Top Banner

of 43

Problemas Resumenes

Oct 05, 2015

Download

Documents

Aleex Almora

Resumenes problemas 1 ITAM
Welcome message from author
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
  • 8QPXQGRIHOL]+X[OH\$OGRXV(VFULWRULQJOHVQDFLyHQXQDIDPLOLD GH FLHQWtILFRV H LQWHOHFWXDOHV HVWXGLR HQ (DWRQ \ HQ 2[IRUG 3HUFXVRU GHOPRYLPLHQWRKLSSLH

    (VXQDQRYHODGHFLHQFLDILFFLyQHOSDGUHGHODFLHQFLDILFFLyQHV-XOLR9HUQHHQGRQGHGHOSUHVHQWHVHGDXQDSUR\HFFLyQKDFLDHOIXWXUR

    (V XQD KLVWRULD HQ XQ WLHPSR OHMDQR GRQGH HO WLSR DFWXDO GH FLYLOL]DFLyQ \ GHOHQJXDMH KD GHVDSDUHFLGR 2GLDQGR \ GHVSUHFLDQGR HQ HVWD KLVWRULD DOPRGR GH YLGDFRQWHPSRUiQHRWHQLHQGRXQPRGRPX\GLVWLQWR\OHMDQRDOQXHVWUR

    (Q HVWH OXJDU VH FUHD D OD JHQWH SRU PHGLR GH LQFXEDGRUDV 6H FUHD HQ JUDQGHVFDQWLGDGHVGHSHUVRQDVLJXDOHVVHOHVUHJXODODFODVHVRFLDOFRQHOR[LJHQR$VtFRPRHVWiQSUHGLVSXHVWDVSRUVXJHVWLRQHVGHOHVWDGRDWRGRDPDUGHFLGLUMX]JDUSURIHVLyQHWF

    (VWDHVSHFLHGHSHUVRQDVQRVDEHGHKLVWRULD$TXtFDGDXQRSHUWHQHFHDORVGHPiVVH YLYH HQ XQ HVWDGR PXQGLDO FRQ XQD HFRQRPtD SHUIHFWD HQ GRQGH FUHDEDQ ODGHPDQGD\ODVDWLVIDFtDQ

    (QHVWHOXJDUVHRSRQHQDORLQWHQVRSDVLRQDODPRUYHUGDGHURDODIDPLOLD6HSURFXUDKDFHU ODVYLGDVGH ORVGHPiV IiFLOHVVXSULPLHQGRHPRFLRQHV\SHQVDQGR~QLFDPHQWHHQVtPLVPRV

    /DJHQWHYLYHFRQWURODGDOOHJDQGRDWHQHUHVWDELOLGDGRWRUJDQGRIHOLFLGDGDODJHQWHDFRVWDGHODOLEHUWDGUHOLJLyQEHOOH]DHODUWH\ODFLHQFLD/DYLGDQDGDOHVFXHVWD

    1RUHTXLHUHQGHODUHOLJLyQQROHWLHQHQPLHGRDODPXHUWH

    (VXQDFULWLFDDODVRFLHGDGFRQWHPSRUiQHDHQGRQGHVHVHxDODQODVSDUWHVGLItFLOHVGHXQDUHODFLyQKXPDQDDVtFRPRODLQHVWDELOLGDGHQHVWDV\HQODVRFLHGDG

    (O OHPDGHHVWD VRFLHGDGHV(VWDELOLGDG FRPXQLGDGH LGHQWLGDG(VWH OHPDFRQWUDVWDFRQHOGHLJXDOGDGOLEHUWDG\MXVWLFLD

    /DWRPDGHGHFLVLRQHVQRVGDLQHVWDELOLGDG

    (VWD VRFLHGDG HV XQD HVSHFLH GH FRPXQLVPR \D TXH QR UHTXLHUH GH HVIXHU]R HQ ODYLGD\DODWLHQHVUHVXHOWD

    1RVRWURV DO LJXDO TXH OD QRYHOD HVWDPRV FRQGLFLRQDGRV GHVGH HO QDFLPLHQWR D XQHVTXHPDVRFLDOTXHWHGHWHUPLQD\WHPDUFDGHSRUYLGDODGLIHUHQFLDFRQODQRYHODHVTXHDTXtVLVHWLHQHXQDFDSDFLGDGSDUDSURJUHVDU

    /DYLGDHVWDOOHQDGHFRQWUDULRVVHQHFHVLWDQULFRVSDUDTXHH[LVWDQORVSREUHVHWF

    (Q OD HGXFDFLyQ GH HVWH PXQGR QR H[LVWH OD KLVWRULD LPDJLQDFLyQ GHFLVLyQSHQVDPLHQWR FUtWLFD FLHQFLD DUWH R ILORVRItD (VWR HV OR PLVPR KR\ HQ GtD \D TXHGHVSUHFLDPRVHVWDVDFWLYLGDGHVQRSURGXFWLYDV FD\HQGRHQ ORSUDFWLFR \ FRQVXPLVWDFRQVROLGDQGRXQDVRFLHGDGWHFQyFUDWD

  • /D UHOLJLyQ KR\ HQ GtD KD SHUGLGR SRGHU VL SHUR WDPELpQ KD VLGR UHPSOD]DGD SRU ODWHOHYLVLyQORVPHGLRVTXLHQHVWHGLFWDQHOFRPSRUWDPLHQWR

    9LxDVGH,UD6WHLQEHFN-RKQ(VFULWRU\SHULRGLVWDHVWDGRXQLGHQVH7UDEDMR FRPR SHyQ DJUtFROD DQWHV GH VHU HVFULWRU *DQR HO SUHPLR 3XOLW]HU SRU HVWDREUDTXHSRVHHORVHOHPHQWRVGHXQDWUDJHGLDFOiVLFD1REHOGHOLWHUDWXUD(QDOWHFHDOKRPEUHVHQFLOORHQFRQWUDVWHFRQHOSRGHU\GLQHURTXHGHVKXPDQL]DQ

    (VXQDKLVWRULDGHXQRVJUDQMHURGH2NODKRPDHQORVDxRVYHLQWHGRQGHHOGHVDUUROORLQGXVWULDOGHMDHQUH]DJRDOFDPSR

    $TXt KD\ XQD VHULH GH IDPLOLDV TXH YLYHQ HQ VX FDVD GRQGH VLHPSUH KDQ YLYLGR VRQDJULFXOWRUHVGHFRUD]yQ\GHHVRYLYHQ

    3RU FLHUWDV GLILFXOWDGHV WLHQHQ TXH KLSRWHFDU VXV FDVDV \ GHVSXpV GH XQPDO DxR GHFRVHFKDVHOEDQFROHVTXLWDVXVSURSLHGDGHV

    (VWDVSHUVRQDVYHQGHQORTXHWLHQHQ\FRQORSRFRTXHWLHQHQYDQD&DOLIRUQLDHQEXVFDGH XQ WUDEDMR 6RUSUHVD TXH VH OOHYDQ DO OOHJD \ YHU TXH QR KD\ WUDEDMR VH UHSDUWHQYRODQWHV RIUHFLHQGR WUDEDMR OOHJDQ FLHQWRV GH SHUVRQDV SRU XQ VROR WUDEDMR 'H HVWDPDQHUDH[SORWDQDHVWRVDJULFXOWRUHVDTXLHQHVOHVSDJDQORPtQLPRSRUXQGXURWUDEDMR

    9LYHQGHSDQ\DJXDHQVXYDJyQ\FRQFDUWRQHV\ORQDVTXHFRQVLJXHQYLYHQPXFKDVIDPLOLDVHQ ODVPLVPDVFRQGLFLRQHV MXQWRVFHUFDGHO UtR/RVFRUUHQGHXQ OXJDU \VHYDQDRWUR

    /RVWHUULWRULRVVRQGHSHUVRQDVTXHQROHVLPSRUWD\DTXHWLHQHQJUDQGHVH[WHQVLRQHVGHWLHUUDHVGHFLUSRFDVSHUVRQDVSRVHHQODPD\RUtDGHODVWLHUUDV\H[SORWDQDHVWDVSHUVRQDV

    'HVSXpVXQRGHO ORVQLxRVGH ODKLVWRULDJROSHDDXQDVSHUVRQDVTXHPDWDURQDRWURHVWHQLxRVHWLHQHTXHPDUFKDU

    /DIDPLOLD OOHJDDYLYLUHQFRQGLFLRQHVGHSORUDEOHVGRQGHODV OOXYLDVVRQLQFRQWHQLEOHVYLYLHQGRSUiFWLFDPHQWHHQHODJXD8QDGHODVKLMDVOOHJDDSHUGHUXQEHEHDFDXVDGHODVSDXSpUULPDVFRQGLFLRQHV(VGHVSXpVGHHVWRTXHVHYDQHQEXVFDGHVHVSHUDGDGHDOJ~QOXJDUVHFRHQFRQWUDQGRXQHVWDEORDHQORDOWRGHXQDPRQWDxD

    $KtVHUHIXJLDQ\HQFXHQWUDQDXQVHxRUSUiFWLFDPHQWHPXHUWR\DVXVDQRKLMRGiQGROHGHFRPHUODQLxDHPEDUD]DGDDHOVHxRU

    (OEDQFRFXOSDD ORVKRPEUHVGHXQDYDULDEOHHQ ODFXDOQDGLH WLHQH UHVSRQVDELOLGDGDOJRTXHQRVHSXHGHSUHYHU6LQHPEDUJRKD\IRUPDVSDUDVROXFLRQDUHVWHSUREOHPDUHHVWUXFWXUDUODGHXGDHWF

    /D OyJLFDGHO FDSLWDO QRHVXQD OyJLFDKXPDQD QL pWLFD%XVFD LQFUHPHQWDU HO FDSLWDOD FRVWD GH OR TXH VHD VLHPSUH EXVFD XQD JDQDQFLD LQPHGLDWD PDQWHQLHQGR DVt ODPLVPDIRUPDGHH[LVWHQFLDGHOFDSLWDO+D\ WUHV WLSRVGHFDSLWDOEDQFDULRFRPHUFLDO\GHLQYHUVLyQ

  • 6LVHSXHGHGDUXQHVTXHPDGHFDSLWDOLVPRpWLFR8QMHIHTXHSURGXFH[WLHQHTXHSDJDUELHQDVXVREUHURVSDUDTXHHVWRVDVXYH]FRQSRGHUDGTXLVLWLYRFRQVXPDQ\FRPSUHQSURGXFWRV\R[SURFXUDQGRDVtHOIOXMRHQHOPHUFDGR FRQJDQDQFLDVD ODUJRSOD]R'HRWUDPDQHUD VL ORV WUDEDMDGRUHVQR WLHQHQSRGHUDGTXLVLWLYRQRKD\YHQWDV\VHHVWDQFDHOPHUFDGR$VtIXQFLRQDHOHVTXHPDGH(8$

    $O ILQDO VH YH OD VROLGDULGDG \ KXPDQLVPR GH ORV JUDQMHURV SREUHV FRQ HO VHxRUPRULEXQGR

    3DUDTXHORVSURIHVRUHV*XVGRUI*HRUJHV)LORVRIRIUDQFpVQDFLyHQ%XUGHRVSURIHVRUGH(VWUDVEXUJR3DUDHOODILORVRItDQRHVGLVFLSOLQDHVSHFXODWLYDVLQRHVHOPDUFRTXHSHUPLWHFRQRFHUWRGDVODVDFWLYLGDGHVKXPDQDV

    8QKRPEUHQRSXHGHEXVFDUQL ORTXHVDEHQL ORTXHQRVDEH6RFDUWHV3DUDpO ODYHUGDGHVWDHQODVSHUVRQDVHVSHUDQGRODOODPDGDGHXQPDJRSDUDGHVSHUWDUHOVDEHU

    1DFHUHVFRQRFHU(OUDFLRQDOLVPRPRGHUQRVHIXQGDHQPDWHPiWLFDV\ItVLFDV

    /DV HQVHxDQ]DV GH XQD YLGD VH GDQ HQ HO FUHFLPLHQWR LQWHOHFWXDO TXH HVWD OLJDGR DORUJiQLFRHOKRPEUHORUHVXPHHQVXVH[SHULHQFLDV\DTXHKD\XQDUHODFLyQUHFLSURFDHQWUHVDEHU\H[SHULHQFLD(OVDEHUVHEXVFDSRUTXHHVXQPHGLRGHDFFLyQ

    (OSUREOHPDHVVDEHUVLODHQVHxDQ]DHVXQPHGLRRXQILQKD\XQDWHQGHQFLDKDFLDORDEVROXWR

    /DYHUGDGHUDSHGDJRJtDHVXQDUHODFLyQHQWUHSHUVRQD\SHUVRQDQRFRQMXQWRV1DGLHSXGH KDEODU GH YHUGDG VLQ DQWHV KDEHUOD UHFLELGR'H QDGD VLUYH SDUWLU GHO SUREOHPDUHVXHOWR

    /DILQDOLGDGGHODHGXFDFLyQUHVLGHHQFUHDUXQGHVWLQRKXPDQR

    1XQFDFRQRFHPRVHOOLPLWHGHGRQGHQXHVWURSHQVDPLHQWRVHVHSDUDGHOGHORVGHPiV

    0HHQULTXH]FRFRQHORWURODUD]yQVHDILUPDHQWUHKRPEUHVODDFWLYLGDGGRFHQWHHVODYHUGDGHQFRPXQLGDG

    6HUPDHVWURHVVHUGLVFtSXORHVKXPLOODUVH

    5HSDVDUXQFXUVRPHPRUL]DUOR\UHFLWDUORQRHVDSUHQGHU

    (O DSUHQGL]DMH VH VLW~D HQ XQ FRQWH[WR VRFLDO \ VRFLROyJLFR GRQGH FDGD XQR WRPDH[SHULHQFLDV(OPXQGRHVFRODUUHSUHVHQWDUHODFLRQHVGHORUGHQIDPLOLDU

    (QODHVFXHODVHHGLILFDODSHUVRQDOLGDG

    (OVXHxRGHODFXOWXUDHVHOVXHxRGHODDUPRQtDKXPDQD

    /DFXOWXUDHVHOVHQWLGRGHFRQMXQWR

  • 1XHVWURWLHPSRHOGHORVPHGLRVGHFRPXQLFDFLyQQRKDKHFKRQDGDSRUSURFXUDUHVHDFHUFDPLHQWRDOGLDORJR

    (OFRQRFLPLHQWRVHDGTXLHUH\VHFRQVWUX\H 2EVHUYDQGR DSDUWLUGHODFUtWLFD\HOFRQRFLPLHQWRDQWHULRU &XHVWLRQDQGRORH[LVWHQWH &RQODUD]yQ\ODLQYHVWLJDFLyQ &RQ HO GLiORJR \ OD H[SHULHQFLD $TXt QR KD\ XQD MHUDUTXtD ORV KRPEUHV VRQ

    LJXDOHV\DTXHVHGHPXHVWUDSRUPHGLRGHODUD]yQ

    (OFRQRFLPLHQWRHVILQLWR\FRQVWDQWH

    +D\YHUGDGHVUHODWLYDV

    /DXQLYHUVLGDGHVXQILQ

    (OFDPELRGHODIDPLOLDDODHVFXHODHVXQSDVRGHDIHFWRSRUUD]yQHVFRPRVDOLUGHOYLHQWUHPDWHUQRHQIUHQWDUVHD OD UHDOLGDG/DHVFXHODHVXQHVSDFLRGH UD]yQPHGLRSDUDVRFLDOL]DU

    /DHGXFDFLyQ'HORUV-DFTXHV3ROtWLFR\HFRQRPLVWD IUDQFpVTXHQDFLyHQ 3DUtV WUDEDMy HQ OD EDQFD IUDQFHVD GHO SDUWLGR FRPXQLVWD GHVSXpV IXH PLQLVWURGH ILQDQ]DV \ HFRQRPtD FRQ HO SUHVLGHQWH 0LWHUUDQG $FWXDOPHQWH HV DVHVRU GH ODFRPXQLGDGHFRQyPLFDHXURSHD

    /DSULQFLSDO IXQFLyQGH ODHGXFDFLyQHVTXH ODKXPDQLGDGSXHGDGLULJLUFDEDOPHQWHVXSURSLRGHVDUUROORFRQWULEXLUDOSURJUHVRVRFLDOFRQWULEX\HDOGHVDUUROORKXPDQRHQWRGRVVXVDVSHFWRV

    /DHGXFDFLyQHVXQDFRQGLFLyQGHGHVDUUROORDUPRQLRVR\ FRQWLQXRGH ODSHUVRQD/DHGXFDFLyQGHEHDEDUFDUODVVLJXLHQWHVGLPHQVLRQHVpWLFRFXOWXUDOVRFLDO\HFRQyPLFR

    6H GHEH FRQFHELU XQ PRGHOR FRRUGLQDGR \ FRPSOHPHQWDULR TXH LPSDUWD HQVHxDQ]DVGHDFXHUGRDODVFLUFXQVWDQFLDV4XHGHVDUUROOHSOHQDPHQWHORVWDOHQWRV\DSWLWXGHVGHFDGDSHUVRQDV

    /DHGXFDFLyQEiVLFDEXVFDGHVSHUWDUODFXULRVLGDGREVHUYDFLyQ\H[SHULPHQWDFLyQ6HQHFHVLWDDSUHQGHUDDSUHQGHU'HEHGHVSHUWDUODDOHJUtDGHFRQRFHUVHQWDQGRODVEDVHVSDUDODHGXFDFLyQSHUPDQHQWH

    /D HGXFDFLyQ HVWD HQ PXWDFLyQ HQ WRGRV ORV iPELWRV KD\ PXFKDV SRVLELOLGDGHV GHDSUHQGL]DMH IXHUD GHO iPELWR HVFRODU /D UiSLGD HYROXFLyQ UHTXLHUH XQD DFWXDOL]DFLyQSHUPDQHQWH GHO VDEHU /D HGXFDFLyQ SHUPDQHQWH QR SXHGH \D GHILQLUVH D XQ SHULRGRSDUWLFXODU GH OD YLGD HO SHULRGR HV WRGD OD YLGD FRPR QHFHVLGDG SDUD DGDSWDUVH DOPXQGR GHO WUDEDMR (O FRQRFLPLHQWR QR VH OLPLWD D OD DGTXLVLFLyQ GH FRQRFLPLHQWRV QLGHSHQGHH[FOXVLYDPHQWHGHORVVLVWHPDVHGXFDWLYRV

    3DXODWLQDPHQWH WHQGHPRV D GLVPLQXLU HO WLHPSR GH WUDEDMR LQFUHPHQWDQGR HO WLHPSROLEUHDFRPSDxDGRSRUWLHPSRDODHGXFDFLyQ

  • /D IDPLOLD HV HO SULPHU OXJDU GRQGH VH SURGXFH HGXFDFLyQ HQ XQ PHGLR DIHFWLYRFRJQRVFLWLYR TXH WUDQVPLWHQ YDORUHV \ QRUPDV /D HGXFDFLyQ HVFRODU \ IDPLOLDU VHFRPSOHPHQWDQ (O LQGLYLGXR DSUHQGH HQ HO HVSDFLR VRFLDO GH OD FRPXQLGDG HQ ODFRRSHUDFLyQ FLYLVPR \ VROLGDULGDG /D HGXFDFLyQ D OR ODUJR GH OD YLGD SUHSDUD ODVWUDQVLFLRQHV

    +D\XQDUHODFLyQHQWUHHOVLVWHPDHGXFDWLYR\ODVHPSUHVDVTXHSURSLFLDQODIRUPDFLyQLQLFLDO\DVtODIRUPDFLyQSHUPDQHQWH1DGDSXHGHVXVWLWXLUODUHODFLyQPDHVWURDOXPQRHVpOTXLHQWUDQVPLWHXQOHJDGR

    3DUD HO SRUYHQLU VH QHFHVLWD UHYDORUDU ODV GLPHQVLRQHV pWLFDV \ FXOWXUDOHV GH ODHGXFDFLyQ FRQ HO HQWHQGLPLHQWR PXWXR OOHYDQGR D FLHUWD XQLGDG /D VROXFLyQ GHO ORVSUREOHPDVPiV DJXGRV SURSRQH QXHYDV YLVLRQHV GHO GHVDUUROOR SDUD XQPHMRU IXWXUR+D\SUREOHPDVGHPDVLILFDFLyQILQDQFLHURV\GHSHUVSHFWLYD

    6HUHTXLHUHGHGRPLQDUHOSURJUHVRJHQHUDOPHQWHVHFXOSDDOVLVWHPDGHHQVHxDQ]DVH QHFHVLWD XQ VLVWHPD PiV IOH[LEOH FRQ GLYHUVLGDG GH SURJUDPDV TXH FRQWHQJDH[SHULHQFLD SURIHVLRQDO \ XQ HQWRUQR GH IRUPDFLyQ TXH VHD DFFHVLEOH HQ HO WLHPSR \HVSDFLR

    &XDWUREDVHVSDUDODHGXFDFLyQ9LYLU MXQWRV GHVDUUROODQGRHO FRQRFLPLHQWR GH ORV GHPiV3ULPHUR DSUHQGHU D FRQRFHUFXOWXUDJHQHUDOFUHDUHOJXVWR\ODVEDVHVSDUDDSUHQGHUDORODUJRGHODYLGDDSUHQGHUDKDFHU\DSUHQGHUDVHU

    8WRStD/DDGTXLVLFLyQDFWXDOL]DFLyQ\XWLOL]DFLyQGHORVFRQRFLPLHQWRV/DFDOLGDG\ODHTXLGDG 6H QHFHVLWD H[SORWDU OD LPDJLQDFLyQ FDSDFLGDGHV ItVLFD VHQWLGR HVWpWLFR ODUD]yQHWF

    /D XQLYHUVLGDG FRQWULEX\H &RPR IXHQWH GH FRQRFLPLHQWR TXH FRQGXFH D ODLQYHVWLJDFLyQ WHyULFD R DSOLFDGD DGTXLULU FDSDFLWDFLRQHV SURIHVLRQDOHV HQ EDVH D ODVQHFHVLGDGHVGHODHFRQRPtD4XHVHUHDOLFHSRUWRGDODYLGDGiQGRVHXQLQWHUFDPELRGHSURIHVRUHVDOXPQRV

    /DHGXFDFLyQWUDGLFLRQDOREiVLFDHVODIRUPDSDUDVDEHUGHODYLGDDTXtKD\HWDSDVSRUHGDGHV\DEDUFDGHFXDQGRHQWUDVDODHVFXHODDFXDQGRVDOHVDKtWHUPLQDHOSURFHVRHGXFDWLYR6LGHMDVWHGHHVWXGLDU\DQXQFDYXHOYHVDLQWHQWDUKD\XQDIUXVWUDFLyQGHYRFDFLRQHVSRUWHQHUTXHHOHJLUXQDYRFDFLyQ

    /DHGXFDFLyQGHSRUYLGDVXUJHFRPRQHFHVLGDGGHDFWXDOL]DFLyQGHOFRQRFLPLHQWRGDXQDYLGDPiVSOHQD\DTXHLQFOX\HWRGDVODVYRFDFLRQHVHOHVWXGLRHVFRQWLQXR\VHUHWRPDDFXDOTXLHUHGDG

    $PELWRVGHHGXFDFLyQGRQGHDGTXLHUHVFRQRFLPLHQWR )DPLOLDWHGDQYDORUHVQRUPDV\VHQWLPLHQWRV (VFXHOD6LJXHVLHQGRXQSHTXHxRQ~FOHRVHPHMDQWHDODIDPLOLDHOHJLGRVX

    IXQFLyQHVSURSRUFLRQDUFRQRFLPLHQWRV~WLOHVSDUDSRGHUWUDEDMDU 6RFLDO(VWXFLUFXORHQFRPDQGRQGHWHUHIOHMDVORFRQVWUX\HVSRULQWHUHVHV

    YDORUHVLGHDOHV /DERUDO6HWHLPSRQH

  • &RQRFLPLHQWR $VHUODHGXFDFLyQSDUDFRPSUHQGHUDORWURGHPRFUDFLDDFHSWDUYLYLUFRQODV

    GLIHUHQFLDVGHORVGHPiVFXOWXUDJHQHUDO +DFHUHVSHFLDOL]DGRWXSURIHVLyQKDFHUFRVDV &RQRFHUUHVSRQVDEOHVGHODVRFLHGDGHQODTXHYLYLPRV

    1LYHOHVGHHQVHxDQ]D\VXVSUREOHPDV 3ULPDULDOREiVLFRODJHQWHQRWLHQHDFFHVR %DFKLOOHUDWR)UXVWUDFLyQSRUHOHJLUFDUUHUDFRQWUDVWHHFRQyPLFR (VSHFLDOLGDGXQLYHUVLGDG0DVLILFDFLyQLQVXILFLHQWH

    +LVWRULDGHODXQLYHUVLGDG/DUUR\R)UDQFLVFR)LORVRIR\SHGDJRJRPH[LFDQRHVWXGLRHQ$OHPDQLD\SURSDJRHOQHRNDQWLVPR

    9DULDGDVFLUFXQVWDQFLDVGHWHUPLQDQHOQDFLPLHQWRGHXQDXQLYHUVLGDG/DFXOWXUDiUDEHPiVGHVDUUROODGDHQ(VSDxD\ORVPRQDVWHULRV

    (Q RFFLGHQWH ORV HVWXGLRV WHROyJLFRV \ ILORVyILFRV WUDQVIRUPDURQ OD HQVHxDQ]DVXSHULRU HVWR VH GLR FRQ FRQGLFLRQHV IDYRUDEOHV GH RUJDQL]DFLyQ HQ ORV JUHPLRV GHODHGDGPHGLD6H LPSDUWtDQ FODVHVGHHVWXGLRVJHQHUDOHVSDUD WRGRV ORVHVWXGLDQWHVSUHSDUDGRVVLQGLVFULPLQDFLyQHQVHxDQGRXQDUDPDGHOVDEHU(VWHWHUPLQRGHHVWXGLRJHQHUDO VWXGLXP JHQHUDOH IXH VXVWLWXLGR SRU OD XQLYHUVLGDG HQ GRQGH VH DGTXLULy HOVHQWLGRGH LQVWLWXFLyQGRFHQWH\GH LQYHVWLJDFLyQGHGLFDGDFRQ OLEHUWDGGHPDHVWURV\DOXPQRV D ODV UDPDV GHO VDEHU WHRORJtD GHUHFKRPHGLFLQD \ ILORVRItD /DV SULPHUDVXQLYHUVLGDGHV IXHURQ 3DUtV 3DOHQFLD 6DODPDQFD UH~QH D ORV PiVVDELRVUDEHVMXGtRV\FULVWLDQRV(Q$PpULFD6DQWRGRPLQJRSULPHUD\ODVPiVLPSRUWDQWHV SRU VHU ]RQDV YDVWDV HQ FXOWXUD \ VH SUHWHQGH UHVFDWDU HVWD FXOWXUD VRQ 0p[LFR*XDWHPDOD\/LPD

    /DVXQLYHUVLGDGHVVHUHFRQRFtDQSRUODVDXWRULGDGHVTXHODVUHFRQRFtDQGHHVWDIRUPDVHGLYLGtDQ

    8QLYHUVLGDGHVVLQFDUWDGHIXQGDFLyQ 8QLYHUVLGDGHVFRQFDUWDGHIXQGDFLyQSDSDO 8QLYHUVLGDGHVFRQFDUWDGHIXQGDFLyQLPSHULDO 8QLYHUVLGDGHVFRQGREOHFDUWDGHIXQGDFLyQSDSDOHLPSHULDOGRVSRGHUHV

    /DV XQLYHUVLGDGHV HUDQ FLXGDGHV GRQGH KDEtD SOHQD OLEHUWDG SDUD ORV HVWXGLDQWHV/RVJUDGXDGRVWHQtDQ OLFHQFLDGHHQVHxDUHQWRGDVSDUWHVQRDVLVWLUDOVHUYLFLRPLOLWDUFODVHV VRFLDO QXHYD LOXVWUDGRV SURSLRV GHUHFKRV PHQRV LPSXHVWRV KDVWD IXHURDFDGpPLFRVRORSXHGHQVHUMX]JDGRVSRUSHUVRQDOXQLYHUVLWDULR

    /DV XQLYHUVLGDGHV VH GLYLGtDQ HQ IDFXOWDGHV WHRORJtD GHUHFKR PHGLFLQD \ ILORVRItD&DGDXQDFRQGHFDQR\VXFXHUSRGHSURIHVRUHV\DOXPQRV+DEtDXQMHIHHQFRP~QUHFWRU\FDQFLOOHUHVTXHDGPLQLVWUDEDQ

    /RV FLFORVDFDGpPLFRVGDEDQJUDGRV EDFKLOOHUDWR OLFHQFLDWXUDPDJLVWHU SURIHVRU QRPDHVWUtD\GRFWRUDGR/DVFODVHVFRQVLVWtDQHQUHSHWLFLRQHV\GLSXWDFLRQHV

  • /D PHWRGRORJtD FRQVLVWtD HQ OHFFLRQHV UHSHWLFLRQHV \ GLVSRVLFLRQHV HQ GRQGH HODOXPQR VROR HVFXFKDED \ QR FXHVWLRQDED 6H OH HQVHxDEDQ FiQRQHV %LEOLD 6DQWR7RPiV\$ULVWyWHOHVHVWH~OWLPRSRUTXHVRORFUHtDHQXQVRORGLRV

    (Q SULQFLSLR OD XQLYHUVLGDG HUD JUDWXLWD \D TXH YHQtD GH HVFXHODV FDWHGUDOHV \PRQDFDOHVRWRUJDQGREHQHILFLRVDORVSURIHVRUHVSRUSDUWHGHOFOHUR/DJHQWHFUHFLy\VHQHFHVLWRDXPHQWDUSURIHVRUHVREOLJDQGRD ORVDOXPQRVDSDJDU&RQHO WLHPSRVHPRGHUQL]DURQODVHQVHxDQ]D\HPSH]DURQXQLYHUVLGDGHVODLFDV/DXQLYHUVLGDGFDPELyFRQODLOXVWUDFLyQVHLQFOX\yD'HVFDUWHV1HZWRQ&RSpUQLFRHWF

    3RVWHULRUPHQWH VH FRQVLGHUR OD HQVHxDQ]D WpFQLFD DVt FRPR UHIRUPDU HO VLVWHPD GHHGXFDFLyQHQUHVSXHVWDDODVFRQVLGHUDFLRQHVHFRQyPLFDV6XUJLyODHGXFDFLyQWpFQLFDHOHPHQWDOTXHLQFOXtDFRPHUFLRDSUHQGL]DMHSUiFWLFRGHELGRDODUHYROXFLyQLQGXVWULDOHQ$OHPDQLD(8$

  • /DVXQLYHUVLGDGHVPDWUL] FDVL QR VHEHQHILFLDQGH ODVH[SHULHQFLDGH LQWHUFDPELR/RV SURJUDPDV GH HGXFDFLyQ UHLQYHQWDQ ODV HVWUXFWXUDV D QLYHO JOREDO SDUDDFRPRGDU QHFHVLGDGHV SDUWLFXODUHV (VWR HQ IXQFLyQ GH ODV QHFHVLGDGHV HQWUHOD LQGXVWULD \ ODV XQLYHUVLGDGHV \D TXH ORV VLVWHPDV GH HGXFDFLyQ QR FXEUHQ ODVQHFHVLGDGHVGHILQLGDVGHODHFRQRPtDJOREDO1RHVORPLVPRHVWDUELHQHGXFDGR\ELHQHQWUHQDGR

    /DVXQLYHUVLGDGHVPHGLHYDOHVGH(XURSDHVWDEDQHQIXQFLyQGHORVUH\HVHPSHUDGRUHV\GXTXHVKR\HQIXQFLyQGHOPHUFDGR

    +R\VHQHFHVLWDTXHODXQLYHUVLGDGVHDIXHQWHGHFUHFLPLHQWRHFRQyPLFR\WUDQVIRUPDFLyQVRFLDO6HH[LJHDFFHVRDHGXFDFLyQ\FDSDFLWDFLyQGHSRUYLGD/DHGXFDFLyQGHSRUYLGDQHFHVLWDXQDFRQH[LyQHQWUHODVXQLYHUVLGDGHVODLQGXVWULD\HOJRELHUQRV6HQHFHVLWDDFWXDUORFDOPHQWHSHURSHQVDUJOREDOPHQWHVHGHEHGDUpQIDVLVHQODJOREDOL]DFLyQGHODVDFWLYLGDGHVHFRQyPLFDV/DVXQLYHUVLGDGHVVRORSRGUiQWHQHUXQLPSDFWRHGXFDFLRQDODWUDYpVGHPHGLRVQRWUDGLFLRQDOHVSDUDDVHJXUDUODFDOLGDG\SURPRYHUODPRYLOLGDGSURIHVLRQDO(QHOVLJORYHLQWHKD\WUHVHWDSDV ,QWHUQDFLRQDO&XDQGRKD\LQWHUFDPELRHQVHPHVWUHVDRWURVSDtVHV 0XOWLQDFLRQDO&XDQGRODXQLYHUVLGDGWLHQHFDPSXVHQRWURVODGRV 7UDQVQDFLRQDO)XQFLRQDUHQYDULRVSDtVHVDOPLVPRWLHPSRFRQODWHFQRORJtD

    (GXFDFLyQ\XQLYHUVLGDGHQ8WRSLD+XWFKLQV5REHUW(VFULWRU\MXULVWDHVWDGRXQLGHQVHTXHVHGHGLFRD ODHGXFDFLyQSULQFLSDOPHQWHHQ ODXQLYHUVLGDGGH&KLFDJR

    (VWH OLEUR KDEOD VREUH ORV ULHVJRV TXH DPHQD]DQ OD HGXFDFLyQ OD LQGXVWULDOL]DFLyQHVSHFLDOL]DFLyQGLYHUVLGDGILORVyILFD\HOFRQIRUPLVPRSROtWLFR\VRFLDO

    +R\ HQ GtD OD ILQDOLGDG GH YLGD SDUHFH VHU HO SRGHU LQGXVWULDO HO DPRU DO GLQHUR 6HHQFDPLQDDHGXFDUSDUDDOFDQ]DU OD IXHU]DFLHQWtILFDH LQGXVWULDOTXHHOSDtVQHFHVLWH/DFDSDFLWDFLyQWpFQLFDQRVDWLVIDFHODVQHFHVLGDGHVSRUHOGLQDPLVPR\ODWHFQRORJtD/DLQGXVWULDOL]DFLyQGHVKXPDQL]DHOWUDEDMRODSURIHVLyQGHEHWHQHUHOPD\RUVLJQLILFDGRSDUD OD SHUVRQD 6ROR OD HGXFDFLyQ KXPDQD FRQFHELGD D XQ FUHFLPLHQWR HVSLULWXDOPRUDO HVWpWLFR H LQWHOHFWXDO SXHGH GDU DO LQGLYLGXR ODV FDSDFLGDGHV SDUD VX WUDEDMRFRPRSDUDFXDQGRQRHVWHWUDEDMDQGRGHODPDQHUDPiVLQWHJUD(OVLVWHPDHGXFDWLYRHQIRFDGR DO LPSHULR LQGXVWULDO QR SXHGH SURGXFLU VDELGXUtD SDUD HO EHQHILFLR GH ODFRPXQLGDG

    /DVDELGXUtDTXHQHFHVLWDXQDFRPXQLGDGGHPRFUiWLFDHVHOVDEHUGH WRGRHOSXHEOR(OQLYHOPRUDO LQWHOHFWXDOHVWpWLFRH LQWHOHFWXDOGH ORV LQGLYLGXRVVHUHIOHMDHQHOSDtV\GHSHQGHGHVXVLVWHPDHGXFDWLYR

  • /D WHFQRORJtD EDVDGD HQ OD FLHQFLD VRVWLHQH TXH OD LQWHOLJHQFLD \ OD FDSDFLGDG GHOKRPEUH GHEHQ DXPHQWDU HO QXPHUR GH ELHQHV /DV DFWLYLGDGHV PiV HOHYDGDV GHOKRPEUHVRQHODUWH\HOSHQVDPLHQWRVRQODVILQDOLGDGHVGHODYLGD

    (O UDVJRGH ODJHQWHXWySLFDHVHO VHQWLGR FRP~QHVGHFLU OODPDUD ODV FRVDVSRU VXQRPEUH\GDUOHVHOOXJDUTXHOHVFRUUHVSRQGDQHVWRHVFXHVWLRQDUHOREMHWLYR(OSRGHUPLOLWDUODIXHU]DLQGXVWULDOODSURORQJDFLyQGHODYLGDQRSXHGHQVHUORVILQHVGHODYLGDKXPDQD/DHGXFDFLyQGHEHD\XGDUSDUDGHWHUPLQDUFRPRXWLOL]DUHVWDVFRVDV

    0LHQWUDVPiVHVSHFtILFDVHD ODHGXFDFLyQPHQRV ORJUDVXSURSyVLWRGHSUHSDUDSDUDXQD DFWLYLGDG SDUWLFXODU /D HVSHFLDOL]DFLyQ WLHQGH D VHU GHVYLQFXODGD GH ODV GHPiVDFWLYLGDGHVSRUORTXHVXXWLOLGDGHVPHQRU

    /DFRPXQLGDGHQHOHVTXHPDVRFLDOWUDGLFLRQDOVHHVSHUDDTXHORVMyYHQHVVHKDJDQLQGHSHQGLHQWHVHOKRPEUHLQFDSD]GHPDQWHQHUDVXIDPLOLDHVFXOSDEOH

    /DXQLYHUVLGDGVHIXQGDFRPRXQDRUJDQL]DFLyQGHOHVWDGRGRQGHVHPHGLWHVREUHORVSUREOHPDVPiVLQWHOHFWXDOHV6HDGLHVWUDDORVMyYHQHVHQXQDHVSHFLDOLGDGSHURQRDVHUFLXGDGDQRVQLTXHODILQDOLGDGHVXQDYLGD~WLO\IHOL]6HHVWDWHQGLHQGRDTXHVHDQVLVWHPDVGHFXVWRGLDSDUDMyYHQHV

    /RVXWySLFRVSDUDHQIUHQWDUODHVSHFLDOL]DFLyQSURSRQHQQRFRQIXQGLULQYHVWLJDFLyQFRQFRQRFLPLHQWRQRUHSHWLUGDWRVSDUDUHVROYHUSUREOHPDV\QRFUHHUTXHODFLHQFLDDEDUFDOD WRWDOLGDGGHFRQRFLPLHQWRVVHQHFHVLWDHQWHQGLPLHQWRPXWXR\QRHQFHUUDUVHHQVXHVSHFLDOLGDG

    4XH ORVKRPEUHV DXQTXHVHDQHVSHFLDOLVWDV FRQWLQ~HQVLHQGRKRPEUHV FLXGDGDQRVFDSDFHV GH LU GH XQD HVSHFLDOLGDG D RWUD VHJ~Q ORV LQWHUHVHV \ QHFHVLGDGHV GH ODFRPXQLGDG

    8WRSRVHVQROXJDU/DXWRStDVHSXHGHUHDOL]DUFXDQGRODUHDOL]DV\DQRHVXWRStD

    /D UHODFLyQ GH OD XQLYHUVLGDG FRQ OD LQGXVWULD KDFH TXH VH SLHUGD ODV SURIHVLRQHVOLEHUDOHV

    /DVRFLHGDGVHYXHOYDPiVWHFQyFUDWDFDGDTXLHQKDFHXQDSHTXHxDFRVDGHXQWRGRQR WRGRV WLHQHQ OD VDELGXUtD HVWRQR IXQFLRQDHQXQDGHPRFUDFLD \DTXHVHVXSRQHTXHWRGRVGHEHQSDUWLFLSDUSDUDHVWRGHEHVHUODJHQWHSHQVDQWH

    /RVXWySLFRV UHFKD]DQ OD IXHU]D LQGXVWULDOPLOLWDU\ ODSURORQJDFLyQGH ODYLGD\DTXHVXVWLWX\HQDODLQWHOHFWXDO

    /D HVSHFLDOL]DFLyQ XQD SDUWH GH XQ WRGR VH UHGXFH D XQ SHTXHxR FDPSR FXDQGRGHEHUtDVHUXQDYLVLyQJOREDOJHQHUDOVREUHVXFLHQFLD\HOPXQGR(VWDHVSHFLDOL]DFLyQHVYLWDO\YLHQHFRPRUHVSXHVWDDXQDXPHQWRHQODFDQWLGDGGHFRQRFLPLHQWRSHURQRGHEHSHUGHUHVDYLVLyQJOREDO

    /D IXQFLyQGH ODXQLYHUVLGDGHVSURSRUFLRQDUKHUUDPLHQWDVTXHGHQFRQRFLPLHQWRGDUODVEDVHVSDUDHOGHVDUUROORLQWHJUDOTXHLQFOX\HHOFRPRJDQDUVHODYLGD0LHQWUDVPiVFRQRFLPLHQWRPiVFDSDFLGDG

  • (OFRQRFLPLHQWRHVODLQIRUPDFLyQRUJDQL]DGD\VLVWHPDWL]DGDGHDFXHUGRDXQSUR\HFWRPpWRGR\REMHWLYR

    &RQFOXVLRQHV 6HUHTXLHUHGHXQDYLVLyQGHFRQMXQWRHQODFLHQFLDQRXQDWHFQyFUDWD /DHVSHFLDOL]DFLyQHVODSDUWHGHXQWRGRKD\TXHYHUHVDYLVLyQJOREDO /DXQLYHUVLGDGWUDQVPLWHFRQRFLPLHQWRQRLQIRUPDFLyQ /DXQLYHUVLGDGHVHOFRQRFLPLHQWRDPSOLRQRODIRUPDGHJDQDUVHODYLGD

    &RQFLHQFLDFUtWLFD'H/D,VOD&DUORV3URIHVRUHPpULWRGHO,7$0

    /D XQLYHUVLGDG HV UHFLQWR TXH VH OH DWULEX\H HO SHQVDPLHQWR OD FRQFLHQFLD FUtWLFDSHQVDU HQVHxDU D SHQVDU DVt FRPR WUDQVPLWLU \ DFUHFHQWDU FRQRFLPLHQWR GH XQDPDQHUDFUtWLFDGHQXQFLDQGRDQXQFLDQGRHLQYHQWDQGR

    /D XQLYHUVLGDG GHEH WHQHU DXWRQRPtD SDUD WHQHU OLEHUWDG GH MX]JDU (O JRELHUQR TXHQR IRPHQWH OD HGXFDFLyQ VXSHULRU HVWD GHVWLQDGR D XQD GLFWDGXUD R XQ GHVSRWLVPRLOXVWUDGR VL HV TXH VXV HJUHVDGRV QR WLHQHQ XQD FRQFLHQFLD pWLFD /D JUDQ GHIHQVDFRQWUDHOWRWDOLWDULVPRHVHOSRGHUHODUD]yQ

    /DXQLYHUVLGDGGHEHUVHUXQDJHQWHKXPDQL]DGRUpWLFRGHEHKXPDQL]DUODYLGDSROtWLFRVRFLDO IRUPDU SHUVRQDV DELHUWDV D ODV GHPiV5HFXSHUDU OD UD]yQ SROtWLFD FUHDU ULJRUFLHQWtILFR FRQ pWLFD QR VROR FRQFHQWUDU HO PXQGR GH WpFQLFRV \D TXH HVWRV FRQ ODWHFQRORJtD VH YXHOYHQ REVROHWRV GHEHQ FUHDU SHUVRQDV DQDOtWLFDV \ FUtWLFDV FRQ XQDFRQVFLHQFLDFUtWLFDGHODVRFLHGDGUHVSRQVDEOH6HGHEHDFWXDOL]DUODIRUPDFLyQGHORVSURIHVRUHV

    'LILFXOWDGHV OR SUiFWLFR GH OD VRFLHGDG FRPSHWLWLYLGDG LQGLYLGXDOLVPR ORLPSHUVRQDOL]DGD GH OD XQLYHUVLGDG DXVHQFLD GH VHQVLELOLGDG OD REMHWLYLGDG GH ORFLHQWtILFRHOLQWHUpVFRUSRUDWLYRODFXOWXUDOLJKW

    /D XQLYHUVLGDG UHIXHU]D ODV GLIHUHQFLDV VRFLDOHV KD\ XQDV FRQ KXHOOD HOLWLVWD SHURKD\ RWUDV TXH FRPXQLFDQ HO VHQWLGR VRFLDO GH MXVWLFLD \ UHVSRQVDELOLGDG $OJXQDVXQLYHUVLGDGHVVHKDQFRQYHUWLGRHQSDUWHGHODHVWUXFWXUDSROtWLFDRHFRQyPLFD

    8UJH D OD UHIOH[LyQ LQYHQWDU VLVWHPDV HQ FRQWUD GH OD DFXPXODFLyQ GH OLEHUWDG \SULYLOHJLRVKDPEUHPDUJLQDFLyQYLROHQFLD

    +D\XQWH[WRILUPDGRHQWUHYDULDVXQLYHUVLGDGHVFRQYLVLyQFUtWLFDGHOPXQGRSURSRQHQOLQHDPLHQWRV SDUD ORJUDU VRFLHGDGHV SDFtILFDV HTXLWDWLYDV GHPRFUiWLFDV FUHDWLYDV \PiVGHVDUUROODGDV

    /D XQLYHUVLGDG HV OD FRQFLHQFLD FUtWLFD GH OD VRFLHGDG \D TXH HV XQ OXJDU GRQGHSRGHPRVSHQVDUFXHVWLRQDUKDFHUMXLFLRVFUtWLFDV

    /D FULWLFD XQLYHUVLWDULD VH EDVD HQ OD UD]yQ VH VXVWHQWD IXQGDPHQWD \ HV SRFRPDQLSXODEOHDGLIHUHQFLDGH ODFULWLFDGH ORVREUHURVFDPSHVLQRVTXHHV ORFRQWUDULR/DFtWULFDLUUDFLRQDOHVIDOVD\VHEDVDHQORVVHQWLPLHQWRVODYLROHQFLD

    3DUDTXHODXQLYHUVLGDGKDJDHMHUFLFLRGHODFULWLFDQHFHVLWD

  • $XWRQRPtD\OLEHUWDG3DUDSRGHUKDFHUFUtWLFDLQFOXVRDWXRUJDQLVPR 5DFLRQDOLGDG/RTXHODIXQGDPHQWD eWLFD&UtWLFDFRQUHVSHWR\UHVSRQVDELOLGDGVRFLDOFRPRODVRFLHGDGKDLQYHUWLGR

    HQPLHGXFDFLyQWHQJRXQFRPSURPLVRGHD\XGDUDPLVRFLHGDG

    /D FtWULFD QR VH GD HQ RFDVLRQHV HQ OD IDPLOLD /DV QRUPDV HO iPELWR GH UHJODVUDFLRQDOHVQRLPSLGHQODFULWLFD(VXQDUHGXFFLyQGHOLEHUWDGLQGLYLGXDOTXHDPSOLD ODFROHFWLYD

    /D QHXWUDOLGDG GH OD FLHQFLD VROR VH GD HQ OD FLHQFLD \D TXH FXDQGR HO FLHQWtILFR ODXWLOL]DWRPDSDUWHSRVWXUDHQFDPLQDGRODDOELHQDOPDORFXDOTXLHURWUDILQDOLGDG

    /DXQLYHUVLGDGHVDQWDJyQLFDGH ORVVLVWHPDV WRWDOLWDULVWDV/DXQLYHUVLGDGVHEDVDHQODFUtWLFD\HQ ODDXWRQRPtDHO WRWDOLWDULVPRVHEDVDHQHOVRPHWLPLHQWR\VXSULPLHQGRDXWRQRPtDV

    2UZHOO*HRUJH(ULF$UWKXU%ODLU(VFULWRULQJOHVQDFLyHQOD,QGLDHVWXGLRHQ(DWRQDGYHUVDULRGHOFRORQLDOLVPRLQJOpV\GHODLQMXVWLFLDVRFLDOPXULyDORVDxRV

    :LQVWRQWUDEDMDEDHQHOPLQLVWHULRGHUHJLVWURKDEtDFLQFRGHHVWRVSD]DPRUEHOODVDUWHV \ DEXQGDQFLD (UD /RQGUHV XQD FRORQLD GH 2FHDQtD HQ /D JHQWH YLYtDFRQWURODGDQRKDEtD OH\HVSHURSRUFXDOTXLHU IDOWD WHFRQGHQDEDQDxRVGH WUDEDMRIRU]RVRRDPXHUWH

