Escolar Documentos
Profissional Documentos
Cultura Documentos
Administraciones
Pblicas
Contemporneas
en Espaa
Una Visin
Multidisciplinar
desde el Estado
de las Autonomas
Enrique Jos Varela lvarez
/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
HQ(VSDxD8QD9LVLyQ0XOWLGLVFLSOLQDUGHVGH
HO(VWDGRGHODV$XWRQRPtDV
7yUFXOR(GLFLyQV6/
6DQWLDJRGH&RPSRVWHOD
,PSULPH7yUFXOR$UWHV*UiILFDV6$
,6%1
'HSyVLWR/HJDO&
1',&(
$*5$'(&,0,(1726
[L
35(6(17$&,1
[Y
0'8/2,/D$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
FRPR2EMHWRGH(VWXGLR
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
6RFLHGDG(FRQRPtD0HUFDGR\$GPLQLVWUDFLyQ3~EOLFDDQWHOD
*OREDOL]DFLyQ
4XRYDGLVHQOD*OREDOL]DFLyQ2FFLGHQWDO
(O%LQRPLR*OREDO5HJLRQDO/RFDO'HOD&XHVWLyQ*OREDO
DOD&XHVWLyQ5HJLRQDO/RFDO
$VFHQVR\&DtGDGHOD*OREDOL]DFLyQ&DSLWDOLVWD
+DFtDXQD1XHYD*OREDOL]DFLyQ"
(QIRTXHVGH$QiOLVLVGHODV$GPLQLVWUDFLRQHV3~EOLFDV
&RQWHPSRUiQHDV
(QIRTXHGH&LHQFLD3ROtWLFD
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4XpHVOD&LHQFLD3ROtWLFD\FXiOHVVXUHODFLyQFRQOD
$GPLQLVWUDFLyQ3~EOLFD
(QIRTXHGH&LHQFLDGHOD$GPLQLVWUDFLyQ
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4XpHVOD&LHQFLDGHOD$GPLQLVWUDFLyQ\FXiOHVVX
UHODFLyQFRQOD$GPLQLVWUDFLyQ3~EOLFD
(QIRTXHGH3ROtWLFDV3~EOLFDV
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4XpVRQODV3ROtWLFDV3~EOLFDV\FXiOHVVXUHODFLyQ
FRQOD$GPLQLVWUDFLyQ3~EOLFD
LY
(QULTXH-RVp9DUHODOYDUH]
%LEOLRJUDItD5HFRPHQGDGD
0'8/2,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
)UDQFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ)UDQFLD
(VWDGRV8QLGRVGH$PpULFD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ(VWDGRV8QLGRVGH
$PpULFD
5HLQR8QLGR
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQHO5HLQR8QLGR
$OHPDQLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
QGLFH
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ$OHPDQLD
,WDOLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ,WDOLD
6XHFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ6XHFLD
3RUWXJDO
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ3RUWXJDO
%LEOLRJUDItD5HFRPHQGDGD
0'8/2,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD
(VSDxDGHODV$XWRQRPtDV
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
/D8QLyQ(XURSHD$GPLQLVWUDFLyQGH$GPLQLVWUDFLRQHV
,QWURGXFFLyQ+LVWyULFD
,QVWLWXFLRQHV3ROtWLFDV\$GPLQLVWUDWLYDVGHOD
8QLyQ(XURSHD
/D$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR1XHYD&RQILJXUDFLyQ
,QVWLWXFLRQDO
,QWURGXFFLyQ+LVWyULFD
$GPLQLVWUDFLRQHV&HQWUDOHVHQ(VSDxD
(O(VWDGR$XWRQyPLFR\VX5HDOLGDG3ROtWLFR$GPLQLVWUDWLYD
YL
(QULTXH-RVp9DUHODOYDUH]
/D$GPLQLVWUDFLyQ/RFDOHQHO(VWDGRGHODV$XWRQRPtDV
,QWURGXFFLyQ+LVWyULFD
$GPLQLVWUDFLRQHV/RFDOHVHQ(VSDxD
/DV$GPLQLVWUDFLRQHV3~EOLFDVHQ*DOLFLD
,QWURGXFFLyQ
/D$GPLQLVWUDFLyQ$XWRQyPLFD
/D$GPLQLVWUDFLyQ/RFDO
%LEOLRJUDItD5HFRPHQGDGD
0'8/2,91XHYRV(QIRTXHVGH*HVWLyQHQODV
$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
7UDQVIRUPDFLRQHV\&DPELRHQODV$GPLQLVWUDFLRQHV3~EOLFDV
&RQWHPSRUiQHDV
,QWURGXFFLyQDO&DPELRHQODV2UJDQL]DFLRQHV3~EOLFDV
9LVLyQ&RPSDUDGDGHORV3URFHVRVGH
5HIRUPD0RGHUQL]DFLyQHQORVSDtVHVGHOD2&'(
3URFHVRVGH5HIRUPD0RGHUQL]DFLyQHQOD$GPLQLVWUDFLyQ
*HQHUDOGHO(VWDGRHQOD(VSDxDGHORV1RYHQWD
5HIRUPDV\0RGHUQL]DFLRQHVHQODV$GPLQLVWUDFLRQHV
$XWRQyPLFDV/D5HIRUPD$GPLQLVWUDWLYDHQOD
;XQWDGH*DOLFLD
5HIRUPDV\0RGHUQL]DFLRQHVHQODV$GPLQLVWUDFLRQHV
/RFDOHV
5HWRVHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
/D*HVWLyQ3~EOLFD'HOD*HVWLyQ%XURFUiWLFDDOD1XHYD
*HVWLyQ3~EOLFD3RVWEXURFUiWLFD
,QWURGXFFLyQDORV&RQFHSWRVGHOD*HVWLyQ3~EOLFD
/D*HVWLyQ3~EOLFD*UDQGHV\3HTXHxDV7pFQLFDVGH
*HVWLyQGHVGHOD5HLQJHQLHUtD\GHVGHORV9DORUHV
YLL
QGLFH
(O3HQVDPLHQWR(VWUDWpJLFR
/D3ODQLILFDFLyQ(VWUDWpJLFD
(O0DUNHWLQJ3~EOLFR
/D*HVWLyQGHODV3HUVRQDV
/DeWLFD3~EOLFD
/D*HVWLyQGHO0HGLR$PELHQWH
/D*HVWLyQGHOD3UHYHQFLyQGH5LHVJRV/DERUDOHV
/DV1XHYDV7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV
&RPXQLFDFLRQHVHQODV$GPLQLVWUDFLRQHV3~EOLFDV
/D*HVWLyQGHOD&DOLGDGHQODV$GPLQLVWUDFLRQHV3~EOLFDV
(VWDWDOHV$XWRQyPLFDV\/RFDOHV
&DOLGDGHQODV2UJDQL]DFLRQHV3ULYDGDV(YROXFLyQ
\0RGHORV
(YROXFLyQGHORV0RGHORVGH&DOLGDGHQODV
2UJDQL]DFLRQHV3ULYDGDV
,QWURGXFFLyQDORV&RQFHSWRVGH&DOLGDGHQODV
2UJDQL]DFLRQHV3~EOLFDV
&RQFHSWXDOL]DFLyQGHOD&DOLGDGHQODV
$GPLQLVWUDFLRQHV3~EOLFDV
'HO(QIRTXHGH3URGXFWRVDO(QIRTXHGH6HUYLFLRV
0RGHORV\([SHULHQFLDVGH*HVWLyQGHOD&DOLGDGHQODV
$GPLQLVWUDFLRQHV3~EOLFDV
0RGHOR(XURSHRGH([FHOHQFLD()40
&DUWDVGH6HUYLFLRV
*HVWLyQGHOD&DOLGDG,62
6LVWHPDVGH*HVWLyQ0HGLRDPELHQWDO
5HJODPHQWR(XURSHR(0$6
1RUPDV,62\81((;
/DV1XHYDV$GPLQLVWUDFLRQHV3~EOLFDV
%LEOLRJUDItD5HFRPHQGDGD
0'8/291XHYRV(VSDFLRVGH5HODFLyQHQWUHODV
$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV\HOUHVWRGH6HFWRUHV
GHOD6RFLHGDG
YLLL
(QULTXH-RVp9DUHODOYDUH]
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
3ROtWLFDV3~EOLFDVHQHO(VWDGRGHO%LHQHVWDU
8Q$QiOLVLV0XOWLQLYHO
3ROtWLFDV3~EOLFDVGHOD8QLyQ(XURSHD
3ROtWLFDV3~EOLFDVHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
3ROtWLFDV3~EOLFDV/RFDOHV
3ROtWLFDV3~EOLFDV(PHUJHQWHV
8Q(MHPSORGH3ROtWLFDV3~EOLFDV(PHUJHQWHVHQHO0DUFR
,QWHUJXEHUQDPHQWDOGHOD(XURSDGHODV5HJLRQHV3ROtWLFDV
3~EOLFDVGH0HGLR$PELHQWH
&RQFHSWXDOL]DFLyQGHODV3ROtWLFDV3~EOLFDV
$PELHQWDOHV
3ROtWLFDV3~EOLFDV0HGLRDPELHQWDOHVHQOD8QLyQ
(XURSHD
3URJUDPDVGH$FFLyQ\'LUHFWLYDV
$PELHQWDOHV
5HWRVGHOD8QLyQ(XURSHDHQ0DWHULD
$PELHQWDO
/D&XPEUHGH*RWHPEXUJRGH\OD
(VWUDWHJLD(XURSHDSDUDHO'HVDUUROOR
6RVWHQLEOHDQWH-RKDQHVEXUJR
3ROtWLFDV3~EOLFDV0HGLRDPELHQWDOHVHQOD(VSDxD
GHODV$XWRQRPtDV
(YROXFLyQGHODV3ROtWLFDV3~EOLFDVGH0HGLR
$PELHQWHHQ(VSDxD
3URJUDPDVGH$FWXDFLyQ\/HJLVODFLyQ
0HGLRDPELHQWDOHQOD(VSDxDGHORV1RYHQWD
5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOGHODV
3ROtWLFDV$PELHQWDOHVHQ(VSDxD
3ROtWLFDV3~EOLFDV$PELHQWDOHV\0RGHORV
GH5,*6HQOD(VSDxDGHODV$XWRQRPtDV
/RV5HVLGXRV8UEDQRVFRPR3ROtWLFD3~EOLFD
/DV3ROtWLFDVGH5HVLGXRV8UEDQRVHQOD
8QLyQ(XURSHD(VSDxD\*DOLFLD
L[
QGLFH
5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHVHQ
ODV3ROtWLFDVGH5HVLGXRV8UEDQRVHQ*DOLFLD
)DVHV\0RGHORVGHODV5,*6HQODV3ROtWLFDV
GH5HVLGXRV8UEDQRVHQ*DOLFLD
'HOD3URWHFFLyQGHO0HGLR$PELHQWHDOD*HVWLyQ
,QWHUJXEHUQDPHQWDOGHODV3ROtWLFDV3~EOLFDV
$PELHQWDOHVGH5HVLGXRVHQOD(VSDxDGHODV
$XWRQRPtDV
%LEOLRJUDItD5HFRPHQGDGD
[L
$JUDGHFLPLHQWRV
$*5$'(&,0,(1726
$FRQWLQXDFLyQSUHVHQWRXQWUDEDMRIUXWRGHODUHODFLyQTXHKHYHQLGR
PDQWHQLHQGRFRQODV$GPLQLVWUDFLRQHV3~EOLFDVGHVGHODGpFDGDSDVDGDHQ
GLVWLQWRViPELWRVUHFXUVRVKXPDQRVPHGLRDPELHQWHFDOLGDG\SUHYHQFLyQ
GHULHVJRVODERUDOHVIXQGDPHQWDOPHQWHHQOD$GPLQLVWUDFLyQ$XWRQyPLFD\
/RFDOGHIRUPDV\PDQHUDVGLIHUHQWHVFRQVXOWRUIRUPDGRUDVHVRU\FRQ
LQWHQVLGDGHVYDULDGDV'HWRGRVORVTXHDSDUHFHQDFRQWLQXDFLyQHVHOOLEUR
GHXGRU\SRUHOORORVDJUDGHFLPLHQWRVTXHVHH[SUHVDQDFRQWLQXDFLyQ
0XFKRVKDQVLGRORVHPSOHDGRVS~EOLFRVPDQGRVLQWHUPHGLRVGLUHFWL
YRV SROtWLFRV TXH KH SRGLGR OOHJDU D FRQRFHU PXFKRV FRQ ORV TXH KH
WUDEDMDGR\PXFKRVWDPELpQORVTXHVLQGXGDQLQJXQDKDQDSRUWDGRDHVWH
OLEURTXHKR\HOOHFWRUWLHQHDQWHVt$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSR
UiQHDVHQHOPDUFRGHO(VWDGRGHODV$XWRQRPtDVHVSDxRODFWXDO*DOLFLDHQ
HVWHFDVRWLHQHUHSUHVHQWDGDVXFXRWDDWUDYpVGHVXV$GPLQLVWUDFLRQHV$X
WRQyPLFD\/RFDOTXHKDQYHQLGRGHMDQGRVXLPSURQWDDQWHORVFLXGDGDQRV
HQORV~OWLPRVYHLQWLFLQFRDxRVGHVGHOD\DWDQOHMDQDSUHDXWRQRPtD(QHVWD
OtQHD TXLHUR GHVWDFDU HO LPSXOVR TXH KD VXSXHVWR SDUD OD REUD OD FRQILDQ]D
TXH KD YHQLGR GHSRVLWDQGR HQ Pt OD SULQFLSDO LQVWLWXFLyQ GH IRUPDFLyQ H
LQYHVWLJDFLyQVREUHODV$GPLQLVWUDFLRQHV3~EOLFDVJDOOHJDVOD(VFROD*DOHJD
GH$GPLQLVWUDFLyQV3~EOLFDV
(O UHD GH &LHQFLD 3ROtWLFD GH OD 8QLYHUVLGDG GH 9LJR WLHQH VLQJXODU
LPSRUWDQFLDHQODSXEOLFDFLyQGHXQOLEURFRPRHVWH\DTXHGHHOORVGHWR
GRV\FDGDXQRGHVXVFRPSRQHQWHVKDGHSHQGLGRODODERUTXHFRPRSURIH
VRU KH YHQLGR GHVDUUROODQGR HQ ORV ~OWLPRV FXDWUR DxRV /RV SURIHVRUHV
$UJLPLUR5RMR6DOJDGR\OYDUR;RVp/ySH]0LUDSRU VX FRQVWDQWH DSR\R
VLQFHUR \ PRWLYDGRU ORV SURIHVRUHV &HOVR &DQFHOD 0DU GH 6DQWLDJR ;RiQ
&DUORV%DVFXDV\0yQLFD/ySH]9LVRSRUVXSUHRFXSDFLyQ\GLVFXVLyQFRWL
GLDQDVREUHORVSUREOHPDVTXHDIHFWDQDXQDWLHUUDFRPRODQXHVWUD*DOLFLD
HQ XQ SDtV FRPR HO QXHVWUR \ HQ HO PDUFR JOREDO TXH VLQ GXGD QRV DIHFWD
FRWLGLDQDPHQWH$WRGRVHOORVSRUVXDPLVWDGGHPRVWUDGDPiVDOOiGHODUH
ODFLyQ SURIHVLRQDO GRFHQWH H LQYHVWLJDGRUD (Q OD PLVPD OtQHD GHVWDFDU OD
ODERUGHVDUUROODGDSRUHOSURIHVRU(UQHVWR&DUULOOR%DUURVRVLQHOFXDO\RQR
KXELHUD FRPHQ]DGR PL DQGDGXUD SURIHVLRQDO HQ OD 8QLYHUVLGDG GHVGH ORV
[LL
(QULTXH-RVp9DUHODOYDUH]
[LLL
$JUDGHFLPLHQWRV
DXWRUWDQWRHQORTXHVHUHILHUHDVXVLPSUHFLVLRQHVFRPRDORVHQIRTXHV\
RSLQLRQHVTXHVREUHORVGLIHUHQWHVWHPDVVRQGHVWDFDGRVHQHOWUDEDMR
(Q0RQGDUL]%DOQHDULR3RQWHYHGUDDGHGLFLHPEUHGH
(QULTXH-RVp9DUHODOYDUH]
(OSUHVHQWHWUDEDMRIRUPDSDUWHGHOSUR\HFWRGHLQYHVWLJDFLyQ&RQWULEXFLyQGHVGH
XQDSHUVSHFWLYDJDOOHJDDXQSUR\HFWRGH&RQVWLWXFLyQGHOD8QLyQ(XURSHD8QFDVR
GHPXOWLOHYHOJRYHUQDQFH3*,'726&;35ILQDQFLDGRSRUOD
;XQWDGH*DOLFLD
[Y
3UHVHQWDFLyQ
35(6(17$&,1
/RVFDPELRVSROtWLFRV\VRFLDOHVTXHVHKDQSURGXFLGRHQODVVRFLHGDGHV
RFFLGHQWDOHV D OR ODUJR GHO FRQFOXLGR VLJOR ;; KDQ GHWHUPLQDGR XQ QXHYR
PDUFRGHUHODFLRQHVRULHQWDFLyQ\SRUHQGHJHVWLyQGHODVRUJDQL]DFLRQHV
SROtWLFRDGPLQLVWUDWLYDV DFWXDOHV &RQ PRWLYR GH HVWD HYROXFLyQ ODV $GPL
QLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVVHHQFXHQWUDQUHGHILQLHQGRVXVHVSD
FLRV\OHJLWLPLGDGHVGHDFWXDFLyQ&UHHHODXWRUSRUWDQWRQHFHVDULRRIUHFHU
XQD SHUVSHFWLYD QXHYD GH HVWDV $GPLQLVWUDFLRQHV 3~EOLFDV HQ HO PDUFR GH
ORVHVWDGRVVRFLDOHV\GHPRFUiWLFRVGHELHQHVWDUDFWXDOHVGRQGHODJOREDOL]D
FLyQ\ODGHVFHQWUDOL]DFLyQVHLPSRQHQFRPRFOHYHDJHGHVWDFDGRHQHOGHVD
UUROORGHOWUDEDMRGHODVRUJDQL]DFLRQHVS~EOLFDV(VHODXWRUGHODRSLQLyQGH
ODQHFHVLGDGGHFUHDUXQWH[WREiVLFRGHUHIHUHQFLDSDUDXQD'LSORPDWXUDHQ
*HVWLyQ\$GPLQLVWUDFLyQ3~EOLFDGHUHFLHQWHLPSODQWDFLyQHQXQD&RPX
QLGDG$XWyQRPDFRPR*DOLFLD\FRPRWLWXODFLyQGHUHIHUHQFLD\~QLFDHQHO
HVSDFLRSROtWLFRDGPLQLVWUDWLYRJDOOHJR
3RGUiHOOHFWRUHQFRQWUDUDFRQWLQXDFLyQXQUHSDVRJHQHUDOGHODVFXHV
WLRQHV EiVLFDV TXH WLHQHQ TXH YHU FRQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV &RQ
WHPSRUiQHDVDWUDYpVGHGLYHUVRVHQIRTXHVGHDQiOLVLVGHODVRUJDQL]DFLRQHV
SROtWLFRDGPLQLVWUDWLYDV HVSDxRODV GHVGH OD UHDOLGDG JDOOHJD HQWUH ORV TXH
GHVWDFDUp HO HQIRTXH GH UHODFLRQHV LQWHUJXEHUQDPHQWDOHV SDUD HVWXGLDU ORV
GLIHUHQWHVQLYHOHVWHUULWRULDOHVGHDFWXDFLyQS~EOLFD$VtGHGLFDUpXQDSDUWH
DO DQiOLVLV GHVGH OD &LHQFLD GH OD $GPLQLVWUDFLyQ GH ORV VLVWHPDV SROtWLFR
DGPLQLVWUDWLYRVFRPSDUDGRVGHQXHVWURHQWRUQRRWURHQIRTXHXWLOL]DGRVHUi
OD7HRUtDGHOD2UJDQL]DFLyQ\OD*HVWLyQ3~EOLFDFHQWUDQGRHOHVWXGLRHQODV
RUJDQL]DFLRQHVS~EOLFDV\ODVYDULDEOHVPiVGHVWDFDGDVTXHDIHFWDQDVXJHV
WLyQSRU~OWLPRVHDQDOL]DUiHOPDUFRWHyULFRGHODVSROtWLFDVS~EOLFDVFRPR
UDPDFODYHGHOD&LHQFLD3ROtWLFDDFWXDOFRQVXVQXHYRVHVSDFLRVGHDFWXD
FLyQGHODVRUJDQL]DFLRQHVS~EOLFDVHQFRODERUDFLyQFRQHOUHVWRGHDFWRUHV
VRFLDOHVSULYDGRV\GHOWHUFHUVHFWRURQJV
(OHVWXGLRGHODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVWLHQHXQD
VHULHGHOtPLWHVTXHHVQHFHVDULRH[SOLFDU$VtQRVHUiHVWDXQDREUDFROHFWLYD
IUXWRGHOHVIXHU]RGHYDULRVDXWRUHVHVSHFLDOL]DGRVHQFDGDXQDGHODVPDWH
ULDVWUDWDGDV VH WUDWD PiV ELHQGH XQDVHULHGH UHIOH[LRQHV TXH HO DXWRU KD
[YL
(QULTXH-RVp9DUHODOYDUH]
GHVDUUROODGR VREUH FDGD XQR GH ORV FDPSRV \ UHFRSLODGR LQIRUPDFLyQ SDUD
PRVWUDU XQ SURGXFWR ILQDO GHQRPLQDGR /DV $GPLQLVWUDFLRQHV 3~EOLFDV
&RQWHPSRUiQHDVHQ(VSDxD8QD9LVLyQ0XOWLGLVFLSOLQDUGHVGHHO(VWD
GRGHODV$XWRQRPtDV&RQVHFXHQFLDLQPHGLDWDGHHVWHSULPHUOtPLWHHVOD
QHFHVLGDGGHQRWRFDUHQSURIXQGLGDGFDGDXQRGHORVWHPDVVLQRLQWHQWDU
PRVWUDUODFRPSOHMLGDG\H[WHQVLyQGHODVFODYHVPiVGHVWDFDGDVGHODVRUJD
QL]DFLRQHVS~EOLFDVDFWXDOHV$VXYH]HVWDFRQVHFXHQFLDQRVOOHYDDRWURGH
ORVOtPLWHVGHODSXEOLFDFLyQODVIXHQWHVFRQVXOWDGDV\ORVDXWRUHVFLWDGRV/D
DFDGHPLD FLWDGD HQ VX PD\RU SDUWH HV OD HVSDxROD HV GHFLU LQYHVWLJDGRUHV
SURFHGHQWHVGHOD&LHQFLD3ROtWLFD\GHOD$GPLQLVWUDFLyQTXHKDUHDOL]DGR
VXV HVWXGLRV HQ (VSDxD \ VREUH VX UHDOLGDG SROtWLFRDGPLQLVWUDWLYD (VWR QR
TXLHUH GHFLU TXHQR VHFLWHQ IXHQWHV QL DXWRUHV H[WUDQMHURV \D TXH HQ WRGR
FDVR VH UHFXUULUi D HOORV D WUDYpV GH DTXpOORV 3RU ~OWLPR PHQFLRQDU OD HV
WUXFWXUDGHODREUDGLULJLGDFRPRHVWiDXQS~EOLFRSULQFLSDOPHQWHXQLYHU
VLWDULR\GHQWURGHXQDDVLJQDWXUDGHSULPHURGHOD'LSORPDWXUDHQ*HVWLyQ
\$GPLQLVWUDFLyQ3~EOLFDGHVWDFDQGRVXHVWUXFWXUDGLGiFWLFDGHVGHODFXDO
VHLQWHQWDUiQFXEULUODVSRVLEOHVODJXQDVTXHHOWH[WRGHMHHQVXSDUWHWURQFDO
GHGHVFULSFLyQ\DQiOLVLV(VWDHVWUXFWXUDVHFRPSRQHGHORVVLJXLHQWHVDSDU
WDGRV
0yGXOR7HPiWLFRFRQORVVLJXLHQWHVHStJUDIHVQGLFH3DODEUDV&OD
YH,QWURGXFFLyQ\2EMHWLYRV&RQWHQLGRVGHO0yGXOR%LEOLRJUDItD\
1RWDV3Lp3iJLQD
3RUWDQWR\DWUDYpVGHHVWDHVWUXFWXUDHOOHFWRUWLHQHDQWHVtXQDREUD
GHVFULSWLYD TXH \HQGR GH OR JHQHUDO D OR SDUWLFXODU GH OD VLWXDFLyQ GH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV &RQWHPSRUiQHDV HQ HO FRPSOHMR PDUFR GH OR
JOREDOHYROXFLRQDKDFLD ODV DFWXDFLRQHVFRWLGLDQDV KDFLDOR UHJLRQDOORFDO
FRPRUHVXOWDHQHOFDVRGHODVSROtWLFDVS~EOLFDVGHPHGLRDPELHQWHGRQGH
DO ILQDO GH HVWD REUD VH LQWURGXFHQ DOJXQRV GH ORV GLIHUHQWHV HQIRTXHV GH
DQiOLVLVGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQFDGDXQRGHHVWRVFDPSRVUHOH
YDQWHVGHHVWXGLRWHUULWRULDOHV\SROtWLFRDGPLQLVWUDWLYRVPRVWUDQGRXQFXD
GUR YDULDGR PXOWLQLYHO LQWHUJXEHUQDPHQWDO \ HQ WRGR FDVR GH SUR[LPLGDG
FRQ ORV SUREOHPDV FRWLGLDQRV GH ORV FLXGDGDQRV &RPR SRGHPRV YHU HQ HO
VLJXLHQWHHVTXHPDODUHODFLyQ HQWUH ORV 0yGXORV GH ODREUD \ ORV HQIRTXHV
HPSOHDGRV VLJXHQ XQ FRQWLQXR GHVGH OR PiV DEVWUDFWR \ WHyULFR D OR PiV
WDQJLEOH\FRWLGLDQRKDFLDDTXHOORTXHODVGLIHUHQWHV$GPLQLVWUDFLRQHV3~
EOLFDV UHDOL]DQ WRGRV ORV GtDV SDUD SURGXFLU \ SURYHHU ORV VHUYLFLRV S~EOLFRV
GHPDQGDGRVSRUQXHVWUDVRFLHGDGGHOELHQHVWDU
[YLL
3UHVHQWDFLyQ
(VTXHPD&RQFHSWXDOGHO/LEUR
3UHVHQWDFLyQ
3ODQWHDPLHQWR
*OREDO
$$33&&
3ODQWHDPLHQWR
5HJLRQDO/RFDO
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
&LHQFLDGHOD
$GPLQLVWUDFLyQ
0yGXOR,,6LVWHPDV
3ROtWLFR$GPLQLVWUDWLYRV
&RPSDUDGRV
&LHQFLD
3ROtWLFD
7HRUtDGHOD2UJDQL]DFLyQ
<*HVWLyQ3~EOLFD
0yGXOR,,,6LVWHPD
3ROtWLFR$GPLQLVWUDWLYR
8((VSDxD
0yGXOR,91XHYRV
(QIRTXHV
*HVWLyQ$$33&&
&,8'$'$126
3ROtWLFDV
3~EOLFDV
5,*6
*,*
0yGXOR91XHYRV(VSDFLRV
GH5HODFLyQ
$$33&&6HFWRUHV
6RFLHGDG
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
0'8/2,
/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
FRPR2EMHWRGH(VWXGLR
QGLFH
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
6RFLHGDG(FRQRPtD0HUFDGR\$GPLQLVWUDFLyQ3~EOLFDDQWHOD*OREDOL]D
FLyQ
4XRYDGLVHQOD*OREDOL]DFLyQ2FFLGHQWDO
(O%LQRPLR*OREDO5HJLRQDO/RFDO'HOD&XHVWLyQ*OREDODOD&XHV
WLyQ5HJLRQDO/RFDO
$VFHQVR\&DtGDGHOD*OREDOL]DFLyQ&DSLWDOLVWD
+DFtDXQD1XHYD*OREDOL]DFLyQ"
(QIRTXHVGH$QiOLVLVGHODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QIRTXHGH&LHQFLD3ROtWLFD
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4XpHVOD&LHQFLD3ROtWLFD\FXiOHVVXUHODFLyQFRQOD$GPLQLV
WUDFLyQ3~EOLFD
(QIRTXHGH&LHQFLDGHOD$GPLQLVWUDFLyQ
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4Xp HV OD &LHQFLD GH OD $GPLQLVWUDFLyQ \ FXiO HV VX UHODFLyQ
FRQOD$GPLQLVWUDFLyQ3~EOLFD
(QIRTXHGH3ROtWLFDV3~EOLFDV
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4XpVRQODV3ROtWLFDV3~EOLFDV\FXiOHVVXUHODFLyQFRQOD$G
PLQLVWUDFLyQ3~EOLFD
(QIRTXHGH7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
(QULTXH-RVp9DUHODOYDUH]
(QIRTXHGH5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHV
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
4Xp VRQ ODV 5HODFLRQHV \ OD *HVWLyQ ,QWHUJXEHUQDPHQWDOHV \
FXiOHVVXUHODFLyQFRQOD$GPLQLVWUDFLyQ3~EOLFD
%LEOLRJUDItD5HFRPHQGDGD
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
3DODEUDV&ODYH
3~EOLFR 3ULYDGR 3ROtWLFD 6RFLHGDG 0HUFDGR (VWDGR %LHQHVWDU *OREDOL
]DFLyQ5HJLRQDOL]DFLyQ/RFDOL]DFLyQ&LHQFLDV6RFLDOHV&LHQFLD3ROtWLFD&LHQ
FLD GH OD $GPLQLVWUDFLyQ 7HRUtD GH OD 2UJDQL]DFLyQ *HVWLyQ 3~EOLFD
5HODFLRQHV \ *HVWLyQ ,QWHUJXEHUQDPHQWDOHV $GPLQLVWUDFLRQHV 3~EOLFDV &RQ
WHPSRUiQHDV
,QWURGXFFLyQ\2EMHWLYRV
$ERUGDUXQDFXHVWLyQWDQFRPSOHMDFRPRHODQiOLVLVGHODV$GPLQLVWUDFLR
QHV3~EOLFDVHVHQVtPLVPRXQUHWRUHDOL]DUHVWHHVWXGLRHQHOPDUFRDFWXDOGH
ODV$GPLQLVWUDFLRQHVFRQWHPSRUiQHDVHVXQDTXLPHUD/RHVSRUODJUDQYDULH
GDGGHWHPDVTXHVREUHHOODVLQFLGHQSRUORVSUREOHPDVHFRQyPLFRVVRFLDOHV
SROtWLFRV \ FXOWXUDOHV TXH VH KDQ YHQLGR SODQWHDQGR GHVGH OD LUUXSFLyQ GH ODV
HQRUPHVPDTXLQDULDVGHSURGXFFLyQSURYLVLyQGHSURGXFWRV\VHUYLFLRVS~EOLFRV
HQ ORV (VWDGRV GHO ELHQHVWDU SRU OD SOXUDOLGDG GH HQIRTXHV GH DQiOLVLV TXH VH
KDQYHQLGRHPSOHDGRGHVGHODV&LHQFLDV6RFLDOHV SRUODHQGHILQLWLYDGLVSHU
VLyQGHXQFRQFHSWRWDQSUy[LPRSHURDODYH]WDQOHMDQRFRPRHOGHODV$GPL
QLVWUDFLRQHV 3~EOLFDV HQ QXHVWUD pSRFD 7RGR HOOR DGHPiV MXVWR FDVL XQ DxR
GHVSXpVGHTXHDOFRQIOLFWRFHQWURSHULIHULDWUDGLFLRQDOHQOD&LHQFLD3ROtWLFDVH
OD DxDGLHUD OD RWUD JUDQ IUDFWXUD TXH FUHtDPRV ROYLGDGD \ VREUHSDVDGD GHVSXpV
GHODFDtGDGHOPXURGH%HUOtQDILQDOHVGHODGpFDGDGHORVRFKHQWDOD2HVWH
(VWH \ OD 1RUWH6XU FRQ FRPSRQHQWHV UHOLJLRVRV FRQ HO DWHQWDGR FRQWUD ODV
7RUUHV*HPHODVQHR\RUTXLQDVGHIRQGRORTXHKDSURYRFDGRXQDVHULHGHFRQ
VHFXHQFLDVGHLQGXGDEOHHIHFWRVREUHODV$GPLQLVWUDFLRQHV3~EOLFDVRFFLGHQWD
OHV\VXVVRFLHGDGHVTXHKDQDFHOHUDGRHOILQGHODQXHYDHFRQRPtDFRQHOFUDFN
EXUViWLOGH\HOGHVDVWUHILQDQFLHURPXQGLDOPiVJUDQGHGHVGHODFULVLVGHO
SHWUyOHRGHODGpFDGDGHORV
(QHVWHSULPHU0yGXORVHYDDIDFLOLWDUHOPDUFRWHyULFRLQWURGXFWRULRGH
ODV $GPLQLVWUDFLRQHV 3~EOLFDV &RQWHPSRUiQHDV SDUWLHQGR GH OD VLJXLHQWH KL
SyWHVLVGHWUDEDMRODJOREDOL]DFLyQKDLQIOXLGRHQODFRQVWUXFFLyQGHODVQXHYDV
$GPLQLVWUDFLRQHV3~EOLFDVORTXHVLQGXGDHVWiDIHFWDQGRDVXVGLIHUHQWHVHQIR
TXHV GH DQiOLVLV TXH GHEHQ HVWXGLDU OD UHDOLGDG SROtWLFRDGPLQLVWUDWLYD \ VXV
UHODFLRQHVGHVGHHQIRTXHVPiVSOXUDOLVWDVLQWHUGLVFLSOLQDUHVLQWHUJXEHUQDPHQ
WDOHV\SRUVXSXHVWRGHPRFUiWLFRV'DGRTXHHVWDJOREDOL]DFLyQKDPRGLILFDGR
HOREMHWRGHHVWXGLR\ORVGLIHUHQWHVHQIRTXHVXWLOL]DGRVSDUDDQDOL]DUODUHDOLGDG
SROtWLFRDGPLQLVWUDWLYD GH HVWDV RUJDQL]DFLRQHV S~EOLFDV UHVXOWD SHUWLQHQWH UH
FRQVWUXLU XQ PRGHOR GH DQiOLVLV DOWHUQDWLYR DO DQWHULRU QDFLRQDOVXEQDFLRQDO
(QULTXH-RVp9DUHODOYDUH]
TXHVLUYDGHHTXLOLEULR\FRPSHQVHORVGHVDMXVWHVTXHODJOREDOL]DFLyQKDLQWUR
GXFLGRHQHOVLVWHPDGHUHODFLRQHVGHODV$GPLQLVWUDFLRQHV3~EOLFDVGHOELHQHV
WDU DFWXDOHV (VWD DOWHUQDWLYD QR HV EDODGt QHFHVLWDQGR FRQVWUXLUVH GHVGH VXV
IXQGDPHQWRVHFRQyPLFRVHFRQRPtDQHRNH\QHVLDQDVRFLDOHVUHGLVWULEXFLyQ\
VROLGDULGDGSROtWLFDVVRFLDOGHPRFUDFLD\(VWDGRGHOELHQHVWDUDGPLQLVWUDWLYDV
HILFDFLDGHPRFUDFLD\SDUWLFLSDFLyQHLQFOXVRFXOWXUDOHVDOWHUQDWLYDVDOSHQ
VDPLHQWR~QLFR\DOQHROLEHUDOLVPR
3DUD HOOR WDQWR HQ HVWH SULPHU 0yGXOR FRPR HQ HO UHVWR GHO OLEUR TXH HO
OHFWRU WLHQH DQWH Vt VH YDQ D VHJXLU FDVL H[FOXVLYDPHQWH DXWRUHV \ ELEOLRJUDItD
SURSLDPHQWHHVSDxROHVFRPRVHH[SOLFDEDHQOD3UHVHQWDFLyQ\HQODVLQWURGXF
FLRQHVGHFDGD0yGXOR/DUD]yQQRHVRWUDTXHHOKHFKRGHTXHDSULQFLSLRV
GHO VLJOR ;;, \D KD\ VXILFLHQWH Q~PHUR GH LQYHVWLJDGRUHV WDQWR HQ FDQWLGDG
FRPRHQFDOLGDGVREUHODVGLIHUHQWHV$GPLQLVWUDFLRQHV3~EOLFDV8QLyQ(XUR
SHD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR&RPXQLGDGHV$XWyQRPDV\$GPLQLV
WUDFLRQHV/RFDOHV\JUDQFDQWLGDGGHLQYHVWLJDFLyQDSOLFDGDDODVPHQFLRQDGDV
LQVWLWXFLRQHV\VXVRUJDQL]DFLRQHVSRUORTXHVHKDSURFHGLGRDXQDUHYLVLyQGH
ORVWH[WRVIXQGDPHQWDOHVTXHVREUHODV$GPLQLVWUDFLRQHV3~EOLFDVVHKDQYHQLGR
GHVDUUROODQGRHQQXHVWURSDtVGHVGHILQDOHVGHORVDxRVRFKHQWDKDVWDQXHVWURV
GtDV
$FRQWLQXDFLyQVHDQDOL]DUiQORVHMHVSULQFLSDOHVVREUHORVTXHVHPXHYHQ
ODV$GPLQLVWUDFLRQHV3~EOLFDVDFWXDOHVVLHPSUHHQ OD OtQHD GH OD IUDFWXUD FHQ
WURSHULIHULD TXH KHPRV GHVWDFDGR DQWHULRUPHQWH FRPHQ]DQGR SRU HO SODQWHD
PLHQWR WHyULFR GH OR JOREDO \ OR VXEQDFLRQDO UHJLRQDOORFDO HQ ORV (VWDGRV GHO
ELHQHVWDU \ FRQWLQXDQGR FRQ ORV HQIRTXHV GH DQiOLVLV GH ODV $GPLQLVWUDFLRQHV
3~EOLFDV GHVGH ODV &LHQFLDV 6RFLDOHV &LHQFLD 3ROtWLFD &LHQFLD GH OD $GPLQLV
WUDFLyQ3ROtWLFDV3~EOLFDV7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD\5HOD
FLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHV
/RVREMHWLYRVGHO0yGXOR,VHUiQSRUXQODGRORVGHVLWXDUDOOHFWRUDQWH
ODV $GPLQLVWUDFLRQHV 3~EOLFDV HQ VX FRQWH[WR UHDO SROtWLFR VRFLDO HFRQyPLFR
FXOWXUDO\SRURWURHOGHD\XGDUOHDVLWXDUVH DQWHGLFKD SUREOHPiWLFDPXOWL
GLVFLSOLQDU SDUD TXH HQ ORV PyGXORV VLJXLHQWHV OH VHD IiFLO LGHQWLILFDU $GPLQLV
WUDFLRQHV SUREOHPDV \ HQIRTXHV WDQWR HQ HO PXQGR RFFLGHQWDO FRPR HQ OD
(VSDxDGHODV$XWRQRPtDV
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
0yGXOR,6RFLHGDG(FRQRPtD0HUFDGR\$GPLQLVWUDFLyQ3~EOLFD
(QIRTXHVGH$QiOLVLVGHODV$$33&&
3ODQWHDPLHQWR
*OREDO
$$33&&
3ODQWHDPLHQWR
5HJLRQDO/RFDO
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
&LHQFLDGHOD
$GPLQLVWUDFLyQ
&LHQFLD
3ROtWLFD
3ROtWLFDV
3~EOLFDV
&,8'$'$126
7HRUtDGHOD2UJDQL]DFLyQ
<*HVWLyQ3~EOLFD
5,*6
*,*
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
$FRQWLQXDFLyQVHVLWXDUiQDOJXQDVGHODVYLHMDVYDULDEOHVJOREDOL]DGRUDV\
VXVQXHYRVDVSHFWRVHQWUHORVFXDOHVVHHVWDEOHFHORUHJLRQDOORFDOFRQODIXHU]D
GHORVHQIRTXHVTXHSURSXJQDQPD\RUGHVDUUROORGHO(VWDGRGHOELHQHVWDUVREUH
WRGR HQ SROtWLFDV VRFLDOHV PD\RU LPSOLFDFLyQ GH ODV $GPLQLVWUDFLRQHV HQ OD
6RFLHGDGQRQHFHVDULDPHQWHSRUODYtDGHODSURGXFFLyQGHVHUYLFLRVVLQRSRUHO
FDPLQR GH OD SURYLVLyQ GHO SDUWHQDULDGR S~EOLFRSULYDGR PD\RU SURIXQGL]D
FLyQHQGHILQLWLYDGHODGHPRFUDFLD\GHO(VWDGR6RFLDO\'HPRFUiWLFRGH'H
UHFKRFRQVDJUDGRVHQQXHVWUD&RQVWLWXFLyQ
(O %LQRPLR *OREDO 5HJLRQDO/RFDO 'H OD &XHVWLyQ *OREDO D OD
&XHVWLyQ5HJLRQDO/RFDO
3DUD DOJXQRV DXWRUHV FRPR (VWHIDQtD %RUMD \ &DVWHOOV \
9i]TXH]%DUTXHURODJOREDOL]DFLyQHVXQIHQyPHQRFRQODUJDWUD
GLFLyQFRQFHSWXDODQDOL]DGDGHVGHSHUVSHFWLYDVWUDGLFLRQDOPHQWHHFRQyPLFDV\
YLQFXODGDV DO PXQGR XUEDQR R ORFDO SDUD RWURV FRPR *LGGHQV \ +XWWRQ
HO FRQFHSWR KD HYROXFLRQDGR HQ OD DFWXDOLGDG KDFLD HO PDUFR GH OD
QXHYD6RFLHGDGGHO&RQRFLPLHQWR\ODV1XHYDV7HFQRORJtDVGHOD,QIRUPDFLyQ
\ODV&RPXQLFDFLRQHVHQ DGHODQWH 17,& IXQGDPHQWDOPHQWH D WUDYpV GH LQ
WHUQHW
(VDOJRSHUIHFWDPHQWHHQWHQGLEOHTXHORVSURFHVRVGHJOREDOL]DFLyQDFWXD
OHVVHLQFOX\DQHQHOPDUFRGHOPXQGRUHJLRQDO\ORFDOQRUXUDOSRUWDQWRHQ
HOiPELWRLQPHGLDWRGHODVUHJLRQHV\FLXGDGHVTXHSDUWLFLSDQDFWLYDPHQWHGH
HVWRV SURFHVRV FRPR VHxDODQ %RUMD \ &DVWHOOV /DV FLXGDGHV VH
LQWHJUDQHQVLVWHPDVXUEDQRVTXHQRVLJXHQXQDOyJLFDGHFRQWLQXLGDGWHUULWRULDOVLQR
TXHVHHVWUXFWXUDQHQIXQFLyQGHXQRVQyGXORVORVFHQWURVXUEDQRV\XQRVHMHVORV
IOXMRVGHPHUFDQFtDVSHUVRQDVFDSLWDOHVHLQIRUPDFLyQHQWUHHOORV
3RURWURODGRVLLQLFLDOPHQWHODJOREDOL]DFLyQKDVLGRHFRQyPLFD\WHFQR
OyJLFDHQODDFWXDOLGDGODHYROXFLyQGHOFRQFHSWRKDVXIULGRXQVDOWRFXDOLWDWLYR
TXHSDUD*LGGHQV\+XWWRQVXSRQHLQWURGXFLUODVYDULDEOHVVRFLD
OHVSROtWLFDV\FXOWXUDOHVHQHOYLHMRQXHYRPDUFRDQDOtWLFRPXQGLDO(VWDUHYR
OXFLyQWHFQRHFRQyPLFRILQDQFLHUDJOREDOTXHQRKDDGPLWLGRFUtWLFDV\TXHVH
PRVWUDEDVLQILVXUDVKDVWDHORFDVRGHOYHUDQRGHOKDFRPHQ]DGRDUHVTXH
EUDMDUVHGHMDQGRWUDVVXVURSDMHVODVYHUJHQ]DVGHXQPXQGRGLYLGRHQULFRV\
SREUHV\GHVHVWUXFWXUDGRVRFLDOPHQWHHQDTXHOODVVRFLHGDGHVGRQGHDUWLFXODUXQ
HVWDGREHQHIDFWRUVRFLDO\GHPRFUiWLFRGHGHUHFKRKDFRVWDGRYDULDVGpFDGDV
/D FRQVHFXHQFLD LQPHGLDWD HV HO UHIXJLR HQ OR UHJLRQDOORFDO HQ QXHVWUR
HQWRUQRPiVSUy[LPRHOUHDUPHGHORLQPHGLDWR\ORWDQJLEOHODLGHQWLILFDFLyQ
(QULTXH-RVp9DUHODOYDUH]
GH ORV YDORUHV PiV FHUFDQRV \ VREUH WRGR OD SRVLELOLGDG GH SDUWLFLSDU \ WRPDU
SDUWHHQODVGHFLVLRQHVTXHVHUiQUHVXHOWDVGHVGHORJOREDOSHURTXHGHILQLWLYD
PHQWHQRVLPSOLFDQHQHOiPELWRGHORUHJLRQDOORFDO
$Vt SRU XQ ODGR WHQHPRV D ODV UHJLRQHV FRPR UHDOLGDGHV SROtWLFR
DGPLQLVWUDWLYDVUHFLHQWHVHQHOHQWRUQRRFFLGHQWDO\TXHKDQFRQVROLGDGRLQVWL
WXFLRQHVSROtWLFDV\JHVWLyQHQORV~OWLPRVWUHLQWDDxRVURPSLHQGRHOELQRPLR
FOiVLFRFHQWURQDFLyQSHULIHULDPXQLFLSLRV(VWDVUHJLRQHVKDQHYROXFLRQDGR
DGRSWDQGR XQ SDSHO FHQWUDO HQ HO GHVDUUROOR GH ORV (VWDGRV GHO ELHQHVWDU HQ
DOJXQRVSDtVHVPiVTXHHQRWURVSURIXQGL]DQGRHQORVPHFDQLVPRVGHSDUWLFL
SDFLyQ FLXGDGDQD \ SUR[LPLGDG D ORV XVXDULRV GH ORV VHUYLFLRV S~EOLFRV SHUR
VLWXiQGRVH FRPR LQWHUORFXWRU WHUULWRULDO FDVL H[FOXVLYR FRQ ORV (VWDGRV \ OD
8QLyQ(XURSHD\VXV$GPLQLVWUDFLRQHV3~EOLFDV/DGHVFHQWUDOL]DFLyQOOHYDGDD
FDERGHIRUPD JHQHUDO HQ WRGRHOPXQGRRFFLGHQWDOKDSURGXFLGRXQWUDVYDVH
GH ORV Q~FOHRV GH SRGHU \ UHODFLyQ HQ HO iPELWR VXEQDFLRQDO KDFLD HO iPELWR
UHJLRQDOORTXHKDSURYRFDGRHOUHDUPHOHQWRSHURFRQVWDQWHGHODSLH]DORFDO
/DSXQWLOODDHVWHHVTXHPDGHUHODFLRQHVHQODWUtDGDQDFLRQDOUHJLRQDOORFDOOD
KDSURGXFLGROD JOREDOL]DFLyQ\ODVMXVWLILFDFLRQHVGH PiV LQWHJUDFLyQ VXSUDQD
FLRQDOHQGHWULPHQWRGHORVXEQDFLRQDOHLQFOXVRGHORQDFLRQDOGHPRGRTXH
HQHVWDHXIRULDLQWHUQDFLRQDOGHIXVLyQGHFDSLWDOHVELHQHV\SHUVRQDVHOPXQGR
VXEQDFLRQDO\ORVYDORUHVHLGHQWLGDGHVVREUHORVTXHVHKDEtDFRQVWUXLGRVHKDQ
UHVHQWLGR WHUULEOHPHQWH 'H HOOR VH KDQ GDGR FXHQWD SHUIHFWDPHQWH ORV PRYL
PLHQWRVGHQRPLQDGRVFRPRDQWLJOREDOL]DFLyQTXHKDQDEDQGHUDGRODVFUtWLFDV
GHORV iPELWRVUHJLRQDOHV\ORFDOHV\GHORV SDtVHV SREUHV FRQWUDHVWD XQLyQ GH
(VWDGRVTXHHQWLHQGHIRPHQWDHOFDSLWDOLVPRILQDQFLHUR\WHFQROyJLFR\QRVH
SUHRFXSDGHODUHGLVWULEXFLyQGHODULTXH]DHQHO7HUFHU0XQGRGHODSURIXQGL
]DFLyQGHORV(VWDGRVGHOELHQHVWDU\GHODFRQVROLGDFLyQGHODGHPRFUDFLDSRU
OD YtD GH OD SDUWLFLSDFLyQ HQ LQVWDQFLDV SUy[LPDV \ FHUFDQDV DO FLXGDGDQR 3RU
RWURODGRH[SHUWRVTXHWUDGLFLRQDOPHQWHVHDOLQHDEDQFRQODVSRVWXUDVLQLFLDOHV
GHODJOREDOL]DFLyQKDQUHRULHQWDGRVXVSRVLFLRQHV\FULWLFDGRDODVLQVWLWXFLRQHV
TXHKDQOLGHUDGRHOSURFHVRJOREDOL]DGRU20&)0,%DQFR0XQGLDOGHPDQ
GDQGRPiVSUHVHQFLDGHORV(VWDGRV\PD\RUVHJXULGDGMXUtGLFD\VRFLDODQWHODV
H[SHFWDWLYDVSURYRFDGDVSRUODFULVLVILQDQFLHUDUHFLHQWH\HOHQIUHQWDPLHQWRFRQ
ORVSDtVHVLVOiPLFRVHQODJXHUUDDOHMHGHOPDOSURPRYLGRSRUHOJRELHUQRQRU
WHDPHULFDQR
8QLGDDODUHDOLGDGUHJLRQDOWHQHPRVHO*RELHUQR\OD$GPLQLVWUDFLyQ/R
FDOTXHVHKDYHQLGRGHVDUUROODQGRHQSDUDOHORDODFRQVWUXFFLyQGHORV(VWDGRV
QDFLyQ GHVGH OD pSRFD GHO $QWLJXR 5pJLPHQ FRQ VXV 0XQLFLSLRV \ $\XQWD
PLHQWRV DO IUHQWH FRPR LQVWLWXFLyQ \ DGPLQLVWUDFLyQ PiV UHSUHVHQWDWLYD (Q
HVWDV GpFDGDV GH SUHGRPLQLR VXEQDFLRQDOUHJLRQDO VH SURGXMR HO GHFOLYH GH ODV
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
DGPLQLVWUDFLRQHVORFDOHV\GHODOHJLWLPLGDGLQVWLWXFLRQDOTXHRVWHQWDEDQFXHV
WLyQTXHKDFDPELDGRGHVGHSULQFLSLRVGHODGpFDGDGHORVQRYHQWDFRQHOQXH
YR LPSXOVR GH OR ORFDO \ OD FRQVWUXFFLyQ GH XQ HVFHQDULR PiV FHUFDQR D ORV
FLXGDGDQRV 3RU HOOR DXWRUHV FRPR *RPi \ %UXJXp FHQWUDQ HO
DQiOLVLV GH OR VXEQDFLRQDO HQ OR ORFDO FRPHQWDQGR TXH VX *RELHUQR VH KD
WUDQVIRUPDGR GH PRGR TXH KD HYROXFLRQDGR GHVGH ODV WHVLV WUDGLFLRQDOHV SROL
WROyJLFDVGHODQDFLRQDOL]DFLyQDODVQXHYDVWHVLVGHOORFDOLVPRTXHYHUHIRU]DGR
VXPDUFRGHDFWXDFLyQFRQORVSULQFLSLRVGHODDXWRQRPtDORFDOVXEVLGLDULHGDG\
GHPRFUDFLDSDUWLFLSDWLYDUHFODPDGDGHVGHODVVRFLHGDGHVDYDQ]DGDV(VWHQXHYR
ORFDOLVPRVHVRVWLHQHVHJ~Q*RPi\%UXJXpVREUHODWHVLVGHTXHHQ
XQHQWRUQRFDGDYH]PiVGLYHUVLILFDGR\PiVJOREDOL]DGRHOUROGHORVJRELHUQRVORFD
OHVQRVyORQRVHYHGHELOLWDGR VLQRTXHH[SHULPHQWD XQIXHUWHLPSXOVR 3DUDORV
DXWRUHVORV*RELHUQRVORFDOHVVHHQFXHQWUDQHQXQDVLWXDFLyQGHSULYLOHJLRSRU
VX SUR[LPLGDG D ORV FLXGDGDQRV SRU HO PHMRU FRQRFLPLHQWR GH VXV GHPDQGDV
GLYHUVLILFDGDVSRUODSRVLELOLGDGGHDGDSWDUVXVVHUYLFLRVDODVQHFHVLGDGHVGHORV
FLXGDGDQRVH[FOXLGRVSRUHQGHILQLWLYDFRQVHJXLUKDFHUUHDOLGDGFRWLGLDQDOR
JOREDOHQORORFDO$Vt*RPi\%UXJXpGHVWDFDQHOKHFKRGHTXH
ORV PXQLFLSLRV FDQDOL]DQ XQ Q~PHUR FUHFLHQWH GH GHPDQGDV SROtWLFDV \ HFRQyPLFDV
GHVDUUROODQLQLFLDWLYDVQRYHGRVDVGHVWLQDGDVDRIUHFHUQXHYDVUHVSXHVWDVDORVSUREOH
PDVGHODFROHFWLYLGDG\SDUWLFLSDQHQORVP~OWLSOHVHVFHQDULRVGRQGHVHWRPDQGHFL
VLRQHVTXHDIHFWDUiQDODFDOLGDGGHYLGDGHORVFLXGDGDQRV7RGRHOORVHGHEHDTXHHO
SURSLR SURFHVR GH JOREDOL]DFLyQ SRWHQFLD HO URO GH ORV UHVSRQVDEOHV ORFDOHV FRQ OR
TXHODUHODFLyQJOREDOORFDOVXSRQGUtDXQDOtQHDGHFRQWLQXLGDGFRQFHSWXDOTXH
GHVGHDTXtDQLPDPRV
&RPR FRQVROLGDFLyQ GH HVWD GREOH UHDOLGDG VRFLRSROtWLFRDGPLQLVWUDWLYD
JOREDOUHJLRQDOORFDO%RUMD\&DVWHOOVGHVWDFDQHOFRQFHSWR
GHODJORFDOL]DFLyQTXHFRQVLVWLUtDHQODDUWLFXODFLyQHQWUHORJOREDO\ORVXEQD
FLRQDOORFDO\TXHVHDSOLFDUtDWDQWRDODHFRQRPtDODFLXGDGFRPRPHGLRHFR
QyPLFRDGHFXDGRSDUDODRSWLPL]DFLyQGHVLQHUJLDVFRPRDODFXOWXUDODVLGHQWLGDGHV
ORFDOHV\VXUHODFLyQGLDOpFWLFDFRQHOXQLYHUVDOLVPRLQIRUPDFLRQDOGHEDVHPHGLiWLFD
(Q HVWH FDVR OD JORFDOL]DFLyQ VXSRQH HQIDWL]DU HO iPELWR XUEDQR \ HO SDSHO JHVWRU
FRRUGLQDGRUSURPRWRUGHORVJRELHUQRVORFDOHVSDUDODLPSOHPHQWDFLyQGHSROtWLFDVTXH
WLHQHQHQFXHQWDXQRVUHIHUHQWHVJOREDOHV\VHSRVLFLRQDQUHVSHFWRDHOORV(QVtQWHVLV
JOREDOL]DFLyQ PiV SUR[LPLGDG (Q HVWD FRQFHSWXDOL]DFLyQ GH OD JORFDOL]DFLyQ
HQWUDUtDQWRGDVODVIyUPXODVGHJRELHUQRTXHVHVLW~HQHQIUHQWHGHOFRQFHSWRGH
(VWDGRVQDFLyQ \ TXH UHVSRQGHQ D UHDOLGDGHV PL[WDV KHWHURJpQHDV IOH[LEOHV H
LQWHUJXEHUQDPHQWDOHVTXHSDUWHQGHODVUHJLRQHV\GHODVFLXGDGHVHQGHILQLWLYD
GHO WHUULWRULR QRQDFLRQDO TXH VHUYLUtDQ SDUD FRQFHELU PRGHORV GH GHVDUUROOR
VXEQDFLRQDO SODQWHDPLHQWR TXH SRVWHULRUPHQWH HO SURSLR &DVWHOOV HQJORED
(QULTXH-RVp9DUHODOYDUH]
EDMRHOFRQFHSWRGHWHFQySROLVFRPRPRWRUGHODLQQRYDFLyQWHUULWRULDODUWLFX
ODGRDWUDYpVGHODViUHDVPHWURSROLWDQDVFRQVLPLODULPSRUWDQFLDDORVHVTXH
PDV UHJLRQDOHV FRPXQLWDULRV 1876 EDVDGDV HQ HO FRQRFLPLHQWR FRPR
PDWHULDSULPDODVXQLYHUVLGDGHVFRPRSURGXFWRUDVGHLQIRUPDFLyQ\WDOHQWROD
FRQFHQWUDFLyQGHHPSUHVDVHQWRUQRDODVLQIUDHVWUXFWXUDVGHWHOHFRPXQLFDFLR
QHV\ORVVLVWHPDVHGXFDWLYRV\HOIDFWRUKXPDQRFDOLGDGGHYLGD\PRYLOLGDG
$VFHQVR\&DtGDGHOD*OREDOL]DFLyQ&DSLWDOLVWD
0XFKRV VRQ ORV IDFWRUHV TXH SRGUtDPRV UHFRJHU \ DQDOL]DU SDUD VLWXDU ORV
IDOORVGHODJOREDOL]DFLyQ\TXHDOLJXDOTXHKLFLHUD1DYDUURFRQVXVHV
WXGLRV VREUH OD JOREDOL]DFLyQ \ ORV (VWDGRV GHO ELHQHVWDU \ HO 3UHPLR 1REHO GH
(FRQRPtDGH-RVHSK(6WLJOLW]FRQVXFUtWLFD DODVLQVWLWXFLRQHV
GHODJOREDOL]DFLyQ\ODQHFHVLGDGGHOOHYDUDFDERXQDJOREDOL]DFLyQFRQURVWUR
KXPDQRSURYRFDUtDQODFXDUHQWHQDGHOWpUPLQR\ODFULVLVGHODFRQFHSWXDOL]D
FLyQRFFLGHQWDOLVWDDFWXDO6LQHPEDUJRYDPRVDFHQWUDUQXHVWURDQiOLVLVHQODV
YDULDEOHVHFRQyPLFDVWHFQROyJLFDVGHPRFUiWLFDV\SROtWLFRDGPLQLVWUDWLYDVTXH
KDQVHUYLGRGHEDQGHUDDODJOREDOL]DFLyQWDO\FRPRODHQWLHQGHOD2&'(\
HV UHVSRQGLGD VLVWHPiWLFDPHQWH SRU ORV JUXSRV DQWLJOREDOL]DFLyQ FRPR KHPRV
SRGLGR FRPSUREDU HQ OD SDVDGD &XPEUH GH *pQRYD \ HQ OD PiV UHFLHQWH GHO
)RUR6RFLDO0XQGLDOGH3RUWR$OHJUH%UDVLO
+D\TXHGHMDUFODURTXHHVWHSODQWHDPLHQWRQRHVXQDFXHVWLyQGHHQIRTXH
SROtWLFR\DTXHWDQWRODGHUHFKDFRPRODL]TXLHUGDKDQKHFKRXQPDOXVRGHOD
JOREDOL]DFLyQHQXQLQWHQWRSRUQRSHUGHUODHVWHODGHORVWLHPSRVPRGHUQRV\OD
QXHYDHFRQRPtD/DJOREDOL]DFLyQVHKDXWLOL]DGRHQDOXVLyQDODHFRQRPtD\D
ODVRFLHGDGGHODLQIRUPDFLyQSULPDQGRHOPHUFDGR\HOPRGHORFDSLWDOLVWDGH
UHODFLRQHV 6LQ HPEDUJR IXHUD GH HOOD KDQ TXHGDGR ODV HPSUHVDV TXH QR KDQ
SRGLGR DGDSWDUVH D OD QXHYD HFRQRPtD OD 6RFLHGDG &LYLO VLQ LQIRUPDFLyQ \ HO
(VWDGRVLQGLUHFFLyQDJHQWHVFODYHHQODVUHODFLRQHVHLQWHUFDPELRVGHORVPR
GHUQRV(VWDGRVGHOELHQHVWDURFFLGHQWDOHV
/D JOREDOL]DFLyQ KD HQWUDGR HQ FULVLV SRUTXH OD EXUEXMD HVSHFXODWLYD KD
GHVERUGDGR HO YDVR GH ORV PHUFDGRV EXUViWLOHV SRUTXH OD FULVLV HFRQyPLFD
FXPSOLHQGRHOYLHMRULWXDOGHORVFLFORVHFRQyPLFRV\VXVGLHQWHVGHVLHUUDVH
KDLQVWDODGRHQXQDVHFRQRPtDVTXHQRKDQSRGLGRDXPHQWDUODGHPDQGDGHORV
FRQVXPLGRUHVRFFLGHQWDOHVDOOLPLWHGHVXVSRVLELOLGDGHV\TXHQRKDQTXHULGR
DJUHJDU QXHYDV GHPDQGDV GH QXHYRV PHUFDGRV \ FRQVXPLGRUHV HQ HO UHVWR GHO
SODQHWDSRUTXHORVIDOORVGHOPHUFDGRQRKDQSRGLGRFRQORVLJXDOPHQWHUHDOHV
IDOORVGHO(VWDGRSURYRFDQGRSRUXQODGRODKHJHPRQtDGHOOLEUHPHUFDGRLQWH
UHVDGR\HVSHFXODWLYRRULHQWDGDVQRDOLQFUHPHQWRGHODFREHUWXUDVRFLDOVLQRD
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
OD PHMRU JORULD GH ODV SROtWLFDV PDFURHFRQyPLFDV GH UHGXFFLyQ GHO GpILFLW \ OD
GHXGDS~EOLFD\SRURWURDODQRLQWHUYHQFLyQVHOHFWLYD\DODGHVSURWHFFLyQ
GHWRGRVDTXHOORVVHFWRUHV\JUXSRVVRFLDOHVTXHQRSXHGHQFRPSHWLUSRUHOFRQ
VXPR\ODSURWHFFLyQVRFLDOHQQXHVWUDVVRFLHGDGHVGHVDUUROODGDV
3RU WRGR HOOR HV QHFHVDULD XQD UHLQYHQFLyQ DO HVWLOR GH OR TXH 2VERUQH \
*DHEOHUHVWDEOHFLHURQSDUDHOJRELHUQRQRUWHDPHULFDQRDSULQFLSLRVGH
OD SDVDGD GpFDGD (VWD UHLQYHQFLyQ GH OD JOREDOL]DFLyQ VXSRQGUtD UHRULHQWDU \
GLULJLUXQIHQyPHQRTXHKDHVWDGRHQPDQRVGHOPHUFDGRVLQTXHQLQJXQRGH
QRVRWURVSRGDPRVDWLVEDUVXWLWXODULGDGQLSRUVXSXHVWRVXVUHVSRQVDELOLGDGHV
VXSRQGUtDJREHUQDUODJOREDOL]DFLyQ\VXSHUDUVXVIDOORVGRWiQGRODGHPHFDQLV
PRV FRUUHFWRUHV \ PHMRUDV TXH SURGX]FDQ VX LPSDFWR VREUH WRGD OD VRFLHGDG
PXQGLDO&RPRVHxDOD$UJLPLUR5RMRHVWHQXHYRJRELHUQRGHOD
JOREDOL]DFLyQHVWDUtDDVHQWDGRVREUHXQQXHYRRUGHQPXQGLDOEDVDGRHQODFRR
SHUDFLyQ HO FRQVHQVR \ HO PXOWLODWHUDOLVPR SRU XQ ODGR HQ XQD YXHOWD D ORV
SULQFLSLRV EiVLFRV GH OD SURWHFFLyQ GH ORV GHUHFKRV KXPDQRV FRQYLYHQFLD \
GHPRFUDFLD ORFDO SDUWLFLSDWLYD SRU RWUR \ HQ OD ILUPD GH XQ QXHYR FRQWUDWR
VRFLDO TXH RUGHQH ODV UHODFLRQHV HQWUH 0HUFDGR (VWDGR \ 6RFLHGDG DOJR TXH
(QULTXH%DUyQKDGHQRPLQDGRUHFLHQWHPHQWHFRPRFLYLOL]DUODJOREDOL
]DFLyQ \ TXH LQFRUSRUDQGR ORV YDORUHV GH SDUWLFLSDFLyQ \ GHPRFUDFLD ORFDO
VHUYLUtDGHILQLWLYDPHQWHSDUDLQWHJUDUHOELQRPLRJOREDOUHJLRQDOORFDOTXHQRV
RFXSD
+DFLDXQD1XHYD*OREDOL]DFLyQ"
/DH[SOLFLWDFLyQGHORVIDOORVGHODJOREDOL]DFLyQREOLJDDUHDOL]DUXQQXHYR
HVIXHU]R SRU UHFRQFHSWXDOL]DU HO IHQyPHQR GRWiQGROH GH XQD YLV PXQGLDO 3UL
PHU 6HJXQGR \ 7HUFHU 0XQGR \ DxDGLHQGR DVSHFWRV QXHYRV VREUH ODV YLHMDV
YDULDEOHVJOREDOL]DGRUDVHQWUHORVFXDOHVLUUXPSHFRQIXHU]DORUHJLRQDOORFDO
$ FRQWLQXDFLyQ H[SRQHPRV DOJXQDV GH HVWDV YDULDEOHV XQLGDV D DOJXQDV
WHQGHQFLDVTXHVHHPSLH]DQDYLVOXPEUDUHQHOVHQRGHORV*RELHUQRV\$GPL
QLVWUDFLRQHVQDFLRQDOHV\VXEQDFLRQDOHVHQ(XURSD
(FRQRPtD(QODDFWXDOLGDGOD8QLyQ(XURSHDKDFRPHQ]DGRXQSUR
FHVRGHDSHUWXUDGHVXVSROtWLFDVKDFLDODVRFLHGDGILJXUDQGRHQWUHHOODV
ODV SROtWLFDV GH FRPHUFLR FRQ HO ILQ GH DYHULJXDU FXiO HV HO SODQWHD
PLHQWR TXH OD VRFLHGDG FLYLO FRPXQLWDULD WLHQH VREUH HO SDUWLFXODU \
DJUHJDUDVtODVGHPDQGDVDODVIXWXUDVSROtWLFDV\SURJUDPDVHXURSHRVVR
EUHODPDWHULD&RQSRVWHULRULGDGDOD&XPEUHGH*pQRYD\ORVDFRQWH
FLPLHQWRVQRHFRQyPLFRVTXHWRGRVWXYLPRVRFDVLyQGHFRQWHPSODUORV
Pi[LPRVGLULJHQWHVFRPXQLWDULRVKDQFRPHQ]DGRDUHRULHQWDUVXGLVFXU
(QULTXH-RVp9DUHODOYDUH]
VRLQWHQWDQGRLPSOLFDUDODVRFLHGDGHQPDWHULDVHQODVTXHKDVWDODIH
FKDVyORHUDQFRQVXOWDGRVORVJUXSRVGHH[SHUWRVORVWpFQLFRV\ORVSROt
WLFRV GH OD 8( (VWH HV HO FDVR GH OD FRQIHUHQFLD SURQXQFLDGD SRU HO
&RPLVDULR GH &RPHUFLR FRPXQLWDULR 3DVFDO /DP\ GRQGH SUHWHQGtD
LGHQWLILFDUHOFRPHUFLRFRQORVYDORUHVGHODSDUWLFLSDFLyQVRFLDOODVREH
UDQtD\ODGHPRFUDFLD7RGRHOORVXSRQHFXDQGR PHQRV HOFXHVWLRQD
PLHQWR GHO YDORU GHO PHUFDGR HO IOXMR VLQ FRQWURO GH ORV FDSLWDOHV
ILQDQFLHURV \ OD E~VTXHGD GH XQDV LQVWLWXFLRQHV TXH GHQ JDUDQWtD GH
WUDQVSDUHQFLD\OHJDOLGDGGHODV HPSUHVDV PXOWLQDFLRQDOHV TXH KDQ YH
QLGRDFWXDQGRFRPRJRELHUQRVHQODVRPEUDQRVyORHQORVSDtVHVGHVD
UUROODGRV VLQR WDPELpQ HQ ORV VLWXDGRV HQ OD SHULIHULD GHO * 6XSRQH
WDPELpQ FRQVHFXHQWHPHQWH OD OLPLWDFLyQ GHO SRGHU GH LQVWLWXFLRQHV
FRPRHO)0,OD20&\HO%DQFR0XQGLDOTXHKDQGHILQLGRODSR
OtWLFDHFRQyPLFDGHORVSDtVHVGHVDUUROODGRV\QRGHVDUUROODGRV\TXHKDQ
HVFDSDGRGHIRUPDVLVWHPiWLFDDOFRQWUROGHORVJRELHUQRVQDFLRQDOHV(O
ILQQRSRGUtDVHURWURTXHHOFRQWUROGHDFWLYLGDGHVLOtFLWDVHPSUHVDULDOHV
SDUDTXHQRVHD ILQDOPHQWHHO(VWDGR\ SRU HQGH OD 6RFLHGDG ORV TXH
GHEDQFXEULUORVHVWURSLFLRVHFRQyPLFRVGHMDGRVSRUODQHJOLJHQWHRLOH
JDOJHVWLyQHPSUHVDULDO
6RFLHGDGGHOD,QIRUPDFLyQ\17,&/DSURSXHVWDGH6RFLHGDGGHOD
,QIRUPDFLyQHXURSHDDFWXDOGLVFXUUHSRUHOFDPLQRGHODLQWHJUDFLyQGH
WRGDODVRFLHGDGFLYLOVLQH[FOXVLRQHVLQFRUSRUDQGRDODV17,&DWR
GRV\FDGDXQRGHORVFLXGDGDQRVJUXSRVQRJXEHUQDPHQWDOHVRUJDQL]D
GRVHPSUHVDVJUDQGHV\SHTXHxDV\JRELHUQRVGHOD8(QDFLRQDOHV
UHJLRQDOHV\ORFDOHV(VWHSXQWRGHSDUWLGDGHLQWHJUDFLyQGHWRGRVORV
FRPSRQHQWHVGHODVRFLHGDGHXURSHDHQOD6RFLHGDGGHOD,QIRUPDFLyQ
WLHQHXQREMHWLYRFODURLQFRUSRUDUDOQXHYRPRGHORVRFLDODORVFROHFWL
YRV GHVIDYRUHFLGRV \ H[FOXLGRV 3DUD HOOR VH KD SXHVWR HQ PDUFKD XQD
5HVROXFLyQGHO&RQVHMRTXHDVSLUDDLQFRUSRUDUDHVWRVFROHFWLYRVDP
SOLDQGRODJOREDOL]DFLyQWHFQROyJLFDDWRGRVDTXHOORVTXHGHVGHHOSULQ
FLSLR KDEtDQ TXHGDGR DSDUWDGRV SRU IDOWD GH UHFXUVRV \ GH
FRQRFLPLHQWRV 0iV LQIRUPDFLyQ \ PiV WHFQRORJtD SHUR QR D FRVWD GH
LQFUHPHQWDUODVGLIHUHQFLDVHQWUHORVULFRVTXHWLHQHQPD\RUFDSDFLGDG
GHDFFHVRHLQWHUSUHWDFLyQDORVFDQDOHVGHFRPXQLFDFLyQGHLQWHUQHW\
ORVSREUHVORVTXHQRWHQLHQGRHVWDVSRVLELOLGDGHVTXHGDQH[FOXLGRVGHO
PXQGRJOREDOGHPRGR\PDQHUDTXHVHFUHHQQXHYDVIRUPDVGHPDU
JLQDFLyQVRFLRWHFQROyJLFD
(VWDGRGHOELHQHVWDU'HPRFUDFLD\6RFLHGDG&LYLO(QODQXHYDJORED
OL]DFLyQ QR WLHQHQ FDELGD ORV HVTXHPDV IRUPDOHV TXH KDQ VHUYLGR SDUD
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
FRQVROLGDUQXHVWURVPDUFRVGHUHODFLyQGHPRFUiWLFRV+D\TXLHQDVHJX
UDTXH/DJOREDOL]DFLyQWDOFRPRKDVLGRGHIHQGLGDDPHQXGRSDUHFHVXV
WLWXLU ODV DQWLJXDV GLFWDGXUDV GH ODV pOLWHV QDFLRQDOHV SRU ODV QXHYDV
GLFWDGXUDVGHODVILQDQ]DVLQWHUQDFLRQDOHV$ORVSDtVHVGHKHFKRVHOHVDYLVD
TXH VL QR UHVSHWDQ GHWHUPLQDGDV FRQGLFLRQHV ORV PHUFDGRV GH FDSLWDOHV R HO
)0,VHQHJDUiQDSUHVWDUOHVGLQHUR6WLJOLW]/DJOREDOL]DFLyQ
GHEH \ WLHQH TXH DVSLUDU D KDFHU UHDOLGDG OD GHPRFUDFLD SDUWLFLSDWLYD
GDQGRHQWUDGDDORVFLXGDGDQRVHQORVSURFHVRVGHWRPDGHGHFLVLRQHV
S~EOLFRV\HQODJHVWLyQGHORVDVXQWRV\SROtWLFDVS~EOLFDVDSURIXQGL]DU
HQ ORV (VWDGRV GHO ELHQHVWDU TXH KDQ FRQVHJXLGR FRQ HO PRGHOR RFFL
GHQWDO HO SDUDGLJPD GH GHVDUUROOR HFRQyPLFRVRFLDO \ FXOWXUDO HQ HO
PXQGR 1DYDUUR \ 7LPPLQV &RPR VHxDOD 1DYDUUR
/DH[SDQVLyQGHO(VWDGRGHOELHQHVWDUKD HVWDGR UHODFLR
QDGRKLVWyULFDPHQWHFRQODH[SDQVLyQGHOSURFHVRGHPRFUiWLFR\ODSDUWLFLSD
FLyQ GH OD SREODFLyQ HQ HO JRELHUQR GH ORV (VWDGRV 'H DKt TXH HQ DTXHOORV
SDtVHVGHOVXUGH(XURSDGRQGHKDKDELGRGLFWDGXUDVFRQVHUYDGRUDVHQOXJDU
GHGHPRFUDFLDVHVGRQGHHO(VWDGRGHOELHQHVWDUKDHVWDGRPHQRVGHVDUUR
OODGR $~Q PiV 1DYDUUR RSLQD TXH OD FXHVWLyQ LGHROyJLFD \
FRQHOODHOSODQWHDPLHQWRQHROLEHUDOVXE\DFH\GHWHUPLQDDHVWRV(VWD
GRVGHOELHQHVWDUVXVGHPRFUDFLDV\DOD6RFLHGDG&LYLOTXHHQHOODVVH
GHVHQYXHOYHQSURYRFDQGRVLWXDFLRQHVFRPRODVDFWXDOHVGHFULVLVGHOH
JLWLPLGDG\GHVDIHFFLyQGHOVLVWHPDSROtWLFR TXH FRQGXFHQ QHFHVDULD
PHQWHDODUHYLVLyQGHORVFRQFHSWRVEiVLFRVGHODGHPRFUDFLDFRPRHO
GH FLXGDGDQtD HXURSHR &ORVD 'REVRQ
3pUH]/HGHVPD\HOFRQFHSWRGHJREHUQDELOLGDGRJREHUQDQ
]D$OJXQDVGHODVDFWXDOHVSURSXHVWDVGHSDUWLFLSDFLyQS~EOLFDHVWiQ
HQFDPLQDGDVD HQVDQFKDUODGHPRFUDFLD9DOOHVStQ \
DGRWDUGHXQQXHYRLPSXOVRDVXVLQVWLWXFLRQHV\$GPLQLVWUDFLRQHV3~
EOLFDVFRPRVHPXHVWUDDFRQWLQXDFLyQ
3ROtWLFD \ $GPLQLVWUDFLyQ 3~EOLFD $Vt ORV SURFHVRV GH LQIRUPDFLyQ
FRQVXOWD \ GHEDWH \ GH JHVWLyQ FRPSDUWLGD FRPR VHxDOD $OEHULFK
RODGHQRPLQDGDJHVWLyQGHPRFUiWLFDSDUWLFLSDWLYD3RUWR$OH
JUH%UDVLOVH DEUHQSDVRHQORVHVWLORV GH JRELHUQR GH ODV GH
PRFUDFLDV SOXUDOLVWDV RFFLGHQWDOHV (MHPSOR GH HOOR ODV UHFLHQWHV
LQLFLDWLYDV DGRSWDGDV SRU OD 8QLyQ (XURSHD GLULJLGDV D PHMRUDU HO IXQ
FLRQDPLHQWR \ OD SXHVWD HQ SUiFWLFD GH ODV SROtWLFDV HXURSHDV DFWXDOHV
/DJREHUQDELOLGDGWHQGUtDSRUWDQWRTXHYHUFRQODPRGLILFDFLyQGHORV
SURFHVRVGHWRPDGHGHFLVLRQHVFRQODVXSHUDFLyQGHORVDQiOLVLVMHUiU
TXLFRV\FHQWUDOLVWDVWUDGLFLRQDOHVWRPDQGRHQFRQVLGHUDFLyQDODV5H
(QULTXH-RVp9DUHODOYDUH]
JLRQHV\ODV(QWLGDGHV/RFDOHVDVtFRPRDOD6RFLHGDG&LYLO(QGHILQL
WLYDFRQODSDUWLFLSDFLyQGHWRGRVORVDFWRUHVLPSOLFDGRVHQODVSROtWLFDV
HXURSHDVEDMRQXHYRVSULQFLSLRVUHFWRUHVGHJHVWLyQ\GHJRELHUQRGHORV
DVXQWRVS~EOLFRVHQWUHORVTXHILJXUDUtDQODHTXLGDGODVROLGDULGDGOD
IUDQTXH]D OD SDUWLFLSDFLyQ OD UHVSRQVDELOLGDG VRFLDO OD HILFDFLD \ OD
FRKHUHQFLD(VWDQXHYDGLPHQVLyQUHIRUPDGDGHOHVSDFLRS~EOLFRHQHO
PXQGR JOREDO LPSOLFD OD QHFHVLGDG GH DSUR[LPDU D~Q PiV VL FDEH ODV
HVWUXFWXUDV SROtWLFRDGPLQLVWUDWLYDV D ORV FLXGDGDQRV QR VyOR \D LQFUH
PHQWDQGRODFDQWLGDG\FDOLGDGGHODVDSUR[LPDFLRQHVQXHYDVRUJDQL
]DFLRQHV FRQ PHMRUHV WpFQLFDV UHFHSWLYDV 9LOORULD VLQR
FDPELDUORVPRGHORVGHUHODFLyQSRURWURVGHSDUWLFLSDFLyQFRJHVWLyQ\
PD\RU LPSOLFDFLyQ GH ORV FLXGDGDQRV HQ ODV GHFLVLRQHV S~EOLFDV )RQW
\1DYDUUR
/DQXHYDJOREDOL]DFLyQHVWDUtDLQWHJUDGDSRUHVWDVQXHYDVWHQGHQFLDVTXH
FRPSOHPHQWDUtDQORVFRQFHSWRVPXQGLDOL]DGRUHVHFRQRPLFLVWDV\WHFQRFUiWLFRV
TXH KHPRV YHQLGR HVFXFKDQGR HQ ORV ~OWLPRV DxRV 8QD JOREDOL]DFLyQ TXH LQ
FOXLUtDXQEXHQJRELHUQRGHODHFRQRPtDXQDPD\RUSDUWLFLSDFLyQGHORVFLXGD
GDQRV \ GH ORV JRELHUQRV UHJLRQDOHV \ ORFDOHV HQ OD WRPD GH GHFLVLRQHV \ HQ OD
JHVWLyQGHORVDVXQWRVS~EOLFRVXQDDPSOLDFLyQGHORVFOLHQWHVGHOD6RFLHGDG
GHO&RQRFLPLHQWR\ODV 17,& XQD DVXQFLyQ GH QXHYRV GHVDItRV PXQGLDOHV
GLULJLGRVDODJHQHUDOL]DFLyQGHORVYDORUHVGHPRFUiWLFRV\ODGHIHQVDGHORVGHUH
FKRVKXPDQRVXQDYLVLyQHQGHILQLWLYDPiVVXEQDFLRQDOGHORJOREDO
(QIRTXHVGH$QiOLVLVGHODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHP
SRUiQHDV
8QDYH]DQDOL]DGRHOPDUFRJHQHUDOGHODJOREDOL]DFLyQ\VXVDVSHFWRVVXE
QDFLRQDOHV UHJLRQDOORFDOHV HQ HO FXDO LQVHUWDU D ODV $GPLQLVWUDFLRQHV 3~EOLFDV
FRPR REMHWR GH HVWXGLR \ DQiOLVLV FRQYLHQH UHSDVDU ORV GLIHUHQWHV HQIRTXHV \
IXHQWHVXWLOL]DGDVSRUORVH[SHUWRVHQODVRUJDQL]DFLRQHVS~EOLFDVDFWXDOHVHQWUH
HOORV\FRPRPiVGHVWDFDGRVOD&LHQFLD3ROtWLFDOD&LHQFLDGHOD$GPLQLVWUD
FLyQODV3ROtWLFDV3~EOLFDVOD7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD\ODV
5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHV
1RHVLQWHQFLyQKDFHUDTXtXQDVHPEODQ]DH[KDXVWLYDGHORVGLIHUHQWHVUH
FRUULGRVFLHQWtILFRDFDGpPLFRVGHFDGDXQDGHODVGLVFLSOLQDVQLVLTXLHUDHQWUDU
HQHOGHEDWHGHVLXQDVGHULYDQGHRWUDVRVRQFRLQFLGHQWHVHQHOWLHPSR\HQOD
SURGXFFLyQ FLHQWtILFD 6H WUDWD HQ WRGR FDVR GH H[SRQHU DQWH HO OHFWRU TXH VH
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
HQIUHQWD SRU SULPHUD YH] FRQ XQD PDWHULD FRPR HV OD $GPLQLVWUDFLyQ 3~EOLFD
XQDYLVLyQDPSOLD ULFD \ SOXUDO DVt FRPR XQ DQiOLVLV GH VXV UDtFHV KLVWyULFDV \
XQDGHVFULSFLyQGHVXVOtQHDVGHWUDEDMRFRQHOILQGHTXHVHPXHVWUHFRQFODUL
GDGODGLYHUVLGDGGHXQDPDWHULDVHD&LHQFLDRQRREMHWRGHHVWXGLRFRPRVRQ
ODV$GPLQLVWUDFLRQHV3~EOLFDVGHQXHVWURWLHPSR
+D\ RWURV HQIRTXHV SDUD DQDOL]DU D ODV $GPLQLVWUDFLRQHV 3~EOLFDV WRGRV
HOORV FRPR FLWDQ %DHQD \ 6XELUDWV FRPSOHPHQWDULRV \ QHFHVDULRV SDUD
HQWHQGHUHVWHREMHWRGHGLItFLOFRQFHSWXDOL]DFLyQFRPRHVHOTXHQRVRFXSDVLQ
HPEDUJR HQ HVWH DSDUWDGR LQWURGXFWRULR VH DQDOL]DUi EUHYHPHQWH OD KLVWRULD \
DOJXQDVHVFXHODVGHFDGDXQDGHHVWDVFLQFROXSDVGHVGHODVFXDOHVKR\QRVHV
PiVIiFLOHVWXGLDUDODVLQVWLWXFLRQHV\RUJDQL]DFLRQHVS~EOLFDVFRQWHPSRUiQHDV
(QIRTXHGH&LHQFLD3ROtWLFD
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
+DFLHQGR XQ SRFR GH KLVWRULD SDUD 3DVWRU OD &LHQFLD 3ROtWLFD HV
XQD UDPD GHO VDEHU FLHQWtILFR TXH VH UHPRQWD VHJ~Q DOJXQRV DXWRUHV GHVGH HO
0HGLHYRDWUDYLHVDHO5HQDFLPLHQWRHO%DUURFROD,OXVWUDFLyQ\DOFDQ]DHOVLJOR;,;
3DVWRU0[LFRQHVWXGLRVGHVWDFDGRVGHQWUR\IXHUDGHQXHVWUDVIURQ
WHUDVVREUHODVFXHVWLRQHVSROtWLFDV\VRFLDOHVGHFDGDpSRFDKLVWyULFDODSREUH]D
OD FRQTXLVWD GH $PpULFD OD H[SORWDFLyQ GH ORV SXHEORV LQGtJHQDV HO SHQVD
PLHQWRFULVWLDQRKXPDQLVWDODGHIHQVDGHODVSUHUURJDWLYDVUHDOHV HOHQIUHQWD
PLHQWRFRQODVPRQDUTXtDVDEVROXWDVODYLQFXODFLyQGHODSROtWLFDFRPRFLHQFLD
\YLFHYHUVDODFUtWLFDDODPRUDOLVPRSROtWLFRGH0DTXLDYHOR
<DPiVUHFLHQWHPHQWH\HQHOFLFORTXHYDGHVGHOD*XHUUDGHOD,QGHSHQ
GHQFLDKDVWDOD*XHUUD &LYLOHVSDxROD3DVWRU[LY[L[UHVDOWDOD LQJHQWH
SURGXFFLyQFLHQWtILFDSROLWROyJLFD(QHVWHVLJOR\ PHGLRVH FUHDQ GHVGH OD SUL
PHUD&iWHGUDSDUDODHQVHxDQ]DGHOD&RQVWLWXFLyQGHKDVWDODV&iWHGUDV
GH'HUHFKR3ROtWLFR$WHQHRGH0DGULG$ILQDOHVGHVLJOR;,;VHFRQVROLGDOD
HQVHxDQ]DVXSHULRUGHO'HUHFKR3ROtWLFR\VHFUHDQHVFXHODVGHSHQVDPLHQWRTXH
YDQGDQGRVXVWDQFLDDORVGLIHUHQWHVSDUWLGRVOLEHUDOHV6DQWDPDUtDGH3DUHGHV
\ FRQVHUYDGRUHV *LO 5REOHV D ORV TXH KD\ TXH VXPDU HVWXGLRV PiV VRFLDOHV
RULHQWDGRVKDFLDHOFROHFWLYLVPRDJUDULROYDUR)ORUHV(VWUDGD\VXHVFXHODGH
(FRQRPtD3ROtWLFD(QHVWDIDVHGHFUHDFLyQGHODVEDVHVGHOD&LHQFLD3ROtWLFD
HQ (VSDxD 3DVWRU [YLL GHVWDFD OD HWDSD &RVWD$]FiUDWH3RVDGD TXH VH
H[WLHQGHDSUR[LPDGDPHQWHGHVGHKDVWDHOILQDOGHOD*XHUUD&LYLOHWDSDHQOD
TXHVHIXQGDQ\VHIXQGHQHO'HUHFKR3ROtWLFROD6RFLRORJtD\OD&LHQFLD3ROtWLFDFRQ
(QULTXH-RVp9DUHODOYDUH]
WHPSRUiQHRV (Q JUDQ PHGLGD VH FRUUHVSRQGH D OD HWDSD HXURSHD GH ORV 026&$
3$5(72:(%(50,&+(/6<6&+0,77
$FRQWLQXDFLyQGHODFULVLVILQLVHFXODUGHOVXUJHQHVWXGLRVSROtWLFRVGHOD
PDQRGHDTXHOODJHQHUDFLyQHQFDEH]DGDSRU&RVWD\0DFtDV3LFDYHD\TXHWLHQH
FRQWLQXLGDGKDVWDODJHQHUDFLyQGHOIXQGDPHQWDOPHQWHFHQWUDGDHQ2UWHJD
\*DVVHW\$]DxD6RQFRHWiQHRVGHHVWDVJHQHUDFLRQHVORVPRYLPLHQWRVSROtWL
FRVGHL]TXLHUGDV\ODFUHDFLyQGHVXVGLIHUHQWHVLGHQWLGDGHV\GLVFXUVRVHQWUHORV
TXH3DVWRU[YLLGLVWLQJXHHOIHGHUDOLVPRGH3L\0DUJDOOHOPDU[LVPRGH
3DEOR,JOHVLDV\-DLPH9HUD\VXFRQWLQXDFLyQWHyULFDFRQ)HUQDQGRGHORV5tRV
\ VX VRFLDOLVPR KXPDQLVWD -XOLiQ %HVWHLUR \ HO UHYLVLRQLVPR 3UHYLR DO DO]D
PLHQWRPLOLWDUGH\DOD*XHUUD&LYLOVHSURGXFHODFRQVROLGDFLyQGHO'H
UHFKR 3ROtWLFR \ OD &LHQFLD 3ROtWLFD FRQ $GROIR 3RVDGD LQWHJUDQGR HQ XQD
7HRUtDGHO(VWDGRDOD6RFLRORJtD\DOD&LHQFLD3ROtWLFD
8QD WHUFHUD IDVH GH OD &LHQFLD 3ROtWLFD HV OD TXH 3DVWRU [L[[[LY
LGHQWLILFDFRQODVSRVWULPHUtDVGHOD*XHUUD&LYLO\TXHVHH[WHQGHUtDKDVWDILQD
OHV GH OD GpFDGD GH ORV 8QR GH ORV KLWRV PiV UHOHYDQWHV HV OD FUHDFLyQ GHO
,QVWLWXWR GH (VWXGLRV 3ROtWLFRV \ SRVWHULRUPHQWH GH OD 5HYLVWD GH (VWX
GLRV3ROtWLFRVHQORVFXDOHVSDUWLFLSDURQFRPRGLUHFWRUHVSROLWyORJRVWDQ
DFWLYRVFRPR/DPRGH(VSLQRVD)UDJD,ULEDUQH2OOHUR'HVGHVXVSiJLQDVVH
HYROXFLRQyGHODVLGHDVEiVLFDVGHOHJLWLPDFLyQGHOD'LFWDGXUDDWUDYpVGHORV
WHyULFRVGHOD)DODQJH\ORVOLEHUDOHVKDVWDODLQWURGXFFLyQGHORVSUHVXSXHVWRV
VRFLDOLVWDV \ DXWpQWLFRV OLEHUDOHV GH OD PDQR IXQGDPHQWDOPHQWH GH 2OOHUR
3DVWRU[L[(VDSDUWLUGHDTXtFXDQGRVHLQLFLDQORVWUDEDMRVGHORVJUX
SRVRHVFXHODVSROLWROyJLFDVYLQFXODGRVDOiPELWRXQLYHUVLWDULRGHODV)DFXOWD
GHV GH 'HUHFKR \ GH OD UHFLpQ FUHDGD )DFXOWDG GH &LHQFLDV 3ROtWLFDV \
(FRQyPLFDVHQ0DGULG(QWUHHVWRVJUXSRV3DVWRU[[PHQFLRQD
SRU VX LPSRUWDQFLD ORV GH *UDQDGD 6iQFKH] $JHVWD 0XULOOR )HUURO &D]RUOD
6DODPDQFD 7LHUQR *DOYiQ /XFDV 9HUG~ 0RURGR %DUFHORQD -LPpQH] GH
3DUJD*RQ]iOH]&DVDQRYD6ROp7XUD/D/DJXQD+HUQiQGH]5XELR'HQWUR
GHOD)DFXOWDGGH&LHQFLDV3ROtWLFDV\(FRQyPLFDV\FRQFUHWDPHQWHHQVX'H
SDUWDPHQWRGH7HRUtDGHO(VWDGR\'HUHFKR&RQVWLWXFLRQDOVHIXHIUDJXDQGROD
DFDGHPLDGHSROLWyORJRVDQWHFHVRUHVHQPXFKRVFDVRVGHORVDFWXDOHVGLULJHQWHV
GH ORV SULQFLSDOHV 'HSDUWDPHQWRV GHO SDtV \ TXH HQFDEH]DQ ODV LQYHVWLJDFLRQHV
SXQWHUDVHQFDGDXQDGHODVPDWHULDVGHOD&LHQFLD3ROtWLFDDFWXDO6HUiHQ
FXDQGR VH SURGX]FD OD VHSDUDFLyQ HQWUH OD &LHQFLD 3ROtWLFD \ OD (FRQRPtD UH
EDXWL]iQGRVHOD)DFXOWDGFRPR&LHQFLDV3ROtWLFDV\6RFLRORJtDWUDQVIRUPiQGRVH
DVXYH]HO'HSDUWDPHQWRPiVGHVWDFDGRGH7HRUtDGHO(VWDGR\'HUHFKR&RQV
WLWXFLRQDO HQ HO GH &LHQFLD 3ROtWLFD \ GH OD $GPLQLVWUDFLyQ (V LPSRUWDQWH
GHVWDFDUTXHHVWHSHUtRGRYLYHXQDVGpFDGDVGHSDUDGDGHOD&LHQFLD3ROtWLFD\D
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
TXHODPLVPDWLHQHOXJDUHQSOHQD'LFWDGXUDORTXHOLPLWDODVSRVLELOLGDGHVGH
LQYHVWLJDFLyQ SROLWROyJLFD WDQWR WHyULFD FRPR UHDO DGHPiV GHO H[LOLR DO TXH VH
YLHURQVRPHWLGRVDOJXQRVSURIHVRUHV\SROtWLFRVHQDFWLYRTXHKXELHUDQDSRUWDGR
JUDQFDQWLGDGGHSUD[LVDOD&LHQFLD3ROtWLFDHVSDxROD
$SDUWLUGHVHFUHDQODVQXHYDV)DFXOWDGHVGH&LHQFLDV3ROtWLFDV\6R
FLRORJtD HQ OD 8QLYHUVLGDG $XWyQRPD GH %DUFHORQD HQ OD 81(' \ HQ OD
8QLYHUVLGDGGH*UDQDGDDODVTXHKD\TXHVXPDUVXFHVLYDPHQWHODVGH6DQWLD
JRGH&RPSRVWHOD6DODPDQFD3DtV9DVFR$QGDOXFtD6RQORVQRYHQWDpSRFD
GHJUDQGHVGHVDUUROORVGHOD&LHQFLD3ROtWLFDHQFXDQWRDVXVOtQHDVGHLQYHVWL
JDFLyQGRFHQWHV\SURIHVLRQDOHVTXHVHLQFRUSRUDQFRQIXHU]DDOiPELWRODERUDO
SROtWLFR \ XQLYHUVLWDULR \ TXH FRQVROLGDQ D HVWRV SDGUHV GH OD SROLWRORJtD PR
GHUQDDEULHQGRQXHYRVFDPSRV\WLWXODFLRQHVQRGHEHPRVROYLGDUODVUHFLHQWHV
'LSORPDWXUDV HQ *HVWLyQ \ $GPLQLVWUDFLyQ 3~EOLFD GHVGH GRQGH VH LPSDUWH
GRFHQFLD H LQYHVWLJD SDUD HVWDV WDPELpQ UHFLHQWHV $GPLQLVWUDFLRQHV UHJLRQDOHV
GHO(VWDGRGHODV$XWRQRPtDV(OSDQRUDPDDFWXDOGHWLWXODFLRQHVFRQXQDP
SOLRQ~PHURGH8QLYHUVLGDGHV\)DFXOWDGHVGH&LHQFLDV3ROtWLFDVTXHVHH[WLHQ
GHQ KDFLD WRGR HO WHUULWRULR QDFLRQDO VyOR HQ 0DGULG \ GH FDUiFWHU S~EOLFR
8QLYHUVLGDG &RPSOXWHQVH 8QLYHUVLGDG $XWyQRPD 8QLYHUVLGDG &DUORV ,,,
8QLYHUVLGDG 5H\ -XDQ &DUORV 81(' DGHPiV GH ORV FHQWURV GH LQYHVWLJD
FLyQ HQ &LHQFLDV 6RFLDOHV ,QVWLWXWR 8QLYHUVLWDULR 2UWHJD \ *DVVHW )XQGDFLyQ
-XDQ 0DUFK ,QVWLWXWR &RPSOXWHQVH GH &LHQFLD GH OD $GPLQLVWUDFLyQ (V
FXHODVGH$GPLQLVWUDFLyQ3~EOLFDGRQGHDGHPiVGHO,1$3GHVWDFDQOD*D
OOHJD 9DVFD &DWDODQD \ $QGDOX]D \ VXV UHVSHFWLYDV SXEOLFDFLRQHV HO ,OXVWUH
&ROHJLR1DFLRQDOGH3ROLWyORJRV\6RFLyORJRV\VXVKRPyQLPRVWHUULWRULDOHVTXH
SURPXHYHQLQYHVWLJDFLRQHVDSOLFDGDV\ HVWXGLRVWHyULFRVVREUHOD UHDOLGDG SROL
WROyJLFD QDFLRQDO \ UHJLRQDO 1R SRGHPRV ROYLGDU SRU ~OWLPR D OD $VRFLDFLyQ
(VSDxROD GH &LHQFLD 3ROtWLFD \ GH OD $GPLQLVWUDFLyQ $(&3$ TXH YLHQH
GHVDUUROODQGRXQDJUDQODERUGHGLYXOJDFLyQDWUDYpVGHVXSXEOLFDFLyQSHULyGL
FD\ODRUJDQL]DFLyQGHORV&RQJUHVRVELDQXDOHV(QWUHODVOtQHDVGHLQYHVWLJDFLyQ
GH OD &LHQFLD 3ROtWLFD DFWXDO &RWDUHOR GHVWDFD ORV PDQXDOHV H LQWUR
GXFFLRQHVORVHVWXGLRVGHLQVWLWXFLRQHV\SURFHVRVODSROtWLFDFRPSDUDGD\UHODFLRQHV
LQWHUQDFLRQDOHV \ ORV HVWXGLRV GH RUGHQ PiV WHyULFR HVWRV VRQ FRPSOHWDGRV FRQ
QXHYRViPELWRVGHDQiOLVLVGHOD&LHQFLD3ROtWLFDFRPRODVLGHRORJtDVFRQWHPSR
UiQHDV ODV pOLWHV DFWXDOHV OD 8QLyQ (XURSHD OD GHPRFUDFLD \ OD GHVDIHFFLyQ \
SDUWLFLSDFLyQSROtWLFDORVSURFHVRVHOHFWRUDOHVUHJLRQDOHV\ORFDOHVODVFXHVWLRQHV
UHODFLRQDGDV FRQ OD FLXGDGDQtD \ OD GHPRFUDFLD WRGR HOOR PDUFDGR VLJQLILFDWL
YDPHQWHSRUHOGHVHSWLHPEUHGHOSDVDGRDxRFRQ HODWHQWDGRFRQWUD
ODV 7RUUHV *HPHODV GH 1XHYD <RUN TXH KD UHSODQWHDGR OD PD\RU SDUWH GH ORV
(QULTXH-RVp9DUHODOYDUH]
iPELWRV GHO VDEHU FLHQWtILFR SHUR SULQFLSDOPHQWH DTXHOORV TXH WLHQHQ TXH YHU
FRQODVRFLHGDGODSROtWLFD\ORV(VWDGRV\VXV$GPLQLVWUDFLRQHV3~EOLFDV
4XpHVOD&LHQFLD3ROtWLFD\FXiOHVVXUHODFLyQFRQOD$GPLQLV
WUDFLyQ3~EOLFD
&RPR KHPRV YLVWR OD &LHQFLD 3ROtWLFD QR HV XQD GLVFLSOLQD TXH VH KD\D
FUHDGRFRQODGHPRFUDFLDDXQTXHHVWiGLUHFWDPHQWHYLQFXODGDDHOODWDO\FR
PRKR\ODFRQRFHPRV(VXQHQIRTXHTXHYLHQHGHOHMRV\TXHVHGHGLFDDDQD
OL]DU OR SROtWLFR OR TXH SDUD &RWDUHOR LPSOLFD XQD UHODFLyQ FRQ OR
VRFLDO\DTXHORSROtWLFRHVDTXHOiPELWRGHORVRFLDOHQTXHVHSURGXFHQUHOD
FLRQHVGHSRGHUHVWRHVUHODFLRQHVGHPDQGR\REHGLHQFLDRELHQ\HOORGHSHQGLHQGR
GHORVIDFWRUHVTXHXQRGHFLGDDFHQWXDUVHWUDWDGHDTXHOiPELWRHQHOTXHVHGLULPHQ
ORV FRQIOLFWRV HQWUH ORV JUXSRV VRFLDOHV SRU ORV ELHQHV FROHFWLYRV 3DUD 9DOOpV
ODSROtWLFDFRPRYDULDEOHGLUHFWDGHORSROtWLFRWHQGUtDYDULDVDFHS
FLRQHV\FXDWURJUDQGHVFRUULHQWHVTXHKDQWUDEDMDGRHOFRQFHSWRGHVWDFDQGROD
SROtWLFDFRPRFRQWUROVREUHSHUVRQDV\UHFXUVRVODSROtWLFDFRPRDFWLYLGDGGHVD
UUROODGDDWUDYpVGHXQVLVWHPDGHLQVWLWXFLRQHVS~EOLFDVODSROtWLFDFRPRDFWLYL
GDG GLULJLGD SRU YDORUHV GH RUGHQ \ HTXLOLEULR VRFLDO \ ILQDOPHQWH OD SROtWLFD
FRPRDFWLYLGDGGHGHIHQVDGHXQDVRFLHGDGFRQWUDVXVHQHPLJRVH[WHULRUHV(V
DTXt HQ HO HVSDFLR LQWHUPHGLR GH OLWLJLR GH OR SROtWLFR \ OR VRFLDO GRQGH VH LQ
VHUWDQODV$GPLQLVWUDFLRQHV3~EOLFDVFRPRGRPLQDGRUDVGHOSRGHUOHJtWLPRGHO
(VWDGRPRQRSROLRGHODGRPLQDFLyQHQSDODEUDVGH:HEHU\FRPRJDUDQWHGHO
FRQWUDWR VRFLDO HVWDEOHFLGR KDFLHQGR FXPSOLU ODV QRUPDV \ GLULPLHQGR GLFKRV
FRQIOLFWRV 8QD ~OWLPD GHILQLFLyQ GH OD &LHQFLD 3ROtWLFD QRV UHVXPH VX LPSRU
WDQFLD \ OR GHVWDFDGR GH OD UHODFLyQ TXH ODV $GPLQLVWUDFLRQHV 3~EOLFDV WLHQHQ
FRQHOODHVWXGLRGHORVIHQyPHQRVGHSRGHU\GHFRQIOLFWRHQQXHVWUDVVRFLHGDGHV
&RWDUHOR
(QIRTXHGH&LHQFLDGHOD$GPLQLVWUDFLyQ
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
$XQTXHKD\DOJXQRV DXWRUHVTXHFRQVLGHUDQ DOD &LHQFLD GH OD $GPLQLV
WUDFLyQFRPRXQDHVFXHODGHOD&LHQFLD3ROtWLFD&RWDUHORRFRPRXQ
iUHDGHFRQRFLPLHQWRGH&LHQFLD3ROtWLFD\GHOD$GPLQLVWUDFLyQ6XELUDWV
OR FLHUWR HV TXH HVWD UHVXOWD XQ HQIRTXH GH DQiOLVLV OR VXILFLHQWHPHQWH LPSRU
WDQWHFRPRSDUDTXH SXHGDVHUFRQVLGHUDGRFRPR XQD GH ORV HQIRTXHV SULQFL
SDOHV GH DQiOLVLV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV (Q WRGR FDVR OD GLILFXOWDG
SRUVLWXDUXQREMHWRGHHVWXGLRFRPROD$GPLQLVWUDFLyQ3~EOLFDHVFRQVXVWDQFLDO
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
(QULTXH-RVp9DUHODOYDUH]
FDVDGHPiVGHODVPHQFLRQDGDVHQHODSDUWDGRDQWHULRUYLQFXODGDVDOD8QL
YHUVLGDG \ DO iPELWR SURIHVLRQDO S~EOLFR HPSOHDGRV S~EOLFRV \ FRQVXOWRUHV GH
ODV$GPLQLVWUDFLRQHV3~EOLFDV(QHVWRVDxRVYLHURQODOX]RWURVWUDEDMRVVREUH
OD$GPLQLVWUDFLyQ3~EOLFDUHODFLRQDGRVFRQODEXURFUDFLDUHIRUPDDGPLQLVWUDWL
YD DQiOLVLV GH VXV HVWUXFWXUDV LQVWLWXFLRQDOHV (VWRV HVWXGLRV VH PDQWLHQHQ
KDVWDILQDOHVGHORVDxRVGRQGHGHVSXpVGHOSRVLFLRQDPLHQWRGHOD$GPLQLV
WUDFLyQFRPRFLHQFLDHQ%DHQDGHO$OFi]DUFRPLHQ]DQDGHVDUUROODUVHHVWXGLRV
UHODFLRQDGRV FRQ OD SXEOLF SROLF\ 6XELUDWV FRQVROLGiQGRVH SDXODWLQD
PHQWHFRPRXQDOtQHDGHWUDEDMRIHFXQGD\FRQUHVXOWDGRVHQIRUPDGHSXEOLFD
FLRQHV\WUDEDMRGHFDPSRHQODV$GPLQLVWUDFLRQHV3~EOLFDV(VWRVHVWXGLRVKDQ
LGRSRFRDSRFRVLWXiQGRVHHQODUHDOLGDGRUJDQL]DWLYDHVSDxROD\OLEHUiQGRVHGH
VX FRQFHSWXDOL]DFLyQ DSULRUtVWLFD GH SUDJPDWLVPR FRQIXVLyQ S~EOLFRSULYDGR \
SRFR DVHQWDPLHQWR FLHQWtILFR FXHVWLyQ OyJLFD \D TXH FRPR VHxDOD 6XELUDWV
/DFRQFOXVLyQHUDTXHORVHVWXGLRVGHSXEOLFSROLF\GHPRVWUDEDQODFULVLVGH
LGHQWLGDGGHODFLHQFLDGHODDGPLQLVWUDFLyQDQJORVDMRQD%DHQDS&DQD
OHVSS*DUFtD0DGDULDSS
(O UHVXOWDGR ILQDO GH OD &LHQFLD GH OD $GPLQLVWUDFLyQ FRPR HQIRTXH GH
DQiOLVLV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV &RQWHPSRUiQHDV HVWi GLUHFWDPHQWH
UHODFLRQDGRFRQOD&LHQFLD3ROtWLFDSHURFRQYDULDQWHVVREUHpVWDFRPRREMHWR
GHHVWXGLRGHOD$GPLQLVWUDFLyQ3~EOLFD$VtORVHVWXGLRVVREUHPRGHUQL]DFLyQ
TXHVHKDQYHQLGRGHVDUUROODQGRHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR\HQ
ODV&RPXQLGDGHV$XWyQRPDV\*RELHUQRV/RFDOHVORVDQiOLVLVGHSROtWLFDVS~
EOLFDV GH QLYHO FHQWUDO DXWRQyPLFR \R ORFDO OD HYDOXDFLyQ GH SROtWLFDV \ SUR
JUDPDV ORV LQIRUPHV H LQYHVWLJDFLRQHV VREUH HO *RELHUQR /RFDO ODV UHODFLRQHV
LQWHUJXEHUQDPHQWDOHV KDQ SURYRFDGR XQ HQIRTXH GLPDQDQWH GH OD &LHQFLD
3ROtWLFDSHURFRQVWUXLGRHQWRUQRDUHDOLGDGHVGHLQYHVWLJDFLyQPiVSUy[LPDV\
SUiFWLFDVFRPSOHPHQWDULDVHQWRGRFDVRDORVHVWXGLRVSULPLJHQLRVPiVIRUPD
OHV LQVWLWXFLRQDOHV \ VRFLROyJLFRV VREUH ODV $GPLQLVWUDFLRQHV 3~EOLFDV TXH VH
KDQYHQLGR GHVDUUROODQGRHQQXHVWUR SDtVKDVWDODIHFKD 6XELUDWV\ %D
OODUW\5DPLy
4XpHVOD&LHQFLDGHOD$GPLQLVWUDFLyQ\FXiOHVVXUHODFLyQFRQ
OD$GPLQLVWUDFLyQ3~EOLFD
(O SUREOHPD VH SODQWHD D OD KRUD GH GHILQLU OD &LHQFLD GH OD $GPLQLVWUD
FLyQ\DTXHVLLQLFLDOPHQWHSRGHPRVFRQFOXLUTXpHVOD$GPLQLVWUDFLyQ3~EOLFD
ORV SUREOHPDV SRVWHULRUHV HQ OD DSOLFDFLyQ GH ODV PHWRGRORJtDV SDUD VX HVWXGLR
FLHQWtILFR QRV REOLJDQ D DILQDU XQ SRFR PiV %DHQD GHVWDFD TXH HO
REMHWRGHOD&LHQFLDGHOD$GPLQLVWUDFLyQHVODRUJDQL]DFLyQFRQVXVLVWHPDGH
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
DUWLFXODFLyQHVSHFtILFD\ VXV JUXSRV KXPDQRV TXH OD GRPLQDQ $GHPiV HVWH FRQ
MXQWR GH RUJDQL]DFLyQ \ UHFXUVRV KXPDQRV TXH SRGUtD HPSOHDUVH LJXDOPHQWH
SDUDGHILQLUHOiPELWRGHHVWXGLRGHODVRUJDQL]DFLRQHVSULYDGDVGHEHVHUDQDOL
]DGR WHQLHQGR HQ FXHQWD ODV FDUDFWHUtVWLFDV SURSLDV GH ODV $GPLQLVWUDFLRQHV
3~EOLFDVHQWUHHOODV%DHQDHVSHFLILFLGDGLQWHUpVJHQHUDOH[WHQ
VLyQ HVWUXFWXUD \ ILQHV \ IUDJPHQWDFLyQ YDULDV $GPLQLVWUDFLRQHV 3~EOLFDV
FRQWLQJHQFLDYLQFXODGDVDOWHUULWRULRSREODFLyQ\GHVDUUROORHFRQyPLFRQDFLR
QDOVXEQDFLRQDOHKLVWRULFLGDGOLJDGDVDODFXOWXUDSROtWLFDGHXQSDtV\VXGH
VDUUROOR KLVWyULFR \ ILQDOPHQWH LQWHUGHSHQGHQFLD HQWUH SROtWLFD \
DGPLQLVWUDFLyQVREUHWRGRHQORVQLYHOHVPiVDOWRVGHOD$GPLQLVWUDFLyQ\UHOD
FLRQDGDFRQODVFDUDFWHUtVWLFDVDQWHULRUHVGHKLVWRULFLGDG\FRQWLJHQFLD
/D DSUR[LPDFLyQ GH %DHQD HV FRPSOHWDGD SRU %DOODUW \ 5DPLy
ORV FXDOHV SODQWHDQ OD GREOH VXVWDQFLD GH OD $GPLQLVWUDFLyQ 3~
EOLFD GHVGH OD &LHQFLD GH OD $GPLQLVWUDFLyQ SRU XQ ODGR OD GLIHUHQFLD HQWUH
SROtWLFD \ DGPLQLVWUDFLyQ TXH UHFXUULHQGR D :DOGR VH VROXFLRQD LQWH
JUDQGR \ FRPSOHPHQWDQGR DPEDV HQ HO HVWXGLR GH ODV RUJDQL]DFLRQHV S~EOLFDV
DQWH OD LPSRVLELOLGDG GH VHSDUDU GHFLVLyQ GH DFFLyQ SRU RWUR OD GLIHUHQFLD
HQWUHVHFWRUS~EOLFR\SULYDGRRORTXHHVORPLVPRHOHVWDEOHFLPLHQWRGHORV
OtPLWHVGHOD$GPLQLVWUDFLyQ\GHO(VWDGRFRQUHODFLyQDODVRFLHGDG\VXVGLIH
UHQWHVDJHQWHVSULYDGRV\PL[WRVRQJVIXQGDFLRQHVHLQFOXVRFLXGDGDQRV
LQGLYLGXDOHV
7HQLHQGRHQFXHQWDFRPRKHPRVSRGLGRFRQVWDWDUHQ%DHQDTXH
QR H[LVWHQ XQD VLQR YDULDV $GPLQLVWUDFLRQHV 3~EOLFDV %DOODUW \ 5DPLy
GHILQHQHVWRVOtPLWHVGHIRUPDDPSOLDH[WHQGLHQGRHOFRQFHSWRDWRGD
DFWLYLGDGS~EOLFD\SULYDGDGHSUHVWDFLyQRSURYLVLyQGHVHUYLFLRVPiVDOOiGHO
FULWHULRGHODSHUVRQDOLGDGMXUtGLFD/D$GPLQLVWUDFLyQS~EOLFDHVXQDFWRUHFRQy
PLFR \ VRFLDO TXH VH FRQILJXUD HQ XQD RUJDQL]DFLyQ TXH VH LQVHUWD HQ OD HVWUXFWXUD
VRFLDO FRQFXUULHQGR FRQ RWUDV \ VLPXOWiQHDPHQWH HPSOHDQGR WRGR WLSR GH IRUPDV
MXUtGLFDV\HVWUDWHJLDVSDUDORJUDUVXVREMHWLYRVXWLOL]DQGRGLVWLQWRVPHFDQLVPRVFRPR
HOSDUWQHUVKLSSDUWHQDULDGR\ODDVRFLDFLyQRMRLQWYHQWXUHFRQRUJDQL]DFLRQHVSULYD
GDV\RUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV
3DUWLHQGRGHODEDVHGHTXHHOREMHWRGHOD&LHQFLDGHOD$GPLQLVWUDFLyQHV
OD $GPLQLVWUDFLyQ R $GPLQLVWUDFLRQHV 3~EOLFDV 2OPHGD VHxDOD
TXHOD&LHQFLDGHOD$GPLQLVWUDFLyQHVXQDPDWHULDFLHQWtILFRVRFLDOPiVTXH
FRPSDUWHFRQODVUHVWDQWHV\FRQODVFLHQWtILFRQDWXUDOHVXQPpWRGR$PLMXLFLRODV
$GPLQLVWUDFLRQHV 3~EOLFDV FRQVWLWX\HQ XQD SDUWH IXQGDPHQWDO GH OD UHDOLGDG VRFLDO
FRQWHPSRUiQHD\FRPRWDOVRQVXVFHSWLEOHVGHXQDQiOLVLVFLHQWtILFRVRFLDOVREUHEDVHV
(QULTXH-RVp9DUHODOYDUH]
HPStULFDVHQODPLVPDPHGLGDTXHODIDPLOLDODVHPSUHVDVWUDQVQDFLRQDOHVRODVUHOL
JLRQHVPRQRWHtVWDVXRWUDVUHSUHVHQWDFLRQHVFROHFWLYDV
3RUWDQWR\SDUDFRQFOXLUFRQXQDGHILQLFLyQGH&LHQFLDGHOD$GPLQLVWUD
FLyQ%DHQDODGHVWDFDFRPRODSDUWHRUDPDHVSHFLDOL]DGDGHOVLVWH
PDSROtWLFRTXHHVWXGLDHOVXEVLVWHPDDGPLQLVWUDWLYRFRQHOHQIRTXHSHFXOLDUGHpVWH
DQDOL]DQGRVXVUHODFLRQHVFRQORVGHPiVHOHPHQWRVGHOVLVWHPDSROtWLFR
(QWRGRFDVR\VLHQGRFRPRHVXQDFLHQFLDMRYHQ%DHQD2O
PHGD%DOODUW\5DPLy\&DQDOHV$OLHQGH
OD&LHQFLDGHOD$GPLQLVWUDFLyQVXSRQHXQHQIRTXHFODURGHDQiOLVLVGHOD$G
PLQLVWUDFLyQ3~EOLFDTXHMXQWRFRQOD&LHQFLD3ROtWLFDVHDJUXSDEDMRODGHQR
PLQDFLyQGH&LHQFLD3ROtWLFD\GHOD$GPLQLVWUDFLyQ\GHODFXDOGLPDQDUiQORV
WUHVHQIRTXHVTXHVHGHVFULEHQDFRQWLQXDFLyQ3ROtWLFDV3~EOLFDV7HRUtDGHOD
2UJDQL]DFLyQ\*HVWLyQ3~EOLFD\5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHV
(QIRTXHGH3ROtWLFDV3~EOLFDV
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
/DVSROtWLFDVS~EOLFDVVXUJHQHQORV(VWDGRV8QLGRVGHODPDQRGH/DVVZHOO
FRPRFLHQFLDGHODSROtWLFD\QRVHLQFRUSRUDFRPRVXEiUHDRHQIRTXHGH
OD&LHQFLD3ROtWLFDKDVWDILQDOHVGHORVDxRVVHVHQWD2OPHGD&RPR
JUDQSDUWHGHORVHVWXGLRVVREUHODJHVWLyQVXUJLHURQHQHOVHQRGHODQiOLVLVPLOL
WDUPX\YLQFXODGDDOD5$1'&RUSRUDWLRQ'HVGHDTXtVHELIXUFDQGRVWLSRV
GHSHUVSHFWLYDVRVXEHQIRTXHVVREUHODVSROtWLFDVS~EOLFDV7DPD\R
$QiOLVLVGHSROtWLFDVS~EOLFDVEDVDGRHQHOFRQRFLPLHQWRGHODVPLVPDV
SROtWLFDV\YLQFXODGRDVXIRUPXODFLyQ\GLVHxRFRPRYHUHPRVPiVDGH
ODQWHDTXtHODJHQWHFUtWLFRHVHODQDOLVWDGHSROtWLFDV
/DV SROtWLFDV S~EOLFDV EDVDGR HQ HO FRQRFLPLHQWR HQ GH ODV SROtWLFDV \
UHODFLRQDGRFRQODLPSOHPHQWDFLyQ\ODHYDOXDFLyQGHODVPLVPDVVRQ
VXVSURJUDPDVUHDOHVHQDFFLyQDTXtHODJHQWHFUtWLFRHVHOGHFLVRUSROt
WLFRRSROLF\PDNHU
(Q (VSDxD VLQ HPEDUJR \ FRPR KHPRV YLVWR DQWHULRUPHQWH ORV HVWXGLRV
GHSROtWLFDVS~EOLFDVSXEOLFSROLF\VXUJHQFRPRXQDFRUULHQWHRHVFXHODGHQ
WURGH ODV GRV UDPDV SULQFLSDOHV GH ODV &LHQFLDV 6RFLDOHV \ DTXt GHSHQGHUi GH
ORVDXWRUHVHQRWRUJDUPD\RULPSRUWDQFLDDOD&LHQFLD3ROtWLFDRDOD&LHQFLDGH
OD$GPLQLVWUDFLyQ\YLFHYHUVD GHGLFDGDVDO HVWXGLRGH ORV SURFHVRV SROtWLFRV \
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
(QULTXH-RVp9DUHODOYDUH]
H[SHUWRV\DJHQWHVFUtWLFRVRVWDNHKROGHUVLPSOLFDGRVHQODSROtWLFD\
XQ WHUFHU DVSHFWR FRPR HV OD SROtWLFD HQ VX VHQWLGR PiV SROLWROyJLFR
JUXSRV GH LQWHUpV SDUWLGRV YHQFHGRUHV HQ XQDV HOHFFLRQHV SDUD ORV
TXHVRQGHHVSHFLDOUHOHYDQFLDHODQiOLVLVGHOFOLPDSROtWLFRODRUJDQL]D
FLyQ GH ORV LQWHUHVHV \ OD PRGLILFDFLyQ GH ORV SXHVWRV GLUHFWLYRV HQ ODV
RUJDQL]DFLRQHV S~EOLFDV SURPRWRUDV GH ODV SROtWLFDV %DOODUW \ 5DPLy
,PSOHPHQWDFLyQGHSROtWLFDVS~EOLFDV7LHQHTXHYHUFRQODDFFLyQGH
ORVDJHQWHVS~EOLFRVFRQODHMHFXFLyQGHORSULRUL]DGR\IRUPXODGRFR
PRXQSURFHVRGHLQWHUDFFLyQ\QHJRFLDFLyQHQWUHODSROtWLFD\ODDGPL
QLVWUDFLyQ HQ ORV QLYHOHV PiV WpFQLFRV GH OD RUJDQL]DFLyQ S~EOLFD
%DUGDFK6LHQGRFRPRHVXQDIDVHFODYH\XQDGHODVGHPD\RU
GLILFXOWDGSRUVXYDULDELOLGDG%DOODUW\5DPLyH[SRQHQ
WUHV PRGHORV GH LPSODQWDFLyQ GH ODV SROtWLFDV S~EOLFDV PRGHOR WRS
GRZQ PRGHOR ERWWRPXS \ PRGHOR IRUZDUG DQG EDFNZDUG
PDSSLQJ
(YDOXDFLyQGHODVSROtWLFDVS~EOLFDV)LQDOPHQWHOOHJDODIDVHHQODTXH
GHVSXpVGHUHDOL]DGRHOWUDEDMRKD\TXHWRPDUGHFLVLRQHVVREUHODFRQWL
QXLGDGGHODSROtWLFDRSURJUDPDS~EOLFRHQIXQFLyQGHVXVUHVXOWDGRV
,QFOX\H HQ HVWD IDVH OD HYDOXDFLyQ GH OD SROtWLFD S~EOLFD LGHQWLILFDQGR
VXVORJURV\UHVXOWDGRV\ORVGDWRVQHFHVDULRVSDUDFRQVHJXLUXQDSUHQGL
]DMH D WUDYpV GH OD UHWURDOLPHQWDFLyQ IHHGEDFN 2OPHGD
FLWDQGRD$QGHUVRQ\
,QGHSHQGLHQWHPHQWHGHODVFUtWLFDVTXHSXHGDUHFLELUHOVLVWHPDGHIDVHVGH
ODVSROtWLFDVS~EOLFDVSRUVXFDUiFWHUOLQHDODFDGpPLFR\GHPDVLDGRWHyULFRHO
KHFKR HV TXH HO PRGHOR FRQWULEX\H D DSOLFDU XQ HQIRTXH SUiFWLFR GH DQiOLVLV
VREUHORTXpKDFH\FyPRKDFHVXWUDEDMROD$GPLQLVWUDFLyQ3~EOLFDDGHPiVGH
D\XGDU D UHDOL]DU P~OWLSOHV LQYHVWLJDFLRQHV VREUH OD DFWXDFLyQ S~EOLFD HQ ORV
~OWLPRVDxRV*UDX
&RPHQWDUTXHDGHPiVGHODSHUVSHFWLYDWHyULFD\GHODVHVFXHODVGHSROtWL
FDV S~EOLFDV H[LVWHQ YDULRV WLSRV R DUHQDV GH SROtWLFDV HVWLORV \ DJHQGDV R OR
TXHHQSDODEUDVGH2OPHGDVHGHQRPLQDFRPRODSUiFWLFDGH
ODVSROtWLFDVS~EOLFDV6REUHHVWHSDUWLFXODUFRQYLHQHUHDOL]DUXQSHTXHxRDQiOL
VLV
UHQDVRWLSRVGHSROtWLFDV6LJXLHQGRD2OPHGDFLWDQ
GRD/RZL0RUDWDFLWDQGRD/RZL
*RPi \ 6XELUDWV FLWDQGR D /RZL
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
(QULTXH-RVp9DUHODOYDUH]
TXHVRQFDSWDGRVSRUHO*RELHUQRHLQFRUSRUDGRVDVXDFWXDFLyQS~EOL
FDGHSROtWLFDVS~EOLFDVTXHVRQJHQHUDGRVSRUWKLQNWDQNVRHTXLSRV
GHHVSHFLDOLVWDVHQGHILQLUODVSROtWLFDV\VLWXDUODVHQODDJHQGDS~EOLFD
\GHOD3ROtWLFDHQJHQHUDOIUXWRGHUHVXOWDGRVHOHFWRUDOHVRSLQLyQS~
EOLFDFDPSDxDVGHJUXSRVGHLQWHUpV
3DUD ILQDOL]DU PHQFLRQDU TXH HQWUH ODV SHUVSHFWLYDV GH DQiOLVLV PiV UHOH
YDQWHVGHODVSROtWLFDVS~EOLFDV*UDXGHVWDFDODHFRQRPtDSROtWLFDHO
LQWHUJXEHUQDPHQWDOLVPRVXSUDQDFLRQDOHOSOXUDOLVPRLQVWLWXFLRQDOUHIRU]DGRHO
