(VWXGLRV+XPDQtVWLFRV )LORORJtD >@ (VWXGLRV+XPDQtVWLFRV )LORORJtD 1>@ ,661 5HYLVWDGHORV'HSDUWDPHQWRVGH)LORORJtD+LVSiQLFD\&OiVLFD\)LORORJtD 0RGHUQDGHOD)DFXOWDGGH)LORVRItD\/HWUDV /HyQ (678',26+80$1Ì67,&26),/2/2*Ì$ 5HYLVWDGHORV'HSDUWDPHQWRVGH)LORORJtD+LVSiQLFD\&OiVLFD\)LORORJtD0RGHUQD 8QLYHUVLGDGGH/HyQ ',5(&725 0DUtD$VXQFLyQ6iQFKH]0DQ]DQR 6(&5(7$5,2 &pVDU)*XWLpUUH]9LxD\R &216(-2'(5('$&&,Ð1 -RVp0DUtD%DOFHOOV'RPpQHFK 0DUtD/X]GLYLQD&XHVWD7RUUH ,PHOGD0DUWtQ-XQTXHUD 0DULVD)HUQiQGH]/ySH] 0DQXHO6HRDQH5RGUtJXH] &20,7e&,(17Ì),&2 $QWRQLR&KLFKDUUR&KDPRUUR8QLYHUVLGDGGH*UDQDGD)UDQFLVFR-DYLHU'tH]GH5HYHQJD8QLYHUVLGDGGH0XU FLD-RVp0DUtD)HUQiQGH]&DUGR8QLYHUVLGDGGH2YLHGR)HUQDQGR*DOYiQ5HXOD8QLYHUVLGDGGH$OFDOi6DOYD GRU*XWLpUUH]2UGyxH]8QLYHUVLGDGGH/HyQ-RVp$QWRQLR3DVFXDO5RGUtJXH]8QLYHUVLGDG&DUORV,,,GH0DGULG *XLOOHUPR5RMR6iQFKH]8QLYHUVLGDGGH6DQWLDJRGH&RPSRVWHOD-$*$UGLOD8QLYHUVLGDGGH(GLPEXUJR 9LoHQ%HOWUiQ8QLYHUVLWjGL5RPD/D6DSLHQ]D,VDEHO9HOi]TXH]6RULDQR8QLYHUVLGDG&RPSOXWHQVH0DGULG &RQFHSFLyQ)HUQiQGH]0DUWtQH]8QLYHUVLGDGGH6HYLOOD BBBBBBBBBBBBBBBB (QYtRGHDUWtFXORV (678',26+80$1Ì67,&26),/2/2*Ì$ 'HSDUWDPHQWRGH)LORORJtD+LVSiQLFD\&OiVLFD\'HSDUWDPHQWRGH)LORORJtD0RGHUQD )DFXOWDGGH)LORVRItD\/HWUDV 8QLYHUVLGDGGH/HyQ /HyQ 7OIQ)D[ HPDLODVDQP#XQLOHRQHV 6XVFULSFLRQHVSHGLGRVLQWHUFDPELR\FRUUHVSRQGHQFLD 6HFUHWDULDGRGH3XEOLFDFLRQHV (GLÀFLRGH6HUYLFLRV &DPSXVGH9HJD]DQDVQ 8QLYHUVLGDGGH/HyQ /HyQ 3HULRGLFLGDG$QXDO &RQWHQLGR (VWXGLRVRULJLQDOHVPRQRJUiÀFR\UHVHxDV (OSUy[LPRQ~PHURGH(VWXGLRV+XPDQtVWLFRV)LORORJtDVHUiHODERUDGRHQ2SHQ-RXUQDO6\VWHP 8QLYHUVLGDGGH/HyQ ÉUHDGH3XEOLFDFLRQHV /RVDXWRUHV ,661 'HSyVLWR/HJDO/( 0DTXHWDFLyQHLPSUHVLyQ ,PSUHQWD.DGPRV (678',26+80$1Ì67,&26),/2/2*Ì$1 ,661 Ì1',&( >0212*5É),&2³/$,1)/8(1&,$'(/$)È%8/$(6Ï3,&$(1/$ /,7(5$785$(8523($´@ &XDGHUQRPRQRJUiÀFRQ&RRUGLQDFLyQ\HGLFLyQGH0DUtD/X]GLYLQD &XHVWD7RUUH 3UHVHQWDFLyQ0DUtD/X]GLYLQD&XHVWD7RUUH 7(5(6$$5$8-23UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, $1$0$5Ì$0$5,f2$5,$6'H*UHFLDD1DUQLDODIiEXODGHOOHyQ\HOUDWyQ IXHUDGHODVFROHFFLRQHVGHIiEXODV -26e(15,48(0$57Ì1(=)(51É1'(=8QDPLUDGDVREUHODIiEXODHVSD xRODGHOVLJOR;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D -8$1/8,60215($/3e5(=(OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUD UHQDFHQWLVWDDOHPDQD $1'5e60217$1(5%8(128QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRV WHULRUWUDGLFLyQHVSDxRODDQiOLVLV\SRVLELOLGDGHVGLGiFWLFDVGHODVPLVPDVHQODV DXODVGHHGXFDFLyQSULPDULD $1$3$,9$025$,6$LQVFULoDRGD¶9LGDGH(VRSR·QDVSULPHLUDVFROHFoRHVGH IiEXODVHPSRUWXJXrV/LYURGH([RSRVpF;,9H9LGDHIiEXODVGRLQVLJQHID EXODGRUJUHJR(VRSRWUDGX]LGDVSRU0DQXHO0HQGHVGD9LGLJXHLUD 5,&$5'23,f(52025$/'HIiEXODV\EHVWLDULRVODHVWpWLFDGHORVDQLPDOHV HQOD(GDG0HGLD 720$6$3$675$1$6$17$0$57$3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQ HO%DOGR 0$5Ì$6É1&+(=3e5(=7UDGLFLyQ\PRGHUQLGDGODIiEXOD¶/DUDSR]DVHYD DO+DGMLOLN·HQHOSHULyGLFRVHIDUGt(ONRQVHMHUR6DOyQLFD >(678',26@ ,10$&8/$'$/Ð3(=&$/$+2552)UDQFLVFR$\DOD\HOKXPDQLVPRGHO H[LOLR )5$1&,6&2-,0e1(=&$/'(5Ð16REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WR SRpWLFRODOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHODJXD >5(6(f$6@ 0DQXHO5LFR)XJLWLYDFLXGDG-XDQ&DUORV$EULO &ODUD , 0DUWtQH] &DQWyQ (O ULWPR FRPR FODYH GHO YHUVR HQ $QWRQLR &ROLQDV (OHPHQWRVUtWPLFRVQRPpWULFRV1XULD6iQFKH]9LOODGDQJRV 6pQHFD7UDJHGLDVFRPSOHWDV(GLFLyQ\WUDGXFFLyQGH/HRQRU3pUH]*yPH] -XDQ&DUORV$EULO $QWRQLR&KDV$JXLyQ&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOOD QRGHOVLJOR;9$QD0DUtD0DULxR$ULDV 5DIDHO)RPEHOOLGD9LROHWDSURIXQGR-XDQ&DUORV$EULO 0DQXHO &LIR *RQ]iOH] HG /DV FXDWUR HVWDFLRQHV +RPHQDMH D 3HGUR *DUFtD 0RQWDOYR&HOLD5RSHUR6HUUDQR )UDQFLVFR$UHQDV'ROoHG5HWyULFD\GHPRFUDFLD3HUVSHFWLYDVFUtWLFDVVREUHHO HVWDGRGHODLQYHVWLJDFLyQ0DUtD$VXQFLyQ6iQFKH]0DQ]DQR >0RQRJUiÀFR ODLQÁXHQFLD GHODIiEXOD HVySLFDHQ ODOLWHUDWXUD HXURSHD@ &8$'(5120212*5É),&21 ´/DLQÁXHQFLDGHODIiEXODHVySLFD HQODOLWHUDWXUDHXURSHDµ &RRUGLQDFLyQ\HGLFLyQGH 0DUtD/X]GLYLQD&XHVWD7RUUH 35(6(17$&,Ð1'(/1Ó0(520212*5É),&2 /DHVSHFLHKXPDQDVHFDUDFWHUL]DHQWUHRWURVUDVJRVTXHODGLIHUHQFLDQGHRWURV DQLPDOHVSRUVHUOD~QLFDTXHEXVFDODUHODFLyQFRQRWUDVHVSHFLHVDQLPDOHVGHIRUPD GHVLQWHUHVDGDPDQWHQLHQGRPDVFRWDV(VWHUDVJRVHPDQLÀHVWDHQGLIHUHQWHVpSRFDV\ FXOWXUDV\QRKDFHVLQRUHÁHMDUXQDDFWLWXGGHREVHUYDFLyQKDFLDHOFRPSRUWDPLHQWR DQLPDO \ GH FRPSDUDFLyQ GH HVWH FRQ HO KXPDQR /RV RUtJHQHV GH OD IiEXOD GH WLSR HVySLFRVHHQFXHQWUDQSUREDEOHPHQWHHQHVWDDFWLWXG/DVVRFLHGDGHVGHOD$QWLJHGDG EXVFDURQHOFRQRFLPLHQWRGHODQDWXUDOH]DKXPDQDHQODREVHUYDFLyQGHOPXQGRDQLPDO 'HDKtTXHXQFRPSRQHQWHHVHQFLDOGHODIiEXODVHDHOGLGDFWLVPRODHQVHxDQ]DTXHVH GHVSUHQGHGHHOODTXHDYHFHVHVPRUDOSHURVLHPSUHSURIXQGL]DHQODVPRWLYDFLRQHV GHOFRPSRUWDPLHQWRKXPDQR6LQHPEDUJRDXQVLHQGRXQJpQHURGLGiFWLFRODIiEXOD KDVLGRGHVGHVXVRUtJHQHVXQJpQHURSOHQDPHQWHOLWHUDULRTXHVHKDH[SUHVDGRFRQ IUHFXHQFLD HQ IRUPD PHWULÀFDGD OR TXH UHYHOD VXV LQWHUHVHV DUWtVWLFRV $XQTXH VH HQFXHQWUD HQWUH ORV JpQHURV OLWHUDULRV PiV DQWLJXRV \ WXYR XQ DPSOtVLPR GHVDUUROOR HQOD(GDG0HGLD\HQpSRFDVSRVWHULRUHVGHODOLWHUDWXUDRFFLGHQWDOHQHOFDVRGHOD /LWHUDWXUDHVSDxRODKDUHFLELGRSRFDDWHQFLyQSXHVJHQHUDOPHQWHVHFRQVLGHUDQVXV SURGXFFLRQHVGHQWURGHOPDUFRPD\RUGHOFXHQWR (OSUR\HFWRGHLQYHVWLJDFLyQTXHGLULMRVXEYHQFLRQDGRSRUOD-XQWDGH&DVWLOOD \/HyQ´$GDSWDFLyQ\WUDQVIRUPDFLyQGHODIiEXODHVySLFDHQHO/LEURGHEXHQDPRUµ /($ VH KD GHGLFDGR DO HVWXGLR GH ODV IiEXODV SURFHGHQWHV GH OD WUDGLFLyQ OLWHUDULDDQWHULRUDOWHUDGDV\UHHODERUDGDVHQFDVWHOODQRHQHOVLJOR;,9SRU-XDQ5XL] $UFLSUHVWHGH+LWDSDUDKDFHUODVVHUYLUDQXHYDVLQWHQFLRQHVLGHROyJLFDV\DUWtVWLFDV(O WUDEDMRUHDOL]DGRHQHVWHSUR\HFWRKDFRQVWLWXLGRXQYLDMHSHUVRQDOGHUHGHVFXEULPLHQWR GH OD LPSRUWDQFLD TXH XQ JpQHUR KDELWXDOPHQWH FRQVLGHUDGR PHQRU KD WHQLGR HQ OD OLWHUDWXUDHVSDxROD\HQRWUDVOLWHUDWXUDVHXURSHDVGHVGHVXPtWLFDFUHDFLyQDWULEXLGD D (VRSR 3DUD FRPSUHQGHU FXiO KDEtD VLGR OD ODERU GHO $UFLSUHVWH GH +LWD HQ VXV DGDSWDFLRQHVHVySLFDVIXHQHFHVDULRUHPRQWDUVHDODFRPSOHMDWUDQVPLVLyQWH[WXDOGH ODVIiEXODVD2FFLGHQWHFRPSDUDUODVFRQODVYHUVLRQHVHQOHQJXDVURPDQFHVDQWHULRUHVD ODTXHRIUHFH-XDQ5XL]\SHUFLELUODQHFHVLGDGGHDERUGDUHOFRQWH[WRFXOWXUDOOLWHUDULR \DUWtVWLFRTXHODVFRQHFWDEDFRQHOIROFORUHORVEHVWLDULRVODOLWHUDWXUDSURYHUELDORFRQ ODVUHSUHVHQWDFLRQHVDUWtVWLFDVGHDQLPDOHV/DSHUVLVWHQFLDGHYDULDQWHVGHODVIiEXODV HVySLFDVTXHVHLQFRUSRUDURQHQHOVLJOR;,9DO/LEURGHEXHQDPRUHQODOLWHUDWXUDFXOWD SRVWHULRU\VXSHUYLYHQFLDHQODOLWHUDWXUDRUDOGHWLSRWUDGLFLRQDOPXHVWUDHOYLJRUGH XQJpQHURFUHDGRVLKHPRVGHFUHHUODVQRWLFLDVPiVDQWLJXDVKDFHPiVGHGRVPLOHQLRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD \PHGLR(OKHFKRGHTXHHQXQDREUDWDQSULQFLSDOGHQWURGHODOLWHUDWXUDHVSDxROD KXELHUDWRGDYtDWDQWRVDVSHFWRVSRUGHVFXELU\HVWXGLDUKL]RVXUJLUODLGHDGHFHOHEUDU XQ SHTXHxR FRQJUHVR TXH UHXQLHUD D LQYHVWLJDGRUHV GH GLIHUHQWHV HVSHFLDOLGDGHV HQ WRUQRDOJpQHURIDEXOtVWLFR (Q OD LOXVLyQ SRU OD FHOHEUDFLyQ GH GLFKR FRQJUHVR ORV PLHPEURV GHO HTXLSR LQYHVWLJDGRUGHOSUR\HFWRFRQWDPRVFRQHODSR\RGHGLIHUHQWHVLQVWLWXFLRQHVHQWUHODV TXHFDEHGHVWDFDUOD8QLYHUVLGDGGH/HyQOD6RFLHGDG(VSDxRODGH(VWXGLRV&OiVLFRV RHO,QVWLWXWRGH(VWXGLRV0HGLHYDOHV /DV SiJLQDV TXH D FRQWLQXDFLyQ VH SUHVHQWDQ DERUGDQ HO JpQHUR IDEXOtVWLFR GHVGH GLVWLQWDV RULHQWDFLRQHV D WUDYpV GH REUDV FRQFUHWDV R GH VX LPSRUWDQFLD H LQÁXHQFLDHQGLVWLQWDVOLWHUDWXUDV\JpQHURVOLWHUDULRV\FRQVWLWX\HQXQDVHOHFFLyQGH ODVFRPXQLFDFLRQHVHQWUHJDGDVSRUORVDXWRUHVWUDVGLFKRFRQJUHVR /HyQGHDEULOGH 0DUtD/X]GLYLQD&XHVWD7RUUH 0212*5É),&2(1(/35Ð;,021Ó0(52 (OWHPDGHOSUy[LPRPRQRJUiÀFRVHUi´/LWHUDWXUDLQGXVWULD\ PHGLRDPELHQWHHVWXGLRVHFRFUtWLFRVµ /DVHOHFFLyQGHORVDUWtFXORV\VXHGLFLyQFRUUHUiDFDUJR GHOD3URI,PHOGD0DUWtQ-XQTXHUD /RVWUDEDMRVGHFRRUGLQDFLyQ\HGLFLyQGHHVWH0RQRJUiÀFRIRUPDQSDUWHGHXQSUR\HFWRGHLQYHVWL JDFLyQVXEYHQFLRQDGRSRUOD-XQWDGH&DVWLOOD\/HyQFRQUHIHUHQFLD/($/DVODERUHVÀQDOHVGH FRUUHFFLyQGHSUXHEDVVHKDQUHDOL]DGRHQHOPDUFRGHOSUR\HFWRGHLQYHVWLJDFLyQVXEYHQFLRQDGRSRUHO 0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDGGHO*RELHUQRGH(VSDxD'*,&\7FRQUHIHUHQFLD)), $PERVSUR\HFWRVGLULJLGRVSRUOD'UD/X]GLYLQD&XHVWD7RUUHHVWiQGHGLFDGRVDOHVWXGLRGH GLVWLQWRVDVSHFWRVGHODIiEXODHQODOLWHUDWXUDHVSDxRODPHGLHYDO/DVFRQIHUHQFLDVSUHVHQWDGDVHQHO &RQJUHVRTXHYHUVDQVREUHHO/LEURGHO%XHQ$PRUVHSXEOLFDUiQFRQMXQWDPHQWHHQHOOLEUR$GDSWDFLyQ\ WUDQVIRUPDFLyQGHODVIiEXODVHVySLFDVHQHO´/LEURGHEXHQDPRUµFRRUGLQDGRSRU/X]GLYLQD&XHVWD7RUUH HQSUHQVD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, 35É7,&$6(6Ð3,&$6(032578*8È66e&8/26;9,,;9,,, 7(5(6$$5$Ó-2 8QLYHUVLGDGH1RYDGH/LVERD 5HVXPR (QWUHHOLQLFLRGHOVLJOR;9,,\HORFDVRGHOVLJXLHQWHSRFDVFROHFFLRQHVGHIiEXODVHQSRUWXJXpVVDOLHURQ GHODVLPSUHQWDVGHOUHLQR6LQHPEDUJRREVHUYDQGRHVWHDUFRWHPSRUDOIiFLOPHQWHVHQRWDHOLQWHUpVGH ORVOHWUDGRVSRUODWUDGLFLyQHVySLFDHOSULPHUIDEXODULRGH6HLVFLHQWRVDOFDQ]yXQQ~PHURLQIUHFXHQWH GHHGLFLRQHV\HOJpQHURIXHFRQVWLWX\HQWHGHYDULDV\GLVWLQWDVREUDVRDWUDYpVGHSURFHGLPLHQWRVDOX VLYRVRGHUHFUHDFLRQHVPiVRPHQRVOLEUHV6LVXDSOLFDFLyQIXHVREUHWRGRDUJXPHQWDWLYDHQHOFDPSR GHODVOHWUDVÀFFLRQDOHVDYHFHVORJUyPiVFRPSOH[LGDG(VWHHVWXGLRLQFLGHVREUHDOJXQRVDVSHFWRVGH ODGLYHUVLGDGGHODVSUiFWLFDVIDEXOtVWLFDV\SURIXQGL]DODTXHDUWLFXOyORVHVTXHPDVUHWyULFR\SRpWLFR 3DODYUDVFKDYHIiEXODHVySLFD%DUURFR3RUWXJDO $EVWUDFW %HWZHHQWKHEHJLQQLQJRIWKHVHYHQWHHQWKFHQWXU\DQGWKHHQGRIWKHHLJKWHHQWKYHU\IHZIDEOHFROOHF WLRQVLQ3RUWXJXHVHZHUHSULQWHGLQ3RUWXJDO1RQHWKHOHVVGXULQJWKLVSHULRGRIWLPHRQHFDQQRWLFHWKH VFKRODUV·LQWHUHVWUHJDUGLQJWKH$HVRSLDQWUDGLWLRQWKHÀUVWVHYHQWHHQWKFHQWXU\IDEOHFROOHFWLRQKDGDQ XQXVXDOQXPEHURIHGLWLRQVDQGWKHJHQUHDSSHDUHGLQVHYHUDORWKHUZRUNVHLWKHUWKURXJKDOOXVLRQRU IUHHUHFUHDWLRQV$OWKRXJKLWVDSSOLFDWLRQZDVPRVWO\DUJXPHQWDWLYHZKHQLWFRPHVWRÀFWLRQWKHTXHV WLRQLVVRPHWLPHVPRUHFRPSOH[7KLVVWXG\DLPVWRLGHQWLI\VRPHRIWKHZULWLQJSUDFWLFHVFKDUDFWHULVWLF RIIDEOHVDQGH[DPLQHVWKRURXJKO\WKHRQHWKDWDUWLFXODWHVUKHWRULFDODQGSRHWLFH[SUHVVLRQ .H\ZRUGVDHVRSLDQIDEOH%DUURF3RUWXJDO $DMXL]DUSHORSDQRUDPDHGLWRULDOGDVFROHo}HVHVySLFDVHPSRUWXJXrVGLUVHLD TXHRLQWHUHVVHGRVOHWUDGRVGRVVpFXORV;9,,H;9,,,SHODIiEXODIRLGLPLQXWRQRSDtV &RPHIHLWRHQWUHDSXEOLFDomRGD9LGDH)DEXODVGR,QVLJQH)DEXODGRU*UHJR(VRSR0HQGHV GD9LGLJXHLUDHDÁRUHVFrQFLDGHFROHWkQHDVRFXUULGDQRVÀQDLVGH6HWHFHQWRV 6RDUHV*XHUUHLUR&UH\RQmRVDLXGRVSUHORVTXDOTXHURXWURQRYR DFHUYR3HORFRQWUiULRDRFRQVLGHUDUVHRFRQMXQWREDUURFRGHOLPLWDGRQRVHXÀQDO WDUGLR SHOR 7HUUDPRWR GH TXHU GDV IRUPDV DOXVLYDV H GDV DWXDOL]Do}HV PHQRV 8QLYHUVLGDGH 1RYD GH /LVERD &RUUHRH WHUHVDUDXMR#IFVKXQOSW 5HFLELGR $FHSWDGR 2 HVWXGR IRL SUHSDUDGR QR kPELWR GR 3URMHWR GH ,QYHVWLJDomR DSRLDGR SHOD )XQGDomR SDUDD&LHQFLDH7HFQRORJtD$)iEXODQD/LWHUDWXUD3RUWXJXHVD&DWiORJRH+LVWRULD&UtWLFD37'&&/( //, ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7HUHVD$UD~MR FRQFLVDV GH WHPDV IDEXOtVWLFRV LQWHUSRODGDV HP FRQWH[WRV JHQROyJLFRV GLIHUHQFLDGRV TXHUFRPRRGDVFRPSRVLo}HVHODERUDGDVjPDQHLUDGH(VRSRDSHUFHSomRpGLYHUJHQWH &RQVWDWDVHDSUHVHQoDGDIiEXODQRXQLYHUVRGDVOHWUDVVREUHWXGRDWUDYpVGRVVHXV HIHLWRV DR QtYHO GD DSOLFDomR DUJXPHQWDWLYD H SRpWLFD ² D TXDO VXS}H D FRPSHWrQFLD IDEXOtVWLFD H KHUPHQrXWLFD GRV HVFULWRUHV H GR VHX S~EOLFR 7RGDV HVWDV H[SUHVV}HV HPERUDLQGLUHWDVDVVHJXUDPQRVRFRQKHFLPHQWRDUUHLJDGRGRJpQHUR $V PRVWUDV GD IDPLOLDULGDGH UHPRQWDP DR FpOHEUH PDQXVFULWR PHGLHYDO R /LYURGH([RSRHODERUDGRQRFRQWH[WRGDWUDGLomRHVySLFDHXURSHLDHDHVFULWRV LPSUHVVRVTXHVHVXFHGHUDPDRORQJRGH4XLQKHQWRVFRPRRGH'LRJR3LUHVUHGLJLGR HPODWLPHHGLWDGRHP9HQH]DPDVGHGLFDGRDRVPHVWUHVHHVFRODUHVGH/LVERDFRPR VXEOLQKRXUHFHQWHPHQWH$QWyQLR$QGUDGH $ VLQJXODU FRPSLODomR GH 0HQGHV GD 9LGLJXHLUD PRVWURX D FRQWLQXLGDGH GR LQWHUHVVHHUHYLWDOL]RXRFRPRVHSRGHHVWLPDUSHORQ~PHURLQFRPXPGHUHLPSUHVV}HV EDUURFDVIHLWDVHPWHUUDSHQLQVXODU²RTXDODSHQDV SRGHVHUFRPSUHHQGLGRSHODYROXPRVDGHPDQGDGRVOHWUDGRVHSHORQDWXUDOEHQHItFLR GRVOLYUHLURVTXHSURYLQKDGDSURYiYHOXWLOLGDGHSHGDJyJLFDGDFROHomRHGRDSUHoRSHOD ÀFomRLQYHURVtPLOHHGLÀFDQWHGHIHQGLGDQRPHDGDPHQWHSHOR'RXWRUGD&RUWHQD$OGHLD /RER$GLYXOJDomRIDEXOtVWLFDDOLPHQWDGDSHOROLYURSRUWXJXrVGHYHWHUVLGR DFRPSDQKDGDFRPRDQWHULRUPHQWHSHODGDVLPSUHVV}HVHPODWLPPDVWDPEpPSHOD GDVFROHo}HVHVSDQKRODVTXHDSDUGHRXWUDVREUDVFRPLJXDOSURYHQLrQFLDFLUFXODYDP QR SDtV HP YLUWXGH GDV FRQGLo}HV SROtWLFDV H FXOWXUDLV GD pSRFD SDUWLFXODUPHQWH GR ELOLQJXLVPRGRVOHWUDGRVSRUWXJXHVHV'HIDFWRH[LVWHPSHORPHQRVQRVDUTXLYRVGD %LEOLRWHFD1DFLRQDOGH/LVERD%13GD%LEOLRWHFD*HUDOGD8QLYHUVLGDGHGH&RLPEUD %*8&HGD%LEOLRWHFD&HQWUDOGD0DULQKD%&0FLQFRIDEXOiULRVDQWLJRVHPHVSDQKRO QDVVHJXLQWHVHGLo}HV/LEURGHOVDELRHFODUtVVLPRIDEXODGRU<VRSRKLVWRULDGRHDQQRWDGR SHUWHQoDGR$UFHELVSRGHeYRUD'7HRWyQLRGH%UDJDQoDHSRVWHULRUPHQWH GR&RQYHQWRGH6DQWD0DULDGH6FDODGH&RHOLeYRUD2UGHPGD&DUWX[DSRUGRDomR GR$UFHELVSRHIXQGDGRUGDFDVDQD%13QRVIXQGRVGH&RLPEUD/DYLGD\IDEXODVGHO (VRSRDODVTXDOHVVHDxDGLHURQDOJXQDVPX\JUDFLRVDVGH$YLDQR\GHRWURVVDELRVIDEXODGRUHV TXH WHUi VLGR XPD GDV IRQWHV GD SHoD GUDPiWLFD (VRSDLGD RX 9LGD GH (VRSR GH $QWyQLR-RVpGD6LOYDVHJXQGRPRVWURX-RVp2OLYHLUD%DUDWD%DUDWDQR DUTXLYR GD %13 9LGD \ H[HPSORV GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR H/LEURGHODYLGD\IiEXODVGHHOVDELR\FODULVVLPRIDEXODGRU,VRSRQRGD%&0 )DEXODV\YLGDGH,VRSRFRQODVGHRWURVDXWRUHV -i R FRQWULEXWR GR IDEXOiULR GH /D )RQWDLQH QmR SDUHFH WHU VLGR WmR IUXWtIHUR FRPRWDPEpPDOYLWURX-RVp2OLYHLUD%DUDWDQRHVWXGRGDREUDGR-XGHXDOHJDQGRR FUtWLFRTXHDLQÁXrQFLDGDFXOWXUDIUDQFHVDDSHQDVVXSODQWRXSOHQDPHQWHDGRV6LJORV GH 2UR QDV /X]HV 1D YHUGDGH DWp HQWmR R GRPtQLR GR LGLRPD (P EUHYH VHUi GLVSRQLELOL]DGR R UHVSHFWLYR FRUSXV JUDoDV j LQYHVWLJDomR GHVHQYROYLGD QR kPELWR GR3URMHWRGH,QYHVWLJDomRDSRLDGRSHOD)XQGDomRSDUDD&LrQFLDH7HFQRORJLD$)iEXODQD/LWHUDWXUD 3RUWXJXHVD&DWiORJRH+LVWyULD&UtWLFDDSRLDGRSHOD)XQGDomRSDUDD&LrQFLDH7HFQRORJLD37'&&/( //,(QWUHWDQWRUHPHWRSDUDGRLVFRQWULEXWRUHFHQWHVRGH$OH[DQGUD0DGDLOHR GH/XFLDQR3HUHLUD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, IUDQFrV QmR HUD DODUJDGR DV SULPHLUDV WUDGXo}HV GDV IiEXODV GR SRHWD GH 7KLHUU\ SDUD SRUWXJXrV Vy FRPHoDUDP D VHU UHDOL]DGDV SHORV iUFDGHV H HP OLYUR DXWyQRPR DSHQDVVXUJLUDPTXDQGRHVWDYDHQWUDGRRVpFXOR;,;)iEXODV(VFROKLGDVHQWUHDVGH-/D )RQWDLQH1DVFLPHQWRH$V0HOKRUHV)iEXODVGH/D)RQWDLQH6HPHGR 2VUHÁH[RVIUDQFHVHVIRUDPSRUWDQWRWDUGLRVSRVWHULRUHVDRSHUtRGRHPDQiOLVH DSHVDUGHIDFLOPHQWHVHDGPLWLUTXHRDXWRUGHDOJXPDVDOXV}HVIDEXOtVWLFDV5DSKDHO %OXWHDX FRQKHFHX D REUD GH /D )RQWDLQH SHOR PHQRV QD pSRFD TXH HVWHYH UHWLUDGR HP )UDQoD QD WUDQVLomR GH 6HLVFHQWRV SDUD R VpFXOR VHJXLQWH (P WRGR R FDVR QmR WHUiVLGRDREUDIUDQFHVDDGLWDUDVPHQo}HVIDEXOtVWLFDVGRWHDWLQRGDGRRFRQWH[WR GDVXDRFRUUrQFLDR9RFDEXOiULR3RUWXJXH]H/DWLQR%OXWHDX²FXMDHGLomR ´SUtQFHSVµGRVSULPHLURVYROXPHVFRPHPRUDHVWHDQRRWHUFHLURFHQWHQiULR%OXWHDX DRH[SOLFDURVFRQFHLWRVGH´)DPLOLDULGDGHµH´3UHWH[WRµQRDSDUWDGR´9RFDEXODULRGH 6\QRQLPRVH)UDVHV3RUWXJXH]DVµHYRFRX´R$SRORJRGDYDFFDGDFDEUDHGDRYHOKD TXHDQGDQGRjFDoDVHDFRPSDQKDUD}FRPKXP/HD}µ3HUU\QQ HR´/RERGD)DEXOD>TXHSDUD@MXVWLÀFDUVHDWDFRXDR&RUGHLURTXHQROXJDURQGH HVWDYDEHEHQGRWXUYDYDDDJXDµ3HUU\QQUHVSHFWLYDPHQWH %OXWHDXH$FRQFLVmRGDVDOXV}HVFDODDVXDSURYHQLrQFLDHDOLVWDGH REUDV FRQVXOWDGDV DSUHVHQWDGD QR GLFLRQiULR WDPEpP QmR RIHUHFH QRWtFLD UHOHYDQWH PDVpPHQRVSURYiYHOWHUHPSURFHGLGRGDFROHomRIUDQFHVDPHVPRGDVHVSDQKRODV FRQVHUYDGDVHP3RUWXJDO/DYLGD\IDEXODVGHO(VRSRH9LGD\H[HPSORVGHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR GR TXH GD SRUWXJXHVD 0HQGHV GD 9LGLJXHLUD H UHVSHWLYDPHQWH RX LQFOXVLYDPHQWH GR UHSHUWyULRWUDQVPLWLGRRUDOPHQWH²WDOFRPRPXLWRVGRVSURYpUELRVFLWDGRVDPL~GHQR GLFLRQiULR 'HVFRQWDQGRDLQFHUWH]DGDVXDSURJpQLHDVPHQo}HVGRHUXGLWRLQWHUSRODGDV HP FRQWH[WR OH[LFRJUiÀFR FRUUHVSRQGHUDP QR VHX GHVHQKR EUHYH H FRQGHQVDGR D XPGRVHVTXHPDVIRUPDLVGDSUiWLFDIDEXOtVWLFDEHPFRPRDXPDGDVPRGDOLGDGHV VHPkQWLFDVGDDSOLFDomRHDXPDGDVPROGXUDVGRUHFXUVR,VWRpFRQVWLWXtUDPXPD DOXVmRTXHUHSURGX]LXRVHQWLGRGRWHPDHYRFDGRQXPTXDGURGHPRQVWUDWLYR0DLV FRPSOH[DVIRUDPDVTXHDSDUGHFRQVWUXo}HVVHPHOKDQWHVjGH%OXWHDXHPHUJLUDPQR FDPSROLWHUiULRQRPHDGDPHQWHDVDOXV}HVRXDVDWXDOL]Do}HVPDLVH[WHQVDVGRSRQWR GHYLVWDQDUUDWLYRTXHUHFRQÀJXUDUDPRVLJQLÀFDGRGDIiEXODSUpYLDHDJLUDPUHWyULFD H SRHWLFDPHQWH (VWHV FDVRV GH DSOLFDomR IDEXOtVWLFD FRQWLQXDUDP D UHYHVWLUVH GD PROGXUDDUJXPHQWDWLYDGDpSRFDPHGLHYDOHPWRGRRFDVRMiHYLGHQFLDUDPXPRUQDWR GHVHQKDGRjOX]GDSHUVXDVmRGHOHLWRVDTXHWLQKDSDUDOHORVGRRXWURODGRGDIURQWHLUD 0DUWLQ *DUFtD (PERUD QmR UHSUHVHQWDVVHP R YROWHGHIDFH GD IiEXOD GDÀORVRÀDSDUDDSRHVLDUHDOL]DGRSHODUHLQYHQomRJHQROyJLFDGH/D)RQWDLQHDLQGD GHVFRQKHFLGD HP 3RUWXJDO GHQRWDUDP D FUHVFHQWH FRQVLGHUDomR GDV YLUWXDOLGDGHV SRpWLFDVGDWUDGLomRHVySLFD 2EVHUYHPRV GXDV DOXV}HV LQWHUSRODGDV QDV &DUWDV )DPLOLDUHV GH ' )UDQFLVFR 0DQXHOGH0HORTXHH[HPSOLÀFDPRVGRLVWLSRVGHDWXDOL]DomRVHPkQWLFDGD IiEXOD$HYRFDomRGRWHPDGRORERHGRFRUGHLURDRIXQFLRQDUFRPRSUHkPEXORGD HStVWROD VREUH XPD DOWHUFDomR SROtWLFD QmR UHFRQÀJXURX R VHQWLGR GR WH[WR SUpYLR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7HUHVD$UD~MR FRPHQWDGR UHFHQWHPHQWH SRU 6LPRQH 5HJD]]RQL SRU VH DMXVWDU DR GR QRYR FRQWH[WR 'LJRYRVTXHKDSD]HVTXHQRVHVWD}PXLWRPDOHPXLWRSHRUTXHPDVFHOHEUDSRUTXHQXQFD YLDPLJRRFRUGHLURHRORERTXHQD}IRVVHPDOSDUDRFRUGHLUR0HOR -iDPHQomRjIiEXODGRJDORHGDSpUROD3HUU\QQ DRVHUDSOLFDGDQDPLVVLYDTXHGHSUHFLDDVDÀUPDo}HVGH1HPUHODomRDRDXWRU DGRWRXIRUPDSDUyGLFD´0DVLVWRKHRPHVPRTXHRJDOORFRPDSpUROD1D}PH VHUYHWDOFDVWDGHKRQUDµ0HOR$DOXVmRDVVRFLRXHPLPDJHPLQYHUWLGD DVFRQVLGHUDo}HVGH1jSHGUDSUHFLRVDVDJH]DHRDXWRUGDFDUWDDRSURWDJRQLVWD GDIiEXODTXHpLQYHFWLYDGRQRUHVSHFWLYRHSLPtWLRSRUVHULQFDSD]GHUHFRQKHFHUD VDEHGRULDHDVVLPGHVDSURYHLWDURVVHXVIUXWRVFRPRUHOHPEURXSRUH[HPSOR$QD 3DLYD0RUDLV$LQYHUVmRSURGX]LXFRPRVHSHUFHEHHIHLWRVGHLURQLD HViWLUD $IiEXODPHQFLRQDGDQHVWDFDUWDQmRIRLFRQWHPSODGDSRU0HQGHVGD9LGLJXHLUD QD VXD FROHWkQHD PDV R WHPD WHYH ODUJD WUDGLomR HXURSHLD GHVGH D pSRFD PHGLHYDO 7DODYHUDH0RUDLVUHSHUFXWLQGRVHSRUH[HPSORQDREUDGR $UFLSUHVWH GH +LWD 5XL] HVWURIHV H QR/LYUR GH ([RSR (P6HLVFHQWRVIRLLQWHJUDGRQDVHGLo}HVGRVDFHUYRVHPHVSDQKROTXHVHHQFRQWUDP GHSRVLWDGDVQRVIXQGRVELEOLRJUiÀFRVGH&RLPEUDH/LVERD/DYLGD\IDEXODVGHO(VRSR H D 9LGD \ H[HPSORV GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR EHPFRPRQR)DEXODULRHQTXHVHFRQWLHQHQIiEXODV\FXHQWRVGLIHUHQWHV0H\ TXH DVVXPLX QRWRULHGDGH 'H RQGH WHUi SURYLQGR HVWD H D DQWHULRU DOXVmR PHORGLQDV"2FDEHGDOHUXGLWRGRDXWRUDEUHXPJUDQGHOHTXHGHSRVVLELOLGDGHVPDV RIDFWRGHDVWHUDSOLFDGRQRVHXSUHVtGLRQD7RUUHGH%HOpPRQGHSURYDYHOPHQWHQmR GLVSXQKDGHOLYURVTXHOKHUHFRUGDVVHPDVIiEXODVID]DGPLWLUXPDRULJHPPHPRULDO FRPXPjGRVVHXVOHLWRUHV(PWRGRRFDVRQHQKXPDGDVDWXDOL]Do}HVGRVIDEXOiULRV H[SULPHRVHQWLGRGDHYRFDomRGH')UDQFLVFR0DQXHOHDLQGDDVVLPRVOHLWRUHVGDV &DUWDV )DPLOLDUHV FRPSUHHQGHUDP R VLJQLÀFDGR DOXVLYR SRU GLVSRUHP GR WHPD QR VHX UHSHUWyULR PHPRULDO GH RULJHP OLYUHVFD RX RXWUD H GH FRPSHWrQFLDV GH OHLWXUD LQWHUWH[WXDOTXHOKHVSHUPLWLDPDKHUPHQrXWLFDGDFRQH[mR 3HODV PHVPDV UD]}HV R S~EOLFR GDV $YHV ,OOXVWUDGDV DOFDQoRX R VHQWLGR GD DSOLFDomRGDPHVPDIiEXODVREIRUPDQDUUDWLYDH[WHQVDGHVHQYROYLGDFRPDDUWLFXODomR GHHOHPHQWRVIDEXOtVWLFRVHGHPDWHULDLVHVWUDQKRVDRWHPDHPRUGHPDRSURJUDPD UHWyULFRPDVWDPEpP´GHOHLWRVRµGDREUDGHYRFLRQDOGH0DULDGR&pX eYHUGDGHTXHRURX[LQRO´LOOXVWUDGRµLQWURGX]LXDQDUUDWLYDHVFODUHFHQGRDVXD LQWHUORFXWRUDVREUHDPDWUL]GRVHXUHODWRFRQWXGRWDPEpPOKHIH]QRWDUDGLIHUHQoDGR QRYRWH[WRHQmROKHLQGLFRXRUHVSHFWLYRWHPD´DLQGDTXHSDUHoDDSRORJRGH(VRSR KHPHQRVDQWLJRµ0DULDGR&pX'HWHQKDPRQRVSRUDJRUDQDDGYHUWrQFLD SDVVDUHLUD SRU VHU DSUHFLiYHO GR SRQWR GH YLVWD GD UHÁH[mR PHWDOLWHUiULD VREUH D SUiWLFDEDUURFDGDIiEXOD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, (P SULPHLUR OXJDU R DYLVR GR URX[LQRO GHL[RX WUDQVSDUHFHU D RVFLODomR WHUPLQROyJLFD GD pSRFD UHODWLYDPHQWH DR TXH KRMH FRQVLGHUDPRV IiEXOD $OXGLX j UHIHUrQFLDPDWULFLDOGRUHODWRSRU´DSRORJRGH(VRSRµHQTXDQWRRXWUDVYR]HVFDQRUDV GR OLYUR D GHVLJQDUDP WDPEpP SRU ´IDEXODµ ´H[HPSORµ HQWUH RXWURV WHUPRV FRP VLJQLÀFDGRPDLVSUy[LPRDRGHÀFomR &RPR REVHUYiPRV WDPEpP %OXWHDX D QRPHRX LQGLIHUHQFLDGDPHQWH SHORV GRLVYRFiEXORVDSHVDUGHWHUWHQWDGRÀ[DUQRPHVPRGLFLRQiULR´DSRORJRµFRPRD GHVLJQDomR GH XPD FDWHJRULD GH ´IDEXODµ HVWDEHOHFLGD VREUH D LGHLD GH UHVLVWrQFLD j JHQWLOLGDGHSULPRUGLDOGRJpQHUR'HÀQLXRFRPRXPD >H@VSHFLHGHIDEXODPRUDOHPTXHVHLQWURGX]HPDQLPDHVDUYRUHVRXWUDVFRXVDVLQDQLPDGDV IDOODQGRGL]HQGRFRXVDVGHTXHVHSRGHWLUDUDOJXPDGRXWULQD%OXWHDX H[HPSOLÀFDQGRRVHJXLGDPHQWHFRPDQDUUDomRGHXPHSLVyGLRGR/LYURGRV-Xt]HV LQVHUWDQR´6HUPmR+LVWyULFR3DQHJtULFRQRV$QRVGD5DLQKD'0DULD)UDQFLVFD GH6DERLDµGR3DGUH$QWyQLR9LHLUD%OXWHDX1RYROXPHVHJXLQWHGHVFUHYHX ´IDEXODµFRPRQDUUDWLYD LQYHQWDGDFRPSRVWDGHVXFHVVRVTXHQD}VD}YHUGDGHLURVQHPYHURVLPHLVPDVFRPFXULRVD QRYLGDGHDGPLUDYHLVFRPRDWUDQVIRUPDoD}GH'DIQHHP/RXUH\URGH1DUFL]RHPÁRUF1D} GHL[DD)DEXODGHVHUSURYHLWRVD1DV)DEXODVGH(VRSRGH3KHGURVHHQFHUUD}DGPLUDYHLV GRFXPHQWRVEHOODVPRUDOLGDGHV%OXWHDX DSUHVHQWDQGRSRVWHULRUPHQWHH[HPSORVGHUHODWRVPLWROyJLFRVHGHREUDVLQWLWXODGDV SRU$SRORJR%OXWHDX $LQGLVWLQomRWHUPLQROyJLFDWDPEpPVHPDQLIHVWRXQRXWUDREUDGHYRFLRQDOD 1RYD)ORUHVWDGR3DGUH0DQXHO%HUQDUGHVSHODPmRGDTXDOWHUPLQDUiHVWH HVWXGRSRUFRQWHUH[HPSORVGDSUiWLFDGDIiEXODEDVHDGDQDUHFULDomRQDUUDWLYDGRV WHPDVVHPDOLEHUGDGHLQYHQWLYDHSRpWLFDGRURX[LQROGDV$YHV,OOXVWUDGDVPDVFRP RUHFXUVRDHOHPHQWRVGHRXWUDIiEXODHVySLFD$QWHVGLVVRYHMDPRVTXHQDGLJUHVVmR VREUH R FRQFHLWR PRUDO H UHOLJLRVR GH ´$OPDµ QRPHDGDPHQWH QD GHPRQVWUDomR GR LPSHUDWLYRGDSUHVHQoDGRVFOpULJRVQDVFRPXQLGDGHVGHÀpLVDOPDVSHODVTXDLVHUDP UHVSRQViYHLV%HUQDUGHVUHODWRXRTXHFRQVWLWXLXDSULPHLUDDWXDOL]DomRHPSRUWXJXrV GDIiEXODGDFRWRYLDHGRODYUDGRU3HUU\HQHQ$VXD QDUUDWLYDIRLLQWURGX]LGDFRPR´RDSRORJRTXHVHFRQWDGDVFRWRYLDVTXHWLQKD}VHXV QLQKRVHQWUHDVVHDUDVµ%HUQDUGHVHFRQFOXtGDFRPRXWUDGHQRPLQDomR ´>D@PRUDOLGDGHGHVWDIDEXODTXHRV*UHJRVFKDPD}HSLP\WKLRQHVWjPX\jÁRUGD WHUUDPDVH[SOLFDOODKHLPDLVQD}FRPSDODYUDVPDVFRPFDVRVµ%HUQDUGHV &RPRVHYHULÀFDHPERUDRDXWRUWHQKDPDQLIHVWDGRRFRQKHFLPHQWRHUXGLWRGRJpQHUR DRGHQRPLQDURFRQVWLWXLQWHÀQDOGDIiEXODDWUDYpVGDGHVLJQDomRFOiVVLFDH[SULPLXD LQGLIHUHQFLDomRWHUPLQROyJLFDGRURX[LQROHGHWDQWDVÀJXUDVEDUURFDVHXURSHLDV 2 SUREOHPD GD QRPHQFODWXUD Mi WLQKD XPD DYXOWDGD H FRPSOH[D KLVWyULD SURIXQGDPHQWH UHODFLRQDGD FRP D JpQHVH H HYROXomR GR JpQHUR PDV D IRUWXQD GR YRFiEXOR´DSyORJRµDGYpPVREUHWXGRGDUHIXQGLomRKXPDQLVWDGRJpQHURIDEXOtVWLFR HQWmRFRQVLGHUDGRGHVHJXQGDOLQKD²QRWHVHTXHHQWUHRXWURVDVSHFWRVHUDDWULEXtGR DGRLVHVFUDYRV$QRYDPRGDOLGDGHFRPRH[SOLFRXSRUH[HPSOR&RQVRODFLyQ%DUDQGD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7HUHVD$UD~MR DSUR[LPRXVH GH PRGHORV FXOWRV GH FRPSRVLomR DOHJyULFD LQWURGX]LQGR PDLVÀJXUDVPLWROyJLFDVGRTXHDVQDUUDWLYDVHVySLFDVSHUVRQLÀFDo}HVGHFRQFHLWRV DEVWUDWRVHDUWLFXODQGRDQDUUDWLYDFRPRHVTXHPDGRGLiORJROLWHUiULR1RHQWDQWR QmRVHDIDVWRXPXLWRGDWUDGLomRIDEXOtVWLFDDRGHVHQYROYHUSURJUDPDVGHLQVWUXomR PRUDO'HPRGRTXHVHJXQGRVDOLHQWRX%DUDQGDRDSyORJRQmRVHUHSHUFXWLXGHIRUPD PXLWRDFHQWXDGDQDSUHFHSWLYDHSRFDOVHQmRQDVREUDVGH$OHMRGH9HQHJDVH/ySH] 3LQFLDQR TXH GLYXOJDUDP D GLFRWRPLD GH -XDQ /XLV 9LYHV HQWUH DSyORJR RX IiEXOD HVySLFDHIiEXOD´PLOHVLDµ$WUDWDGtVWLFDGH6HLVFHQWRVSRUVHXODGRQmRGLVWLQJXLX GHÀQLWLYDPHQWHRDSyORJRGDDQWLJDIiEXODQRPHDGDPHQWHDWHRUL]DomRGH%DOWD]DU *UDFLiQFXMRFRQWULEXWRSRQGHUHLQRXWUROXJDUHGHVFUHYHXUHFHQWHPHQWH0DUtD3LODU &XDUWHURHWmRSRXFRRIH]ROH[LFyJUDIR%OXWHDX 'H PDQHLUD TXH D GHVLJQDomR GR URX[LQRO ´LOOXVWUDGRµ p H[HPSODU GHVWD LQGLIHUHQFLDomRWHUPLQROyJLFDFRPRULJHQVQDUHIXQGLomRKXPDQLVWDGDIiEXODHHP ~OWLPD LQVWkQFLD ² FRQVLGHUDQGR D PRGDOLGDGH GH DWXDOL]DomR TXH HOD LQWURGX] ² GD UHFULDomR HUXGLWD LQLFLDGD SHORV KXPDQLVWDV H SUDWLFDGD WDPEpP HPERUD FRP DV GHYLGDVGLVWkQFLDVSRU')UDQFLVFR0DQXHOGH0HORHPPHDGRVGRVpFXOR;9,,VRE RWtWXOR$SyORJRV'LDORJDLV 3RU RXWUR ODGR D DGYHUWrQFLD GR URX[LQRO p WDPEpP HVWLPiYHO SRU GHÀQLU D QDUUDWLYD LPHGLDWD DWUDYpV GRV FULWpULRV GH VHPHOKDQoD H GLIHUHQoD UHODWLYDPHQWH j PDWpULDSUpYLDHSRUGHVWHPRGRWDPEpPHVWDEHOHFHURSURWRFRORKHUPHQrXWLFRGR QRYRWH[WR 2UHODWRGDDYHLQWHUSRODGRQR´'LVFXUVRµSURWDJRQL]DGRSHODÀJXUDFDQRUD² XPSURFHGLPHQWRGHDWXDOL]DomRGDIiEXODQDIiEXODGHVHQYROYLGRSRURXWURVWH[WRV FRPRPRVWUDUHLQRXWUROXJDU²FRQWDRVHJXLQWHXPJDORWHQGRHQFRQWUDGRXPDSpUROD XPREMHFWRGHYLGURHXPDSHGUDGHVDOHQmRYHQGRDXWLOLGDGHTXHSRGLDUHWLUDUGRV DFKDGRVEHPGLVWLQWRVGRGHVHMDGRJUmRGHFHUHDOSURFXURXRFRQVHOKRGHXPDiJXLD SDUD GHFLGLU D GLVWULEXLomR GR SHF~OLR 5HFRPHQGRXOKH ´6XD 0DJHVWDGH$TXLOLQDµ TXH HQWUHJDVVH R VHJXQGR ´i GDPDµ SDUD TXH D PDWpULD GR REMHFWR D DGYHUWLVVH GD SUHFDULHGDGHGDVXDH[LVWrQFLDRWHUFHLUR´DRKRPHPµFRPRLQWXLWRGHRH[RUWDUj VDOYDomRHDSpURODDVLPHVPD´TXHDTXHURHQÀDUHPKXPUD\RGH$SROORSRUTXH D WXGR R PDLV SUHFLRVR WHP GLUHLWR RV GHRVHVµ 0DULD GR &pX 2 DQLPDO GRPpVWLFRFRQWHVWRXDGHFLVmRGDRIHUWDD$SRORPDVSHUDQWHDH[SOLFDomRLPHGLDWD GRLPSRQHQWHSiVVDUR´>U@HSDUWLRRJDOORRVHXDFKDGRFRQIRUPHDVHQWHQoDGDDJXLD TXHDPX\WRVSRGHGH\[DULOXVWUDGRVHDWRGRVDGYHUWLGRVµ0DULDGR&pX &RQIURQWHPRVDQDUUDWLYDFRPDVUHIHUrQFLDVIDEXOtVWLFDVFLWDGDVDSURSyVLWRGD DOXVmRPHORGLQDDRPHVPRWHPD²YROWDQGRDQmRDJUHJDUR/LEURGHODYLGD\IDEXODV GHHOViELR\FODULVVLPRIDEXODGRU,VRSRHPYLUWXGHGRH[HPSODUGD%LEOLRWHFD1DFLRQDO GH/LVERDFRUUHVSRQGHUDXPDHGLomRTXDVHFRLQFLGHQWHFRPRIDOHFLPHQWRGD DXWRUD ´)iEXODH3ROtWLFDQD5HVWDXUDomRµ'HGDOXV5HYLVWDGD$VVRFLDomR3RUWXJXHVDGH/LWHUDWXUD&RPSDUDGD QRSUHOR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, 2 UHODWR FDQRUR DXPHQWRX R SHF~OLR HQFRQWUDGR SHOR JDOR GD IiEXOD D ÀP GHID]HUUHÁHWLUQDPRUDOLGDGHRV´WySRLµGDIUDJLOLGDGHKXPDQDHGDVDOYDomRSHOD SDODYUD EtEOLFD DOXGLGD SHOD PHWiIRUD GR VDO TXH VH Or QRV (YDQJHOKRV GH 0DUFRV 0DWHXV H /XFDV H VHJXLQWHV 7DPEpP LQWURGX]LX XP QRYR SURWDJRQLVWD FULVWLDQL]DGR HPERUD ´LOXVWUDGRµ SHOD VDEHGRULD GR VHX GHXV 6RO H GHYRWRGH$SRORSDUDUHFRQÀJXUDURSHUFXUVRQDUUDWLYRGRJDORGDIiEXODHPRUGHP j VXD PHWDPRUIRVH FULVWm &RP HIHLWR D DYH GH FDSRHLUD LUURPSHX QD QDUUDWLYD GR URX[LQROWmRLQVHQVDWDTXDQWRDHVySLFDDLQGDTXHDLPSUXGrQFLDGRJDORGH(O/LEUR GH %XHQ $PRU 5XL] HVWURIHV H GR /LYUR GH ([RSR DSUHVHQWH PROGXUDpWLFRÀORVyÀFDRGH/DYLGD\IDEXODVGH(VRSRHGH9LGD\H[HPSORV GHO QDWXUDO SKLORVRSKR \ IRUPRVLVVLPR IDEXODGRU (VRSR XPD FRQÀJXUDomR OLWHUiULDGHDFRUGRFRPDWUDGLomRFOiVVLFDRGR)DEXODULRHQTXHVHFRQWLHQHQIDEXODV \FXHQWRVGLIHUHQWHV0H\XPFDUiFWHUPRUDOHRGH6yURU0DULDGR&pXXP FRQWRUQR UHOLJLRVR 1R HQWDQWR R JDOR GDV $YHV ,OOXVWUDGDV DR FRQWUiULR GH WRGRV RV RXWURVDFDERXUHJHQHUDGRHSUXGHQWHFULVWLDQL]DGRPHGLDQWHDOLomRGDiJXLDVREUH D WUDQVFHQGrQFLD GRV DFKDGRV HVSHFLDOPHQWH D GR PDLV YDOLRVR 1D H[SODQDomR GD PRUDOLGDGHGDVXDIiEXODRURX[LQRODPSOLÀFRXDLQGDDGLPHQVmRVLPEyOLFDGRYDORU GDSpURODHVySLFDSRUTXDQWROKHDWULEXLXQmRVyYDOLDHVSLULWXDOFRPRPDWHULDOSDUD GHVWHPRGRDID]HUUHSUHVHQWDUDLGHLDGHWRWDOLGDGH &RPRVHREVHUYDDUHFUHDomRIDEXOtVWLFDIRLLPSRVWDSHODÀQDOLGDGHGHH[RUWDomR SLHGRVDHDSOLFDGDVHJXQGRRHVTXHPDUHWyULFRGDH[HPSOLÀFDomRHGHPRQVWUDomRQR HQWDQWRWDPEpPVHSHUFHEHQDUHFRPSRVLomRXPSURJUDPDGHSHUVXDVmRGHOHLWRVDHD QRomRGDVSRWHQFLDOLGDGHVSRpWLFDVGRJpQHUR 7LQKDUD]mRRSiVVDURQDUUDGRUDRDGYHUWLUSDUDDQRYLGDGHGRVHXUHODWRPDV H[LVWLUDP RXWUDV SUiWLFDV FRQWHPSRUkQHDV j VXD TXH HPERUD VHP HVWD OLEHUGDGH SRpWLFD FRQVWLWXtUDPVH D SDUWLU GH XP SURFHGLPHQWR LJXDOPHQWH FULDWLYR ² H EDVWDQWH UHYHODGRU GD IDPLOLDULGDGH GD WUDGLomR HVySLFD QR PXQGR GDV OHWUDV ² D FRQMXJDomR GH GLIHUHQWHV IiEXODV 2EVHUYHPROR SDUD FRQFOXLU HP GRLV UHODWRV FRPLJXDOFRPSRVLomRWHPiWLFDDSOLFDGRVUHWRULFDPHQWHQD1RYD)ORUHVWDQDVVXDV GLJUHVV}HVVREUHDVDVW~FLDVGDOLQJXDJHPSDUDGLVVLPXODUDIDOWDGHUD]mRHVREUH DSHUYHUVLGDGHGDLPSXWDomRGHFXOSDDRVLQRFHQWHV%HUQDUGHVH UHVSHFWLYDPHQWH,QLFLDPDVVLP 3RGHPRVH[HPSOLÀFDORF}RDSRORJRGRTXHVXFFHGHRDRFRUGH\ULQKRFRPRORER'L]HPTXH WLQKD}HVWHVIHLWRWUHJRDVSRUFHUWRWHPSRDQWHVGHVHDFDEDUVHHQFRQWUDUD}DPERVEHEHQGR HPKXPUHJDWR'HVHMDYDRORERTXHEUDUDVWUHJRDVHFRPHURFRUGH\URHSDUDDFKDURFFDVLD} GHEULJDGLVVHOKHPX\VDQKXGR3DUDTXHPHWXUEDLVDDJRDTXHHVWRXEHEHQGR"%HUQDUGHV 1D} GHL[DUH\ GH FRQWDU XP DSRORJR HQJUDoDGR TXH D HVWH SURSRVLWR WUD] R 3DGUH >-HUHPLDV@ 'UH[HOLR1RWHPSRHPTXHRORERHRFRUGHLURHVWDYD}HPWUHJXDVGHVHMDYDDTXHOOHTXHVH RIHUHFHVVH RFDVLD} SDUD DV URPSHU ( KXP GLD TXH DPERV VH DFKDUD} QDV PDUJHQV GH KXP UHJDWRLQGREHEHUGLVVHRORERPX\HQFROHUL]DGRSDUDRFRUGHLUR3RUTXHPHWXUEDLVDDJXDTXH YRXEHEHU"%HUQDUGHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7HUHVD$UD~MR $VGXDVQDUUDWLYDVWHUPLQDPGHDFRUGRFRPRGHVIHFKRGRWHPDGRORERHGR FRUGHLURPDVDPEDVFRPHoDPFRPDSUHVHQoDGDIiEXODGRORERHGDVRYHOKDV3HUU\ Q Q QRPHDGDPHQWH FRP R VHX PRWLYR GDV WUpJXDV HQWUH RV SURWDJRQLVWDVDTXLDGDSWDGRDRQRYRFRQWH[WRVRERGRDUPLVWtFLRLQWHQFLRQDOPHQWH LQWHUURPSLGRSHORORER²GRTXDOUHVXOWRXH[WUHPDGRRFRQWUDVWHHQWUHDDEHUWXUDHR ÀQDOGDIiEXODSUHSRQGHUDQWHGRWH[WRGH%HUQDUGHVEHPFRPRDUHVSHFWLYDSHUItGLD OXSLQD 2DXWRULQGLFRXDSURYHQLrQFLDGRVHXUHODWRPDVOHQGRR2UELV3KDsWKRQYHULÀFD VHTXHRMHVXtWDDOHPmRDRH[SRURVHQWLGRGHFDO~QLDDSOLFRXDSHQDVDIiEXODGRORER HGRFRUGHLURGHQRPLQDGDSHORYRFiEXORWDPEpPXVDGRSHORVOHWUDGRVSHQLQVXODUHV DSDUWLUGRWH[WRFOiVVLFR´>D@SSRVLWXPKXLFUHLDSRORJXPUHFLWDQV3K GUXVµ'UH[HOLR $UHFULDomRFRPSRVWDSHORVGRLVWHPDVIRLSRUWDQWRGDODYUDGH%HUQDUGHV TXHSRGLDFRQKHFHURGRORERHGDRYHOKDVDWUDYpVGDVFROHo}HVVHLVFHQWLVWDVHVSDQKRODV /DYLGD\IDEXODVGHO(VRSRHQWUHRXWUDVRXGHXPDPHPyULDOLYUHVFDRX LPDWHULDOPDLVDQWLJDVHFRQVLGHUDUPRVDIyUPXODGHDEHUWXUDGRSULPHLURUHODWR´>G@ L]HP TXHµ &RP HIHLWR R /LYUR GH ([RSR Gi WHVWHPXQKR QDV VXDV QDUUDWLYDV GH XPD FKDYHVHPHOKDQWH´>F@RPWHVVHTXHµHLQFOXVLYDPHQWHLQFOXLDGLWDIiEXOD ,QWHQVLÀFDGR GHVWH PRGR FULDWLYR R VLJQLÀFDGR GRV WHPDV SUpYLRV QHQKXP GRVGRLVUHODWRVGD1RYD)ORUHVWDLQWURGX]LXRXWURDVSHFWRUHFRQÀJXUDGRUGLJQRGH QRWDUHVXOWDQGRDPROGXUDpWLFRUHOLJLRVDGDVXDDSOLFDomRGRFRQWH[WRGDREUDHVVH VHPHOKDQWHDRGR2UELV3KDsWKRQ %,%/,2*5$),$ $QGUDGH$QWyQLR0DQXHO/RSHV´$)iEXODQD2EUD3RpWLFDGH'LRJR3LUHVµ ÉJRUD(VWXGRV&OiVVLFRVHP'HEDWH %DUDQGD&RQVRODFLyQ´(ODSyORJR\HOHVWDWXWRGHODÀFFLyQHQHO5HQDFLPLHQWRµ6WXGLD DXUHD5HYLVWDGH/LWHUDWXUD(VSDxROD\7HRUtD/LWHUDULDGHO5HQDFLPLHQWR\6LJORGH2UR ZZZVWXGLDDXUHDFRPDUWLFXORSKS"LG &RQVXOWDGRHPQRYHPEURGH %DUDWD-RVp2OLYHLUD´,QWURGXomRµLQ$QWyQLR-RVpGD6LOYD(VRSDLGDRX9LGDGH(VRSR HGLomRVLQySWLFDHLQWHUSUHWDWLYDOHLWXUDGRPDQXVFULWRLQWURGXomRQRWDVHFRPHQWiULRV GH-RVp2OLYHLUD%DUDWD&RLPEUD3RU2UGHPGD8QLYHUVLGDGH %HUQDUGHV 3DGUH 0DQXHO 1RYD )ORUHVWD RX 6\OYD GH 9DULRV $SKRWKHJPDV H 'LWRV 6HQWHQFLRVRV(VSLULWXDHVH0RUDHV«FRPR9DULRGD(UXGLoD}DVVLP'LYLQDFRPR+XPDQD 7RPRV,H,,/LVERD1D2IÀFLQDGH9DOHQWLPGD&RVWD'HVODQGHV7RPRV,,, /LVERD1D2IÀFLQD'HVODQGLDQD7RPRV,9H9/LVERD2FFLGHQWDO1D2IÀFLQDGH -RVHSK$QWRQLRGD6LOYD %OXWHDX5DSKDHO9RFDEXODULR3RUWXJXH]H/DWLQR,,9&RLPEUD&ROpJLRGDV$UWHV 99,,, /LVERD 3DVFRDO GD 6\OYD 6XSOHPHQWR DR 9RFDEXODULR 3RUWXJXH]H/DWLQR,/LVERD-RVHSK$QWRQLRGD6\OYD,,3DWULDUFDO2IÀFLQDGD 0XVLFD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UiWLFDVHVySLFDVHPSRUWXJXrVVpFXORV;9,,;9,,, &UH\R 5RPmR )UDQFLVFR$QWyQLR )DEXODV /LWWHUDULDV GH 7KRPDV <ULDUWH WUDGX]LGDV GR FDVWHOKDQRSRU5RPmR)UDQFLVFR$QWRQLR&UH\R3RUWR2IIGH9LXYD0DOOHQ)LOKRVH &RPS &XDUWHUR 6DQFKR 0DUtD 3LODU ´/D IiEXOD HQ *UDFLiQµ %LEOLRWHFD 9LUWXDO 8QLYHUVDO ZZZELEOLRWHFDRUJDUOLEURVSGIFRQVXOWDGRHPQRYHPEURGH 'UH[HOLR+LHUHPLD2UELV3KDsWKRQKRFHVWGHYQLXHUVLVYLWLLVOLQJXDHSDUVDOWHUD0RQDFKLL )DEXODV \ YLGD GH ,VRSR FRQ ODV GH RWURV DXWRUHV WUDGX]LGDV SRU -XDQ GH /DPD 0DGULG $ORQVR3DGLOOD *XHUUHLUR 0LJXHO GR &RXWR )iEXODV GH (VRSR UHGX]LGDV D ULPD FRP DSOLFDo}HV DFRPRGDGDVjPRUDOFULVWmRIHUHFLGDVDRH[PR6HQKRU'-RVpGH$VVLV0DVFDUHQKDV /LVERD2IÀFLQD3DWULDUFDOGH)UDQFLVFR/XL]$PHQR /DYLGD\IDEXODVGHO(VRSRDODVTXDOHVVHDxDGLHURQDOJXQDVPX\JUDFLRVDVGH$YLDQR\GHRWURVVDELRV IDEXODGRUHVHQODRÀFLQD3ODQWLQLDQD /LEURGHODYLGD\IiEXODVGHHOViELR\FODUtVVLPRIDEXODGRU,VRSR 0DGULG*UHJRULR5RGULJXH]DFRVWDGH,XDQGH9DOGHV0DGULGHQOD,PSUHQWD5HDO DFRVWDGH$QWRQLR5RGULJXH]GHO5LEHUR9DOHQFLDSRU/RUHQoRGH&DEUHUD9DOHQFLD SRU/RUHQoRGH&DEUHUD0DGULGLPSGH$QJHO3DVFXDO0DGULG3HGUR-RVHSK$ORQVR GH3DGLOOD6HJyYLD0DGULG(QODLPSUHQWDGH(VSLQRVDHQODGHOPLVPR /LEURGHOVDELRHFODUtVVLPRIDEXODGRU<VRSRKLVWRULDGRHDQQRWDGR6HYLOODSRU-XDQ&URPEHUJHU /LYURGH([RSRHGLomRFUtWLFDFRPLQWURGXomRHQRWDVGH$GHOLQRGH$OPHLGD&DODGR &RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFRGD8QLYHUVLGDGHGH&RLPEUD /RER)UDQFLVFR5RGULJXHV&RUWHQD$OGHLDLQWURGXomRQRWDVHÀ[DomRGRWH[WR GH-RVp$GULDQRGH&DUYDOKR/LVERD3UHVHQoD 0DGDLO $OH[DQGUD 0DULD GH 0HOR 5HFHSomR /LWHUiULD GH (VRSR H )HGUR HP $XWRUHV 3RUWXJXHVHV>'LVVHUWDomRGH0HVWUDGR@$YHLUR8QLYHUVLGDGHGH$YHLUR 0DULDGR&pX6yURU$YHV,OOXVWUDGDVHP$YLVRVSDUDDV5HOLJLRVDV6HUYLUHPRV2IÀFLRVGRV VHXV0RVWHLURV/LVERD2IÀFLQD0LJXHO5RGULJXHV 0DUWLQ *DUFtD )UDQFLVFR ´,QWURGXFFLyQµ LQ $QWRORJtD GH IiEXODV HVySLFDV HQ ORV DXWRUHVFDVWHOODQRVKDVWDHOVLJOR;9,,,&XHQFD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD 0HOR')UDQFLVFR0DQXHOGH&DUWDV)DPLOLDUHVSUHIiFLRHQRWDVGH0DULDGD&RQFHLomR 0RUDLV6DUPHQWR/LVERD,PSUHQVD1DFLRQDO&DVDGD0RHGD 0HOR'$SyORJRV'LDORJDLVHGLomRHLQWURGXomRGH3HGUR6HUUD,2V5HOyJLRV)DODQWHV $9LVLWDGDV)RQWHV,,2(VFULWyULR$YDUHQWR2+RVSLWDOGDV/HWUDV%UDJD$QJHOXV1RYXV 0HQGHVGD9LGLJXHLUD0DQXHO9LGDH)iEXODVGR ,QVLJQH)DEXODGRU*UHJR(VRSR(YRUD0DQXHOGH/\UD/LVERD-RUJH5RGULJXHV /LVERD $QWRQLR $OYDUH] /LVERD )UDQFLVFR 9LOOHOD /LVERD )UDQFLVFR 9LOOHOD &RLPEUD-RVp$QWXQHVGD6LOYD,PSUHVVRUGD8QLYHUVLGDGH 0H\6HEDVWLDQ)DEXODULRHQTXHVHFRQWLHQHQIiEXODV\FXHQWRVGLIHUHQWHVDOJXQRV QXHYRV \ SDUWH VDFDGRV GH RWURV DXWRUHV HGLFLyQ H LQWURGXFFLyQ GH & %UDYR 9LOODVDQWH0DGULG)XQGDFLyQ8QLYHUVLWDULD(VSDxROD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7HUHVD$UD~MR 1DVFLPHQWR)UDQFLVFR0DQXHOGR>)LOLQWR(OtVLR@)iEXODVHVFROKLGDVHQWUH DVGH-/D)RQWDLQH/RQGUHV7\SRJUDSKLDGH+%U\HU/LVERD,PSUHQVD5HJLD3DULV QD2IÀFLQDGH&HOORW 3DLYD0RUDLV$QD´+LVWyULDVGRÌQÀPRµ)RUPD%UHYH$)iEXOD 3HUHLUD /XFLDQR -RVp GRV 6DQWRV %DSWLVWD $ )iEXOD HP 3RUWXJDO &RQWULEXWRV SDUD D +LVWyULDH&DUDFWHUL]DomRGD)iEXOD/LWHUiULD3RUWR3URIHGLo}HV 3HUU\%(%DEULXVDQG3KDHGUXV)DEOHV&DPEULGJH0DVVDFKXVHWWV/RQGRQ+DUYDUG 8QLYHUVLW\3UHVV/RHE&ODVVLFDO/LEUDU\ 5HJD]]RQL6LPRQH´'X/RXS)RUFHHW/RLµ(VFULWXUDHLPDJHQYROH[W 5XL] -XDQ$UFLSUHVWH GH +LWD (O /LEUR GH %XHQ $PRU$OLFDQWH %LEOLRWHFD 9LUWXDO 0LJXHO GH &HUYDQWHV ZZZFHUYDQWHVYLUWXDOFRPREUDHOOLEURGHEXHQDPRU &RQVXOWDGRHPQRYHPEURGH 6HPHGR &XUYR >%HOPLUR 7UDQVWDJDQR@ $V 0HOKRUHV )iEXODV GH /D )RQWDLQH /LVERD ,PSUHVVmR5HJLD 6RDUHV0DQXHOGH0RUDLV)iEXODVGH)HGUR(VFUDYR)RUURGH$XJXVWR&pVDU/LVERD 2IÀFLQD3DWULDUFDOGH)UDQFLVFR/XL]$PHQR 7DODYHUD &XHVWD 6DQWLDJR ´(VWXGLR JHQHUDO GH ODV IiEXODVµ LQ /D IiEXOD HVySLFD HQ (VSDxDHQHOVLJOR;9,,,&XHQFD8QLYHUVLGDGGH&DVWLOOD/D0DQFKD 9LGD\H[HPSORVGHOQDWXUDOSKLORVRSKR\IRUPRVLVVLPRIDEXODGRU(VRSR6DODPDQFD(P FDVDGH$QWRQLD5DPLUH] ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV '(*5(&,$$1$51,$/$)É%8/$'(//(Ð1<(/5$7Ð1 )8(5$'(/$6&2/(&&,21(6'()É%8/$6 $1$0$5Ì$0$5,f2$5,$6 8QLYHUVLGDGGH/HyQ 5HVXPHQ /DVIiEXODVDGHPiVGHWUDQVPLWLUVHDWUDYpVGHFROHFFLRQHVUHYLVDGDV\UHKHFKDVXQD\RWUDYH]DORODU JRGHODKLVWRULDSRUGLIHUHQWHVDXWRUHVVHKDQLQFRUSRUDGRFRPRSDUWHGHODUJXPHQWRHQRWURVJpQHURV \WUDGLFLRQHVFRQDOJXQRVFDPELRVSHURFRQVHUYDQGRVXDUJXPHQWRSULQFLSDO(QHOSUHVHQWHDUWtFXORVH HVWXGLDGHTXHPRGRVHKDKHFKRHQHOFDVRFRQFUHWRGHODIiEXODHVySLFDGHOOHyQ\HOUDWyQHQWUHVREUDV XQFXHQWRDQyQLPRGHO$QWLJXR(JLSWRHO/LEURGHO%XHQ$PRU\/DV&UyQLFDVGH1DUQLD 3DODEUDVFODYHIiEXODOHyQUDWy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iEXOD HV XQ JpQHUR PX\ UHODFLRQDGR FRQ OD WUDGLFLyQ RUDO \ OD OLWHUDWXUD SRSXODUFX\DHVHQFLDHVODEUHYHGDG\ODLQWHQFLyQPRUDO$GHPiVGHVXFRQGLFLyQGH JpQHURKLSHUWH[WXDO\DTXHDOVHUXQJpQHURPHQRU\XQWLSRGHOLWHUDWXUDSRSXODU VXWUDGLFLyQWH[WXDOHVWiDELHUWDGHVGHOD$QWLJHGDGVHKDQWUDGXFLGRLQWHUSUHWDGR \ UHFUHDGR ODV PLVPDV IiEXODV 6LQ HPEDUJR FRQ OD WUDGLFLyQ YD XQLGD OD YDULDFLyQ DXQTXHPiVHQODIRUPDTXHHQHOWRQRSXHVHODUPD]yQOyJLFR\DUJXPHQWDOGHOD IiEXODHVPX\UtJLGR $QWRQLR &DVFyQ 'RUDGR SRQH GH PDQLÀHVWR TXH VH SURGXFHQ VLPLODUHV IHQyPHQRV GH WUDQVPLVLyQ HQ OD IiEXOD \ HO H[HPSOXP FDPELR GH SHUVRQDMHVGHVLWXDFLRQHVDUJXPHQWDOHVDPSOLDFLRQHVDEUHYLDFLRQHVGXSOLFDFLRQHV &RUUHRHNKHQGUD#KRWPDLOHV5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD0DUtD0DULxR$ULDV FRQWDPLQDFLRQHVFDPELRVGHLQWHQFLRQDOLGDG«IHQyPHQRVTXHVHDSUHFLDQIiFLOPHQWH DOUHDOL]DUFRPSDUDFLRQHVHQWUHGLVWLQWDVYHUVLRQHVGHODPLVPDIiEXOD 3HUR DGHPiV GH ODV PRGLÀFDFLRQHV TXH VH DSUHFLDQ DO FRPSDUDU ODV GLYHUVDV FROHFFLRQHVGHIiEXODVODVIiEXODVWDPELpQSXHGHQLQWHJUDUVHFRPRSDUWHGHODUJXPHQWR HQREUDVGHRWURVJpQHURVOLWHUDULRVDOWHUDQGRLJXDOPHQWHDOJXQRVGHVXVHOHPHQWRV HQIXQFLyQGHODVQHFHVLGDGHVRLQWHQFLRQHVGHODXWRUSHURFRQVHUYDQGRFODUDPHQWH VXHVHQFLD $VtSXHVDFRQWLQXDFLyQHVWXGLDUHPRVODIRUPDHQTXHKDVLGRDGDSWDGDXQD IiEXODHVySLFDODIiEXODGHOOHyQ\HOUDWyQHQWUHVREUDVGHPD\RUH[WHQVLyQGHJpQHURV GLIHUHQWHV\GHPRPHQWRV\OXJDUHVPX\GLVSDUHVXQFXHQWRHJLSFLRDQyQLPRHO/LEUR GHO%XHQ$PRUGHO$UFLSUHVWHGH+LWD\/DV&UyQLFDVGH1DUQLDGH&6/HZLV $ (VRSR QR OH FRQVLGHUDEDQ ORV JULHJRV FRPR HO LQYHQWRU GHO JpQHUR VLQR HO LQWURGXFWRUHQ*UHFLDGHODSULPHUDFROHFFLyQGHIiEXODVTXHÀMyHOWLSRFOiVLFRGHWDOHV UHODWRVEUHYHV\GLGiFWLFRVFRQXQDHVWUXFWXUDQDUUDWLYDFDUDFWHUtVWLFD6REUHpOVHWHMLy GHVGHPX\DQWLJXRXQDOH\HQGDELRJUiÀFDQ~FOHRGHOD9LGDGH(VRSRFX\DLGHRORJtD FRLQFLGHFRQODTXHVHGHVSUHQGHGHODFROHFFLyQGHIiEXODV(VRSRVHYDOHGHODDVWXFLD SDUDWULXQIDUHQXQPXQGRGRQGHLPSHUDQODIXHU]DHOHQJDxR\ODOXFKDFRQVWDQWHGH XQRVFRQWUDRWURVVLQPiVVDQFLyQPRUDOTXHHOp[LWRRHOIUDFDVR /DIiEXODGHOOHyQ\HOUDWyQHQODUHGDFFLyQDWULEXLGDD(VRSR+FRQVLVWH HQXQDVHQFLOODDQpFGRWDXQUDWyQMXHJDFRQRWURVKDVWDTXHGHVSLHUWDDXQOHyQ\pVWH ORFRJHSDUDDFRPpUVHOR(OUDWyQOHSLGHTXHORVXHOWHSURPHWLHQGRTXHOHSDJDUiHO IDYRU\IHOLQRDFFHGHDXQTXHVLQWRPDUVHHQVHULRHORIUHFLPLHQWR8QGtDHVDSUHVDGR SRUXQRVFD]DGRUHVDWDGRDXQiUERO\OLEHUDGRSRUHOUDWyQTXHURHODFXHUGD3RU ~OWLPRVHFLHUUDFRQXQSDUODPHQWRGHOUDWyQH[SUHVDQGRTXHWDPELpQORVSHTXHxRV WLHQHQJUDWLWXG (O WHPD IXQGDPHQWDO TXH LOXVWUD HVWD IiEXOD HV HO GHO DQLPDO DJUDGHFLGR GHVDUUROODGRSDUDSRQHUGHPDQLÀHVWRHOGHVDJUDGHFLPLHQWRGHORVKRPEUHV7HPDTXH VHUHSLWHHQRWUDVIiEXODVHPSOHDQGRRWURVDQLPDOHVDVtFRPRODOLEHUDFLyQGHHOHIDQWHV \JDFHODVSRUUDWRQHVDSDUHFHQHQIiEXODVGHOD,QGLDTXHSXHGHQVHULQGHSHQGLHQWHV RGHULYDGDVGHODVJULHJDV5RGUtJXH]$GUDGRV /DHJLSWyORJD(PPD%UXQQHU7UDXWFRQVLGHUDTXHHVWDIiEXODJULHJD WLHQHFRPRPRGHORXQFXHQWRHJLSFLRTXHGHVDUUROODGHPDQHUDPXFKRPiVH[WHQVDOD WUDPD6HEDVDHQWUHRWUDVFRVDVHQTXHHQOD9LGDGH(VRSRVHVLW~DDOJULHJRUHFRSLODQGR PDWHULDOHVSDUDVXVIiEXODVHQODVRULOODVGHO1LOR6LQHPEDUJR5RGUtJXH]$GUDGRV SLHQVDSRUHOFRQWUDULRTXHHOPRGHORHVODIiEXODJULHJDFRQVLGHUDQGR TXHHVpVWDODTXHWLHQHXQRULJHQDQWLJXRPHVRSRWiPLFRSRUODHVWUXFWXUDGHODIiEXOD JULHJDTXHHVSHUIHFWDPHQWHUHJXODU\SRVLEOHPHQWHDUFDLFDGDGDVXRUJDQL]DFLyQHQ GRVDFWRV\TXHHQHO3DxFDWDQWUDH[LVWHXQSDUDOHORFDVLH[DFWRVXVWLWX\HQGRHOOHyQ SRU XQ HOHIDQWH$GHPiV GH TXH HO WHPD GHO DQLPDO DJUDGHFLGR VH HQFXHQWUD YDULDV YHFHVHQWDQWRHQIiEXODVJULHJDVFRPRLQGLDV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV (VWHFXHQWRHJLSFLR%UXQQHU7UDXWIXHUHGDFWDGRHQpSRFDKHOHQtVWLFD \WUDQVFULWRHQHOVLJOR,,G&HQFDUDFWHUHVGHPyWLFRV(QpOXQSRGHURVR\DWHUUDGRU OHyQYDUHFRUULHQGRHOGHVLHUWREXVFDQGRDOKRPEUHSDUDFDVWLJDUOHSRUODVWURSHOtDV TXHKDKHFKRDORVGLYHUVRVDQLPDOHVTXHVHYDHQFRQWUDQGRXQDSDQWHUDXQFDEDOOR \XQDVQRXQWRUR\XQDYDFDXQRVRHLQFOXVRDRWUROHyQ(QVXSHULSORHVWiDSXQWR GHSLVRWHDUDXQUDWRQFLOORTXHOHRIUHFHVDOYDUOHGHODGHVJUDFLDFRVDTXHHOSUHSRWHQWH OHyQVHWRPDDEURPDSHURTXHDOLJXDOTXHHQODIiEXODHVySLFDWHUPLQDVLHQGRORTXH RFXUUHFXDQGRHOIHOLQRFDHHQODUHGGHOFD]DGRU)LQDOPHQWHDPERVVHPDUFKDQMXQWRV GHYXHOWDDOGHVLHUWR (QODYHUVLyQGH(VRSRHOUDWyQVHGLVFXOSDSRUVXLJQRUDQFLDDOKDEHUPROHVWDGR DO OHyQ \ HV HO OHyQ HO TXH FRQVLGHUD TXH HV LQGLJQR GH pO YHQJDUVH GH XQ VHU WDQ SHTXHxR6LQHPEDUJRHQHOFXHQWRHJLSFLRHOURHGRUVXSOLFDDOHJDQGRTXHVLVHOR FRPHQRVDFLDUiVXKDPEUH\SURPHWLpQGROHFDVLYDWLFLQiQGROHTXHVLOHSHUGRQDOD YLGDDOJ~QGtDSRGUiGHYROYHUOHHOIDYRUDOJRTXHFDXVDODKLODULGDGGHOIHOLQRDXQTXH DFDEDVROWiQGRORLJXDOPHQWHSHQVDQGRTXHQROHLEDDOOHQDUHOFRPpUVHOR/DDFFLyQ\ SURPHVDGH(VRSRVHFRQYLHUWHQHQGHVWLQR\SUHPRQLFLyQDOLPEULFDUVHHQXQFRQWH[WR UHOLJLRVRXQDFRQYHUVDFLyQHQODTXHHOPRQRPHQVDMHUR7KRWHQWUHWLHQH\DFRQVHMDD ODGLRVDOHRQD7HIQXWODJDWDGHOVROGXUDQWHVXSHUHJULQDFLyQ 3RUWDQWRHQHOFDVRGHOFXHQWRHJLSFLRHOWHPDPiVTXHHQHODJUDGHFLPLHQWRHQ VtVHFHQWUDHQUHVDOWDUODYDOtDGHORTXHDVLPSOHYLVWDSDUHFHLQVLJQLÀFDQWHHOSRGHURVR \DUURJDQWHOHyQTXHVHGLVSRQHDYHQJDUDOUHVWRGHORVDQLPDOHVDWURSHOODGRVSRUOD FUXHOGDGGHOKRPEUHDFDEDFD\HQGRHQXQDGHODVWUDPSDVGHpVWH\VLHQGRVDOYDGR SRUXQPLQ~VFXORUDWRQFLWRGHOTXHVHEXUOy$VtFRPRTXHFXDQGRHOGHVWLQRDVtOR GHWHUPLQDORVPiVGpELOHVSXHGHQD\XGDUDORVPiVIXHUWHVDOJRPX\LPSRUWDQWHHQ HOFRQWH[WRHQHOTXHVHHQPDUFD ([LVWHRWURFXHQWRGH.RUGRIiQDORHVWHGHO$OWR1LOR]RQDGHLQÁXHQFLDGHOD WLHUUDGHORVIDUDRQHVGHULYDGRGHODQWHULRUFRQVHUYDGRRUDOPHQWH\UHFRSLODGRHQHO VLJOR;;SRU/)UREHQLXV%UXQQHU7UDXW$TXtHVHOUDWyQHOTXHSURYRFD DOOHyQUHVDOWDQGRTXHODLQWHOLJHQFLDHVSUHIHULEOHDODIXHU]D\OHUHWDDHQIUHQWDUVHDO KRPEUHTXHUHVXOWDVHUXQFRPHUFLDQWHGHPDGHUDTXHSDVDEDSRUDOOt(OOHxDGRUÀQJH DFHSWDUHOUHWR\FRQVLJXHTXHHOOHyQVHGHMHDWDUDXQiUEROFRVDTXHDSURYHFKDSDUD JROSHDUOHFRQXQDFXHUGD&XDQGRÀQDOPHQWHHOKRPEUHVHPDUFKDHOUDWyQDFFHGH DGHVDWDUDOOHyQWUDVORJUDUTXHOHSURPHWDDPLVWDGHWHUQD(OOHyQLQWHQWDYHQJDUVH SHURWHUPLQDHVFDOGDGROLWHUDOPHQWH\FXDQGRYXHOYHDYHUDOUDWyQLQWHQWDFRPpUVHOR FXOSiQGRORGHODVLWXDFLyQHQODTXHVHKD\DSHURHOURHGRUORJUD]DIDUVHGHODSUHVD FRQDVWXFLD7LHPSRGHVSXpV\WUDVYDULDVWUHWDVPiVHOOHxDGRUWHUPLQDFRQVLJXLHQGR TXHHVHOHyQ\WRGDXQDPDQDGDGHOHRQHVOHMXUHHVWDUDVXVHUYLFLR $SHVDUGHODLQGHSHQGHQFLDGHODWUDPDORVHOHPHQWRVHVHQFLDOHVLGpQWLFRVOOHYDQ DODFRQFOXVLyQGHTXHQRKDQSRGLGRVHUFUHDGRVGHIRUPDLQGHSHQGLHQWH(OGLVWLQWR DPELHQWHFXOWXUDO\HOGLIHUHQWHHVWDGRGHiQLPRH[SOLFDQHODXPHQWRGHODFUXHOGDG\ HOVHQWLGRÀQDOGHOFXHQWRH[SOLFDUODUHODFLyQHQWUHORVIDUDRQHV\ORVOHRQHVQRVROR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD0DUtD0DULxR$ULDV VtPEROR GH VREHUDQtD WDPELpQ DFRPSDxDQWHV \ SURWHFWRUHV HQ OD JXHUUD %UXQQHU 7UDXW (Q DPERV FDVRV VH PDQWLHQHQ YDULRV HOHPHQWRV GH OD IiEXOD RULJLQDO ORV SURWDJRQLVWDVHOOHyQ\HOUDWyQVLELHQHQORVFXHQWRVVHLQFOX\HODSUHVHQFLDKXPDQD \ WDPELpQ HO WHPD GH OD FUXHOGDG DXVHQWHV HQ HO WH[WR JULHJR (O FXHQWR HJLSFLR QR LQFOX\HHODSUHVDPLHQWRGHOURHGRUVLQRTXHHOIHOLQRFDVLORSLVDSHURHQHOGH.RUGRIiQ VtRFXUUHDVtFRPRHOKHFKRGHTXHHOSXQWRLQLFLDOGHODWUDPDVHDTXHHOUDWyQPROHVWD DOOHyQDXQTXHGHGLVWLQWDIRUPD6LQHPEDUJRDGLIHUHQFLDGHODIiEXODHVDSULVLyQGHO UDWyQVXFHGHGHVSXpVGHODOLEHUDFLyQGHODVFXHUGDVGHOOHyQSRUHOUDWyQ\URPSLHQGR HOIHOLQRDVtVXSURPHVDGHDPLVWDGHWHUQDDOURHGRU$GHPiVpVWHVHOLEUDGHODVJDUUDV QRFRQSURPHVDVVLQRFRQD\XGDGHVXLQJHQLR\DSURYHFKDQGRHOPLHGRTXHHQHVH PRPHQWROHWLHQHHOOHyQDOKRPEUH /DUHFHSFLyQPHGLHYDOGHODREUDGH(VRSRIXHWUD]DGDKDFHPiVGHXQVLJORSRU +HUYLHX[HQVXH[WHQVRHVWXGLRDFHUFDGHORVIDEXOLVWDVODWLQRVGHVGHODpSRFDGH $XJXVWRKDVWDÀQDOHVGHOD(GDG0HGLD6HSURGXFHELHQSRUPHGLRGH)HGURHQODWtQ VREUHWRGRDWUDYpVGHODYHUVLyQHQSURVDODWLQDGHO5RPXOXVELHQPHGLDQWHODREUDGH %DEULRHQJULHJR\HVSHFLDOPHQWHPHGLDQWHODYHUVLyQHQGtVWLFRVHOHJLDFRVODWLQRVGH $YLDQR(OORGHWHUPLQDODH[LVWHQFLDHQHVWHSHULRGRGHGRVOtQHDVGHWUDQVPLVLyQGHODV IiEXODVHVySLFDVDODVTXHORVGLVWLQWRVUHFRSLODGRUHVLUiQDxDGLHQGRRWUDVGHGLVWLQWDV SURFHGHQFLDVKDFLHQGRTXHGHFLHQWRFLQFXHQWDSDVHQDVHUPiVGHGRVFLHQWDVIiEXODV (Q HVWD pSRFD (VRSR SHUWHQHFtD DO JUDGR LQIHULRU GH ORV ´DXFWRUHV PLQRUHVµ HPSOHDGRSDUDODHQVHxDQ]DGHODJUDPiWLFD\GHODUHWyULFDGDGRTXHVXVIiEXODVJUDFLDV D VX EUHYHGDG VHQFLOOH] \ IiFLO PRUDOL]DFLyQ HUDQ XQ DGHFXDGR PDWHULDO GLGiFWLFR &RQHVWDRULHQWDFLyQVXUJHHO´(VRSRPRUDOL]DGRµXQDYHUVLyQODWLQDYHUVLÀFDGDHQOD TXH VH FULVWLDQL]DQ ODV IiEXODV \ VH DGDSWDQ DO XVR HVFRODU PHGLHYDO 6H DWULEX\H DO SRHWD:DOWHUHO,QJOpVR*XDOWHULXVÉQJOLFXVGHOVLJOR;,,TXHVHVLUYLyGHO5RPXOXV YXOJDULVR5HFHQVLRJDOOLFDQDGHOVLJOR9R9,HOPiVGLIXQGLGRGHORV5RPXOLHQSURVD (O VXSXHVWR DXWRU 5RPXOR QR FRQRFLy OD REUD GH (VRSR VLQR OD WUDGLFLyQ ODWLQD GH )HGURFX\DVIiEXODVSDUDIUDVHD\UHRUJDQL]DDODTXHDxDGHRWURVPDWHULDOHV\QXHYDV IiEXODVFUHDGDVDSDUWLUGHODLPLWDFLyQGHOHVWLORGH)HGUR(VWDVIiEXODVGH*XDOWHULXV ÉQJOLFXVFRPRREUDGHOHFWXUDREOLJDWRULDHQODFODVHGHOJUDPPDWLFXVVHGLIXQGLHURQ HQOD(GDG0HGLDSRUPHGLRGHFRPHQWDULRVTXHDFRPSDxDURQDORVGtVWLFRVRULJLQDOHV GHVGHÀQDOHVGHOVLJOR;,,, (O$UFLSUHVWHGH+LWDVHEDVyPD\RULWDULDPHQWHHQHVWDREUDDXQTXHHQDOJXQRV FDVRV SDUHFH DOHMDUVH GH HOOD SRU PDQHMDU XQ PDQXVFULWR FRQ JORVDV LQWHUOLQHDOHV \ H[WHQVRVFRPHQWDULRVHQODVIiEXODVTXHSRQHHQERFDGHODVSURWDJRQLVWDVSULQFLSDOHV HQHOHSLVRGLRGHGRxD*DUR]DHQHO/LEURGHO%XHQ$PRUFRPRKDHVWXGLDGR%LHQYHQLGR 0RUURV$ORODUJRGHGRVGtDVODDOFDKXHWD7URWDFRQYHQWRV\ODPRQMDDPDGD SRU HO DUFLSUHVWH LQWHUFDPELDQ GLH] IiEXODV TXH VLUYHQ SDUD LOXVWUDU VXV RSLQLRQHV FRQWUDSXHVWDVVLELHQQRVLHPSUHVHHVWDEOHFHFODUDPHQWHODUHODFLyQHQWUHHOFRQWHQLGR GHODVIiEXODV\ODVLWXDFLyQDODTXHSUHWHQGHQDSOLFDUODV(VEDVWDQWHSUREDEOHTXH HVWRVHGHEDDTXHHODXWRURWRUJDPiVLPSRUWDQFLDDODVLQWHUSUHWDFLRQHVPRUDOHVGH ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV ORVFRPHQWDULVWDVGHORVKH[iPHWURVGH*XDOWHULRTXHDODOLWHUDOLGDGGHORH[SXHVWR SRUODIiEXOD0RUURV (Q HO SUHVHQWH FDVR OD IiEXOD GHO OHyQ \ HO UDWyQ -XDQ 5XL] VH FLxH EDVWDQWH DO WH[WR GH ÉQJOLFR \ VyOR UHFXUUH D ODV JORVDV LQWHUOLQHDOHV FXDQGR HO WH[WR QR HV VXÀFLHQWHPHQWHFODUR0RUURV 1RREVWDQWHHOSDSHOGHOSURWDJRQLVWDDXQTXHFRQWLQ~DVLHQGRSRVLWLYRQROR HVWDQWRFRPRHQODYHUVLyQGH*XDOWHULR(VWRUHVSRQGHDTXHODIiEXODHVWiQDUUDGD SRU7URWDFRQYHQWRVTXHVHLGHQWLÀFDFRQHOUDWyQPLHQWUDVDWULEX\HDGRxD*DUR]DHO SDSHOGHOOHyQGHDKtTXHVHDHOSULPHURHOTXHPXHVWUDPD\RULQJHQLR\FDSDFLGDG GLVFXUVLYDFRPRKDVHxDODGR/X]GLYLQD&XHVWD $VtSXHVQRVHQFRQWUDPRVFRQXQDYHUVLyQGHHVWDIiEXODHQHO(Q[LHPSORGHO OHyQHGHOPXUSXHVWRHQERFDGHODDOFDKXHWDHQHOPRPHQWRHQTXHVXV DQWHULRUHVSURSXHVWDVWDPELpQH[SUHVDGDVDWUDYpVGHIiEXODVKDQGHVSHUWDGRODLUD GHODPRQMD(OPLHGRDODPDOYHODGDDPHQD]DLQVSLUDDODYLHMDDDSURYHFKDU\UHIRU]DU FRQ ORV HORFXHQWHV DUJXPHQWRV GHO UDWyQ OD HQVHxDQ]D PRUDO GHO HVFDVR KRQRU TXH VXSRQHSDUDHOJUDQGHHOKHFKRGHYHQFHUDOSHTXHxRSUHVHQWHHVSHFLDOPHQWHHQOD LQWHUSUHWDFLyQGH*XDOWHULRGHODIiEXODGHOOHyQ\HOUDWyQ $GHPiVHOFRPHQWDULVWDGHÉQJOLFRLGHQWLÀFDEDDOOHyQFRQHOULFR\DOUDWyQFRQHO SREUH\HVSHFLÀFDEDTXHHOSREUHSXHGHUHVXOWDUGHJUDQXWLOLGDGHQHODVSHFWRUHOLJLRVR DOULFRFRQRFLHQGRHOWUDWRTXHORVHYDQJHOLRVRWRUJDQDOPHQHVWHURVR'HHVWHPRGR 7URWDFRQYHQWRV SUHWHQGH DO LGHQWLÀFDUVH FRQ HO UDWyQ GDU FXHQWD GH VX XWLOLGDG HQ FXDOTXLHU FLUFXQVWDQFLD RIUHFLHQGR D FDPELR GH SRGHU \ ULTXH]D VX HQWHQGLPLHQWR \ DVWXFLD 6LQ HPEDUJR VH PDQWLHQH OD DPELJHGDG GH WRGD OD REUD SRU OR TXH VH DEVWLHQHGHDFODUDUFRQTXpSURSyVLWRVLSDUDDÀDQ]DU\FRQVROLGDUVXDPRUSRU'LRVR VLSRUHOFRQWUDULRSUHWHQGHLQYLWDUODDYDOHUVHGHVXDVWXFLDHLQWHOLJHQFLDSDUDHOXGLU HOFDVWLJRGHLQFXUULUHQHOSHFDGRGHOORFRDPRU0RUURV &XDQGR &OLYH 6WDSOHV /HZLV SURIHVRU GH /HQJXD \ /LWHUDWXUD ,QJOHVDV HQ OD SUHVWLJLRVD 8QLYHUVLGDG GH 2[IRUG SXEOLFy HQ (O OHyQ OD EUXMD \ HO DUPDULR OD SULPHUDGHVLHWHQRYHODVGH/DV&UyQLFDVGH1DUQLDHUDXQDXWRUDFDGpPLFR GH JUDQ UHOLHYH SRU VXV HVWXGLRV HUXGLWRV GH /LWHUDWXUD 5HQDFHQWLVWD ,QJOHVD \ VXV UHÁH[LRQHVVREUHODFRQGLFLyQKXPDQD 6X DPSOLD IRUPDFLyQ DFDGpPLFD XQLGD D VX SDVLyQ SRU OD OHFWXUD GHVGH OD LQIDQFLDKDFHTXHHQRFDVLRQHVHQVXREUDDSDUH]FDXQDDPDOJDPDGHHOHPHQWRVH LQÁXHQFLDVGLVSDUHVKDVWDHOSXQWRTXHVXDPLJRFROHJD\WDPELpQFUHDGRUGHREUDV GH IDQWDVtD -55 7RONLHQ QR FRPSUHQGtD FyPR /HZLV KDEtD SRGLGR HVFULELU DOJR WDQ SRFR FRKHUHQWH \ PHQRV D~Q FyPR D SHVDU GH HOOR KDEtD WULXQIDGR&DUSHQWHU /HZLVIXHSURIHVRUGHOLWHUDWXUDLQJOHVDPHGLHYDO\UHQDFHQWLVWDSUiFWLFDPHQWHWRGDVXYLGD)XHIHOORZ HQHO0DJGDOHQ&ROOHJH\PLHPEURGHOFRQVHMRGH*RELHUQRGHOD8QLYHUVLGDGGH2[IRUGHQWUH \DxRV\HQIXHQRPEUDGRSURIHVRUHQOD8QLYHUVLGDGGH&DPEULGJHHQODFXDOHQVHxy KDVWDVXPXHUWHHQDxRV(VGHFLUGHGLFyDxRVDODDFDGHPLDGHORVTXHHOHVFULWRUSDVy SRUHVWHPXQGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD0DUtD0DULxR$ULDV <HVWRWHQLHQGRHQFXHQWDTXHHOJHUPHQGH1DUQLDIXHHOUHVXOWDGRGHHFKDU DVXHUWHVODGHFLVLyQGHTXLHQGHHOORVHVFULELUtDXQDQRYHODEDVDGDHQXQYLDMHHVSDFLDO /HZLV\TXLHQHQXQRWHPSRUDO7RONLHQ&DUSHQWHU 1DUQLD HV XQ PXQGR LPDJLQDULR SREODGR SRU SHUVRQDMHV GH PX\ GLVWLQWDV IXHQWHV FUHDGR HQ (O VREULQR GHO PDJR SRU HO ~QLFR SHUVRQDMH TXH DSDUHFH HQ WRGDODVDJD$VODQXQJUDQOHyQFRVDTXHQRUHVXOWDQDGDVRUSUHQGHQWHGDGRTXHVX QRPEUHHVODWUDGXFFLyQGHOHyQHQWXUFR /D HOHFFLyQ GH XQ OHyQ FRPR SHUVRQDMH IXQGDPHQWDO SXHGH DWULEXLUVH D P~OWLSOHV PRWLYRV H LQÁXHQFLDV GHVGH OD DVWURORJtD HO PXQGR FOiVLFR HO FXOWR GH 0LWUDODKHUiOGLFD«3HURHQHVWHFDVRHVPiVTXHHYLGHQWHODFRQH[LyQGHODLPDJHQ GHOOHyQFRQODÀJXUDGH&ULVWRDOLJXDOTXHHQORV%HVWLDULRVPHGLHYDOHV\HQXQDODUJD WUDGLFLyQOLWHUDULD\WHROyJLFD(QSDODEUDVGHOSURSLRDXWRUHQXQDFDUWD´/HGLIRUPD GHOHyQSRUTXHVHVXSRQHTXHHOOHyQHVHOUH\GHODVEHVWLDV\&ULVWRHVHO/HyQGH-XGi PHQFLRQDGRHQOD%LEOLDµ 1RREVWDQWHWDPELpQSRGHPRVUDVWUHDUXQDFODUDLQÁXHQFLDGHODIiEXODHVySLFD TXHSUREDEOHPHQWHOH\yHQVXLQIDQFLDIDVFLQDGRFRPRHVWDEDFRQODVKLVWRULDVFX\RV SURWDJRQLVWDV HUDQ DQLPDOHV FRPR ODV GH %HDWUL[ 3RWWHU &DUSHQWHU (Q FRQFUHWRHQ(OOHyQODEUXMD\HODUPDULRHQFRQWUDPRVUDVWURVGHGRVIiEXODVHVySLFDV PiVDSDUWHGHODGHOOHyQ\HOUDWyQHQODVTXHORVOHRQHVVRQODFODYH (Q SULPHU OXJDU OD GHO OHyQ FRPR UH\ GH ODV EHVWLDV + 6H WUDWD GH XQ UHLQDGRLGtOLFRHQHOTXHORVIXHUWHVGDQFXHQWDGHVXVDFWRVDORVGpELOHV\WRGRVORV DQLPDOHVVRQIHOLFHV(Q1DUQLDORYHPRVUHÁHMDGRHQODSURIHFtDGHOFDVWRU /DLQMXVWLFLDYHUiVXÀQ FXDQGR$VODQYXHOYDSRUDTXt FRQVXSRWHQWHUXJLGR ODVSHQDVKDEUiQGHVDSDUHFLGR HQFXDQWRORVFROPLOORVPXHVWUH HOLQYLHUQRHVWDUiKHULGRGHPXHUWH \FXDQGRDJLWHODPHOHQD UHJUHVDUiODSULPDYHUD(OOHyQODEUXMD\HODUPDULR 7DPELpQVHDSUHFLDFRQFODULGDGHOUDVWURGHODIiEXODGHOOHyQYLHMR\GpELO+ TXHKDGHVRSRUWDUHOHVFDUQLR\ODVLQMXULDVGHORVRWURVDQLPDOHVDKRUDTXH\D QRHVWHPLGRKDVWDTXHODIUXVWUDFLyQOHOOHYDDFODYDUVHVXVSURSLDVJDUUDVHQHOSHFKR SDUD PDWDUVH (Q HVWH FDVR \ VLJXLHQGR OD OtQHD GH OD DOHJRUtD FULVWROyJLFD$VODQ VH HQWUHJDYROXQWDULRFRPRYtFWLPDVDFULÀFLDOSDUDVDOYDUDXQRGHORVQLxRVSURWDJRQLVWDV (VWRSURSLFLDTXHDSURYHFKDQGRVXGHELOLGDGDOSHUPLWLUTXHOHDWHQODVPDOpYRODV\ EDMDVFULDWXUDVSLHUGHQHOWHPRU\OHJROSHDQ\DIHLWDQDQWHVGHPDWDUORFODYiQGROHXQ FXFKLOORGHSLHGUDHQHOFRUD]yQGDGRTXHODVDOLGDGHOVXLFLGLRVHUtDLPSHQVDEOHHQHO FRQWH[WRFULVWLDQRHQHOTXHQRVPRYHPRV(OOHyQODEUXMD\HODUPDULR 8QDFDUWDLQpGLWDGHODXWRUGHHVWRVOLEURVUHYHODODHYLGHQFLDFODUD\FRQWXQGHQWHGHOPHQVDMHTXHpO TXLVRSODVPDUHQ/DV&UyQLFDVGH1DUQLD(VWDFDUWDFRQIHFKDGHODxRIXHHQYLDGDSRU&6/HZLV DXQQLxRTXHOHtDVXVKLVWRULDV\KDVLGRGLYXOJDGDSRU:DOWHU+RRSHUTXLHQIXHVHFUHWDULRGH/HZLV\ VHFRQYLUWLyHQVXELyJUDIR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV ,QFOXVR HQ HO ~OWLPR YROXPHQ GH OD VDJD /D ~OWLPD EDWDOOD HO FRQÁLFWR VHDUWLFXODHQWRUQRDODIiEXODGHODVQRYHVWLGRFRQODSLHOGHOHyQ\ORVSUREOHPDV\ FRQIXVLRQHVTXHSURYRFDDOKDFHUVHSDVDUSRU$VODQ 3HURYROYLHQGRDODIiEXODTXHQRVRFXSDODGHOOHyQ\HOUDWyQVXSUHVHQFLDHQ ODWUDPDHVHYLGHQWHVLELHQPRGLÀFDGD\DGDSWDGDDODVQHFHVLGDGHVGHOUHODWRHQHO TXHVHLQVHUWD 7UDVHOVDFULÀFLRGHOOHyQHQOD0HVDGH3LHGUDORVDVHVLQRVVHPDUFKDQGHMDQGR HOFDGiYHUDWDGR\HVHQHVHPRPHQWRFXDQGRDSDUHFHQFLHQWRVGHPLQ~VFXODVIRUPDV JULVHVTXHUHVXOWDQVHUUDWRQHVTXHOOHJDQSDUDURHUODVFXHUGDVTXHDSULVLRQDQDOJUDQ IHOLQR (V OODPDWLYR HO KHFKR GH TXH OD SULPHUD UHDFFLyQ GH XQD GH ODV GRV QLxDV SURWDJRQLVWDV GH OD REUD TXH HVWiQ OORUDQGR OD PXHUWH GHO OHyQ VHD OD GH UHFKD]DU D ORV URHGRUHV \ DSDUWDUORV GHO FDGiYHU GH VX DPLJR (PSOHD DGHPiV ORV DGMHWLYRV ´DVTXHURVRVµ ´KRUULEOHVµ \ ´PXJULHQWRVµ DQWHV GH LQWHQWDU DSDUWDUORV )LQDOPHQWH DOSHUFDWDUVHJUDFLDVDVXKHUPDQDGHODDFWLYLGDGDODTXHHVWDEDQHQWUHJDGRVOHV SHUPLWHQFRQWLQXDUVLELHQPHQFLRQDQODLQXWLOLGDGGHWDODFFLyQ 'H HVWH PRGR VH KD VXSULPLGR OD SULPHUD SDUWH GHO DUJXPHQWR RULJLQDO OD GHO UDWyQ SUHVR TXH UHFLEH OD PHUFHG GHO SHUGyQ GHO OHyQ (O KHFKR GH QR H[LVWLU OD GHXGDGHYLGDTXHRULJLQDODVDOYDFLyQGHOOHyQGHODUHGTXHORDSULVLRQDSHUPLWHOD DSDULFLyQ GH XQ QXHYR FRPSRQHQWH DXVHQWH HQ ODV YHUVLRQHV DQWHULRUHV OD JUDWLWXG GHOOHyQSRVLEOHJUDFLDVDODUHVXUUHFFLyQGHOJUDQIHOLQRDODPDQHFHU\TXHDGHPiV FRQWULEX\HDDXPHQWDUORVUDVJRVSRVLWLYRVGHODÀJXUDGHOOHyQPX\DGHFXDGRGDGR TXHUHSUHVHQWDDO0HVtDVFULVWLDQR (O SUtQFLSH &DVSLDQ OD VLJXLHQWH QRYHOD SXEOLFDGD LQFRUSRUD XQRV SHFXOLDUHVSHUVRQDMHVGRFHUDWRQHVTXHD\XGDQDSHOHDUDOSURWDJRQLVWDHOSUtQFLSH &DVSLDQ FRQWUD HO XVXUSDGRU 0LUD] VX WtR 6RQ PiV JUDQGHV GH OR KDELWXDO WLHQHQ ODUJDVRUHMDV\SRUWDQHVSDGDVFRQDLUHPDUFLDOGHPRGRTXHDOFRQRFHUORV&DVSLDQ WXYR TXH HVIRU]DUVH SDUD QR UHtUVH GH VX RIUHFLPLHQWR GH D\XGD \ WDPSRFR VH OHV SHUPLWHVHUMXHFHVHQHOGXHORHQWUH0LUD]\HOUH\3HWHU6LQHPEDUJRGXUDQWHODEDWDOOD GHVHPSHxDQXQSDSHOIXQGDPHQWDOFODYDQVXVHVWRTXHVHQORVSLHVGHORVHQHPLJRV KDFLHQGRTXHFDLJDQ\HVWRUEiQGROHV $ SHVDU GH VX YDORU 5HHSLFKHHS VX OtGHU UHVXOWD PX\ PDO KHULGR \ DXQTXH ORJUDQFXUDUOHSLHUGHVXFRODHQODEDWDOOD8QKHFKRTXHSDUHFHQLPLRDORVRMRVGHORV GHPiVSHURTXHVXSRQHXQJUDQGHVKRQRUSDUDHOORVSRUORTXHVXSOLFDQD$VODQTXH VHODGHYXHOYDRWRGRVHOORVVHFRUWDUiQODVFRODVHQVROLGDULGDGFRQVXMHIH(VHQHVWH PRPHQWRFXDQGR$VODQLQIRUPDGHFyPRSDJyVXGHXGDFRQORVUDWRQHVTXHOHOLEHUDURQ GHODVFXHUGDVRWRUJiQGROHVHOGRQGHOKDEOD<FRPRQXHYDPXHVWUDGHJUDWLWXG\D TXH HVWRV VRQ ORV GHVFHQGLHQWHV GH DTXHOORV \ DVRPEUDGR SRU OD VROLGDULGDG GH ORV UDWRQHVGHFLGHGHYROYHUODFRODSHUGLGDDOMHIHGHORVURHGRUHVSHVHDTXHOHSDUHFH H[FHVLYDVXREVHVLyQSRUHOKRQRU(OSUtQFLSH&DVSLDQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD0DUtD0DULxR$ULDV $VtSXHVHVWRVSHTXHxRVDQLPDOLOORVVHKDQHOHYDGRFRQVXDFFLyQOLEHUDGRUD GH ODV DWDGXUDV GHO IHOLQR GHVGH ORV GHQLJUDQWHV FDOLÀFDWLYRV TXH 6XVDQ OHV GHGLFD HQHOSULPHUOLEUR´UDWRQHVKRUULEOHVµ\´FULDWXUDVPXJULHQWDVµDVHUHVSURYLVWRVGH KRQRU\TXHUHVXOWDQGHJUDQLPSRUWDQFLD6XYDOtDHVWDOTXHHQ/DWUDYHVtDGHO9LDMHUR GHO$OEDQRVLQIRUPDQGHTXH5HHSLFKHHSUHFLELyODSURIHFtDGHXQDGUtDGHDO QDFHU$OÀQDOGHODREUDGHVHPEDUFDHQVXSURSLRERWHPLQLDWXUDGHVDSDUHFH\QRV GDQ D HQWHQGHU TXH ÀQDOPHQWH OOHJD DO 3DtV GH$VODQ XQD HVSHFLH GH 3DUDtVR LJXDO TXH1DUQLDSHURVLQGHIHFWRV,QFOXVRVHOHOOHJDDHTXLSDUDUFRQODÀJXUDGH6DQ3HGUR GHELGRDVXSDSHOFRPRSHUVRQDMHTXHGDODELHQYHQLGDDORVTXHOOHJDQDHVWH3DUDtVR HQ/D~OWLPDEDWDOODFXDQGRDVLVWLPRVDOÀQDOGH1DUQLD 'HHVWHPRGRFRPRYHPRVHOHOHPHQWRFHQWUDOGHOUDWyQTXHOLEHUDDOOHyQGH ODVDWDGXUDVTXHOHDSULVLRQDQVHPDQWLHQHDVtFRPRHOGHODJUDGHFLPLHQWRSUHVHQWH HQODIiEXODHVySLFD\HOKHFKRGHTXHDXQTXHDOJRSDUH]FDLQVLJQLÀFDQWHFRPRXQ UDWyQSXHGHUHVXOWDUGHXWLOLGDGDDOJXLHQTXHDSULRULHVPXFKtVLPRPiVSRGHURVR DOLJXDOTXHHQWRGRVORVFDVRVDQWHULRUHV6LELHQDOQRH[LVWLUODGHXGDGHYLGDDQWHULRU SRUSDUWHGHOURHGRUORTXHQRVHQFRQWUDPRVHVHOHQFXPEUDPLHQWRGHOUDWyQHQXQD ÀJXUDKRQRUDEOHJHQHURVDYDOLHQWH\SURIXQGDPHQWHHVSLULWXDOFXDOLGDGHVTXHQLHQ ODVIiEXODVQLHQHOLPDJLQDULRFROHFWLYRVRQDWULEXLGDVMDPiVDORVUDWRQHV /OHJDGRV D HVWH SXQWR KHPRV SRGLGR REVHUYDU TXH HO DUPD]yQ DUJXPHQWDO SULQFLSDOVHKDPDQWHQLGRHQORVWUHVFDVRVHVWXGLDGRVODOLEHUDFLyQGHOOHyQGHVXV DWDGXUDV$VtFRPRODGREOHHQVHxDQ]DGHODIiEXODHOHPHQWRHVHQFLDOGHOJpQHURGDGR VXDIiQGLGiFWLFRHOYDORUSRWHQFLDOGHORTXHSDUHFHLQVLJQLÀFDQWH\HOKHFKRGHTXH QLQJXQDEXHQDDFFLyQTXHGDVLQUHFRPSHQVDFRQLQGHSHQGHQFLDGHTXHODUHFRPSHQVD VHDGHOUDWyQDOOHyQRDOFRQWUDULR 3HURSHVHDHOORFDGDDXWRUKDSRGLGRMXJDUFRQORVHOHPHQWRV\DGDSWDUORVHQ IXQFLyQGHVXVQHFHVLGDGHVRLQWHQFLRQHV&DGDXQRVLQGXGDKDSURSRUFLRQDGRXQ HVWLOR HVSHFtÀFR \ FDUDFWHUtVWLFR D HVDV FRPSRVLFLRQHV UHIRU]DGR DOJXQRV HOHPHQWRV VXSULPLHQGRRWURVDPSOLDQGRODWUDPD«\DXQDVtODIiEXODKDORJUDGRPDQWHQHUVX HVHQFLD\VXYLJHQFLDDWUDYpVGHOWLHPSRHOHVSDFLRRHOLGLRPD %,%/,2*5$)Ì$ %HVWLDULR0HGLHYDO0DGULG6LUXHOD %OHFXD$(G/LEURGHO%XHQ$PRU0DGULG&iWHGUD %UXQQHU7UDXW(&XHQWRVGHO$QWLJXR(JLSWR0DGULG(GDI &DUSHQWHU+/RV,QNOLQJV%DUFHORQD%LEOLRWKHFD+RPROHJHQV &DUSHQWHU+&DUWDVGH-557RONLHQ%DUFHORQD0LQRWDXUR &DVFyQ'RUDGR$´)HQyPHQRVFRPXQHVHQODWUDVPLVLyQGHOH[HPSOXP \ODIiEXODµ+DELV &XHVWD7RUUH0/´(OHQVLHPSORGHOOHyQ\GHOFDEDOOR\ODFUtWLFDDODFDEDOOHUtD HQHO/LEURGH%XHQ$PRUµ%ROHWtQGHOD%LEOLRWHFD0HQpQGH]3HOD\R ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'H*UHFLDD1DUQLD/DIiEXODGHOOHyQ\HOUDWyQIXHUDIXHUDGHODVFROHFFLRQHVGHIiEXODV &XHVWD7RUUH0/´/DVIiEXODVHVySLFDVVREUHOHRQHVGHO/LEURGHO%XHQ$PRUµ HQ1DWDOLD)HUQiQGH]5RGUtJXH]\0DUtD)HUQiQGH])HUUHLURHGV 'H\HUPRQG$ ´/HRQHV \ WLJUHV HQ OD OLWHUDWXUD PHGLHYDO FDVWHOODQDµ HQ$ /ySH]\/&XHVWDHGV )HUQiQGH] 5RGUtJXH] 1 \ 0 )HUQiQGH] )HUUHLUR /LWHUDWXUD 0HGLHYDO \ 5HQDFHQWLVWDHQ(VSDxDOtQHDV\SDXWDV6DODPDQFD*UiÀFDV&HUYDQWHV )UDGHMDV5XHGD-0HWDOLL$FWDVGHO;,,,&RQJUHVR,QWHUQDFLRQDOGHOD$VRFLDFLyQ +LVSiQLFD GH /LWHUDWXUD 0HGLHYDO 9DOODGROLG 8QLYHUVLGDG \ $\XQWDPLHQWR GH 9DOODGROLG *DUFtD*XDO&,QWURGXFFLyQD)iEXODVGH(VRSR9LGDGH(VRSR)iEXODVGH%DEULR 0DGULG*UHGRV +HUYLHX[//HV)DEXOLVWHVODWLQVGHSXLVOHVLqFOHG·$XJXVWHMXVTX·jODÀQGX0R\HQ ÇJH 9RO 3KqGUH HW VHV DQFLHQV LPLWDWHXUV GLUHFWV HW LQGLUHFWV ,, 3DULV )LUPLQ 'LGRWYROVUHLPS+LOGHVKHLP*HRUJ2OPV /DFDUUD 0- ´)iEXODV \ SURYHUELRV HQ HO (VRSR DQRWDGRµ 5HYLVWD GH SRpWLFD PHGLHYDO /DFDUUD0-´/DIRUWXQDGHO,VRSHWHHQ(VSDxDµHQ-0)UDGHMDVHWDOLLHGV /HZLV&6(OOHyQODEXMD\HODUPDULR%DUFHORQD&tUFXORGH/HFWRUHV /HZLV&6(OVREULQRGHOPDJR%DUFHORQD&tUFXORGH/HFWRUHV /HZLV&6(OSUtQFLSH&DVSLDQ%DUFHORQD&tUFXORGH/HFWRUHV /HZLV&6/DWUDYHVtDGHOYLDMHURGHO$OED%DUFHORQD&tUFXORGH/HFWRUHV /HZLV&6/D~OWLPDEDWDOOD%DUFHORQD&tUFXORGH/HFWRUHV /ySH]&DVWUR$\&XHVWD7RUUH0/$FWDVGHO;,&RQJUHVR,QWHUQDFLRQDOGHOD $VRFLDFLyQ+LVSiQLFDGH/LWHUDWXUD0HGLHYDO/HyQ8QLYHUVLGDGGH/HyQ 0RUURV0HVWUH%´(OHSLVRGLRGHGRxD*DUR]DDWUDYpVGHVXVIiEXODV/LEURGHO %XHQ$PRU1XHYD5HYLVWDGH)LORORJtD+LVSiQLFD 3pUH] 'tH] 0& 3RU 6LHPSUH -DPiV &6 /HZLV \ OD 7LHUUD GH 1DUQLD /HyQ 8QLYHUVLGDGGH/HyQ 5RGUtJXH]$GUDGRV ) +LVWRULD GH OD IiEXODJUHFRODWLQD 0DGULG 8QLYHUVLGDG &RPSOXWHQVH ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D 81$0,5$'$62%5(/$)É%8/$(63$f2/$'(/;,; /$6)É%8/$6'(3$6&8$/)(51É1'(=%$(=$ -26e(15,48(0$57Ì1(=)(51É1'(= 8QLYHUVLGDGGH/HyQ 5HVXPHQ (QHOVLJOR;,;ODIiEXODHVSDxRODPDQWXYRXQDIHFXQGLGDGVHPHMDQWHDODGHOVLJORDQWHULRU(VWHDUWt FXORDQDOL]DODVIiEXODVSROtWLFDV\PRUDOHVGHXQDXWRUFDVLROYLGDGRGHGLFKRVLJOR3DVFXDO)HUQiQGH] %DH]DTXHRFXSyDOWRVFDUJRVHQOD0DJLVWUDWXUD\SXEOLFyDOJXQDVFROHFFLRQHVGHIiEXODVFRQXQDGREOH ÀQDOLGDGODViWLUDSROtWLFD\ODHGXFDFLyQPRUDOGHQLxRV\MyYHQHVIXQGDGDHQSULQFLSLRVWUDGLFLRQDOHV FRPRODREHGLHQFLDHOHVWXGLR\HODPRUDOWUDEDMR'HVWDFDODYDULHGDGUtWPLFDGHODVIiEXODVTXHVRQ XQH[FHOHQWHPXHVWUDULRGHODVFRPELQDFLRQHVPpWULFDVGHVXpSRFD 3DODEUDVFODYH)iEXODVSROtWLFDV\PRUDOHV)HUQiQGH]%DH]DViWLUDHGXFDFLyQSULQFLSLRVWUDGLFLRQD OHVYDULHGDGPpWULFD $EVWUDFW 'XULQJWKHWKFHQWXU\WKHJHQUHRIWKHIDEOHPDLQWDLQHGWKHVXFFHVVLWDFKLHYHGGXULQJWKHSUHYLRXV FHQWXU\7KLVVWXG\DQDO\VHVWKHSROLWLFDODQGPRUDOIDEOHVRI3DVFXDO)HUQiQGH]%DH]DDQDOPRVWIRU JRWWHQDXWKRUZKRKHOGVHQLRUSRVLWLRQVLQWKHMXGLFLDU\DQGZKRSXEOLVKHGDQXPEHURIIDEOHVZLWK DGXDODLPWRZRUNERWKDVSROLWLFDOVDWLUHVDQGDVPRGHOVRIPRUDOHGXFDWLRQIRUFKLOGUHQDQG\RXQJ DGXOWVEDVHGRQWUDGLWLRQDOYDOXHVVXFKDVREHGLHQFHDQGWKHLPSRUWDQFHRIVWXG\LQJDQGORYLQJZRUN 7KHUK\WKPLFYDULHW\VKRZQE\WKHIDEOHVSDUWLFXODUO\VWDQGVRXWDVDQH[FHOOHQWVDPSOHRIWKHPHWULF FRPELQDWLRQVRIWKHWLPH .H\ZRUGV3ROLWLFDODQGPRUDOIDEOHV)HUQiQGH]%DH]DVDWLUHHGXFDWLRQWUDGLWLRQDOYDOXHVUK\WKPLF YDULHW\ 7UDVHOWHPSUDQRÁRUHFLPLHQWRGHODIiEXODHQOD(VSDxDPHGLHYDOORV6LJORVGH 2URODUHOHJDURQDXQDSUHVHQFLDHVSRUiGLFDHQREUDVWHDWUDOHVDVFpWLFDV\SLFDUHVFDV ´5HDSDUHFLyGHODPDQRGH/D)RQWDLQHFRQODV)iEXODVPRUDOHVGH)pOL[0DUtD 6DPDQLHJR TXH ÀMyHO PRGHORGHOD IiEXOD HVSDxRODPRGHUQDVHHVFULELUiHQ YHUVR FRQ OD PD\RU YDULHGDG PpWULFD SRVLEOH \ VH EXVFDUi FRPR FXDOLGDG SULPRUGLDO OD OLJHUH]DQDUUDWLYDµ1DYDV5XL]9,,,8QDxRGHVSXpVHGLWDED7RPiVGH,ULDUWH VXV)iEXODVOLWHUDULDV(Op[LWRGHXQR\RWURDXWRU\HODSURYHFKDPLHQWRGHVXV &RUUHRHMHPDUI#XQLOHRQHV5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] IiEXODVHQODHQVHxDQ]DKDVWDWLHPSRVQRPX\DOHMDGRVGHQRVRWURVORVKDFRQYHUWLGR HQORVFOiVLFRVGHOJpQHURSRUH[FHOHQFLD6LHQHO;9,,,ODIiEXODVHLQWHJUyIiFLOPHQWH HQODFRUULHQWHXWLOLWDULVWDGHOPRPHQWRTXHGHIHQGtDODIXQFLyQGLGiFWLFD\PRUDOGHO DUWHHQHOVLJORVLJXLHQWHHOJpQHURPDQWHQGUiXQFXOWLYRSXMDQWH $XQTXH VH FRQVLGHUD HO VLJOR ;9,,, FRPR HO SURSLR GH OD IiEXOD pVWD WXYR VX DSRJHR HQ HO VLJXLHQWH\HQWUH\KHFRQWDGRXQFHQWHQDUGHDXWRUHVHVSDxROHVFRQXQRRPiVOLEURV HQVXKDEHU%DVWDQWHVWXYLHURQYDULDVHGLFLRQHV\DOJXQRVSDUDXVRHVFRODUVHUHLPSULPLHURQGH PRGRWDQSURGLJLRVRFRPRHO/LEURGHORVQLxRVGH0DUWtQH]GHOD5RVDTXHSDVyGHODVVHWHQWD HGLFLRQHV*DUFtD&DVWDxHGD /DVUD]RQHVGHOp[LWRODVH[SOLFD1DYDV5XL] (O VLJOR ;,; IXH H[WUDRUGLQDULDPHQWH IHFXQGR HQ IDEXOLVWDV < QR HV H[WUDxR VL VH WLHQH HQ FXHQWDTXHSRUVXQDWXUDOH]DPRUDOL]DQWH\SRUVXH[DFWDREVHUYDFLyQGHODUHDOLGDGODIiEXOD VH DSUR[LPD D OD OLWHUDWXUD FRVWXPEULVWD WDQ HQ ERJD HQWRQFHV \ HV VXPDPHQWH DSWD SDUD OD FUtWLFDVRFLDOLGHDOGHXQDJUDQSDUWHGHODOLWHUDWXUDGHFLPRQyQLFD3RURWURODGRDXQQLYHO GHVRFLRORJtDOLWHUDULDODIiEXODVHFRQYLUWLyHQ(VSDxDHQHOLQVWUXPHQWRLGHDOSDUDPDQWHQHU XQD HGXFDFLyQ UHOLJLRVD \ PRUDO VREUH EDVHV WUDGLFLRQDOHV GH OD TXH PX\ SRFRV ²ORV PHMRUHV SRUVXSXHVWR\QRVLHPSUH²VXSLHURQUHPRQWDUVHSDUDUHÁHMDUODVLQTXLHWXGHV\ODVWHQGHQFLDV QXHYDV1DYDV5XL] -XDQ(XJHQLR+DU]HQEXVFK0LJXHO$JXVWtQ3UtQFLSH\5DPyQGH&DPSRDPRU VRQORVIDEXOLVWDVGHO;,;TXHKDQVXVFLWDGRPD\RULQWHUpVSHURIXHURQPXFKRVORV TXHHVFULELHURQ\SXEOLFDURQFROHFFLRQHVGHIiEXODV3RUQRKDFHUXQWHGLRVROLVWDGR GH ORV PLVPRV PH OLPLWR D FLWDU D ORV TXH HQ VX )DEXODULR HVSDxRO 6DLQ] GH 5REOHV FRQVLGHUDED´GLJQRVGHPHQFLyQµ (O PDJLVWUDGR \ VHQDGRU GHO 5HLQR GRQ 3DVFXDO )HUQiQGH] %DH]D TXH SXEOLFy HQ XQD &ROHFFLyQGHIiEXODVSROtWLFDV\PRUDOHVHOGLSXWDGRJHQHUDOGH9L]FD\DHKLVWRULDGRUGHO6HxRUtRGH *XHUQLFDGRQ-RVp$JXVWtQGH5HQWHUtD²D²FX\DVIiEXODVKDQVLGRSXEOLFDGDV²² SRU HO HUXGLWR$ORQVR &RUWpV HQ XQD FROHFFLyQ HVFRJLGD GH )iEXODV FDVWHOODQDV HO VDFHUGRWH \ DERJDGR SURIHVRU GH 5HOLJLyQ \ 0RUDO GH GRQ$OIRQVR ;,, GRQ &D\HWDQR )HUQiQGH] GH OD $FDGHPLD6HYLOODQDGH%XHQDV/HWUDVDXWRUGHXQDV)iEXODVDVFpWLFDVHORLGRUGHOD$XGLHQFLD GH$UDJyQ \ FRQVHMHUR GH 6 0 GRQ 5DIDHO -RVp &UHVSR TXH GHGLFy VXV )iEXODV \HSLJUDPDVDOPLQLVWUR&DORPDUGHGRQ-XDQ3LVyQ\9DUJDVDXWRUGHXQDV)iEXODVSROtWLFDV\ PRUDOHVPX\DODEDGDVSRU1~xH]GH$UFH6DLQ]GH5REOHV 1RHVFDVHDODELEOLRJUDItDFUtWLFDVREUH+DUW]HQEXVFK\&DPSRDPRUSHURVDOYR H[FHSFLRQHVORVGHPiVKDQPHUHFLGRHVFDVRDSUHFLR (Q OD ODUJD OLVWD GH IDEXOLVWDV HVSDxROHV GHO ;,; ÀJXUD FRPR KHPRV YLVWR 3DVFXDO )HUQiQGH] %DH]D HQ EXHQD SDUWH ROYLGDGR SHUR TXH HQ VX pSRFD JR]y GH FLHUWDFRQVLGHUDFLyQ1DFLyHQ3RQIHUUDGDHQGHQWURGHXQDIDPLOLDGHODQXHYD EXUJXHVtDTXHGLVSXWDEDHOSRGHUDO$QWLJXR5pJLPHQ5HDOL]yVXVSULPHURVHVWXGLRV HQVXYLOODQDWDOHVWXGLRVTXHWXYRTXHLQWHUUXPSLUFRQODHQWUDGDHQHOODGHODVWURSDV IUDQFHVDVHOGHHQHURGHKX\HQGRFRQVXIDPLOLDDODVPRQWDxDVYHFLQDV/RV UHDQXGDUtD HQ 0RQIRUWH GH /HPRV &XUVy 'HUHFKR HQ 9DOODGROLG FRQFOX\pQGROR HQ \ HMHUFLHQGR D SDUWLU GH HVH PRPHQWR GLVWLQWRV H LPSRUWDQWHV FDUJRV GHQWUR GHOD0DJLVWUDWXUD3URPRWRUÀVFDOGHVXYLOODQDWDODSDUWLUGH&RUUHJLGRUHQ /XJR 0DJLVWUDGR HQ OD$XGLHQFLD GH 9DOODGROLG )LVFDO \ PLQLVWUR HQ OD GH 0DGULG ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D QRPEUDGR HQ DJRVWR GH PLHPEUR GHO &RQVHMR 5HDO HQ VH MXELOy VLHQGR 9RFDOVXSHUQXPHUDULRGHO7ULEXQDOFRQWHQFLRVRDGPLQLVWUDWLYR*DUFtD (VWH EHUFLDQR GH QR JHQLDO SHUR Vt SUHFR] \ FODUR WDOHQWR GH DIDEOH WUDWR \ SDODEUD FDULxRVD \ FRQYLQFHQWH GH ULVXHxD ID] \ HGXFDGtVLPDV PDQHUDV GH DFWLYLGDG LQFDQVDEOH \ HMHPSODU LQWHJULGDGGHLGHDVOLEHUDOHV\PLOLWDQWHDFWLYRFRQWUDHODEVROXWLVPRGH)HUQDQGR9,,IXHXQ HQWXVLDVWDHPSHGHUQLGRGHOSURJUHVRGHODSURYLQFLDDSHVDUGHTXH²FRPRWDQWRVRWURV²YLYLy IXHUDGHHOODODUJRWLHPSRSHURDODTXHUHSUHVHQWyHQHO&RQJUHVRGHORV'LSXWDGRVGHVGH \HQHO6HQDGRHQ0DUWtQH]*DUFtD 0XULy)HUQiQGH]%DH]DHQ0DGULGHQ (VWHKRPEUHGH´YLJRURVDFRQFLHQFLDFLXGDGDQDµ&DUQLFHUHVDXWRUGHO 0pWRGRSUiFWLFRGHVDFDUDSXQWHV\IRUPDUH[WUDFWRVFODURV\H[DFWRVGHOUHVXOWDGRGHORVSURFHVRV OLEURTXHHQVXWLHPSRKL]REXHQVHUYLFLRDORVDX[LOLDUHVGH-XVWLFLDHODERUy XQDPX\FHOHEUDGD(VWDGtVWLFDFULPLQDOGHOWHUULWRULRGHOD$XGLHQFLDGH0DGULGXQ UHJODPHQWRGHODVFiUFHOHVGHOD&RUWH\XQDREUDGHJUDQHPSHxRTXHGHMyLQDFDEDGD )XQGDPHQWRVGHOD/HJLVODFLyQ)XHKRPEUHSUHRFXSDGRSRUFXHVWLRQHVDUTXHROyJLFDV KDVWDHOSXQWRGHSUHVLGLUGXUDQWHDOJXQRVDxRVOD$FDGHPLDHVSDxRODGH$UTXHRORJtD \*HRJUDItD/LWHUDULDPHQWHJXVWyGHODSRHVtD\SXEOLFyDOJXQDVFRPSRVLFLRQHVHQ SHULyGLFRVSURYLQFLDOHVHQSXEOLFyHQ3RQIHUUDGD$)DELR(StVWRODVDWtULFDHQTXH VHGHVFULEHQORVYLFLRVSROtWLFRV\PRUDOHVGHOD&RUWHODUJDFRPSRVLFLyQGHYHUVRVTXH FLWDPRVDTXtSRUTXHFRLQFLGHFRQODLQWHQFLyQTXHPRYLyODHVFULWXUDGHVX&ROHFFLyQGH IiEXODVSROtWLFDV\PRUDOHVSXEOLFDGDHQ\GHVX1XHYDFROHFFLyQGHIiEXODVPRUDOHV WRPR,,TXHDSDUHFLyHQ/DSULPHUDGLRIDPDDOMXULVFRQVXOWRVREUHWRGRSRUVHU GHFODUDGDGHOHFWXUDREOLJDWRULDHQODVHVFXHODVS~EOLFDV $ODIiEXODVHOHKDDVLJQDGRHQWUHVXVÀQDOLGDGHVODGHODHGXFDFLyQPRUDO SRUORTXHGHVGHHOSULQFLSLRIXHURQFRQVLGHUDGDVPX\~WLOHVHQODHQVHxDQ]DDVSHFWR VXEUD\DGRSRUWtWXORVFRPR)iEXODVGHODHGXFDFLyQGH$QWRQLR7UXHED\&DUORV 3UDYLD0RUDOLQIDQWLOGH0DQXHO2VRULR%HUQDUG(ODPDQWHGHORVPDHVWURV GH$QGUpV&RGRxHUHWFHWF(Op[LWRHVFRODUGHODIiEXODVHSURORQJyGXUDQWHEXHQD SDUWHGHOVLJOR;;0DUtD5RVDULR2]DHWDDQRWDTXHHQODVGRVFLHQWDVSiJLQDVGHOOLEUR SULPHURGHODV/HFWXUDVJUDGXDGDVSXEOLFDGDVHQSRUODHGLWRULDO/XLV9LYHVKD\ FLQFRIiEXODVGH(VRSRFLQFRGH6DPDQLHJRGRVGH,ULDUWHGRVGH+DUW]HQEXVFKGRV GH$QWRQLRGH7UXHED\XQDGHFDGDXQRGHORVVLJXLHQWHVDXWRUHV0DQXHOGHO3DODFLR &DPSRDPRU &D\HWDQR )HUQiQGH] )ORULDQ 3UtQFLSH 6FKPLG \ )HUQiQGH] %DH]D \ DxDGHTXHLJXDORFXUUHFRQRWURVOLEURVHVFRODUHVORTXHPXHVWUD´ODJUDQSURIXVLyQ DVtFRPRGHOFDUiFWHUSHGDJyJLFR\PRUDOL]DQWHGHODIiEXODWDQWRHQODVHJXQGDPLWDG GHO;,;FRPRHQODSULPHUDPLWDG²\DYHFHVPiVDOOi²GHOVLJOR;;µ2]DHWD &RPR KHPRV DGHODQWDGR HQ SXEOLFy )HUQiQGH] %DH]D VX &ROHFFLyQ GH ODV IiEXODV SROtWLFDV \ PRUDOHV %DMR HO QRPEUH GHO DXWRU YHQtD OD VLJXLHQWH DQRWDFLyQ ´3UHVLGHQWH GH OD 6DOD GH OD $XGLHQFLD GH HVWD FRUWH 6HQDGRU GHO 5HLQR \ DQWHV FRQVWDQWHPHQWH'LSXWDGRSRUHOGLVWULWRGH3RQIHUUDGDµ(OSUyORJRDODFROHFFLyQHV LQVWUXFWLYRUHVSHFWRDODVFLUFXQVWDQFLDVGHFRPSRVLFLyQDOHQWHQGLPLHQWR\ÀQDOLGDG GHODVIiEXODV\DODUD]yQGHVXSXEOLFDFLyQ1RSDUHFH²VLQRVDWHQHPRVDVXVSDODEUDV² TXH )HUQiQGH] %DH]D WXYLHUD HQ H[FHVLYD HVWLPD D OD SRHVtD HQ JHQHUDO$O ÀQ \ DO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] FDERVyOROHGHGLFDEDFRPRDRFXSDFLyQPHQRUORVHVFDVRVPRPHQWRVGHRFLRGHTXH GLVSRQtD 6LHPSUHKHFRQVLGHUDGRFRPRXQSUHFLRVRWHVRURHOKiELWRGHOWUDEDMR3DUDQRLQWHUUXPSLUOH GHVGH PLV SULPHURV DxRV DFRVWXPEUp D HPSOHDU HQ HVWXGLRV DJUDGDEOHV ORV EUHYHV UDWRV TXH ODVDWHQFLRQHVGHPLFDUUHUDPHGHMDEDQOLEUHV&RQHOPLVPRSURSyVLWRHQORV~OWLPRVWLHPSRV GHGLTXpDOFXOWLYRGHODV0XVDVDTXHOORVPRPHQWRVGHTXHHQORVGtDVGHÀHVWDRYDFDFLRQHV PHSHUPLWtDQGLVSRQHUPLVGHEHUHVFRPRPDJLVWUDGRLQGLYLGXRGHO&RQJUHVR\SUHVLGHQWHGH YDULDVMXQWDV (VSRUORWDQWRRFXSDFLyQHVSRUiGLFDODGHODSRHVtDXQJpQHURTXHQRUHTXHUtD QLPXFKRWLHPSRQLODFRQWLQXLGDGGHRWURWLSRGHREUDV´FRPSRVLFLRQHVOLJHUDVµODV GHQRPLQDHVGHFLUOHYHVGHHVFDVDLPSRUWDQFLDSRUORTXHODIiEXODDXQTXH´ÀFFLyQ OLJHUD\H[SUHVLYDµOHSDUHFLyGHQWURGHORSRpWLFRPiVDFRUGHFRQHOYLHMRSUHFHSWR LOXVWUDGR GH ´HQVHxDU GHOHLWDQGRµ 3RU RWUR ODGR OD IiEXOD OH SDUHFHUtD D 3DVFXDO )HUQiQGH] %DH]D ´PRGDOLGDG PX\ FRQFRUGH FRQ HO HVStULWX FUtWLFR PRUDOL]DQWH \ DOHFFLRQDGRU GH VX YRFDFLyQ MXUtGLFDµ &DUQLFHU 'RV ÀQDOLGDGHV YLR QXHVWUR HVFULWRUHQODIiEXODTXHODKDFHQPiVGLJQDTXHHOPHURSDVDWLHPSRYHUVLÀFDGRUOD PRUDOHQVHxDQ]DGLULJLGDDQLxRV\MyYHQHV\ODVDWtULFDHQFDPLQDGDDODDFWLYLGDG SROtWLFDTXHFRQRFtDELHQ'HDKtHOWtWXORGHVXFROHFFLyQ\ODGLYLVLyQHQGRVSDUWHV SROtWLFDV\PRUDOHVDWHQGLHQGRDXQD\RWUDÀQDOLGDG6LJDPRVVXVSURSLDVSDODEUDV (QPHGLRGHVHPHMDQWHVRFXSDFLRQHVQRPHHUDSRVLEOHHPSUHQGHUQLQJXQDREUDGHODVTXH UHTXLHUHQ SURIXQGD PHGLDFLyQ \ ODUJR HPSHxR VLQR TXH GHEtD UHGXFLUPH D FRPSRVLFLRQHV OLJHUDVGHODVTXHVHFRQFLEHQ\WUDVODGDQDOSDSHOUiSLGDPHQWH+X\HQGRGHODIULYROLGDGGL SUHIHUHQFLDDODIiEXODÀFFLyQOLJHUD\H[SUHVLYDFX\RSULQFLSDOREMHWRHVIRUPDUHOFRUD]yQGH ODLQIDQFLD\GHODMXYHQWXGLPSULPLHQGRFRQLQGHOHEOHHVWDPSDPi[LPDVGHVDQDPRUDOLGDG \ FRVWRVDV OHFFLRQHV GH OD H[SHULHQFLD 2EHGHFtD WDPELpQ SRU HVWH FDPLQR DO LQVWLQWR TXH QDWXUDOPHQWHPHLQFOLQDDIXVWLJDUFRQODVDUPDVGHOULGtFXORORVPXFKRVYLFLRVGHTXHQXHVWUD VRFLHGDGSROtWLFDDGROHFHHPSOHRVDPERVPX\FRQIRUPHVDODVROLFLWXGGHXQEXHQSDWULFLR\ DOFDUiFWHUGHXQPDJLVWUDGR 6L KDFHPRV FDVR D GRQ 3DVFXDO VyOR HVFULELUi VXV IiEXODV SDUD UHFLWDUODV HQ IDPLOLD ODV PRUDOHV R HQWUH ORV DPLJRV ODV SROtWLFDV$OJXQDV VH SXEOLFDURQ HQ HO SHULyGLFR/DEHULQWR\DOOHHUODV´XQRGHQXHVWURVOLWHUDWRVPiVLQVLJQHVµQRVGLFHOH DQLPyDVHJXLUHVFULELHQGRIiEXODV\DLQVWDQFLDGHRWUDVJHQWHVDSXEOLFDUODV /D &ROHFFLyQ GH ODV IiEXODV SROtWLFDV \ PRUDOHV GH FRQVWD GH GRV SDUWHV FRQIRUPHDOWtWXORGHVSXpVGHXQDSLH]DGHLQWURGXFFLyQ´/RVGRVQLxRVµVRQODV IiEXODVSROtWLFDVDODVTXHVLJXHQFLQFRHSLJUDPDV\ODVPRUDOHV/D~OWLPD´)iEXOD YHUGDG /D YLGD GHO KRPEUHµ QR HV SURSLDPHQWH XQD IiEXOD TXH DQWHV KD GHÀQLGR FRPR´ÀFFLyQ OLJHUD\H[SUHVLYDµHQFDPELROD~OWLPDHVXQD´IiEXODYHUGDGµTXH FRQWUDSRQHDODVGHPiVHOVRQHWR²WDPELpQHQHVRVHGLVWLQJXHHOSRHPDSXHVHVHO ~QLFR GH OD FROHFFLyQ² HV XQD SDUiIUDVLV SRpWLFD GHO WySLFR GH OD YLGD FRPR UtR TXH HQQXHVWUDOHQJXDDFXxy-RUJH0DQULTXH/DVIiEXODVPRUDOHVGLVIUXWDURQHQGH XQDVHJXQGDHGLFLyQDXPHQWDGDFRQVLHWHIiEXODVQXHYDV&ROHFFLyQGHIiEXODVPRUDOHV ´GHFODUDGDVGHWH[WRSDUDODVHVFXHODVµFRPRH[SUHVDODSRUWDGD (QODVFLWDVDFWXDOL]RODRUWRJUDItDGHOHWUDV\GHDFHQWRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D (QDSDUHFLyXQWRPRSULPHURWLWXODGR1XHYDFROHFFLyQGHODVIiEXODVSROtWLFDV \PRUDOHVGH3DVFXDO)HUQiQGH]%DH]D´6HQDGRUGHO5HLQR\&RQVHMHUR5HDO-XELODGRµ \XQWRPRVHJXQGR1XHYDFROHFFLyQGHIiEXODVPRUDOHVTXHÀJXUDFRPRWHUFHUDHGLFLyQ DXPHQWDGDHQHVWHFDVREDMRHOQRPEUHGHODXWRUVHOHHORVLJXLHQWH´&RQVHMHURUHDO MXELODGR6HQDGRUGHO5HLQR\DQWHVGHVHUORFRQVWDQWHPHQWH'LSXWDGRD&RUWHVSRU HOGLVWULWRGH3RQIHUUDGDVXSDWULDµHVWHWRPRVHJXQGROOHYDH[DFWDPHQWHHOPLVPR SUyORJRTXHODFROHFFLyQGHSHURHOWRPRSULPHURDxDGHDDTXHOSUyORJRTXH WDPELpQ LQFOX\H DOJXQDV SiJLQDV PiV HQ HOODV DFODUD TXH IXH -XDQ 1LFDVLR *DOOHJR XQRGHQXHVWURV~OWLPRVSRHWDVQHRFOiVLFRVTXLHQOHLQFLWyDODSXEOLFDFLyQ GH DTXHOOD LQLFLDO FROHFFLyQ \ TXH DGHPiV YDORUy FDGD XQD GH ODV IiEXODV \ FLWD ODV UHYLVWDV \ SHULyGLFRV TXH VH RFXSDURQ GH OD FROHFFLyQ GH (O 2EVHUYDGRU /D (VSHUDQ]D /D 1DFLyQ /D eSRFD /D ,OXVWUDFLyQ (O 8QLYHUVR 3LQWRUHVFR \ /D (VSDxD FRQ ÀUPDVGH9HOLVFD6HXGyQLPR3HGUR&DOYR$VHQVLR\(XJHQLR2FKRDTXHHUD'LUHFWRU GH ,QVWUXFFLyQ 3~EOLFD$xDGH TXH VH RFXSy WDPELpQ GH VXV IiEXODV -RDTXtQ 0DUtD /ySH]HQVXV/HFFLRQHVGHHORFXHQFLDLPSDUWLGDVHQHO$WHQHR\SXEOLFDGDVHQ7RGR HOOROHLQIXQGLyHVWtPXORVSDUDHVFULELUQXHYDVIiEXODVSHURFRQXQDGLIHUHQFLDDVX SDUHFHUGHODVDQWHULRUHV +DEtDKDVWDHQWRQFHVSUHVFLQGLGRGHODGRUQRGHODGHVFULSFLyQSDUDFRQFHQWUDUPiV\PiVHO SHQVDPLHQWRSHURPHGHFLGtDFRPSRQHUDOJXQDVIiEXODVGHVFULSWLYDVDÀQGHGDUOHVQRYHGDG \DJUDGDUDORVTXHDQWHSRQHQDODFRQFLVLyQORÁRULGRGHODVGHVFULSFLRQHV (QHIHFWRDVtHVHQGHWHUPLQDGDVIiEXODVHQODVTXHODGHVFULSFLyQWLHQHDOJRGH DPSOLÀFDWLRDXQTXHJDQDQHQSODVWLFLGDG (QHOSUyORJRH[SOLFD)HUQiQGH]%DH]DTXHHOQ~PHURGHIiEXODVFUHFLyWDQWR TXHVHYLRREOLJDGRDSXEOLFDUGRVWRPRVRUJDQL]DGRFDGDXQRGHHOORVHQGRVOLEURV HOSULPHURGHFDGDWRPRDFRJHODVIiEXODVSXEOLFDGDVHQHOVHJXQGROLEURODV IiEXODV QXHYDV HO SULPHU WRPR HV WRGR pO GH IiEXODV SROtWLFDV IiEXODV PiV XQD SLH]DGHLQWURGXFFLyQ´/RVQLxRVµ\XQHSLJUDPD\HOVHJXQGRGHIiEXODVPRUDOHV HQ WRWDO LQWURGXFLGDV WDPELpQ SRU ´/RV QLxRVµ$xDGH HO DXWRU GRV FXHVWLRQHV PiVODSULPHUDTXHODVIiEXODVPRUDOHVIXHURQGHFODUDGDV´~WLOHVSDUDODHQVHxDQ]D GHODQLxH]µSRU5HDO2UGHQGHGHPD\RGH\TXHFRQLGpQWLFRÀQHVFULELyHQ YHUVR ODV RUDFLRQHV GH OD LJOHVLD 3DGUH 1XHVWUR$YH 0DUtD OD 6DOYH HO &UHGR HWF TXHXQLyDHOODVHQOD1XHYDFROHFFLyQODVHJXQGDFXHVWLyQHVTXHDQWHVGHSXEOLFDU ODVQXHYDVIiEXODVEXVFyODRSLQLyQFUtWLFDGHFDOLGDGHQHVWHFDVRGH$QWRQLR$OFDOi *DOLDQR\(XJHQLR0RUHQR/ySH] 8QDYH]H[SOLFDGRVORVSRUPHQRUHVRFLUFXQVWDQFLDVH[WHUQDVGHODVFROHFFLRQHV GH\VHWUDWDGHHVWXGLDUODVIiEXODVSROtWLFDVSRUXQODGR\ODVPRUDOHVSRUHO RWUR3HURDXQDV\RWUDVODVHQFDEH]DODPLVPDFRPSRVLFLyQ´/RVQLxRVµFRPRKHPRV UHLWHUDGRHQUD]yQGHTXHHQHOODRIUHFHHODXWRUODÀQDOLGDGGHVXVIiEXODV´7DPELpQ FRPRHOQLxRDQDGLHUHSUHQGRORVYLFLRVWDQVRORDWDFDQPLVYHUVRV\DTXHO TXHVHRIHQGDFRQÀpVDVHUHRµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] )É%8/$632/Ì7,&$6 ´/D IiEXOD SROtWLFD HVSDxROD HQ HO VLJOR ;,;µ IXH HVWXGLDGD SDUFLDOPHQWH SRU *DUFtD&DVWDxHGD(QVXWUDEDMRUHYLVDFURQROyJLFDPHQWHODVHVFULWDV SRUIUD\5DPyQ9DOYLGDUHV&ULVWyEDOGH%HxD3DEORGH-pULFD-RVp0DUtD*XWLpUUH] GH$OED+DUW]HQEXVFK\)HUQiQGH]%DH]DSDUDFRQFOXLUTXHORVHMHPSORVHVFRJLGRV 0XHVWUDQODYLGDHVSDxRODGHVGHKDVWDPHGLDGRVGHVLJORFXDQGRJRELHUQDQORV´HVSDGRQHVµ GHWXUQR\SRUTXHUHÁHMDQHOPRGRGHSHQVDUGHTXLHQHVUHSUHVHQWDQDHVDV´GRV(VSDxDVµTXH VH HQIUHQWDQ HQ HO ;,; +H DTXt HO SDWULRWLVPR D XOWUDQ]D GH XQ 3 9DOYLGDUHV DEVROXWLVWD HO FRPEDWLYR FRQVWLWXFLRQDOLVPR GH %HxD \ GH -pULFD OD YHUERUUHD GHPDJyJLFD GH *XWLpUUH] GH $OEDWDQFDUDFWHUtVWLFDGHDTXHOODMXYHQWXGGHPRFUiWLFDGHORVDxRVHOHVFHSWLFLVPRGHXQ +DUW]HQEXVFKWHVWLJRGHOGHVJRELHUQRGH(VSDxDGXUDQWHPHGLRVLJOR\SRUÀQHOOLEHUDOLVPR WHPSODGR GHO PDJLVWUDGR )HUQiQGH] %DH]D TXLHQ YHtD ORV SUREOHPDV GHO SDtV HQ WpUPLQRV OHJDOHV\SDUODPHQWDULRV*DUFtD&DVWDxHGD /DV IiEXODV SROtWLFDV GH )HUQiQGH] %DH]D YDQ GLULJLGDV FRQWUD ORV YLFLRV GH TXLHQHV HMHUFHQ HO SRGHU HO JRELHUQR ORV GLSXWDGRV \ FRQWUD TXLHQHV OR MDOHDQ ORV SHULRGLVWDV SRQJDPRV SRU FDVR 7LHQHQ FRPR HV OyJLFR XQ SXQWR VDWtULFR &RPR LQGLFD*DUFtD&DVWDxHGDHOPDJLVWUDGR)HUQiQGH]%DH]DIXHVLHPSUHXQOLEHUDOTXH FRQORVDxRVHYROXFLRQyKDFLDHOPRGHUDQWLVPRDOJRTXHQRSXHGHVHJXLUVHSRUODV IiEXODVDOUHFRJHUODVVLQRUGHQ\VLQFRQVLJQDUODIHFKDGHODVPLVPDV$xDGHGLFKR HVWXGLRVR $VXQWRVGHYDULDVHVHOGHVSRWLVPRRSURELRGHORVSXHEORVDXQTXHHOGpVSRWDGHKR\\DQRHV HOUH\VLQRORVJRELHUQRVFRQVHUYDGRUHVXQDV\HJXDVDODVTXHPROHVWDXQ/RERDFXGHQDO7LJUH SDUDTXHODVGHÀHQGD\pVWHDFDEDSRUGHYRUDUODV/DPRUDOHMDDFODUD´6LHVXQPDOODDJLWDFLyQ GHOJRELHUQROLEHUDOHVODFDOPDVHSXOFUDOEDMRODGRPLQDFLyQGHXQGpVSRWDPD\RUPDOµ ´/D\HJXDGDµ /DHVFHQDSROtWLFDUHÁHMDGDDTXtQRKDFDPELDGRFRQORVDxRV/RVFDQGLGDWRVVLJXHQRIUHFLHQGR OLEHUWDG \ PHUFHGHV D VXV HOHFWRUHV \ FXDQGR OOHJDQ DO SRGHU QR FXPSOHQ OR SURPHWLGR ´(O 3ROOR \ ODV *DOOLQDVµ ORV PHMRUHV SXHVWRV FRQWLQ~DQ HQ PDQRV GH WUHSDGRUHV \ DGXORQHV \ HO JRELHUQR TXH HVWi HQFDUJDGR GH GDU OH\HV HV HO SULPHUR HQ TXHEUDQWDUODV ´(O /RER \ HO =RUURµ/DPRUDOLGDGS~EOLFDQRH[LVWHFXDQGRORVJREHUQDQWHVVHHQULTXHFHQDFRVWDGHOHUDULR ´(O/HJR\HO6DQWRµ\WDQWRODRSRVLFLyQFRPRODSUHQVDTXHWLHQHDVXFDUJRHOGHQXQFLDU ORVDEXVRVGHMDQGHKDFHUORFXDQGROHVFRQYLHQH$VtORLOXVWUDODIiEXODGHOSHUURTXHODGUDED LQGLJQDGRDXQJDWRTXHGHYRUDEDXQMDPyQUREDGRKDVWDTXHFD\yXQSHGD]RDOVXHOR\HO SHUURGHMyGHODGUDUSDUDFRPHUOR´$FXiQWRVFRPRHOSHUURKHFRQRFLGRTXHODQ]DQGRDO JRELHUQRDWDTXHVUXGRVXQWUR]RGHWXUUyQORVGHMyPXGRVµ*DUFtD&DVWDxHGD 6HxDOD HO PHQFLRQDGR FUtWLFR TXH HO PDJLVWUDGR TXH IXH GRQ 3DVFXDO YHtD HQ FDPELR´ODIHOLFLGDGGHOSDtVHQODREVHUYDQFLDGHODOH\\QRHQODUHYROXFLyQµ $GYLHUWHHQFRQWUDGHODVFRDOLFLRQHVGHSDUWLGRVRSXHVWRVSRUTXHWUDHQFRQIXVLyQ\DQDUTXtD ´/RV PRQVWUXRVµ SUHYLHQH D ORV HVSDxROHV FRQWUD OD SDVLyQ SDUWLGLVWD TXH KDFH ROYLGDU ORV YHUGDGHURVLQWHUHVHVGHODSDWULD´/RVJDOORVµ\UHFXHUGDDORVDPELFLRVRVODYLHMDPi[LPDGH TXHOD5HYROXFLyQGHYRUDDVXVSURSLRVKLMRV´7RGRHOTXHVXEDDOSRGHUSRUXQDVXEOHYDFLyQ GHEHHVSHUDUFRQUD]yQTXHOHOOHJXHDVXFHGHUTXLHQWHQJDLJXDODPELFLyQµ´/RV/RERVµ /DViWLUDGHOIDEXOLVWDYDGLULJLGDFRQWUDHOIDYRULWLVPR\HOPD\RUDSUHFLRGH ODDSDULHQFLDYDQDTXHGHODYLUWXG\HOWUDEDMR\FRQWUDORVYLFLRV\ODFRUUXSFLyQGHO SRGHU\HOGLQHUR6LJXLHQGRHOKLORGHODVGLIHUHQWHVIiEXODV)HUQiQGH]%DH]DFULWLFDD ODVRFLHGDG\ODFRPXQLGDGSROtWLFDTXHDSUHFLDQ\SUHPLDQPiVODDSDULHQFLDTXHHO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D PpULWRYHUGDGHUR´/DDEHMD\HOJULOORµ´(OSROOR\ODVJDOOLQDVµ´/DVQRWDELOLGDGHVµ D ORV FRPSUDGRV R FRUURPSLGRV SRU HO SRGHU R HO GLQHUR ´(O SHUUR \ HO JDWRµ ´(O UHFODPRµ´(OSHUURUDELRVRµFHQVXUDORVGLVFXUVRVYDQRVGHGLSXWDGRVDSDUHQWHPHQWH VHULRV´/RVJUDMRVµDORVTXHDEGLFDQGHYRWDUHQFRQFLHQFLDSRUPLHGRRFREDUGtDR EXVFDQGRHOSURSLRSURYHFKR´(OFRQJUHVRGHDQLPDOHVµDORVDGXODGRUHV´/RVGRV SHUURVµHOIDOVRSDWULRWLVPRODKLSRFUHVtDGHORVTXHPDQGDQTXHKDFHQORFRQWUDULR GHORTXHGLFHQ$WDFDDOSHULRGLVPRDGXODWRULRGHOSRGHU´(OUHFODPRµ\DOSHWXODQWH DODYH]TXHLJQRUDQWH´(OPRQR\OD]RUUDµ´/RVJR]TXHVµ/DViWLUDFDHFRQWUDHO JRELHUQRTXHTXHEUDQWDODOHJDOLGDG´(OORERHO]RUURµFRQWUDODDQDUTXtDGHFDGD XQRSRUVXODGR´/RVFRORUHVµFRQWUDORVTXHÀDGRVGHYDQDVWHRUtDV\SUR\HFWRV VLQ WUDEDMR QL H[SHULHQFLD SUHWHQGHQ HO JRELHUQR ´JUDQ PDO TXH D (VSDxD DTXHMDµ HVFULEHHOIDEXOLVWDHQ´/DUHFHWDµTXHVXEWLWXOD´&XHQWRµSXHVFXHQWRHQYHUVRHVXQ DQFLDQRH[SHULPHQWDGRKDFHYHUDXQMRYHQLQH[SHUWR\SUHVXQWXRVRODQHFHVLGDGGHO WUDEDMR\ODSUiFWLFDSUHYLDVDFXDOTXLHUWDUHDGHJRELHUQR (QODVQXHYDVIiEXODVSROtWLFDVGHODViWLUDHVDPLSDUHFHUPiVGLUHFWD FRQWUDORVDEXVRVGHSRGHU\FRQWUDHOPDOJRELHUQRFRQWUDHOFRPEDWHSROtWLFRFX\R SUHWH[WRHV~QLFDPHQWHKDFHUVHFRQHOSRGHU´/RVJDOORVµFRQWUDODPXOWLSOLFDFLyQGH SDUWLGRVSDUDREWHQHUDOJRGHOERWtQFXDQGRQRKD\SDUDWRGRV/DODQJRVWDµFRQWUD ORVJREHUQDQWHVTXHUHVLVWHQHQHOSRGHU\OOHYDQHOSDtVDOGHVDVWUHFRPRRFXUUHFRQHO SLORWRTXHVLQRtUODVDGYHUWHQFLDVGHOWLPyQODQ]DVXEXTXHDOQDXIUDJLR´(OWLPyQ\ HOSLORWRµFRQWUDODDPELFLyQSROtWLFD´(OFLHUYRµHWF3HURHQHIHFWRFRPRDGYHUWtD *DUFtD&DVWDxHGDHOPDJLVWUDGRGRQ3DVFXDOOLEHUDOPRGHUDGRÀQDOPHQWHQRFUHtDHQ ODUHYROXFLyQFRPRUHGHQFLyQGHOSXHEORDOHMHPSORDQWHULRUGH´/RVORERVµSRGHPRV DxDGLUODIiEXOD²FXHQWRPiVTXHIiEXOD²GH´(ODUUR\RµHQHOTXHXQDMRYHQOOHQDVX FiQWDURPLHQWUDVVXSOiFLGDFRUULHQWHQRVHFRQYLHUWHHQ´IXULRVRWRUUHQWHµTXHDUUDVD FXDQWRHQFXHQWUDDVXSDVR´&RPRODEHOODMRYHQSDWULDPtDHQODVUHYROXFLRQHV TXHEDVWDUGDDPELFLyQSURPXHYH\JXtDKDOODUiVTXHGRPLQDQGHLJXDOPRGRTXH DODUUR\XHORHOVXFLRIDQJR\ORGRODVVyUGLGDVSDVLRQHV\GHVWUX\HQ\DUUDVDQODV QDFLRQHVµ 0HWLGR HQ OD EDWDOOD SROtWLFD HO 6HQDGRU GHO 5HLQR \ 'LSXWDGR SRU HO GLVWULWR GH3RQIHUUDGD¢DxRUDUtDDOJXQDYH]ODWUDQTXLOLGDGGHVXYLOODQDWDO"/DODUJDIiEXOD ´(OFLHUYRµHVXQDDPDUJDViWLUDGHODDPELFLyQSROtWLFD(ODQLPDOTXHSOiFLGDPHQWH FDPSDED SRU YDOOHV \ VHOYDV HV HOHJLGR ´YDOLGRµ GHO UH\ \ DFDED VLHQGR RGLDGR SRU WRGRV KDVWD HO SXQWR GH FDHU GHO SRGHU \ QR KDOODU GRQGH FRELMDUVH \ HO IDEXOLVWD H[FODPD´£$\TXLpQGHWLVHItDRKSROtWLFD\FLHJRSRUODDPELFLyQWRPiQGRWH SRUJXtDGHOFDPSRGHMDHOSOiFLGRVRVLHJRµ $ ODV IiEXODV SROtWLFDV VLJXHQ HQ OD FROHFFLyQ GH FLQFR HSLJUDPDV TXH SDUWLFLSDQ GHO PLVPR WRQR VDWtULFRSROtWLFR TXH ODV IiEXODV DWDFDQGR HO FDPELR GH SULQFLSLRV VHJ~Q OD FRQYHQLHQFLD OD LJQRUDQFLD GH TXLHQHV ULJHQ ORV GHVWLQRV GH OD 3DWULDHOPHGURGHORVKDELOLGRVRVIUHQWHDORVHVIRU]DGRVHWF ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] )É%8/$6025$/(6 'HDFXHUGRFRQHOSUyORJR\DFRPHQWDGRGHOD&ROHFFLyQGHODVIiEXODVSROtWLFDV \PRUDOHVGHVLDTXHOODVWHQtDQXQDÀQDOLGDGVDWtULFDODVPRUDOHVOyJLFDPHQWH DUELWUDEDQXQDÀQDOLGDGPRUDOGLULJLGDDMyYHQHV\QLxRV/DIiEXODHUDDFDVRFRPR \D DQXQFLDPRV HO JpQHUR PiV SURSLFLR SDUD LQVWUXLU GHOHLWDQGR SDUD RIUHFHU XQD HQVHxDQ]DPRUDOSRUPHGLRGHXQDQDUUDFLyQJXVWRVDRDPHQD &XDUHQWD \ RFKR VRQ ODV IiEXODV GH OD PHQFLRQDGD FROHFFLyQ GH $O DxR VLJXLHQWHDOSXEOLFDUODVHJXQGDHGLFLyQGHODVPRUDOHV&ROHFFLyQGHIiEXODVPRUDOHV VHDxDGHQVLHWHPiV\VHSUHVFLQGHGHXQD´/DVJDOOLQDVµVRQODVTXHUHLWHUDHQ DxDGLHQGR QXHYDV (Q WRWDO VRQ SRU OR WDQWR ODV IiEXODV PRUDOHV SXEOLFDGDV SRU )HUQiQGH] %DH]D Q~PHUR PiV TXH VXÀFLHQWH SDUD GDUQRV FXHQWD GH FXiQWR OH SUHRFXSDEDDOPDJLVWUDGRODIRUPDFLyQPRUDOGHQLxRV\MyYHQHV'HKHFKRHQPXFKDV GHODVIiEXODVORVSURSLRVQLxRVVHFRQYLHUWHQHQSURWDJRQLVWDVDOJRYLVLEOHHQWtWXORV FRPR´(OQLxR\HOSiMDURµ´(OQLxR\HOFDQDULRµ´(OQLxR\HOFD]Rµ´(OQLxR\HO FLHUYRµ´/RVQLxRV\ORVJDOJRVµ´/DVGRVQLxDVµ´(OSHTXHxRµHWF(QRWURVFDVRVOD PRUDOHMDH[SOLFLWDVXGHVWLQDWDULR´6LRVGLHUHQ£RKQLxRVFRQVHMRVYLOODQRVREUDG FRPRHOSHUURJXDUGLiQGHOJDQDGRµ´(OORER\HOSHUURGHOJDQDGRµ/DPLVPD PpWULFD URPDQFHV UHGRQGLOODV VHJXLGLOODV YHUVRV WHWUDVtODERV HQ DOJXQRV FDVRV FRODERUDEDHQODSUHWHQVLyQGHTXHODIiEXODIXHUDDVHTXLEOH\IiFLOGHPHPRUL]DUSRU VXULWPRWUDGLFLRQDOHLQFOXVRSRUVXEUHYHGDGHQPXFKRVFDVRV 'DGD OD FDQWLGDG GH IiEXODV PRUDOHV QR HV IiFLO VLQWHWL]DU ORV PRWLYRV TXH ODV PXHYHQ HQ FXDOTXLHU FDVR VRQ FRPR HV OyJLFR SULQFLSLRV WUDGLFLRQDOHV FRPR OD REHGLHQFLD HO DPRU DO WUDEDMR HWF 8Q EXHQ Q~PHUR GH IiEXODV VH FHQWUDQ HQ OD QHFHVLGDGGHOHVWXGLR\ODDSOLFDFLyQDOPLVPR´(OQLxR\HOFDQDULRµ´/RVQLxRV\ORV JDOJRVµ´(OSUHPLRRORVGRVQLxRVµR´(OJROSHµTXHDxDGHDODVFXDOLGDGHVQDWXUDOHV HOJHQLRHOHVWXGLRSDUDORJUDUXQEXHQUHVXOWDGRHWF2WUDVFRPR´(OSHOtFDQR\HO WLHPSRµR´(OFDPHOOR\ODKRUPLJDµFHUFDQDVWHPiWLFDPHQWHFHOHEUDQHOWUDEDMRHO HVIXHU]RHOVDFULÀFLR\ODFRQVWDQFLDYLUWXGHVTXHWDUGHRWHPSUDQRDFDEDUiQGDQGR IUXWR(QHVWHiPELWRDOJXQDVIiEXODVSURSRQHQWUDEDMDUHQDTXHOORGHORTXHVHDOFDQFH DOJ~QIUXWR´/DVFRQFKDVµ´/DVGRVQLxDVµODXQLyQGHHVWXGLR\H[SHULHQFLD´(O WHyULFRµ\WUDEDMDUQRSDUDHOSUHVHQWHVLQRSDUDORJUDUODIHOLFLGDGHWHUQD´(OFHUGR\ HOJXVDQRGHVHGDµ (OFXLGDGR\ODSUXGHQFLDHQHOREUDUHVODHQVHxDQ]DTXHVHH[WUDHGHIiEXODV FRPR ´(O QLxR WUDYLHVRµ ´/RV JDWRV \ HO QLxRµ ´(O JDOiSDJR \ OD ODJDUWLMDµ R ´/D DOGHDQDµ(OKDFHUHOELHQQRVyORHVFRQYHQLHQWHVLQRTXHVXHOHWHQHUVXUHFRPSHQVD ´(ORVR\HOSHUURGH6DQ%HUQDUGRµ´/DVQLxDV\HOKRUWHODQRµHQHVWHFDPSRKD\ TXHPRVWUDUVHDJUDGHFLGRV\OHDOHVFRQTXLHQQRVKDFHELHQ´(OJR]TXH\HOPDVWtQµ ´(OORER\HOSHUURGHJDQDGRµ(QRWUDVIiEXODV´(OIHRµ´(OSHTXHxRµ´(OWXHUWRµ R´/DFRMHUDµVHFRQFOX\HFRQTXHHVHOYDOHU\ODKHUPRVXUDLQWHULRUGHODOPDORTXH LPSRUWDSRUHQFLPDGHODVDSDULHQFLDVItVLFDVRWUDHQVHxDQ]DHVTXHLPSRUWDPiVHO SURSLRYDOHUTXHHOTXHVHDSR\DHQHOYDOHUGHRWUR´/DKLHGUD\HODYHOODQRµ\PiV ORTXHXQRHVTXHORTXHDSDUHQWDFRPRH[SUHVDODPRUDOHMDGH´(OURFtQ\HOFDEDOORµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D $OJXQDVFRPSRVLFLRQHVKDEODQGHODQHFHVLGDGGHODEXHQDDPLVWDGFRPRD\XGDSDUD HYLWDUSHOLJURVHQODYLGD´(OSHUURGHODQDV\HOFDFKRUURGHFD]DµSRUORTXHWDO DPLVWDG KD\ TXH FXLGDUOD VLQ DEXVDU GHO DPLJR FRPR HQ ´/D XUUDFD \ HO SHUUR GH ODQDVµKL]RDTXHOODFRQHOVHJXQGR 6L ODV DQWHULRUHV VRQ SURSXHVWDV SRVLWLYDV RWUDV IiEXODV KDEODQ GH YLFLRV TXH HOQLxR\HOMRYHQKDQGHFRPEDWLUFRPRODPHQWLUD´(OQLxR\HOJDOJRLQJOpVµHO RUJXOOR \ HO HQJUHLPLHQWR ´/D FRPHWDµ OD SUHVXQFLyQ OD DYDULFLD ´/D FRPDGUHMD \ ORV UDWRQHVµ OD JXOD GHVFRQVLGHUDGD OD HQYLGLD ´(O SHUUR \ HO JDWRµ ´/D OXQD \ ORVYDSRUHVµODVDFFLRQHVWUDLFLRQHUDV\HQJDxRVDV´(OSHUUROD]RUUD\HOORERµOD DPELFLyQTXHOOHYDDTXHUHUGHVWDFDUVLQIRUPDFLyQVXÀFLHQWHDQWHVGHWLHPSR´(O DOELOORDJUD]\ODIUHVDµRDLOXVLRQDUVHFRQVDOLUGHVX´KRQHVWDPHGLDQtDµ´/RVQLxRV EDOHDUHVµ &DStWXOR LPSRUWDQWH HQ ODV IiEXODV GH )HUQiQGH] %DH]D VRQ ODV MyYHQHV OD IRUPDFLyQPRUDOGHODVMyYHQHV1ROHSRGHPRVSHGLUDOPDJLVWUDGR\IDEXOLVWDTXH IXHUDXQDGHODQWDGRDVXWLHPSRXQWLHPSRHQHOTXHODPXMHUGHVDUUROODEDVXYLGD HQ HO iPELWR IDPLOLDU \ FX\R GHVWLQR FRQVLVWtD HQ VHU EXHQD PDGUH \ EXHQD HVSRVD VLQDXWRQRPtDSHUVRQDOQLODERUDOQLLQGHSHQGHQFLDHFRQyPLFD/DHGXFDFLyQEDMRHO VHFXODUSDUDJXDVGHOD,JOHVLDIRUPDEDPXMHUHVSLDGRVDVTXHIXHUDQH[SHUWDVHQ´ODV ODERUHVSURSLDVGHVXVH[RµVHJ~QIyUPXODPX\XWLOL]DGDHQODpSRFD1XHVWURIDEXOLVWD YHODSRUODPXMHUSUXGHQWHFDXWHORVDGHPRGDOHVGLJQRVDWHQWDDODEHOOH]DLQWHULRU PiVTXHDODH[WHUQD$OKLORGHODVIiEXODVTXHWLHQHQFRPRGHVWLQDWDULDGLUHFWDDOD PXMHUSRGHPRVHVWDEOHFHUDOJXQRVJUXSRVWHPiWLFRVVHJ~QVXVSURSXHVWDVPRUDOHV (Q HO SULPHUR \ PiV DEXQGDQWH VLWXDUtDPRV DTXHOODV IiEXODV TXH SUHYLHQHQ FRQWUD HODPRUHQJDxRVRODIiEXODPiVDWUDFWLYDHQHVWHiPELWRHV´/DVVLUHQDVµFRQHOHFR RGLVHLFRGHODVVLUHQDV\8OLVHVVHSUHYLHQHDODVMyYHQHVFRQWUDORVFDQWRVGHVLUHQD HQJDxRVRV GH TXLHQHV ODV DGXODQ ´,QRFHQWHV GHO FDQWR IHPHQWLGR GH LQVLGLRVRV DPRUHV \ VXV WRQRV WUDLGRUHV DSDUWDG FDXWHORVDV HO RtGRµ 'H LJXDO PRGR VH SUHYLHQHDODVFRQÀDGDVHQVXH[SHULHQFLD´/DFRURQDµ1RHVDMHQRDQXHVWURWLHPSR HOKHFKRGHTXHODVRFLHGDGGLVFXOSHDOVHGXFWRUSHURGHQLJUHDODVHGXFLGD´6LDOJXQD VHDEDQGRQDHOPXQGRQRSHUGRQDVXSHUGLFLyQ\DFKiFDOHODFXOSDPLHQWUDV DO VHGXFWRU VH OH GLVFXOSDµ ´/RV JDWRV FRQ SHVWHµ 0iV D~Q HV D OD PXMHU D OD TXH VH FXOSD GH ORV GHVPDQHV GHO KRPEUH ´£&XiQWDV MyYHQHV GHO GtD DO HUL]R DELHUWR LJXDOHVGDQPDUJHQFRQVXVPRGDOHV\JHVWRVDODRVDGtDµ´/RVGRVHUL]RVGH FDVWDxRµ 2WUR WHPD HV HO GHO YDORU GH OR QDWXUDO H LQWHULRU IUHQWH D OR DUWLÀFLRVR \ H[WHULRU´(OEDUQL]µ8QWHUFHUWHPDDWDxHDODPXMHUYLUWXRVD´-yYHQHVVHGYLUWXRVDV LQVSLUDUpLV SXUR DPRU \ QR FXDO PDULSRVDV DÀFLRQHV SHOLJURVDV IUXWR GHO EULOORH[WHULRUµ´(OQLxR\ODPDULSRVDµ)LQDOPHQWHODVDFWLWXGHVGHODPXMHUHQHO PDWULPRQLRLQVSLUDQRWUDVIiEXODVDFDVRODVPiVFXULRVDV\ODVTXHPHMRUPXHVWUDQHO ODGRFRQVHUYDGRUGHGRQ3DVFXDO)HUQiQGH]%DH]D(OKRJDUFRPROXJDUSURSLRGHOD PXMHUDSDUHFHHQ´/DVGRVSULPDVµ´£-yYHQHVHQHODPRUGHORVKLMRV\HOHVSRVR\ GRPpVWLFDODERUVHKDOODHOJRFHHQFDQWDGRUQRHQHOIHVWtQEXOOLFLRVRµ$OPDULGR HQFDPELRKD\TXHGHMDUOHVXHOWR´/DTXHFRQVHUYDUTXLHUDXQDPDQWHVLQFHUR QRROYLGHSRUELHQVX\RORGHOQLxR\HOFLHUYRµHVGHFLUTXHQRVXMHWHDOFLHUYRHO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] DPDQWHFRPRXQFDUFHOHURSXHVDFDEDUiKX\HQGREXVFDQGROLEHUWDG(VSUREDEOHTXH ´/DVGRVJDOOLQDVµGHODFROHFFLyQGHGHVDSDUHFLHUDHQODVHGLFLRQHVVLJXLHQWHV SRUODSURSXHVWDGHSHUGRQDUHQHOFDVDGRORTXHDODFDVDGDQRVHOHSHUGRQDUtD´6L XQGHOLULRFRPHWLHUHQORVPDULGRVVHGSUXGHQWHVHVSRVDVEXVFDGOHVFDULxRVDV \SUHVWRVORVYHUpLVDUUHSHQWLGRVµ (Q UHVXPHQ GRQ 3DVFXDO DODED D OD MRYHQ SUXGHQWH TXH FLHUUD RtGRV D KDODJRV\SDODEUDVHQJDxRVDVDODPXMHUFX\DEHOOH]DQDWXUDOQRGHEHVHUUHVDOWDGD DUWLÀFLRVDPHQWHDODPXMHUPRGRVDFRPHGLGDPRGHVWDGHDGHPDQHVKRQHVWRVDOD PXMHUTXHQRVHFRQItDVLHPSUHSUHYHQLGDFRQWUDORVSRVLEOHVHQJDxRVGHOKRPEUH\ HQÀQDODPXMHUKRJDUHxDTXHKDOODODIHOLFLGDGHQHOVHQRIDPLOLDU 0e75,&$ /DKDELOLGDGPpWULFDGHORVSULQFLSDOHVIDEXOLVWDVHVSDxROHVKDVLGRJHQHUDOPHQWH UHFRQRFLGD GH ,ULDUWH VREUH WRGR HQWUH ORV GHO ;9,,, SXHV ORV UHFXUVRV PpWULFRV GH 6DPDQLHJRPiVPRQyWRQRV\SUHYLVLEOHV´VRQLQIHULRUHVDORVGH,ULDUWHODULPDHV SREUHEDVDGDHQP~OWLSOHVRFDVLRQHVHQYHUERV\DGYHUELRVSUHGRPLQDODVLOYDTXH OHSHUPLWHJUDQOLEHUWDG\VRQIUHFXHQWHVODVHVWURIDVGHFXDWURYHUVRV\ORVSDUHDGRVµ 6RWHOR/DULTXH]DUtWPLFDGH7RPiVGH,ULDUWHHQFDPELRODKDQPDQLIHVWDGR WDQWRORVHVWXGLRVGHPpWULFDHVSDxRODFRPRORVTXHYHUVDQVREUHHOIDEXOLVWDFDQDULR 'H1DYDUUR7RPiVVRQHVWDVH[SUHVLYDVSDODEUDV (OHMHPSORGH,ULDUWHGHEHQRWDUVHQRVyORSRUTXHHQVD\DUDXQDYDULHGDGGHPHWURVQRLJXDODGD SRUQLQJ~QRWURDXWRUFRQWHPSRUiQHRQLDQWHULRUDVXWLHPSRVLQRSRUHOVHQWLGRDUWtVWLFRTXH GHQWURGHOWRQRVHQFLOOR\IDPLOLDUGHVXVIiEXODVVXSRWHQHUSRUJXtDDODFRPRGDUDFDGDRFDVLyQ HO HIHFWR UtWPLFR PiV DGHFXDGR >@ 6LQ LQYHQWDU QLQJ~Q YHUVR TXH QR WXYLHUD SUHFHGHQWH HQ HVSDxROFRQWULEX\yDUHVWDEOHFHUPRGHORVROYLGDGRVDGDUYLGDSURSLDDWLSRVHVSHFLDOHVTXH KDVWDHQWRQFHVQRVHKDEtDQXVDGRGHPDQHUDLQGHSHQGLHQWH\DSRSXODUL]DUVXVH[SHULHQFLDV SRUWRGDVODViUHDVGHOLGLRPD1DYDUUR7RPiV ´,ULDUWHFRQVLJXLyHQODV)iEXODVHOUHSHUWRULRPpWULFRPiVULFRGHWRGRHOVLJOR ;9,,,µKDFRQVLJQDGRXQHGLWRUGHVXVIiEXODVTXHFRQVLGHUDTXHHOJpQHURSHUPLWH PXFKD YHUVDWLOLGDG UtWPLFD 3ULHWR GH 3DXOD $FDVR SRU HVR ORV IDEXOLVWDV GHOVLJOR;,;VHFDUDFWHUL]DQFRPR,ULDUWHSRUODYDULHGDGPpWULFDGHVXSURGXFFLyQ IDEXOtVWLFDHPSH]DQGRSRU+DUW]HQEXVFKSXHV´GHVGHHODPSOLRULWPRGHODVLOYDDO DOHJUHGHODVHJXLGLOODFDVLWRGRVORVYHUVRV\HVWURIDVGHOHVSDxROHVWiQUHSUHVHQWDGRV HQ ODV )iEXODVµ 1DYDV 5XL] ;;,, (Q FXDQWR D 0LJXHO $JXVWtQ 3UtQFLSH pO PLVPRFHUWLÀFyHQHOWtWXORODGLYHUVLGDGUtWPLFDGHVXVFRPSRVLFLRQHV\VXLQWHUpVSRU ORVDVSHFWRVPpWULFRV)iEXODVHQYHUVRFDVWHOODQR\HQYDULHGDGGHPHWURVSUHFHGLGDGHXQ SUyORJRTXHFRQWLHQHODKLVWRULDGHOD)iEXODGHVGH(VRSRKDVWDQXHVWURVGtDV\VHJXLGDGHXQ ´$UWHPpWULFDµGRVWRPRV 3DVFXDO )HUQiQGH] %DH]D QR OHV YD D OD ]DJD D ORV QRPEUDGRV HQ YDULHGDG PpWULFRUtWPLFD\HQHOLQWHQWRGHDFRPRGDUHOULWPRDODPDWHULDJUDYHROLJHUDGHOD IiEXOD3RGHPRVGHFLUTXHXWLOL]DWRGRVORVPHWURVTXHYDQGHOWULVtODERDOGRGHFDVtODER HQ ODV GLYHUVDV FRPELQDFLRQHV TXH OD WUDGLFLyQ PpWULFD KDEtD \D H[SHULPHQWDGR (Q ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D HVWH VHQWLGR QR HV )HUQiQGH] %DH]D XQ LQQRYDGRU FRPR QR OR IXH WDPSRFR ,ULDUWH SRQJDPRVSRUFDVR1LORIXHQLSRGtDPRVHVSHUDUTXHORIXHUD /D~QLFDFRPSRVLFLyQHQYHUVRVWULVtODERVHV´(OQLxRHOSHUUR\HOJDWRµTXHGDGD ODULPDDVRQDQWHGHORVYHUVRVFXDUWR\RFWDYRGHFDGDHVWURIDHQODSUiFWLFDOHFWRUDVH FRQYLHUWHQHQXQDVXFHVLyQGHYHUVRVKH[DVtODERVHQIRUPDGHURPDQFHRURPDQFLOOR FRPRGHPXHVWUDRWUDIiEXOD´(OPRFKXHORµXQURPDQFLOORKH[DVLOiELFRFX\DPRUDOHMD GHGRFHYHUVRVWULVtODERVQRHVPiVTXHXQDFRQÀJXUDFLyQPiVDLURVDGHORVKH[DVtODERV GLYLGLGRVHQVXVKHPLVWLTXLRV´/HFWRUHVFUHHGPHDPXFKRVSRUVHULRV\GDUVH JUDQ WRQR JXDUGDQGR VLOHQFLR OHV WLHQHQ SRU VDELRV \ VRQ ¢TXp" 0RFKXHORVµ (O YHUVR GH FXDWUR VtODEDV XWLOL]DGR FRPR TXHEUDGR HQ SRHPDV GH YHUVRV RFWRVtODERV QR VH HPSOHy GH PRGR LQGHSHQGLHQWH KDVWD HO QHRFODVLFLVPR \ HO URPDQWLFLVPR'RPtQJXH]&DSDUUyV\DOFDQ]y´DPSOLDUHSUHVHQWDFLyQFRQ ODVIiEXODV/DXUUDFD\ODPRQD\/DDUGLOOD\HOFDEDOORGH,ULDUWHµ1DYDUUR7RPiV /RXWLOL]y)HUQiQGH]%DH]DHQHVWURIDVGHGRFHYHUVRVGLYLGLGDVHQGRVSDUWHV VLPpWULFDVHQFXDQWRDODGLVSRVLFLyQGHODVULPDV/DGLYLVLyQODPDUFDODFRQVRQDQFLD DJXGDHQWUHORVYHUVRV\9HPRVWDOHVWURIDGXRGpFLPDHQ´(OSUHPLRRORVGRV QLxRVµGRQGHWRGRVORVYHUVRV\GHFDGDHVWURIDULPDQHQyQ\HQ´(OOHJR\HO VDQWRµFX\DGLVSRVLFLyQGHULPDVSUHVHQWDHVWDIRUPDDDE²FFE/DIiEXOD´/RVGRV SHUURVµ SUHVHQWD XQ MXHJR GH ULPDV PiV WUDEDGR DEEDF ²GHHGF WDQWR HO YHUVR FRUWR FRPR OD GLVSRVLFLyQ GH ODV ULPDV UHSURGXFH UtWPLFDPHQWH OD LQTXLHWXG GHO SHUULWR \ VX ODGULGR SHUVLVWHQWH ´8Q GRJXLWR OH PRVWUDED D VX GXHxR GXUR FHxR \ ODGUDEDFRQIXURUKDVWDWDQWRTXHYHtDTXHDWHQGLGRVXFKLOOLGROHGHFtD ¶/DGUDGRU·µ (OYHUVRSHQWDVtODERORXVD)HUQiQGH]%DH]DFRPELQDGRFRQHOKHSWDVtODERHQODV VHJXLGLOODVUHODWLYDPHQWHIUHFXHQWHV/DVHJXLGLOODXVDGDSRUQXHVWURIDEXOLVWDHVVLQ H[FHSFLRQHVODOODPDGDFRPSXHVWDHVGHFLUODTXHDORVFXDWURYHUVRVWUDGLFLRQDOHVXQH XQHVWULELOORGHWUHVYHUVRVHOSULPHUR\HOWHUFHURSHQWDVtODERVTXHULPDQHQDVRQDQWH \ HO LQWHUPHGLR KHSWDVtODER EODQFR ,QGLFD 'RPtQJXH] &DSDUUyV TXH HVWD IRUPD GH VHJXLGLOOD VH H[WLHQGH D SDUWLU GHO VLJOR ;9,,, HQ HO TXH DOFDQ]y PXFKD SRSXODULGDG)HUQiQGH]%DH]DXVDODVHJXLGLOODFRPSXHVWDHQQXHYHFRPSRVLFLRQHVDO PHQRVFDVLVLHPSUHEUHYHVUHGXFLGDVDXQDGRVRWUHVVHJXLGLOODV´/DFRPHWDµ´/DV DSDULHQFLDVµ´(OEDUQL]µ´/RVJDVHVµ´(OJROSHµ´/DPRGHVWLDµ\´(OFDPHOOR\OD KRUPLJDµ6RQODVGHXQDVRODVHJXLGLOODVREUHWRGRHMHPSORGHVtQWHVLV\HVFDVH]GH DFFLyQ /RV GHPiV YHUVRV GH DUWH PHQRU KH[DVtODERV KHSWDVtODERV \ RFWRVtODERV ORV XVD )HUQiQGH] %DH]D HQ YDULDGDV FRPELQDFLRQHV (O URPDQFH HV XQD GH HOODV /RV KH[DVLOiELFRV R URPDQFLOORV GH ULWPR OLJHUR \ DQGDGXUD iJLO ORV YHPRV HQ ´(O PRFKXHORµ ´(O ORER \ HO SHUUR GH JDQDGRµ ´/D ODQJRVWDµ \ ´(O SHUUR UDELRVRµ HQ pVWHFRQFLHUWRDODUGHGHLQJHQLRYDQDOWHUQDQGRORVHVWULELOORV´SRUIDWDOLGDGµ\´SRU FDVXDOLGDGµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] (OURPDQFHKHSWDVtODERORHPSOHDHQ´(OFLHJR\VXVREULQRµ´(OJDOJRµ´(O QLxRWUDYLHVRµ´/RVJDWRV\HOQLxRµ´(OQLxR\HOFLHUYRµ´/DDEXELOOD\HODUPLxRµ ´(ODVQRSUHVXPLGRµ\´/DDEHMD\HO]iQJDQR (OURPDQFHSURSLDPHQWHGLFKRHQRFWRVtODERVDSDUHFHHQIiEXODVFRPR´/DUHFHWDµ ´(OQLxR\HOSiMDURµ´/DVGRVJRORQGULQDVµ\´/DOXQD\ORVSiMDURVµ )HUQiQGH] %DH]D QRV GD EXHQD PXHVWUD GH GLVWLQWDV PRGDOLGDGHV HVWUyÀFDV HQ YHUVRVGHDUWHPHQRUSDUHDGRVHQ´(OIHRµ\´/DVQLxDV\HOKRUWHODQRµUHGRQGLOODV HQ´/DFRODµ´(OOHEUHO\HOPDVWtQµ´(OQLxR\HOFDQDULRµ\RWUDVFDWRUFHRTXLQFH FRPSRVLFLRQHV PiV OR TXH QRV LQGLFD HO DSUHFLR SRU XQD IRUPD TXH ORV SRHWDV QHRFOiVLFRV KDEtDQ GHVHFKDGR \ ORV URPiQWLFRV YROYLHURQ D UHFXSHUDU FXDUWHWDV HQ ´(ODOELOORDJUD]\ODIUHVDµ´/DVGRVQLxDVµ\DOJXQDVIiEXODVPiVHQTXLQWLOODVVH GHVDUUROODQIiEXODVFRPR´/DFRMHUDµ´(OWHyULFR´/DVGRVSULPDVµ\´/DDOGHDQDµ SHUR D OD TXLQWLOOD UHFXUULy SULQFLSDOPHQWH SDUD OD PRUDOHMD HQ IiEXODV GLVSXHVWDV HQRWUDVPRGDOLGDGHVHVWUyÀFDVORVURPDQFHVGH´(OQLxR\HOJDOJRLQJOpVµR´/RV GRVDOKHOtHVµSRUHMHPSORWHUPLQDQFRQXQDTXLQWLOODODIiEXOD´/RVGRVJDOORVµHQ FXDUWHWRV HQGHFDVtODERV WHUPLQD FRQ HVWD TXLQWLOOD ´4XLHQ FRQ YLROHQWD RSUHVLyQ DEXVDQGRGHOSRGHUFDXVDLQMXVWDYHMDFLyQDORVKRPEUHVGHYDOHUOHVGDPiV JUDQGH RSLQLyQµ 3HUR HO IDEXOLVWD EHUFLDQR H[SHULPHQWD WDPELpQ FRQ RWUDV IRUPDV PpWULFDV PiV FRPSOHMDV FRPR OD RFWDYLOOD \ OD GpFLPD /D RFWDYLOOD DJXGD HQ GRV VHPLHVWURIDVVLPpWULFDVFRQSDXVDPDUFDGDODSUDFWLFyHQ´(OURFtQ\HOFDEDOORµ\HQ ´(OJORWyQµFRQXQDPLVPDIyUPXODDDE²FFEGRQGHORVYY\WHUPLQDQHQDJXGD HUDODPLVPDTXHSRSXODUL]y(VSURQFHGDHQOD´&DQFLyQGHOSLUDWDµ(QFXDQWRDOD GpFLPDVyORODXWLOL]yHQGRVIiEXODV´/DSHUSHWXD\ODURVDµ\´/DDUDxDµ (OHQGHFDVtODERHVFRQPXFKRHOYHUVRPiVXVXDOGHODUWHPD\RUHQPX\GLIHUHQWHV FRPELQDFLRQHVSDUHDGRV´(ORVR\HOSHUURGH6DQ%HUQDUGRµ\DOJXQDVIiEXODVPiV WHUFHWRVHQFDGHQDGRV´(OSyOLSRµFXDUWHWRV\VHUYHQWHVLRV´/RVFRORUHVµ´/RVGRV JDOORVµ´(OFRQJUHVRGHDQLPDOHVµ´(OSDVWRUµ´/DKLHGUD\HODYHOODQRµRFWDYDV UHDOHV´(ODYHVWUX]\HOUXLVHxRUµXQDVRODRFWDYD /R PiV IUHFXHQWH HV OD FRPELQDFLyQ GHO HQGHFDVtODER FRQ HO KHSWDVtODER HQ YDULDGDV PRGDOLGDGHV HVWUyÀFDV VHUYHQWHVLRV HQ ´/RV RFKDYRV \ ODV PRQHGDV GH SODWDµ$E$E2WUDVFRPELQDFLRQHVFRQULPDFRQVRQDQWHWRGRXQPXHVWUDULRVRQ $ED% ´(O JDQVR OHJLVODGRUµ D%D% ´(O SHUUR \ HO JDWRµ ´(O DVQR IDQIDUUyQµ DED% ´/DYLROHQFLDµD%$%´(OSHUUROD]RUUD\HOORERµ$E$%´(OWLPyQ\HOSLORWRµ ´(O ODJDUWR \ HO ]RUURµ $EE$ ´/DV GRV JDOOLQDVµ ´/DV VLUHQDVµ D%%D ´/D DEHMDµ ´/DHQYLGLDµD%%$´/RVJR]TXHVµDD%%´/DVDOTXLWDUDVµ´(OJDWROD]RUUD\HO JDOJRµSDUHDGRVSHURGLVSXHVWRVHQIRUPDGHFXDUWHWRVFRPR´/DPRQDµ´/RVJDWRV FRQSHVWHµ\´(OPRQR\OD]RUUDµHQHVWDIiEXODFRQODIyUPXODD$E%(QFXDOTXLHU FDVRVRQFRPELQDFLRQHVTXHVHHPSOHDURQPXFKRWDQWRHQHOQHRFODVLFLVPRFRPRHQ HOURPDQWLFLVPR1DYDUUR7RPiV\ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D &RPELQDFLyQGLIHUHQWHHVODGH´(OSHUURGHODQDV\HOFDFKRUURGHFD]DµIiEXOD TXHDOWHUQDKHSWDVtODERVLPSDUHV\HQGHFDVtODERVSDUHVGHPRGRTXHDTXHOORVVRQ EODQFRV\ORVSDUHVRHQGHFDVtODERVDVRQDQWDGRVHQiRPDQWHQLHQGRSRUORWDQWR XQDHVWUXFWXUDURPDQFHDGD /DVLOYDFRQVXOLEHUWDGRIDOWDGHGLVFLSOLQDIRUPDOIXHPX\SURSLFLDSDUDHO GHVDUUROORGHFXDOTXLHUWLSRGHDVXQWRODHPSOHDURQORVGLVWLQWRVIDEXOLVWDV\ODXVy WDPELpQ)HUQiQGH]%DH]DHQ´(OFRQYLWHµ´(ODUUR\Rµ´(OFXHUYRµ´/RVQLxRVDOHDUHV ´/DFLJHxD\HOPLUORµ\´(OSHOtFDQR\HOWLHPSRµ 2FDVLRQDOPHQWHHPSOHDHOGRGHFDVtODERVyORHQ´(OUXLVHxRU\VXVKLMRVµHQ VHUYHQWHVLRV 'H PD\RU RULJLQDOLGDG VRQ ODV FRPELQDFLRQHV FRQ ULPD DVRQDQWH )RUPDV DVRQDQWHV HPSOHD )HUQiQGH] %DH]D HQ FRPELQDFLRQHV GH GHFDVtODERV \ KH[DVtODERV DOJRTXHVHGDHQ´(OPLODQR\ODVSDORPDVµ´/DFLJHxD\HOJRUULyQµ\´(OPDQ]DQR \ODFDVWDxDµFRQHVWDHVWUXFWXUDDORODUJRGHFDGDFRPSRVLFLyQ$E$E$E$E/RV LPSDUHVVRQGHFDVtODERV\ULPDQWRGRVHQWUHVt\ORVSDUHVKH[DVtODERVULPDQWDPELpQ HQWUH HOORV FRQ ULPD GLIHUHQFLDGD GH ORV GHFDVtODERV 3RU RWUR ODGR ORV GHFDVtODERV OOHYDQDFHQWRHQWHUFHUDVH[WD\QRYHQDVtODEDVGHFDVtODERDQDSpVWLFRRGHKLPQR\ ORVKH[DVtODERVHQVHJXQGD\TXLQWDDQÀEUiTXLFR$OJXQRVHMHPSORV´/DFLJHxD\HO JRUULyQµVHFRPSRQHGHYHUVRVGLVWULEXLGRVSRUHOVHQWLGRHQFXDUWHWRVORVLPSDUHV GHFDVtODERVULPDQWRGRVHQ²pD\ORVSDUHVKH[DVtODERVWRGRVHQ²iR´(OPDQ]DQR\ ODFDVWDxDµHVXQDODUJDIiEXODGHYHUVRVHQODTXHORVGHFDVtODERVRLPSDUHVULPDQ HQ²pR\ORVSDUHVRKH[DVtODERVHQ²iRHQ´(OPLODQR\ODVSDORPDVµORVGHFDVtODERV RLPSDUHVULPDQHQ²pR\ORVKH[DVtODERVRSDUHVHQHQ²iR ´(VFXFKDGPLDPLVWRVRFRQVHMRµ GHFtDXQPLODQR GHSDORPDVDXQEDQGRTXHHOYXHOR OOHYDEDPX\DOWR 9XHVWURELHQPHLQWHUHVDHQH[WUHPR \YHRDGPLUDGR TXHRVFDQViLVHQVXELURVDOFLHOR VLQIUXWRYRODQGR 1R KH SRGLGR FRQWUDVWDU HO XVR GH IRUPDV PpWULFDV VHPHMDQWHV 'HVGH OXHJR HOURPDQWLFLVPRKDEtDH[SHULPHQWDGRFRPELQDFLRQHVYDULDGDVGHULWPRV\PHGLGDV 3HURQRFDEHGXGDGHTXHODIDEXOtVWLFDGH)HUQiQGH]%DH]DWRGRXQPXHVWUDULRGH SRVLELOLGDGHVHVPX\ULFDPpWULFDPHQWHDODDOWXUDSUREDEOHPHQWHGHORVIDEXOLVWDV DQWHULRUPHQWH PHQFLRQDGRV HQ HVWH iPELWR HQ HO TXH HUD GLItFLO TXH HO EHUFLDQR QR HPXODUDDTXLHQHVOHSUHFHGLHURQ$QWHULRUPHQWHFLWDPRVODIiEXOD´(OSHUURUDELRVRµ HQ OD TXH DOWHUQDQ ORV HVWULELOORV ´SRU IDWDOLGDGµ \ ´SRU FDVXDOLGDGµ 0H SDUHFH LQGXGDEOHTXHDOJRWXYRTXHYHUHQHODVXQWRXQDGHODVPiVFpOHEUHVIiEXODVGH,ULDUWH ´(OEXUURÁDXWLVWDµTXHUHLWHUDXQPLVPRHVWULELOOR´3RUFDVXDOLGDGµ(QRWUDIiEXOD FRQFUHWDPHQWHHQ´(OJUDEDGRU\VXDXGLWRULRµVHHYRFDD,ULDUWH\VXFRQRFLGDSLH]D ´(O JDWR HO ODJDUWR \ HO JULOORµ HVFULWD SDUD VDWLUL]DU HO ´HVWLOR UHWXPEDQWHµ \ FX\D FDUDFWHUtVWLFDHVODULPDHVGU~MXODGHWRGRVVXVYHUVRVHQGHFDVtODERVSDUHDGRVWRGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -RVp(QULTXH0DUWtQH])HUQiQGH] XQ DODUGH HQ HVH VHQWLGR (Q ´(O JUDEDGRU \ VX DXGLWRULRµ )HUQiQGH] %DH]D TXLHUH SODVPDU´ODFKDUODDOWLVRQDQWHGHXQUHWyULFRµ\FRPLHQ]DUHFRUGDQGRORVYHUVRVGHO IDEXOLVWDFDQDULR´£4XHQRUHVXFLWDUDHQHVWHGtD,ULDUWHDTXHOKRPEUHWDQFLHQWtÀFR HQFRSLDUHOOHQJXDMHFXDOVDEtDGHFLHUWRVDQLPDOHVHVSHFtÀFRVµSHURDIDOWDGH ,ULDUWHORKDUipOFRQLURQtDEXUOD\ViWLUDFRQWUDTXLHQGHÀHQGHODWLUDQtDGHORV5H\HV DXQTXHDSDUHQWHPHQWHVHRSRQJDDHOOD(QODPRUDOHMDYXHOYHDQRPEUDUDOIDEXOLVWD FDQDULR´¢1RHQFRQWUiLVHQYHUGDGHQHVWHSUyORJRORVKRPEUHVTXH,ULDUWHSLQWy FUtWLFRGHOJULOOR\GHOODJDUWRHQHODSyORJRQRSHQVDQGRHQKDEODUFRPRSROtWLFR"µ /R LQWHUHVDQWH SDUD QRVRWURV HV OD LPLWDFLyQ PpWULFD SXHV HQ ORV VHUYHVWHVLRV GH )HUQiQGH] %DH]D WRGRV ORV YHUVRV SDUHV WLHQHQ WHUPLQDFLyQ HVGU~MXOD ´©'H OD PDU LPLWDG HO DO]DPLHQWR YLQR D GHFLU HO RUDGRU OXQiWLFR 1R VXIUiLV GLFWDGXUDV QL XQ PRPHQWRª &RQ WRGR HO GLFWDGRU DSODXGH HQIiWLFRµ &RPR HQ ,ULDUWH OR UDUR H KLSHUEyOLFR GH OD ULPD HVGU~MXOD FRQWULEX\H D OD EXUOD ULGLFXOL]DGRUD GHO ´RUDGRU DOWtVRQRSLQGiULFRµ (Q UHVXPHQ VL QR KD\ QRYHGDGHV PpWULFDV Vt KD\ FLHUWD RVWHQWDFLyQ GH XQD YDULHGDGFRQODTXH)HUQiQGH]%DH]DSURSRUFLRQDXQEXHQPXHVWUDULRGHODPD\RU SDUWHGHODVFRPELQDFLRQHVUtWPLFDVTXHXQSRHWDGHVXVLJORSRGtDSUDFWLFDU %,%/,2*5$)Ì$ &DUQLFHU5´8QMXULVWDSRQIHUUDGLQR3DVFXDO)HUQiQGH]%DH]Dµ)LHVWDVGHOD (QFLQD3RQIHUUDGDLQFOXLGRHQ'HO%LHU]R\VXJHQWH9DOODGROLG-XQWD GH&DVWLOOD\/HyQ 'DYLG .RVVRII $ HW DOLL FRRUGV $FWDV GHO 9,,, &RQJUHVR GH OD $VRFLDFLyQ ,QWHUQDFLRQDOGH+LVSDQLVWDV,0DGULG,VWPR 'RPtQJXH] &DSDUUyV - 'LFFLRQDULR GH PpWULFD HVSDxROD 0DGULG $OLDQ]D (GLWRULDO )HUQiQGH]%DH]D3&ROHFFLyQGHODVIiEXODVSROtWLFDV\PRUDOHV0DGULG,PSUHQWD DFDUJRGH&*RQ]iOH] )HUQiQGH]%DH]D3&ROHFFLyQGHIiEXODVPRUDOHVHGLFLyQDXPHQWDGD0DGULG ,PSUHQWDDFDUJRGH&*RQ]iOH] )HUQiQGH]%DH]D3$)DELR(StVWRODVDWtULFDHQTXHVHGHVFULEHQORVYLFLRVSROtWLFRV \PRUDOHVGHOD&RUWH3RQIHUUDGD,PSUHQWDGH-RDTXtQ/HyQ6XiUH] )HUQiQGH] %DH]D 3 1XHYD FROHFFLyQ GH ODV IiEXODV SROtWLFDV \ PRUDOHV WRPR , 0DGULG,PSUHQWDGH0&DPSR5HGRQGR )HUQiQGH] %DH]D 3 1XHYD FROHFFLyQ GH IiEXODV PRUDOHV WRPR ,, HGLFLyQ DXPHQWDGD0DGULG,PSUHQWD\(VWHUHRWLSLDGH05LYDGHQH\UD *DUFtD&DVWDxHGD6´/DIiEXODSROtWLFDHVSDxRODHQHOVLJOR;,;µHQ$'DYLG .RVVRIIHWDOLLFRRUGV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDPLUDGDVREUHODIiEXODHVSDxRODGHO;,;/DVIiEXODVGH3DVFXDO)HUQiQGH]%DH]D *DUFtD0-3DVFXDO)HUQiQGH]%DH]D/HyQ)XQGDFLyQ3HGURÉOYDUH]2VRULR $\XQWDPLHQWRGH3RQIHUUDGD 0DUWtQH]*DUFtD)+LVWRULDGHOD/LWHUDWXUD/HRQHVD/HyQ(YHUHVW 1DYDUUR7RPiV70pWULFDHVSDxROD5HVHxDKLVWyULFD\GHVFULSWLYDHG0DGULG *XDGDUUDPD/DERU 1DYDV 5XL] 5 ´,QWURGXFFLyQµ D - ( +DU]HQEXVFK )iEXODV 0DGULG (VSDVD &DOSH&OiVLFRV&DVWHOODQRV9,,;;9 2]DHWD 0 5 ´/RV IDEXOLVWDV HVSDxROHV FRQ HVSHFLDO UHIHUHQFLD D ORV VLJORV ;9,,, \ ;,;µ KWWSVHUYOHW6LUYH2EUDV SKWP"PDU&RQVXOWDGRHQGLFLHPEUHGH 3ULHWRGH3DXODÉ/´,QWURGXFFLyQµD7GH,ULDUWH)iEXODOLWHUDULDV0DGULG &iWHGUD 6DLQ]GH5REOHV)&)DEXODULRHVSDxRO0DGULG(VSDVD&DOSH$XVWUDO 6HEROG53+LVWRULDGHODOLWHUDWXUDHVSDxROD6LJOR;9,,,HQ*&DUQHURFRRUG 0DGULG(VSDVD&DOSH 6RWHOR$,´,QWURGXFFLyQµD)06DPDQLHJR)iEXODV0DGULG&iWHGUD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD (/862','É&7,&2'(/$)É%8/$ (1/$/,7(5$785$5(1$&(17,67$$/(0$1$ -8$1/8,60215($/3e5(= )DFXOWDGGH(GXFDFLyQ8QLYHUVLGDGGH0XUFLD 5HVXPHQ (OSUHVHQWHDUWtFXORH[DPLQDHQHOFRQWH[WRGHO+XPDQLVPRUHQDFHQWLVWDHXURSHRHOXVRGHODIiEXODHQ OD$OHPDQLDUHQDFHQWLVWD\PiVFRQFUHWDPHQWHODXWLOL]DFLyQGHODPLVPDSRUSDUWHGHKXPDQLVWDVUHQD FHQWLVWDVDOHPDQHVFRPR/XWHUR\0HODQFKWRQ(VWRVUHIRUPDGRUHVDOHPDQHVYLHURQODXWLOLGDGGLGiF WLFDGHODIiEXODFRPRPHGLRSDUDDFFHGHUDOFRQRFLPLHQWRJHQHUDOGHODOHQJXD\SDUDDGTXLULUVHQWLGR FUtWLFRHQODYLGD,JXDOPHQWHFRQVLGHUDURQTXHODIiEXODHQFXDQWRJpQHUROLWHUDULRHUDXQLQVWUXPHQWR HÀFD]SDUDHODSUHQGL]DMHHVFRODU(OLQWHUpVGHDFHUFDUORVWH[WRVDORVOHFWRUHVOHVOOHYyDFXOWLYDUHOJpQH URGHORVSURYHUELRVORVDGDJLRVORVUHIUDQHV\ODIiEXODFRQODÀQDOLGDGGHKDFHUHOOHQJXDMHDFFHVLEOH FXHVWLyQTXHOHVHUDIXQGDPHQWDOHQVXFRQFHSFLyQGHODOHQJXD 3DODEUDVFODYH)iEXOD3URYHUELR5HIUiQ5HDOLGDG)LFFLyQ $EVWUDFW 7KLVDUWLFOHDQDO\]HVWKHXVHRIWKHIDEOHLQ(XURSHDQ5HQDLVVDQFHVSHFLÀ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É15()250$<('8&$&,Ð1 (OUHQDFLPLHQWRDOHPiQHQOtQHDVJHQHUDOHVSDUWLFLSDGHODÀORVRItDKXPDQLVWD TXHFDUDFWHUL]DDWRGRHOUHQDFLPLHQWRHXURSHReVWDQRHVVLPSOHPHQWHODYXHOWDDOR DQWLJXRDOHVWXGLRGHODVOHWUDV\DUWHVGH5RPD\*UHFLDVLQRODDFWLWXGFRQTXHVH UHDOL]DHOKRPEUHHVODEDVHGHOSHQVDPLHQWRGHO+XPDQLVPRUHQDFHQWLVWD3DULV (O+XPDQLVPRHVSXHVXQPHGLR\XQFDPLQRSDUDFRQVHJXLUHOUHQDFLPLHQWRGHOD &RUUHRHMOPRQUHDO#XPHV5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] SURSLDFLYLOL]DFLyQ1RHVPHUDLPLWDFLyQGHORDQWLJXRVLQRUHHODERUDFLyQDSDUWLUGH VXSURSLDVLWXDFLyQKLVWyULFD\FXOWXUDO0RXUHOOHGH/HPD &RQVLGHUDQGR OR VHxDODGR DQWHULRUPHQWH VH SXHGH LQGLFDU TXH ORV WpUPLQRV 5HQDFLPLHQWR \ +XPDQLVPR HVWiQ PDUFDGRV SRU XQ FDUiFWHU KLVWyULFR \ SRU XQD ÀORVRItD GH UHQRYDFLyQ GHO KRPEUH TXH EXVFD VX DUPRQtD FRQ HO XQLYHUVR QDWXUDO 2UWHJD (Q$OHPDQLD WDO FRPR VXFHGLy HQ ORV SDtVHV HXURSHRV PiV LPSUHJQDGRV GHO +XPDQLVPRUHQDFHQWLVWDHQORVWUHVSULPHURVGHFHQLRVGHOVLJOR;9,VHSURGXMRXQFOLPD PX\IDYRUDEOHKDFLDWRGRORTXHVXSRQtDUHQRYDFLyQQXHYRVYDORUHV\UHFXSHUDFLyQ GHODFXOWXUDDQWLJXDDWUDYpVGHODFFHVRDORVHVWXGLRVSURIDQRVSULQFLSDOPHQWHORV FOiVLFRV0RQUHDO/RVKXPDQLVWDVHQ$OHPDQLDDOLJXDOTXHVXFHGLyWDPELpQ HQRWURVSDtVHVHXURSHRV9LGDOIRUPDURQXQFROHFWLYRFUHFLHQWHiYLGRGH FDPELRV \ PX\ VHQVLEOH D YHUVH DWUDtGR KDFLD DTXHOORV SHUVRQDMHV TXH VH SXVLHURQ D OD FDEH]D GH OR TXH UHSUHVHQWDEDQ ORV YDORUHV PiV VLJQLÀFDWLYRV GHO +XPDQLVPR UHQDFHQWLVWDFRPRHVHOFDVRGH/XWHUR\(UDVPR/LOMH /RV KXPDQLVWDV DOHPDQHV YLHURQ HQ /XWHUR PiV TXH XQ OtGHU GH OD UHOLJLyQ \ OD WHRORJtD /R TXH LGHQWLÀFDURQ HQ pO IXH XQ JUDQ GHIHQVRU GH DTXHOORV YDORUHV KXPDQLVWDVFRQVLGHUDGRVFRPRHOHPHQWRVGHUHJHQHUDFLyQGHODYLHMDVRFLHGDGWDOHV FRPRODHVWLPDSRUORVHVWXGLRVSURIDQRVFOiVLFRVHOUHFKD]RGHODOLWHUDWXUDEDVDGD HQODWHRORJtDHVSHFXODWLYD\ODQHFHVLGDGGHXQDQXHYDHQVHxDQ]DTXHFRQOOHYDUDXQ FDPELRIXQGDPHQWDOHQODRUJDQL]DFLyQHVFRODU*UDQH (QODUHIRUPDGHODHQVHxDQ]D\HQODQXHYDRUJDQL]DFLyQHVFRODUTXHHPSUHQGH OD UHIRUPD SURWHVWDQWH /XWHUR VH DX[LOLD SDUD WDO PLVLyQ GH VX DPLJR \ HVWUHFKR FRODERUDGRU FRPR IXH 0HODQFKWRQ SXHVWR TXH DPERV FRLQFLGtDQ HQ OD QHFHVDULD UHIRUPDTXHKDEtDTXHOOHYDUDFDERLQGHSHQGLHQWHPHQWHGHTXHHQDOJXQDVFXHVWLRQHV IXQGDPHQWDOHV GLVLQWLHUDQ$PERV MXJDURQ HQ OD FXHVWLyQ GH OD HQVHxDQ]D XQ SDSHO LPSRUWDQWH\FDGDXQRFRQXQDIXQFLyQGLVWLQWD/XWHURSRUVXSDUWHFRPRLQVSLUDGRU GHODUHIRUPD\0HODQFKWRQFRPRHOHMHFXWRU/XWHURHQHVWHFDPSRGHODHGXFDFLyQ SRUSXURSUDJPDWLVPRPXHVWUDVXFDUDGHKXPDQLVWD(JLGR 6LQ HPEDUJR ODV H[SHFWDWLYDV TXH ORV KXPDQLVWDV DOHPDQHV GHSRVLWDURQ HQ /XWHUR FRPR KRPEUH KXPDQLVWD SURQWR VH IXHURQ GHVYDQHFLHQGR D PHGLGD TXH HO PRQMHDOHPiQVHIXHUDGLFDOL]DQGRHQODFXHVWLyQUHOLJLRVD\WHROyJLFD\VHSURGXMHUD HQ$OHPDQLDODUHYROXFLyQUHOLJLRVD(OORVXSXVRHOGHVSOD]DPLHQWRGHOLQWHUpVSRUHO SUR\HFWRGHODUHIRUPDKXPDQLVWD\ODHQWUDGDGHOFRQÁLFWRUHOLJLRVRTXHFRQVXPyOD 5HIRUPD 3URWHVWDQWH (VWD VLWXDFLyQ KL]R TXH HO ÁRUHFLPLHQWR KXPDQLVWD DOHPiQ VH YLHUDWUXQFDGR\QRORJUDUDFRQVROLGDUDOJXQDVGHODVUHIRUPDVTXHDQXQFLDEDVREUH WRGRHQORUHODWLYRDODHQVHxDQ]D-DQVHQ3DUWH6HJXQGD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD 862'(5(&85626/,7(5$5,26(1(/5(1$&,0,(172(8523(2 3DUD ORV KXPDQLVWDV UHQDFHQWLVWDV HXURSHRV HUD PX\ LPSRUWDQWH KDFHU DFFHVLEOH HO FRQRFLPLHQWR DQWLJXR \ UHDO DO SXHEOR D WUDYpV GHO XVR GHO OHQJXDMH LQGHSHQGLHQWHPHQWHGHODOHQJXDXWLOL]DGDIXHUDHOODWtQRXQDOHQJXDYHUQiFXOD/D DFFHVLELOLGDG DO FRQRFLPLHQWR QR HUD LQFRPSDWLEOH FRQ HO ULJRU GHO PLVPR D WDO ÀQ VH XVDEDQ OD IiEXOD HO SURYHUELR HO UHIUiQ \ VH UHFXUUtD HQ ORV OLEURV GHQRPLQDGRV PLVFHOiQHDV \ ÁRULOHJLRV DO XVR GH FLWDV PRGLVPRV VHQWHQFLDV DQpFGRWDV H[HPSOD \ RWUDV ÁRUHV GH HUXGLFLyQ FOiVLFD TXH VHUYtDQ D OD SDU GH DOLPHQWR SDUD HO HVStULWX \ GHSiEXORSDUDODFRPSRVLFLyQOLWHUDULD\HOORFRQHOREMHWLYRGHSRQHUDODOFDQFHGHO OHFWRUHOVDEHUGHOPXQGRDQWLJXR6HUUDQR $SDUWH GH OD IiEXOD FRPR UHFXUVR OLWHUDULR TXH XWLOL]DURQ ORV KXPDQLVWDV UHQDFHQWLVWDVHXURSHRVHQWUHORVTXHHVWiQ/XWHUR\0HODQFKWRQWDPELpQVHXVDURQ RWURVUHFXUVRVOLWHUDULRVFRPRHOSURYHUELR\HOUHIUiQWDOFRPRKLFLHURQ(UDVPR-XDQ GH9DOGpV\6HEDVWLiQ)UDQFN(QWUHHVWRVWUHVUHFXUVRVOLWHUDULRVKD\HVWUHFKDUHODFLyQ \WRGRVHOORVIRUPDQSDUWHGHOFRQWHQLGRGHORVOLEURVOODPDGRVPLVFHOiQHDV\ÁRULOHJLRV $WHQGLHQGR D GLFKRV XVRV VH H[DPLQDQ SUHYLDPHQWH ODV DSRUWDFLRQHV GH (UDVPR 9DOGpV\)UDQFNUHOHYDQWHVKXPDQLVWDVHXURSHRVDOSURYHUELRDGDJLD\DOUHIUiQ DQWHVGHFHQWUDUQRVHQODIiEXODFRQ/XWHUR\0HODQFKWRQ (OSULPHUR(UDVPRLQFRUSRUySURYHUELRVHQVXREUD$GDJLD\HQODTXH ODIiEXODHVXQDSDUWHGHODPLVPD\HOVHJXQGR9DOGpVXVyORVUHIUDQHVHQVXREUD 'LiORJR GH OD OHQJXD (Q DPEDV VLWXDFLRQHV VXV DSRUWDFLRQHV OLWHUDULDV WLHQHQ FDUiFWHUGLGiFWLFR\VHWUDWDHQHOFDVRGH(UDVPRGHXQDFROHFFLyQGHSURYHUELRVTXH UHÁHMDQODVDELGXUtDGHOPXQGRFOiVLFRDQWLJXR\HQHOFDVRGH-XDQGH9DOGpVFRQVXV UHIUDQHVDQWLJXRVFDVWHOODQRVEXVFDSRQHUHQYDORUODOHQJXDUHDO (UDVPRWUDQVLWDSRUHOPXQGRFOiVLFRQRGHIRUPDVXSHUÀFLDO\UHVXOWDGRGHHVWH FDPLQRHVODREUD$GDJLDRULHQWDGDDH[DOWDUODFXOWXUDKXPDQLVWDGHODVOHWUDV\HVFULWD SDUDIRPHQWDUHOSHQVDPLHQWR\ODOHQJXDODWLQD 8Q UDVJR GH (UDVPR D UHVDOWDU HQ VX FRQGLFLyQ GH ÀOyORJR HV HO HVIXHU]R TXH KL]R HQ WRGD VX REUD \ SDUWLFXODUPHQWH HQ VXV $GDJLD SDUD KDFHUOD DFFHVLEOH \ FRPSUHQVLEOH D WRGRV /D RULHQWDFLyQ GLGiFWLFD GH HVWD REUD FRQVWLWX\y XQ REMHWLYR LPSRUWDQWH VLJXLHQGR HQ pVWH FRPR HQ RWURV DVSHFWRV OD OtQHD GHO KXPDQLVPR (VWR H[SOLFDTXHDOFDQ]DUDHQ(XURSDXQFRQVLGHUDEOHp[LWR\IXHUDXQDGHODVREUDVPiV OHtGDVSRUSDUWHGHORVHVWXGLRVRVGHODODWLQLGDG (UDVPRDOUHIHULUVHDODIiEXODHQORV$GDJLDXWLOL]DORVWpUPLQRVODWLQRVIDEXOD IDEHOOD\DSRORJXVDVLJQiQGROHDOSULPHURGHHOORVIDEXODORVPLVPRVUHIHUHQWHVTXH SRVHtDHQODOLWHUDWXUDODWLQD$GHPiVODLQFOXVLyQTXH(UDVPRKDFHGHODIiEXODHQOD 1RHVREMHWLYRGHHVWHDUWtFXORDQDOL]DUHVWHJpQHUROLWHUDULRVLQRHOXVRTXHGHOPLVPRVHKDKHFKRHQ XQSHULRGRKLVWyULFRFXOWXUDOGHWHUPLQDGRFRPRHVHQHO5HQDFLPLHQWRDOHPiQ(QFXDOTXLHUFDVRVt