    /D JHQWH YLYtD YLJLODGD KDEtD WHOHSDQWDOODV OD WHFQRORJtD HVWDED PX\ GHVDUUROODGDYLJLODEDQ WRGRV ORVPRYLPLHQWRVGH ODVSHUVRQDV ORTXHGHFtDQ ORTXHSHQVDEDQ/DJHQWHYLYtDHQWDOGHVLQIRUPDFLyQTXHQRVDEtDQHQTXHDxRYLYtDQ

    +DEtDXQSDUWLGRTXH UHLQDEDHOJUDQKHUPDQRTXLHQHUDDGRUDGR ODJHQWHHUDPX\RUWRGR[D(OOHPDHUDODJXHUUDHVODSD]ODOLEHUWDGHVODHVFODYLWXGODLJQRUDQFLDHVODIXHU]D&DGDGtDOHVSDVDEDQXQYtGHRFOLSTXHOHVLQIXQGDEDRGLRPRVWUDEDDOHQHPLJR*ROGVWHLQ TXLHQ HUD SDUWLGDULR GH OD OLEHUWDG GH SHQVDPLHQWR HWF /D KHUPDQGDG HUDVRFLHGDGVHFUHWDHQFRQWUDGHHOJUDQKHUPDQRWRGRVORVPDOHVFRQVSLUDFLRQHVVHOHDFKDFDEDQD*ROGVWHLQ

    :LQVWRQ FRUUHJtD ORV GDWRV TXH HO JUDQ KHUPDQR SUHGLFDED \ QR HUDQ FLHUWR GH HVWDPDQHUD YROYtDQ D LPSULPLU SHULyGLFRV UHYLVWDV OR TXH IXHUD QHFHVDULR SDUD TXHFRLQFLGLHUDQORVKHFKRVFRQORGLFKR

    :LQVWRQ SHQVDED TXH OD HVSHUDQ]D HVWDED HQ ORV SUROHV SDUD GHVWUXLU DO SDUWLGRHO SUREOHPD HUD TXH QR VH GDEDQ FXHQWD GH VX IXHU]D $ ORV SUROH ORV WUDWDQ FRPRLQIHULRUHVFRPRDQLPDOHVHOORVWLHQHQUHJODVDQWLJXDV

    /RVFRQWUDUHYROXFLRQDULRVTXHVHRSXVLHURQ\OLEHUDURQGHOFDSLWDOLVPRGHVDSDUHFLHURQ:LQVWRQ WXYR XQD YH] HYLGHQFLD HQ VXV PDQRV GH IDOVLILFDFLyQ 9LR D ORVFRQWUDUHYROXFLRQDULRVHQXQFDIp\VHGLRFXHQWDTXHVXVFRQIHVLRQHVHUDQIDOVDV

    (OSDVDGRHVDOWHUDEOHSDUDHVWDVSHUVRQDVRFXOWDEDQVHQWLPLHQWRV

  • 8QGtDXQD FKLFDTXH WUDEDMDEDSRU DKt TXH OH JXVWDED OH GLR XQSDSHO TXHGHFtD WHTXLHURpODHVFRQGLGDVODEXVFD\SODQHDURQXQDFLWD'HDKtHQDGHODQWHVHYHtDQHQOXJDUHV OHMDQRVVLQWHOHSDQWDOODVVHDFRVWDEDQ(OODVH OODPDED-XOLDVHYHtDQHQXQDKRWHOSHTXHxR(OODFRQVHJXtDFDIpGHYHUGDGD]~FDUFRVDVSURKLELGDVSHURUHDOHV

    2%ULHQTXLHQWUDEDMDEDFRQHOOHGLMRTXHVLH[LVWtDXQDRUJDQL]DFLyQVHFUHWDHQFRQWUDGHO SDUWLGR $FHSWDURQ HO \ -XOLD D HQWUDU \ KDFHU OR TXH IXHUD QHFHVDULR \ TXH VL ORVGHWLHQHQQDGLHORVD\XGDUtD

    (OORVUHQWDURQXQFXDUWRGHXQOXJDUGRQGHVHYHtDQ\OHVWHQGLHURQXQDWUDPSD\DTXHKDEtDXQDSDQWDOOD OOHJDURQSROLFtDV\ ORVDWUDSDURQ(OVHxRUTXH UHQWDEDHOFXDUWR\2%ULHQHUDQSROLFtDVGHOSHQVDPLHQWROHVKDEtDQSXHVWRXQDWUDPSD

    /RV WRUWXUDURQ \ ORV FDVWLJDURQ KDVWD FRQIHVDU YHUGDGHV \ PHQWLUDV /R OOHYDURQ DOXJDUHVVHFUHWRVGRQGHVXLQWHQFLyQQRHUDPDWDUORVLQRFXUDUOR

    (OSDUWLGRSRGtDGHVDSDUHFHUD:LQVWRQGHODKLVWRULDGHORVSDSHOHV\GHODPHPRULDGHODVSHUVRQDV

    /D LQWHQFLyQ HUD YROYHUOR XQ PLHPEUR GHO SDUWLGR DPDQWHV GHO *UDQ +HUPDQR HUDYDFLDUORGHUDVJRVKXPDQRV\YROYHUORXQRPiVGHHOORV

    3DUD HVWR XWLOL]DEDQ ORV PLHGRV GH ODV SHUVRQD HUDQ FDVWLJRV SHUVRQDOHV :LQVWRQRGLDED ODV UDWRV \ OH HVWDEDQ SRQLHQGR XQD FDQDVWD FRQ UDWDV PLHQWUDV OR LQFLWDURQSDUDTXHHQOXJDUGHKDFpUVHORDpOTXHVHORKLFLHUDQD-XOLD/RPLVPRSDVRFRQHOODGHVHRTXHVXFDVWLJRVHORDSOLFDUDQD:LQVWRQ

    6DOLHURQ YROYLHURQ D OD YLGD QRUPD VH WUDLFLRQDURQ PXWXDPHQWH \ \D QR VLHQWHQ ORPLVPR (O SDUWLGR KDEtD FRQTXLVWDGR WRGR HOPXQGR:LQVWRQ KDEtD FRQYHQFLGR D VXSHUVRQD\\DDPDEDDO*UDQ+HUPDQR

    (VXQVLVWHPD WRWDOLWDULRGRQGHXQLILFDQ OD LGHRORJtD\FRQWURODQD ODJHQWHSRUPHGLRGH WHOHSDQWDOODV SHQVDPLHQWR GRV PLQXWRV GH RGLRV &RQ HO FRQWURO VXSULPHQ ODOLEHUWDGKDFLHQGRTXHODYLGDLQGLYLGXDOVHYXHOYDS~EOLFD

    (O JRELHUQR LPSRQH \ ORV FLXGDGDQRV DFHSWDQ OH\HV H[FHVR GH HVWDV RFDVLRQDQGRPHQRUOLEHUWDGHQHOLQGLYLGXRORTXHUHGXFHODGHPRFUDFLD

    *ROGVWHLQHVXQHQHPLJRLQYHQWDGRFRQHOFXDOODJHQWHGHVFDUJDVXRGLRDVtFRPROHGDFRKHVLyQDODVSHUVRQDVGHOVLVWHPD/DGLFWDGXUDWDPELpQODGHPRFUDFLDLQYHQWDXQHQHPLJRSDUDGDUFRKHVLyQDODVVRFLHGDGHV(8$YVWHUURULVPR

    /D UHHVWUXFWXUD KLVWyULFD GD OD DSDULHQFLD GH XQ UpJLPHQ SHUIHFWR QRPHMRUD QR KD\HUURUHV SRU OR TXH QR KD\ FUtWLFD QR KD\ FRQWUDGLFFLRQHV SRU OR WDQWR OD JHQWH QRSLHQVD

    /RVSUROHVQHFHVLWDQXQOtGHUGHFODVHDOWDTXHSDUDODUHEHOLyQSRUHVRQROHVSUHRFXSDORVSUROHVSHURVLHOFRQWUROGHORVGHPiVFODVHV

    6HQWLPLHQWRUHSULPLGRVHVWRHVTXLWDUDOKRPEUHXQSDUWHHVHQFLDOGHVXVHUORLQWLPR

  • /DWRUWXUDGHEHVHUItVLFDHLQWHOHFWXDOPHQWH/DIRELDHVHOPLHGRGHXQDSHUVRQDTXHVHORGDDXQREMHWR(VWHPLHGROXFKDFRQWUDHODPRURFDVLRQDQGRTXHVHWUDLFLRQHORTXHPiVVHDPD ORPiVSURIXQGR(VFRQHVWRTXH WHUPLQDQSRUGHVKDFHUDO VXMHWRGHVKXPDQL]DUOR

    &XOWXUD \ FLYLOL]DFLyQ :LHVHQJUXQG $GRUQR 7KHRGRU )LORVRIRVRFLyORJR\P~VLFRDOHPiQ1DFLyHQ)UDQNIXUWGRQGHHVWXGLy\HQ9LHQDVDOLySRUHOJRELHUQRQD]L\VHIXHD2[IRUG)XHMXQWRFRQ+RUNKHLPHUGHORVSULQFLSDOHVJXtDVGHODHVFXHODGH)UDQNIXUW6HRSXVRDHOLQGLYLGXDOLVPRDEVWUDFWR\DWRGDLGHRORJtD

    /DWHQGHQFLDDODSROpPLFDFRQWUDHOFRQFHSWRGHPDVDVHUHODFLRQDFRQQXHVWUDFXOWXUDWpFQLFD

    $QWHV HO WHUPLQR GH FLYLOL]DFLyQ VH HQWHQGtD FRPR IDVH LQLFLDO HUD OD EDVH SDUD D XQJUDGRPiVHOHYDGRGHFXOWXUD

    /DLPDJHQQHJDWLYDGHODFLYLOL]DFLyQVHRSRQHDODFXOWXUD

    +D\ GRV HVIHUDV PDWHULDO \ PRUDO HQ OD HGDG PRGHUQD KD\ HVWH GXDOLVPR GHFLYLOL]DFLyQFRPRFXOWXUDPDWHULDO\ORVFDORUHVGHFXOWXUDFRQDOJRGHHVSLULWXDO

    &LYLOL]DFLyQ DKRUD SHUWHQHFH D OR KXPDQR HQ JHQHUDO \ VH UHILHUH D OD IHOLFLGDG GHOKRPEUH/DFLYLOL]DFLyQFRPRIRUPDPRGHUQDGHFXOWXUDVHUHODFLRQDFRQHODXPHQWRGHODSREODFLyQDSDUWLUGHODUHYROXFLyQLQGXVWULDO\DODFRQFHQWUDFLyQXUEDQD

    /D FXOWXUD VH UHILHUH D OD LQWHULRULGDG SXUD FRPR SURGXFWR \ IRUPD GHO DOPD \ ODFLYLOL]DFLyQDODH[WHULRULGDG6HKDSODQWHDGRODVHSDUDFLyQHQWUHHVWDVGRV

    /DFXOWXUDVHUHILHUHDODVFRQGLFLRQHVTXHQRVGLVWLQJXHQGHORVDQLPDOHVSDUDGRPLQDUODQDWXUDOH]D\ODVVDWLVIDFHUODVQHFHVLGDGHV/DFLYLOL]DFLyQVRQODVLQVWLWXFLRQHVSDUDUHJXODUODVUHODFLRQHVHQWUHKRPEUHV6RQLQGHSHQGLHQWHVSRUTXHODVUHODFLRQHVGHORVKRPEUHVFDPELDQFRQODVQHFHVLGDGHVWDPELpQSRUTXHVHSXHGHXVDUFRPRREMHWRVDODVSHUVRQDV\SRUTXHFDGDKXPDQRHVSRWHQFLDOPHQWHHQHPLJRGHHVDFXOWXUD

    /DFLYLOL]DFLyQHVORTXHLQFOX\HDOKRPEUHLQGLIHUHQWHDFXDOTXLHUFRQWH[WR+D\XQOD]RGHSHQGLHQWHHQWUHFXOWXUD\FLYLOL]DFLyQGRQGHHOPXQGRLQWHULRUGDSUXHEDVGHVLHQODUHDOLGDG/D VLWXDFLyQ GH OD FLYLOL]DFLyQ DFWXDO GRQGH LPSHUD HO FRPHUFLR OOHYDQGR D XQDH[LVWHQFLDVXSHUILFLDO\VLQDOPD

    /DDFWLYLGDGGHODFLYLOL]DFLyQVHKDYXHOWRLQWROHUDEOHDVLPLVPD\DORVKRPEUHVTXHQRVRQGXHxRVGHODSDUDWRVLQRFRQVXPLGRUHV/DFXOWXUDWpFQLFDGHKR\QRGHULYDGHODPLVPD LGHDGHXQDFXOWXUD WpFQLFDVLQRGH OD LUUDFLRQDOLGDGGH ODUD]yQ\DTXH ORVELHQHVGH OD FLYLOL]DFLyQVRQ LQVWUXPHQWRVGHGHVWUXFFLyQ/D WpFQLFDHVGXHxDGH ORVFXHUSRV\ODVDOPDVSRUODGLVWRUVLyQGHORVREMHWLYRVSRUORHFRQyPLFR

    /DV FXOWXUDV VRQ PXFKDV OD UD]D VROR XQD +D\ XQD HYROXFLyQ RUJiQLFD \ FXOWXUDOFRPSOHPHQWDULD/DFXOWXUDHVODSDUWHLQWHULRUGHOKRPEUHHVStULWXFUHHQFLDVYDORUHVSHQVDPLHQWRV

  • /DFLYLOL]DFLyQHVHOPXQGRItVLFRFUHDGRSRUHOKRPEUHOH\HVWHFQRORJtDLQVWLWXFLRQHV8QOLEURFRPRREMHWRHVFLYLOL]DFLyQ\VXFRQWHQLGRHVH[SUHVLyQFXOWXUDOGHOLQWHULRU

    &LYLOL]DFLyQFLXGDGPDVD&XOWXUDFDPSRLQGLYLGXR

    /DFLYLOL]DFLyQFUHDHPRFLRQHVHODERUDGDVVHGDJHQHUDOPHQWHHQODFLXGDGGRQGHKD\PDVDPXFKDJHQWH\HOFRQWDFWRVHKDFHLPSHUVRQDO

    /D FXOWXUD VH GD PiV HQ HO FDPSR \D TXH KD\ PiV FRQWDFWR FRQ XQR PLVPR ODVUHODFLRQHVVRQSHUVRQDOHV

    (OVHUKXPDQRQHFHVLWDWDQWRGHODFXOWXUDFRPRGHODFLYLOL]DFLyQ

    +R\ HQ GtD HVWD FXOWXUD QR VH GD SDUD PHMRUDU ORV YDORUHV VLQR SDUD PHMRUDU ODSURGXFFLyQ\DXPHQWDUHOFRQVXPR

    0iV WpFQLFD PDV FLYLOL]DFLyQ PHQRV LQWHULRULGDG PHQRV FXOWXUD 0iV QRUPDO PiVFLYLOL]DFLyQ

    (QODFLXGDGVHGDHOFRPSRUWDPLHQWRGHREMHWRVHQIUHQWDDODWHOHFRPSXWDGRUDFRFKHHOFXDOQRVOLPLWDHOFRPSRUWDPLHQWR\QRVKDFHDFWXDULJXDO(QHOFDPSRKD\PHQRVREMHWRVHOFRPSRUWDPLHQWRQRHVWDWDQOLPLWDGR

    5RXVVHDXGLFHTXHHOKRPEUHFXOWXUDOHVEXHQR\IHOL]HVGHFDPSR\TXHHOKRPEUHGHFLYLOL]DFLyQHVWDPRGHODGRSRUORVELHQHVHVPDORHKLSyFULWDHVGHFLXGDG

    .DQWKDEODGHODUHODFLyQLQQHJDEOHGHORVGRV\DTXHHOUHIOHMRGHO LQWHULRUVHSODVPDHQ OD UHDOLGDG WHQLHQGR DVt OD FLYLOL]DFLyQ HOHPHQWRV FXOWXUDOHV $Vt FRPR OD FXOWXUDHOHPHQWRV GH OD FLYLOL]DFLyQ HO LQWHULRU GHO KRPEUH HVWD PDUFDGR SRU VX GHVDUUROORH[WHULRUVXWHFQRORJtD

    3XHGHQ FKRFDU OD FLYLOL]DFLyQ FRQ OD FXOWXUD SRU OD WHQVLyQ VRFLDO FRPSHWHQFLDFLYLOL]DFLyQDIHFWDHOIDFWRUSVLFROyJLFRGHOLQGLYLGXRVXLQWHULRUFXOWXUD

    1DWXUDOH]D VRFLHGDG \ FXOWXUD /XGZLJ %HUJHU 3HWHU (O PXQGR FRQVWUXLGRVRFLDOPHQWHLPSOLFDHORUGHQDPLHQWRGHODH[SHULHQFLDHVWRHVXQQRPRV6RORHOKRPRVDSLHQVQRWLHQHSRUQDFLPLHQWRXQPHFDQLVPRRUGHQDGRUSRUORFXDOLPSRQHVXSURSLRRUGHQDODH[SHULHQFLD

    6LHPSUH KD\ VLJQLILFDGRV LQGLYLGXDOHV TXH QR HQWUDQ HQ HO QRPRV (/ PXQGR VRFLDOFRQVWLWX\HXQQRPRVREMHWLYDFRPRVXEMHWLYD(OQRPRVREMHWLYRHVWDHQHOSURFHVRGHREMHWLYDFLyQHODFWRUHJXODGRUHVGHFLUTXHXQDFRVDHVHVWR\QRDTXHOOR/RVQRPRVREMHWLYRV VH LQWHUQDOL]DQ HQ OD VRFLDOL]DFLyQ \ VH FRQYLHUWHQ HQ RUGHQDPLHQWR SURSLRVXEMHWLYRGHOLQGLYLGXRGHVXH[SHULHQFLD

    6REUH HO FLPLHQWR GHO OHQJXDMH VH FRQVWUX\H HO HGLILFLR FRJQRVFLWLYR \ QRUPDWLYR9LYLUHQHOPXQGRVRFLDOHVYLYLUXQDYLGDRUGHQDGD\VLJQLILFDWLYDODIXQFLyQPiVLPSRUWDQWHGH OD VRFLHGDG HV OD QRPL]DFLyQ HV SRU HVWR TXH YLYLU DLVODGR GH OD VRFLHGDG HV XQDDPHQD]DSDUDHOLQGLYLGXRSRUODLQFHUWLGXPEUHGHODSDUWHFRJQRVFLWLYDSRUHORUGHQODLGHQWLGDG\ODUHDOLGDGTXLHQHVQRWHQGUtDQVHQWLGR

  • /D VLWXDFLyQ PDUJLQDO SRU H[FHOHQFLD HV OD PXHUWH DO SUHYHU VX PXHUWH HO LQGLYLGXRFXHVWLRQD ORV SURFHVRV FRJQRVFLWLYRV \ QRUPDWLYRV RSHUDQWHV GH VX YLGD (O QRPRVHQIUHQWD OD SRVLELOLGDG GHO GHUUXPEH HQ OD DQRPtD PXHUWH /D VRFLHGDG EULQGDHOHPHQWRV SDUD HOXGLU HO PXQGR GH OD DQRPLD \ SHUPDQHFHU GHQWUR GH ORV VHJXURVOtPLWHV GHO QRPRV HVWDEOHFLGR /D VRFLHGDG EULQGD XQ RUGHQDPLHQWR XWLOLWDULR RPRUDOPHQWHFRUUHFWRTXHQRVHVHSDUDSRUWHPRUGHORUGHQQRUPDOHQHOTXHYLYHQ

    (OQRPRVFRPRSURSLRGHODQDWXUDOH]DGHODVFRVDVGHULYDGHIXHQWHVSRGHURVDVHQODKLVWRULDGHOKRPEUHODUHOLJLyQTXLHQHVODHPSUHVDKXPDQDSRUODFXDOVHHVWDEOHFHXQFRVPRVVDJUDGRGLYLQLGDGHVFyVPLFDVRSULQFLSLRVVXSUHPRVTXHJRELHUQDQHOFRVPRV

    /RVDJUDGRHVDOJRGLIHUHQWHGHOKRPEUHHOFRVPRVVDJUDGRHVXQDUHDOLGDGSRGHURVDVHSDUDGD GH pO SHUR GLULJLGD D pO \ OH GD XQ RUGHQ /DV UXWLQDV GH OD YLGD GLDULD VRQSURIDQDVFDUHFHQGHVDJUDGR(OFRVPRVVDJUDGRSURWHJHGHOFDRV

    /D FRVPL]DFLyQ VXSRQH LGHQWLILFDU HVWH PXQGR KXPDQDPHQWH VLJQLILFDWLYR FRQ HOPXQGR HQ Vt WRGD FRVPL]DFLyQ WLHQH XQ FDUiFWHU VDJUDGR /D UHOLJLyQ HV HO PD\RUDODQFH ORJUDGR SRU OD DXWRH[WHUQDOL]DFLyQ HQ HO LQWHQWR GH FRQFHELU HO XQLYHUVR FRPRKXPDQDPHQWHVLJQLILFDWLYR

    (OQRPRVHVODQRUPDVORTXHGDRUGHQKD\YDULRVWLSRVRFLDOUHOLJLRVRPRUDOFXOWXUDO(OKRPEUHIXQFLRQDGHDFXHUGRDODVQRUPDV

    /DDQRPtDHVYLYLUVLQQRUPDO(MKRODQGDKRPRVH[XDOYLRODGRUVHFXHVWUDGRUHOORFR\DTXHVLQUD]yQQRKD\QRUPDV\VHH[FOX\HGH ODVRFLHGDG2WURHMHPSORUDGLFDOGHDQRPtDHVODPXHUWH\DTXHODQRUPDQRVLJXHDOPXHUWR

    (O QRPRV UHOLJLRVR HV SDUD FRQWHVWDU ODV SUHJXQWDV TXH QR SRGHPRV OR TXH KD\GHVSXpVGHODPXHUWHHVWRLQFOX\HXQQRPRVVDJUDGR(VWDUHOLJLyQKDGDGRXQQRPRVpWLFR\PRUDOTXHKDVHUYLGRHQODFRQVWUXFFLyQGHPXQGRV

    +R\HQGtDVHEXVFDHQODFLHQFLDQRHQODUHOLJLyQ

    /DV FRQFHSFLRQHV GHO WLHPSR &KDXQX 3LHUUH +LVWRULDGRU IUDQFpV HVWXGLyHQOD6RUERQDGRFWRUDGRHQ0DGULGIRUPySDUWHGHOFRQVHMRHFRQyPLFR\VRFLDOGHVXSDtV(VFDWHGUiWLFRHQODXQLYHUVLGDGGH6RUERQDHQ3DUtVIXHQRPEUDGRFDEDOOHURGHODOHJLyQGHKRQRU

    +D\GRVWLSRVGHWLHPSRXQRYHFWRULDO\XQROLQHDO(OUHFKD]RGHODLQIRUPDFLyQLQ~WLOVHFRQYLHUWHHQDOJR~WLOVHJ~Q%HUJVRQ

    /D H[SHULHQFLD GH OD GXUDFLyQ WHUPLQD FRQ ODPXHUWH QR KD\PDQHUD GH UHVLVWLUVH DOWLHPSR /D GXUDFLyQ HV HO SURJUHVR FRQWLQXR GHO SDVDGR GH GRQGH QDFH OD IXQFLyQKLVWyULFR FRQVWUXFWRUD /D H[SHULHQFLD HV HO DYDQFH GHO SDVDGR 0LHQWUDV VH SDVDGH OD GXUDFLyQ FRPR H[SHULHQFLD GH OD FRQFLHQFLD DO WLHPSR HODERUDGR DO WLHPSR GHUHSUHVHQWDFLyQHOWLHPSRFLUFXODUSUHYDOHFHVREUHHOYHFWRULDO

    (O WLHPSR HV OD UHSUHVHQWDFLyQ GH OD GXUDFLyQ HQ OD VRFLDOL]DFLyQ FRPXQLFDFLyQOHQJXDMH /D FRQFHSFLyQ GH WLHPSR \ HVSDFLR VRQ LQVHSDUDEOHV /D SHUFHSFLyQ \H[SUHVLyQ GHO WLHPSR HQ OD KLVWRULD GHULYD GH OD H[SHULHQFLD H[LVWHQFLDO \ GH ORV