LQVWLWXFLRQDOLVPR HO QHRLQVWLWXFLRQDOLVPR KLVWyULFR \ HO UDFLRQDO DVt FRPR OD
SHUVSHFWLYD KLVWyULFRVRFLROyJLFD TXH VRQ DSOLFDGDV D ODV GLIHUHQWHV SROtWLFDV
IDVHV\$GPLQLVWUDFLRQHV3~EOLFDVGHLQWHUpVSDUDORVLQYHVWLJDGRUHV
4XpVRQODV3ROtWLFDV3~EOLFDV\FXiOHVVX UHODFLyQFRQOD$G
PLQLVWUDFLyQ3~EOLFD
5DPLy \ %DOODUW GHVFULEHQ ODV SROtWLFDV S~EOLFDV FRPR ORV
GLVWLQWRV WLSRV GH DFFLyQ TXH SXHGH DGRSWDU XQ *RELHUQR SDUD WUDWDU FRQ SUREOHPDV
VRFLDOHV R S~EOLFRV DXQTXH UHDOPHQWH HQ OD SXHVWD HQ PDUFKD GH DFWLYLGDGHV
S~EOLFDV ORV *RELHUQRV \ VXV $GPLQLVWUDFLRQHV DFW~DQ HQ FRODERUDFLyQ FRQ HO
UHVWR GH VHFWRUHV VRFLDOHV \ HFRQyPLFRV &RPR GHILQLFLyQ FRPSOHPHQWDULD GH
DQiOLVLVGHSROtWLFDVS~EOLFDVHVFRJHPRVODGH7DPD\RTXLHQGHVWDFD
TXH/DVSROtWLFDVS~EOLFDVVRQHOFRQMXQWRGHREMHWLYRVGHFLVLRQHV\DFFLRQHVTXHOOHYD
DFDERXQJRELHUQRSDUDVROXFLRQDUORVSUREOHPDVTXHHQXQPRPHQWRGHWHUPLQDGRORV
FLXGDGDQRV \ HO SURSLR JRELHUQR FRQVLGHUDQ SULRULWDULRV (Q WRGR FDVR KD\ TXH
WHQHUSUHVHQWHTXHODV$GPLQLVWUDFLRQHV3~EOLFDV D ILQGHFXHQWDVQRVRQ PiV
TXH RUJDQL]DFLRQHV TXH FRPELQDQ GLVWLQWRV WLSRV GH UHFXUVRV TXH WUDQVIRUPDQ
HQ SURJUDPDV DFWLYLGDGHV VHUYLFLRV \R SURGXFWRV S~EOLFRV SDUD DWHQGHU SUR
EOHPDVFXEULUGHPDQGDVVRFLDOHVHQGHILQLWLYDSDUDFRQVHJXLUFLHUWRVLPSDFWRV
HFRQyPLFRV VRFLDOHV SROtWLFRV VREUH OD SREODFLyQ 7DPD\R FL
WDQGRD5RVH
(QIRTXHGH7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD
,QWURGXFFLyQ+LVWyULFD\(VFXHODV
8QDGHODVSUHPLVDVPiVLPSRUWDQWHVTXHVHGHEHWHQHUHQFXHQWDFXDQGR
VHDQDOL]DDODV$GPLQLVWUDFLRQHV3~EOLFDVHVTXHVRQRUJDQL]DFLRQHVXQLGDGHV
GHWUDEDMRGHQHJRFLRGHDFWLYLGDGGHSURGXFWRVRGHVHUYLFLRV6RQQ~FOHRV
GHDFFLyQTXHGHVDUUROODQODSUHVWDFLyQGHORVVHUYLFLRVS~EOLFRVVHDQHVWRVSUR
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
GXFLGRVGLUHFWDPHQWHSRUHO(VWDGRDQWLJXDV(PSUHVDV3~EOLFDV\DFWXDOHV(Q
WHV 3~EOLFRV (PSUHVDULDOHV 2UJDQLVPRV $XWyQRPRV $JHQFLDV R UHDOL]DGRV
HQFRODERUDFLyQFRQFXDOTXLHUDGHORVRWURVDFWRUHVVRFLDOHV\HFRQyPLFRVTXH
FRQYLYHQ FRQ ODV $GPLQLVWUDFLRQHV (PSUHVDV \ 7HUFHU 6HFWRU GH DFWLYLGDG
RQJVIXQGDFLRQHV
/DVRUJDQL]DFLRQHVFRPRWDOHVVHFRPSRQHQGHXQDVHULHGHHOHPHQWRVEi
VLFRV\FDGDXQRGHHOORVDOLJXDOVHSURGXFHGHVGHHOHQIRTXHGH&LHQFLDGHOD
$GPLQLVWUDFLyQHVHVWXGLDGRGHVGHGLVFLSOLQDVGLIHUHQWHVSHURDOPLVPRWLHPSR
FRPSOHPHQWDULDV6LQHPEDUJRODVGLPHQVLRQHVGHXQDRUJDQL]DFLyQVRQLGpQWL
FDVWDQWRSDUDODVSULYDGDVFRPRSDUDODVS~EOLFDVTXHVHJ~Q5DPLy
VHUtDQ HQWRUQR REMHWLYRV HVWUXFWXUD DGPLQLVWUDWLYD UHFXUVRV KXPDQRV UHFXU
VRV WHFQROyJLFRV ILQDQFLHURV \ PDWHULDOHV \ SURFHVRV DGPLQLVWUDWLYRV TXH VH
SRGUtDQ HQJOREDU GHQWUR GHO iPELWR VRFLRWpFQLFR 5DPLy \ &DUD
YDQWHVFRPRHQWLGDGHVVRFLDOHVTXHVRQ2WURiPELWRGHODVRUJD
QL]DFLRQHV VHUtD HO TXH FRUUHVSRQGHUtD DO FRQWURO FDPELR \ PHMRUD GH OD
RUJDQL]DFLyQTXHRULHQWDQGHIRUPDFRQWLQXDDODRUJDQL]DFLyQDOp[LWRODHIL
FDFLDODHILFLHQFLD\ODHIHFWLYLGDGVRFLDO3RU~OWLPRFHUUDUtDHOPRGHORGHGL
PHQVLRQHV RUJDQL]DWLYDV HO iPELWR SROtWLFRFXOWXUDO TXH DSRUWDUtDQ ODV
FDUDFWHUtVWLFDV SURSLDV GH ODV RUJDQL]DFLRQHV D OD UHDOLGDG S~EOLFD HQ OD TXH \
SDUDODFXDOYLYHQVLJXLHQGRHOFRQFHSWRGHRUJDQL]DFLRQHVFRPRHQWHVELROy
JLFRVGHQWURGHOHQIRTXHVLVWpPLFR5DPLy\&DUDYDQWHV
3DUD5DPLyVLQHPEDUJRODUHODFLyQHQWUH7HRUtDGHOD2UJD
QL]DFLyQ\OD$GPLQLVWUDFLyQ3~EOLFDQRKDVLGRQLHVIiFLO\DTXHKD\DXWRUHV
TXH VRVWLHQHQ TXH ODV GLIHUHQFLDV HQWUH ODV RUJDQL]DFLRQHV SULYDGDV \ S~EOLFDV
VRQ WDQ LPSRUWDQWHV TXH KDFHQ LPSRVLEOH VX YLQFXODFLyQ \ DGDSWDFLyQ FRPR
HQIRTXHGHDQiOLVLV5DPLyRSLQDTXHODYLQFXODFLyQGHOD7HRUtDGH
OD2UJDQL]DFLyQFRQORVVHFWRUHVSULYDGR\S~EOLFRVHSURGXFHSRUODQHFHVLGDG
GHDPEDVGHUHVXOWDUHILFDFHV\HILFLHQWHV&LHUWRHV\DVtORFRQVWDWDHODXWRU
TXHODVHVSHFLILFLGDGHVSURSLDVGHODV$GPLQLVWUDFLRQHV3~EOLFDVUHTXLHUHQXQD
DGDSWDFLyQGHOD7HRUtDGHOD2UJDQL]DFLyQTXHHQWRGRFDVRSURYRFDQODQH
FHVLGDGGHWUDWDUDOD$GPLQLVWUDFLyQ3~EOLFDFRPRXQDRUJDQL]DFLyQGLIHUHQWH
DMXVWDQGRQHFHVDULDPHQWHHOHQIRTXHGHOD7HRUtDGHOD2UJDQL]DFLyQDVXVFD
UDFWHUtVWLFDV5DPLy
/D$GPLQLVWUDFLyQ3~EOLFDFRPRRUJDQL]DFLyQFRPSOHMDGHULYDGDGHGL
YHUVLGDGIXQFLRQDO\HVWUXFWXUDO
,QWHUGHSHQGHQFLDHQWUH3ROtWLFD\$GPLQLVWUDFLyQ
(QULTXH-RVp9DUHODOYDUH]
1R H[LVWHQFLD GH UHODFLyQ HQWUH ILQDQFLDFLyQ \ DFWLYLGDG GH OD $GPL
QLVWUDFLyQ
/LPLWDFLyQQRUPDWLYDDODJHVWLyQGHOSHUVRQDO
6LWXDFLyQGHLQFUHPHQWDOLVPRSUHVXSXHVWDULRHQOD$GPLQLVWUDFLyQ3~
EOLFDORTXHFRQGXFHDODQRFRPSHWHQFLDHFRQyPLFDDXQTXHVtSROtWLFD
\DGPLQLVWUDWLYD
'LILFXOWDGHQPHGLUODSURGXFFLyQS~EOLFD\VXHILFDFLD\HILFLHQFLD
'LItFLODUWLFXODFLyQGHORVSURIHVLRQDOHV\WpFQLFRVGHODV$GPLQLVWUDFLR
QHVFRQODHVWUXFWXUDEXURFUiWLFDWUDGLFLRQDO
6LJXLHQGR OR DQWHULRU \ FRQFOX\HQGR FRQ ORV DVSHFWRV UHODFLRQDGRV SUR
SLDPHQWH FRQ OD 7HRUtD GH OD 2UJDQL]DFLyQ 5DPLy VHxDOD TXH (O
UHFKD]RDODLGHQWLILFDFLyQHQWUHRUJDQL]DFLRQHVS~EOLFDV\SULYDGDVREOLJDDGLVFULPL
QDUGHPDQHUDJHQHUDODOFRQMXQWRGHWpFQLFDVHLQVWUXPHQWRVJHUHQFLDOHVSURYHQLHQWHV
GHVHFWRUSULYDGR3HURVyORGHPDQHUDJHQHUDO\DTXHHQFLHUWRVPRPHQWRV\iPELWRV
RUJDQL]DWLYRV SXHGHQ VHU DSOLFDEOHV D ODV RUJDQL]DFLRQHV GH QDWXUDOH]D S~EOLFD (OOR
H[SOLFDTXHHOUHFKD]RVHFHQWUHGHIRUPDHVSHFLDOHQODVSHUVSHFWLYDVPiVLQVWUXPHQ
WDOHVGHOD7HRUtDGHOD2UJDQL]DFLyQLQJHQLHUtDHILFLHQWLVPRHFRQRPLFLVPRRJHUHQ
FLDOLVPR SHUR QR D OD WRWDOLGDG GH FRQRFLPLHQWRV WHRUtD \ PpWRGRV TXH RIUHFHQ ODV
PLVPDV/D7HRUtDGHOD2UJDQL]DFLyQFRPRLQVWUXPHQWRGHFRQRFLPLHQWRSXHGHVHU
PX\ ~WLO HQ VX DSOLFDFLyQ DO FDPSR S~EOLFR 6X DOFDQFH ULTXH]D \ SRWHQFLD SXHGHQ
DEULU QXHYDVIRUPDVGHHQWHQGHU ORVRUJDQLVPRVS~EOLFRV3HURGHVJUDFLDGDPHQWH QR
H[LVWHRQRVHKDGHVDUUROODGRVXILFLHQWHPHQWHXQD7HRUtDGHOD2UJDQL]DFLyQDSOLFD
GDHVSHFtILFDPHQWHDOD$GPLQLVWUDFLyQS~EOLFDFRQXQRVFRQFHSWRVYDORUHV\WpFQL
FDVSURSLDV
1RVHQFRQWUDPRVSXHVDQWHODHYROXFLyQQDWXUDOGHOD7HRUtDGHOD2UJD
QL]DFLyQKDFLDOD*HVWLyQ3~EOLFDFRPRHOHPHQWRGLIHUHQFLDGRUGHGLUHFFLyQ\
RUJDQL]DFLyQ GH OR S~EOLFR DQDOL]DGD SRU %UXJXp \ 6XELUDWV %DxyQ
2OtDV\2OPHGD$Vt\FRPRVHxDODQ%UXJXp\6XELUDWV
/DGHQRPLQDFLyQJHVWLyQS~EOLFDKDLGRSRSXODUL]iQGRVHHQORV~OWLPRV
DxRVFRPRQXHYRFDPSRGHHVWXGLR\GRFHQFLDGHORVSUREOHPDVGHODVDGPLQLVWUDFLR
QHVS~EOLFDV7UDGLFLRQDOPHQWHVHKDEtDXWLOL]DGRODHWLTXHWDGHFLHQFLDGHODDGPL
QLVWUDFLyQ R HQ XQ FRQWH[WR PiV DQJORVDMyQ OD GH DGPLQLVWUDFLyQ S~EOLFD SDUD
UHIHULUVHDOiPELWRGHFRQRFLPLHQWRHLQYHVWLJDFLyQTXHVHRFXSDEDHVHQFLDOPHQWHGHO
DQiOLVLVGHODVDGPLQLVWUDFLRQHVS~EOLFDV\VXVHVWUXFWXUDVGHIXQFLRQDPLHQWR
3DUD %UXJXp \ 6XELUDWV OD *HVWLyQ 3~EOLFD VH VLW~D DQWH HVWD GL
FRWRPtDGHOODGRGHODDGPLQLVWUDFLyQS~EOLFDLQWHJUDQGRODSROtWLFD\ODDGPL
QLVWUDFLyQ HQ XQ WRGR TXH HV OD RUJDQL]DFLyQ S~EOLFD TXH HO GLUHFWLYR S~EOLFR
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
GHEHJHVWLRQDUHQWHQGLHQGRSRUWDOFRQGXFLUORVDVXQWRVGHDOJXLHQ\WDPELpQ
HMHUFHUDXWRULGDGRPDQGRVREUHXQDGHWHUPLQDGDRUJDQL]DFLyQ%UXJXp\6XELUDWV
/D *HVWLyQ 3~EOLFD HV XQ FRQFHSWR TXH SXHGH VHU LGHQWLILFDGR FRQ
DGPLQLVWUDUDXQTXH%UXJXp\6XELUDWVGLFHQQRVHGHEHQFRQIXQGLU
SXHV/DJHVWLyQSRUORWDQWRQRVHUHILHUHDODMHUDUTXtDRUJDQL]DWLYDGHXQDDGPL
QLVWUDFLyQFOiVLFDVLQRDODFDSDFLGDGGHSURPRYHUODLQQRYDFLyQVLVWHPiWLFDGHOVD
EHU \ DO PLVPR WLHPSR GH VDFDUOH HO Pi[LPR UHQGLPLHQWR HQ VX DSOLFDFLyQ D OD
SURGXFFLyQ*HVWLRQDUHQGHILQLWLYDQRVLJQLILFDQLHMHUFHUODDXWRULGDGQLRUJDQL]DU
*HVWLRQDUVLJQLILFDXWLOL]DUHOFRQRFLPLHQWRFRPRPHFDQLVPRSDUDIDFLOLWDUXQDPHMRUD
FRQWLQXD R HQ WpUPLQRV GH 0HWFDOIH \ 5LFKDUGV DVXPLU OD UHVSRQVDELOLGDG
VREUHODDFFLyQGHXQVLVWHPD6HJ~Q%UXJXp\6XELUDWVKDEUtDDVt
TXH PRGLILFDU OD DXWRULGDG SRU ODV UHODFLRQHV \ ODV QHJRFLDFLRQHV DFWXDU FRQ
EDVH HQ OD UHVSRQVDELOLGDG S~EOLFD VXMHFLyQ D QRUPDV SURFHGLPLHQWRV \ FRQ
WUROHV \ OD QXHYD UHVSRQVDELOLGDG SULYDGD UHVSRQVDELOLGDG IUHQWH D UHVXOWDGRV
REWHQLGRVORTXHGHWHUPLQDXQQXHYRUROJHUHQFLDOTXHWUDQVIRUPDHQGHILQL
WLYD DO DGPLQLVWUDGRU S~EOLFR HQ JHVWRU S~EOLFR 7RGR HOOR QRV OOHYDUtD D XQD
QXHYDJHVWLyQS~EOLFDHQHOPDUFRGHXQDRUJDQL]DFLyQTXHDQFODQGRVXVUDtFHV
HQ HO SODQWHDPLHQWR ZHEHULDQR SURFHGLPHQWDOLVWD \ ZLOVRQLDQR HVSHFLDOLVWD OR
VXSHUDQ DFHUFDQGR OD $GPLQLVWUDFLyQ 3~EOLFD DO PXQGR GH OD SROtWLFD GH OD
GHILQLFLyQGHREMHWLYRVGHODDXWRQRPtDSDUDGHFLGLUFXUVRVGHDFFLyQGHODOLEHUWDG
SDUD UHVROYHU SUREOHPDV GH OD RSRUWXQLGDG SDUD HVFRJHU HQWUH DOWHUQDWLYDV \ GH OD
QHFHVLGDGGHPDQWHQHUQRVDWHQWRVDORTXHVXFHGHHQHOH[WHULRU%UXJXp\6XELUDWV
/D1XHYD*HVWLyQ3~EOLFDSDUD2OtDVGH/LPDVXSRQHDFHSWDUHO
SXQWRGHSDUWLGDGHOJHUHQFLDOLVPR\OD RULHQWDFLyQGHODVSUiFWLFDVGH JHVWLyQ
SULYDGDKDFLDODVRUJDQL]DFLRQHVS~EOLFDV /D1XHYD*HVWLyQ3~EOLFDDVtPLV
PR VXSRQH HYROXFLRQDU GH HVWH JHUHQFLDOLVPR FOiVLFR \ WUDGLFLRQDO KDFLD XQ
QXHYRSDUDGLJPDWDPELpQGHQRPLQDGRFRPRSDUDGLJPDSRVWEXURFUiWLFR9LOOR
ULDTXHHQJOREDXQDVXHUWHGLYHUVD\DPSOLDGHHQIRTXHVWpFQLFDV
\KHUUDPLHQWDVGHDFFLyQSDUDODPRGLILFDFLyQ\FDPELRGHODVSUiFWLFDVDGPL
QLVWUDWLYDV WUDGLFLRQDOHV (YLGHQWHPHQWH \ WDO \ FRPR VHxDOD 2OtDV GH /LPD
WDOHV HYROXFLRQHV QR HVWiQ GHVSURYLVWDV GH LGHRORJtD \ VH GLULJHQ
SULQFLSDOPHQWH FRQWUD HO /HYLDWiQ PRGHUQR GH OD EXURFUDFLD \ VXV SULYLOHJLRV
HVFXHODGHODHOHFFLyQS~EOLFDHVFXHODGHHFRQRPtDS~EOLFDFRQVXVIDOORVGHO
PHUFDGR \ GHO (VWDGR (QWUH ODV SURSXHVWDV GH OD 1XHYD *HVWLyQ 3~EOLFD
2OtDVGH/LPDGHVWDFDUHGXFFLyQGHOWDPDxRGHOVHFWRUS~EOLFR
GHVFHQWUDOL]DFLyQGHODVRUJDQL]DFLRQHVUXSWXUDGHOPRQROLWLVPR\HVSHFLDOL]D
FLyQ GHVEXURFUDWL]DFLyQ \ FRPSHWHQFLD GHVPDQWHODU OD HVWUXFWXUD HVWDWXWDULD
FOLHQWHOL]DFLyQHYDOXDFLyQ\FDPELRGHFXOWXUDDGPLQLVWUDWLYD
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
ODV5,*6\ODSRVLELOLGDGGHDQDOL]DUODUHDOLGDGHPHUJHQWHGHOFDVRDXWRQyPL
FRHVSDxROVHSURGXFHQHQFDVFDGDXQDVHULHGHHVWXGLRV\DGLUHFWDPHQWHYLQ
FXODGRV DO ,82* \ D VXV LQYHVWLJDGRUHV VREUH HVWH PDUFR GH UHODFLRQHV
QDFLRQDOHV\VXEQDFLRQDOHVKDVWDQXHVWURVGtDV
)UXWRGHVXFDUiFWHUPXOWLRUJDQL]DWLYRODV5,*6HVWiQWDPELpQUHODFLR
QDGDVFRQHOHVWXGLRGHODFHQWUDOL]DFLyQGHVFHQWUDOL]DFLyQRODVUHODFLRQHVFHQ
WURSHULIHULD TXH QRV RFXSD HQ HO SUHVHQWH WUDEDMR IXQGDPHQWDOPHQWH
FHQWUDGRV HQ ODV YLQFXODFLRQHV FHQWUDOORFDOHV $JUDQRII &RQ
UHODFLyQDHVWH~OWLPRJUXSRGHRUJDQL]DFLRQHVORFDOHVHVLQWHUHVDQWHGHVWDFDUVX
QRYHGDGSHURQRSRUHOORPHQRULPSRUWDQFLD\DTXHHQODDFWXDOLGDGMXHJDQXQ
SDSHO FODYH VREUH WRGR HO QXHYR PDUFR GH UHODFLRQHV TXH VH HVWDEOHFHQ \D QR
HQWUHHO(VWDGR&HQWUDO\ODV&RPXQLGDGHV$XWyQRPDV$JUDQRII
$UHQLOOD\/ySH]$UDQJXUHQVLQRHQWUHHVWDV~OWLPDV\ODV
$GPLQLVWUDFLRQHV /RFDOHV &DUULOOR \ 0RQGUDJyQ 5XL] GH /H]DQD
VLQROYLGDUQRVGHOSDSHOTXHHQHVWHPDUFRLQWHUJXEHUQDPHQWDO
MXHJDOD8QLyQ(XURSHD&UHVSOR*RQ]iOH]
/DV 5,*6 WLHQHQ XQD VHULH GH HOHPHQWRV FRPXQHV TXH ODV GHWHUPLQDQ
HQWUHORVTXHGHVWDFDQ$JUDQRIIODVUHODFLRQHVILVFDOHVLQWHUJX
EHUQDPHQWDOHV ODV VXEYHQFLRQHV LQWHUJXEHUQDPHQWDOHV OD UHJXODFLyQ LQWHUJX
EHUQDPHQWDOODVHVWUXFWXUDVJXEHUQDPHQWDOHVODVIXHU]DVSROtWLFDVODVDFFLRQHV
EXURFUiWLFDV \ ODV FRPXQLFDFLRQHV LQWHUJXEHUQDPHQWDOHV \ HQ ODV TXH QHFHVD
ULDPHQWHKD\TXHLQFLGLUSDUDFRQVHJXLUXQPDSDFRPSOHWRGHODVUHODFLRQHVTXH
VHSURGXFHQHQWUHODVGLIHUHQWHVRUJDQL]DFLRQHVS~EOLFDVGHORVGLIHUHQWHVQLYHOHV
WHUULWRULDOHVGHDFWXDFLyQHVWXGLDGRV
(QWUH ODV FDUDFWHUtVWLFDV IXQGDPHQWDOHV GH ODV 5,*6 FRPR GHVWDFD
$JUDQRIIFLWDQGRD'6:ULJKWWHQHPRVTXH
7UDVFLHQGHQ ODV SDXWDV GH DFWXDFLyQ JXEHUQDPHQWDO FRQVWLWXFLRQDO
PHQWH UHFRQRFLGDV LQFOX\HQGR XQD JUDQ YDULHGDG GH UHODFLRQHV HQWUH
WRGRV ORV QLYHOHV GH JRELHUQR QDFLRQDO UHJLRQDO \ ORFDO DGHPiV GH
DFWRUHVVRFLDOHV\RUJDQL]DFLRQHVSULYDGDV
'HVWDFDQODLPSRUWDQFLDGHOHOHPHQWRKXPDQRHQODV UHODFLRQHVHQWUH
JRELHUQRV
6XSRQHQXQDFRQWLQXDWRPDGHFRQWDFWRHLQWHUFDPELRGHLQIRUPDFLyQ
HQWUH ORV UHVSRQVDEOHV \ WpFQLFRV GH ORV JRELHUQRV \ DGPLQLVWUDFLRQHV
LPSOLFDGDV HQ ORV SURJUDPDV \ SROtWLFDV S~EOLFDV DGHPiV GH SDUWLFLSDU
HQPD\RURPHQRUPHGLGDHQORVSURFHVRVGHWRPDGHGHFLVLRQHV
(QULTXH-RVp9DUHODOYDUH]
3DUWLFLSDFLyQGHGLIHUHQWHVDFWRUHVS~EOLFRSULYDGRVHQHOSURFHVRGHODV
5,*6
3RU~OWLPRHVWiQYLQFXODGDVDODVSROtWLFDVS~EOLFDV\DTXHKDFHQUHIH
UHQFLD DO FRQMXQWR GH LQWHQFLRQHV \ DFFLRQHV \ QR DFFLRQHV GH HVWRV
HPSOHDGRVS~EOLFRVDVtFRPRVXVFRQVHFXHQFLDVOR TXHQRVOOHYDUtD DO
H[DPHQ GHWDOODGR GH ODV LQWHUDFFLRQHV GH ORV GLVWLQWRV DFWRUHV SDUWLFL
SDQWHVHQODVSROtWLFDVHVWXGLDGDVHQFDGDXQDGHODVIDVHVGHODVSROtWL
FDVS~EOLFDV$JUDQRIISSFLWDQGRD'6:ULJKW
+DEODUGH5,*6HVWDPELpQFRPHQWDUORVPRGHORVHQWRUQRDORVFXDOHV
VHHVWUXFWXUDQHVWDVUHODFLRQHVHQWUH$GPLQLVWUDFLRQHV3~EOLFDVSRUHOOR:ULJKW
GHVWDFD WUHV WLSRV LGHDOHV GH DUWLFXODFLyQ GH ODV UHODFLRQHV HQWUH
*RELHUQRV\$GPLQLVWUDFLRQHV
0RGHOR LQFOXVLYR %DVDGR HQ UHODFLRQHV GH MHUDUTXtD GRQGH HO QLYHO
SUHGRPLQDQWHHVHOFHQWUDOPLHQWUDVTXHHOUHJLRQDOORFDOHVWiVXERUGL
QDGRFRPRPHUDH[WHQVLyQDGPLQLVWUDWLYDGHOSULPHUR
0RGHORVHSDUDGR6HSURGXFHXQDVHSDUDFLyQFODUDGHODVDFWLYLGDGHV\
FRPSHWHQFLDV GH FDGD QLYHO GH JRELHUQR UHFRQRFLpQGRVH VRODPHQWH OD
H[LVWHQFLDFRQVWLWXFLRQDOGHQLYHOHVHVWDWDOHV\UHJLRQDOHVPLHQWUDVTXH
HO QLYHO ORFDO HVWi VXERUGLQDGR D ORV GRV DQWHULRUHV GHSHQGLHQGR IXQ
FLRQDOPHQWHGHODVUHJLRQHV\OHJDOPHQWHGHOFHQWUR
0RGHORVREUHSXHVWR6XSRQHXQDSDUWLFLSDFLyQVLPXOWiQHDGHORVWUHV
QLYHOHVGHJRELHUQRTXHVHGHVDUUROODHQXQPDUFRGHJUDQLQWHUGHSHQ
GHQFLDVLHQGROLPLWDGRHOSRGHUGHFDGDJRELHUQRSDUDDFWXDUSRUVHSD
UDGR
$GHPiVGHODV5,*6FRPRHQIRTXHGHDQiOLVLVGHODV$GPLQLVWUDFLRQHV
3~EOLFDVFRH[LVWHFRQHOODVODGHQRPLQDGDJHVWLyQLQWHUJXEHUQDPHQWDOR*,*
TXHVXSRQHDQDOL]DUHQODSUiFWLFDFRWLGLDQDGHJHVWLyQGHORVJRELHUQRVRXQL
GDGHV DGPLQLVWUDWLYDV TXH VH UHODFLRQDQ /DV *,* VRQ VHJ~Q $JUDQRII
XQD IXQFLyQ GH ODV 5,*6 H LQFLGHQ HQ ORV DVSHFWRV SUiFWLFRV \
REMHWLYDEOHVGHGLFKDVUHODFLRQHVFHQWUiQGRVHHQODUHVROXFLyQGHSUREOHPDVHQ
HODQiOLVLVGHOVLVWHPDHQDFFLyQ\HQHOHVWXGLRGHODVUHGHVGHFRPXQLFDFLyQGH
ODV$GPLQLVWUDFLRQHV3~EOLFDVLPSOLFDGDV
'HQWUR GH ODV 5,*6 \ ODV *,* H[LVWHQ YDULDV WpFQLFDV HQWUH ODV TXH
$JUDQRII2OPHGD\0RQGUDJyQ5XL]GH/H]D
QDUHVDOWDQ
3ODQLILFDFLyQHVWUDWpJLFDOLGHUD]JR\YLVLyQ
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
&RQWDFWRVHQWUHORVHPSOHDGRVS~EOLFRV
,QIOXHQFLDGHORVUHFXUVRVLQWHUJXEHUQDPHQWDOHV\SULYDGRV
)RPHQWRGHODFDSDFLGDGJXEHUQDPHQWDO
([HQFLRQHVSURJUDPDVPRGHOR\SURJUDPDFLyQHVSHFLDO
'HVUHJXODFLyQ\IOH[LELOLGDGUHJXODWRULDQHJRFLDGD
(ODERUDFLyQ FRQMXQWD GH SROtWLFDV R FRODERUDFLyQ HQ HO SURFHVR GH OD
HODERUDFLyQGHODVSROtWLFDV
'LVPLQXFLyQGHODOFDQFHGHODVXSHUYLVLyQFHQWUDO
&RRSHUDFLyQKRUL]RQWDO\GHVDUUROORGHUHGHV
5HRUJDQL]DFLyQJXEHUQDPHQWDO\HQIRTXHVGHOJUDGRGHHILFLHQFLD
3RU ~OWLPR FRPHQWDU TXH HQWUH ODV GLVWLQWDV WHQGHQFLDV TXH VH SURGXFHQ
HQ HO FDPSR GH ODV SUiFWLFDV GH ODV 5,*6 \ ODV *,* $JUDQRII
WLHQHQOXJDUQXHYDVOtQHDVGHLQYHVWLJDFLyQFRPSOHPHQWDULDVDODVDQWHULR
UHVTXHHQULTXHFHQHODQiOLVLVGHODVUHODFLRQHVFHQWURSHULIHULD\TXHVHVLW~DQ
DQWH
(ODQiOLVLVGHQXHYDVHVWUXFWXUDVJXEHUQDPHQWDOHV
/DGHYROXFLyQGHUHVSRQVDELOLGDGHVRSHUDWLYDV
(OGHVSOD]DPLHQWRKDFLDDEDMRGHODVFDUJDVILQDQFLHUDV
/DLQIOXHQFLDFHQWUDOVREUHODILQDQFLDFLyQVXEQDFLRQDO
/DSUHVWDFLyQLQQRYDGRUDGHVHUYLFLRV
/DHILFDFLDHQODJHVWLyQGHODVSROtWLFDV
4XpVRQODV5HODFLRQHV\OD*HVWLyQ,QWHUJXEHUQDPHQWDOHV\FX
iOHVVXUHODFLyQFRQOD$GPLQLVWUDFLyQ3~EOLFD
$JUDQRII\VHxDODTXHHQPDWHULDGHSROtWLFDVS~EOLFDV
ODVUHODFLRQHVHQWUHORVJRELHUQRVVRQLQWHUJXEHUQDPHQWDOHV\ODJHVWLyQTXHVH
SURGXFHHQWUHHOORVQHFHVDULDPHQWHWDPELpQHQWHQGLHQGRSRU5,*6ORGHILQL
GRSRU$QGHUVRQFRPRXQLPSRUWDQWHFRQWLQJHQWHGHDFWLYLGDGHVRLQWHUDF
FLRQHVTXHWLHQHQOXJDUHQWUHXQLGDGHVGHJRELHUQRGH WRGRWLSR\QLYHOWHUULWRULDOGH
DFWXDFLyQPLHQWUDVTXHSRU*,*WHQGUtDPRVVLJXLHQGRD$JUDQRII
ODVWUDQVDFFLRQHVGLDULDVRUHODFLRQHVLQIRUPDOHVHQWUHORVHOHPHQWRVJXEHUQDPHQWDOHV
FRPSRQHQWHV GH XQ VLVWHPD SROtWLFRDGPLQLVWUDWLYR /DV 5,*6 VXSRQGUtDQ HO
(QULTXH-RVp9DUHODOYDUH]
PDUFR GH DQiOLVLV SODQR WHyULFR GH ODV LQWHUDFFLRQHV HQWUH YDULRV QLYHOHV GH
JRELHUQR PLHQWUDV TXH OD *,* UHVXOWDUtD OD DSOLFDFLyQ GH ODV WpFQLFDV FRQ
FUHWDVGHOPDUFRDQWHULRUKDUtDQUHIHUHQFLDDODHMHFXFLyQGLDULDGHGLFKDVLQWH
UDFFLRQHV\DTXHFRPRVHxDOD$JUDQRIIORVJHVWRUHV\HVSHFLDOLVWDVGH
ORVSURJUDPDVWLHQHQXQRVFRQRFLPLHQWRVEiVLFRVGHODVUDPLILFDFLRQHV OHJDOHVWpFQL
FDV ILVFDOHV \ SROtWLFDV GH VXV SURJUDPDV 7LHQH TXH UHDOL]DU WUDQVDFFLRQHV FRQ HP
SOHDGRV S~EOLFRV GH RWURV JRELHUQRV TXH SRVHHQ XQRV FRQRFLPLHQWRV \ XQ QLYHO GH
UHVSRQVDELOLGDGVLPLODUHV
&RPR SRGHPRV FRPSUREDU \ FRLQFLGLHQGR FRQ 0RUDWD HO PDUFR
GHODV5,*6\*,*VHDGDSWD\YLQFXODSHUIHFWDPHQWHDODQiOLVLVGHODVSROt
WLFDVS~EOLFDVSRUTXHVXSRQHXQDDPSOLDFLyQGHOHQIRTXHWUDGLFLRQDODWUDYpVGH
ODLQFRUSRUDFLyQGHO HVWXGLR GHUHGHVGHSROtWLFDV \ GHO DQiOLVLV GH OD GHFLVLyQ
LPSOHPHQWDFLyQ GHVGH XQD SHUVSHFWLYD PiV LQWHUGLVFLSOLQDU DGHPiV ODV
5,*6*,*VHHVWDEOHFHUtDQDGLVWLQWRVQLYHOHVGHVGHODIDVHGHIRUPXODFLyQ
KDVWDODLPSOHPHQWDFLyQ\SRVWHULRUHYDOXDFLyQ\FRQWUROGHODSROtWLFDS~EOLFD
3RUHQGHWDPELpQVHYLQFXODHVWHDQiOLVLVGH5,*6\*,*DOD&LHQFLD3ROt
WLFD\DOD&LHQFLDGHOD$GPLQLVWUDFLyQ\FRQHOORDOREMHWRGHHVWXGLRTXHQRV
RFXSDTXHQRHVRWURTXHODV$GPLQLVWUDFLRQHV3~EOLFDV
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
%LEOLRJUDItD5HFRPHQGDGD
$JUDQRII 5REHUW /DV UHODFLRQHV LQWHUJXEHUQDPHQWDOHV \ HO (VWDGR GH ODV
$XWRQRPtDV 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 3ROtWLFD \ 6RFLHGDG
Q0DGULGSS
$JUDQRII 5REHUW /DV UHODFLRQHV \ OD JHVWLyQ LQWHUJXEHUQDPHQWDOHV HQ
%DxyQ L 0DUWtQH] 5DIDHO \ &DUULOOR %DUURVR (UQHVWR FRPSV /D QXHYD
$GPLQLVWUDFLyQ3~EOLFD$OLDQ]D8QLYHUVLGDG0DGULGSS
$UHQLOOD6iH]0DQXHO(OSUREOHPDUHJLRQDOHQ(VSDxD8QEDODQFHGHVGH
ODSHUVSHFWLYDLQWHUDGPLQLVWUDWLYDHQ$UHQLOOD0/RXJKOLQ-\7RRQHQ
7 (GV /D (XURSD GH ODV 5HJLRQHV 8QD SHUVSHFWLYD LQWHUJXEHUQD
PHQWDO8QLYHUVLGDGGH*UDQDGD*UDQDGDSS
%DHQD GHO $OFi]DU 0DULDQR &XUVR GH &LHQFLD GH OD $GPLQLVWUDFLyQ
9ROXPHQ,7HFQRVFXDUWDHGLFLyQUHIRUPDGD0DGULG
%DOODUW ;DYLHU &DUOHV 5DPLy &LHQFLD GH OD $GPLQLVWUDFLyQ 7LUDQW OR
%ODQFK9DOHQFLD,QWURGXFFLyQSS&DStWXOR,;/DDFWXD
FLyQGHOD$GPLQLVWUDFLyQODVSROtWLFDVS~EOLFDVSS
%DxyQL0DUWtQH]5DIDHO/RVHQIRTXHVSDUDHOHVWXGLRGHOD$GPLQLVWUD
FLyQ3~EOLFD2UtJHQHV\WHQGHQFLDVDFWXDOHVHQ%DxyQL0DUWtQH]5DIDHO
\ &DUULOOR %DUURVR (UQHVWR FRPSV /D QXHYD $GPLQLVWUDFLyQ 3~EOLFD
$OLDQ]D8QLYHUVLGDG0DGULGSS
%UXJXp 4XLP \ 6XELUDWV -RDQ ,QWURGXFFLyQ HQ %UXJXp 4XLP \ 6XEL
UDWV -RDQ /HFWXUDV GH *HVWLyQ 3~EOLFD 0$30 3UHVLGHQFLD%2( 0D
GULGSS
%UXJXp 4XLP \ *RPi 5LFDUG *RELHUQR ORFDO GH OD QDFLRQDOL]DFLyQ DO
ORFDOLVPR \ GH OD JHUHQFLDOL]DFLyQ D OD UHSROLWL]DFLyQ HQ %UXJXp 4XLP \
*RPi5LFDUGFRRUGV*RELHUQRVORFDOHV\SROtWLFDVS~EOLFDV%LHQHVWDU
VRFLDOSURPRFLyQHFRQyPLFD\WHUULWRULR$ULHO&LHQFLD3ROtWLFD%DUFHOR
QDSS
%UXJXp 4XLP \ *RPi 5LFDUG /DV SROtWLFDV S~EOLFDV ORFDOHV DJHQGDV
FRPSOHMDVUROHVHVWUDWpJLFRV\HVWLORUHODFLRQDOHQ%UXJXp4XLP\*RPi
5LFDUGFRRUGV*RELHUQRVORFDOHV\SROtWLFDVS~EOLFDV%LHQHVWDUVRFLDO
SURPRFLyQ HFRQyPLFD \ WHUULWRULR $ULHO &LHQFLD 3ROtWLFD %DUFHORQD
SS
(QULTXH-RVp9DUHODOYDUH]
&DQDOHV$OLHQGH-RVH0DQXHO/HFFLRQHVGH$GPLQLVWUDFLyQ\GH*HVWLyQ
3~EOLFD(GLWD8QLYHUVLGDGGH$OLFDQWH$OLFDQWH
*DUFtD &RWDUHOR 5DPyQ 2EMHWR PpWRGR \ WHRUtD HQ 3DVWRU 0DQXHO
FRPS&LHQFLD3ROtWLFD(G0F*UDZ+LOO0DGULGSS
*DUFtD &RWDUHOR 5DPyQ /D &LHQFLD 3ROtWLFD HQ (VSDxD HQ &RWDUHOR
5DPyQ'LUHFWRU&RRUGLQDGRU&LHQFLD3ROtWLFD\GHOD$GPLQLVWUDFLyQ
HQ5H\HV5RPiQ(G/DV&LHQFLDV6RFLDOHVHQ(VSDxD+LVWRULDLQPH
GLDWDFUtWLFD\SHUVSHFWLYDV(GLWRULDO&RPSOXWHQVH0DGULGSS
*RPi5LFDUG\6XELUDWV-RDQ'HPRFUDWL]DFLyQGLPHQVLRQHVGHFRQIOLFWR
\SROtWLFDVS~EOLFDVHQ(VSDxDHQ*RPi5LFDUG\6XELUDWV-RDQFRRUGV
3ROtWLFDVS~EOLFDVHQ(VSDxD&RQWHQLGRVUHGHVGHDFWRUHV\QLYHOHVGH
JRELHUQR$ULHO&LHQFLD3ROtWLFD%DUFHORQDSS
*RPi5LFDUG\6XELUDWV-RDQ3ROtWLFDVS~EOLFDVKDFLDODUHQRYDFLyQGHO
LQVWUXPHQWDOGHDQiOLVLVHQ*RPi5LFDUG\6XELUDWV-RDQFRRUGV3R
OtWLFDVS~EOLFDVHQ(VSDxD&RQWHQLGRVUHGHVGHDFWRUHV\QLYHOHVGHJR
ELHUQR$ULHO&LHQFLD3ROtWLFD%DUFHORQDSS
*UDX0LUHLD(OHVWXGLRGHODVSROtWLFDVS~EOLFDVHQIRTXHV\PHWRGRORJtDV
GHDQiOLVLVHQ*UDX0LUHLD\0DWHRV$UDFHOL(GV$QiOLVLVGH3ROtWLFDV
3~EOLFDVHQ(VSDxDHQIRTXHV\FDVRV(GLWRULDO7LUDQWOR%ODQFK9DOHQ
FLDSS
/ySH] $UDQJXUHQ (GXDUGR 5HODFLRQHV LQWHUJXEHUQDPHQWDOHV HQ ORV (V
WDGRVDXWRQyPLFR\IHGHUDO(VWXGLRVREUHORV(VWDGRV8QLGRVHO(VWDGR
HVSDxRO\HO3DtV9DVFR,9$32xDWL
0RQGUDJyQ 5XL] GH /H]DQD -DLRQH /D JHVWLyQ LQWHUJXEHUQDPHQWDO ODV
UHODFLRQHVLQWHUJXEHUQDPHQWDOHVHQ(VSDxDHQ2OtDVGH/LPD*HWH%ODQFD
&RRUG/D1XHYD*HVWLyQ3~EOLFD3UHQWLFH+DOO0DGULGSS
0RUDWD )UDQFHVF *REHUQDFLyQ HXURSHD \ SROtWLFDV S~EOLFDV HQ 0RUDWD
)UDQFHVF HGLWRU 3ROtWLFDV S~EOLFDV HQ OD 8QLyQ (XURSHD $ULHO &LHQFLD
3ROtWLFD%DUFHORQDSS
2OtDVGH/LPD*HWH%ODQFD/DHYROXFLyQGHODJHVWLyQS~EOLFDOD1XHYD
*HVWLyQ3~EOLFDHQ2OtDVGH/LPD*HWH%ODQFD&RRUG/D1XHYD*HV
WLyQ3~EOLFD3UHQWLFH+DOO0DGULGSS
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
2OPHGD*yPH]-RVp$QWRQLR&LHQFLDGHOD$GPLQLVWUDFLyQ9ROXPHQ,
7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD81('0DGULG7H
PD ,9 5HODFLRQHV ,QWHUJXEHUQDPHQWDOHV H ,QWHUDGPLQLVWUDWLYDV SS
7HPD;,,(ODQiOLVLVGHODVSROtWLFDVS~EOLFDVSS7HPD
;,,,/DVSROtWLFDVS~EOLFDVHQOD SUiFWLFD SS 7HPD;9,/D
*HVWLyQ3~EOLFD(VWUDWpJLFDSS
3DVWRU 0DQXHO ,QWURGXFFLyQ /D &LHQFLD 3ROtWLFD HQ (VSDxD HQ 3DVWRU
0DQXHOFRPS&LHQFLD3ROtWLFD(G0F*UDZ+LOO0DGULGSS[L
[[LY
5DPLy &DUOHV 7HRUtD GH OD 2UJDQL]DFLyQ \ $GPLQLVWUDFLyQ 3~EOLFD
7HFQRV\8QLYHUVLWDW3RPSHX)DEUD0DGULG&DStWXOR7HRUtDGH
OD2UJDQL]DFLyQ\$GPLQLVWUDFLyQ3~EOLFDSS
6XELUDWV-RDQ$QiOLVLVGHSROtWLFDVS~EOLFDV\HILFDFLDGHOD$GPLQLVWUD
FLyQ0$3,1$30DGULG
6XELUDWV-RDQ/RVHVWXGLRVGH&LHQFLDGHOD$GPLQLVWUDFLyQ HQ (VSDxD
HQ &RWDUHOR 5DPyQ 'LUHFWRU&RRUGLQDGRU &LHQFLD 3ROtWLFD \ GH OD
$GPLQLVWUDFLyQHQ5H\HV5RPiQ(G/DV&LHQFLDV6RFLDOHVHQ(VSDxD
+LVWRULDLQPHGLDWDFUtWLFD\SHUVSHFWLYDV(GLWRULDO&RPSOXWHQVH0DGULG
SS
7DPD\R 6iH] 0DQXHO (O DQiOLVLV GH ODV SROtWLFDV S~EOLFDV HQ %DxyQ L
0DUWtQH]5DIDHO\&DUULOOR%DUURVR(UQHVWRFRPSV/DQXHYD$GPLQLV
WUDFLyQ3~EOLFD$OLDQ]D8QLYHUVLGDG0DGULGSS
9DOOpV -RVHS &LHQFLD 3ROtWLFD 8QD LQWURGXFFLyQ $ULHO &LHQFLD 3ROtWLFD
%DUFHORQD
9LOORULD 0HQGLHWD 0DQXHO 0RGHUQL]DFLyQ DGPLQLVWUDWLYD \ JRELHUQR
SRVWEXURFUiWLFR HQ %DxyQ L 0DUWtQH] 5DIDHO \ &DUULOOR %DUURVR (UQHVWR
FRPSV/DQXHYD$GPLQLVWUDFLyQ3~EOLFD$OLDQ]D8QLYHUVLGDG0DGULG
SS
:ULJKW'63DUDHQWHQGHUODV5HODFLRQHV,QWHUJXEHUQDPHQWDOHV)RQGR
GH&XOWXUD(FRQyPLFD0p[LFR
(QULTXH-RVp9DUHODOYDUH]
1RWDV3Lp3iJLQD
/D6RFLHGDGSURYRFDFDPELRVHQHO(VWDGR\HQODV$GPLQLVWUDFLRQHV3~EOLFDVXQ
SUREOHPDFRPRODLQPLJUDFLyQRFRPRHOPHGLRDPELHQWHLQGXFHDORVJRELHUQRVDWR
PDU SRVLFLRQHV FRQVWUXLU SROtWLFDV S~EOLFDV GHVDUUROODU DOLDQ]DV FRQ WHUFHURV SDtVHV
SHURWDPELpQGHIRUPDFRQWUDULDHVWDV$GPLQLVWUDFLRQHV3~EOLFDVGHILQHQ\FRQVWUX\HQ
SUREOHPDVVRFLDOHVYLG%HOWUiQ0LJXHO/DUHDOLGDGVRFLDOFDStWXOR8QHVWXGLRGH
FDVR OD FRQVWUXFFLyQ DGPLQLVWUDWLYD GH OD UHDOLGDG VRFLDO 7HFQRV 0DGULG SS
HOGLVFXUVRGHOD$GPLQLVWUDFLyQDFHUFDGHODUHDOLGDGGHVSHJDGRGHHOODFRPRFLHU
WDPHQWHHVFRQWULEX\HQRREVWDQWHGHPDQHUDGHFLVLYDDODFRQVWUXFFLyQGHODUHDOLGDGVRFLDO
'HWDOVXHUWHTXHODUHDOLGDGVRFLDOHVWDUtDFRQVWLWXLGDWDQWRSRUODUHDOLGDGSURSLDPHQWHGLFKD
FRPRSRUORTXHOD$GPLQLVWUDFLyQGLFHVREUHHOOD3HURDVtFRPRORVFLXGDGDQRVVHYHQREOLJD
GRVDPRYHUVHHQHVDUHDOLGDGPL[WDVLPXOWiQHDPHQWHUHDO\FRQVWUXLGDOD$GPLQLVWUDFLyQHQ
FDPELRVHHPSHxDHQGHVHQYROYHUVHGHSUHIHUHQFLDHQHOSODQRGHORTXHHOODPLVPDGLFHHQVX
SURSLDGHILQLFLyQGHORTXHHV\GHORTXHGHEHVHUOD$GPLQLVWUDFLyQFRQVWUX\HHLPSRQHXQ
PXQGRVLPEyOLFRHQJUDQPHGLGDUHVSRQVDEOHGHODFRQILJXUDFLyQGHORUGHQVRFLDO\SRUWDQWR
GH OD GHWHUPLQDFLyQ GH ODV UHODFLRQHV VRFLDOHV SHUR DO FRQVWUXLUOR HOOD PLVPD VH GLVWDQFLD \
DLVODGHODUHDOLGDGUHDODOHVIRU]DUVHHQGHILQLUODVLPSOLILFDUODRUGHQDUOD\UHGXFLUVXLQFHUWL
GXPEUH\DPELJHGDGUHIXJLiQGRVHHQXQERVTXHGHWH[WRV\QRUPDVGHSDODEUDVDODSRVWUH
WDQDPELJXDV\QHFHVLWDGDVGHLQWHUSUHWDFLyQFRPRSURSLDUHDOLGDGDODTXHVHWUDWDGHRUGH
QDUSS(VWRVSUREOHPDVVRFLDOHVVRQHQGHILQLWLYDODMXVWLILFDFLyQEiVLFDGH
DFWXDFLyQ GH ORV SRGHUHV S~EOLFRV \D TXH FRPR VHxDOD 7DPD\R ORV SUREOHPDV QR
H[LVWHQ VLQR TXH VRQ FRQVWUXLGRV GHILQLGRV VXEMHWLYD H LQWHUHVDGDPHQWH SRU XQ REVHUYDGRU
$FWRUHV GLVWLQWRV HQWHQGHUiQ HO SUREOHPD SODQWHDGR GH PDQHUD GLIHUHQWH UHIOHMDQGR HQ VXV
UHVSHFWLYDVGHILQLFLRQHVVXVSURSLRVLQWHUHVHV\YDORUHV3RUHOORORVJHVWRUHVS~EOLFRVGHEHQVHU
FRQVFLHQWHV GH TXH VX YLVLyQ GHO SUREOHPD HV VyOR XQD GH ODV SRVLEOHV \ QR WLHQH SRU TXp VHU
VLHPSUHODPiVFRUUHFWD7DPD\R0DQXHO(ODQiOLVLVGHODVSROtWLFDVS~EOLFDVHQ%D
xyQL0DUWtQH]5DIDHO\&DUULOOR%DUURVR(UQHVWRFRPSV/DQXHYD$GPLQLVWUDFLyQ
3~EOLFD$OLDQ]D8QLYHUVLGDG0DGULGSS
'HVGHXQ6($7HQODGpFDGDGHORVHQ(VSDxDKDVWDODSURPRFLyQGHOD
LQWHJUDFLyQ GH ORV LQPLJUDQWHV HQ QXHVWUD VRFLHGDG HQ ORV DxRV KDEtD SDtVHV HXUR
SHRVTXHUHDOL]DEDQHVWDDFWLYLGDGGHLQVHUFLyQFRQORVHPLJUDQWHVHVSDxROHVHQRUPH
KDUHVXOWDGRODHYROXFLyQGHODVRUJDQL]DFLRQHVS~EOLFDVHQFXDUHQWDDxRV0iVUiSLGRV
VH QRV DQWRMDQ HQ OD DFWXDOLGDG HVWDV WUDQVIRUPDFLRQHV IUXWR IXQGDPHQWDOPHQWH GHO
FDPELRGHPRFUiWLFRWHFQROyJLFR\ODJOREDOL]DFLyQTXHKDQUDGLFDOL]DGRODVSRVWXUDVGH
DTXHOORVTXHVHVLWXDEDQHQSRVLFLRQHVIURQWHUDDQWHORS~EOLFRSRUXQODGRORVSDUWLGD
ULRVGHODQRLQWHUYHQFLyQGHO(VWDGRHQODHFRQRPtD\OD6RFLHGDGHQJHQHUDO\SRU
RWURORVSDUWLGDULRVGHODSDUWLFLSDFLyQGHO(VWDGRHQOD6RFLHGDG\VXHVWUXFWXUD SUR
GXFWLYD
'HVGHODVSULQFLSDOHVFRPR&LHQFLD3ROtWLFD&LHQFLDGHOD$GPLQLVWUDFLyQ3ROtWL
FDV3~EOLFDV7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD\5HODFLRQHV\*HVWLyQ,QWHU
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
JXEHUQDPHQWDOHV KDVWD RWUDV TXH VRQ LJXDOPHQWH LPSRUWDQWHV SHUR TXH D HIHFWRV GHO
SUHVHQWHWUDEDMRWLHQHQXQSDSHOVHFXQGDULRFRPRHO'HUHFKROD6RFLRORJtDOD(FRQR
PtDOD3VLFRORJtDOD+LVWRULD\VXVGLIHUHQWHVDFDGHPLDV\HVFXHODVWDQWRHVSDxRODV
FRPRH[WUDQMHUDV(VWDGRV8QLGRV)UDQFLD5HLQR8QLGR\SRUVXSXHVWR(VSDxD
([FOX\RFRQVFLHQWHPHQWHGHHVWHDQiOLVLVODIUDFWXUDLGHROyJLFDL]TXLHUGDGHUHFKD
SRUTXHKDVLGRWUDWDGDFRQSURIXVLyQHQORVPRPHQWRVDQWHULRUHV\SRVWHULRUHVDODFDtGD
GHOPXURGH%HUOtQGHVGHODVWHVLVQHROLEHUDOHV\FRQSODQWHDPLHQWRVFRPRHOGHOILQGH
ODKLVWRULD\GHODVLGHRORJtDVSHURVLQROYLGDUTXHOD$GPLQLVWUDFLyQ3~EOLFDOD6RFLH
GDG HO (VWDGR VRQ VLQ PiV SXUD LGHRORJtD FRQVWUX\pQGRVH GHVGH HOOD \ VXV SODQWHD
PLHQWRV GH SURJUHVR VRFLDOHV PRGHORV GH $GPLQLVWUDFLyQ 3~EOLFD 6RFLHGDG \ (VWDGR
UHDOPHQWHRSXHVWRV
/DHGDGGRUDGDGHODQXHYDHFRQRPtDTXHVHYLYLyHQWUH\HODxRWRFD
DVXILQKDVWDHOSXQWRGHTXHDOJXQRVGHORVJUDQGHVJXU~V\GLUHFWLYRVGHODVHPSUHVDV
LQGXVWULDOHV GHO PXQGR VH SODQWHDQ VL DOJXQD YH] H[LVWLy R VLPSOHPHQWH GH QXHYD QR
WHQtD QDGD (Q ORV ~OWLPRV HVWXGLRV GHO %DQFR GH (VSDxD VH FRQVWDWD TXH OD %ROVD KD
VXIULGRODSHRUEDMDGDGHVXKLVWRULDGHVGHORVDxRV\OD%ROVDKDVLGRHOJUDQGHIHQ
VRU\JDUDQWHGHODQXHYDHFRQRPtDDXSDQGRORVYDORUHVGHODVHPSUHVDVWHFQROyJLFDVH
LQIODQGRVXVFXHQWDVGHUHVXOWDGRVHQHVWRVDxRVDOJR VLPLODU D OR TXH KD RFXUULGR HQ
WRGDVODVEROVDVGHOPXQGRRFFLGHQWDOHV\RULHQWDOHVDVtORGHVWDFDUHFLHQWHPHQWH(O
3DtV9,,,8QDFDtGDSDUDOD+LVWRULDSS\\
1RHVODLQWHQFLyQGHHVWHWUDEDMRGHVDUUROODUHVWHSODQWHDPLHQWRDOWHUQDWLYRVLQR
FRQVWDWDUORSDUDDSDUWLUGHDKtPDUFDUODVGLIHUHQFLDVTXHVHHVWDEOHFHQHQODVIyUPXODV
\REMHWLYRVGHDFWXDFLyQGHODVGLIHUHQWHV$GPLQLVWUDFLRQHV3~EOLFDVHVSDxRODV
/RVSODQWHDPLHQWRVGHHVWDSULPHUDSDUWHGHO0yGXOR,VHUHFRJHQHQVXFDVLWRWDOL
GDGUHRULHQWDQGRHOSODQWHDPLHQWRGHORORFDOKDFLDORUHJLRQDOORFDORVXEQDFLRQDO
HQHOWUDEDMRGH9DUHODOYDUH](QULTXH-RVp/D*OREDOL]DFLyQ6RVWHQLEOH(YROXFLyQ
GH OD *OREDOL]DFLyQ GHVGH HO 'HVDUUROOR /RFDO 6RVWHQLEOH SXEOLFDGR HQ 1DYDUUHWH
0RUHQR /RUHQ]R \ 9DUHOD OYDUH] (QULTXH -RVp FRRUGLQDGRUHV 5HIOH[LRQHV VREUH
ORV1XHYRV5LHVJRVHQODV6RFLHGDGHV$YDQ]DGDV,OXVWUH&ROHJLR1DFLRQDOGH'RFWR
UHV \ /LFHQFLDGRV HQ &LHQFLDV 3ROtWLFDV \ 6RFLRORJtD H ,QVWLWXWR (VSDxRO GH (VWXGLRV
(VWUDWpJLFRV0LQLVWHULRGH'HIHQVD0DGULGSS
6LJXLHQGR OD GHILQLFLyQ GH OD 5HDO $FDGHPLD GH OD /HQJXD (VWHIDQtD VHxDOD TXH
JOREDOL]DFLyQHVOD 7HQGHQFLDGHORVPHUFDGRV\GHODVHPSUHVDVDH[WHQGHUVHDOFDQ]DQGR
XQD GLPHQVLyQ PXQGLDO TXH VREUHSDVD ODV IURQWHUDV QDFLRQDOHV HYLGHQWHPHQWH
HVWD UHGXFFLyQ GHO FRQFHSWR DO iPELWR HVWULFWDPHQWH HFRQyPLFR SULYDGR QR DSRUWD
GHPDVLDGDVVROXFLRQHVDODVLWXDFLyQTXHWDQWRORVJOREyILORVFRPRORVJOREyIRERVYLHQHQ
GHEDWLHQGR GHVGH KDFH XQRV DxRV 3RU HOOR (VWHIDQtD FRPHQWD TXH OR
SULQFLSDOGHODJOREDOL]DFLyQQRHVORLQVWUXPHQWDOORTXHIDYRUHFHORQHJDWLYRDTXLpQHVEHQH
ILFLDRDTXLpQHVSHUMXGLFD(OORHVPX\VLJQLILFDWLYRSHURORFHQWUDOHVTXHHVXQSURFHVRTXH
QR KHPRV GHFLGLGR ODV SHUVRQDV TXH QR KHPRV YRWDGR \ TXH QR KDFLpQGROR QRV SHUMXGLFD
(QULTXH-RVp9DUHODOYDUH]
FRPR FLXGDGDQRV DXQTXH HQ PXFKRV FDVRV QRV DOHJUH FRPR FRQVXPLGRUHV /R SULQFLSDO HV
TXHQRVDQHVWHVLDGHORS~EOLFRGHORFROHFWLYR
9LG%RUMD-\&DVWHOOV0/RFDO\JOREDO/DJHVWLyQGHODVFLXGDGHVHQODHUD
GHODLQIRUPDFLyQ(GLWRULDO7DXUXV0DGULG
9LG9i]TXH]%DUTXHUR$*OREDOL]DFLyQGLQiPLFDHFRQyPLFD\GHVDUUROORXU
EDQR3DSHOHVGH(FRQRPtD(VSDxRODQ0DGULGSS
3DUD*LGGHQV\+XWWRQDODWUDGLFLRQDOYLVHFRQyPLFDGHODJOREDOL]DFLyQKD\TXH
DxDGLUODDFWXDOYLVWHFQROyJLFDLQWHUDFFLyQHQWUHXQDH[WUDRUGLQDULDLQQRYDFLyQWHFQROyJL
FDXQDOFDQFHPXQGLDO\FRPRPRWRU XQ FDSLWDOLVPR GH GLPHQVLyQ PXQGLDO TXH GD VX FD
UiFWHU SHFXOLDU D OD WUDQVIRUPDFLyQ DFWXDO \ TXH KDFH TXH WHQJD XQD YHORFLGDG XQD
LQHYLWDELOLGDG\XQDIXHU]DTXHQRWHQtDDQWHVYLG*LGGHQV$\+XWWRQ:&RQYHUVD
FLRQHVHQWUH$QWKRQ\*LGGHQV\:LOO+XWWRQHQ*LGGHQV$\+XWWRQ:HGV(Q
HO OtPLWH /D YLGD HQ HO FDSLWDOLVPR JOREDO .ULWHULRV 7XVTXHWV (GLWRUHV %DUFHORQD
SS
9LGVXSUD%RUMD\&DVWHOOV
9LG *LGGHQV $ \ +XWWRQ : /XFKDU SDUD GHIHQGHUQRV HQ *LGGHQV $ \
+XWWRQ:HGV(QHOOtPLWH/DYLGDHQHOFDSLWDOLVPRJOREDO.ULWHULRV7XVTXHWV
(GLWRUHV%DUFHORQDSS
3DUD0DQXHO&DVWHOOVXQDGHODVSHUYHUVLRQHVGHOPRGHORGHJOREDOL]DFLyQHFRQy
PLFRILQDQFLHURKDVLGRODDSDULFLyQGHODXWyPDWD(OUHVXOWDGRGHHVWHSURFHVRGHJORED
OL]DFLyQ ILQDQFLHUD HV TXL]i TXH KHPRV FUHDGR XQ $XWyPDWD TXH HVWi HQ HO FRUD]yQ GH
QXHVWUDVHFRQRPtDV\FRQGLFLRQDQXHVWUDVYLGDVGHIRUPDGHFLVLYDXQVLVWHPDHOHFWUyQLFRGH
WUDQVDFFLRQHVILQDQFLHUDV(OVLVWHPDSXHGHFRQORVFRQWUROHV\UHJXODFLRQHVLQVWDXUDGRVSRUORV
JRELHUQRVODVLQVWLWXFLRQHVLQWHUQDFLRQDOHV\ODVILUPDVILQDQFLHUDVSULYDGDVSDUDQRKDEODUGH
ODVFRQVLGHUDFLRQHVGHLQYHUVRUHVSDUWLFXODUHVFRQVXPLGRUHV\FLXGDGDQRVYLG&DVWHOOV0
7HFQRORJtD GH OD LQIRUPDFLyQ \ FDSLWDOLVPR JOREDO HQ *LGGHQV $ \ +XWWRQ :
HGV (Q HO OtPLWH /D YLGD HQ HO FDSLWDOLVPR JOREDO .ULWHULRV 7XVTXHWV (GLWRUHV
%DUFHORQDSS
9LG *RPi 5 \ %UXJXp 4 FRRUGV *RELHUQRV ORFDOHV \ SROtWLFDV S~EOLFDV
%LHQHVWDUVRFLDOSURPRFLyQHFRQyPLFD\WHUULWRULR(GLWRULDO$ULHO%DUFHORQD
,ELG*RPi\%UXJXp(VLPSRUWDQWHDFODUDUTXHHOQXHYRORFDOLVPRQR
HVWiRULHQWDGRPiVTXHDORORFDOXUEDQRORFDO\VXSUDORFDOJUDQGHVFLXGDGHVHXUR
FLXGDGHV iUHDV PHWURSROLWDQDV PDQFRPXQLGDGHV HV GHFLU D ODV UHDOLGDGHV ORFDOHV
FRQFDSDFLGDGVXILFLHQWHSDUDDFWXDU\JHVWLRQDUORS~EOLFRH[FOX\pQGRVHGHHVWHPDUFR
ODUHDOLGDGLQIUDPXQLFLSDO\UXUDOHVSDxRODTXHFRPRGHVWDFD(UQHVWR&DUULOORVXSRQHOD
PD\RUtDGHODSODQWDPXQLFLSDOHVSDxROD\TXHFRQWHPSODPXQLFLSLRVPHQRUHVGH
KDELWDQWHVYLG&DUULOOR%DUURVR(/D$GPLQLVWUDFLyQPXQLFLSDOUXUDOORVREVWiFXORV
GHODUHIRUPD5HYLVWD(VSDxRODGH'HUHFKR$GPLQLVWUDWLYRQ0DGULGSS
,ELG*RPi\%UXJXp
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
9LGVXSUD%RUMD\&DVWHOOV
3ODQWHDPLHQWRV UHDOL]DGRV HQ OD FRQIHUHQFLD TXH &DVWHOOV SURQXQFLy HQ 9LJR
3RQWHYHGUDHOGHIHEUHURGH,QQRYDFLyQ7HFQROyJLFD\'HVDUUROOR7HUULWR
ULDO /D ([SHULHQFLD ,QWHUQDFLRQDO &DL[DQRYD \ &OXE )DUR GH 9LJR VLQ SXEOLFDU \
GRQGH VH H[SRQtDQ ODV H[SHULHQFLDV FDOLIRUQLDQDV \ ILQODQGHVDV GH GHVDUUROOR WHUULWRULDO
VXEQDFLRQDOPH]FODGHDSXHVWDVUHJLRQDOHV\ORFDOHV
9LG 1DYDUUR 9LFHQo *OREDOL]DFLyQ HFRQyPLFD SRGHU SROtWLFR \ (VWDGR GHO
ELHQHVWDU$ULHO%DUFHORQD
9LG6WLJOLW]-((OPDOHVWDUHQODJOREDOL]DFLyQ7DXUXV0DGULG
'HVGH TXH HQ ORV VRFLyORJRV DOHPDQHV 0DUWLQ \ 6FKXPDQQ FRPHQ]DUDQ D
GHQXQFLDUODVWUDPSDVGHODJOREDOL]DFLyQQRKDH[LVWLGRXQDDOWHUQDWLYDWDQUHDO\FRQ
YLVRVGHSHUGXUDUHQHOWLHPSRFRPRODVSURSXHVWDVGHVDUUROODGDVHQ3RUWR$OHJUH%UD
VLODSULQFLSLRVGHODxR\GRQGHODLGHDGHODVRFLHGDGGHOVHJ~QODFXDO
HQHOVLJOR;;,HOGHODSREODFLyQDFWLYDEDVWDUiSDUDPDQWHQHUHQPDUFKDODHFR
QRPtDPXQGLDO\HOUHVWDQWHGHODSREODFLyQTXHGDUtDQVLQHPSOHR\VRPHWLGRVDO
SDQLVHWFLUFHQVLVDFWXDOHVGHFLUORTXHORVDXWRUHVGHQRPLQDQWLWW\WDLQPHQWPH]FODGH
HQWUHWHQLPLHQWR \ FREHUWXUD GHO (VWDGR GH %LHQHVWDU HYROXFLRQH KDFLD SUHVXSXHVWRV
PiVGHPRFUiWLFRVMXVWRVSDUWLFLSDWLYRV\UHGLVWULEXWLYRVLQWHJUDQGRHQHOORVDO7HUFHU\
6HJXQGR 0XQGR \ D ODV FROHFWLYLGDGHV ORFDOHV FRPR DFWRUHV FODYH HQ HO GHVDUUROOR
PXQGLDOYLG+DQV3HWHU0DUWLQ\+DUDOG6FKXPDQQ/DWUDPSDGHODJOREDOL]DFLyQ
(O DWDTXH FRQWUD OD GHPRFUDFLD \ HO ELHQHVWDU 7DXUXV 0DGULG (Q OD PLVPD
OtQHDYLG7DUVR*HQUR+DFLDXQDQXHYDGHPRFUDFLD(O3DtVGHIHEUHURGH
'HVUHJXODFLRQHVSDUFLDOHV\ROLJRSROtVWLFDVFRQODVFRPSDxtDVGHWHOHFRPXQLFDFLR
QHV \ GH HQHUJtD SULYDWL]DFLRQHV VHOHFWLYDV GH HPSUHVDV HQ EXHQD SRVLFLyQ GH PHUFD
GR
'HVSXpV GHO 6 VH D\XGD FRQ GLQHUR S~EOLFR D VHFWRUHV HVWUDWpJLFRV FRPR OD
DYLDFLyQFLYLO6DEHQD%HOJD\KDVWDVHVXEYHQFLRQDDODVRUJDQL]DFLRQHVQRJXEHUQD
PHQWDOHVGHFDUiFWHUDPELHQWDOLVWDHQ(XURSD
9LG2VERUQH'\*DHEOHU7/DUHLQYHQFLyQGHOJRELHUQR(GLWRULDO3DLGyV%DU
FHORQD3DUDXQDDFWXDOL]DFLyQUHFLHQWHGHODOLWHUDWXUDVREUHODUHLQYHQFLyQGHO
JRELHUQRODJOREDOL]DFLyQ\ODGHVFHQWUDOL]DFLyQKDFLDORORFDOYLG.HWWO')5HLQ
YHQWDU OD $GPLQLVWUDFLyQ ,QIRUPH TXLQTXHQDO 0$3,1$3 'RFXPHQWRV ,1$3 Q
0DGULGSS
9LG 5RMR 6DOJDGR $UJLPLUR /DV HQVHxDQ]DV GHO GH VHSWLHPEUH HQ 1DYD
UUHWH0RUHQR\9DUHODOYDUH]FRRUGVHGV 5HIOH[LRQHVVREUHORV1XHYRV5LHVJRV
HQODV6RFLHGDGHV$YDQ]DGDV,OXVWUH&ROHJLR1DFLRQDOGH'RFWRUHV\/LFHQFLDGRVHQ
&LHQFLDV 3ROtWLFDV \ 6RFLRORJtD H ,QVWLWXWR (VSDxRO GH (VWXGLRV (VWUDWpJLFRV 0DGULG
SS
(QULTXH-RVp9DUHODOYDUH]
9LG0DUWtQH]'\9HJD5XL]0/X]/DJOREDOL]DFLyQJREHUQDGD(VWDGRVR
FLHGDG\PHUFDGRHQHOVLJOR;;,(GLWRULDO7HFQRV0DGULG
9LG %DUyQ (QULTXH &LYLOL]DU OD JOREDOL]DFLyQ HQ 2SLQLyQ 7ULEXQD /LEUH (O
0XQGR;,,GHVGHGRQGHHODXWRUGHILHQGHDGDSWDUHODUWHGHJREHUQDUODJREHU
QDQ]DDODQXHYDUHDOLGDGHQXQPDUFRJOREDO
&RPR PXHVWUD HO UHFLHQWH GRFXPHQWR GH OD 8QLyQ (XURSHD H[SXHVWR HQ 'RKD
&RPHUFLR\PHGLRDPELHQWH4XpHVORTXH(XURSDTXLHUHUHDOPHQWH\SRUTXpGRQGH
VHSRQtDQGHPDQLILHVWRODVSUHRFXSDFLRQHVGHOD8(HQPDWHULDGHGHVDUUROORVRVWHQL
EOHLQWHJUDQGRVXVYDULDEOHVHQOD20&FRQODPHQWHSXHVWDHQODSDVDGD&XPEUHGH
OD7LHUUDGHOHQ6XGiIULFD
'LVFXUVRSURQXQFLDGRHQMXOLRGHHQHOPDUFRGHORV&XUVRVGH9HUDQRGH(O
(VFRULDO 0DGULG EDMR HO WtWXOR /D *REHUQDQ]D R FyPR GDU VHQWLGR D OD *OREDOL]D
FLyQ \ TXH WUDVODGD ORV QXHYRV GHVDItRV GH OD 8( HQ PDWHULD GH FRPHUFLR PXQGLDO
DUWLFXODGRVHQWRUQRDODFRQYHUJHQFLDQRUWHVXUODSURWHFFLyQGHOPHGLRDPELHQWH\OD
DUWLFXODFLyQHQWUHUHJLRQDOLVPR\PXOWLODWHUDOLVPR
$YDODQ HVWDV KLSyWHVLV ODV UHFLHQWHV LQLFLDWLYDV QRUWHDPHULFDQDV \ HVSDxRODV GH
FUHDFLyQGHFRPLWpVS~EOLFRV\SDUDS~EOLFRVGHLQVSHFFLyQVREUHHOEXHQJRELHUQRGHODV
HPSUHVDVHOLQFUHPHQWRGHOSDSHOGHORVSHTXHxRVDFFLRQLVWDVHQORVFRQVHMRVGH$GPL
QLVWUDFLyQGHODVJUDQGHVFRUSRUDFLRQHVLQGXVWULDOHV\GHWHOHFRPXQLFDFLRQHV8QDYH]
PiV OD 6RFLHGDG DSUHQGH GH ORV GHVDVWUHV HFRQyPLFRV FRPR ORV DFDHFLGRV HQ (VWDGRV
8QLGRV FRPR (151 \ VXV GREOHV FRQWDELOLGDGHV YROYLHQGR OD PLUDGD KDFLD :D
VKLQJWRQ\SLGLHQGRPD\RUSURWHFFLyQ\VHJXULGDGHFRQyPLFD(O3DtV9,,,(Q
EXVFDGHODFRQILDQ]DSHUGLGD5RVD7RZQVHQGSS(QHOFDVRGH(VSDxDXQIXWX
UR&yGLJRGH6RFLHGDGHVVXSHUDFLyQGHODQWLJXR&yGLJRGHO%XHQ*RELHUQRR&yGLJR
GH2OLYHQFLDGHUHIRU]DUiHOSDSHOGHORVDFFLRQLVWDVPLQRULWDULRVHQORV&RQVHMRV
GH $GPLQLVWUDFLyQ GH ODV JUDQGHV HPSUHVDV GLFKR &yGLJR XQD YH] PiV UHVXOWD GH OD
LQWHUYHQFLyQ GHO *RELHUQR \ VX $GPLQLVWUDFLyQ DQWH ORV GHVDVWUHV HFRQyPLFR
ILQDQFLHURVTXHVHKDQGHVFXELHUWRHQQXHVWURSDtVFRQPRWLYRGHOFDWDUURDPHULFDQR
9LG5HVROXFLyQGHO&RQVHMRGHGHRFWXEUHGHUHODWLYDDODLQWHJUDFLyQVRFLDOPH
GLDQWH ODV WHFQRORJtDV HOHFWUyQLFDV '2&( & GH GH RFWXEUH GH HQ HOOD HO
&RQVHMR UHFXHUGD ODV UHFLHQWHV &RPXQLFDFLRQHV GH OD &RPLVLyQ (VWUDWHJLDV SDUD OD
FUHDFLyQ GH HPSOHR HQ OD VRFLHGDG GH OD LQIRUPDFLyQ \ ((XURSH ,PSDFWR \
SULRULGDGHV GHVGH GRQGH VH SRQtD GH UHOLHYH OD LPSRUWDQFLD GH ODV 17,& SDUD OD
LQWHJUDFLyQVRFLDO
9LG1DYDUUR9LFHQo%LHQHVWDULQVXILFLHQWHGHPRFUDFLDLQFRPSOHWD6REUHOR
TXHQRVHKDEODHQQXHVWURSDtV$QDJUDPD%DUFHORQDHQVXHVWXGLRVHDQDOL]D
HQSURIXQGLGDGODUHDOLGDGGHO(VWDGRGHOELHQHVWDUHVSDxRO\SURSXJQDODQHFHVLGDGGH
LPSXOVDUODVSROtWLFDVVRFLDOHV\GHFHUFDQtDDORVVHFWRUHVGHODSREODFLyQHVSDxRODPiV
GHVIDYRUHFLGRV
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
9LG7LPPLQV1LFKRODV/RVFLQFR*LJDQWHV8QDELRJUDItDGHO(VWDGRGH%LH
QHVWDU0LQLVWHULRGH7UDEDMR\$VXQWRV6RFLDOHV0DGULG
/D H[SDQVLyQ GHO (VWDGR GHO ELHQHVWDU UHIXHU]D OD GHPRFUDFLD HQ OXJDU GH GHELOLWDUOD
HVWLPXODQGRXQDDPSOLDFLyQGHOHVSDFLRGHPRFUiWLFRFRQSDUWLFLSDFLyQGHODSREODFLyQ(VPiV
ELHQ OD DSOLFDFLyQ GH SROtWLFDV QHROLEHUDOHV OD TXH HVWi FUHDQGR XQD SRODUL]DFLyQ VRFLDO PX\
DFHQWXDGDTXHHVWiFXHVWLRQDQGRODOHJLWLPLGDG\FUHGLELOLGDGGHOVLVWHPDSROtWLFRWDOFRPRHVWi
RFXUULHQGR KR\ HQ ((88 YLG VXSUD 1DYDUUR 9LFHQo \ 1DYDUUR 9LFHQo
1HROLEHUDOLVPR\(VWDGRGHOELHQHVWDU$ULHO%DUFHORQD
(VPX\UHFRPHQGDEOHODOHFWXUDGHODVFRQFOXVLRQHVGHO*UXSRGH7UDEDMRGHGLFD
GRDDQDOL]DUODGHVDIHFFLyQSROtWLFDHQODVGHPRFUDFLDVHXURSHDVUHDOL]DGDVHQHOPDUFR
GHO6HPLQDULRFHOHEUDGRHQ6DQWLDJRGH&RPSRVWHODHQHODxRFRQPRWLYRGHOD
&DSLWDOLGDG &XOWXUDO (XURSHD EDMR HO WtWXOR &RQVWUXFFLyQ GH (XURSD 'HPRFUDFLD \
*OREDOL]DFLyQHGLWDGRSRU5DPyQ0iL]\SXEOLFDGRSRUOD8QLYHUVLGDGHGH6DQWLDJRGH
&RPSRVWHOD6DQWLDJR
&ORVDGHVWDFDFLWDQGRD0HHKDQTXHHOHOHPHQWREiVLFRGHODFLXGD
GDQtDGHODTXHGHULYDODFDSDFLGDGGHSDUWLFLSDFLyQSOHQDHVYLYLUEDMRHOLPSHULRGHODOH\
EDMRXQVLVWHPDGRQGHODVOH\HV\ORVGHOLWRVVRQFRQRFLGRVGRQGHH[LVWHSUHGLFWLELOLGDG\FHUWH
]DGHTXHORVGHOLWRVVHUiQFDVWLJDGRVSHURTXHHOFDVWLJRVyORVHUiHOUHVXOWDGRGHDSOLFDUXQ
SURFHVROHJDOYLG&ORVD&DUORV/DFLXGDGDQtDHXURSHDHOHVWDWXWRGHXQVXMHWRSROt
WLFRLQDFDEDGRHQ/ODPD]DUHV,YiQ\5HLQDUHV)HUQDQGRHGV$VSHFWRVSROtWLFRV\
VRFLDOHVGHODLQWHJUDFLyQHXURSHD7LUDQWOR%ODQFK9DOHQFLDSS
'REVRQ GHVWDFD XQ FRQFHSWR GH FLXGDGDQtD DFWXDO \ DOWHUQDWLYR DO WUDGLFLRQDO
FXDQGRVHxDODTXH(QHVWDYHUVLyQDOWHUQDWLYDHOFLXGDGDQRWLHQHUHVSRQVDELOLGDGHVDGHPiV
GHGHUHFKRV\QRKD\QLQJXQDUHODFLyQUHFtSURFDHQWUHORVGRV$VLPLVPRODHVIHUDSULYDGDVH
FRQYLHUWHHQXQOXJDUGRQGHVHKDFHFLXGDGDQtDQRHQXQVLWLRGHGRQGHKD\TXHHVFDSDUSDUD
SUDFWLFDUOD<SRU~OWLPRODFRQH[LyQHQWUHFLXGDGDQtD\WHUULWRULRSROtWLFRHVSHFtILFRVHGHVKDFH
DIDYRUGHXQDFRQFHSFLyQGHVWHUULWRULDOL]DGDGHODFLXGDGDQtD'REVRQ$QGUHZ&DP
ELRV HQ OD FLXGDGDQtD HQ 0iL] 5DPyQ &RQVWUXFFLyQ GH (XURSD 'HPRFUDFLD \
*OREDOL]DFLyQ9ROXPHQ8QLYHUVLGDGHGH6DQWLDJRGH&RPSRVWHOD6DQWLDJR
S
9LG3pUH]/HGHVPD0DQXHO&LXGDGDQtD\GHPRFUDFLD(GLWRULDO3DEOR,JOHVLDV
0DGULGLQWHUHVDQWHREUDFROHFWLYDTXHUHFRJHJUDQSDUWHGHORVHQIRTXHVSROtWL
FRVVRFLDOHVGHJpQHURVREUHHOELQRPLR\DFDVLROYLGDGRGHFLXGDGDQtDGHPRFUDFLD
*REHUQDELOLGDGHQWHQGLGDSRU$UEyV\*LQHUFRPR OD FXDOLGDG SURSLD GH
XQDFRPXQLGDGSROtWLFDVHJ~QODFXDOVXVLQVWLWXFLRQHVGHJRELHUQRDFW~DQHILFD]PHQWHGHQWUR
GHVXHVSDFLRGHXQPRGRFRQVLGHUDGROHJtWLPRSRUODFLXGDGDQtDSHUPLWLHQGRDVtHOOLEUHHMHU
FLFLRGHODYROXQWDGSROtWLFDGHOSRGHUHMHFXWLYRPHGLDQWHODREHGLHQFLDFtYLFDGHOSXHEORYLG
$UEyV;\*LQHU6/DJREHUQDELOLGDG&LXGDGDQtD\GHPRFUDFLDHQODHQFUXFLMDGD
PXQGLDO 6LJOR 9HLQWLXQR GH (VSDxD (GLWRUHV 0DGULG S 3HUR WDPELpQ JR
EHUQDELOLGDGHQWHQGLGDFRPRXQDSDUWHGHODUHVSRQVDELOLGDGHQODJHVWLyQGHODVSROtWL
(QULTXH-RVp9DUHODOYDUH]
FDVS~EOLFDVSRUSDUWHGHODV$GPLQLVWUDFLRQHV3~EOLFDV\VXVJHVWRUHVWDO\FRPRQRV
VHxDOD&DQDOHV FLWDQGR DO ,QVWLWXWR ,QWHUQDFLRQDO GH &LHQFLDV $GPLQLVWUDWLYDV
/D JREHUQDELOLGDG VH UHILHUH D XQ SURFHVR SRU HO TXH ORV GLYHUVRV JUXSRV LQWHJUDQWHV GH XQD
VRFLHGDG HMHUFHQ HO SRGHU \ OD DXWRULGDG GH WDO PRGR TXH DO KDFHUOR LQIOXHQFLDQ \ OOHYDQ D
FDERSROtWLFDV\WRPDQGHFLVLRQHVUHODWLYDVWDQWRDODYLGDS~EOLFDFRPRDOGHVDUUROORHFRQyPL
FR\VRFLDO(VWDV~OWLPDVLPSOLFDQXQDUHODFLyQLQGLYLGXDOGHORVKRPEUHV\ODVPXMHUHVFRQHO
(VWDGRODHVWUXFWXUDFLyQGHORVyUJDQRVGHO(VWDGRODSURGXFFLyQ\ODJHVWLyQGHORVUHFXUVRV
SDUDODVJHQHUDFLRQHVDFWXDOHV\YHQLGHUDVDVtFRPRODRULHQWDFLyQGHODVUHODFLRQHVHQWUHORV
(VWDGRV YLG &DQDOHV $OLHQGH -0 *REHUQDELOLGDG \ JHVWLyQ S~EOLFD HQ 2OtDV GH
/LPD%FRRUG/D1XHYD*HVWLyQ3~EOLFD(G3UHQWLFH+DOO0DGULGSS
9LG/LEUR%ODQFRVREUHOD*REHUQDQ]D(XURSHDSXEOLFDGRSRUOD&RPLVLyQ(X
URSHDHOSDVDGRGHMXOLRGHFRQXQDSURSXHVWDFODUDGHLPSOLFDFLyQGHODSREOD
FLyQHQORVDVXQWRVS~EOLFRVFRPXQLWDULRVDUWLFXODGRDWUDYpVGHVHLVSURSXHVWDVFODYH
HVWUXFWXUDFLyQ GH OD UHODFLyQ FRQ OD VRFLHGDG FLYLO PD\RU XVR GH ORV FRQRFLPLHQWRV \ GH OD
H[SHULHQFLDSUiFWLFDGHORVDFWRUHVUHJLRQDOHV\ORFDOHVQHFHVLGDGGHDXPHQWRGHODFRQILDQ]D
S~EOLFD HQ ORV H[SHUWRV TXH DVHVRUDQ D ORV UHVSRQVDEOHV SROtWLFRV GHILQLFLyQ GH ORV REMHWLYRV
SROtWLFRVGHIRUPDPiVFODUD\PHMRUDGHODHILFDFLDFRPELQDQGRODOHJLVODFLyQFRQVROXFLRQHV
DXWRUUHJXODGRUDVHVWDEOHFLPLHQWRGHODVFRQGLFLRQHVGHVWLQDGDVDHOHJLUORVRUJDQLVPRVUHJXOD
GRUHV GH OD 8( UHHQIRTXH GH ORV SDSHOHV \ UHVSRQVDELOLGDGHV GH FDGD LQVWLWXFLyQ HXURSHD
TXHD\XGHQDVXSHUDUHOHVWUXFWXUDOGpILFLWGHPRFUiWLFRWDQFULWLFDGRHQOD~OWLPDGpFD
GD 3DUD DPSOLDU LQIRUPDFLyQ VREUH HO PHQFLRQDGR GpILFLW YLG 6iQFKH]&XHQFD ,JQD
FLR (O GpILFLW GHPRFUiWLFR GH OD 8QLyQ (XURSHD HQ /ODPD]DUHV ,YiQ \ UHLQDUHV
)HUQDQGR HGV $VSHFWRV SROtWLFRV \ VRFLDOHV GH OD LQWHJUDFLyQ HXURSHD 7LUDQW OR
%ODQFK9DOHQFLDSS
9LG9DOOHVStQ)HUQDQGR'HPRFUDFLD\JOREDOL]DFLyQHQ0iL]5DPyQHGLWRU
&RQVWUXFFLyQGH(XURSD'HPRFUDFLD\*OREDOL]DFLyQ8QLYHUVLGDGHGH6DQWLDJRGH
&RPSRVWHOD6DQWLDJRGH&RPSRVWHODSS
(VGHGHVWDFDUODUHFLHQWHLQLFLDWLYDTXHKDQWRPDGRHO&RQVHMRGHOD-XYHQWXGGH
(VSDxD\OD2ILFLQDGHO3DUODPHQWR(XURSHRHQQXHVWURSDtVHODERUDQGRXQDJXtDSDUD
OD-XYHQWXG\FLXGDGDQtDHQOD8QLyQ(XURSHDRULHQWDGDDODHGXFDFLyQHQYDORUHVGH
FLXGDGDQtDFRPXQLWDULDDORVPiVMyYHQHV
9LG $OEHULFK 7 *HVWLyQ S~EOLFD SDUWLFLSDFLyQ FLXGDGDQD \ GHVDUUROOR ORFDO
3URSXHVWDVSDUDXQDJHVWLyQSDUWLFLSDWLYD\HILFLHQWHGHORS~EOLFRHQ3ROtWLFD\6RFLH
GDGQ8&00DGULGSS
/DJHVWLyQGHPRFUiWLFDSDUWLFLSDWLYDVHFRQILJXUDFRPRXQDGHODVSULQFLSDOHVHVWUD
WHJLDVGHODQXHYDJHVWLyQS~EOLFDORFDOGHPRFUiWLFDTXHWXYRVXSXQWRGHSDUWLGDHQHO
6HPLQDULR,QWHUQDFLRQDOVREUH'HPRFUDFLD3DUWLFLSDWLYDGHVDUUROODGRHQ3RUWR$OHJUH
%UDVLO\ TXH KD WHQLGR VX SXQWR GH LQIOH[LyQ HQ OD UHFLHQWH &XPEUH GHO )RUR
6RFLDO0XQGLDOFHOHEUDGRHQODPLVPDORFDOLGDGSDUDXQDPD\RULQIRUPDFLyQ
VREUH HVWD FXHVWLyQ VH SXHGH YLVLWDU OD ZHE ZZZSRUWRDOHJUHUVJRYEU R UHYLVDU HO
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
FDStWXORGH*RPi5\5HEROOR2'HPRFUDFLDORFDO\FLXGDGDQtDDFWLYDUHIOH[LRQHV
HQWRUQRDORVSUHVXSXHVWRVSDUWLFLSDWLYRVHQHOOLEURGH)RQW-FRRUG&LXGDGDQRV
\GHFLVLRQHVS~EOLFDV(GLWRULDO$ULHO%DUFHORQD
9LG 9LOORULD 0HQGLHWD 0DQXHO /D $GPLQLVWUDFLyQ UHFHSWLYD FDStWXOR HQ
9LOORULD 0HQGLHWD 0DQXHO /D PRGHUQL]DFLyQ GH OD DGPLQLVWUDFLyQ FRPR LQVWUX
PHQWRDOVHUYLFLRGHODGHPRFUDFLD%2(0$30DGULGSS
'RVEXHQDVREUDVSDUDHODQiOLVLVGHODQXHYDSDUWLFLSDFLyQSROtWLFDVRQORVGH)RQW
)RQW-RDQFRRUGLQDGRU &LXGDGDQRV \GHFLVLRQHV S~EOLFDV $ULHO &LHQFLD 3ROtWLFD
%DUFHORQD\1DYDUUR<iQH]1DYDUUR<iQH]&OHPHQWH'HPRFUDFLDDVRFLDWLYD
\RSRUWXQLVPRSROtWLFR/DSROtWLFDS~EOLFDGHSDUWLFLSDFLyQFLXGDGDQDHQORVPXQL
FLSLRVHVSDxROHV7LUDQWOR%ODQFK9DOHQFLDDPERVUHODFLRQDGRV
FRQODSDUWLFLSDFLyQHQHOiPELWRORFDO
(QWUHHVWRVHQIRTXHVFRPSOHPHQWDULRVGHDQiOLVLVGHODV$GPLQLVWUDFLRQHV3~EOL
FDV&RQWHPSRUiQHDVILJXUDQOD7HRUtDGHO(VWDGROD(FRQRPtD3~EOLFDOD6RFLRORJtDGH
OD$GPLQLVWUDFLyQ3~EOLFDDGHPiVGHORVPLVPRVHQIRTXHVGHO'HUHFKR$GPLQLVWUDWL
YR3ROtWLFR\&RQVWLWXFLRQDODVt FRPR HQ OD DFWXDOLGDG WRGRV ORV GHUHFKRV VHFWRULDOHV
TXHVLQGXGDWRFDQSDUFHODVRVHDSOLFDQVLJQLILFDWLYDPHQWHDODDFWLYLGDGGHODVRUJDQL
]DFLRQHV S~EOLFDV FRPR SRU HMHPSOR HO 'HUHFKR GHO 0HGLR $PELHQWH TXH WLHQH XQD
UHODFLyQ GLUHFWD FRQ ODV $GPLQLVWUDFLRQHV /RFDOHV FRPR VXMHWR \D QR VyOR REMHWR GH
HVH'HUHFKR
/DVHSDUDFLyQGHILQLWLYDYLHQHYtDGHFUHWRPLQLVWHULDOELIXUFiQGRVHOD&LHQFLD3R
OtWLFDGHO'HUHFKR&RQVWLWXFLRQDO\FRQVROLGiQGRVHFRPRiUHDVGHFRQRFLPLHQWRLQGH
SHQGLHQWHV
9LHQHELHQHOUHSDVRUHDOL]DGRSRU&DQDOHV$OLHQGHVREUHODLQVWLWXFLRQDOL]DFLyQGH
OD&LHQFLD3ROtWLFD\&LHQFLDGHOD$GPLQLVWUDFLyQHQ(VSDxDTXHVHSXHGHUHFRJHUHQ
VX~OWLPDSXEOLFDFLyQ /HFFLRQHVGH$GPLQLVWUDFLyQ\GH*HVWLyQ3~EOLFD8QLYHUVL
GDGGH$OLFDQWHSS
'HFLVLyQ\DFFLyQQRVHSXHGHQVHSDUDU\HVWiQtQWLPDPHQWHUHODFLRQDGRV(QORVSUR
FHVRVSROtWLFRVGHFLVLRQDOHVODLQIOXHQFLDGHORVWpFQLFRVSURIHVLRQDOHVGHODJHVWLyQHVLPSRUWDQWH
\ GXUDQWH OD DFFLyQ LPSOHPHQWDFLyQ GH SURJUDPDV VH VXVWLWX\HQ HQ PXFKDV RFDVLRQHV ODV
GHFLVLRQHV SROtWLFDV SRU FRQVLGHUDFLRQHV WpFQLFDV \ WDPELpQ VH UHFRQVLGHUDQ ODV HVWUDWHJLDV
WpFQLFDVSRUPDWL]DFLRQHVSROtWLFDV3ROtWLFRV\SURIHVLRQDOHVVHRFXSDQSRVLFLRQHVGLVWLQWDVHQOD
$GPLQLVWUDFLyQ S~EOLFD SHUR VH HQFXHQWUDQ \ VH LQWHUILHUHQ FRQVWDQWHPHQWH GXUDQWH WRGR HO
SURFHVRGHVGHODGHILQLFLyQGHODDJHQGDKDVWDODJHVWLyQRSHUDWLYD/DFRQH[LyQHQWUHSROtWLFD
\$GPLQLVWUDFLyQHQULTXHFHODJHVWLyQS~EOLFD\KDFHTXHpVWDVHDGLVWLQWDGHODJHVWLyQSULYD
GD%DOODUW\5DPLy
(QHVWHSXQWR7DPD\RGHVWDFDODUHODFLyQHQWUHODSROtWLFD\VXDQiOL
VLVHVGHFLUHQWUHHODQDOLVWD\HOGHFLVRUH[LVWHQGRVSHUVSHFWLYDVTXHSRQHQHQUHODFLyQ
ODSROtWLFD\VXDQiOLVLV(QSULPHUOXJDU\ODPiVLPSRUWDQWHHVODSHUVSHFWLYDGHOUHVSRQVDEOH
GHODSROtWLFDHQFXDOTXLHUDGHVXVIDVHVIRUPXODFLyQLPSODQWDFLyQHYDOXDFLyQ\HQVXFDVR
(QULTXH-RVp9DUHODOYDUH]
UHIRUPXODFLyQ eVWD HV OD SHUVSHFWLYD GHO GLUHFWLYR SROLF\ PDNHU HQ ODV RUJDQL]DFLRQHV
S~EOLFDV/DRWUDHVODSHUVSHFWLYDGHODQDOLVWDGHSROtWLFDVS~EOLFDVTXHHVXQDJHQWHTXHHQUL
TXHFHHOXQLYHUVRGHLQIRUPDFLyQTXHVHSRQHDGLVSRVLFLyQGHORVGLUHFWLYRVSDUDTXHSXHGDQ
WHQHUXQFULWHULRGHGHFLVLyQHQFXDOTXLHUDGHODVIDVHVGHODSROtWLFDS~EOLFD(VWHDQDOLVWDQR
WLHQHSRUTXpVHUQHFHVDULDPHQWHXQDJHQWHLQWHUQRGHODRUJDQL]DFLyQS~EOLFDGHKHFKRFRQ
IUHFXHQFLDHVXQDDJHQWHH[WHUQRDODPLVPDGHTXLHQVHUHFDEDFRQVXOWD&XDOTXLHUDTXHVHD
ODSHUVSHFWLYDDGRSWDGDORTXHSDUHFHFODURHVTXHHOSURFHVRGHODVSROtWLFDVS~EOLFDVQRWLHQH
QLQJ~QVHQWLGRVLQRVHYLQFXODDODDFWLYLGDGGHODQiOLVLV/DSULQFLSDOUD]yQGHTXHHOORVHDDVt
HVTXHWRGDVODVIDVHVGHOSURFHVRGHODVSROtWLFDVS~EOLFDVHVWiQtQWLPDPHQWHYLQFXODGDVFRQXQ
QH[RGHGHSHQGHQFLDGHWDOIRUPDTXHXQUHSODQWHDPLHQWRGHFXDOTXLHUDGHODVIDVHVGHOSUR
FHVRDIHFWDDODVSRVWHULRUHV\HYHQWXDOPHQWHDODVDQWHULRUHV
2DUULEDDEDMRGRQGHVHFRQVWDWDHOSUREOHPDGHODLPSOHPHQWDFLyQFRPROD
PHGLGDHQTXHODVDFFLRQHVVREUHHOWHUUHQRGHODVDGPLQLVWUDFLRQHVFRLQFLGHQFRQORVREMHWLYRV
TXH VH H[SUHVDURQ HQ HO PRPHQWR HQ TXH VH WRPy OD GHFLVLyQ GH ILQDQFLDU XQD GHWHUPLQDGD
LQWHUYHQFLyQ%DOODUW\5DPLy
2 GH DEDMRDUULED TXH DO FRQWUDULR TXH OD DQWHULRU VXSRQH DQDOL]DU OD LPSOH
PHQWDFLyQGHVGHODSHUVSHFWLYDGHORVXVXDULRVILQDOHV\GHORVWpFQLFRV\SURIHVLRQDOHVTXH
DFDEDQWUDQVIRUPDQGRHQDFFLRQHVFRQFUHWDVODSROtWLFD%DOODUW\5DPLy
2 PRGHOR PL[WR TXH LPSOLFD SRU XQ ODGR OD ILMDFLyQ GH REMHWLYRV PHGLRV HV
TXHPDV \ FULWHULRV GH HYDOXDFLyQ GH OD SROtWLFD HQ FDGD XQD GH VXV IDVHV IRUZDUG
PDSSLQJ \ HVWXGLDU HO FRPSRUWDPLHQWR TXH VH TXLHUH PRGLILFDU GHVGH HO QLYHO PiV
EDMR PiV ORFDO KDVWD OOHJDU DO QLYHO FHQWUDO LQFRUSRUDQGR D OD LPSOHPHQWDFLyQ D ORV
DJHQWHV FUtWLFRV PiV SUy[LPRV GH OD SROtWLFD EDFNZDUG PDSSLQJ %DOODUW \ 5DPLy
FLWDQGRD(OPRUH
&RPRVHxDOD2OPHGD(OpQIDVLVHQHOHVWLORKDVLGRVLHPSUHXQDVSHFWR
LPSRUWDQWH GH OD JREHUQDFLyQ SROtWLFD 6H VXHOH GDU SRU VHQWDGR TXH ODV JHQWHV DFHSWDQ ODV
SROtWLFDVS~EOLFDVSRUTXHDFHSWDQODOHJLWLPLGDGGHOSURFHVRSROtWLFRSUHFHGHQWH/RVHVWLORV\ORV
SURFHVRVQRGHEHQDVRFLDUVHIXQGDPHQWDOPHQWHFRQORVSURGXFWRVVXVWDQWLYRVGHHVDVSROtWLFDV
S~EOLFDVTXLpQFRQVLJXHTXpVLQRFRQ ORV UHQGLPLHQWRV VRFLDOHV FRPR 4XLpQ SLHQVD \ VLHQWH
TXpFRPRUHVXOWDGRGHOSURFHVRSRUHMHPSORUHGLVWULEXFLyQGHFRQILDQ]DDPLVWDGDOLQHDFLyQ
GLVWULEXFLyQGHFUpGLWRRUHSURFKHUHGHILQLFLyQGHLQWHUHVHV\YHUGDGTXLpQHVFRPSHWHQWHSDUD
TXp FRPR UHVXOWDGR GH OD H[SHULHQFLD LQIRUPDFLyQ HWF REWHQLGD PHGLDQWH HO SURFHVR TXLpQ
KDFHTXpFRPRUHVXOWDGRGHOSURFHVRSRUHMHPSORPRYLOL]DFLyQDSDWtDDILOLDFLyQRDEDQGRQR
GHSDUWLGRV\ORVHIHFWRVSRWHQFLDOHVGHWDOHVDFFLRQHVVREUHODVSDXWDVGHIUDFWXUDV\FRQIOLFWRV
HQODVVRFLHGDG
&RQVFLHQWHFRPRVR\GHODYLQFXODFLyQGLUHFWDGHOD*HVWLyQ3~EOLFDDOD&LHQFLD
GHOD$GPLQLVWUDFLyQFRQVWDWDGDHQDOJXQDVREUDVGHORV SULQFLSDOHV LQYHVWLJDGRUHV GH
HVWDFLHQFLDHQ(VSDxD%UXJXp4XLP\6XELUDWV-RDQ/HFWXUDVGH*HVWLyQ3~EOLFD
0$303UHVLGHQFLD%2(0DGULG%DxyQL0DUWtQH]5DIDHO\&DUULOOR%DUURVR
(UQHVWR FRPSV /D QXHYD $GPLQLVWUDFLyQ 3~EOLFD $OLDQ]D 8QLYHUVLGDG 0DGULG
2OPHGD*yPH]-RVp$QWRQLR&LHQFLDGHOD$GPLQLVWUDFLyQ9ROXPHQ,7HR
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
UtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOLFD81('0DGULG2OtDVGH/LPD*HWH
%ODQFD/D1XHYD*HVWLyQ3~EOLFD3UHQWLFH+DOO0DGULGPHDWUHYRDVLWXDUOD
*HVWLyQ 3~EOLFD OD QXHYD \ OD YLHMD HQ HO iPELWR GH OD 7HRUtD GH OD 2UJDQL]DFLyQ DO
HQWHQGHUOD&LHQFLDGHOD$GPLQLVWUDFLyQHVSDxRODPX\YLQFXODGDDOD(VFXHOD)UDQFHVD
KDVWDSULQFLSLRVGHORVDxRVQRYHQWDGHIRUPDWDOTXHORVHVWXGLRV\ODSUiFWLFDDGTXLUL
GDHQSUR\HFWRVGH LQYHVWLJDFLyQ \ FRQVXOWRUtD HQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV HVSD
xRODVGHOD~OWLPDGpFDGDSURFHVRVGHFDPELRUHIRUPD\PRGHUQL]DFLyQHLQFOXVRGH
FDOLGDGHQODVSRVWULPHUtDVGHOVLJORTXHDKRUDFRPLHQ]DKDQHVWDGRYLQFXODGRVPiVD
FRQFHSWRV GH RUJDQL]DFLyQ DGDSWDGRV HVR Vt D OD UHDOLGDG S~EOLFD FRQ PD\RU R PHQRU
p[LWR TXH GH $GPLQLVWUDFLyQ UHDOL]DQGR OD DFDGHPLD XQ LPSRUWDQWH HVIXHU]R GH UH
IRUPXODFLyQ FRQFHSWXDO GH OR S~EOLFR OR SULYDGR \ VX JHVWLyQ D OD UHDOLGDG S~EOLFD
FRQVROLGiQGRVHHQIRTXHVQHRS~EOLFRV'HWRGDVIRUPDVQRSRGHPRVROYLGDUTXHHQHO
IRQGR OD &LHQFLD 3ROtWLFD \ OD &LHQFLD GH OD $GPLQLVWUDFLyQ FXEUHQ EDMR VX SDUDJXDV
FRQFHSWXDODODVRUJDQL]DFLRQHVS~EOLFDV\FRQHOODVFRPRQRSRGtDVHUGHRWUDIRUPDD
OD 7HRUtD GH OD 2UJDQL]DFLyQ S~EOLFD \ D OD *HVWLyQ 3~EOLFD YLQFXODQGR FRQFHSWRV
FRPRODJHVWLyQODVRUJDQL]DFLRQHVODJREHUQDELOLGDGODSDUWLFLSDFLyQFLXGDGDQD
$HVWHWLSRGHVLVWHPDVGHQWURGHODVRUJDQL]DFLRQHV\DODVGHQRPLQy&DUDYDQWHV
FRPR VLVWHPDV VRFLRWpFQLFRV HVWUXFWXUDGRV VLJXLHQGR HO HQIRTXH VLVWpPLFR FRQ XQ
VXEVLVWHPDWpFQLFRWDUHDVDVHULPSOHPHQWDGDVHTXLSDPLHQWRVDXWLOL]DUKHUUDPLHQWDV
\WpFQLFDVRSHUDWLYDVXQVXEVLVWHPDVRFLDOUHODFLRQHVHQWUHODVSHUVRQDVTXHHMHFXWDQ
ODV WDUHDV \ XQ VXEVLVWHPD RUJDQL]DWLYR R HVWUXFWXUD RUJDQL]DFLRQDO IRUPDOL]DFLyQ GH
UHODFLRQHVHQWUHORVVXEVLVWHPDVWpFQLFR\VRFLDOYLG&DUDYDQWHV*HUDOGR5 $GPL
QLVWUDoDR SRU REMHWLYRV XPD DERUGDJHP VyFLRWpFQLFD )XQGDoDR SDUD R 'HVHQYRO
YHPHQWRGH5HFXUVRV+XPDQRV(GLoDR3RUWR$OHJUHSS
$XQTXHFRPRVHxDOD5DPLyFLWDQGRD3HUU\\.UDPHUHOVHFWRU
S~EOLFRHQJHQHUDOWLHQHODVPLVPDVQHFHVLGDGHVTXH HO VHFWRU SULYDGR SRU OR TXH UHVSHFWD D
DOFDQ]DUVXVREMHWLYRVGHXQDIRUPDHILFD]\HILFLHQWHVLELHQWLHQHXQDRULHQWDFLyQQRUPDWLYD
GLVWLQWDGDGDODUHOHYDQFLDGHYDORUHVSURSLRVGHOHQWRUQRS~EOLFRFRPRSRUHMHPSORODSDUWL
FLSDFLyQGHPRFUiWLFDODWUDQVSDUHQFLDODMXVWLFLD\ODHTXLGDGHQHOWUDWR
5DPLyVLJXLHQGRD6XELUDWVFLWDQGRD5D\QHUHWDO\
*DO\
D /RVRUJDQLVPRVS~EOLFRVQRHVFRJHQHOiPELWRGHVXDFWXDFLyQVLQRTXHOHVYLHQHGHIL
QLGRHVWDWXWDULDPHQWHPLHQWUDVHOVHFWRUSULYDGRVHVLW~DGRQGHFRQWHPSODSRVLELOLGDG
GHEHQHILFLRV
E /DVLQVWLWXFLRQHVJXEHUQDPHQWDOHVWLHQHQDOJXQRVSULYLOHJLRV\SRVLELOLGDGHVFRHUFLWLYDV
TXHQRVRQXVXDOHVHQHOVHFWRUSULYDGR
F (OHQWRUQRGHODJHVWLyQS~EOLFDHVPXFKRPiVFRPSOHMRTXHHOGHFXDOTXLHURUJDQL]D
FLyQSULYDGDSRULPSRUWDQWH\YROXPLQRVDTXHVHDVLHQGRODQHFHVLGDGGHQHJRFLDFLyQ\
WUDQVDFFLyQPXFKRPD\RU
(QULTXH-RVp9DUHODOYDUH]
G /RVRUJDQLVPRVJXEHUQDPHQWDOHVVRQPXFKRPiVYXOQHUDEOHVDODVSUHVLRQHVGHQDWX
UDOH]DSROtWLFDTXHGHELGRDVXFDUiFWHUHOHFWRUDOVRQDFRUWRSOD]RORTXHGLILFXOWDOD
DGRSFLyQGHHVWUDWHJLDVRODSODQLILFDFLyQDPHGLRRODUJRSOD]R
H /DGHWHUPLQDFLyQGHREMHWLYRVHVPXFKRPiVFRQIXVDDPELJXD\SOXUDOTXHHQHOVHFWRU
SULYDGR
I ([LVWHQSRFDVSUHVLRQHVHVWUXFWXUDOHVLQWHUQDVHQHOVHFWRUS~EOLFRTXHFRQGX]FDQDXQD
PD\RUHILFLHQFLDGHODJHVWLyQ(VDVSUHVLRQHVVRQEiVLFDPHQWHH[WHUQDVSROtWLFDVILV
FDOHV
J (VGLItFLOPHGLURHYDOXDUHOUHQGLPLHQWRGHODVRUJDQL]DFLRQHVS~EOLFDVGDGDODLQH[LV
WHQFLDGHQ~PHURVURMRVGHFXHQWDGHUHVXOWDGRVREMHWLYDEOHV1RUHVXOWDIiFLOVDEHU
VLVHKDFRQVHJXLGRORTXHVHSUHWHQGtD
K 7RGRHOORFRQOOHYDODGLILFXOWDGGHGHOHJDURGHVFHQWUDOL]DUODVWDUHDVJXEHUQDPHQWDOHV
GDGRTXHSDUDHOORHOLQVWUXPHQWRPiVDGHFXDGRHVHOFRQWUROGHODGHOHJDFLyQYtDUH
VXOWDGRV
L (OWLSRGHREMHWLYRVSRUFRQVHJXLUVDOXGPHGLRDPELHQWHGLILFXOWDODVHJPHQWDFLyQ
GHORVGHVWLQDWDULRVGHODDFWLYLGDGS~EOLFDFRQORTXHHOORLPSOLFDGHSUREOHPDVHQHO
XVRGHPXFKRVLQVWUXPHQWRVGHPHUFDGR
M (OJUDGRGHYLVLELOLGDG\FRQWUROGHOVHFWRUS~EOLFRHVPXFKRPD\RUHVWDQGRVRPHWLGRD
PD\RUSUHVLyQGHWUDQVSDUHQFLD
N /DVGLYHUVDV$GPLQLVWUDFLRQHVS~EOLFDVHVWiQREOLJDGDVDGLIHUHQFLDGHOVHFWRUSULYDGR
D DFWXDU FRQ UHVSHWR D ORV SULQFLSLRV GH HTXLGDG FRQ FULWHULRV WHPSRUDOPHQWH FRQVLV
WHQWHV\FRQODFRQVWDQWHSUHVHQFLDGHOFRQWUROMXULVGLFFLRQDOVREUHWRGDVVXVDFWXDFLR
QHVORTXHFRQGXFHDXQDPD\RUFHQWUDOL]DFLyQ\EXURFUDWL]DFLyQ
O /DJHVWLyQGHORVUHFXUVRVKXPDQRVHVWiPXFKRPiVFRQGLFLRQDGDHQHOVHFWRUS~EOLFR
WDQWRHQODVHOHFFLyQFRPRHQODH[FOXVLyQRSURPRFLyQGHVXSHUVRQDOVLHQGRPX\GLIt
FLOSUHPLDUODH[FHOHQFLDGHODODERUGHFXDGURV\JHVWRUHV
P7DPELpQODJHVWLyQGHORVUHFXUVRVILQDQFLHURVHVPXFKRPHQRVIOH[LEOHGDGDVODVIRU
PDOLGDGHVSUHVXSXHVWDULDV\ODH[LVWHQFLDGHFRQWUROHVGHOHJDOLGDGGHOJDVWR
Q /DLQH[LVWHQFLDGHODVHQVDFLyQGHOULHVJRVHOSUHGRPLQLRGHORSHUHQQHRHVWUXFWXUDOVR
EUHORFR\XQWXUDO
&LWDQGRD0HWFDOIH/\5LFKDUGV6/D0RGHUQL]DFLyQGHOD*HVWLyQ3~EOLFD
,1$30DGULG
2OtDV/DJHUHQFLDHVXQDQRFLyQTXHSURYLHQHGHOVHFWRUSULYDGR\TXHDOXGH
DVXHVSHFtILFDPDQHUDGHREWHQHUUHVXOWDGRVSDUDHOPHUFDGR/DJHUHQFLDS~EOLFDWLHQHTXH
YHUFRQODLQWURGXFFLyQHQHOVHFWRUS~EOLFRGHODVWpFQLFDV\PpWRGRVGHOVHFWRUSULYDGRFRQHO
ILQGHKDFHUPiVHILFLHQWHV\PiVHILFDFHV ODV RUJDQL]DFLRQHV S~EOLFDV (Q OD JHUHQFLD HV GH
HVSHFLDOLQWHUpVODODERUGLUHFWLYDHLPSXOVRUDGHORVPDQDJHUVRJHUHQWHVGHDKtTXHODPD
\RUSDUWHGHODVSHUVSHFWLYDVVXEUD\HQHVWHDVSHFWR/RFDUDFWHUtVWLFRGHODJHUHQFLDS~EOLFDHV
0yGXOR,/DV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVFRPR2EMHWRGH(VWXGLR
TXHVHGHVHQYXHOYHHQXQHQWRUQRSROtWLFRORFXDOTXLHUHGHFLUHQSULPHUOXJDUTXHDIHFWDDORV
LQWHUHVHVFROHFWLYRV
5HVXOWDPX\~WLOFRPRFRPSOHPHQWRDORVWUDEDMRVPRVWUDGRVVREUHODV5,*6HQ
(VSDxDODVHOHFFLyQELEOLRJUiILFDFRPHQWDGDSRU5H\HV0RQWLHO\-XDQ$QWRQLR5DPRV
(O (VWDGR GH ODV $XWRQRPtDV \ VX VLVWHPD GH UHODFLRQHV LQWHUJXEHUQDPHQWDOHV 8QD
VHOHFFLyQ ELEOLRJUiILFD 3DSHOHV GH 7UDEDMR GH *RELHUQR \ $GPLQLVWUDFLyQ 3~EOLFD Q
,QVWLWXWR8QLYHUVLWDULR2UWHJD\*DVVHW0DGULG
$XQTXH 2OPHGD VLJXLHQGR D $QGHUVRQ GLVWLQJXH HQWUH HQIRTXHV SDUD
DQDOL]DU ODV UHODFLRQHV HQWUH ORV GLYHUVRV QLYHOHV GH JRELHUQR WHUULWRULDOHV FHQWUDOHV
UHJLRQDOHV\ORFDOHVHQHOSUHVHQWHWUDEDMRVHLGHQWLILFDQFRQHOILQGHVLPSOLILFDUFRQ
FHSWXDOPHQWH HO PDUFR GH ODV 5,*6 HQ HO SDQRUDPD SROtWLFRDGPLQLVWUDWLYR DXWRQy
PLFRHVSDxRO2OPHGD
0HUHFHODSHQDUHYLVDUHOHVWXGLRUHDOL]DGRSRU'6:ULJKWHQ8QGHUVWDQ
GLJ,QWHUJRYHUQPHQWDO5HODWLRQV%URRNV&ROH3XEOLVKLQJHQVXYHUVLyQWUDGXFLGDSRU
-RVp/XLV0pQGH]SXEOLFDGDHQ)RQGRGH&XOWXUD(FRQyPLFD3DUDHQWHQGHUODV5HOD
FLRQHV ,QWHUJXEHUQDPHQWDOHV FDVL YHLQWH DxRV GHVSXpV QR VyOR SRU OD EXHQD
DGDSWDFLyQDOFDVWHOODQRGHHVWDELEOLDGHODV5,*6VLQRWDPELpQSRUHOHVWXGLRLQWUR
GXFWRULRGHOSURSLRWUDGXFWRU
9LG:ULJKW'6'HOIHGHUDOLVPRDODVUHODFLRQHVLQWHUJXEHUQDPHQWDOHVHQORV
(VWDGRV8QLGRVGH$PpULFD5HYLVWDGH(VWXGLRV3ROtWLFRV0DGULGSS
9LG$JUDQRII5/DVUHODFLRQHVLQWHUJXEHUQDPHQWDOHV\HO(VWDGRGHODV$XWR
QRPtDV3ROtWLFD\6RFLHGDGQ0DGULGSS
9LGVXSU$JUDQRII5SSRSFLW$QGHUVRQ:,QWHUJRYHUQPHQWDO
5HODWLRQVLQ5HYLHZ8QLYHUVLW\RI0LQQHVRWD3UHVV0LQQHDSROLVS
9LG$JUDQRII5/DVUHODFLRQHV\ODJHVWLyQLQWHUJXEHUQDPHQWDOHVHQ%DxyQ\
&DUULOOR FRPSV /D QXHYD $GPLQLVWUDFLyQ 3~EOLFD $OLDQ]D 8QLYHUVLGDG 0DGULG
SS
9LG6XSU$JUDQRII5S
6LQGXGDXQRGHORVSULQFLSDOHVDWUDFWLYRVPHWRGROyJLFRVGHODV5,*6FRQVLVWHHQODGL
YHUVLGDG GH SHUVSHFWLYDV \ HQ VX FDUiFWHU LQWHUGLVFLSOLQDU \ FRPSDUDGR YLG 0RUDWD )
3ROtWLFDVS~EOLFDV\UHODFLRQHVLQWHUJXEHUQDPHQWDOHV'RFXPHQWDFLyQ$GPLQLVWUDWLYD
QRFWXEUHPDU]R,1$30DGULGSS
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
0'8/2,,
6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
QGLFH
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
)UDQFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ)UDQFLD
(VWDGRV8QLGRVGH$PpULFD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ(VWDGRV8QLGRVGH$PpULFD
5HLQR8QLGR
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQHO5HLQR8QLGR
$OHPDQLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ$OHPDQLD
(QULTXH-RVp9DUHODOYDUH]
,WDOLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ,WDOLD
6XHFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ6XHFLD
3RUWXJDO
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ3RUWXJDO
%LEOLRJUDItD5HFRPHQGDGD
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
3DODEUDV&ODYH
(VWDGR$GPLQLVWUDFLyQ&HQWUDO$GPLQLVWUDFLyQ5HJLRQDO5HJLRQHV$G
PLQLVWUDFLyQ/RFDO0XQLFLSLRV5HODFLRQHV,QWHUJXEHUQDPHQWDOHV3DUODPHQWR
-HIH GHO (VWDGR 3UHVLGHQWH 3ULPHU 0LQLVWUR 0LQLVWURV 6HFUHWDULRV GH (VWDGR
$OFDOGHV7HQLHQWHVGH$OFDOGH&RQFHMDOHV
,QWURGXFFLyQ\2EMHWLYRV
/DYLVLyQFRPSDUDGDGHORVVLVWHPDVSROtWLFRV\DGPLQLVWUDWLYRVQRVRIUHFH
ODSRVLELOLGDGGHDQDOL]DUGHVGHXQSXQWRGHYLVWDJOREDOODVLWXDFLyQGHORVGLIH
UHQWHVQLYHOHVGHJRELHUQRVXVLQVWLWXFLRQHVVXiPELWRWHUULWRULDOGHDFWXDFLyQ
HOPDUFRHQHOFXDOVHGHVDUUROODQVXVSROtWLFDVS~EOLFDVODVUHODFLRQHVTXHHQWUH
HOORVVHSURGXFHQ(QGHILQLWLYDSHUPLWHQH[WUDHUXQDVSULPHUDVFRQFOXVLRQHV
GH JUDQ XWLOLGDG SDUD VLWXDU HO FRPSOHMR PDSD SROtWLFRDGPLQLVWUDWLYR HVSDxRO
TXHVHYHUiHQHO0yGXOR,,,
(YLGHQWHPHQWHQRVHSXHGHGDUFDELGDHQHO0yGXORDWRGRVORVVLVWHPDV
SROtWLFRVQLDYDQ]DUFRQFOXVLRQHVVREUHVXV$GPLQLVWUDFLRQHV3~EOLFDVPiVDOOi
GH ODV PHUDPHQWH GHVFULSWLYDV (O DQiOLVLV GH OD HVWUXFWXUD SROtWLFR
DGPLQLVWUDWLYD RFFLGHQWDO VHUi SXHV EiVLFDPHQWH LQVWLWXFLRQDO \ DGPLQLVWUDWLYR
HQWHQGLHQGRSRUHVWH~OWLPRHOHVWXGLRGHODUHDOLGDGGHODV$GPLQLVWUDFLRQHV
3~EOLFDV\ORVDJHQWHVHQFDUJDGRVGHVXJHVWLyQOLPLWiQGRVHDSODQWHDUORVPDU
FRVDQDOL]DGRVSRUSROLWyORJRVHVSDxROHVDWUDYpVGHORVVLJXLHQWHVPDQXDOHVGH
UHIHUHQFLD
&RORPHU-RVHS0DUtDGLUHFWRU/DSROtWLFDHQ(XURSD,QWURGXFFLyQ
DODVLQVWLWXFLRQHVGHTXLQFHSDtVHV$ULHO&LHQFLD3ROtWLFD%DUFHORQD
&RWDUHOR5DPyQ7HRUtDGHO(VWDGR\6LVWHPDV3ROtWLFRV3DUWH(VSH
FLDO6LVWHPDV3ROtWLFRV7RPR,,81('0DGULG
2OPHGD*yPH]-RVp$QWRQLR\3DUUDGR'tH]6DOYDGRU&LHQFLDGHOD
$GPLQLVWUDFLyQ /RV 6LVWHPDV $GPLQLVWUDWLYRV 9ROXPHQ ,,
81('0DGULG
$OFiQWDUD 6iH] 0DQXHO (G 6LVWHPDV SROtWLFRV GH OD 8QLyQ (XUR
SHD(GLWRULDO7LUDQWOR%ODQFK9DOHQFLD
(QULTXH-RVp9DUHODOYDUH]
(VWRVFXDWURPDQXDOHVVRQODUHIHUHQFLDEiVLFDTXHHQWRGRFDVRHVFRP
SOHWDGDFRQODELEOLRJUDItD\UHIHUHQFLDDSXQWDGDHQORVSLHVGHSiJLQDTXHOHFWRU
WLHQHDOILQDOGHO0yGXOR
/yJLFDPHQWH OR TXH VH KD LQWHQWDGR HV PRVWUDU XQ DPSOLR SDQRUDPD OR
TXHVLJQLILFDTXHGHIRUPDYROXQWDULDVHKDQRPLWLGRDVSHFWRVGHODVLQVWLWXFLR
QHVQLYHOHVGHJRELHUQR\YDULDEOHVTXHLQFLGHQGLUHFWDPHQWHHQHOVLVWHPDSR
OtWLFRDGPLQLVWUDWLYR SRU HMHPSOR HO VLVWHPD GH SDUWLGRV R HO HOHFWRUDO SRU
GHVERUGDUHOREMHWRGH0yGXOR(QWRGRFDVRVHKDQDERUGDGRORVVLVWHPDVSROt
WLFRDGPLQLVWUDWLYRVPiVVLJQLILFDWLYRV\GHPD\RULQIOXHQFLDSDUDHOHVSDxRODVt
FRPHQ]DQGRSRUHOVLVWHPDIUDQFpVGHLQGXGDEOHUHOHYDQFLDVHKDQLQFOXLGRHO
QRUWHDPHULFDQRFRPRPRGHORDOWHUQDWLYRDOIUDQFpV\GHJUDQLPSRUWDQFLDSDUD
HO FDVR GH ODV 5,*6 HQ QXHVWUR SDtV HO GHO 5HLQR 8QLGR SRU VX SDUWLFXODU
UHODFLyQ HQWUH ORV QLYHOHV FHQWUDOHV \ ORFDOHV GH JRELHUQR HO DOHPiQ LJXDO
PHQWHFODYHSDUDHQWHQGHUODVUHJLRQHVHQHOPDUFRHVWDWDO\HXURSHRDFWXDOHO
LWDOLDQRSRUVXGHVDUUROORUHJLRQDO\ORFDOHQODV~OWLPDVWUHVGpFDGDVHOVXHFR
FRPR PRGHOR GH SROtWLFDV S~EOLFDV GH ELHQHVWDU FRPSDUWLGDV HQWUH FHQWUR \
SHULIHULD\ILQDOPHQWH HOSRUWXJXpVSRU VXSUR[LPLGDG\SODQWHDPLHQWRVUH
JLRQDOHV\ORFDOHVLQDFDEDGRV
(OREMHWLYRSULQFLSDOSXHVGHHVWH0yGXOR,,VHUiHOGHVLWXDUORVHVTXHPDV
GH *RELHUQR \ $GPLQLVWUDFLyQ GH ORV SDtVHV GHO HQWRUQR HVSDxRO FRQ HO ILQ GH
LGHQWLILFDUDOJXQRVUDVJRVFRPXQHVHQVXVHVWUXFWXUDVGHJRELHUQRLQVWLWXFLRQHV
QLYHOHVWHUULWRULDOHVGHDFWXDFLyQ\PDUFRGHUHODFLRQHVLQWHUJXEHUQDPHQWDOHV
/D KLSyWHVLV GH SDUWLGD GHO 0yGXOR HVWi GLUHFWDPHQWH UHODFLRQDGD FRQ OD
FRQVROLGDFLyQGHOKHFKRVXEQDFLRQDO\ODQXHYDUHDOLGDGGHODGHVFHQWUDOL]DFLyQ
SROtWLFRDGPLQLVWUDWLYDTXHVHKDYHQLGRSURGXFLHQGRGHIRUPDJHQHUDOL]DGDHQ
ORV ~OWLPRV YHLQWH DxRV HQ ORV (VWDGRV RFFLGHQWDOHV GHO ELHQHVWDU \ FRPR HVWD
GHVFHQWUDOL]DFLyQ KD WHQLGR OXJDU GH IRUPD GHVLJXDO XQDV YHFHV D IDYRU GH ORV
*RELHUQRV \ $GPLQLVWUDFLRQHV UHJLRQDOHV \ RWUDV D IDYRU GH ORV *RELHUQRV \
$GPLQLVWUDFLRQHV ORFDOHV (Q WRGR FDVR HVWD QXHYD DUWLFXODFLyQ GHO SRGHU PiV
PXOWLQLYHOPXOWLRUJDQL]DWLYDHLQWHUJXEHUQDPHQWDOKDSURYRFDGRXQUHHTXLELOL
EULRGHIXHU]DVHQORVWUDGLFLRQDOHV(VWDGRVQDFLyQ\QRYHGRVRVSODQWHDPLHQWRV
GHUHODFLyQFHQWURSHULIHULDTXHQRQHFHVDULDPHQWHVHGLULJHQKDFLDODGHVFHQ
WUDOL]DFLyQVXEQDFLRQDOFRPRVHSURSXJQDGHVGHORVSODQWHDPLHQWRVGHODVXE
VLGLDULHGDG \ OD DXWRQRPtD ORFDO VLQR TXH SURYRFDQ PRYLPLHQWRV GH
FHQWUDOLVPRVGHEDVHUHJLRQDOHLQFOXVRGHUHFHQWUDOL]DFLyQQDFLRQDOHQIXQFLyQ
GHORVUHVXOWDGRV\H[SHULHQFLDVGHVFHQWUDOL]DGRUDV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
3ODQWHDPLHQWR
*OREDO
3ODQWHDPLHQWR
5HJLRQDO/RFDO
$$33&&
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
&LHQFLDGHOD
$GPLQLVWUDFLyQ
&LHQFLD
3ROtWLFD
5,*6
*,*
)UDQFLD(VWDGRV8QLGRVGH$PpULFD5HLQR8QLGR$OHPDQLD,WDOLD6XHFLD3RUWXJDO
&,8'$'$126
(QULTXH-RVp9DUHODOYDUH]
)UDQFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
(O VLVWHPD SROtWLFRDGPLQLVWUDWLYR IUDQFpV WDO \ FRPR KR\ OR FRQRFHPRV
GHYLHQH GH OD 9 5HS~EOLFD LQVWDXUDGD HQ \ UHIRUPDGD HQ 6H KD
FDUDFWHUL]DGRSRUVHUXQVLVWHPDXQLWDULRIXHUWHPHQWHFHQWUDOL]DGRTXHFRPHQ]y
XQOHQWRSURFHVRGHGHVFHQWUDOL]DFLyQHQ/RVUDVJRVSULQFLSDOHVGHOVLVWH
PDVRQVXSRGHUHMHFXWLYRIXHUWHLQGHSHQGLHQWHGHORVSDUWLGRVSROtWLFRV\FRQ
SULPDFtDVREUHXQ3DUODPHQWRFRQFRPSHWHQFLDVUHVWULQJLGDV2OPHGD\3DUUD
GR 0pQ\ SRU VX SDUWH GHQRPLQD D OD SUHGRPLQDQFLD
GHO3UHVLGHQWH\*RELHUQRVREUHHO3DUODPHQWRFRPRXQDPRQDUTXtDUHSXEOLFD
QD IDYRUHFLGD SRU OD &RQVWLWXFLyQ \ HO XVR TXH GH HOOD KDFH HO (MHFXWLYR $Vt
PLVPRHVXQVLVWHPDGHQRPLQDGRFRPRSDUODPHQWDULVPRUDFLRQDOL]DGRDFDED
OORHQWUHORVUHJtPHQHVDVDPEOHDULRV\SUHVLGHQFLDOLVWDV\DTXHHO3UHVLGHQWHGH
OD 5HS~EOLFD HV HOHJLGR GLUHFWDPHQWH SRU HO SXHEOR FRQ XQ DPSOLR SRGHU TXH
DUUDQFDGHODpSRFDGH'H*DXOOH(OUDVJRSURSLDPHQWHDGPLQLVWUDWLYRHVHOGH
VXDFXVDGDFHQWUDOL]DFLyQ%DHQDGHO$OFi]DUUHVXOWDQGRHOPRGHOR
SDUDGLJPiWLFRGHHQWUHWRGRVORVVLVWHPDVSROtWLFRDGPLQLVWUDWLYRVFRPHQWDGRV
FXHVWLyQ VLQ HPEDUJR DWHQXDGD SRU OD IXHU]D GH OD UHDOLGDG SROtWLFR