TXHUHPRVVHxDODUTXHFRQODGHQRPLQDFLyQIDEXODDORODUJRGHODKLVWRULDGHHVWHJpQHUROLWHUDULRVHKDQ DERUGDGRRWUDVFRPSRVLFLRQHV\VHQWLGRVOLWHUDULRVSUy[LPRV7DODYHUDHOORH[SOLFDTXH ODIiEXODVHD´XQJpQHURSRSXODU\WUDGLFLRQDOHVHQFLDOPHQWHCDELHUWRTXHYLYHHQLQÀQLWDVYDULDQWHVµ 5RGUtJXH]$GUDGRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] FROHFFLyQGHSURYHUELRVTXHFRQWLHQHODREUD$GDJLDVHH[SOLFDSRUODUHODFLyQTXHGHVGH DQWLJXR VH HVWDEOHFtD HQWUH IiEXOD \ SURYHUELR \ TXH OD WUDGLFLyQ KXPDQLVWD UHIRU]y D~QPiV7DQHVWUHFKDHVODYLQFXODFLyQHQWUHHVWRVGRVWpUPLQRVTXHODIiEXODSXHGH H[SUHVDUVHHQXQSURYHUELRHQIRUPDGHPRUDOHMD\DVXYH]pVWHSXHGHJHQHUDUXQD IiEXOD6HUUDQR (OVHJXQGR-XDQGH9DOGpVUHFRJHWDPELpQODWUDGLFLyQUHQDFHQWLVWDTXHUHODFLRQD SURYHUELRV \ UHIUDQHV \ D VX YH] pVWRV FRQ ODV IiEXODV HVySLFDV &RQ HVWH OHJDGR GH JpQHURVOLWHUDULRV9DOGpVSURSRQHHQVXREUD'LiORJRGHODOHQJXDHOXVRGHORVUHIUDQHV DQWLJXRVFRPRYHUGDGHURSDWULPRQLRGHODOHQJXDUHDODQWHODIDOWDGHEXHQDVREUDV\ DXWRUHVTXHPDUTXHQODGLUHFFLyQGHODSHUIHFFLyQHQODOHQJXDFDVWHOODQD/RVUHIUDQHV HQVXRSLQLyQDXQTXHQDFLGRVGHOYXOJRVLQHPEDUJRVRQWHVWLPRQLRGHOXVRDXWpQWLFR \JHQHUDOL]DGRGHFLHUWDVIRUPDVOp[LFDV\VLQWiFWLFDV%DUERODQL (OUHFXUVRDORVUHIUDQHVTXHSUHVHQWD9DOGpVFRPRPHGLRGHPHMRUDUODOHQJXD QRFDEHGXGDTXHHVXQDFODUDDOWHUQDWLYDDODE~VTXHGDGHODSHUIHFFLyQGHODOHQJXD SRUODYtDGHOODWLQLVPR\FXOWLVPR9DOGpV &RQ OD XWLOL]DFLyQ GHO UHFXUVR GH ORV UHIUDQHV 9DOGpV HV FRQVFLHQWH GH TXH HQWURQFDFRQWRGDXQDWUDGLFLyQOLWHUDULDGHRULHQWDFLyQFRQFUHWD\UHDOTXHWDQWRHQ HOSDVDGRpSRFDPHGLHYDOFRPRHQHOSUHVHQWHKDEtDWHQLGRVXp[LWR\HÀFDFLDHQHO GHVDUUROORGHODOHQJXDHVSDxRODHQWpUPLQRVFRQFUHWRV\HQWpUPLQRVJHQHUDOHVKDEtD HQULTXHFLGRODOHQJXDFRPRLQVWUXPHQWRGHFRPXQLFDFLyQWDOFRPR(UDVPRKL]RHQ VXV$GDJLD/DSHVD (QVXPDORTXHVHPDQLÀHVWDHQ9DOGpVDWUDYpVGHVXDPRU\DSUHFLRGHORV UHIUDQHVHVODDWUDFFLyQTXHVLHQWHSRUODOHQJXDSRSXODU(QHOODYHODVREULHGDGGHO HVWLOR\ODQLWLGH]HQODH[SUHVLyQTXHQRVRQPiVTXHUDVJRVQDWXUDOHVGHODSHUIHFFLyQ GHODOHQJXD9DOGpV 3RU ~OWLPR 6HEDVWLiQ )UDQFN KXPDQLVWD DOHPiQ YLYLy FRPR ORV GH VX JHQHUDFLyQ HQWUH HO DPELHQWH TXH GRPLQDED D ÀQDOHV GH OD (GDG 0HGLD HO HVFRODVWLFLVPR \ OD LQÁXHQFLD GHO KXPDQLVPR TXH VHQWDED ODV EDVHV GH OD QXHYD FXOWXUD6XDSRUWDFLyQGHVGHHOWHUULWRULRDOHPiQDOUHFXUVROLWHUDULRGHORVSURYHUELRV KDVLGRVLJQLÀFDWLYDFRQODSXEOLFDFLyQGHXQDFROHFFLyQGHSURYHUELRV6SULFKZ|UWHU HQHQ)UDQNIXUW)UDQFNpVWDIXHUHLPSUHVDYDULDVYHFHVFRQYDULDFLRQHV\ ORJUyWHQHUDPSOLDDFHSWDFLyQSUHFLVDPHQWHSRUHOFDUiFWHUSRSXODUTXH)UDQFNOHGLR DHVWDREUD&iFHUHV\0DUWtQ*DLWHUR (QODFRQWULEXFLyQGH)UDQFNDOJpQHURGHORVSURYHUELRVVHUHFRJHODWUDGLFLyQ PHGLHYDO DOHPDQD HQ HVWH FDPSR SHUR WDPELpQ HV PDQLÀHVWD OD LQÁXHQFLD GH RWURV KXPDQLVWDVHXURSHRVHQHVWDREUDFRPRODGH9LYHV\VREUHWRGRODGH(UDVPR >«@\DTXHQRFUHHQHFHVDULRFLWDUHOQRPEUHGH(UDVPRSXHV>«@QRKD\UHIUiQWUDGXFLGRGHO ODWtQTXHQRKD\DVLGRWRPDGRGHORV$GDJLDVHxDODGRV\FRPHQWDGRVDQWHULRUPHQWHSRU (UDVPR*LOO\ &RQYLHQHVHxDODUÀQDOPHQWHTXHODDSRUWDFLyQOLWHUDULDGH)UDQFNDWUDYpVGH VXFROHFFLyQGHSURYHUELRVD~QVLHQGRLPSRUWDQWHKDTXHGDGRUHOHJDGDDXQVHJXQGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD SODQR SRU KDEHU RFXSDGR XQ SULPHU SODQR VX FRQWURYHUWLGD SRVLFLyQ WHROyJLFD VX UDGLFDOFUtWLFDDOD,JOHVLDLQVWLWXFLRQDOLQFOXLGDDODUHIRUPDGD.R\Up\VXV RWUDVREUDVFRPR&KURQLFD\3DUDGR[DGHFDUiFWHUWHROyJLFRUHOLJLRVRTXHSURGXMHURQ IXHUWHV UHDFFLRQHV HQWUH ORV UHVSRQVDEOHV GH ODV LJOHVLDV \ HQWUH ORV OtGHUHV GHO SHQVDPLHQWRWHROyJLFRUHOLJLRVRGHOPRPHQWR 862'(/$)É%8/$&2025(&8562/,7(5$5,2(1(/5(1$&,0,(1 72$/(0É1 /D IiEXOD HV RWUR UHOHYDQWH UHFXUVR OLWHUDULR XWLOL]DGR HQ ORV OODPDGRV OLEURV PLVFHOiQHDV \ ÁRULOHJLRV \ PX\ XWLOL]DGR SRU OD OLWHUDWXUD UHQDFHQWLVWD DOHPDQD (O WpUPLQRGHODOHPiQDQWLJXR0LWWHOKRFKGHXWVFKCIDEHOHSURYLHQHGHOODWtQCIDEXOD \ IXH FDOLÀFDGR SRU 3KDHGUXV FRPR XQ JpQHUR OLWHUDULR )DEXODH $HVRSLFDH /DV )iEXODV GH (VRSR IXHURQ WUDGXFLGDV DO DOHPiQ SRU HO KXPDQLVWD DOHPiQ +HLQULFK 6WHLQK|ZHO\FX\DIDPDKDHVWDGRVLHPSUHUHODFLRQDGDFRQODWUDGXFFLyQ GHGLFKDREUD/DSULPHUDWUDGXFFLyQGHODV )iEXODVGH(VRSRODKL]RHQODWtQDOHPiQ HQODYHUVLyQWLWXODGD´8OPHU$HVRSµ\SXEOLFDGDSRUSULPHUDYH]HQHQ8OP (Q ORV DxRV VLJXLHQWHV 6WHLQK|ZHO FRQWLQXy WUDGXFLHQGR ODV )iEXODV GH (VRSR DVt FRPRRWUDVREUDVVLJQLÀFDWLYDVFRPRDOJXQDVGH3HWUDUFD\%RFFDFFLRORTXHKL]RTXH VXVWUDEDMRVIXHUDQFRQRFLGRVHQ(XURSDHOORFRQWULEX\yDVXUHFRQRFLPLHQWRFRPR UHOHYDQWHKXPDQLVWDDOHPiQPX\LQVSLUDGRSRUHO5HQDFLPLHQWRLWDOLDQR\GRWDGRGH XQDVyOLGD\GLYHUVDIRUPDFLyQ (OSURFHVRGHLQFRUSRUDFLyQGHODIiEXODDODOLWHUDWXUDDOHPDQDWRPDFXHUSR HQOD(GDG0HGLDHQHOiPELWRJHUPiQLFRHQHVWDpSRFD\DH[LVWtDXQDULFDWUDGLFLyQ HQ HVWH JpQHUR 'LFNH \ *UXEPOOHU \ VH OH DVLJQDED WDPELpQ XQD IXQFLyQ *UXEPOOHU 'HVGH HVWRV DQWHFHGHQWHV \ EDMR HVWD LQÁXHQFLD VH H[SOLFD OD SRVWHULRUFRQWULEXFLyQGH6WHLQK|ZHODOD)iEXOD<DHQHVWHWLHPSRHVWHJpQHUROLWHUDULR VH H[SUHVDED SRU ORV WpUPLQRV EvVSHO R EvVKDI TXH HQ DOHPiQ PRGHUQR HTXLYDOHQ DO WpUPLQRHMHPSOR$PERVWpUPLQRVPXHVWUDQTXHVHWUDWDGHXQDQDUUDFLyQHGXFDWLYD /D SDODEUD EvVSHO LQGLFD OD UHODFLyQ HQWUH IiEXOD SDUiEROD \ UHIUiQ 6H UHÀHUH D XQD QDUUDFLyQTXHQRVHUHSUHVHQWDDVtPLVPDVLQRTXHUHSUHVHQWDRWUDFRVDFX\RVHQWLGR QRUHVLGHHQORTXHVHFXHQWD$OUHVSHFWR5HLQKDUG'LWKPDUVHxDODTXH´FRQFUHWDPHQWH HQ HO VLJOR ;,,, VH GHVSUHFLy HO WpUPLQR VSHO SDVDQGR D VHU OR TXH QR WLHQH QLQJ~Q VLJQLÀFDGRLPSOtFLWRRLQFOXVRXQDQDUUDFLyQGHVFDEHOODGDPLHQWUDVTXHEvVSHOPXHVWUD ORYHUGDGHUREDMRHOHQYROWRULRGHORTXHHQWUHWLHQH7DPELpQODVSDUiERODV\DOHJRUtDV EtEOLFDVVHGHQRPLQDQEvVSHO>«@(QOD/LWHUDUXUD0HGLHYDOVHGHQRPLQDQODVIiEXODV GH(VRSRFRPREvVSHO'LWKPDU 7LHQHLQWHUpVDOUHVSHFWRHODUWtFXORGH*'LFNHVREUHHO(VRSRGH+6WHLQK|ZHOV/RFDOLÀFDGHLQWHUpV XQLYHUVDO\GHPX\FRPSUHQVLEOHSDUDODSURVDDOHPDQD'LFNH /DWUDGXFFLyQGHODFLWDKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV HOVLJXLHQWH%HUHLWVLP-DKUKXQGHUWZLUGGHU%HJULIIVSHO(U]lKOXQJ%HULFKWDEJHZHUWHW]XUQLFKW YHUEUJWHQXQGVRPLWXQZDKUHQRGHUVRJDUOJHQKDIWHQ(U]lKOXQJZlKUHQGEvVSHODOVGLH²YRQHLQHU XQWHUKDOWVDPHQ+OOHXPJHEHQ²:DKUKHLWHUVFKHLQW$XFKGDVELEOLVFKH*OHLFKQLVZLUGEvVSHOJHQDQQW >«@,QGHUPLWWHODOWHUOLFKHQ6SUXFKGLFKWXQJZHUGHQGLHlVRSLVFKHQ)DEHOQDOVEvVSHOEH]HLFKQHW ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] /DODUJDWUDGLFLyQGHODIiEXODHQ$OHPDQLD\HOLQWHUpVSRUVXYDORUHGXFDWLYR HQpSRFDVGRQGHKDEtDXQDJUDQSUHRFXSDFLyQVRFLDOSRUODWUDGLFLyQFXOWXUDOKDFHTXH DQDOLFHPRVHVWHJpQHUROLWHUDULRDWUDYpVGHOXVRTXHKL]RGHOPLVPR/XWHUR (/ 862 '( /$ )É%8/$ &202 *e1(52 /,7(5$5,2 325 /87(52 < 0(/$1&+721 /XWHURHQWHQGLySHUIHFWDPHQWHTXHHOp[LWRGHVXPHQVDMHRUDO\HVFULWRUHVLGtD HQKDFHUGHODOHQJXD\GHOOHQJXDMHXQYHUGDGHURLQVWUXPHQWRGHFRPXQLFDFLyQFRQ VXVR\HQWHV\OHFWRUHVDWUDYpVGHODVIRUPDVOLWHUDULDVFRQYHQLHQWHVSDUDFRQYHUWLUOR HQDWUDFWLYR 8QHMHPSORGHODFDOLGDGGHOOHQJXDMHHPSOHDGRSRU/XWHURVHYHUHÁHMDGRHQ VXV&KDUODVGH6REUHPHVDRODV7LVFKUHGHQHQDOHPiQ\FX\DHGLFLyQIXHWDUGtDeVWDV UHFRJHQXQDWHPiWLFDPX\YDULDGDVREUHGLVWLQWDVFXHVWLRQHVGHODYLGDGH/XWHUR\ TXHIXHURQUHFRUGDGDVSRUpVWHDQWHORVFRPHQVDOHVTXHIRUPDEDQXQFtUFXORIDPLOLDU UHGXFLGR (OYDORUGHHVWRVWH[WRVODV7LVFKUHGHQHVFRQVLGHUDEOH\UHÁHMDQELHQHOXVRGHO OHQJXDMHSRUSDUWHGH/XWHUR(OKHFKRGHTXHpVWRVQRIXHUDQHVFULWRVGLUHFWDPHQWHSRU pOQROHUHVWDQYDORU\DTXHORVFRSLVWDVGHORVWH[WRV²FRPRVHxDOD(JLGR² >«@ ORV WUDQVFULELHURQ FRQ PLPR 3RU HVR HQ ODV HGLFLRQHV FUtWLFDV VH SXHGHQ FRQWUDVWDU ODV ODJXQDV\GHIHFWRVGHVXVQRWDVDSUHVXUDGDV3HURWDPELpQJUDFLDVDVXFXLGDGRVHSXHGHJR]DU GHHVWRVGLFKRVH[SUHVDGRVHQHVWLORWDQGH/XWHURHVGHFLUFRQWUD]RVTXHDYHFHVUD\DQHQ OLULVPR\HQRWUDV²PXFKDV²RFDVLRQHVVHUHFUHDQHQUHVRUWHVGHOSHRUJXVWRFRQODLQHYLWDEOH DSR\DWXUDHQODVUHIHUHQFLDVVH[XDOHV(JLGR (VWH LQWHUpV GH DFHUFDU ORV WH[WRV D ORV OHFWRUHV OH OOHYy D /XWHUR D FXOWLYDU HO JpQHURGHORVSURYHUELRVORVDGDJLRVORVUHIUDQHV\ODIiEXODFRQODÀQDOLGDGGHKDFHU HOOHQJXDMHDFFHVLEOHFXHVWLyQTXHOHHUDIXQGDPHQWDOHQVXFRQFHSFLyQGHODOHQJXD /DIiEXODHQWUHHVWRVUHFXUVRVOLWHUDULRVHUDSDUD/XWHURPX\DSUHFLDGRVREUH WRGRSRUTXHOHYHtDXQDJUDQXWLOLGDGGLGiFWLFDFRPRPiVDGHODQWHVHLQGLFDUi6XLQWHUpV SRUHVWHJpQHUROLWHUDULROHOOHYyDFRQRFHUORELHQ\DIDPLOLDUL]DUVHFRQHOPLVPR3RU HOORVLQWLyXQDJUDQDGPLUDFLyQSRU(VRSRYDORUDQGRVXVHVFULWRVFRQVLGHUDEOHPHQWH WUDGXFLHQGRVXVIiEXODVTXHSRURWUDSDUWHOHVLUYLHURQGHUHIHUHQWHHQVXVREUDV 3UXHED GH OD YDORUDFLyQ TXH KDFHQ WDQWR /XWHUR FRPR 0HODQFKWKRQ GH OD XWLOLGDGGHODIDEXODFRPRUHFXUVRGLGiFWLFRHVVXSURSXHVWDGHXWLOL]DUODVIiEXODVGH (VRSRHQODQXHYDRULHQWDFLyQGHODHQVHxDQ]DTXHSURSRQHODUHIRUPDSURWHVWDQWH$O UHVSHFWRHVLOXVWUDWLYRHOVLJXLHQWHIUDJPHQWR $VtVHJ~QORHVWDEOHFHQODV,QVWUXFFLRQHVSDUDORV9LVLWDGRUHVGHODV(VFXHODV3DUURTXLDOHVC8QWHUULFKW GHU 9LVLWDWRUHQ DQ GLH 3IDUKHUUQ LP &KXUIUVWHQWKXPE ]X 6DFKVHQ ²GRFXPHQWR HVFULWR FRQMXQWDPHQWHSRU/XWHUR\0HODQFKWKRQHQFRQHOÀQGHQRUPDUHOIXQFLRQDPLHQWRGH HVWDVHVFXHODV²ODHGXFDFLyQEiVLFDGHEtDFRQVWDUGHWUHVHWDSDV(QODSULPHUDGHHOODVORVQLxRV DSUHQGHUtDQDOHHU\HVFULELUHQODWtQHQULTXHFHUtDQVXYRFDEXODULR\VHOHVGLFWDUtDORVSULPHURV UXGLPHQWRVGHJUDPiWLFD/DVHJXQGDHWDSDHVWDUtDGHGLFDGDSRUFRPSOHWRDODJUDPiWLFD\D ODVSULPHUDVOHFWXUDVGHREUDVGHDXWRUHVFOiVLFRVFRPRSRUHMHPSORODVIiEXODVGH(VRSR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD )LQDOPHQWH HQ OD WHUFHUD HWDSD VH OHV GDUtD D ORV HVWXGLDQWHV REUDV GH DXWRUHV FRPR 9LUJLOLR 2YLGLR&LFHUyQ\VHOHVLQWURGXFLUtDDOHVWXGLRGHODOyJLFD\GHODUHWyULFD6XiUH] )UXWRGHOLQWHUpVGH/XWHURSRUODIiEXODFRPRJpQHUROLWHUDULRHVVXWUDGXFFLyQ GHODVIiEXODVGH(VRSRSDUDGLFKRWUDEDMRVHDSR\yHQWH[WRVDOHPDQHVSUHH[LVWHQWHV DGHPiVGHWHQHUHQFXHQWDWDPELpQRWUDVREUDVHVFULWDVHQODWtQ (QFXDQWRDOXVRTXH/XWHURKL]RGHODIiEXODpVWHVLJXLyODWUDGLFLyQUHQDFHQWLVWD DOUHVSHFWRXWLOL]iQGRODVSDUDIDFLOLWDUODOHFWXUD\GLYXOJDUODVPRUDOHMDVFRQWHQLGDV HQ ODV PLVPDV$SDUWH GH HVWD IXQFLyQ GLGiFWLFD JHQHUDO /XWHUR XWLOL]D HVWH UHFXUVR OLWHUDULR SDUD FULWLFDU ODV FRQGXFWDV GH ORV SDSLVWDV GH GHWHUPLQDGRV SHUVRQDMHV SROtWLFRV\UHOLJLRVRVGHGHWHUPLQDGRVVHFWRUHVGHODVRFLHGDGGHVXWLHPSRPHGLDQWH H[SUHVLRQHVUHODFLRQDGDVFRQDQLPDOHVVDFDGRVGHODVIiEXODVGH(VRSR&RQHVWHXVR /XWHURUHSURGXFHODSUiFWLFDKDELWXDOGHHVWHJpQHUROLWHUDULRTXHHMHPSOLÀFDPRGHORV PRUDOHVWDQWRSDUDUHVDOWDUODVYLUWXGHVGHOVHUKXPDQRFRPRSDUDFULWLFDUODVPLVHULDV GHODVFRQGXFWDVSRUVHUGHVDFHUWDGDV\FHQVXUDEOHV$EUDKDPHWDO 1RIDOWDQIUDJPHQWRVHQODVREUDVGH/XWHURHQORVTXHKDFHFUtWLFDGHGLIHUHQWHV VLWXDFLRQHV\DWDOÀQXWLOL]DPRUDOHMDVGHULYDGDV\UHODFLRQDGDVFRQHOJpQHURGHODV IiEXODV$PRGRGHHMHPSORSUHVHQWDPRVDOJXQRVIUDJPHQWRVGHREUDVGH/XWHURTXH WHVWLPRQLDQHOREMHWLYR\ODÀQDOLGDGGHHVWHUHFXUVROLWHUDULR 2EUDC/DOLEHUWDGGHOFULVWLDQR9RQGHU)UHLKHLWHLQHV&KULVWHQPHQVFKHQ 0iV TXH REUD SRGUtD GHFLUVH REULOOD R WUDWDGLOOR 3HUWHQHFH D ORV HVFULWRV GH UHIRUPD\VHFDUDFWHUL]DSRUFLHUWDRULHQWDFLyQPtVWLFD /XWHURSODQWHDHQHVWHIUDJPHQWRHOSUREOHPDGHODMXVWLÀFDFLyQWHPDFHQWUDOGHVX WHRORJtDHQORVVLJXLHQWHVWpUPLQRV\SUHFLVDPHQWHHVHQHVHFRQWH[WRHQHOTXHUHFXUUH DODVIiEXODV\GH)HGUR +RQRU WDO OR FRQVLJXH HO FULVWLDQR SRU OD IH VROR QR SRU REUDV %LHQ FODUR VH YH SRU OR GLFKR FyPRHOFULVWLDQRHVWiOLEUHGHWRGRHVWiVREUHWRGDVODVFRVDVSRUORPLVPRQRWLHQHSUHFLVLyQ GH UHFXUULU DO FRQFXUVR GH QLQJXQD EXHQD REUD SDUD VX MXVWLÀFDFLyQ \ VDOYDFLyQ OD IH VH OR RWRUJDWRGRVREUHDEXQGDQWHPHQWH6LIXHVHWDQQHFLRFRPRSDUDSHQVDUTXHSXHGHFRQVHJXLU ODVDQWLGDGODOLEHUWDGSRUXQDREUDEXHQDSHUGHUtDODIH\WRGRORGHPiVOHSDVDUtDH[DFWDPHQWH LJXDOTXHDOSHUURTXHOOHYDEDXQDWDMDGDGHFDUQHHQODVIDXFHVTXLVRDWUDSDUODFDUQHTXHVHUHÁHMDEDHQ HODJXD\VHTXHGyVLQODFDUQH\VLQVXUHÁHMR/XWHUR 2EUD C$ ORV PDJLVWUDGRV GH WRGDV ODV FLXGDGHV DOHPDQDV SDUD TXH FRQVWUX\DQ \ PDQWHQJDQ HVFXHODV FULVWLDQDV $Q GLH 5DGVKHUUQ DOOHU 6WHGWH GHXWVFKHV /DQGV 'DV VLH &KULVWOLFKH 6FKXOHQ DXIIULFKWHQ XQG KDOOWHQ VROOHQ 7DPELpQ HQ HVWH FDVR HV XQD SHTXHxDREUD6HWUDWDGHXQDOHJDWRHQIDYRUGHODHGXFDFLyQTXHFRQVWLWX\yXQSLODU IXQGDPHQWDOGHVXUHIRUPD (QHOVLJXLHQWHIUDJPHQWR/XWHURDOKDFHUXQDIXHUWHFUtWLFDHQUHODFLyQDODPDOD HQVHxDQ]DGHOODWtQSRUFXOSDGHSURIHVRUHVLJQRUDQWHVLQFRUSRUDODFRUUHVSRQGLHQWH PRUDOHMDFRPRSDUWHGHODIiEXOD (VWiPDUFDGRFRQFXUVLYDODSDUWHGHOWH[WRTXHFRUUHVSRQGHDGLFKRJHQHUROLWHUDULR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] ¢1R KD VLGR XQD ODPHQWDEOH FDODPLGDG OR VXFHGLGR KDVWD DKRUD FXDQGR XQ PXFKDFKR WHQtD TXHHPSOHDUYHLQWHDxRVRPiVSDUDDSUHQGHUXQODWtQWDQGHOH]QDEOHVyORSDUDKDFHUVHFXUD R OHHU OD PLVD >«@ ¢4XLpQ HV HO FXOSDEOH GH OR RFXUULGR" 1R KDEtD PiV OLEURV TXH ORV QHFLRV IUDLOHV \ ©VRÀVWDVª ¢4Xp RWUD FRVD SRGtD VDOLU TXH GLVFtSXORV \ PDHVWURV ]DÀRV FRPR ]DÀRV HUDQORVOLEURVHQORVTXHWHQtDQTXHHVWXGLDU"8QJUDMRQRSXHGHFULDUSDORPDVQLXQORFRSHUVRQDV LQWHOLJHQWHV/XWHUR 2EUDC'HODUWHGHWUDGXFLU6HQGEULHIYRP'ROPHWVFKHQ (VWDREUDHVUHDOL]DGDEDMRODIRUPDOLWHUDULDGHHStVWROD\HQYLDGDDVXDPLJR :HQFHVODR /LQN HQ HOOD WUDQVPLWH VX SHQVDPLHQWR DFHUFD GH OD WUDGXFFLyQ \ GH OD H[pJHVLV (O RULJHQ GH OD REUD UHVLGH HQ OD SROpPLFD TXH /XWHUR PDQWXYR FRQ ORV SDSLVWDV D SURSyVLWR GH KDEHU DxDGLGR CVyOR SRU OD IH D VX WUDGXFFLyQ GHO WH[WR GH OD%LEOLD$UELWUDPXUKRPLQHQMXVWLÀFDULH[ÀGHDEVTXHRSHULEXV\DTXHDVtGLFH/XWHUR ODOHQJXDUHVXOWDPiVLQJHQLRVD\DUPRQLRVDFRQODOHQJXDDOHPDQD5HVXOWDGRGHOD IXHUWHDJUHVLYLGDGGH/XWHURDQWHHVWDVLWXDFLyQHVHOXVRIUHFXHQWHHQHVWDREUDGH PRUDOHMDVQXHYDPHQWHYLQFXODGDVDIiEXODV9HDPRVGRVHMHPSORV 6LDOJXQDIDOWDKHFRPHWLGRGHORTXHQRWHQJRFRQFLHQFLDSXHVWRTXHDVDELHQGDVQLXQDOHWUD KH WUDGXFLGR GH IRUPD LQH[DFWD D OR TXH QR HVWR\ GLVSXHVWR HV D WROHUDU TXH ORV SDSLVWDV VH FRQVWLWX\DQHQMXHFHVVREUHHOORVXV©LMDLMDªVRQGHPDVLDGRÁRMRVSDUDMX]JDUPLVWUDGXFFLRQHV 6pPX\ELHQHODUWHODHQWUHJDHOVHQWLGRFRP~Q\ODLQWHOLJHQFLDTXHUHTXLHUHHOEXHQWUDGXFLU GHHVWRVDEHQPHQRVHOORVTXHHODVQRGHOPROLQHURSXHVWRTXHQXQFDKDQSXHVWRPDQRDODREUD/XWHUR (VWR\GHFLGLGRDVHJXLUGHVSUHFLiQGRORVPLHQWUDVVLJDQVLHQGRJHQWHTXLHURGHFLUERUULFRVGH HVWDFDODxD3RUTXHHQWUHHOORVKD\LQVROHQWHVWDQGHVFDUDGRVFRPRHOGRFWRU6FKPLGWHOGRFWRU 5RW]O|IIHO \ VLPLODUHV TXH MDPiV KDQ DSUHQGLGR VX SURSLD FLHQFLD HV GHFLU OD FLHQFLD GH ORV VRÀVWDV\VLQHPEDUJRVHODQ]DQFRQWUDPtHQHVWDVFRVDVTXHQRVyORVXSHUDQWRGDVRÀVWHUtD VLQRTXHWDPELpQFRPRGLFH6DQ3DEORVHHQFXHQWUDQPX\SRUHQFLPDGHWRGDODVDELGXUtDGHO PXQGR\GHODUD]yQ1RWLHQHTXHHVIRU]DUVHHODVQRSRUFDQWDUSRUTXHSRUODVRUHMDVVHOHGLVWLQJXH LQPHGLDWDPHQWH/XWHUR (Q OD KLVWRULD GH OD IRUPDFLyQ GH OD IiEXOD HVWiQ SUHVHQWHV WDQWR HOHPHQWRV UHDOHVFRPRVLPEyOLFRVRÀFFLRQDOHVGHODVRFLHGDG$ODSDUWHÀFFLRQDO´VHOHVXSRQH HOFDPXÁDJHRH[WUDYtRGHOVHQWLGRTXHHQFLHUUDµ&HUWHDX/DSUHVHQFLDGH HVWRVGRVHOHPHQWRVSRUXQDSDUWHSXHGHFUHDUFRQIXVLyQDYHFHV\SRURWUDSXHGH UHTXHULU HQ GHWHUPLQDGDV H[SUHVLRQHV LQWHUSUHWDFLyQ GH OR TXH UHDOPHQWH TXLHUH VLJQLÀFDU (VWD GREOH VLJQLÀFDFLyQ ²JpQHUR OLWHUDULR \ H[SUHVLyQ GH OD ÀFFLyQ OLWHUDULD R GLVFXUVR LUUHDO² ´KD FRQGXFLGR HQ RSLQLyQ GH 'LWKPDU KDVWD QXHVWUR VLJOR D PDOHQWHQGLGRVDFDXVDGHORVFXDOHVODVIiEXODVGH(VRSRVXIULHURQLQMXVWDPHQWHHO GHVFUpGLWRµ'LWKPDU /XWHUR VXSHUy OD FRQIXVLyQ HQWUH HO FRQFHSWR GHO JpQHUR GH OD IiEXOD \ HO GH OD FUHDFLyQ ÀFFLRQDO DO DXQDU FUtWLFD GH OD UHDOLGDG \ YDORU GLGiFWLFR GH HVH JpQHUR /DWUDGXFFLyQGHODFLWDKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV HOVLJXLHQWH´'LHVH'RSSHOEHGHXWXQJ²*DWWXQJVEH]HLFKQXQJXQG$XVGUXFNIUHUGLFKWHWHXQZDKUH 5HGH²KDWELVXQVHU-DKUKXQGHUWLPPHUZLHGHU]X0LȕYHUVWlQGQLVVHQJHIKUWGXUFKZHOFKHGLHlVR SLVFKH)DEHO]XXQUHFKWLQ0LȕNUHGLWJHULHWµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD OLWHUDULR6LQHPEDUJRHVXQDFRQIXVLyQLQMXVWLÀFDGD\DTXHHQDPERVFDVRVVHFULWLFD ODUHDOLGDG$OUHVSHFWRGHQXHYRVHxDOD5KHLQKDUG'LWKPDU (QFRQFOXVLyQIiEXOD\UHDOLGDGQRWLHQHQSRUTXpFRQWUDSRQHUVH\/XWHURORWXYRHQFXHQWD SDUDTXHVXWUDGXFFLyQGHOD%LEOLDIXHUDGLGiFWLFDPHQWHHIHFWLYD$VtHQODWUDGXFFLyQOXWHUDQD GHOD6HSWXDJpVLPDODSDODEUDJULHJDCP\WKRVVHWUDGXMRSRUHOWpUPLQRCIDEXODFXDQGRVH WUDWDGHODQDUUDFLyQPRUDOL]DQWHGHGLFKRWH[WREtEOLFR'LWKPDU(QUHODFLyQDOR DQWHULRU5HLQKDUG'LWKPDUPHQFLRQDHOUHVXOWDGRDOTXHOOHJy$GROI-OLFKHUHQVXPRQXPHQWDO REUD'LH*OHLFKQLVUHGHQ-HVXFXDQGRGLFHTXH´GHKHFKRSHUWHQHFHDODHVHQFLDGHODIiEXODHO TXHDFWXDOLFHXQVXFHVRSDVDGR\DFDEDGRHOTXHFRPXQLTXHODUHDOLGDGGHOPLWRµ-OLFKHU /$,1)/8(1&,$'((6232(1(/862'(/$)É%8/$325/87(52 (VRSR JR]DED GH XQD JUDQ LQÁXHQFLD HQ OD VRFLHGDGGH OD pSRFD JUDFLDV D OD FREHUWXUDTXHOHGDEDQODVIiEXODV3DUD/XWHUR(VRSRHUDPXFKRPiVTXHHOFUHDGRU GHODVIiEXODV5HSUHVHQWDEDSRUXQDSDUWHHOPRGHORGHFUtWLFDDODVRFLHGDGGHOD pSRFD\SRURWUDHUDHODXWRUGHIiEXODVFRQODVTXHHGXFDUDQLxRVHQODYHUGDG\HO DPRU DO DUWH )XH OR PLVPR TXH UHDOL]y +HLQULFK +HLQH FRQ VX :LQWHUPlUFKHQ SDUD FULWLFDUODVRFLHGDGDOHPDQDVLQVHUFHQVXUDGR 3UHFLVDPHQWH GHELGR D OD DGPLUDFLyQ TXH /XWHUR VHQWtD SRU (VRSR VH ÀMy HO REMHWLYRGHGHSXUDUODWUDGXFFLyQGHODV)iEXODVGH(VRSRTXHKL]R6WHLQK|ZHOORTXH OHOOHYDUtDDSXEOLFDUXQOLEURTXHFRQWXYLHUDDTXHOODVIiEXODVPiVHVHQFLDOHV\~WLOHV \TXHHVWXYLHUDQDOQLYHOGHODIHUHOLJLRVDDXQTXHKLFLHUDQUHtU3RUHVWRVHKDGLFKR TXH/XWHUR´TXLHUHFRPSOHWDUVXSURSLR(VRSRHO(VRSRSXURTXHUHFRPLHQGDDWRGRV ORVFRUD]RQHVSLDGRVRVHQOXJDUGHO(VRSRDOHPiQ\SHFDPLQRVRFRQXQD9LWD(VRSLµ 'LWKPDU(OOLEURDSDUHFLySRUSULPHUDYH]HQHQHOTXLQWRYROXPHQGH VXHGLFLyQGH-HQDFRQHOWtWXOR/DVIiEXODVFRPSOHWDVGH(VRSRYHUWLGDVDO$OHPiQSRU '0/FRQXQDFXLGDGDLQWURGXFFLyQSDUDHOXVR\VDWLVIDFFLyQGHGLFKROLEURSRUWRGD SHUVRQDGHFDGDHVWDPHQWRSDUDTXHOROHDQFRQGHOHLWH\DSURYHFKDPLHQWR 1RFDEHGXGDSXHVGHODLPSRUWDQFLDGHOVLJQLÀFDGRSROtWLFRGHODÀJXUDGH(VRSR QLGHVXXWLOL]DFLyQFRQÀQHVUHOLJLRVRV6LQHPEDUJR/XWHURFRQFLELyHVWRVREMHWLYRV FRQ DPELFLyQ WDO TXH GHVHy TXH HVH OLEUR IXHUD OHtGR SRU WRGRV ORV PLHPEURV GH OD VRFLHGDG ,1)/8(1&,$'(/$)É%8/$(1/$/$%2575$'8&725$'(/87(52 (O LQWHUpV TXH OD IiEXOD GHVSHUWy HQ /XWHUR VH YLR UHÁHMDGR HQ VX ODERU GH WUDGXFFLyQ6XE~VTXHGDSRUODVHQFLOOH]GHOOHQJXDMH\TXHIXHUDDFFHVLEOHDOSXHEOR /DWUDGXFFLyQGHODFLWDODKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQHV HOVLJXLHQWH´JHK|UWHV]XP:HVHQGHU)DEHOGDȕVLH9HUJDQJHQHV9ROOHQGHWHVEHLEULQJWGDȕVLHLKUHP 0\WKXVNXKQGHU:LUNOLFKNHLW]XWHLOWµ /DWUDGXFFLyQGHODFLWDODKDVLGRUHDOL]DGDSRUHODXWRUGHODUWtFXORFX\RWH[WRHQHORULJLQDODOHPiQ HVHOVLJXLHQWH´'HQQHU/XWHURZLOOVHLQHQHLJHQHQGHQJHUHLQLJWHQ(VRSXVGHQHUDOOHQCIURPPHQ +HU]HQDQ6WHOOHGHVC'HXGVFKHQVKlQGOLFKHQ(VRSXP6WHLQK|ZHOVHPSÀHOWGXUFKHLQH9LWD(VRSL HUJlQ]HQµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] OHOOHYyDXWLOL]DUDOPi[LPRHQODWUDGXFFLyQDTXHOORVJpQHURVOLWHUDULRVTXHIDFLOLWDUDQ GLFKR REMHWLYR HQWUH ORV TXH HVWi OD IiEXOD /D WUDGXFFLyQ GH OD %LEOLD D OD OHQJXD DOHPDQDVHUiODRFDVLyQ /RV GRV FULWHULRV R SULQFLSLRV TXH RULHQWDQ OD REUD GH WUDGXFFLyQ GH /XWHUR VRQ QRDOHMDUVHGHODOHWUD\DOPLVPRWLHPSRSUHVFLQGLUGHODPDWHULDOLGDGGHODOHWUD *DUFtD<HEUD6LJXLHQGRHVWRVGRVFULWHULRV/XWHURHVFRQVFLHQWHGHTXH ODVHQVHxDQ]DVTXHDEXQGDQHQOD%LEOLDDOLJXDOTXHHQODIiEXODQRUDGLFDQVRORHQOR TXHVHGLFHQLHQORTXHHVWiHQHOWH[WR3RUHOOR/XWHURVHxDODTXHODVWUDGXFFLRQHVQR GHEHQRVFXUHFHUHOVLJQLÀFDGRPHWDIyULFRGHODVDOHJRUtDV\SDUiERODVHVSHFLDOPHQWH ODVGHOD%LEOLDSRUHVR´GHÀHQGHVLQDPEDMHVHQORV6XPDULRVVREUHORVVDOPRV\FDXVDV GHODWUDGXFFLyQTXH©QRHVHOVHQWLGRTXHGHEHVHUYLUDODVSDODEUDVVLQRODVSDODEUDVDO VHQWLGRªµ%UDQGHQEHUJHU (VWDIRUPDGHHQWHQGHU/XWHURODWUDGXFFLyQOHOOHYDDXWLOL]DUHQVXWUDGXFFLyQ EtEOLFDXQDOHPiQFHUFDQRDOKRPEUHVHQFLOORTXHDSHODUDDVXVFRQRFLPLHQWRVSUHYLRV \ D VX H[SHULHQFLD FRWLGLDQD \ GRQGH OR IDEXORVR LQWHUHVDQWH \ HPRFLRQDQWH KLFLHUD FUHtEOH HO PLWR (Q HO VLJXLHQWH IUDJPHQWR GH VX REUD (O DUWH GH WUDGXFLU /XWHUR GHMD WUDVOXFLUSHUIHFWDPHQWHVXIRUPDGHHQWHQGHU\GHUHDOL]DUHOXVRGHODOHQJXDHQHVWH FDVRGHODOHQJXDDOHPDQDSDUDTXHWRGRVOHHQWLHQGDQ 1RKD\TXHVROLFLWDUDHVWDVOHWUDVODWLQDVFyPRKD\TXHKDEODUHODOHPiQTXHHVORTXHKDFHQ HVRVERUULFRVDTXLHQHVKD\TXHLQWHUURJDUHVDODPDGUHHQODFDVDDORVQLxRVHQODFDOOHDO KRPEUHFRUULHQWHHQHOPHUFDGR\GHGXFLUVXIRUPDGHKDEODUÀMiQGRVHHQVXERFD'HVSXpVGH KDEHUKHFKRHVWRHVFXDQGRVHSXHGHWUDGXFLUVHUiOD~QLFDPDQHUDGHTXHFRPSUHQGDQ\GH TXHVHGHQFXHQWDGHTXHVHHVWiKDEODQGRFRQHOORVHQDOHPiQ/XWHUR /$)É%8/$<68862','É&7,&2 /XWHURFRQWULEX\yDPRVWUDUODXWLOLGDGGLGiFWLFDGHXQJpQHURFRPRODIiEXOD TXHSHUVLJXHFRPRREMHWLYRIDYRUHFHUHOFRQRFLPLHQWRGHODOHQJXD\HOVHQWLGRFUtWLFR H[SUHVDGR PHGLDQWH OD PRUDOHMD GH OD IiEXOD 3RU HOOR /XWHUR FRQVLGHUy ODV IiEXODV FRPRXQPDWHULDOGLGiFWLFR~WLOSDUDHODXODDOIDFLOLWDUHODSUHQGL]DMHGHODOHQJXD IDYRUHFHUHOGHVDUUROORGHOVHQWLGRFUtWLFRHQORVDOXPQRV\PRVWUDUHOYDORUPRUDOL]DQWH GHODVFRQGXFWDVFRPRDSDUHFHHQVXREUD7LVFKUHGHQ&KDUODVGHVREUHPHVDDOUHODWDU KLVWRULDVFRUWDVGHHVWDQDWXUDOH]DFRPRDQWHULRUPHQWHKL]R(UDVPRGH5RWHUGDPHQ VXV$GDJLD &RKHUHQWHPHQWHFRQHOYDORUTXH/XWHUR\0HODQFKWRQOHDWULEX\HQDODIiEXOD SRUVHUXQEXHQLQVWUXPHQWRGLGiFWLFRSDUDODHGXFDFLyQGHORVDOXPQRVWLHQHQPX\HQ FXHQWDGLFKDHVWLPDHLQFOX\HQODHQVHxDQ]DGHODVIiEXODVGH(VRSRHQHOFXUULFXOXP HVFRODUGHODHVFXHODDOHPDQDUHIRUPDGD1RFDEHGXGDTXHODFRKDELWDFLyQHQODIiEXOD GHHOHPHQWRVUHDOHV\GHÀFFLyQSXHGHIRPHQWDUODFUHDWLYLGDGHQODHVFXHOD\IDYRUHFH WDPELpQ OD SUHSDUDFLyQ SDUD OD YLGD UHDO 3RVLEOHPHQWH pVWRV \ HO UHVWR GH DVSHFWRV VHxDODGRVHQHODUWtFXORH[SOLTXHQODSHUYLYHQFLDGHHVWHJpQHURDORODUJRGHOWLHPSR 5RGUtJXH]$GUDGRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD (OXVRGLGiFWLFRGHODIiEXODHQODOLWHUDWXUDUHQDFHQWLVWDDOHPDQD &21&/86,Ð1 (OUHFXUVRDODIiEXODFRPRJpQHUROLWHUDULR\VXXVRGLGiFWLFRGHVGHODSHUVSHFWLYD FXOWXUDOGHORVUHQDFHQWLVWDV\UHIRUPLVWDVDOHPDQHVHQWUHORVTXHVREUHVDOHQ/XWHUR \ 0HODQFKWRQ KD FRQWULEXLGR D FRPSUHQGHU VX YDORU HGXFDWLYR \ D VHU WUDQVPLVRUD GHODYHUGDGGHODYLGD/DQHFHVLGDGGHUHODFLRQDUHOPXQGRUHDO\HOPXQGRGHOD HGXFDFLyQ HQ HO TXH VH XWLOL]DQ HOHPHQWRV VLPEyOLFRV \ ÀFWLFLRV SDUD HO DSUHQGL]DMH HVLQWUtQVHFRDODYLVLyQGHODIiEXODHQJHQHUDO\WDPELpQDODYLVLyQOXWHUDQDGHOD IiEXOD %,%/,2*5$)Ì$ %DUERODQL & ´,QWURGXFFLyQµ HQ - GH 9DOGpV 'LiORJR GH OD OHQJXD 0DGULG (GLFLRQHV&iWHGUD %UDQGHQEHUJHU7´,QWURGXFFLyQµHQ0/XWHUR&DUWDVREUHHODUWHGHWUDGXFLU 0DGULG&DSDUUyV(GLWRUHV &iFHUHV , \ 0DUWtQ*DLWHUR 5 ´/RV UHIUDQHV ÁDPHQFRV GH 3LHWHU %UXHJHOµ 5HYLVWD3DUHPLDQ &HUWHDX0/DIiEXODPtVWLFDVLJORV;9,;9,,0DGULG(GLFLRQHV6LUXHOD 'LFNH * +HLQULFK 6WHLQK|ZHOV (VRSXV XQG VHLQHU )RUWVHW]HU 8QWHUVXFKXQJHQ ]X HLQHP%XFKHUIROJGHU)UKGUXFN]HLW7ELQJHQ1LHPH\HU 'LFNH*\*UXEPOOHU.'LH)DEHOQGHV0LWWHODOWHUVXQGGHU)Uq+HUHQ1HX]HLW(LQ .DWDORJGHUGHXWVFKHQ9HUVLRQHQXQGLKUHUODWHLQLVFKHQ(QWVSUHFKXQJHQ0QFKHQ )LQN 'LWKPDU5'LH)DEHO3DGHERUQ)HUGLQDQG6FK|QLQJK (JLGR7HG/XWHUR2EUDV6DODPDQFD(GLFLRQHV6tJXHPH )UDQFN66SULFKZ|UWHU6FK|QH:HLVH+HUUOLFKH&OXJUHGHQXQG+RIIVSUXFK UHSURGXFFLyQGHODHG)UDQNIXUWFRQXQSUHIDFLRGH:ROIJDQJ0LHGHU +LOGHVFKHLP2OPV *DUFtD<HEUD9´/XWHURWUDGXFWRU\WHyULFRGHODWUDGXFFLyQµ5HYLVWD$UERU 7RPR&,,Q0DU]R *LOO\&´(UDVPROD5HIRUPDUDGLFDO\ORVKHWHURGR[RVUDGLFDOHVHVSDxROHVµ HQ70DUWtQH]5RPHUR(GLWRU/HVOOHWUHVKLVSDQLTXHVDOVVHJOHV;9,;9,,L;9,,, &DVWHOOyGHOD3ODQD3XEOLFDWLRQVGHOD8QLYHUVLWDW-DXPH, *UDQH / 0RGXV /RTXHQGL 7KHRORJLFXV /XWKHUV .DPSI XP GLH (UQHXHUXQJ GHU 7KHRORJLH/HLGHQ(-%ULOO *UXEPOOHU.0HLVWHU$HVRSXV8QWHUVXFKXQJHQ]X*HVFKLFKWHXQG)XQFWLRQLP 0LWWHODOWHU=ULFK0QFKHQ$UWHPLV -DQVVHQ-´/DFXOWXUDDOHPDQDDQWHV\GHVSXpVGH/XWHURµHQ+LVWRULD8QLYHUVDO 9RO9,,,ELV%DUFHORQD/LEUHUtD5HOLJLRVD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD -XDQ/XLV0RQUHDO3pUH] -OLFKHU$'LH*OHLFKQLVUHGHQ-HVX=ZHL7HLOHLQHLQHQ%DQG'DUPVWDGW,PSUHVLyQ UHSURJUDÀDGDGHODHGLFLyQGHGRVYRO~PHQHV(GLFLyQ .R\Up$0tVWLFRV(VSLULWXDOHV\$OTXLPLVWDVGHOVLJOR;9,DOHPiQ0DGULG$NDO /DSHVD5´,QWURGXFFLyQµ6HOHFFLyQHVWXGLR\QRWDVHQ-GH9DOGpV'LiORJR GHODOHQJXD=DUDJR]D(GLWRULDO(EUR /LOMH+/XWHUR%DUFHORQD6DOYDW(GLWRUHV /XWHUR 0 2EUDV (GLFLyQ SUHSDUDGD SRU 7 (JLGR 6DODPDQFD (GLFLRQHV 6tJXHPH 0RQUHDO - / ´-XDQ GH 9DOGpV KXPDQLVWD \ OLQJLVWDµ 5HYLVWD &XDGHUQRV GHO ,QVWLWXWR+LVWRULDGHOD/HQJXD 0RQUHDO-/´/DSHUVSHFWLYDUHOLJLRVD\HOXVRGHODOHQJXDHQ/XWHURµ5HYLVWD )XWKDUN 0RXUHOOHGH/HPD0´)XQGDPHQWRVÀORVyÀFRVGHO+XPDQLVPRGH9LYHVµHQ -XDQ/XLV9LYHV0DGULG*UXJDOPD 2UWHJD$)UD\/XLVGH/HyQKXPDQLVWD6DODPDQFD(GLWRULDO&(,$6 3DULV & ´9LYHV \ OD IRUPDFLyQ GHO VDEHU PRGHUQRµ HQ $QDOHV GH OD &iWHGUD )UDQFLVFR6XDUH])DVF8QLYHUVLGDGGH*UDQDGD 5RGUtJXH]$GUDGRV)+LVWRULDGHODIiEXODJUHFRODWLQD0DGULG(GLWRULDOGHOD 8QLYHUVLGDG&RPSOXWHQVH 6HUUDQR$´/DIiEXODJUHFRODWLQDHQORV$GDJLDGH(UDVPR\VXLQÁXHQFLDHQHO KXPDQLVWD)HUQDQGRGH$UFHµ5HYLVWD0\UWLD 6XiUH]57´(OVHQWLGRKLVWyULFRGHOSUR\HFWRHGXFDWLYRGH/XWHURµ,5HYLVWD )UyQHVLV9RO KWWSZZZUHYLVWDVOX]HGXYHLQGH[SKSIURQHDUWLFOHYLHZ &RQVXOWDGRHQQRYLHPEUHGH 7DODYHUD6/DIiEXODHVySLFDHQ(VSDxDHQHOVLJOR;9,,,&XHQFD(GLFLRQHVGHOD 8QLYHUVLGDG&DVWLOOD/D0DQFKD 9DOGpV-´'LiORJRGHODOHQJXDµHQ2EUDV&RPSOHWDV,'LiORJRV(VFULWRVHVSLULWXDOHV &DUWDV0DGULG(GLFLRQHVGHOD)XQGDFLyQ-RVp$QWRQLRGH&DVWUR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« 81$6(/(&&,Ð1'()É%8/$6'((6232<'(/$3267(5,25 75$',&,Ð1(63$f2/$$1É/,6,6<326,%,/,'$'(6','É&7,&$6 '(/$60,60$6(1/$6$8/$6'(('8&$&,Ð135,0$5,$ $1'5e60217$1(5%8(12 8QLYHUVLGDGGH0XUFLD 5HVXPHQ (QODSUHVHQWHLQYHVWLJDFLyQHVQXHVWURREMHWLYROOHYDUDFDERXQDQiOLVLVGHODVIiEXODVGH(VRSR\GHODV GHDOJXQRVIDEXOLVWDVGHODWUDGLFLyQHVySLFDHVSDxRODORVFXDOHVKDQFRQWULEXLGRDFUHDU\DFRQIRUPDU WRGDXQDVHULHGHHVWHUHRWLSRVFXOWXUDOHV\VRFLDOHVHQWRUQRDORVTXHVHKDFRQÀJXUDGRXQGLVFXUVRTXH OHJLWLPD\IDYRUHFHODLGHRORJtDGHODVFODVHVGHPD\RUSRGHUGHODVRFLHGDGRFFLGHQWDO6LUYLpQGRQRVGH VXVFRPSRVLFLRQHVODVHPSOHDUHPRVHQODVFODVHVGH(GXFDFLyQ3ULPDULDFRPRUHFXUVRSDUDGHVDUUROODU HQ HO DOXPQDGR ODV FRPSHWHQFLDV VRFLRFXOWXUDO H LQWHUFXOWXUDO (Q HVWH VHQWLGR SURSRQHPRV DOJXQDV FXHVWLRQHVGLULJLGDVDTXHORVHVWXGLDQWHVUHFRQR]FDQ\DFHSWHQHOSOXUDOLVPRVRFLDO\UDFLDOFRPRXQD UHDOLGDGSRVLWLYDSURSLDGHQXHVWURVLJOR 3DODEUDVFODYH)iEXODV(VRSRHVWXGLRVFXOWXUDOHVWUDGLFLyQIDEXOtVWLFDHVSDxRODGLGiFWLFDGHODOLWHUD WXUDHGXFDFLyQHQYDORUHV $EVWUDFW 7KH SXUSRVH RI WKLV UHVHDUFK LV WR DQDO\]H WKH$HVRS·V IDEOHV DQG VRPH$HVRSLDQ 6SDQLVK IDEXOLVWV ZKLFKKDYHKHOSHGWRFUHDWHDQGVKDSHDUDQJHRIFXOWXUDODQGVRFLDOVWHUHRW\SHVDURXQGZKLFKVHWD GLVFRXUVHWKDWOHJLWLPDWHVDQGSURPRWHVWKHLGHRORJ\RIWKHPRVWSRZHUIXOFODVVHVRI:HVWHUQVRFLHW\ 8VLQJWKHVHFRPSRVLWLRQVZHZLOOHPSOR\WKHPLQ(OHPHQWDU\(GXFDWLRQFODVVHVDVDUHVRXUFHIRUVWX GHQWVWRGHYHORSVNLOOVLQVRFLRFXOWXUDODQGLQWHUFXOWXUDO7KHUHE\ZHSURSRVHVRPHTXHVWLRQVDGGUHVVHG WRVWXGHQWVWRUHFRJQL]HDQGDFFHSWVRFLDODQGUDFLDOSOXUDOLVPDVDSRVLWLYHUHDOLW\RIRXURZQFHQWXU\ .H\ZRUGV$HVRS·V)DEOHVFXOWXUDOVWXGLHV6SDQLVKIDEXOLVWLFWUDGLWLRQGLGDFWLFOLWHUDWXUHYDOXHVHGX FDWLRQ ,1752'8&&,Ð1 7HQLHQGRHQFXHQWDTXHXQJpQHURFRPRODIiEXODKDOOHJDGRKDVWDQXHVWURVGtDV KDELHQGRQDFLGRDSUR[LPDGDPHQWHHQHOVLJOR9,D&HVWRHVFXHQWDFRQXQDYLGD GHPiVGHYHLQWLVpLVVLJORVVHFRPSUHQGHUiHQVHJXLGDODLPSRUWDQFLDTXHXQWHPD &RUUHRHDQGUHVBUD\RV#KRWPDLOFRP5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QGUpV0RQWDQHU%XHQR FRPRpVWHSXHGHVXVFLWDUHQHOLQYHVWLJDGRUOLWHUDULR$HVWHSURSyVLWRYDPRVDHQIRFDU QXHVWUDFRPXQLFDFLyQVREUHODIiEXODHQGRVVHQWLGRVPX\GLIHUHQWHV(OSULPHURGHHOORV VHUiSXUDPHQWHOLWHUDULR\ORGHGLFDUHPRVDUHÁH[LRQDUWHyULFDPHQWHVREUHODIiEXOD FRPRPDQLIHVWDFLyQOLWHUDULD\VREUH(VRSRFRPRSULPHUDXWRURFFLGHQWDODOTXHVHOH DWULEX\HQHVWHWLSRGHFUHDFLRQHV$SDUWLUGHpOLUHPRVWUD]DQGRPX\VXFLQWDPHQWHXQ UHFRUULGRSRUODWUDQVPLVLyQGHVXIDEXOtVWLFDDRWURVDXWRUHVHXURSHRVSDUDWHUPLQDU VXEUD\DQGRODLPSRUWDQFLDTXHWXYRHQODWUDGLFLyQHVSDxRODGHORVVLJORV;9,,,\;,; FRQWDQGRFRQODSUHVHQFLDGHDXWRUHVWDQGHVWDFDGRVFRPR7RPiVGH,ULDUWH)pOL[0DUtD GH6DPDQLHJR5DPyQGH&DPSRDPRUR-XDQ(XJHQLRGH+DUW]HQEXVFK(OVHJXQGR LUiPiVUHODFLRQDGRDOGHVDUUROORGHXQDSURSXHVWDHGXFDWLYDPHGLDQWHHOHPSOHRGH IiEXODVHQODVDXODVGH(GXFDFLyQ3ULPDULD$VtSDUWLHQGRGHORVHVWHUHRWLSRVQHJDWLYRV TXH DSDUHFHQ HQ DOJXQDV IiEXODV HVySLFDV \ TXH VRQ UHFRJLGRV HQ PD\RU R PHQRU PHGLGD SRU ORV DXWRUHV HVSDxROHV DQWHULRUPHQWH PHQFLRQDGRV WUDWDPRV GH RIUHFHU XQD VHULH GH FXHVWLRQHV TXH VH UHÀHUHQ D iPELWRV FRQWURYHUWLGRV \ TXH VH SODQWHDQ HQIRFDGRVDODHGXFDFLyQHQYDORUHVDWUDYpVGHOGHEDWHHQODVDXODV /$)É%8/$&2020$1,)(67$&,Ð1/,7(5$5,$ (QHVWHDSDUWDGRTXHFRPHQ]DPRVHVQXHVWURREMHWLYRHVWXGLDUFXDWURDVSHFWRV TXHVHUHODFLRQDQFRQODIiEXODFRPRPDQLIHVWDFLyQOLWHUDULDODFXDOKDOOHJDGRKDVWD QXHVWURVGtDVGHPX\GLYHUVDVPDQHUDV(QSULPHUOXJDUYDPRVDFHQWUDUQRVHQTXp HV OR TXH OD FUtWLFD OLWHUDULD HQWLHQGH SRU IiEXOD HQ VHJXQGR OXJDU LQYHVWLJDUHPRV DFHUFD GH VXV RUtJHQHV HQ WHUFHU OXJDU GH TXp PDQHUD VH KDQ SUHVHQWDGR VXV WLSRV DUJXPHQWDOHVDORODUJRGHODKLVWRULDOLWHUDULD\VXUHODFLyQFRQRWURVWH[WRVOLWHUDULRV \HQ~OWLPROXJDUHOYDORUTXHWLHQHQORVSHUVRQDMHVTXHDSDUHFHQHQHOODV7RGRHOOR VH KDUi WHQLHQGR HQ FXHQWD DVLPLVPR OD FRQWLQXLGDG HVHQFLDO GHO PXQGR FXOWXUDO IDEXOtVWLFRHQ2FFLGHQWHHQGLVWLQWDVpSRFDV\OXJDUHV &RPHQ]DQGR SRU RIUHFHU XQD GHÀQLFLyQ GH IiEXOD YDPRV D DGVFULELUQRV D OD RIUHFLGDSRU/ySH]&DVLOGRTXLHQVHxDODTXHODPLVPDHV´XQDFRPSRVLFLyQ OLWHUDULD HQ SURVD R HQ YHUVR HQ TXH PHGLDQWH XQD ÀFFLyQ GH WLSR DOHJyULFR \ OD SHUVRQLÀFDFLyQ GH DQLPDOHV LUUDFLRQDOHV REMHWRV LQDQLPDGRV R LGHDV DEVWUDFWDV VH LQWHQWDGDUXQDHQVHxDQ]DSUiFWLFDDYHFHVLQFOXVRFRQODLQWHUYHQFLyQGHSHUVRQDMHV KXPDQRV\GLYLQRVµ6HWUDWDGHXQDFRPSRVLFLyQGHFDUiFWHUHMHPSODUIRUPDGDSRUXQ UHODWRJHQHUDOPHQWHEUHYHDOTXHVLJXHXQFRQVHMRPRUDORUHJODGHFRPSRUWDPLHQWR PRUDOHMD GLULJLGD D HQVHxDU XQ SULQFLSLR JHQHUDO GH FRQGXFWD SUHVHQWDQGR XQ PRGHORHVSHFtÀFRGHFRPSRUWDPLHQWR/DFXHVWLyQFRQWURYHUWLGDHVWiFRPRYHUHPRV PiV DGHODQWH HQ TXH D OD KRUD GH ÀMDU HO HMHPSOR GH FRQGXFWD LQÁX\y VLQ GXGD HO SHQVDPLHQWR GHO SRGHU JREHUQDQWH GH FDGD pSRFD FRQ VXV LQWHUHVHV SDUWLFXODUHV H LGHROyJLFRV(VWHKHFKRKL]RGHODPRUDOHMDHQRFDVLRQHVXQÀMDGRUGHHVWHUHRWLSRV QHJDWLYRVTXHSRUODUD]yQGHYHQLUDUJLGRSRUXQDDXWRULGDGOLWHUDULDIXHDVXPLGR SRUODVSHUVRQDVTXHOHtDQRHVFXFKDEDQODPLVPD &RQUHVSHFWRDORVRUtJHQHVGHODIiEXODKHPRVGHVHxDODUTXHVHWUDWDGHXQ DVXQWRPX\FRQWURYHUWLGR\DTXHGXUDQWHPXFKRWLHPSRODFUtWLFDKDHVSHFXODGRVREUH ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« HO PLVPR HQ XQ LQWHQWR GH DYHULJXDU VL SURFHGtD RULJLQDULDPHQWH GH *UHFLD R GH OD ,QGLD\FXiOGHODVGRVWUDGLFLRQHVKDEtDWHQLGRLQÁXHQFLDVREUHODRWUD1RREVWDQWH FRQHOGHVFXEULPLHQWRGHODH[LVWHQFLDGHIiEXODVDVLULDVKDTXHGDGRGHPRVWUDGRTXH OD IDEXOtVWLFD PiV DQWLJXD WLHQH VX RULJHQ HQ 0HVRSRWDPLD 'HVGH HVWD ]RQD KDEUtD OOHJDGRD*UHFLDDWUDYpVGHO$VLD0HQRU\SRURWUDSDUWHD,QGLDDWUDYpVGH3HUVLD'H RWURODGRSRUORTXHUHVSHFWDDODSULPHUDIiEXOtVWLFDRFFLGHQWDOpVWDWXYRVXRULJHQ HQ*UHFLDFRQVLGHUiQGRVHWUDGLFLRQDOPHQWHTXHHOFUHDGRUGHODIiEXODJULHJDIXHXQ SHUVRQDMHHQLJPiWLFROODPDGR(VRSRVLJOR9,D&$pOVHKDQDWULEXLGRWRGDXQD VHULHGHIiEXODVTXHHQUHDOLGDGYHQGUtDQDVHUDQyQLPDV\SHUWHQHFHUtDQDXQJpQHUR WUDGLFLRQDOFX\DGLIXVLyQVHOOHYyDFDERGHIRUPDRUDO $ERUGDQGRDKRUDODFXHVWLyQDFHUFDGHODPDQHUDHQTXHODVIiEXODVVHRUJDQL]DQ GH DFXHUGR D VX GLVSRVLFLyQ LQWHUQD DUJXPHQWDO SRGHPRV FODVLÀFDU ODV PLVPDV HQ WUHVWLSRVGLIHUHQWHV(OSULPHURGHHOORVVHUtDHOGHFRQIURQWDFLyQRDJRQDOHQHOTXH GRVSHUVRQDMHV²DYHFHVPiV²GLVSXWDQVREUHDOJXQDFRVD(OVHJXQGRYHQGUtDDVHUHO VLWXDFLRQDOHQHOTXHVHSUHVHQWDDXQSHUVRQDMHDQWHXQDVLWXDFLyQGDGD\VHVDFDQXQD VHULHGHFRQFOXVLRQHV3RU~OWLPRHOWHUFHURHVHOFRQRFLGRFRPRHWLROyJLFRHQHOTXH VHLQWHQWDH[SOLFDUODFDXVDRHORULJHQGHDOJR3RURWUDSDUWHHQFXDQWRDVXUHODFLyQ FRQRWURVWH[WRVKHPRVGHVHxDODUTXHODIiEXODHQODWUDGLFLyQOLWHUDULDKDDSDUHFLGR \D FRPR XQ VLPSOH HMHPSOR PH]FODGR FRQ RWURV GH FDUiFWHU PtWLFR R DQHFGyWLFR R FRQVtPLOHVSURYHUELRVHWF\DFRPRXQHMHPSOR´HQVHJXQGRJUDGRµGHQWURGHRWUR WH[WROLWHUDULRFXHQWRVDSyORJRVQRYHODVHQVD\RV«HVWRHVSRQLpQGRODHQERFDGH XQSHUVRQDMHGHQWURGHOPLVPR\DHQFROHFFLRQHVHQTXHVHODVFRORFDXQDVGHWUiVGH RWUDVDPRGRGHUHWDKtODGHVRUGHQDGDRELHQHPSOHDQGRXQPDUFRTXHODVRUJDQL]D\ ODVRUGHQDHQIXQFLyQGHFULWHULRVHVSHFtÀFRV &HQWUiQGRQRVSRU~OWLPRHQORVSHUVRQDMHVTXHSURWDJRQL]DQODVIiEXODVKD\ TXH LQGLFDU TXH ORV PLVPRV WDO \ FRPR VHxDOD 5RGUtJXH] $GUDGRV DFW~DQ FRPRVtPERORVGHORVGLVWLQWRVFDUDFWHUHVKXPDQRVODDFFLyQTXHVXFHGHHQWUHHOORVHV SDUDGLJPiWLFDGHORTXHRFXUUHHQWUHODVSHUVRQDV$HVWRGHEHPRVDxDGLUVXFDUiFWHU DWHPSRUDO \ FRQVWDQWH SXHV ORV SDWURQHV GH FRPSRUWDPLHQWR VHUtDQ LGpQWLFRV HQ WLHPSRV \ OXJDUHV GLIHUHQWHV < HOOR GHELGR D TXH OD QDWXUDOH]D GH ORV KHFKRV HV OD PLVPDHOGLVIUD]RODFRQGLFLyQVRFLDOODHGDGHWFQRFDPELDQODPDQHUDGHDFWXDU GHORVDQLPDOHV\SRUHQGHGHORVKRPEUHV/DFRQFHSFLyQGHODYLGDKXPDQDTXH VXE\DFHDHOODVHVUHDOLVWD\VDWtULFDDSHVDUGHTXHVHDxDGHQFRQIUHFXHQFLDUDVJRV FyPLFRVDORVDQLPDOHV6LQHPEDUJRHVWRQRRFXOWDVLQRTXHDYLYDPiVODGXUH]DGH ODYLGDODFXDOHVFRQFHELGDFRPRXQFRQVWDQWHHQIUHQWDPLHQWRHQWUHVHUHVKXPDQRV FRPR XQD OXFKD HQFDUQL]DGD GH ORV XQRV SRU LPSRQHU VX SRGHU \ GH ORV RWURV SRU HYLWDUVHUVRPHWLGRVDOPLVPR (6232<68/(*$'2025$/,67$ &RPR\DKDTXHGDGRGLFKRIXH(VRSRHODXWRUDOTXHVHDWULEX\yHORULJHQGHOD IiEXOD\DSRUORVDXWRUHVGHOVLJOR9D&FRQYLUWLpQGRVHDVtHQXQDÀJXUDHPEOHPiWLFD FX\RQRPEUHIXHVLHPSUHFLWDGRDODKRUDGHFRPSRQHUQXHYRVWH[WRV$SHVDUGHHVWR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QGUpV0RQWDQHU%XHQR SRFRVGDWRVSRVHHPRV²\DOJXQRVGHHOORVQRPX\ÀDEOHV²UHVSHFWRDODH[LVWHQFLDGHVX SHUVRQDDOJXQRVQRVORVLW~DQHQHOVLJOR9,D&FRPRQDWXUDOGH)ULJLDR7UDFLD$pO VHKDFHUHIHUHQFLDHQDOJXQRVSDVDMHVGHREUDVGHDXWRUHVFRPR+HURGRWR$ULVWyIDQHV 3ODWyQ$ULVWyWHOHVR)HGUR(QORVPLVPRVVHQRVGHVFULEHDODXWRUFRPRHVFODYRGHXQ WDO,DGPyQHQODLVODGH6DPRVGRQGHFRPSDUWHWDOFRQGLFLyQFRQ5RGRSLVDPDQWH GHOKHUPDQRGH6DIR$VLPLVPRVHPHQFLRQDVXPXHUWHDPDQRVGHORVKDELWDQWHVGH 'HOIRVDFXVDGRIDOVDPHQWHGHXQURERVDFUtOHJR $VtSXHVVLJXLHQGRD*DUFtD*XDOWHQHPRVTXHODIiEXODHVySLFDIXHPiV HOQRPEUHTXHVHDWULEX\yDODVUHFRSLODFLRQHVGHIiEXODVFRQODVTXHSRVWHULRUPHQWH VH IRUPDURQ FROHFFLRQHV TXH D XQD FUHDFLyQ SURSLD \ H[FOXVLYD GH GLFKR DXWRU /D SULPHUDGHHVWDVUHFRSLODFLRQHVGHODVTXHWHQHPRVFRQVWDQFLDHVODTXHDOUHGHGRUGHO DxRD&HVFULELyHOÀOyVRIR'HPHWULRGH)DOHUR(QHOODVHHQFXHQWUDQUHFRJLGDV \SURVLÀFDGDVIiEXODVHPSOHDGDVFRPRPRGHORVGHFRQGXFWDHQODOLWHUDWXUDDQWHULRU \SUHVHQWDGDVFRPRSLH]DVHQXQFRUSXVRUJDQL]DGR$GHPiVGHODPHQFLRQDGDQRV KDQOOHJDGRRWUDVWUHVFROHFFLRQHVGHODpSRFDDQWLJXDJUHFRODWLQDODGH)HGURODGH %DEULR \ XQD GH )iEXODV$QyQLPDV *ULHJDV (Q ODV PLVPDV ODV IiEXODV GH DQLPDOHV VHHQFXHQWUDQPH]FODGDVFRQFXHQWRVPi[LPDV\DQpFGRWDVFRQIXQFLyQPRUDOLVWD\ SHUVLJXLHQGRREMHWLYRVGHDSUHQGL]DMHHQODVHVFXHODV$OJXQDVFROHFFLRQHVSRVWHULRUHV VRQODVGH'RVLWHRVLJOR,,/LEDQLR\$IWRQLRVLJOR,9\$YLDQRÀQDOHVGHOVLJOR,9 6LWXiQGRQRV \D HQ OD (GDG 0HGLD KDOODPRV TXH HQ HVWD pSRFD VH UHFRJLy OD WUDGLFLyQ HVySLFD DGTXLULHQGR OD IiEXOD JUDQ SRSXODULGDG HQWUH HO SXHEOR \ HPSOHiQGRVHWDQWRFRPRHOHPHQWRPRUDOL]DGRUFRPRDPRGRGHViWLUD(QOD(VSDxD EDMRPHGLHYDO(VSDxDUHFLELy\DVXYH]WUDQVPLWLyORVIDEXODULRVPHGLHYDOHVRULHQWDOHV GHHVWDPDQHUD3HGUR$OIRQVRFRPSXVRDSULQFLSLRVGHOVLJOR;,,XQDFRPSLODFLyQ GHDSyORJRVRULHQWDOHVWUDGXFLGRVGHOiUDEHDOODWtQTXHWLWXOy'LVFLSOLQDFOHULFDOLV3RU VXSDUWH$OIRQVR;HQHQFDUJyODWUDGXFFLyQGHO&DOLOD\'LPQD\GHO6HQGHEDU GHRUtJHQHVSUREDEOHPHQWHLQGLRV(QORVVLJORVVLJXLHQWHV;,9\;9VHGHVDUUROODURQ IiEXODV\DSyORJRVHQODVREUDVGHO$UFLSUHVWHGH+LWD\GH'RQ-XDQ0DQXHO 3RVWHULRUPHQWHHOVLJOR;9,IXHXQSHUtRGRGHWUDQVLFLyQ\DTXHDSHVDUGHTXH ODVIiEXODVWXYLHURQVXLPSRUWDQFLDIXHURQUHDOPHQWHORVVLJORV;9,,\;9,,,HQORVTXH ODIiEXODDOFDQ]yVXPi[LPRHVSOHQGRU7DOFRPRLQGLFD-DQVVHQ/D)RQWDLQH HPSOHy HQ )UDQFLD HO DQWLJXR JpQHUR UHYHVWLGR GH QXHYRV PRWLYRV \ GH pO SDUWLy OD FRQFHSFLyQPRGHUQDGHODIiEXODFRPRJpQHURH[FOXVLYDPHQWHDQLPDOtVWLFR*UDFLDV DOIUDQFpVHOJpQHURUHFLELyXQLPSXOVRUHQRYDGRTXHVHSODVPyHQ*D\HQ,QJODWHUUD /HVVLQJHQ$OHPDQLD3LJQRWWLHQ,WDOLDR.U\ORYHQ5XVLD /$ ,10$1(1&,$ '( /$ 75$',&,Ð1 (6Ð3,&$ 0É6 1(*$7,9$ (1 $/*8126)$%8/,67$6(63$f2/(6'(/266,*/26;9,,,<;,; 7UDV HO UHFRUULGR KLVWyULFR UHDOL]DGR DQWHULRUPHQWH SRU ORV DXWRUHV HXURSHRV GH IiEXODV TXH PiV VH KDQ YLVWR LQÁXLGRV SRU (VRSR QRV FHQWUDUHPRV DKRUD HQ OD WUDGLFLyQHVSDxROD0iVFRQFUHWDPHQWHYDPRVDDQDOL]DUODVTXHIXHURQVLQGXGDODV FXDWURÀJXUDVPiVGHVWDFDGDVHQHVWHiPELWRHQORVVLJORV;9,,,\;,;$VDEHU7RPiV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« GH,ULDUWH\)pOL[0DUtDGH6DPDQLHJRHQHOVHWHFLHQWRV\5DPyQGH&DPSRDPRU\-XDQ (XJHQLRGH+DUW]HQEXVFKHQHORFKRFLHQWRV'HHQWUHVXVSURGXFFLRQHVIDEXOtVWLFDV DTXt YDPRV D H[DPLQDU OD SDUWH GH HOODV TXH RIUHFH OD YLVLyQ PiV HVWHUHRWLSDGD \ WHQGHQFLRVDGHOLPDJLQDULRVRFLDORFFLGHQWDOODFXDOKDQUHFRJLGRGH(VRSR\GHRWURV IDEXOLVWDVDORVTXHpVWHLQVSLUy\SRVWHULRUPHQWHKDQUHHODERUDGR\YHUVLRQDGRVHJ~Q ODVFRVWXPEUHVGHOPRPHQWR 'HDFXHUGRFRQHVWRYDPRVDSUHVHQWDUODVSURGXFFLRQHVIDEXOtVWLFDVHQWRUQRD GRVDVXQWRVGHFDUiFWHUVRFLDOTXHVHKDQHQIRFDGRDORODUJRGHODKLVWRULDGH2FFLGHQWH GHVGHXQSXQWRGHYLVWDH[FOXVLYLVWD\VHVJDGR\FDVLVLHPSUHFRQXQPDUFDGRFDUiFWHU LPSRVLWLYR(OSULPHURGHHOORVWLHQHTXHYHUFRQODWUDGLFLRQDOUHJXODFLyQMHUiUTXLFDGH ODVVRFLHGDGHVGHSHQGLHQGRGHODVHWQLDVDODVTXHpVWDVGHQFDELGD$VtODVRFLHGDG RFFLGHQWDOKDYLVWRHQORVH[WUDQMHURVFRQXQFRORUQHJURGHSLHO²IXQGDPHQWDOPHQWH SHUVRQDV RULHQWDOHV R ODWLQRDPHULFDQDV² D VHUHV LQIHULRUHV LQFDSDFHV GH UD]RQDU \ D YHFHV LQFOXVR DVLPLODEOHV D DQLPDOHV FRPR HO PRQR (O VHJXQGR VH UHODFLRQD FRQ ODPDQHUDHQTXHGHQWURGHODVRFLHGDGRFFLGHQWDOVHKDQHVWDEOHFLGRXQDVHULHGH SURWRWLSRV\MXLFLRVGHYDORUDSULRUtVWLFRVDFHUFDGHODVFDUDFWHUtVWLFDVTXHGHEHQWHQHU ORVKRPEUHV\ODVPXMHUHVSDUDVHUFRQVLGHUDGRVDWRGRVORVHIHFWRVFRPRWDOHV7RGD SHUVRQDTXHQRFXPSOLHUDFRQHVWRVUHTXLVLWRVDVRFLDGRVDVXJpQHURSRGtD\D~QHQ RFDVLRQHVSXHGHVHUQLQJXQHDGDRGHIHQHVWUDGDHQGHWHUPLQDGRVFtUFXORVVRFLDOHV &RQ HO ÀQ GH HVWXGLDU OD LQPDQHQFLD HQ ORV DXWRUHV HVSDxROHV GH ORV VLJORV ;9,,,\;,;GHIiEXODVGHHVWDWHPiWLFDTXH\DDSDUHFtDHQ(VRSRYDPRVDSUHVHQWDUD FRQWLQXDFLyQHMHPSORVGHORVGRVWLSRVSDUWLHQGRGHORVWH[WRVGHOJULHJR9HUHPRVDVt FRPRGLFKDVIiEXODVKDQLGRUDPLÀFiQGRVH\DVHQWiQGRVHOLWHUDULDPHQWH\SRUHQGHHQ HOSHQVDPLHQWRFROHFWLYRGHODVRFLHGDGHXURSHDHQJHQHUDO\ODHVSDxRODHQSDUWLFXODU VLQRHQVXWRWDOLGDGSRUVHUPX\JUDQGHODKRVWLOLGDGTXHODVRULJLQDOHVSUHVHQWDQVt HQFLHUWRVDGMHWLYRV\DWULEXWRVFRQTXHVHFDOLÀFD\FXDOLÀFDDGHWHUPLQDGRVSHUVRQDMHV TXHFXPSOHQFRQODFRQGLFLyQTXHHVREMHWRGHDWDTXH\REXUOD ´(OQHJURµ\´(OFDUURGH+HUPHV\ORViUDEHVµ 6RQGRVODVIiEXODVGH(VRSRHQODVTXHVHPXHVWUDGHPDQHUDPiVFRQWXQGHQWH HOVHVJRUDFLVWDDOTXHKHPRVKHFKRUHIHUHQFLDDQWHULRUPHQWH6HWUDWDGHODVWLWXODGDV ´(OQHJURµ\´(OFDUURGH+HUPHV\ORViUDEHVµ(QODSULPHUDGHHOODVVHQRVSUHVHQWD XQDVLWXDFLyQHQTXHXQKRPEUHFRPSUDXQFULDGRQHJURSDUDDFRQWLQXDFLyQLQWHQWDU TXLWDUOHHVHFRORUGHSLHOTXHpOFUHHTXHHVGHELGRDVXIDOWDGHKLJLHQH\HQODVHJXQGD VHFDUDFWHUL]DDORViUDEHVFRPRDODHWQLDPiVPHQWLURVDPDOYDGD\IDOVDGHODVTXH H[LVWHQHQHOPXQGR3UHVHQWDPRVORVHMHPSORV ´(OQHJURµ ´8QKRPEUHFRPSUyXQQHJURFUH\HQGRTXHWHQtDWDOFRORUSRUGHVFXLGRGHVXDQWHULRUGXHxR <FXDQGROROOHYyDVXFDVDOHDSOLFyWRGRWLSRGHMDERQHVHLQWHQWyOLPSLDUORFRQEDxRVGHWRGD FODVH<QRSXGRFDPELDUVXFRORUSHUROHKL]RHQIHUPDU/DIiEXODPXHVWUDTXHODVQDWXUDOH]DV VHPDQWLHQHQFRPRIXHURQDOSULQFLSLRµ(VRSR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QGUpV0RQWDQHU%XHQR ´(OFDUURGH+HUPHV\ORViUDEHVµ ´(Q FLHUWD RFDVLyQ +HUPHV FRQGXFtD SRU WRGD OD WLHUUD XQ FDUUR OOHQR GH PHQWLUDV PDOLFLD \ HQJDxRHLEDGLVWULEX\HQGRXQSRFRGHFDUJDHQFDGDWHUULWRULR6HGLFHTXHHOFDUURVHURPSLy GHUHSHQWHFXDQGROOHJyDOWHUULWRULRGHORViUDEHVeVWRVDUUHEDWDURQODFDUJDTXHLEDHQpOFRPR VLIXHUDPX\YDOLRVD\QRSHUPLWLHURQTXHVLJXLHUDDGHODQWHKDFLDRWURVKRPEUHV/RViUDEHVVRQ PHQWLURVRV\PHQGDFHVSRUHQFLPDGHWRGDUD]D3XHVHQVXOHQJXDQRKD\YHUGDGµ(VRSR 6LJXLHQGRHVWHWRQRGHPHQRVSUHFLR\GHVFDOLÀFDFLyQKDFLDORVPLHPEURVGHODV FXOWXUDV FRQ XVRV FRVWXPEUHV \ UHOLJLRQHV GLIHUHQWHV D ODV HXURSHDV \ FRQ DWULEXWRV pWQLFRVGLVWLQWRVORVIDEXOLVWDVHVSDxROHVGHORVVLJORV;9,,,\;,;UHDOL]DURQXQDVHULHGH FRPSRVLFLRQHVHQODVTXHFRQWLQXDURQFRQHVWHWUD]DGRWHQGHQWHDPDQFLOODUODGLJQLGDG \HOYDORUKXPDQRGHORVKDELWDQWHVGHHVWRVSXHEORV'HHVWDPDQHUDFRPHQ]DQGR SRUHOVLJOR;9,,,QRVHQFRQWUDPRVFRQTXHVHJXUDPHQWHORVGRVIDEXOLVWDVHVSDxROHV PiVUHFRQRFLGRVFRPRVRQ7RPiVGH,ULDUWH\)pOL[0DUtDGH6DPDQLHJRHVFULELHURQ DOJXQDVHQODVTXHVHVLJXHHVWDFRQFHSFLyQFXOWXUDOMHUDUTXL]DGD$VtHQHOSULPHURGH HOORVWHQHPRVIiEXODVFRPR´/RVKXHYRVµ\´/DPRQDµHQODVTXH\DVHPXHVWUDHO GHVGpQSRUORVVLWLRVOHMDQRVGHRULHQWHFRPRODV,VODV)LOLSLQDVDORVTXHQLVLTXLHUDKDQ OOHJDGRORVKXHYRV\DVHVLW~DFRPROXJDUGHRULJHQGHODVPRQDVODFLXGDGPDUURTXt GH7HWXiQFRQXQHYLGHQWHDIiQGHVSUHFLDWLYR(QHOVHJXQGRWHQHPRVWH[WRVFRPR´(O OHRSDUGR\ODVPRQDVµ´/DPRQDFRUULGDµ\´/DPRGDµHQORVTXHVHVLJXHKDFLHQGR KLQFDSLpHQTXH0DUUXHFRVHVHOSDtVGHORVPRQRVSRUH[FHOHQFLDFX\RVSREODGRUHV VLJXHQPRGDV\FRVWXPEUHVDQWLFXDGDV\SURSLDVGHVDOYDMHV 'HOPLVPRPRGRWDPELpQHQORVIDEXOLVWDVGHOVLJOR;,;HVSDxROSRGHPRVKDOODU UHQRYDGD HVWD FRQFHSFLyQ GLVFULPLQDWRULD HQ DXWRUHV FRPR 5DPyQ GH &DPSRDPRU \-XDQ(XJHQLRGH+DUW]HQEXVFK'HOFUHDGRUDVWXULDQRVREUHVDOHHQHVWHVHQWLGROD WLWXODGD´(OSDVWRU\HOQDYtRµHQODTXHVHSRQHHQHYLGHQFLDHOFDUiFWHUHPLQHQWHPHQWH FRORQLDOLVWD GH ODV SRWHQFLDV HXURSHDV UHVSHFWR D ODV UHJLRQHV ODWLQRDPHULFDQDV \ RULHQWDOHV 3RU VX SDUWH HQ HO DXWRU PDGULOHxR VRQ EDVWDQWHV QXPHURVDV ODV TXH VH FHQWUDQHQHVWRVDVXQWRVSXGLpQGRVHGHVWDFDUODVLQWLWXODGDV´/DWLHUUDGHORVFRMRVµ ´(O ORURµ ´(O UHORM GH VROµ \ ´/RV FDULEHVµ HQ ODV TXH HV UHFXUUHQWH HO WHPD GH ORV GHIHFWRVItVLFRVHLQWHOHFWXDOHVTXHSUHVHQWDQORVRULXQGRVGHWLHUUDVDMHQDVFXOWXUDO\ VLPEyOLFDPHQWHDOHVSDFLRGHGRPLQLRRFFLGHQWDO ´=HXV\ODYHUJHQ]Dµ &RQVWLWX\HODIiEXODGHQRPLQDGD´=HXV\ODYHUJHQ]DµHOWHVWLPRQLRH[SOtFLWR PiVHORFXHQWHGHOUHFKD]RKDFLDXQDFRQFHSFLyQLGHQWLWDULDDELHUWDGHOKRPEUH\GH ODPXMHUODFXDOOHVSHUPLWDHMHUFHUFXDOHVTXLHUDDFWRVFRQWRWDOOLEHUWDG6HRIUHFHHQ HOODXQDYLVLyQXQtYRFDGHFDGDJpQHURFRQHOÀQGHTXHFDGDXQRGHHOORVVHSDFXiOHV VRQORVSDWURQHVItVLFRV\SVLFROyJLFRVTXHHVWiQDFRUGHVFRQpO\VHDGHF~HQDORTXH VHHVSHUDVLVLJXHQ´QDWXUDOPHQWHµVXVLQFOLQDFLRQHVtQWLPDV&XDOTXLHURWUDPDQHUD GH HQWHQGHU HO FRQFHSWR GH KRPEUH \ GH PXMHU \ SRU VXSXHVWR WHQHU LQFOLQDFLRQHV KRPRVH[XDOHVUHVXOWDXQDFRUUXSFLyQGHODQDWXUDOH]DXQDDEHUUDFLyQ\XQDIDOWDGH YHUJHQ]D9HPRVHOWH[WRHVySLFR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« ´&XDQGR =HXV PRGHOy D ORV KRPEUHV LQVXÁy HQ HOORV ORV GHPiV VHQWLPLHQWRV SHUR ROYLGy OD YHUJHQ]D < DO QR VDEHU SRU GyQGH LQWURGXFLUOD RUGHQy TXH SHQHWUDUD SRU HO DQR eVWD LQGLJQDGDDOSULQFLSLRVHRSXVR3HURFXDQGR=HXVOHLQVLVWLyFRQURWXQGLGDGGLMR(QWURFRQ ODFRQGLFLyQGHTXHQRVHLQWURGX]FD(URVVLHQWUDpO\RPHVDOGUpDOLQVWDQWH!!'HDTXtYLHQH HOTXHWRGRVORVLQYHUWLGRVVRQGHVYHUJRQ]DGRV/DIiEXODPXHVWUDTXHORVTXHVRQGRPLQDGRV SRU(URVVRQGHVYHUJRQ]DGRVµ(VRSR 'HPDQHUDDQiORJDDORRFXUULGRFRQHOPRWLYRLVRWySLFRDQWHULRUODSURSDJDFLyQ GHIiEXODVGHtQGROHKRPRIyELFDOOHJyKDVWDORVVLJORV;9,,,\;,;HQORVTXHSRGHPRV HQFRQWUDU FRPSRVLFLRQHV GLULJLGDV D PRUDOL]DU VREUH ODV LQFOLQDFLRQHV VH[XDOHV GH KRPEUHV \ PXMHUHV ODV FXDOHV QR GHEHQ VyOR VHU DFDWDGDV LQWHUQDPHQWH VLQR VHU GHPRVWUDGDV H[WHUQDPHQWH PHGLDQWH OD DVXQFLyQ GH URSDV PDQHUDV \ FRVWXPEUHV DGHFXDGDV $ HVWH UHVSHFWR HQ HO VLJOR ;9,,, GHVFXEULPRV HQ 6DPDQLHJR OD IiEXOD WLWXODGD ´(O FKLYR DIHLWDGRµ TXH DWDFD DO YDUyQ TXH VH SHUIXPD VH FXLGD \ VH DIHLWD WLOGiQGRORGHYDQLGRVR\GHSRFRKRPEUH7DPELpQHQFRQWUDPRVHQHO;,;GRVIiEXODV GH+DUW]HQEXVFKTXHKDEODQVREUHODQHFHVLGDGGHTXHORVKRPEUHV\ODVPXMHUHVQR VHGHVYtHQGHORVFRPSRUWDPLHQWRVTXHODQDWXUDOH]DOHVLPSRQHSRUSHUWHQHFHUDXQR XRWURVH[R/DVPLVPDVVHWLWXODQ´/RVSUHPLRVGHODHPSHUDWUL]µ\´/DVIXULDVµ ¢32'(026 87,/,=$5 $/*81$6 '( /$6 )É%8/$6 (6Ð3,&$6 '( /$ 75$',&,Ð1 (63$f2/$&2025(&8562('8&$7,92(1/$6$8/$6 '(('8&$&,Ð135,0$5,$3$5$('8&$5(19$/25(6"5()/(;,21(6< 35238(67$','É&7,&$ $ODYLVWDGHOSHQVDPLHQWRWHQGHQFLRVRTXHVHWUDVOXFHHQODVIiEXODVGH(VRSR VHOHFFLRQDGDV\HQVXVSRVWHULRUHVYHUVLRQHVHVSDxRODVHQORVVLJORV;9,,,\;,;SXHGH SDUHFHUHQFLHUWDPHGLGDFRQWUDSURGXFHQWHOOHYDUDODVDXODVGH(GXFDFLyQ3ULPDULDXQD VHULHGHWH[WRVTXHGHÀHQGHQHQVXVOtQHDVLGHDVFRPRHOVHJUHJDFLRQLVPRLQWHUFXOWXUDO RXQDFRQFHSFLyQUtJLGD\FDVWUDQWHGHODSHUVRQDHQIXQFLyQGHVXJpQHUR6LQHPEDUJR GHVGHQXHVWUDSHUVSHFWLYDGRFHQWH\VLJXLHQGRD.RKOHUFRQVLGHUDPRVTXHSDUD QXHVWURVHVWXGLDQWHVSXHGHVLQGXGDUHVXOWDUPiVULFD\VLJQLÀFDWLYDXQDHGXFDFLyQ HQYDORUHVEDVDGDHQODFRQVWUXFFLyQSRUVXSDUWHGHXQSHQVDPLHQWRFUtWLFR\VHQVLEOH FRQORVGLIHUHQWHVDHOORVTXHFXDOTXLHURWURLQVWUXPHQWRTXHGHÀHQGDVLQPHGLWDFLyQ GH QLQJ~Q WLSR XQ GHFiORJR GH FRQGXFWDV D DGRSWDU TXH VHUiQ FRQRFLGDV \ KDVWD DSUREDGDVHQWHRUtDSHURHQPXFKRVFDVRVQRDVXPLGDVLQWHUQDPHQWH\SRUWDQWRQR REVHUYDGDVHQODSUiFWLFD 7HQLHQGR FODUR QXHVWUR REMHWLYR YDPRV D LQWHQWDU OOHYDUOR D OD SUiFWLFD RIUHFLHQGR XQD SURSXHVWD GLGiFWLFD EDVDGD HQ OD SUHVHQWDFLyQ GH DFWLYLGDGHV TXH SHUVLJXHQIXQGDPHQWDOPHQWHODLGHQWLÀFDFLyQGHORVFRQWUDYDORUHVGHDOJXQDVIiEXODV VHOHFFLRQDGDV FRQ HO ÀQ GH IRPHQWDU OD FRPSUHQVLyQ HO UHVSHWR \ HO HQWHQGLPLHQWR PXWXRHQWUHODVSHUVRQDVSRUGLIHUHQWHVTXHVHDQORVSXQWRVGHDQFODMHTXHVXVWHQWHQ VXPXQGR+DOO3UHVHQWDQGR\DODHOHFFLyQHQVtVHFRPSRQHODPLVPDGHGRV IiEXODV GH GRV DXWRUHV HVSDxROHV GH pSRFDV GLIHUHQWHV 6DPDQLHJR GHO VLJOR ;9,,, \ +DUW]HQEXVFKGHO;,;'HOSULPHURKHPRVHVFRJLGRODVIiEXODV´/DPRGDµ\´(OFKLYR DIHLWDGRµ\GHOVHJXQGR´/DWLHUUDGHORVFRMRVµ\´/RVSUHPLRVGHODHPSHUDWUL]µ$ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QGUpV0RQWDQHU%XHQR FRQWLQXDFLyQSUHVHQWDUHPRVORVWH[WRVWUDQVFULWRV\PiVDEDMRODVSUHJXQWDVVREUHODV TXHGHEHUiQLQWHUDFWXDUORVDOXPQRVHQWUHVt\FRQHOSURIHVRUHOFXDODFWXDUiFRPR JXtDGHODSUHQGL]DMHGHODVFRPSHWHQFLDVVRFLRFXOWXUDOHLQWHUFXOWXUDODLPDJHQGHXQD DQWLJXDPD\pXWLFDVRItVWLFDDTXtUHQRYDGD\OOHYDGDDODVDXODVDFWXDOHV ± )iEXODVGH)pOL[0DUtDGH6DPDQLHJR ´/DPRGDµ ´'HVSXpVGHKDEHUFRUULGRFLHUWRGDQ]DQWH0RQRSRUFDQWRQHV\SOD]DVGHFLXGDGHQFLXGDGHO PXQGRWRGRORJUyGLFHODKLVWRULDDXQTXHQRFXHQWDHOFyPRYROYHUVHOLEUHPHQWHDORVFDPSRV GHOÉIULFDRUJXOORVR/RVPRQRVDOYLDMHURUHFLEHQFRQPiVJR]RTXHD3HGURHO]DUORVUXVRV TXHORVJULHJRVD8OLVHVJHQHURVR'HOH\HVGHFRVWXPEUHVQLpOKDEORQLDOJ~QRWUROHSUHJXQWy SDODEUDSHURGHWUDMHV\GHPRGDVWRGRV(QFLHUWDMHULJRQ]DFRQH[WUDQMHURWRQROHVKL]RXQ JUDQGHWDOOHGHORPiVUHPDUFDEOHDORVFXULRVRV²(PSHFHPRVGHFtDQDXQTXHVHDSRUSRFR +LFLpURQVH]DSDWRVFRQFiVFDUDVGHQXHFHVSRUORSURQWR7RGDODUD]DPRQDDQGDEDFRQVXV FKRFORV\HOQRWUDHUORVHUDIDOWDUDODGHFHQFLD\DOGHFRUR8QOHRSDUGRKDPEULHQWRWUHSDSDUD ORVPRQRVHOORVKXLULQWHQWDQDVDOYDUVHHQORViUEROHVGHOVRWR/DVFKLQHODVORHVWRUEDQ\GH PX\IiFLOPRGRDTXt\DOOtPDWDEDKDFLHQGRDVXSODFHUGRVPLOGHVWUR]RV(Q7HWXiQGHVGH HQWRQFHVPDQGDHOVHQDGRGRFWRTXHFXDOTXLHUXVRRPRGDGHSDtVHVFHUFDQRVRUHPRWRVDQWHV TXHOOHJXHHOFDVRGHDGRSWDUVHHQHOSURSLRKD\DGHH[DPLQDUVHHQMXQWDGHSROtWLFRVDIRQGR &RQ WDQ MXVWR GHFUHWR \ HO VXFHVR KRUURURVR ¢GHMDURQ WDOHV PRGDV" 3ULPHUR GHMDUtDQ GH VHU PRQRVµ6DPDQLHJR $FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO WH[WR % ¢4XpFLXGDGHVGHOPXQGRSXGRYLVLWDUHOPRQRGDQ]DQWHSURWDJRQLVWDGHOD IiEXOD" % ¢(QTXpSDtVVHHQFXHQWUDODFLXGDGGH7HWXiQ"¢4XpVDEpLVVREUHHOPLVPR \VREUHVXVFRVWXPEUHV"¢(QTXpVHGLIHUHQFLDQGHODVYXHVWUDV" % ¢(VGLFKRSDtVXQOXJDUHQHOTXHKD\DUHDOPHQWHPXFKRVPRQRV"¢&UHpLV TXHHOIDEXOLVWDVHSXHGHUHIHULUPDOLQWHQFLRQDGDPHQWHDORVKDELWDQWHVGHO PLVPR" % 6LHVDVt«¢9HLVDGHFXDGDODPRUDOHMD´¢GHMDURQWDOHVPRGDV"3ULPHURGHMDUtDQ GHVHUPRQRVµFRQTXHWHUPLQDHOWH[WR" % ¢2VJXVWDUtDTXHDYXHVWURSDtV\DYRVRWURVVHRVLGHQWLÀFDVHFRPRDPRQRV FDUHQWHVGHXVRGHUD]yQ" ´(OFKLYRDIHLWDGRµ ´8Q FKLYR FRPR PXFKRV HQ HO PXQGR YDQR H[WUHPDGDPHQWH VH PLUDED DO HVSHMR GH XQD IXHQWH£4XpOiVWLPDGHFtDTXHHVWpPLMXYHQWXG\OR]DQtDSRUVLHPSUHGLVIUD]DGDGHEDMRGH HVWDEDUEDWDQSREODGD!!