  • LQGLFDGRUHVQDWXUDOHVHVGHFLUXQWLHPSRVXEMHWLYR\XQRREMHWLYR/DFRQFLHQFLDHVGHSHUWHQHQFLD D XQ JUXSR VRFLDO HQ OD VRFLHGDG KROLVWD HO WLHPSR FtFOLFR SUHGRPLQD HOWLHPSRQRUHJUHVD

    /DFRQFLHQFLDGHODPXHUWHHVLQVHSDUDEOHGHODPXHUWH\QRVKDFHWHQHUODSHUFHSFLyQYHFWRULDO GHO WLHPSR OD FUHHQFLD HQ RWUD YLGD /RV VHQWLGRV \ TXH QR KD\ QDGLH LJXDOKDFHQTXHODGXUDFLyQGHFDGDKRPEUHHVHVSHFtILFD/RTXHKDVLGRVLJXHH[LVWLHQGRHQODPHPRULDFRQFLHQFLDRWUDYLGD

    +D\GRVGLVFXUVRVVREUHODPXHUWHODLQIRUPDFLyQ LQWUD\H[WUD/DSULPHUDVHUHILHUHDVXSURSLDGHVWUXFFLyQ OD VHJXQGDDVLPLOD ODPXHUWH/D LQPRUWDOLGDGGHODOPDHVRWUDPDQHUDGHUHVROYHUODLQWHUIHUHQFLDHQWUHLQWUD\H[WUD

    (O FULVWLDQLVPRDFHSWD OD LQPRUWDOLGDGGHODOPDFRQ OD UHVXUUHFFLyQ/D~QLFDGXUDFLyQWUDVSXHVWD HQ XQ WLHPSR GH UHSUHVHQWDFLyQ HV HO WLHPSR MXGHR FULVWLDQR HVWDFRQFHSFLyQ GH OD PXHUWH HV UHDOLVWD HVWD \ ORV JULHJRV QR EORTXHDQ OD H[SHULHQFLDLQWHULRUFRQODPXHUWH(O7RUDKGLFHTXHODPXHUWHHVHOUHVXOWDGRGHXQDHOHFFLyQ

    (O WLHPSR QR UHSHWLWLYR HV HO WLHPSR GH OD KLVWRULD /D KLVWRULD HV OD E~VTXHGD GHOFRQRFLPLHQWR GHO SDVDGR KXPDQR (PSOHDPRV PiV WLHPSR HQ HO DSUHQGL]DMHDFXPXODQGR\SHUIHFFLRQDQGRHOVDEHU

    /DSLHGUDDILODGDUHSUHVHQWDHO LQLFLRGHOKRPEUHHOSULPHUREMHWRDUWLILFLDO ODKX\DGHOKRPEUHGHMDUHOPXQGRQDWXUDO

    /DLGHDGHODPXHUWHHVWDUHODFLRQDGDFRQODGHOWLHPSR(VWDFRQFHSFLyQGHOWLHPSRVHGDHQHOKRPEUHVHGHQWDULR\DTXHVHGDFXHQWDGHOWLHPSRDGLIHUHQFLDGHOQyPDGD

    /RV QyPDGDV FD]DEDQ VX WLHPSR HUD YHFWRULDO QR OHV LPSRUWDED ODPXHUWH SLQWDEDQUXSHVWUHPHQWHUHSUHVHQWDQGRORVPLWRVPDJLD

    (OVHGHQWDULRWLHQHDFWLYLGDGHVPiVFRPSOHMDVVHQWLPLHQWRVVHGHGLFDDODDJULFXOWXUDQR KD\ H[FHGHQWHV QL DFXPXODFLyQ TXH WLHQH FLFORV VH GDQ FXHQWD GHO WLHPSR GHHVWDPDQHUDHQODSDUWHGHOFLFORTXHQRWUDEDMDQKDFHQDUWHFXOWXUDVHSDUDFLyQGHODQDWXUDOH]D&UHDQODVWXPEDVSRUDIHFWR\ODLGHDGHODDJULFXOWXUDODYLGDPiVDOOiVRQORVTXHSRQHQWXPEDV

    'HVSXpV KD\ XQD DFXPXODFLyQ GH SURJUHVR HQ HVH WLHPSR YHFWRULDO FRQVWDQWH \FRQWLQXR HVWR FDPELD FRQ OD PHPRULD HVFULWXUD \ HVWD DFXPXODFLyQ (V GH HVWDDFXPXODFLyQGHHVFODYRVTXHQDFHQORVLPSHULRV

    6XUJHDVtXQDVXSHUSRVLFLyQGHO WLHPSRFtFOLFRHQHOYHFWRULDOVHVHSDUDQ ORVPXQGRVWHUUHQDOHV\GHOPiVDOOi7XFRQFHSFLyQFDPELDODIRUPDGHODYLGD

    7UDQVIRUPDFLRQHV FXOWXUDOHV ,DQQL 2FWDYLR 6RFLyORJR EUDVLOHxR SLRQHUR GHOGHVDUUROORGHOPpWRGRGLDOpFWLFRDODVFLHQFLDVKXPDQDVGRFWRUDGRGH6DR3DXOR

    (O SURFHVR GH WUDQFXOWXUDFLyQ R JOREDOL]DFLyQ VH UHILHUH D OD RFFLHQWDOL]DFLyQRUHLQWDOL]DFLyQDIULFDQL]DFLyQLQGLJHQL]DFLyQGHOPXQGR

  • (V OD SUHVHQFLD H LQIOXHQFLD GH HOHPHQWRV FXOWXUDOHV \ FLYLOL]DGRUHV TXH VHPH]FODQ6LHPSUHHVWDSUHVHQWHHOFRQFHSWRGHORQDFLRQDO(VWRGDORVFRQWRUQRV\PRYLPLHQWRVGHORTXHHVPXQGLDO

    /D KLVWRULD PRGHUQD LQFOX\H ODV HQWLGDGHV QDFLRQDOHV OD JOREDOL]DFLyQ OXFKDVFDSLWDOLVPR FRQWDFWRV LQWHUFDPELRV WUDQVIRUPDFLRQHV HV XQ H[SHULPHQWR FXOWXUDO \FLYLOL]DGRU

    6LHPSUHKXERFRQWDFWRVH LQWHUFDPELRVDQWHVGHOVLJORSUHGRPLQDED ODGLVSHUVLyQHODLVODPLHQWRHQWUHODVFXOWXUDVKDEtDSRFRLQWHUFDPELRHVWRGHELGRDOLPLWDQWHVGHODWHFQRORJtD/DVUXSWXUDVKLVWyULFDVDPSOtDQSURSRUFLRQHVTXHDEUHQKRUL]RQWHVSHUPLWHQUHOHHUHOSDVDGR

    (O SULPHUR HV /XLV GH &DPRxHV TXLHQ HVFULEH RV OXLVDGDV QDUUDFLRQHV OLWHUDULDV VRQVREUH ORV GHVFXEULPLHQWRV OD WHPSHVWDG GH 6KDNHVSHDUH OD YXHOWD DO PXQGR HQRFKHQWD GtDV ODUJR FDPLQR KDFLD OD OLEHUWDG GH 0DQGHOD (VFULWRV HPSHxDGRV HQFRPSUHQGHUVHORVXQRVDORVRWURV

    (VWH PXQGR VH DSR\D SULQFLSDOPHQWH HQ HO FDSLWDOLVPR FRQ LPSOLFDFLRQHVVRFLRFXOWXUDOHV HFRQyPLFDV SROtWLFDV SURFHVR FLYLOL]DGRUHV (VWH SURFHVR GHVDUUROORPXOWLSOLFD ORV SURFHVRV VRFLRFXOWXUDOHV HFRQyPLFRV SROtWLFRV TXH FRQIRUPDQ ODJOREDOL]DFLyQ HVWH HV HO FRPSOHMR HQLJPD GH OD SOXUDOLGDG GH ORV PXQGRV (V XQDSOXUDOLGDG HQ PRYLPLHQWR FRQVWDQWH /D JOREDOL]DFLyQ MXQWR FRQ OD JOREDOL]DFLyQ GHOFDSLWDOLVPRDUUXLQD\GHVDUUROODODVGLYHUVLGDGHVVLQJXODULGDGHV

    /D JOREDOL]DFLyQ FRQWLQXD UHLWHUDGD SHUPDQHQWH WHQVD \ PRGLILFDQGR OD PH]FOD GH FXOWXUDVLQVWLWXFLRQHVHLGHDV(VWHSURFHVRHVGHGDU\UHFLELUHQXQDQXHYDUHDOLGDG(VWHSURFHVRVHSXHGHGDUFRPRUHVXOWDGRGHODFRQTXLVWD\GRPLQDFLyQSHURWDPELpQFRPRLQWHUFDPELRGLIXVLyQDVLPLODFLyQVLQFUHWLVPRPHVWL]DMHHOSXQWRHVTXHVLHPSUHKD\FDPELR

    /D FLUFXODFLyQ GH LGHDV HV SURSLFLR SDUD OD YLGD LQWHOHFWXDO VH HVWD IRUPDQGR XQDFLYLOL]DFLyQ SODQHWDULD (VWH HV HO LQLFLR GH XQ FXOWXUD GH DODQFHPXQGLDO XQD FXOWXUDPXQGLDOQXQFDHVWDUiFRPSOHWD

    /D OHQJXD PXQGLDO HV HO LQJOpV OD KLVWRULD HV XQ DFWR YHUEDO HO PXQGR VH SXHGHOHHU FRPR XQ WH[WR pSRFDV H LQGLYLGXRV FROHFWLYRV FXOWXUDV \ FLYLOL]DFLRQHV FRQ VXVSURJUHVRV\UHWURFHVRVLOXVLRQHV\UHDOLGDGHV7RGDQDUUDFLyQWDPELpQHVXQPRGRGHIDEXODFLyQGHVFULEHVHOHFFLRQD\WUDGXFH/DIXHU]DVRFLDOHPSXMDDXQRVKDFLDXQODGR\DRWURVKDFLDRWUDGLUHFFLyQPRYLHQGRODVFRVDVODJHQWH\ODVLGHDV

    /D JOREDOL]DFLyQ HV OD PH]FOD GH FXOWXUDV +R\ HQ GtD HQ HVWD PH]FOD GRPLQD ODLQIOXHQFLD RFFLGHQWDO VREUH OD FXOWXUD RULHQWD TXH DO UHYpV (M LQJOHV FRPR VHJXQGDOHQJXD

    'HQWURGHHVWDFXOWXUDRFFLGHQWDOTXLHQGRPLQDHV(8$0p[LFRFDVLQRH[SRUWDFXOWXUDVLPSOHPHQWHLPSRUWD

    1RKD\XQDLGHQWLGDGQDFLRQDO OD LGHQWLGDGHVDFWLYD\DTXHQRKD\XQDQDFLyQSXUDQRKD\XQDLGHQWLGDGQDFLRQDOGHILQLGDQRKD\FXOWXUDVSXUDV

  • /D WUDQFXOWXUDFLyQ HV HO FRQWDFWR HQWUH FXOWXUDV HV XQD FRQGLFLyQ QHFHVDULD SDUD HOGHVDUUROOR HV HO VXUJLPLHQWR GH XQD FXOWXUD D UDt] GHO FKRTXH GH GRV \ GRQGHHVWDVGRVFRQVHUYDVSDUWH\SLHUGHQRWUD(MFKLFDQR

    /DV YtDV SDUD HVWH SURFHVR VRQ GRV *XHUUD TXH QR VLHPSUH UHVXOWD XQD PH]FODFRPR(8$ HQ ,UDN TXH QR VHPHWH R GRQGH KD\ LPSRVLFLyQ &RQ HO FRPHUFLR FRPRPDUFRSROR

    /DXQLYHUVDOL]DFLyQGHODFXOWXUDDPHQD]DFRQYROYHUVHUHDOLGDGHVWRHV(8$

    (OVtPERORGHHVWHSURFHVRHVODWUDGXFFLyQHVODPH]FODGHGRVFXOWXUDVHVKDFHUWX\DXQDFXOWXUDHQWXLGLRPD2WURVHMHPSORVRQ0FGRQDOGVFRQMDODSHxR

    &RQIOLFWRHQWUHFLYLOL]DFLRQHV+XQWLQJWRQ6DPXHO33ROLWyORJRHVWDGRXQLGHQVHXQRGHVXVDQWHSDVDGRVILUPyODGHFODUDFLyQGHLQGHSHQGHQFLDGHVXSDtVHVWXGLRHQ+DUYDUG GRQGH HV SURIHVRU GH FLHQFLDV SROtWLFDV HVWXYR HQ HO FRQVHMR GH VHJXULGDGQDFLRQDO\HVSUHVLGHQWHGHODDVRFLDFLyQDPHULFDQDGHFLHQFLDSROtWLFD

    /D GHFDGHQFLD GH ORV HVWDGRV QDFLyQ \D VRQ FRQIOLFWRV FXOWXUDOHV (O FKRTXH GH ODFLYLOL]DFLRQHVGRPLQD ODSROtWLFDPXQGLDO$QWHV ORVFRQIOLFWRVHUDQHQWUHHPSHUDGRUHVSUtQFLSHV OXHJRSDVRDVHUGHOSXHEORFRQIOLFWRHQWUHLGHRORJtDVDKRUDHQWUHFXOWXUDVFRPRODLQWHUDFFLyQGHRFFLGHQWHFRQRWUDVFLYLOL]DFLRQHVQRRFFLGHQWDOHV

    +R\ORVSDtVHVVHDJUXSDQHQIXQFLyQGHVXFXOWXUDIRUPDQGRXQDHQWLGDGFXOWXUDO8QDFLYLOL]DFLyQHVXQDDJUXSDPLHQWRFXOWXUDOKXPDQR\HO PiVHOHYDGRQLYHOGH LGHQWLGDGGHODVSHUVRQDV8QUHVLGHQWHSXHGHSHUWHQHFHUD ODUHJLyQDVXHVWDGRSDtVUHOLJLyQFRQWLQHQWHHWF6XV LGHQWLGDGHVVHUHGHILQHQFRQVWDQWHPHQWH\FDPELDQ ORV OLPLWHVGHODVFLYLOL]DFLRQHVODLGHQWLGDGHVGLQiPLFD

    (Q HO IXWXUR ORV FRQIOLFWRV PiV LPSRUWDQWHV VHUiQ HQ EDVH D ODV OtQHDV GH IUDFWXUDGLIHUHQWHVRSLQLRQHVSXQWRVGHYLVWDFXOWXUDOGHODVGLIHUHQWHVFLYLOL]DFLRQHV(OPXQGRVHKDKHFKRPiVSURSHQVRSDUDXQDPD\RULQWHUDFFLyQLQWHQVLILFDQGRODFRQFLHQFLDGHFLYLOL]DFLyQ +R\ RFFLGHQWH VH HQFXHQWUD GRPLQDQGR GHQWUR GH RFFLGHQWH (8$ /DVGLIHUHQFLDV FXOWXUDOHV VRQ PDV FRVWRVD GH UHVROYHU TXH ODV SROtWLFDV R HFRQyPLFDVQR VHSXHGH FDPELDU TXLHQHUHV3DUD OD LQWHJUDFLyQHFRQyPLFD OD XQLGDG FXOWXUDO HVQHFHVDULD (O FKRTXH HQWUH ODV FLYLOL]DFLRQHV VH GD D QLYHOPLFUR HQ JUXSRV R D QLYHOPDFURHQWUHHVWDGRV

    (MHPSOR GH FKRTXH HQWUH FLYLOL]DFLRQHV ,VODP \ RFFLGHQWH RUWRGR[RV \ PXVXOPDQHVQHJURVHQIULFDFKLQD\-DSyQ\(8$2FFLGHQWHFRQWUDHO,VODPQRVRORFRQWUD,UDN

    /D FRPXQLGDG VXIUH GHO VtQGURPH GH SDtV SDULHQWH HVWR VH UHILHUH DO DSR\R HQWUHQDFLRQHVSRUUDVJRVHQFRP~QKHUPDQRVUHOLJLRVRVpWQLFRVHWF

    2FFLGHQWH GRPLQD LPSXOVD VXV GHVHRV SRU PHGLR GH OD 218 )0, HWF &RQ OH GDOHJLWLPLGDGDVXPDQLSXODFLyQXWLOL]DVXVLQVWLWXFLRQHVLQWHUQDFLRQDOHVSRWHQFLDOPLOLWDU\VXVUHFXUVRVSDUDJREHUQDUHOPXQGR\PDQWHQHUVXGRPLQLRLQWHUHVHV\YDORUHVFRPRLQGLYLGXDOLVPR OLEHUDOLVPR FRQVWLWXFLRQDOLVPR GHPRFUDFLD OH\ GHUHFKRV KXPDQRVOLEHUWDG PHUFDGRV OLEUHV VHSDUDFLyQ LJOHVLD HVWDGR )UHQWH D HVWR ODV QDFLRQHVUHDFFLRQDQDLVOiQGRVHWUDWDQGRGHXQLUVHRHTXLOLEUDQGRODIXHU]DGHRFFLGHQWH

  • /RVSDtVHVFRQPXFKRVKDELWDQWHVGHGLIHUHQWHVFLYLOL]DFLRQHVWLHQGHQDGHVEDUDWDUVHVXVFDPLQRVVRQUHHGLILFDFLyQDFHSWDU ODVPHGLGDV\TXHVHDQDEUD]DGRVSRU ODRWUDFLYLOL]DFLyQ /RV REVWiFXORV SDUD TXH XQ SDtV QR RFFLGHQWDO VH XQD D RFFLGHQWH VRQPXFKDV/DDPHQD]DGHRFFLGHQWHHVHODUPDPHQWLVPRGHRWURVSDtVHV

    /DKLSyWHVLVGHO WH[WRHVTXH ODVGLIHUHQFLDVHQWUHFLYLOL]DFLRQHVVRQUHDOHVFUHFLHQWHVHLPSRUWDQWHVWDQWRDVtTXHVHVXSRQHVHUiQFDXVDVGHJXHUUDVPXQGLDOHV2FFLGHQWH\ ORV GHPiV 2FFLGHQWH EXVFDUi IRPHQWDU UHODFLRQHV FRRSHUDFLyQ -DSyQ KD ORJUDGRPRGHUQL]DUVHVLQYROYHUVHKDFLDRFFLGHQWHHVWRHVORTXHEXVFDQSDtVHVDQWLRFFLGHQWH

    3URSRQHTXHODVJXHUUDVVHDQGHFDUiFWHUFXOWXUDOVLQHPEDUJRYHPRVTXHVRQVRORGHFDUiFWHUHFRQyPLFR

    1RKD\XQXQLyQSRUSDUWHGHRFFLGHQWHQLSRUSDUWHGHVXVDGYHUVDULRV

    /D FLYLOL]DFLyQ HV OD HQWLGDG FXOWXUDO TXH FRPSDUWH OHQJXDMH KLVWRULD UHOLJLyQFRVWXPEUHV H LQVWLWXFLRQHV (Q HVWRV HOHPHQWRV QR KD\ UDVJRV HFRQyPLFRV VRQ VRORFXOWXUDOHV

    *HQHUDOL]D DO PHQFLRQDU VROR RFKR FLYLOL]DFLRQHV QR VH SHUFDWD GH OD SOXUDOLGDG GHIULFDQLGH2FHDQtD

    0p[LFR H ,EHURDPpULFD HV RFFLGHQWDO VLQ HPEDUJR QR VH OHV DFHSWD SRU GLIHUHQFLDVHFRQyPLFDV\DTXHWLHQHORVPLVPRVUDVJRVFXOWXUDOHV

    /DVJXHUUDVPXQGLDOHV IXHURQHQWUHPLHPEURVGHRFFLGHQWH IXHURQ ODVPiVYLROHQWDVSURSRQHTXHODWHUFHUDVHUiRFFLGHQWHFRQWUDORVQRRFFLGHQWDOHV

    )UHQWH D RFFLGHQWH ORV SDtVHV WLHQHQ WUHV RSFLRQHV $LVODUVH FXED 6XGiQ FRUHD GHOQRUWH GRVDFHSWDUDRFFLGHQWH LUiQ0p[LFRRSRQHUXQHTXLOLEULRHQWUHPL FXOWXUD \WRPDUUDVJRVGHRFFLGHQWHFKLQD

    /DOHFWXUDSODQWHDDRFFLGHQWHFRPRDOJRVXSHULRU

    /RVSDtVHVGHVJDUUDGRVVRQGRQGHQRKD\XQDLGHQWLGDGQDFLRQDO0p[LFREXVFDODDSHUWXUDHFRQyPLFDFRQ(8$QRSRUVXFXOWXUDVLQRSRULQWHUpVHFRQyPLFR7XUFRVEXVFDQDODFRPXQLGDGHXURSHDQRSRUVXFXOWXUDSRULQWHUpVHFRQyPLFR7DQWRQXHVWURSDtVFRPR7XUTXtDWLHQHQFXOWXUDSURSLDVROREXVFDQPiVGHVDUUROOR\PHMRUHVFOLHQWHV

    3RGHU \ FXOWXUD HQ &KLQD

  • ODVPXMHUHVWLHQHQPiVp[LWR\SUREOHPDVFRQORVKRPEUHVSRUVXVDODULR\HVWLORGHYLGDORVKRPEUHVWHUPLQDQHQHOODGRFRQVHUYDGRU(O PHUFDGHU FRQIXFLDQR HV HO TXH SURPXHYH OD WUDGLFLyQ FKLQD \ VH FRQYLHUWHHQ KRPEUH GH QHJRFLRV (O HVWDGR FRQWUROD ODV JUDQGHV HPSUHVDV ORV SXQWRVHVWUDWpJLFRV\UHJXODODSURSLHGDGSULYDGD

    /RVLQWHOHFWXDOHV$TXtKD\GRVEORTXHVORVDSR\DGRV\ILQDQFLDGRVSRUHOHVWDGRFRQOtQHDVRFLDOLVWD\ORVDSR\DGRVSRUH[WUDQMHURVFRQOtQHDRFFLGHQWDO

    /DFXOWXUDSRSXODU$TXtVHYHODGRPLQDFLyQGHRFFLGHQWHHVHOiPELWRPiVIiFLOSDUDYHQGHUHOFRQVXPLVPRFRPRLGHRORJtDODFXOWXUDGHPDVDHODXPHQWRHQSXEOLFDFLRQHVWDPELpQKD\LQIOXHQFLDGH+RQJ.RQJ-DSyQ6LQJDSXU

    0RYLPLHQWRV VRFLDOHV (VWR LQFOX\HQ HO UHOLJLRVR HO FXDO HVWD YLJLODGR SRU HOHVWDGR\DTXHHOHVWDGRHVDWHR\QRTXLHUH IXHU]DVRSRVLWRUDVFRPRHOFDVRGH)DOXQ*RQJ(Q OR VHFXODU GHIHQVDGHO FRQVXPLGRU SRU ODDSHUWXUD \SDUDSURWHJHU GH RFFLGHQWH SURWHFFLyQ GHO PHGLR DPELHQWH LQGHSHQGLHQWH \ HOIHPLQLVPRTXH WLHQHGRVEORTXHV OD OLQHDPDU[LVWD\GHOHVWDGR\ OD OLEHUDOGHRFFLGHQWH

    &RQWH[WR /D WHQGHQFLD D OD RFFLHQWDOL]DFLyQ VH GD HQ OD YLGD FRWLGLDQD OD FXOWXUDLPSRUWDGDVHWUDQVIRUPD\VHORFDOL]D

    3URSLHGDG\DJHQWHV/DSURSLHGDGGHODFXOWXUDJOREDOHVWiPDUFDGDSRUODGLYHUVLGDGPiVTXHSRU ODXQLIRUPLGDGHVHOSURFHVRGH LPSRUWDU\H[SRUWDUFXOWXUD\ ODPH]FOD+D\ SDUWHV TXH VH KDQ RFFLGHQWDOL]DGR KD\ RWUDV TXH UHFODPDQ OD FXOWXUD H[WUDQMHUDFRPRSDUWHGHXQDFXOWXUDJOREDO/RVJUXSRVVRFLDOHVTXHSURPXHYHQODJOREDOL]DFLyQVRQ FRPSDxtDV HVWDGR LQWHOHFWXDOHV \ ORV MyYHQHVTXLHQHVDSHVDUGH WHQHU YDORUHVRFFLGHQWDOHV \ FRQVXPLU ELHQHV LPSRUWDGRV VRQ PX\ QDFLRQDOLVWDV /D SDUWH PiVLPSRUWDQWHHVHOHVWDGR\ORVLQWHOHFWXDOHVTXLHQHVDFHUFDQDFKLQDDOPXQGR

