revista bioetica y salud 3

Transcription

revista bioetica y salud 3
(UAVAK¤7>¥NK
3
DUDPHMRUDUORVVHUYLFLRVGHVDOXGHVQHFHVDULR
HO DYDQFH WpFQLFRFLHQWt´FR SHUR WDPELpQ
OD IRUPDFLyQ pWLFRKXPDQLVWD GHO SURIHVLRQDO
VDQLWDULR
/D6HFUHWDUtDGH6DOXGDWUDYpVGHOD&RPLVLyQ
GH %LRpWLFD GHO (VWDGR GH 0p[LFR &2%,(0
DVXPH OD ODERU GH DVHVRUDU \ FDSDFLWDU D
WRGRV ORV TXH WLHQHQ OD UHVSRQVDELOLGDG GH
YHODUSRUODVDOXGGHODSREODFLyQHOPpGLFR
OD HQIHUPHUD OD WUDEDMDGRUD VRFLDO SHUVRQDO
DGPLQLVWUDWLYR GH LQWHQGHQFLD HWFpWHUD HQ
WHPDVGHELRpWLFD\GLULJLUORVHVIXHU]RVKDFLD
ODKXPDQL]DFLyQGHODSUiFWLFDPpGLFD
(QHO(VWDGRGH0p[LFRHVWDPRVFRQVFLHQWHV
GHODLPSRUWDQFLDGHFUHDU\IRPHQWDUXQDFXOWXUD
ELRpWLFDHQODSUiFWLFDFOtQLFDGHVWDFDQGRVX
YDORU H LPSDFWR HQ OD FDOLGDG GH OD DWHQFLyQ
PpGLFD DVSHFWRV TXH IXQGDPHQWDQ HVWD
UHYLVWD TXH EXVFD GHVSHUWDU HO LQWHUpV HQ
OD pWLFD DSOLFDGD D OD PHGLFLQD HO UHVSHWR D
OD YLGD KXPDQD HO GHUHFKR D YLYLU \ D PRULU
(QODDFWXDOLGDGHOHMHUFLFLRGHOSHUVRQDOGH GLJQDPHQWH \ PiV WHPDV TXH PRWLYDQ D OD
VDOXGH[LJHXQDIRUPDFLyQHGXFDWLYDFRQWLQXD UHµH[LyQHQQXHVWURDFWXDU
HQWHPDVUHODFLRQDGRVFRQODSUiFWLFDPpGLFD
SHUR WDPELpQ HQ WHPDV UHODFLRQDGRV FRQ OD (VWD UHYLVWD SUHWHQGH VHU XQ LQVWUXPHQWR
ELRpWLFDSRUTXHGHORFRQWUDULRQRVYROYHPRV HGXFDWLYR GH OD 6HFUHWDUtD GH 6DOXG GHO
REVROHWRV H LQKXPDQRV /D FLHQFLD GHEH LU (VWDGR UHVSRQGLHQGR DO FRPSURPLVR GH PL
DODSDUGHODpWLFD\HOKXPDQLVPRD´QGH JHVWLyQ GH PHMRUDU OD FDOLGDG GH OD DWHQFLyQ
DWHQGHUFDGDFDVRFRQXQHQIRTXHFLHQWt´FR PpGLFD PHGLDQWH OD SURPRFLyQ GH XQD
\WpFQLFRTXHUHVDOWHORVSULQFLSLRVpWLFRVFRQ DFWLWXG SRVLWLYD HPSiWLFD \ GH VHUYLFLR HQ
QXHVWURSHUVRQDO
XQSURIXQGRVHQWLGRKXPDQR
/RV DYDQFHV WHFQROyJLFRV \ FLHQWt´FRV GH
QXHVWURV WLHPSRV \ OD HQRUPH GHPDQGD GH
ORV VHUYLFLRV QRV HQIUHQWDQ FRWLGLDQDPHQWH
D SUREOHPDV pWLFRV TXH SXHGHQ JHQHUDU
GL´FXOWDGHVHQODUHODFLyQGHOSDFLHQWHFRQHO
SUHVWDGRUGHVHUYLFLRV
6HFUHWDULRGH6DOXGGHO(VWDGRGH0p[LFR
‘
Y S A LU D
’
(1(52',&,(0%5(
@¥¤MU¥7£
(
V SDUD Pt PX\ VDWLVIDFWRULR SUHVHQWDU OD WHUFHUD SXEOLFDFLyQ GH HVWD UHYLVWD TXH
FRQWULEX\H D OD VHFXHQFLD GH ODV DFWLYLGDGHV HGLWRULDOHV GH QXHVWUD LQVWLWXFLyQ \
SULQFLSDOPHQWH GDU FRQWLQXLGDG DO REMHWLYR GH OD &RPLVLyQ GH %LRpWLFD GHO (VWDGR GH
FRQVROLGDUXQDFXOWXUDELRpWLFDHQORVWUDEDMDGRUHVGHODVDOXG
&
RQ ORV DUWtFXORV TXH VH SXEOLFDQ HQ HVWH
Q~PHUR EXVFDPRV PDQWHQHU OD OtQHD GH
OD &RPLVLyQ UHVSHFWR D GHVSHUWDU FRQFLHQFLD
RULHQWDU\HQFDPLQDUDOSHUVRQDOHQHOFDPSRGH
OD ELRpWLFD SDUD TXH VX DFWXDU VHD HQ XQ PDUFR
PiV KXPDQLVWD $VLPLVPR FRDG\XYDU D TXH ODV
GHFLVLRQHV HQ FDVRV FRQFUHWRV GH FRQµLFWR
VHDQ WRPDGDV HQ XQ PDUFR pWLFR \ UHVSRQVDEOH
SURWHJLHQGR ORV GHUHFKRV GH ORV SDFLHQWHV
IDPLOLDUHV \ GH ORV PLVPRV WUDEDMDGRUHV GH OD
VDOXGFRQODSUHPLVDGHOELHQFRP~Q
(QHOFRQWHQLGRGHOSUHVHQWHQ~PHURPHSHUPLWR
GHVWDFDU HO WHPD GH ª'HUHFKRV +XPDQRV \
%LRpWLFD« GHVDUUROODGR SRU HO 0DHVWUR 0DUFR
$QWRQLR 0RUDOHV *yPH] 3UHVLGHQWH GH OD
&RPLVLyQ GH 'HUHFKRV +XPDQRV GHO (VWDGR GH
0p[LFRHQHOTXHPHQFLRQDORVDFRQWHFLPLHQWRV
KLVWyULFRV TXH KDQ SURSLFLDGR OD VXVFULSFLyQ GH
GRFXPHQWRV XQLYHUVDOHV D WUDYpV GH ORV FXDOHV
VHSURFXUDVDOYDJXDUGDUODGLJQLGDGTXHWRGRVHU
KXPDQR SRVHH (Q HO DUWtFXOR ª&DOLGDG GH YLGD«
HO 0DHVWUR -RVp 0D $ORQVR GH OD 8QLYHUVLGDG
/D 6DOOH UHDOL]D XQ DQiOLVLV SURIXQGR GHO WHPD \
GHMDYHUODSUHRFXSDFLyQIXQGDPHQWDOGHQXHVWUR
WLHPSRHQHOFDPSRGHODVDOXG\DTXHHVWHFDPSR
KD JHQHUDGR YDULDGRV GHEDWHV VREUH MXVWLFLD
VRFLDOPHGLRDPELHQWH\pWLFDPpGLFD
/D 'UD *DUELxH 6DUDZDWDUL DERUGD HO WHPD
ª5HVSRQVDELOLGDG MXUtGLFD \ pWLFD GHO SHUVRQDO
GH VDOXG« DQDOL]DGD GHVGH OD SHUVSHFWLYD GHO
GHUHFKR OD GHRQWRORJtD \ OD OH[ DUWLV (Q pO
LQFRUSRUDODLQWHUDFFLyQTXHVHGDHQWUHHOPpGLFR
FRQ VXV SURSLRV YDORUHV \ FRQWH[WR FXOWXUDO OD
QRUPDWLYLGDG LQVWLWXFLRQDO \ HO FRQRFLPLHQWR
WpFQLFRFLHQWt´FRSDUDVDWLVIDFHUODVQHFHVLGDGHV
\H[SHFWDWLYDVGHOSDFLHQWH
2WUR WHPD HV ª/D DWHQFLyQ GH SDFLHQWHV
SHGLiWULFRVHQHVWDGRWHUPLQDO«TXHUHTXLHUHGH
FRQRFLPLHQWR WpFQLFRFLHQWt´FR \ GH XQ VHQWLGR
FOtQLFRKXPDQLWDULRTXHSHUPLWDWRPDUODGHFLVLyQ
GHOLPLWDUHOWUDWDPLHQWRRDEDQGRQDUODLGHDGH
FXUDU SDUD HQIRFDUVH D SDOHDU DOLYLDU HO GRORU
DFRPSDxDU \ FRQVRODU WDQWR DO SDFLHQWH FRPR
D VXV SDGUHV $GHPiV HQ HO DSDUWDGR IXHQWH
LQIRUPDWLYD HQ ELRpWLFD SUHVHQWDPRV HO ª&yGLJR
GH FRQGXFWD SDUD HO SHUVRQDO GH VDOXG« HVWH
GRFXPHQWRGHVFULEHORVHVWiQGDUHVGHFRQGXFWD
GHORVSURIHVLRQDOHVVDQLWDULRVTXHFRQGXFHQDOD
SUHVWDFLyQGHORVVHUYLFLRVFRQH[FHOHQFLD\DOWRV
QLYHOHV GH FDOLGDG EDVDGRV HQ ORV SULQFLSLRV GH
ELRpWLFDEHQH´FHQFLDDXWRQRPtD\MXVWLFLD
)LQDOPHQWH HVWH Q~PHUR SXEOLFD ORV SULPHURV
OXJDUHVGHODVGLIHUHQWHVPRGDOLGDGHVSUHVHQWDGDV
HQHO;,,,)RUR,QWHULQVWLWXFLRQDOGH,QYHVWLJDFLyQ
HQ6DOXGHQHODIiQGHGDUORVDFRQRFHU
&HOHEUDPRV SRU HOOR HVWH WHUFHU Q~PHURR
VDELHQGRTXHVHUDGHJUDQLQWHUHVSDUDHOSHUVRQDO
GHVDOXG
6HFUHWDULRGH6DOXGGHO(VWDGRGH0p[LFR
“
MK¤AK¥@M
3UHVHQWDFLyQ
(GLWRULDO
&RQVHMRGH6DOXGGHO(VWDGRGH0p[LFR
'UD0DUtD&ULVWLQD&KDSDUUR0HUFDGR
'LiORJRELRpWLFR
(OUHVSHWRDORVGHUHFKRV\ODGLJQLGDGGHODVSHUVRQDVFRQXQD
HQIHUPHGDGHQHVWDGRWHUPLQDO
'U*DEULHO-DLPH26KHD&XHYDV
ª'HUHFKRVKXPDQRV\ELRpWLFD«8QELQRPLRLQHOXGLEOHSDUDOD
SUHVWDFLyQGHORVVHUYLFLRVGHVDOXG
0HQ'0DUFR$QWRQLR0RUDOHV*yPH]
/DFDOLGDGGHYLGD 0WUR-RVp0D$ORQVR$JXHUUHEHUH
'HODFLHQFLDDODFRQFLHQFLD
5HVSRQVDELOLGDGMXUtGLFD\pWLFDGHOSHUVRQDOGHVDOXG
'UD*DUELxH6DUDZDWDUL=DYDOD
eWLFDELRpWLFDGHSRUWH\VDOXG
0WUR$OHMDQGUR/ySH]0DFHGR
3HUVSHFWLYDVPpGLFDV\UHSRUWHGHFDVRV
/DELRpWLFD\HOFXLGDGRSDOLDWLYRHQHOSDFLHQWHWHUPLQDO
'UD&HOLQD&DVWDxHGDGHOD/DQ]D
'UD$QD0DUtD0LOOiQ9HOi]TXH]
)XHQWHLQIRUPDWLYDHQELRpWLFD
&yGLJRGHFRQGXFWDSDUDHOSHUVRQDOGHVDOXG
0HQ63&pVDU+XPEHUWR%RWHOOR2UWt]
(VSDFLROLEUH\FDUWDVDOHGLWRU
8QDFDUWDVREUHHOWUDWRTXHUHFLEHQDOJXQRVSDFLHQWHV
%LR6DPDQWKD3iUDPR$FRVWD
/HFWXUDVUHFRPHQGDGDV
/LF&ODXGLD-LPpQH]%DFD
&UyQLFDGHO9(QFXHQWUR1DFLRQDOGH%LRpWLFD
'U-HV~V/XLV5XEt6DOD]DU
5HV~PHQHV;,,,)RUR,QWHULQVWLWXFLRQDO
GH,QYHVWLJDFLyQHQ6DOXG
0HQ63&ODXGLD/RUHQD9DUJDV$OHPiQ
1RUPDVSDUDODSUHVHQWDFLyQGHFRODERUDFLRQHV
”
(1(52',&,(0%5(
MKVAªM@A+7£W@@A£V¤7@M@AB]¥>M
8QD([SHULHQFLDGHe[LWR
0D&ULVWLQD&KDSDUUR0HUFDGR
(
O &RQVHMR GH 6DOXG GHO (VWDGR GH 0p[LFR HV
XQD LQVWDQFLD SHUPDQHQWH GH FRRUGLQDFLyQ
FRQVXOWD\DSR\RSDUDODSODQHDFLyQSURJUDPDFLyQ
\HYDOXDFLyQGHORVVHUYLFLRVGHVDOXG)XHFUHDGR
SRU$FXHUGRGHO(MHFXWLYRGHO(VWDGRHOGtDGH
PD\R GHO DxR &XHQWD FRQ XQ 5HJODPHQWR
,QWHUQRSXEOLFDGRHQOD*DFHWDGHO*RELHUQRHOGtD
GHRFWXEUHGHODxRHQHOFXDOVHHVWDEOHFH
VXLQWHJUDFLyQ\IXQFLRQDPLHQWR
(O &RQVHMR OR SUHVLGH HO 'U *DEULHO - 2­6KHD
&XHYDV6HFUHWDULRGH6DOXG\'LUHFWRU*HQHUDOGHO
,6(0\FXHQWDFRQTXLQFHYRFDOHVORV6HFUHWDULRV
GH(GXFDFLyQGHO0HGLR$PELHQWHHO6HFUHWDULR
7pFQLFR GHO &RQVHMR (VWDWDO GH 3REODFLyQ ORV
'LUHFWRUHV *HQHUDOHV GHO ,QVWLWXWR GH 6DOXG GHO
(VWDGRGH0p[LFRGHO,QVWLWXWRGH6HJXULGDG6RFLDO
GHO (VWDGR GH 0p[LFR \ 0XQLFLSLRV GHO 6LVWHPD
SDUDHO'HVDUUROOR,QWHJUDOGHOD)DPLOLDGHO(VWDGR
GH0p[LFR\GH3URWHFFLyQ&LYLOHO'LUHFWRUGHOD
)DFXOWDGGH0HGLFLQDGHOD8QLYHUVLGDG$XWyQRPD
GHO(VWDGRGH0p[LFRDVtFRPRSRUORV'HOHJDGRV
GHO ,QVWLWXWR GH 6HJXULGDG \ 6HUYLFLRV 6RFLDOHV
GH ORV 7UDEDMDGRUHV GHO (VWDGR \ GHO ,QVWLWXWR
0H[LFDQRGHO6HJXUR6RFLDO\XQUHSUHVHQWDQWHGH
ORV PXQLFLSLRV HQ OD HQWLGDG WUHV UHSUHVHQWDQWHV
GH ORV VHFWRUHV VRFLDO \ SULYDGR D LQYLWDFLyQ GHO
3UHVLGHQWH\XQ6HFUHWDULR7pFQLFRQRPEUDGRSRU
HO3UHVLGHQWH
E)RUWDOHFHUHOSDSHOUHFWRUGHOD6HFUHWDUtDGH6DOXG
HQHO(VWDGRGH0p[LFR
F 3URSRQHU PHGLGDV RULHQWDGDV D SUHYHQLU \
DWHQGHUSUREOHPDVVDQLWDULRVGHO(VWDGR
G)RUWDOHFHUODFRRUGLQDFLyQLQWUDHLQWHUVHFWRULDO
GHODVLQVWLWXFLRQHVGHOVLVWHPDHVWDWDOGHVDOXG
H 3URPRYHU OD PHGLFLQD SUHYHQWLYD HQ ORV
SURJUDPDVGHVDOXGDEDWLHQGRFRVWRV
I 3URPRYHU OD FRRUGLQDFLyQ SDUD UHIRU]DU OD
SROtWLFDGHVDOXGHQHO(VWDGR
J'DUVHJXLPLHQWRDORVFRPSURPLVRV\DFXHUGRV
TXHHQPDWHULDGHVDOXGVHHVWDEOH]FDQSRUSDUWH
GHORVLQWHJUDQWHVGHOyUJDQRFROHJLDGR
K (VWDEOHFHU SROtWLFDV GH SURWHFFLyQ KDFLD OD
SREODFLyQ HQ PDWHULD GH VDOXG \ GH UHJXODFLyQ
VDQLWDULD
L (VWDEOHFHU FRPLVLRQHV FRPLWpV \ JUXSRV GH
WUDEDMR TXH OOHYHQ D FDER DFFLRQHV HVSHFt´FDV
VDOXEULVWDVHQHO(VWDGR
M)RUWDOHFHUHOVLVWHPDGHHYDOXDFLyQLQVWLWXFLRQDO
HQPDWHULDGHVDOXG
N $YDQ]DU HQ OD FRQVROLGDFLyQ GHO PRGHOR GH
DWHQFLyQDODVDOXGHQHO(VWDGR
O 5HRULHQWDU ODV DFFLRQHV GH VDOXG ªPHGLFLQD
SUHYHQWLYD«KDFLDODFRPXQLGDG
P )RUWDOHFHU OD FDSDFLGDG UHVROXWLYD GHO SULPHU
QLYHOGHDWHQFLyQDODVDOXG
(QHMHUFLFLRGHODVIXQFLRQHVTXHOHFRQ´HUHDHVWH
RUJDQLVPRFROHJLDGRWHQGUiHQFRQVLGHUDFLyQODV
VLJXLHQWHVDFFLRQHV
D5HQGLURSLQLRQHV\IRUPXODUVXJHUHQFLDVDO(MHFXWLYR
GHO (VWDGR WHQGLHQWHV DO PHMRUDPLHQWR GH OD H´FDFLD
\ FDOLGDG GHO VLVWHPD HVWDWDO GH VDOXG \ DO PHMRU
FXPSOLPLHQWRGHORVSURJUDPDVGHVDOXG
6HFUHWDULD7pFQLFDGHO&RQVHMRGH6DOXGGHO(VWDGRGH0p[LFR
•
Q 3URSRQHU OD RSWLPL]DFLyQ GH ORV UHFXUVRV
LQVWLWXFLRQDOHV \ PHMRUDPLHQWR GH OD FDSDFLGDG
LQVWDODGDHQHOVHFWRUVDOXG
R3URPRYHUHVWUDWHJLDVHQPDWHULDGHFDOLGDGHQ
ORVVHUYLFLRVGHVDOXG
S )RUWDOHFHU OD SDUWLFLSDFLyQ \ FRRSHUDFLyQ
LQWHULQVWLWXFLRQDOHQVHUYLFLRVGHVDOXG
T3URPRYHUODFHOHEUDFLyQGHFRQYHQLRVHQWUHODV
GHSHQGHQFLDV SDUD IRUWDOHFHU ORV SURJUDPDV GH
VDOXG
U 0DQWHQHU DFWXDOL]DGRV HQ IRUPD SHUPDQHQWH
ODV FRPLVLRQHV FRPLWpV \ JUXSRV GH WUDEDMR \
ODV GHPiV TXH HVWDEOH]FDQ RWUDV GLVSRVLFLRQHV
OHJDOHV
/RJURV
+DVWD OD IHFKD VH KDQ OOHYDGR D FDER FXDUHQWD \
XQ VHVLRQHV RUGLQDULDV \ FLQFR H[WUDRUGLQDULDV
WRGDV KDQ VLGR SUHVLGLGDV SRU HO 6HFUHWDULR GH
6DOXG \ VH KDQ UHDOL]DGR HQ GLIHUHQWHV OXJDUHV \
PXQLFLSLRV GH QXHVWUD HQWLGDG 9DOOH GH %UDYR
$YiQGDUR 9LOOD 9LFWRULD 7H[FRFR 7ODOQHSDQWOD
$WODFRPXOFR 2FR\RDFDF ,[WDSDQ GH OD 6DO
7ROXFD$VLPLVPRKDQVLGRDQ´WULRQHVSDUDOOHYDUD
FDERODVUHXQLRQHVGHWUDEDMRGHHVWH&RQVHMRODV
LQVWLWXFLRQHVTXHORLQWHJUDQ\KHPRVVHVLRQDGRHQ
ODVLQVWDODFLRQHVGHO,0663RQLHQWH,0662ULHQWH
,6667(,66(0<0',)(0,0,(0,6(0&2(632
3URWHFFLyQ &LYLO )DFXOWDG GH 0HGLFLQD 8$(0p[
6HFUHWDUtD GHO 0HGLR $PELHQWH \ 6HFUHWDUtD GH
(GXFDFLyQ
(Q FXDQWR D ORV DFXHUGRV VH KDQ HVWDEOHFLGR
KDVWDODVHVLyQ;/,XQWRWDOGHGRVFLHQWRVRFKHQWD
\WUHVODWHPiWLFDGHHVWRVDVXQWRVHQVXPD\RUtD
VRQ GH SDUWLFLSDFLyQ VHFWRULDO FRQVLGHUDQGR ORV
SURJUDPDVSULRULWDULRVFRPRVRQYDFXQDFLyQ9,+
6,'$ DGLFFLRQHV VDOXG UHSURGXFWLYD QXWULFLyQ
DGROHVFHQWHV SURPRFLyQ GH OD VDOXG ]RRQRVLV
VDOXG EXFDO LQIHFFLRQHV UHVSLUDWRULDV DJXGDV
HQIHUPHGDG GLDUUHLFD DJXGD HQIHUPHGDGHV
FUyQLFDVFiQFHUVDOXGPHQWDOHQWUHRWURV6HKDQ
HVWDEOHFLGR DFXHUGRV HQ PDWHULD GH FDOLGDG GH
UHJXODFLyQ VDQLWDULD GH KRVSLWDOHV GH UHIHUHQFLD
\ FRQWUDUUHIHUHQFLD GH SDFLHQWHV DFXHUGRV HQ OD
UDPDGHHQIHUPHUtD
6,'$ YLJLODQFLD HSLGHPLROyJLFD VDOXG EXFDO
DWHQFLyQDOHQYHMHFLPLHQWRLQIRUPDFLyQHVWDGtVWLFD
\VHFWRULDOSUHYHQFLyQGHDFFLGHQWHVIRUPDFLyQ
FDSDFLWDFLyQGHUHFXUVRVKXPDQRVHLQYHVWLJDFLyQ
SDUD OD VDOXG UHIHUHQFLD \ FRQWUDUUHIHUHQFLD
GH SDFLHQWHV VDOXG UHSURGXFWLYD QXWULFLyQ
FHUWL´FDFLyQ GH iUHDV OLEUHV GH WUDQVPLVLyQ GH
SDOXGLVPR SURPRFLyQ GH OD VDOXG PRUWDOLGDG
LQIDQWLOSUHYHQFLyQ\WUDWDPLHQWRGHOFiQFHUHQOD
LQIDQFLD\ODDGROHVFHQFLD\FHUWL´FDFLyQGHiUHDV
OLEUHVGHWUDQVPLVLyQGHUDELDFDQLQD
(VWRV FRPLWpV DSR\DUiQ \ DX[LOLDUiQ DO &RQVHMR
HQ DFFLRQHV GH FRODERUDFLyQ H LQWHUUHODFLyQ \
IRUPXODUiQ SURSXHVWDV HQ PDWHULD GH VDOXG
IRUWDOHFLHQGR OD FRRUGLQDFLyQ SDUD OD HMHFXFLyQ
\ FXPSOLPLHQWR GH ORV SURJUDPDV H[LVWHQWHV
'H UHFLHQWH FUHDFLyQ VH KDQ DGLFLRQDGR ORV
FRPLWpV GH VDOXG PHQWDO WUDQVIXVLyQ VDQJXtQHD
DGROHVFHQWHV\SDUDODSUHYHQFLyQ\FRQWUROGHODV
HQIHUPHGDGHV FUyQLFDV QR WUDQVPLVLEOHV VLHQGR
\D XQ WRWDO GH YHLQWLWUpV FRPLWpV \ XQD FRPLVLyQ
GH ELRpWLFD (V LPSRUWDQWH VHxDODU TXH DQWH OD
SDQGHPLDGHLQµXHQ]DGHQXHVWURSDtVHQHO(VWDGR
GH0p[LFRVHLQVWDOyHO&RQVHMRGH6HJXULGDGHQ
6DOXGHOGtDFLQFRGHMXQLRGHODxR
(O&RQVHMRKDOOHYDGRDFDERDFFLRQHVGHVWDFDGDV
FRPR /D ´UPD GH LPSRUWDQWHV &RQYHQLRV GH
3DUWLFLSDFLyQ GH ,QWHUFDPELR GH 6HUYLFLRV GH
6DOXGFRQODV,QVWLWXFLRQHVGHO6HFWRUGHQXHVWUD
HQWLGDG ORV IRURV HVWDWDOHV \ QDFLRQDOHV GHQWUR
GH ORV FXDOHV VH SXHGH HQXQFLDU 3DUWLFLSDFLyQ
&LXGDGDQD0XHUWH0DWHUQD1XWULFLyQ5HQGLFLyQ
GH&XHQWDV\HO)HGHUDOGHO)RUWDOHFLPLHQWRGHOD
(Q HO VHQR GHO &RQVHMR VH KD FUHDGR OD
&RPLVLyQ GH %LRpWLFD GHO (VWDGR GH 0p[LFR
\ GLHFLQXHYH FRPLWpV FDOLGDG GH VHUYLFLRV GH
VDOXG IDUPDFRYLJLODQFLD FRQWUD ODV DGLFFLRQHV
YDFXQDFLyQSDUDODSUHYHQFLyQ\FRQWUROGH9,+
–
(1(52',&,(0%5(
2IHUWD GH 6HUYLFLRV 6H KD HIHFWXDGR WDPELpQ OD
HYDOXDFLyQ LQVWLWXFLRQDO FRQ OD SDUWLFLSDFLyQ GH
ODV iUHDV GLUHFWLYDV VXVWDQWLYDV \ GH DSR\R GHO
,6(0 \ GH RWUDV LQVWLWXFLRQHV 6H FRQWy WDPELpQ
FRQ OD DVLVWHQFLD \ SDUWLFLSDFLyQ GH ODV MHIDWXUDV
MXULVGLFFLRQDOHVVDQLWDULDVMHIDWXUDVGHUHJXODFLyQ
VDQLWDULDGLUHFWRUHVGHORVKRVSLWDOHVODUDPDGH
HQIHUPHUtD\ODUDPDDGPLQLVWUDWLYD$VLPLVPRHO
HYHQWRPDVLYRUHDOL]DGRGHOD([SRDOLPHQWDULDHQ
ODFXDOSDUWLFLSDURQPiVGHSHUVRQDVOOHYDGR
DFDERHQHO&HQWUR&XOWXUDO0H[LTXHQVH1XHVWUR
(VWDGRKDVLGRVHGHGHO&RQVHMR1DFLRQDOGH6DOXG
UHFLELHQGRXQUHFRQRFLPLHQWRDQLYHOIHGHUDOSRU
ODORJtVWLFDGHVSOHJDGDSDUDODUHDOL]DFLyQGHHVD
UHXQLyQ
3UHYLRDFDGDVHVLyQRUGLQDULDVHKDHVWDEOHFLGR
FRPR HVWUDWHJLD GH WUDEDMR OD 5HXQLyQ GH
0HVDV 7HPiWLFDV GHO &RQVHMR ODV FXDOHV VXPDQ
\D GLHFLVLHWH PHVDV WHPiWLFDV \ VH UH~QHQ HQ
SURPHGLR WUHVFLHQWDV SHUVRQDV TXH VRQ ORV
UHVSRQVDEOHV GH ORV SURJUDPDV SULRULWDULRV ORV
LQWHJUDQWHV GH FRPLWpV GLUHFWLYRV GHO VHFWRU
VDOXG ORV MHIHV GH MXULVGLFFLyQ VDQLWDULD \ GH
UHJXODFLyQ VDQLWDULD GLUHFWRUHV GH KRVSLWDOHV GH
HVSHFLDOLGDG\JHQHUDOHVGLUHFWRUHVGHKRVSLWDOHV
PXQLFLSDOHV MHIHV GH &HQWURV (VSHFLDOL]DGRV GH
$WHQFLyQ 3ULPDULD D OD VDOXG &($36 MHIDWXUDV
GHHQIHUPHUtDGLUHFWRUHVVXEGLUHFWRUHVMHIHVGH
GHSDUWDPHQWR\HVWHVHFUHWDULDGRWpFQLFR
/DV PHVDV VRQ 9,+6,'$ 6DOXG PHQWDO 5HIHUHQFLD \ FRQWUDUUHIHUHQFLD ,5$6 \ ('$6
$GROHVFHQWHV 9DFXQDFLyQ &UyQLFR
GHJHQHUDWLYDV 6DOXG UHSURGXFWLYD 0XHUWH
SHULQDWDO 'LVFDSDFLGDG 1XWULFLyQ $GLFFLRQHV &DOLGDG ,QIRUPDFLyQ HQ VDOXG
2QFRORJtD 2QFRORJtD SHGLiWULFD \ &XLGDGRVSDOLDWLYRV
'XUDQWH OD DGPLQLVWUDFLyQ GHO /LF (QULTXH 3HxD
1LHWR *REHUQDGRU &RQVWLWXFLRQDO GHO (VWDGR GH
0p[LFROD6HFUHWDUtDGH6DOXGFRQWyFRQHODSR\R
\ HO LPSXOVR SDUD OOHJDU D FRQVROLGDU HO 6LVWHPD
(VWDWDO GH 6DOXG IRUWDOHFLHQGR OD PRGHUQL]DFLyQ
GHODLQIUDHVWUXFWXUD\ODDPSOLDFLyQGHODFREHUWXUD
GH ORV VHUYLFLRV GH VDOXG /RJURV REWHQLGRV SRU
OD GLUHFWUL] DO IUHQWH GH HVWD 6HFUHWDUtD GHO 'U
*DEULHO - 26KHD &XHYDV PpGLFR YLVLRQDULR GH
SROtWLFDVS~EOLFDV\DFFLRQHVGHJUDQSDUWLFLSDFLyQ
VHFWRULDO H LQWHUVHFWRULDO VLHPSUH WHQGLHQWHV D
VHUYLUDORVPH[LTXHQVHVTXHPHQRVWLHQHQ\TXH
PiVORQHFHVLWDQFRQVXDSRUWDFLyQHQHO(VWDGR
GH 0p[LFR WHQHPRV XQ VLVWHPD HVWDWDO GH VDOXG
IRUWDOHFLGRSDUWLFLSDWLYR\FRQJUXHQWH
—
¥8£MGM
¥MB¤¥>M
˜
(1(52',&,(0%5(
£UAVSA¤M7£MV@AUA>HMV_£7@¥GK¥@7@
@A£7VSAUVMK7V>MKWK7AKFAUJA@7@
AKAV¤7@M¤AUJ¥K7£
*DEULHO-DLPH26KHD&XHYDV
8
QDUHIRUPDUHFLHQWHDOD/H\*HQHUDOGH6DOXG
/*6 SXEOLFDGD HO FLQFR GH HQHUR GH HQ HO 'LDULR 2´FLDO GH OD )HGHUDFLyQ LQFOX\H XQ
WtWXOR GRQGH VH UHFRQRFHQ ORV GHUHFKRV GH ORV
HQIHUPRV HQ VLWXDFLyQ WHUPLQDO OR TXH VLHQWD ODV
EDVHVOHJDOHVSDUDHOHQWHQGLPLHQWRGHODVSDUWHV
¨PpGLFRSDFLHQWH\IDPLOLDUHV¨FRQHOREMHWRGH
VDOYDJXDUGDUODGLJQLGDGGHODVSHUVRQDVH[SXHVWDV
D WUDWDPLHQWRV PpGLFRV TXH SUREDEOHPHQWH QR
PHMRUDUiQVXFDOLGDGGHYLGDQLHYLWDUiQODPXHUWH
$GHPiV VH LQFOX\H OD ´JXUD GHO FRQVHQWLPLHQWR
LQIRUPDGRDQWLFLSDGRHQGRQGHFXDOTXLHUDGXOWR
HQ SOHQR XVR GH VXV IDFXOWDGHV PHQWDOHV SXHGH
H[SUHVDU VX YROXQWDG HQ UHODFLyQ D UHFLELU R QR
WUDWDPLHQWRVPpGLFRVHQFDVRGHXQDHQIHUPHGDG
WHUPLQDO
(O WtWXOR RFWDYR ELV GH OD /*6 VH UH´HUH D ORV
HQIHUPRV HQ VLWXDFLyQ WHUPLQDO FRPR DTXHOODV
SHUVRQDV FRQ XQD HQIHUPHGDG UHFRQRFLGD
SURJUHVLYDHLUUHYHUVLEOH\FX\RSURQyVWLFRGHYLGD
QRHVPD\RUGHVHLVPHVHV(VWRVHQIHUPRVWLHQHQ
FRPRGHUHFKRVXQDDWHQFLyQLQWHJUDOGHDFXHUGR
DVXVQHFHVLGDGHVGHVDOXGGDUVXFRQVHQWLPLHQWR
LQIRUPDGRSDUDUHFLELURQRWUDWDPLHQWRVPpGLFRV
GHMDU HO KRVSLWDO GRQGH HVWiQ VLHQGR WUDWDGRV
UHQXQFLDUHQFXDOTXLHUPRPHQWRDXQWUDWDPLHQWR
TXHSUHWHQGDSURORQJDUVXYLGD\UHFLELUFXLGDGRV
SDOLDWLYRV HQ VX GRPLFLOLR 7DPELpQ DJUHJD XQ
DUWtFXOR HQ GRQGH VH SUHYp TXH FXDOTXLHU PD\RU
GHHGDGHQSOHQRXVRGHVXVIDFXOWDGHVPHQWDOHV
SXHGH GHMDU SRU HVFULWR HQ SUHVHQFLD GH GRV
WHVWLJRV VX YROXQWDG GH UHFLELU WUDWDPLHQWR R QR
HQFDVRGHXQDHQIHUPHGDGWHUPLQDOpVWHSXHGH
VHUUHYRFDGRHQFXDOTXLHUPRPHQWRGHDFXHUGR
DOPLVPRDUWtFXOR
$GHPiV GH KDFHU H[SOtFLWRV ORV GHUHFKRV GH
HVWRV SDFLHQWHV OD OH\ LQFOX\H ODV GH´QLFLRQHV
GH REVWLQDFLyQ WHUDSpXWLFD FXLGDGRV SDOLDWLYRV
\ PHGLGDV RUGLQDULDV \ H[WUDRUGLQDULDV SDUD
SUHVHUYDU OD VDOXG (O DYDQFH HQ WpUPLQRV GH
ELRpWLFD \ GHO UHFRQRFLPLHQWR GH ORV GHUHFKRV
\ GLJQLGDG GH ORV SDFLHQWHV WHUPLQDOHV HV PX\
VLJQL´FDWLYRSDUDQXHVWURSDtV\~WLOSDUDODSUiFWLFD
FOtQLFD FRWLGLDQD 3RU SULPHUD YH] HQ QXHVWUR
SDtV VH UHFRQRFH OHJDOPHQWH TXH H[LVWHQ OtPLWHV
HQWUH ODV PHGLGDV WHUDSpXWLFDV TXH SURORQJDQ
LQQHFHVDULDPHQWHODYLGDDFRVWDGHODDJRQtDGH
XQSDFLHQWH\HOUHVSHWRGHOSURFHVRQDWXUDOGHOD
PXHUWH
(Q OD SUiFWLFD FOtQLFD FRWLGLDQD OD LQIRUPDFLyQ
SDUD OD WRPD GH GHFLVLRQHV QR VLHPSUH HV FODUD
\ FRQWXQGHQWH SRU OR TXH OD UHµH[LyQ GH HVWRV
FRQFHSWRV SXHGH D\XGDU DO PpGLFR \ SDFLHQWH
3RU pVWR OH SURSRQJR H[SORUHPRV MXQWRV ORV
SULQFLSLRVELRpWLFRVGHWUiVGHHVWDLQLFLDWLYDSDUD
SURPRYHU VX HQWHQGLPLHQWR HQWUH OD FRPXQLGDG
6HFUHWDULRGH6DOXG'LUHFWRU*HQHUDOGHO,QVWLWXWRGH6DOXGGHO(VWDGRGH0p[LFR\3UHVLGHQWHGHOD&RPLVLyQGH%LRpWLFDGHO(VWDGRGH0p[LFR
™
PpGLFD\GHSDFLHQWHVGHQXHVWURHVWDGR
'HGH´QLFLRQHV\SULQFLSLRV
/RVSULQFLSLRVpWLFRVGHDXWRQRPtDEHQH´FHQFLD
\QRPDOH´FHQFLDSXHGHQMXVWL´FDUSRUVLPLVPRV
OD QHFHVLGDG GH XQD OHJLVODFLyQ TXH UHFRQRFH
ORV GHUHFKRV GH ORV SDFLHQWHV HQ VLWXDFLyQ
WHUPLQDO \ OD H[LVWHQFLD GH XQ GRFXPHQWR GH
YROXQWDG DQWLFLSDGD FRQ ODV FDUDFWHUtVWLFDV DQWHV
PHQFLRQDGDV5LYHUD-5
/D DXWRQRPtD HV XQD FRQGLFLyQ GH DOJXLHQ
HQ OD TXH SDUD FLHUWDV FRVDV QR GHSHQGH GH
QDGLH 'LJQR HV WDPELpQ XQD FRQGLFLyQ TXH
VLJQL´FD FRUUHVSRQGLHQWH SURSRUFLRQDGR DO
PpULWR'LFFLRQDULR GH OD OHQJXD HVSDxROD &RQHOUHVSHWRDODDXWRQRPtDGHOSDFLHQWHYLHQH
ODGLJQLGDG\QRVRORSRUWUDWDUVHGHXQHQIHUPR
HQVLWXDFLyQWHUPLQDOVLQRSRUWUDWDUVHGHXQVHU
KXPDQR
(O SULQFLSLR GH EHQH´FHQFLD VH LQVHUWD HQ ORV
FXLGDGRVTXHGHEHPRVDSOLFDUD~QFXDQGRpVWRVQR
VHDQFXUDWLYRVREXVTXHQUHYHUWLUODHQIHUPHGDG
/RVFXLGDGRVSDOLDWLYRVHQORVTXHVHGLVPLQX\HQ
ODV PROHVWLDV HO GRORU \ VH SURSRUFLRQD VRSRUWH
SVLFROyJLFR VRFLDO \ HVSLULWXDO VRQ DFWRV TXH
EXVFDQ HO ELHQ GHO HQIHUPR LQGHSHQGLHQWHPHQWH
TXH QR VDOYHQ VX YLGD $FHSWDU TXH H[LVWH XQ
SURFHVRQDWXUDOGHPXHUWH\TXHHVWHHVLQHYLWDEOH
FXDQGR H[LVWHQ GLDJQyVWLFRV WHUPLQDOHV HV
WDPELpQXQDFWRGHEHQH´FHQFLD
7RGR WUDWDPLHQWR PpGLFR WLHQH ULHVJR GH
GHVDUUROORGHHIHFWRVDGYHUVRV\FRPSOLFDFLRQHV
VLQ HPEDUJR ORV DSOLFDPRV VDELHQGR TXH HO
EHQH´FLR VXSHUDUi ORV UHVXOWDGRV QHJDWLYRV $~Q
FXDQGR VH WUDWD GH HQIHUPRV WHUPLQDOHV H[LVWH
XQD SUREDELOLGDG ¨ DXQTXH PX\ SHTXHxD ¨ GH
FXUDUODHQIHUPHGDG6LQHPEDUJRHOPpGLFRWLHQH
OD UHVSRQVDELOLGDG GH SUHVHQWDU DQWH HO SDFLHQWH
\RVXVHQFDUJDGRVHOSDQRUDPDFRPSOHWRGHORV
ULHVJRV \ EHQH´FLRV GH OD LQWHUYHQFLyQ SDUD TXH
MXQWRV\HQFRP~QDFXHUGRWRPHQODGHFLVLyQ/D
QRPDOH´FHQFLD VH SRQH HQ SUiFWLFD FXDQGR OD
RSFLyQ HV LQWHUUXPSLU HO WUDWDPLHQWR SDUD HYLWDU
XQVXIULPLHQWRLQQHFHVDULR
/DVKHUUDPLHQWDVHOFRQVHQWLPLHQWRLQIRUPDGR\
ORVFRPLWpVGHELRpWLFD
(OFRQVHQWLPLHQWRLQIRUPDGRKDVLGRODEDVHSDUD
SUHVHUYDUODDXWRQRPtDFXDQGRDXQSDFLHQWHVH
‘
OH SURSRQHQ WUDWDPLHQWRV PpGLFRV GH FXDOTXLHU
tQGROH /D ´JXUD OHJDO GHO FRQVHQWLPLHQWR
LQIRUPDGRVXUJLySRUSULPHUDYH]HQOD'HFODUDFLyQ
GH +HOVLQNL \ VX SULQFLSDO REMHWLYR IXH HO GH
SURWHJHU ORV GHUHFKRV GH ORV SDFLHQWHV TXH LEDQ
DVHUVRPHWLGRVDH[SHULPHQWDFLyQHQSURWRFRORV
GHLQYHVWLJDFLyQSDUDQXHYRVIiUPDFRV
(O FRQFHSWR GH FRQVHQWLPLHQWR LQIRUPDGR
VH WUDVODGD FRQ HO SDVR GHO WLHPSR DO PHGLR
KRVSLWDODULR \ D OD DSOLFDFLyQ GH WRGR WLSR
GH WUDWDPLHQWRV FRQ ULHVJRV LPSRUWDQWHV (O
SURSyVLWRIXHHOGHSUHYHQLUODGHPDQGDPpGLFR
OHJDODVHJXUiQGRVHTXHHOSDFLHQWHHVFRQVFLHQWH
GHORVSRVLEOHVHIHFWRVGHOWUDWDPLHQWR
(O FRQVHQWLPLHQWR LQIRUPDGR HV PiV TXH XQ
GRFXPHQWR FRHUFLWLYR R LUUHYRFDEOH HV HQ
UHDOLGDGXQHMHUFLFLRGHWUDQVSDUHQFLD\FRQVHQVR
HQWUHHOPpGLFR\HOSDFLHQWH(OPpGLFRLQIRUPD
DO SDFLHQWH GH ODV YHQWDMDV GHVYHQWDMDV SRVLEOHV
FRPSOLFDFLRQHV \ UHVXOWDGRV GHO WUDWDPLHQWR
\ HO SDFLHQWH LQIRUPDGR \ FRQYHQFLGR WRPD
OD GHFLVLyQ OLEUHPHQWH \ OR SRQH SRU HVFULWR HQ
SUHVHQFLDGHGRVWHVWLJRVTXHDVHJXUDQTXHDVtHV
(O FRQVHQWLPLHQWR LQIRUPDGR IXQFLRQD FRPR
XQ FRQWUDWR HQWUH PpGLFRV \ SDFLHQWH GXUDQWH
OD LQVWLWXFLyQ GH WUDWDPLHQWRV &XDQGR VH WUDWD
GH FDVRV GHOLFDGRV FRPR HO GH ORV HQIHUPRV
HQ VLWXDFLyQ WHUPLQDO HV PHMRU SRQHU WRGR SRU
HVFULWR ,QFOXVR GH DFXHUGR D OD QXHYD OH\ VH
GHEHUi´UPDUXQFRQVHQWLPLHQWRLQIRUPDGRSDUD
ORV FXLGDGRV SDOLDWLYRV GHMDQGR UHJLVWUR GH ODV
QHFHVLGDGHVItVLFDV\VRFLDOHVGHOSDFLHQWH
'H DFXHUGR D GLYHUVRV DXWRUHV +DOOLGD\ 6
3HUHLUD $ OD SXHVWD HQ PDUFKD
GHO FRQVHQWLPLHQWR LQIRUPDGR DQWLFLSDGR R
WHVWDPHQWRGHYLGDQRHVWDQIiFLOFRPRSDUHFH
HVSHFLDOPHQWH HQ SDFLHQWHV LQFDSDFLWDGRV
SDUD OD WRPD GH GHFLVLRQHV (Q FDVRV HQ GRQGH
H[LVWHQ QXHYRV WUDWDPLHQWRV H[SHULPHQWDOHV R
HQSDFLHQWHVMyYHQHVHQGRQGHODHQIHUPHGDGVH
PDQL´HVWDV~ELWDPHQWHODGHFLVLyQSDUDPpGLFR\
IDPLOLDUHVQRVRORGHSHQGHGHODVSUREDELOLGDGHV
GH VREUHYLGD VLQR GH RWURV IDFWRUHV D WRPDU
HQ FXHQWD SDUD GHMDU TXH HO FXUVR QDWXUDO GH OD
HQIHUPHGDG DFDEH FRQ OD YLGD (Q HVWRV FDVRV
OD DSOLFDFLyQ GH ORV SULQFLSLRV GH DXWRQRPtD
EHQH´FHQFLD \ QRPDOH´FHQFLD SXHGHQ D\XGDU D
WRPDUXQDGHFLVLyQ´QDO
(VLPSRUWDQWHPHQFLRQDUTXHFXDQGRHOSDFLHQWH
(1(52',&,(0%5(
HQ HVWDGR WHUPLQDO R VXV IDPLOLDUHV KDQ GHFLGLGR
QRVHJXLUFRQORVWUDWDPLHQWRVFXUDWLYRVSXHGHQ
RSWDUSRUUHLQLFLDUORVRLQWHQWDURWURVVLQLPSRUWDU
HO WLHPSR R FLUFXQVWDQFLDV DJUHJDGDV /D /*6
LQFOX\H HVWD RSFLyQ \ HO PpGLFR HVWi REOLJDGR D
VHJXLUOD 8Q QXHYR FRQVHQWLPLHQWR LQIRUPDGR
FRQODYROXQWDGGHOSDFLHQWHRVXVIDPLOLDUHVSDUD
UHDQXGDU HO WUDWDPLHQWR FXUDWLYR R LQWHQWDU RWUR
QXHYRDQXODWRGDVODVGLUHFWLYDVGHGRFXPHQWRV
DQWHULRUHVDHVWH
(QFDVRGHFRQµLFWRVHQWUHODYROXQWDGGHOSDFLHQWH
\ODVVXJHUHQFLDVGHORVPpGLFRVH[LVWHQLQVWDQFLDV
OHJDOHV HQ GRQGH SXHGHQ UHVROYHUVH 6H WUDWD
GH ORV FRPLWpV GH ELRpWLFD KRVSLWDODULRV TXLHQHV
IXQFLRQDQ FRPR LQWHUPHGLDULRV \ SXHGHQ VXJHULU
OD UHVROXFLyQ GHO DVXQWR HQ FDVRV FRPSOLFDGRV
(VWRVFRPLWpVWLHQHQUHSUHVHQWDFLyQSURSRUFLRQDO
GH PpGLFRV HQIHUPHUDV DGPLQLVWUDWLYRV \
SDFLHQWHV \ VXV UHVROXFLRQHV HVWiQ EDVDGDV HQ
SROtWLFDV QDFLRQDOHV \ OD OHJLVODFLyQ YLJHQWH /D
UHVROXFLyQ GHO FRPLWp GH pWLFD VXFHGH PHGLDQWH
ODGLVFXVLyQGLULJLGD\HOFRQVHQVRGHODPD\RUtD
OR TXH UHVXOWD HQ XQ SURQXQFLDPLHQWR VRSRUWDGR
FLHQWt´FD\OHJDOPHQWH
/HJLVODFLyQFRPSDUDGD\H[SHULHQFLDVQDFLRQDOHV
HLQWHUQDFLRQDOHV
/D 'HFODUDFLyQ 8QLYHUVDO GH %LRpWLFD \ 'HUHFKRV
+XPDQRV ´UPDGD HQ SRU OD 81(6&2
FX\R REMHWLYR HV HO GH VHUYLU FRPR JXtD SDUD OD
IRUPXODFLyQGHSROtWLFDVHQORVSDtVHVPLHPEURV
UHFRQRFH ODV OLEHUWDGHV IXQGDPHQWDOHV GHO VHU
KXPDQR \ SURPXHYH HO UHVSHWR D OD GLJQLGDG
KXPDQD (Q VX DUWtFXOR WHUFHUR SiUUDIR GRV
DVHJXUD TXH ORV LQWHUHVHV \ ELHQHVWDU GH OD
SHUVRQD GHEHQ WHQHU SULRULGDG VREUH ORV GH OD
FLHQFLDRODVRFLHGDG7DPELpQREOLJDDFRQVLGHUDU
OD SURWHFFLyQ GH ORV SDFLHQWHV TXH QR SXHGHQ
WRPDUGHFLVLRQHVPHGLDQWHPHFDQLVPRVGH´QLGRV
UHIHULGRHQHODUWtFXORVLHWHGHODPLVPDOH\
(QOD&LXGDGGH0p[LFRVHSXEOLFyHOGH(QHURGH
OD/H\GH9ROXQWDG$QWLFLSDGDGHO'LVWULWR
)HGHUDO HQ OD TXH VH HVWDEOHFHQ ODV QRUPDV
\ UHTXLVLWRV SDUD OHJDOL]DU HO FRQVHQWLPLHQWR
LQIRUPDGR YROXQWDULR DQWLFLSDGR GH XQD SHUVRQD
HQFDVRGHHQIHUPHGDGWHUPLQDO/H\GH9ROXQWDG
$QWLFLSDGD SDUD HO 'LVWULWR )HGHUDO (Q
GLFKDOH\WDPELpQVHLQFOX\HQODVGH´QLFLRQHVGH
HQIHUPRHQHWDSDWHUPLQDOREVWLQDFLyQWHUDSpXWLFD
\RUWRWDQDVLDTXHVLJQL´FDPXHUWHFRUUHFWDeVWH
GRFXPHQWR GHEH UHDOL]DUVH DQWH QRWDULR S~EOLFR
8QDFDUDFWHUtVWLFDGHpVWDLQLFLDWLYDHVTXHLQFOX\H
HO QRPEUDPLHQWR GH XQ UHSUHVHQWDQWH GH OD
YROXQWDGGHO´UPDQWHGLFKRUHSUHVHQWDQWHWLHQHOD
WDUHDGHYHUL´FDUHOFXPSOLPLHQWRGHOGRFXPHQWR
GH IRUPD H[DFWD H LQHTXtYRFD DGHPiV GH VX
GHIHQVDHQXQMXLFLR$XQTXHH[LVWHQFRQGLFLRQHV
SDUDQXOL´FDUHOGRFXPHQWRGHYROXQWDGDQWLFLSDGD
LUUHJXODULGDGHV HQ VX HODERUDFLyQ HO REMHWLYR
HV HO GH VDOYDJXDUGDU ORV GHUHFKRV GHO SDFLHQWH
HQ HVWDGR WHUPLQDO H[SUHVDGRV GH PDQHUD
YROXQWDULD $ GLIHUHQFLD GHO WtWXOR RFWDYR ELV GH
OD /*6 TXH GHVFULEH ORV GHUHFKRV GHO SDFLHQWH
HQ HVWDGR WHUPLQDO HVWD OH\ VH EDVD HQ DVHJXUDU
XQ GRFXPHQWR GH YROXQWDG DQWLFLSDGD D SUXHED
GH ODV FLUFXQVWDQFLDV TXH SXGLHUDQ SUHVHQWDUVH
DO PRPHQWR GH OD GHFLVLyQ &RQWLHQH DGHPiV XQ
DSDUWDGRGHGRQDFLyQGHyUJDQRV
$OJXQRV SDtVHV FRPR (VSDxD \ 3RUWXJDO WLHQHQ
PiV H[SHULHQFLD HQ HO GHVDUUROOR \ SXHVWD HQ
PDUFKD GH GRFXPHQWRV GH YROXQWDG DQWLFLSDGD
/D GLVFXVLyQ FHQWUDO HQ HVWRV SDtVHV DKRUD JLUD
HQWRUQRDORVOtPLWHVGHORVPLVPRVDGLVWLQJXLU
HQWUH HXWDQDVLD SDVLYD \ DFWLYD \ D FXPSOLU OD
YROXQWDGGHOSDFLHQWHSRUHQFLPDGHODVRSLQLRQHV
GHPpGLFRV\IDPLOLDUHV3HUHLUD$¨6LPyQ
/RUGD3(Q(VSDxDH[LVWtDQKDVWDHO
PLO FLXGDGDQRV FRQ GRFXPHQWRV GH YROXQWDG
DQWLFLSDGDUHJLVWUDGRVDQWHODVDXWRULGDGHV
š'LJQLGDGGHOHQIHUPRRHXWDQDVLDSDVLYD"
/D HXWDQDVLD HV OD DFFLyQ X RPLVLyQ TXH SDUD
HYLWDUVXIULPLHQWRVDFHOHUDODPXHUWHGHHQIHUPRV
HQ VLWXDFLyQ WHUPLQDO 'LFFLRQDULR GH OD OHQJXD
HVSDxROD /D HXWDQDVLD SDVLYD VH UH´HUH
~QLFDPHQWHDODGHFLVLyQGHFHVDUORVFXLGDGRV\
WUDWDPLHQWRV LQFOX\HQGR ORV GH VRSRUWH FRPR OD
QXWULFLyQRODKLGUDWDFLyQGHXQSDFLHQWHHQHVWDGR
WHUPLQDO SDUD SURYRFDU OD PXHUWH (V LPSRUWDQWH
VHUFODURVHQPHQFLRQDUTXHODVOH\HVGHYROXQWDG
DQWLFLSDGD \ GH GHUHFKRV GH ORV HQIHUPRV HQ
VLWXDFLyQ WHUPLQDO YLJHQWHV HQ QXHVWUR SDtV QR
SHUPLWHQODHXWDQDVLD
(O DUWtFXOR ELV GH OD /*6 HVSHFt´FD TXH HO
SHUVRQDOGHVDOXGGHEHUiJDUDQWL]DUTXHVHEULQGHQ
ORVFXLGDGRVEiVLFRVRWUDWDPLHQWRDOSDFLHQWHHQ
WRGRPRPHQWR/H\*HQHUDOGH6DOXG(VWRV
FXLGDGRVEiVLFRVHVWiQGH´QLGRVFRPRODKLJLHQH
DOLPHQWDFLyQ KLGUDWDFLyQ \ HO PDQHMR GH OD YtD
DpUHD /D OH\ GH YROXQWDG DQWLFLSDGD GHO 'LVWULWR
)HGHUDO FRQVLGHUD ORV FXLGDGRV EiVLFRV FRPR
PHGLGDV PtQLPDV RUGLQDULDV /H\ GH 9ROXQWDG
‘‘
$QWLFLSDGD SDUD HO 'LVWULWR )HGHUDO \
HV FODUD HQ QR SHUPLWLU PHGLGDV TXH DFRUWHQ
LQWHQFLRQDOPHQWHODYLGD
&RQFOXVLRQHV
/DSUiFWLFDFOtQLFDQRVSUHVHQWDUHWRVFRQVWDQWHV
SDUDORVFXDOHVGHEHPRVHVWDUSUHSDUDGRV/DWRPD
GH GHFLVLRQHV HQ SDFLHQWHV WHUPLQDOHV VXFHGH
FRQ IUHFXHQFLD HQ WHUDSLDV LQWHQVLYDV \ HQ XQDV
HVSHFLDOLGDGHV PiV TXH RWUDV 6LQ HPEDUJR D~Q
HQGRQGHHVIUHFXHQWHODPDQHUDGHSURFHGHUHQ
HVWRVFDVRVQRVLHPSUHHVFODUD\IiFLO:LONLQVRQ
'-&
/D DSDULFLyQ HQ HO 'LVWULWR )HGHUDO GH OD /H\ GH
9ROXQWDG $QWLFLSDGD \ ODV UHFLHQWHV UHIRUPDV D
OD /*6 SHUPLWHQ XQ PHMRU HQWHQGLPLHQWR GH ORV
GHUHFKRV GHO SDFLHQWH \ VXV IDPLOLDUHV HQ FDVR
GHXQDVLWXDFLyQWHUPLQDO$GHPiVSURSRUFLRQDQ
D PpGLFRV \ SHUVRQDO GH VDOXG KHUUDPLHQWDV
HIHFWLYDV \ XQ JORVDULR GH GH´QLFLRQHV SDUD
SRGHUWRPDUGHFLVLRQHVTXHDVHJXUHQHOSURFHVR
QDWXUDO GH PXHUWH DPLQRUDQGR HO VXIULPLHQWR \
FRQVHUYDQGRODGLJQLGDGGHODSHUVRQD
/RV PpGLFRV VDEHPRV TXH H[LVWHQ WUDWDPLHQWRV
TXH SURORQJDQ LQQHFHVDULDPHQWH OD YLGD \
D~Q DVt VH SUDFWLFDQ SRU SUHVLRQHV IDPLOLDUHV
LQVWLWXFLRQDOHV R LQFOXVR FLHQWt´FDV &XDQGR ODV
FRVDV QR VRQ FODUDV R VH SUHWHQGH FRQYHQFHU D
WHUFHURVLQYROXFUDGRVSRGHPRVXWLOL]DUHOFRVWR
XWLOLGDG GH OD LQWHUYHQFLyQ FRPR UHIHUHQWH (O
FRVWR VH UH´HUH D OD FDOLGDG GH YLGD SHUGLGD HQ
OD LQVWLWXFLyQ GRQGH VH UHDOL]D HO WUDWDPLHQWR
\ OD XWLOLGDG HQ ODV SUREDELOLGDGHV GH UHYHUWLU OD
HQIHUPHGDG R HQ VX FDVR HO EXHQ PDQHMR GH
VtQWRPDV8QRVLHPSUHVHUiPD\RUTXHRWUR
&RPR IDPLOLDUHV R UHVSRQVDEOHV GH XQ SDFLHQWH
HQHVWDVLWXDFLyQWDPELpQQRVFRQYHQGUtDSRQHU
HQXQDEDODQ]DHOPDQWHQLPLHQWRGHODYLGDROD
FDOLGDGGHpVWDGXUDQWHHO~OWLPRWUD\HFWRGHXQ
VHUTXHULGR
/D GLJQLGDG KXPDQD HV XQ FRQFHSWR XQLYHUVDO
SDUD OD PD\RUtD GH ODV VRFLHGDGHV .LQ]EUXQQHU
%0 $FHSWDPRV OD PXHUWH FRPR SURFHVR
QDWXUDO LQHYLWDEOH \ HQ OD PD\RULD GH ORV FDVRV
SRU FRQVHFXHQFLD GH XQ SURFHVR SDWROyJLFR /D
GHFLVLyQGHSUHSDUDFLyQGHHVWH´QDOGHEHLQFOXLU
HQWRQFHV HVWDV FRQVLGHUDFLRQHV SURFXUDQGR
GLVPLQXLU HO VXIULPLHQWR ItVLFR SVLFROyJLFR \
HVSLULWXDOGHOSDFLHQWH\VXIDPLOLD
5HIHUHQFLDV%LEOLRJUi´FDV
&iPDUD GH 'LSXWDGRV GHO + &RQJUHVR GH OD 8QLyQ
/H\ *HQHUDO GH 6DOXG 7H[WR YLJHQWH ÇOWLPD UHIRUPD
SXEOLFDGDHQHO'2)0H[LFR'LDULR2´FLDO
GHOD)HGHUDFLyQ
*DFHWD 2´FLDO GHO 'LVWULWR )HGHUDO /H\ GH 9ROXQWDG
$QWLFLSDGD SDUD HO 'LVWULWR )HGHUDO 3XEOLFDGD HQ OD
*DFHWD2´FLDOGHO'LVWULWR)HGHUDOHOGH(QHURGH
7H[WRYLJHQWH*RELHUQRGHO'LVWULWR)HGHUDO
+DOOLGD\6:LWWHFN/'HFLVLRQPDNLQJDWWKHHQGRIOLIH
DQG WKH LQFRPSHWHQW SDWLHQW D FRPSDUDWLYHDSSURDFK
0HG/DZ
.LQ]EUXQQHU%0-HZLVKPHGLFDOHWKLFVDQGHQGRIOLIH
FDUH-3DOOLDW0HG
3HUHLUD $ $GYDQFH GLUHFWLYHV ELQGLQJ RU PHUHO\
LQGLFDWLYH" ,QFRKHUHQFH RI WKH 3RUWXJXHVH 1DWLRQDO
&RXQFLORI(WKLFVIRUWKH/LIH6FLHQFHVDQGLQVXI´FLHQFLHV
‘’
RI QHZO\ SURSRVHG UHJXODWLRQ (XU - +HDOWK /DZ
5HDO $FDGHPLD (VSDxROD 'LFFLRQDULR GH OD OHQJXD
HVSDxRODHG0DGULG5HDO$FDGHPLD(VSDxROD
5LYHUD-5)HUUHU-->%LRHWKLFDOSULQFLSOHVSODQQLQJ
DQGDGYDQFHGLUHFWLYHVLQ3XHUWR5LFR@%RO$VRF0HG
35
6LPyQ /RUGD 3 7DPD\R9HOi]TXH] 0, %DUULR
&DQWDOHMR,0$GYDQFHGLUHFWLYHVLQ6SDLQ3HUVSHFWLYHV
IURP D PHGLFDO ELRHWKLFLVW DSSURDFK %LRHWKLFV
7KRPSVRQ 7'% %DUERXU 56 6FKZDUW] / +HDOWK
SURIHVVLRQDOV­YLHZVRQDGYDQFHGLUHFWLYHVDTXDOLWDWLYH
LQWHUGLVFLSOLQDU\VWXG\3DOOLDW0HG
:LONLQVRQ '-& 6DYXOHVFX - .QRZLQJ ZKHQ WR VWRS
IXWLOLW\LQWKH,&8&XUU2SLQ$QDHVWKHVLRO
(1(52',&,(0%5(
ªAUA>HMVHWJ7KMV_=¥MB¤¥>7†
8QELQRPLRLQHOXGLEOHSDUDODSUHVWDFLyQGHORVVHUYLFLRVGHVDOXG
0DUFR$QWRQLR0RUDOHV*yPH]
/RVGHUHFKRVKXPDQRV
/
RV GHUHFKRV SULPLJHQLRV FRQVWLWX\HQ XQR GH
ORV PiV LPSRUWDQWHV ORJURV GH OD KXPDQLGDG
FRPR UHVXOWDGR GH DFRQWHFLPLHQWRV KLVWyULFRV
TXHKDQSURSLFLDGRODVXVFULSFLyQGHGRFXPHQWRV
XQLYHUVDOHV D WUDYpV GH ORV FXDOHV VH SURFXUD
VDOYDJXDUGDUODGLJQLGDGGHOVHUKXPDQR
(Q QXHVWUR VLVWHPD MXUtGLFR ORV GHUHFKRV
IXQGDPHQWDOHVQRHVWiQFDWDORJDGRV1RH[LVWHXQ
WH[WR SRVLWLYR TXH ORV UHFRMD \ DJRWH GH PDQHUD
HVSHFt´FD SRU HOOR HQ 0p[LFR HO FDWiORJR GH
pVWRVGHEHUHFRQRFHUVHQHFHVDULDPHQWHDELHUWR
/RDQWHULRUVLQSDVDUSRUDOWRTXHFRQORVVXFHVRV
VRFLDOHV HYROXFLRQDQ \ VH LQFRUSRUDQ D OD YLGD
MXUtGLFDFXDQGRVRQSRVLWLYL]DGRV
(Q HVH VHQWLGR ORV GHUHFKRV IXQGDPHQWDOHV VRQ
GHUHFKRV FRQVWLWXFLRQDOL]DGRV FRQ ORV TXH HO