(OFKLYRIXHJXLDGRGHVXWRQRDODWLHQGDGHXQPRQREDUEHULOOR DIDPDGRTXHDIHLWyDOVHxRULWRGHFRQWDGR6DOHEDUELODPSLxRDODFDPSDxD$OYHUXQDÀJXUD H[WUDxDQRKXERSHUURQLJDWRTXHQROHKLFLHVHEXUODDOPHQWHFDWR/RVFKLYRVOHGHVSUHFLDQ GHPDQHUDTXHQRKD\PiVTXHGHFLU£4XLpQORFUH\HUDXQUHVSHWDEOHPDFKRGLFHQTXHVHULy FRPRXQPXFKDFKRµ6DPDQLHJR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« $FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO WH[WR % ¢4XpDQLPDOHVHOFKLYR"¢6DEUtDLVGLEXMDUOR" % ¢4XpRVSDUHFHTXHHOFKLYRTXLHUDFXLGDUVXDVSHFWRSHUVRQDO"¢'HEHGHMDU GHKDFHUORSRUVHUYDUyQ" % ¢(QWHQGpLVODVEXUODV\GHVSUHFLRVKDFLDpOSRUTXLWDUVHODEDUED"¢$TXpODV DFKDFDUtDLV"¢RVJXVWDUtDTXHRVODVKLFLHUDQDYRVRWURV" % ¢7LHQHHOKRPEUHXQSURWRWLSRGHWHUPLQDGRDFHUFDGHFyPRVHU\FyPRYHVWLU HQODVRFLHGDGDFWXDO"¢'HEHUtDWHQHUOR" % ¢(QWHQGpLVTXHVHSXHGDPDUJLQDUDDOJXLHQSRUVHUGLVWLQWRGHOUHVWR" ± )iEXODVGH-XDQ(XJHQLRGH+DUW]HQEXVFK ´/DWLHUUDGHORVFRMRVµ ´1R OHMRV GHO (VWUHFKR TXH KR\ HV GH *LEUDOWDU DSHOOLGDGR KXER DQWHV XQ SDtV \D VHSXOWDGR SRUODIXULDGHOPDU$OOtQRKDEtDQLXQKRPEUHTXHDODQGDUIXHVHGHUHFKROH\QDWXUDOTXHGH VRUSUHVDHPEDUJDSRU~QLFDHQHOPXQGRWRGDYtDQDFHUDORVLQGtJHQDVKDFtDFRQXQDSLHUQD FRUWD\ODRWUDODUJD6DOWDSXHVDORVRMRVTXHDWDOGLVSRVLFLyQGHSLHUQDVHUDFRQVLJXLHQWH\ SUHFLVDODFRMHUDSXHVDXQTXHKD\PXFKRVFRMRVSRUYDULDVFDXVDVTXHGHFLUQRLPSRUWDFRMRHV HOTXHVHYHSRUVXGHVGLFKDFRQXQDSLHUQDODUJD\ODRWUDFRUWDRWpUPLQRVXVDQGRJHQHUDOHV HOTXHWLHQHODVSLHUQDVGHVLJXDOHV$SDUWHGHODJUDFLDVXVRGLFKDFXDOVLWXYLHUDQHQODOHQJXD QXGRVPXMHUHV\YDURQHVKDEODEDQDGHPiVDWURPSLFRQHVFRMRVHUDQHQÀQ\WDUWDPXGRV $UULEyDHVWHSDtVXQHXURSHR\DOQRWDUFLUFXQVWDQFLDWDQFKRFDQWHGLMRPX\DUURJDQWH²5H\ YR\DVHUDTXtSXHVQRFRMHR(OKRPEUHVHOOHYyWHUULEOHFKDVFR1RELHQGHXQDFLXGDGODVFDOOHV SLVDFXDQGRYLpQGROHDQGDUORVPRUDGRUHVTXLpQGHOiVWLPDH[FODPDTXLpQGHULVDIUXQFHQHO JHVWR\DSDUHQWDQDVFRVHxRULWDVVHxRUDV\VHxRUHVKDFLHQGRPXHFDV\VROWDQGRSXOODVVLJXHOD PXOWLWXGDOIRUDVWHURTXHDQGDFRPRORVSDYRV\ODVJUXOODV\KDVWDXQGHVSLOIDUUDGR]DSDWHUR DVLpQGROHGHOEUD]RHQWRPDUOHPHGLGDVHHPSHxDEDSDUDKDFHUOHXQDERWDTXHVXSOLHUDFRQOR DOWRGHOWDFyQHOJUDQSHGD]RTXHVHJ~QpOMX]JDEDHQXQDSLHUQDDORWUROHIDOWDED\DQRSXGR FDOODU²3XHEORVLQMXLFLRJULWDFRQYR]UREXVWD\DOWDQHUDLUGHUHFKRQRHVYLFLRORYLFLRVR\OR IHRHVHOYDLYpQHOWRUSHEDPEROHRTXHVLQFHVDUYDLVGDQGRSRUQRSRGHUDQGDU\RVR\HOTXH DQGR\DWyQLWRVGHYHUPLJDOODUGtDFDGDFXDOLPLWDUPHGHEHUtDVLHVWROHIXHVHGDEOHDXQD WXUEDGHFRMRVPLVHUDEOH7RGDVHVWDVLQMXULDVLPSUXGHQWHVQRODVR\HURQELHQDTXHOODVJHQWHV SXHVFRPRDOVRQGHODSULPHUDIUDVHGHOFROpULFRKXpVSHGREVHUYDURQTXHQRHUDWDUWDPXGRQR HVSHUDURQDTXHpOVXVLQYHFWLYDVDFDEDVHSDUDDWXUGLUOHDYRFHV\VLOELGRV&RVDIXHGHWDSDUVH ORVRtGRV²£4XpTXpTXpTXpGHFtDQOHQJXDJXDMH'HGHORTXHKDEODHOPXPXPX\VDOYDMH ODOD PLPLPLWDG VHVH FRFRPH TXH XQ PDPDHVWUR VHVH OHOH OOHYH \ D IXIXIXHU]D GHGH ]X]XUULGRVTXHTXHODODFRVWXWXWXPEUHWRPHGHGHKDEODU\DQDQGDUFRFRPRGHEH6LHQ HVFDSDUGHDOOtVHWDUGDXQSRFRPHOHHQMDXODQSRUORFR7DOVXHOHDFRQWHFHUDOGHVGLFKDGRTXH DFRPEDWLUVHDWUHYHXQHUURUSRUHOWLHPSRFRQVDJUDGRµ+DUW]HQEXVFK $FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO WH[WR % ¢&UHpLV TXH KD\ DOJXQD H[SOLFDFLyQ UD]RQDEOH SDUD TXH OD ´7LHUUD GH ORV &RMRVµVHVLW~HPiVDOOiGHO´(VWUHFKRGH*LEUDOWDUµ"¢4XpSDtVHVSRGHPRV HQFRQWUDUHQHVDSDUWHGHOPXQGR"¢(OLJHHODXWRUOD]RQDGHIRUPDLQRFHQWH" % ¢+D\DOJ~QSDtVHQTXHORVKRPEUHVQD]FDQWRGRVHOORVFRQGHIHFWRVItVLFRV FRQJpQLWRVSRUVHUGHXQDGHWHUPLQDGD]RQDGHOPXQGR" ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QGUpV0RQWDQHU%XHQR % ¢&yPRLQWHUSUHWDUtDLVODDVHYHUDFLyQTXHKDFHHODXWRUDFHUFDGHTXHHQHVH SDtV ´LU GHUHFKR HV YLFLRµ" ¢7LHQH DOJR TXH YHU FRQ OD GLFRWRPtD 2ULHQWH 2FFLGHQWH" % ¢&UHpLVTXHHOFDUiFWHUVDOYDMHGHORVKRPEUHVGHHVWHSDtVHVUHDORHVODPDQHUD GHSUHVHQWiUQRVORVGHOKRPEUHHXURSHRORTXHKDFHTXHORVYHDPRVDVt" % ¢&UHpLVTXHVRPRVORVHXURSHRVXQSXHEORTXHDFRJHGHIRUPDDJUDGDEOHDORV KDELWDQWHVGHRWUDVFXOWXUDV"¢3RUTXp" ´/RVSUHPLRVGHODHPSHUDWUL]µ ´/D(PSHUDWUL]6RItDFXDWURYHFHVDODxRUHSDUWtDHQS~EOLFDVHVLyQGRVPHGDOORQHVFDGDFXDO GHYDORUGHFLHQGREORQHVSUHPLRGHOFROHJLDO\FROHJLDODTXHHUDQHQORVH[iPHQHVMX]JDGRVHQ JUDGRVXSHULRUDYHQWDMDGRV9HVWLGLWRVGHJDOD\GHFXULRVDPXOWLWXGFHUFDGRVHQWUDEDQMXQWRV HQODULFDVDODGRQGHDOVRQGHWURPSHWDV\DWDEDOHVDYHFHVFRQODMR\DUHFLEtDQRWURVGLYHUVRV GRQHVGHODVSUyGLJDVPDQRVLPSHULDOHVDOSDVRTXHHQDOJXQDVRFDVLRQHVFRUULGRVQLxR\QLxD VHYHtDQDOUHFLELUGHODQWHGHDTXHOQXPHURVtVLPRFRQFXUVRGiGLYDWDQFKRFDQWHTXHODSOHEH\ ODFRUWHVLQUHFXUVREXUOiEDQVHFRQGXUDSHUWLQDFLDGHORVGRVDQJHOLWRVYHUELJUDFLD%HQLWR\ 9DOHQWLQDFKLFRVGHGRFHDEULOHVpOGRFWRHQODJUDPiWLFDODWLQD\KiELOHOODHQODERUHVIHPHQLOHV IXHURQ ORV GRV HOHFWRV SRU OD MXQWD GH HVFXHODV FRPSHWHQWH FRPR SDUHMD LJXDO VREUHVDOLHQWH FRPRDOXPQRVSHUIHFWRVGHODWtQ\FRVWXUD/LQGDPHQWH3HURHVHOFDVRTXHHQSDODFLRKDEtDXQ SDMDULWRD]XOTXHORVGHIHFWRVGHORVQLxRVGHHVFXHODGHVFXEUtD\HOSiMDURPDOGLWRFRQWyDOD (PSHUDWUL]«£4XpSLFDUGtD\RYDPRVHOSHVFXH]ROHWRUFLHUDFRQWyGH9DOHQWLQD\GH%HQLWR ODFRUWDIULROHUDGHTXHpOHUDXQOORUyQ\HOODXQDÀHUD<DOOHJyHOGtDGHIXQFLyQSUHVFULWR/D VHxRULWD SXHV \ HO VHxRULWR SUHSiUDQVH GH SULVD \ YDQ GHVSDFLR SRUTXH PHMRU ORV PLUHQ D SDODFLR6X0DMHVWDGDOFXHOOROHVSRQHDOVRQGHODWDEDOVRQRURORVFRGLFLDGRVPHGDOORQHVGH RUR\GHVSXpVDTXtHVHOORGLFHD%HQLWRDVt²&LHUWDDYHFLOODTXHRVDWLVEDODVIDOWDV\ODVSLOOD WHDFXVDGHPDULFD\DSRFDGRSRUORFXDOTXHWHFRPSUHQKHPDQGDGRHVHFXPSOLGRFKDO\HVD PDQWLOODSyQWHORVGHFRQWDGR<XVWHGGLMRDODQLxDTXHHVSHUVRQDGHOVH[RGpELO\GHFODVH ÀQDSHURTXHDXGD]\GtVFROD\JULWRQDHQYH]GH9DOHQWLQDPHUHFHTXHVHODOODPH9DOHQWRQD VHSDTXHSRUVXVU~VWLFDVKRPEUDGDVOHYDDSODQWDUDTXtPLFDPDUHUDXQSDUGHFKDUUHWHUDV HQFDUQDGDV\XQDJRUUDGHSHORJUDQDGHUD3XHVRUHQXQFLDQDVXVHU\QRPEUHRKDQGHWHQHU SRUFXDOLGDGSULPHUDGXO]XUDODPXMHUYDORUHOKRPEUHµ+DUW]HQEXVFK $FWLYLGDGHV SURSXHVWDV D PRGR GH GHEDWH JUXSDO WUDV XQD OHFWXUD DWHQWD GHO WH[WR % $YXHVWURHQWHQGHU«¢7LHQHTXHVHUODPXMHUOORURQD\HOKRPEUHYDOLHQWH" ¢6RQHVWRVSDSHOHVHVWDEOHVRGHSHQGHQGHOPRPHQWR\GHODVLWXDFLyQHQTXH ODSHUVRQDVHHQFXHQWUH" % ¢([LVWHDOJ~QVH[RTXHVHD´GpELOµWDO\FRPRVHOHHHQODIiEXOD"¢&XiO"¢3RU TXp" % ¢7LHQHQORVKRPEUHV\ODVPXMHUHVTXHWUDEDMDUHQXQRÀFLRDGHFXDGRDVX JpQHUR"¢4XpRVSDUHFH" % ¢(VpWLFRTXHVHLQVXOWHDDOJXLHQSRUVXRULHQWDFLyQVH[XDO"¢/RKDEpLVKHFKR" ¢/RKDEpLVVXIULGR" % ¢(VWiLVGHDFXHUGRFRQODPRUDOHMDÀQDO´2UHQXQFLDQDVXVHU\QRPEUHR KDQGHWHQHUSRUFXDOLGDGSULPHUDGXO]XUDODPXMHUYDORUHOKRPEUHµ"¢3RU TXp" ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« &21&/86,21(6 7UDV KDEHU UHDOL]DGR HVWH WUDEDMR GH LQYHVWLJDFLyQ FHQWUDGR HQ OD UHÁH[LyQ WHyULFDVREUHODDGHFXDFLyQpWLFDRQRGHGHWHUPLQDGDVFXHVWLRQHVTXHVHHQFXHQWUDQ HQGHWHUPLQDGDVIiEXODVHVySLFDV\HQODDSRUWDFLyQGHXQDSURSXHVWDSUiFWLFDSDUD ODVDXODVGH(GXFDFLyQ3ULPDULDTXHWUDWDGHLQGXFLUDODUHÁH[LyQFUtWLFDSRUSDUWHGHO DOXPQDGRKHPRVOOHJDGRDXQDVHULHGHFRQFOXVLRQHVVREUHODVFXDOHVSRGUiQHVWDU GH DFXHUGR R QR RWURV LQYHVWLJDGRUHV 6RQ ODV VLJXLHQWHV &UHHPRV VLQFHUDPHQWH TXHKD\XQGHVFRQRFLPLHQWRJHQHUDOL]DGRHQ2FFLGHQWHVREUHODIDEXOtVWLFDRULHQWDO SXHVQRKD\DSHQDVHVWXGLRVUHDOL]DGRVVREUHHOWHPD\DGHPiVIUHFXHQWHPHQWHVH LJQRUD TXH JUDQ SDUWH GH ODV IiEXODV JULHJDV VH DSR\DQ HQ WHPDV \ DVXQWRV TXH \D VH HQFRQWUDEDQ HQ ODV FRPSRVLFLRQHV LQGLDV \ PHVRSRWiPLFDV (VRSR FRPR DXWRU GHEH TXHGDU GHÀQLWLYDPHQWH UHGXFLGR D XQD ÀJXUD PtWLFD SXHV OD PD\RUtD GH ODV IiEXODVTXHDpOVHDWULEX\HQVRQGHFDUiFWHUDQyQLPR\IXHURQWUDQVPLWLGDVRUDOPHQWH GH JHQHUDFLyQ HQ JHQHUDFLyQ /D WUDGLFLyQ IDEXOtVWLFD HXURSHD GH ORV VLJORV ;9,, ;,;\WDPELpQODHVSDxRODVHKL]RHFRGHGHWHUPLQDGRVHVWHUHRWLSRVUDFLVWDVFRQHO REMHWLYR GH VHUYLU D LQWHUHVHV HFRQyPLFRV VRFLDOHV H LGHROyJLFRV IXQGDPHQWDOPHQWH HQODFXHVWLyQFRORQLDOLVWD1RWRGDVODVIiEXODVSUHVHQWDQXQPRGHORGHFRQGXFWD HMHPSODU KDFLD GHWHUPLQDGRV JUXSRV VRFLDOHV GHVGH ORV SDUiPHWURV YLJHQWHV HQ HO VLJOR;;,\&RQVLGHUDPRVTXHXQDEXHQDPDQHUDGHOOHYDUDODXODGH(GXFDFLyQ 3ULPDULDODVIiEXODVPiVFRQWURYHUWLGDVGHODWUDGLFLyQHVySLFDSRGUtDVHUDWUDYpVGH ODSUHVHQWDFLyQGHODVPLVPDVSDUWLHQGRGHFRQWUDHMHPSORVTXHVLUYDQDORVHVWXGLDQWHV FRPRPRWLYRGHGHEDWH\GHUHÁH[LyQ %,%/,2*5$)Ì$ &DPSRDPRU5GH)iEXODVFRPSOHWDV%XHQRV$LUHV(G6RSHQD (VRSR)iEXODV0DGULG(G$OLDQ]D *DUFtD*XDO&´+LVWRULD\pWLFDGHODIiEXODHVySLFDµ(Q$FWDVGHO9&RQJUHVR (VSDxROGH(VWXGLRV&OiVLFRV0DGULG +DOO(78QGHUVWDQGLQJFXOWXUDOGLIIHUHQFHV0DLQH(G,QWHUFXOWXUDO3UHVV +DUW]HQEXVFK-(GH)iEXODV0DGULG(GLFLRQHV,QWHUQDFLRQDOHV8QLYHUVLWDULDV ,ULDUWH7GH)iEXODVOLWHUDULDV0DGULG(G&iWHGUD/HWUDV+LVSiQLFDV -DQVVHQ-/DIDEOHHWOHVIDEXOLVWHV%UXVHODV(G&ROOHFWLRQ/HEqJXHHWQDWLRQDOH .RKOHU ) 6WpUpRW\SHV FXOWXUHOV HW FRQVWUXFWLRQV LGHQWLWDLUHV 7RXUV (G 3UHVVHV 8QLYHUVLWDLUHV)UDQoRLV5DEHODLV /ySH]&DVLOGR*´,QWURGXFFLyQµ(Q(VRSR)iEXODV0DGULG(G$OLDQ]DSS 5RGUtJXH]$GUDGRV)'H(VRSRDO/D]DULOOR+XHOYD(G6HUYLFLRGH3XEOLFDFLRQHV GHOD8QLYHUVLGDGGH+XHOYD 6DPDQLHJR)0GH)iEXODV%DUFHORQD(G'HEROVLOOR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« $,16&5,d®2'$¶9,'$'((6232·1$635,0(,5$6&2/(&d¯(6'( )É%8/$6(032578*8È6/,952'((;2326e&;,9(9,'$()É%8/$6 '2,16,*1()$%8/$'25*5(*2(623275$'8=,'$63250$18(/ 0(1'(6'$9,',*8(,5$ $1$3$,9$025$,6 8QLYHUVLGDGH1RYDGH/LVERD)&6+,(/7 5HVXPHQ &RQIUHFXHQFLDOD9LGDGH(VRSRVHHQFXHQWUDHQODVFROHFFLRQHVGHIiEXODVSRVWHULRUHVDODLPSUHVLyQGH 6WHLQK|ZHOGH²(VRSRGH8OP²FRPRSUyORJR6XVLWXDFLyQGHHVFDOyQSUHYLRVLUYHH[FHOHQWHPHQWH SDUDLQVFULELUODPDUFDGHODXWRU\OHJLWLPDUDÀQDOHVGHOD(GDG0HGLDODVFROHFFLRQHVGHIiEXODV/DVH JXQGDGHODVGRVSULPHUDVFROHFFLRQHVHQSRUWXJXpVDFWXDOPHQWHFRQRFLGDV²/LYURGH([RSRVpFXOR;,9 H9LGDHIiEXODVGRLQVLJQHIDEXODGRUJUHJR(VRSRWUDGX]LGDVSRU0DQXHO0HQGHVGD9LGLJXHLUD ²VLJXHODWUDGLFLyQTXHHPSH]yHQHO(VRSRGH8OP/DSULPHUDTXHHVDQWHULRUDODHGLFLyQGH6WHLQ K|ZHOQRLQFOX\HOD9LGDGH(VRSR6LQHPEDUJRSUHVHQWDHQVXSUyORJRDOJXQRVGDWRVELRJUiÀFRVGHO SRHWDJULHJRORTXHUHVXOWDVHUXQWUD]RVLQJXODUHQHOFRQMXQWRGHODVFROHFFLRQHVFRHYDV\GHODVTXHOD SURFHGLHURQ(QHVWHDUWtFXORH[DPLQDUpODVPDUFDVGHODYLGDGH(VRSRLQVFULWDVHQHOSUyORJRGHO/LYUR GH([RSR\HQOD9LGDGH(VRSRGHODFROHFFLyQGH\DQDOL]DUpORVPRGRVGHFRQVWUXFFLyQWH[WXDO GHODXWRUGHIiEXODV 3DODEUDVFODYHIiEXODV²YLGDGH(VRSR²ELRJUDItD $EVWUDFW $/LIHRI$HVRSKDVRIWHQEHHQLQFOXGHGLQIDEOHFROOHFWLRQVSULQWHGDIWHU6WHLQK|ZHO·VHGLWLRQDOVR NQRZQDVWKH8OP$HVRS,W·VORFDWLRQEHIRUHWKHIDEOHV²DVDSURORJXHZKHUHWKHDXWKRULVXVXDOO\LQWUR GXFHG²KDVEHHQXVHGHIÀFLHQWO\LQODWHPHGLHYDOIDEOHFROOHFWLRQVWRFRQÀUPWKHIDEOHDVDJHQUH2IWKH WZRÀUVWNQRZQERRNVRIIDEOHVLQSRUWXJXHVH²WKH/LYURGH([RSRWKFHQWXU\DQGWKH9LGDHIiEXODVGR LQVLJQHIDEXODGRUJUHJR(VRSRWUDQVODWHGE\0DQXHO0HQGHVGD9LGLJXHLUD²RQO\WKHVHFRQG RQHRSHQVZLWKD/LIHRI$HVRSVLQFHLWLVWKHÀUVWWREHSXEOLVKHGLQSRUWXJXHVHDIWHUWKH8OP·V$HVRS ZDVSULQWHG$VIRUWKH/LYURGH([RSRLWDOVRLQFOXGHVVHYHUDOWRSLFVIURP$HVRS·VELRJUDSK\VRPHWKLQJ WKDWUDUHO\KDSSHQVLQFRQWHPSRUDU\RUHDUOLHUFROOHFWLRQV7KLVDUWLFOHH[DPLQHVWKHLQFOXVLRQRIWRSLFV IURP$HVRS·VELRJUDK\ERWKLQWKH/LYURGH([RSR·VSURORJXHDQGLQWKH9LGDGH(VRSR/LIHRI$HVRSIURP (VWH DUWLJR p DSUHVHQWDGR QR kPELWR GR SURMHFWR ´$ )iEXOD QD /LWHUDWXUD 3RUWXJXHVD &DWiORJR H +LVWyULD &UtWLFDµ 37'&&/(//, ÀQDQFLDGR SHOD )&7 ² )XQGDomR SDUD D &LrQFLD H D 7HFQRORJLDHWHPSRULQVWLWXLomRGHDFROKLPHQWRD)DFXOGDGHGH&LrQFLDV6RFLDLVH+XPDQDVGD8QL YHUVLGDGH1RYDGH/LVERDHSRUXQLGDGHGHLQYHVWLJDomRGHDFROKLPHQWRR,(/7²,QVWLWXWRGH(VWXGRV GH/LWHUDWXUD7UDGLFLRQDO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD3DLYD0RUDLV 0HQGHVGD9LGLJXHLUD·VFROOHFWLRQDQGLWDLPVWRVKRZKRZWKHDXWKRUEHFRPHVDÀFWLRQDOFKDUDFWHULQ WKHVHWZRFROOHFWLRQVRIIDEOHV .H\ZRUGVIDEOHV²OLIHRI$HVRS²ELRJUDSK\ 0$5&$6'$%,2*5$),$'((623212/,952'((;232 $V GXDV SULPHLUDV FROHFo}HV FRPSOHWDV GH IiEXODV HP OtQJXD SRUWXJXHVD DFWXDOPHQWHFRQKHFLGDVDSDUHFHUDPQXPDpSRFDUHODWLYDPHQWHWDUGLDVHFRPSDUDUPRV RGHVHQYROYLPHQWRGDVFROHFo}HVGHIiEXODVHPSRUWXJXrVFRPRGRVIDEXOiULRVHP RXWUDVOLWHUDWXUDVHXURSHLDV $SULPHLUDGHODVGHQRPLQDGDQDVXD~OWLPDHGLomR/LYURGH([RSRpGDWDGD GR VpFXOR ;,9 QD VXD UHGDFomR SULPLWLYD FRPS}HVH GH IiEXODV HP SURVD H GRV UHVSHFWLYRVHSLPtWLRVPRUDOL]DGRVHpHQFDEHoDGDSRUXPSUyORJR'HVWDFROHFomRHP YHUVmRSRUWXJXHVDFRQKHFHVHXP~QLFRPDQXVFULWRGRVpFXOR;9TXHHVWiFRQVHUYDGR QD%LEOLRWHFD1DFLRQDOGHÉXVWULDFRPDFRWDRQGHIRLGHVFREHUWRDFLGHQWDOPHQWH SRU-RVp/HLWHGH9DVFRQFHORVHPHTXHFRQKHFHXDWpjGDWDWUrVHGLo}HV-/HLWH GH 9DVFRQFHORV QD 5HYLVWD /XVLWDQD 9DVFRQFHORV -XYLQR $OYHV 0DLD -XQLRU TXH GHOD HVWDEHOHFHX XPD HGLFmR FUtWLFD HP GLVVHUWDomR GH PHVWUDGR DSUHVHQWDGD j 8QLYHUVLGDGHGH6mR3DXORHP0DLD-XQLRU$GHOLQR$OPHLGD&DODGRTXH HGLWRXR/LYURGH([RSRHP&DODGR $JHQHDORJLDGRIDEXOiULRSRUWXJXrVWUDoDGDFRPEDVHHPDQiOLVHVGRSUySULR 9DVFRQFHORV H GH .HLGHO H DFWXDOL]DGD SRU &DODGR GHPRQVWUD TXH HVWD FROHFomR HQWURQFD QD SDUiIUDVH UHDOL]DGD QR VpFXOR ;,, HP ,QJODWHUUD SRU DXWRUDQyQLPRTXHVHDFUHGLWRXVHU:DOWHURX*XDOWHUXV$QJOLFXVKRMHKDELWXDOPHQWH GHQRPLQDGD$QRQ\PXV1HYHOHWLHVHJXHDYHUVmRDPSOLDGDTXHFRQWpPIiEXODV 2FRWHMRGDVIiEXODVGR/LYURGH([RSRHGR$QRQ\PXVFRQÀUPDTXHDFROHFomR SRUWXJXHVDVHJXLXDWUDGLomRGHVWH~OWLPRDSHVDUGHQmRVHFUHUTXHWHQKDVLGRSRUYLD GLUHFWDPDVDQWHVUHPRWDPHQWHEDVHDGDQDTXHODFROHFomRSRUPHLRGHXPPRGHOR LQWHUPpGLRFROLJLGRHPSURVDODWLQDTXHVHJXQGR.HLGHOWHULDVLGRXPDFySLDLWDOLDQD 9DVFRQFHORV H H .HLGHO $SHVDU GHVWHV FRQWULEXWRV VmR DLQGDJUDQGHVDVGLÀFXOGDGHVHPGHWHUPLQDUFRPDOJXPDSUHFLVmRDIRQWHSUy[LPD GR WUDGXWRU GR /LYUR GH ([RSR DVVLP FRPR VXEVLVWHP SUREOHPDV FRQVLGHUiYHLV QD SHUFHSomRGDVDOWHUDo}HVTXHIRUDPLQWURGX]LGDVQRWH[WRSRUWXJXrVDLQGDTXHVHMD SRVVtYHOLGHQWLÀFDURFRQMXQWRGHSURYpUELRVSRUWXJXHVHVLQWURGX]LGRVQRWH[WRFRPR XPD PDUFD SURYiYHO GH LQWHUYHQomR GH FXQKR SHVVRDO &DODGR WDO FRPR QRWDUDP9DVFRQFHORVH.HLGHOFRUURERUDGRVSRU&DODGR $ HVWHV SUREOHPDV OHYDQWDGRV SHOD FROHFomR PHGLHYDO HP OtQJXD SRUWXJXHVD DFUHVFH XP RXWUR D TXH DTXL GDUHPRV PDLRU DWHQomR R GD DXWRULD GR IDEXOiULR RX PDLVSUHFLVDPHQWHRGDUHSUHVHQWDomRGRDXWRUGHIiEXODVQR/LYURGH([RSR1DVXD UHFHQVmRGR/LYURGH(VRSRHGLWDGRSRU9DVFRQFHORVHSXEOLFDGRHP.HLGHOGHGLFRX XPDODUJDSDUWHGRVHXWH[WRDRH[DPHGDVIRQWHVGHVWHIDEXOiULRGDQGRSDUWLFXODU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« GHVHQYROYLPHQWRjTXHODTXHpUHIHULGDQRSUyORJR.HLGHO&RPHIHLWRD ~QLFD IRQWH GLUHFWDPHQWH FLWDGD SHOR DXWRU GR /LYUR GH ([RSR p R /LYUR GD YLGD H GRV FXVWXPHVGRVSKLORVRIRVGRTXDOQmRVHFRQKHFHFySLDPHGLHYDOHPOtQJXDSRUWXJXHVD PDVGHTXHH[LVWHPWUrVWHVWHPXQKRVHPHVSDQKROFRPRWtWXOR9LGD\FRVWXPEUHVGH ORVYLHMRVÀORVRIRVGHULYDGDVGDYHUVmRODWLQDGDDXWRULDGRLQJOrV:LOOLDP%XUOH\/LEHU GHYLWDHWPRULEXVSKLORVRIRUXPTXHWHYHODUJXtVVLPDGLIXVmRDRORQJRGRVVpFXORV;,9 H ;9 .QXVW :LOOLDP SRU VXD YH] WHUi XVDGR FRPR IRQWH GD YLGD GH (VRSR RXGLUHFWDPHQWHDFROHFomRGHIiEXODVGH9LQFHQWGH%HDXYDLVLQVHULGDQR6SHFXOXP +LVWRULDOH9LQFHQWGH%HDXYDLVRXXPDIRQWHFRPXPDHVWDREUD.QXVW RTXHSHUPLWHFRQFOXLUFRPRRIH].HLGHOTXHRWH[WRGR/LYURGH([RSRQRTXHUHVSHLWD jYLGDGH(VRSRHVWiGHFHUWDIRUPDOLJDGRDRGRDXWRUIUDQFrVSRULQWHUPpGLRGDREUD FLWDGDQRSUyORJRDLQGDTXHDVFRQH[}HVHQWUHHVWHVWH[WRVFDUHoDPGHHVFODUHFLPHQWRV PDLVSUHFLVRV (P WRGR R FDVR D LQYRFDomR GR QRPH GH (VRSR QD DEHUWXUD GDV FROHFo}HV SDUHFHWHUWLGRGHVGHPXLWRFHGRRHIHLWRGHFRQWUDULDUDGLVSHUVmRGHXPFRUSXVTXH GH FDUiFWHU PDUFDGDPHQWH KHWHURJpQHR VH WLYHUPRV HP FRQVLGHUDomR D FRQVWLWXLomR GDV SULPHLUDV FROHFo}HV %LVFpUp GLVSHUVmR TXH VH PDQWHYH FRPR XPD IRUoDDFWLYDQDYLGDGHVWHJpQHUR3RURXWURODGRDUHIHUrQFLDD(VRSRQRVSUyORJRV WDPEpPSHUPLWLXFRQWUDULDUDRVFLODomRRXDLQGHÀQLomRGDVIiEXODVHQWUHQDUUDWLYD HPRUDOHGLPLQXLUDSUySULDIDOWDGHFODUH]DGRVWHUPRV¶P\WKRV·H¶ORJRV·QDVVXDV YiULDV DSOLFDo}HV HP WUDWDGRV WpFQLFRV VREUH D IiEXOD QD$QWLJXLGDGH GHYLGR j VXD SROLVVHPLD'LMN&RPSUHHQGHVHTXHDVHODERUDo}HVKLVWyULFDVjYROWDGRQRPH GR SURWRIDEXODGRU SRVVDP WHU FRQWULEXtGR HP SULPHLUR OXJDU SDUD FRQIHULU DOJXP JUDXGHHVWDELOLGDGHHGHFUHGLELOLGDGHDXPFRQMXQWRGHQDUUDWLYDVGHYDORUHIXQomR LPSUHFLVRV $VVLPFRPRUHFRUGDYDQ'LMNGHVGHD$QWLJXLGDGH&OiVVLFDDDVVRFLDomRGR QRPH GH (VRSR jV IiEXODV SURFHVVDVH GH TXDWUR PDQHLUDV SRVVtYHLV D IiEXOD p DSUHVHQWDGDFRPRVHQGRFRQWDGDVSRU(VRSR²(VRSRpDSHUVRQDJHPSULQFLSDOGD 6mRLGHQWLÀFDGRVSRU.HLGHOTXDWURJUXSRVGHIRQWHVGR/LYURGH([RSRDVTXHVHUHIHUHPjYLGDGH (VRSRTXHFRQVWLWXLDSULPHLUDSDUWHGRSUyORJRUHODWLYDVjFDUDFWHUL]DomRGDVIiEXODVQDVHJXQGD SDUWH GR SUyORJR UHVSHLWDQWHV jV IiEXODV SURSULDPHQWH GLWDV IRQWHV UHIHUHQWHV DRV HSLPtWLRV PRUDOL]DGRVFRPDVVXDVH[SORUDo}HVDOHJyULFDVDVUHIHUrQFLDVHDVFLWDo}HVGHRXWUDVREUDV .QXVWHGLWRXXPDYHUVmRGD9LGD\FRVWXPEUHVDSDUWLUGRPDQXVFULWRHVFXULDOHQVHR~QLFRFRQKHFLGR QDpSRFD5HFHQWHPHQWH)UDQFLVFR&URVDV&URVDVHGLWRXXPRXWURWHVWHPXQKRGHVWHWH[WR 1RWHVHDSHUVLVWrQFLDQDVWUDGXo}HVIUDQFHVDVGR6SHFXOXPKLVWRULDOHGRVPRWLYRVLQVHULGRVQRSUyOR JRGR/LYURGH([RSR+XJXHV9DJDQD\ $RDQDOLVDUDFRQVWLWXLomRGRFRUSXVGDVIiEXODVQDWUDGLomRJUHJD$%LVFpUpLQWURGX]XPDLPSRUWDQWH TXHVWLRQDomRDFHUFDGDUHODomRHQWUHRDXWRUHRJpQHUR´7HOOHHVWGRQFODQDWXUHGXFRUSXVGHV¶)DEOHV G·eVRSH·XQHQVHPEOHKpWpURJqQHHWUHODWLYDPHQWHWDUGLIXQHWUDPHIDEXOHXVHjSOXVLHXUVPDLQVGRQW ODSOXVDQFLHQQHFROOHFWLRQHVWDXPLHX[FRQWHPSRUDLQHGH3KqGUHDXSLUHELHQSRVWpULHXUHj%DEULXV 3RXUQRXVPRGHUQLVWHVOHFWHXUVGH/D)RQWDLQHOHSOXVLPSRUWDQWHVWPDLQWHQDQWGHVDYRLUFRPPHQW OHVpGLWHXUVVFLHQWLÀTXHVHWjOHXUVXLWHOHVpGLWHXUVHWWUDGXFWHXUVTXLRQWPLVjODSRUWpHGHWRXVOHWH[WH GHVIDEOHVJUHFTXHVVHVRQWDUUDQJpVGHFHWWHVLWXDWLRQ4XHOLVRQVQRXVQRXVOHFWHXUVIUDQoDLVORUVTXH QRXVOLVRQVFHTXLQRXVHVWSUpVHQWpFRPPHGHV¶)DEOHV·G·eVRSHGDQVO·pGLWLRQELOLQJXHGH&KDPEU\RX GDQVFHOOHSOXVUpFHQWHGH'DQLHO/RD\]DSDUH[HPSOH"µ%LVFpUpE ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD3DLYD0RUDLV IiEXOD²GL]VHGDIiEXODTXHp¶GH(VRSR·RXTXHp¶HVySLFD·YDQ'LMN 7DPEpPQD,GDGH0pGLDDSHUPDQrQFLDGRQRPHGH(VRSRQRWtWXORHPGHWULPHQWR GRQRPHGHRXWUDVLQVWkQFLDVDXWRUDLVPDLVUHFHQWHVPRVWUDTXmRLPSRUWDQWHpRQRPH GRDXWRUSDUDDSHUFHSomRGDVIiEXODVHQTXDQWRWDOHpSRVVtYHODÀUPDUFRPR%UXQ TXHQRFDVRGDVIiEXODVRTXHGLVWLQJXHDREUDpRVHXDXWRU%UXQ 1R /LYUR GH ([RSR p D VLWXDomR GHVFULWD SRU YDQ 'LMN HP TXH SUHGRPLQD H HODYHULÀFDVHQRFRQWH[WRGRSUyORJRHQmRGHXPDRXYiULDVIiEXODVHPSDUWLFXODU DSOLFDQGRVH DVVLP D WRGD D FROHFomR QD VXD JHQHUDOLGDGH 2 QRPH GH (VRSR p FLWDGRSRUWUrVYH]HVQRSUyORJRGRIDEXOiULRSRUWXJXrVHPHVWUHLWDFRQH[mRFRPD WUDGLomRELRJUiÀFDGHVGHFHGRHVWDEHOHFLGDHPDLVHPSDUWLFXODUFRPDFRQÀJXUDomR ELRJUiÀFD GR DXWRU QR 6SHFXOXP +LVWRULDOH RQGH HOH ÀJXUD HP LJXDO Q~PHUR GH UHIHUrQFLDVRQRPiVWLFDVSDUDDOpPGHVHYHULÀFDUDFRH[LVWrQFLDQRVGRLVWH[WRVGH YiULRV HOHPHQWRV GD YLGD GH (VRSR 1RWHVH TXH DV UHIHUrQFLDV DR QRPH VXSHUDP HP TXDQWLGDGH DV GD SUySULD IRQWH UHIHULGD QR SUyORJR R TXH SDUHFH LQGLFDU XPD SDUWLFXODU LQVLVWrQFLD GR WH[WR SRUWXJXrV QD ELRJUDÀD GH (VRSR TXH p WDQWR PDLV HYLGHQWHTXDQWRHODpVXEOLQKDGDSHODUHSHWLGDLQVFULomRKLVWyULFDGRDXWRU´&RQWD VVHTXHQRWHPSRGHOOUUH\dLURUUH\GH3HUVLDHVWHDXWRUYLYLDµ/LYURGH([RSR OLQKDVHPDLVDEDL[R´$TXHVWH([RSRQRSULPH\URDQQRGRSUHGLFWRUUH\dLUR VVHFRQWDTXHIRVVHPRUWRGHPDDPRUWHSHUHPYHMDµ/LYURGH([RSROLQKDV $YLGDGH(VRSRHQFRQWUDVHSRLVWRGDHODFLUFXQVFULWDKLVWRULFDPHQWHSHODÀJXUDGR UHLdLURRTXHFRQWULEXLSDUDDSURIXQGDUDYHUWHQWHELRJUiÀFDGDÀJXUDWXWHODUGDV IiEXODVHSDUDVLWXDUDVSUySULDVIiEXODVGHQWURGHXPDPROGXUDKLVWyULFDDOpPGR HQTXDGUDPHQWRQDUUDWLYRTXHDELRJUDÀDGH(VRSRWDPEpPOKHVIRUQHFH1RHQWDQWR HVWDUHODomRKLVWyULFDQDGDUHWLUDjFRPSRQHQWHOHQGiULDTXHPDQWpPDYLGDGH(VRSR QR IDEXOiULR SRUWXJXrV PDV DQWHV p XPD PRGDOLGDGH GD DWULEXLomR GD DXWRULD TXH UHIRUoDDXQLGDGHGDVIiEXODVHDVVLPVXEOLQKDDOyJLFDGDVXDUHXQLmRQROLYUR:HVW 3RUXPODGRDLQVLVWrQFLDQDYLGDGRDXWRUGHIiEXODVHSRURXWUR ODGRDEUHYLGDGHGHVWDHDVXDLQFOXVmRQXPSUHIiFLRTXHVHDSUHVHQWDFRPSyVLWRH FRPRJUDQGHFRPSOH[LGDGH²RQGHjELRJUDÀDVHMXQWDDGHVFULomRGDHVWUXWXUDGD FROHFomR H D H[SOLFLWDomR GR VHQWLGR DOHJyULFR GDV IiEXODV ² UHYHODP D ÁH[LELOLGDGH GRHQTXDGUDPHQWRELRJUiÀFRGHWDOPRGRTXHHVWHDVVHJXUDDXQLGDGHQDFROHFomR PDV IiOR GH PRGR VXÀFLHQWHPHQWH YDJR H ÁH[tYHO SDUD SHUPLWLU D LQFRUSRUDomR GH DOWHUDo}HVHDGHTXDo}HVSDUWLFXODUHVQmRVyQRSUyORJRFRPRWDPEpPHVREUHWXGR QDVIiEXODVGDFROHFomR $VVLP D DXWRULD GH (VRSR WHP XPD IXQomR HVSHFtÀFD PDV HOD p PDLV XPD FRQVHTXrQFLD GD SUySULD QDWXUH]D LPSUHFLVD H LWHUDWLYD GD IiEXOD GR TXH XP IDFWRU TXH SRVVD GHWHUPLQDU D FRQÀJXUDomR GDV IiEXODV$ DWULEXLomR GD DXWRULD LQVHUHVH QDHFRQRPLDGRJpQHURGDIiEXODWDOFRPRDPDWpULDWUDEDOKDGD²´(VWH([RSRHP &RQVXOWHVH PDLV GHPRUDGDPHQWH R UHIHULGR DUWLJR GH / %UXQ SDUD XPD DSUHFLDomR H[WHQVLYDGDLPSRUWkQFLDGDYR]GRIDEXODGRUPHGLHYDOQDVFROHFo}HVGHIiEXODVQRPHDGDPHQWHQD FRQVWUXomRGRVWtWXORVHDWUDYpVGDVPHQo}HVDRDXWRUQRVSUyORJRV :HVWVXEOLQKDDLPSRUWkQFLDGDDWULEXLomRELRJUiÀFDQDSDVVDJHPGDFLUFXODomRGLVSHUVDGDVIiEXODV jFRQVWLWXLomRGDVFROHFo}HVGHIiEXODV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« DTXHVWHVVHXOLYURSRHPPX\WDVHVWRULDVIIUHPRVDVGDQLPDOLDVGHKRPHØ HVHGHDYHV H GH RXWUDV FRXVDV VHJXPGR HP HOOH YHUHGHVµ &DODGR OLQKDV ² RX D FRQÀJXUDomR DOHJyULFD GR VHQWLGR TXDQGR VH XVD R UHFXUVR jV ÀJXUDV H IyUPXODV WUDGLFLRQDLVGDLQWHUSUHWDomRLQWHJXPHQWDOQDVFROHFo}HVGHIiEXODV (DVVHPHOKDHVWHVVHXOLYURDKNJXRUWRQRTXDOOHVWDPÁRUHVHIUX\WRV3HOODVIURUHVVVHHPWHPGHP DVHVWRULDVHSHOORIUX\WRVVHHPWHPGHDVHPWHQoDGDHVWRULD(FRPYLGDRVKRPӁHVHDPRHVWDRV TXHYHQKDPDFROKHUGDVIURUHVHGRIUX\WR$LQGDFRPSDUDHVWHVVHXOLYURDDQR]TXHKDGXUD FDVFDHDRVSLQKR}HVTXHGHPWRWHHPDVFRPGLGRRPHRORTXHKHVVDERULGR$VV\HVWHOLYUR WHPHPVV\HVFRQGLGRPX\WDVQRWDYHHVVHPWHQoDV&DODGROLQKDV 1HVWH VHQWLGR p OtFLWR DÀUPDU FRPR IH] -HDQ0DULH 6FKDHIIHU TXH D DXWRULD ELRJUiÀFDVXUJLXJUDoDVDXPGLVSRVLWLYRGHSURMHFomRÀFFLRQDOGDRULJHPGDIiEXOD (VWD SURMHFomR GD RULJHP p XPD GDV FDUDFWHUtVWLFDV FRQVWLWXLQWHV GHVWH JpQHUR 3RU XPODGRHODRSHUDUHWURDFWLYDPHQWHDRLQVWLWXLUXPSDLGRJpQHURHSRURXWURODGR SURVSHFWLYDPHQWH SHOD GLPHQVmR WUDQVWH[WXDO GH TXH VH UHYHVWH HVWD SDWHUQLGDGH TXDQGRVHDSOLFDDTXHODDXWRULDDWRGDVDVIiEXODVHPJHUDOVHMDPHODVGHH[LVWrQFLD GLVSHUVDRXFROLJLGDVHPIDEXOiULR6FKDHIIHU$IiEXODHVySLFDH[HUFHX GHVGH D $QWLTXLGDGH XPD IRUWH SUHVVmR JHQROyJLFD VREUH RXWUDV IRUPDV GD IiEXOD JUDoDVjTXDODÀJXUDGR(VRSRLQYHQWRUGRJpQHURS{GHVXSODQWDUQRRFLGHQWHRXWURV SRWHQFLDLV UHVSRQViYHLV WDLV FRPR R ViELR 3LOSD\ H DFDEDU SRU DVVLPLODU WUDGLo}HV YDULDGDVGDVIiEXODVjGLQkPLFDGDRULJHPHVySLFD 1R /LYUR GH ([RSR p FXULRVR QRWDU TXH D IRUWH PDUFD GD DXWRULD H[LVWHQWH QR SUyORJRQmRVHUHSHUFXWHGDPHVPDIRUPDQDVIiEXODVRQGHRFRQWH[WRGHHQXQFLDomR WHQGH D HOLPLQDU DV PDUFDV GH XPD DXWRULGDGH SHUVRQDOL]DGD $V IyUPXODV GH LQWURGXomRGDVQDUUDWLYDVHGRVHSLPtWLRVPRUDOL]DGRVHPFDGDXPDGDVIiEXODVVmR VLJQLÀFDWLYDPHQWHHVWHUHRWLSDGDV$WpjIiEXOD´2FmR]LQKRHRDVQRµDSULPHLUD SDUWH GDV IiEXODV p LQWURGX]LGD SHOD H[SUHVVmR ´&RPWDVVH TXHµ H D PRUDO LQLFLD VH SRU ´(P DTXHVWD KHVWRULD R GRXWRU GL] TXHµ $ SDUWLU GDTXL HVWDV H[SUHVV}HV VmR VXEVWLWXtGDV UHVSHFWLYDPHQWH SRU ´3RP HVWH GRXWRU RX SRHWD HP H[HPSOR H GL] TXHµ H ´3HU HVWH HP[HPSOR HVWH GRXWRU QRV DPRVWUD TXHµ ­ PHGLGD TXH D FROHFomRYDLDYDQoDQGRDUHIHUrQFLDDR¶SRHWD·FRPRDXFWRULWDVWHQGHDVXEVWLWXLUDGH ¶GRXWRU·SRGHQGRSRUYH]HVIXQGLUVHHP¶GRXWRUSRHWD·6HMDTXDOIRUDH[SUHVVmR XVDGDDWyQLFDpSRVWDQDLPSHVVRDOLGDGHVHQGRDLQVWkQFLDGHHQXQFLDomRUHPHWLGD SDUDXPDÀJXUDGHDXWRULGDGHQmRQRPHDGDPDVTXHQmRVHFRQIXQGHQHPFRPR LQYHQWRUGRJpQHURQHPFRPRUHGDFWRUeGHVDOLHQWDUWDPEpPDPDUFDDFHQWXDGD QD YHUWHQWH GLGiFWLFD GDV IiEXODV SHOR SUHGRPtQLR GR WHUPR ¶HP[HPSOR· RX PHQRV IUHTXHQWHPHQWH¶HQVLQDPHQWR·TXHVHDSOLFDPWDQWRjSDUWHQDUUDWLYDGDIiEXODFRPR j PRUDOLGDGH FULDQGR R HIHLWR GH XPD REUD LQWHLUDPHQWH GLGiFWLFD H VHP JUDQGHV FRQFHVV}HVjYHUWHQWHGHHQWUHWHQLPHQWRQHPDHODERUDo}HVHVWLOtVWLFDVTXHFDUUHJXHP XPD PDUFD GH DXWRU 7RGDV HVWDV FDUDFWHUtVWLFDV GDV IiEXODV QR (VRSR SRUWXJXrV FRQFRUUHP SDUD DWHQXDU D PDUFD GD ÀJXUD DXWRUDO TXH HVWi SUHVHQWH QR SUyORJR H FULDP HQWUH R SUyORJR H DV IiEXODV XPD VHSDUDomR PDLV SURIXQGD GR TXH DFRQWHFH QD JHQHUDOLGDGH GRV OLYURV GH IiEXODV EDVHDGRV QD WUDGLomR GR $QRQ\PXV 1HYHOHWL eH[FHSomRDIiEXOD´2VDWHQLHQVHVHRVHXUHLµTXHHQWUDDEUXSWDPHQWHQDQDUUDWLYD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD3DLYD0RUDLV GLVWLQomRHVWDTXHSRGHUiÀFDUDGHYHUVHjSURYiYHORULJHPHFOHVLiVWLFDGRUHGDFWRU GRQRVVRIDEXOiULRTXHIRLVXEOLQKDGDWDQWRSRU9DVFRQFHORVHSRU.HLGHO FRPRPDLVWDUGHSRU&DODGRH3RUpPWDOQmRHOLPLQDDIRUoD GHXQLGDGHTXHpFRQIHULGDjFROHFomRSHODDXWRULDELRJUiÀFDLQVHULGDQRSUyORJRGR /LYURGH([RSR $75$',d®2'$´9,'$'((6232µ1$9,'$()É%8/$6'2,16,*1( )$%8/$'25*5(*2(6232'(0$18(/0(1'(6'$9,',*8(,5$ $FROHFomRGHIiEXODVLQWLWXODGD9LGDH)iEXODVGR,QVLJQHIDEXODGRUJUHJR(VRSR GHQRYRMXQWDVWUDGX]LGDVFRPEUHYHVDSOLFDoRHQVPRUDHVDFDGDIiEXODSRU0DQXHO0HQGHV GD9LGLJXHLUDIRLSXEOLFDGDSHODSULPHLUDYH]HPeYRUDSRU0DQXHOGH/\UDHP 'HVWDHGLomRQmRPHIRLSRVVtYHODWpDRPRPHQWRHQFRQWUDUUDVWRDQmRVHUDOJXPDV EUHYHVUHIHUrQFLDVHPFDWiORJRV'RWUDGXWRUWDPEpPPXLWRSRXFRVHVDEHDOpPGR TXH %DUERVD GH 0DFKDGR UHJLVWD QD VXD %LEOLRWHFD /XVLWDQD H TXH IRL UHWRPDGRSHODFUtWLFDGHXPDIRUPDJHUDO6HJXQGRHVWDIRQWHWUDWDVHGHXPHUXGLWR RULXQGRGDYLODDOHQWHMDQDGD9LGLJXHLUDTXHWHUiHQVLQDGROHWUDVKXPDQDVÀORVRÀD HSUHFHLWRVGHJUDPiWLFDGDOtQJXDODWLQDHP6HYLOKDHPYiULDVWHUUDVGR$OHQWHMRH QR$OJDUYHQDFLGDGHGH/DJRVSRURUGHPGR%LVSRGR$OJDUYH')HUQmR0DUWLQV 0DVFDUHQKDV7DPEpPpUHIHULGRTXHWUDGX]LX'LRGRUR6LFXORHTXHFRPS{VR'LVFXUVR HPORXYRUGD$UWHGH*UDPPDWLFDDGGLFLRQDGDSHOR3$QWRQLR9HOH]HR5RPDQFHDR1XPHUR 7HUQDULRHPFRSODV1mRPHGHWHUHLDTXLQDIRUWXQDQRWiYHOTXHWHYHDVXDFROHFomRGH IiEXODVPDVÀ[DUPHHLQDTXLORTXHDGLVWLQJXHGROLYURGHIiEXODVPHGLHYDOGHTXH DFLPDWUDWHLQRTXHVHUHIHUHjVPDUFDVGDYLGDGH(VRSR 1DUHDOLGDGHHVWDpDSULPHLUDFROHFomRHPOtQJXDSRUWXJXHVDDLQFOXLUD9LGDGH (VRSRTXHOKHVHUYHGHSUyORJR6LJRDTXLDRULHQWDomRGH-HDQQH0DULH%RLYLQ TXH FRQVLGHUD FRPR XP SUyORJR D 9LGD GH (VRSR TXH DQWHFHGH D FROHFomR GH IiEXODVGH-XOLHQ0DFKR1HVWDPHGLGDHVWDFROHFomRpWDPEpPDSULPHLUDLPSUHVVD HP3RUWXJDODVHJXLUDWUDGLomRTXHPXLWRVHGLIXQGLXQD(XURSDDSDUWLUGR~OWLPR TXDUWHOGRVpFXOR;9TXHID]DFRPSDQKDURVOLYURVGHIiEXODVGHVWHWH[WR3HUU\ $9LGDGH(VRSRQHVWDFROHFomRWHPPXLWRVWUDoRVGHVHPHOKDQoDFRPRXWUDV¶9LGDVGH (VRSR·TXHVHSURSDJDUDPFRPEDVHQDWUDGXomRGH5HPLFLRHpFHUWDPHQWH EDVHDGDQHVWDWUDGLomRQDUUDWLYDPDVDSUHVHQWDWDPEpPDOJXPDVSDUWLFXODULGDGHV TXHVmRGLJQDVGHQRWD (P SULPHLUR OXJDU QRWDVH XP Q~PHUR FRQVLGHUDYHOPHQWH PDLV UHGX]LGR GH HSLVyGLRV QD 9LGD SRUWXJXHVD GR TXH QD JHQHUDOLGDGH GDV WUDGXo}HV HODERUDGDV D SDUWLUGDGH6WHLQK|ZHOTXHWRPRXSRUEDVHDYHUVmRODWLQDGH5HPLFLRUHIHULQGRPH HVVHQFLDOPHQWHDGXDVDGH-XOLHQ0DFKR/\RQHDTXHHVWiLQFOXtGDQR(VRSHWH \VWRULDGR7RXORXVH1mRVyRVHSLVyGLRVVmRHPQ~PHURPHQRUFRPRWDPEpP VmREDVWDQWHPHQRVGHVHQYROYLGRV1RHQWDQWRDGLIHUHQoDPDLVVLJQLÀFDWLYDHVWiQR SHVR PXLWR LQIHULRU RX PHVPR QXOR GDGR SHOR IDEXOiULR SRUWXJXrV jV IiEXODV QD 9LGDGH(VRSR6XUSUHHQGHQWHDDXVrQFLDGHIiEXODVQDWUDGXomRGH0DQXHO0HQGHV 3RUHVWHPRWLYREDVHLRDVREVHUYDo}HVIHLWDVQHVWHDUWLJRQDHGLomRGHTXHIRLDSULPHLUDDWHU UHSHUFXVVmRVLJQLÀFDWLYDTXHFKHJRXDWHUGLPHQVmRLQWHUQDFLRQDO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« HQTXDQWRQDWUDGLomRGH6WHLQK|ZHOVXUJHPYiULDVIiEXODVDSRQWXDUDELRJUDÀDGH (VRSRJHUDOPHQWHLQVHULGDVQDIDVHÀQDOGHVWD$VVLPDSULPHLUDIiEXODSURIHULGD SRU(VRSRQD9LGDGH-XOLHQ0DFKRpDGRDFRUGRGHSD]HQWUHRVORERVHDVRYHOKDV 0HpQDUUDGDQXPPRPHQWRFUXFLDOGRFRQÁLWRHQWUHRV6kPLRVHRUHL&UHVR SDUDDGYHUWLURVSULPHLURVGRVSHULJRVGHVHVHSDUDUHPGRVHXPDLRUWUXQIRRXVHMD RSUySULR(VRSRRFRQVHOKHLURTXHMiRVWLQKDFRQGX]LGRjYLWyULDHPYiULDVRFDVL}HV 'HSRLV GHVWD (VRSR QDUUD PDLV FLQFR IiEXODV VHPSUH RIHUHFLGDV FRPR FRQVHOKR H FRPR SURYD GD VXD VDEHGRULD$ OLJDomR HQWUH D QDUUDomR GDV IiEXODV SRU (VRSR H DVXDFDSDFLGDGHSDUDGHFLIUDURVHQLJPDVVHUYHSDUDGHPRQVWUDUFDEDOPHQWHTXHD IiEXODVHHQTXDGUDQDVWpFQLFDVGRGRPtQLRGDSDODYUD1HVVDPHGLGDD¶9LGD·WHP FRPRIXQomRQDFROHFomRGHIiEXODVPDQLIHVWDUDVH[FHSFLRQDLVTXDOLGDGHVGLVFXUVLYDV HLQWHUSUHWDWLYDVGH(VRSRHDVVLPÀFDMXVWLÀFDGDDVXDDXWRULDGDVIiEXODV (VWHSURJUDPDGHDXWRUL]DomRGH(VRSRDWUDYpVGDVXDELRJUDÀDpPXLWRFODUR WDQWRQD¶9LHG·eVRSH·QDFROHFomRGH0DFKRFRPRQD¶9LGDGHO(VRSR·QR(VRSHWH\VWRULDGR 0DVDWUDGXomRGH0DQXHO0HQGHVGD9LGLJXHLUDTXHpPXLWRPDLVDEUHYLDGDQmR SRGHUiVHUFRQVLGHUDGDQRPHVPRSDWDPDUGDTXHODVQRTXHVHUHIHUHjUHSUHVHQWDomR GH (VRSR FRPR ÀJXUD DXWRUDO 1mR WHQGR PHLRV VXÀFLHQWHV SDUD LGHQWLÀFDU D IRQWH GLUHFWDGDWUDGXomRGD9LGDGH(VRSRSDUDSRUWXJXrVUHVWDQRVFRPSDUiODFRPRXWURV H[HPSORVGHVWDWUDGLomRQDUUDWLYDGHRQGHHODSURYHLRLQGXELWDYHOPHQWH $SULPHLUDDXVrQFLDGLJQDGHQRWDQD9LGDGH(VRSRHPSRUWXJXrVpDGRHSLVyGLR HPTXH(VRSRUHFXSHUDDIDOD1DHFRQRPLDQDUUDWLYDGHVWHWH[WRQDVRXWUDVYHUV}HV HVWDpXPDHWDSDIXQGDPHQWDOGDELRJUDÀDGRSURWRIDEXODGRUQDPHGLGDHPTXHHOD MXVWLÀFDHVXEOLQKDDUHODomRHVSHFtÀFDFRPDSDODYUDTXHHOHLUiGHVHQYROYHUDRORQJR GRVHXSHUFXUVRGHYLGDHTXHFXOPLQDUiFRPDVXDPRUWHWDPEpPSURYRFDGDSHOR VHXXVRWHPHUiULRGDVSDODYUDVeLPSRUWDQWHQRWDUTXHQHVWHHSLVyGLRDSDUHFHPFHUWDV PDUFDV GR PDUDYLOKRVR QRPHDGDPHQWH DWUDYpV GD LQWHUYHQomR GLYLQD GD GHXVD GD +RVSLWDOLGDGH0RXDGHXVDGDSLHGDGHHGDFDULGDGH(<TXHDWULEXLRGRP GDIDODD(VRSRPDUFDVHVWDVTXHVmRWRWDOPHQWHLJQRUDGDVSHORWUDGXWRUSRUWXJXrV $LQGD QD SHUVSHFWLYDGDFRQVWUXomRGDFRPSHWrQFLDRUDWyULDGRDXWRUGHIiEXODVp GH DVVLQDODU RXWUD DXVrQFLDQD FROHFomRGH0DQXHO0HQGHVRHSLVyGLRGDVOtQJXDV TXH WDPEpP HVWi LQWLPDPHQWH UHODFLRQDGR FRP R GRPtQLR GD SDODYUD 0 H (< 1RWHVH TXH $ YLGD GHO (VRSR QR (VRSHWH <VWRULDGR WHP XPD FDUJD GH IiEXODV VXSHULRUjGDFROHFomRGH0DFKRTXHVmRDSUHVHQWDGDVQmRVyDWUDYpVGDQDUUDomR PDVWDPEpPGDDOXVmRSHDDOXVmRjIiEXODGRJDORHGDSHGUDSUHFLRVDQDSDUWH LQWURGXWyULDHDLQGDDSUHVHQWDXPDDFHQWXDGDWHQGrQFLDSDUDDWHRUL]DomRGDIiEXOD %XUUXVH*ROGEHUJ1D9LGDGDFROHFomRGH0DQXHO0HQGHVSRURXWURODGR HQFRQWUDPRVPXLWRSRXFRVYHVWtJLRVGHVWDWyQLFDQDIiEXODTXHVHOLPLWDDXPDEUHYH UHIHUrQFLDQRPRPHQWRGDVXDOLEHUWDomRDROLYURGHIiEXODVFRPSRVWRSRU(VRSRTXH RWUDGXWRUDSUHVHQWD $VIiEXODVGD¶9LHG·eVRSH·QDFROHFomRGH-XOLHQ0DFKRVHUmRVHPSUHLQGLFDGDVSHODVLJOD0DVIiEX ODVGD¶9LGDGHO(VRSR·GR(VRSHWH\VWRULDGRSHODVLJOD(<HDVIiEXODVGD¶9LGDGH(VRSR·GH0DQXHO0HQGHV GD9LGLJXHLUDSHODVLJOD009 ´2UDWRHDUmµ0´DMRYHPDTXHPPHWHUDPRVHQWLGRQRFRUSRµ0´RKRPHPTXHQXQFD WLQKDHVWDGRQDFLGDGHµ0H´DUDSDULJDTXHIRLYLRODGDSHORSDLµ0 ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD3DLYD0RUDLV 2XWURVPXLWRVFDVRVVXFFHGHUD}D(VRSRFRP;DQWRTXHGHL[RSRUEUHYLGDGHDWpTXHYHLRDVHU OLYUHJRYHUQDUD6DPRFRQGHFRPSRVHPOLQJXD*UHJDHVWHYROXPHGHIDEXODVFRPRXWUDV PXLWDVREUDVTXHDLQGDQDPIRUDPWUDGX]LGDV0HQGHVGD9LGLJXHLUD $QDUUDomRGHIiEXODVpSRLVHVEDWLGDHHPVHXOXJDUpVDOLHQWDGRRWDOHQWRGH (VRSRSDUDDGHFLIUDomRGHHQLJPDVVHPTXHHVWHVQRHQWDQWRVHMDPH[SOLFLWDPHQWH DVVRFLDGRV j IiEXOD 3RUpP HVWD TXDOLGDGH GR (VRSR GHFLIUDGRU GH HQLJPDV p UHIHULGDQDVHTXrQFLDGDVXDOLEHUWDomRRTXHLPSOLFLWDPHQWHDVVRFLDjOLEHUGDGHR GHVHQYROYLPHQWRGRGRPtQLRGDSDODYUD 1DWXUDOPHQWH DR UHIHULU H[SUHVVDPHQWH TXH DV IiEXODV ´DLQGD QD} IRUD} WUDGX]LGDVµRWUDGXWRUSURFXUDHQDOWHFHUDVXDWDUHIDDSUHVHQWDQGRDWUDGXomRFRPR XPJHVWRGHUHIXQGDomRGRJpQHURGDIiEXODQXPDRXWUDOtQJXDRSRUWXJXrV$VVLP DWUDGXomRGDVIiEXODVGH(VRSRDSDUWLUGRJUHJRDOpPGHVHUUHIHULGDQRWH[WRGD ¶9LGD·pWDPEpPDQXQFLDGDQRWtWXORHPYiULDVHGLo}HVGHVWDFROHFomR9LGDHIiEXODV GRLQVLJQHIDEXODGRU*UHJR(VRSRGHQRYRMXQWDVHWUDGX]LGDVFRPEUHYHVDSOLFDo}HVPRUDHV DFDGDIiEXODRX)iEXODVGH(VRSRWUDGX]LGDVGDOtQJXDJUHJDFRPDSOLFDo}HVPRUDHV D FDGD IiEXOD SRU 0DQXHO 0HQGHV GD 9LGLJXHLUD 1mR WHPRV PHLRV TXH SRVVDP FRPSURYDUTXHDWUDGXomRGH0DQXHO0HQGHVGD9LGLJXHLUDVHWHQKDHIHFWLYDPHQWH UHDOL]DGR FRP EDVH QXP PRGHOR JUHJR DSHVDU GH DV IXQo}HV TXH H[HUFHX SRGHUHP LQGLFLDUXPDUD]RiYHOIDPLOLDULGDGHFRPRVDXWRUHVFOiVVLFRVQXPDpSRFDHPTXHR FRQKHFLPHQWRGRVJUHJRVHVWDYDHPIUDQFDH[SDQVmRQD(XURSDRFLGHQWDO$DYDOLDU SHODV HVWUDWpJLDV GH FRQÀUPDomR DXWRUDO DVVHQWHV QD ÀJXUD GH (VRSR SDUHFH OtFLWR FRQMHFWXUDU TXH HVWD IRUPD GH DSUHVHQWDU D WUDGXomR WHQKD WLGR FRPR REMHFWLYR DFHQWXDURJHVWRGHUHPLVVmRSDUDXPDRULJHPUHPRWDGDIiEXODSUy[LPDGDÀJXUD GR(VRSRLQYHQWRUGDIiEXOD$VVLPDÀJXUDVHQRVPXLWRSRVVtYHOTXHDWUDGXomRGH 0DQXHO0HQGHVWHQKDVLGRHODERUDGDQmRGLUHFWDPHQWHGRJUHJRPDVFRPEDVHQXP PRGHORODWLQRSRUVXDYH]WUDGX]LGRGRJUHJRRTXHPHSDUHFHFRUUHVSRQGHUDXPD OLQKDJHPGHWUDGXomRPDLVSUy[LPDGRTXHVHSUDWLFDYDGHVGHRVpFXOR;9QD(XURSD IXQGDPHQWDOPHQWHDSDUWLUGDYXOJDWDGH3ODQXGHV3HUU\(IHFWLYDPHQWHWXGR OHYDDFUHUTXHRHUXGLWRSRUWXJXrVQmRWHQKDWLGRFRQKHFLPHQWRGDFROHFomRPHGLHYDO HPOtQJXDSRUWXJXHVDDSHVDUGHVHSHQVDUTXHRPDQXVFULWRTXHDFRQVHUYRX DLQGDHVWDULDHP3RUWXJDOQRVpFXOR;9,,&DODGRHTXHHOHJHQXLQDPHQWH DFUHGLWRXHVWDUDUHDOL]DUDSULPHLUDWUDGXomRGDVIiEXODVGH(VRSRSDUDRSRUWXJXrV 0DVVHQDFROHFomRHPSRUWXJXrVGHVHLVFHQWRVDWUDGXomRpXPJHVWRTXHVH MXQWDjVGHPDLVHVWUDWpJLDVGHDXWRUL]DomRGDIiEXODDYHUGDGHSRUpPFRPRYLPRV pTXHDOLJDomRGD9LGDGH(VRSRjFROHFomRGHIiEXODVpDtFRQVLGHUDYHOPHQWHWpQXH H[LVWLQGRHQWUHDVGXDVSDUWHVGRYROXPHXPDGLVWLQomRGDPDWpULDQDUUDWLYDEDVWDQWH PDLV YLQFDGD GR TXH QDV FROHFo}HV TXH D DQWHFHGHUDP $VVLP HPERUD KDMD XPD UHPLVVmRSDUDDELRJUDÀDGRIDEXODGRUQRHSLPtWLRGDIiEXOD¶-XQRHRSDYmR·DVIRQWHV LQYRFDGDVVHPSUHQRVHSLPtWLRVVmRVREUHWXGRFOiVVLFDVRXGHFXQKRUHQDVFHQWLVWD WUrV UHIHUrQFLDV D +RUiFLR GXDV D 0DUFLDO GXDV D %DSWLVWD )XOJRVR XPD D 0LPR 3XEOLFDQR XPD D$SSLQLR 3ROLER XPD D$XOLR *HOLR XPD D$OFLDWR H DLQGD XPD UHIHUrQFLDPLWROyJLFDDRViELR8OLVVHV$RPHVPRWHPSRHVWDVUHIHUrQFLDVVXUJHP 0096XS,,6XS;, ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 8QDVHOHFFLyQGHIiEXODVGH(VRSR\GHODSRVWHULRUWUDGLFLyQHVSDxROD« SRUYH]HVSDUDFRQÀUPDURWHPSRSUHVHQWHHSDUDLPSOLFDURVXMHLWRGDHQXQFLDomR QDIiEXODDWUDYpVGDPRUDOFRPRDFRQWHFHQRHSLPtWLRGDIiEXOD¶RORERHRJURX·TXH FRPHoDDVVLP´'L]0LPR3XEOLFDQR>@HHXDVVLPRHQWHQGRµ009;9,, 3RGHPRV FRQFOXLU TXH D LQVFULomR GD 9LGD GH (VRSR QD FROHFomR GH IiEXODV WUDGX]LGD SRU 0DQXHO 0HQGHV GD 9LGLJXHLUD QR LQtFLR GH VHLVFHQWRV REHGHFH D FRQYHQo}HV OLWHUiULDV FRQVLGHUDYHOPHQWH GLVWLQWDV GDV TXH QRUWHDUDP D LQFOXVmR GH HOHPHQWRV ELRJUiÀFRV GR SURWRIDEXODGRU QRV OLYURV GH IiEXODV WDUGRPHGLHYDLV (VRSR QmR VH DSUHVHQWD WH[WXDOPHQWH GH PRGR WmR DFHQWXDGR FRPR XP PHVWUH QDV DUWHVGDSDODYUDQHPFRPRXPDDXWRULGDGHLQWUDGLHJpWLFDSRWHQFLDGRUDQXPQtYHO PHWDSRpWLFRGHRXWUDVDXFWRULWDWHVUHIHULGDVQRVSUyORJRVRXQDVIiEXODV1HVWHFDVR D VXD PDUFD DXWRUDO UHFXD QD 9LGD H PDLV DLQGD QDV IiEXODV RQGH VXUJHP RXWUDV PRGDOLGDGHVFRQFRUUHQFLDLVGHJDUDQWLUDOHJLWLPLGDGHGRJpQHUR %,%/,2*5$),$ $GUDGRV)5HWDOLLHGV/D)DEOH+XLWH[SRVpVVXLYLVGHGLVFXVVLRQV)RQGDWLRQ +DUGW*HQqYH %LVFpUp$´/HVIDEOHVG·(VRSHXQHRHXYUHVDQVDXWHXU"µ/H)DEOLHU %RLYLQ-0´/D9LHG·eVRSHXQSURORJXHRULJLQDOG·XQUHFXHLOGHIDEOHVGH -XOLHQ0DFKRµ5HLQDUGXV %RLYLQ-0´3URORJXHVHWpSLORTXHVGHVLVRSHWVµ5HLQDUGXV %UXQ/´/DYRL[GXIDEXOLVWHPpGLpYDOjWUDYHUVOHVLVRSHWVµ35,60$ %XUUXV9$DQG*ROGEHUJ+HGV(VRSHWH\VWRULDGR7RXORXVH0DGLVRQ 7KH+LVSDQLF6HPLQDURI0HGLHYDO6WXGLHV &DODGR$GH$/LYURGH([RSR&RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFRGD %LEOLRWHFDGH&RLPEUD &URVDV)HG©9LGD\FRVWXPEUHVGHORVYLHMRVÀOyVRIRVª/DWUDGXFFLyQFDVWHOODQD FXDWURFHQWLVWD GHO ©'H YLWD HW PRULEXV SKLORVRSKRUXPª DWULEXtGR D :DOWHU %XUOH\ 0DGULG(GLWRULDO,EHURDPHULFDQD9HUYXHUW .HLGHO*&´1RWHVRQ$HVRSLF)DEOH/LWHUDWXUHLQ6SDLQDQG3RUWXJDO'XULQJ WKH0LGGOH$JHVµ=HLWVFKULIWIU5RPDQLVFKH3KLORORJLH .HLGHO * & ´1RWHV RQ )DEOH ,QFXQDEXOD &RQWDLQLQJ WKH /LIH RI $HVRSµ %\]DQWLQLVFKH=HLWVFKULIW>5HSULQW@ .HLGHO*&´2/LYURGH(VRSRIDEXOiULRSRUWXJXrVPHGLHYDO/LVERDµ =HLWVFKULIWIUURPDQLVFKH3KLORORJLH+DOOH .QXVW+/LEHUGH9LWDHWPRULEXVSKLORVRSKRUXPSRHWDUXPTXHYHWHUXPH[PXOWLVOLEULV WUDFWXVQHFQRQEUHYLWHUHWFRPSHQGLRVHSHUYHQHUDELOHPYLUXPPDJLVWUXP:DOWHUXP %XUOH\ FRPSLODWXU LQFLSLW IHOLFLWHU PLW HLQHU DOWVSDQLVFKHQ EHUWVHW]XQJ GHU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QD3DLYD0RUDLV (VNXULDOELEOLRWKHNKHUDXVJHJHEHQYRP7ELQJHQ%LEOLRWKHNGHVOLWWHUDULVFKHQ 9HUHLQVLQ6WXWWJDUW 0DFKDGR'%GH%LEOLRWKHFD/XVLWDQDKLVWRULFDFULWLFDHFURQRORJLFDQDTXDOVH FRPSUHKHQGHDQRWLFLDGRV$XWKRUHV3RUWXJXH]HVHGDV2EUDVTXHFRPSXVHUmRGHVGH RWHPSRGDSURPXOJDomRGD/H\GD*UDoDDWpDRWHPSRSUH]HQWH2IIHUHFLGDj$XJXVWD 0DJHVWDGHGH'-RmR9QRVVRVHQKRUSRU'LRJR%DUERVD0DFKDGR,,,/LVERD2ÀFLQD GH,JQiFLR5RGULJXHV 0DLD-XQLRU-$)DEXOiULRPHGLHYDOSRUWXJXrV6mR3DXOR8QLYHUVLGDGHGH6mR 3DXOR²)DFXOIDGHGH)LORVRÀD/HWUDVH)LORVRÀD+XPDQD 0pODQJHV(3LFRW,3DULV'0RUDQG 0H\HU3´2/LYURGH(VRSRIDEXOiULRSRUWXJXrVµ5RPDQLD 3HUU\%(>WUDG@>@%DEULXVDQG3KDHGUXV+DUYDUG8QLYHUVLW\3UHVV7KH /RHE&ODVVLFDO/LEUDU\ 3HUU\ %( ´7KH 7H[W 7UDGLWLRQ RI WKH *UHHN /LIH RI$HVRSµ 7UDQVDFWLRQV DQG 3URFHHGLQJVRIWKH$PHULFDQ3KLORORJLFDO$VVRFLDWLRQ 6FKDHIIHU-0´$HVRSXVDXFWRULQYHQWXVµ3RpWLTXH 6FKRHWWNH 6 ´'H OD ¶VRXUFH· j ¶O·HQYRO· eVRSH HW 6RFUDWH GDQV OH GLVSRVLWLI OLPLQDLUH GHV )DEOHV GH /D )RQWDLQHµ 5HYXH GH OLWWpUDWXUH FRPSDUpH Q VSpFLDO´/D)RQWDLQHHWODIDEOHµ 'LMN*-YDQ´7KHIDEOHVLQWKHJUHHQOLIHRI$HVRSµ5HLQDUGXV 'LMN *- YDQ ´7KHRU\ DQG 7HUPLQRORJ\ RI WKH *UHHN )DEOHµ 5HLQDUGXV 9DJDQD\ + HG ´/D PHU GHV +LVWRLUHV 9LQJW IDEOHV G·(VRSH WUDGXFWLRQ HQ IUDQoDLVGX;9HVLqFOHµLQ0pODQJHV(3LFRW,3DULV'0RUDQG 9DVFRQFHORV-/GHHG2/LYURGH(VRSRIDEXOiULRSRUWXJXrVPHGLHYDO6HSDUDWD GD5HYLVWD/XVLWDQDH 9LQFHQW GH %HDXYDLV >5HSUW $NDGHPLVFKH 'UXFN8 9HUODNVWDOW *UD] $XVWULD@ 6SHFXOXP +LVWRULDOH 'RXDL %DOWKD]DU %HOOqUH SRXU OHV %pQpGLFWLQV GH'RXDL :HVW0/´7KH$VFULSWLRQRI)DEOHVWR$HVRSµLQ$GUDGRV)5HWDOLLHGV /D)DEOH+XLWH[SRVpVVXLYLVGHGLVFXVVLRQV)RQGDWLRQ+DUGW*HQqYH &25386'($1É/,6( &DODGR$GH$HG/LYURGH([RSR&RLPEUD6HSDUDWDGR%ROHWLP%LEOLRJUiÀFR GD%LEOLRWHFDGH&RLPEUD 0HQGHVGD9LGLJXHLUD09LGDHIiEXODVGRLQVLJQHIDEXODGRUJUHJR(VRSR'HQRYRMXQWDVH WUDGX]LGDVFRPEUHYHVDSOLFDo}HVPRUDLVDFDGDIiEXOD/LVERD$QWyQLR$OYDUH] ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD '()É%8/$6<%(67,$5,26 /$(67e7,&$'(/26$1,0$/(6(1/$('$'0(',$ 5,&$5'23,f(52025$/ 8QLYHUVLGDGGH6DODPDQFD 5HVXPHQ /RVDQLPDOHVHQOD(GDG0HGLDSXHGHQVHUFRQVLGHUDGRVFRPRXQHOHPHQWRGHVHQWLGRTXHWUDQVFLHQGH ORVOtPLWHVGHVXFRQGLFLyQELROyJLFD'HVGHHOSXQWRGHYLVWDÀORVyÀFRQRVyORRIUHFHQXQDYLUWXDOLGDG H[WUDRUGLQDULDSRUORTXHUHVSHFWDDVXDVSHFWRIRUPDOVLQRTXHSUHVHQWDQ\UHSUHVHQWDQXQFRQMXQWRGH YDORUHVTXHQRVSHUPLWHQHVWDEOHFHUSXQWRVGHHQFXHQWURHQWUHORVGLYHUVRViPELWRVGHODFXOWXUD$UWH WHRORJtDOLWHUDWXUDÀORVRItDELRORJtD«WLHQHQHQVXKRUL]RQWHODLPDJHQGHODQLPDOFRPRXQUHIHUHQWH SULYLOHJLDGRSDUDOOHJDUDFRPSUHQGHUHOVHQWLGRGHODUHDOLGDG\GHOSURSLRVHUKXPDQRTXHODKDELWD 3DODEUDVFODYH(VWpWLFDDQLPDOHV(GDG0HGLDEHVWLDULR $EVWUDFW 7KHDQLPDOVLQWKH0LGGOH$JHVFDQEHFRQVLGHUHGDQHOHPHQWRIVHQVHWKDWRYHUFRPHVWKHOLPLWVRIKLV ELRORJLFDOFRQGLWLRQ)URPWKHSKLORVRSKLFDOSRLQWRIYLHZQRWRQO\WKH\RIIHUDQH[WUDRUGLQDU\YLUWXDO LW\IRUZKDWLWFRQFHUQVWRKLVIRUPDODVSHFWEXWWKH\SUHVHQWDQGUHSUHVHQWD¶FRUSXV·RIYDOXHVWKDW DOORZXVWRHVWDEOLVKSRLQWVRIPHHWLQJDPRQJWKHGLYHUVHDUHDVRIWKHFXOWXUH$UWWKHRORJ\OLWHUDWXUH SKLORVRSK\]RRORJ\«KDYHLQKLVKRUL]RQWKHLPDJHRIWKHDQLPDODVDPRGDOIDYRXUHGWRPDQDJHWR XQGHUVWDQGWKHVHQVHRIWKHUHDOLW\DQGRIWKHKXPDQEHLQJZKROLYHVLW .H\ZRUGV$HVWKHWLFVDQLPDOV0LGGOH$JH%HVWLDU\ '(/$5($/,'$''(/$6%(67,$6$/6(17,'2'(/$6,0É*(1(6 (ODUWHPHGLHYDOHQVXFRQMXQWRQRVRIUHFHXQD]RRWHFDLQFRPSDUDEOH$TXHOORV TXHWUDEDMDPRVGLUHFWDPHQWHFRQSHUJDPLQRV\YLWHODVGLVIUXWDPRVFDGDGtDGHHOOD1R LPSRUWDVLHOHVFHQDULRHVXQ/LEURGH+RUDVGHWDORFXDOUHLQDRXQDFRSLDPLQLDGDGHOD 1DWXUDOLV+LVWRULDGH3OLQLR«(VWDSUHVHQFLDGHORDQLPDODFDHFHWDQWRVLHOPDQXVFULWR SUHWHQGHVHUWUDQVPLVLyQGHXQWH[WRVDJUDGRRXQLQYHQWDULRGHPDGXUD\REMHWLYD FLHQFLDSURIDQD,QFOXVRDYHFHVHODUWHPHGLHYDOHVWDQSRGHURVRWDQYLUWXDO«TXH HVFDSD]GHXQLUHQXQDVRODPLQLDWXUDODPX\SXUD$QXQFLDFLyQGHOD9LUJHQ0DUtD &RUUHRHUSP#XVDOHV5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO ²HQFX\RVXFHVRVXHOHDSDUHFHUDGHPiVXQDQLPDOHVSHFtÀFRODSDORPDFRPR(VStULWX 6DQWR² FRQ XQD HVFHQD SURIDQD HQ OD TXH XQ SHTXHxR ViWLUR ²VtPEROR GH OD OXMXULD PiVSURIDQDSHQVDEOH²WRFDGLVSOLFHQWH\EXUOyQXQOD~G$KRUDELHQWDOYH]VLORV DQLPDOHVRFXSDURQORVPiUJHQHVGHORVPDQXVFULWRVHVSRUTXHHQUHDOLGDGMXJDEDQ XQSDSHOFHQWUDOHQODFXOWXUDGHOPHGLRHYR (O PXQGR GH ORV DQLPDOHV PHGLHYDOHV HV SUHIHUHQWHPHQWH HO PXQGR GH ODV LPiJHQHVGHORVDQLPDOHVeVWRVHVWiQPiVDOVHUYLFLRGLGiFWLFRTXHEDMRODPLUDGDGHO LQWHUpVFLHQWtÀFR3RUTXHVXVHU¶LPDJHQ·OHVFRQYLHUWHHQXQWLSRHVSHFLDOGHHQWLGDGHV /RVKRPEUHVGHOPHGLRHYRVHORVDSURSLDQORVGHYRUDQDOKDFHUGHHOORVLQWHOLJHQFLD LPDJLQDFLyQPHPRULD/RVDQLPDOHVHQOD(GDG0HGLDVRQPiVXQDFUHDFLyQKXPDQD TXH GLYLQD FRPR VL OD DFFLyQ DGiQLFD GH OD GHQRPLQDFLyQ ORV KXELHUD FRQYHUWLGR HQ XQD SRVHVLyQ PiV GHO KRPEUH (Q OD LPDJHQ GHO DQLPDO PHGLHYDO SULPD PiV VX FRQVWUXFFLyQVLPEyOLFDTXHFXDOTXLHURWUDPRWLYDFLyQ\DVHDpVWDELROyJLFDRLQFOXVR HVWpWLFD$VSHFWRQDWXUDO\DUWtVWLFRHVWiQDOVHUYLFLRGHVXVHQWLGR /RVWH[WRVPHGLHYDOHVFRPR%HDWRVOH\HQGDVIiEXODVREHVWLDULRVVRQHOUHÁHMR GH XQD DSURSLDFLyQ R VL VH TXLHUH GH XQD VXEYHUVLyQ HQ HO PXQGR GH OD QDWXUDOH]D TXH WLHQH FRPR ÀQ HO HVWDEOHFLPLHQWR GH XQD KHUPHQpXWLFD FRQ XQ SRGHU HVSHFLDO FRQVLVWHQWHHQFRQYHUWLUDORVDQLPDOHVHQHVSHMRGHORVVHUHVKXPDQRV(OSHQVDPLHQWR HVWpWLFRPHGLHYDOJHQHUDGHHVWHPRGRXQDLQYHUVXVPXQGL\VLQRVRPRVFRQVFLHQWHV GHHOOD\QRODDSOLFDPRV²GHODPLVPDPDQHUDTXHXQPLRSHXWLOL]DVXVOHQWHV²MDPiV OOHJDUHPRVDHQWHQGHUDTXHOORTXHVHQRVSUHVHQWDSDWHQWHPHQWHDQWHQXHVWURVRMRV /RV DQLPDOHV HQ FXDQWR LPDJHQ SDUHFH TXH VRQ GLUHFWRV LQPHGLDWRV SHUR VX SUHVHQFLD RQWROyJLFD GLJDPRV QR HV HTXLYDOHQWH D VX VHPiQWLFD LFRQROyJLFD /D GLÀFXOWDGGHHVWDLQYHUVLyQGHOPXQGRUDGLFDHQTXHXQVHUGHDSDULHQFLDPiVRPHQRV VLPLODUSXHGHGHVSOHJDUGLIHUHQWHVVLJQLÀFDGRVVHJ~QHOOXJDUODpSRFD\HQJHQHUDO HOFRQWH[WRHQHOTXHVHVLW~D'HOPLVPRPRGRTXHXQDSDODEUDSXHGHWHQHUYDULRV VLJQLÀFDGRVVLPXOWiQHRVRVXFHVLYRVODLPDJHQGHXQDQLPDOSXHGHVHUYHKtFXORGH LGHDV \ YDORUHV QR VyOR GLIHUHQWHV VLQR DEVROXWDPHQWH RSXHVWRV (VWH SULQFLSLR GH LQYHUVLyQTXHFRQYLHUWHHOPXQGRQDWXUDOHQXQFRPSOHMR\SROLVpPLFRXQLYHUVRGH VHQWLGRVKDGHVHUWHQLGRHQFXHQWDFRPRXQGDWRSUHYLRDODKRUDGHSHQVDUHODQLPDO HQOD(GDG0HGLD 8QDGHODVLQYHUVLRQHVDODYH]PiVH[WUDxDV\PHMRUDVXPLGDVSRUHOKRPEUHHV TXHHQODVIiEXODVGHOPHGLRHYRORVDQLPDOHVKDEODQFRQWRGDQDWXUDOLGDG7UDQVIHULPRV DORVDQLPDOHVDSHQDVVLQGDUQRVFXHQWDXQSDWULPRQLRWDQH[FOXVLYRFRPRHOOHQJXDMH &RPRSXHGHYHUVHHQHO/LEURGH+RUDVIUDQFpVPLQLDGRKDFLDSRU-HDQ)RXTXHWTXHVHFRQVHUYD HQOD%LEOLRWHFD5HDOGH&RSHQKDJXHFRQODVLJQDWXUD*O.JO6DPOIU 7HVQLqUH0+ %HQWRQ-5 6DOLVEXU\-( &I&XUWLXV( &I)ORUHV&HG ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD (QHVDWUDQVPLVLyQOLQJtVWLFDVHLQFOX\HDGHPiVODFDSDFLGDGGHSHQVDU\UD]RQDUGH WDOPDQHUDTXHFXDOTXLHUDGHORVSHUVRQDMHVGHXQDIiEXODQRVyORH[SRQHGHYLYDYR] DTXHOORTXHGHVHDVLQRTXHDGHPiVORKDFHVLJXLHQGRXQSODQDUJXPHQWDWLYRSUHFLVR FRQYLQFHQWHUHWyULFRHQHOPHMRUGHORVVHQWLGRVSXHVHVFDSD]GHDXQDUSHQVDPLHQWR \ GLFFLyQ GH XQ PRGR FXDOLÀFDGR 1DGLH VH H[WUDxD GHO GLVFXUVR SDXVDGR \ ELHQ PHGLGRGHXQ]RUURRGHXQDVQR²SRUSRQHUFDVRVGHDQLPDOHVQRPX\ELHQYLVWRV SRUODLGLRVLQFUDVLDGHVX¶FDUiFWHU·²VLQFDHUHQODFXHQWDGHTXHHQHVDWUDQVSRVLFLyQ OLQJtVWLFDYDHQHOIRQGRWRGRHO¶JHQRPD·GHOVHUKXPDQRWRGRDTXHOORTXHKDVWD HQWRQFHVQRVKDFtDGLIHUHQWHVDODVEHVWLDVWRGRDTXHOORTXHQRVVHUYtDSDUDFRQVWUXLU QXHVWUDLGHQWLGDG/DVIiEXODVKXPDQL]DQORVDQLPDOHVSDUDKDFHUYHUDOKRPEUHVX SURSLDDQLPDOLGDG /RVEHVWLDULRVQRGDQODYR]DORVVHUHVTXHORVSXHEODQ7RGRORPiVDWULEX\HQ D DOJXQRV GH HOORV OD FDSDFLGDG GH KDEODU FRPR DO ORUR WRQWRUUyQ R D OD SHUYHUVD PDQWtFRUD(QHOORVODSXHVWDHQHVFHQDFDPELD6XVWLWX\HQODWUDQVIHUHQFLDOLQJtVWLFD SRUODLFyQLFD8QEHVWLDULRSDUDPRVWUDUODQDWXUDOH]DGHXQDQLPDOHVWiDWDGRDOD LPDJHQFRPRHOSHUVRQDMHGHXQDIiEXODORHVWiDVXYR]$WUDYpVGHVXUHSUHVHQWDFLyQ ODEHVWLDQRVFXHQWDFyPRHVFyPRVHFRPSRUWDFXiOHVVRQVXVKiELWRVVXVJXVWRVVXV PLHGRVHVRVtORKDFHVLQDEULUODERFD4XLHQHVKDEODQHQXQOLEURGHEHVWLDVVRQOD LPDJHQ\HO¶H[SHUWR·²HQVXGREOHFRQGLFLyQGHQDWXUDOLVWD\PRUDOLVWD²SHURORKDFHQ GH XQD PDQHUD PX\ SHFXOLDU VyOR SRUTXH ORV EHVWLDULRV DQWURSRORJL]DQ DO DQLPDO ² LQYLHUWHQVXPXQGR²WUDVODGHVFULSFLyQItVLFDSXHGHQVDFDUFRQVHFXHQFLDVPRUDOHV WDQWRGHVXQDWXUDOH]DFRPRGHVXFRPSRUWDPLHQWR ´/RVKLVWRULDGRUHVGHODVFLHQFLDVQXQFDVHKDQSUHJXQWDGRSRUTXpODKLVWRULDQDWXUDOQRKDEtD UHDOL]DGRQLQJ~QSURJUHVRHQOD(GDG0HGLD/DUD]yQHVHQFLDOHVWULEDHQTXHORVWHyORJRVOD VXVWLWX\HURQSRUHOVLPEROLVPRDQLPDO(QORVHVFULWRVPHGLHYDOHVODKLVWRULDQDWXUDOFRPRHQ ODVIiEXODVGH/D)RQWDLQHHVVyORXQFDStWXORGHODPRUDO1RKD\QLQJXQDGLIHUHQFLDHQWUHHO QDWXUDOLVWD\HOPRUDOLVWDSRUTXHORVDQLPDOHVQRVHHVWXGLDQQLHQVtQLSRUVtPLVPRVVLQR FRPRHVER]RVRUHÁHMRVGHOKRPEUHFHQWURGHOD&UHDFLyQSDUDHOFXDOHOPXQGRDQLPDORIUHFH XQHVSHMRDODYH]GHDXPHQWR\GHIRUPDQWHGHVXSURSLDQDWXUDOH]DODLPDJHQRODFDULFDWXUD GHVXVSDVLRQHVYLUWXGHV\YLFLRVµ $VtOD(GDG0HGLDDFRJHODQDWXUDOH]DDQLPDOFRPRXQSXQWRUHOHYDQWHWDQWR SDUDODUHÁH[LyQÀORVyÀFDFRPRSDUDODUHSUHVHQWDFLyQSOiVWLFDKDFLHQGRGHODVEHVWLDV XQSDUDGLJPDGHFRPSUHQVLyQGHOVHUKXPDQRTXHOHVSRQHHOQRPEUH6HJHQHUD GHHVWHPRGRXQDHVSHFLHGHIDPLOLDULGDGTXHDSRUWDUiXQDYtDGHDQiOLVLVGHJUDQ ULTXH]DKHUPHQpXWLFD(OXQLYHUVRFXOWXUDOGHOPHGLRHYRHVWiSREODGRSRULQÀQLGDG GHDQLPDOHVQRVyORSRUHOWUDEDMRIXQGDPHQWDOTXHGHVHPSHxDQHQORVWUDEDMRVGH 3D\QH$ (OSVLWWDFXVTXHDSDUHFHHQXQRGHORVEHVWLDULRVPHGLHYDOHVTXHVHFRQVHUYDQHQOD%LEOLRWHFD5HDOGH &RSHQKDJXHUHVXOWDXQHMHPSORLQFXHVWLRQDEOH*O.JOIY &I5RFKHVWHU%HVWLDU\HQOD%ULWLVK/LEUDU\GH/RQGUHVF5R\DO06)[LLL 5pDX/ *O.JOIY 'pORUW5 ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO ODDJULFXOWXUDVLQRWDPELpQFRPRDXWpQWLFRVFRPSDxHURVGHOKRPEUHHQRWUDVWDUHDV FRPR OD FD]D VLQ ROYLGDU TXH FRQVWLWX\HQ XQD EDVH DOLPHQWLFLD SDUD HO VHU KXPDQR 3HUR OR TXH PH LQWHUHVD PRVWUDU HV TXH OD LQWHUDFFLyQ FRQ ORV DQLPDOHV FRQÀJXUD OD H[SHULHQFLDGHOPXQGRTXHHOKRPEUHSRVHH/DSHUFHSFLyQGHODQDWXUDOH]DDQLPDO D\XGyDORVKRPEUHVPHGLHYDOHVDFRQVWUXLUODLPDJHQGHOPXQGR\VHVLUYLyGHHOORV SDUDGRWDUGHXQVHQWLGRPiVDPSOLRDVXSURSLDFRQGLFLyQFRPRVHUHVFUHDGRVSRU XQPLVPR'LRV $QLPDOHVUHDOHVRLPDJLQDULRV«XQDGLVWLQFLyQFX\DFRPSHWHQFLDQRVHIXQGD HQVXHIHFWLYLGDG3DUDHOQDWXUDOLVWDRHOPRUDOLVWDORIXQGDQWHGHODUHODFLyQFRQHO DQLPDOQRHVXQFULWHULRRQWROyJLFRGHH[LVWHQFLDUHDOVLQRODUHODFLyQHVSHFXODUTXH SXHGHVHUWUD]DGDHQWUHGLIHUHQWHVWLSRVGHFULDWXUDV(OLQWHUpVQRUDGLFDHQSUR\HFWDU \ÀQDQFLDUXQDH[SHGLFLyQ]RROyJLFDD$UDELDRD(WLRStDRDODVOHMDQDVWLHUUDVGHOD ,QGLDSDUDFRPSUREDUVREUHHOWHUUHQRODH[LVWHQFLDGHORVVHUHVGHORVTXHKDEODXQ EHVWLDULRFRPRHO3K\VLRORJXVQLHQUHFRUUHUORVPDUHVGHOVXUHQEXVFDGHVLUHQDV« /D PHQWDOLGDG PHGLHYDO SUHÀHUH GDU SRU VHQWDGD OD ¶UHDOLGDG· GH HVDV FULDWXUDV SRUTXHH[LVWDQHIHFWLYDPHQWHRQRHOFDVRHVTXHSRVHHQXQDFDSDFLGDGH[SOLFDWLYD H[WUDRUGLQDULD /DOLWHUDWXUDPHGLHYDOFRPRSRURWUDSDUWHODOLWHUDWXUDDQWLJXDHVWiSODJDGD GHUHÁH[LRQHVTXHQRVOOHYDQDXQDHVSHFLHGHHWRORJtDFRPSDUDGDHQWUHORVDQLPDOHV\ HOKRPEUH/RVFXHQWRVODVQDUUDFLRQHVODSRHVtDUHWUDWDQHQLQQXPHUDEOHVRFDVLRQHV DQLPDOHV TXH DFW~DQ VREUH OD VHQVLELOLGDG \ OD LPDJLQDFLyQ \ RIUHFHQ XQ SXQWR GH YLVWDDOWHUQDWLYRTXHWHUPLQDSRUSUHVHQWDUHOFRPSRUWDPLHQWRGHORVDQLPDOHVFRPR VLIXHUDHOGHORVVHUHVKXPDQR(VWRVUHWUDWRVFRPSDUDGRVHVWiQHQORVFODXVWURVGH ORVPRQDVWHULRVHQODVIiEXODVHQORVPDQXVFULWRVPLQLDGRVHQORVVHUPRQHVGHORV SUHGLFDGRUHVHVGHFLUHVWiQDODOFDQFHGHWRGRVQRLPSRUWDVXFRQGLFLyQFRQVDJUDGD RODLFDQRHVUHOHYDQWHHOQLYHOFXOWXUDOTXHVHWHQJDQRGLVFULPLQDHQWUHODULTXH]D\OD SREUH]D6XQLYHOGHLPSODQWDFLyQHVWDQDPSOLRTXHDQDGLHOHUHVXOWDDMHQRHVWDEOHFHU XQSDUDQJyQHQWUHpOPLVPR\ORVDQLPDOHVHQWUHVtPLVPR\ORRWURGHVt ´/RVDQLPDOHVWLHQHQXQDKLVWRULD3HURSDUWLFLSDQWDPELpQGHODQXHVWUDSRUTXHORVVtPERORVD ORVTXHOHVDVRFLDPRVGHVGHHODOERUGHORVWLHPSRVVRQWHVWLPRQLRGHQXHVWUDSURSLDFRQFHSFLyQ GHOPXQGRµ )iEXODV UHODWRV pSLFRV EHVWLDULRV VRQ WRGRV HOORV SXQWR GH HQFXHQWUR HQWUH HO KRPEUH \ HO PXQGR HQWUH OR KXPDQR \ OR DQLPDO$~Q PiV ORV DQLPDOHV VRQ HO HVSHMRHVDFRQGLFLyQGHREMHWLYDFLyQQHFHVDULDDWRGDUHÁH[LyQGHVHJXQGRRUGHQHQ OD TXH HO IDFWRU PHUDPHQWH HVSHFXODU GHYLHQH GHVDUUROOR HVSHFXODWLYR /RV DQLPDOHV VHWRPDQFRPRXQDSUR\HFFLyQQHFHVDULDTXHSRUXQODGRQRVGLVWDQFLDGHQRVRWURV PLVPRV SHUPLWLHQGR DVt XQD FRQWHPSODFLyQ VRVHJDGD GLVWDQWH VHSDUDGD SHUR SRU RWURQRVUHERWDQRVUHGLULJHODPLUDGDKDFLDQRVRWURVPLVPRVFRPRVLIXpUDPRVHO %D[WHU5 *O.JOIY *O.JOIY 7HVQLqUH0+ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD DXWpQWLFRSXQWRGH¶UHÁH[LyQ·HOSXQWRHQHOTXHHOLU\YHQLUGHOSHQVDPLHQWRJHQHUD FRQRFLPLHQWR (VFUXWDU OD VRFLHGDG VXV SUREOHPDV HO UpJLPHQ SROtWLFR OD KLVWRULD EXVFDU HO VHQWLGR GHO PXQGR« WRGDV HVDV WDUHDV VH FXPSOHQ D OD SHUIHFFLyQ HQ HO H[DPHQGHODUHODFLyQKRPEUHDQLPDO 0$5Ì$'()5$1&,$<2'Ð1'(&+(5,721$1,0$/(6'(/$&25 7(</$,*/(6,$ 6LH[FHSWXDPRVHOEHVWLDULRFXDQGROHHPRVORVWH[WRVDQLPDOtVWLFRVPHGLHYDOHV SDUDGyMLFDPHQWHDSUHQGHPRVUHODWLYDPHQWHSRFRVREUHVXVFDUDFWHUtVWLFDVELROyJLFDV SHURHQVHJXLGDYHPRVORTXHHVRVDXWRUHVTXHORVHVFULEHQSHQVDEDQVREUHORVKRPEUHV $FRQWLQXDFLyQH[SRQGUpWDQVyORGRVHMHPSORVSDUDKDFHUPiVVyOLGDODDÀUPDFLyQ TXH DFDER GH IRUPXODU 5HSDVDUHPRV GRV FRPSLODFLRQHV GH UHODWRV HVHQFLDOHV ODV IiEXODVGH0DUtDGH)UDQFLD\ODVGH2GyQGH&KHULWRQ/RTXHOHVLQWHUHVDDHVWRVGRV IDEXOLVWDVHVUHÁHMDUHOFRQWH[WRVRFLDOGHVXpSRFDODVFXHVWLRQHVSROtWLFDVHOVWDWXTXR SHURGHVGHGRVSXQWRVGHYLVWDGLIHUHQWHVUHVSHFWLYDPHQWHODFRUWH\ODLJOHVLDGRV FROLQDVSULYLOHJLDGDVHQWRGRVORVVHQWLGRVGHVGHODVTXHRWHDUXQDPSOLRKRUL]RQWH (VWRVGRVDXWRUHVFRPSDUWHQHOKHFKRGHUHWUDWDUDQLPDOHV\SUHVHQWDUORVFRPR WUDVXQWRVGHODFRQGLFLyQ\GHOFRPSRUWDPLHQWRKXPDQRV\DGHPiVHVRVDQLPDOHV TXHGHVFULEHQVHFRQYLHUWHQHQODPDQLIHVWDFLyQGHYDORUHV\FRQWUDYDORUHVSUHFLVRV KDFLHQGR GH OD OLWHUDWXUD VXSXHVWDPHQWH IDQWiVWLFD XQD JXtD GH RULHQWDFLyQ SDUD OD UHDOLGDG VXSXHVWDPHQWH H[LVWHQWH 6H SXHGHQ HVWDEOHFHU GRV JUDQGHV WLSRV GH DQLPDOHVDTXHOORVTXHUHSUHVHQWDQORVYDORUHVPiVGHVHDGRVORTXHOHVFRQYLHUWHHQ VHUHVUHVSHWDGRV\GHXQDGLJQLGDGH[FHOHQWH²SRQJDPRVSRUFDVRHOOHyQ²\DTXHOORV RWURVTXHVRQHOFRQWUDSXQWRGHODH[FHOHQFLDTXHUHÁHMDQORQRGHVHDGRSHURUHDOGHO PXQGRTXHUHWUDWDQ²SRUHMHPSORORVSHUURV² 1XHVWUROHQJXDMHSRSXODUHVKHUHGHURGHHVDFDWDORJDFLyQD[LROyJLFD&XDQGRVH TXLHUHKDODJDUODIRUWDOH]DODYLUWXGODUHVLVWHQFLDODPDMHVWXRVLGDGDXWRPiWLFDPHQWH HODQLPDOTXHQRVYLHQHDODFDEH]DHV²HOOHFWRUHVWDUiGHDFXHUGRFRQPLJR²HOOHyQ3RU HOFRQWUDULRFXDQGRTXHUHPRVLQVXOWDULQMXULDUGHVSUHVWLJLDUUHEDMDUODFDWHJRUtDGH DOJXLHQXQDGHODVH[SUHVLRQHVPiVFRPXQHVLQFOX\HXQDFRPSDUDFLyQFRQHOSHUUR (VWDVYtDVHVSHFXODUHV²TXHQRPHQRVHVSHFXODWLYDVDSHVDUGHDSDUHFHUIXHUDGHORV WUDWDGRVÀORVyÀFRVFRQYHQFLRQDOHV²VHFRQVWUX\HQ\DSOLFDQSRUH[WHQVRHQODFXOWXUD PHGLHYDO3HURYHDPRVODVDSRUWDFLRQHVGHORVGRVIDEXOLVWDVPHQFLRQDGRV 0DUtDGH)UDQFLDHVVLQGXGDXQRGHORVUHIHUHQWHVIXQGDPHQWDOHVGHORTXH SRGUtDPRVGHQRPLQDUXQJpQHURIDEXOtVWLFRFRUWHVDQR6XÀJXUDQRHVODPHQWDEOHPHQWH PX\FRQRFLGD3RGHPRVVLWXDUODHQHOVLJOR;,,\GHFyPRHVWiQHVFULWRVVXVWH[WRV SRGHPRVFROHJLUTXHWHQtDXQDEXHQDIRUPDFLyQHQORVFOiVLFRV²FRQRFtDVLQGXGDD ORVDXWRUHVJULHJRV\URPDQRV²3UREDEOHPHQWHYLYLyHQOD,QJODWHUUDQRUPDQGD\VXV REUDV WDO YH] IXHUDQ ELHQ OHtGDV HQ OD FRUWH GH (QULTXH ,, \ GH VX LOXVWUDGD HVSRVD :RRGV%$ 6SLHJHO+HGWUDQV&XHQFD/$GHHG ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO /HRQRUGH$TXLWDQLD/DIHFKDGHSURGXFFLyQGHVXVIiEXODVSXHGHÀMDUVHHQWUH \7RGDVVXVKLVWRULDVXQWRWDOGHFLHQWRWUHVWRGDVHQYHUVRWHUPLQDQFRQXQD PRUDOL]DFLyQ \ HVWiQ EDVDGDV HQ ODV GH )HGUR \ HQ WUDGLFLRQHV SRSXODUHV 6REUH OD DXWRUtDQRKD\GXGDSXHVHQHOSURSLRWH[WRSRGHPRVOHHU0DUtDHVPLQRPEUH\VR\GH )UDQFLD /DVIiEXODVGH0DUtDWUDVFHQGLHURQHOHVFHQDULRFRUWHVDQRHLQÁX\HURQHQRWURV FRQWH[WRV6XVUHODWRVHVWiQHVFULWRVHQIUDQFpVPLHQWUDVTXHORVGHPiVUHODWRVGHOD pSRFDORHVWDEDQHQODWtQ7DOYH]HVWHGDWRQRVVLUYDSDUDHQWHQGHUVXUiSLGD\EXHQD GLIXVLyQSXHVVHFRQVHUYDQXQEXHQQ~PHURGHPDQXVFULWRVORTXHDYDODVLQGXGD ODSRSXODULGDGGHHVWDFROHFFLyQGHIiEXODVDXQTXHELHQHVFLHUWRTXHDVXVWH[WRVVH IXHURQDxDGLHQGRRWURVGHGLIHUHQWHVDXWRUHV2WURDVSHFWRTXHIDFLOLWyVXH[SDQVLyQ HVODKDELOLGDGPLVPDGHODDXWRUDFDSD]GHFRQYHUWLUWH[WRVFOiVLFRVPX\ÀUPHV\ VHYHURVFRQGHPDVLDGDYHUERUUHDHQUHODWRVPX\DPHQRVPX\FHUFDQRVTXHSRGtDQ VHUWRPDGRVFRPRKLVWRULHWDVSDUDGLYHUWLUHQODFRUWHJUDFLDVDXQDSDUWLFXODUIRUPD GH YHUVLÀFDU OR TXH UHYHOD XQD JUDQ FDSDFLGDG DUWtVWLFD SDUD SUHVHQWDU HVFHQDULRV \ SURWDJRQLVWDV VXUJLGRV HQ pSRFDV PX\ UHPRWDV \ KDFHUORV SDUHFHU DGHFXDGRV D VX PRPHQWRKLVWyULFR 2GyQGH&KHULWRQQDFLGRKDFLDHQ,QJODWHUUDHQHOVHQRGHXQDIDPLOLDGH PX\EXHQDSRVLFLyQ&KHULWRQGDEDQRPEUHDXQDGHVXVSRVHVLRQHVVHRULHQWDKDFLD ODYLGDFRQVDJUDGD(VXQFOpULJRTXHVHIRUPDHQ,QJODWHUUDSHURFXOPLQDVXVHVWXGLRV GRFWRUiQGRVHHQWHRORJtDHQOD8QLYHUVLGDGGH3DUtV(VXQYLDMHURLQFDQVDEOHUHFRUUH )UDQFLD\(VSDxD\FRQRFHPX\ELHQODYLGDPRQiVWLFD$XQTXHQRKD\QRWLFLDH[DFWD VREUHVXSHUWHQHQFLDDODRUGHQGHO&tVWHUORFLHUWRHVTXHHQVXREUD²GHVDUUROODGDHQ SOHQRVLJOR;,,,²VHGHWHFWDQDOJXQRVDVSHFWRVTXHOHSRGUtDQYLQFXODUFRQHOLGHDULR HVWpWLFRFLVWHUFLHQVHVREUHWRGRHQORTXHUHVSHFWDDODOXFKDFRQWUDORVDEXVRV\ORV H[FHVRVHVWpWLFRV\SROtWLFRV 0LHQWUDV TXH D 0DUtD GH )UDQFLD OH LQWHUHVD RIUHFHU XQ HVSHMR FRUWHVDQR ODV IiEXODVGH2GyQVLUYHQGHUHÁHMRGHOPXQGRUHOLJLRVRTXHOHFLUFXQGDGHODVRFLHGDG HFOHVLiVWLFD TXH OH URGHD 6L HQ ODV IiEXODV GH OD DXWRUD IUDQFHVD ORV DQLPDOHV HUDQ FRUWHVDQRV HQ ODV GHO LQJOpV VRQ PRQMHV \ FOpULJRV $XQTXH XQR \ RWUR SDUWHQ GHO WURQFR FRP~Q GH ORV IDEXOLVWDV JUHFRURPDQRV VH VHSDUDQ SDXODWLQDPHQWH GH HOORV PRVWUDQGRXQDLGHQWLGDGSHUIHFWDPHQWHGLIHUHQFLDGDFRQUHVSHFWRDVXVSUHGHFHVRUHV 9HDPRVDOJXQDGHHVDVGLIHUHQFLDVHQHOPXQGRDQWLJXR(VRSRSRUHMHPSORXWLOL]D VXVSHUVRQDMHVFRPRSHRQHVGHXQDMHGUH]TXHLQWHQWDQFULWLFDUXQRUGHQVRFLDOGDGR HO SURSLR )HGUR HQ HO VLJOR SULPHUR GH QXHVWUD HUD GHÀQH HVWULFWDPHQWH ODV IiEXODV FRPRXQDFUHDFLyQOLWHUDULDTXHVXUJHHQWUHORVHVFODYRVSDUDSRGHUKDEODUFRQWRGD OLEHUWDG\FULWLFDUWRGRDTXHOORTXHFRQVLGHUDQLQMXVWR 7DQWRHQHODXWRUJULHJRFRPRHQHOURPDQRORVUHODWRVDQLPDOtVWLFRVORVRQFRPR XQLQVWUXPHQWRHQFULSWDGR´HQHOTXHWLHQHOXJDUXQDHQVHxDQ]DPRUDO\XQDViWLUD .HLGHO*& -DFREV-&HG&I6iQFKH]6DORU(HG ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD VRFLDORSROtWLFDµ/DVIiEXODVGHODDQWLJHGDGVRQXQYHKtFXORUHÁH[LYRDVDOYRGH ODFHQVXUD\GHODPLUDGDGLUHFWDGHTXLHQRVWHQWDHOSRGHU6LQHPEDUJRHQORVVLJORV ;,,\;,,,FXDQGRVHUHVWDXUDQODVIiEXODVFOiVLFDVHOSRGHUFLYLO\ODLJOHVLDODVXVDQ FRPRXQDUPDFDSD]GHLQFLGLUHQHOFRPSRUWDPLHQWRGHOSXHEORGHODVRFLHGDGGH OD FRPXQLGDG (O FDPELR GH SHUVSHFWLYD HV HYLGHQWH ORV UHODWRV ¶IDQWiVWLFRV· SDVDQ GH VHU XQ DUPD FRQWUD HO RUGHQ HVWDEOHFLGR D VHU XQ LQVWUXPHQWR GH HVH SRGHU SDUD MXVWLÀFDUVHSDUDGDUVHXQDFDUWDGHLGHQWLGDG\SDUDPRVWUDUVHFRPRODPHMRURSFLyQ GHODVSRVLEOHV)UHQWHDOFULWLFLVPRFOiVLFRODIiEXODPHGLHYDOHVXQDKHUUDPLHQWDSDUD PDQWHQHUHOHVWDGRSUHVHQWHGHODVUHODFLRQHVXQLQVWUXPHQWRGHDXWRFRQVHUYDFLyQHQ HOTXHDGHPiVVHRIUHFHWRGDXQDYLVLyQGHOPXQGRFRQXQDVMHUDUTXtDVXQRVUROHV XQDVFUHHQFLDV\WRGRXQVLVWHPDGHYDORUHV (Q RFDVLRQHV ODV IiEXODV GH 0DUtD KDQ VLGR GHVSUHFLDGDV \ PX\ FULWLFDGDV SRUHVWDVUD]RQHVSRUTXHVHUYtDQFRPRPHFDQLVPRVGHFRQWUROGHORUGHQVRFLDO\SRU KDEHUSHUGLGRVXFDSDFLGDGGHSRQHUHQWHODGHMXLFLRODVFRQGXFWDVGHORVTXHORULJHQ SHURHQWRGRFDVRDÀUPDFLRQHVFRPRpVWDVVRQGHPDVLDGRJHQHUDOHV\HQODOLWHUDWXUD IDEXOtVWLFDPHGLHYDOWDPELpQVHSXHGHQHQFRQWUDUYHWDVGHFUtWLFDPX\ÀQDFRQWUDORV SRGHUHVSROtWLFRVODVLQMXVWLFLDVVRFLDOHV\ODVDUELWUDULHGDGHVHFOHVLiVWLFDVDGHPiVGH XQDPDJQtÀFDDGHFXDFLyQGHORVSHUVRQDMHVFOiVLFRVDXQQXHYRFRQWH[WR 0DUtD GH )UDQFLD \ 2GyQ GH &KHULWRQ WDO YH] WHQJDQ XQD RULHQWDFLyQ PiV FRQVHUYDGRUDTXHODGH(VRSRR)HGURSHURWXYLHURQXQDFDSDFLGDGGHLQÁXHQFLDPX\ VHPHMDQWH D OD GH VXV SUHGHFHVRUHV )XHURQ FDSDFHV GH FRQVWUXLU UHODWRV TXH OD pOLWH GHODFXOWXUDHPSOHySDUDGHVHPSHxDUVXVWDUHDVGHJRELHUQRSROtWLFR\UHOLJLRVR/D XWLOL]DFLyQGHIiEXODV\QDUUDFLRQHVVHSUHVWDSHUIHFWDPHQWHSDUDPRVWUDUXQPXQGR MHUDUTXL]DGR /RV DQLPDOHV UHVSRQGHQ PX\ DGHFXDGDPHQWH SDUD SRGHU RIUHFHU XQD YLVLyQHVWUDWLÀFDGDRUGHQDGD\FXDOLÀFDGDGHOVLVWHPDVRFLDOTXHVHTXLHUD6XYDOLGH] HVPHDWUHYHUtDDGHFLUFDVLXQLYHUVDO\XQLYHUVDOL]DEOH\DGHPiVFXHQWDFRQODYHQWDMD TXHDODLGHQWLÀFDFLyQDQLPDOHOVHUKXPDQRDFFHGHFRPRSRUQDWXUDOH]DHVGHFLUOD DFHSWDVLQHVWULGHQFLDVFRPRXQPRGRQDWXUDOGHFRQFHELUVXPXQGR (Q ORV FDPELRV TXH ORV IDEXOLVWDV PHGLHYDOHV LQWURGXFHQ HQ ORV UHODWRV DQLPDOtVWLFRV VH FRQVWDWD OD WUDQVIRUPDFLyQ TXH VH SUHWHQGH UHDOL]DU HQ OD FRQGXFWD GHORVKRPEUHVGHVGHXQSXQWRGHYLVWDRUJiQLFRVRFLDOFRPXQLWDULR(QXQDIiEXOD DQWLJXD FDGD DQLPDO UHSUHVHQWD D XQ VHU KXPDQR VLQ HPEDUJR HQ ORV YHUVRV GH 0DUtDFDGDDQLPDOFRUUHVSRQGHDXQJUXSRVRFLDOFRPSOHWR\DVHDQHVWRVORVSURSLRV JREHUQDQWHVRVXVVLHUYRV8QDQLPDOIXHUWHQRUHSUHVHQWDDXQLQGLYLGXRIXHUWHVLQR D XQ WLSR GH LQGLYLGXR /D SHUVSHFWLYD HV VLHPSUH JOREDOL]DGRUD HO DQLPDO GHYLHQH WLSRKXPDQRQRLQGLYLGXRFDGDDQLPDOUHÁHMDHOPRGRGHVHUGHXQJUXSRVRFLDOOD QREOH]DHOULFRHOVLHUYRGHODJOHEDHOSREUHKDFLHQGRSRVLEOHXQDWUDQVSRVLFLyQGH ODSDUWLFXODULGDGGHOLQGLYLGXRDODWRWDOLGDGGHODFODVHDODTXHSHUWHQHFH<HVHOOD 0DUtDGH)UDQFLDODTXHGHFLGHHVFULELUSDUDXQHVFHQDULRODFRUWHTXHDOEHUJDXQWLSR 7HVQLqUH0+ %ODFNKDP+-+HQGHUVRQ$& ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO GHSHUVRQDMHHOSRGHURVRHOHQFDUJDGRGHRUJDQL]DUMHUiUTXLFDPHQWHWRGRXQPXQGR GHUHODFLRQHV (VWHQLYHOJOREDOL]DGRUHVWDPELpQHQHOTXHVHEDVDQORVUHODWRVGH2GyQ6X ¶WLSR·HVHOKRPEUHGHLJOHVLD\VXVDQLPDOHVUHSUHVHQWDQORVLQWHUHVHVHFOHVLiVWLFRVGH PRGRSDUDOHORDFyPRORHMHFXWDHQHOiPELWRFRUWHVDQRODIDEXOLVWDIUDQFHVD3DUDHO GH&KHULWRQHOFRQFHSWRGHMHUDUTXtDHVIXQGDPHQWDOSRUTXHDSDUWLUGHpOGHVSOLHJD ORVFDUDFWHUHVGHORVSHUVRQDMHV6XPXQGRHVXQWRGRELHQRUGHQDGRFRPSDFWRHQHO TXHWRGDSRVLEOHÀVXUDQRHVPiVTXHXQDDPHQD]DGHODTXHQHFHVDULDPHQWHKD\TXH OLEHUDUVH6LHQODFRUWHVHGHÀHQGHQYDORUHVFRPRHOSRGHU\ODIRUWDOH]DHQHOKRUL]RQWH HFOHVLDO VHUiQ OD LQWHJULGDG \ OD FRPSDVLyQ GRV GH ORV EDOXDUWHV UHTXHULGRV$PERV JDUDQWL]DQODOHDOWDG\ODFRQWLQXLGDGGRVFRQGLFLRQHVGHSRVLELOLGDGGHODH[LVWHQFLD PLVPDGHOD,JOHVLD'HVGHODLQWHJULGDG\ODFRPSDVLyQSXHGHQVHUFRPEDWLGRVHOYLFLR HQFXDOTXLHUDGHVXVJUDGRV\ODKLSRFUHVtD1RHVGHH[WUDxDUTXHORVSUHGLFDGRUHV HQFRQWUDUDQHQHVWRVWH[WRVXQDSR\RGHYDORULQFDOFXODEOHSDUDSUHVHQWDUODUHOLJLyQ FRPRXQOXJDUQDWXUDOSDUDHOKRPEUH '(/$7$;2120Ì$=22/Ð*,&$$/$$;,2/2*Ì$025$/ 7UDVODFRQYHUVLyQGHORSDUWLFXODUDORJHQHUDOGHORLQGLYLGXDODORFROHFWLYR WDQVyORUHVWDEDVHUFDXWRVDODKRUDGHVHOHFFLRQDUORVDQLPDOHVTXHLEDQDVHUYLUGH FRUUHDGHWUDQVPLVLyQSDUDORVPHQVDMHVSROtWLFRVHQXQFDVR\UHOLJLRVRVHQHORWUR (QYLUWXGGHODMHUDUTXL]DFLyQORVDQLPDOHVSURWDJRQLVWDVGHODVKLVWRULDVGH0DUtDGH )UDQFLDIXHURQDVXYH]FODVLÀFDGRVFRPRHMHPSODUHVSDUDXQGHWHUPLQDGRHVWUDWR +DEtDDQLPDOHVGHFODVHDOWD\DQLPDOHVGHFODVHEDMDSHURHVWDFODVLÀFDFLyQQRVHUHÀHUH DXQDGLYLVLyQVRFLDOHQVHQWLGRHVWULFWRVLQRDXQDGLIHUHQFLDFLyQPRUDOGHQWURGHXQ PLVPR JUXSR VRFLDO (Q OD H[FHOHQFLD ORV SXHVWRV PiV HOHYDGRV HQ OD MHUDUTXtD VRQ RFXSDGRVFRPRHUDGHHVSHUDUSRUHOOHyQRHOiJXLOD$~QDVtpVWRVWLHQHQVLHPSUHXQ DQWDJRQLVWDELHQGHÀQLGR (QVXGHVFULSFLyQGHOEXHQUH\0DUtDORFRPSDUDFRQHOiJXLODPRVWUDQGRDHVWH DYHFRPRXQVHUPDJQiQLPRJORULRVRHVSHFLDOPHQWHYDOHURVR\PX\GLJQR&XDOLGDGHV WRGDVHOODVTXHKDGHSRVHHUXQJREHUQDQWHUHDOPHQWHQREOHSRUVXFRQGLFLyQVRFLDO \ PRUDO 3RU VX SDUWH HO OHyQ UHSUHVHQWD WDPELpQ DO EXHQ UH\ D DTXpO TXH HMHUFH VX SRWHVWDGFRQPDJQDQLPLGDG\MXVWLFLDUHSUHVHQWDDODQREOH]DSRUVXUDQJR¶QDWXUDO· 3HUR FRPR FRQWUDVtPEROR HO UH\ LQMXVWR GHVSLDGDGR TXH VH DSURYHFKD FRQ PDODV 8QRGHORVFDVRVHQORVTXHODMHUDUTXtDVHWHPDWL]DGHPDQHUDPiVH[SOtFLWDHVHOGHODIiEXOD6REUHOD FLJHxD\HOORER´8QDYH]XQORERHVWDEDFDVLDKRJDGRFRQXQKXHVR%XVFyXQPpGLFR/HGLMHURQVXV VLHUYRV/DFLJHxDWLHQHXQODUJRSLFR\SRGUiVDFDUHOKXHVRGHODJDUJDQWD!!0DQGyEXVFDUDOD FLJHxDSURPHWLpQGROHXQDJUDQUHFRPSHQVD9LQRODFLJHxD\OHVDFyHOKXHVR(OODSLGLyODUHFRP SHQVD(OORERQROHTXLVRGDUQDGDGLFLpQGROH¢$FDVRQRSXGHPDWDUWHFXDQGRWHQtDVWXFDEH]D PHWLGDHQPLERFD"¢1RWHHVVXÀFLHQWHTXHWHKD\DGHMDGRVHJXLUYLYLHQGR"!!'HODPLVPDIRUPDORV FDPSHVLQRV\SREUHVFXDQGRVLUYHQDDOJXLHQQRSXHGHQHVSHUDUQLQJXQDUHFRPSHQVD'LFHHQHIHFWR HOVHxRU(OKRPEUHHVPtR¢QRHV\DPXFKRQRGHVROODUWH\GHMDUWHYLYLU"!!