    /D JOREDOL]DFLyQ VH SHUFLEH FRPR DOJR LQHYLWDEOH SULPHUR FKLQD HUD YDVDOOR OXHJRUHVLVWLyFRQHOFRPXQLVPR\KR\ORYHFRPRHOSURFHVRSDUDODPRGHUQLGDG(OSUREOHPDTXHYHQORVLQWHOHFWXDOHVHVODPDQLSXODFLyQGHOQDFLRQDOLVPRSDUDPDQWHQHUHOUpJLPHQDXWRULWDULR

    (OJRELHUQRWUDWDGHPD[LPL]DUEHQHILFLRV\PLQLPL]DUYXOQHUDELOLGDGFXOWXUDO(OJRELHUQRFRQWUROD OD LQIOXHQFLD GH RFFLGHQWH SRUPHGLR GH RUJDQL]DFLRQHV PHGLRV SUHVLRQHVPHGLDQWHLQFHQWLYRVSUHPLDU ODOtQHDGHOSDUWLGRHODFFHVRDOPHUFDGR\HO OLGHUD]JRGHO3&&

    &RQFOXVLyQ/DJOREDOL]DFLyQHVHOSURFHVRPRGHUQL]DGRUDFHUFDGDSRU ODVHPSUHVDVFRQWURODGD H LPSXOVR HFRQyPLFR SRU HO JRELHUQR \ XQ SXHEOR TXH VH DSURSLD GH ORVHOHPHQWRVGHFXOWXUDLPSRUWDGRV

    1RWDVVREUHHOFUXFHGHFXOWXUDV7RGRURY7]YHWDQ/LQJLVWDIUDQFpVQDFLyHQ6RItDHVWXGLRHQODXQLYHUVLGDGGHSDUtVHVGLUHFWRUGHOFHQWURFLHQWtILFRGH)UDQFLD

    (OKRPEUHFRQVWDQWHPHQWHFRPSDUDFXOWXUDV

  • 9DORUHVXQLYHUVDOHVTXHWRGDVODFXOWXUDVDFHSWHQYDORUHVQRKD\YDORUHVXQLYHUVDOHV

    (OLPSRQHUPLFXOWXUDVREUHRWUDHVXQDEDUEDULH\DTXHDOTXHUHUODLPSRQHUODYXHOYRXQLYHUVDO(OFRQWDFWRFRQRWUDVFXOWXUDVHVQHFHVDULRSDUDTXHVHGHVDUUROOHQ

    /D~QLFDPDQHUDGHFRQRFHUPLLGHQWLGDGHVFRPSUDQGRPLFXOWXUDFRQODVGHPiVSDUDORFXDOHVIXQGDPHQWDOODWROHUDQFLD7RGDVODVFXOWXUDVHVWiQIRUPDGDVSRURWUDVFXOWXUDV

    (OIUDFDVRGHFXOWXUDHVLJQRUDURWUDFXOWXUDRTXHUHULPSRQHUODWX\D

    (ODXWRUSODQWHDGRVVROXFLRQHVDLVODUVHPRULURLQWHJUDUVHHOLPLQDUORPtRQLQJXQDGHHVWDVVROXFLRQHVHVEXHQD

    (QWRQFHVORPiVYLDEOHHVSURIXQGL]DUHQQXHVWUDFXOWXUDFRPSDUiQGRODFRQORVHOHPHQWRVXQLYHUVDOHVWUDWDQGRGHIRUPDUXQPDUFRLGHROyJLFRFRP~Q

    /D FLYLOL]DFLyQ RFFLGHQWDO \ QXHVWUD LQGHSHQGHQFLD *DQGKL 0DKDWPD $ERJDGR ILORVRIR \ HVWDGLVWD LQGLR GH IDPLOLD ULFD HVWXGLR HQ /RQGUHV OXFKR SRU ODLQGHSHQGHQFLD GH VX SDWULD PXULy DVHVLQDGR \ HV UHFRUGDGR SRU VX ILORVRItD GH QRYLROHQFLDHUDXQFRQFLOLDGRUJHQLDO

    (Q OD FLYLOL]DFLyQ RFFLGHQWDO HO ELHQHVWDU PDWHULDO HV HO REMHWLYR SULQFLSDO VH HVFULEHORTXHVHD WRGRHVWDKHFKRSRUPiTXLQDVGLQHURKRVSLWDOHVHMpUFLWRQRVHFXLGD ODPRUDOSRUORFXDOHVQHFHVDULRHVFDSDUOHHVXQDHQIHUPHGDG

    /RVLQGLRVVRQTXLHQHVGLHURQDORVLQJOHVHVHOWHUULWRULRORVLQGXMHURQSRUHOFRPHUFLROHVGLHURQHVDSRVLELOLGDGHVWDVPLVPDVFRQGLFLRQHVORVSHUPLWLHURQSHUPDQHFHUHQODLQGLD/DLQGLDKDSHUPDQHFLGRVDQDHQVXIXQGDPHQWR

    /D FLYLOL]DFLyQ HV HVH PRGR GH YLYLU TXH PXHVWUD DO KRPEUH HO OXJDU GRQGH HVWD VXGHEHU VH GLFH EXHQD FRQGXFWD (O GHVHR GH PiV \ PiV QRV OOHYDQ D ILMDU OLPLWHVQXHVWURV DQWHSDVDGRV VDEtDQ OR TXH QRV SDVDUtD VL VH LQYHQWDUDQPiTXLQDV SRU HVRSUHILULHURQQRKDFHUODV

    /DLQGLDYHQHUDORPRUDORFFLGHQWHSURSDJDORLQPRUDO/DLQGHSHQGHQFLDHVDSUHQGHUDGLULJLUVHDVtPLVPR

    6HPEUDQGR PDOD KLHUED QR VH SXHGH UHFRJHU URVDV QR FXDOTXLHU PHGLR HV EXHQRSDUDVDFDUDORVLQJOHVHVODSLHGDG\HODPRUHVPiVJUDQGHTXHODVDUPDVODIXHU]DHVSLULWXDOHVLQYHQFLEOH/DIXHU]DHVSDUDEHQHILFLRSHUVRQDO

    /DKLVWRULDVRORHVSDUDODVJXHUUDVODUHVLVWHQFLDSDVLYDHVXQPpWRGRTXHFRQVLVWHHQVDOYDJXDUGDU GHUHFKRVPHGLDQWH OD DFHSWDFLyQ GHO VXIULPLHQWR OD UHVLVWHQFLD HV SDUDTXLHQHVQRHVWiQREOLJDGRVDREHGHFHUODVOH\HVTXHVXFRQFLHQFLDGHVDSUXHED

    3DUDHVWRQHFHVLWDVEXHQDFRQGLFLyQItVLFDFDVWLGDGDEVROXWDQRWHQHUKLMRVSREUH]DLQGLIHUHQFLD SRU HO GLQHUR D SHVDU GH WHQHUOR FRQIRUPDUVH D OD YHUGDG \ FXOWLYDU HOYDORU

  • 6HU LQVWUXLGRV HV WHQHU XQ LQVWUXPHQWR SDUD HO ELHQ RPDO ORV RFFLGHQWDOHV WLHQHQ ODQHFHVLGDGGHODLQVWUXFFLyQHVQHFHVDULRUHGXFLUORVVHQWLGRVDODREHGLHQFLD

    (O LGLRPD LQJOHV HV XQ UDVJRGHHVFODYLWXG VH GHEH FRQVHUYDU HO SDWULPRQLR QDFLRQDOPHGLDQWHHOGHVDUUROORGHFDGDUHJLyQ2WURSUREOHPDHVODHGXFDFLyQUHOLJLRVDVLHPSUHGHEHVVHUDVt/DPiTXLQDHVH[SUHVLyQGHXQHVWDGRGHSHFDGR(OGLQHURGHELOLWDDOKRPEUHHOVH[RHOSXHEORGHEHUHQXQFLDUDSURGXFWRVPDQXIDFWXUHURV/DHOHFWULFLGDG\ORVWUDQYtDVVRQLQHYLWDEOHVFRQODFLXGDG

    (OYHQHQRVLUYHGHUHPHGLRFRQWUDHOYHQHQR

    RFFLGHQWH HVWD FDUDFWHUL]DGR SRU WUHV UDVJRV OD ELHQHVWDU PDWHULDO OD WpFQLFD \ ODLQGXVWULDHVWRVGRVOOHYDQDOWHUFHUUDVJRORLQPRUDO

    *DQGKL YD FRQWUD OD WpFQLFD \ OD LQGXVWULD SRU TXH TXLWD HPSOHRV QR KD\ HPSOHR GHOHVIXHU]RKXPDQR\SRUTXHHPSREUHFH\DTXHXQRVWLHQHQPiTXLQDV\RWURVQR/DLQGLDVHYXHOYHSREUHDSDUWLUGHTXHORVLQJOHVHVOOHJDHQFXHQWUDQXQFRQWUDVWH\VHFUHDXQDEUHFKDHQWUHULFRV\SREUHV

    /D HGXFDFLyQ WLHQH XQ OLPLWH VH UHGXFH DO FRQWURO GHO FXHUSR HV PDOD SRU TXH HVVHOHFWLYD\SRUTXHLQVWUX\HDODWpFQLFD

    0LHQWUDVPiVELHQHVPiVGHSUHVLyQ

    /DVROXFLyQGH*DQGKLHVDLVODUVHRFFLGHQWHORPDWD

    (OSULPHUPXQGRGHSHQGHGHOWHUFHUPXQGR

    'HUHFKRV+XPDQRV+pFWRU*URV(VSLHOO -XULVWD XUXJXD\R GLUHFWRU GHO LQVWLWXWR LQWHUDPHULFDQR GHGHUHFKRVKXPDQRVHVWXYRHQOD2,7\HVGHOHJDGRSHUPDQHQWHGHOD81(6&2

    .RIL$QQDQ'LSORPiWLFRQDFLGRHQ*KDQDHVWXGLRDKtOXHJRHQ(8$GHVSXpVHQ0,7,QJUHVRDODVQDFLRQHVXQLGDVGRQGHGHVWDFyHQODVQHJRFLDFLRQHVGH,UDNHQ

  • (O LGHDO FRP~Q GH ORV SXHEORV \ QDFLRQHV GH ORV LQGLYLGXRV \ ODV LQVWLWXFLRQHV GHEHVHUHOUHVSHWRDHVWRVGHUHFKRV\OLEHUWDGHVVXUHFRQRFLPLHQWRGHEHVHUXQLYHUVDODVtFRPRVXDSOLFDFLyQ$UWtFXORV

    7RGRV QDFHQ OLEUHV GHEHQ VHU LJXDOHV HQ GLJQLGDG \ IUDWHUQDOHV HQWUH XQRV \RWURV

    1RGLVFULPLQDFLyQ 'HUHFKRDODYLGDOLEHUWDG\VHJXULGDGGHODSHUVRQD (VWDSURKLELGDODHVFODYLWXG 1RVRPHWHUVHDWRUWXUDVQLWUDWRVFUXHOHVRGHJUDGDQWHV 'HUHFKRDUHFRQRFLPLHQWRGHVXSHUVRQDOLGDGMXUtGLFD ,JXDOGDGDQWHODOH\ 'HUHFKRDDPSDURDQWHWULEXQDOHVFRQWUDYLRODFLRQHVDORVGHUHFKRV 1RGHWHQFLyQQLGHVWLHUURDUELWUDULDPHQWH 'HUHFKRDVHURtGRS~EOLFDPHQWHSRUFRQMXVWLFLDHLPSDUFLDOLGDG 'HUHFKRDSUHVXPLUODLQRFHQFLDKDVWDTXHVHSUXHEHODFXOSDELOLGDGDSOLFDFLyQ

    GHODSHQDHQHOPRPHQWRGHODLQIUDFFLyQ 'HUHFKRDSURWHFFLyQGHODOH\QRDWDTXHVDODYLGDSULYDGDQLDODUHSXWDFLyQ 'HUHFKRDFLUFXODUOLEUHPHQWHHOHJLUUHVLGHQFLDVDOLU\UHJUHVDUGHOSDtV 'HUHFKRDDVLOR 'HUHFKRDQDFLRQDOLGDG\FDPELDU 'HUHFKRDSDUWLUGHODHGDGQ~ELODIXQGDUXQDIDPLOLDODFXDOHVWDSURWHJLGDSRU

    HOHVWDGR 'HUHFKRDSURSLHGDGLQGLYLGXDOFROHFWLYD 'HUHFKRDOLEHUWDGGHSHQVDPLHQWRFRQFLHQFLD\UHOLJLyQ /LEHUWDGGHRSLQLyQ\H[SUHVLyQ 'HUHFKRDOLEHUWDGGHUHXQLyQ'HUHFKR D SDUWLFLSDU HQ HO JRELHUQR GH VX SDtV LJXDOGDG HQ ODV IXQFLRQHV

    SXEOLFDVODOLEHUWDGGHYRWRTXHHVEDVHGHODDXWRULGDG'HUHFKR D VHJXULGDG VRFLDO VDWLVIDFFLyQ GH GHUHFKRV HFRQyPLFRV VRFLDOHV \

    FXOWXUDOHV 'HUHFKRDWUDEDMROLEUHHOHFFLyQFRQGLFLRQHVHTXLWDWLYDVGHWUDEDMRVDODULRLJXDO

    SRUPLVPRWUDEDMRGHUHFKRDIXQGDUVLQGLFDWRV 'HUHFKRDGHVFDQVRSDJDGR'HUHFKR D QLYHO GH YLGD DGHFXDGR VDOXG ELHQHVWDU GHVHPSOHR HQIHUPHGDG

    LQYDOLGHVYHMHV/DPDWHUQLGDG\ODLQIDQFLDXQWUDWRHVSHFLDO'HUHFKRDHGXFDFLyQJUDWXLWD\REOLJDWRULDHQHOQLYHOEiVLFRSDUDHOGHVDUUROOR

    GHODSHUVRQD\ODSD]GHUHFKRDHOHJLUHOWLSRGHHGXFDFLyQ 'HUHFKRDJR]DUGHODVDUWHVSURJUHVRFLHQWtILFR 'HUHFKRV\OLEHUWDGHVSOHQDPHQWHHIHFWLYRV 'HEHUHVUHVSHFWRDODFRPXQLGDG 1DGDGHHVWDGHFODUDFLyQVHSXHGHLQWHUSUHWDUSDUDFRQIHULUGHUHFKRDSHUVRQD

    HVWDGR HWF 3DUD VXSULPLU ORV GHUHFKRV \ OLEHUWDGHV SUHVHQWDGRV HQ HVWDGHFODUDFLyQ

    /D VROLGDULGDG R ORV GHUHFKRV GH WHUFHUD JHQHUDFLyQ WRGDYtD VRQ LPSHUIHFWRV VRQSDWULPRQLRGHODKXPDQLGDG3DUDORVGHUHFKRVVHGHEHDFHSWDUODXQLYHUVDOLGDGORFXDOQRLPSOLFDGHVFRQRFHUODUHDOLGDGGHODGLYHUVLGDGFXOWXUDO6HUHTXLHUHGHORVHOHPHQWRVGHXQLYHUVDOLGDG

  • /DFDUDFWHUtVWLFDGHHVWDGHFODUDFLyQHVODH[SDQVLyQTXHWXYRVXVGHUHFKRV SULPHURV GHUHFKRV \ OLEHUWDGHV FLYLOHV \ SROtWLFRV HO HVWDGR GHEH DEVWHQHU

    JDUDQWL]DURUGHQSXEOLFR\TXHVHSXHGDQHMHUFHUORVGHUHFKRV VHJXQGRGHUHFKRVHFRQyPLFRVVRFLDOHV\FXOWXUDOHVQRVGHEHQGDUORVPHGLRV

    SDUD VREUHYLYLU UHTXLHUH XQD LQWHUYHQFLyQ DFWLYD GHO HVWDGR (VPX\ FRPSOHMRVHSDUDUORVGHUHFKRVHFRQyPLFRVGHORVVRFLDOHV

    WHUFHURGHUHFKRGHVROLGDULGDGUHTXLHUHXQDFFLyQLQWHUQDFLRQDOFRUUHODWLYDVRQLQGLYLGXDOHV\FROHFWLYRVFDUHFHQGHUHJXODFLyQQRUPDWLYDVHGHEHSURWHJHUSRUODFRPXQLGDGLQWHUQDFLRQDO

    7RGRV ORVGHUHFKRVGHO KRPEUHVRQGH ODPLVPDQDWXUDOH]DHOPLVPRYDORU DSHVDUGH WHQHU FDUDFWHUtVWLFDV GLIHUHQWHV \ GLVWLQWRV VLVWHPDV GH SURWHFFLyQ /RV GHUHFKRVKXPDQRVVH LQWHUUHODFLRQDQQHFHVDULDPHQWH/DVROLGDULGDGHVXQHOHPHQWRQHFHVDULRSDUD OD YLJHQFLD GH ORV GHUHFKRV KXPDQRV ORV GHUHFKRV GHO KRPEUH VRQ SDUD HO VHUKXPDQR YLYLHQGR HQ VRFLHGDG FRPR HQWH VRFLDO H[LVWHQ \ YLYHQ SRU OD VROLGDULGDGKXPDQD

    /RVGHUHFKRVKXPDQRVFRPSUHQGHQXQHVSDFLRWHPSRUDO\VRQLQWUtQVHFRVDORVYDORUHVGHGLJQLGDGOLEHUWDGHLJXDOGDGVHQHFHVLWDGHHVWRSDUDTXHH[LVWDQORVGHUHFKRV

    /RVGHUHFKRVKXPDQRVVRQLQQDWRVGHOKRPEUHXQLYHUVDOHVSRUGHILQLFLyQ OD LJXDOGDGHVHYLGHQWH\HVWDDUUDLJDGDHQODKLVWRULDGHODKXPDQLGDG(OUHVSHWRDORVGHUHFKRVHVLQGLVSHQVDEOHSDUDHOGHVDUUROOR\SURJUHVRGHODVVRFLHGDGHVSDUDHVWHUHVSHWRODWROHUDQFLD HV FUXFLDO VH QHFHVLWD XQD FRQFLHQFLD XQLYHUVDO VH QHFHVLWD XQ FXOWXUD GHHMHUFLFLR\GHIHQVDGHORVGHUHFKRV

    ORVGHUHFKRVVXUJLHURQSDUDHYLWDUHOJHQRFLGLRGH+LWOHUVXUJLHQGRDVtXQPRYLPLHQWRSURGHUHFKRVKXPDQRV

    /D FLUFXQVWDQFLD VRFLDO OLPLWD ODV OLEHUWDGHV HQ HO SULPHUPXQGR HVWRV GHUHFKRV VRQPiVDGHFXDGRVTXHHQXQWHUFHUPXQGRSRUHMHPSOR

    /D OLEHUWDG GH H[SUHVLyQ HV VHOHFWLYD VROR TXLHQHV WLHQHQ HGXFDFLyQ SXEOLFDQ HQSHULyGLFRV

    /DOLEHUWDGGHPRYLPLHQWRVRORODHMHUFHTXLHQWLHQHGLQHURSDUDYLDMDU

    $O VRVSHFKRVR VH OH FRQVLGHUD FXOSDEOH KDVWD TXH VH SUXHEH OR FRQWUDULR 0H[ DGLIHUHQFLDGHORTXHGHEHUtDVHU

    /D OLEHUWDG GH FDVDUVH QR VH GD HQ FLHUWDV FXOWXUDV OD OLEHUWDG SDUD VHU IXQFLRQDULRS~EOLFRQRVHHMHUFH

    (OVHJXURGHGHVHPSOHRVRORVHGDHQHVWDGRVGHZHOOIDUHHQHOSULPHUPXQGR

    /RVGHUHFKRVVHJ~Q OD OHFWXUDQRVRQ MHUDUTXL]DEOHV VLQHPEDUJRSULPHURHV ODYLGDGHVSXpV ORGHPiV3RURWUR ODGR ORVHVWDGRGH WHUFHUPXQGRVH OHVGDSULRULGDGD ODHGXFDFLyQODSREUH]DHWFQRLPSRUWDHOVHJXURGHGHVHPSOHRQRKD\UHFXUVRV

    'HUHFKRV

  • SULPHURV LQGLYLGXDOHV GHUHFKRV \ OLEHUWDGHV FLYLOHV \ SROtWLFRV HO HVWDGR QRGHEH LQWHUYHQLU SDUD TXH H[LVWD OLEHUWDG \ GHEH TXH VH SXHGDQ HMHUFHU ORVGHUHFKRV

    VHJXQGR VRFLDOHVGHUHFKRVHFRQyPLFRVVRFLDOHV\FXOWXUDOHVHOHVWDGRGHEHLQWHUYHQLUQRVGHEHQGDUORVPHGLRVSDUDVREUHYLYLU

    WHUFHUR LQWHUQDFLRQDOHV VRQ OD VROLGDULGDG OD SD] HO DSR\R OD HFRORJtDUHTXLHUHXQDFFLyQLQWHUQDFLRQDOFRUUHODWLYD

    /RVGHUHFKRVVHGDQFXDQGRQDFHV

    /DWROHUDQFLDHVODEDVHGHODVRFLHGDGFLYLOGHSD]\VROLGDULGDG

    +DFLD XQD pWLFDPXQGLDO 3DUODPHQWR GH UHOLJLRQHV GHO PXQGR (O SDUODPHQWRVREUH ODV UHOLJLRQHV GHO PXQGR HV XQD RUJDQL]DFLyQ TXH UHSUHVHQWD D WRGDV ODVUHOLJLRQHV GHO PXQGR \ TXH EXVFD HO HQWHQGLPLHQWR HQWUH SXHEORV SRU PHGLR GH ODUHOLJLyQ

    (O PXQGR DJRQL]D KD\ GHVWUXFFLyQ GH ORV HFRVLVWHPDV PLVHULD SREUH]D KDPEUHPDUJLQDFLyQRGLRDIiQGHGLQHURSRGHUDEXVRV OR LQPRUDO3RUPHGLRGH ODpWLFDGHODVUHOLJLRQHVEXVFDQXQQXHYRPXQGRFDPELDQGRSULPHURDO LQGLYLGXRGHVGHDGHQWURPHQWHSDUDKDFHUPRYLPLHQWRVRFLDOHV

    'HFODUDFLyQ KDEOD VREUH OD UHVSRQVDELOLGDG GHO LQGLYLGXR \ OD VRFLHGDG OD LJXDOGDGVROLGDULGDGPLVPDVRSRUWXQLGDGHV

    %XVFDQ OD pWLFD FRPR EDVH GH ORV YDORUHV SDUD OLEHUDU GHO FDRV D ODV VRFLHGDGHV5HTXLHUHGHXQDpWLFDPXQGLDOSDUDXQQXHYRRUGHQVRFLDOODGLIHUHQFLDVHQWUHFXOWXUDVQR GHEH VHU REMHWR SDUD WUDEDMDU MXQWRV OD KXPDQLGDG GLVSRQH GH UHFXUVRV SDUD XQQXHYR\PHMRURUGHQPXQGLDO

    3DUD HOOR VH QHFHVLWD XQD YLVLyQ GH FRQYLYHQFLD SDFtILFD UHVSRQVDELOLGDG XQLGDGIDPLOLDU/DVOH\HVQRVRQVXILFLHQWHVVLQpWLFD OD OLEHUWDGVXSRQHWRPDGHFRQFLHQFLD(WLFD PXQGLDO VH UHILHUH D FRQVHQVR EiVLFR VREUH YDORUHV DFWLWXGHV \ FULWHULRVLQDPRYLEOHVSHUVRQDOHVGHWRGDVRFLHGDG

    7RGR VHU KXPDQR GHEHU UHFLELU XQ WUDWR KXPDQR KDFHU HO ELHQ \ HYLWDU HO PDO +D\FXDWURSULQFLSLRVEDVHGHWRGDUHOLJLyQTXHGHEHQVHULQDOWHUDEOHVFRPSURPLVRVDIDYRUGH

    FXOWXUDGHODQRYLROHQFLD\UHVSHWRDWRGDODYLGDQRPDWDUDVUHVSHWDUODYLGDQRGLVFULPLQDUXVDUODYLROHQFLDUHVSHWDUWDPELpQDQLPDOHV\SODQWDV5HTXLHUHGHFRRSHUDFLyQUHVSHWR\WROHUDQFLD