FRQVWLWX\HQWHEXVFyDVHJXUDUHOiPELWRPtQLPRGH
OLEHUWDGQHFHVDULDSDUDJDUDQWL]DUHOUHVSHWRGHOD
GLJQLGDGORVFXDOHVVHDPSOtDQVLJQL´FDWLYDPHQWH
QRVyORHQYLUWXGGHORFRQVLJQDGRHQODOHJLVODFLyQ
\QRUPDWLYLGDGDSOLFDEOHHQHOSDtVVLQRWDPELpQ
SRUORVWUDWDGRVFHOHEUDGRV\TXHVHFHOHEUHQSRU
HO 3UHVLGHQWH GH OD 5HS~EOLFD FRQ DSUREDFLyQ
GHO 6HQDGR TXH HQ WpUPLQRV GHO DUWtFXOR GH
QXHVWUD /H\ )XQGDPHQWDO FRQVWLWX\HQ OD /H\
6XSUHPDGHWRGDOD8QLyQ
(OGHUHFKRKXPDQRDODSURWHFFLyQGHODVDOXG
/D $OWD &RPLVLRQDGD GH ODV 1DFLRQHV 8QLGDV
SDUD ORV 'HUHFKRV +XPDQRV GXUDQWH HO SHUtRGR
FRPSUHQGLGRHQWUH\0DU\5RELQVRQ
UH´ULy TXH OD SURWHFFLyQ D OD VDOXG ªQR VLJQL´FD
HO GHUHFKR D JR]DU GH EXHQD VDOXG QL WDPSRFR
TXH ORV JRELHUQRV GH SDtVHV SREUHV HVWDEOH]FDQ
VHUYLFLRV GH VDOXG FRVWRVRV SDUD TXLHQHV QR
GLVSRQHQGHUHFXUVRVVLJQL´FDTXHORVJRELHUQRV
\ ODV DXWRULGDGHV KDQ GH LPSOHPHQWDU SROtWLFDV
\ SODQHV GH DFFLyQ GHVWLQDGRV D TXH WRGDV ODV
SHUVRQDVWHQJDQDFFHVRDVHUYLFLRVPpGLFRVHQHO
SOD]R PiV EUHYH SRVLEOH /RJUDU TXH HVR RFXUUD
HVHOUHWRDOTXHVHHQIUHQWDQWDQWRODFRPXQLGDG
HQFDUJDGD GH SURWHJHU ORV GHUHFKRV KXPDQRV
FRPRORVSURIHVLRQDOHVGHODVDOXGS~EOLFD«
(Q QXHVWUR SDtV HO GH IHEUHUR GH VH
SXEOLFy HQ HO 'LDULR 2´FLDO GH OD )HGHUDFLyQ OD
DGLFLyQ GH XQ SiUUDIR SHQ~OWLPR DO DUWtFXOR GH
OD &RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV
0H[LFDQRV TXH FRQVWLWXFLRQDOL]y XQ GHUHFKR
KXPDQR GH JUDQ YDOtD DO VHQWDU ODV EDVHV SDUD
KDFHUHIHFWLYDODSURWHFFLyQGHODVDOXG'HUHFKR
UHD´UPDGR SRU FRPSURPLVRV LQWHUQDFLRQDOHV
HQWUH ORV TXH GHVWDFDQ OD 'HFODUDFLyQ 8QLYHUVDO
GHORV'HUHFKRV+XPDQRV HO3DFWR,QWHUQDFLRQDO
GH'HUHFKRV(FRQyPLFRV6RFLDOHV\&XOWXUDOHVHO
3URWRFROR $GLFLRQDO D OD &RQYHQFLyQ $PHULFDQD
VREUH'HUHFKRV+XPDQRVHQ0DWHULDGH'HUHFKRV
(FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV 3URWRFROR GH
6DQ 6DOYDGRU (Q HVH VHQWLGR \ HQ FRQJUXHQFLD
FRQ OR HVWDEOHFLGR SRU HO &RPLWp GH 'HUHFKRV
(FRQyPLFRV6RFLDOHV\&XOWXUDOHVGHODV1DFLRQHV
6REUH OD LQWHUSUHWDFLyQ GH ORV DUWtFXORV \ GH OD &RQVWLWXFLyQ )HGHUDO YLJHQWHV UHVXOWD QHFHVDULR FRQVLGHUDU HO QXHYR SDUDGLJPD TXH UHSUHVHQWD OD 5HIRUPD D OD
&RQVWLWXFLyQ 3ROtWLFD GH ORV (VWDGRV 8QLGRV 0H[LFDQRV DFWXDOPHQWH VXMHWD D OD DSUREDFLyQ GH ODV /HJLVODWXUDV GH ODV HQWLGDGHV IHGHUDWLYDV 6XV DOFDQFHV LPSOLFDQ HO
UHFRQRFLPLHQWRODDPSOLDFLyQ\SURWHFFLyQGHORVGHUHFKRVKXPDQRV'HDFXHUGRFRQODVPRGL´FDFLRQHVHQHODUWtFXORSULPHURFRQVWLWXFLRQDOVHHVWLSXODTXHWRGDVODV
SHUVRQDVJR]DQGHORVGHUHFKRVIXQGDPHQWDOHVUHFRQRFLGRVSRUOD&DUWD0DJQD\HQORVWUDWDGRVLQWHUQDFLRQDOHVFHOHEUDGRVSRUHO(VWDGR0H[LFDQRHVWDEOHFLHQGROD
SUHHPLQHQFLDGHORVVHJXQGRVHQPDWHULDGHGHUHFKRVKXPDQRVVREUHFXDOTXLHURWUDQRUPD
$SUREDGD\SURFODPDGDHOGHGLFLHPEUHGHSRUOD$VDPEOHD*HQHUDOGHODV1DFLRQHV8QLGDV
$SUREDGDSRUHO6HQDGRHOGHGLFLHPEUHGH3XEOLFDGDHQHO'2)$SUREDFLyQGHHQHURGH9LQFXODFLyQGH0p[LFRGHPDU]RGH(QWUDGDHQYLJRU
LQWHUQDFLRQDOGHHQHURGH(QWUDGDHQYLJRUSDUD0p[LFRGHMXQLRGH3XEOLFDFLyQHQHO'2)3URPXOJDFLyQGHPD\R
)LUPDGH0p[LFRGHQRYLHPEUHGH$SUREDFLyQGHO6HQDGRGHGLFLHPEUHGH3XEOLFDFLyQ'2)$SUREDFLyQGHGLFLHPEUHGH9LQFXODFLyQGH
0p[LFRGHDEULOGH5DWL´FDFLyQ(QWUDGDHQYLJRULQWHUQDFLRQDOGHQRYLHPEUHGH(QWUDGDHQYLJRUSDUD0p[LFRGHQRYLHPEUHGH3XEOLFDFLyQ'2)
3URPXOJDFLyQGHVHSWLHPEUHGH
)XHYRFDO7LWXODUGHO&RQVHMRGH6DOXEULGDG*HQHUDOGHORV(VWDGRV8QLGRV0H[LFDQRV5HFWRUGHOD8QLYHUVLGDG$XWyQRPDGHO(VWDGRGH0p[LFR9LFHSUHVLGHQWHGHOD
2UJDQL]DFLyQ8QLYHUVLWDULD,QWHUDPHULFDQD28,5HJLyQ0p[LFR3UHVLGHQWHGHO,QVWLWXWRGH$GPLQLVWUDFLyQ3~EOLFDGHO(VWDGRGH0p[LFR$&&DWHGUiWLFRGHSRVJUDGRHQ
WHPDVGHHGXFDFLyQVXSHULRU\GHUHFKRVKXPDQRVDFWXDOPHQWH3UHVLGHQWHGHOD&RPLVLyQGH'HUHFKRV+XPDQRVGHO(VWDGRGHO(VWDGRGH0p[LFR\9RFDOGHOD&RPLVLyQ
GH%LRpWLFDGHO(VWDGRGH0p[LFR
‘“
8QLGDVHO$OWR7ULEXQDOGH0p[LFRKDUHIHULGRTXH
OD SURWHFFLyQ GH VDOXG GHEH HQWHQGHUVH FRPR
XQD JDUDQWtD IXQGDPHQWDO H LQGLVSHQVDEOH SDUD
HOHMHUFLFLRGHORVGHPiVGHUHFKRVKXPDQRV\QR
VyORFRPRHOGHUHFKRDHVWDUVDQR
/DVDOYDJXDUGDGHHVHGHUHFKRXQLYHUVDOHQWUDxD
OLEHUWDGHV \ GHUHFKRV SULPRUGLDOHV (QWUH ODV
SULPHUDVODUHODWLYDDFRQWURODUODVDOXG\HOFXHUSR
FRQ LQFOXVLyQ GH OD OLEHUWDG VH[XDO DVt FRPR HO
GHUHFKR D QR SDGHFHU PDOWUDWR H[SHULPHQWRV
R WUDWDPLHQWRV PpGLFRV QR FRQVHQVXDOHV \
HQWUHORVVHJXQGRVHOLQKHUHQWHDFRQWDUFRQXQ
VLVWHPDGHSURWHFFLyQGHODVDOXGTXHRWRUJXHD
ODVSHUVRQDVRSRUWXQLGDGHVLJXDOHVSDUDGLVIUXWDU
GHOPiVDOWRQLYHOSRVLEOHGHVDOXG218
$Vt PLVPR OD SURWHFFLyQ GH OD VDOXG LQFOX\H ODV
REOLJDFLRQHV GH DGRSWDU OH\HV \ PHGLGDV SDUD
YHODU SRU HO DFFHVR LJXDO D OD DWHQFLyQ PpGLFD \
DORVVHUYLFLRVUHODFLRQDGRVFRQHOODYLJLODUTXHOD
SULYDWL]DFLyQGHOVHFWRUGHODVDOXGQRUHSUHVHQWH
XQDDPHQD]DSDUDODGLVSRQLELOLGDGDFFHVLELOLGDG
DFHSWDELOLGDG\FDOLGDGGHORVVHUYLFLRVPpGLFRV
FRQWURODU OD FRPHUFLDOL]DFLyQ GH HTXLSR PpGLFR
\PHGLFDPHQWRVSRUWHUFHURV\DVHJXUDUTXHORV
SURIHVLRQDOHV GH OD VDOXG UH~QDQ ODV FRQGLFLRQHV
QHFHVDULDV GH HGXFDFLyQ \ H[SHULHQFLD 6&-1
7HVLV$LVODGD
/D SURWHFFLyQ GH OD VDOXG FRPR GHUHFKR SRVLWLYR
WLHQHORVSURSyVLWRVVLJXLHQWHVDORJUDUHOELHQHVWDU
ItVLFR\PHQWDOGHOKRPEUHSDUDFRQWULEXLUDOHMHUFLFLR
SOHQR GH VXV FDSDFLGDGHV E SURORQJDU \ PHMRUDU
ODFDOLGDGGHYLGDHQWRGRVORVVHFWRUHVVRFLDOHVF
FUHDU\H[WHQGHUWRGDFODVHGHDFWLWXGHVVROLGDULDV
GH OD SREODFLyQ HQ OD SUHVHUYDFLyQ FRQVHUYDFLyQ
PHMRUDPLHQWR \ UHVWDXUDFLyQ GH ODV FRQGLFLRQHV
JHQHUDOHV GH YLGD FRQ OD LGHD GH ORJUDU XQD
H[LVWHQFLDGHFRURVDGHOGLVIUXWHGHVHUYLFLRVGH
VDOXG\GHDVLVWHQFLDVRFLDOTXHVDWLVIDJDQH´FD]
\ RSRUWXQDPHQWH ODV QHFHVLGDGHV GH QXHVWUD
SREODFLyQHLPSXOVDUORVFRQRFLPLHQWRVWpFQLFRV
\ VRFLDOHV SDUD HO GHELGR DSURYHFKDPLHQWR \
HPSOHRGHORVVHUYLFLRVGHVDOXG\IGHVDUUROODUOD
HQVHxDQ]DHLQYHVWLJDFLyQFLHQWt´FD\WHFQROyJLFD
SDUDODVDOXG/H\*HQHUDOGH6DOXGDUWtFXOR'H
HVDPDQHUDHQQXHVWUDUHDOLGDGMXUtGLFDODVDOXG
GHEH FRQFHELUVH FRPR XQ GHUHFKR XQLYHUVDO
LQGLYLVLEOH H LQWHUGHSHQGLHQWH TXH VH HQFXHQWUD
HVWUHFKDPHQWH YLQFXODGR FRQ HO HMHUFLFLR GH
RWURVGHUHFKRVSULPLJHQLRV\XQDUHVSRQVDELOLGDG
TXH LQYDULDEOHPHQWH FRPSDUWHQ HO (VWDGR
ORV SURIHVLRQDOHV GH OD VDOXG OD VRFLHGDG \ ORV
LQWHUHVDGRV6&-17HVLVGH-XULVSUXGHQFLD
‘”
(Q HOOR UDGLFD VX LPSRUWDQFLD \ OD REOLJDFLyQ GHO
(VWDGRSDUDJDUDQWL]DUVXUHVSHWR
(OUHFRQRFLPLHQWROHJDOGHORVGHUHFKRVKXPDQRV
KDFH LQGLVSHQVDEOH TXH VH HVWDEOH]FDQ JDUDQWtDV
\ PHGLRV SDUD SURWHJHUORV ([LVWHQ LQVWLWXFLRQHV
FX\DFUHDFLyQVHMXVWL´FDFRQHOREMHWRGHWXWHODU
OD REVHUYDQFLD GH ODV QRUPDV FRQVWLWXFLRQDOHV
GHVGH GLVWLQWRV iPELWRV GH FRPSHWHQFLD $Vt
SDUDODGHIHQVDGHORVGHUHFKRVIXQGDPHQWDOHVHO
DUWtFXORDSDUWDGR%GHOD&RQVWLWXFLyQ3ROtWLFD
GH ORV (VWDGRV 8QLGRV 0H[LFDQRV FRQVDJUD HO
6LVWHPD1DFLRQDOGH3URWHFFLyQ1R-XULVGLFFLRQDO
GH ORV 'HUHFKRV +XPDQRV LQWHJUDGR SRU OD
&RPLVLyQ 1DFLRQDO GH ORV 'HUHFKRV +XPDQRV
\ SRU ORV RUJDQLVPRV S~EOLFRV GH ODV HQWLGDGHV
IHGHUDWLYDV\GHO'LVWULWR)HGHUDO(MHUFLFLRTXHHQ
HOiPELWRORFDOVHUHSURGXFHHQHODUWtFXORGHOD
&RQVWLWXFLyQ3ROtWLFDGHO(VWDGR/LEUH\6REHUDQR
GH0p[LFRDOGLVSRQHUODFUHDFLyQGHORUJDQLVPR
DXWyQRPRUHVSRQVDEOHGHSURWHJHUORVGHUHFKRV
KXPDQRVHQHOWHUULWRULRPH[LTXHQVHTXHFRQRFH
GH TXHMDV HQ FRQWUD GH DFWRV X RPLVLRQHV GH
QDWXUDOH]D DGPLQLVWUDWLYD SURYHQLHQWHV GH
FXDOTXLHUDXWRULGDGRVHUYLGRUS~EOLFRGHOHVWDGR
R GH ORV PXQLFLSLRV TXH YLROHQ ORV GHUHFKRV
KXPDQRV LQFOXLGRV ORV SURIHVLRQDOHV GH OD VDOXG
TXHWLHQHQHVHFDUiFWHU
/DELRpWLFD
(OYRFDEORELRpWLFDVHDFXxyHQSDUDGHVLJQDU
XQ QXHYR FDPSR GHGLFDGR D OD VREUHYLYHQFLD
KXPDQD SDUD PHMRUDU OD FDOLGDG GH YLGD 7HDOGL
\FRPRLQWHQWRGHHVWDEOHFHUXQSXHQWH
HQWUH FLHQFLD H[SHULPHQWDO \ KXPDQLGDGHV TXH
GHDFXHUGRFRQOD$VVRFLDWLRQ&DWDODQD'(VWXGLV
%LRHWLFVVHGLYLGHHQXQDSDUWHJHQHUDORSULPRUGLDO
TXHVHRFXSDGHORVIXQGDPHQWRVpWLFRVYDORUHV
\SULQFLSLRVTXHGHEHQGLULJLUHOMXLFLRpWLFR\XQD
SDUWHHVSHFLDORDSOLFDGDHQFDUJDGDGHORVFDVRV
HVSHFt´FRV
&RPRGLVFLSOLQDTXHHVWiFUHFLHQGRFRQVLGHUDEOHPHQWH
SRU ODV LPSOLFDFLRQHV pWLFDV TXH WLHQH FRQ ODV
FLHQFLDVPpGLFDVMXUtGLFDV\ELROyJLFDVODELRpWLFD
VH RFXSD GH WHPDV TXH LQWHUHVDQ \ FDXVDQ
LQFHUWLGXPEUH HQ ODV SHUVRQDV GHELGR DO GHEDWH
VREUH OD DSOLFDFLyQ GH FRQRFLPLHQWRV FLHQWt´FRV
\ WHFQROyJLFRV UHVSHFWR GH SUiFWLFDV GH ORV
SURIHVLRQDOHVGHODVDOXGTXHSXGLHUDQLUHQFRQWUD
GHORVGHUHFKRVODGLJQLGDG\HOUHVSHWRDODYLGD
KXPDQD *DUFtD 'H FRQIRUPLGDG FRQ
DOJXQRVWUDWDGLVWDVFXHQWDFRQFXDWURSULQFLSLRV
(1(52',&,(0%5(
TXHGHEHREVHUYDUHOHMHUFLFLRGHODPHGLFLQDQR
PDOH´FHQFLD LPSOLFD QR KDFHU GDxR DO SDFLHQWH
UHVSHWDQGR VX LQWHJULGDG ItVLFD \ SVLFROyJLFD
EHQH´FHQFLD FRQVLGHUD OD QHFHVLGDG GH HYDOXDU
ORVULHVJRV\EHQH´FLRVGHORVWUDWDPLHQWRVRGH
ORV SURFHGLPLHQWRV GH LQYHVWLJDFLyQ DXWRQRPtD
TXH FRQVLVWH HQ UHVSHWDU OD FDSDFLGDG GH FDGD
LQGLYLGXRSDUDGHFLGLUUHVSHFWRDVXFXHUSR\VDOXG
HQLQWHUYHQFLRQHVWHUDSpXWLFDVRLQYHVWLJDFLRQHV
\ MXVWLFLD IXQGDGR HQ HO UHSDUWR HTXLWDWLYR GH
FDUJDV\EHQH´FLRVGHODVSUiFWLFDVPpGLFDV
(Q 0p[LFR OD PDWHULD VH HQFXHQWUD HQ SURFHVR
GH FRQVROLGDFLyQ FRPR XQD KHUUDPLHQWD
LPSUHVFLQGLEOH QR VyOR SDUD OD DFWXDFLyQ GH
PpGLFRVFLHQWt´FRVRLQYHVWLJDGRUHVVLQRWDPELpQ
SDUDORVOHJLVODGRUHVTXHGHEHQHQWUDUDOHVWXGLR
GH QXHYDV QHFHVLGDGHV VRFLDOHV TXH SODQWHDQ
GLOHPDV VREUH WHPDV ELRPpGLFRV (Q HO iPELWR
LQWHUQDFLRQDO H[LVWHQ LQVWUXPHQWRV GLYHUVRV
TXH LQGHSHQGLHQWHPHQWH GH HVWDU VXVFULWRV SRU
QXHVWURSDtVFRQVWLWX\HQXQDUHIHUHQFLDREOLJDGD
HQ HO HVWXGLR GH WHPDV FRQWURYHUVLDOHV FRPR
HO &RQYHQLR SDUD OD 3URWHFFLyQ GH ORV 'HUHFKRV
+XPDQRV \ OD 'LJQLGDG GHO 6HU +XPDQR FRQ
5HVSHFWR D ODV $SOLFDFLRQHV GH OD %LRORJtD \
OD 0HGLFLQD &RQYHQLR UHODWLYR D ORV 'HUHFKRV
+XPDQRV \ OD %LRPHGLFLQD HODERUDGR SRU HO
&RQVHMR GH (XURSD HQ 2YLHGR (VSDxD HO GH
DEULOGHFRQHOREMHWRGHTXHVHSURWHMDDOVHU
KXPDQRHQVXGLJQLGDGHLGHQWLGDGJDUDQWL]DQGR
D WRGD SHUVRQD VLQ GLVFULPLQDFLyQ DOJXQD HO
UHVSHWR D VX LQWHJULGDG HQ HO HMHUFLFLR GH OD
ELRORJtD\ODPHGLFLQD
7UDWR HVSHFLDO PHUHFH OD 'HFODUDFLyQ 8QLYHUVDO
VREUH %LRpWLFD \ 'HUHFKRV +XPDQRV DSUREDGD
SRU OD &RQIHUHQFLD *HQHUDO GH OD 81(6&2 HQ
RFWXEUHGHFX\RVREMHWLYRVVRQ
DSURSRUFLRQDUXQPDUFRXQLYHUVDOGHSULQFLSLRV
\SURFHGLPLHQWRVTXHVLUYDQGHJXtDDORV(VWDGRV
HQ OD IRUPXODFLyQ GH OHJLVODFLRQHV SROtWLFDV X
RWURV LQVWUXPHQWRV HQ HO iPELWR GH OD ELRpWLFD
E RULHQWDU OD DFFLyQ GH LQGLYLGXRV JUXSRV
FRPXQLGDGHV LQVWLWXFLRQHV \ HPSUHVDV S~EOLFDV
\SULYDGDVFSURPRYHUHOUHVSHWRGHODGLJQLGDG
KXPDQD \ SURWHJHU ORV GHUHFKRV SULPLJHQLRV
YHODQGR SRU HO UHVSHWR D OD YLGD GH ODV SHUVRQDV
\DODVOLEHUWDGHVIXQGDPHQWDOHVGHFRQIRUPLGDG
FRQ HO GHUHFKR LQWHUQDFLRQDO UHODWLYR D ORV
GHUHFKRV KXPDQRV G UHFRQRFHU OD LPSRUWDQFLD
GH OD OLEHUWDG GH LQYHVWLJDFLyQ FLHQWt´FD \ ODV
UHSHUFXVLRQHV EHQp´FDV GHO GHVDUUROOR GH OD
FLHQFLD\ODWHFQRORJtDGHVWDFDQGRODQHFHVLGDGGH
TXHVHUHDOLFHQHQHOPDUFRGHORVSULQFLSLRVpWLFRV
HQXQFLDGRV HQ HVWD 'HFODUDFLyQ \ UHVSHWDQGR
OD GLJQLGDG KXPDQD H IRPHQWDU XQ GLiORJR
PXOWLGLVFLSOLQDULR \ SOXUDO VREUH ODV FXHVWLRQHV
GH ELRpWLFD HQWUH WRGDV ODV SDUWHV LQWHUHVDGDV \
GHQWURGHODVRFLHGDGHQVXFRQMXQWRISURPRYHU
HODFFHVRHTXLWDWLYRDORVDGHODQWRVGHODPHGLFLQD
ODFLHQFLD\ODWHFQRORJtDDVtFRPRODPiVDPSOLD
FLUFXODFLyQSRVLEOH\XQUiSLGRDSURYHFKDPLHQWR
FRPSDUWLGR GH ORV FRQRFLPLHQWRV GHVDUUROODGRV
SUHVWDQGR DWHQFLyQ HVSHFLDO D ODV QHFHVLGDGHV
GH ORV SDtVHV HQ GHVDUUROOR J VDOYDJXDUGDU
\ SURPRYHU ORV LQWHUHVHV GH ODV JHQHUDFLRQHV
SUHVHQWHV\YHQLGHUDV\KGHVWDFDUODLPSRUWDQFLD
GH OD ELRGLYHUVLGDG \ VX FRQVHUYDFLyQ FRPR
SUHRFXSDFLyQFRP~QGHODHVSHFLHKXPDQD
(Q VXPD OD ELRpWLFD GHEH VHU DFRJLGD FRPR OD
SLHGUD DQJXODU GH OD IRUPXODFLyQ GH SULQFLSLRV
pWLFRVTXHSHUPLWDQDIURQWDUFRQUHVSRQVDELOLGDG
ODV SRVLELOLGDGHV LQLPDJLQDEOHV KDFH VRODPHQWH
XQRVDxRVTXHKR\QRVRIUHFHODWHFQRORJtDSDUD
FRDG\XYDUHQODSURWHFFLyQGHODVDOXG
/RVUHWRVHQODDWHQFLyQPpGLFD
'HQWUR GHO FRQWH[WR DERUGDGR OD SURWHFFLyQ GH
OD VDOXG GHEH LQVSLUDU ODV DVSLUDFLRQHV PiV DOWDV
GH TXLHQHV SUHWHQGHQ FRQYHUWLUVH HQ PpGLFRV
HQIHUPHUDV SDUDPpGLFRV LQYHVWLJDGRUHV R
TXH HQ JHQHUDO GHVHDQ FRQWULEXLU GLUHFWD R
LQGLUHFWDPHQWHHQODVDOYDJXDUGDGHHVHGHUHFKR
'H HVD PDQHUD ORV SURIHVLRQDOHV GH OD VDOXG
VRQ HOHPHQWRV LQGLVSHQVDEOHV SDUD HO GHVDUUROOR
GH OD KXPDQLGDG SXHV VX ODERU HV SUHHPLQHQWH
SDUD FRQVHUYDU \ UHVWDXUDU ODV FRQGLFLRQHV TXH
QRV SHUPLWHQ GLVIUXWDU GH RWURV GHUHFKRV FRPR
OD YLGD PLVPD /D ODERU GH TXLHQHV SUDFWLFDQ OD
PHGLFLQD SDUD VDQDU HOLPLQDU R PLWLJDU HO GRORU
GH ODV SHUVRQDV ORV LGHQWL´FD FRPR XQR GH ORV
JUHPLRV PiV KXPDQLWDULRV 6X WDUHD QR VyOR VH
OLPLWD D SURFXUDU OD SUHYHQFLyQ \ FXUDFLyQ GH
HQIHUPHGDGHV VLQR WDPELpQ GHULYDGR GH pVWD
DFRPSDxDQDORVSDFLHQWHV\SHUVRQDVFHUFDQDV
(VWHSULQFLSLRVXVWHQWDODQHFHVLGDGGHFRQWDUFRQHOFRQVHQWLPLHQWRLQIRUPDGRGHORVSDFLHQWHVFRQVLVWHQWHHQHODFWRSRUHOTXHXQDSHUVRQDGHFLGHOLEUH\GHIRUPD
H[SUHVDGHVSXpVGHUHFLELULQIRUPDFLyQDGHFXDGDDVHTXLEOH\VX´FLHQWHVREUHODUHDOL]DFLyQGHLQWHUYHQFLRQHVWUDWDPLHQWRVRSUXHEDVGHWHUPLQDGDVDTXHGHEDVXMHWDUVH
‘•
GXUDQWHODGHSUHVLyQ\HOGXHORHQFLHUWRVFDVRV
/DVSURIHVLRQHVUHODFLRQDGDVFRQODVDOXGH[LJHQ
XQD SUHSDUDFLyQ SHUPDQHQWH SHUR WDPELpQ
TXH TXLHQHV ODV GHVHPSHxHQ VHDQ UHVSRQVDEOHV
FRQYLQFHQWHV FXLGDGRVRV \ RUJDQL]DGRV SDUD
JHQHUDU FRQ´DQ]D HQ ODV SHUVRQDV /RV PpULWRV
GHORVSURIHVLRQDOHVGHODVDOXGVHDFUHFLHQWDQHQ
JUDQPHGLGDDOFRQVLGHUDUTXHGXUDQWHVXODERUVH
HQIUHQWDQDREVWiFXORVFRPRODIDOWDGHUHFXUVRV
KXPDQRV ´QDQFLHURV \ PDWHULDOHV ODV H[FHVLYDV
FDUJDV GH WUDEDMR OD IDOWD GH FDSDFLWDFLyQ H
LQFOXVR HO VtQGURPH GH DQLTXLODPLHQWR )DFWRUHV
TXHLQµX\HQHQGHWULPHQWRGHVXVGHUHFKRV\GHO
FXPSOLPLHQWR GH VXV REOLJDFLRQHV DVt FRPR HQ
SHUMXLFLRGHORVSDFLHQWHVTXHOOHJDQDVHUPXFKDV
YHFHV YtFWLPDV GH OD H[FHVLYD EXURFUDWL]DFLyQ
OD IDOWD GH VHQVLELOLGDG OD LQWUDQVLJHQFLD R OD
GLVFULPLQDFLyQ
EDFFHVLELOLGDGItVLFDFDFFHVLELOLGDGHFRQyPLFD
\GDFFHVRDODLQIRUPDFLyQ
%DMRHVWHFRQWH[WRHQVXLQWHUDFFLyQOHVDVLVWHQ
GHUHFKRV \ REOLJDFLRQHV GLVWLQWDV TXH VH KDQ
SODVPDGRHQRUGHQDPLHQWRVOHJDOHV\QRUPDWLYRV
(QUHODFLyQFRQHVRVGHUHFKRV\REOLJDFLRQHVHQ
OD UHODFLyQ PpGLFRSDFLHQWH VH H[SRQHQ FRQ
PD\RU pQIDVLV ODV REOLJDFLRQHV GH ORV PpGLFRV
ORV GHUHFKRV GH ORV SDFLHQWHV DVt FRPR ORV
GHUHFKRVGHORVPpGLFRVDHIHFWRGHTXHFXHQWHQ
FRQORVHOHPHQWRVQHFHVDULRVSDUDDWHQGHUDVXV
SDFLHQWHV/RDQWHULRUHVSUHHPLQHQWHSDUDODVDQD
FRQYLYHQFLD\GHVDUUROORVRFLDOSXHVQRHVyELFH
PHQFLRQDUTXHDGHPiVORVPpGLFRVRHOSHUVRQDO
GHVDOXGSXHGHQHQDOJ~QPRPHQWRFRQVWLWXLUVH
HQ SDFLHQWHV R HQ XVXDULRV GH ORV VHUYLFLRV GH
VDOXG
&RQVLGHUDFLRQHV´QDOHV
3DUWLHQGR GH TXH OD DWHQFLyQ D OD VDOXG QR HV
FRQVLGHUDGRXQSULYLOHJLRVLQRXQGHUHFKRVRFLDO
TXH KD GH SURSRUFLRQDUVH FRQ SURIHVLRQDOLVPR
FDOLGDG \ FDOLGH] HV QHFHVDULR KDFHU KLQFDSLp
HQ TXH VL TXHUHPRV VXSHUDU ODV GH´FLHQFLDV TXH
SUHVHQWDHOVLVWHPDPH[LFDQRGHVDOXGGHEHPRV
WHQHU SUHVHQWH ORV UHWRV 2EVHUYDFLyQ *HQHUDO
1~PHURGHO&RPLWpGH'HUHFKRV(FRQyPLFRV
6RFLDOHV\&XOWXUDOHVGHODV1DFLRQHV8QLGDVTXH
HQODPDWHULDKD\TXHVXSHUDU
'LVSRQLELOLGDG6HGHEHUiFRQWDUFRQXQQ~PHUR
VX´FLHQWHGHHVWDEOHFLPLHQWRVELHQHV\VHUYLFLRV
S~EOLFRV GH VDOXG DVt FRPR GH SURJUDPDV GH
VDOXG
$FFHVLELOLGDG /RV HVWDEOHFLPLHQWRV ELHQHV \
VHUYLFLRVGHVDOXGGHEHQVHUDFFHVLEOHVDWRGRVD
SDUWLUGHFXDWURGLPHQVLRQHVDQRGLVFULPLQDFLyQ
‘–
$FHSWDELOLGDG /RV HVWDEOHFLPLHQWRV ELHQHV \
VHUYLFLRVGHVDOXGGHEHUiQVHUUHVSHWXRVRVGHOD
pWLFDPpGLFD\FXOWXUDOPHQWHDSURSLDGRVDODSDU
TXHVHQVLEOHVDORVUHTXLVLWRVGHOJpQHUR\HOFLFOR
GHYLGD\GHEHUiQHVWDUFRQFHELGRVSDUDUHVSHWDU
OD FRQ´GHQFLDOLGDG \ PHMRUDU HO HVWDGR GH VDOXG
GHODVSHUVRQDVGHTXHVHWUDWH
&DOLGDG/RVHVWDEOHFLPLHQWRVELHQHV\VHUYLFLRV
GHVDOXGGHEHUiQVHUDSURSLDGRVGHVGHHOSXQWRGH
YLVWDFLHQWt´FR\PpGLFR(OORUHTXLHUHHQWUHRWUDV
FRVDV FRQWDU FRQ SHUVRQDO PpGLFR FDSDFLWDGR
FRQGLFLRQHVVDQLWDULDVDGHFXDGDVPHGLFDPHQWRV
\HTXLSRKRVSLWDODULRFLHQWt´FDPHQWHDSUREDGRV
HQEXHQHVWDGR
(OGHUHFKRDODSURWHFFLyQGHODVDOXGFRPRKR\OR
FRQRFHPRV KD HYROXFLRQDGR VLJQL´FDWLYDPHQWH
HQ YLUWXG GH ORV DYDQFHV WHFQROyJLFRV \ GH
DFXHUGRDORVUHTXHULPLHQWRVGHXQDVRFLHGDGTXH
H[LJHPiV\PHMRUHVVHUYLFLRVHQODPDWHULD'HWDO
VXHUWHHVWHGHUHFKRFRQWLQXDUiWUDQVIRUPiQGRVH
\ JHQHUDQGR GLOHPDV pWLFRPpGLFRV TXH GHEHUiQ
VHUREMHWRGHDQiOLVLVHLQYHVWLJDFLyQSRUSDUWHGHORV
HVSHFLDOLVWDV SULYLOHJLDQGR HO UHVSHWR D ORV GHUHFKRV
KXPDQRV\DODVOLEHUWDGHVIXQGDPHQWDOHV
(QHVHVHQWLGRLPSXOVDUODLQWHJUDFLyQ\IXQFLRQDPLHQWR
GH ORV &RPLWpV +RVSLWDODULRV GH %LRpWLFD FX\D
WUDVFHQGHQFLDREHGHFHDODSURSXHVWDGHLQWHJUDFLyQ
GHYHUGDGHURVIXQGDPHQWRVSDUDXQDQXHYDSUiFWLFD
PpGLFD *DUFtD HQ OD TXH D VH DWLHQGDQ
QR VyOR ORV SUREOHPDV GH VDOXGHQIHUPHGDG VLQR
OD GLJQLGDG GH OD SHUVRQD E ODV QXHYDV WpFQLFDV
\ WHFQRORJtDV HQ OD PHGLFLQD VH DSOLTXHQ EDMR OD
GLUHFFLyQ GH ORV YDORUHV HPDQDGRV GH ORV GHUHFKRV
KXPDQRV\ODGLJQLGDGGDQGRSULRULGDGDODpWLFD
VREUH OD WpFQLFD \ D OD SHUVRQD VREUH FXDOTXLHU
RWUD FRVD \ F ODV GHFLVLRQHV VH WRPHQ D OD OX]
GH ORV YDORUHV IXQGDPHQWDOHV GH OD QRUPD MXVWD
\ HTXLWDWLYD SURFXUDQGR TXH ORV FRPLWpV GH
ELRpWLFDLQWHQVL´TXHQVXDSR\RDODIRUPDFLyQGH
ORVWUDEDMDGRUHVGHFDGDKRVSLWDO\DORVXVXDULRV
GH ORV VHUYLFLRV SXHGH FRQVLGHUDUVH FRPR XQD
DFFLyQHVWUDWpJLFDTXHSHUPLWDOOHYDUDOFDPSRGH
OD SUiFWLFD PpGLFD OD REVHUYDQFLD GH OD ELRpWLFD
GHORVGHUHFKRVKXPDQRV
)LQDOPHQWH TXLVLHUD GHVWDFDU OD LPSUHVFLQGLEOH
(1(52',&,(0%5(
ODERU TXH UHDOL]D OD &RPLVLyQ GH %LRpWLFD GHO
(VWDGRGH0p[LFRSDUDFDSDFLWDU\DVHVRUDUDORV
SURIHVLRQDOHVGHODVDOXGVREUHODVGLUHFWULFHVTXH
GHEHQVHJXLUHQODVFRQWURYHUVLDVpWLFDVFRQFUHWDV
FHQWUDQGR VX ODERU HQ HO UHVSHWR D ORV GHUHFKRV
SULPLJHQLRV\DORVSULQFLSLRVELRpWLFRVTXHGHEHQ
UHJLUHOHMHUFLFLRGHODDWHQFLyQPpGLFD
5HIHUHQFLDVELEOLRJUiILFDV
SXEOLFDFLRQHVGRFXWHFSDHSGI
+HUUHUD 2UWL] 0 ª0DQXDO GH GHUHFKRV
KXPDQRV«0p[LFR3$&
/DEUDGR 5XELR 9 ª,QWURGXFFLyQ D OD WHRUtD
GH ORV GHUHFKRV KXPDQRV )XQGDPHQWR +LVWRULD
GHFODUDFLyQXQLYHUVDOGH;,,«(VSDxD&LYLWDV
2´FLQD GHO $OWR &RPLVLRQDGR GH ORV 'HUHFKRV
+XPDQRV GH ODV 1DFLRQHV 8QLGDV ª%ROHWtQ
'HUHFKRV+XPDQRVQ~PHUR(OGHUHFKRDODVDOXG«
KWWSZZZRKFKURUJVSDQLVKLVVXHVKHDOWKULJKW
LQGH[KWP
2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV ª$SOLFDFLyQ GHO 3DFWR ,QWHUQDFLRQDO GH ORV 'HUHFKRV
(FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV 2EVHUYDFLyQ
JHQHUDO (O GHUHFKR DO GLVIUXWH GHO PiV DOWR QLYHO
SRVLEOH GH VDOXG DUWtFXOR GHO 3DFWR ,QWHUQDFLRQDO
GH'HUHFKRV(FRQyPLFRV6RFLDOHV\&XOWXUDOHV«81
'RF(&
2UJDQL]DFLyQ0XQGLDOGHOD6DOXGª9HLQWLFLQFR
SUHJXQWDV \ UHVSXHVWDV VREUH VDOXG \ GHUHFKRV
KXPDQRV«*LQHEUD206
6REHUyQ*\)HLQKRO]'FRPSª$VSHFWRV
6RFLDOHVGHOD%LRpWLFD«0p[LFR&RPLVLyQ1DFLRQDOGH
%LRpWLFD6HFUHWDUtDGH6DOXG
7HDOGL-&ª%LRpWLFDGHORVGHUHFKRVKXPDQRV
,QYHVWLJDFLRQHV ELRPpGLFDV \ GLJQLGDG KXPDQD«
0p[LFR 8QLYHUVLGDG 1DFLRQDO $XWyQRPD GH 0p[LFR
,QVWLWXWRGH,QYHVWLJDFLRQHVMXUtGLFDV
D/HJLVODFLyQ
&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV
0H[LFDQRV
/H\*HQHUDOGH6DOXG
&RQVWLWXFLyQ 3ROtWLFD GHO (VWDGR /LEUH \ 6REHUDQR
GH0p[LFR
&yGLJR$GPLQLVWUDWLYRGHO(VWDGRGH0p[LFR
E,QVWUXPHQWRV,QWHUQDFLRQDOHV
&RQYHQLRSDUDOD3URWHFFLyQGHORV'HUHFKRV+XPDQRV
\ OD 'LJQLGDG GHO 6HU +XPDQR FRQ 5HVSHFWR D ODV
$SOLFDFLRQHV GH OD %LRORJtD \ OD 0HGLFLQD &RQYHQLR
UHODWLYRDORV'HUHFKRV+XPDQRV\OD%LRPHGLFLQD
'HFODUDFLyQ 8QLYHUVDO VREUH %LRpWLFD \ 'HUHFKRV
+XPDQRV
2EVHUYDFLyQ *HQHUDO 1~PHUR GHO &RPLWp GH
'HUHFKRV (FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV GH ODV
1DFLRQHV8QLGDV
F%LEOLRJUDItD
$VWXGLOOR & \ &DUERQHO 0 FRRUG ª/DV
FRPLVLRQHV GH GHUHFKRV KXPDQRV \ OD DFFLyQ GH
LQFRQVWLWXFLRQDOLGDG« 0p[LFR 8QLYHUVLGDG 1DFLRQDO
$XWyQRPD GH 0p[LFR &RPLVLyQ 1DFLRQDO GH ORV
'HUHFKRV+XPDQRV
%DUDMDV 0RQWHV GH 2FD 6 \ 0DGUD]R - ª$UWtFXOR&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV
0H[LFDQRV &RPHQWDGD« 0p[LFR 8QLYHUVLGDG 1DFLRQDO
$XWyQRPD GH 0p[LFR ,QVWLWXWR GH ,QYHVWLJDFLRQHV
-XUtGLFDV 'HSDUWDPHQWR GHO 'LVWULWR )HGHUDO
3URFXUDGXUtD *HQHUDO GH -XVWLFLD GHO 'LVWULWR )HGHUDO
KWWSZZZELEOLRMXULGLFDRUJOLEURVSO
KWP
&DVDGR 0 FRPS ª(VWXGLRV GH %LRpWLFD \
'HUHFKR«(VSDxD7LUDQWOR%ODQFK
&RPLVLyQ1DFLRQDOGH%LRpWLFDª5HYLVWD'HEDWH
%LRpWLFR«Q~PHUR0p[LFR6HFUHWDUtDGH6DOXG
)HLQKRO]'ª*XtD1DFLRQDOSDUDOD,QWHJUDFLyQ
\ HO )XQFLRQDPLHQWR GH ORV &RPLWpV +RVSLWDODULRV
GH %LRpWLFD« 0p[LFR &RPLVLyQ 1DFLRQDO GH %LRpWLFD
6HFUHWDUtDGH6DOXG
*DUFtD * ª1RUPDWLYD HQ ELRpWLFD GHUHFKRV
KXPDQRVVDOXG\YLGD«0p[LFR7ULOODV
*RELHUQR )HGHUDO ª3URJUDPD GH $FFLyQ
(VSHFt´FR (VWUDWHJLD SDUD HO IRPHQWR GH
OD FXOWXUD ELRpWLFD« 0p[LFR &RPLVLyQ 1DFLRQDO GH
%LRpWLFD6HFUHWDUtDGH6DOXG
KWWSFQEPH[LFRVDOXGJREP[GHVFDUJDVSGI
G-XULVSUXGHQFLD
6XSUHPD &RUWH GH -XVWLFLD GH OD 1DFLyQ •
/;9 7HVLV $LVODGD 5XEUR '(5(&+2 $ /$
6$/8'685(*8/$&,Ä1(1(/$57À&8/2R'(/$
&2167,78&,Ä132/À7,&$'(/26(67$'2681,'26
0(;,&$126 < 68 &203/(0(17$5,('$' &21 /26
75$7$'26 ,17(51$&,21$/(6 (1 0$7(5,$ '(
'(5(&+26+80$126,QVWDQFLD3ULPHUD6DOD)XHQWH
6HPDQDULR -XGLFLDO GH OD )HGHUDFLyQ \ VX *DFHWD
1RYHQDeSRFD7RPR;;9,,,-XOLRGH3iJ
6XSUHPD &RUWH GH -XVWLFLD GH OD 1DFLyQ 3-
7HVLV GH -XULVSUXGHQFLD 5XEUR 6$/8'
(/ '(5(&+2 $ 68 3527(&&,Ä1 &21)250(
$/ $57À&8/2 R 7(5&(5 3½55$)2 '( /$
&2167,78&,Ä132/À7,&$'(/26(67$'2681,'26
0(;,&$126 (6 81$ 5(63216$%,/,'$' 62&,$/
,QVWDQFLD 3OHQR )XHQWH 6HPDQDULR -XGLFLDO GH OD
)HGHUDFLyQ \ VX *DFHWD 1RYHQD eSRFD 7RPR ;;9,,,
2FWXEUHGH3iJ
‘—
7>7£¥@7@@A\¥@7
-RVp0D$ORQVR$JXHUUHEHUH
,QWURGXFFLyQ
3
XHGH FRQVLGHUDUVH FRPR HMH FHQWUDO GH OD
%LRpWLFD OD GLJQLGDG GH OD YLGD KXPDQD SXHV
UHVXOWD IXQGDPHQWR SyUWLFR HQWUDGD \ FXOPHQ
GHWRGRVORVGHPiVWHPDVELRpWLFRV/DGLJQLGDG
GHYLGDKXPDQDHVFRQFHSWXDOL]DGDDFWXDOPHQWH
FRPRFDOLGDGGHYLGDFRQWDOTXHVHOHGLPHQVLRQH
HQWRGRVVXViPELWRVFRPRVHDERUGDDORODUJR
GHO HVWXGLR 0XFKRV WHPDV KDFHQ UHIHUHQFLD
H[SOtFLWDDODFDOLGDGGHYLGDPLHQWUDVTXHRWURV
OR VXSRQHQ FRPR IXQGDPHQWR UD]yQ SRU OD TXH
UHVXOWDLPSRUWDQWHLQYHVWLJDUHVWHWHPD
(QWUHORVDUWtFXORVTXHDERUGDQHOWHPDGHFDOLGDG
GH YLGD HVWiQ HO GH 3DOD]]DQL &DOLGDG GH
YLGD FRQVLGHUDFLRQHV ´ORVy´FDV DVt FRPR HO GH
6iQFKH]&DOLGDGGH9LGDDPERVGHVWDFDQ
SRUVXYLVLyQGLYHUVD\FRPSOHPHQWDULD
6HQRPEUDªFDOLGDGGHYLGD«HQORVGLVWLQWRViPELWRV
VRFLDOHV \ SHUVRQDOHV ªPL FDOLGDG GH YLGD« ªPL
ELHQHVWDU«VLQSUHFLVDUVXVFRQWHQLGRVGLPHQVLRQHV
\ DOFDQFHV OR TXH KDFH QHFHVDULR HVWXGLDU \
UHµH[LRQDUVREUHORTXHVHHQWLHQGHSRUHOODSXHV
ª6H DVLVWH HQ HO GHEDWH DFWXDO D XQD VLWXDFLyQ
SDUDGyMLFD R SRU OR PHQRV DPELJXD VH GD XQ
DFXHUGRFDVLXQiQLPHVREUHHOKHFKRªGHTXH«OD
FDOLGDG GH OD YLGD GHEH VHU REMHWR GH SDUWLFXODU
FRQVLGHUDFLyQSHURQRVHVDEHFRQSUHFLVLyQªHQ
TXp«FRQVLVWH0&&$//6SS
3RUXQODGRODIyUPXODGHODFDOLGDGGHODYLGDVH
KD DSOLFDGR RSHUDWLYDPHQWH HQ HO iPELWR GH OD
VRFLRORJtD OD HFRQRPtD OD SROtWLFD OD HFRORJtD \
GH OD ELRPHGLFLQD SHUR SRU HO RWUR VH DGYLHUWH
HQ OD OLWHUDWXUD XQD HVFDVD WHRUL]DFLyQ ,QFOXVR
FXDQGRHVDH[SUHVLyQVHKDFHREMHWRGHUHµH[LyQ
HVSHFt´FDODVFXHVWLRQHVGHELRpWLFDUHSUHVHQWDQ
XQHMHPSORVLJQL´FDWLYRGHHOORVHSRQHQGHUHOLHYH
IUHFXHQWHPHQWHWRPDVGHSRVLFLyQªDIDYRU«\ªHQ
FRQWUD« GH OD FDOLGDG GH OD YLGD FRQ´JXUDGD HQ
FRQWUDSRVLFLyQFRQODªVDFUDOLGDG«\ODªVDQWLGDG«
GHODYLGDVLQMXVWL´FDFLRQHVH[SOtFLWDV
ª3UHFLVDPHQWH HQ HVWD GLUHFFLyQ HV FXDQGR OD
´ORVRItDSXHGHDSRUWDUPXFKRDVXPLHQGRODWDUHD
GH WHPDWL]DU UDFLRQDOPHQWH HO VLJQL´FDGR GHO
FRQFHSWRGHFDOLGDGGHODYLGDLQWHQWDQGRDFODUDU
VXHTXLYRFLGDG«3DOD]]DQLS
(O SUHVHQWH WUDEDMR EXVFD DSRUWDU GHVGH OD
3DUDXQDVtQWHVLVSDQRUiPLFDGHOXVRDSOLFDGRGHOFRQFHSWRHQORVGLYHUVRVVHFWRUHVYpDVH6*5(&&,$(0DQXDOHGLELRHWLFD,O$VSHWOLPHGLFRVRFLDOL9LWDH3HQVLHUR
0LOiQSSVV&$5',1,/'(3HUXQ­HGXFD]LRQHDOODTXDOLWjGHOODYLWD$JJLRUQDPHQWL6RFLDOL,SS
(VXQDDJXGDREVHUYDFLyQGH'%/21'($8/DTXDOLWpGHODYLHRSFLWS
&DWHGUiWLFRGHOD8QLYHUVLGDG/D6DOOH0DHVWURHQ3VLFRORJtD&OtQLFD\HQ%LRpWLFDHQ%DUFHORQD3UHPLR1DFLRQDO),03(6GHLQYHVWLJDFLyQMPDD#XOVDP[
‘˜
(1(52',&,(0%5(
UHµH[LyQ´ORVy´FDXQEUHYHHVWXGLRSDUDDERUGDU
HO VLJQL´FDGR GHO FRQFHSWR GH FDOLGDG GH YLGD
DVt FRPR VX SOXUDO VLJQL´FDGR HQ OD FXOWXUD
FRQWHPSRUiQHD \ TXH DEDUFD PiV GH OR TXH VH
QRPEUD
/D SDODEUD \ HO FRQFHSWR FDOLGDG GH YLGD FRPR
WDOVHJ~QORVDXWRUHVVHFRPHQ]yDXWLOL]DUHQOD
GpFDGDGHPRPHQWRGHSOHQDHIHUYHVFHQFLD
GHOHVWDGRGHELHQHVWDUSRUXQRGHVXVPi[LPRV
H[SRQHQWHVHOSUHVLGHQWHQRUWHDPHULFDQR
ª/DLQWURGXFFLyQGHOWpUPLQRHQHOOHQJXDMHFRP~Q
VH KDFH UHPRQWDU DO GLVFXUVR SURQXQFLDGR SRU
/\QGRQ%-RKQVRQHQHO0DGLVRQ6TXDUH*DUGHQ
HO GH RFWXEUH GH /D QRWLFLD OD UH´HUH
' %/21'($8 /D TXDOLWp GH OD YLH HWKLTXH /D
YLH HQ TXHVWLRQ S +D\ TXH SUHFLVDU
WDPELpQTXHHOXVRGHODH[SUHVLyQªFDOLGDGGHOD
YLGD«VHUH´HUHLPSOtFLWDPHQWHDODYLGDKXPDQD«
3DOD]]DQLS
(V GH GHVWDFDU OD LPSRUWDQFLD TXH KD DGTXLULGR
OD SUHRFXSDFLyQ SRU OD FDOLGDG GH YLGD HQ
ORV GLYHUVRV iPELWRV SROtWLFRV HFRQyPLFRV
VRFLDOHV PpGLFRV DVt FRPR HQ HO LQGLYLGXDO \
D~Q HQ HO OHQJXDMH FRORTXLDO SHUR FRQ GLVWLQWDV
PHQWDOLGDGHV GLYHUVDV FRQFHSWXDOL]DFLRQHV \
YDULDGDVDSOLFDFLRQHVTXHHQSDUWHVHDERUGDUiQ
DORODUJRGHOWUDEDMR
ª7HQHU FDOLGDG GH YLGD VH KD FRQYHUWLGR HQ XQD
SUHRFXSDFLyQ IXQGDPHQWDO GH QXHVWUR WLHPSR«
/D ªFDOLGDG GH YLGD« HV \D XQD EDQGHUD TXH
HYRFDWRGRVORVHVWDGRV\PRGRVGHYLGDTXHVH
GHVHDQ YLYLU < HV XQD LGHD TXH HVWi SUHVHQWH HQ
ORV PiV YDULDGRV GHEDWHV VREUH MXVWLFLD VRFLDO
PHGLR DPELHQWH R pWLFD PpGLFD 6LQ HPEDUJR OD
H[SUHVLyQªFDOLGDGGHYLGD«IXHDFXxDGDKDFHVyOR
PHGLRVLJOR\KDVWDKDFHDOJXQRVDxRVQRIRUPDED
SDUWHGHOOHQJXDMHFRP~Q
ª(O FRQFHSWR FDOLGDG GH YLGD FRPHQ]y D VHU
XWLOL]DGR HQ ORV DxRV HQ HO VHQR GH OD
SROtWLFD\GHODVFLHQFLDVVRFLDOHV(OPRWLYRGHVX
LQWURGXFFLyQ HQ HVRV FDPSRV IXH OD LQVX´FLHQFLD
GH ORV LQGLFDGRUHV HFRQyPLFRV WUDGLFLRQDOHV /RV
DQWLJXRV LQGLFDGRUHV HFRQyPLFRV VyOR SHUPLWtDQ
FXDQWL´FDUSDUiPHWURVFRPRHOSURGXFWRLQWHULRU
EUXWRODUHQWDRHOFRQVXPRSHUFiSLWD3RUHOORHO
OODPDGRªPRYLPLHQWRGHORVLQGLFDGRUHVVRFLDOHV«
KL]R VX XVR GHO QXHYR FRQFHSWR GH FDOLGDG GH
YLGD < VH SXVLHURQ D SXQWR DOJXQRV LQGLFDGRUHV
FDSDFHV GH PHGLU QLYHOHV GH ELHQHVWDU \ FDOLGDG
GH YLGD HQ WpUPLQRV QR PRQHWDULRV &RQ HVRV
LQGLFDGRUHVWDPELpQVHLQWHQWDEDPHGLDUHOHIHFWR
VRFLDOGHORVIDFWRUHVHFRQyPLFRV\HOp[LWRGHORV
SURJUDPDVVRFLDOHVJXEHUQDPHQWDOHV
ª)XH HQ ORV DxRV RFKHQWD FXDQGR HO FRQFHSWR
FDOLGDG GH YLGD OOHJy D ODV FLHQFLDV ELRPpGLFDV
(OPRWLYRGHVXDFHSWDFLyQIXHODLQVX´FLHQFLDGH
ORV tQGLFHV H[FOXVLYDPHQWH RUJiQLFRV GH VDOXG \
HQIHUPHGDG+DVWDHQWRQFHVORVtQGLFHVPpGLFRV
VyORHUDQFDSDFHVGHGHWHFWDUODQRUPDOL]DFLyQGH
ODVFLIUDVDQDOtWLFDVODUHVWLWXFLyQIXQFLRQDOGHORV
yUJDQRV OD PHMRUtD PRWUL] R OD SURORQJDFLyQ GH
ODYLGD3HURHVRVPLVPRVtQGLFHVHUDQLQFDSDFHV
GH GHWHFWDU DVSHFWRV HVHQFLDOHV GH OD YLGD \ GH
OD H[SHFWDWLYD GH ORV SDFLHQWHV 3DUD SDOLDU HVDV
GH´FLHQFLDV VH KDQ SXHVWR D SXQWR HQ ORV GRV
~OWLPRV GpFDGDV GHFHQDV GH LQVWUXPHQWRV GH
PHGLGDGHODFDOLGDGGHYLGD([LVWHQQRREVWDQWH
HQODDFWXDOLGDGIRUPDVPX\GLIHUHQWHVGHGH´QLU
FXDQWL´FDU \ DSOLFDU HO FRQFHSWR GH FDOLGDG GH
YLGD«6iQFKH]SS
$ OR ODUJR GH OD VHJXQGD PLWDG GHO VLJOR ;; VH
SHUFLEHQ FDPELRV \ DYDQFHV HQ ODV GLIHUHQWHV
HWDSDVGHODPDQHUDGHFRQFHSWXDOL]DUODFDOLGDG
GH YLGD HV XQ LGHD TXH PDGXUD GH DFXHUGR D
ODV QXHYDV VLWXDFLRQHV SODQWHDGDV SRU OR TXH YD
UHVXOWDQGRLQVX´FLHQWHHOSODQWHDPLHQWRDQWHULRU
\ DEDUFD GHVGH ORV LQGLFDGRUHV HFRQyPLFRV D
ORVLQGLFDGRUHVVRFLDOHV\FXOPLQDHQODVFLHQFLDV
ELRPpGLFDV DVSHFWRV TXH VH HVWXGLDUiQ PiV
DGHODQWH
&RPR VH REVHUYD ODV PDQHUDV GH HQWHQGHU OD
FDOLGDGGHYLGDVRQP~OWLSOHVWRGDVEXVFDQGH´QLU
ORVHVWDGRVGHYLGDTXHVRQPHMRUHVWDQWRSDUDHO
LQGLYLGXRFRPRSDUDODVRFLHGDG6LQHPEDUJRD
ORODUJRGHODKLVWRULDGHOSHQVDPLHQWRVHKDGDGR
XQDUHµH[LyQVREUHODYLGDSDUDODSHUVRQDTXHD
FRQWLQXDFLyQVHHVWXGLDUiQ
6LQ HPEDUJR GHELGR D OD QHFHVLGDG GH XQL´FDU
FULWHULRVVREUHODGH´QLFLyQGHFDOLGDGGHYLGDOD
2UJDQL]DFLyQ0XQGLDOGHOD6DOXGHQSURSXVR
XQDGHFRQVHQVRª3HUFHSFLyQGHOLQGLYLGXRVREUH
VXSRVLFLyQHQODYLGDHQHOFRQWH[WRGHODFXOWXUD
\VLVWHPDGHYDORUHVHQHOFXDOpOYLYH\HQUHODFLyQ
FRQ VXV REMHWLYRV H[SHFWDWLYDV HVWiQGDUHV H
LQWHUHVHV«/RODV)3XHVODFDOLGDGGHYLGDHV
XQDUHDOLGDGTXHLQYROXFUDHOQLYHOGHµRUHFLPLHQWR
KXPDQR H[LVWHQWH HQ XQD VRFLHGDG TXH UHVXOWD
REMHWR GH LQWHUpV SDUD FXDOTXLHU GLVFLSOLQD GH ODV
FLHQFLDV VRFLDOHV TXH LQWHQWH PHGLU \R HYDOXDU
‘™
FyPROHYDDODJHQWHDOFRQVLGHUDUODFDOLGDGGH
YLGDHVQHFHVDULRQRVyORLGHQWL´FDUODFDQWLGDGGH
GLQHUR VH UHTXLHUH VDEHU GH VX H[SHFWDWLYD GH
YLGDGHVXVDOXGFDOLGDGGHVXHGXFDFLyQGHVX
WUDEDMRSDUDPHGLWDUELHQVREUHODFDOLGDGGHYLGD
GHXQJUXSRKXPDQRVHUHTXLHUHXQDGHVFULSFLyQ
ULFD GH OR TXH ODV SHUVRQDV SXHGHQ KDFHU \ VHU
1XVVEDXP6HQ
(QHVWHWUDEDMRVHFRPLHQ]DSRUODH[SRVLFLyQGH
GRVPRGHORVpWLFRV6iQFKH]S9LGDO
0DUFLDQRSSTXHVRQSRUXQDSDUWHORV
TXHVHSXHGHQFRQVLGHUDUKXPDQLVWDVORVFXDOHV
EXVFDQ OD SHUIHFFLyQ PRUDO GH OD SHUVRQD FRPR
HVHOFDVRGH$ULVWyWHOHVDVtFRPRORVSHQVDGRUHV
TXHHQpOVHLQVSLUDQRFRUULHQWHVGHSHQVDPLHQWR
TXHSXGLHUDQFODVL´FDUVHHQHVWHHQIRTXH\SRU
RWUDHVWiQORVPRGHORVpWLFRVSUDJPiWLFRVFRPR
HVHOXWLOLWDULVPRFRPSOHPHQWDGDSRUORVFDPELRV
SROtWLFR VRFLDOHV GH ORV ~OWLPRV VLJORV TXH KDQ
GDGR SRU UHVXOWDGR OD QRFLyQ GH ELHQHVWDU TXH
WDQWD LPSRUWDQFLD KD DGTXLULGR SDUD OD VRFLHGDG
DFWXDOSXHVODYLGDPRGHUQDHQWRGRVVXViPELWRV
WLHQGHFDGDYH]PiVDSULYLOHJLDUHVWDYLVLyQ
6HFRQWLQ~DDERUGDQGRODPHGLFLyQGHODFDOLGDG
GHYLGDRVHDORVLQGLFDGRUHVVRFLDOHV\GHVDOXG
FRQ OR TXH VH SUHFLVD D~Q PiV ORV DOFDQFHV GHO
FRQFHSWR FDOLGDG YLGD HQ OD YLGD DFWXDO 3DUD
WHUPLQDU VH LQWHQWD VROXFLRQDU XQ SUREOHPD
TXH VH DGYLHUWH D OR ODUJR GHO WUDEDMR ODV GRV
FRQFHSFLRQHVGHODYLGDTXHVHKDQH[SXHVWROD
KXPDQLVWDSHUIHFFLRQLVWD\ODXWLOLWDULDTXHUHVXOWDQ
GLVWLQWDV\FRQWUDSXHVWDVFRPRORDQDOL]DQYDULRV
HVFULWRUHV VLQ HPEDUJR SDUD RWURV FDGD XQD GH
HOODV DSRUWD XQD YLVLyQ TXH VH FRPSOHPHQWD FRQ
ODRWUD\TXHQRQHFHVDULDPHQWHVRQDQWDJyQLFDV
FRPRDSULPHUDYLVWDDSDUHFH
3ULPHUDSDUWHORVPRGHORVpWLFRV
/RVPRGHORVpWLFRVKXPDQLVWDVSHUIHFFLRQLVWDV
$ULVWyWHOHV\HOKRPEUHYLUWXRVR
'HORVPRGHORVpWLFRVTXHVHH[SRQHQVHFRPLHQ]D
SRUORVKXPDQLVWDVTXHEXVFDQODSHUIHFFLyQPRUDO
GH OD SHUVRQD HQWUH HOORV $ULVWyWHOHV HO FXDO HV
SDUWHGHOD´ORVRItD\HOSHQVDPLHQWRJULHJRFX\D
SUHJXQWD FHQWUDO IXH ªš&XiO HV OD YLGD EXHQD PiV
GHVHDEOH SDUD HO KRPEUH"« (VD YLGD EXHQD IXH
OODPDGD HXGDLPRQtD TXH FRQOOHYD OD LGHD GH HVWDU
SURWHJLGR SRU XQ EXHQ HX HVStULWX GDLPRQ \
GLVIUXWDU SRU FRQVLJXLHQWH GH EXHQD IRUWXQD \
SURVSHULGDG /D FXOWXUD JULHJD GHVWDFy TXH OR
’
EXHQR \ OR KHUPRVR TXH HUDQ HTXLYDOHQWHV ORV
FXDOHVVHORJUDEDQFRQHOHMHUFLFLRGHODVYLUWXGHV
FRUUHVSRQGLHQWHV GDQGR SRU UHVXOWDGR OD YLGD
EXHQD ORJUDGD PHGLDQWH DOJXQD YLUWXG DUHWp
TXHHVWDQWRpWLFDFRPRHVWpWLFDGH´QLGDFRPR
ODFDSDFLGDGGHKDFHUDOJRELHQ\FRQEHOOH]DOD
