODSURSDJDQGDSROtWLFDKDKXUWDGRHOGHEDWHGHPRFUiWLFR
,PSDFWRVDPELHQWDOHVGHOUHFUHFLPLHQWRGH<HVD
,PSDFWRVDPELHQWDOHVFODYH
'H ODV DIHFFLRQHV DPELHQWDOHV GHO UHFUHFLPLHQWR GH <HVD ODV PiV JUDYHV VRQ ODV VRFLDOHV
LQXQGDFLyQ GH OD ORFDOLGDG GH 6LJpV H[SURSLDFLyQ GH $UWLHGD \ 0LDQRV GHVDORMR GH FDVL SHUVRQDV H LQXQGDFLyQ GH KHFWiUHDV (VWH KHFKR HV FRQVLGHUDGR UD]yQ VXILFLHQWH SDUD
GHVHVWLPDUHOSUR\HFWRHQFXDOTXLHUSDtVGHVDUUROODGR
(Q VHJXQGR OXJDU KD\ TXH GHVWDFDU OD HQRUPH SpUGLGD TXH OD LQXQGDFLyQ GHO YDVR VXSRQGUtD
SDUDHOSDWULPRQLRFXOWXUDOKLVWyULFRDUWtVWLFR\DUTXLWHFWyQLFRDQHJDPLHQWRGHYDULRVNLOyPHWURVGHO
&DPLQR GH 6DQWLDJR %LHQ GH ,QWHUpV &XOWXUDO QHFUySROLV GH OD (GDG GHO +LHUUR HQ 5XHVWD
\DFLPLHQWRV DUTXHROyJLFRVGH YLOODVURPDQDVHQ $UWLHGD HUPLWDV H LJOHVLDVURPiQLFDVHQ 5XHVWD \
6LJpVFDVWLOORGH5XHVWDYHQHURVGHDJXDVWHUPDOHVHQ7LHUPDVHWF
(OWHUFHUSXQWRFRQIOLFWLYRVHUHILHUHDODLQHVWDELOLGDGJHRWpFQLFDGHODIXWXUDSUHVDDODVHQWDUVH
HQ XQD ]RQD FODVLILFDGD FRPR GH ULHVJR VtVPLFR DOWR VHJ~Q HO PpWRGR GHWHUPLQLVWD $OIDUR HW DO
HQODTXHKDQRFXUULGRQXPHURVRVWHUUHPRWRVHQpSRFDKLVWyULFD(QFRQFUHWRHOPRYLPLHQWR
GHODIDOODGH0DUWHV/RLWLTXHDIHFWDDOIODQFRL]TXLHUGRGHODSUHVDSURGXMRHQODUXLQDGHORV
SXHEORVGH0DUWHV\ GH /DUUpVDVtFRPR OD QHFHVLGDGGH FRVWRVRV \ FRQWLQXRVWUDWDPLHQWRVHQ OD
DFWXDOSUHVD
/DVDIHFFLRQHVHVWULFWDPHQWHHFROyJLFDVWDPELpQWLHQHQVX LQWHUpV ODVYDULDQWHV GH FDUUHWHUDV
DIHFWDQ D XQ HVSDFLR QDWXUDO GH JUDQ YDORU FDWDORJDGR FRPR $UHD GH (VSHFLDO 3URWHFFLyQ
8UEDQtVWLFDODIR]GH6LJpVXQHQFODYHGHDOWDGLYHUVLGDG\VLQJXODULGDGSRUHOHVSHFLDOPLFURFOLPD
TXH SRVHH HQ HO TXH VH KDOODQ QXPHURVDV HVSHFLHV SURWHJLGDV HQWUH HOODV HO TXHEUDQWDKXHVRV
7DPELpQVH DIHFWDDO $UHD GH 3URWHFFLyQ GH $YHV ,%$ GH ODV 6LHUUDV GH /H\UH 2UED H ,OOyQ D
GLYHUVRVKiELWDWVQDWXUDOHVGHLQWHUpVFRPXQLWDULR\QXPHURVDVHVSHFLHVSURWHJLGDV
&RPRDVSHFWRVLQJXODU\HVHQFLDOSDUDYDORUDUODDIHFFLyQDPELHQWDOGHOUHFUHFLPLHQWRKD\TXH
FRQVLGHUDU TXH OD ]RQD \D VXIULy XQ HQRUPH LPSDFWR DPELHQWDO FRQ OD DFWXDO SUHVD HQ GH
PDQHUD TXH ORV LPSDFWRV DFWXDOHV VH DFXPXODUtDQ R PXOWLSOLFDUtDQ VLQHUJLD R VRODSDUtDQ FRQ ORV
DQWHULRUHV$VtHOLPSDFWRVRFLDODFWXDOWHQGUtDXQHIHFWRPXOWLSOLFDWLYRFRQHOSURGXFLGRHQORVDxRV
TXH OOHYDUtD D OD JHQHUDFLyQ GH XQ HQRUPH HVSDFLR YDFtR HQWUH <HVD \ %HUG~Q GH PiV GH NLOyPHWURV/DGHVYHUWHEUDFLyQGHOWHUULWRULRVHUtDWRWDO+D\ TXH UHFRUGDUTXH SDUD ODFRQVWUXFFLyQ
GHODFWXDO<HVDVHGHVSREODURQWUHVORFDOLGDGHVHQWUHHOODV7LHUPDVODFDEHFHUDGHFRPDUFD\VH
H[SXOVDURQ D SHUVRQDV GH IRUPD GLUHFWD DGHPiV GH FLHQWRV GH YHFLQRV GHO YDOOH GH /D
*DUFLSROOHUDH[SURSLDGRSRUHO3DWULPRQLR)RUHVWDOGHO(VWDGRSDUDUHDOL]DUUHSREODFLRQHVIRUHVWDOHV
FRQILQHVGHOLPLWDUHODWHUUDPLHQWRGHOHPEDOVH
< SRU RWUR ODGR KD\ TXH FRQVLGHUDU HO KHFKR GH TXH HQ OD DFWXDOLGDG HO 0LQLVWHULR GH 0HGLR
$PELHQWHHVWiWUDPLWDQGRODUHDOL]DFLyQGHVHLVSUR\HFWRVGHJUDQGHVHPEDOVHVHQHO3LULQHR,WRL]
HQ HO ,UDWL UHFUHFLPLHQWR GH <HVD HQ HO $UDJyQ %LVFDUUXpV HQ HO *iOOHJR -iQRYDV HQ HO $UD
6DQWDOLHVWUD HQ HO eVHUD \ 5LDOS HQ HO 6HJUH 'HVGH HO SXQWR GH YLVWD DPELHQWDO UHVXOWD
LPSUHVFLQGLEOH UHDOL]DU XQD HYDOXDFLyQ SUHOLPLQDU FRQMXQWD GH WRGRV HOORV SDUD GHWHUPLQDU OD
WUDQVIRUPDFLyQTXHVXIULUtDHOHFRVLVWHPDSLUHQDLFR
&UtWLFDVDOHVWXGLRGH(YDOXDFLyQ$PELHQWDOGHOSUR\HFWR
(OSURFHGLPLHQWRGH(,$VHKDUHDOL]DGRVHJ~QODQRUPDWLYDHVSDxROD\HXURSHDYLJHQWH(QOD
DFWXDOLGDG HO 0LQLVWHULR GH 0HGLR $PELHQWH HVWi HQ WUiPLWH GH HPLWLU OD 'HFODUDFLyQ GH ,PSDFWR
$PELHQWDO ',$ WUDV KDEHUVH SUHVHQWDGR GRV (VWXGLRV GH ,PSDFWR $PELHQWDO HO VHJXQGR
LQFOX\HQGR\DORVHIHFWRVGHODVFDUUHWHUDV\GRVSHULRGRVGHLQIRUPDFLyQS~EOLFD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