DGPLQLVWUDWLYD\DTXH FRPR VHxDOD 0pQ\ /D &RQVWLWXFLyQ GH OD 9
5HS~EOLFD QR GHMD QLQJXQD GXGD )UDQFLD HV XQD UHS~EOLFD ~QLFD H LQGLYLVLEOH 6LQ
HPEDUJRODUHDOLGDGSROtWLFDHVPiVFRPSOHMDGHORTXHGDQDHQWHQGHUORVGLVFXUVRV
SROtWLFRVRORVGLVSRVLWLYRVMXUtGLFRV7UDVODIDFKDGDGHXQLGDGVHSHUILODODIUDJPHQWD
FLyQWUDVODFHQWUDOL]DFLyQDSDUHFHODPXOWLSOLFLGDGGHORVFHQWURVGHLQIOXHQFLD\GH
GHFLVLyQWUDVHOHQIUHQWDPLHQWRFHQWURSHULIHULDDSDUHFHODFRODERUDFLyQ
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
&RQUHODFLyQDODGLVWULEXFLyQWHUULWRULDOGHOSRGHUPHUHFHODSHQDGHVWDFDU
OD IXHUWH FHQWUDOL]DFLyQ GH VX VLVWHPD SROtWLFRDGPLQLVWUDWLYR SURFHVR LQLFLDGR
FRQOD5HYROXFLyQ)UDQFHVDHQ\VXYRFDFLyQXQLIRUPLVWD\KRPHJHQHL]D
GRUDFRPRVHxDODQ2OPHGD\3DUUDGR/DSUHRFXSDFLyQUHYROXFLRQD
ULD SRU OD LJXDOGDG VXSRQtD VXSULPLU ODV YDULDFLRQHV \ ODV FRVWXPEUHV ORFDOHV 3RU
WDQWR OD XQLIRUPLGDG \ OD KRPRJHQHLGDG IXHURQ LPSXHVWDV PHGLDQWH HO HMHUFLFLR GHO
SRGHUFHQWUDOL]DGRUHQQRPEUHGHORVSULQFLSLRVUHYROXFLRQDULRV(VWDHVWUDWHJLDIXH
VHJXLGDSRU1DSROHyQQHFHVLWDGRGHUHFXUVRV\XQDHILFD]DGPLQLVWUDFLyQSDUD
VXH[SDQVLyQPLOLWDUGHIRUPDTXHVHFRPHQ]ySRURUJDQL]DUDODVFRUSRUDFLRQHV
ORFDOHVHQ'HSDUWDPHQWRVVLWXDQGRDOIUHQWHGHHOORVDDJHQWHVGHO(VWDGR(Q
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(QULTXH-RVp9DUHODOYDUH]
3RUORTXHVHUHILHUHDO3ULPHU0LQLVWURFRPHQWDUTXHVXQRPEUDPLHQWROR
UHDOL]D HO 3UHVLGHQWH GH HQWUH ORV SURSXHVWRV SRU HO SDUWLGR FRQ PD\RUtD HQ OD
$VDPEOHD1DFLRQDO(O3ULPHU0LQLVWURSXHGHVHUFHVDGRSRUHO3UHVLGHQWHD~Q
WHQLHQGR HO DSR\R GH ODV &iPDUDV DGHPiV GH SRU OD $VDPEOHD 1DFLRQDO /D
HVWUXFWXUDDGPLQLVWUDWLYDGHO3ULPHU0LQLVWURVHFRPSRQHGH*DELQHWHFRP
SXHVWRSRUVX'LUHFWRU&RQVHMHURV7pFQLFRV\UHVSRQVDEOHVGH PLVLyQ JHVWLR
QDQGR OD DJHQGD SROtWLFD GHO 3ULPHU 0LQLVWUR FRPR yUJDQR PiV SROtWLFR \
6HFUHWDUtD*HQHUDOGHO*RELHUQRHQFDUJDGDGHSUHSDUDUODVUHXQLRQHVLQWHUPL
QLVWHULDOHV \ HQ FRODERUDFLyQ FRQ HO 6HFUHWDULR *HQHUDO GH OD 3UHVLGHQFLD GH
RUJDQL]DU ODV UHXQLRQHV GHO &RQVHMR GH 0LQLVWURV FRPR LQVWDQFLD PiV DGPL
QLVWUDWLYD
(O *RELHUQR %DOODUW \ 5DPLy SRU VX SDUWH OR FRQIRUPDQ ORV
0LQLVWURVFRQXQFDUiFWHUPL[WRGHUHVSRQVDEOHSROtWLFR\GHMHIHGHXQD$G
PLQLVWUDFLyQ \ VXV UHVSHFWLYRV 'HSDUWDPHQWRV (QWUH ORV SULPHURV VH HQFXHQ
WUDQORV0LQLVWURVGHSOHQRGHUHFKRTXHVRQPLHPEURVGHO&RQVHMRGH0LQLVWURV
\ GLULJHQ XQ 0LQLVWHULR ORV 0LQLVWURV 'HOHJDGRV VRQ PLHPEURV GHO JRELHUQR
LJXDOPHQWH DFWXDQGR SRU GHOHJDFLyQ GH FRPSHWHQFLDV HQ DOJXQDV iUHDV GHO
0LQLVWURDPERVIRUPDQSDUWHGHO&RQVHMRGH0LQLVWURV/RV6HFUHWDULRVGH(V
WDGR VRQ WDPELpQ *RELHUQR GHVDUUROODQGR ODV DFWLYLGDGHV SURSXHVWDV SRU HO
0LQLVWUR WHQLHQGR UHVSRQVDELOLGDG GH ILUPD QR GH FRPSHWHQFLDV JHVWLRQDQGR
XQDSDUWHGHO0LQLVWHULR/RVGHSDUWDPHQWRVGHORV0LQLVWURVHVWiQFRPSXHVWRV
SRUORVPHQFLRQDGRV6HFUHWDULRVGH(VWDGR\XQJDELQHWHSROtWLFRUHVSRQVDEOHGH
ODJHVWLyQGHOPLVPRFXPSOLHQGRIXQFLRQHVGHDVHVRUDPLHQWRSROtWLFR3DUD HO
GHVDUUROORGHODDFWLYLGDGSXUDPHQWHDGPLQLVWUDWLYD\GHIRUPDFRPSOHPHQWDULD
DO *DELQHWH ORV GHSDUWDPHQWRV IUDQFHVHV GHVDUUROODQ YDULRV QLYHOHV GH JHVWLyQ
HQWUHORVTXHGHVWDFDQOD'LUHFFLyQFRPRXQLGDGEiVLFDODDJUXSDFLyQGHYDULDV
SXHGHGDUOXJDUDXQD'LUHFFLyQ*HQHUDOVLWXiQGRVHSRUGHEDMRGHHOODOD6XE
GLUHFFLyQ GH IRUPD VLPLODU OD DJUXSDFLyQ GH VXEGLUHFFLRQHV SXHGH GDU OXJDU D
XQ 6HUYLFLR SDUD ILQDOPHQWH FHUUDU GLFKD HVWUXFWXUD DGPLQLVWUDWLYD GHSDUWD
PHQWDOFRQORV1HJRFLDGRVGHFDGD6XEGLUHFFLyQHVWRVSXHVWRVHVWDUtDQEDMROD
GHQRPLQDGDSRU%DOODUW\5DPLyFRPRDGPLQLVWUDFLyQQXFOHDU
/RV 3UHIHFWRV VRQ HO FRPSOHPHQWR SROtWLFRDGPLQLVWUDWLYR DO SUHGRPLQLR
GHOFHQWURVREUHODSHULIHULDDXQTXHHVWRVHKDYLVWRDWHQXDGRFRQODUHIRUPDGH
6RQHQGHILQLWLYDORVUHSUHVHQWDQWHVGHO(VWDGRHQHOWHUULWRULRGLULJLHQGR
ORV VHUYLFLRV SHULIpULFRV (O SUHIHFWR DQWHV GH OD UHIRUPD GH HUD HO yUJDQR
HMHFXWLYRGHOFRQVHMRJHQHUDOGHOGHSDUWDPHQWR\HUDDGHPiVUHSUHVHQWDQWHGHOD$G
PLQLVWUDFLyQFHQWUDOHQHOWHUULWRULR(VWDVLWXDFLyQFDPELyFRQHOSURFHVRGHGHVFHQ
WUDOL]DFLyQTXHVHLQLFLyHQ2OPHGD\3DUUDGR&RPRGHOHJDGR
GHO (VWDGR HMHUFtD VXV IXQFLRQHV HQ ORV FLQFR WLSRV GH FLUFXQVFULSFLRQHV DGPL
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
QLVWUDWLYDVHQORVTXHORVPLQLVWHULRVWLHQHQGHOHJDFLRQHVSHULIpULFDVODUHJLyQHO
GHSDUWDPHQWR HO GLVWULWR HO FDQWyQ \ OD FRPXQD2OPHGD \ 3DUUDGR
FRLQFLGHQWHVJHRJUiILFDPHQWHFRQORVWUHVWLSRVGHHQWLGDGHVWHUULWRULDOHVIUDQFH
VDV 5HJLyQ 'HSDUWDPHQWR \ &RPXQD &RQ OD UHIRUPD GH ORV 3UHIHFWRV
VRQGHSRVLWDULRVGHODDXWRULGDGGHO(VWDGRHQFDGD'HSDUWDPHQWRFRRUGLQDQGR
\GLULJLHQGRORVVHUYLFLRVSHULIpULFRVGHO(VWDGRHQFDGDXQRGHHOORV\UHSUHVHQ
WDQGRDO3ULPHU0LQLVWUR\DVXV0LQLVWURVDGHPiV'HQWURGHODVFRPSHWHQFLDV
TXHVHOHDVLJQDQDOSUHIHFWRVHHQFXHQWUDODUHVSRQVDELOLGDGGHODSXHVWDHQSUiFWLFD
GHODVSROtWLFDVS~EOLFDVGHiPELWRQDFLRQDOFX\DDSOLFDFLyQVHHIHFW~DHQHOiPELWRGHO
GHSDUWDPHQWR HQ HO TXH HO SUHIHFWR HVWi GHVWLQDGR (Q HO GHSDUWDPHQWR HO SUHIHFWR
WLHQHODFDSDFLGDGGHUHDOL]DUODVQHJRFLDFLRQHVSHUWLQHQWHVFRQODVFROHFWLYLGDGHVWH
UULWRULDOHVHQQRPEUHGHO(VWDGR2OPHGD\3DUUDGR
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
&RPR YHtDPRV HQ HO DSDUWDGR DQWHULRU HQ OD $GPLQLVWUDFLyQ WHUULWRULDO
IUDQFHVD%DHQDGHO$OFi]DUVHUHSURGXFHQXQDVHULHGHQLYHOHV
VREUHORVFXDOHVHOFHQWURGHVDUUROODVXLQIOXHQFLDGHVGH%DHQDGHO$OFi
]DU HVWD VLWXDFLyQ KD YDULDGR VXVWDQFLDOPHQWH GH IRUPD TXH VH
PDQWLHQHHVWDPXOWLSOLFLGDGGHQLYHOHV2OPHGD\3DUUDGRSHURFRQ
XQVLVWHPDGHUHODFLRQHVPiVGHVFHQWUDOL]DGR/DVFDUDFWHUtVWLFDVSULQFLSDOHVGH
ODVDGPLQLVWUDFLRQHVVXEQDFLRQDOHVVRQ2OPHGD\3DUUDGR
7UHV QLYHOHV GH FROHFWLYLGDGHV WHUULWRULDOHV 5HJLRQHV FUHDGDV D SDUWLU
GH \ FRQ HOHFFLRQHV GLUHFWDV D ORV &RQVHMRV 5HJLRQDOHV GHVGH
'HSDUWDPHQWRV\&RPXQDV(QHVWRVWUHVQLYHOHVVHLQFOX\HQODV
FROHFWLYLGDGHVWHUULWRULDOHVFRQHVWDWXWRHVSHFLDO\ORV7HUULWRULRVGH8O
WUDPDU1XHYD&DOHGRQLD3ROLQHVLD:DOOLV\)XWXQD7LHUUDV$XVWUDOHV
\$QWiUWLGDV
/D DGPLQLVWUDFLyQ GH ODV FROHFWLYLGDGHV HV OOHYDGD D FDER SRU ORV FRQ
VHMRVHOHJLGRVSRUVXIUDJLRXQLYHUVDOGLIHUHQWHVHQIXQFLyQGHOQLYHOWH
UULWRULDO &RQVHMRV 5HJLRQDOHV &RQVHMRV *HQHUDOHV \ &RQVHMRV
0XQLFLSDOHV
/RV&RQVHMRVWLHQHQXQyUJDQRHMHFXWLYRGHGLUHFFLyQHQFDUJDGRGHGL
ULJLUORVVHUYLFLRVDGPLQLVWUDWLYRVGHODFROHFWLYLGDGWHUULWRULDO
'HQWURGHHVWRVWUHVQLYHOHVVXEQDFLRQDOHVFDEHGLVWLQJXLUODV5HJLRQHV\HO
QLYHO ORFDO IRUPDGR SRU 'HSDUWDPHQWRV \ &RPXQDV 6LJXLHQGR D 2OPHGD \
3DUUDGR\%DOODUW\5DPLyWHQHPRVTXH
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(QULTXH-RVp9DUHODOYDUH]
5HGHILQLFLyQGHFRPSHWHQFLDVDODVHQWLGDGHVGHFDGDQLYHOWHUULWRULDO
3DUWLHQGRGHODLQGHILQLFLyQGHFRPSHWHQFLDV\GHOLQWHQWRUHIRUPDGRU
GH GRQGH VH LQWHQWy DIHFWDU ORV UHFXUVRV GH IRUPD FODUD ELHQ DO
(VWDGR ELHQ D ODV GLIHUHQWHV FROHFWLYLGDGHV OD UHDOLGDG GH UHODFLyQ \
JHVWLyQ HQWUH ORV *RELHUQRV \ $GPLQLVWUDFLRQHV 3~EOLFDV IUDQFHVDV HV
SHFXOLDU FRQWLQXiQGRVH FRQ OD SROtWLFD GH FRODERUDFLyQ LQWHUJXEHUQD
PHQWDOWUDQVIHUHQFLDGHFRPSHWHQFLDVHQXQRVFDVRV\GHUHFXUVRVHQ
RWURV WUDQVIHUHQFLDV GH DPEDV DO PLVPR WLHPSR GHVDUUROOR GH OD FRP
SHWHQFLD FRQ ILQDQFLDFLyQ FRQGLFLRQDGD 3RU OR TXH VH UHILHUH D ORV
UHFXUVRVSUHVXSXHVWDULRVODGHVFHQWUDOL]DFLyQQRVXSXVRXQDPHQRUGH
SHQGHQFLD GH ODV FROHFWLYLGDGHV GHO FHQWUR Vt HQ OD WHRUtD QR HQ OD
SUiFWLFD GDGR TXH HO DXPHQWR GH WUDQVIHUHQFLDV GH FRPSHWHQFLDV LP
SOLFDED XQ PD\RU JDVWR LPSRVLEOH GH DVXPLU SRU GLFKDV FROHFWLYLGDGHV
SUHFLVDQGRODD\XGDILQDQFLHUDFHQWUDO(VWRVXPDGRDODOLPLWDFLyQILV
FDOTXHWLHQHQODVFROHFWLYLGDGHVKDFHTXHVXVUHODFLRQHVFRQHOFHQWUR
VHKD\DQYXHOWRPiVGHSHQGLHQWHVJHVWLRQDQGRORVVHUYLFLRVUHJLRQDOHV\
ORFDOHVHQIXQFLyQGHODVVXEYHQFLRQHVUHFLELGDVODVGHIXQFLRQDPLHQ
WRODVGHLQIUDHVWUXFWXUD\ODVOLJDGDVDOSURFHVRGHGHVFHQWUDOL]DFLyQ
6XSUHVLyQGHODWXWHOD\ORVVLVWHPDVGHFRQWUROGHVGHHOFHQWUR(VHVWH
XQRGHORVHMHVGHPD\RUUHOHYDQFLDGHODUHIRUPDGH\GHPD\RU
LQIOXHQFLDHQHOVLVWHPDGH5,*6IUDQFpVUHSUHVHQWDGDHQODILJXUDGHO
3UHIHFWR$TXtHODVSHFWRIXQGDPHQWDOHVODLQGHSHQGHQFLDFRQODTXH
ODVFROHFWLYLGDGHVORFDOHVSRGtDQJHVWLRQDUVXSUHVXSXHVWRVLQODVXSHUYL
VLyQ GHO 3UHIHFWR VL ELHQ VLJXH PDQWHQLHQGR HVWH HMHUFLFLR GH FRQWURO
VREUHODVFRPXQDVUXUDOHVFRQHVFDVRVUHFXUVRV
&DPELRGHODVDXWRULGDGHVDGPLQLVWUDWLYDVGHVLJQDGDVSRUHOFHQWURSRU
ODVDXWRULGDGHVSROtWLFDVHOHFWDVDWUDYpVGHORVVXIUDJLRVGHODVFROHFWLYL
GDGHV2OPHGD\3DUUDGR$UDt]GHHVWDQXHYDVLWXDFLyQVH
KDSURGXFLGRXQDPD\RULQWHUUHODFLyQHQWUHORVGLYHUVRVQLYHOHVGHJR
ELHUQR)LQDOPHQWHGHVWDFDUHQHVWDWUDQVIRUPDFLyQGHORDGPLQLVWUD
WLYR D OR HOHFWR HQ ODV DXWRULGDGHV GH ODV FROHFWLYLGDGHV HO SDSHO
GHVDUUROODGRWDQWRSRUODVpOLWHVSROtWLFDVFRPRSRUHO6HQDGR\DTXHOD
SDUWLFLSDFLyQGHORVUHVSRQVDEOHVSROtWLFRVHQOD $VDPEOHD1DFLRQDOVH
KDYLVWRUHGLVWULEXLGD\OLPLWDGDSRUORVPDQGDWRVVXSULPLpQGRVHODWUD
GLFLRQDODFXPXODFLyQGHPDQGDWRVHQXQFDUJRHOHFWR3RUVXSDUWHHO
SDSHOGHO6HQDGRHQHOVLVWHPDGH5,*6HVLPSRUWDQWHSRUTXHDXQTXH
QR SXHGH YHWDU GLVSRVLFLRQHV OHJLVODWLYDV TXH OHVLRQHQ ORV LQWHUHVHV OR
FDOHVVLGDHOYLVWREXHQRDODVUHIRUPDVHPSUHQGLGDVSRUORVJRELHUQRV
VREUHORVPLVPRV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
8Q~OWLPRSXQWRVRQODVGHQRPLQDGDVSRU2OPHGD\3DUUDGR
FRPR 5,*6 KRUL]RQWDOHV GHVDUUROODGDV HQWUH ODV GLIHUHQWHV FROHFWLYLGDGHV OR
FDOHV\TXHKDQOOHYDGRDFRQIRUPDUPHFDQLVPRVVXSUDORFDOHVGHDFFLyQ\JHV
WLRQHV GH ORV VHUYLFLRV PRWLYDGR SRU HO LQIUDPXQLFLSDOLVPR SHUVLVWHQWH (QWUH
HVWRV PHFDQLVPRV GH FRRSHUDFLyQ ORFDO VXSUDFRPXQDO ILJXUDQ ODV PDQFRPX
QLGDGHVPDQFRPXQLGDGGLVWULWRVPDQFRPXQLGDGXUEDQD\PDQFRPXQLGDGGH
YLOODV\ORVFRQVRUFLRV
7RGR HVWR KDFH TXH HQ OD DFWXDOLGDG ODV FROHFWLYLGDGHV WHUULWRULDOHV HQ
SDODEUDVGH0pQ\FRQVWLWX\DQXQHOHPHQWRIXQGDPHQWDOGHOVLVWH
PDSROtWLFRIUDQFpVWRGRVHFRQMXJDSDUDKDFHUGHHOODVXQDSLH]DPDHVWUDGHOVLVWH
PD OD OH\ IXQGDPHQWDO ODV FRQYHQFLRQHV GH OD &RQVWLWXFLyQ OD LQIOXHQFLD GH ODV
pOLWHV HO SHVR ILQDQFLHUR OD LPSRUWDQFLD FUXFLDO GH OD HMHFXFLyQ GH SROtWLFDV S~EOLFDV
0pQ\
(VWDGRV8QLGRVGH$PpULFD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
6HJ~Q %DHQD GHO $OFi]DU HO VLVWHPD SROtWLFR
DGPLQLVWUDWLYRQRUWHDPHULFDQRWLHQHXQDVHULHGHUDVJRVWtSLFRVTXHORGLIHUHQ
FLD GH ORV VLVWHPDV HXURSHRV FRQWLQHQWDOHV H LQFOXVR GHO FRQMXQWR GH VLVWHPDV
RFFLGHQWDOHVHQWUHHOORV
/DWUDGLFLyQDQJORVDMRQD(QWUHODVFDUDFWHUtVWLFDVGHHVWDKHUHQFLDGHO
VLVWHPDLQJOpVSHURFRQSDUWLFXODULGDGHVPRWLYDGDVSRUVXGHYHQLUKLVWy
ULFRGHVWDFDQODFRQILJXUDFLyQFRPRSDtVLQPLJUDFLyQ\VXH[WHQVLyQ
OD WUDGLFLyQ MXUtGLFD DQJORVDMRQD OD GLUHFFLyQ GH ORV DVXQWRV S~EOLFRV
EiVLFDPHQWHDWUDYpVGHOPDQHMRGHIRQGRVFRQWURODGRVSRUHO*RELHU
QRIHGHUDOHQVXPD\RUSDUWH\ILQDOPHQWHODLPSRUWDQFLDGHOJRELHU
QRORFDOSRUVXSDSHOHQODFRQVWUXFFLyQGHOD)HGHUDFLyQ
/DFXOWXUDSROtWLFDQRUWHDPHULFDQD\VXHYROXFLyQKDVWDODDFWXDOLGDG
'HGRQGHVHH[WUDHQGRVFDUDFWHUtVWLFDVGHILQLWRULDVGHOVLVWHPDODFRQ
YLFFLyQSRSXODUGHQRLQWHUYHQFLyQGHO(VWDGRHQODHFRQRPtD\ODQR
HVSHFLDOL]DFLyQGHOD$GPLQLVWUDFLyQ3~EOLFDHQSDUWHPRWLYDGRSRUOR
DQWHULRU
/RVGDWRVHVWUXFWXUDOHV/LJDGRVDODVSROtWLFDV\ODIRUPDGHJRELHUQR
GHVWDFDQGRVXHVWUXFWXUDIHGHUDOODVHSDUDFLyQGHSRGHUHV\ODSUHHPL
QHQFLDGHO3UHVLGHQWH
(QULTXH-RVp9DUHODOYDUH]
&RQHVWHPDUFRLQWURGXFWRULRJHQHUDOKD\TXHUHVDOWDUTXHHOUDVJRGHILQL
GRUGHOVLVWHPDSROtWLFRQRUWHDPHULFDQRHVHOSUHVLGHQFLDOLVPRPLHQWUDVTXHHO
GHO VLVWHPD WHUULWRULDO \ DGPLQLVWUDWLYR HV HO IHGHUDOLVPR VLHQGR GLIHUHQWHV GHO
UHVWRGHJRELHUQRVDQDOL]DGRVGDGDODGHVYLQFXODFLyQGHO3UHVLGHQWHGHO&RQJUH
VR\GHKDEHULQDXJXUDGRHOVLVWHPDIHGHUDOWDO\FRPRKR\VHFRQRFH&RWDUHOR
DXQTXH HQ VX HYROXFLyQ VLPLODU DO DOHPiQ DFWXDO /D FDUDFWHUtVWLFD
WHyULFD PiV GHVWDFDGD GH HVWH VLVWHPD HV OD VHSDUDFLyQ GH SRGHUHV YHUWLFDOHV \
KRUL]RQWDOHV HV GHFLU SROtWLFRV \ WHUULWRULDOHV TXH 2OPHGD \ 3DUUDGR
FRQVLGHUDQ HQ OD SUiFWLFD QR GHVDUUROODGRV SURYRFDQGR XQD FHQ
WUDOL]DFLyQ GHO VLVWHPD \ GHVYLiQGRVH GH ORV SRVWXODGRV GH OD &RQVWLWXFLyQ GH
3UHYLR D HVWRV UDVJRV GHILQLGRUHV FRQYLHQH GHFLU TXH HV OD &RQVWLWXFLyQ
QRUWHDPHULFDQDODTXHHVWDEOHFHHOPDUFRJHQHUDOGHHTXLOLEULRVHQWUHORVSRGH
UHV\ORVWHUULWRULRVDWUDYpVGHXQVLVWHPDGHIUHQRV\FRQWUDSHVRVFKHFNVDQG
EDODQFHV &RWDUHOR TXH SHUPLWHQ LQFOXVR OD LQKDELOLWDFLyQ GHO 3UHVL
GHQWHDWUDYpVGHOLPSHDFKPHQWFRPRVHSXGRREVHUYDUHQHO~OWLPRPDQGDWR
GH&OLQWRQFRQPRWLYRGHOFDVR/HZLQVN\
2WUR KHFKR LPSRUWDQWH SDUD FRQRFHU HO IXQFLRQDPLHQWR GH ODV $GPLQLV
WUDFLRQHV3~EOLFDVQRUWHDPHULFDQDVHVHODQiOLVLVGHOVLVWHPDGHSDUWLGRVEDVDGR
HQ OR TXH 2OPHGD \ 3DUUDGR GHQRPLQDQ XQ ELSDUWLGLVPR WUDGLFLR
QDO VLQ ODV FDUDFWHUtVWLFDV HXURSHDV GH ORV SDUWLGRV GH PDVDV \ FDUDFWHUL]DGR
SRUHOHVFDVRSRGHUTXHORVOtGHUHVWLHQHQSDUDFRQWURODUODVSRVLFLRQHVSDUWLFXOD
UHVHLQGLYLGXDOHVGHORVGLIHUHQWHVPLHPEURVGHVXDJUXSDFLyQHQWRGRHOWHUUL
WRULRIHGHUDO6LJXLHQGRD2OPHGD\3DUUDGRODVGLIHUHQFLDVGH
HVWH VLVWHPD GH SDUWLGRV TXH FRPSOHWD ODV SDUWLFXODULGDGHV SURSLDV GHO VLVWHPD
QRUWHDPHULFDQRVRQXQVLVWHPDELSDUWLGLVWDUHDOPHQWHVyOR DOFDQ]DQHOSRGHU
GHPyFUDWDV\UHSXEOLFDQRVVXVLQVWLWXFLRQHVWLHQHQXQFDUiFWHUS~EOLFRUHJX
ODGDVSRUODVOH\HVHVWDWDOHVVRQLQVWLWXFLRQHVDELHUWDVQRFRPRORVSDUWLGRVGH
PDVDV HXURSHRV SDUWLFLSDFLyQ FLXGDGDQRV D WUDYpV SULPDULDV IRUPDFLyQ HQ
EORTXHV FRQ HVFDVD LGHQWLGDG LGHROyJLFD \ FRQVHQVR HQWUH ORV YDORUHV IXQGD
PHQWDOHVDRIUHFHUDODFLXGDGDQtDSRUSDUWHGHORVFDQGLGDWRVDOD3UHVLGHQFLD
GHOSDtVODIHGHUDOL]DFLyQGHORVSDUWLGRVUHVXOWDQGRHOQLYHOFODYHHOHVWDWDO\
QR HO IHGHUDO OD LQFLGHQFLD GH OD GLYLVLyQ GH SRGHUHV HQ HO VLVWHPD SDUWLGLVWD
GHELOLWDQWHGHODVHVWUXFWXUDVSDUWLGDULDVSRUHOSRVLFLRQDPLHQWRLQGHSHQGLHQWH
GHO&RQJUHVR\GHO6HQDGR\ILQDOPHQWHODSULPDFtDGHOSDUWLGRGHPyFUDWDHQ
HO VLJOR ;; URWD HQ ODV GRV ~OWLPDV GpFDGDV GH JRELHUQRV FRQVHUYDGRUHV H[
FHSWXDQGRODpSRFDGH&OLQWRQ
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
'HVGHHOSXQWRGHYLVWDGHODVLQVWLWXFLRQHVIHGHUDOHVGH*RELHUQR\GHVXV
GLIHUHQWHV$GPLQLVWUDFLRQHVORV(VWDGRV8QLGRVGH$PpULFDWLHQHQHQODILJXUD
GHO3UHVLGHQWHDOPi[LPRGLULJHQWHGHOSRGHUHMHFXWLYRHMHUFLHQGRHOSDSHOGH
-HIHGHO(VWDGR XQLILFDQGR HQ XQD PLVPD ILJXUD HO GHVGREODPLHQWR \ GXDOLGDG
WUDGLFLRQDOHQRWURVSDtVHVGHQXHVWURHQWRUQR)UDQFLD$OHPDQLD*UDQ%UHWD
xD6XHFLD(VSDxDGHSHQGLHQGRGHHOOD\GHO9LFHSUHVLGHQWHODVHVWUXFWXUDV
DGPLQLVWUDWLYDV GH OD $GPLQLVWUDFLyQ FHQWUDO R IHGHUDO 2OPHGD \ 3DUUDGR
(O 3UHVLGHQWH UH~QH DGHPiV HQWUH VXV SDSHOHV HO GH HVWDEOHFHU OD
DJHQGD SROtWLFD GHO SDtV \ HO GH QHJRFLDU FRQ HO UHVWR GH SDUWLGRV SROtWLFRV VXV
SODQWHDPLHQWRVSROtWLFRVSDUDTXHVHDQDSUREDGRVSRUHO&RQJUHVR3DUD&RWD
UHORHOSDSHOGHO3UHVLGHQWHHQORV(VWDGRV8QLGRVHVFODYHHQWR
GRVORViPELWRVGHVGHHOOHJLVODWLYRKDVWDHOHMHFXWLYRSDVDQGRSRUHOMXGLFLDO
DFFLyQH[WHULRU\iPELWRVVRFLDOHV\HFRQyPLFRVSRUTXHDpOOHFRUUHVSRQGHOD
IRUPXODFLyQGHILQHVGHORTXHGHQRPLQDFRPRJRELHUQRSXUR (QWUH ODV UHV
SRQVDELOLGDGHVGHO3UHVLGHQWHGHQWURGHOSRGHUHMHFXWLYRGHOJRELHUQRIHGHUDO
ILJXUDQODVGHQRPEUDPLHQWRGHHPEDMDGRUHVPLHPEURVGHO*RELHUQRDVtFRPR
DORVMXHFHVGHORVGLIHUHQWHVWULEXQDOHVSURSXHVWD\YHWRGHOHJLVODFLyQSURFH
GHQWHGHO&RQJUHVRILUPDGHWUDWDGRVFRQRWUDVQDFLRQHVLQWHUYLQLHQGRHO6H
QDGRMHIHGHODVIXHU]DVDUPDGDV\FXDOTXLHURWUDPHGLGDTXHQRHVWpGHILQLGD
HQOD&RQVWLWXFLyQHQDUDVGHOLQWHUpVQDFLRQDO2OPHGD\3DUUDGR
(O 9LFHSUHVLGHQWH HV OD RWUD JUDQ ILJXUD GHO JRELHUQR IHGHUDO QRUWHDPHULFDQR
UHVXOWDQGR HO DXWpQWLFR KRPEUH GHO SUHVLGHQWH \ FODYH HQ OD $GPLQLVWUDFLyQ
FHQWUDOGHVWDFDQGRHQWUHVXVSDSHOHVORVGHOD3UHVLGHQFLDGHO6HQDGR\HQDO
JXQRVFDVRVODSDUWLFLSDFLyQDFWLYDHQODVWDUHDVGHJRELHUQR
3RUORTXHVHUHILHUHDODHVWUXFWXUDDGPLQLVWUDWLYDHQFDUJDGDGHKDFHURSH
UDWLYD OD JHVWLyQ SROtWLFD GHO JRELHUQR IHGHUDO GHVWDFDQ 2OPHGD \ 3DUUDGR
&RWDUHOR%DOODUW\5DPLy%DH
QDGHO$OFi]DU
/D 2ILFLQD (MHFXWLYD GHO 3UHVLGHQWH &RQ HO Pi[LPR SRGHU DGPLQLV
WUDWLYR\VHGHHQOD&DVD%ODQFDFRPSXHVWDSRUXQDVHULHGH2ILFLQDV
VXERUGLQDGDVDHOOD2ILFLQD(MHFXWLYDGHO&RQVHMRGH$VHVRUHV(FRQy
PLFRV&RQVHMRGH6HJXULGDG1DFLRQDO2ILFLQDGHOD&DVD%ODQFD2IL
FLQDGH*HVWLyQ\GHO3UHVXSXHVWR(VWDV2ILFLQDVUHDOL]DQHQWUH RWUDV
ODVODERUHVGHDVHVRUDPLHQWRGLUHFWRDO3UHVLGHQWHFRQWUROGHODVDJHQ
FLDV\RUJDQLVPRVVHPLDXWyQRPRVGHOHMHFXWLYRIHGHUDOGHODVWDUHDVGHO
&RQJUHVRGHODHODERUDFLyQGHOSUHVXSXHVWR
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
&RPR YLPRV DQWHULRUPHQWH HO VLVWHPD WHUULWRULDO QRUWHDPHULFDQR VH FD
UDFWHUL]DSRUVXVUDVJRVIHGHUDOHVFRQXQDGLVWULEXFLyQGHOSRGHU HQWUH)HGHUD
FLyQ(VWDGRV\(QWLGDGHV/RFDOHV
(OVHJXQGRQLYHOGHUHVSRQVDELOLGDGHMHFXWLYD\GHJRELHUQR\DGPLQLVWUD
FLyQHVHOHVWDWDOLQWHUPHGLRHQWUHHOIHGHUDO\HOORFDOFRQXQWRWDOGHHVWD
GRV \ FRQ WUHV GLYLVLRQHV GH SRGHUHV FRPR HQ HO HVTXHPD IHGHUDO HMHFXWLYR
OHJLVODWLYR \ MXGLFLDO %DOODUW \ 5DPLy 3DUD %DHQD GHO $OFi]DU
HOQLYHOLQWHUPHGLRQRUWHDPHULFDQRFRQVWLWX\HHOHVODEyQPiV
GpELOGHODFDGHQDGHRUJDQL]DFLyQWHUULWRULDODXQTXHFRPRYHUHPRVDOILQDOGH
ODXQLGDGHOPRGHORGH5,*6HYROXFLRQDFRQWLQXDPHQWHKDFLDODFRRSHUDFLyQ
\ OD QHJRFLDFLyQ HQWUH ORV WUHV QLYHOHV /D ILJXUD SUHGRPLQDQWH GHO HMHFXWLYR
UHVXOWD HO *REHUQDGRU DXQTXH D GLIHUHQFLD GHO 3UHVLGHQWH QR SXHGH QRPEUDU
PXFKRVGHORVFDUJRVGHVX$GPLQLVWUDFLyQSRUVHUDOLJXDOTXHpOHOHFWRVFRPR
HVHOFDVRGHO)LVFDO*HQHUDOHO,QWHUYHQWRU\HO7HVRUHUR3RUHOORHO*REHUQD
GRUVHYDOHGHXQUHGXFLGRHTXLSRHQWUHORVTXHILJXUDQORV6HFUHWDULRVR&RPL
VDULRVTXHGLULJHQORVGLIHUHQWHViPELWRVGHOD$GPLQLVWUDFLyQHVWDWDO%DOODUW\
5DPLy$VtFRPRHQHOSODQRGHOD)HGHUDFLyQHOSRGHUHMHFXWLYRHV
IXHUWH HQ HO iPELWR HVWDWDO/RV HVWDGRV VH KDQ FDUDFWHUL]DGR SRU VX GHELOLGDG HQ
GLPHQVLRQHV FODYHV FRPR OD RUJDQL]DWLYD OD FDSDFLGDG GH DGRSWDU GHFLVLRQHV \ GH
DFRSLDUUHFXUVRVQHFHVDULRVSDUDSUHVWDUORVVHUYLFLRVGHVXFRPSHWHQFLD2OPHGD\
3DUUDGR(VWRHVDVtSRUTXHHQWUHRWUDVUD]RQHVDODVFRPSHWHQFLDV
SULQFLSDOHV GH DXWRSLVWDV HGXFDFLyQ XQLYHUVLWDULD \ VDQLGDG QR KDQ TXHULGR
VXPDU RWUDV SRU QR UHSHUFXWLU HO JDVWR GH ORV VHUYLFLRV VREUH ORV FLXGDGDQRV
DXQTXHFRPRSDUDGRMDVRQUHVSRQVDEOHVGHXQDPSOLRGLVSRVLWLYRPLOLWDUSDUD
OHOR D OD 'HIHQVD 1DFLRQDO SHUVRQLILFDGR HQ OD ILJXUD GH OD *XDUGLD 1DFLRQDO
2OPHGD \ 3DUUDGR %DOODUW \ 5DPLy 6L ELHQ HV FLHUWR
FRPRVHxDOD2OPHGD\3DUUDGRTXHHQORV~OWLPRVDxRVVHKDQSUR
GXFLGRXQDVHULHGHPRGLILFDFLRQHVTXHLQFUHPHQWDQVXVSRGHUHV\FDSDFLGDGHV
GH JHVWLyQ OR TXH VLQ GXGD KD WHQLGR XQD JUDQ LQIOXHQFLD HQ HO VLVWHPD GH
5,*6QRUWHDPHULFDQRTXHYHUHPRV PiV DGHODQWH /D HYROXFLyQ REVHUYDGD HQ
ORVHVWDGRVVHUHODFLRQDHVWUHFKDPHQWHFRQODHYROXFLyQTXHVHKDH[SHULPHQWDGRHQODV
UHODFLRQHVLQWHUJXEHUQDPHQWDOHVFRQODWUDQVLFLyQGHXQPRGHOREDVDGRHQHOIHGHUD
OLVPR GXDO KDFLD XQ PRGHOR IHGHUDOLVWD FRRSHUDWLYR 8QR GH ORV HOHPHQWRV HQ HVWD
WUDQVLFLyQ KD VLGR HO UHIXHU]R GHO SRGHU HMHFXWLYR GH ORV HVWDGRV \ HO DXPHQWR GH ORV
VHUYLFLRVTXHSUHVWDQ2OPHGD\3DUUDGR
(QHO~OWLPRQLYHOGHODSLUiPLGHDGPLQLVWUDWLYRWHUULWRULDO\QRFRQPH
QRULPSRUWDQFLDTXHORVDQWHULRUHVFRQXQQ~PHURDSUR[LPDGRGHXQL
(QULTXH-RVp9DUHODOYDUH]
GDGHV \ FRQ ODV FDUDFWHUtVWLFDV SURSLDV GH OD KHUHQFLD ORFDO EULWiQLFD GHO VHOI
JRYHUQPHQWVHHQFXHQWUDQORVHQWHVORFDOHVFRQWUHVXQLGDGHVGLIHUHQFLDGDV
ODV&LXGDGHVORV&RQGDGRV\ORV'LVWULWRV(VSHFLDOHV\FDUDFWHUL]DGRVFRPRHQ
RWURVSDtVHVHVWXGLDGRV)UDQFLD\(VSDxDSRUVXLQIUDPXQLFLSDOLVPRRUJDQL]D
FLyQDGPLQLVWUDWLYDLQWHUQD\IUDJPHQWDFLyQ2OPHGD\3DUUDGR
%DOODUW\5DPLy
3RU OR TXH VH UHILHUH D VXV UDVJRV SULQFLSDOHV 2OPHGD \ 3DUUDGR
VREUHVDOHQ
(O LQIUDPXQLFLSDOLVPR (QWUH VXV GDWRV PiV VLJQLILFDWLYRV VHxDODU OD
JUDQ FDQWLGDG GH RUJDQL]DFLRQHV ORFDOHV OD HVFDVD GHQVLGDG GH SREOD
FLyQUHVLGHQWHHQHOODVVXIDOWDGHUHFXUVRV\ODFRQVLJXLHQWHLQFDSDFL
GDGSDUDJHVWLRQDUODPD\RUtDGHVXVVHUYLFLRV
/DKHWHURJHQHLGDGDGPLQLVWUDWLYDLQWHUQD'HHQWUHORVTXHVHH[WUDHQ
WUHV PRGHORV GH RUJDQL]DFLyQ FLXGDGDQD HO PRGHOR SUHVLGHQFLDO R GH
$OFDOGHHOHJLGRSRUVXIUDJLRXQLYHUVDODOLJXDOTXHORV&RQFHMDOHVGLUL
JHOD$GPLQLVWUDFLyQPLHQWUDVTXHHO3OHQROHJLVODUHODFLRQiQGRVHHQ
WUH Vt HQ IXQFLyQ GH ORV HVWDWXWRV GH FDGD FLXGDG HO PRGHOR GH
FRPLVLyQHOHFFLyQGHXQDFRPLVLyQFRQUHVSRQVDELOLGDGHVHVSHFLDOHV
VXSHUYLVLyQHMHFXWLYDV\OHJLVODWLYDVSDUDGLULJLUODFLXGDGSRFRVHJXLGR
HQHOFRQMXQWRGHOQLYHOORFDOQRUWHDPHULFDQR\HOPRGHORGHPXQLFL
SLRJHUHQFLDOHO$OFDOGH\HO3OHQRGHVLJQDQXQJHUHQWHUHVSRQVDEOHGH
ODGLUHFFLyQGHODVSROtWLFDVGHODFLXGDG
/DVXERUGLQDFLyQGHOJRELHUQRORFDODODOHJLVODFLyQHVWDWDO([LVWHQXQ
FRQWURO GHO (VWDGR VREUH VX PRGHOR GH RUJDQL]DFLyQ \ ODV IXQFLRQHV D
GHVHPSHxDUSRUORVPXQLFLSLRVVLPLODUDOLQJOpV\DTXHODVXSHUYLVLyQHV
HVWDWDO\QRIHGHUDO
/DIUDJPHQWDFLyQGHO*RELHUQRORFDO(O*RELHUQRORFDOQRUWHDPHULFD
QR WLHQH GRV QLYHOHV WHUULWRULDOHV FRQ IXQFLRQHV P~OWLSOHV &RQGDGRV
QLYHOVXSUDORFDO\VXSHULRUDODVFLXGDGHVGHVGHGRQGHVHJHVWLRQDQODV
iUHDVUXUDOHVFRPSDUWLHQGROD JHVWLyQFRQODVFLXGDGHVSUHGRPLQDQWHV
HQ DOJ~Q &RQGDGR \ &LXGDGHV GRWDGDV GH XQD FDUWD GH FLXGDGDQtD
TXH XQD FRPXQLGDG HOHYD DO (VWDGR VXV FRPSHWHQFLDV YDUtDQ HQ IXQ
FLyQ GHO HVWDWXV GH ORV TXH VH GRWHQ SUHVWDQGR VHUYLFLRV JHQHUDOHV
$GHPiVGHODVDQWHULRUHVH[LVWHXQWHUFHUQLYHOWHUULWRULDOFRQXQD~QL
FD IXQFLyQ ORV 'LVWULWRV (VSHFLDOHV VXV JHVWRUHV VRQ WDPELpQ HOHFWRV
FXPSOLHQGRXQSDSHOGHJHVWLyQGHXQVHUYLFLRFRQFUHWRFRPLVLRQHVHV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
FRODUHVDEDVWHFLPLHQWRDJXDWRGRVHVWRVQLYHOHVVRQLQGHSHQGLHQWHV
HQWUHVtSHURFRQWURODGRVSRUHO(VWDGR
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ(VWDGRV8QLGRVGH$Pp
ULFD
&RPRVHKDVHxDODGRPiVDUULEDHOPRGHORWHUULWRULDOGH(VWDGRV8QLGRV
GH$PpULFDKDHYROXFLRQDGRGHORULJLQDOIHGHUDOLVPRGXDODXQRPiVDFWXDOGH
WLSR FRRSHUDWLYR OR TXH GHWHUPLQD XQ PRGHOR GH 5,*6 VREUHSXHVWR GRQGH
WRGRVORVQLYHOHVGHJRELHUQRVHVWiQUHODFLRQDGRVGHIRUPDPX\GLUHFWDIXQGD
PHQWDOPHQWHHQWUHORVQLYHOHVIHGHUDOHVWDWDO\HVWDWDOORFDO2OPHGD\3DUUDGR
(QHVWHPDUFRGHIHGHUDOLVPRFRRSHUDWLYRH[LVWHXQDFRQVWDQWHWHQ
VLyQ HQWUH FHQWUDOL]DFLyQGHVFHQWUDOL]DFLyQ GDGR TXH QR VH SURGXFH XQ FODUR
GHVOLQGH GH FRPSHWHQFLDV IXQGDPHQWDOPHQWH HQWUH ORV QLYHOHV IHGHUDOHVWDWDO
'HHVWHPRGRODIRUPXODFLyQGHODVSULQFLSDOHVSROtWLFDVS~EOLFDVVDOXGYLYLHQ
GD XUEDQLVPR WUDQVSRUWH S~EOLFR ELHQHVWDU HGXFDFLyQ HQHUJtD PHGLR DP
ELHQWH HVWi HQ PDQRV GH ORV H[SHUWRV FHUFDQRV DO 3UHVLGHQWH \ DO &RQJUHVR
PLHQWUDVTXHODLPSOHPHQWDFLyQFRUUHSRUFXHQWDGHORV(VWDGRV\ODV(QWLGDGHV
/RFDOHV VLHPSUH FRQWDQGR FRQ XQD JUDQ SDUWH GH ILQDQFLDFLyQ )HGHUDO FODYH
SDUDHOSURFHVRFRRSHUDWLYRFRPRVHxDODQ%DOODUW\5DPLy
3DUD2OPHGD\3DUUDGRHQORV~OWLPRVWLHPSRVVHKDSUR
GXFLGR XQ LQFUHPHQWR GH OD SUHVLyQ LQWHUJXEHUQDPHQWDO LQFUHPHQWR GH FRQ
WDFWRV GH ORV UHVSRQVDEOHV HVWDWDOHV \ ORFDOHV FRQ ORV SURIHVLRQDOHV GH
:DVKLQJWRQ TXH HQ OD SUiFWLFD KD VXSXHVWR XQD GHYROXFLyQ GHO SRGHU GH OD
)HGHUDFLyQ D ORV (VWDGRV \ (QWLGDGHV /RFDOHV SURYRFDGD HQWUH RWUDV UD]RQHV
SRUODGHVLOXVLyQGHODLPDJHQGHO*RELHUQR)HGHUDOHODILDQ]DPLHQWRGHOSRGHU
UHSXEOLFDQRHQORV(VWDGRVHQRSRVLFLyQDORVGHPyFUDWDVGH&OLQWRQODPD\R
UtDUHSXEOLFDQDHQDPEDV&iPDUDVPiVSUy[LPDDODGHYROXFLyQGHOSRGHUDORV
JRELHUQRV VXEQDFLRQDOHV HO FRQVHUYDGXULVPR LPSHUDQWH HQ ODV ~OWLPDV GRV Gp
FDGDVTXHSURPRYLyXQDFUHFLHQWHGHVFRQILDQ]DGHO*RELHUQR)HGHUDO\ILQDO
PHQWHHOSURJUDPDGHUHLQYHQFLyQGHOJRELHUQRGH*RUHTXHGHYROYLySRGHUD
ORV(VWDGRVSDUDTXHJHVWLRQDUDQSURJUDPDVIHGHUDOHV
%DMRHVWRVSODQWHDPLHQWRV\DQDOL]DQGRHOVLVWHPDGHILQDQFLDFLyQODGLV
WULEXFLyQGHFRPSHWHQFLDVODGLVWULEXFLyQHQODFDSDFLGDGOHJLVODWLYD\ODVUHOD
FLRQHV HQWUH ORV GRV SDUWLGRV PD\RULWDULRV HO VLVWHPD GH 5,*6 HQ (VWDGRV
8QLGRVVHKDFDUDFWHUL]DGRSRU2OPHGD\3DUUDGR
0D\RUFDSDFLGDGGHJDVWRGHOJRELHUQRIHGHUDOTXHGHORVRWURVGRVQL
YHOHVHOGREOHTXHORVRWURVGRVMXQWRV
(QULTXH-RVp9DUHODOYDUH]
5HLQR8QLGR
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
3DUD 2OPHGD \ 3DUUDGR HO PRGHOR LQJOpV SROtWLFR
DGPLQLVWUDWLYRWLHQHODYLUWXDOLGDGGHLQFOXLUHQVXDQiOLVLVDFXDWURSDtVHVGLIH
UHQWHV OR TXH FRPSOLFD VL FDEH HO HVWXGLR GH ODV UHODFLRQHV HQWUH ODV GLVWLQWDV
LQVWLWXFLRQHVGHJRELHUQR\ORVGLIHUHQWHVQLYHOHVWHUULWRULDOHVGHDUWLFXODFLyQGHO
SRGHU$VtGHQWURGHO5HLQR8QLGRKD\TXHVLWXDUD,QJODWHUUD*DOHV(VFRFLDH
,UODQGD GHO 1RUWH $GHPiV \ FRPR SDUWLFXODULGDGHV GHO VLVWHPD EULWiQLFR \
DQJORVDMyQDOJXQDVLQFOXLGDVHQHOPRGHORDQWHULRUQRUWHDPHULFDQR%DHQDGHO
$OFi]DU GHVWDFD OD QR H[LVWHQFLD GHO SRGHU S~EOLFR FRPR WDO VLQR
GHOSRGHUGHO3DUODPHQWR\OD&RURQDFRPRSHUVRQLILFDFLyQGHODQDFLyQ&RWD
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(QULTXH-RVp9DUHODOYDUH]
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
/DSULPHUDFDUDFWHUtVWLFDGHO*RELHUQR\OD$GPLQLVWUDFLyQFHQWUDOEULWiQL
FDHVVXQDWXUDOH]DGHFLVRULD\QRHMHFXWLYDGDGRVXFDUiFWHUIUDJPHQWDGR2O
PHGD \ 3DUUDGR /D UD]yQ QR HV RWUD TXH HO HVFDVR YROXPHQ GH
HIHFWLYRVGHTXHGLVSRQHHO:KLWHKDOOVHGHGHOJRELHUQR\DTXHHVWRVVyORVH
GHGLFDQ D OD IRUPXODFLyQ \ GLVHxR GH ODV SROtWLFDV TXH SRVWHULRUPHQWH LPSOH
PHQWDUiQODVDJHQFLDV\ORVJRELHUQRVORFDOHVYHUGDGHURVDJHQWHVGHO(VWDGRGHO
ELHQHVWDUEULWiQLFR
6LJXLHQGR 2OPHGD \ 3DUUDGR %DHQD GHO $OFi]DU
&RWDUHOR \ %DOODUW \ 5DPLy
GHQWURGHODHVWUXFWXUDGHO*RELHUQREULWiQLFRGHVWDFDQSRUXQODGRHO3ULPHU
0LQLVWURFRPRILJXUDFODYHSROtWLFD\DGPLQLVWUDWLYD\SRURWURHO*RELHUQRHQ
VtPLVPR\DGVFULWRVDHVWH~OWLPRODGLYLVLyQRUJDQL]DWLYDTXHVHLQVWDODHQWUH
ORV 0LQLVWHULRV HVWDEOHFLGRV EDMR HO SULQFLSLR WUDGLFLRQDO GH MHUDUTXtD \ ODV
DJHQFLDV FRPR PRGHORV QRYHGRVRV GH GHVFRQFHQWUDFLyQ GH OD JHVWLyQ SHUR
YLQFXODGRVDORVSULPHURVSRUYtQFXORVFRQWUDFWXDOHV/RVSULQFLSLRVHQORVTXH
VHEDVDHOWUDEDMRGHO*RELHUQRVRQWUHVUHVSRQVDELOLGDGPLQLVWHULDOUHVSRQVDEL
OLGDG FROHFWLYD GHO *RELHUQR JRELHUQR GH QDWXUDOH]D FROHJLDGD \ KHJHPRQtD
GHO3ULPHU0LQLVWURFRPROtGHUGHOSDUWLGRPiVYRWDGR
/DVLQVWLWXFLRQHVGH*RELHUQRSUy[LPDVDO3ULPHU0LQLVWURTXHUHSURGXFHQ
HOHVTXHPDGHSRGHUFROHJLDGRVRQODVVLJXLHQWHV
*RELHUQRGHWDPDxRUHGXFLGRLQQHU&DELQHW0X\SUy[LPRDO3UL
PHU0LQLVWURUHDOL]DQGRODERUHVGHDVHVRUDPLHQWRSHURVLQSRGHUWRPDU
GHFLVLRQHVSROtWLFDVUHOHYDQWHV
*RELHUQRVSDUFLDOHVSDUWLDO&DELQHW0iVVHFWRULDOHV\FRQYHUGDGH
UDFDSDFLGDGGHFLVRULDHQFXHVWLRQHVJXEHUQDPHQWDOHV
&RPLWpVJXEHUQDPHQWDOHV'HVDUUROODQGRWDUHDVGHHVWXGLR\DVHVRUD
PLHQWRGHO*RELHUQR
7RGDV HVWDV LQVWLWXFLRQHV VRQ FRRUGLQDGDV SRU HO *DELQHWH GHO 3ULPHU
0LQLVWUR&DELQHW2IILFHTXHGLULJHHO6HFUHWDULRGHO*DELQHWHUHDOL
]DQGR ODERUHV GH FRRUGLQDFLyQ H LQIRUPDFLyQ HQWUH ORV GLIHUHQWHV GH
SDUWDPHQWRV\0LQLVWHULRV
(VWDV LQVWLWXFLRQHV GH JRELHUQR VRQ FRPSOHWDGDV SRU XQD ILJXUD WDPELpQ
LQVWLWXFLRQDOL]DGDHQODDUWLFXODFLyQGHOSRGHUFHQWUDOTXHHVODGHOJRELHUQRHQ
ODVRPEUD6KDGRZFDELQHWIRUPDGRSRUORVUHVSRQVDEOHVGHFDGDXQDGHODV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
iUHDVGHOSULQFLSDOSDUWLGRGHODRSRVLFLyQTXHVHGHGLFDQDILVFDOL]DUODDFFLyQ
GHO *RELHUQR \ D GHVDUUROODU XQDV DFFLRQHV GH JRELHUQR DOWHUQDWLYDV TXH GHQ
UiSLGDUHVSXHVWDDORV SODQWHDPLHQWRVGHOSDUWLGR HQ HO SRGHU 0pQGH] /DJR \
$QGXL]D3HUHD
3RUVXSDUWHORV0LQLVWHULRVHVWiQFRPSXHVWRVSRUORV0LQLVWURVFRPRFDU
JRVGHHOHFFLyQSROtWLFDTXHVHSXHGHQGLYLGLUHQ0LQLVWURVGH(VWDGR\6HFUH
WDULR GH (VWDGR 3DUODPHQWDULR 2OPHGD \ 3DUUDGR \ %DHQD GHO
$OFi]DU/DGHQRPLQDFLyQGH0LQLVWURHVGLIHUHQWHHQHO5HLQR8QL
GRGHOUHVWRGHSDtVHVHXURSHRV\DTXHXQ0LQLVWHULRSXHGHWHQHUXQRRYDULRV
0LQLVWURV (Q OD MHUDUTXtD PLQLVWHULDO OH VLJXHQ DO 6HFUHWDULR GH (VWDGR ORV
0LQLVWURVGH(VWDGR0LQLVWHUVRI6WDWHHTXLYDOHQWHVHQ(VSDxDDORV6HFUHWD
ULRVGH(VWDGRFRRUGLQDQGRiUHDVGHO0LQLVWHULR)LQDOPHQWH\HQWHUFHUOXJDU
HVWiQ ORV 6XEVHFUHWDULRV 3DUODPHQWDULRV GHO (VWDGR 3DUOLDPHQWDU\ 8QGHU 6H
FUHWDULHVRI6WDWHRPLQLVWURVMXQLRUTXHJHVWLRQDQSDUFHODVPiVSHTXHxDVGH
ORV0LQLVWHULRV
6LQHPEDUJRGHVGHVHKDSURGXFLGRXQDUHRUGHQDFLyQGHOWUDEDMR\
ODJHVWLyQHQOD$GPLQLVWUDFLyQFHQWUDOEULWiQLFDTXHKDVLWXDGRSRUXQODGRDO
*RELHUQR\ORV0LQLVWHULRVTXHIRUPXODQ\GLVHxDQODVSROtWLFDVS~EOLFDV\SRU
RWURDODVDJHQFLDV\HOUHVWRGHHQWHVS~EOLFRVHQFDUJDGRVGHHMHFXWDUODVSROtWL
FDV\SURJUDPDV([LVWHQYDULRVWLSRVGHHVWDVRUJDQL]DFLRQHVFRPSOHPHQWDULDVDO
*RELHUQR\DORV0LQLVWHULRVODVDJHQFLDVORVHQWHVS~EOLFRVQRGHSDUWDPHQ
WDOHV\RWURVHQWHVHVWDEOHFLGRVDGKRF2OPHGD\3DUUDGRRORTXH
HQSDODEUDVGH%DHQDGHO$OFi]DUVHGHQRPLQDQODVSXEOLFFRUSRUD
WLRQHQFDUJDGDGHODLQWHUYHQFLyQHFRQyPLFD\VRFLDOEULWiQLFD\TXHVXSR
QHQ TXH OD &RURQD FUHD XQD RUJDQL]DFLyQ HVSHFLDO TXH HQFRPLHQGD D XQ JUXSR GH
DGPLQLVWUDGRUHVORVFXDOHVDFW~DQHQEHQHILFLRGHODFROHFWLYLGDGIRUPDGDSRUHOSXH
EORLQJOpV
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
7UDGLFLRQDOPHQWH HO VLVWHPD WHUULWRULDO EULWiQLFR HVWDED PDUFDGR SRU GRV
QLYHOHVGLIHUHQFLDGRVHOFHQWUDO\HOORFDODILQDOHVGHODGpFDGDSDVDGDXQQLYHO
PiV LUUXPSLy HQ HO HVFHQDULR SROtWLFRDGPLQLVWUDWLYR HO UHJLRQDO /D FRQVWLWX
FLyQGHORVSDUODPHQWRVUHJLRQDOHVHQ*DOHV\(VFRFLDHQ0pQGH]/DJR\
$QGXL]D 3HUHD VXSRQH XQ QXHYR SODQWHDPLHQWR GHO FXDO TXH
GDQ H[FOXLGDV ,QJODWHUUD VLJXH GLYLGLGD HQ UHJLRQHV DGPLQLVWUDWLYDV H ,UODQGD
GHO1RUWH\TXHKDSURYRFDGRTXHHO3DUODPHQWRURPSDHOSULQFLSLRLQVWDXUDGR
GHO(VWDGRXQLWDULRGHOHJDQGRHOSRGHUDORVHQWHVORFDOHV\DVDPEOHDVUHJLRQD
OHV(QHVWHSURFHVRGHGHVFHQWUDOL]DFLyQSROtWLFDGHYROXWLRQ0pQGH]/DJR\
(QULTXH-RVp9DUHODOYDUH]
$QGXL]D 3HUHD KD WHQLGR JUDQ LPSRUWDQFLD HO SDSHO GH OD 8QLyQ
(XURSHDTXHKDYLVWRODSRVLELOLGDGGHURPSHUHOGLVFXUVRDQWLHXURSHtVWDLPSH
UDQWHHQHO5HLQR8QLGR&RQORVJRELHUQRVFRQVHUYDGRUHVGH0DMRUVHLQLFLyXQ
SURFHVRGHGHVFHQWUDOL]DFLyQTXHKDFRQWLQXDGR%ODLUKDVWDODDFWXDOLGDG\TXH
VH KD FDUDFWHUL]DGR SRU 2OPHGD \ 3DUUDGR FLWDQGR D 'XQOHDY\
&UHDFLyQGHO*RELHUQR\HO3DUODPHQWRHVFRFpV
&UHDFLyQGHO3DUODPHQWRJDOpV
&UHDFLyQGHOD$VDPEOHDGH,UODQGDGHO1RUWH
&UHDFLyQGHODV$JHQFLDVGH'HVDUUROOR5HJLRQDOHQ,QJODWHUUD
&UHDFLyQGHOUHD0HWURSROLWDQDGH/RQGUHVHOHFFLyQGHVXDOFDOGHHQ
HODxR
(ORWURQLYHOWHUULWRULDOEULWiQLFRHVHOORFDOFRQDPSOLDWUDGLFLyQ\FRQVR
OLGDFLyQ HQ VX HQWUDPDGR SROtWLFRDGPLQLVWUDWLYR SHUR VLHPSUH YLQFXODGR DO
SODQWHDPLHQWRGHFHQWUDOL]DFLyQTXHHPDQDGHO3DUODPHQWR6LJXLHQGRD%DHQD
GHO$OFi]DUHO*RELHUQRORFDOKDVXIULGRXQDHYROXFLyQFRQOD/H\
GHO*RELHUQR/RFDOHQPRPHQWRHQHOFXDOVHUHRUGHQDQODVLQVWLWXFLRQHV
WHUULWRULDOHV VXSULPLpQGRVH ORV WUDGLFLRQDOHV EXUJRVFRQGDGRV \ FRQVROLGiQGRVH
HO&RQGDGRFRPRXQLGDGEiVLFDORFDODGHPiVGHORV&RQGDGRV(VSHFLDOHVGHODV
UHDV 0HWURSROLWDQDV PiV LPSRUWDQWHV GHO 5HLQR 8QLGR /RV LQLFLRV GH OD
GpFDGD GH ORV VHWHQWD VH FRQILJXUDQ FRPR HO PRPHQWR HQ HO FXDO FRPLHQ]D HO
GHFDLPLHQWRGHOSULQFLSLRGHDXWRJRELHUQR\ODDSHUWXUDGHXQVLVWHPDGHUHOD
FLRQHVFHQWUDOORFDOWHQVLRQDGRGHVGHHOJRELHUQRFHQWUDO
(QWUHODVFDUDFWHUtVWLFDVGHO*RELHUQRORFDO2OPHGD\3DUUDGR
GHVWDFDQ
6XSUHPDFtDGHO3DUODPHQWR4XHFRPRGHSRVLWDULRGHODYROXQWDGSR
SXODUREOLJDDOFXPSOLPLHQWRGHVXVGLFWDGRVSRUSDUWHGHORVHQWHVOR
FDOHV([LVWHQGRVWLSRVGHUHJXODFLRQHVXQDGHHMHFXFLyQGHQHFHVDULR
FXPSOLPLHQWR\RWUDGHFDUiFWHUPiVGLVFUHFLRQDOGHFLGHQVLTXLHUHQ
RIUHFHUHOVHUYLFLR\FXiOHVVRQORVHVWiQGDUHVGHOPLVPR
6HPLDXWRQRPtD ORFDO 2 DXWRQRPtD FRQWURODGD TXH FLxH ODV DFWXD
FLRQHVGHORVJRELHUQRVORFDOHVDFXHVWLRQHVDODVTXHHVWDWXWDULDPHQWH
HVWiQDXWRUL]DGRVSRUHO3DUODPHQWRDWUDYpVGHGHUHFKRV\FRPSHWHQ
FLDVHVSHFtILFDV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
&RQFHMDOHVHOHFWRV6HGDODSDUDGRMDGHTXHORVFRQFHMDOHVVRQHOHJL
GRVSRUVXVFRQFLXGDGDQRVVLQHPEDUJRHO3DUODPHQWRSXHGHDEROLUHQ
FXDOTXLHUPRPHQWRODVHOHFFLRQHVORFDOHVHODOFDOGHHQHVWHPRGHORHV
XQSULPXVLQWHUSDUHVVLQSUHHPLQHQFLDHQHOJRELHUQRORFDO
/LPLWDFLyQHQODUHFDXGDFLyQGHLPSXHVWRV(VWDOLPLWDFLyQYLHQHSRU
OD YtD \D FRPHQWDGD GH OD UHVWULFFLyQ SDUODPHQWDULD OR TXH DXPHQWD
ODV GLILFXOWDGHV SDUD JHVWLRQDU ORV VHUYLFLRV \ SURYRFD OD FHQWUDOL]DFLyQ
GHOPRGHOR
'RV QLYHOHV HQ ODV FRUSRUDFLRQHV ORFDOHV )LQDOPHQWH GHQWUR GH ODV
FRUSRUDFLRQHV ORFDOHV LQJOHVDV H[LVWHQ GRV QLYHOHV DGPLQLVWUDWLYRV XQ
QLYHOVXSHULRUIRUPDGRSRUORV&RQGDGRVFRXQWLHVHQ(VFRFLDOODPD
GRV5HJLRQHV\XQQLYHOLQIHULRUFRPSXHVWRSRUORV'LVWULWRVGLVWULFWV
PHWURSROLWDQRV R QR PHWURSROLWDQRV (Q HVWH QLYHO LQIHULRU DOJXQRV
GLVWULWRVSXHGHQGHQRPLQDUVHFLXGDGHVRPXQLFLSLRV/DV3DUURTXLDVHQ
]RQDVQRPHWURSROLWDQDVGH,QJODWHUUD\ORV&RQFHMRV9HFLQDOHV*DOHV
\(VFRFLDFRQIRUPDQHOWHUFHUQLYHOEULWiQLFR/DVUHDV0HWURSROLWD
QDV VH HVWUXFWXUDQ HQ WRUQR D JUDQGHV FLXGDGHV FRPR /RQGUHV TXH VH
GLYLGHHQ-XQWDVHQFDUJDGDVGHJHVWLRQDUVHUYLFLRVHQSDUDOHORDORVPX
QLFLSDOHV
/DRUJDQL]DFLyQLQWHUQDGHODVFRUSRUDFLRQHVORFDOHV\VXIXQFLRQDPLHQWR
VRQH[SOLFDGRVSRU2OPHGD\3DUUDGRHQEDVHDORVFRPLWpVGH
FRQFHMDOHV FRPR XQLGDG SROtWLFRDGPLQLVWUDWLYD PiV GHVWDFDGD \ ORV VHUYLFLRV
FRPR XQLGDG RSHUDWLYD GH JHVWLyQ /RV FRPLWpV VH SRQHQ HQ IXQFLRQDPLHQWR
XQDYH]TXHHO3OHQRPXQLFLSDOGHOHJDHQHOORVODVDFWLYLGDGHVFHQWUiQGRVHHQ
iUHDV FRQFUHWDV GH DFFLyQ \ DO IUHQWH GH ODV FXDOHV VH VLW~D XQ SUHVLGHQWH HQ
FRQWDFWRSHUPDQHQWHFRQORVGLUHFWRUHVGHORVVHUYLFLRV/DILJXUDWDPELpQJHQH
UDOL]DGDHQODRUJDQL]DFLyQDGPLQLVWUDWLYDHVSDxRODGHORVFRQFHMDOHVGHOHJDGRV
GHVHUYLFLRVVHSRQHGHPDQLILHVWRHQHOVLVWHPDEULWiQLFRFXHVWLyQTXHHQORV
~OWLPRV WLHPSRV GH UHIRUPDV GHO *RELHUQR ORFDO KD YDULDGR VXVWDQFLDOPHQWH
SRWHQFLiQGRVHODILJXUDGHORVGLUHFWRUHVGHORVVHUYLFLRV\VXFRRUGLQDFLyQFRQ
ORVJHUHQWHVPXQLFLSDOHV/RVVHUYLFLRVSRUVXSDUWHVRQODVXQLGDGHVDGPLQLV
WUDWLYDV SXUDV DO PDQGR GH ODV FXDOHV HVWi XQ GLUHFWRU HQ FDOLGDG GH WpFQLFR
H[SHUWRHQHOiUHDDJHVWLRQDUTXHFXHQWDFRQXQHTXLSRGHHVSHFLDOLVWDV\JHQH
UDOLVWDVHQODPDWHULD(QORV~OWLPRVDxRV\FRPRGHVWDFDQ2OPHGD\3DUUDGR
VHHYROXFLRQyGHVGHXQPRGHORGHJHVWLyQIUDJPHQWDGD\GRPLQDGD
SRUORVFRPLWpVDXQPRGHORGHJHVWLyQFRUSRUDWLYD\OLGHUDGDSRUORVGLUHFWRUHV
GH ORV VHUYLFLRV FRRUGLQDGRV SRU OD ILJXUD GH XQ JHUHQWH HVWRV FDPELRV KDQ
DIHFWDGRPiVDORVYDORUHV\DODFXOWXUDFRUSRUDWLYDTXHDODHVWUXFWXUDGHO*R
(QULTXH-RVp9DUHODOYDUH]
ELHUQR\OD$GPLQLVWUDFLyQORFDOHYROXFLRQDQGRDVtGHODJHVWLyQFRUSRUDWLYDD
ODJHVWLyQHVWUDWpJLFD\REOLJDQGRDODVXQLGDGHVDGPLQLVWUDWLYDVDFRPSHWLUSRU
ORV FRQWUDWRV HQ LJXDOGDG GH FRQGLFLRQHV FRQ ODV HPSUHVDV SULYDGDV SDUD OD
SURYLVLyQGHOVHUYLFLR
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQHO5HLQR8QLGR
3DUD %XGJH HO KHFKR GH TXH HO JRELHUQR FHQWUDO EULWiQLFR QR
WHQJDFRPSHWHQFLDVSDUDDFWXDUHQODVORFDOLGDGHVVXSRQHTXHVHDSR\DHQRWUD
VHULHGHRUJDQL]DFLRQHVHQWUHODVTXHGHVWDFDQORVTXDQJRVTXHGHVDUUROODQ
ODV SROtWLFDV S~EOLFDV GLVHxDGDV DGHPiV GH ODV LPSOHPHQWDGDV SRU ORV SURSLRV
JRELHUQRVORFDOHV(VWDHVODUHDOLGDGGHODVUHODFLRQHVHQWUHHOFHQWUR\ODSHUL
IHULDEULWiQLFDKDVWDSULQFLSLRVGHORVDxRVRFKHQWDPRPHQWRHQHOFXDOVHDEUH
XQSHUtRGRGHWHQVLRQHVFRQVWDQWHVFRQPRWLYDFLRQHVSROtWLFDVFRQVHUYDGRUHV
GRPLQDQGRHOFHQWUR\ODERULVWDVODSHULIHULDTXHYXHOYHQDWHQHUXQILQDOGH
FLFORDILQDOHVGHORVDxRVFRQODOOHJDGDDOSRGHUGHORVODERULVWDV\XQQXHYR
LPSXOVR GH OD SHULIHULD UHJLRQDOLVPR \ UHDUPH GH OR ORFDO 7UHV PRPHQWRV VH
SXHGHQH[WUDHUHQODV5,*6EULWiQLFDVHQWUHHOFHQWUR\ODSHULIHULD
3ULQFLSLRVDxRVFRQPRYLPLHQWRVGH UHFHQWUDOL]DFLyQ SRU SDUWH GHO
JRELHUQR EULWiQLFR OLPLWDQGR HO SRGHU GH ORV JRELHUQRV ORFDOHV \ VX IL
QDQFLDFLyQ\DTXHVHJ~Q%XGJH(OJRELHUQRFHQWUDOWLHQHGRV
DUPDVSULQFLSDOHVSDUDKDFHUFXPSOLUVXYROXQWDGHQHOQLYHOORFDO(QSULPHU
OXJDU SURSRUFLRQD XQ WHUFLR GH ORV LQJUHVRV GHO JRELHUQR ORFDO RWUR WHUFLR
SURFHGHGHORVLPSXHVWRVORFDOHV\XQWHUFLRGHODVWDULIDVGHORVVHUYLFLRV(Q
VHJXQGROXJDUPHGLDQWHVXFRQWUROGHO3DUODPHQWRSXHGHDSUREDUOHJLVODFLyQ
YLQFXODQWHSDUDORVRUJDQLVPRVLQIHULRUHV
$xRPRPHQWRHQFXDOVHFRQVWLWX\HQORVSDUODPHQWRVUHJLRQDOHV
HQHO5HLQR8QLGR
$xRGHYROXFLyQD/RQGUHVGHVXSRGHUORFDOWUDGLFLRQDODWUDYpV
GHODHOHFFLyQGLUHFWDGHODOFDOGHGHODFRUSRUDFLyQPHWURSROLWDQD
&RPRKHPRVYLVWRODV5,*6HQHO5HLQR8QLGRVHKDQUHDOL]DGRIXQGD
PHQWDOPHQWH HQWUH ORV QLYHOHV FHQWUDOORFDO KDVWD TXH HQ FRPLHQ]D OD
GHVFHQWUDOL]DFLyQ UHJLRQDO %XGJH SRU VX SDUWH LQFRUSRUD GRV
HOHPHQWRVPiVDOVLVWHPDGH5,*6EULWiQLFRTXHVLQVHUWDQUHOHYDQWHVFRPR
ORVGRVDQWHULRUHVVLFRQYLHQHPHQFLRQDU
3RUXQODGRODLQIOXHQFLDFUHFLHQWHGHOD8QLyQ(XURSHDHQHOVLVWHPD
GHUHODFLRQHVHQWUHHO5HLQR8QLGR\HOUHVWRGHOFRQWLQHQWH\ODSHULIH
ULDEULWiQLFDFRQVXFHQWUR\ODSURSLD8QLyQSURGXFLpQGRVHXQVLVWHPD
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
GHHOHFFLyQGLUHFWDGHORVFLXGDGDQRVDODVLQVWLWXFLRQHVHXURSHDVFRQ
ODFRQVLJXLHQWHOHJLWLPLGDG\H[LVWLHQGRUHSUHVHQWDFLyQDFWLYDGHDOJX
QDVUHJLRQHVEULWiQLFDV(VFRFLDHQHOVHQRGH%UXVHODV
3RURWURODGRORVWULEXQDOHVTXHDXQTXHQRWHQJDQHOSRGHUGHUHYLVLyQ
FRQVWLWXFLRQDO VL GLVSRQHQ GH XQD VXHUWH GH SRGHU SROtWLFR %XGJH
TXH KDFHQ TXH ODV GHFLVLRQHV SROtWLFDV GH ORV JRELHUQRV VXE
QDFLRQDOHV VHDQ FXHVWLRQDGDV \ GHQXQFLDGDV DQWH DTXHOODV LQVWDQFLDV
JHQHUDOPHQWHKDQGDGRODUD]yQHQORVOLWLJLRVFHQWURSHULIHULDDOFHQ
WUR \D TXH HVWRV WULEXQDOHV HVWiQ FRPSXHVWRV SRU pOLWHV FRQVHUYDGRUDV
EULWiQLFDV
$FRQWLQXDFLyQDQDOL]DPRVSRUVHSDUDGRDPERVSODQRVGHUHODFLRQHVSDUD
GLVWLQJXLUPHMRUODVLQWHUUHODFLRQHVJXEHUQDPHQWDOHV
&HQWUDO5HJLRQDO(OPHFDQLVPRVHJXLGRSDUDKDFHUHIHFWLYRHVWDGHV
FHQWUDOL]DFLyQ FHQWUDOUHJLRQDO HVWi EDVDGR HQ ODV WUDQVIHUHQFLDV GH
FRPSHWHQFLDVXQDVSDUDHO:KLWHKDOO\RWUDVSDUDHO3DUODPHQWRHVFR
FpVXQDILQDQFLDFLyQFRPSDUWLGDFHGLGDGHVGHHOFHQWURVHJ~QODIyU
PXOD %DUQHWW SRUFHQWDMH ILMR GHO JDVWR S~EOLFR SDUD (VFRFLD
*DOHV ,UODQGD GHO 1RUWH \ OD UHSUHVHQWDFLyQ HOHFWRUDO
HQHO3DUODPHQWRQDFLRQDOGHORVQXHYRVWHUULWRULRVGHVFHQWUDOL]DGRV\D
TXH H[LVWH HQ HVWRV XQD VREUHUUHSUHVHQWDFLyQ 2OPHGD \ 3DUUDGR
&HQWUDO/RFDO3RUORTXHVHUHILHUHDOPDUFRGHODV5,*6HQWUHHOQL
YHO FHQWUDO \ HO ORFDO 2OPHGD \ 3DUUDGR VHxDODQ TXH /DV
5,*VHQ*UDQ%UHWDxDGHEHQHQWHQGHUVHFRPRODUHODFLyQH[LVWHQWHHQWUHODV
DFFLRQHVGHOFHQWURSDUDFRQWURODUODVDFWLYLGDGHVORFDOHV\ODVUHDFFLRQHVGH
ORV PXQLFLSLRV SDUD VXSHUDU ODV UHVWULFFLRQHV TXH SURYLHQHQ GHO JRELHUQR
&RPR GHVWDFDQ 2OPHGD \ 3DUUDGR \ %XGJH
OD GHUHFKD EULWiQLFD VREUH WRGR HQ OD pSRFD GH 7KDWFKHU \ FRPR
UHDFFLyQDOFRQWUROTXHORVODERULVWDVWHQtDQVREUHODVFRUSRUDFLRQHVOR
FDOHV KD LQIOXLGR GHFLVLYDPHQWH HQ SUR GH XQ PHQRU SRGHU ORFDO FRQ
PHGLGDVFRPR
R HOFRQWUROVREUHHOJDVWRORFDO
R HOFRQWUROVREUHODFDSDFLGDGORFDOSDUDREWHQHULQJUHVRVGHORVFLX
GDGDQRV
R ODDEROLFLyQGHODVHQWLGDGHVPHWURSROLWDQDV
R ODSULYDWL]DFLyQGHHPSUHVDVORFDOHV
(QULTXH-RVp9DUHODOYDUH]
R ODVXEFRQWUDWDFLyQ\ODFUHDFLyQGHPHUFDGRVLQWHULRUHV
R HOLPSXOVRGHLQVWLWXFLRQHVTXHGHVDUUROOHQODVFRPSHWHQFLDVPXQLFL
SDOHV
R \ OD HOLPLQDFLyQ GHO FRQWURO GH ORV HQWHV ORFDOHV VREUH YLYLHQGDV GH
DOTXLOHUPXQLFLSDOHV\VXSULYDWL]DFLyQ\ODVHVFXHODVSULPDULDV\VH
FXQGDULDV
$OHPDQLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
/DFODYHGHOGHVDUUROOR\DUWLFXODFLyQGHOHVWDGRDOHPiQWDO\FRPRKR\VH
FRQRFH GHVGH KDFH GRV VLJORV HV OD GHO IHGHUDOLVPR FRRSHUDWLYR &RWDUHOR
TXHVHJ~Q2OPHGD\3DUUDGRSURSRUFLRQDHVWDELOL
GDGDXQVLVWHPDGHILQLGRSRUVXVEUXVFDVDOWHUDFLRQHVSROtWLFDVDGPLQLVWUDWLYDV
\ WHUULWRULDOHV HQ ORV ~OWLPRV GRV VLJORV \ TXH FRQILJXUDQ D OD TXH HV KR\ OD
5HS~EOLFD)HGHUDOGH$OHPDQLDFRPRXQDGHODVGHPRFUDFLDVPiVFRQVROLGDGDV
GHOPXQGR&RPRVHKDVHxDODGROD5HS~EOLFD)HGHUDOGH$OHPDQLDHQDGH
ODQWH5)$HYROXFLRQDGHVGHXQDIHGHUDFLyQGHHVWDGRVDSULQFLSLRVGHOVLJOR
;,;DXQ~QLFRSDtVDILQDOHVGHO;;2OPHGD\3DUUDGRJUDQ
WUDQVIRUPDFLyQTXHGHWHUPLQDODUHDOLGDGSROtWLFRDGPLQLVWUDWLYD JHUPDQD GH
ILQDOHVGHOVLJOR;;\TXHFRQSRVWHULRULGDGDOD FDtGDGHO0XUR GH %HUOtQ HQ
HVWDEOHFHHOPDUFRGHOD5)$DFWXDOTXHVHGHEDWHHQWUHODUXSWXUD\OD
FRQWLQXLGDGGHVGHOD5HS~EOLFDGH%RQQ9LHMR9LxDV
(O VLVWHPD SROtWLFR \ DGPLQLVWUDWLYR GH OD 5)$ HVWi UHJLGR SRU OD /H\
)XQGDPHQWDO GH %RQQ GH D OD VD]yQ &RQVWLWXFLyQ &RWDUHOR
FRQIRUPiQGRVH GHVGH VX DUWLFXODGR ODV LQVWLWXFLRQHV VXSHULRUHV \
IHGHUDOHVDOHPDQDVDGHPiVGHOD3UHVLGHQFLDGHOD5HS~EOLFD\HOVLVWHPDSDU
ODPHQWDULR(VWD/H\)XQGDPHQWDOIXHPRGLILFDGDSDUFLDOPHQWHSRUHO7UDWDGR
GH8QLILFDFLyQDSUREDGRSRUDPEDV5HS~EOLFDVSDUDLQFOXLUHQVXVHQRDODQXH
YDQDFLyQLQFRUSRUDGDWUDVODFDtGDGHO0XUR9LHMR9LxDV(O(VWDGR
VRFLDO\GHPRFUiWLFRGHGHUHFKRGHOD5)$VHDUWLFXODDWUDYpVGHXQD5HS~
EOLFDIHGHUDOFRQGLYLVLyQGHSRGHUHVOHJLVODWLYR HMHFXWLYR\MXGLFLDO6XPDUFR
FRQVWLWXFLRQDO HVWDEOHFH ODV VLJXLHQWHV FDUDFWHUtVWLFDV 2OPHGD \ 3DUUDGR
3UHVLGHQWHGHOD5HS~EOLFD&RPR-HIHGHO(VWDGRHMHUFHODUHSUHVHQWD
FLyQGHOPLVPRHQHOH[WHULRUILUPDWUDWDGRVFRQRWURVSDtVHVDFUHGLWDD
ORVHPEDMDGRUHVGHVLJQD\VHSDUDDORVMXHFHVGHOVHUYLFLRSURPXOJDODV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
OH\HV HQ HO EROHWtQ RILFLDO SURSRQH D OD &iPDUD %DMD XQ FDQGLGDWR D
&DQFLOOHU\QRPEUDDORVPLQLVWURVIHGHUDOHVDSURSXHVWDGHHVWH2OPH
GD\3DUUDGR\&RWDUHOR
3RGHU OHJLVODWLYR ELFDPHUDO 'LYLGLGR HQ &iPDUD %DMD R &RQJUHVR R
3DUODPHQWR )HGHUDO &RWDUHOR %XQGHVWDJ \ &iPDUD
$OWDR&RQVHMR)HGHUDO&RWDUHOR%XQGHVUDWUHDOL]DQ
HOFRQWUROSROtWLFR\WHUULWRULDOGHOSDtV
R %XQGHVWDJ(VOD&iPDUDGHUHSUHVHQWDFLyQHOHJLGDSRUVXIUDJLRXQL
YHUVDO GH pO VDOH HOHJLGR HO &DQFLOOHU TXH WLHQH HQWUH VXV IXQFLRQHV
ODV GHO LQLFLR GHO SURFHVR OHJLVODWLYR FRQWURO GHO HMHFXWLYR \ GH ORV
SUHVXSXHVWRVGHOD)HGHUDFLyQ
R %XQGHVUDW(VOD&iPDUDGHUHSUHVHQWDFLyQWHUULWRULDOGyQGHVHUH~
QHQ ORV UHSUHVHQWDQWHV GH ORV /lQGHU FRQ IXQFLRQHV GH FRQWURO
DGPLQLVWUDWLYRHQHOSURFHVRGHDGRSFLyQGHGHFLVLRQHV2WUDVIXQ
FLRQHVGHO%XQGHVUDWVRQ2OPHGD\3DUUDGR
/DDSUREDFLyQFRQHO%XQGHVWDJGHDSUR[LPDGDPHQWHODPLWDGGHODV
OH\HVDTXpOODVTXH SUHWHQGHQ PRGLILFDU OD /H\ )XQGDPHQWDO ODV TXH
UHJXODQODVUHODFLRQHVILQDQFLHUDVFRQORV/lQGHU\ODVFRPXQDV\ODV
TXHDIHFWDQDODVIXQFLRQHVDGPLQLVWUDWLYDVGHORV/lQGHU
/DDGRSFLyQGHXQDSRVLFLyQIUHQWHDORVERUUDGRUHVGHOH\TXHGLVHxD
HOSRGHUHMHFXWLYR
/DIRUPXODFLyQGHSURSXHVWDVOHJLVODWLYDVDXQTXHHQODSUiFWLFDHVWR
RFXUUHHQUDUDVRFDVLRQHV
/DSDUWLFLSDFLyQHQODVGHFLVLRQHVGHOD8QLyQ(XURSHD(VWDSRVLFLyQ
VH KD IRUWDOHFLGR GHVGH FRQ OD DSUREDFLyQ GHO 7UDWDGR GH OD
8QLyQ(XURSHD
/D DSUREDFLyQ GH ORV UHJODPHQWRV DGPLQLVWUDWLYRV TXH DIHFWHQ D ORV
/lQGHU
&RQHVWRVHOHPHQWRVGHDUWLFXODFLyQKRUL]RQWDO\YHUWLFDOGHOSRGHUHOIH
GHUDOLVPR FRRSHUDWLYR FXPSOH VX Pi[LPD H[SUHVLyQ HVWDEOHFLHQGR XQ GREOH
SURFHGLPLHQWRGHUHSUHVHQWDFLyQHQODVUHODFLRQHVFHQWURSHULIHULD/DFRQILJX
UDFLyQGHDPEDV&iPDUDVIDFLOLWDQHVWDGREOHIXQFLyQGHUHSUHVHQWDFLyQGHWRGRVORV
FLXGDGDQRV PHGLDQWH VXIUDJLR XQLYHUVDO %XQGHVWDJ \ UHSUHVHQWDFLyQ GH WRGRV ORV
/lQGHUDWUDYpVGHOD&iPDUDGHUHSUHVHQWDFLyQWHUULWRULDO%XQGHVUDW2OPHGD\
3DUUDGR
(QULTXH-RVp9DUHODOYDUH]
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
3DUD 6FKPLGW HO PRGHOR DOHPiQ SROtWLFRDGPLQLVWUDWLYR HV HO
GHXQDDGPLQLVWUDFLyQGHVFHQWUDOL]DGD\GHOHJDGDVLPLODUDOPRGHORVXHFRFRQ
XQDLQWHUPHGLDFLyQGHLQWHUHVHVVLPLODUDOFDVRIUDQFpV\DOQRUWHDPHULFDQR
3RU RWUR ODGR HO VLVWHPD ELFDPHUDO FRPR VH KD VHxDODGR DQWHULRUPHQWH
FXEUH LQLFLDOPHQWH ODV H[SHFWDWLYDV GH UHSUHVHQWDFLyQ SROtWLFD \ WHUULWRULDO GH
WRGDVODVLQVWLWXFLRQHVGHiPELWRFHQWUDO\SHULIpULFRVLQHPEDUJRHOQLYHOLQLFLDO
GHHVWHPRGHORIHGHUDOHVOD$GPLQLVWUDFLyQIHGHUDOTXHUHSUHVHQWDORVLQWHUHVHV
GHO FHQWUR SDUD 2OPHGD \ 3DUUDGR HVWD $GPLQLVWUDFLyQ VH SRGUtD
GHQRPLQDUODGHPRFUDFLDGHO&DQFLOOHUFRQXQJUDQSRGHUVREUHHOVLVWHPDSROt
WLFRDGPLQLVWUDWLYRIHGHUDO&RWDUHOR
(O&DQFLOOHUIHGHUDOHVSXHVODSLH]DFODYHGHOD$GPLQLVWUDFLyQIHGHUDO\
DXQTXH VX QRPEUDPLHQWR GHSHQGH GHO 3UHVLGHQWH GH OD 5HS~EOLFD HV HOHJLGR
SRUHO%XQGHVWDJ\VHHQFDUJDGHIRUPDU*RELHUQRHVWDEOHFLHQGRHOQ~PHURGH
ORV0LQLVWHULRV\VXVIXQFLRQHV
6LJXLHQGR D 2OPHGD \ 3DUUDGR \ %DOODUW \ 5DPLy
ORVPLQLVWHULRVDOHPDQHVWLHQHQXQDGREOHGLYLVLyQ
3ROtWLFDUHSUHVHQWDGDHQODVILJXUDVGHO0LQLVWURPi[LPDILJXUDSROtWLFD
TXHGLULJHHOGHSDUWDPHQWRPLQLVWHULDO\GHO6HFUHWDULRGH(VWDGRSDU
ODPHQWDULRTXHDSR\DDO0LQLVWURHQODSODQLILFDFLyQSROtWLFDORUHSUH
VHQWDHQHOH[WHULRU\DQWHHO%XQGHVWDJ
<DGPLQLVWUDWLYDDOIUHQWHGHODFXDO HVWiQORVIXQFLRQDULRV SROtWLFRV\
SHUVRQLILFDGRV HQ HO 6HFUHWDULR GH (VWDGR VXHOHQ VHU IXQFLRQDULRV \ VH
HQFDUJDQGHJHVWLRQDUiUHDVGHOPLQLVWHULR\HO'LUHFWRU*HQHUDOHVHO
QLYHOLQIHULRUDGPLQLVWUDWLYRDO6HFUHWDULRGH(VWDGR
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
(VLPSRUWDQWHGHVWDFDUTXHDVtFRPRHOFHQWURSODQLILFDODSHULIHULD/lQ
GHULPSOHPHQWDSUHVWDQGRORVVHUYLFLRV\HMHFXWDQGR ODVSROtWLFDV S~EOLFDVOR
TXHKDFHGHOQLYHOHVWDWDO XQ HOHPHQWR FODYH SDUD HO GHVDUUROOR GHO (VWDGR GHO
ELHQHVWDUDOHPiQ/yJLFDPHQWHHOLPSDFWRGHOD8QLILFDFLyQHQVXSXVROD
LQWURGXFFLyQGHHOHPHQWRVGHUXSWXUDHQXQVLVWHPDTXHKDVWDODIHFKDUHVXOWD
EDEDVWDQWHKRPRJpQHR2OPHGD\3DUUDGR
(OUHSDUWRGHFRPSHWHQFLDVHQWUHHO(VWDGR)HGHUDOR)HGHUDFLyQ%XQG
\ORV/lQGHUHQWRGRHOWHUULWRULRQDFLRQDO%DOODUW\5DPLyVH
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
EDVDHQHOHVWDEOHFLPLHQWRGHFRPSHWHQFLDVH[FOXVLYDV\FRQFXUUHQWHVTXHDSD
UHFHQHQOD&RQVWLWXFLyQDXQTXHODPD\RUSDUWHGHODVFRPSHWHQFLDVVRQH[FOX
VLYDV GHO FHQWUR OD SHULIHULD D WUDYpV GH ORV SDUODPHQWRV HVWDWDOHV /DQGWDJ
GHVDUUROODODOHJLVODFLyQFXDQGRH[LVWDWDOQHFHVLGDG3RURWURODGRHVWRVWHUULWR
ULRVWLHQHQEDVWDQWHLQGHSHQGHQFLDSDUDHMHFXWDUODVOH\HVIHGHUDOHVTXHHQWRGR
FDVR VRQ VXSHUYLVDGDV SRU OD )HGHUDFLyQ ,JXDO TXH HQ HO QLYHO FHQWUDO HQ HO
QLYHOSHULIpULFRFDGDWHUULWRULRGLVSRQHGHyUJDQRVHMHFXWLYRVOHJLVODWLYRV\MXGL
FLDOHV SURSLRV \ FRQ DXWRQRPtD GH DXWRRUJDQL]DFLyQ %DOODUW \ 5DPLy
DXQTXHFRQOLPLWDGDFDSDFLGDGOHJLVODWLYDSRUVXYtQFXORFRQOD)H
GHUDFLyQ9LHMR9LxDV
/DRUJDQL]DFLyQSROtWLFRDGPLQLVWUDWLYDVHUHDOL]DDLPDJHQ\VHPHMDQ]DGH
ODGHO(VWDGR)HGHUDOFRQXQDGLYLVLyQHQWUHHO3UHVLGHQWH\HO*RELHUQRDUWL
FXODGRDWUDYpVGHORV0LQLVWHULRV([LVWHQWDPELpQILJXUDVGHFRQWURODGPLQLV
WUDWLYR LQWHUPHGLR FRPR VRQ ORV *REHUQDGRUHV UHJLRQDOHV TXH VXSHUYLVDQ OD
DFWLYLGDG DGPLQLVWUDWLYD GH ODV $VRFLDFLRQHV GH &RPDUFDV \ &LXGDGHV GH 'LV
WULWR /LEUH 3RU ~OWLPR ORV (VWDGRV GLVSRQHQ DVLPLVPR GH XQD DGPLQLVWUDFLyQ
SHULIpULFD FRQ FRPSHWHQFLDV HVSHFtILFDV HQ PDQWHQLPLHQWR GH FDUUHWHUDV VDQL
GDG2OPHGD\3DUUDGR\5DPLy\%DOODUW
(O~OWLPRGHORVQLYHOHVWHUULWRULDOHVGHDFWXDFLyQHQOD5)$HV HOORFDO
TXHVHJ~QVXGHILQLFLyQFRQVWLWXFLRQDOHVWiQLQWHJUDGRVHQORV/lQGHUFRQ
WHPSODQGRXQDVHULHGHSULQFLSLRV
$XWRQRPtDORFDOLQGHSHQGLHQWHVGHORV/lQGHUSHURVLQTXHSXHGDQ
OHJLVODUHQVXFRQWUDFXULRVDPHQWHVLRFXUUHDOUHYpV\DTXHORV(VWDGRV
SXHGHQHODERUDUOH\HVVREUHODVFRUSRUDFLRQHVORFDOHV
&RPSHWHQFLDJHQHUDODGHPiVGHGHVDUUROODUODVFRPSHWHQFLDVDWULEXL
GDVSXHGHQDVXPLUFRPSHWHQFLDVQRGHVDUUROODGDVSRUHOUHVWRGHQLYHOHV
WHUULWRULDOHVGHDFWXDFLyQ
+HWHURJHQHLGDG GH ODV RUJDQL]DFLRQHV WHUULWRULDOHV WUHV &LXGDGHV
(VWDGR TXH JHVWLRQDQ ODV FRPSHWHQFLDV UHJLRQDOHV \ ORFDOHV QXHYRV
/lQGHUGHJUDQVXSHUILFLHFRQWUHVQLYHOHVDGPLQLVWUDWLYRV$VRFLDFLR
QHVGH&RPDUFDV\&LXGDGHVGH'LVWULWR/LEUH&RPDUFDV\&RPXQDV
/lQGHUGHPHQRUVXSHUILFLHVyORFRQ&RPDUFDV\&RPXQDV
&RPDUFDV 'RWDGDV GH DXWRQRPtD DGPLQLVWUDWLYD HMHUFHQ FRPSHWHQ
FLDVSURSLDV\ODVGHOHJDGDVSRUODVLQVWDQFLDVVXSHULRUHV FXEULHQGRODV
QHFHVLGDGHVGHODV&RPXQDV\ODWUDGLFLRQDOLQVXILFLHQFLDILQDQFLHUDGH
VDUUROODQ IXQFLRQHV GH FRQVWUXFFLyQ GH FDUUHWHUDV PDQWHQLPLHQWR GH
KRVSLWDOHV
(QULTXH-RVp9DUHODOYDUH]
&LXGDGHVGH'LVWULWR/LEUH(QHOPLVPRQLYHOTXHODV&RPDUFDVSHUR
VLQHQWLGDGHVVXERUGLQDGDVVREUHODVTXHDFWXDU
$VRFLDFLRQHVGH&RPDUFDV\&LXGDGHVGH'LVWULWR/LEUH(QORV/lQ
GHUGHJUDQVXSHUILFLHH[LVWHQDJUXSDFLRQHVGH&RPDUFDV\&LXGDGHVGH
'LVWULWR/LEUHFRQGRVWLSRVGHFRPSHWHQFLDVRIXQFLRQHVVHUYLFLRVVR
FLDOHVLQVWLWXFLRQHV\UHVLGHQFLDV\FXOWXUDOHVPXVHRV
+HWHURJHQHLGDGGHODRUJDQL]DFLyQLQWHUQDGHODV&RPXQDVHQIXQFLyQ
GHODGLIHUHQFLDFLyQDQWHULRUVHSURGXFHXQDJUDQYDULHGDGGHIyUPXODV
HQ VX RUJDQL]DFLyQ LQWHUQD DGPLQLVWUDWLYD 2OPHGD \ 3DUUDGR
&RPRYHPRVODV&RPXQDVVRQHOQLYHOPXQLFLSDOEiVLFR\IXQFLRQDQFR
PRWRGRHOiPELWRORFDOEDMRHOSULQFLSLRGHVXEVLGLDULHGDGORTXHVLJQLILFDTXH
DVXPHQ VXV SURSLDV UHVSRQVDELOLGDGHV GHOHJDQGR VXV FRPSHWHQFLDV HQ FDVR GH
QRSRGHUFXPSOLUFRQHOODV%DOODUW\5DPLy/DV&RPXQDVVHRUJD
QL]DQDGPLQLVWUDWLYDPHQWHHQWRUQRDWUHVJUDQGHVPRGHORV2OPHGD\3DUUDGR
0RGHORPHULGLRQDOGH&RPXQD6LJXHXQVLVWHPDGXDOLVWDGRQGHWDQWR
HO $OFDOGH yUJDQR SROtWLFR FRPR HO $\XQWDPLHQWR yUJDQR DGPLQLV
WUDWLYR VRQ HOHJLGRV SRU ORV FLXGDGDQRV (O SULPHUR DGPLQLVWUD ORV
DFXHUGRVGHO3OHQR\GLULJHODHVWUXFWXUDDGPLQLVWUDWLYDGHOD&RPXQDD
WUDYpVGHORVWHQLHQWHVGHDOFDOGHTXHJHVWLRQDQODDGPLQLVWUDFLyQGHOD
&RPXQD\ODVHPSUHVDVS~EOLFDVORFDOHV
0RGHOR VHSWHQWULRQDO GH FRPXQD 6LPLODU DO PRGHOR ORFDO EULWiQLFR
GLILHUHGHODQWHULRUHQTXHHOSRGHUOHFRUUHVSRQGHDXQVRORyUJDQROD
$VDPEOHD~QLFRyUJDQRHOHJLGRSRUORVFLXGDGDQRV(O$OFDOGHHVXQ
SULPXVLQWHUSDUHV\OD$GPLQLVWUDFLyQ/RFDOODGLULJHXQ*HUHQWHSUR
IHVLRQDOTXHTXHGDVXERUGLQDGRDO$OFDOGHRWURQLYHOFRPSOHPHQWDULR
DOD$VDPEOHD\DO$OFDOGH*HUHQWHHVHO&RPLWp(MHFXWLYRPLHPEURV
GHO$\XQWDPLHQWRGHOHJDGRVGHVHUYLFLR\DOFDOGHJHUHQWHTXHSUHSDUD
ODVUHXQLRQHVGHO3OHQR\UHDOL]DHOSDSHOGHLQWHUPHGLDULRHQWUHORVFLX
GDGDQRV\ODDGPLQLVWUDFLyQUHVROYLHQGRVXVTXHMDV
0RGHORGHPDJLVWUDWXUD$VDPEOHDHOHJLGDGLUHFWDPHQWHSRUORVFLX
GDGDQRVpVWDHOLJHDVXYH]DVX3UHVLGHQWH$OFDOGHGLULJHODDGPLQLV
WUDFLyQ HQ QRPEUH GH OD PDJLVWUDWXUD \ D OD 0DJLVWUDWXUD yUJDQR
DGPLQLVWUDWLYRFRPSXHVWRSRU$OFDOGH&RQFHMDOHVKRQRUtILFRV\SURIH
VLRQDOHV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(QULTXH-RVp9DUHODOYDUH]
6LQ HPEDUJR HQ ODV 5,*6 DOHPDQDV VH HVWi SURGXFLHQGR XQ FDPELR GH
WHQGHQFLD HQ ODV UHODFLRQHV HQWUH HO FHQWUR \ OD SHULIHULD TXH FRQGXFHQ D XQD
FLHUWD UHFHQWUDOL]DFLyQ WUDQVIHUHQFLD GH FRPSHWHQFLDV KDFLD OD IHGHUDFLyQ \ OD
GLVPLQXFLyQGHODVFRPSHWHQFLDVOHJLVODWLYDVGHORV/lQGHULQFUHPHQWRGHODV
FRPLVLRQHVLQWHUJXEHUQDPHQWDOHVWDQWRIRUPDOHVFRPRLQVWLWXFLRQDOL]DGDV\VX
SDUWLFLSDFLyQ HQ HO SURFHVR GH SROtWLFDV S~EOLFDV VREUH WRGR HQ OD IDVH GH OD
LPSOHPHQWDFLyQ
2OPHGD \ 3DUUDGR VLJXHQ D $JUDQRII HQ HO
DQiOLVLVGHXQDVHULHGHGLPHQVLRQHV\WpFQLFDVLQWHUJXEHUQDPHQWDOHVTXHWLHQHQ
LQFLGHQFLDHQODV5,*6GHOD5)$DWUDYpVGHODVFXDOHVVHDVHJXUDODQHJR
FLDFLyQ\HOFRQVHQVR
$GPLQLVWUDFLyQGHFRRSHUDWLYDGHSURJUDPDV3DUWLHQGRGHODEDVHGH
TXHOD)HGHUDFLyQQRVXHOHHMHFXWDUODVSROtWLFDVS~EOLFDVVyORODVEiVL
FDV GHO HVWDGR VREHUDQR H[WHULRUHV VHJXULGDG GHIHQVD ILQDQ]DV JHQH
UDOHV\TXHORV/lQGHUHMHFXWDQODVSROtWLFDVS~EOLFDVHOIHGHUDOLVPR
FRRSHUDWLYRDOHPiQVHHVWDEOHFHDWUDYpVGHGRVYtDVODYHUWLFDO\ODKR
UL]RQWDO
R /DYtDYHUWLFDOTXHVXSRQHODGLVWULEXFLyQGHFRPSHWHQFLDVHQWUHOD
)HGHUDFLyQ\ORV/lQGHU(OPHFDQLVPRSULQFLSDOHVHOGHSDUWLFLSD
FLyQ GH ORV (VWDGRV HQ ODV GHFLVLRQHV GH OD )HGHUDFLyQ UHDOL]DGD D
WUDYpV GH YDULRV FDQDOHV GH DFWXDFLyQ SDUWLFLSDFLyQ HQ HO %XQGHV
UDW FRQIHUHQFLDV HQWUH ORV SUHVLGHQWHV GH ORV /lQGHU R HQWUH ORV
0LQLVWURVHVWDWDOHV\IHGHUDOHVGHOPLVPRUDPRODUHSUHVHQWDFLyQGH
ORV/lQGHUHQHO*RELHUQR)HGHUDODGHPiVGHHQOD&RPLVLyQ(X
URSHD
R /DYtDKRUL]RQWDOGHVDUUROODGDDWUDYpVGHPHFDQLVPRVGHFRRSHUD
FLyQ HQWUH WRGRV ORV QLYHOHV SROtWLFRDGPLQLVWUDWLYRV )HGHUDFLyQ
(VWDGRV \ (QWHV /RFDOHV HQ IRUPD GH WUDWDGRV GH FRRSHUDFLyQ
DFXHUGRV DGPLQLVWUDWLYRV VREUH DFWRV SXQWXDOHV (Q HO iPELWR ORFDO
HVWDFRRSHUDFLyQKRUL]RQWDOVHFRQVROLGD DWUDYpV GH ODV 0DQFRPX
QLGDGHVR&RQVRUFLRVSDUDHOGHVDUUROORGHSURSyVLWRVP~OWLSOHVRIL
QHVGHWHUPLQDGRV
5HVROXFLyQ GH SUREOHPDV $ WUDYpV GH XQD &RPLVLyQ GH 0HGLDFLyQ
TXHWUDWDODVGLIHUHQFLDVSODQWHDGDVHQODIRUPXODFLyQGHSROtWLFDVHQWUH
ORV/lQGHU\OD)HGHUDFLyQHQHOVHQRGHO%XQGHVUDW
)LQDQFLDFLyQ $ WUDYpV GH PHFDQLVPRV GH ILQDQFLDFLyQ HTXLOLEUDGD
GRQGHWRGRVORVQLYHOHVWHUULWRULDOHVSDUWLFLSDQHQODUHFDXGDFLyQGHFDVL
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
WRGRVORVLPSXHVWRV\DTXHWDPELpQVRQUHVSRQVDEOHVGHOJDVWRDWUDYpV
GH PHFDQLVPRV GH FRPSHQVDFLyQ LQWHUWHUULWRULDO TXH SHUPLWHQ OD SUHV
WDFLyQGHVHUYLFLRVKRPRJpQHRVHQWRGRVORV(VWDGRVGHOD)HGHUDFLyQ
3DUDFRQFOXLUFRQYLHQHUHVDOWDUHOSDSHOTXHGHVHPSHxDHO7ULEXQDO&RQV
WLWXFLRQDO)HGHUDOHQHOSURFHVRGH5,*6DOHPDQDV\DTXHDOLJXDOTXHHQHO
FDVRHVSDxROVHFRQILJXUDFRPRHOyUJDQRTXHFXOPLQDODMXULVGLFFLyQFRQVWLWX
FLRQDOHQ$OHPDQLD)HGHUDOXQVLVWHPDHQHOTXHFDGD/DQGGLVSRQHGHVX7ULEXQDO
&RQVWLWXFLRQDO&RWDUHOR
,WDOLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
7RGRHQ,WDOLDSDUHFHHVWDUFDPELDQGRGHVGHSULQFLSLRVGHODGpFDGDGHORV
\PiVUHFLHQWHPHQWH\\DHQWUDGRHOQXHYRVLJORFRQODOOHJDGDDOSRGHUGH
OD FRDOLFLyQ GH SDUWLGRV GH %HUOXVFRQL HQ OD TXH VH HQFXHQWUD XQ WUDGLFLRQDO
SDUWLGRDQWLVLVWHPDFRPRHVOD/LJD1RUWHTXHKDSURIXQGL]DGRHQODIUDFWXUD
QRUWHVXUWUDQVDOSLQD(QSDODEUDVGH3DVTXLQR/DVLQVWLWXFLRQHVORV
SDUWLGRV ODV FRDOLFLRQHV JXEHUQDPHQWDOHV OD VRFLHGDG WRGR HQ ,WDOLD SDUHFHQ HVWDU
FDPELDQGR(OVLVWHPDSROtWLFRLWDOLDQRXQD5HS~EOLFDGHPRFUiWLFDTXHKDSHUGXUDGR
GXUDQWHFXDUHQWD\FLQFRDxRVSUREDEOHPHQWHKDOOHJDGRDOILQGHVXWUD\HFWRULDKLVWy
ULFDHQPHGLRGHXQDPELHQWHGHH[WHQVDFRUUXSFLyQ7RGRHOORKDFHTXHVLHFKi
UDPRV OD YLVWD DWUiV YLpUDPRV DO VLVWHPD SROtWLFR LWDOLDQR FRQ LQILQLGDG GH
HOHPHQWRVSROtWLFRVVRFLDOHVHFRQyPLFRVFRQWUDGLFWRULRV6HWUDWDGHXQDUHS~
EOLFDSDUODPHQWDULVWDGHFRUWHVLPpWULFRSHURHQHOODVRQORVSDUWLGRV\QRHO3DUOD
PHQWRORVTXHVLHPSUHKDQWRPDGRODVGHFLVLRQHV/DSUHVHQFLDGHXQPXOWLSDUWLGLVPR
SRODUL]DGRDUWLFXODGRHQWRUQRDGRVJUDQGHVSDUWLGRVOD'HPRFUDFLD&ULVWLDQD\HO
3DUWLGR&RPXQLVWDQRKDVLGRREVWiFXORSDUDTXHHQFDVLFLQFRGpFDGDVQRVHKD\D
SURGXFLGRXQDYHUGDGHUDDOWHUQDQFLDHQHO*RELHUQR&RPRFRQVHFXHQFLDGHHVWRODV
ILQDQ]DVHVWDWDOHV\HOIXQFLRQDPLHQWRGHOVHFWRUS~EOLFRKDQVLGR\HQPXFKRVFDVRV
FRQWLQ~DQ VLHQGR SRFR HMHPSODUHV $ SHVDU GH HVWD FLUFXQVWDQFLD ,WDOLD HV OD FXDUWD
SRWHQFLDHFRQyPLFDPXQGLDO$QGXL]D3HUHD
/D&RQVWLWXFLyQGHHVHOPDUFRSROtWLFRGHOD5HS~EOLFDLWDOLDQDED
VDGRHQHOFRQVHQVRSRVWHULRUDODSRVJXHUUDPXQGLDO\DODRFXSDFLyQSRUSDUWH
GHODVWURSDVDOLDGDV\HQXQHVStULWXVRFLDOTXHDYDQ]DHOSRVLFLRQDPLHQWRGHO
(VWDGR GHO ELHQHVWDU LWDOLDQR HQ XQDV GpFDGDV 3DUD &RWDUHOR HVWH
DVSHFWRSURJUHVLVWDGHVXPDUFRFRQVWLWXFLRQDOVHUHIOHMDHQHODUWtFXORFRPR
(QULTXH-RVp9DUHODOYDUH]
FOiXVXODWUDQVIRUPDGRUDGHO(VWDGR\ODVRFLHGDGLWDOLDQDDTXHOTXHHVWDEOHFH
TXH OD 5HS~EOLFD GHEH UHPRYHU ORV REVWiFXORV HFRQyPLFRV \ VRFLDOHV TXH LPSLGHQ HO
SOHQRGHVHQYROYLPLHQWRGHODSHUVRQDOLGDGKXPDQD\ODHIHFWLYDSDUWLFLSDFLyQGHWRGRV
ORVWUDEDMDGRUHVHQODRUJDQL]DFLyQSROtWLFD\VRFLDOGHOSDtV
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
3RUORTXHVHUHILHUHDO*RELHUQRFHQWUDOPHQFLRQDUTXHHO3UHVLGHQWHGHOD
5HS~EOLFDHVHO-HIHGHO(VWDGRFRQSRGHUGHUHSUHVHQWDFLyQGHOD 5HS~EOLFD\
FRQOHJLWLPDFLyQSDUDHMHUFHUGHiUELWURHQODSROtWLFDQDFLRQDO6LQHPEDUJRQR
HV GH HOHFFLyQ GLUHFWD VLQR LQGLUHFWD D WUDYpV GH ODV &iPDUDV SDUODPHQWDULDV
&RPRVHxDOD&RWDUHORWLHQHDWULEXFLRQHVWtSLFDVGHXQ-HIHGH(VWD
GR 3DUODPHQWDULR QRPEUDU DO 3ULPHU 0LQLVWUR VyOR HQ OD WHRUtD SRUTXH HQ OD
SUiFWLFD VH YHQ REOLJDGRV D DFHSWDU ORV SURSXHVWRV SRU ORV SDUWLGRV SROtWLFRV
3DVTXLQRQRPEUDUDORVDOWRVFDUJRVGHOD$GPLQLVWUDFLyQFRQYRFDU
\GLVROYHUODV&iPDUDVFRQYRFDUHOUHIHUpQGXPDEURJDWLYRDFUHGLWDUHPEDMD
GRUHV6LQHPEDUJRODFDUDFWHUtVWLFDSULQFLSDOGHOD3UHVLGHQFLDGHOD5HS~EOLFD
HV VX DOWD LQRSHUDQFLD H LUUHVSRQVDELOLGDG SROtWLFD GLUHFWDPHQWH UHODFLRQDGD
FRQVXUHOHYDQFLDFRQVWLWXFLRQDO\SUHVWLJLR$QGXL]D3HUHD
(O*RELHUQRHVHORWURHOHPHQWRGHOVLVWHPDSROtWLFRDGPLQLVWUDWLYRFHQWUDO
UHOHYDQWHSDUWLGRVSROtWLFRV \ JUXSRV GH SUHVLyQ FRPSOHWDQ HO UHVWR GHO PDUFR
GHOVLVWHPDSROtWLFRGRQGHODFDUDFWHUtVWLFDSULQFLSDOHVVXVXERUGLQDFLyQWHyUL
FD DO 3DUODPHQWR TXH VH FRQILJXUD FRPR DFWRU SULQFLSDO GHO VLVWHPD SROtWLFR
3DVTXLQR OR TXH GHWHUPLQD VX GHELOLGDG FRPR (MHFXWLYR \ ODV
FRQVWDQWHVFULVLVGHJRELHUQRTXHOD5HS~EOLFDWUDQVDOSLQDKDYLYLGRGHVGH
KDVWD QXHVWURV GtDV /D HVWUXFWXUD GHO *RELHUQR LWDOLDQR SRGUtD TXHGDU GH OD
VLJXLHQWHPDQHUD&RWDUHOR
3ULPHU0LQLVWUR&RPRUHVSRQVDEOHGHODSROtWLFD\ODDGPLQLVWUDFLyQ
GHO *RELHUQR \ OD $GPLQLVWUDFLyQ UHDOL]D HO SDSHO GH 3UHVLGHQWH GHO
&RQVHMRGH0LQLVWURVGLULJH \ FRRUGLQD OD $GPLQLVWUDFLyQ \ D VXV 0L
QLVWHULRV SURSRQLHQGR DO 3UHVLGHQWH GH OD 5HS~EOLFD HO QRPEUDPLHQWR
GH ORV 0LQLVWURV GH VX *RELHUQR 6LQ HPEDUJR HQ OD SUiFWLFD \ SRU OD
GHELOLGDG GH ORV JRELHUQRV LWDOLDQRV ORV 3ULPHURV 0LQLVWURV KDQ WHQLGR
SRFRSRGHUHQHO(MHFXWLYRGHMDQGRHOSURWDJRQLVPRDORVVHFUHWDULRVGH
ORVGLIHUHQWHVSDUWLGRVTXHFRPSRQHQODVFRDOLFLRQHVGH*RELHUQR(QHO
FDVRGHOQRPEUDPLHQWRGHORV0LQLVWURVHVWRVVRQSURSXHVWRVPiVTXH
SRU pO SRU ORV VHFUHWDULRV GH ORV SDUWLGRV GH ORV JRELHUQRV GH FRDOLFLyQ
3DVTXLQR
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(QULTXH-RVp9DUHODOYDUH]
3UHVLGHQWHGHOD-XQWD5HJLRQDOHTXLYDOHQWHDO3ULPHU0LQLVWURGHOD
5HS~EOLFDFRPRMHIHGHOJRELHUQRUHJLRQDO
(O &RPLVDULR GHO *RELHUQR FRPR OD ILJXUD FODYH TXH UHSUHVHQWD DO
FHQWURHQODSHULIHULDUHJLRQDO
(QWUHODVFRPSHWHQFLDVUHJLRQDOHVGHVWDFDQODWXWHODTXHHMHUFHVREUHHOODV
\VXVyUJDQRVGHUHSUHVHQWDFLyQODOHJLVODFLyQGHOJRELHUQRFHQWUDODWUDYpVGHOD
GHYROXFLyQGHODVQRUPDVTXHHO(VWDGRFRQVLGHUHOHVLYDVDORVLQWHUHVHVQDFLR
QDOHVRDQWLFRQVWLWXFLRQDOHVDO&RQVHMR5HJLRQDOSDUDVXUHIRUPXODFLyQDXQTXH
VHSXHGHGDUHOPLVPRFDVRPRPHQWRHQHOFXDOLQWHUYLHQHHO3DUODPHQWR\HO
7ULEXQDOGH*DUDQWtDV&RQVWLWXFLRQDOHV&RWDUHOR
$GHPiVGHODV5HJLRQHV\DQWHULRUHVDHOODVHQWLHPSRHLQWHQVLGDGHOQL
YHOVXEQDFLRQDOLWDOLDQRHVWiLQWHJUDGRSRUODV3URYLQFLDV\ORV0XQLFLSLRVFR
PXQL $QGXL]D 3HUHD 3RU OR TXH VH UHILHUH D HVWH QLYHO ORFDO GH
JRELHUQRLWDOLDQR\WUDVHODMXVWHSUHYLRGHOPDUFRVXEQDFLRQDOKD\TXHGHVWD
FDU OD PRGLILFDFLyQ OHJLVODWLYD VXIULGD SRU 0XQLFLSLRV \ 3URYLQFLDV FRQ PRWLYR
GHOD/H\GHTXHVHJ~Q9DQGHOOLLQFRUSRUDODVVLJXLHQWHV
FDUDFWHUtVWLFDV
6HUHFRQRFHDORV0XQLFLSLRV\3URYLQFLDVDXWRQRPtDHVWDWXWDULD
(VWRVPDUFRVHVWDWXWDULRVGHEHUiQSHUPDQHFHUGHQWURGHOHVTXHPDOHJDO
YLJHQWHORVyUJDQRVGHJRELHUQRGHDPERVHQWHVORFDOHVHVWDUiQLQYDULD
EOHPHQWHFRQVWLWXLGRVSRUXQDDVDPEOHDHOHFWLYDFRQVHMRXQyUJDQR
FROHJLDGRHMHFXWLYRMXQWD\SRUXQyUJDQRPRQRFUiWLFRDOFDOGH\SUHVLGHQWH
GHODSURYLQFLDHOHJLGDSRUpVWD9DQGHOOL
(O&RQVHMRWLHQHXQSDSHOGHGLUHFFLyQ\FRQWUROFRUUHVSRQGLpQGROHOD
UHDOL]DFLyQ GH ORV DFWRV IXQGDPHQWDOHV PLHQWUDV TXH D OD -XQWD OH FR
UUHVSRQGHHOGHVDUUROORGHODVFRPSHWHQFLDVUHVLGXDOHV\DO$OFDOGHTXH
PDQWLHQH OD FRQGLFLyQ GH GHOHJDGR GHO JRELHUQR \ 3UHVLGHQWH ORV SD
SHOHVGHUHSUHVHQWDFLyQSUHVLGHQFLDGHO&RQVHMR\-XQWDVXSHUYLVLyQGH
ORVVHUYLFLRVORFDOHV\VXJHVWLyQ
6HPDQWLHQHODFRPSRVLFLyQGHPLHPEURVGHOD-XQWD
(O$OFDOGH\HO3UHVLGHQWHVRQHOHJLGRVSRUYRWDFLyQ~QLFDFRQHVFUXWL
QLRS~EOLFR\PD\RUtDDEVROXWD
(VWDEOHFLPLHQWR GH OD PRFLyQ GH FHQVXUD FRQVWUXFWLYD FRQ SUHVHQWD
FLyQGHFDQGLGDWRVDOWHUQDWLYRV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
5HSDUWRGHORVSDSHOHVHQWUHORVyUJDQRVHOHFWLYRV\ORVDGPLQLVWUDWLYRV
VXSHGLWDGRVDORVSULPHURV
(O0XQLFLSLRVHFRQILJXUDFRPRODDGPLQLVWUDFLyQEiVLFDWHUULWRULDOLWD
OLDQD
)RPHQWRHLQFHQWLYDFLyQGHIXVLRQHVGH0XQLFLSLRV
,PSRUWDQWHSDSHOGHSODQLILFDFLyQDGPLQLVWUDWLYDSDUDODV3URYLQFLDV
(QODVUHDV0HWURSROLWDQDVHQOXJDUGHOD3URYLQFLDVHFUHDQODV&LX
GDGHV0HWURSROLWDQDVGHOLPLWDGDVSRUOD5HJLyQ
)RPHQWR GH LQVWUXPHQWRV GH FRRSHUDFLyQ KRUL]RQWDO ORFDO \ FRQ ODV
DGPLQLVWUDFLRQHVVXSHULRUHVFRPRORV&RQVRUFLRVFRQYHQLRVFRQWUDWRV
SURJUDPD
(O GHVOLQGH FRPSHWHQFLDO ORFDO GHSHQGH H[FOXVLYDPHQWH GH OD OHJLVOD
FLyQUHJLRQDO
(VWDEOHFLPLHQWRGHFDQDOHVGHSDUWLFLSDFLyQGHORVHQWHVORFDOHVFRQORV
FLXGDGDQRVHLQFUHPHQWRGHODVIyUPXODVGHLQIRUPDFLyQ
,QFUHPHQWR\PHMRUDGHODJHVWLyQGHVHUYLFLRVS~EOLFRV
/RVDFWRVGHO&RQVHMRVRQFRQWURODGRVSRUODVUHJLRQHVHOFRQWUROVREUH
ORVyUJDQRVVHUHVHUYDDO(VWDGR0LQLVWHULRGHO,QWHULRU\ORV3UHIHFWRV
&RQVROLGDFLyQGHOSULQFLSLRGHDXWRQRPtDILQDQFLHUD\FUHDFLyQGHyU
JDQRVGHJHVWLyQSUHVXSXHVWDULDORFDO
*UDQLQFLGHQFLDGHODVUHJLRQHVHQODGHWHUPLQDFLyQGHOPDUFRJHQHUDO
ORFDODXQTXHFRQXQSDSHOSUHGRPLQDQWHGHO(VWDGR
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ,WDOLD
'HVGHHOSXQWRGHYLVWDGHODVUHODFLRQHVFHQWURSHULIHULDHQOD5HS~EOLFD
,WDOLDQD HO VLVWHPD SROtWLFRDGPLQLVWUDWLYR GHEH UHIRUPDUVH 3DVTXLQR
SURGXFWR GH VX OHQWD WUDQVIRUPDFLyQ KDVWD HO SXQWR GH TXH SDUD
DOJXQRVDXWRUHVHOYHUGDGHURHMHGHODV5,*6LWDOLDQDVVHVLW~DHQODVUHODFLR
QHVHQWUHHO*RELHUQRQDFLRQDO\OD8QLyQ(XURSHDPiVTXHHQODVUHODFLRQHV
LQWUDQDFLRQDOHV 2WURV DFWRUHV KDQ KHFKR LQFXUVLRQHV HQ OD DUHQD GH OD WRPD GH
GHFLVLRQHVTXHDQWDxRHVWXYRH[FOXVLYDPHQWHFRQWURODGDSRUORVSDUWLGRV1RVHWUDWD
WDQWRGHODGHVFHQWUDOL]DFLyQGHOSRGHUSROtWLFRGHVGHHOFHQWURDODSHULIHULDFRPRGH
ODWUDQVIHUHQFLDGHSRGHUGHVGHORVJRELHUQRVQDFLRQDOHVDOD&RPXQLGDG (XURSHD\
(QULTXH-RVp9DUHODOYDUH]
VXV yUJDQRV GH WRPD GH GHFLVLRQHV HO 7ULEXQDO GH -XVWLFLD (XURSHR LQFOXVLYH 3DV
TXLQR
6LQHPEDUJRHVWHSODQWHDPLHQWRQRGHEH GHVSLVWDUQRV \D TXH GHELGR D OD
VLWXDFLyQSROtWLFRDGPLQLVWUDWLYDLWDOLDQDGHFRQWLQXDLQWHULQLGDG\GHFDPELRV
FRQVWDQWHV \ VXVWDQFLDOHV HQ VXV HVWUXFWXUDV GH SRGHU ODV UHODFLRQHV HQWUH ORV
GLIHUHQWHVQLYHOHVGHJRELHUQRFHQWUDOHV\VXEQDFLRQDOHVVHYHQDIHFWDGRVKDVWD
HOSXQWRGHTXHODFXHVWLyQPiVGHVWDFDGDGHDQiOLVLVQRVRQODV5,*6LQWUD
QDFLRQDOHVVLQRWRGDYtDKR\ODVUHODFLRQHVHQWUHODVGLIHUHQWHVUHJLRQHVGHOSDtV
OR TXH SURYRFD FRQWLQXDV WHQVLRQHV FHQWURSHULIHULD TXH VLQ GXGD DIHFWDQ D
DTXHOODV 5HFLHQWHPHQWH OD GLPHQVLyQ WHUULWRULDO GH OD SROtWLFD LWDOLDQD KD WRPDGR
XQDJUDQUHOHYDQFLD(O(VWDGRUHJLRQDOQRVHKDGHVDUUROODGRDOPi[LPRGHVXVSRVL
ELOLGDGHV /D LQVDWLVIDFFLyQ FRQ HO PLVPR \ ODV WHQVLRQHV HQWUH HO 1RUWH \ HO 0H]]R
JLRUQRMXVWLILFDQHOIXHUWHDSR\RDSDUWLGRVUHJLRQDOLVWDVHQDOJXQDViUHDVGHOSDtV\HQ
HVSHFLDODOD/LJD1RUWHHQOD]RQDVHSWHQWULRQDO3DGDQLDTXHH[LJHQXQDUHIRUPD
FRQVWLWXFLRQDOKDFLDXQ(VWDGRIHGHUDO$QGXL]D3HUHD
6XHFLD
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
6XHFLDHVXQ(VWDGRXQLWDULRFRQXQDJUDQGHVFHQWUDOL]DFLyQGHVXVSROtWL
FDV HQ HO QLYHO ORFDO GH JRELHUQR (O PRGHOR SROtWLFR VXHFR HVWi EDVDGR HQ OD
0RQDUTXtDSDUODPHQWDULDFRQJUDQDSR\RGHORVSDUWLGRVSROtWLFRVFRQEDVHHQ
XQ VLVWHPD PXOWLSDUWLGLVWD HVWUXFWXUD PXOWLGLPHQVLRQDO \ FRUSRUDWLYLVPR 'HO
&DPSR *DUFtD DVt PLVPR VX PRGHOR DGPLQLVWUDWLYR UHVXOWD HO Pi
[LPR H[SRQHQWH GHO GHVDUUROOR GH XQ (VWDGR GHO ELHQHVWDU DSR\DGR HQ XQDV
$GPLQLVWUDFLRQHV3~EOLFDVHILFLHQWHV\FRQDOWRJUDGRGHSUHVWDFLyQGHVHUYLFLRV
\UHGLVWULEXFLyQGHODUHQWDQDFLRQDO(VWROHKDYDOLGRVHUH[SXHVWRFRPRHMHP
SORGHDFWLYLGDGS~EOLFDSHURWDPELpQFRPRGLDQDHQODVFULVLVTXHORVFRQVHU
YDGRUHVGHODVGLIHUHQWHVpSRFDVJRELHUQRV\SDtVHVYLHQHQGHVDUUROODQGRFRQWUD
XQHVTXHPDVRFLDOHFRQyPLFR\SROtWLFRTXHSHVHDVXVDYDWDUHVSHUGXUDHQHO
SDtVHVFDQGLQDYR
6HJ~Q/DQH\(UVVRQHOPRGHORVXHFRVHHQFXHQWUDLQVHUWDGR
HQHOOODPDGRPRGHORHVFDQGLQDYRHQHOFXDOVHHQJOREDQDGHPiV'LQDPDUFD
)LQODQGLD1RUXHJDH,VODQGLDORVWUHVSULPHURVSHUWHQHFLHQWHVDOD8QLyQ(X
URSHD(VWHPRGHORGLILHUHVXVWDQFLDOPHQWHGHORVPRGHORVGHPRFUiWLFRVRFFL
GHQWDOHV DQJORVDMyQ \ FRQWLQHQWDO SRU VX RULHQWDFLyQ KDFLD HO VHFWRU S~EOLFR
TXHKDGHWHUPLQDGRXQHVTXHPDGHUHODFLRQHVVRFLDOHVHFRQyPLFDV\SROtWLFDV
FHQWUDGDV HQ WRUQR DO (VWDGR FRPR JDUDQWH GH OD HTXLGDG \ OD MXVWLFLD VRFLDO
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(VWROyJLFDPHQWHKDWHQLGRXQJUDQLPSDFWRHQHOGHVDUUROORGHO*RELHUQR\OD
$GPLQLVWUDFLyQ VXHFD GH JUDQGHV GLPHQVLRQHV \ GLYHUVD HQ VXV DFWXDFLRQHV \
SROtWLFDVS~EOLFDVVREUHWRGRODVUHODFLRQDGDVFRQHOELHQHVWDUVRFLDO3DUD2O
PHGD\3DUUDGR\SHVHDORVDYDWDUHVGHOPRGHORGHELHQHVWDUVXHFR
GRVIDFWRUHVKDQWHQLGRXQDLPSRUWDQFLDFODYHSDUDVXFRQVROLGDFLyQORVJUXSRV
GHLQWHUpV\HOSDUWLGRVRFLDOGHPyFUDWDFRQILJXUiQGRVHXQPRGHORFRUSRUDWLYR
GH UHODFLRQHV VRFLDOHV HFRQyPLFDV \ SROtWLFDV FRQ DPSOLD LQFLGHQFLD HQ HVWD