µ6iQFKH]6DORU(HG ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD DUWHVGHVXVV~EGLWRVWLHQHFRPRLPDJHQDOORERXQDQLPDOPDOYDGRJORWyQDVHVLQR\ WHUURUtÀFRFRPRSRFRV (QWUHORVDQWDJRQLVWDVPiVUHQRPEUDGRVHQODVIiEXODVPHGLHYDOHVHQFRQWUDPRV DO]RUURXQDQLPDOFX\DSRSXODULGDGDWUDYLHVDORVUHODWRV\ORVVLJORV&RPRSUHGDGRU UHSUHVHQWD XQ VWDWXV VRFLDO HOHYDGR &LHUWDPHQWH QR WLHQH OD IXHU]D GHO OHyQ QL OD IHURFLGDGGHOORERSHURVXDVWXFLDORFRQYLHUWHHQXQSDUDGLJPDGHHVSHFLDOLQWHUpV HQ OD H[SOLFDFLyQ GH OD QDWXUDOH]D KXPDQD 3DUD VHU FD]DGR VH UHTXLHUHQ PXFKRV SHUURVTXHVLJDQVXGLItFLOUDVWUR6XLQJHQLRHVLQPHQVR\TXHGDELHQSODVPDGRHQODV IiEXODVHQORVUHODWRVpSLFRV\HQORVEHVWLDULRV0DUtDGH)UDQFLDORPHQFLRQDHQRQFH GHVXVKLVWRULDVPRUDOL]DGDVHQODVTXHQRVORSUHVHQWDFRPRXQLFRQRGHGHOPDOGH ODSREUH]DGHOHQJDxR\GHODKLSRFUHVtD /DMHUDUTXL]DFLyQVRFLDOSROtWLFD\UHOLJLRVDHQWUHSRGHURVRV\V~EGLWRVHQWUH SUHGDGRUHV\SUHVDVQRSXHGHREYLDUODLQFRUSRUDFLyQHQHOUHODWRHOSXQWRGHYLVWD GHODVYtFWLPDV6LELHQHVFLHUWRTXHHOLQWHUpVPHGLHYDO²\HOQ~PHURGHSiJLQDVHVXQ GDWRTXHORFRUURERUD²VHFHQWUDPiVHQHOSRGHURVRWDPELpQODVYtFWLPDVDSDUHFHQ HQ HVFHQD DXQTXHVHDGHPDQHUDPDUJLQDO(QWUHHOODVHOJDOORHOFRUGHURHODVQR HOSHUUR«'HHOODVVLHPSUHVHQRVRIUHFHXQDRSLQLyQPX\GHVIDYRUDEOHVHUHWUDWDQ PXFKDVYHFHVFRPRFULDWXUDVHVW~SLGDVLQJHQXDV\ODSURSLDIDEXOLVWDODVGHVDFUHGLWD VREUH WRGR FXDQGRLQWHQWDQSURJUHVDUHQHORUGHQVRFLDOHVWDEOHFLGR(QODVIiEXODV GHODSRHWLVDIUDQFHVDORVFDPELRVGHFODVHVRQLPSHQVDEOHV\QRVpKDVWDTXpSXQWR LQGHVHDEOHV /D SHUVSHFWLYD GH 2GyQ UHVSHFWR D ODV YtFWLPDV HV GLIHUHQWH WDO YH] SRU VX LQQHJDEOH RULHQWDFLyQ SDVWRUDO OR TXH OH LPSLGH WUDWDU FRQ GHVGHxR D ORV SREUHV \ DORVPHQRVIDYRUHFLGRV6XLQWHUpVSRUHOFRQWUDULRHVWiHQPRVWUDUVXVFXDOLGDGHV XQDVYLUWXGHVGHODVTXHFDUHFHQSRUORJHQHUDOWRGRVDTXHOORVFHUFDQRVDODVULTXH]DV ²FRPRQRVUHFXHUGDSRUHMHPSORHOSHUVRQDMHTXHRFXSDHOFHQWURHQODUHSUHVHQWDFLyQ GHOLQÀHUQRGHO%HDWRGH6LORVHQWHWUDOyEXOR²,QFOXVRKDFHXQH[DPHQPX\ÀQRGHODV UHODFLRQHVGHVHUYLGXPEUHFRPRTXHGDELHQHMHPSOLÀFDGRHQXQDGHVXVIiEXODVHQ 2GyQLGHQWLÀFDHQYDULDVRFDVLRQHVDO]RUURFRQHOGLDEOR'HVWDFDFyPRHVHVSHFLDOPHQWHDVWXWRVX FRPSRUWDPLHQWRLQFOXVRFXDQGRVHHQIUHQWDDOORERFRPRHQ6REUHOD]RUUDHOORER\HOFXERGHOSR]R(O UHODWR6REUHORVHQJDxRVGHOD]RUUD\GHOJDWRPDUFDODGLIHUHQFLDHQWUHORVTXHSDUDOLEUDUVHGHOPDOVXEHQ KDFLDORDOWR²ORVÀHOHVUHSUHVHQWDGRVHQHVWDRFDVLyQSRUHOJDWR²\ORVTXHVyORTXLHUHQHPEDXFDUFRQ VXVDUGLGHV²ORV]RUURV²FX\RÀQDOHVVHUGHYRUDGRVSRUORVSHUURVGHOFD]DGRU(Q6REUHOD]RUUDFRPSDUD VXWiFWLFDGHFD]DKDFLpQGRVHODPXHUWDFRQODIRUPDHQTXHHOGLDEORVHÀQJHPXHUWRSDUDDWUDSDUODV DOPDVGHORVSHFDGRUHV'HHVWHFRPSRUWDPLHQWRODGLQR\IUDXGXOHQWRGDFXHQWD6REUHHOHQJDxRGHOD ]RUUDGRQGHYHPRVFyPRVHFDPXÁDSRQLpQGRVHXQDSLHOGHFRUGHURSDUDPHWHUVHHQWUHODVRYHMDV\DVt VDFLDUVXVDSHWLWRV /DRULHQWDFLyQSDVWRUDO\ODGHIHQVDGHOKRPEUHMXVWRHVWiPDJQtÀFDPHQWHUHÁHMDGDFXDQGRQDUUDORV SHOLJURVTXHOHDFHFKDQFXDQGRVHHQIUHQWDDOGLDEORFRPRHQODIiEXOD'HODYHTXHVHOODPDTXHEUDQWDKXH VRV´+D\XQDYHTXHVHOODPDTXHEUDQWDKXHVRVIUHLQRVSRUTXHFRQVXSLFRTXHEUDQWDORVKXHVRV\VH FRPHHOVHER\HOWXpWDQR&XDQGRSRUVXGXUH]DQRSXHGHURPSHUORVORVOOHYDDORDOWR\ORVGHMDFDHU VREUHODVURFDV\DVtORVKXHVRVVHURPSHQ$VtKDFHHOGLDEORFXDQGRQRSXHGHURPSHUDXQKRPEUH ÀUPHOHOOHYDDODVDOWXUDVGHORVFDUJRV\HQWRQFHVOHGHMDFDHUDVtORGHVWUR]DWRWDOPHQWH\FXDQWRPiV DOWRHVHOFDUJRWDQWRPiVJUDYHHVODFDtGD(OUHFRUULGRGHXQDSLHGUDHVPD\RUFXDQGRFDHGHORDOWR TXHFXDQGRFDHGHOREDMR$VtORVPDOYDGRVUH\HVORVSHUYHUVRVRELVSRV\ORVULFRVVXIUHQXQDFDtGD PD\RUGHVGHORDOWRKDVWDHOLQÀHUQRTXHORVSREUHVµ6iQFKH]6DORU( ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO ODVTXHVHQDUUDQODVSHULSHFLDVGHXQPDFKRFDEUtR\XQDVQRODFDEUDHQJDxDDODVQR SDUDTXHVHDVXVLUYLHQWHpVWHVHGDFXHQWD\ODDSODVWD ´XQPDFKRFDEUtRVHKL]RXQDYH]VLHUYRGHXQDVQR\OHYLRVHQFLOOR\KXPLOGH6XELyHQFLPD GHODVQR\SUHWHQGLyFDEDOJDUHQpO(ODVQRDLUDGROHYDQWyODVSDWDVGHODQWHUDV\FD\yVREUHOD HVSDOGDGHOPDFKRFDEUtR\OHDSODVWy\PDWyGLFLHQGR$XQTXHWXGXHxRVHDXQDVQRQR FDEDOJXHVVREUHpO!!'HLJXDOIRUPDPXFKRVYHQDVXVGXHxRVVHQFLOORVRDQFLDQRVRFLHJRVR LQKiELOHV\OHVGHVSUHFLDQ\VHUtHQGHHOORVµ /DPRUDOHMDUHYHODTXpOHVVXFHGHDORVTXHQRUHVSHWDQDVXVVHxRUHVVREUHWRGRVL IXQGDQVXUHODFLyQHQHOHQJDxR\HQODEXUOD4XpIRUPDWDQVHQFLOODGHH[SOLFDUODV FRQVHFXHQFLDVGHODUHEHOLyQGHO$GYHUVDULRFRQWUD'LRV 3HUR OD YtFWLPD SRU H[FHOHQFLD GH ORV UHODWRV PHGLHYDOHV HV HO FRUGHUR &ULVWR QDFLGR FRPR &RUGHUR GH 'LRV HV VDFULÀFDGR 6L eO TXH HV 'LRV EDMR OD DGYRFDFLyQ GHFRUGHURHVLQPRODGRTXpQROHFDEHHVSHUDU²WHPHU²DDTXHOORVTXHWDPELpQVRQ FRUGHURVSHURFX\RVHxRUQRHO6HxRU&ULVWRHVDGHPiVHO%XHQ3DVWRUTXHDWLHQGH FXLGD\GDODYLGDSRUVXUHEDxR3RUXQDODGRHOVLPEROLVPRGHOFRUGHURPDQWLHQH OD H[FHOHQFLD GH VHU XQ VDFULÀFLR GH UHGHQFLyQ SDUD OD KXPDQLGDG \ HO FULVWLDQLVPR PHGLHYDOGHVSOLHJDFRPRHQQLQJXQDRWUDpSRFDODYLUWXDOLGDGGHHVWDLPDJHQEDVWD FRQYHUHOWUDWDPLHQWRTXHGHHOODRIUHFHQSRUHMHPSOR6DQ)UDQFLVFR²FX\DUHODFLyQ GHHPSDWtDFRQORVDQLPDOHVHVELHQFRQRFLGD²\6DQ%XHQDYHQWXUD²TXHHVFULEHFRQ JUDQVHQVLELOLGDGVREUHODVLPERORJtDGHODV6DJUDGDV(VFULWXUDV² 6L HO SDSHO QDWXUDO GHO KpURH HQ OD OLWHUDWXUD PHGLHYDO HUD HO GH SUHGDGRU ²HO OHyQ\HOiJXLODORVRQ²HOSDSHOGHYtFWLPDHVWDEDUHVHUYDGRSDUDORVSHUGHGRUHV /D~QLFDH[FHSFLyQHVHOFRUGHURFXDQGRHVHO&RUGHURGH'LRVXQDYtFWLPDVtSHUR TXHUHSUHVHQWDODPi[LPDKHURLFLGDG\TXHSRVLELOLWDODVDOYDFLyQGHODKXPDQLGDG(O FRPEDWHHQWUHORERV\FRUGHURVUHSURGXFHHOFRPEDWHGHO0DOLJQRFRQWUDHO5HGHQWRU ODOXFKDGHODVEHVWLDVGHOLQÀHUQRFRQWUDORViQJHOHVGHOFLHOR0DUtD\2GyQUHÁHMDQ WDPELpQHVWHFRPEDWHHQODFRUWH\HQOD,JOHVLDGRVPyQDGDVFRQSXHUWDV\YHQWDQDV GHVGHODTXHVHSXHGHFRQWHPSODUODUHDOLGDGGHOPXQGRDXQTXHVHDDSDUWLUGHVHUHV TXHQRH[LVWDQUHDOPHQWHRTXHVHDQKDELWDQWHVGHRWURVUHLQRV /DV IiEXODV PHGLHYDOHV HQ UHDOLGDG QRV SRQHQ HQ HO FDPLQR GH H[DPLQDU OD VRFLHGDGODMXVWLFLDHOSHQVDPLHQWRODUHOLJLyQODFLYLOL]DFLyQDOFRPSOHWRLQFOXLGD ODSURSLDLPDJHQHVSHFXODUGHOKRPEUHHVGHFLUODSURSLDYLVLyQGHOKRPEUHVREUHVt PLVPRDODOX]GHXQXQLYHUVRGHFULDWXUDVFUHDGDVSRUHOLQPHQVRSRGHUGH'LRV$ 6REUHHOPDFKRFDEUtRDFDEDOOR,EtG6iQFKH]6DORU( &I3LxHUR5 +HPRVGHOODPDUODDWHQFLyQVREUHHOKHFKRGHTXHHVWRVGRVDQLPDOHVWLHQHQXQDDPELYDOHQFLDFRQ WUDVWDGD HQ ODV IiEXODV GH 2GyQ HV GHFLU XQDV YHFHV UHSUHVHQWDQ D 'LRV \ RWUDV DO GLDEOR 6H SXHGH FRQVWDWDUSRUHMHPSORFyPRHQHOUHODWRWLWXODGR6REUHODFRUQHMDHOiJXLODUHSUHVHQWDDOUH\MXVWRD'LRV PLHQWUDVTXHHQ6REUHODWRUWXJD\HOiJXLODpVWDUHSUHVHQWDDOPLVPtVLPRGLDEOR$VtSXHVODWDUHDKHU PHQpXWLFDKDGHVHUGHVDUUROODGDFRQFDXWHODDQDOL]DQGRFXLGDGRVDPHQWHHOVHQWLGRGHFDGDDQLPDOHQ FDGDXQDGHODVIiEXODV1RFDEHSRUWDQWRXQDLQWHUSUHWDFLyQJOREDOGDGRTXHQRVFRQGXFLUtDDHUURUHV JUDYHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 'HIiEXODV\EHVWLDULRV/DHVWpWLFDGHORVDQLPDOHVHQOD(GDG0HGLD 2GyQGH&KHULWRQOHREVHVLRQDEDMXVWDPHQWHHVDYLVLyQGH'LRVWRGRSRGHURVRFRPR XQDYtDSDUDFRPSUHQGHUODUHDOLGDG6XVGLVHxRVDOHJyULFRVLQFLGHQMXVWDPHQWHHQHVH LQWHQWRGHGHVYHODUODQDWXUDOH]DGHODVFULDWXUDVSDUDHYLWDUHOHUURUTXHQRVKDFHFDHU HQHODELVPRGHOLQÀHUQR (QVXDUTXLWHFWyQLFDOLWHUDULDHOIXQGDPHQWRQRHVOD]RRORJtDVLQROD(VFULWXUD QRROYLGHPRVTXHHUDGRFWRUHQWHRORJtDSRUOD8QLYHUVLGDGGH3DUtV6XFUHDWLYLGDG QRUHVSRQGHWDQVyORDOLQWHUpVSRUHOHMHUFLFLRDUWtVWLFROLWHUDULRVLQRTXHVHLQVHUWDHQ HOLQWHQWRGHHVFODUHFHUODPHQWHGHORVKRPEUHVSDUDTXHFRQR]FDQORVSODQHVGH'LRV \HQWDEOHQXQFRPEDWHFRQWUDHOGLDEOR3RUHVRQRVKDEODGHHVFDUDEDMRVGH]RUURV GHVDSRVWUDQVIRUPDQGRHOMXHJROLWHUDULRHQXQVHUYLFLRUHOLJLRVRHQHOTXHVHLQWHQWD HQVHxDUDGLVFULPLQDUHOELHQGHOPDOODYHUGDGGHODIDOVHGDGHOYLFLRGHODYLUWXG HO HQJDxR GHO HPEDXFDGRU GH OD EXHQD QXHYD GHO &RUGHUR$Vt HVFULEH HQ OD IiEXOD WLWXODGD6REUHHOHQJDxRGHOD]RUUD ´/D]RUUDHUDWDQFRQRFLGDSRUODVRYHMDVTXHpVWDVVHJXDUGDEDQPXFKRGHHOODGHIRUPDTXH QRVDOtDQGHVXUHGLOQLVHDSDUWDEDQGHOSHUURTXHODVJXDUGDED3HQVyOD]RUUD6pTXpKDFHU PHSRQGUpXQDSLHOGHRYHMD\PHLQWURGXFLUpHQWUHODVRYHMDVHQWRQFHVSRGUpDSURYHFKDQGROD RFDVLyQFRPHUFRUGHURV\RYHMDV!!<DVtORKL]R$VtVRQPXFKRVUHOLJLRVRVTXHWLHQHQYHVWLGRV EODQFRVGHPDQHUDTXHSDUHFHQRYHMDVGH&ULVWR(VWRVVRQORVIDOVRVSURIHWDVTXHYLHQHQFRQ ODSLHOGHRYHMDSHURTXHSRUGHQWURVRQORVORERVUDSDFHV\]RUUDVIUDXGXOHQWDV7DOHVVRQORV IDOVRVPRQMHVORVIDOVRVSUHGLFDGRUHVORVIDOVRVUHOLJLRVRVTXHQREXVFDQRWUDFRVDGHORVULFRV VLQRWLHUUDVYLxDVGLQHUR\PROHVWDQDORVTXHHVWiQDVXODGRPiVTXHDQLQJ~QRWUR3RUHVR \RSUHÀHURWHQHUSRUYHFLQRDXQSDJDQRRDXQMXGtRDQWHVTXHDXQUHOLJLRVRDVt6L\RFUH\HUD TXHORVYHVWLGRVEODQFRVPHVDQWLÀFDQFROJDUtDVREUHPLFXHOORWRGROREODQFRTXHSXGLHUDµ /D SRSXODULGDG GH ODV IiEXODV HQ OD (GDG 0HGLD \ OD GHÀQLFLyQ HMHPSODU GH ORVDQLPDOHVD\XGyGHPDQHUDIRUPLGDEOHDODGLIXVLyQQRGHVLPSOHVQDUUDFLRQHV DWUDFWLYDV\VHQFLOODVGHFRPSUHQGHUVLQRDODH[SDQVLyQGHXQPRGRGHYHUHOXQLYHUVR \GHFRQWHPSODUHOOXJDUTXHHQpORFXSDHOVHUTXHGLRQRPEUHDWRGRVORVDQLPDOHV/RV EHVWLDULRVGHHVWHPRGRVHFRQYLHUWHQHQ¶KXPDQDULRV·\ODVIiEXODVHQFUHDFLRQHVTXH QRVSHUPLWHQVRxDUFRQXQPXQGRHQHOTXHQXHVWUDFDSDFLGDGGHFUHDFLyQQXHVWURV GHVHRV\QXHVWUDOLEHUWDGVHUHDOL]DQHVGHFLUSDVDQGHODÀFFLyQDODH[LVWHQFLD (Q6REUHHOKHUHMH\ODPRVFD2GyQHQVHxDTXHQHJDUHOSRGHUFUHDGRUGH'LRVQRVyORHVXQDKHUHMtDVLQR TXHVXSRQHXQDGHVWUXFFLyQWRWDOGHODSyVWDWD &RPRHQ6REUHODVTXHMDVGHODVRYHMDVDOOHyQFRQWUDHOORERR6REUHORVDVQRVYHVWLGRVFRQSLHOGHOHyQR6REUH HODMHGUH]R6REUHODPRVFD\ODKRUPLJD\VREUHWRGRHQ6REUHODE~VTXHGDGHODHWHUQDIHOLFLGDGSRUSDUWHGH *RGHUR ´'HLJXDOIRUPDTXHHOHVFDUDEDMREDWHVXVDODVUXLGRVDPHQWHGDQGRODLPSUHVLyQTXHGLFH)UDLELHQ IUDLELHQ\DODSRVWUHFKRFDFRQWXURVWUR$VtGLFHQDOJXQRV)UDLELHQIUDLELHQSURPHWHQXQJHQWRV \GDQWRUPHQWRSURPHWHQURVDV\GDQRUWLJDVµ6REUHHOHVFDUDEDMR6iQFKH]6DORU(HG 'HOHVFDUDEDMR2GyQGLFHDGHPiVTXHHVXQDFULDWXUDPDOGLWD\DQWLQDWXUDOSRUTXH´OHVDEHPHMRUHO HVWLpUFROGHOSHFDGRTXH&ULVWRORVOXJDUHVGHOGLDEOR\HOHVWLpUFRO>@TXHODYLGD\ORVHMHPSORVGHORV VDQWRVµ6REUHXQHVFDUDEDMR\WHUPLQDKDFLHQGRUHIHUHQFLDDO&RPHQWDULRDORV6DOPRVGH6DQ$JXVWtQ ²FXDQGRORVFRPSDUDFRQDTXHOORVTXHWLHQHQFRUURPSLGRHOSDODGDUGHVXDOPDDFDXVDGHVX ÀHEUHGHLQLTXLGDG 6REUHHOVDSR\ODUDQDHVXQDH[SRVLFLyQGLUHFWD\GHPROHGRUDVREUHHOFRPSRUWDPLHQWRGHORVDYDURV \ORVWDFDxRV 6iQFKH]6DORU( ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5LFDUGR3LxHUR0RUDO %,%/,2*5$)Ì$ %D[WHU5%HVWLDULHVDQGWKHLU8VHUVLQWKH0LGGOH$JHV3KRHQL[0LOO %HQWRQ-57KHPHGLHYDOPHQDJHULHDQLPDOVLQWKHDUWRIPLGGOHDJHV1HZ<RUN %ODFNKDP+-7KH)DEOHDV/LWHUDWXUH/RQGRQ &XHQFD/$GHHG/DLV0DUtDGH)UDQFLD0DGULG &XUWLXV((XURSHDQ/LWHUDWXUHDQGWKH/DWLQ0LGGOH$JHV3ULQFHWRQ 'pORUW5/HVDQLPDX[RQWXQHKLVWRULUH3DULV )ORUHV&HG$QLPDOVLQWKH0LGGOH$JHV1HZ<RUN/RQGRQ +HQGHUVRQ$&´$QLPDO)DEOHVD9HKLFOHVRI6RFLDO3URWHVWDQG6DWLUH7ZHOIWK &HQWXU\WR+HQU\VRQµHQ*RRVVHQV-6RGPDQQ7HGV7KLUG,QWHUQDWLRQDO %HDVW(SLF)DEOHDQG)DEOLDX&ROORTXLXP.|OQ -DFREV-&HG7KH)DEOHVRI2GRRI&KHULWRQ6\UDFXVH .HLGHO*&´7KH+LVWRU\RIWKH)UHQFK)DEOH0DQXVFULSWVµHQ3XEOLFDWLRQVRI 0RGHUQ/DQJXDJH$VVRFLDWLRQ 3D\QH$0HGLHYDO%HDVWV/RQGRQ 3LxHUR5/DVEHVWLDVGHOLQÀHUQR6DODPDQFD 5pDX/,FRQRJUDItDGHODUWHFULVWLDQR,QWURGXFFLyQJHQHUDO%DUFHORQDYRO, 6DOLVEXU\-($QLPDOVLQWKH0LGGOH$JHV1HZ<RUN 6iQFKH]6DORU(HG)iEXODVODWLQDVPHGLHYDOHV0DGULG 6SLHJHO+HGWUDQV0DULHGH)UDQFH)DEOHV7RURQWR 7HVQLqUH0+GLU%HVWLDLUHDXPR\HQkJHOHVDQLPDX[GDQVOHVPDQXVFULWV3DULV 7HVQLqUH0+%HVWLDLUHPpGLpYDO3DULV :RRGV%$7KH'HYLOLQ'RJ)RUP$3DUWLDO7\SH,QGH[RI'HYLO/HJHQGV%HUNHOH\ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR 35(6(1&,$<(&26'()É%8/$6(6Ð3,&$6(1(/%$/'2 720$6$3$675$1$6$17$0$57$ 8QLYHUVLGDGGH/HyQ 5HVXPHQ (ODXWRUGHO%DOGRQRVSUHVHQWDXQOLEURGHFDEDOOHUtDVHQHOTXHODLQWHQFLyQGHHQWUHWHQLPLHQWRQRHVPH QRUTXHODGHPRVWUDUHUXGLFLyQ\PRGHORVGHFRQGXFWDDSURSLDGRVHQODVRFLHGDGSDUDHOORLQWURGXFH DOODGRGHODVDYHQWXUDVSURSLDVGHHVWRVOLEURVUHIHUHQFLDVDDXWRUHVFOiVLFRVHQWUHORVTXHÀJXUD(VRSR FRQDOJXQDGHVXVIiEXODVUHFRJLGDVHQHO(VRSHWH\VWRULDGR(QHVWHHVWXGLRVHRIUHFHXQDFRPSDUDFLyQGH ODVIiEXODVHVySLFDVTXHDSDUHFHQHQDPERVOLEURVVHDQDOL]DQVXVYDULDQWHVGLVWLQWDVLQWHUSUHWDFLRQHV DVtFRPRHOXVRTXHHODXWRUKDFHGHODVPLVPDVHQODREUDDUJXPHQWDUGDUFRQVHMRVVREUHPRGHORVGH FRQGXFWD\PRVWUDUODVVHPHMDQ]DVHQORVFRPSRUWDPLHQWRVGHKRPEUHV\DQLPDOHV 3DODEUDVFODYH%DOGR(VRSR(VRSHWH\VWRULDGRIiEXODVYHUVLRQHVOLEURVGHFDEDOOHUtDVGLGDFWLVPRFRQ VHMRVDUJXPHQWDFLyQ $EVWUDFW 7KHDXWKRURI%DOGXVSUHVHQWVXVZLWKDFKLYDOULFERRNLQZKLFKWKHDLPRIHQWHUWDLQPHQWLVQRWRIOHVV LPSRUWDQFH WKDQ WKDW RI VKRZLQJ HUXGLWLRQ DQG RIIHULQJ PRGHOV IRU DSSURSULDWH EHKDYLRU LQ VRFLHW\ ,QRUGHUWRJHWWKLVREMHFWLYHWKHDXWKRUFRPELQHVWKHW\SLFDODGYHQWXUHVIURPFKLYDOULFERRNVZLWKD P\ULDGRIUHIHUHQFHVWRFODVVLFDODXWKRUVDPRQJZKRPZHÀQG$HVRSZKRVHIDEOHVKDGEHHQFRPSLOHG LQWKH(VRSHWH\VWRULDGR7KHSUHVHQWVWXG\RIIHUVDFRPSDULVRQRIWKH$HVRSLDQIDEOHVWKDWDUHPHQWLRQHG LQ%DOGXVZLWKWKRVHDSSHDULQJLQWKHRULJLQDOWH[W:HRIIHUDQDQDO\VLVRIWKHYHUVLRQVWKHLULQWHUSUHWD WLRQDQGWKHXVHWKHDXWKRURI%DOGXVPDNHVRIWKHPLQKLVZRUNSHUVXDVLRQDGYLVLQJDERXWDSSURSULDWH EHKDYLRUDQGSRLQWLQJRXWWKHVLPLODULWLHVEHWZHHQDQLPDODQGKXPDQEHKDYLRU .H\ZRUGV%DOGXV$HVRS(VRSHWH\VWRULDGRIDEOHVYHUVLRQVFKLYDOULFERRNVGLGDFWLFDGYLFHSHUVXD VLRQ ,1752'8&&,Ð1 /DSUHVHQFLDGHFRQWHQLGRGLGiFWLFRHQODVREUDVGHO;9,HUDHOHPHQWRQHFHVDULR SDUDTXHQRIXHUDQREMHWRGHFUtWLFDSRUSDUWHGHORVPRUDOLVWDViXUHRV$XQTXHHOYDORU GLGiFWLFRGHODOHFWXUDGHKHFKRVKHURLFRVYHUGDGHURVRQR\DKDEtDVLGRVHxDODGRHQ &RUUHRHWRPDVDS#KRWPDLOFRP5HFLELGRVHJXQGDYHUVLyQ$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7RPDVD3DVWUDQD6DQWDPDUWD /DVVLHWH3DUWLGDVGH$OIRQVR;\SRURWURVDXWRUHVFRPR)HOLFLDQRGH6LOYDRHOSURSLR DXWRUGHO%DOGR´¢4XLpQHVGHWDQSHTXHxDFDSDFLGDGTXHOXHJRQRYHDHOSURYHFKR TXHOHSXHGHQGDUODVIiEXODVQRSHUMXGLFLDOHV"µHVWRQRHUDyELFHSDUDTXHORVFUtWLFRV ´HVWRVVHYHURV&DWRQHVTXHTXLHUHQHQYLDUODVREUDVEXHQDVDXQTXHIDEXORVDVDORV LQÀHUQRVFRQTXLHQODVKLFLHURQµDWDFDUDQORVOLEURVGHFDEDOOHUtDVFRPROHFWXUDLQ~WLO 3RUHVRVHFRQYLHUWHFDVLHQOXJDUFRP~QODDOXVLyQHQORVSUyORJRVDOFDUiFWHUGLGiFWLFR GHHVWDVREUDVDPRGRH[FXOSDWRULRHQ%DOGRHODXWRUGLFHTXHLQWURGXFHHQVHxDQ]DV GH´ÀOyVRIRVPRUDOHVSDUDTXHWRPHDOJ~QSURYHFKRHOOHFWRUDORTXHYDPLLQWHQFLyQ HQFDPLQDGDµ 0DUWtQ5RPHURFRPHQWDTXHHOHQWUHWHQLPLHQWRHQORVOLEURVGHFDEDOOHUtDVVH YH´PRWLYDGRSRUUD]RQHVpWLFDVFDPXÁDGRSRUHOODVRVLPSOHPHQWHPH]FODGRFRQ GLVTXLVLFLRQHV PRUDOHVµ$Vt HQFRQWUDPRV HQ HO %DOGR GLJUHVLRQHV TXH UHFXHUGDQ DO VHUPyQDYHQWXUDVFDEDOOHUHVFDVTXHVLUYHQGHPRGHORGHFRPSRUWDPLHQWRSDVDQGR SRUFLWDVGHHVFULWRUHVDQWLJXRV\UHIHUHQFLDVFULVWLDQDV(OSUHVHQWHWUDEDMRLQWURGXFH XQHOHPHQWRPiVDHVWDOLVWDODIiEXODHVySLFDFX\DSUHVHQFLDHVWiWRGDYtDVLQHVWXGLR HQ ORV OLEURV GH FDEDOOHUtDV 6H DQDOL]D DKRUD OD SUHVHQFLD \ HO XVR GH WDOHV WH[WRV HQ HO%DOGRFRQODLQWHQFLyQGHFRQWULEXLUDDEULUHOFDPLQRDHVWXGLRVVLPLODUHVHQRWURV OLEURVGHFDEDOOHUtDV 35(6(17$&,Ð1'(%$/'2 (O%DOGRGHOTXHVRORFRQVWDXQDHGLFLyQIHFKDGDHQHQHOWDOOHUGH'RPHQLFR GH5REHUWLVHVHOFXDUWROLEURGHOFLFOR5HLQDOGRVGH0RQWDOEiQ(VWDREUDWLHQHYDULDV SDUWLFXODULGDGHVTXHODKDFHQGLVWDQFLDUVHGHORVOLEURVGHFDEDOOHUtDVDOXVRHQSULPHU OXJDU\KDVWDHOFDStWXOR[[[YGHOSULPHUOLEURVHWUDWDGHXQDWUDGXFFLyQGHXQDREUD LWDOLDQD GH GHO PRQMH EHQHGLFWLQR 7HyÀOR )ROHQJR TXH XVD SRU VHXGyQLPR HO QRPEUH GH 0HUOtQ &RFD\R SRU RWUR ODGR QR UHVSRQGH DO SDWUyQ WtSLFR GH ORV OLEURV GH FDEDOOHUtDV SXHV HQ HOOD KD\ FDELGD SDUD WH[WRV GLYHUVRV TXH QRV KDFHQ UHFRUGDU RWURVJpQHURVTXHYDQGHVGHHOWtSLFDPHQWHFDEDOOHUHVFRDUHODWRVTXHSDUHFHQDQXQFLDU ODQRYHODSLFDUHVFDSDVDQGRSRUUHÁH[LRQHVGHODXWRU\FRPSLODFLRQHVGHVDEHUTXH UHFXHUGDQDPLVFHOiQHDVGRQGHODVREUDVFOiVLFDVFRQYLYHQFRQODVGHOUHQDFLPLHQWR LWDOLDQR\FRQWH[WRVGHXQFDULVPDPiVSRSXODUTXHHQWURQFDQFRQODVUHFRSLODFLRQHV GHIiEXODVHVySLFDV\HVSHMRVGHSUtQFLSHV7RGRHOORHVIUXWRFRPRGLFH/DFDUUDGHO ´QXHYRLPSXOVRTXHODOLWHUDWXUDVDSLHQFLDOFREUDGXUDQWHHOKXPDQLVPRµ $XQTXHHQVXPRPHQWRXQOLEURGHFDEDOOHUtDVHUDWRGRORRSXHVWRDFXDOTXLHU REUDGHODTXHVHSXGLHUDH[WUDHUQLQJXQDXWLOLGDGHQHO%DOGRODLQWHQFLyQGLGiFWLFD %DOGRSiJ %DOGRSiJ 6REUHHVWHWHPDYHU0DUWtQ5RPHUR´%XHQDVGRFWULQDV\HQ[HPSORVµ$VSHFWRVVDSLHQFLDOHV\GLGiF WLFRVHQORVOLEURVGHFDEDOOHUtDV %DOGRSiJ 0DUWtQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR TXHGDSDWHQWHHQHVWRVFRPHQWDULRVTXHHODXWRUDxDGHDDOJXQRVGHORVFDStWXORV\ HQ ORV WHPDV TXH RFXSDQ FDStWXORV HQWHURV HQ ORV TXH HO OHFWRU SXHGH SHQVDU KDEHU FDPELDGRGHREUD 7e50,12´)É%8/$µ 6LJXLHQGRODGHÀQLFLyQGH6DQ,VLGRURODVIiEXODVVHRSRQHQDWRGRORTXHHV YHUtGLFRRKLVWyULFRVRQ´FRVDVQRQIHFKDVPDVÀQJLGDVµVRQUHVÀFWDH´)DEXODVVRQ DTXHOODVFRVDVTXHQLVRQKHFKDVQLSXHGHQVHUKHFKDVSRUTXHVHUtDQKHFKDVIXHUDGH ODQDWXUDOH]DµIUHQWHDODVUHVJHVWDH´/DVKLVWRULDVVRQYHUGDGHUDV\DVtKHFKDVFRPR VHFXHQWDQµ (Q/DYLGDGH(VRSROHHPRV +D\GLYHUVDVIiEXODVSRUTXHDOJXQDVVRQGLFKDV´HVySLFDVµODVFXDOHVKL]R\FRPSXVRHOPX\ FODUtVLPR(VRSR\VRQGRQGHODVDQLPDOLDVLUUDFLRQDOHVTXHQRWLHQHQKDEODVRQLQWURGXFLGDV\ ÀQJLGDVTXHKDEODQ <FRQHVWRVGRVVLJQLÀFDGRVXVDHOWpUPLQRHODXWRUGHO%DOGRFRPRXQDKLVWRULD ÀFWLFLDRSXHVWDDDOJRYHUtGLFRLQFOX\HQGRDTXtÀFFLRQHVQDUUDFLRQHVPLWROyJLFDV\ODV IiEXODVWDO\FRPRODVHQWHQGHPRVKR\FRPRFRUURERUDQHVWDVFLWDV´1RSHQVpLVTXHOR TXHQRVFXHQWD&tQJDUVRQIiEXODV(VWRHVORTXH\RYL\SXHGHFUHHUVHµ´6HPHMDQWH HVDTXHVWRDODIiEXOLOODGH,VRSRTXHFXHQWDGHOUDWyQFLXGDGDQR\GHOFDPSHVLQRµ 35(6(1&,$'()É%8/$6(1(/%$/'2 $ODQDOL]DUODVIiEXODVHQHO%DOGRPHFHQWURWDQVRORHQODV´IiEXODVHVySLFDVµ GHMDQGR D XQ ODGR ODV VLPSOHV PHQFLRQHV D DQLPDOHV TXH QRV UHPLWHQ D IiEXODV \ REYLDQGRWDPELpQRWUDVFRQXQFDUiFWHUPiVRULHQWDOTXHUHFXHUGDQDODVXVDGDVSDUD HGXFDUDSUtQFLSHVWDOHVFRPRODIiEXODGHODOGHDQR\HORGUHTXH&tQJDUSUHVHQWDHQ HOFDStWXOR;/,GHO/LEUR,,GHO%DOGR $VtSXHVWHQGUtDPRVGRVIiEXODVHVySLFDVHQHOSUyORJRGHO%DOGRODUDSRVD\ODV PRVFDVHOFDEDOOR\HOFLHUYRDGHPiVGHXQDTXHLQYHQWDHOSURSLRDXWRUODGH&HUHV ODJRORQGULQD\ODDQJXLOD(QHO/LEUR,)DOTXHWRSUHVHQWDODIiEXODGHODFRJXMDGD\OD PLHVGHQWURGHORVFDStWXORVHODXWRUKDFHUHIHUHQFLDVDGRVIiEXODVPiVHOSHUUR\HO WUR]RGHFDUQHHOOHyQ\ODPRVFD<HVHQODVDQRWDFLRQHVWUDVORVFDStWXORVGRQGHVH HQFXHQWUDHOPD\RUQ~PHURGHHOODVORVGRVUDWRQHVHOEXH\\ODUDQDOD]RUUD\ODV SHUDVHOFXFOLOORHOUXLVHxRU\HODVQR(VGHFLUXQWRWDOGHIiEXODVHVySLFDVHQWRGD ODREUD (VRSHWH<VWRULDGRSiJ (VRSHWH<VWRULDGRSiJ (VRSHWH<VWRULDGRSiJ (VRSHWH<VWRULDGRSiJ %DOGRSiJ %DOGRSiJ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7RPDVD3DVWUDQD6DQWDPDUWD 862'(/$6)É%8/$6 %L]DUULQRVLQGLFDTXH\D5RPXOXVDÀQHVGHOVLJOR9,,,RFRPLHQ]RV GHO ,; KDEODED GHO XVR GH ODV IiEXODV FRPR PRGHOR GH FRQGXFWD ´TXLG KRPLQHV REVHUYDUHGHEHDQW9HUXPXWYLWDPKRPLQXPHWPRUHVRVWHQGHUHWµVLUYHQSXHVSDUD RIUHFHU ´XQD IRUPD ÀJXUDGD GH UHSUHVHQWDU ODV FRQGXFWDV KXPDQDVµ (Q /D YLGD GH (VRSRWDPELpQVHLQFLGHHQHVWR (DVVLDTXHOTXHTXLHUHOHHUHVWHOLEURGHODFRORUGHODÁRUHVWRHVGHODIDEXODQRQGHYHFXUDU PDVDQWHVGHODGRFWULQDHQHOODFRQWHQLGDHWLQVHUWDSDUDDGTXLULU\DOFDQ]DUEXHQDVFRVWXPEUHV \YLUWXGHV\SDUDHYLWDU\JXDUGDUVHGHORVPDORVXVRVFKXSDQGR\WRPDQGRDVLHQYLDQGDGHO iQLPD\GHOFXHUSR (OSUyORJRDOSULPHUOLEURGHO(VRSHWHFRLQFLGHFRQHVWR\DxDGHDGHPiVVXWRQR O~GLFR 3RUTXHD\XGH\DSURYHFKHDODYLGDKXPDQDHOSUHVHQWHOLEURHVFRPSXHVWRDODPDQHUDGH IiEXODVGHUHtUSRUTXHODVFRVDVSURYHFKRVDV\QHFHVDULDVPHMRU\PiVGXOFHPHQWHVHWRPDQ SLQWDGDV\IXOFLGDVFRQFRVDVSURYRFDQWHVDULVD\SODFHU«(ODEUHYHGDGGHODVIiEXODVWUDH FDUJDKRQHVWDGHFRVWXPEUHVFRPRODFiVFDUDVHFDFXEUHPXFKDVYHFHVHOEXHQPHROOR (OSUyORJRDO%DOGRWLHQHXQWtWXORPX\VLJQLÀFDWLYR´3UyORJRVREUHODSRHVtDGH 0HUOLQR&RFD\RSRHWD0DQWXDQRTXHGHPXHVWUDFyPRVHKDGHVDFDUXWLOLGDGGHODV IiEXODV\ODFDXVDSRUTXHVHLQYHQWDURQµ(QWHQGLHQGRDTXtSRU´IiEXODµUHVÀFWLFLD\ QRVRORHQHOVHQWLGRGH´IiEXODHVySLFDµDXQTXHHODXWRUWDPELpQGHÀHQGHODVIiEXODV HVySLFDVSURSLDPHQWHGLFKDV´ODVFXDOHVFODURHVWiTXHPX\SRFRGDxRWUDHQSRUTXH \DVHQRPEUDQSRUFRVDVIDOVDV\ODFRVDFODUDQRHQJDxDµ 7DPELpQ HQ HO %DOGR VH VHxDODQ ORV GRV XVRV DQWHULRUHV D ODV IiEXODV ´GDU H[HPSORDORVKXPDQRVµHQWHQGLHQGRTXHKD\TXHLQWHUSUHWDUODVSXHVVRQXQDVXHUWH GHSDUiERODVFRQXQVLJQLÀFDGRSURIXQGR\D\XGDQDGHFLGLUFyPRDFWXDUHORWURXVR VHUtDHODWUDHUHOiQLPR\GHVSHUWDUHOLQWHUpVGHTXLHQHVFXFKDVLHQGRSRUHVREXHQDV KHUUDPLHQWDVSDUDWUDVPLWLUHQVHxDQ]DV'LFHHODXWRUHQHOSUyORJRHQXQSDVDMHTXH PHUHFHODSHQDWUDQVFULELUVH $VLPLVPR ODV SXVLHURQ HQ VXV REUDV JUDQGHV YDURQHV \ FHOHEpUULPRV ÀOyVRIRV FRPR 3ODWyQ $ULVWyWHOHV 3OXWDUFR \ 3OLQLR SRUTXH VRQ HOODV GH WDO PDQHUD TXH SHQHWUDQ ORV iQLPRV GH ORV OHFWRUHV \ FRQ FLHUWDV VHPHMDQWHV YDOHQ SDUD FRQPRYHU ORV iQLPRV GH ORV KRPEUHV \ GH WDO PDQHUDTXHHORtUODVOXHQJDVRUDFLRQHVHKLVWRULDVRUGHQDGDVHQKDVWtDQDXQTXHVHDQGHFRVDV SURYHFKRVDVVLQRVHHQWUHPHWHQHVWDVIiEXODV6HDQRVWHVWLJRXQRUDGRUGH$WHQDVTXHRUDQGR GHODQWHGHOSXHEORDWHQLHQVHFRPRORYLHVHSRFRDWHQWRURJyOHVTXHWXYLHVHQSRUELHQGHRtU XQDIiEXOD(OORVHQWRQFHVGtFHQOHTXHODGLJD\DJX]DQODVRUHMDVSDUDRtUOD(QWRQFHVpOGLFHDVt ²&HUHVYXHVWUDGLRVD²SRUTXHHUDDOOtDGRUDGD²FRQODJRORQGULQD\ODDQJXLOD\HQGRFDPLQDQGR DOOHJDURQDXQUtR/DJRORQGULQDORSDVyYRODQGR\ODDQJXLODQDGDQGR &RPRDFDEyHORUDGRUGHGHFLUHVWRFDOOyVHXQSRFR7RGRVHQWRQFHVFRPLpQ]DQOHDSUHJXQWDU TXpKDEtDKHFKR&HUHVeOUHVSRQGLy ²(QRMyVHFRQYRVRWURVYXHVWUDGLRVDSRUTXHQRTXHUpLVRtUODVFRVDVSURYHFKRVDVSHURPX\ DWHQWRVRtVODVFRQVHMDV %DOGRSiJ %DOGRSiJ %DOGRSiJ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR (Q HO %DOGR ODV IiEXODV VH XWLOL]DQ FRQ WUHV LQWHQFLRQHV RIUHFHU XQ PRGHOR GH FRQGXFWDKDFHUFRPSDUDFLRQHVHQWUHHOFRPSRUWDPLHQWRKXPDQR\HODQLPDO\VHUYLU GH DUJXPHQWR SDUD GHIHQGHU XQD LGHD (VWDV GRV ~OWLPDV \D ODV VHxDODEDQ %XUUXV \ *ROGEHUJ $ FRQWLQXDFLyQ SUHVHQWR XQ DQiOLVLV GH HVWRV XVRV KDFLHQGR KLQFDSLp HQ ODV IiEXODV \ VX VLJQLÀFDGR FRPSDUiQGRODV FRQ HO (VRSHWH <VWRULDGR REUD GH TXH SXHGHFRQVLGHUDUVHODIXHQWHIDEXOtVWLFDPiVFRQRFLGDHQODpSRFD 8VRFRPRDUJXPHQWDFLyQ /D PD\RU SUHVHQFLD GH IiEXODV OD WHQHPRV HQ OD ´PRUDOLGDGµ ´DGLFLyQ GHO WUDVODGDGRUµ R ´H[FODPDFLyQµ FRQ TXH FRQFOX\HQ DOJXQR GH ORV FDStWXORV (VWRV WH[WRVVRQFUHDFLyQSURSLDGHOWUDGXFWRUGHO%DOGRTXHDFXGHDOWySLFRGHOPDQXVFULWR HQFRQWUDGRTXHQRVyORWUDGXFHVLQRTXHGHFLGHHQULTXHFHU´\VDELHQGRELHQTXHHVWR HVIiEXODPHWtWDPELpQIiEXODVHKLVWRULDVDQWLJXDVµ\FRQWLQ~D 'HDGRQGHWXYHSRUELHQKDFHUDOÀQGHORVFDStWXORVTXHIXHVHQPHQHVWHUVXVDGLFLRQHVVDFDGDV GHÀOyVRIRVPRUDOHVSDUDTXHWRPHDOJ~QSURYHFKRHOOHFWRUDORTXHYDPLLQWHQFLyQHQFDPLQDGD QRFRPRDTXHOORVOLEURVTXHVRODPHQWHDOHJUDQ\D~QHVRFRQJUDFLDVGHVKRQHVWDV (VWRV HOHPHQWRV DxDGLGRV VRQ UHÁH[LRQHV HUXGLWDV UHSOHWDV GH FLWDV D DXWRUHV FOiVLFRV SHUVRQDMHV PLWROyJLFRV \ HQ RFDVLRQHV PHQFLRQHV D IiEXODV (O WHPD GH ORV PLVPRV VH UHODFLRQD FRQ PD\RU R PHQRU GHVHQYROWXUD FRQ OR WUDWDGR HQ HO FDStWXOR VRQ FRPHQWDULRV DO FRPSRUWDPLHQWR GH ORV SHUVRQDMHV TXH LQFOXVR VH VRPHWHQDLQWHUSUHWDFLRQHVDOHJyULFDVHQXQDFODUDLQWHQFLyQGLGiFWLFDGHLQFXOFDUXQ FRPSRUWDPLHQWRPRUDOPHQWHDFHSWDGRSRUODVRFLHGDG /DDSDULFLyQGHIiEXODVHVySLFDVHQHVWDVDGLFLRQHVUHVSRQGHDODVQHFHVLGDGHV GHOSURFHVRDUJXPHQWDWLYRGHODXWRUTXHSDUDGHIHQGHUVXVLGHDVXWLOL]DHODSR\RGH REUDVGHHVFULWRUHVDQWLJXRV\FRQLQWHQFLyQGHFRQWLQXDUXQKLORGLVFXUVLYRLQWURGXFH ODVIiEXODVGH(VRSRVLQFRQVLGHUDUODVDUJXPHQWRVLQIHULRUHVDODVSDODEUDVGHHVFULWRUHV FOiVLFRVFRQVDJUDGRVGHKHFKRQRVGLFH´PiVDXWRULGDG\SURYHFKRWUDHXQUHIUiQGH ORVH[SHULPHQWDGRVTXHXQGLFKRGHVDELRVµ $HVRSLF IDEOHV DUH VKRUW LOOXVWUDWLYH QDUUDWLYHV WKDW LOOXPLQDWH VRPH DVSHFW RI KXPDQ EHKDYLRU ,Q WKHLUOLWHUDU\UHDOL]DWLRQVWKH\DUHFRPSLOHGZLWKSURP\WKLDRUHSLP\WKLDRUWKH\DUHLQFRUSRUDWHGLQWR DODUJHUQDUUDWLYHZKHUHWKH\HLWKHUDGYDQFHWKHDFWLRQGHVFULEHWKHDWWULEXWHVRIDFKDUDFWHURUDFWDV SHUVXDVLYHWRROVLQGLVFRXUVH%XUUXV\*ROGEHUJYLLL %DOGRSiJ 0DUWLQ5RPHURVHxDODHOHVWXGLRGH&DFKR%OHFXDVREUHHO$PDGtVDOUHVSHFWR1RVRORODVDFFLRQHV GHORVFDEDOOHURVVLQRODVGHORVSURSLRVGLRVHVPLWROyJLFRVHUDQREMHWRGHLQWHUSUHWDFLyQDOHJyULFDFRQ ÀQDOLGDG PRUDO *HUQHUW FLWDQGR D -HDQ 6H]QHF /RV GLRVHV GH OD$QWLJHGDG HQ OD (GDG 0HGLD \ HO 5HQDFLPLHQWR0DGULGSGLFH´ORV'LRVHVGHO5HQDFLPLHQWRFRQWLQXDEDQVLHQGRFRQPXFKD IUHFXHQFLDÀJXUDVGLGiFWLFDVLQFOXVRLQVWUXPHQWRVSDUDODHGLÀFDFLyQGHODVDOPDVµ*HQHUW %DOGRSiJ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7RPDVD3DVWUDQD6DQWDPDUWD 'RVYHFHVKDFHPHQFLyQD(VRSRDOSUHVHQWDUXQDIiEXODODGHORVGRVUDWRQHV \ODGHOD]RUUD\ODVSHUDVHQODVUHVWDQWHVRFDVLRQHVELHQVHODVDWULEX\HD+RUDFLROD UDQD\HOEXH\RQRVHKDFHPHQFLyQDODDXWRUtD 8VRHQODVPRUDOLGDGHV 6HXVDQSDUDDSR\DUDUJXPHQWRVODVVLJXLHQWHVIiEXODV /D IiEXOD GH ORV GRV UDWRQHV TXH ÀJXUD FRQ HO Q~PHUR ;; HQ HO /LEUR , GHO (VRSHWH'RVVRQORVVLJQLÀFDGRVGHHVWDIiEXODSRUXQODGRGHÀHQGHODSREUH]DIUHQWH DODULTXH]DSRURWURFULWLFDDTXLHQHVVHDFHUFDQDORVSRGHURVRVSDUDWHQHUPiVGHOR TXHOHVFRUUHVSRQGHVHJ~QVXHVWDGR (ODXWRUGHO%DOGRGHÀHQGHODSULPHUDGHODVLGHDVFULWLFDODVULTXH]DVGHSRUVt LQFOXVRODVTXHVHREWLHQHQSRUHOSURSLRWUDEDMR\DTXHHOSUREOHPDHVODHQYLGLDTXH JHQHUDQSRUHOORHOTXHUHQXQFLDDORVELHQHVHVIHOL](ODXWRUVLJXHFRQDJLOLGDGOD OtQHDDUJXPHQWDWLYDGHOFDStWXORTXHFHUUDEDFRQODKLVWRULDGH$ULyQ\DGYLHUWHFRQWUD ORVPDOHVTXHDFDUUHDODSRVHVLyQGHULTXH]D6HDOXGHVyORDOWtWXORGHODIiEXODSXHV VXSRQHTXHHOOHFWRUHVFRQRFHGRUGHODPLVPD 6HPHMDQWHHVDTXHVWRDODIiEXOLOODGH,VRSRTXHFXHQWDGHOUDWyQFLXGDGDQR\GHOFDPSHVLQR DVt TXH VyOR DTXHO HVWDED GHVFDQVDGR HO TXH KXELHUH GHVHFKDGR ODV ULTXH]DV \ QR OH SHVH GH KDEpUVHODVTXLWDGRRWUR, /D IiEXOD GH OD UDQD \ HO EXH\ WDPELpQ VH XVD SDUD DUJXPHQWDU (V OD IiEXOD ;; GHO /LEUR ,, GHO (VRSHWH &RPLHQ]D ´VL DOJ~Q SREUH TXLHUH LJXDODUVH FRQ DOJ~Q SRGHURVRHOWDOVHGHVWUX\H\SHUHFHµWHUPLQDFRQ´<SRUHVWRVHGLFH´QRWHKLQFKHV\ QRUHYHQWDUiVµ,,(QXQDLQWHUSUHWDFLyQDOHJyULFDGHOFDStWXORSUHFHGHQWHODQDYH GH%DOGRVHHTXLSDUDDODQDYHGHOPXQGRTXHQDYHJDSRUODYLGD/RVYLHQWRVVRQORV YLFLRV\HODXWRUVHFHQWUDHQODDPELFLyQ\HVHQWRQFHVFXDQGRLQWURGXFHODIDEXODGHO EXH\\ODUDQD6HSURGXFHXQFDPELROLJHURHQHODUJXPHQWRFRQUHVSHFWRDORULJLQDO SXHV VH GLFH TXH HO EXH\ KDEtD PDWDGR D YDULDV UDQDV DQWHV GH TXH XQD GH HOODV VH HQIUHQWDUDDpO´ODUDQD«FRPRKXELHVHSUHJXQWDGRDXQKLMXHORVX\RTXHYHQtD KX\HQGRGHOEXH\TXHFRQORVSLHVKDEtDWULOODGRDVXVKHUPDQRVµ,DVtHOGHVHR GHODUDQDQDFHUtDGHXQVHQWLPLHQWRGHYHQJDQ]D(QODYHUVLyQGHO(VRSHWHVHGLFHTXH HOEXH\SDFtDHQXQSUDGRFXDQGRDXQDUDQDOHHQWUDURQJDQDVGHVHUFRPRpOHODQWRMR HVWDUtDFDXVDGRSRUODHQYLGLD´XQDUDQDYLHQGRSDFHUXQEXH\HQHOSUDGRSHQVy HQWUHVtTXHSRGtDVHUWDQJUDQGHVLDTXHOODVXSLHO\FXHURDUUXJDGRSXGLHVHKLQFKDUµ ,, 3HUR PiV LPSRUWDQWH HV HO FDPELR GH VLJQLÀFDGR SXHV PLHQWUDV HO (VRSHWH DGYLHUWHGHOSHOLJURGHDXWRGHVWUXFFLyQTXHFRUUHHOSHTXHxRDOTXHUHULJXDODUVHFRQ HO JUDQGH HO %DOGR DGYLHUWH FRQWUD ORV KRPEUHV GH EDMR HVWDGR TXH FRPHWHQ URERV KRPLFLGLRVFRQMXUDFLRQHVHWFSRUFRGLFLDSXHVHOSHTXHxRXUGHFRQMXUDFLRQHVFRQWUD HOSRGHURVRSDUDDFDEDUFRQpO(OKXPLOGHHVFXOSDELOL]DGRGHVGHHOSULQFLSLRSRUVX LQWHQFLyQFDVLLQQDWDGHKDFHUGDxR ODVHGLHQWDDPELFLyQ«HVXQGHVHRWDQJUDYHGHKRQUDVTXHDORVKRPEUHVKLQFKDDFDGDXQR GDGLYHUVDVLPDJLQDFLRQHVDXQRVTXHKDQGHVHUJUDQGHVSUtQFLSHVTXHKDQGHKDEHUJUDQGHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR GLJQLGDGHVJUDQGHVKRQUDV$ORVFXDOHVTXLHUD'LRVQRDFRQWH]FDORTXHDODUDQDTXHFXHQWD HOSRHWD+RUDFLRODFXDOFRPRKXELHVHSUHJXQWDGRDXQKLMXHORVX\RTXHYHQtDKX\HQGRGHO EXH\TXHFRQORVSLHVKDEtDWULOODGRDVXVKHUPDQRVVLSRGUtDVHUHOODWDQJUDQGHFRPRDTXHOOD EHVWLD²1RUHVSRQGLypODXQTXHUHYLHQWHV 'H DGRQGH YLHQH TXH XQ KRPEUHFLOOR GH ]HYLO \ PX\ EDMR HVWDGR GH YLO OLQDMH \ GH SHRUHV FRQGLFLRQHVOHYDQWHFRQMXUDFLRQHVDFRPHWDKRPLFLGLRVKDJDODWURFLQLRVWUDEHFXHVWLRQHVVLQR SRUODDPELFLyQ, 2WUDIiEXODTXHVHXVDSDUDDSR\DUXQDWHVLVHVODGHODUDSRVD\ODVSHUDVTXH HQFRQWUDPRV DEULHQGR HO /LEUR ,9 GHO (VRSHWH OD IiEXOD , ´OD SULPHUD IiEXOD GH OD UDSRVD\GHODVXYDVµ,9 (QHO%DOGRKD\DOJ~QFDPELRVXSHUÀFLDOSXHVODVXYDVVHVXVWLWX\HQSRUSHUDV TXHODUDSRVDSUHWHQGHKDFHUFDHUGDQGRJROSHVFRQODFROD1RKD\TXHGLULPLUFXiO HVODYHUVLyQRULJLQDOSXHV\D-RQHVUHFXHUGD´:HPXVWUHPHPEHUWKDWDIRONWDOHLVWKH VXPRILWVYHUVLRQVWKHYHUVLRQVDUHQRWSDUWLDOUHÁHFWLRQVRUHYROYHGH[DPSOHVRIDQ RULJLQDOLGHDOWH[Wµ%XUUXV\*ROGEHUJ[YLL (OUHSHUWRULRSURYHUELDOGHO(VRSHWHIDFLOLWDGRSRU/DFDUUDLQGLFDVREUH HVWD IiEXOD ´3UXGHQFLDHV GLVLPXODUTXH QR VH SURFXUD OD FRVDFXDQGRQR VH SXHGH DOFDQ]DUµFRLQFLGLHQGRFRQHOXVRTXHVHGDHQHO%DOGR(OFDStWXOR;9,,,VLQDWDFDU ODÀORVRItDDFXVDDORVTXHGHVSXpVGHKDEHUGHVSHUGLFLDGRVXYLGDHQDUJXPHQWRV ÀORVyÀFRV LQ~WLOHV VLQ DSOLFDFLyQ SUiFWLFD TXH EHQHÀFLH D OD UHS~EOLFD ÀQJHQ QR LQWHUHVDUVHSRURWURVWHPDVTXHHQUHDOLGDGGHVHDUtDQDSUHQGHU ´'HDGRQGHYLHQHTXHORVTXHHQHVWRKDQJDVWDGRWRGDVXYLGD\VHYXHOYHQDDSUHQGHUODV RWUDVFRVDVSHURFRPRQRODVSXHGHQDSUHQGHUSRUTXHHVWiQ\DGXURVPHQRVSUpFLDQODV&RPR OHDFRQWHFLyHQDTXHOWLHPSRTXH+LVRSRGLRSDODEUDVDORVDQLPDOHVDOD]RUUDODFXDOFRPR KDPEULHQWDYLHVHXQJUDQSHUDOOOHQRGHPXFKDIUXWDFRPLHQ]DDGDUFRQVXFRODDOSLHGHO iUEROSHQVDQGRSRGHUKDFHUFDHUDOJ~QIUXWRSHURFRPRQXQFDSXGRQLTXHFD\HVHQODVSHUDV TXHTXHUtDVHYDGLFLHQGRTXHQRDERUUHFtDDPiVPDQMDUTXHDODVSHUDV&RQHVWDVIiEXODVH UHSUHQGHQORVTXHDUULEDGLMLPRVTXHVREUHFRVDVGHSRFRVHVRVHPDWDQ\JDVWDQORPHMRUGHVX HGDGµ, /D~OWLPDIiEXODTXHVHXVDFRQLQWHQFLyQDUJXPHQWDWLYDHVODGHOUXLVHxRUHO FXFOLOOR\HODVQR1RVHSRGUtDDVHJXUDUVLVHWUDWDGHODIiEXOD,9GHO/LEUR,9GHO(VRSHWH ´GH-XQR\GHOSDYyQ\GHOUXLVHxRUµSXHVVRORFRPSDUWHDOJXQRVHOHPHQWRVFRPXQHV HOFDQWRGHOUXLVHxRUFDXVDHQYLGLDDRWURV(QHO%DOGRHOHQYLGLRVRHVHOFXFOLOORHQHO (VRSHWHHOSDYRUHDOHQDPEDVREUDVDSDUHFHODÀJXUDGHXQMXH]HQ%DOGRHVXQDVQR HQHO(VRSHWH-XQRHQHO(VRSHWH-XQRGLFWDPLQDTXHFDGDDQLPDOWLHQHVXGRQSURSLR VXWDOHQWRPLHQWUDVTXHHQHO%DOGRHOUXLVHxRUSLHUGHIUHQWHDOFXFOLOORFRQFOX\HQGR DVtTXHORVWRUSHVQRDSUHFLDQODYHUGDGRTXHQRWRGRMXH]VDEHMX]JDURTXHQRKD\ TXHÀDUVHGHODVDSDULHQFLDVSXHVODVRUHMDVJUDQGHVQRLPSOLFDQQHFHVDULDPHQWHVDEHU RtU/D´PRUDOLGDGµGHOFDStWXORHVXQDUHLYLQGLFDFLyQGHODYHUGDG6HPHQFLRQDHVWD IiEXODSDUDHMHPSOLÀFDUFyPRODYHUGDGHVPHQRVSUHFLDGDGHORVKRPEUHVSRUTXHQR SXHGHQHQWHQGHUVXEHOOH]D %XUUXV\*ROGEHUJSJHQ-RQHV6WHYHQ6ZDQQ´7KHVWUXFWXUHRI6QRZ:KLWH,Q)DLU\7DOHVDQG 6RFLHW\,OOXVLRQ$OOXVLRQDQG3DUDGLJP(G5XWK%%RWWLJKHLPHU3KLODGHOSKLD8QLYHUVLW\RI3HQQV\OYD QLD3UHVV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7RPDVD3DVWUDQD6DQWDPDUWD $QGDODYHUGDGHQHVWHWLHPSREXVFDQGRKRPEUHVTXHODDFRMDQPHQRVSUHFLDGDGHORV PDORVFRPRHOUXLVHxRUHOFXDOXQDYH]FRQWHQGLyDFDQWDUFRQHOFXFOLOOR\HVFRJLHURQDO DVQRSRUMXH]SRUTXHWHQtDPiVOXHQJDVRUHMDV\DVtSHQVDURQTXHRLUtDPHMRU+DELHQGR FDQWDGRHOKDUSDGRUXLVHxRU\HOURQFRFXFOLOORGHODQWHGHpOpOGLRODYLFWRULDDOFXFOLOOR FRQGHQDQGR DO GXOFH FDQWR GHO UXLVHxRU SRUTXH QR OR HQWHQGtD 'H DGRQGH HVWD DYH HQRMDGD DSHOy D ORV KRPEUHV \ VLHPSUH FXDQGR YH D DOJXQR VH SDUD D FDQWDU PiV VXDYHPHQWHTXHFXDQGRHVWiVRORSDUDTXHMX]JXHSRUpO3HURHOKRPEUHHQWHQGLHQGROR TXHHVVXLQWHQFLyQQRSDVDVLQGDUOHYLFWRULD, 8VRFRPRPRGHORGHFRQGXFWD &RPRVHxDOpDOFRPLHQ]RRWURGHORVXVRVGHODIiEXODHVHOVHUYLUGHPRGHOR GHFRQGXFWD\HQHOSUyORJRDO%DOGRVHRIUHFHQGRVHMHPSORVTXHVHDSOLFDQSDUDHO UHJLPLHQWRGHUHLQRV (O DXWRU GHO %DOGR KDFH UHIHUHQFLD D OD IiEXOD ,; GHO /LEUR ,9 GHO (VRSHWH ´GHO FDEDOOR\GHOFLHUYR\GHOFD]DGRUµSDUDDOXGLUDXQKHFKRKLVWyULFRHQHOTXHHOXVR GH XQD IiEXOD HYLWy TXH XQ SXHEOR IXHUD VRPHWLGR (VWD IiEXOD PDQWLHQH HO PLVPR VLJQLÀFDGRTXHHQHOUHSHUWRULRSURYHUELDOGHO(VRSHWH´1RSRQJDHOKRPEUHHQHPLVWDG FRQTXLHQOHSHVHGHVSXpVGHKDEHUODWRPDGRµ HOSRHWD6WHVLFKRURDSDUWyDORVFLXGDGDQRVGH+tPHUDFRQODIiEXODGHOFDEDOORTXHSRUYHQJDUVH GHOFLHUYRVHGHMyHQIUHQDU\GHVSXpVGHYHQFLGRVHTXHGyHQSRGHUGHOKRPEUHDTXHSDUD YHQJDUVHQRWRPDVHQDOWLUDQR)DODULVUH\GHORVDJULJHQWLQRVSRUTXHDXQTXHYHQFLHVHQDVXV HQHPLJRVTXHGDUtDQHQVXMHFLyQSHUSHWXD /DVHJXQGDIiEXODHVySLFDPHQFLRQDGDSHURTXHQRÀJXUDHQHO(VRSHWHHVODGH ODUDSRVD\ODVPRVFDV $VLPLVPRHOIDEXODGRU,VRSRDSRUWyDORVGH6DPRFRQODIiEXODGHODUDSRVDPRUGLGDGHODV PRVFDVTXHQRPXGDVHQMXHFHV3RUHVWDFDXVD7LEHULR&pVDUGDEDORVPDJLVWUDGRVGHOXHQJR WLHPSRSRUTXHQRSHUGRQDDORVSXHEORVHOUHLQREUHYH (Q/DYLGDGH(VRSRHOSURWDJRQLVWDDOHFFLRQDDORVKDELWDQWHVGH6DPRQRFRQ HVWDIiEXODVLQRFRQODGHORVORERVODVRYHMDV\ORVSHUURV(VWRTXL]iVLQGLTXHTXHHO DXWRUGHO%DOGRPDQHMDEDXQDYHUVLyQGLVWLQWDGH/DYLGDGH(VRSR 7HQHPRVRWUDIiEXODODPiVH[WHQVDGHO%DOGRTXHQRDSDUHFHUHFRJLGDHQHO (VRSHWHVLQRHQ1RFWHVDWWLFDHGH$XOR*HOLR\TXHVLQHPEDUJRHVWHDXWRUODDWULEX\HD (VRSR*HUQHUWVXJLHUHFRPRWtWXORSDUDHOOD´ODFRJXMDGD\ODPLHVµ(VWDIiEXODRFXSD WRGRHOFDStWXOR;;,;GHOOLEUR,,GH/DVQRFKHViWLFDV´$SRORJXV$HVRSL3KU\JLVPHPRUDWX QRQLQXWLOLVµ$SyORJR~WLOGH(VRSRHO)ULJLR6HSUHVHQWDODIiEXODWUDVGHGLFDUD(VRSR XQUHFRQRFLPLHQWR HQVHxy QR FRQ OD LPSHULRVD VHYHULGDG GH XQ ÀOyVRIR TXH GRJPDWL]D VLQR GLVLPXODQGR VXV OHFFLRQHVEDMRIiEXODVSLFDQWHV\DPDEOHVTXHKDFHQHQWUDUODVPiV~WLOHVUHÁH[LRQHVHQODPHQWH FRQTXLVWDGDSRUODDWUDFFLyQGHORDPHQRYRO, (OIDEXODGRUIUDQFpV/D)RQWDLQHLQWURGXFHHQHO/LEUR;,,GHVXV)iEXODVXQDVHPHMDQWHTXHOOHYDHO Q~PHUR(O]RUURODPRVFD\HOHUL]R %DOGRSiJ;LLL ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR 1XHVWURDXWRUVLJXLyHQHO%DOGRHOPLVPRHVStULWXTXHPRYtDD$XOLR*HOLRHQ VXREUDFRPSLODUHQVHxDQ]DVLQWHUHVDQWHVSDUDTXHHOS~EOLFRGHVXOLEURWXYLHUDXQD KRQHVWDHUXGLFLyQ6LDQDOL]DPRVHOWH[WRRULJLQDOYHPRVTXHHODXWRUGHO%DOGRKDFH FDVLXQDWUDGXFFLyQOLWHUDOGHOPLVPRDXQTXHVXSULPHDOJ~QFRPHQWDULRHOKHFKRGH TXHORVSROOXHORVHVWDVDYHVFXDQGROOHJDODVLHJD\DWLHQHQSOXPDV\DxDGHDOJ~QRWUR VHGLFHTXHODFRJXMDGDHV´YLHMD\H[SHULPHQWDGDµ )DOTXHWRKDFLHQGRGHQDUUDGRUPHWDGLHJpWLFRHVTXLHQQRVFXHQWDHVWDIiEXOD TXHR\yGHERFDGHXQSDVWRUDQFLDQR\TXHHPSLH]DFRQXQSURYHUELR´QRFRQItHVHQ RWURVVLQRHQWLµ,(OSDVWRUTXHFRQVXKLMRHVSHUDLQIUXFWXRVDPHQWHD\XGD GHSDUWHGHYHFLQRV\IDPLOLDUHVSDUDHVTXLODUHOUHEDxRUHFXHUGDSRUODVLPLOLWXGGHO HVFHQDULRODIiEXODGHODFRJXMDGDHQODTXHVHFDPELDHOHVTXLODURYHMDVSRUUHFRJHU HOWULJR6HJXLGDPHQWHHOSDGUHUHFDOFDDOKLMRWDPELpQODOHFFLyQ´(VWRQRVDPRQHVWD KLMRTXHQRFRQÀHPRVFRPROLYLDQRVHQHOVRFRUURGHQXHVWURVDPLJRVRSDULHQWHVµ ,3RUODH[FHVLYDH[WHQVLyQGHODPLVPD\ODVOLPLWDFLRQHVGHHVSDFLRQRVH UHSURGXFH 8VRFRPRFRPSDUDFLyQ (V OXJDU FRP~Q GHFLU TXH HO UHLQR DQLPDO QRV RIUHFH FRPSRUWDPLHQWRV TXH SXHGHQFRPSDUDUVHFRQORVGHORVKRPEUHV\GHKHFKRODVIiEXODVXWLOL]DQHVWRFRPR UDVJRGLVWLQWLYRGHJpQHUR$Vt/DYLGDGH(VRSRFRPLHQ]DH[SOLFDQGRVXRULJHQ´IXHURQ IDOODGDVSRUTXHSRUODVSDODEUDVÀQJLGDVGHODVDQLPDOLDVLUUDFLRQDOHVGHXQDVDRWUDVOD LPDJHQFRVWXPEUHVGHORVRPEUHVIXHVHQFRQRVFLGDVµ (QHOSURSLR%DOGRVHGLFHTXHODVWUDQVIRUPDFLRQHVRPHWDPRUIRVLVHQSLHGUDV iUEROHVDYHVRDQLPDOHVTXHVXIUHQTXLHQHVVHSDVHDQSRUHOLQÀHUQRUHVSRQGHQDODV FDUDFWHUtVWLFDVGHODVSHUVRQDV &LUFHFRQYHUWLGRUDGHKRPEUHVHQEUXWRVDQLPDOHVHQVHxDORVKRPEUHVVRODPHQWHHQODIRUPD\ KXPDQDYR]VHUSUHVWRFRQYHUWLGRVHQORVWRUSHVGHVHRVDTXHVXYROXQWDG\LQFOLQDFLyQDWUDHQR OHVFRQWUDGLFLHQGRVHPHMiQGRVHFDGDXQRDODIRUPDTXHDPDFRPRORVOLELGLQRVRVHQRVRVORV VRxROLHQWHVHQSXHUFRVORVWUDJRQHVHQORERVORVIHURFHVVLQVDEHUHQOHRQHV\DVtORVRWURV /DSULPHUDDSDULFLyQGHXQDIiEXODTXHFRPSDUDHOFRPSRUWDPLHQWRGHXQRV KRPEUHV DO FRPSRUWDPLHQWR TXH VH UHÁHMD HQ XQD IiEXOD OD WHQHPRV HQ HO FDStWXOR ;9,,6LJXLHQGRHOHVWLORKHWHURGR[RSURSLRGHO%DOGRHQHOFDStWXOR;9,,HOKHFKRGH OOHJDUDXQDSOD\DFRQSLHGUDVTXHEULOODQ\GHVFXEULUHQWUHHOODVODSLHGUDÀORVRIDOGD OXJDUSDUDUHODWDUD&tQJDUODKLVWRULDGHOYLGULR(OFDStWXORSDUHFHWUDQVIRUPDUVHHQ XQHQVD\RVREUHODDOTXLPLDTXHVHSURORQJDKDVWDHOFDStWXORVLJXLHQWH\TXHWLHQHSRU SURWDJRQLVWDVQR\DDORVFDEDOOHURVVLQRDORVÀOyVRIRV\QLJURPiQWLFRVGH&RULQWLRD TXLHQHVORVFLXGDGDQRVPRYLGRVSRUODDYDULFLDUHTXHUtDQSDUDTXHOHVHQVHxDUDQHODUWH GHODDOTXLPLDOOHJDQGRDYHQGHUVXVSRVHVLRQHVSDUDFRQVHJXLUOR(VHQWRQFHVFXDQGR HODXWRUDPRGRGHFRPSDUDFLyQ\QRFRPRDUJXPHQWDFLyQHQIDYRUGHQLQJXQDLGHD PHQFLRQDODIiEXODGHO´SHUUR\HOWUR]RGHFDUQHµFRQHOPLVPRVLJQLÀFDGRTXHHQOD (VRSHWH<VWRULDGRSiJ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7RPDVD3DVWUDQD6DQWDPDUWD IiEXOD9GHO/LEUR,GHO(VRSHWH´QRGHEHHOKRPEUHFRGLFLDQGRORDMHQR\GXGRVR GHMDUORVX\RTXHHVFLHUWRDXQTXHORTXHFRGLFLDOHSDUH]FDPiVµ, 7RGRV ORV PiV YHQGtDQ VXV KDFLHQGDV GiQGRVHODV D ORV ÀOyVRIRV SRUTXH ODV PXOWLSOLFDVHQ SHQVDQGR TXHGDU PX\ ULFRV 1R SDUHFtD VLQR DO SHUUR TXH GHMDED HO ERFDGR TXH WHQtD SRU OD PD\RUVRPEUDTXHHQHODJXDYHtD\SHUGLyORWRGR, 7HQHPRV RWUR PRPHQWR HQ TXH HO DXWRU GHO %DOGR PHQFLRQD XQD IiEXOD SDUD KDEODUGHOFRPSRUWDPLHQWRGHGRVFDEDOOHURVODGHOOHyQ\ODPRVFD 1RPLUDQGRHVWR%HOLDUWHGHpOGiQGROHUHFLRVJROSHVFRPRODSHTXHxDPRVFDTXHDOJUDQGH OHyQSLFDFRQÀiQGRVHHQHOYXHOR\HOOHyQVHYDSRFRDSRFRHQVDxDQGRDVt%DOGRVHLEDDLUDQGR \SRUGHUULEDUOROHGLRXQSHTXHxRJROSHHQORVSHFKRVPDVGDQGRODSXQWDGHODHVSDGDHQ FRVDEODQGDTXHHUDXQMXEyQVHHQWUySRUORVSHFKRVDWUDYHViQGROHHOFRUD]yQ,, 3RGHPRV UDVWUHDU HQ HO /LEUR ,, GHO <VRSHWH OD IiEXOD ;,, FRQ XQ VLJQLÀFDGR VLPLODUVLELHQFRQRWURVSHUVRQDMHVHOFDOYR\ODPRVFD,,/DLQWHQFLyQGLGiFWLFD FRLQFLGLUtDSXHVQRVHQVHxDTXHQRGHEHPRVKDFHUPDODRWURVTXHVLQQLQJ~QWUDEDMR SXGLHUDQFDXVDUQRVGHVJUDFLDHOFDOYRDXQTXHVHKDJDGDxRFRQVXVSURSLRVPDQRWD]RV PDWDODPRVFD(VWDPHQFLyQDODIiEXODQRVYXHOYHDLQGLFDUTXHQXHVWURDXWRUWDOYH] QRPDQHMDUDODPLVPDHGLFLyQGHO<VRSHWHRTXHLQWURGXFtDYDULDQWHVFRQRFLGDVHQOD pSRFD &21&/86,Ð1 (O %DOGR HV XQ OLEUR GH FDEDOOHUtDV SRFR RUWRGR[R HQ FXDQWR DO ULJRU WHPiWLFR SURSLRGHHVWDVREUDVSXHVGDFDELGDDXQDPSOLRUHSHUWRULRWH[WXDO/DDYDODQFKDGH PDWHULDOHUXGLWRVHGLVWULEX\HGHIRUPDPX\GHVLJXDOHQXQDWUDED]yQYHUWLJLQRVDGH UHIHUHQFLDVDIDEXODVFLWDVFOiVLFDV\GRFWULQDUHOLJLRVDGRQGHORFXOWR\ORSRSXODUVH HQFXHQWUDQ (QHVWHPRGRGHQDUUDUGLVWLQWRODVIiEXODVHOHPHQWRSURSLRGHODOLWHUDWXUD SRSXODUVHFRORFDQDOODGRGHPHQFLRQHVD$ULVWyWHOHV3ODWyQ2YLGLR6yFUDWHVHWF DGTXLULHQGR DVt OD PLVPD FDWHJRUtD \ VH XVDQ D GLVFUHFLyQ FXDQGR HO DXWRU QHFHVLWD DSR\DUVXVLGHDVSURSRQHUVHPHMDQ]DVHQWUHHOFRPSRUWDPLHQWRKXPDQR\DQLPDOR GDUFRQVHMRV(VWDVHQVHxDQ]DVIDEXODGDVQRSRGtDQGHMDUVHGHODGRHQXQDpSRFDHQ TXHODOLWHUDWXUDGLGiFWLFDHVWiHQSOHQRDXJH(ODXWRUUHFRJHODWUDGLFLyQFOiVLFDGH ODV IiEXODV DXQTXH DGDSWiQGRODV D VXV LQWHQFLRQHV QDUUDWLYDV LQFRUSRUDQGR QXHYDV LQWHUSUHWDFLRQHV\XVDQGRYHUVLRQHVGLVWLQWDVGHODVPiVFRQRFLGDV (ODXWRUGHO%DOGRVLQGXGDDFDOODUtDFXDOTXLHUFRPHQWDULRTXHDWDFDUDVXREUD SRUFDUHQFLDGHXWLOLGDGSXHVGHPDQHUDHIHFWLYDFXPSOHORTXHSURPHWHHQVXSUyORJR ´TXH WRPH DOJ~Q SURYHFKR HO OHFWRUµ (O DXWRU FRQIHFFLRQD XQ WH[WR FRPSOHMR \ GHQVR OOHQR GH HQVHxDQ]DV SURSLDV GH XQD REUD GH PLVFHOiQHDV XQ FRPSHQGLR GHO VDEHUGHOPRPHQWRTXHVLUYHGHEDVHSDUDSURSRQHUPRGHORVGHFRQGXFWD~WLOHVSDUD YLYLUHQVRFLHGDG\HQHOTXHODVIiEXODVHVySLFDVHQFXHQWUDQXQHVSDFLRDOODGRGHODV REUDVFOiVLFDV\DFRQVDJUDGDV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 3UHVHQFLD\HFRVGHIiEXODVHVySLFDVHQHO%DOGR %,%/,2*5$)Ì$ %L]DUUL+´(O(VRSHWH\VWRULDGR\ODVWHRUtDVVREUHODIiEXODµ$FWD3RpWLFD %XUUXV 9 \ *ROGEHUJ + HGV (VRSHWH <VWRULDGR 7RXORXVH 0DGLVRQ +LVSDQLF6HPLQDU\RI0HGLHYDO6WXGLHV &DWWDQ)´$GDSWDFLRQHVFLFHURQLDQDVHQ1RFWHV$WWLFDHGH$XOR*HOLRµHQ9-RUQDGDV GHHVWXGLRVFOiVLFRV\PHGLHYDOHV´GLiORJRVFXOWXUDOHVµ8QLYHUVLGDG1DFLRQDOGHOD 3ODWD$UJHQWLQD *HOLR$1RFWHV$WWLFDH0DUFRV&DVTXHUR0$\'RPtQJXH]*DUFtD$HGV YRO/HyQ8QLYHUVLGDGGH/HyQ *HUQHUW)´/DUHFHSFLyQGHODPLWRORJtDHQORVOLEURVGHFDEDOOHUtDV(O%DOGR µ HQ )ULHGOHLQ 5 \ 1HXPHLVWHU 6 HGV /D PLWRORJtD DQWLJD D OHV OLWHUDWXUHV FDWDODQD L FDVWHOODQD HQWUH O·(GDW 0LWMDQDL OD 0RGHUQD %DUFHORQD 3XEOLFDFLRQVGHO·$EDGLDGH0RQWVHUUDW *HUQHUW ) HG %DOGR 6HYLOOD $OFDOi GH +HQDUHV &HQWUR GH (VWXGLRV &HUYDQWLQRV *HUQHUW ) %DOGR *XtD GH OHFWXUD $OFDOi GH +HQDUHV &HQWUR GH (VWXGLRV &HUYDQWLQRV /DFDUUD 0- ´)iEXODV \ SURYHUELRV HQ HO (VRSR$QRWDGRµ 5HYLVWD GH SRpWLFD PHGLHYDO /D)RQWDLQH)DEXODV%DUFHORQD0RQWDQHU\6LPRQ 0DUWtQ5RPHUR--´%XHQDVGRFWULQDV\HQ[HPSORVµ$VSHFWRVVDSLHQFLDOHV\GLGiFWLFRV HQ ORV OLEURV GH FDEDOOHUtDV 0HPRUDELOLD >SDUQDVHRXYHV PHPRUDELOLDPHPRUDELOLDPDUWLQLQGH[KWP@ FRQVXOWDGR HQ RFWXEUH GH ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« 75$',&,Ð1<02'(51,'$'/$)É%8/$/$5$32=$6(9$$/+$'-,/,. (1(/3(5,Ð',&26()$5'Ì(/.216(-(526$/Ð1,&$ 0$5Ì$6É1&+(=3e5(= 8QLYHUVLGDGGH6DODPDQFD 5HVXPHQ (O SHULyGLFR VHIDUGt (O .RQVHMHUR IXH SXEOLFDGR HQ 6DOyQLFD HQ (VWDED GLULJLGR SRU 'DYLG %DUXM %H]pVXQHGLWRU\WUDGXFWRUPX\FRQRFLGRHQ6DOyQLFDDGHPiVGHXQRGHORVLPSUHVRUHVPiVLPSRU WDQWHVGHODFLXGDGDFRPLHQ]RVGHOVLJOR;;6RODPHQWHKHPRVFRQVHUYDGRXQQ~PHURGH(O.RQVHMHUR FRQFUHWDPHQWHHOSULPHUR (OREMHWLYRGHHVWHDUWtFXORHVGDUDFRQRFHUODIiEXOD´/DUDSRVDVHYDDOKDGMLOLFNµSXEOLFDGDHQHVWH SHULyGLFRVHIDUGtHLQWHQWDUUDVWUHDUVXVSRVLEOHVIXHQWHV 3DODEUDVFODYH(O.RQVHMHUR'DYLG%DUXM%H]pVSUHQVDVHIDUGtHVMXGHRHVSDxROIiEXOD´/DUDSRVDVH YDDOKDGMLOLFNµ $EVWUDFW 7KH6HSKDUGLFQHZVSDSHU(O.RQVHMHURZDVSXEOLVKHGLQ7KHVVDORQLNLLQ,WZDVUXQE\'DYLG%DUXM %H]pVDQHGLWRUDQGWUDQVODWRUZHOONQRZLQ7KHVVDORQLNLDOVRRQHRIWKHPRVWLPSRUWDQWSULQWHULQWKLV FLW\LQWKHHDUO\WZHQWLHWKFHQWXU\2QO\ZHKDYHUHWDLQHGDQXPEHURI(O.RQVHMHURVSHFLÀFDOO\WKHÀUVW 7KHDLPRIWKLVSDSHULVWRSUHVHQWWKHIDEOH´/DUDSRVDVHYDDOKDGMLOLFNµSXEOLVKHGLQWKLV6HSKDUGLF QHZVSDSHUDQGDWWHPSWLQJWRHVWDEOLVKWKHLUSRVVLEOHVRXUFHV .H\ZRUGV(O.RQVHMHUR'DYLG%DUXM%H]pVSUHVV6HSKDUGLF-XGHR6SDQLVKIDEOH´/DUDSRVDVHYDDO KDGMLOLFNµ ,1752'8&&,Ð1/26-8'Ì266()$5'Ì(6(1/$',É6325$ /RVMXGtRVHVSDxROHVTXHIXHURQH[SXOVDGRVGHODVFRURQDVGH&DVWLOOD\$UDJyQHQ VHDVHQWDURQHQVXGLiVSRUDSRUGLIHUHQWHVOXJDUHVGHOPXQGRIXQGDPHQWDOPHQWH HQOD]RQDGH0DUUXHFRV\GHORV%DOFDQHV(VDFXOWXUDVHIDUGtGLDVSyULFDKDWHQLGR FRPRUDVJRVHVSHFtÀFRVGHVXLGHQWLGDGHOMXGDtVPR\VXVRUtJHQHVKLVSiQLFRV<FRPR OHQJXD GH FRPXQLFDFLyQ \ GH H[SUHVLyQ OLWHUDULD XQD YDULHGDG OLQJtVWLFD URPiQLFD GHULYDGDGHOHVSDxROPHGLHYDOHOMXGHRHVSDxROVHIDUGtRODGLQR &RUUHRHPDULDVDQFKH]SHUH]#XVDOHV5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] 6LQGXGDXQRGHORVOXJDUHVGRQGHORVVHIDUGtHVHQFRQWUDURQPHMRUDFRJLGDIXH HQHO,PSHULRRWRPDQR(OVXOWiQ%D\DFHWR,,FRQVFLHQWHGHTXHORVMXGtRVFRQVWLWXtDQ XQLPSRUWDQWtVLPRSRWHQFLDOHFRQyPLFR\KXPDQROHVGLRWRGDFODVHGHIDFLOLGDGHV SDUDDVHQWDUVHHQVXVWHUULWRULRV'XUDQWHORVVLJORV;9,\;9,,ODSUHSRQGHUDQFLDGHORV VHIDUGtHVHQHOPXQGRMXGtRRULHQWDOLQÁX\yGHFLVLYDPHQWHHQODYLGDSROtWLFDFXOWXUDO \HFRQyPLFDGHO,PSHULRRWRPDQRGHKHFKRIXHURQORVVHIDUGtHVTXLHQHVLQWURGXMHURQ ODLPSUHQWDHQHO,PSHULR\TXLHQHVODWXYLHURQFRPRPRQRSROLRKDVWD²IHFKDHQ ODTXHVHOHYDQWyDORVWXUFRVODSURKLELFLyQGHLPSULPLUHQVXOHQJXD²3RURWUDSDUWHHO VLJOR;9,,,HVFRQVLGHUDGRFRPRHO6LJORGH2URGHODVOHWUDVVHIDUGtHV\DTXHHOPXQGR VHIDUGtGH2ULHQWHFRQRFLyXQVLQJXODUÁRUHFLPLHQWRGHODOLWHUDWXUDHQMXGHRHVSDxRO 3RVWHULRUPHQWH D PHGLDGRV GHO VLJOR ;,; FRPHQ]DURQ D VRSODU QXHYRV YLHQWRV HQ HO WUDGLFLRQDO PXQGR VHIDUGt HQWUDED HO LQÁXMR GH 2FFLGHQWH 6XUJLHURQ HQWRQFHV ORV OODPDGRV JpQHURV DGRSWDGRV VLQ WUDGLFLyQ HQ OD OLWHUDWXUD MXGtD SUHFHGHQWH \ TXH HPSH]DURQDFXOWLYDUVHFRQXQFODURDIiQGHHPXODFLyQSRUODVOLWHUDWXUDVRFFLGHQWDOHV VH HVFULELHURQ QRYHODV \ SRHVtD GH DXWRU D OD PDQHUD HXURSHD VXUJLHURQ DTXt \ DOOi JUXSRVGHWHDWURDÀFLRQDGRVTXHSURGXFtDQWH[WRVWHDWUDOHVSDUDVXSURSLRFRQVXPR \DGDSWDEDQRWUDGXFtDQODVREUDVGHRWUDVOLWHUDWXUDV\SUROLIHUDURQODVSXEOLFDFLRQHV SHULyGLFDV$VtSXHVODGLIXVLyQGHODSUHQVDIXHXQIDFWRUGHFLVLYRHQHOGHVDUUROOR GHODVFRPXQLGDGHVVHIDUGtHVGH2ULHQWH<VHFUHyXQDDFWLYDLQGXVWULDHGLWRULDOHQ GLIHUHQWHV FLXGDGHV GHQWUR \ IXHUD GHO ,PSHULR RWRPDQR FRPR 6DOyQLFD (VPLUQD &RQVWDQWLQRSOD9LHQD6RItD-HUXVDOpQ(O&DLURGLYHUVDVFLXGDGHVGH(VWDGRV8QLGRV HWF 6$/Ð1,&$<(/3(5,Ð',&2(/.216(-(52 8QD GH ODV SULQFLSDOHV FRPXQLGDGHV VHIDUGtHV GH 2ULHQWH ²GHVGH ÀQDOHV GHO VLJOR;9KDVWDHO+RORFDXVWRQD]L²IXHODGH6DOyQLFD6HWUDWDGHODFLXGDGGHOLPSHULR RWRPDQR GRQGH KDELWy OD PD\RU FRPXQLGDG MXGtD SULQFLSDOPHQWH VHIDUGt GHVGH VX OOHJDGD D ÀQDOHV GHO VLJOR ;9 KDVWD OD 6HJXQGD *XHUUD 0XQGLDO 0DUN 0D]RZHU VHxDODED 6DOyQLFD²OD´FLXGDGFRGLFLDGDµ>«@²HUDXQSURWRWtSLFRSXHUWRSROtJORWDGHO,PSHULRRWRPDQR FX\RV OLPSLDERWDV VH KDFtDQ HQWHQGHU HQ PHGLD GRFHQD GH OHQJXDV SHUR SRVHtD XQ UDVJR VLQJXODUGHOFDOLGRVFRSLRpWQLFRTXHIRUPDEDVXSREODFLyQHOJUXSRPiVQXPHURVRQRHUDQORV JULHJRVORVWXUFRVORVDOEDQHVHVQLORVHVODYRVVLQRORVMXGtRVVHIDUGtHV0D]RZHU\ &RPRHVWXGLRGHFRQMXQWRVREUHORVVHIDUGtHVYpDVH'tD]0DV3DUDODKLVWRULDGHORVVHIDUGtHV VRQ~WLOHVORVDUWtFXORVGHODFROHFWiQHDHGLWDGDSRU0pFKRXODQ(QHOFDVRGHODKLVWRULDGHORV VHIDUGtHVRULHQWDOHVHV\DFOiVLFRHOHVWXGLRGH)UDQFR3DUDHOSURFHVRGHRFFLGHQWDOL]DFLyQ\PR GHUQL]DFLyQGHODVFRPXQLGDGHVVHIDUGtHV%HQEDVVD\5RGULJXH\ORVDUWtFXORVLQFOXLGRVHQ'tD] 0DV\6iQFKH]3pUH]3DUDODFUHDFLyQOLWHUDULDVHIDUGtYpDVH5RPHUR\HVSHFLDOPHQWHSDUD ORVJpQHURVDGRSWDGRVSiJV6REUHHOSDSHOGHOSHULRGLVPRFRPRHOHPHQWRGHPRGHUQL]DFLyQ GHORVVHIDUGtHVGHOLPSHULRRWRPDQRYpDVHHOOLEURGH$EUHYD\D6WHLQ8QDVtQWHVLV~WLOVREUHOD OHQJXDVHIDUGtHVODGH/OHDO 9pDQVHWDPELpQ1HKDPD%HQEDVVD\5RGULJXH\0D]RZHU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« /RV VHIDUGtHV HVWDEDQ SUHVHQWHV HQ WRGDV ODV HVFDODV VRFLDOHV GHVGH ODV PiV KXPLOGHVKDVWDODVPiVSULYLOHJLDGDV6DOyQLFDVHFRQYLUWLyDVtHQXQRGHORVFHQWURV PiV LPSRUWDQWHV GH OD YLGD FXOWXUDO \ UHOLJLRVD VHIDUGt \ GHVGH HO VLJOR ;9, IXH OD FRPXQLGDG MXGtD PiV LPSRUWDQWH GHO 0HGLWHUUiQHR RULHQWDO KDVWD HO SXQWR GH VHU FRQRFLGDFRPR´OD-HUXVDOpQGHORV%DOFDQHVµ (OPi[LPRHVSOHQGRUGHODFRPXQLGDGVHIDUGtGH6DOyQLFDVHSURGXMRDSDUWLU GHPHGLDGRVGHOVLJOR ;,;FXDQGRODFLXGDGYLYLyXQDXWpQWLFRUHQDFLPLHQWRJUDFLDV DVXLQGXVWULDOL]DFLyQFRQYLUWLpQGRVHHQXQFHQWURHFRQyPLFRQHXUiOJLFRGHQWURGHO ,PSHULR RWRPDQR $ OD UHQRYDFLyQ TXH YLYLy OD SURSLD FLXGDG KD\ TXH XQLU GHVGH ÀQDOHVGHOVLJOR;9,,,ODLQÁXHQFLDGHFLVLYDGHOD+DVNDOiTXHTXLHUHGHFLU¶LOXVWUDFLyQ· \ TXH IXH LPSODQWiQGRVH SDXODWLQDPHQWH HQ ODV FRPXQLGDGHV VHIDUGtHV JUDFLDV DO LPSXOVR GHO MXGDtVPR UXVR \ FHQWURHXURSHR $ HOOR KD\ TXH DxDGLU GH PDQHUD GHFLVLYDODLPSODQWDFLyQGHODUHGGHHVFXHODVTXHUHDOL]yOD$OOLDQFH,VUDpOLWH8QLYHUVHOOH GHVGHHQGLIHUHQWHVFLXGDGHVGHOPXQGR5RGULJXH´3RUPHGLRGHHOODV VH FDQDOL]D KDFLD HO VHIDUGt OD SURGXFFLyQ OLWHUDULD \ ORV YDORUHV FXOWXUDOHV HXURSHRV (O VHIDUGt VH DEUH SXHV D RFFLGHQWHµ 5RPHUR *UDFLDV D OD ODERU GH HVWD RUJDQL]DFLyQÀODQWUySLFDGHRULJHQIUDQFpVFX\RREMHWLYRHUDD\XGDUDODUHJHQHUDFLyQ PDWHULDO \ PRUDO GH VXV FRUUHOLJLRQDULRV ORV DLUHV GH OD PRGHUQL]DFLyQ HO ODLFLVPR \ OD RFFLGHQWDOL]DFLyQ FDODURQ PX\ SURQWR HQ ODV FRPXQLGDGHV VHIDUGtHV DO PHQRV HQDOJXQRVVHFWRUHV/DOLWHUDWXUDWUDGLFLRQDO\SDWULPRQLDOMXGtDFRQWLQXDUiSHURVH DxDGH\DODLQÁXHQFLDGHOPXQGRFXOWXUDOGHRFFLGHQWHGHFDUiFWHUQRMXGtRGHDKt HO VXUJLPLHQWR GH ORV OODPDGRV JpQHURV DGRSWDGRV ²FRPR FLWDPRV DO SULQFLSLR² HQWUH ORVTXHVHLQFOX\HHOSHULyGLFRTXHDKRUDDQDOL]DPRV\HOKHFKRGHTXHHQpOVHKD\D OOHJDGRDSXEOLFDUHQWUHRWURVFXHQWRV\IDFHFLDVXQDIiEXOD 3HQVHPRVTXHFRQVHUYDPRVPiVGHSHULyGLFRVVHIDUGtHVGHVGHPHGLDGRVGHO VLJOR;,;KDVWDOD6HJXQGD*XHUUD0XQGLDOHVIXQGDPHQWDOHOFDWiORJRGH*DRQ %XHQD SDUWH GH HVWD SUHQVD SHULyGLFD VHIDUGt VH SXEOLFy HQ MXGHRHVSDxRO DOMDPLDGR DXQTXH H[LVWH WDPELpQ DOJ~Q SHULyGLFR HQ FDUDFWHUHV ODWLQRV \ KD\ SXEOLFDFLRQHV HQ RWUDVOHQJXDV²HQKHEUHRRIUDQFpVSRUHMHPSOR²\SRUORWDQWRXWLOL]DQGLVWLQWDVJUDItDV \DOIDEHWRV/RVFRQWHQLGRVTXHHQFRQWUDPRVHQHVWRVSHULyGLFRVVRQGHPX\GLYHUVD tQGROHREUDVGHLQIRUPDFLyQJHQHUDOSXEOLFDFLRQHVGHWHQGHQFLDVSROtWLFDVGLVWLQWDV ²VLRQLVWDV VRFLDOLVWDV² SHUR WDPELpQ H[LVWHQ SHULyGLFRV VDWtULFRV KXPRUtVWLFRV OLWHUDULRV FLHQWtÀFRV HWF YpDQVH +DVViQ 5RPHUR $EUHYD\D 6WHLQ7RGRVHVWRVSHULyGLFRVWXYLHURQXQDGLIHUHQWHGXUDFLyQ\FDUiFWHUKXER SHULyGLFRV PX\ ORQJHYRV TXH VH SXEOLFDURQ LQLQWHUUXPSLGDPHQWH GXUDQWH GpFDGDV ²FRPR (O 7LHPSR GH (VWDPEXO /D %XHQD (VSHUDQ]D GH (VPLUQD R /D eSRND GH 6DOyQLFD²SHURPXFKRVRWURVIXHURQLQWHQWRVIDOOLGRVRSXEOLFDFLRQHVHItPHUDVGHODV TXHDSDUHFLHURQVRORXQRVSRFRVQ~PHURV(O.RQVHMHURTXHHVODSXEOLFDFLyQTXHDKRUD QRVRFXSDIXHXQRGHHVRVSHULyGLFRVHItPHURVGHOTXH~QLFDPHQWHVHKDFRQVHUYDGR XQHMHPSODUGH (VWHWUDEDMRVHLQVFULEHGHQWURGHOSUR\HFWRGHLQYHVWLJDFLyQ´/RVVHIDUGtHVDQWHVtPLVPRV\VXVUHOD FLRQHVFRQ(VSDxD,,,µ)),GHO0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDG0DQHMDPRVUH SURGXFFLyQGHOHMHPSODUTXHVHHQFXHQWUDHQHO,QVWLWXWR%HQ=YLGH-HUXVDOpQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] 3RUWDGDGHOSULPHU\~QLFRQ~PHURFRQVHUYDGRGHOSHULyGLFR(O.RQVHMHUR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« &$5$&7(5Ì67,&$6'(/3(5,Ð',&2(/.216(-(52 (O .RQVHMHUR *DRQ Q~P VH SXEOLFy FRPR OD PD\RUtD GH ORV SHULyGLFRVVHIDUGtHVHQMXGHRHVSDxRODOMDPLDGRHVGHFLUHVFULWRHQFDUDFWHUHVKHEUHRV 'HOSHULyGLFR(O.RQVHMHURVRODPHQWHKHPRVFRQVHUYDGRODVFXDWURSiJLQDVGHOSULPHU Q~PHURHQODVTXHVHLQGLFDTXHHOSHULyGLFRHUDUHDOL]DGRSRUHOLPSUHVRU\HGLWRU 'DYLG%DUXM%H]pV\DTXHHVpOPLVPRTXLHQÀUPDDOSULQFLSLRGHODSXEOLFDFLyQOD GHFODUDFLyQGHLQWHQFLRQHVGHpVWD\SUHFLVDPHQWHVDOLyGHODPLVPDLPSUHQWDTXHpO SRVHtDHQ6DOyQLFDFRPRVHxDODDOÀQDOGHOSHULyGLFR´(VWDPSDUtD'DYLG%DUXM%H]pV NXDUWLHU5RJRVµ6DEHPRVTXH'DYLG%DUXM%H]pVIXHXQHGLWRUUHGDFWRU\WUDGXFWRU PX\FRQRFLGRHQ6DOyQLFDDGHPiVGHXQRGHORVLPSUHVRUHVPiVLPSRUWDQWHVGHOD FLXGDGDFRPLHQ]RVGHOVLJOR;;'HODVSUHQVDVGHVXLPSUHQWDVDOLHURQREUDVHGLWDGDV \UHGDFWDGDVSRUpOPLVPRFRPRSRUHMHPSORXQRGHORVOLEURVGHPLVFHOiQHDSURSLRV GH ODV IHVWLYLGDGHV (O EXTXHWR GH 3pVDK 6DOyQLFD VD TXH LQFOXtD ORV UHODWRV GH ´(O DPRU GH 5RVDµ ´¢&DOH PXHULUPRV"µ ´(O GHWHFWLYH FULPLQDOµ \ ´(O DQLYHUVDULRµ 7UDGXMR GHO LQJOpV ODV VLJXLHQWHV REUDV (O WHVWDPHQWR \ +XPEHUWR \ $GHOLQD TXH VH SXEOLFy HQ OD %LEOLRWHFD GH OD KHUPRVD (ORLVD HQ 'DYLG %DUXM %H]pV IXH WDPELpQ HGLWRU GH PDK]RULP GH <RP .LSXU TXH FRPR RWURV GH 6DOyQLFD LQFOXtDQORVWH[WRVGH<HKtUDVyQ\6pGHU¶DERGi)XHHGLWRUGHOSHULyGLFRTXHDKRUDQRV RFXSD(O.RQVHMHUR\SRVWHULRUPHQWHWDPELpQORIXHGHOSHULyGLFRIHVWLYR (O%XUOyQ 5RPHUR 5HÀULpQGRQRV DKRUD D ODV FDUDFWHUtVWLFDV GHO SHULyGLFR OD FDEHFHUD GH (O .RQVHMHURHUDPX\VHQFLOODRFXSDQGRXQVRORUHQJOyQDSDUHFtDHOWtWXORGHOSHULyGLFR HQ OHWUDV PHUXEi 'HEDMR HQ XQD HVSHFLH GH VXEWtWXOR VH LQWHJUDEDQ GRV UHQJORQHV PiVHQHOPLVPRWLSRGHJUDItDFRQODVLJXLHQWHLQGLFDFLyQ´5HNRMJRPX\NXLGDGR GH SUREHUYLRV UDURV L GLYHUVRV UDNRQWRV GH SDVDWLHPSR NH GLYHUWLUiQ PX\ PXFKR D ORVPHOGDGRUHVµ&RQHVWRVGDWRVDOPHQRVVDEHPRVFXiOHUDODSULPHUDLQWHQFLyQGH 'DYLG%DUXM%H]pVSUHVHQWDUXQDVHULHGHSURYHUELRV\UHIUDQHVMXQWRFRQODLQFOXVLyQ GHFXHQWRV\IDFHFLDVHQWUHVXVSiJLQDV'HHOODVVHGHGXFHTXHHOSUHFHSWRKRUDFLDQR GHGHOHFWDUHHWSURGHVVHHVWDEDPX\SUHVHQWHHQODPHQWHGHHVWHHGLWRUVHIDUGtDODKRUD GHFRPSRQHUVXSXEOLFDFLyQ (QWUHODVSiJLQDVGHHVWHSHULyGLFRVHKDOODSUHFLVDPHQWHODIiEXODGHODTXHQRV RFXSDUHPRVDFRQWLQXDFLyQ ,QFOXLPRVDOÀQDOXQJORVDULRDFODUDQGRDTXHOORVWpUPLQRVTXHHQQXHVWUDRSLQLyQSXHGHQRIUHFHU DOJXQDGLÀFXOWDGGHFRPSUHQVLyQDOOHFWRUKLVSDQRFXOWR /DODERUGHWUDGXFFLyQODUHDOL]yHQFRODERUDFLyQFRQVXKLMR%HQHGHW%H]pV 0HUXEiOHWUDFXDGUDGD5DVKtVHPLFXUVLYD (Q ORV WH[WRV VHIDUGtHV XWLOL]DPRV ODV VLJXLHQWHV HTXLYDOHQFLDV JUiÀFRIRQpWLFDV E ELODELDO RFOXVLYD GMSUHSDODWDODIULFDGDVRQRUDĈKXYXODUIULFDWLYDVRUGD VRQRUDEYELODELDOIULFDWLYDVRQRUDE ̗MSUHSDODWDOIULFDWLYDVRQRUDċO\ODWHUDOSDODWDOΏTXHODPD\RUSDUWHGHODVYHFHVVHUHDOL]DHQ MXGHRHVSDxROFRPR\Q\QDVDOSDODWDOĎVDOYHRODUIULFDWLYDVRUGDV]DOYHRODUIULFDWLYDVRQRUD ]VKSUHSDODWDOIULFDWLYDVRUGDñWVDOYHRODUDIULFDGDVRUGDð3XQWXDPRVDFHQWXDPRV\YHUVDOL ]DPRVORVWH[WRVTXHFLWDPRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] )É%8/$´/$5$32=$6(9$$/+$'-,/,.