([LVWH XQ GHIHFWR WpFQLFR GH IRQGR GHO (VWXGLR GH ,PSDFWR $PELHQWDO TXH LPSLGH HPLWLU XQD
',$ FRQ HO GHELGR IXQGDPHQWR 6H WUDWD GH TXH SDUD YDORUDU ORV LPSDFWRV GHO SUR\HFWR GH
UHFUHFLPLHQWR KD\ TXH UHIHUHQFLDUORV VLHPSUH FRQ ORV RFDVLRQDGRV SRUOD SUHVD DFWXDO 'H PDQHUD
TXH SDUD LGHQWLILFDU \ YDORUDU ORV LPSDFWRV DPELHQWDOHV GHO UHFUHFLPLHQWR HV LPSUHVFLQGLEOH
FRQVLGHUDU ORV HIHFWRV DFXPXODWLYRV VLQpUJLFRV R GH VRODSDPLHQWR GH ORV PLVPRV FRQ ORV GH OD
DFWXDOSUHVD(VWD\QRRWUDHVODVLQJXODULGDGHVHQFLDOGHO(VWXGLRGH,PSDFWR$PELHQWDOGHOFDVR
TXHQRVRFXSDHQWRUQRDODFXDOGHEHUtDKDEHUVHDUWLFXODGRHO(,$\QRVHKDKHFKRDVt
x
x
x
x
x
x
x
x
x
x
x
$GHPiVGHHVWDFDUHQFLDFRQFHSWXDOH[LVWHQRWURVGHIHFWRVJUDYHVHQHO(,$
1RVHKDSHGLGRXQDGHILQLFLyQFODUDGHODVREUDVDX[LOLDUHVGHOSUR\HFWR(QFRQFUHWRVHKDEOD
HQ OD SiJLQD GHO WUDVYDVH GHO UtR 6DOD]DU 1DYDUUD DO YDVR GH <HVD PHGLDQWH XQ FDQDO TXH
DWUDYHVDUtDOD6LHUUDGH/H\UHPHGLDQWHXQW~QHOGHNLOyPHWURV1RVHSUHVHQWDHOSUR\HFWRGHO
WUDVYDVHD]XGFDQDOW~QHOSRUORTXHQRVHKDSRGLGRHYDOXDUVXLPSDFWRDPELHQWDO
7DPSRFRVH KD VROLFLWDGR XQ HVWXGLR GH ULHVJR JHROyJLFR LPSUHVFLQGLEOH HQ HVWH FDVR SRU ORV
SUREOHPDV GH LQHVWDELOLGDG GH OD DFWXDO SUHVD \ OD DFWLYLGDG VtVPLFD GH OD ]RQD /D SURSLD
&RQIHGHUDFLyQ +LGURJUiILFD GHO (EUR DOXGtD HQ HO SUR\HFWR GH D XQD ³LQYLDELOLGDG
JHROyJLFD´TXHSRVWHULRUPHQWHVHGHVHVWLPyVLQKDEHUVHUHDOL]DGRQLQJ~QHVWXGLR
$VLPLVPR VH GHEHUtD GH KDEHU VROLFLWDGR XQ HVWXGLR GH FDXGDOHV GDGR TXH WUDV ODV H[WHQVDV
UHSREODFLRQHV IRUHVWDOHV UHDOL]DGDV HQ OD SDUWH DOWD GH OD FXHQFD GHO UtR $UDJyQ pVWH KD
FDPELDGRVXUpJLPHQGHFDXGDOHV\SRUORWDQWRKDGLVPLQXLGRHOYROXPHQGHDJXDDUHJXODUOR
TXHSRGUtDPRGLILFDUODGLPHQVLyQGHOSUR\HFWR\GHODVDOWHUQDWLYDV7DPSRFRVHKDQWHQLGRHQ
FXHQWD ODV SRVLEOHV GLVPLQXFLRQHV GH OD DSRUWDFLyQ GHO UtR $UDJyQ SRU HIHFWR GHO FDPELR
FOLPiWLFR WDO \ FRPR UHFRQRFH HO /LEUR %ODQFR GHO $JXD H LQIRUPHV WpFQLFRV GHO ,QVWLWXWR
7HFQROyJLFR*HRPLQHURGH(VSDxD,7*(
1R VH KDQ EDUDMDGR RWUDV DOWHUQDWLYDV SDUD VDWLVIDFHU ODV GHPDQGDV FX\R LPSDFWR DPELHQWDO
GHEHUtD KDEHUVH YDORUDGR (VWDV DOWHUQDWLYDV VH H[SRQHQ HQ RWUR DSDUWDGR GHO LQIRUPH \
SUHVHQWDQ XQ LPSDFWR DPELHQWDO PXFKR PHQRU DO EDVDUVH HQ OD FRQVWUXFFLyQ GH SHTXHxDV
SUHVDVGHUHJXODFLyQHQWUiQVLWR
1R VH KD GHILQLGR FRUUHFWDPHQWH HO iUHD GH HVWXGLR HO iUHD DIHFWDGD SRU HO SUR\HFWR (Q
FRQFUHWRHOiUHDGRQGHVHSURGXFLUtDQORVLPSDFWRVLQGLUHFWRVGHELGRVDOFDPELRGHORVXVRVGHO
WHUULWRULR
(QODYDORUDFLyQGHOLPSDFWRVRFLDOSRUHOGHVDORMRGHSHUVRQDVQRVHKDWHQLGRHQFXHQWDHO
SRVLFLRQDPLHQWRFRQWUDULRDOUHFUHFLPLHQWRGHORVD\XQWDPLHQWRVGLUHFWDPHQWHDIHFWDGRV\ORVGH
OD FRPDUFD DVt FRPR GH ODV PDQFRPXQLGDGHV GH /D $OWD =DUDJR]D &DQDO GH %HUG~Q \ /RV
9DOOHV(VGHFLUODRSRVLFLyQXQiQLPHGHO3LULQHR2FFLGHQWDOGH$UDJyQ
1RVHKDUHDOL]DGRXQHVWXGLRHFRQyPLFRGHFRVWHEHQHILFLRSRUORTXHQRVHSXHGHYDORUDUOD
YLDELOLGDGHFRQyPLFDGHOSUR\HFWR
&RPR\DVHKDFRPHQWDGRHQODDFWXDOLGDGHO0LQLVWHULRGH0HGLR$PELHQWHHVWiWUDPLWDQGROD
UHDOL]DFLyQGHVHLVSUR\HFWRVGHJUDQGHVHPEDOVHVHQHO3LULQHR,WRL]HQHO,UDWLUHFUHFLPLHQWR
GH<HVDHQHO$UDJyQ%LVFDUUXpVHQHO*iOOHJR-iQRYDVHQHO$UD6DQWDOLHVWUDHQHOeVHUD \
5LDOS HQ HO 6HJUH 'HVGH HO SXQWR GH YLVWD DPELHQWDO UHVXOWD LPSUHVFLQGLEOH UHDOL]DU XQD
HYDOXDFLyQSUHOLPLQDUFRQMXQWDGHWRGRVHOORVSDUDGHWHUPLQDUORVFDPELRVHQDOJXQRVSURFHVRV
HFROyJLFRV D QLYHO GHO PDFL]R SLUHQDLFR FDPELR HQ HO UpJLPHQ KtGULFR \ ELRORJtD IOXYLDO
IUDJPHQWDFLyQGHKiELWDWVXVRVGHOWHUULWRULRHWF
3RURWURODGRHOUHFUHFLPLHQWRGH<HVDQRHVXQDREUDILQDOLVWDHQVtPLVPDVLQRTXHWLHQHSRU
REMHWR DSRUWDU DJXD D ORV QXHYRV UHJDGtRV GH %DUGHQDV \ DEDVWHFHU D =DUDJR]D &RPR
UHFRPHQGy OD 'LUHFFLyQ *HQHUDO GH 0HGLR $PELHQWH GH OD &RPXQLGDG (XURSHD \ UHFRJLy OD