$GPLQLVWUDFLyQ3~EOLFDHVFDQGLQDYD/DWHQGHQFLDVLQHPEDUJR\HQHOPDU
FRGHHVFDVH]VXHFRHVDOLPLWDUODSDUWLFLSDFLyQGHVGHHOSXQWRGHYLVWDFRUSR
UDWLYR \ DXPHQWDUOD EDMR ORV PRGHORV SOXUDOLVWDV GH SDUWLFLSDFLyQ 2OPHGD \
3DUUDGR
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
6XHFLD HVXQD 0RQDUTXtD SDUODPHQWDULD GRQGH HO 5H\ DVXPH ORV SDSHOHV
GHUHSUHVHQWDFLyQH[WHULRUGHODQDFLyQFRPR-HIHGHO(VWDGRFRQWUHV QLYHOHV
GH GLVWULEXFLyQ WHUULWRULDO GHO SRGHU FHQWUDO UHJLRQDO \ ORFDO WRGRV HOORV FRQ
yUJDQRVGHVREHUDQtDHOHJLGRVSRUORVFLXGDGDQRV6HSXHGHFRQVLGHUDUDO(VWDGR
VXHFRFRPSXHVWRSRUGRVQLYHOHVSULQFLSDOHVGHJRELHUQRHOFHQWUDO\HOORFDO\D
TXHHOUHJLRQDOWLHQHHVFDVDUHOHYDQFLD(QHOFDVRGHOSULPHURGHVWDFDVXFD
UiFWHUGXDO2OPHGD\3DUUDGRPLHQWUDVTXHHOVHJXQGRHVXQPR
GHORFODURGHJHVWLyQGHVHUYLFLRVS~EOLFRVFRQDPSOLDDXWRQRPtDHLPSRUWDQFLD
FUHFLHQWHSRUHOUHWRGHVFHQWUDOL]DGRUTXHHOSDtVHVFDQGLQDYRKDFRPHQ]DGRD
DVXPLUDILQDOHVGHODGpFDGDGHORV
(QHOQLYHOFHQWUDOHOVLVWHPDLQVWLWXFLRQDO\SROtWLFRTXHDFRPSDxDDO-HIH
GHO(VWDGRHVWiFRPSXHVWRSRUHO3DUODPHQWR5LNVGDJHO3ULPHU0LQLVWUR\
VX*RELHUQRR*DELQHWH5HJHULQJFRPRYHUHPRVDFRQWLQXDFLyQ
(O3DUODPHQWRVLUYHGHHMHDOHVWDEOHVLVWHPDVXHFRGDQGRFDELGDDSDUWLGRV
SROtWLFRVGHiPELWRQDFLRQDO\ILQDQFLDGRVFRQGLQHURS~EOLFR(VWDHVWDELOLGDG
VHFRQVWDWDHQHOKHFKRGHTXHQRVHSXHGHQSURPRYHUPRFLRQHVGHFHQVXUDQL
DGHODQWDU ODV HOHFFLRQHV FDGD FXDWUR DxRV \ FRLQFLGHQWHV FRQ ODV UHJLRQDOHV \
ORFDOHV (QWUH ODV SDUWLFXODULGDGHV GHO 3DUODPHQWR ILJXUDQ ODV GH 2OPHGD \
3DUUDGRSURWDJRQLVPR GH ORV SDUWLGRV SROtWLFRV HQ ORV WUDEDMRV
GH OD &iPDUD SRU HQFLPD GH ODV SRVLFLRQHV LQGLYLGXDOHV GH ORV GLSXWDGRV
SDUWLFLSDFLyQGHORVSDUODPHQWDULRVHQHOSURFHVR GH DGRSFLyQ GH GHFLVLRQHV DQWHV GH
TXHHODVXQWRHQFXHVWLyQHQWUHHQOD&iPDUD\DTXHpVWRVVRQWDPELpQGLUHFWLYRV
GHODVDJHQFLDVS~EOLFDVSRUORTXHDQWHVGHTXHVHLQLFLHHOSURFHVRSDUODPHQWD
ULR\DVHKDQSRVLFLRQDGR
(QULTXH-RVp9DUHODOYDUH]
(O3ULPHU0LQLVWURHVHOHQFDUJDGRGHGLULJLUODSROtWLFDVXHFD\VX$GPL
QLVWUDFLyQGHpOGHSHQGHXQ*DELQHWHGHDVHVRUDPLHQWRFRQSHUVRQDOGHFRQ
ILDQ]DSROtWLFD\OD2ILFLQD*XEHUQDPHQWDOYHUGDGHURyUJDQRGHJRELHUQR\GH
VHJXLPLHQWR GH OD DFWLYLGDG DGPLQLVWUDWLYD FHQWUDO DGHPiV GH FRRUGLQDU VX
UHODFLyQFRQORVSDUWLGRVSROtWLFRVGHODFRDOLFLyQJXEHUQDPHQWDO
(O*RELHUQRWLHQHFRPRFDUDFWHUtVWLFDVSULQFLSDOHVODVGHSRUXQODGRWR
PDUGHFLVLRQHVGHFDUiFWHUFROHJLDGR\SRURWURFRQWDUFRQXQDDGPLQLVWUDFLyQ
GXDOSRUODTXHHOyUJDQRTXHDGDSWDODVGHFLVLRQHVFROHFWLYDV*RELHUQR\ODV
DJHQFLDV DGPLQLVWUDWLYDV TXH LPSODQWDQ HVWDV GHFLVLRQHV VRQ LQGHSHQGLHQWHV HQWUH Vt
2OPHGD\3DUUDGR(O*RELHUQRHVWiIRUPDGRSRUORV0LQLVWHULRVDO
IUHQWHGHORVFXDOHVHVWiQORV0LQLVWURVLQWHJUDGRVHQOD2ILFLQD*XEHUQDPHQWDO
([LVWHQ 0LQLVWURV FRQ \ VLQ FDUWHUD HV GHFLU VLQ PLQLVWHULRV DVLJQDGRV /RV
0LQLVWHULRV VRQ UHGXFLGRV HQ FXDQWR D VX YROXPHQ GH SHUVRQDO \ HVWiQ FRP
SXHVWRVSRU6HFUHWDULRVGH(VWDGR-HIHGH3UHQVD\DVHVRUHVFRPRFDUJRVSROtWL
FRV XQ 6XEVHFUHWDULR SDUD $VXQWRV GH ,QWHQGHQFLD *HQHUDO \ XQ 6HFUHWDULR
*HQHUDOSDUDDVXQWRVOHJDOHV/DODERUSULQFLSDOGHO*RELHUQRHVODGHYHODUSRU
HOLQWHUpVJHQHUDOSUHSDUDQGRSODQLILFDQGR\FRRUGLQDQGRODVGLIHUHQWHVSROtWL
FDVS~EOLFDV(VWDODERUVHUHDOL]DGHIRUPDFRQMXQWDSRUSDUWHGHWRGRVORV0L
QLVWHULRV QR DGRSWiQGRVH SRVWXUDV LQGLYLGXDOHV R VHFWRULDOHV GH FDGD iUHD GH
JRELHUQR VLQR GH IRUPD FRQVHQVXDGD \ WUDQVYHUVDO SRU WRGRV ORV 0LQLVWURV (O
*RELHUQR QR WUDEDMD D WUDYpV GH FRPLVLRQHV LQWHUPLQLVWHULDOHV VLQR D WUDYpV GH
FRPLVLRQHV GH H[SHUWRV TXH LQWHJUDGRV SRU XQD SOXUDOLGDG GH DFWRUHV SROtWLFR
DGPLQLVWUDWLYRV SDUODPHQWDULRV IXQFLRQDULRV GH ODV DJHQFLDV H[SHUWRV GH HP
SUHVDVSULYDGDVHODERUDQXQLQIRUPHTXHHVFRPSOHPHQWDGRSRUODVDJHQFLDV\
HOHYDGDDO*RELHUQRRDO3DUODPHQWRSDUDTXHGHVDUUROOHQVXVDFWXDFLRQHV
&RQUHVSHFWRDOD$GPLQLVWUDFLyQVHJXQGRSLODUGHO*RELHUQRVXFDUiFWHU
GXDOHVHOSUHGRPLQDQWHHVWDQGRIRUPDGDSRUDJHQFLDVVLPLODUHVDODVGHOPR
GHOR LQJOpV (VWDV DJHQFLDV FRQ FREHUWXUD FRQVWLWXFLRQDO iPELWR QDFLRQDO H
LQGHSHQGHQFLDUHDOGHO*RELHUQRGHVDUUROODQUHDOPHQWHHOSURFHVRGHLPSODQWD
FLyQGHODVSROtWLFDV S~EOLFDVVXHFDVGHVGH HOQLYHOFHQWUDO DWUDYpV GHXQDUHG
SHULIpULFD FRPSXHVWD SRU GHOHJDFLRQHV UHJLRQDOHV \ ORFDOHV OR TXH QR HV yELFH
SDUDTXHGHVGHHO*RELHUQRVHXWLOLFHQLQVWUXPHQWRVGHFRQWUROVREUHODODERUGH
pVWDV TXH HQ QLQJ~Q FDVR OLPLWD VX FDSDFLGDG GH DFWXDFLyQ SHUR TXH Vt GH
PXHVWUDODSHUPHDELOLGDGHLQWHUGHSHQGHQFLDGHOVLVWHPD3DUD2OPHGD\3DUUD
GR SHVH DO JUDQ GHVDUUROOR HQ ORV ~OWLPRV WLHPSRV HO PRGHOR
FRUSRUDWLYR \ SDUWLFLSDWLYR GH OD DGPLQLVWUDFLyQ GXDO HVWi VXIULHQGR XQ OHQWR
GHFOLYH VREUH WRGR HQ HO iPELWR GH VXV HOHPHQWRV GH GLUHFFLyQ DQWHV yUJDQR
FROHJLDGRDKRUDXQGLUHFWRUJHQHUDO
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
(OSRGHUORFDOIXHUWHHVXQDGHODVFDUDFWHUtVWLFDVGHORVSDtVHVHVFDQGLQD
YRVHVFHQLILFDGRHQHOGHVDUUROORGHORVVHUYLFLRVGHO(VWDGRGHOELHQHVWDU(QHO
FDVRGH6XHFLDHOiPELWRORFDOHVWiFRPSXHVWRSRU&RPXQDVTXHVRQORV*R
ELHUQRV\$GPLQLVWUDFLRQHVPXQLFLSDOHVTXH SURSRUFLRQDQVHUYLFLRV PtQLPRV D
ODSREODFLyQDODYH]TXHDTXHOORVTXHQRVHDQSURSRUFLRQDGRVSRUQLQJ~QRWUR
QLYHOSROtWLFRDGPLQLVWUDWLYR\UHVXOWHQGHLQWHUpVSDUDORVFLXGDGDQRVORTXHHQ
ODSUiFWLFDVLJQLILFDXQDFRQWLQXDH[SDQVLyQGHORVVHUYLFLRVORFDOHV
/DV&RPXQDVVXHFDVVHKDQYHQLGRWUDQVIRUPDQGRGHVGHODGpFDGD
GH ORV D WUDYpV GH WUHV JUXSRV GH UHIRUPDV 2OPHGD \ 3DUUDGR
)XVLyQ GH &RPXQDV /XFKDQGR FRQWUD HO LQIUDPXQLFLSDOLVPR H LJXDO
TXHHQHOFDVRGH(VSDxDVHGHFLGLyXQLUODV&RPXQDVDXPHQWDQGRORV
UHFXUVRV WDQWR GH pVWDV FRPR GH ORV ODQGVWLQJV DVt FRPR VXV FRPSH
WHQFLDV QLYHO LPSRVLWLYR WUDQVIHUHQFLDV \ SRU HQGH FRQWURO GHO *R
ELHUQRFHQWUDODWUDYpVGHODVUHJXODFLRQHVGHDFWLYLGDGHVORFDOHV
,QFUHPHQWRGHODGHPRFUDFLDORFDO/DIXVLyQWUDMRFRQVLJRODSURIHVLR
QDOL]DFLyQGHODVRUJDQL]DFLRQHVORFDOHVFRQORTXHVHDFRPHWLyXQVH
JXQGR JUXSR GH UHIRUPDV WHQGHQWHV D SURIXQGL]DU HQ OD GHPRFUDFLD
ORFDOHQWUHHOODVLQFUHPHQWDUODSDUWLFLSDFLyQFLXGDGDQDDWUDYpVGHODV
DVRFLDFLRQHVGHYHFLQRVWUDQVIHULUHOSRGHUGHORVIXQFLRQDULRVKDFLDORV
FRQFHMDOHVUHGXFLUHOQLYHOUHJXODFLyQHVWDWDOVREUHODV&RPXQDV
,QWURGXFFLyQGHPHFDQLVPRVGHWLSRPHUFDGR8Q~OWLPRPRYLPLHQWR
UHIRUPDGRU HVWDED GLULJLGR D GLVPLQXLU HO JDVWR S~EOLFR \ DXPHQWDU OD
JREHUQDELOLGDG GH ODV &RPXQDV LQFLGLHQGR VREUH OD JHVWLyQ S~EOLFD
GHVFHQWUDOL]DFLyQ FRQ HILFDFLD DEDQGHUDGR SRU ORV VRFLDOGHPyFUDWDV HQ
(VWHPRYLPLHQWRFRQVLVWtDHQIUDJPHQWDUODJHVWLyQS~EOLFDVHSD
UDQGRODVIXQFLRQHVGHOD&RPXQDHQSURGXFFLyQGHVHUYLFLRV\SURYL
VLyQ GH VHUYLFLRV SDVDQGR GH ODV WUDQVIHUHQFLDV FRQGLFLRQDGDV D ODV QR
FRQGLFLRQDGDV \ IRPHQWDQGR OD GHOHJDFLyQ GH SRGHUHV HMHFXWLYRV D ORV
JHVWRUHVGHORVVHUYLFLRV
(O RWUR QLYHO SROtWLFR \ DGPLQLVWUDWLYR VXEQDFLRQDO HV HO UHJLRQDO FRP
SXHVWRSRUODV5HJLRQHVRODQGVWLQJVFRPRQLYHOLQWHUPHGLRHQWUHHOFHQWUDO\
HOORFDOFRQHVFDVD DXWRQRPtD \ VLQ FDSDFLGDG GH UHFDXGDU LPSXHVWRV /DV UH
JLRQHV VXHFDV UH~QHQ ODV VLJXLHQWHV IXQFLRQHV D 6H HMHFXWDQ ODV SROtWLFDV
GHFLGLGDVSRUHO*RELHUQRFHQWUDODWUDYpVGHODVGHOHJDFLRQHVSHULIpULFDVGHODVDJHQ
FLDVHVWDWDOHVE/RVJRELHUQRVUHJLRQDOHVWLHQHQXQDFRPSHWHQFLDSURSLDGHDVLVWHQFLD
(QULTXH-RVp9DUHODOYDUH]
VDQLWDULDTXHFRQVLVWHEiVLFDPHQWHHQODJHVWLyQGHKRVSLWDOHVGHFREHUWXUDVXSUDPX
QLFLSDO 2OPHGD \ 3DUUDGR &RQ UHODFLyQ DO SULPHU SXQWR HQ OD
5HJLyQ H[LVWH XQD UHSUHVHQWDFLyQ GH ODV DJHQFLDV D WUDYpV GH XQD 'HOHJDFLyQ
3HULIpULFDFRPSXHVWDSRUXQD&RPLVLyQDOIUHQWHGHODFXDOHVWiXQ*REHUQDGRU
QRPEUDGRSRUHO*RELHUQR\UHSUHVHQWDQWHVGHOUHVWRGHDJHQFLDVFHQWUDOHVHQ
OD5HJLyQQRPEUDGRVSRUHO&RQVHMRGHOD5HJLyQVXIUDJLRXQLYHUVDO/DPL
VLyQSULQFLSDOGHO*REHUQDGRUFRPRUHSUHVHQWDQWHGHOFHQWURHQODSHULIHULDHV
FRRUGLQDU ODV SROtWLFDV GH ORV GLVWLQWRV QLYHOHV GH JRELHUQR QDFLRQDO UHJLRQDO \
PXQLFLSDOHQHOiPELWRGHOODQGVWLQJDVtFRPRVXSHUYLVDUFLHUWDViUHDVGHDFWXDFLyQ
SODQLILFDFLyQXUEDQDYLYLHQGDVHUYLFLRVVRFLDOHVFDUUHWHUDVWUiILFRHQWUHRWURVVHUYL
FLRV HQ ODV TXH ODV FRPXQDV WLHQHQ FRPSHWHQFLDV 2OPHGD \ 3DUUDGR
FLWDQGRD5XL]+XHUWD*LPpQH]&RQUHODFLyQDOVHJXQGRSXQWRHO
HMHUFLFLRGH ODV FRPSHWHQFLDV SURSLDV VH GHVDUUROOD D WUDYpV GH ORV yUJDQRV GHO
ODQGVWLQJ UHSUHVHQWDGRV HQ XQD $VDPEOHD FRQ ODV PLVPDV IXQFLRQHV TXH ODV
&RPXQDV /D HVWUXFWXUD DGPLQLVWUDWLYD GH ORV ODQGVWLQJV HVWi HQFDEH]DGD SRU
XQ *HUHQWH QRPEUDGR SRU OD $VDPEOHD 5HJLRQDO 2OPHGD \ 3DUUDGR
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ6XHFLD
$XQTXHODVUHODFLRQHVVHDQFHQWUDOORFDOFRQXQQLYHOLQWHUPHGLRGpELO\
FRQ XQD DPSOLD \ ODUJD WUD\HFWRULD GH DXWRQRPtD \ SURFHVRV UHFLHQWHV GH GHV
FHQWUDOL]DFLyQODV5,*6HQ6XHFLDVHJ~Q2OPHGD\3DUUDGR
FLWDQGR D 6FKXOW]H SXHGHQ FRQVLGHUDUVH FHQWUtSHWDV FRPR IUXWR GHO
PRGHORGHELHQHVWDUFRUSRUDWLYR\GHFRQVHQVRLPSODQWDGRHQWRGRHOWHUULWRULR
(QpOVHKDFRPELQDGRODE~VTXHGDGHFLHUWDXQLIRUPLGDGHQODVFRQGLFLRQHVGHYLGD
GHWRGRVORVFLXGDGDQRVFRPRFODYHGHODSROtWLFDVRFLDOGHPyFUDWDFRQODPD\RUOL
EHUWDGGHODVFRPXQDVSDUDSURYHHUORVVHUYLFLRVS~EOLFRVPHGLDQWHODGHVUHJXODFLyQGH
PXFKRVDVSHFWRVGHODYLGDORFDO
(VWHPRGHORVHYHUHIUHQGDGRSRUXQDVHULHGHWpFQLFDVGHJHVWLyQLQWHUJX
EHUQDPHQWDO *,* TXH ORV HQWHV ORFDOHV VXHFRV GHVDUUROODQ HQ FRODERUDFLyQ
FRQHOUHVWRGHQLYHOHVGHJRELHUQR2OPHGD\3DUUDGRVLJXLHQ
GRD$JUDQRIIH[SRQHQDOJXQDVGHHVWDVWpFQLFDVTXHUHVXPLPRV
HQHOVLJXLHQWHFXDGUR
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
7pFQLFDVGH*,*
$GPLQLVWUDFLyQ
GHSURJUDPDV
)LQDQFLDFLyQ
1LYHOFHQWUDO
1LYHOUHJLRQDO
1LYHOORFDO
6HUYLFLRV
FROHFWLYRV
6HUYLFLRV
LQGLYLGXDOHV
6HUYLFLRV
LQGLYLGXDOHV
/tQHDVEiVLFDVGHOD
SROtWLFDHFRQyPLFD
\VRFLDOSROtWLFD
H[WHULRUGHIHQVD
SROLFtDMXVWLFLD
HGXFDFLyQVXSHULRU
LQYHVWLJDFLyQVHJX
ULGDGVRFLDOSROtWL
FDODERUDO
LQIUDHVWUXFWXUDV
$OJXQDV
FRPSHWHQFLDVHQ
HGXFDFLyQ\
DFWLYLGDGHV
FXOWXUDOHV
0D\RUtDGHORV
VHUYLFLRVVRFLDOHV
HQVHxDQ]DSULPDULD
\VHFXQGDULDVHUYL
FLRVEiVLFRVGHOD
YLYLHQGDXUEDQLV
PRDOFDQWDULOODGR
HOHFWULFLGDGDJXD
JDV
5HFDXGDFLyQGHLPSXHVWRVOLPLWDFLyQGHODUHFDXGDFLyQORFDO
7UDQVIHUHQFLDGHFUpGLWRVGHODVFRQGLFLRQDGDVDODVQRFRQGL
FLRQDGDV
*RELHUQRFHQWUDO SRFDSRUFLyQHQHOJDVWRS~EOLFR
*RELHUQRORFDO PD\RUSRUFLyQJDVWRS~EOLFR
5HJXODFLyQ
OHJLVODWLYD
'HXQDHVWULFWDUHJXODFLyQGHOFHQWURVREUHODVDFWLYLGDGHVOR
FDOHVDODGHVUHJXODFLyQ5LNVGDJ OH\HVPDUFRFRPXQDV
GHWDOOHVGHLPSOHPHQWDFLyQ
*HVWLyQ
FRRSHUDWLYDGHO
FDPELR
MHUDUTXtD
GLYLGLGD
5HODFLRQHVFRQ
UHJLRQHVDWUDYpV
GHOHJDFLRQHVSHULIp
ULFDV\*REHUQDGRU
&DPELRVHQHO
VLVWHPD
&RQWUROGHOD
ILQDQFLDFLyQ
UHJLRQDO\ORFDO
&RRUGLQDFLyQGHODV
SROtWLFDVFHQWUDOHV
HQHOWHUULWRULRD
WUDYpVGHO*REHUQD
GRU
,QWHJUDFLyQYHUWLFDO
GHORVSROtWLFRV
UHJLRQDOHVHQHO
6XSHUYLVLyQWpFQLFD iPELWRQDFLRQDO
GHODVDJHQFLDVDORV 5LNVGDJ
HQWHVUHJLRQDOHV\
ORFDOHV
3UHVWDFLyQGLUHFWD
GHVHUYLFLRVS~EOLFRV
DWUDYpVGHHOHFWRV\
VLQLQWHUYHQFLyQGHO
FHQWUR
3DUWLFLSDFLyQHOHF
WRVORFDOHVHQiP
ELWRVQDFLRQDOHV
DVRFLDFLRQHVGH
FRUSRUDFLRQHVORFD
OHVFRPLVLRQHV
QDFLRQDOHVGHFRQ
VXOWDVREUHWHPDV
GHWHUPLQDGRV
(VWDEOHFLPLHQWRGH
&RQVRUFLRVORFDOHV
(QULTXH-RVp9DUHODOYDUH]
(OPRGHORVXHFRGH5,*6FDUDFWHUL]DGRDQWDxRSRUORVPRGHORVGHLP
SOHPHQWDFLyQGHSROtWLFDVS~EOLFDVWRSGRZQKDYDULDGRKDFLDORVERWWRPXS
FRQILDQGRHQODGHVFHQWUDOL]DFLyQUHJLRQDO\ORFDOSDUDHOGHVDUUROORGHVX(VWDGR
GHOELHQHVWDUDVt 0LHQWUDVTXHOD LQWHUDFFLyQJXEHUQDPHQWDO HVWXYR FDUDFWHUL]DGD
SRUODSODQLILFDFLyQ\HOXVRGHYDULRVHVTXHPDVGHFRQWUROFRPRODUHJXODFLyQGHWD
OODGD HQ FRPELQDFLyQ FRQ VXEYHQFLRQHV GHVWLQDGDV D ILQHV HVSHFtILFRV HO IXHUWH JLUR
KDFLDODGHVFHQWUDOL]DFLyQLPSOLFDXQSURIXQGRFDPELRGHVGHXQDSHUVSHFWLYDGHDUUL
EDDEDMRDXQHQIRTXHGHDEDMRDUULED/DQH\(UVVRQ
3RUWXJDO
'DWRV*HQHUDOHVGHO6LVWHPD3ROtWLFR\$GPLQLVWUDWLYR
6HJ~Q/ySH]0LUDHOVLVWHPDSROtWLFRDGPLQLVWUDWLYRSRUWXJXpV
UH~QH GRV FDUDFWHUtVWLFDV SULQFLSDOHV TXH OR KDFHQ GHVWDFDU SRU HQFLPD GH VX
FDUiFWHUGHYHFLQGDGFRQQXHVWURSDtV\QXHVWUDUHDOLGDGSROtWLFD\DGPLQLVWUDWL
YD VHU XQR GH ORV HVWDGRV PiV DQWLJXRV GH (XURSD \ VHU XQR GH ORV HVWDGRV
PiVFHQWUDOL]DGRV\FHQWUDOLVWDVGHODDFWXDO(XURSDRFFLGHQWDO
3HVHDHVWDVFDUDFWHUtVWLFDVSURSLDVVXVLVWHPDSROtWLFRDGPLQLVWUDWLYRFRQ
WLQXDVLHQGRXQJUDQGHVFRQRFLGRSDUDORVSROLWyORJRVHVSDxROHV\XQDUHDOLGDG
HQSHUPDQHQWHFDPELR&RORPHUWDQWRHQORTXHVHUHILHUH DODV
UHIRUPDVPRGHUQL]DFLRQHV GHO (VWDGR FRPR D ODV SXUDPHQWH DGPLQLVWUDWLYDV
KDVWDHOSXQWRGHTXHFRPRGHVWDFD/HLWH3LQWR\)HUUHLUDGH$OPHLGDVH
HQFXHQWUDHQIDVHGHFRQVROLGDFLyQGHVGHODDSUREDFLyQGHOD&RQVWLWXFLyQGHOD
5HS~EOLFD3RUWXJXHVDGH
(OSXQWRGHLQIOH[LyQHQHO3RUWXJDOPRGHUQRVHSXHGHVLWXDUDOILQDOGHOD
'LFWDGXUD6DOD]DULVWDFRQOD5HYROXFLyQGHORV&ODYHOHVLPSXOVDGDSRUHOSUR
SLR(MpUFLWR/DJDUHV\TXHWHUPLQDFRQODSHQ~OWLPDGLFWDGXUDGH
OD3HQtQVXOD,EpULFDVLUYLHQGRGHDFLFDWHDORVGHPyFUDWDVHVSDxROHVHQVXOXFKD
FRQWUD OD GLFWDGXUD IUDQTXLVWD \ HO GHVHQFDGHQDPLHQWR GH QXHVWUD WUDQVLFLyQ
*RQ]iOH] +HUQiQGH] 6LQ HPEDUJR \ D SHVDU GH VX SUR[LPLGDG
JHRJUiILFDORV PRGHORV SROtWLFRDGPLQLVWUDWLYRV SRUWXJXpV \ HVSDxRO VH GLIHUHQ
FLDQ VXVWDQFLDOPHQWH WDQWR HQ VXV DVSHFWRV LQVWLWXFLRQDOHV FRPR RUJiQLFRV
FRQVROLGiQGRVHPRGHORVGHVLJXDOHV*RQ]iOH]+HUQiQGH]HVWDEOH
FHODVVLJXLHQWHVGLVLPLOLWXGHVTXHSDUWHQGHHYROXFLRQHVFRQVWLWXFLRQDOHVGLVSD
UHVODSRUWXJXHVDGHXQDGHDRWUDGHTXHYDUtDHQSURIXQGLGDGHO
PRGHOR VRFLRSROtWLFR LQLFLDO \ OD HVSDxROD FDVL LQDOWHUDEOH GHVGH KDVWD
QXHVWURVGtDV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
32578*$/
(63$f$
5HJtPHQHVSROtWLFRVGH
(VWDGR
5HS~EOLFD
0RQDUTXtDSDUODPHQWDULD
2UJDQL]DFLyQWHUULWRULDO
GHO(VWDGR
(VWDGR8QLWDULRGHVFHQWUD
OL]DGRSROtWLFD\DGPLQLVWUD
WLYDPHQWHVyORHQiPELWRV
LQVXODUHV
(VWDGR$XWRQyPLFR
5HJLRQDOR3OXULQDFLRQDO
*UDGRGHUHSUHVHQWDWLYL
GDGGHORVyUJDQRVGHO
(VWDGR\SURSRUFLRQDOLGDG
GHOSURFHVRHOHFWRUDO
7RWDODOLQFOXLUVHHO3UHVL
3DUFLDODOQRLQFOXLUVHOD
GHQWHGHOD5HS~EOLFD3ULQ &RURQD3ULQFLSLRGHSUR
FLSLRGHSURSRUFLRQDOLGDG
SRUFLRQDOLGDGQRHVWULFWD
HVWULFWD
'HIHQVDGHOD&RQVWLWX
FLyQ
7ULEXQDO&RQVWLWXFLRQDO
FRQPHQRUWHQGHQFLDDOD
SROLWL]DFLyQSRUVXIyUPXOD
GHGHVLJQDFLyQ
7ULEXQDO&RQVWLWXFLRQDO
PD\RUWHQGHQFLDDODSROLWL
]DFLyQSRUVXIyUPXODGH
GHVLJQDFLyQ
&RPSHWHQFLDVFODUDVVREUH
ODILVFDOL]DFLyQGHODV
QRUPDV
&RPSHWHQFLDVDEVWUDFWDV
UHFXUULHQGRDLQVWDQFLDGH
SDUWHVREUHODVGLIHUHQWHV
FXHVWLRQHVGHVX
FRPSHWHQFLD
(ODERUDFLyQSURSLDVLJXLHQGRD*RQ]iOH]+HUQiQGH]
(QULTXH-RVp9DUHODOYDUH]
\HFWRUHYROXFLRQDULRORTXHFRQGXMRKDFLDODSULPHUDUHIRUPDFRQVWLWX
FLRQDO PRWLYDGD SRU OD QHFHVLGDG GH OHJLWLPDU XQ QXHYR RUGHQ GHPR
FUiWLFREDVDGRHQSUHVXSXHVWRVPHQRVUHYROXFLRQDULRV\PiVUHIRUPLVWDV
\PRGHUDGRV
$SULQFLSLRVGHODGpFDGDGHORVVHSURGXFHODSULPHUDUHYL
VLyQFRQVWLWXFLRQDOHQODTXHVHKDFHGHVDSDUHFHUHO&RQVHMRGHOD5H
YROXFLyQ \ VH FUHD XQ 7ULEXQDO &RQVWLWXFLRQDO HQ OD OtQHD GH OD
GHVLGHRORJL]DFLyQ \ GHVPLOLWDUL]DFLyQ GHO WH[WR PDJQR /HLWH 3LQWR \
)HUUHLUDGH$OPHLGD
/DGpFDGDFRQFOX\HFRQXQDVHJXQGDUHYLVLyQFRQVWLWXFLRQDOED
VDGDHQODDGDSWDFLyQGH3RUWXJDODOPDUFRHFRQyPLFR\ILQDQFLHURGH
OD&RPXQLGDG(FRQyPLFD(XURSHD\ODFRQVLJXLHQWHPRGLILFDFLyQGHOD
FRQVWLWXFLyQ HFRQyPLFD HQWUH ODV OtQHDV UHIRUPLVWDV GHVWDFDQ HOLPLQD
FLyQGHODVUHIHUHQFLDVDODVQDFLRQDOL]DFLRQHVDODUHIRUPDDJUDULD\DOD
UHIRUPDVRFLDO
(Q OD PLVPD OtQHD GH DGDSWDFLyQ FRQVWLWXFLRQDO SRUWXJXHVD DO
PRGHOR FRPXQLWDULR \ FRQ PRWLYR GH OD ILUPD GHO 7UDWDGR GH 0DDV
WULFKW VH SURGXFH OD WHUFHUD UHYLVLyQ FRQVWLWXFLRQDO TXH DIHFWD PiV DO
iPELWRH[WHUQRTXHDOLQWHUQRHVGHFLUVLW~DD3RUWXJDOHQODUHDOLGDG
JOREDO HXURSHD FRQVDJUDQGR VX PRGHOR GH FLXGDGDQtD DGDSWDQGR VXV
HVTXHPDVHFRQyPLFRVDODPRQHGD~QLFD\GRWDQGRDODVLQVWLWXFLRQHV
OXVDV$VDPEOHDGHOD5HS~EOLFD\*RELHUQRGHPD\RUSRGHUSDUDGDU
FXPSOLPLHQWRDORVUHTXHULPLHQWRVGHODVSROtWLFDVFRPXQLWDULDV
(Q HVWH DxR VH SURGXFH OD FXDUWD \ ~OWLPD PRGLILFDFLyQ GH OD
&RQVWLWXFLyQGHOD,,5HS~EOLFDUHVXOWDQGRODPiVFRPSOHMD\ODPiVUL
FDHQUHODFLyQFRQORVWHPDVUHODFLRQDGRVFRQODRUJDQL]DFLyQDGPLQLV
WUDWLYDSRUWXJXHVD
6H SRGUtD SHQVDU TXH OD HYROXFLyQ FRQVWLWXFLRQDO SRUWXJXHVD GHVGH
KDVWDODDFWXDOLGDGKDHVWDGRFDUDFWHUL]DGDSRUXQLQXVXDOGLQDPLVPRUHIRUPD
GRU TXH KD SURYRFDGR XQD FRQVWDQWH LQGHILQLFLyQ GHO VLVWHPD SROtWLFR
DGPLQLVWUDWLYR\WHUULWRULDOTXHD~QDSULQFLSLRVGHOVLJOR;;,FRQWLQXDHQVLWXD
FLyQGHFRQVROLGDFLyQVLQHPEDUJRHVWDPRGLILFDFLyQSHUPDQHQWHIRUPDSDUWH
FRQVXVWDQFLDO DO SURSLR PRGHOR FRQVWLWXFLRQDO GH IRUPD TXH OR HQULTXHFH HQ
IXQFLyQ GH ORV LQWHUHVHV GH OD FLXGDGDQtD VXV SDUWLGRV SROtWLFRV \ ORV SURSLRV
JUXSRVGHLQWHUpVTXHFRQYLYHQHQHOSDtVYHFLQR
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
(O*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDO
$QWHULRUPHQWHKHPRVGHVWDFDGRHOUDVJRFHQWUDOLVWDGHOSRGHUHQ3RUWXJDO
OR TXH VLQ GXGD GHWHUPLQD HO HTXLOLEULR HQWUH ORV GLIHUHQWHV QLYHOHV SROtWLFR
DGPLQLVWUDWLYRV\OD DUWLFXODFLyQ WHUULWRULDO GRQGH HO FHQWUR MXHJD XQ SDSHO GH
FODUR SUHGRPLQLR VREUH OD SHULIHULD 6HJ~Q /HLWH 3LQWR \ )HUUHLUD GH $OPHLGD
ODVGLPHQVLRQHVHVHQFLDOHVGHODIRUPDGHO(VWDGRHQ3RUWXJDOVRQWUHV
XQLGDGGHODVREHUDQtD GHO (VWDGR DXWRQRPtD UHJLRQDO \ GHVFHQWUDOL]DFLyQ DG
PLQLVWUDWLYD HQ ODV DXWDUTXtDV ORFDOHV (VWR KDFH TXH HO (VWDGR SRUWXJXpV VH
FRQVWLWX\DHQ(VWDGRXQLWDULRUHJLRQDOFRQXQDVHULHGH5HJLRQHV$XWyQRPDV
3HULIpULFDV\FRQXQDWHQGHQFLDPiVELHQIRUPDOTXHUHDOKDFLDODGHVFHQWUD
OL]DFLyQORFDOHQODVGHQRPLQDGDVDXWDUTXtDVORFDOHV
(VWHPRGHORGH(VWDGRHVWDEOHFHXQFHQWURSRGHURVRTXHJRELHUQDDWUDYpV
GH XQ HMHFXWLYR GXDO &RORPHU WRGR HO WHUULWRULR SRUWXJXpV /DV
ILJXUDVSULQFLSDOHVGHO*RELHUQR\OD$GPLQLVWUDFLyQ&HQWUDOOXVDVRQSRUWDQWR
HO3UHVLGHQWH\HO3ULPHU0LQLVWUR&RORPHU\5RPiQ
3UHVLGHQWH GH OD 5HS~EOLFD 3DUHFLGR DO PRGHOR VHPLSUHVLGHQFLDOLVWD
IUDQFpVQRPEUDPLHQWRGHO3ULPHU0LQLVWURDXQTXHVLQSRGHUGHYHWR
OHJLVODWLYR\QRPEUDPLHQWRGHORVPLHPEURVGHO*RELHUQR
*RELHUQR'LULJLGRSRUHO3ULPHU0LQLVWURVHFRQILJXUDFRPRHOyUJD
QR GH GLUHFFLyQ GH OD SROtWLFD \ yUJDQR VXSHULRU GH OD $GPLQLVWUDFLyQ
3~EOLFDUHVSRQVDEOHDQWHHO3UHVLGHQWH\OD$VDPEOHDGHOD5HS~EOLFD
&RPSXHVWRSRUXQ&RQVHMRGH0LQLVWURV\DUWLFXODGRDWUDYpVGHODVIL
JXUDVPLQLVWHULDOHVGHORV6HFUHWDULRV\6XEVHFUHWDULRVGH(VWDGR(O*R
ELHUQR WLHQH DVt PLVPR XQD EDVH WHUULWRULDO D WUDYpV GH ORV VHUYLFLRV
SUHVWDGRVSRUVX$GPLQLVWUDFLyQ3HULIpULFDHQORV'LVWULWRV&RQSRVWH
ULRULGDGDODYLFWRULDHOHFWRUDOGHODGHUHFKDSRUWXJXHVDHQHODxR
VHSURFHGLyDPRGLILFDUODHVWUXFWXUDGHO*RELHUQRSDVDQGRGHORV0L
QLVWURVGH(VWDGRGHOD3UHVLGHQFLD\GHO0LQLVWUR$GMXQWRGHO3ULPHU
0LQLVWURHQHOGHFLPRFXDUWR*RELHUQR&RQVWLWXFLRQDOGH$QWyQLR*X
WHUUHV D ORV 0LQLVWURV GH (VWDGR GH 3UHVLGHQFLD GH ORV $VXQWRV
3DUODPHQWDULRV\GHO0LQLVWUR$GMXQWRGHO3ULPHU0LQLVWUR HQHOGH
FLPRTXLQWR*RELHUQR&RQVWLWXFLRQDO GH'XUDR %DUURVR (Q WRGR FDVR
GHODpSRFDGH*XWHUUHVDODGH%DUURVRKDQDXPHQWDGRORV0LQLVWHULRV
FODYHVGHD\VHKDQUHGXFLGRORV0LQLVWHULRVPiVRSHUDWLYRVGH
D DGHPiV GH UHVSHWDUVH KDVWD OD IHFKD ODV HVWUXFWXUDV SROtWLFR
DGPLQLVWUDWLYDVPLQLVWHULDOHV
(QULTXH-RVp9DUHODOYDUH]
/RV*RELHUQRV\ODV$GPLQLVWUDFLRQHV6XEQDFLRQDOHV
7HQLHQGR HQ FXHQWD HO DVSHFWR GH (VWDGR FHQWUDOLVWD SUHGRPLQDQWH HQ
3RUWXJDOHQORV~OWLPRVWLHPSRVVXPRGHORWHUULWRULDOHVWiFDUDFWHUL]DGRSRUXQD
OLJHUD WHQGHQFLD GHVFHQWUDOL]DGRUD SROtWLFD \ DGPLQLVWUDWLYD VREUH ORV QLYHOHV
LQIHULRUHV HVSHFLDOPHQWH VREUH ODV UHJLRQHV $XWyQRPDV \ ~OWLPDPHQWH VREUH
ORVHQWHVRDXWDUTXtDVORFDOHV
6LQHPEDUJRFRQYLHQHHFKDUODYLVWDDWUiV\DQDOL]DUHOIHQyPHQRVXEQD
FLRQDOSRUWXJXpV\VXVGLIHUHQWHVQLYHOHVHLQVWLWXFLRQHVGHJRELHUQR\DGPLQLV
WUDFLyQ /ySH] 0LUD GHVWDFD WUHV XQLGDGHV LQDOWHUDEOHV HQ HO WLHPSR
KDVWDOD&RQVWLWXFLyQGHOD3DUURTXLDHO0XQLFLSLR\HO'LVWULWR$SDUWLU
GH ORV DxRV VHWHQWD \ GHQWUR GHO PDUFR FRQVWLWXFLRQDO GH OD ,, 5HS~EOLFD OD
SHULIHULDSRUWXJXHVDDUWLFXODVXGHVFHQWUDOL]DFLyQSROtWLFD\WHUULWRULDODWUDYpVGH
/HLWH3LQWR\)HUUHLUDGH$OPHLGD\/ySH]0LUD
/D)UHJXHVtD&RQXQQDFLPLHQWRVLPLODUDODVSDUURTXLDVJDOOHJDVHQ
ODDFWXDOLGDGWLHQHQUHFRQRFLPLHQWRFRQVWLWXFLRQDODXQTXHSRFRSRGHU
SRUVXHVFDVH]GHUHFXUVRV$ILQDOHVGHORVDxRVVHLQWHQWyPRGLILFDU
VXVLWXDFLyQLQIUDPXQLFLSDOFRQXQDSURSXHVWDOHJLVODWLYDGHDSR\RSRU
SDUWH GH ORV 0XQLFLSLRV \D TXH OHJDOPHQWH ODV )UHJXHVtDV SXHGHQ SRU
GHOHJDFLyQ GH FRPSHWHQFLDV GH HVWRV UHDOL]DU LQYHUVLRQHV \ JHVWLRQDU
VHUYLFLRVORFDOHV(QODSUiFWLFDVRQORV0XQLFLSLRVORVTXHHMHFXWDQGL
FKDVFRPSHWHQFLDVGHMDQGRDODV)UHJXHVtDVIXQFLRQHVPHUDPHQWHUHVL
GXDOHV/HLWH3LQWR\)HUUHLUDGH$OPHLGD
(O0XQLFLSLR(Q3RUWXJDOORV0XQLFLSLRVVRQHOFHQWURGHYLGDORFDO
UHSUHVHQWiQGRVHDWUDYpVGHHOORVHOSRGHUORFDOUHDO\GHVDUUROOiQGRVH
GHVGHGLFKRQLYHOWRGDVODVFRPSHWHQFLDVTXHQRVHOHDWULEX\HQDO(VWD
GR FHQWUDO EDMR ORV SULQFLSLRV GH VXEVLGLDULHGDG \ FRRSHUDFLyQ HQWUH
HOODVDGPLQLVWUDFLyQGH ELHQHV SURSLRV EDMR VX MXULVGLFFLyQ GHVDUUROOR
DEDVWHFLPLHQWR S~EOLFR HQHUJtD WUDQVSRUWH \ FRPXQLFDFLRQHV VDOXEUL
GDG \ VDQHDPLHQWR EiVLFR VDOXG HGXFDFLyQ \ HQVHxDQ]D SURWHFFLyQ D
OD LQIDQFLD \ D OD WHUFHUD HGDG HGXFDFLyQ FXOWXUD WLHPSR OLEUH \ GH
SRUWHGHIHQVD\SURWHFFLyQGHOPHGLRDPELHQWH\GHODFDOLGDGGHYLGD
/HLWH3LQWR\)HUUHLUDGH$OPHLGD3HVHDHOORQRHVGHOWRGR
FODUDODVHSDUDFLyQGH FRPSHWHQFLDV HQWUH HO QLYHO FHQWUDO \ HO ORFDO \
PHQRVD~QHQWUHODV)UHJXHVtDV\ORV0XQLFLSLRVSRUHVWDUD]yQUHFLHQ
WHPHQWHVHKDQGHVDUUROODGRLQLFLDWLYDVFRPRODGHHVWDEOHFHUODILJXUD
GH ODV FRPSHWHQFLDV SURSLDV TXH FRPSOHPHQWDQ D ODV WUDGLFLRQDOHV
FRPSHWHQFLDVDGPLQLVWUDWLYDV/DIyUPXODGHFRODERUDFLyQHQWUHODVGRV
DXWDUTXtDVORFDOHVVRQHOSURWRFROR\ODGHOHJDFLyQGHFRPSHWHQFLDVTXH
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
GHEHQ HQ WRGR FDVR LU DFRPSDxDGDV GH PHGLRV ILQDQFLHURV \ DSR\R
WpFQLFR
/DV 5HJLRQHV $GPLQLVWUDWLYDV 6LJXLHQGR D /ySH] 0LUD
VHFRQVWLWX\HQHQHOQLYHOLQWHUPHGLRSROtWLFRDGPLQLVWUDWLYRSRUWXJXpV
DOLJXDOTXHHQHOFDVRHVSDxROGHVGHOD&RQVWLWXFLyQGHFRQOD
FODUDLQWHQFLyQGHVXVWLWXLUDORV'LVWULWRV\FRQXQFRUWHGHyUJDQRGH
SODQLILFDFLyQ VXSUDPXQLFLSDO HV GHFLU VRQ SRGHU ORFDO /DV 5HJLRQHV
$GPLQLVWUDWLYDVWLHQHQGRVyUJDQRV$VDPEOHD5HJLRQDO\-XQWD5HJLR
QDOFRQFRPSHWHQFLDVHQODGLUHFFLyQGHORVVHUYLFLRVS~EOLFRV\WDUHDV
GH FRRUGLQDFLyQ \ DSR\R D OD DFFLyQ GH ORV 0XQLFLSLRV FRQ HO UHVSHWR D VX
DXWRQRPtD \ VLQ OLPLWDFLRQHV GH ORV UHVSHFWLYRV SRGHUHV VHJ~Q HO DUWtFXOR
GH OD &RQVWLWXFLyQ GH /HLWH 3LQWR \ )HUUHLUD GH $OPHLGD
6LQHPEDUJR\SHVHDODDSUREDFLyQGHXQDOH\SRVWHULRUVREUH
ODV5HJLRQHV$GPLQLVWUDWLYDVpVWDVQRJR]DURQQLJR]DQHQ3RUWXJDOGH
JUDQSUHGLFDPHQWRSRUGLIHUHQWHVPRWLYRVTXLHEUDGHODXQLGDGQDFLR
QDOSRUWXJXHVDIDOWDGHWUDGLFLyQUHJLRQDOGLILFXOWDGGHODGLYLVLyQWH
UULWRULDO ULHVJR GH XQD PD\RU EXURFUDWL]DFLyQ LQFUHPHQWR GHO
SUHVXSXHVWR S~EOLFR UHGXFLGR WDPDxR GHO (VWDGR SRUWXJXpV DJUDYD
PLHQWR GH ORV SUREOHPDV HFRQyPLFRV \ VRFLDOHV GHO SDtV /ySH] 0LUD
FLWDQGRD0DFHGRGH2OLYHLUD
/DV 5HJLRQHV $XWyQRPDV (O QLYHO UHJLRQDO VH FRPSOHPHQWD FRQ ODV
5HJLRQHV $XWyQRPDV DPSOLDQGR HO PDUFR GH OD GHVFHQWUDOL]DFLyQ DG
PLQLVWUDWLYDDODGHVFHQWUDOL]DFLyQSROtWLFDHQGRVWHUULWRULRVTXHGHVGH
FRQVROLGDQ HOUpJLPHQ HVSHFLDO TXH \D WHQtDQ $]RUHV \ 0DGHLUD
GRWiQGRODVGHXQDDXWRQRPtDUHDOSRUHOOROD&RQVWLWXFLyQODVKDELOLWD
SDUDTXHSXHGDQSDUWLFLSDUHQWRGDVODVIXQFLRQHVGHO(VWDGRH[FHSWRHQ
ODMXULVGLFFLRQDO/ySH]0LUD/DIRUPDGHJRELHUQRDXWy
QRPD VXSRQH TXH HVWDV GRV UHJLRQHV WLHQHQ XQ HVWDWXWR SROtWLFR
DGPLQLVWUDWLYR TXH UHJXOD VXV DWULEXFLRQHV IRUPDFLyQ FRPSRVLFLyQ \
FRPSHWHQFLDV GH ORV yUJDQRV UHJLRQDOHV /HLWH 3LQWR \ )HUUHLUD GH $O
PHLGD GHVWDFDQ ODV VLJXLHQWHV FDUDFWHUtVWLFDV GH OD GHV
FHQWUDOL]DFLyQSROtWLFDSRUWXJXHVD
R *RELHUQRSURSLRFRPSXHVWRSRU$VDPEOHDOHJLVODWLYDUHJLRQDO\JR
ELHUQR UHJLRQDO HO 3UHVLGHQWH GH OD 5HS~EOLFD SXHGH GLVROYHU OD
$VDPEOHDOHJLVODWLYDUHJLRQDOSUHYLRGLFWDPHQGHO&RQVHMRGH(VWD
GR\OD$VDPEOHDGHOD5HS~EOLFDH[LVWHQFLDGHXQ0LQLVWURGHOD
5HS~EOLFDHQORVWHUULWRULRVDXWyQRPRVQRPEUDGRSRUHO3UHVLGHQWH
GHOD5HS~EOLFDDSURSXHVWDGHO*RELHUQRTXHDVXYH]QRPEUDHQ
(QULTXH-RVp9DUHODOYDUH]
IXQFLyQGHORVUHVXOWDGRVHOHFWRUDOHVDO3UHVLGHQWHGHO*RELHUQR5H
JLRQDOSXHGHQOHJLVODUHQPDWHULDVGHLQWHUpVHVSHFtILFRTXHQRHVWpQ
UHVHUYDGDVDORVyUJDQRVGHVREHUDQtDSXHGHQHVWDEOHFHUUHJODPHQ
WRVGHODVOH\HVHPDQDGDVGHORVyUJDQRVGHVREHUDQtDWLHQHQLQLFLD
WLYD HVWDWXWDULD \ OHJLVODWLYD WLHQHQ SRGHU WULEXWDULR SURSLR
SXGLHQGRDGDSWDUHOVLVWHPDILVFDOJHQHUDODODVHVSHFLILFLGDGHVUHJLR
QDOHVLQVSHFFLyQGHVHUYLFLRV\DFWLYLGDGHVS~EOLFDVTXHUHDOLFHQVX
ODERUHQODUHJLyQDSUXHEDQODSODQLILFDFLyQUHJLRQDOSUHVXSXHVWR\
FXHQWDVGHODUHJLyQGLVSRQHQGHUHFXUVRVILVFDOHVSURSLRV\SDUWLFL
SDQ HQ ORV LQJUHVRV GHO (VWDGR SDUWLFLSDQ HQ ODV QHJRFLDFLRQHV LQ
WHUQDFLRQDOHVTXHOHVDIHFWHQHQHOSURFHVRGHFRQVWUXFFLyQHXURSHD
LQWHUSRQHQ UHFXUVRV DQWH HO 7ULEXQDO &RQVWLWXFLRQDO SRU QRUPDV
HPDQDGDVGHORVyUJDQRVGHVREHUDQtDTXHYLROHQGHUHFKRVGHODUH
JLyQDVXPHQODVDWULEXFLRQHVHVWDWDOHV\ODFRUUHVSRQGLHQWHWUDQVIH
UHQFLDGHVHUYLFLRVSHULIpULFRVGHO(VWDGR
2WUDVILJXUDVVXEQDFLRQDOHVUHODFLRQDGDVFRQODRUJDQL]DFLyQDXWiUTXLFD
VHUtDQ
R *UDQGHVUHDV8UEDQDVH,VODVFUHDFLyQGHODVUHDV0HWUR
SROLWDQDVGH/LVERDPXQLFLSLRV\3RUWRPXQLFLSLRV
R $VRFLDFLRQHV GH )UHJXHVtDV $VRFLDFLRQHV \ )HGHUDFLRQHV GH 0XQL
FLSLRV2UJDQL]DFLRQHVGH0RUDGRUHV
3RUORTXHVHUHILHUHDODHVWUXFWXUDRUJiQLFDODVDXWDUTXtDVSRUWXJXHVDVVRQ
VLPLODUHV LQGHSHQGLHQWHPHQWH GH VXV GLPHQVLRQHV FRQWHPSODQGR XQ yUJDQR
GHOLEHUDWLYR $VDPEOHD GH )UHJXHVtD $VDPEOHD 0XQLFLSDO \ $VDPEOHD 5HJLR
QDO\XQyUJDQRHMHFXWLYRGHQDWXUDOH]DFROHJLDGD-XQWDGH)UHJXHVtD&iPDUD
0XQLFLSDO\-XQWD5HJLRQDO/DVGRVSULPHUDVDXWDUTXtDV)UHJXHVtDV\0XQLFL
SLRVWLHQHQH[LVWHQFLDUHDOPLHQWUDVTXHODV5HJLRQHV$GPLQLVWUDWLYDVKDQVLGR
QRQQDWDV\DTXHIXHURQUHFKD]DGDVSRUORVSRUWXJXHVHVHQHOUHIHUpQGXPQD
FLRQDOGHORFWXEUHGHVHJ~Q/ySH]0LUDSRUODXWLOL]DFLyQ
SDUWLGDULDTXHHOSDUWLGRHQHO*RELHUQR\ODRSRVLFLyQUHDOL]DURQGHOIHQyPHQR
UHJLRQDOLVWDDGPLQLVWUDWLYR
/D GHVFHQWUDOL]DFLyQ SRUWXJXHVD VH HVWDEOHFH SXHV HQ WpUPLQRV FRQVWLWX
FLRQDOHVSHURQRUHDOHV\DTXHHOJRELHUQRFHQWUDODFW~DHQGLFKRViPELWRVSRU
ODYtDGHODWXWHODDGPLQLVWUDWLYDWDO\FRPRVHxDODQ/HLWH3LQWR\)HUUHLUDGH
$OPHLGD (O PRGHOR GH GHVFHQWUDOL]DFLyQ DGPLQLVWUDWLYD SRUWXJXHVD R
VHDODGHVFHQWUDOL]DFLyQGHEDVHWHUULWRULDOFRQUHIHUHQFLDDODVDXWDUTXtDVRIUHFHGRV
OHFWXUDVQRFRLQFLGHQWHVODGHOD&RQVWLWXFLyQ\ODGHODUHDOLGDG(VWRXQLGRDORV
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
JUDQGHVGHVHTXLOLEULRVUHJLRQDOHVTXHH[LVWHQHQHOSDtVYHFLQR\ODJUDQFHQWUDOL
]DFLyQTXHVHSUR\HFWDGHVGHVX$GPLQLVWUDFLyQ3~EOLFDSURYRFDQODVLWXDFLyQ
GHSUHGRPLQLRGHOFHQWURVREUHODSHULIHULDSRUWXJXHVD
/DV5HODFLRQHV,QWHUJXEHUQDPHQWDOHVHQ3RUWXJDO
(OPDSDGHODDUWLFXODFLyQWHUULWRULDOSUHVHQWHHQ3RUWXJDOFRQXQSRWHQWH
QLYHOFHQWUDOGHJRELHUQR\DGPLQLVWUDFLyQXQQLYHOORFDOFRQJUDQIUDJPHQWD
FLyQDXQTXHKRPRJpQHR0XQLFLSLRV\)UHJXHVtDV\XQQLYHOLQWHUPHGLRUHGX
FLGRHQORSROtWLFRDGRV5HJLRQHV$XWyQRPDVHLQH[LVWHQWHKDVWDODIHFKDHQ
OR DGPLQLVWUDWLYR 5HJLRQHV $GPLQLVWUDWLYDV GHMDQ XQ VLVWHPD GH 5,*6
FXDQGR PHQRV SRFR IOH[LEOH &RORPHU DQDOL]D ODV UHODFLRQHV
HQWUHORVGLIHUHQWHVQLYHOHVGHSROtWLFRDGPLQLVWUDWLYRVHQIXQFLyQGHWUHVYDULD
EOHV OD GHVFHQWUDOL]DFLyQ \D FRPHQWDGD DQWHULRUPHQWH OD 8QLyQ (XURSHD
FRQXQDHVFDVDLQVWLWXFLRQDOL]DFLyQHQWUH3RUWXJDO\OD8QLyQ(XURSHDVLQRHV
DWUDYpVGHORVGLIHUHQWHVyUJDQRVLQWHUPHGLRVFRPRODV&&5HO(MH$WOiQWL
FRVREUHWRGRHQODVUHODFLRQHVHQWUH*DOLFLD\3RUWXJDODQWHODSURSLD8QLyQ
/ySH]0LUD\OD-XVWLFLDDWUDYpVGHVX7ULEXQDO&RQVWLWXFLRQDO
FRQSRFDVDFWXDFLRQHVHQHOiPELWRWHUULWRULDO\PiVFHQWUDGDVHQODVUHODFLRQHV
HQWUHHO3UHVLGHQWH\OD$VDPEOHDGHOD5HS~EOLFD
3DUDHOFDVRSRUWXJXpVODVRUJDQL]DFLRQHVSURGXFHQPiVUHODFLRQHVHQWUHVt
TXHHQWUHORVGLIHUHQWHVQLYHOHVFHQWUDOHV\ORFDOHVHVGHFLUHVWiQPiVSHQGLHQ
WHV GH ODV UHODFLRQHV TXH VH HVWDEOHFHQ HQWUH HO *RELHUQR \ OD $GPLQLVWUDFLyQ
FHQWUDOFRQORV'LVWULWRV\ODV&RPLVLRQHVGH&RRUGLQDFLyQ5HJLRQDOHV\HQODV
UHODFLRQHVTXHVHGDQHQWUHORV0XQLFLSLRV\ODV)UHJXHVtDVHQHOQLYHOORFDO/DV
5,*6SRUWXJXHVDVVHKD\DQHQXQDIDVHLQFLSLHQWHSHQGLHQWHVHQWRGRFDVR
GHODUHVROXFLyQ GHILQLWLYD TXH HO *RELHUQR VXV $GPLQLVWUDFLRQHV \ VXV FLXGD
GDQRVGHFLGDQGDUOHDODFXHVWLyQUHJLRQDODSOD]DGDXQDYH]PiVGHVGH
(QULTXH-RVp9DUHODOYDUH]
%LEOLRJUDItD5HFRPHQGDGD
$QGXL]D3HUHD(YD(O6LVWHPD3ROtWLFRGH,WDOLDHQ$OFiQWDUD6iH]0D
QXHO (G 6LVWHPDV SROtWLFRV GH OD 8QLyQ (XURSHD (GLWRULDO 7LUDQW OR
%ODQFK9DOHQFLDSS
%DHQD GHO $OFi]DU 0DULDQR &XUVR GH &LHQFLD GH OD $GPLQLVWUDFLyQ
9ROXPHQ,&XDUWD(GLFLyQ5HIRUPDGD7HFQRV0DGULG&DStWXOR,9
/DV $GPLQLVWUDFLRQHV FRQWHPSRUiQHDV ,, ORV VLVWHPDV DGPLQLVWUDWLYRV
SS
%XGJH,DQ*UDQ%UHWDxDH,UODQGD9DULDQWHVGHUpJLPHQGHSDUWLGRGR
PLQDQWHHQ&RORPHU-RVHS0DUtDGLUHFWRU/DSROtWLFDHQ(XURSD,Q
WURGXFFLyQ D ODV LQVWLWXFLRQHV GH TXLQFH SDtVHV $ULHO &LHQFLD 3ROtWLFD
%DUFHORQDSS
&RORPHU-RVHS0(VSDxD\3RUWXJDO5HJtPHQHVGHOLGHUD]JRGHSDUWLGR
HQ&RORPHU-RVHS0DUtDGLUHFWRU/DSROtWLFDHQ(XURSD,QWURGXFFLyQD
ODVLQVWLWXFLRQHVGHTXLQFHSDtVHV$ULHO&LHQFLD3ROtWLFD%DUFHORQD
SS
&RWDUHOR 5DPyQ 7HRUtD GHO (VWDGR \ 6LVWHPDV 3ROtWLFRV 3DUWH (VSHFLDO
6LVWHPDV3ROtWLFRV7RPR,,81('0DGULG
7HPD,(O5HLQR8QLGRGH*UDQ%UHWDxDSS
7HPD,,(OVLVWHPDSROtWLFRGHORV(VWDGRV8QLGRVGH$PpULFDSS
7HPD,,,(OVLVWHPDSROtWLFRGHOD5HS~EOLFD)UDQFHVDSS
7HPD,9(OVLVWHPDSROtWLFRGHOD5HS~EOLFD,WDOLDQDSS
7HPD9(OVLVWHPDSROtWLFRGHOD5HS~EOLFD)HGHUDOGH$OHPDQLDSS
&RWDUHOR 5DPyQ 0DOGRQDGR -XDQ \ 5RPiQ 3DORPD 6LVWHPDV SROtWLFRV
GHOD8QLyQ(XURSHD&RQLQFOXVLyQGH(VWDGRV8QLGRV\-DSyQ(GLWR
ULDO8QLYHUVLWDV0DGULG
'HO &DPSR *DUFtD (VWKHU (O 6LVWHPD 3ROtWLFR GH 6XHFLD HQ $OFiQWDUD
6iH]0DQXHO(G6LVWHPDVSROtWLFRVGHOD8QLyQ(XURSHD(GLWRULDO7L
UDQWOR%ODQFK9DOHQFLDSS
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
*DQJDV 3HLUy 3LODU (O 6LVWHPD 3ROtWLFR GH )UDQFLD HQ $OFiQWDUD 6iH]
0DQXHO(G6LVWHPDVSROtWLFRVGHOD8QLyQ(XURSHD(GLWRULDO7LUDQWOR
%ODQFK9DOHQFLDSS
*RQ]iOH] +HUQiQGH] -XDQ &DUORV 'HVDUUROOR SROtWLFR \ FRQVROLGDFLyQ
GHPRFUiWLFDHQ3RUWXJDO&,6\8QLYHUVLGDGGH6DODPDQ
FD0DGULG
/DQH -DQ(ULN \ (UVVRQ 6YDQWH /RV SDtVHV QyUGLFRV FRQWHQFLyQ FRP
SURPLVR \ FRUSRUDWLVPR HQ &RORPHU -RVHS 0DUtD GLUHFWRU /D SROtWLFD
HQ(XURSD,QWURGXFFLyQDODVLQVWLWXFLRQHVGHTXLQFHSDtVHV$ULHO&LHQ
FLD3ROtWLFD%DUFHORQDSS
/HLWH3LQWR5LFDUGR\)HUUHLUDGH$OPHLGD-RVp0DULR26LVWHPD3ROtWLFR
$GPLQLVWUDWLYR3RUWXJXpV,1$/LVERD
/ySH]0LUDOYDUR;RVp3RUWXJDODUH[LRQDOL]DFLyQLPSRVLEOH8QLYHUVL
GDGHGH9LJR9LJR
0pQGH]/DJR0yQLFD\$QGXL]D3HUHD(YD(O6LVWHPD3ROtWLFRGHO5HLQR
8QLGR GH *UDQ %UHWDxD H ,UODQGD GHO 1RUWH HQ $OFiQWDUD 6iH] 0DQXHO
(G6LVWHPDVSROtWLFRVGHOD8QLyQ(XURSHD(GLWRULDO7LUDQWOR%ODQFK
9DOHQFLDSS
0pQ\ <YHV )UDQFLD OD LQVWLWXFLRQDOL]DFLyQ GHO OLGHUD]JR HQ &RORPHU
-RVHS0DUtDGLUHFWRU/DSROtWLFDHQ(XURSD,QWURGXFFLyQDODVLQVWLWX
FLRQHVGHTXLQFHSDtVHV$ULHO&LHQFLD3ROtWLFD%DUFHORQDSS
/DJDUHV1LHYHV(O6LVWHPD3ROtWLFRGH3RUWXJDOHQ$OFiQWDUD6iH]0D
QXHO (G 6LVWHPDV SROtWLFRV GH OD 8QLyQ (XURSHD (GLWRULDO 7LUDQW OR
%ODQFK9DOHQFLDSS
2OPHGD*yPH]-RVp$QWRQLR\3DUUDGR'tH]6DOYDGRU&LHQFLDGHOD$G
PLQLVWUDFLyQ/RV6LVWHPDV$GPLQLVWUDWLYRV9ROXPHQ,,81(' 0D
GULG
7HPD ;;; )UDQFLD HO (VWDGR XQLWDULR HQ SURFHVR GH GHVFHQWUDOL]D
FLyQSS
7HPD;;;,$OHPDQLDHOIHGHUDOLVPRFRRSHUDWLYRSS
7HPD;;;,,6XHFLDODDGPLQLVWUDFLyQGHOFRQVHQVRSS
7HPD;;;,,,5HLQR8QLGRXQPRGHORFHQWUDOL]DGRSS
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
1RWDV3Lp3iJLQD
$QWHULRUPHQWHVHKDEtDQSURGXFLGRRWUDVFLQFR\GRVSHUtRGRVDXWRULWDULRVVLHQGR
pVWD ~OWLPD 5HS~EOLFD XQD GH ODV GH PD\RU HVWDELOLGDG FRQVWLWXFLRQDO YLG &RWDUHOR
%DOODUW\5DPLy\0pQ\
(VHOSRGHUDXWRULWDULRGHOHPSHUDGRUHOTXHGDOXJDUDTXHDSDUH]FDHQ)UDQFLDXQD
$GPLQLVWUDFLyQPRGHUQD\HILFD]%DHQDGHO$OFi]DU
(O3UHVLGHQWHHVHOHJLGRSRUVXIUDJLRXQLYHUVDOPHGLDQWHXQVLVWHPDPD\RULWDULRXQLQR
PLQDODGRVYXHOWDV/DGXUDFLyQGHOPDQGDWRGHO3UHVLGHQWHHVGHDxRV\SXHGHSUHVHQWDUVH
DODUHHOHFFLyQWDQWDVYHFHVFRPRGHVHHDGLIHUHQFLDGHORTXHRFXUUHHQ(VWDGRV8QLGRVGRQGH
VyOR SXHGH RFXSDU HO FDUJR GXUDQWH GRV PDQGDWRV FRPR Pi[LPR 2OPHGD \ 3DUUDGR
/RVVLHWHDxRVGHPDQGDWRSUHVLGHQFLDOVHKDQUHGXFLGRDFLQFRFRPRFRQVH
FXHQFLDGHOUHIHUpQGXPFHOHEUDGRHQVHSWLHPEUHGHODxR
(QFDVRGHFRKDELWDFLyQVHKDFHQHFHVDULDODFRRSHUDFLyQHQWUHHO3UHVLGHQWH\HO3ULPHU
0LQLVWURSDUDHYLWDUSUREOHPDVGHEORTXHRVLQVWLWXFLRQDOHV\HOSULPHURYHUHVWULQJLGDVHQPD
\RU PHGLGD VXV DWULEXFLRQHV IRUPDOHV TXHGDQGR PXFKR PiV OLPLWDGDV *DQJDV 3HLUy
2WURVDXWRUHVGHVWDFDQHVWDSUHVLGHQFLDOL]DFLyQFRQUDVJRVPiVDWHQXDGRVVLVWHPD
VHPLSUHVLGHQFLDOLVWD &RWDUHOR \ *DQJDV VLVWHPD SUHVLGHQFLDOLVWD
%DOODUW\5DPLy
$QWHV GH HO SUHIHFWR PDQWHQtD OD GREOH IXQFLyQ GH DXWRULGDG HVWDWDO TXH UHSUH
VHQWDED DO JRELHUQR HQ HO GHSDUWDPHQWR \ yUJDQR HMHFXWLYR GHO FRQVHMR JHQHUDO GHO GHSDUWD
PHQWR/DOH\GHOGHPDU]RGHHVWDEOHFHHOSULQFLSLRGHVHSDUDFLyQGHFRPSOHWDGHODV
DXWRULGDGHVHVWDWDOHVORVSUHIHFWRV\ODVDXWRULGDGHVGHODUHJLyQ\HOGHSDUWDPHQWRTXHVRQ
HOHJLGDVPHGLDQWHVXIUDJLRXQLYHUVDO2OPHGD\3DUUDGR
/DOOHJDGDDOSRGHUGHO*RELHUQRVRFLDOLVWDHQGLROXJDUDTXHVHHPSUHQGLHUDXQD
LPSRUWDQWHUHIRUPDGHOD$GPLQLVWUDFLyQWHUULWRULDOTXHILJXUDEDHQHOSURJUDPDGHOSDUWLGR\
TXH IXH DERUGDGD GH LQPHGLDWR DO PLVPR WLHPSR TXH ODV QDFLRQDOL]DFLRQHV 6H WUDWD GH XQD
UHIRUPD FX\RV KLWRV SULQFLSDOHV KDQ VLGR OD /H\ GH GHYROXFLyQ GH SRGHUHV D ORV 0XQLFLSLRV
'HSDUWDPHQWRV \ 5HJLRQHV GH OD /H\ VREUH GLVWULEXFLyQ GH FRPSHWHQFLDV GH \
ILQDOPHQWH OD /H\ VREUH OD IXQFLyQ S~EOLFD WHUULWRULDO GH %DHQD GHO $OFi]DU
HO'HSDUWDPHQWRKDVLGRHOPiVDIHFWDGRGHORVQLYHOHVWHUULWRULDOHVWDQWRHQVXFRQ
FHSWR GH GLYLVLyQ WHUULWRULDO FRPR HQ HO GH HQWLGDG ORFDO (O 3UHIHFWR FDPELy LQLFLDOPHQWH VX
GHQRPLQDFLyQSRUODGH&RPLVDULRGHOD5HS~EOLFDDXQTXHGHVSXpVVHKDUHVWDEOHFLGRHOWUD
WDPLHQWRWUDGLFLRQDOGH3UHIHFWR6HDILUPDHQODOHWUDGHODOH\VXSRGHUVREUHORVVHUYLFLRV
H[WHULRUHV X yUJDQRV SHULIpULFRV GH ORV 0LQLVWHULRV (Q FDPELR \ pVWD HV OD PiV LPSRUWDQWH
UHIRUPDSLHUGHVXFDUiFWHUGHyUJDQRHMHFXWLYRGHO&RQVHMR*HQHUDOGHO'HSDUWDPHQWR\FRQ
pOVXFDSDFLGDGGHDFWXDUUHVSHFWRDOSUHVXSXHVWRGHGLFKR'HSDUWDPHQWRFRPRHQWHORFDO(VWD
(QULTXH-RVp9DUHODOYDUH]
SpUGLGDGHFRPSHWHQFLDVOOHYDFRQVLJRHOWUDVSDVRGHXQDVHULHGHVHUYLFLRVGHO(VWDGRDO'H
SDUWDPHQWR%DHQDGHO$OFi]DU
SXHVWRVDGLVSRVLFLyQGHO3UHVLGHQWHGHOFRQVHMRSDUDTXHpOHMHU]DVXVFRPSHWHQFLDV
VLQTXHSDVHSRUODVPDQRVGHOSUHIHFWR2OPHGD\3DUUDGR
(OSULPHUHOHPHQWRTXHGLVWLQJXHODFRPXQDHVVXFDUiFWHUUXUDO(Q)UDQFLDKD\DSUR
[LPDGDPHQWH XQDV FRPXQDV $OUHGHGRU GH FRPXQDV SRU FLHQWR WLHQHQ
PHQRV GH KDELWDQWHV \ WRWDOL]DQ XQRV PLOORQHV GH SHUVRQDV HV GHFLU DSUR[LPDGD
PHQWHXQDFXDUWDSDUWHGHODSREODFLyQIUDQFHVD6RODPHQWHXQSRUFLHQWRGHODVFRPXQDV
FXHQWD FRQ PiV GH KDELWDQWHV \ WRGDV HVWDV FRUSRUDFLRQHV ORFDOHV VXSRQHQ HO SRU
FLHQWRGHODSREODFLyQ2OPHGD\3DUUDGRHVWDVLWXDFLyQGHLQIUDPXQLFLSDOLV
PRTXHYLYH)UDQFLDHVVLPLODUDODHVSDxRODTXHYHUHPRVFRQPiVGHWHQLPLHQWRHQHO
0yGXOR,,,
DOJXQDVFROHFWLYLGDGHVGHMDQVXSDWULPRQLRHQEDUEHFKRHVGHFLUQRXWLOL]DQVXV
FRPSHWHQFLDV RWUDV KDFHQ XQD DSOLFDFLyQ HVWULFWD \ SUXGHQWH GH VXV SRGHUHV RWUDV DGRSWDQ
XQDHVWUDWHJLDGHHPSUHVDULRV\XWLOL]DQDOPi[LPRODVED]DVMXUtGLFDVWpFQLFDVILQDQFLHUDV
GHODVTXHGLVSRQHQ0pQ\
([LVWHQ DVt VLQGLFDWXUDV GH YRFDFLyQ ~QLFD VLQGLFDWXUDV GH YRFDFLyQ
P~OWLSOH6,920GLVWULWRVQXHYHFRPXQLGDGHVXUEDQDVQLQJXQDGHODVFXDOHVVHLGHQ
WLILFDSOHQDPHQWHFRQODRWUDHQVXVFRPSHWHQFLDVVXVUHFXUVRVVXRUJDQL]DFLyQ\VXPRGRGH
IXQFLRQDPLHQWR $ HVWR VH DJUHJDQ DGHPiV PLOODUHV GH VRFLHGDGHV GH HFRQRPtD PL[WD
GLUHFFLRQHVHVWDEOHFLPLHQWRVS~EOLFRVFX\RQ~PHUR\DPSOLWXGQRVHFRQRFHH[DFWDPHQWH
0pQ\
+DVWD H[LVWtD XQ SUREOHPD FRQVLGHUDEOH HQ OD GHILQLFLyQ GH FRPSHWHQFLDV GDGR
TXHPXFKDVFROHFWLYLGDGHVS~EOLFDVSDUWLFLSDEDQHQODJHVWLyQGHXQVHUYLFLRFRQUHVSRQVDELOL
GDGILQDQFLHUDFRPSDUWLGD2OPHGD\3DUUDGR
/RVLQJUHVRVILVFDOHVUHSUHVHQWDQDSUR[LPDGDPHQWHODPLWDGGHORVUHFXUVRVGHODVUHJLR
QHV\ORVGHSDUWDPHQWRV\XQSRUFLHQWRGHORVUHFXUVRVGHODVFRPXQDV/DVFROHFWLYLGDGHV
WHUULWRULDOHVQRSXHGHQILMDUORVLPSXHVWRVTXHGHVHDQVyORSXHGHQILMDUHOQLYHOLPSRVLWLYRSDUD
FXDWUR GH ORV SULQFLSDOHV UHFXUVRV ILVFDOHV GH ORV TXH H[WUDHQ VXV LQJUHVRV HO LPSXHVWR VREUH
DFWLYLGDGHVSURIHVLRQDOHV\HOLPSXHVWRVREUHELHQHVLQPXHEOHVHQWUHRWURV2OPHGD\3DUUD
GR
6LELHQHVFLHUWRTXHHOVLVWHPDFHQWUDOL]DGRFUHDEDXQRVOD]RVHVWUHFKRVGHLQWHUGHSHQ
GHQFLDFRPRFRQVHFXHQFLDGHODVUHODFLRQHVMHUiUTXLFDVHQWUHHOFHQWUR\ODSHULIHULDODQXHYD
VLWXDFLyQ GH PD\RU DXWRQRPtD SDUD ODV FROHFWLYLGDGHV WHUULWRULDOHV WDPELpQ KD IDYRUHFLGR XQ
PDUFRGHLQWHJUDFLyQHQWUHGLYHUVRVQLYHOHVGHJRELHUQR2OPHGD\3DUUDGR
&RPRVHxDOD%DHQDGHO$OFi]DUHVWDFRQYLFFLyQTXHIRUPDSDUWHGHOD
FXOWXUDSRSXODUGHOSDtV\TXHOOHYDDSHQVDUTXHVRQLQWHUFDPELDEOHVODVDFWXDFLRQHVHQWUHOD
HPSUHVDSULYDGD\ODS~EOLFD$XQTXHDORODUJRGHOVLJOR;;\IXQGDPHQWDOPHQWHPRWL
YDGR SRU ODV FULVLV HFRQyPLFDV GH OD GpFDGD GH ORV WUHLQWD DPEDV FRQFHSFLRQHV KDQ
VXIULGR PRGLILFDFLRQHV VXVWDQFLDOHV FRQVROLGiQGRVH HQ ORV (VWDGRV 8QLGRV GH $PpULFD
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
XQDODUJDWUDGLFLyQGHSDUWLFXODULQWHUYHQFLyQS~EOLFDHQODHFRQRPtD\GHDUWLFXODFLyQ
GHO(VWDGRGHOELHQHVWDUQRUWHDPHULFDQR
'HVGHHOSXQWRGHYLVWDWHyULFRVHSHQVyTXHHQHOiPELWRWHUULWRULDOGHODGLYLVLyQGH
SRGHUHVHOJRELHUQRIHGHUDOVHHQFDUJDUtDGHORVDVXQWRVH[WHULRUHVGHODGHIHQVDGHODSROtWLFD
PRQHWDULD\GHODUHJXODFLyQGHOFRPHUFLRHQWUHORVHVWDGRVPLHQWUDVTXHHOUHVWRGHFRPSHWHQ
FLDVVHUtDQSURSLDVGHOSRGHUHVWDWDO(QODVUHODFLRQHVHQWUHHOSRGHUHMHFXWLYRHOOHJLVODWLYR\
HO MXGLFLDO OD &RQVWLWXFLyQ SURKtEH H[SOtFLWDPHQWH TXH ORV PLHPEURV GH XQ iPELWR SXHGDQ
SHUWHQHFHUDRWUR(OVLVWHPDVHKDGLVHxDGRGHWDOIRUPDTXHHO3UHVLGHQWHWLHQHXQDIXHQWHGH
OHJLWLPLGDGGHSRGHUGLVWLQWDDODGHO&RQJUHVRELFDPHUDO(O3UHVLGHQWHQRVDOHHOHJLGRGHODV
&iPDUDVVLQRGH XQ FROHJLR HOHFWRUDO LQWHUSXHVWR HQWUH ORV YRWDQWHV \ OD LQVWLWXFLyQ SUHVLGHQ
FLDO2OPHGD\3DUUDGR
6HJ~Q%DOODUW\5DPLy(OSUHVLGHQWHHVDODYH]MHIHHO(VWDGR\GHO*R
ELHUQRFDUDFWHUtVWLFDVEiVLFDGHORVVLVWHPDVSROtWLFRVSUHVLGHQFLDOHV
&DVRGH$O*RUHFRQ&OLQWRQFRQHOSURJUDPDGHUHLQYHQFLyQGHOJRELHUQR\GH
&KHQH\FRPRVXSHUYLVRUGHODVDFFLRQHVJXEHUQDPHQWDOHVGH%XVK
0RWLYDGRSRUHO6OD$GPLQLVWUDFLyQ%XVKKDSXHVWRHQPDUFKDXQDVHULHGH
PHGLGDVFRQGXFHQWHVDUHIRU]DUODVHJXULGDGLQWHULRU\DDXPHQWDUHOFRQWURO\ODLQIRU
PDFLyQVREUHODVFXHVWLRQHVLQWHUQDVORTXHKDSURYRFDGRSRUXQODGRXQLQFUHPHQWR
VXVWDQFLDO GH ODV DFWXDFLRQHV GH HVWH 6HFUHWDULR GH ,QWHULRU \ HQ SDUDOHOR HO UHIRU]D
PLHQWRGHODVFXHVWLRQHVGH'HIHQVD\6HJXULGDGDWUDYpVGHVXSHUHVWUXFWXUDVIHGHUDOHV
/DV$JHQFLDV,QGHSHQGLHQWHVDXQTXHDFW~DQHQRFDVLRQHVGHXQPRGRH[WUDRUGLQDULD
PHQWHIOH[LEOHVRQHQSULQFLSLRGLVWLQWDVGHODVHPSUHVDVIRUPDOPHQWHSULYDGDVSHURGHSURSLH
GDGS~EOLFDSXEOLFRZQHUVKLS%DHQDGHO$OFi]DU
&RQVWLWX\H SRVLEOHPHQWH HO PiV GpELO GH ORV WUHV QLYHOHV DGPLQLVWUDWLYRV FRPR OR GH
PXHVWUDTXHHQOD$GPLQLVWUDFLyQGHORVFLQFXHQWD(VWDGRVIHGHUDGRVWUDEDMDQPHQRVSHUVRQDV
TXHHQOD$GPLQLVWUDFLyQIHGHUDO\GHVGHOXHJRVRQWDPELpQPHQRVTXHODVHPSOHDGDVSRUORV
PXQLFLSLRV$OFi]DU
6HJ~Q%DHQDGHO$OFi]DU/RVHQWHVORFDOHVJR]DQHQ(VWDGRV8QLGRVGH
XQDDPSOLDDXWRQRPtDDGPLQLVWUDWLYD1RHQYDQRFRQVWLWX\HQXQDSURORQJDFLyQRFRQWLQXD
FLyQ GHO VLVWHPD EULWiQLFR TXH PDQHMD OD QRFLyQ GH *RELHUQR ORFDO \ QR GH $GPLQLVWUDFLyQ
ORFDOORTXHVLJQLILFDTXHORVHQWHVORFDOHVQRVRQVLPSOHVSLH]DVGHOD$GPLQLVWUDFLyQFHQWUDO
(QKDEtDHQ(VWDGRV8QLGRVFLXGDGHVFRQGDGRVGLVWULWRV
HVFRODUHVPDQFRPXQLGDGHV\PXQLFLSDOLGDGHV(VWDGRV8QLGRVFXHQWDFRQXQ
JUDQQ~PHURGHHQWLGDGHVGHJRELHUQRORFDOPXFKDVGHODVFXDOHVFRPRFRQVHFXHQFLDGHVX
SREODFLyQ WDQ HVFDVD VRQ LQFDSDFHV GH SURSRUFLRQDU ORV VHUYLFLRV PtQLPRV 0iV GHO SRU
FLHQWRGHODV HQWLGDGHV PXQLFLSDOHV WHQtDQ PHQRV GH KDELWDQWHV \ DSUR[LPDGDPHQWH HO
SRUFLHQWRQRWHQtDQHPSOHDGRVS~EOLFRVHQ2OPHGD\3DUUDGR
%DOODUW\5DPLyVXEUD\DQODLQGHSHQGHQFLDILQDQFLHUDHVWDWDOTXHSHU
PLWHXQDFLHUWDDXWRQRPtD\SRVLFLyQGHQHJRFLDFLyQHQHOPDUFRLQWHUJXEHUQDPHQWDO
GHVFULWR/RVJRELHUQRVGHORV(VWDGRVWLHQHQDXWRQRPtDILQDQFLHUDSOHQD \ SXHGHQ REWHQHU
(QULTXH-RVp9DUHODOYDUH]
LQJUHVRV\JDVWDUORVFRPRTXLHUDQ&HUFDGHOFLQFXHQWDSRUFLHQWRGHORVLQJUHVRVSURYLHQHQGH
LPSXHVWRVVREUHODUHQWDLQPXHEOHV\WUDQVDFFLRQHVFHUFDGHOUHVSRQGHDWUDQVIHUHQFLDV
ILQDQFLHUDVGHOD$GPLQLVWUDFLyQIHGHUDOHOUHVWRWLHQHXQDSURFHGHQFLDYDULDGD
/DGLIHUHQFLDIXQGDPHQWDOHQWUHORVPRGHORVFRQWLQHQWDOHV\DQJORVDMRQHVODH[
SOLFD FRQ FODULGDG %DHQD GHO $OFi]DU FXDQGR VHxDOD TXH $ GLIHUHQFLD GHO
VLVWHPDFRQWLQHQWDOHXURSHRLQVSLUDGRHQHOPRGHORIUDQFpVQRVHFUHDHQ,QJODWHUUDXQDVLWXD
FLyQHVSHFLDOGHOSRGHUS~EOLFRFRPRWDO(QOXJDUGHO(VWDGRVHHQWLHQGHTXHDFW~DOD&RURQD
3RUXQDSDUWHpVWDJRELHUQDHQHO5HLQRFRQHO3DUODPHQWRSXHVVHHVWLPDTXHODOHJLVODFLyQHV
DSUREDGD FRQMXQWDPHQWH HV GHFLU SRU HO 5H\ HQ HO 3DUODPHQWR 3RU RWUD SDUWH OD &RURQD
SURORQJDVXDFWXDFLyQSRUPHGLRGHVXVDJHQWHVTXHVRQXQDWUDQVSRVLFLyQDODVLWXDFLyQDF
WXDOGHORVDJHQWHVGHO5H\HQHO$QWLJXR5pJLPHQHO5H\HQHO3DUODPHQWR\OD&RURQD\
VXVDJHQWHVEULWiQLFRVVRQHOHTXLYDOHQWHDO(VWDGR\OD$GPLQLVWUDFLyQHQORVSDtVHVGH
WUDGLFLyQFRQWLQHQWDO
1R H[LVWH HQ LQJOpV XQD H[SUHVLyQ TXH WUDGX]FD FRUUHFWDPHQWH \ GH IRUPD SURSLD OD
FRQWLQHQWDOHXURSHDGH$GPLQLVWUDFLyQORFDO6HKDEODDOOtSRUHOFRQWUDULRGH*RELHUQRORFDO
\GHDXWRJRELHUQRVHOIJRYHUQPHQW6HJ~QODFRQYLFFLyQLQJOHVDODVHQWLGDGHVORFDOHV\HVSH
FLDOPHQWHORVPXQLFLSLRVVRQDQWHULRUHVFRQFHSWXDOPHQWHDO(VWDGR\WLHQHQDXWRQRPtDIUHQWHD
pO3RUHOORQRUHFLEHQyUGHQHVGHOD&RURQD\VXRUJDQL]DFLyQFHQWUDOVLQRVyORGHO3DUODPHQ
WRFX\D&iPDUDGHORV&RPXQHVHVWiLQWHJUDGDSUHFLVDPHQWHSRUODVUHSUHVHQWDFLRQHVORFDOHV
(QFRQVHFXHQFLDDOPHQRVHQWHRUtDORVPXQLFLSLRVVyORVHREHGHFHQDVtPLVPRV\GHVGHOXHJR
VHDXWRJRELHUQDQ%DHQDGHO$OFi]DU
/DFRH[LVWHQFLDGHXQDSOXUDOLGDGGHQDFLRQHVHQHO5HLQR8QLGRFRLQFLGHFRQODDOWD
FHQWUDOL]DFLyQGHOVLVWHPDTXHKDFRPHQ]DGRDH[SHULPHQWDUXQDGHYROXFLyQGHSRGHUHVKDFLD
ODVUHJLRQHVDSDUWLUGH(VWDFHQWUDOL]DFLyQHVFRQVHFXHQFLDGLUHFWDGHODVXSUHPDFtDGH
ODVREHUDQtDGHO3DUODPHQWR2OPHGD\3DUUDGR
6HJ~Q2OPHGD\3DUUDGR(QWRGRVORVQLYHOHVH[LVWHQyUJDQRVVREHUDQRV
HOHJLGRVSRUORVFLXGDGDQRV'HVGHHOSXQWRGHYLVWDGHODJHVWLyQGHORVVHUYLFLRVVLQHPEDUJR
ORVQLYHOHVPiVLPSRUWDQWHVVRQHOQDFLRQDO\HOORFDO(QHOQLYHO UHJLRQDO GH JRELHUQR VH KD
LQLFLDGRXQDQXHYDHWDSDGHGHVFHQWUDOL]DFLyQSROtWLFDHQFRQHOHVWDEOHFLPLHQWRGHVHQ
GDVDVDPEOHDVOHJLVODWLYDVHQ,UODQGDGHO1RUWH(VFRFLD\*DOHVDVtFRPRODFUHDFLyQGHXQ
SRGHUHMHFXWLYRUHJLRQDOHQDPEDVUHJLRQHV
6yOR XQR GH HOORV RVWHQWD HO WtWXOR GH 6HFUHWDULR GH (VWDGR 6HFUHWDU\ RI 6WDWH TXH
HTXLYDOHHQQXHVWUDWHUPLQRORJtDDOFRQFHSWRGHPLQLVWURRWLWXODUGHO0LQLVWHULR2OPHGD\
3DUUDGR
/DVDJHQFLDVHMHFXWLYDVVRQXQLGDGHVDXWyQRPDVDOIUHQWHGHODVFXDOHVKD\XQGLUHFWRU
HMHFXWLYRTXHHVUHVSRQVDEOHGLUHFWRDQWHORVPLQLVWURV/DVDJHQFLDVHMHFXWLYDVGHEHQFRQVHJXLU
REMHWLYRV PX\ SUHFLVRV FRQ XQRV GHWHUPLQDGRV UHFXUVRV ILQDQFLHURV \ FRQ XQRV HVWiQGDUHV
FDOLGDGSUHILMDGRVSHURTXHGLVSRQHQGHDXWRQRPtDHQODJHVWLyQGHVXVUHFXUVRVLQWHUQRV+D\
XQDV DJHQFLDV HMHFXWLYDV TXH HPSOHDQ XQRV HPSOHDGRV %DOODUW \ 5DPLy
(O SURFHGLPLHQWR QRUPDO GH IXQFLRQDPLHQWR GH XQD DJHQFLD OR GHVFULEHQ
2OPHGD\3DUUDGRFLWDQGRD&DELQHW2IILFH0DVVH\\
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
2&'(380$FRPRVLJXH$OIUHQWHGHODVDJHQFLDVH[LVWHQRUPDOPHQWH
XQGLUHFWRUJHQHUDOTXHHVGHVLJQDGRSDUDHOSXHVWRGXUDQWHXQSHUtRGRGHWLHPSRGHWHUPLQD
GR(OGLUHFWRUJHQHUDOGHEHJHVWLRQDUORVUHFXUVRVTXHOHVRQDVLJQDGRVDODDJHQFLDDSDUWLUGH
XQ GRFXPHQWR PDUFR FX\DV OtQHDV PDHVWUDV VRQ HVWDEOHFLGDV QRUPDOPHQWH SRU HO WLWXODU GHO
0LQLVWHULRFRQHOTXHODDJHQFLDPDQWLHQHXQDFLHUWDUHODFLyQGHVXERUGLQDFLyQ(QHVWHGRFX
PHQWRPDUFRVHHVWDEOHFHQORVREMHWLYRVTXHGHEHFXPSOLUODDJHQFLDHQHODxRSUHVXSXHVWDULR
ODV UHVSRQVDELOLGDGHV PLQLVWHULDOHV \ GH OD DJHQFLD $GHPiV HO GRFXPHQWR PDUFR FRQWLHQH
LQIRUPDFLyQ UHVSHFWR D OD FDOLGDG GHO VHUYLFLR HO UHQGLPLHQWR ILQDQFLHUR \ OD HILFLHQFLD HQ OD
SUHVWDFLyQGHORVVHUYLFLRV
(OFDPELRIXQGDPHQWDOGHFXOWXUDHVWiUHODFLRQDGRFRQHOKHFKRGHTXHODVFRUSRUDFLR
QHVORFDOHVKDQSDVDGRGHVHUSUHVWDGRUDVGLUHFWDVGHOVHUYLFLRDVXEFRQWUDWDUOR\DUHJXODUVX
SURYLVLyQ2OPHGD\3DUUDGR
/RVTXDQJRVHQSDODEUDVGH%XGJHVRQRUJDQL]DFLRQHVFDVLQRJXEHU
QDPHQWDOHVTXDVLQRQJRYHUQPHQWDORUJDQL]DWLRQVFDUDFWHUtVWLFDVGHOD$GPLQLVWUDFLyQ
EULWiQLFD\TXHUHDOL]DQJUDQSDUWHGHODVDFWLYLGDGHVTXHHOJRELHUQRFHQWUDOEULWiQLFR
GLVHxDHQIRUPDGHSROtWLFDV\SURJUDPDVS~EOLFRV$IDOWDGHDJHQWHVGLUHFWRVORVJRELHU
QRVEULWiQLFRVKDQFRQILDGRHQHVWDVRUJDQL]DFLRQHVHQiUHDVHQTXHORVJRELHUQRVORFDOHVHUDQ
LQFDSDFHV GH DFWXDU $ PHQXGR VH KDQ FRQFHGLGR SRGHUHV DGPLQLVWUDWLYRV D RUJDQL]DFLRQHV
SURIHVLRQDOHVGHPDQHUDTXHSXGLHUDQUHJXODUORVFULWHULRV\ FRQGXFWDV GH VXV SURSLRV PLHP
EURV HV OD $VRFLDFLyQ 0pGLFD %ULWiQLFD \ QR HO 'HSDUWDPHQWR GH 6DQLGDG OD TXH MX]JD \
GLVFLSOLQDODDFWLYLGDGGHORVPpGLFRV\GHPRGRVHPHMDQWHDFW~DQODVDVRFLDFLRQHVGHGHQWLV
WDVHQIHUPHURVDERJDGRV\RWUDVPXFKDVSURIHVLRQHV
HOJRELHUQRFHQWUDOEULWiQLFRHQ/RQGUHVQRWLHQHFRPSHWHQFLDHQODPD\RUSDUWHGH
ODViUHDVGHSROtWLFDV(QFDPELRFRQItDHQRWURVRUJDQLVPRVSULQFLSDOPHQWHHOJRELHUQRORFDO
SDURWDPELpQHQMXQWDVGHGHVLJQDFLyQDXWyQRPDVTXDQJRVHLQFOXVRHQJUXSRVGHLQWHUpV\
RUJDQL]DFLRQHVSURIHVLRQDOHVSDUDHMHFXWDUVXVSURJUDPDVHQGHWDOOH%XGJH
6LQFRQWDUFRQOD&iPDUDGHORV&RPXQHV\ORVFRQVHMRVORFDOHVHO3DUODPHQWR(XUR
SHRHVHO~QLFRyUJDQRHQ*UDQ%UHWDxDTXHREWLHQHVXDXWRULGDGGHHOHFFLRQHVGLUHFWDV&RPR
KDRFXUULGRFRQHOJRELHUQRORFDOHOFUHFLPLHQWRGHOSRGHU\ODLPSRUWDQFLDGHODVLQVWLWXFLRQHV
GH OD &RPXQLGDG HQ *UDQ %UHWDxD KD VLGR PDO UHFLELGR SRU ORV JRELHUQRV FHQWUDOHV TXH VH
FRQVLGHUDQORV~QLFRViUELWURVGHOLQWHUpVQDFLRQDO%XGJH
(QSRFRPiVGHDxRV$OHPDQLDIXHJREHUQDGDSRUXQDPRQDUTXtDFRQVWLWXFLRQDO
DXWRULWDULDXQDGHPRFUDFLDLQHVWDEOHHQHOSHUtRGRGHOD5HS~EOLFDGH:HLPDU
HO WRWDOLWDULVPR QDFLRQDOVRFLDOLVWD OD RFXSDFLyQ PLOLWDU
GRV(VWDGRVDOHPDQHVVHSDUDGRVHQHOSHUtRGRSRVWHULRUDXQRGHPRFUiWLFROLEH
UDOHQ$OHPDQLD2FFLGHQWDO\RWURFRPXQLVWDHQODSDUWHRULHQWDOGHOSDtV\GHVGHXQ
(VWDGRDOHPiQGHPRFUiWLFRXQLILFDGR6FKPLGW
(Q OD QRFKH GHO GH QRYLHPEUH GH ODV LPiJHQHV GH XQD FLXGDGDQtD EHUOLQHVD
VDOWDQGRWULXQIDQWHVREUHHO0XURGLHURQODYXHOWDDOPXQGR$QWHVGHTXHVHOOHJDVHDFXPSOLU
XQDxRHOGHRFWXEUHGHOD5HS~EOLFD'HPRFUiWLFD$OHPDQD5'$WUDQVIRUPDGD
(QULTXH-RVp9DUHODOYDUH]
DKRUDHQFLQFRQXHYRV(VWDGRVIHGHUDGRV/lQGHU\%HUOtQ(VWHSDVDEDDIRUPDUSDUWHGH
OD5HS~EOLFD)HGHUDOGH$OHPDQLD5)$9LHMR9LxDV
(QDTXHOPRPHQWR$OHPDQLDQRHUDXQ(VWDGRVREHUDQRHVWDQGRLQWHUYHQLGRSRU
ODVSRWHQFLDVYHQFHGRUDVHQOD,,*XHUUD0XQGLDODGHPiVHOFRQFHSWRGH/H\WUDVODGD
PD\RUSURYLVLRQDOLGDGTXHHOGH&RQVWLWXFLyQUD]yQSRUODFXDOVHGHQRPLQD/H\)XQ
GDPHQWDO&RWDUHOR
6yORSXHGHQVHUPLHPEURVGHO%XQGHVUDWDTXHOODVSHUVRQDVTXHSHUWHQH]FDQ D ORV JR
ELHUQRV GH ORV /lQGHU HV GHFLU ORV SUHVLGHQWHV GH ORV JRELHUQRV \ ORV PLQLVWURV 2OPHGD \
3DUUDGR
&RPRVHxDODQ2OPHGD\3DUUDGR'DGRTXHORV/lQGHULPSODQWDQ
OD PD\RU SDUWH GH OD OHJLVODFLyQ QDFLRQDO HO %XQGHVUDW H[DPLQD ORV SURJUDPDV SURSXHVWRV
GHVGHHOSXQWRGHYLVWDGHFyPRSRGHUDGPLQLVWUDUORVPHMRUGHVGHHOQLYHOHVWDWDO
SUHVHQWHV GHVGH SHUWHQHFLHQWHV D OD 5HS~EOLFD )HGHUDO GH $OHPDQLD \
/lQGHU FRQVWLWXLGRV HQ YLQFXODGRV DO DQWLJXR WHUULWRULR GH OD 5HS~EOLFD 'HPRFUiWLFD
$OHPDQD%DOODUW\5DPLy
XQJRELHUQRFHQWUDOTXHDSDUHFHFRPRXQ*ROLDW UHVWULQJLGR SRU SRGHURVRV IUHQRV \
FRQWUDSHVRV IRUPDOHV H LQIRUPDOHV H LQVWLWXFLRQHV FRJREHUQDQWHV FRPR HO 7ULEXQDO &RQVWLWX
FLRQDO )HGHUDO LQVWLWXFLRQHV SDUDS~EOLFDV DXWyQRPDV FRPR HO %XQGHVEDQN HO JRELHUQR GH
FRDOLFLyQ\HOIHGHUDOLVPR6FKPLGWFLWDQGRD.DW]HQVWHLQ
&XHVWLyQUDWLILFDGDSRU6FKPLGW\VXVUHGHVGHSROtWLFDV'HELGR
DO WLSR FRRSHUDWLYR GH IHGHUDOLVPR \ DO FDUiFWHU FRPSDUWLGR GHO SRGHU HQWUH ORV HVWDGRV \ HO
JRELHUQRIHGHUDOGH$OHPDQLDXQDJDPDDPSOLDGHHQWUHOD]DPLHQWRVSROtWLFRVWLHQGHXQSXHQWH
HQWUHODGLIHUHQFLDFLyQYHUWLFDO\KRUL]RQWDO\ODIUDJPHQWDFLyQGHOSURFHVRGHWRPDGHGHFLVLR
QHV6FKDUSI5HLVVHUW6FKQDEHO'HQWURGHHVWDVUHGHVGHSROtWLFDVWRGRVORVSDUWLFL
SDQWHV VH HQFXHQWUDQ HQ XQD VHULH GH HVWUXFWXUDV GH WRPD GH GHFLVLRQHV LQWHUGHSHQGLHQWHV \
HVWDLQWHUGHSHQGHQFLDMXQWRFRQVXEXHQDYROXQWDG\ODFDSDFLGDGSDUDFRRSHUDUSRUSDUWHGH
ODPD\RUtDGHORVDFWRUHVSULQFLSDOHVKDLPSUHJQDGRHOIHGHUDOLVPRGH$OHPDQLD
/DLQVWLWXFLyQGHOUHIHUpQGXPHVLQWURGXFLGDHQOD&RQVWLWXFLyQJUDFLDVDFDWyOLFRV\UH
SXEOLFDQRVDXQTXHWUDVYDULDVGLVFXVLRQHVTXHGDUHGXFLGRDXQVRORWLSRHOUHIHUpQGXPDEUR
JDWLYR /D LQLFLDWLYD UHIHUHQGDULD SDUD OD DEURJDFLyQ GH XQD OH\ YLJHQWH SXHGHQ HMHUFHUOD DO
PHQRVGLH]HOHFWRUHVTXHWRPDQHOSDSHOGHSURPRWRUHVDQWHOD&RUWHGH&DVDFLyQTXLHQYLJLOD
ODUHJXODULGDGIRUPDOGHODVROLFLWXG VXMHWD D QXPHURVRV UHTXLVLWRV TXH UHTXLHUHQ XQ QRWDEOH
HVIXHU]RRUJDQL]DWLYR/D&RUWHFRQVWLWXFLRQDOMX]JDVX DGPLVLELOLGDG GHVGH HO SXQWR GH YLVWD
GHOFRQWHQLGR/D&RQVWLWXFLyQHVWDEOHFHTXHQRVHSXHGHQDGPLWLUUHIHUHQGRVDEURJDWLYRVVREUH
FXHVWLRQHVWULEXWDULDVRGHSUHVXSXHVWRGHDPQLVWtDRLQGXOWRQLUHODWLYDVDWUDWDGRVLQWHUQD
FLRQDOHV$QGXL]D3HUHD
1RVHIRUPDQLQJ~QJRELHUQRVLQXQH[SOtFLWRYRWRGHFRQILDQ]DSDUODPHQWDULR+DEUtD
LQFOXVRTXHHVSHUDUTXHQLQJ~QJRELHUQRWHUPLQDUDVLQXQYRWRGHFHQVXUDSDUODPHQWDULR3HUR
WRGRVORVJRELHUQRVLWDOLDQRVKDQVLGRFUHDGRVIXHUDGHO3DUODPHQWRSRUXQDFXHUGRHQWUHSDUWL
GRVUDWLILFDGRSRUHO3UHVLGHQWHGHOD5HS~EOLFDTXHGHDFXHUGRFRQOD&RQVWLWXFLyQRILFLDO
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
PHQWHQRPEUDDOSULPHUPLQLVWUR1LQJ~QJRELHUQRKDVLGRGHUURWDGRHQHO3DUODPHQWRVREUH
ODEDVHGHXQYRWRGHFRQILDQ]DH[SUHVDPHQWHVROLFLWDGR'HKHFKRWRGDVODVFULVLVJXEHUQD
PHQWDOHVKDQVLGRH[WUDSDUODPHQWDULDVHVGHFLUSURGXFWRGHGHVDFXHUGRV\HQIUHQWDPLHQWRVGH
SDUWLGRV(VWRVGHVDFXHUGRV\HQIUHQWDPLHQWRVQXQFDKDQVLGRVLTXLHUDGHEDWLGRVHQHO3DUOD
PHQWR 3DUDGyMLFDPHQWH SRU OR WDQWR ,WDOLD QRV SURSRUFLRQD XQ HMHPSOR GH XQD IRUPD GH
JRELHUQRSDUODPHQWDULRHQODTXHHO3DUODPHQWRQRRFXSDHQDEVROXWRXQSDSHOFHQWUDOHQOD
FUHDFLyQ\GHVWLWXFLyQGHORVJRELHUQRV3DVTXLQR
(OPi[LPRH[SRQHQWHGHHVWDLQHVWDELOLGDGORFRPHQWD&RWDUHORFXDQGRFRQILUPD
TXH(OUHVXOWDGRGHHVWDFRQILJXUDFLyQGHO*RELHUQR\GHVXVUHODFLRQHVFRQODV&iPDUDVKD
VLGR XQD FXULRVD LQHVWDELOLGDG JXEHUQDWLYD HQ ,WDOLD TXH KD GDGR FRPR UHVXOWDGR TXH KD\D
KDELGR*RELHUQRVHQORVDSUR[LPDGDPHQWHFXDUHQWD\FLQFRDxRVGHH[LVWHQFLDGHOD5HS~
EOLFDORTXHGDXQDPHGLDGHPHQRVGHXQDxRSRU*RELHUQR&RWDUHOR(VWRV
GDWRVWLHQHQYDOLGH]KDVWDODIHFKDGHSXEOLFDFLyQGHOHVWXGLRHQFRQVWDWDQGRTXH
OD GpFDGD GH ORV QRYHQWD QR KD VXIULGR WDQWRV DYDWDUHV QL FULVLV JXEHUQDPHQWDOHV GH
DOWHUQDQFLD SROtWLFD H[FHSWXDQGR OD VDOLGD GHO *RELHUQR GH &UD[L D PHGLDGRV GH ORV
QRYHQWD SRU FXHVWLRQHV GH FRUUXSFLyQ SROtWLFD RSHUDFLyQ 0DQRV /LPSLDV 3DVTXLQR
\FRQH[LRQHVFRQODPDILD\VXSRVWHULRUH[LOLRDOQRUWHGH IULFD R HO
SHQ~OWLPR FDStWXOR GHO SURFHVDPLHQWR GHO H[SUHVLGHQWH $QGUHRWWL SRU VX WDPELpQ
VXSXHVWDUHODFLyQFRQODPDILD
$XQTXH OD &RQVWLWXFLyQ HVWDEOHFH PHFDQLVPRV GH UHFOXWDPLHQWR \ SURPRFLyQ PHULWR
FUiWLFRVHVWRVKDQVLGRIXQGDPHQWDOPHQWHFOLHQWHOtVWLFRV\SDUWLGLVWDVORTXHKDFRPSURPHWLGR
VHULDPHQWH ORV SULQFLSLRV FRQVWLWXFLRQDOHV GH LPSDUFLDOLGDG \ HILFDFLD \ SURGXFLGR HQIUHQWD
PLHQWRVHQWUHHO*RELHUQRV\ODEXURFUDFLD/RVPLQLVWURVFRQLQWHQFLyQGHJREHUQDUWHUPLQDQ
IRUPDQGR VX SURSLR HTXLSR LQGHSHQGLHQWH GH OD $GPLQLVWUDFLyQ $QGXL]D 3HUHD
3RVLFLRQHV D IDYRU \ HQ FRQWUD GHO (VWDGR GHO ELHQHVWDU VH KDQ H[SXHVWR LQFOXVR
FRQYHKHPHQFLDHQORVDQiOLVLVTXHVREUHORVJRELHUQRV\ODVDGPLQLVWUDFLRQHVS~EOLFDV
VH KDQ UHDOL]DGR HQ OD GpFDGD GH ORV RFKHQWD \ QRYHQWD (O FDVR HV TXH OD KHJHPRQtD
QHROLEHUDOKDOOHYDGRDFRQVROLGDUHQODPHQWHGHODFLXGDGDQtDGHORVSDtVHVGHOiPELWR
GH OD 2&'( TXH VHFWRU S~EOLFR HV LJXDO D JDVWR GHVFRQWURODGR \ $GPLQLVWUDFLRQHV
3~EOLFDVHVLJXDODLQHILFLHQFLDVLQWHQHUHQFXHQWDRWURVIDFWRUHVTXHHQpSRFDVGHFULVLV
HFRQyPLFDVVRQGHOPi[LPRYDORUSDUDHOFLXGDGDQRPHGLRFRPRODSURWHFFLyQVRFLDOOD
HTXLGDG\ODUHGLVWULEXFLyQFXHVWLRQHVTXHVyORSXHGHQVHUVROXFLRQDGDVSRUHO(VWDGR
6LQHPEDUJRHOUHSXQWHGHODDFWLYLGDGS~EOLFDSHVHDODWRWDOSULYDWL]DFLyQGHHPSUHVDV
S~EOLFDVGHVDUUROODGDHQHVWDVGRVGpFDGDVHVLQQHJDEOHLQFOXVRKD\TXLHQVHDWUHYHD
DILUPDU TXH HV SRVLWLYD \ TXH LQFOXVR VLQ SURIXQGL]DU HQ HOOD FRPR HV HO FDVR GH ODV
SROtWLFDV VRFLDOHV QR H[LVWH XQD YHUGDGHUD GHPRFUDFLD &RPR HVWH QR HV HO DSDUWDGR
GHGLFDGRDODQiOLVLVGHO(VWDGRGHOELHQHVWDUUHPLWLPRVDOOHFWRUDOSODQWHDPLHQWRGHVD
UUROODGRHQODSULPHUDSDUWHGHO0yGXOR,
ODSROtWLFDGHORVJUXSRVGHLQWHUpVKDFRQVWLWXLGRODHVHQFLDGHO(VWDGRFRUSRUDWLYR
VXHFRGDGRTXHHVWRVJUXSRVSDUWLFLSDQDFWLYDPHQWHHQODIRUPDFLyQGHSROtWLFDVS~EOLFDV\HQ
(QULTXH-RVp9DUHODOYDUH]
ODDGPLQLVWUDFLyQGHORVSURJUDPDVS~EOLFRV/DSDUWLFLSDFLyQVHKDGHVDUUROODGRQRVyORHQHO
5LNVGDJVLQRWDPELpQHQORVFRQVHMRVGHGLUHFFLyQGHODVDJHQFLDVDGPLQLVWUDWLYDVHQFDUJDGDV
GH LPSODQWDU ORV SURJUDPDV S~EOLFRV GH iPELWR QDFLRQDO 2OPHGD \ 3DUUDGR
FLWDQGRD:LVHHWDO
ODVFRPLVLRQHVGHWUDEDMRGHO5LNVGDJVRQWDPELpQIRURVGHGLVFXVLyQHQORVTXHVH
LQYLWDQ D H[SHUWRV GHO VHFWRU SULYDGR \ GH ODV DJHQFLDV DGPLQLVWUDWLYDV VLQ TXH ORV PLQLVWURV
SXHGDQ KDFHU QDGD SDUD LPSHGLU TXH XQ IXQFLRQDULR FXDOTXLHUD SDUWLFLSH HQ HVWRV WUDEDMRV
OHJLVODWLYRVSUHSDUDWRULRV2OPHGD\3DUUDGRFLWDQGRD/DUVVRQ
/DH[LVWHQFLDGHODVFRPLVLRQHVGHH[SHUWRVHVXQHOHPHQWRPiVTXHH[SOLFDHOPRGHOR
SDUWLFLSDWLYR\ODIRUPDFRQVHQVXDGDGHHODERUDUODVSROtWLFDVS~EOLFDVTXHSUHGRPLQDQHQHO
VLVWHPDVXHFR2OPHGD\3DUUDGR
0LHQWUDVHO*RELHUQRVHHQFDUJDGHODSODQLILFDFLyQ\GHODHODERUDFLyQGHORVSURJUD
PDVS~EOLFRVODLPSODQWDFLyQGHHVWRVSURJUDPDVQRVHHIHFW~DDWUDYpVGHORVPLQLVWHULRVVLQR
D SDUWLU GH XQDV DJHQFLDV DGPLQLVWUDWLYDV LQGHSHQGLHQWHV HQ ODV TXH WUDEDMDQ DSUR[LPDGD
PHQWHXQDVSHUVRQDV2OPHGD\3DUUDGR
HO*RELHUQRFHQWUDOGHVLJQDXQJREHUQDGRUSDUDHOQLYHOUHJLRQDOFRQSRGHUHVGHFR
RUGLQDFLyQHQUHODFLyQWDQWRFRQORVJRELHUQRVUHJLRQDOHVHOHJLGRVFRPRFRQODVDJHQFLDVFHQ
WUDOHV FX\DV DGPLQLVWUDFLRQHV SHULIpULFDV SUHVWDQ VHUYLFLRV HQ OD UHJLyQ /DV FRUSRUDFLRQHV
ORFDOHVWLHQHQORVFRQFHMDOHVHOHFWRVTXHOOHYDQDFDERXQDDPSOLDYDULHGDGGHVHUYLFLRVS~EOLFRV
VLQODLQWHUYHQFLyQGLUHFWDGHOFHQWUR(VWHVLVWHPDHVXQKtEULGRHQWUHHOPRGHORGXDOEULWiQLFR
\HOIXVLRQDGRIUDQFpV2OPHGD\3DUUDGR
4XHHVORPLVPRTXHGHFLUGHOPXQGRGHVDUUROODGRXQDUHDOLGDGHVWDWDOTXHSRVL
EOHPHQWHVHDODPiVDQWLJXDGH(XURSDHVWiOHMRVGHQXHVWUDLQWHQFLyQDILUPDUTXHODGHILQL
FLyQ GH 3RUWXJDO FRPR (VWDGR VH DGHODQWy HQ YDULRV VLJORV D ODV WHRUL]DFLRQHV GH %RGLQR
+REEHV/RFNHR0RQWHVTXLHXSHURVtTXHHVXQKHFKRROYLGDGRFRQIUHFXHQFLDTXHHQDOJX
QRV WUD]RV SURWRWtSLFRV GH ORV PRGHUQRV (VWDGRVQDFLyQ HO FDVR SRUWXJXpV HV DQWHULRU D ODV
XQLWDULVWDV)UDQFLD,QJODWHUUDR(VSDxDGHOVLJOR;9FRQFUHWDPHQWHHOWUD]DGRIURQWHUL]RTXH
SHUPLWHGHOLPLWDUHOHMHUFLFLRGHODQRFLyQGHVREHUDQtDUHVXOWD\DGHPDQLILHVWRHQSOHQRVLJOR
;,,\FRQWLQXyGHIRUPDLQLQWHUUXPSLGDSUiFWLFDPHQWHFRQORVPLVPRVOtPLWHVKDVWDQXHVWURV
GtDV/ySH]0LUD
DTXHOTXHFRQVHUYDFRQPD\RUSXUH]DORVWUD]RVSURSLRVGHODFOiVLFDGHILQLFLyQHV
WDWDOQDFLGDEDMRHOSDUDJXDVGHOXQLWDULVPRXQVRORSXHEORXQVRORWHUULWRULRXQVROR'HUH
FKRXQVRORSRGHUXQDVREHUDQtD~QLFD/ySH]0LUD
([FHSWR HQ HO EUHYH \ UHPRWR SHUtRGR GH XQLyQ GH 3RUWXJDO D OD &RURQD HVSDxROD HQ
ORVSXHEORV\ORVJREHUQDQWHVGHORVGRVSDtVHVGHODSHQtQVXODLEpULFDKDQVHJXLGR
XQDODUJDWUDGLFLyQGHLJQRUDUVHPXWXDPHQWH7UDVODSpUGLGDGHODPD\RUSDUWHGHVXVGRPL
QLRVFRORQLDOHV\GXUDQWHXQDJUDQSDUWHGHODKLVWRULDFRQWHPSRUiQHD(VSDxD\3RUWXJDOKDQ
VXIULGRUHJtPHQHVDXWRULWDULRV\KDQSHUPDQHFLGRFHUUDGRVDOH[WHULRU,QFOXVRHQVXVUHODWLYD
PHQWH HVFDVDV UHODFLRQHV H[WHUQDV WDQWR FRPHUFLDOHV FRPR FXOWXUDOHV H LQIRUPDWLYDV (VSDxD
0yGXOR,,6LVWHPDV3ROtWLFR$GPLQLVWUDWLYRV&RPSDUDGRV
KD HVWDGR PiV FRPXQLFDGD FRQ RWURV SDtVHV GH OD (XURSD FRQWLQHQWDO \ 3RUWXJDO FRQ *UDQ
%UHWDxDTXHORVGRVSDtVHVHQWUHVt&RORPHU
(VPX\UHFRPHQGDEOHODOHFWXUDGHODLQYHVWLJDFLyQUHDOL]DGDSRU*RQ]iOH]+HU
QiQGH]VREUHHOSHUtRGRGHOD5HYROXFLyQGHORV&ODYHOHVGHTXHVXSRQHODUXSWXUD
FRQHOVLVWHPDFRUSRUDWLYRDXWRULWDULRVDOD]DULVWDGDQGRSDVRDOPRGHORDFWXDOSRUWXJXpV
GHOD,,5HS~EOLFDWUDVORVGLIHUHQWHVSURFHVRVHOHFWRUDOHVODVHOHFFLRQHVGHOGHDEULO
GH D OD $VDPEOHD &RQVWLWX\HQWH \ ODV GH DEULO GH SDUD OD $VDPEOHD GH OD
5HS~EOLFDODVSUHVLGHQFLDOHVGHMXQLR\ODVPXQLFLSDOHVGHGLFLHPEUHGHHVHPLVPRDxR
ODSURPXOJDFLyQGHOD&RQVWLWXFLyQGHOSURFHVRUHYROXFLRQDULRGHGHDEULOGH
\VXSRVWHULRUFRQVROLGDFLyQLQVWLWXFLRQDOKDVWDODFULVLVGH\ODXOWHULRUUHIRUPDGH
OD&RQVWLWXFLyQHQ*RQ]iOH]+HUQiQGH]FDStWXORVDO
$OFRQWUDULRGHORTXHRFXUULyHQRWURVSDtVHVGHOVXUGH(XURSDGXUDQWHODGpFDGDGH
\HQ$PpULFD/DWLQDGXUDQWHODGpFDGDVLJXLHQWHHOSURFHVRGHWUDQVLFLyQDODGHPRFUD
FLDHQ3RUWXJDOIXHLPSXOVDGR\GLULJLGRIXQGDPHQWDOPHQWHSRUODDFFLyQGHO(MpUFLWR)XHURQ
ORVPLOLWDUHVORVSULQFLSDOHVSURWDJRQLVWDVGHOFDPELRGHUpJLPHQTXHDFDEyFRQXQDGLFWDGXUD
GHPiVGHFXDUHQWDDxRV/DJDUHV
&RPRVHxDOD*RQ]iOH]+HUQiQGH](OSURFHVRUHYROXFLRQDULRGHDEULOGH
LPSUHVLRQDPiVGHORTXHSDUHFHDODL]TXLHUGDHVSDxROD\VREUHWRGRYLVWDODHYROX
FLyQGH3RUWXJDOKDVWDODVDQFLyQGHOD&RQVWLWXFLyQGHLPSXOVDDODVFRUULHQWHVUHIRU
PLVWDV HVSDxRODV TXH DUJtDQ IUHQWH D ODV PiV UDGLFDOHV FRQ UD]yQ FRQWUD OD LPSRVLELOLGDG
PDWHULDOGHSURSLFLDUODUXSWXUDGHQXHVWURVLVWHPD
8QD~OWLPDUHYLVLyQTXLQWDHQDxRVSRGUtDSURGXFLUVHMXVWLILFDGDSRUODUDWL
ILFDFLyQ SRUWXJXHVD GH ODV QRUPDV UHODWLYDV DO 7ULEXQDO 3HQDO ,QWHUQDFLRQDO TXH VH
HVWXYRQHJRFLDQGRHQHODxR
(QULJRUSXHGHDILUPDUVHTXHH[FHSWXDQGRODViUHDVGHODMXVWLFLDGHIHQVDQDFLRQDO\
HQSDUWHGHODVDOXGQRKD\QDGDGRQGHHOSRGHUORFDOSRUWXJXpVSRUODYtDGHO0XQLFLSLRQR
SXHGDLQWHUYHQLUFRQVWUX\HQGRJHVWLRQDQGRFRQVHUYDQGRRDSR\DQGR/HLWH3LQWR\)HUUHL
UDGH$OPHLGD
'HO GH HOHFWRUHV SRUWXJXHVHV TXH SDUWLFLSDURQ HQ HO UHIHUpQGXP HO
YRWyQHJDWLYDPHQWHDODSULPHUDSUHJXQWD(VWDUtDGHDFXHUGRFRQODFUHDFLyQGH UHJLRQHV
DGPLQLVWUDWLYDV"\HOODVHJXQGD(VWDUtDGHDFXHUGRFRQODFUHDFLyQGHODUHJLyQ
DGPLQLVWUDWLYDHQOD]RQDHQTXHHVWiFHQVDGR"(VGHFLUQDGDPHQRVTXHFDVLGRVGHFDGD
WUHVYRWDQWHVVH GHFDQWDURQ GH IRUPD EDVWDQWH SDUHMD HQ ODV GRV SUHJXQWDV SRU HO QR D OD
UHJLRQDOL]DFLyQRORTXHHVORPLVPRVREUHXQWHUFLRGHOWRWDOGHHOHFWRUHVSRUWXJXHVHVH[SUH
VDURQVXUHFKD]RDQWHODSURSXHVWD/ySH]0LUD
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
0'8/2,,,
(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxD
GHODV$XWRQRPtDV
QGLFH
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
/D8QLyQ(XURSHD$GPLQLVWUDFLyQGH$GPLQLVWUDFLRQHV
,QWURGXFFLyQ+LVWyULFD
,QVWLWXFLRQHV3ROtWLFDV\$GPLQLVWUDWLYDVGHOD8QLyQ(XURSHD
/D $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR 1XHYD &RQILJXUDFLyQ ,QVWLWXFLR
QDO
,QWURGXFFLyQ+LVWyULFD
$GPLQLVWUDFLRQHV&HQWUDOHVHQ(VSDxD
(O(VWDGR$XWRQyPLFR\VX5HDOLGDG3ROtWLFR$GPLQLVWUDWLYD
,QWURGXFFLyQ+LVWyULFD
$GPLQLVWUDFLRQHV$XWRQyPLFDVHQ(VSDxD
/D$GPLQLVWUDFLyQ/RFDOHQHO(VWDGRGHODV$XWRQRPtDV
,QWURGXFFLyQ+LVWyULFD
$GPLQLVWUDFLRQHV/RFDOHVHQ(VSDxD
/DV$GPLQLVWUDFLRQHV3~EOLFDVHQ*DOLFLD
,QWURGXFFLyQ
/D$GPLQLVWUDFLyQ$XWRQyPLFD
/D$GPLQLVWUDFLyQ/RFDO
%LEOLRJUDItD5HFRPHQGDGD
(QULTXH-RVp9DUHODOYDUH]
3DODEUDV&ODYH
8QLyQ (XURSHD (QWH 6XSUDQDFLRQDO 2UJDQL]DFLyQ ,QWHUJXEHUQDPHQWDO
,QVWLWXFLRQHV &RPXQLWDULDV $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR $GPLQLVWUD
FLyQQXFOHDUSHULIpULFD\IXQFLRQDO$GPLQLVWUDFLyQGHODV&RPXQLGDGHV$XWy
QRPDV ;XQWD GH *DOLFLD 3UHVLGHQWH 0LQLVWHULRV &RQVHMHUtDV
$GPLQLVWUDFLRQHV /RFDOHV 0XQLFLSLRV $\XQWDPLHQWRV 3URYLQFLDV 'LSXWDFLR
QHV
,QWURGXFFLyQ\2EMHWLYRV
7RGDYH]TXHHQ0yGXORDQWHULRUVHKDQPRVWUDGRORVSULQFLSDOHVVLVWHPDV
SROtWLFRDGPLQLVWUDWLYRV GH QXHVWUR HQWRUQR \ ODV FDUDFWHUtVWLFDV LQWHUJXEHUQD
PHQWDOHV\PXOWLQLYHOGHODVGLIHUHQWHV$GPLQLVWUDFLRQHV3~EOLFDVHVQHFHVDULR
VLWXDU OD UHDOLGDG SROtWLFD \ DGPLQLVWUDWLYD HVSDxROD LQWURGXFLHQGR ORV UDVJRV
SULQFLSDOHV GH QXHVWURV WUHV QLYHOHV GH *RELHUQR \ $GPLQLVWUDFLyQ QDFLRQDO
UHJLRQDO\ORFDO3RURWURODGR\HQDUDVDFRQVHJXLUVLWXDUHVWHFRPSOHMRPDSD
GHUHODFLRQHVORPiVFHUFDGHQXHVWUDUHDOLGDGSROtWLFRDGPLQLVWUDWLYDVHLQWUR
GXFLUi D OD $GPLQLVWUDFLyQ JDOOHJD FRPR SDUWH GH HVWH VLVWHPD SHUR FRQ VXV
FDUDFWHUtVWLFDVSURSLDVUHFRQRFLGDVHQOD&RQVWLWXFLyQ\HQVX(VWDWXWRGH$X
WRQRPtD3RU~OWLPRQRSRGHPRVROYLGDUHOPDUFRFRPXQLWDULRGHKHFKRHVHO
SULPHUVLVWHPDTXHVHDQDOL]DHQHO0yGXORVLQpOFRPRUHFRQRFHQWRGRVORV
SROLWyORJRV TXH KDQ DQDOL]DGR OD UHDOLGDG GH OD 8QLyQ (XURSHD \ VXV SDtVHV
PLHPEURVQRVHPRVWUDUtDXQDYLVLyQFRPSOHWDGHOPHQFLRQDGRPDSDGHUHOD
FLRQHVIRUPDOHVHLQIRUPDOHVHQWUHORVGLIHUHQWHV*RELHUQRV\$GPLQLVWUDFLR
QHV3~EOLFDVGHORVDFWXDOHV4XLQFH
&RQHOREMHWLYRFODURGHHVWDEOHFHUODVEDVHVGHHVWHFROODJHGHUHODFLRQHV
LQVWLWXFLRQDOHV\OHJDOHVGHORVGLIHUHQWHVQLYHOHVGH*RELHUQR\$GPLQLVWUDFLyQ
TXH UHVXOWD QXHVWUR (VWDGR GH ODV $XWRQRPtDV D FRQWLQXDFLyQ VH UHSDVDQ VXV
FDUDFWHUtVWLFDVSULQFLSDOHVDWUDYpVGHFXDWURPDQXDOHVGHUHIHUHQFLD
%DHQDGHO$OFi]DU0DULDQR&XUVRGH&LHQFLDGHOD$GPLQLVWUDFLyQ
9ROXPHQ,&XDUWD(GLFLyQ5HIRUPDGD7HFQRV0DGULG
%DOODUW;DYLHU\5DPLy&DUOHV&LHQFLDGHOD$GPLQLVWUDFLyQ7LUDQW
OR%ODQFK9DOHQFLD
2OPHGD*yPH]-RVp$QWRQLR\3DUUDGR'tH]6DOYDGRU&LHQFLDGHOD
$GPLQLVWUDFLyQ /RV 6LVWHPDV $GPLQLVWUDWLYRV 9ROXPHQ ,,
81('0DGULG
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
0DUWtQGHOD*XDUGLD5LFDUGR0\3pUH]6iQFKH]*XLOOHUPR$FR
RUGLQDGRUHV+LVWRULDGHODLQWHJUDFLyQHXURSHD$ULHO(VWXGLRV(XUR
SHRV%DUFHORQD
&RPRHQORV0yGXORVSUHFHGHQWHVHVQHFHVDULRYROYHUDLQVLVWLUHQODQHFH
VLGDGGHUHSDVDUODVQRWDVDSLHGHSiJLQDTXHDSDUHFHQDOILQDOGHOWH[WR\TXH
IDFLOLWDQ UHIHUHQFLDV ELEOLRJUiILFDV FRPSOHPHQWDULDV QHFHVDULDV SDUD OD PHMRU
FRPSUHQVLyQGHORVFRQFHSWRVIXQGDPHQWDOHVGHOPLVPR
/D KLSyWHVLV GH SDUWLGD GHO 0yGXOR ,,, TXH FRQHFWD GLUHFWDPHQWH FRQ HO
0yGXORDQWHULRUWLHQHTXHYHUFRQODDSOLFDFLyQGHODVWHQGHQFLDVGHVFHQWUDOL
]DGRUDV HQ HO PDUFR SROtWLFRDGPLQLVWUDWLYR QDFLRQDO \ VXEQDFLRQDO HVSDxRO
OyJLFDPHQWHLQWHJUDGRHQHOiPELWRVXSUDQDFLRQDOGHOD8QLyQ(XURSHD$VtOD
GHVFHQWUDOL]DFLyQQDFLRQDO\ODWRGDYtDSHQGLHQWHGHVFHQWUDOL]DFLyQVXEQDFLRQDO
R LQWUDUUHJLRQDO SURYRFD HQ HO PDSD SROtWLFRDGPLQLVWUDWLYR UHJLRQDO SURFHVRV
TXH VH DUWLFXODQ HQ WRUQR DO ELQRPLR FHQWUDOL]DFLyQGHVFHQWUDOL]DFLyQ FRH[LV
WLHQGR HQ OD (VSDxD DXWRQyPLFD &&$$ FRQ WHQGHQFLDV GHVFHQWUDOL]DGRUDV
KDFLD VXV *RELHUQRV \ $GPLQLVWUDFLRQHV /RFDOHV \ &&$$ FRQ WHQGHQFLDV
FHQWUDOL]DGRUDVRGHQHRFHQWUDOLVPRGHEDVHUHJLRQDOHQUHODFLyQFRQHVWRVPLV
PRVQLYHOHVGH*RELHUQR\$GPLQLVWUDFLyQ(QWRGRFDVRHODQiOLVLVOHJDOHLQV
WLWXFLRQDOGHORVGLIHUHQWHVQLYHOHVGH*RELHUQR\$GPLQLVWUDFLyQHQOD(VSDxD
&RPXQLWDULD DVt FRPR VX UHIHUHQFLD D OD UHDOLGDG JDOOHJD QRV PXHVWUD FODUD
PHQWHXQPDSDLJXDOPHQWHPXOWLQLYHOPXOWLRUJDQL]DWLYRHLQWHUJXEHUQDPHQWDO
TXHH[SRQHPRVDFRQWLQXDFLyQ
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,6LVWHPD3ROtWLFR$GPLQLVWUDWLYR8((VSDxD
$*(&&$$((//
3ODQWHDPLHQWR
*OREDO
$$33&&
3ODQWHDPLHQWR
5HJLRQDO/RFDO
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
&LHQFLDGHOD
$GPLQLVWUDFLyQ
8QLyQ(XURSHD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR&RPXQLGDGHV$XWyQRPDV*RELHUQRV\$GPLQLVWUDFLRQHV/RFDOHV
*DOLFLD;XQWD \*RELHUQRV\$GPLQLVWUDFLRQHV/RFDOHV
&,8'$'$126
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
/D8QLyQ(XURSHD$GPLQLVWUDFLyQGH$GPLQLVWUDFLRQHV
,QWURGXFFLyQ+LVWyULFD
(OSULPHUSUREOHPDTXHSODQWHDOD8QLyQ(XURSHDHVHOHQIRTXHGHVGH HO
FXDO VH DERUGD VX HVWXGLR \D TXH QR TXHGD FODUD OD FDWHJRUtD HQ OD FXDO GHEH
LQFOXLUVH D VXV LQVWLWXFLRQHV $GPLQLVWUDFLRQHV 3~EOLFDV \ DFWLYLGDGHV SURJUD
PDV \ SROtWLFDV S~EOLFDV FXDQGR QRV GHFLGLPRV DERUGDUOD GHVGH ODV &LHQFLDV