µ /DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHVGHFLU/D]RUUDVHYDGHSHUHJULQDFLyQRFXSD HOVH[WROXJDUGHQWURGHODVVHFFLRQHVGHOSHULyGLFR\DTXHORVFRQWHQLGRVGHOSHULyGLFR (O.RQVHMHURVRQORVVLJXLHQWHV >SFROD@>&DEHFHUD@©(O.RQVHMHUR5HNRMJRPX\NXLGDGRGHSUREHUYLRV UDURV L GLYHUVRV UDNRQWRV GH SDVDWLHPSR NH GLYHUWLUiQ PX\ PXFKR D ORV PHOGDGRUHVª >S FRO D@ ©'RV YLHUERVª >(Q HVWH DSDUWDGR VH LQFOX\H OD GHFODUDFLyQ GH LQWHQFLRQHVGHODSXEOLFDFLyQ@ >SFROD@©/DHVWDPSDª>(ORJLRGHODLPSUHQWD@ >SFROE@©(OPLO\RQLVWDGHJDUYDQVRVª >SFROE@©5HIUDQHVLIUD]HVNDVWHO\DQDVª >SFROD@©/DUDSR]DVHYDDOKDGMLOLNª >SFROE@©5HIUDQHVª >SFROD@©(ODGPLQLVWUDGRULHOWDYLHUQHURª >SFROD@©(OOHFKHUR\ODPXODª >SFROE@©5HIUDQHVª >SFROE@>&RORIyQ@©(VWDPSDUtD'DYLG%DUXM%H]pVNXDUWLHU5RJRVª $VtSXHVHQWUHGLIHUHQWHVFXHQWRVDQpFGRWDV\UHIUDQHVVHKDOODQXHVWUDIiEXOD FX\RWH[WRHQHOSHULyGLFRHVHOVLJXLHQWH 8QDYH]L]RWDQWDOXYLDDPXFKHGXPEUHLPLHQWUHVWDQWRVGtDVNDQWLGDGNHXQDVLHUWDUDSR]D VHLYDDPXHULUGHODDPEUHPDHQVXYHQWXUDNHGyODOXYLDLVDOLyHOVRO(QWRQVHVVDOLyHO\D VLQLSRNUH]tDWXYLHQGRHQVXJDUJDQWDHQNROJDGRXQWUHVSLOLNDPLQDQGRDYDJDUVLQPLUDUPiV NH DGHODQWUH GH Vt$O YHUOD DQVt XQ JDO\R OHV GLMR D VXV JDtQDV ©9HR OD VHQ\RUD UDSR]D PX\ SHQVDWLYOHLPX\DEDWLGDYHQLGOHDYODUHPRVª ²6HDVELHQYHQLGDVHQ\RUDUDSR]D²OHGL]RHOJDO\R ².HGDGYRVHQEXHQDRUD²OHGL]RODVHQ\RUDUDSR]DNRQPXFKRDEDWLPLHQWR ²¢ÉQGHYDVWDQWRSHQVDWLYOH" ²$OKDGMLOLN ²9DPRVLQR]RWURV ²9HQLGPDDWLQDGSRUNHDPtQRPHSOD]HNHPHDJiVKSHNDUPiVSXHGHPHDUHSHQWHSRUORV PDOHVNHWXYHHFKRLYRSDUDVDOYDUDPLDOPD ,YDQDGHODQWHODVJDO\QDVNRQVXJD\RLGHGHWUiVODVHQ\RUDUDSR]DLNRQWLQ~DQNDPLQDQGR XQSRNRPiV(QIUHQWHELQLHURQDHQNRQWUDUVHQNRQWUHVEDEiVLVXVPDULGRVODVNXDOHVDSHQDV YLHURQ D OD UDSR]D NH NDPLQD WDQWR DEDWLGD NRQ ODV JDO\QDV <DPDURQ D DNHDV L WRPDURQ OD OLVHQVLDGHDNRPSDQ\DUODV .DPLQDURQPiVDGHODQWUHLODVYLHURQDOJXQDVLQGLDQDVNHYLHURQLHO\DVWDPELpQHQGMXQWRL NDPLQyODUDSR]DDVWDNHVHL]RGHQRFKH(QWRQVHVGLMRDORVNHHVWDYDQNRQHO\D©(NHGDGYRV XQSRNR\DVDYpVKNHPRVHVWDPRV\HQGRSDUDHOKDGMLOLNLNDOHNHHVWDQRFKHPRVNHGHPRV DNtHQHVWDNDYHUQD9R]RWURVYRVYDVKPiVSDUDDLDODIRQGXUDL\RPHYRDDULPDUDNtGHODQWUH SDUDNHQRHQWUHDOJXQDRWUDUDSR]DLYRVNRPDLVHUiNDYVDNHWHUQpSHNDGRSRUHO\RDJRUDD ODYHMHVª ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« ,DQVtIXHHFKRPDDODPDQ\DQDODVHQ\RUDUDSR]DD]tNRPRVLVHHVWXYLHUDVRQ\DQGRLNHGHODV YR]HVGHOJDO\RLGHODVJDO\QDVVHGHVSHUWyDWXUYDGDL\DPyGHODQWUHGHHO\DSULPHURDOJDO\R ©²%UHHUPDQR²OHGL]H²7RGRVORVRPEUHVWRPDQXQDPHMRUW~HPSHURVDOLWHVGHWXVWpUPLQRV LDXQNRQWRGRQRSHQVDVK¢NyPRPRVYDPRVSDUDHOKDGMLOLN"ª (VWRGL]LHQGRVLQHVSHUDUQLQJXQDUHSXHVWDHFKDODPDQRNHULGRVPtRVDIHUDDOJDO\RLVHOR NRPH 'HVSXpV \DPD D ODV JDtQDV ©<D YHQLG DNt YR]RWUDV VHQ\RUDV YR]RWUDV GDQ\DWHVK DO PXQGRLSRNRPDQNDNHSRUYXHVWUDNDY]DODV\RUH<RLWRGDVODVPXMHUHVSDUHQFKLNDNULDWXUD LQRVHORVVLHQWHQLHOSRUWDOGHODSXHUWDLYR]RWUDVNRQXQJHYH]LNRNHSDUtVKPHGDQ\DVWHVK NRQYXHVWURVJULWRVLPHHQVRGUHVpVKORVRtGRVª , NRPR IXH SRU HO JD\R ODV GH]JUDVLDGDV GH ODV JDtQDV WDPELpQ WXYLHURQ OD PL]PD VXHUWH 'HVSXpV\DPDDODVEDEiV²9HQLGYRVSUHJXQWDUp¢9XHVWURVSDGUHVVKDVWUHVHUDQ" ²1RUHVSRQGLHURQODVEDEiV ² <R HQWRQVHV NRQ ODGURQHV QR PH YR DO KDGMLOLN SRUNH ¢DQGH ODV WRSDWHVK WDQWDV NRORUHV" 9HGUHNRORUDGRUXELR'LRXQVDOWRODVDIHUyLVHODVNRPLy,DHO\DVHVLQ~WLOHGHGH]LUNHODV LQGLDQDVWDPELpQQRWXYLHURQPHMRUVXHUWH,IXHNXDQGR\DDNDYyHQODNDYHUQDVXRUDVLyQNH DUHELYLyLNRPRSHNDGRUDVHUHSLQWLyLQRIXHDOKDGMLOLNVLQRNHNXDQGRODHQVHUyRWUDYH]OD OXYLD (VWR HVSOLND NH NDOH DOHVKDUPRV GH ORV RPEUHV LSyNULWDV PiVLPDPHQWH GH DNHRV NH O\D NRQRVLPRVHONRPSRUWRNHWLHQHQ $ WUDYpV GH OD OHFWXUD GH HVWD IiEXOD YHPRV FyPR VH SUHVHQWD D XQD ]RUUD DUUHSHQWLGDTXHFXDQGRVHYHHQSHOLJURGHPXHUWHVHSURSRQHLUGHSHUHJULQDFLyQ SDUDH[SLDUVXVFXOSDV'XUDQWHVXFDPLQRVHWRSDFRQGLIHUHQWHVDYHV²JDOOLQDVRFDV SDYRV²TXHDOYHUODWDQDEDWLGD\FDEL]EDMDGHFLGHQDFRPSDxDUODHQVXSHUHJULQDFLyQ $O OOHJDU OD QRFKH OD ]RUUD VLJXH FRPSRUWiQGRVH GH XQ PRGR DIDEOH DO LQGLFDU D ODV DYHV TXH VH UHVJXDUGHQ HQ XQD FXHYD PLHQWUDV HOOD VH TXHGDUi HQ OD SXHUWD SDUD SURWHJHUODV 6LQ HPEDUJR D OD PDxDQD VLJXLHQWH HQWUH HO FDQWR GHO JDOOR ²TXH OD GHVSLHUWD VREUHVDOWDGD² \ HO DOERURWR GH ODV JDOOLQDV DO SRQHU ORV KXHYRV MXQWR FRQ HODEDQLFRGHFRORUHVGHVSOHJDGRSRUORVSDYRVKDFHTXHOD]RUUDVDTXHDUHOXFLUVX YHUGDGHUDQDWXUDOH]DGHSUHGDGRUDVHHQIXUH]FD\GHFLGDFRPHUVHDWRGRVHOORVVLQ PRVWUDUÀQDOPHQWHQLQJ~QWLSRGHDUUHSHQWLPLHQWR/DPRUDOHMDSRUVXSDUWHTXHGD FODUD ´(V FRQYHQLHQWH TXH QRV DOHMHPRV GH ODV SHUVRQDV KLSyFULWDV HVSHFLDOPHQWH FXDQGR\DFRQRFtDPRVVXVFRPSRUWDPLHQWRVGHDQWHPDQRµ /DIiEXODTXHDTXtSUHVHQWDPRVWRPDODLGHDGHOD]RUUDFRPRDQLPDODVWXWR FUXHO\SRFRGHÀDUFRQFHSWRVTXH\DHVWDEDQHQODVIiEXODVGH(VRSR\HQODWUDGLFLyQ IRONOyULFDSRVWHULRU6DEHPRVTXHH[LVWHQHYLGHQWHVSDUDOHORVHQWUHODWUDGLFLyQHVySLFD \DOJXQRVWH[WRVGHO7DOPXG\GHO0LGUiV0LUDOOpV0DFLi\GHVGHOXHJRH[LVWHQ VHPHMDQ]DVHQWUHHOWH[WRTXHDTXtSUHVHQWDPRVFRQRWURVH[HPSOXPRIiEXODVFRPR'H ORTXHDFRQWHoLyDXQUDSRVRFRQXQJDOORUHFRJLGRHQ(O&RQGH/XFDQRURHQIiEXODVPX\ FRQRFLGDVFRPR(OiJXLOD\OD]RUUD/D]RUUD\ODVXYDV/D]RUUD\ODOLHEUHHWFGRQGHOD ´7DOPXG KHEUHR ¶HQVHxDQ]D· FRPHQWDULR UDEtQLFR D OD 7RUi TXH HVWi FRPSXHVWR D VX YH] SRU GRV SDUWHVOD0LVKQi\OD*XHPDUi\VHGLYLGHHQYDULRVyUGHQHVRWUDWDGRV0LGUiVKKHE¶LQWHUSUHWDFLyQ· FRPHQWDULRGHORVOLEURVEtEOLFRVTXHH[WUDHGHHOORVOHFFLRQHVSULQFLSLRVPRUDOHV\FRQFHSWRVWHROyJLFRV LQWHJUDQGRDEXQGDQWHVPDWHULDOHVKDJLRJUiÀFRV\OHJHQGDULRVµ$PEDVGHÀQLFLRQHVHVWiQWRPDGDVGH 'tD]0DV\'HOD3XHQWHVYWDOPXGVYPLGUiVK ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] UDSRVDVXHOHDSDUHFHUFDUDFWHUL]DGDFDVLVLHPSUHSRUVXDVWXFLDSHURWDPELpQSRUVX PDOREUDURHQHVWHFDVRSRUVXKLSRFUHVtD $KRUD ELHQ ¢GH GyQGH WRPy 'DYLG %DUXM %H]pV HVWD IiEXOD SDUD LQFOXLUOD HQ VXSHULyGLFR"6DEHPRVTXHHQDOJXQDVRFDVLRQHVODVIXHQWHVGHORVHGLWRUHVGHHVWDV SXEOLFDFLRQHV VHIDUGtHV HUDQ RWURV SHULyGLFRV ²ORFDOHV QDFLRQDOHV R H[WUDQMHURV² DVt FRPR WDPELpQ OLEURV PDQXDOHV WUDGXFFLRQHV HWF SHUR VRQ PX\ SRFRV ORV TXH FRQVLJQDQHOOXJDUGHOTXHVDFDEDQORVFRQWHQLGRVSDUDVXVSHULyGLFRVIUHQWHDXQRV SRFRVTXHVtSUHIHUtDQKDFHUORHQXQDH[SUHVLyQGHLQWHQWDUGDUPD\RUSUHVWLJLRDVX SXEOLFDFLyQ (QWUH ORV VHIDUGtHV HO FXHQWR SRSXODU KD WHQLGR GHVGH VLHPSUH XQ OXJDU GHVWDFDGR <D ORV SULPHURV URPDQLVWDV TXH HVWXGLDURQ HO MXGHRHVSDxRO UHFRJLHURQ FXHQWRVHQVXVHQFXHVWDVGHFDPSRHQWUHRWURV:DJQHU/XULD&UHZV \KDVWDpSRFDUHFLHQWHORVFXHQWRV\UHODWRVVHKDQPDQWHQLGRYLYRVHQOD WUDGLFLyQVHIDUGtFRPRORGHPXHVWUDQODVDQWRORJtDVGH.RHQ6DUDQR (VFLHUWRTXHHQODWUDGLFLyQVHIDUGtH[LVWHQGLIHUHQWHVFRQVHMDV\FXHQWRVFRUWRV ²GHFDUiFWHUPDUDYLOORVRFyPLFRVHWF²SHURHVOODPDWLYRHLPSRUWDQWHGHVWDFDUTXH DSHQDVVHKDQGRFXPHQWDGRIiEXODVGHDQLPDOHV $O UDVWUHDU ODV SRVLEOHV IXHQWHV GH HVWD IiEXOD KHPRV FRPSUREDGR TXH QR VH HQFXHQWUD GRFXPHQWDGD GH IRUPD H[DFWD HQ OD WUDGLFLyQ KLVSiQLFD &KHYDOLHU &DPDUHQD\&KHYDOLHU\(VSLQRVD\QLHQODVHIDUGt/DUUHD3DODFtQ +DERXFKD'DGDODSUiFWLFDLQH[LVWHQFLDGHIiEXODVGHDQLPDOHVHQOD WUDGLFLyQRUDOVHIDUGtSDUHFHPX\SUREDEOHTXHQRSURYHQJDGHDKtVLQRTXHVHWUDWH GHXQDWUDGXFFLyQRDGDSWDFLyQGHRWUDOHQJXD²FRPRYHUHPRVDFRQWLQXDFLyQ² (QRWUDRFDVLyQKHPRVHQFRQWUDGRHQWUHODVSiJLQDVGHHVWRVSHULyGLFRVFXHQWRV \IDFHFLDVTXHWLHQHQXQDFODUDUDLJDPEUHPHGLHYDO(QDOJXQRVFDVRVSURYLHQHQGH ODFXOWXUDRULHQWDO\VHWUDGXMHURQHQ&DVWLOODHQOD(GDG0HGLDSHURHQRFDVLRQHVHV GLItFLOVDEHUVLORVVHIDUGtHVFRQRFtDQHVRVFXHQWHFLOORVDWUDYpVGHODOLWHUDWXUDPHGLHYDO KLVSiQLFD²\SRUORWDQWRSHUWHQHFtDQDVXEDJDMHFXOWXUDODQWHVGHVXH[SXOVLyQ²R VLHVDWUDGLFLyQOHVOOHJDEDGLUHFWDPHQWHGHOPXQGRPXVXOPiQ\GHHVWHPRGRDVX FRQYLYHQFLDGXUDQWHVLJORVHQGLIHUHQWHVSDtVHVLVOiPLFRVYpDVH6iQFKH]3pUH] < HVWR HV SUHFLVDPHQWH OR TXH QRV HQFRQWUDPRV HQ HVWH FDVR WRGR SDUHFH LQGLFDUTXHVHWUDWDGHXQDIiEXODTXHGHEtDHVWDUHQODWUDGLFLyQiUDEH\DTXHKHPRV HQFRQWUDGRXQFXHQWRSRSXODUPX\SDUHFLGRDQXHVWUDIiEXODHQXQDQRYHODGHODXWRU 6REUHODVHQFXHVWDVGH6XEDN\/XULDYpDQVH/LHEO\ 9pDQVHDGHPiVORVWUDEDMRVGH+DERXFKD\$OH[DQGHU3UHFLVDPHQWHHQ.RHQ6DUDQR VHHQFXHQWUDUHFRJLGDXQDFRQVHMDFRQHOWtWXOR´/DUDSR]DµSHURQDGDWLHQHTXHYHUFRQOD IiEXODTXHDKRUDQRVRFXSD (QHO0RWLI,QGH[GH7KRPSVRQ7KRPSVRQDSDUHFHQUHFRJLGRVGLIHUHQWHVPRWLYRVIRONOyUL FRVUHODFLRQDGRVFRQHO]RUURTXHSRGUtDQWHQHUDOJXQDOLJHUDVHPHMDQ]DFRQQXHVWUDIiEXODFRPRSRU HMHPSOR$(QPLW\EHWZHHQIR[DQGFKLFNHQV%)R[GHWHUPLQHVURDGWREHWDNHQ%)R[ IDVWVDVSHQDQFH.)R[FRQIHVVHVWRFRFNWKHQHDWVKLP ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« JULHJR 6WUDWtV 7VLUFDV 7VLUFDV HVFULELy XQD WULORJtD WLWXODGD &LXGDGHV D OD GHULYD HQ OD TXH GHVFULEH OD DFFLyQ GHO SDUWLGR FRPXQLVWD HQWUH OD SREODFLyQ JULHJD GH YDULDV FLXGDGHVGHO0HGLWHUUiQHRHQXQPRPHQWRHQTXH*UHFLDHVWiRFXSDGDSRUORVQD]LV\ ORVJULHJRVHQHOH[LOLRLQWHQWDQIRUPDUXQJRELHUQRSDUDFXDQGR*UHFLDVHDOLEHUDGD (VWiFRPSXHVWDSRUODVQRYHODV(O&OXE²TXHVHGHVDUUROODHQ-HUXVDOpQEDMRHOPDQGDWR EULWiQLFR² $ULDJQL ²FX\D DFFLyQ VH GHVDUUROOD HQ (O &DLUR² \ %DW ²TXH WUDQVFXUUH HQ $OHMDQGUtD²(VSUHFLVDPHQWHHQODVHJXQGDQRYHOD$ULDJQLGRQGHHQFRQWUDPRVHVWD IiEXODHQERFDGHXQPHQGLJRFLHJR6KiOWDP +DEtDXQDYH]XQUDWyQTXHWHQtDPXFKDKDPEUH0LHQWUDVEXVFDEDDOJRTXHFRPHUDSDUHFHHO JDWR(OUDWyQVHHVFRQGHGHWUiVGHXQWDEOyQ/HGLFHHOJDWR(KUDWyQ¢WHYLHQHVFRQPLJRD HVSLDUDODVJDOOLQDV"/HGLFHHOUDWyQ0LSDGUHPHKDGLFKRTXHQRPHItHGHPLHQHPLJR\TXH QRWHQJDWUDWRFRQpO$PLJROHGLFHHOJDWR\RKHKHFKRODSHUHJULQDFLyQVR\XQKDFKOOHYRXQ URVDULRJUDQGH\KHGDGRPLSDODEUDGHQRKDFHUGDxRMDPiVDXQUDWyQ0HSDVRHOGtDUH]DQGR (OUDWyQIXHDVXPDGUH\VHORFRQWy+LMRPtROHGLFHQRYD\DVFRQWXHQHPLJRWXSDGUHWHOR KDSURKLELGR3HURPDGUHHVWHHVXQKDFKOOHYDDOFXHOORXQURVDULRJUDQGHSDUDOOHYDUFXHQWD GHVXVRUDFLRQHV$KEXHQRHQWRQFHVSXHGHVLUFRQpO6LQSHQViUVHORGRVYHFHVYDDEXVFDUDO JDWR'HDFXHUGROHGLFHLUpFRQWLJR$OFDERGHWUHVGtDVHOJDWRVLQWLyKDPEUH6H]DPSyHO UDWyQGHXQERFDGR(OFXHQWRHQVHxDQRWHItHVGHWXHQHPLJRQRWHQJDVWUDWRFRQpO7VLUFDV &RPRYHPRVWDQWRHQODIiEXODVHIDUGtFRPRHQHVWHFXHQWRVHPHQFLRQDHOKDGM ²KDMMKDFKKDJJ²RSHUHJULQDFLyQPXVXOPDQDDOD0HFD\HOWUHVSLOHVGHFLUHOURVDULR R VDUWD GH FXHQWDV TXH XWLOL]DQ ORVPXVXOPDQHV(QDPERVFDVRVQRVKDOODPRVDQWH DQLPDOHVTXHFRQItDQHQVXVHQHPLJRV²XQD]RUUDHQXQFDVRXQJDWRHQHORWUR²\ pVWRVÀQDOPHQWHWHUPLQDQGHYRUiQGRORV/DPRUDOHMDHQORVGRVFDVRVHVODPLVPD 3DUHFHFODURSRUWDQWRTXHVHWUDWDGHXQFXHQWRRIiEXODGHODWUDGLFLyQiUDEH\HQ HOFDVRGHOSHULyGLFRVHIDUGtHVPX\DFRUGHFRQHOHQWRUQRRWRPDQRHQHOTXHVHSXEOLFy (O .RQVHMHUR HQ VRODPHQWH XQ DxR GHVSXpV GH TXH OD FLXGDG VH LQFRUSRUDVH D *UHFLDFXDQGRWRGDYtDHODPELHQWH\ODVRFLHGDGHUDQSURIXQGDPHQWHRWRPDQRV\QR VHKDEtDSURGXFLGRD~QHOSURFHVRGHKHOHQL]DFLyQTXHVHOOHYDUtDDFDERHQORVDxRV SRVWHULRUHV0RUFLOOR5RVLOOR0D]RZHU\ (VWXGLDQGRORVFRQWHQLGRVGHHVWRVSHULyGLFRVSDUHFHHYLGHQWHTXHODLQFOXVLyQ GHHVWRVHOHPHQWRVGHODOLWHUDWXUDRUDO²FXHQWRVIDFHFLDVIiEXODVUHIUDQHV²FRQWULEXtD D SUHVHUYDU OD WUDGLFLyQ HQWUH ODV FRPXQLGDGHV VHIDUGtHV GH 2ULHQWH \ FRQ HOOD VXV UDVJRVLGHQWLWDULRV3HURSRURWURODGRHOKHFKRGHTXHEDVWDQWHVHGLWRUHV\GLUHFWRUHV VHIDUGtHVGHHVWRVSHULyGLFRVVHGHGLFDUDQDWUDGXFLU\DGDSWDUREUDVGHRWUDVOLWHUDWXUDV \ WUDGLFLRQHV ²FRPR RFXUUH HQ HVWH FDVR² UHYHOD OD LPSRUWDQFLD TXH WHQtD SDUD HOORV D\XGDUDOGHVDUUROOR\DODUHJHQHUDFLyQPRUDOGHVXVFRUUHOLJLRQDULRV /D LQFOXVLyQ GH HVWH WLSR GH WH[WRV HQ XQD SXEOLFDFLyQ FRPR (O .RQVHMHUR GH SULQFLSLRVGHOVLJOR ;;UHÁHMDDVSHFWRVVLJQLÀFDWLYRVGHODLGHQWLGDG\ODPHQWDOLGDG VHIDUGtHV (Q HVWH VHQWLGR DOJXQRV GH HVWRV LPSUHVRUHV \ HGLWRUHV VHIDUGtHV OR TXH 6WUDWtV7VLUFDVHVHOVHXGyQLPRGH<DQLV-DWVLDQGUHDVXQDXWRUFRPXQLVWDJULHJRTXHSDU WLFLSy HQ OD ,, *XHUUD 0XQGLDO FRQ ODV WURSDV JULHJDV TXH IRUPDEDQ SDUWH GHO HMpUFLWR DOLDGR FRQWUD +LWOHU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] SUHWHQGtDQFRQVXVSXEOLFDFLRQHVQRHUDGLIXQGLUXQDVHULHGHFRQWHQLGRVLQIRUPDWLYRV RGHWRQRJUDYHVLQRFXPSOLUPiVELHQFRQXQDIXQFLyQGHHYDVLyQGHORFRQRFLGR\ ORFRWLGLDQRMXQWRFRQODHQVHxDQ]DGHXQDVHULHGHYDORUHVLQVWUXFWLYRV\GHPDUFDGR FDUiFWHUGLGiFWLFRPRUDO */26$5,2 DIHUD¶DIHUUDDJDUUDDWUDSD· DJiVK¶KDJiLV· DNHRV¶DTXHOORV· KDGMLOLN¶SHUHJULQDFLyQ· DOHVKDUPRV¶DOHMDUQRV· EDEiV¶RFDVJDQVRV· GDQ\DWHVK¶GDxDVWHLV· HQGMXQWR¶MXQWRD· JDtQDV¶JDOOLQDV· LQGLDQDV¶SDYRV· NDOH¶KDFHIDOWDHVLQGLVSHQVDEOH· NDVWHO\DQDV¶FDVWHOODQDV· NDY]D¶FDXVD· NHGy¶FHVySDUy· NRORUDGR¶URMR· NXDUWLHU¶EDUULR· OXYLD¶OOXYLD· PDQND¶IDOWD· PHOGDGRUHV¶OHFWRUHV· PLO\RQLVWD¶PLOORQDULR· SHQVDWLYOH¶SHQVDWLYD· UDNRQWRV¶QDUUDFLyQGHXQVXFHVRLPDJLQDULRFXHQWR· UHNRMJR¶FROHFFLyQ· UXELRDTXt¶DPDULOOR· VKDVWUH¶VDVWUH· WRSDWHVK¶HQFRQWUDVWHLV· WUHVSLO¶HVSHFLHGHURVDULRRVDUWDGHFXHQWDVTXHXVDQORVPXVXOPDQHV· YHGUH¶YHUGH· YLHUERV¶SDODEUDV· ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 7UDGLFLyQ\PRGHUQLGDG/DIiEXOD/DUDSR]DVHYDDOKDGMLOLNHQHOSHULyGLFRVHIDUGt(O.RQVHMHUR« %,%/,2*5$)Ì$ $EUHYD\D6WHLQ60DNLQJ-HZV0RGHUQWKH\LGGLVKDQGODGLQRSUHVVLQWKH5XVVLDQ DQG2WWRPDQ(PSLUHV%ORRPLQJWRQ,QGLDQD8QLY3UHVV $OH[DQGHU 7 7KH WUHDVXUH RI RXU IDWKHUV MXGHRVSDQLVK WDOHV -HUXVDOpQ 0LVJDY <HUXVKDOD\LP %HQEDVVD(\$5RGULJXH+LVWRULDGHORVMXGtRVVHIDUGtHV'H7ROHGRD6DOyQLFD 0DGULG$EDGD(GLWRUHV &DPDUHQD-\0&KHYDOLHU&DWiORJRWLSROyJLFRGHOFXHQWRIRONOyULFRHVSDxRO$OFDOi GH+HQDUHV&HQWURGH(VWXGLRV&HUYDQWLQRV &DPDUHQD-\0&KHYDOLHU&DWiORJRWLSROyJLFRGHOFXHQWRIRONOyULFRHVSDxROFXHQWRV GHDQLPDOHV0DGULG*UHGRV &KHYDOLHU0&XHQWRVIRONOyULFRVHVSDxROHVGHO6LJORGH2UR%DUFHORQD&UtWLFD &UHZV&0´7H[WRVMXGHRHVSDxROHVGH6DOyQLFD\6DUDMHYRFRQFRPHQWDULRV OLQJtVWLFRV\JORVDULRµ(VWXGLRV6HIDUGtHV &UHZV&05HFKHUFKHVVXUOHMXGpRHVSDJQROGDQVOHVSD\VEDONDQLTXHV3DUtV( 'UR] 'tD]0DV3/RVVHIDUGtHV+LVWRULDOHQJXD\OLWHUDWXUD%DUFHORQD5LRSLHGUDV 'tD]0DV3\&GHOD3XHQWH-XGDtVPRH,VODP%DUFHORQD$UHV\0DUHV 'tD]0DV3\06iQFKH]3pUH]/RVVHIDUGtHVDQWHORVUHWRVGHOPXQGRFRQWHPSRUiQHR ,GHQWLGDG\PHQWDOLGDGHV0DGULG&6,& (VSLQRVD$0&XHQWRVSRSXODUHVUHFRJLGRVGHODWUDGLFLyQRUDOGH(VSDxD0DGULG &6,& (VSLQRVD$0&XHQWRVSRSXODUHVGH(VSDxD%XHQRV$LUHV(VSDVD&DOSH )UDQFR0(VVDLVXUO·+LVWRLUHGHV,VUDpOLWHVGHO·(PSLUH2WWRPDQGHSXLVOHV2ULJLQHV -XVTX·DQRV-RXUV3DUtV/LEUDLUH$'XUODFKHU *DRQ0'$%LEOLRJUDSK\RIWKH-XGHR6SDQLVK/DGLQR3UHVV-HUXVDOpQ%HQ=YL ,QVWLWXWH7KH+HEUHZ8QLYHUVLW\>HQKHEUHR@ +DERXFKD57\SHVDQGPRWLIVRIWKH-XGHR6SDQLVKIRONWDOHV1XHYD<RUN/RQGUHV *DUODQG +DVViQ,0´(OHVWXGLRGHOSHULRGLVPRVHIDUGtµ6HIDUDG>UHVHxD GHOOLEURHQKHEUHRGH0'*DRQ@ .RHQ6DUDQR0.XHQWRVVDODGRVGMXGHRHVSDQ\ROHV9DOHQFLD(GLVLRQHV&DSLWHOXP .RHQ6DUDQR0'H6DUDJRVDD<HUXVKDOi\LPNXHQWRVVHIDUDGtV=DUDJR]D,EHU&DMD .RHQ 6DUDQR 0 'MRKD NH GL]H" .XHQWRV SRSXODUHV GMXGHRHVSDQ\ROHV -HUXVDOpQ .DQD .RHQ 6DUDQR 0 .XHQWRV GHO )RONORU GH OD )DPL\D 'MXGHRHVSDQ\ROD -HUXVDOpQ .DQD /DUUHD 3DODFtQ $UFDGLR GH &XHQWRV SRSXODUHV GH ORV MXGtRV GHO QRUWH GH 0DUUXHFRV7HWXiQ(GLWRUD0DUURTXt ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DUtD6iQFKH]3pUH] /LHEO&´$YtH~QHYH]«-XOLXV6XEDN0D[$/XULDDQGSKRQRJUDSKLFÀHOG UHVHDUFKDPRQJ6HSKDUGLFFRPPXQLWLHVLQWKH%DONDQVµHQ3'tD]0DV0 6iQFKH]3pUH]HGV /LHEO&-XGHR6SDQLVKIURPWKH%DONDQV7KH5HFRUGLQJVE\-XOLXV6XEDNDQG 0D[ $ /XULD 6RXQG 'RFXPHQWV IURP WKH 3KRQRJUDPPDUFKLY RI WKH $XVWULDQ$FDGHP\RI6FLHQFHV7KH&RPSOHWH+LVWRULFDO&ROOHFWLRQV 6HULHV2($:3+$&'9LHQD /OHDO & (O MXGH]PR (O GLDOHFWR VHIDUGt \ VX KLVWRULD %DUFHORQD 8QLYHUVLWDW GH %DUFHORQD /XULD0$$6WXG\RIWKH0RQDVWLU'LDOHFWRI-XGHR6SDQLVK%DVHGRQ2UDO0DWHULDO &ROOHFWHGLQ0RQDVWLU<XJR6ODYLD1XHYD<RUN,QVWLWXWRGHODV(VSDxDVHQORV (VWDGRV8QLGRV 0D]RZHU0/DFLXGDGGHORVHVStULWXV6DOyQLFDGHVGH6XOHLPiQHO0DJQtÀFRKDVWD ODRFXSDFLyQQD]L%DUFHORQD&UtWLFD 0D]RZHU0/RV%DOFDQHV%DUFHORQD0RQGDGRUL 0pFKRXODQ+HG/HV-XLIVG·(VSDJQH+LVWRLUHG·XQHGLDVSRUD3DUtV /LDQD /HYL 7UDGXFLGR DO HVSDxRO HQ + 0pFKRXODQ HG /RV MXGtRV GH (VSDxD +LVWRULDGHXQDGLiVSRUD0DGULG7URWWD 0LUDOOHV0DFLi/RUHQD´0RWLYRVÀORHVySLFRVHQHO0LGUiV)iEXODV\DQpFGRWDV GHUDELQRVHQ/HYtWLFR5DEEiµ6HIDUDG 0RUFLOOR 5RVLOOR 0DWLOGH ´/D FRPXQLGDG VHIDUGt GH 6DOyQLFD GHVSXpV GH ODV JXHUUDVEDOFiQLFDVµ6HIDUDG 1HKDPD-+LVWRLUHGHV,VUDpOLWHVGH6DORQLTXH6DOyQLFD0ROKRYROV 5RGULJXH$)UHQFK-HZV7XUNLVK-HZV7KH$OOLDQFH,VUDpOLWH8QLYHUVHOOHDQGWKH 3ROLWLFVRI-HZLVK6FKRROLQJLQ7XUNH\%ORRPLQJWRQ,QGLDQD8QLYHUVLW\ 3UHVV 5RPHUR(/DFUHDFLyQOLWHUDULDHQOHQJXDVHIDUGt0DGULG0DSIUH 6iQFKH] 3pUH] 0 ´(QWUH HVFULWXUD \ RUDOLGDG FXHQWRV WUDGLFLRQDOHV HQ HO SHULyGLFR VHIDUGt <HUXVKDOD\LP µ HQ 3 'tD]0DV 0 6iQFKH] 3pUH] HGV 7KRPSVRQ 6 0RWLI,QGH[ RI )RON/LWHUDWXUH $ &ODVVLÀFDWLRQ RI 1DUUDWLYH (OHPHQWVLQ)RONWDOHV%DOODGV)DEOHV0HGLDHYDO5RPDQFHV([HPSOD)DEOLDX[-HVW ERRNVDQG/RFDO/HJHQGV&RSHQKDJXH%ORRPLQJWRQ,QGLDQD8QLYHUVLW\ 7VLUFDV6&LXGDGHVDODGHULYD7ULORJtDHGLFLyQGH,RDQQD1LFRODLGRXWUDGXFFLyQ GH9LFHQWH)HUQiQGH]*RQ]iOH]HWDO0DGULG&iWHGUD :DJQHU0/´&DUDFWHUHVJHQHUDOHVGHOMXGHRHVSDxROGH2ULHQWHµDQHMRGH OD5HYLVWDGH)LORORJtD(VSDxROD :DJQHU0/%HLWUlJH]XU.HQQWLVGHV-XGHQVSDQLVFKHQYRQ.RQVWDQWLQRSHO9LHQD $OIUHG+|OGHU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD >(VWXGLRV@ )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR )5$1&,6&2$<$/$<(/+80$1,602'(/(;,/,2 ,10$&8/$'$/Ð3(=&$/$+2552 8QLYHUVLGDGGH*UDQDGD 5HVXPHQ )UDQFLVFR$\DODIXHHGLWRUGHODVUHYLVWDV5HDOLGDG\/D7RUUHDVtFRPRGHOD%LEOLRWHFDGH&XOWXUD%iVLFD GHOD8QLYHUVLGDGGH3XHUWR5LFR(QHOODVVHUHVHxDQSULPHUDVWUDGXFFLRQHVDOHVSDxROGHOLEURVIXQGD PHQWDOHVVREUHODVDQWLJXDV*UHFLD\5RPDRUHÁH[LRQHVVREUHHOKXPDQLVPR\VXYLQFXODFLyQFRQOD $QWLJHGDG(QHVWHDUWtFXORUHSDVDPRVHVWDVSXEOLFDFLRQHV\QRVDFHUFDPRVDODVÀJXUDVGHORVDXWRUHV TXHFRPSDUWLUiQHOGHVWLQRGHOH[LOLR 3DODEUDVFODYH +XPDQLVPRH[LOLRWUDGXFWRUHV*UHFLD5RPD)UDQFLVFR$\DOD $EVWUDFW )UDQFLVFR$\DODZDVDQHGLWRURIWKHPDJD]LQHV5HDOLGDGDQG/D7RUUHDQGDOVRRIWKH%LEOLRWHFDGH&XO WXUD%DVLFDRIWKH8QLYHUVLW\RI3XHUWR5LFR7KHUHKHUHYLHZVÀUVWWUDQVODWLRQVLQWR6SDQLVKRIIXQGD PHQWDOERRNVRQ$QFLHQW*UHHFHDQG5RPHRUUHÁHFWLRQVRQ+XPDQLVPDQGLWVUHODWLRQVKLSWR$QFLHQW 7LPHV,QWKLVSDSHUZHORRNWKURXJKWKHVHSXEOLFDWLRQVDQGSD\DWWHQWLRQWRWKHDXWKRUVZKRZLOOVKDUH ZLWKKLPWKHGHVWLQ\RIH[LOH .H\ZRUGV +XPDQLVPH[LOHWUDQVODWRUV*UHHFH5RPH)UDQFLVFR$\DOD (QWUHVXHOR\VXEVXHORPLHQWUDVWDQWRXQDHVSHVDKXPDQLGDG ²QRVRWURV²VHDJORPHUDVHDIDQDVHGHVYLYH )UDQFLVFR$\DOD´(QWUHSDORPDV\UDWDVµRWRxRGH ,1752'8&&,Ð1 (O H[LOLR HV XQ WLHPSR \ XQ HVSDFLR TXH GHWHUPLQD \ WUDQVIRUPD OD YLGD GH FXDQWRV LQWHOHFWXDOHV HQFRQWUDURQ HQ HO FRQWLQHQWH DPHULFDQR OD VDOLGD LQGLYLGXDO D ORV WRWDOLWDULVPRV TXH LQYDGLHURQ (XURSD DO ÀQDO GH OD SULPHUD PLWDG GHO VLJOR ;; &RQ HO H[LOLR VH VXFHGH OD SDUDGRMD GH TXH OHMRV GH FRQVLGHUDUVH YtFWLPDV GH WDOHV FLUFXQVWDQFLDVSDUWHGHHVWRVLQWHOHFWXDOHVORLQWHUSUHWyFRPRXQDRSRUWXQLGDGTXHORV &RUUHRHLQPORS#XJUHV5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR OLEHUDED GH FRPSRUWDPLHQWRV UtJLGRV \ FRQVHQVXDGRV GH PRGR TXH VH HQFRQWUDEDQ DQWHXQDRSRUWXQLGDGSDUDUHSODQWHDUVHUHÁH[LRQHVPiVOLEUHVVREUHHOYtQFXORGHO\R FRQ OD FROHFWLYLGDG R GHO \R FRQ OD KHUHQFLD FXOWXUDO H LGHROyJLFD 6RQ ODV SDODEUDV GHOSHGDJRJRUHSXEOLFDQR/RUHQ]R/X]XULDJDFRQTXLHQ)UDQFLVFR$\DODFRQIRUPDUi OD GLUHFFLyQ RÀFLRVD GH OD UHYLVWD 5HDOLGDG ´1RVRWURV QR VRPRV H[LOLDGRV ([LOLDGRV VRQORVTXHKDQTXHGDGRDOOtVLQOLEHUWDG\VLQSRVLELOLGDGHVGHWHQHUODSRUWRGDXQD JHQHUDFLyQµ&/R]DQR6HLMDVDSXG*DUFtD0RQWHUR;;;9, 'H LJXDO PDQHUD )UDQFLVFR$\DOD GHVGH XQD SRVLFLyQ HVWRLFD TXH OR SURWHJH GH OD QRVWDOJLD GHO UHFXHUGR YLYH HO H[LOLR FRPR XQD RSRUWXQLGDG TXH OH SHUPLWH SDUWLFLSDU ´tQWHJUDPHQWH HQ HO GLVFXUVR FOiVLFR VREUH HO KXPDQLVPRµ HQ HO TXH VH SURGXFHODWHQVLyQHQWUHODXQLYHUVDOLGDGGHSULQFLSLRVTXHFRQIRUPDQHOSDWULPRQLR KXPDQR¶KRPRXQLYHUVDOLV·\ODFRQFLHQFLDGHIUDJLOLGDGGHOLQGLYLGXR1DYDMDV (VWDFODUDUHODFLyQFRQHOKXPDQLVPRGHKHUHQFLDFOiVLFDVHUHÁHMDUiHQXQ GLiORJRGLUHFWRHQWUHORVWH[WRVGHOD$QWLJHGDG\HOSUHVHQWHGHHVWRVLQWHOHFWXDOHV/D WUDJHGLDJULHJDHOSHQVDPLHQWRJULHJRRÀJXUDVURPDQDVFRPR&LFHUyQFREUDUiQXQD DFWXDOLGDGTXHQRSUHFLVDUi\DGHODKHUHQFLDYHUWLFDOSDUDMXVWLÀFDUVH/DWUDGXFFLyQ SRU SULPHUD YH] DO HVSDxRO GH OLEURV IXQGDPHQWDOHV SDUD HO FRQRFLPLHQWR GH OD $QWLJHGDGVHUiXQLQVWUXPHQWRLPSUHVFLQGLEOHSDUDHVWHFDPELRGHUHODFLyQFRQHO SDVDGRDOWLHPSRTXHVHUHLYLQGLFDHOYDORUGHODFXOWXUDRFFLGHQWDO (QHVWHVHQWLGRODODERUTXH)UDQFLVFR$\DODUHDOL]yFRPRHGLWRUIXHGHJUDQ YDORU SXHVWR TXH VXPiQGRVH DO LPSXOVR GH JUDQGHV HGLWRULDOHV FRPR )RQGR GH &XOWXUD(FRQyPLFDSHUPLWLUiTXHVHGLYXOJXHODODERUGHJUDQGHVLQWHOHFWXDOHVTXH HQHVWHSHUtRGRKLVWyULFRDSRUWDURQUHÁH[LRQHVRWUDEDMDURQVREUHWH[WRVGHODVDQWLJXDV *UHFLD\5RPDLGHQWLÀFDGRVDGHPiVFRQHOGLVFXUVRLGHROyJLFRSRVWHULRUDOD6HJXQGD *XHUUD0XQGLDO6HUiQORVQRPEUHVGH:HQFHVODR5RFHV:HUQHU-DHJHU.DUO.HUpQ\L 3DUDHVWDLQWURGXFFLyQVREUHHOH[LOLR\ODUHODFLyQFRQHOKXPDQLVPRFRQVLGHUDPRVHVHQFLDOHODUWtFXOR GH*RQ]DOR1DYDMDVWLWXODGR´/DHVFULWXUDGHODOLEHUWDG\ODFXOWXUDLQGXVWULDOHQ)UDQFLVFR$\D ODµ$XQTXHQRVGHWHQHPRVHQFLWDVSXQWXDOHVVHxDODPRVORVVXEWtWXORVGHODUWtFXOR´,+XPDQLVPRH KLVWRULDFXOWXUDO,,(O\R\ODVXSUDLQGLYLGXDOLGDG,,,/DOLWHUDWXUDHQODFXOWXUDLQGXVWULDOGHPDVDV ,9&RQFOXVLyQ(OH[LOLRFRPRDSHUWXUDµ$VLPLVPRODLQWURGXFFLyQTXHEDMRHOWtWXOR´/DDYHQWXUDGH SHQVDUHOPXQGRµHVFULEH/XLV*DUFtD0RQWHURSDUDODHGLFLyQIDFVtPLOGHODUHYLVWD5HDOLGDG ´(OSHUÀOLQWHOHFWXDOGH$\DODQRRSHUDHQHOYDFtRQLOHFRUUHVSRQGHH[FOXVLYDPHQWHDpO(VSURSLR GHODÀJXUDGHOLQWHOHFWXDOGHHQWUHJXHUUDVTXHH[SHULPHQWDODSULPHUDJUDQFULVLVGHOSDUDGLJPDGHOD FXOWXUDPRGHUQDDÀOLDGDWRGDYtDFRQHOKXPDQLVPRFOiVLFR>«@3DUD6SHQJOHUODDPHQD]DVHFRQFUHWD HQODIXHU]DDQyQLPD\FLHJDGHODVVRFLHGDGHVSHULIpULFDVGHQWURGHOPDUFRRFFLGHQWDOHVGHFLUDTXHOODV FXOWXUDVQRFRQHFWDGDVGLUHFWDPHQWHFRQHOPRGHORJUHFRODWLQR>«@)UDQFLVFR$\DODTXHGDLQVHUWRHQ HVWRVSDUiPHWURV\KDFHXQDDSRUWDFLyQHVSHFtÀFDGHQWURGHHOORV6XSRVLFLyQHSLVWHPROyJLFD\pWLFD PiVFRPSUHQVLYDVHIXQGDPHQWDHQODLQGHSHQGHQFLDGHO\RLQGLYLGXDOIUHQWHDORVPRGHORVVXSUDLQGL YLGXDOHVWRWDOL]DQWHVµ1DYDMDV$VLPLVPRVREUHHOKXPDQLVPRGH$\DODFI*DUFtD-XUDGR \/ySH]&DODKRUUR 6REUHHOLPSXOVRGHHVWDHGLWRULDOHVIXQGDPHQWDOODÀJXUDGH-RVp0HGLQD(FKDYDUUtDFRPSDxHUR\ DPLJRGH)UDQFLVFR$\DODHQOD6HFUHWDUtDGH&RUWHVWDPELpQH[LOLDGRFRQPRWLYRGHOD*XHUUD&LYLO\ SHUVRQDIXQGDPHQWDOSDUDVXSRVWHULRUUHODFLyQFRQOD8QLYHUVLGDGGH3XHUWR5LFR(FKDYDUUtDHQVX SULPHUGHVWLQRHQ0p[LFRVHHQFDUJyGHFRQYHUWLUDOD(GLWRULDO)RQGRGH&XOWXUD(FRQyPLFDHQXQD HGLWRULDOGHSUHVWLJLR6iQFKH]0RQWHVGHORTXHGDPRVPXHVWUDHQHVWHWUDEDMRSRUORVWtWXORV GHODVREUDVFLWDGDV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR /XGZLJ6FKDMRZLF]R5RJHU/DEURXVVHORVTXHHQHVWHWUDEDMRSUHVHQWDUHPRVFRPR WHVWLPRQLRGHHVWDFXHVWLyQ %8(126$,5(65($/,'$'5(9,67$'(,'($6 'XUDQWH VX H[LOLR HQ %XHQRV $LUHV )UDQFLVFR $\DOD DFHSWD OD SURSXHVWDGHGLULJLUXQDQXHYDUHYLVWDGHGLVFXVLyQLQWHOHFWXDODODTXHVHOODPy5HDOLGDG 5HYLVWDGH,GHDV6XSULPHUQ~PHURVHSXEOLFyHQORVPHVHVGHHQHURIHEUHURGH EDMRODGLUHFFLyQGH)UDQFLVFR5RPHURDSURSXHVWDGHOSURSLR$\DOD1RREVWDQWHHQ ODGLUHFFLyQRÀFLRVDHVWDEDQ)UDQFLVFR$\DOD\/RUHQ]R/X]XULDJDPLHPEURVDVLPLVPR GHOFRQVHMRGHUHGDFFLyQMXQWRFRQ$PDGR$ORQVR(GXDUGR0DOOHD(]HTXLHO0DUWtQH] (VWUDGD-XOLR5H\3DVWRU\*XLOOHUPRGHOD7RUUH(VWDUHYLVWDVHSXEOLFyHQWUHHQHUR IHEUHURGH\VHSWLHPEUHGLFLHPEUHGHFRQXQWRWDOGHQ~PHURV/DLGHD HUDTXHODUHYLVWDWXYLHUD´VHVJRHQVD\tVWLFRRFUtWLFRµ$\DODSHURVREUH WRGR IXH HO LQVWUXPHQWR XWLOL]DGR SDUD OD GLVFXVLyQ VREUH ´OD GHIHQVD GH ODV UDtFHV GHPRFUiWLFDV GHO SHQVDPLHQWR RFFLGHQWDOµ *DUFtD 0RQWHUR ;/, DO WLHPSR TXHVHSURSLFLDEDHOKHFKRPiVFHUFDQRRFR\XQWXUDO)UHQWHDO2FFLGHQWHYtFWLPDGH ORV WRWDOLWDULVPRV SROtWLFRV 5HDOLGDG HQDUEROD ´OD FDSDFLGDG FXOWXUDO \ PRUDO GHO VHU KXPDQRµLELG(OHGLWRULDOGHOSULPHUQ~PHUREDMRODSOXPDGH)UDQFLVFR5RPHUR\ )UDQFLVFR$\DOD*DUFtD0RQWHUR;;;,;GDFXHQWDGHODGLPHQVLyQXQLYHUVDO\ GHFRQFLHQFLDKLVWyULFDTXHWHQtDODFUHDFLyQGHHVWDUHYLVWDGHLGHDV (O2FFLGHQWHGHEHDOFDQ]DUFRQFLHQFLDGHVtGHVXVUDtFHV\IXQGDPHQWRVGHORTXHHQpOHV DFFLGHQWH\GHORTXHHVHVHQFLDGHVXPpGXODYLYDGHVXVOLPLWDFLRQHV\GHVXVSRVLELOLGDGHV 'HEHWDPELpQDEDUFDUVXFULVLVHQWHQGHUODMX]JDUODDUELWUDUORVPHGLRVSDUDVDOLUGHHOOD(VWR HQFXDQWRDORTXHSXGLHUDOODPDUVHHODVSHFWRLQWHUQR(QFXDQWRDORH[WHUQRGHEHH[DPLQDU ODQXHYDVLWXDFLyQDEULUVHDXQDFRPSUHQVLyQPiVJHQHURVD\FDEDOGHODVRWUDVFXOWXUDVSDUD UHVSHWDUHQHOODVVXGHUHFKRSDUDLQFRUSRUDUDTXHOORVGHVXVYDORUHVTXHUHVXOWHQDGPLVLEOHV VLQGHVPHGURGHODSHFXOLDULGDGSURSLDSDUDFRUUHJLUORTXHDFi\DOOiKXELHUDGHDQJRVWR\ XQLODWHUDO8QDFXOWXUDQRVHLPSRQHDTXLHQHVQRODWHQJDQSRUSURSLD~QLFDPHQWHHVOHJtWLPR SURSRQHUOD>«@$FDVRHOSRUYHQLUGHODKXPDQLGDGHQORVVLJORVSUy[LPRV²RHOSRUYHQLUGH ODKXPDQLGDGVLQPiVSHQGDHQHVWDVROHPQHRFDVLyQGHTXHODSURSXHVWDGH2FFLGHQWHVHD DFHSWDGD<HOORGHSHQGHDVXYH]GHTXHUHVXOWHDFHSWDEOH5HDOLGDG 6REUH OD FDOLGDG GH OD UHYLVWD )UDQFLVFR $\DOD HVFULELUi TXH ´FXDQGR DOJXQD YH] SRU XQR X RWUR PRWLYR KRMHR VXV SiJLQDV YHR TXH FRQWLHQHQ WUDEDMRV GH PX\ 6REUHHOQDFLPLHQWRGH5HDOLGDGQRVGLFH$\DOD´4XHUtD0DOOHDLQVLVWLHQGRPXFKRHQHOORTXHHOGL UHFWRUIXHUD\RSHURPHQHJXpHQUHGRQGR0HQHJXpSRUTXHVLPLUHSXJQDQFLDGHVLHPSUHDHMHUFLWDU FXDOTXLHUHVSHFLHGHDXWRULGDGTXHKXELHVHGHLPSRQHUGHFLVLRQHVDPLVVHPHMDQWHVPHKDKHFKRUHKXLU DORODUJRGHODYLGDWRGDSRVLFLyQGHPDQGR¢FyPRKXELHUDGHKDEHUDFHSWDGRODWLWXODULGDGGHHVH SRGHULUULVRULRTXHIDFXOWDSDUDGHFLGLUVREUHODLQVHUFLyQGHWDORFXDOWH[WRHQXQDSXEOLFDFLyQH[SR QLpQGRPH²\PiVGDGDPLFRQGLFLyQGHH[WUDQMHURDODVI~WLOHVSHURLPSODFDEOHVLUDVGHORVGHVDLUDGRV HQWHUUHQRWDQYLGULRVRFRPRHVHOGHODVSUHWHQVLRQHV\YDULHGDGHVOLWHUDULDV"3URSXVHSDUDHOFDUJRD )UDQFLVFR5RPHUR>«@/X]XULDJD\\ROHSURPHWLPRVTXHHQFDOLGDGGHVHFUHWDULRVGHUHGDFFLyQKD UtDPRVWRGRHOWUDEDMRFRQORFXDOWHUPLQypOSRUUHVLJQDUVHDDSDUHFHUFRPRGLUHFWRUSUHVWiQGRQRVVX QRPEUH$VtIXHFRPRVHKL]RUHDOLGDGODUHYLVWD5HDOLGDGµ$\DOD 6REUHODVUHIHUHQFLDV\FLWDVGHODUHYLVWD5HDOLGDGXWLOL]DUHPRVODSDJLQDFLyQGHODHGLFLyQIDFVtPLO6H YLOOD5HQDFLPLHQWR&ROHFFLyQ)DFVtPLOHVGH5HYLVWDV/LWHUDULDV(QODELEOLRJUDItDUHFXSHUDPRV ODSDJLQDFLyQRULJLQDODVtFRPRHODxRGHHGLFLyQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR DOWDFDOLGDG\TXHHQQLQJ~QPRPHQWRGHFD\yVXQLYHOµ$\DODRTXHDOOt FRQÁX\HURQODV´PHMRUHVÀUPDVGHOPXQGRHQDTXHOORVPRPHQWRV,QJOHVHVDOHPDQHV LQFOXVRSRUWXJXHVHVµ1~xH]7DOHVÀUPDVFRQFUHWDGDVHQDUWtFXORVRUHVHxDV GHOLEURVVREUHHVWXGLRVRWHPiWLFDVGHODVDQWLJXDV*UHFLD\5RPDVRQ - / 5 ´7HRGRUR 0RPPVHQ (O PXQGR GH ORV &pVDUHV (G ¶)RQGR GH &XOWXUD (FRQyPLFD·0p[LFRµ5HDOLGDGYRO, /RUHQ]R/X]XULDJD´:HUQHU-DHJHU3DLGHtD/RVLGHDOHVGHODFXOWXUDJULHJD)RQGR GH &XOWXUD (FRQyPLFD 0p[LFR YRO µ 5HDOLGDG YRO , (GXDUGR*RQ]iOH]/DQX]D´(FR\QDUFLVRHQVD\RVREUHDUWHµ5HDOLGDGYRO -RVp*DRV´(O$ULVWyWHOHVGH-DHJHUµ5HDOLGDGYRO,, 5RGROIR 0RQGROIR ´%HQMDPtQ )DUULQJWRQ &LHQFLD JULHJD GH 7DOHV D $ULVWyWHOHV &ROHFFLyQ 3LQJLQR HGLW /DXWDUR %XHQRV$LUHV µ 5HDOLGDG YRO ,, - / 5 ´/XGZLJ )ULHGOlQGHU /D VRFLHGDG URPDQD KLVWRULD GH ODV FRVWXPEUHV HQ 5RPDGHVGH$XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD0p[LFR µ5HDOLGDGYRO,,, -RVp0&KDFyQ\&DOYR´4XHYHGR\ODWUDGLFLyQVHQHTXLVWDµ5HDOLGDGYRO,,, )UDQFLVFR 9HUD ´%HSSR /HYL /H\HQGR D (XFOLGHV (GLWRULDO 5RVDULR 5RVDULR GH 6DQWD)Hµ5HDOLGDGYRO,,, $GROIR3&DUSLR´8QDWUDGXFFLyQGH3ORWLQRµ5HDOLGDGYRO9 &DUPHQ*iQGDUD´6yFUDWHVOD1DWXUDOLGDG\ODPXHUWHµ5HDOLGDGYRO9, 3DUWHGHHVWRVLQWHOHFWXDOHVVRQH[LOLDGRVGH(VSDxDRGHOD(XURSDGHOD6HJXQGD *XHUUD 0XQGLDO 'DGD OD VLJQLÀFDFLyQ GH DOJXQRV GH ORV HVWXGLRV R GH ODV PLVPDV ÀJXUDVHQHOiPELWRGHORV(VWXGLRV&OiVLFRVUHDOL]DPRVXQDEUHYHVHPEODQ]DGHHOODV \ VX DSRUWDFLyQJUDFLDVDODH[LVWHQFLDGH 5HDOLGDGHQFRQFUHWRGH:HQFHVODR5RFHV -RDTXtQ;LUDX:HUQHU-DHJHU\.DUO.HUpQ\L ,QLFLDOHVGH-RVp/XLV5RPHUR(QHVWDVUHIHUHQFLDVELEOLRJUiÀFDVUHVSHWDPRVODSDJLQDFLyQGHORULJLQDO 1RQRVGHWHQHPRVQRREVWDQWHHQODÀJXUDGHOLQVLJQHÀOyVRIRLWDOLDQR5RGROIR0RQGROIRH[LOLDGR HQ&yUGREDGRQGHUHVLGLyGHVGHD\SRVWHULRUPHQWHHQ7XFXPiQGHVGHFRPLHQ]RVGH KDVWD\GRQGHFRLQFLGLUiFRQRWURLQWHOHFWXDOHXURSHRH[LOLDGR5RJHU/DEURXVVHFX\DÀJXUDWUD WDUHPRVSRVWHULRUPHQWH6yORDxDGLUVREUHODÀJXUDGH0RQGROIRTXHFRQVLGHUDGRFRPRXQDXWpQWLFR KXPDQLVWD\XQUHIHUHQWHGHORV(VWXGLRV&OiVLFRVHQ$UJHQWLQDDGHPiVGHODUHVHxDFLWDGDVREUHODREUD GH%HQMDPtQ)DUULQJWRQHQODUHYLVWD/D7RUUHGLULJLGDWDPELpQSRU)UDQFLVFR$\DODHQ3XHUWR5LFRSX EOLFDUi´6pQHFD\ODLQÀQLWXGGHOSURJUHVRHVSLULWXDOµ0RQGROIRTXHYHUiODOX]HOPLVPR DxRHQ,WDOLDHQ&ULWLFD6RFLDOH0LODQR$SULOH$0RQGROIRGDGDODHQWLGDGGHVXVHVWXGLRV'LHJR )3UyOHGHGLFDXQOLEURHQGRVYRO~PHQHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR :HQFHVODR5RFHV ([LOLDGRHQ0p[LFR\SURIHVRUGH'HUHFKR\)LORVRItDHQOD8QLYHUVLGDG1DFLRQDO GH 0p[LFR :HQFHVODR 5RFHV IXH XQD GH ODV ÀJXUDV PiV UHSUHVHQWDWLYDV GHO H[LOLR HVSDxRO'HVWDFDVXODERUFRPRWUDGXFWRUSDUDHO)RQGRGH&XOWXUD(FRQyPLFD\DpO VHOHGHEHHQWUHXQLQJHQWHQ~PHURGHWUDGXFFLRQHVODSULPHUDYHUVLyQGH(OFDSLWDO GH.DUO0DU[R/DIHQRPHQRORJtDGHOHVStULWXGH+HJHO(QFXDQWRDORVWH[WRVUHODWLYRV DODVDQWLJXDV*UHFLD\5RPDWUDGXFLGRVSRU:HQFHVODR5RFHVHQ5HDOLGDGVHUHVHxDQ ORVVLJXLHQWHV ´7HRGRUR0RPPVHQ(OPXQGRGHORV&pVDUHV(G¶)RQGRGH&XOWXUD(FRQyPLFD· 0p[LFRµ (V XQD ¶QRWD GH OLEURV· UHDOL]DGD SRU -RVp /XLV 5RPHUR (Q OD UHVHxD 5RPHUR GHVWDFDTXH´HOWtWXORGHHVWHOLEURQRHVHOGHRULJLQDOGH0RPPVHQHOJUDQKLVWRULDGRU DOHPiQTXHUHQRYyORVHVWXGLRVURPDQRVµ5RPHUR1RVH[SOLFDDVLPLVPR TXHFRQHOWtWXOR(OPXQGRGHORV&pVDUHV:HQFHVODR5RFHVUHFRJHODREUDGH0RPPVHQ ´/DV SURYLQFLDV GHVGH&pVDUKDVWD'LRFOHFLDQR \FRPSOHWDGDVX+LVWRULD5RPDQDµLELG /DVSURYLQFLDVGHVGH&pVDUKDVWD'LRFOHFLDQRSXEOLFDGRHQHVHOTXLQWRYROXPHQ GH +LVWRULD GH 5RPD VLHQGR HVWD WUDGXFFLyQ GH 5RFHV OD SULPHUD YHUVLyQ HQ OHQJXD FDVWHOODQDGHHVWHYROXPHQ,QFRUSRUDHOWUDGXFWRUXQDVHOHFFLyQGHWH[WRVGHORVWUHV SULPHURV OLEURV GH +LVWRULD GH 5RPD 3DUD 5RPHUR OD VHOHFFLyQ GHO WUDGXFWRU GHEHUtD KDEHUVHDMXVWDGRDOD´IRUPDRULJLQDOGHODVREUDVTXHVHWUDGXFHQWDQWRSDUDIDFLOLWDU VXFRQVXOWDFRPRSDUDQRLQGXFLUDHUURUDORVOHFWRUHVµLELG1RREVWDQWHHOYDORUGH ODREUDTXHGDFODUDPHQWHH[SXHVWRQRVyORSRUHOGHODWUDGXFFLyQ\ODVHOHFFLyQVLQR SRUSRQHUDODOFDQFHGHORVOHFWRUHV\HVWXGLRVRVHQOHQJXDKLVSDQDXQDGHODVREUDV PiVLPSRUWDQWHVVREUHODDQWLJXD5RPD 8QD WUDGXFFLyQ H[FHOHQWH SHUPLWH XQD OHFWXUD SURYHFKRVD GH HVWH OLEUR SRU WDQWRV PRWLYRV LQWHUHVDQWHV<SHVHDODREMHFLyQVHxDODGDHOOHFWRUFXOWRQRGHMDUiGHDJUDGHFHUDOHGLWRUHO TXHKD\DLQFRUSRUDGRDOYROXPHQORVFDStWXORVGHOD+LVWRULD5RPDQDDTXHQRVKHPRVUHIHULGR LELG ´/XGZLJ)ULHGOlQGHU/DVRFLHGDGURPDQDKLVWRULDGHODVFRVWXPEUHVHQ5RPDGHVGH $XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD0p[LFRµ -XQWRDODGHVFULSFLyQTXHUHDOL]DPRVGHORVOLEURVUHVHxDGRVGDGDVXLPSRUWDQFLDHQHOiPELWRGH ORV(VWXGLRV&OiVLFRVLQGLFDPRVTXHGHODVWUDGXFFLRQHVVREUHWHPDVGH*UHFLD\5RPDDGHPiVGHORV H[SXHVWRV5RFHVUHDOL]yODVVLJXLHQWHVWUDGXFFLRQHV'UR\VHQ-RKDQ*XVWDY$OHMDQGUR0DJQR0p[LFR )&( S *UHJRURYLXV /XGZLJ $WHQDV HQ OD (GDG 0HGLD \ RWURV HQVD\RV 3UyORJR GH :5 0p[LFR)&(S0D\U5REHUWYRQ+LVWRULDGHO'HUHFKR5RPDQR%DUFHORQD/DERUYRO 5RKGH(GZLQ3VLTXHODLGHDGHODOPD\ODLQPRUWDOLGDGGHORVJULHJRV0p[LFR)&(S6RKP 5XGROI,QVWLWXFLRQHVGH'HUHFKR3ULYDGR5RPDQRKLVWRULD\VLVWHPD0DGULG5'3S&LWDPRV SRUODSiJLQDGHODZHEGHOD)XQGDFLyQ:HQFHVODR5RFHV /DVUHIHUHQFLDVELEOLRJUiÀFDVVRQFLWDGDVWDO\FRPRDSDUHFLHURQHQ5HDOLGDG 6XWtWXORRULJLQDOHV'DV5|PLVFKH,PSHULXPGHU&lVDUHQ5|PLVFKH*HVFKLFKWH 5|PLVFKH *HVFKLFKWH HVFULWD HQWUH WUDGXFLGD DO HVSDxRO HQ SRU$OHMR *DUFtD 0RUHQR FRPR+LVWRULDGH5RPD3DUDODÀJXUDGH$OHMR*DUFtD0RUHQRFI0LULOOD5RPHUR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR 6XWtWXORRULJLQDOHV'DUVWHOOXQJHQDXVGHU6LWWHQJHVFK5RP·VLQGHU=HLWYRQ$XJXVW ELV]XP$XVJDQJGHU$QWRQLQHYROWKHG(QODUHYLVWD5HDOLGDG YRO,,,VLQQ~PHURGHSiJLQDODHGLWRULDO)RQGRGH&XOWXUD(FRQyPLFDDQXQFLD HOOLEURGH)ULHGOlQGHU 0DJQtÀFDWUDGXFFLyQGHXQDGHODVREUDVPiVIDPRVDVGHODOLWHUDWXUDKLVWyULFDDSDUHFLGDEDMR HOWtWXORGH´&XDGURVGHKLVWRULDGHODVFRVWXPEUHVURPDQDVKHUPRVDPHQWHLOXVWUDGDFRQ OiPLQDVDWRGDSiJLQDHQFXDGHUQDGD« (VHQHOQ~PHURVLJXLHQWH,,,GRQGHDSDUHFHODUHVHxDGH-RVp /XLV5RPHURVREUHHOOLEURFRQODWUDGXFFLyQGH5RFHV5HVDOWD5RPHURTXHFDVLXQVLJOR GHVSXpVGHTXHVDOLHUDDODOX]VHWUDGXFHDOHVSDxROODJUDQREUDGHOHUXGLWRDOHPiQ )ULHGOlQGHUVHJXLGRUGH7HRGRUR0RPPVHQ\GH-DFRE%XUFNKDUGWHVFULELyHVWHOLEUR HQXQPRPHQWRSRVWHULRUDODFULVLVGHUD]yQSRUODTXHORVKLVWRULDGRUHVFDPELDURQ HOFRQWHQLGRKLVWyULFRSROtWLFRDQWHULRU$VtQRVH[SOLFD5RPHURODVFDUDFWHUtVWLFDVTXH KDFHQGHODREUDGH)ULHGOlQGHUXQWH[WRIXQGDPHQWDOSDUDFRQRFHUOD$QWLJHGDG\ ODLPSRUWDQFLDGHTXHSRUSULPHUDYH]VHWUDGX]FDDOHVSDxROSUiFWLFDPHQWHXQVLJOR GHVSXpVGHVXSXEOLFDFLyQ *UDQGHVFXDGURVGHFRQMXQWRHQORVTXHFRUUHVSRQGLHURQDOSXHEORXQSDSHOGHSULPHUSODQR PRVWUDQGRVXVIRUPDVGHYLGD\ODVDOWHUQDWLYDVGHVXDFWLWXGIUHQWHDODVÀJXUDVVLQJXODUHV TXHSDUHFtDQGLULJLUODYLGDVRFLDO>«@$VtVXUJLyGHXQFRQMXQWRQRPX\RUJiQLFRSRUFLHUWR ORTXHVHHPSH]yDOODPDUVLQGHPDVLDGDSUHFLVLyQSRUORGHPiVKLVWRULDGHODFXOWXUDRGHOD FLYLOL]DFLyQ 'HQWURGHHVWDFRUULHQWHTXHGHVSHUWDEDHQVXWLHPSRVHRULHQWy/XGZLJ)ULHGOlQGHU\IUXWR GHVXVLQYHVWLJDFLRQHVHQHVHVHQWLGRIXHVXQRWDEOHOLEURVREUHODVRFLHGDGURPDQDTXHDFDEDGH SXEOLFDUVHHQ0p[LFRWUDGXFLGRSRUSULPHUDYH]DOHVSDxRO5RPHUR :HQFHVODR5RFHV-RDTXtQ;LUDX\:HUQHU-DHJHU ´:HUQHU -DHJHU 3DLGHtD /RV LGHDOHV GH OD FXOWXUD JULHJD )RQGR GH &XOWXUD (FRQyPLFD0p[LFRYROµ 3DLGHtDHVXQRGHORVWH[WRVIXQGDPHQWDOHVGHDQiOLVLVGHODFXOWXUDJULHJDHQ WRUQRDOFRPSOHMRFRQFHSWRJULHJRTXHGDWtWXORDOOLEURFX\RDOFDQFHHVPXFKRPiV DPSOLRGHORTXHSRGUtDPRVWUDGXFLUHQQXHVWUDOHQJXDFRPR´HGXFDFLyQµ3XEOLFDGD HQ)RQGRGH&XOWXUD(FRQyPLFDODSULPHUDHGLFLyQHQHVSDxROGHFRQVWDGHXQ SUyORJRGHODXWRUDOHPiQ(QpOGDJUDFLDVD-RDTXtQ;LUDXFRPRWUDGXFWRUTXHDVtOR IXHGHORVOLEURV,\,,SHURVXDQWLFLSDGDPXHUWHKL]RTXH:HQFHVODR5RFHVWUDGXMHUDORV OLEURV,,,\,9SRUORTXHQRHVPHQFLRQDGRHQHOSUyORJR/DHGLFLyQHQWUHVYRO~PHQHV TXH UHVHxD 5RPHUR VH VXFHGH HQWUH ORV DxRV \ VLHQGR ORV OLEURV ,,, \ ,9 SXEOLFDFLRQHVSRUSULPHUDYH]GHORULJLQDODOHPiQWDPELpQLQpGLWR\FRQODWUDGXFFLyQ DOHVSDxRO/DSULPHUDHGLFLyQHQXQ~QLFRYROXPHQVHUiPX\SRVWHULRUGH -RDTXtQ ;LUDX HV WDPELpQ XQ H[LOLDGR GH OD *XHUUD &LYLO HVSDxROD GH RULJHQ FDWDOiQ\DÀQFDGRHQ0p[LFR'LVFtSXORGHOD,QVWLWXFLyQ/LEUHGH(QVHxDQ]DGHFDQR GHOD)DFXOWDGGH)LORVRItDGH%DUFHORQDKX\yKDFLD)UDQFLDHQODPLVPDDPEXODQFLD /DSULPHUDHGLFLyQHQDOHPiQHQ\XQDVHJXQGDHQWLHQHQWDPELpQSUyORJRVGH:-DHJHU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR TXH$QWRQLR0DFKDGR5HSUHVHQWD;LUDXODÀJXUDGHXQDXWpQWLFRSHGDJRJRTXHVH RFXSySURIXQGDPHQWHGHORVPpWRGRVGHHQVHxDQ]D6HJXLGRUGHVXDGPLUDGR5DPyQ /OXOHVFULELUiFLWiQGROR´(ODPRUKDVLGRFUHDGRSDUDSHQVDUµ;LUDX(VSRU FRQVLJXLHQWHXQDXWpQWLFRKXPDQLVWDTXHHQVXH[LOLRHQ0p[LFRDGTXLULyXQDQXHYD IRUPDGHPLUDUORVHVWXGLRVKXPDQtVWLFRVWDO\FRPRVXKLMR5DPyQ;LUDXQRV UHODWDVREUHVXPHPRULD 0LSDGUHPHGLMR\GLMRDYDULRVGHQRVRWURVTXHHQ0p[LFRKDEtDGHVFXELHUWRD(VSDxD2WUD (VSDxDHQHIHFWRODGHORVKXPDQLVWDVODGH9LYHVODGH6DKDJ~Q/DV&DVDV9DVFRGH4XLURJD (Q WRGRV HOORV KD\ DOJR GH FRP~Q \ GH YDORU HVSHFLDOPHQWH LPSRUWDQWH HQ QXHVWURV GtDV GH GHVYDORUHO´RUGHQGHODPRUµ 6REUHODWUDVFHQGHQFLDGHORVHVWXGLRVGH;LUDXHQHOiPELWRGHODHGXFDFLyQ $QWRQL0RUDUHLYLQGLFDVXÀJXUDSUHFLVDPHQWHDODOX]GHODSDODEUDJULHJDWLWXODQGR ´/DSDLGHtDUHSXEOLFDQDGH-RDTXtQ;LUDXµDOSUyORJRGHO7RPR,,,GHVXVREUDVFRPSOHWDV 0RUD;,;;HQHOTXHHVWDEOHFHODUHODFLyQ\ODGLIHUHQFLDHQWUHHOFRQFHSWR ¶HGXFDFLyQ·GH;LUDX\HOGH-DHJHU(VDVtTXHVHHVWDEOHFHXQDOtQHDGHFRPXQLFDFLyQ LQGLUHFWDHQWUHOD$QWLJHGDG\ODDFWLWXGDFWLYDÀORVyÀFDSROtWLFD\SHGDJyJLFDGHO SHGDJRJRFDWDOiQ (Q FXDQWR DO OLEUR GH -DHJHU UHFRUGDPRV TXH QR HV VyOR XQ HVWXGLR VREUH OD DQWLJXD*UHFLDVLQRWDPELpQXQDQiOLVLVTXHWUDVFLHQGHODFXOWXUDHXURSHDHLJXDOPHQWH WUDQVPLVRUGHOFRPSURPLVRKXPDQtVWLFRGHVXDXWRU3DUDHOORQRVVLUYHQODVSDODEUDV GHODXWRUHQHOSUyORJRGHODHGLFLyQHVSDxRODHVFULWRHQOD8QLYHUVLGDGGH+DUYDUG HQ MXOLR GH DGRQGH VH KDEtD H[LOLDGR HO DOHPiQ KX\HQGR GHO QD]LVPR (Q HO SUyORJRHQHOTXHKDFHUHIHUHQFLDDODSULPHUDHGLFLyQTXHFRUUHVSRQGtDDOSHUtRGRGH HQWUHJXHUUDVGLFH (VWHOLEURVHHVFULELyGXUDQWHHOSHUtRGRGHSD]TXHVLJXLyDODSULPHUD*XHUUD0XQGLDO<DQR H[LVWHHO´PXQGRµTXHSUHWHQGtDD\XGDUDUHFRQVWUXLU3HUROD$FUySROLVGHOHVStULWXJULHJRVH DO]DFRPRXQVtPERORGHIHVREUHHOYDOOHGHODPXHUWH\GHVWUXFFLyQTXHSRUVHJXQGDYH]HQOD PLVPDJHQHUDFLyQDWUDYLHVDODKXPDQLGDGGROLHQWH-DHJHU; 'HVGHHVDPLUDGDTXHVREUHYXHODORTXHDFDHFHHQHOWLHPSRFRQWHPSRUiQHR GHODXWRUDFDXVDGHODVGRVJXHUUDVPXQGLDOHVGHODVTXHODVXFHVLYDUHGDFFLyQGHORV OLEURVTXHFRQIRUPDQ3DLGHtDVRQWHVWLPRQLRHVHOWDPELpQSHGDJRJR\FRODERUDGRUGH )UDQFLVFR$\DOD/RUHQ]R/X]XULDJDHOHQFDUJDGRGHODUHVHxDSDUD5HDOLGDG'HVXV SDODEUDVGHVWDFDPRVODYDORUDFLyQTXHKDFHGHOOLEURGH-DHJHUSRUVXDFWXDOLGDG &XDQGRVHEXVFDQORVRUtJHQHVGHODVLGHDVHLQVWLWXFLRQHVHVHQFLDOHVGHQXHVWUDFXOWXUDVLHPSUH YHQLPRVDSDUDUSRUXQFDPLQRXRWURDODIXHQWHFULVWDOLQDGH*UHFLD$OJXLHQKDGLFKRHQ HVWHVHQWLGRTXHH[FHSWRODVIXHU]DVFLHJDVGHODQDWXUDOH]DQDGDVHPXHYHHQHOPXQGRTXHQR VHDJULHJRHQVXRULJHQ$VtYHPRVSRUHMHPSORTXHORVLGHDOHVSROtWLFRVSHGDJyJLFRVTXHKDQ HVWDGRHQSXJQD~OWLPDPHQWH\TXHD~QORHVWiQHQFLHUWRPRGRHOWRWDOLWDULR\HOGHPRFUiWLFR OLEHUDOWLHQHQVXVDQWHFHGHQWHVUHPRWRVSHURPDQLÀHVWRVGHODHGXFDFLyQKHOpQLFDODHVSDUWDQD \ODDWHQLHQVH$SHVDUGHWRGDVODVDSDUHQWHVGLIHUHQFLDVHVWDVFRQFHSFLRQHVVHFRUUHVSRQGHQ GHXQPRGRWDQPDQLÀHVWRFRQDTXHOORVLGHDOHVTXHHVUDURTXHQRVHKD\DUHFRQRFLGRDQWHV HVDFRLQFLGHQFLD'HDTXtTXHHOHVWXGLRGHODFXOWXUDFOiVLFDWHQJDXQYDORUSHUPDQHQWH\DTXH QRVSHUPLWHYHUHQVXRULJLQDULDSXUH]DODVLGHDVTXHSUHGRPLQDQHQODYLGDGHQXHVWUDpSRFD /X]XULDJD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR (VWD FRQFLHQFLD GH OD FRPSDUDFLyQ HQWUH ORV GRV WLHPSRV HQWUH HO GH OD $QWLJHGDG \ HO GH OD pSRFD TXH YLYHQ ORV H[LOLDGRV HQ$UJHQWLQD SURGXFWR GH ORV FRQÁLFWRVEpOLFRVTXHDVRODQ(XURSDHVIXQGDPHQWDOHQORVDQiOLVLVTXHGHODUHDOLGDG KDFHWDPELpQ)UDQFLVFR$\DODXWLOL]DQGRODVUHIHUHQFLDVGHOPXQGRFOiVLFR&XDQGRHQ FDVLWUHLQWDDxRVGHVSXpVHVFULEHHOSUyORJRSDUDODHGLFLyQGH(OWLHPSR\\RRHO PXQGRDODHVSDOGDFRPSUREDPRVHOHMHUFLFLRGHXQDUHODFLyQVHPHMDQWHDODH[SXHVWD SRU/X]XULDJDHQODUHVHxDVREUHHOOLEURGH-DHJHUFRQODFRQFLHQFLDGHODSHUPDQHQFLD GHODFXOWXUDFOiVLFDSRUVXDFWXDOLGDG 3RUHMHPSORORLQDXGLWRGHXQDQRWLFLDOHtGDHQHOSHULyGLFRPDWXWLQRTXHQRVKDHVFDQGDOL]DGR SRUORSURQWRFRPRPXHVWUDLQFUHtEOHGHODORFXUDGHQXHVWURVWLHPSRVSXHGHOOHYDUQRVKDFLD XQWH[WRFOiVLFRGRQGHORUHIHULGRHQHOGLDULRHQFXHQWUDVXSDUDQJyQ&RQHVWRODWULYLDOLGDGGHO VXFHVRSXEOLFDGRKR\SDUDTXHPDxDQDHVWpROYLGDGRDGTXLHUHVREUHHOIRQGRGHOWH[WRODWLQR ODGLJQLGDGGHXQDSHUPDQHQFLDTXHORKDFHSHUHQQHPLHQWUDVTXHDVXYH]HOWH[WRYLHMR\ GLVWDQWHDSHUJDPLQDGRVHQRVKDFHDFWXDODOVXIULUDQWHQXHVWURVRMRVODLQYDVLyQGHXQDVDQJUH FDOLHQWH$\DOD .DUO.HUpQ\L (QORVQ~PHURV\GHOYROXPHQ,,,GH5HDOLGDGHQVHSXEOLFDODFRQRFLGD ´&DUWD VREUH HO KXPDQLVPRµ GH 0DUWLQ +HLGHJJHU \ (QWUHDPEDVSDUWHVHQTXHVHGLYLGHHOWH[WRGH+HLGHJJHUVHSXEOLFDUi´(OKXPDQLVWD HQ OD HQFUXFLMDGDµ GH .DUO .HUpQ\L 6REUH VX ÀJXUD HQ HO DUWtFXOR SXEOLFDGRHQ5HDOLGDGHQQRWDDSLHGHSiJLQDVHVHxDOD´3URIHVRUGHOD8QLYHUVLGDG GH %XGDSHVW HV XQR GH ORV PiV SUHVWLJLRVRV HVSHFLDOLVWDV DFWXDOHV HQ 0LWRORJtD H +LVWRULDGHODVUHOLJLRQHVµLELG.HUpQ\LGRFWRUHQ)LORORJtDFOiVLFD SRUOD8QLYHUVLGDGGH%XGDSHVWDOXPQRYLVLWDQWHHQGLVWLQWDV8QLYHUVLGDGHV\GHORV SUHVWLJLRVRVÀOyORJRVFOiVLFRV(GXDUG1RUGHQ\8OULFKYRQ:LODPRZLW]0RHOOHQGRUII GHVHUWRU SROtWLFR HQ FXDQGR ORV QD]LV HQWUDURQ HQ +XQJUtD YtFWLPD DVLPLVPR GHO HVWDOLQLVPR \ H[LOLDGR ÀQDOPHQWH HQ 6XL]D GRQGH FRQVHJXLUi OD QDFLRQDOLGDG \ GHVDUUROODUiSDUWHGHVXVHVWXGLRVHVXQRGHORVJUDQGHVHUXGLWRVGHORVKXPDQLVWDV GHOD$QWLJHGDG\XQRGHORVIXQGDGRUHVGHORVHVWXGLRVPRGHUQRVVREUHPLWRORJtD -XQWRFRQ&DUO*XVWDY-XQJHVFULELy,QWURGXFFLyQDODHVHQFLDGHODPLWRORJtD .HUpQ\L HQ ´(O KXPDQLVWD HQ OD HQFUXFLMDGDµ ÀUPDGR HQ %XGDSHVW LQYLHUQR GHVWDFD OD FRQWUDSRVLFLyQ HQWUH OD KXPDQLWDV \ OR ´LQKXPDQRµ \ UHSDVD HO FRQFHSWR ¶KXPDQLVPR· HQ ODV DQWLJXDV *UHFLD \ 5RPD SDUD UHFODPDU HO SDSHO HVHQFLDOTXHKDGHHMHUFHUHOÀOyORJRFOiVLFRFRQWHPSRUiQHRPiVDOOiGHOHMHUFLFLRGHOD LQYHVWLJDFLyQKLVWyULFD $KRUD Vt GHEH KDEODU HO ÀOyORJR SUHFLVDPHQWH SRU WHQHU FRQFLHQFLD GH VX RFXSDFLyQ QR HV LGpQWLFDDO¶KXPDQLVPR·HQVXVHQWLGRPiVDPSOLRWDOFRPRORGHÀQLPRVDQWHV\PiVD~QGH /DWUDGXFFLyQGHODREUDGH0+HLGHJJHU´&DUWDVREUHHOKXPDQLVPRµVHGHEHD$:DJQHUGH5H\ QDSXEOLFDGRHQ5HDOLGDG ´+R\GtDFXDQGRKHPRVDEDQGRQDGRKDVWDODLGHDGHTXHSXHGDSUR\HFWDUVHDOJXQDFODULGDGGHVGH ODKXPDQLWDVKDVWDVXSRORRSXHVWRKDOOHJDGRODKRUD\ODWHQVLyQHQORLQKXPDQRHQIDYRUGHOKXPD QLVPRFRPRWDO\SDUDORVHVWXGLRVKXPDQtVWLFRVRPHMRUORTXHKDTXHGDGRHQSLHGHHVWRVHVWXGLRV FRPRLQYHVWLJDFLyQFLHQWtÀFDGHOD$QWLJHGDGµ.HUpQ\L ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR TXHHVDRFXSDFLyQKXPDQtVWLFDVyORSRUVXRULJHQHQFXDQWRLQYHVWLJDFLyQKLVWyULFDKDSHUGLGR GHVGHKDFHWLHPSRDTXHODSDVLRQDGRLQWHUpVSRUHOKRPEUHTXHFDUDFWHUL]D\FDUDFWHUL]DUiDO ¶KXPDQLVWD·PXFKRPiVTXHHOFRQRFLPLHQWRGHOODWtQ\HOJULHJR.HUpQ\L 6RQ UHVHxDEOHV VXV FRQFOXVLRQHV TXH UHODFLRQDQ HO KXPDQLVPR WDQWR SRU VHPHMDQ]DFRPRSRUGLIHUHQFLDFRQVXYDORUHQOD$QWLJHGDG 7DPELpQHVWHKXPDQLVPREXVFDEDVROXFLRQHVHQOD$QWLJHGDGVROXFLRQHVGHODSUREOHPiWLFD GH OD IRUPDFLyQ QR PHUDPHQWH GHO VHU KRPEUH 3RU DTXHO HQWRQFHV WRGDYtD QR VH LPSXVR OD HYLGHQFLD GH TXH HQ OXJDU GHO KRPEUH SXHGH SUHVHQWDUVH GH UHSHQWH WDPELpQ HO QRKRPEUH 7XYRTXHOOHJDUODVHJXQGDJXHUUDPXQGLDOSDUDTXHFRPRDOXVLyQDOPHQRVHOJUDQÀOyORJR .DUO5HLQKDUGWIRUPXODUDODSUHVXQFLyQGHTXHODVROXFLyQFOiVLFDVHRULJLQDDOOtGRQGH¶VHOXFKD SRUODLPDJHQGHOKRPEUHDPHQD]DGD·µ.HUpQ\L 8QRGHORVHOHPHQWRVIXQGDPHQWDOHVGHFRQH[LyQFRQODREUDGH)UDQFLVFR$\DOD YLHQH GHWHUPLQDGR SRU HO XVR GHO SUHFHSWR VRFUiWLFRGpOÀFR ¶FRQyFHWH D WL PLVPR· .HUpQ\LDSURSyVLWRGH6yFUDWHVGLFHXWLOL]DQGRDOÀOyORJRFRPRVXMHWR /DVHQWHQFLDGpOÀFD¶FRQyFHWHDWLPLVPR·ORUHPLWHDXQDFXHVWLyQTXHKDEUtDGHUHVROYHUVHDQWHV TXHQLQJXQDRWUD\DODTXHpOWRGDYtDQRSXHGHFRQWHVWDUVLDFDVRpOHOKRPEUH6yFUDWHVQR HVXQPRQVWUXRPiVFRPSOLFDGR\PiVPRQVWUXRVRD~QTXHHOIHQRPHQDO7LIHR¢2DFDVRpO HOKRPEUHHVXQVHUPiVVXDYH\PiVVHQFLOORTXHSDUWLFLSDHQDOJRGLYLQR\QRPRQVWUXRVR" .HUpQ\L (VWDVHQWHQFLDHVWDUiSUHVHQWHHQ)UDQFLVFR$\DODFRPRSULQFLSLRUHFWRU/ySH] &DODKRUUR(VTXL]iHOHOHPHQWRIXQGDPHQWDOFRQHOTXHHOLQWHOHFWXDO UHÁHMDVXFRPSURPLVRYLWDOLQGLYLGXDOVXPHGLGDKXPDQDORTXHHQRWUROXJDUKHPRV OODPDGR¶KXPDQLVPRLQDSHODEOH·/ySH]&DODKRUUR3HURWDPELpQKD\RWURV SXQWRVGHHQFXHQWURHQWUHHOÀOyORJR\)UDQFLVFR$\DODGHPRGRTXHDOUHSDVDU.HUpQ\L HOFRQFHSWRKXPDQLVPRLQFRUSRUDODVDSRUWDFLRQHVSURFHGHQWHVGHORVDXWRUHVJULHJRV \URPDQRVFRPR7HUHQFLR0HQDQGURR3ODWyQ\WUDVHOORVDSDUHFHODJRUJRQD0HGXVD 7HQHPRVTXHOHHUHVWRVWULVWHVVLJQRV<FRQHOORFREUDYLGDHOURVWURGHODJRUJRQDTXHHVWDED VLHPSUHDQWHQXHVWURVRMRVVLQTXHQRVGLpUDPRVFXHQWD(PHUJHSRUDVtGHFLUOR\DFW~D(VSHUR TXHDFW~HGHXQPRGRELHQGLVWLQWRDOGHODPLWROyJLFDFDEH]DGHPHGXVDpVWDSDUDOL]DEDDWRGR ORYLYLHQWHPLHQWUDVTXHODQXHYDGHELHUDOLEHUDUORSDUDOL]DGR.HUpQ\L 3XEOLFDGR HO WH[WR GH .HUpQ\L HQ GHVWDFDPRV OD VLPLOLWXG HQ HO XVR GH PHGXVD TXH QRV H[SRQH )UDQFLVFR$\DOD HQ VX HQVD\R ´&DOGHUyQ 3RUTXH QR VHSDV TXH Vpµ SXEOLFDGR HQ (Q HVWH WH[WR$\DOD UHÁHMD XQD FRQWUDGLFFLyQ VLPLODU D ODGH.HUpQ\LVREUHODDFFLyQSDUDOL]DQWHGHODJRUJRQDDOUHFODPDUTXHVXDFFLyQVHD OLEHUDGRUDHQOXJDUGHSDUDOL]DGRUDUHODWLYLGDGTXHHQ$\DODVHUHÁHMDUiHQXQGREOH VHQWLGRWDQWRHQODDPELJHGDGGHTXLHQHVDJHQWHSRUWDGRUGHODPLUDGDSDUDOL]DQWH 6REUH HO KXPDQLVPR GH$\DOD ´$Kt HQ HVD LQGLYLGXDOLGDG TXH WDQ FDUD FXHVWD HV GRQGH YHR TXH UDGLFD HO ¶KXPDQLVPR LQDSHODEOH· GH$\DOD &LFHUyQ \$XOR *HOLR KDEODURQ VREUH OD GLPHQVLyQ GH OD KXPDQLWDV/DPHGLGDKXPDQDVHKDYLVWRWHUULEOHPHQWHDPHQD]DGDHQHOVLJOR;;3HUR$\DODQRSXHGH VHUHQWHQGLGRVLQHVDPHGLGDHVSHFtÀFDPHQWHKXPDQD&RPRKDYLVWR,QPDFXODGDODPHMRUH[SUHVLyQ GHHVWDPHGLGDHVHOVRFUiWLFRGpOÀFR¶FRQyFHWHDWLPLVPR·´*DUFtD-XUDGR (OWH[WRHVWiQLQFOXLGRHQ/DSOXPDVGHOIpQL[$\DOD (QVXHQVD\R´3RUTXHQRVHSDVTXHVpµUHÁHMDHODVSHFWRFRQWHPSRUiQHRGHHVWDPLUDGDGH0HGXVD ´6HJLVPXQGRTXLHUHH[WHUPLQDUDOLQWUXVRTXLHUHTXHEUDUHOHVSHMRGHODFRQFLHQFLDDMHQDSRUTXHVH VLHQWHGHJUDGDGRDVXVRMRV/DYLVWDGHOH[WUDxRGHORWURHVVLHPSUHPLUDGDGH0HGXVDTXHQRVSHWULÀ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR RODPLUDGDWDPELpQOLEHUDGRUDGHODFRQFLHQFLDPiVH[DFWDPHQWHLQWHUURJDGRUDTXH SRGUiVHUODFDEH]DGHOFRUGHURHQHOUHODWRTXHOOHYDHVWHQRPEUH/ySH]&DODKRUUR 38(5725,&2/$7255(<%,%/,27(&$'(&8/785$%É6,&$ 'H$UJHQWLQD PDUFKD )UDQFLVFR$\DOD D 3XHUWR 5LFR GRQGH RFXSDUi OD SOD]D GH&DWHGUiWLFRGH&LHQFLDV6RFLDOHV\GLULJLUiHO6HUYLFLRGH3XEOLFDFLRQHV$3XHUWR 5LFR OOHJD SDUD GDU XQ FXUVR HQ OD 8QLYHUVLGDG \ DOOt SRU HQFDUJR GHO UHFWRU GH OD 8QLYHUVLGDG -DLPH %HQtWH] HO HVFULWRU SRQGUi HQ PDUFKD HQ FRODERUDFLyQ FRQ OD 5HYLVWDGH2FFLGHQWHODFROHFFLyQ%LEOLRWHFDGH&XOWXUD%iVLFDGHOD8QLYHUVLGDGGH 3XHUWR5LFR7DPELpQGLULJLUiXQDQXHYDUHYLVWD/D7RUUHTXHDFWXDOPHQWHVHVLJXH HGLWDQGR$PEDVHPSUHVDVVHIXQGDUiQHQ\HQQLQJXQDGHHOODVWDO\FRPRKDEtD RFXUULGRHQ5HDOLGDGDSDUHFHUiHOQRPEUHGHQXHVWURHVFULWRU *DUFtD0RQWHUR (Q/D7RUUHGHVWDFDPRVODSUHVHQFLDGHGRVHUXGLWRVGHODPLWRORJtDPRGHUQD /XGZLJ6FKDMRZLF]\0LUFHD(OtDGH'XUDQWHHOSHUtRGRHQTXH)UDQFLVFR$\DODGLULJH ODUHYLVWD/D7RUUHVHSXEOLFD´2UIHR\$QÀyQµGH6FKDMRZLF]\RWURDUWtFXOR GH PLWRORJtD D FDUJR GHO (OLDGH ´/RV PLWRV HQ HO PXQGR PRGHUQRµ $PERV WtWXORVVHSUHVHQWDQHQQ~PHURVVXFHVLYRVGHODUHYLVWDHQFRQFUHWRHQORVQ~PHURV \UHVSHFWLYDPHQWH6REUHODÀJXUDGHOUXPDQR0LUFHD(OLDGHDQRWDPRVWDPELpQ VX FRQGLFLyQ GH H[LOLDGR FRQ PRWLYR GH OD 6HJXQGD *XHUUD 0XQGLDO LQVWDOiQGRVH SULPHUDPHQWH HQ 3DUtV \ SRVWHULRUPHQWH HQ &KLFDJR 6X DPSOtVLPD ELEOLRJUDItD GD FXHQWD GH VX WDOOD LQWHOHFWXDO \ GH VXV DPSOLRV H LQQRYDGRUHV FRQRFLPLHQWRV HVSHFLDOPHQWHHQHOiPELWRGHODPLWRORJtD (QFXDQWRD/XGZLJ6FKDMRZLF]GHRULJHQDXVWULDFRHQHPLJUyD&XED GRQGH IXQGy HO 7HDWUR 8QLYHUVLWDULR GH OD +DEDQD 3RVWHULRUPHQWH PDUFKy HQ D3XHUWR5LFRFRPRLQYLWDGRSDUDLPSDUWLUXQDVFRQIHUHQFLDV\GRQGHVHHVWDEOHFLy KDVWD VX PXHUWH FRPR &DWHGUiWLFR GH OD 8QLYHUVLGDG (QWUH VXV REUDV GHVWDFDPRV 0LWR\H[LVWHQFLD\(OPXQGRWUiJLFRGHORVJULHJRV\GH6KDNHVSHDUH0LWR\ H[LVWHQFLDHVWiSHQVDGRWUHLQWDDxRVDQWHVGHVXSXEOLFDFLyQHVGHFLULQFOXVRDQWHVGHO FD\FRQYLHUWHHQREMHWR¢4XLpQHQHOPXQGRKDEUiVLGRWDQGLFKRVRTXHQXQFDKD\DVHQWLGRHOLPSXOVR GHDQLTXLODU²VLTXLHUDVHDDVXYH]FRQODPLUDGDDOTXHQRVKDVRUSUHQGLGRDFDVRHQXQPRPHQWRGH GHELOLGDG">«@7RGRHVWRTXHHQQXHVWURVGtDVKDSXHVWRPX\GHUHOLHYHHODQiOLVLVH[LVWHQFLDOVHHQ FXHQWUDH[SUHVDGRFRQIyUPXODGHÀQLWLYDHQORVGRVYHUVRVGH&DOGHUyQµ$\DOD ´-DLPH%HQtWH]>«@PHSURSXVRTXHPHTXHGDUDFRQXQFRQWUDWRSHUPDQHQWHSDUDRUJDQL]DUHOFXUVR EiVLFRGHFLHQFLDVVRFLDOHV$ODxRVLJXLHQWHPHHQFRPHQGyODGLUHFFLyQGHODHGLWRULDOXQLYHUVLWDULDSDUD GHVDUUROODUXQSURJUDPDGHSXEOLFDFLRQHVEDVWDQWHDPSOLRGHQWURGHOFXDOIXQGp\SXVHHQPDUFKDXQD UHYLVWD/D7RUUHTXHKDVLGRSRUYDULRVDxRVODPHMRUSXEOLFDFLyQGHVXJpQHURHQOHQJXDFDVWHOODQDµ $\DOD ´$PLOOHJDGDD3XHUWR5LFRIXLHQFDUJDGRGHUHRUJDQL]DUHOFXUVREiVLFRGHFLHQFLDVVRFLDOHV>«@SHUR \DDODxRVLJXLHQWHPHSURSXVRHOUHFWRUTXHPHKLFLHUDFDUJRGHOD(GLWRULDO8QLYHUVLWDULD\SODQHDVHXQ SURJUDPDHQFRRSHUDFLyQFRQOD5HYLVWDGH2FFLGHQWH\SRUFLHUWRTXHVLHVWRFRPSRUWDEDXQHQULTXH FLPLHQWRFXOWXUDOSDUDDTXHOSDtVODYHQWDMDHFRQyPLFDIXHSDUD2UWHJD\VXIDPLOLD6HUtDFDVLXQDODUGH GHSDUWHPtDODPHUDHQXPHUDFLyQGHODVREUDVTXHVHSXEOLFDURQHQXQEUHYHODSVRµ$\DOD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR HQVD\R´2UIHR\$QÀyQµDOTXHFLWDUtDHQVXSXEOLFDFLyQSRVWHULRU(QHOSUyORJRGH ODHGLFLyQGHFRQIHFKDGHDEULOGHHGLWDGRWDPELpQSRUOD8QLYHUVLGDGGH 3XHUWR5LFR6FKDMRZLF]DQRWD (VWH OLEUR HV OD YHUVLyQ UHYLVDGD \ FRQVLGHUDEOHPHQWH DPSOLDGD GH XQ WUDEDMR TXH WHUPLQp D SULQFLSLRVGH$OJXQRVFDStWXORVGHODSULPHUDYHUVLyQDSDUHFLHURQHQODVUHYLVWDV/D7RUUH 3XHUWR5LFR\+XPDQLWDV0p[LFR6FKDMRZLF] &DUORV5RMDVDSURSyVLWRGHXQHVWXGLRVREUHORV¶WUDQVWHUUDGRV·HQ3XHUWR 5LFRGHVWDFDHQSULPHUOXJDUSUHFLVDPHQWHDOLQWHOHFWXDODXVWULDFR3URIHVRUHQHVWH SDtV GH YDULDV JHQHUDFLRQHV GH HVWXGLDQWHV VHJXLGRU GH 1LHW]VFKH \ GH +HLGHJJHU 6FKDMRZLF]UHVWLWX\HHOSHQVDPLHQWRPtWLFRJULHJRIUHQWHDOPRQRWHtVPRUHOLJLRVRGH PRGRTXHSDUDpO´HOPLWRHVODYHUGDGGHODH[LVWHQFLDµ5RMDV/DSUHVHQFLD GHODXVWULDFRVHPXHVWUDGHVGHHOSULPHUQ~PHURGHODUHYLVWD/D7RUUHFRQHODUWtFXOR ´/DIRUPDLQWHULRUGHODOLWHUDWXUDHXURSHDµ'HVSXpVGHFLWDUXQDGHODVREUDV IXQGDPHQWDOHVVREUHHODQiOLVLVGHODOLWHUDWXUDHXURSHD\VXUHODFLyQFRQODOLWHUDWXUD URPDQD ²QRV UHIHULPRV D OD LPSRUWDQWH REUD GH (UQVW 5REHUW &XUWLXV (XURSlLVFKH /LWHUDWXUDQG/DWHLQLVFKHV0LWWHODOWHULELG²6FKDMRZLF]UHÁH[LRQDVREUHODUHODFLyQ HQWUH OD WUDJHGLD JULHJD \ OD WUDJHGLD ¶PRGHUQD· PRVWUDQGR HO YtQFXOR TXH SHUPLWH VHJXLUGRWDQGRGHDFWXDOLGDGDOJUDQJpQHUROLWHUDULRGHOD*UHFLDFOiVLFD3DUDHOORHO VLJXLHQWHWH[WRHVXQEXHQH[SRQHQWHHQHOTXHVHVLQWHWL]D\H[SUHVDHOKXPDQLVPR GH FDUiFWHU FOiVLFR KHUHGDGR DO WLHPSR TXH VH LPSUHJQD GH FRQWHPSRUDQHLGDG \ DFWXDOLGDG/D$QWLJHGDGQRHV\DVyORXQUHGHVFXEULPLHQWRVLQRFRPRGLFHHODXWRU HV´XQDLPDJHQODWHQWHµTXHHOKRPEUHRFFLGHQWDOUHGHVFXEUHHQVtPLVPR ¢3HUR HV TXH H[LVWHQ DFDVR LPSXOVRV GH OD FUHDFLyQ HVSHFtÀFRV GHO 2FFLGHQWH ²DXQTXH VHDQ ¶KHUHGDGRV·GHOD$QWLJHGDG&OiVLFDTXHWXYLHUDQTXHREMHWLYDUVHHQREUDVSRpWLFDVWRWDOPHQWH GLIHUHQWHVGHODVRWUDVFXOWXUDV"$HVWRFRQWHVWDUtDHQVHQWLGRDÀUPDWLYR8QRGHORVPHMRUHV HMHPSORV SRGUtD VXPLQLVWUiUQRVOR HO JpQHUR GH OD WUDJHGLD TXH GHVSXpV GH VX QDFLPLHQWR SOHQLWXG\PXHUWHHQ*UHFLDYROYLyDVXUJLUHQHO2FFLGHQWHUHQDFHQWLVWDpVWHOR¶DSUHQGLyHQ ODHVFXHODGH6pQHFDORWUDQVIRUPy0DUORZH6KDNHVSHDUHFULVWLDQL]iQGRORDYHFHV&DOGHUyQ 5DFLQH\ORLQFRUSRUyDVtDVXDFHUYRGHWUDGLFLRQHVOLWHUDULDV3HURODSRVLELOLGDGGHODH[LVWHQFLD GHODWUDJHGLD¶PRGHUQD·QRVHGHEHVLPSOHPHQWHDOUHGHVFXEULPLHQWRGHHVWHJpQHURGUDPiWLFR VLQRDXQDGHWHUPLQDGDSUHGLVSRVLFLyQHQHOKRPEUHRFFLGHQWDODODLPDJHQODWHQWHTXHKDEtD HQ pO GH OD UHDOLGDG WUiJLFD GH UHSHQWH GHVYHODGD SRU HO QXHYR FRQWDFWR FRQ OD$QWLJHGDG 6FKDMRZLF] 2PiVSUHFLVDPHQWHVXSURSLDFLWD´9pDVHPLHQVD\R2UIHR\$QÀyQ/DLPDJHQGHOSURWRDUWLVWDHQ ODSRHVtDPRGHUQDLQFOXLGRHQHOQGH/D7RUUH8QLYHUVLGDGGH3XHUWR5LFRPDU]RGHGRQGH PHUHÀHURDORVDVSHFWRVWUiJLFRVGHODH[LVWHQFLDGHODUWLVWDSS¶/RTXHpVWHVLHQWHFRPRODPiV VX\RQRHVWiVRPHWLGRDVXFRQWUROHVXQSDVDMHURGRQGHSRGHUHVFHOHVWHVTXL]iVFDSULFKRVRV\KDVWD PDOpÀFRVGHVGHODSHUVSHFWLYDGHOKRPEUH(ODUWLVWDHVXQFRQGHQDGRDODFUHDFLyQHOODOHRIUHFHPR PHQWRVGHV~ELWDHXIRULDSHURWDPELpQOHKDFHSDVDUSRUDJRQtDVOHQWDV&RPRXQHVSHFWURDPHQD]DDO FUHDGRUODGHVHVSHUDQ]DSRUODOHMDQtDGHORVGLRVHV<KDVWDODSUHVHQFLDGHHOORVSXHGHVHUXQDSUXHED SRUHQFLPDGHODVIXHU]DVKXPDQDV¢1RKDEtDDGYHUWLGR\D$SRORHVWDYXOQHUDELOLGDG\HVFODYLWXGGHO KRPEUHFUHDGRUFXDQGRVHGLULJLyDODVPXVDVGHVSXpVGHUHYHODUVHD$QÀyQ"£$PDGOHFXLGDGOH3HUR VDEHGTXHSDUDpO\DQRKD\IHOLFLGDG«6yORYLYHSDUDPt/HKHHVFRJLGRFRPRXQDFLPDHVHVFRJLGD SRUHOUD\R·µ6FKDMRZLF] ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR -XQWRDODUHYLVWD/D7RUUHVHLQDXJXUDHORWURSUR\HFWRGHOD8QLYHUVLGDGGH 3XHUWR 5LFR OD %LEOLRWHFD GH &XOWXUD %iVLFD HQ FRQ )DXVWR GH *RHWKH 'H OD LPSRUWDQFLDGHHVWDVHOHFFLyQ*UHJRULR:HLPEHUJHVFULELUiXQDLPSRUWDQWHUHVHxD VREUH OD FROHFFLyQ FXDWUR DxRV GHVSXpV HQ /D UHYLVWD GH OD %LEOLRWHFD 1DFLRQDO GH %XHQRV$LUHV%DMRHOWtWXOR´%LEOLRWHFDGH&XOWXUD%iVLFDµ:HLPEHUJHOSURIHVRU GHOD8QLYHUVLGDGDUJHQWLQDUHVXPHORSRFRFRP~QGHODVUHIHUHQFLDVGHHVWHFDUiFWHU JOREDO TXH YHUVDQ VREUH FROHFFLRQHV GH REUDV FOiVLFDV FLUFXQVFULWDV QRUPDOPHQWH D GHWHUPLQDGRVOLEURVRDXWRUHV/DUD]yQGHRFXSDUVHGHODFROHFFLyQHQVXFRQMXQWR VHGHEHDODVFXDOLGDGHVTXHLPSUHJQDQODVHOHFFLyQGHFDGDXQRGHORVWH[WRVTXHOD FRPSRQHQ \ TXH H[SOLFLWD GHO VLJXLHQWH PRGR ´(Q XQD SDODEUD ORV SREUHV FOiVLFRV VRQTXL]iORSHRUWUDWDGRVGHWRGDODJDOHUtDGHDXWRUHVµ:HLPEHUJ\HVWR DSURSyVLWRGHFyPRKDVWDODIHFKDVHKDEtDQLGRWUDGXFLHQGRREUDVFOiVLFDVGHXQRV LGLRPDVDRWURVVLQWHQHUHQFXHQWDHORULJLQDORFRQHVWXGLRVQRFRLQFLGHQWHVWH[WRV LQFRPSOHWRV\XQDVXHUWHGLYHUVDGHLQH[DFWLWXGHVTXHGHVFXLGDEDQHOULJRUFLHQWtÀFR (Q FRQWUDSRVLFLyQ OD FROHFFLyQ TXH GLULJH$\DOD HYLGHQFLD ´XQD SUHRFXSDFLyQ PX\ VHULD \ XQ UHVSHWR HQFRPLDEOH SRU ORV TXHKDFHUHV GH OD LQWHOLJHQFLDµ DGHPiV GH GHVWDFDU´HOYDORUGHORVWtWXORVDSDUHFLGRVKDVWDODIHFKDµLELG3RVWHULRUPHQWH :HLPEHUJFHQWUDVXFRPHQWDULRVREUHHO'LVFXUVRGHOPpWRGRHO)DXVWR/RV/XVtDGDV(O SUtQFLSHGH0DTXLDYHORODV/HFFLRQHVVREUHODÀORVRItDGHODKLVWRULDXQLYHUVDOGH+HJHO\ODV 2EUDVFRPSOHWDVGH6KDNHVSHDUHGHVWDFDQGRHQFDGDXQDGHHVWDVREUDVWDQWRHOYDORU GHODVWUDGXFFLRQHVHOHJLGDVODVPiVFRQRFLGDVRHUXGLWDVKDVWDODIHFKDFRPRHOGH ODFDOLGDGGHORVSUyORJRVLQFRUSRUDGRVHQFDGDXQDGHHVWDVHGLFLRQHV(QGHÀQLWLYD ORVOLEURVTXHLQWHJUDQODFROHFFLyQGHOD%LEOLRWHFDGH&XOWXUD%iVLFDVRQXQKLWRHQ HVH PRPHQWR SRU VX ULJRU FLHQWtÀFR 'HVWDFD SRU HMHPSOR OD WUDGXFFLyQ GH OD REUD FRPSOHWDGH(GJDU$OODQ3RHHQFDUJDGDSRU)UDQFLVFR$\DODD-XOLR&RUWi]DU(QOR TXHUHÀHUHDREUDVIXQGDPHQWDOHVGH*UHFLD\5RPDVHSXEOLFD/D,OtDGDGH+RPHUR \/DVOH\HVGH&LFHUyQ1LQJXQDGHODVGRVREUDVHVWiUHVHxDGDSRU:HLPEHUJSHUR FXULRVDPHQWH Vt VH ODV FLWD HQ OD HQWUHYLVWD TXH HO SXHUWRUULTXHxR $UPLQGR 1~xH] UHDOL]yD)UDQFLVFR$\DODVREUHVXHVWDQFLDHQ3XHUWR5LFRHQ 8QRGHORVHOHPHQWRVPiVVLJQLÀFDWLYRVGHVXREUDHQ3XHUWR5LFRQRPHUDPHQWHHVODIXQGDFLyQ \ODPDUFDGHLGHQWLGDGGH/D(GLWRULDOVLQRODLPSRUWDQFLDGHORVWH[WRVWUDGXFLGRV\ODVHOHFFLyQ GHWUDGXFWRUHVFRQRFHGRUHVGHVXRÀFLRWDOHVFRPR,OGHIRQVR*LO/ySH]/DV/XVtDGDV5LVLHUL )URQGL]L(OGLVFXUVRGHOPpWRGR/XLV$URFHQD(OSUtQFLSH/XLV$VWUDQDREUDVGH6KDNHVSHDUH 5RJHU/DEURXVVH/DV/H\HV/XLV6HJDOi(VWDOHOOD/D,OtDGD\$QWRQLR(VSLQDREUDVGH9ROWDLUH 1~xH] 3UHFLVDPHQWHVRQXQRVYHUVRVGH)DXVWRGH*RHWKHORVTXHLQLFLDQFDGDXQRGHORVQ~PHURVGH/D7RUUH FRQODVLJXLHQWHWUDGXFFLyQGH-XDQ5DPyQ-LPpQH]´1DFtSDUDYHUPLVLQRHVPLUDUMXUDGRDPLWR UUHHOPXQGRPHJXVWD/ROHMDQRPLURPLURORFHUFDQRODOXQD\ODHVWUHOODODVHOYD\HOFRU]Rµ *UHJRULR:HLPEHUJKXPDQLVWD\SURIHVRUGHOD8QLYHUVLGDGGH%XHQRV$LUHVIXHWDP ELpQGLUHFWRUGHOD%LEOLRWHFD1DFLRQDO\GLUHFWRUGHO&RQVHMR1DFLRQDOGH,QYHVWLJDFLRQHV&LHQWtÀFDV\ 7pFQLFDV'XUDQWHODGLFWDGXUDVXIULyDVLPLVPRODPDUJLQDFLyQSHURSRVWHULRUPHQWHUHLQFRUSRUDGRDOD 8QLYHUVLGDG\UHFRQRFLGRFRQGLVWLQWRVKRQRUHVSUHPLRV\GLVWLQFLRQHV <DxDGH´(VDSULPHUDFROHFFLyQGHODTXHKDEOiEDPRVOD%LEOLRWHFDGH&XOWXUD%iVLFDTXHWRGDYtDVHVLJXH XWLOL]DQGRHQPXFKRVFXUVRVXQLYHUVLWDULRV¢XVWHGODFRQFLELyDUDt]GHXQDVFRQYHUVDFLRQHVFRQGRQ-DLPHRXVWHG WUDtD\DODLGHD"1RWRGRIXHVXUJLHQGRVREUHODPDUFKDFUHiQGRVHGHXQPRGRDFWLYRHVSRQWiQHRSHU VRQDOSHURQRFRPRVLIXHUDDOJRTXHOOHYDXQR\ORVDFDHQHOPRPHQWRSDUDDSOLFDUORVLQRTXHVHLED ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR $ OD LQWHUYHQFLyQ GHO SHULRGLVWD HO LQWHOHFWXDO JUDQDGLQR UHVSRQGH FRQ XQ HVFXHWR´6tµ$FRQWLQXDFLyQH[SRQHPRVXQDQiOLVLVGHODVHOHFFLyQGHODWUDGXFFLyQ\ HOHVWXGLRSUHOLPLQDUGHTXHFRQVWDFDGDXQDGHODVGRVREUDVLQFOXLGDVHQHOFDWiORJR GHODFROHFFLyQ$FWXDOPHQWHDPEDVREUDVIRUPDQSDUWHGHORVIRQGRVGHOD)XQGDFLyQ )UDQFLVFR$\DODHQ*UDQDGD(VSDxDHQXQFRQMXQWRGHGLH]TXHKDSRGLGRUHFXSHUDU ODLQVWLWXFLyQ /D,OtDGDGH+RPHURSRU*XLOOHUPR7KLHOH\/XLV6HJDOi /D,OtDGDGHOD%LEOLRWHFDGH&XOWXUD%iVLFDFRQVWDGHODFRQRFLGD\SUHVWLJLRVD WUDGXFFLyQGH6HJDOiGHTXHFRQVWLWX\yMXQWRFRQHOUHVWRGHODREUDGH+RPHUR XQDGHODVFXDWURSDUWHVGHXQRGHORVJUDQGHVKLWRVGHOKRPHULVPRHQOHQJXDHVSDxROD \TXHIRUPDSDUWHGHODV2EUDVFRPSOHWDVGH+RPHURSXEOLFDGDVHQ(OTXHIXHUD &DWHGUiWLFR GH *ULHJR GH OD 8QLYHUVLGDG GH %DUFHORQD GHVGH /XLV 6HJDOi \ (VWDOHOOD\TXHPRULUtDHQOD*XHUUD&LYLOHVSDxRODHQXQRGHORVIUHFXHQWHV ERPEDUGHRVTXHVXIULyODFLXGDGFDWDODQDUHDOL]yXQDWUDGXFFLyQGHODREUDGH+RPHUR FDUDFWHUL]DGDSRUXQDÀGHOLGDGDEVROXWDDOWH[WRGHWDOPRGRTXHKDVWDORVDxRV VHGLFHTXH+RPHUR¶KDEOySRUERFDGH6HJDOi·&DUOHV0LUDOOHVHQODVHPEODQ]DTXH GHGLFDDOSURIHVRUGHOD8QLYHUVLGDGGH%DUFHORQDVHxDODODSDUDGRMDÀQDOGHXQ6HJDOi ROYLGDGRGHVSXpVGHVXPXHUWHDOWLHPSRTXHVXVWUDGXFFLRQHVKRPpULFDVQRFHVDEDQ GHVHUUHHGLWDGDVLQFHVDQWHPHQWH0LUDOOHV $QWHVGHODIHFKDGHDxRHQTXHVHSXEOLFDHVWD,OtDGDGHOD%LEOLRWHFDGH &XOWXUD%iVLFDGHOD8QLYHUVLGDGGH3XHUWR5LFRDORWURODGRGHO$WOiQWLFRVHSXEOLFDQ ODV VLJXLHQWHV HGLFLRQHV GH ODV REUDV GH +RPHUR OD 2GLVHD WDPELpQ YHUVLyQ GLUHFWD \OLWHUDOGHOJULHJRGH/XLV6HJDOi%XHQRV$LUHV(VSDVD&DOSH\ODFRQRFLGD WUDGXFFLyQGH$OIRQVR5H\HVGHORV,;SULPHURVFDQWRVGHOD,OtDGD0p[LFR%XHQRV $LUHV)RQGRGH&XOWXUD(FRQyPLFD(QODUHVHxDGH-RUJH3iUDPR3RPDUHGD FRQVWDWDPRV ODV VLJXLHQWHV SXEOLFDFLRQHV KLVSDQRDPHULFDQDV GH WHPD IRUPDQGRFRQODSUiFWLFD(QHVRVDxRVVHFUHDOD)DFXOWDGGH(VWXGLRV*HQHUDOHVGRQGHVHRIUHFHQHVRVFXUVRVGH FXOWXUDEiVLFDSDUDORVHVWXGLDQWHVGHSULPHUDxR\VLPXOWiQHDPHQWHXVWHGODERUDHQORVFRPLHQ]RVGHODPLVPD &RQHVDFROHFFLyQVHHVWiQFUHDQGRMXVWDPHQWHORVWH[WRVSDUDORVFXUVRVTXHDOOtVHRIUHFHQ(UDODLGHDGH-DLPH %HQtWH]DODTXH\RPHVXPp\FRRSHUpFRQODPHMRUGLVSRVLFLyQGHiQLPRDVtTXHIXHXQUHVXOWDGRGHO IUXWRGHXQDFRODERUDFLyQLQWHOHFWXDODPLVWRVDµ1~xH] &LWDPRVDFRQWLQXDFLyQHOFRQMXQWRGHREUDVTXHKDVWDVHSXEOLFDURQFRQHOÀQGHFRQWUDVWDUOD LPSRUWDQFLDGHODVGRVREUDVGHOOHJDGRJUHFRUURPDQRHQHVWHFRUSXV6HJXLPRVHOHVWXGLRGH0DQXHO *yPH]5RV´*RHWKH-RKDQQ:ROIJDQJYRQ)DXVWR7UDGXFFLyQGH-RVp5RYLUDOWD%RUUHOO (VWXGLRGH:LOOLDP6LQ]>6LQIHFKDIXHHOSULPHUYROXPHQGHODFROHFFLyQ@+HJHO*HRUJ:LOKHOP)ULH GULFK/HFFLRQHVVREUHODÀORVRItDGHODKLVWRULDXQLYHUVDO7UDGXFFLyQGH-RVp*DRV(VWXGLRSUHOLPLQDU GH$GROIR*&DUSLR'HVFDUWHV5HQp(OGLVFXUVRGHOPpWRGR7UDGXFFLyQHVWXGLRSUHOLPLQDU\QRWDV GH5LVLHUL)URQGL]L&DPRHQV/XtV/RV/XVLDGDV7UDGXFFLyQSUyORJR\QRWDVGH,GHOIRQVR0DQXHO *LO0DTXLDYHOR1LFROiV(OSUtQFLSH7UDGXFFLyQGH/XLV1DYDUUR(GLFLyQQRWDV\DSpQGLFHVGH /XLV$$URFHQD6KDNHVSHDUH:LOOLDP2EUDVFRPSOHWDV,0DFEHWK7UDEDMRVGHDPRUSHUGLGRV0XFKRUXLGR SDUDQDGD(GLFLyQ\WUDGXFFLyQGH/XLV$VWUDQD0DUtQ9HJD/RSHGH/D'RURWHD(GLFLyQ SUyORJR\QRWDVGH-RVp0DQXHO%OHFXD&LFHUyQ/DVOH\HV7UDGXFFLyQLQWURGXFFLyQ\QRWDVGH 5RJHU/DEURXVVH+RPHUR/D,OtDGD7UDGXFFLyQGH/XLV6HJDOiµ &RQHOVXEWtWXOR9HUVLyQGLUHFWD\OLWHUDOGHOJULHJRSRU/XLV6HJDOi\(VWDOHOODHGLFLyQDGRUQDGDFRQLOXV WUDFLRQHVDUTXHROyJLFDVGHFDUiFWHUKRPpULFR%DUFHORQD0RQWDQHU\6LPyQHGLWRUHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR KRPpULFR DQWHULRUHV D OD GH$OIRQVR 5H\HV GRQGH LQGLFD OD \D H[LVWHQWH HGLFLyQ GH 6HJDOiTXHFLUFXODEDFRPR¶SLUDWD· OD ,OtDGD GH *XLOOHUPR -QHPDQQ &RQFHSFLyQ &KLOH \ GHO 3DGUH$ /DSDOPD %XHQRV DLUHVVIORVIUDJPHQWRVGHOD,OtDGD\OD2GLVHDWUDGXFLGRVSRU/HRSROGR/XJRQHVODHGLFLyQ ¶SLUDWD·GHXQPDODUUHJORGHODYHUVLyQGH6HJDOi\(VWDOHOODGHELGRDOD8QLYHUVLGDG1DFLRQDO GH0p[LFR,OtDGDYROV2GLVHDYROGRVUHLPSUHVLRQHVGHODPLVPDWUDGXFFLRQHV XQD FRQ LQWURGXFFLyQ GH 3HGUR +HQUtTXH] 8UHxD %XHQRV $LUHV \ RWUD FRQ HVWXGLR SUHOLPLQDU GH -XDQ 'DYLG *DUFtD %DFFD %XHQRV$LUHV &OiVLFRV -DFNVRQ \ ODV 2EUDV GH +RPHUR FRPSUHQGLGRV ORV +LPQRV 3DVWR WUDGXFLGDV SRU HO FRORPELDQR /HRSROGR /ySH]ÉOYDUH] (O WH[WR KRPpULFR HVWi DFRPSDxDGR GH XQD ´,QWURGXFFLyQµ H ´ÌQGLFHVµ GH *XLOOHUPR7KLHOHSURIHVRUGHOD8QLYHUVLGDGGH%XHQRV$LUHV/DHQWLGDGGHOWH[WRTXH VLUYHGHLQWURGXFFLyQDODWUDGXFFLyQGH6HJDOiVHUiSXEOLFDGRHQ&DUDFDVFRQ HOWtWXOR+RPHUR\VX,OtDGDGLVWLQJXLGRSRUHODxDGLGRGHXQ~QLFRSXQWRTXHOOHYDSRU WtWXOR´/DIXQHVWDPrQLVµ7KLHOH1RREVWDQWHQRKD\QLQJXQDUHIHUHQFLD DODHGLFLyQSUHYLDGH3XHUWR5LFR&RPRFRQWUDSRUWDGDOHHPRVHQODHGLFLyQGH HOVLJXLHQWHWH[WRTXHGHVWDFDODLPSRUWDQFLDGHVXHVWXGLR &RQVXKRQGXUD\SHUVSLFDFLDKDELWXDOHVHOSURIHVRU*XLOOHUPR7KLHOHKDHVFULWRXQDREUDGH VtQWHVLVDODYH]HUXGLWD\DPHQDTXHSXHGHVHUFRQVLGHUDGDMXQWRDORVPHPRUDEOHVWUDEDMRV GH$OIRQVR5H\HVFRPRODFRQWULEXFLyQPiVHIHFWLYD\SHUGXUDEOHKHFKDKDVWDKR\HQQXHVWUR LGLRPD DO HVWXGLR GH OD HSRSH\D JULHJD \ GH VX PiV H[LPLR UHSUHVHQWDQWH 6H WUDWD ²FRPR pO PLVPRORH[SOLFDGH¶XQDEUHYHH[FXUVLyQDWUDYpVGHHVHODEHULQWRTXHVXHOHOODPDUVHODFXHVWLyQ KRPpULFD· (QFXDQWRDORVtQGLFHVLQFOXLGRVSRU7KLHOH´ÌQGLFHVGHQRPEUHV\GHPDWHULDVµ GHVWDFDPRVHOULJRUGHODUHYLVLyQDSDUWLUGHORVWpUPLQRVXWLOL]DGRV SRU6HJDOi&RQDEVROXWRUHVSHWRDODHGLFLyQGHOÀOyORJRFDWDOiQ7KLHOHHVFULEH (VWHtQGLFHUH~QHWRGRVORVQRPEUHVSURSLRVTXHVHHQFXHQWUDQHQODSUHVHQWHYHUVLyQGHOD,OtDGD \HQODIRUPDHQTXH6HJDOi\(VWDOHOODOHVGLR/HVDJUHJDDOJXQRVWpUPLQRVTXHHOWUDGXFWRU YHUWLyDOFDVWHOODQRPLHQWUDVTXHODELEOLRJUDItDLQWHUQDFLRQDOUHFLHQWHVXHOHUHIHULUVHDHOORVFRQ ODUHVSHFWLYDYR]JULHJDSHM.HUHVYpDVH3DUFDV/LWDLYpDQVH6~SOLFDV$OOtGRQGHODYHUVLyQ GHMD OXJDU D GXGDV HO tQGLFH WUDWD GH GHVYDQHFHUODV >«@ (O tQGLFH SUHWHQGH VHU H[KDXVWLYR (VGHFLUHQXPHUDSRUUHJODWRGRVORVSDVDMHVHQTXHDSDUHFHXQQRPEUH>«@(OtQGLFHHVWi HODERUDGRVREUHODEDVHGHORULJLQDOJULHJR&RPRHVLPSRVLEOHVHxDODUYHUVRSRUYHUVRORTXHOH FRUUHVSRQGHHQHOWH[WRGH6HJDOi\(VWDOHOODHOOHFWRUGHEHUiJXLDUVHSRUODQXPHUDFLyQJOREDO DOPDUJHQ 3iUDPRUHPLWHDODHGLFLyQGHGH6HJDOiHQODQRWDGHODUHVHxD'LFH6HJDOi/;,9/;9 ´$OJRHVFDPDGRVDOYHUTXHQRVHWUDWDEDGHXQDQXHYDWUDGXFFLyQSURFXUDPRVOHHUODVGRVSiJLQDV GHGLFKDREUDTXHVHUHSURGXFtDQHQUHGXFLGRWDPDxR\FXiOQRVHUtDQXHVWURDVRPEURDOGHVFXEULU TXHODWUDGXFFLyQSXEOLFDGDHUDXQDVHJXQGDHGLFLyQGHODQXHVWUDVLQHVWDPSDUHQHOODHOQRPEUHGHO WUDGXFWRU´ &RPSUREDPRV GH HVWH PRGR FyPR FXPSOH OD HGLFLyQ GH HVWD ,OtDGD FRQ ODV YLUWXGHV UHDO]DGDV SRU :HLPEHUJHQVXUHVHxDVREUHHOFRQMXQWRGHODFROHFFLyQGLULJLGDSRU)UDQFLVFR$\DOD²>@HVWDHMHPSODU HPSUHVDTXHHVOD²%LEOLRWHFDGH&XOWXUD%iVLFD²SDWURFLQDGDSRUOD8QLYHUVLGDGGH3XHUWR5LFRDGH PiVGHORVYDORUHVLQWUtQVHFRVGHVXVSXEOLFDFLRQHVGHEHUiVHUYLUGHHMHPSORSDUDTXHHQHOIXWXURVH DEDQGRQHODSROWURQHUtDLQWHOHFWXDO\VHSRQJDFXLGDGRHQODVHOHFFLyQGHORVWH[WRVORVTXHGHEHUiQ HVWDUDFRPSDxDGRVVLHPSUHGHHVWXGLRVSUHOLPLQDUHVPRGHUQRVQRWDVRSRUWXQDVLOXVWUDFLRQHVDGHFXD GDVtQGLFHVFRPSOHWRVHWF²:HLPEHUJ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR /DVOH\HVGH&LFHUyQSRU5RJHU/DEURXVVH /DSXEOLFDFLyQGH/DVOH\HVGH&LFHUyQHQHVWDFROHFFLyQQRHVXQDFDVXDOLGDG (OLQWHUpVGHOLQWHOHFWXDOJUDQDGLQRSRUODREUDGHOURPDQRSURFHGHGHDOPHQRVXQD GpFDGD DQWHULRU D HVWD SXEOLFDFLyQ GH FRLQFLGLHQGR \D FRQ VX pSRFD GH H[LOLR $VtHQ+LVWRULDGHODOLEHUWDGWH[WRDPSOLDGRSRVWHULRUPHQWHHQ´(QVD\RVREUHOD OLEHUWDGµOHHPRV 'HHVWDQXHYDVFRUULHQWHVGHSHQVDPLHQWRGHVDUUROODGDVVREUHWRGRHQHOFDPSRGHODDQWLJXD FXOWXUDJULHJDUHSUHVHQWDHQ5RPDXQEURWHPDJQtÀFR\SUHFR]&LFHUyQ²SHQVDGRUPXHUWR DxRVDQWHVGHOQDFLPLHQWRGH&ULVWRTXHHQVXHVFULWR'HODV/H\HVVHRSRQH\DFRQYLJRURVRV DUJXPHQWRV D OD YLHMD GRFWULQD DULVWRWpOLFD GH OD GHVLJXDOGDG QDWXUDO HQWUH ORV KRPEUHV GHIHQGLHQGR OD WHVLV GH OD LJXDOGDG GH WRGRV ORV KXPDQRV IXQGDGR HQ OD FRPXQLGDG GH OD QDWXUDOH]D UDFLRQDO GH GRQGH HPDQD HO GHUHFKR 8Q VLJOR PiV WDUGH 6pQHFD IRUPDGR HQ OD ÀORVRItDHVWRLFDSURFODPDODLJXDOFDSDFLGDGGHWRGRVORVKRPEUHVSDUDODYLUWXGHTXLSDUDQGR GHHVWDPDQHUDDOLEUHV\HVFODYRV$\DOD 'HVSXpV GH WUHFH DxRV HVWH LQWHUpV \D PDQLÀHVWR SRU OD REUD GH &LFHUyQ VH PDWHULDOL]DFRQODHGLFLyQGH5RJHU/DEURXVVHTXHKDEUtDGHVHUYLUSDUDORVHVWXGLRV GH OD 8QLYHUVLGDG SXHUWRUULTXHQVH 6REUH OD UHODFLyQ GH $\DOD FRQ /DEURXVVH HQ 5HDOLGDG,VHUHVHxDVXOLEUR(QWRUQRDOD7HRGLFHD(GLW)DFXOWDGGH )LORVRItD\/HWUDV7XFXPiQ/DEURXVVHHVXQLQWHOHFWXDOGHRULJHQ IUDQFpVDXWRH[LOLDGRHQFRQPRWLYRGHOHVWDOOLGRGHOD6HJXQGD*XHUUD0XQGLDO 'H 0p[LFR PDUFKD D $UJHQWLQD LQVWDOiQGRVH HQ OD 8QLYHUVLGDG GH 7XFXPiQ FRPR SURIHVRUHQ$OOtVHURGHDUiGHXQQXWULGRJUXSRGHLQWHOHFWXDOHVDUJHQWLQRV\ RWURV LJXDOPHQWH H[LOLDGRV GH (XURSD SRU ORV FRQÁLFWRV EpOLFRV WDOHV FRPR 0DQXHO *DUFtD 0RUHQWH 5RGROIR 0RQGROIR %HQYHQXWR 7HUUDFLQL (OVD 7DEHUQLJ R -DFNTXHV 5XVK&DWHGUiWLFRGHODWtQ\OLWHUDWXUDIUDQFHVDHQSDODEUDVGH-XGLWK&DVDOLGH%DERW /DEURXVVHIXH´XQHUXGLWR\VXWLOODWLQLVWDXQSURIXQGRFRQRFHGRUGHODFXOWXUDFOiVLFD /D SHUPDQHQFLD GH VX REUD QRV SHUPLWH FRQWDU KR\ FRQ OD LPSHFDEOH LQWURGXFFLyQ WUDGXFFLyQ H LQWHUSUHWDFLyQ GH /DV OH\HV GH &LFHUyQµ &DVDOL 9tFWLPD D VXYH]GHODVQXHYDVLQMXVWLFLDVWRWDOLWDULDVTXHVXIULUi$UJHQWLQDVHUiH[SXOVDGRGH VXFiWHGUDHQ6XUHVWLWXFLyQHQOOHJDUiWDUGHSXHVHVHODxRHQTXHPXHUH FRLQFLGLHQGR FRQ OD SXEOLFDFLyQ HQ OD FROHFFLyQ %LEOLRWHFD GH &XOWXUD %iVLFD GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR REUD TXH VLJXH XWLOL]iQGRVH FRPR ELEOLRJUDItD HQ ORV SODQHVGHHVWXGLRGHHVWDXQLYHUVLGDG /DHGLFLyQGH/DVOH\HVGH&LFHUyQMXQWRFRQODGHÉOYDUR'·2UVHVXQD DSXHVWDSRUGDUDFRQRFHUHVWDREUDGHORUDGRUURPDQRKDVWDHQWRQFHVSRFRFRQRFLGD 2WDPELpQ´(VWDVUHÁH[LRQHVWRPDGDVGHOSHQVDGRUUXVR³FRPSDUWLGDVSRU/DEURXVVHQRTXHGDURQ HQPHURVDQiOLVLVHVSHFXODWLYRVODVKL]RSDUWHGHVXYLGDODVYROFyFRPRGRFHQWHFRPRLQYHVWLJDGRU FRPRDPLJRDWUDYpVGHVXFRPSURPLVRFRQOD8QLYHUVLGDG1DFLRQDOGH7XFXPiQ'HDTXtVXDVRPEUR HLQFRPSUHQVLyQ\VXVUHLWHUDGDVQRWDVVROLFLWDQGRXQDH[SOLFDFLyQFXDQGRHVGHMDGRFHVDQWHHQ SRULQLFLDWLYDGH&DUORV$JXLODUJROSHIDWDOSDUDXQKRPEUHGHVXGHGLFDFLyQ$XQTXHFRQWLQXDUDFRQ VXV&XUVRVHQVXFDVD\HQHO&tUFXORGHOD3UHQVDHVWDPHGLGDSULYyDQXHVWUD8QLYHUVLGDGGHXQDSHU VRQDOLGDGH[FHSFLRQDO6XUHLQFRUSRUDFLyQ³PHMRUGLFKROD5HVROXFLyQSRUODTXHVHGLVSRQtDVXUHLQ WHJUDFLyQHQ6RFLRORJtD&iWHGUDTXHQLVLTXLHUDHUDODVX\DGHELGRDOD~QLFDSDUWLGDH[LVWHQWHOOHJy GHPDVLDGRWDUGHHLUyQLFDPHQWHGHODPDQRGHXQJRELHUQRPLOLWDUTXHGHUULEDEDDXQUpJLPHQFRQV WLWXFLRQDOHOGH3HUyQSHURGHVQDWXUDOL]DGRSRUHODXWRULWDULVPR\ODDUELWUDULHGDGµ&DVDOL ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR IXHUD GHO iPELWR MXUtGLFR$PERV WUDGXFWRUHV /DEURXVVH \ '·2UV SXQWXDOL]DUiQ WDO FLUFXQVWDQFLDHQVXVUHVSHFWLYDVLQWURGXFFLRQHVVHxDODQGR'·2UVTXH´HO'HOHJLEXVHV XQDSLHGUDIXQGDPHQWDOGHQWURGHODDUTXLWHFWXUDGHQXHVWUDKLVWRULDGH2FFLGHQWHµ 3RUVXSDUWH/DEURXVVHHVFULEHTXH´(OWUDWDGRGH/DVOH\HV'HOHJLEXVGH 0DUFR7XOLR&LFHUyQHVXQDREUDLPSRUWDQWH\VLQHPEDUJRPDOFRQRFLGDGHQWURGHOD OLWHUDWXUDFOiVLFDODWLQDµVXEUD\DQGRDGHPiVTXH´GHWRGRVORVWUDEDMRVGRFWULQDOHVGH &LFHUyQTXL]iVHDpVWHHOTXHSHUPLWDDSUHFLDUPHMRUODÁH[LELOLGDG\DYHFHVODJUDFLD GHOWDOHQWRGHVXDXWRUµ/DEURXVVH,; 'HODH[WHQVDLQWURGXFFLyQGHODHGLFLyQGH/DEURXVVHPX\GHVWDFDEOHVVRQODV SLQFHODGDVTXHQRVWUDVODGDVREUHODÀJXUDGH&LFHUyQPRVWUiQGRORFHUFDQR\IDPLOLDU HQ XQD FRPSDUDFLyQFRQHOKRPEUHFRQWHPSRUiQHRFRPRRFXUUHFRQHOUHWUDWRTXH QRVKDFHGH´(OKRPEUH&LFHUyQµLELG;;,;;;;,,GHOTXHGHVWDFDPRVHOVLJXLHQWH SDVDMH /DYLGDGHHVWHKRPEUHQRIXHODGHXQJUDQHVWDGLVWD\WHQGUHPRVTXHH[DPLQDUODLQFLGHQFLD GHVXVOLPLWDFLRQHVVREUHVXREUDGHSHQVDGRUSROtWLFR>«@3RURWURODGRFRQYLHQHLQWHUSUHWDU FRQFLHUWDSUXGHQFLDODVH[SUHVLRQHVGHORVGLVFXUVRV\GHORVOLEURVGH0DUFR7XOLR+DEtDGRV UHJLVWURVHQODYLGDURPDQDHOSULYDGR\HOS~EOLFR\HQWUHHOORVODGLVWDQFLDHUDQRUPDOPHQWH PXFKRPD\RUTXHHQQXHVWUDFLYLOL]DFLyQ>«@3HQVDEDQGHVGHHOFRPLHQ]R\FRQVHUYDEDQHO Ki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yQ HQFRQWUDPRV WH[WRV TXH GLDORJDQ HQWUH HO SDVDGRFOiVLFR\HOSUHVHQWHGHOWUDGXFWRUFRPRKHPRVFRPSUREDGRHQRWURVHVWXGLRV LQFOXLGRV HQ HVWH WUDEDMR (Q HVWH VHQWLGR HV SDUWLFXODUPHQWH GHVWDFDEOH FXDQGR D SURSyVLWRGHOOLEUR,GH/DVOH\HV/DEURXVVHHVWDEOHFHXQGLiORJRHQWUHHOSHQVDPLHQWR GH&LFHUyQ\VXFRQWHPSRUDQHLGDGGRQGHODLQFRUSRUDFLyQGHRWURVWH[WRVGHODXWRU URPDQRHQHVWHFDVRSURFHGHQWHVGH'HÀQLEXVGHMDDELHUWRHQHOWLHPSRHOFDPSRGH DFFLyQUHLYLQGLFDGRSDUDODKXPDQLWDV +HPRVUHFLELGRDOQDFHU´XQDFKLVSDGHUD]yQµSXHV´YHPRVHQORVQLxRVFRPRGHVWHOORVGH YLUWXGHQORVTXHGHEHHQFHQGHUVHODUD]yQGHOÀOyVRIRSDUDTXHpVWDFRPRVLDQGXYLHUDEDMROD FRQGXFWDGHXQGLRVDOFDQFHHOÀQ~OWLPRGHODQDWXUDOH]Dµ3HURVLQHODX[LOLRGHXQDEXHQD HGXFDFLyQGHMDPRVTXHVHDSDJXHFDVLGHOWRGR3RUHVRODVRFLHGDGJHQHUDOQHFHVLWDHOUHIXHU]R GHODVVRFLHGDGHVSDUWLFXODUHV1RREVWDQWHHVWRQRVLJQLÀFDTXHQRHMHU]DLQÁXHQFLDDOJXQDHQ ODYLGDGHOFLXGDGDQR$OFRQWUDULRGHODSHUWHQHQFLDDXQDPLVPDHVSHFLHGHULYDODYLUWXGGH KXPDQLWDVHVGHFLUDTXHOODTXHFRQVLVWHHQUHVSHWDUDWRGRKRPEUHSRUHOVRORKHFKRGHTXHHV QXHVWURVHPHMDQWHLELG/,; 5HIHUHQFLDHQQRWDD)LQ9 ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR &21&/86,Ð1 +HPRV H[SXHVWR HQ HVWH WUDEDMR OD UHODFLyQ GH )UDQFLVFR$\DOD FRQ XQ JUXSR LPSRUWDQWH GH LQWHOHFWXDOHV TXH SXEOLFDURQ HQ ODV UHYLVWDV TXH GLULJLy HQ VX H[LOLR SULPHUR MXQWR FRQ /RUHQ]R /X]XULDJD HQ 5HDOLGDG \ OXHJR HQ /D 7RUUH FRQ -DLPH %HQtWH] FRPR GLUHFWRU 7UDGXFWRUHV KHOHQLVWDV \ ODWLQLVWDV GHMDURQ HQ HVWRV OXJDUHV GRFXPHQWRVIXQGDPHQWDOHVGHDQiOLVLV\HVWXGLRGHOD$QWLJHGDGSDUDODFLYLOL]DFLyQ FRQWHPSRUiQHD-XQWRFRQHOORWDQWRODVHOHFFLyQGHODVREUDVFRPRDOJXQDVFXHVWLRQHV GHDQiOLVLVH[SXHVWDVUHYHODQHOLQWHUpVSRUHOKXPDQLVPRGHRULJHQFOiVLFR'HVGHOD 3DLGHtDGH-DHJHUWUDGXFLGDSRU:HQFHVODR5RFHVD/DVOH\HVGH&LFHUyQWUDGXFLGD\ SURORJDGDSRU5RJHU/DEURXVVHKHPRVUHFRUULGRXQLWLQHUDULRTXHYDGHOELHQLR FRQ5HDOLGDGDORVDxRVFRQ/D7RUUHHQHOTXHODÀJXUDGH)UDQFLVFR $\DODSHUPLWHTXHHVWRVWH[WRVVHGLIXQGDQDWUDYpVGHVXSXEOLFDFLyQHQGRVGHODV UHYLVWDVPiVLPSRUWDQWHVHQOHQJXDHVSDxRODGHHVHPRPHQWR (QWUH ODV UHVHxDV \ DUWtFXORV GH 5HDOLGDG VH LQWHUFDODQ GRV GRFXPHQWRV VREUH HO KXPDQLVPR HO FRQRFLGR WH[WR GH 0DUWLQ +HLGHJJHU \ HO GH .DUO .HUpQ\L HYLGHQFLiQGRVH XQ FODUR LQWHUpV SRU VX SXEOLFDFLyQ SDUDOHOD \ FRQWUDVWDGD (O WH[WR GH.HUpQ\LFRPRÀOyORJRGHOHQJXDVFOiVLFDVLQFLGHHQDVSHFWRVGHOKXPDQLVPRHQ OD$QWLJHGDGDVtFRPRHQHOSDSHOTXHGHEHGHVHPSHxDUHOÀOyORJRFRQWHPSRUiQHR DQWHXQKXPDQLVPRTXHQRGHEHUHGXFLUVHDOHVWXGLRKLVWyULFR'HWUiVGHHOORHVWiHO HMHUFLFLR GHO FRPSURPLVR DFWLYR GHO KRPEUH \ QR VyOR HO HVWXGLR GHO VHU QL VLTXLHUD FRPRSXGRSURPRYHUVHHQODVDQWLJXDV*UHFLD\5RPD (QHVWHFRQWH[WRQRVyORHQFDMDODSXEOLFDFLyQGHXQDQXHYD,OtDGDGH+RPHURFRPR OLEURIXQGDFLRQDOGHODOLWHUDWXUDRFFLGHQWDOVLQRWDPELpQ/DVOH\HVGH&LFHUyQ8QDGH ODVFODYHVHVWiHQODUHIHUHQFLDDODKXPDQLWDVFLFHURQLDQD%DVWHUHWRPDUXQDGHODVFLWDV GHRWURGHORVWH[WRVGH&LFHUyQTXHXWLOL]D/DEURXVVHHQFRQFUHWRSURFHGHQWHGH/RV GHEHUHV/DEURXVVH/;´'HEHPRVDVLJQDUQRVXQDVRODPHWDLGHQWLÀFDUHOLQWHUpV GHFDGDXQRFRQHOGHWRGRVORVGHPiVµ2II(VWDIUDVHGH&LFHUyQSDUHFHUHVRQDU HQWRGRVORVHVFULWRVDTXtH[SXHVWRVHQODVHOHFFLyQGHORVWH[WRVDVtFRPRHQODVYLGDV H[LOLDGDVTXHSXVLHURQHQPDUFKDWRGDXQDPDTXLQDULDGHFRQRFLPLHQWR\GHHVWXGLR /D$QWLJHGDG\DQRHVVyORXQFRQRFLPLHQWRKHUHGDGRDWUDYpVGHGLYHUVRVHVWUDWRV GHODKLVWRULD\VXVQHFHVDULDVDGDSWDFLRQHV/D$QWLJHGDGHVUHFXSHUDGDHQYLYR\ GLUHFWRGLiORJRFRQHOSUHVHQWHFRPRHVHQFLDTXHGHVFXEUHHOVHURFFLGHQWDOH[LOLDGR GHQWURGHVt²WDO\FRPRQRVORKDH[SXHVWR6FKDMRZLF]²\TXHVHVXPDDOFRPSURPLVR LQWHOHFWXDOTXHKDFHGHWRGRVORVDXWRUHVDTXtUHVHxDGRVDXWpQWLFRVKXPDQLVWDVSDUDOD 3DUDGHVWDFDUODLPSRUWDQFLDGHDPEDVUHYLVWDVFRQUHVSHFWRD5HDOLGDGQRVGLFH/*DUFtD0RQWHUR ;;,;´5HDOLGDGSXEOLFDGDHQWUHHQHURGH\GLFLHPEUHGHIXHXQDGHODVUHYLVWDVPiV LPSRUWDQWHVGHODFXOWXUDKLVSiQLFDHQVXpSRFD6XVUHVSRQVDEOHVSXGLHURQVHQWLUVHRUJXOORVRVHQPiV GHXQDRFDVLyQGHKDEHUSURWDJRQL]DGRXQHVIXHU]RGHDOWDFDOLGDGFRQFRODERUDFLRQHVRSRUWXQDV\ PX\VLJQLÀFDWLYDV&RQYRFDURQDORPHMRUGHODFXOWXUDGHVXWLHPSRSDUDLQWHQWDUFRPSUHQGHUGLDJ QRVWLFDU\SHQVDUHQXQPXQGRHQFULVLVµRFRQUHVSHFWRD/D7RUUH0-6iQFKH]0RQWHV ´'XUDQWHORVDxRVTXHHVWXYRDOFXLGDGRGH)UDQFLVFR$\DOD/D7RUUHIXHODPHMRUUHYLVWDGHVXJpQHUR HQOHQJXDHVSDxRODµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR VHJXQGDPLWDGGHOVLJOR;;(OFRQFHSWRURPDQRKXPDQLWDVHVWiSUHVHQWHHQTXLHQHV FRPR)UDQFLVFR$\DODIRUMDURQXQHVSDFLRHQVD\tVWLFR\GLYXOJDWLYRDOVHUYLFLRGHORV PHMRUHV LQWHOHFWXDOHV H LQYHVWLJDGRUHV GHO PRPHQWR ,QWHOHFWXDOHV YtFWLPDV GH XQD pSRFDWRWDOLWDULD\EpOLFDSHURFRQVFLHQWHVGHVXODERUSHGDJyJLFD\FXOWXUDODOLYLDGD GHVHUYLGXPEUHVHQHOFRQWLQHQWHDPHULFDQR %,%/,2*5$)Ì$ $\DOD)5HFXHUGRV\ROYLGRV0DGULG$OLDQ]D $\DOD)>@+LVWRULDGHODOLEHUWDGHGLFLyQIDFVtPLO*UDQDGD$\XQWDPLHQWR GH*UDQDGD>%XHQRV$LUHV$WOiQWLGD@ $\DOD)>@(OWLHPSR\\RRHOPXQGRDODHVSDOGD0DGULG&RPXQLGDGGH 0DGULG&RQVHMHUtDGH(GXFDFLyQ9LVRUOLEURV $\DOD)2EUDV&RPSOHWDV,,,(VWXGLRVOLWHUDULRVHGLFLyQGH&DURO\Q5LFKPRQG %DUFHORQD&tUFXORGH/HFWRUHV*DOD[LD*XWHPEHUJ &DVDOL--RUUDW-/XSLixH]*´5RJHU/DEURXVVHVXVDSRUWHVKLVWRULRJUiÀFRV HQHOFDPSRGHODÀORVRItDSROtWLFDµHQ$$''$FWDVGHO3ULPHU&RQJUHVR VREUHOD+LVWRULDGHOD8QLYHUVLGDGGH7XFXPiQ7XFXPiQ6HFUHWDUtD*HQHUDOGHOD 817 &KLFKDUUR$(OSHQVDPLHQWRYLYRGH)UDQFLVFR$\DODFRO$OPLQDUHV*UDQDGD 'DXUR 'tD]'tD]*\6DQWRV(VFXGHUR&%LEOLRJUDItDÀORVyÀFDKLVSiQLFD 0DGULG&6,& (OLDGH0´/RVPLWRVHQHOPXQGRPRGHUQRµ/D7RUUH (PLOLR]]L,HG)UDQFLVFR$\DODHQ/D1DFLyQGH%XHQRV$LUHV9DOHQFLD3UH 7H[WRV *DUFtD-XUDGR)´3UyORJRµHQ,/ySH]&DODKRUUR)UDQFLVFR$\DOD\HO PXQGRFOiVLFR*UDQDGD8QLYHUVLGDGGH*UDQDGD *DUFtD 0RQWHUR / ´/D DYHQWXUD GH SHQVDU HO PXQGRµ LQWURGXFFLyQ DO IDFVtPLOGHODUHYLVWD5HDOLGDG,FRO)DFVtPLOHVGH5HYLVWDV/LWHUDULDV6HYLOOD 5HQDFLPLHQWR;;,;/;;9 *DUFtD0RQWHUR/)UDQFLVFR$\DOD(OHVFULWRUHQVXVLJORFRO/RVOLEURVGHOD (VWUHOOD*UDQDGD'LSXWDFLyQGH*UDQDGD *yPH]5RV0´)UDQFLVFR$\DODHGLWRUµHQ/*DUFtD0RQWHUR\05RGUtJXH] *XWLpUUH]HGV'HHVWHPXQGR\ORVRWURV(VWXGLRVVREUH)UDQFLVFR$\DOD 0DGULG9LVRU/LEURV +HLGHJJHU0>@´&DUWDVREUHHOKXPDQLVPRµ5HDOLGDGYRO,,,\ >@\>@ -DHJHU:>@3DLGHtD0p[LFR)RQGRGH&XOWXUD(FRQyPLFD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR -LPpQH]'HOJDGR-´6XSHUYLYHQFLDGH&LFHUyQµ+HOPiQWLFDYRO .HUpQ\L.>@´(OKXPDQLVWDHQODHQFUXFLMDGDµ5HDOLGDGYRO,,, >@ /ySH] &DODKRUUR , )UDQFLVFR $\DOD \ HO PXQGR FOiVLFR *UDQDGD (GLWRULDO 8QLYHUVLGDGGH*UDQDGD /ySH] &DODKRUUR , ´/D WUDQVIRUPDFLyQ GHO PLWR GH 0HGXVD HQ )UDQFLVFR $\DOD 'H 2YLGLR D /XFDQRµ HQ - /XTXH 0 'RORUHV 5LQFyQ H , 9HOi]TXH] HGV'XOFHV&DPHQDH3RpWLFD\SRHVtDODWLQDV-DpQ*UDQDGD6RFLHGDGGH (VWXGLRV/DWLQRV /X]XULDJD/>@´:HUQHU-DHJHU3DLGHtD/RVLGHDOHVGHODFXOWXUDJULHJD)RQGR GH &XOWXUD(FRQyPLFD0p[LFRYROµ5HDOLGDGYRO, >@ 0HQpQGH] 3HOD\R 0 ´$SXQWHV VREUH HO FLFHURQLDQLVPR HQ (VSDxD \ VREUH OD LQÁXHQFLD GH &LFHUyQ HQ OD SURVD ODWLQD GH ORV KXPDQLVWDV HVSDxROHVµ HQ %LEOLRWHFD+LVSDQR/DWLQD&OiVLFD,,, 0LUDOOHV & /OXLV 6HJDOi 6HPEODQoD ELRJUiÀFD %DUFHORQD ,QVWLWXW G·(VWXGLV &DWDODQV 0RPPVHQ7>@(OPXQGRGHORV&pVDUHVWUDGXFFLyQ\SUyORJRGH:HQFHVODR 5RFHV FRO &RQPHPRUDWLYD $QLYHUVDULR 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD 0RQGROIR5>@´%HQMDPtQ)DUULQJWRQ&LHQFLDJULHJDGH7DOHVD$ULVWyWHOHV &ROHFFLyQ3LQJLQRHGLW/DXWDUR%XHQRV$LUHVµ5HDOLGDGYRO,, >@ 0RQGROIR5´6pQHFD\ODLQÀQLWXGGHOSURJUHVRHVSLULWXDOµ/D7RUUH 0RUD$´/DSDLGHtDUHSXEOLFDQDGH-RDTXtQ;LUDXµSUyORJRHQ5;LUDX 2EUDVFRPSOHWDVGH-RDTXtQ;LUDX7RPR,,,YRO(VFULWRVVREUHKLVWRULDGHOD)LORVRItD 0DGULG)XQGDFLyQ&DMD0DGULG$QWKURSRVHGLWRULDO 1DYDMDV * ´/D HVFULWXUD GH OD OLEHUWDG \ OD FXOWXUD LQGXVWULDO HQ )UDQFLVFR $\DODµ+LVSDQLDYRO 1~xH]$´(VWRGHUHFRUGDUDORVDxRVµ/D7RUUH 2YLHGR * ´5RGROIR 0RQGROIR +XPDQLVWD GH L]TXLHUGDµ &X\R $QXDULR GH )LORVRItDDUJHQWLQD\DPHULFDQD 3iUDPR-´/D,OtDGDGH+RPHUR7UDVODGRGH$OIRQVR5H\HV3ULPHUDSDUWH$TXLOHV DJUDYLDGR 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD SiJVµ 7KHVDXUXV %ROHWtQGHO,QVWLWXWR&DUR\&XHUYR7RPR; 3Uy'5RGROIR0RQGROIRYRO%XHQRV$LUHV/RVDGD 5LYD\D % ´&RPXQLVPR \ FRPSURPLVR LQWHOHFWXDO :HQFHVODR 5RFHVµ FRQ SUHVHQWDFLyQDFDUJRGH-RVp0DUtD/DVR3DSHOHVGHOD),0\ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ,QPDFXODGD/ySH]&DODKRUUR 5RMDV2VRULR&´/DÀORVRItDHQ3XHUWR5LFRORVWUDQVWHUUDGRVµ5HYLVWD)LORVRItD 8QLYHUVLGDG&RVWD5LFD;/,,, 5RPHUR)GLU>@5HDOLGDG5HYLVWDGHLGHDV%XHQRV$LUHV SUyORJRGH/*DUFtD0RQWHURFROHFFLyQFRPSOHWDQ~PHURVFRO)DFVtPLOHV GH5HYLVWDV/LWHUDULDV6HYLOOD5HQDFLPLHQWR 5RPHUR-/>@´7HRGRUR0RPPVHQ(OPXQGRGHORV&pVDUHV(G¶)RQGRGH &XOWXUD(FRQyPLFD·0p[LFRµ5HDOLGDGYRO,>@ 5RPHUR - / >@ ´/XGZLJ )ULHGOlQGHU /D VRFLHGDG URPDQD +LVWRULD GH ODV FRVWXPEUHVHQ5RPDGHVGH$XJXVWRKDVWDORV$QWRQLQRV)RQGRGH&XOWXUD(FRQyPLFD µYRO,,,>@ 5RPHUR 0 ´7UDGXFFLRQHV \ HGLFLRQHV GH OD REUD GH 0RPPVHQ HQ (VSDxD µ HQ - 0DUWtQH]3LQQD FRRUG (Q HO FHQWHQDULR GH 7KHRGRU 0RPPVHQ KRPHQDMH GHVGH OD 8QLYHUVLGDG HVSDxROD 0iODJD 80$ 6HUYLFLRGH3XEOLFDFLRQHV 6iQFKH] *XHYDUD 2 ´/XGZLJ 6FKDMRZLF] D XQ VLJOR GH VX QDFLPLHQWRµ FRQVXOWDGRHQMXOLRGH 6iQFKH] 0RQWHV 0 - ´$\DOD HQ 3XHUWR 5LFR 3XHUWR 5LFR HQ$\DODµ HQ$ 6iQFKH] 7ULJXHURV \ 0 $ 9i]TXH] 0HGHO )UDQFLVFR $\DOD \ $PpULFD 6HYLOOD$OIDU 6FKDMRZLF]/´/DIRUPDGHODOLWHUDWXUDHXURSHDµ/D7RUUH 6FKDMRZLF]/´2UIHR\$QÀyQµ/D7RUUH 6FKDMRZLF]/>@0LWR\H[LVWHQFLD3XHUWR5LFR8QLYHUVLGDGGH3XHUWR5LFR 4XLxyQH]%$\$OH0&´/RVHVWXGLRVFOiVLFRVHQ7XFXPiQµ&LUFHFOiV PRGFRQVXOWDGRHQMXOLRGH 5RFHV:´%LEOLRJUDItDWUDGXFLGDSRU:HQFHVODR5RFHVµ$VRFLDFLyQ&XOWXUDO:HQFHVODR 5RFHVFRQVXOWDGRHQMXOLRGH :HLPEHUJ*´%LEOLRWHFDGH&XOWXUDEiVLFDµ/D%LEOLRWHFD5HYLVWDGHOD%LEOLRWHFD 1DFLRQDO7RPR,;%XHQRV$LUHV ;LUDX5´-RDTXtQ;LUDX8QHVER]RµFRQVXOWDGRHQMXOLRGH (GLFLRQHVGHOD,OtDGD\OD2GLVHDGH+RPHURFRQVXOWDGDV +RPHUR/D,OtDGD3ULPHUDSDUWH$TXLOHVDJUDYLDGRWUDVODGRGH$5H\HV0p[LFR )RQGRGH&XOWXUD(FRQyPLFD +RPHUR>@2GLVHDWUDGXFFLyQGH/6HJDOiLQWURGXFFLyQGH$/ySH](LUH 0DGULG(VSDVD&DOSH +RPHUR/D,OtDGDWUDGXFFLyQGH/6HJDOiLQWURGXFFLyQHtQGLFHVGH*XLOOHUPR 7KLHOH 0DGULG (GLFLRQHV GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR 5HYLVWD GH 2FFLGHQWH +RPHUR ,OtDGD SUyORJR WUDGXFFLyQ \ QRWDV GH 2 0DUWtQH] *DUFtD 0DGULG $OLDQ]D ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$\DOD\HOKXPDQLVPRGHOH[LOLR (GLFLRQHVGH/DVOH\HVGH0DUFR7XOLR&LFHUyQFRQVXOWDGDV &LFHUyQ072EUDVFRPSOHWDVGH&LFHUyQ7RPR9,7UDWDGRGHOD5HS~EOLFD7UDWDGR GH/DVOH\HVYHUVLyQFDVWHOODQDGH)UDQFLVFR1DYDUUR0DGULG%LEOLRWHFD&OiVLFD &LFHUyQ 0 7 >@ /DV OH\HV WUDGXFFLyQ LQWURGXFFLyQ \ QRWDV SRU ÉOYDUR '·2UV0DGULG,QVWLWXWRGH(VWXGLRV3ROtWLFRV &LFHUyQ/D5HS~EOLFD\/DVOH\HVHGLFLyQGH-01~xH]*RQ]iOH]0DGULG$NDO &LFHUyQ /DV OH\HV HGLFLyQ ELOLQJH LQWURGXFFLyQ WUDGXFFLyQ \ QRWDV GH 5 /DEURXVVH 0DGULG (GLFLRQHV GH OD 8QLYHUVLGDG GH 3XHUWR 5LFR 5HYLVWD GH 2FFLGHQWH &LFHUyQ /DV OH\HV LQWURGXFFLyQ WUDGXFFLyQ \ QRWDV GH 5 /DEURXVVH 0DGULG $OLDQ]D &LFHUyQ 0 7 /DV OH\HV WUDGXFFLyQ LQWURGXFFLyQ \ QRWDV GH &DUPHQ 7HUHVD 3DEyQ0DGULG*UHGRV 6REUHODVLQLFLDOHVGHORUDGRUURPDQR´07µ0DUFR7XOLRODVDQRWDPRVHQORVFDVRVHQTXHORVDX WRUHVGHODVHGLFLRQHVODVKDQKHFKRFRQVWDU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD 62%5(/$(6758&785$',6&856,9$'(/7(;7232e7,&2/$/(1*8$ 9,68$/'(+8,'2%52(1(/(63(-2'($*8$ )5$1&,6&2-,0e1(=&$/'(5Ð1 8QLYHUVLGDGGH([WUHPDGXUD 5HVXPHQ (OSUHVHQWHWUDEDMRDQDOL]DODHVWUXFWXUDGLVFXUVLYDGHORVWH[WRVGH(OHVSHMRGHDJXDGH9LFHQWH+XLGR EURFRQVLGHUDQGRORVYDORUHVYLVXDOHVGHORVYHUVRV\SDODEUDVTXHFRQIRUPDQVXVSRHPDV3DUDHOOR VHFRQFLEHQGLFKRVYDORUHVFRPRSDUWHGHOULWPRGHOSRHPDFRPRIDFWRUHVTXHLQÁX\HQIXHUWHPHQWH HQVXUHFHSFLyQÀQDO\VHUHODFLRQDQFRQLPSUHVLRQHVYLVXDOHVGHULYDGDVGHODSDUDWRPHWDIyULFR\GHO VLJQLÀFDGRGHOWH[WR/DFRQFOXVLyQHVTXHODGLVWULEXFLyQHVSDFLDOGHORVHOHPHQWRVUHVXOWDFODYHHQOD HVWUXFWXUDLQWHUQD\HQHOVLJQLÀFDGRGHOSRHPD\DIHFWDGHOPLVPRPRGRDOSRHPDULRHQVXFRQMXQWR HQHO(VSHMRGHDJXDODUHFHSFLyQYLVXDOPiVVXWLOTXHHQRWUDVREUDVGHODXWRUUHVXOWDFODYHSDUDXQD LQWHUSUHWDFLyQLQWHJUDO 3DODEUDVFODYHHVWUXFWXUDGLVFXUVLYDWH[WROLWHUDULRJpQHURSRpWLFRXVROLWHUDULRGHODOHQJXD(OHVSHMR GHDJXD $EVWUDFW 7KLVSDSHUDQDO\]HVWKHGLVFXUVLYHVWUXFWXUHRIWKHWH[WVRI(OHVSHMRGHDJXDE\9LFHQWH+XLGREURFRQ VLGHULQJYLVXDOYDOXHVRIWKHYHUVHVDQGZRUGVLQKLVSRHPV)RUWKLVWKHVHYDOXHVDUHFRQFHLYHGDVSDUW RIWKHUK\WKPRIWKHSRHPDVIDFWRUVWKDWVWURQJO\LQÁXHQFHWKHLUÀQDOSHUFHSWLRQDQGWKH\DUHUHODWHG WRYLVXDOLPSUHVVLRQVZKLFKWKHPHWDSKRULFDOPHDQLQJRIWKHWH[WSURGXFHV7KHFRQFOXVLRQLVWKDWWKH GLVWULEXWLRQRIWKHHOHPHQWVLVFUXFLDOIRUWKHLQWHUQDOVWUXFWXUHDQGPHDQLQJRIWKHSRHPDQGLWDIIHFWV WKHZRUNDVDZKROHLQ(OHVSHMRGHDJXDYLVXDOUHFHSWLRQZKLFKLVPRUHVXEWOHWKDQLWLVLQRWKHUZRUNV RIWKHDXWKRULVHVVHQWLDOWRDFRPSUHKHQVLYHLQWHUSUHWDWLRQ .H\ZRUGVGLVFXUVLYHVWUXFWXUHOLWHUDU\WH[WSRHWLFJHQUHOLWHUDU\XVHRIODQJXDJH(OHVSHMRGHDJXD &RUUHRHIMLPFDO#XQH[HV5HFLELGR$FHSWDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ ,1752'8&&,Ð1 (QWUH VXV QXPHURVRV UDVJRV HO GLVFXUVR OLWHUDULR SUHVHQWD XQD VHULH GH SHFXOLDULGDGHVTXHDIHFWDQDODFDUDFWHUL]DFLyQGHYDULRVGHVXVJpQHURV3LpQVHVHSRU HMHPSORHQODGLÀFXOWDGTXHWUDGLFLRQDOPHQWHKDLPSOLFDGRODGHÀQLFLyQGHOWHDWURHQ HOTXHSDUDGyMLFDPHQWHFRQYLYHQODH[LVWHQFLD\SHUPDQHQFLDGHXQWH[WRHVFULWR\OD FRPSRVLFLyQGHHVHWH[WRSHQVDGDSDUDODHVFHQD(QXQDOtQHDVLPLODUSXHGHVLWXDUVH HO JXLyQ FLQHPDWRJUiÀFR FX\D SXEOLFDFLyQ HV DGHPiV PXFKR PHQRV IUHFXHQWH GHELGR DO FDUiFWHU SHUPDQHQWH GH OD SHOtFXOD HQ TXH GHVHPERFD H[LVWHQ FDVRV QR REVWDQWH HQ ORV TXH HO JXLRQ WDPELpQ HO WH[WR WHDWUDO SURSRUFLRQD LQIRUPDFLRQHV TXH QR VH PDQLÀHVWDQ HQ HO ÀOPH FRQ OR TXH QRV HQFRQWUDPRV GH QXHYR FRQ GRV SODQRVGHOPLVPRIHQyPHQRHQDPERVFDVRVFLQH\WHDWURORVWH[WRVHVFULWRVSXHGHQ FRQVLGHUDUVHJpQHURVOLWHUDULRVRJpQHURVGLVFXUVLYRVDOPHQRVTXHFRQYLYHQFRQODV UHSUHVHQWDFLRQHVHQTXHIUXFWLÀFDQHODQiOLVLVGHFDGDXQRGHORVSODQRVRGHDPERV HQFRQMXQWRUHVSRQGHSRUGHVFRQWDGRDHQIRTXHVGLIHUHQWHV&RQVLGpUHVHSRU~OWLPR HOJpQHURSRpWLFRDOTXHDOFDERVHUHÀHUHQODVSUHVHQWHVOtQHDV(OSRHPDVHFRQFLEH WDPELpQGHVGHGRVSHUVSHFWLYDVHQWDQWRTXHSXHGHUHFLELUVHSRUYtDGHOUHFLWDGRRSRU YtDGHODOHFWXUD$VtHOSRHWDDPSDUDGRHQODYDULDELOLGDGGHODPpWULFD\WHQLHQGRHQ FXHQWDDPERVFDQDOHVSXHGHDKRQGDUHQHOKDOOD]JRGHHIHFWRVVRQRURVSHURWDPELpQ YLVXDOHV 6HSURGXFHDVtXQDDVRFLDFLyQHQWUHSRHVtDHLPDJHQTXHVHUHYHODFRPRXQ iPELWRDPSOtVLPRWDQWRGHVGHHOSXQWRGHYLVWDFUHDWLYRFRPRGHVGHODSHUVSHFWLYDGHO LQYHVWLJDGRU/DSUHVHQFLDGHODLPDJHQHQODSRHVtDHVWiUHSUHVHQWDGDVLQLUPiVOHMRVSRU ODPHWiIRUDTXHDFXGHDXQDÀJXUDYLVXDOSDUDUHSUHVHQWDUXQFRQFHSWRXRWUDUHDOLGDG GLIHUHQWH3HURH[LVWHQSRVLELOLGDGHVPiVGLUHFWDVFRPRHOFDOLJUDPDTXHFRQVWLWX\H XQDUHSUHVHQWDFLyQYLVXDOSRUPHGLRGHUHFXUVRVWLSRJUiÀFRVHOSURFHGLPLHQWRKXQGH VXVUDtFHVHQODDQWLJHGDGSHURUHFLELyXQJUDQLPSXOVRDSDUWLUGHO5HQDFLPLHQWR 8WLOL]DPRVHOWpUPLQRGLVFXUVRSDUDUHIHULUQRVDOSURGXFWRWH[WXDOGLVFXUVLYRRULJLQDGRHQXQiPELWR GLVFXUVLYRWDPELpQFRQFUHWR(OHQIRTXHHQHOTXHVHDPSDUDHVWDFODVLÀFDFLyQWH[WXDOHVHQHIHFWRHO GHODQiOLVLVGHOGLVFXUVR/RVVXEWLSRVGHWH[WRVVHJ~QGLFKDSHUVSHFWLYDFRQVWLWX\HQJpQHURVGLVFXUVLYRV TXHSUHVHQWDQFLHUWDVGLIHUHQFLDVSHURFRPSDUWHQHOPLVPRiPELWR&RPRLQWURGXFFLyQDODVXQWRYLG SRUHMHPSOR&DOVDPLJOLD\7XVyQRPiVHQUHODFLyQFRQHODQiOLVLVGHJpQHURV%DMWtQ (QWRUQRDHOORYLGODVFHUWHUDVFRQVLGHUDFLRQHVGH7UDQFyQVREUHWRGRHQHOFDStWXOR´&RPSR QHQWHVEiVLFRVGHOWHDWURµS\HVSHFLDOPHQWHHQHODSDUWDGR´(OWH[WRWHDWUDOµS 7HQHPRVHQSUHSDUDFLyQXQDUWtFXORVREUHODSHOtFXOD7KH+XVWOHU5REHUW5RVVHQTXHPXHVWUD FyPRXQDUHIHUHQFLDHQODVDFRWDFLRQHVGHOJXLRQSURSRUFLRQDLQWHUSUHWDFLRQHVGHOÀOPHDODVTXHKDEUtD VLGRPX\GLItFLOOOHJDU~QLFDPHQWHDWUDYpVGHOYLVLRQDGR /DPHWiIRUDQRHVH[FOXVLYDGHODOLWHUDWXUDVLQRTXHHVWiSUHVHQWHHQWRGDVODVYDULHGDGHV\UHJLVWURV OLQJtVWLFRV7yPHVHFRPRHMHPSORHOGLVFXUVRFLHQWtÀFR*DOiQ5RGUtJXH] (OUHIHUHQWHFOiVLFRVRQORVWHFKQRSDLJQLDJULHJRV\ORVFDUPLQDÀJXUDWDHQORVTXHVHIRUPDQÀJXUDV PHGLDQWHORVYHUVRVHVFULWRV/DSDODEUD\ODLPDJHQQRREVWDQWHVHDVRFLDQWDPELpQHQFLYLOL]DFLRQHV DQWHULRUHVFRPRODHJLSFLD&y]DU 3RURWURODGRXQSXQWRGHUHIHUHQFLDDOUHVSHFWRGHODVUHODFLRQHVHQWUHSRHVtDHLPDJHQHVHOFRQRFLGR WySLFRKRUDFLDQR´8WSLFWXUDSRHVLVµTXHHVWDEOHFHXQDVHULHGHFRUUHVSRQGHQFLDVHQWUHODSRHVtD\OD SLQWXUD6REUHGLFKRWySLFR\VXGHVDUUROORHQODVUHODFLRQHVHQWUHODOLWHUDWXUD\RWUDVDUWHVSXHGHFRQ VXOWDUVHHOWUDEDMRGH&RUEDFKR&RUWpVDXWRUDWDPELpQGHXQPRQRJUiÀFRHQHOTXHVHDQDOL]DHO UHFXUVRDODSLQWXUDHQSRHPDVGH0DQXHO0DFKDGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD \DOFDQ]ySOHQRGHVDUUROORHQODHWDSDGHODVYDQJXDUGLDVGHFRPLHQ]RVGHOVLJOR;; (QHVWHSHULRGRSUHRFXSDHVSHFLDOPHQWHDORVSRHWDVODUHFHSFLyQYLVXDOGHOWH[WR\OD IRUPDHQTXHHVWHVHSODVPDHQHOSDSHODKtHQFXHQWUDVXUD]yQGHVHUSRUHMHPSOR HOYHUVROLEUHTXHQRHVWiREOLJDGRDGHWHQHUVHRSURORQJDUVHSRUUD]RQHVGHPpWULFD ²HQ HO VHQWLGR HVWULFWDPHQWH VLOiELFR² \ SHUPLWH PX\ GLYHUVRV DODUGHV IRUPDOHV 'H KHFKRHOYDORUYLVXDORWLSRJUiÀFRSXHGHFRQFHELUVHFRPRSDUWHGHOULWPRGHOSRHPD SXHVSURGXFHQHFHVDULDPHQWHHIHFWRVFRPRODUHSHWLFLyQRODHOLVLyQ/RVPRYLPLHQWRV GH YDQJXDUGLD HQ VX DIiQ GH UXSWXUD DSURYHFKDQ HVWD FLUFXQVWDQFLD \ VH YDOHQ GH UHFXUVRVFRPROD¶LQWUDWLSRJUDItD·TXHDIHFWDDODGLYLVLyQLQWHUQDGHODSDODEUDDOD DOWHUQDQFLDGHJUDItDVYHUVDOHV\PLQ~VFXODVDODPH]FODGHWLSRV\WDPDxRVHWFpWHUD \ SURSXJQDQ OD ¶KHWHURPHWUtD· R OtQHDV TXHEUDGDV 7RGRV HVWRV UHFXUVRV FRQIRUPDQ XQ¶ULWPRYLVXDO·TXHFRQOOHYDHOUHFKD]RYDQJXDUGLVWDGHOHVWDWLVPR\GHOUHFRUULGR KRUL]RQWDOGHODPLUDGDHQODOHFWXUDTXHSURYRFDXQ¶PRYLPLHQWR·HQHOSRHPDHQHO TXHODGLVSHUVLyQWLSRJUiÀFDVHPDQLÀHVWDFRPRUDVJRPiVSHUFHSWLEOH 7HQLHQGRHQFXHQWDWRGRHOORHOSUHVHQWHWUDEDMRVHDSUR[LPDDODREUDGHXQR GH ORV HVFULWRUHV PiV GHVWDFDGRV HQ OD UHFXSHUDFLyQ YDQJXDUGLVWD GHO YtQFXOR HQWUH OLWHUDWXUDHLPDJHQHOFKLOHQR9LFHQWH+XLGREUR6LELHQH[LVWHQREUDVGH+XLGREURHQ ODVTXHHOSRHWDSURIXQGL]DUDGLFDOPHQWHHQHOPDQHMRORVUHFXUVRVYLVXDOHVHODQiOLVLV TXHVHSURSXJQDDFRQWLQXDFLyQVHGHWLHQHHQXQSRHPDULRUHODWLYDPHQWHPHVXUDGR (O HVSHMR GH DJXD$XQTXHQRGHIRUPDWDQHYLGHQWH FRPRHQWUDEDMRVSRVWHULRUHVHO SRHPDULR VHJ~Q VH PXHVWUD HQ ODV OtQHDV VLJXLHQWHV SUHVHQWD XQD JUDQ ULTXH]D GH HOHPHQWRV YLVXDOHV TXH GD FRQVLVWHQFLD DO FRQMXQWR GH ORV YHUVRV 6H SUHWHQGH HQ GHÀQLWLYD SUHFLVDU ORV FRQWHQLGRV WH[WXDOHV D WUDYpV GHO HVWXGLR GHO PHQFLRQDGR ULWPR YLVXDO GDGR TXH OD JUDItD FRPR FyGLJR SDUDOHOR DO GHO VRQLGR SURSRUFLRQD PDWLFHVLPSHUFHSWLEOHVDF~VWLFDPHQWH$VtSXHGHQVLVWHPDWL]DUVHHQHOSRHPDULRORV VLJQLÀFDGRV TXH SRUWDQ UHVSHFWLYDPHQWH OD ODUJXUD \ OD FRUWHGDG GH ORV YHUVRV ORV GLVWLQWRVWLSRVGHHVSDFLRVHQEODQFR\ODVUHSUHVHQWDFLRQHVLFyQLFDVDTXHGDOXJDUOD FRORFDFLyQ GH ORV YHUVRV OR FXDO SURSRUFLRQD DVLPLVPR GHWHUPLQDGRV VLJQLÀFDGRV SDUDORVSRHPDV\SDUDHOWH[WRHQVXFRQMXQWR /RVDUWLVWDVGHODVYDQJXDUGLDVHQVXDIiQGHH[SHULPHQWDFLyQQRGXGDURQHQPLVWXUDUDUWHVGLIHUHQ WHV\ODOLWHUDWXUD\ODSLQWXUDVHUHODFLRQDURQFRQSURIXVLyQ6REUHHOSDUWLFXODUSXHGHFRQVXOWDUVHHQ WUDEDMRGH0RQHJDO$FHUFDGHODVYDQJXDUGLDVYLG&LUORW5DPtUH]\SDUDHOiPELWR ODWLQRDPHULFDQR6FKZDUW +D\HVWXGLRVRVQRREVWDQWHTXHQRSDUWLFLSDQGHHVWDLGHDHQWDQWRTXHRWURVKDQKDEODGRGHHVWH ¶ULWPRYLVXDO·(ODVXQWRHVWiSHUIHFWDPHQWHVLQWHWL]DGRHQORVWUDEDMRVGH/ySH]0DUWtQH] /ySH]DQDOL]DHQVXVDUWtFXORVYDULRVSURFHGLPLHQWRVTXHORVSRHWDVGHOHPSOHDURQSDUDGRWDUGH FDUiFWHUYLVXDODVXVYHUVRVPXFKRVGHORVFXDOHVVHGRFXPHQWDQWDPELpQHQHOSUHVHQWHHVWXGLRDSUR SyVLWRGH(OHVSHMRGHDJXD 6REUH OD REUD GH +XLGREUR ²OD ELEOLRJUDItD HV H[WHQVtVLPD² YLG &DUDFFLROR \ &RVWD \ WDPELpQ ODV DSRUWDFLRQHV GH 0RQWHV $FHUFD GHO &UHDFLRQLVPR PRYLPLHQWR DO TXH HO SRHWD VH DGVFULEHSXHGHFRQVXOWDUVH$XOOyQGH+DUR\0DUWtQ)HUUHUVLELHQHVDDGVFULSFLyQQR KDHVWDGRH[HQWDGHSROpPLFDVREUHWRGRHQUHODFLyQFRQHOIHFKDGRGHSUHFLVDPHQWH(OHVSHMRGHDJXD 5XWWHU5RMDV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ (/(63(-2'($*8$<68&217(;72 (VHVWHXQSRHPDULRVLQJXODUHQODREUDGH+XLGREUR6HWUDWDGHXQWUDEDMR EUHYHSXHVFRQVWDWDQVyORGHQXHYHSRHPDV\VHVLW~DHQWUHGRVREUDVIXQGDPHQWDOHV SDUDHOSRHWD$GiQGRQGHSRUSULPHUDYH]VHDGKLHUHDOYHUVROLEULVPRDXQTXH DQWHV\DKDEtDSXEOLFDGRSRHPDVHQSURVD\+RUL]RQFDUUpTXHVXSRQHHOLQLFLR GHODVREUDVIUDQFHVDVGH+XLGREURLPEXLGR\DHQODVYDQJXDUGLDVHXURSHDV (Q HO PRPHQWR HQ TXH FRPSRQH (O HVSHMR GH DJXD +XLGREUR VH KDOOD LQPHUVR HQ WHQWDWLYDVGHGHÀQLFLyQSRpWLFDTXHLUiSODVPDQGRHQGLVWLQWRVPDQLÀHVWRV(Q$GiQ GHVDUUROODYDULDVLGHDVDFHUFDGHFyPRGHEHVHUODQXHYDSRHVtD\HOSULPHUSRHPDGH (OHVSHMRGHDJXDVHUHÀHUHWDPELpQDWDOHVSUHFHSWRV3RUORTXHUHVSHFWDD+RUL]RQFDUUp +XLGREUR GHVSOLHJD XQ JUDQ Q~PHUR GH UHFXUVRV YLVXDOHV \ VH DFHUFD DO FDOLJUDPD FRPR\DKDEtDKHFKRHQ´-DSRQHUtDVGHHVWtRµWtWXOREDMRHOTXHVHDJUXSDQWUHVSRHPDV YLVXDOHVLQFOXLGRVHQ&DQFLRQHVHQODQRFKH(OUHFXUVRDOFDOLJUDPDVXSRQHXQD GHFODUDFLyQGLUHFWDVREUHHOVLJQLÀFDGRYLVXDOTXHRIUHFHHOYHUVR2EVpUYHVHHOFRQRFLGR SRHPD´3D\VDJHµGH+RUL]RQFDUUp /DHGLFLyQXWLOL]DGDSDUDHVWHHVWXGLRKDVLGRODGH0RQWHV 3DUD FRQVLGHUDFLRQHVJHQHUDOHV VREUHHOSRHPDULRYLG&RVWD\<~GLFH\VV\ODVSUHFLVLRQHVGH5XWWHU \5RMDV 9LGQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD &RPRVHYHFDGD¶HVWURID·UHSUHVHQWDODLPDJHQGHDTXHOORDORTXHDOXGHOD OXQDHOiUEROODPRQWDxDHOUtRODKLHUED\HOUHEDxR3HURHOMXHJRYLVXDOQRVHGHWLHQH DKt/DFLUFXQIHUHQFLDTXHIRUPDHOYHUVRTXHDOXGHDODOXQDGHMDJUDQGHVHVSDFLRVHQ EODQFRORTXHVHUHODFLRQDFRQODOXPLQRVLGDGGHOVDWpOLWHODIRUPDUHGRQGDDGHPiV UHFXHUGDDXQHVSHMRORFXDOGDUtDPiVVHQWLGRDOYHUVR´/DOXQHR~WXWHUHJDUGHµ(O iUERODOVHU´SOXVDXWTXHODPRQWDJQHµVHVLW~DHQXQSODQRVXSHULRUDHOODDGHPiV OD SDODEUD ´DUEUHµ FRURQD OD UHSUHVHQWDFLyQ \ OD SDODEUD ´PRQWDJQHµ OD VRVWLHQH /D PRQWDxDDOVHU´VLODUJHTX·HOOHGHSDVVDLWOHVH[WUHPLWHVGHODWHUUHµVREUHVDOHHQHO H[WUHPR L]TXLHUGR GH OD FRPSRVLFLyQ \ UHVXOWD HQ HIHFWR PiV DQFKD TXH DOWD (Q FXDQWRDOUtRVXIRUPDHVFDORQDGDLQGLFDTXH´FRXOHµ<DGHPiVGHODVSURSLDVIRUPDV KD\SDODEUDVHQHOSRHPDTXHUHIXHU]DQVXFDUiFWHUYLVXDO(VHOFDVRGH´UHJDUGHµTXH REOLJDQRDOHHUHOSRHPDVLQRDPLUDUOR<WDPELpQHODGMHWLYR´SHLQWHµTXHQRVyOR DOXGHD´O·KHUEHµVLQRDWRGRORTXHHOOHFWRUFRQWHPSOD $Vt HVWH WLSR GH FRPSRVLFLRQHV VH FRQFLEH FRQVLGHUDQGR ODV SRVLELOLGDGHV HVSDFLDOHV GH OD SiJLQD (Q (O HVSHMR GH DJXD QR VH HQFXHQWUDQ WH[WRV SXUDPHQWH FDOLJUDPiWLFRV FRQ OR TXH HO VHQWLGR GH ORV WH[WRV HVWi HQ JHQHUDO UHSUHVHQWDGR SRU XQLGDGHV PiV GHÀQLGDV PHQRV GLVSHUVDV JUiÀFDPHQWH GH KHFKR +RUL]RQ &DUUpLQFRUSRUDYDULDFLRQHVGHSRHPDVGH(OHVSHMRGHDJXDTXHPXHVWUDQHOVDOWRGHO GHVDUUROORXQLWDULRGHOWHPDDODGLVJUHJDFLyQHVSDFLDOGHOVLJQLÀFDGRTXHREOLJDDXQD OHFWXUDGHVSOD]DGDGHOWH[WR\TXHSRWHQFLDVXPHQVDMH1RREVWDQWHHVWHSRHPDULR UHÁHMDODQXHYDQRFLyQGHHVSDFLRPDQHMDGDSRU+XLGREURSXHVHQpO´DGTXLHUHXQD LPSRUWDQFLDTXHORHULJHHQSULQFLSLRHVWUXFWXUDGRUGHOPLVPRPRGRTXHVHMXHJDFRQ ODWLSRJUDItD\ODVQXHYDVSURSXHVWDVGHOGLVHxRµ /2632(0$6'((/(63(-2'($*8$<6869$/25(69,68$/(6 $QDOL]DPRVSRUVHSDUDGRFDGDXQRGHORVSRHPDVTXHFRPSRQHQ(OHVSHMRGH DJXDHQXQDSDUWDGRSURSLR3DUDIDFLOLWDUHODQiOLVLVUHSURGXFLPRVORVSRHPDVDOLQLFLR GH FDGD DSDUWDGR $QWHV GH HQWUDU HQ HO FRPHQWDULR GH ORV WH[WRV UHDOL]DPRV XQDV EUHYHVFRQVLGHUDFLRQHVVREUHHOWtWXORGHOSRHPDULR 7tWXOR (O PLVPR WtWXOR GH OD REUD UHVXOWD PX\ VLJQLÀFDWLYR GHVGH HO SXQWR GH YLVWD TXHWRPDHOSUHVHQWHWUDEDMR1RVHWUDWDGHXQDH[FHSFLyQHQODREUDGH+XLGREUR SXHVPXFKRVGHVXVSRHPDULRV\SRHPDVWRPDQQRPEUHVTXHDOXGHQDOFRQFHSWRGHO HVSDFLRRGHODLPDJHQ´/RVIUHVFRVLOXVRULRVµGH/DJUXWDGHOVLOHQFLR´(UDXQDYLVLyQµ &I%DUyQ(QVXWUDEDMR%DUyQSURSRQHXQDWHQWtVLPRDQiOLVLVGHODVYDULDFLRQHVGHORVWH[WRV HQ+RUL]RQ&DUUp1RVRWURVQRVFHQWUDPRVDTXtHQHOSDVRSUHYLRDHVDVYDULDFLRQHVHQHODSURYHFKD PLHQWRHVSDFLDO\ORVUHFXUVRVJUiÀFRV²PHQRVRVDGRV\SRUWDQWRGHPHQRUDOFDQFHDXQTXHQRH[HQWRV GHVHQWLGR²TXHSUHVHQWDQORVSRHPDVHQ(OHVSHMRGHDJXD 3L]DUUR 1LHVWDPSRFRXQDH[FHSFLyQHQODVREUDVGHRWURVSRHWDVYDQJXDUGLVWDVYLGWUDEDMRVFLWDGRVHQQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ ´7ULiQJXORDUPyQLFRµ´)UHVFRQLSyQµGH&DQFLRQHVHQODQRFKH´/DDPDGDUHÁHMiQGRVH HQHODJXDµGH/DVSDJRGDVRFXOWDV+RUL]RQFDUUp\HQpO´3D\VDJHµ´)LOPµHQ$XWRPQH UHJXOLHUHWFpWHUD 3RU OR TXH UHVSHFWD D (O HVSHMR GH DJXD HO WtWXOR VXSRQH XQD GHFODUDFLyQ GH LQWHQFLRQHVSXHV+XLGREURDUUHPHWHHQVXVFRQFHSFLRQHVSRpWLFDVFRQWUDHOWySLFR DULVWRWpOLFRGHODPtPHVLVGHODUHDOLGDG(OSRHWDQRKDGHUHSUHVHQWDUODUHDOLGDGVLQR FUHDUODFRQORFXDOODSRHVtDQRGHEHVHUXQ´HVSHMRµGHODUHDOLGDGVLQRXQDUHDOLGDG SURSLD(OVLQWDJPD´HOHVSHMRGHDJXDµSRUWDQWRQRSUHWHQGHUHÁHMDUORTXHHOSRHWD YHVLQRORTXHHOSRHWDFUHD3RURWURODGRODLGHDGH´HVSHMRµLQYLWDGLUHFWDPHQWHD PLUDUQRVyORDOHHUORVSRHPDVSXHV´ODSRHVtDGH+XLGREURLPSOLFDXQDHVWpWLFDGH ODVXSHUÀFLHGHOXPLQRVRVHIHFWRVGHV~ELWDVSHUFHSFLRQHV>«@/DGH+XLGREURHV HQFLHUWDPHGLGDXQDUHWLQDLPSUHVLRQLVWDµ(OKHFKRSRU~OWLPR\HQUHODFLyQFRQOD VLQJXODULGDGFUHDGRUDGHTXHHOHVSHMRVHD´GHDJXDµLQGLFDTXHQRYDDFRQWHPSODUVH XQDYLVLyQH[DFWDGHOPXQGRVLQRGLVWRUVLRQDGDÀOWUDGDSRUODPDQRGHOSRHWD ´$UWHSRpWLFDµ 4XHHOYHUVRVHDFRPRXQDOODYH 4XHDEUDPLOSXHUWDV 8QDKRMDFDHDOJRSDVDYRODQGR &XDQWRPLUHQORVRMRVFUHDGRVHD <HODOPDGHOR\HQWHTXHGHWHPEODQGR ,QYHQWDPXQGRVQXHYRV\FXLGDWXSDODEUD (ODGMHWLYRFXDQGRQRGDYLGDPDWD (VWDPRVHQHOFLFORGHORVQHUYLRV (OP~VFXORFXHOJD &RPRUHFXHUGRHQORVPXVHRV 0DVQRSRUHVRWHQHPRVPHQRVIXHU]D (OYLJRUYHUGDGHUR 5HVLGHHQODFDEH]D 3RUTXpFDQWiLVODURVD£RK3RHWDV +DFHGODÁRUHFHUHQHOSRHPD 6yORSDUDQRVRWURV 9LYHQWRGDVODVFRVDVEDMRHO6RO (OSRHWDHVXQSHTXHxR'LRV $OUHVSHFWRVHxDOD0LWUHTXH´(Q¶(OHVSHMRGHDJXD·SRHPDTXHGDQRPEUHDOOLEURKDOOD PRVODLPDJHQGHOHVSHMRFRQYHUWLGDHQXQDUHDOLGDGÁX\HQWHFRPRHOUtR¶0LHVSHMRFRUULHQWHSRUODV QRFKHV6HKDFHDUUR\R\VHDOHMDGHPLFXDUWR·(VWDLPDJHQIXQGDXQDLGHQWLGDGHVSHMRUtRTXHKDFH SRVLEOHGHQWURGHXQPDUFRGHHVWULFWDOyJLFD²SRpWLFDGHVGHOXHJR²RWUDLPDJHQSRVWHULRUµ(QHIHFWR VHWUDWDGH¶LGHQWLGDGHV·PiVTXH¶HYRFDFLRQHV· 0LWUH $OUHVSHFWRGHOSRHPD´(OHVSHMRGHDJXDµTXHGDWtWXORDOSRHPDULRDÀUPD*RLF´3RHPD PHWDSRpWLFRSRHPDTXHKDEODGHODSRHVtD\GHVXIDFWXUDFUHDFLRQLVWDHVGHFLUGHVXWUDQVIRUPDFLyQ GHOPXQGRHQHOSURFHVRGHKDFHUOR\GHSODVPDUORHIHFWLYDPHQWHGLVWLQWRPiJLFR\H[DOWDGRµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD (O SRHPD TXH DEUH (O HVSHMR GH DJXD VH UHODFLRQD tQWLPDPHQWH FRQ OR TXH H[SRQtDPRVHQHODSDUWDGRDQWHULRUVREUHHOWtWXOR(OQRPEUHGHOSRHPD´$UWHSRpWLFDµ \D HV VXÀFLHQWHPHQWH H[SOtFLWR (Q pO +XLGREUR VH UHÀHUH D OD FDSDFLGDG FUHDGRUD GHORVSRHWDVTXHQRKDQGHFRQIRUPDUVHFRQ´FDQWDUµ²PLPHWL]DU²HOPXQGRVLQR TXH GHEHQ GDUOH XQD QXHYD IRUPD TXH KD GH SODVPDUVH HQ OD HVWUXFWXUD WH[WXDO HQ ODLQWHJUDFLyQGHORVSODQRVJUiÀFR\VLJQLÀFDWLYR\HQODUHODFLyQGHDPERVFRQOD PDQLIHVWDFLyQGHOSRHWD 5HSiUHVH FRQFUHWDPHQWH ORV UHFXUVRV YLVXDOHV TXH FRPR LQGLFiEDPRV HQ QXHVWUD´,QWURGXFFLyQµVHPDQLÀHVWDQVLHPSUHHQXQDDVRFLDFLyQLQGLVROXEOHFRQHO DVSHFWR VHPiQWLFR \ PHWDIyULFR GH OD FRPSRVLFLyQ 3DUD HPSH]DU HO VHJXQGR YHUVR GHODSULPHUDHVWURIDHVPiVFRUWRTXHORVGHPiV\HOORVHUHODFLRQDFRQVXFRQWHQLGR ´4XHDEUDPLOSXHUWDVµHOHVSDFLRHQEODQFRUHFUHDHOHVSDFLRGHODVSXHUWDVDELHUWDV(O YHUVRVLJXLHQWHDQXQFLDHOOLJHURHVFDORQDPLHQWRSRVWHULRUPHGLDQWHORVYHUERV´FDHµ \´YRODQGRµTXHHQFLHUUDQODLGHDGHGHVFHQVR$GHPiVODH[SUHVLyQ´FXDQWRPLUHQ ORVRMRVµVHOOHQDGHVHQWLGRHQHVWHFRQWH[WRSXHVUHPLWHSRUXQODGRDODYROXQWDG GHFUHDFLyQGHOSRHWD\SRURWURDODQDWXUDOH]DYLVXDOTXHHOSURSLRSRHPDFRPR FRPSHQGLRGHREMHWRVFUHDGRVDGTXLHUH /D VHJXQGD HVWURID DFDED FRQ OD SDODEUD ´PDWDµ TXH VH VLW~D IUHQWH D ´YLGDµ IRUPDQGRXQDDQWtWHVLV/DQRFLyQGHÀQTXHSRUWD´PDWDµHQFXHQWUDVXFRUUHVSRQGHQFLD HOHVSDFLRHQEODQFRLQWHUHVWUyÀFR (OYHUVRPiVFRUWRGHODWHUFHUDHVWURIDHV´(OP~VFXORFXHOJDµ(VFLHUWRTXHHO YHUER´FROJDUµHQSULQFLSLRWHQGUtDXQJUDQHIHFWRHQXQYHUVRODUJRSHURHOKHFKR GHTXHVHDVRFLHDXQP~VFXORDLVODGRTXHFDUHFHGHXQWRGRMXVWLÀFDODORQJLWXGGH HVWH YHUVR \ HO HVSDFLR HQ EODQFR UHVXOWDQWH (O FXDUWR YHUVR HV HO PiV ODUJR \ HOOR FRQÀHUHpQIDVLVDVX~OWLPDSDODEUD´IXHU]DµORVWpUPLQRVTXHDOXGHQDXQLQFUHPHQWR GH FDQWLGDG R PHGLGD GHWHUPLQDQ HO FUHFLPLHQWR GHO YHUVR VREUH WRGR VL RFXSDQ OD SRVLFLyQÀQDO 3RU OR TXH UHVSHFWD D OD FXDUWD HVWURID OODPD HVSHFLDOPHQWH OD DWHQFLyQ VX ~OWLPDSDODEUD´6ROµ'HELGRDODFRUWHGDGGHOYHUVRDQWHULRU\DOLQPHGLDWRHVSDFLR HQEODQFRLQWHUHVWUyÀFRHO´6ROµFUHDGRSRUHOSRHWDSDUHFHUHVSODQGHFHUHQHOYHUVR 8QDLPDJHQPX\YLVXDO´+DFHGODÁRUHFHU>ODURVD@µFRPSOHWDHOYDORUJUiÀFRGHOD HVWURID\UHIXHU]DHOFRQWHQLGRGHOWH[WR $OJR VLPLODU D OR TXH RFXUUtD FRQ ´6ROµ DFRQWHFH FRQ ´'LRVµ HQ HO YHUVR TXH FLHUUDHOSRHPD$OWpUPLQR²TXHDOXGHHQHVWHFDVRDOFUHDGRUQRDORFUHDGR²VHOR UHYLVWHGHOX]DOFRORFDUORHQWUHHOHVSDFLRHQEODQFRLQWHUHVWUyÀFRDQWHULRU\HOHVSDFLR HQEODQFRTXHSURYRFDHOÀQDOGHOWH[WR ,QVLVWLPRVHQHOORHODVSHFWRYLVXDODGTXLHUHPiVVHQWLGRDOFRQFHELUODUHDOLGDGSRpWLFDFRPRFUHDFLyQ QXHYDQRFRPRPHUDHYRFDFLyQGHKHFKRHOYDORUYLVXDOFRQWULEX\HFRPRHODSDUDWRPHWDIyULFRROD DGMHWLYDFLyQ´(ODGMHWLYRFXDQGRQRGDYLGDPDWD´DODGLVRFLDFLyQHQWUHORFUHDGR\ODUHDOLGDGFRWL GLDQDTXH´VLJQLÀFDXQDPXWLODFLyQGHOKRPEUHµ0LWUH$SOtTXHVHSRUWDQWRODFRQGLFLyQGH ¶FUHDGR·DFXDQWRVHOHPHQWRVGHOSRHPDVHDQDOL]DQDTXtGHVGHHOSXQWRGHYLVWDYLVXDO3RURWURODGR DXQTXHHVWHQRHVOXJDUSDUDGLVHUWDUVREUHHOORQRGHEHQSHUGHUVHGHYLVWDORVHFRVQLHW]VFKHDQRVTXH VXE\DFHQHQODLGHDGHOSRHWDFRPRKRPEUHQXHYRFUHDGRUGHXQDUHDOLGDGQXHYD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ ´(OHVSHMRGHDJXDµ 0LHVSHMRFRUULHQWHSRUODVQRFKHV 6HKDFHDUUR\R\VHDOHMDGHPLFXDUWR 0LHVSHMRPiVSURIXQGRTXHHORUEH 'RQGHWRGRVORVFLVQHVVHDKRJDURQ (VXQHVWDQTXHYHUGHHQODPXUDOOD <HQPHGLRGXHUPHWXGHVQXGH]DQFODGD 6REUHVXVRODVEDMRFLHORVVRQiPEXORV 0LVHQVXHxRVVHDOHMDQFRPREDUFRV 'HSLHHQODSRSDVLHPSUHPHYHUpLVFDQWDQGR 8QDURVDVHFUHWDVHKLQFKDHQPLSHFKR <XQUXLVHxRUHEULRDOHWHDHQPLGHGR (VWHSRHPDTXHGDQRPEUHDWRGRHOFRQMXQWRDKRQGDHQODUHÁH[LyQVREUHHO SRHWDFUHDGRU´PHYHUpLVFDQWDQGRµ/DDJUXSDFLyQGHYHUVRVHQSDUHV²HQWHUFHWRHQ HO~OWLPRFDVR²UHIXHU]DHOFDUiFWHUPXVLFDOSHURWDPELpQFRPSRUWDXQYDORUJUiÀFR TXHVHUHODFLRQDFRQHOUHFRUULGRHQGRVGLUHFFLRQHVGHODV´RODVµDODVTXHHOSRHWD VHUHÀHUH\VREUHODVTXHQDYHJDQVXV´EDUFRVµ(VDLGHDGHQDYHJDFLyQVHSRWHQFLD FRQHOYHUVRPiVODUJRHODQWHSHQ~OWLPRVREUHHOTXHHOSRHWDSDUHFHQDYHJDU´HQOD SRSD>«@FDQWDQGRµ/DSDODEUD´SRSDµWDPELpQSDUHFHMXJDUFRQODODUJXUDGHOYHUVR FX\RÀQVHLGHQWLÀFDUtDFRQODSURDGHOEDUFR/DORQJLWXGGHOYHUVRSRUFLHUWRVyORHV YLVXDOSXHVQRHVHO~QLFRYHUVRGHOSRHPDFRQWUHFHVtODEDV 2WURV WpUPLQRV GHO SRHPD DOXGHQ D OD GLVWDQFLD R DO PRYLPLHQWR \ HQ FRQVHFXHQFLD VH DGHFXDQ D OD ORQJLWXG GH ORV YHUVRV QLQJXQR GH ORV FXDOHV WLHQH PHQRVGHGLH] VtODEDV´FRUULHQWHµ´DUUR\Rµ\´DOHMDµHQHOSULPHUSDU´SURIXQGRµ \´DKRJDURQµHQHOVHJXQGR´PXUDOODµ\´DQFODGDµHQHOFXDUWR\HQÀQ´FLHORVµ\ ´DOHMDQµHQHOTXLQWR (OVLQWDJPD´0LHVSHMRµDGHPiVUHIXOJHDOFRORFDUVHDOSULQFLSLRGHGRVHVWURIDV TXHSRURWUDSDUWHDOFRPHQ]DUGHOPLVPRPRGRUHPLWHQDODLGHDGH¶UHÁHMR·HQOD TXHFRQÁX\HQODVGRVGLPHQVLRQHVSURSXHVWDVODGHOSURSLR´HVSHMRµ\ODGHOHOHPHQWR OtTXLGR TXH VXJLHUHQ ´DUUR\Rµ ´HVWDQTXHµ HWFpWHUD /D SDODEUD ´GHVQXGH]µ HQ HO WHUFHU SDU WDPELpQ VH DSURYHFKD GHO HVSDFLR LQWHUHVWUyÀFR (Q OD SHQ~OWLPD HVWURID ODVHFXHQFLDIRUPDGDSRU´6REUHVXVRODVEDMRFLHORVµSDUHFHFRUUHVSRQGHUVHWDPELpQ FRQHOHVSDFLRLQWHUHVWUyÀFRTXHUHSUHVHQWDUtDHOHVSDFLRH[LVWHQWHHQWUHODV´RODVµ\ ORV´FLHORVµ $OXVLyQTXHSXHGHFRQWHPSODUVHHQFODYHGHPLVHHQDE\PH*RLF $KRQGDHQHOOR*RLFSDUDOOHJDUDFRQFOXVLRQHVHQWRUQRDODUHSUHVHQWDFLyQGHOSRHWDHQHO WH[WRYLGQDQWHULRU\DVXGHVDUUROORPHWDIyULFRFRQFLHQFLDFRPRHOHPHQWROtTXLGRFUHDFLRQHVFRPR EDUFRVHWFpWHUDDXQTXHVLQHQWUDUHQFRQVLGHUDFLRQHVVREUHODGLVWULEXFLyQHVSDFLDOGHORVHOHPHQWRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD ´(OKRPEUHWULVWHµ /ORUDQYRFHVVREUHPLFRUD]yQ« 1RPiVSHQVDUHQQDGD 'HVSLHUWDHOUHFXHUGR\HOGRORU 7HQHUFXLGDGRFRQODVSXHUWDVPDOFHUUDGDV /DVFRVDVVHIDWLJDQ (QODDOFRED 'HWUiVGHODYHQWDQDGRQGHHOMDUGtQVHPXHUH /DVKRMDVOORUDQ (QODFKLPHQHDODQJXLGHFHHOPXQGR 7RGRHVWiREVFXUR 1DGDYLYH 7DQVyORHQHORFDVR %ULOODQORVRMRVGHOJDWR 6REUHODUXWDVHDOHMDEDXQKRPEUH (OKRUL]RQWHKDEOD 'HWUiVWRGRDJRQL]DED /DPDGUHTXHPXULyVLQGHFLUQDGD 7UDEDMDHQPLJDUJDQWD 7XÀJXUDVHLOXPLQDDOIXHJR <DOJRTXLHUHVDOLU (OFKRUURGHDJXDHQHOMDUGtQ $OJXLHQWRVHHQODRWUDSLH]D 8QDYR]YLHMD £&XiQOHMRV 8QSRFRGHPXHUWH 7LHPEODHQORVULQFRQHV (Q HVWH SRHPD HQ FRQVRQDQFLD FRQ OD WULVWH]D D OD TXH DOXGH HO WtWXOR HQFRQWUDPRVYDULRVWpUPLQRVYLQFXODGRVDODVROHGDG²QRFLyQGHDLVODPLHQWR²\DOD PXHUWH²QRFLyQGHDFDEDPLHQWR0XFKRVGHHOORVUHVDOWDQHQWUHHVSDFLRVHQEODQFROR FXDOKDOODFRUUHVSRQGHQFLDFRQODVQRFLRQHVPHQFLRQDGDV(VHOFDVRGH´QDGDµHQOD SULPHUDHVWURIDTXHVHVLW~DDOÀQDOGHOYHUVRPiVFRUWR7DPELpQRFXUUHFRQ´PXHUHµ HQODWHUFHUDHVWURIDDXQTXHHQHVWDRFDVLyQORVHVSDFLRVHQEODQFRVHSURGXFHQSRU DODUJDPLHQWRGHOYHUVRHVHDODUJDPLHQWRDGHPiVVHUHODFLRQDFRQODDFFLyQGXUDWLYDD ODTXHDOXGH´VHPXHUHµTXHSURORQJDODDFFLyQGHPRULUHQHOWLHPSR2FXUUHWDPELpQ FRQ´YLYHµHQODTXLQWDHVWURIDTXHSRUWDXQVHQWLGRQHJDWLYRDODVRFLDUVHFRQ´QDGDµ \FRQOOHYDGHQXHYRXQDUHIHUHQFLDDODLVODPLHQWR(QODRFWDYDHVWURIDDSDUHFH´VDOLUµ FHUUDQGRXQYHUVRFRUWRTXHSURYRFDRWURJUDQHVSDFLRLGHQWLÀFDGRFRQHVDVDOLGD< HQOD~OWLPDHVWURIDVHKDOOD´PXHUWHµDLVODGDSRUODFRUWHGDGGHOYHUVR\HOHVSDFLR LQWHUHVWUyÀFR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ 7DPELpQDSDUHFHQVLJQLÀFDGRVGHOHMDQtDHQHOSRHPD/DVH[WDHVWURIDGHYHUVR ~QLFRH[SUHVDFyPR´VHDOHMDEDXQKRPEUHµORFXDOHQFDMDFRQODODUJXUD\ODXQLFLGDG GHOYHUVR<HQODSHQ~OWLPDHVWURIDHVDOHMDQtDVHPDUFDD~QPiVFRQHOGHVSOD]DPLHQWR KDFLDODGHUHFKDGHOYHUVR´£&XiQOHMRVµTXHYHUGDGHUDPHQWHVHDOHMDGHOFRPLHQ]R QDWXUDOGHODOtQHD/RVHVSDFLRVVXSHULRUSRUODFRUWHGDGGHOYHUVRDQWHULRUHLQIHULRU SRUODGLVWDQFLDLQWHUHVWUyÀFDDXPHQWDQODVHQVDFLyQGHDOHMDPLHQWR ´(OKRPEUHDOHJUHµ 1ROORYHUiPiV 3HURDOJXQDVOiJULPDV %ULOODQD~QHQWXVFDEHOORV 8QKRPEUHVDOWDHQHOVRO 6XVRMRVOOHQRVGHOSROYRGHWRGRVORVFDPLQRV <VXFDQFLyQQREURWDGHVXVODELRV (OGtDVHURPSHFRQWUDORVYLGULRV <ODVDQJXVWLDVVHGHVYDQHFHQ (OXQLYHUVR (VPiVFODURTXHPLHVSHMR (OYXHORGHORVSiMDURV\HOJULWDUGHORVQLxRV (VGHOPLVPRFRORU 9HUGH 6REUHORViUEROHV 0iVDOWRVTXHHOFLHOR 6HR\HQFDPSDQDVDOYXHOR $OFRQWUDULRGHORTXHRFXUUtDHQHODQWHULRU²ORVWtWXORVVRQRSXHVWRV²HQHVWH SRHPDSURIXVRHQHVSDFLRVHQEODQFRDEXQGDQORVWpUPLQRVDVRFLDGRVDODOX]\DO FRORUHOSRHWDSDUHFHUHFRQFLOLDUVHFRQORTXHORURGHD\DOXGHDHVHPXQGRTXHVHJ~Q VXVFULWHULRVQRVHGHEHFDQWDU'HVGHODSHUVSHFWLYDGH+XLGREURSRUWDQWRHOSRHWD QRGHVFULEHODUHDOLGDGVLQRTXHFRQVWUX\HFRQSDODEUDVXQDUHDOLGDGQXHYDHQODTXH VHPH]FODQODVSHUVSHFWLYDVLQWHULRU\H[WHULRUHVSDFLDO\WHPSRUDOHOSRHWDHQIUHQWD YLVXDOPHQWHHO´XQLYHUVRµ\HOSDUWLFXODU´HVSHMRµTXHUHVXOWDGHVXVYHUVRV 'HVGHHVHSXQWRGHYLVWDHOHVFDORQDPLHQWRTXHFRQVWLWX\HODSULPHUDHVWURID UHPLWH D YDULRV GH ORV FRQFHSWRV TXH DSDUHFHQ HQ HOOD OD FDtGD GH OD ´OOXYLDµ \ ODV ´OiJULPDVµVLELHQpVWDVVRQPHWDIyULFDV\WDPELpQGHORVFDEHOORV(OYHUVRVLJXLHQWH FXOPLQD HQ OD SDODEUD ´VROµ TXH FRPR RFXUUtD HQ ´$UWH SRpWLFDµ VH DSURYHFKD GH ORV HVSDFLRV TXH UHFLEH HO YHUVR DLVODGR (VSHFLDOPHQWH OXPLQRVR HV WUDV HO HVSDFLR LQWHUHVWUyÀFR ´(O GtD VH URPSH FRQWUD ORV YLGULRVµ \ GHO PLVPR WLSR GH HVSDFLR VH &I%DUyQ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD EHQHÀFLDHOWpUPLQR´GHVYDQHFHQµTXHVHGHVOL]DKDFLDHOYDFtR7DPELpQUHOXFHQORV YRFDEORV´FODURµ\´HVSHMRµDFDXVDGHODFRUWHGDGGHOYHUVRDQWHULRU\QXHYDPHQWH GHODGLVWDQFLDLQWHUHVWUyÀFD 3RUVXODUJXUDGRVYHUVRVGHVWDFDQHQHVWHSRHPD\DPERVLQFRUSRUDQYRFDEORV UHODFLRQDGRV FRQ HO PRYLPLHQWR \ OD GLVWDQFLD (O SULPHUR GH HOORV HO YHUVR TXLQWR VHFLHUUD FRQ OD SDODEUD´FDPLQRVµFX\DLGHDGHGLVWDQFLDUHFRUULGDVHUHIXHU]DFRQ HOPRUIHPDGHSOXUDOODVSDODEUDV´OOHQRVµ\´WRGRVµFRQVLJQLÀFDGRVGHFDQWLGDG FRQWULEX\HQ DO DSR\R YLVXDO (O YHUVR XQGpFLPR SRU VX SDUWH IRUWDOHFH VX ORQJLWXG PHGLDQWH´(OYXHORGHORVSiMDURVµ $LVODGDPHQWHFRPRVLGHXQDSLQFHODGDVHWUDWDVHDSDUHFH´9HUGHµLQWURGXFLGR SRUHO´FRORUµGHOYHUVRDQWHULRU\HVFXGDGRSRUORV´iUEROHVµGHOYHUVRVLJXLHQWH6H WUDWDGHODSDODEUDPiVUHVDOWDGDGHOWH[WR\GHVGHHOSXQWRGHYLVWDFURPiWLFRVHKDOOD URGHDGDGHOX]\FODULGDG(QHVWHSXQWRHOSRHPDVHDSUR[LPDDODFRQFHSFLyQGHXQ FXDGURSRUFXDQWRSXHGHSHUFLELUVHFRPRXQDFRPELQDFLyQGHFRORUHVHQPHGLRHO ´9HUGHµ\DOUHGHGRUGHVWHOORVTXH´%ULOODQµ´HOVROµ´(OGtD>TXH@VHURPSHFRQWUD ORVYLGULRVµ\HO´XQLYHUVR>«@FODURµ8QFXDGURGHKHFKRTXHQRHVRWUDFRVDTXH ODUHDOLGDGVLQJXODUTXHHOSRHWDLQVWDXUD&LHUWRHVTXHODFRPSRVLFLyQSUHVHQWDXQD JUDGDFLyQ RUJDQL]DGD GH ODV SHUFHSFLRQHV \ TXH OD YHUVLyQ GHO SRHPD LQFOXLGD HQ +RUL]RQ &DUUp URPSH GHÀQLWLYDPHQWH FRQ FXDOTXLHU WLSR GH FRQWLQXLGDG PLPpWLFD SHURHOORQRLQYDOLGDODYROXQWDGGHDSURYHFKDPLHQWRHVSDFLDOHQHOWH[WR (QOD~OWLPDHVWURIDVHMXHJDFRQODSRVLFLyQGHODV´FDPSDQDVDOYXHORµSXHV VHHQFXHQWUDQGHVGHHOSXQWRGHYLVWDYLVXDOHQODSDUWHPiVEDMDGHOSRHPDSHUR DOPLVPRWLHPSRVHKDOODQ´6REUHORViUEROHV0iVDOWRVTXHHOFLHORµ/DQRFLyQGH ´YXHORµFRPRHQHOFDVRDQWHULRUVHDSURYHFKDGHODSRVLFLyQVDOLHQWHGHOYHUVR ´1RFWXUQRµ /DVKRUDVUHVEDODQOHQWDPHQWH &RPRODVJRWDVGHDJXDSRUXQYLGULR 6LOHQFLRQRFWXUQR (OPLHGRVHHVSDUFHSRUHODLUH <HOYLHQWROORUDHQHOHVWDQTXH £2K« /DQRFLyQGH´YXHORµPX\LQYROXFUDGD²VLUYDQGHPXHVWUDORVYHUVRVDOXGLGRV²HQHOULWPRYLVXDOGH ORVSRHPDVGH+XLGREURHVHVSHFLDOPHQWHVLJQLÀFDWLYDSRUFXDQWRFRQVWLWX\HXQDOtQHDVyOLGDSDUDOD FRQVLGHUDFLyQGHOFRQMXQWRGHVXSRHVtDYLG0LWUHHVSHFLDOPHQWHHODSDUWDGR´3RHVtDGHOYXHORµ \HVELHQYLVLEOHHQHVWHSRHPDULR´6HDÀUPD>HQ(OHVSHMRGHDJXD@HO\ROtULFR\OHYDQWDHOYXHORTXHKDUi GH+XLGREURHOSRHWDGHOKXPDQLVPRLQWHUSODQHWDULRµ3L]DUUR &I%DUyQ2FXUUHWDPELpQFRQ´2WRxRµ´1RFWXUQRµ´1RFWXUQR,,µR´$OJXLHQLEDD QDFHUµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ (VXQDKRMD 6HGLUtDTXHHVHOÀQGHODVFRVDV 7RGRHOPXQGRGXHUPH« 8QVXVSLUR (QODFDVDDOJXLHQKDPXHUWR (OWtWXORGHHVWHSRHPDFRQWUDVWDIXHUWHPHQWHFRQORVWpUPLQRVOXPLQRVRVELHQ DUURSDGRVSRUODGLVSRVLFLyQWLSRJUiÀFDTXHYHtDPRVHQHOSRHPDDQWHULRU'HVGHHVH SXQWRGHYLVWDHOSRHWDFRQWLQ~DMXJDQGRFRQODRSRVLFLyQGHFRORUHV (QOD SULPHUDHVWURIDVHDOXGHDOPRYLPLHQWROHQWR´UHVEDODQOHQWDPHQWHµ\ HOORVHFRUUHVSRQGHWDQWRFRQHOULWPRIyQLFR²FRQWLQXDGR²GHORVYHUVRVFRPRFRQVX ODUJXUD$OJRSDUHFLGRRFXUUHHQODWHUFHUDHVWURIDGRQGHVHDOXGHDOPRYLPLHQWR\DO HVSDFLR´VHHVSDUFHSRUHODLUHµ´HOYLHQWROORUDµ(VWRVYHUVRVODUJRVFRQWUDVWDQFRQ HOVHJXQGRFX\DFRUWHGDGXQLGDDORVHVSDFLRVLQWHUHVWUyÀFRVUHIXHU]DQHVH´6LOHQFLR QRFWXUQRµFODYHHQODHVWUXFWXUDGHOSRHPD\VXVLJQLÀFDGR'LFKRVLOHQFLRVHTXLHEUD FRQORTXHVHGLFHHQRWURYHUVRFRUWR´8QVXVSLURµTXHFRPRWDPELpQRFXUUHFRQ ´(VXQDKRMDµSDUHFHWHQHUOXJDUHQXQLQVWDQWHLGyQHRSDUDHOYHUVRFRUWRFRQORTXH ODEUHYHGDGVHPDQLÀHVWDDODYH]HQHOWLHPSR\HQHOHVSDFLR1XHYDPHQWHFRPRHQ ´(OKRPEUHWULVWHµODPXHUWHVHFRORFDDOÀQDOGHOSRHPD´KDPXHUWRµHOHVSDFLRÀQDO SURSRUFLRQDODVHQVDFLyQYLVXDOGHYDFtR\DFDEDPLHQWR ´2WRxRµ *XDUGRHQPLVRMRV (OFDORUGHWXVOiJULPDV« /DV~OWLPDV <DQROORUDUiVPiV 3RUORVFDPLQRV 9LHQHHORWRxR $UUDQFDQGRWRGDVODVKRMDV £2KTXpFDQVDQFLR 8QDOOXYLDGHDODV &XEUHODWLHUUD (O RWRxR HVWDFLyQ D OD TXH VH GHGLFD HVWH SRHPD DSDUHFH MXVWR HQ OD PLWDG YLVXDOGHODFRPSRVLFLyQHQXQHMHPSORGHFyPRHOPRWLYRWHPiWLFRGHOWH[WRSXHGH FRORFDUVH HVWUDWpJLFDPHQWH (Q HO SUHOXGLR D OD YHQLGD GHO RWRxR HV GHFLU HQ OD SULPHUDHVWURIDHQFRQWUDPRVXQSDUGHUHFXUVRVYLVXDOHVGLUHFWRV(QSULPHUOXJDU ORVSXQWRVVXVSHQVLYRVVLUYHQGHFRUUHVSRQGHQFLDDODVOiJULPDVDOXGLGDVDOJRTXH WDPELpQ RFXUUtD DXQTXH GH IRUPD PHWDIyULFD HQ ´(O KRPEUH WULVWHµ ´/ORUDQ YRFHV VREUHPLFRUD]yQ«µ(OYHUVRPiVFRUWRGHOSRHPDHOWHUFHURFRPSRUWDXQDLGHDGH DFDEDPLHQWRTXHVXHOHDGHFXDUVHDORVYHUVRVEUHYHVSXHVVHUHIXHU]DFRQHOPD\RU HVSDFLRTXHVHFUHDWUDVVXÀQDO´/DV~OWLPDVµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD (QFXDQWRDOYHUVRPiVODUJRHQODVHJXQGDHVWURIDVHDGHFXDDODUHSUHVHQWDFLyQ GHOFDPLQRDQXQFLDGRGRVYHUVRVPiVDUULED\´$UUDQFDQGRµSRUHOFDUiFWHUGXUDWLYR GHOJHUXQGLRFRPSRUWDODLGHDGHPRYLPLHQWRTXHVHDFRSODDODODUJXUDGHOYHUVR (OWHGLRDOTXHDOXGHHOVpSWLPRYHUVR´£2KTXpFDQVDQFLRµVHYHUHIRU]DGRSRU VXFRQGLFLyQGHDLVODGR (QOD~OWLPDHVWURIDHQÀQHOFRQWHQLGRVHDMXVWDSRUFRPSOHWRDODGLVWULEXFLyQ HVSDFLDO OD ´OOXYLD GH DODVµ ²QXHYDPHQWH OD QRFLyQ GH ¶YXHOR· DO ÀQDO GHO YHUVR \ URGHDGDGHHVSDFLR²VHKDOODHQFLPDGH´ODWLHUUDµOD´FXEUHµ ´1RFWXUQR,,µ /DSLH]DGHVLHUWD &HUUDGDHVWiODSXHUWD 6HVLHQWHLUVHODOX] /DVVRPEUDVVDOHQGHGHEDMRGHORVPXHEOHV <DOOiOHMRVORVREMHWRVSHUGLGRV 6HUtHQ /DQRFKH /DDOFREDVHLQXQGD (VWR\SHUGLGR 8QJULWROOHQRGHDQJXVWLD 1DGLHKDUHVSRQGLGR (VWH VHJXQGR ´1RFWXUQRµ SUHVHQWD YDULDV DSHODFLRQHV YLVXDOHV HQ VXV YHUVRV (Q SULPHU OXJDU VH WUDWD GH XQ SRHPD FLHUWDPHQWH GHVFULSWLYR SRU FXDQWR HO SRHWD HODERUD XQ UHWUDWR GH OD HVWDQFLD HQ OD TXH VH HQFXHQWUD ´SLH]D GHVLHUWDµ ´FHUUDGD >«@SXHUWDµ´PXHEOHVµ´DOFREDµ9DULRVWpUPLQRVDGHPiVDOXGHQDODRVFXULGDGGHO OXJDU´FHUUDGD>«@SXHUWDµ´LUVHODOX]µ´/DVVRPEUDVµ´ODQRFKHµ (OMXHJRGHOWHUFHUYHUVRHVGREOH3RUXQODGRHOHVSDFLRLQWHUHVWUyÀFRSRWHQFLD ODLGHDGHKXtGDRIUHFHXQDVDOLGDDOYHUVR6LDGHPiVORTXHVHYDHV´ODOX]µHVWD VHDVRFLDDOKXHFRHQEODQFRUHVXOWDQWH/DDOLWHUDFLyQGH¶V·SRUVXSDUWHUHIXHU]DHO ULWPRIyQLFRGHOYHUVR\ODQRFLyQGHPRYLPLHQWR 3HURHOYHUVRTXHPiVPRYLPLHQWRFRPSRUWDHVHOVLJXLHQWHHOFXDUWRTXHDGHPiV HVHOPiVODUJRGHOSRHPD´/DVVRPEUDVVDOHQGHGHEDMRGHORVPXHEOHVµ/DDQWtWHVLV FRQ ´OD OX]µ GHO YHUVR DQWHULRU \ FRQ HO HVSDFLR LQWHUHVWUyÀFR PHQFLRQDGR RWRUJD IXHU]DDODVDOLGDGH´/DVVRPEUDVµ7DPELpQH[LVWHDOLWHUDFLyQGH¶V·DOFRPLHQ]RGHO YHUVRFRQLGpQWLFDIXQFLyQTXHHQHODQWHULRU(QHVDPLVPDHVWURIDVHHQFXHQWUDXQR GHORVGRVYHUVRVWULVtODERVGHOSRHPD´6HUtHQµ6XFRUWHGDG\HOHVSDFLRLQWHUHVWUyÀFR LQPHGLDWRDtVODQHVDULVDGH´ORVREMHWRVSHUGLGRVµ\ODVLW~DQHQHIHFWR´$OOiOHMRVµ (OYHUVRPiVHQIDWL]DGRGHODFRPSRVLFLyQHVHORWURWULVtODER´/DQRFKHµ(O pQIDVLVTXHDGTXLHUHSRUVHUHO~QLFRYHUVRDLVODGRSDUHFHWHxLUGHRVFXULGDGDWRGRHO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ SRHPDSXHVORVHVSDFLRVHQEODQFRSURORQJDQVXHIHFWRHQXQMXHJRFURPiWLFRVLPLODU DOTXHYHtDPRVHQ´(OKRPEUHDOHJUHµFRQ´9HUGHµ7DPELpQHQFRQWUDPRVHOUHFXUVR HQHOSULPHU´1RFWXUQRµFRQHOYHUVR´6LOHQFLRQRFWXUQRµ /D~OWLPDHVWURIDSUHVHQWDXQMXHJRJUiÀFRPX\LQWHUHVDQWH(OYHUVRPiVFRUWR ´(VWR\SHUGLGRµDOURGHDUVHGHRWURVPiVODUJRVUHSUHVHQWDDOSURSLRSRHWDGHQWUR GH OD DOFRED (O YHUVR PiV ODUJR SRU VX SDUWH LQFRUSRUD XQ WpUPLQR TXH DOXGH D OD FDQWLGDG´OOHQRµORFXDOFRPRVHKDYLVWRHQHMHPSORVDQWHULRUHVVXHOHDFRPRGDUVHD ORVYHUVRVODUJRV/DODUJXUDGHHVWHYHUVRDGHPiVSURORQJDHO´JULWRµGH´DQJXVWLDµ 3RU~OWLPRHOSRHPDFRPRRWURVDQWHULRUHVVHFLHUUDFRQXQDDOXVLyQDODLVODPLHQWR ´1DGLHKDUHVSRQGLGRµTXHGDSDVRDOHVSDFLRÀQDO ´$xRQXHYRµ (OVXHxRGH-DFREVHKDUHDOL]DGR 8QRMRVHDEUHIUHQWHDOHVSHMR <ODVJHQWHVTXHEDMDQDODWHOD $UURMDURQVXFDUQHFRPRXQDEULJRYLHMR /DSHOtFXODPLOQRYHFLHQWRVGLHFLVpLV 6DOHGHXQDFDMD /DJXHUUDHXURSHD /OXHYHVREUHORVHVSHFWDGRUHV <KD\XQUXLGRGHWHPEORUHV +DFHIUtR 'HWUiVGHODVDOD 8QYLHMRKDURGDGRDOYDFtR (VWDYLVLyQPiVELHQSHVLPLVWDGHOFDPELRGHDxRDOXGHGLUHFWDPHQWHDOiPELWR GHORYLVXDO(QFRQFUHWRHODxRQXHYRVHUHFLEHFRPRVLGHXQDSHOtFXODVHWUDWDVH6H SUHVHQWDHODxRFRPRVHLQÀHUHGHOSRHPDPDUFDGRSRUODJXHUUD²OD3ULPHUD*XHUUD 0XQGLDO²\+XLGREURFRPSDUDDORVHXURSHRVFRQ´HVSHFWDGRUHVµTXHFRQWHPSODQHO FRQÁLFWRLQWHUQDFLRQDO(OVHJXQGRYHUVRDOXGHGLUHFWDPHQWHDODFODYHGHLQWHUSUHWDFLyQ GHOWH[WRHOOHFWRUKDGH¶FRQWHPSODU·HOFDPELRGHDxRTXHHOSRHWDFRQVWUX\HFRQVXV YHUVRVHQVX´HVSHMRµSDUWLFXODUGHPRGRTXHODPHWiIRUDTXHVXSRQHWRGRHOSRHPD JXDUGDXQDSHUIHFWDUHODFLyQFRQODGLVSRVLFLyQGHORVYHUVRVHQHOHVSDFLR/RVSODQRV HVSDFLDO\WHPSRUDOLQWHULRU\H[WHULRUVHHQWUHFUX]DQHQHOWH[WRORFXDOGDOXJDUDXQD H[SORUDFLyQTXHUHODFLRQDHOFDPELRGHWLHPSR²\GHWLHPSRV²FRQODWUDQVPXWDFLyQ FLQHPDWRJUiÀFDTXHDOFDERIXQFLRQDWDPELpQFRPRHVSHMRLQFRUSyUHRGHODUHDOLGDG /DVYDQJXDUGLDVSRpWLFDVHQWDEODURQWDPELpQHVWUHFKDVUHODFLRQHVFRQHOFLQH$OUHVSHFWRYLG96iQ FKH]%LRVFD6REUHODUHODFLyQJHQHUDOHQWUHFLQH\OLWHUDWXUDODELEOLRJUDItDHVDPSOtVLPD9LGSRU HMHPSOR6iQFKH]1RULHJD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD PDWHULDOFDUQDOODSHUFHSFLyQGHOSRHPDSRUWDQWRREOLJDDODFRQVLGHUDFLyQFRQMXQWD GHDPERVQLYHOHVHVSDFLDO\WHPSRUDO 'HVGH HO SXQWR GH YLVWD HVWULFWDPHQWH JUiÀFR OD SULPHUD HVWURID EDVWDQWH XQLIRUPH HQ FXDQWR D OD PpWULFD GH ORV YHUVRV VH FRUUHVSRQGH FRQ OD ´WHODµ HQ OD TXHODSHOtFXODYDDSUR\HFWDUVH(O~OWLPRYHUVROLJHUDPHQWHPiVODUJRFRQWLHQHOD IRUPDYHUEDO´DUURMDURQµTXHSRUWDXQVLJQLÀFDGRGHGHVSOD]DPLHQWRIUHFXHQWHHQ YHUVRVODUJRVVHJ~QVHKDYLVWRHQPXHVWUDVDQWHULRUHV5HSiUHVHWDPELpQHQODIRUPD OLJHUDPHQWHVHPLFLUFXODUTXHVHFUHDWUDVORVYHUVRVVHJXQGR\WHUFHURPX\DGHFXDGD DODLPDJHQGHO´RMRµTXH´VHDEUHIUHQWHDOHVSHMRµ (Q OD VHJXQGD HVWURID HO SULPHU YHUVR SDUHFH VDOLU GHO VHJXQGR FRPR VL YHUGDGHUDPHQWHXQDWLUDGHSHOtFXODFLQHPDWRJUiÀFDVHGHVHQUROODVHGHVGHVXODWD (OSULPHUYHUVRDLVODGRSRUVXSDUWHFRUUHVSRQGHUtDDODSURSLDSHOtFXOD´/D JXHUUDHXURSHDµ\GHKHFKRSRGUtDSDVDUSRUHOWtWXORGHXQÀOPHSUR\HFWDGRHQHVWH FDVRVREUHORVHVSDFLRVHQEODQFRTXHORURGHDQ (QODHVWURIDVLJXLHQWHODOOXYLD´VREUHORVHVSHFWDGRUHVµVHFRORFDHQHOSULPHU YHUVRHOSODQRVXSHULRU\ORV´WHPEORUHVµ²EDMRORVHVSHFWDGRUHVVHHQWLHQGH²HQHO VHJXQGRYHUVRHOSODQRLQIHULRU (ODQWHSHQ~OWLPRYHUVR´+DFHIUtRµUHIXHU]DWDOLGHDDOQRHVWDUDEULJDGRHV GHFLUDODSDUHFHUDLVODGRHQODHVWURID <SRU~OWLPRHQOD~OWLPDHVWURIDHOVHJXQGRYHUVRHVPiVODUJRTXHHOSULPHUR \HOORFRQWULEX\HDOVLJQLÀFDGRGHPRYLPLHQWRTXHSRUWD´KDURGDGRµ$GHPiVFRPR RFXUUtD HQ RWUDV FRPSRVLFLRQHV HO SRHPD VH FLHUUD FRQ XQ WpUPLQR TXH UHPLWH D OD DXVHQFLD´YDFtRµ\TXHGDSDVRXQDYH]PiVDOHVSDFLRHQEODQFRÀQDO(O´YLHMRµDO TXHDOXGHODHVWURIDSRURWUDSDUWHVHFRUUHVSRQGHFRQHODxRTXHVHDFDED ´$OJXLHQLEDDQDFHUµ $OJRUR]DORVPXURV« 8QDOPDTXLHUHQDFHU &LHJDD~Q $OJXLHQEXVFDXQDSXHUWD 0DxDQDVXVRMRVPLUDUiQ 8QUXLGRVHDKRJDHQORVWDSLFHV ¢7RGDYtDQRHQFXHQWUDV" &I*RLF\VV=RQDQDDOXGHDHVWHSRHPDFRPRPXHVWUDGHOFRQFHSWRSRpWLFR KXLGREULDQR´/DYLVLyQGHOSRHWD²HOQXHYRGLRV²SRVHHXQSRGHUFRJQRVFLWLYRUHYHODGRU\RUDFXODU PDQLÀHVWDORVOD]RVVHFUHWRVTXHXQHQDODVFRVDVHQWUHVt\ORVGDDFRQRFHU(QHOGREOHPRYLPLHQWRGHO RMRTXHDVXPHODUHDOLGDG\ODPDQLÀHVWDOXHJRWUDQVIRUPDGDHOVXMHWROtULFRSDUHFHUHVSRQGHUDPHFD QLVPRVGHFDSWDFLyQ\SUR\HFFLyQItOPLFDµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ 3XHVELHQYHWH 1RYHQJDV (QODYLGD 6yORDYHFHVKD\XQSRFRGHVRO 6LQHPEDUJRYHQGUi $OJXLHQODHVSHUD /DLGHDGHQDFLPLHQWRTXHFRPSRUWDHVWHSRHPDHVWDEOHFHXQDDQWtWHVLVFRQVX SRVLFLyQ ÀQDO SURFHGLPLHQWR TXH FRQVWLWX\H XQ UHFXUVR JUiÀFR HQ Vt