$XGLHQFLD 1DFLRQDOHQ OD VHQWHQFLDVREUH OD SUHVD GH ,WRL]HV QHFHVDULD OD UHDOL]DFLyQ GH XQD
(YDOXDFLyQ GH ,PSDFWR $PELHQWDO FRQMXQWD GH ODV REUDV GH OD SUHVD GH ORV FDQDOHV \ GH OD
WUDQVIRUPDFLyQHQUHJDGtR
3RU RWUR ODGR XQR GH ORV REMHWLYRV GHFODUDGRV GHO UHFUHFLPLHQWR HV SRQHU HQ ULHJR KD
QXHYDV HQ %DUGHQDV ,, SDUD OR TXH KDFH IDOWD REOLJDWRULDPHQWH FRPR \D KHPRV GLVFXWLGR OD
FUHDFLyQGHWUHVQXHYRVHPEDOVHVTXHGHEHUtDQKDEHUVHVRPHWLGRFRQMXQWDPHQWHD(YDOXDFLyQ
GH,PSDFWR$PELHQWDO
/RV REMHWLYRV TXH VLUYLHURQ SDUD MXVWLILFDU HO HPEDOVH KDQ TXHGDGR REVROHWRV \ QHFHVLWDQ VHU
UHFRQVLGHUDGRV /D GHFODUDFLyQ GH LPSDFWR DPELHQWDO DILUPD TXH HO UHFUHFLPLHQWR VH MXVWLILFD
SDUD UHJDU KD HQ %DUGHQDV ,, FRQ GRWDFLRQHV GH PKD \D DxR ³UHFRJLGDV HQ HO
3ODQ1DFLRQDOGH5HJDGtRV´&RPR\DVHKDFRPHQWDGRHVWRHVIDOVR\DTXHHO3ODQ1DFLRQDO
GH5HJDGtRVHVWLPDHQKDODVXSHUILFLHDWUDQVIRUPDUHQ%DUGHQDV,,(OSURSLR0LQLVWHULR
GH $JULFXOWXUD LQWURGXMR XQD DGGHQGD TXH VDOLy UHIOHMDGD HQ OD DSUREDFLyQ GH ORV SODQHV GH
FXHQFDHQHOTXHVHREOLJDEDDODSODQLILFDFLyQKLGUiXOLFDDDGDSWDUVHDODDJUtFROD$GHPiVQR
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
x
x
VH MXVWLILFD WpFQLFDPHQWH OD GRWDFLyQ WDQ HOHYDGD HO SUR\HFWR GH GLUHFWULFHV GH OD FXHQFD GHO
(EURUHFRJHSDUDODFRPDUFDDJUDULDGH (MHD GH ORV&DEDOOHURVFRLQFLGHQWH DSUR[LPDGDPHQWH
FRQ%DUGHQDV,,GRWDFLRQHVPHGLDVFRQHILFLHQFLDVGHULHJRGHOGHWDQVyORPKD\
DxR
(QOD',$VHFRQVLGHUDXQDGHPDQGDGHDEDVWHFLPLHQWRGHKPKPSRUHQFLPDGHOR
SODQLILFDGR HQ HO SODQ GH FXHQFD \ FODWUDPHQWH LQIODGR HQ FRPSDUDFLyQ FRQ ORV JDVWRV GH ORV
~OWLPRVDxRV
$QWH HO IXHUWH GHVFHQVR HQ ODV GHPDQGDV FRQ UHVSHFWR DO SUR\HFWR RULJLQDO GHEHUtDQ KDEHUVH
EDUDMDGR DOWHUQDWLYDV FRPR UHJXODU PHGLDQWH ORV HPEDOVHV ODWHUDOHV GH %DUGHQDV TXH IXHURQ
GHFODUDGRVGHLQWHUpVJHQHUDOHQHOPLVPR%2(TXHHOSUR\HFWRGHDEDVWHFLPLHQWRD=DUDJR]D
(OLPSDFWRVREUHHOSDWULPRQLR
&RPR FRQVHFXHQFLD GHO UHFUHFLPLHQWR VH SURGXFLUtD XQD JUDYH DIHFFLyQ VREUH HO SDWULPRQLR
DUTXHROyJLFR DUTXLWHFWyQLFR \ FXOWXUDO tQWLPDPHQWH UHODFLRQDGR FRQ OD SUHVHQFLD HQ OD ]RQD GHO
FDPLQR GH 6RPSRUW UDPDO DUDJRQpV GHO &DPLQR GH 6DQWLDJR (VWH FDPLQR JR]D GH ORV Pi[LPRV
UHFRQRFLPLHQWRV D WRGRV ORV QLYHOHV SRU OR TXH VX FRQVHUYDFLyQ ItVLFD OD GH VX SDWULPRQLR \ XQD
EDQGD GHSURWHFFLyQ GH PHWURVGHEHQ JR]DUGH WRGDV ODV JDUDQWtDV HV 0RQXPHQWR 1DFLRQDO R
%LHQ GH ,QWHUpV &XOWXUDO HVSDxRO GHVGH ³3ULPHU &DPLQR &XOWXUDO (XURSHR´ GHFODUDGR SRU HO
&RQVHMRGH(XURSDGHVGH \ILQDOPHQWH 3DWULPRQLRGHOD+XPDQLGDG SRUOD81(6&2 GHVGH
'LIHUHQWHVDVRFLDFLRQHVKDQGHQXQFLDGR ODJUDYHSHUGLGD GHSDWULPRQLR TXHVHFRQFUHWD HQOD
DIHFFLyQD.PGHO5DPDO1RUWH6LJpV(VFR3UHVDD .PGHO5DPDO6XU$UWLHGD5XHVWD\XQ
VLQItQ GH SDWULPRQLR DUTXHROyJLFR WUHV YLOODV URPDQDV GRV SREODGRV URPDQRV \ XQR PHGLHYDO HQ
$UWLHGD ODV HUPLWDV URPiQLFDV GH 6DQ -DFRER 6DQ -XDQ %DXWLVWD )XHQWH GH 6DQWLDJR 3XHQWH
PHGLHYDO XQ \DFLPLHQWR URPDQR \ GRV QHFUySROLV HQ 5XHVWD FDVFR XUEDQR WRUUH GHO FDVWLOOR
PHGLHYDOPXUDOOD LJOHVLD URPiQLFDGH6DQ (VWHEDQ +RVSLWDO GH 6DQWD $QD \ HUPLWD GH 6DQ -XDQ
%DXWLVWDHQ6LJpV\EDxRVWHUPDOHVGHpSRFDURPDQDHQ7LHUPDV,QFOXVRHOLQIRUPHGHGHO
'HSDUWDPHQWR GH &XOWXUD GH OD 'LSXWDFLyQ *HQHUDO GH $UDJyQ HQWUH ODV SURSXHVWDV GH DFWXDFLyQ
GHVWDFDED OD ³&RQVHUYDFLyQ tQWHJUD GHO FDVFR XUEDQR GH 6LJpV´ \ OD ³&RQVHUYDFLyQ GHO DFWXDO
WUD]DGR´SDUDHO&DPLQRGH6DQWLDJRFRPRSURSXHVWDGHDFWXDFLyQSULRULWDULD
$QWHHVWDVDIHFFLRQHVHQPDU]RGHHOSURSLRGHSDUWDPHQWRGH&XOWXUDGHOD'*$DFHSWD
FRPRFRUUHFWDODPHGLGDGHFDPELDUHOWUD]DGRGHO&DPLQRGH6DQWLDJRXWLOL]DQGRODVYDULDQWHVGH
FDUUHWHUDVTXHVHFRQVWUX\DQ\WUDVODGDQGRGHOXJDUHUPLWDV\ODLJOHVLDHOFHPHQWHULR\DOJXQDV
FDVDV GH 6LJpV /ODPD OD DWHQFLyQ TXH HQ HVDV PLVPDV IHFKDV OD '*$ OH UHFXHUGD DO