    FXOWXUD GH VROLGDULGDG \ RUGHQ HFRQyPLFR MXVWR QR UREDUDV OD VROLGDULGDGSURIHVLRQDOFRQWXVRFLHGDGREUDUFRQMXVWLFLD\VHUYLUDORVGHPiVHQXQMXVWRRUGHQHFRQyPLFRHVWRHVVHUKXPDQRQR WHQHUDIiQGH OXFUR\SRGHUVHQWLGRGHPRGHUDFLyQ\UHVSHWR

    &XOWXUD GH WROHUDQFLD \ XQ HVWLOR GH YLGD KRQUDGD \ YHUD] QR PHQWLUDV HVWRHV IUDXGHKLSRFUHVtDHVWRHVSDUDPHGLRVGHFRPXQLFDFLyQSROtWLFRVDUWH\FLHQFLDUHSUHVHQWDQWHVGHODVUHOLJLRQHV

  • FXOWXUDGHLJXDOGDG\FDPDUDGHUtDHQWUHKRPEUHV\PXMHUHVUHVSHWDUORVXQRVDORVRWURV1RGHJUDGDUDRWURVQRH[SORWDFLyQRGLVFULPLQDFLyQVH[XDOORVH[XDOVRORSRUDPRUQRSODFHU

    /R TXH SURSRQHQ QR HV DOJR IiFLO GH ORJUDU SHUR VH SXHGH HQFRQWUDU VROXFLRQHVREMHWLYDVKD\TXLHQHVVLJXHQHVWRVFyGLJRVGHpWLFDODLJOHVLDHVIXHQWHGHpWLFDDFXHUGRVHQWUHUHOLJLRQHVSDUDODpWLFDPXQGLDO/DSULQFLSDOIXHQWHGHpWLFDHVODUHOLJLyQKR\HQGtDODIXHQWHHVODQRUPDVRFLDOQRWDQWRODUHOLJLyQVLQRLQVWDQFLDVFLYLOHV\ODFLHQFLD/RTXHVHSURSRQHHVSRVLEOHODXQLyQSRUHOHPHQWRVFRPXQHV

    3ODQWHD SULPHUR FXDWUR SXQWRV GH SDUWLGD HO UHVSHWR DO RWUR OD LQDOLHQDEOH OLEHUWDG ODLJXDOGDGGHWRGRV\ODLQWHUGHSHQGHQFLDHQWUHLQGLYLGXRV

    /DpWLFDXQLYHUVDOHVHO FRQVHQVREiVLFR FULWHULRVPtQLPRVYLQFXODQWHGHFULWHULRVHQDFWLWXGHV

    /REiVLFRSDUDORVSULQFLSLRVXQLYHUVDOHVTXHVRQFXDWURHVHOWUDWRKXPDQR\HVWRVVRQ QRPDWDUiVFXOWXUDGHUHVSHWR\GHQRYLROHQFLD 1R UREDUDV PDV LPSRUWDQWH FXOWXUD GH OD VROLGDULGDG \ XQ RUGHQ HFRQyPLFR

    MXVWRHQODPHGLGDGHORSRVLEOH 1R PHQWLUDV FXOWXUD GH VROLGDULGDG HQ ORV VHFWRUHV PiV LQIOX\HQWHV GH OD

    VRFLHGDG $PDUDVDWXSUyMLPRVREUHWRGDVODVFRVDVFXOWXUDGHLJXDOGDGSHUVRQDQRHVXQ

    PHGLRGHXVRSHUVRQDO(VWRVXSRQHXQFDPELRGHPHQWDOLGDGpWLFRSDUDTXHH[LVWDXQFDPELRVRFLDO

    (/PDQDQWLDO$\Q5DQG (VFULWRUDHVWDGRXQLGHQVHQDFLyHQ5XVLDGRQGHHVWXGLyKLVWRULD&XDQGR ORVEROFKHYLTXHV WULXQIDURQHO ODERUDWRULRGHVXSDGUHIXHQDFLRQDOL]DGR\VXIDPLOLDTXHGRHQSREUH]D(OODHUDDWHDPLOLWDQWH\UDGLFDOGHOFDSLWDOLVPRHLQGLYLGXDOLVPR(VUHSUHVHQWDQWHGHOREMHWLYLVPR

    (V ODKLVWRULDGH+RZDUG5RDUNTXLHQHVHVWXGLDQWHGHDUTXLWHFWXUDHQ ODXQLYHUVLGDGH6WDQWRQHQ(8$TXLHQHVH[SXOVDGRGHHVWH LQVWLWXWRSRUKDEHUKHFKRGHXQWUDEDMRVREUH HO UHQDFLPLHQWR DOJRPRGHUQLVWD HO VLHPSUH KDFLD GLEXMRV \ SODQRV GH HGLILFLRVPX\UDURV\ORFRVVHJ~QWRGRVVHJ~QHORULJLQDOHV\PRGHUQLVWDV

    (O GLFH TXH \D KD DSUHQGLGR WRGR OR TXH SRGtD DSUHQGHU HQ HVD XQLYHUVLGDG QR OHLPSRUWD ORTXH ORVGHPiVSLHQVHQ FUHHTXHFDGDHGLILFLR WLHQHVXSURSLR ILQ IRUPD\SURSyVLWR~QLFRSRUORTXHHVWXGLDUODVIRUPDVGHOSDVDGROHSDUHFHREVROHWRHOQRYDDFRQVWUXLUDOJRDVt(OHVWDEOHFHVXVSURSLDVQRUPDV

    1RWHQtDIDPLOLDUHVQLDPLJRVYLYtDVRORHOVHPDQWHQtDWUDEDMDQGRGHVGHFKLFR

    +RZDUGWLHQHWUHLQWD\VLHWHWLHQHXQDJUDQHPSUHVDGHFRQVWUXFFLyQORYDDYHUHOKLMRGHODVHxRUDTXHOHUHQWDEDXQFXDUWRFXDQGRHUDMRYHQ(OOHGLFHTXHHVWDDUUXLQDGR+DFHQXQSDFWR+RZDUGDFFHGHD ODSURSXHVWDGHFRQVWUXLUXQFRPSOHMRGHYLYLHQGDVVRFLDOHVGHOJRELHUQR/R~QLFRTXHOHLQWHUHVDHVODFDVDHQVtPLVPDVXWUDEDMRWRGR

  • ORKDFHSRUHOPLVPRORGHPiVVHORGDD3HWHUJORULDGLQHURIDPDHWF(OVRORTXLHUHKDFHUHOPRGHORGH ODVFDVDV+RZDUGKDEtDD\XGDGRDVX DPLJRGHVGHFKLFRVHQVXVWDUHDV\SUR\HFWRVGHODHVFXHODOXHJRHQVXVHGLILFLRV\VXVREUDV

    'HVSXpVVHYDFRQXQDPLJRDGHVFDQVDUXQRVPHVHVHQHO\DWHGHVXDPLJR'LVFXWHQVREUHHODOWUXLVPR\ORFULWLFDQSRUTXHGLFHQTXHQRHVYLYLUFRQVLJRPLVPRVLQRHVYLYLUSDUDORVGHPiVQHFHVLWDQODDSUREDFLyQGHORVGHPiV(VWHHVHOSULQFLSLRTXHGHVWUX\HDOPXQGR ODDXVHQFLDGHO\REXVFDUPHDPLPLVPRHQ ORVRWURV/RVPRPHQWRVPiVVDJUDGRVVRQSHUVRQDOHVPRWLYDGRVSRUQRVRWURVPLVPRV

    +RZDUGYHODVFDVD\VHGDFXHQWDGHTXHQRVRQFRPRORTXHpOTXHUtD3HWHUQRSXGRKDFHU ORTXH OHSLGLHURQ3HWHU OHHQVHxDDXQ OtGHU ODFDUWDGH ORTXHKDEtDSDFWDGR/H SODWLFD VXV LQWHQFLRQHV WHQHU HO SRGHU GHVWUXLU DO LQGLYLGXR VX DOPD HVWR FRQ HODOWUXLVPR\HOFROHFWLYLVPR7RGRVLVWHPDGHpWLFDTXHSUHGLFRHOVDFULILFLRWXYRXQJUDQSRGHUKXPDQR\JREHUQyPLOORQHVGHVHUHV(ODUPDHVODUD]yQFyUWHODGLJDTXHHVWDOLPLWDGD8QRSLHQVDSRUHORWURHVHSRURWUR\DVt6DWLVIDFHUORVGHVHRVGHORVYHFLQRV\DVtVXFHVLYDPHQWH(VWRHVFDXVDGHOFROHFWLYLVPR

    H[WUHPRLQGLYLGXDOLVWD

    +RZDUGHVXQLQGLYLGXRIUtRVHFRVROR+D\WUHVSODWLFDVLPSRUWDQWHV

    &RQHO GHFDQR HV OD WUDGLFLyQ FRQWUD OD LQQRYDFLyQ UHSHWLFLyQ FRQWUD OD FUHDFLyQ \ HOHJRtVPRFRQWUDHODOWUXLVPR/DLQVWLWXFLyQVHDIHUUDDORTXHFRQRFHDORWUDGLFLRQDODORTXHHVHVWDEOHQRDSR\DHOFDPELR(OLQGLYLGXRGDLQHVWDELOLGDGDODLQVWLWXFLyQ

    &RQ3HWHU(VWHVRORVDEH UHSHWLU QRSXHGHKDFHU WLHQHGHVHRVGHORWURVHV IDOVR\GHSHQGLHQWH D GLIHUHQFLD GH VX DPLJR TXLHQ HV OR FRQWUDULR WLHQH GHVHRV VX\RV HVKRQHVWR\~QLFR(VWRVVRQORVH[WUHPRV

    /DYLGDHVXQD WUDQVDFFLyQHVKDVWDGRQGHHVWDVGLVSXHVWRDGDUVLQSHUGHUPL\RPLLQWHJULGDGPLYROXQWDGPLGHVHR

    3ULPHURVHGHEHREUDU FRQIRUPHD WXVGHVHRVKDFHU ORTXH WHJXVWD\ OXHJR WHQGUiVIDPD\GLQHUR

    (OHJRtVWDTXHVHSODQWHDDTXtHVXQUHVSHWRD OD LQGLYLGXDOLGDG(ODOWUXLVPRHVHQHOIRQGRHJRtVWDEXVFDIDPD\GLQHURSDUDFRQORVGHPiV

    'H FDGHQDV \ GH KRPEUHV /LQKDUW 5REHUW 6RFLyORJR LQWHOHFWXDO \ DFWLYLVWDSROtWLFRIUDQFpVGHODXQLYHUVLGDGGH3DUtV&XHQWDVXH[SHULHQFLDHQHVWDKLVWRULD

    (VWHWH[WRVHUHILHUHD)UDQFLDHQORVVHVHQWDHVXQWH[WRGHVDFWXDOL]DGRHQFXDQGRDOSULPHUPXQGRVLQHPEDUJRHQSDtVHVGHWHUFHUPXQGRHVWRSHUVLVWHHQJUDQSDUWH

    $O JRELHUQRQR OH LPSRUWDXQDKXHOJDHVWXGLDQWLO QR OH DIHFWD(Q FDPELRXQDKXHOJDREUHUDHVFRVWRVD\DTXHVHSDUDODSURGXFFLyQ

    $TXt VH GHVDUUROOD HO WUDEDMR FRPR FDVWLJR KR\ HQ GtD QR VH GD HVWR KD FDPELDQGRPXFKRVHGHVDUUROODQFRQYLYHQFLDV\VH IRPHQWDXQDEXHQDUHODFLyQFRQ ORVREUHURVVHEXVFDFUHDUXQDPELHQWHDJUDGDEOHSDUDIRPHQWDUODSURGXFWLYLGDG

  • $QWHV ORV REUHURV \ HPSUHVDULRV HUDQ HQHPLJRV KR\ VH DSR\D PXWXDPHQWH SDUDEHQHILFLRGHDPERV$QWHVKDEtDPXFKDVKXHOJDVKR\KD\SRFDV

    /D IXHQWH GH YDORU HQWRQFHV HUD HO REUHUR KR\ WDPELpQ HV HO PHUFDGR GH GRQGH HOHPSUHVDULRJDQDPiVSXHGHLQYHUWLUPiVSXHGHSDJDUPiVSXHGHGDUPiV\PHMRUHVFRQGLFLRQHVDVXVWUDEDMDGRUHVHOREUHURJDQDPiV\VHYXHOYHHQFRQVXPLGRU

    (VWDSXHGHVHUXQDUHDOLGDGSDUDLQPLJUDQWHVPDQRGHREUDEDUDWD\SDtVHVGHWHUFHUPXQGR

    6H SODQWHD XQD UHODFLyQ GH LPSRVLFLyQ PHGLGDV VLQ FRQVXOWDUGH MHUDUTXtD GHKXPLOODFLyQGHSRFDFRPXQLFDFLyQ

    /RV iUDEHV \ PXVXOPDQHV XQLGRV SRU HVWD VLWXDFLyQ FRQWUD HO HQHPLJR FRP~Q (OLQGLYLGXRFRQWUDORFROHFWLYR

    /RDXWRPDWL]DGRQRV OOHYDD WHQHUJHQWHVLQ WUDEDMR OR FXDOTXLWDSRGHUDGTXLVLWLYR \OOHYDUtDDXQFRODSVRGHOPHUFDGR

    (OSHDWyQ'RXJODV%UDGEXU\5D\(VFULWRU(VWDGRXQLGHQVHTXH OOHJRVRORKDVWDSUHSDUDWRULDHVWXGLDEDHQ ODVELEOLRWHFDVYHQGtDSHULyGLFRV(VXQPDHVWURGHOJHQHUROLWHUDULRVREUHODFLHQFLDILFFLyQ\VREUHODOLWHUDWXUDGHDQWLFLSDFLyQ

    (O SDVHR SRU SDVHDU QR VH XWLOL]D HQ HVWD pSRFD (VH WLHPSR VH XWLOL]D SDUD RWUDVDFWLYLGDGHVWRGRFRQXQREMHWLYR(QODDFWXDOLGDGQRKD\FRQGLFLRQHVSDUDHOSDVHRQLGHFDOOHVQLGHYLROHQFLDQLGHFRQWDPLQDFLyQ

    (OSDVHR LPSOLFD UHIOH[LyQSHQVDU(VWRQRVHGDHQ ODVRFLHGDGGHOFRQVXPRGRQGHWLHQHVTXHHVWDUFRQVXPLHQGRRSURGXFLHQGR

    (OGHOLWRGHORTXHORDFXVDQHVSRUVRVSHFKRVRHVWRSRUVHUHVFULWRUQRWHQHUWHOH\QRHVWDUFDVDGR

    9DQHQFRQWUDGHOHVFULWRUSRUTXHQRWLHQHGLQHURWLHQHRWURVKiELWRVQRHVSURGXFWLYR\VXKHUUDPLHQWDHVHOSHQVDPLHQWR

    /DWHOHYLVLyQPDVLILFDVLQWHOHHOLQGLYLGXRWHQGUtDXQSHQVDPLHQWRSURSLR

    9DQHQFRQWUDGHTXHQRHVWHFDVDGRSRUTXHFRQHVWR WLHQHXQSDWUyQGHFRQGXFWDGLIHUHQWHGHODVGHPiVSHUVRQDVODIDPLOLDWHVRPHWHDXQSDWUyQGHUHVSRQVDELOLGDG\GHWUDEDMDUSDUDPDQWHQHU

    (OKHFKRGHTXHVRORH[LVWDXQDSDWUXOODQRVGLFHTXHHVXQDVRFLHGDGDQyPLFDTXHODQRUPDHVWDGHQWURGHOLQGLYLGXR1RKDFHIDOWDYLJLODU

    /DFLPD6XPPHU$OEHH*HRUJH(VFULWRUHVWDGRXQLGHQVHVXFHVLYDPHQWHSORPHURFDUSLQWHURHOHFWULFLVWDDPLJRGH+HPLQZD\VXHVSHFLDOLGDGIXHHOUHODWRFRUWR

  • /DHPSUHVDUHSUHVHQWDHOPRQRSROLRHQIRUPDGHSLUiPLGHTXLHUHGHFLUTXHWLHQHQXQDMHUDUTXtD/DSDUWHPiVDOWDKD\PHQRVJHQWHFRPRVLHPSUH

    /DHPSUHVDIRUPDXQDEXUEXMDGRQGHDOLQWHULRUWLHQHWRGRQRWHGHMDQYHUODOX]GHOGtDSDUDTXHQRVHSDVODKRUDWHGDQWRGRDWXDOFDQFHDVtQRWHGHVFRQFHQWUHV

    /D SDUWH GH DUULED UHSUHVHQWD OD UHDOLGDG GRQGH KD\ YHQWDQDV \ VH YH DO H[WHULRUORV MHIHV QR HVWiQ FRPR HOORV WUDEDMDQGR WRGR HO GtD HVWiQ DIXHUD HQ HOPXQGR UHDOGLVIUXWDQGRGHODYLGD

    8QDYH]TXH OOHJDVDDUULED\ WHGDVFXHQWDGH ODUHDOLGDGGH ORTXHKDVSHUGLGRSRUHVWDUHQODHPSUHVDHVPX\GLItFLOTXHFDPELHV

    ([LVWHQFLD \ FRH[LVWHQFLD /X\SHQ :LOOLDP $ MXULVWD \ ILORVRIR KRODQGpV GH3LWWVEXUJHVFRQVLGHUDGRHOIHQRPHQyORJRPiVLPSRUWDQWHGHODDFWXDOLGDG

    6RPRVHOUHVXOWDGRGHODDFFLyQGHODVRFLHGDGHQGRQGHFDVDXQRWLHQHXQPDUJHQGHLQGLYLGXDOLGDG

    1DGDHVDXWRVXILFLHQWHQLLQGHSHQGLHQWHHQDEVROXWR

    (OHPHQWRVGHORTXHHVHOKRPEUHGRQGHVHSUXHEDODLQIOXHQFLDGHODVRFLHGDGHQpODWUDYpVGHHVWDVSDUWHVHVODPXHVWUDGHODFRH[LVWHQFLD

    +RPEUH FRPR KLVWRULD QR HPSLH]DV GH FHUR KD\ XQ PXQGR SUHH[LVWHQWH SRURWURV\WXGHMDVHQHVHPXQGRDOJRSDUDRWURV

    (OKRPEUHFRJLWRFRQR]FRSLHQVRODUDFLRQDOLGDGGHOKRPEUHSRUPHGLRGHOOHQJXDMHHVSHUWHQHFHUDXQJUXSRDFHSWDUDOJROHQJXDMHSUHHVWDEOHFLGD

    9ROR TXLHUR DFW~R TXLHUR DIHFWLYR ORV VHQWLPLHQWRV VH HGXFDQ HV FRPRLQWHUSUHWDU\FRPRUHDFFLRQDUDQWHDOJRODHPRFLyQEURWDODHGXFDFLyQYLHQHGHOWUDWRFRQORVGHPiV

    $JR KDJR DFFLyQ HV DGRSWDU SDWURQHV R UROHV GH FRQGXFWD GH DFXHUGR DOD FLUFXQVWDQFLD VLHPSUHKDFHPRVDOJRSRU ORVRWURVRTXH LQYROXFUDGHFLHUWDPDQHUDDORVRWURV

    /DLGHQWLGDGVRFLDOGHSHQGHGHOHOHPHQWRVRFLDOFXOWXUDO(VSHUWHQHFHUDXQJUXSRVHFUHDXQDLPDJHQDOH[WHULRU+D\GRVWLSRV

    YROXQWDULDFXHUSRLQGLYLGXDOHVODUHOLJLyQDVRFLDFLyQHWF ,QYROXQWDULDFXHUSRVRFLDOHVGRQGHQRGHFLGHVQDFLPLHQWR

    /D OLEHUWDG VH GD SDUD HOHJLU HVD IDFHWD GH PDQHUD YROXQWDULD OR TXH WH LPSRQH ODVRFLHGDGHVORLQYROXQWDULR+D\WUHVFXHUSRV

    1DWXUDOLPDJHQPtDGHPLHVHOFXHUSRYLYLGRODVH[SHULHQFLDVTXHFRQVWLWX\HQDOLQGLYLGXR

    FXOWXUDOLPDJHQPtDSRUORTXHKDJRVRQODVFRQVHFXHQFLDVGHWXVDFWRVFRPRFRQRFLPLHQWRKDFHU

    VRFLDO LPDJHQ PtD SRU ORV RWURV HV FRPR WH YHQ ORV GHPiV XQD LPDJHQFRQILJXUDGDSRUODVRFLHGDG

  • 6L VROR KXELHUD HO FXHUSR VRFLDO QR KDEUtD FDPELRV VH DFHSWDUtD OR SDVDGR \ VHWUDQVPLWLUtD VLHPSUH LJXDO HQ FDPELR HO LQGLYLGXR GHWHUPLQDGR SRU HO FXHUSR VRFLDODSRUWDGHVGHVXFXHUSRQDWXUDO\HVWRJHQHUDFDPELRV

    'LVWLQWRViPELWRVGHODVRFLHGDG\VXVUHODFLRQHV+RHIQDJHOV+DUU\)LORVRIR3ROLWyORJR \ VRFLyORJR GH ORV SDtVHV EDMRV GRFWRUDGR HQ OD XQLYHUVLGDG GH 3DUtVSHQVDGRUGHODHVFXHODGH)UDQNIXUW

    /DVRFLHGDGVHGDHQGLIHUHQWHVGRPLQLRVRHVIHUDVHVWDVHVIHUDVGHOLQGLYLGXRGHEHQHVWDUHQDUPRQtDVLQRHOVXMHWRVHUtDHVTXL]RIUpQLFR\GLYLGLGR(VWHQHUWRGDVHQSRWHQFLD\VRORXQDHQDFWRSHURVHUFRQJUXHQWHFRQODVTXHHVWiQHQSRWHQFLD

    6LHPSUHKD\XQGRPLQLRTXHVREUHVDOH\WLHQHPiVSHVRHQJHQHUDOHVHOHFRQyPLFR\DTXHODSURIHVLyQSHUILODHOWLSRGHYLGDGHOLQGLYLGXR

    /RVGRPLQLRVVHDGDSWDQDODVRFLHGDG'LFKRVGRPLQLRVVRQ

    (FRQyPLFRHVXQDUHODFLyQUHFLSURFDGRQGHORVGRVVHQHFHVLWDQPXWXDPHQWHSDUDH[LVWLUXQRGHWHUPLQDDORWUR

    5HOLJLyQQRHVXQDUHODFLyQUHFtSURFDORVRFLDODGRSWDODUHOLJLyQDVXVQHFHVLGDGHVVLQHPEDUJRODUHOLJLyQQRGHEHDGDSWDUVH\DTXHSHUGHUtDVXVSUHFHSWRV\VXDXWRQRPtD6LQHPEDUJRODUHOLJLyQFRQVHUYDVXVEDVHVODHVHQFLDSHURVHDGDSWDHQFLHUWRVUDVJRVDORVRFLDOORVLGHDOHVVRQIOH[LEOHV(MLQTXLVLFLyQ3RUORPLVPRODUHOLJLyQHVGLIHUHQWHGHDFXHUGRDODUHJLyQ

    3ROtWLFRHVXQDUHODFLyQUHFLSURFDGRQGHORVGRVVHQHFHVLWDQPXWXDPHQWHSDUDH[LVWLUXQRGHWHUPLQDDORWUR/DSROtWLFDVXUJHGHODVRFLHGDGSDUDODVRFLHGDGFRPRXQDQHFHVLGDG(OYLQFXORHQWUHUHSUHVHQWDQWHV\SXHEORHVXQYLQFXORVRFLDO(OFKRTXHHQWUHSROtWLFD\VRFLHGDGSURGXFHXQFDPELRGLFWDGRU

    )DPLOLDXQDUHODFLyQUHFLSURFDGRQGHORVGRVVHQHFHVLWDQPXWXDPHQWHSDUDH[LVWLU/DIDPLOLDJHQHUDVRFLHGDG\ODVRFLHGDGUHJXODDODIDPLOLD(OVXMHWRTXHHVVRFLDODSUHQGHODVQRUPDVHQODIDPLOLD+DKDELGRXQFDPELRHQHOPRGHORGHODIDPLOLDGHODIDPLOLDH[WHQVDDODQXFOHDU(OFDPELRGHORVUROHVPXMHUKDFUHDGRXQDFULVLVIDPLOLDUTXHKR\HQGtDWLHQGHDVHUXQLSDUHQWDO