6RFLDOHV 3DUD 2OPHGD \ 3DUUDGR OR TXH VL TXHGD FODUR HV TXH HQ
WRGRFDVRHVXQVLVWHPDSROtWLFRVLJXLHQGRD(DVWRQSXHVUHDOL]D
DFWRV GH VREHUDQtD \ FRPR KHPRV YLVWR HQ ORV DQWHULRUHV VLVWHPDV SROtWLFR
DGPLQLVWUDWLYRVWDPELpQLQIOX\HGHPDQHUDGHFLVLYDHQDFWXDFLRQHVGHORV(VWD
GRVPLHPEURVOOHJDQGRLQFOXVRDVHUQHFHVDULDODPRGLILFDFLyQGHVXVUHVSHFWLYRV
PDUFRV FRQVWLWXFLRQDOHV (VWR HV OR TXH ORV DXWRUHV GHQRPLQDQ FRPR IDOWD GH
GHILQLFLyQGHOPRGHORGHOD8(/D8QLyQ(XURSHDKDVLGRHWLTXHWDGDGHPXFKDV
IRUPDVRUJDQL]DFLyQLQWHUQDFLRQDOPHQRVTXHXQDIHGHUDFLyQ\PiVTXHXQUpJL
PHQ VLVWHPD GH FRQFRUGDWR 8QLyQ VXSUDQDFLRQDO DVRFLDFLyQ GH (VWDGR R
JRELHUQRSRUHQFLPDGHORV(VWDGRV$SHVDUGHODVGLIHUHQFLDVTXHVHSXHGDQDSUH
FLDUHQHVWDVHWLTXHWDVVHGHEHGHVWDFDUTXHOD8QLyQ(XURSHDUHDOL]DDFWRVGHVREH
UDQtD 2OPHGD \ 3DUUDGR (VWD GLILFXOWDG HQ VX GHQRPLQDFLyQ KD
VLGRHVJULPLGDLQFOXVRSRUDOJ~QH[SUHVLGHQWHGHOD&RPLVLyQTXHODKDOOHJDGR
DGHILQLUFRPRREMHWRSROtWLFRQRLGHQWLILFDGR&ORVD\)HUQiQGH]
(O SODQWHDPLHQWR GHO DSDUWDGR GHGLFDGR DO HVWXGLR GH OD 8QLyQ (XURSHD
SDUWHGHVXFRQVLGHUDFLyQFRPRVLVWHPDSROtWLFRDGPLQLVWUDWLYRSHFXOLDUFRQXQ
UDQJRKHWHURJpQHRTXHORVDXWRUHVFRQVLGHUDQTXHODOOHYDDVLWXDUVHFRPRXQD
PH]FOD GH HQWH VXSUDQDFLRQDO \ DGHPiV FRPR XQD RUJDQL]DFLyQ LQWHUJXEHUQD
PHQWDO2OPHGD\3DUUDGR3DUD%DOODUW\5DPLyODFD
UDFWHUtVWLFD IXQGDPHQWDO HV OD VXSUDQDFLRQDOLGDG TXH VH YH UHIOHMDGR HQ VX
GLVHxR LQVWLWXFLRQDO \ HQ HO TXH WDPELpQ DSDUHFHQ UDVJRV \ FDUDFWHUtVWLFDV GH
XQDRUJDQL]DFLyQLQWHUQDFLRQDO
(OLGHDULRHXURSHtVWD\ODFRQFLHQFLDGH(XURSDFRPRWDOQDFLyPXFKRVVL
JORVDWUiVYLQFXODGDDODE~VTXHGDGHODSD]3pUH]6iQFKH](QSOH
QR VLJOR ;; VH YD FRQIRUPDGR HVWH LGHDULR TXH VH FRQVROLGD HQ ORV PRPHQWRV
SRVWHULRUHVDOD,,*XHUUD0XQGLDOUHWRPDQGRODVLGHDVHXURSHLVWDVGHGpFDGDV
DQWHULRUHV &RXGHQKRYH.DOHUJL %ULDQG &KXUFKLOO \ DGDSWiQGRODV D XQ
FRQWLQHQWHGHYDVWDGRSRUODJXHUUDSRUSDUWHGHSHUVRQDOLGDGHVFRPR6FKXPDQ
0RQQHW $GHQDXHU 6SDDN GH *DVSHUL 3DUD 3pUH] 6iQFKH] (VWD
JHQHUDFLyQ DVSLUy D HQFRQWUDU XQ FDPLQR SDUD TXH HO 9LHMR &RQWLQHQWH HQWHUUDUD
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
$VDPEOHD(XURSHD\HO7ULEXQDOGH-XVWLFLD%HQH\WR3pUH]\%HFHUULO$WLHQ]D
(QSDUDOHOR\HQHOiPELWRDQJORVDMyQOLGHUDGDSRUHO5HLQR8QLGRVH
FRQVWLWX\y HQ RWUD iUHD GH GHVDUUROOR HFRQyPLFR LQWHJUDGD SRU $XVWULD
'LQDPDUFD 1RUXHJD 3RUWXJDO 6XHFLD \ 6XL]D GHQRPLQDGD $VRFLDFLyQ (XUR
SHDSDUDHO/LEUH&DPELR$(/&FRQXQFDUiFWHUSXUDPHQWHHFRQyPLFR\
FRQODILJXUDGHO&RQVHMRFRPRyUJDQRGHJRELHUQRGHHVWDRUJDQL]DFLyQLQWHU
QDFLRQDO3RVWHULRUPHQWH\GHELGRDOp[LWRHFRQyPLFRGHOD&((5HLQR8QL
GRVROLFLWyODHQWUDGDHQGLFKDRUJDQL]DFLyQTXHIXHGHQHJDGDSRUORVIUDQFHVHV
HQSRUPLHGRDSHUGHUOD SRVLFLyQ FHQWUDO TXH RFXSDGD HQ HO SURFHVR GH
LQWHJUDFLyQHXURSHD%HQH\WR3pUH]\%HFHUULO$WLHQ]D
(Q VH IXVLRQDQ ODV WUHV RUJDQL]DFLRQHV LQWHUQDFLRQDOHV HXURSHDV
&(&$&((\&(($DJUXSiQGRVHEDMRHOQRPEUHGH&RPXQLGDG(X
URSHD &( \ KRPRJHQHL]DQGR VXV LQVWLWXFLRQHV GH JRELHUQR XQD &RPLVLyQ
XQ&RQVHMRGH0LQLVWURV\XQ3DUODPHQWR(QOD&XPEUHGHOD+D\DVHFRQVL
JXLy SURIXQGL]DU HQ HO GHVDUUROOR LQVWLWXFLRQDO FRPXQLWDULR D WUDYpV GH WUHV Ot
QHDV GH WUDEDMR 2OPHGD \ 3DUUDGR FLWDQGR D GH 5X\W
DSUREDFLyQGHOLQJUHVRGHO5HLQR8QLGR,UODQGD\'LQDPDUFDILQDOL]DFLyQGHO
SURFHVR GH SURKLELFLyQ GH DUDQFHOHV DGXDQHURV LQLFLR GHO PDUFR GH OD XQLyQ
PRQHWDULD\HFRQyPLFDHXURSHDFRQHOHFXFRPRPRQHGDGHUHIHUHQFLD3RU
RWURODGRVHFRQVROLGyOD8QLyQ$GXDQHUDHQDGHODQWiQGRVHHQGRVDxRV
DODIHFKDSUHYLVWD%HQH\WR3pUH]\%HFHUULO$WLHQ]D
(QODGpFDGDGHORVVHUHIXHU]DQODVLQVWLWXFLRQHVGHOD&(FRQODSDUWL
FLSDFLyQ GH ORV -HIHV GH (VWDGR \R *RELHUQR HQ ODV FXPEUHV FRPXQLWDULDV D
WUDYpVGHO&RQVHMR(XURSHR\HQSDUDOHORVHHVWDEOHFtDXQHTXLOLEULRGHJREHU
QDELOLGDGTXHSHUPLWtDTXHDOSRGHUSROtWLFRGHHVWDLQVWLWXFLyQVHDxDGLHUDXQ
SRGHU HOHFWLYR FRQ OD DSUREDFLyQ GHO VXIUDJLR XQLYHUVDO SDUD ORV GLSXWDGRV GHO
3DUODPHQWR(XURSHRFRQXQDVSULPHUDVHOHFFLRQHVHQIUXWRGHO,QIRUPH
7LQGHPDQV%HQH\WR3pUH]\%HFHUULO$WLHQ]D
<DHQORVDxRVVHSURGXFHXQDUHYLWDOL]DFLyQGHODLQWHJUDFLyQHXURSHD
SURGXFLGD SRU 2OPHGD \ 3DUUDGR FLWDQGR D &ORVD +DQ
FRFN3HWHUVODVUHSHUFXVLRQHVGHODFULVLVHFRQyPLFDLQWHUQD
FLRQDO \ HO IHQyPHQR GH OD LQIODFLyQ HO QRPEUDPLHQWR GH 'HORUV FRPR
SUHVLGHQWHGHOD &RPLVLyQ (XURSHD HQ \ OD WUDQVIRUPDFLyQ GH OD &( GH
]RQD GH OLEUH FRPHUFLR D XQD UHJLyQ FRQ XQ PHUFDGR LQWHJUDGR HO LQWHQWR GH
UHYLWDOL]DFLyQGHODILJXUDGHO3DUODPHQWR(XURSHR\VXLQFOXVLyQGHILQLWLYDHQHO
SURFHVRGHWRPDGHFLVLRQHVODSURIXQGL]DFLyQHQODSROtWLFDGHVHJXULGDGGHOD
(XURSD2FFLGHQWDOHQHQIUHQWDPLHQWRFRQODSROtWLFDGHJXHUUDIUtDHQODTXH
SHUVLVWtD(VWDGRV8QLGRVODDPSOLDFLyQGHOD&(KDFLDHO0HGLWHUUiQHRFRQOD
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
4XLQFH SDtVHV PLHPEURV DVt FRPR DVXPLU HO UHWR GH DPSOLDU VX iPELWR GH LQ
IOXHQFLDPRGLILFDQGR\DGDSWDQGRVXVHVWUXFWXUDVOHJDOHVLQVWLWXFLRQDOHV\SR
OtWLFRDGPLQLVWUDWLYDV D ORV SDtVHV GHO HQWRUQR RULHQWDO HXURSHR TXH DFDEDUiQ
LQFRUSRUiQGRVHDOD8QLyQHQHODxR
+LWRVGHOD&RQVWUXFFLyQ(XURSHD
&RQVWLWXFLyQ GH OD 8QLyQ 2FFLGHQWDO FRQ HO QRPEUH GHILQLWLYR GH 8QLyQ
(XURSHD2FFLGHQWDO8(2DSDUWLUGH
&UHDFLyQGHOD2UJDQL]DFLyQGHO7UDWDGRGHO$WOiQWLFR1RUWH27$1
&UHDFLyQGHOD&RPXQLGDG(XURSHDSDUDHO&DUEyQ\HO$FHUR&(&$
(QWUDGDHQYLJRUGHO7UDWDGRGHOD8(2
7UDWDGRV GH 5RPD SDUD OD FUHDFLyQ GH OD &RPXQLGDG (FRQyPLFD (XURSHD
&((\GHOD&RPXQLGDG(XURSHDSDUDOD(QHUJtD$WyPLFD&(($
(QWUDGDHQYLJRUGHORV7UDWDGRVGH5RPD
&RQVWLWXFLyQGHOD$VRFLDFLyQ(XURSHDSDUDHO/LEUH&DPELR$(/&
6ROLFLWXGGH,UODQGD'LQDPDUFD\5HLQR8QLGRGHDGKHVLyQDODV&RPXQL
GDGHV(XURSHDV
)LUPDGHOWUDWDGRGHDPLVWDGIUDQFRDOHPiQ
7UDWDGRGHIXVLyQGHORVSRGHUHVHMHFXWLYRVGHODVWUHV&RPXQLGDGHV
)UDQFLDQRDVLVWHDO&RQVHMRGH0LQLVWURVDOQRDFHSWDUODVSURSXHVWDVGHOD
&RPLVLyQUHODWLYDVDODILQDQFLDFLyQGHOSUHVXSXHVWR
)XVLyQ GH OD &(&$ &(( \ OD &(($ HQ OD &RPXQLGDG (XURSHD
&(
'HFLVLyQGHO&RQVHMRUHODWLYDDODFUHDFLyQGHORVUHFXUVRVSURSLRVGHOD&(
7UDWDGRGH/X[HPEXUJRSDUDLQFUHPHQWDUODVFRPSHWHQFLDVSUHVXSXHVWDULDV
GHOD$VDPEOHDSDUODPHQWDULD
,QJUHVRGHO5HLQR8QLGR'LQDPDUFDH,UODQGDHQOD&(
&UHDFLyQGHO&RQVHMR(XURSHR
&RPSURPLVRGHFRQYRFDUHOHFFLRQHVGLUHFWDVSDUDHO3DUODPHQWR(XURSHR
3ULPHUDVHOHFFLRQHVGHO3DUODPHQWR(XURSHRSRUVXIUDJLRXQLYHUVDO\GLUHFWR
,QJUHVRGH*UHFLDHQOD&(
(O3DUODPHQWR(XURSHRSUHVHQWDHO3UR\HFWRGH7UDWDGRUHODWLYRDOD8QLyQ
(XURSHD
(OHFFLRQHVDO3DUODPHQWR(XURSHR
(QULTXH-RVp9DUHODOYDUH]
,QJUHVRGH(VSDxD\3RUWXJDOHQOD&(
)LUPDGHO$FWDQLFD(XURSHDTXHPRGLILFDHO7UDWDGRGH5RPD
(QWUDGDHQYLJRUGHO$FWDQLFD(XURSHD
5HXQLILFDFLyQ$OHPDQD
'HVDSDUHFHOD8QLyQ6RYLpWLFD
)LUPDGHO7UDWDGRGHOD8QLyQ(XURSHD0DDVWULFKW
(QWUDGDHQYLJRUGHO7UDWDGRGHOD8QLyQ(XURSHD
&UHDFLyQGHO&RPLWpGHODV5HJLRQHV
&UHDFLyQGHO'HIHQVRUGHO3XHEOR
(QWUDGD HQ YLJRU GHO DFXHUGR GH 6FKHQJHQ SRU HO TXH VH DSUXHED OD OLEUH
FLUFXODFLyQGHSHUVRQDVHQWUH)UDQFLD$OHPDQLD%pOJLFD3DtVHV%DMRV/X
[HPEXUJR,WDOLD(VSDxD3RUWXJDO\*UHFLD
$PSOLDFLyQGHOD8QLyQ(XURSHD'HOD(XURSDGHORV'RFHDOD(XURSDGH
ORV4XLQFH$XVWULD)LQODQGLD\6XHFLD
)LUPDGHO7UDWDGRGH$PVWHUGDPHQYLJRUGHVGH
)LUPDGHO3DFWRGH(VWDELOLGDG
(VWDGRVPLHPEURVDGRSWDQODPRQHGD~QLFD$OHPDQLD$XVWULD%pOJLFD
(VSDxD)LQODQGLD)UDQFLD,UODQGD,WDOLD/X[HPEXUJR3DtVHV%DMRV\3RU
WXJDO
1HJRFLDFLyQ GH OD $JHQGD \ GLVHxR GHO PDUFR HFRQyPLFR KDVWD HO
HLQLFLRGHOSURFHVRGHLQWHJUDFLyQGHWHUFHURVSDtVHV
)LUPDGHO7UDWDGRGH1L]DHQSURFHVRGHUDWLILFDFLyQSRUSDUWHGHDOJXQRV
(VWDGRVPLHPEURV
(QWUDGDHQYLJRUGHOHXURFRPRPRQHGDFRP~QGHORVTXLQFHSDtVHVPLHP
EURV GH OD 8QLyQ (XURSHD H[FHSWXDQGR *UDQ %UHWDxD 'LQDPDUFD \ 6XH
FLD
7UDEDMRVVREUHODUHIRUPDGHODVHVWUXFWXUDVOHJDOHVLQVWLWXFLRQDOHV\SROtWL
FRDGPLQLVWUDWLYDV GH OD 8QLyQ (XURSHD SDUD DGDSWDU VXV LQVWLWXFLRQHV D OD
SUy[LPDLQWHJUDFLyQGHORVIXWXURVSDtVHVPLHPEURVHQHO
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
,QVWLWXFLRQHV3ROtWLFDV\$GPLQLVWUDWLYDVGHOD8QLyQ(XURSHD
2OPHGD\3DUUDGR\&ORVD\)HUQiQGH]SDUWHQ GH
ODEDVHGHTXHODVLQVWLWXFLRQHVHXURSHDVVHPDQWLHQHQHQWUHODGLFRWRPtDGHOD
VREHUDQtD QDFLRQDO GH ORV (VWDGRV PLHPEURV \ HO VXSUDQDFLRQDOLVPR QHFHVDULR
SDUDTXHOD8QLyQIXQFLRQHGHIRUPDFRP~Q\DTXHFRPRVHxDODQ(QHOVLVWH
PDGHOD8(VHDGRSWDQGHFLVLRQHVVREHUDQDVVHFRPELQDQLQVWLWXFLRQHVVXSUDQDFLR
QDOHV FRQ LQVWLWXFLRQHV LQWHUJXEHUQDPHQWDOHV \ ODV LQVWLWXFLRQHV \ ODV IXQFLRQHV GHO
SRGHUHMHFXWLYRVHHQFXHQWUDQGLYLGLGDVHQHOSODQRLQVWLWXFLRQDO 6LQ HPEDUJR ODV
LQVWLWXFLRQHVHXURSHDVUHSUHVHQWDQODIXHU]DGHXQDRUJDQL]DFLyQVXSUDQDFLRQDO
H LQWHUJXEHUQDPHQWDO TXH GHVDUUROOD ODV WDUHDV GHILQLGDV SRU ORV FLXGDGDQRV \
SRUORVSROtWLFRVUHSUHVHQWDQWHVGHORV(VWDGRVPLHPEURVHQORVGLIHUHQWHVVHQRV
$FRQWLQXDFLyQVHGHVFULELUiQEUHYHPHQWHODVSULQFLSDOHVFDUDFWHUtVWLFDVGHVXV
LQVWLWXFLRQHV SROtWLFDV \ DGPLQLVWUDWLYDV 2OPHGD \ 3DUUDGR
%DOODUW \ 5DPLy &ORVD \ )HUQiQGH] \ &DQFHOD
/D&RPLVLyQHVHOyUJDQRHMHFXWLYRGHOD8QLyQ(XURSHD\WLHQHXQFDUiF
WHUVXSUDQDFLRQDOVLHQGRORPiVSDUHFLGRDXQ*RELHUQRFRPXQLWDULR&ORVD\
)HUQiQGH]6HFRPSRQHGHXQyUJDQRSROtWLFR\RWURDGPLQLVWUDWLYR
GH DSR\R FRQ OD PLVLyQ SULQFLSDO GH DVHJXUDU TXH ODV SROtWLFDV GH OD 8( VH
DGDSWDQDORV7UDWDGRV2OPHGD\3DUUDGRDGHPiVLQLFLDHOSURFHVR
SROtWLFR \ HMHFXWD ORV SURJUDPDV DSUREDGRV SRU OD 8( %DOODUW \ 5DPLy
6X LPSRUWDQFLD HQ HO FRQMXQWR GH LQVWLWXFLRQHV FRPXQLWDULDV OD KD
OOHYDGRDHVWDUVLHPSUHHQHOFHQWURGHODVFULVLVFXDQGRHOHXURSHLVPRHVWiHQ
KRUDVEDMDV3DUDHOOROD&RPLVLyQWLHQHGLIHUHQWHVIRUPDVGHDFWXDFLyQSRGHU
GH LQLFLDFLyQ SRGHU GH LPSODQWDFLyQ PHGLDFLyQ HQWUH LQWHUHVHV QDFLRQDOHV
JHVWLyQSUHVXSXHVWDULDJHVWLyQGHODVUHODFLRQHVH[WHULRUHV2OPHGD\3DUUDGR
FLWDQGR D 0F&RUPLFN /DV IXQFLRQHV SULQFLSDOHV
GHOD&RPLVLyQVRQVHUHOJXDUGLiQGHORVWUDWDGRVLQLFLDUODOHJLVODFLyQFRPX
QLWDULDDFWXDUFRPRXQ(MHFXWLYR\UHSUHVHQWDUDOD8(HQHOH[WHULRU&ORVD
\)HUQiQGH]/RVGRVSULQFLSDOHVyUJDQRVGHOD&RPLVLyQVRQ
UJDQRSROtWLFR(OSULPHURHVXQyUJDQRFROHJLDGRFRPSXHVWRSRUHO
3UHVLGHQWH YDULRV 9LFHSUHVLGHQWHV \ XQ Q~PHUR GH DSUR[LPDGR GH XQ
&RPLVDULR SRU (VWDGR PLHPEUR &RPLVDULRV XQR GH FDGD (VWDGR
PLHPEURPiVRWURDGLFLRQDOSDUDORVFLQFRJUDQGHV$OHPDQLD)UDQFLD,WD
OLD5HLQR8QLGR\(VSDxD&ORVD\)HUQiQGH](O3UHVLGHQWH
GHOD&RPLVLyQHVXQSULPXVLQWHUSDUHVHQWUHORVPLHPEURVGHOD&R
PLVLyQHOHJLGRSRUORV*RELHUQRVGHORV(VWDGRVSUHYLDFRQVXOWDFRQHO
3DUODPHQWR(XURSHRQRQHFHVDULDPHQWHHQWUHHOFROHJLRGHFRPLVDULRV
(QULTXH-RVp9DUHODOYDUH]
VLQR SRU DFXHUGR GH ORV (VWDGRV PLHPEURV 6XV IXQFLRQHV SULQFLSDOHV
HVWiQDVRFLDGDVDUHSUHVHQWDUDOD8(HQHOH[WHULRU\HVWDUSUHVHQWHHQ
ODVUHXQLRQHVGHO&RQVHMR(XURSHR3RUVXSDUWHORV&RPLVDULRVVRQHOH
JLGRV HQWUH SHUVRQDV GH UHFRQRFLGR SUHVWLJLR SURIHVLRQDOHV H LQGHSHQ
GLHQWHV\DTXHHVWRVJR]DQGHDXWRQRPtDGHORV(VWDGRV\ORV*RELHUQRV
DORVTXHSHUWHQHFHQSRUTXHOD&RPLVLyQHVHOJRELHUQRGHORV(VWDGRV
PLHPEURVUHSUHVHQWDQGRORVLQWHUHVHVGHOD8QLyQDXQTXHHVWDHVXQD
SRVLFLyQ GLItFLO GH PDQWHQHU (O &RPLVDULR VyOR SXHGH VHU GHVWLWXLGR
SRU HO 7ULEXQDO GH -XVWLFLD GH OD &RPXQLGDG (XURSHD D SHWLFLyQ GHO
&RQVHMR GH 0LQLVWURV R SRU OD SURSLD &RPLVLyQ 2OPHGD \ 3DUUDGR
UJDQR DGPLQLVWUDWLYR &RPSXHVWR SRU XQD 6HFUHWDUtD *HQHUDO FRRU
GLQDWRGRHOWUDEDMRGHOD&RPLVLyQJDELQHWHVGHDSR\RDORVFRPLVD
ULRV PDQWLHQH LQIRUPDGR DO FRPLVDULR VREUH FXHVWLRQHV LQWHUQDV \
H[WHUQDV GH LQWHUpV GH VX iUHD GH DFWXDFLyQ \ GLUHFFLRQHV JHQHUDOHV
TXHDVXYH]VRQGLYLGLGDVHQXQLGDGHVGHDVHVRUDPLHQWRVWDII\HQ
DOJXQDV RFDVLRQHV FRQ XQ GLUHFWRU JHQHUDO DGMXQWR %DOODUW \ 5DPLy
/DViUHDVSROtWLFDVGHOD&RPLVLyQVRQXQWRWDOGHGRQGH
ODV PiV LPSRUWDQWHV VRQ ODV 'LUHFFLRQHV *HQHUDOHV GH UHODFLRQHV H[WH
ULRUHV'*,LQGXVWULD'*,,,\ DJULFXOWXUD '*9, SRU HO FRQWUDULR
ODV TXH PHQRV SHVDQ HQ HO FRQMXQWR GH OD &RPLVLyQ VRQ SHVFD
'*;,9 HQHUJtD '*;9,, \ HGXFDFLyQ '* ;;,, 2OPHGD \ 3D
UUDGR%DOODUW\5DPLy
(O&RQVHMRGH0LQLVWURVR&RQVHMRGHOD8QLyQ(XURSHDFRQVDJUDGRHQHO
7UDWDGRGH0DDVWULFKWHVODRWUDLQVWLWXFLyQMXQWRFRQOD&RPLVLyQFRQSRGHU
HMHFXWLYRUHOHYDQWHHQOD8(\OXJDUGRQGHVHDGRSWDQODVSULQFLSDOHVGHFLVLR
QHVGH ORV (VWDGRV PLHPEURV /D FRPSRVLFLyQ GHO &RQVHMR GH 0LQLVWURV HV GH
XQUHSUHVHQWDQWHGHFDGD(VWDGRPLHPEURHQHOFXDOVHLQFOX\HQORV/lQGHUVL
VRQFRPSHWHQWHVHQODVPDWHULDVTXHHO&RQVHMRYD\DDGLVFXWLUORTXHVLJQLILFD
TXH UHSUHVHQWDQ GLUHFWDPHQWH D ORV (VWDGRV PLHPEURV 2OPHGD \ 3DUUDGR
/DHVWUXFWXUDGHO&RQVHMRGH0LQLVWURVHVWiIRUPDGDSRUPLHPEURV
WHPSRUDOHVGHQDWXUDOH]DSROtWLFDFDUJRVSROtWLFRVGHORV0LQLVWHULRVGHORV(V
WDGRV PLHPEURV 0LQLVWURV R GHOHJDGRV GH HOORV \ PLHPEURV SHUPDQHQWHV HQ
FDUJDGRV GH OD JHVWLyQ GLDULD VRQ HQ UHDOLGDG OD HVWUXFWXUD DGPLQLVWUDWLYD GHO
&RQVHMR GH 0LQLVWURV TXH HVWi IRUPDGD SRU HO &RPLWp GH 5HSUHVHQWDQWHV 3HU
PDQHQWHV&25(3(5OD6HFUHWDUtD*HQHUDO\GLIHUHQWHVFRPLWpV\JUXSRVGH
WUDEDMRHVSHFtILFRV$GHPiVGHORVPLHPEURVWHPSRUDOHV\SHUPDQHQWHVOD&R
PLVLyQ QRPEUD XQ UHSUHVHQWDQWH TXH GHILHQGH ORV LQWHUHVHV GH OD 8( HQ VX
VHQR 0HQFLyQ DSDUWH PHUHFH HO &25(3(5 FRPR yUJDQR GH UHSUHVHQWDFLyQ
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
GHO&RQVHMRUHVSRQVDEOHGHOVHJXLPLHQWRGHODVGHFLVLRQHVHQOD&RPLVLyQ\GHO
DQiOLVLV GH OD OHJLVODFLyQ TXH HPDQD GH HOOD $X[LOLD DO &RQVHMR HQ OD SUHSDUD
FLyQGHODDJHQGD\JHVWLyQGHVXVUHXQLRQHVDWUDYpVGHHQFXHQWURVVHPDQDOHV
DFWXDQGRGHHQODFHHQWUH%UXVHODV\ORV(VWDGRVPLHPEURV6XIXQFLyQSULQFLSDO
HVOD GHGHVDUUROODUODV SRVWXUDV SDUWLFXODUHV GH ORV (VWDGRV PLHPEURV VREUH ODV
FXHVWLRQHV TXH YD\DQ VXUJLHQGR HQ OD DJHQGD SROtWLFD GH OD 8( $GHPiV GHO
&25(3(5 OD 6HFUHWDUtD *HQHUDO HV HO RWUR JUDQ yUJDQR DGPLQLVWUDWLYR GH
DSR\RDO&RQVHMRGH0LQLVWURVIRUPDGRSRUXQJUDQQ~PHURGHIXQFLRQDULRVOD
PD\RUSDUWHGHHOORVWUDGXFWRUHVLQWpUSUHWHV\ SHUVRQDOGHVHUYLFLR6XPLVLyQ
HV OD GH JHVWLRQDU OD DJHQGD GHO &RQVHMR GH 0LQLVWURV HQ FRODERUDFLyQ FRQ HO
&25(3(5 'HO &RQVHMR GH 0LQLVWURV HPDQDQ ODV QRUPDV FRPXQLWDULDV HQ
IRUPDGH5HJODPHQWRV\'LUHFWLYDV
(QWHUFHUOXJDUHQWUHODVLQVWLWXFLRQHVFRPXQLWDULDV\QRQHFHVDULDPHQWH
SRURUGHQGHLPSRUWDQFLDVHVLW~DHO&RQVHMR(XURSHRTXHDXQTXHQRHVXQD
LQVWLWXFLyQ HQ VHQWLGR HVWULFWR &ORVD \ )HUQiQGH] \ 2OPHGD \ 3D
UUDGRGLVSRQHGHXQJUDQSRGHU\HVXQDFWRUFODYHGHOSURFHVRGH
LQWHJUDFLyQHXURSHDGHVGHKDFHWUHVGpFDGDV(QHVWHyUJDQRGHUHSUHVHQWDFLyQ
GHORVLQWHUHVHVQDFLRQDOHVVHUH~QHQORV-HIHV GH (VWDGR \ GH *RELHUQR GH ORV
(VWDGRVPLHPEURVQDFLHQGRFRQHOILQGHSURIXQGL]DUHQHOSURFHVRGHLQWHJUD
FLyQHXURSHDTXHGHVGHGHVDUUROODQGHIRUPDGLUHFWDORVPi[LPRVUHVSRQ
VDEOHV SROtWLFRV GH ORV SDtVHV PLHPEURV GH OD 8( /D 3UHVLGHQFLD GHO &RQVHMR
(XURSHR\GHO&RQVHMRGH0LQLVWURVHVURWDWRULDHQSHUtRGRVGHVHLVPHVHVFRQ
UHXQLRQHVGHORV-HIHVGH(VWDGR\GH*RELHUQRHQORVPHVHVGHMXQLR\GLFLHP
EUHGHFDGDDxRDXQTXHVHSXHGHQHVWDEOHFHUUHXQLRQHVH[WUDRUGLQDULDV(VWRV
HQFXHQWURV VH KDQ FRQIRUPDGR FRPR ORV YHUGDGHURV LPSXOVRUHV GH OD LQWHJUD
FLyQ\GHODVOtQHDVGHWUDEDMRHVWUDWpJLFDVGHOD8QLyQHQORV~OWLPRVDxRV3DUD
2OPHGD\ 3DUUDGR/D FUHFLHQWH LPSRUWDQFLD GHO &RQVHMR (XURSHR VH
GHEHIXQGDPHQWDOPHQWHDO SURWDJRQLVPR GH VXV UHSUHVHQWDQWHV OD FDSDFLGDG SROtWLFD
GLVFUHFLRQDOGHODTXHGLVSRQHHOyUJDQRSDUDVROXFLRQDUORVSUREOHPDV\SDUDGHVDWDV
FDUDOJXQDVGHFLVLRQHVTXHKD\DQDOFDQ]DGRXQSXQWRPXHUWR
(O3DUODPHQWR(XURSHRHVHOyUJDQRGHOHJLWLPLGDGGHPRFUiWLFDPiVSXUR
GHOD8QLyQ(XURSHDDXQTXHQRKDHVWDGRH[HQWRGHSUREOHPDV&ORVD\)HU
QiQGH]UHSUHVHQWDQGRORVLQWHUHVHVGHORVFLXGDGDQRVGHOD8(\
FRQWURODQGRMXQWRFRQHO&RQVHMRGH0LQLVWURVODJHVWLyQ\ODVSURSXHVWDVGHOD
&RPLVLyQ %DOODUW \ 5DPLy 6H FRQVWLWX\H FRPR XQD DVDPEOHD VX
SUDQDFLRQDOFRQPLHPEURVHOHJLGRVEDMRODIyUPXODGHVXIUDJLRXQLYHUVDOHQOD
TXHHVWiQUHSUHVHQWDGRVWRGRVORV(VWDGRVPLHPEURVFRQXQQ~PHURGHGLSXWD
GRV SURSRUFLRQDOHV D VX SREODFLyQ 3RU RWUR ODGR ODV VHGHV GHO 3DUODPHQWR
(XURSHR VRQ WUHV (VWUDVEXUJR GRQGH VH FHOHEUDQ ORV SOHQRV GH FDUiFWHU UHJX
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
IUHQWH DO VHUYLFLR GH ORV FXDOHV HVWiQ VXV DSR\RV DGPLQLVWUDWLYRV 6HFUHWDULRV \
2ILFLDOHVGHORV&RQVHMRV%DOODUW\5DPLyFRPRRULJHQGHORVIXQ
FLRQDULRV PRGHUQRV %DHQD GHO $OFi]DU (VWRV &RQVHMRV VH FRPSOH
PHQWDQFRQXQDUHGGHDJHQWHVWHUULWRULDOHVTXHDGPLQLVWUDQMXVWLFLDFXLGDQGHO
SDWULPRQLRUHDO\UHFDXGDQWULEXWRVHQXQDFDGDYH]PiVGpELOHVWUXFWXUDPH
GLHYDO GH ,JOHVLD \ 9LOODV TXH YDQ FHGLHQGR DO SRGHU GHO 5H\ \ VX PDTXLQDULD
DGPLQLVWUDWLYD(QHOiPELWRWHUULWRULDOODVILJXUDVFODYHVHUDQORV9LUUH\HV\&R
UUHJLGRUHVFRPRUHSUHVHQWDQWHVGHO0RQDUFD\ORV$OFDOGHV\5HJLGRUHVFRPR
UHSUHVHQWDQWHVGHORV0XQLFLSLRV\VXVYHFLQRV%DOODUW\5DPLy(O
HTXLOLEULRTXHVHPDQWLHQHHQOD$GPLQLVWUDFLyQ3~EOLFDGHODpSRFDSRUODHQ
WUDGDGHODEXUJXHVtD\ODQREOH]DHQORVSXHVWRVFODYHVGHVXRUJDQL]DFLyQIXQ
GDPHQWDOPHQWHDWUDYpVGHODYHQWDGHRILFLRVHPSOHRVKRQRUtILFRVKDFHTXH
HO 5H\ SLHUGD SRGHU \ HO FRQWURO GHO DSDUDWR GH MXVWLFLD %DHQD GHO $OFi]DU
3HVHDHOOROD$GPLQLVWUDFLyQ UHDO VLJXH FUHFLHQGR KDVWD OD 5HYROX
FLyQ)UDQFHVDORTXHOOHYDDODQHFHVLGDGGHLQFUHPHQWDUHODSDUDWRDGPLQLVWUD
WLYRHQFDUJDGRGHJHVWLRQDUHVDKDFLHQGD\DOHQWRUQRUHDO%DHQDGHO$OFi]DU
(Q(VSDxDOD$GPLQLVWUDFLyQFHQWUDOGHO$QWLJXR5pJLPHQWLHQH
XQDVHULHGHILJXUDVFODYHTXHGHVDUUROODQVXVIXQFLRQHVDOODGRGHO5H\HQWUHODV
TXHGHVWDFDQHO&RQVHMR5HDOGH&DVWLOODFRPRSULPHUDLQVWLWXFLyQDGPLQLVWUD
WLYDGHODpSRFD\ORV&RQVHMRVTXHVHRFXSDQGH RWUDVUDPDV DGPLQLVWUDWLYDV
FRPRIUDFFLRQDPLHQWRGHO&RQVHMR5HDOGH&DVWLOOD&RQVHMRVGH,QGLDV &RQ
VHMRGH(VWDGR +DFLHQGD ,QTXLVLFLyQ *XHUUD (VWRV &RQVHMRV HVWiQ IRUPD
GRV SRU QREOHV R FOHUR \ WLHQHQ DO IUHQWH OD ILJXUD GHO 6HFUHWDULR GHO &RQVHMR
DX[LOLDGR SRU HO 2ILFLDO 0D\RU FRQ FRPSHWHQFLDV FRQVXOWLYDV SHUR WDPELpQ
HMHFXWLYDV\GHMXVWLFLD(QHOVLJOR;9,,\GHELGRDODLQIOXHQFLDGHORVYDOLGRV
ORV6HFUHWDULRVSLHUGHQSRGHUORTXHSURGXFHXQGHFDLPLHQWRGHOD0RQDUTXtD\
HO QRPEUDPLHQWR GH QXHYDV ILJXUDV SROtWLFDV \ DGPLQLVWUDWLYDV 6HFUHWDULR GH
(VWDGR\6HFUHWDULRGHO'HVSDFKR8QLYHUVDO%DOODUW\5DPLy3RU
ORTXHVHUHILHUHDOD$GPLQLVWUDFLyQ HQORVWHUULWRULRVUHDOHVFRPHQWDUTXHHQ
HVWD pSRFD VLJOR ;9,, HO 5H\ FRQWUROD D ORV 0XQLFLSLRV D WUDYpV GH GLYHUVRV
DJHQWHV &DSLWDQHV *HQHUDOHV ,QWHQGHQWHV \ &RUUHJLGRUHV %DOODUW \ 5DPLy
TXH HMHUFHQ HO SRGHU HQ SDUDOHOR DO GH ORV $OFDOGHV \ ORV 5HJLGRUHV
%DHQDGHO$OFi]DU&RQHODYDQFHGHOVLJOR;9,,\ODVUHIRUPDVERU
EyQLFDVVHSURGXFHXQDSULPHUDFHQWUDOL]DFLyQVXSULPLpQGRVHORVGHUHFKRVS~
EOLFRVSDUWLFXODUHVH[FHSWR3DtV9DVFR\1DYDUUD\ODVLQVWLWXFLRQHVGHUHLQRV\
SULQFLSDGRVDIDYRUGHOSRGHUUHDOFRQPRGLILFDFLRQHVVXVWDQFLDOHVHQORVSDSH
OHV GH ORV 6HFUHWDULRV GH (VWDGR (Q HO FDVR GH ORV 0XQLFLSLRV VH PDQWLHQH HO
FRQWURO GH ORV &RUUHJLGRUHV \ VH GHVDUUROODQ ILJXUDV QXHYDV ORFDOHV FRPR ORV
6tQGLFRV3HUVRQHURV\'LSXWDGRVGHO&RP~QFRPRUHSUHVHQWDQWHVGHORVYHFL
QRV7RGRHVWRVXSRQHXQJUDQLQFUHPHQWRGHOSRGHUDGPLQLVWUDWLYRFHQWUDODVt
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
FRPRGHOJDVWRHQHOQ~PHURGHHPSOHDGRVTXHOOHYDDOD$GPLQLVWUDFLyQHVSD
xROD D OD UXLQD SHUR TXH WLHQH VX FRQWLQXLGDG KDVWD HO SULPHU WHUFLR GHO VLJOR
;,;%DHQDGHO$OFi]DU\%DOODUW\5DPLy
/D5HYROXFLyQ)UDQFHVD\OD$GPLQLVWUDFLyQ/LEHUDOVXSRQHHQSDODEUDV
GH%DOODUW\5DPLyODIRUPDFLyQGHODDFWXDO$GPLQLVWUDFLyQ3~EOLFD
\VXVLVWHPDGHSHUVRQDO3RURWURODGR%DHQDGHO$OFi]DUHVWLPDGH
LQWHUpVHODQiOLVLVGHOD$GPLQLVWUDFLyQHQHVWDVGRVGpFDGDVSRUTXHVXSRQHHO
SXHQWHDGPLQLVWUDWLYRHQWUHOD$GPLQLVWUDFLyQ3~EOLFDGHO$QWLJXR5pJLPHQ\
OD $GPLQLVWUDFLyQ /LEHUDO TXH HQ DOJXQRV FDVRV KD SHUGXUDGR KDVWD QXHVWURV
GtDV /RV DSUR[LPDGDPHQWH YHLQWH DxRV GH FDPELRV SROtWLFRV HFRQyPLFRV \
FXOWXUDOHV TXH SURGXFHQ OD 5HYROXFLyQ )UDQFHVD OOHYDQ DSDUHMDGDV JUDQGHV
WUDQVIRUPDFLRQHV DGPLQLVWUDWLYDV GH LQIOXHQFLD LQGXGDEOH HQ QXHVWUR VLVWHPD
SROtWLFRDGPLQLVWUDWLYR (VWDV WUDQVIRUPDFLRQHV VH FRQVWDWDQ D WUDYpV GH GRV
KLWRVILQDOL]DODLGHQWLILFDFLyQGHO(VWDGRFRQODSHUVRQDGHO5H\GDQGRFRPR
UHVXOWDGRXQD$GPLQLVWUDFLyQDOVHUYLFLRGHORVFLXGDGDQRV\VHSURGXFHXQD
MXULGLILFDFLyQGHODYLGDS~EOLFDDOLGHQWLILFDUVH(VWDGR\'HUHFKR%DHQDGHO
$OFi]DUORTXHSURYRFDXQDVXPLVLyQGHORVFLXGDGDQRV\GHODSURSLD
$GPLQLVWUDFLyQDODOH\(QSDODEUDVGH%DOODUW\5DPLyHVWDHYROX
FLyQVXSXVRDYDQ]DUHOFRQFHSWRGHVHUYLFLRS~EOLFRYLQFXODQGRDORVHPSOHDGRV
DO(VWDGR\QRDO5H\GRQGH(OIXQFLRQDULRSDVyDVHUXQIXQFLRQDULRDOVHUYLFLR
GHOSRGHUHMHFXWLYR
(QUHODFLyQFRQORVyUJDQRVGHSRGHUSROtWLFRDGPLQLVWUDWLYRVUHYROXFLRQD
ULRVGHVWDFDUHQ(VSDxDGHVGHOD-XQWD6XSUHPDGHO(VWDGRyUJDQRSH
ULyGLFRGHUHXQLyQGHORV6HFUHWDULRVGH'HVSDFKR8QLYHUVDO\DQWHFHGHQWHGHO
&RQVHMRGH0LQLVWURV<DHQVHSURGXFHODFUHDFLyQGHODILJXUDGHOVXEVH
FUHWDULRGHORV0LQLVWHULRVFRPRyUJDQRLQWHUPHGLRHQWUHHO0LQLVWUR\HO2IL
FLDO0D\RUPLHQWUDVTXHHQWLHQHOXJDUODFUHDFLyQGHORV0LQLVWHULRV\VXV
UHVSRQVDEOHVSROtWLFRDGPLQLVWUDWLYRVORV0LQLVWURVDLPDJHQ\VHPHMDQ]DIUDQ
FHVDEDMRORVFXDOHVVHXELFDEDQODVGLUHFFLRQHVJHQHUDOHVFRPRXQLGDGHVEiVL
FDVGHDFWXDFLyQ%DOODUW\5DPLy(QDOiPELWRORFDOHVHQHVWD
pSRFDFXDQGRVHDUWLFXODODGLYLVLyQWHUULWRULDOYLJHQWHKDVWDOD&RQVWLWXFLyQGH
\VXHVWUXFWXUDDXWRQyPLFDHVWDEOHFLpQGRVHODVSURYLQFLDV-DYLHUGH%XU
JRV$GHPiVVHLQFRUSRUDURQDODUHGSHULIpULFDGHO(VWDGRORV6XEGHOH
JDGRVGH)RPHQWRLQWHULRUTXHFDPELDURQVXGHQRPLQDFLyQHQSRUODGH
*REHUQDGRUHV &LYLOHV ORV FXDOHV JREHUQDEDQ ODV 3URYLQFLDV \ D OD $GPLQLVWUD
FLyQ ORFDO (Q HO FDVR GH ORV $\XQWDPLHQWRV GHVGH WHQtDQ XQ JRELHUQR
HOHFWRFRQHO$OFDOGHFRPRILJXUDSULQFLSDODOTXHDVLVWtDQORV&RQFHMDOHVTXH
HOHJtDQ DO SULPHUR SHUR TXH QRPEUDED HO 5H\ HQ 0XQLFLSLRV PD\RUHV GH
KDELWDQWHV %DOODUW \ 5DPLy $ SDUWLU GH \ KDVWD PHGLDGRV GHO
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
FR GH GHUHFKR HO *RELHUQR \ OD $GPLQLVWUDFLyQ S~EOLFD DFWXDO DUWtFXOR
&(\ODHVWUXFWXUDGHGHVFHQWUDOL]DFLyQWHUULWRULDOHQWRUQRDODV&RPXQLGDGHV
$XWyQRPDVDGHPiVGHUHFRQRFHUODDXWRQRPtDORFDOHQHOPDUFRFRQVWLWXFLR
QDOHYROXFLyQTXHVHUHDOL]yHQODVGRVGpFDGDVSRVWHULRUHVDVXSURPXOJDFLyQ\
DODFXDOD\XGyODHQWUDGDGH(VSDxDHQOD8QLyQ(XURSHDHQ%DOODUW\
5DPLy
&RPRFRQFOXVLyQ\DPRGRGHUHVXPHQGHHVWDLQWURGXFFLyQKLVWyULFDGH
OD$GPLQLVWUDFLyQHQ(VSDxDVHPXHVWUDORVJUDQGHVKLWRV\ODVLQVWLWXFLRQHV D
HOORVDVRFLDGRV%DOODUW\5DPLy
(WDSD
;,,,;9,
*UDQGHVFDPELRV
&RQVWUXFFLyQGHO(VWDGRQDFLyQ
+DFLHQGD(MpUFLWR0DULQD\-XVWL
FLDUHDO
&RQIXVLyQHQWUHiPELWRS~EOLFR\
OD&DVDGHO5H\
;9,,
$EVROXWLVPRPRQiUTXLFR
PHGLDGRV 2UJDQL]DFLyQSRUEXUHDXVRVHUYL
;9,,,
FLRVGHOD$GPLQLVWUDFLyQFHQWUDO
'HVDUUROORGHODFLHQFLDGHODSROL
FtD\GHODFDPHUDOLVWD
&RQVWLWXFLRQDOLVPR
&UHDFLyQGHOVLVWHPDPRGHUQRGH
HVWUXFWXUDFLyQGHOD$GPLQLVWUD
FLyQ
&UHDFLyQGHODVFDWHJRUtDVEiVLFDV
GHHPSOHDGRVS~EOLFRV
6HSDUDFLyQ3ROtWLFD
$GPLQLVWUDFLyQ
&UHDFLyQGHRUJDQLVPRVJHVWRUHVGH
VHUYLFLRV
'HVFRQFHQWUDFLyQWHUULWRULDOGHO
SRGHU
([SHULHQFLDVGHGHVFHQWUDOL]DFLyQ
HQOD$GPLQLVWUDFLyQ$XWRQyPLFD
R/RFDO
3URIHVLRQDOL]DFLyQGHODIXQFLyQ
S~EOLFD
,QVWLWXFLRQHVHVSHFtILFDV
&RQVHMRV
6HFUHWDULRVUHDOHV
9LUUH\HV
&RUUHJLGRUHV
9DOLGRV
-XQWDV
6HFUHWDULRVGH'HVSDFKR8QLYHUVDO
,QWHQGHQWHV
&RQVHMRGH0LQLVWURV
0LQLVWHULRGHO,QWHULRU)RPHQWR
%DQFR&HQWUDO\7ULEXQDOGH
&XHQWDV
6XEVHFUHWDULRV
3UHVXSXHVWRVPLQLVWHULDOHV
'LYLVLyQSURYLQFLDO
'LYLVLyQPLQLVWHULDOFRQWHPSRUi
QHD
2UJDQLVPRVDXWyQRPRV\HPSUHVDV
S~EOLFDV
&RQFLHUWRVHFRQyPLFRVYDVFRV\
0DQFRPXQLGDGGH&DWDOXxD
6XSUHVLyQGHODVFHVDQWtDV
(QULTXH-RVp9DUHODOYDUH]
(WDSD
*UDQGHVFDPELRV
&UHFLPLHQWR
&XHUSRVHVSHFLDOL]DGRV
3UHVWDFLyQ GH VHUYLFLRV VRFLDOHV \
UHJXODFLyQ GH OD DFWLYLGDG HFRQy
PLFD
5HSODQWHDPLHQWR\UHIRUPD
,QVWLWXFLRQHVHVSHFtILFDVFRQW
2UJDQLVPRV DXWyQRPRV HPSUHVDV
IXQGDFLRQHVDJHQFLDV
$GPLQLVWUDFLRQHVDXWRQyPLFDV
(QWHVGHFRRSHUDFLyQORFDO
$GPLQLVWUDFLyQHXURSHD
)XHQWH%DOODUW\5DPLy
/DV WHQGHQFLDV HQ FXDQWR D OD HYROXFLyQ GHO (VWDGR \ OD $GPLQLVWUDFLyQ
3~EOLFDDSULQFLSLRVGHOVHJXQGRPLOHQLR\DVXVHVWUXFWXUDVFHQWUDOHV\VXEQD
FLRQDOHVODVSODQWHDQ%DOODUW\5DPLyDWUDYpVGHXQHVTXHPDGH
UHODFLRQHVTXHUHVSRQGHDODVSUHJXQWDVGHTXpKDFHQTXLpQ\FyPRGHVDUUROODQ
ODVDFWLYLGDGHVGHO(VWDGRVHFWRUS~EOLFR\ORVWUHVPRGHORVPiVFODURVGH(V
WDGRHQODKLVWRULDFRQWHPSRUiQHDTXHVHUHVXPHHQHOVLJXLHQWHFXDGUR
(YROXFLyQGHO(VWDGR\FDPELRVHQOD$GPLQLVWUDFLyQ3~EOLFD
4Xp
)XQFLRQHVGHVREHUD
QtD\GHIRPHQWR
4XLpQ
(VWDGR~QLFRLQWpU
SUHWHGHOLQWHUpVJHQH
UDO
(VWDGRVXSHUSDUWHV
(VWDGRGHO
ELHQHVWDU
(VWDGRFRPRHPSUHVD
PRQRSROLVWDGHVHUYL
FLRVS~EOLFRVHVWDQGD
UL]DGRV
6LWXDFLyQ
DFWXDO\UHWRV
GHIXWXUR
7LPRQHDUSHURQR
UHPDU
3ODQLILFDFLyQILQDQ
FLDFLyQSURYLVLyQGH
VHUYLFLRVUHODFLRQDGRV
FRQODVIXQFLRQHVGH
VREHUDQtD
$QiOLVLVGHODVSROtWL
FDVFRQWUROGHOD
JHVWLyQ\HYDOXDFLyQ
GHUHVXOWDGRV
)UDJPHQWDFLyQGHO
(VWDGR~QLFR
3OXUDOLVPRDGPLQLV
WUDWLYR
$GPLQLVWUDFLyQFRPR
SDUWH
/HJLWLPDFLyQHVSHFLDO
GHULYDGDGHVXSRVL
FLyQ
3OXUDOLVPRDGPLQLV
WUDWLYR
7HUFHUVHFWRU\HPSUH
VDVSULYDGDV
$GPLQLVWUDFLyQORFDO
GHORVVHUYLFLRVGH
SUR[LPLGDG
(VWDGROLEHUDO
)XHQWH%DOODUW\5DPLy
&yPR
&RQFHSFLyQJDUDQWLVWD
GHORVGHUHFKRV
$FWXDFLyQSURFHGL
PHQWDOLVWD
%XURFUDFLDPDTXLQDO
%XURFUDFLDPDTXLQDO\
SURIHVLRQDO
,QIRUPDWL]DFLyQ
$GRSFLyQGHODLGHDGH
XVXDULRFOLHQWH\PHMR
UDGHODVUHODFLRQHV
FRQORVFLXGDGDQRV
$JHQFLDOL]DFLyQ
&RPSHWLWLYLGDGHQOD
SURYLVLyQ
1XHYDVIRUPDVGH
JHVWLyQS~EOLFDPiV
SUy[LPDVDODVGHO
VHFWRUSULYDGR
'HPRFUDWL]DFLyQGHOD
JHVWLyQYtDSDUWLFLSD
FLyQ
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
$GPLQLVWUDFLRQHV&HQWUDOHVHQ(VSDxD
7RGDYH]TXHVHKDGHVDUUROODGRHOHVTXHPDJHQHUDOLQWURGXFWRULRVREUHOD
$GPLQLVWUDFLyQ3~EOLFDHVSDxROD\VXUHODFLyQFRQHO(VWDGRFRQYLHQHUHSDVDU
ODV LQVWLWXFLRQHV DGPLQLVWUDWLYDV \ ODV GLIHUHQWHV ILJXUDV TXH KDQ YHQLGR UHDOL
]DQGRODODERUGHJHVWLyQGHODUHVSXEOLFDHQQXHVWURSDtV&RPHQ]DPRVSDUD
HOORSRUDQDOL]DUHO*RELHUQR*RELHUQR3UHVLGHQWHGHO*RELHUQR\0LQLVWURV
SDUD VHJXLGDPHQWH DQDOL]DU OD $GPLQLVWUDFLyQ GH pO GHSHQGLHQWH HQ VX QLYHO
FHQWUDOGHDFWXDFLyQODKR\GHQRPLQDGD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
0LQLVWHULRV\VXHVWUXFWXUDSHULIpULFD\IXQFLRQDO
(O*RELHUQRFRQVWLWXLGRSRUHO3UHVLGHQWHGHO*RELHUQR\VXV0LQLVWURV
SHUWHQHFHHQSDODEUDVGH%DHQDGHO$OFi]DUDOOODPDGR HVWDGRQX
FOHDURHVWDGRRUJDQL]DFLyQ([LVWHHQHOVLVWHPDSROtWLFRDGPLQLVWUDWLYRHVSDxRO
XQD GREOH WHQVLyQ HQWUH HO yUJDQR XQLSHUVRQDO GH JRELHUQR 3UHVLGHQWH \ HO
yUJDQRFROHJLDGRGHJRELHUQR&RQVHMRGH0LQLVWURVDXQTXHOD WHQGHQFLDKD
VLGRVLHPSUHDTXHSUHGRPLQDUDHOSULPHURGHHOORV$VtHO3UHVLGHQWHGLULJHOD
DFFLyQGHJRELHUQR\DVXyUJDQRFROHJLDGR\UHVSRQGHDQWHODV&iPDUDVSRUVX
JHVWLyQ DO IUHQWH GHO PLVPR /D FRRUGLQDFLyQ GH ORV GLIHUHQWHV PLHPEURV GHO
yUJDQRFROHJLDGRVHUHDOL]DDWUDYpVGHOORV9LFHSUHVLGHQWHV\0LQLVWURVTXHVRQ
QRPEUDGRV SRU HO 3UHVLGHQWH GLULJLHQGR DVt PLVPR ORV &RQVHMRV GH 0LQLVWURV
2OPHGD \ 3DUUDGR 3RU VX SDUWH %DOODUW \ 5DPLy \
PHQFLRQDQ OD LPSRUWDQFLD GHO OLGHUD]JR GH ORV 3UHVLGHQWHV GH ORV
GLIHUHQWHVJRELHUQRV HVSDxROHVGHPRFUiWLFRV\ODVYDULDGDVSRVLELOLGDGHVGHDF
FLyQHQWRUQRDVXVILJXUDVTXHYDQGHVGHHOJRELHUQRGHOtGHUIXHUWHJRELHUQR
GHHTXLSRRJRELHUQRGHFRQVHQVRTXHVH FRQVWDWD D WUDYpVGHO DQiOLVLVGHODV
ILJXUDVGHVXV9LFHSUHVLGHQWHVQ~PHURGHPLQLVWURV\SHUPDQHQFLDHQHOFDUJR
\ ORV JRELHUQRV GH FRDOLFLyQ (OORV 9LFHSUHVLGHQWHV SRU VX SDUWH UHDOL]DQ ODV
IXQFLRQHV TXH GHVLJQH HO 3UHVLGHQWH \ VL HV WLWXODU GH XQ 0LQLVWHULR GLULJH HO
PLVPRHQVXFRQGLFLyQGH0LQLVWUR2OPHGD\3DUUDGR
(O *RELHUQR HV XQD LQVWLWXFLyQ FROHJLDGD IRUPDGD SRU 3UHVLGHQWH 9LFH
SUHVLGHQWHHV\0LQLVWURVTXHDFW~DQGHIRUPDFROHJLDGDHQHO&RQVHMRGH0L
QLVWURVRHQODV&RPLVLRQHV'HOHJDGDV/DSULPHUDILJXUDFODYHGHO*RELHUQRHV
HO3UHVLGHQWH\HQWRUQRDpOODHVWUXFWXUDSROtWLFRDGPLQLVWUDWLYDTXHORDFRP
SDxD3UHVLGHQFLDGHO*RELHUQR2OPHGD\3DUUDGRGLVWLQJXHQ
FXDWURHWDSDVHQOD3UHVLGHQFLDGHO*RELHUQR
ODHWDSDFHQWULVWDFRQHO$GROIR6XiUH]\/HRSROGR&DOYR6RWHOR
OD SULPHUD HWDSD VRFLDOLVWD \ OD VHJXQGD HWDSD VRFLDOLVWD
FRQ)HOLSH*RQ]iOH]
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
'HQWURGHOD$GPLQLVWUDFLyQ1XFOHDUVHVLW~DQORVGHSDUWDPHQWRVPLQLVWH
ULDOHVTXHHVODRUJDQL]DFLyQRSHUDWLYDGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
\TXHUHSUHVHQWDQORVGLVWLQWRViPELWRVGHJHVWLyQVREUHORVTXHVHHVWUXFWXUDQODV
FRPSHWHQFLDV GH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR %DOODUW \ 5DPLy
'HVGHKDVWDODDFWXDOLGDGPXFKRVKDQVLGRORVFDPELRVHQODV
RUJDQL]DFLRQHV PLQLVWHULDOHV VLHPSUH HQ IXQFLyQ GH OD DJHQGD SROtWLFD \ HO
LQWHUpVGHO3UHVLGHQWHHQXQDXRWUDSROtWLFDS~EOLFDVLQHPEDUJRORTXHVHKD
PDQWHQLGRSUiFWLFDPHQWHLQDOWHUDEOHKDVWDVRQVXV yUJDQRV DGPLQLVWUDWL
YRV\IXQFLRQHV/D/H\GH2UJDQL]DFLyQ\ )XQFLRQDPLHQWRGHOD$G
PLQLVWUDFLyQ *HQHUDO GHO (VWDGR R /2)$*( PRGLILFD VXVWDQFLDOPHQWH OD
RUJDQL]DFLyQGHORV0LQLVWHULRVHQWUHORVTXHSRGHPRVHQFRQWUDUODVILJXUDVGH
ORV 0LQLVWURV 6HFUHWDUtDV GH (VWDGR FRPR yUJDQRV VXSHULRUHV 6XEVHFUHWDUtD
6HFUHWDUtDV *HQHUDOHV 6HFUHWDUtD *HQHUDO 7pFQLFD 'LUHFFLRQHV *HQHUDOHV \
6XEGLUHFFLRQHV *HQHUDOHV D VX YH] GLYLGLGDV HQ UHDV 6HUYLFLRV 6HFFLRQHV \
1HJRFLDGRV FRPR yUJDQRV GLUHFWLYRV WRGRV HOORV D H[FHSFLyQ GH ORV 6XEGL
UHFWRUHV*HQHUDOHV\DVLPLODGRVVRQ$OWRV&DUJRVGHOD$GPLQLVWUDFLyQ*HQHUDO
GHO (VWDGR 2OPHGD \ 3DUUDGR $ FRQWLQXDFLyQ VH GHVJUDQDQ
HVWRVyUJDQRVVXSHULRUHV\GLUHFWLYRV
UJDQRV6XSHULRUHV
0LQLVWUR6RQORVUHVSRQVDEOHVDGPLQLVWUDWLYRVGHORV0LQLVWHULRVFRQ
IXQFLRQHVGHGLUHFFLyQ\RUJDQL]DFLyQGHORVPLVPRV/RV0LQLVWURVHV
WiQDVHVRUDGRVSRUHO*DELQHWHMHIHGHJDELQHWH\DVHVRUHVFRQODPL
VLyQSULQFLSDOGHHODERUDUHVWXGLRV\SUHSDUDUORVGRFXPHQWRVGHWUDEDMR
GHORV0LQLVWURV
6HFUHWDULRV GH (VWDGR 6RQ XQD HVSHFLH GH YLFHPLQLVWURV VLHQGR XQD
ILJXUDTXHGHVGHVHKDJHQHUDOL]DGRHQORVGHSDUWDPHQWRVPLQLVWH
ULDOHV6HFRPSRQHQGH*DELQHWHTXHDVLPLOLWXGGHOPLQLVWHULDOVHHQ
FDUJDQGHVXDVHVRUDPLHQWR(QWUHVXVIXQFLRQHVGLULJLU\FRRUGLQDUODV
GLUHFFLRQHVJHQHUDOHVEDMRVXGHSHQGHQFLD\UHVSRQGHUDOFXPSOLPLHQWR
GHREMHWLYRVPDUFDGRVSRUHO0LQLVWURQRPEUDU\VHSDUDUGHVXDFWLYL
GDGDORVGLUHFWRUHVJHQHUDOHV
UJDQRV 'LUHFWLYRV 6RQ QRPEUDGRV HQWUH IXQFLRQDULRV UHVSRQGLHQGR D
FULWHULRVSURIHVLRQDOHV\HQIRUPDGHOLEUHGHVLJQDFLyQDH[FHSFLyQGHORV
6HFUHWDULRV*HQHUDOHVHQWUHHOORV
6XEVHFUHWDULRV (UDQ KDVWD OD OOHJDGD GH ORV 6HFUHWDULRV GH (VWDGR
ODILJXUDPiVLPSRUWDQWHGHO0LQLVWHULR\GHODVPiVDQWLJXDVGH
OD RUJDQL]DFLyQ PLQLVWHULDO VLJOR ;,; 6H UHVSRQVDELOL]D GH OD JHVWLyQ
(QULTXH-RVp9DUHODOYDUH]
GHORVVHUYLFLRVFRPXQHVHFRQyPLFDSHUVRQDOMXUtGLFDLQIRUPiWLFD
\GHODDJHQGDGHORV&RQVHMRVGH0LQLVWURVDWUDYpVGHVXSDUWLFLSDFLyQ
HQ OD &RPLVLyQ *HQHUDO GH 6HFUHWDULRV GH (VWDGR \ 6XEVHFUHWDULRV
&XHQWDQFRQXQ*DELQHWH7pFQLFRGHDSR\RFRQIXQFLRQHVGHDX[LOLRDO
0LQLVWURHQODSODQLILFDFLyQGHODVDFWLYLGDGHVGHVXGHSDUWDPHQWRHW
FpWHUD
6HFUHWDULRV*HQHUDOHV&RQHOPLVPRQLYHOIRUPDOTXHODV6XEVHFUHWD
UtDV\FRQFDUDFWHUtVWLFDVJHQHUDOHVVLPLODUHVDODV6HFUHWDUtDVGH(VWDGR
SHURFRQQLYHOLQIHULRUVyORVRQGLIHUHQWHVHQHOUDQJR7LHQHQIXQFLR
QHVGHGLUHFFLyQ\FRRUGLQDFLyQGHODV'LUHFFLRQHV*HQHUDOHVQRPEUDQ
\VHSDUDQGHOVHUYLFLRDORVVXEGLUHFWRUHVJHQHUDOHV
'LUHFWRUHV*HQHUDOHVVRQODVXQLGDGHVEiVLFDVGHRUJDQL]DFLyQPLQLV
WHULDO\DTXHGHHOODVGHSHQGHHOHMHUFLFLRGHODVFRPSHWHQFLDVFRQFUHWDVTXH
SRVHHQORVPLQLVWHULRV6RQORVPyGXORVIXQGDPHQWDOHVGHJHVWLyQGHOD$GPL
QLVWUDFLyQ*HQHUDOGHO(VWDGR%DOODUW\5DPLy7LHQHQXQD
JUDQGLYHUVLGDGGHFRPSHWHQFLDV\VXVIXQFLRQHVEiVLFDVVRQSURSRQHU
SUR\HFWRV SDUD FRQVHJXLU ORV REMHWLYRV GHO 0LQLVWHULR HMHUFHU ODV FRP
SHWHQFLDVTXHHVWLSXOHQODVQRUPDVGHFDUiFWHURUJDQL]DWLYRLPSXOVDU\
VXSHUYLVDU ODV DFWLYLGDGHV GH OD JHVWLyQ RUGLQDULD 'H ODV 'LUHFFLRQHV
*HQHUDOHVGHSHQGHQRUJDQL]DWLYDPHQWH\HQYHUWLFDO6XEGLUHFFLRQHV
*HQHUDOHV6HUYLFLRV6HFFLRQHV\1HJRFLDGRV HVWRV WUHV ~OWLPRV FRPR
-HIDWXUDV $GPLQLVWUDWLYDV ,QIHULRUHV VHJ~Q OD /2)$*( WRGR HOOR
SURYRFD HO IHQyPHQR GHQRPLQDGR LQIODFLyQ RUJiQLFD %DOODUW \ 5D
PLy
6HFUHWDULRV*HQHUDOHV7pFQLFRVGHSHQGHQGHODV6XEVHFUHWDUtDV\WLH
QHQHOPLVPRQLYHOIRUPDOTXHODV'LUHFFLRQHV*HQHUDOHVH[LVWHXQDHQ
FDGD6XEVHFUHWDUtDFRQIXQFLRQHVGHDVLVWHQFLDDO0LQLVWURSURGXFFLyQ
QRUPDWLYDSXEOLFDFLRQHVGHO0LQLVWHULR
/D$GPLQLVWUDFLyQ3HULIpULFDGHO(VWDGRHVWiFRPSXHVWDSRUORV'HOHJDGRV
GHO*RELHUQRHQODV&RPXQLGDGHV$XWyQRPDV\ORV6XEGHOHJDGRVGHO*RELHUQR
HQODV3URYLQFLDVDPERVyUJDQRVGLUHFWLYRVHVWRV~OWLPRVVXVWLWX\HQDORV*R
EHUQDGRUHV &LYLOHV WUDV OD HQWUDGD HQ YLJRU GH OD /2)$*( 2OPHGD \ 3D
UUDGR (VWD $GPLQLVWUDFLyQ 3HULIpULFD VXSRQH SXHV OD
SURORQJDFLyQ GH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR HQ HO WHUULWRULR ODERU
TXHVHUHDOL]DDWUDYpVGHXQFRQMXQWRGHRILFLQDV\DJHQWHVDGPLQLVWUDWLYRVGH
SHQGLHQWHV GH OD DGPLQLVWUDFLyQ QXFOHDU 7LHQHQ FRPR EDVH WHUULWRULDO OD &R
PXQLGDG $XWyQRPD \ HVWiQ UHSUHVHQWDGDV SRU OD 'HOHJDFLyQ GHO *RELHUQR
HMHUFLHQGRODGLUHFFLyQ\VXSHUYLVLyQGHORVVHUYLFLRV\RUJDQLVPRVGHOD$GPL
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
QLVWUDFLyQ *HQHUDO GHO (VWDGR HQ HO WHUULWRULR /DV 'HOHJDFLRQHV GHO *RELHUQR
WLHQHQ XQD WULSOH GHSHQGHQFLD SRU XQ ODGR HVWiQ DGVFULWDV DO 0LQLVWHULR GH
$GPLQLVWUDFLRQHV3~EOLFDVSRURWURGHSHQGHQGHOD3UHVLGHQFLDGHO*RELHUQR
SDUD ODV FXHVWLRQHV PiV SROtWLFDV H LQVWLWXFLRQDOHV DGHPiV HVWiQ YLQFXODGDV
GLUHFWDPHQWH DO 0LQLVWHULR GHO ,QWHULRU SDUD WRGDV ODV FXHVWLRQHV UHODFLRQDGDV
FRQOLEHUWDGHVS~EOLFDVVHJXULGDGSURWHFFLyQFLYLOH[WUDQMHUtD\SURFHVRVHOHF
WRUDOHV $QWHULRUPHQWH D ODV 'HOHJDFLRQHV GHO *RELHUQR VH OLPLWDEDQ D
FRRUGLQDU ODV UHGHV SHULIpULFDV GH OD $*( HQ OD DFWXDOLGDG 'HFUHWR
DOJXQDVGHHOODVVHKDQLQWHJUDGRHQODVSURSLDV'HOHJDFLRQHVGLUL
JLpQGRVH\JHVWLRQiQGRVHGHIRUPDGLUHFWDORVVHUYLFLRVGHVGHDOOtH[FHSWR+D
FLHQGD7UDEDMR6HJXULGDG6RFLDO\$VXQWRV6RFLDOHV/DRUJDQL]DFLyQLQWHUQD
GH XQD 'HOHJDFLyQ GHO *RELHUQR VH HVWUXFWXUD HQ WRUQR D iUHDV IXQFLRQDOHV
)RPHQWR,QGXVWULD\(QHUJtD$JULFXOWXUD\3HVFD6DQLGDG\$OWD,QVSHFFLyQ
GH (GXFDFLyQ HQ &&$$ FRQ FRPSHWHQFLDV \D WUDQVIHULGDV DO IUHQWH GH ODV
FXDOHVHVWiXQ 'LUHFWRU DGHPiV FXHQWDQ FRQ 6HFUHWDUtDV *HQHUDOHV \ ODV 6XE
GHOHJDFLRQHVGHO*RELHUQRHQFDGDSURYLQFLDFRQVXVFRUUHVSRQGLHQWHV6HFUHWD
UtDV*HQHUDOHV
(Q~OWLPROXJDUGHHVWDWUtDGDDGPLQLVWUDWLYDFHQWUDOVHVLW~DOD$GPLQLV
WUDFLyQ)XQFLRQDORLQVWUXPHQWDOHQWUHODVTXHVHHQFXHQWUDQ$JHQFLDV2UJD
QLVPRV$XWyQRPRV\(QWHV3~EOLFRV(PSUHVDULDOHVR(PSUHVDV3~EOLFDVTXH
GHVDUUROODQ WDUHDV LQVWUXPHQWDOHV GH SURGXFFLyQ \ SUHVWDFLyQ GLUHFWD GH VHUYL
FLRV S~EOLFRV $ HVWRV RUJDQLVPRV \ HQWHV S~EOLFRV VH OH DxDGHQ ODV HQWLGDGHV
JHVWRUDVGHOD6HJXULGDG6RFLDO\ORVRUJDQLVPRVS~EOLFRVFRQUpJLPHQHVSHFtIL
FR /D E~VTXHGD GH PD\RU DJLOLGDG HQ OD JHVWLyQ GH ODV $GPLQLVWUDFLRQHV LQV
WUXPHQWDOHVHVORTXHKDOOHYDGRDFRQIRUPDUHVWHWHUFHUWLSRGH$GPLQLVWUDFLyQ
3~EOLFD HQ HO QLYHO WHUULWRULDO FHQWUDO (QWUH ODV $GPLQLVWUDFLRQHV IXQFLRQDOHV
GHVWDFDQ%DOODUW\5DPLy
2UJDQLVPRV$XWyQRPRV6RQHQWHVIRUPDOPHQWHVHSDUDGRVGHOD$G
PLQLVWUDFLyQ1XFOHDUFRQSUHVXSXHVWRV\SHUVRQDOLGDGMXUtGLFDSURSLDV
6XIXQFLyQHVODGHSUHVWDURJHVWLRQDUVHUYLFLRVS~EOLFRVHMHFXWDUSUR
JUDPDVHVSHFtILFRVUHDOL]DUDFWLYLGDGHVGHIRPHQWR6HULJHQSRUHO'H
UHFKR$GPLQLVWUDWLYR\HVWiQDGVFULWRVDORV0LQLVWHULRVTXHVRQORVTXH
ORVGLULJHQ\FRQWURODQ'HQWURGHORV2UJDQLVPRV$XWyQRPRVH[LVWHQ
XQ VXEJUXSR GH HQWHV FRQ IXQFLRQHV GH LQYHVWLJDFLyQ FRQRFLGRV FRPR
RUJDQLVPRVSDUDODLQYHVWLJDFLyQ23,
(QWLGDGHV 3~EOLFDV (PSUHVDULDOHV $QWLJXDV (PSUHVDV 3~EOLFDV HVWiQ
HQFDUJDGDVGHUHDOL]DUDFWLYLGDGHVGHSUHVWDFLyQRJHVWLyQGHVHUYLFLRVR
SURGXFFLyQGHELHQHVGHLQWHUpVS~EOLFRSRUODVTXHHOFLXGDGDQRSDJD
(QULTXH-RVp9DUHODOYDUH]
6HULJHQSRUHO'HUHFKR3ULYDGRWHQLHQGRLQJUHVRVSURSLRV\EXVFDQGR
VXDXWRILQDQFLDFLyQ6XGLUHFFLyQFRUUHVSRQGHDO0LQLVWHULRFRUUHVSRQ
GLHQWHRGHXQ2UJDQLVPR$XWyQRPR(OSURFHVRGHSULYDWL]DFLyQLQL
FLDGR HQ OD GpFDGD GH ORV RFKHQWD FRQ ORV GLIHUHQWHV JRELHUQRV
VRFLDOLVWDV \ FXOPLQDGR D ILQDOHV GH ORV FRQ HO 3DUWLGR 3RSXODU KD
SURYRFDGRXQDGHOJD]DPLHQWRVXVWDQFLDOGHHVWDVH[(PSUHVDV3~EOLFDV
(QWLGDGHV*HVWRUDVGHOD6HJXULGDG6RFLDO(QWUHHOODVILJXUDQOD7HVR
UHUtD*HQHUDOGHOD6HJXULGDG6RFLDO7*66HO,QVWLWXWR1DFLRQDOGH
OD 6HJXULGDG 6RFLDO ,166 \ HO ,QVWLWXWR 1DFLRQDO GH OD 6DOXG
,16$/8'GHSHQGLHQWHVGHORV0LQLVWHULRVGH7UDEDMR\6HJXULGDG
6RFLDO\GH6DQLGDG\&RQVXPR6HOHVDSOLFDQODVPLVPDVQRUPDVTXHD
ORV 2UJDQLVPRV $XWyQRPRV DXQTXH FRQ SHFXOLDULGDGHV HQ PDWHULD GH
SHUVRQDOUpJLPHQHFRQyPLFR
2UJDQLVPRV3~EOLFRVFRQ5pJLPHQ(VSHFtILFR'HQWURGHOD$GPLQLV
WUDFLyQ )XQFLRQDO VH HQFXHQWUDQ HVWH WLSR GH RUJDQLVPRV TXH WLHQHQ
VLPLOLWXGHV FRQ ORV 2UJDQLVPRV $XWyQRPRV \ (QWLGDGHV 3~EOLFDV (P
SUHVDULDOHVSHURTXHSRUVXVIXQFLRQHV\HVSHFLILFLGDGHVGHUHODFLyQFRQ
ORVyUJDQRVFHQWUDOHVGHOD$*(QRFDEtDQHQHOORV6RQGHWUHVWLSRV
RUJDQLVPRVHQFDUJDGRVGHUHJXODUGHIRUPDLQGHSHQGLHQWHVHFWRUHVHFR
QyPLFRV &RPLVLyQ 1DFLRQDO GHO 0HUFDGR GH 9DORUHV $JHQFLD GH
3URWHFFLyQ GH 'DWRV RUJDQLVPRV VHSDUDGRV IRUPDOPHQWH GH OD
$*(&(6%DQFRGH(VSDxD(QWH3~EOLFR579(\RUJDQLVPRV
HVSHFtILFRV,&(;,QVWLWXWR&HUYDQWHV3XHUWRVGHO(VWDGR
$JHQFLDV'HQWURGHOPRGHORGHGHVFHQWUDOL]DFLyQIXQFLRQDOVHFUHDQ
ODV$JHQFLDVVLJXLHQGRHOPRGHORDQJORVDMyQFRQHOILQGHFRQVHJXLU
XQDVRUJDQL]DFLRQHVS~EOLFDVFRQXQHOHYDGRJUDGRGHDXWRQRPtD\IOH[LELOL
GDGHQVXJHVWLyQ%DOODUW\5DPLy([LVWHQXQWRWDOGHFLQ
FR $JHQFLD (VWDWDO GH OD $GPLQLVWUDFLyQ 7ULEXWDULD $JHQFLD GH
3URWHFFLyQ GH 'DWRV HVWDV GRV ~OWLPDV FRPR RUJDQLVPRV S~EOLFRV FRQ
UpJLPHQ HVSHFtILFR $JHQFLD (VSDxROD GH &RRSHUDFLyQ ,QWHUQDFLRQDO
$JHQFLDSDUDHO$FHLWHGH2OLYD\$JHQFLD(VSDxRODGHO0HGLFDPHQWR
)XQGDFLRQHV3~EOLFDV)LQDOPHQWHWHQHPRVODV)XQGDFLRQHVFRPRIL
JXUDVGHPiVUHFLHQWHFUHDFLyQ\RUJDQLVPRVS~EOLFRVUHODFLRQD
GRVFRQODVDQLGDGTXHHVWiQDGVFULWDVDO,16$/8'FRQODLGHDGH
DJLOL]DUODJHVWLyQHQDOJXQRVORVKRVSLWDOHVS~EOLFRVFRQSHFXOLDULGDGHV
HQ FXDQWR D VX JHVWLyQ GHO SHUVRQDO GLUHFWLYRV SDWULPRQLR FRQWUDWD
FLyQSUHVXSXHVWRV\ILQDQFLDFLyQ
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(O(VWDGR$XWRQyPLFR\VX5HDOLGDG3ROtWLFR$GPLQLVWUDWLYD
,QWURGXFFLyQ+LVWyULFD
/DV &RPXQLGDGHV $XWyQRPDV VRQ XQ SURGXFWR SROtWLFRDGPLQLVWUDWLYR \
WHUULWRULDOQHWDPHQWHHVSDxRO(QHOODVFRQIOX\HQYDULHGDGGHLQWHQFLRQHVREMH
WLYRV\GLVHxRVTXHWRPDURQFXHUSRHQOD&RQVWLWXFLyQGHFRPRFRQVROL
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
VXVHVWUXFWXUDVGH*RELHUQR\$GPLQLVWUDFLyQTXHVHKDFODULILFDGRHQHVWDVGRV
GpFDGDVGHJHVWLyQVXEQDFLRQDO
1RYDPRVDHQWUDUHQODGLIHUHQFLDFLyQGHPRGHORVXQLWDULRVFRQFHQWUDOL
]DFLyQRORVQRXQLWDULRVFRQGHVFHQWUDOL]DFLyQ\DTXHHVWiFODURTXHORVVLVWH
PDV GH GLVWULEXFLyQ WHUULWRULDO GHO SRGHU QR VH VLW~DQ GH IRUPD UtJLGD HQ FDGD
XQRGHORVH[WUHPRVVLQRHQVLWXDFLRQHVLQWHUPHGLDVHQODVTXHVHGHVDUUROODQ\
WLHQHQ OXJDU ODV DFWXDFLRQHV S~EOLFDV \ VXV SROtWLFDV \ SURJUDPDV S~EOLFRV 'H
KHFKR\FRPRVHxDODQ%DOODUW\5DPLy(VSDxDWLHQHPiVSXQWRV
GHFRQWDFWRFRQORVVLVWHPDVIHGHUDOHVGHORV(VWDGRVQRXQLWDULRVTXHFRQORVPRGHORV
GHGHVFHQWUDOL]DFLyQGHORV(VWDGRVXQLWDULRV8QDEXHQDUHVSXHVWDDHVWDVLWXDFLyQ
DPELJXDGHOPRGHORDXWRQyPLFRHVLGHQWLILFDUORFRPRHOVLVWHPDIRUPDOPiVGHVFHQ
WUDOL]DGRGHODFDWHJRUtDGH(VWDGRVXQLWDULRVPX\FHUFDQRHQODSUiFWLFDDORVVLVWH
PDV IHGHUDOHV GH ORV (VWDGRV QR XQLWDULRV FRPR VH SXHGH YHU HQ HO VLJXLHQWH
FXDGUR
0RGHORVGH(VWDGRHQUHODFLyQFRQHOJUDGRGHFHQWUDOL]DFLyQ
RGHVFHQWUDOL]DFLyQDGPLQLVWUDWLYD
(VWDGRVXQLWDULRV
(VWDGRVQRXQLWDULRV
FHQWUDOL]DFLyQ
0RGHORFHQWUDOLVWD
)UDQFLD
0RGHORIHGHUDOIRUPDO
0p[LFR
0RGHORPXQLFLSDOLVWD
*UDQ%UHWDxD
0RGHORUHJLRQDO,WDOLD
0RGHORDXWRQyPLFR
(VSDxD
0RGHOR)HGHUDO((88
$OHPDQLD
0RGHORFRQIHGHUDOIRUPDO
6XL]D
0RGHORFRQIHGHUDO((88
VLJOR;,;
FHQWUDOL]DFLyQ
)XHQWH%DOODUW\5DPLy
(QULTXH-RVp9DUHODOYDUH]
(QODOtQHDDQWHULRUODV$XWRQRPtDVVHKDQFRQILJXUDGRDWUDYpVGHGRVYt
DVHVWDEOHFLGDVHQOD&RQVWLWXFLyQ%DOODUW\5DPLy\2OPHGD\
3DUUDGR
9tDUiSLGD&&$$FRQDPSOLRQLYHOFRPSHWHQFLDRKLVWyULFDV'LV
SRVLFLyQ7UDQVLWRULD\DUW&($SOLFDGRDODVWUHVQDFLRQDOL
GDGHVKLVWyULFDV&DWDOXxD3DtV9DVFR\*DOLFLDDGHPiVGH$QGDOXFtD
\TXHVLJQLILFDEDODDVXQFLyQGHOPi[LPRQLYHOFRPSHWHQFLDO$WUDYpV
GH OD 'LVSRVLFLyQ $GLFLRQDO VH LQFRUSRUD D HVWH QLYHO FRPSHWHQFLDO
1DYDUUD\DWUDYpVGHODUWtFXOR&(ODV,VODV&DQDULDV\9DOHQ
FLDFRQVXVUHVSHFWLYD/H\HV2UJiQLFDV
9tD OHQWD &&$$ FRQ OLPLWDGR QLYHO FRPSHWHQFLDO R PHQRUHV DUW
\ &( 2 OR TXH HV OR PLVPR HQ OD SUiFWLFD XQD YtD SDUD
HTXLSDUDUSDXODWLQDPHQWHHOQLYHOFRPSHWHQFLDOGHOUHVWRGHODV&RPX
QLGDGHV$XWyQRPDVDWUDYpVGHODUW&($UDJyQ$VWXULDV%DOHD
UHV &DQWDEULD &DVWLOOD/D 0DQFKD &DVWLOOD \ /HyQ ([WUHPDGXUD /D
5LRMD 0XUFLD \ DUW &( 0DGULG \ ODV &LXGDGHV $XWyQRPDV GH
&HXWD\0HOLOOD
(VWDPELpQUHOHYDQWHSDUDDQDOL]DUODFRQVROLGDFLyQGHO(VWDGR$XWRQyPL
FRHODQiOLVLVGHORVDUWtFXORVGHOD&RQVWLWXFLyQ\DWUDYpVGHORVFXD
OHV VH KDQ WUDVSDVDGR ODV FRPSHWHQFLDV GHO (VWDGR D ODV &RPXQLGDGHV
$XWyQRPDV\DTXHUHYHODXQSURFHVRGHGHVFHQWUDOL]DFLyQGLQiPLFR\DVLPpWUL
FR SRVLELOLWDGR SRU OD DPELJHGDG GHO DUWtFXOR \ OD GHWHUPLQDFLyQ GH ODV
FRPSHWHQFLDV H[FOXVLYDV HQ OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR %DOODUW \
5DPLy(OSXQWRGHLQIOH[LyQGHOSURFHVRGHWUDVSDVRVGHFRPSHWHQ
FLDVGHO(VWDGRDODV&RPXQLGDGHV$XWyQRPDVVHFLIUDHQFRQPRWLYRGHO
FXPSOLPLHQWRGHORVFLQFRDxRVWUDQVFXUULGRVGHVGHODDSUREDFLyQGHORV(VWD
WXWRVGH$XWRQRPtDSURPRYLGRVSRUHODUWtFXOR&(PRPHQWRHQHOFXDO
ODV &RPXQLGDGHV KLVWyULFDV UHFODPDURQ XQ QXHYR HVWDGLR GH GHVDUUROOR DXWR
QyPLFR2OPHGD\3DUUDGR3DUD2OPHGD\3DUUDGR
HVWRVHSURGXMRFRQQRSRFRVHQIUHQWDPLHQWRVHQWUHORVGLIHUHQWHVWLSRVGH&R
PXQLGDGHV $XWyQRPDV KDVWD TXH ILQDOPHQWH VH ILUPDURQ ORV $FXHUGRV $XWR
QyPLFRV GH OR TXH GHVHQFDGHQy XQD VHJXQGD FDVFDGD GH WUDVSDVRV
HGXFDFLyQVDQLGDGSHUVRQDO\PHGLRVGHOD$GPLQLVWUDFLyQGH-XVWLFLD\SROt
WLFDVDFWLYDVGHO,1(0SDUDODV&RPXQLGDGHVGHOTXHVHHVSHUDFRQFOX
\DQHQHO
/DUHDOLGDGHVTXHWUDQVFXUULGRVPiVGHYHLQWHDxRVGHHYROXFLyQGHOVLV
WHPDSROtWLFRDGPLQLVWUDWLYRDXWRQyPLFRODVGLIHUHQFLDVIRUPDOHVHQWUH&RPX
QLGDGHV $XWyQRPDV GH DPSOLDV \ UHGXFLGDV FRPSHWHQFLDV VH KDQ LGR
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
HTXLOLEUDQGRSRUORTXHHOFULWHULRGHFODVLILFDFLyQFRPRVHxDODQ%DOODUW\5D
PLy VH HVWi TXHGDQGR REVROHWR (Q OD DFWXDOLGDG VyOR UHVWDQ XQD
VHULHGHFRPSHWHQFLDVUHVLGXDOHVTXHHVWiQVXSRQLHQGRGLIHUHQWHVSRVWXUDVGH
QHJRFLDFLyQ\UHODFLyQHQWUHODV$GPLQLVWUDFLRQHV&HQWUDOHV\ODV$XWRQyPLFDV
HQHO FDVR GH ODV FRPSHWHQFLDV SDUD ODV &RPXQLGDGHV $XWyQRPDV GHO DUWtFXOR
IXQGDPHQWDOPHQWH&DWDOXxD\3DtV9DVFRSRUHOFRPSRQHQWHQDFLRQDOLVWD
GH OD UHODFLyQ WHQVLyQ HQWUH DPERV QLYHOHV SRU FHUUDU HO PDUFR FRPSHWHQFLDO
HQHOFDVRGHOUHVWRDUWtFXORVHLQFOXVR\'LVSRVLFLyQ$GLFLRQDO
QHJRFLDFLyQSRUFRQVHJXLUXQWUDVSDVRFRPSHWHQFLDOTXHYD\DDFRPSDxDGR
GHODVXILFLHQWHILQDQFLDFLyQFRPRSDUDTXHODFRPSHWHQFLDQRUHVXOWHXQDFDUJD
ILQDQFLHUDH[FHVLYDSDUDODVHVWUXFWXUDVDXWRQyPLFDV
3RUORTXHVHUHILHUHDOSURFHVRGHLQVWLWXFLRQDOL]DFLyQGHODV&RPXQLGDGHV
$XWyQRPDVHQHVWRVYHLQWHDxRV%DOODUW\5DPLyGHVWDFDQWUHV
HWDSDV
)DVH GH FUHDFLyQ IXQGDFLyQ H LQVWLWXFLRQDOL]DFLyQ GH ODV
&RPXQLGDGHV$XWyQRPDV\VXVRUJDQL]DFLRQHVDGPLQLVWUDWLYDV
)DVH GH FRQVROLGDFLyQ \ H[SDQVLyQ GH ODV &RPXQLGDGHV
$XWyQRPDVFRQJUDQQ~PHURGHFRPSHWHQFLDV
)DVH GH ILQDO GH FLFOR PDUFDGR HQ OD &RQVWLWXFLyQ \ GH
LQLFLRGHXQDQXHYDpSRFDGHGHVDUUROORDXWRQyPLFR%DOODUW\5DPLy
FLWDQGRD5DPLy\6XELUDWV
$GPLQLVWUDFLRQHV$XWRQyPLFDVHQ(VSDxD
(OPRGHOR LQVWLWXFLRQDO GH ODV &RPXQLGDGHV $XWyQRPDV HV VLPLODU DO OOH
YDGR D FDER SRU OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR $VDPEOHD /HJLVODWLYD
&RQVHMRGH*RELHUQR\7ULEXQDO6XSHULRUGH-XVWLFLDHVWH~OWLPRGHSHQGLHQWH
GHOD$GPLQLVWUDFLyQGH-XVWLFLDGHO(VWDGR%DOODUW\5DPLy3RUVX
SDUWH HO PRGHOR GH $GPLQLVWUDFLyQ DXWRQyPLFR HV LJXDOPHQWH VLPLODU DO GHVD
UUROODGRSRUODV$GPLQLVWUDFLRQHVFHQWUDOHVHQWRUQRDOFXDOVHSRGUtDQHVWDEOH
FHU GLIHUHQWHV GLYLVLRQHV RUJDQL]DWLYDV %DOODUW \ 5DPLy \
2OPHGD \ 3DUUDGR DXQTXH SUHVHQWD SDUWLFXODULGDGHV SURSLDV
GLVHxDGDV HQ IXQFLyQ GH VXV FDUDFWHUtVWLFDV SROtWLFDV VRFLDOHV \ HFRQyPLFDV
2OPHGD\3DUUDGR\PRWLYDGDSRUVXFDSDFLGDGGHDXWRRUJDQL
]DFLyQUHFRJLGDHQOD&RQVWLWXFLyQDUWtFXOR&(\ORVUHVSHFWLYRV(VWDWXWRV
GH$XWRQRPtD&RPRVHxDOD%DHQDGHO$OFi]DUODV&RPXQLGDGHV
$XWyQRPDVSXHGHQ\KDQSRGLGRHQWRGRPRPHQWRUHJXODUODFRQILJXUDFLyQ\ODHV
WUXFWXUDGHVXV$GPLQLVWUDFLRQHVS~EOLFDV'HVGHHVWDySWLFDGHEHQFRQWHPSODUVHODV
(QULTXH-RVp9DUHODOYDUH]
OH\HVDXWRQyPLFDVVREUHODPDWHULDTXHUHJXODQFRQMXQWDRVHSDUDGDPHQWHODVUHODFLR
QHV GH OD $VDPEOHD SDUODPHQWDULD FRQ HO &RQVHMR GH *RELHUQR HO 3UHVLGHQWH HO
&RQVHMRGH*RELHUQR\OD$GPLQLVWUDFLyQ\HOUpJLPHQMXUtGLFRSURSLDPHQWHGLFKR
/DVILJXUDVPiVFRPXQHVGHODV$GPLQLVWUDFLRQHV$XWRQyPLFDVVRQODVVL
JXLHQWHV
3UHVLGHQWH GH OD &RPXQLGDG $XWyQRPD TXH UHSUHVHQWD DO *RELHUQR \
GLULJHOD$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPDQRPEUDQGR\FH
VDQGR DOORV 9LFHSUHVLGHQWHV \ DO UHVWR GH PLHPEURV GHO *RELHUQR
&RQVHMHURV (O 3UHVLGHQWH VX VXHOH URGHDU GH XQ VWDII SUy[LPR TXH
FRRUGLQDODVGLIHUHQWHVDFWLYLGDGHVGHODV&RQVHMHUtDVRELHQVHHQFDUJD
GHDFWLYLGDGHVGHJUDQUHOHYDQFLDSROtWLFDSDUDpO6XERUGLQDGRDO3UHVL
GHQWH HVWiQ HOORV 9LFHSUHVLGHQWHV TXH SXHGHQ WHQHU D VX FDUJR XQ
'HSDUWDPHQWRR&RQVHMHUtDOXJDUGHVGHGRQGHUHDOL]DQODDFWLYLGDGGH
JRELHUQR\JHVWLyQGHOD$GPLQLVWUDFLyQ$XWRQyPLFD%DOODUW\5DPLy
\\3DQLDJXD6RWR
&RQVHMRVGH*RELHUQR&RPRyUJDQRVGHJRELHUQRGHODV&RPXQLGD
GHV $XWyQRPDV UH~QHQ HQ VX VHQR D 3UHVLGHQWH 9LFHSUHVLGHQWHV \
&RQVHMHURVGHODV&RPXQLGDGHV$XWyQRPDV
'LYLVLyQSULPDULDXRUJDQL]DFLyQFHQWUDO
R &RQVHMHUtDV&RPRyUJDQRVGHJHVWLyQGHORVSURJUDPDV\SROtWLFDV
S~EOLFDVGHODV&RPXQLGDGHV$XWyQRPDV(VWiQGLULJLGDVHQ~OWLPD
LQVWDQFLDSRUHO3UHVLGHQWHTXHODVDSUXHED$JUXSDQYDULDVFRPSH
WHQFLDVHQVXVGHSDUWDPHQWRVSHM$JULFXOWXUD*DQDGHUtD\3HVFD
\UHVSRQGHQDFULWHULRVSROtWLFRVFR\XQWXUDOHVGHDJHQGDSROtWLFDR
WpFQLFRV HVWUXFWXUDOHV PRWLYDGRV SRU HO WUDVSDVR GH FRPSHWHQ
FLDV/DV&RQVHMHUtDVVHGLYLGHQHQ
R UJDQRV VXSHULRUHV GH ODV &RQVHMHUtDV 6HFUHWDUtD *HQHUDO \ 'LUHF
FLRQHV*HQHUDOHVDPERVFRQGLPHQVLyQSROtWLFDLJXDOTXHHO &RQ
VHMHUR(QHOFDVRGHODV'LUHFFLRQHV*HQHUDOHVVHFRQILJXUDQFRPR
PyGXOREiVLFRGHRUJDQL]DFLyQGHODV&RQVHMHUtDVDOLJXDOTXHHQOD
$GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR %DOODUW \ 5DPLy
HVWDEOHFHQYDULRVPRGHORVGHRUJDQL]DFLyQGHORVyUJDQRVVXSH
ULRUHVGHODV&RPXQLGDGHV$XWyQRPDVHQ(VSDxD
0RGHOR GHSDUWDPHQWDO PD\RULWDULR &DWDOXxD *DOLFLD 9DOHQ
FLD&DVWLOOD\/HyQ0XUFLD\&DQWDEULD
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
$GHPiVGHODVDQWHULRUHVHVWUXFWXUDVDGPLQLVWUDWLYDV\VLJXLHQGRHOHMHP
SOR GH OD $*( ODV $GPLQLVWUDFLRQHV 3~EOLFDV GH ODV &&$$ HVWiQ GHVDUUR
OODQGR XQD LQFLSLHQWH SHUR VLJQLILFDWLYD DFWLYLGDG H[WHULRU HQWHQGLGD HVWD QR
VyORFRPRUHSUHVHQWDFLyQGHOD&RPXQLGDG$XWyQRPDHQHOFRQMXQWRGHO(VWD
GRQDFLyQ VLQR WDPELpQ FRPR SRVLFLRQDPLHQWR HQ HO FRQWH[WR LQWHUQDFLRQDO
IXQGDPHQWDOPHQWH HXURSHR E~VTXHGD GH IRQGRV FRPXQLWDULRV \ SUHVHQFLD HQ
ORVIRURVGHWRPDGHGHFLVLRQHVHXURSHDVSHURWDPELpQHQRWURVSDtVHVRUHJLR
QHVHFRQyPLFDVPXQGLDOHVGHLQWHUpV SDUDODV HFRQRPtDV GH ODV UHJLRQHV DXWy
QRPDV$PpULFD/DWLQD$VLD&KLQD
/DVSULQFLSDOHVFRQFOXVLRQHVGHODHYROXFLyQDXWRQyPLFD\VXUHODFLyQFRQ
HOGLVHxRRUJDQL]DWLYRGHVXV$GPLQLVWUDFLRQHV3~EOLFDVVRQH[SXHVWDVSRU%D
OODUW \ 5DPLy FXDQGR VHxDODQ TXH H[LVWHQ FDUDFWHUtVWLFDV GLV
IXQFLRQDOHVTXHSRQHQHQFXHVWLyQGLFKRSURFHVR
$WRPL]DFLyQ GH ODV RUJDQL]DFLRQHV DGPLQLVWUDWLYDV &RQVHMHUtDV \ 'L
UHFFLRQHV*HQHUDOHV
'LPHQVLRQHV H[FHVLYDV GH ORV VHUYLFLRV FRPXQHV GH ODV &RQVHMHUtDV HQ
FRPSDUDFLyQFRQHOWDPDxRGHODV$GPLQLVWUDFLRQHV$XWRQyPLFDV
,QIODFLyQGHyUJDQRVLQIHULRUHV6HUYLFLRV6HFFLRQHV\1HJRFLDGRV
0RQRSROL]DFLyQGHODFODVHGLUHFWLYD\VHPLGLUHFWLYDSRUSDUWHGHODFOD
VHSROtWLFD
*UDQSURIXVLyQGHRUJDQLVPRVDXWyQRPRV\HPSUHVDVS~EOLFDVDXWRQy
PLFDV
*UDQGHV GLIHUHQFLDV HQWUH OD HVWUXFWXUD GH HPSOHDGRV S~EOLFRV GH ODV
&RPXQLGDGHV$XWyQRPDV
$GHPiVGHODVDQWHULRUHVFRQYHQGUtDLQFLGLUHQTXHODFUHDFLyQGHODVUH
GHV SHULIpULFDV GH ODV $GPLQLVWUDFLRQHV $XWRQyPLFDV KD SURGXFLGR JUDQGHV
GLVIXQFLRQDOLGDGHV FRQ HO UHVWR GH $GPLQLVWUDFLRQHV HQWUH ODV FXDOHV FRQYLYHQ
$GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \ $GPLQLVWUDFLRQHV /RFDOHV SURYRFDQGR
IHQyPHQRV GH GXSOLFDFLyQ GH RUJDQL]DFLRQHV \ GH UHFHQWUDOL]DFLyQ KDVWD HO
SXQWRGHTXHVLJXLHQGRD2OPHGD\3DUUDGRFLWDQGRD5DPLy
DWHQRUGHODVDFWLYLGDGHVTXHUHDOL]DQORVVHUYLFLRVSHULIpULFRV\VX
QLYHOH[WUHPDGDPHQWHUHGXFLGRGHUHVSRQVDELOLGDG\DXWRQRPtDIXQFLRQDQEDMRXQD
PHFiQLFDVXFXUVDOLVWDTXHTXHGDPX\OHMRVGHORVTXHRUJDQL]DWLYDPHQWHVHHQWLHQGH
SRUGHVFHQWUDOL]DFLyQ,QFOXVRVHSXHGHDILUPDUTXHHVWDPRVDQWHXQPRGHORFHQWUD
OLVWDFRQORTXHVHSLHUGHHQWUHRWUDVODSRVLELOLGDGGHHVWDEOHFHUXQPD\RUFRQWDFWR
FRQODVFOLHQWHODVGHORVGLVWLQWRVWHUULWRULRV
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
3HVH D WRGR HOOR DVLVWLPRV D OD FRQVROLGDFLyQ GH XQ QXHYR DFWRU SROtWLFR
DGPLQLVWUDWLYR TXH SUHVWD XQD JUDQ FDQWLGDG GH VHUYLFLRV S~EOLFRV HVHQFLDOHV \
TXHKDQFRQVHJXLGRUHGXFLUHOFHQWUDOLVPRH[LVWHQWHSRUODYtDGHORVWUDVSDVRV
GH FRPSHWHQFLDV \ HO DXWRJRELHUQR DVt FRPR VX OHJLWLPDFLyQ SRU OD YtD GH VXV
UHQGLPLHQWRVSROtWLFRVQRDVtORVDGPLQLVWUDWLYRVLQFUHPHQWDQGRODJREHUQD
ELOLGDGGHOVLVWHPDDXQTXHHOSURFHVRQRVHKD\DFHUUDGR\WHQJDWDQWDVOXFHV
FRPRVRPEUDV
/D$GPLQLVWUDFLyQ/RFDOHQHO(VWDGRGHODV$XWRQRPtDV
,QWURGXFFLyQ+LVWyULFD
/D$GPLQLVWUDFLyQ/RFDOHVODRUJDQL]DFLyQPiVDQWLJXDGHOVLVWHPDSROtWL
FRDGPLQLVWUDWLYR HVSDxRO LQFOXLGD OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR \D
TXHHQVXRULJHQ\FRPRHTXLOLEULRFRQWUDHOSRGHUGHO0RQDUFDHQHO$QWLJXR
5pJLPHQORV6HxRUtRV\3ULQFLSDGRVVHRUJDQL]DEDQ\IRUPDEDQQ~FOHRVGHSR
EODFLyQ TXH PiV DGHODQWH FRQIRUPDUtDQ ORV EXUJRV HQ WRUQR D ORV FXDOHV VH
GHVDUUROOy OD EXUJXHVtD \ FRQ HOOD ODV &LXGDGHV 9LOODV \ ORV 0XQLFLSLRV WDO \
FRPRKR\ORVFRQRFHPRV(ODUUDQTXHIRUPDO\FRQWHPSRUiQHRGHOD$GPLQLV
WUDFLyQ/RFDOHVSDxRODORVLW~D&DUULOORFRQOD&RQVWLWXFLyQGH&iGL]
GHHYROXFLRQDQGRGHVGHHQWRQFHVKDVWDQXHVWURVGtDVXQDVHULHGHHWDSDV
ELHQGLIHUHQFLDGDV&DUULOOR
(O VXUJLPLHQWR GH ODV DFWXDOHV $GPLQLVWUDFLRQHV /RFDOHV
HVWXYRGLUHFWDPHQWHLQIOXHQFLDGRSRUODWUDGLFLyQQDSROHyQLFDFHQWUD
OLVWD\XQLWDULDJHQHUDOL]DFLyQGHODLQVWLWXFLyQPXQLFLSDOXQLIRUPLVPR
XQLGDG GH QLYHOHV ORFDOHV GLYLVLyQ SURYLQFLDO \ SROLYDOHQFLD GH OD PLV
PDGREOHFDUiFWHUGHODOFDOGH\WXWHODDGPLQLVWUDWLYD&DUULOOR
$SDUWLUGHODGLYLVLyQSURYLQFLDOGH-DYLHUGH%XUJRVHQODUH
ODFLyQHQWUHHOFHQWUR\ODSHULIHULDVHHVWDEOHFtDHQWRUQRDXQDFDGHQD
MHUiUTXLFDGHDJHQWHVJXEHUQDPHQWDOHV0LQLVWUR*REHUQDGRU&LYLO\$O
FDOGHTXHGLULJtDQODVHVFDVDVDFWLYLGDGHVORFDOHV
&RQ SRVWHULRULGDG D VX FRQVROLGDFLyQ \ DGDSWDFLyQ DO PR
GHOROLEHUDOGH(VWDGRVHSURGXMRODLUUXSFLyQGHOLQWHUYHQFLRQLVPRHV
WDWDOHMHPSOLILFDGRHQODILJXUDGH 3ULPRGH5LYHUDTXLHQ
FRQVLJXHLQFUHPHQWDUODLQIOXHQFLDGHODEXURFUDFLDFHQWUDOVREUHODWH
UULWRULDOOLPLWDQGRHOSRGHUGHORVFDFLTXHV\ODFDGHQDMHUiUTXLFDPR
GHOR TXH DJXDQWDUi KDVWD ILQDOHV GH OD 'LFWDGXUD GH )UDQFR
(QHVWHPRGHORHO GHVDUUROORGHOD$GPLQLVWUDFLyQFHQWUDO\ GH
VXV UHGHV SHULIpULFDV FRQVLJXLHURQ UHGXFLU HO SHVR GHO JRELHUQR ORFDO \
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
MyQ \ FRQWLQHQWDO \D TXH OD HYROXFLyQ GH ORV (QWHV /RFDOHV HVSDxROHV
HVWDUiYLQFXODGRVDOSURFHVRGHDPSOLDFLyQFRPXQLWDULD\DOGHGHVFHQ
WUDOL]DFLyQ LQWUDUUHJLRQDO HVSDxRO OR TXH VXSRQH QR SHUGHU GH YLVWD OD
DVLPHWUtDGHOSURFHVR\FRQpOHOQXHYRPDUFRGH5,*6TXHVHSURGX
FLUiHQWUHORVQLYHOHVVXEQDFLRQDOHVGHJRELHUQRDXWRQyPLFRORFDO&D
UULOOR
/RV UHWRV D ORV TXH VH HQIUHQWD OD $GPLQLVWUDFLyQ /RFDO GHO VLJOR ;;, HQ
(VSDxDXQDYH]REVHUYDGRHOPDUFRDQWHULRUVRQPXFKRV\GHGLYHUVRWLSRSHUR
HQWRGRFDVRHVWiQUHODFLRQDGRVFRQ
/D FDSDFLGDG TXH HVWRV QLYHOHV GH JRELHUQR WHQJDQ SDUD DVXPLU ODV
FRPSHWHQFLDVTXHVHHVWiQQHJRFLDQGRHQHOHVTXHPDGHGHVFHQWUDOL]D
FLyQDFWXDO\HQHOPDUFRGHO3DFWR/RFDO1DFLRQDO\GHORV3DFWRV$X
WRQyPLFRV
(QUHODFLyQGLUHFWDFRQHOUHWR DQWHULRUOD UHVROXFLyQGHOSUREOHPDIL
QDQFLHURORFDOTXHHVWiSURYRFDQGRVXHVWUDQJXODPLHQWR\OLPLWDFLRQHV
GHDFWXDFLyQ
(O FyPR DIURQWDU HO PDUFR LQWHUJXEHUQDPHQWDO HQ HO FXDO VH KD\DQ VL
WXDGRVFRQXQJRELHUQRVXEQDFLRQDO&&$$TXHWLHQHQSRWHVWDGSD
UD UHJXODU D ODV $GPLQLVWUDFLRQHV ORFDOHV ODV UHODFLRQHV FRQ ODV
$GPLQLVWUDFLRQHV VXSHULRUHV IXQGDPHQWDOPHQWH OD (XURSHD \ OD JHV
WLyQHFRQyPLFRILQDQFLHUDGHVXVUHFXUVRV\ORVWUDQVIHULGRVHQIRUPDGH
VXEYHQFLRQHV
$GPLQLVWUDFLRQHV/RFDOHVHQ(VSDxD
&RPR VHxDODQ %DOODUW \ 5DPLy OD $GPLQLVWUDFLyQ /RFDO HV OD
$GPLQLVWUDFLyQPiVFRPSOHMDHQFDQWLGDG\FDOLGDGGLItFLOGHFRQGHQVDUGHEL
GRDVXKHWHURJHQHLGDG\HQODTXHVREUHVDOHQSRUHQFLPDGHOUHVWRORV0XQLFL
SLRV\ODV3URYLQFLDV/D$GPLQLVWUDFLyQ/RFDOHVDVXYH]XQ HQWH SROtWLFR
DGPLQLVWUDWLYRFRQVDJUDGRHQOD&RQVWLWXFLyQDUW\TXH
GD FRPR UHVXOWDGR HO HVWDEOHFLPLHQWR GH XQ VWDWXV TXR LQVWLWXFLRQDO GH JR
ELHUQR\SROtWLFRTXHFRQILJXUDHOPDUFRFRQVWLWXFLRQDO\MXUtGLFRPXQLFLSDO/D
&RQVWLWXFLyQJDUDQWL]DODDXWRQRPtDGHORVPXQLFLSLRV(VWRVJR]DUiQGHSHUVRQDOLGDG
MXUtGLFD SOHQD 6X JRELHUQR \ DGPLQLVWUDFLyQ FRUUHVSRQGH D VXV UHVSHFWLYRV $\XQWD
PLHQWRV LQWHJUDGRV SRU ORV $OFDOGHV \ ORV &RQFHMDOHV /RV &RQFHMDOHV VHUiQ HOHJLGRV
SRUORVYHFLQRVGHOPXQLFLSLRPHGLDQWHVXIUDJLRXQLYHUVDOLJXDOOLEUHGLUHFWR\VHFUHWR
HQODIRUPDHVWDEOHFLGDSRUODOH\/RV$OFDOGHVVHUiQHOHJLGRVSRUORV&RQFHMDOHVRSRU
ORVYHFLQRV/DOH\UHJXODUiODVFRQGLFLRQHVHQODVTXHVHSURFHGDHOUpJLPHQGHFRQFHMR
(QULTXH-RVp9DUHODOYDUH]
DELHUWRDUW &( (O PDUFR OHJDO GH OD $GPLQLVWUDFLyQ /RFDO VH FRPSOHWD
FRQODVGLIHUHQWHVQRUPDVTXHUHJXODQVXDFWXDFLyQ\ILQDQFLDFLyQHQWUHODVTXH
GHVWDFDQ OD /H\ 5HJXODGRUD GH ODV %DVHV GHO 5pJLPHQ /RFDO HO 5HDO
'HFUHWR5HJODPHQWRGH2UJDQL]DFLyQ)XQFLRQDPLHQWR\5pJLPHQ
-XUtGLFRGHODV(QWLGDGHV/RFDOHV\OD/H\5HJXODGRUDGHODV+DFLHQ
GDV/RFDOHV\VXVSRVWHULRUHVPRGLILFDFLRQHV
/DSULPHUDGLVWLQFLyQTXHKD\TXHUHDOL]DUHVODTXHWLHQHTXHYHUFRQHO
iPELWR GH JRELHUQR \ DGPLQLVWUDFLyQ GH ORV (QWHV /RFDOHV TXH GLPDQDQ GHO
PDUFRQRUPDWLYRDQWHULRU$VtODVHQWLGDGHVORFDOHVHVWDUtDQFRPSXHVWDVSRUORV
0XQLFLSLRV\ODV3URYLQFLDVFRQVXFRUUHVSRQGLHQWHDGPLQLVWUDFLyQUHSUHVHQWD
GD D WUDYpV GH ORV $\XQWDPLHQWRV \ 'LSXWDFLRQHV 3URYLQFLDOHV &RQ HO ILQ GH
VLWXDUFXDQWLWDWLYDPHQWHORVHQWHVORFDOHVHVSDxROHVDFRQWLQXDFLyQVHH[SRQHQ
ORV GDWRV UHFRJLGRV SRU &DUULOOR \ %DOODUW \ 5DPLy
VREUHWLSR\Q~PHURGH(QWLGDGHV/RFDOHV\HQWHVGHSHQGLHQWHVGHORVPLVPRV
7LSR\Q~PHURGH(QWLGDGHV/RFDOHV
(QWLGDGHVORFDOHV\
$GPLQLVWUDFLyQ
UJDQRVGHJRELHUQR
1~PHUR
0XQLFLSLR
$\XQWDPLHQWR
3URYLQFLD
'LSXWDFLyQ3URYLQFLDO
7HUULWRULR)RUDO3DtV9DVFR
'LSXWDFLyQ)RUDO
$UFKLSLpODJR
0DQFRPXQLGDGSURYLQFLDOLQVX
ODU
&RPDUFD
&RQVHMR&RPDUFDO
,VOD
&RQVHMR%DOHDUHV
,VOD
&DELOGR&DQDULDV
(QWLGDGHV/RFDOHV0HQRUHV
0XQLFLSLRVPDQFRPXQDGRV
0DQFRPXQLGDG
&RQXUEDFLyQPHWURSROLWDQD
(QWLGDGPHWURSROLWDQD
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QWHVGHSHQGLHQWHVGHODV(QWLGDGHV/RFDOHV
$GPLQLVWUDFLRQHVORFDOHV
(QWHVGHSHQGLHQWHV
$\XQWDPLHQWRV
2UJDQLVPRVDXWyQRPRV
6RFLHGDGHVPHUFDQWLOHV
'LSXWDFLRQHVFRQVHMRV\FDELOGRV
2UJDQLVPRVDXWyQRPRV
6RFLHGDGHVPHUFDQWLOHV
(QWLGDGHVVXSUDPXQLFLSDOHV
2UJDQLVPRVDXWyQRPRV
6RFLHGDGHVPHUFDQWLOHV
7RWDOHQWLGDGHVORFDOHV
7RWDOHQWHVGHSHQGLHQWHV
)XHQWH%DOODUW\5DPLy'DWRV
3RUWDQWRODHQWLGDGEiVLFDGHO(VWDGRHVHO0XQLFLSLRFRPSXHVWRSRUWH
UULWRULR H[WHQVLyQ HVSDFLDO GHO WpUPLQR PXQLFLSDO SREODFLyQ KDELWDQWHV GHO
WpUPLQRPXQLFLSDO\RUJDQL]DFLyQDWUDYpVGHODFXDOVHJHVWLRQDQORVLQWHUHVHV
SURSLRVGHODVORFDOLGDGHV\VHIDFLOLWDODSDUWLFLSDFLyQFLXGDGDQD(O*RELHUQR
GHO0XQLFLSLRHVHO$\XQWDPLHQWRGHVGHHOFXDOVHGLULJHODSROtWLFD\OD$GPL
QLVWUDFLyQ/RFDO
/D3URYLQFLDHVODRWUDHQWLGDGWHUULWRULDOORFDOFX\R*RELHUQRHVOD'LSX
WDFLyQFRQXQWRWDOGHHQWRGRHOWHUULWRULRHVSDxRO\DTXHODVRWUDVKDVWD
FRPSOHWDU ODV 3URYLQFLDV VH HQFXHQWUDQ HQ &RPXQLGDGHV $XWyQRPDV XQL
SURYLQFLDOHVTXHKDQDEVRUELGRODVFRPSHWHQFLDV\HODSDUDWRDGPLQLVWUDWLYRGH
ODV'LSXWDFLRQHV2WUDVIyUPXODVSURYLQFLDOHVODFRQVWLWX\HQORVWHUULWRULRVIRUD
OHV YDVFRV FX\RV JRELHUQRV ODV 'LSXWDFLRQHV )RUDOHV WLHQHQ FRPSHWHQFLDV \
FDSDFLGDG GH JHVWLyQ PX\ VXSHULRUHV DO UHVWR GH ODV DGPLQLVWUDFLRQHV SURYLQFLDOHV
%DOODUW\5DPLy
PELWRVLQVWLWXFLRQDOHVHQORV$\XQWDPLHQWRV\ODV'LSXWDFLRQHV
PELWRVLQVWLWXFLRQDOHV
$\XQWDPLHQWRV
'LSXWDFLRQHV
(VWUXFWXUDSROtWLFDGHFD
UiFWHUGHOLEHUDQWH
3OHQR
3OHQR
&RPLVLRQHVLQIRUPDWLYDV
&RPLVLRQHVLQIRUPDWLYDV
(VWUXFWXUDSROtWLFDGHFD
UiFWHUHMHFXWLYR
$OFDOGH
3UHVLGHQWH
&RPLVLyQGH*RELHUQR
&RPLVLyQGH*RELHUQR
7HQLHQWHVGH$OFDOGH
'LSXWDGRVGHOHJDGRV
&RQFHMDOHVGHOHJDGRV
(QULTXH-RVp9DUHODOYDUH]
PELWRVLQVWLWXFLRQDOHVHQORV$\XQWDPLHQWRV\ODV'LSXWDFLRQHVFRQW
PELWRVLQVWLWXFLRQDOHV
(VWUXFWXUDDGPLQLVWUDWLYD
HVWUDWpJLFD
(VWUXFWXUDDGPLQLVWUDWLYD
RSHUDWLYD
$\XQWDPLHQWRV
'LSXWDFLRQHV
6HFUHWDULR
6HFUHWDULR
,QWHUYHQWRU
,QWHUYHQWRU
'LUHFWRUHVRFRRUGLQDGRUHV
GHiUHDVRVHUYLFLRV
'LUHFWRUHVRFRRUGLQDGRUHV
GHiUHDVRVHUYLFLRV
-HIHVGH6HUYLFLR
-HIHVGH6HFFLyQ
-HIHVGH6HFFLyQ
-HIHVGH1HJRFLDGR
-HIHVGH1HJRFLDGR
3XHVWRVEDVH
3XHVWRVEDVH
)XHQWH%DOODUW\5DPLy
(QWUHODVIXQFLRQHVGHORV(QWHV/RFDOHVGHVWDFDQHOHMHUFLFLRGHODDXWRUL
GDGODSUHVWDFLyQGHVHUYLFLRVS~EOLFRVGHIRUPDGLUHFWDLQGLUHFWDRHQFRODER
UDFLyQFRQHPSUHVDVRQJV\RWURV$\XQWDPLHQWRV\UHVWRGH$GPLQLVWUDFLRQHV
3~EOLFDV\HOIRPHQWRGHDFWLYLGDGHVHFRQyPLFDVS~EOLFRSULYDGDV%UXJXp\
*RPDHVWDEOHFHQXQDWLSRORJtDGHDFWXDFLyQGHORV(QWHV/RFDOHVHQ
IXQFLyQGHOWLSRGHSROtWLFDVSRUHOORVGHVDUUROODGRVSROtWLFDVGHSURPRFLyQHFR
QyPLFDGHVHPSOHRYLYHURGHHPSUHVDVGHVDUUROORUXUDOSROtWLFDVORFDOHVGH
ELHQHVWDUVRFLDOVDOXGVHUYLFLRVRFLDOHVFXOWXUDSROtWLFDV\VHUYLFLRVXUEDQRV
GHOWHUULWRULRXUEDQLVPRREUDVS~EOLFDVOLPSLH]DEDVXUDVSDUTXHVYLYLHQGD
6LELHQHVFLHUWRTXHHVWDWLSRORJtDVyORHVYiOLGDSDUDXQSHTXHxRSRUFHQWDMHGH
HQWLGDGHV ORFDOHV HQ (VSDxD SRU PRWLYRV GHO LQIUDPXQLFLSDOLVPR &DUULOOR
\ %DOODUW \ 5DPLy HQ HO FXDO VH KD\DQ LQPHUVRV
(VWDVLWXDFLyQKDFRQVHJXLGRPDQWHQHUVHKDVWDODIHFKDSRUHOSDSHOMXJDGRSRU
ORVHQWHVORFDOHVSURYLQFLDOHVDX[LOLDQGRDORV0XQLFLSLRVFRQPHQRVUHFXUVRVHQ
ODSUHVWDFLyQGHORVVHUYLFLRVDORVTXHHVWiQREOLJDGRVSRUOH\
*HQpULFDPHQWH ODV FRPSHWHQFLDV ORFDOHV YLHQHQ UHFRJLGDV HQ OD /H\
DWULEX\pQGROHV VHUYLFLRV PtQLPRV FRQ FDUiFWHU REOLJDWRULR HQ IXQFLyQ
GHOWDPDxRGHVXSREODFLyQDUW
6HUYLFLRVPtQLPRVSDUDWRGRVORVPXQLFLSLRVDOXPEUDGRFHPHQWHULR
EDVXUDV OLPSLH]D YLDULD DJXD SRWDEOH DOFDQWDULOODGR YtDV S~EOLFDV \
FRQWURODOLPHQWDULR
6HUYLFLRV PtQLPRV TXH VH DxDGHQ D ORV PXQLFLSLRV TXH VXSHUDQ ORV
KDELWDQWHV SDUTXHV ELEOLRWHFD PHUFDGR \ HOLPLQDFLyQ GH UHVL
GXRV
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
6HUYLFLRV PtQLPRV TXH VH DxDGHQ D ORV PXQLFLSLRV TXH VXSHUDQ ORV
KDELWDQWHVSURWHFFLyQFLYLOLQFHQGLRVLQVWDODFLRQHVGHSRUWLYDV
\PDWDGHUR
6HUYLFLRV PtQLPRV TXH VH DxDGHQ D ORV PXQLFLSLRV TXH VXSHUDQ ORV
KDELWDQWHVWUDQVSRUWHS~EOLFR\PHGLRDPELHQWH
/DILQDQFLDFLyQORFDOHVHORWURDVSHFWRFODYHXQLGRDFRPSHWHQFLDVHLQ
IUDPXQLFLSDOLVPR TXH GHWHUPLQD OD UHDOLGDG ORFDO DFWXDO /D HVWUXFWXUD GH IL
QDQFLDFLyQGHORVHQWHVORFDOHVVHSRGUtDUHVXPLUHQ
,PSXHVWRVGLUHFWRV
&RQWULEXFLRQHVHVSHFLDOHV
,QJUHVRVSDWULPRQLDOHV
7DVDV
3UHFLRVS~EOLFRV
0XOWDV\VDQFLRQHV
(OHVTXHPDGHILQDQFLDFLyQDQWHULRUVHFRPSOHWDFRQODVWUDQVIHUHQFLDVTXH
UHFLEHQORV(QWHV/RFDOHVDWUDYpVGHODSDUWLFLSDFLyQHQORVWULEXWRVGHO(VWDGR\
GHOD&RPXQLGDG$XWyQRPDVXEYHQFLRQHVGHRWUDV$GPLQLVWUDFLRQHVS~EOLFDV
HQGHXGDPLHQWR\SDUWLFLSDFLyQHQSUR\HFWRVGHOD8QLyQ(XURSHD
3RU OR TXH VH UHILHUH D OD WLSRORJtD GH ODV HVWUXFWXUDV RUJDQL]DWLYDV GH ORV
$\XQWDPLHQWRV&DUULOORHVWDEOHFHXQDFODVLILFDFLyQHQWUHHOJUDGR
GHGLIHUHQFLDFLyQGHODHVWUXFWXUDGHJRELHUQR\HOJUDGRGHGLIHUHQFLDFLyQGHOD
HVWUXFWXUDDGPLQLVWUDWLYDHQWHQGLHQGRSRUGLIHUHQFLDFLyQHOQ~PHURGHSDUWHV
HQ TXH HVWi GLYLGLGD XQD RUJDQL]DFLyQ &DUULOOR GH IRUPD TXH XQD
HVWUXFWXUDGHJRELHUQRDOWDPHQWHGLIHUHQFLDGDVHUtDDTXHOODTXHSRVHHD\XQWDPLHQWR
FRPLVLyQGHJRELHUQRQXPHURVDVFRPLVLRQHVLQIRUPDWLYDV\FRQFHMDOHVGHOHJDGRVUHV
SRQVDEOHVGHVHUYLFLRV8QDRUJDQL]DFLyQDGPLQLVWUDWLYDPX\GLIHUHQFLDGDVHUtDDTXH
OOD TXH SRVHH QXPHURVRV HVFDORQHV MHUiUTXLFRV HVWi GLYLGLGD KRUL]RQWDOPHQWH HQ
GHSDUWDPHQWRV FXHQWD FRQ XQLGDGHV DGPLQLVWUDWLYDV GHVFRQFHQWUDGDV SRU FULWHULRV
WHUULWRULDOHV \ GLVSRQH GH HPSUHVDV \ RUJDQLVPRV DXWyQRPRV PXQLFLSDOHV &DUULOOR
/DWLSRORJtDVHUHGXFHDFXDWURWLSRVGHRUJDQL]DFLyQ
7LSR,(OFRQFHMRDELHUWRRUJDQL]DFLRQHVFRQXQHVTXHPDRUJDQL]DWLYR
PX\VLPSOH$VDPEOHD9HFLQDO\$OFDOGH
7LSR,,%DMRJUDGRGHGLIHUHQFLDFLyQGHODHVWUXFWXUDGHJRELHUQR\OD
RUJDQL]DFLyQDGPLQLVWUDWLYD0XQLFLSLRVFRQHVTXHPDVGHJRELHUQRUH
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
0RGHORVGHRUJDQL]DFLyQPXQLFLSDO
*HVWLyQ
0RGHOR
WUDGLFLRQDO
UDGLFDO
%XURFUiWLFD
0RGHOR
HPHUJHQWH
UDGLFDO
*HUHQFLDO
0RGHOR
PL[WR
%XURFUiWLFD
VXDYL]DGDR
*HUHQFLDOR
0L[WD
%XURFUiWLFD
*HUHQFLDO
*HVWLyQHQWRUQR
WHUULWRULR
*HVWLyQ
FLXGDGDQtD
QLFDPHQWH
LQVWDQFLDV
PXQLFLSDOHV
&HQWUDOL]DFLyQ
5HGGHRUJDQL]D
FLRQHVSULYDGDVR
VHPLSULYDGDV
'HVFHQWUDOL]DFLyQ
0L[WDVLQVWDQFLDV
PXQLFLSDOHV\UHG
GHRUJDQL]DFLRQHV
SULYDGDV
(QIXQFLyQGHO
WDPDxR
FHQWUDOL]DGDR
GHVFHQWUDOL]DGD
*HVWLyQ
&HUUDGD
2ULHQWDFLyQ
LQWHUQD
$ELHUWD
2ULHQWDFLyQ
H[WHUQD
$ELHUWD
2ULHQWDFLyQ
H[WHUQD
)XHQWH%DOODUW\5DPLy
(VWRVPRGHORV\HMHVWLHQHQVXFRQFUHFLyQHQODVGLIHUHQWHVIRUPDV\PHFD
QLVPRVGHJHVWLyQTXHXWLOL]DQORVHQWHVORFDOHVSDUDGHVDUUROODUVXVDFWLYLGDGHV
FRPRVHH[SRQHDFRQWLQXDFLyQ
(QULTXH-RVp9DUHODOYDUH]
)RUPDVGHJHVWLyQGHORVVHUYLFLRVORFDOHV
0RGHORGHJHVWLyQ
*HVWLyQGLUHFWD
0HFDQLVPRVGHJHVWLyQ
2UJDQL]DFLyQGHO$\XQWDPLHQWR
2UJDQLVPRVDXWyQRPRV
(PSUHVDVS~EOLFDV
)XQGDFLRQHV
&RQFHVLyQ
*HVWLyQLQGLUHFWD
$GPLQLVWUDFLyQUHODFLRQDO
&RQFLHUWR
*HVWLyQLQWHUHVDGD
$UUHQGDPLHQWR
6RFLHGDG0L[WD
*HVWLyQLQWHUDGPLQLVWUDWLYD
0DQFRPXQLGDG
&RQVRUFLR
8QDYH]TXHWHQHPRVORVHMHVVREUHORVTXHJLUDODJHVWLyQPXQLFLSDO\VXV
GLIHUHQWHVPRGHORVHVQHFHVDULRHVWDEOHFHUXQDVHULHGHHVWUXFWXUDVDGPLQLVWUD
WLYDVEiVLFDVTXHVLUYDQGHVRSRUWH\IDFLOLWHQODJHVWLyQGHORVVHUYLFLRVORFDOHV
3DUD%DOODUW\5DPLyVRQGRVORVWLSRVEiVLFRVGHXQLGDGHVDG
PLQLVWUDWLYDV XQLGDGHV GH OtQHD R GLUHFFLyQ \ XQLGDGHV VWDII R GH DVHVRUD
PLHQWR D ODV TXH KD\ TXH DxDGLU ODV GLPHQVLRQHV EiVLFDV GH ODV HVWUXFWXUDV
DGPLQLVWUDWLYDV YHUWLFDOHV MHUDUTXtD \ KRUL]RQWDOHV GLYLVLRQDOL]DFLyQ /RV
DXWRUHVHQIXQFLyQGHHVWDVFXDWURYDULDEOHVHVWDEOHFHQXQPRGHORGHGLYLVLR
QDOL]DFLyQGHODHVWUXFWXUDDGPLQLVWUDWLYDORFDOGLYLVRQDOL]DFLyQIXQFLRQDOGLYL
VLRQDOL]DFLyQSRUSURGXFWRVRVHUYLFLRVS~EOLFRVGLYLVLRQDOL]DFLyQSRUFROHFWLYRV
FLXGDGDQRV \ GLYLVLRQDOL]DFLyQ PDWULFLDO %DOODUW \ 5DPLy DXQTXH
ODVGLYLVLRQHVPXQLFLSDOHVWLHQHQXQSRFRGHFDGDXQDGHHOODV
$OSODQWHDPLHQWRGHWLSRVGHXQLGDGHVDGPLQLVWUDWLYDV\GLYLVLRQDOL]DFLyQ
GHODHVWUXFWXUDFDEUtDDxDGLUXQWHUFHUHOHPHQWRFRPRVRQODViUHDVRGHSDUWD
PHQWRVTXHFRPSRQHQHVDHVWUXFWXUDHQWUHORVTXHQRVHQFRQWUDPRVORVYHUWL
FDOHVGLULJLGRVDORVFLXGDGDQRV\ORVKRUL]RQWDOHVVHUYLFLRVFRPXQHVDWUDYpV
GHORVTXHVHGHVDUUROODQORVVHUYLFLRVORFDOHVFRRUGLQDFLyQSROtWLFDHLQVWLWXFLR
QDO SUHVXSXHVWRV \ FRQWURO HFRQyPLFR LQIRUPiWLFD JDELQHWHDVHVRUtD MXUtGLFD
QRUPDOL]DFLyQOLQJtVWLFD\GRFXPHQWDOJHVWLyQGHSHUVRQDOIRUPDFLyQRUJDQL
]DFLyQ%DOODUW\5DPLy
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
/DV$GPLQLVWUDFLRQHV3~EOLFDVHQ*DOLFLD
,QWURGXFFLyQ
*DOLFLDHVXQDQDFLRQDOLGDGKLVWyULFDHQWDQWRHQFXDQWRDVtVHUHFRJHHQ
OD 'LVSRVLFLyQ 7UDQVLWRULD 6HJXQGD GH OD &RQVWLWXFLyQ GH DO LJXDO TXH
&DWDOXxD \ HO 3DtV 9DVFR < OR HV DGHPiV SRUTXH VX SURFHVR GH FRQVWUXFFLyQ
SROtWLFROHJDOLQVWLWXFLRQDO\RUJDQL]DWLYRVHUHPRQWDDODpSRFDGHOD6HJXQGD