$\XQWDPLHQWR GH -DFD VX ³REOLJDFLyQ GH SUHVHUYDU \ GHIHQGHU HO FDPLQR GH 6DQWLDJR´ VDOLHQGR DO
SDVRGHXQDGHQXQFLDFRQWUDHO3ODQ3DUFLDOGH-DFDHQHOTXHVHSUHYpHGLILFDUVREUHXQVROR.P
GHHVWH&DPLQR
$QWHORTXHVHFRQVLGHUDXQDGHMDGH]HQVXVIXQFLRQHVGHSURWHFFLyQSRUSDUWHGHOD&RQVHMHUtD
GH &XOWXUD GHO *RELHUQR GH $UDJyQ QXPHURVDV DVRFLDFLRQHV GH GHIHQVD GHO SDWULPRQLR \ ORV
D\XQWDPLHQWRV \ YHFLQRV DIHFWDGRV SRU HO UHFUHFLPLHQWR KDQ SHGLGR D OD 81(6&2 OD LQFOXVLyQ GHO
&DPLQR GH 6DQWLDJR HQ OD ³/LVWD GH 3DWULPRQLR 0XQGLDO HQ 3HOLJUR´ SDUD TXH WRPH PHGLGDV TXH
DUELWUHQVXSURWHFFLyQ
&UtWLFDVDOPRGRHQTXHVH KDUHDOL]DGROD(,$
/D GHFODUDFLyQ GH LPSDFWR DPELHQWDO ',$ HV HO GLFWDPHQ ILQDO GH XQ SURFHGLPLHQWR
DGPLQLVWUDWLYRUHJODGR\FRPSOHMRTXHVHGHQRPLQDGH(YDOXDFLyQGH,PSDFWR$PELHQWDO(,$3DUD
SRGHUUHDOL]DUHOGLFWDPHQILQDOODOH\GLFHTXHHO0LQLVWHULRGH0HGLR$PELHQWHGHEHGHEDVDUVHHQ
XQ (VWXGLR GH ,PSDFWR $PELHQWDO (,$ DVt FRPR HQ FRQVXOWDV D H[SHUWRV HWF (O (VWXGLR GH
,PSDFWR$PELHQWDOHVXQGRFXPHQWRWpFQLFRTXHDQDOL]DHOSUR\HFWRHOPHGLRDPELHQWHGHOD]RQD
DIHFWDGD\ORVLPSDFWRVTXHVHSURGXFLUtDQ\HVUHTXLVLWRSUHYLRLPSUHVFLQGLEOHSDUDSRGHUHPLWLUOD
',$
(QHOFDVRGHOUHFUHFLPLHQWRGH<HVDVHKL]RXQSULPHU(VWXGLRGH,PSDFWRHQ&RPRHUD
LQFRPSOHWR ±SRUTXH QR LQFOXtD ORV HIHFWRV GH ODV YDULDQWHV GH FDUUHWHUDV HQWUH RWUDV FRVDV VH
UHDOL]y RWUR HQ (VWH WDPELpQ SRVHtD FDUHQFLDV VXVWDQFLDOHV QR FRQWHPSODU DOWHUQDWLYDV QR
LQFOXLUREUDVDX[LOLDUHVFRPRHOWUDVYDVHGHOUtR6DOD]DUQRYDORUDUHOLPSDFWRVRFLDOHWF
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
(QHQUHODFLyQDODSUHVDGH,WRL]OD8QLyQ(XURSHDUHDOL]DXQDVHULHGHUHFRPHQGDFLRQHV
DOJRELHUQRHVSDxRODFHUFDGHOFRQWHQLGRGHORVHVWXGLRVGHLPSDFWRDPELHQWDO GHJUDQGHVSUHVDV
GHVWLQDGDVDOUHJDGtRODSULQFLSDOVHUHIHUtDDODREOLJDWRULHGDGGHHYDOXDUFRQMXQWDPHQWHHOLPSDFWR
GH OD SUHVD FDQDOHV \ SXHVWD HQ UHJDGtR (Q MXOLR GH VH UHGDFWD HO 3OLHJR GH EDVHV SDUD
DGMXGLFDUODFRQWUDWDFLyQGHOQXHYRHVWXGLRGHLPSDFWRDPELHQWDO
$QWH OD SXHVWD HQ PDUFKD GHO SUR\HFWR GH DEDVWHFLPLHQWR D =DUDJR]D \ OD QHJDWLYD D GHULYDU
DJXDGH <HVD SRUSDUWH GHORVUHJDQWHV GH %DUGHQDV HO 0LQLVWHULR GH 0HGLR $PELHQWH UHDFWLYyHO
SURFHGLPLHQWR GH (YDOXDFLyQ GH ,PSDFWR $PELHQWDO GHO UHFUHFLPLHQWR TXH KDEtD HVWDGR SDUDGR
GHVGH(QHODFWRGHFRORFDFLyQGHODSULPHUDSLHGUDGHOHPEDOVHGH/D/RWHWDHOOD
0LQLVWUD GH 0HGLR $PELHQWH ,VDEHO 7RFLQR DVHJXUy TXH ³$QWHV GH TXH QRV FRPDPRV ORV WXUURQHV
HVWDUiHOLQIRUPHGHLPSDFWRDPELHQWDOGHOUHFUHFLPLHQWRGHOHPEDOVHGH<HVD´+HUDOGRGH$UDJyQ
'H HVWD IRUPD HO SOLHJR GH EDVHV TXH KDEtD GRUPLGR HQ ORV FDMRQHV DSDUHFH GH IRUPD
LQVRVSHFKDGD\HO%2(GHOGHHQHURGHHVWHDxRDQXQFLDHOFRQFXUVRGHDVLVWHQFLDWpFQLFD
SDUD HQFDUJDU XQ WHUFHU HVWXGLR GH LPSDFWR EDVDGR HQ HVWH SOLHJR HQ HO TXH VH DILUPD ³(Q HVWD
VLWXDFLyQ\GDGDODLQGXGDEOHWUDVFHQGHQFLDGHOUHFUHFLPLHQWRGHODSUHVDGH<HVDGHVGHWRGRVORV
SXQWRVGHYLVWD\ODVHQVLELOLGDGVRFLDODFWXDOVHFRQVLGHUDTXHVHGHEHUHGDFWDUXQQXHYRHVWXGLR
GH ,PSDFWR $PELHQWDO TXH UHFRMD ODV FRQVLGHUDFLRQHV UHDOL]DGDV SRU OD DXWRULGDG DPELHQWDO SDUD
TXHHVWDSXHGDHPLWLUUD]RQDGDPHQWHOD'HFODUDFLyQGH,PSDFWR$PELHQWDOGHOUHFUHFLPLHQWRGHOD
SUHVD GH <HVD MXQWRFRQ ODV YDULDQWHV GH FDUUHWHUD DIHFWDGDV SRU HO PLVPR´ 02730$ /D
UHGDFFLyQ GH HVWH SiUUDIR QR GHMD OXJDU D GXGDV VREUH OD H[LVWHQFLD GH FDUHQFLDV JUDYHV HQ OD
GRFXPHQWDFLyQ DQWHULRU OD QHFHVLGDG GH FRUUHJLUODV PHGLDQWH XQ ³QXHYR HVWXGLR GH LPSDFWR´
SUHVXSXHVWDGRHQ PLOORQHVGHSHVHWDVFRQXQSOD]RGHHMHFXFLyQGHPHVHV\ODREOLJDWRULHGDG
GHOPLVPRSDUDSRGHUHPLWLUUD]RQDGDPHQWHOD'HFODUDFLyQGH,PSDFWR$PELHQWDO
(QDEULOGHHO(,$HOWHUFHURHVWDEDHQIDVHGHDGMXGLFDFLyQ\QRHVWDUtDWHUPLQDGRFRPR