PLVPR 'LFKR QDFLPLHQWRSRUVXSDUWHWLHQHTXHYHUFRQHOSRHWDTXH+XLGREURUHFODPDEDHQ´$UWH SRpWLFDµHOWH[WRTXHDEUHODREUD'HHVWHPRGRHOSRHPDULRTXHGDFHUUDGRPHGLDQWH XQDHVWUXFWXUDWHPiWLFDFLUFXODU (QFXDQWRDORVUHFXUVRVJUiÀFRVFRQFUHWRVHQHOVHJXQGRYHUVRH[LVWHXQDFHUWHUD FRPSOHPHQWDFLyQHQWUH´QDFHUµ\HOHVSDFLRLQWHUHVWUyÀFRLQPHGLDWR7UDVpOKDOODPRV HOYHUVRDLVODGR´&LHJDD~QµHQHOTXHHODGYHUELRHQHIHFWRVHSDUDODFHJXHUDGHOD OX]TXHVHSURGXFHPHGLDQWHHODLVODPLHQWRGHOYHUVR (OTXLQWRYHUVRDQXQFLDTXH´0DxDQDVXVRMRVPLUDUiQµ\HVDHVSHUDQ]DYXHOYH DHVWDUUHSUHVHQWDGDSRUODGLVWDQFLDLQWHUHVWUyÀFD/DGXUDFLyQGHO´UXLGRµGHOYHUVR VLJXLHQWHSRUVXSDUWHVHSURORQJDJUDFLDVDVXORQJLWXG (OYHUVRPiVODUJRGHOSRHPDHVHODQWHSHQ~OWLPRTXHVHFLHUUDFRQHOWpUPLQR ´VROµHVWHVHEHQHÀFLDFRPRRFXUUtDHQSRHPDVDQWHULRUHVGHODFODULGDGTXHOHDSRUWD ODORQJLWXGGHOYHUVR\HOHVSDFLRLQWHUHVWUyÀFRSRVWHULRU0iVDSHUWXUDHQFXHQWUDHO ~OWLPRVLQWDJPDGHOSRHPD´ODHVSHUDµ$Vt´$OJXLHQLEDDQDFHUµDSRUWDXQPDWL]GH LQPLQHQFLDFRQYHQLHQWHPHQWHUHIRU]DGRSRUORVHIHFWRVGHVFULWRVDWRGRHOSRHPDULR TXHVHHULJHFRPRHODQXQFLRGHOQXHYRSRHWD &21&/86,Ð1 (VWH WUDEDMR KD SUHWHQGLGR XQ DFHUFDPLHQWR D (O HVSHMR GH DJXD D WUDYpV ORV YDORUHV JUiÀFRV TXH FRPSRUWD LQWHJUDGRV HQ HO ULWPR ²HQ VHQWLGR JHQHUDO² GHO SRHPD\UHODFLRQDGRVLQHYLWDEOHPHQWHFRQVXVVLJQLÀFDGRV(VWHHQIRTXHQRH[FOX\H SRU GHVFRQWDGR FXDOHVTXLHUD RWURV TXH VH DSOLTXHQ DO HVWXGLR GHO SRHPDULR VHJ~Q KHPRVDSXQWDGRHQSDUWHDOUHPLWLUDGHWHUPLQDGDVUHIHUHQFLDVELEOLRJUiÀFDV6HUtD GHVHDEOHDGHPiVFRPSHQGLDUORVVLJQLÀFDGRVGHHVWHWLSRUHFXUVRVHQODWRWDOLGDGGH ODREUDSRpWLFDGH+XLGREURFRQHOREMHWLYRGHVLVWHPDWL]DUGHPDQHUDPiVVyOLGDORV SURFHGLPLHQWRV HPSOHDGRV \ DSOLFDU ODV FRQFOXVLRQHV UHVXOWDQWHV D OD FRQVLGHUDFLyQ JHQHUDOGHVXWH[WRSRpWLFR 3RU RWUD SDUWH ORV VLJQLÀFDGRV GH HVWRV UHFXUVRV YLVXDOHV QR WLHQHQ SRU TXp VHU H[FOXVLYRV GH OD REUD GH +XLGREUR VLQR TXH HQ UD]yQ GH VX HÀFDFLD SXHGHQ PDQLIHVWDUVHHQFRPSRVLFLRQHVGHRWURVSRHWDV/RTXHKDFHVLQJXODUDOULWPRYLVXDOHQ ORVYHUVRVGH+XLGREURHVVXUHODFLyQFRQODVUHDOLGDGHVFUHDGDVHQVXSRHVtDHVGHFLUD ODQDWXUDOH]DGHORVREMHWRVFUHDGRVFRQWULEX\HQ²MXQWRFRQODVLQJXODULGDGPHWDIyULFD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD RODVSRVLELOLGDGHVIyQLFDV²ODVHVSHFLÀFLGDGHVYLVXDOHVH[SUHVDGDVHQORVWH[WRVTXH UHIXHU]DQORVVLJQLÀFDGRVDORVTXHHOSRHWDOOHJD$VtVLORFRPSDUDPRVFRQRWUDVGH VXV REUDV IXQGDPHQWDOPHQWH ODV SRVWHULRUHV (O HVSHMR GH DJXD QR HV HVSHFLDOPHQWH LFRQRFODVWD HQ FXDQWR D OD IRUPD VH UHÀHUH FDVL WRGRV ORV YHUVRV FRPLHQ]DQ D OD PLVPD DOWXUD ODV ULPDV VRQ DEXQGDQWHV WDQWR ODV DVRQDQWHV FRPR ODV FRQVRQDQWHV VHUHVSHWDODSXQWXDFLyQKDELWXDOHWFpWHUD6LQHPEDUJRHOSRHPDULRSRVHHXQDFDUJD YLVXDOPX\FRQVLGHUDEOHTXHFRPSOHWDORVVHQWLGRVGHORVYHUVRV(QVtQWHVLVHOSRHWD DSURYHFKDORVHVSDFLRVHQEODQFRSDUDDUURSDUIXQGDPHQWDOPHQWHGRVQRFLRQHVODGH DFDEDPLHQWRHQODTXHLQFOX\HWpUPLQRVFRPR´PXHUWRµ´QDGLHµ´YDFtRµR´VROHGDGµ \WDPELpQ´YXHORµR´VDOLGDµFUHDQGRFRQWH[WRVHQORVTXHHOEODQFRVHFRUUHVSRQGH FRQHOHVSDFLRDOTXHVH¶VDOH·R¶YXHOD·\ODGHOXPLQRVLGDGHQODTXHUH~QHYRFDEORV FRPR´VROµ´OX]µ´HVSHMRµR´IXHJRµ5HVSHFWRGHODORQJLWXGGHORVYHUVRV²TXHVH UHODFLRQDLQHYLWDEOHPHQWHFRQORVHVSDFLRVHQEODQFRTXHSURYRFDVXYDULDELOLGDG²VH FRPSUXHEDTXHHOYHUVRODUJRDOEHUJDFRQWHQLGRVTXHLPSOLFDQGXUDFLyQPRYLPLHQWR RLQWHQVLGDGFRPR´WHPEODQGRµ´IXHU]Dµ´FDPLQRVµR´DUURMDURQµPLHQWUDVTXHHO YHUVRFRUWRDPSDUDDOXVLRQHVDODEUHYHGDGFRPR´VXVSLURµRLQFOXVRDODQHJDFLyQ FRPR´1RYHQJDVµ´1ROORYHUiPiV´R´1DGDYLYHµ&RPRFRPSOHPHQWR\GHVGH XQSXQWRGHYLVWDPiVJHQHUDODEXQGDQORVFRQWUDVWHVFURPiWLFRV\SDVDPRVGH´HO GtDµD´ODQRFKHµGH´HOVROµD´HORFDVRµGH´HOIXHJRµDODV´VRPEUDVµGHO´REVFXURµ DO´YHUGHµGH´ODPXHUWHµD´ODYLGDµ 3HUR OD FDUJD YLVXDO GH (O HVSHMR GH DJXD VXSHUD HO UHFXUVR D HIHFWRV YLVXDOHV FRQFUHWRV FRQ FRPSRVLFLRQHV TXH VH DFHUFDQ LQFOXVR DO FDOLJUDPD 2FXUUH FRQ ´(O KRPEUH DOHJUHµ \ ´$xR QXHYRµ SXHV HQ DPERV WH[WRV WRGR VH GLVSRQH SDUD TXH YLVXDOPHQWH HO SRHPD VH FRUUHVSRQGD FRQ DTXHOOR TXH VLJQLÀFD (Q HVHQFLD HVH HV HO YDORU GH WRGD OD FDUJD YLVXDO GHO SRHPDULR HO KHFKR GH TXH ORV HIHFWRV JUiÀFRV FRQWULEX\DQ D OD HVSHFLÀFLGDG GH OD UHDOLGDG FUHDGD SRU HO SRHWD TXH MXHJD FRQ OD DOWHUQDQFLDGHORVSODQRVHVSDFLRWHPSRUDOHV\FRQHOOXJDUTXHHOVXMHWRRFXSDHQHOORV $OUHVSHFWRHOWtWXORGHODREUDVHJ~QVHKDPHQFLRQDGR\DHVFODYH\FRDG\XYDDVX XQLFLGDG/RVSRHPDVGH(OHVSHMRGHDJXDVRQPXHVWUDVGHOXQLYHUVRDOTXHHOSRHWDGD IRUPDPHGLDQWHXQXVRGHODOHQJXD²GHODVSDODEUDV\GHVXVFRPELQDFLRQHV²TXH GHVHPERFD HQ HIHFWRV YLVXDOHV DO VHUYLFLR GHO GHVDUUROOR PHWDIyULFR \ OD GLVSHUVLyQ GH VLJQLÀFDGRV (O SRHWD HO ´+RPEUH'LRVµ TXH HYROXFLRQD GHO ´+RPEUH(VSHMRµ 9pDVHHOVRPHURDQiOLVLVDQWHULRUGH´3D\VDJHµ$OUHVSHFWRDÀUPD%DUyQTXH´+XLGREUR LQFRUSRUDGHIRUPDtQWHJUDODLQQRYDFLyQTXHVXSRQHFRQVLGHUDUODSiJLQDFRPRHVSDFLRGHFUHDFLyQ DSDUWLUGHODSXEOLFDFLyQGH+RUL]RQ&DUUpµ\KDEODGH´ODGLVSRVLFLyQHVWUyÀFDFOiVLFDGH(OHVSHMRGH DJXDµORFXDOQRLPSLGHVHJ~QVHKDYLVWRHODSURYHFKDPLHQWRGHODSiJLQDSDUDHOKDOOD]JRGHVHQWLGRV YLVXDOHV /DQHJDWLYLGDGHLQGHWHUPLQDFLyQVHLQWHQVLÀFDQVHJ~QKDGHPRVWUDGR%DUyQ\VVHQODV YHUVLRQHVGH+RUL]RQ&DUUp (Q0LWUH(VD¶HYROXFLyQ·HVQtWLGDPHQWHSHUFHSWLEOHHQFLHUWRVWH[WRVGH(OHVSHMRGHDJXD %DUyQDSURSyVLWRGH´(OKRPEUHDOHJUHµVHUHÀHUHD´HOVHQWLGRGHDVFHQVLyQ>«@ODVFDUDF WHUtVWLFDVFyVPLFDVGH¶81+200(·>«@ODXQLyQYLUWXDOGHDPEDVLQVWDQFLDVODGHOVXMHWRGHOSRHPD FRQODGHODÀJXUDGHOSRHWDFyVPLFRµ$XQTXHODVSDODEUDVVHUHÀHUHQDODYHUVLyQGH+RUL]RQ&DUUpHQ ODTXHVH´SHUIHFFLRQDODXQLGDGGHGLFKRHQLJPD>FyPRHOORFXWRUGHOSRHPDSXHGHOOHJDUDVHUSRHWD UHSUHVHQWDEOH@µODUHODFLyQHQWUHODVGRVHQWLGDGHVHOVXMHWR´PLHVSHMRµ\HOSRHWD´XQKRPEUHµ\D ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR-LPpQH]&DOGHUyQ JHQHUDHQWLGDGHVSRHPDVTXHGHEHQVHUPLUDGRVSDUDVXSOHQDDVLPLODFLyQ\HQHVH SXQWRFRQHFWD+XLGREURGHVGHVXFRQFHSFLyQSDUWLFXODUGHODSRHVtDSOHQDPHQWHFRQ ODVYDQJXDUGLDV\VXSUHFHSWRGHLPSRVLELOLGDGGHVHSDUDFLyQGHODVDUWHV %,%/,2*5$)Ì$ $XOOyQGH+DUR3/DPRGHUQLGDGSRpWLFDODYDQJXDUGLD\HOFUHDFLRQLVPR0iODJD 8QLYHUVLGDGGH0iODJD %DMWtQ00(VWpWLFDGHODFUHDFLyQYHUEDO0DGULG6LJOR9HLQWLXQR %DUyQ-´+XLGREURHQWUH(OHVSHMRGHDJXD1RUG6XG\+RUL]RQ&DUUpµ&DKLHUV GXPRQGHKLVSDQLTXHHWOXVREUpVLOLHQ &DOVDPLJOLD%ODQFDIRUW+\7XVyQ9DOOV$/DVFRVDVGHOGHFLU0DQXDOGHDQiOLVLV GHOGLVFXUVR%DUFHORQD$ULHO &DUDFFLROR7UHMR(/DSRHVtDGH9LFHQWH+XLGREUR\OD9DQJXDUGLD0DGULG*UHGRV &LUORW//DVFODYHVGHODVYDQJXDUGLDVDUWtVWLFDVGHOVLJOR;;%DUFHORQD$ULHO &RUEDFKR &RUWpV & /LWHUDWXUD \ DUWH (O WySLFR ´8W SLFWXUD SRHVLVµ &iFHUHV 8QLYHUVLGDGGH([WUHPDGXUD &RUEDFKR&RUWpV&3RHVtD\SLQWXUDHQ0DQXHO0DFKDGR&iFHUHV8QLYHUVLGDG GH([WUHPDGXUD &RVWD5GH9LFHQWH+XLGREUR\HOFUHDFLRQLVPR0DGULG7DXUXV &y]DU5GH3RHVtDHLPDJHQ)RUPDVGLItFLOHVGHLQJHQLROLWHUDULR6HYLOOD(OFDUUR GHODQLHYH *DOiQ5RGUtJXH]&´/DFLHQFLDFRPRPHWiIRUDµ$QXDULRGHHVWXGLRVÀOROyJLFRV *RLF & ´9LFHQWH +XLGREUR SRHVtD GH GRV WLHPSRV ¶SHULW XW YLYDW·µ 5HYLVWD LEHURDPHULFDQD /ySH]0DUWtQH]0,´9DORUHVJUiÀFRVGHOYHUVROLEUHHQHOJUXSRGHO,µ $QXDULRGHHVWXGLRVÀOROyJLFRV; /ySH]0DUWtQH]0,´9DORUHVJUiÀFRVGHOYHUVROLEUHHQHOJUXSRGHO,,µ $QXDULRGHHVWXGLRVÀOROyJLFRV;, 0DUWtQ )HUUHU + 8OWUDtVPR FUHDFLRQLVPR VXUUHDOLVPR DQiOLVLV WH[WXDO 0iODJD 8QLYHUVLGDGGH0iODJD 0LWUH(´/DLPDJHQHQ9LFHQWH+XLGREURµ5HYLVWDLEHURDPHULFDQD;/,, 0RQHJDO $ (Q ORV OtPLWHV GH OD GLIHUHQFLD SRHVtD H LPDJHQ HQ ODV YDQJXDUGLDV KLVSiQLFDV0DGULG7HFQRV HVWiSUHVHQWHHQHOWH[WRGH(OHVSHMRGHDJXD%DUyQDKRQGDHQHVWDLGHDHQUHODFLyQFRQODV YHUVLRQHVGH´$OJXLHQLEDDQDFHUµ\´(OKRPEUHWULVWHµHQ´HOWHPDGHODFULVLVGHLGHQWLGDG\GHOORFX WRUFRPRSRHWDµ+RUL]RQ&DUUpDOFDQ]D´PD\RUJUDGRTXH(OHVSHMRGHDJXDµ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6REUHODHVWUXFWXUDGLVFXUVLYDGHOWH[WRSRpWLFR/DOHQJXDYLVXDOGH+XLGREURHQ(OHVSHMRGHDJXD 0RQWHV+9LFHQWH+XLGREUR$QWRORJtDSRpWLFD0DGULG&DVWDOLD 0RQWHV+9LFHQWH+XLGREUR2EUDVFRPSOHWDV6DQWLDJRGH&KLOH$QGUpV%HOOR 3L]DUUR$´3DUDXQDQXHYDOHFWXUDGH+XLGREURµ&DQHOREUH 5DPtUH]-$(ODUWHGHODVYDQJXDUGLDV0DGULG$QD\D 5RMDV:´(OIHFKDGRGXGRVRGH(OHVSHMRGHDJXDDODOX]GHODWHQWDWLYDSRpWLFD IUDQFHVDGH9LFHQWH+XLGREUR¢8QH[WUDYtRGHODQKHORGHRULJLQDOLGDGUDGLFDO" &DKLHUVGXPRQGHKLVSDQLTXHHWOXVREUpVLOLHQ 5XWWHU)UDQN´+XLGREUR\¶(OHVSHMRGHDJXD·QXHYDVREVHUYDFLRQHVµ,QVXOD \ 6iQFKH]%LRVFD9&LQH\YDQJXDUGLDVDUWtVWLFDVFRQÁLFWRVHQFXHQWURVIURQWHUDV %DUFHORQD3DLGyV 6iQFKH] 1RULHJD - / 'H OD OLWHUDWXUD DO FLQH WHRUtD \ DQiOLVLV GH OD DGDSWDFLyQ %DUFHORQD3DLGyV 6FKZDUW - /DV YDQJXDUGLDV ODWLQRDPHULFDQDV WH[WRV SURJUDPiWLFRV \ FUtWLFRV 0DGULG&iWHGUD 7UDQFyQ67HRUtDGHOWHDWUR0DGULG)XQGDPHQWRV <~GLFH*9LFHQWH+XLGREUR\ODPRWLYDFLyQGHOOHQJXDMH%XHQRV$LUHV*DOHUQD =RQDQD9*´*HRJUDItDRFXODUHOHPHQWRVSDUDXQDSRpWLFDGHODYLVLyQHQ OD SRHVtD GH YDQJXDUGLD KLVSDQRDPHULFDQD +XLGREUR \ 0DUHFKDOµ 5HYLVWD FKLOHQDGHOLWHUDWXUD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD >5HVHxDV@ 0DQXHO 5LFR )XJLWLYD FLXGDG 0DGULG +LSHULyQ 3UHPLR ,QWHUQDFLRQDO ©0LJXHO +HUQiQGH]&RPXQLGDG9DOHQFLDQDªSiJV 0DQXHO 5LFR 0DGULG HV XQR GH ORV SRHWDV HVSDxROHV PiV LPSRUWDQWHV DFWXDOHV\ORGHPXHVWUDXQDODUJDWUD\HFWRULDFRUURERUDGDSRUXQDYR]TXHFRQORV DxRV VH KD LGR DVHQWDGR HQ HO SDQRUDPD VLHPSUH PDJPiWLFR GH ODV JHQHUDFLRQHV \ ORVHVWLORV0iVDOOiSUHFLVDPHQWHGHJHQHUDFLRQHV\HVWLORVVHHQFXHQWUDVXREUDHQ OD TXH VH LQVFULEHQ WtWXORV FRPR 'RQGH QXQFD KXER iQJHOHV 'H YLHMDV HVWDFLRQHV LQYHUQDOHV\DKRUD)XJLWLYDFLXGDGHOOLEURTXHDTXtQRVRFXSD6LDOJRKD GHPRVWUDGR0DQXHO5LFRDORODUJRGHVXVHQWUHJDVKDVLGRXQDLQGHSHQGHQFLDDWUDYpV GHODFXDOKDUHDOL]DGRXQDVLQJXODUOHFWXUDGHODV~OWLPDVWUDGLFLRQHVHQODVTXHVH KDQGHVDUUROODGRODVSRpWLFDVFRQWHPSRUiQHDV4XL]iGHVGHHVDySWLFDSRGUtDPRVOHHU )XJLWLYDFLXGDGXQWtWXORTXHQRKDSDVDGRGHVDSHUFLELGRDORVOHFWRUHV²UHFRUGHPRV TXH OD SRHVtD QR WLHQH S~EOLFR SHUR Vt OHFWRUHV² SRU VX DOWD LQWHQVLGDG HPRFLRQDO VX WHQVLyQ LGHROyJLFD ²FRPSURPHWLGD² \ VX FUtWLFD GH WRGR OR TXH QRV GHMy \D SDUD VLHPSUH \ D OR TXH SHUWHQHFLPRV /ODPD OD DWHQFLyQ HQ HVH VHQWLGR ODV FRQH[LRQHV FRQ/DRWUDVHQWLPHQWDOLGDG²ODFRUULHQWHPDU[LVWDJUDQDGLQDTXHOXHJRVHGLOX\yHQ ODSUiFWLFDVRFLROyJLFDGHODSRHVtDGHODH[SHULHQFLD²TXHPiVDOOiGHXQDLQÁXHQFLD VHSODQWHDFRPRXQDOHFWXUDSHUVRQDOGHORTXHVLJQLÀFyODL]TXLHUGDHQXQDpSRFD XQDV DVSLUDFLRQHV FROHFWLYDV \ XQRV SODQWHDPLHQWRV SROtWLFRV TXH VH FRPSDUWLHURQ HQ (VSDxD D ÀQDOHV GH ORV VHWHQWD \ GXUDQWH ORV RFKHQWD \ TXH OHMRV GH VHU XQRV SRVWXODGRV©IHFKDGRVªDKRUDSRGHPRVREVHUYDUDODVFODUDVTXHGHXQPRGRXRWUR VLJXHQYLJHQWHVVLHPSUHTXHDOJXLHQHVFDSD]GHDFWXDOL]DUORV\UHDOL]DUSRHPDVFRPR ORVTXHQRVKDUHJDODGR5LFR/HFWXUDSHUVRQDORPHMRUGLFKRUHOHFWXUDSRUORTXH LPSOLFDGHPLUDGDUHWURVSHFWLYDKDFLDXQWLHPSRLGRSHURDODYH]HMHUFLFLRSHUVRQDOGH LQGDJDFLyQKLVWyULFDHQHOVHQRGHORVGHEDWHVGHOHQJDJHPHQW\HQODVHQWLPHQWDOLGDG GHXQDpSRFDGHWHUPLQDGDYLYLGDGHPDQHUDDEVROXWDPHQWHSHUVRQDO\FRQDTXHOODV FODYHV JHQHUDFLRQDOHV TXH VH FRPSDUWLHURQ HQWUH OD SURJUHVtD GH HQWRQFHV 7DPELpQ XQDPLUDGDDYHFHVUHVLJQDGDDYHFHVHQIDGDGD\RWUDVPHODQFyOLFDKDFLDXQSDVDGR TXH KD VLGR DEVRUELGR SRU XQD PHQWDOLGDG SRVPRGHUQD ²LQVWUXPHQWDOL]DGD SRU XQ FRQVXPLVPRHQHOTXHVHKDDEROLGRHOKXPDQLVPR²HQODTXHWRGRHQORTXHVHFUH\y HQXQWLHPSR²ODOXFKDXWySLFDODVHVSHUDQ]DVFROHFWLYDVODFUHHQFLDHQXQDVRFLHGDG PHMRU\PiVMXVWD²KDVLGRGHYRUDGRSRUODLQGROHQFLDGHOFDSLWDOLVPRWDUGtR\HOÀQ GHOVXHxRLOXVWUDGR 'LFKR HVWR WDQWR SRU FXULRVLGDG HVWLOtVWLFD FRPR SRU UDVJR GHÀQLWRULR H LGHQWLWDULR GHQWUR GH XQ PDUFR GH DOWR YROWDMH LGHROyJLFR OD OHFWXUD GH )XJLWLYD FLXGDGHVXQDXWpQWLFRSODFHUSDUDHOOHFWRUTXHEXVFDSRHPDVHQORVTXHKD\DYLGD KLVWRULDDYHQWXUDDQpFGRWDUHÁH[LyQ\HPRFLyQ(OSHUVRQDMHSULQFLSDOTXHGHDPEXOD SRU HVWRV WH[WRV ²\ TXH SRGUtDPRV FRQYHQLU TXH VH LGHQWLÀFD FRQ HO SRHWD SHUR QR QHFHVDULDPHQWH²VHDGHQWUDHQORVDxRVGHODPDGXUH]\UHDOL]DXQDYLVLyQQRVLHPSUH SOiFLGD GH OR YLYLGR FRQ OD GLJQLGDG WRGDYtD HUJXLGD \ FRQ XQ SXxDGR GH EXHQDV UD]RQHVSRUODVTXHVREUHYLYLU\VHJXLUOXFKDQGR+D\UD]RQHVDQWLJXDVTXHVLJXHQ VLHQGRYiOLGDVDSHVDUGHORVWLHPSRVGHQLHEODTXHYLYLPRV<SRUFLHUWRODSDODEUD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD ©QLHEODªDSDUHFHPXFKDVYHFHVHQ)XJLWLYDFLXGDGFLXGDGTXHKX\HOLWHUDOPHQWHSHUR WDPELpQTXHVHFRQIXQGHHQWUHODQLHEODDQWHQXHVWURVRMRV1LHEODTXHVHUHSLWHFRQ VX FRQVHFXHQWH VLPERORJtD KDVWD HO SXQWR GH TXH OD YR] SRHPiWLFD VH GHÀQD FRPR ©KLMRVGHODQLHEODªS (Q HO OLEUR LPSHUD XQD QDUUDWLYLGDG GH JUDQ FDOLEUH OD FXDO YD VHUSHQWHDQGR SRU ORV YHUVRV GH XQD PDQHUD UtWPLFDPHQWH DMXVWDGD \ TXH QRV OOHYD GH OD PDQR GXUDQWHWRGDODOHFWXUDGHHVWHFRQMXQWRGHSRHPDV(QPXFKDVRFDVLRQHVDVLVWLPRV PiV ELHQ D IUDJPHQWRV GH XQ GLVFXUVR LGHROyJLFR \ SRGUtD HVWDEOHFHUVH IiFLOPHQWH XQDUHODFLyQHQWUHQDUUDWLYLGDG\GLVFXUVLYLGDG\DTXHKD\XQDH[WUDFFLyQGLUHFWDGHO SHQVDPLHQWRGHL]TXLHUGDV²HQHVWHFDVRQRKHJHPyQLFR²HQVXVFRQWUDGLFFLRQHVGH KR\(VWHGLVFXUVRELHQHODERUDGR\HQJDU]DGRFRQQXPHURVRVJXLxRVLQWUDWH[WXDOHV WHPiWLFRV\HVWUXFWXUDOHVSHUWHQHFHDORTXH5RODQG%DUWKHVGHQRPLQy©IUDJPHQWRV GHXQGLVFXUVRDPRURVRª8QGLVFXUVRGLVSHUVRSRUDQWRQRPDVLDFRPRSRGUtDVHUHVWD HVWURID« 3HURKR\\DFUHFLGR\VLQIUtR WHDPRVLQFXOSD\GLIHUHQWH %RUURVRPEUDVGHDQWDxRSHUWHQH]FR DXQDUD]DGHÀHEUHV\GHVyUGHQHVHVFDUER PiVDOOiGHWXMHUVH\EXVFRHVTXLQDV \KDELWDFLRQHVTXHWHDEULJXHQ \PHGHMROORYHUS ©1HEXORVDª SS OXHJR DSDUHFH GH QXHYR HQ ©&RQWUD OD (QFLFORSHGLDª S\©5pPRUDVGHORULJHQªSSSRVHHXQDUpSOLFDHQ©)LQ\SULQFLSLRGH VLJORªS\SRUFLWDURWURDOJXQDVQRFLRQHV\FRQFHSWRVGH©%XNRZVNL0DGULG HOODª S OXHJR VH YHQ GXSOLFDGRV HQ ©&HUWH]Dª SS 3RGUtDPRV VHxDODU RWURVSHURODVLGDV\YHQLGDVVRQXQDFRQVWDQWHHQHVWDSULPHUDSDUWHGHOSRHPDULROD PiVH[WHQVDXQUDVJRTXHUHVDOWDODHVWUXFWXUDHVWLOtVWLFD2WUDVUHODFLRQHVVHSRGUtDQ HVWDEOHFHUHQHOVXHxRFROHFWLYRTXHXQDYH]DXQyDPLOORQHVGHWUDEDMDGRUHV\TXHVH YHUHSUHVHQWDGR©(QODWXPEDGH*UDPVFLªSSFRQ©%HUOtQªS /RVKRPHQDMHVD3LHU3DROR3DVROLQLHQHVHVHQWLGRVRQHYLGHQWHVFXDQGRHO DXWRU PRQRORJD DQWH OD WXPED GHO SHQVDGRU PDU[LVWD VDUGR PXHUWR HQ ODV FiUFHOHV PXVVROLQLDQDV'HLJXDOIRUPDGHVWDFDHOKRPHQDMHTXHVHUHDOL]DDOD*HQHUDFLyQGHO FRQODVFLWDVGH-DLPH*LOGH%LHGPDHQYDULRVPRPHQWRVGHODFXDUWDSDUWH©,9 )RUPHQWRU PHGLR VLJOR ª HQ XQD FRQH[LyQ FRQ OD L]TXLHUGD GH PHGLDGRV GH VLJOR \ GH XQRV SODQWHDPLHQWRV TXH DO PHQRV SRpWLFDPHQWH FREUDQ GH QXHYR DFWXDOLGDG+DFHIDOWDPLUDUKDFLDDWUiVSDUDUHVFDWDUORTXHPHUHFHODSHQDGHORTXH GHMDPRV1RWRGRHOSDVDGRSRUVHULGRHVSHRU'HKHFKR)XJLWLYDFLXGDGYXHOYHXQD \RWUDYH]KDFLDHOWHPDXUEDQRXQWHPDTXHUHYLYHDKRUDFRPRHQ©'tDQRODERUDEOH HQHOSROtJRQRLQGXVWULDOªSRHQ©(OEDUULRTXHIXHPtRªSS&LXGDGSRU WDQWRFRQPXFKRVUHFRYHFRV\FDOOHMRQHVVyWDQRV\FLHORVSDUDGHVFXEULU\WUDQVLWDU \TXHKD\TXHUHFRUUHUHQWRGRVXHVSOHQGRU0DQXHO5LFRQRVKDHQWUHJDGRXQOLEUR QHFHVDULR\~WLOHPRFLRQDQWH\O~FLGRGRQGHKHPRVSRGLGRKDOODUXQDYR]TXHQRV KDFtDIDOWD -XDQ&DUORV$EULO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD &ODUD,0DUWtQH]&DQWyQ(OULWPRFRPRFODYHGHOYHUVRHQ$QWRQLR&ROLQDV(OHPHQ WRVUtWPLFRVQRPpWULFRV/HyQ8QLYHUVLGDGGH/HyQÉUHDGH3XEOLFDFLRQHV SS /RV SRHWDV HQ VXV FUHDFLRQHV LQVWDXUDQ PXQGRV HQFHUUDGRV TXH FRQWLHQHQ GHQWURGHVtHOSRGHUGHODVSDODEUDVTXHVXJLHUHQPiVTXHH[SOLFLWDQ\TXHHYRFDQPiV TXHDÀUPDQ$KRUDELHQODSRHVtDQRVyORFRQVWDGHSDODEUDVRQRHV~QLFDPHQWHXQD VXFHVLyQGHSDODEUDVRUGHQDGDVVHJ~QXQRVGHWHUPLQDGRVSDUiPHWURVSDUDSURGXFLU XQGHWHUPLQDGRJRFHHVWpWLFRVLQRTXHODVFRPSRVLFLRQHVSRpWLFDVJXDUGDQGHQWURGH VtFLHUWDVFODYHVPpWULFDV\QRPpWULFDVTXHVHVLJXHQRVHWUDQVJUHGHQ3UHFLVDPHQWH DFHUFDGHORVHOHPHQWRVUtWPLFRVQRPpWULFRVORFDOL]DGRVHQSRHPDVGH$QWRQLR&ROLQDV WUDWD HOHVWXGLRGHODLQYHVWLJDGRUD&ODUD,0DUWtQH]&DQWyQ (OULWPRFRPRFODYHGHO YHUVRHQ$QWRQLR&ROLQDV(OHPHQWRVUtWPLFRVQRPpWULFRVPHUHFHGRUHQODFRQYRFDWRULD GHGHO;9,3UHPLR´0DULDQR5RGUtJXH]SDUD-yYHQHV,QYHVWLJDGRUHVµ7DO\FRPR UHFRQRFH&ODUD,0DUWtQH]´HOHVWXGLRGHORVUHFXUVRVUtWPLFRVQRPpWULFRVGHOYHUVR UHVXOWDEDPX\DWUDFWLYRGDGRTXH>«@HVXQFDPSRGHVXPDLPSRUWDQFLDTXHUDUDYH] HVDERUGDGR\DTXHORVHVWXGLRVSRpWLFRVVXHOHQFHQWUDUVHELHQHQHOVHQWLGRRELHQHQ ODPpWULFDµ6LQHPEDUJRORVUHFXUVRVUtWPLFRVQRPpWULFRVSXHGHQDSRUWDU´PXFKR D OD VLJQLÀFDFLyQ GHO SRHPD 'H HOOR VXUJH OD GHFLVLyQ GH HVWXGLDUORV DSOLFDGRV D OD REUDGHXQSRHWDµ/DHOHFFLyQGH$QWRQLR&ROLQDVSDUDHMHPSOLÀFDUODVWHRUtDVGHOD LQYHVWLJDGRUDVHGHEHDSUHIHUHQFLDVSHUVRQDOHVRDODDGPLUDFLyQH[SUHVDSRUODREUD GHOSRHWDOHRQpV 7UDVXQDLQWURGXFFLyQTXHDYLVDGHORVREMHWLYRVGHODLQYHVWLJDFLyQDSDUHFHQ ORVDSDUWDGRVGHGLFDGRVDODH[SOLFDFLyQWHyULFDGHORVUHFXUVRVUtWPLFRVVLVWHPiWLFRV \ QR VLVWHPiWLFRV \ HQ FRQFUHWR ORV UHFXUVRV TXH WLHQHQ TXH YHU FRQ OD IRQpWLFD OD VLQWD[LV\ODVHPiQWLFDUtWPLFDVVLQROYLGDUVHGHORVUHFXUVRVYLVXDOHV\GHOWRQR\OD HQWRQDFLyQ(OHVWXGLRÀQDOL]DFRQXQDFRQFOXVLyQTXHVXSRQHXQDFRPSLODFLyQGHORV SUHVXSXHVWRVGHIHQGLGRVDVtFRPRODFRQYHQLHQFLDGHPHMRUDUODSUHVHQWHLQYHVWLJDFLyQ UHODFLRQDQGR´HOXVRGHHVWRVUHFXUVRVUtWPLFRVFRQHOHVWXGLRGHODPpWULFDGHODXWRUµ 'HHVWDPDQHUDORV´FRPSOHPHQWRVUtWPLFRVµFRPRORVGHQRPLQDUD1DYDUUR 7RPiV VHUtDQ ´HOHPHQWRV VXVFHSWLEOHV GH JHQHUDU ULWPR TXH VRQ QR FRQVWLWXWLYRV GHO YHUVR SHUR TXH SXHGDQ DSDUHFHU \ FRQWULEX\HQ DO ULWPR \ OD PXVLFDOLGDGµ HQ FXDOTXLHUDGHVXVQLYHOHV²IyQLFRVLQWiFWLFR\VHPiQWLFR²FRPRSURSRQH'RPtQJXH] &DSDUUyV(QWUHORVUHFXUVRVPpWULFRVQRUtWPLFRVVHKDOODUtDQVHJ~Q&ODUD,0DUWtQH] OD HQWRQDFLyQ HO WRQR DVSHFWRV YLVXDOHV HWF SXHV HO REMHWLYR GHO WUDEDMR SDVD SRU ´UHDOL]DUXQDQiOLVLVGHHVWRVIHQyPHQRVTXHDSR\DQHOULWPRGHOYHUVRSHURTXHQR OOHJDQDVHUHOHPHQWRVPpWULFRVGDGDVXIDOWDGHVLVWHPDWLFLGDGµ /D H[KDXVWLYLGDG GH OD LQYHVWLJDGRUD SDVD SRU DQDOL]DU ORV UHFXUVRV PpWULFRV QR UtWPLFRV GH ORV GLIHUHQWHV QLYHOHV DSR\DGRV HQ HMHPSORV FRQFUHWRV H[WUDtGRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD GH ORV SRHPDV GH $QWRQLR &ROLQDV $Vt HQWUH ORV UHFXUVRV GH IRQpWLFD UtWPLFD WUDWD ODDOLWHUDFLyQ²FRQODTXH´VHSUHWHQGHFUHDUXQDUHFXUUHQFLDIyQLFDTXHHQVXFDVR PiV SHUIHFWR VH EDVD HQ HO SRGHU VXJHVWLYR GH ORV VRQLGRV TXH FRQFXHUGD FRQ ORV FRQWHQLGRV TXH VH PDQLÀHVWDQ HQ HO YHUVRµ² R OD SDURQRPDVLD TXH ´QR WLHQH HQ OD SRHVtDGH&ROLQDVHOVHQWLGRLUyQLFRTXHHQFRQWUDPRVHQRWURVSRHWDV%XVFDSRUHO FRQWUDULRODFDSDFLGDGVLPEyOLFDHQODUHLWHUDFLyQGHSDODEUDVFRQVHPHMDQWHVµ3RUOR TXHVHUHÀHUHDORVUHFXUVRVGHVLQWD[LVUtWPLFDKDEODGHOSDUDOHOLVPRODHQXPHUDFLyQ HOKLSpUEDWRQHOTXLDVPRODDQiIRUDODHStIRUDODFRQFDWHQDFLyQSHURWDPELpQGHOD DXVHQFLDGHSXQWXDFLyQTXHWDPELpQDIHFWDDSDUWHGHDODVLQWD[LV´DODHQWRQDFLyQ \ FRQVWLWX\H DGHPiV XQ HOHPHQWR YLVXDOµ 3RU VX SDUWH HQ SDODEUDV GH OD DXWRUD ´ORV IHQyPHQRV OLJDGRV D OD VHPiQWLFD QRV LQFXPEHQ GHQWUR GHO FDPSR GHO ULWPR VLHPSUHTXHKD\DXQDUHODFLyQHQWUHODVLJQLÀFDFLyQGHODVSDODEUDV\ODHVWUXFWXUDFLyQ UtWPLFDGHOOHQJXDMHµ(QWUHORVIHQyPHQRVVHPiQWLFRVUtWPLFRVWUDWDODFRUUHODFLyQROD UHSHWLFLyQLQVLVWHQWHGHFLHUWDVSDODEUDVSHURQRODPHWiIRUDODVLQHVWHVLDRODDQWtWHVLV ´GH JUDQ YDORU VLJQLÀFDWLYR SHUR TXH QR SURGXFHQ SURSLDPHQWH XQ ULWPR VLQR TXH DSDUHFHQGHPDQHUDDLVODGDµHQORVSRHPDVGH&ROLQDV 3RU RWUR ODGR HQ HO DSDUWDGR GH ORV UHFXUVRV YLVXDOHV &ODUD , 0DUWtQH] QRV UHFXHUGDTXHWDO\FRPR0DUWtQH])HUQiQGH]DVHYHUDODSRHVtDFRQWHPSRUiQHD´HVWi IDEULFDGD\SUHSDUDGDSDUDODOHFWXUDHQVROHGDGORTXHGDFXHQWDGHODLPSRUWDQFLD TXH ORV UHFXUVRV YLVXDOHV WLHQHQ DFWXDOPHQWHµ (Q HO FDVR GH $QWRQLR &ROLQDV VyOR HQFRQWUDPRV HQ VX REUD SRpWLFD HO UHFXUVR OODPDGR ´YHUVRV HVFDORQDGRVµ R ´OtQHD SRpWLFD HVFDORQDGDµ WDPELpQ OODPDGR ´YHUVR SDUWLGRµ R ´YHUVR OLEUH GLVHPLQDGRµ VHJ~QORVDXWRUHV(VWDYDULHGDGGHGHQRPLQDFLRQHV´GDGDVDHVWHIHQyPHQRQRVKDFH YHUTXHQRHVXQUHFXUVRH[WUDxRHQODSRHVtDDFWXDO(QHVWHWUDEDMRQRVLQFOLQDUHPRV SRUODGHQRPLQDFLyQGHHVFDORQDPLHQWRRYHUVRVHVFDORQDGRVµ6HJ~QODLQYHVWLJDGRUD´HQ $QWRQLR &ROLQDV QR HQFRQWUDPRV HO HVFDORQDPLHQWR FRPR LQWHUUXSFLyQ GH XQLGDGHV FRQMXQWDV Op[LFD R VLQWiFWLFDPHQWH 1R KD\ SRGHPRV GHFLU XQD VHSDUDFLyQ HQWUH HOHPHQWRVFRKHVLRQDGRVHTXLYDOHQWHVDORVTXHFDXVDUtDQHQFDEDOJDPLHQWRHQWUHORV YHUVRVTXHVHSUHVHQWDQHQHVFDOHUD6LPSOHPHQWHVHUHDO]DODSDXVDVHOHRWRUJDPiV LPSRUWDQFLDµ(QUHDOLGDGHVWHHVFDORQDPLHQWRDVtFRPRODSUHVHQFLDGHRWURVUHFXUVRV JUiÀFRV´VRQSRUWDGRUHVGHFRQWHQLGRVHVWLOtVWLFRV\H[SUHVLYRVµSRUTXHVXSRQHQTXH HOSRHPDVHD´YLVWRDQWHVTXHOHtGRµFRODERUDQGR´DSUHFLDEOHPHQWHHQHOUHDOFHGHOD LQWHQVLGDGVLJQLÀFDWLYDGHOSRHPDµ 3RUORTXHUHVSHFWDDODHQWRQDFLyQ&ODUD,0DUWtQH]DGPLWHTXH´HVWRGDYtD XQFRPSRQHQWHGLItFLOGHVLVWHPDWL]DUSDUDODOLQJtVWLFDGHELGRHQSDUWHDVXFDUiFWHU VXSUDVHJPHQWDO /D HQWRQDFLyQ UH~QH YDORUHV H[SUHVLYRV DIHFWLYRV HWF KiELWRV OLQJtVWLFRV DFHQWR UHJLRQDO \ WDPELpQ IXQFLRQHV LQWHUURJDWLYD H[FODPDWLYD GXELWDWLYDHWFµ/DLQYHVWLJDGRUDFRQVLGHUD´ODHQWRQDFLyQFRPRXQHOHPHQWRUtWPLFR TXHDFRPSDxDVLHPSUHDOYHUVRµ1RREVWDQWHPDQWLHQHTXHODHQWRQDFLyQVHUtD´XQ LPSXOVRQRDEVROXWDPHQWHGLIHUHQWHDOUtWPLFRµSHURQRFRPR´HOHPHQWRIXQGDPHQWDO GHOYHUVRSRUTXHDSDUWHGHUHSHWLUVHXQLIRUPHPHQWHXQDXQLGDGHQWRQDWLYDHQFDGD YHUVR QR HQFRQWUDPRV IDFWRUHV TXH QRV KDJDQ SHQVDU TXH HO YHUVR VH RUJDQLFH HQ OD PD\RU SDUWH GH ORV FDVRV FRQIRUPH D XQRV SDWURQHV HQWRQDWLYRV UHJXODUHVµ 3RU ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD HOOR&ODUD,0DUWtQH]ÀQDOL]DHVWHDSDUWDGRUHFRQRFLHQGRTXH´ODHQWRQDFLyQHVXQ HOHPHQWRPX\ULFRHQPDWLFHVTXHGHSHQGHHQEXHQDSDUWHGHODOHFWXUDTXHGHPRVD ORVWH[WRVSHURFRQFLHUWRVSXQWRVFRPXQHVSDUDWRGRUHFHSWRUTXHSXHGHQXWLOL]DUVH HQODSRHVtDSDUDUHVDOWDUGHWHUPLQDGRVFRQWHQLGRVRGDUOHVXQDHQWRQDFLyQFRQFUHWDµ $QWRQLR&ROLQDVSUHÀHUHXVDUHQVXREUD´ODWRQDOLGDGPiVH[SUHVLYDGHODH[FODPDFLyQ \ODLQWHUURJDFLyQRLQFOXVRGHOSDUpQWHVLVHQORVPRPHQWRVGHPiVWHQVLyQHPRWLYDµ )LQDOPHQWH HQ HO ~OWLPR FDStWXOR GHO OLEUR HO UHIHULGR D ODV FRQFOXVLRQHV OD LQYHVWLJDGRUD UHLWHUD TXH ´HO REMHWLYR GH HVWH WUDEDMR KD VLGR HO HVWXGLR GH DTXHOORV UHFXUVRVFRQLQFLGHQFLDHQHOULWPRSRHPiWLFRSHURVLQFDUiFWHUVLVWHPiWLFRHVGHFLU VLQ IXQFLyQ PpWULFDµ $VHJXUD DVLPLVPR TXH $QWRQLR &ROLQDV XVD ORV UHFXUVRV IRQpWLFRV SDUD LQWHQWDU ´FUHDU XQD WHQVLyQ HQWUH VRQLGR \ VHQWLGRµ OR TXH WDPELpQ SUHWHQGHFRQVHJXLUDWUDYpVGHOXVRGHORVUHFXUVRVVLQWiFWLFRV\VHPiQWLFRVGDGDOD LPSRUWDQFLDTXH´HODXWRURWRUJDDODPXVLFDOLGDG\HOULWPRHQHOSRHPDµ6LQGXGD DOJXQDHVWXGLRVFRPRHOSUHVHQWHGH&ODUD,0DUWtQH]D\XGDQDUHVROYHUHODQiOLVLVGHO ULWPRFDUDFWHUtVWLFRGHXQDFRPSRVLFLyQFRQFUHWDRGHXQDXWRUHQSDUWLFXODUORTXH UHVXOWDFODYHSDUDGHVHQWUDxDUODPXVLFDOLGDGTXHHPHUJHGHFDGDSRHPDSXHVVHJ~Q HOSURSLR&ROLQDV´UHVSLUDQGRFRQHOULWPRGHOYHUVR²GHOSRHPD²H[LVWLPRVHQHOPiV DOWRJUDGRGHFRQVFLHQFLDVDQDPRV\EXVFDPRVODOLEHUDFLyQµ 1XULD6iQFKH]9LOODGDQJRV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 6pQHFD7UDJHGLDVFRPSOHWDV(GLFLyQ\WUDGXFFLyQGH/HRQRU3pUH]*yPH]0DGULG &iWHGUDSiJV (OVLJOR,HVHOVLJORGHOD$QWLJHGDG²DSDVLRQDQWHFRPRSRFRVHQOD+LVWRULD² TXHPiVSDOSLWDGHO,PSHULR5RPDQRVLELHQFDGDPRPHQWRKLVWyULFRSRVHHVXLQWHUpV HVSHFtÀFR\GHSHQGHWDPELpQGHORVJXVWRVGHTXLHQVHDFHUFDDXQSHULRGRGHWHUPLQDGR /DOLWHUDWXUDGHHVHVLJORODKLVWRULRJUDItDODVDUWHVHQJHQHUDOODSRHVtD²FRPHQ]DQGR SRU 9LUJLOLR² \ OD pSLFD R FXDOTXLHUD GH ORV JpQHURV TXH ÁRUHFLHURQ HQWRQFHV FRPR ORV LQVXSHUDEOHV (SLJUDPDV GH 0DUFLDO OD )DUVDOLD GH /XFDQR D OD VD]yQ VREULQR GH 6pQHFDMXQWRDORVGHVPDQHV\SHUYHUVLGDGHVGHHPSHUDGRUHVViGLFRVFRPR7LEHULR &DOtJXOD R 1HUyQ VLQ ROYLGDUQRV GH 'RPLFLDQR KDFHQ GH HVH PRPHQWR XQR GH ORV PiVDWUDFWLYRV\UHSXJQDQWHVHQJHQHUDOHQOD+LVWRULD/HHUODV+LVWRULDVGH7iFLWR ROD9LGDGHORVGRFHFpVDUHVGH6XHWRQLR\DHQWUDGRHOVLJOR,,QRVGHPXHVWUDQTXHHO VLJORDQWHULRUWXYRTXHVHUHVSHFLDOPHQWHPRYLGR«WDQWRTXHVXHVWHODVHIXQGHFRQ HOÀQDOGHOVLJOR,,\ODPXHUWHGH0DUFR$XUHOLR~OWLPRJUDQHPSHUDGRU\ÀOyVRIR (Q PHGLR GH HVWH PDUDVPR GH OXFKDV LQWHVWLQDV PXHUWHV \ H[FHVRV GH HVWH VLJOR IXQGDPHQWDO/XFLR$QQHR6pQHFDQDFLGRHQODDQWLJXD&yUGREDDSULQFLSLRVGHOVLJOR ,\PXHUWRHQKLMRGH6pQHFDHO9LHMRFRQRFLGRFRPRRUDGRU²DXQTXHTXL]iPiV FRPRUpWRU²WDPELpQGHRULJHQKLVSDQRIXHXQÀOyVRIRIDPRVRHQVXpSRFD\GHELGR DHVRVHJUDQMHyQRSRFDVHQYLGLDV\DGPLUDFLRQHVDPLVWDGHV\HQHPLVWDGHV/DÀJXUD GH6pQHFDKDWUDVFHQGLGRDVXpSRFDFRPRSRFRVÀOyVRIRV\HVFULWRUHV\VXÀORVRItD HVWRLFD WUXIDGD GHFLHUWRHSLFXUHtVPRKDVLGRXQUHIHUHQWHDORODUJRGHODKLVWRULD VREUHWRGRHQODFRQWHPSRUDQHLGDG([SUHVLRQHVSRSXODUHVFRPR©HVHKRPEUHHVXQ 6pQHFDªGHPXHVWUDQHOFDODGRGHXQ©SHUVRQDMHªTXHHVELHQFRQRFLGR\KDVLGRXQ UHIHUHQWH D OR ODUJR GH PiV GH GRV PLO DxRV HQ OD KLVWRULD XQLYHUVDO HQ FRQFUHWR HQ 2FFLGHQWH,QFOXVRVHKDEOyGHXQKLSRWpWLFRFULVWLDQLVPRGH6pQHFDWDO\FRPRDSXQWD ODSURIHVRUD/HRQRU3pUH]*yPH]HQOD,QWURGXFFLyQGHODREUDTXHUHVHxDPRV 7DPELpQKD\HVFULWRVGHGXGRVDDWULEXFLyQRFLHUWDPHQWHHVSXULRVFX\RHMHPSORPiVIDPRVR HVODVXSXHVWDFRUUHVSRQGHQFLDHQWUH6pQHFD\3DEORGH7DUVRSURGXFWRGHXQDOH\HQGDTXH FRQWULEX\yDDXPHQWDUODUHSXWDFLyQGHOÀOyVRIRGXUDQWHOD(GDG0HGLDS &RPR VH VDEH 6pQHFD IXH HO SUHFHSWRU GH 1HUyQ SHUR DO LJXDO TXH ORV TXH URGHDURQDOHPSHUDGRUWLUDQRDFDEyVXIULpQGRORHQFDUQHYLYD\HOSURSLRSXSLOROH SLGLyTXHVHVXLFLGDUD$OJXQDVUHSUHVHQWDFLRQHVSLFWyULFDVHOHYDQODPXHUWHGH6pQHFD DODGHRWURVÀOyVRIRVDQWLJXRVFRPR6yFUDWHV$JULSLQDODQXHYDHVSRVDGH&ODXGLR² WUDVHODVHVLQDWRGH0HVDOLQD²\PDGUHGH1HUyQWDPELpQDFDEyPXULHQGRDPDQRVGH VXSURSLRKLMR<DVtSRGUtDPRVGHVDUUROODUXQHOHQFRQHIDQGRGHPXHUWHV\FUtPHQHV LQQRPEUDEOHV1RKD\TXHROYLGDUTXHODVLQWULJDVGH$JULSLQDFRPRDVLPLVPRKDEtDQ VLGRODVGH0HVDOLQDHVWDEDQHQVLQWRQtDFRQODVXVDQ]DVVDQJULHQWDV\PRQVWUXRVDV GH VXV SUHGHFHVRUHV HVSHFLDOPHQWH FUXHOHV D SDUWLU GH 7LEHULR < UHFRUGHPRV TXH 1HUyQKDEtDOOHYDGRDOFLUFRDVHQDGRUHV\FDEDOOHURVHFKiQGRVHSRUWDQWRHQFRQWUD ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD D ODV ROLJDUTXtDV TXH YHtDQ FyPR SDUD FRQWHQWDU DO SXHEOR FRQ PHGLGDV SRSXOLVWDV \GHPDJyJLFDVKDEtDFDUJDGRFRQWUDHOORVFRQWUDORVHVWDPHQWRVPiVVDJUDGRVTXH IXQGDPHQWDEDQODVRFLHGDGURPDQD $SDUWiQGRVHGHODVSURSXHVWDVDULVWRFUiWLFDVHQODVTXHODFLUFXODFLyQGHODOLWHUDWXUDHQJHQHUDO \GHOWHDWURHQSDUWLFXODUKDEtDHVWDGRUHGXFLGDDODVpOLWHVFXOWDV1HUyQDWHQGLyORVJXVWRVGHO JUDQS~EOLFRPXOWLSOLFDQGRORVHVSHFWiFXORVSDUDHOSXHEORHQXQSURFHVRHQHOTXHpOPLVPR QRGXGyHQFRQYHUWLUVHHQDFWRUFRPRWDPSRFRHQREOLJDUDVXELUDHVFHQDREDMDUDODDUHQDGHO FLUFRDPLHPEURVGHODDULVWRFUDFLDFDEDOOHURV\VHQDGRUHVTXHHQFRQWUDGHVXDQFHVWUDOGLJQLWDV VHFRQYHUWtDQHQGLYHUVLyQSDUDHOSXHEORFRQWUDYLQLHQGRVXVPiVSURIXQGRVSUHMXLFLRVS $VtODFRQMXUDSDUDPDWDUD1HUyQHVWDEDVLUYLpQGRVHHQORVFtUFXORVSDODFLHJRV \ GH OD DOWD VRFLHGDG URPDQD GH OD TXH SRU FLHUWR 6pQHFD VH KDEtD DSDUWDGR HQ XQ UHWLUR YROXQWDULR HQ YLHQGR TXL]i YHQLU OR TXH VH DYHFLQDED 1R REVWDQWH GH XQ PRGRXRWURVHYLRHQYXHOWRHQODFRQMXUDGH3LVyQ\ORFLHUWRHVTXHIXHURQPXFKRV ORVTXHPXULHURQDUDt]GHHVWDHQWUHHOORVWDPELpQ/XFDQRTXLHQVtVHVDEHTXHKDEtD SDUWLFLSDGRDFWLYDPHQWH\DTXHHOHPSHUDGRU²FHORVRGHVXSRHVtD²OHKDEtDSURKLELGR SXEOLFDU R UHFLWDU VXV YHUVRV SRU OR TXH DFDEy HQ ORV ~OWLPRV DxRV GLIDPDQGR \ VDWLUL]iQGROR /DKLVWRULDGH6pQHFD\GHOVLJOR,HVUHDOPHQWHDSDVLRQDQWHFRPRDSDVLRQDQWHV VRQ VXV 7UDJHGLDV FRPSOHWDV TXH DKRUD VH SUHVHQWDQ FRQ XQD WUDGXFFLyQ DVRPEURVD \ XQ DSDUDWR FUtWLFR GHVOXPEUDQWH \ TXH KDUi ODV GHOLFLDV GH OHFWRUHV DÀFLRQDGRV R LQYHVWLJDGRUHV TXH GHVHHQ DGHQWUDUVH HQ OD pSRFD \ HQ XQ O~FLGR DQiOLVLV GH OR TXH VLJQLÀFDQ SDUD OD KLVWRULD GH OD GUDPDWXUJLD GH OD WUDJHGLD \ GHO GUDPD HQ JHQHUDO OOHJDQGRKDVWDQRVRWURVVXVUHSHUFXVLRQHVSDUDHOSURSLR6pQHFD\SDUDODpSRFDHQ ODTXHIXHURQHVFULWDV6yORDFHUFDUQRVDOD,QWURGXFFLyQTXHODSURIHVRUD/HRQRU3pUH] *yPH] KD SUHSDUDGR SDUD HVWD HGLFLyQ \ OHHUQRV ODV PiV GH FLHQWR YHLQWH SiJLQDV HV XQ OXMR< GHVFRQHFWDPRV GH OD ©DFWXDOLGDGª OH\HQGR FRQ SODFHU XQ WH[WR TXH KD LQGDJDGRHQORVPLO\XQUHFRYHFRVGHXQDXWRU\GHXQDVREUDVTXHKDQVLGRGXUDQWH PiV GH GRV PLOHQLRV UHIHUHQFLD KR\ FRQYHQLHQWHPHQWH WUDGXFLGDV \ SXHVWDV DO GtD ²©DFWXDOL]DGDVª²HQXQDWUDGXFFLyQHQODTXHQRIDOWDQLXQGHWDOOH6HWUDWDFODURHVWi GHHVR 'HODVGLH]WUDJHGLDVTXHFRPSRQHQHOFRUSXVGUDPiWLFRTXHQRVKDOOHJDGR ODPD\RUtDVRQGHLQÁXHQFLDJULHJDGHDOWRFRWXUQR\OD2FWDYLDGHRULJHQURPDQR VLHQGRVXDXWRUtDGHHVWD~OWLPDODPiVGLVFXWLGD&DGDXQDGHHVWDVSLH]DVSRVHHXQD LQWURGXFFLyQHQMXQGLRVDDVXYH]TXHPDQWHQGUiHOLQWHUpV\SRQGUiODJXLQGDHUXGLWD DFDGDXQRGHORVYHUVRV\ODEHULQWRVWH[WXDOHVÀOROyJLFRVÀORVyÀFRVRGHDOJ~QRWUR WLSRHQWUHVDFDQGRORPiVLQWHUHVDQWHGHWRGRORTXHVHKDHVFULWRVREUHHODVXQWR(V DVRPEURVRHQHVHVHQWLGRODLQJHQWHFDQWLGDGGHPDWHULDOUHFRSLODGR 'LVIUXWDU GH FXDOTXLHUD GH HVWDV SiJLQDV ²VH WUDWD GH XQ YROXPHQ GH PiV GH ² HV OR TXH FXDOTXLHU DPDQWH GH OD OHFWXUD ²UHOHHU HQ HVWD QXHYD YHUVLyQ² HQ HVSDxRO SXHGH KDFHU D SDUWLU GH DKRUD HQ XQD HGLFLyQ HFRQyPLFD \ DFFHVLEOH HQ OD SUHVWLJLRVD HGLWRULDO &iWHGUD SDUD DSUHQGHU FRQFHSWRV EiVLFRV GH QXHVWUD FXOWXUD \ VHJXLUIRUPiQGRQRVRFRPSOHWDUODJXQDVHQRWURVFDVRVFRPRODGLYLVLyQUDWLRIXURU STXHVHKDSURSXHVWRSRUODFUtWLFDFRPRXQRGHORVPRWRUHVGHODVWUDJHGLDVR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD SODQWHDUTXHSUHFLVDPHQWHHOWHPDGHODVWUDJHGLDVVRQODVSDVLRQHV©(QHIHFWRVLQ SDVLRQHVQRKD\WUDJHGLDªS\TXHHVWDVHUDQODSLHGUDGHWRTXHGHORVHVWRLFRV SDUDFRQWURODUODVIUHQDUODVHQFLHUWRPRGRWDPELpQDKtFRLQFLGtDQFRQORVHSLF~UHRV\ PiVHQHOHVWRLFLVPRDOPRGRVXRGH6pQHFDTXLHQUHFDEyORPHMRUGHOÀOyVRIRGH6DPRV 2 LQWHUSUHWDU DOJXQDV GH HVWDV REUDV FRPR XQD FUtWLFD DO SRGHU GHVGH DOJXLHQ TXH VLHPSUHHVWXYRWDQDSHJDGRDOSRGHUGHVGHXQDDFWLWXGpWLFDTXHOHJXLy\TXHGHÀQLy HQVXV&DUWDVD/XFLOLR«6HDFRPRIXHUHVXSHQVDPLHQWRVXÀJXUDVXWUDVFHQGHQFLD KLVWyULFD\VXVWUDJHGLDVDKRUDIRUMDURQXQ©SHUVRQDMHªTXHFRQHOHMHPSORHQFDUQy XQDPDQHUDGHYLYLU\SHQVDUURGHDGRGHXQKDORGHYHUGDG\PHVXUDTXHQRSXGR LPSHGLU TXH 1HUyQ DFDEDUD DFWXDQGR FRQ VHYLFLD \ TXH HVWD IXHUD OD PRQHGD GH FDPELRGHXQDVRFLHGDGTXHKR\YHPRVFRPRDGPLUDEOH\GHWHVWDEOHDODYH]3RFR QRVTXHGDTXHDxDGLUH[FHSWRUHFRPHQGDUHVWDPDJQtÀFDHGLFLyQ\HVWDOHFWXUDHVWH DUUHEDWDGRUYROXPHQHQHOTXHVHQRVSXHGHLUPHGLDYLGDSDUDOHHUORSHURTXpGHFLU SDUDWUDGXFLUORHGLWDUVXVPLOHVGHSiJLQDVPLOHVGHQRWDVDSLHGHSiJLQD« -XDQ&DUORV$EULO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD $QWRQLR&KDV$JXLyQ&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQR GHOVLJOR;9$OHVVDQGULD(GL]LRQLGHOO·2UVRSS $QWRQLR&KDV$JXLyQ3URIHVRU7LWXODUGH/LWHUDWXUD(VSDxRODGHOD8QLYHUVLGDG GH 9LJR KD FHQWUDGR VX LQYHVWLJDFLyQ HQ OD OLWHUDWXUD PHGLHYDO HVSDxROD \ PiV FRQFUHWDPHQWHHQWRUQRDOVLJOR;9FRQSXEOLFDFLRQHVFRPR$PRU\FRUWH/DPDWHULD VHQWLPHQWDOHQODVFXHVWLRQHVSRpWLFDVGHOVLJOR;9-XDQ$OIRQVRGH%DHQD\ORVGLiORJRVSRpWLFRV GH VX FDQFLRQHUR R 3UHJXQWDV \ UHVSXHVWDV HQ OD SRHVtD FDQFLRQHULO FDVWHOODQD /D SUHVHQWH REUD&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQRGHOVLJOR;9VHVLW~DFRPR HOFXDUWRYROXPHQGHODFROHFFLyQ0HGLRHYR,VSDQLFRGLULJLGDSRU3LODU/RUHQ]R*UDGtQ \GHQWURGHOSUR\HFWR$XWRUHVHWH[WRVJDOHJRVQDSRHVtDFDVWHOiPHGLHYDOVXEYHQFLRQDGR SRUOD;XQWDGH*DOLFLD (VWD SXEOLFDFLyQ SUHVHQWD XQD DFWXDOL]DFLyQ \ DYDQFH GHO WHPD SRU SDUWH GHO DXWRUGDGDVXGHFODUDGDLQWHQFLyQGHYROYHUHQXQIXWXURVREUHHOPLVPR\HQXQ FRQWH[WRGHFUHFLHQWHLQWHUpVSRUSDUWHGHORVHVWXGLRVRVHQWRUQRDODSRHVtDFDQFLRQHULO FDPSRGHHVWXGLRHQHOTXHD~QH[LVWHQLPSRUWDQWHVODJXQDVTXHKDQGHVHUUHOOHQDGDV FRPRHVHOFDVRGHODYDULHGDG\KHWHURJHQHLGDGGHVXEWLSRVSRpWLFRV $ OR ODUJR GH ORV VLHWH FDStWXORV TXH OD LQWHJUDQ HVWD EUHYH H LQWHUHVDQWH PRQRJUDItD DFRJH XQ SHTXHxR \ VHOHFWR PXHVWUDULR GH HVWDV FDWHJRUtDV SRpWLFDV FDQFLRQHULOHVPLQRULWDULDVDJUXSDGDVHQWUHVVHFFLRQHVGHLQJHQLRGHLXUH\GHDPRUH 'HQWUR GH HVWD FODVLÀFDFLyQ VH HQFXDGUDQ SLH]DV GH SRHWDV GH FDQFLRQHUR GH PX\ GLIHUHQWHVJHQHUDFLRQHV\RUtJHQHVFRPRHQWUHRWURV9LOODVDQGLQR0HQD6DQWLOODQD ORV0DQULTXH(Q]LQD3HGURGH8UUHD /D GHQRPLQDFLyQ GH ´PLQRULWDULDVµ GHO WtWXOR OHMRV GH VHU HQ PRGR DOJXQR XQ PDUEHWH GHVSHFWLYR KDFH DOXVLyQ D TXH VH WUDWD GH PRGDOLGDGHV SRpWLFDV TXH FXDQWLWDWLYDPHQWHQRDOFDQ]DURQWDQWDGLIXVLyQHQORVFDQFLRQHURVGHODpSRFDFRPR SXHGHVHUHOFDVRGHFDQFLRQHVGH]LUHVYLOODQFLFRVSUHJXQWDV\UHVSXHVWDVURPDQFHV« TXHDGHPiVWDPELpQKDQVLGRREMHWRGHXQDDWHQFLyQPD\RUSRUSDUWHGHODFUtWLFD HVSHFLDOL]DGD (O SULPHU Q~FOHR GH LQJHQLR LQWHJUD WUHV FDStWXORV FRUUHVSRQGLHQWHV D WUHV VXEWLSRVSRpWLFRVGHÀQLGRVSULQFLSDOPHQWHSRUSUHVHQWDUXQFRPSRQHQWHGHDJXGH]D DGHPiV GH XQ DOWR JUDGR GH KDELOLGDG WpFQLFD SHUTXpV DGLYLQDQ]DV \ GLVSXWDV EXUOHVFDV7RGRVHOORVWH[WRVFDUDFWHUL]DGRVSRUDGRSWDUODHVWUXFWXUDGLDOyJLFD\DVHDQ GLIHUHQWHV SRHWDV ORV LQWHUORFXWRUHV FRPR HQ ODV DGLYLQDQ]DV \ GLVSXWDV EXUOHVFDV \D VHD XQ GLiORJR HVWDEOHFLGR SRU HO SRHWD FRQVLJR PLVPR FRPR HQ PXFKRV GH ORV SHUTXpV(QWRGDVHVWDVFRPSRVLFLRQHVVHSRQHHVSHFLDOPHQWHGHPDQLÀHVWRHOFDUiFWHU VRFLDO\GHMXHJRTXHORVKLFLHURQWDQSRSXODUHVFRPRSDVDWLHPSRFRUWHVDQR (O VHJXQGR DSDUWDGR GH LXUH LQFOX\H GRV FDWHJRUtDV PX\ UHYHODGRUDV GH XQ LPSRUWDQWHUDVJRGHODSRHVtDFDQFLRQHULOTXHHVODFDSDFLGDGSDUDLQWHJUDUPDWHULDOHV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD SURFHGHQWHVGHPX\GLYHUVDVIXHQWHV\TXHJHQHUDOPHQWHQRVHFRQVLGHUDDSWRVSDUDOD FRPSRVLFLyQOLWHUDULDHQFRQFUHWRDTXtWUDWDORVSURFHVRVMXGLFLDOHV\ORVWHVWDPHQWRV 6H WUDWD GH XQD GHPRVWUDFLyQ PiV GH OD LQFRPSDUDEOH FUHDWLYLGDG \ FDSDFLGDG GH H[SHULPHQWDFLyQTXHGHPXHVWUDQORVSRHWDVGHORVFDQFLRQHURVDGHPiVGHPRVWUDUVX LQFUHtEOHIDPLOLDUL]DFLyQFRQODUHDOLGDGMXUtGLFDGHODpSRFD 3RU ~OWLPR HQ GH DPRUH &KDV $JXLyQ H[SORUD ORV JpQHURV TXH XWLOL]DURQ ORV GLVWLQWRV DXWRUHV SDUD SODVPDU ODV FDUDFWHUtVWLFDV GH VX HVSHFtÀFD FRQFHSFLyQ GH OD DIHFWLYLGDG ORV PDQXDOHV GH JHQWLOH]D \ ODV GHÀQLFLRQHV GH DPRU /RV PDQXDOHV LQFOX\HQ XQD JUDQ YDULHGDG GH UHÁH[LRQHV \D VHDQ GHVGH XQD ySWLFD VHULD R ELHQ SDUyGLFDVREUHHOFRPSRUWDPLHQWRDGHFXDGRGHOJDOiQHQODFRUWHGHPRVWUDQGRDVtHO DOWRJUDGRGHFRGLÀFDFLyQTXHKDEtDQDOFDQ]DGRHVWRVHVSDFLRVDÀQDOHVGHOVLJOR;9 $GHPiVGHHVWRORVSRHWDVH[SORUDQWRGDVODVSHUVSHFWLYDVGHOIHQyPHQRGHODPRU GHWHQLpQGRVHDHQXPHUDUVXVHIHFWRVSURSLHGDGHVFRQGLFLRQHV\FRQVHFXHQFLDVHQOR TXHVHGHQRPLQDQ´GHVFULSFLRQHVGHDPRUµ &DGDXQRGHHVWRVVLHWHFDStWXORVGHGLFDGRVDFDGDWLSRGHFRPSRVLFLyQSUHVHQWD XQDHVWUXFWXUDVLPLODUFRPHQ]DQGRFRQXQHVWDGRGHODFXHVWLyQTXHJHQHUDOPHQWH VLUYHSDUDSRQHUGHPDQLÀHVWRODHVFDVDLQIRUPDFLyQTXHRIUHFHQODVSUHFHSWLYDVGHOD pSRFD\ODHVFDVDYDORUDFLyQRIUHFLGDSRUORVWH[WRVGHOPRPHQWR$VtPLVPRFXDQGR HVSRVLEOHHODXWRUH[SRQHORVDQWHFHGHQWHVGHODWLSRORJtDHQFXHVWLyQ\HODERUDXQDV WDEODVTXHSODVPDQGHIRUPDPX\FODUD\UHYHODGRUDDVSHFWRVWDOHVFRPRODGLIXVLyQ RHOLQWHUpVVXVFLWDGRSRUHVWDVFDWHJRUtDVHQGLVWLQWRVPRPHQWRVGHODHYROXFLyQGH ODSRHVtDFDQFLRQHULO$GHPiVWLHQHHQFXHQWDODQHFHVLGDGGHGHÀQLUODVSDUWLFXODUHV FDUDFWHUtVWLFDVGHFDGDVXEFRQMXQWRGDGRTXHPD\RULWDULDPHQWHHVWDVFUHDFLRQHVQR HVWiQOLJDGDVDQLQJXQDPpWULFDÀMDVLQRTXHVHGHÀQHQSRUVXWHPiWLFDDH[FHSFLyQ GHOSHUTXp 7UDV HVWDV WUHV UHYHODGRUDV FDWHJRUtDV GH OD SRpWLFD FDQFLRQHULO PLQRULWDULD VH VLW~DXQDELEOLRJUDItDTXHD~QVLQOOHYDUODSUHWHQVLyQGHVHUXQDQyPLQDH[KDXVWLYD GH SXEOLFDFLRQHV HQ WRUQR D OD SRHVtD GH FDQFLRQHUR VLQR WDQ VROR OD HQXPHUDFLyQ RUGHQDGDGHODVUHIHUHQFLDVFLWDGDVDORODUJRGHODREUDLQFOX\HXQJUDQQ~PHURGH REUDVTXHPXHVWUDQHOJUDQULJRU\GHGLFDFLyQFRQTXHHODXWRUKDLQYHVWLJDGRHOWHPD \SUHSDUDGRODSXEOLFDFLyQ (QGHÀQLWLYD&DWHJRUtDVSRpWLFDVPLQRULWDULDVHQHOFDQFLRQHURFDVWHOODQRGHOVLJOR;9 HVXQDREUDLPSUHVFLQGLEOHSDUDDTXHOORVTXHTXLHUDQDKRQGDUHQHOFRQRFLPLHQWRGHOD SRpWLFDFDQFLRQHULOHVSHFLDOPHQWHHQORVDVSHFWRVPHQRVFRQRFLGRV\PiVGHVFXLGDGRV SRUODFUtWLFDKDVWDDKRUD $QD0DUtD0DULxR$ULDV ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 5DIDHO)RPEHOOLGD9LROHWDSURIXQGR6HYLOOD5HQDFLPLHQWRSiJV 5DIDHO )RPEHOOLGD 7RUUHODYHJD &DQWDEULD QRV WLHQH DFRVWXPEUDGRV D XQDSRHVtDGHLQWHQVLGDGHQODTXHODSDODEUDVHFRQGHQVDKDVWDFUHDUXQDDWPyVIHUD FRQPXFKRVPDWLFHVVHPiQWLFRV(OFKRTXH\ODFRQFHQWUDFLyQFRQODVTXHREOLJDDODV SDODEUDVSURGXFHHVDSROLVHPLD6XVREUDVPiVUHFLHQWHVKDQGDGRGHTXpKDEODUHQORV OHFWRUHV\ODFUtWLFDFRPRVRQ'HXGDVGHMXHJR1RUWHPDJQpWLFR\&DQFLyQ RVFXUD3HURVLQGXGDDOJXQDHQ9LROHWDSURIXQGRVX~OWLPDHQWUHJDSXEOLFDGDHQ ODSRHVtDGH)RPEHOOLGDKDGDGRXQVDOWRGHFXDOLGDGTXHHOOHFWRUDJUDGHFH\D TXHHQHOPHUFDGRDFWXDOKD\XQtQGLFHGHLQÁDFLyQHGLWRULDOGHPDVLDGRDPSOLRFRQ WDQWRVWtWXORVÁRMRVHLQVXVWDQFLDOHV 'HHVWHPRGRHOFDPELRHQHOFRQMXQWRGHODWUD\HFWRULDSRpWLFDGH)RPEHOOLGD SRGUtD UHVXPLUVH HQ WRUQR D FXHVWLRQHV GH HVWUXFWXUD QR WDQWR HVWLOtVWLFDV ²VLJXH SUHGRPLQDQGR HO HQGHFDVtODER EODQFR HQ WLUDGDV GH PHGLDQD H[WHQVLyQ² VLQR HQ HO VHQWLGR GH TXH DIHFWDQ D OD HVWUXFWXUD SURIXQGD GHO WH[WR GLFKR VHD GH SDVR SDUDIUDVHDQGRHOWtWXORGHOSRHPDULRODVROWXUDUtWPLFDGHODPD\RUSDUWHGH9LROHWD SURIXQGRLQÀHUHRWUDQDUUDWLYLGDG²VHJ~QHVWiEDPRVDFRVWXPEUDGRV²\WRGRHVRSXHGH VHUH[SOLFDGRDSDUWLUGHXQUDSWXVGHDOWDVGLPHQVLRQHVTXHKDJXLDGRDODXWRU+D\ XQDQWHV\XQGHVSXpVHQODREUDGH)RPEHOOLGDFRQHVWHOLEUR\EXHQDPXHVWUDGH HVWR VRQ SRHPDV FRPR ©&ROHFFLyQ SDUWLFXODUª SS ©/D FXHQWD GHO EHEHGRUª SS©$LOOHXUVªSS©$UUHGRUGDLOODªS©+XLUDOOiªS©4XLHW 6RQJª SS HWFpWHUD 6LJXLHQGR FRQ HO HQGHFDVtODER EODQFR HQ HO TXH VH KDQ DOWHUQDGR UDUDV YHFHV RWURV PHWURV LPSDUHV HO SRHWD HQVD\D XQD HVWUXFWXUD LQWHUQD TXHYDPiVDOOiGHO©FRUVpªHOHJLGRFRQORTXHHOUHVXOWDGRQRSXHGHVHUPiVIHOL] <SUHFLVDPHQWHHOFLWDGR©+XLUDOOiªSRGUtDLQGLFDUQRVODLQWHQVLGDGGHOUDSWXVHQHO GREOHVHQWLGRGHIXJD\UDSWRGHOELQRPLRTXHFUHDQHYDVLyQHLQVSLUDFLyQ/DYLGD ²©4XpPRGHVWRHVYLYLU\TXpSRFRVHSUHFLDªQRVGLFHHOSRHWDHQHOPLVPRSRHPD² YLYLGD FRPR XQD DYHQWXUD SDUD SURWHJHUQRV GH OD LQGROHQFLD \ HO DEXUULPLHQWR GHO WHGLRGHODFRWLGLDQLGDGLQVXOVD\HOQLKLOLVPRTXHQRVUHFRUUH/DYLGDTXHWHQHPRV\ TXHSRUWHQHUODQRDSUHFLDPRV8QDYLGDHQODTXHHODPRUHVODSLHGUDDQJXODUSDUD GLVIUXWDUOD3ODJDGRSRUHVWRGHXQKRQGRYLWDOLVPRODYLVLyQ~OWLPDGHORVSRHPDV VXHOHHVWDUPDWL]DGDSRUXQDPDUJRSHVLPLVPR©(OPXQGRHVXQSXxDGRGHQLHYH\ URGDGXUDVXQDYHQWDFLHJDXQOXJDUVLQKRJDUª,EtG(VWHSRGUtDVHUHOHMHLQWHUQR TXH PRWLYD HVD HVWUXFWXUD \ TXH RWRUJD HQ VX FRPELQDFLyQ HVH ULWPR GLVWLQWR TXH KHPRVGHVFXELHUWRHQHOFRQMXQWRGHOOLEUR$VtKDEUtDXQDFRUUHVSRQGHQFLDHQWUHOD HVWUXFWXUDIRUPDOHOHJLGDODVDOWHUQDQFLDVUtWPLFDVVHxDODGDV\ODVGXUDVUHÁH[LRQHV\ FRQFOXVLRQHVDODVTXHOOHJD 3RUTXHOODPDODDWHQFLyQ\HVRVtTXHQRHVQDGDQXHYRHQODSRHVtDGH)RPEHOOLGD ODXQLGDGWHPiWLFD²GHIRQGR²GHOSRHPDULRGHOTXHSRGUtDPRVHQWUHVDFDUDOJXQRV GHVXVDVSHFWRVYHUWHEUDGRUHVFRPRSRGUtDVHUHOGHODOX]DSDUWLUSUHFLVDPHQWHGHO WtWXOR\GHVXUHIHUHQFLDYHVSHUWLQDFRQWUDSXHVWDDODPDQHFHUODFXDOLPSRQHXQWRQR FUHSXVFXODU\GHFDGHQWHTXHLPSUHJQDRIRUPDSDUWHGHHVHSHVLPLVPRDOXGLGR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD /D KRUD YLROHWD OD KRUD HQ OD TXH VH LQVHUWD HO OLEUR HV OD KRUD HQ OD TXH ODV PHODQFROtDVDSDUHFHQ&RPLHQ]DWDPELpQORVPLHGRV1RVyORQRVDGHQWUDPRVHQOD QRFKHVLQRTXHQRVGHVSHGLPRVGHODOX]/DQRFKHHVHVHOXJDULQKyVSLWRFHUFDQRDOD PXHUWH\HOGtDVRORSXHGHVHUVXFDUDRSXHVWDODYLGD3RUHVRODFRQFLHQFLDGHHVH DWDUGHFHUQRVVXPHUJHHQXQDFRQFLHQFLDGHVHVSHUDGD\SDVLRQDODYHFHVQHFHVDULD SHUR TXH QRV GDxD ©4Xp KDUtD VLQ WL VXIULU VL WH SHUGLHUDª S /D FRQFLHQFLD ² SDWROyJLFDHQHOVHQWLGRHWLPROyJLFRGHOWpUPLQR²GHOSRHWDFRQOOHYDXQDPRUDOTXH D SHVDU GH WRGR QRV LQYLWD D YLYLU 6LQ HPEDUJR ORV SRHPDV HQ ORV TXH OD OX] GH OD PDxDQD DSXQWD FRPR EHQHIDFWRUD QR D\XGDQ GHPDVLDGR FRPR SRU HMHPSOR HQWUH RWURVHO©$OEDGHOUHQHJDGRªSRHO©$OEDGHOQHJOLJHQWHªS©¢$TXpKDV YHQLGRDOEDVLQRSDUDÀMDUQRVHQWXDSORPR\FDQWDUWXEDODGDVREUHHOFHxR GH XQ DUFiQJHO PLWDG GHVREHGLHQWH"ª ,EtG (Q PHGLR GH DPERV WH[WRV VH HQPDUFD ©ÉUERO GH QRFKHª SS XQ FDQWR D OD RVFXULGDG \ D OD PRUWDOLGDG D QXHVWUD YXOQHUDELOLGDGGRQGHDSDUHFHQDOJXQRVGHORVVLJQRVPiVGHVWDFDGRVGHOSRHPDULR FRPRVRQODFDGXFLGDGHOHQYHMHFLPLHQWRODHQIHUPHGDGHOYDFtR«©ÉUEROGHQRFKH PDJQR\FUXGRHVWHF~PXORGHPtVHDUURSDHQWXHVSOHQGRUªDFDED(OGtSWLFR©/D DORQGUDHOUXLVHxRUªSSYHQGUtDDUHVXPLUHVWDVGRVOXFHVTXHVRQODVPLVPDV SHUR HQ FODYH RSXHVWD \ TXH VLPEROL]DQ OR PLVPR SHUR HQIUHQWDGDV HQIUHQWiQGRVH HQODSURSLDFRQFHSFLyQGHVXRULJHQXQDTXHQDFH\RWUDTXHPXHUHVLELHQHQ©/D DORQGUDªSODYR]SRpWLFDQRVHHVFXGDHQHVSHUDQ]DVYDQDV\SRUHVR©([SOLFDUOR HVVHQFLOOR9R\SHUGLHQGRIHHQHODPDQHFHUªLEtG /ODPD WDPELpQ OD DWHQFLyQ TXH HQ PXFKRV SRHPDV HO YRFDEXODULR HOHJLGR LPSULPHDYHFHVFLHUWRIHtVPRTXHVHWUDGXFH²HQWHQGHPRV²FRPRFUXGH]DWDO\FRPR UH]DHQHOYHUVRFLWDGRGH©ÉUEROGHQRFKHª1RHVFDVXDOODHOHFFLyQGHHVWHPDWHULDO DYHFHVGHVDJUDGDEOH\TXHSRQHXQDQRWDFRORULVWD\H[WUDYDJDQWHFRPRVLGHXQD SLQWXUDRWH[WRH[SUHVLRQLVWDVHWUDWDUD2ULQHVPHDGRVKHFHVSXWUHIDFFLyQS~VWXODV OODJDVHWFpWHUDDSDUHFHQHQQXPHURVDVRFDVLRQHVGHPDQHUDFRQVFLHQWHHQWURQFDQGR FRQHVDSRVLEOHHVWDPSDGHODPLVHULDVRFLDOFRPRHQWUHRWURVHQ©&RQVRODFLyQDEDMRª ©(VWDFLXGDGGHQRFKHHVSHOLJURVD+D\QDYDMDVWULIXOFDVERUUDFKHUDVªSR HQHO©H[WUDUUDGLRªGH©4XLHW6RQJªSTXHWLHQHPXFKRTXHYHUFRQODPLVHULD PRUDOLPSHUDQWH+D\XQDFRUUHODFLyQHYLGHQWHFRQODGHJUDGDFLyQGHOLQGLYLGXR²HQ VXYHUWLHQWHPiVPDWHULDOFRUSRUDO²\ODGHJUDGDFLyQGHODVRFLHGDG\GHOPXQGRTXH VHFRUURPSH©FDVLªSRUQDWXUDOH]D\VLQUHPHGLR 3DUDFRQFOXLUQRVJXVWDUtDUHVDOWDUTXH9LROHWDSURIXQGRVHGLYLGHHQGRVSDUWHV FRQVFLHQWHPHQWHGHVHTXLOLEUDGDVHQFDQWLGDGGHSRHPDV©&DPSRGH0DUWHª\©/D EHOODKRPLFLGDª/DDUTXLWHFWXUDGHOOLEURKDEODSRUVtVROD\D\XGDHQODLQWHUSUHWDFLyQ GHO FRQMXQWR (Q OD SULPHUD SDUWH VH GHVDUUROOD HVD OXFKD \ OD VHJXQGD VHUtD FRPR XQDVXHUWHGHVDOLGDFRQUHYHUEHUDFLRQHVJyWLFDV²DOPiVSXURHVWLORDQJORVDMyQ²TXH KDFHQPiVDWUDFWLYDODOHFWXUDJOREDO(OFDPELRHVWUyÀFRTXHHVWDVHJXQGDSDUWHSRVHH FRQXQRVSRHPDVTXHVHVDOHQGHODWyQLFDGHOSRHPDULRHQWURQFDFRQHVRVKDOOD]JRV UtWPLFRVGHODSULPHUDSDUWHVHxDODGRV\RIUHFHQXQFRQWUDSXQWRQDGDGHVGHxDEOH(Q VXPDFRQVWUXFFLyQWH[WXDO\XQLGDGIRUPDOVRQFODYHVSDUDOHHUXQOLEURTXHDEXHQ VHJXUROODPDUiODDWHQFLyQGHOHFWRUHV\UHFRPHQGDPRVYLYDPHQWH -XDQ&DUORV$EULO ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD 0DQXHO&LIR*RQ]iOH]HG/DVFXDWURHVWDFLRQHV+RPHQDMHD3HGUR*DUFtD0RQ WDOYR0XUFLD8QLYHUVLGDGGH0XUFLDSS /RVOLEURVGHKRPHQDMHVQRVLHPSUHFRQVLJXHQHOREMHWLYRGHGHMDUXQDVHPEODQ]D GHOSHUÀOLQWHOHFWXDOGHOSURIHVRUTXHUHFLEHHOUHFRQRFLPLHQWRGHVXVFRPSDxHURV\ DPLJRV3XHVWRTXHVHWUDWDGHXQDÀJXUDSUR\HFWDGDWDQWRHQHODVSHFWRGHODFUtWLFD \GHODQiOLVLVGHOGLVFXUVRQDUUDWLYRFRPRHQODSURGXFFLyQOLWHUDULDHQHVHJpQHUROD IRUPDGHHVWHOLEURSDUHFHVHUYLUDOSURSyVLWRGHREVHUYDUHVDGREOHIDFHWDGHFUHDGRU OLWHUDULR \ PDHVWUR GH OD WpFQLFD GH FRPSRVLFLyQ &LHUWDPHQWH ODV REUDV FRQ ODV TXH DMXVWDHOOHQJXDMHHQXQHVWLORSURSLRQRVRORKDQGHVSHUWDGRLQWHUpVHQWUHHOS~EOLFR OHFWRUVLQRTXHKDQVLGRREMHWRGHYDULRVHVWXGLRV3RUHVRQRVRUSUHQGHODGLIHUHQFLD HQWUH ODV FRQWULEXFLRQHV TXH VH UHFRJHQ SDUD HO KRPHQDMH 3RU XQ ODGR QDUUDFLRQHV EUHYHV\XQDPXHVWUDSRpWLFDSRURWURHVWXGLRVFUtWLFRVVREUHODVQRYHODV\FXHQWRV GH *DUFtD 0RQWDOYR OD WpFQLFD GLGiFWLFD HQ XQ iPELWR GH E~VTXHGD GH PpWRGRV \ UHVXOWDGRVÀQDOPHQWHDOJXQDVFRQWULEXFLRQHVGHWHPiWLFDOLWHUDULD\UHWyULFD (O WtWXOR FRUUHVSRQGH WDPELpQ D HVD YDULHGDG TXH UHÁHMD ODV GLVWLQWDV IDFHWDV TXHSUR\HFWDQODLPDJHQGHXQDDFWLYLGDGLQWHOHFWXDOULFD\FRPSOHMDDOWLHPSRTXH UHPHPRUD XQD FROHFFLyQ GH FXHQWRV LQDXJXUDO GH OD HWDSD GH UHVLGHQFLD OLWHUDULD HQ 0XUFLDODSULPDYHUDHQYLDMHKDFLDHOLQYLHUQR'HRWUDSDUWHORVHVWXGLRVFUtWLFRVGDQ FXHQWDGHORVUDVJRVTXHGHÀQHQHOPRYLPLHQWROLWHUDULRGHHVDHWDSDGHFUHDFLyQDODTXH VHXQLyGHPDQHUDHQWXVLDVWD*DUFtD0RQWDOYR6HWUDWDGHXQDQDUUDWLYDGHVFULSWLYD FRQUHFXUVRVTXHUDOHQWL]DQHOULWPRQRYHODVGHSHUVRQDMHHQFX\DVGHVFULSFLRQHVVH SRWHQFLDHOVLPEROLVPRHQGLIHUHQWHVSODQRV7$OEDODGHMR$$OEHUWXV(0RURWH-RVp %HOPRQWH7&DUR0*RQ]iOH]&(VFXGHUR3*DUFtD00DUWtQH]-/0DUWtQH] -2UUL]R(6iQFKH]5RVLOOR\$7UDSLHOORH[SOLFDQFRPROHFWRUHV\FUtWLFRVVXYLVLyQ GHODREUDGH*DUFtD0RQWDOYR'HVGHODH[SHULHQFLDGHORVHVFULWRUHVGHSRVJXHUUD OD ODUJD HYROXFLyQGHODOLWHUDWXUD GHOVLJOR;;HVSDxROVHGLEXMDFRQVXVDFFLGHQWHV SURSLRV3HURWDPELpQHVWRVHVWXGLRVGHMDQELHQSDWHQWHODIXJD]SUHVLyQGHODOLWHUDWXUD HXURSHD PRGHODED ODV IRUPDV QDUUDWLYDV TXH DGPLWHQ DQWHFHGHQWHV D YHFHV OHMDQRV FRPRVRQORVGHODOLWHUDWXUDFOiVLFDRUHQDFHQWLVWDRWUDVHOJXVWRSRUODVVHQVDFLRQHV FRPSDUWLGDVDWUDYpVGHODUHFUHDFLyQHQSDODEUDV $OJXQRV SiUUDIRV HVFULWRV SRU ORV DPLJRV SRGUtDQ VHUYLU SDUD HQULTXHFHU XQD VHPEODQ]DELRJUiÀFDSXHVFDGDXQRUHFRJHODVLPSUHVLRQHVTXHODPHPRULDGHFDGD FXDODWHVRUDXQDXWRUYLVWRGHVGHIXHUDGHVXREUDTXHYLDMD\HYROXFLRQDDPHGLGD TXHDYDQ]DHQVXYLDMH6LQHPEDUJRODUHODFLyQGHHVWDSHULSHFLDYLWDOFRQODKLVWRULD OLWHUDULDHQODTXHHOHVFULWRUVHKDLQVHUWDGRSURSRUFLRQDUiXQDFFHVRIiFLODFXDQWRV VH LQWHUHVHQ SRU HVWD REUD QDUUDWLYD 'H DKt OD XWLOLGDG TXH VXSHUD OD DQpFGRWD HO KRPHQDMHODFLUFXQVWDQFLDHQTXHHVWHOLEURDSDUHFH &HOLD5RSHUR6HUUDQR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD )UDQFLVFR$UHQDV'ROoHG5HWyULFD\GHPRFUDFLD3HUVSHFWLYDVFUtWLFDVVREUHHOHV WDGRGHODLQYHVWLJDFLyQ9DOHQFLD,QVWLWXFLy$OIRQVHO0DJQDQLPSS $PiVGHWUHLQWDDxRVGHGLVWDQFLDGHODVHQWDPLHQWRGHODGHPRFUDFLDHQ(VSDxD DOJXQDVYRFHVVHDO]DQUHFODPDQGRXQDGHSXUDFLyQGHODVDGKHUHQFLDVTXHVHOHKDQ LGR LQFUXVWDQGR HQ HO HQJUDQDMH GH VXV LQVWLWXFLRQHV 7DO YH] KR\ ODPHQWDPRV HO GHVFXLGRGHODWHQGHQFLDDODUHFXSHUDFLyQGHODUHWyULFDSDUODPHQWDULDHQORVSULPHURV DxRVHQORVTXHHOFXLGDGRGHODSUHVHQWDFLyQGHSURSXHVWDVGHOGLiORJRS~EOLFRHQWUH RSLQLRQHVGLYHUVDVSUHWHQGtDHVWDEOHFHUXQDFRVWXPEUHGHUHVSHWRGHOOHQJXDMH\GHODV IRUPDVH[SUHVLYDV 3RUHVRHOOLEURTXHSUHVHQWDPRVHVDQWHWRGRXQDOODPDGDGHDWHQFLyQVREUHOD IXQFLyQGHODUHWyULFDHQHOFXLGDGRGHXQDGHPRFUDFLDVDQD\~WLOSDUDXQDDGHFXDGD JHVWLyQ GH ORV DVXQWRV S~EOLFRV 1R VROR OD IDOWD GH DUJXPHQWDFLyQ ORV WLWXODUHV OODPDWLYRV VLQ IRQGR DUJXPHQWDO \ HO DGHOJD]DPLHQWR GHO YRFDEXODULR SROtWLFR GHVYLUW~DQHOLQWHUFDPELRGHLGHDVVLQRVHQWHQFLDQSRUDGHODQWDGRWRGDSRVLELOLGDG GH DFHSWDU OD SRVLFLyQ GH ORV TXH SLHQVDQ GLIHUHQWH &LHUWDPHQWH HV PiV IXHUWH HO PDO HMHPSOR GH ORV SROtWLFRV TXH SUHVXPHQ GH GHPyFUDWDV \ GDQ OD HVSDODGD D ORV LGHDOHVTXHGHIHQGLHURQRWURVGHEXHQDIH3HURVDOYDGDODFRKHUHQFLDHQWUHOHQJXDMH \FRPSRUWDPLHQWRHOSULPHURGHEHUtDVHUFRQVLGHUDGRXQDSUHIHUHQFLDREOLJDGDGHOD FRQYLYHQFLDVRFLDO\GHODDFWLYLGDGSROtWLFD (QODVSULPHUDVOtQHDVGHOHVWXGLRSUHOLPLQDUVHSUHVHQWDODGHPRFUDFLDEDMRHO UDVJRGHODFRRSHUDFLyQ/DGLIHUHQFLDHQWUHHOHQIUHQWDPLHQWRGLDOpFWLFR\ODFRRSHUDFLyQ HVHYLGHQWH(OGLiORJRTXHDKRQGDHQHOFRQRFLPLHQWRPXWXRVHHQULTXHFHHQXQJUDGR VXSHULRUFRQODFRRSHUDFLyQTXHUHFRQRFHHOYDORUGHODVGLIHUHQWHVSHUVRQDV\DJHQWHV VRFLDOHVTXHSUHVHQWDQVXVSURSXHVWDVHQODOHDOWDGDXQREMHWLYRFRP~Q6LQGXGDHVWH LGHDOpWLFRQRSXHGHHVWDUYDFtR/DHGXFDFLyQHQHOUHVSHWRHVWRGDYtDXQDDVLJQDWXUD SHQGLHQWHHQQXHVWUDVRFLHGDGHQODTXHPXFKRVVHFRQVLGHUDQFRQGHUHFKRDDWURSHOODU DORVGHPiV3RUHVRODDSRUWDFLyQGHHVWHOLEURGHVGHODDWDOD\DGHODLQVWLWXFLyQTXH OR SXEOLFD GHEH DOFDQ]DU ORV HVSDFLRV \ ODV PHQWHV GH ORV TXH WRGDYtD FUHHQ HQ ORV UHFXUVRVGHQXHVWUDVRFLHGDGSDUDFRQVWUXLUXQDHVWUXFWXUDGHFRQYLYHQFLDPiVVyOLGD \UHVLVWHQWHHQHOPDUGHLQWHUHVHVTXHDPSDUDGRVHQXQUHFODPRGHDGDSWDFLyQDOD PRGHUQLGDGURPSHQFRQWUDODVPiVÀUPHVFRQYLFFLRQHV (OFRQFHSWRGHKXPDQLVPRFtYLFRTXHVHFRPHQWDHQVXVSiJLQDVVXSRQHXQD UHFUHDFLyQGHXQLGHDOGHFLXGDGDQRSDUWLFLSDWLYRTXHFRQItDHQXQDUHGGHUHODFLRQHV LQVWLWXFLRQDOHVDODPHGLGDGHOKRPEUHSHUPHDEOHVDODVFDPELDQWHVVLWXDFLRQHVTXH SXHGDQVREUHYHQLU3HURSDUDFRQWUDVWDUHVWDLGHDHOOLEURQRVRIUHFHHOFRQWUDVWHGH DTXHOORVIXQGDPHQWRVGHOGHVDUUROORGHODUHWyULFDTXHVHHQFXHQWUDQHQOD$QWLJHGDG /D$WHQDV FOiVLFD R OD RUDWRULD FLFHURQLDQD VH HULJHQ FRQ XQ QXHYR SHUÀO SDUD JXLDU QXHVWUDUHÁH[LyQVREUHORVSUREOHPDVFRQWHPSRUiQHRVGHQXHVWUDVGHPRFUDFLDV'HVGH ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD HOSXQWRGHYLVWDÀORVyÀFRODUHWyULFDRIUHFHXQDLQWHUSUHWDFLyQGHODYLGD\GHOYLYLU -HV~V&RQLOOHPHUJLHQGRGHODSRHWL]DFLyQLQWUtQVHFDGHODSRHWL]DFLyQYLWDO-RVp/XLV 5DPtUH]FRUURERUDHVWDDSUR[LPDFLyQDODFDSDFLGDGKXPDQDSDUDODUHWyULFDKDVWDOD GLPHQVLyQGHOVHUKXPDQRFRPRDQLPDOUHWyULFR6LVHWUDWDGHXQDUHDOLGDGGHOVHU KXPDQRQRHVH[WUDxRTXHQRVUHPRQWHPRVPiVDOOiHQHOWLHPSR\PiVOHMRVGHORV HVSDFLRVGHOD+pODGHDQWLJXDSDUDHQFRQWUDUHVER]RVGHORVYDORUHVTXHVRVWHQtDQOD DXWRULGDG GHO FRQVHMR GH DOJXQRV PLHPEURV GH OD FRPXQLGDG FX\DV FRQVHFXHQFLDV VHWUDVODGDEDQJHQHUDFLyQWUDVJHQHUDFLyQGHVGHODLQYHQFLyQGHODOLWHUDWXUDHVFULWD HQ HO ,9 \ ,,, PLOHQLR 'H HVWRV HVFULWRV GHGXFH /XLV )ROJDGR %HUQDO ODV QRUPDV GH SUHSDUDFLyQRUDWRULDHQ6XPHU 3DUDHOPXQGRJULHJRODKDELWXDOFRQWXQGHQFLDFRQTXH)UDQFLVFR5RGUtJXH] $GUDGRVGHÀHQGHODDFWXDOLGDGGHOSULPHULPSXOVRGHPRFUiWLFRHXURSHRHQODFXQD GHODFLYLOL]DFLyQJULHJDVHH[SUHVDGHQXHYRFXDQGRUHFXHUGDODpSRFDGHOHDOWDGHQOD TXHQRKDEtD´XQKXHFRSDUDH[WUHPLVWDV\UHYROXFLRQDULRVQLSDUDLQGHSHQGHQWLVWDVµ 7DOYH]HQODGHULYDGHQXHVWUDVGHPRFUDFLDVGHOVLJOR;;QRSUHSDUDGDVSDUDFRQWHQHU ODV HQRUPHV LQMXVWLFLDV VRFLDOHV UHVXOWDQWHV GH ODV FDWiVWURIHV \ GH ODV GHVLJXDOGDGHV KDQIRU]DGRODHQWUDGDSDWHQWHDORVGHIHQVRUHVGHORVSHUMXGLFDGRVSRUHVRVDJUDYLRV 8QDVRFLHGDGMXVWDQRQHFHVLWDUtDUHFRUGDUORVGHVDVWUHVGHOSDVDGR6LQHPEDUJRHO SURIHVRU$GUDGRVH[SOLFDEDPX\ELHQODWUDLFLyQDORVLGHDOHVpWLFRVGHOD$WHQDVFOiVLFD TXHFRQGXMRDODGHUURWDGHOD*XHUUDGHO3HORSRQHVR\DODSpUGLGDGHODOLEHUWDGGH *UHFLD/DFUtWLFDGHORVJUDQGHVDXWRUHVGHOWHDWURFOiVLFRSRGUtDKDEHUHYLWDGRWDOHV FDODPLGDGHVVLKXELHUDVLGRHVFXFKDGD3UHFLVDPHQWHHQHVWHJpQHURVHGHVDUUROOyOD DUJXPHQWDFLyQ\HOXVRGHOOHQJXDMHHQODGLVFXVLyQGHSRVWXUDVHQIUHQWDGDV(OPHQVDMH GHHVWHFDStWXORUHFXHUGDFyPRHOHUURUKXPDQRTXHQRHVXQSUREOHPDH[FOXVLYRGH ODLGHRORJtDGHPRFUiWLFDDXQTXHVLQGXGDORTXHVHHQWHQGtDSRUGHPRFUDFLDHQOD $QWLJHGDGWLHQHLPSRUWDQWHVGLIHUHQFLDVSRUORTXHFRQRFHPRVKR\FRQHVHQRPEUH VXHOHVHUROYLGDGR\QRVHFRUULJH /DGHOLEHUDFLyQSROtWLFDTXHQRHVHOFRQVWDQWHHQORVPHGLRVGHFRPXQLFDFLyQ ´VHQWDUVH D QHJRFLDUµ LPSOLFD XQD SUHSDUDFLyQ GH ORV TXH LQWHUYLHQHQ HQ HO GHEDWH SDUD GLVFXWLU OD SURSXHVWD DQXQFLDGD 'H DKt TXH HO SURIHVRU$UHQDV 'ROo UHFXUUD D ORVSDVDMHVGHOWHDWURJULHJRSDUDUHSODQWHDUHQRWUDGLPHQVLyQHVWHGLiORJRQHFHVDULR 6LQHPEDUJRUHFRQRFHHVDVGLIHUHQFLDVGHPHQWDOLGDG\VLWXDFLyQGHOLQGLYLGXRHQHO FXHUSRVRFLDOTXHHUDQSURSLRVGHDTXHOODDQWLJXDFRPXQLGDGKHOpQLFDVXSHUDGRVHQ QXHVWURVGtDVDUJXPHQWRVGHVXSHULRULGDGUDFLDOROLJDUTXtDPLOLWDUSUHHPLQHQFLDGHO GLVFXUVR MXGLFLDO VREUH HO GHOLEHUDWLYR 3HUR WDPELpQ DGYLHUWH GH RWUDV FRQGLFLRQHV GHOKRPEUHDFWXDOTXHGHVFRQItDGHVtPLVPRTXHREWLHQHXQDLQIRUPDFLyQFRQIXVD\ WHQGHQFLRVDVREUHFXHVWLRQHVTXHOHDIHFWDQTXHQRVHFUHHVXÀFLHQWHPHQWHFDSDFLWDGR SDUDGHFLGLUORTXHWUDVFLHQGHDRWURVIUHQWHDORVTXHDYHFHVGHVFRQRFHGRUHVGHHVWD ODUJD HYROXFLyQ GHPRFUiWLFD EXVFDQ HQ QXHVWUR PXQGR XQ SRGHU RPQtPRGR FRPR DQWDxR 0LJXHO+HUUHURGH-iXUHJXLHVFULEHXQFDStWXORHQFDEH]DGRFRQODLQTXLHWDQWH SUHJXQWDVREUHODFXOSD8QWHPDSURSLRGHOWHDWUR\GHODFXOWXUDFOiVLFDJULHJDTXH HVWi WDQ HQUDL]DGR HQ QXHVWUD PDQHUD GH YLYLU TXH GHVGH QLxRV EXVFDPRV FDXVDV \ ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD FXOSDEOHV SDUD VHQWLUQRV VHJXURV GH ORV OtPLWHV GH QXHVWUD UHVSRQVDELOLGDG 0iV DFXFLDQWHWRGDYtDVHUtDSDUDQRVRWURVODFXOSDKHUHGDGDTXHQXHVWURLQGLYLGXDOLVPR\ GHVFDUJRGHFRQFLHQFLDSUHWHQGHROYLGDUSDUDVLHPSUHFRPRtQGLFHGHODVFRVWXPEUHV DWUDVDGDVRGHODVFRPXQLGDGHVGHÀQLGDVSRUOD]RVGHVDQJUH\QRSRUHOOLEUHDOEHGUtR (Q HIHFWR HQ ODV VRFLHGDGHV DQWLJXDV HVWH FRQFHSWR WHQtD XQD LQGXGDEOH XWLOLGDG SROtWLFDODDPHQD]DDORVGHVFHQGLHQWHVHUDXQDJDUDQWtDGHOHJLWLPLGDGFRQVWLWXFLRQDO \GHHVWDELOLGDGQRVRORXQPHFDQLVPRGHH[FOXVLyQ\XQUHFXUVRGHSUHYHQFLyQGHOD YHQJDQ]D /DVtQWHVLVDGPLUDEOHGHODPDGXUH]GHODFXOWXUDKHOpQLFD\GHODSHUVSHFWLYD SUiFWLFDURPDQDTXHORJUyH[SUHVDU&LFHUyQHQVXSURGXFFLyQLQWHOHFWXDOVHLQWHUSUHWD GHVGHODUHWyULFDODOLWHUDWXUD\ODÀORVRItDFRQODDJXGH]DGH-DLPH6LOHV'HODSDUWH WpFQLFDGHOHVWLORGLVFXWHODGLVWLQFLyQGHODWLFLVPRVHJ~QODSHUVSHFWLYDPHGLWDGDGHORV FUtWLFRV(ODSURYHFKDPLHQWRGHOYRFDEXODULRWpFQLFROLWHUDULRSRUORVWHyULFRVURPDQRV GHOHVWLOR\SRU&LFHUyQHQGHIHQVDGHVXIRUPDGHH[SUHVLyQ\FRPRKLVWRULDGRUGH ODUHWyULFDURPDQDHVVRORXQDPXHVWUDGHODGLYHUVLGDGGHSRVWXUDVTXHXQDUiSLGD OHFWXUDVLQRDSUHVXUDGDGHORVPDQXDOHVQRSRGUtDGHVFXEULU (Q 5RPD VH DVXPHQ \ VLQWHWL]DQ ORV SULQFLSDOHV UHFXUVRV RUDWRULRV XQD YH] VXSHUDGRHOWDPL]GHODpWLFDS~EOLFD'HDKtHVDGLVWDQFLDUHVSHFWRDODVRItVWLFDTXH GHVWDFD-RUJH7iUUHJDHQVXDQiOLVLVGHODSUHFHSWLYDSDUDYDORUDUODDGPLVLyQGHOD PHQWLUD FRPR UHFXUVR HQ OD RUDWRULD URPDQD /RV YDORUHV GH OD UHWyULFD GHOLEHUDWLYD TXHGDQDXQODGRDODYLVWDGHODSUiFWLFDGHFODPDWRULDTXHPRVWUDEDGHRWUDPDQHUDOD FRPSHWHQFLDHQHOHMHUFLFLRGHODOLWHUDWXUDQRHVFULWDGHVGHDQWLJXR5HSUHVHQWDQRWUD IDFHWDGHODWpFQLFDGHODH[SUHVLyQHQS~EOLFRWUDQVPLWLGDSRUODFRVWXPEUHFHxLGDDO HMHUFLFLRFRQVWDQWHGHHQWUHQDPLHQWRSDUDGHSXUDUODDFWLRDJLOL]DUODPHPRULD\YDULDU HO WRQR UHLQWHUSUHWDQGR ORV WH[WRV /D SHUVSHFWLYD GH (VWHEDQ %pUFKH] FRPSOHWD HVWD PLUDGDDHVWDSUiFWLFD /D UHWyULFD GH JpQHUR MXGLFLDO QR TXHGD PDUJLQDGD HQ HVWRV HVWXGLRV VLQR TXH 'DYLG 5RV VH LQWHUHVD SRU OD SRVLELOLGDG GH KDEODU HQ HO VHQDGR UHSXEOLFDQR \ HQVXVWULEXQDOHVDQWHODVRVSHFKDGHTXHDOJXQRVDJHQWHVGHVWDFDGRVSUDFWLFDUDQHO REVWUXFFLRQLVPRSDUDIDYRUHFHUORVLQWHUHVHVGHFLHUWDIDFFLyQ;DYHULR%DOOHVWHUVXJLHUH ODSRVLELOLGDGIXQGDGDHQ´FRQFRUGDQFLDVOLQJtVWLFDVµGHTXHHO'LiORJRGHORVRUDGRUHV VHSXGLHUDGHEHUDOJHQLRGH4XLQWLOLDQR 8QEXHQFRQRFHGRUGHODOLWHUDWXUDHOKXPDQLVWD-XDQ/XLV9LYHVSDUHFHPRGHUDU FRQ VX HQVHxDQ]D OD DSOLFDFLyQ GH OD UHWyULFD D VRFLHGDGHV PXFKR PiV FRPSOHMDV TXH ODV DQWLJXDV (VWRV KXPDQLVWDV DEULHURQ FDPLQR DO GHEDWH pWLFR SRVWHULRU FRQ *XLDQEDWWLVWD 9LFR \ +REEHV VREUH OD DXWRQRPtD GHO LQGLYLGXR UHVSHFWR GHO (VWDGR XQD FRQVWUXFFLyQ TXH VH LED DÀDQ]DQGR GH PDQHUD LQHYLWDEOH HQ HO SURJUHVR GH ORV SXHEORV3RUHVRHOHVWXGLRGH%M|UQ+DPPDUVHFRPSOHPHQWDFRQORVDQiOLVLVVREUH HODXJHFRQWHPSRUiQHRGHORVPHGLRVGHFRPXQLFDFLyQLPSUHJQDGRVGHXQDFLHUWD SUiFWLFDUHWyULFDDGDSWDGDDODVRFLHGDGGHPDVDVGH0LFKDHO2·0DUD\/ROD%DxiQ /DXQLGDGGHHVWDGHQVDSDQRUiPLFDGHODUHWyULFDGHVGHSXQWRVGHYLVWDpWLFRV ÀORVyÀFRV VRFLDOHV KLVWyULFRV FUtWLFRV \ OLQJtVWLFRV VH SUHVHQWD FRQ JUDQ DFLHUWR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD WLSRJUiÀFR TXH IDFLOLWD OD OHFWXUD (O FXLGDGR ÀOROyJLFR GHO HGLWRU KD SUHYLVWR OD FRKHUHQFLDGHOYROXPHQ\KDGLVSXHVWRXQDYLVRGHVLJODVTXHUHIUHQGDODSUHFLVLyQGH ODWHUPLQRORJtD\GHODVUHIHUHQFLDV 3RUWRGRHOORFRQVLGHURTXHHVWHOLEUREULOODFRQOX]SURSLDHQWUHODVSURSXHVWDV DFWXDOHVSDUDODFRPSUHQVLyQGHODQDWXUDOH]D\IXQFLyQGHODUHWyULFD 0DUtD$VXQFLyQ6iQFKH]0DQ]DQR ,661 (VWXGLRV+XPDQtVWLFRV)LORORJtD