    (OIXWXURGHODGHPRFUDFLD1RUEHUWR%REELR )LORVRIR\ MXULVWD LWDOLDQRVHQDGRUYLWDOLFLRHVWXGLyGHUHFKRHQODXQLYHUVLGDGGH7XUtQ$QWLIDVFLVWD\OtGHUGHODL]TXLHUGDOLEHUDOIXQGyHOSDUWLGRDFFLyQHQGHIHQVRUGHOOLEHUDOVRFLDOLVPR

    'HPRFUDFLD FRQMXQWR GH UHJODV TXH GLFHQ TXLHQ HVWD DXWRUL]DGR SDUD WRPDU ODVGHFLVLRQHV\HOSURFHGLPLHQWR

    (OSURFHGLPLHQWRHVHOYRWRGHODPD\RUtD

    /D GHPRFUDFLD YLYH HQ XQD UHODFLyQ UHFtSURFD FRQ HO HVWDGR OLEHUDO /D GHPRFUDFLDJDUDQWL]DHOHVWDGROLEHUDODVXYH]ODOLEHUWDGHVXQDFRQGLFLyQSDUDODGHPRFUDFLD

  • /D GHPRFUDFLD HV HO ~QLFR UpJLPHQ FRQ OLEHUWDGHV SDUD WRGRV H[FHSWR $GULDQR HQURPD

    (OSULQFLSDOSUREOHPDHVTXHODGHPRFUDFLDHVWDIXQGDGDHQODFRQFHSFLyQLQGLYLGXDOLVWDKR\QRHVDVtHV UHSUHVHQWDWLYDGH ORV LQWHUHVHVGHXQJUXSR/DSULPHUDGHPRFUDFLDIXH ODGH3HULFOHVHQGRQGHHUDGLUHFWDQR UHSUHVHQWDWLYDKR\QRVHSXGH WHQHUHVWDGHPRFUDFLD GLUHFWD SRU TXH WLHQH TXH VHU UHSUHVHQWDWLYD SRU OD FRPSOHMLGDG GH ODVRFLHGDG\HOJUDQQ~PHURGHSHUVRQDVTXHVRPRV+D\XQGLYRUFLRHQWUHHOSXHEOR\VXVUHSUHVHQWDQWHV'HHVWHSUREOHPDGHULYDQRWURV

    QRHVXQDGHPRFUDFLD\DTXHHVHOSRGHUGHJUXSRVVHYXHOYHXQDROLJDUTXtD +D\SRGHUHVLQYLVLEOHVHOQDUFRWUiILFRODVOyJLFDVPDVyQLFDVHOVHUYLFLRVHFUHWR (VXQDWHFQRFUDFLDODGHFLVLyQHVVRORGHORVTXHVDEHQ (VXQDEXURFUDFLDFUHFLHQWH +D\XQDDXPHQWRGHGHPDQGDVSRUTXHKD\PiVGHUHFKRVSDUWLFXODUHV PiV

    JUDQGHVGHUHFKRVGHORVJRUGRVORVIODFRVHWF+D\PiVWDUHDVSDUDHOHVWDGR /D HGXFDFLyQ VH EXVFD FLXGDGDQRV DFWLYRV QR SDVLYRV TXH VRQ ORV TXH

    SUHGRPLQDQ\VRQPDQLSXODEOHV /DGHPRFUDFLDVHHMHUFHVRORFXDQGRVHYRWRGHEHHVWDUHQWRGRVORViPELWRV

    5D]RQHVSRUODVFXDOHVODGHPRFUDFLDHVPHMRU FDPELRVOHQWRV 7ROHUDQFLD )UDWHUQLGDG 1RYLROHQFLD

    (OFDSLWDOLVPRDGLVWDQFLDHOVLVWHPDGHPHUFDGR5REHUW+HLOEURQHU1DFLyQHQ1XHYD

  • +D\IRUPDVGHDFXPXODUFDSLWDOFRPHUFLR\EDQFRFRQHVWDVIRUPDVVHGHVDUUROORODLQGXVWULD

    'XUDQWHORVVLJORV\ODRUJDQL]DFLyQVRFLDOHVXQDPH]FODHQWUHODWLIXQGLR\FRPHUFLR/DULTXH]DHVHVWDEOHVRQORVELHQHVMR\DVSLQWXUD

    (OFDSLWDOLPSOLFDXQDWUDQVDFFLyQSURGXFLU\YROYHUDSURGXFLUFRQVWDQWHPHQWH&DVLWRGRSXHGHVHUYLVWRFRPRFDSLWDO&UpGLWRFRQVLVWHHQPiVFDSLWDO\PHQRVHIHFWLYR

    (OFDSLWDOLVPRKDJHQHUDGRPXFKDULTXH]DSHURWDPELpQPXFKDSREUH]D$QWHVHOSREUHQRVHPRUtDGHKDPEUH\SHUWHQHFtDDXQDVRFLHGDGKR\VtVHPXHUHGHKDPEUH\QRHVLPSRUWDQWHGHQWURGHODVRFLHGDG(OPHUFDGROHKDXQRUGHQDODVRFLHGDGTXHVHGLVWLQJXHSRUORVVLJXLHQWHVSXQWRVFRPSHWHQFLDPRYLPLHQWRGHFDSLWDO\PRYLPLHQWRGHPDQRGHREUD/DSREUH]DHVPiVDJXGDHQORVSDtVHVGHOPXQGRSRUODH[SORWDFLyQFRORQLDOLVPRSRUHOFUHFLPLHQWRGHPRJUiILFR\SRUFXHVWLyQPXOWLIDFWRULDO

    (O GHVRUGHQ QHROLEHUDO 0RQWHV 3HGUR (FRQRPLVWD (VSDxRO HVWXGLR EDMR ODGLUHFFLyQGH(UQHVW0DQGHOHVDVHVRUGHODFRPXQLGDGHXURSHD\HVGHL]TXLHUGD

    (OOLEHUDOLVPRVHHVWLPXODEDSRUHOODGRGHODGHPDQGDKDVWDORVFLQFXHQWDIXHVXDXJH(OQHROLEHUDOLVPRHVWLPXODDOPHUFDGRSRUHOODGRGHODRIHUWD

    7UHVUDVJRVTXHFDPELRHOQHROLEHUDOLVPRGHOOLEHUDOLVPR

    3OHQRHPSOHRORFDPELRSRUTXHQROHFRQYLHQHTXHQRKD\DXQPHUFDGRODERUDOSDUDTXHH[LVWDFRPSHWHQFLD\VDODULRVEDMRV

    ,QWHUYHQFLyQGHOHVWDGR(QHOQHROLEHUDOLVPRHOPHUFDGRVXSOHDOHVWDGR

    (VWDGR GH ELHQHVWDU HO HVWDGR TXLHQ HV SURYHHGRU GH ELHQHV \ VHUYLFLRV HVUHPSOD]DGR SRU OD SULYDWL]DFLyQ (VWR VXSRQH XQD PD\RU FDOLGDG HILFDFLDFRPSHWHQFLDPD\RURSFLRQHVPDVSURGXFWLYLGDG\PDVELHQHVWDU

    (Q HO SODQR LQWHUQDFLRQDO KD FRQVHUYDGR HO PLVPR HVTXHPD TXH HO OLEHUDO HO FXDOVH EDVD HQ OD FRPSHWHQFLD \ ODV YHQWDMDV FRPSDUDWLYDV HQ HVWH DVSHFWR KD\ XQDGHVYHQWDMD\GHVSURSRUFLyQHQRUPHHQWUHSDtVHVGHSULPHU\WHUFHUPXQGR

    (QORVVHVHQWD\VHWHQWDHOWHUFHUPXQGRRSWRSRUXQSURWHFFLRQLVPRTXHEXVFDEDXQDDXWRQRPtD \ OD DXWRVXILFLHQFLD (Q OR TXH VH LPSODQWR VXVWLWXFLyQ GH LPSRUWDFLRQHVHVWLPXODUHOPHUFDGRLQWHUQR\FXLGDUODLQGXVWULDQDFLRQDO

    (OWHPRUSRUDEULUORVPHUFDGRVHVIDOVR\DTXHKD\PD\RUEHQHILFLRSDUDHOFRQVXPLGRUSRU ODFRPSHWHQFLD/RVEXHQRV\SRFRVSURGXFWRVVREUHYLYLHURQ\VHDGDSWDURQHVWRGDSUXHEDGHTXHHOPHUFDGRLQWHUQRKDVREUHYLYLGR

    6HQHFHVLWDUHJXODUODFRPSHWHQFLD

  • (OQHROLEHUDOLVPRKDJHQHUDGR 0DVGHVLJXDOGDGDOLQWHULRU\H[WHULRUGHOSDtV 'HVDSDULFLyQGHODFRQTXLVWDODERUDOGHORVWUDEDMDGRUHV 'HJUDGDFLyQGHORVVHUYLFLRVS~EOLFRVUHFRUWHSUHVXSXHVWDO 'HVUHJXODFLyQGHOPHUFDGRODERUDO

    (QORSROtWLFR UHWURFHVRGHPRFUiWLFRXQFLXGDGDQRSDVLYRPDQLSXODEOH 0HQRVGHVDUUROORGHODVRFLHGDGFLYLO 0DVEXURFUDFLD\FRUUXSFLyQ 0DVUHSUHVLyQLQVWLWXFLRQDO

    /RVRUJDQLVPRVLQWHUQDFLRQDOHVTXLHQHVGLFWDQODVSROtWLFDVHFRQyPLFDVRODVLPSRQHQPDQLSXODQDSDtVHVWHUFHUPXQGLVWDVDIDYRUGHSULPHUPXQGR

    &RQVXPR\ DOLHQDFLyQ OD FXOWXUDGH ORVPHGLDPDVDV -HDQ %UDXGLOODUG (OPHUFDGRGHFRQVXPRGHSHQGHGHGRVUDVJRVSDUDHVWLPXODUGLFKRPHUFDGR

    /D REVROHQFLD TXH VH UHILHUH D KDFHU YLHMR DOJR DUWLILFLDOPHQWH D SHVDU GH TXHGLFKRREMHWRVLJDVLHQGR~WLO(OUHFLFODMHVHUHILHUHWRPDUPRGDVGHOSDVDGR\YROYHUODVDLQVWDXUDUDFWXDOL]DUHOSDVDGR

    (ODVSHFWRGHUHFLFODUWDPELpQVHUHILHUHDORFXOWXUDODODLGHRORJtDUHFLFODODLPDJHQ\QRVFRQIRUPDPRVFRQHVWR(ODXWRUSODQWHDXQDIDOWDGHFUHDWLYLGDGVLQHPEDUJRHVWRQRHVFLHUWRSRUTXHHOREMHWRWLHQHXQOLPLWHHQVXXVRHOFXDOGHWHUPLQDODIRUPDQRKD\PXFKRUDQJRGHYDULDFLyQ

    /D SULQFLSDO IXHQWH GH PHQVDMHV DO FRQVXPLGRU HV OD WHOHYLVLyQ (O PHQVDMH HVVHJPHQWDGRSRUGLIHUHQWHVPHQVDMHVSURGXFLHQGRTXHYHDV ODSDUWH LUUHDO FRPR UHDO/RVUHVXOWDGRVVRQ

    LJXDODWRGRVORVPHQVDMHV 7RGRVDGTXLHUHQHOFDUiFWHUGHLUUHDO

    (OFDUiFWHUQHRUHDORYLUWXDORFXSDODPD\RUSDUWHGHQXHVWURWLHPSRHQODYLGDFRWLGLDQD

    (ODSDUDWRJHQHUDDFWLWXGHVPiVVHQVLEOHV\PHQRVUDFLRQDOHV

    (OPHGLRHVHOPHQVDMHHVWRHV OD WHOHFRPRREMHWR\DHQVLPRGLILFD ODVHVWUXFWXUDVVRFLDOIDPLOLDUODERUDO

    /D SXEOLFLGDG HV IXQGDPHQWDO HQ HO FRQVXPR WH YHQGHQ XQD DFRQWHFLPLHQWR TXHHQJOREDGHVHRVVHQVDFLRQHVDQKHORV(ODFRQWHFLPLHQWRVHFDUDFWHUL]DSRUHOXVRGHOFXHUSRGHXQHVWHUHRWLSRFRPRREMHWRHOFXDOVH[XDOL]DVGHGDVXQYDORUGHFDPELRORWUDWDVFRPRPHUFDQFtD

    /DVROXFLyQDODVRFLHGDGGHFRQVXPRFRQVLVWHHQDOWHUQDUHOFRQVXPRFRQDFWLYLGDGHVTXHQRLPSOLTXHQFRQVXPLU

    /DVRFLHGDGGHOV;;

  • 5LFRV SREUHV \ XOWUDSREUHV &DUORV %HU]RVD &XDWUR SXQWRV GHO tQGLFH GHGHVDUUROORKXPDQR,'+

    (VSHUDQ]DGHYLGD 5HQWDSRUKDELWDQWH DOIDEHWL]PR 1LYHOGHHVFRODULGDG

    (QORV~OWLPRVDxRVODGLVWDQFLDVHKDKHFKRPiVJUDQGH/RVPiVULFRVFRQVXPHQODPD\RUSURSRUFLyQGHDOLPHQWRVDFHURPDGHUDFRPHUFLRSUHVWDPRV(VXQSUREOHPDGHGLVWULEXFLyQQRHVTXHQRKD\DFRPLGDDOFRQWUDULRKD\VXILFLHQWHSDUDWRGRVSHURHVWDPDOGLVWULEXLGD

    (VWUXFWXUDGHORVSDtVHVVXEGHVDUUROODGRV 6RQFDPSHVLQRDJUtFRODV0p[LFRQRHVXUEDQR ([SRUWDQPDWHULDSULPD0p[LFRVL\QR 6RQ SDtVHV FDUHQWHV GH FDSLWDO QHFHVLWDQ LPSRUWDU FDSLWDO 0p[LFR VL LPSRUWD

    SHURWDPELpQWLHQH 7LHQHQSRFDWHFQRORJtD0p[LFRVLWLHQHWHFQRORJtD 7LHQHQXQ tQGLFHGHPRJUiILFRDOWR0p[LFRVL SHURKDFRPHQ]DGRDGLVPLQXLU

    (VWRVHUHVXHOYHFRQHOSDVRGHOFDPSRDODFLXGDG ,QGXVWULDFKLFD\SDUDPHUFDGRLQWHUQR0p[LFRQRVLH[SRUWD

    (O DXWRU WDPELpQ SODQWHD RWURV GRV SUREOHPDV HO GH OD GHSHQGHQFLD \ HO QLYHO GHGHXGDV 3HUR HVWRV SXQWRV QR UHSUHVHQWDQ XQ SUREOHPD GH WHUFHU PXQGR WRGRV ORWLHQHQ\QRHVXQSUREOHPD

    3UREOHPDGHOFDPSR6H UHTXLHUH YLQFXODU OD LQGXVWULD FRQ HO FDPSR HVWD VH GHEH LQGXVWULDOL]DU 6H GHEHQGLVWULEXLUODVWLHUUDVKD\PXFKRVODWLIXQGLRVLPSURGXFWLYRVUHIRUPDDJUDULD,QQRYDFLyQWHFQROyJLFD

    /RVSUHVWDPRVGHSHQGHGHFyPR ORXWLOLFHQ ORVSDtVHV(QSULPHUPXQGRVHXWLOL]DHQLQYHUVLRQHVSURGXFWLYDV(QFDPELRHQWHUFHUPXQGRVHXWLOL]DSDUDSDJDUREOLJDFLRQHVGHPRGRHVSHFXODWLYRHQFRUUXSFLyQ\HQHMpUFLWRV\DUPDPHQWRV

    (OSUREOHPDGHODPLJUDFLyQGHOFDPSRDODFLXGDGDQWHVVHGDEDHQWRGRVORVSDtVHVKR\VRORVHGDHQORVGHWHUFHUPXQGR(XURSDHVWDGHVDUUROODGDHQWRGRVORVSXHEORV/DV FRQVHFXHQFLDV GH HVWDV PLJUDFLRQHV HQ OD FLXGDG VRQ GHVHPSOHR VXEHPSOHRVREUHSREODFLyQGHOLQFXHQFLDIDOWDGHVHUYLFLRVFRQWDPLQDFLyQPLVHULD

    3RGHU\GHELOLGDG(XURSD\(8$HQHOQXHYRRUGHQPXQGLDO5REHUW.DJDQ(O$XWRUHVGHXOWUDGHUHFKD(VXQ+$:.

    (8$ EXVFD XQ PXQGR GH SRGHU HOORV GHEHQ HVWDU SRU HQFLPD GH WRGR SRU OD YtDXQLODWHUDO

    (XURSDEXVFDXQPXQGRUHJLGRSRUHOFRQVHQVRODVQRUPDO\ODFRRSHUDFLyQLJXDODGRFRQHORWURSRUODYtDQRXQLODWHUDO

  • /RVGRVWLHQHQHOPLVPRREMHWLYRGHIHQGHUHORUGHQOLEHUDOVLQHPEDUJRGLILHUHQHQODVIRUPDV$(8$QROHLPSRUWDQHOGHUHFKRLQWHUQDFLRQDO

    'LYLVLRQHV DO LQWHULRU GH HVWDV SRWHQFLDV (Q (XURSD HO FOHDYDJH HV HQ HO DSR\RLQWHUQDFLRQDO $UJHQWLQD WDPELpQ OD GLYLVLyQ HQWUH RULHQWDO \ RFFLGHQWDO (Q (8$ HOFOHDYDJHHVHQWUHUHSXEOLFDQRV\GHPyFUDWDV(QJHQHUDOHVWRVSDUWLGRVVHSDUHFHQVLQHPEDUJRORVGHPyFUDWDVVRQPDVFRQFLOLDGRUHVFRQHOPXQGRPiVUDFLRQDOHV

    (8$HVPiVKRPRJpQHR(OH[SDQVLRQLVPRHVSDUWHGHODSHUVRQDOLGDGGHOLQWHULRUGHODVSHUVRQDVGHHVWHSDtV(OLPSHULRVHGDHQWUHVSDVRV

    FRQWUD0p[LFRGRQGHQRVTXLWDQHOWHUULWRULR\FRQWUD(VSDxD 6HJXQGDJXHUUDPXQGLDO )LQGHODJXHUUDIUtDXQVRORKHJHPRQ

    (Q HO DVSHFWR GHPRJUiILFR (8$ WLHQH JHQWH PiV MyYHQ (XURSD WLHQH JHQWH PiVYLHMD XQRV PDQWLHQHQ D OD JHQWH RWURV VRQ ORV PDQWHQLGRV XQRV OLEHUDOHV RWURVFRQVHUYDGRUHV(ODXWRUDSR\DOROLEHUDOFRPRJHQWHSDUDODJXHUUD

    /D SROtWLFD PiV FRQYHQLHQWH HV OD GH (XURSD JHQWH H[SHULPHQWDGD GHPRFUiWLFDFRQFLOLDGRUD/DVROXFLyQDOFRQIOLFWRVHJ~QHODXWRUHVTXH(XURSDVHVRPHWDD(8$HVWRSRUTXH(XURSDQHFHVLWDD(8$SHURHOORVQRD(XURSD

    7RUWXUDV\KXPLOODFLRQHV

    /RVJULQJRVWRUWXUDQDFXDOTXLHUSRULQIRUPDFLyQWRUWXUDVItVLFDV\PHQWDOHV(OORVKDFHQORTXHQRTXLHUHQTXHOHVKDJDQ

    (8$ MXVWLILFD VX WRUWXUD GLFLHQGR TXH HVRV VROGDGRV HUDQ LOHJDOHV 6LQ HPEDUJR HOORVPLVPRVWDPELpQVRQLOHJDOHVQRQHFHVLWDMXVWLILFDUVH(OWHUURULVPRHVODJXHUUDGHORVSREUHV/DJXHUUDSUHYHQWLYDHVXQDSDUDQRLD

    /DFRQH[LyQSHUYHUVD0DQXHO&DVWHOOV6RFLyORJR\XUEDQLVWDHVSDxROGRFWRUDGRHQOD6RUERQD\SURIHVRUGH%HUNHOH\

    (OSULPHUWDE~HVHOFRPSOHMRGH(GLSRGHVHDUDWXPDGUHHODVHVLQDWRSDUDREWHQHUODSRVHVLyQGHODVKHPEUDV

    (OGHOLWRJOREDOHVODLQWHUFRQH[LyQSODQHWDULDPDVDOOiGHODVIURQWHUDVHQWUHGLIHUHQWHVRUJDQL]DFLRQHV FULPLQDOHV SDUD KDFHU DFWLYLGDGHV LOHJDOHV FRQMXQWDV HQ HO PXQGR (OGHOLWRJOREDO LQLFLDFRQ ODJOREDOL]DFLyQHOPHUFDGR ORVD\XGD\DTXHHVGDUOHDFDGDTXLHQORTXHSLGD/DGURJDJOREDOL]DHVWDVPDILDV

    (OPRGXVRSHUDQGLGHHVWDVPDILDVHVSURGXFLUHQSDtVHVSREUHV\YHQGHUHQSDtVHVULFRV (VWR SRU TXH HQ ORV SREUHV HVPiV EDUDWRPHQRV ULHVJRPHQRV FRQWUROPiVFRUUXSFLyQ\YHQGHUHQORVULFRVSRUTXHHVDFDQWLGDGGHFDSLWDOSDVDGHGHVDSHUFLELGRORSURWHJHQ\VHLQFUHPHQWD

    (O QDUFR SURGXFHPiV GLQHUR TXH OD LQGXVWULD GHO SHWUyOHR /DVPDILDV VRQ JUDQGHVFRUSRUDFLRQHVFRQPXFKRVPLHPEURV/DVPDILDVLPSOLFDQDWRGRVORVVHFWRUHVHQXQDVRFLHGDGDOSROLFtDSROtWLFRWUDQVSRUWHDORVXQLYHUVLWDULRV

  • (O ODYDGR GH GLQHUR WLHQH WUHV YtDV EDQFRV FRQ SRFD UHJXODFLyQ \ HQ FDQWLGDGHVPHQRUHVDGLH]PLOGyODUHV7UDQVIHUHQFLDVHOHFWUyQLFDV6XL]D\ELHQHVUDtFHV

    +D\ SDtVHV \ HVWDGRV TXH QR SRGUtDQ VXEVLVWLU VLQ HO QDUFR GHSHQGHQ GH HVWH (OSRUFHQWDMH GHO 3,% TXH UHSUHVHQWD HV PX\ DOWR VXV FDSLWDOHV VRQ PRYLEOHV \ VRQYROiWLOHV\GHVHVWDELOL]DGRUHV

    +D\XQDGLYLVLyQLQWHUQDFLRQDOGHOWUDEDMR SURGXFWRUHVSHU~&RORPELD%ROLYLD 7UDQVIRUPDGRUHV&RORPELDEUDVLO LQWHUPHGLDULRV0p[LFRFDULEH(VSDxD FRQVXPLGRUHV(8$(XURSD\ORVULFRVGH$VLD

    /RVPpWRGRVGHHVWRVQDUFRVVRQ YLROHQFLD(OQDUFRHVWDSURWHJLGRSRUXQDUHGHVSHFLDOL]DGD &RUUXSFLyQ

    $QLYHOFXOWXUDOHOQDUFRHVXQKpURHUHFLEHHODSR\RGHODVRFLHGDGVHKDFRQYHUWLGRHQHOQXHYRKpURHHQOXJDUGHRWURV

    )XQGDPHQWDOLVPR HQHPLJR D OD YLVWD 5LFKDUG 5RUW\ \ 7HUURULVPR 7HUURULVPRHVXQWHUPLQRDPELJXRHOFXDOVHSXHGHLQFOXLUHQYDULDVFDWHJRUtDV

    (O WHUURULVPRVLHPSUH OOHYDXQDFDXVDHVWRHVXQSODQ LGHDOFX\RPpWRGRHV LQIXQGLUXQUpJLPHQGHWHUURUHOFXDOVHDSOLFDDODVRFLHGDGFLYLOSDUDTXHWHQJDHIHFWRV

    &XDQGRVH WLHQHXQ UpJLPHQRSUHVRUHO WHUURULVPRVHDSODXGHVHGDXQD OXFKDHQWUHXQDIXHU]D\RWUDIXHU]DHQFDPELRHQXQVLVWHPDGHPRFUiWLFRHVFDXVDGHDODUPDSRUTXHQRKD\XQUpJLPHQTXHWHVHDRSUHVRUSRUORTXHHVWDIXHU]DQROXFKDGLUHFWDPHQWHFRQWUDRWUDIXHU]D