PtQLPR KDVWD DEULO GHO SRU OR TXH VL QR H[LVWH (,$ QR VH SXHGH HPLWLU OHJDOPHQWH OD ',$
,QH[SOLFDEOHPHQWHFXDQGRDXQQRVHKDEtDQLVLTXLHUDDGMXGLFDGRHO(,$HOSUHVLGHQWHGHOD&+(\
GHOJRELHUQR GH$UDJyQDQXQFLDQ ODDSUREDFLyQGH OD'HFODUDFLyQGH,PSDFWR$PELHQWDO ',$FRQ
FDUiFWHUIDYRUDEOH DO UHFUHFLPLHQWR FXDQGR VLPXOWiQHDPHQWH VH HVWi WUDPLWDQGR XQ QXHYR (VWXGLR
GH,PSDFWRHOWHUFHUR/D5HVROXFLyQSRUODTXHVHIRUPXOD',$DSDUHFHILQDOPHQWHSXEOLFDGDHQHO
%2( GH GH DEULO GH \ HQ VX DQH[R 9,, VH LQWHQWD MXVWLILFDU MXUtGLFDPHQWH HVWD JUDYH
LUUHJXODULGDG
/DGHFODUDFLyQGHLPSDFWRDGROHFHGHODVFDUHQFLDVDQWHULRUPHQWHFLWDGDVSHURDGHPiVH[LVWH
RWUDPX\JUDYHFRQVHFXHQFLDGHQRKDEHUWRPDGRODGHFLVLyQFRQODVKHUUDPLHQWDVDGHFXDGDV(O
WHQRUOLWHUDOGHOD',$DILUPD
³6H FRQVLGHUD TXH FRQ OD GRFXPHQWDFLyQ DSRUWDGD SRU HO SURPRWRU GH ODV DOWHUQDWLYDV
PHQFLRQDGDVHQHOH[SHGLHQWHGHHYDOXDFLyQGHLPSDFWRDPELHQWDOODFRQVLVWHQWHHQFRQVWUXLU
XQHPEDOVHFRQFRWDPi[LPDGHDJXDPHWURVHVPiVIDYRUDEOHSDUDHOPHGLRDPELHQWHVL
ELHQ HV LQVXILFLHQWH SDUDOD VDWLVIDFFLyQ GH ORV REMHWLYRV HVSHFtILFRV TXH MXVWLILFDQ HO SUR\HFWR
5D]yQSRUODTXHDOWHUQDWLYDYLDEOHHVODGHOHPEDOVHFRQFRWDPi[LPDGHDJXDPHWURV
/DUHODFLyQGHLPSDFWRVVLJQLILFDWLYRV \GHVROXFLRQHVTXHVHRIUHFHQDORVTXHDQWHULRUPHQWH
VH KD KHFKR PHQFLyQ GHWHUPLQDQ \ SRQHQ GH PDQLILHVWR ODV FRQVHFXHQFLDV VREUH HO PHGLR
DPELHQWH WDQWR HQ ORV DVSHFWRV HFROyJLFRV FRPR VRFLRHFRQyPLFRV GH OD ]RQD DIHFWDGD TXH
GHEHUiQVHUGHELGDPHQWHWHQLGDVHQFXHQWDHQODDGRSFLyQGHODGHFLVLyQILQDO´
'HVGHXQSXQWRGHYLVWDWpFQLFRHVWRQRHVXQDGHFODUDFLyQGHLPSDFWRDPELHQWDO(ODUWtFXOR
GHO5HDO'HFUHWRTXHUHJODPHQWDHOSURFHGLPLHQWRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO
GLFH ³/D GHFODUDFLyQ GH LPSDFWR DPELHQWDO GHWHUPLQDUi D ORV VRORV HIHFWRV DPELHQWDOHV OD
FRQYHQLHQFLDRQRGHUHDOL]DUHO SUR\HFWR \HQFDVRDILUPDWLYRILMDUi ODVFRQGLFLRQHV HQ TXH GHEH
UHDOL]DUVH´ 'H OD OHFWXUD GH OD ',$ GHO UHFUHFLPLHQWRQR TXHGD HQ DEVROXWR FODUR VL FRQYLHQH R QR
UHDOL]DUHOSUR\HFWRSUHVHQWDGRTXHHVDFRWDPi[LPDPHWURV8QD',$WDPSRFRGHEHGHGHMDU
DELHUWDODVROXFLyQILQDODDGRSWDUVHVXSRQHTXHHVRKDVLGRWHQLGRHQFXHQWDHQHOPRPHQWRGHOD
HOHFFLyQ GH DOWHUQDWLYDV \ TXH OD ',$ GHEH SURQXQFLDUVH VREUH OD YLDELOLGDG R QR GH OD RSFLyQ
HVFRJLGD
3UHFLVDPHQWHHOHVFRJHUXQDFRWDPi[LPDGHHPEDOVHHUDXQRGHORVWUDEDMRVSULQFLSDOHVTXH
VHHQFDUJDEDHQHOWHUFHU(,$(QWUHRWURVWUDEDMRVHOQXHYR(,$GHEtDDSRUWDU
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
x
x
x
1XHYDFXDQWLILFDFLyQGHODVGHPDQGDVGHDJXDGHVGH<HVD
$QiOLVLV GHO JUDGR GH VDWLVIDFFLyQ GH ODV GHPDQGDV SDUD GLIHUHQWHV DOWXUDV GH SUHVD \
SULQFLSDOPHQWH
(VWXGLRGHDOWHUQDWLYDV GHO VLVWHPD³'DGR TXH HV REMHWR SULQFLSDO GHO HVWXGLR OD FRQVLGHUDFLyQ
GHRSFLyQFHUR\HODQiOLVLVDPELHQWDOGHODVSRVLEOHV6ROXFLRQHV$OWHUQDWLYDVDOUHFUHFLPLHQWRGH
ODSUHVDGH<HVDVHUiQHFHVDULRDQDOL]DUWRGDVODVDOWHUQDWLYDVGHUHJXODFLyQWDQWRGHVGHHO
SXQWRGHYLVWDGHJUDGRGHVDWLVIDFFLyQGHODGHPDQGDFRPRGHVGHHOSXQWRGHYLVWDDPELHQWDO´
(VGHFLUHOQXHYR(,$GHEtDDQDOL]DUODDOWHUQDWLYDGHUHJXODFLyQRFRWDGHHPEDOVHTXHKLFLHUD
Pi[LPDODVDWLVIDFFLyQGHODGHPDQGD\PtQLPRHOLPSDFWRDPELHQWDO6XSRQHPRVTXHODDOWHUQDWLYD
TXH UHVXOWDVH GH HVWH DQiOLVLV VHUtD OD TXH VH VRPHWHUtD D ',$ \ DQWH OD TXH VH GHEHUtD KDEHU
SURQXQFLDGROD'LUHFFLyQ*HQHUDOGH&DOLGDG \(YDOXDFLyQ$PELHQWDOELHQHQVHQWLGRSRVLWLYRELHQ
HQQHJDWLYR
(VFRQVWDWDEOHTXHODHPLVLyQSUHFLSLWDGDGHHVWD³LUUHJXODU´',$VHKDGHELGRDODVSUHVLRQHV
SROtWLFDVGHOSUHVLGHQWHGH$UDJyQHQVXDIiQGHRIUHFHUDVXVHOHFWRUHVODFRQVHFXFLyQGHXQDJUDQ
LQIUDHVWUXFWXUDKLGUiXOLFDDQWHVGHODVHOHFFLRQHVGHOGH MXQLRGH\DODVGHOSUHVLGHQWHGHOD
&+(LQWHUHVDGRHQTXHODHPSUHVD$FHVDTXHpOSUHVLGHOOHYHDFDERDOJXQDREUDGHHQYHUJDGXUD
&RQVWDTXHODVSUHVLRQHVHMHUFLGDVSRUDPERVVREUHORVIXQFLRQDULRVGHOD'LUHFFLyQ*HQHUDOGH