pWLFDVHUiHOHVWXGLRGHODVYLUWXGHVKXPDQDV
/D YLGD EXHQD SDUD HO LQGLYLGXR VH LGHQWL´FDED
FRQODYLGDEXHQDSDUDODFLXGDGpWLFD\SROtWLFD
VH UHODFLRQDQ \ DVLPLODQ HQWUH Vt ODV YLUWXGHV
LQGLYLGXDOHV FRUUHVSRQGtDQ D ODV YLUWXGHV
FLXGDGDQDV (Q HVH VHQWLGR 3ODWyQ LGHQWL´FD
HO ELHQ LQGLYLGXDO \ HO ELHQ S~EOLFR \ OD YLUWXG
VXSUHPD HV OD MXVWLFLD GH WDO PDQHUD TXH HQ VXV
'LiORJRV&ULWyQ6yFUDWHVD´UPDª9LYLUELHQYLYLU
KRQUDGDPHQWH \ YLYLU MXVWDPHQWH VRQ HO PLVPR
FRQFHSWR«6iQFKH]S
$ULVWyWHOHV SRU VX SDUWH GLVWLQJXH HQWUH HO ELHQ
SULYDGR \ HO ELHQ S~EOLFR < UHFRQRFH TXH ORV
KRPEUHV HQWLHQGHQ OD HXGDLPRQtD VHJ~Q VX
JpQHURGHYLGD<GLVWLQJXHWUHVFODVHVGHYLGDOD
GHORVTXHEXVFDQHOSODFHUODYLGDSROtWLFD\OD
YLGD WHRUpWLFD $ULVWyWHOHV FRPR EXHQ ´OyVRIR
\ FLHQWt´FR GH´HQGH OD VXSHULRULGDG GH OD YLGD
WHRUpWLFDLQGLYLGXDO
3DUD $ULVWyWHOHV WRGDV ODV FRVDV WLHQHQ XQD
´QDOLGDGHQHOKRPEUHHVODDFWLYLGDGUDFLRQDOOD
FXDOSHUPLWHGH´QLUOHFRPRªDQLPDOUDFLRQDO«SRU
ORTXHªODIXQFLyQGHOKRPEUHHVXQDDFWLYLGDGGHO
DOPD VHJ~Q OD UD]yQ R TXH LPSOLFD OD UD]yQ OD
IXQFLyQ GHO KRPEUH HV XQD FLHUWD YLGD \ pVWD HV
XQDDFWLYLGDGGHODOPD\XQDVDFFLRQHVUD]RQDEOHV
\ODGHOKRPEUHEXHQRHVWDVPLVPDVFRVDVELHQ\
KHUPRVDPHQWH«6iQFKH]S
(O VLJXLHQWH SDVR GHO UD]RQDPLHQWR DULVWRWpOLFR
FRQVLVWH HQ SHQVDU TXH OD HXGDLPRQtD WLHQH TXH
FRQVLVWLU HQ UHDOL]DU YLUWXRVDPHQWH HVD IXQFLyQ
UDFLRQDO SURSLDPHQWH KXPDQD 6H FRPSUHQGH
DVt OD GH´QLFLyQ DULVWRWpOLFD GH HXGDLPRQtD ª(V
XQD DFWLYLGDG GHO DOPD GH DFXHUGR FRQ OD YLUWXG
SHUIHFWD« 3HUIHFWR HQ VHQWLGR DULVWRWpOLFR HV
DTXHOORTXHVHGHVHDSRUVtPLVPR\QRSRURWUD
FRVD $Vt OD YLUWXG SHUIHFWD TXH REHGHFH D OD
UD]yQSURGXFHHXGDLPRQtDTXHHVHOELHQSHUIHFWR
\VXSUHPRGHOKRPEUH3RURWUDSDUWHHOHMHUFLFLR
GHODYLUWXGSURGXFHSODFHUHQHOKRPEUHYLUWXRVR
ª/D HXGDLPRQtD SRU FRQVLJXLHQWH HV OD PHMRU
OR PiV KHUPRVR \ OR PiV DJUDGDEOH« 6iQFKH]
SS (QWUH ORV KiELWRV LQWHOHFWXDOHV
SLHQVD $ULVWyWHOHV KD\ XQR TXH SHUIHFFLRQD ODV
(1(52',&,(0%5(
DFFLRQHV LQPDQHQWHV DO FXDO GD HO QRPEUH GH
SKUyQHVLV SUXGHQWLD eVWD HV OD SULQFLSDO HQWUH
ODV YLUWXGHV pWLFDV \ FRPR WDO HVWi OODPDGD D
JREHUQDUWRGRHORUJDQLVPRPRUDOGHODSHUVRQD
/DSHUVRQDSUXGHQWHHVODSHUVRQDTXHOOHYDXQD
ªYLGD ORJUDGD« R IHOL] %DUULR 0DHVWUH -RVp 0D
3RUORTXHFRQODVGLVWLQWDVYLUWXGHVPRUDOHVYDPRV
SHUIHFFLRQDQGRQXHVWUDQDWXUDOH]DGHWDOPDQHUD
TXH QRV FDSDFLWDPRV SDUD DFWXDU PiV \ PHMRU
SRUTXH DGHPiV GH IDYRUHFHU OD LQWHJUDFLyQ
UDFLRQDO QXHVWUDV WHQGHQFLDV HO GHVDUUROOR GH OD
YLUWXG PRUDO IRUWDOHFH QXHVWUD DGKHVLyQ DO ELHQ
KDFLHQGR SRVLEOH TXH OOHJDGR HO PRPHQWR GH OD
DFFLyQ GHOLEHUHPRV FRQ UHFWLWXG VLQ GHMDUQRV
LQµXLU SRU LQWHUHVHV SDUWLFXODUHV 'H DKt OD
LQVLVWHQFLDGH$ULVWyWHOHVHQTXHQRKD\SUXGHQFLD
VLQYLUWXGPRUDO*RQ]iOH]$
(Q VtQWHVLV OD pWLFD DULVWRWpOLFD VH EDVD HQ OD
YLUWXG DUHWp TXH SXHGH GH´QLUVH FRPR XQ
KiELWR RSHUDWLYR EXHQR HV GHFLU HO EXHQ REUDU
TXH VH FRQ´JXUD FRPR XQD FRVWXPEUH FRPR
XQ PRGR RUGLQDULR \ KDELWXDO GH FRQGXFLUVH (V
LPSRVLEOH TXH HO REUDU YLUWXRVR QR VDWLVIDJD
FLHUWDV LQFOLQDFLRQHV KXPDQDV QDWXUDOHV /RV
DFWRVYLUWXRVRVSURGXFHQFLHUWDVDWLVIDFFLyQGHOD
LQFOLQDFLyQDGTXLULGDHQODTXHODYLUWXGFRQVLVWH
&XDQGR VH D´DQ]D XQD EXHQD FRVWXPEUH HO
FRPSRUWDPLHQWR µX\H FRQ HVSRQWDQHLGDG \ GH
DKt TXH $ULVWyWHOHV GHVLJQH ODV YLUWXGHV FRQ HO
QRPEUHGHVHJXQGDVQDWXUDOH]DV%DUULR0DHVWUH
-RVp0D
(OFULVWLDQLVPR.DQW0DU[
(OFULVWLDQLVPRKHUHGyHOSHQVDPLHQWRpWLFRGHORV
JULHJRVSHURDJUHJyHOYDORUGHOVXIULPLHQWRHQVX
GLPHQVLyQVREUHQDWXUDO\UHGHQWRUD\HOSULQFLSLR
ªVDQWLGDGGHYLGD«VHJ~QHOFXDOWRGDYLGDKXPDQD
WLHQH XQ YDORU DEVROXWR \ HV LUUHQXQFLDEOH DXQ HQ
VLWXDFLRQHV SUHFDULDV SXHV 'LRV HV HO DXWRU GH OD
YLGD\VRODPHQWHDpOFRUUHVSRQGHGDUOD\TXLWDUOD
/DPRUDOFULVWLDQDTXHQRGHMyWRWDOPHQWHGHODGR
ODIHOLFLGDGWHUUHQDOHQHVWDYLGDGHMyGHRFXSDUVH
SULRULWDULDPHQWH GH HOOD PiV ELHQ OH GLR XQD
JUDQ LPSRUWDQFLD D OD IHOLFLGDG HWHUQD (VWDV GRV
GLPHQVLRQHVGHODpWLFDFULVWLDQDVLJXHQSUHVHQWHV
HQ VX SURSXHVWD pWLFD SDUWLFXODUPHQWH OR TXH VH
UH´HUH DO UHVSHWR DEVROXWR D OD YLGD HQ FXDOTXLHU
VLWXDFLyQVHJ~QHOSULQFLSLRGHªVDQWLGDGGHYLGD«
(QODPLVPDOtQHDHQHOSURWHVWDQWLVPRODIHOLFLGDG
VH OH VHSDUD GH OD YLGD PRUDO /XWHUR DFHQW~D HO
DVSHFWRDXWRVDFUL´FLDOTXHWLHQHODpWLFDFULVWLDQD
GHODPRU
&RQWLQXDQGRFRQHVWDPDQHUDGHSHQVDULQVSLUDGD
HQ HO SURWHVWDQWLVPR ORV SODQWHDPLHQWRV pWLFRV
TXLWDURQ OD LPSRUWDQFLD pWLFD D OD IHOLFLGDG
LQGLYLGXDO/DIHOLFLGDGUHVXOWDUtDLQGLIHUHQWH(QWUH
HVWRV SHQVDGRUHV GHVWDFD .DQW HQ VX SRVLFLyQ
GHRQWRORJLVWD FRQ VX pWLFD GHO GHEHU TXH
REOLJD LQGHSHQGLHQWHPHQWH GH QXHVWUD IHOLFLGDG
'HYHWWHUH5-
/RV UDVJRV IXQGDPHQWDOHV TXH LGHQWL´FDQ DO
KRPEUHQXHYRGHODVRFLHGDGIXWXUDVHJ~Q0DU[
VRQ OD VXSUHVLyQ GH OD SURSLHGDG SULYDGD \ OD
DSDULFLyQ GHO FRPXQLVPR FRQ OR TXH VH VXSHUD
WRGDDOLHQDFLyQFRQODVXSUHVLyQGHODGLYLVLyQGHO
WUDEDMR HO KRPEUH SRGUi PDQLIHVWDU OD WRWDOLGDG
GH VXV FDSDFLGDGHV FUHDWLYDV OD SRVLELOLGDG GH
GLVIUXWDU GHO WLHPSR OLEUH FRQ HO GLVIUXWH GH ORV
YDORUHV HVSLULWXDOHV \ XQD IRUPDFLyQ SOHQDPHQWH
KXPDQD6iQFKH]S
/RVFRQWHPSRUiQHRV
7DPELpQ SXHGHQ FRQVLGHUDUVH SHUIHFFLRQLVWDV
WRGRV DTXHOORV DXWRUHV TXH GH´HQGHQ OD FDOLGDG
GHYLGDSRUODSRVHVLyQGHXQRRYDULRVDWULEXWRV
REMHWLYRV $Vt SRU HMHPSOR 5LFKDUG 0F&RUPLFN
TXH FRQVLGHUD GH´QLWRULD OD FDSDFLGDG SDUD
HVWDEOHFHU UHODFLRQHV KXPDQDV 6iQFKH] 2 HO PLVPR -RVHSK )OHWFKHU TXH FRQVLGHUy
QHFHVDULD OD H[LVWHQFLD GH TXLQFH FXDOLGDGHV
SRVLWLYDVHQWUHHOODVXQDLQWHOLJHQFLDPtQLPD
\ FLQFR QHJDWLYDV FRPR HO QR VHU PHUDPHQWH
ªQDWXUDO« SRU VHU DUWL´FLDO R FXOWXUDO HQ DOJXQD
PHGLGD-)OHWFKHU
(VWiWDPELpQODpWLFDGHODVFDSDFLGDGHVGH
6HQ HO FXDO UHFXUUH SRU LQµXHQFLD GH 1XVVEDXP
D $ULVWyWHOHV ªODV UHODFLRQHV FRQFHSWXDOHV PiV
LPSRUWDQWHV SDUHFHQ VHU ODV YLQFXODGDV FRQ
OD QRFLyQ DULVWRWpOLFD GHO ELHQ KXPDQR /D
H[SOLFDFLyQ DULVWRWpOLFD GHO ELHQ KXPDQR HVWi
H[SOtFLWDPHQWH YLQFXODGD FRQ OD QHFHVLGDG GH
HVWDEOHFHUSULPHURODIXQFLyQGHOKRPEUH\OXHJR
SURFHGHU D H[SORUDU OD YLGD HQ HO VHQWLGR GH
DFWLYLGDG«6HQ$
/RVPRGHORVpWLFRVSUDJPiWLFRV
/D RWUD PDQHUD GH DERUGDU OD FDOLGDG GH YLGD
VRQ ORV PRGHORV pWLFRV SUDJPiWLFRV WDQWR HO
’‘
XWLOLWDULVPR FRPR ORV FDPELRV SROtWLFR VRFLDOHV
GH ORV ~OWLPRV VLJORV DSRUWDQGR VX QRFLyQ GH
ELHQHVWDU TXH WDQWD LPSRUWDQFLD KD DGTXLULGR
SDUD OD VRFLHGDG DFWXDO SXHV OD YLGD PRGHUQD
HQ WRGRV VXV iPELWRV WLHQGH FDGD YH] PiV D
SULYLOHJLDUODFDOLGDGGHYLGDHQFXDQWRELHQHVWDU
GHODPLVPD
(OXWLOLWDULVPR
ª&RPRPRYLPLHQWRGHGLFDGRDODUHIRUPDHVFULELy
%HUWUDQG 5XVVHOO HO XWLOLWDULVPR KD ORJUDGR
FLHUWDPHQWHPiVTXHWRGDVODV´ORVRItDVLGHDOLVWDV
MXQWDV«2YDOOH20DUWtQH]
(O SHQVDPLHQWR LQJOpV GHVWDFy OD LPSRUWDQFLD GH
OD E~VTXHGD GH OD IHOLFLGDG FRPR ~QLFR REMHWLYR
GHODpWLFDSHURSRUIHOLFLGDGHQWLHQGHORVHVWDGRV
SODFHQWHURVWDOHVHOFDVRGH%HQWKDPIXQGDGRU
GHO XWLOLWDULVPR FRQWHPSRUiQHR LQVWDXUy FRPR
~QLFRIXQGDPHQWRGHODpWLFDHOOODPDGRªSULQFLSLR
GH XWLOLGDG« R GH ªOD PD\RU IHOLFLGDG« 6iQFKH]
S
%HQWKDP GHVDUUROOy VX VLVWHPD pWLFR DOUHGHGRU
GH OD LGHD GHO SODFHU /DV DFFLRQHV PRUDOHV VRQ
DTXHOODV TXH PD[LPL]DQ HO SODFHU \ PLQLPL]DQ
HO GRORU \ D\XGDQ D GH´QLU OR TXH HV EXHQR \
PRUDO \ HVFULELy ª/D QDWXUDOH]D KD FRORFDGR
D OD KXPDQLGDG EDMR HO JRELHUQR GH GRV DPRV
VREHUDQRV HO GRORU \ HO SODFHU /HV FRUUHVSRQGH
VyOR D HOORV VHxDODU OR TXH GHEHPRV KDFHU DVt
FRPRGHWHUPLQDUORTXHKDUHPRV3RUXQODGROD
QRUPD GHO ELHQ \ GHO PDO SRU HO RWUR OD FDGHQD
GH FDXVDV \ HIHFWRV HVWiQ VXMHWRV DO WURQR GH
HOORV1RVJRELHUQDQHQWRGRORTXHKDFHPRVHQ
WRGR OR TXH GHFLPRV HQ WRGR OR TXH SHQVDPRV
WRGR HVIXHU]R TXH KDJDPRV SDUD OLEUDUQRV GH
QXHVWUD VXMHFLyQ VHUYLUi VROR SDUD GHPRVWUDUOD \
FRQ´UPDUOD«-%HQWKDP$Q,QWURGXFWLRQWRWKH
3ULQFLSOHVRI0RUDOVDQG/HJLVODWLRQ
0LOO SRU VX SDUWH GH´QLy DO XWLOLWDULVPR FRPR ªHO
FUHGR TXH DFHSWD OD XWLOLGDG R HO SULQFLSLR GH OD
PD\RUIHOLFLGDGFRPRHOIXQGDPHQWRGHODPRUDO
< PDQWLHQH TXH ODV DFFLRQHV VRQ FRUUHFWDV HQ
SURSRUFLyQ DO JUDGR HQ TXH WLHQGHQ D SURPRYHU
IHOLFLGDGHLQFRUUHFWDVHQODPHGLGDHQTXHWLHQGHQ
DSURGXFLUORFRQWUDULR«6iQFKH]S
0LOO DO LJXDO TXH %HQWKDP SURSXVR HO FiOFXOR GHO
PD\RUELHQSDUDHOPD\RUQ~PHURSHURPLHQWUDV
%HQWKDPXVyHOFiOFXORHQXQVHQWLGRFXDQWLWDWLYR
0LOO OR XVy HQ XQ VHQWLGR FXDOLWDWLYR SXHV pVWH
’’
FUHtDSRUHMHPSORTXHDOJXQRVSODFHUHVHUDQGH
XQDFDOLGDGVXSHULRUDRWURV$XQTXHHOXWLOLWDULVPR
HVWDEOHFH OD XWLOLGDG FRPR ~QLFR FULWHULR GH
PRUDOLGDG SHUR KD\ GLVWLQWRV XWLOLWDULVPRV GH
DFXHUGRDVXIRUPDGHGH´QLUODXWLOLGDG3RUTXH
OD XWLOLGDG SXHGH VHU GH´QLGD FRPR WHQGHQFLD D
SURGXFLU IHOLFLGDG \ OD IHOLFLGDG D VX YH] SXHGH
VHUHQWHQGLGDFRPRSODFHURFRPRPHURGLVIUXWH
GHFRVDVEXHQDV3HURODXWLOLGDGWDPELpQSXHGH
VHU HQWHQGLGD FRPR WHQGHQFLD D VDWLVIDFHU ODV
SUHIHUHQFLDV R ORV LQWHUHVHV GH ORV DIHFWDGRV
7DPELpQ HVWi HO XWLOLWDULVPR GH ODV QRUPDV TXH
D´UPDTXHHOPHMRUDFWRHVDTXHOTXHIRUPHSDUWH
GH XQD QRUPD TXH VHD OD TXH QRV SURSRUFLRQD
PiV XWLOLGDG < DXQTXH HO XWLOLWDULVPR GH´HQGH
OD SURGXFFLyQ GHO Pi[LPR ELHQHVWDU SDUD HO
Pi[LPR Q~PHUR GH SHUVRQDV RWURV HQ FDPELR
SRVWXODQ TXH HV QHFHVDULR SUHYHQLU OD PD\RU
FDQWLGDGGHGRORURGDxRSDUDHOPD\RUQ~PHUR
GHSHUVRQDV
(QVtQWHVLVHOXWLOLWDULVPRKDDSRUWDGRDODFXOWXUD
DFWXDOVXLQWHUpVSRUODYLGDIHOL]HQHVWHPXQGR
VXXQLYHUVDOLVPRRSXHVWRWDQWRDOHJRtVPRFRPR
DO DOWUXtVPR VX FULWHULR GH HYDOXDFLyQ SRU ODV
FRQVHFXHQFLDV \ VX WHQGHQFLD D FXDQWL´FDU \
PD[LPL]DU OD IHOLFLGDG 6LQ HPEDUJR XQD FUtWLFD
TXHVHOHKDFHHVTXHHOFRQFHSWRGHIHOLFLGDGKD
DFDEDGRVLHQGRVXVWLWXLGRSRUXQVLPSOHFRQFHSWR
GHªELHQHVWDU«HQWHQGLGRFRPRGLVIUXWHSDVLYR\
SRVHVLyQGHELHQHVPDWHULDOHVTXHHVHTXLYDOHQWH
DFDOLGDGGHYLGD
(OGHEDWHSROtWLFRVREUHHOQLYHOPDWHULDOGHYLGD
(Q HO FRQFHSWR GH ELHQHVWDU WDPELpQ KD LQµXLGR
XQDOtQHDGHSHQVDPLHQWR\DFFLyQTXHHVWiPiV
HQ UHODFLyQ FRQ ODV OXFKDV SROtWLFDV PRGHUQDV
3XHV ODV JXHUUDV GH UHOLJLyQ HQ (XURSD GLHURQ
FRPR UHVXOWDGR HO UHFRQRFLPLHQWR GH OD OLEHUWDG
GHFRQFLHQFLD\ODWROHUDQFLDGHOSOXUDOLVPR'HMy
GH H[LVWLU XQ FRQVHQVR ~QLFR DFHUFD GH OD YLGD
TXHVHGHEtDYLYLU(OOLEHUDOLVPRSROtWLFRUHQXQFLy
DSURPRYHULGHDOHVSDUWLFXODUHVGHYLGD\GHMyD
ORV LQGLYLGXRV OD HOHFFLyQ GH OD YLGD TXH TXHUtDQ
YLYLU $Vt OD OLEHUWDG LQGLYLGXDO VH FRQYLUWLy HQ HO
SULQFLSDOYDORUSROtWLFR\VHUHFRQRFLyODLJXDOGDG
GH ORV LQGLYLGXRV IUHQWH D OD OH\ (O GHUHFKR GH
SURSLHGDG D VX YH] IXH GHIHQGLGR FRPR OD
SULQFLSDOJDUDQWtDGHODOLEHUWDG
3HUR OD OLEHUWDG GH YLYLU VLQ VHU YLROHQWDGR QL
REOLJDGR D QDGD HUD PHUDPHQWH QHJDWLYD < QR
SHUPLWtD YLYLU XQD YLGD SRVLWLYDPHQWH GHVHDEOH D
(1(52',&,(0%5(
WRGRV ORV TXH FDUHFtDQ GH SURSLHGDGHV R GLQHUR
SDUDSDJDUOD3RUORTXHORVSROtWLFRVGHORVVLJOR
;,;\;;WDQWRXWLOLWDULVWDV\VRFLDOLVWDVLQVLVWLHURQ
HQ OD LPSRUWDQFLD GH DVHJXUDU FLHUWRV ELHQHV
PDWHULDOHVDWRGRVORVLQGLYLGXRV6HOOHJyDVt
DFHQWUDUHOGHEDWHSROtWLFR\VRFLDOHQHOORJURGH
XQFLHUWRQLYHOGHELHQHVWDUPDWHULDO<´QDOPHQWH
HQHOORJURGHXQQLYHOPtQLPRGHELHQHVWDUVRFLDO
JDUDQWL]DGR SRU HO (VWDGR 6iQFKH] S
'HHVWHPRGRHQODVVRFLHGDGHVPRGHUQDVVHKD
OOHJDGRDFRQVLGHUDULUUHQXQFLDEOHODH[LVWHQFLD
GHXQPDUFRGH'HUHFKRVKXPDQRVTXHSHUPLWD
GLVIUXWDUGHXQQLYHOGHYLGDGLJQR&RQHVWRVGRV
DSRUWHVXQRGHVGHHOSHQVDPLHQWR´ORVy´FRFRPR
HVHOXWLOLWDULVPR\HORWURPHGLDQWHORVFDPELRV
SROtWLFRV \ VRFLDOHV VH OOHJD D ODV FRQFHSFLRQHV
PRGHUQDVGHFDOLGDGGHYLGDHVWDGRGHELHQHVWDU
\XQFLHUWRQLYHOGHYLGDGLJQR
6HJXQGDSDUWHODPHGLFLyQGHODFDOLGDGGHYLGD
ORVLQGLFDGRUHV
,QGLFDGRUHVGHFDOLGDGGHYLGD
&RPR OD FDOLGDG GH YLGD HV XQD GH ODV
SUHRFXSDFLRQHVIXQGDPHQWDOHVGHQXHVWURWLHPSR
DEDUFDGLYHUVRViPELWRVHFRQRPtDSROtWLFD
HFRORJtD ELRPHGLFLQD GDQGR SRU UHVXOWDGR HO
OODPDGRªPRYLPLHQWRGHORVLQGLFDGRUHVVRFLDOHV«
SDUDPHGLUQLYHOHVGHELHQHVWDU\FDOLGDGGHYLGD
KDVWDOOHJDUDODVFLHQFLDVELRPpGLFDV
(O GHVDUUROOR \ SHUIHFFLRQDPLHQWR GH ORV LQGLFDGRUHV
VRFLDOHV D PHGLDGRV GH ORV ­ \ FRPLHQ]RV GH ORV
­ SURYRFDUi HO SURFHVR GH GLIHUHQFLDFLyQ HQWUH
pVWRV \ OD FDOLGDG GH YLGD /D H[SUHVLyQ FRPLHQ]D D
GH´QLUVH FRPR FRQFHSWR LQWHJUDGRU TXH FRPSUHQGH
WRGDVODViUHDVGHODYLGDFDUiFWHUPXOWLGLPHQVLRQDO
\KDFHUHIHUHQFLDWDQWRDFRQGLFLRQHVREMHWLYDVFRPR
D FRPSRQHQWHV VXEMHWLYRV /D LQFOXVLyQ GHO WpUPLQR
HQODSULPHUDUHYLVWDPRQRJUi´FDGH(VWDGRV8QLGRV
ª6RFLDO,QGLFDWRUV5HVHDUFK«HQ\HQª6RFLRORJLFDO
$EVWUDFWV«HQFRQWULEXLUiDVXGLIXVLyQWHyULFD\
PHWRGROyJLFDFRQYLUWLpQGRVHODGpFDGDGHORVHQOD
GHOGHVSHJXHGH´QLWLYRGHODLQYHVWLJDFLyQHQWRUQRDO
WpUPLQR*yPH]9HOD
'H HQWUH ORV LQGLFDGRUHV GH FDOLGDG GH YLGD VH
H[SRQHQORVLQGLFDGRUHVVRFLDOHV\ORVUHODFLRQDGRV
FRQODVDOXG
,QGLFDGRUHVVRFLDOHVGHFDOLGDGGHYLGD
8QLQGLFDGRUVRFLDOTXHDTXtVHWRPDHQFXHQWDHV
HOtQGLFHGHGHVDUUROORKXPDQRTXHHVHOSURFHVR
SRU HO FXDO XQD VRFLHGDG PHMRUD ODV FRQGLFLRQHV
GH YLGD GH VXV FLXGDGDQRV D WUDYpV GH XQ
LQFUHPHQWRGHORVELHQHVFRQORVTXHSXHGHFXEULU
VXVQHFHVLGDGHVEiVLFDV\FRPSOHPHQWDULDV\GH
OD FUHDFLyQ GH XQ HQWRUQR HQ HO TXH VH UHVSHWHQ
ORV GHUHFKRV KXPDQRV GH WRGRV HOORV \ WDPELpQ
SXHGH GH´QLUVH FRPR XQD IRUPD GH PHGLU OD
FDOLGDG GH YLGD GHO VHU KXPDQR HQ HO PHGLR TXH
VHGHVHQYXHOYH\XQDYDULDEOHIXQGDPHQWDOSDUD
ODFDOL´FDFLyQGHXQSDtVRUHJLyQ3RURWUDSDUWH
HO tQGLFH GH GHVDUUROOR KXPDQR ,'+ HV XQD
PHGLFLyQSRUSDtVHODERUDGDSRUHO3URJUDPDGH
ODV 1DFLRQHV 8QLGDV SDUD HO 'HVDUUROOR 318'
6H EDVD HQ XQ LQGLFDGRU VRFLDO HVWDGtVWLFR
FRPSXHVWR D VX YH] SRU WUHV SDUiPHWURV YLGD
ODUJD \ VDOXGDEOH PHGLGD VHJ~Q OD HVSHUDQ]D
GHYLGDDOQDFHUHGXFDFLyQPHGLGDSRUODWDVD
GH DOIDEHWL]DFLyQ \ OD WDVD EUXWD FRPELQDGD GH
PDWULFXODFLyQ HQ HGXFDFLyQ SULPDULD VHFXQGDULD
\ VXSHULRU DVt FRPR ORV DxRV GH GXUDFLyQ GH OD
HGXFDFLyQREOLJDWRULDQLYHOGHYLGDGLJQRPHGLGR
SRU HO 3URGXFWR ,QWHUQR %UXWR 3,% SHU FiSLWD HQ
GyODUHV218,QGLFDGRUHVGHGHVDUUROORKXPDQR
/DHVSHUDQ]DGHYLGDHVODPHGLDGHODFDQWLGDGGH
DxRVTXHYLYHXQDFLHUWDSREODFLyQHQXQWLHPSR
6HGLYLGHHQPDVFXOLQD\IHPHQLQDVHYHLQµXLGD
SRU IDFWRUHV FRPR OD FDOLGDG GH OD PHGLFLQD OD
KLJLHQH ODV JXHUUDV HWF VL ELHQ DFWXDOPHQWH VH
VXHOHUHIHULU~QLFDPHQWHDODVSHUVRQDVTXHWLHQHQ
XQDPXHUWHQRYLROHQWD$XQTXHODPHGLDPXQGLDO
HV GH DxRV H[LVWHQ GLIHUHQFLDV
HQWUH ODV GLVWLQWDV ]RQDV GHO SODQHWD (Q (XURSD
\ $PpULFD GHO 1RUWH OD PHGLD HV GH DxRV HQ
2FHDQtD HV GH DxRV HQ /DWLQRDPpULFD HV GH
DxRVHQ$VLDHVGHDxRV\HQ½IULFDHVGH
DxRV 6HJ~Q HO LQIRUPH DQXDO GH OD 218 ORV
(VWDGRVFRQPHQRUH[SHFWDWLYDVRQ=DPELDFRQ
DxRV OD 5HS~EOLFD &HQWURDIULFDQD FRQ DxRV 0DODZL FRQ DxRV \ 6LHUUD /HRQD FRQ
DxRV/RVGHPD\RUH[SHFWDWLYDVRQ$QGRUUD
FRQ-DSyQFRQDxRVODUHJLyQGH+RQJ
.RQJ&KLQDFRQDxRV,VODQGLDFRQDxRV
\6XL]DFRQDxRV(QHOFDVRGH0p[LFRSDtV
GRQGHYLYRODH[SHFWDWLYDHVGHDxRV\HVWi
HQHOOXJDU218(VSHUDQ]DGHYLGD
/D HGXFDFLyQ HV HO SURFHVR PHGLDQWH HO FXDO VH
WUDQVPLWHQ FRQRFLPLHQWRV YDORUHV FRVWXPEUHV
\ IRUPDV GH DFWXDU /D HGXFDFLyQ HVWi SUHVHQWH
’“
HQ WRGDV QXHVWUDV DFFLRQHV VHQWLPLHQWRV \
DFWLWXGHV (V HO SURFHVR GH VRFLDOL]DFLyQ IRUPDO
GHORVLQGLYLGXRVGHXQDVRFLHGDG/DHGXFDFLyQ
VH FRPSDUWH HQWUH ODV SHUVRQDV SRU PHGLR GH
QXHVWUDV LGHDV FXOWXUD FRQRFLPLHQWRV HWF
UHVSHWDQGRVLHPSUHDORVGHPiVeVWDQRVLHPSUH
VHGDHQHODXOD([LVWHQWUHVWLSRVGHHGXFDFLyQ
ODIRUPDOODQRIRUPDO\ODLQIRUPDO/DHGXFDFLyQ
IRUPDOKDFHUHIHUHQFLDDORViPELWRVGHODV
HVFXHODV LQVWLWXWRV XQLYHUVLGDGHV PyGXORV
PLHQWUDVTXHODQRIRUPDOVHUH´HUHDORVFXUVRV
DFDGHPLDV HWF \ OD HGXFDFLyQ LQIRUPDO HV
DTXHOOD TXH DEDUFD OD IRUPDO \ QR IRUPDO
SXHV HV OD HGXFDFLyQ TXH VH DGTXLHUH D OR ODUJR
GH OD YLGD /D HGXFDFLyQ HV REOLJDWRULD HQ HO
PXQGR /D HGXFDFLyQ VH PLGH PHGLDQWH OD WDVD
GH DOIDEHWL]DFLyQ \ OD WDVD EUXWD FRPELQDGD GH
PDWULFXODFLyQ HQ HGXFDFLyQ SULPDULD VHFXQGDULD
\ VXSHULRU DVt FRPR ORV DxRV GH GXUDFLyQ GH
OD HGXFDFLyQ REOLJDWRULD +D\ SDtVHV FRQ DOWRV
JUDGRV GH HVFRODULGDGHGXFDFLyQ IRUPDO \ RWURV
FRQSRFRV(OSURPHGLRGHHVFRODULGDGHQ0p[LFR
HVGHJUDGRV218(GXFDFLyQ
(O SURGXFWR LQWHUQR EUXWR 3,% HV HO YDORU
PRQHWDULR WRWDO GH OD SURGXFFLyQ FRUULHQWH GH
ELHQHV\VHUYLFLRVGHXQSDtVGXUDQWHXQSHUtRGR
WULPHVWUHRDxR(VXQDPDJQLWXGGHµXMRSXHV
FRQWDELOL]DVyORORVELHQHV\VHUYLFLRVSURGXFLGRV
GXUDQWHXQDHWDSD$GHPiVHO3,%QRFRQWDELOL]D
ORV ELHQHV R VHUYLFLRV TXH VRQ IUXWR GHO WUDEDMR
LQIRUPDO WUDEDMR GRPpVWLFR LQWHUFDPELRV GH
VHUYLFLRVHQWUHFRQRFLGRVHWF(O3,%SHUFiSLWD
HV XQD PDJQLWXG TXH WUDWD GH PHGLU OD ULTXH]D
PDWHULDOGLVSRQLEOH6HFDOFXODVLPSOHPHQWHFRPR
HO3,%WRWDOGLYLGLGRHQWUHHOQ~PHURGHKDELWDQWHV
/RVFLQFRSDtVHVFRQPD\RU3,%SHUFiSLWDHQ
PHGLGR HQ GyODUHV HVWDGRXQLGHQVHV 86 VRQ
/X[HPEXUJR1RUXHJD,VODQGLD
4DWDU H ,UODQGD < HQ
0p[LFR HVWLPDGR HQ HO 218
3URGXFWRLQWHUQREUXWR
$GHPiV GH HVWRV DVSHFWRV TXH VH QRPEUDQ
H[LVWHQRWURVSRUHMHPSORHOtQGLFHGHGHVDUUROOR
GH OD PXMHU HO tQGLFH GH GHVDUUROOR SROtWLFR
HWF &RPR FRQWLQXLGDG GH OR DQWHULRU HVWiQ ODV
PHWDV GHO GHVDUUROOR GHO 0LOHQLR GH OD 218 ORV
FXDOHV WLHQHQ HO REMHWLYR \ FRPSURPLVR GH VHU
DOFDQ]DGRV SDUD HO DxR \ VRQ HUUDGLFDU OD
SREUH]D \ HO KDPEUH FRQVHJXLU OD HGXFDFLyQ
’”
SULPDULD XQLYHUVDO SURPRYHU OD LJXDOGDG GH
JpQHUR \ HO IDFXOWDPLHQWR GH OD PXMHU UHGXFLU
OD PRUWDOLGDG LQIDQWLO PHMRUDU OD VDOXG PDWHUQD
FRPEDWLUHO6LGDODPDODULD\RWUDVHQIHUPHGDGHV
FRQVHJXLUODVXVWHQWDELOLGDGDPELHQWDOIRPHQWDU
XQD DVRFLDFLyQ PXQGLDO SDUD HO GHVDUUROOR FDGD
XQD GH ODV PHWDV FRQ FLIUDV HVSHFt´FDV 7RGDV
HVWDV PHWDV HVWiQ SURYRFDQGR XQD PHMRUtD HQ
OD FDOLGDG GH YLGD SDUWLFXODUPHQWH HQWUH ODV
SREODFLRQHV PHQRV IDYRUHFLGDV FRQ OR TXH VH
DEDQGRQD HO TXH HVWRV FRQFHSWRV SXGLHUDQ VHU
SDUDXQDFDVWDGHSULYLOHJLDGRV2180pWRGRV
GHOGHVDUUROORGHOPLOHQLR
,QGLFDGRUHVUHODFLRQDGRVFRQODVDOXG
6H HQWLHQGH SRU FDOLGDG GH YLGD UHODFLRQDGD
FRQ OD VDOXG FRPR OD VXPD JOREDO GH ELHQHVWDU
VDWLVIDFFLRQHV ORJURV \ SRVLELOLGDGHV TXH VRQ
FRQVHFXHQFLD GLUHFWD GH ORV HVWDGRV GH VDOXG \
HQIHUPHGDG ([LVWHQ GLYHUVRV LQVWUXPHQWRV SDUD
FXDQWL´FDUDODFDOLGDGGHYLGDUHODFLRQDGDFRQOD
VDOXGORVFXDOHVVXHOHQGHOLPLWDUFLHUWRVDVSHFWRV
GHODYLGDTXHGHSHQGHQGHORVHVWDGRVGHVDOXGGH
HVWDPDQHUDDPSOtDQ\HQULTXHFHQORVFRQFHSWRV
PHUDPHQWH´VLROyJLFRVGHVDOXG
/RV LQVWUXPHQWRV PiV VHQFLOORV VRQ ORV
FXHVWLRQDULRV GH XQD VROD SUHJXQWD SHUR HV
FRQYHQLHQWH TXH ODV HYDOXDFLRQHV GH OD FDOLGDG
GH YLGD VHDQ PXOWLGLPHQVLRQDOHV \ DEDUTXHQ OD
HVIHUD ItVLFD SVLFROyJLFD VRFLDO LQWHUSHUVRQDO
HFRQyPLFD
8QD GH ODV PHGLGDV GH FDOLGDG GH YLGD PiV
XWLOL]DGDVVRQORVªDxRVGHYLGDDMXVWDGRVVHJ~Q
VXFDOLGDG«4XDOLW\$GMXVWHG/LIH<HDUV4$/<­V
3DUDFDOFXODUORV4$/<­VVHPXOWLSOLFDHOQ~PHUR
GHDxRVFRQDOJ~QGp´FLWHQODFDOLGDGGHYLGDSRU
XQFRH´FLHQWHLQIHULRUDXQRTXHHVWDQWRPHQRU
FXDQWR PiV VHYHUR HV HO Gp´FLW 6H REWLHQH DVt
HO Q~PHUR GH DxRV HQ SHUIHFWD VDOXG TXH VHUtDQ
HTXLYDOHQWHVDORVDxRVFRQHOGp´FLW55RVVHU
SSS
/D PHGLFLyQ GH OD FDOLGDG GH YLGD SXHGH WHQHU
DSOLFDFLyQHQGLYHUVDViUHDVVDQLWDULDVODVFXDOHV
DEDUFDQ OD WRPD GH GHFLVLRQHV FOtQLFDV VREUH
HQIHUPRV FRQFUHWRV ODV GHFLVLRQHV SROtWLFDV
VREUHODGLVWULEXFLyQGHUHFXUVRVODLQYHVWLJDFLyQ
FRQHQVD\RVFOtQLFRVODHYDOXDFLyQGHUHVXOWDGRV
(1(52',&,(0%5(
VDQLWDULRV \ OD HVWLPDFLyQ GH ODV QHFHVLGDGHV GH
XQDSREODFLyQ&RPRHVVDELGRODPD[LPL]DFLyQ
GH ORV EHQH´FLRV HV XQ SULQFLSLR HFRQyPLFR
FOiVLFR<DMXVWiQGRVHDHVWHSULQFLSLRHFRQyPLFR
VH KD SURSXHVWR TXH ORV UHFXUVRV VDQLWDULRV
VH GLVWULEX\DQ GH IRUPD TXH VHD Pi[LPR HO
Q~PHUR GH 4$/<V TXH VH YD\DQ D REWHQHU HQ HO
FRQMXQWRVRFLDO<FLHUWDPHQWHDHVWHSULQFLSLRGH
PD[LPL]DFLyQGHORV4$/<VVHOHSXHGHQHQFRQWUDU
MXVWL´FDFLRQHVpWLFDVGHVGHHOXWLOLWDULVPRSXHVWR
TXH DVt VH FRQVLJXH OD PD\RU XWLOLGDG GHO PD\RU
Q~PHUR VLQ DFHSFLyQ GH SHUVRQDV R FRPR XQ
SDFWRVRFLDOUDFLRQDO1RREVWDQWHDOSULQFLSLRGH
PD[LPL]DFLyQGHORV4$/<VWDPELpQVHOHSXHGHQ
UHDOL]DU FLHUWDV FUtWLFDV WLHQGH D PDUJLQDU D ORV
DQFLDQRV 6H SUH´HUH D ORV SDFLHQWHV GH PHMRU
SURQyVWLFR ,PSRQH D ODV PLQRUtDV ORV YDORUHV GH
OD PD\RUtD SXHVWR TXH HQ HO SURFHVR VRFLDO GH
HVWLPDFLyQ GH OD FDOLGDG GH YLGD VyOR VH SXHGH
DOFDQ]DU XQ WpUPLQR PHGLR 6H SXHGH UHFXUULU DO
SULQFLSLR GH PD[LPL]DFLyQ SDUD HQPDVFDUDU \
MXVWL´FDU SROtWLFDV LQDFHSWDEOHV GH FRQWHQFLyQ
GH FRVWHV VDQLWDULRV (O SULQFLSLR GH ORV 4$/<V
QHFHVLWD VHU FRUUHJLGR \ FRPSOHWDGR FRQ RWURV
SULQFLSLRV FRPR MXVWLFLD HTXLGDG FRPSDVLyQ
UHVSHWR\YDORUDFLyQGHODYLGDKXPDQD6iQFKH]
SS
/DVGHFLVLRQHVFOtQLFDVVREUHHQIHUPRVFRQFUHWRV
WDPELpQSXHGHQVHULQµXLGDVSRUDOJXQDHVWLPDFLyQ
GH OD FDOLGDG GH YLGD GHO SDFLHQWH HQ FXHVWLyQ
3HURHQHVWHiPELWRFOtQLFRHVSUHFLVRGLVWLQJXLU
ODV GHFLVLRQHV TXH HO SURSLR SDFLHQWH UHDOL]D
VREUH Vt PLVPR GH ODV GHFLVLRQHV TXH WRPDQ
RWUDV SHUVRQDV (Q HO FDVR GH SDFLHQWHV FDSDFHV
SDUD GHFLGLU OD HVWLPDFLyQ GH OD FDOLGDG GH YLGD
UHDOL]DGDSRUHOORVPLVPRVSXHGHWHQHUODPi[LPD
IXHU]D HQ ODV GHFLVLRQHV TXH OHV DIHFWDQ $KRUD
ELHQORVSDFLHQWHVLQFDSDFHVSDUDGHFLGLUSODQWHDQ
SUREOHPDV GH FDOLGDG GH YLGD TXH QR VH SXHGHQ
UHVROYHU DSHODQGR DO FRQVHQWLPLHQWR LQIRUPDGR
+D\ TXLHQHV SLHQVDQ TXH ODV HVWLPDFLRQHV GH
FDOLGDGGHYLGDQRGHEHQLQµXLUHQODVGHFLVLRQHV
VREUHHQIHUPRVLQFDSDFHVSDUDHYLWDUHQWUHRWUDV
FRVDVHOULHVJRGHGLVFULPLQDFLyQRGHVYDORUDFLyQ
GHHVRVVHUHVKXPDQRV
3HUR WDPELpQ HV FLHUWR TXH H[FOXLU WRWDOPHQWH
ORV MXLFLRV GH FDOLGDG GH YLGD SXHGH SURPRYHU
R PDQWHQHU VLWXDFLRQHV GH VXIULPLHQWR TXH
QLQJXQD SHUVRQD QRUPDO TXHUUtD SDUD Vt PLVPD
6iQFKH]SS
8QD DOWHUQDWLYD SDUD WUDWDU HO GRORU \ HYLWDU
HO HQVDxDPLHQWR WHUDSpXWLFR VLQ UHFXUULU D
OD HXWDQDVLD VRQ ORV FXLGDGRV SDOLDWLYRV OD
2UJDQL]DFLyQ 0XQGLDO GH OD 6DOXG GH´QH ORV
FXLGDGRV SDOLDWLYRV FRPR ª(QIRTXH TXH PHMRUD
OD FDOLGDG GH YLGD GH SDFLHQWHV \ IDPLOLDV TXH
VH HQIUHQWDQ D ORV SUREOHPDV DVRFLDGRV FRQ
HQIHUPHGDGHVDPHQD]DQWHVSDUDODYLGDDWUDYpV
GH OD SUHYHQFLyQ \ DOLYLR GHO VXIULPLHQWR SRU
PHGLRGHODLGHQWL´FDFLyQWHPSUDQDHLPSHFDEOH
HYDOXDFLyQ \ WUDWDPLHQWR GHO GRORU \ RWURV
SUREOHPDVItVLFRVSVLFROyJLFRV\HVSLULWXDOHV«/D
GH´QLFLyQVHFRPSOHWDFRQRWURVSULQFLSLRVHQWUH
ORV FXDOHV ´JXUD TXH ORV FXLGDGRV SDOLDWLYRV QR
LQWHQWDQQLDFHOHUDUQLUHWUDVDUODPXHUWH/D20&
\ ORV H[SHUWRV HQ FXLGDGRV SDOLDWLYRV GH´HQGHQ
TXH HO PHMRU PRGR GH JDUDQWL]DU XQD PXHUWH
GLJQDHVSRQHUDGLVSRVLFLyQGHORVSURIHVLRQDOHV
GH OD VDQLGDG ORV UHFXUVRV WpFQLFRV \ KXPDQRV
QHFHVDULRV SDUD DWHQGHU DO SDFLHQWH WHUPLQDO
6LQ DXWRU 0XHUWH GLJQD FRQVXOWD HOHFWUyQLFD
$GHPiVVHHVWiQLQFUHPHQWiQGRVHORVSURJUDPDV
GH +RVSLFH TXH KDQ LQWHQWDGR GXUDQWH GpFDGDV
RIUHFHU XQD DOWHUQDWLYD D OD PXHUWH HQ XQD IUtD
\ HVWpULO KDELWDFLyQ GH KRVSLWDO /D DWHQFLyQ GH
+RVSLFH HVWi GLVHxDGD SDUD RIUHFHU FRPRGLGDG
\ DSR\R D ORV SDFLHQWHV \ VXV IDPLOLDUHV FXDQGR
XQD SHUVRQD VXIUH GH XQD HQIHUPHGDG IDWDO H
LQFXUDEOH/DDWHQFLyQGH+RVSLFHVHFRQFHQWUD
HQ DOLYLDU ORV VtQWRPDV \ DSR\DU D ORV SDFLHQWHV
TXH HVWiQ D KRUDV GtDV R PHVHV GH OD PXHUWH
6LQ DXWRU FUHFH HQ ((88 FRQVXOWD HOHFWUyQLFD
/R TXH SDUHFH LQGXGDEOH HV TXH VREUH ORV
SDFLHQWHV LQFDSDFHV HO PpGLFR QR GHEH GHFLGLU
VHJ~Q VX SURSLR \ H[FOXVLYR FULWHULR GH FDOLGDG
GH YLGD +D\ TXH SURFXUDU TXH ORV IDPLOLDUHV R
VXVWLWXWRV GHO HQIHUPR HVWpQ GH DFXHUGR FRQ ODV
GHFLVLRQHV GHO PpGLFR 6H GHEH SURFXUDU VHJXLU
HO FULWHULR GHO PHMRU LQWHUpV GHO HQIHUPR +D\
TXH WHQHU HQ FXHQWD ODV GLUHFWLYDV DQWLFLSDGDV R
WHVWDPHQWRVYLWDOHVGHOHQIHUPR
3DUD ODV VLWXDFLRQHV PiV GHOLFDGDV HV
FRQYHQLHQWH TXH H[LVWDQ SURWRFRORV S~EOLFRV
UHFRPHQGDGRV SRU ODV DXWRULGDGHV \ HODERUDGRV
FRQ OD SDUWLFLSDFLyQ GH OD SURIHVLyQ PpGLFD
ODV LQVWLWXFLRQHV SURIHVLRQDOHV \ OD SREODFLyQ
ELHQ LQIRUPDGD DXQTXH HQ OD DSOLFDFLyQ GH
HVRV SURWRFRORV VLHPSUH HV SRVLEOH FXHVWLRQDU
HO GHUHFKR TXH WLHQH OD PD\RUtD D LPSRQHU VXV
FULWHULRVDODVPLQRUtDV
’•
< KD\ TXH WRPDU HQ FXHQWD TXH OD FRQYLFFLyQ
SHUVRQDO GHO PpGLFR SXHGH VHU WDPELpQ TXH XQ
SDFLHQWH \D QR WLHQH FDOLGDG GH YLGD VHJ~Q VX
PRGR GH YDORUDUOD \ TXH \D QR PHUHFH OD SHQD
YLYLU DVt < SXHGH WUDWDU GH LPSRQHU DO SDFLHQWH
HVWDFRQYLFFLyQSHUVRQDOVLQDXWRU0XHUWHGLJQD
FRQVXOWDHOHFWUyQLFD
(QWUH ORV FDVRV PiV SUREOHPiWLFRV HVWiQ ORV
SDFLHQWHV HQ HVWDGR YHJHWDWLYR SHUPDQHQWH
\ ODV GHPHQFLDV WHUPLQDOHV +R\ GtD VH WLHQGH
D FRQFHGHU FDGD YH] PiV SHVR D VXV SURSLDV
GLUHFWLYDVDQWLFLSDGDVRWHVWDPHQWRVYLWDOHV<HQ
DXVHQFLD GH GLUHFWLYDV DQWLFLSDGDV HO SDUHFHU GH
ORV VXVWLWXWRV OHJDOHV FREUD HVHQFLDO UHOHYDQFLD
/RV QLxRV FRQ PDOIRUPDFLRQHV FRQJpQLWDV PX\
JUDYHVFRQVWLWX\HQHOWHUUHQRPiVSROpPLFR(QORV
FDVRVPiVH[WUHPRVVHWLHQGHDUHVSHWDUHOMXLFLR
GH ORV PpGLFRV R ODV SHWLFLRQHV GH ORV SDGUHV
SHURHVPX\GLItFLOGHOLPLWDUXQDOtQHDGHJUDYHGDG
VX´FLHQWH TXH UHFRPLHQGH XQLYHUVDOPHQWH OD
DEVWHQFLyQWHUDSpXWLFD
(Q VtQWHVLV WRGDV ODV GHFLVLRQHV PpGLFDV VH
GHEHUtDQ WRPDU DWHQGLHQGR D OD FDOLGDG GH
YLGD IXWXUD GHO SDFLHQWH \ GHEHQ UHVWULQJLUVH R
DQXODUVHVLHVDFDOLGDGGHYLGDQRYDDVHUEXHQD
3HURVHSRGUtDSUHJXQWDUšTXLpQGLFWDPLQDVREUH
OD VX´FLHQWH FDOLGDG GH HVD YLGD" 6HJ~Q 6LQJHU
SDUDHVRHVWiHOFULWHULRGHORVPpGLFRV\ORTXHOD
VRFLHGDGGH´QD6LQJHU3HWHU
3RU OR TXH HQ FDVR GH HQIHUPRV WHUPLQDOHV H
LQFXUDEOHV VH KDFH LPSUHVFLQGLEOH VLPSOL´FDU ODV
FDWHJRUtDV GH FDOLGDG GH YLGD D WHQHU HQ FXHQWD
8QD GH WDOHV VLPSOL´FDFLRQHV HV OD FODVL´FDFLyQ
WULSDUWLWD LQWURGXFLGD SRU -RQVHQ \ 6LHJOHU
6iQFKH]S
D&DOLGDGGHYLGDVLPSOHPHQWHGLVPLQXLGD&RPR
RFXUUHHQODVVLWXDFLRQHVGHGp´FLWItVLFRRPHQWDO
TXH WRGDYtD SHUPLWHQ XQD YLGD SURSLDPHQWH
KXPDQD(QHVWDFDWHJRUtDODFDOLGDGGHYLGDVyOR
SXHGHVHUWHQLGDHQFXHQWDSRUHOSURSLRSDFLHQWH
<QRGHEHLQµXLUHQORVWUDWDPLHQWRVPpGLFRVTXH
UHFLED
E&DOLGDGGHYLGDPtQLPD7DO\FRPRVHHQFXHQWUD
HQ ODV VLWXDFLRQHV LUUHYHUVLEOHV GH VXIULPLHQWR
LQWROHUDEOHSDUDHOVXMHWRGHOLPLWDFLyQH[WUHPD
FRQLPSRUWDQWHUHVWULFFLyQGHOQLYHOGHFRQFLHQFLD
RGHODFDSDFLGDGGHUHODFLyQ(VHVWDFDWHJRUtD
ODTXHSODQWHDDXWpQWLFRVGLOHPDVpWLFRV
F &DOLGDG GH YLGD EDMR PtQLPRV eVWDV VRQ ODV
VLWXDFLRQHV LUUHYHUVLEOHV HQ ODV TXH QR H[LVWH QL
’–
VLTXLHUDXQPtQLPRQLYHOGHFRQFLHQFLD\GHUHODFLyQ
FRQ RWURV VHUHV KXPDQRV (O HVWDGR YHJHWDWLYR
SHUPDQHQWH \ OD GHPHQFLD HQ IDVH WHUPLQDO
FRQVWLWX\HQHOSDUDGLJPDGHHVWDVVLWXDFLRQHV(Q
HVWD FDWHJRUtD VH SXHGHQ SODQWHDU OtFLWDPHQWH OD
UHWLUDGDGHFLHUWRVWUDWDPLHQWRVPpGLFRV
3RU RWUD SDUWH HQ OD LQYHVWLJDFLyQ FRQ HQVD\RV
FOtQLFRV KD VLGR OD DFWLYLGDG VDQLWDULD TXH KD
LQFRUSRUDGRODVPHGLFLRQHVGHODFDOLGDGGHYLGD
PiV VLVWHPiWLFDPHQWH \ FRQ PiV p[LWR (Q OD
DFWXDOLGDGH[LVWHQPXFKDVLQWHUYHQFLRQHVPpGLFDV
TXH WLHQHQ FRPR REMHWR SULQFLSDO OD PHMRUD
GH OD FDOLGDG GH YLGD GH ORV SDFLHQWHV DXQTXH
QR SUHWHQGDQ DXPHQWDU OD HVSHUDQ]D GH YLGD
FURQROyJLFD $OJXQRV HMHPSORV VRQ OD FLUXJtD GH
UHHPSOD]RDUWLFXODUHOWUDWDPLHQWRIDUPDFROyJLFR
GHO DVPD R HO FRQWURO GH ODV HQIHUPHGDGHV
PHQWDOHV $Vt ODV PHGLFLRQHV GH FDOLGDG GH YLGD
VH FRQYLHUWHQ HQ LQVWUXPHQWRV LQGLVSHQVDEOHV
FXDQGRVHUHDOL]DQHQVD\RVFOtQLFRVSDUDLQYHVWLJDU
QXHYRVWUDWDPLHQWRVRFRPSDUDUORV\DH[LVWHQWHV
< SRVWHULRUPHQWH OD PHMRUD GH OD FDOLGDG GH
YLGDSDVDDFRQVWLWXLUHOSULQFLSDODUJXPHQWRSDUD
HVWDEOHFHU VX LQGLFDFLyQ WHUDSpXWLFD 6iQFKH]
S
7HUFHUDSDUWHVtQWHVLV
+DFLDXQDVtQWHVLVGLDOpFWLFD
/DFDOLGDGGHYLGDHQWUHKXPDQLVWDVSHUIHFFLRQLVWDV
\SUDJPiWLFRV
&RPR VH YLHQH H[SRQLHQGR \ HVWXGLDQGR HQ ODV
GH´QLFLRQHVDFWXDOHVGHODFDOLGDGGHYLGDH[LVWHQ
GRV PRGHORV pWLFRV FRQWUDSXHVWRV UHVXOWDGRV
GH OD KLVWRULD GHO SHQVDPLHQWR ´ORVy´FR ORV
KXPDQLVWDVSHUIHFFLRQLVWDV \ ORV SUDJPiWLFRV
6iQFKH]S
/RVFULWHULRVKXPDQLVWDVSHUIHFFLRQLVWDVVHEDVDQ
HQ FRQVLGHUDU OD SHUIHFFLyQ PRUDO GH OD SHUVRQD
SXHV HVWLPDQ TXH OD YLGD EXHQD FRQVLVWH HQ HO
HMHUFLFLR \ GHVDUUROOR GH FLHUWDV FDSDFLGDGHV
KXPDQDVHQWUHHOODVODVFDSDFLGDGHVFRJQRVFLWLYDV
GH FUHDWLYLGDG GH YLGD LQGHSHQGLHQWH R GH
UHODFLyQ LQWHUSHUVRQDO (VWRV FULWHULRV HQWURQFDQ
FRQ ODV DQWLJXDV UHµH[LRQHV ´ORVy´FDV VREUH OD
HXGDLPRQtD\ODYLUWXG1HFHVLWDQDSR\DUVHHQXQ
MXLFLR GH YDORU SUHYLR DFHUFD GH ODV FXDOLGDGHV
DFWLYLGDGHV R FDSDFLGDGHV FX\D SUHVHQFLD
FRQ´HUH FDOLGDG D XQD YLGD < HVWLPDQ OD FDOLGDG
GH XQ PRGR PiV DFWLYR \ REMHWLYR WHQLHQGR HQ
(1(52',&,(0%5(
FXHQWD OD H[LVWHQFLD GH FXDOLGDGHV REMHWLYDV
DFWLYLGDGHVH[WHULRUHVRUHDOL]DFLyQGHREMHWLYRV
3RUHOFRQWUDULRVRQFULWHULRVXWLOLWDULVWDVDTXHOORV
TXH VH DSR\DQ HQ DOJXQD QRFLyQ GH OD XWLOLGDG
TXH WLHQH OD YLGD SDUD HO SURSLR LQGLYLGXR (VWRV
FULWHULRV HVWLPDQ OD FDOLGDG GH YLGD GH XQ PRGR
PiVSDVLYR\VXEMHWLYRDWHQGLHQGRDOGLVIUXWHGH
FLHUWRV HVWDGRV HPRFLRQDOHV R GH VDWLVIDFFLyQ
VXEMHWLYD 6H SXHGHQ GLVWLQJXLU GRV WLSRV GH
XWLOLWDULVPRVHJ~QVXIRUPDGHHQWHQGHUODXWLOLGDG
$VtWDPELpQVHSXHGHGH´QLUODFDOLGDGGHYLGD
SRU VX FRQWHQLGR GH IHOLFLGDG VXEMHWLYD GDQGR
OXJDU D FULWHULRV ªXWLOLWDULVWDV KHGRQLVWDV« 3HUR
WDPELpQVHSXHGHGH´QLUODFDOLGDGGHYLGDSRUVX
SRVLELOLGDGGHVDWLVIDFHUORVGHVHRVRSUHIHUHQFLDV
GHOLQGLYLGXR'HHVWD~OWLPDIRUPDRULJLQDUHPRV
FULWHULRV ªXWLOLWDULVWDV GH VDWLVIDFFLyQ GH GHVHRV«
< GH KHFKR ORV tQGLFHV TXH VH HPSOHDQ SDUD
PHGLU OD FDOLGDG GH YLGD VH EDVDQ HQ FULWHULRV
XWLOLWDULVWDV
/DDQWtWHVLVHQWUHVDQWLGDGGHYLGD\FDOLGDG
/RV SODQWHDPLHQWRV TXH WLHQHQ HQ FXHQWD OD
FDOLGDGGHYLGDHQWHQGLGDGHVGHHOSXQWRGHYLVWD
GHO XWLOLWDULVPR VH KDQ FRQVLGHUDGR RSXHVWRV D
ODV SRVLFLRQHV OODPDGDV GH ªVDQWLGDG GH YLGD«
TXH LQVLVWHQ HQ HO FDUiFWHU VDJUDGR DEVROXWR H
LQYLRODEOHTXHWLHQHWRGDYLGDKXPDQDHQFXDOTXLHU
FLUFXQVWDQFLD \ FX\R YDORU QR GLVPLQX\H QL D~Q
HQODVFRQGLFLRQHVPiVH[WUHPDV
/DVGRFWULQDVGHVDQWLGDGGHYLGDWLHQHQXQRULJHQ
HPLQHQWHPHQWH UHOLJLRVR HQ HO FULVWLDQLVPR
&RQWHPSODQ OD YLGD KXPDQD FRPR FUHDFLyQ GH
'LRVVREUHODTXHHOKRPEUHFDUHFHSRUFRPSOHWR
GHDXWRULGDGSURSLRGHODVFRVPRYLVLRQHVGHODV
UHOLJLRQHV MXGDtVPR LVODP < DGHPiV SXHGHQ
DVLJQDUXQYDORUVREUHQDWXUDODOVXIULPLHQWRFRPR
HQ HO FULVWLDQLVPR $WULEX\HQ XQ JUDQ YDORU D OD
YLGDKXPDQDTXHREOLJDDSURWHJHUODVLHPSUH
1R REVWDQWH VX SULQFLSDO GLIHUHQFLD FRQ ODV
GRFWULQDVGHODFDOLGDGGHYLGDHVHOFDUiFWHUGH
VXWHRUtDpWLFDVXE\DFHQWH5HLFK:7/DV
GRFWULQDVGHODVDQWLGDGGHYLGDVRQGHRQWROyJLFDV
\ VH DWLHQHQ D FLHUWRV SULQFLSLRV PLHQWUDV TXH
ODV GRFWULQDV GH FDOLGDG GH YLGD DVXPHQ XQD
PHWRGRORJtD pWLFD FRQVHFXHQFLDOLVWD \ SRU HVR
YDORUDQORVUHVXOWDGRV
(O DOFDQFH GH ODV GRFWULQDV GH VDQWLGDG GH YLGD
HV VLQ HPEDUJR LPSUHFLVR \ SXHGH LQFXOFDU XQD
FLHUWD ULJLGH] 3XHGH LQGXFLU LQFOXVR D DGRSWDU
SRVWXUDV ªYLWDOLVWDV« HQ ODV TXH OR LPSRUWDQWH QR
HVODYLGDSURSLDPHQWHKXPDQDVLQRODYLGD
PHUDPHQWHELROyJLFD'HHVWDIRUPDHOSULQFLSLR
GH VDQWLGDG GH YLGD QR SDUHFH VX´FLHQWHPHQWH
SUHFLVR \ DGHFXDGR SDUD UHVROYHU D SULRUL WRGRV
ORVSUREOHPDV<SUHWHQGHUXWLOL]DUORFRPR~QLFR
LQVWUXPHQWR SDUD WRGDV ODV GHFLVLRQHV YLWDOHV
HV GLVWRUVLRQDU VX YDORU UHDO FRPR SULQFLSLR \
FRQYHUWLUOR HQ XQ PHFDQLVPR GH HYLWDFLyQ GH
GHFLVLRQHV HQ OXJDU GH VHU XQD JXtD SDUD ODV
PLVPDV.H\VHUOLQJ.