5HS~EOLFD FRQ OD ILUPD GH VX (VWDWXWR GH $XWRQRPtD GH 3RU HOOR HQ HO
YLJHQWH (VWDWXWR GH $XWRQRPtD VH UHFRJH HQ VX DUWtFXOR SULPHUR TXH *DOLFLD
QDFLRQDOLGDG KLVWyULFD VH FRQVWLWX\H HQ &RPXQLGDG $XWyQRPD SDUD DFFHGHU D VX
DXWRJRELHUQRGHFRQIRUPLGDGFRQOD&RQVWLWXFLyQHVSDxROD\FRQHOSUHVHQWH(VWDWXWR
TXHHVVXQRUPDLQVWLWXFLRQDOEiVLFD
(VHVWDQRUPDEiVLFDDXWRQyPLFDODTXHUHJXODODVLWXDFLyQOHJDOHLQVWLWX
FLRQDODFWXDOGHODV$GPLQLVWUDFLRQHV3~EOLFDVJDOOHJDV$WUDYpVGHHOODVHFRQ
ILJXUD XQ PDUFR SROtWLFRDGPLQLVWUDWLYR TXH SHUPLWH HMHUFHU ODV IXQFLRQHV TXH
SDUD HOOR VH HVWDEOHFHQ HQ OD &RQVWLWXFLyQ \ HQ HO SURSLR (VWDWXWR \ TXH HVWi
UHSUHVHQWDGR IXQGDPHQWDOPHQWH SRU GRV LQVWLWXFLRQHV GH UHOHYDQFLD OD ;XQWD
GH*DOLFLDFRPRyUJDQRGH*RELHUQR\VX3UHVLGHQWHFRPRGLULJHQWHGHOPLV
PR$FRQWLQXDFLyQVHGHVFULEHQEUHYHPHQWHDPEDVLQVWLWXFLRQHVDQDOL]DQGR
D ORV VLJXLHQWHV DXWRUHV GHVWDFDGRV 9LODV 1RJXHLUD 0iL] 6XiUH] &DDPDxR
'RPtQJXH] 5LYHUD 2WHUR 9LODV 1RJXHLUD /ySH]
0LUD\%DOODUW\5DPLy\
/D$GPLQLVWUDFLyQ$XWRQyPLFD
&RPRVHVHxDODHQHO(VWDWXWRGH$XWRQRPtDGH*DOLFLDOD;XQWDHVHOyU
JDQRFROHJLDGRGHJRELHUQRGH*DOLFLDDUW \ VH HQFXHQWUD GHVDUUROODGR
SRU OD /H\ UHJXODGRUD GH OD ;XQWD \ GH VX 3UHVLGHQWHOD ;XQWD HV XQ
yUJDQR FROHJLDGR TXH EDMR OD GLUHFFLyQ GHO 3UHVLGHQWH GLULJH OD SROtWLFD JHQHUDO \ OD
$GPLQLVWUDFLyQGHOD&RPXQLGDG$XWyQRPD$WDOILQHMHUFHODLQLFLDWLYDOHJLVODWLYD
ODIXQFLyQHMHFXWLYD\ODSRWHVWDGUHJODPHQWDULD4XHGDFODURSXHVHOSDSHOFHQ
WUDOTXHHQVLVWHPDSROtWLFRDGPLQLVWUDWLYRJDOOHJRMXHJDOD;XQWDGH*DOLFLD\OD
ILJXUD GH VX 3UHVLGHQWH /D /H\ PRGLILFDGD SRVWHULRUPHQWH SRU HO 'H
FUHWRTXHUHJXODHOUpJLPHQLQWHULRUGHOD;XQWDGH*DOLFLD\SRUOD
/H\TXHUHJXODODRUJDQL]DFLyQ\DWULEXFLRQHVGHOD;XQWDGH*DOLFLD\
GH VX 3UHVLGHQWH (VWDEOHFH XQD QXHYD HVWUXFWXUD \ RUJDQL]DFLyQ GHO JRELHUQR
FRQODVVLJXLHQWHVILJXUDV9LFHSUHVLGHQWHV\&RQVHOOHLURVTXHVHFRQVWLWX\HQHQ
HO&RQVHOORGHOD;XQWDIRUPDQGRHO*RELHUQRJDOOHJRDGHPiVGLFKD/H\WDP
(QULTXH-RVp9DUHODOYDUH]
ELpQ HVWDEOHFH OD FUHDFLyQ GH &RPLVLRQHV 'HOHJDGDV D WUDYpV GH ODV FXDOHV VH
WUDWDUiQORVDVXQWRVVHFWRULDOHVGHO*RELHUQRGHOD&RPXQLGDG$XWyQRPD
(O3UHVLGHQWHGHOD;XQWDGH*DOLFLDHVXQDILJXUDVLPLODUDODH[LVWHQWHHQ
HOVLVWHPDGHJRELHUQRFHQWUDO\DTXHFRPRVHxDODQ9LODV1RJXHLUD0iL]6Xi
UH] &DDPDxR 'RPtQJXH] 5LYHUD 2WHUR WDQWR OD UHJXODFLyQ IRU
PDO GHO 3UHVLGHQWH GH OD ;XQWD \ GH VXV UHODFLRQHV FRQ HO 3DUODPHQWR DXWRQyPLFR
FRPRODGLQiPLFDGHIXQFLRQDPLHQWRGHOVLVWHPDHVVXEVWDQFLDOPHQWHDQiORJDDODGH
ORV *RELHUQRV SDUODPHQWDULRV GH (VWDGRV LQGHSHQGLHQWHV DXQTXH VH GLIHUHQFLD
GHO 3UHVLGHQWH GH *RELHUQR HVSDxRO HQ OD LPSRUWDQFLD TXH HO 3UHVLGHQWH GH OD
;XQWDWLHQHHQODUHSUHVHQWDFLyQGHOD&RPXQLGDG$XWyQRPD(QWUHODVIXQ
FLRQHV PiV GHVWDFDGDV GHO 3UHVLGHQWH GH OD ;XQWD GHVWDFDQ 9LODV 1RJXHLUD
0iL]6XiUH]&DDPDxR'RPtQJXH]5LYHUD2WHUR
D /D \D PHQFLRQDGD IXQFLyQ GH UHSUHVHQWDFLyQ FRPR Pi[LPR GLULJHQWH
GHOD&RPXQLGDG$XWyQRPDDQWHHO(VWDGRFHQWUDORWUDV&RPXQLGDGHV
$XWyQRPDV HWFpWHUD DGHPiV VXVFULEH ORV FRQYHQLRV GH FRRSHUDFLyQ
FRQ RWUDV &RPXQLGDGHV $XWyQRPDV FRQYRFD ODV HOHFFLRQHV DO 3DUOD
PHQWRWUDVVXGLVROXFLyQSURPXOJDHQQRPEUHGHO5H\ORV'HFUHWRVOH
JLVODWLYDV\RUGHQDVXSXEOLFDFLyQHQHO'2*
E /DIXQFLyQGH*RELHUQR\DTXHGLULJH\FRRUGLQDODDFFLyQGHOD;XQWD
DWUDYpVGHODFXDOOHFRUUHVSRQGH&DStWXOR,,GHOD/H\PRGLIL
FDGD SRU /H\ FUHDU PRGLILFDU \ VXSULPLU PHGLDQWH 'H
FUHWR ODV 9LFHSUHVLGHQFLDV \ ODV &RQVHOOHUtDV DVt FRPR QRPEUDU D
9LFHSUHVLGHQWHV \ &RQVHOOHLURDV FRQYRFDU SUHVLGLU VXVSHQGHU \
OHYDQWDU ODV UHXQLRQHV GHO &RQVHOOR GH *RELHUQR \ GH ODV &RPLVLRQHV
'HOHJDGDVDVtFRPRGLULJLUVXVGHOLEHUDFLRQHVGLULJLU\FRRUGLQDUOD
DFFLyQGHJRELHUQR\JDUDQWL]DUVXFRQWLQXLGDGQRUHFRJHQLQJXQDDWUL
EXFLyQ SDUWLFXODU UHFRJLHQGR H[SUHVDPHQWH HO FRQWHQLGR GHO DUWtFXOR
GHO($*YHODUSRUHOFXPSOLPLHQWRGHORVDFXHUGRVPDUFDGRV
SRUOD;XQWD\FRRUGLQDUODHMHFXFLyQGHDFXHUGRVGHO&RQVHOOR\GHODV
&RPLVLRQHV'HOHJDGDVDVHJXUDUODFRRUGLQDFLyQHQWUHODVGLIHUHQWHV
&RQVHOOHUtDVFRRUGLQDUHOSURJUDPDOHJLVODWLYRGHOD;XQWD\HODERUDU
QRUPDVGHFDUiFWHUJHQHUDOHQFRPHQGDUDXQ9LFHSUHVLGHQWHR&RQ
VHOOHUtDTXHVHHQFDUJXHGHOGHVSDFKRGHXQD&RQVHOOHUtDRGHODPLVPD
3UHVLGHQFLDHQFDVRGHDXVHQFLDHQIHUPHGDGRLPSHGLPLHQWRGHO3UHVL
GHQWHIRUPXODUDQWHHO3DUODPHQWRSUHYLDGHOLEHUDFLyQGHO&RQVHOOR
OD FXHVWLyQ GH FRQILDQ]D SUHVHQWDU DO 3DUODPHQWR ORV SUR\HFWRV GH
OH\SRUVtPLVPRRDWUDYpVGHXQPLHPEURGHOD;XQWDGHVLJQDGR
IDFLOLWDUDO3DUODPHQWRODLQIRUPDFLyQ\GRFXPHQWDFLyQTXHHVWHUHFDEH
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
]DWLYDDOIUHQWHODFXDOHVWiXQ'HOHJDGR3URYLQFLDO\ORVSXHVWRVDGPL
QLVWUDWLYRVTXHVHGHVLJQHQ
$GPLQLVWUDFLyQ )XQFLRQDO 2UJDQLVPRV $XWyQRPRV (QWHV 3~EOLFRV
(PSUHVDV3~EOLFDV
6X FUHFLPLHQWR FRPR RUJDQL]DFLyQ \ OD DGRSFLyQ GH XQD SRVLFLyQ DFWLYD
UHVSHFWR DO GLVHxR IRUPXODFLyQ H LPSOHPHQWDFLyQ GH SROtWLFDV S~EOLFDV VH HQ
VDQFKDSXHVHQHVWHPDUFRLQFUHPHQWDGRSRUODDVXQFLyQGHQXHYDVFRPSHWHQ
FLDVTXHDIHFKDDFWXDOVRQ\DHVFDVDVORTXHQRHYLWDTXHOD;XQWDVHSRVLFLRQH
FRPR DFWRU SULQFLSDO HQ HO PDUFR JDOOHJR SRU HQFLPD LQGXGDEOHPHQWH GH ODV
$GPLQLVWUDFLRQHV /RFDOHV HQ HO GLVHxR GH QXHYDV iUHDV GH GLUHFFLyQ SROtWLFR
DGPLQLVWUDWLYD&RQVHOOHUtDGH(PLJUDFLyQH&RRSHUDFLyQ([WHULRU\&RQVHOOHUtD
GH $VXQWRV 6RFLDLV WUDV ODV ~OWLPDV HOHFFLRQHV GH OD LPSODQWDFLyQ GH
QXHYRVSURJUDPDVS~EOLFRVHWFpWHUD
/D$GPLQLVWUDFLyQ/RFDO
*DOLFLDUH~QHHQVXWHUULWRULRDODPLWDGGHODVHQWLGDGHVGHSREODFLyQTXH
FRH[LVWHQ HQ HO WHUULWRULR HVSDxRO HVWR XQLGR D OD GLVSHUVLyQ GH VX SREODFLyQ
KDFHQGHODRUJDQL]DFLyQWHUULWRULDOJDOOHJDXQDDPDOJDPDGHHQWLGDGHVGHGLItFLO
JRELHUQR HQ HO FRQWH[WR VXEQDFLRQDO $Vt ORV $\XQWDPLHQWRV GH *DOLFLD
VXVFXDWUR'LSXWDFLRQHVSURYLQFLDOHVODV&RPDUFDVHQ$&RUXxDHQ
3RQWHYHGUD 2XUHQVH \ /XJR \ ODV DSUR[LPDGDPHQWH 3DUUR
TXLDVDGHPiVGHODVRUJDQL]DFLRQHVSURSLDVGHOD$GPLQLVWUDFLyQ$XWRQyPL
FD ;XQWD 'HOHJDFLRQHV 2UJDQLVPRV $XWyQRPRV \ (PSUHVDV 3~EOLFDV
)XQGDFLRQHV \ ODV SHUWHQHFLHQWHV D OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR
'HOHJDFLRQHV3HULIpULFDVGHORV0LQLVWHULRV'HOHJDFLyQ\6XEGHOHJDFLRQHVGHO
*RELHUQRSURYRFDQXQDJUDQIUDJPHQWDFLyQTXHREOLJDDSODQWHDPLHQWRVGH
UDFLRQDOL]DFLyQOHJDOLQVWLWXFLRQDOHV\RUJDQL]DWLYRVTXHVLQUHGXFLUHOSULQFLSLR
GH DXWRQRPtD \ GHPRFUDFLD ORFDO FRQVLJDQ LQWURGXFLU FLHUWDV GRVLV GH OyJLFD
SROtWLFRDGPLQLVWUDWLYDDOiPELWRVXEQDFLRQDOGHJRELHUQRTXHQRVRFXSD
,PSRUWDQWHKDVLGRODHYROXFLyQORFDOHQ*DOLFLDGHVGHORVDQWLJXRV&RX
WRV\-XULVGLFFLRQHVGHO$QWLJXR5pJLPHQDORVDFWXDOHV$\XQWDPLHQWRVHQOD
(VSDxDGHODV$XWRQRPtDVFRQHOSUHGRPLQLRGHOD$GPLQLVWUDFLyQ$XWRQyPL
FDHQHOPDSDSROtWLFRDGPLQLVWUDWLYRJDOOHJR(VWDFXHVWLyQVHFODULILFDVLWXiQ
GRQRV DQWH HO (VWDWXWR GH $XWRQRPtD GH *DOLFLD GH GRQGH VH GLFH TXH
8QD OH\ GHO 3DUODPHQWR UHJXODUi OD RUJDQL]DFLyQ WHUULWRULDO SURSLD GH *DOLFLD GH
DFXHUGR FRQ HO SUHVHQWH (VWDWXWR DUW \ TXH VH YH UHIUHQGDGD HQ DUWtFXORV
SRVWHULRUHVUHODFLRQDGRVFRQODRUGHQDFLyQGHOWHUULWRULRJDOOHJRHVSHFLDOPHQWH
HODUW\UHIHULGRVDODRUJDQL]DFLyQ\UpJLPHQMXUtGLFRGHODV&RPDUFDV\
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
(O FDVR HV TXH OD $GPLQLVWUDFLyQ /RFDO JDOOHJD WLHQH SUiFWLFDPHQWH ORV
PLVPRVOtPLWHVHQ*DOLFLDTXHHQHOUHVWRGHODV&RPXQLGDGHV$XWyQRPDVHVSD
xRODVVLH[FHSWXDPRVHOPRGHORORFDOYDVFR\DTXHHQJUDQPHGLGDGHSHQGHQ
GH pVWDV ELHQ SRU OD YtD GH GHVDUUROOR QRUPDWLYR ELHQ SRU OD YtD HFRQyPLFR
ILQDQFLHUDDWUDYpVGHODVFRUUHVSRQGLHQWHVVXEYHQFLRQHV
(OPDUFRQRUPDWLYRVREUHHOUpJLPHQORFDOJDOOHJRVHFRQWHPSODHQODDF
WXDOPHQWHYLJHQWH/$/*$$WUDYpVGHVX DUWLFXODGRVHHVWUXFWXUDQODV RU
JDQL]DFLRQHVORFDOHVJDOOHJDVVXDQiOLVLVVHSRGUtDUHVXPLUHQ
7tWXOR3UHOLPLQDU'RQGHVHHVWDEOHFHHOPDUFR\ODVGLVSRVLFLRQHVJH
QHUDOHVVREUHHOUpJLPHQORFDOJDOOHJRFRQHVSHFLDOPHQFLyQDORV0XQL
FLSLRV 3URYLQFLDV \ 3DUURTXLDV 5XUDOHV FRPR HQWLGDGHV ORFDOHV
WHUULWRULDOHV \ D ODV UHDV 0HWURSROLWDQDV 0DQFRPXQLGDGHV &RQVRU
FLRV\(QWLGDGHV/RFDOHVPHQRUHVFRPRHQWLGDGHVORFDOHVQRWHUULWRULD
OHV
7tWXOR,&RQWHPSODDO0XQLFLSLRFRPRHQWLGDGORFDOEiVLFDGHODRU
JDQL]DFLyQ WHUULWRULDO JDOOHJD VLJXLHQGR HO SODQWHDPLHQWR FRQVWLWXFLR
QDOLQWHJUDGRSRUWHUULWRULRSREODFLyQ\RUJDQL]DFLyQ3RURWURODGR
GHVDUUROOD ORV SURFHGLPLHQWRV GH IXVLyQVHJUHJDFLyQ GH 0XQLFLSLRV DVt
FRPR ORV yUJDQRV GH *RELHUQR \ $GPLQLVWUDFLyQ ORFDO $OFDOGH 7H
QLHQWHVGH$OFDOGH\3OHQRODV&RPLVLRQHVGH*RELHUQR\(VSHFLDOGH
&XHQWDVODVFRPSHWHQFLDV\VHUYLFLRVPtQLPRVORVVLVWHPDVGHWUDQVIH
UHQFLD\GHOHJDFLyQGHFRPSHWHQFLDVGHOD&RPXQLGDG$XWyQRPDDORV
0XQLFLSLRVDVtFRPRXQDFRQVLGHUDFLyQVREUHODVFDUDFWHUtVWLFDVSURSLDV
GH ORV $\XQWDPLHQWRV JDOOHJRV 0XQLFLSLRV WXUtVWLFRV KLVWyULFR
DUWtVWLFRVLQGXVWULDOHVSHVTXHURV\UXUDOHV
7tWXOR,,3RUORTXHVHUHILHUHDOD3URYLQFLDFRPRHQWLGDGVXSUDORFDO
EiVLFD HQ *DOLFLD OD /$/*$ HVWDEOHFH VX PDUFR WHUULWRULDO HO *R
ELHUQR\VX$GPLQLVWUDFLyQ3UHVLGHQWH9LFHSUHVLGHQWHV3OHQR&RPL
VLyQ GH *RELHUQR \ &RPLVLyQ (VSHFLDO GH &XHQWDV DVt FRPR ODV
FRPSHWHQFLDV TXH GHEHQ GHVDUUROODU D WUDYpV GH OD 'LSXWDFLyQ 3URYLQ
FLDO
7tWXOR,,,$GHPiVGHORV0XQLFLSLRV\3URYLQFLDV\HQFRQVRQDQFLD
FRQ OD HYROXFLyQ KLVWyULFD GH OD RUJDQL]DFLyQ WHUULWRULDO JDOOHJD OD
/$/*$FRQWHPSODHOHVWDEOHFLPLHQWRGHRWUDVHQWLGDGHVORFDOHVFR
PR SXHGHQ VHU ODV UHDV 0HWURSROLWDQDV HQ HO FDVR JDOOHJR GH IDFWR
ODV GH 9LJR \ $ &RUXxD ODV 0DQFRPXQLGDGHV GH 0XQLFLSLRV \ ORV
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
%LEOLRJUDItD5HFRPHQGDGD
%DHQD GHO $OFi]DU 0DULDQR &XUVR GH &LHQFLD GH OD $GPLQLVWUDFLyQ
9ROXPHQ,&XDUWD(GLFLyQ5HIRUPDGD7HFQRV0DGULG
%DHQDGHO$OFi]DU0DULDQR,QVWLWXFLRQHV$GPLQLVWUDWLYDV0DUFLDO3RQV
0DGULG
%DOODUW ;DYLHU \ 5DPLy &DUOHV &LHQFLD GH OD $GPLQLVWUDFLyQ 7LUDQW OR
%ODQFK9DOHQFLD
&DStWXOR , (YROXFLyQ KLVWyULFD GH OD $GPLQLVWUDFLyQ SURJUDPDV GH
UHIRUPD\UHWRVGHIXWXURSS
&DStWXOR,,(O*RELHUQR\ORV0LQLVWURVSS
&DStWXOR,9/D$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRSS
&DStWXOR9/D$GPLQLVWUDFLyQGHODV&RPXQLGDGHV$XWyQRPDVSS
&DStWXOR9,/D$GPLQLVWUDFLyQ/RFDOSS
&DStWXOR9,,,$GPLQLVWUDFLRQHVS~EOLFDVFRPSDUDGDV/D$GPLQLVWUD
FLyQGHOD8QLyQ(XURSHDSS
%HQH\WR 3pUH] -RVp 0DUtD \ %HFHUULO $WLHQ]D %HOpQ (O SURFHVR GH FRQV
WUXFFLyQ GH ODV &RPXQLGDGHV (XURSHDV 'H OD &(&$ DO 7UDWDGR GH OD
8QLyQ (XURSHD HQ 0DUWtQ GH OD *XDUGLD 5LFDUGR 0 \ 3pUH] 6iQFKH]
*XLOOHUPR $ FRRUGLQDGRUHV +LVWRULD GH OD LQWHJUDFLyQ HXURSHD $ULHO
(VWXGLRV(XURSHRV%DUFHORQDSS
&DQDOHV$OLHQGH-RVH0DQXHO\3pUH]*XHUUHUR3HGUR/XLV,QWURGXFFLyQ
DO *RELHUQR \ D OD *HVWLyQ /RFDO (GLWRULDO &OXE 8QLYHUVLWDULR $OLFDQWH
&DQFHOD 2XWHGD &HOVR 2 VLVWHPD SROtWLFRLQVWLWXFLRQDO H [XUtGLFR GD
8QLyQ (XURSHD HQ 'RPtQJXH] &DVWUR /XLV FRRUG (VSDxD H (XURSD
'RIUDQTXLVPRDRHXUR(GLWRULDO;HUDLV9LJRSS
&DUULOOR %DUURVR (UQHVWR *HVWLyQ GH 5HFXUVRV +XPDQRV 3UHVXSXHVWD
FLyQ \ +DFLHQGD /RFDO HQ (VSDxD ,QVWLWXWR GH (VWXGLRV )LVFDOHV 0RQR
JUDItDQ0DGULG
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
&DUULOOR %DUURVR (UQHVWR (O *RELHUQR \ OD $GPLQLVWUDFLyQ /RFDO HQ HO
(VWDGR GH ODV $XWRQRPtDV ,82* 3DSHOHV GH 7UDEDMR GH *RELHUQR \
$GPLQLVWUDFLyQ3~EOLFDQ0DGULGSS
&DUULOOR%DUURVR(UQHVWR/RVJRELHUQRVORFDOHVHQ 5RPiQ 3DORPDFR
RUG6LVWHPD3ROtWLFR(VSDxRO(GLWRULDO0F*UDZ+LOO6HJXQGD(GLFLyQ
0DGULGSS
&ORVD&DUORV\)HUQiQGH]$OEHUWRV-RVp(O6LVWHPD3ROtWLFRGHOD8QLyQ
(XURSHD HQ $OFiQWDUD 6iH] 0DQXHO (G 6LVWHPDV SROtWLFRV GH OD
8QLyQ(XURSHD(GLWRULDO7LUDQWOR%ODQFK9DOHQFLDSS
&UHVSR *RQ]iOH] -RUJH \ 3DVWRU $OEDGDOHMR *HPD FRRUGV$GPLQLVWUD
FLRQHV3~EOLFDV(VSDxRODV(GLWRULDO0F*UDZ+LOO0DGULG
0DUWtQGHOD*XDUGLD5LFDUGR0(OLGHDOHXURSHLVWDGHODPRGHUQLGDGD
OD FRQWHPSRUDQHLGDG HQ 0DUWtQ GH OD *XDUGLD 5LFDUGR 0 \ 3pUH] 6iQ
FKH] *XLOOHUPR $ FRRUGLQDGRUHV +LVWRULD GH OD LQWHJUDFLyQ HXURSHD
$ULHO(VWXGLRV(XURSHRV%DUFHORQDSS
0DUWtQGHOD*XDUGLD5LFDUGR0\3pUH]6iQFKH]*XLOOHUPR$&URQR
ORJtD\&DUWRJUDItDHQ0DUWtQGHOD*XDUGLD5LFDUGR0\3pUH]6iQFKH]
*XLOOHUPR $ FRRUGLQDGRUHV +LVWRULD GH OD LQWHJUDFLyQ HXURSHD $ULHO
(VWXGLRV(XURSHRV%DUFHORQDSS
0DUWtQH] /LOOR 3HGUR $QWRQLR (XURSD GHVSXpV GH OD 6HJXQGD *XHUUD
0XQGLDOODUHDFWLYDFLyQGHOLGHDOHXURSHLVWDHQ0DUWtQGHOD*XDUGLD5L
FDUGR 0 \ 3pUH] 6iQFKH] *XLOOHUPR $ FRRUGLQDGRUHV +LVWRULD GH OD
LQWHJUDFLyQHXURSHD$ULHO(VWXGLRV(XURSHRV%DUFHORQDSS
2OPHGD*yPH]-RVp$QWRQLR\3DUUDGR'tH]6DOYDGRU&LHQFLDGHOD$G
PLQLVWUDFLyQ/RV6LVWHPDV$GPLQLVWUDWLYRV9ROXPHQ,,81(' 0D
GULG
7HPD ;;,9 (O *RELHUQR \ OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR
SS
7HPD;;9/DV&RPXQLGDGHV$XWyQRPDVSS
7HPD;;9,/RV*RELHUQRV/RFDOHVSS
7HPD;;;9/D8QLyQ(XURSHDHQWUHHQWHVXSUDQDFLRQDO\RUJDQL]D
FLyQLQWHUJXEHUQDPHQWDOSS
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
1RWDV3Lp3iJLQD
$HOORVHGHGLFyHQHIHFWRGHVGHODDQWLJHGDGFOiVLFDJULHJD\URPDQDSDVDQGRSRUOD
HUDGRUDGDGHOFULVWLDQLVPRKDVWDORVVLJORVPRGHUQRVHQTXHODVPHMRUHVPHQWHVGHO9LHMR&RQ
WLQHQWHFRPHQ]DURQGHQXHYRDUHSHQVDUODLGHDGH(XURSD\DHODERUDUVXLGHQWLGDGFRP~Q
PHGLDQWHODE~VTXHGDGHODSD]SHUSHWXDHOEXHQJRELHUQR\HOELHQHVWDUVRFLRHFRQyPLFR
GHVXVSXHEORV3pUH]6iQFKH]
(VWDVUHXQLRQHVGHFDUiFWHULQWHUJXEHUQDPHQWDOLEDQDUHIRU]DUHOSDSHOVXSUDQDFLRQDO
GHOD&(/DIRUPDFLyQGHHVWDVFXPEUHVVHKL]RDWUDYpVGHORTXHHPSH]yDGHQRPLQDUVHHO
&RQVHMR(XURSHRLQVWLWXFLyQTXHQRKDEtDVLGRSUHYLVWDHQHO7UDWDGRGH5RPD(O&RQVHMR
(XURSHRSHUPLWtDTXHORVPi[LPRVOtGHUHVGHORVSDtVHVPLHPEURVSDUWLFLSDUDQDFWLYDPHQWHHQ
ODFRQVWUXFFLyQHXURSHD2OPHGD\3DUUDGR
UHFRJLpQGRODHQHO7UDWDGRTXHKDEUtDGHUHJXODUVXVREMHWLYRV\VXIXQFLRQDPLHQWR
1R REVWDQWH OD LQWHUJXEHUQDPHQWDELOLGDG TXH KDEtD UHJLGR KDVWD DKRUD HQ HVWH iPELWR VH
LPSXVR GH QXHYR SUHYLpQGRVH OD DGRSFLyQ GH GHFLVLRQHV SRU XQDQLPLGDG %HQH\WR 3pUH] \
%HFHUULO$WLHQ]D
9LGGpILFLWGHPRFUiWLFR\JREHUQDELOLGDG6iQFKH]&XHQFD\GpILFLW
GHJHVWLyQORTXHSURYRFDODFRQVWDQWHWHQVLyQHQWUHLQVWLWXFLRQHVHMHFXWLYDV\SROtWLFDV
SURPRYLpQGRVHFRQWLQXDPHQWHFDPELRVHQVXRULHQWDFLyQGHJHVWLyQ\HQVXOHJLWLPLGDG
FRPR LQVWLWXFLyQ &RPLVLyQ (XURSHD FRPR RUJDQL]DFLyQUHG YLG 0HWFDOIH /HV /D
&RPLVLyQ (XURSHD FRPR XQD RUJDQL]DFLyQUHG ,1$3*$33 Q 6HSWLHPEUH
'LFLHPEUH0DGULGSS
/D&RPLVLyQHVXQyUJDQRFROHJLDGRTXHLPSOLFDTXHWRGRVORVFRPLVDULRVVRQUHVSRQVD
EOHVFROHFWLYDPHQWHGHWRGDVODVGHFLVLRQHV\ODVGHFLVLRQHVVHDGRSWDQPHGLDQWHXQYRWRPD\R
ULWDULR TXH QR VH KDFH S~EOLFR SDUD UHIRU]DU VX FDUiFWHU FROHJLDO 2OPHGD \ 3DUUDGR
'DGDODLPSRUWDQFLDGHOSXHVWRVHKDSUHIHULGRQRUPDOPHQWHDPLQLVWURVQDFLRQDOHVFRQ
FLHUWDH[SHULHQFLDHQHOSXHVWR\FRQFLHUWRSHVRSROtWLFRHQVXSDtVGHRULJHQ2OPHGD\3D
UUDGR
(QUHDOLGDGODQHXWUDOLGDGWRWDOQRHVGHOWRGRGHVHDEOHGDGRTXHHOWUDEDMRGHOD&R
PLVLyQYDDVHUGHVHPSHxDGRSRUFRPLVDULRVTXHVHGHVHQYXHOYHQPHMRUHQVXVSURSLRV(VWDGRV
1RVHYHGHPDVLDGRPDOTXHHOFRPLVDULRH[SOLTXHDORVGHPiVORVSULQFLSDOHVREVWiFXORVTXHVH
SXHGHQ HQFRQWUDU HQ VX (VWDGR GH RULJHQ VREUH XQD PHGLGD GHWHUPLQDGD SHUR QR VH SXHGH
DFWXDU GH IRUPD LQVLVWHQWH FRPR SRUWDYR] GH ORV LQWHUHVHV QDFLRQDOHV (OOR FRPSURPHWHUtD OD
FUHGLELOLGDGGHOFRPLVDULRIUHQWHDVXVFRPSDxHURV2OPHGD\3DUUDGR
VHHQFDUJDGHODVGHFLVLRQHVILQDOHVVREUHODVSURSXHVWDVGHOD&RPLVLyQUHSUHVHQWDQGR
ORVLQWHUHVHVGHORV(VWDGRVPLHPEURV%DOODUW\5DPLy
yUJDQRDQyPDORFRQXQDQDWXUDOH]DH[WUDRILFLDOGDGRTXH QR GLVSRQH GHXQVWDWXV
LQVWLWXFLRQDOPHQWHUHFRQRFLGR2OPHGD\3DUUDGR
(QULTXH-RVp9DUHODOYDUH]
(VWDOHJLWLPLGDGGHPRFUiWLFDGHO3(GLRXQVDOWRFXDOLWDWLYRLPSRUWDQWHHQFXDQ
GRIXHHOHJLGRSRUSULPHUDYH]GHIRUPDGLUHFWDSRUORVFLXGDGDQRVGHORVSDtVHVPLHPEURV\D
TXHDQWHVGHHVDIHFKDORVPLHPEURVGHOD$VDPEOHDHUDQHOHJLGRVSRUORV3DUODPHQWRVQDFLR
QDOHV6XVOLPLWDGRVSRGHUHVIRUPDOHVFRPSDUDGRFRQORV3DUODPHQWRVQDFLRQDOHVKDQVHUYLGR
GHIUHQRDHVWDDSRUWDFLyQGHOHJLWLPLGDG(OTXHODVGHFLVLRQHVFRPXQLWDULDVVHWRPHQHQLQVWL
WXFLRQHVQRUHSUHVHQWDWLYDVHO&RQVHMRIXQGDPHQWDOPHQWHKDOOHYDGRDPXFKRVDKDEODUGH
XQGpILFLWGHPRFUiWLFRHQOD8QLyQ&ORVD\)HUQiQGH]
$ODHVSHUDGHDGRSWDUXQVLVWHPDHOHFWRUDOXQLIRUPHORVGLSXWDGRVHXURSHRVVRQHOHJL
GRVHQODPLVPDIHFKDVHJ~QORVFULWHULRVGHFDGDSDtV(VWRVFULWHULRVQRVRQQHFHVDULDPHQWH
FRLQFLGHQWHV FRQ HO VLVWHPD HOHFWRUDO HPSOHDGR SDUD ODV HOHFFLRQHV QDFLRQDOHV UHJLRQDOHV R
ORFDOHVGHFDGDSDtV$SHVDUGHTXHKD\DGLIHUHQFLDVLPSRUWDQWHVHQFXDQWRDVLODVOLVWDVVRQ
EORTXHDGDVVLVHDSOLFDODOH\G+RQWFXiOHVHOWDPDxRGHODFLUFXQVFULSFLyQDSDUWLUGHOD
FXDOVRQHOHJLGRVORVGLSXWDGRVH[LVWHODVLPLOLWXGGHTXHWRGRVORVVLVWHPDVXWLOL]DQODSURSRU
FLRQDOLGDG GH IRUPD FRUUHJLGD 2OPHGD \ 3DUUDGR FLWDQGR D 0RUDWD
'HQWURGHODVGLIHUHQWHV(XURSDVSRVLEOHV5RMR6DOJDGRH[LVWHOD
GHQRPLQDGD (XURSD GH ODV 5HJLRQHV FRPR VXSHUDFLyQ GHO PRGHOR GH (VWDGRV1DFLyQ
TXHFRQVWUX\yODDFWXDO8QLyQDORODUJRGHORV~OWLPRVFLQFXHQWDDxRVTXHHOSURIHVRU
5RMR6DOJDGRFRQVLGHUDVXSHUDGD(O(VWDGR SRUFRQVLJXLHQWHKDEUiGHGHVDSDUHFHU SXHV
\DKDGDGRPXHVWUDVHYLGHQWHVGHVXLQFDSDFLGDGSDUDUHVROYHUORVSUREOHPDVSODQWHDGRVSRUOD
VRFLHGDG DFWXDO \ GH VX UHVLVWHQFLD SDUD FRQVWLWXLU XQD YHUGDGHUD XQLyQ SROtWLFD HXURSHD
(XURSD VH FRQVWUXLUi D SDUWLU GH HVWDV XQLGDGHV UHJLRQDOHV HQ TXH TXHGDUi GLYLGLGD (XURSD
PXFKRPHQRVFHORVDVGHVXVREHUDQtD/D5HJLyQFpOXODFRQVWLWX\HQWHGHOD8QLyQ(XURSHD
KDUiSRVLEOHVXSHUDUODVDFWXDOHVIURQWHUDVSROtWLFDVGHORV(VWDGRVHXURSHRVIURQWHUDVPXFKDV
GH HOODV DUWLILFLDOHV \ TXH WLHQHQ VX RULJHQ HQ ORV DYDWDUHV KLVWyULFRV FRQIOLFWRV GH DPELFLyQ
OXFKDV LPSHULDOLVWDV LQWHUHVHV GLQiVWLFRV HWF 5RMR 6DOJDGR (VWD SURSXHVWD
WDPSRFRVXSRQHODHOLPLQDFLyQGHORVPDUFRVQDFLRQDOHVSHURVLODLQWHJUDFLyQGHODV
UHJLRQHV\VXLQWHUGHSHQGHQFLDSROtWLFD\DGPLQLVWUDWLYDFODUDFRQORV(VWDGRVPLHPEURV
\ODVLQVWLWXFLRQHVGHWRPDGHGHFLVLRQHVGHOD8QLyQ(XURSHD(O&RPLWpGHODV5HJLR
QHVSRUWDQWRVHFRQVWLWXLUtDHQHOYHUGDGHURyUJDQRGHUHSUHVHQWDFLyQGHORVLQWHUHVHV
VXEQDFLRQDOHVHQOD8QLyQ(XURSHDVLQHPEDUJRHQODDFWXDOLGDG\GHELGRDORVSURFH
VRVGHUHIRUWDOHFLPLHQWRGHO(VWDGRDODUHFHQWUDOL]DFLyQLPSHUDQWHHQDOJXQRV(VWDGRV
PLHPEURVPRWLYDGRSRUORVVXFHVRVGHO6GHOYHU0yGXOR,\DODIXWXUDDP
SOLDFLyQGHOD8QLyQHO&RPLWpGHODV5HJLRQHVGHEHSRVLFLRQDUVHHQHOQXHYRPDUFR
SROtWLFRDGPLQLVWUDWLYRVLQRTXLHUHTXHGDUVHIXHUDGHODWRPDGHGHFLVLRQHVFRPXQLWD
ULDVHQHOVLJOR;;,
%DHQD GHO $OFi]DU /D $GPLQLVWUDFLyQ S~EOLFD PRGHUQD VXUJH DO PLVPR
WLHPSR TXH HO (VWDGR FRPR UHVXOWD OyJLFR SRU VHU XQ HOHPHQWR LQGLVSHQVDEOH GHO PLVPR (Q
FRQVHFXHQFLDVXDSDULFLyQVHSURGXFHFXDQGRWLHQHQOXJDUXQDVHULHGHIDFWRUHVJHQHUDOHVTXH
HVWiQtQWLPDPHQWHOLJDGRVFRQODH[LVWHQFLDGHO(VWDGRPRGHUQR$VtGHVGHHOSXQWRGHYLVWD
SROtWLFRKD\TXHUHIHULUVHDODDSDULFLyQ\DILUPDFLyQGHOSRGHUGHO5H\HQODVJUDQGHVPRQDU
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
TXtDVDEVROXWDVPLHQWUDVTXHGHVGHHOSXQWRGHYLVWDHFRQyPLFRODDSDULFLyQGHXQDRUJDQL]D
FLyQDGPLQLVWUDWLYDIXHUWHYDOLJDGDDOGHVDUUROORGHOSULPHUFDSLWDOLVPRHOFDSLWDOLVPRFRPHU
FLDO \ ILQDQFLHUR 7RGR HOOR VH UHIOHMD GHVGH OXHJR HQ ODV RUJDQL]DFLRQHV DGPLQLVWUDWLYDV \ ORV
SRGHUHVDGPLQLVWUDWLYRVGHODpSRFD
3DUD DEXQGDU HQ GDWRV VREUH ORV SHUtRGRV KLVWyULFRV SUHYLRV D OD $GPLQLVWUDFLyQ
FRQVWLWXFLRQDOGHHVGHJUDQXWLOLGDGODOHFWXUDGHORVWHPDV;9,,,;,;;;\;;,
GH2OPHGD\3DUUDGRTXHVHUHFRJHQHQODELEOLRJUDItD$GHPiVHVPX\
UHFRPHQGDEOHODOHFWXUDGHOOLEUR/D$GPLQLVWUDFLyQHVSDxRODGH(GXDUGR*DUFtDGH
(QWHUUtD$OLDQ]D(GLWRULDOVHJXQGDUHLPSUHVLyQHQ(O/LEURGH%ROVLOORGHSRU
ODFODULGDGGHODV UHIOH[LRQHV HVWDEOHFLGDV OD QRYHGDG HQ OD pSRFD HQ TXH VH UHDOL]D HO
HVWXGLRGpFDGDGHORV\ODFLWDGHDXWRUHVLQJOHVHV\IUDQFHVHVVREUHOD$GPLQLVWUD
FLyQ 3~EOLFD HVSDxROD GH OD ~OWLPD PLWDG GHO VLJOR ;; FRQ HVSHFLDO LQFLGHQFLD GH OD
$GPLQLVWUDFLyQ SHULIpULFD GHO (VWDGR ORV HQWHV ORFDOHV H LQFOXVR GH OD KLVWRULD GH OD
$GPLQLVWUDFLyQ\ODVHVWUXFWXUDVDGPLQLVWUDWLYD
&RPR VHxDOD %DHQD GHO $OFi]DU /D 5HYROXFLyQ IUDQFHVD SURGXFH XQD
WUDQVIRUPDFLyQHVHQFLDODOFHUUDUODHYROXFLyQLQLFLDGDDFRPLHQ]RVGHOD(GDG0RGHUQDOOH
YDQGR D FDER XQ UREXVWHFLPLHQWR GHO SRGHU GHO (VWDGR eVWH VH SODQWHD HQWRQFHV FRPR XQ
(VWDGRFHQWUDOLVWDHQFRQVHFXHQFLDOyJLFDFRQODLGHRORJtDOLEHUDOTXHFRQOOHYDODLJXDOGDGGH
WRGRV DQWH ODV DXWRULGDGHV /D WUDQVIRUPDFLyQ GHO (VWDGR VXSRQH XQD WUDQVIRUPDFLyQ GH VX
$GPLQLVWUDFLyQS~EOLFD
(VWROOHYDUtDDFRQVHFXHQFLDVGHLQPHQVRYDORUSRUTXHODSHUPDQHQFLDGHOD$GPLQLV
WUDFLyQ\ODURWDFLyQGHORVSROtWLFRVDWUDYpVGHODVVXFHVLYDVUHYROXFLRQHVFRQYLHUWHQDOD$G
PLQLVWUDFLyQS~EOLFDHQHOHOHPHQWRHVWDEOHGHO(VWDGR3RURWUDSDUWHODREHGLHQFLDDODLGHD
GHO(VWDGR\QRDXQDSHUVRQDItVLFDFRQFUHWDVLW~DHQXQDSRVLFLyQGHLQGHSHQGHQFLDUHODWLYDD
ORVIXQFLRQDULRV(QWHRUtDGHSHQGHQDKRUDVyORGHODOH\FRPRUHJODDEVWUDFWD\JHQHUDO
%DHQDGHO$OFi]DU
/DLJXDOGDGDQWHODOH\HVHQGHILQLWLYDODLJXDOGDGDQWHOD$GPLQLVWUDFLyQS~EOLFDTXH
DFRQVHFXHQFLDGHODVPHGLGDVUHYROXFLRQDULDVYHGHVDSDUHFHUYLHMRVREVWiFXORVDOWLHPSRTXH
GHEHDVXPLUQXHYDVSUHVWDFLRQHV\VHUYLFLRVDODSREODFLyQ%DHQDGHO$OFi]DU
/DV LQIOXHQFLDV UHYROXFLRQDULDV IUDQFHVDV SURGXMHURQ XQ FDPELR WRWDO HQ OD FRQ
FHSFLyQ GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ VX UHSURGXFFLyQ HQ VLVWHPDV SROtWLFR
DGPLQLVWUDWLYRVGHORVSDtVHVGHVXHQWRUQRFRPRHVHOFDVRGH(VSDxDVLHQGRIXHQWH
DGHPiVGHORVGRVJUDQGHVPRGHORVGH$GPLQLVWUDFLyQTXHVHGHVDUUROODURQDORODUJRGH
ORVVLJORV;,;\;;$GPLQLVWUDFLyQPiVLQWHUYHQFLRQLVWD\XQD$GPLQLVWUDFLyQOLEHUDO
FXHVWLyQHQODFXDO%DHQDGHO$OFi]DU QRFRLQFLGH\DTXH (Q GHILQLWLYD
GHEHPDQWHQHUVHTXHH[LVWLyXQD$GPLQLVWUDFLyQOLEHUDOIXHUWHSUHPLVDOyJLFDGHOD$GPLQLV
WUDFLyQ DFWXDO H[WUDRUGLQDULDPHQWH GHVDUUROODGD &RQ IUHFXHQFLD VH ROYLGD TXH HO DEVWHQFLR
QLVPR TXH VH SHGtD D OD $GPLQLVWUDFLyQ HO SURSLR GHO (VWDGR JHQGDUPH VH UHIHUtD D VX QR
LQWHUIHUHQFLD HQ OD OLEUH LQLFLDWLYD HFRQyPLFD HQ HO VHQWLGR GH TXH QR GHEtD LQWHUYHQLU FRPR
SURWDJRQLVWD3HURHVWRQRHUDREVWiFXORHQPRGRDOJXQRSDUDTXHOD$GPLQLVWUDFLyQDFWXDVH
HQRWURVFDPSRVHLQFOXVRSDUDTXHDXPHQWDVHFUHDQGRVHUYLFLRVTXHKLFLHUDQSRVLEOHVODVFRQ
(QULTXH-RVp9DUHODOYDUH]
GLFLRQHVGHOGHVDUUROORHFRQyPLFR/RVyUJDQRVGHSRGHUGHHVWD$GPLQLVWUDFLyQOLEHUDOVH
DUWLFXODEDQHQWRUQRDORV0LQLVWURV\VXHVWUXFWXUDDGPLQLVWUDWLYDPLQLVWHULDOFRQVXV
UHVSHFWLYRVFXHUSRVGHIXQFLRQDULRV
/DV SROtWLFDV GH PHMRUD GH ODV FRQGLFLRQHV ODERUDOHV GH ORV WUDEDMDGRUHV GH UHIRUPD
DJUDULD\GHFRQVWUXFFLyQGHHVFXHODV\IRUPDFLyQGHPDHVWURVMXQWRFRQODQXHYDRUJDQL]D
FLyQWHUULWRULDOGHO(VWDGRFRQIRUPDURQXQDHWDSDHPEULRQDULDHQHOGHVDUUROORHQ(VSDxDGH
XQ(VWDGRGHOELHQHVWDUFRPELQDGRFRQXQDHVWUXFWXUDGHWLSRIHGHUDO(VWDHYROXFLyQVHYLR
WUXQFDGD SRU OD *XHUUD &LYLO \ SRU HO ODUJR SHUtRGR GH OD GLFWDGXUD GH )UDQFR %DOODUW \
5DPLy
'XUDQWHODPLVPDpSRFDODOHJLVODFLyQVREUHIXQFLRQDULRVGHLQWURGXMRFUL
WHULRVGHUDFLRQDOLGDGWpFQLFDHQODJHVWLyQGHSHUVRQDOVREUHODEDVHGHODXQLILFDFLyQGHORV
FXDWURFXHUSRVJHQHUDOHVWpFQLFRVDGPLQLVWUDWLYRDX[LOLDU\VXEDOWHUQRODFUHDFLyQGHyUJD
QRVGHFRPSHWHQFLDJHQHUDOHQPDWHULDGHSHUVRQDO&RPLVLyQGHSHUVRQDO\ODLQWURGXFFLyQ
GHVLVWHPDVGHFODVLILFDFLyQGHSXHVWRVGHWUDEDMR(VWDOH\\HOVLVWHPDGHIXQFLyQS~EOLFDTXH
HVWDEOHFLy FRQVWLWX\HURQ OD EDVH GHO PRGHOR DFWXDO GH IXQFLyQ S~EOLFD %DOODUW \ 5DPLy
(OGHEDWHVREUHODUHIRUPDGHOD$GPLQLVWUDFLyQHQORVWpUPLQRVTXHVHSURGXMRHQORV
SDtVHVRFFLGHQWDOHVGHVGHPHGLDGRVGHORVDxRVVHVHQWDQRVHUHJLVWUyHQ(VSDxDKDVWDPHGLD
GRVGHORVRFKHQWD$QWHVIXHQHFHVDULRSDVDUSRUODHWDSDGHODWUDQVLFLyQ\QRUPDOL]DFLyQGH
(VSDxDFRPRGHPRFUDFLDRFFLGHQWDO%DOODUW\5DPLy
/DVSROtWLFDVGHORVVXFHVLYRVJRELHUQRVGHPRFUiWLFRVFHQWUDOHVDXWRQyPLFRV\ORFDOHV
VXSXVLHURQODFUHDFLyQHQXQFRUWRHVSDFLRGHWLHPSRGHXQ(VWDGRGHOELHQHVWDUSURSLRVREUH
ODEDVHGHXQDVDGPLQLVWUDFLRQHVTXHFRPHQ]DEDQDFRPSHWLUHQWUHVt\TXHWHQtDQTXHUHQGLU
FXHQWDVDODVRFLHGDGSRUHOPHFDQLVPRHOHFWRUDO'HVGHODLQWHJUDFLyQGH(VSDxDHQOD8QLyQ
(XURSHD HQ OD PLVPD HYROXFLyQ GH OD VRFLHGDG HVSDxROD HQ SDUWLFXODU HQ OD ~OWLPD
GpFDGDGHOVLJORJHQHUyXQQXHYRGHEDWHVREUHORVSUREOHPDVGHOD$GPLQLVWUDFLyQS~EOLFD\OD
UHIRUPDGHDOJXQDVSROtWLFDVS~EOLFDVHQWpUPLQRVPX\VLPLODUHVDORVTXHVHSODQWHDURQHQORV
SDtVHV RFFLGHQWDOHV GHO HQWRUQR \ UHVSHFWR D ORV TXH (VSDxD FRQVHJXtD UHFRUWDU GLVWDQFLDV
%DOODUW\5DPLy
(ODSDUWDGRGHGLFDGRDODQiOLVLVGHOD$GPLQLVWUDFLyQFHQWUDOHVSDxRODVHKDUHDOL
]DGR VLJXLHQGR ODV GRV QRUPDV GH UHIHUHQFLD SDUD HO *RELHUQR \ OD $GPLQLVWUDFLyQ HQ
YLJRUGHVGHDODVD]yQOD/H\GHGHDEULOGH2UJDQL]DFLyQ\)XQFLRQD
PLHQWRGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR/2)$*(\/H\GH
GH QRYLHPEUH GH RUJDQL]DFLyQ FRPSHWHQFLDV \ IXQFLRQDPLHQWR GHO *RELHUQR 6REUH
HVWD~OWLPDQRUPDHVPX\~WLOODUHYLVLyQGHORVFRPHQWDULRVTXHDGLFKD/H\GHVDUUROODQ
YDULRVDXWRUHVEDMRODFRRUGLQDFLyQGH)HUQiQGH]&DUQLFHUR&ODUR-HVSHFLDOPHQWHHQ
VX LQWURGXFFLyQ (O *RELHUQR 0LVLyQ GH XQ yUJDQR FRQVWLWXFLRQDO \ GH VX 7tWXOR ,
'HO*RELHUQR&RPSRVLFLyQ2UJDQL]DFLyQ\UJDQRVGH&RODERUDFLyQ\$SR\RYLG
)HUQiQGH]&DUQLFHUR&ODUR-&RRUG&RPHQWDULRVDOD/H\GHO*RELHUQR0$3
,1$30DGULG
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
(QULTXH-RVp9DUHODOYDUH]
FLyQ'HDKtVXGHQRPLQDFLyQFRPRQXFOHDU\DTXHHVHOSXQWRGHRULJHQIRUPXODFLyQGH
FRQWURO\HYDOXDFLyQGHODPD\RUtDGHORVSURJUDPDVS~EOLFRV%DOODUW\5DPLy
3DUDDQDOL]DUFRQPiVGHWHQLPLHQWRODVYDULDFLRQHVHQODVFDUWHUDVPLQLVWHULDOHVUH
VXOWDLQWHUHVDQWHODOHFWXUDGH%DOODUW\5DPLy\ODVGLIHUHQWHVFRPSRVL
FLRQHV GH ORV 0LQLVWHULRV GHVGH KDVWD PDU]R FRQ HO QXHYR *RELHUQR GHO
3DUWLGR3RSXODU\VHJXQGR(MHFXWLYRGH-RVp0DUtD$]QDUQRVHLQFOX\HODPRGLILFDFLyQ
GHO*DELQHWHOOHYDGDDFDERSRUHO3UHVLGHQWHGHO*RELHUQRHQHODxR
TXHKDFHUHIHUHQFLDDOH[FHVRGHHVWUXFWXUDDGPLQLVWUDWLYDDQLYHOYHUWLFDOH[FHVLYRV
QLYHOHVMHUiUTXLFRV\DQLYHOKRUL]RQWDOH[FHVLYDVMHIDWXUDVHQFDGDQLYHOORTXHJHQHUDHQ
GHILQLWLYD XQD HOHYDGD GHQVLGDG RUJDQL]DWLYD TXH QR VH MXVWLILFD SRU ODV FRPSHWHQFLDV TXH
GHEHQ JHVWLRQDUVH VLQR SRU ORV HOHPHQWRV VXEMHWLYRV YLQFXODGRV D ORV SUREOHPDV GH JHVWLyQ GH
SHUVRQDO%DOODUW\5DPLy
HQWHVIRUPDOPHQWHVHSDUDGRVGHOUHVWRGHODRUJDQL]DFLyQDGPLQLVWUDWLYDHVWiQVXMH
WRVDRWURWLSRGHQRUPDVTXHWLHQHQVXVSURSLRVSUHVXSXHVWRVUHFXUVRV\DXWRQRPtDGHJHV
WLyQ%DOODUW\5DPLy
RUJDQL]DFLRQHVHQIRUPDGHVRFLHGDGPHUFDQWLOQRUPDOPHQWHVRFLHGDGHVDQyQLPDV
6RQSRUORWDQWRVXMHWRVIRUPDOPHQWHSULYDGRVTXHSXHGHQDFWXDUMXUtGLFDPHQWHFRPRFXDO
TXLHUHPSUHVDQRUPDOORTXHODVFRQILJXUDFRPRXQDVRUJDQL]DFLRQHVPX\iJLOHVDODKRUDGH
LQWHUYHQLU HQ OD HFRQRPtD R HQ OD SUHVWDFLyQ GH ELHQHV \ VHUYLFLRV %DOODUW \ 5DPLy
([FHSFLRQDOPHQWH SXHGHQ H[LVWLU HQWLGDGHV S~EOLFDV HPSUHVDULDOHV FX\RV HVWDWXWRV OHV
DVLJQHQ OD IXQFLyQ GH GLULJLU R FRRUGLQDU D RWURV HQWHV GH OD PLVPD QDWXUDOH]D KROGLQJV
FRPRHVHOFDVRGHOD6RFLHGDG(VWDWDOGH3DUWLFLSDFLRQHV,QGXVWULDOHV6(3,%DOODUW\5D
PLy
3RUHVWDYtDODV&RUWHV*HQHUDOHVSRGtDQWUDQVIHULURGHOHJDUFRPSHWHQFLDVOHJLVOD
WLYDVDODV&RPXQLGDGHV$XWyQRPDVVLQQHFHVLGDGGHUHYLVDUORV(VWDWXWRVGH$XWRQR
PtD
(QSDUDOHORODV&RPXQLGDGHV$XWyQRPDVKLVWyULFDVKDQGHVDUUROODGRXQDRIHQVLYD
FRPSHWHQFLDOTXHOHVKDOOHYDGRDSODQWHDUXQDSRVLFLyQGHHQIUHQWDPLHQWRHQODQHJR
FLDFLyQGHODV~OWLPDVWUDQVIHUHQFLDVSHQGLHQWHVGHO(VWDGRDOD&RPXQLGDG$XWyQRPD
XQDYH]TXHVHKDQGHVOLJDGRGHODFRDOLFLyQGHJRELHUQRTXHORVQDFLRQDOLVWDVYDVFRV\
FDWDODQHVOOHYDURQDFDERHQHOSULPHUJRELHUQRGHO3DUWLGR3RSXODU
(QORV~OWLPRVDxRVVHKDSRGLGRREVHUYDUXQDWHQGHQFLDHQFXDQWRDORVWUDVSDVRV
GHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRDODV&RPXQLGDGHV$XWyQRPDVSURSLFLDGRVLQ
GXGD SRU ORV FRPSURPLVRV FRPXQLWDULRV SHUR WDPELpQ SRU HO UHSRVLFLRQDPLHQWR GHO
SDSHOGHO(VWDGRHQHOPDUFRLQWHUJXEHUQDPHQWDOHVSDxROODGLVWULEXFLyQGHFRPSHWHQ
FLDVSHURVLQODVXILFLHQWHILQDQFLDFLyQSRUORPHQRVDMXLFLRGHODV&RPXQLGDGHV$XWy
QRPDVFXHVWLyQTXHWDPELpQVHKDSODQWHDGRFRQODQHJRFLDFLyQGHO3DFWR/RFDO(V
GHFLUODSRVLELOLGDGGHTXHHO(VWDGRWUDVSDVHODVFRPSHWHQFLDVGHVDQLGDG\HGXFDFLyQD
ODV&RPXQLGDGHV$XWyQRPDVGHO\GHOD&(SHURFRQWURODQGRODILQDQFLDFLyQ
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
GHODVPLVPDVFRQORTXHVHUHVWDFDSDFLGDGGHDFWXDFLyQ\SRGHUDODVDGPLQLVWUDFLRQHV
DXWRQyPLFDVTXHYHQFRPRWLHQHQODFRPSHWHQFLDSHURQRODSRVLELOLGDGUHDOHFRQyPL
FDGHVXJHVWLyQ
6HJ~Q %DOODUW \ 5DPLy ORV SDUiPHWURV RUJDQL]DWLYRV GH ODV GLVWLQWDV
FRPXQLGDGHVDXWyQRPDVVRQEDVWDQWHVLPLODUHVHQWUHVt\HQHVSHFLDOFRQUHVSHFWRDOPRGHOR
GHRUJDQL]DFLyQGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR1RH[LVWHQGLIHUHQFLDVHQWRUQRDORV
FULWHULRVRUJDQL]DWLYRVVDOYRHQDOJXQRVDVSHFWRVGHOD&RPXQLGDGGHO3DtV9DVFR\ODGLYHU
VLGDGVyORVHSURGXFHHQHOYROXPHQGHODVHVWUXFWXUDV\HVSHFLDOPHQWHHQODFRPSRVLFLyQGHO
SHUVRQDOHQFXDQWRDVXYtQFXORMXUtGLFR\DODGLVWULEXFLyQSRUJUXSRV6HSXHGHDILUPDUFRPR
EDODQFHTXHODVFRPXQLGDGHVDXWyQRPDVVHPXHYHQDQLYHOGHRUJDQL]DFLyQGHVXVDGPLQLV
WUDFLRQHVHQWUHXQJUDQPLPHWLVPR\DOJXQRVUDVJRVGHGLIHUHQFLDFLyQ
(QORVDxRVFUHDFLyQGHQXHYDVFRQVHMHUtDVHQPDWHULDVGHPHGLRDP
ELHQWHVDQLGDGELHQHVWDUVRFLDO\HGXFDFLyQ%DOODUW\5DPLy
$VtSRUHMHPSORHQODFDSLWDOGHXQDSURYLQFLDGHXQD&RPXQLGDG$XWyQRPDSOXUL
SURYLQFLDO FRH[LVWHQ FRPR PtQLPR ODV VLJXLHQWHV RUJDQL]DFLRQHV DGPLQLVWUDWLYDV PD\RUHV
6XEGHOHJDFLyQGHO*RELHUQR'HOHJDFLyQ7HUULWRULDOGHOD&RPXQLGDG$XWyQRPD'LSXWDFLyQ
3URYLQFLDO\$\XQWDPLHQWR$HOODVKDEUtDTXHDxDGLUFLHUWDVGHOHJDFLRQHVGHODVUHGHVSHULIpUL
FDVGHPLQLVWHULRV\RUJDQLVPRVDXWyQRPRV2OPHGD\3DUUDGRFLWDQGRD$UH
QLOOD
3DUD%DOODUW\5DPLy\HQUHODFLyQFRQOD$GPLQLVWUDFLyQ3HULIpULFD
GHODV&RPXQLGDGHV$XWyQRPDVODVFRPXQLGDGHVDXWyQRPDVKDQUHSURGXFLGRFRQXQD
JUDQH[DFWLWXGHOPRGHORGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR(YLGHQWHPHQWHKDQUHSUR
GXFLGRWRGRVORVDFLHUWRVSHURKDQUHSURGXFLGRWDPELpQWRGRVORVLQFRQYHQLHQWHVTXHVRQPX\
QXPHURVRV \ WLHQHQ XQ JUDQ LPSDFWR QHJDWLYR VREUH OD JHVWLyQ &RQYHQGUtD DxDGLU TXH OD
FRQVROLGDFLyQ GH HVWDV UHGHV SHULIpULFDV GHSHQGLHQWHV GHO FHQWUR GH OD &RPXQLGDG OD
FDSLWDO GH OD &RPXQLGDG $XWyQRPD HVWiQ SURGXFLHQGR GLVIXQFLRQHV LPSRUWDQWHV QR
VyORHQODJHVWLyQVLQRHQHOPDUFRGHODVUHODFLRQHVLQWHUJXEHUQDPHQWDOHVTXHVHGHVD
UUROODQHQWUHORVQLYHOHVVXEQDFLRQDOHVGHJRELHUQR&&$$\$GPLQLVWUDFLRQHV/RFD
OHV TXH WLHQHQ FRPR FRORIyQ SODQWHDPLHQWRV GH UHFHQWUDOL]DFLyQ UHJLRQDO $OJR TXH
WDPELpQ FRQVWDWD 5DPLy &DUDFWHUtVWLFDV GH OD $GPLQLVWUDFLyQ GH ODV
&RPXQLGDGHV$XWyQRPDVODHVWUXFWXUDDGPLQLVWUDWLYD(OFDVRGHOD$GPLQLVWUDFLyQGH
OD *HQHUDOLWDW GH &DWDOXQ\D 5HYLVWD 9DVFD GH $GPLQLVWUDFLyQ 3~EOLFD (Q OD
PLVPDOtQHDVHPDQLILHVWDQORVPLVPRVDXWRUHVFXDQGRVHxDODQTXH6LQiQLPRGHJHQH
UDOL]DUSRGUtDPRVGHFLUTXHVHKDSDVDGRGHXQFHQWUDOLVPRHVWDWDODXQFHQWUDOLVPRDXWRQyPL
FR R UHJLRQDO %DOODUW \ 5DPLy 7DPELpQ HV LQWHUHVDQWH OD OHFWXUD GHO
SODQWHDPLHQWRUHDOL]DGRSRU%DHQDGHO$OFi]DUFXDQGRDQDOL]DODVLWXD
FLyQGHODVUHODFLRQHVHQWUHODV&RPXQLGDGHV$XWyQRPDV\ORV(QWHV/RFDOHV\ODVSRVL
ELOLGDGHVGHLQWHUYHQFLyQGHORVSULPHURVVREUHORVVHJXQGRV
(VWXGLRUHDOL]DGRSRUORVDXWRUHVDWUDYpVGHO(TXLSRGH5HQGLPLHQWR$XWRQyPLFR
)XQGDFLyQ(QFXHQWUR\IXHQWHVVRFLROyJLFDV&,6)2(66$$GHPiVGHO
HVWXGLR UHDOL]DGR SDUD HO SUR\HFWR GLULJLGR SRU HO SURIHVRU 6XELUDWV \ ILQDQFLDGR SRU OD
(QULTXH-RVp9DUHODOYDUH]
&,&<7 \ OD )XQGDFLyQ &DUOHV 3L L 6XQ\HU GeVWXGLV $XWRQzPLFV L /RFDOV SiJLQD
&RPRVHxDODQ%DOODUW\5DPLy7RGDVHVWDVSHUFHSFLRQHVVRQUHOHYDQWHV
\ SDUHFHQ LQGLFDU TXH ODV FRPXQLGDGHV DXWyQRPDV JR]DQ GH XQD FODUD OHJLWLPDFLyQ VRFLDO D
QLYHOSROtWLFRSHURHQFDPELRPDQWLHQHQXQDGpELOOHJLWLPDFLyQVRFLDODQLYHODGPLQLVWUDWLYR
1R DFDEDQ GH FRQVHJXLU JHQHUDU XQ SURGXFWR DGPLQLVWUDWLYR GLIHUHQWH DO GHO UHVWR GH ORV
QLYHOHVDGPLQLVWUDWLYRV\QRGLVIUXWDQGHXQDFODUDRSLQLyQSRVLWLYDVREUHHOIXQFLRQDPLHQWRGH
VXVDSDUDWRVRUJDQL]DWLYRVDSHVDUGHODYHQWDMDFRPSHWLWLYDTXHLPSOLFDVHUXQDVRUJDQL]DFLR
QHVMyYHQHVVLQSHVDGDVWUDGLFLRQHVEXURFUiWLFDVTXHUHVSHWDU\FRQFHQWUiQGRVHHQODSURGXF
FLyQGHSROtWLFDVGLVWULEXWLYDVVLQWHQHUTXHLPSXWDUDORVFLXGDGDQRVODVFDUJDVLPSRVLWLYDVTXH
HQVXPD\RUtDKDQUHFDtGRKDVWDHOPRPHQWRVREUHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
8QDGHODVFRQVHFXHQFLDVGHODDVLPHWUtDHVTXHpVWDVHWUDGXFHWDPELpQHQHOiPELWR
ORFDO GH WDO IRUPD TXH FDGD &RPXQLGDG $XWyQRPD SUHVHQWD SHFXOLDULGDGHV UHVSHFWR GH VX
RUJDQL]DFLyQ WHUULWRULDO \ PRGHORV GH UHODFLyQ DXWRQyPLFRORFDO WDPELpQ GLVWLQWRV GHVGH ODV
TXHVHHVWiQJHQHUDQGRXQDHVSHFLHGHQHRFHQWUDOLVPRGHEDVHUHJLRQDOKDVWDDTXHOODVRWUDVTXH
FXHQWDQFRQJRELHUQRVORFDOHV\DVHDQPXQLFLSDOHVRSURYLQFLDOHVFDVLWDQIXHUWHVRPiVTXHHO
JRELHUQR UHJLRQDO YLG &DUULOOR %DUURVR (UQHVWR /RV JRELHUQRV ORFDOHV HQ 5RPiQ
3DORPDFRRUG6LVWHPD3ROtWLFR(VSDxRO(GLWRULDO0F*UDZ+LOO6HJXQGD(GLFLyQ
0DGULGSS
$GHPiVKD\RWURVHQWHVORFDOHVFRPRORVHQWHVIRUDOHVHQHO3DtV9DVFRORVFRQVHMRVHQ
%DOHDUHVORVFDELOGRVHQ&DQDULDVODVFRPDUFDVHQ&DWDOXxDODVPDQFRPXQLGDGHVGHPXQL
FLSLRV\ODVHQWLGDGHVPHWURSROLWDQDV%DOODUW\5DPLy
(QHVWHVHQWLGROD&RQVWLWXFLyQHVWDMDQWH\DXQTXHVHDXQDFXHVWLyQGHIRUPDVHO
DUWtFXOR VLW~D FRPR SULPHU QLYHO GH GHVFHQWUDOL]DFLyQ WHUULWRULDO D ORV PXQLFLSLRV
VHJXLGRVGHODVSURYLQFLDV\SRVWHULRUPHQWHGHODV&RPXQLGDGHV$XWyQRPDV
(OLQIUDPXQLFLSDOLVPRHVFRQVLGHUDGRSRUORVDXWRUHVFRPRHOSULQFLSDOSUREOHPD
GHOD$GPLQLVWUDFLyQORFDOHVSDxRODFRPRKHPRVSRGLGRYHUHQHOUHVWRGHORVVLVWHPDV
SROtWLFRDGPLQLVWUDWLYRVFRPSDUDGRVRFXUUHDOJRVLPLODUSURGXFLGRSRUODYLQFXODFLyQ
VHJ~Q HO PRGHOR IUDQFpV GH PXQLFLSLR FRQ Q~FOHR GH SREODFLyQ D FDGD SXHEOR VX
D\XQWDPLHQWRJULWDEDQORVSDUWLGDULRVGHOD3HSDHQ\ODHPLJUDFLyQDODVFLX
GDGHVHQHOVLJOR;;FRQODFRQVLJXLHQWHGHVSREODFLyQUXUDO ODVFRQVHFXHQFLDVGHOD
FRPELQDFLyQ GH HVWRV GRV IHQyPHQRV VyOR HO GH ORV PXQLFLSLRV TXH H[LVWHQ HQ (VSDxD
WLHQHPiVGHKDELWDQWHV\VyORXQGHHOORVWLHQHPiVGHKDELWDQWHV7RGR
HVWRVLJQLILFDTXHHOGHORVPXQLFLSLRVWLHQHVHULRVSUREOHPDVSDUDHMHUFHUODVFRPSHWHQFLDV
PtQLPDV TXH OHV H[LJH OD OH\ FRQ OR TXH VH GHGXFH TXH HVH HQRUPH SRUFHQWDMH QR GLVSRQH GH
FDSDFLGDGWpFQLFDSDUDSUHVWDUXQRVVHUYLFLRVPtQLPRVGHFDOLGDGDVXVKDELWDQWHV%DOODUW\
5DPLy5HDOPHQWHHQ(VSDxDHOGHORVPXQLFLSLRVVHJ~QODGHVFULSFLyQ
DQWHULRUSRGUtDQFRQVLGHUDUVHUXUDOHVPLHQWUDVTXHORVHQWHVORFDOHVPHQRUHVGH
KDELWDQWHVVHUtDQLQIUDPXQLFLSLRVVLJXLHQGRHOSODQWHDPLHQWRGH&DUULOOR/D$GPLQLV
WUDFLyQ PXQLFLSDO UXUDO ORV REVWiFXORV GH OD UHIRUPD 5HYLVWD (VSDxROD GH 'HUHFKR
$GPLQLVWUDWLYRQ0DGULGS\5HJLRQDOL]DFLyQ\$GPLQLVWUDFLyQ0XQL
0yGXOR,,,(YROXFLyQGHODV$GPLQLVWUDFLRQHV3~EOLFDVHQOD(VSDxDGHODV$XWRQRPtDV
FLSDOHQ(VSDxD&RQILJXUDFLRQHV\UHFXUVRVPXQLFLSDOHVHQODV&RPXQLGDGHV$XWyQR
PDV5HYLVWDGH'HUHFKR8UEDQtVWLFR0DGULG
(VREYLRTXHQRWRGRVORVHQWHVORFDOHVDOFDQ]DQDSUHVWDUWRGRVHVWRVVHUYLFLRV/DPD
\RUtDGHORVHQWHVORFDOHVUHSUHVHQWDGRVSRUORVPLOHVGHSHTXHxRVPXQLFLSLRVTXHKD\HQ(VSD
xDGHVDUUROODQPX\SRFDVDFWLYLGDGHV(QPXFKRVFDVRVQRFRQVLJXHQVLQD\XGDQLDOFDQ]DUORV
VHUYLFLRVPtQLPRVTXHH[LJHODOH\%DOODUW\5DPLy
(VGHFLUODSURYLQFLDWLHQHHQFRPHQGDGDODWDUHDGHVXSOLUODVGHILFLHQFLDVPXQLFLSDOHV
6XVDFWLYLGDGHVPiVUHOHYDQWHVVHUHILHUHQDODVYtDVGHFRPXQLFDFLyQHOVXPLQLVWURGHDJXD
HOHFWULFLGDGVDQLGDGFXOWXUDSDWULPRQLRKLVWyULFRDUWtVWLFRHWF'HWRGRVPRGRVHOPHFDQLV
PRIXQGDPHQWDOGHDSR\RGHODVSURYLQFLDVDORVPXQLFLSLRVFRQVLVWHHQODD\XGDILQDQFLHUDD
pVWRVDWUDYpVGHSODQHVGHFRRSHUDFLyQDORVTXHVHGHVWLQDXQDSDUWHLPSRUWDQWHGHOSUHVX
SXHVWRSURYLQFLDO%DOODUW\5DPLy
7UDVODDSUREDFLyQGHO(VWDWXWRGH$XWRQRPtDGH*DOLFLDHQ\WUDQVFXUULGDV
\DVHLVOHJLVODWXUDVGHVGHVXLQLFLRYDULRVKDQVLGRORV3UHVLGHQWHVGHOD;XQWD)HUQiQ
GH] $OERU SULPHUDV HOHFFLRQHV DXWRQyPLFDV VHJXQGDV HOHFFLRQHV DXWRQyPLFDV
*RQ]iOH] /D[H PRFLyQ GH FHQVXUD WULSDUWLWR )UDJD ,ULEDUQH WHUFHUDV
HOHFFLRQHV DXWRQyPLFDV FXDUWDV HOHFFLRQHV DXWRQyPLFDV TXLQWDV HOHFFLR
QHVDXWRQyPLFDVVH[WDVHOHFFLRQHVDXWRQyPLFDVKDVWDODDFWXDOLGDG
9LG9LODV1RJXHLUD0iL]6XiUH]&DDPDxR 'RPtQJXH] \ 5LYHUD 2WHUR 2 6LV
WHPD3ROtWLFR*DOHJR$VLQVWLWXFLyQV;HUDLV9LJR
9LG 9LODV 1RJXHLUD -RVp *RELHUQR \ $GPLQLVWUDFLyQ HQ OD &RPXQLGDG $XWy
QRPDGH*DOLFLDHQ3DQLDJXD6RWR-XDQ/XLV(GLWRU *RELHUQR\$GPLQLVWUDFLyQ
HQ ODV &RPXQLGDGHV $XWyQRPDV $QGDOXFtD &DQDULDV &DWDOXxD *DOLFLD \ 3DtV
9DVFR7HFQRV0DGULGSS
(Q HO FDVR HVSDxRO 9LODV 1RJXHLUD 0iL] 6XiUH] &DDPDxR 'RPtQJXH] 5LYHUD
2WHURKDEODQGHODUHSUHVHQWDFLyQFRPRXQVLVWHPDGXDOLVWDSDUDHO(VWDGR
5H\UHSUHVHQWDFLyQGHO(VWDGRFRPXQLGDG3UHVLGHQWHGHO*RELHUQRUHSUHVHQWDFLyQGHO
(VWDGRDSDUDWR
6LELHQFRPRVHxDODQ%DOODUW\5DPLy$OFRPSDUDUHO(VWDGRFRQODV
&RPXQLGDGHV $XWyQRPDV VH HVWiQ DQDOL]DQGR LQVWLWXFLRQHV TXH VL ELHQ VRQ PX\ VLPLODUHV
GHVGH HO SXQWR GH YLVWD GH VX UHVSRQVDELOLGDG HQ XQ iPELWR WHUULWRULDO HVSHFtILFR SUHVHQWDQ
GLIHUHQFLDVREYLDVFRPRFRQVHFXHQFLDGHVXVGLVWLQWRVWDPDxRViPELWRVFRPSHWHQFLDOHV\WUDGL
FLyQKLVWyULFDTXHFRQYLHUWHQDO(VWDGRHQXQDHVWUXFWXUDPiVFRPSOHMD\H[WHQVDWDQWRGHVGH
HOSXQWRGHYLVWDYHUWLFDOFRPRKRUL]RQWDO
&RQWHPSODGRHQHODUW\GHQXHVWUD&RQVWLWXFLyQ\HQODVVX
FHVLYDVQRUPDVGHUpJLPHQORFDOIXQGDPHQWDOPHQWHHQOD/5%5/GRQGHVHGLFHTXH
ODV&RPXQLGDGHV$XWyQRPDVSXHGHQDFWXDUVREUHODFUHDFLyQVXSUHVLyQ\DOWHUDFLyQGH
WpUPLQRVPXQLFLSDOHVVREUHODRUGHQDFLyQGHVXWHUULWRULRFRQHVWUXFWXUDVFRPDUFDOHV
PHWURSROLWDQDVPDQFRPXQDOHVRFRQHQWLGDGHVGHiPELWRLQIHULRUDO0XQLFLSLRFRPR
(QULTXH-RVp9DUHODOYDUH]
HV HO FDVR JDOOHJR \ GH DSUREDFLyQ GH UpJLPHQ ORFDO HQ OD &RPXQLGDG $XWyQRPD D
WUDYpVGHOH\HVGHRUJDQL]DFLyQPXQLFLSDO\SURYLQFLDO
9LG/ySH]0LUDOYDUR;RVp8QPRGHORGHRUJDQL]DFLyQWHUULWRULDOSDUD*DOL
FLD81('0DGULG
9LG*RQ]iOH]0DULxDV3DEOR'LVSRVLFLyQV[HUDLV20XQLFLSLR7tWXORSUHOLPL
QDU7tWXOR,GDOHLHQ99$$$OHLGH$GPLQLVWUDFLyQ/RFDOGH*DOLFLD(*$3
;XQWDGH*DOLFLD6DQWLDJRGH&RPSRVWHODSS
9LGOYDUH]&RUEDFKR;DTXtQ/DDJRQtDGHOPXQLFLSDOLVPRJDOOHJR)XQGD
FLyQ&DL[D*DOLFLD6DQWLDJRGH&RPSRVWHOD
3RUODDXVHQFLDGHXQDGHPDQGDVRFLDOJHQHUDOTXHRUJDQLFHODFRQYLYHQFLDHQHO
WHUULWRULRSRUODIDOWDGHLQFRUSRUDFLyQGHHOHPHQWRVGHUDFLRQDOLGDGHFRQyPLFD\VRFLDO
HQ HO SODQWHDPLHQWR XUEDQtVWLFR \ SRU OD DXVHQFLD GH PHGLGDV GH JHVWLyQ GHO VXHOR D
ODUJRSOD]RYLGOYDUH]&RUEDFKR
(VGHGHVWDFDUHOKHFKRGHTXHQRVHKDFHPHQFLyQGHODV&RPDUFDVFRPRHQWLGD
GHVORFDOHVHQODDFWXDO/$/*$KDELpQGRVHGHVDUUROODGRGHVGHOD;XQWDGH*DOLFLD
XQ DPELFLRVR 3ODQ GH 'HVDUUROOR &RPDUFDO RULHQWDGR D OD JHVWLyQ HVWUDWpJLFD
VXSUDORFDO
/D/$/*$VHKDRULHQWDGRFODUDPHQWHKDFLDODVHVWUDWHJLDVGHIXVLyQHLQFRU
SRUDFLyQ GH 0XQLFLSLRV SHQDOL]DQGR ODV VHJUHJDFLRQHV ORFDOHV \ GHMDQGR OD SXHUWD
DELHUWD D OD ;XQWD GH *DOLFLD D WUDYpV GH OD &RQVHOOHUtD ;XVWL]D ,QWHULRU \ 5HODFLyQV
/DERUDLVDVtFRPRDORV0XQLFLSLRV\'LSXWDFLRQHV3URYLQFLDOHVLQWHUHVDGDVSDUDLP
SOHPHQWDUSURFHVRVGHDOWHUDFLyQGHWpUPLQRVPXQLFLSDOHV
'H WDO VXHUWH TXH SRGUtD UHSUHVHQWDU XQ SDSHO VLPLODU DO GHVDUUROODGR SRU OD
$&,5QRUWHDPHULFDQDDXQTXHVyORHQHOSODQRQRUPDWLYRHLQVWLWXFLRQDOYHUDSDU
WDGRGHGLFDGRDODV5,*6HQ(VWDGRV8QLGRVGH$PpULFD
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
0'8/2,9
1XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
QGLFH
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
7UDQVIRUPDFLRQHV\&DPELRHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSR
UiQHDV
,QWURGXFFLyQDO&DPELRHQODV2UJDQL]DFLRQHV3~EOLFDV
9LVLyQ&RPSDUDGDGHORV3URFHVRVGH5HIRUPD0RGHUQL]DFLyQHQORV
SDtVHVGHOD2&'(
3URFHVRV GH 5HIRUPD0RGHUQL]DFLyQ HQ OD $GPLQLVWUDFLyQ *HQHUDO
GHO(VWDGRHQOD(VSDxDGHORV1RYHQWD
5HIRUPDV \ 0RGHUQL]DFLRQHV HQ ODV $GPLQLVWUDFLRQHV $XWRQyPLFDV
/D5HIRUPD$GPLQLVWUDWLYDHQOD;XQWDGH*DOLFLD
5HIRUPDV\0RGHUQL]DFLRQHVHQODV$GPLQLVWUDFLRQHV/RFDOHV
5HWRVHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
/D*HVWLyQ3~EOLFD'HOD*HVWLyQ%XURFUiWLFDDOD1XHYD*HVWLyQ3~EOLFD
3RVWEXURFUiWLFD
,QWURGXFFLyQDORV&RQFHSWRVGHOD*HVWLyQ3~EOLFD
/D*HVWLyQ3~EOLFD*UDQGHV\3HTXHxDV7pFQLFDVGH*HVWLyQGHVGHOD
5HLQJHQLHUtD\GHVGHORV9DORUHV
(O3HQVDPLHQWR(VWUDWpJLFR
/D3ODQLILFDFLyQ(VWUDWpJLFD
(O0DUNHWLQJ3~EOLFR
/D*HVWLyQGHODV3HUVRQDV
/DeWLFD3~EOLFD
/D*HVWLyQGHO0HGLR$PELHQWH
(QULTXH-RVp9DUHODOYDUH]
/D*HVWLyQGHOD3UHYHQFLyQGH5LHVJRV/DERUDOHV
/DV1XHYDV7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLR
QHVHQODV$GPLQLVWUDFLRQHV3~EOLFDV
/D*HVWLyQGHOD&DOLGDGHQODV$GPLQLVWUDFLRQHV3~EOLFDV(VWDWDOHV$X
WRQyPLFDV\/RFDOHV
&DOLGDGHQODV2UJDQL]DFLRQHV3ULYDGDV(YROXFLyQ\0RGHORV
(YROXFLyQ GH ORV 0RGHORV GH &DOLGDG HQ ODV 2UJDQL]DFLRQHV
3ULYDGDV
,QWURGXFFLyQDORV&RQFHSWRVGH&DOLGDGHQODV2UJDQL]DFLRQHV3~EOL
FDV
&RQFHSWXDOL]DFLyQGHOD&DOLGDGHQODV$GPLQLVWUDFLRQHV3~EOL
FDV
'HO(QIRTXHGH3URGXFWRVDO(QIRTXHGH6HUYLFLRV
0RGHORV\([SHULHQFLDVGH*HVWLyQGHOD&DOLGDG HQ ODV $GPLQLVWUD
FLRQHV3~EOLFDV
0RGHOR(XURSHRGH([FHOHQFLD()40
&DUWDVGH6HUYLFLRV
*HVWLyQGHOD&DOLGDG,62
6LVWHPDVGH*HVWLyQ0HGLRDPELHQWDO
5HJODPHQWR(XURSHR(0$6
1RUPDV,62\81((;
/DV1XHYDV$GPLQLVWUDFLRQHV3~EOLFDV
%LEOLRJUDItD5HFRPHQGDGD
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
3DODEUDV&ODYH
'HPRFUDFLD &DPELR 5HIRUPD0RGHUQL]DFLyQ 3~EOLFR3ULYDGR (ILFDFLD
(ILFLHQFLD*HVWLyQ%XURFUiWLFD*HVWLyQ3RVWEXURFUiWLFD*HVWLyQ3~EOLFD&D
OLGDG3URGXFWRV6HUYLFLRV
,QWURGXFFLyQ\2EMHWLYRV
/DVWUDQVIRUPDFLRQHV\HOFDPELRSURGXFLGRHQOD6RFLHGDGHO(VWDGR\ODV
$GPLQLVWUDFLRQHV 3~EOLFDV FRPR RUJDQL]DFLyQ LQVWUXPHQWDO DO VHUYLFLR GH ODV
GRVDQWHULRUHVVLJXHQXQSURFHVRGHOHQWDSHURLQH[RUDEOHHYROXFLyQTXHDSUR
[LPDVXVWpFQLFDVGHJHVWLyQ\VXVYDORUHVDFWXDOPHQWHHQHO PLVPR SODQR GH
LPSRUWDQFLDDODVQHFHVLGDGHVUHDOHVGHXQRVFLXGDGDQRVFDGDYH]PiVH[LJHQ
WHV\IRUPDGRV
/D1XHYD*HVWLyQ3~EOLFD\ORVFRQFHSWRVGH&DOLGDG\VXVGLIHUHQWHVPR
GHORV WLHQHQ XQ OXJDU FODYH HQ HVWH PDUFR GH UHODFLRQHV LQWHUJXEHUQDPHQWDO \
SDUWLFLSDWLYR(VSRUHOORSRUORTXHVHKDLQWHQWDGRDEULUHODEDQLFRGHRSFLRQHV
\SODQWHDPLHQWRVWHyULFRV\WpFQLFRVDQWHODVVXFHVLYDVPRGLILFDFLRQHVGHOVWD
WXVTXRGHODVRUJDQL]DFLRQHVS~EOLFDV\WDPELpQSRUORTXHVHKDLQWURGXFLGR
HQHODQiOLVLVGHODFDOLGDGPpWRGRVGHJHVWLyQGHSURFHVRVSXURV\GXURVLQJH
QLHULOHV FRPR OD IDPLOLD GH 1RUPDV ,62 DXQTXH DGDSWDGRV D OD
UHDOLGDGS~EOLFDDVtFRPRRWURVVLVWHPDVFRPSOHPHQWDULRVGHPHMRUDRUJDQL]D
WLYD\JHVWLyQSDUWLFLSDWLYD()40&DUWDVGH 6HUYLFLRVILQDOPHQWHVHKDQ
LQFOXLGR PRGHORV HPHUJHQWHV GH JHVWLyQ UHODFLRQDGRV FRQ ORV QXHYRV YDORUHV
SRVWPDWHULDOHVGHJUDQLPSRUWDQFLDSDUDODFLXGDGDQtD\ORVFOLHQWHVLQWHUQRVGH
ODV$GPLQLVWUDFLRQHV3~EOLFDVFRPRVRQHOPHGLRDPELHQWH\ODSUHYHQFLyQGH
ULHVJRV ODERUDOHV DGHPiV GH LQFOXLU XQ EUHYH DQiOLVLV VREUH OD UHDOLGDG GH ODV
1XHYDV7HFQRORJtDVGH,QIRUPDFLyQ\&RPXQLFDFLRQHVHQODV$GPLQLVWUDFLRQHV
17,&\VXVSRVLELOLGDGHVGHPHMRUDGHODJHVWLyQS~EOLFD
$ORODUJRGHODVVLJXLHQWHVSiJLQDVVHKDGHVDUUROODGRXQSODQWHDPLHQWRHQ
WRUQRDODQXHYDVLWXDFLyQGHJHVWLyQTXHYLYHQODVGLIHUHQWHV$GPLQLVWUDFLRQHV
3~EOLFDVHQODVVRFLHGDGHVRFFLGHQWDOHVHQWUHODV FXDOHVVHVLW~DQHQXQOXJDU
GHSULYLOHJLRODV HVSDxRODVFXDOTXLHUDTXHVHDVXQLYHO WHUULWRULDO GH DFWXDFLyQ
'DGD OD LPSRVLELOLGDG GH UHXQLU WRGDV ODV H[SHULHQFLDV GH 5HIRUPD
0RGHUQL]DFLyQTXHVHKDQSURGXFLGR HQ HVWDVGRV~OWLPDVGpFDGDV SRUVX H[
WHQVLyQDPSOLWXG\HQPXFKRVGHORVFDVRVSRUQRKDEHUFRQFOXLGRVHKDSUR
FHGLGRDGHVFULELUEUHYHPHQWHHOSDQRUDPDGHFDPELRVHQ(XURSD\(VSDxD\
GHQWURGHpVWD~OWLPDHQWRGRVVXVQLYHOHVGHJRELHUQR7DQWRHVWDVH[SHULHQFLDV
(QULTXH-RVp9DUHODOYDUH]
FRPRODVWpFQLFDVGHVDUUROODGDVVRQHQRUPHPHQWHKHWHURJpQHDVVLQH[LVWLUIyU
PXODVPiJLFDVGHJHVWLyQTXHVHSXHGDQLPSODQWDUHQRUJDQL]DFLRQHVVLPLODUHV
LQFOXVRODRULHQWDFLyQSROtWLFDHLGHROyJLFDGHWHUPLQDODWpFQLFDDHPSOHDUFRQ
VLJXLpQGRVHUHVXOWDGRVGLIHUHQWHVPiVpQIDVLVHQORVSURFHVRVPiVHQORVUHVXO
WDGRV GH FDUD D ORV FLXGDGDQRV PiV HQ OD SDUWLFLSDFLyQ S~EOLFD 3RU HVWD
UD]yQVHKDDFXGLGRDQXPHURVRVHQFXHQWURVFXUVRVVHPLQDULRVHLQFOXVRH[SH
ULHQFLDVSHUVRQDOHVGHJHVWLyQS~EOLFDDXWRQyPLFD\ORFDOTXHVLQGXGDVRQODV
TXHSURGXFHQXQDPHGLGDUHDOGHODVLWXDFLyQGHODJHVWLyQS~EOLFDHQQXHVWUDV
$GPLQLVWUDFLRQHV3~EOLFDV
/RV REMHWLYRV TXH VH SODQWHDQ HQ HVWH 0yGXOR ,9 VRQ EiVLFDPHQWH WUHV
TXHHOOHFWRUFRQVLJDLQWURGXFLUVHHQHOPDUFRGHORVFDPELRV\WUDQVIRUPDFLRQHV
GHODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDVTXHXQDYH]GHQWURGHHOORV
VLW~HODJHVWLyQS~EOLFD\VXVHVSHFLILFLGDGHVSDUDILQDOPHQWHHQWHQGHUODFDOL
GDGFRPRREMHWRSURFHVR\PpWRGRGHPHMRUDFRQWLQXDHQODJHVWLyQS~EOLFD\
ODDSUR[LPDFLyQDVXVFOLHQWHVLQWHUQRVHPSOHDGRVS~EOLFRV\H[WHUQRVFLXGD
GDQtD
$SDUWLUGHORDQWHULRUSRGUHPRVHPSH]DUDGHVDUUROODUODKLSyWHVLVSULQFL
SDOGHO0yGXORTXHJLUDHQWRUQRDORVSURFHVRVGHUHIRUPD\PRGHUQL]DFLyQ\
VXLQVFULSFLyQGHQWURGHODVWHQGHQFLDVGHFDPELRGHODVRUJDQL]DFLRQHVS~EOL
FDV\GHORV(VWDGRVDORVFXDOHVVLUYHQORTXHKDSURGXFLGRXQDQXHYDIRUPDGH
HQWHQGHUODUHODFLyQFRQORVFLXGDGDQRV\XQUHSODQWHDPLHQWRGHODOHJLWLPLGDG
GHODV$GPLQLVWUDFLRQHV3~EOLFDVVXVIRFRVGHUHIHUHQFLD\DQWHFHGHQWHV\VXV
SRVLEOHVYDULDQWHVDVtFRPRVXVGLIHUHQWHVMXVWLILFDFLRQHVWHyULFRSUiFWLFDV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$$33&&
3ODQWHDPLHQWR
*OREDO
$$33&&
3ODQWHDPLHQWR
5HJLRQDO/RFDO
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
7HRUtDGHOD2UJDQL]DFLyQ
<*HVWLyQ3~EOLFD
&DPELR5HIRPDV0RGHUQL]DFLRQHV*HVWLyQ3~EOLFD*HVWLyQGHOD&DOLGDG$$33&&
&,8'$'$126
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
/23%/,&2</235,9$'2
6RFLHGDG&LYLO
6RFLHGDG3ROtWLFD
=21$26&85$
/235,9$'2
%LHQHVSDUWLFXODUHV\H[FOXVLYRVQRFRPSDUWLGRV
/yJLFDPDWHULDOHLQGLYLGXDO
)DPLOLD
2UJDQL]DFLRQHVGHPHUFDGR
2UJDQL]DFLRQHVYROXQWDULDV
/23%/,&2&2167,78,'2(VWDGR
/RVSULYDGRVRSLQDQVREUHHO(VWDGRHQWpUPLQRVGH
&RQVWLWXFLyQ3ROtWLFD
/H\HV
$XWRULGDGHV\IXQFLRQDULRV
+DFLHQGD3~EOLFD
(/3%/,&2&2167,78<(17(&LXGDGDQtD
/RVSULYDGRVKDEODQVREUHVXYLGDVRFLDO ,QWHUpV*HQHUDO
(OHFFLyQ
2SLQLyQ
3DUWLFLSDFLyQ
&RQWULEXFLyQ
32/7,&$63%/,&$6
3~EOLFR&RQVWLWX\HQWH3~EOLFR&RQVWLWXLGR
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH XQ HVTXHPD GH $JXLODU 9LOODQXHYD ,82*
FLWDGRHQ9DUHODOYDUH]
(QULTXH-RVp9DUHODOYDUH]
(OHVTXHPDDQWHULRUPHQWHH[SXHVWRUHSUHVHQWDODFRPSOHMLGDGGHODGXDOL
GDG S~EOLFRSULYDGR HQ HO FXDO VH LQFOX\HQ HVSDFLRV PL[WRV R ]RQDV RVFXUDV
DOWHUQDWLYRV D ORV WUDGLFLRQDOHV SURSLRV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV \ GH
ODV (PSUHVDV SULYDGDV $Vt SRU XQ ODGR HVWDUtD OD 6RFLHGDG &LYLO \ ORV ELHQHV
SDUWLFXODUHVFRQODUHSUHVHQWDFLyQGHORVYDORUHVGHORSULYDGRSRURWURODGR
HVWDUtDOD6RFLHGDG3ROtWLFD\VXVFRUUHVSRQGLHQWHVYDORUHVS~EOLFRVLQWHUpVJH
QHUDO\HQWUHHOORVODPHQFLRQDGD ]RQD RVFXUDGHLQWHUVHFFLyQTXHVHKD
HQVDQFKDGR HQRUPHPHQWH HQ OD ~OWLPD GpFDGD GRQGH OD UHODFLyQ S~EOLFR
SULYDGRVHFRQIXQGH\HQHOFXDOVHLQVHUWDQXQDDPSOLDYDULHGDGGHIyUPXODVGH
DFWXDFLyQSROtWLFRDGPLQLVWUDWLYDSDUWHQDULDGRS~EOLFRSULYDGRRQJVHWFpWH
UD &RPR VH SXHGH YHU HQ HVWH HVTXHPD VH VLWXDUtDQ ORV WUHV JUDQGHV JUXSRV
REMHWRGHDQiOLVLV\VXVLQWHUUHODFLRQHVFDGDXQRFRQVXVSDUWLFXODULGDGHV9D
UHODOYDUH]
(VWDGRSRUHOODGRGHORS~EOLFROXJDUGRQGHORVSULYDGRVRSLQDQVR
EUHHO(VWDGRS~EOLFRFRQVWLWXLGR\VXIRUPDGHRUJDQL]DFLyQFRQVWL
WXFLyQSROtWLFDOH\HVDXWRULGDGHVIXQFLRQDULRVKDFLHQGD
&LXGDGDQtDFRPRS~EOLFRFRQVWLWX\HQWHTXHVHFRQILJXUDUtDFRPRORV
SULYDGRVSDUWLFLSDQGRFRQWULEX\HQGRHOLJLHQGR\RSLQDQGRVREUHVXYL
GDVRFLDO\HOLQWHUpVJHQHUDO
%LHQHV SDUWLFXODUHV \ H[FOXVLYRV QR FRPSDUWLGRV GHQWUR GHO iPELWR GH
OR SULYDGR HQWUH ORV TXH VH VLWXDUtDQ OD IDPLOLD ODV RUJDQL]DFLRQHV GH
PHUFDGR\ODVRUJDQL]DFLRQHVYROXQWDULDV
(Q~OWLPROXJDU\HQHOPHGLRGHORVWUHVJUXSRVVHSURGXFHXQDPH]FOD
GH LQWHUHVHV TXH MXQWR FRQ ORV GHO (VWDGR FRQIRUPDQ XQD UHDOLGDG
PXOWLVRFLDO \ PXOWLRUJDQL]DWLYD RUJDQL]DFLRQHV QR JXEHUQDPHQWDOHV
TXDQJRVIXQGDFLRQHV
/DHQXPHUDFLyQGHFDPELRVDQWHULRUHV\ODVGLIHUHQFLDVHQHOELQRPLRS~
EOLFRSULYDGRVHSRGUtDDJOXWLQDUHQWRUQRDXQRSULQFLSDOODVXSXHVWDFULVLVGHO
(VWDGRGHOELHQHVWDU3RUWDQWRORVFDPELRVHQODV$GPLQLVWUDFLRQHV3~EOLFDV
&RQWHPSRUiQHDV YHQGUtDQ GH OD PDQR GH HVWD FULVLV \ ORV LQWHQWRV GH UHIRUPD
GHO(VWDGR(QHOPDUFRGHHVWDFULVLV\VLJXLHQGRD$JXLODU9LOODQXHYDVHSXH
GHQFRQWHPSODUFXDWURGLPHQVLRQHVFODUDVVREUHODVTXHDFWXDU
'LPHQVLyQ ILVFDO GRQGH VH FRQWHPSODUtDQ HQWUH RWUDV DFFLRQHV HO VD
QHDPLHQWRGHODVILQDQ]DVS~EOLFDVODGLVFLSOLQDILVFDO\HO SUHVXSXHVWR
HTXLOLEUDGRSDUDHOORVHKDQSXHVWRHQPDUFKDHQGLVWLQWRVSDtVHVPH
GLGDVGHWLSRILVFDOUHIRUPDV\SULYDWL]DFLRQHVWUDQVIHUHQFLDGHGHUH
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QULTXH-RVp9DUHODOYDUH]
8QDYH]YLVWRORDQWHULRUQRVVLWXDPRVDQWHXQSDQRUDPDGH WUDQVIRUPD
FLRQHVH[WHUQDVHLQWHUQDVTXHLQFLGHGLUHFWDPHQWHHQODODERUTXHODV$GPL
QLVWUDFLRQHV 3~EOLFDV FRQWHPSRUiQHDV GHVDUUROODQ HQ ORV DxRV TXH YDQ GHVGH
LQLFLRVGHORVKDVWDODDFWXDOLGDG6LHQORVSULPHURVYHLQWHDxRVVHSURGXFH
WRGDXQDVHULHGHUHIRUPDVDSDUWLUGHORVDxRVDOJXQRVDXWRUHVVHxDODQXQD
VHJXQGDJHQHUDFLyQGHUHIRUPDVTXHVHUtDODTXHOHFRUUHVSRQGHUtDDORVJRELHU
QRVVXEQDFLRQDOHVWDQWRHQHOQLYHODXWRQyPLFRFRPRHQHOQLYHOORFDO3URYLQ
FLDV\0XQLFLSLRVHVSDxROHV&DUULOOR
6LWHQHPRVHQFXHQWDHOPDUFRGHWUDQVIRUPDFLRQHVDQWHULRUHV\ODPRGLIL
FDFLyQ SULQFLSDO HQ HO HQWRUQR \ FRQWHQLGR GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV
GHVGHVXLQLFLRKDVWDQXHVWURVGtDVQRVHQFRQWUDPRVFRQTXHVLKDFDPELDGRHO
(VWDGROD$GPLQLVWUDFLyQFRPRYDULDEOHGHSHQGLHQWHGHOPLVPRKDFDPELDGR
HQLJXDORPD\RUPHGLGD(VDSDUWLUGHOSODQWHDPLHQWRDQWHULRUGRQGHDOJXQRV
DXWRUHVKDEODQGHODWUDQVIRUPDFLyQGHXQD$GPLQLVWUDFLyQ3~EOLFDEXURFUiWLFD
SURSLD GH XQ (VWDGR /LEHUDO FRQ WDUHDV HVHQFLDOPHQWH GH UHJXODFLyQ D XQD
SRVWEXURFUiWLFD SURSLD GHO (VWDGR 6RFLDO \ 'HPRFUiWLFR GH 'HUHFKR FRPR HO
DFWXDOHQ(VSDxDFRQQXHYDVIXQFLRQHVLQWHUYHQFLyQGLUHFWDHQODHFRQRPtD
SUHVWDFLyQ GH VHUYLFLRV HWF (O SUREOHPD HQ HO SDVR GH XQD $GPLQLVWUDFLyQ
3~EOLFDDODRWUDVHSODQWHDHQORTXH 0iUTXH] GHQRPLQDFULVLV GH
FRKHUHQFLDHQWUHHVWUDWHJLD\HVWUXFWXUD\DTXHPLHQWUDVTXHXQDSDUWHGHO(VWD
GRGHVDUUROODODERUHV\WDUHDVSURSLDVGHHVWUXFWXUDVSRVWEXURFUiWLFDVSUHSDUD
FLyQGHODSROtWLFDPDFURHFRQyPLFDGHOSDtVSUHVWDFLyQGHORVVHUYLFLRVEiVLFRV
FRQVDJUDGRV HQ OD &RQVWLWXFLyQ HGXFDFLyQ VDQLGDG HWF RWUD SDUWH GH HVH
PLVPR (VWDGR VLJXH GHVHPSHxDQGR IXQFLRQHV GH UHJXODFLyQ TXH HV OR TXH GD
VHQWLGRDODHVWUXFWXUDDGPLQLVWUDWLYDWUDGLFLRQDO
3RUXQODGR\FRPRHMHPSORGHOFDPELRGHRULHQWDFLyQQRVHQFRQWUDPRV
FRQODQXHYDVLWXDFLyQGHOD$GPLQLVWUDFLyQ3~EOLFDHQUHODFLyQGHFRPSHWHQ
FLDFRQRWUDVRUJDQL]DFLRQHVS~EOLFRSULYDGDV\HQUHODFLyQGHGHSHQGHQFLDFRQ
OD6RFLHGDG&LYLO\VXVFLXGDGDQRV3RURWURODGR\VLJXLHQGRHOSODQWHDPLHQWR
GHOSDVRGHXQD$GPLQLVWUDFLyQEXURFUiWLFDDRWUDSRVWEXURFUiWLFDQHFHVLWDPRV
UHSODQWHDU OD FXHVWLyQ QR \D GHVGH HO SXQWR GH YLVWD LQWHUQR VLQR HO H[WHUQR
UHODFLRQHVGHOD$GPLQLVWUDFLyQFRQORVFLXGDGDQRV\DTXHDXQTXHFRQGLFKD
WUDQVIRUPDFLyQQRVHFXHVWLRQHHOVLVWHPDSROtWLFRGHPRFUiWLFRHQVXWRWDOLGDG\
HQVXVSUHVXSXHVWRVIXQGDPHQWDOHVVHSHUFLEHODQHFHVLGDGGHLQWURGXFLUUHIRU
PDVTXHSURGX]FDQDOWHUQDWLYDVDODGHPRFUDFLDRVXSURIXQGL]DFLyQRORTXH
HVORPLVPRTXHFRQGXFHQDLQFUHPHQWDUODSDUWLFLSDFLyQFLXGDGDQDHQWRGRV
ORVQLYHOHVGHJRELHUQR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QULTXH-RVp9DUHODOYDUH]
/RTXHQRVOOHYDDTXHODVQHFHVLGDGHVGHOHJLWLPLGDGGHOD$GPLQLVWUD
FLyQVHKDQPXOWLSOLFDGR\DTXHVHKDQSURGXFLGRIDOORVHQODRUJDQL]D
FLyQ DO QR DMXVWDUVH DO PRGHOR GH GRPLQDFLyQ OHJDO WHQVLyQ HQWUH
EXURFUDFLD\GHPRFUDFLDDGHPiVGHTXHVHKDFXHVWLRQDGRODFDSDFL
GDGGHGLFKDRUJDQL]DFLyQSDUDSURGXFLUUHQGLPLHQWRVTXHFRUULMDQORV
IDOORVGHOPHUFDGRTXHYLPRVFRQDQWHULRULGDG
'HVSXpVGHODH[SOLFLWDFLyQGHODFRQFOXVLyQDQWHULRUSDVDPRVDGHVFULELU
EUHYHPHQWHORVGLVWLQWRVSURFHVRVGHFDPELRHQODV$GPLQLVWUDFLRQHV3~EOLFDV
GHVGHODYLVLyQ(XURSHDKDVWDODSURSLDUHDOLGDGHVSDxRODWDQWRQDFLRQDOFRPR
VXEQDFLRQDO
9LVLyQ&RPSDUDGDGHORV3URFHVRVGH5HIRUPD0RGHUQL]DFLyQHQ
ORVSDtVHVGHOD2&'(
7RGDYH]TXHQRVKHPRVLQWURGXFLGRHQODFRPSOHMLGDGGHOFDPELRHQODV
$GPLQLVWUDFLRQHV 3~EOLFDV FRQWHPSRUiQHDV \ KHPRV FRQVWDWDGR OD QHFHVLGDG
GHGDUXQQXHYRLPSXOVRDOiPELWRS~EOLFRHQJHQHUDOGHEHPRVVLWXDUODSOXUD
OLGDGGHYLVLRQHVVREUHTXpHVOD5HIRUPD0RGHUQL]DFLyQGHODV$GPLQLVWUDFLR
QHV3~EOLFDVGHSHQGLHQGRGHOQLYHOGHJRELHUQRGHVGHHOTXHVHDQDOLFHLQFOXVR
GHSHQGLHQGRGHOSDtVVREUHHOTXHVHUHDOLFHGLFKRDQiOLVLV3RUHOOR\DPRGRGH
UHVXPHQH[SRQGUHPRVXQEUHYHPDSDGHODPRGHUQL]DFLyQGHODV$GPLQLVWUD
FLRQHV3~EOLFDVGHQXHVWURHQWRUQRVRFLRHFRQyPLFRFHQWUDGRHQORVSDtVHVGHOD
2&'( SDUD SRVWHULRUPHQWH DQDOL]DU HO FDVR HVSDxRO TXH UHVSRQGH D XQD
WLSRORJtD VLPLODU GH 5HIRUPDV0RGHUQL]DFLRQHV RFFLGHQWDOHV FDUDFWHUL]DGDV
FRPR GHVWDFDQ %DOODUW \ 5DPLy SRU UHIRUPDV SUHVXSXHVWDULDV
UHIRUPDVHVWUXFWXUDOHVSULYDWL]DFLyQ\UHGXFFLyQGHOYROXPHQGHOVHFWRUS~EOL
FRUHIRUPDVHQODJHVWLyQGHOSHUVRQDOUHIRUPDVHQODUHODFLyQFRQORVFLXGDGD
QRV
&RPRSRGHPRVYHUHQHOFDVRGHODVRUJDQL]DFLRQHVDGPLQLVWUDWLYDVGHORV
SDtVHVHXURSHRVODFRQVWDQWHGHFDPELRHVWXGLDGDDWUDYpVGHVXVSURFHVRVDF
WXDOHV GH 5HIRUPD0RGHUQL]DFLyQ HV OD GH LQFLGLU HQ OD PHMRUD GH OD JHVWLyQ
LQWHUQD SRU XQ ODGR \ SRWHQFLDU HO HIHFWR OD LPDJHQ \ OD OHJLWLPLGDG GH VXV
VHUYLFLRV DQWH ORV FLXGDGDQRV SRU RWUR $ FRQWLQXDFLyQ SDVDPRV D DQDOL]DU D
PRGR GH HMHPSOR OD UHDOLGDG GHO FDPELR DGPLQLVWUDWLYR HQ HO 5HLQR 8QLGR
)UDQFLD\$OHPDQLDSDUDWHUPLQDUFRQ(VSDxD\HOHVWXGLRVREUHOD0RGHUQL
]DFLyQDGPLQLVWUDWLYDUHDOL]DGDHQVX$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
(QHOFDVRGHO5HLQR8QLGRSRGHPRVFRQWHPSODUXQDVHULHGHHVWUDWHJLDV
GH0RGHUQL]DFLyQFRPRVRQ
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
)UDJPHQWDFLyQGHODVXQLGDGHV
/DFRPSHWHQFLDROLEUHPHUFDGR
/D$GPLQLVWUDFLyQSURIHVLRQDOL]DGDSHUVRQDOL]DGD
(VWiQGDUHVH[SOtFLWRV\PHGLGDVGHODDFWLYLGDG
(OpQIDVLVHQORVFRQWUROHVGHSURGXFFLyQ
/RVHVWLORVGHOVHFWRUSULYDGRGHOSHUVRQDOJHVWRU
(OVHUYLFLRDOFOLHQWH
7HQHPRVTXHGHXQHQIRTXHGLULJLGRDIXVLRQDUXQDVHULHGHDVSHFWRVSUH
YLDPHQWHVHSDUDGRV\FDUDFWHUL]DGRSRUODFRRUGLQDFLyQFRRSHUDFLyQ\DUPRQL
]DFLyQVHKDSDVDGRDRWURHQIRTXHFDUDFWHUL]DGRSRUODIUDJPHQWDFLyQEDVDGR
HQODFRPSHWHQFLDODHVSHFLILFLGDGIXQFLRQDO\HODFWXDUVREUHODWDUHDDVLJQDGD
HQ FRQFOXVLyQ QRV HQFRQWUDPRV HQ GHILQLWLYD FRQ OD 1XHYD *HVWLyQ 3~EOLFD
1HZ 3XEOLF 0DQDJHPHQW TXH KD SURGXFLGR FDPELRV HQ OD JHVWLyQ GH ODV
RUJDQL]DFLRQHV S~EOLFDV \ VX UHODFLyQ FRQ HO HQWRUQR WDQWR FLXGDGDQRV FRPR
WHUULWRULDOYHU0yGXOR,, (Q OD DFWXDOLGDG \ GHVGH VH HVWi SURGXFLHQGR
XQDUHYLVLyQGHORVSUR\HFWRVGHPRGHUQL]DFLyQGHOD$GPLQLVWUDFLyQEULWiQLFD
TXHKDQVLGRFRQGHQVDGRVHQHO/LEUR%ODQFRGHO*RELHUQR%ULWiQLFRSUHVHQ
WDGRDO3DUODPHQWRHQPDU]RGHOPLVPRDxRDUWLFXODGRHQWRUQRDFDPELRVHQ
HOPRGRGHGLVHxRGHODVSROtWLFDVGHOD$GPLQLVWUDFLyQGHODSUHVWDFLyQGHORV
VHUYLFLRVS~EOLFRVGHOXVRGHODV17,&\GHODYDORUDFLyQGHOUHQGLPLHQWR\
HOVHUYLFLRS~EOLFREULWiQLFR
(Q )UDQFLD ORV FDPELRV HQ OD $GPLQLVWUDFLyQ VH YLQFXODQ GLUHFWDPHQWH
FRQOD5HIRUPDGHO(VWDGRDXQDVHULHGHSUHVXSXHVWRVDGDSWDWLYRVDHVWDQXHYD
UHDOLGDGWDPELpQQRVUHPLWLPRV DODVWUDQVIRUPDFLRQHVWHUULWRULDOHV DQDOL]DGDV
HQHO0yGXOR,,HQWUHORVTXHGHVWDFDQ
(VWDGRDOVHUYLFLRGHOFLXGDGDQRVLPSOLILFDQGRHOSURFHGLPLHQWRDGPL
QLVWUDWLYR \ PHMRUDQGR ORV FDQDOHV GH FRPXQLFDFLyQ FRQ HO XVXDULR GH
ORVVHUYLFLRVS~EOLFRV
,PSOLFDFLyQ GH ORV IXQFLRQDULRV HQ OD 5HIRUPD DGPLQLVWUDWLYD D WUDYpV
GHDFWXDFLRQHVVREUHPRYLOLGDGFDOLGDGGHOVHUYLFLR\QXHYDFXOWXUDGH
GLUHFFLyQS~EOLFD
$GDSWDU OD $GPLQLVWUDFLyQ D OD QXHYD UHDOLGDG SROtWLFRDGPLQLVWUDWLYD
GHVFHQWUDOL]DGD
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
$GPLQLVWUDFLyQ GHO (VWDGR TXH FRQ OD DTXLHVFHQFLD GH ORV VLQGLFDWRV
ILUPDQ HO $FXHUGR SDUD PRGHUQL]DU OD $GPLQLVWUDFLyQ GHO (VWDGR \ PHMRUDU ODV
FRQGLFLRQHVGHWUDEDMR/DHWDSDPRGHUQL]DGRUDVRFLDOLVWDFRQFOX\HDOILQDOGHVX
~OWLPDOHJLVODWXUDVLQKDEHUFRQVHJXLGRFXPSOLUPXFKRVGHORVREMHWLYRVGHILQL
GRVHQORVLQIRUPHVSRUPRWLYRVGHIDOWDGHDSR\RSROtWLFRGHVGHOD3UHVLGHQFLD
GHO*RELHUQR%DOODUW\5DPLy(OILQDOGHODGpFDGDGHORVQRYHQWD
FRLQFLGHFRQODOOHJDGDDOSRGHUGHORVJRELHUQRVGHO33\XQDFLHUWDFRQWLQXL
GDGUHIRUPLVWDFRQ pQIDVLV HQ HO GLVHxR QRUPDWLYR GH ODV HVWUXFWXUDV DGPLQLV
WUDWLYDV FRPR SXHGHQ VHU OD /H\ GHO *RELHUQR OD /H\ GH OD $GPLQLVWUDFLyQ
*HQHUDO GHO (VWDGR \ OD SUHSDUDFLyQ GHO (VWDWXWR GH OD )XQFLyQ 3~EOLFD 6H
GHVWDFDQFRPRDFFLRQHVFRQFUHWDV%DOODUW\5DPLyHOGLVHxRHLP
SODQWDFLyQ GH OD YHQWDQLOOD ~QLFD GHVDUUROODGR GH IRUPD FRQMXQWD SRU ODV WUHV
$GPLQLVWUDFLRQHV3~EOLFDV*HQHUDO$XWRQyPLFDV\/RFDOHV\ODUHFLHQWHSX
EOLFDFLyQ GHO /LEUR %ODQFR SDUD OD 0HMRUD GH ORV 6HUYLFLRV 3~EOLFRV 8QD QXHYD
$GPLQLVWUDFLyQDOVHUYLFLRGHORVFLXGDGDQRV
6LQHPEDUJR\SHVHDHVWHEUHYHUHFRUULGRVRPRVGHODRSLQLyQGHTXHHQ
(VSDxDHOFDPELRHIHFWLYR\UHDOYHQGUtDGHILQLGRSRUHOKHFKRGHTXH/DPR
GHUQL]DFLyQVHLGHQWLILFDSULQFLSDOPHQWHFRQXQFDPELRHQODFXOWXUD\HQORVLQVWUX
PHQWRV GH JHVWLyQ GH ODV RUJDQL]DFLRQHV S~EOLFDV $ PHGLDGRV GH ORV ODV
HVWUDWHJLDVSDUDGHVDUUROODUHVWD0RGHUQL]DFLyQVHVLW~DQHQWRUQRDXQ
(QIRTXHLQWHJUDOGHODPRGHUQL]DFLyQ
,QFUHPHQWDOLVPROyJLFR
%~VTXHGDGHOHJLWLPLGDG\FRQVHQVR
&RQVWUXFFLyQSDXODWLQDGHODSR\RSROtWLFR
,PSOLFDFLyQGHORVGLUHFWLYRVS~EOLFRV
%~VTXHGDGHODSR\RGHORVUHSUHVHQWDQWHVGHORVWUDEDMDGRUHV
(OHOHPHQWR FODYH HQ HVWH SURFHVR GH FDPELR VHUtD OD DFWXDFLyQ VREUH ORV
UHFXUVRVKXPDQRVLQWHQWDQGRSDUDHOOR
/RJUDUHOFRPSURPLVRGHORVHPSOHDGRV
'HVDUUROODUODFRPXQLFDFLyQLQWHUQD\ODSDUWLFLSDFLyQ
2IUHFHUXQPDUFRRUJDQL]DWLYRDODFDUUHUDSURIHVLRQDO
)OH[LELOL]DU\GHVFRQFHQWUDUODJHVWLyQGHUHFXUVRVKXPDQRV
3URPRYHUODIRUPDFLyQ\HOGHVDUUROORGHOSHUVRQDO
(QULTXH-RVp9DUHODOYDUH]
/RVHMHPSORVGHFDPELRRUJDQL]DWLYR\GHUHIRUPDGHO(VWDGRDQDOL]DGRVHQ
HOSUHVHQWHDSDUWDGRFRQILUPDQGRVFXHVWLRQHVHQSULPHUOXJDUTXHODUHODFLyQ
HQWUHODVWUDQVIRUPDFLRQHVGHO(VWDGR$GPLQLVWUDFLyQHVWiFDGDYH]PiVFODUD
\HQVHJXQGROXJDUTXHGLFKRVSURFHVRVGHFDPELRVHFDUDFWHUL]DQSRUGRVHQ
IRTXHV GLDPHWUDOPHQWH GLVWLQWRV SHUR QHFHVDULDPHQWH FRPSOHPHQWDULRV HO
FDPELRLQWHUQRGHODRUJDQL]DFLyQ\ODPHMRUDGHODUHODFLyQFRQORVFLXGDGDQRV
5HIRUPDV \ 0RGHUQL]DFLRQHV HQ ODV $GPLQLVWUDFLRQHV $XWRQyPL
FDV/D5HIRUPD$GPLQLVWUDWLYDHQOD;XQWDGH*DOLFLD
6LHO DSDUWDGR DQWHULRUVH SXHGHGHILQLUFRPRHO PDUFR JHQHUDOGH 5HIRU
PD0RGHUQL]DFLyQGHVGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRHQ(VSDxDSRU
ORTXHUHVSHFWDDORVJRELHUQRVVXEQDFLRQDOHVDXWRQyPLFRVVREUHWRGRFXDQGR
FRPLHQ]DDFRQVROLGDUVHHOSURFHVRGHWUDQVIHUHQFLDVDWUDYpVGHODLPSOHPHQWD
FLyQ GH VXV SURSLDV SROtWLFDV HO VHQWLGR GH ORV FDPELRV GLILHUH SDUFLDOPHQWH
DXQTXHWRGRVHOORVWLHQHQXQUHIHUHQWHFRP~QLQPHGLDWRVREUHFyPRUHDOL]DUOD
WUDQVIRUPDFLyQ\FXiOHVVXEDVHFRQFHSWXDOGHSDUWLGDLQFOXVRDOJXQRVDXWR
UHVVRVWLHQHQTXHGLFKRVSURFHVRVVHKDQUHDOL]DGRGHIRUPDPLPpWLFDDOOOHYDGR
D FDER SRU OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR %DOODUW \ 5DPLy
6LELHQXQDJUDQSDUWHGHODV&RPXQLGDGHV$XWyQRPDVHVSDxRODVFRPLHQ
]DQ D SULQFLSLRV GH ORV DxRV D SRQHU HQ PDUFKD SURFHVRV GH FDPELR HQ VXV
$GPLQLVWUDFLRQHV 3~EOLFDV GHVWDFDQ SRU OD UHOHYDQFLD H LPSDFWR GH GLFKRV
FDPELRVODV WUHVQDFLRQDOLGDGHVKLVWyULFDV3DtV 9DVFR&DWDOXxD\*DOLFLDSRU
ORTXHGHHOODVQRVYDPRVDRFXSDUDQWHVGHVHJXLUFRQHOUHVWRGHSURFHVRVGH
WUDQVIRUPDFLyQDXWRQyPLFRV
/D &RPXQLGDG $XWyQRPD GHO 3DtV 9DVFR DUWLFXOD VX 5HIRUPD
0RGHUQL]DFLyQHQWRUQRDPHGLGDVSDUDODUHQRYDFLyQRUJDQL]DWLYDGHO*R
ELHUQR9DVFRTXHVHLPSXOVDQGHVGHOD&25$0(&RPLVLyQGH5DFLRQDOL]D
FLyQ\0HMRUD\GLYLGLGDVHQFXDWURDSDUWDGRVGHDFWXDFLyQ
5HIRU]DUODFRRUGLQDFLyQHVWUDWpJLFDGHOJRELHUQRIRUWDOHFHUHOSDSHOGL
UHFWRU\FRRUGLQDGRUGHO/HKHQGDNDULPHMRUDUODSURJUDPDFLyQ\SUHSD
UDFLyQ GH ORV WUDEDMRV GHO &RQVHMR GH *RELHUQR UHIRU]DU ODV IXQFLRQHV
GHSODQLILFDFLyQ\HYDOXDFLyQ
6LPSOLILFDUODVHVWUXFWXUDVRUJDQL]DWLYDV
'LVPLQXLU HO Q~PHUR GH DOWRV FDUJRV \ SURPRYHU GLUHFWLYRV S~EOLFRV
SURIHVLRQDOHV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
$GHFXDUORVPHFDQLVPRVSDUDFRQWURODUHOJDVWR\PHMRUDUORVUHVXOWDGRV
DPSOLDUODUHVSRQVDELOLGDGGHFDGDiUHDHQOD JHVWLyQ GHVXVUHFXUVRV
UHGLVHxDUORVVLVWHPDVGHFRQWUROSDUDDVHJXUDUXQDJHVWLyQWUDQVSDUHQWH
\HILFD]VLWXDUDOFLXGDGDQRHQHOFHQWURGHODFXOWXUDRUJDQL]DWLYD
$VHJXUDUODHMHFXFLyQGHODVPHGLGDV\SURIXQGL]DUHQODUHIRUPD
'H HOODV VH H[WUDH OD FRQFOXVLyQ GH TXH HO FDPELR KD GH HVWDU EDVDGR HQ
XQDSURIXQGDUHQRYDFLyQLQWHUQDGHODRUJDQL]DFLyQEDVDGDHQHOFXPSOLPLHQWR
GHREMHWLYRV\HQWHQHUFRPRUHIHUHQWHLQPHGLDWRGHDFWXDFLyQDOFLXGDGDQR
(Q&DWDOXxDVHFRPLHQ]DDWUDEDMDUHQOD0RGHUQL]DFLyQDPHGLDGRVGHORV
DxRV OR TXH YD SURYRFDQGR SHTXHxDV DGDSWDFLRQHV GH OD $GPLQLVWUDFLyQ
FDWDODQDDEDVHGHGLDJQRVWLFDUVXUHDOLGDG\SURSRQHUSHTXHxRVFDPELRV(QHO
DxRVHSRQHHQPDUFKDHOSUR\HFWR$5$$FFLyQGH5HIRUPD$GPLQLV
WUDWLYDTXHVHHQFDUJDGHLPSXOVDUOD PRGHUQL]DFLyQ GHVXV HVWUXFWXUDVDGPL
QLVWUDWLYDV3DUDHOOROD&RPXQLGDG$XWyQRPDHVWDEOHFHODVVLJXLHQWHVOtQHDVHMH
GHDFWXDFLyQ
$FWXDUVREUHORVVLVWHPDVGHDVLJQDFLyQGHUHFXUVRV
5HIRU]DUORVVLVWHPDVGHFRQWURO
$FWXDUVREUHODHVWUXFWXUDRUJDQL]DWLYD
$GHFXDUORVUHFXUVRVKXPDQRVDODVQHFHVLGDGHV
$WUDYpVGHHVWDVOtQHDV\FRQHOHVWDEOHFLPLHQWRILQDOGHXQFRPSOHMRSUR
JUDPDGHHYDOXDFLyQGHOGHVHPSHxROD&RPXQLGDG$XWyQRPDFDWDODQDSUH
WHQGHUtDGHVDUUROODUODVEDVHVSDUDFRQVWUXLUXQDDGPLQLVWUDFLyQQHFHVDULDEDMR
ORV SULQFLSLRV GH OD HILFLHQFLD \ OD DGDSWDELOLGDG FRQ HO REMHWLYR GH IDFLOLWDU OD
DFFLyQGHJRELHUQRHQXQHQWRUQRGHFDPELR\FULVLVSUHVXSXHVWDULD
*DOLFLD KD VLGR OD &RPXQLGDG $XWyQRPD TXH PiV GHFLGLGDPHQWH KD
DSRVWDGRSRUXQSURJUDPDJREDOGH5HIRUPD0RGHUQL]DFLyQTXHVH GHVDUUROOD
GHVGHLQLFLRVGHORVDxRV\TXHFRPRFRQVHFXHQFLDGHODFRQWLQXLGDGHOHFWR
UDO KD FRQVHJXLGR LPSODQWDU XQ PRGHOR GH FDPELR DGPLQLVWUDWLYR FRPSOHWR
GHVGHHOGLDJQyVWLFRHVWUDWpJLFRLQLFLDOKDVWDODIDVHILQDODFWXDOGHHYDOXDFLyQ
GHOUHQGLPLHQWR3DUD%DOODUW\5DPLyHOSURFHVRGHFDPELRDGPL
QLVWUDWLYRJDOOHJRVHGLIHUHQFLDGHORVGRVDQWHULRUHVSRUVXE~VTXHGDGHODPHMR
UD GH ORV SURFHGLPLHQWRV DGPLQLVWUDWLYRV \ GH DSUR[LPDFLyQ D ORV FLXGDGDQRV
(QWUHODVOtQHDV\REMHWLYRVHVWUDWpJLFRVGHO3URJUDPDGH5HIRUPD$GPLQLVWUDWL
YDGHVWDFDQ
(QULTXH-RVp9DUHODOYDUH]
5HIRUPDQRUPDWLYDVLPSOLILFDFLyQ\UHGXFFLyQGHWUiPLWHVDGHFXDFLyQ
GHORVSURFHGLPLHQWRV\GHODHVWUXFWXUDDGPLQLVWUDWLYDUDFLRQDOL]DFLyQ
GHODSURGXFFLyQQRUPDWLYD
5HFXUVRVKXPDQRVOLEHUDUDO SHUVRQDOGHOWUDEDMRUXWLQDULRGLPHQVLR
QDUORVFXDGURVGHSHUVRQDOGHDFXHUGRFRQODFDUJDGHWUDEDMRLQFUH
PHQWDUODVSRVLELOLGDGHVGHSURPRFLyQ
6LVWHPDV GH LQIRUPDFLyQ PHFDQL]DU OD JHVWLyQ IDFLOLWDU HO DFFHVR D OD
LQIRUPDFLyQLQWHUQDSRWHQFLDUODFRPXQLFDFLyQLQWHUQD
)LQDOPHQWH\DOLJXDOTXHHQHOFDVRGH&DWDOXxDXQDYH]FRPSOHWDGRHO
FLFORGHOD5HIRUPD0RGHUQL]DFLyQJDOOHJDDSDUHFHQORVSULPHURVGDWRVGHSUR
GXFWLYLGDGGHODVXQLGDGHVDGPLQLVWUDWLYDVJDOOHJDVDWUDYpVGHOVLVWHPDGH(YD
OXDFLyQ GHO 5HQGLPLHQWR GHVDUUROODGR EiVLFDPHQWH D WUDYpV GHO
HVWDEOHFLPLHQWR GH XQ VLVWHPD GH GLUHFFLyQ SRU REMHWLYRV \ OD ILMDFLyQ GH XQRV
HVWiQGDUHVPtQLPRVTXHGHEHUiQFRQVHJXLUODVGLIHUHQWHVXQLGDGHVDQXDOPHQWH
(OREMHWLYRILQDOHVODE~VTXHGDGHODHILFDFLD\ODHILFLHQFLD\ODDGDSWDFLyQGH
OD$GPLQLVWUDFLyQDXQHQWRUQRFDPELDQWH\GHHVFDVH]GHUHFXUVRV
3DVDPRV D FRQWLQXDFLyQ D UHDOL]DU XQD EUHYH GHVFULSFLyQ GH ORV DQWHFH
GHQWHV SURFHVRV \ SHUVSHFWLYDV GH ORV PHQFLRQDGRV FDPELRV HQ HO UHVWR GH ODV
$GPLQLVWUDFLRQHV3~EOLFDVDXWRQyPLFDV(OGHQRPLQDGRUFRP~QGHWRGDVHOODV
HQORVDxRVKDVLGRVXDIiQSRUSRQHUHQPDUFKDLQLFLDWLYDVGHFDPELR\SUR
FHVRVGH5HIRUPD0RGHUQL]DFLyQHQVXVUHVSHFWLYDVRUJDQL]DFLRQHV$PRGRGH
EUHYHUHSDVRHQXPHUDPRVODVFDUDFWHUtVWLFDVPiVVREUHVDOLHQWHVGHGLFKRVSURFH
VRVFRPHQ]DQGRSRUOD&RPXQLGDG$XWyQRPDGH0DGULGSRUKDEHUUHDOL]DGR
ORVFDPELRVPiVVLJQLILFDWLYRV
0DGULG(OHMHGHOSURJUDPDGHUHIRUPDGHOD&RPXQLGDGGH0DGULG
HVODPi[LPDHOFLXGDGDQRFRPRFOLHQWHTXHVHGHVDUUROODHQWRUQRDXQ
SURJUDPDGHPHMRUDGHODFDOLGDGGHORVSURFHVRVDGPLQLVWUDWLYRV(QWUH
ORV GLYHUVRV LQVWUXPHQWRV DSOLFDGRV HVWiQ OD UHYLVLyQ GH ODV iUHDV GH
DWHQFLyQDOFLXGDGDQRHOUHGLVHxRGHOSURFHGLPLHQWRGHUHFODPDFLRQHV
ODLPSODQWDFLyQGHOWHOpIRQRGH$WHQFLyQDO&LXGDGDQRHOUHGLVHxRGH