&DOLGDG \ (YDOXDFLyQ $PELHQWDO KDQ VLGR PX\ IXHUWHV SXHV HVWRV LQWHUSUHWDEDQ FRPR LOHJDO OD
HPLVLyQGHXQD',$FXDQGRVHHVWiWUDPLWDQGRWRGDYtDHO(VWXGLRGH,PSDFWR7DPELpQFRPSDUWtDQ
HVWD RSLQLyQ ORV WpFQLFRV HQFDUJDGRV GH HODERUDU \ UHGDFWDU OD ',$ TXLHQHV SLGLHURQ TXH VH OHV
FRPXQLFDVHSRUHVFULWRODRUGHQGHHPLWLUOD',$HQODVUHIHULGDVFLUFXQVWDQFLDV/RVDOWRVFDUJRVQR
DFFHGLHURQDHOORSRUORTXHWXYRTXHVHUXQRGHHOORVOD'LUHFWRUD*HQHUDO'RORUHV&DUULOORTXLHQ
VXSXHVWDPHQWH KD UHGDFWDGR OD ',$ UHOHYDQGR DO WpFQLFR TXH KDEtD OOHYDGR HO H[SHGLHQWH HQ ORV
~OWLPRVDxRV
3URSXHVWDVGHGHVDUUROORGHVGHOD&DQDOGH%HUG~Q
(QHOOLEUR3XHEORV$EDQGRQDGRV¢XQPXQGRSHUGLGR"UHVXOWDGRGHXQFXUVRGHYHUDQRTXH
FRQHOPLVPRWtWXORVHGHVDUUROORHQ-DFDHQWUHHOGH$JRVWR \HO GH RUJDQL]DGR SRUOD
8QLYHUVLGDGGH=DUDJR]D\HO5ROGHGH(VWXGLRV$UDJRQHVHVVHLQFOX\HODLQWHUYHQFLyQGH$OIRQVR
+HUUDQ]/RQFiQWLWXODGD/DFRQVWUXFFLyQGHSDQWDQRV\VXLPSDFWRVREUHODHFRQRPtD\SREODFLyQ
GHO 3LULQHRDUDJRQpV(Q ODVFRQFOXVLRQHVVHUHFRJH ODVLJXLHQWHYDORUDFLyQ /D SROtWLFD KLGUiXOLFD
UHDOL]DGD HQ HO 3LULQHR $UDJRQpV KD DFWXDGR GLUHFWDPHQWH FRQWUD HVRV HVSDFLRV VH UHILHUH D ORV
FDSDFHV GH VRSRUWDU XVRV LQWHQVLYRV TXH SHUPLWHQ HO PDQWHQLPLHQWR GH XQD FLHUWD GHQVLGDG
GHPRJUiILFD\FX\DDXVHQFLDLPSOLFDODGHVSREODFLyQWRWDOKLSRWHFDQGRHOIXWXURQRVyORGHODWLHUUD
LQXQGDGDVLQRGHXQDH[WHQVLyQPXFKRPD\RU'HVGHHVWHSXQWRGHYLVWDVHSHUFLEHFODUDPHQWHOD
IDODFLD GHO DUJXPHQWR HVJULPLGR FRQ PiV IUHFXHQFLD SRU ORV LQWHUHVDGRV HQ OD FRQVWUXFFLyQ GH ODV
LQIUDHVWUXFWXUDV 6H KD SUHVHQWDGR D PHQXGR FRPR LQHYLWDEOH OD GHVSREODFLyQ GH ODV iUHDV
LQXQGDGDV\VLQHPEDUJRpVWDVVHFRQWDEDQHQWUHODVGHPiVYLDELOLGDGGHODFRUGLOOHUD\HQWUHODV
SRFDV FRQ FDSDFLGDG SDUD RUJDQL]DU HO WHUULWRULR FHUFDQR 5HSDVDQGR OD KLVWRULD UHFLHQWH OR TXH
DSDUHFHDQWHQXHVWURVRMRVQRHVXQDSROtWLFDQHXWUDOFRQUHVSHFWRDODViUHDVGHPRQWDxDQLXQD
DFWXDFLyQ TXH VH KD\D SURSXHVWR FDXVDU HO PtQLPR GDxR SRVLEOH VLQR XQ FRQMXQWR GH GHFLVLRQHV
RULHQWDGDV FRQVFLHQWH R LQFRQVFLHQWHPHQWH VHJ~Q ODV pSRFDV D DFDEDU FRQ ODV SRVLELOLGDGHV GH
VXSHUYLYHQFLDGHODVFRPDUFDVSLUHQDLFDVDFWXDQGRFRQWUDODV]RQDVGHPiVIXWXUR
(Q HO FDVR GHO HPEDOVH GH <HVD VH FRQVWDWD OD YDOLGH] GH HVWD DUJXPHQWDFLyQ FRQ WRWDO
FODULGDG/DVSHUVSHFWLYDVGHGHVDUUROORGHVX]RQDGHLQIOXHQFLDSURORQJDGDDORODUJRGHOD&DQDO
GH%HUG~QVHYLHURQ\VHYHQFRQGLFLRQDGDVGHVGHWLHPSRVPXFKRDQWHULRUHVDODFRQVWUXFFLyQGH
GLFKR HPEDOVH (VWH HIHFWR KD VLGR WDQ IXHUWH TXH ODV SHUVSHFWLYDV GH GHVDUUROOR GH OD FRPDUFD
UHTXLHUHQWDQWRGHODDSXHVWDSRULQIUDHVWUXFWXUDV\VHUYLFLRVYHUWHEUDGRUHVGHOWHUULWRULRFRPRGHOD
VXSHUDFLyQGHOGHVDOLHQWRPLHGRV\WHPRUHVTXHDQLGDURQHQHOODWUDVODSXHVWDHQPDUFKDGHHVWD
REUD
683(5$&,Ï1 '(/ 75$80$ +,67Ï5,&2 48( 683862 /$ &216758&&,Ï1 '(/
$&78$/(0%$/6(
/DFRQVWUXFFLyQGHODFWXDOHPEDOVHGH<HVDQRVyORQRYLQRDFRPSDxDGDGHQLQJ~Q3ODQGH
5HVWLWXFLyQ VLQR TXHFRPR VH VHxDODED DQWHULRUPHQWH VXSXVR XQ SURFHVR GH H[SURSLDFLRQHV TXH
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
SULPyHODEDQGRQRWRWDOGHODVSREODFLRQHVGLUHFWDPHQWHDIHFWDGDV(QHOFDVRGH5XHVWDODVWLHUUDV
TXH TXHGDURQ VLQ LQXQGDU IXHURQ EDVWDQWHV SHUR VyOR DOJXQRV \ GXUDQWH QR GHPDVLDGRV DxRV
SXGLHURQ UHVLVWLUVH D XQ VHQWLPLHQWR GH LQYLDELOLGDG IXWXUD TXH FRPR XQD QXEH VH H[WHQGLy SRU OD
FRPDUFD(ODEDQGRQRGHODFRPDUFDSRUSDUWH GHIDPLOLDUHV DPLJRV R VHUYLFLRV FDOy KRQGR HQ HO
UHVWRGHSXHEORV\JHQWHV(VWRKL]RTXHHOSDQWDQRVLHPSUHKD\DVLGRYLVWRFRQUHFHORHQOD]RQD
TXHVHKD\DFRQVLGHUDGRDOJRDMHQR\TXHGXUDQWHPXFKRQLVHSODQWDUDODXWLOL]DFLyQGHVXVDJXDV\
RULOODVSRUODVJHQWHVGHODFRPDUFD
'HWRGRORDQWHULRUVHGHVSUHQGHTXHFXDOTXLHUSHUVSHFWLYDGHGHVDUUROORHQOD]RQDSDVDSRU
ODVXSHUDFLyQGLItFLOHQWUHODJHQWHPiVPD\RUTXHYLYLyHOSURFHVRGHDEDQGRQRHQGLUHFWRGHHVWH