/DYLGDKXPDQDHVXQELHQTXHGHEHVHUSURWHJLGR
HQSULQFLSLReVDHVODIXQFLyQTXHGHEHFRQWLQXDU
GHVHPSHxDQGR HO SULQFLSLR GH VDQWLGDG GH YLGD
3HUR WDPELpQ SDUHFH FRQYHQLHQWH HODERUDU XQ
FRQFHSWR GH FDOLGDG GH YLGD HQWHQGLGR FRPR
FRPSOHPHQWR\QRFRPRDGYHUVDULRGHOSULQFLSLR
GHVDQWLGDGGHYLGD
8QDGHFXDGRFRQFHSWRGHFDOLGDGGHYLGD
6H QHFHVLWD XQD QRFLyQ GH FDOLGDG GH YLGD
TXH QR UHODWLYLFH HO YDORU GH ODV SHUVRQDV SRU
FRQVLGHUDFLRQHV GH PpULWR UDQJR R XWLOLGDG
VRFLDO 4XH QR LQWURGX]FD OD FRPSDUDFLyQ HQWUH
GLIHUHQWHV YLGDV KXPDQDV FRPR EDVH SDUD WUDWDU
DXQDVVt\DRWUDVQR3HURHVHFRQFHSWRGHEHUi
SHUPLWLUGLIHUHQFLDUHQWUHODYLGDKXPDQRSHUVRQDO
\ODYLGDPHUDPHQWHELROyJLFDUHFRQRFLHQGRTXH
OD YLGD ELROyJLFD HV VyOR OD FRQGLFLyQ SDUD ORV
YDORUHV\ODVUHDOL]DFLRQHVSURSLDPHQWHKXPDQRV
6HUiXQFRQFHSWRFRPRKDD´UPDGR0F&RUPLFN
5$ TXH D´DQFH HO YDORU LJXDO GH WRGD
SHUVRQD SHUR TXH DO PLVPR WLHPSR UHFRQR]FD
TXHQRWRGDIRUPDGHYLGDWLHQHLJXDOYDORUSDUD
ODSHUVRQD8QWDOFRQFHSWRVyORSRGUiLQYRFDUVH
HQEHQH´FLRGHOSDFLHQWHHQFXHVWLyQ\GHQDGLH
PiV /D GHFLVLyQ QR SRGUi SHUVHJXLU HO LQWHUpV
GH RWURV R GH OD VRFLHGDG < QDWXUDOPHQWH HO
EDODQFH GHFLVLYR GH ORV EHQH´FLRV GHEHUi VHU
KHFKR SRU HO SURSLR SDFLHQWH R VXV VXVWLWXWRV
OHJDOHV8QFRQFHSWRDFHSWDEOHGHFDOLGDGGHYLGD
HVWDUiDGHPiVFRQWUDSHVDGRSRUXQSULQFLSLRGH
VDQWLGDGGHYLGDTXHDVHJXUHHOYDORULQWUtQVHFRH
LJXDOGHWRGDYLGD
’—
5HIHUHQFLDV%LEOLRJUiILFDV
%DUULR 0DHVWUH -RVp 0D /D %LRpWLFD HQWUH OD
UHVROXFLyQGHFRQµLFWRV\ODUHODFLyQGHD\XGD
&I'HYHWWHUH5-ª&OLQLFDO(WKLFVDQG+DSSLQHVV«
7KH-RXUQDORI0HGLFLQHDQG3KLORVRSK\
HQ6iQFKH]S
>&RQVXOWDHOHFWUyQLFD@>&RQVXOWDUHDOL]DGDHOGH
GLFLHPEUHGHHQKWWSHVZLNLSHGLDRUJZLNL
(VSHUDQ]DBGHBYLGD@
>&RQVXOWD HOHFWUyQLFD@ GH QRYLHPEUH GH
>&RQVXOWD UHDOL]DGD HO GH GLFLHPEUH GH
HQ KWWSZZZELRHWLFDZHEFRPFRQWHQW
YLHZYLHZ
*yPH]9HOD 0DUtD 6DEHK (OLDQD 1 &DOLGDG GH
YLGD (YROXFLyQ GHO FRQFHSWR \ VX LQµXHQFLD HQ OD
LQYHVWLJDFLyQ \ OD SUiFWLFD >&RQVXOWD HOHFWUyQLFD@
,QVWLWXWR 8QLYHUVLWDULR GH ,QWHJUDFLyQ HQ OD
&RPXQLGDG)DFXOWDGGH3VLFRORJtD8QLYHUVLGDGGH
6DODPDQFD>&RQVXOWDUHDOL]DGDHOGHGLFLHPEUHGH
HQKWWSFDPSXVXVDOHVaLQLFRLQYHVWLJDFLRQ
LQYHVLQLFRFDOLGDGKWP@
*RQ]iOH]$QD0DUWD&ODYHVpWLFDVSDUDODELRpWLFD
>&RQVXOWD HOHFWUyQLFD@ >&RQVXOWD UHDOL]DGD HO GH
GLFLHPEUH GH HQ KWWSZZZELRHWLFDZHE
FRPFRQWHQWYLHZ@
KWWSZZZJRRJOHFRPP[VHDUFK"KO HVVRXUFH
KST UHWRVGHOPLOHQLRRQXPHWD DT RT UHW
RVGHOP@
- 6 0LOO (O XWLOLWDULVPR $OLDQ]D (GLWRULDO
0DGULGHQ6iQFKH]S
/RODV)'LVFXUVRV\QDUUDWLYDVHQPHGLFLQDRULJHQ
HMHPSORV FRPHQWDULR (Q 0iV DOOi GHO FXHUSR
/D FRQVWUXFFLyQ QDUUDWLYD GH OD VDOXG >&RQVXOWD
HOHFWUyQLFD@ 6DQWLDJR (GLWRULDO $QGUpV %HOOR
(Q +DUROG *XHYDUD 5LYDV HW DOW $OJXQRV
$VSHFWRV)LORVy´FRVHQ&DOLGDGGH9LGD3XEOLFDGR
>&RQVXOWD UHDOL]DGD HO GH GLFLHPEUH
GH HQ KWWSZZZSRUWDOHVPHGLFRVFRP
SXEOLFDFLRQHVDUWLFOHV$OJXQRV$VSHFWRV@
0&&$// 6 :KDW LV TXDOLW\ RI OLIH" &OLQLFV LQ
2QFRORJ\SS%2</(-4XDOLW\
RIOLIHDQDPELJXRXVH[SUHVVLRQ(WKLFVDQG0HGLFV
SS
0F&RUPLFN 5 $ ª7R 6DYH RU /HW 'LH« HQ - -
:DOWHU7$6KDQRQHGV4XDOLW\RI/LIH7KH1HZ
0HGLFDO'LOHPPDRFHQ6iQFKH]S
1XVVEDXP 6HQ /D &DOLGDG GH 9LGD >&RQVXOWD
HOHFWUyQLFD@ 0p[LFR )RQGR GH &XOWXUD (FRQyPLFD
(Q+DUROG*XHYDUD5LYDVHWDOW$OJXQRV
’˜
$VSHFWRV)LORVy´FRVHQ&DOLGDGGH9LGD3XEOLFDGR
>&RQVXOWD UHDOL]DGD HO GH GLFLHPEUH
GH HQ KWWSZZZSRUWDOHVPHGLFRVFRP
SXEOLFDFLRQHVDUWLFOHV$OJXQRV$VSHFWRV@
218 3URJUDPD GH ODV 1DFLRQHV 8QLGDV (GXFDFLyQ
>&RQVXOWD HOHFWUyQLFD@ >&RQVXOWD UHDOL]DGD HO GH
GLFLHPEUHGHHQKWWSHVZLNLSHGLDRUJZLNL
(VSHUDQ]DBGHBYLGD
2183URJUDPDGHODV1DFLRQHV8QLGDV(VSHUDQ]D
GH YLGD >&RQVXOWD HOHFWUyQLFD@ >&RQVXOWD UHDOL]DGD
HO GH GLFLHPEUH GH HQ KWWSHVZLNLSHGLD
RUJZLNL(VSHUDQ]DBGHBYLGD
218 3URJUDPD GH ODV 1DFLRQHV 8QLGDV ÀQGLFH GH
GHVDUUROORKXPDQR
218 3URJUDPD GH ODV 1DFLRQHV 8QLGDV 3URGXFWR
LQWHUQR EUXWR >&RQVXOWD HOHFWUyQLFD@ >&RQVXOWD
UHDOL]DGD HO GH GLFLHPEUH GH HQ KWWS
HVZLNLSHGLDRUJZLNL(VSHUDQ]DBGHBYLGD
218/DVPHWDVGHGHVDUUROORGHO0LOHQLRGHOD218
>&RQVXOWD HOHFWUyQLFD@ >&RQVXOWD UHDOL]DGD HO GH
GLFLHPEUHHQ
3DOD]]DQL /DXUD &DOLGDG GH YLGD
FRQVLGHUDFLRQHV ´ORVy´FDV HQ 0HGLFLQD \ eWLFD
0p[LFR
5 5RVVHU9 :DWWV ª7KH PHDVXUHPHQW RI KRVSLWDO
RXWSXW« ,QWHUQDWLRQDO -RXUQDO RI (SLGHPLRORJ\ HQ6iQFKH]SiJ
6iQFKH]0LJXHO&DOLGDGGHYLGHQ*DUFtD
)pUH] -RVp \ $ODUFRV 0DUWtQH] )UDQFLVFR -RVp SDODEUDVFODYHHQ+XPDQL]DUOD6DOXG9HUER'LYLQR
(VWHOOD
6LQDXWRU0XHUWHGLJQDVLQLPSRVLFLRQHV$SURSyVLWR
GHO SUR\HFWR GH OH\ DQGDOX] VREUH ªPXHUWH GLJQD«
>&RQVXOWDHOHFWUyQLFD@GHMXQLRGH>&RQVXOWD
UHDOL]DGDHOGHGLFLHPEUHGHHQKWWSZZZ
ELRHWLFDZHEFRPFRQWHQWYLHZ@ \ &UHFH
HQ ((88 HO Q~PHUR GH KRVSLWDOHV TXH RIUHFHQ HO
PRGHOR GHO +RVSLFH >&RQVXOWD HOHFWUyQLFD@ GH
HQHURGH>&RQVXOWDUHDOL]DGDHOGHGLFLHPEUH
GH HQ KWWSZZZELRHWLFDZHEFRPLQGH[
SKS"RSWLRQ FRPBFRQWHQWWDVN YLHZLG ,WH
PLG @
6LQJHU 3HWHU 5HSHQVDU OD YLGD \ OD PXHUWH (O
GHUUXPEH GH QXHVWUD pWLFD WUDGLFLRQDO >&RQVXOWD
HOHFWUyQLFD@ 3DLGRV >&RQVXOWD UHDOL]DGD HO GH
GLFLHPEUH GH HQ KWWSZZZELRHWLFDZHE
FRPFRQWHQWYLHZ@
9LGDO0DUFLDQR0RUDOGHODSHUVRQD\ELRpWLFD
WHROyJLFD0RUDOGHDFWLWXGHV,,•SDUWH360DGULG
(1(52',&,(0%5(
'HOD
¥AK>¥7
DOD
MK>¥AK>¥7
’™
*AVSMKV7=¥£¥@7@ªWU¦@¥>7
_B¤¥>7@A£SAUVMK7£@A+7£W@
*DUELxH6DUDZDWDUL=DYDOD
,QWURGXFFLyQ
(
O GHUHFKR D OD SURWHFFLyQ GH OD VDOXG HV
VXPDPHQWHDPSOLR\FRPSOHMR\DTXHLPSOLFD
WHPDV GH DWHQFLyQ D OD VDOXG LQYHVWLJDFLyQ
GLDJQyVWLFRSUHYHQFLyQWUDWDPLHQWRHLQVWDQFLDV
\ VX RUJDQL]DFLyQ XQD GH VXV IDFHWDV PiV
LPSRUWDQWHV HV TXH ORV XVXDULRV QR VyOR WHQJDQ
GHUHFKR D REWHQHU HVWDV SUHVWDFLRQHV GH VDOXG
GH IRUPD RSRUWXQD \ GH FDOLGDG LGyQHD HVWR
GHVGHXQSXQWRGHYLVWDWpFQLFRVLQRTXHUHFLEDQ
DWHQFLyQ SURIHVLRQDO \ pWLFDPHQWH UHVSRQVDEOH
DVtFRPRWUDWRUHVSHWXRVRGHORVSURIHVLRQDOHVGHO
HTXLSRGHVDOXGWpFQLFRV\DX[LOLDUHV(QHOWHPD
GH OD LQYHVWLJDFLyQ HQ VHUHV KXPDQRV HVWD GHEH
VHU FRQGXFLGD EDMR GLUHFWULFHV FLHQWt´FDV pWLFDV
\ PRUDOHV (O GHUHFKR GH UHFLELU SUHVWDFLRQHV
GH PDQHUD ªRSRUWXQD« \ ªH´FD]« HV XQ PHUR
HQXQFLDGRVLQRVHOHGDHOYHUGDGHURVXVWHQWRPiV
DOOiGHORH[SHGLWRGHOVHUYLFLRODSUHFLVLyQWpFQLFD
\ UHVXOWDGRV IDYRUDEOHV GHEHQ FRQWHPSODUVH ORV
SULQFLSLRV pWLFRV \ YDORUHV VXVWHQWiQGRVH HQ HO
UHVSHWRDODGLJQLGDGGHODSHUVRQD
$FWR0pGLFR
$OSHQVDUHQHODFWRPpGLFRWHQGHPRVDSHQVDUHQ
XQD UHODFLyQ ELXQtYRFD HQWUH HO PpGLFRSDFLHQWH
SRUTXHHVORTXHHQFRQWUDPRVPiVIUHFXHQWHPHQWH
HQ OD OLWHUDWXUD &XDQGR ODV HVIHUDV GH DFWXDFLyQ
GHOPpGLFR\GHOSDFLHQWHVHHQWUHOD]DQPXFKDV
YHFHVGHMDPRVGHODGRDODHVIHUDFRQIRUPDGDSRU
ODVLQVWLWXFLRQHV\ODVRFLHGDG(OHTXLSRGHVDOXG
LQFOX\HQGR DGHPiV GH PpGLFRV HQIHUPHUDV
WpFQLFRV WUDEDMDGRUHV VRFLDOHV SVLFyORJRV \
WDQDWyORJRV D ORV DGPLQLVWUDGRUHV GH OD XQLGDG
PpGLFD \ RWURV FRQRFH R GHEHUtD FRQRFHU SRU
VXSXHVWR WRGR VX ªEDJDMH« WpFQLFRFLHQWt´FR
DGHPiV GH ORV SURFHGLPLHQWRV TXH HO DYDQFH GH
ODPHGLFLQDDUURMDORFXDOHQFRQMXQWRFRQIRUPDQ
D OD /H[ $UWLV HQWHQGLGD pVWD FRPR HO FRQMXQWR
GH UHJODV SDUD HO HMHUFLFLR PpGLFR FRQWHQLGDV
HQ OD OLWHUDWXUD XQLYHUVDOPHQWH DFHSWDGD HQ ODV
FXDOHV VH HVWDEOHFHQ ORV PHGLRV RUGLQDULRV SDUD
ODDWHQFLyQPpGLFD\ORVFULWHULRVSDUDVXHPSOHR
&21$0('
3HUR WDPELpQ HO SHUVRQDO PpGLFR WLHQH VXV
SURSLRV YDORUHV pWLFRV \ PRUDOHV \ VH HQFXHQWUD
LQVHUWR HQ VX SURSLR FRQWH[WR FXOWXUDO OR FXDO
H[SOLFD TXH HO PpGLFR QR VLHPSUH SXHGH DFWXDU
DVpSWLFDPHQWH DQWH XQD VLWXDFLyQ HMHPSOR GH
HVWRHVODH[LVWHQFLDGHOGHUHFKRGHREMHFLyQGH
FRQFLHQFLD SRU PHGLR GHO FXDO VH UHFRQRFH TXH
QR VH SXHGH VXVWUDHU DO SHUVRQDO PpGLFR GH VXV
FUHHQFLDV UHOLJLRVDV R YDORUHV PRUDOHV \D TXH
DQWHV GH VHU XQ SURIHVLRQLVWD HV XQD SHUVRQD
(VWH PpGLFR FRPR SHUVRQD WUDH DO WUDEDMR
WRGR VXV YDORUHV FRQVLJR SDUD HQFDUDUVH IUHQWH
D XQ SDFLHQWH TXH D OD YH] WLHQH VXV SURSLDV
H[SHFWDWLYDVWHPRUHVFRQRFLPLHQWRVFLHQWt´FRV
RQR\KDVWDORVFRQVHMRVTXHREWXYRSRUSDUWH
GHVXVIDPLOLDUHVRGDWRVGHLQWHUQHWREWHQLGRVGH
FXDOTXLHU IXHQWH DSDUWH GH WRGRV ORV SUHMXLFLRV
SURSLRV GH VX HQWRUQR FXOWXUDO \ FRQGXFWDV
HVWHUHRWLSDGDV 6ROHPRV SHQVDU TXH SRU VHU
PH[LFDQRVQRVFRUUHVSRQGHWDORFXDOFRQGXFWD
SHURFXDQGROOHJDPRVDXQDFRPXQLGDGLQGtJHQD
'UDHQ'HUHFKRV+XPDQRVSRUOD8QLYHUVLGDG1DFLRQDOGH(GXFDFLyQD'LVWDQFLD0DGULG(VSDxD$FWXDOPHQWH-HIDGHO'HSDUWDPHQWRGH(VWXGLRV-XUtGLFRVeWLFRV\
6RFLDOHVGHO,QVWLWXWR1DFLRQDOGH0HGLFLQD*HQyPLFD0DHVWUDHQ%LRpWLFDSRUOD8QLYHUVLGDGGH&X\R0HQGR]D$UJHQWLQD\OD236
“
(1(52',&,(0%5(
QRV GDPRV FXHQWD GH SURIXQGDV GLIHUHQFLDV
TXH VRQ GLItFLOHV GH VDEHU FRPR FROHFWLYR VRFLDO
SRUTXH VRQ HVSHFt´FDV KD\ FRQGXFWDV TXH
FRQVLGHUDPRVQRUPDOHVSHURTXHHQHOFRQWH[WR
GHXQDFRPXQLGDGGLYHUVDDODQXHVWUDYLROHQWDQ
ORV GHUHFKRV GH DOJXQD SHUVRQD GHO JUXSR SRU
HMHPSOR KD\ FRPXQLGDGHV LQGtJHQDV GRQGH QR
VH SHUPLWH TXH XQ PpGLFR KRPEUH UHYLVH D XQD
PXMHU(QWRQFHVKD\XQDVHULHGHFXHVWLRQHVTXH
GDPRVSRUVHQWDGRGHQWURGHXQFRQWH[WRXUEDQR
SRUTXHDOHVWDUHQSOHQRVLJOR;;,\DJOREDOL]DGRV
HQ XQD FXOWXUD KRPRJpQHD KDFH TXH ROYLGHPRV
TXH HO UHVSHWR D OD GLYHUVLGDG FXOWXUDO WDPELpQ
FRQIRUPDODSUiFWLFDGHODFWRPpGLFR
(Q OD DPSOLD GLQiPLFD GHO DFWR PpGLFR ODV
LQVWLWXFLRQHV VH SUHVHQWDQ IUHQWH DO PpGLFR FRQ
OD QRUPDWLYLGDG VXV SURSLDV JXtDV \ SURJUDPDV
TXHpVWHGHEHFXPSOLU3HURWDPELpQODVRFLHGDG
LPSRQH FLHUWR WLSR GH FRQGXFWDV DKRUD SRU
HMHPSOR TXH HVWDPRV HQ XQD VRFLHGDG PXFKR
PiV DFWLYD HQ GRQGH H[LVWH PiV SDUWLFLSDFLyQ
GHPRFUiWLFD GRQGH OD PLVPD VRFLHGDG H[LJLy
HO GHUHFKR D OD LQIRUPDFLyQ QL ODV LQVWLWXFLRQHV
QL ORV PpGLFRV SXHGHQ DFWXDU FRPR TXLVLHUDQ
DO PDUJHQ GH OD WUDQVSDUHQFLD $QWHV KDEtD
RSDFLGDGSHURDKRUDHOPLVPRFLXGDGDQRTXLHUH
VHUSDUWtFLSHGHORTXHSDVD\VDEHUORTXHKDFHHO
JRELHUQRRODVHPSUHVDVFRQORVUHFXUVRV(QHVWD
VLQHUJLD SDUWLFLSDQ HVWRV WUHV DFWRUHV HO 0pGLFR
FRQVX/H[$UWLVTXHVHDGDSWDDODQRUPDWLYLGDG
GH ODV LQVWLWXFLRQHV ODV ,QVWLWXFLRQHV TXH GHEHQ
RIUHFHU DO SDFLHQWH DSHJR D OD OH\ \ VDWLVIDFHU HO
FXPSOLPLHQWR GHO GHUHFKR D OD SURWHFFLyQ D OD
VDOXGpVWRVGHEHQGHHVWDUXQLGRVSRUXQYtQFXOR
GH HPSDWtD SDUD DVt SRGHU OOHJDU D XQD EXHQD
SUiFWLFDPpGLFD
'HUHFKRDOD3URWHFFLyQDOD6DOXG
/D2UJDQL]DFLyQ0XQGLDOGHOD6DOXG206GH´QLy
DODVDOXGQRVyORFRPRODDXVHQFLDGHHQIHUPHGDG
VLQRFRPRªHOHVWDGRFRPSOHWRGHELHQHVWDUItVLFR
\PHQWDOHQXQFRQWH[WRHFROyJLFRVRFLDOSURSLFLR
SDUDVXVXVWHQWR\GHVDUUROORODVDOXGGHVFDQVDHQ
ODHVIHUDGHSUiFWLFDPHQWHWRGDVODVLQWHUDFFLRQHV
VRFLDOHV\FXOWXUDOHV\HVFRQHOODVXQFRPSRQHQWH
VLQHUJpWLFR GH ELHQHVWDU VRFLDO« %DVWD LPDJLQDU
OR DPSOLR GH HVWD GH´QLFLyQ SDUD VDEHU TXH HV
XWySLFDVHVXSRQHTXHORV(VWDGRVFXDQGR´UPDQ
HQ ORV FRQYHQLRV R WUDWDGRV LQWHUQDFLRQDOHV TXH
YHODUiQSRUHOGHUHFKRDODVDOXGOR´UPDQFyPR
XQDPHWDDODTXHTXLVLpUDPRVOOHJDU\DTXHVHUtD
LPSRVLEOHTXHORVSDtVHVSXHGDQFRPSURPHWHUVH
D EULQGDU XQ ªHVWDGR FRPSOHWR GH ELHQHVWDU«
&DEH SUHJXQWDUVH SRU HMHPSOR HQ OD &LXGDG GH
0p[LFR R 'LVWULWR )HGHUDO ') VH SXHGH OOHJDU
D XQ ªFRQWH[WR HFROyJLFR VRFLDO« FXDQGR ORV
QLYHOHV GH FRQWDPLQDFLyQ VRQ DOWtVLPRV R QRV
SRGHPRVFXHVWLRQDUVLODVDOXGSXHGHªGHVFDQVDU
HQ OD HVIHUD GH WRGDV ODV LQWHUDFFLRQHV VRFLDOHV«
FXDQGR YHPRV ORV SUREOHPDV GH ORV JUXSRV HQ
VLWXDFLyQ GH YXOQHUDELOLGDG TXH HQ SOHQR VLJOR
;;,FDUHFHQGHFRQGLFLRQHVGHLJXDOGDG
2EYLDPHQWH XQ HVWDGRQDFLyQ QR SXHGH
FRPSURPHWHUVH D RIUHFHU XQD ªVDOXG« HQ HVWH
VHQWLGRXWySLFRDWRGRVVXVFLXGDGDQRVDORTXH
VtSXHGHFRPSURPHWHUVHXQSDtVHVDHVWDEOHFHU
ODV FRQGLFLRQHV SURSLFLDV SDUD TXH H[LVWDQ
LQVWLWXFLRQHVTXHEULQGHQDWHQFLyQRSURWHFFLyQD
ODVDOXG(QHVWHVHQWLGRUHVXOWDEDVWDQWHDFHUWDGR
OR TXH HVWDEOHFH OD &RQVWLWXFLyQ 3ROtWLFD GH ORV
(VWDGRV 8QLGRV 0H[LFDQRV '2) TXH
PHMRU DWHUUL]y HVH GHUHFKR D OD VDOXG DEVWUDFWR
HQ XQ GHUHFKR D OD SURWHFFLyQ GH OD VDOXG 6H
VXHOHGHFLUTXHHOGHUHFKRDODVDOXGVHIXQGDHQ
HO SiUUDIR WHUFHUR GHO DUWtFXOR – &RQVWLWXFLRQDO
SHURVLJXLHQGRD6HUJLR*DUFtD5DPtUH]FIU
QR HV TXH VH FRQVDJUH HO ªGHUHFKR D OD
VDOXG«VLQRXQGHUHFKRDGLVSRQHUGHPHGLRVSDUD
ODSURWHFFLyQGHODVDOXGPHGLDQWHHODFFHVRDORV
VHUYLFLRV FRUUHVSRQGLHQWHV (O SiUUDIR IXQGDQWH
GH HVWH 'HUHFKR D OD OHWUD HVWDEOHFH ª7RGD
SHUVRQDWLHQHGHUHFKRDODSURWHFFLyQGHODVDOXG
/D /H\ GH´QLUi ODV EDVHV \ PRGDOLGDGHV SDUD HO
DFFHVR D ORV VHUYLFLRV GH VDOXG \ HVWDEOHFHUi OD
FRQFXUUHQFLD GH OD )HGHUDFLyQ \ ODV HQWLGDGHV
IHGHUDWLYDV HQ PDWHULD GH VDOXEULGDG JHQHUDO
FRQIRUPHDORGLVSRQHODIUDFFLyQ;9,GHODUWtFXOR
GHHVWD&RQVWLWXFLyQ«
(O DUWtFXOR FRQVWLWXFLRQDO HVWDEOHFH FXiO HV
OD OHJLVODFLyQ TXH ULJH HQ HO SDtV \ HO RUGHQ TXH
WLHQHQ TXH VHJXLU ODV QRUPDV SULPHUR ULJH OD
&RQVWLWXFLyQ \ HQ FXHVWLyQ HVSHFt´FD GH VDOXG
H[LVWHQ DGHPiV GHO DUWtFXOR – FRQVWLWXFLRQDO
ORV DUWtFXORV DO GH OD &RQVWLWXFLyQ TXH VRQ
ODV JDUDQWtDV LQGLYLGXDOHV R GHUHFKRV KXPDQRV
TXH DXQTXH OD &RQVWLWXFLyQ QR ORV OODPD DVt Vt
VRQ GHUHFKRV TXH HO JRELHUQR VH FRPSURPHWH D
UHVSHWDU \ SDUD OR PLVPR D HVWDEOHFHU SROtWLFDV
S~EOLFDV H LQVWLWXFLRQDOHV SDUD SRGHU OOHJDUORV D
SURWHJHU \ FXPSOLU $Vt TXH PiV SXQWXDOPHQWH
OD VDOXG HV XQ ELHQ TXH HO (VWDGR MXUtGLFDPHQWH
SXHGHFRPSURPHWHUVHDWXWHODU\ORVJREHUQDGRV
FRQWDPRV FRQ HO GHUHFKR D OD SURWHFFLyQ GH OD
VDOXG &ODUR TXH OD FRQGLFLyQ VLQH TXD QRQ SDUD
“‘
TXH H[LVWD OD VDOXG HV HO UHVSHWR D OD YLGD \ D
OD LQWHJULGDG ItVLFD REYLDPHQWH VH UHTXLHUH OD
SURWHFFLyQGHORVGHPiVGHUHFKRVKXPDQRVSDUD
OOHJDUDHVDªVDOXG«GH´QLGDSRUOD206
/RV VLJXLHQWHV HQ RUGHQ GH SUHODFLyQ VRQ ORV
WUDWDGRV LQWHUQDFLRQDOHV \ FRQYHQLRV ´UPDGRV
SRU 0p[LFR \ UDWL´FDGRV SRU HO 6HQDGR pVWRV
ULJHQ GLYHUVDV PDWHULDV TXH SXHGHQ LU GHVGH
WHPDV FRPHUFLDOHV FRPR HO 7UDWDGR GH /LEUH
&RPHUFLR FRQ 1RUWHDPpULFD 7/&$1 KDVWD
FXHVWLRQHV HVSHFt´FDV GH VDOXG SDUD OR FXDO
FRQWDPRVFRQLQVWUXPHQWRVWDOHVFRPRHO3DFWR
,QWHUQDFLRQDOGH'HUHFKRV(FRQyPLFRV6RFLDOHV\
&XOWXUDOHV2183DFWR,QWHUQDFLRQDO
/XHJRPiVDEDMRHQMHUDUTXtDVHVLW~DQODVOH\HV
JHQHUDOHV R UHJODPHQWDULDV GH OD &RQVWLWXFLyQ
HQ HO FDVR HVSHFt´FR GH OD VDOXG OD /H\ *HQHUDO
GH 6DOXG /*6 /H\ JHQHUDO GH VDOXG UHJODPHQWDDODUWtFXOR–FRQVWLWXFLRQDO(OGHUHFKR
DODSURWHFFLyQGHODVDOXGHVGHVJORVDGRHQHVWH
RUGHQDPLHQWR HVSHFL´FDQGR HO WLSR GH DFFLRQHV
TXH FRUUHVSRQGHQ D ODV LQVWLWXFLRQHV GH VDOXG \
TXLHQHVVRQORVHQFDUJDGRVGHHMHFXWDUODVSRUOR
PLVPROD/*6WLHQHUHJODPHQWRVTXHSURIXQGL]DQ
HQ GLYHUVDV PDWHULDV FRPR DWHQFLyQ PpGLFD
LQYHVWLJDFLyQ WUDVSODQWHV VDQLGDG LQWHUQDFLRQDO
SXEOLFLGDGHQWUHRWURV«/*6
7DPELpQ H[LVWHQ ODV 1RUPDV 2´FLDOHV 0H[LFDQDV
120 TXH VRQ QRUPDV REOLJDWRULDV HQ PDWHULD
WpFQLFD ODV FXDOHV UHJXODQ ORV HVWiQGDUHV FRPR
PHGLGDVSURFHGLPLHQWRVHWLTXHWDGRTXHGHEHQ
FXPSOLU ORV SURGXFWRV \ VHUYLFLRV HQ GLYHUVRV
FDPSRVSXHGHQDEDUFDUGHVGHHOFDPSRODERUDO
PLQHUR HOpFWULFR HFRQyPLFR (Q HO iPELWR GH
OD VDOXG KD\ 120­V GH GLVWLQWD tQGROH GHVGH ODV
TXH UHJXODQ FXHVWLRQHV GH VHUYLFLRV GH DWHQFLyQ
PpGLFD12066$FRPRODHVSHFt´FD
VREUH DWHQFLyQ HQ XQLGDGHV SVLTXLiWULFDV R GH
OD DWHQFLyQ D OD PXMHU GXUDQWH HO HPEDUD]R
WDPELpQH[LVWHQ120­VTXHUHJXODQHOPDQHMRGH
VXVWDQFLDV120(&2/66$ FRPR OD
TXHUHJXODDORVUHVLGXRVSHOLJURVRVRKD\120­V
FRPR ODV TXH UHJXODQ DVSHFWRV WpFQLFRV120
66$ WHQHPRV SRU HMHPSOR OD PHGLGD
RJURVRUGHORVFDWpWHUHVSDUDGLiOLVLV'HKHFKR
HQHOFDPSRGHODVDOXG\GHKLJLHQHHQHOWUDEDMR
HVGRQGHPD\RUFDQWLGDGGH120H[LVWHQ
'HVSXpVGHODV120VLJXHVHQHORUGHQUHJXODWRULR
OD QRUPDWLYLGDG SURSLD GH ODV LQVWLWXFLRQHV HO
,QVWLWXWR 0H[LFDQR GHO 6HJXUR 6RFLDO ,066 HO
“’
,QVWLWXWR GH 6HJXULGDG \ 6HUYLFLRV 6RFLDOHV GH
ORV 7UDEDMDGRUHV GHO (VWDGR ,6667( 3HWUyOHRV
0H[LFDQRV 3(0(; \ RWUDV LQVWDQFLDV FXHQWDQ
FRQVXVSURSLDVOH\HVTXHUHJODPHQWDQORVVHUYLFLRV
GH VDOXG TXH VH RWRUJDQ D OD SREODFLyQ/H\ GHO
6HJXUR 6RFLDO 7DPELpQ HQ HO 'HUHFKR
6DQLWDULRHQFRQWUDPRVTXHORVGHFUHWRVFLUFXODUHV
DFXHUGRVGHO*RELHUQR)HGHUDO\ORFDOHVULJHQORV
VHUYLFLRVGHVDOXG
'HQWURGHHVWHGHUHFKRDODSURWHFFLyQGHODVDOXG
H[LVWHQ ODV IXHQWHV TXH YDQ FUHDQGR DO 'HUHFKR
FRPR FLHQFLD HVWDV IXHQWHV VRQ OD OHJLVODFLyQ OD
FRVWXPEUHODGRFWULQD\YDOHODSHQDPHQFLRQDU
HO LPSRUWDQWH OXJDU TXH RFXSD OD MXULVSUXGHQFLD
\ TXH ~OWLPDPHQWH HQ FXHVWLRQHV VREUH VDOXG KD
WHQLGRXQUROSULQFLSDO3RGHPRVPHQFLRQDUFRPR
HMHPSORHOFDVRGHODFRQWURYHUVLDFRQVWLWXFLRQDO
HQWDEODGD HQ SRU OD 3URFXUDGXUtD *HQHUDO
GH OD 5HS~EOLFD \ OD &RPLVLyQ 1DFLRQDO GH ORV
'HUHFKRV +XPDQRV FRQWUD OD $VDPEOHD GHO ')
SRUODVUHIRUPDVDO&yGLJR3HQDOORFDOHQHOWHPD
GHO DERUWR HVWH FDVR GHPRVWUy TXH WDPELpQ ORV
yUJDQRVMXULVGLFFLRQDOHVWLHQHQDOJRTXHGHFLUFRQ
UHVSHFWRDODVDOXG
(Q FXDQWR D ODV DFFLRQHV GHO GHUHFKR D OD
SURWHFFLyQ D OD VDOXG OD /*6 VHxDOD TXH UDGLFDQ
HQODDWHQFLyQPpGLFDHQODVDOXGS~EOLFD\HQOD
DVLVWHQFLD VRFLDO /RV VXMHWRV DFWXDQWHV HQ HVWH
GHUHFKR QR VRODPHQWH VRQ HO SHUVRQDO GH VDOXG
VLQRWDPELpQDODVLQVWLWXFLRQHVS~EOLFDVSULYDGDV
\VRFLDOHV\ODFRPXQLGDGDHVWD~OWLPDODPLVPD
/*6 OH GD XQ SDSHO LPSRUWDQWH GH SDUWLFLSDFLyQ
DXQQRWDQGHPRFUiWLFR\SDUWLFLSDWLYRFRPRVH
HVSHUDHQODVRFLHGDGGHOVLJOR;;,SRUTXHOD/*6
GDWDGHORVDxRVRFKHQWDVSHURHVGHHVSHUDUVH
TXHDODSDUGHXQDIXWXUDDFWXDOL]DFLyQGHOWH[WR
VHOHGpXQUROPiVSDUWLFLSDWLYRDODFRPXQLGDG\
JUXSRVRUJDQL]DGRVGHODVRFLHGDGFLYLO
(Q UHODFLyQ D ODV ,QVWDQFLDV TXH MXHJDQ XQ SDSHO
IXQGDPHQWDO HQ HO GHUHFKR D OD SURWHFFLyQ GH OD
VDOXGDGHPiVGHODVLQVWLWXFLRQHVGRQGHVHEULQGD
OD DWHQFLyQ D OD VDOXG KDEUtD TXH DJUHJDU ODV
LQVWDQFLDVTXHEULQGDQSURWHFFLyQ\FXPSOLPLHQWR
DHVWH'HUHFKR(VWHUXEURORSRGHPRVGLYLGLUHQ
HO iPELWR MXGLFLDO \ HO QR MXGLFLDO (Q HVWH SXQWR
HVSHFt´FR HV GRQGH VH DQDOL]D HO iPELWR GH OD
UHVSRQVDELOLGDG GHO SHUVRQDO GH VDOXG \ GH ODV
LQVWLWXFLRQHVKDFLDHOFLXGDGDQR
5HVSRQVDELOLGDG
(1(52',&,(0%5(
/DVREOLJDFLRQHVGHORVSURIHVLRQDOHVGHOSHUVRQDO
GHVDOXGVRQGHWUHVWLSRVODREOLJDFLyQGHPHGLRV
PHGLDQWH OD FXDO HO SURIHVLRQLVWD GHEH SRQHU DO
VHUYLFLR GHO SDFLHQWH \ OD FRPXQLGDG VX VHUYLFLR
VX HVSHFLDOL]DFLyQ \ VX FRQRFLPLHQWR WpFQLFR
DFWXDQGR FRQIRUPH D OD /H[ $UWLV DYDQFHV TXH
OD FLHQFLD SRQH DO DOFDQFH GH VXV SUDFWLFDQWHV R
FRPRXQVDEHUTXHHQJOREDHOFRQMXQWRGHQRUPDV
\ SULQFLSLRV TXH YDQ DFWXDOL]DQGR D OD 0HGLFLQD
FDGDGtD3DUDORJUDUHVWRHVPX\LPSRUWDQWHTXH
HOSHUVRQDOGHVDOXGEULQGHLQIRUPDFLyQFRPSOHWD
VREUHWRGRWRPDQGRHQFXHQWDDORVFLXGDGDQRV
GHHVWDVRFLHGDGFDGDYH]PiVSDUWLFLSDWLYDDOD
TXHKHPRVHVWDGRKDFLHQGRUHIHUHQFLD
(QHVWHWHQRUHOFRQVHQWLPLHQWRLQIRUPDGRWRPD
XQ URO IXQGDPHQWDO HQ HO UHVSHWR DO GHUHFKR D OD
DXWRQRPtDSRUHVRODLQIRUPDFLyQTXHVHEULQGD
GHEHVHURSRUWXQDUHOHYDQWHYHUD]SHUWLQHQWH\
FODUD(VLPSRUWDQWHGHVWDFDUHVWHSXQWRSRUTXH
\D QR HVWDPRV HQ XQD VRFLHGDG SDWHUQDOLVWD
HQ GRQGH HO SDFLHQWH SHUPDQHFH SDVLYR VLQR
TXH HV XQD VRFLHGDG GRQGH HO FLXGDGDQR TXLHUH
VDEHU PiV VREUH ORV SURFHGLPLHQWRV TXH VH OH
YDQ D HIHFWXDU SUHJXQWD PiV SDUWLFLSD SLGH
LQIRUPDFLyQFXHVWLRQD
2WUDREOLJDFLyQHVODGH6HJXULGDGTXHFRQVLVWH
HQ HYLWDU OR PiV SRVLEOH R PLQLPL]DU ORV ULHVJRV
HQ ORV iPELWRV WHUDSpXWLFR R GH LQYHVWLJDFLyQ
$XQTXH SDUHFH DOJR HYLGHQWH VLJXH VLHQGR
QHFHVDULR HYDOXDU FRQVWDQWHPHQWH FyPR HYLWDU
ORVDFFLGHQWHVLPSOHPHQWDQGRGLYHUVDVPHGLGDV
SRUHMHPSORSHVHDTXHH[LVWHOD120VREUH
HO H[SHGLHQWH FOtQLFR12066$ DXQ
QR HV FDEDOPHQWH FRQRFLGD QL FXPSOLGD VL QR
OOHYDPRV HO UHJLVWUR DGHFXDGR GH SDFLHQWH HQ
HO H[SHGLHQWH QR VH SRGUi VDEHU QL TXH DOHUJLDV
SDGHFHHOSDFLHQWHRVLKDEUiDOJXQDLQWHUDFFLyQ
PHGLFDPHQWRVD VLWXDFLRQHV TXH SRGUtDQ VHU
WRWDOPHQWH HYLWDEOHV 7DPELpQ VH SXHGHQ HYLWDU
DFFLGHQWHV YHUL´FDQGR TXH ODV LQVWDODFLRQHV
VHDQ DGHFXDGDV TXH H[LVWD KLJLHQH SDUD HYLWDU
LQIHFFLRQHVQRVRFRPLDOHV
3RU~OWLPRH[LVWHQODVREOLJDFLRQHVGH5HVXOWDGRV
&RPROD0HGLFLQDQRHVXQDFLHQFLDH[DFWD\DTXH
ODV UHDFFLRQHV D FDGD LQWHUYHQFLyQ R VXVWDQFLD
GHSHQGHQGHFDGDRUJDQLVPRSRUHVRHOSHUVRQDO
PpGLFRQRSXHGHJDUDQWL]DUUHVXOWDGRV
$FWXDOPHQWHFRQHOWLSRGHªPHGLFLQDDODFDUWD«
TXHSDUHFHHVWDULPSHUDQGRHQODVRFLHGDGVHGD
OD GLQiPLFD HQ OD TXH HO SDFLHQWH HV PXFKR PiV
GHPDQGDQWH \ FDVL HVWi ªH[LJLHQGR« HO WLSR GH
SURFHGLPLHQWR TXH TXLHUH \ ORV UHVXOWDGRV TXH
HVSHUD\HOPpGLFRFRQWDOGHFRQVHUYDUDXQ\D
QRGLJDPRVSDFLHQWHSRUTXHSDUHFHWUDWDUORPiV
FRPRDXQªFOLHQWH«MXVWRVHYHSUHVLRQDGRSDUD
SURPHWHUTXHYDDKDFHUFLHUWRSURFHGLPLHQWRGH
PDQHUDH[LWRVDRTXHHOSDFLHQWHYDDTXHGDUGH
ODIRUPDTXHSLGH3HURHVWHWLSRGHSURPHVDVQR
VHSXHGHQKDFHUHQXQDSURIHVLyQHPLQHQWHPHQWH
KXPDQLVWD SRUTXH DXQTXH OD 0HGLFLQD VHD XQD
SURIHVLyQTXHHVWiEDVDGDHQHOPpWRGRFLHQWt´FR
DO ´QDO VLHPSUH YD D YHUVDU VREUH SHUVRQDV QR
VREUH PDTXLQDULD DVt TXH VRODPHQWH VH SXHGHQ
KDFHUSURPHVDVHQDOJ~QDVSHFWRWpFQLFRFRPROD
FDOLGDGHQORVLQVXPRVUHVXOWDGRVGHODERUDWRULR
HQPHGLGDVGHLPSODQWHVSUyWHVLVHWFHQGRQGH
VHSXHGHQRIUHFHUUHVXOWDGRVPX\SXQWXDOHV
6L QR VH FXPSOHQ HVWDV WUHV REOLJDFLRQHV VH
YD D JHQHUDU DOJXQD LQFRQIRUPLGDG SRU SDUWH
GHO SDFLHQWH \ SRU FRQVLJXLHQWH DOJ~Q WLSR GH
UHVSRQVDELOLGDG SDUD HO SHUVRQDO PpGLFR 'HQWUR
GHOHVWXGLRGHODUHVSRQVDELOLGDGPpGLFDHQ0p[LFR
HVWDVWUHVREOLJDFLRQHVVRQLQFXPSOLGDVGHELGRD
ODVGHVYLDFLRQHVODVFXDOHVVHJ~QHO&yGLJR&LYLO
VRQQHJOLJHQFLDLPSHULFLD\GROR/DQHJOLJHQFLD
VHSUHVHQWDSRUODUHDOL]DFLyQGHXQDFWRFRQWUDULR
DO GHEHU GH OD SURIHVLyQ R FRQWUDULR D OR TXH OD
/H[$UWLVH[LJH/DLPSHULFLDVHSUHVHQWDFXDQGR
DXQVDELHQGRODWpFQLFDQRVHOOHJDQDFXPSOLUODV
REOLJDFLRQHVSRULPSUXGHQFLDRGHVFXLGR(OGROR
H[LVWHFXDQGRLQWHQFLRQDOPHQWHVHTXLHUDIDOWDUDO
GHEHURGDxDUDXQDSHUVRQD\SRUHVRODVDQFLyQ
SXHGHSDVDUGHOiPELWRGHO'HUHFKR&LYLODO3HQDO
+D\ RWURV IDFWRUHV TXH YLFLDQ OD UHODFLyQ GHO
SHUVRQDOGHVDOXGFRQHOSDFLHQWH\TXHFDXVDQ
SRU OR PLVPR LQVDWLVIDFFLyQ GHO SDFLHQWH R VX
IDPLOLDFRQUHVSHFWRDODDWHQFLyQSRUHMHPSOROD
WDUGDQ]DHQHOVHUYLFLRTXHHVXQUXEURHQHOTXH
VH SXHGH PHMRUDU SDXODWLQDPHQWH FRQ PHGLGDV
PHUDPHQWH DGPLQLVWUDWLYDV +D\ RFDVLRQHV TXH
FXDQGRVHSUHVHQWDQFRPSOLFDFLRQHVTXLU~UJLFDV
QR VH SXHGHQ SUHYHU SRUTXH FRPR VH VHxDOy
DQWHULRUPHQWH OD 0HGLFLQD QR HV H[DFWD SHUR
HQ PXFKDV RWUDV RFDVLRQHV Vt VH SXGLHURQ KDEHU
HYLWDGR VL VH KXELHUDQ FXPSOLGR ODV REOLJDFLRQHV
GH PHGLRV R GH VHJXULGDG (Q OD PD\RUtD GH ORV
FDVRV GH XQD TXHMD SRU SDUWH GHO SDFLHQWH VH
REVHUYD TXH HO IRQGR GHO FRQµLFWR HV OD PDOD
FRPXQLFDFLyQ TXH HV HO IDFWRU PiV LPSRUWDQWH
HQ OD UHODFLyQ PpGLFRSDFLHQWH (Q RWURV FDVRV
VH OOHJD D OD VLWXDFLyQ GH TXH HO SDFLHQWH R VXV
IDPLOLDUHV SUHVHQWDQ XQD GHPDQGD GHELGR D OD
““
RSLQLyQ GRORVD GH RWUR SURIHVLRQDO GH VDOXG TXH
FULWLFD DO PHGLFR WUDWDQWH H LQµX\H HQ OD RSLQLyQ
GHO SDFLHQWH \ OH KDFH FUHHU TXH KXER XQ PDO
PDQHMRGHVXFDVR7DPELpQSXHGHJHQHUDUVHXQ
FRQµLFWRGHELGRDTXHORVPHGLRVGHLQIRUPDFLyQ
D YHFHV GHVLQIRUPDQ R SRUTXH OD LQGXVWULD GHO
OLWLJLR KD FUHFLGR D SDVRV DFHOHUDGRV OR YHPRV
SDOSDEOH HQ (VWDGRV 8QLGRV GH $PpULFD GRQGH
HO PLVPR VLVWHPD MXUtGLFR DQJORVDMyQ SHUPLWH
EDVWDQWH µH[LELOLGDG SDUD SUHVHQWDU FDVRV DQWH
ODV &RUWHV \ 7ULEXQDOHV \ HV PX\ SUREDEOH TXH
DOJ~QGtDVHWUDQV´HUDHVWDPHQWDOLGDGOLWLJLRVDD
ODVRFLHGDGPH[LFDQD\SHQVDUHQWRQFHVTXHVH
WLHQHGHUHFKRDGHPDQGDUSRUFXDOTXLHUFXHVWLyQ
R LQFRQIRUPLGDG VLQ PHGLU ODV FRQVHFXHQFLDV GH
ODDFFLyQSDUDODYLGDSURIHVLRQDOGHOSURIHVLRQLVWD
GHOHTXLSRPpGLFR(VWRSXHGHDVHYHUDUVHSRUTXH
VH KD YLVWR FDGD YH] PiV IUHFXHQWHPHQWH OD
SUROLIHUDFLyQ GH ORV VHJXURV SDUD GHIHQVD GH ORV
PpGLFRV\ODPHGLFLQDGHIHQVLYD
(QHOiPELWRMXGLFLDOODUHVSRQVDELOLGDGPpGLFDVH
FRQFHQWUDUtD HQ HO iPELWR DGPLQLVWUDWLYR SHQDO
FLYLO \ ODERUDO (Q HO UXEUR GH VDOXG HO 'HUHFKR
$GPLQLVWUDWLYR ULJH OD UHODFLyQ TXH KD\ HQWUH HO
(VWDGR\HOJREHUQDGRSRUORTXHHOJREHUQDGR
SXHGHLQWHUSRQHUXQUHFXUVRGHLQFRQIRUPLGDGHQ
FRQWUD GH DOJXQD UHVROXFLyQ GH OD 6HFUHWDUuD GH
6DOXG )HGHUDO R GH ODV VHFUHWDUuDV HVWDWDOHV SRU
HMHPSOR TXLHQ WUDPLWy VX SHUPLVR GH VDQLGDG
SDUDHVWDEOHFHUXQODERUDWRULR\SRUDOJXQDUD]yQ
TXHFRQVLGHUDLQMXVWL´FDGDODDXWRULGDGORFLHUUD
SXHGHSUHVHQWDUXQUHFXUVRGHLQFRQIRUPLGDG
3HUR HQ UHODFLyQ DO PpGLFR HO FLXGDGDQR SXHGH
DFXGLU DQWH OD DXWRULGDG SRUTXH SRGUtD H[LVWLU
DOJ~Q WLSR UHVSRQVDELOLGDG GH ORV VHUYLGRUHV
S~EOLFRV WUDWiQGRVH GH KRVSLWDOHV \ XQLGDGHV
S~EOLFDV
(QHOFDVRGHO'HUHFKR3HQDOHO&yGLJRHVWDEOHFH
ODV FRQGXFWDV TXH HO (VWDGR FRQVLGHUD TXH YDQ
FRQWUD OD FRQYLYHQFLD HQWUH FLXGDGDQRV R HQWUH
JREHUQDGRV \ HO (VWDGR SRU OR TXH ODV WLSL´FD \
VDQFLRQD &XDOTXLHU FLXGDGDQR SXHGH FRPHWHU
DOJXQDGHODVFRQGXFWDVWLSL´FDGDVHQORVFyGLJRV
SHUR KD\ RWUDV HQ ODV TXH OD UHVSRQVDELOLGDG
DXPHQWDRVHDJUDYDVLHOVXMHWRTXHODVFRPHWH
HV DOJ~Q SURIHVLRQLVWD GH VDOXG 3RU HMHPSOR HO
DERUWR HQ HO ') \D HVWi GHVSHQDOL]DGR SHUR
VLJXH SHQDOL]DGR HQ ORV GHPiV HVWDGRV GH OD
5HS~EOLFD OD PDGUH HV OD TXH FRPHWH HO GHOLWR
SHURODFRQGXFWDVHDJUDYDFXDQGRHOPpGLFROD
SDUWHUDODFRPDGURQDODHQIHUPHUDSDUWLFLSDQHQ
XQDERUWR&yGLJR3HQDO)HGHUDO&3)$UW/R
“”
PLVPRVXFHGHFRQHOWLSRSHQDOGHQRUHVSHWDUORV
VHFUHWRV VH DJUDYD FXDQGR DOJXLHQ GHO SHUVRQDO
PpGLFR UHYHOD OD LQIRUPDFLyQ FRQ´GHQFLDO &3)
$UW(QHOGHOLWRGHSURFUHDFLyQHLQVHPLQDFLyQ
DUWL´FLDO WDPELpQ VH FRQYLHUWH HQ XQD FRQGXFWD
PXFKR PiV JUDYH VL HO PpGLFR LQVHPLQD VLQ VX
FRQVHQWLPLHQWR D XQD PXMHU SRUTXH GH KHFKR
VH WRPD FRPR YLRODFLyQ \ VH VDQFLRQD GH LJXDO
PDQHUD$UW/*6
(QHOiPELWRGHO'HUHFKR/DERUDOH[LVWHQXQDVHULH
GHGLVSRVLFLRQHVFX\D´QDOLGDGHVYHODUSRUOD
VDOXGHKLJLHQHHQHOWUDEDMRSHURHQUHODFLyQDOD
UHVSRQVDELOLGDGGHORVSURIHVLRQLVWDVGHVDOXGHV
LPSRUWDQWHVHxDODUTXHOD/H\)HGHUDOGHO7UDEDMR
FRQWLHQH OD WDEOD GH HQIHUPHGDGHV GH WUDEDMR
>DUW@\ODWDEODGHYDOXDFLyQGHLQFDSDFLGDGHV
SHUPDQHQWHV>DUW@ODVFXDOHVVRQWDEXODGRUHV
XWLOL]DGRVSRUORVMX]JDGRUHVSDUDHOFiOFXORGHOD
UHSDUDFLyQ GH XQ GDxR ItVLFR \D TXH FRQWLHQH OD
LQGHPQL]DFLyQFRUUHVSRQGLHQWHDODHQIHUPHGDG
SpUGLGD GH IXQFLyQ R DIHFWDFLyQ GH SDUWHV GHO
FXHUSR
(O iPELWR MXULVGLFFLRQDO R MXGLFLDO HV HO PiV
FRQRFLGR SRUTXH PXFKRV KHPRV HVWDGR
LQYROXFUDGRV HQ DOJ~Q FDVR R WHQLGR DOJ~Q
FRQRFLGRTXHGHPDQGDDDOJXLHQRSRUTXHKHPRV
YLVWR ORV MXLFLRV HQ ODV SHOtFXODV SHUR H[LVWH RWUR
iPELWRTXHHVHOGHORVPHFDQLVPRVDOWHUQDWLYRV
GHMXVWLFLD(VWRVPHFDQLVPRVVRQUHFRQRFLGRVD
QLYHOFRQVWLWXFLRQDOHQHODUWtFXORIXHURQFUHDGRV
SDUD GHVDKRJDU HO WUDEDMR GH ORV MXHFHV \ ORJUDU
XQDMXVWLFLDPiVSURQWD\SRUORPLVPRTXHIXHUDQ
PHFDQLVPRV PiV H[SHGLWRV \ HVSHFLDOL]DGRV SRU
PDWHULD
(Q OR UHIHUHQWH D OD SURWHFFLyQ GH OD VDOXG
SRGHPRV YHU TXH H[LVWH OD 3URFXUDGXUtD )HGHUDO
GHO &RQVXPLGRU 352)(&2 /H\ )HGHUDO GH
3URWHFFLyQ DO &RQVXPLGRU TXH YHOD
SRU ORV GHUHFKRV GHO FRQVXPLGRU IUHQWH DOJ~Q
LQDGHFXDGR VHUYLFLR R SUHFLR GHVSURSRUFLRQDGR
SRUHVWDUD]yQHVTXHUHJXODFXHVWLRQHVGHWDULIDV
\ SUHFLRV SRU HMHPSOR WDULIDV GH KRVSLWDOHV GH
ODERUDWRULRV
2WURPHFDQLVPRGHGHIHQVDHVHOHVWDEOHFLGRSRU
HO&RQVHMR1DFLRQDOSDUD3UHYHQLUOD'LVFULPLQDFLyQ
&21$35('3RUWDO GH &21$35(' HO FXDO YLJLOD TXH QR VH FRPHWDQ FRQGXFWDV
GLVFULPLQDWRULDV KDFLD HO FLXGDGDQR HQ HO FDVR
HVSHFt´FR GHO SDFLHQWH SURWHJH TXH HO SDFLHQWH
QRVHDGLVFULPLQDGRHQODDWHQFLyQDODVDOXGSRU
(1(52',&,(0%5(
DOJXQRGHORVPRWLYRVTXHODPLVPD/H\)HGHUDO
SDUD 3UHYHQLU \ (OLPLQDU OD 'LVFULPLQDFLyQ VHxDOD
/H\)HGHUDOSDUD3UHYHQLUOD'LVFULPLQDFLyQ
(O&21$35('HVWXGLDORVFDVRVGHGLVFULPLQDFLyQ
HQ ORV TXH SXHGD LQFXUULU XQD HQWLGDG SDUWLFXODU
R XQD LQVWLWXFLyQ S~EOLFD 7DPELpQ VH SXHGH
DFXGLU D OD &RPLVLyQ 1DFLRQDO GH ORV 'HUHFKRV
+XPDQRV &1'+ R FRPLVLRQHV HVWDWDOHV 3RUWDO
GH OD &1'+ ODV FXDOHV WDPELpQ YHODQ SDUD TXH
VHFXPSODHOGHUHFKRDODSURWHFFLyQGHODVDOXG
3HUR GH HVWRV PHFDQLVPRV HO TXH WLHQH XQD
IXQFLyQ H[FOXVLYD SDUD OD UHODFLyQ PpGLFR
SDFLHQWH HV OD &RPLVLyQ 1DFLRQDO GH $UELWUDMH
0pGLFR&21$0(''HFUHWRSRUHOTXHVH&UHD
OD &21$0(' \ ODV FRPLVLRQHV HVWDWDOHV
GH DUELWUDMH TXH WUDWDQ HO WHPD HVSHFt´FR GH OD
QHJOLJHQFLD PpGLFD /D &21$0(' UHYLVD VL HQ
HO DFWR PpGLFR GHO TXH VH TXHMD HO SDFLHQWH VH
FRPHWLyRQRDOJXQDQHJOLJHQFLDLPSHULFLDRGROR
(QHVWHSURFHVRH[LVWHXQDHWDSDGHFRQFLOLDFLyQ
HQ GRQGH VH WUDWD TXH ODV SDUWHV OOHJXHQ D XQ
DFXHUGR\VLODVGRVSDUWHVQROOHJDQDXQDFXHUGR
H[LVWH WDPELpQ HO SURFHVR GH DUELWUDMH TXH HV
XQD HVSHFLH GH MXLFLR SHUR PXFKR PiV FRUWR \
FRQODYHQWDMDGHTXHSDUWLFLSDQPpGLFRVSHULWRV
PpGLFRV \ DERJDGRV SDUD HYDOXDU HO FDVR $TXt
VH YH PX\ FODUDPHQWH OD UD]yQ SRU OD FXDO HVWRV
PHFDQLVPRV DOWHUQDWLYRV IXHURQ FUHDGRV SRU
HMHPSORHQHOiPELWRFLYLOXQMXH]HQVXWUDEDMR
GLDULR WHQtD TXH YHU XQ DVXQWR GH SHQVLRQHV
DOLPHQWLFLDV OXHJR XQ DVXQWR GH GLYRUFLR \ GH
SURQWROHOOHJDEDXQFDVRGHQHJOLJHQFLDPpGLFD
SHUR HV LPSRVLEOH TXH HO MXH] VHSD GH WRGRV ORV
WHPDV\VREUHWRGRGHWHUPLQRORJtDPpGLFDSRU
OR TXH HQ HVWH WLSR GH PHFDQLVPR HO DVXQWR HV
HVWXGLDGRSRUH[SHUWRVHQHOWHPD
%LRpWLFD
(Q 0p[LFR WDPELpQ H[LVWHQ GRFXPHQWRV GH
FDUiFWHU GHRQWROyJLFR TXH QR VRQ SUHFLVDPHQWH
REOLJDWRULRVSRUTXHFDUHFHQGHIXHU]DYLQFXODQWH
R GH VDQFLyQ SRU LQFXPSOLPLHQWR SHUR Vt VRQ
XQD JXtD /RV GRFXPHQWRV LQWHUQDFLRQDOHV GH
FDUiFWHU GHRQWROyJLFR WDPSRFR WLHQHQ IXHU]D
YLQFXODQWH SHUR KDQ LGR SHUPHDQGR HQ ODV
OHJLVODFLRQHV LQWHUQDV OD 'HFODUDFLyQ GH +HOVLQNL
GH OD $VRFLDFLyQ 0pGLFD 0XQGLDO 3RUWDO GH OD
$00 HV XQ HMHPSOR GH HVWD D´UPDFLyQ \D TXH
FLHUWRVGHVXVOLQHDPLHQWRVIXHURQDGRSWDGRVHQHO
5HJODPHQWRGHOD/*6HQPDWHULDGHLQYHVWLJDFLyQ
SDUD OD VDOXG 5HJODPHQWR GH OD /*6 HQ
UXEURV FRPR HO FRQVHQWLPLHQWR LQIRUPDGR \ OD
SDUWLFLSDFLyQ YROXQWDULD GHO VXMHWR (QWRQFHV VH
SXHGH D´UPDU TXH XQ GRFXPHQWR GHRQWROyJLFR
DXQTXH QR VHD GH FDUiFWHU MXUtGLFR REOLJDWRULR
Vt WLHQH WUDVFHQGHQFLD VREUH HO PLVPR HMHPSOR
YHPRV TXH D QLYHO LQWHUQDFLRQDO VXUJLHURQ ODV
3DXWDVeWLFDV,QWHUQDFLRQDOHVSDUDOD,QYHVWLJDFLyQ
\([SHULPHQWDFLyQ%LRPpGLFDHQ6HUHV+XPDQRV
206 3DXWDV eWLFDV ,QWHUQDFLRQDOHV HQ
GRQGH XQ RUJDQLVPR S~EOLFR LQWHUQDFLRQDO FRPR
OD206UHWRPySDUDGHVJORVDURGRWDUGHPD\RU