LPSUHVRVODYHQWDQLOOD~QLFDGHFUHDFLyQGHHPSOHRHO3ODQGH&DOLGDG
\HOHVWDEOHFLPLHQWRGHXQRVSUHPLRVDQXDOHV\ODV&DUWDVGHVHUYLFLRV
GRQGHVHHVWDEOHFHQORVGHUHFKRVGHORVFLXGDGDQRV
$QGDOXFtD(QWUHORVREMHWLYRVTXHVHSURSXVRHOJRELHUQRDQGDOX]GHV
WDFDSRUHQFLPDGHRWUDVLQLFLDWLYDVODFRQVWUXFFLyQGHXQVLVWHPDGH
LQIRUPDFLyQ ~QLFR GH JHVWLyQ GH ORV UHFXUVRV KXPDQRV SDUD WRGD OD
-XQWDGH$QGDOXFtDDSR\DGRSRUXQDLPSRUWDQWHRSFLyQGHODWHFQROR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
JtD\GHORVVLVWHPDVGHLQIRUPDFLyQFRQHOILQGHRULHQWDUODPHMRUDGH
VXJHVWLyQDORVFLXGDGDQRV
$UDJyQ(QHOFDVRGHOD'LSXWDFLyQ*HQHUDOGH$UDJyQFRPRyUJDQR
GHJRELHUQRGHVX&RPXQLGDGVHKDKHFKRKLQFDSLpHQODDVXQFLyQGH
FULWHULRVGHHILFDFLD\HILFLHQFLDHQHOWUDEDMRGHOD$GPLQLVWUDFLyQ3~
EOLFD DXWRQyPLFD DGHPiV GH LQWURGXFLU ODV WpFQLFDV GH GLUHFFLyQ SRU
REMHWLYRVUHGXFLUHOVREUHGLPHQVLRQDPLHQWR\IOH[LELOL]DUODVHVWUXFWXUDV
RUJiQLFDVGHVFHQWUDOL]DU\GHVFRQFHQWUDUORVVHUYLFLRVRSWDQGRSRUXQD
FODUDRSFLyQGHLQWURGXFFLyQGHWpFQLFDVSURSLDVGHOPDQDJHPHQWHQHO
iPELWRS~EOLFR
&DQDULDV 7HQLHQGR HQ FXHQWD HO SDUWLFXODU VLVWHPD GH JRELHUQR GH OD
&RPXQLGDG$XWyQRPDGH&DQDULDVORV&DELOGRVHOSURFHVRGHPHMRUD
GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV GH GLFKD &RPXQLGDG VH IXQGDPHQWD
HQ GRV SLODUHV OD DUWLFXODFLyQ GH XQ VLVWHPD GH FRODERUDFLyQ HQWUH ODV
$GPLQLVWUDFLRQHVGHODV,VODV\ODSURIXQGL]DFLyQHQODPHMRUDGHODLQ
IRUPDFLyQDOFLXGDGDQR
&DQWDEULD /RV SULQFLSDOHV REMHWLYRV GHO SURFHVR GH UHIRUPD HQ OD &R
PXQLGDG $XWyQRPD GH &DQWDEULD VHUtDQ HO LQFUHPHQWR HQ OD HILFDFLD
GHODVXQLGDGHVDGPLQLVWUDWLYDV\VHUYLFLRVTXHVHSURSRUFLRQDQUHGXF
FLyQ\VLPSOLILFDFLyQGHWUiPLWHVDGPLQLVWUDWLYRV\PHMRUDGHODLQIRU
PDFLyQ \ FRPXQLFDFLyQ FRQ ORV FLXGDGDQRV 'H WRGR OR DQWHULRU OD
SDUWHPiVGHVWDFDGDVHGLULJHDODPHMRUDGHODLQIUDHVWUXFWXUDLQIRUPi
WLFD \ GH WHFQRORJtDV GH OD LQIRUPDFLyQ WDQWR H[WHUQD FRPR LQWHUQD
HMHUHDOVREUHHOTXHVHEDVDHOSUR\HFWRGHFDPELRFiQWDEUR
&DVWLOOD \ /HyQ /D -XQWD GH &DVWLOOD \ /HyQ LPSXOVy OD 5HIRUPD
0RGHUQL]DFLyQGHVX$GPLQLVWUDFLyQGDQGRFRQWHQLGRDVXVREMHWLYRV\
OtQHDV HVWUDWpJLFDV GH FDPELR HQWUH ODV TXH GHVWDFDQ OD DSUR[LPDFLyQ
GHOD$GPLQLVWUDFLyQDORVFLXGDGDQRVODGHVFHQWUDOL]DFLyQGHVHUYLFLRV
DORVQLYHOHVORFDOHVGHJRELHUQRODSURIHVLRQDOL]DFLyQGHORVIXQFLRQD
ULRVS~EOLFRV\ODLQWURGXFFLyQGHWpFQLFDVGHJHVWLyQSULYDGDV(QGHIL
QLWLYD OD E~VTXHGD GH XQD DGPLQLVWUDFLyQ DGDSWDGD \ SUy[LPD D ORV
FLXGDGDQRVEDMRORVSULQFLSLRVGHHILFDFLD\HILFLHQFLD(QODDFWXDOLGDG
VHKDQLQWURGXFLGRORVFRQFHSWRVGHFDOLGDGDWUDYpVGHO3ODQ0DUFRGH
0HMRUD\&DOLGDGGHORV6HUYLFLRVPDU]R
([WUHPDGXUD (Q OD &RPXQLGDG $XWyQRPD GH ([WUHPDGXUD HO PDUFR
GHOSODQGHUHIRUPDDGPLQLVWUDWLYDORFRQVWLWX\HQODVLQWHWL]DFLyQGHORV
SULQFLSLRVGHHILFDFLDHILFLHQFLD\OHJDOLGDGODLQFRUSRUDFLyQGHXQDOy
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
PXQLGDG9DOHQFLDQDDFWXDOPHQWHHQYLJRU/RVSULQFLSLRVVREUHORVTXH
VHDUWLFXODHOFDPELRVRQ$GPLQLVWUDFLyQHILFD]UHVSRQVDEOHLQWHUUHOD
FLRQDGD\GHVFHQWUDOL]DGD7RGRORDQWHULRUWLHQHXQVHQWLGRGHDGDSWD
FLyQ FRQWLQXD DO HQWRUQR \ GH VDWLVIDFFLyQ GH ODV QHFHVLGDGHV GH ORV
FLXGDGDQRV
/RV SURFHVRV GH FDPELR HQ ODV &RPXQLGDGHV $XWyQRPDV HVSDxRODV WDO \
FRPRKHPRVYLVWRVLJXHQSUiFWLFDPHQWHHOPLVPRVHQWLGRTXHHOHPSOHDGRHQ
OD 5HIRUPD0RGHUQL]DFLyQ GH ODV DGPLQLVWUDFLRQHV FHQWUDOHV \ HQ ORV SURFHVRV
GHUHIRUPDGHO(VWDGRTXHVHKDQYHQLGRSURGXFLHQGRHQ(XURSD
5HIRUPDV\0RGHUQL]DFLRQHVHQODV$GPLQLVWUDFLRQHV/RFDOHV
/DV5HIRUPDV\0RGHUQL]DFLRQHVTXHVHKDQOOHYDGRDFDERHQODV$GPL
QLVWUDFLRQHV /RFDOHV KDQ VLGR VLJQLILFDWLYDV \ PHUHFHGRUDV GH FRQVLGHUDFLyQ
DSDUWHGHELGRDTXHHQPXFKDVDFFLRQHVGHFDPELRVHKDQDQWLFLSDGRDODV$G
PLQLVWUDFLRQHV$XWRQyPLFDVHLQFOXVRDOD*HQHUDOGHO(VWDGR/DSUHVLyQDOD
TXHVHKDVRPHWLGR DORVJRELHUQRVORFDOHVXQLGR DODHVFDVH]GHUHFXUVRV\OD
QHFHVLGDG GH EXVFDU IyUPXODV DOWHUQDWLYDV GH JHVWLyQ PiV HILFLHQWHV \ HILFDFHV
OOHYy D ORV PXQLFLSLRV PiV JUDQGHV JHQHUDOPHQWH PD\RUHV GH KDEL
WDQWHV \ D OD )HGHUDFLyQ (VSDxROD GH 0XQLFLSLRV \ 3URYLQFLDV )(03 D
LPSXOVDU HTXLSRV GH WUDEDMR PL[WRV GH PHMRUD RUJDQL]DWLYD D ORV TXH OXHJR VH
XQLUtDQWpFQLFRVGHO0LQLVWHULRGH$GPLQLVWUDFLRQHV3~EOLFDVHLQFOXVRGH&RQ
VHMHUtDVGHYDULDV&RPXQLGDGHV$XWyQRPDV(OUHVXOWDGRIXHXQQXHYRLPSXOVR
PRGHUQL]DGRUTXHHVWRV*RELHUQRVORFDOHVDFHSWDURQGHVDUUROODQGRXQQ~PHUR
LPSRUWDQWHGHPHMRUDV\DGDSWDQGRODVWpFQLFDV\ORVPRGHORVGHJHVWLyQSULYD
GDDVXVUHDOLGDGHVS~EOLFDV
&RPRHMHPSORVPiVVLJQLILFDWLYRVGHPHMRUDGHORVVHUYLFLRVORFDOHVGHVWD
FDQYDULRV$\XQWDPLHQWRV\'LSXWDFLRQHV
'LSXWDFLyQGH%DUFHORQD6HKDQLPSXOVDGRSURJUDPDVGHPHMRUDGH
ODJHVWLyQS~EOLFDEDVDGRVHQVLVWHPDVGHJHVWLyQGHFDOLGDGSODQLILFD
FLyQ HVWUDWpJLFD \ DSURYHFKDPLHQWR GH ODV VLQHUJLDV GH ORV GLIHUHQWHV
$\XQWDPLHQWRVTXHIRUPDQVXSURYLQFLD
'LSXWDFLyQGH%DGDMR]$SOLFDQGRSULQFLSLRVGHSODQLILFDFLyQHVWUDWp
JLFDORFDOKDGHVDUUROODGRXQDVHULHGHOtQHDVGHDFFLyQGHGLDJQyVWLFRH
LPSODQWDFLyQGHSURJUDPDVGHPHMRUDRUJDQL]DWLYD
$\XQWDPLHQWRGH%DUFHORQD+DVLGRXQDGHODVSLRQHUDVHQHOGHVD
UUROORGHVLVWHPDVGH JHVWLyQLQWHUQD HQODRUJDQL]DFLyQPXQLFLSDOFR
PHQ]DQGR ORV GLDJQyVWLFRV RUJDQL]DWLYRV D ILQDOHV GH ORV DxRV
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
HQODFDWHJRUtDGH,QVWLWXFLRQHVSRUHO'HVDUUROORGHXQ6LVWHPDGH&DOL
GDGGHOD3ROLFtD0XQLFLSDOGRQGHVHKDLPSODQWDGRXQVLVWHPDGHJHV
WLyQGHFDOLGDGVHJ~QOD1RUPD81((1,62
&RPRSRGHPRVREVHUYDUWRGDVHVWDV$GPLQLVWUDFLRQHV/RFDOHVKDQGHVD
UUROODGR HQ SDUDOHOR XQ JUDQ HVIXHU]R SRU DGDSWDU VX JHVWLyQ D LQWHUQHW HODER
UDQGRSiJLQDVZHEGHVGHGRQGHQRVyORVHUHFLEHLQIRUPDFLyQVLQRTXHWDPELpQ
VH SXHGHQ UHDOL]DU WUiPLWHV DGPLQLVWUDWLYVR H LQFOXVR SDUWLFLSDU HQ OD SROtWLFD
ORFDO OR TXH DFWXDOPHQWH VH GHQRPLQD FRPR GHPRFUDFLD HOHFWUyQLFD R H
JRYHUQPHQW HQ HVWH DSDUWDGR GHVWDFD SRU HQFLPD GHO UHVWR HO $\XQWDPLHQWR
GH7HUUDVVDFRQXQDZHEGHVGHODTXHVHSXHGHQUHDOL]DUPiVGHWUiPLWHV
VLQQHFHVLGDGGHGHVSOD]DUVHDO$\XQWDPLHQWR
&RQFOXVLRQHV5HWRVHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSR
UiQHDV
(ODSDUWDGRILQDOORKHPRVHVWUXFWXUDGRVLJXLHQGRODGLYLVLyQGHREMHWLYRV
VREUHORVTXHVHHVWDEOHFHODDFWXDFLyQS~EOLFDSRUXQODGRODVQHFHVLGDGHVLQ
WHUQDVJHVWLyQGHODFDMDQHJUDGHODV$GPLQLVWUDFLRQHV3~EOLFDVDFWXDOHV\
SRURWURODVDWLVIDFFLyQGHODVQHFHVLGDGHVH[WHUQDVGHHVDVPLVPDVRUJDQL]DFLR
QHVVDWLVIDFFLyQGHORVFLXGDGDQRVXVXDULRVFOLHQWHVDGPLQLVWUDGRV3HQVDPRV
TXH OD FODYH D OD VROXFLyQ GH ORV SUREOHPDV S~EOLFRV LQFOXVR ORV S~EOLFRV
VHPLS~EOLFRVSULYDGRV HVWi HQ OD DUWLFXODFLyQ \ DUPRQL]DFLyQ GH HVDV PHMRUDV
LQWHUQDV\ODVH[WHUQDVWDQGLItFLOHVGHFRQVHJXLUHQODSUiFWLFDFRWLGLDQDGHODV
RUJDQL]DFLRQHVDGPLQLVWUDWLYDV
3DUD WHUPLQDU H[SRQHPRV ODV TXH FUHHPRV VRQ ODV SULQFLSDOHV SURSXHVWDV
TXHVHLQWHQWDQSRQHUHQPDUFKDHQODDFWXDOLGDGSDUDFRQVHJXLUXQD$GPLQLV
WUDFLyQ3~EOLFDPiVSUy[LPDDOFLXGDGDQRUD]yQSULQFLSDOGHVHUGHODVRUJDQL
]DFLRQHVS~EOLFDVGHQXHVWURVGtDV(QWUHODVPiVGHVWDFDGDVWHQHPRV
$VSHFWRVWpFQLFRV
$VXQFLyQ GHO SODQWHDPLHQWR HVWUDWpJLFR HQ HO iPELWR S~EOLFR DQiOLVLV
GHOHQWRUQRFRQHOILQGHDGDSWDUVHDOFDPELR'HQWURGHHVWHSODQWHD
PLHQWR HVWUDWpJLFR FDEHQ YDULDV GH ODV WpFQLFDV GHO PDQDJHPHQW \D
DQXQFLDGDVHQDOJXQRVSURFHVRVGHUHIRUPDHQWUHHOODVWRGRORTXHYD
GHVGH OD GLUHFFLyQ SRU REMHWLYRV KDVWD OD SODQLILFDFLyQ HVWUDWpJLFD TXH
YHUHPRVHQHOVLJXLHQWHDSDUWDGR
$VSHFWRVFXOWXUDOHV
6LJXLHQGR D 1DOGD \ &DUULOOR OD PRGHUQL]DFLyQ GH OD $GPLQLV
WUDFLyQ 3~EOLFD HVSDxROD *HQHUDO GHO (VWDGR FRPSUHQGHUtD WDQWR HO
(QULTXH-RVp9DUHODOYDUH]
FDPELR HQ ORV LQVWUXPHQWRV GH JHVWLyQ GH ODV RUJDQL]DFLRQHV S~EOLFDV
YLVWRHQHODSDUWDGRDQWHULRUGHORVDVSHFWRVWpFQLFRVFRPRHOFDPELR
HQODFXOWXUDGHGLFKDVRUJDQL]DFLRQHVLQWURGXFLHQGRHQHOODVYDORUHVGH
JHVWLyQ\GHUHVSRQVDELOLGDG(OREMHWLYRVHUtDORJUDUODLPSOLFDFLyQGHO
SHUVRQDO GH WRGRV ORV QLYHOHV GH OD RUJDQL]DFLyQ GHVGH ORV 'LUHFWRUHV
*HQHUDOHVKDVWDORV-HIHVGH1HJRFLDGR\ORVSXHVWRVEDVHHQODFRQVH
FXFLyQGHORVREMHWLYRVJHQHUDOHV\HVSHFtILFRVGHODRUJDQL]DFLyQS~
EOLFD FRQ HO ILQ GH FRQVHJXLU XQ QXHYR PRGHOR GH $GPLQLVWUDFLyQ
3~EOLFD
+HPRVLQWHQWDGRGHVFULELUXQSDQRUDPDGHFDPELRVDGPLQLVWUDWLYRVGRQ
GHQRSUHGRPLQDUDVyORHODQiOLVLVWpFQLFRODLQIRUPiWLFD\ODKHJHPRQtDGHORV
VLVWHPDV \ WHFQRORJtDV GH OD LQIRUPDFLyQ \D TXH DXQTXH HVWH HV XQ HOHPHQWR
REYLDPHQWH LPSRUWDQWH QR HV HO ~QLFR D OD KRUD GH UHDOL]DU XQD 5HIRUPD
0RGHUQL]DFLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDVFRQWHPSRUiQHDV3RUHOORKH
PRVDQDOL]DGRXQVHJXQGRDVSHFWRGHODV5HIRUPDV0RGHUQL]DFLRQHVTXHWHQ
GUtD TXH YHU FRQ YDORUHV LQWHUQRV SDUWLFLSDFLyQ H LPSOLFDFLyQ GHO HPSOHDGR
S~EOLFR H[WHUQRV LQWHUpV JHQHUDO \ DSUR[LPDFLyQ DO FLXGDGDQR \ FRQ HO HOH
PHQWRFXOWXUDOFODYHHQHOGHVDUUROORGHODVRUJDQL]DFLRQHV\GHLJXDOLPSRUWDQ
FLD TXH HO DQWHULRU 'H DKt TXH GHVDUUROOHPRV D FRQWLQXDFLyQ HVWH HQIRTXH GH
DQiOLVLVVRFLRWpFQLFRFRQHOILQGHQRSHUGHUGHYLVWDORVUHIHUHQWHVGHFDPELR
RUJDQL]DWLYRPiVLQPHGLDWRVPiTXLQDV\SHUVRQDV\GHORJUDUDVtODLQWHJUDFLyQ
HQXQDQXHYD\HQHVWHFDVR\DUHDO$GPLQLVWUDFLyQ3~EOLFDSRVWEXURFUiWLFD
/D*HVWLyQ3~EOLFD'HOD*HVWLyQ%XURFUiWLFDDOD1XHYD*HV
WLyQ3~EOLFD3RVWEXURFUiWLFD
,QWURGXFFLyQDORV&RQFHSWRVGHOD*HVWLyQ3~EOLFD
&RPRGHVWDFD 2OtDVGH/LPD;, (O FDPSR GH OD JHVWLyQ S~EOLFD KD
VXIULGRHQORV~OWLPRVDxRVGHVDUUROORVTXHELHQSXGLHUDQFDOLILFDUVHGHVRUSUHQGHQWHV
/DPLVPDLGHDGHJHVWLyQTXHKR\XWLOL]DPRVVLQPD\RUHVSUHFLVLRQHVRVREUHVDOWRVHV
HQVtPLVPDDMHQDDORTXHKDFHHVFDVRVOXVWURVVHFRQVLGHUDEDHOOHQJXDMHRUGLQDULR
SDUDUHIHULUVHDODPDQHUDHQTXHODV$GPLQLVWUDFLRQHVS~EOLFDVFRQVHJXtDQVXVREMHWL
YRV(OKHFKRHVTXHGHVGHODWUDGLFLRQDOJHVWLyQEXURFUiWLFDPiVELHQDGPL
QLVWUDFLyQGHUHFXUVRVKXPDQRVGHSUR\HFWRVSROtWLFDVSURJUDPDVVHUYLFLRV\
DFWLYLGDGHVHQJHQHUDOSUHVXSXHVWRKDVWDODDFWXDOQXHYDJHVWLyQS~EOLFDR
QHZSXEOLFPDQDJHPHQW130HQWpUPLQRVGHVXVLQYHQWRUHVDQJORVDMRQHV
VHKDQHPSOHDGRQXPHURVRVUHFXUVRVSHUVRQDV\HVIXHU]RVHQDGDSWDUORTXHVLQ
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QULTXH-RVp9DUHODOYDUH]
UHFLHQWHPHQWHDODSUHYHQFLyQGHORVULHVJRVODERUDOHVLQFRUSRUiQGRVHDODQXH
YDOHJLVODFLyQVREUHVHJXULGDG\VDOXG/H\GHSUHYHQFLyQGHULHVJRVODER
UDOHV
3RUHOORDFRQWLQXDFLyQSDVDPRVDGHVFULELUEUHYHPHQWHDOJXQDVGHHVWDV
WpFQLFDVTXHLPSOLFDQSHTXHxDV\JUDQGHVDSUR[LPDFLRQHVDODJHVWLyQS~EOLFD
WDQWRGHVGHXQHQIRTXHUHLQJHQLHULOFRPRGHVGHXQHQIRTXHKXPDQLVWDGHODRU
JDQL]DFLyQ'HQWURGHDPERVHQIRTXHVLQFRUSRUDPRVWDQWRWpFQLFDVGHJHVWLyQ
GH GLUHFFLyQ FRPR HVSHFtILFDV SHQVDPLHQWR \ SODQLILFDFLyQ HVWUDWpJLFD JHV
WLyQGHODVSHUVRQDV\PDUNHWLQJTXHHVWiQVLHQGRXWLOL]DGDVFRQSURIXVLyQHQ
WRGDV ODV $GPLQLVWUDFLRQHV 3~EOLFDV DGHPiV GH LQFOXLU RWUD WpFQLFD FRPR OD
pWLFDRULHQWDGDDODFRQVHFXFLyQGHXQFDPELRPiVJOREDOTXHWLHQHTXHYHUFRQ
ODFXOWXUD\ORVYDORUHVGHODVRUJDQL]DFLRQHVS~EOLFDV\TXHVHKDPRVWUDGRFR
PRFRPSOHPHQWRLQGLVSHQVDEOHSDUDFRQVHJXLUXQDDXWpQWLFDWUDQVIRUPDFLyQGH
ORS~EOLFR\SDUDORS~EOLFR$HOODVVHLQFRUSRUDQORVPHQFLRQDGRVPRGHORV
GHJHVWLyQPHGLRDPELHQWDO\GHSUHYHQFLyQGHULHVJRVODERUDOHVDVtFRPRXQD
EUHYH GHVFULSFLyQ GHO LPSDFWR GH ODV 1XHYDV 7HFQRORJtDV GH OD ,QIRUPDFLyQ \
ODV&RPXQLFDFLRQHVHQODV$GPLQLVWUDFLRQHV3~EOLFDV
(O3HQVDPLHQWR(VWUDWpJLFR
0RRUH GHVDUUROOD WRGDXQD WHRUtDVREUHODFUHDFLyQGHYDORU \ OD
JHUHQFLDHVWUDWpJLFDHQHOVHFWRUS~EOLFRTXHVLUYHGHEDVHSDUD PXFKRVGHORV
SODQWHDPLHQWRV HVWUDWpJLFRV DFWXDOHV SHUR VREUHWRGR FRQVWDWD OD QHFHVLGDG GH
DQDOL]DU HO HQWRUQR HQ HO FXDO HVWiQ LQFOXLGDV ODV $GPLQLVWUDFLRQHV 3~EOLFDV \
VXVGLUHFWLYRVGHIRUPDTXHDxDGDQDVXVDQiOLVLVFRWLGLDQRVODVFRQVLGHUDFLRQHV
SROtWLFDVHFRQyPLFDV\VRFLDOHVTXHDIHFWDQDOFXUVRQRUPDOGHVXJHVWLyQ$QWH
ODQHFHVLGDGGHDSOLFDUQXHYRVHQIRTXHVDODJHVWLyQS~EOLFD%D]DJD
SURSRQH HOSHQVDPLHQWR HVWUDWpJLFRFRPR HVWDGLRSUHYLR\VXSHULRU D OD
JHVWLyQHVWUDWpJLFD(OWpUPLQRSHQVDPLHQWRFRPRVHxDODODDXWRUDVHUHILHUHD
ODQHFHVLGDGGHDEULUSURFHVRVGHUHIOH[LyQVREUHODQDWXUDOH]DGHODVDFFLRQHV\GH
LQFOXLUHQODDJHQGDGHODVPLVPDVODVRULHQWDFLRQHVDODUJRSOD]RSRURWURODGRHO
WpUPLQR HVWUDWpJLFR WLHQH TXH YHU FRQ OD UHODFLyQ FRQ HO HQWRUQR (O SODQWHD
PLHQWRHVWUDWpJLFRVXSRQHXQDPDQHUDGHLQWHJUDUODILORVRItDXRULHQWDFLyQGHODV
DFWXDFLRQHVFRQORVPpWRGRVTXHVHSXHGHQHPSOHDUSDUDOOHYDUODVDFDER(VWDVHUtD
XQDSULPHUDDSOLFDFLyQGHODVWpFQLFDVGHGLUHFFLyQJHQHUDODODJHVWLyQS~EOLFD
GHQWURGHHVWHHQIRTXHVHLQWURGXFHQXQDVHULHGHPpWRGRVPiVRSHUDWLYRVTXH
HQHOPRPHQWRGHWUDWDUODJHVWLyQS~EOLFDLQFOX\HQWDPELpQDSUR[LPDFLRQHVD
ORVYDORUHVGHGLFKDVRUJDQL]DFLRQHVHQWUHHOODVSODQLILFDFLyQ\JHVWLyQHVWUDWp
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
JLFDJHVWLyQGHODVSHUVRQDVPDUNHWLQJS~EOLFD\pWLFDS~EOLFDTXHGHVFULELPRV
DFRQWLQXDFLyQ
/D3ODQLILFDFLyQ(VWUDWpJLFD
&RQWLQXDQGR FRQ HO SODQWHDPLHQWR DQWHULRU OD SODQLILFDFLyQ HVWUDWpJLFD
VXSRQHKDFHURSHUDWLYRHOSHQVDPLHQWRHVWUDWpJLFRDWUDYpVGHXQDKHUUDPLHQWD
TXH FRPR VHxDOD %D]DJD SHUPLWH D ODV RUJDQL]DFLRQHV DOFDQ]DU OD
YLVLyQGHp[LWRJUDFLDVDODDSOLFDFLyQGHXQPpWRGRVLVWHPiWLFRGHGHILQLFLyQGHDFFLR
QHVPpWRGRTXHDVXYH]DX[LOLDHQODJHQHUDFLyQGHXQFRQVHQVRVREUHODSDUWLFLSD
FLyQHOFRPSURPLVR\ODSULRUL]DFLyQGHODVPLVPDVHQHOSURFHVRGHJHVWLyQHVWUDWpJLFD
%XUNKDUW\5HXVV
9DULRV KDQ VLGR ORV HMHPSORV GH LPSOHPHQWDFLyQ GH HVWD WpFQLFD IXQGD
PHQWDOPHQWHHQHOiPELWRORFDO\FRQLJXDOQ~PHURGHOXFHVTXHVRPEUDVVLQ
HPEDUJRVXLQLFLRFRPRWpFQLFDKDELWXDOGHWUDWDUORVSUREOHPDVVtKDVXSXHVWR
XQSXQWRGHLQIOH[LyQHQODFRQFHSFLyQ\HQIRTXHGHGHWHUPLQDGDVFXHVWLRQHV
GHtQGROHVXEQDFLRQDODXWRQyPLFRORFDOSURIXQGL]DQGRHQOD$GPLQLVWUDFLyQ
UHVSRQVDEOH\RULHQWDGDDOHQWRUQR\DODVGHPDQGDVGHORVFLXGDGDQRV
(O0DUNHWLQJ3~EOLFR
(O PDUNHWLQJ HV RWUD GH ODV WpFQLFDV RSHUDWLYDV GH JHVWLyQ TXH VH KDQ
DGDSWDGRGHIRUPDSDXODWLQDHQORV~OWLPRVGLH]DxRVDODUHDOLGDGFDPELDQWHGH
ODV$GPLQLVWUDFLRQHV3~EOLFDV3DUD&DUULOOR\7DPD\RHOPDU
NHWLQJ S~EOLFR VXSRQH OD FRQVROLGDFLyQ GHO FRQFHSWR GH FOLHQWH GDGR TXH ODV
$GPLQLVWUDFLRQHV 3~EOLFDV HVSHFLDOPHQWH ODV VXEQDFLRQDOHV WLHQHQ FDGD YH]
PiVQHFHVLGDGGHVLWXDUVHDQWHODVGHPDQGDVGHORVFLXGDGDQRV
3HURHOPDUNHWLQJS~EOLFRQRVyORVXSRQHXQDWpFQLFDRSHUDWLYDGHJHVWLyQ
GH OD RUJDQL]DFLyQ VLQR WDPELpQ XQ FDPELR HQ OD FRQFHSFLyQ GHO SDSHO GH OD
$GPLQLVWUDFLyQ \ XQD DSUR[LPDFLyQ D ORV YDORUHV SURSLRV GH OR S~EOLFR DFHU
FiQGRVHDODpWLFDS~EOLFDDWUDYpVGHOFRQFHSWRGHDGPLQLVWUDFLyQUHVSRQVDEOH
8QDGHILQLFLyQGHPDUNHWLQJS~EOLFRODRIUHFH&KLDVFXDQ
GRVHxDODTXHHV/DFLHQFLDGHORVSURFHVRVGHLQWHUFDPELRVS~EOLFRVFRQXQRE
MHWLYR FODUR D FRQVHJXLU SRU SDUWH GH ODV RUJDQL]DFLRQHV S~EOLFDV (O ORJUR
VLPXOWiQHRGHORVREMHWLYRVGH8WLOLGDG&ROHFWLYD8WLOLGDG)LQDOLVWD\5HVXOWDGR$G
PLQLVWUDWLYRHVWDEOHFLGRVDSDUWLUGHORV5HFXUVRV'LVSRQLEOHV3RUVXSDUWHHOPDU
NHWLQJS~EOLFRUHTXLHUHGHXQDJHVWLyQHVSHFtILFDGHQRPLQDGDFRPR(OSURFHVR
GHSODQLILFDU\HMHFXWDUODSROtWLFDJXEHUQDPHQWDOSDUDFUHDULQWHUFDPELRVS~EOLFRVTXH
VDWLVIDJDQWDQWRORVREMHWLYRVVRFLDOHVFRPRORVGHO(VWDGR&KLDV
(QULTXH-RVp9DUHODOYDUH]
/D*HVWLyQGH3HUVRQDV
/DWUDGLFLRQDO JHVWLyQGH UHFXUVRV KXPDQRV HQ iPELWRV RUJDQL]DWLYRV SUL
YDGRV \ OD GH DGPLQLVWUDFLyQ GH SHUVRQDO HQ iPELWRV S~EOLFR WUDGLFLRQDOHV R
EXURFUiWLFRVKDFHTXHGHEDPRVSODQWHDUODJHVWLyQGHSHUVRQDVGHVGHXQHQIR
TXH DFWXDO \ HQ HQWRUQRV SRVWEXURFUiWLFRV FRPR VHxDOiEDPRV HQ OD LQWURGXF
FLyQ
6LODVVRFLHGDGHVGHVDUUROODGDVFDPELDQ\VHWUDQVIRUPDQODV$GPLQLVWUD
FLRQHVWDPELpQGHEHQKDFHUOR\SRUHQGHODVSHUVRQDVTXHWUDEDMDQHQDTXHOODV
RUJDQL]DFLRQHVGHDKtORVLQWHQWRVSRUFDPELDUUHIRUPDURPRGHUQL]DUODV$G
PLQLVWUDFLRQHV 3~EOLFDV 6LQ HPEDUJR \ DXQTXH HO SODQWHDPLHQWR JOREDO KD\D
VLGRDSULRULELHQLQWHQFLRQDGRHOFDPELRSURIXQGRHQODVRUJDQL]DFLRQHVS~EOL
FDV HVWR HV HO FDPELR FXOWXUDO VH KD UHDOL]DGR GH XQ PRGR GHILFLHQWH \ VLQ
FRQWDUHQODPD\RUSDUWHGHODVH[SHULHQFLDVPRGHUQL]DGRUDVFRQODVSHUVRQDV
GHGLFKDVRUJDQL]DFLRQHV3RUHOOR2OPHGDGHVWDFDODQHFHVLGDGGH
LQWURGXFLUDODVSHUVRQDVFRPRHOHPHQWRHVWUDWpJLFRFODYHHQODVRUJDQL]DFLRQHV
KDVWDHOSXQWRGHOOHJDUDFRQVLGHUDUODVFDSLWDOFDSLWDOKXPDQRTXHODVRUJDQL
]DFLRQHVS~EOLFDVWLHQHQDVXGLVSRVLFLyQ\HQFRQVHFXHQFLDDOVHUYLFLRGHORV
FLXGDGDQRV
(OHQIRTXHGHJHVWLyQGHSHUVRQDVLQWHQWDVLWXDUHOFHQWURGHHVWDVWUDQV
IRUPDFLRQHVHQORVUHFXUVRVKXPDQRVGHODVRUJDQL]DFLRQHVS~EOLFDVGRWiQGROHV
GH UHVSRQVDELOLGDG \ SURIXQGL]DQGR HQ ORV YDORUHV S~EOLFRV GH OD DFWLYLGDG DG
PLQLVWUDWLYD9LOORULDVHxDODTXHODJHVWLyQGHODVSHUVRQDVGHEHLQFOXLU
QHFHVDULDPHQWHHOSODQWHDPLHQWRLQLFLDOGH WpFQLFDV GH GLUHFFLyQ JHQHUDO SOD
QLILFDFLyQHVWUDWpJLFD\WpFQLFDVHVSHFtILFDVHQWUHODVTXHVHSXHGHHQFRQWUDUOD
GLUHFFLyQGHUHFXUVRVKXPDQRVSHURVLHPSUHFRQHOUHIHUHQWHGHORS~EOLFROR
TXHLPSOLFDFRQVWUXLUXQVLVWHPDGHJHVWLyQGHUHFXUVRVKXPDQRVFRKHUHQWHHLQWHJUD
GRHOFXDODSXHVWHSRUODVSROtWLFDV\SURJUDPDVGHSDUWLFLSDFLyQGHVDUUROOR\IRUPD
FLyQSHUPDQHQFLDHQHOHPSOHRGHQWURGHORSRVLEOHSURIHVLRQDOL]DFLyQ\QHXWUDOLGDG
SDUWLGLVWDFRPSDWLELOL]DFLyQGHORVLQWHUHVHVSHUVRQDOHV\ORVGHODRUJDQL]DFLyQSRWHQ
FLDFLyQGHODFRPXQLFDFLyQ\HOGLiORJR\ILQDOPHQWHUHFXSHUDFLyQGHODPRWLYDFLyQ
LQWUtQVHFDGHOVHUYLFLRS~EOLFRDWUDYpVGHODPHMRUDGHODPRUDO\HOFOLPDLQWHUQR\OD
LPDJHQVRFLDOGHODDGPLQLVWUDFLyQ\VXVHPSOHDGRV
/DeWLFD3~EOLFD
6HJ~QORYLVWRDQWHULRUPHQWHODpWLFDVHUtDHOFRPSOHPHQWRSHUIHFWRDHVWH
SODQWHDPLHQWRGHOPL[GHWpFQLFDVGHJHVWLyQGHGLUHFFLyQ\RSHUDWLYDVGHV
GHXQHQIRTXHUHLQJHQLHULO\GHWpFQLFDVILORVRItDVGH DFWXDFLyQGHVGHXQHQIR
TXH KXPDQLVWD HQ HO iPELWR S~EOLFR SRUTXH HV QHFHVDULR DGRSWDU XQ QXHYR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
WUDWDPLHQWRGHORVSUREOHPDVS~EOLFRVGHVGHODUHDOLGDGGHORS~EOLFRFRPR\D
KHPRV YHQLGR VHxDODQGR 8QD DSUR[LPDFLyQ GHVGH OD FXOWXUD ORV YDORUHV OD
PRUDO\OD pWLFDGH ORS~EOLFRFRQHOILQGH FRQVHJXLU OR TXH 9LOORULD \
GHVFULEH FRPR DGPLQLVWUDFLyQ UHFHSWLYD R DGPLQLVWUDFLyQ UHVSRQVDEOH
6LQ HPEDUJR HVWD DSUR[LPDFLyQ HV FRPSOHMD GDGR TXH (O SUREOHPD FRQ HO TXH
DKRUDVHHQIUHQWD OD DGPLQLVWUDFLyQFRQVLVWHHQODDFXPXODFLyQGH YDORUHV D ORV TXH
VHUYLU HVWD DFXPXODFLyQ KLVWyULFD LPSOLFD TXH OD DGPLQLVWUDFLyQ KR\ GHEH UHQGLU
FXHQWDVDODVLQVWLWXFLRQHVGHODGHPRFUDFLDGHEHVHUHILFD]\HILFLHQWH\ODVWEXWQRW
OHDVWGHEHUHVSRQGHUSROtWLFDPHQWHDORVGLYHUVRVDFWRUHVLPSOLFDGRVHQXQHQWRUQRGH
VXMHWRV LJXDOHV FRQ LQWHUHVHV FRQWUDGLFWRULRV \ DSWRV SDUD HO GLiORJR (YLGHQWHPHQWH
DXQTXHGLFKRVYDORUHVSXHGHQFRH[LVWLUDQLYHOPRGHUDGRODUHVSXHVWDH[FHVLYDDFXDO
TXLHUDGHHOORVJHQHUDUiFUtWLFDVSRUSDUWHGHORVGHIHQVRUHVGHFXDOTXLHUDGHORVRWURV
SXHVODPD[LPL]DFLyQGHXQRVHKDFHVLHPSUHDH[SHQVDVGHORVRWURVWUHV5RVHQEOR
RPPi[LPHFXDQGRH[LVWHQVLHPSUHUHGHVGHLQWHUHVDGRVHQXQDRSFLyQLVVXH
QHWZRUNV+HFORSDUDJHQHUDUODFUtWLFDFRUUHVSRQGLHQWH(VWDSRVLEOHYtDGH
GHVOHJLWLPDFLyQFRQVWDQWHGHEHVHUFHUUDGDGHVGHODDUWLFXODFLyQFRKHUHQWHHLQWHJUDGD
GHORVGLYHUVRVYDORUHVLPSOLFDGRVDXQFXDQGRDQDGLHVHOHRFXOWHTXHODVGLILFXOWDGHV
SDUDHOORQRGHMDQGHVHUWUHPHQGDV
3DUDFRQVHJXLULQWHJUDUHVWRVYDORUHVVXUJHODpWLFDFRQHOREMHWRGHHVWX
GLDU ORV SULQFLSLRV GH OD FRQGXFWD KXPDQD TXH JXtDQ \ FRQWURODQ QXHVWUDV DF
FLRQHV 3DUD ,]TXLHUGR HVWH REMHWR DSOLFDGR DO iPELWR S~EOLFR
VLJQLILFDUtD UHIOH[LRQDU VREUH ORV SULQFLSLRV GH OD UHVSRQVDELOLGDG VXEMHWLYD HQ OD
FRQGXFWDGHORVLQGLYLGXRVLQWHJUDGRVHQRUJDQL]DFLRQHVS~EOLFDV(QWUHORVREMHWL
YRVGHODpWLFDS~EOLFDFRPRWpFQLFDGHJHVWLyQS~EOLFDILJXUDUtDHODXPHQWDUOD
OHJLWLPLGDG GH OD DFWLYLGDG S~EOLFD GH OD UHVSRQVDELOLGDG GH ORV HPSOHDGRV \
VHUYLGRUHV S~EOLFRV UHGXFLU OD FRUUXSFLyQ \ HQ GHILQLWLYD EXVFDU GH IRUPD
SHUPDQHQWHHOLQWHUpVJHQHUDOODHTXLGDG\HOLQFUHPHQWRGHODFDOLGDGGHOVHU
YLFLRDORVFLXGDGDQRV
(Q ORV ~OWLPRV DxRV ORV HSLVRGLRV GH FRUUXSFLyQ S~EOLFD \ SULYDGD KDQ
PRWLYDGR HO HVWDEOHFLPLHQWR GH PDUFRV pWLFRV HVWDEOHV GH DFWXDFLyQ DOJXQRV
DXWRUHVKDQHVWDEOHFLGRXQDVHULHGHSULQFLSLRVPLHQWUDVTXHDOJXQDVRUJDQL]D
FLRQHV LQFOXVR SDUWLGRV SROtWLFRV KDQ GLVHxDGR VXV SURSLRV FyGLJRV pWLFRV R
GHRQWROyJLFRVFRPRYHUHPRVDFRQWLQXDFLyQ
3ULQFLSLRV GH pWLFD S~EOLFD (O DXWRU PiV VLJQLILFDWLYR HQ PDWHULD GH
pWLFD S~EOLFD \ SLRQHUR HQ VX LQYHVWLJDFLyQ HV HO 3URIHVRU 5RGUtJXH]
$UDQDTXHHQHVWDEOHFLyGLH]SULQFLSLRVSDUDODDFFLyQFRQHORE
MHWLYREiVLFRGHDWUDHUDOVHUYLFLRS~EOLFRDSHUVRQDVFRQYRFDFLyQSDUD
JHVWLRQDU OR S~EOLFR (QWUH ORV SULQFLSLRV ILJXUDQ 5RGUtJXH]$UDQD
(QULTXH-RVp9DUHODOYDUH]
LQJUHVR\FDUUHUDDGPLQLVWUDWLYDEDVDGRVULJXURVDPHQWHHQ
ORV SULQFLSLRV GH PpULWR \ FDSDFLGDG IRUPDFLyQ D IXQFLRQDULRV EDVDGD
HQYDORUHVGHVHUYLFLRS~EOLFRJHVWLyQGHORVUHFXUVRVKXPDQRVS~EOLFRV
FRQEDVH HQODHGXFDFLyQFXOWXUD DGPLQLVWUDWLYD EDVDGD HQ HO VHUYLFLR
S~EOLFR\HOLQWHUpVJHQHUDOOHDOWDGLQVWLWXFLRQDOHQWHQGLGDFRPRRUJX
OORSRUSHUWHQHFHUDOD$GPLQLVWUDFLyQIRUPDFLyQDORVIXQFLRQDULRVHQ
PDWHULDVGHpWLFDS~EOLFDE~VTXHGDGHIyUPXODVHILFDFHV\HILFLHQWHVGH
JHVWLyQ SRU SDUWH GH ORV IXQFLRQDULRV DFWXDFLyQ S~EOLFD EDVDGD HQ ORV
SULQFLSLRVGHQRGLVFULPLQDFLyQ\PpULWRIXQFLRQDULRILHODODLQIRUPD
FLyQ FRQILGHQFLDO \ UHVSHWXRVR FRQ ORV GDWRV GH FDUiFWHU SHUVRQDO IL
QDOPHQWH SURPRFLyQ SRU SDUWH GH ORV IXQFLRQDULRV GH ODV FRQGLFLRQHV
TXHIDFLOLWHQHOHMHUFLFLRGHORVGHUHFKRVFRQVWLWXFLRQDOHV
&yGLJRVGHRQWROyJLFRV%DVDGRVHQORVSULQFLSLRVGHRQWROyJLFRVJHQH
UDOHV HVWDEOHFLGRV SRU OD 2&'( HQ )HULD 5RPHUR
VH KDQ YHQLGR UHSURGXFLHQGR FRQ DGDSWDFLRQHV D ODV GLIHUHQWHV
UHDOLGDGHVSROtWLFRDGPLQLVWUDWLYDVVLHQGRUHOHYDQWHVODVH[SHULHQFLDVGH
0p[LFR *UDQ %UHWDxD 3RUWXJDO \ $UJHQWLQD
/D*HVWLyQGHO0HGLR$PELHQWH
/RVVLVWHPDVGH JHVWLyQ PHGLRDPELHQWDOVXSRQHQODLQFRUSRUDFLyQGHKH
UUDPLHQWDV GH FDOLGDG HQ OD JHVWLyQ GHO PHGLR DPELHQWH (Q OD DFWXDOLGDG ODV
$GPLQLVWUDFLRQHVPiVLPSOLFDGDVHQODSURPRFLyQGHHVWHWLSRGHKHUUDPLHQWDV
GHVGHHOSXQWRGHYLVWDGHODJHVWLyQLQWHUQDQRGHODSURPRFLyQGHODVPHGLGDV
GHPHMRUDGHODFDOLGDGDPELHQWDOVRQORV$\XQWDPLHQWRVDXQTXHODV&RPX
QLGDGHV $XWyQRPDV KDQ DGRSWDGR SRVLFLRQHV SURDFWLYDV D WUDYpV GHO SODQWHD
PLHQWR GH OD VRVWHQLELOLGDG TXH ODV KD VLWXDGR HQ HO HMH GH OD JHVWLyQ
PHGLRDPELHQWDOVXEQDFLRQDO
&RPRSRGHPRVREVHUYDUODQHFHVLGDGGHODLPSODQWDFLyQGH6*0$HQ
ODVRUJDQL]DFLRQHVS~EOLFDV\HQODV HPSUHVDV\RUJDQLVPRV DXWyQRPRVTXHGH
HOORVGHSHQGHQ$JXDV5HVLGXRV0DWDGHURV)HULDVGH*DQDGRUHVXOWDDFX
FLDQWHVLDHOORDxDGLPRVODSUHVLyQTXHORV$\XQWDPLHQWRVHQFODYDGRVHQ]RQDV
GHWXULVPRPDVLYRWLHQHQHQODVpSRFDVHVWLYDOHVWXULVPRVRVWHQLEOHRORV0X
QLFLSLRV GH FDUiFWHU LQGXVWULDO QRV VLWXDPRV DQWH XQ SDQRUDPD GH FUHFLHQWH
LQWHUpV SRU SDUWH GH ODV GLVWLQWDV $GPLQLVWUDFLRQHV 3~EOLFDV HQ SURPRFLRQDU
LQFHQWLYDU\D\XGDUDVXVSURSLDVRUJDQL]DFLRQHVDSRQHUHQPDUFKDVLVWHPDVGH
JHVWLyQPHGLRDPELHQWDO)UXWRGHHVWHLQWHUpVHVODSXHVWDHQPDUFKDGHLQLFLD
WLYDVFRPROD$JHQGD/RFDOODLPSODQWDFLyQGHVLVWHPDVGHJHVWLyQPHGLR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
DPELHQWDOGHFDOLGDG,62\81((;TXHYHUHPRVPiVDGH
ODQWH \ OD DSOLFDFLyQ GH KHUUDPLHQWDV HVSHFtILFDV GH JHVWLyQ GHO PHGLR DP
ELHQWHFRPROD(YDOXDFLyQGH,PSDFWR$PELHQWDO
/D*HVWLyQGHOD3UHYHQFLyQGH5LHVJRV/DERUDOHV
(Q OD PLVPD OtQHD TXH HO DQWHULRU VLVWHPD GH JHVWLyQ IUXWR GH OD DOWD VL
QLHVWUDOLGDG\GHODVSUHVLRQHVHXURSHDVSRUPHMRUDUODVFRQGLFLRQHVGHYLGD\OD
VDOXG HQ HO WUDEDMR VH KDQ GHVDUUROODGR VLVWHPDV GH JHVWLyQ GH SUHYHQFLyQ GH
ULHVJRVODERUDOHVTXHGHQVROXFLyQDHVWRVSUREOHPDVHQODV RUJDQL]DFLRQHVSUL
YDGDV\S~EOLFDVHVSDxRODV([LVWHQUD]RQHVSXUDPHQWHOHJDOHVSDUDTXHODV$G
PLQLVWUDFLRQHV 3~EOLFDV 0ROWy *DUFtD LQFRUSRUHQ OD SUHYHQFLyQ D VXV
VLVWHPDV GH JHVWLyQ \D TXH HQ OD DFWXDOLGDG HV SUHFLVR DGDSWDUVH D OD UHFLHQWH
OHJLVODFLyQ HQ SUHYHQFLyQ GH ULHVJRV ODERUDOHV /H\ GH SUHYHQFLyQ GH
ULHVJRVODERUDOHV3RURWURODGR\FRPRPRWRUSULQFLSDOGHODLQFRUSRUDFLyQGH
ODSUHYHQFLyQDODVRUJDQL]DFLRQHVS~EOLFDVHVWiODSUHVLyQGLUHFWDTXHVHHMHUFH
SRU SDUWH GH ORV RWURV FOLHQWHV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV VXV SURSLRV
UHFXUVRV KXPDQRV SDUD IRPHQWDU SUiFWLFDV GH VHJXULGDG \ VDOXG HQ HO iPELWR
S~EOLFR
/DV 1XHYDV 7HFQRORJtDV GH OD ,QIRUPDFLyQ \ ODV &RPXQLFDFLR
QHVHQODV$GPLQLVWUDFLRQHV3~EOLFDV
(O~OWLPRDSDUWDGRGHWpFQLFDVGHJHVWLyQS~EOLFDHVWiGHGLFDGRDODQiOLVLV
GHODV1XHYDV7HFQRORJtDVGHOD,QIRUPDFLyQ\ODV&RPXQLFDFLRQHV17,&\
VXDSOLFDFLyQGLUHFWDDODUHDOLGDGS~EOLFD(VHVWHXQWHPDDPSOLRTXHKDSUR
YRFDGRJUDQFRQWURYHUVLDSHURTXHVLQGXGDUHVXOWDFODYHKR\GtDSDUDSRGHU
HQWHQGHUOD$GPLQLVWUDFLyQ3~EOLFD\VXJHVWLyQDQWHODJUDQFDQWLGDGGHVHUYL
FLRVS~EOLFRVSUHVWDGRVHQQXHVWUR(VWDGRGHOELHQHVWDU/DLQQRYDFLyQHQPDWH
ULDGHQXHYDVWHFQRORJtDVHQOD$GPLQLVWUDFLyQ3~EOLFDKDOOHYDGRDHVWDEOHFHU
VLVWHPDVWHOHPiWLFRVGHSDUWLFLSDFLyQS~EOLFDTXHHQDOJXQRVFDVRVVXSRQHQOD
SDUWLFLSDFLyQ HQ WLHPSR UHDO \ D GLVWDQFLD GH ORV FLXGDGDQRV HQ ORV 3OHQRV GH
DOJXQRV $\XQWDPLHQWRV -XQ *UDQDGD RWUDV H[SHULHQFLDV WLHQHQ TXH YHU LQ
FOXVRFRQODHVHQFLDGHODGHPRFUDFLDUHSUHVHQWDWLYDFRQHOGHQRPLQDGRYRWR
HOHFWUyQLFRTXHHVWiVLHQGRH[SHULPHQWDGRFRQp[LWRSRUHPSUHVDV\OD$GPL
QLVWUDFLyQ*HQHUDOGHO(VWDGR\OD/RFDOORTXHHVWiFRQVROLGDQGRHOFRQFHSWR
GHHJRYHUQPHQWRGHPRFUDFLDHOHFWUyQLFD
9DULDVKDQVLGRODVLQLFLDWLYDVVLJQLILFDWLYDVWHFQROyJLFDVLQIRUPiWLFDV\GH
LQWHUQHW HQ ORV WUHV QLYHOHV WHUULWRULDOHV GH DFWXDFLyQ S~EOLFD DOJXQDV GH HOODV
HQPDUFDGDVHQHOSURJUDPD,1)2;;,TXHSURPRYLGRSRUOD$GPLQLVWUDFLyQ
(QULTXH-RVp9DUHODOYDUH]
*HQHUDO GHO (VWDGR \ DFWXDOPHQWH HQ IDVH GH DQiOLVLV GHELGR D VXV HVFDVRV UH
VXOWDGRVIXHRULHQWDGRDIRPHQWDUODLPSODQWDFLyQGHODV17,&HQODV$GPL
QLVWUDFLRQHV 3~EOLFDV HPSUHVDV \ OD VRFLHGDG FLYLO HQ JHQHUDO $ PRGR GH
HMHPSORGHVWDFRDOJXQDVGHHVWDVH[SHULHQFLDV
(Q HO FDVR GH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR HO PDUFR GH ODV
QXHYDV WHFQRORJtDV GH OD LQIRUPDFLyQ \ ODV FRPXQLFDFLRQHV VH FUHD D
SULQFLSLRVGHORVDxRVQRYHQWDFRQORVSURJUDPDV35,60$\$75,2
9LOORULDHYROXFLRQDQGRFRQJUDQUDSLGH]DORODUJRGH
ODSDVDGDGpFDGDHQH[LVWtDQXQLGDGHVLQIRUPiWLFDVLQVWD
ODGDVHQOD$GPLQLVWUDFLyQGHO(VWDGR\HQ\DHUDQORVJDVWRV
HQLQIRUPiWLFDKDQSDVDGRGHOGHOJDVWRS~EOLFRWRWDOHQDO
HQ\HOQ~PHURGHUHGHVKDSDVDGRGHHQDHQ
9LOORULDFLWDQGRHO,QIRUPH5(,1$&RQUHODFLyQDO
IHQyPHQRGHLQWHUQHWVREUHVDOHODH[SHULHQFLDGHOD$JHQFLD(VWDWDOGH
OD $GPLQLVWUDFLyQ 7ULEXWDULD ZZZDHDWHV \ OD FUHDFLyQ GHO SRUWDO
~QLFR GH LQWHUQHW ZZZDGPLQLVWUDFLRQHV TXH HVWi VLHQGR GHVDUUROODGR
FRQIXQFLRQDOLGDGHVGH SUHVWDFLyQGHVHUYLFLRVLQIRUPDFLyQ SDUWLFLSD
FLyQFLXGDGDQD
/DV &RPXQLGDGHV $XWyQRPDV KDQ VHJXLGR XQ FDPLQR VLPLODU DO GH OD
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRGRWiQGRVHGHPDWHULDOLQIRUPiWLFR
SURJUDPDV\UHGHVDORODUJRGHORVDxRVHVWROHVKDSHUPLWLGRGHVD
UUROODUVXVSURSLRVVLVWHPDVGHJHVWLyQLQWHUQDLQWUDQHWV\H[WHUQDLQ
WHUQHWFRQVLJXLHQGRODDJLOLGDGHQHOSURFHGLPLHQWRDGPLQLVWUDWLYRDVt
FRPRXQDPD\RU\PHMRUFRPXQLFDFLyQFRQHOFLXGDGDQR(VWHHVHOFD
VRGHO6LVWHPDGH*HVWLyQGH3URFHGLPLHQWR$GPLQLVWUDWLYR6*3$
TXHSXVRHQPDUFKDOD;XQWDGH*DOLFLDDWUDYpVGHVXSODQGHPRGHU
QL]DFLyQ R OD UHFLHQWH LQLFLDWLYD GH OD -XQWD GH ([WUHPDGXUD TXH HVWi
DGDSWDQGRWRGDVVXVUHGHVLQIRUPiWLFDVDOVLVWHPDRSHUDWLYR/LQX[DO
WHUQDWLYDDO:LQGRZVGH0LFURVRIW
/DV$GPLQLVWUDFLRQHV/RFDOHVKDQDGDSWDGR VX UHDOLGDG D ODV 17,&
GHIRUPDPiVOHQWDH[FHSWXDQGRORVHMHPSORVPRVWUDGRVDQWHULRUPHQWH
HQHODSDUWDGRFRQVLJXLHQGRJUDQGHVDYDQFHV HQODJHVWLyQGHOD
SDUWLFLSDFLyQFLXGDGDQDSHURQRDVtHQODJHVWLyQLQWHUQDGHVXVSURFH
VRV DFWLYLGDGHV \ VHUYLFLRV HVWDGLR HQ HO TXH VH HQFXHQWUDQ HQ OD DF
WXDOLGDG ([LVWH SRU HOOR XQ JUDQ GHVIDVH WHFQROyJLFR GH OD
$GPLQLVWUDFLyQ/RFDOFRQUHODFLyQDODVRWUDVGRV$GPLQLVWUDFLRQHV\
XQYDFtRGHHQRUPHVGLPHQVLRQHVHQODV$GPLQLVWUDFLRQHV/RFDOHVPH
QRUHVGHKDELWDQWHV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
/D*HVWLyQGHOD&DOLGDGHQODV$GPLQLVWUDFLRQHV3~EOLFDV(VWD
WDOHV$XWRQyPLFDV\/RFDOHV
&DOLGDGHQODV2UJDQL]DFLRQHV3ULYDGDV(YROXFLyQ\0RGHORV
'HVSXpVDQDOL]DUODVJUDQGHVWUDQVIRUPDFLRQHVTXHVHSURGXFHQHQHOPDU
FR GH ORV (VWDGRV GHO ELHQHVWDU GH QXHVWUR HQWRUQR \ HQ HO LQWHULRU GH QXHVWUR
SDtVSOXUDO\GHVFHQWUDOL]DGR\FRQSRVWHULRULGDGDODXELFDFLyQGHORVFRQFHSWRV
GHJHVWLyQS~EOLFDHQHOPDUFRGHODVRUJDQL]DFLRQHVS~EOLFDVHVSDxRODVFRQYLH
QHVLWXDUHOFRQFHSWRGHODFDOLGDG\ODVGLIHUHQWHVYDULDEOHVGHODVFXDOHVVHYDOH
SDUD FRQVHJXLU ORJUDU XQDV $GPLQLVWUDFLRQHV 3~EOLFDV GHVHDGDV SRU WRGRV ORV
SURIHVLRQDOHVGHODJHVWLyQ$GPLQLVWUDFLRQHVTXHIXQFLRQHQPHMRUTXHFXHVWHQ
PHQRV\TXHVHDQPiVUHVSRQVDEOHV\UHFHSWLYDVDODVGHPDQGDVFLXGDGDQDV
3DUDHOORYDPRVDDQDOL]DUODFDOLGDG\VXVPRGHORVGHJHVWLyQHQODVRUJD
QL]DFLRQHVS~EOLFDVHVSDxRODVMXVWLILFDQGRODQHFHVLGDGGHVXHQIRTXHSHURFRQ
FHSWXDOL]iQGROD HQ OD UHDOLGDG GH RUJDQL]DFLRQHV SUHVWDGRUDV GH VHUYLFLRV \
RULHQWDGDVDODE~VTXHGDGHOLQWHUpVJHQHUDOFRPRHVHOFDVRGHODV$GPLQLVWUD
FLRQHV3~EOLFDV
(QHOSUHVHQWHDSDUWDGRUHDOL]DUHPRVXQDEUHYHUHYLVLyQGHORVPRGHORVGH
JHVWLyQGHODFDOLGDGGHVGHVXVXUJLPLHQWR KDVWDOD DFWXDOLGDG HQODVRUJDQL]D
FLRQHV SULYDGDV D WUDYpV GHO DQiOLVLV FUtWLFR GH VX FDSDFLGDG GH FDPELR \ GH
PHMRUDFRQWLQXDFRPRPRGHORGHJHVWLyQSULYDGD\VXSRVLEOHDGDSWDFLyQ DOD
UHDOLGDGGHODJHVWLyQS~EOLFD
(YROXFLyQGHORV0RGHORVGH&DOLGDGHQODV2UJDQL]DFLRQHV3UL
YDGDV
3RUVLWXDUWHPSRUDOPHQWHODFDOLGDGHQODVRUJDQL]DFLRQHVSULYDGDV-XDQHV
\%ODQFRHVWDEOHFHQODVLJXLHQWHFURQRORJtD
'pFDGDGHORVDORV/DLQVSHFFLyQGHSURGXFWRV\HOFRQWUROGH
SURFHVRV
'pFDGDGHORV(OFRQWUROGHSURFHVRV\SURGXFWRVEDMRSDUiPHWURV
GHOFOLHQWH
'pFDGD GH ORV 5HLQJHQLHUtD GH SURFHVRV HQ ODV RUJDQL]DFLRQHV GH
SURGXFFLyQ
'pFDGDGHORV(ODVHJXUDPLHQWRGHODFDOLGDGHQODVRUJDQL]DFLRQHV
SULYDGDVGHSURGXFWRV
(QULTXH-RVp9DUHODOYDUH]
'pFDGD GH ORV 0RGHORV GH DVHJXUDPLHQWR \ JHVWLyQ GH OD FDOLGDG
WRWDOHQRUJDQL]DFLRQHVSULYDGDV\S~EOLFDVGHSURGXFWRV\GHVHUYLFLRV
6LJOR ;;, ,QLFLR GH OD H[FHOHQFLD HQ RUJDQL]DFLRQHV GH VHUYLFLRV \ OD
DGDSWDFLyQWRWDOHLQWHJUDGDGHORVPRGHORVSULYDGRVDORS~EOLFR
(QODVGpFDGDVTXHYDQGHDVHKDEODEDGHODFDOLGDGSDUDUHIH
ULUVHDODVHVSHFLILFDFLRQHVWpFQLFDVGHORVSURGXFWRVLQGXVWULDOHV\VXDSR\RHQ
WpFQLFDV GH FRQWURO HVWDGtVWLFR 63& &RQWURO (VWDGtVWLFR GH 3URFHVRV (O
UHIHUHQWHWHyULFRHUD7D\ORU\VX2UJDQL]DFLyQ&LHQWtILFDGHO7UDEDMR2&7
FHQWUDGRHQHOFRQFHSWRGHHILFDFLD\VLQFRQWDUFRQODRSLQLyQGHORVFOLHQWHV
(UDODpSRFDGRUDGDGHORV((88\VXGRPLQLRGHODHFRQRPtDPXQGLDOEDVDGD
HQHOGHVDUUROORGHOVHFWRUDUPDPHQWtVWLFR
0iVDGHODQWH'HPLQJ\-XUDQGRVGHORVPiVGHVWDFDGRVFLHQWtILFRVGHOD
FDOLGDGDSOLFDQDO-DSyQGHUURWDGRGHOD6HJXQGD*XHUUD0XQGLDOODUHFHWDGH
JHVWLyQ QRUWHDPHULFDQD TXH DUUDLJDUtD HQ HO SDtV QLSyQ FRQ PiV IXHU]D \ p[LWR
TXHHQHOSDtVGHRULJHQLQVWLWX\pQGRVHHOSULPHUSUHPLRGHODFDOLGDGHQ
EDMRHOQRPEUHGH3UHPLR'HPLQJ
(QODGpFDGDVLJXLHQWH\FRQODLUUXSFLyQGHOPRGHORGHFRQVXPRTXHKR\
FRQRFHPRV HQ ODV VRFLHGDGHV DYDQ]DGDV FRPLHQ]DQ D FXHVWLRQDUVH ODV WHRUtDV
WD\ORULVWDV SXUDV LQWURGXFLHQGR D ORV FOLHQWHV LQWHUQRV SHUVRQDO \ HTXLSRV GH
WUDEDMRGHODVRUJDQL]DFLRQHV\DORVFOLHQWHVH[WHUQRVFRPSUDGRUHVGHORVSUR
GXFWRV\VHUYLFLRVSURYHHGRUHV\VRFLHGDGHQJHQHUDOHQDOJXQDVGHODVGHFLVLR
QHV GH GLVHxR SURGXFFLyQ \ YHQWD GH ODV RUJDQL]DFLRQHV SULYDGDV (V HQ HVWH
PRPHQWR FXDQGR LUUXPSHQ FRQ WRGD VX IXHU]D HQ HO HVFHQDULR HFRQyPLFR ODV
RUJDQL]DFLRQHVGHVHUYLFLRVTXHFRPSOHPHQWDQDODVWUDGLFLRQDOHVGHSURGXFFLyQ
\TXHLQFRUSRUDQYDORUHVQXHYRVGHUHODFLyQFRQORVFOLHQWHVHVWHVHUiXQHOH
PHQWR FODYH SDUD OD DGDSWDFLyQ GH ORV PRGHORV GH JHVWLyQ GH OD FDOLGDG D ODV
$GPLQLVWUDFLRQHV3~EOLFDVFRPRYHUHPRVPiVDGHODQWH
/RVDxRVVXSRQHQODLQWURGXFFLyQGHOFRQFHSWRGHHIHFWLYLGDGDGHPiV
GH ORV WUDGLFLRQDOHV GH HILFDFLD \ HILFLHQFLD FHQWUDGR HQ ORV UHVXOWDGRV GH ODV
RUJDQL]DFLRQHV XWLOL]DQGR SDUD HOOR WpFQLFDV GH UHLQJHQLHUtD GH SURFHVRV SDUD
HYLWDUODSpUGLGDSURGXFLGDSRUORVSURFHVRVGHWUDEDMRUHLWHUDWLYRVTXHQRIXQ
FLRQDEDQDODSULPHUD\TXHLPSOLFDEDQGXSOLFDFLyQGHFRVWHV\SHUVRQDO1XH
YDPHQWH HO DQiOLVLV GH OD JHVWLyQ VH RULHQWD KDFLD HO LQWHULRU GH OD PLVPD
WUDEDMDQGRFRQORVHTXLSRVKXPDQRVFRQWpFQLFDVGHFtUFXORVGHFDOLGDG\GH
MDQGR IXHUD GH ORV SURFHVRV SURGXFWLYRV DO FOLHQWH (O DYDQFH HQ OD PHMRUD GH
JHVWLyQ VH FHQWUD HQ ORV UHFXUVRV KXPDQRV FRQ OD VXSHUDFLyQ GH ORV HQIRTXHV
WD\ORULVWDV\ODDSOLFDFLyQGHORVQXHYRVHQIRTXHVGHODUHKXPDQL]DFLyQSURYH
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
QLHQWHVGHLQYHVWLJDGRUHVFRPR(OWRQ0D\R\VXYLQFXODFLyQFRQODWHRUtDGHOD
PRWLYDFLyQGH0DVORZ\VXSLUiPLGHGHQHFHVLGDGHV
/D GpFDGD GH ORV HQFXPEUD D ORV FOLHQWHV FRPR UHIHUHQWH FODYH HQ OD
SURGXFFLyQGHSURGXFWRV\VHUYLFLRVGHODVRUJDQL]DFLRQHVSULYDGDVIUXWRGHOD
VREUHRIHUWD PXQGLDOL]DFLyQ GH OD HFRQRPtD FRQ EORTXHV GH SURGXFFLyQ HQ
FRPSHWHQFLD((88-DSyQ\&RPXQLGDG(FRQyPLFD(XURSHD\ HODXPHQWR
GH OD HGXFDFLyQ \ GH OD VRFLHGDG GH FRQVXPR &RPR VHxDODQ -XDQHV \ %ODQFR
(O FRQVXPLGRU QR SHUFLEH R ELHQ OR KDFH FRQ GLILFXOWDG ODV GLIHUHQFLDV
WpFQLFDVHQWUHSURGXFWRVFRPSHWLGRUHV&RPLHQ]DQODVJXHUUDVGHSUHFLRV\VHLQWHQWD
DWUDHUDOFRQVXPLGRUDEDVHGHRIUHFHUOHXQPHMRUVHUYLFLR)UXWRGHHVWHLQWHUpVSRU
HOFOLHQWHVHSRQHQHQPDUFKDORVPRGHORVGHJHVWLyQ\ORVSUHPLRVTXHUHFRQR
FHQS~EOLFDPHQWHODH[FHOHQFLDGHODVRUJDQL]DFLRQHV\VXRULHQWDFLyQDOVDFUR
VDQWR FOLHQWH WDQWR HQ (VWDGRV 8QLGRV FRPR HQ (XURSD FRPR YLPRV
DQWHULRUPHQWH\DH[LVWtDQHQ-DSyQGHVGH
/DHYROXFLyQFRQUHODFLyQDOFRQFHSWRGHFDOLGDGHVTXHHVWH\DQRHVDOJR
DxDGLGRDORVSURFHVRVSURGXFWRVRVHUYLFLRVVLQRTXHVHFRQYLHUWHHQXQYDORU
LQWUtQVHFR TXH HV QHFHVDULR DVHJXUDU HVWDPRV DQWH ORV PRGHORV R VLVWHPDV GH
DVHJXUDPLHQWR GH OD FDOLGDG HQWUH ORV TXH GHVWDFDQ OD IDPLOLD GH 1RUPDV
81((1,62
/D~OWLPDGpFDGDGHOVLJOR;;YLHQHFDUJDGDGHQRYHGDGHV\WUDQVIRUPD
FLRQHVHQORVPRGRV\PDQHUDVGHJHVWLRQDUODVRUJDQL]DFLRQHV\DPD\RULWDULDV
GH VHUYLFLRV SULYDGDV 'HO DVHJXUDPLHQWR SDVDPRV D OD JHVWLyQ VLWXiQGRVH OD
GLIHUHQFLDHQODH[WHQVLyQGHODFDOLGDGFRPRFRQFHSWRDWRGDVODViUHDVGHJHV
WLyQGHODVRUJDQL]DFLRQHVHVGHFLUGHDVHJXUDUSURGXFWRVRVHUYLFLRVDLQWURGX
FLUODPHMRUDFRQWLQXDFRPRHQIRTXHRUJDQL]DWLYRWUDQVYHUVDO(OFRQFHSWRFODYH
DTXt HV OD H[FHOHQFLD HPSUHVDULDO EDVDGR HQ HO PRGHOR GH JHVWLyQ GH OD FDOLGDG
WRWDO*&7R7RWDO4XDOLW\0DQDJHPHQW740$GHPiVGHORVSURGXF
WRV\VHUYLFLRV\VXJHVWLyQDORVGLUHFWLYRVFRPLHQ]DQDLQWHUHVDUOHVRWURVHQIR
TXHV FRPSOHPHQWDULRV TXH D\XGHQ D ODV RUJDQL]DFLRQHV D GLIHUHQFLDUVH GHO
UHVWR H LQWURGXFLHQGR YDORU D VXV SURGXFWRV \ VHUYLFLRV FRPR SRU HMHPSOR ODV
QRUPDVGHJHVWLyQPHGLRDPELHQWDOEDVDGDVHQODIDPLOLDGHQRUPDV81((1
,62RODVGHJHVWLyQGHODSUHYHQFLyQGHULHVJRVODERUDOHVEDVDGDV
HQ ODV QRUPDV H[SHULPHQWDOHV 81( (; DFWXDOPHQWH GHURJDGDV SRU
$(125 (Q SDUDOHOR D OD H[WHQVLyQ GH OD FDOLGDG D WRGDV ODV iUHDV GH OD
RUJDQL]DFLyQODVHPSUHVDVGHVDUUROODQSURFHVRVGHSRVWYHQWDSRWHQFLDQGRVHU
YLFLRVGHDWHQFLyQDOFOLHQWH\VHJXLPLHQWRGHORVSURGXFWRV\VHUYLFLRVXQDYH]
YHQGLGRVTXHDXPHQWDQHOFRQRFLPLHQWRGHODVHPSUHVDVVREUHVXVVLVWHPDVGH
SURGXFFLyQ\SURORQJDQHOFRQWDFWRFRQHOFOLHQWHHQODGREOHE~VTXHGDGHVX
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QULTXH-RVp9DUHODOYDUH]
WRGDYtDVLFDEHTXHGHOWpUPLQRDQWHULRU7UDGLFLRQDOPHQWHVHKDHQWHQGLGR
SRUFDOLGDGODSURSLHGDGRFRQMXQWRGHSURSLHGDGHVLQKHUHQWHVDXQSURGXFWR
RVHUYLFLRREWHQLGRHQXQVLVWHPDSURGXFWLYRTXHSHUPLWHQDSUHFLDUORGHIRU
PDLJXDOPHMRURSHRUTXHORVUHVWDQWHVGHVXFDWHJRUtD
$OJXQRVRWURVDXWRUHVVHSRVLFLRQDQFODUDPHQWHHQFRQWUDGHOPLVPRFRQ
FHSWRSRUVXH[SRUWDFLyQFRPRPRGHORGHJHVWLyQSULYDGRDODUHDOLGDGS~EOLFD
VLQODVXEVLJXLHQWHLQFRUSRUDFLyQGHORVYDORUHVSURSLRVGHORS~EOLFR$VtSRU
HMHPSORHQLQYHVWLJDFLRQHVDQWHULRUHV\FLWDQGRD9L,ORULDKHPRV
GHVWDFDGRTXHHOPLVPRDXWRUVHxDODTXHODXWLOL]DFLyQGHOHQIRTXHGHODFDOLGDGHQ
HOiPELWRS~EOLFRUHVSRQGHDODDGDSWDFLyQDFUtWLFDGHODVWpFQLFDVGHJHVWLyQHPSUHVD
ULDODXQDUHDOLGDGGLIHUHQWH\FRPSOHMDFRPRHVODGHODVDGPLQLVWUDFLRQHVS~EOLFDV
TXH HQ VX RSLQLyQ QR KD SURGXFLGR ORV UHVXOWDGRV HVSHUDGRV 9DUHOD OYDUH]
'HGLFDUHPRVODVSUy[LPDVOtQHDVDODFRQFHSWXDOL]DFLyQGHODFDOLGDG\VXV
VLVWHPDV\PRGHORVGHJHVWLyQHQHOPDUFRGHODVRUJDQL]DFLRQHVS~EOLFDVSUHVWD
GRUDV GH VHUYLFLRV \ D OD GHIHQVD GH ORV PLVPRV FRPR HOHPHQWRV FODYH HQ OD
FRQIRUPDFLyQ GHO QXHYR SDUDGLJPD SRVWEXURFUiWLFR TXH DQWHULRUPHQWH KHPRV
GHVFULWR
/DKLSyWHVLVSULQFLSDOHVTXHODFDOLGDGHVXQYDORUTXHIRUPDSDUWHDFWLYDGH
ODV $GPLQLVWUDFLRQHV 3~EOLFDV SRVWEXURFUiWLFDV TXH DGHPiV VH FRQILJXUD FRPR XQD
KHUUDPLHQWDXQLQVWUXPHQWRGHFDPELRRUJDQL]DWLYRGHSULPHUDPDJQLWXGGHWUDQV
IRUPDFLyQGHODVXQLGDGHVDGPLQLVWUDWLYDVTXHFRPSRQHQHOHQWUDPDQGRLQVWLWXFLRQDO
\SROtWLFRDGPLQLVWUDWLYRGHODV$GPLQLVWUDFLRQHV3~EOLFDVFRQWHPSRUiQHDV(VWHYD
ORU FDOLGDG FRPSLWH HQ LJXDOGDG GH FRQGLFLRQHV FRQ ORV YDORUHV WUDGLFLRQDOHV
GH OR S~EOLFR UHVSRQVDELOLGDG UHQGLFLyQ GH FXHQWDV E~VTXHGD GHO LQWHUpV
JHQHUDO HTXLGDG HIHFWLYLGDG \ FRQ DTXHOORV RWURV HILFDFLD HILFLHQFLD SUR
GXFWLYLGDGTXHKDQVLGRLPSRUWDGRVGHODUHDOLGDGRUJDQL]DWLYDSULYDGD\TXH
VHKDQFRQVDJUDGRFRPRFODYHVHQODDGDSWDFLyQGHQXHVWUDV$GPLQLVWUDFLRQHV
DODQXHYDVRFLHGDGGHOELHQHVWDUTXHGLVIUXWDPRV
&RQFHSWXDOL]DFLyQGHOD&DOLGDGHQODV$GPLQLVWUDFLRQHV3~EOL
FDV
/RVDXWRUHVFOiVLFRVGHODOLWHUDWXUDGHODFDOLGDGHQODVRUJDQL]DFLRQHVSUL
YDGDV PXHVWUDQ JUDQGHV GLVFUHSDQFLDV HQ VX GHILQLFLyQ OR TXH GLILFXOWD HQRU
PHPHQWH VX WUDWDPLHQWR FLHQWtILFR D PRGR GH HMHPSOR 0XxR] 0DFKDGR
VLQWHWL]D ODV SULQFLSDOHV GHILQLFLRQHV LQVWUXPHQWDOHV GRQGH FDOLGDG
VXSRQH
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
3K&URVE\&XPSOLUODVHVSHFLILFDFLRQHV
--XUDQ$GHFXDFLyQSDUDHOXVRVDWLVIDFLHQGRODVQHFHVLGDGHVGHOFOLHQWH
:( 'HPLQJ 8Q JUDGR SUHGHFLEOH GH XQLIRUPLGDG \ ILDELOLGDG D EDMR
FRVWHDGHFXDGRDODVQHFHVLGDGHVGHOPHUFDGR
9)HLJHQEDXP(OUHVXOWDGRWRWDOGHODVFDUDFWHUtVWLFDVGHOSURGXFWR\R
VHUYLFLRGHPDUNHWLQJLQJHQLHUtDIDEULFDFLyQ\PDQWHQLPLHQWRDWUDYpVGHORV
FXDOHVHOSURGXFWRRVHUYLFLRHQXVRVDWLVIDUiODVHVSHUDQ]DVGHOFOLHQWH
7DJXFKL(OFRVWHTXHXQSURGXFWRLPSRQHDODVRFLHGDGHQHOPRPHQWRGH
VXFRQFHSFLyQ
1RUPD 81((1 ,62 &DOLGDG 9RFDEXODULR &RQ
MXQWRGHSURSLHGDGHV\FDUDFWHUtVWLFDVGHXQSURGXFWRRVHUYLFLRTXHOHFRQILH
UHQVXDSWLWXGSDUDVDWLVIDFHUXQDVQHFHVLGDGHVH[SUHVDGDVRLPSOtFLWDV
'HVSXpVGHODEUHYHLQWURGXFFLyQDQWHULRUHQWUDPRVGLUHFWDPHQWHDGHILQLU
ODFDOLGDGHQHOPDUFRGHODVRUJDQL]DFLRQHVS~EOLFDVGHVHUYLFLRVDXQTXHSDUD
HOOR QRV GHEHPRV GHWHQHU SUHYLDPHQWH HQ XQD VHULH GH SURSRVLFLRQHV TXH QRV
FRQGX]FDQDODVGHILQLFLRQHVVREUHPRGHORV\FDOLGDGTXHQRVSXHGDQVHUYLUSDUD
RSHUDWLYL]DUODFDOLGDGFRPRYDORU\FRPRLQVWUXPHQWDOGHPHMRUDGHORVVHUYL
FLRVS~EOLFRV3DUDHOOR%DxyQ\&DUULOORHQXQFLDQVHLVSURSRVL
FLRQHVVREUHHOFRQFHSWRGHODFDOLGDG
3URSRVLFLyQ/DFDOLGDGQRHVXQDUHDOLGDGREMHWLYDVLQRXQDUHFRQVWUXF
FLyQ FRQFHSWXDO GHILQLGD SRU HO REVHUYDGRU <D TXH FRPR YHUHPRV HQ HO
DSDUWDGR VLJXLHQWH ORV VHUYLFLRV \ ODV H[SHFWDWLYDV TXH GH pO WLHQHQ ORV
XVXDULRVVRQHODERUDGDV\UHHODERUDGDVVXFHVLYDPHQWHSRUHOORVPLVPRV
HQHOPRPHQWRGHVXFRQVXPR\HQIXQFLyQGHVXVSURSLRVLQWHUHVHV\
QRGHODGHILQLFLyQSUHYLDTXHUHDOLFHODRUJDQL]DFLyQ
3URSRVLFLyQHQORTXHUHVSHFWDDORVVHUYLFLRVS~EOLFRVQRH[LVWHXQ
~QLFRREVHUYDGRUVLQRYDULRVDFWRUHVFUtWLFRVFRQLQWHUHVHV\H[SHFWDWLYDVGH
EHQHILFLR GLIHUHQWHV 6LJXLHQGR HO HQIRTXH GH PDUNHWLQJ \ OD VHJPHQWD
FLyQGHPHUFDGRVQRVHQFRQWUDPRVFRQTXHHQODSXHVWDHQPDUFKDGH
VHUYLFLRVQRH[LVWHVyORHOFOLHQWHTXHFRPSUDHOVHUYLFLRVLQRRWURV
DJHQWHVFUtWLFRVTXHWLHQHQH[SHFWDWLYDVGHEHQHILFLRGLIHUHQWHVFRLQFL
GHQWHV R QR FRQ ODV GHO FRQVXPLGRU GLUHFWR OR TXH GLILFXOWD HQRUPH
PHQWH OD FUHDFLyQ GH HVWiQGDUHV QRUPDOL]DGRV \ UHSHWLGRV
PLPpWLFDPHQWH
3URSRVLFLyQODVH[SHFWDWLYDVGHEHQHILFLRGHXQDFWRUFRQFUHWRJHQHUDO
PHQWH DEDUFDQ YDULDV GLPHQVLRQHV GH FDOLGDG GHO VHUYLFLR D ODV TXH RWRUJD
(QULTXH-RVp9DUHODOYDUH]
XQDSULRULGDGGLIHUHQWH(VWDPRVDQWHORTXHORVDXWRUHVGHQRPLQDQFR
PR SOXULGLPHQVLRQDOLGDG GH OD FDOLGDG HQ ORV VHUYLFLRV S~EOLFRV \ OD
FRQVWUXFFLyQGHLQGLFDGRUHVGHPHGLFLyQGHODPLVPDORTXHQRVVLW~D
DQWH ORV OtPLWHV GH OD HYDOXDFLyQ GHO VHUYLFLR \D TXH HVWDV PHGLFLRQHV
VyORUHVXOWDUtDQYiOLGDVFXDQGRKDEOHPRVGHVHUYLFLRVLGpQWLFRV SUHVWD
GRVSRUGLYHUVRVQLYHOHVGHJRELHUQRRGLIHUHQWHVGHSHQGHQFLDVDGPLQLVWUDWL
YDV
3URSRVLFLyQ ODV GLPHQVLRQHV GH OD FDOLGDG SXHGHQ RSHUDWLYL]DUVH PH
GLDQWH LQGLFDGRUHV GH FDOLGDG VLQ HPEDUJR OD PHMRUD GH ORV LQGLFDGRUHV QR
WLHQHSRUTXpUHIOHMDUVHHQWpUPLQRVGHSHUFHSFLyQGHDFWRUHVFUtWLFRV(QHVWH
VHQWLGRODFDOLGDGWDPELpQHVLPDJHQGHFDOLGDG$GHPiVGHFRQVWUXLUXQ
FRQMXQWRGHLQGLFDGRUHVGHVHJXLPLHQWRSDUDFDGDGLPHQVLyQGHFDOLGDG
VHGHEHUiQLQFRUSRUDULQGLFDGRUHVGHRSLQLyQTXHSXHGHQVHUYLUGHD\X
GD SDUD SODQWHDU HVWUDWHJLDV GH FRPXQLFDFLyQ TXH GLVPLQX\DQ OD GLVWDQFLD
HQWUH OD RSLQLyQ \ ODV UHDOL]DFLRQHV OR TXH PiV DGHODQWH YHUHPRV FRPR
FDOLGDGSHUFLELGD\FDOLGDGUHDOL]DGDVHJ~QODWHUPLQRORJtDGH0XxR]
0DFKDGR
3URSRVLFLyQODFDOLGDGQRHVFRQVWDQWHDORODUJRGHOWLHPSRVLQRTXHYD
UtDMXQWRFRQODVWUDQVIRUPDFLRQHVGHODVH[SHFWDWLYDVGHEHQHILFLRGHORVDFWR
UHVLPSOLFDGRV/DFODYHGHHVWDSURSRVLFLyQUDGLFDHQHOFRQRFLPLHQWR
GHODVH[SHFWDWLYDVGHEHQHILFLRTXHVHJ~QORVDXWRUHVKDGHUHDOL]DUVH
GHIRUPDSHULyGLFD\DTXHODFDOLGDGHVGLQiPLFDIUXWRGHODYDULDELOL
GDGGHODVH[SHFWDWLYDVGHORVDFWRUHVDORODUJRGHOWLHPSR
3URSRVLFLyQHOHVSDFLRGHODFDOLGDGYLHQHGHILQLGRSRUODLQWHUVHFFLyQGH
ORVFRVWHV\EHQHILFLRVVRFLDOPHQWHDFHSWDGRV(VGHFLUODFDOLGDGVHUtDGH
ILQLGDHQIXQFLyQGHOFRVWHPi[LPRPtQLPRDVXPLEOHGHIRUPDPD\RUL
WDULD SRU WRGRV ORV DJHQWHV FUtWLFRV GH ORV VHUYLFLRV HQ ORV TXH VH HVWp
PLGLHQGRODFDOLGDG\HQIXQFLyQGHOEHQHILFLRPi[LPRPtQLPRLJXDO
PHQWH DVXPLEOH SRU OD PD\RUtD GH HOORV GH IRUPD TXH FRQVLJDPRV LQ
FOXLUHQHVWHHVSDFLRDOPD\RUQ~PHURGHDJHQWHVSRVLEOH
(VWDVVHLVSURSRVLFLRQHVQRVGHMDQHOFDPLQRPiVOLEUHSDUDVHJXLUDYDQ]DGR
HQ OD FRQFHSWXDOL]DFLyQ GH OD FDOLGDG HVWDEOHFLHQGR ILQDOPHQWH GRV GHILQLFLR
QHVXQDGHPRGHOR\RWUDGHFDOLGDGTXHSHUPLWDQSRGHURSHUDWLYL]DUHOFRQ
FHSWRGHXQPRGRPiVFLHQWtILFRDVt\VLJXLHQGRD-XDQHV\%ODQFR
WHQHPRVTXH
0RGHOR UHVXOWDUtD /D DJUXSDFLyQ GH PDQHUD RUGHQDGD \ UDFLRQDO GH ORV
HOHPHQWRV VREUH ORV TXH VH IXQGDPHQWD OD SUHVWDFLyQ GH VHUYLFLR GH FDOLGDG
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
TXH VDWLVIDJDQ ODV QHFHVLGDGHV GH ORV GLIHUHQWHV JUXSRV GH LQWHUpV VWDNHKRO
GHUVRSWLPL]DQGRHOXVRGHORVUHFXUVRVLQWHUQRV
&DOLGDGVHUtD/DSURSLHGDGRFRQMXQWRGHSURSLHGDGHVLQKHUHQWHVDXQSUR
GXFWR R VHUYLFLR TXH WLHQH OD FDSDFLGDG GH VDWLVIDFHU ORV UHTXHULPLHQWRV GHO
XVXDULRDOFXDOYDGHVWLQDGR
&RPR YHPRV HVWDV GRV GHILQLFLRQHV GH -XDQHV \ %ODQFR SXHGHQ
FKRFDU FRQ DOJXQDV GH ODV SURSRVLFLRQHV HQXPHUDGDV SRU %DxyQ \ &DUULOOR
VLQHPEDUJR\DORVHIHFWRVGHODSUHVHQWHLQYHVWLJDFLyQSRGHPRVGDU
SRUHVWDEOHFLGD\FHUUDGDVXFRQFHSWXDOL]DFLyQ
3RU~OWLPR\DQWHVGHDGHQWUDUQRVHQODVH[SHULHQFLDV\PRGHORVFRQFUH
WRV FRQYLHQH UHDOL]DU XQD SHTXHxD LQWURGXFFLyQ VREUH HO SDU FDOLGDGVHUYLFLRV
WDQGHFLVLYRSDUDODVRUJDQL]DFLRQHVS~EOLFDV
'HO(QIRTXHGH3URGXFWRVDO(QIRTXHGH6HUYLFLRV
(Q UHODFLyQ FRQ ORV VHUYLFLRV HQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV SRGHPRV
HVWDEOHFHUORVVLJXLHQWHVSODQWHDPLHQWRVGHSDUWLGD
/DVRUJDQL]DFLRQHV S~EOLFDVVRQEiVLFDPHQWH RUJDQL]DFLRQHV GH SUHVWD
FLyQGHVHUYLFLRVGRQGHORVGHVWLQDWDULRVVRQORVFLXGDGDQRVFOLHQWHV
6LJXLHQGRD0XxR]0DFKDGRXQVHUYLFLRHVXQWUDEDMRUHDOL
]DGRSRUDOJXLHQHQHOFDVRGHORVVHUYLFLRVS~EOLFRV5DPLy
HVWDEOHFHXQDGREOHGLIHUHQFLDHQWUHVHUYLFLRVSXURVEiVLFRVGHO(VWDGR
GH %LHQHVWDU \ SHFXOLDUHV LQIRUPDFLyQ VHJXULGDG UHJXODFLyQ DGH
PiVGHORVVHUYLFLRVLQWHUQRVHQWUH$GPLQLVWUDFLRQHV3~EOLFDV
/DSUHVWDFLyQRSURGXFFLyQGHVHUYLFLRVVHGHQRPLQDVHUYXFFLyQGHIL
QLGDSRU5DPLyFRPRWpUPLQRTXHVHXWLOL]DSDUDGHQRPLQDU
HOSURFHVRGHSURGXFFLyQGHVHUYLFLRV\DVtGLIHUHQFLDUORGHOWpUPLQRSURGXF
FLyQTXHKDFHUHIHUHQFLDDODJHQHUDFLyQGHELHQHVPDWHULDOHV(OVLVWHPDGH
VHUYXFFLyQ WLHQH FRPR REMHWLYR SULQFLSDO FRQVHJXLU SUHVWDU XQ VHUYLFLR FRQ
XQDVFDUDFWHUtVWLFDV\ XQRV QLYHOHV GH FDOLGDG SUHILMDGRV (O HQIRTXH GH VHU
YXFFLyQVHSUHRFXSDSRUODRUJDQL]DFLyQVLVWHPiWLFD\FRKHUHQWHGHWRGRVORV
HOHPHQWRV ItVLFRV \ KXPDQRV SUHVHQWHV HQ OD UHODFLyQ FLXGDGDQRFOLHQWH
$GPLQLVWUDFLyQS~EOLFDQHFHVDULDSDUDXQDSUHVWDFLyQGHVHUYLFLRVFRQXQDV
FDUDFWHUtVWLFDVDGPLQLVWUDWLYDV\XQRVQLYHOHVGHFDOLGDGGHWHUPLQDGRV(LJOHU
\/DQJHUHDUG
(QULTXH-RVp9DUHODOYDUH]
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
JUDItDKDVWDFRQWULEXLUFRQVXHVIXHU]RSHUVRQDODOUHVXOWDGRJHQHUDOSUHYLVWRSDUDHO
VHUYLFLRFRPRHVWXGLDU\KDFHUODVOHFWXUDVQHFHVDULDVSDUDDSUREDUHOFXUVRXQLYHUVL
WDULR
/RVSODQWHDPLHQWRVDQWHULRUHVQRVOOHYDQGLUHFWDPHQWHDODUHODFLyQSULQ
FLSDOHQWUHVHUYLFLRV\FDOLGDGTXHSURIXQGL]DHQODFRQFHSWXDOL]DFLyQGHODSDU
WDGR DQWHULRU \ OD OHJLWLPD FRPR FRQFHSWR GH XVR FRP~Q HQ ODV
$GPLQLVWUDFLRQHV3~EOLFDVDFWXDOHVODFDOLGDGGHOVHUYLFLR\VXSHUFHSFLyQ
3DUD -XDQHV \ %ODQFR FDOLGDG HQ HO VHUYLFLR VHUtD OD GLIHUHQFLD
TXH HVWDEOHFH HO XVXDULR HQWUH VXV SURSLDV H[SHFWDWLYDV GH VHUYLFLR \ HO VHUYLFLR UHDO
PHQWHUHFLELGRRHQRWUDVSDODEUDVHQWUHVXH[SHFWDWLYD\VXSHUFHSFLyQSRUORTXH
KDEUtD TXH EXVFDU XQ HTXLOLEULR HQWUH DPEDV D WUDYpV GH SURFHVRV GH PHMRUD
FRQWLQXDHQODVRUJDQL]DFLRQHVS~EOLFDV6HJ~QORVDXWRUHVORVJHVWRUHVS~EOLFRV
QHFHVLWDUiQUHVSHWDUODFRKHUHQFLDHQWUHVHUYLFLRSHUFLELGR\HVSHUDGRGHEHUiQ
DPSOLDU VX FRQRFLPLHQWR VREUH ODV H[SHFWDWLYDV H ORV FOLHQWHV D WUDYpV GH HQ
FXHVWDVJUXSRVGHGLVFXVLyQREVHUYDWRULRVGHFDOLGDGDGHPiVGHWHQHUHVSH
FLDOFXLGDGRHQLQWURGXFLUODVPHMRUDVFyPRVHUHDOL]DUiQSUHVWDUDWHQFLyQD
ODVSRVLEOHVLQFRKHUHQFLDVHQWUHVHUYLFLRRIHUWDGR\SUHVWDGRHYLWDQGRODVIDOVDV
H[SHFWDWLYDV\HOVREUHGLPHQVLRQDPLHQWRGHOVHUYLFLR
3RURWURODGR\HQODPLVPDOtQHDGHFDOLGDGHQORVVHUYLFLRV0XxR]0D
FKDGRFHQWUDVXDQiOLVLVHQWRUQRDODFDOLGDGGHORVVHUYLFLRVSHU
FLELGD SRU HO XVXDULRFOLHQWH HVWDEOHFLHQGR XQD VHULH GH GLIHUHQFLDV HQWUH
FDOLGDGSHUFLELGDSURJUDPDGD\UHDOL]DGDTXHQRVOOHYDGLUHFWDPHQWHKDFLDODV
H[SHFWDWLYDV GH ORV XVXDULRV GLUHFWDPHQWH FRQVXPLGRUHV \ DO UHVWR GH DJHQWHV
FUtWLFRVGHOHQWRUQRTXHFRQIRUPDQODLGHDGHFDOLGDGJOREDOGHOVHUYLFLR
&DOLGDGSHUFLELGD(VODTXHDOFOLHQWHOHJXVWDUtDUHFLELU
&DOLGDGSURJUDPDGD/DTXHODRUJDQL]DFLyQKDSUHWHQGLGRGDU
&DOLGDG UHDOL]DGD R SURGXFLGD /D TXH HV FDSD] GH REWHQHU OD SHUVRQD
TXHSUHVWDHOVHUYLFLRRHMHFXWDHOWUDEDMR
/DVLWXDFLyQySWLPDFRQUHODFLyQDODFDOLGDGHQORVVHUYLFLRVGHEHUiKDFHU
FRLQFLGLU ODV WUHV HQ XQ LQWHQWR SRU QR SHUGHU HO UHIHUHQWH GH VHUYLFLR S~EOLFR
FRKHUHQWHFRQODJHVWLyQLQWHUQDGHODRUJDQL]DFLyQ
$ FRQWLQXDFLyQ UHDOL]DPRV XQ EUHYH UHSDVR GH ORV GLIHUHQWHV PRGHORV GH
JHVWLyQGHODFDOLGDGTXHVHKDQLQLFLDGRHQODV$GPLQLVWUDFLRQHV3~EOLFDVHVSD
xRODVHQORVDxRVQRYHQWD
(QULTXH-RVp9DUHODOYDUH]
0RGHORV\([SHULHQFLDVGH*HVWLyQGHOD&DOLGDGHQODV$GPLQLV
WUDFLRQHV3~EOLFDV
/DPHMRUDGHODJHVWLyQGHODFDOLGDGHQODV$GPLQLVWUDFLRQHV3~EOLFDVHV
SDxRODV VH LQLFLD HQ SDUDOHOR D ORV SURFHVRV GH FDPELR HVWUXFWXUDO GHO VLVWHPD
DGPLQLVWUDWLYR HMHPSOLILFDGR HQ ODV 5HIRUPDV0RGHUQL]DFLRQHV GH OD SDVDGD
GpFDGD
7HQLHQGRHQFXHQWDTXHGHVGHH[LVWHXQDGHVFHQWUDOL]DFLyQSROtWLFR
DGPLQLVWUDWLYD \ RUJDQL]DWLYD \ TXH WDQWR ORV *RELHUQRV \ $GPLQLVWUDFLRQHV
$XWRQyPLFDV FRPR ODV /RFDOHV GLVSRQtDQ GH DXWRQRPtD DXWRRUJDQL]DWLYD VH
SXHGHQ REVHUYDU YDULRV PRGHORV GH JHVWLyQ GH FDOLGDG DSOLFDGRV D UHDOLGDGHV
RUJDQL]DWLYDVGLYHUVDVORTXHVLQOXJDUDGXGDVGLILFXOWDHODQiOLVLVGHORVPRGH
ORVHQFODYHGHp[LWRRIUDFDVRDOJRQHFHVDULRSRURWURODGRSDUDODFRQVROLGD
FLyQ GH ORV PRGHORV GH JHVWLyQ GH FDOLGDG HQ XQDV $GPLQLVWUDFLRQHV 3~EOLFDV
WDQUHWLFHQWHVDOFDPELR
$ FRQWLQXDFLyQ UHDOL]DPRV XQ EUHYH UHSDVR SRU ORV PRGHORV GHVWDFDQGR
DOJXQDVGHVXV H[SHULHQFLDVPiVVREUHVDOLHQWHV HQ ODV$GPLQLVWUDFLRQHV3~EOL
FDVHVSDxRODVHQWRUQRDODJHVWLyQGHODFDOLGDG,62DOPRGHOR
JOREDOGHH[FHOHQFLD()40DORVPRGHORVGHUHODFLyQFRQHOS~EOLFRXVXD
ULR GH VHUYLFLRV &DUWDV GH 6HUYLFLRV DVt FRPR D ORV PRGHORV GH JHVWLyQ GHO
PHGLR DPELHQWH DSOLFDEOHV D ODV $GPLQLVWUDFLRQHV *HQHUDO GHO (VWDGR $XWR
QyPLFDV\/RFDOHV
0RGHOR(XURSHRGH([FHOHQFLD()40
(OSULPHURGHORVPRGHORVTXHKD\TXHGHVWDFDUHVHOGHQRPLQDGR0RGHOR
GH([FHOHQFLDGHOD()40)XQGDFLyQ(XURSHD SDUDOD*HVWLyQGHOD&DOL
GDGTXHGLVSRQHGHXQJDODUGyQFUHDGRHQGHQRPLQDGR3UHPLR(XURSHR
DOD&DOLGDGDLPDJHQ\VHPHMDQ]DGHOSUHPLRDPHULFDQR\MDSRQpV(OSUHPLR
FRQWHPSODFLQFRPRGDOLGDGHV
*UDQGHVFRUSRUDFLRQHV\XQLGDGHVGHQHJRFLR
8QLGDGHVRSHUDWLYDV
2UJDQLVPRVS~EOLFRV
3HTXHxDV\PHGLDQDVHPSUHVDV3<0(6LQGHSHQGLHQWHV
3HTXHxDV\PHGLDQDVHPSUHVDV3<0(6VXEVLGLDULDV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(VWHLQFHQWLYRDODJHVWLyQWLHQHFRPRREMHWLYRSULQFLSDOHVWLPXODUODLP
SODQWDFLyQGHODFDOLGDGHQODVRUJDQL]DFLRQHVHXURSHDVFUHDQGRYHQWDMDVFRP
SHWLWLYDVIUHQWHDVXVDGYHUVDULRVMDSRQHVHV\QRUWHDPHULFDQRV
(O()40EXVFDODH[FHOHQFLDRUJDQL]DWLYDEDVDGDHQFOLHQWHV\HPSOHD
GRVVDWLVIHFKRV\FUHDQGRYDORUHQODVRFLHGDGDWUDYpVGHVXVSURGXFWRV\VHUYL
FLRV (O ()40 IXH DGRSWDGR SRU ODV $GPLQLVWUDFLRQHV 3~EOLFDV HVSDxRODV
FRQFUHWDPHQWHSRUOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRDWUDYpVGHXQ5HDO
'HFUHWRGHGRQGHVHUHJXODEDQODV&DUWDVGH6HUYLFLRV\ORVSUHPLRVDOD
FDOLGDGHQGLFKDRUJDQL]DFLyQ
(O()40EDVDVXPRGHORHQHODQiOLVLVGHQXHYHFULWHULRVTXHFRQWHP
SODQODVSULQFLSDOHVYDULDEOHVGHJHVWLyQGHXQDRUJDQL]DFLyQVHD HVWDS~EOLFD
SULYDGDGHSURGXFWRVRVHUYLFLRV\KDVLGRUHYLVDGRHQFRQHOREMHWRGH
DGDSWDUVHDODVUHDOLGDGHVRUJDQL]DWLYDVPiVQRYHGRVDV
$JUHJDQGRQXHYDViUHDVTXHFDGDGtDUHVXOWDQPiVLPSRUWDQWHVSDUDODV
RUJDQL]DFLRQHV S~EOLFDV \ SULYDGDV UHODFLRQHV GH SDUWHQDULDGR LQQR
YDFLyQ\JHVWLyQGHOFRQRFLPLHQWR
(ODERUDQGRXQPRGHORPiVDSOLFDEOHDRUJDQL]DFLRQHVS~EOLFDVGHVHUYL
FLRV\RQJV
$FHQWXDQGR HO HQIRTXH GH FOLHQWHV UHRULHQWDQGR ORV SURFHVRV KDFLD
HOORV
(QIDWL]DQGR HO FLFOR GH PHMRUD FRQWLQXD HQ OD JHVWLyQ GH OD RUJDQL]D
FLyQ3ODQ'R&KHFN$FW3'&K$
6LHQGRFRPRHVXQPRGHORGHDXWRUUHJXODFLyQHVGHFLUQRREOLJDWRULROD
PHWRGRORJtDGHO()40VHHVWDEOHFHWDQSUiFWLFDFRPRXQDJXtDGHDXWRHYD
OXDFLyQ SRU WDQWR HV XQD KHUUDPLHQWD GH XVR TXH SHUPLWH UHDOL]DU XQ H[DPHQ
VLVWHPiWLFRFULWHULRSRUFULWHULRGHWHFWDUORVSXQWRVIXHUWHV\ORViPELWRVGHPHMRUD\
SRU~OWLPRHVWDEOHFHUXQSODQGHSULRULGDGHVSDUDODRUJDQL]DFLyQ-XDQHV\%ODQFR
/DFODYHGHOPRGHOR()40VRQORVFULWHULRVQXHYHHQWRWDOTXHVHHQ
FXHQWUDQUHXQLGRVHQGRVJUXSRVGHLJXDOYDORUFDGDXQR\UHODFLRQDGRV
HQWUH Vt VHJ~Q -XDQHV \ %ODQFR DJHQWHV VRQ ODV SDODQFDV VREUH ODV
TXHGHEHDFWXDUODRUJDQL]DFLyQSDUDFRQVHJXLUORVUHVXOWDGRV\UHVXOWDGRVUHIOH
MDQORTXHKDDOFDQ]DGRODRUJDQL]DFLyQFRPRFRQVHFXHQFLDGHODJHVWLyQUHDOL]DGDSRU
ORVDJHQWHV
(QULTXH-RVp9DUHODOYDUH]
&5,7(5,26
/,'(5$=*2
32/7,&$<
(675$7(*,$
68%&5,7(5,26
'HILQLFLyQ&yPRORVOtGHUHVGHVDUUROODQ\IDFLOLWDQODFRQVHFX
FLyQ GH OD PLVLyQ \ OD YLVLyQ GHVDUUROODQ ORV YDORUHV QHFHVDULRV
SDUD DOFDQ]DU HO p[LWR D ODUJR SOD]R H LPSODQWDQ WRGR HOOR HQ OD
RUJDQL]DFLyQ PHGLDQWH DFFLRQHV \ FRPSRUWDPLHQWRV DGHFXDGRV
HVWDQGR LPSOLFDGRV SHUVRQDOPHQWH HQ DVHJXUDU TXH HO VLVWHPD GH
JHVWLyQGHODRUJDQL]DFLyQVHGHVDUUROODHLPSODQWD
D'HVDUUROOR GH OD PLVLyQ YLVLyQ \ YDORUHV SRU SDUWH GH
ORV OtGHUHV TXH DFW~DQ FRPR PRGHOR GH UHIHUHQFLD
GHQWURGHXQDFXOWXUDGHH[FHOHQFLD
E,PSOLFDFLyQ SHUVRQDO GH ORV OtGHUHV SDUD JDUDQWL]DU HO
GHVDUUROORLPSODQWDFLyQ\PHMRUDFRQWLQXDGHOVLVWHPD
GHJHVWLyQGHODVRUJDQL]DFLRQHV
F,PSOLFDFLyQGHORVOtGHUHVFRQFOLHQWHVSDUWHQHUV\UH
SUHVHQWDQWHVGHODVRFLHGDG
G0RWLYDFLyQ DSR\R \ UHFRQRFLPLHQWR GH ODV SHUVRQDV
GHODRUJDQL]DFLyQSRUSDUWHGHORVOtGHUHV
'HILQLFLyQ&yPRLPSODQWDODRUJDQL]DFLyQVXPLVLyQ\YLVLyQ
PHGLDQWHXQDHVWUDWHJLDFODUDPHQWHFHQWUDGDHQWRGRVORVJUXSRV
GHLQWHUpV\DSR\DGDSRUSROtWLFDVSODQHVREMHWLYRVPHWDV\SUR
FHVRVUHOHYDQWHV
D/DVQHFHVLGDGHV\H[SHFWDWLYDVDFWXDOHV\IXWXUDVGHORV
JUXSRV GH LQWHUpV VRQ HO IXQGDPHQWR GH OD SROtWLFD \
HVWUDWHJLD
E/D LQIRUPDFLyQ SURFHGHQWH GH ODV DFWLYLGDGHV UHODFLR
QDGDVFRQODPHGLFLyQGHOUHQGLPLHQWRLQYHVWLJDFLyQ
DSUHQGL]DMH\FUHDWLYLGDGVRQHOIXQGDPHQWRGHODSR
OtWLFD\HVWUDWHJLD
F'HVDUUROORUHYLVLyQ\DFWXDOL]DFLyQGHODSROtWLFD\HV
WUDWHJLD
G'HVSOLHJXH GH OD SROtWLFD \ HVWUDWHJLD PHGLDQWH XQ HV
TXHPDGHSURFHVRVFODYH
H&RPXQLFDFLyQHLPSODQWDFLyQGHODSROtWLFD\HVWUDWH
JLD
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
3(5621$6
5(&85626<
$/,$1=$6
352&(626
'HILQLFLyQ&yPRJHVWLRQDGHVDUUROOD\DSURYHFKDODRUJDQL
]DFLyQHOFRQRFLPLHQWR\WRGRHOSRWHQFLDOGHODVSHUVRQDVTXHOD
FRPSRQHQWDQWRHQHOiPELWRLQGLYLGXDOFRPRGHHTXLSRVRGHOD
RUJDQL]DFLyQHQVXFRQMXQWR\FyPRSODQLILFDHVWDVDFWLYLGDGHVHQ
DSR\RGHVXSROtWLFD\HVWUDWHJLD\GHOHILFD]IXQFLRQDPLHQWRGHVXV
SURFHVRV
D3ODQLILFDFLyQ JHVWLyQ \ PHMRUD GH ORV UHFXUVRV KXPD
QRV
E,GHQWLILFDFLyQ GHVDUUROOR \ PDQWHQLPLHQWR GHO FRQR
FLPLHQWR\ODFDSDFLGDGGHODVSHUVRQDVGHODRUJDQL]D
FLyQ
F,PSOLFDFLyQ\DVXQFLyQGHUHVSRQVDELOLGDGHVSRUSDUWH
GHODVSHUVRQDVGHODRUJDQL]DFLyQ
G([LVWHQFLDGHGLiORJRHQWUHODVSHUVRQDV\ODRUJDQL]D
FLyQ
H5HFRPSHQVDUHFRQRFLPLHQWR\DWHQFLyQDODVSHUVRQDV
GHODRUJDQL]DFLyQ
'HILQLFLyQ &yPR SODQLILFD \ JHVWLRQD OD RUJDQL]DFLyQ VXV
DOLDQ]DVH[WHUQDV\VXVUHFXUVRVLQWHUQRVHQDSR\RGHVXSROtWLFD\
HVWUDWHJLD\GHOHILFD]IXQFLRQDPLHQWRGHVXVSURFHVRV
D*HVWLyQGHODVDOLDQ]DVH[WHUQDV
E*HVWLyQGHORVUHFXUVRVHFRQyPLFRV\ILQDQFLHURV
F*HVWLyQGHORVHGLILFLRVHTXLSRV\PDWHULDOHV
G*HVWLyQGHODLQIRUPDFLyQ\GHOFRQRFLPLHQWR
'HILQLFLyQ &yPR GLVHxD JHVWLRQD \ PHMRUD OD RUJDQL]DFLyQ
VXVSURFHVRVSDUDDSR\DUVXSROtWLFD\HVWUDWHJLD\SDUDVDWLVIDFHU
SOHQDPHQWH JHQHUDQGR FDGD YH] PD\RU YDORU D VXV FOLHQWHV \
RWURVJUXSRVGHLQWHUpV
D'LVHxR\JHVWLyQVLVWHPiWLFDGHORVSURFHVRV
E,QWURGXFFLyQGHODVPHMRUDVQHFHVDULDVHQORVSURFHVRV
PHGLDQWHODLQQRYDFLyQDILQGHVDWLVIDFHUSOHQDPHQWH
DFOLHQWHV\RWURVJUXSRVGHLQWHUpVJHQHUDQGRFDGDYH]
PD\RUYDORU
F'LVHxR\GHVDUUROORGHSURGXFWRV\VHUYLFLRVEDViQGRVH
HQODVH[SHFWDWLYDVGHORVFOLHQWHV
G3URGXFFLyQGLVWULEXFLyQ\VHUYLFLRGHDWHQFLyQGHORV
SURGXFWRV\VHUYLFLRV
H*HVWLyQ\PHMRUDGHODVUHODFLRQHVFRQORVFOLHQWHV
(QULTXH-RVp9DUHODOYDUH]
5(68/7$'26
5(/$7,926$
/26&/,(17(6
5(68/7$'26
5(/$7,926$
/$63(5621$6
5(68/7$'26
5(/$7,926$/$
62&,('$'
5(68/7$'26
&/$9(
(OPRGHOR()40FRPLHQ]DDVHUXQUHIHUHQWHHQODJHVWLyQGHODFDOLGDG
HQODVRUJDQL]DFLRQHVS~EOLFDVFRPRHMHPSORVGHVWDFDGRVWHQHPRV
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR3UHPLRFRQFHGLGRDO$9(FR
PRXQLGDGGHSHQGLHQWHGH5(1)(HQVXSULPHUDHGLFLyQHQ
&RPXQLGDG $XWyQRPD GH 0DGULG $SOLFDFLyQ GHO PRGHOR ()40
GHDXWRHYDOXDFLyQGHIRUPDJHQHUDODWRGDVODVH[SHULHQFLDVGHPHMRUD
GH JHVWLyQ GHVDUUROODGDV HQ ODV RUJDQL]DFLRQHV GHSHQGLHQWHV GH OD
&$0E\F99$$
(QOD DFWXDOLGDGVH HVWiQOOHYDQGR DFDERDOJXQDV H[SHULHQFLDV HQ$\XQ
WDPLHQWRVFRPRHVHOFDVRGHO$\XQWDPLHQWRGH$OFREHQGDVDXQTXHHOPR
GHOR()40VHHVWiDSOLFDQGRDODVRUJDQL]DFLRQHVFHQWUDOHV\UHJLRQDOHVFRQ
PD\RUSURIXVLyQ\HQWXVLDVPR
&DUWDVGH6HUYLFLRV
/DV &DUWDV GH 6HUYLFLRV VRQ FRQWUDWRV EiVLFRV TXH VH DUWLFXODQ IRUPDOPHQWH
DXQTXHVLQFDUiFWHUOHJDOHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDVSUHVWDGRUDVGH
VHUYLFLRV\ORVFLXGDGDQRVXVXDULRVGHORVPLVPRV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
/DV&DUWDVGH6HUYLFLRVVXUJHQHQHOHQWRUQRGHPRGHUQL]DFLyQGHORVSDtVHV
SHUWHQHFLHQWHVDOD2&'(\WLHQHQVXSULPHUDIRUPXODFLyQHQOD*UDQ%UH
WDxDGHORVRFKHQWDVLHQGRSRVWHULRUPHQWHHODERUDGDVHQ3RUWXJDO,WDOLD)UDQ
FLD$OHPDQLD\(VSDxD
(QHOFDVRGHQXHVWURSDtVODSULPHUDHODERUDFLyQGH&DUWDVGH6HUYLFLRVOD
UHDOL]DOD$GPLQLVWUDFLyQGHOD&RPXQLGDGGH0DGULGHQHODxR'HFUHWR
\ 'HFUHWR VLHQGR REMHWR GH UHJXODFLyQ SRVWHULRU SRU SDUWH
GHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRDWUDYpVGHO5HDO'HFUHWR\
VXSRVWHULRULPSODQWDFLyQHQXQJUDQQ~PHURGHVXVRUJDQL]DFLRQHV
6LQHPEDUJRHQHOiPELWRGHOD$GPLQLVWUDFLyQ/RFDOODLPSODQWDFLyQGH
&DUWDVGH6HUYLFLRVKDVLGROLPLWDGD\VXJHQHUDOL]DFLyQFDVLQXODGHVWDFiQGRVHOD
H[SHULHQFLD GH ORV $\XQWDPLHQWRV GH %DUFHORQD $OFREHQGDV %LOEDR H ,U~Q
FRPRODVPiVVLJQLILFDWLYDV&RQYLHQHVHxDODUTXHHQOD&RPXQLGDG$XWyQRPD
GH*DOLFLDODH[SHULHQFLDPiVQRYHGRVD\UHFLHQWHGHLPSODQWDFLyQGH&DUWDVGH
6HUYLFLRVHQOD$GPLQLVWUDFLyQ/RFDOKDVLGRGHVDUUROODGDHQHO$\XQWDPLHQWR
GH9LJRDWUDYpVGHORVVHUYLFLRVSUHVWDGRVSRUHTXLSRVGHLQYHVWLJDFLyQ
GH OD 'LSORPDWXUD HQ *HVWLyQ \ $GPLQLVWUDFLyQ 3XEOLFD GH OD 8QLYHUVLGDG GH
9LJRHQYLUWXGGHXQ&RQYHQLRGH&RRSHUDFLyQ(GXFDWLYDILUPDGRHQWUHDP
ERV
/DSUHJXQWDTXHQRVSODQWHDPRVDFRQWLQXDFLyQHVTXpVRQUHDOPHQWHODV
&DUWDVGH6HUYLFLRV\SRUTXpVRQLPSRUWDQWHVSDUDODV$GPLQLVWUDFLRQHV3~EOLFDV
/DV&DUWDVGH6HUYLFLRVVHJ~QODGHILQLFLyQGHO5HDO'HFUHWRGH
GHMXOLRSRUHOTXHVHUHJXODQODVFDUWDVGHVHUYLFLRV\ORVSUHPLRVDODFDOLGDGHQ
OD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR VRQGRFXPHQWRVHVFULWRVTXHFRQVWLWX
\HQ HO LQVWUXPHQWR D WUDYpV GHO FXDO ORV yUJDQRV GH OD $GPLQLVWUDFLyQ *HQHUDO GHO
(VWDGRVXV2UJDQLVPRVDXWyQRPRV\ODV(QWLGDGHV*HVWRUDV\6HUYLFLRV&RPXQHVGH
OD6HJXULGDG6RFLDOLQIRUPDQDORVFLXGDGDQRVVREUHORVVHUYLFLRVTXHWLHQHQHQFRPHQ
GDGRV\DFHUFDGHORVFRPSURPLVRVGHFDOLGDGHQVXSUHVWDFLyQDVtFRPRGHORVGHUH
FKRV GH ORV FLXGDGDQRV \ XVXDULRV HQ UHODFLyQ FRQ HVWRV VHUYLFLRV (V GHFLU VRQ
GRFXPHQWRVGHWUDEDMRGRQGHVHH[SRQHGHPDQHUDFODUD\FRQFLVDORVVHUYLFLRV
TXH SUHVWDQ ODV XQLGDGHV DGPLQLVWUDWLYDV ORV UHWRV \ FRPSURPLVRV TXH GLFKDV
XQLGDGHVDVXPHQFRQUHODFLyQDODPHMRUDGHODJHVWLyQLQWHUQD\DODLQFRUSRUD
FLyQGHSURFHVRVGHFDOLGDGHQODSUHVWDFLyQGHORVVHUYLFLRV\ODSURWHFFLyQ\
IRPHQWRGHORVGHUHFKRVGHORVFLXGDGDQRVHQUHODFLyQFRQGLFKRVVHUYLFLRV
/DV&DUWDVGH6HUYLFLRVVHUHDOL]DQFRQHOREMHWLYRSULQFLSDOGHGDUFRQWH
QLGRUHDODODVGHPDQGDVGHORVFLXGDGDQRVGHPHMRUHVVHUYLFLRVPD\RUHVFRP
SURPLVRV GH FDOLGDG \ FXPSOLPLHQWR HIHFWLYR GH ODV QRUPDV TXH ULJHQ ODV
XQLGDGHVDGPLQLVWUDWLYDVGHODVGLVWLQWDV$GPLQLVWUDFLRQHV3~EOLFDV/DHODERUD
(QULTXH-RVp9DUHODOYDUH]
FLyQGHHVWDVJXtDVSDUDFLXGDGDQRVGHEHSURYRFDUODRULHQWDFLyQGHORVVHUYL
FLRV\GHODVXQLGDGHVDGPLQLVWUDWLYDVGHODV$GPLQLVWUDFLRQHV3~EOLFDVKDFLDOD
PHMRUDGHODUHODFLyQFRQORVFLXGDGDQRV\KDFLDODQHFHVDULDKRPRORJDFLyQGH
VXVIyUPXODVGHFRPXQLFDFLyQH[WHUQDHLQWHUQD
$FRQWLQXDFLyQH[SRQHPRVORVGRVSULQFLSDOHVPRGHORVGH&DUWDVGH6HUYL
FLRV FRQWHPSODGRV HQ HO 5HDO 'HFUHWR GH GH MXOLR GH OD $GPL
QLVWUDFLyQ *HQHUDO GHO (VWDGR \ HQ HO 'HFUHWR GH GH PDU]R TXH
DSUXHEDODVPHGLGDVFRPSOHPHQWDULDVGHUHJXODFLyQGHODVFDUWDVGHVHUYLFLRVHQ
OD$GPLQLVWUDFLyQGHOD&RPXQLGDGGH0DGULGTXHGHWHUPLQDQODHVWUXFWXUD\
FRQWHQLGREiVLFRGHODVPLVPDV&XDGURV\
&8$'52
5HDO'HFUHWRGHGHMXOLRSRUHOTXHVHUHJXODQODVFDUWDVGHVHUYLFLRV
\ORVSUHPLRVDODFDOLGDGHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
'DWRVGHFDUiFWHUJHQHUDO\OHJDO
'DWRVLGHQWLILFDWLYRV\ILQHVGHOyUJDQRXRUJDQLVPRSUHVWDGRUGHOVHUYLFLR
6HUYLFLRVTXHSUHVWD
'HUHFKRVFRQFUHWRVGHORVFLXGDGDQRV\XVXDULRVHQUHODFLyQFRQORVVHUYLFLRV
)RUPDGHFRODERUDFLyQRSDUWLFLSDFLyQGHORVFLXGDGDQRV\XVXDULRVHQODPHMRUDGH
ORVVHUYLFLRV
5HODFLyQ DFWXDOL]DGD GH OD QRUPDWLYD UHJXODGRUD GH FDGD XQD GH ODV SUHVWDFLRQHV \
VHUYLFLRV
'LVSRQLELOLGDG \ DFFHVR D OLEURV GH TXHMDV \ VXJHUHQFLDV IRUPDV GH SUHVHQWDFLyQ GH
ODVTXHMDVSOD]RVGHFRQWHVWDFLyQ\HIHFWRVGHODVPLVPDV
'HFRPSURPLVRVGHFDOLGDG
1LYHOHVGHFDOLGDGTXHVHRIUHFHQ\HQWRGRFDVR
D 3OD]RVSUHYLVWRVSDUDODWUDPLWDFLyQGHSURFHGLPLHQWRV\RSDUDODSUHVWDFLyQ GH
ORVVHUYLFLRV
E 0HFDQLVPRVGHFRPXQLFDFLyQHLQIRUPDFLyQ\DVHDJHQHUDORSHUVRQDOL]DGD
F +RUDULRV\OXJDUHVGHDWHQFLyQDOS~EOLFR
,QGLFDFLRQHVTXHIDFLOLWHQHODFFHVRDOVHUYLFLR\PHMRUHQODVFRQGLFLRQHVGHODSUHVWD
FLyQ
6LVWHPDV GH DVHJXUDPLHQWR GH OD FDOLGDG GH SURWHFFLyQ GHO PHGLR DPELHQWH R GH
VHJXULGDGHKLJLHQHTXHHQVXFDVRH[LVWDQ
,QGLFDGRUHVGHHYDOXDFLyQGHODFDOLGDG
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
'HFDUiFWHUFRPSOHPHQWDULR
'LUHFFLRQHVSRVWDOHVWHOHIyQLFDV\WHOHPiWLFDVGHWRGDVODVRILFLQDVGRQGHVHSUHVWDQ
FDGDXQRGHORVVHUYLFLRVLQGLFDQGRFODUDPHQWHODIRUPDGHDFFHVR\HQVXFDVRORV
PHGLRVGHWUDQVSRUWH
'LUHFFLyQSRVWDOWHOHIyQLFD\WHOHPiWLFDGHODXQLGDGUHVSRQVDEOHGHODFDUWDGHVHU
YLFLRV
2WURVGDWRVGHLQWHUpVVREUHORVVHUYLFLRVSUHVWDGRV
)XHQWH(ODERUDFLyQSURSLD
&8$'52
'HFUHWRGHGHPDU]RTXHDSUXHEDODVPHGLGDVFRPSOHPHQWDULDV
GHUHJXODFLyQGHODVFDUWDVGHVHUYLFLRVHQOD$GPLQLVWUDFLyQGHOD&RPXQLGDG
GH0DGULG
'DWRVLGHQWLILFDWLYRVGHOyUJDQRRHQWLGDGSUHVWDGRUDGHOVHUYLFLR
'HQRPLQDFLyQ
&RQVHMHUtDGHDGVFULSFLyQ
5HVSRQVDEOHVGHODHODERUDFLyQ\JHVWLyQGHODFRUUHVSRQGLHQWH&DUWDGH6HUYLFLRV
'LUHFFLyQ
+RUDULRGHDWHQFLyQDOFLXGDGDQR
1XPHURGHWHOpIRQR\ID[
3ULQFLSDOHVVHUYLFLRVSUHVWDGRV
&RPSURPLVRVGHFDOLGDGREMHWLYRVHLQGLFDGRUHV
6LVWHPDGHVXJHUHQFLDV\UHFODPDFLRQHV
)XHQWH(ODERUDFLyQSURSLD
$GHPiVGHORVDQWHULRUHVPRGHORVSDUDODV&DUWDGH6HUYLFLRVPHUHFHODSH
QDGHWHQHUVHEUHYHPHQWHHQODH[SHULHQFLDGHO$\XQWDPLHQWRGH,U~QPHQFLR
QDGDDQWHULRUPHQWH\VXV&DUWDVGH&RPSURPLVRTXHDFHUFDQODUHDOLGDGGH
ODV GRV SULPHUDV DO iPELWR GH OR ORFDO 8QD SULPHUD GHILQLFLyQ QRV FRUURERUD
HVWDDILUPDFLyQ/DVFDUWDVGHFDOLGDGVRQGRFXPHQWRVHVFULWRVHQORVTXHVHGDQD
FRQRFHUDORVFLXGDGDQRVORVFRPSURPLVRVGHFDOLGDGTXHDVXPHOD$GPLQLVWUDFLyQHQ
OD SUHVWDFLyQ GH ORV VHUYLFLRV (VWRV FRPSURPLVRV WLHQHQ FDUiFWHU S~EOLFR \ UHVXOWDQ
H[LJLEOHVGDQGROXJDUHQFDVRGHLQFXPSOLPLHQWRDSURFHGLPLHQWRVGHUHFODPDFLyQ\
FRPSHQVDFLyQ3UHWHQGHQVHUODH[SUHVLyQGHXQFRQWUDWRGHVHUYLFLRVHQWUHOD$GPL
QLVWUDFLyQ \ ORV FLXGDGDQRV SRU OR TXH KDQ GH HODERUDUVH WRPDQGR HQ FRQVLGHUDFLyQ
(QULTXH-RVp9DUHODOYDUH]
VXV QHFHVLGDGHV \ H[SHFWDWLYDV &RPR VH SXHGH REVHUYDU HQ HO FDVR GH ,U~Q ODV
&DUWDVGH6HUYLFLRVYDUtDQHOVHQWLGRLQLFLDOGHORVPRGHORVGHDGPLQLVWUDFLRQHV
PiV JUDQGHV \ JHQHUDOLVWDV DSUR[LPDQGR VX GHILQLFLyQ \ FDUDFWHUtVWLFDV D ORV
VHUYLFLRVHVSHFtILFRVSUHVWDGRVSRUODV$GPLQLVWUDFLRQHV/RFDOHV
*HVWLyQGHOD&DOLGDG,62
&RPR KHPRV SRGLGR REVHUYDU HQ ORV DSDUWDGRV DQWHULRUHV ODV 1RUPDV
,62 VRQ XQ UHIHUHQWH GH JHVWLyQ HQ ODV $GPLQLVWUDFLRQHV 3~EOLFDV GH FXDO
TXLHUD GH ORV QLYHOHV WHUULWRULDOHV GH DFWXDFLyQ KDELpQGRVH HPSUHQGLGR LP
SODQWDFLRQHVGHVLVWHPDVGHJHVWLyQGHFDOLGDGHQXQLGDGHVDGPLQLVWUDWLYDVGHO
(VWDGRGHODV&RPXQLGDGHV$XWyQRPDV\GHORV(QWHV/RFDOHVHQWUHODVPiV
VLJQLILFDWLYDV ODV GHO $\XQWDPLHQWR GH /RJURxR HQ &RPXQLGDG $XWyQRPD GH
/D 5LRMD VLHQGR OD SULPHUD RUJDQL]DFLyQ S~EOLFD HQ FHUWLILFDUVH HQ XQD ,62
HQ(VSDxD
$FRQWLQXDFLyQGHVFULELPRVEUHYHPHQWHHOPRGHORDFWXDOGHJHVWLyQGHOD
FDOLGDG\DTXHWDO\FRPRVHxDODQ-XDQHV\%ODQFRHOPRGHORSUHVHQWH
GHODIDPLOLDGHQRUPDV,62VHSDUHFHPiVD~QDOPRGHORGHJHVWLyQGH
FDOLGDGTXHVXDQWHFHVRUHQHOFXDO~QLFDPHQWHVHHVWDEOHFtDHODVHJXUDPLHQWR
GHODFDOLGDG/DVLPLOLWXGGHOPRGHORHQYLJRUFRQHO()40WDPELpQHVSD
WHQWHHQXQLQWHQWRGHODRUJDQL]DFLyQ,62GHKRPRJHQHL]DU\FRPSDWLELOL]DU
ORVVLVWHPDVGHJHVWLyQGHFDOLGDGSDUDIDYRUHFHUVXLPSODQWDFLyQHQODVRUJDQL
]DFLRQHVS~EOLFDV\SULYDGDV
/RVFDPELRVSURGXFLGRVHQOD1RUPDGHOWLHQHQTXHYHUFRQ
/DUHIXQGLFLyQHQXQDVRODQRUPD,62GHODV,62
\
8QHQIRTXHPiVFHQWUDGRHQORVFRQFHSWRVGHFDOLGDGWRWDOSRUORTXH
VHFRQVLGHUDDOFOLHQWHHOHOHPHQWRFHQWUDOGHVXDFWXDFLyQ
6H FRQVDJUD HO HQIRTXH GH SURFHVRV FRPR IXQFLRQDPLHQWR QRUPDO HQ
ODV RUJDQL]DFLRQHV OR TXH LPSOLFD OD LGHQWLILFDFLyQ GH ORV PLVPRV DVt
FRPRVXFRQVLJXLHQWHSODQLILFDFLyQ\PHMRUDFRQWLQXD
/DDSOLFDFLyQGHOSULQFLSLRGHPHMRUDFRQWLQXDDWUDYpVGHLQGLFDGRUHV
TXHUHIOHMDQODPLVPDHQSURFHVRVSURGXFWRV\VHUYLFLRV
6H WUDQVIRUPD OD WHUPLQRORJtD GH DVHJXUDPLHQWR HQ JHVWLyQ GH OD FDOL
GDG HYROXFLyQ QR VyOR KDFLD HO DVHJXUDPLHQWR GH OD FRQIRUPLGDG GH
SURGXFWRRVHUYLFLRVLQRDODLPSOLFDFLyQGHODVRUJDQL]DFLRQHVHQHOOR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
JURGHODVDWLVIDFFLyQGHOFOLHQWH\HOGHVDUUROORGHXQPRGHORGHJHVWLyQ
LQWHJUDO
(QSDUDOHORDOD1RUPDVHSXEOLFyOD1RUPDFRQUHFR
PHQGDFLRQHVSDUDODPHMRUDHQORVVLVWHPDVGHFDOLGDGFRQILJXUiQGRVH
DPEDVFRPRFRPSOHPHQWDULDV$VtSRUXQODGROD,62HVWDEOH