ODVWUHKLVWyULFRSRUFRQFLHQFLDUD ODVJHQWHVGH TXHHVWDVSRVLELOLGDGHVGHGHVDUUROORH[LVWHQ \GHO
GHUHFKRTXHWLHQHQDUHLYLQGLFDUFRPSHQVDFLRQHVSRUHODEDQGRQRTXHVXIULHURQHQHOSDVDGR(VWR
GHEHFRQFUHWDUVHHQHODEDQGRQRGHFXDOTXLHUSUR\HFWRGHUHFUHFLPLHQWRGHODFWXDOHPEDOVH \
HQHOUHFRQRFLPLHQWRGHOGHUHFKRGHODFRPDUFDDSDUWLFLSDUHQODH[SORWDFLyQLQVLWXGHODV
DJXDV\HQWRUQRGHODFWXDOHPEDOVH $&(/(5$5 /$6 0(','$6 48( 3(50,7$1 /$ 5(25'(1$&,Ï1 $'0,1,675$7,9$ <
'(6(59,&,26
$UWLHGD 0LDQRV 6LJpV \ 6DOYDWLHUUD TXHGDURQ WUDV OD FRQVWUXFFLyQ GHO HPEDOVH FRPR
SXHEORVGHODSURYLQFLDGH=DUDJR]DDOHMDGRVVLQRHQIUHQWDGRVHQFXDQWRDLQWHUHVHVGHOUHVWRGH
SXHEORV GH ODV &LQFR 9LOODV /D QHFHVLGDG FDGD YH] PD\RU GH DUWLFXODU SURSXHVWDV GH FDUiFWHU
VXSUDPXQLFLSDO\FRPDUFDOHVWiOOHYDQGRDXQDSUiFWLFDGHFRODERUDFLyQFRQODVPDQFRPXQLGDGHV\
D\XQWDPLHQWRVGHOD&DQDOGH%HUG~Q/RV9DOOHV\-DFHWDQLD7RGRHVWHSURFHVRKDEUiGHWHUPLQDU
HQODQHFHVDULDFUHDFLyQGHODFRPDUFD\DGLVHxDGD\DSUREDGDHQ/DV&RUWHVGH$UDJyQ6LELHQHV
FLHUWR TXH HQ OR TXH GHO *RELHUQR GH $UDJyQ GHSHQGH HVWD UHDOLGDG VH YD SODVPDQGR D FLHUWRV
QLYHOHV FRPR HO VDQLWDULR \ VXSRQHPRV TXH SURQWR HO HGXFDWLYR HQ DTXHOORV TXH GHSHQGHQ GH
$GPLQLVWUDFLyQ&HQWUDOR'LSXWDFLRQHVVHLJQRUD
3HUWHQHFHU D WRGRV ORV HIHFWRV GH ORV PLVPRV GHUHFKRV REOLJDFLRQHV VHUYLFLRV \ FHQWURV
DGPLQLVWUDWLYRVGHUHIHUHQFLDTXHDTXHOORVSXHEORV\JHQWHVFRQTXH VHUHDOL]DHOGtDDGtDHVDOJR
SULPRUGLDOSDUDSRGHUDUWLFXODUXQDDXWpQWLFDFRPDUFDSRURWURODGRGHVHDEOHDFRUWRSOD]R
0(-25$'(/$6,1)5$(6758&785$6'(&2081,&$&,21(6
8QR GH ORV HOHPHQWRV FODYHV SDUD HO GHVDUUROOR GH XQ GHWHUPLQDGR WHUULWRULR VRQ VXV
FRPXQLFDFLRQHV 1XHVWUD SUR[LPLGDG D XQD FRPXQLGDG FRPR OD 1DYDUUD TXH GHVGH VLHPSUH WXYR
FODUDODLPSRUWDQFLDGHFRQWDUFRQEXHQDVYtDVGHFRPXQLFDFLyQSDUDORJUDUXQWHUULWRULRHTXLOLEUDGR
KDFH TXH ODV GHILFLHQFLDV GH QXHVWUDV FRPXQLFDFLRQHV TXHGHQ HVSHFLDOPHQWH UHVDOWDGDV /DV
FRPXQLFDFLRQHV KDFLD ORV YDOOHV GH 5RQFDO R $QVy VH HQFXHQWUDQ HQ XQ HVWDGR ODPHQWDEOH OD
FDUUHWHUD TXH EDMD KDFLD ODV &LQFR 9LOODV UHTXLHUH XQD LQWHUYHQFLyQ UHVSHWXRVD FRQ HO SUHFLRVR
SXHUWRGH5XHVWDTXHDWUDYLHVDSHURGHLPSRUWDQFLD/DFDUUHWHUD3XHQWH/D5HLQD(FKRGHEHVHU
WHUPLQDGDFRQUDSLGH]\GHEHDFRPHWHUVHODFRPXQLFDFLyQ(FKR$QVyFRQXQW~QHOTXHSHUPLWDGDU
VDOLGDDHVWHVHJXQGRYDOOH
0HQFLyQ DSDUWH PHUHFH OD YtD GH GHEH DUWLFXODU QXHVWUD FRPDUFD D OR ODUJR GHO YDOOH GHO
$UDJyQ/DFDUUHWHUD-DFD3DPSORQDGHEHFRQWDUFRQXUJHQFLDFRQXQSUR\HFWRTXHODFRQYLHUWDHQ
XQDFDUUHWHUDFDSD]GHDEVRUEHUHOLQWHQVRWUiILFRTXHVHGLULJHKDFLDHO3LULQHRHQHVSHFLDOORVILQHV
GH 6HPDQD \ DFHUFDU ORV VHUYLFLRV TXH -DFD FRPR FDSLWDO FRPDUFDO GHEH RIUHFHU D OD SDUWH PiV
RFFLGHQWDO \ PiVDOHMDGD GH HOOD 8QD FDUUHWHUD TXH FRPR PtQLPR GHEH VXSULPLU ODV LQWHUPLQDEOHV
FXUYDV FRQ TXH ERUGHD HO SDQWDQR GH <HVD TXH GHEH WHQHU FDUULOHV SDUD YHKtFXORV OHQWRV \ TXH
GHEHHVWDUSHUIHFWDPHQWHVHxDOL]DGD8QDFDUUHWHUDTXHGHEHVHUUHVSHWXRVDFRQOD)R]GH6LJpV
\ODV]RQDVGHLQWHUpVGHODVLHUUDGH/H\HUH\FX\DUHDOL]DFLyQQRSXHGHFRQGLFLRQDUVHFRPR\DVH
QRV KD KHFKR HQ HO SDVDGR GXUDQWH HO PDQGDWR GH $QWRQLR $UDJyQ FRPR SUHVLGHQWH GH OD
&RQIHGHUDFLyQ+LGURJUiILFDGHO(EURDOSUR\HFWRGHUHFUHFLPLHQWRGHODFWXDOHPEDOVH
(VWHSODQWHDPLHQWRGHFRPXQLFDFLRQHVQRTXHGDUtDFRPSOHWRVLQXQDOtQHDIHUURYLDULDTXHQRV
FRQHFWH D OD ]RQD HQ SDUWLFXODU \ OD FRPDUFD HQ JHQHUDO WDQWR FRQ )UDQFLD FRPR FRQ +XHVFD \
=DUDJR]D(QHVWHVHQWLGRODUHDSHUWXUDGHOW~QHOGH&DQIUDQF\ODPRGHUQL]DFLyQGHODYLHMDOtQHD\
WUHQHVHVXQDGHPDQGDDODTXHQRVVXPDPRVSRUVXLPSRUWDQFLDYLWDO
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
5HFUHFLPLHQWRGH<HVDHODEDVWHFLPLHQWRD=DUDJR]DFRPRH[FXVDSDUDORVWUDVYDVHV
327(1&,$&,Ï1'(6(1'(526<(13$57,&8/$5(/&$0,12'(6$17,$*2