FRQWHQLGRDYDULRVGHORVSULQFLSLRVGH+HOVLQNL
$ QLYHO QDFLRQDO H[LVWHQ RWURV LQVWUXPHQWRV
GHRQWROyJLFRV FRPR OD &DUWD GH ORV 'HUHFKRV
GHORV3DFLHQWHVOD&DUWDGHORV'HUHFKRVGHORV
0pGLFRV DPEDV GH OD &21$0(' HO &yGLJR GH
&RQGXFWD SDUD HO 3HUVRQDO GH 6DOXG \ HO &yGLJR
GH%LRpWLFDGHOD6HFUHWDUtDGH6DOXGORVFXDOHV
EULQGDQFLHUWRVGHUURWHURVSDUDWRPDUGHFLVLRQHV
TXH VH SUHVHQWDQ HQ OD DWHQFLyQ D OD VDOXG R
LQYHVWLJDFLyQ &DUWD GH ORV 'HUHFKRV *HQHUDOHV
GHORV3DFLHQWHV\GHORV0pGLFRV
(QHVWHSXQWRHVSHFt´FRHVGRQGHVHSXHGHKDFHU
OD FRQH[LyQ FRQ OD %LRpWLFD 5HFRQRFHPRV TXH
OD 0HGLFLQD HV XQ VDEHU KXPDQtVWLFR SRUTXH QR
WRGR SXHGH VHU WDQ WpFQLFR R H[DFWR \D TXH ODV
FXHVWLRQHV GH VDOXG QR SXHGHQ VHU FDOLEUDGDV
PLOLPpWULFDPHQWH FRPR VL IXpUDPRV URERWV DO
´QDOODSUiFWLFDPpGLFDHQFDMDHQODGH´QLFLyQGHO
'U,JQDFLR&KiYH]FRPRªXQDFRQ´DQ]DIUHQWHD
XQDFRQFLHQFLD«
(O SDFLHQWH OOHJD FRQ VX FRVPRYLVLyQ GH OD
YLGD VXV SUHMXLFLRV FXOWXUDOHV \ WHPRUHV TXH
YDQ GHVGH OD SUHRFXSDFLyQ SRU VX VDOXG FRPR
SRU FXHVWLRQHV VRFLRHFRQyPLFDV \ SUREOHPDV
SHUVRQDOHV R IDPLOLDUHV \ WRGR HVWH FRQWHQLGR
OR GHSRVLWD IUHQWH D OD FRQFLHQFLD GHO SHUVRQDO
PpGLFR GH DKt OD LPSRUWDQFLD GH SUHVHUYDU OD
FRQ´GHQFLDOLGDG \ SULYDFLGDG (Q HVWH SXQWR
FDEHGHVWDFDUODLQWHUYHQFLyQGHRWURVDFWRUHVGHO
SHUVRQDOGHVDOXGFRPRORVWUDEDMDGRUHVVRFLDOHV
ODV HQIHUPHUDV \ SVLFyORJRV TXH VRQ ORV TXH
WLHQHQHVWHDFHUFDPLHQWRPD\RUFRQHOSDFLHQWH\
VXVIDPLOLDUHV$OIRQGRGHHVWDVLQWHUDFFLRQHVVH
DSUHFLDTXHQRWRGRHVWiUHJXODGRSRUHO'HUHFKR
QLSRGUtDHVWDUORKD\FXHVWLRQHVRVLWXDFLRQHVTXH
VHTXHGDQIXHUDSRUTXHDEDUFDQPiVGLPHQVLRQHV
GH OD SHUVRQD R SRUTXH VRQ QXHYDV GHELGR DO
DYDQFHGHODWpFQLFDRVRQYLHMRVSUREOHPDVTXH
VHSODQWHDQGHGLIHUHQWHVPDQHUDV8QGLOHPDGH
DFXHUGRDODGH´QLFLyQGH)HUQDQGR/RODVªHVXQ
SUREOHPDTXHIUHQWHDXQDVROXFLyQSODQWHDRWUR
“•
SUREOHPD«/RODV6SHVHQHVWHSXQWR
HVSHFt´FRGRQGHVHDSUHFLDFODUDPHQWHODDFFLyQ
GH OD %LRpWLFD (O 'HUHFKR WLHQH XQD IXQFLyQ
QRUPDWLYDGHORVDVXQWRVSUHVHQWHVDXQTXHFDGD
YH] VH KDFH PiV QHFHVDULR TXH GHEH WHQHU XQ
FDPSRGHSUHYLVLyQGHFRQGXFWDVKDFLDHOIXWXUR
SDUD PHMRUDU OD FDOLGDG GH YLGD GH ODV SHUVRQDV
SHURFRPRQRSXHGHDEDUFDUWRGRVORVVXSXHVWRV
SRUTXHVHTXHGDFRUWRDQWHRWURVSUREOHPDV\HO
GHVDUUROOR DFHOHUDGR GH OD FLHQFLD VH HQFXHQWUD
D OD %LRpWLFD FRPR XQ HVSDFLR SDUD OD UHµH[LyQ
PXOWLGLVFLSODULD
)UDQFHVF$EHOGH´QHDOD%LRpWLFDFRPRª(VWXGLR
LQWHUGLVFLSOLQDULR GH ORV SUREOHPDV VXVFLWDGRV
SRUHOSURJUHVRELROyJLFR\PpGLFRWDQWRDOQLYHO
PLFURVRFLDO FRPR DO QLYHO GH OD VRFLHGDG JOREDO
\ VXV UHSHUFXVLRQHV VREUH OD VRFLHGDG \ VXV
VLVWHPDVGHYDORUHVKR\\PDxDQD«S
$OWHQRUGHHVWDGH´QLFLyQOD%LRpWLFDSHUPLWHOD
UHµH[LyQGHORVSUREOHPDVTXHSODQWHDODFLHQFLD
\WHFQRORJtDVREUHODYLGDKXPDQDQRVyORDOQLYHO
PLFURVRFLDO FRPR FDVL VLHPSUH HQWHQGHPRV OD
UHODFLyQPpGLFRSDFLHQWHVLQRWDPELpQDOQLYHOGH
ODV UHSHUFXVLRQHV JOREDOHV SRU HVR VH WRUQD WDQ
LPSRUWDQWHODWRPDGHGHFLVLRQHVVREUHSROtWLFDV
S~EOLFDV \ OHJLVODFLyQ $GTXLHUH HVWD GLPHQVLyQ
WDQ LPSRUWDQWH SRUTXH LPSDFWD GHQWUR GH OD
VRFLHGDGDFWXDOFRPRHQODVRFLHGDGGHOIXWXUR
“–
&RQFOXVLyQ
(O 'HUHFKR OD 'HRQWRORJtD FRQ WRGRV VXV
LQVWUXPHQWRV OD /H[ $UWLV OD WpFQLFD VRQ PX\
YDOLRVRV SHUR QR VRQ VX´FLHQWHV SDUD DIURQWDU
WRGRV HVWRV GLOHPDV TXH SODQWHDQ OD WHFQRORJtD
\ OD FLHQFLD /D %LRpWLFD VH FRQVWLWX\H HQ XQD
KHUUDPLHQWDGHGLiORJRHQXQiPELWRGHUHµH[LyQ
R XQD LQVWDQFLD GH GLiORJR GRQGH FRQµX\HQ
YDULDV GLVFLSOLQDV YDULRV VDEHUHV \ YDULDV
SHUVSHFWLYDV SDUD SRGHU DSRUWDU XQD VROXFLyQ
KDFLD HO IXWXUR $ YHFHV OD %LRpWLFD QRV JHQHUD
GXGDV PiV SXQWXDOHV WDO FRPR OD )LORVRItD QR
QRV UHVXHOYH WRGDV ODV GXGDV OR PLVPR VXFHGH
FRQ ORV SULQFLSLRV ELRpWLFRV TXH QR GDQ WRGDV
ODV UHVSXHVWDV SHUR JUDFLDV D HVWDV UHµH[LRQHV
HVFRPRVHORJUDDYDQ]DUSRUHMHPSORDQWHVVH
UHµH[LRQDED HQ DEVWUDFWR VREUH HO SULQFLSLR GH
DXWRQRPtD DKRUD HQ HO iPELWR PpGLFR SRU OR
PHQRVDOJRWDQFRPSOHMRVHKDSRGLGRDWHUUL]DU
HQODLPSRUWDQFLDGHOFRQVHQWLPLHQWRLQIRUPDGR
QRVHUHVROYLyHOWHPDSHURVtVHSXGRHVWDEOHFHU
XQ GHUURWHUR FRQFUHWR SDUD KDFHU YDOHU XQ
GHUHFKRIXQGDPHQWDO/RLPSRUWDQWHVHUtDSRGHU
XQLU D OD %LRpWLFD FRQ OD UHDO YLJHQFLD \ YLYHQFLD
GHORVGHUHFKRVKXPDQRVSDUDTXHVHUHVSHWHOD
GLJQLGDGWDQWRHQEHQH´FLRGHOLQGLYLGXRFRPR
HQEHQH´FLRGHWRGDODKXPDQLGDG
(1(52',&,(0%5(
5HIHUHQFLDV%LEOLRJUDItFDV
$EHO)UDQFHVFª%LRpWLFDRUtJHQHVSUHVHQWH\IXWXUR«
0DGULG)XQGDFLyQ0$3)5(0HGLFLQDH,QVWLWXWR%RUMD
GH%LRpWLFDS
&DUWD GH ORV 'HUHFKRV *HQHUDOHV GH ORV 3DFLHQWHV \
&DUWDGHORV'HUHFKRV*HQHUDOHVGHORV0pGLFRVGHOD
&RPLVLyQ1DFLRQDOGH$UELWUDMH0pGLFR
&IU *DUFtD 5DPtUH] 6HUJLR ª&RQVLGHUDFLRQHV VREUH HO
GHUHFKRSHQDO\ODSUiFWLFDPpGLFD«HQ/D5HVSRQVDELOLGDG
3URIHVLRQDO \ -XUtGLFD GH OD 3UiFWLFD 0pGLFD 6LPSRVLR
UHFRSLODGRSRUOD&RPLVLyQ1DFLRQDOGH$UELWUDMH0pGLFR
0p[LFR&21$0('-XQLRGHS
&yGLJR GH %LRpWLFD SDUD HO 3HUVRQDO GH 6DOXG GH OD
6HFUHWDUtDGH6DOXG
&yGLJR GH &RQGXFWD SDUD HO 3HUVRQDO GH 6DOXG GH OD
6HFUHWDUtDGH6DOXG
&yGLJR3HQDO)HGHUDO&3)SXEOLFDGRHQHO'2)HO
GHDJRVWRGH$UWtFXOR6LHODERUWRORFDXVDUH
XQ PpGLFR FLUXMDQR FRPDGUyQ R SDUWHUD DGHPiV
GH ODV VDQFLRQHV TXH OH FRUUHVSRQGDQ FRQIRUPH DO
DQWHULRUDUWtFXORVHOHVXVSHQGHUiGHGRVDFLQFRDxRV
HQ HO HMHUFLFLR GH VX SURIHVLyQ $UWtFXOR &3) /D
VDQFLyQ VHUi GH XQR D FLQFR DxRV PXOWD GH FLQFXHQWD
D TXLQLHQWRV SHVRV \ VXVSHQVLyQ GH SURIHVLyQ HQ VX
FDVR GH GRV PHVHV D XQ DxR FXDQGR OD UHYHODFLyQ
SXQLEOH VHD KHFKD SRU SHUVRQD TXH SUHVWD VHUYLFLRV
SURIHVLRQDOHVRWpFQLFRVRSRUIXQFLRQDULRRHPSOHDGR
S~EOLFR R FXDQGR HO VHFUHWR UHYHODGR R SXEOLFDGR VHD
GHFDUiFWHULQGXVWULDO
&yGLJR 3HQDO SDUD HO 'LVWULWR )HGHUDO $UWtFXOR$
TXLHQVLQFRQVHQWLPLHQWRUHDOLFHLQVHPLQDFLyQDUWL´FLDO
HQXQDPXMHUPD\RUGHGLHFLRFKRDxRVVHOHLPSRQGUiQ
GH FXDWUR D VLHWH DxRV GH SULVLyQ $UWtFXOR 7(5
5HJODVJHQHUDOHVSDUDORVDQWHULRUHVGHOLWRVGHO&DStWXOR
,>@&XDQGRHOGHOLWRVHUHDOLFHYDOLpQGRVHGHPHGLRV
R FLUFXQVWDQFLDV TXH OH SURSRUFLRQH VX HPSOHR FDUJR
R FRPLVLyQ S~EOLFRV SURIHVLyQ PLQLVWHULR UHOLJLRVR R
FXDOTXLHU RWUD TXH LPSOLTXH VXERUGLQDFLyQ SRU SDUWH
GHODYtFWLPDODSHQDVHDXPHQWDUiHQXQDPLWDGGHOD
VHxDODGDSDUDHOGHOLWREiVLFR>@
&RPLVLyQ 1DFLRQDO GH $UELWUDMH 0pGLFR &21$0('
ªš4XpHVOD/H[$UWLV$G+RF"«HQHO3RUWDOHOHFWUyQLFR
VHFFLyQ ª3URIHVLRQDOHV GH OD 6DOXG« KWWSZZZ
FRQDPHGJREP[SURIBVDOXGSGIOH[BDUWLVSGI
0p[LFRVLWLRFRQVXOWDGRHQDJRVWR
&RQVWLWXFLyQ3ROtWLFDGHORV(VWDGRV8QLGRV0H[LFDQRV
SXEOLFDGDHQHO'LDULR2´FLDOGHOD)HGHUDFLyQ'2)
HOGHIHEUHURGH
'HFODUDFLyQ GH +HOVLQNL VREUH ORV 3ULQFLSLRV eWLFRV
SDUD ODV ,QYHVWLJDFLRQHV 0pGLFDV HQ 6HUHV +XPDQRV
DGRSWDGDSRUOD•$VDPEOHDGHOD$VRFLDFLyQ0pGLFD
0XQGLDO$00HQ+HOVLQNL)LQODQGLDMXQLR
'HFUHWR SRU HO TXH VH &UHD OD &RPLVLyQ 1DFLRQDO GH
$UELWUDMH0pGLFRSXEOLFDGRHQHO'2)HOGHMXOLRGH
/H\GHO,QVWLWXWRGH6HJXULGDG\6HUYLFLRV6RFLDOHVGH
ORV7UDEDMDGRUHVGHO(VWDGRSXEOLFDGDHQHO'2)HO
GHPDU]RGH
/H\GHO6HJXUR6RFLDOSXEOLFDGDHQHO'2)HOGH
GLFLHPEUHGH
/H\ )HGHUDO GH 3URWHFFLyQ DO &RQVXPLGRU SXEOLFDGD
HQHO'2)HOGHGLFLHPEUHGH
/H\)HGHUDOGHO7UDEDMRSXEOLFDGDHQHO'2)HOGH
DEULOGH
/H\)HGHUDOSDUD3UHYHQLU\(OLPLQDUOD'LVFULPLQDFLyQ
SXEOLFDGDHQHO'2)HOGHMXQLRGH
/H\ *HQHUDO GH 6DOXG SXEOLFDGD HQ HO '2) HO GH
IHEUHURGH$UWtFXOR$OTXHVLQFRQVHQWLPLHQWR
GHXQDPXMHURDXQFRQVXFRQVHQWLPLHQWRVLpVWDIXHUH
PHQRURLQFDSD]UHDOLFHHQHOODLQVHPLQDFLyQDUWL´FLDOVH
OHDSOLFDUiSULVLyQGHXQRDWUHVDxRVVLQRVHSURGXFHHO
HPEDUD]RFRPRUHVXOWDGRGHODLQVHPLQDFLyQVLUHVXOWD
HPEDUD]RVHLPSRQGUiSULVLyQGHGRVDRFKRDxRV
/H\ 2UJiQLFD GH 3HWUyOHRV 0H[LFDQRV \ 2UJDQLVPRV
6XEVLGLDULRVSXEOLFDGDHQHO'2)HOGHMXOLRGH
/H\ \ 5HJODPHQWR GH OD &RPLVLyQ 1DFLRQDO GH ORV
'HUHFKRV+XPDQRV
/RODV6ª%LRpWLFD(OGLiORJRPRUDOHQODVFLHQFLDVGHOD
YLGD«•HG6DQWLDJRGH&KLOH(G0HGLWHUUiQHR
S
1RUPD 2´FLDO 0H[LFDQD 12066$
3DUD OD DWHQFLyQ GH OD 0XMHU GXUDQWH HO (PEDUD]R
3DUWR \ 3XHUSHULR \ GHO 5HFLpQ 1DFLGR &ULWHULRV
\ SURFHGLPLHQWRV SDUD OD SUHVWDFLyQ GHO VHUYLFLR
SXEOLFDGDHQHO'2)HOGHHQHURGH
1RUPD 2´FLDO 0H[LFDQD 12066$ 3DUD
OD 3UHVWDFLyQ GH 6HUYLFLRV GH 6DOXG HQ 8QLGDGHV GH
$WHQFLyQ ,QWHJUDO +RVSLWDODULD 0pGLFR3VLTXLiWULFD
SXEOLFDGDHQHO'2)HOGHQRYLHPEUHGH
1RUPD 2´FLDO 0H[LFDQD 120(&2/66$
3DUD3URWHFFLyQDPELHQWDO6DOXGDPELHQWDO5HVLGXRV
SHOLJURVRV ELROyJLFRLQIHFFLRVRV &ODVL´FDFLyQ \
HVSHFL´FDFLRQHVGHPDQHMRSXEOLFDGDHQHO'2)HO
GHIHEUHURGH
1RUPD 2´FLDO 0H[LFDQD 12066$ 4XH
HVWDEOHFH ODV HVSHFL´FDFLRQHV VDQLWDULDV GH ORV
&DWpWHUHV UtJLGRV SDUD 'LiOLVLV 3HULWRQHDO ,QIDQWLO \
“—
$GXOWRSXEOLFDGDHQHO'2)HOGHRFWXEUHGH
1RUPD 2´FLDO 0H[LFDQD 12066$ 'HO
([SHGLHQWH &OtQLFR SXEOLFDGD HQ HO '2) HO GH
VHSWLHPEUHGH
3DFWR,QWHUQDFLRQDOGH'HUHFKRV(FRQyPLFRV6RFLDOHV
\ &XOWXUDOHV DGRSWDGR \ DELHUWR D OD ´UPD SRU OD
$VDPEOHD*HQHUDOGHOD2UJDQL]DFLyQGHODV1DFLRQHV
8QLGDV PHGLDQWH UHVROXFLyQ $ ;;, GH GH
GLFLHPEUHGH
3DXWDV eWLFDV ,QWHUQDFLRQDOHV SDUD OD ,QYHVWLJDFLyQ
\ ([SHULPHQWDFLyQ %LRPpGLFD HQ 6HUHV +XPDQRV
DSUREDGDV HQ *LQHEUD HQ HO DxR SRU OD
2UJDQL]DFLyQ0XQGLDOGHOD6DOXG
3RUWDO GH &21$35(' KWWSZZZFRQDSUHGRUJP[
0p[LFRVLWLRFRQVXOWDGRHQDJRVWR
3RUWDOGHOD$00:RUOG0HGLFDO$VVRFLDWLRQKWWS
ZZZZPDQHWHVKRPHLQGH[KWPO 9HUVLyQ HQ
HVSDxRO
3RUWDO GHO + &RQJUHVR GH OD 8QLyQ KWWSZZZ
GLSXWDGRVJREP[/H\HV%LEOLR0p[LFR
5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQPDWHULDGH
&RQWURO6DQLWDULRGHOD'LVSRVLFLyQGHÄUJDQRV7HMLGRV
\&DGiYHUHVGH6HUHV+XPDQRVSXEOLFDGRHQHO'2)
HOGHIHEUHURGH
5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQ0DWHULDGH
,QYHVWLJDFLyQSDUDOD6DOXGSXEOLFDGRHQHO'2)HO
GHHQHURGH
5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQ0DWHULDGH
,QYHVWLJDFLyQSDUDOD6DOXGSXEOLFDGRHQHO'2)HO
GHHQHURGH
5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQPDWHULDGH
3UHVWDFLyQGH6HUYLFLRVGH$WHQFLyQ0pGLFDSXEOLFDGR
HQHO'2)HOGHPD\RGH
5HJODPHQWR GH OD /H\ *HQHUDO GH 6DOXG HQ PDWHULD
GH3XEOLFLGDGSXEOLFDGRHQHO'2)HOGHPD\RGH
3RUWDO GH OD &1'+ KWWSZZZFQGKRUJP[ 0p[LFR
VLWLRFRQVXOWDGRHQDJRVWR
5HJODPHQWRGHOD/H\*HQHUDOGH6DOXGHQPDWHULDGH
6DQLGDG ,QWHUQDFLRQDO SXEOLFDGR HQ HO '2) HO GH
IHEUHURGH
3RUWDO GH 352)(&2 KWWSZZZSURIHFRJREP[
0p[LFRVLWLRFRQVXOWDGRHQDJRVWR
5HJODPHQWRGHOD3URFXUDGXUtD)HGHUDOGHO&RQVXPLGRU
SXEOLFDGDHQHO'2)HOGHMXOLRGH
“˜
(1(52',&,(0%5(
“™
¤¥>7d
¥MB¤¥>7dASMU¤A_+7£W@
$OHMDQGUR/ySH]0DFHGR
(
OGHSRUWHHVFRQVLGHUDGRFRPRXQDGHODVPiV
QREOHVGLVFLSOLQDVGHOVHUKXPDQRDORODUJRGH
VXKLVWRULDVHKDYLVWRªFRQWDPLQDGR«SRUDFFLRQHV
TXHFXHVWLRQDQVXHVHQFLDSULPRUGLDOHOGHVDUUROOR
DUPyQLFRPHQWHFXHUSR\HVStULWX(OSURSyVLWRGH
ODVVLJXLHQWHVOtQHDVHVHOGHDSRUWDUDOJXQRVGDWRV
TXH HQULTXH]FDQ HO HQIRTXH SHUVRQDO \SHUPLWDQ
UHYHUWLU OD UHIHULGD FRQWDPLQDFLyQ \ VX QHJDWLYR
HIHFWR
$QWHFHGHQWHV+LVWyULFRV
1RV UHPLWLPRV D OD DQWLJXD *UHFLD FXQD GH ORV
MXHJRV ROtPSLFRV \ GH OD FXOWXUD RFFLGHQWDO (Q
DTXHO HQWRQFHV ORV WULXQIDGRUHV HQ ORV MXHJRV
SDQKHOpQLFRVUHFLEtDQSUHUURJDWLYDVTXHGXUDEDQ
WRGR XQ FLFOR GH FXDWUR DxRV HUDQ UHFRQRFLGRV
FRPRKpURHV\SUHGRPLQDEDHOHVStULWXGHOHDOWDG
KRQHVWLGDG\GHSRUWLYLVPRHVGHFLUODFRPSHWHQFLD
OLPSLD HQ HO TXH HO WULXQIR HUD SDUD HO DWOHWD PiV
GHVWDFDGRTXLHQVHOOHQDEDGHKRQRU'XUDQWHHO
SHUtRGRGHFRPSHWHQFLDVROtPSLFDVVHGHWHQtDQODV
FRQIURQWDFLRQHVEpOLFDV(OVHQWLGRQREOHGHHVWDV
SUiFWLFDV QR GXUy SDUD VLHPSUH HO SULPHU JROSH
QHJDWLYRRFXUULySUREDEOHPHQWHFRQORVURPDQRV
TXLHQHV GXUDQWH VX GRPLQLR LQWURGXMHURQ ORV
VDQJULHQWRVMXHJRVGHFLUFR\SpUGLGDGHYDORUHV
WDOYH]HOORPiVTXHHOSDJDQLVPRSURSLFLyTXHHO
HPSHUDGRU7HRGRFLR,DEROLHUDHQHODxRGF
(VWRV MXHJRV (QFLFORSHGLD 0XQGLDO GHO 'HSRUWH
6RPRJ\L$0LJXHO
(Q VX UHVWDEOHFLPLHQWR TXLQFH VLJORV GHVSXpV
SRU LQLFLDWLYD GHO %DUyQ 3LHUUH GH &RXEHUWLQ
PXQGLDOPHQWHIDPRVRSRUVHUHOIXQGDGRUGHORV
MXHJRV ROtPSLFRV PRGHUQRV HVWDEOHFLy
ODV SULPHUDV UHJODV GH FRQGXFWD pWLFD GHSRUWLYD
ROtPSLFD YLJHQWHV KDVWD QXHVWURV GtDV VLQ
HPEDUJR DSDUHFLHURQ VLJQRV QHJDWLYRV FRPR HO
LQWHUpVFRPHUFLDOUDFLVPR\ODGLVFULPLQDFLyQDOD
PXMHU SHUR QR REVWDQWH HO PRYLPLHQWR ROtPSLFR
HQFRQWUy QXHYDPHQWH VX FDPLQR D SHVDU GH ODV
JXHUUDVPXQGLDOHVTXHORKDQDIHFWDGR
$xRVGHVSXpVXQRGHORVJROSHVPiVFRQWXQGHQWHV
TXH KD UHFLELGR HO ROLPSLVPR PRGHUQR IXH OD
LQFOXVLyQ GH GHSRUWLVWDV SURIHVLRQDOHV D UDt] GH
TXHYDULRVSDtVHVORKDFtDQGHPDQHUDIXUWLYDSHUR
HQ YH] GH VHU UtJLGRV DO UHVSHWR GHO HVStULWX GHO
DPDWHXULVPRHOFRPLWpROtPSLFRGHFLGLyLQFOXLUHQ
ODVFRPSHWHQFLDVODSDUWLFLSDFLyQGHSURIHVLRQDOHV
\ FRQ HOOR WRGRV ORV LQWHUHVHV \ YLFLRV DGMXQWRV
FRQWDPLQDQGRPiVD~QHVWRVMXHJRV
(Q0HVRDPpULFDODPD\RUtDGHORVGHSRUWHVWHQtDQ
XQ FDUiFWHU FHUHPRQLDO UHOLJLRVR \ SRU HQGH HO
UHVSHWRHVFUXSXORVRGHVXVQRUPDV\SUHFHSWRVHUD
UtJLGR\PX\UDUDPHQWHLQIULQJLGR/RVJDQDGRUHV
HUDQSUHPLDGRVKDVWDFRQODªLQPRUWDOLGDG«DOVHU
VDFUL´FDGRVHQKRQRUDORVGLRVHV\WUDQVIRUPDUVH
DVt HQ VHUHV GLYLQRV HQ RWURV FDVRV FRPR HQ HO
WODFKWOL R MXHJR GH SHORWD ORV JDQDGRUHV SRGtDQ
GHVSRMDU GH DGRUQRV \ YHVWLPHQWD D WRGRV ORV
DVLVWHQWHV
(O LPSHULR LQFD TXH µRUHFLy HQ 6XGDPpULFD QRV
&RQHVWXGLRVGH0DHVWUtDHQ6DOXG3~EOLFD\3VLFRORJtDGHO'HSRUWHSRUOD8$(0q['LSORPDGRHQ0HGLFLQD)tVLFD\5HKDELOLWDFLyQ'HSRUWLYDSRUOD&RPLVLyQ1DFLRQDOGHO
'HSRUWH'LSORPDGRHQ(QVHxDQ]DH,QYHVWLJDFLyQHQ6DOXGSRUOD'LUHFFLyQ*HQHUDOGH(QVHxDQ]D,QYHVWLJDFLyQ\&DOLGDGGHOD6HFUHWDUtDGH6DOXG
”
(1(52',&,(0%5(
OHJy UHVWRV DUTXHROyJLFRV GH JUDQGHV VDORQHV
GH MXHJR HQ ORV TXH VH SUDFWLFDED OD OXFKD \
RWUDV GLVFLSOLQDV PLOLWDUHV FRQ XQ UHJODPHQWR
HVWULFWDPHQWHUHVSHWDGR
/D FRQTXLVWD GH $PpULFD HQ JUDQ SDUWH SURSLFLy
GDU´QDORVGHSRUWHVSUDFWLFDGRVKDVWDHQWRQFHV
LQWURGXFLHQGRRWURVGHSRUWHVFRPRODHTXLWDFLyQ
OD HVJULPD \ ODPHQWDEOHPHQWH ODV DSXHVWDV \
RWURV YLFLRV HXURSHRV VLQ HPEDUJR VH ORJUy
HYROXFLRQDU FRQ HO FRQWDFWR GH XQD GLIHUHQWH
SUiFWLFD GH OD HGXFDFLyQ ItVLFD \ GH QXHYRV
GHSRUWHV (QFLFORSHGLD 0XQGLDO GHO 'HSRUWH
/RVDQWHFHGHQWHVLQGLFDQTXHHQODDQWLJHGDGVH
FRQGXFtDQSRUGHUURWHURVpWLFRV\PRUDOHVTXHHQ
ODHYROXFLyQKLVWyULFDVHKDQLGRSHUGLHQGR
(OSUREOHPD
/RVLQWHUHVHVHFRQyPLFRVKDQVLGRQRVyORHQHO
GHSRUWHSURIHVLRQDOXQLPSRUWDQWHFRQGLFLRQDQWH
GH OD FRQGXFWD LQGLYLGXDO \ JUXSDO /D SUHVLyQ
TXHHMHUFHQODV´UPDVFRPHUFLDOHVKDSURSLFLDGR
TXH ORV GHSRUWLVWDV KDJDQ WRGR OR TXH HVWp D VX
DOFDQFH SDUD ORJUDU UHVXOWDGRV TXH OHV SHUPLWDQ
ORJUDU XQ HVWDWXV VRFLDO VREUHVDOLHQWH \ JUDQGHV
EHQH´FLRV HFRQyPLFRV HQ HO PLVPR VHQWLGR
RSHUDQODVEHFDV\RWURVHVWtPXORVLQVWLWXFLRQDOHV
HQ HO GHSRUWH ªDPDWHXU« SRU OR TXH HO ORJUR
UHVXOWDPiVLPSRUWDQWHTXHHOHVStULWXGHSRUWLYR
SHUGLpQGRVH DVt ORV YDORUHV PiV DOWRV /RV
DWOHWDV HVWiQ GLVSXHVWRV D VDFUL´FDU VX VDOXG
H LQFOXVR SRQHU HQ ULHVJR VX YLGD SRU XQ ªRUR
ROtPSLFR«\FRQVHFXHQWHPHQWHVXVEHQH´FLRVVH
PDOLQWHUSUHWDQ VLHQGR HQWRQFHV LQVX´FLHQWHV ORV
VLVWHPDVGHHQWUHQDPLHQWRODEXHQDDOLPHQWDFLyQ
OD GLVFLSOLQD OD GHGLFDFLyQ \ OD REVHUYDQFLD GH
YDORUHV pWLFRV GHSRUWLYRV \D TXH SDUD ORJUDU
VX REMHWLYR GH JDQDU GHFLGHQ HFKDU PDQR GH
VXVWDQFLDVSURKLELGDVGHªWUXFRV«PpGLFRVFRPR
ORIXHURQODVDXWRWUDQVIXVLRQHVKDFHDxRV'DQGR
RULJHQ D OD FDUUHUD HQWUH ORV DYDQFHV FLHQWt´FRV
HQ IDUPDFRORJtD ELRWHFQRORJtD \ ORV VLVWHPDV
UHJXODGRUHV FRPR ORV FRQWUROHV DQWLGRSLQJ
UHJODPHQWRV HQ OD XWLOL]DFLyQ GH LPSOHPHQWRV
GHSRUWLYRVFRPRWUDMHVHVSHFLDOHVSDUDQDWDFLyQ
UDTXHWDV PiV OLJHUDV FDO]DGR SHUVRQDOL]DGR
WHODV ªLQWHOLJHQWHV« HQWUH RWURV PXFKRV GH
HOORV VREUHSDVDQ ODV QRUPDV SRU VX DYDQ]DGD
HODERUDFLyQ OD OXFKD KD VLGR SHUPDQHQWH \ D
PHQXGR FRQ JUDQGHV GHVYHQWDMDV SDUD SDtVHV
SRFR GHVDUUROODGRV FRPR 0p[LFR \D TXH HO
FRQWUROHVSDUDDTXHOORVTXHSRVHHQODWHFQRORJtD
\VRQTXLHQHVDGHPiVSRVHHQORVODERUDWRULRV\
QRUPDWLYLGDGLQWHUQDFLRQDO
7UDGLFLRQDOPHQWH HO GHSRUWH VH KD YLVWR FRPR
XQDDFWLYLGDGTXHHVWLPXODODFDSDFLGDGKXPDQD
SDUD LQWHJUDU D XQD FRPXQLGDG GRQGH H[LVWHQ
UHJODV\GLUHFWULFHVTXHDOH[SUHVDUVHOLEUHPHQWH
QR WUDVJUHGH HO RUGHQ VRFLDO HQWRQFHV HVWDPRV
KDEODQGR GH XQD pWLFD GH FRPSRUWDPLHQWR
UHVSHWDQGRODVUHJODVGHOMXHJR\UHVSHWDQGRODV
UHJODVGHODYLGDPLVPD&RKHQ'
3HURORLPSRUWDQWHSDUHFHQRVHUHOFRPSHWLUVLQR
HOJDQDUDFXDOTXLHUSUHFLRD~QURPSLHQGRUHJODV
OR~QLFRVHJ~Q9LQFH/RPEDUGLLFRQRGHOI~WERO
DPHULFDQRSURIHVLRQDOHQORV(8$6RPRJ\L$
HO JDQDU VLJQL´FD SUHVWLJLR YHQWDV IDPD
IRUWXQD\SDWULyWLFDVDWLVIDFFLyQ
+DQH[LVWLGRFDVRVHQTXHORVSROtWLFRV\GLUHFWLYRV
SURPHWHQ D ORV DWOHWDV FRPSHQVDFLRQHV SRU HO
UHVXOWDGR HQ HYHQWRV PXQGLDOHV \ DO ORJUDUOR
UHFLEHQ H[FXVDV R SUHPLRV GH PXFKR PHQRU
YDORU R HQ RFDVLRQHV FDUJRV S~EOLFRV HQ ORV
TXH HO GHVHPSHxR GHO DWOHWD HV ODPHQWDEOH
SRU VX LQH[SHULHQFLD \ OLPLWDGR FRQRFLPLHQWR
DGPLQLVWUDWLYR &RQVLGHUR XQ WDQWR KLSyFULWD
HO FRQWURO ªDQWL GRSDMH« TXH SRU SULQFLSLR FXLGD
OD VDOXG GHO DWOHWD D OD SDU GH FRQWURODU ODV
SDUWLFLSDFLRQHV IUDXGXOHQWDV \ WUDPSRVDV GH ORV
PLVPRV /RV PiV FDVWLJDGRV VRQ ORV GHSRUWLVWDV
/RV SDtVHV PiV DYDQ]DGRV WHFQROyJLFDPHQWH
FXHQWDQFRQVXVWDQFLDVLPSOHPHQWRVDOLPHQWLFLRV
R SURFHGLPLHQWRV TXH HQ PXFKDV RFDVLRQHV VRQ
SURKLELGRV
(Q HO WHUUHQR SROtWLFR ORV DVSHFWRV GHSRUWLYRV
SDVDQDVHJXQGRWpUPLQR\VXYDORUORXELFDQHQ
ORPDWHULDOHQORKHJHPyQLFR\PXHVWUDGHSRGHU
EHOLJHUDQWHUDFLVWD\[HQRIyELFRPXHVWUDGHHVWR
VRQORVªERLFRWV«TXHKDQUHDOL]DGRYDULRVSDtVHVD
ORVMXHJRVROtPSLFRVIXQGDGRVHQORVLQWHUHVHV\D
H[SUHVDGRVFRPR%HUOtQ0RVF~\HVWDGRVFRPR
ORV½QJHOHVSRUPHQFLRQDUORVPiVFRQRFLGRV
'HQWUR GH ORV IDFWRUHV LQWHUQRV GHO GHSRUWH HVWi
ODYLROHQFLDPiVDOOiGHODQDWXUDOH]DGHODSURSLD
GLVFLSOLQD FRPR HO UXJE\ HO I~WERO DPHULFDQR
ER[HR \ ORV GHSRUWHV GH FRUWH PDUFLDO DOJXQRV
MXJDGRUHVDJUHGHQDVXVDGYHUVDULRVDORVMXHFHV
\ DO S~EOLFR YHUEDO R ItVLFDPHQWH /DV OHVLRQHV
LQWHQFLRQDOHVQRVRQUDUDVVHKDQGDGRFDVRVHQ
HOTXHVHHOLPLQDDOFRQWULQFDQWHPiVGHVWDFDGR
”‘
FRPR XQD WiFWLFD MXVWL´FDGD HQ DOFDQFH GH ORV
UHVXOWDGRVFRGLFLDGRV
/DYLROHQFLDHQHOGHSRUWHUHYLVWHIRUPDVYDULDGDV
ORV ULWPRV GH WUDEDMR DOLHQDQWH \ OD DXVHQFLD GH
MXVWLFLD HQ ODV RSRUWXQLGDGHV VRQ RWUDV IRUPDV
URPSLHQGRDVtVXIXQFLyQHGXFDWLYDLUUHPSOD]DEOH
7DPELpQ IXHUD GH ODV FDQFKDV H[LVWHQ JUXSRV GH
IDQiWLFRV FX\D FRQGXFWD UD\D HQ OD EUXWDOLGDG
HO DPELHQWH GH SDVLyQ HV XQ SUHWH[WR SDUD TXH
JHQWHVLQVDQDVVDTXHQDUHOXFLUVXVIUXVWUDFLRQHV
DJUHGLHQGRD~QDVXVSURSLRVLQWHJUDQWHV\VREUH
WRGRDORVDGYHUVDULRVVLQLPSRUWDUHGDGRVH[R\
FDXVDQGR JUDQGHV GHVWUR]RV SUXHED GH HOOR VRQ
ORVKROOLJDQVLQJOpVHV\GHRWURVSDtVHV
+DFH YDULDV GpFDGDV $OEHUW &DPXV ´OyVRIR
KXPDQLVWD PHQFLRQDED TXH HQ HO DPELHQWH
GHSRUWLYR IXH HO ~QLFR OXJDU HQ GRQGH KDEtD
DSUHQGLGR pWLFD (Q QXHVWURV GtDV VLJQDGRV SRU
ORV LPSHULRV GHO GLQHUR \ GHO GRSLQJ HO GHSRUWH
HVHOJRELHUQRGHODªPHULWRFUDFLD«HQHOTXHVH
IDYRUHFHQORVUHVXOWDGRV\VHMX]JDDORVLQGLYLGXRV
QR SRU VX OLPSLH]D PpULWR R KXPDQLVPR OR TXH
DOHMDD&DPXVGHODUHDOLGDG
(QHOOLEURªORVMXHJRV\ORVKRPEUHV«HOVRFLyORJR
IUDQFpV 5 &DLOORLV UHVXPLy ORV UDVJRV HVHQFLDOHV
GHO GHSRUWH TXH FRQVLVWH HQ HMHUFHUORV HQ XQ
HVSDFLRGHWLHPSRFLUFXQVFULWR\GLVWLQWRDORVGH
ODYLGDFRUULHQWHUHJODGRSRUOtPLWHVªHVWULFWRV«HQ
GRQGHVXVUHVXOWDGRVVRQLQFLHUWRV\VXGHVDUUROOR
LPSUHYLVLEOHORTXHH[SOLFDVXIXQFLyQGHYiOYXOD
GHHVFDSHRXQDIRUPDGHHYDVLyQGHODUHDOLGDG
&RKHQ$
2WUR SXQWR PX\ LPSRUWDQWH HQ HO DPELHQWH
GHO GHSRUWH HV HO URO TXH WLHQHQ ORV PHGLRV
GH FRPXQLFDFLyQ \D TXH OD DXGLHQFLD VH JXtD
IUHFXHQWHPHQWH SRU ORV FRPHQWDULRV FULWHULRV \
RSLQLRQHV GH ORV FRPHQWDULVWDV ªH[SHUWRV« GHO
iUHDORTXHUHTXLHUHGHXQDJUDQUHVSRQVDELOLGDG
\DTXHSXHGHQGLVWRUVLRQDUORVKHFKRV\PDQLSXODU
DODRSLQLyQS~EOLFD
3DUWLHQGRGHTXHHOGHSRUWHHVUHFUHDWLYRGLYHUWLGR
\XQVDQRSDVDWLHPSRVHSRGUtDHQWRQFHVFRQVLGHUDU
DDOJXQRVGHSRUWHVSRFRpWLFRVSRUTXH SRQHQ HQ
ULHVJRODYLGDRODLQWHJULGDGGHORVSDUWLFLSDQWHV
FRPRHVHOFDVRGHOER[HRTXHFRQVLVWHHQSRQHU
DGRVVHUHVKXPDQRVDJROSHDUVHVLQSLHGDGKDVWD
GHMDUDODGYHUVDULRIXHUDGHFRPEDWHQRTXHDGR\
WRGRHVWRGHQWURGHORVHVTXHPDVUHJODPHQWDULRV
1R VRQ SRFDV ODV PXHUWHV SURGXFWR GH HVWDV
”’
DFFLRQHV-DXYHQFHO
/RV DYDQFHV WpFQLFRFLHQWt´FRV WDPELpQ VH KDQ
GDGR HQ HO FDPSR GHO GHSRUWH \ HQ HVSHFLDO
HQ HO iUHD GH OD JHQpWLFD 1RVVDO (Q
XQ VLPSRVLR GHQRPLQDGR ªELRWHFQRORJtD HO
IXWXUR KR\« FHOHEUDGR HQ OD FLXGDG GH 0DGULG
HQ OD GpFDGD GH ORV DxRV ­V VH KLFLHURQ PX\
LQWHUHVDQWHV UHµH[LRQHV HQ OD SRVLELOLGDG GH
OD PDQLSXODFLyQ JHQpWLFD SDUD JHQHUDU V~SHU
DWOHWDV HO SURIHVRU HVSDxRO $QWRQLR *ULVROtD
PDQLIHVWy TXH ~QLFDPHQWH VH WUDEDMDUi FRQ
FpOXODVVRPiWLFDVHQODPDQLSXODFLyQJHQpWLFDVLQ
HPEDUJRSRWHQFLDOPHQWHHVIDFWLEOHFUHDUV~SHU
KRPEUHV SRU WDQWR ORV OtPLWHV FLHQWt´FRV GHEHQ
GH VHU HPLQHQWHPHQWH pWLFRV HQ HVWH FDPSR GHO
ªJHQRPDKXPDQR«/DZWKHU
3ULQFLSLRVpWLFRV
3DUD -DLPH )LOORO OD pWLFD HQ HO GHSRUWH VH
WUDGXFH HQ D HVIXHU]R \D TXH HO GHSRUWLVWD
ªVH KDFH« PHGLDQWH OD GHGLFDFLyQ \ GLVFLSOLQD
E WUDQVSDUHQFLD SRUTXH HO GHSRUWLVWD GHEH
GH PDQHMDU XQD EXHQD LPDJHQ VHU FRKHUHQWH
HQWUH OR TXH GHFODUD H[SUHVD \ GHPXHVWUD F
LQWHOLJHQFLD SRUTXH GHVDUUROOD VX OyJLFD HQ IDLU
SOD\ R MXHJR OLPSLR HQ HO HVWDEOHFLPLHQWR GH VXV
HVWUDWHJLDVGFRPSURPLVRSDUDKRQUDUODVUHJODV
GHO MXHJR \ FXPSOLU ORV FRPSURPLVRV SDFWDGRV
H DXWHQWLFLGDG SRUTXH GHEH DVXPLU XQD DFWLWXG
GH FRQ´DQ]D D´DQ]DGD HQ OD FODULGDG GH VXV
REMHWLYRVVLQGREOHVGLVFXUVRV/RTXHVHUHVXPH
HQ VHU XQ GHSRUWLVWD FRQ XQ FRPSRUWDPLHQWR
PRUDOPHQWHDGHFXDGR
/DpWLFDWLHQHTXHYHUFRQORTXHGHEHUtDPRVKDFHUOR
TXHPRUDOPHQWHHVDGHFXDGRLQµXLGRSRUQXHVWURV
YDORUHV/DpWLFDGHSRUWLYDGHEHVHUFRPSOHPHQWDGD
SRUODD[LRORJtDSDUDTXHRULHQWHVREUHWRGRDOMRYHQ
GHSRUWLVWDGHXQVHQWLGRYDORUDWLYRPHGLDQWHXQ
SURFHVRHGXFDWLYRWDQWRHQHOQLYHOXQLYHUVLWDULR
FRPRHQHOiPELWRSURIHVLRQDOGHVDUUROODQGRORV
YDORUHV GH VROLGDULGDG FRPSURPLVR FRQFRUGLD \
IUDWHUQLGDG(VLPSRUWDQWHODLQFOXVLyQGHODpWLFD
D ODV HVWUDWHJLDV WUDGLFLRQDOHV GH SUHSDUDFLyQ
WpFQLFDWiFWLFDItVLFD\SVLFROyJLFD5XGLN
(O FyGLJR GH pWLFD GHSRUWLYD PHQFLRQD TXH HO
GRSDMH HVWi SURKLELGR \ TXH VH GHEH OXFKDU
FRQWUDpOSRUTXHOHVLRQDODLPDJHQODLQWHJULGDG
\OD´QDOLGDGHVHQFLDOGHOGHSRUWHDGHPiVGHVHU
PX\SHOLJURVRSDUDODVDOXGGHOGHSRUWLVWD\DTXH
FRQVLVWHHQDGPLQLVWUDUXQDVXVWDQFLDRGURJDTXH
(1(52',&,(0%5(
LQFUHPHQWD OD FDSDFLGDG QDWXUDO GH OD SHUVRQD
HQIRUPDDUWL´FLDO\WUDQVLWRULDWHQLHQGRHIHFWRV
QRFLYRV D TXLHQ ODV FRQVXPHQ OOHJDQGR HQ
RFDVLRQHVDVHUPRUWDOHV(VWRVGDQODVHQVDFLyQ
GHPD\RUHQHUJtDSRQLHQGRHQGHVYHQWDMDDORV
TXH QR VH KDQ GRSDGR ,64&yGLJR GH eWLFD
'HSRUWLYD
(OGHSRUWHSRVHHQRUPDVTXHUHJXODQVXDFWLYLGDG
\HOGHSRUWLVWDSRUWDQWRDGTXLHUHFRPSURPLVRV
YLQFXODGRV FRPR VRQ HO FXPSOLPLHQWR GH ODV
UHJODV\FXLGDUVXLPDJHQ\DTXHHVHMHPSORSDUD
OD VRFLHGDG (Q HVWH VHQWLGR VX ªFRQWULQFDQWH«
HQ HO GHSRUWH HV VX ªFRPSOHPHQWR« \ QXQFD
VHUi FRQVLGHUDGR VX HQHPLJR 'RVLO ' *DU]DUHOOL**HVWLyQ'HSRUWLYD
0XFKRVJRELHUQRVKDQUHDOL]DGRJUDQGHVHVIXHU]RV
SDUDVDOYDJXDUGDU\SURPRYHUORVLGHDOHVGHOGHSRUWH
SODVPDGRV HQ FyGLJRV GH pWLFD GHSRUWLYD FRQ OD
REOLJDFLyQGHGLIXQGLUORVHQWUHVXVRUJDQL]DFLRQHV
GHSRUWLYDV HQ SDUWLFXODU DTXHOORV TXH WUDEDMDQ
FRQ MyYHQHV TXH HVWLPXOHQ D ODV DXWRULGDGHV
HVFRODUHV\H[WUDHVFRODUHVSDUDTXHVHDQSDUWHGH
ORVSURJUDPDVGHHGXFDFLyQItVLFD\GHIRUPDFLyQ
GHSRUWLYDWDOHVHOFDVRGHORVHVWDGRVPLHPEURV
UHJLGRVSRUODFDUWDHXURSHDGHOGHSRUWH&yGLJR
GHeWLFD'HSRUWLYD
/DV LQVWLWXFLRQHV FRPHUFLDOHV \ ODV HGXFDWLYDV
VRQ UHVSRQVDEOHV GH RULHQWDU KDFLD XQD DFWLWXG
GHSRUWLYD GHO ªMXHJR OLPSLR« DSR\iQGRVH HQ ORV
PHGLRV GH FRPXQLFDFLyQ FRPR HO GHVHPSHxR
IXQGDGRHQSULQFLSLRVpWLFRV
(O GHSRUWH GHEH VHU XQD DFWLYLGDG VRFLRFXOWXUDO
TXH SRWHQFLH OD DPLVWDG HQWUH ORV LQGLYLGXRV \
ODV QDFLRQHV &RQWULEX\H D PHMRUDU OD H[SUHVLyQ
FRUSRUDOSURSRUFLRQDDGHPiVVDOXG\ELHQHVWDU
WDQWRItVLFRFRPRPHQWDOPHMRUDQGRODFDOLGDGGH
YLGDGHODVSHUVRQDV
(O GHSRUWH GHEH UHFXSHUDU VXV HOHPHQWRV
WUDGLFLRQDOHV HO UHVSHWR D ODV UHJODV GH MXHJR \
OD OHDOWDG (Q VXPD TXH OD GHSRUWLYLGDG VHD XQ
HOHPHQWRDUHVFDWDUSRUTXHWLHQHTXHYHUFRQHO
FRPSRUWDPLHQWRpWLFRGHOGHSRUWLVWDHOUHVSHWR
SRU ODV UHJODV \ OD HOHJDQFLD GH HVStULWX FRQ HO
FRQWUDULRVREUHHODIiQGHODYLFWRULD6LQDXWRU
KWWSHVWKHIUHHGLFWLRQDU\FRPGHSRUWLYLGDG
)UHQWH D XQ PRGHOR ªLGHDO« SRGHPRV FRQFOXLU
TXH OD pWLFD HVWi UHIHULGD D WRGRV ORV DVSHFWRV
LQKHUHQWHV D OD SUiFWLFD GHSRUWLYD LQFOX\H
ORV SURFHVRV GH HQVHxDQ]D HQWUHQDPLHQWR
FRQVHUYDFLyQ GH OD VDOXG \ UHQGLPLHQWR Pi[LPR
GHODWOHWDVLQROYLGDUVXFDUiFWHUSHUVRQDO
(O HQWUHQDGRU GHEH FRQVWUXLU VREUH HO WDOHQWR
GHO GHSRUWLVWD VXV OtPLWHV VXV FDSDFLGDGHV
HVWLPXOiQGROR SHUPDQHQWHPHQWH D EXVFDU VX
LGRQHLGDG\DODYH]EXVFDUDOLYLDUODVSUHVLRQHVGH
ORVGLULJHQWHVSROtWLFRV\PHGLRVGHFRPXQLFDFLyQ
VHJ~QVHDHOFDVRFRQEXHQMXLFLR\DFHUWLYLGDG
1R ROYLGHPRV TXH HO GHSRUWH WLHQH XQ HIHFWR
EHQp´FR HQ HO SURFHVR GH VRFLDOL]DFLyQ GH ORV
VHUHVKXPDQRV
(QHOGHSRUWHODLGRQHLGDGLPSOLFDLQWHUUHODFLRQDU
ODV FXDOLGDGHV LQWHOHFWLYDV \ HPRFLRQDOHV FRQ OD
SUiFWLFD GH XQD DFWLYLGDG HVSHFt´FD HQWRQFHV
LPSOLFDªVDEHUKDFHU«FRQEDVHDODH[SHULHQFLD
DODDFWXDOL]DFLyQ\ODMXVWLFLDHQFRQFUHWRYLYLU
GHQWURGHXQDPELHQWHGHFXOWXUDGHOGHSRUWHHQ
HO TXH WRGRV ORV LQYROXFUDGRV HVWpQ REOLJDGRV D
DFWXDUpWLFD\PRUDOPHQWH&RKHQ$
(O &RPLWp ,QWHUQDFLRQDO SDUD HO -XHJR /LPSLR
&,)3SRUVXVVLJODVHQLQJOpVHVWiSUHRFXSDGR
SRUTXH OD HYROXFLyQ PXQGLDO GHO GHSRUWH HVWi
GHELOLWDQGR HO ªMXHJR OLPSLR« SRU OR TXH GHEHQ
VXV LQWHJUDQWHV UHGREODU HVIXHU]RV SDUD FUHDU
ODV FRQGLFLRQHV GH TXH pVWH SURVSHUH \D TXH
WDPELpQHVWiHQMXHJRODGLJQLGDGKXPDQDODFXDO
WLHQH TXH VHU VLHPSUH OD SULQFLSDO SUHRFXSDFLyQ
GHOGHSRUWH
%DMR HVWH HVTXHPD VH LQFOX\H D ODV SRGHURVDV
´UPDV FRPHUFLDOHV TXH VRQ SLH]D FODYH SDUD HO
SDWURFLQLRGHHYHQWRVDORVJRELHUQRVSDUDTXH
JHQHUHQ SROtWLFDV GH DSR\R DO GHSRUWH WDQWR HQ
UHFXUVRV HFRQyPLFRV FRPR HQ LQIUDHVWUXFWXUD \
SURWHFFLyQ\SRU~OWLPRHOVHFWRUHGXFDWLYRFRPR
JHQHUDGRU GH FRQRFLPLHQWR \ FXOWXUD GH DXWR
FXLGDGRHQHOiPELWRGHODVFLHQFLDVGHOGHSRUWH
HQXQPDUFRGHODpWLFD\ELRpWLFD
”“
5HIHUHQFLDV%LEOLRJUiILFDV
(GLWRULDO3DLGRV%DUFHORQD(VSDxD
&yGLJRGHpWLFDGHSRUWLYDUHFRPHQGDFLyQ1R
5GHO&RPLWpGH0LQLVWURVDORV(VWDGRVPLHPEURV
VREUH HO &yGLJR GH pWLFD GHSRUWLYD (VWDWXWR GHO
&RQVHMRGH(XURSD
/H\JHQHUDOGHFXOWXUDItVLFD\GHSRUWH0p[LFRIHEUHUR
GH
&RKHQ$JUHVW'ª/DpWLFDGHOGHSRUWHXQYDORU
DUHFXSHUDU«(GLWRULDO7HUUD0DJD]LQH$UJHQWLQD
'RVLO ' -RDTXtQ ª3VLFRORJtD \ UHQGLPLHQWR
GHSRUWLYR«(GLWRULDO*HUVDP(VSDxD
(QFLFORSHGLD PXQGLDO GHO GHSRUWH 8WHKD
0p[LFRGXUDLQFRP
,64&yGLJRGHpWLFDGHSRUWLYD
/DZWKHU-RKQª5HYLVWD3VLFRORJtDGHOGHSRUWH«
””
1RVVDO *-9 ª/RV OtPLWHV GH OD PDQLSXODFLyQ
JHQpWLFD« (GLWRULDO *HGLVD &ROHFFLyQ OtPLWHV GH OD
FLHQFLD0DGULG(VSDxD
5XGLN ª3VLFRORJtD GH OD HGXFDFLyQ ItVLFD \
GHSRUWH«(GLWRULDO6WDGLXP$UJHQWLQD
6RPRJ\L$0LJXHOª'HODpWLFDD[LROyJLFDDOD
pWLFDGHSRUWLYD«(GLWRULDO$GDX$UJHQWLQD
-DXYHQFHO 05 ª$VSHFWRV pWLFRV FOtQLFRV \
MXUtGLFRV HQ HO ER[HR« ZZZSHQWDMHPHGLFRIRUHQVH
FRPER[HRKWP FRQVXOWDGR HQ VHS GH 6LQDXWRU
KWWSHVWKHIUHHGLFWLRQDU\FRPGHSRUWLYLGDG
(1(52',&,(0%5(
3HUVSHFWLYDV
B@¥>7V_
5HSRUWHGH
7VMV
”•
7=¥MB¤¥>7_A£>W¥@7@MS7£¥7¤¥\MAKA£
S7>¥AK¤ASA@¥8¤U¥>M¤AUJ¥K7£
&HOLQD&DVWDxHGDGHOD/DQ]D$QD0DUtD0LOOiQ9HOi]TXH]
(
O ´QDO GH OD YLGD QRV SRQH DQWH VLWXDFLRQHV
GLItFLOHV VREUH WRGR D ORV SURIHVLRQDOHV GH OD
VDOXG FXDQGR VH WUDWD GH SDFLHQWHV SHGLiWULFRV
SRUTXH FRQVWLWX\H GLOHPDV GH OD PHGLFLQD
FRQWHPSRUiQHD D~Q VLQ UHVROYHU JHQHUDQGR
GHEDWHV VREUH FULWHULRV FRPR OD DXWRQRPtD
OD OLPLWDFLyQ GHO WUDWDPLHQWR \ OD REVWLQDFLyQ
WHUDSpXWLFDHQORVQLxRV
3DUD HO DGHFXDGR PDQHMR GHO PHQRU HQ HWDSD
WHUPLQDO VH HVSHUD GHO SURIHVLRQDO XQD DFWLYLGDG
WpFQLFDPHQWHSHUIHFWD\KXPDQDPHQWHVRVWHQLGD
'H DKt OD LPSRUWDQFLD GH TXH HO PpGLFR HVWp
FDSDFLWDGR SDUD FRQVLGHUDU \ DQDOL]DU QR VyOR
ORV HOHPHQWRV WpFQLFRVPpGLFRV VLQR WDPELpQ
SRQHUDWHQFLyQ\FXLGDGRHQFXHVWLRQHVGHYDORU
LPSOLFDGDV HQ HVWRV FDVRV FRPR VRQ FRQVHUYDU
OD FDOLGDG GH YLGD GLVPLQXLU HO VXIULPLHQWR \
EULQGDUORVFXLGDGRVGHFRQIRUW\ELHQHVWDU(VWRV
VRQ HVFHQDULRV SDUD ORV FXDOHV GHEHPRV HVWDU
SUHSDUDGRVHLQIRUPDGRV
&XDQGR VH WUDWD GH SDFLHQWHV SHGLiWULFRV ORV
SDGUHVOOHYDQWRGRHOSHVRPRUDOGHODVGHFLVLRQHV
ORV VHQWLPLHQWRV GH FXOSD HVWiQ SUHVHQWHV \ OD
SUHJXQWD FDVL VLHPSUH HV š(VWR\ KDFLHQGR OR
PHMRU SDUD PL KLMR" š0H TXHGD DOJR SRU KDFHU"
š4XpGHERKDFHUSDUDTXHWHQJDODPHMRURODPiV
DGHFXDGDDWHQFLyQ"3UHJXQWDVGLItFLOHVFRQXQDOWR
VXIULPLHQWR H[LVWHQFLDO \ SRFDV UHVSXHVWDV DQWH
HQIHUPHGDGHVTXHWLHQHQDOSDFLHQWHDO´QDOGHOD
YLGD&RQPD\RUIUHFXHQFLDVXUJHODLQWHUURJDQWH
GHš(OQLxRHVWiFDSDFLWDGRSDUDFRPSUHQGHUODV
FRQVHFXHQFLDV GH ODV GHFLVLRQHV TXH WRPHQ ORV
SDGUHV VREUH VX ELHQHVWDU" \ VL š(O QLxR SRGUtD
FRQVHQWLU R LQFOXVR QHJDUVH D ORV WUDWDPLHQWRV
PpGLFRV"
&RQVLGHUDQGRHVWRVDVSHFWRVSRGHPRVDSR\DUQRV
HQ OD %LRpWLFD TXH HV XQD KHUUDPLHQWD pWLFD
PRUDO\OHJDOTXHSUHWHQGHHQFRQWUDUUD]RQDGD\
IXQGDPHQWDGD XQD UHVSXHVWD DO GLOHPD FRQFUHWR
\ DVt SODQWHDU OD PHMRU VROXFLyQ KDFLD HO ELHQ GHO
SDFLHQWH (V D WUDYpV GH ORV &RPLWpV GH %LRpWLFD
+RVSLWDODULRVGRQGHOD%LRpWLFDVHIXVLRQDFRQHO
HMHUFLFLRGHODDWHQFLyQPpGLFDSRUVHUXQHVSDFLR
GHDQiOLVLVGHUHµH[LyQ\GHHVWXGLRSDUDDX[LOLDU
D ORV SURIHVLRQDOHV GH OD VDOXG \ D ORV SDFLHQWHV
R IDPLOLDUHV 3pUH]6 eVWRV DQDOL]DQ GH
PDQHUDVLVWHPiWLFDORVFRQµLFWRVGHYDORUHVTXH
SXGLHUDQVXUJLUGXUDQWHHOSURFHVRGHODDWHQFLyQ
FOtQLFD(ODQiOLVLVGHFDVRGHPHQRUHVUHSUHVHQWD
XQ SXQWR iOJLGR HQ OD GLVFXVLyQ SDUD OD WRPD GH
GHFLVLRQHV SRUTXH VXUJHQ GLOHPDV pWLFRV VREUH
TXLHQHV GHEHUtDQ WRPDU ODV GHFLVLRQHV \ TXH
SULQFLSLRVpWLFRVSRGUtDQXWLOL]DUVHLQWHJUDQGRORV
LQWHUHVHVGHOQLxRORVGHUHFKRVGHORVSDGUHV\OD
UHVSRQVDELOLGDGGHOSHGLDWUD