    (O WHUURULVPR HV OD OXFKD GH ORV SREUHV HV HQWHQGLEOH PiV QR MXVWLILFDEOH &XDOTXLHULGHRORJtDSXHGHXWLOL]DUPpWRGRVWHUURULVWDV

    (OWHUURULVPRGHHVWDGRHQRFDVLRQHVVHFRQIXQGHFRQODJXHUUDXQHMHPSORGHHVWRIXH+LURVKLPD\1DJDVDNL

    (OWHUURULVPRKDH[LVWLGRVLHPSUHHQODVJXHUUDV~QLFDPHQWHHOWHUPLQRHVQXHYR

    (OSHOLJURQRHVHOWHUURULVPRVLQRODOXFKDFRQWUDHOWHUURULVPR(QGRQGHODGHPRFUDFLDSLHUGH VX IXQGDPHQWR GHPRFUiWLFR SLHUGH OLEHUWDGHV \ GHUHFKRV ORV DPHULFDQRV KDQDFHSWDGRHVWDSHUGLGDGHGHPRFUDFLDSDUDFRPEDWLUHO WHUURULVPR\VHQWLUVHVHJXURVHVWDU SURWHJLGRV 6H SLHUGHQ GHUHFKRV \ OLEHUWDGHV TXH KDQ FRVWDGR PXFKR SDUDDOFDQ]DU

    (QHVWHHVTXHPDHOSUHVLGHQWHDGTXLHUHSRGHUHOFRQWUROWRWDO

    6H SLHUGH OD GHPRFUDFLD HO HVWDGR GH GHUHFKR OD DXWRQRPtD GH ORV PHGLRV GHFRPXQLFDFLyQORFULWLFRGHODRSLQLyQSXEOLFDVHHVFRQGHLQIRUPDFLyQ

  • 6H VXVWLWX\H OD GHPRFUDFLD SRU XQ DEVROXWLVPR IHXGDO R XQD VLVWHPD WRWDOLWDULVWD HQ(8$\DTXH(XURSDQRWLHQHHVWDWHQGHQFLD

    /DWRUWXUD5DGN(OWRUWXUDGRUSXHGHVHUFXDOTXLHUSHUVRQDHOWLHQHXQDPRUDO\FRQHOODMXVWLILFDVXVDFWRV

    (OFUHFHULPSOLFDOLPLWDUODFUXHOGDGGHOQLxR&RQODWRUWXUDVHSRQHODFLHQFLDDOVHUYLFLRGHODFUXHOGDGPHGLFLQDItVLFDVLFRORJtD

    +D\HVFXHODVGHWRUWXUDGRUHVGRQGHDSUHQGHUSRUORVGLIHUHQWHVSDVRV 'HVKXPDQL]DFLyQ 6LJQLILFD KXPLOODU TXH HO WRUWXUDGRU VH VLHQWD VXSHULRU

    GHVKXPDQL]DU DO RWUR SDUD KDFHU FRQ HO OR TXH QR VH KDFH FRQ XQ VHPHMDQWHFUHHUTXHHOHVPDOR\FXOSDEOHWRGRHVWRSDUDHOLPLQDUODFXOSD

    2EHGLHQFLD QR SHQVDU QR VHQWLU OD REHGLHQFLD DWHQWD FRQWUD OD UD]yQ /DREHGLHQFLD QR VH FXHVWLRQD VROR DFDWD RUGHQHV HQ FDPELR OD UD]yQ VHFXHVWLRQDFUHDMXLFLRV&RQHVWRVHSLHUGHODUHVSRQVDELOLGDG

    /D YLROHQFLD FRPR DOJR FRP~Q (O WRUWXUDGRU HV WRUWXUDGR HO HMHFXWD OR TXHDSUHQGLyODHGXFDFLyQFUXHOFUHDXQVXMHWRFUXHO

    (OREMHWLYRGHODWRUWXUDHUDDQWHVREWHQHULQIRUPDFLyQKR\HQGtDHVWRHVPX\IiFLOSRUORTXHQRVHUHTXLHUHWRUWXUDU+R\HQGtDODWRUWXUDVLUYHSDUDLQWLPLGDULQIXQGLUPLHGRHQODSREODFLyQSRQHURUGHQ

    /D WRUWXUD QR HV SURSLD GH XQD FXOWXUD R XQD LGHRORJtD HV XQPpWRGR TXH FXDOTXLHUFXOWXUDRLGHRORJtDSXHGHXWLOL]DU

    ,PiJHQHVGHODLQIDPLD

    &RQWUDORViUDEHV/DOHFWXUDWUDWDORVVLJXLHQWHVGRVSULQFLSDOHVSXQWRV

    3DUD(8$ORTXHLPSRUWDQRHVORTXHUHSUHVHQWDQODVLPiJHQHVVLQRHOKHFKRGHTXHVHGHEHQUHWLUDUODVLPiJHQHVSHURQRODWRUWXUD

    +D\XQVDERWHRGHKHFKRV(8$QRWRUWXUDVRORPDOWUDWD\ORMXVWLILFDGLFLHQGRTXHQRWLHQHQGHUHFKRVSRUTXHVRQWHUURULVWDV

    'HILQLFLyQGHWRUWXUDWRGRDFWRSRUHOFXDOVHLQIOLMDQLQWHQFLRQDGDPHQWHDXQDSHUVRQDGRORRVXIULPLHQWRJUDYH\DVHDItVLFRRPHQWDOFRQHOILQGHREWHQHUGHHOODRXQWHUFHURLQIRUPDFLyQRXQDFRQIHVLyQ

    1LQJ~QFDVRSRGUtDLQYRFDUFLUFXQVWDQFLDVJXHUUDOXFKDFLYLOSDUDMXVWLILFDUODWRUWXUD

    /RVSUHVRVHQ*XDQWiQDPRFDUHFHQGHGHUHFKRVHVWiQHQXQHVWDGRGHH[FHSFLyQHQGRQGHHOSDtVPiVGHPRFUiWLFRXVDPpWRGRVPiVFUXHOHVFRQWUDVXVHQHPLJRVPXFKRVGHHOORVVRQLQRFHQWHVVRQFXOSDEOHVGHQLQJ~QGHOLWR(VFRPRODLQTXLVLFLyQPRGHUQD

    /RVDxRVGHO/RER

    +DEOD SULQFLSDOPHQWH GH $PpULFD ODWLQD GHVGH OD LQWHUYHQFLyQ GLUHFWD KDVWD ODLQWHUYHQFLyQ SRUPHGLR GH RUJDQL]DFLRQHV VHFUHWDV 3DUD VHPEUDU HO WHUURU WRUWXUD $WRGDVODVSHUVRQDVKDVWDODVLQRFHQWHVTXHVRORD\XGDQ

  • 8Q0XQGR VLQ UXPER5DPRQHW ,JQDFLR +R\ HQ GtD KD\ GRV SDUDGLJPDV TXHULJHQODVRFLHGDGTXHVXUJHQDILQDOHVGHORVRFKHQWDV

    ODFRPXQLFDFLyQFRPRVXVWLWXWRGHOSURJUHVRHQGRQGHHOSURJUHVRVHYHVRORFRPRXQDFRQVHFXHQFLD\QRFRPRODLGHDUHFWRUD

    (OPHUFDGR FRPR VXVWLWXFLyQ GH ODVPiTXLQDV HQ GRQGH OD LGHD UHFWRUD HV HOPHUFDGR\QRODVPiTXLQDV

    (OSRGHUGHOSROtWLFRVHGHVSOD]DDORHFRQyPLFRDOGXHxRGHJUDQGHVFDSLWDOHV(OSROtWLFRGLULJHSDUD ODVHPSUHVDV/DVILJXUDVSROtWLFDVVHGHVPRURQDQHQFXDQWRDVX SUHVWLJLR \ VH FRQYLHUWHQ HQ SHUVRQDVPDO YLVWDV(O HPSUHVDULR TXH DQWHV HUDYLVWR FRPRRSUHVRU HQHPLJRDOJXLHQTXHQRHVWXGLDEDDKRUDHV YHQHUDGR\ YLVWRFRPRXQDILJXUDGHSUHVWLJLRGHSURJUHVRGHSRGHU

    /D WHQGHQFLD GHO FDSLWDO KR\ HV FUHDU PRQRSROLRV VL WULXQID HVWD WHQGHQFLD ODVRFLHGDGGHPHUFDGRVHDFDEDHOFDSLWDOLVPRVH WHUPLQD ODVRFLHGDGVHFRODSVDQRKD\FRPSHWHQFLDQRKDEUtDSROtWLFDQLSURSLHGDGSULYDGD3RUHVWRHOHVWDGRGHEHLQWHUYHQLUSDUDUHJXODUHVWDVLWXDFLyQ7DPELpQH[LVWHXQPRQRSROLRHQORVPHGLRVGHFRPXQLFDFLyQGHDFDSDUDUODUDGLRODWHOH,QWHUQHWODVUHYLVWDV

    /RV YDORUHV GH OD GHPRFUDFLD VRQ DQWDJyQLFRV D ORV GHO PRQRSROLR TXLHQ EXVFDOD FRQFHQWUDFLyQGHOSRGHU VROXFLRQHVSRUXQDVRODYtDHQFDPELR ODGHPRFUDFLDEXVFDODGLVSHUVLyQGHOSRGHU\ODGLYHUVLGDGGHVROXFLRQHV

    /RVPHGLRVPDVLYRVFUHDQXQSHQVDPLHQWR~QLFRORFXDOHVXQDSDUDGRMD\DTXHQRKD\RSRVLFLyQQRVHFXHVWLRQDOR~QLFRHOLPLQDDOSHQVDPLHQWR(VWRHVXQDYHUGDGLQGLVFXWLEOH TXH VH GHEH GH DFHSWDU QR VH FXHVWLRQD QL VH GLVFXWH SHUR DOJXLHQFXHVWLRQD\GLVFXWHHVWDPDOYLVWR\DTXHQRSHQVDULJXDOHVDLVODUVH

    (VWHSHQVDPLHQWRSRQHSRUHQFLPDGHWRGRORHFRQyPLFRHQGRQGHDQWHULRUPHQWHORSULPRUGLDOHUDORSROtWLFR/DVFDUDFWHUtVWLFDVGHHVWHSHQVDPLHQWRVRQ

    (OPHUFDGR SRU HQFLPD GH WRGR UHGXFLU HO HVWDGR D ORPtQLPR ODPDQR LQYLVLEOHOD FRPSHWHQFLD HO OLEUH FRPHUFLR GHVUHJXODUL]DFLyQ HO FDSLWDOLVPR FRPR HVWDGRQDWXUDOGHOKRPEUHODSULYDWL]DFLyQGHWRGRQRH[LVWDFDSLWDOSXEOLFRORHFRQyPLFRVREUHORSROtWLFR

    /RV PHGLRV GH FRPXQLFDFLyQ KDFHQ FUHHU TXH HVWRV UDVJRV VRQ YLWDOHV SDUD ODVRFLHGDGVLQHOORVQRH[LVWHODVRFLHGDG

    1R KD\ XQ ILQ GH OD KLVWRULD ODV FRQGLFLRQHV SDUWLFXODUHV LQGXFHQ D XQ FDPELRFRQVWDQWHPLHQWUDVH[LVWDVRFLHGDG

    /RV SHOLJURV GH ,QWHUQHW VRQ TXH FUHD GHVLJXDOGDG GHPRFUDFLD GLUHFWDGHVKXPDQL]D OD VRFLHGDG SURSDJDQGD IDVFLVWD SRUQRJUDItD LQIDQWLO UHGXFH ODSUHQVDHVFULWDFDUWDV\ORVOLEURV

  • (QWHQGHUQXHVWURPXQGR&DVWHOOV(VWH QXHYR PXQGR VXUJH D ILQDOHV GH ORV VHVHQWD HQ GRQGH KD\ WUHV SULQFLSDOHVDVSHFWRVTXHFDPELDURQODVUHODFLRQHVODUHYROXFLyQWHFQROyJLFDGHODLQIRUPDFLyQ0RYLPLHQWRVVRFLDOHV\FXOWXUDOHVDQWLDXWRULWDULVPRGHUHFKRVKXPDQRVHFRORJLVPRIHPLQLVPR/DFULVLVGHOFDSLWDOLVPR\HOVRFLDOLVPR/RVKLSSLHVQRFRQVXPtDQ\QR WUDEDMDEDQHUDQ XQ SUREOHPD 6H LQGXMHURQ D GURJDV GXUDV SDUD TXH WXYLHUDQ TXH QHFHVLWDUGLQHUR SDUD FRPSUDU (VWH SUREOHPD VH UHVROYLy FRQ ORVPHUFDGRV JOREDOHV 6XUJH HOFDSLWDOLVPR VDOYDMH HQ GRQGH VXUJHQ DV DOLDQ]DV FRPHUFLDOHV HO QHROLEHUDOLVPR VHUUHGXFHHOHVWDGGHELHQHVWDUVHGDODPDUJLQDFLyQ\ODFRQH[LyQSHUYHUVD/DFULVLVGHOVRFLDOLVPRTXHHVSULQFLSDOPHQWHXQDGHUURWD WHFQROyJLFDH LQGXVWULDOXQDWUDVRUHVSHFWRDOFDSLWDOLVPR&KLQDHVXQFDVRHVSHFLDOHQGRQGHKD\XQDVRFLHGDGFHUUDGD\GHPHUFDGRDODYH]

    (VWRV HOHPHQWRV WUDMHURQ FDPELRV HQ ODV EDVHV GH OD VRFLHGDG HQ ORV VLJXLHQWHVDVSHFWRV

    D3URGXFFLyQ6HEDVDHQ OD LQQRYDFLyQ \ OD IOH[LELOLGDGGH OD FRPSHWHQFLD+D\GRVWLSRV GH WUDEDMDGRUHV JHQpULFRV TXH QR HVWiQ HGXFDGRV \ SURJUDPDEOHV TXH VRQHGXFDGRVWpFQLFDPHQWH\GLQiPLFRV(O FXDQWR DO FDSLWDO DQWHV HUD SURGXFWLYR WDQJLEOH FRQ EHQHILFLRV VRFLDOHV D SHVDUGH WHQHUPiV ULHVJR VHUPiVFDUR\ WHQHU UHVXOWDGRVPiV OHQWRV$KRUDHO FDSLWDO HVHVSHFXODWLYR LQWDQJLEOH FRQ EHQHILFLRV SHUVRQDO GH FRUWR SOD]RPiV EDUDWR \ FRQ XQPHQRUULHVJR/DWHQGHQFLDGHHVWRHVUHODFLRQHVGHFODVHVHSRODUL]DQKD\GHVLJXDOGDG\H[FOXVLyQLQGLYLGXDOL]DFLyQGHOWUDEDMRDQWHVHQVLQGLFDWRVDKRUDHVLQGLYLGXDO\WHPSRUDOGHVDSDULFLyQGHOHVWDGRGHELHQHVWDU

    E3RGHU6HYXHOYHLQPDWHULDOVHSLHUGHODVREHUDQtDGHVDSDUHFHHOHVWDGRQDFLyQHQVXVWLWXFLyQSRUXQHVWDGRUHG

    F([SHULHQFLD&DPELRVHQODVIDPLOLDV

    (VWRFUHDXQDVRFLHGDGGHUHGYLUWXDOSRUTXHQRVHFRPSDUWHHOHVSDFLR WLHPSRTXHGHEHFRPSDUWLUXQDVRFLHGDG$IXWXURVHKDFHQXQDVFRQVLGHUDFLRQHV

    HOHVWDGRQDFLyQVREUHYLYLUiSHURQRVXVREHUDQtD1RVHVDEH ODVRUJDQL]DFLRQHVLQWHUQDFLRQDOHVWRPDUiQPXFKRLPSRUWDQFLD1R 8QDSROLFtDLQWHUQDFLRQDOVL 0D\RULQVHJXULGDG6L (8$FRPRVXSHUSRWHQFLD6L

    &DPLQRDO IXWXUR%LOO*DWHV(QHOiPELWR ODERUDODQWHV ODVSHUVRQDV WHQtDQ ODFHUWH]DGHPDQWHQHUVXWUDEDMRDKRUDQRYLYHQHQ OD LQVHJXULGDGSRUSHUGHUORSRUQRDGDSWDUVHDORVFDPELRVFRQVWDQWHV\UiSLGRV/DGLIHUHQFLDGHHVWHPRYLPLHQWRFRQODUHYROXFLyQLQGXVWULDOHVTXHHVWDUHYROXFLyQWUDMRFDPELRVFRPROH\HVSDUDODSURWHFFLyQGHORVHPSOHDGRVHVWRQRKD\KR\HQGtD

  • 6H SLHUGHQ WUDEDMRV TXH QR VH UHFXSHUDQ KD\ PHQRV LQWHUPHGLDULRV SRU VHU ODVFRVDVPiVGLUHFWDVKD\GHVHPSOHRVXEHPSOHRHPSOHR LQIRUPDOGHOLQFXHQFLDJHQWHPDQWHQLGDSRUHOJRELHUQR

    (V LPSRVLEOH TXH WRGD ODV SHUVRQDV WHQJDQ XQD FRPSXWDGRUD 6DOYR HQ XQR R GRVSDtVHV1RVHSXHGHSRUODLQIUDHVWUXFWXUDKD\JHQWHTXHVDEHOHHUPHQRVSRGUiXWLOL]DUXQDFRPSXWDGRUDKDEUtDIUXVWUDFLyQ(ODXWRUWLHQHXQDYLVLyQPX\FRUWD

    6XSRQH TXH VROXFLRQDUtD HO SUREOHPD GH LGHQWLGDG QDFLRQDO $\XGDQGR DO FRQWDFWRFRQODJHQWH\VXVRUtJHQHVVLQHPEDUJRHVWRHVIDOVRFUHDUtDXQDFXOWXUDGHLQWHUQHWYLUWXDO

    0LHQWUDVPiVFRQWUROPHQRVSULYDFLGDG

    ,GHDGH5HYROXFLyQ&RUQHOLXV&DVWRULDGLV/DUHYROXFLyQHVXQPRYLPLHQWRVRFLDOTXH SRQH HQ FXHVWLyQ OD WRWDOLGDG VRFLDO H[LVWHQWH (O VLJOR ;; VH FDUDFWHUL]R SRUUHYROXFLRQHV(Q0p[LFRODUHYROXFLyQWUDMRFDPELRVHFRQyPLFRVHQODHVWUXFWXUDVRFLDOHQWRGRVORVDVSHFWRV

    +D\GRVFRQGLFLRQHVSULQFLSDOHVTXHOOHYDQDUHYXHOWDVVRFLDOHV (O DQWDJRQLVPR HQWUH FODVHV OD GHVLJXDOGDG HO H[FHVR GH SREUH]D TXH QR

    H[LVWDXQDFODVHPHGLDJUDQGH ,UHQFRQWUDGHXQUpJLPHQRSUHVLYRGLFWDWRULDOWRWDOLWDULVWD

    (VWRV GRV SXQWRV VH GDQ KR\ HQ GtD VROR HQ HO WHUFHUPXQGR HQ SULPHURPXQGR QRH[LVWHQHVWDVFRQGLFLRQHVTXHSXGLHUDQOOHYDUDXQDUHYROXFLyQ

    +D\WUHVDVSHFWRVTXHDSR\DODLGHDUHYROXFLRQDULD $SHOD D OD UD]yQ \ FRQ HOOD D OD OLEHUWDG HQ FRQWUD GHO VLVWHPD FRDUWDGR GH

    OLEHUWDGHVHLUUDFLRQDO (O SDSHO GH OD KLVWRULD VLHPSUH VH DSR\D HQ OD KLVWRULD HO UHYROXFLRQDULR VH

    FRQVLGHUD D VtPLVPR FRPR HO ILQ GH OD KLVWRULD VLQ HPEDUJR ODV UHYROXFLRQHVWHUPLQDQHQUHJtPHQHVWRWDOLWDULVWDV

    /DUHYROXFLRQHVYDQFRQWUDHOHVWDGR\GHVSXpVVHFRQYLHUWHQHQXQHVWDGR

    +R\ QR KD\ XQD GHPRFUDFLD HV XQD ROLJDUTXtD OLEHUDO HO SRGHU OR WLHQHQ HQWUH XQRVFXDQWRV\HVOLEHUDOSRUTXHHQWUHHVHSHTXHxRJUXSRGHSRGHUKD\DOWHUQDQFLD

    6H FUHD XQ FLXGDGDQR SDVLYR QR FUtWLFR DSiWLFR LQGLYLGXDOLVWD FtQLFR HQ OR SROtWLFRFRQVXPLVWD\FRQIRUPLVWD/DGHPRFUDFLDVXSRQHSOXUDOLGDGGH LQWHUHVHV\HVWRVHYHUHGXFLGRDOLQWHUpV~QLFRGHORLQGLYLGXDO\HFRQyPLFR

    &HQWHVLPXV$QQXV-XDQ3DEOR,,(VXQDHQFtFOLFDTXHDSR\DHOFDSLWDOLVPRXQFDSLWDOLVPR UHJXODGR KXPDQR \ UDFLRQDO +DEOD VREUH ORV SULQFLSDOHV DVSHFWRV GH ODVRFLHGDGFDSLWDOLWDKR\PHUFDGRHVWDGR\SURSLHGDGSULYDGD

    3URSLHGDGSULYDGDKDEODGHOWUDEDMRFRPRIXHQWHGHSURSLHGDGDQWHVODSURSLHGDGHUDFRP~Q /D SURSLHGDG SULYDGD VXUJH FRQ ODV JXHUUDV \ ORV LPSHULRV $QWHV FXDOTXLHUDWUDEDMDEDKR\QHFHVLWDVHVWXGLRVHVWRWUDHPiVPDUJLQDFLyQPD\RUEUHFKDHQWUHULFRV\SREUHV

  • 0HUFDGR DSHOD D XQ PHUFDGR UHJXODGR SRU HO HVWDGR GRQGH KD\ QHFHVLGDGHV GHOKRPEUH TXH HO PHUFDGR QR SXHGH VDWLVIDFHU $SR\D ORV VXEVLGLRV D ODV FDQDVWDVEiVLFDV OD SURWHFFLyQ DO PHGLR DPELHQWH \ UHJXODFLRQHV DO FRPHUFLR LQWHUQDFLRQDO+DEOD VREUH OD VRFLHGDG GH FRQVXPR GLFH TXH VH FUHDQ QHFHVLGDGHV \ VH GD XQDFRPSXOVLyQ SRU FRQVXPLU VH WUDWD GH OOHQDU YDFtRV LQWHULRUHV SRU DUWtFXORV 6H GD HOWHQHUHQ OXJDUGHOVHU&RQHOPLVPRFRQVXPLVPR ODHFRORJtDVHGHWHULRUDFRQPD\RUUDSLGH]

    'HPRFUDFLD HVWD D IDYRU GHO HVWDGR GH GHUHFKR D IDYRU GH OD GLYLVLyQ GH SRGHUHV \TXH OD OH\ VH HO VREHUDQR SRU HQFLPD GH WRGR /D ~QLFD FRQGLFLyQ TXH OH SRQH D ODGHPRFUDFLDHVTXHGHEHWHQHUYDORUHVWUDVFHQGHQWHVXQDYLGDGHVSXpVGHODPXHUWH$ORV~QLFRVTXHH[FOX\HGHHVWDGHPRFUDFLDHVDORVHVFpSWLFRVDJQyVWLFRVDORVTXHGXGDQ/RVTXHGXGDQHVWiQHQFRQWUDGHOWRWDOLWDULVPRHVWDHQFRQWUDGHHOORVSRUTXHFXHVWLRQDQD OD LJOHVLD UHSULPHD ORVSHQVDGRUHVD ORV LQWHOHFWXDOHV LPSRQH OD IHSRUHQFLPDGHODUD]yQ1RWROHUDDWRGRVSRUORTXHQRHVWDQGHPRFUiWLFR

    (OQHROLEHUDOLVPRXWRStDHQYtDVGHUHDOL]DFLyQ"3LHUUH%RXUGLHX/DWHRUtDQHROLEHUDOHVXQPRGHORPDWHPiWLFRTXHQRFRQFXHUGDFRQOD