(O&DPLQRGH6DQWLDJRHVWiGHFODUDGR%LHQGH,QWHUpV&XOWXUDO\3DWULPRQLRGHOD+XPDQLGDG
(QHO*RELHUQRGH$UDJyQHPSUHQGLyODWDUHDGHVHxDOL]DUOR \GRWDUORGHODLQIUDHVWUXFWXUDGH
DORMDPLHQWRVQHFHVDULRV 'HVGH DTXHOPRPHQWR HV XQ YDORUHQ DO]D \ DVt OR DWHVWLJXDQ ODVJHQWHV
TXH FDGD YH] HQ PD\RU Q~PHUR OR UHFRUUHQ (VWD WDUHD GH SURPRFLyQ QR VyOR QR SXHGH TXHGDU
WUXQFDGD FRQ HO SUR\HFWR GH UHFUHFLPLHQWRGH <HVD VLQR TXH GHEH GH FRQWLQXDU 6H KDQ GH VHJXLU
DPSOLDQGR\PHMRUDQGRODVLQVWDODFLRQHV\UHFRUULGR/RVSXHEORVTXHDWUDYLHVDHQVXUHFRUULGRKDQ
GH FRQWDU FRQ IRQGRV GRFXPHQWDOHV ELEOLRJUiILFRV IRWRJUiILFRV HWF \ FRQYHUWLUVH HQ SXQWRV GH
HQFXHQWURDOUHGHGRUGHODVP~OWLSOHVIDFHWDVTXHXQFDPLQRGHWDOHQYHUJDGXUDRIUHFH
1R REVWDQWH OD ULTXH]D GH OD ]RQD HV PXFKR PiV TXH HO FDPLQR GH 6DQWLDJR +D\ HUPLWDV
LJOHVLDV UHVWRV DUTXHROyJLFRV VLHUUDV UtRV \ SDUDMHV TXH HVWiQ D OD HVSHUD GH XQ SODQ DPELFLRVR
TXHSHUPLWDVHxDOL]DUORVPHMRUDUVXVDFFHVRV\GDUORVDFRQRFHUDRWUDVJHQWHV\WHUULWRULRV
)$&,/,'$'(6 3$5$ (/ $3529(&+$0,(172 '( /26 0217(6 (;3523,$'26 325
(/$&78$/(0%$/6(
8QD GH ODV UHDOLGDGHV GHO SURFHVR H[SURSLDWRULR GHO DFWXDO HPEDOVH IXH TXH ORV PRQWHV GH OD
PDUJHQ L]TXLHUGD GHO UtR $UDJyQ IXHURQ DGMXGLFDGRV D PXQLFLSLRV IXHUD GHO SURSLR YDOOH (Q HOOR
SULPDURQODVUD]RQHVGHWLSRSROtWLFRVREUHHOLQWHUpVSRUSDOLDUODVFRQVHFXHQFLDVGHGLFKRSURFHVR
+DVLGRXQDUHLYLQGLFDFLyQKLVWyULFDGHPXQLFLSLRVFRPR$UWLHGDHOSRGHUDFFHGHUDOLJXDOTXHVHKD
KHFKRFRQHOVLQGLFDWR&*7HQ5XHVWDDODSURYHFKDPLHQWRGHXQDSDUWHGHGLFKRVPRQWHV\GHOD
RULOODL]TXLHUGDGHODFWXDOHPEDOVH
$*8$67(50$/(6
/DVDJXDVWHUPDOHVTXHGLHURQQRPEUHD7LHUPDVTXHGDQJUDQSDUWHGHODxRFXELHUWDVSRUODV
GHO HPEDOVH &XDQGR GXUDQWH ORV ILQDOHV GH FDPSDxD GH ULHJR VDOHQ D OD YLVWD VH FXHQWDQ SRU
FHQWHQDUHV ODV SHUVRQDV TXH DFXGHQ D GLVIUXWDU GH HOODV 6X FDXGDO \ FDOLGDG LPSUHVLRQDQ \ VH
FRQYLHUWHQHQXQ DXWpQWLFR SODFHU 7HQHUODV VLQ XWLOL]DU \ PiVHVWDQGR HQ XQ OXJDU WDQDFFHVLEOH \
WUDQVLWDGRHVDOJRTXHQRSXHGHFRQWLQXDUPiVWLHPSR(VQHFHVDULRXQ3ODQSDUDVDFDUODVDIORWH\
SRQHUODV D GLVSRVLFLyQ GH ORV FLXGDGDQRV HQ EXHQDV FRQGLFLRQHV GH KLJLHQH H LQVWDODFLRQHV
DGHFXDGDV3XHGHQFRQYHUWLUVHHQXQSXQWRGHRFLR\GHVFDQVR WDQWRHQYHUDQRFRPRHQLQYLHUQR
SDUDWRGRVDTXHOORVTXHSDVDQFDPLQRGHORV3LULQHRV
(678',2,17(*5$/3$5$(/$3529(&+$0,(172'(/5Ë2$5$*Ï1
(VQHFHVDULRGRWDUDOUtR$UDJyQGHXQD3ODQTXHSHUPLWDGLVHxDUXQXVRUDFLRQDO\UD]RQDEOH
GHVXVDJXDVD OR ODUJR GHVXUHFRUULGRSRUOD&DQDO GH %HUG~Q (OFRWR GH SHVFDGHSRUWLYD VHKD
FRQYHUWLGR HQ XQR GH ORV GH UHIHUHQFLD GH WRGR $UDJyQ \ VH KD GH SODQLILFDU VX FRQVROLGDFLyQ \
PHMRUD 6H KD GH GUHQDU OD FROD GHO SDQWDQR SDUD HYLWDU ODV DFXPXODFLRQHV GH JUDYD TXH DOOt VH
SURGXFHQ6HKDQGHHVWXGLDUODVPHGLGDVTXHSHUPLWDQFRQVHUYDUODVKXHUWDVWUDGLFLRQDOHV
(QHVWHHVWXGLRKDQGHWHQHUXQSDSHOGHVWDFDGRORVULHJRVGHOD&DQDOGH%HUG~QTXHKDQGH
VHUYLUHQSULPHUOXJDUSDUDFRQVROLGDU\PHMRUDUORVWUDGLFLRQDOHV/DVQXHYDVVXSHUILFLHVGHULHJR
SHUPLWLUtDQHODXPHQWRODVSURGXFFLRQHVIRUUDMHUDV\FDEDxDJDQDGHUD
/RVJUDQGHVSODQHVGHVDOWRVKLGURHOpFWULFRVFRQFRQVXPRVGHKDVWDP VKDQGH IUHQDUVH
32/Ë*2126,1'8675,$/(6
1R WHQGUtD VHQWLGR SODQWHDUVH OD FRQVWUXFFLyQ GH JUDQGHV VXSHUILFLHV KDELOLWDGDV SDUD VXHOR
LQGXVWULDO 7HPD GLIHUHQWH HV OD XELFDFLyQ HQ OXJDUHV HVWUDWpJLFRV GH OD FRPDUFD GH SHTXHxDV
VXSHUILFLHV GRWDGDV GH EXHQRV DFFHVRV \ QDYHV LQGXVWULDOHV SURYLVWDV GH DJXD \ HOHFWULFLGDG
VXILFLHQWH &RQGLFLRQHV YHQWDMRVDV SDUD OD FRPSUD R DOTXLOHU GH QDYHV \ SDUFHODV \ D\XGDV SRU OD
FUHDFLyQ GH SXHVWRV GH WUDEDMR VHUtDQ ODV EDVHV SDUD FRPHQ]DU D SRQHU HQ PDUFKD XQ SHTXHxR
WHMLGRLQGXVWULDODEVROXWDPHQWHLPSUHVFLQGLEOHSDUDHOGHVDUUROORGHOD]RQD
3HGUR$UURMR-RVp-DYLHU*UDFLD)FR-DYLHU0DUWtQH]*LO-RVp0DQXHO1LFRODX\0LJXHO6RODQD
Descargar