(VSHFLDOLVWDHQ$QHVWHVLRORJtD\0HGLFLQD3DOLDWLYD&RRUGLQDGRUD(VWDWDOGHO3URJUDPDGH0HGLFLQD3DOLDWLYDGHO,QVWLWXWRGH6DOXGGHO(VWDGRGH0p[LFR
(VWXGLRVGH'RFWRUDGRHQ%LRqWLFDSRUOD8QLYHUVLGDG$QjKXDF&RRUGLQDGRUD(VWDWDOGHO3URJUDPDGH%LRpWLFD\6HFUHWDULD7pFQLFDGHOD&RPLVLyQGH%LRpWLFDGHO
(VWDGRGH0p[LFR
”–
(1(52',&,(0%5(
/DV UHJXODFLRQHV OHJDOHV \ QRUPDWLYDV DQWH OD
UHWLUDGDGHGHWHUPLQDGDVPHGLGDVGHVRSRUWHYLWDO
JHQHUDQSUREOHPDVDVtFRPRHOGHFLGLUOLPLWDUHO
HVIXHU]R WHUDSpXWLFR VRQ GHFLVLRQHV IUHFXHQWHV
DQWH FDVRV GH SDFLHQWHV SHGLiWULFRV HQ VLWXDFLyQ
FUtWLFDRHQHVWDGRWHUPLQDO\DTXHH[LVWHQHVFDVRV
HVWXGLRV\SRFRVHOHPHQWRVSDUDWRPDUGHFLVLRQHV
HQHVWHVHQWLGR(ODYDQFHWHFQROyJLFR\FLHQWt´FR
TXH~OWLPDPHQWHKDWHQLGRODPHGLFLQDKDWRPDGR
DOD%LRpWLFDFRPRGLVFLSOLQDHQFDUJDGDGHYLJLODU
HOFRPSRUWDPLHQWRGHOSHUVRQDOVDQLWDULRDQWHOD
DSOLFDFLyQGHHVWDVQXHYDVWHQGHQFLDV
(Q PXFKRV SDtVHV H[LVWH XQD FODUD WHQGHQFLD D
WRPDU PiV HQ FRQVLGHUDFLyQ OD FDSDFLGDG GHO
PHQRU SDUD GHFLGLU 5RPiQ /DIRQW S /D 'HFODUDFLyQ ,QWHUQDFLRQDO GH ORV 'HUHFKRV
GHO 1LxR SURPXOJD HO GHUHFKR TXH WLHQHQ D VX
DXWRGHWHUPLQDFLyQGLJQLGDG\UHVSHWRDVtFRPR
D WRPDU GHFLVLRQHV IXQGDPHQWDGDV VLWXDFLyQ
DSR\DGD SRU OD &DUWD (XURSHD VREUH ORV QLxRV
KRVSLWDOL]DGRVODFXDOVHxDODTXHQLxRV\SDGUHV
WLHQHQGHUHFKRDSDUWLFLSDUFRQFRQRFLPLHQWRGH
FDXVDHQWRGDVODVGHFLVLRQHVUHODWLYDVDODDWHQFLyQ
GH VX VDOXG \ HQIDWL]D TXH WRGR QLxR GHEH VHU
SURWHJLGRGHWUDWDPLHQWRV\HVWXGLRVLQQHFHVDULRV
6iQFKH]6DQWHV/([LVWHQFRQGLFLRQHVTXH
VHGHEHQSUHYHHUVLHQGRLPSRUWDQWHYDORUDUVLORV
PHQRUHVWLHQHQODFDSDFLGDGGHWRPDUGHFLVLRQHV
RQRVRQHVFHQDULRVSDUDORVFXDOHVGHEHPRVHVWDU
SUHSDUDGRVHLQIRUPDGRV\SURFXUDUTXHODGHFLVLyQ
VHD OD PHMRU WHQLHQGR FRPR REMHWLYR FRQVHUYDU
OD FDOLGDG GH YLGD \ GLVPLQXLU HO VXIULPLHQWR (V
LPSUHVFLQGLEOHFRQVLGHUDUODRSLQLyQGHOSDFLHQWH
HQODWRPDGHGHFLVLRQHV¨D~QTXHVHDPHQRU
\D TXH SXHGH YHUVH YXOQHUDGR IUHFXHQWHPHQWH
GHELGRDTXHOHJDOPHQWHHVWHQRSXHGHQGHFLGLU
VREUH VX WUDWDPLHQWR H LQFOXVR UHQXQFLDU DO
PLVPR R ELHQ RSWDU SRU ODV PHGLGDV GH FRQIRUW
\GHVRVWpQTXHRIUHFHQORVFXLGDGRVSDOLDWLYRV
(VWRFRQVWLWX\HHOFRQVHQWLPLHQWRLQIRUPDGRHQ
SHGLDWUtDDVHQWLPLHQWRGHOPHQRUPiVHOSHUPLVR
LQIRUPDGR GH ORV SDGUHV HO JUDGR GH GHVDUUROOR
FRJQLWLYR \ SVLFRVRFLDO GHO QLxR GHEH WHQHUVH HQ
FRQVLGHUDFLyQ FRQ UHVSHFWR D ODV GHFLVLRQHV \
DFFLRQHV TXH VH OOHYHQ D FDER VREUH pO /DUUHD
)DEUD/0(
&XDQGRDOQLxRVHOHGLDJQRVWLFDXQDHQIHUPHGDG
LUUHFXSHUDEOH \ FRQ SURQyVWLFR GH PXHUWH
SUy[LPD GHEH FXPSOLU FRQ ORV FULWHULRV TXH
GH´QHQ D XQ SDFLHQWH WHUPLQDO WDQWR HQ DGXOWRV
FRPR HQ QLxRV HVWRV VRQ FODURV \ ORV HVWDGLRV
GH OD HQIHUPHGDG VRQ HYLGHQWHV D SUHVHQFLD
GH XQD HQIHUPHGDG DYDQ]DGD SURJUHVLYD H
LQFXUDEOHEIDOWDGHSRVLELOLGDGHVUD]RQDEOHVGH
UHVSXHVWD DO WUDWDPLHQWR HVSHFt´FR F SUHVHQFLD
GH QXPHURVRV SUREOHPDV R VtQWRPDV LQWHQVRV
P~OWLSOHV PXOWLIDFWRULDOHV \ FDPELDQWHV *UDFLD
'
/DV HQWLGDGHV SDWROyJLFDV TXH FRQ PD\RU
IUHFXHQFLDFRQGXFHQDOHVWDGLRWHUPLQDOHQDGXOWRV
VRQ ODV HQIHUPHGDGHV FUyQLFDV GHJHQHUDWLYDV
FDUGLRYDVFXODUHV KLSHUWHQVLyQ DUWHULDO VLVWpPLFD
DFFLGHQWHV FHUHEUR YDVFXODUHV PHWDEyOLFDV
GLDEHWHVPHOOLWXVKHSiWLFDVFLUURVLVLQVX´FLHQFLD
KHSiWLFD SXOPRQDUHV (32& QHXUROyJLFDV
HVFOHURVLVODWHUDODPLRWUy´FDHVFOHURVLVP~OWLSOH
3DUNLQVRQ
UHXPDWROyJLFDV
HVFOHURGHUPLD
OXSXV DUWULWLV UHXPDWRLGH GHUPDWRPLRVLWLV
DXWRLQPXQHV H LQIHFFLRVDV +,96tQGURPH GH
,QPXQRGH´FLHQFLD $GTXLULGD \ RQFROyJLFDV
WXPRUHVOtTXLGRV\VyOLGRV6LHQGRHVWDV~OWLPDV
ODVPiVIUHFXHQWHVHQSHGLDWUtD
(Q DGXOWRV HO SURQyVWLFR GH VXSHUYLYHQFLD QR
VLHPSUHHVIiFLOGHSUHFLVDU(OHVWDGRJHQHUDO\OD
HQWLGDG GH ODV LQVX´FLHQFLDV RUJiQLFDV SUHVHQWHV
D\XGDQ D GHOLPLWDUOR 6LQ HPEDUJR H[LVWHQ
FDUDFWHUtVWLFDVTXHORLGHQWL´FDQFRPRHQHOFiQFHU
TXH WLHQH XQD SURJUHVLyQ ´UPH \ XQD FODUD IDVH
WHUPLQDOHQHQIHUPHGDGHVFUyQLFRGHJHQHUDWLYDV
YD GH OD LQVX´FLHQFLD GH DOJ~Q yUJDQR GHWHULRUR
JUDGXDO WHQLHQGR HWDSDV GH UHFXSHUDFLyQ \ HQ
XQ PRPHQWR VH SUHVHQWD OD PXHUWH V~ELWD \ HQ
ODHGDGDYDQ]DGDHOSDFLHQWHHVWDIUiJLO\SXHGH
H[LVWLU GHPHQFLD VHQLO JUDGXDOPHQWH KDVWD VX
PXHUWH
(O FXLGDGR HQ HO SDFLHQWH SHGLiWULFR WHUPLQDO HV
XQD SULRULGDG SDUD OD 2UJDQL]DFLyQ 0XQGLDO GH
OD 6DOXG OD PHGLFLQD SDOLDWLYD SURSRQH LQWHJUDU
\ IDFLOLWDU HO FRQWURO GH ORV VtQWRPDV DGHPiV
GH DSR\DU D ORV SDGUHV \ IDPLOLDUHV FXDQGR VH
FRQVLGHUD TXH HO SDFLHQWH KD HQWUDGR DO WHUUHQR
DYDQ]DGR GH OD HQIHUPHGDG \ HVWi HQ HWDSD
WHUPLQDO (V HQ HVWH PRPHQWR TXH VH FDPELD HO
REMHWLYR FXUDWLYR SRU HO SDOLDWLYR \ VH HQIRFDQ
ODV DFWLYLGDGHV HQ HO FRQWURO GH VtQWRPDV ItVLFRV
SVLFROyJLFRVVRFLDOHV\HVSLULWXDOHVGHOSDFLHQWH\
IDPLOLD+XPPHOVWHLQ%3
(Q OD DWHQFLyQ D SDFLHQWHV RQFROyJLFRV
SHGLiWULFRV GHEHPRV WHQHU SUHVHQWH TXH ORV
QLxRV QR WLHQHQ SRU TXp VXIULU GRORU GH PDQHUD
LQQHFHVDULD \ GHEHPRV DPLQRUDU VX DQJXVWLD
SRU PHGLR GH MXHJRV R GLQiPLFDV GH DFXHUGR
”—
D VX HGDG (O SHGLDWUD \ HO HTXLSR GH VDOXG TXH
DWLHQGH HVWH WLSR GH SDFLHQWHV \ YLVOXPEUD FDGD
YH] FRQ PiV QLWLGH] TXH ODV PHGLGDV GH DSR\R
YLWDOQRYDQDVHUFDSDFHVGHUHYHUWLUHOSURFHVR
SDWROyJLFR\TXHYDDIDOOHFHUHQXQSHUtRGRPiVR
PHQRVFRUWRGHEHQWRPDUGHFLVLRQHVQRVLHPSUH
IiFLOHV\TXHWLHQHQTXHYHUFRQOLPLWDUHOHVIXHU]R
WHUDSpXWLFR VXVSHQGHU PHGLGDV GH VRVWpQ TXH
KDVWD HVH PRPHQWR SDUHFtDQ VHU ~WLOHV \ TXH \D
KDQ GHMDGR GH VHUOR DEVWHQHUVH GH LPSOHPHQWDU
LQWHUYHQFLRQHVPpGLFDVTXHYDQDSURORQJDUXQD
DJRQtD HQWRQFHV GHEHUi SHQVDU HQ OD PHGLFLQD
SDOLDWLYDTXHFRQVLVWHHQQRDFHOHUDUQLSRVSRQHU
HO SURFHVR GH PRULU UHD´UPD OD FDOLGDG GH YLGD
UHKDELOLWDUHQORSRVLEOHItVLFD\SVLFROyJLFDPHQWH
GXUDQWH OD HQIHUPHGDG FRQWURODU ORV VtQWRPDV
ItVLFRV \ ´QDOPHQWH SURSRUFLRQDU VRSRUWH
SVLFROyJLFR VRFLDO \ HVSLULWXDO SDUD SDFLHQWH \ OD
IDPLOLD
'HVGH HO SXQWR GH YLVWD FOtQLFR ORV FXLGDGRV
SDOLDWLYRV SURSRUFLRQDQ HOHPHQWRV \ GHVDUUROODQ
KDELOLGDGHV SVLFRVRFLDOHV FRPR OD FDSDFLGDG HQ
HOFXLGDGRGHORVDVSHFWRVWpFQLFRVGHHQIHUPHUtD
HV GHFLU OD OLPSLH]D GH OD ERFD GH ORV RMRV GH
OD SLHO OD LQJHVWD \ HOLPLQDFLyQ OD PRYLOL]DFLyQ
\ OD DGPLQLVWUDFLyQ GH ORV IiUPDFRV D HVWR VH
DJUHJD HO LQYROXFUDPLHQWR \ SDUWLFLSDFLyQ DFWLYD
HQ HO FXLGDGR GH ORV VHQWLPLHQWRV GH HVSHUDQ]D
VROLGDULGDG \ DPRU TXH SHUPLWHQ TXH HVWD
HQIHUPHGDG VH FRQYLHUWD HQ XQ SURFHVR GH
HQVHxDQ]D \ DSUHQGL]DMH GRQGH VH REVHUYD TXH
ODVIDPLOLDVDSHVDUGHODSpUGLGDVDOHQIRUWDOHFLGDV
HQVXVYDORUHV/H\JHQHUDOGH6DOXG
/D PD\RUtD GH HVWRV SDFLHQWHV WHUPLQDOHV QR
IDOOHFH GH IRUPD V~ELWD VLQR TXH QRUPDOPHQWH
HQWUDQ HQ XQ SHUtRGR GH GHWHULRUR JUDGXDO PX\
LPSRUWDQWHFRQGLVPLQXFLyQSURJUHVLYDGHOQLYHO
GH FRQFLHQFLD FDPELRV EUXVFRV R FULVLV FRQ
IDOORV RUJiQLFRV PXOWLVLVWpPLFRV HVWD FURQLFLGDG
SHUPLWH D OD IDPLOLD \ SDFLHQWH LU DVLPLODQGR HO
SURFHVR \ SUHSDUiQGRVH SDUD OD GHVSHGLGD (O
WLHPSR TXH WUDQVFXUUH GHVGH HO GLDJQyVWLFR D
OD PXHUWH HV PX\ YDULDEOH UHFRUGHPRV TXH OD
HQIHUPHGDG WHUPLQDO VXSRQH XQ SURQyVWLFR GH
YLGDLQIHULRUDORVVHLVPHVHV\SURGXFHQXQJUDQ
LPSDFWRHPRFLRQDOWDQWRHQHOSDFLHQWHFRPRHQ
OD IDPLOLD HO HTXLSR VDQLWDULR GHEH DFRPSDxDU
DVHVRUDUUHFRQIRUWDU\SUHSDUDUSDUDODSpUGLGDHQ
HVWD ~OWLPD HWDSD GH DWHQFLyQ 6H GHEH SUHSDUDU
DOSDFLHQWH\DODIDPLOLDSDUDHQIUHQWDUODPXHUWH
FRQ WUDQTXLOLGDG IDYRUHFLHQGR OD GHVSHGLGD \
HO DFRPSDxDPLHQWR SDUD WUDWDU GH GLVPLQXLU HO
”˜
VXIULPLHQWRDSR\iQGRVHHQODPHGLFLQDSDOLDWLYD
TXHFRQVLVWHDGHPiVGHFRQWURODUHOGRORUItVLFR\
RWURVVtQWRPDVHQEXVFDUODUHKDELOLWDFLyQItVLFD\
SVLFROyJLFDD\XGDUOHDODUHVROXFLyQGHFRQµLFWRV
H[LVWHQFLDOHV R HVSLULWXDOHV \ EULQGDU OD DVHVRUtD
SVLFROyJLFD0XUUD\6$
(OHTXLSRGHVDOXGFRQRFHGRUGHORVHVWDGLRVGHO
GHFOLQDUItVLFRGHEHUiDVHVRUDUGHVGHHOPRPHQWR
HQTXHGDODQRWLFLD\GHEHUiRUJDQL]DUUHXQLRQHV
GHFRQVHMHUtDIDPLOLDUSDUDDQWLFLSDUODHYROXFLyQH
LQIRUPDU\HGXFDUVREUHHOPRPHQWRGHFDGDHWDSD
DGHPiV GH SUHSDUDU OD GHVSHGLGD IDFLOLWDQGR OD
FRPXQLFDFLyQ\DQWHVGHTXHHOSDFLHQWHSUHVHQWH
ORVVtQWRPDVQHXUROyJLFRVFRPRFRQIXVLyQPHQWDO
GHOLULR DOXFLQDFLRQHV R DJLWDFLyQ SVLFRPRWUL]
3DUD TXH SXHGD HVWDEOHFHUVH HVD FRPXQLFDFLyQ
\ GHVSHGLGD VH GHEH SUHSDUDU DO SDFLHQWH \ D OD
IDPLOLD SDUD XQD PXHUWH WUDQTXLOD \ GLJQD HQ VX
HQWRUQR IDPLOLDU HQ HO VLWLR TXH HO SDFLHQWH KD
HOHJLGRVHJXUDPHQWHVXKRJDU/RDQWHULRUFRQHO
´QGHHODERUDUHOGXHORDQWLFLSDWRULR
/DHPSDWtD\ODFRPSDVLyQVRQYDORUHVKXPDQRV
TXHGHEHQIRUPDUSDUWHGHODSHUVRQDOLGDGGHORV
PpGLFRV ODV HQIHUPHUDV \ WRGR DTXHO WUDEDMDGRU
GH OD XQLGDG GH VDOXG TXH WHQJD FRQWDFWR FRQ
SDFLHQWHV WHUPLQDOHV UHFRUGDU TXH HO SDFLHQWH
\ IDPLOLD HVWiQ YXOQHUDEOHV \ H[SHULPHQWDQ
HPRFLRQHV GH H[WUHPD DQJXVWLD GHVHVSHUDFLyQ
\ PXFKDV YHFHV LQGLJQDFLyQ \ HQRMR SRU OR TXH
OD YLGD OHV HVWi TXLWDQGR GDQGR FRPR UHVXOWDGR
XQD VHULH GH FRQµLFWRV SVLFROyJLFRV TXH SXHGHQ
GHVPRUDOL]DUOH \ KDFHUOH SHUGHU VX SURSLD
DXWRHVWLPDDGHPiVGHORVHVWUDJRVGHODSURSLD
HQIHUPHGDG
/RTXHVHSUHWHQGHGHVGHORVFXLGDGRVSDOLDWLYRV
HV GDU OD DWHQFLyQ DGHFXDGD DO HQIHUPR TXH OH
OOHYH D WHQHU XQD PHMRU FDOLGDG GH YLGD \ TXH OH
SHUPLWD OOHJDU WUDQTXLOR DO GHVHQODFH ´QDO GH VX
SURFHVR 5HVSRQGLHQGR GH IRUPD SURIHVLRQDO D
ODV QHFHVLGDGHV ItVLFDV HPRFLRQDOHV VRFLDOHV \
HVSLULWXDOHV GDQGR SULRULGDG D ORV REMHWLYRV GHO
HQIHUPR$ODIDPLOLDRIUHFHUOHORVPHGLRV\D\XGD
QHFHVDULDSDUDTXHYLYDORPHMRUSRVLEOHVXGXHOR
(VWHSXHGHGDUVHHQXQiPELWRKRVSLWDODULRRHQVX
GRPLFLOLR/RVFXLGDGRVRWRUJDGRVDXQSDFLHQWH
HQHVWDGRWHUPLQDOVRQXQDDVLVWHQFLDpWLFDPHQWH
REOLJDGD
9DOH OD SHQD FRQVLGHUDU TXH OD HVWDQFLD GH ORV
SDFLHQWHV HQ HVWDGR WHUPLQDO WUDWDGRV HQ OD
8QLGDG GH &XLGDGRV ,QWHQVLYRV HVWi VXMHWD D
(1(52',&,(0%5(
OD YDORUDFLyQ GH VX FDOLGDG GH YLGD HVWD HV OD
UHIHUHQFLD TXH GHWHUPLQD VL D XQ SDFLHQWH VH
OH GHEHQ DSOLFDU PHGLGDV GH VRSRUWH YLWDO FRQ
PHGLGDV H[WUDRUGLQDULDV R GHMDU HYROXFLRQDU OD
KLVWRULD QDWXUDO GH VX HQIHUPHGDG FRQ FXLGDGRV
SDOLDWLYRV HQ OXJDU GH FXLGDGRV H[WUDRUGLQDULRV
TXHDODUJDUtDQVXDJRQtD6LQHPEDUJRHQQLQJXQD
RFDVLyQ SXHGHQ DEDQGRQDUVH ODV PHGLGDV GH
VRSRUWH JHQHUDO DFHOHUiQGRVH SRU OR WDQWR OD
PXHUWHGHOSDFLHQWH
(Q OD DWHQFLyQ D SDFLHQWHV SHGLiWULFRV OD IDPLOLD
HVPX\LPSRUWDQWHHVXQSUR\HFWRGHYDORUHVHV
XQDLQVWLWXFLyQGHEHQH´FHQFLDGRQGHORVSDGUHV
WLHQHQ HO GHUHFKR \ OD REOLJDFLyQ GH GH´QLU TXp
HV OR PHMRU SDUD VX KLMR VLHPSUH \ FXDQGR QR
WUDVSDVHQHOOtPLWHGHODªQRPDOH´FHQFLD«HVGHFLU
ORV SDGUHV SRGUiQ LU GHFLGLHQGR FRQMXQWDPHQWH
FRQORVSURIHVLRQDOHVHVHªKDVWDGyQGH«RªKDVWD
FXiQGR«SHURWLHQHQXQOtPLWHTXHYLHQHGH´QLGR
SRU DTXHOODV VLWXDFLRQHV HQ ODV TXH QR KD\ XQD
PtQLPD SUREDELOLGDG GH UHYHUWLU OD VLWXDFLyQ GHO
SHTXHxR 6LWXDFLRQHV HQ ODV TXH HQ HO DIiQ GH
VDOYDUODYLGDGHVXKLMRORPDQWLHQHQHQFXLGDGRV
LQWHQVLYRV KDVWD OOHJDU D OD IXWLOLGDG WHUDSpXWLFD
SXHVVXSRQHPiVVXIULPLHQWRTXHEHQH´FLRHQXQ
QLxRFRQXQSREUHSURQyVWLFRGHYLGD6HUHWLUDQ
ODV PHGLGDV FXUDWLYDV \ VH GHMDQ ODV SDOLDWLYDV
SDUDPD\RUWUDQTXLOLGDGGHOSDFLHQWHGHOHTXLSR
DVLVWHQFLDO\GHODIDPLOLD
(Q FRQFOXVLyQ HO FXLGDGR SDOLDWLYR $OLYLD HO
VXIULPLHQWR PHMRUD OD FDOLGDG GH YLGD RIUHFH \
GD FREHUWXUD HQ HQIHUPHGDGHV QR WUDVPLVLEOHV
\ RQFROyJLFDV HV DGHFXDGR SDUD DSOLFDU HQ HO
SULPHU QLYHO GH DWHQFLyQ \ DGHFXDGR SDUD VHU
VXPLQLVWUDGRHQHOKRJDU6WHUQVZDUG-
$ FRQWLQXDFLyQ VH SUHVHQWD XQ FDVR FOtQLFR GHO
iUHD GH FXLGDGRV SDOLDWLYRV 6H WUDWD GH XQD
SDFLHQWHIHPHQLQDGHDxRVGHHGDGHVKLMD~QLFD
SURGXFWR GH XQ HPEDUD]R GHVHDGR \ SODQHDGR
VXV SDGUHV VRQ SURIHVLRQLVWDV $O QDFLPLHQWR HV
DWHQGLGD SRU HO SHGLDWUD TXLHQ OH GHWHFWD XQD
YLVFHURPHJDOLDFRPSDWLEOHFRQULxyQODSDFLHQWH
VH HVWXGLD \ VH OH GLDJQRVWLFD QHIUREODVWRPD GH
ULxyQ L]TXLHUGR LQPHGLDWDPHQWH HV SURJUDPDGD
SDUDXQDQHIUHFWRPtD\SRVWHULRUPHQWHVRPHWLGD
D TXLPLRWHUDSLD GXUDQWH PHVHV /D SDFLHQWH
SRVWHULRU DO WUDWDPLHQWR SUHVHQWD UHPLVLyQ GH
OD HQIHUPHGDG \ VH PDQWLHQH DVLQWRPiWLFD \ HQ
YLJLODQFLDSRURQFRORJtDSHGLiWULFD6LQHPEDUJR
FXDQGR FXPSOH DxRV GH HGDG LQLFLD FRQ GRORU
HQ UHJLyQ OXPEDU \ GL´FXOWDG UHVSLUDWRULD SRU
OR TXH HQ VX UHYLVLyQ \ FRQWURO FRQ VX PpGLFR
SHGLDWUD RQFyORJR HQFXHQWUDQ SRU XOWUDVRQLGR \
UD\RV;XQDQXHYDWXPRUDFLyQHQULxyQGHUHFKR
HQ OD UDGLRJUDItD GH WyUD[ VH DSUHFLy GHUUDPH
SOHXUDO EDVDO ELODWHUDO (O RQFyORJR GHULYD D
FLUXJtDRQFROyJLFDDODSDFLHQWH\GHFLGHQUHDOL]DU
QHIUHFWRPtD GHO ULxyQ GHUHFKR ~QLFR ULxyQ \
FRORFDU XQD ´VWXOD DUWHULRYHQRVD HQ OD UHJLyQ
LQJXLQDOLQLFLDUXQDVHJXQGDOtQHDGHTXLPLRWHUDSLD
\ PDQWHQHU D OD SDFLHQWH HQ WHUDSLD VXVWLWXWLYD
GH KHPRGLiOLVLV (V HQ HVWDV FRQGLFLRQHV TXH VH
HQFXHQWUD OD SDFLHQWH FRQ VtQWRPDV ItVLFRV PDO
FRQWURODGRV GRORU GLVQHD DVWHQLD DGLQDPLD
DQRUH[LD DQXULD IHEUtFXOD DQVLHGDG LQVRPQLR
\ DWDTXH GH SiQLFR /D IDPLOLD H[SHULPHQWD
VHQWLPLHQWRVGHIUXVWUDFLyQVX~QLFDKLMDFRQXQD
WHUULEOH HQIHUPHGDG DGHPiV GH SUHVHQWDU LUD
FRQWUD HO VLVWHPD GH VDOXG SRU ODV FRQGLFLRQHV
VLQWRPiWLFDVGHVXKLMD\FRQµLFWRHQWUHORVSDGUHV
SRUFXOSDUVHXQRDRWURGHODIDWtGLFDJHQpWLFDGH
ODFXDOVXKLMDHVSRUWDGRUD
/RV SDGUHV VROLFLWDQ DWHQFLyQ GRPLFLOLDULD GH
FXLGDGRV SDOLDWLYRV SRU GRORU DO RWRUJDUOH HO
FXLGDGRSDOLDWLYRDODSDFLHQWHVHSURSRUFLRQDHO
FRQWUROGHVtQWRPDVItVLFRVFRPRODQHFHVLGDGGH
DQDOJHVLDHKLGUDWDFLyQ$VtPLVPRVHOHFDSDFLWDD
ODIDPLOLDVREUHORVFXLGDGRVJHQHUDOHVODLQJHVWD
\HOLPLQDFLyQHOFXLGDGRGHODSLHO\GHORVRMRVDVt
FRPRHOFRQWUROGHODWDTXHGHSiQLFR\DQVLHGDG
7DPELpQVHLQIRUPD\HGXFDVREUHODHQIHUPHGDG
\DSR\RSVLFROyJLFRVRFLDO\HVSLULWXDOGHSDGUHV
HKLMD
&DEH GHVWDFDU TXH ORV SDGUHV QR VDEtDQ TXH OD
KHPRGLiOLVLV HV XQD WHUDSLD VXVWLWXWLYD \ TXH VX
KLMD QR WHQtD SRVLELOLGDGHV SDUD VHU FDQGLGDWD D
WUDVSODQWH UHQDO SRU OR TXH QR KDEtD SRVLELOLGDG
GH UHFXSHUDFLyQ WDPSRFR KDEtDQ YDORUDGR HO
GHVHR GH OD QLxD TXLHQ PDQL´HVWD TXH TXHUtD
HVWDUHQFDVD\QRGHVHDEDPiVLQWHUQDPLHQWRVQL
SURFHGLPLHQWRV
6HOHVLQIRUPyGHOD´ORVRItDGHOFXLGDGRSDOLDWLYR
TXH HVWR QR VLJQL´FDED DFHOHUDU QL SRVSRQHU HO
SURFHVR GH PRULU VLQR PiV ELHQ UHD´UPDU OD
FDOLGDG GH YLGD GH OD QLxD \ GDUOH HQ OR SRVLEOH
XQDPXHUWHGLJQD7DPELpQVHOHVGLRDFRQRFHU
HQ HVWD SULPHUD LQWHUYHQFLyQ ORV REMHWLYRV GH
pVWH SURSRUFLRQDU FRQIRUW \ ELHQHVWDU FDOLGDG
FRQWUDFDQWLGDG/RVSDGUHVWHQtDQGLOHPDVpWLFRV
\ PRUDOHV DVt FRPR VHQWLPLHQWRV GH FXOSD SRU
OD GHFLVLyQ VREUH WRGR SRU KDEHU DFHSWDGR OD
VHJXQGD QHIUHFWRPtD $ OD SDFLHQWH VH OH EULQGy
”™
OD DQDOJHVLD \ FRQWURO GH VtQWRPDV SHUR ORV
SDGUHV GHFLGLHURQ FRQWLQXDU FRQ OD KHPRGLiOLVLV
\´QDOPHQWHODSDFLHQWHIDOOHFLyGtDVGHVSXpV
GXUDQWHXQDKHPRGLiOLVLV
6H UHDOL]z VHJXLPLHQWR SRVWHULRU SDUD HYDOXDU OD
VDWLVIDFFLyQ SRU HO VHUYLFLR UHFLELGR GH FXLGDGRV
SDOLDWLYRV\ORVSDGUHVH[SUHVDURQ4XHVLKXELHUDQ
HVWDGR LQIRUPDGRV QR KXELHUDQ VRPHWLGR D
VXIULPLHQWR LQQHFHVDULR D VX KLMD VL OHV KXELHUDQ
GLFKR TXH QR KDEtD SRVLELOLGDGHV QR KDEUtDQ
DFHSWDGRODKHPRGLiOLVLV
)LQDOPHQWH XQD LQIRUPDFLyQ RSRUWXQD YHUD] \
GH FDOLGDG HYLWD TXH ORV FDVRV GH ORV SDFLHQWHV
FRQ HQIHUPHGDG WHUPLQDO VHDQ VRPHWLGRV D
SURFHGLPLHQWRV LQQHFHVDULRV TXH DODUJDQ OD
DJRQtDLQFUHPHQWDQHOVXIULPLHQWR\GHPHULWDQOD
FDOLGDG GH YLGD WDQWR GHO SDFLHQWH FRPR GH VX
IDPLOLD*RPH]%;
(VLPSRUWDQWHTXHODVXQLGDGHVGHVDOXGFXHQWHQ
FRQSHUVRQDOFDSDFLWDGRHQHOWHPDGHFXLGDGRV
SDOLDWLYRV \ ELRpWLFD SDUD TXH OD DWHQFLyQ VH
EULQGH FRQ RSRUWXQLGDG \ SXHGDQ RULHQWDU D ORV
SDGUHVSDUDTXHODVGHFLVLRQHVTXHVHWRPHQVHDQ
HQFDPLQDGDV D GLVPLQXLU HO VXIULPLHQWR HYLWDU OD
REVWLQDFLyQ WHUDSpXWLFD \ IDYRUHFHU XQD PXHUWH
GLJQD
5HIHUHQFLDV%LEOLRJUi´FDV
*UDFLD ' /RV FXLGDGRV LQWHQVLYRV HQ OD HUD GH
OD %LRpWLFD (Q eWLFD GH ORV FRQ´QHV GH OD 9LGD
%RJRWi(G(O%XKR
0XUUD\ 6$ .HQGDOO 0 %R\G . 6KHLN $ ,OOQHV
WUDMHFWRULHV DQG SDOOLDWLYH FDUH %0- *RPH]%DWLVWH;3RUWD7XFD$HWDO6SDLQ 7KH
:+2 GHPRVWUDWLRQ SURMHFW RI SDOOLDWLYH FDUH
LPSOHPHQWDWLRQ LQ &DWDORQLD 5HVXOWV DW \HDUV
- 3DLQ 6\PSWRP DQG 0DQDJPHQW
3pUH] 6 %DXWLVWD & *XtD 1DFLRQDO SDUD OD
,QWHJUDFLyQ \ )XQFLRQDPLHQWR GH ORV &RPLWpV
+RVSLWDODULRV GH %LRpWLFD 6HJXQGD HGLFLyQ
&RPLVLyQ 1DFLRQDO GH %LRpWLFD 6HFUHWDUtD GH
6DOXG0p[LFRS
+XPPHOVWHLQ %3 +LOGHQ -0 %ROGW $0
:HLVVPDQ ' 3HGLDWULF 3DOOLDWLYH &DUH 0HGLFDO
3URJUHVV1(QJO-0HG
5RPiQ/DIRQW-%LRpWLFD\SXHULFXOWXUD5HYGH
&LHQF0pG/D+DEDQDS
/DUUHD )DEUD/ 0 ( /D pWLFD PpGLFD HQ HO
SDFLHQWH SROL WUDXPDWL]DGR$UWLFXOR HQ OtQHD
0HGLVDQ
KWWSZZZXFPKVOGFX
UKDEUKFPBYROBQXPBFRQVXOWDQRY
/H\JHQHUDOGH6DOXGUHIRUPDDFWXDOL]DGDHOGH
GLFLHPEUHGH
•
6iQFKH]6DQWHV/$PDUR&DQR0&½OYDUH]6tQWHV
5 /D 6DOXG 3~EOLFD HQ &XED 0HGLFLQD *HQHUDO
,QWHJUDO/D+DEDQD&LHQFLDV0pGLFDV
6WHUQVZDUG - 3DOOLDWLYH FDUH 7KH 3XEOLF KHDOW
VWUDWHJ\-+HDOWK3ROLF\
(1(52',&,(0%5(
•‘
)XHQWH
KFMUJ7¤¥\7
HQ
¥MB¤¥>7
•’
(1(52',&,(0%5(
N@¥GM@A>MK@W>¤7S7U7A£
SAUVMK7£@AV7£W@
&pVDU+XPEHUWR%RWHOOR2UWt]
(
OFyGLJRGHFRQGXFWDSDUDHOSHUVRQDOGHVDOXG
WLHQH QXHYH DxRV TXH VH SXEOLFy \ HV D~Q XQ
GRFXPHQWR GHVFRQRFLGR SDUD OD PD\RUtD GH ORV
FRPSDxHURV PRWLYR SRU HO FXDO HQ HVWD VHFFLyQ
GH OD UHYLVWD TXHUHPRV KDFHUOR GHO FRQRFLPLHQWR
GHWRGRV
(Q HO HO 6HFUHWDULR GH 6DOXG 'U -XOLR
)UHQN0RUDHO'U6DQWLDJR/HY\$OJD]\'LUHFWRU
*HQHUDOGHO,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO\
HO/LF%HQMDPtQ*RQ]iOH]5RDUR'LUHFWRU*HQHUDO
GHO,QVWLWXWRGH6HJXULGDG\6HUYLFLRV6RFLDOHVGH
ORV7UDEDMDGRUHVGHO(VWDGRHO'U(QULTXH5~HODV
%DUDMDV 6XEVHFUHWDULR GH ,QQRYDFLyQ \ &DOLGDG
HO 'U )HUQDQGR &DQR 9DOOH 6HFUHWDULR (MHFXWLYR
GH OD &RPLVLyQ 1DFLRQDO GH %LRpWLFD HQWUH RWUDV
SHUVRQDOLGDGHVGHOD&RRUGLQDFLyQ*HQHUDOGHORV
,QVWLWXWRV 1DFLRQDOHV GH 6DOXG \ GH OD 'LUHFFLyQ
GH 9LQFXODFLyQ FRQ *RELHUQR \ 6RFLHGDG GH OD
6(&2'$0 HODERUDQ HO SUHVHQWH GRFXPHQWR
GLULJLGR D WRGRV ORV SURIHVLRQDOHV GH OD VDOXG GHO
VHFWRU TXH JXtH VXV DFWLYLGDGHV \ DFFLRQHV FRQ
HO SURSyVLWR GH FRQWULEXLU D PHMRUDU OD FDOLGDG
GHORVVHUYLFLRV\IDYRUHFHUODVDWLVIDFFLyQGHORV
SDFLHQWHV \ GH OD FRPXQLGDG DVt FRPR GH ORV
SURIHVLRQDOHVTXHORVDWLHQGHQGHPDQHUDWDOTXH
VHLQFUHPHQWHODFRQ´DQ]DHQODVLQVWLWXFLRQHV\HQ
VXSHUVRQDO
(QHVWHDSDUWDGRVHUHSURGXFHFDVLWH[WXDOPHQWH
OR TXH HO 6HFUHWDULR GH 6DOXG 'U -XOLR )UHQN
PHQFLRQD HQ HO GRFXPHQWR 5HFRQRFH D HVWH
&yGLJR FRPR XQD FRQWULEXFLyQ SDUD DXPHQWDU OD
HIHFWLYLGDG\ODH´FLHQFLDGHORVVHUYLFLRV\HOPHMRU
DSURYHFKDPLHQWRGHORVUHFXUVRVGLVSRQLEOHVHQHO
PDUFRGHOD&UX]DGD1DFLRQDOSRUOD&DOLGDGGHORV
6HUYLFLRVGH6DOXGGHHVRVWLHPSRVKLVWyULFRVGH
QXHVWURSDtVHOFXDOVLJXHD~QYLJHQWH
(O FyGLJR GH FRQGXFWD HVSHFt´FD HO
FRPSRUWDPLHQWR LGHDO GH ORV SURIHVLRQDOHV GH OD
VDOXGLQWHUSUHWDQGRODVQRUPDVPRUDOHV\GHWUDWR
VRFLDO TXH DQFHVWUDOPHQWH KDQ FDUDFWHUL]DGR D
TXLHQHVSURIHVDQDOJXQDGHODVFDUUHUDVGHODVDOXG
DVLPLVPR LGHQWL´FDQ OD SUiFWLFD KXPDQLVWD \ HQ
VX FRQMXQWR FRQ´JXUDQ OD LPDJHQ \ HO SUHVWLJLR
GH TXLHQHV LQWHJUDQ ORV HTXLSRV GH VDOXG 6X
XWLOL]DFLyQ GHEH VHU SRU HO SHUVRQDO GH WRGDV ODV
LQVWLWXFLRQHV R´FLDOHV TXH SURSRUFLRQDQ VHUYLFLRV
GHVDOXG
(O &yGLJR GH &RQGXFWD KDFH S~EOLFRV ORV
HVWiQGDUHV GH FRQGXFWD SURIHVLRQDO GHO SHUVRQDO
TXH FRDG\XYH D OD SUHVWDFLyQ GH VHUYLFLRV FRQ
DOWRV QLYHOHV GH FDOLGDG (VWDEOHFH XQD JXtD GH
FRPSRUWDPLHQWR HVSHUDGR GHO SHUVRQDO VLHPSUH
FRQ UHIHUHQFLD D ODV SUiFWLFDV FRP~QPHQWH
DFHSWDGDV HQ ODV SURIHVLRQHV GH OD VDOXG \ D ODV
REOLJDFLRQHVODERUDOHVFRQWUDtGDV\VHEDVDHQORV
SULQFLSLRVIXQGDPHQWDOHVGHOD%LRpWLFDFRPRVRQ
ODEHQH´FHQFLDODQRPDOH´FHQFLDODDXWRQRPtDOD
HTXLGDGMXVWLFLD\HOUHVSHWRDODGLJQLGDGKXPDQD
$EUH OD SRVLELOLGDG GH TXH WDQWR ODV FRQGXFWDV
FRPR ODV SUiFWLFDV VHDQ DMXVWDGDV DO QLYHO GH
RSHUDFLyQ GH OD 8QLGDG GH 6HUYLFLRV GH 6DOXG GH
TXHVHWUDWH
)RUWDOHFHDVLPLVPRODLGHQWL´FDFLyQGHOSHUVRQDO
FRQVXSURIHVLyQ\FRQODLQVWLWXFLyQGRQGHODERUD
$\XGD D SUHYHQLU OD DSDULFLyQ GH FRQGXFWDV
SURIHVLRQDOHVUHSURFKDEOHV\ODFRPLVLyQGHIDOWDV
D OD pWLFD HVWDEOHFLGD ,JXDOPHQWH IDYRUHFH HO
GHVDUUROORSURIHVLRQDO\JUXSDOGHORVHTXLSRVGH
VDOXGGHQWURGHODLQVWLWXFLyQ
(O FyGLJR GH FRQGXFWD FRQYRFD LJXDOPHQWH DO
GHVHPSHxR FRRUGLQDGR \ FRUUHVSRQVDEOH GH ODV
GLIHUHQWHV iUHDV GH ODV XQLGDGHV GH SUHVWDFLyQ
GH VHUYLFLRV GH VDOXG \ GHVWDFD OD LQWHJULGDG
SURIHVLRQDO FRPR HMH HQ OD SUHVWDFLyQ GH ORV
VHUYLFLRVGHLJXDOIRUPDHQIDWL]DHOWUDWRFiOLGR\
DPDEOHDORVSDFLHQWHVMXQWRDODPHMRUXWLOL]DFLyQ
0DHVWURHQ6DOXG3~EOLFD-HIHGHOD8QLGDGGH(QVHxDQ]D,QYHVWLJDFLyQ\&DOLGDGGHO,QVWLWXWRGH6DOXGGHO(VWDGRGH0p[LFR
•“
GHO WLHPSR \ GH ORV UHFXUVRV GLVSRQLEOHV -XOLR
)UHQN
(VWiQGDUHVGHFRPSRUWDPLHQWR
6H WUDWD GH ODV REOLJDFLRQHV PRUDOHV \ GH WUDWR
VRFLDOTXHDVXPHHOSHUVRQDOGHVDOXGDOSUHVWDUVXV
VHUYLFLRVFRWLGLDQRV\GHH[FHSFLyQFRPSUHQGLGRV
ORVVLJXLHQWHVHVWiQGDUHV
,(VWiQGDUHVGHWUDWRSURIHVLRQDO
'HVFULEHQODVFRQGXFWDVGHORVLQWHJUDQWHVGHORV
HTXLSRVGHVDOXG\GHVXVOtGHUHVDQWHVLWXDFLRQHV
FRWLGLDQDV \ GH H[FHSFLyQ HQ OD SUiFWLFD
SURIHVLRQDOFRP~QPHQWHDFHSWDGDGHODVFLHQFLDV
GHODVDOXG\HVSHUDGDVSRUODSREODFLyQTXHUHFLEH
VXVVHUYLFLRV
(O SHUVRQDO VXV OtGHUHV \ GLUHFWLYRV VH
GHVHPSHxDUiQ FRQ LQWHJULGDG DSURYHFKDQGR
DO Pi[LPR HO WLHPSR GH VHUYLFLR \ OD XWLOL]DFLyQ
UDFLRQDO GH ORV UHFXUVRV D VX GLVSRVLFLyQ
SURWHJLHQGRORVLQWHUHVHVGHORVSDFLHQWHV\GHOD
LQVWLWXFLyQHYLWDQGRHOGLVSHQGLR
$SOLFDUi HO FRQRFLPLHQWR FLHQWt´FR WpFQLFR \
KXPDQtVWLFR YLJHQWH \ FRP~QPHQWH DFHSWDGR HQ
ODDWHQFLyQGHODVDOXGHQODIRUPDGHELGDRSRUWXQD
\H[SHUWD
6HDSHJDUiDODVLQGLFDFLRQHVSUHFLVDV\ULJXURVDV
GHORVSURFHGLPLHQWRVDX[LOLDUHVGHGLDJQyVWLFR\
WUDWDPLHQWR GHVFRQWDQGR OD SUiFWLFD GH DTXHOORV
FX\D XWLOLGDG VHD GHEDWLEOH R SRQJD HQ ULHVJR
LQQHFHVDULRDORVSDFLHQWHV
(YLWDUiODUHDOL]DFLyQGHWpFQLFDVRSURFHGLPLHQWRV
SDUD ORV FXDOHV QR VH WHQJDQ ODV FDSDFLGDGHV
QHFHVDULDV R SDUD ORV TXH QR VH GLVSRQJD GH ORV
UHFXUVRV LQGLVSHQVDEOHV HQ OD LQVWLWXFLyQ SDUD
OOHYDUORVDFDER
$FWXDOL]DUi HO FRQRFLPLHQWR \ OD FDSDFLWDFLyQ
SDUDHOGHVDUUROORGHODVGHVWUH]DVQHFHVDULDVSDUD
HPSOHRGHODWHFQRORJtDDFFHVLEOHORFXDOGHEHUi
FRPSUREDU SRU PHGLR GH ODV FHUWL´FDFLRQHV
FRUUHVSRQGLHQWHVDVXGLVFLSOLQD
5HFRQRFHUi VXV OLPLWDFLRQHV SDUD EXVFDU HO
DSR\RQHFHVDULRRODGHULYDFLyQGHORVSDFLHQWHV
FRQIRUPHDODVQRUPDVLQVWLWXFLRQDOHVSUHYLQLHQGR
OD LQWHUYHQFLyQ GH SHUVRQDV LQVX´FLHQWHPHQWH
FDSDFLWDGDV
•”
$WHQGHUi LQWHJUDOPHQWH D ORV SDFLHQWHV
PLQLPL]DQGR DFWLWXGHV UHGXFFLRQLVWDV D OD
VLQWRPDWRORJtD HYLGHQWH DO yUJDQR R DO VLVWHPD
GDxDGR KDELGD FXHQWD TXH HO SDFLHQWH HV XQD
XQLGDG ELROyJLFD SVLFROyJLFD VRFLDO \ HVSLULWXDO
TXHSRUVXQDWXUDOH]DHVFRPSOHMD
'HIHQGHUi OD YLGD OD VDOXG OD HFRQRPtD ORV
LQWHUHVHV \ OD GLJQLGDG GH OD SHUVRQD YHGDQGR
ODV PDQLREUDV X RSHUDFLRQHV \ WUDWDPLHQWRV
LQQHFHVDULRV FRQWURYHUWLGRV R H[SHULPHQWDOHV QR
DXWRUL]DGRVRTXHFRQWUDYHQJDQODSUiFWLFDPpGLFD
DFHSWDGDRELHQVXVSURSLRVYDORUHVSHUVRQDOHVX
REMHFLyQ GH FRQFLHQFLD HQ FX\R FDVR OR GHEHUi
KDFHUGHOFRQRFLPLHQWRGHVXVVXSHULRUHV
,QIRUPDUiDOSDFLHQWHDVXVIDPLOLDUHVRDTXLHQ
OR WXWHOH GH PDQHUD YHUD] \ RSRUWXQD VREUH
HO GLDJQyVWLFR HO WUDWDPLHQWR \ HO SURQyVWLFR
FRUUHVSRQGLHQWHRSRVLEOH/DLQIRUPDFLyQVHKDUi
FRQ PHVXUD SUXGHQFLD \ FDOLGH] UHVSHWDQGR OD
GLJQLGDGKXPDQD
(OSHUVRQDOGHVDOXGGHEHGHWRPDUHQFXHQWDOD
GHSHQGHQFLDYXOQHUDELOLGDG\WHPRUGHOSDFLHQWH
FXLGDQGR GH QR H[SORWDU HVWD VLWXDFLyQ $GHPiV
GHEHUi VHU H[SOtFLWR HQ GDU OD LQIRUPDFLyQ YHUD]
\FRPSOHWDDOSDFLHQWHDFHUFDGHOSURFHGLPLHQWR
GLDJQyVWLFR WHUDSpXWLFR R GH UHKDELOLWDFLyQ TXH
GHDFXHUGRDODFLHQFLDHVORPHMRUTXHVHOHSXHGH
RIUHFHU
'HO PLVPR PRGR GHEHUi IDFLOLWDU D VROLFLWXG
GH ORV SDFLHQWHV R GH VX WXWRU OD REWHQFLyQ GH
VHJXQGDVRSLQLRQHVVHJ~QHOFDVR
*XDUGDUi FRQ OD PD\RU FRQ´GHQFLDOLGDG OD
LQIRUPDFLyQUHODWLYDDORVSDFLHQWHVODTXHVyORVH
GLYXOJDUi FRQ DXWRUL]DFLyQ H[SUHVD GHO SDFLHQWH
R VX WXWRU FRQ H[FHSFLyQ GH ODV FLUFXQVWDQFLDV
SUHYLVWDVHQODOH\
&XDQGRHOSDFLHQWHSLGHDVXPpGLFRTXHGHFLGD
SRUpOORTXHHVPHMRUpVWHWLHQHODREOLJDFLyQPRUDO
GHGHFLGLUFRQIRUPHDVXOHDOHQWHQGHU\SURFHGHU
FRQVHUYDQGR DVt ORV GHUHFKRV IXQGDPHQWDOHV GHO
SDFLHQWH
6ROLFLWDUi DO SDFLHQWH R VX UHSUHVHQWDQWH OHJDO
VXFRQVHQWLPLHQWRYiOLGDPHQWHLQIRUPDGRSDUDOD
SUiFWLFDQRUPDGDRFLHQWt´FDPHQWHIXQGDPHQWDGD
GHSURFHGLPLHQWRVRVXPLQLVWURGHPHGLFDPHQWRV
TXH LPSOLTXHQ ULHVJRV R GDxRV LPSUHYLVWRV TXH
SXHGDQ DIHFWDU OD IXQFLyQ LQWHJULGDG R HVWpWLFD
(1(52',&,(0%5(
GHO SDFLHQWH HQWUH ORV TXH VH LQFOX\HQ HVWXGLRV
GHLQYHVWLJDFLyQRGRQDFLyQGHyUJDQRVHQFX\R
FDVR KDEUi GH FXPSOLUVH FRQ ORV SURFHGLPLHQWRV
OHJDOPHQWHHVWDEOHFLGRV
$VLPLVPR OHV KDUi VDEHU ORV EHQH´FLRV TXH
SXHGHQORJUDUVHFRQORDQWHULRU\ODVFRPSOLFDFLRQHV
RHYHQWRVQHJDWLYRVTXHSXHGDQSUHVHQWDUVH
5HVSHWDUiODVGHFLVLRQHVGHORVSDFLHQWHVRTXLHQ
WXWHOH VXV GHUHFKRV SDUD DFHSWDU R UHFKD]DU OD
SUiFWLFDGHPDQLREUDVH[SORUDWRULDVGLDJQyVWLFDV
WHUDSpXWLFDV R UHKDELOLWDWRULDV SDUD ODV TXH VH
VROLFLWD VX DXWRUL]DFLyQ PLVPD TXH GHEHUi VHU
GRFXPHQWDGD
0DQWHQGUiLQIRUPDGRDOSDFLHQWHVREUHHOFXUVR
GH VX HQIHUPHGDG HO UHVXOWDGR GH ORV H[iPHQHV
SUDFWLFDGRV\ODVDOWHUQDWLYDVGHWUDWDPLHQWRD´Q
GH TXH SXHGD YDORUDU FRQ EDVH HQ ORV ULHVJRV \
EHQH´FLRVHOTXHFRQVLGHUHDGHFXDGR
6L VH UHTXLHUH XQD LQWHUYHQFLyQ TXLU~UJLFD HO
PpGLFRGHEHUiH[SOLFDUDOSDFLHQWHFRQKRQUDGH]
\VLQFHULGDGODVFDUDFWHUtVWLFDVGHODFWRTXLU~UJLFR
VXVULHVJRVORVSRVLEOHVUHVXOWDGRV\VLHVHOFDVR
ORVFRVWRVGHOPLVPR
6RODPHQWHFXDQGRQRVHHQFXHQWUHXQIDPLOLDU
UHVSRQVDEOHHQORVFDVRVGHLQFDSDFLGDGWHPSRUDO
RSHUPDQHQWHGHXQSDFLHQWHHVWDQGRHQSHOLJURVX
YLGDODIXQFLyQRODLQWHJULGDGFRUSRUDOHOPpGLFR
GHEHUiWRPDUODGHFLVLyQGHDFWXDUVROLFLWDQGROD
RSLQLyQGHRWURPpGLFR\DQRWDUODMXVWL´FDFLyQGH
VXDFFLyQHQHOH[SHGLHQWHFOtQLFR
3URSRUFLRQDUi DWHQFLyQ GH XUJHQFLD D WRGR
SDFLHQWHFXDQGRHVWpHQSHOLJURVXYLGDXQyUJDQR
RXQDIXQFLyQVLQGLVWLQJRGHFXDOTXLHUWLSRFRQHO
SURSyVLWR GH HVWDELOL]DU VXV FRQGLFLRQHV FOtQLFDV
SDUD TXH SXHGD UHFLELU HO WUDWDPLHQWR GH´QLWLYR
GRQGHFRUUHVSRQGD
)RUPXODUiDFXFLRVDPHQWHHOH[SHGLHQWHFOtQLFR
GHFDGDSDFLHQWHHQPHGLRVHVFULWRV(OH[SHGLHQWH
GHEHUi VHU FRPSOHWR RUGHQDGR OHJLEOH YHUD]
RSRUWXQR\OyJLFDPHQWHVHFXHQFLDGRFRQIRUPHOR
HVWDEOHFHQODVQRUPDV
$ SHWLFLyQ GHO SDFLHQWH VXV UHSUHVHQWDQWHV
OHJDOHV R GH XQD DXWRULGDG MXGLFLDO HQWUHJDUi XQ
UHVXPHQFOtQLFRGHOFDVRFXDQGROHVHDUHTXHULGR
$ORVSDFLHQWHVKRVSLWDOL]DGRVGHEHUiLQIRUPiU
OD UD]yQ GH OD QHFHVLGDG GH SUDFWLFDU H[iPHQHV
GH ODERUDWRULR R JDELQHWH \ FRPXQLFiUVHOHV ORV
KRUDULRVGHORVHVWXGLRV\ODSUHSDUDFLyQQHFHVDULD
,QIRUPDUi DO SDFLHQWH HO WLSR GH WUDWDPLHQWR
LQGLFDGRODVGRVLVGHORVPHGLFDPHQWRVTXHYDQ
D VHU XWLOL]DGRV \ HO KRUDULR GH VXPLQLVWUDFLyQ
VLJXLHQGRHVWULFWDPHQWHODVyUGHQHVPpGLFDV
/RV DOLPHQWRV GHEHQ VHU SURSRUFLRQDGRV
FRQ FRPHGLPLHQWR HQ ORV KRUDULRV SURSLRV GH OD
XQLGDGKRVSLWDODULD\TXHPHMRUVHDSHJXHQDORV
UHTXHULPLHQWRVGHORVSDFLHQWHV
8WLOL]DUi GHELGDPHQWH ORV FXDGURV EiVLFRV \
FDWiORJRVGHLQVXPRVVHFWRULDOHVUHFXUULHQGRDODV
RSFLRQHVPiVLQGLFDGDVTXHRIUHFHQFRQIRUPHDO
QLYHOGHDWHQFLyQGRQGHSUHVWHVXVVHUYLFLRV
6H DSHJDUi LQYDULDEOHPHQWH D ODV QRUPDV
R´FLDOHV DVt FRPR D ORV SURJUDPDV SURWRFRORV
\ SURFHGLPLHQWRV HVWDEOHFLGRV HQ VX LQVWLWXFLyQ
SDUD HO GLDJQyVWLFR WUDWDPLHQWR R UHKDELOLWDFLyQ
GHORVSDFLHQWHV
6H DEVWHQGUi GH UHDOL]DU HQ HO PDUFR
QRUPDWLYR GH OD LQVWLWXFLyQ \ HQ DFXHUGR FRQ
ORV IDPLOLDUHV UHVSRQVDEOHV WRGR SURFHGLPLHQWR
GHVSURSRUFLRQDGR
TXH
SXHGD
VLJQL´FDU
HQVDxDPLHQWR WHUDSpXWLFR R ELHQ HIHFWXDU
DFFLRQHVGHUHDQLPDFLyQTXHH[SUHVDPHQWHKD\D
SURKLELGRHOSDFLHQWH
(O SHUVRQDO GHEH UHYLVDU \ DFWXDOL]DU ODV
LQGLFDFLRQHV YHUEDOHV \ SRU HVFULWR FRQ HO
SDFLHQWH UHIHUHQWHV D VXV GHFLVLRQHV DQWLFLSDGDV
GH PDQWHQLPLHQWR GHO WUDWDPLHQWR GH VRVWpQ HQ
WHUDSLD LQWHQVLYD \ HOHFFLyQ GH VX UHSUHVHQWDQWH
SDUD TXH DSR\H VX GHFLVLyQ FXDQGR QR H[LVWD HO
SOHQR XVR GH VXV IDFXOWDGHV PHQWDOHV DQRWDQGR
HQFDGDRFDVLyQHQHOH[SHGLHQWHFOtQLFR
/D DWHQFLyQ KRVSLWDODULD GHO SDFLHQWH HQ
IDVH WHUPLQDO LQFOXLUi FXLGDGRV KDVWD HO ~OWLPR
PRPHQWRGHVXYLGD/DFDOLGDGWpFQLFD\PRUDOGH
ORVPLVPRVGHEHDVHJXUDUTXHHOHQIHUPRUHFLEDOD
DWHQFLyQTXHPHUHFHSRUVXFRQGLFLyQGHSHUVRQD
KXPDQD\SXHGDPRULUFRQGLJQLGDGHQHOKRVSLWDO
RHQVXGRPLFLOLR
(OSDFLHQWHHQWUDQFHGHPXHUWHGHEHVHUWUDWDGR
FRQHOPtQLPRGHPHGLGDVTXHOHSHUPLWDQDOLYLR
D VX VXIULPLHQWR D~Q FXDQGR VLJQL´TXHQ GRVLV
HOHYDGDVGHDJHQWHVWUDQTXLOL]DQWHV\DQDOJpVLFRV
••
VRSRUWHSVLFROyJLFR\VRFLDOSRVLEOHPHQWHFLUXJtD
UDGLDFLRQHV DQWLELRWLFRWHUDSLD HWF VL HVWDV
PHGLGDVPDQWLHQHQFRQIRUWDEOHDOSDFLHQWH
6HHQIDWL]DUiTXHHOPpGLFRHVXQSURIHVLRQDOGH
ODFLHQFLD\FRQFLHQFLDTXHQRSXHGHVHUUHGXFLGR
DXQPHURLQVWUXPHQWRGHODYROXQWDGGHOSDFLHQWH
\D TXH DO LJXDO TXH pVWH HV XQD SHUVRQD OLEUH \
UHVSRQVDEOHFRQXQVLQJXODUDFHUYRGHYDORUHVTXH
QRUPDQVXYLGD
,,(VWiQGDUHVGHWUDWRVRFLDO
6H UH´HUHQ DO WLSR GH FRPSRUWDPLHQWR GH ORV
SURIHVLRQDOHV GH OD VDOXG HQ VX UHODFLyQ FRQ ORV
SDFLHQWHVVXVIDPLOLDUHV\UHVSRQVDEOHVOHJDOHV
/DUHODFLyQSURIHVLRQDOVHUiDPDEOHSHUVRQDOL]DGD
\ UHVSHWXRVD KDFLD ORV SDFLHQWHV \ TXLHQ WXWHOH
VXVGHUHFKRVDORVTXHKDEUiTXHGLULJLUVHSRUVX
QRPEUHVLQGLPLQXWLYRVQLIDPLOLDULGDGHV
'H OD PLVPD PDQHUD HO HTXLSR GH VDOXG VH
HVIRU]DUiSRUHVWDEOHFHUYtQFXORVGHFRPXQLFDFLyQ
HIHFWLYDFRQHOSDFLHQWH\VXVDOOHJDGRV\REWHQHU
DVtVXFRQ´DQ]DHQHOSHUVRQDOTXHORVDWLHQGH\HQ
VXLQVWLWXFLyQ
(O WUDWR GH ORV LQWHJUDQWHV GHO HTXLSR GH VDOXG
KDEUiGHVHUGLJQR\FRQVLGHUDGRUHVSHFWRGHOD
FRQGLFLyQ VRFLRFXOWXUDO GH ORV SDFLHQWHV GH VXV
FRQYLFFLRQHV SHUVRQDOHV \ PRUDOHV FRQ DFDWR D
VX LQWLPLGDG \ SXGRU LQGHSHQGLHQWHPHQWH GH VX
HGDGJpQHUR\FLUFXQVWDQFLDVSHUVRQDOHV
3URSRUFLRQDU LQIRUPDFLyQ FODUD RSRUWXQD \
YHUD] TXH D FDGD XQR FRUUHVSRQGD HQWUHJDGD
FRQ PHVXUD \ SUXGHQFLD FRQVLGHUDQGR OD DJXGD
VHQVLELOLGDG GH ORV SDFLHQWHV \ VXV IDPLOLDUHV
SURFXUDQGRIDYRUHFHUVXDFHSWDFLyQJUDGXDOVREUH
WRGRDODVQRWLFLDVGHVIDYRUDEOHV
VDQDOLEUHGHDGLFFLRQHV\SUDFWLFDUDOJ~QWLSRGH
HMHUFLFLRItVLFR
/DSUHVHQWDFLyQHODUUHJORGHELGR\HOOHQJXDMH
HPSOHDGRSRUHOSHUVRQDOTXHSUHVWDVHUYLFLRVGH
VDOXGVRQFRQVLGHUDGRVLPSRUWDQWHVHQODUHODFLyQ
FRQORVSDFLHQWHV
3UHSDUDUDORVSDFLHQWHVTXHLUUHPHGLDEOHPHQWH
YDQ D PRULU DVt FRPR D VXV IDPLOLDUHV MXQWR FRQ
ORV GHPiV PLHPEURV GHO HTXLSR GH VDOXG SDUD
TXH FRQ OXFLGH] PHQWDO GLVSRQJD GH VXV ELHQHV
VH GHVSLGD GH VXV VHUHV TXHULGRV \ UHVXHOYD HQ
VX FDVR VXV SUREOHPDV GH FRQFLHQFLD \ DVXQWRV
UHOLJLRVRVUHVSHWDQGRVXFUHGR
(O SHUVRQDO GH VDOXG UHVSHWDUi SURIXQGDPHQWH
HO VHFUHWR SURIHVLRQDO FRQ´DGR DO PpGLFR \ QR
GHEHUi FRPHQWDU FRQ OLJHUH]D R GHVGpQ KHFKRV
GHODYLGDGHORVSDFLHQWHVDXQTXHDSDUHQWHPHQWH
QRWHQJDQLPSRUWDQFLDSHURTXHSDUDHOORVWLHQHQ
JUDQVLJQL´FDFLyQ
,,,(VWiQGDUHVGHFRQGXFWDODERUDO
&RPSUHQGHQ ORV FRPSRUWDPLHQWRV HVSHUDGRV GH
ORV LQWHJUDQWHV GH ORV HTXLSRV GH VDOXG GH VXV
OtGHUHVQDWXUDOHVRIRUPDOHV\GHORVGLUHFWLYRVHQ
VXUHODFLyQFRQODLQVWLWXFLyQGRQGHODERUDQ\FRQ
VXVFRPSDxHURVGHWUDEDMRDVDEHU
3HUIHFFLRQDUVXYLGDSURIHVLRQDO\FXLGDUFRQVX
FRQGXFWDODIXHQWHGHHPSOHRDVtFRPRFRDG\XYDU
D OD FRQVHUYDFLyQ GHO SDWULPRQLR LQVWLWXFLRQDO \
QDFLRQDO
/D UHODFLyQ FRQ ORV FRPSDxHURV GHO HTXLSR GH
VDOXG GHEHUi VHU DIDEOH \ UHVSHWXRVD HYLWDQGR
FRPHQWDULRV \ DFFLRQHV GRORVDV TXH OHVLRQHQ
HO SUHVWLJLR R OD LPDJHQ GH ORV GHPiV R GH OD
LQVWLWXFLyQGRQGHODERUD
6XVWUDHUVHGHHVWDEOHFHUUHODFLRQHVURPiQWLFDVR
VH[XDOHVFRQORVSDFLHQWHV\IDPLOLDUHVH[SORWDQGR
ODFRQ´DQ]DODVHPRFLRQHVRODLQµXHQFLDGHULYDGD
GHVXVYtQFXORVSURIHVLRQDOHV
&RODERUDU KRQHVWDPHQWH FRQ ORV SURFHVRV
GH DXGLWRUtD LQWHUQD R H[WHUQD FRPR FRQ ORV
FRUUHVSRQGLHQWHV D OD VXSHUYLVLyQ DVHVRUtD R
HYDOXDFLyQ
/RV SURIHVLRQDOHV GH OD VDOXG GHEHUiQ HYLWDU
FRPHQWDUHQS~EOLFRDVSHFWRVPpGLFRV\VRFLDOHV
GHORVSDFLHQWHVRGHODLQVWLWXFLyQUHVDOWDQGRVX
SURSLDSHUVRQD
$EVWHQHUVHGHXWLOL]DUFRQSURSyVLWRVGHGLIXVLyQ
OD LQIRUPDFLyQ JHQHUDGD HQ OD LQVWLWXFLyQ GRQGH
SUHVWHVXVVHUYLFLRVLQFOXVLYHODTXHFRQVLGHUHGH
tQGROH SURIHVLRQDO SHUVRQDO D PHQRV TXH FXHQWH
FRQODDXWRUL]DFLyQFRUUHVSRQGLHQWH
&RQVWLWXLUVHHQHMHPSORGHSURELGDGSURIHVLRQDO
DQWH ORV SDFLHQWHV \ GH DFDWDPLHQWR D OD YLGD
•–
9HODU SRU OD FRQVHUYDFLyQ GHO EXHQ QRPEUH
(1(52',&,(0%5(
\ SUHVWLJLR GH OD LQVWLWXFLyQ \ HQ FDVR GH TXH
LGHQWL´TXHVLWXDFLRQHVTXHORVDIHFWHGHEHUiFRQ
OHDOWDGSRUORVFRQGXFWRVLQVWLWXFLRQDOHVKDFHUOR
GHO FRQRFLPLHQWR GH VXV VXSHULRUHV R GH ODV
DXWRULGDGHVFRPSHWHQWHV
$WHQGHUVROtFLWDPHQWHODVTXHMDVTXHVHSUHVHQWHQ
FRQ PRWLYR GH OD DWHQFLyQ SURSRUFLRQDGD D
ORV SDFLHQWHV \ FRODERUDU DPSOLDPHQWH FRQ OD
LQYHVWLJDFLyQTXHUHDOLFHQODVLQVWDQFLDVIRUPDOHV
TXHFRUUHVSRQGD
&RQWULEXLUDODVROXFLyQGHORVFRQµLFWRVTXHFRQWDO
PRWLYRVHSUHVHQWHQDFWXDQGRFRQLPSDUFLDOLGDG
UHVSRQVDELOLGDGHTXLGDGKRQHVWLGDG\UHVSHWRD
ODVLQVWLWXFLRQHVDVXVFRPSDxHURVGHWUDEDMRD
ORVSDFLHQWHV\IDPLOLDUHV\DODVREOLJDFLRQHVTXH
FRPRPLHPEURVGHODVRFLHGDGOHVFRUUHVSRQGH
(Q HO iPELWR GH VXV DWULEXFLRQHV FRQWULEXLU \
FRODERUDU D OD REVHUYDQFLD GH DTXHOODV PHGLGDV
WHQGLHQWHVDSUHVHUYDUHOPHGLRDPELHQWH
,9 (VWiQGDUHV HQ OD IRUPDFLyQ \ GHVDUUROOR GH
SHUVRQDO\GHLQYHVWLJDFLyQ
6H WUDWD GHO FRPSRUWDPLHQWR GH ORV PLHPEURV
GH ORV HTXLSRV GH VDOXG UHODFLRQDGR FRQ ODV
DFWLYLGDGHVGHIRUPDFLyQGHQXHYRSHUVRQDO\GH
DFWXDOL]DFLyQSDUDHOGHVDUUROORRFDSDFLWDFLyQSDUD
HO WUDEDMR \ WDPELpQ GH LQYHVWLJDFLyQ FLHQWt´FD
SDUD OD JHQHUDFLyQ GH QXHYR FRQRFLPLHQWR R
PHMRUFRPSUHQVLyQGHODUHDOLGDGFLUFXQGDQWH
6yOR SDUWLFLSDUiQ HQ DFWLYLGDGHV HGXFDWLYDV GH
DOXPQRV GH HVFXHODV \ IDFXOWDGHV UHFRQRFLGDV
\ DFUHGLWDGDV FRQ ODV TXH OD LQVWLWXFLyQ GRQGH
SUHVWDVXVVHUYLFLRVWHQJDVXVFULWRVFRQYHQLRV
1R SHUPLWLUiQ FRQIRUPH D ODV QRUPDV
LQVWLWXFLRQDOHV \ SURJUDPDV DFDGpPLFRV OD
SUiFWLFD LQH[SHUWD R VLQ VXSHUYLVLyQ GH ORV
DOXPQRV GH ORV GLYHUVRV JUDGRV GH ORV JUXSRV
SHUWHQHFLHQWHV D ODV GLIHUHQWHV FDUUHUDV GH OD
VDOXGEDMRVXUHVSRQVDELOLGDG
3RGUiQ FRPSDUWLU VX WLHPSR ODERUDO FRQ HO
WLHPSR FRQYHQLGR SDUD DFWLYLGDGHV GRFHQWHV R
GHLQYHVWLJDFLyQSDUDODVFXDOHVSRGUiQUHFLELUXQ
QRPEUDPLHQWRHVFRODU\UHPXQHUDFLyQDGLFLRQDO
(Q WRGDV ODV DFWLYLGDGHV GH HQVHxDQ]D R GH
LQYHVWLJDFLyQDQWHSRQGUiQHOUHVSHWR\HOFRQIRUW
GH ORV SDFLHQWHV D OD HMHFXFLyQ GLGiFWLFD R GH
LQYHVWLJDFLyQ
,PEXLUiQHQORVDOXPQRVXQDDFWLWXGGHVHUYLFLR\
GHWUDWRFRUGLDO\UHVSHWXRVRDORVSDFLHQWHV\VXV
IDPLOLDUHVDORVFRPSDxHURVDORVVXSHULRUHV\HQ
JHQHUDODOSHUVRQDOTXHFRODERUDHQODVDFWLYLGDGHV
DVLVWHQFLDOHV FXLGDQGR TXH OD IRUPDFLyQ TXH
UHFLEDQORVDOXPQRVVHDLQWHJUDO
/RV SDFLHQWHV TXH SDUWLFLSHQ HQ HO SURFHVR
HGXFDWLYR GHEHUiQ VHU LQIRUPDGRV SUHYLDPHQWH
\ VROLFLWDGD VX DXWRUL]DFLyQ SDUD WDO HIHFWR VLQ
ODFXDOQRSRGUiQVHUVXMHWRVGHHVWXGLRFRPR
WDPSRFR GH LQYHVWLJDFLyQ 'HO PLVPR PRGR
GHEHUiQVHULQIRUPDGRVGHOQRPEUHGHORVDOXPQRV
\GHOJUDGRTXHFXUVDQ
(O SURIHVRU R WXWRU R ORV DOXPQRV PLVPRV
QR GHEHUiQ GLVFXWLU ORV FDVRV FOtQLFRV IUHQWH D
ORV SDFLHQWHV R HO SHUVRQDO DGPLQLVWUDWLYR DVt
FRPR HYLWDU FRPHQWDULRV TXH SXHGDQ GDxDU OD
VHQVLELOLGDGGHORVSURSLRVSDFLHQWHVRGDUOXJDUD
LQWHUSUHWDFLRQHVLQGHELGDV
/D UHDOL]DFLyQ GH SUR\HFWRV GH LQYHVWLJDFLyQ
VLHPSUH VHUi DFDWDQGR ODV QRUPDV LQVWLWXFLRQDOHV
HQ OD PDWHULD DQWHSRQLHQGR OD VHJXULGDG GH ORV
SDFLHQWHV\UHVSHWDQGRVXDFHSWDFLyQRQHJDWLYD
GH SDUWLFLSDU HQ HO HVWXGLR R GH DEDQGRQDUOR VLQ
TXHSRUHVWRGHVPHULWHODFDOLGDGGHVXDWHQFLyQ
(V GHEHU GHO LQYHVWLJDGRU WUDEDMDU HQ XQD
UHODFLyQ FUHDWLYD \ PXWXDPHQWH UHVSHWXRVD
FRQ ORV SDFLHQWHV GH PDQHUD TXH OD FRPXQLGDG
REWHQJD UHVXOWDGRV TXH FRQWULEX\DQ D FRQVWUXLU
XQDPHGLFLQDPiVH´FLHQWH
1R VH GHEH LQGXFLU HO XVR GH WHFQRORJtDV
PDWHULDO HTXLSR \ PHGLFDPHQWRV TXH DSHQDV
HVWiQ HQ HVWXGLR \ QR FDEDOPHQWH FRQ´UPDGD VX
XWLOLGDG
(Q LQYHVWLJDFLyQ FOtQLFD HV IXQGDPHQWDO TXH HO
SURSyVLWR VHD HO GH ORJUDU PHMRUtD R FXUDFLyQ GH
ORV SDFLHQWHV \ HQ VHJXQGR WpUPLQR FRQWULEXLU D
GLOXFLGDUSUREOHPDVGHOFRQRFLPLHQWR
/RVUHYLVRUHVGHORVSURWRFRORVGHLQYHVWLJDFLyQ
\ DUWtFXORV SDUD UHYLVWDV GHEHQ UHVSHWDU OD
FRQ´GHQFLDOLGDGGHODVQXHYDVLGHDVQRGHELHQGR
XWLOL]DU FRPR VX\R DTXHOOR GH OR TXH WRPDURQ
FRQRFLPLHQWR HQ ODV UHYLVLRQHV QL SUHVHQWDU ODV
LGHDVGHRWURVFRPRSURSLDV
•—
/DSURIHVLyQPpGLFDHVUHVSRQVDEOHGHYHUL´FDU
OD VHJXULGDG \ H´FDFLD GH ODV QXHYDV WHFQRORJtDV
\WUDWDPLHQWRVVLHQGRGLFKRFRQRFLPLHQWRDELHUWR
DOHVFUXWLQLRS~EOLFR
5HVSHWDUi HO FRQVHQWLPLHQWR YiOLGDPHQWH
LQIRUPDGR GHO SDFLHQWH SDUD SDUWLFLSDU HQ
SUR\HFWRVGHLQYHVWLJDFLyQPLVPRTXHSURWHJHVXV
GHUHFKRV \ GLJQLGDG KXPDQD %DMR ORV SULQFLSLRV
GH SULYDFLGDG \ DXWRQRPtD XQD SHUVRQD WLHQH HO
GHUHFKRGHDXWRGHWHUPLQDFLyQVREUHVXFXHUSR
(O FRQVHQWLPLHQWR YiOLGDPHQWH LQIRUPDGR
TXH REWHQJD HO PpGLFR GH VXV SDFLHQWHV GHEHUi
VHU SRU HVFULWR \ FRQ WHVWLJRV KDFLHQGR FRQVWDU
FODUDPHQWHORVULHVJRVDORVTXHVHHVWiH[SXHVWR
OD SULYDFLGDG \ FRQ´GHQFLDOLGDG GH ORV GDWRV GHO
SDFLHQWH\ORVEHQH´FLRVTXHVHHVSHUDQREWHQHU
DVtFRPRVXOLEHUWDGSDUDUHWLUDUVHGHOHVWXGLR
6H GHEHUi GDU D FRQRFHU GH PDQHUD FODUD
\ KRQHVWD OD UHODFLyQ GHO LQYHVWLJDGRU FRQ HO
RUJDQLVPR SDWURFLQDGRU GH OD LQYHVWLJDFLyQ \ ORV
FRPSURPLVRVTXHVHDGTXLHUHQ
(Q WRGRV ORV FDVRV OD LQYHVWLJDFLyQ FOtQLFD
HVWDUiVXMHWDDORGLVSXHVWRHQOD/H\*HQHUDOGH
6DOXG \ HQ OD QRUPDWLYLGDG QDFLRQDO \ FRQYHQLRV
LQWHUQDFLRQDOHVVREUHODPDWHULD
1R VH SRGUiQ OOHYDU D FDER SUR\HFWRV GH
LQYHVWLJDFLyQ GH QLQJ~Q WLSR VLQ OD DSUREDFLyQ
FRUUHVSRQGLHQWH GH ORV FRPLWpV GH ELRpWLFD \
GH LQYHVWLJDFLyQ GH OD XQLGDG GH VHUYLFLRV GH
TXH VH WUDWH 'LFKRV FRPLWpV SRGUiQ GLFWDPLQDU
GDGDVVXVDWULEXFLRQHVVREUHHOLQLFLRGHVDUUROOR
FRQFOXVLyQRGHWHQFLyQGHSUR\HFWRVFRQEDVHHQ
HOVHJXLPLHQWRGHFDGDSURWRFROR
9(VWiQGDUHVVREUHODVUHODFLRQHVH[WUDLQVWLWXFLRQDOHV
GHOSHUVRQDOGHVDOXG
5HODWLYRVDODUHODFLyQTXHPDQWHQJDHOSHUVRQDOTXH
EULQGDORVVHUYLFLRVFRQRUJDQLVPRVDFDGpPLFRVR
FROHJLRVRELHQGHLQYHVWLJDFLyQRFRQIDEULFDQWHV
\GLVWULEXLGRUHVGHLQVXPRVSDUDODVDOXG
•˜
/DV SDUWLFLSDFLRQHV LQGLYLGXDOHV R JUXSDOHV
UHODFLRQDGDV FRQ H[SHULHQFLDV LQVWLWXFLRQDOHV
SURIHVLRQDOHVGHEHUiQVHUGHOFRQRFLPLHQWRGHODV
DXWRULGDGHV UHVSRQVDEOHV \ VHxDODGD FODUDPHQWH
ODUHVSRQVDELOLGDGSHUVRQDOGHODXWRU
/D SDUWLFLSDFLyQ HQ VRFLHGDGHV DFDGHPLDV R
FROHJLRV VHUiQ H[FOXVLYDPHQWH D WtWXOR SHUVRQDO
GHELHQGRVDOYDJXDUGDUHOEXHQQRPEUHHLPDJHQ
GHODLQVWLWXFLyQGRQGHODERUD
(Q QLQJ~Q PRPHQWR QL FLUFXQVWDQFLD GHMDUiQ
VX SUHSRQGHUDQFLD ORV LQWHUHVHV GH OD LQVWLWXFLyQ
GRQGHODERUDSRUORVGHVRFLHGDGHVDFDGHPLDVR
FROHJLRV
&RQ HO ´Q GH HYLWDU FRQµLFWRV GH LQWHUpV QR VH
SRGUiUHFLELUGHSURYHHGRUHVGHPDWHULDOHTXLSR
R PHGLFDPHQWRV D VX LQVWLWXFLyQ FRPLVLRQHV X
REVHTXLRDOJXQRQLHQGLQHURQLHQHVSHFLH
1R VH GHEHUi UHFOXWDU SDFLHQWHV SDUD SUREDU
PHGLFDPHQWRV PDWHULDO R HTXLSR PpGLFR VLQ OD
GHELGDDXWRUL]DFLyQLQVWLWXFLRQDO\HOVHJXLPLHQWR
GHXQSURWRFRORIRUPDO
(O PpGLFR GHEH WRPDU VXV GHFLVLRQHV VLQ
LQµXHQFLDVFRPHUFLDOHVSRUORTXHQRGHEHDFHSWDU
UHJDORVSHUVRQDOHVYLDMHVHTXLSRVRDPHQLGDGHV
GH FRPSDxtDV SURYHHGRUDV SDUD HYLWDU FRQµLFWRV
GHLQWHUHVHV
&RPRWDPSRFRDFHSWDUXRIUHFHUVLHVHOFDVR
SDUWLFLSDFLRQHV HFRQyPLFDV SRU OD DWHQFLyQ
LQWHUFRQVXOWDV R WUDQVIHUHQFLD GH SDFLHQWHV
'H QLQJ~Q PRGR SRGUi DWUDHU SDFLHQWHV GH
RWURV FRPSDxHURV PpGLFRV QL FXHVWLRQDU VX
SURIHVLRQDOLVPR FRPR WDPSRFR VL IXHUD HO FDVR
RIUHFHUUHEDMDVHQHOFRVWRGHODDWHQFLyQ
1R VH GHEHUi SHUPLWLU TXH VH XWLOLFH HO QRPEUH
RLPDJHQGHOSHUVRQDOLQVWLWXFLRQDOSDUDDQXQFLDU
HTXLSRV PHGLFDPHQWRV R SXEOLFLGDG SHUVRQDO
SRU VHU FRQWUDULR D ODV SUiFWLFDV DFHSWDGDV GH
ODV SURIHVLRQHV GH OD VDOXG \ OD LPSRVLELOLGDG GH
GHVOLJDU ORV GH OD LQVWLWXFLyQ GRQGH SUHVWHQ VXV
VHUYLFLRV
(1(52',&,(0%5(
•™
(VSDFLR
¥=UA_
&DUWDVDO
@¥¤MU
–
(1(52',&,(0%5(
7ROXFD(VWDGRGH0p[LFRIHEUHURGH
&
DUWD VREUH HO WUDWR TXH UHFLEHQ DOJXQRV
SDFLHQWHV
/DUHVROXFLyQGHFRQµLFWRV\ODVDWLVIDFFLyQGHORV
XVXDULRV LQWHUQRV \ H[WHUQRV GH ODV XQLGDGHV GH
VDOXGHVGLItFLOGHDOFDQ]DUGHPDQHUDDEVROXWD\
PiVGLItFLOVHIRUPDVLH[LVWHXQDFDUHQFLDGHpWLFD
SHUVRQDOHLQVWLWXFLRQDO(QHVWHVHQWLGRSDUDORJUDU
EXHQRV UHVXOWDGRV VH UHTXLHUH GH FRQWDU FRQ XQ
SHUVRQDO GH VDOXG LQWHJUR KRQHVWR HPSiWLFR \
FRPSDVLYR/DEDMDPRWLYDFLyQHQORVSUHVWDGRUHV
GH VHUYLFLRV IRPHQWD DFWLWXGHV DQWLpWLFDV TXH
UHµHMDQXQDEDMDFDOLGDGHQHOVHUYLFLRJHQHUDQGR
XQ DPELHQWH GH GHVFRQ´DQ]D LQVDWLVIDFFLyQ
UHFKD]R \ KDVWD HQRMR H LUD HQ FRQWUD GH ORV
VHUYLFLRV/D%LRpWLFDSURSRUFLRQDORVSULQFLSLRV\
QRUPDVTXHGHEHQVHUDGRSWDGRVHQODFRQGXFWD
GHO KRPEUH HV FRQFHELGD FRPR XQD GLVFLSOLQD
TXHFRQWLHQHORVYDORUHV\YLUWXGHVTXHPDUFDXQ
VHQWLGR KXPDQR \ TXH EXVFD HO EHQH´FLR GH ORV
XVXDULRV\GHOPLVPRWUDEDMDGRU
3DUD DERUGDU HVWH WHPD OHV SUHVHQWR PL FDVR
TXHWLHQHHOSURSyVLWRGHVRPHWHUDODFRQFLHQFLD
GH FDGD OHFWRU HO WUDWR TXH UHFLELPRV ORV
SDFLHQWHV TXH DFXGLPRV D XQ VHUYLFLR GH VDOXG
*HQHUDOPHQWHFRPRSDFLHQWHVHHVSHUDUtDTXHHO
PpGLFRHQWXUQRRULHQWHJXtH\FRPSUHQGDTXH
HO SDFLHQWH DFXGH D pO SDUD REWHQHU LQIRUPDFLyQ
VREUH VX HVWDGR GH VDOXG FRQ FDOLGH] \ FDOLGDG
HQFRUUHVSRQGHQFLDFRQODIRUPDFLyQSURIHVLRQDO
DGTXLULGD D WUDYpV VX SUHSDUDFLyQ \ H[SHULHQFLD
6LQ HPEDUJR OR TXH PH KH HQFRQWUDGR FRPR
XVXDULRGHHVWRVVHUYLFLRVHVTXHH[LVWHQDOJXQRV
PpGLFRVTXHVHDOHMDQPXFKRGHORGHVHDEOH
(OFDVRHVHOVLJXLHQWH¡6R\VHUYLGRUS~EOLFRPXMHU
HPEDUD]DGD FRQ DxRV GH HGDG TXH DFXGH DO
VHUYLFLRSDUDREWHQHUXQSDVH\VHUFDQDOL]DGDDO
KRVSLWDO GH DOWD HVSHFLDOLGDG HQ PDWHUQRLQIDQWLO
SDUD TXH VH PH RWRUJXH HO VHJXLPLHQWR D PL
HPEDUD]R\ODLQFDSDFLGDGUHVSHFWLYD$OLQJUHVDU
D OD FRQVXOWD HO PpGLFR HQ WXUQR PH SUHJXQWD
TXH FXiO HV PL SUREOHPD" $ OR TXH OH UHVSRQGR
TXH QR WHQJR QLQJ~Q SUREOHPD TXH VyOR HVWR\
HPEDUD]DGD¡ (O *DOHQR OHYDQWD OD YLVWD \ HQ
WRQR VDUFiVWLFR PH GLFH TXH FyPR HV SRVLEOH"
TXH D PL HGDG HV XQD LUUHVSRQVDELOLGDG SXHV
HVWH HPEDUD]R HV FRQVLGHUDGR GH DOWR ULHVJR \
TXHVLQRORVDEtD"FRPRSDFLHQWHQRVXSHTXH
UHVSRQGHU PH VHQWt DWDFDGD VRUSUHQGLGD \ PX\
FRQIXQGLGD $KRUD UHVXOWD TXH KDVWD WHQJR TXH
GLVFXOSDUPHSRUPLHVWDGRGHJUDYLGH]"ODV
SUHJXQWDVFRQWLQXDURQDODVFXDOHVUHVSRQGtTXH
PHVHQWtDPX\ELHQTXHQRWHQtDWUDVWRUQRV¡WDO
YH] FRQ PLV UHVSXHVWDV DKRUD VHFDV \ FRQFLVDV
OH GL D HQWHQGHU TXH VX SURFHGHU QR HUD HO
FRUUHFWR \ TXH HVWDED PROHVWD OR FXDO SHUPLWLy
VXDYL]DUDXQTXHVHDXQSRFRDTXHOODFRQVXOWDWDQ
LQFyPRGD $KRUD HQ WRQR GH FRQGHVFHQGHQFLD
PH HQYtD D KDFHUPH XQRV DQiOLVLV SDUD VDEHU VL
KDEtD SURGXFWR SRUTXH QR SRGtDPRV GHVFDUWDU
HO KHFKR GH TXH OD PDWUL] HVWXYLHUD RFXSDGD
SHUR QR SRU XQ EHEp 3DUD PL IRUWXQD \D KDEtD
REVHUYDGRDHVWHEHEpHQPLYLHQWUH\PHKDEtD
DVHVRUDGRVREUHTXpPHGLGDVGHFXLGDGRGHEtD
WRPDUSRUORTXHVHQWtVXFRPHQWDULRXQLQVXOWR
$OVDOLUGHOFRQVXOWRULRPHVHQWtDPX\FRQIXQGLGD
SUHJXQWiQGRPH šFyPR HUD SRVLEOH TXH XQ
PpGLFRWXYLHUDHVDDFWLWXGVHQWHQFLRVDPLVyJLQD
\REVROHWD"4XpGLUtDQQXHVWUDVDEXHODVTXHDORV
RPiVVHJXtDQWHQLHQGRKLMRV¡šDFDVRKDEtDQ
VLGRDVtGHVHxDODGDV"
6HPDQDV GHVSXpV DFXGt QXHYDPHQWH D VROLFLWDU
FRQVXOWD¡SRUREYLDVUD]RQHVQRTXLVHSDVDUFRQ
HOPLVPRPpGLFR\SHQVpTXHXQDPXMHUVHUtDOR
LQGLFDGR¡TXHWDOYH]SRUVXFRQGLFLyQODHPSDWtD
GH JpQHUR \ OD VHQVLELOLGDG TXH QRV FDUDFWHUL]D
SHUPLWLUtDTXHPHVLQWLHUDPiVHQFRQ´DQ]D3HUR
QR IXH DVt DO HQWUDU PH SUHJXQWD š&XiO HV VX
SUREOHPD"/HUHVSRQGRTXHQLQJXQRTXHHVWR\
IHOL]PHQWH HPEDUD]DGD¡ HQ WRQR EXUOyQ PH
SUHJXQWDTXHSRUTXHPHHVSHUpWDQWRSDUDWHQHU
KLMRV" TXH VL QR VDEtD TXH HUD XQ HPEDUD]R GH
DOWR ULHVJR"¡ \ TXH \R WHQtD TXH KDFHU WRGR OR
SRVLEOH SRUTXH VH ORJUDUD HVWH EHEp¡GH QXHYR
XQD DFWLWXG SUHSRWHQWH H LQWROHUDQWH PH TXHGp
ERTXLDELHUWD¡ QXHYDPHQWH LED D WHQHU TXH
GHIHQGHU PL FRQGLFLyQ D OXFKDU SRUTXH VH PH
GHMDUD GH LQWLPLGDU D ORJUDU D WRGD FRVWD TXH
PH GLHUDQ HO SDVH DO HVSHFLDOLVWD 3RU VHJXQGD
RFDVLyQKDJRDFRSLRGHPLPDGXUH]\WHPSODQ]D
SLHQVR HQ TXH JDQR PiV FRQ PLHO TXH FRQ KLHO
TXHQRGHERGHWRPDUSHUVRQDOHVWDVLWXDFLyQ\
TXH REWHQJR PiV VL WUDWR GH QHJRFLDU PL SDVH
TXH VL PH HQRMR \ OHV GLJR OR TXH PHUHFHQ SRU
KDFHUPH VHQWLU DVt $O ´Q REWHQJR PL SDVH ¡HO
WDQDQKHODGRSDVH¡QRVLQDQWHVGHVDOLUHVFXFKDU
HOFRPHQWDULR›SXHVFXtGHVHKDEHUVLVHORJUDHVH
EHEp
1R HQWLHQGR FyPR HV TXH XQ PpGLFR TXH
VH SUHSDUD SDUD DWHQGHU D VXV SDFLHQWHV FRQ
FRQRFLPLHQWRV FRQ H[SHULHQFLD FDUH]FD
GHO PtQLPR VHQWLGR KXPDQR SDUD DWHQGHU
–‘
D VXV SDFLHQWHV TXH QR H[LVWD OD HPSDWtD OD
FRPSUHQVLyQš'yQGHHVWiODSURIHVLyQODpWLFD\
ORVYDORUHVPRUDOHV"š'yQGHVHHQFXHQWUDDOEXHQ
WUDWRODVHQVDWH]ODKXPDQLGDGFRPRSHUVRQDV"
(VELHQVDELGRTXHHQODVFOtQLFDVGHFRQVXOWD
H[WHUQDHOWUDWRKDFLDODVPDGUHVPD\RUHVHVGH
UHSURFKH\PDOWUDWRSRUSHUPLWLUHPEDUD]DUVHD
HVDHGDGWDQDYDQ]DGDSHURPXFKDVYHFHVFRQ
WRGR\ORVFXLGDGRVVXFHGH\HQHVHFDVRVH
WLHQHTXHFRQWLQXDUFRQHOHPEDUD]RORPHMRU
DWHQGLGR SRVLEOH š1R KD\ DOJXLHQ TXH DERJXH
SRUHOSDFLHQWH"š4XpHOVLVWHPDGHVDOXGQRYH
TXH VH UHTXLHUHQ PpGLFRV FRQ pWLFD SURIHVLRQDO
\ VHQWLGR KXPDQR" &RQ OD FRQFLHQFLD GH TXH VH
DWLHQGHDSHUVRQDVFRQVHQWLPLHQWRV\GLJQLGDG
–’
+R\ PiV TXH QXQFD HV PHQHVWHU HOHYDU HO QLYHO
GHFRQFLHQFLDGHORVWUDEDMDGRUHVGHODVDOXGVHU
PHMRUHV SHUVRQDV HQWHQGHU TXH QXHVWUR WUDEDMR
KDEOD SRU QRVRWURV \ TXH QR SXHGH VHJXLU HO
PDOWUDWR\ODDUELWUDULHGDGKDFLDORVSDFLHQWHV
3LGRVHOHVEULQGHQFXUVRVGHpWLFDVDOXGPHQWDO
YDORUHVPRUDOHVHTXLGDGGHJpQHURFDOLGDGHQHO
VHUYLFLRSRUTXHHVWRQRSXHGHVHJXLUDVt
0XFKDVJUDFLDVSRUSHUPLWLUH[SRQHUPLH[SHULHQFLD
HQHVWHHVSDFLR
%LRO\3VLF63$
OODOOD#KRWPDLOFRP
(1(52',&,(0%5(
/HFWXUDV
*A>MJAK@7@7V
–“
A>¤WU7V*A>MJAK@7@7V
&ODXGLD-LPpQH]%DFD
%,2e7,&$3$5$72'26
5DPyQ/XFDV/XFDV
/RVSUREOHPDVGHOD%LRpWLFDQRVRQVyORHQODDFWXDOLGDGXQ
FRWRSULYDGRSDUDHVSHFLDOLVWDV6XVFLWDQLQWHUpVHQGLSXWDGRV
FDWHGUiWLFRVPpGLFRVSHULRGLVWDVHPSOHDGRV\DPDVGHFDVD
OD%LRpWLFDKR\HVSDUDWRGRV4XLHQHVVHQVLEOHDOYDORUGHOD
YLGDQRSXHGHHYLWDUODVSUHJXQWDVFUXFLDOHVŸš(OKLMRHVXQGRQ
TXHVHDFRJHRXQSURGXFWRTXHVHIDEULFD" Ÿš7RGRORTXHHV
WpFQLFDPHQWHSRVLEOHHVWDPELpQPRUDOPHQWHDGPLVLEOH" Ÿš(O
´QEXHQRGHFXUDUXQDHQIHUPHGDGFRPRHO$O]KHLPHUMXVWL´FD
ODH[SHULPHQWDFLyQFRQHPEULRQHVKXPDQRV\VXGHVWUXFFLyQ" Ÿš3RUTXpQRSRQHU´QDOGRORUFRQXQD¬EXHQDPXHUWH­" (O OLEUR SUHVHQWD GH PRGR VHULR SHUR DFFHVLEOH SDUD WRGRV
ORVSUREOHPDVELRpWLFRV&RQXQOHQJXDMHFODUR\SUHFLVRFRQ
GLEXMRV\FDULFDWXUDVGLDJUDPDV\IRWRJUDItDVHODXWRURIUHFH
XQDª%LRpWLFDSDUDWRGRV«
%,2e7,&$*(1(5$/
+RUDFLR*DUFtD5RPHUR
/XLV/LPyQ/LPyQ
(VWDREUDVXUJHGHDWHQGHUHVDQHFHVLGDGTXHGHRWUDPDQHUD
QR SXHGH VHU VDWLVIHFKD VyOR FRQ OD FiWHGUD GHO SURIHVRU
R FRQ OD UHIHUHQFLD D SURIXQGRV \ PXFKDV YHFHV iULGRV
WUDWDGRV OD %LRpWLFD HV XQD PDWHULD GH UHµH[LyQ \ DQiOLVLV
PiVTXHGHPHPRUL]DFLyQFX\RREMHWLYRHVSODQWHDUSXQWRV
GHGLVFXVLyQELRpWLFDTXHHVWLPXOHQDOOHFWRUDUHµH[LRQDU
(Q OD REUD VH WUDWDQ ORV JUDQGHV SUHFHSWRV GH OD %LRpWLFD
\ HO SRUTXp GH VX DSOLFDFLyQ TXH HV IXQGDPHQWDO HQ OD
SUiFWLFDSURIHVLRQDO$GHPiVVHKDFHXQDUHYLVLyQVRPHUD
GHODVSULQFLSDOHVFRUULHQWHV´ORVy´FDVTXHKDQVXUJLGRHQ
ODKLVWRULDGHODKXPDQLGDG\TXHH[LVWHQDFWXDOPHQWH\GH
OD LQµXHQFLD TXH FDGD XQD GH HOODV SXGR KDEHU HMHUFLGR \
FRQWLQ~HHMHUFLHQGRHQODELRpWLFD
/LFHQFLDGDHQ'LVHxR*Ui´FRSRUOD8QLYHUVLGDG1DFLRQDO$XWyQRPDGH0p[LFR
–”
(1(52',&,(0%5(
%,2e7,&$18(9$65()/(;,21(662%5('(%$7(6&/½6,&26
)ORUHQFLD/XQD
$UOHHQ/)6DOOHV
&RQXQFULWHULRDPSOLR\H[KDXVWLYR%LRpWLFDQXHYDVUHµH[LRQHVVREUHGHEDWHVFOiVLFRVRIUHFHDOOHFWRU
QRIDPLOLDUL]DGRODSRVLELOLGDGGHDSUR[LPDUVHDODVFXHVWLRQHVIXQGDPHQWDOHVGHODELRpWLFD\SUHVHQWD
DOHVSHFLDOLVWDXQDQiOLVLVGHORVSXQWRVFHQWUDOHVGHODGLVFXVLyQDFWXDO
)ORUHQFLD/XQD\$UOHHQ/)6DOOHVOOHYDQDFDERXQUHFRUULGRSRUORVSULQFLSDOHVDERUGDMHVTXHKDQ
WHQLGRORVWHPDVFODYH\VHGHWLHQHQHQORVHQIRTXHVDOWHUQDWLYRVTXHKDQSURYRFDGRLQWHUSUHWDFLRQHV
GLYHUJHQWHV \ TXH UHPLWHQ D GLIHUHQWHV SHUVSHFWLYDV ´ORVy´FDV (O FRQWHQLGR GHO YROXPHQ SRQH HQ
HYLGHQFLDODVVXFHVLYDVWUDQVIRUPDFLRQHVTXHKDVXIULGRODELRpWLFD\ORVDOFDQFHVGHVXVEDVHVWHyULFDV
HQ UHODFLyQ FRQ OD SDUWLFXODU UHDOLGDG \ ODV SUREOHPiWLFDV GH $PpULFD /DWLQD /DV DXWRUDV UHYLVDQ ODV
SULQFLSDOHV WHRUtDV FOiVLFDV GH OD pWLFD HO XWLOLWDULVPR \ HO GHRQWRORJLVPR OD WHRUtD GH ORV SULQFLSLRV
\ORVPRGHORVGHGXFWLYLVWDVGHOUD]RQDPLHQWRPRUDO\DQDOL]DQORVFRQµLFWRVFRQFUHWRVTXHVXUJHQ
GHO YtQFXOR SDUWLFXODU HQWUH PpGLFRV \ SDFLHQWHV OD DXWRQRPtD \ HO SDWHUQDOLVPR ORV DOFDQFHV GH OD
FRQ´GHQFLDOLGDG \ HO FRQVHQWLPLHQWR LQIRUPDGR OD HXWDQDVLD YROXQWDULD \ HO VXLFLGLR DVLVWLGR OD
DQWLFRQFHSFLyQODUHSURGXFFLyQDVLVWLGD\ORVXVRVGHODFORQDFLyQ\ORVGHEDWHVPRUDOHVHQWRUQRDO
DERUWR7DPELpQFRQVLGHUDQODVH[LJHQFLDVTXHUHTXLHUHQODVLQYHVWLJDFLRQHVVREUHELRpWLFDDVtFRPR
ORVGLOHPDVVREUHHOGHUHFKRJHQHUDODODVDOXGHQHVSHFLDOHQORTXHDWDxHDODVPXMHUHV\ODIXQFLyQ
TXHGHEHUtDFXPSOLUHO(VWDGR
(OYROXPHQFXHQWDFRQFRODERUDFLRQHVHVSHFLDOHVGH
0DUtD 9LFWRULD &RVWD 6XVDQD ( 6RPPHU \ *UDFLHOD
9LGLHOOD
%LRpWLFD QXHYDV UHµH[LRQHV VREUH GHEDWHV FOiVLFRV
RIUHFHXQDDFWXDOL]DFLyQULJXURVD\O~FLGDDFHUFDGH
WHPDV TXH FRPSURPHWHQ OD DXWRQRPtD \ OD OLEHUWDG
GHWRGDVODVSHUVRQDV
–•
UNK¥>7
2K>WAK¤UM
1DFLRQDOGH%LRpWLFD
––
(1(52',&,(0%5(
UNK¥>7@A£2K>WAK¤UM
7>¥MK7£@A
¥MB¤¥>7
-HV~V/XLV5XEt6DOD]DU
'HVFULSFLyQ
(
O YLHUQHV GRV GH VHSWLHPEUH GH HQ OD
&RPLVLyQ GH 'HUHFKRV +XPDQRV GHO (VWDGR
GH0p[LFRVHOOHYyDFDERHO9(QFXHQWUR1DFLRQDO
GH %LRpWLFD FRQ HO OHPD ª'LOHPDV HQ HO PDQHMR
GH OD LQIRUPDFLyQ HQ VDOXG« RUJDQL]DGR SRU OD
&RPLVLyQ GH %LRpWLFD GHO (VWDGR GH 0p[LFR OD
&RRUGLQDFLyQGH6DOXGDWUDYpVGHOD8QLGDGGH
(QVHxDQ]D,QYHVWLJDFLyQ\&DOLGDGGHO,6(0FRQOD
FRODERUDFLyQGHODV,QVWLWXFLRQHVGHO6HFWRU6DOXG
(GXFDWLYR GHO 0HGLR $PELHQWH $FDGHPLDV \
2UJDQLVPRVQRJXEHUQDPHQWDOHV&RQHOREMHWLYR
GH FRQIRUPDU XQD FXOWXUD ELRpWLFD HQ HO (VWDGR
GH0p[LFRDVtFRPRLQWHUFDPELDUH[SHULHQFLDV\
FRQRFLPLHQWRVUHODFLRQDGRVFRQHVWRVWHPDVWDQ
UHOHYDQWHVHQODDWHQFLyQFOtQLFD
(Q HO HYHQWR GH LQDXJXUDFLyQ VH FRQWy FRQ OD
SUHVHQFLDGHO0DHVWURHQ'HUHFKR0DUFR$QWRQLR
0RUDOHV *yPH] 3UHVLGHQWH GHO &RQVHMR GH OD
&RPLVLyQ GH 'HUHFKRV +XPDQRV GHO (VWDGR GH
0p[LFR HO 'U 0DQXHO 5XL] GH &KiYH] *XHUUHUR
3UHVLGHQWH GHO &RQVHMR GH OD &RPLVLyQ 1DFLRQDO
GH %LRpWLFD \ 3UHVLGHQWH GHO &ROHJLR 1DFLRQDO
GH 0HGLFLQD HO 'U *HUDUGR 0DUWtQH] &ULVWHUQD
3UHVLGHQWH GH OD )XQGDFLyQ GH eWLFD 0XQGLDO HQ
0p[LFRHO'U-RUJH&UX]%RUURPHR&RPLVLRQDGR
GH&RQFLOLDFLyQ\$UELWUDMH0pGLFRGHO(VWDGRGH
0p[LFR HO 'U 2VYDOGR 6DQWtQ 4XLUR] 'LUHFWRU
*HQHUDO GHO ,QVWLWXWR GH 6HJXULGDG 6RFLDO GHO
(VWDGRGH0p[LFR\0XQLFLSLRV'U-HV~V2UGRxH]
(VSLQRVD GH ORV 0RQWHURV HQ UHSUHVHQWDFLyQ GHO
4)% -RVp 6LJRQD 7RUUHV 'HOHJDGR (VWDWDO GHO
,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO=RQD2ULHQWH
GH QXHVWUD HQWLGDG OD 'UD ,QpV 'tD] 0XxR]
'LUHFWRUD GHO &HQWUR (VWDWDO GH 7UDVSODQWHV HO
'U9tFWRU0DQXHO7RUUHV0H]D'LUHFWRU*HQHUDO
GHO &HQWUR (VWDWDO GH 9LJLODQFLD (SLGHPLROyJLFD
\ &RQWURO GH (QIHUPHGDGHV HO 0 HQ & 6 /XLV
*XLOOHUPR 'H +R\RV 0DUWtQH] 'LUHFWRU GH
OD )DFXOWDG GH 0HGLFLQD GH OD 8QLYHUVLGDG
$XWyQRPD GHO (VWDGR DVt FRPR UHSUHVHQWDQWHV
GHODVLQVWLWXFLRQHVTXHFRQIRUPDQOD&RPLVLyQGH
%LRpWLFDGHO(VWDGRGH0p[LFR
(O PHQVDMH GH ELHQYHQLGD HVWXYR D FDUJR GHO
0DHVWUR HQ 'HUHFKR 0DUFR $QWRQLR 0RUDOHV
*yPH] 3UHVLGHQWH GHO &RQVHMR GH OD &RPLVLyQ
GH 'HUHFKRV +XPDQRV \ DQ´WULyQ GHO HYHQWR
TXLHQ PHQFLRQD VX GLVSRVLFLyQ SDUD HQWDEODU GH
PDQHUD FRRUGLQDGD HO UHVSHWR SRU ORV GHUHFKRV
KXPDQRV \ HO IRPHQWR DO UHVSHWR GH OD GLJQLGDG
GH ODV SHUVRQDV H[SUHVDQGR VX VDWLVIDFFLyQ SRU
OOHYDUDFDERHQVXVLQVWDODFLRQHVHVWHHQFXHQWUR
GHH[SHULHQFLDV\FRQRFLPLHQWRV
&RPR DFWR VHJXLGR HO 'U 0DQXHO + 5XL] GH
&KiYH] *XHUUHUR 3UHVLGHQWH GHO &RQVHMR GH
OD &RPLVLyQ 1DFLRQDO GH %LRpWLFD H[SUHVD ORV
PRWLYRVSRUORVTXHHVLPSRUWDQWHOOHYDUDFDER
HVWH WLSR GH HYHQWRV \ GH PDQHUD HVSHFLDO HO
WHPDTXHORHQPDUFDSRUHQFRQWUDUQRVHQHVWRV
PRPHQWRV KLVWyULFRV LQPHUVRV HQ OD OODPDGD HUD
GH OD LQIRUPDFLyQ HQ HVWH FRQWH[WR PHQFLRQD
ORV WySLFRV PiV LPSRUWDQWHV GH OD 'HFODUDFLyQ
GH 3ULQFLSLRV SDUD FRQVWUXLU OD 6RFLHGDG GH OD
,QIRUPDFLyQ SURPXOJDGD HQ *LQHEUD HO HQIDWL]DGR HQ HO GHUHFKR D OD SURWHFFLyQ GH
ORV GDWRV SHUVRQDOHV FRPR XQD PRWLYDFLyQ
ELRpWLFD$VLPLVPRKDEOyVREUHOD/H\)HGHUDOGH
7UDQVSDUHQFLD \ $FFHVR D OD ,QIRUPDFLyQ HQWUH
RWURVWHPDVLPSRUWDQWHV
(O 0HQVDMH ,QVWLWXFLRQDO H ,QDXJXUDFLyQ HVWXYR
D PL FDUJR HQ UHSUHVHQWDFLyQ GHO 'U *DEULHO
-DLPH 26KHD &XHYDV 6HFUHWDULR GH 6DOXG \
3UHVLGHQWHGHOD&RPLVLyQGH%LRpWLFDGHO(VWDGR
GH0p[LFRLQYLWDQGRDFRODERUDUHQODFUHDFLyQ\
IRUWDOHFLPLHQWRGHODFXOWXUDELRpWLFDDIRPHQWDU
&RRUGLQDGRUGH6DOXGGHO,QVWLWXWRGH6DOXGGHO(VWDGRGH0p[LFR\9LFHSUHVLGHQWHGHOD&RPLVLyQGH%LRpWLFDGHO(VWDGRGH0p[LFR
–—
$VLPLVPROD'UD%HUHQLFH)LJXHURD&UX]-HIHGH
9DOLGDFLyQ\1RUPDWLYLGDGGH*XtDVGH3UiFWLFDV
&OtQLFDV GHO &HQWUR 1DFLRQDO GH ([FHOHQFLD
7HFQROyJLFDHQ6DOXG&(1(7(&TXLHQLPSDUWLy
HO WHPD ª'LOHPDV %LRpWLFRV HQ HO ([SHGLHQWH
(OHFWUyQLFR \ OD 7HOHPHGLFLQD« PHQFLRQR ORV
EHQH´FLRV \ ODV OLPLWDFLRQHV GH HVWD QXHYD
WpFQLFD TXH VLUYH SDUD PHMRUDU XQ GLDJQyVWLFR
\ GHVFHQWUDOL]DU ORV VHUYLFLRV 'XUDQWH VX SOiWLFD
PHQFLRQD ORV SULQFLSLRV GH OD pWLFD GH OD 7HOH
PHGLFLQD \ HQIDWL]D HQ HO FXLGDGR GH OD UHODFLyQ
PpGLFRSDFLHQWHTXHFRQVLVWHHQFXLGDUODSDUWH
KXPDQD GH HVWD UHODFLyQ 5H´ULy TXH VH WUDEDMD
HQHOPDUFRWHFQRFLHQWt´FR\pWLFRGHODWHFQR
FLHQFLDGHODPHGLFLQD
HOVHQWLGRGHFRUUHVSRQVDELOLGDGSDUDFRDG\XYDU
DO EXHQ GHVHPSHxR GH ORV SURIHVLRQDOHV GH OD
VDOXGODHGXFDFLyQ\SURPRYHUODSURWHFFLyQGHO
PHGLRDPELHQWH
(Q OD &RQIHUHQFLD 0DJLVWUDO GHO 0WUR 0DUFR
$QWRQLR0RUDOHV*yPH]3UHVLGHQWHGHO&RQVHMRGH
OD&RPLVLyQGH'HUHFKRV+XPDQRVGHO(VWDGRGH
0p[LFRFRQHOWHPDª/DFRQ´GHQFLDOLGDG\HOVHFUHWR
SURIHVLRQDO«5HFRQRFHDOVHFUHWRSURIHVLRQDOGHVGH
XQ PDUFR OHJDO FRPR HO GHUHFKR D OD LQWLPLGDG
FLHQGR XQR GH ORV GHUHFKRV IXQGDPHQWDOHV GH OD
SHUVRQDUHFRQRFLGR\SURWHJLGRSRUODOH\MXQWRFRQ
RWURV GHUHFKRV IXQGDPHQWDOHV FRQ ORV TXH SXHGH
HQWUDUHQFRQµLFWR3RUORTXHHQWUHRWUDVPHGLGDV
SODQWHDODQHFHVLGDGGHQRUPDWLYDTXHUHJXOHOD
SRVLELOLGDGGHDWHQHUVHDOVHFUHWRSURIHVLRQDOHQ
ODHVIHUDGHODVDOXG
/D'UD/L]EHWK6DJROV6DOHVSURIHVRUDHLQYHVWLJDGRUD
GH pWLFD \ ELRpWLFD GH OD )DFXOWDG GH )LORVRItD \
/HWUDV SUHVHQWD OD FRQIHUHQFLD PDJLVWUDO WLWXODGD
ª/D FRQ´GHQFLDOLGDG GHVGH HO SXQWR GH YLVWD GH OD
KXPDQL]DFLyQGHOPpGLFR\VXWRPDGHGHFLVLRQHV«
TXLHQHQVXSUHVHQWDFLyQHQIDWL]yTXHODLQIRUPDFLyQ
PLVPD WLHQH VX YDORU UHDO HQ HO VLJQL´FDGR TXH
HVWD WLHQH SDUD HO SDFLHQWH HQ GRQGH ORV LQWHUHVHV
SHUVRQDOHVSXHGHQUHJXODUVHDWUDYpVGHXQVLVWHPD
GHUHVJXDUGRTXHHVWHUHJODPHQWDGD\IRUWDOHFLGDSRU
ODFUHDFLyQGHLQVWDQFLDVGHVWLQDGDVSDUDHVWH´Q
(OSURJUDPDDFDGpPLFRFRQFOX\yFRQHOVLPSRVLR
WLWXODGR ª,QIRUPDFLyQ HQ VDOXG \ WUDQVSDUHQFLD
YV GHUHFKRV GH ORV SDFLHQWHV HQ VDOXG S~EOLFD«
FRQODSDUWLFLSDFLyQGHOD'UD*DUELxH6DUDZDWDUL
=DYDOD 'U -RVp 7RUUHV 0HMtD \ HO 'U /LQR 7HMD
*DUFtD
$VLPLVPR GXUDQWH HO (YHQWR HO &HQWUR 0pGLFR
ª/LF $GROIR /ySH] 0DWHRV« SUHVHQWy XQ FDUWHO
WLWXODGR ª(O DFWXDU PpGLFR HQ OD DWHQFLyQ D
SDFLHQWHV WHVWLJRV GH -HKRYi \ VX RPLVLyQ GH
FRQFLHQFLD«
)LQDOPHQWH FDEH PHQFLRQDU TXH HO (QFXHQWUR
FXPSOLyFRQORVREMHWLYRVSURSXHVWRV\FRQWyFRQ
OD SUHVHQFLD GH SHUVRQDOLGDGHV UHSUHVHQWDQWHV
GH ODV GHSHQGHQFLDV GH VDOXG HGXFDFLyQ \ GHO
PHGLRDPELHQWHDVtFRPRGHSDUWLFLSDQWHV
GH KRVSLWDOHV MXULVGLFFLyQ VDQLWDULD UHJXODFLyQ
VDQLWDULD\FHQWURVHGXFDWLYRVHQVDOXG
3RU VX SDUWH HO 'U *HUDUGR 0DUWtQH] &ULVWHUQD
3UHVLGHQWH GH OD )XQGDFLyQ GH eWLFD 0XQGLDO HQ
0p[LFRSUHVHQWDHOWHPDª(O&RQWH[WR0XQGLDOGH
OD%LRpWLFD\OD,QIRUPDFLyQHQ6DOXG«TXLHQKDEOy
VREUHODSURPRFLyQGHODpWLFDHQQXHVWUDYLGD
–˜
(1(52',&,(0%5(
,QYHVWLJDFLyQ
AK+7£W@
*AVXJAKAV4MUM
,QWHULQVWLWXFLRQDOGH
,QYHVWLJDFLyQHQ6DOXG
–™
*AVXJAKAV4MUMK¤AU¥KV¤¥¤W>¥MK7£
@AK\AV¤¥G7>¥NKAK+7£W@
&ODXGLD/RUHQD9DUJDV$OHPiQ
,QYHVWLJDFLyQ&OtQLFD
6HJXQGROXJDU
3ULPHUOXJDU
)DFWRUHV GH ULHVJR DVRFLDGRV D PXHUWH SRU
QHXPRQtDV DGTXLULGDV HQ OD FRPXQLGDG GXUDQWH
OD FRQWLQJHQFLD HSLGHPLROyJLFD GHO YLUXV GH OD
LQµXHQ]DKXPDQD
%DXWLVWD
9HOi]TXH]
$GULDQD
5RGUtJXH]
0RFWH]XPD 5D\PXQGR /ySH] &DUPRQD -XDQ
0DQXHO
,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO'HOHJDFLyQ
(VWDGRGH0p[LFR2ULHQWH
(´FDFLD GH OD 3HQWR[L´OLQD D VHLV PHVHV GH
WUDWDPLHQWRHQODQHIURSDWtDGLDEpWLFD
$YDORV 5DPtUH] -XDQ $QWRQLR 0DUWtQH] &DVWUR
-HV~V(ULF'tD]0RQWLHO-XDQ&DUORV
&HQWUR0pGLFRª/LF$GROIR/ySH]0DWHRV«,6(0
,QWURGXFFLyQ $ SHVDU GH ORV HIHFWRV EHQp´FRV
GHO EORTXHR GHO VLVWHPD UHQLQD DQJLRWHQVLQD
DOGRVWHURQD HV QHFHVDULR H[SORUDU HO SRWHQFLDO
DQWLSURWHLQ~ULFR\ORVHIHFWRVGHSURWHFFLyQUHQDO
GHRWURVDJHQWHVWHUDSpXWLFRV
2EMHWLYR 'HWHUPLQDU OD H´FDFLD D PHVHV GH
WUDWDPLHQWRFRQSHQWR[L´OLQDHQQHIURSDWtDGLDEpWLFD
HQFRPSDUDFLyQFRQJUXSRFRQWURO
0DWHULDO\0pWRGRV8QWRWDOGHWUHLQWDSDFLHQWHV
GHO&HQWUR0pGLFRª/LF$GROIR/ySH]0DWHRV«FRQ
GLDJQyVWLFR GH QHIURSDWtD GLDEpWLFD LGHQWL´FDGRV
HQ OD FRQVXOWD H[WHUQD VH DOHDWRUL]DURQ HQ GRV
JUXSRV HO JUXSR SHQWR[L´OLQD Q UHFLELy PJGtDDXQDGRDWUDWDPLHQWRFRQYHQFLRQDO,(&$
\R $5$,, \ JUXSR &RQWURO Q VyOR EDMR
WUDWDPLHQWR FRQYHQFLRQDO /DV FDUDFWHUtVWLFDV
EDVDOHVIXHURQVLPLODUHVHQDPERVJUXSRV
5HVXOWDGRV'HVSXpVGHVHLVPHVHVGHVHJXLPLHQWR
ORV UHVXOWDGRV GHPRVWUDURQ HQ OD SURWHLQXULD XQD
GLVPLQXFLyQVLJQL´FDWLYDHQORVSDFLHQWHVTXLHQHV
UHFLELHURQ SHQWR[L´OLQD GHO UHVSHFWR D OD
EDVDO 3 D GLIHUHQFLD GHO JUXSR FRQWURO
TXHSUHVHQWyXQLQFUHPHQWRGHO(VWHHIHFWR
DQWLSURWHLQ~ULFR DGLWLYR QR IXH GHSHQGLHQWH GH
ORV FDPELRV GH SUHVLyQ DUWHULDO PHGLD R FRQWURO
PHWDEyOLFR
&RQFOXVLyQ /D DGPLQLVWUDFLyQ GH SHQWR[L´OLQD
DXQDGR DO WUDWDPLHQWR FRQYHQFLRQDO SURGXFH XQ
HIHFWRDQWLSURWHLQ~ULFRDGLWLYRFRQORTXHVHLQFLGH
GHPDQHUDGLUHFWDHQUHWUDVDUODSURJUHVLyQGHOD
HQIHUPHGDGUHQDOFUyQLFD
,QWURGXFFLyQ(Q0p[LFRGXUDQWHHOSHUtRGRGHGH
PDU]RDOGHDEULOVHUHSRUWDURQXQWRWDOGH
SUHVXQWRVFDVRVTXHLQFOXtDQFDVRVSUREDEOHV
\FDVRVFRQ´UPDGRV6HUHSRUWDURQXQWRWDOGH
PXHUWHV
2EMHWLYR ,GHQWL´FDU IDFWRUHV DVRFLDGRV D PXHUWH
GHSDFLHQWHVFRQQHXPRQtDSUREDEOHSRUYLUXVGH
ODLQµXHQ]D$+1HQXQLGDGHVKRVSLWDODULDVGHOD
'HOHJDFLyQ2ULHQWHGHO(VWDGRGH0p[LFR
0DWHULDO\PpWRGRV(VWXGLRGHFDVRV\FRQWUROHV
6H UHYLVDURQ WRGRV ORV FDVRV GH QHXPRQtDV TXH
LQJUHVDURQ D KRVSLWDOHV GH OD GHOHJDFLyQ RULHQWH
GXUDQWHORVPHVHVGHPDU]R\GLFLHPEUHGHO
6H SDUHDURQ SRU XQLGDG JUXSRV GH HGDG \ VH[R
ORVFDVRVIXHURQGHIXQFLRQHVHODSDUHDPLHQWRIXH
GH
5HVXOWDGRV 6H LQFOX\HURQ ORV H[SHGLHQWHV GH
VXMHWRV IDOOHFLHURQ \ IXHURQ SDUHDGRV SRU KRVSLWDO GH HJUHVR 1R VH REVHUYy GLIHUHQFLD
HQWUH JUXSRV FRQ XVR GH DQWLELyWLFRV ~QLFRV R
HQ FRPELQDFLyQ QL FRQ HO XVR GH HVWHURLGHV R
PHGLFDPHQWRVEURQFRGLODWDGRUHVSDUDGLVPLQXLUOD
PRUWDOLGDGHOXVRGHDQWLYLUDOHVDOLQJUHVRPRVWUy
EHQH´FLRSDUDGLVPLQXLUODPRUWDOLGDGFRQSd
(OWLHPSRGHLQLFLRGHORVVLJQRVFOtQLFRVLQFUHPHQWy
OD PRUWDOLGDG HQ ORV FDVRV DVt FRPR LQ´OWUDGRV
P~OWLSOHV HQ ODV UDGLRJUDItDV FRQ S /RV
IDFWRUHV GH ULHVJR SDUD PXHUWH IXHURQ VH[R
PDVFXOLQR WDEDTXLVPR GLDEHWHV IRFRV P~OWLSOHV
GL´FXOWDG UHVSLUDWRULD \ QR XVR GH DQWLYLUDOHV DO
LQJUHVR
0DHVWUDHQ6DOXG3~EOLFD\-HIDGHO'HSDUWDPHQWRGH,QYHVWLJDFLyQHQ6DOXGGHOD8QLGDGGH(QVHxDQ]D,QYHVWLJDFLyQ\&DOLGDGGHO,6(0
—
(1(52',&,(0%5(
&RQFOXVLyQ ([LVWHQ IDFWRUHV GH ULHVJR DVRFLDGRV
D PXHUWH SRU QHXPRQtD GH ORV SDFLHQWHV TXH
IXHURQ LQJUHVDGRV D KRVSLWDOL]DFLyQ GXUDQWH OD
SULPHUDFRQWLQJHQFLDGHODHSLGHPLDGHOYLUXVGHOD
LQµXHQ]D$+1
7HUFHUOXJDU
)XHQWHGHDOLPHQWRGHWULDWRPLQRV,QIHFFLyQFRQ
7U\SDQRVRPDFUX]L\IDFWRUHVGHULHVJRDVRFLDGRV
0HGLQD 7RUUHV ,PHOGD 9i]TXH] &KDJR\iQ -XDQ
&DUORV0RQWHVGH2FD-LPpQH]5REHUWR
6XEGLUHFFLyQGH(SLGHPLRORJtD'HSDUWDPHQWRGH
YLJLODQFLD(SLGHPLROyJLFD,6(0
,QWURGXFFLyQ/DHQIHUPHGDGGH&KDJDVHVFDXVDGD
SRU XQ SURWR]RDULR GHO JpQHUR 7U\SDQRVRPD
HVSHFLHFUX]L7FUX]LWUDQVPLWLGRDOVHUKXPDQR
\ D RWURV PDPtIHURV SRU DUWUySRGRV WULDWRPLQRV
KHPDWyIDJRVGRPLFLOLDGRV
2EMHWLYR ,GHQWL´FDU OD IXHQWH GH DOLPHQWDFLyQ GH
WULDWRPLQRVGHWHUPLQDUODSUHVHQFLDGH7FUX]LHQ
WULDWRPLQRV\ORVIDFWRUHVGHULHVJRDVRFLDGRVDOD
HQIHUPHGDGGH&KDJDV
0DWHULDO\PpWRGRV6HPXHVWUHDURQPXQLFLSLRV
GHO VXU GHO (VWDGR GH 0p[LFR 6H LGHQWL´Fy HO 7
FUX]L HQ ORV WULDWRPLQRV PHGLDQWH IURWLV GH KHFHV
WHxLGRVFRQ*LHPVD6HH[WUDMR\VHDPSOL´Fy$'1
GHOWXERGLJHVWLYRGHORVWULDWRPLQRV
5HVXOWDGRV 6H LGHQWL´FDURQ GRV HVSHFLHV GH
WULDWRPLQRV 7ULDWRPD SDOOLGLSHQQLV \ 7ULDWRPD
GLPLGLDWD(OGHORVWULDWRPLQRVSUHVHQWDURQ
7 FUX]L HQ VXV KHFHV /RV IDFWRUHV GH ULHVJR
DVRFLDGRV D OD SUHVHQFLD GH WULDWRPLQRV IXHURQ
ODVYLYLHQGDVFRQSLVRGHWLHUUDSDUHGGHDGREH\
WHFKRGHWHMD(OVHDOLPHQWDURQFRQVDQJUH
KXPDQD\GHSHUURHOGHVDQJUHGHSHUUR
HOFRQVDQJUHGHSHUUR\DYHHOFRQ
VDQJUHGHSHUUR\GHFHUGR\HOFRQVDQJUHGH
DYHKXPDQR\FHUGR
&RQFOXVLyQ(ODJHQWHFDXVDOGHODHQIHUPHGDGGH
&KDJDVVHHQFXHQWUDFLUFXODQGRHQWUHORVYHFWRUHV
OD VDQJUH GHO SHUUR \ HO KXPDQR VH FRQVWLWX\HQ
FRPR ODV SULQFLSDOHV IXHQWHV GH DOLPHQWDFLyQ GH
ORVWULDWRPLQRV
,QYHVWLJDFLyQHQ6LVWHPDVGH6DOXG
3ULPHUOXJDU
2SWLPL]DFLyQGHOVHUYLFLRGHODERUDWRULRDWUDYpV
GHXQIRUPDWRGHVDUUROODGRHQHOVHUYLFLRGHXUJHQFLDV
5DQJHO*yPH]5RFtR5DPtUH]*DUFtD0RLVpV(
5RGUtJXH] 6DOD]DU 0DUOHQH 9HQHJDV &HUYDQWHV
5DIDHO/ySH]*DUGXxR)UDQFLVFR&DPSD(VFREDU
-HV~V$+HUUHUD0HQGR]D0D'HO&DUPHQ
&HQWUR0pGLFRª/LF$GROIR/ySH]0DWHRV«,6(0
,QWURGXFFLyQ(QHOSURFHVRGHO/DERUDWRULR&OtQLFR
3UH DQDOtWLFD ODV LQFLGHQFLDV PiV IUHFXHQWHV HV
HO OOHQDGR GH OD VROLFLWXG GH HVWXGLRV OD FXDO HV
LQGLVSHQVDEOH SDUD TXH HO ODERUDWRULR FXPSOD VX
IXQFLyQ
2EMHWLYR 'LVPLQXLU HO Q~PHUR GH HVWXGLRV
VROLFLWDGRVSRUHOiUHDPpGLFDPHGLDQWHXQIRUPDWR
DELHUWRLPSOHPHQWDGRHQHO6HUYLFLRGH8UJHQFLDV
TXHSHUPLWDRSWLPL]DUORVUHFXUVRV
0DWHULDO \ PpWRGRV 6H GLVHxy XQ IRUPDWR GH
VROLFLWXG TXH FXPSOLHUD FRQ ODV YDULDEOHV TXH HO
KRVSLWDOUHTXLHUH\TXHFRQWDUDFRQXQHVSDFLRHQ
EODQFRGRQGHVHGHVFULEHQORVHVWXGLRVUHTXHULGRV
GHDFXHUGRDOGLDJQyVWLFR(Oª3ODQ3LORWR«VHDSOLFy
HQ HO 6HUYLFLR GH 8UJHQFLDV HQ XQ SHUtRGR GH XQ
PHVGHOUHYLVDQGRODVVROLFLWXGHVTXHOOHJDURQ
DO /DERUDWRULR 6H REWXYLHURQ LQGLFDGRUHV D SDUWLU
GH YDULDEOHV HYDOXDQGR VX FRPSRUWDPLHQWR 6H
UHDOL]yXQFRPSDUDWLYRGHODLQIRUPDFLyQHQWUHORV
PHVHVGHVHSWLHPEUH\DJRVWR
5HVXOWDGRV6HREWXYRXQDGLVPLQXFLyQGHOHQ
ORVHVWXGLRVVROLFLWDGRVGHDHQHOSURPHGLRGH
HVWXGLRVSRUVROLFLWXG\HQFRVWRVVLQFDPELRV
HQWLHPSRVGHSURFHVR\HQWUHJDGHLQIRUPHV
&RQFOXVLyQ (O IRUPDWR SHUPLWH RSWLPL]DU ORV
UHFXUVRV FRQ OD FRQVHFXHQWH GLVPLQXFLyQ GH
HVWXGLRV6HJHQHUDOL]DUiHQHOKRVSLWDO
6HJXQGROXJDU
)UHFXHQFLDGHO6tQGURPHGH%XUQRXWHQ0pGLFRV
,QWHUQRVGHSUHJUDGRGHO+*=
7HQRULR9DUJDV*XDOEHUWR
,QVWLWXWR 0H[LFDQR GHO 6HJXUR 6RFLDO 'HOHJDFLyQ
3RQLHQWH
,QWURGXFFLyQ(OVtQGURPHGHGHVJDVWH%XUQRXW
HVXQSUREOHPDTXHVHSUHVHQWDHQSURIHVLRQDOHV
TXHWUDEDMDQFRQSHUVRQDVHQHVSHFLDOORVPpGLFRV
6H WUDWD GH XQ FRQFHSWR PXOWLGLPHQVLRQDO
DFRPSDxDGR GH VtQWRPDV ItVLFRV \ HPRFLRQDOHV
FX\RVFRPSRQHQWHVLGHQWL´FDGRVVRQDJRWDPLHQWR
HPRFLRQDO GHVSHUVRQDOL]DFLyQ \ UHGXFLGD
UHDOL]DFLyQSURIHVLRQDO
2EMHWLYR'HWHUPLQDUODIUHFXHQFLDGHVtQGURPHGH
—‘
GHVJDVWHHQPpGLFRVLQWHUQRVGHSUHJUDGR
0DWHULDO\PpWRGRV(VWXGLRWUDQVYHUVDOUHDOL]DGR
HQ HO PHV GH VHSWLHPEUH GH DSOLFiQGRVH
FXHVWLRQDULR 0DVODFK %XUQRXW ,QYHQWRU\ 0%,
D PpGLFRV LQWHUQRV GHO +*= 1R 6H REWXYR
HGDGJpQHURQLYHOVRFLRHFRQyPLFR\HVFXHODGH
SURFHGHQFLD6HUHDOL]yHVWDGtVWLFDGHVFULSWLYD
5HVXOWDGRV 6H HQWUHYLVWDURQ D PpGLFRV
LQWHUQRV FRQ PHGLD GH HGDG GH DxRV SURYHQLHQWHV GH OD 81$0 \ GHO ,31 YLYHQ FRQ VXV SDGUHV +XER HYLGHQFLD HQ HO
SDUiPHWURGHDJRWDPLHQWRHPRFLRQDOHO%XUQRXW
H[SHULPHQWDGR IXH OHYH HQ PRGHUDGR HQ
H LQWHQVR HQ GHVSHUVRQDOL]DFLyQ OHYH
HQPRGHUDGRHQHLQWHQVRHQ\HQ
UHDOL]DFLyQSHUVRQDOIXHOHYHHQPRGHUDGR
HQHLQWHQVRHQ
&RQFOXVLyQ /D SUHVHQFLD GH 6tQGURPH GH
%XUQRXW HV SUHRFXSDQWH SXHV VH WUDWD GH
MyYHQHV HVWXGLDQWHV GH PHGLFLQD ORV FXDOHV VH
HQFXHQWUDQ HQ HO LQLFLR GH OR TXH VHUi VX YLGD
SURIHVLRQDOSRUWDQWRHVLPSRUWDQWHGHVDUUROODU
SURJUDPDV GH LQWHUYHQFLyQSUHYHQFLyQ SDUD
SHUPLWLU PHMRUHV FRQGLFLRQHV SVLFRVRFLDOHV
HQ VXV iUHDV GH WUDEDMR DVt FRPR DSR\R HQ HO
GHVDUUROOR GH HVWUDWHJLDV GH DIURQWDPLHQWR
HIHFWLYDVDQWHVLWXDFLRQHVGHHVWUpV
7HUFHUOXJDU
/DVDWLVIDFFLyQODERUDOHQORVPpGLFRVIDPLOLDUHV
HQ XQD 8QLGDG GH 0HGLFLQD )DPLOLDU GHO ,066
HQHO(VWDGRGH0p[LFR
3pUH]=DPRUD,VDDF
,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO
2EMHWLYR ,GHQWL´FDU VDWLVIDFFLyQ ODERUDO HQ HO
PpGLFR IDPLOLDU HQ XQD XQLGDG GH PHGLFLQD
IDPLOLDUGHO,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO
0DWHULDO \ PpWRGRV (VWXGLR GHVFULSWLYR
WUDQVYHUVDOREVHUYDFLRQDOGHFDPSR3REODFLyQ
PpGLFRV IDPLOLDUHV DPERV VH[RV GH OD
8QLGDG GH 0HGLFLQD )DPLOLDU GHO ,066 6H
DSOLFyXQFXHVWLRQDULRGHUHDFWLYRV&RQWLHQH
ODV VLJXLHQWHV YDULDEOHV 6DWLVIDFFLyQ ODERUDO
5HFRQRFLPLHQWR 6DODULRV \ SUHVWDFLRQHV
5HODFLyQ FRQ DXWRULGDGHV 3URPRFLRQHV \
DVFHQVRV\UHODFLyQFRQFRPSDxHURVGHWUDEDMR
5HVXOWDGRV 'H OD SXQWXDFLyQ WRWDO HO FRUUHVSRQGLy D LQGLIHUHQFLD VDWLVIDFFLyQODERUDO\LQVDWLVIDFFLyQ
ODERUDO (Q GRV YDULDEOHV 5HFRQRFLPLHQWR \
—’
UHODFLyQFRQFRPSDxHURVGHWUDEDMRVHREWXYLHURQ
SXQWDMHV GH LQGLIHUHQFLD 1R DVt HQ RWUDV GRV
YDULDEOHVUHODFLyQFRQDXWRULGDGHV\SURPRFLRQHV
\DVFHQVRVVHREWXYRXQSXQWDMHGHLQVDWLVIDFFLyQ
ODERUDO<HQODYDULDEOHGHVDODULRV\SUHVWDFLRQHV
ODPD\RUtDUHSRUWDVDWLVIDFFLyQSHURFRQWHQGHQFLD
DLQGLIHUHQFLD6RORODYDULDEOHVDWLVIDFFLyQODERUDO
UHSRUWDVDWLVIDFFLyQ
&RQFOXVLyQ (Q OD PD\RUtD GH ODV LQYHVWLJDFLRQHV
UHYLVDGDVSDUDHVWHWUDEDMRVHHQFRQWUyVDWLVIDFFLyQ
EDMD R LQWHUPHGLD HVWD ~OWLPD FRLQFLGH FRQ HVWD
LQYHVWLJDFLyQ
,QYHVWLJDFLyQ(SLGHPLROyJLFD
3ULPHUOXJDU
$VRFLDFLyQ HQWUH DODQLQRDPLQRWUDQVIHUDVD \
DGLSRVLGDGHQQLxRV\DGROHVFHQWHVPH[LFDQRV
6LGRQLR$JXD\R%HDWUL]+DOOH\&DVWLOOR(OL]DEHWK
'tD] 0RQWLHO -XDQ &DUORV 5DQJHO *yPH]
5RFtR'HOJDGR6iQFKH]9HUyQLFD$UFKXQGLD
&DEDxH]+HLG\0DUOHQH+XLWUyQ%UDYR*HUDUGR
6DOPHUyQ-RUJH
,QVWLWXFLRQHV &HQWUR 0pGLFR ª/LF $GROIR
/ySH] 0DWHRV« 7ROXFD (VWDGR GH 0p[LFR +RVSLWDO GH *LQHFR2EVWHWULFLD ,066 ª(PLOLR
&KXD\IIHW«7ROXFD(VWDGRGH0p[LFR&HQWUR
GH,QYHVWLJDFLyQHQ&LHQFLDV0pGLFDV8QLYHUVLGDG
$XWyQRPD GHO (VWDGR GH 0p[LFR 8QLGDG
GH ,QYHVWLJDFLyQ (SLGHPLROyJLFD \ HQ 6HUYLFLRV
GH 6DOXG ,QVWLWXWR 0H[LFDQR GHO 6HJXUR 6RFLDO
&XHUQDYDFD0RUHORV
,QWURGXFFLyQ/DHVWHDWRVLVKHSiWLFDQRDOFRKyOLFD
ODV GLVOLSLGHPLDV \ OD UHVLVWHQFLD D OD LQVXOLQD
HVWiQ IXHUWHPHQWH DVRFLDGRV FRQ OD REHVLGDG VLQ
HPEDUJRHOFRQRFLPLHQWRVREUHHVWDHQIHUPHGDG
HQODHGDGSHGLiWULFDHVOLPLWDGR
2EMHWLYR (YDOXDU OD DVRFLDFLyQ HQWUH OD DODQLQR
DPLQRWUDQVIHUDVD $/7 \ DGLSRVLGDG HQ QLxRV \
DGROHVFHQWHVPH[LFDQRV
0DWHULDO\PpWRGRV/DSREODFLyQEDVHIXHURQKLMRV
GHORVSDUWLFLSDQWHVGHODª&RKRUWHGH7UDEDMDGRUHV
GHOD6DOXG«/DHOHYDFLyQGH$/7VHGH´QLyFRPR
YDORUHVVXSHULRUHVDOSHUFHQWLOSRUVH[R(OtQGLFH
GHPDVDFRUSRUDO,0&VHGHWHUPLQyDWUDYpVGH
ODV WDEODV GHO &'& SDUD SREODFLyQ SHGLiWULFD (O
SRUFHQWDMH GH JUDVD FRUSRUDO * VH GHWHUPLQy
PHGLDQWH'(;$/DFLUFXQIHUHQFLDGHFLQWXUD&&
VHHYDOXyVLJXLHQGRWpFQLFDVHVWiQGDU6HHYDOXyOD
DVRFLDFLyQHQWUHOD$/7\ODDGLSRVLGDGPHGLDQWH
PRGHORVGHUHJUHVLyQORJtVWLFDP~OWLSOH
(1(52',&,(0%5(
5HVXOWDGRV 6H DQDOL]y OD LQIRUPDFLyQ GH VXMHWRV /D HGDG SURPHGLR IXH ‘ DxRV (O
HUDQ PXMHUHV /D SUHYDOHQFLD GH REHVLGDG
DEGRPLQDOIXH/DHOHYDFLyQGH$/7VHDVRFLy
VLJQL´FDWLYDPHQWHFRQODDGLSRVLGDGWHQHUXQD&&
VXSHULRUDOSHUFHQWLODXPHQWDEDODSUREDELOLGDG
GHWHQHU$/7HOHYDGD25 ,&
&RQFOXVLyQ 1XHVWURV GDWRV VXJLHUHQ TXH OD
HOHYDFLyQGH$/7HVWiDVRFLDGDFRQODDGLSRVLGDG
HQQLxRV\DGROHVFHQWHV
6HJXQGROXJDU
(YDOXDFLyQ GHO HVWDGR QXWULFLRQDO HQ QLxRV HQ
HGDGHVFRODUGH7ROXFD0p[LFR
+DOOH\ &DVWLOOR (OL]DEHWK 6LGRQLR $JXD\R
%HDWUL] 'tD] 0RQWLHO -XDQ &DUORV 'HOJDGR
6iQFKH] 9HUyQLFD %DVXUWR $FHYHGR /RXUGHV
=HSHGD%HQWOH\-RVHO\Q$UFKXQGLD&DEDxH]
+HLG\0DUOHQH$UDQ]D'RQL]&DUORV
&RUUHVSRQGHQFLDHKFPHORG\#\DKRRFRPP[
,QVWLWXFLRQHV &HQWUR 0pGLFR ª/LF $GROIR
/ySH] 0DWHRV« 7ROXFD (VWDGR GH 0p[LFR +RVSLWDO GH *LQHFR2EVWHWULFLD ,066 ª(PLOLR
&KXD\IIHW«7ROXFD(VWDGRGH0p[LFR8QLGDG
GH ,QYHVWLJDFLyQ 0pGLFD GH (QIHUPHGDGHV
(QGRFULQDVGHO+RVSLWDOGH(VSHFLDOLGDGHV&HQWUR
0pGLFR1DFLRQDO6LJOR;;,,066
,QWURGXFFLyQ /D REHVLGDG LQIDQWLO HV XQR GH ORV
SULQFLSDOHV SUREOHPDV GH VDOXG S~EOLFD $ QLYHO
PXQGLDOVHKDQGLVHxDGRGLYHUVDVHVWUDWHJLDVSDUD
HQIUHQWDU HVWD VLWXDFLyQ VLQ HPEDUJR SRFDV VRQ
ODVTXHKDQWHQLGRp[LWR
2EMHWLYR(YDOXDUHOHVWDGRQXWULFLRQDOHQQLxRVGH
XQDHVFXHODSULPDULDGH7ROXFD0p[LFR
0DWHULDO \ PpWRGRV 6H UHDOL]DURQ PHGLFLRQHV
DQWURSRPpWULFDVGHWHUPLQDFLyQGHSRUFHQWDMHGH
JUDVD\GHWHQVLyQDUWHULDO7$VLJXLHQGRWpFQLFDV
HVWiQGDU6HGHWHUPLQyODSUHVHQFLDGHVREUHSHVR
REHVLGDG PHGLDQWH ODV WDEODV GHO &'& GH
REHVLGDG DEGRPLQDO \ GH KLSHUWHQVLyQ WRGDV SRU
HGDG \ VH[R 6H UHDOL]y XQ DQiOLVLV GHVFULSWLYR
SDUDHYDOXDUODSUHYDOHQFLDGHREHVLGDGREHVLGDG
DEGRPLQDOHKLSHUWHQVLyQ
5HVXOWDGRV 3DUWLFLSDURQ QLxRV FRQ HGDG
SURPHGLR GH ‘ DxRV (O HUDQ QLxDV
/DVSUHYDOHQFLDVGHVREUHSHVR\REHVLGDGIXHURQ
\UHVSHFWLYDPHQWHpVWD~OWLPDIXHPiV
IUHFXHQWHHQWUHORVQLxRV9V(O
SUHVHQWy REHVLGDG DEGRPLQDO \ HO WXYR 7$
HOHYDGD FRQ PD\RU IUHFXHQFLD HQWUH ORV QLxRV
9V /D SUHYDOHQFLD GH REHVLGDG
DEGRPLQDOLQFUHPHQWyVLJQL´FDWLYDPHQWHHQORV
JUDGRVHVFRODUHVHQ\
HQQLxDV\
HQQLxRVSWHQGHQFLD
&RQFOXVLyQ 1XHVWURV GDWRV HYLGHQFLDQ OD
QHFHVLGDG GH LPSOHPHQWDU DFFLRQHV LQPHGLDWDV
SDUDFRPEDWLUODREHVLGDGLQIDQWLO
7HUFHUOXJDU
&DUJDJOXFpPLFD\VXDVRFLDFLyQFRQHO6tQGURPH
0HWDEyOLFRHQQLxRV\DGROHVFHQWHVPH[LFDQRV
'tD]0RQWLHO-XDQ&DUORV+DOOH\&DVWLOOR(OL]DEHWK
'HOJDGR6iQFKH]9HUyQLFD6LGRQLR$JXD\R
%HDWUL] $UFKXQGLD &DEDxH] +HLG\ 0DUOHQH 6DOPHUyQ-RUJH
&RUUHVSRQGHQFLDMFKDBXV#\DKRRFRP
,QVWLWXFLRQHV &HQWUR 0pGLFR ª/LF $GROIR
/ySH] 0DWHRV« 7ROXFD (VWDGR GH 0p[LFR +RVSLWDO GH *LQHFR2EVWHWULFLD ,066 ª(PLOLR
&KXD\IIHW«7ROXFD(VWDGRGH0p[LFR8QLGDG
GH ,QYHVWLJDFLyQ (SLGHPLROyJLFD \ HQ 6HUYLFLRV
GH 6DOXG ,QVWLWXWR 0H[LFDQR GHO 6HJXUR 6RFLDO
&XHUQDYDFD0RUHORV
,QWURGXFFLyQ (VWXGLRV SUHYLRV KDQ GRFXPHQWDGR
OD UHODFLyQ HQWUH HO FRQVXPR GLHWDULR GH KLGUDWRV
GH FDUERQR tQGLFH JOXFpPLFR \ FDUJD JOXFpPLFD
FRQODVHQIHUPHGDGHVFDUGLRYDVFXODUHV\GLDEHWHV
SULQFLSDOPHQWHHQSREODFLyQDGXOWD6LQHPEDUJR
H[LVWHQ SRFRV HVWXGLRV TXH KD\DQ HYDOXDGR WDO
DVRFLDFLyQHQQLxRV\DGROHVFHQWHV
2EMHWLYR (YDOXDU OD DVRFLDFLyQ HQWUH OD FDUJD
JOXFpPLFDGLHWDULD&*\HOVtQGURPHPHWDEyOLFR
60
0DWHULDO \ PpWRGRV /D SREODFLyQ EDVH IXHURQ
KLMRV GH ORV SDUWLFLSDQWHV GH OD ª&RKRUWH GH
7UDEDMDGRUHV GH OD 6DOXG« /D SUHVHQFLD GH 60
IXH GHWHUPLQDGD GH IRUPDV FRQ ORV FULWHULRV
GHO $73,,, SDUD HGDGHV SHGLiWULFDV \ VHJ~Q OD
,QWHUQDWLRQDO'LDEHWHV)HGHUDWLRQ/D&*VHHYDOXy
SRU PHGLR GH XQ FXHVWLRQDULR GH IUHFXHQFLD GH
FRQVXPR GH DOLPHQWRV YDOLGDGR SUHYLDPHQWH 6H
HYDOXyODDVRFLDFLyQHQWUHOD&*\ODSUHVHQFLDGH
60PHGLDQWHUHJUHVLyQORJtVWLFDP~OWLSOH
5HVXOWDGRV 6H DQDOL]y OD LQIRUPDFLyQ GH DGROHVFHQWHV FRQ HGDG SURPHGLR GH ‘
DxRV(OWXYR60VHJ~Q,')\HOVHJ~Q
$73,,,8QDGLHWDFRQDOWD&*HVWXYRDVRFLDGDFRQ
ODSUHVHQFLDGH60FRQDPERVFULWHULRV25 —“
,& ¨ SDUD ,') \ 25 ,& ¨
SDUD$73,,,
&RQFOXVLyQ 1XHVWURV GDWRV VXJLHUHQ TXH XQ
FRQVXPRHOHYDGRGH&*LQFUHPHQWDODSUREDELOLGDG
GH WHQHU 60 LQGHSHQGLHQWHPHQWH GHO FULWHULR GH
GH´QLFLyQORFXDOFRQFXHUGDFRQORUHSRUWDGRHQOD
OLWHUDWXUDLQWHUQDFLRQDOSDUDDGXOWRVVLQHPEDUJR
HQQXHVWURFRQRFLPLHQWRHVWHHVHOSULPHUUHSRUWH
HQQLxRV\DGROHVFHQWHV
,QYHVWLJDFLyQHGXFDWLYD
3ULPHUOXJDU
'HWHUPLQDQWHV GH DSWLWXG FOtQLFD HQ PpGLFRV GH
SULPHUQLYHO
/ySH] 3RUWLOOR $UPDQGR *DUFtD 0DQJDV -RVp
$OEHUWR%XHQR+HUUHUD-RVp/XLV0RQWLHO*DOLFLD
(OLJLR
&&(,6 80) 'HOHJDFLyQ (VWDGR GH 0p[LFR
2ULHQWH
,QWURGXFFLyQ 6H SURSRQHQ FDVRV FOtQLFRV UHDOHV
SDUD PHGLU DSWLWXG FOtQLFD DVLPLVPR EXVFDU ORV
IDFWRUHVTXHGHWHUPLQDQHOUH´QDPLHQWRFOtQLFRGHO
PpGLFR
2EMHWLYRV (YDOXDU OD DSWLWXG FOtQLFD HQ
SDGHFLPLHQWRV IUHFXHQWHV H LQYHVWLJDU ORV
GHWHUPLQDQWHVTXHVHOHDVRFLDQ
0DWHULDO \ PpWRGRV 'LVHxR WUDQVYHUVDO DQDOtWLFR
FRQ PpGLFRV GH SULPHU QLYHO TXLHQHV
UHVSRQGLHURQHOLQVWUXPHQWRGHDSWLWXGFOtQLFDHQ
SDGHFLPLHQWRV\HOFXHVWLRQDULRGHGHWHUPLQDQWHV
HGXFDWLYDV
RUJDQL]DFLRQDOHV
\
ODERUDOHV
SUHYLDPHQWHYDOLGDGRV
5HVXOWDGRV /RV QLYHOHV GH DSWLWXG IXHURQ LQWHUPHGLD EDMD DOWD PX\ DOWD \ PX\EDMD/DPHMRUSXQWXDFLyQHQORVLQGLFDGRUHV
ªPHGLGDV GH VHJXLPLHQWR H LQWHUFRQVXOWD« \
ªUHFRQRFLPLHQWR GH IDFWRUHV GH ULHVJR« ORV
SDGHFLPLHQWRV FRQ PD\RU SXQWDMH OXPEDOJLD \ GLDEHWHV /RV MHIHV PHMRU FDOL´FDGRV TXHORVPpGLFRVJHQHUDOHV\UHVLGHQWHV
S 6H REWXYR FRUUHODFLyQ SRVLWLYD HQWUH
GHVHPSHxR \ RSRUWXQLGDGHV GH DFWXDOL]DFLyQ
U S RSRUWXQLGDGHV GH XWLOL]DFLyQ
U S \ FRQGLFLRQDQWHV HFRQyPLFDV
U S \ FRUUHODFLyQ QHJDWLYD FRQ DXWR
HYDOXDFLyQU S &RQFOXVLyQ 6H HQFRQWUy QLYHO GH DSWLWXG FOtQLFD
ªLQWHUPHGLD« HQ SDGHFLPLHQWRV IUHFXHQWHV
—”
H[LVWH DVRFLDFLyQ FRQ GHWHUPLQDQWHV HGXFDWLYRV
RUJDQL]DFLRQDOHV \ ODERUDOHV /D DXWR SHUFHSFLyQ
GH VX DSWLWXG UHVXOWy FRQWUDULD D OD SXQWXDFLyQ
REWHQLGD OR TXH UHIXHU]D OD XWLOLGDG GH pVWRV
LQVWUXPHQWRV SDUD IDYRUHFHU SURFHVRV GH
DXWRFUtWLFD \ UHµH[LyQ TXH HQFDXFHQ DO PpGLFR
\ ORV VLVWHPDV GH VDOXG D EXVFDU HVWUDWHJLDV GH
FDSDFLWDFLyQ
6HJXQGROXJDU
1LYHODFDGpPLFRGHOSHUVRQDOELEOLRWHFDULRGHORV
FHQWURVGHGRFXPHQWDFLyQHQVDOXGGHO,QVWLWXWR
0H[LFDQRGHO6HJXUR6RFLDO
=XULWD &DUUHUD 0DUWKD 3DWULFLD (VSLQRVD 6HUQD
3DWULFLD
,QVWLWXWR0H[LFDQRGHO6HJXUR6RFLDO
2EMHWLYR ,GHQWL´FDU HO QLYHO DFDGpPLFR GHO
SHUVRQDO ELEOLRWHFDULR GHO ,QVWLWXWR 0H[LFDQR GHO
6HJXUR6RFLDO
0DWHULDO \ PpWRGRV (VWXGLR WUDQVYHUVDO
3DUWLFLSDURQ GHOHJDFLRQHV GHO ,066 (QFXHVWD
FRQ UHDFWLYRV 9DULDEOHV D HVWXGLDU HGDG
VH[R DQWLJHGDG LQVWLWXFLRQDO DQWLJHGDG HQ OD
FDWHJRUtD QLYHO DFDGpPLFR \ HGXFDFLyQ FRQWLQXD
6HUHDOL]yXQDHQFXHVWDHQGRVIDVHVSULPHUDIRUPD
SHUVRQDOL]DGD \ VHJXQGD YtD HPDLO $QiOLVLV FRQ
GLVWULEXFLyQGHIUHFXHQFLDVUHODWLYDVUHSUHVHQWDGRV
HQFXDGURV\JUi´FDV
5HVXOWDGRV 6H REWXYLHURQ HQFXHVWDV
3DUWLFLSDURQ GHOHJDFLRQHV iUHD PHWURSROLWDQD
GH SURYLQFLD LQJUHVR D ELEOLRWHFDV
\ WLHQH PiV GH DxRV (O WLHQH
HVWXGLRV SURIHVLRQDOHV HQ iUHD GH FLHQFLDV GH OD
LQIRUPDFLyQHJUHVDGR81$0(1%$HOUHVWR
GHXQLYHUVLGDGHVGHSURYLQFLD(OHVWLWXODGR
FXUVD DFWXDOPHQWH &XDWUR SHUVRQDV FRQ
PDHVWUtDGRVWLWXODGDVGRVFXUVDQGR
&DSDFLWDFLyQ LQVWLWXFLRQDO FXUVR WpFQLFR GH
ELEOLRWHFD GXUDFLyQ XQ DxR FXUVR DVLVWHQWH GH
ELEOLRWHFDULR GXUDFLyQ GRV DxRV FXUVDURQ
FXUVR7%FXUVDURQFXUVR$%FDUUHUD
WpFQLFD \ HVWXGLRV SURIHVLRQDOHV HQ iUHD
GLIHUHQWH D FLHQFLDV GH OD LQIRUPDFLyQ (O WLHQHGLSORPDGRHQDOJ~QiUHDHQLQVWLWXWR
WRPy FXUVRV GH FDSDFLWDFLyQ FRQWLQ~D
UHXQLRQHV ELEOLRWHFDULRV DFWXDOL]DFLyQ
JHQHUDOUHIHUHQWHVDVLVWHPDVWHFQROyJLFRV\
EDVHVGHGDWRV
&RQFOXVLyQ/DFDQWLGDGGHSHUVRQDOELEOLRWHFDULR
FRQQLYHOOLFHQFLDWXUDHVDSUR[LPDGDPHQWHODPLWDG
(1(52',&,(0%5(
GH ORV HQFXHVWDGRV HJUHVDGRV EiVLFDPHQWH GH
81$0\(1%$/RVFXUVRVWpFQLFRVLQVWLWXFLRQDOHV
TXH ORJUDURQ LQWHUHVDU DO SHUVRQDO FRQIRUPD OD
WHUFHUD SDUWH GH ORV HQFXHVWDGRV (O SHUVRQDO
ELEOLRWHFDULR SURYLHQH GH GLIHUHQWHV FDWHJRUtDV
WLHQH GLIHUHQWHV HVWXGLRV /RV HQFXHVWDGRV FRQ
RSFLyQ GH OLFHQFLDWXUD UHDOL]DQ VXV HVWXGLRV
SURIHVLRQDOHVHQVLVWHPDDELHUWR
7HUFHUOXJDU
3UiFWLFDVGHULHVJR\HGXFDFLyQSDUDODSUHYHQFLyQ
GHO9,+6,'$HQDGROHVFHQWHVGHHVFXHODVS~EOLFDV
+HUQiQGH] *RQ]iOH] 0DUJDULWD 0DULQD -LPpQH]
*DUFpV&OHPHQWLQD
8QLYHUVLGDG$XWyQRPDGHO(VWDGRGH0p[LFR
,QWURGXFFLyQ /D LQIHFFLyQ SRU HO YLUXV GH OD
LQPXQRGH´FLHQFLDDGTXLULGD9,+HVXQSUREOHPD
GH VDOXG S~EOLFD PXQGLDO HVSHFLDOPHQWH HQ
DGROHVFHQWHV \ MyYHQHV TXLHQHV D SHVDU GH ODV
SROtWLFDVSUHVHQWDQSUiFWLFDVGHULHVJR
2EMHWLYR,GHQWL´FDUORVIDFWRUHVUHODFLRQDGRVFRQ
ODV SUiFWLFDV GH ULHVJR SDUD HO 9,+6,'$ HQ ORV
DGROHVFHQWHVGHHVFXHODVS~EOLFDVGHODFLXGDGGH
7ROXFD
0DWHULDO \ PpWRGRV 6H GHVDUUROOy XQ HVWXGLR
FRUUHODFLRQDO 6H XWLOL]y XQ FXHVWLRQDULR
DXWRDSOLFDEOH SDUD LGHQWL´FDU VXV SUiFWLFDV GH
ULHVJRVXQLYHOGHFRQRFLPLHQWRVUHVSHFWRDO9,+
6,'$ VXV DFWLWXGHV KDFLD OD HGXFDFLyQ SDUD OD
SUHYHQFLyQ \ HO HQWRUQR HGXFDWLYR 6H UHDOL]y XQ
DQiOLVLVELYDULDGRGHODVYDULDEOHV
5HVXOWDGRV (O SRVHH FRQRFLPLHQWRV
VX´FLHQWHV VREUH HO 9,+6,'$ HO PXHVWUD
XQD DFWLWXG SRVLWLYD KDFLD OD HGXFDFLyQ SDUD OD
SUHYHQFLyQ (O WLHQH SUiFWLFDV GH ULHVJR \
HO WXYR VX GHEXW VH[XDO EDMR LQµXHQFLD GHO
DOFRKRO/RVFRQRFLPLHQWRVFRQUHVSHFWRDO6,'$
VXVDFWLWXGHVKDFLDODHGXFDFLyQSDUDODSUHYHQFLyQ
\ HO HQWRUQR HGXFDWLYR VH UHODFLRQDQ FRQ VXV
SUiFWLFDVGHULHVJR
&RQFOXVLyQ (V QHFHVDULR LPSOHPHQWDU XQD
HGXFDFLyQTXHLQFUHPHQWHODDGRSFLyQGHSUiFWLFDV
VHJXUDV
&DVRFOtQLFR
3ULPHUOXJDU
6tQGURPH GH YHQD FDYD VXSHULRU XQD XUJHQFLD
RQFROyJLFDSUHVHQWDFLyQGHFDVR
'HO &DVWLOOR 6DOD]DU 1RHOLD &DUROLQD *RQ]iOH]
6iQFKH]-RVp½QJHO
&HQWUR 0pGLFR ª/LF $GROIR /ySH] 0DWHRV«
'LYLVLyQGH0HGLFLQD,QWHUQD
,QWURGXFFLyQ (O VtQGURPH GH YHQD FDYD VXSHULRU
XQD XUJHQFLD RQFROyJLFD FDXVDGD HQ PiV GHO
SRU FDXVDV PDOLJQDV VH FDUDFWHUL]D SRU
GLVPLQXFLyQ GHO UHWRUQR YHQRVR VHFXQGDULR D
REVWUXFFLyQ GH OD YHQD FDYD VXSHULRU SRU FDXVDV
LQWUtQVHFDV \ H[WUtQVHFDV 6X UHFRQRFLPLHQWR HV
FUXFLDO SDUD LQLFLDU WUDWDPLHQWR \ GLVPLQXLU VXV
SRVLEOHVFRPSOLFDFLRQHV
'HVFULSFLyQ GH FDVR 0DVFXOLQR GH DxRV
LQLFLR RFKR PHVHV SUHYLRV FRQ VtQWRPDV %
DFRPSDxDGR GH GRORU HQ OD UHJLyQ VXSHULRU
GH WyUD[ GHUHFKR FLQFR PHVHV GHVSXpV FRQ
WXPRUDFLyQVXSUDFODYLFXODUGHUHFKD´MDGRORURVD
FRQ OD LQJHVWD GH DOFRKRO REVHUYD PHV SUHYLR
YHQDV WRUWXRVDV HQ WyUD[ VXSHULRU H[WHQGLpQGRVH
D DEGRPHQ HGHPD IDFLDO VH DJUHJD GLVQHD \
RUWRSQHDDODH[SORUDFLyQFRQSOpWRUD\XJXODU,9
HGHPDIDFLDOUHGYHQRVDKHSDWRHVSOHQRPHJDOLD
UDGLRJUDItD GH WyUD[ FRQ HQVDQFKDPLHQWR
PHGLDVWLQDO \ UDGLRSDFLGDG HQ UHJLyQ DSLFDO
GHUHFKD'+/+EJUV3ODTVSDQHOYLUDO
PDUFDGRUHVWXPRUDOHVHLQPXQROyJLFRVQHJDWLYRV
7$& GH WyUD[ FRQ WXPRUDFLyQ PHGLDVWLQDO FRQ
H[WHQVLyQ D iSLFH SXOPRQDU GHUHFKR FXHOOR FRQ
FRQJORPHUDGRJDQJOLRQDUGHUHFKRFRQGHVYLDFLyQ
GHOtQHDPHGLDVHLQLFLDPDQHMRGHFLWRUHGXFFLyQ
VH UHDOL]D ELRSVLD H[FLVLRQDO GH JDQJOLR FHUYLFDO
REVHUYiQGRVHOLQIRPD+RGJNLQYDULHGDGHVFOHURVLV
QRGXODU HQ LQPXQRKLVWRTXtPLFD GHWHUPLQDFLyQ
GH &' FRQ FRH[SUHVLyQ GH &' EFO &'.,FRQFOX\pQGRVHOLQIRPD+RGJNLQ
GLIXVRGHFpOXODVJUDQGHVVHOHEULQGDWUDWDPLHQWR
FRQPHMRUtD
&RQFOXVLyQ (O VtQGURPH GH YHQD FDYD HV XQD
XUJHQFLD RQFROyJLFD OD LPSRUWDQFLD GH HVWH HV
LQLFLDU UiSLGDPHQWH FRQ OD FLWRUHGXFFLyQ FRQ HO
ULHVJRGHQRREWHQHUXQDGHFXDGRUHVXOWDGRHQOD
ELRSVLDJDQJOLRQDU$FWXDOPHQWHHVLPSUHVFLQGLEOH
OD LQPXQRKLVWRTXtPLFD SDUD GHWHUPLQDU HO WLSR
GH OLQIRPD DVt FRPR VX SURQyVWLFR \ VX SRVLEOH
UHVSXHVWDDOWUDWDPLHQWR
6HJXQGROXJDU
5HSRUWH GH XQ FDVR GH KLSHUSODVLD VXSUDUUHQDO
FRQJpQLWD+6&SRUGH´FLHQFLDGHKLGUR[LODVD
%REDGLOOD0RQWHVGH2FD3DORPD9DOHULD'HPHVD
$UHYDOR 5RFtR 9DOGpV /ySH] $OIUHGR 1~xH]
+HUQiQGH]-RUJH$UWXUR
—•
,QVWLWXWR0DWHUQR,QIDQWLOGHO(VWDGRGH0p[LFR
,QWURGXFFLyQ/D+6&VHSURGXFHSRUDOWHUDFLRQHV
DXWRVyPLFDVUHFHVLYDVHQODELRVtQWHVLVGHOFRUWLVRO\
DOGRVWHURQDFRPSUHQGHFLQFRGp´FLWHQ]LPiWLFRV
HO PiV IUHFXHQWH HV KLGUR[LODVD 2+
FRQXQDLQFLGHQFLDGHQDFLPLHQWRV
YDULHGDGFOiVLFDSLHUGHVDO*HQHUDOPHQWHLQLFLDD
ORV GtDV GH YLGD GHEXWDQ FRQ FULVLV DGUHQDO
PDQLIHVWDGD SRU KLSRQDWUHPLD KLSHUNDOHPLD H
KLSRJOXFHPLD (O HVWiQGDU GH RUR GLDJQyVWLFR HV
HOWHVWGHFRUWLFRWURSLQD$&7+FRQPHGLFLyQGH
KLGUR[LSURJHVWHURQD 2+3 3UHVHQWDFLyQ
FOtQLFDPDVFXOLQRGtDVGHYLGDVLQDQWHFHGHQWHV
GH LPSRUWDQFLD SDUD SDGHFLPLHQWR DFWXDO HO
FXDO LQLFLD FRQ YyPLWR JDVWUROLPHQWDULR HQ FLQFR
RFDVLRQHV GLDUUHD VHPLOtTXLGD HQ RFDVLRQHV VLQ
PRFR QL VDQJUH KLSRDFWLYLGDG \ UHFKD]R D OD YtD
RUDOGHGRVGtDVGHHYROXFLyQ())&[­)5[­
7ƒ7$PP+J3&FP37FP3$FP
7FP 3NJ DFWLYR UHDFWLYR KLGUDWDFLyQ
UHJXODU
KLSHUSLJPHQWDFLyQ
JHQHUDOL]DGD
IRQWDQHOD QRUPRWHQVD VRSOR KRORVLVWyOLFR JUDGR
,,9,JHQLWDOHVPDVFXOLQRVSHQHGHFPUHVWRGH
H[SORUDFLyQQRUPDO
'LDJQyVWLFR %LRPHWUtD KHPiWLFD QRUPDO
KLSRQDWUHPLD P(T/ KLSHUNDOHPLD P(T/ +23!QJP/ &RUWLVRO “JQ/
$&7+ SJP/ 86* DEGRPLQDO QRUPDO (&*
QRUPDO (FRFDUGLRJUDPD VHSWXP LQWHUYHQWULFXODU
HQGLiVWROHFP
7UDWDPLHQWR)OXGURFRUWLVRQDPJKUV
&RQFOXVLyQ /RV QLxRV FRQ +6& FOiVLFD
JHQHUDOPHQWH VyOR SUHVHQWDQ XQD VXWLO
KLSHUSLJPHQWDFLyQ\FUHFLPLHQWRGHOSHQH
(O UHHPSOD]R PLQHUDORFRUWLFRLGH SDUD VtQGURPH
SLHUGHVDOVHDOFDQ]DFRQµXGURFRUWLVRQD\UHTXLHUH
VXSOHPHQWDFLyQ FRQ FORUXUR GH VRGLR JGtD
KDVWDORVPHVHVGHYLGD
/DVHFUHFLyQ´VLROyJLFDGHFRUWLVROHVGHPJGtD
\ODPD\RUtDGHORVSDFLHQWHVSUHVHQWDQXQFRQWURO
VDWLVIDFWRULR GH OD SURGXFFLyQ DQGUyJHQD FRQ
GRVLVGH$&7+PJGtDGLYLGLGDVHQGRVLV
HO REMHWLYR HV DOFDQ]DU XQ UDQJR GH QPRO/
GH+23
—–
+RVSLWDO*HQHUDO$WL]DSDQGH=DUDJR]D,6(0
,QWURGXFFLyQ/RVWXPRUHVHVWURPDOHVJDVWURLQWHV
WLQDOHV*, R GH *,67 RULJHQ WHMLGR PHVHQTXLPDO
SDUHG GHO WXER GLJHVWLYR 7' HQ FpOXODV
LQWHUVWLFLDOHV GH &DMDO SOH[RV PLHQWpULFRV SRFR
IUHFXHQWHVQHRSODVLDV7'SUHVHQWDQSRVLWLYLGDG
LQPXQRKLVWRTXtPLFD FNLW R &' \ &'
&ODVL´FDFLyQ PLRLGH !IUHFXHQWH QHXWUDO PL[WD
RDXVHQFLD(VWyPDJR!IUHFXHQWHPHQWHDIHFWDGR
LQWHVWLQR GHOJDGR ,' \H\XQR
5HSUHVHQWDQGHORVWXPRUHVEHQLJQRV,'
\PDOLJQRV/RFDOL]DFLyQ,'GHGLDJQyVWLFR
FRPSOLFDGR QR DFFHVLEOHV SRU HQGRVFRSLD &RQ
PHWiVWDVLVKHSiWLFDV\RGLVHPLQDFLyQDEGRPLQDO
PDOLJQDV 0DQLIHVWDFLRQHV FOtQLFDV LQHVSHFt´FDV
KHPRUUDJLD GLJHVWLYD SRU QHFURVLV \ SHUIRUDFLyQ
0DFURVFySLFDPHQWH WDPDxR FRQVLGHUDEOH FRQ
WHQGHQFLD QHFURVLV FHQWUDO (O FUHFLPLHQWR
VXEPXFRVR KDFLD OX] *, VXEVHURVRV \ LQWUDPXUDO6XSHUYLYHQFLDDxRVUHODFLRQDGD
FRQ OD ORFDOL]DFLyQ GHO WXPRU 5HFLGLYD PHGLD PHVHVKHSiWLFDRORFDO
'HVFULSFLyQ GHO FDVR 0DVFXOLQR DxRV GH
HGDG VLQ DQWHFHGHQWHV GH LPSRUWDQFLD ,QJUHVD
XUJHQFLDVFRQPHOHQDGHFLQFRGtDVGHHYROXFLyQ
SDOLGH] WHJXPHQWRV PDUHRV DVWHQLD GRORU HQ
HSLJDVWULR SXQ]DQWH H LQWHQVR () WDTXLFDUGLD
KLSRWHQVLyQ UHVWR 69 QRUPDOHV $EGRPHQ VLQ
PHJDOLDVVLQGDWRVGHLUULJDFLyQSHULWRQHDO/$%6
:%&+*%+&7UHVWRQRUPDO'[
VDQJUDGR7'DOWRSDQHQGRVFRSLDJDVWULWLVHURVLYD
DQWUDOVLQVDQJUDGRDFWLYRLQWHQVLGDGPRGHUDGD\
GXRGHQLWLV ELRSVLDV FXHUSR \ DQWUR 5+3 HGHPD
VXSHU´FLDO OHYH PDQHMR FRQ ,%3 FLWRSURWHFWRU
JiVWULFR SURFLQpWLFR \ KHPRWUDQVIXVLyQ PHVHV
GHVSXpV UHLQJUHVD KHPDWHPHVLV \ PHOHQD +E
J &KRTXH KLSRYROpPLFR *OO (QGRVFRSLD
DOWD WXPRUDFLyQ VXEHSLWHOLDO FP GLiPHWUR
IUHQWH iPSXOD 9DWHU ELRSVLDV LQDGHFXDGDV
PXFRVD VXSHU´FLDO HGHPD DFHQWXDGR LQ´OWUDGR
LQµDPDWRULR OLQIRSODVPRFLWDULR \ HRVLQy´ORV
QR GHVFDUWD QHRSODVLD 7$& WXPRUDFLyQ FRQ
LQ´OWUDFLyQ SDUHG 7' /DSDURWRPtD H[SORUDGRUD
7XPRUDFLyQHQWHUFHUDSRUFLyQGXRGHQRDSUy[
FPGHGLiPHWURVXEPXFRVRSUREDEOH*,67
7HUFHUOXJDU
7UDWDPLHQWR 5HVHFFLyQ GHO WXPRU FRQ PiUJHQHV
DGHFXDGRV VH UHDOL]y JDVWUR\H\XQRDQDVWRPRVLV
DQWHFyOLFDWLSR2PHJDH[FOXVLyQSLOyULFD
7XPRU GH *,67 HQ OD • SRUFLyQ GHO GXRGHQR
UHSRUWHGHXQFDVR
(VFDORQD5DPtUH]&ODXGLD)HUQiQGH]*0
&RQFOXVLyQ 0DUFDGRUHV &' SRVLWLYRV
(YROXFLyQ SRVWRSHUDWRULD VLQ FRPSOLFDFLRQHV
VHJXLPLHQWRGRVDxRVDVLQWRPiWLFR
(1(52',&,(0%5(
MUJ7VS7U7£7SUAVAK¤7>¥NK@A
>M£7=MU7>¥MKAV
(OREMHWLYRGHODUHYLVWDHVGLIXQGLUORVSULQFLSLRV
GH ELRpWLFD FRQVWLWX\pQGRVH HQ XQ PHGLR GH
LQIRUPDFLyQ \ GLIXVLyQ HQ OD PDWHULD DSOLFDGD D
OD VDOXG HQ OD HQWLGDG SDUD IRPHQWDU HO VHQWLGR
GH FRUUHVSRQVDELOLGDG PHGLDQWH OD SUHYHQFLyQ
H LQIRUPDFLyQ GH OD VDOXG FUHDQGR XQD FXOWXUD
ELRpWLFDFRQVFLHQWH\SUHYLVRUDHQODVLQVWLWXFLRQHV
TXH FRQIRUPDQ OD &RPLVLyQ GH %LRpWLFD GHO
(VWDGR GH 0p[LFR $VLPLVPR FRDG\XYDU SDUD HO
EXHQ GHVHPSHxR GH ORV FRPLWpV GH ELRpWLFD GH
ODVLQVWLWXFLRQHVGHVDOXGKRVSLWDODULRV\GHpWLFD
HQLQYHVWLJDFLyQDVtFRPRORVTXHVHIRUPHQHQ
RWUDVLQVWLWXFLRQHVGHHQVHxDQ]D
/D UHYLVWD HVWi GLULJLGD D OD SREODFLyQ HQ
JHQHUDO TXH DFXGD D ODV iUHDV DGPLQLVWUDWLYDV
MXULVGLFFLRQHV FHQWURV GH VDOXG \ KRVSLWDOHV
DVt FRPR D ORV VHUYLGRUHV S~EOLFRV GH ODV
LQVWLWXFLRQHV GHO VHFWRU VDOXG \ HGXFDWLYR GHO
(VWDGR GH 0p[LFR 6X GLVWULEXFLyQ HV JUDWXLWD
/RV HMHPSODUHV HVWDUiQ XELFDGRV HQ ODV iUHDV
DGPLQLVWUDWLYDV MXULVGLFFLRQHV FHQWURV GH VDOXG
\KRVSLWDOHV$VtPLVPRVHSXHGHFRQVXOWDUHQOD
SiJLQDHOHFWUyQLFDGHOD6HFUHWDUtDGH6DOXGZZZ
VDOXGHGRPH[JREP[HQHOHVSDFLRGH5HFXUVRV
1RUPDV
6H SXEOLFDUiQ ~QLFDPHQWH WUDEDMRV RULJLQDOHV H
LQpGLWRV
(O LGLRPD R´FLDO GH OD UHYLVWD HV HVSDxRO /RV
DUWtFXORV HVFULWRV HQ LQJOpV R IUDQFpV GH VHU
DFHSWDGRV SDUD VX SXEOLFDFLyQ GHEHUiQ VHU
WUDGXFLGRV DO HVSDxRO SRU FXHQWD GHO DXWRU 6H
FRQVLGHUDUiQLQpGLWRVDTXHOORVTXH\DKD\DQVLGR
SXEOLFDGRV HQ RWUR LGLRPD \ VH WUDGX]FDQ SRU
SULPHUD YH] DO HVSDxRO (V SHUWLQHQWH LQIRUPDU
VL HO WUDEDMR KD VLGR SUHVHQWDGR SDUD VX SRVLEOH
SXEOLFDFLyQHQRWUROXJDU
/RVWUDEDMRVGHEHUiQHQWUHJDUVHHVFULWRVDGREOH
HVSDFLR FRQ WDPDxR GH OHWUD *RWKDP %RRN D SXQWRV \ FDSWXUDGRV HQ HO SURFHVDGRU GH WH[WRV
:RUGGHEHUiDGMXQWDUVHHOGLVFRTXHFRQWHQJDHO
DUFKLYR\HQYLDUVHDQXHVWURVFRUUHRVHOHFWUyQLFRV
ELRpWLFDHGRPH[#HGRPH[JREP[ \ PLYD#
\DKRRFRPP[
&DGD WUDEDMR GHEHUi LU DFRPSDxDGR FRQ XQ
UHVXPHQGHQRPiVGHSDODEUDV
(QODHODERUDFLyQGHFLWDVDSDUDWRFUtWLFRXWLOL]DU
HOVLVWHPD+DUYDUG
$ WRGR WUDEDMR GHEHUi DGMXQWDUVH XQD VtQWHVLV
FXUULFXODUDVtFRPRODGLUHFFLyQGHODXWRUFRQHO
´QGHPDQWHQHUFRPXQLFDFLyQ$VLPLVPRHODXWRU
LQGLFDUi OD LQVWLWXFLyQ GRQGH ODERUD VX JUDGR
DFDGpPLFRWHOpIRQRID[\FRUUHRHOHFWUyQLFR
(OFRPLWpGHUHGDFFLyQVHUHVHUYDHOGHUHFKRGH
HIHFWXDU ODV FRUUHFFLRQHV GH HVWLOR RUWRJUDItD
UHGDFFLyQVLQWD[LVHWFpWHUDTXHSXGLHUDUHTXHULU
HOWH[WR
——
&RQWHQLGR
6HGLYLGHHQODVVLJXLHQWHVVHFFLRQHV
'LiORJRELRpWLFRVHFFLyQHQODTXHVHSUHVHQWDUiQ
WHPDV GH DFWXDOLGDG \ UHOHYDQFLD ELRpWLFD GH
GLVWLQWRVFDPSRVLQWHUGLVFLSOLQDULRVGHODVDOXG\
GHO PHGLR DPELHQWH HVFULWRV SRU H[SHUWRV HQ HO
iUHD/DH[WHQVLyQPi[LPDHVGHFLQFRFXDUWLOODV
/DELEOLRJUDItDGHEHVHUVX´FLHQWH\DGHFXDGD
'HODFLHQFLDDODFRQFLHQFLDVHUiQFRQVLGHUDGRV
HQHVWDVHFFLyQORVLQIRUPHVVREUHDVSHFWRVpWLFRV
GHO HMHUFLFLR SURIHVLRQDO \ DTXHOORV UHODFLRQDGRV
FRQ ORV DYDQFHV GH OD WHFQRORJtD \ OD UHODFLyQ
PpGLFRSDFLHQWH ([WHQVLyQ Pi[LPD GH FLQFR
FXDUWLOODV
3HUVSHFWLYDV PpGLFDV \ UHSRUWH GH FDVRV
VHFFLyQSDUDLQFOXLUDUWtFXORVVREUHDOJXQRVWHPDV
\SUREOHPiWLFDVHVSHFt´FDVHQHOFDPSRPpGLFR
FDVRV FRQFUHWRV DOWHUQDWLYDV H[SHULHQFLDV
PpGLFDV /RV HVFULWRV GHEHUiQ FRQWHQHU /D
H[SRVLFLyQ GHO KHFKR LGHQWL´FDFLyQ GHOORV
GLOHPDV pWLFRV \ OD GLVHUWDFLyQ R GLVFXVLyQ
pWLFRFOtQLFD UHODFLRQDGDV FRQ ORV SULQFLSLRV
ELRpWLFRV/DH[WHQVLyQPi[LPDGHFLQFRFXDUWLOODV
)XHQWH LQIRUPDWLYD HQ ELRpWLFD HQ HVWD
VHFFLyQ VH LQFOXLUiQ ORV GRFXPHQWRV QRWLFLDV
GHFODUDFLRQHV PDQL´HVWRV GH DFWXDOLGDG VREUH
ELRpWLFD\KXPDQLVPRHQPHGLFLQD/DH[WHQVLyQ
Pi[LPDGHEHVHUGHFLQFRFXDUWLOODV
—˜
(VSDFLROLEUH\FDUWDVDOHGLWRUHQHVWDVHFFLyQ
VH SRGUiQ H[SRQHU FRPHQWDULRV VXJHUHQFLDV
YLYHQFLDV IHOLFLWDFLRQHV \ RWURV /D H[WHQVLyQ
Pi[LPDGHGRVFXDUWLOODV
/HFWXUDV UHFRPHQGDGDV &RQWHPSOD HQ HVWD
VHFFLyQ XQD YHQWDQD TXH SRQH DO DOFDQFH GHO
OHFWRU XQ UHVXPHQ R GHVFULSFLyQ EUHYH GH WUHV
SXEOLFDFLRQHVTXHSXHGHQVHUGHOLEURV\UHYLVWDV
RDOJXQDQRWDRFRQWHQLGRGH,QWHUQHWDVtFRPR
DOJXQD LPDJHQ SHUPLWLHQGR GH HVWH PRGR
FRQRFHU \ WHQHU OD UHIHUHQFLD SDUD XQD FRQVXOWD
FRQPD\RUSURIXQGLGDG/DH[WHQVLyQPi[LPDHV
GHWUHVFXDUWLOODV
&RODERUDFLRQHV
&XDOTXLHU SHUVRQD LQWHUHVDGD HQ SDUWLFLSDU
SRGUiKDFHUORSDUDHOORVHFXHQWDFRQXQFRUUHR
HOHFWUyQLFRPHQFLRQDGRHQODKRMDDQWHULRUSDUD
VXLQVHUFLyQHQODUHYLVWD7RGDFRODERUDFLyQVHUi
H[SXHVWDDQWHHOFRPLWpHGLWRULDO\GHUHGDFFLyQ
TXLHQHV YDORUDUiQ VX DXWRUL]DFLyQ SDUD OD
SXEOLFDFLyQ
&UpGLWRVSRUDXWRU
/DV FRODERUDFLRQHV HVWDUiQ LGHQWL´FDGDV FRQ
XQ DXWRU R IXHQWH LQIRUPDWLYD SDUD GHVOLQGDU
UHVSRQVDELOLGDGHV IXWXUDV R DFXVDFLRQHV GH
SODJLR 6H LQFOXH HO FDUJR \ GHSHQGHQFLD GH ODV
FRODERUDFLRQHV (YLWDU HQ OR SRVLEOH ORV WH[WRV
DQyQLPRV
(1(52',&,(0%5(
MJ¥V¥NK@A
¥MB¤¥>7
@A£V¤7@M@AB]¥>M
'5*$%5,(/-$,0(26+($&8(9$6
35(6,'(17(
6HFUHWDULRGH6DOXG\'LUHFWRU*HQHUDOGHO,6(0
'5-(6Ç6/8,658%À6$/$=$5
9,&(35(6,'(17(
&RRUGLQDGRUGH6DOXGGHO,6(0
'5$$1$0$5À$0,//½19(/½=48(=
6(&5(7$5,$7e&1,&$
&RRUGLQDGRUD(VWDWDOGHO3URJUDPDGH%LRpWLFD
GHO(VWDGRGH0p[LFR
92&$/(6
352)53$8/,120$57À1(=*87,e55(=
6XEGLUHFWRUGH$SR\RDOD
(GXFDFLyQGHOD6HFUHWDUtDGH(GXFDFLyQ
6$0$17+$3½5$02$&267$
$VHVRUDGHOD6HFUHWDUtDGHO0HGLR$PELHQWH
0HQ&6/8,6*8,//(502'(+2<260$57À1(=
'LUHFWRUGHOD)DFXOWDGGH
0HGLFLQDGHOD8$(0
'50,*8(/½1*(/9,//$0$5(6*$5&À$
-HIHGH(QVHxDQ]D,QYHVWLJDFLyQ
\&DOLGDGGHO,6667(
'5$0$5À$'(/62&2552520(52),*8(52$
&RRUGLQDGRUDGH,QYHVWLJDFLyQGHO
,066'HOHJDFLyQ(VWDWDO=RQD3RQLHQWH
'55$<081'252'5À*8(=02&7(=80$
&RRUGLQDGRUGH,QYHVWLJDFLyQGHO
,066'HOHJDFLyQ(VWDWDO=RQD2ULHQWH
'5$0$(/(1$25(1'$<$5(&+,*$
'LUHFWRUDGH(QVHxDQ]D
H,QYHVWLJDFLyQGHO,0,(0
—™
075$0$57+$0(-À$0½548(=
'LUHFWRUDGH(GXFDFLyQH,QYHVWLJDFLyQ
HQ6DOXGGHO,66(0<0
'5$526$0$5À$(675$'$$5(9$/2
5HVSRQVDEOHGH&DSDFLWDFLyQGHO',)(0
/,&0,*8(/½1*(/&58=08&,f2
'LUHFWRU-XUtGLFR\&RQVXOWLYR
GHOD&2'+(0
'5-25*(&58=%25520(2
&RPLVLRQDGRGH&RQFLOLDFLyQ
\$UELWUDMH0pGLFRGHO(VWDGRGH0p[LFR
'5-(6Ç6+(51½1'(=520(52
6XEGLUHFWRUGH,QYHVWLJDFLyQ
\&RQFHUWDFLyQGHO&(75$(0
'5$/)5('29,*8(5$65(1'Ä1
5HSUHVHQWDQWHGHOD6RFLHGDG0H[LTXHQVH
'5-8$10½548(=-,0e1(=
3UHVLGHQWHGHOD$FDGHPLD
0H[LTXHQVHGH0HGLFLQD
0HQ63&e6$5+80%(572%27(//2257À=
-HIHGHOD8QLGDGGH(QVHxDQ]D
,QYHVWLJDFLyQ\&DOLGDGGHO,6(0
/,&(1(1)/$85$0$57À1(=/Ä3(=
3UHVLGHQWDGHO&ROHJLR8QLGR
GH(QIHUPHUDVGH0p[LFR$&
'5)5$1&,6&2&$%5(5$(648,7,1
$VHVRU([WHUQRGHOD&2%,(0
/,&-26e/8,60(1'2=$0$57À1(=
-HIHGH½UHDGH/HJLVODFLyQGHOD
8QLGDGGH$VXQWRV-XUtGLFRVGHO,6(0
˜
(1(52',&,(0%5(