FHORVUHTXLVLWRVTXHGHEHFXPSOLUHOVLVWHPDGHJHVWLyQGHFDOLGDGSDUD
SRGHUVHUFHUWLILFDGRPLHQWUDVTXHOD1RUPD,62HVWDEOHFHUH
FRPHQGDFLRQHVVREUHORVDVSHFWRVGHOVLVWHPDGHJHVWLyQGHFDOLGDGSDUD
ODPHMRUDJOREDOGHODVRUJDQL]DFLRQHV
3DUD ILQDOL]DU VH H[SRQH OD HVWUXFWXUD IRUPDO GH OD 1RUPD 81((1
,62TXHFRQWHPSODORVDSDUWDGRVTXHVHGHEHQDSOLFDUSDUDFRQVH
JXLUODJHVWLyQGHODFDOLGDGHQODVRUJDQL]DFLRQHVS~EOLFDV\SULYDGDV
(VWUXFWXUDGHODQXHYDQRUPD,62
2%-(72<&$032'($3/,&$&,1
*HQHUDOLGDGHV
$SOLFDFLyQ
5()(5(1&,$61250$7,9$6
7e50,126<'(),1,&,21(6
6,67(0$'(*(67,1'(/$&$/,'$'
5HTXLVLWRVJHQHUDOHV
5HTXLVLWRVGHODGRFXPHQWDFLyQ
5(63216$%,/,'$''(/$',5(&&,1
&RPSURPLVRGHODGLUHFFLyQ
(QIRTXHDOFOLHQWH
3ROtWLFDGHODFDOLGDG
3ODQLILFDFLyQ
5HVSRQVDELOLGDGDXWRULGDG\FRPXQLFDFLyQ
5HYLVLyQSRUODGLUHFFLyQ
*(67,1'(/265(&85626
3URYLVLyQGHORVUHFXUVRV
5HFXUVRVKXPDQRV
,QIUDHVWUXFWXUDV
$PELHQWHGHWUDEDMR
(QULTXH-RVp9DUHODOYDUH]
5($/,=$&,1'(/352'8&72
3ODQLILFDFLyQGHODUHDOL]DFLyQGHOWUDEDMR
3URFHVRVUHODFLRQDGRVFRQHOFOLHQWH
'LVHxR\GHVDUUROOR
&RPSUDV
3URGXFFLyQ\SUHVWDFLyQGHVHUYLFLRV
&RQWUROGHORVGLVSRVLWLYRVGHVHJXLPLHQWR\PHGLFLyQ
0(','$$1/,6,6<0(-25$
*HQHUDOLGDGHV
6HJXLPLHQWR\PHGLFLyQ
&RQWUROGHOSURGXFWRQRFRQIRUPH
$QiOLVLVGHGDWRV
0HMRUD
)XHQWH 1RUPD 81((1 ,62 6LVWHPDV GH *HVWLyQ GH OD FDOLGDG 5HTXLVLWRV
,62$(125'LFLHPEUH
6LVWHPDVGH*HVWLyQ0HGLRDPELHQWDO
6HJ~QHO0DQXDOGH*HVWLyQ$PELHQWDO\$XGLWRUtDGHO6HFWRUGH$GPLQLVWUD
FLyQ3~EOLFDGHOD&RPXQLGDGGH0DGULGORV6LVWHPDVGH*HVWLyQ0H
GLRDPELHQWDOVHGHILQHQGHGLYHUVDVIRUPDVHQWUHHOODVGHVWDFDQ
1RUPD ,QWHUQDFLRQDO 81((1 ,62 6LVWHPDV GH *HVWLyQ
0HGLRDPELHQWDO(VSHFLILFDFLRQHV\GLUHFWULFHVSDUDVXXWLOL]DFLyQVHGHILQH
FRPRSDUWHGHOVLVWHPDJHQHUDOGHJHVWLyQTXHFRPSUHQGHODHVWUXFWXUDRU
JDQL]DGDODVUHVSRQVDELOLGDGHVODVSUiFWLFDVORVSURFHGLPLHQWRV\ORVUHFXU
VRVSDUDGHWHUPLQDU\OOHYDUDFDERODSROtWLFDPHGLRDPELHQWDO
5HJODPHQWR&(1GHO3DUODPHQWR(XURSHR\GHO&RQVHMR
GHGHPDU]RGHSRUHOTXHVHSHUPLWHTXHODV RUJDQL]DFLRQHVVH
DGKLHUDQFRQFDUiFWHUYROXQWDULRDXQVLVWHPDFRPXQLWDULRGHJHVWLyQ\DX
GLWRUtDPHGLRDPELHQWDOHV(0$6VHGHILQHFRPRDUWNODSDUWHGHO
VLVWHPDJHQHUDO GH JHVWLyQ TXH LQFOX\H OD HVWUXFWXUD RUJDQL]DWLYD ODV DFWLYL
GDGHV GH SODQLILFDFLyQ ODV UHVSRQVDELOLGDGHV ODV SUiFWLFDV ORV SURFHGLPLHQ
WRV ORV SURFHVRV \ ORV UHFXUVRV SDUD GHVDUUROODU DSOLFDU DOFDQ]DU UHYLVDU \
PDQWHQHUODSROtWLFDPHGLRDPELHQWDO
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
&RPR VH GHVWDFD HQ HO PHQFLRQDGR 0DQXDO (Q GHILQLWLYD XQ 6LVWHPD GH
*HVWLyQ 0HGLRDPELHQWDO HQ DGHODQWH 6*0$ LQFRUSRUD ODV FRQVLGHUDFLRQHV DP
ELHQWDOHVHQODWRPDGHGHFLVLRQHV\HQORVSURFHVRVSURGXFWLYRVLQGHSHQGLHQWHPHQWH
GHFXDOVHDODQDWXUDOH]DGHVXDFWLYLGDG3RUORWDQWRORTXHKDFHHO6*0$HV
SURSRUFLRQDUXQPDUFRGHUHIHUHQFLDGHODVDFFLRQHVHQFDPLQDGDVDRSWLPL]DU
UHGXFLU\FRQWURODUODLQFLGHQFLDGHODVRUJDQL]DFLRQHVS~EOLFRSULYDGDVVREUHHO
PHGLR DPELHQWH (VWR QR TXLHUH GHFLU TXH D WUDYpV GH OD LPSODQWDFLyQ GH ORV
6*0$ORJUHPRVODFRQWDPLQDFLyQFHUR\DTXHpVWDQRH[LVWHSHURVtGHTXH
SRGDPRVUHGXFLUORVLPSDFWRVGHODVDFWLYLGDGHVSURGXFLGDVSRUODRUJDQL]DFLyQ
S~EOLFDVREUHHOPHGLRDPELHQWH
+DVWDKDFHDOJXQRVDxRVODLPSODQWDFLyQGH6*0$HQODVRUJDQL]DFLR
QHV VyOR VH FRQWHPSODED HQ ORV VHFWRUHV \ DFWLYLGDGHV LQGXVWULDOHV )UXWR GH OD
HYROXFLyQGHORVVLVWHPDVGHJHVWLyQ\GHODQHFHVLGDGGHTXHHVWRVVLVWHPDVVH
DGDSWDUDQDODUHDOLGDGGHODVRUJDQL]DFLRQHV\QRDOUHYpVVHKDQLGRLPSOH
PHQWDGRPHMRUDVSDUFLDOHVHQVXPHWRGRORJtD\HQORVPDUFRV\QRUPDVGHUHIH
UHQFLDTXHHQODDFWXDOLGDGVHHVWiQDSOLFDQGRSDUDPHMRUDUODJHVWLyQGHOPHGLR
DPELHQWHHQHOiPELWRS~EOLFRHQWHQGLHQGRSRUHVWHODVGLVWLQWDV$GPLQLVWUD
FLRQHV3~EOLFDV\HVSHFLDOPHQWHODVGHGLFDGDVDODJHVWLyQGHORVVHUYLFLRVS~EOL
FRV WDQWR HQ OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR FRPR HQ ODV
$GPLQLVWUDFLRQHV$XWRQyPLFDV\/RFDOHVLQFOXLGDVVXVHQWHVS~EOLFRVHPSUHVD
ULDOHV\RUJDQLVPRVDXWyQRPRV
$FRQWLQXDFLyQLQWURGXFLPRVGRVGHORVPiVLPSRUWDQWHV6*0$GLVSR
QLEOHV SDUD OD JHVWLyQ S~EOLFD ORFDO GHO PHGLR DPELHQWH (0$6 \
81((;
5HJODPHQWR(XURSHR(0$6
8QDGHODVSULPHUDVFXHVWLRQHVTXHQRVTXHGDQFODUDVDODKRUDGHDQDOL]DU
OD DSUREDFLyQ GHO UHFLHQWH (0$6 RFKR DxRV GHVSXpV GH VX SULPHUD
SURSXHVWD\FRQPiVGHWUHVDxRVGHUHWUDVRHQVXDFWXDOL]DFLyQWHQtDTXHKD
EHUVHDSUREDGRHQODFRQWHPSODPRVHQVXGHQRPLQDFLyQ
5HJODPHQWR&((1GHO3DUODPHQWR(XURSHR\GHO&RQ
VHMRSRUHOTXHVHSHUPLWHDODVHPSUHVDVGHO VHFWRULQGXVWULDOVH DGKLHUDQ
FRQFDUiFWHUYROXQWDULRDXQVLVWHPDFRPXQLWDULRGHJHVWLyQ\DXGLWRUtDPH
GLRDPELHQWDOHV(0$6
5HJODPHQWR&(1GHO3DUODPHQWR(XURSHR\GHO&RQVHMR
GHGHPDU]RGHSRUHOTXHVHSHUPLWHTXHODV RUJDQL]DFLRQHVVH
(QULTXH-RVp9DUHODOYDUH]
DGKLHUDQFRQFDUiFWHUYROXQWDULRDXQVLVWHPDFRPXQLWDULRGHJHVWLyQ\DX
GLWRUtDPHGLRDPELHQWDOHV(0$6
$VtHOiPELWRGHDSOLFDFLyQVHH[WLHQGHGHODVHPSUHVDVGHOVHFWRULQGXV
WULDOHXURSHDVDWRGRWLSRGHRUJDQL]DFLRQHVS~EOLFDVSULYDGDVLQGXVWULDOHV\GH
VHUYLFLRVHLQFOXVRRUJDQL]DFLRQHVQR JXEHUQDPHQWDOHVTXH GHVHHQDSOLFDUXQ
VLVWHPD FRPXQLWDULR GH JHVWLyQ \ DXGLWRUtD PHGLRDPELHQWDOHV OyJLFDPHQWH HQ
XQPDUFRGHDXWRUUHJXODFLyQFRPRVXVSULPDVODV1RUPDV,QWHUQDFLRQDOHVGH
OD,62
/DHYROXFLyQGHOFRQFHSWR GH RUJDQL]DFLRQHV SULYDGDV LQGXVWULDOHV D WRGR
WLSR GH RUJDQL]DFLRQHV KD UHVXOWDGR IXQGDPHQWDO SDUD TXH $\XQWDPLHQWRV \
'LSXWDFLRQHVXQLGDGHVDGPLQLVWUDWLYDVGHODV&RPXQLGDGHV$XWyQRPDV\GHOD
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR\WRGRVVXVRUJDQLVPRVDXWyQRPRV\HQWHV
S~EOLFRVHPSUHVDULDOHVHQWUHQHQHOPHUFDGRGHODFHUWLILFDFLyQGHFDOLGDGDP
ELHQWDOYROXQWDULD
(O5HJODPHQWR&(1HQDGHODQWH(0$6FRPRYHPRV
DPSOtD HO DOFDQFH D WRGR WLSR GH RUJDQL]DFLRQHV VLQ UHIHULUVH D QLQJ~Q VHFWRU
FRQFUHWR DGRSWDQGR DGHPiV ORV UHTXLVLWRV GH OD 1RUPD 81((1 ,62
UHODWLYRVDOVLVWHPDGHJHVWLyQPHGLRDPELHQWDODLPSODQWDUORTXHSXHGH
UHGXQGDUHQEHQHILFLRVSDUDODVRUJDQL]DFLRQHVDOHYLWDUGXSOLFLGDGGHFHUWLILFD
FLRQHV(O(0$6VLJXHKDFLHQGRHVSHFLDOKLQFDSLpHQODLQIRUPDFLyQ
GHULYDGDGHODFHUWLILFDFLyQ\ODDFFHVLELOLGDGS~EOLFDGHODPLVPDFRQHOILQGH
PDQWHQHUODWUDQVSDUHQFLDQHFHVDULD\HOFXPSOLPLHQWRGHODV'LUHFWLYDV(XUR
SHDVHQPDWHULDGH,QIRUPDFLyQ$PELHQWDO
/DDFWXDOL]DFLyQGHO(0$6VXSRQHVLQGXGDXQJUDQSDVRKDFLD
GHODQWHHQODJHQHUDOL]DFLyQGHORVVLVWHPDVGHJHVWLyQPHGLRDPELHQWDOHQWRGR
WLSRGHRUJDQL]DFLRQHVS~EOLFDV\SULYDGDVGHOD8QLyQ(XURSHDLQGXVWULDOHV\
GH VHUYLFLRV JUDQGHV \ SHTXHxDV LQFOXVR RUJDQL]DFLRQHV GHO WHUFHU VHFWRU GH
DFWLYLGDG RQJV $GHPiV VH FRPSDWLELOL]D FRPR VLVWHPD GH JHVWLyQ FRQ OD
IDPLOLDGH1RUPDV,QWHUQDFLRQDOHV,62ORTXHVLQGXGDIDFLOLWDODKR
PRJHQHLGDGGHUHIHUHQWHVGHJHVWLyQLQWHUQD GHQWUR GH ODV RUJDQL]DFLRQHV 6LQ
HPEDUJR HO (0$6 VLJXH PDQWHQLHQGR XQD PD\RU H[LJLELOLGDG TXH ODV
1RUPDV ,62 HQ FXDQWR D OD SXEOLFLGDG \ GLVSRQLELOLGDG GH OD LQIRUPDFLyQ
PHGLRDPELHQWDOGHODVRUJDQL]DFLRQHVLQVWUXPHQWDGDDWUDYpVGHODGHFODUDFLyQ
PHGLRDPELHQWDO OD FXDO KD GH HVWDU GLVSRQLEOH LQFOXLGR HQ IRUPDWR LPSUHVR
SDUDFXDOTXLHUSDUWHLQWHUHVDGDTXHORVROLFLWH(VWRQRSRGtDVHUGHRWUDIRUPD
\DTXHFRPR5HJODPHQWR&RPXQLWDULRTXHHVGHEHFRQWHPSODUODHVHQFLDGHORV
3URJUDPDV GH $FFLyQ \ GH ODV 'LUHFWLYDV HQWUH ODV TXH VH HQFXHQWUD HQ OXJDU
SUHGRPLQDQWH OD GH ,QIRUPDFLyQ $PELHQWDO /D UHYLVLyQ GHO (0$6
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
DEUH XQD QXHYD YtD GH JHVWLyQ FRQ QXHYDV KHUUDPLHQWDV H LQVWUXPHQWRV SDUD
ODV$GPLQLVWUDFLRQHV3~EOLFDVHVSDxRODV\ HVSHFLDOPHQWH SDUD ORV (QWHV /RFD
OHVTXHSRGUiQHQWRGRFDVRRSWDUSRUODFRPSDWLELOLGDGGHVLVWHPDVGHJHVWLyQ
D WUDYpV GHO GRFXPHQWR SXHQWH R ELHQ SRU OD FHUWLILFDFLyQ ,62 R
YHULILFDFLyQ (0$6 HQ IXQFLyQ GH VXV LQWHUHVHV SRVLELOLGDGHV \ OLPLWDFLR
QHV
1RUPDV,62\81((;
/DUD]yQGHH[SRQHUHOHMHPSORGHOD81((;DGDSWDGDDODUHD
OLGDGORFDO\QRJHQHUDO\DXWRQyPLFDHVODGHPRVWUDUODDPSOLWXGGHSRVLELOL
GDGHVTXHRIUHFHODJHVWLyQGHFDOLGDG\PHGLRDPELHQWH\HOVHULRHVIXHU]RTXH
VH HVWi UHDOL]DQGR GHVGH ORV RUJDQLVPRV GH QRUPDOL]DFLyQ \ FHUWLILFDFLyQ SRU
DFHUFDUGHIRUPDDGDSWDWLYDODUHDOLGDGGHJHVWLyQDOiPELWRGHORS~EOLFRHQ
HVWHFDVRORFDO
$OLJXDOTXH FRQ HO (0$6 WUDV QR SRFDV PRGLILFDFLRQHV GH YHU
VLRQHVSUHOLPLQDUHV\JUDQFRQVHQVRHQHOVHQRGHORV&RPLWpVGH7UDEDMRGHODV
RUJDQL]DFLRQHV LQWHUQDFLRQDOHV GH 1RUPDOL]DFLyQ \ &HUWLILFDFLyQ GHVSXpV GH
VHLV DxRV GHVGH TXH OD RUJDQL]DFLyQ LQWHUQDFLRQDO ,62 SXVLHUD HQ PDUFKD OD
1RUPDGH6LVWHPDVGH*HVWLyQ0HGLRDPELHQWDOGHTXHHQVXSULPHUDRULHQWD
FLyQ \D TXHGDUD FODUR TXH FRPR 1RUPD GH UHIHUHQFLD VH SRGUtD DGDSWDU D ODV
QHFHVLGDGHVGHJHVWLyQPHGLRDPELHQWDOGHFXDOTXLHUWLSRGHRUJDQL]DFLyQS~
EOLFD \ SULYDGD LQGXVWULDO R GH VHUYLFLRV \ GHVSXpV GH TXH DOJXQDV (QWLGDGHV
/RFDOHV LQLFLDUDQ ODV SUXHEDV GH GLFKD DGDSWDFLyQ GH OD 1RUPD 81((1
,62DVXSURSLDUHDOLGDGGHJHVWLyQDGPLQLVWUDWLYD\GHVHUYLFLRVHMHP
SORV2KDQHV\UHVWRGHPXQLFLSLRVGHODV$OSXMDUUDV$OPHULHQVHVFRPHQ]DURQ
DVXUJLUORVSULPHURVLQFRQYHQLHQWHV
(QSULPHUOXJDUHOKHFKRGHTXHQRFRQWHPSODUDQODUHDOLGDGGHJHVWLyQ
GHORVHQWHVORFDOHVHVSDxROHVLQIUDPXQLFLSDOLVPRIDOWDGHUHFXUVRVSD
UDODJHVWLyQQXODRULHQWDFLyQDORVSURFHVRV\REMHWLYRV\GHVXVVHU
YLFLRVDGPLQLVWUDWLYRV
(QVHJXQGROXJDU\DXQTXHTXHGDH[SUHVDPHQWHUHFRJLGRHQOD1RUPD
GHUHIHUHQFLDOHJLVODFLyQ\QHFHVLGDGGHFXPSOLPLHQWRGHUHTXLVLWRVOH
JDOHVODQRHVSHFLILFDFLyQGHOPDUFROHJDODPELHQWDOSURSLRGHODVHQWL
GDGHVORFDOHVHVSDxRODV
3DUD HOOR VH SXVLHURQ HQ PDUFKD QRUPDV HVSDxRODV HQ HO VHQR GHO PLVPR
&RPLWp7pFQLFRGH$(125$(1&71*HVWLyQ0HGLRDPELHQWDO
FRQODILQDOLGDGGHSURIXQGL]DUHQHODQiOLVLVGHODVHVSHFLILFLGDGHVSURSLDVGHOD
(QULTXH-RVp9DUHODOYDUH]
JHVWLyQWRWDO\PiVFRQFUHWDPHQWHGHODJHVWLyQDPELHQWDOGHODVXQLGDGHVRU
JDQL]DWLYDV GH QXHVWUDV $GPLQLVWUDFLRQHV 3~EOLFDV )UXWR GH HVWH WUDEDMR KD
VXUJLGR OD UHFLHQWH 1RUPD 81( (; GH 6*0$ &RPR VHxDOD
$(125HQOD,QWURGXFFLyQGHGLFKD1RUPDVHHQFXHQWUDQPD\RUHVGLILFXOWD
GHVHQHOFDVRSDUWLFXODUGHODV(QWLGDGHV/RFDOHV\WHUULWRULDOHV\DTXHVXVDFFLRQHV
DIHFWDQDOWHUULWRULR\DODSREODFLyQVREUHORVTXHHMHUFHQVXRUJDQL]DFLyQ\JHVWLyQ\
SRUWDQWRDVXVFDUDFWHUtVWLFDVPHGLRDPELHQWDOHV/DGLILFXOWDGGH LGHQWLILFDUHOiP
ELWR GH DSOLFDFLyQ GHO 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO HQ XQD (QWLGDG /RFDO VH
GHEH D XQD VHULH GH SDUWLFXODULGDGHV FRPR VRQ OD PXOWLSOLFLGDG GH iUHDV GH JHVWLyQ
VHUYLFLRV\DFWLYLGDGHVODFRQFXUUHQFLDGHGLIHUHQWHVDGPLQLVWUDFLRQHVHQODJHVWLyQGH
XQUHFXUVRODSRVLELOLGDGGHDVXPLUFRPSHWHQFLDVWRWDORSDUFLDOPHQWH\ODWUDQVYHU
VDOLGDGGHODJHVWLyQDPELHQWDO(VWDVSRVLEOHVGLILFXOWDGHVVHSUHWHQGHQVROYHQWDUSR
QLHQGRDGLVSRVLFLyQGHODVHQWLGDGHVORFDOHVXQDJXtDHVSHFtILFDSDUDODHODERUDFLyQ
DSOLFDFLyQ PDQWHQLPLHQWR \ HYDOXDFLyQ GH XQ 6LVWHPD GH *HVWLyQ 0HGLRDPELHQWDO
FRQIRUPHDOD1RUPD81((1,62
7HQLHQGRHQFXHQWDTXHHOPDUFRGHUHIHUHQFLDSULQFLSDOGHODJHVWLyQS~
EOLFDORFDOHVHOPDUFROHJDO\TXHHVWHVHFRQWHPSODHQOD/H\5HJXODGRUDGHODV
%DVHV GHO 5pJLPHQ /RFDO GRQGH ILJXUDQ ORV HOHPHQWRV GHO PXQLFLSLR
WHUULWRULRSREODFLyQ\RUJDQL]DFLyQSRGHPRVYHUTXHORV$\XQWDPLHQWRVVRQ
OD RUJDQL]DFLyQ SROtWLFRVRFLDO EiVLFD GH JHVWLyQ \ SDUWLFLSDFLyQ YHFLQDO 6HJ~Q
OR DQWHULRU HO DOFDQFH GHO 6*0$ HQ XQ $\XQWDPLHQWR GHEHUi WHQHU HQ
FXHQWDXQDVHULHGHFULWHULRV
'HILQLUiUHDVGHJHVWLyQGHODV(QWLGDGHV/RFDOHVLQFOX\HQGRVXGLVWUL
EXFLyQWHUULWRULDO
(VWDEOHFHUORVVHUYLFLRVFRUUHVSRQGLHQWHVDFDGDiUHDGHJHVWLyQ
'LIHUHQFLDU ORV VHUYLFLRV TXH VH UHDOL]DQ GLUHFWDPHQWH SURGXFFLyQ \
DTXHOORVVXEFRQWUDWDGRVDRWUDVRUJDQL]DFLRQHVSURYLVLyQ
(VWDEOHFHUDFWLYLGDGHVFRQFUHWDVGHUHDOL]DFLyQGHFDGDVHUYLFLR
(O REMHWR \ FDPSR GH DSOLFDFLyQ GH OD 1RUPD 81( (; HVWi GL
UHFWDPHQWHUHFRJLGRHQOD1RUPD81((1,62\SRUWDQWR
WLHQHFRPRREMHWRIDFLOLWDUODLPSODQWDFLyQGH6*0$HQHOiPELWRGHFRP
SHWHQFLDV GH ODV (QWLGDGHV /RFDOHV &RPR VHxDOD OD 1RUPD 81( (VWD JXtD
HVWiFRQFHELGDSULQFLSDOPHQWHSDUDODLPSODQWDFLyQGHXQ6LVWHPDGH*HVWLyQ0HGLR
DPELHQWDODQLYHOJOREDOHQOD(QWLGDG/RFDOQRREVWDQWHODV(QWLGDGHVORFDOHVWDP
ELpQ SRGUiQ LPSODQWDU 6LVWHPDV GH *HVWLyQ 0HGLRDPELHQWDO HQ SDUWHV iUHDV
GHSDUWDPHQWRVRVHUYLFLRVQRUHFRQRFLGRVFRPRHQWHVMXUtGLFRVDXWyQRPRVGLVWLQWRVGH
OD (QWLGDG /RFDO (Q HVWH FDVR VH DFRQVHMD HO HPSOHR FRQMXQWR GH OD 1RUPD 81(
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(;5,JXDOPHQWHVHDFRQVHMDTXHHQHOFDVRGHLPSODQWDU6LVWHPDVGH*HV
WLyQ 0HGLRDPELHQWDO HQ GLVWLQWDV SDUWHV iUHDV GHSDUWDPHQWRV R VHUYLFLRV VH GHEH
WHQGHUDODLQWHJUDFLyQGHORVPLVPRV\DODYLVLyQHQHOFRQMXQWRGHO6LVWHPD(VWH
SXQWRKDFHDOXVLyQDODQHFHVLGDGGHLQWHJUDUODYLVLyQGHXQ6*0$FRPR
KHUUDPLHQWDLQWHUQDGHJHVWLyQDPELHQWDOGHO$\XQWDPLHQWRFRQODYLVLyQJOR
EDOGHPHMRUD\SURWHFFLyQDPELHQWDOTXHVHUHFRJHHQHOPDUFRGHOD$JHQGD
/RFDO GHVGH GRQGH VH LQFOX\HQ ORV DVSHFWRV DPELHQWDOHV ORV DVSHFWRV HFR
QyPLFRV\ORVDVSHFWRVVRFLDOHVFRQHVSHFLDOLQFLGHQFLDHQODSDUWLFLSDFLyQFLX
GDGDQD
(QWUH ODV 1RUPDV GH UHIHUHQFLD \ FRQVXOWD ILJXUDQ ODV \D FLWDGDV 81(
(1,626LVWHPDVGH*HVWLyQ0HGLRDPELHQWDO(VSHFLILFDFLRQHV\
GLUHFWULFHVSDUDVXXWLOL]DFLyQOD81((;56LVWHPDVGH*HVWLyQ0H
GLRDPELHQWDO *XtD SDUD OD DSOLFDFLyQ GH OD 1RUPD 81((1 ,62 HQ ODV
HPSUHVDV GH VHUYLFLRV HO QXHYR PDUFR GH JHVWLyQ FRPXQLWDULR (0$6
DQDOL]DGR HQ HO SXQWR DQWHULRU \ ODV QXHYDV QRUPDV RULHQWDGDV D LQWHJUDU OD
JHVWLyQGHODFDOLGDG\GHOPHGLRDPELHQWHHQODVRUJDQL]DFLRQHVDWUDYpVGHOD
1RUPD 81((1 ,62 GH GLUHFWULFHV SDUD OD DXGLWRUtD GH ORV
VLVWHPDVGHJHVWLyQGHODFDOLGDG\RPHGLRDPELHQWDO
,QGHSHQGLHQWHPHQWHGHODVGHILQLFLRQHVUHFRJLGDVHQOD1RUPDGHUHIHUHQ
FLD 81((1 ,62 HQ OD 1RUPD 81( (; DSDUHFHQ
HVSHFtILFDPHQWHORVFRQFHSWRVGHOD$JHQGDGHVDUUROORVRVWHQLEOH\OD5HYL
VLyQ0HGLRDPELHQWDO,QLFLDO50,HVSHFtILFDPHQWHDGDSWDGDDORV(QWHV/R
FDOHV\ODQHFHVLGDGGHFRQWHPSODUORVFRQWHQLGRVGHOD/5%5/
/DV1XHYDV$GPLQLVWUDFLRQHV3~EOLFDV
&DPELRV PRGHUQL]DFLRQHV WUDQVIRUPDFLRQHV WpFQLFDV YDORUHV FDOLGDG
PHGLRDPELHQWHSUHYHQFLyQGHULHVJRVODERUDOHVPXFKDVVRQODVDOWHUDFLRQHV
TXH ODV $GPLQLVWUDFLRQHV 3~EOLFDV KDQ YLYLGR HQ HVWDV ~OWLPDV GpFDGDV HQ VX
JHVWLyQDOJXQDVGHHOODVKDQVXSXHVWRXQDPRGLILFDFLyQWRWDOHQVXVFRPSRUWD
PLHQWRVLQWHUQRVFDMDQHJUD\ODPD\RUSDUWHGHHOORVDOWHUDFLRQHVPDUJLQDOHV
HQ VXV PRGHORV GH JHVWLyQ \ UHODFLyQ FRQ ORV FLXGDGDQRVXVXDULRV GH VHUYLFLRV
S~EOLFRV
6LQHPEDUJRHVWRQRQRVGHEHOOHYDUDODUHQXQFLDGHORVSRVWXODGRVGHOR
S~EOLFRTXHHQ(VWDGRVGHOELHQHVWDUVRFLDOHV\GHPRFUiWLFRV GH GHUHFKRVX
SRQHQ OD JDUDQWtD SRU SDUWH GH ORV SRGHUHV S~EOLFRV GH XQRV PtQLPRV TXH ORV
FLXGDGDQRVQRHVWiQGLVSXHVWRVDSHUGHU+D\TXHKDFHUODVFRVDVGHIRUPDGLIH
UHQWHSHURHQHOIRQGRODVPLVPDVFRVDV
(QULTXH-RVp9DUHODOYDUH]
'HVSXpVGHXQDGpFDGDUHLQJHQLHULORUJDQL]DWLYDFDGDYH]VRQPiVODVYR
FHV TXH FODPDQ SRU XQD YXHOWD D ORV HQIRTXHV GH UHKXPDQL]DFLyQ 9LOORULD
RQHRS~EOLFRV5DPLyGHVGHORVFXDOHVHVQHFHVDULRSURIXQGL]DU
HQ OD WUDQVIRUPDFLyQ FXOWXUDO \ GH YDORUHV GH ODV $GPLQLVWUDFLRQHV 3~EOLFDV
FRQWHPSRUiQHDV
/RTXHVt HVWiFDGD YH] PiV FODUR HV TXH ODV YLHMDV \ QXHYDV WpFQLFDV GH
JHVWLyQ S~EOLFD KDEUiQ GH LQWURGXFLU HQ VXV GLQiPLFDV ILORVRItDV \ YDORUHV TXH
FRQWULEX\DQ D HQULTXHFHU HO WUDEDMR GH ODV RUJDQL]DFLRQHV S~EOLFDV \ VXV GLIH
UHQWHVXQLGDGHV3DUDHOOR\IXQGDPHQWDOPHQWHDGHPiVGHWUDEDMDUHQHOFRQR
FLPLHQWR LQVWUXPHQWDO GH GLFKDV WpFQLFDV ,62 ()40 VHUi QHFHVDULR
LQWURGXFLUILORVRItDVGHFRPSURPLVRUHVSRQVDELOLGDG\YDORUHQWRGRDTXHOORTXH
VH SURPXHYD GHVGH ODV $GPLQLVWUDFLRQHV 3~EOLFDV 6H GHEHUi SRU WDQWR GH
DUWLFXODUORWpFQLFR\ORFXOWXUDODWUDYpVGHODIRUPDFLyQWpFQLFDSHQVDPLHQWR
HVWUDWpJLFR FDOLGDG PHGLR DPELHQWH \ SUHYHQFLyQ GH ULHVJRV ODERUDOHV \ OD
HGXFDFLyQHQYDORUHVpWLFDS~EOLFDWDQWRGHORVGLUHFWLYRVFRPRGHORVPDQ
GRV LQWHUPHGLRV \ HO UHVWR GH SHUVRQDO GH OtQHD 7RGR HOOR RULHQWDGR KDFLD OD
FRQILJXUDFLyQGHXQDQXHYDFXOWXUDGHVHUYLFLRS~EOLFRUHVSRQVDEOHUHFHSWLYR
GHFDOLGDG\RULHQWDGRDOFLXGDGDQR
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
%LEOLRJUDItD5HFRPHQGDGD
%DxyQ L 0DUWtQH] 5DIDHO \ &DUULOOR %DUURVR (UQHVWR (YDOXDFLyQ GH OD
FDOLGDGGHORVVHUYLFLRVS~EOLFRVHQ%DxyQL0DUWtQH]5DIDHOGLUHFWRU/D
SURGXFWLYLGDG\ODFDOLGDGHQODJHVWLyQS~EOLFD(*$3;XQWDGH*DOL
FLD6DQWLDJRGH&RPSRVWHODSS
%HOWUiQ 0LJXHO (O SUREOHPD GH OD FDOLGDG HQ ORV VHUYLFLRV S~EOLFRV HQ
99$$(YDOXDFLyQGHODFDOLGDG\HILFDFLDHQHOVHQRGHOD$GPLQLVWUD
FLyQ3~EOLFD0$3,1$30DGULGSS
)HULD5RPHUR0DUtD$SOLFDELOLGDGGHODV QRUPDVpWLFDVHQOD$GPLQVL
WUDFLyQS~EOLFDJDOOHJD;XQWDGH*DOLFLD(*$36DQWLDJRGH&RPSRV
WHOD
-XDQHV%UXQR\%ODQFR-XOL(OJDWRGH$OLFLD0RGHORVGHFDOLGDGHQOD
$GPLQLVWUDFLyQ3~EOLFD(GLWRULDO'tD]GH6DQWRV0DGULG
0ROWy *DUFtD -XDQ ,JQDFLR /D SUHYHQFLyQ GH ULHVJRV ODERUDOHV HQ ODV
$GPLQLVWUDFLRQHVS~EOLFDV(OUpJLPHQJHQHUDOGHREOLJDFLRQHV\UHVSRQ
VDELOLGDGHVGHOD/H\GH3UHYHQFLyQGH5LHVJRV/DERUDOHV\GHODWUDQV
SRVLFLyQ GH ODV 'LUHFWLYDV (XURSHDV /D DSOLFDFLyQ SUiFWLFD 7HFQRV
0DGULG
0XxR]0DFKDGR$QGUpV/DJHVWLyQGHODFDOLGDGWRWDOHQOD$GPLQLVWUD
FLyQ3~EOLFD(GLWRULDO'tD]GH6DQWRV0DGULG
5DPLy &DUOHV 7HRUtD GH OD 2UJDQL]DFLyQ \ $GPLQLVWUDFLyQ 3~EOLFD
(GLWRULDO7HFQRV\8QLYHUVLWDW3RPSHX)DEUD0DGULG
5RGUtJXH]$UDQD0XxR]-DLPH3ULQFLSLRVGHpWLFDS~EOLFD&RUUXSFLyQ
RVHUYLFLR"(GLWRULDO0RQWHFRUYR0DGULG
5RGUtJXH] )HUQiQGH] $QGUpV /D FDOLGDG HQ OD $GPLQLVWUDFLyQ 3~EOLFD
HQ99$$(YDOXDFLyQ\FDOLGDGHQODVRUJDQL]DFLRQHVS~EOLFDV0$3
,1$30DGULGSS
2OtDVGH/LPD*HWH%ODQFDFRRUG/D1XHYD*HVWLyQ3~EOLFD3UHQWLFH
+DOO0DGULG
9DUHODOYDUH](QULTXH-RVp*RELHUQRV/RFDOHV\ *HVWLyQ0XQLFLSDOGH
ODUHLQJHQLHUtDDODUHKXPDQL]DFLyQ1XHYRVHQIRTXHVGHJHVWLyQGHOR S~
EOLFR FDOLGDG PHGLR DPELHQWH \ SUHYHQFLyQ GH ULHVJRV ODERUDOHV GHVGH ODV
1RUPDV ,62 HQ -RUQDGDV VREUH 0RGHUQL]DFLyQ \ &DOLGDG HQ OD $GPL
(QULTXH-RVp9DUHODOYDUH]
QLVWUDFLyQ/RFDO0iODJD\GHMXQLRGHSS3XEOLFDGRHQODV
$FWDVGHODV-RUQDGDV
9DUHOD OYDUH] (QULTXH -RVp (O 7HUFHU 6HFWRU XQD YLVLyQ GHVFULSWLYD GH
ODVDVRFLDFLRQHVHQ(VSDxD\*DOLFLD,$FWXDOLGDG$GPLQLVWUDWLYDQ~PH
URVHPDQDPD\R0DGULGSS
9DUHOD OYDUH] (QULTXH -RVp (O 7HUFHU 6HFWRU XQD YLVLyQ GHVFULSWLYD GH
ODV DVRFLDFLRQHV HQ (VSDxD \ *DOLFLD \ ,, $FWXDOLGDG $GPLQLVWUDWLYD
Q~PHURVHPDQDPD\R0DGULGSS
9LOORULD 0HQGLHWD 0DQXHO 0RGHUQL]DFLyQ DGPLQLVWUDWLYD \ JRELHUQR
SRVWEXURFUiWLFR HQ %DxyQ L 0DUWtQH] 5DIDHO \ %DUURVR &DUULOOR (UQHVWR
FRPSV/DQXHYD$GPLQLVWUDFLyQ3~EOLFD$OLDQ]D8QLYHUVLGDG0DGULG
SS
99$$0RGHOR(XURSHRGH*HVWLyQGH&DOLGDG*XtDGH$XWRH
YDOXDFLyQSDUDOD$GPLQLVWUDFLyQ3~EOLFD0$3\0LQLVWHULRGHOD3UH
VLGHQFLD%2(0DGULG
99$$ 3UR\HFWRV GH 0HMRUD GH OD &DOLGDG HQ OD &RPXQLGDG GH
0DGULG'LUHFFLyQ*HQHUDOGH&DOLGDGGHORV6HUYLFLRV&RPXQLGDGGH0D
GULG0DGULG
99$$ 0HPRULD GHO ,,, 3UHPLR D OD H[FHOHQFLD \ FDOLGDG GHO VHUYLFLR
S~EOLFR'LUHFFLyQ*HQHUDOGH&DOLGDGGHORV6HUYLFLRV&RPXQLGDGGH0D
GULG0DGULG
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
1RWDV3Lp3iJLQD
HQWHQGLHQGRHOFDPELRRUJDQL]DWLYRQRVyORFRPRODPRGLILFDFLyQGHHOHPHQWRVWpFQL
FRV WHFQRORJtD HVWUXFWXUDV SURFHVRV HWF VLQR FRPR HO FDPELR GH ORV YDORUHV \ FRPSRUWD
PLHQWRVTXHFRQILJXUDQXQDGHWHUPLQDGDFXOWXUDRUJDQL]DWLYDSYLG5DPLy&DUOHV/D
LQQRYDFLyQHQODJHVWLyQS~EOLFDGHVGHODVFRUULHQWHVQHRHPSUHVDULDOHVYHUVXVODLQQRYD
FLyQHQODJHVWLyQS~EOLFDGHVGHODVFRUULHQWHVQHRS~EOLFDVFXOWXUDDGPLQLVWUDWLYDYDOR
UHVS~EOLFRV\FUHGLELOLGDGVRFLDOXQSODQWHDPLHQWRUDGLFDOFRPXQLFDFLyQSUHVHQWDGD
HQHO,9&RQJUHVR1DFLRQDOGH&LHQFLD3ROtWLFD\GHOD$GPLQLVWUDFLyQ3ROtWLFD\
&RPXQLFDFLyQHQOD6RFLHGDG*OREDO$VRFLDFLyQ(VSDxRODGH&LHQFLD3ROtWLFD\GH
OD$GPLQLVWUDFLyQ$(&3$*UDQDGDVHSWLHPEUHRFWXEUHGHSS
SXEOLFDGRHQODVDFWDVGHO&RQJUHVR3DUDXQDPD\RULQIRUPDFLyQVREUHHOFRQFHSWR
GHFDPELRRUJDQL]DWLYRDSOLFDGRDODVDGPLQLVWUDFLRQHVS~EOLFDVVHSXHGHUHYLVDUODREUD
GHO PLVPR DXWRU 5DPLy &DUOHV 7HRUtD H SUiFWLFD GR FDPELR RUJDQL]DWLYR QD DGPL
QLVWUDFLyQS~EOLFD;XQWDGH*DOLFLD(*$36DQWLDJRGH&RPSRVWHODSS
6LDQWHVWHQtDPRVHQFXHQWDODGHILQLFLyQ\HOHVWXGLRGHORVFDPELRVVyORRUJDQL]DWL
YRVHQHOSUHVHQWHDSDUWDGRVHJXLUHPRVD9LOORULD0HQGLHWDDOXWLOL]DULQGLVWLQWDPHQWH
ORVWpUPLQRVFDPELRPRGHUQL]DFLyQRWUDQVIRUPDFLyQ GDGR TXH VH PDQWLHQH
XQD RSFLyQ HFOpFWLFD HQ UHODFLyQ DO HOHPHQWR GHVHQFDGHQDQWH GH OD WUDQVIRUPDFLyQ HO FXDO
SXHGH VHU XQ DFWRU SROtWLFR R EXURFUiWLFR XQ FDPELR HQ HO HQWRUQR TXH GHVHQFDGHQD PRYL
PLHQWRVGHVXSHUYLYHQFLDFRPSHWLWLYDGHODVSREODFLRQHVXQSURFHVRGRPLQDGRSRUHOD]DURODV
WHQGHQFLDV D OD LPLWDFLyQ LQVWLWXFLRQDO R VREUH WRGR XQD PH]FOD LQGLVROXEOH GH WRGR HOORS
YLG9LOORULD0HQGLHWD00RGHUQL]DFLyQDGPLQLVWUDWLYD\JRELHUQRSRVWEXURFUi
WLFRHQ%DxyQ\&DUULOORFRPSV/DQXHYD$GPLQLVWUDFLyQ3~EOLFD$OLDQ]D8QL
YHUVLGDG7H[WRV0DGULGSS
%DxyQVHxDODTXH/D5HIRUPDHVSDUDDGDSWDUVHDOQXHYRVLVWHPDSROtWLFR
\SDOLDUODVGLVRQDQFLDVPiVHVFDQGDORVDVHQWUHHOVLVWHPDGHPRFUiWLFR\ODDGPLQLVWUDFLyQGH
UDtFHVDXWRULWDULDV/DPRGHUQL]DFLyQHVSDUDDGDSWDUODDGPLQLVWUDFLyQDOREMHWLYRGHODFRP
SHWLWLYLGDGHFRQyPLFDGH(VSDxDHQOD(XURSD&RPXQLWDULD(O0LQLVWHULRSDUDODV$GPL
QLVWUDFLRQHV3~EOLFDVHQSXEOLFyXQGRFXPHQWRGRQGHVHUHVXPHQODVSHUVSHFWLYDV
GHORTXHVXSXVR\VLJXHVXSRQLHQGRODPRGHUQL]DFLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV
/DPRGHUQL]DFLyQGHODDGPLQLVWUDFLyQS~EOLFDSDVDHQHVWRVPRPHQWRVSRUXQQXHYRPR
GHOR TXH KHPRV GH VDEHU FRQVWUXLU %iVLFDPHQWH FRQVWUXLU XQD DGPLQLVWUDFLyQ TXH HVWi DO
VHUYLFLRGHODVRFLHGDG4XHWLHQHFRQILDQ]DHQORVFLXGDGDQRV\PHUHFHODFRQILDQ]DGHHVWRV
XQD $GPLQLVWUDFLyQ TXH DVHJXUD OD FRQYLYHQFLD \ HO ELHQHVWDU XQD $GPLQLVWUDFLyQ TXH
DVHJXUDELHQHV\VHUYLFLRVS~EOLFRVGHFDOLGDGXQD$GPLQLVWUDFLyQUHFHSWLYDRULHQWDGDDO
FLXGDGDQR XQD $GPLQLVWUDFLyQ HTXLOLEUDGD \ DXVWHUD \ XQD $GPLQLVWUDFLyQ DELHUWD
UHVSHWDQGR\DOHQWDQGRHOSOXUDOLVPRVRFLDOYLG%DxyQ5/DPRGHUQL]DFLyQGHOD$G
PLQLVWUDFLyQ 3~EOLFD HVSDxROD %DODQFH \ SHUVSHFWLYDV HQ 0RGHUQL]DFLyQ GH OD $G
PLQLVWUDFLyQ 3~EOLFD 3ROtWLFD \ 6RFLHGDG Q 5HYLVWD GH OD 8QLYHUVLGDG
&RPSOXWHQVH0DGULGSSS
(QULTXH-RVp9DUHODOYDUH]
,ELG%DxyQ5SS
%DxyQL0DUWtQH]5DIDHO/RVHQIRTXHVSDUDHOHVWXGLRGHODDGPLQLVWUDFLyQS~EOL
FD RUtJHQHV \ WHQGHQFLDV DFWXDOHV HQ %DxyQ L 0DUWtQH] 5DIDHO \ &DUULOOR %DUURVR
(UQHVWR FRPSV /D QXHYD $GPLQLVWUDFLyQ S~EOLFD $OLDQ]D 0DGULG SS
9LOORULD0HQGLHWD0DQXHO/DPRGHUQL]DFLyQFRPRLQVWUXPHQWRDOVHUYLFLRGH
ODGHPRFUDFLD%2(0$30DGULGSS
9LOORUD0HQGLWD0DQXHO0RGHUQL]DFLyQDGPLQLVWUDWLYD\JRELHUQRSRVWEXURFUi
WLFRHQ%DxyQL0DUWtQH]5DIDHO\&DUULOOR%DUURVR(UQHVWRFRPSV/DQXHYD$G
PLQLVWUDFLyQS~EOLFD$OLDQ]D0DGULGSS
%D]DJD)HUQiQGH],VDEHO(OSODQWHDPLHQWRHVWUDWpJLFRHQHOiPELWRS~EOLFRHQ
%DxyQL0DUWtQH]5DIDHO\&DUULOOR%DUURVR(UQHVWRFRPSV/DQXHYD$GPLQLVWUD
FLyQS~EOLFD$OLDQ]D0DGULGSS
%DOODUW;DYLHU\5DPLy&DUOHV&LHQFLDGHOD$GPLQLVWUDFLyQ7LUDQWOR%ODQFK
9DOHQFLDSS
6LJXLHQGR D $JXLODU 9LOODQXHYD 6HPLQDULR VREUH 3ROtWLFDV 3~EOLFDV ,82* 0D
GULGHVWDFULVLVKDSRGLGRSURGXFLUVHSRUODVIDOODVTXHHQVXFRQMXQWRVHKDGHVD
UUROODGR HQ HO IXQFLRQDPLHQWR GHO (VWDGR GH %LHQHVWDU HQWUH HOODV WHQHPRV IDOODV GHO
0HUFDGRELHQHVS~EOLFRVH[WHUQDOLGDGHVPRQRSROLRVQDWXUDOHVDVLPHWUtDVGHLQIRUPD
FLyQ HWF IDOODV GHO *RELHUQR HQ HO JRELHUQR UHSUHVHQWDWLYR DJHQGDV UHVWULQJLGDV
KRUL]RQWHOLPLWDGRHQHOWLHPSRSRUORVFDOHQGDULRVHOHFWRUDOHVVXELQYHUVLyQHWFHQHO
GHVHPSHxR DGPLQLVWUDWLYR GLILFXOWDG HQ HYDOXDU ORV UHVXOWDGRV ULJLGH] GHVYLDFLyQ GH
UHFXUVRV HWF \ HQ OD GHVFHQWUDOL]DFLyQ DXWRULGDG GLIXVD SUREOHPDV GH LPSOHPHQWD
FLyQ H[WHUQDOLGDGHV ILVFDOHV GHVLJXDO GLVWULEXFLyQ GH ELHQHV S~EOLFRV ORFDOHV \ SRU
~OWLPR IDOODV GHO YROXQWDULDGR LQVXILFLHQFLD SDUWLFXODULVPR FRQWLQJHQFLD
ILQDQFLDFLyQ RUJDQL]DFLyQ SURIHVLRQDOLVPR HWF (O KHFKR GH TXH VH GHVWDTXH HQ HO
SUHVHQWH0yGXORTXHXQRVGHORVSULQFLSDOHVGHWRQDQWHVGHODVWUDQVIRUPDFLRQHVHQODV
RUJDQL]DFLRQHVS~EOLFDVHVODFULVLVGHO(VWDGRGHOELHQHVWDUQRTXLHUHGHFLUTXHFRLQFL
GDPRVFRQHOORSDUDXQDDUJXPHQWDFLyQHQFRQWUDULRVHSXHGHUHYLVDUODSDUWHSULPHUD
GHO0yGXOR,
)HQyPHQRTXHHQ(VSDxDKDWRPDGRXQDUHOHYDQFLDHVSHFLDOHQODGpFDGDGHORV
SDUDPXHVWUD\WRPDQGRVyORFRPRREMHWRGHDQiOLVLVHOFDPSRGHOPHGLRDPELHQWH
WHQHPRVTXH(O0LQLVWHULRGHO,QWHULRUSRUVXSDUWHWLHQHUHJLVWUDGDVPiVGHDVR
FLDFLRQHV VRFLDOHV GH PX\ GLYHUVR WLSR \ GHGLFDGDV D OD GHIHQVD GHO PHGLR DPELHQWH $O
SDUHFHUVyORGHHVWDVRUJDQL]DFLRQHVVRQYHUGDGHUDPHQWHRSHUDWLYDV$HOODVKDEUtDTXH
DxDGLUODVTXHHVWiQLQFOXLGDVHQORVUHJLVWURVGHODVGLIHUHQWHVFRPXQLGDGHVDXWyQRPDV(/
3$6;
VLELHQHOWUiQVLWRGHO(VWDGR/LEHUDOGH'HUHFKRDO(VWDGR6RFLDO\'HPRFUiWLFRGH
'HUHFKRKDVXSXHVWRXQFDPELRFXDOLWDWLYRGHODVWDUHDVGHO(VWDGRDXQTXHODDGDSWDFLyQ
GHOD$GPLQLVWUDFLyQ3~EOLFDDHVWRVFDPELRVQRVHKDSURGXFLGRGHPDQHUDVLQFUyQLFDYLG
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
0iUTXH]&UX]*/DVLPSOLILFDFLyQDGPLQLVWUDWLYDHQHOSURFHVRGHPRGHUQL]DFLyQGH
OD JHVWLyQ S~EOLFD HQ -RUQDGDV GH HVWXGLR VREUH VLPSOLILFDFLyQ DGPLQLVWUDWLYD
(*$3$&RUXxDSSVLQSXEOLFDU
/DQHFHVLGDGGHLQWURGXFLUUHIRUPDVHQHOVLVWHPDGHPRFUiWLFRVHDFKDFDDO(VWDGR
GRQGH3UHGRPLQDHQWUHORVHVSDxROHVODDFWLWXGGHIXHUWHGHSHQGHQFLDUHVSHFWRDO(VWDGR\D
ODV$GPLQLVWUDFLRQHV3~EOLFDV8QHVWDEDGHDFXHUGRHQFRQODIUDVH(O(VWDGRHV
UHVSRQVDEOHGHWRGRVORVFLXGDGDQRV\GHEHRFXSDUVHGHWRGDVODVSHUVRQDVTXHWLHQHQSUREOH
PDV 99$$ (VSDxD XQD LQWHUSUHWDFLyQ GH VX UHDOLGDG VRFLDO )XQGDFLyQ
(QFXHQWUR&(&60DGULGS
(QORV~OWLPRVWLHPSRVVHKDFDPLQDGRSRUODYtDGHODSDUWLFLSDFLyQPiVGHVGHXQ
SXQWRGHYLVWDMXUtGLFRIRUPDOTXHUHDO$VtDILQDOHVGHORVDxRVVHKDQSUR
GXFLGRPRGLILFDFLRQHVQRUPDWLYDVDOD/H\GH5pJLPHQ-XUtGLFRGHODV$GPLQLV
WUDFLRQHV 3~EOLFDV \ 3URFHGLPLHQWR $GPLQLVWUDWLYR &RP~Q TXH KDQ VLWXDGR D ORV
FLXGDGDQRV\XVXDULRVGHORVVHUYLFLRVS~EOLFRVHQHOFHQWURGHOLQWHUpVGHOD$GPLQLV
WUDFLyQYLG%HDWR(VSHMR0DQXHO &DXFHV GH FRPXQLFDFLyQ GHODV $GPLQLVWUDFLR
QHV 3~EOLFDV FRQ ORV FLXGDGDQRV 7HFQRV 0DGULG 3RU RWUR ODGR HQ ODV
GLIHUHQWHV&RPXQLGDGHV$XWyQRPDVVHKDSURIXQGL]DGRHQODLQIRUPDFLyQ\DWHQFLyQDO
S~EOLFRFRPRXQSURJUDPDPiVGHORVSODQHVGH5HIRUPD0RGHUQL]DFLyQHQXQLQWHQWR
GHUHVLWXDUODVQXHYDV$GPLQLVWUDFLRQHV$XWRQyPLFDVHQHOHVSDFLRLQWHUJXEHUQDPHQWDO
QDFLRQDO(VVLQHPEDUJRHQHOQLYHOORFDO\GHELGRDODSUR[LPLGDGGHORVSROtWLFRV\
WpFQLFRV D ORV FLXGDGDQRV OD $GPLQLVWUDFLyQ TXH PiV KD GHVDUUROODGR HVWRV FDQDOHV \
HVWUDWHJLDVGHSDUWLFLSDFLyQSRQLpQGRVHHQPDUFKDDILQDOHVGHODSDVDGDGpFDGDFRQ
FHMDOtDV GH SDUWLFLSDFLyQ FLXGDGDQD TXH VH RFXSDEDQ HVSHFtILFDPHQWH GH JHVWLRQDU OD
LQIRUPDFLyQGHO$\XQWDPLHQWR\GHLPSOLFDUDODSREODFLyQHQODVDFWLYLGDGHVPXQLFL
SDOHV PiV HVSHFtILFDPHQWH HQ HO QLYHO ORFDO SDUD XQD UHYLVLyQ GH ODV MXVWLILFDFLRQHV \
DQiOLVLVGHH[SHULHQFLDVVLJQLILFDWLYDVGHODSDUWLFLSDFLyQFLXGDGDQDHQODV$GPLQLVWUD
FLRQHV3~EOLFDVYLG)RQW-RDQFRRUGLQDGRU&LXGDGDQRV\GHFLVLRQHVS~EOLFDV$ULHO
&LHQFLD3ROtWLFD%DUFHORQD
%DxyQL0DUWtQH]5DIDHO\&DUULOOR%DUURVR(UQHVWR/DOHJLWLPLGDGGHOD$GPL
QLVWUDFLyQS~EOLFDHQ%DxyQ5DIDHO\&DUULOOR(UQHVWRFRPSV/DQXHYD$GPLQLV
WUDFLyQ3~EOLFD(GLWRULDO$OLDQ]D8QLYHUVLGDG0DGULGSS
%DHQDGHO$OFi]DU0DULDQR&XUVRGH&LHQFLDGHOD$GPLQLVWUDFLyQ9ROXPHQ
,FXDUWDHGLFLyQUHIRUPDGD7HFQRV0DGULGSS
6LELHQHVFLHUWRTXHODOHJLWLPLGDGGHODDGPLQLVWUDFLyQGHSHQGHGHODOHJLWLPLGDGGHO
VLVWHPDSROtWLFRHQVXFRQMXQWRWDPELpQHVDFHSWDEOHODSRVLFLyQFRQWUDULD/DLGHDGHVHSDUD
FLyQ HQWUH SROtWLFD \ DGPLQLVWUDFLyQ KDFH TXH SDUD TXH XQ VLVWHPD SROtWLFR GHPRFUiWLFR VHD
OHJtWLPRHQODDFWXDOLGDGWHQJDTXHFRQWDUFRQXQDDGPLQLVWUDFLyQSURIHVLRQDOFX\RFRPSRUWD
PLHQWR\HVWUXFWXUDVHDMXVWHDORVSULQFLSLRVGHGRPLQDFLyQOHJDO$OPLVPRWLHPSRVHKDFH
QHFHVDULDXQDDGPLQLVWUDFLyQFDSD]GHGRWDUGHHILFDFLDDOVLVWHPDSROtWLFRHQHOGHVHPSHxRGH
VXVIXQFLRQHV\DTXHHQFDVRFRQWUDULRSXHGHFRQWULEXLUDODFULVLVGHOHJLWLPLGDGGHOVLVWHPD
SROtWLFR$GHPiVODDGPLQLVWUDFLyQHVGHVGHRWUDSHUVSHFWLYDLQVHSDUDEOHGHODSROtWLFDHQOD
(QULTXH-RVp9DUHODOYDUH]
PHGLGDHQTXHODUHVSRQVDELOLGDGGHVXIXQFLRQDPLHQWRHILFD]SHUWHQHFHDORVSROtWLFRVHOHFWRVR
QRPEUDGRV3RU~OWLPRHOSURFHVRGHDGRSFLyQGHGHFLVLRQHVTXHIRUPDQODDFFLyQS~EOLFDQR
VHHQFXHQWUDDLVODGRHQXQOXJDUQLHQXQPRPHQWR(VGHFLUODVSROtWLFDVS~EOLFDVVRQWDPELpQ
ODSROtWLFDQRVHSXHGHOHJLWLPDUHOHMHUFLFLRGHOSRGHUVLQDGPLQLVWUDUVXLPSODQWDFLyQPDWH
ULDOYLGVXSUD%DxyQ\&DUULOORSS
-RQHV*:/DPRGHUQL]DFLyQDGPLQLVWUDWLYDHQHO5HLQR8QLGRXQDSHUVSHFWL
YDJHQHUDOHQ0RGHUQL]DFLyQGHOD$GPLQLVWUDFLyQ3~EOLFD3ROtWLFD\6RFLHGDGQ
5HYLVWDGHOD8QLYHUVLGDG&RPSOXWHQVH0DGULGSS
9LG 99$$ /LEUR %ODQFR GHO *RELHUQR %ULWiQLFR 0RGHUQL]DU OD $GPLQLV
WUDFLyQ0$3,1$3'RFXPHQWR,1$3Q0DGULG
9LG ,QIRUPH GH DFWLYLGDG VREUH OD UHIRUPD GHO HVWDGR HQ )UDQFLD 0$3
,1$3'RFXPHQWRV,1$3Q0DGULGSS\&DQDOHV$OLHQGH-RVp
0DQXHO \ 5RGUtJXH] OYDUH] -RVp 0DQXHO (O LQIRUPH 3,&4 ;XQWD GH *DOLFLD
(*$36DQWLDJRGH&RPSRVWHOD
+HVVH -- /D PRGHUQL]DFLyQ DGPLQLVWUDWLYD \ OD UHIRUPD GHO VHFWRU S~EOLFR HQ
$OHPDQLDHQ0RGHUQL]DFLyQGHOD$GPLQLVWUDFLyQ3~EOLFD3ROtWLFD\6RFLHGDGQ
5HYLVWDGHOD8QLYHUVLGDG&RPSOXWHQVH0DGULGSS
9LGZZZPDSHV
9LG1DOGD&\&DUULOOR('HODDGPLQLVWUDFLyQGHSHUVRQDODODJHVWLyQGHFD
SLWDO KXPDQR HQ 3ROtWLFD \ 6RFLHGDG 8QLYHUVLGDG &RPSOXWHQVH GH 0DGULG 0D
GULGSS
(VWHDSDUWDGRHVIUXWRGHODQiOLVLVTXHGHVGHKHYHQLGRUHDOL]DQGRGHORVSUR
FHVRVGH5HIRUPD0RGHUQL]DFLyQTXHVHSURGXFHQHQ(VSDxDHQHOQLYHODXWRQyPLFRGH
JRELHUQR(ODQiOLVLVWLHQHVXJpQHVLVHQORVGLVWLQWRVVHPLQDULRV\MRUQDGDVLQIRUPDWLYDV
TXHVHKDQLGRGHVDUUROODQGRGHVGHHQWRQFHV\TXHDPRGRLQGLFDWLYRSRGtDPRVUHVXPLU
HQ ORV VLJXLHQWHV HQFXHQWURV 6HPLQDULR ,QWHUQDFLRQDO GH 5HIRUPD $GPLQLVWUDWLYD
(*$3(QFXHQWURVREUHOD$GPLQLVWUDFLyQLQWHOLJHQWH(O(VFRULDO0DGULG
6HPLQDULR ,QWHUQDFLRQDO GH (YDOXDFLyQ GHO 5HQGLPLHQWR (*$3 \
-RUQDGDVVREUH0RGHUQL]DFLyQ\5HIRUPDDGPLQLVWUDWLYDHQODV&RPXQLGDGHV$XWyQR
PDV(*$3
(O UHIHUHQWH LQPHGLDWR HV HO ,QIRUPH *RUH 1DWLRQDO 3HUIRUPDQFH 5HYLHZ R
&yPRFUHDUXQD$GPLQLVWUDFLyQ3~EOLFDTXHFXHVWHPHQRV\IXQFLRQHVPHMRUUHDOL]D
GRSDUDHOYLFHSUHVLGHQWHGHO*RELHUQRGH(VWDGRV8QLGRVGH$PpULFD\OD$GPLQLVWUD
FLyQ &OLQWRQ GRQGH VH LQFOXtDQ PiV GH SURSXHVWDV SDUD OD PHMRUD GH OD
$GPLQLVWUDFLyQ(Q(VSDxDHVWHSURJUDPDKDVLGRWUDGXFLGRSRUHO,QVWLWXWR9DVFRGH
$GPLQLVWUDFLyQ\UHSURGXFLGRFRPREDVHFRQFHSWXDOSRUPXFKDVGHODV&RPXQLGDGHV
$XWyQRPDVHQVXVSURFHVRVGHUHIRUPDPRGHUQL]DFLyQDGPLQLVWUDWLYDYLG0RUHQR
$0/DUHIRUPDDGPLQLVWUDWLYD HQ ORV (VWDGRV 8QLGRV (O 3ODQ GHO 3UHVLGHQWH &OLQ
WRQ5HYLVWDGH$GPLQLVWUDFLyQ3~EOLFDQPD\RDJRVWRSS
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
(QULTXH-RVp9DUHODOYDUH]
OHFWXUDGHODVPHPRULDVSXEOLFDGDVSRUOD'LUHFFLyQ*HQHUDOGH&DOLGDGGHORV6HUYLFLRV
yUJDQRLPSXOVRUGHOSUR\HFWRPRGHUQL]DGRUPDGULOHxRSUR\HFWRVGHPHMRUDGHOD
FDOLGDGHQOD&RPXQLGDGGH0DGULG&RPXQLGDGGH0DGULG0DGULG
/D VHOHFFLyQ HV DEVROXWDPHQWH DOHDWRULD \ VXEMHWLYD SDUWLHQGR GHO FRQRFLPLHQWR
SUHYLR\SHUVRQDOGHODVUHDOLGDGHVGHPRGHUQL]DFLyQSRUORTXHVHUHFRPLHQGDODOHFWX
UDGHODVDFWDVGHORVGLIHUHQWHVFRQJUHVRVTXHVHYLHQHQFHOHEUDQGRGHVGHILQDOHVGHOD
GpFDGD SDVDGD RUJDQL]DGRV SRU OD )(03 ZZZIHPSHV \ SRU DOJXQDV DVRFLDFLRQHV
DXWRQyPLFDV GH FDOLGDG ZZZFDOLGDGHRUJ GRQGH \D VH SXHGHQ DQDOL]DU H[SHULHQFLDV
SUiFWLFDVGHODUJRUHFRUULGRHQPDWHULDGHFDOLGDG\JHVWLyQS~EOLFD
,,5DGLRJUDItDGHODV:HEV0XQLFLSDOHV(O&LEHU3DtV9,,
'DU PiV SRGHU DO HPSOHDGR UHFRJH XQD YLHMD WUDGLFLyQ GHO SHQVDPLHQWR RUJDQL]DWLYR
FRQVLVWHQWHHQSRQHUHOHOHPHQWRKXPDQRHQSULPHUOXJDU0DVORZR$UJ\ULV
R0F*UHJRUTXLHQHVGHIHQGLHURQODFUHDFLyQGHXQHQWRUQRODERUDOTXHSHUPLWLHUDDO
LQGLYLGXRGDUORPHMRUGHVtPLVPR\FXEULUVXVQHFHVLGDGHVGHSHUIHFFLRQDPLHQWR\DXWRHVWL
PDYLGVXSUD9LOORULD0HQGLHWDS
3DUDYHUXQUHSDVRDODVWpFQLFDVSULYDGDVGHOPDQDJHPHQW\VXXWLOL]DFLyQHQHO
iPELWRS~EOLFRSRGHPRVVHJXLUD0HQGR]D0D\RUGRPR;/DXWLOL]DFLyQGHWpFQLFDV
GH JHVWLyQ GHO VHFWRU SULYDGR \ HO GHVDUUROOR GHO PDQDJHPHQW S~EOLFR %DUFHORQD
(6$'(SS\7pFQLFDVJHUHQFLDOHV\PRGHUQL]DFLyQGHODDGPLQLVWUD
FLyQS~EOLFDHQ(VSDxDHQ%UXJXp\6XELUDWV/HFWXUDVGH*HVWLyQ3~EOLFD%2(
,1$30DGULGSS(QGLFKRDUWtFXORDQDOL]DODVPiVYDULDGDVWpFQLFDV
GH JHVWLyQ TXH YDQ GHVGH ODV HVSHFtILFDPHQWH JHUHQFLDOHV 3ODQLILFDFLyQ (VWUDWpJLFD
*HVWLyQGHORVSURFHVRVGH&DPELR2UJDQL]DWLYR'LUHFFLyQSRU2EMHWLYRV\'LUHFFLyQ
GH 3UR\HFWRV KDVWD ODV WpFQLFDV HVSHFtILFDV GH XQD IXQFLyQ R iUHD HVSHFLDOL]DGD GH OD
RUJDQL]DFLyQ0DUNHWLQJ'LUHFFLyQGH2SHUDFLRQHV'LVHxR2UJDQL]DWLYR'LUHFFLyQGH
5HFXUVRV+XPDQRV*HVWLyQGH6HUYLFLRV*HVWLyQ)LQDQFLHUD\*HVWLyQGHORV6LVWHPDV
GH,QIRUPDFLyQSDVDQGRSRUODVWpFQLFDVGHGHVDUUROORGHKDELOLGDGHVGLUHFWLYDV
0RRUH0DUN+*HVWLyQHVWUDWpJLFD\FUHDFLyQGHYDORUHQHOVHFWRUS~EOLFR
3DLGyV%DUFHORQD
9LG%D]DJD(OSODQWHDPLHQWRHVWUDWpJLFRHQHOiPELWRS~EOLFRHQ%DxyQ5D
IDHO\&DUULOOR(UQHVWRFRPSV/DQXHYD$GPLQLVWUDFLyQ3~EOLFD(GLWRULDO$OLDQ]D
8QLYHUVLGDG0DGULGSS
9LG99$$3ODQ&LXGDGPRGHUQL]DFLyQ\FDOLGDGHQODJHVWLyQHQ99$$
$OFREHQGDV3ODQ&LXGDG&DOLGDG\0RGHUQL]DFLyQHQOD*HVWLyQ3~EOLFD$\XQWD
PLHQWRGH$OFREHQGDV0DGULG\(GLFLRQHV*HVWLyQ%DUFHORQDSS
&KLDV -RVHS 0DUNHWLQJ S~EOLFR 3RU XQ *RELHUQR \ XQD $GPLQLVWUDFLyQ DO
VHUYLFLRGHOS~EOLFR0F*UDZ+LOO0DGULG
(VWH GLVFXUVR VREUH OD JHVWLyQ GH ODV SHUVRQDV HQ HO PDUFR GH ODV RUJDQL]DFLRQHV
S~EOLFDVVHSXHGHHQFRQWUDUHQ9LOORULD0HQGLHWD0/DJHVWLyQGHODVSHUVRQDVHQODV
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
DGPLQLVWUDFLRQHVS~EOLFDVSRVWEXURFUiWLFDVXQHQIRTXHHVWUDWpJLFRHQ%DxyQ5DIDHO\
&DUULOOR(UQHVWRFRPSV /DQXHYD$GPLQLVWUDFLyQ3~EOLFD(GLWRULDO$OLDQ]D8QL
YHUVLGDG0DGULGSS$GHPiV\FRPRXQFRPSOHPHQWRSHUIHFWRDHVWD
OtQHDGHLQYHVWLJDFLyQVHSXHGHQUHYLVDUODVREUDVGHOPLVPRDXWRU\GHFRPSDxHURVGH
LQYHVWLJDFLyQHQHO,QVWLWXWR8QLYHUVLWDULR2UWHJD\*DVVHW9LOORULD0\'HO3LQR(
0DQXDOGHJHVWLyQGHUHFXUVRVKXPDQRVHQODV$GPLQLVWUDFLRQHV3~EOLFDV7HFQRV
0DGULG\1DOGD&\&DUULOOR(SS8QHQIRTXHFRPSOHPHQWDULR
HVHOGHODJHVWLyQGHOFDSLWDOKXPDQRWDO\FRPRKR\HVGHQRPLQDGRSRUORVUHVSRQVD
EOHV GH SHUVRQDO GH ODV JUDQGHV FRUSRUDFLRQHV SULYDGDV FRPR HOHPHQWR FODYH GH ODV
RUJDQL]DFLRQHV SULYDGDV \ S~EOLFDV TXH SXHGH VHU UHYLVDGR HQ 2OPHGD 3DUUDGR -RVp
$QWRQLR&LHQFLDGHOD$GPLQLVWUDFLyQ7HRUtDGHOD2UJDQL]DFLyQ\*HVWLyQ3~EOL
FD 9ROXPHQ , 81(' 0DGULG 7HPD ;9 /D DGPLQLVWUDFLyQ GH SHUVRQDO
SS
,ELG9LOORULDSS
9LGVXSUD9LOORULDSS
,ELG9LOORULDSS
9LG,]TXLHUGR$eWLFD\$GPLQLVWUDFLyQHQ%DxyQ5DIDHO\&DUULOOR(UQHVWR
FRPSV /D QXHYD $GPLQLVWUDFLyQ 3~EOLFD (GLWRULDO $OLDQ]D 8QLYHUVLGDG 0DGULG
SS(QODGpFDGDGHORVVHKDWUDEDMDGRFRQEDVWDQWHLQWHQVLGDGHQHO
FDPLQRGHODLQWHJUDFLyQGHYDORUHVGHORS~EOLFRODpWLFD\ODPRUDOGHODVDGPLQLVWUD
FLRQHVS~EOLFDVHQORVSDtVHVGHVDUUROODGRV2&'(HQWUHORVTXHVHHQFXHQWUD(VSD
xD \ ODV LQYHVWLJDFLRQHV UHDOL]DGDV HQ OD (*$3 ;XQWD GH *DOLFLD \ HO ,1$3
0$3
3DUDXQDUHYLVLyQGHODVFXHVWLRQHVPiVDFWXDOHVVREUHODFRUUXSFLyQSROtWLFD\DG
PLQLVWUDWLYDHVUHFRPHQGDEOHODOHFWXUDGHO~OWLPRQ~PHURGHODUHYLVWD*HVWLyQ\$Qi
OLVLVGH3ROtWLFDV3~EOLFDVHGLWDGRSRUHO,1$3HQHODxRQ0D\R$JRVWR
3DUDXQDYLVLyQJOREDOGHODpWLFDS~EOLFDDSOLFDGDDOD$GPLQLVWUDFLyQDORVSDUWL
GRV SROtWLFRV \ D ODV RUJDQL]DFLRQHV FDVLS~EOLFDV YHU 99$$ -RUQDGDV VREUH eWLFD
3~EOLFD0$30DGULG
9LG-RUQDGDVVREUH7HFQRORJtDVGHOD,QIRUPDFLyQSDUDOD0RGHUQL]DFLyQGHODV
$GPLQLVWUDFLRQHV3~EOLFDV7(&1,0$3UHDOL]DGDVSRUHO&RQVHMR6XSHULRUGH
,QIRUPiWLFDDWUDYpVGHOD&RPLVLyQ1DFLRQDOSDUDOD&RRSHUDFLyQHQWUHODV$GPLQLV
WUDFLRQHV3~EOLFDVHQHOFDPSRGHORV6LVWHPDV\7HFQRORJtDVGHOD,QIRUPDFLyQTXHVH
FHOHEUDQ GH IRUPD ELDQXDO GHVGH FRQ HO REMHWLYR GH FRQWULEXLU D XWLOL]DU ODV
17,&HQODV$GPLQLVWUDFLRQHV3~EOLFDVSDUDUHGXFLUFRVWHV\PHMRUDUODSUHVWDFLyQGH
VHUYLFLRV (Q HVWDV -RUQDGDV VH GDQ FLWD ORV WUHV QLYHOHV GH OD $GPLQLVWUDFLyQ 3~EOLFD
HVSDxROD(VWDWDO$XWRQyPLFD\/RFDOSHUPLWLHQGRSODQWHDU\FRQRFHUVROXFLRQHVTXH
FRQWULEX\HQ D DJLOL]DU HO IXQFLRQDPLHQWR GH ODV GLVWLQWDV RUJDQL]DFLRQHV S~EOLFDV \ ODV
VROXFLRQHVLQIRUPiWLFDVGLVSRQLEOHV
(QULTXH-RVp9DUHODOYDUH]
1RROYLGHPRVTXHWLHQHQVXYLVWDSXHVWDHQORVFOLHQWHVVXVQHFHVLGDGHV\ODREOL
JDFLyQGHYHQGHUOHVSURGXFWRVTXHHVWpQGHDFXHUGRFRQVXVYDORUHVSRVWPDWHULDOLVWDV
ORVEDVDGRVHQYDORUHVLQPDWHULDOHVFRPRHOPHGLRDPELHQWHODLJXDOGDGGHJpQHURHO
DQWLPLOLWDULVPR
3DUDKDFHUQRVXQDLGHDGHORFRPSOHMR GH OD FRQFHSWXDOL]DFLyQ GH OD FDOLGDG GH
YLGDHVLQWHUHVDQWHUHSDVDUHOSODQWHDPLHQWRGHVDUUROODGRSRU0DUtD/XLVD6HWLpQHQHO
HVWXGLRVREUHLQGLFDGRUHVGHYLGDDSOLFDGRVDO3DtV9DVFR6HWLpQ0DUtD/XLVD ,QGLFD
GRUHV6RFLDOHVGH&DOLGDGGH9LGD8QVLVWHPDGHPHGLFLyQDSOLFDGRDO3DtV9DVFR
&,6\6LJOR;;,GH(VSDxD0DGULG
3DUDDQDOL]DUORVPRGHORVYDPRVDVHJXLUSULQFLSDOPHQWHHOOLEURGH-XDQHV\%ODQ
FR FRPSOHPHQWDGR HQ HO FDVR GHO ()40 FRQ OD *XtD GH $XWRHYDOXDFLyQ
SDUDOD$GPLQLVWUDFLyQ3~EOLFDGHO0RGHOR(XURSHRGH&DOLGDGHGLWDGRSRUHO
0$3\0LQLVWHULRGHOD3UHVLGHQFLD
5'SRUHOTXHVHUHJXODQODVFDUWDVGHVHUYLFLRV\ORVSUHPLRVDODFD
OLGDGHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
'HFUHWRGHGHPDU]RTXHUHJXODODV&DUWDVGH6HUYLFLRVORVVLVWHPDVGH
HYDOXDFLyQ GH OD FDOLGDG \ ORV SUHPLRV DQXDOHV D OD H[FHOHQFLD \ FDOLGDG GHO VHUYLFLR
S~EOLFRGHOD&RPXQLGDGGH0DGULG'HFUHWRGHGHPDU]RTXHDSUXHEDODV
PHGLGDVFRPSOHPHQWDULDVGHUHJXODFLyQGHODVFDUWDVGHVHUYLFLRVHQOD$GPLQLVWUDFLyQ
GHOD&RPXQLGDGGH0DGULG
(O$\XQWDPLHQWRGH,U~QKDSXHVWRHQPDUFKDODLPSODQWDFLyQGHODVGHQRPLQD
GDV &DUWDV GH &RPSURPLVRGHQWURGHVX SURJUDPDGHFDOLGDGORFDO\FHQWUDGRVHQXQ
SULPHUPRPHQWRHQORVVHUYLFLRVGHDWHQFLyQDOS~EOLFR6HUYLFLRGH$WHQFLyQ&LXGD
GDQD6$&2ILFLQDGH,QIRUPDFLyQ-XYHQLO2,-$UFKLYR0XQLFLSDO\%LEOLRWHFD
0XQLFLSDOIXHQWHZZZLUXQRUJ
/DSXEOLFDFLyQSHULyGLFDGH$(12581(KDYHQLGRUHFRJLHQGRGHVGHIL
QDOHVGHODxRODVSULQFLSDOHVPRGLILFDFLRQHVTXHVHSURGXFtDQFRQHOFDPELRGHODV
QRUPDVGHODxRHVWDEOHFLHQGRXQDVHULHGHFULWHULRVGHDGDSWDFLyQSDUDODVRUJDQL
]DFLRQHV TXH \D HVWDEDQ FHUWLILFDGDV HQ GLFKD QRUPD \ GHVHDEDQ HYROXFLRQDU KDFLD OD
GHOYLG99$$1XHYDV1RUPDV,62DOVHUYLFLRGHWRGRV81(
$(125Q0DGULG
(VWR\DRFXUUtDFRQHO5HJODPHQWR1DQWHULRU\DTXHODVHPSUHVDVFHUWL
ILFDGDVSRU$(125VHSRGtDQUHJLVWUDUHQHOPDUFRGHO(0$6DWUDYpVGHXQGR
FXPHQWRSXHQWH'RFXPHQWR3XHQWH8VRGHODV1RUPDV(1,62\
SDUDODVHPSUHVDVTXHTXLHUDQUHJLVWUDUVHHQ(0$6&RPLWp(XURSHRGH1RUPDOL
]DFLyQVLELHQHVFLHUWRTXHHQWUHDPEDVQRUPDVH[LVWtDODGLIHUHQFLDFRQFHSWXDOGHTXH
HO(0$6VHRULHQWDEDDOVHFWRULQGXVWULDO\OD1RUPD,62DWRGRVORVVHFWR
UHVLQGXVWULDV\VHUYLFLRV
&RPR HMHPSOR GH OR DQWHULRU \ SUHYLR D OD PRGLILFDFLyQ GHO (0$6 HQ
VHSXVRHQPDUFKDHO3UR\HFWR0XQLFLSLR9HUGHDXVSLFLDGRSRUOD)(03\OD
0yGXOR,91XHYRV(QIRTXHVGH*HVWLyQHQODV$GPLQLVWUDFLRQHV3~EOLFDV&RQWHPSRUiQHDV
6HFUHWDUtDGH(VWDGRGH&RPHUFLR7XULVPR\3<0(0LQLVWHULRGH(FRQRPtD\+D
FLHQGD GHVDUUROOiQGRVH XQD JXtD SDUD OD LPSODQWDFLyQ GHO (0$6 HQ PXQLFLSLRV
WXUtVWLFRV
9HU1RUPD81((;56LVWHPDVGH*HVWLyQ0HGLRDPELHQWDO*XtDSDUD
ODDSOLFDFLyQGHOD1RUPD81((1,62HQODVHPSUHVDVGHVHUYLFLRV
,VRHQJULHJRVLJQLILFDLJXDOHVWDLJXDOGDGVXSRQHDVXYH]XQSULQFLSLRFODYHGHORV
(VWDGRVGHPRFUiWLFRVGH'HUHFKRHQQXHVWURVHQWRUQRVGHELHQHVWDU/DLGHQWLILFDFLyQ
GHDPERVFRQFHSWRVTXHXQHQUHDOLGDGHVGLIHUHQWHV,62 WpFQLFRV\GHJHVWLyQTXH
EXVFDQODHILFDFLDHILFLHQFLDSURGXFWLYLGDG\FDOLGDG,*8$/'$' ILORVRItDSROtWLFR
DGPLQLVWUDWLYD TXH EXVFD OD FRQVROLGDFLyQ \ SURIXQGL]DFLyQ GH ORV (VWDGRV GH ELHQHV
WDUWLHQHTXHYHUFRQODQHFHVLGDGGHSURIXQGL]DUHQHVWDUHODFLyQHQWUHHQIRTXHUHLQ
JHQLHULOHV \ KXPDQLVWDV HQ iPELWRV HVSHFtILFRV GH $GPLQLVWUDFLRQHV 3~EOLFDV FXHVWLyQ
TXH KD VLGR GHVSUHFLDGD VLVWHPiWLFDPHQWH HQ ORV SURFHVRV GH FDPELR \ PRGHUQL]DFLyQ
DQWHULRUHV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
0'8/29
1XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV\HOUHVWRGH6HFWRUHVGHOD
6RFLHGDG
QGLFH
3DODEUDV&ODYH
,QWURGXFFLyQ\2EMHWLYRV
3ROtWLFDV3~EOLFDVHQHO(VWDGRGHO%LHQHVWDU8Q$QiOLVLV0XOWLQLYHO
3ROtWLFDV3~EOLFDVGHOD8QLyQ(XURSHD
3ROtWLFDV3~EOLFDVHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
3ROtWLFDV3~EOLFDVHQODV$GPLQLVWUDFLRQHV/RFDOHV
3ROtWLFDV3~EOLFDV(PHUJHQWHV
8Q(MHPSORGH3ROtWLFDV3~EOLFDV(PHUJHQWHVHQHO0DUFR,QWHUJXEHU
QDPHQWDO GH OD (XURSD GH ODV 5HJLRQHV 3ROtWLFDV 3~EOLFDV GH 0HGLR
$PELHQWH
&RQFHSWXDOL]DFLyQGHODV3ROtWLFDV3~EOLFDV$PELHQWDOHV
3ROtWLFDV3~EOLFDV0HGLRDPELHQWDOHVHQOD8QLyQ(XURSHD
3URJUDPDVGH$FFLyQ\'LUHFWLYDV$PELHQWDOHV
5HWRVGHOD8QLyQ(XURSHDHQ0DWHULD$PELHQWDO
/D&XPEUHGH*RWHPEXUJRGH\OD(VWUDWHJLD(X
URSHDSDUDHO'HVDUUROOR6RVWHQLEOHDQWH-RKDQHVEXUJR
3ROtWLFDV3~EOLFDV0HGLRDPELHQWDOHVHQOD(VSDxDGHODV$XWR
QRPtDV
(YROXFLyQGHODV3ROtWLFDV3~EOLFDVGH0HGLR$PELHQWH
HQ(VSDxD
3URJUDPDVGH$FWXDFLyQ\/HJLVODFLyQ0HGLRDPELHQWDO
HQOD(VSDxDGHORV1RYHQWD
(QULTXH-RVp9DUHODOYDUH]
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
3DODEUDV&ODYH
(VWDGR GHO %LHQHVWDU 3ROtWLFDV 3~EOLFDV 7UDGLFLRQDOHV 3ROtWLFDV 3~EOLFDV
(PHUJHQWHVRGH7HUFHUD*HQHUDFLyQ$QiOLVLV0XOWLQLYHO5HODFLRQHV,QWHUJX
EHUQDPHQWDOHV 0HGLR $PELHQWH 3ROtWLFDV 3~EOLFDV $PELHQWDOHV 5HVLGXRV
8UEDQRV
,QWURGXFFLyQ\2EMHWLYRV
(QWUHORVHVWXGLRVTXHPHUHFHODSHQDGHVWDFDUSRUHOHQIRTXHGHSROtWLFDV
S~EOLFDVVHFWRULDOHVHQ(XURSD\(VSDxDDILQDOHVGHORVQRYHQWD\TXHKDQFRQ
IRUPDGRGHILQLWLYDPHQWHHOSODQWHDPLHQWRGHORV JRELHUQRVPXOWLQLYHO\GH ODV
UHODFLRQHV\ODJHVWLyQLQWHUJXEHUQDPHQWDOHVGHVWDFDPRV
0RUDWD )UDQFHVF HGLWRU 3ROtWLFDV S~EOLFDV HQ OD 8QLyQ (XURSHD
$ULHO&LHQFLD3ROtWLFD%DUFHORQD
*RPi5LFDUG\6XELUDWV-RDQFRRUGV3ROtWLFDVS~EOLFDVHQ(VSDxD
&RQWHQLGRV UHGHV GH DFWRUHV \ QLYHOHV GH JRELHUQR $ULHO &LHQFLD
3ROtWLFD%DUFHORQD
*UDX0LUHLD\0DWHRV$UDFHOL (GV$QiOLVLV GH 3ROtWLFDV 3~EOLFDV
HQ (VSDxD HQIRTXHV \ FDVRV (GLWRULDO 7LUDQW OR %ODQFK 9DOHQFLD
%UXJXp4XLP\*RPi5LFDUGFRRUGV*RELHUQRVORFDOHV\SROtWLFDV
S~EOLFDV %LHQHVWDU VRFLDO SURPRFLyQ HFRQyPLFD \ WHUULWRULR $ULHO
&LHQFLD3ROtWLFD%DUFHORQD
$ WUDYpV GH HVWDV SXEOLFDFLRQHV VH KDQ H[SXHVWR ODV SULQFLSDOHV FODYHV GH
ODVSROtWLFDVS~EOLFDVHQ(XURSD\(VSDxDIXQGDPHQWDOPHQWHHQHOQLYHOFHQWUDO
GHJRELHUQR\HQODV$GPLQLVWUDFLRQHV/RFDOHVFRQODGHILQLFLyQGHXQPDUFR
WHyULFRJHQHUDOGHODVSROtWLFDVS~EOLFDVHXURSHDVFHQWUDOHV\ORFDOHV\HOHVWXGLR
GH FDVRV TXH UHIUHQGDUiQ HVWRV PDUFRV 6H KDQ HVWXGLDGR GHVGH ODV SROtWLFDV
S~EOLFDVFOiVLFDVGHO(VWDGRGHOELHQHVWDUKDVWDODVHPHUJHQWHVRGHWHUFHUDJH
QHUDFLyQ TXHGDQGR ~QLFDPHQWH H[FOXLGDV ODV SROtWLFDV S~EOLFDV GHVDUUROODGDV
HQORVQLYHOHVDXWRQyPLFRVGHJRELHUQRTXHVRQODVTXHKDQWRPDGRHOUHOHYRHQ
FXDQWR D LQWHQVLGDG GH UHFXUVRV \ FRPSOHMLGDG (Q HVWD OtQHD QR VH LQFOX\HQ
DQiOLVLV GH SROtWLFDV S~EOLFDV DXWRQyPLFDV SRUTXH HO HVWXGLR GH VXV UHDOLGDGHV
HVWiPX\IUDJPHQWDGRGLHFLVLHWH&RPXQLGDGHV$XWyQRPDV\ODVSROtWLFDVVRQ
PX\KHWHURJpQHDVWDQWDVFRPRDFFLRQHVGHORVJRELHUQRVUHJLRQDOHVVLW~HQHQ
VX DJHQGD GH JRELHUQR SRU OR TXH ORV HVWXGLRV VHFWRULDOHV \ GH FDVR VRQ UHDO
PHQWHHVFDVRVHQODOLWHUDWXUDSROLWROyJLFDHVSDxRODQRVUHPLWLPRVFRPRHMHP
(QULTXH-RVp9DUHODOYDUH]
SORDODDSOLFDFLyQGHHVWXGLRGHSROtWLFDVS~EOLFDV\5,*6PHGLRDPELHQWDOHV
TXHVHRIUHFHHQODVHJXQGDSDUWHGHHVWH0yGXOR9
(VWRVSRUWDQWRVRQORVPDQXDOHVTXHVHYDQDVHJXLUFRQHOREMHWLYRSULQ
FLSDOGHFHUUDUHOSODQWHDPLHQWRPHWRGROyJLFRGHOWUDEDMRHVWRHVGHDSOLFDUD
XQFDVRFRQFUHWRORVUHVLGXRVXUEDQRVODUHDOLGDGLQWHUJXEHUQDPHQWDO\PXO
WLQLYHODYDQ]DGDHQPyGXORVDQWHULRUHV\VXVYDULDEOHVGHJHVWLyQWDPELpQLQ
WHUJXEHUQDPHQWDODSOLFDGRVSDUDVROXFLRQDUXQSUREOHPDTXHODVRFLHGDG\VXV
UHVSHFWLYRVSRGHUHVS~EOLFRVFRQVLGHUDQSULRULWDULRV'HORJHQHUDODORSDUWLFXODU
GHORDPSOLRDORFRQFUHWRDSOLFDQGRODWHRUtDDORVSUREOHPDVUHDOHVGHDFWXD
FLyQTXHWLHQHQWRGRVORVQLYHOHVGHJRELHUQRHQHODFWXDO(VWDGRGHODV$XWR
QRPtDV
/DKLSyWHVLVGHSDUWLGDGHO0yGXORILQDOHVTXHGHVSXpVGHODFUHDFLyQGHO
PDUFROHJDOLQVWLWXFLRQDODORODUJRGHORVDxRV\\VXSHUDGDVVXVIDVHVGH
IRUPXODFLyQ\GLVHxRODVSROtWLFDVS~EOLFDVDPELHQWDOHVHQOD&RPXQLGDG$XWy
QRPDGH*DOLFLDVHKDQVLWXDGRHQHOSODQRGHJHVWLyQFRWLGLDQRGHORV*RELHU
QRV VXEQDFLRQDOHV DXWRQyPLFRV \ ORFDOHV \ VXV $GPLQLVWUDFLRQHV (VWR KD
SURGXFLGRODFRQVROLGDFLyQGHODVUHODFLRQHV\ODJHVWLyQLQWHUJXEHUQDPHQWDOHV
HQWUH ORV JRELHUQRV VXEQDFLRQDOHV LPSOLFDGRV TXH HVWiQ HYROXFLRQDQGR GHVGH
XQDSRVLFLyQLQLFLDOGHFRQIOLFWRDRWUDGHFRRSHUDFLyQ\FRODERUDFLyQLQWHUJX
EHUQDPHQWDOHQODVIDVHVGHLPSOHPHQWDFLyQ\HYDOXDFLyQGHODSROtWLFDS~EOLFD
GHJHVWLyQGHORVUHVLGXRVXUEDQRV(QHVWDKLSyWHVLVVHFRQGHQVDQSRUWDQWRORV
SULPHURVHVER]RVGHODVGLIHUHQWHVWHRUtDV\HQIRTXHVGHHVWXGLRGHODV$GPLQLV
WUDFLRQHV3~EOLFDV\DTXHVHYDQDGDUVLPXOWiQHDPHQWHDQiOLVLVGHODVYDULDEOHV
LQVWLWXFLRQDOHV\OHJDOHVGHOPHGLRDPELHQWHDWUDYpVGHOD&LHQFLDGHOD$GPL
QLVWUDFLyQVHSRGUtDLQFOXLUXQHVWXGLRVHFWRULDOVREUHORVSDUWLGRVSROtWLFRV\OD
LQFLGHQFLD GHO VLVWHPD HOHFWRUDO HQ HO SUREOHPD GH ORV UHVLGXRV D WUDYpV GH OD
&LHQFLD3ROtWLFDVHLPSOLFDDOSHUVRQDO\FRQpOODVGLIHUHQWHVWpFQLFDVGHJHVWLyQ
GHOSUREOHPDDPELHQWDOFRQWDQGRFRQOD7HRUtDGHOD2UJDQL]DFLyQ\OD*HVWLyQ
3~EOLFDKDEODPRVGHXQSUREOHPDGHSROtWLFDVUHJXODWLYDVDFWRUHVDUHQDVGHFL
VLRQHV \ IDVHV GH IRUPXODFLyQ GLVHxR LPSOHPHQWDFLyQ \ HYDOXDFLyQ GHVGH ODV
3ROtWLFDV 3~EOLFDV \ ILQDOPHQWH FRQWDPRV FRQ XQ LPSRUWDQWH FRQWLQJHQWH GH
DFWLYLGDGHVRLQWHUDFFLRQHVHQWUHGLYHUVDVXQLGDGHVGHJRELHUQR\QLYHOWHUULWR
ULDOGHDFWXDFLyQFRQXQHQIRTXHFODURGHODV5,*6\VX*,*
&RPRYHPRVVHFLHUUDHOFLFORPHWRGROyJLFRSODQWHDGRDOLQLFLRGHODREUD
FRQFOX\HQGRORPiVJHQHUDOWHRUtDV\HQIRTXHVVREUHODV$GPLQLVWUDFLRQHV3~
EOLFDV\DSOLFiQGRORDORPiVSDUWLFXODUSUREOHPDVFRWLGLDQRVGHORVFLXGDGD
QRV\DQiOLVLV\PRGRVGHUHVROXFLyQ
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQ$$33&& 6HFWRUHV6RFLHGDG
3ODQWHDPLHQWR
*OREDO
3ODQWHDPLHQWR
5HJLRQDO /RFDO
$$33&&
(QIRTXHVGH$QiOLVLV
GHODV$GPLQLVWUDFLRQHV
3~EOLFDV&RQWHPSRUiQHDV
5,*6
*,*
3ROtWLFDV
3~EOLFDV
&,8'$'$126
(QULTXH-RVp9DUHODOYDUH]
3ROtWLFDV3~EOLFDVHQHO(VWDGRGHO%LHQHVWDU8Q$QiOLVLV0XOWL
QLYHO
8QDYH]H[SXHVWRHOPDUFRFRQFHSWXDOGHODVSROtWLFDVS~EOLFDV\GDGRVX
FDUiFWHUGHJRELHUQRHQDFFLyQTXHYHtDPRVDQWHULRUPHQWH0yGXOR,DFRQ
WLQXDFLyQ VH GHVFULEH EUHYHPHQWH HO SDQRUDPD GH ODV SROtWLFDV S~EOLFDV HQ HO
HVFHQDULRHVSDxROPXOWLQLYHOGHVGHHOSODQRGHOD8QLyQ(XURSHDKDVWDHO/RFDO
SDVDQGRSRUHOGHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
(OFDVRHVTXHVRQSRFRV\PX\UHFLHQWHVORVDQiOLVLVTXHVREUHODVSROtWLFDV
S~EOLFDVVHFWRULDOHVVHUHDOL]DQHQORVGLIHUHQWHVQLYHOHVGHJRELHUQRDVtHVWXGLDU
HOPHGLRDPELHQWHRODSROtWLFDVRFLDORODV WHOHFRPXQLFDFLRQHV RODVGHIRU
PDFLyQJpQHURLQPLJUDFLyQQRHVSRVLEOHVLQRVHLQFOX\HHQVXDQiOLVLVXQD
SHUVSHFWLYDGHODSROtWLFDDQLYHOHXURSHRHOFDVRGHODSROtWLFDS~EOLFDGHPH
GLR DPELHQWH \ VX HXURSHL]DFLyQ HV VLJQLILFDWLYR SDUD HVWH SODQWHDPLHQWR HO
LPSDFWR VREUH HO (VWDGR PLHPEUR YtD WUDQVSRVLFLyQ GH 'LUHFWLYDV SHM \ OD
OHJLVODFLyQ JHQHUDO \ HVSHFtILFD VREUH HO WHPD DPELHQWDO GH TXH VH WUDWH UHVL
GXRV DJXDV FRQWDPLQDFLyQ DWPRVIpULFD VX GHVDUUROOR HQ ODV &RPXQLGDGHV
$XWyQRPDV FRQ FRPSHWHQFLDV HQ OD PDWHULD \ SRU VXSXHVWR HQ ~OWLPR OXJDU
KDEUtDTXHVLWXDUHQYLUWXGGHOSULQFLSLRGHVXEVLGLDULHGDG\GHODDSOLFDFLyQGH
ODDXWRQRPtDORFDOHOSODQWHDPLHQWRTXHVREUHHVDFXHVWLyQDPELHQWDOVHGHHQ
HORUGHQDPLHQWRORFDORUGHQDQ]DVSHMDSOLFDQGRHQHVFDODWRGRHVWHHVTXHPD
DOiPELWRPXQLFLSDOPiVFHUFDQRDOFLXGDGDQR
3ROtWLFDV3~EOLFDVGHOD8QLyQ(XURSHD
&RPRVHxDOD0RUDWDHVHOQLYHOFRPXQLWDULRFODYHSDUDHOGHVD
UUROORGHODDFFLyQGHORVJRELHUQRVPLHPEURVGHHVWDQDFLyQGHQDFLRQHV\DTXH
6LDOJRFDUDFWHUL]DSRUHQFLPDGHWRGRDOD&RPXQLGDG(XURSHD&(\HQVHQWLGR
PiVDPSOLROD8QLyQ(XURSHD8(HVSUHFLVDPHQWHVXFRQGLFLyQGHIiEULFDLQFH
VDQWH GH SROtWLFDV S~EOLFDV 3ROtWLFDV S~EOLFDV GH UHJXODFLyQ GH ORV PHUFDGRV \ GH OD
PRQHGDGHFRKHVLyQHFRQyPLFD\VRFLDOSROtWLFDVDPELHQWDOHVGHWUDQVSRUWHV\WHOH
FRPXQLFDFLRQHVLQYHVWLJDFLyQFRPHUFLRH[WHULRU\FRRSHUDFLyQGHMXVWLFLDHLQWHULRU
HWFpWHUDHOFDWiORJRVHUtDLQWHUPLQDEOH (Q YLUWXG GH ORV WUDWDGRV OD &( GLVSRQH GH
FRPSHWHQFLDVH[FOXVLYDVDJULFXOWXUD\SHVFDPRQHGDOLEUHFRPSHWHQFLDHWFRFRP
SDUWLGDVHQODJUDQPD\RUtDGHORVVHFWRUHV\PDWHULDVREMHWRGHXQDLQWHUYHQFLyQS~
EOLFD6XVSROtWLFDVWLHQHQXQLPSDFWRGLUHFWRVREUHHOFRPSRUWDPLHQWRGHORVJRELHUQRV
\ODVDGPLQLVWUDFLRQHVS~EOLFDVGHORV(VWDGRVPLHPEURVSHURWDPELpQGHORVHPSUHVD
ULRVDJULFXOWRUHVFRQVXPLGRUHVMXHFHVDVDODULDGRVODVUHJLRQHV\ORVPXQLFLSLRVORV
JUXSRVGHLQWHUpVODV21*HWF$OPLVPRWLHPSRHOSURJUHVLYRUHIRU]DPLHQWRGHVGH
GHORVSLODUHVLQWHUJXEHUQDPHQWDOHVGHOD8QLyQORVWHPDVGH-XVWLFLDH,QWH
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
(QULTXH-RVp9DUHODOYDUH]
LPSOHPHQWDFLyQ\HYDOXDFLyQDxDGLHQGRHQHOQLYHOHXURSHRODQHJRFLDFLyQ\
OD FRPLWRORJtD YROYLHQGR OD YLVWD KDFLD /RZL \ VXV SROtWLFDV FRQVWLWXWLYDV
7UDWDGRVGHOD&($8(0DDVWULFKWPVWHUGDP\1L]DUHJXODWLYDVSR
OtWLFDVJHQHUDOHVRVHFWRULDOHVGHUHJXODFLyQGHOPHUFDGRPHGLRDPELHQWDOHV
GLVWULEXWLYDV 3$& \ UHGLVWULEXWLYDV )RQGRV (VWUXFWXUDOHV \ GH &RKHVLyQ
0RUDWDFUHHTXHSRUORTXHVHUHILHUHDODVSROtWLFDVS~EOLFDVHXURSHDV
QR HV WDQWR HO SURFHVR R ORV FLFORV GH ODV PLVPDV ODV TXH IDOODQ VLQR OD HVFDVD
SDUWLFLSDFLyQGHORVFLXGDGDQRV\ORVSUREOHPDVGHJREHUQDELOLGDGTXHVHPXHV
WUDQ FDGD GtD PiV SUHRFXSDQWHV SRU OR TXH HO YHUGDGHUR UHWR GH ODV SROtWLFDV
S~EOLFDVHQ(XURSDVHUiHOGHJDUDQWL]DUODSOHQDLQVHUFLyQGHODSROtWLFDHQVXV
SROtWLFDV
3ROtWLFDV3~EOLFDVHQOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
(Q (VSDxD \ GHQWUR GHO QLYHO GH OD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR
*RPi\6XELUDWVVXEUD\DQODHVFDVH]GHHVWXGLRVSROLWROyJLFRVVREUHOD
DFWXDFLyQGHORVSRGHUHVS~EOLFRVFXHVWLyQDQWHULRUPHQWHDQDOL]DGDHQHOFDP
SR GH OD &LHQFLD 3ROtWLFD \D QR WDQWR VHFWRULDOHV TXH WDPELpQ VLQR GH XQD
IRUPDJOREDOVREUHODVSROtWLFDVS~EOLFDV(QQXHVWURSDtVDGHPiVVHKDSURGXFL
GRXQDGHPRFUDWL]DFLyQSRVWHULRUDXQUpJLPHQGLFWDWRULDOTXHQRVVLWXyIXHUD
GHODyUELWDGHORV(VWDGRVGHOELHQHVWDUNH\QHVLDQRVRFFLGHQWDOHV\HQSDUDOHOR
XQDH[SDQVLyQFODUDGHO(VWDGRGH%LHQHVWDU\HQFRQVHFXHQFLDGHORVSRGHUHV
S~EOLFRVORTXHKDVREUHGLPHQVLRQDGRODDJHQGDS~EOLFDGHDFWXDFLyQ*RPi\
6XELUDWVVRQGHODRSLQLyQGHTXHODDJHQGDHQ(VSDxDVHFRQVWUX\H
HQWRUQRDGRVJUDQGHVHMHVDWUDYpVGHORVFXDOHVVHSRODUL]DQODVSROtWLFDVS~EOL
FDV
(MHVRFLRHFRQyPLFR/RTXHORVDXWRUHVOODPDQHOJRELHUQRGHODHFR
QRPtD *( HQWUH ODV TXH VH HQFRQWUDUtDQ ODV SROtWLFDV ILVFDOHV PR
QHWDULDV ODERUDOHV LQGXVWULDOHV \ OR TXH GHQRPLQDQ FRPR SROtWLFDV
TXHFRQVWLWX\HQHOUpJLPHQGHELHQHVWDU(%GRQGHSRGHPRVLQFOXLU
HGXFDFLyQVDQLGDGSURWHFFLyQYLYLHQGDHQODVSULPHUDVVHVLWXDUtDHO
QLYHOUHJXODWLYR\HQODVVHJXQGDVHOGLVWULEXWLYR
(MHQDFLRQDO(QHVWHHMHVHSXHGHGLVWLQJXLUFRPRHQHODQWHULRUGRV
SODQRV GH SROtWLFD S~EOLFD SODQR PDWHULDO UHSURGXFLHQGR ODV UHODFLR
QHVGHSRGHUHQPDWHULDHFRQyPLFD\GHGLVWULEXFLyQGHFRPSHWHQFLDV
KDVWDHOFLHUUHGHO(VWDGR$XWRQyPLFRYtDPRGHORVGHILQDQFLDFLyQ\
SROtWLFDVILVFDOHV\HOSODQRVLPEyOLFROLJDGRVDLGHQWLGDGHVSURSLDVGH
ORVJRELHUQRVVXEQDFLRQDOHVFRPRODOHQJXDGHVDUUROODQGRSROtWLFDVOLQ
JtVWLFDVSURSLDV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
$GHPiVGHORVDQWHULRUHVH[LVWHQRWURVFRQIOLFWRVTXHQXWUHQODDJHQGD
S~EOLFD\TXHWLHQHQTXHYHUFRQODHYROXFLyQSRVWPDWHULDOGHO(VWDGR\
ORVQXHYRVYDORUHVVRFLDOHVPX\UHODFLRQDGDFRQHOJRELHUQRGHODHFR
QRPtDODVSROtWLFDVGHWHOHFRPXQLFDFLRQHVHQHOPDUFRGHO(VWDGRGHO
ELHQHVWDU SROtWLFDV GH LJXDOGDG HQWUH KRPEUHV \ PXMHUHV LQPLJUDFLyQ
JpQHURILQDOPHQWHOLJDGDVDOHMHFHQWUDOGHOSRVWPDWHULDOLVPRSROtWL
FDVGHPHGLRDPELHQWH
&DPSRVGHSROtWLFD
S~EOLFD
(MHGHO&RQIOLFWR
6RFLRHFRQyPLFR
1DFLRQDO
3RVWPDWHULDOLVWD
6HFWRUHVGHDFWXDFLyQ
DQDOL]DGRV
*RELHUQRGHODHFRQRPtD
*%
3ROtWLFDVPDFURHFRQyPLFDV
HFRQyPLFDVGHRIHUWD\
ODERUDOHV
(VWDGRGHOELHQHVWDU(%
6HUYLFLRVS~EOLFRVXQLYHU
VDOHVVLVWHPDGHJDUDQWtD
GHUHQWDV\SROtWLFDVGH
YLYLHQGD
0DWHULDO
6LVWHPDGLVWULEXFLyQFRP
SHWHQFLDO\PRGHORVGH
ILQDQFLDFLyQGHODV
&&$$
6LPEyOLFD
3ROtWLFDVOLQJtVWLFDV
(FROyJLFD
3ROtWLFDVGHPHGLR
DPELHQWH
1XHYDVGLPHQVLRQHVGHO
*(
3ROtWLFDVGHWHOHFRPXQLFD
FLRQHV
1XHYDVGLPHQVLRQHVGHO
(%
3ROtWLFDVGHLJXDOGDGGH
JpQHUR\GHLQPLJUDFLyQ
)XHQWH*RPi\6XELUDWV
)DVH
(QULTXH-RVp9DUHODOYDUH]
*RELHUQRGHODHFR
QRPtD
PELWRV
HPHUJHQWHV
5HVSXHVWDVFR\XQWXUDOHV &RQVWLWXFLRQDOL]DFLyQ
1XHYRPRGHORWHUULWR
DODFULVLVHFRQyPLFD
GHORVGHUHFKRVVRFLDOHV ULDOFRQVWLWXFLRQDOL]D
&RQFHUWDFLyQPRGHUD ([SDQVLyQGHOJDVWRHQ FLyQOLPLWDGDGH
GHUHFKRVQDFLRQDOHV
FLyQVDODULDO\QXHYDV
SURWHFFLyQVRFLDO
UHODFLRQHVODERUDOHV
(VWDGRGHOELHQHVWDU
5HIRUPDILVFDO
0RGHORVDQLWDULR
FRQWULEXWLYR\FRQIOLFWR
HVFRODU
+RPRJHQHL]DFLyQ
DXWRQyPLFDDODEDMD
&ULVLVGHODFRQFHUWD
FLyQFHQWUDOL]DGD
&RQWHQFLyQGHOJDVWR
VRFLDO
'HURJDFLyQGHOD
/2$3$
3ROtWLFDPRQHWDULVWD
5HIRUPDFRQIOLFWLYDGH
5HFRQYHUVLyQLQGXVWULDO SHQVLRQHV
'LVHxRGHUHIRUPDV
VDQLWDULD\HGXFDWLYD
&RQIOLFWRV
FRPSHWHQFLDOHV
0RGHORILVFDO
FHQWUDOL]DGR
/H\GH([WUDQMHUtD
(XURSHL]DFLyQGHOD
SROtWLFDHFRQyPLFD
&RQIOLFWRVREUHSROtWLFD
VRFLDO
3URFHVRGHGHVFHQWUDOL
]DFLyQGHOJDWRVS~EOLFR
3URIXQGL]DFLyQHQOD
RUWRGR[LDPRQHWDULVWD
8QLYHUVDOL]DFLyQGHODV
SUHVWDFLRQHVVDQLWDULDV
,PSOHPHQWDFLyQGHORV
PRGHORVOLQJtVWLFR
HVFRODUHV
5HFXSHUDFLyQ\SUHFDUL ([SDQVLyQJDVWR
DVLVWHQFLDOVHUYLFLRV\
]DFLyQGHOHPSOHR
UHQWDVGHLQVHUFLyQ
/H\GH2UGHQDFLyQGH
7HOHFRPXQLFDFLRQHV
,3,20
3ULRULGDGDODUHGXFFLyQ 5HIRUPDVGHJHVWLyQ\
DVLVWHQFLDOL]DFLyQGHORV
GHOGpILFLWS~EOLFR
VHUYLFLRV
3ULYDWL]DFLyQVHOHFWLYD
GHODHPSUHVDS~EOLFD
'HVUHJXODFLyQODERUDO
3DFWRVDXWRQyPLFRV
&UHDFLyQGHO
02370$
3DFWRGH7ROHGRVREUH
SHQVLRQHV
1XHYRPRGHORGH
ILQDQFLDFLyQFHVLyQ
5HFRUWH\FRQIOLFWRHQOD GHO
SURWHFFLyQSRU
5HJODPHQWRVGH
GHVHPSOHR
H[WUDQMHUtD
,QLFLROLEHUDOL]DFLyQ
WHOHFRPXQLFDFLRQHV
,,3,20
)XHQWH*RPi\6XELUDWV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
3DUD *RPi \ 6XELUDWV HV PX\ LPSRUWDQWH OD YLQFXODFLyQ H[LV
WHQWH HQWUH ODV SROtWLFDV S~EOLFDV \ OD &LHQFLD 3ROtWLFD FXHVWLyQ TXH SRU RWUR
ODGR\DKDEtDTXHGDGRGLOXFLGDGDHQDSDUWDGRVDQWHULRUHVHOFDVRHVTXHVLHQGR
GHUHOHYDQFLDSRFRVKDQVLGRORVHVWXGLRVVREUHODVGLIHUHQWHVSROtWLFDVS~EOLFDV
SUDFWLFDGDV HQ (VSDxD GHVGH HO LQLFLR GH OD GHPRFUDFLD KDFH \D PiV GH XQ
FXDUWR GH VLJOR /D YLUWXDOLGDG GHO SODQWHDPLHQWR GHO HVWXGLR GH ODV SROtWLFDV
S~EOLFDVHQ(VSDxDGH*RPi\6XELUDWVUDGLFDHQHODQiOLVLV\ODYLQ
FXODFLyQGHODVSROtWLFDVVHFWRULDOHVFRQHOHMHUFLFLRGHOSRGHUHQHOTXHGDQGR
SRUVXSXHVWRXQFRQRFLPLHQWREiVLFRGHODHVWUXFWXUDLQVWLWXFLRQDO\SROtWLFDHVSDxROD
VHUHFRJHODHVWUXFWXUDGHDFWRUHVGHFDGDSROtWLFDHODQiOLVLVHVTXHPiWLFRGHVXVSUHIH
UHQFLDVHQUHODFLyQFRQODVGHFLVLRQHV WRPDGDV R SRU WRPDU ODV LQWHUDFFLRQHV TXH VH
SODQWHDQ\ORVUHVXOWDGRVJHQHUDGRVHQXQDSHUVSHFWLYDWHPSRUDOTXHUHFRJHORV~OWL
PRVYHLQWHDxRV\HQXQiPELWRWHUULWRULDOTXHSUHWHQGHLQFRUSRUDUORVGLYHUVRVQLYHOHV
GH JRELHUQR LPSOLFDGRV GHVGH HO JRELHUQR ORFDO KDVWD OD FUHFLHQWH LQIOXHQFLD GH OD
8QLyQ(XURSHD(OSODQWHDPLHQWRVLQHPEDUJRQRHVHOHVWXGLRGHOSRGHUGHVGH
SHUVSHFWLYDVWUDGLFLRQDOHVUDFLRQDOHVRHILFLHQWLVWDVGHODQiOLVLVGHODVSROtWLFDV
VLQR GHVGH SHUVSHFWLYDV PiV LQWHJUDOHV LQFRUSRUDQGR D TXLpQ HMHUFLWD HO SRGHU
TXLpQORVXIUH\HOiUHDGHDFWLYLGDGHQODTXHHOSRGHUVHHMHUFLWD\VXHQWRUQR
PXOWLQLYHO(QGHILQLWLYDGHHVHFRQMXQWRGHDQiOLVLVVHFWRULDOHVGHVXVHVSHFLILFLGD
GHVSHURWDPELpQGHVXVFRPXQHVFRQH[LRQHVFRQHOFRQWH[WRJOREDOHQHOTXHVHGH
VHQYXHOYHQODVUHODFLRQHVGHSRGHUHQ(VSDxD\(XURSD\GHODLQIOXHQFLDTXHHMHUFHQ
HQODVSROtWLFDVODVLQVWLWXFLRQHV\VXVUXWLQDVSURFHVXDOHVGHEHUHPRVSRGHUGHVSUHQGHU
XQDPHMRUFRPSUHQVLyQGHOVLVWHPDSROtWLFRHVSDxRO*RPi\6XELUDWV
3HURDGHPiVGHHVWDVOtQHDVGHLQYHVWLJDFLyQUHFLHQWHPHQWHVHKDQLQFRU
SRUDGRQXHYRVWUDEDMRVUHODFLRQDGRVFRQiUHDVGHSROtWLFDVMyYHQHVSHURGHJUDQ
FDODGR VRFLDO \ FRQ SUHVHQFLD FDGD YH] PD\RU HQ ODV DJHQGDV SROtWLFDV HQWUH
HOODV SROtWLFDV S~EOLFDV GH IRUPDFLyQ SURIHVLRQDO SROtWLFDV S~EOLFDV GH MXYHQ
WXGSROtWLFDVS~EOLFDVIDPLOLDUHVSROtWLFDVS~EOLFDVGHLJXDOGDGHQWUHKRPEUHV\
PXMHUHVHLQFOXVRODSROtWLFDS~EOLFDGH8QLyQ(XURSHDFRPRRULHQWDFLyQGHFL
GLGD GH (VSDxD SRU VLWXDUVH HQ HO QXHYR PDUFR GH OD DPSOLDFLyQ FRPXQLWDULD
0DWHRV WRGDV HOODV FRPR KHPRV SRGLGR YHU DQWHULRUPHQWH FRP
SOHPHQWDULDVDODVWUDGLFLRQDOHVGHO(VWDGRGHOELHQHVWDUVREUHODVTXHVHVLJXHQ
UHDOL]DQGR DQiOLVLV (Q HVWH QXHYR PDUFR VH WUDWDQ ODV SROtWLFDV S~EOLFDV GHVGH
HQIRTXHV \ SHUVSHFWLYDV GH DQiOLVLV GLYHUVRV GH IRUPD TXH DFWXDOLFHQ OD LQIRU
PDFLyQUHFRJLGDDORODUJRGHODGpFDGDSDVDGDGHDOJXQDVSROtWLFDVSROtWLFDVGH
LQPLJUDFLyQ \ WHOHFRPXQLFDFLRQHV GH IRUPD TXH LQFRUSRUHQ QXHYDV YDULDEOHV
SROtWLFDVGHHVWXGLRSROtWLFDGHIDPLOLDRELHQGHIRUPDTXHVHFHQWUHQHQIDVHV
DJHQGDLPSOHPHQWDFLyQQLYHOHVWHUULWRULDOHVVXEQDFLRQDOHVSROtWLFDVDQLWD
ULD FDWDODQD SROtWLFD GH VXEYHQFLRQHV HQ PDWHULD GH LJXDOGDG GH RSRUWXQLGD
(QULTXH-RVp9DUHODOYDUH]
GHV LQFOXVR HO DQiOLVLV GH XQD SROtWLFD S~EOLFD FRQFUHWD HVWXGLDGD HQ WRGD
(VSDxD D WUDYpV GH OD PHWRGRORJtD GHO HVWXGLR GH FDVRV SROtWLFD DPELHQWDO HQ
(VSDxD$PRGRGHHMHPSOR\SDUDTXHVLUYDGHUHIHUHQFLDVREUHODDFWXDOLGDG
GHODVLQYHVWLJDFLRQHVVREUHSROtWLFDVS~EOLFDVHQ(VSDxDVHH[SRQHHOHVTXHPD
GHOUHFLHQWHPHQWHSXEOLFDGRPDQXDOGH*UDX\0DWHRVVREUHODPDWH
ULD
3ROtWLFD3~EOLFD
3ROtWLFDGHIRUPD
FLyQ
)DVH
$JHQGDSROtWLFD
3HUVSHFWLYDGH$QiOL
VLV
(VWXGLR
GH&DVR
(FRQRPtDSROtWLFD
$FXHUGRVWULSDU
WLWRVGHIRUPDFLyQ
FRQWLQXD
3ROtWLFDGHLQPLJUD $JHQGDSROtWLFD
FLyQ
,QWHUJXEHUQDPHQWDOLV
PRVXSUDQDFLRQDO
,QFRUSRUDFLyQGH
ODLQPLJUDFLyQD
ODVDJHQGDVGH
(VSDxD\OD8QLyQ
(XURSHD
3ROtWLFDGHMXYHQ
WXG
$JHQGDSROtWLFD
3OXUDOLVPRLQVWLWXFLRQDO (OERWHOOyQMXYHQLO
\UHIRUPDGR
HQ*UDQDGD
3ROtWLFDIDPLOLDU
$JHQGDSROtWLFD
1HRLQVWLWXFLRQDOLVPR
KLVWyULFR
/DSUHVWDFLyQGH
VHUYLFLRVGHJXDU
GD\HGXFDFLyQGH
QLxRVSHTXHxRV
3ROtWLFDHGXFDWLYD
$JHQGDSROtWLFD
,QVWLWXFLRQDOLVPRUD
FLRQDO
(OFRQIOLFWRVREUH
ODHOHFFLyQHVFR
ODU
3ROtWLFDGHLQWHJUD
FLyQHXURSHD
$JHQGDSROtWLFD
3HUVSHFWLYDLQVWLWXFLR
QDOLVWDKLVWyULFR
VRFLROyJLFD
3ROtWLFDGHDGKH
VLyQ\SURFHVRGH
DPSOLDFLyQ
3ROtWLFDPHGLRDP
ELHQWDO
,PSOHPHQWDFLyQ
,QVWLWXFLRQDOLVPR
3ROtWLFDGHSURWHF
FLyQPHGLRDP
ELHQWDOHOFRQWURO
LQWHJUDGRGHOD
FRQWDPLQDFLyQ
LQGXVWULDO
3ROtWLFDGHHPSOHR
,PSOHPHQWDFLyQ
3ROLF\6W\OH\HQIRTXH
GHUHGHV
/DFRQFHUWDFLyQ
VRFLDO
3ROtWLFDVDQLWDULD
,PSOHPHQWDFLyQ
1XHYD*HVWLyQ3~EOLFD 3ROtWLFDVDQLWDULD
FDWDODQD
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
3ROtWLFD3~EOLFD
)DVH
3HUVSHFWLYDGH$QiOL
VLV
(VWXGLR
GH&DVR
3ROtWLFDGHJpQHUR
,PSOHPHQWDFLyQ
5HODFLRQHV,QWHUJXEHU
QDPHQWDOHV
3ROtWLFDGHVXE
YHQFLRQHVHQ
PDWHULDGHLJXDO
GDGGHRSRUWXQL
GDGHVHQHO3DtV
9DVFR
3ROtWLFDGHWHOHFR
PXQLFDFLRQHV
,PSOHPHQWDFLyQ
7LSRORJtDGHSROtWLFDV
SROtWLFDVUHJXODWLYDV
&RQFHVLyQGH
OLFHQFLDVGHWHOH
IRQtDPyYLO
8076HQ(V
SDxD
)XHQWH*UDX
3ROtWLFDV3~EOLFDVHQODV$GPLQLVWUDFLRQHV/RFDOHV
)LQDOPHQWH\FRQHOREMHWLYRGHFHUUDUHOSODQRPXOWLQLYHORSOXULQLYHOGH
ODVSROtWLFDVS~EOLFDVHQQXHVWURSDtVHVQHFHVDULRDERUGDUVXSUREOHPiWLFDHQHO
QLYHOORFDOSDUDHOORVHJXLPRVORVWUDEDMRVGH%UXJXp\*RPi\
TXHQRVPXHVWUDQXQDSDQRUiPLFDGHOJRELHUQRORFDOQXHYD\GLUHFWDPHQWH
UHODFLRQDGDFRQODJOREDOL]DFLyQDFWXDO(OHVIXHU]RGHORVDXWRUHVHVUHQRYDGRU
WDQWRSRUODLQWHQVLGDG\HOHQWXVLDVPRSRUVLWXDUODHVIHUDGHORORFDOHQXQD
QXHYDFHQWUDOLGDGGHOVLVWHPDSROtWLFRDGPLQLVWUDWLYRFRPRSRUUHFODPDUQXH
YRV HVSDFLRV GH DFWXDFLyQ \ JHVWLyQ GH SROtWLFDV S~EOLFDV /D HYROXFLyQ GH OD
WUDGLFLRQDO QDFLRQDOL]DFLyQ HVFDVD UHOHYDQFLD GHO JRELHUQR ORFDO SRU HVWDU VL
WXDGRHQXQSODQRVHFXQGDULR\VXERUGLQDGRDOORVFHQWURVGHFLVRUHVJRELHUQRV
FHQWUDOHVRUHJLRQDOHV\ODJHUHQFLDOL]DFLyQORFDOSRFDUHOHYDQFLDSROtWLFDGHO
JRELHUQR ORFDO SRUTXH GHGLFD WRGRV VXV HVIXHU]RV D OD JHVWLyQ QR D OD SROtWLFD
KDFLDODVPiVQRYHGRVDVGHOORFDOLVPR\ODUHSROLWL]DFLyQ(VWDUHRULHQWDFLyQ
\ORVQXHYRVIDFWRUHVGHOORFDOLVPR\ODUHSROLWL]DFLyQRSLQDQORVDXWRUHVUHFRQ
GXFH HO iPELWR ORFDO KDFLD OD &LHQFLD 3ROtWLFD LQFUHPHQWiQGRVH OD DXWRQRPtD
ORFDO6RQSUHFLVDPHQWHODWHVLVGHODQDFLRQDOL]DFLyQ\ODWHVLVJHUHQFLDOLVWDODVTXH
H[SOLFDQHOGLYRUFLRHQWUHHOiPELWRPXQLFLSDO\ODFLHQFLDSROtWLFD8QGLYRUFLR\pVWD
HVODKLSyWHVLVFHQWUDOGHOOLEURTXHDKRUDVHKDWUDQVIRUPDGRHQVHJXQGDVQXSFLDVVL
HVTXHDOJXQDYH]KXERSULPHUDVTXHHVWiQSURYRFDQGRSRUXQODGRODVXVWLWXFLyQGH
ODWHVLVGHODQDFLRQDOL]DFLyQSRUODWHVLVGHOORFDOLVPR\SRURWURODGRODVXVWLWXFLyQ
GH OD WHVLV JHUHQFLDOLVWD SRU OD WHVLV GH OD UHSROLWL]DFLyQ %UXJXp \ *RPi
(QULTXH-RVp9DUHODOYDUH]
$QWHHVWDQXHYDUHDOLGDGORFDOODVSROtWLFDVS~EOLFDVVHFRQYLHUWHQHQRE
MHWRVGH DQiOLVLV GLIHUHQWHV \ FRQ XQD LGHQWLGDG SURSLD GH OR ORFDO OR TXH VLQ
GXGDREOLJDDHVWDEOHFHUXQPDUFRDQDOtWLFRFRPSOHPHQWDULRDOFHQWUDO\HXUR
SHR QR QRV ROYLGHPRV GHO UHJLRQDO HQ HO PDUFR PXOWLQLYHO R SOXULQLYHO H[
SXHVWR DQWHULRUPHQWH 3DUD HOOR %UXJXp \ *RPi HVWDEOHFHQ XQD
WLSRORJtDGHSROtWLFDVS~EOLFDVORFDOHV
3ROtWLFDVGLULJLGDVDLQFLGLUHQHOSURFHVRGHFUHFLPLHQWR\JHQHUDFLyQGH
ULTXH]DUHJXODQGRHOiPELWRORFDOVREUHHOTXHVHTXLHUHDFWXDU
3ROtWLFDV RULHQWDGDV D OD UHGLVWULEXFLyQ GH UHQWDV H LQWDQJLEOHV HQWUH
JUXSRVVRFLDOHV
3ROtWLFDV TXH DFW~DQ VREUH OD GLPHQVLyQ QDFLRQDO GHO FRQIOLFWR VRFLDO
WDQWR HQ VX GLPHQVLyQ VLPEyOLFRFXOWXUDO HM UHJXODFLyQ OLQJtVWLFD
FRPRHQVXGLPHQVLyQPDWHULDOHMUHGLVWULEXFLyQGHFRPSHWHQFLDVLQ
JUHVRV\JDVWRVHQWUHORVGLIHUHQWHVQLYHOHVGHJRELHUQR
3ROtWLFDVTXHJHVWLRQDQODV GLPHQVLRQHVHPHUJHQWHV\ GHFDUiFWHUSRVW
PDWHULDOLVWDHMPHGLRDPELHQWH\GHVDUUROORVRVWHQLEOH
$GHPiVGHODWLSRORJtDDQWHULRU%UXJXp\*RPiGHVDUUROODQXQ
DQiOLVLVGHODVIDVHV\GLPHQVLRQHVGHODVSROtWLFDVS~EOLFDVDGDSWiQGRVHDODUHD
OLGDGORFDOSDUDHOORHVWXGLDQODVGLPHQVLRQHVHFRQyPLFRODERUDOFULVLVLQGXV
WULDO \ HFRQyPLFD HQ HO PDUFR GHO (VWDGR GHO ELHQHVWDU NH\QHVLDQR TXH GHMD
IXHUD GH VXV OtPLWHV D ORV JRELHUQRV ORFDOHV OD VRFLRFXOWXUDO IUDJPHQWDFLyQ
VRFLDO\UHGHILQLFLyQGHODLGHQWLGDGFROHFWLYD\ODXUEDQRWHUULWRULDOHYROXFLR
QDQGRGHOGHVDUUROOLVPRKDFLDODVFLXGDGHVSRVWLQGXVWULDOHVGLIXVDVSROLQXFOHD
UHVFRQQXGRVGHFUHFLPLHQWRHFRQyPLFR\FRQQXHYDViUHDVGHVHSDUDFLyQGH
FODVHV VRFLDOHV XUEDQL]DFLRQHV 7RGR OR DQWHULRU SURYRFD OD VDWXUDFLyQ GH OD
DJHQGDORFDOORTXHGHULYDDODVQXHYDVSROtWLFDVS~EOLFDVKDFLDVROXFLRQHVPiV
JOREDOHV \ DFWXDOHV FRPR VHxDODQ %UXJXp \ *RPi /D VXPD GH LP
SDFWRV GH ORV FDPELRV FRQWH[WXDOHV VREUH OD HVIHUD ORFDO UHFUHD ODV FRQGLFLRQHV SDUD
XQDDSRUWDFLyQPXFKRPiVVLJQLILFDWLYDGHORVPXQLFLSLRVHQHOWHUUHQRGHODVSROtWLFDV
S~EOLFDV(QFRQFUHWRODWUDQVLFLyQP~OWLSOHKDFLDXQPRGHORHFRQyPLFRPiVYDORUL
]DGRU GHO WHUULWRULR KDFLD HVWUXFWXUDV VRFLDOHV PiV IUDJPHQWDGDV KDFLD LGHQWLGDGHV
FROHFWLYDVGHPDWUL]PiVYLYHQFLDO\FRPXQLWDULDKDFLDXQVLVWHPDXUEDQRGLIXVRFRQ
QXHYDVIUDFWXUDV\KDFLDIRUPDVGHJRELHUQRPXOWLQLYHOVHSUR\HFWDHQDXQDDJHQGD
S~EOLFDORFDOPiVFRPSOHMDEQXHYRVUROHVGHSROtWLFDS~EOLFDPiVVXVWDQWLYRV\HV
WUDWpJLFRVFQXHYRVHVWLORVGHJRELHUQRORFDOUHODFLRQDOFRQFRQIOXHQFLDVLQWHUJXEHU
QDPHQWDOHV \ FLXGDGDQDV TXH TXLHEUDQ ODV SDXWDV WUDGLFLRQDOHV GH GLYLVLyQ
FHQWUDOORFDO\S~EOLFRSULYDGDGHOWUDEDMRSROtWLFR
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
$VtVHPRGLILFDODRIHUWDGHSROtWLFDVS~EOLFDVSRUSDUWHGHORVJRELHUQRVOR
FDOHVWUDEDMDQGRVREUHHOiPELWRHFRQyPLFRODERUDOSURPRFLyQGHOWHMLGRHP
SUHVDULDO ORFDO SROtWLFDV GH HPSOHR \ UHFXUVRV KXPDQRV SROtWLFDV GH GHVDUUROOR
WHUULWRULDO\GHGHVDUUROORFRPXQLWDULRHOGHELHQHVWDUVRFLDOSROtWLFDVVRFLRVD
QLWDULDV \ GH DFFLyQ FRQWUD OD H[FOXVLyQ VRFLDO \ SROtWLFDV VRFLRFXOWXUDOHV GH
GLQDPL]DFLyQFRPXQLWDULD\HOXUEDQRSROtWLFDVGHHILFLHQFLDLQIUDHVWUXFWX
UDV GH HTXLGDG YLYLHQGD WUDQVSRUWH \ GH UHGLVWULEXFLyQ UHJHQHUDFLyQ
$GHPiVVHPRGLILFDQORVUROHVTXHGHVHPSHxDQORVJRELHUQRVORFDOHVSDUDTXHOD
DFWXDFLyQ QR VHD OLPLWDGD DFWXDQGR HQ WUHV iPELWRV GLIHUHQFLDGRV OD SURPR
FLyQ HFRQyPLFD D WUDYpV GH ODV LQLFLDWLYDV GH GHVDUUROOR HFRQyPLFR ,'(
GHVGH XQ SODQWHDPLHQWR HVWUDWpJLFR HO ELHQHVWDU DGHPiV GH ODV SROtWLFDV GH
VHUYLFLRV XQLYHUVDOHV SROtWLFDV GH VHUYLFLRV SHUVRQDOHV \ FRPXQLWDULRV \ ODV
SROtWLFDVXUEDQDVFRQH[LyQGHODVSROtWLFDVXUEDQDVGHGLIXVLyQGHFHQWUDOLGDGHV
FRQ ODV ,'( UHFXSHUDFLyQ GH OD FRPSOHMLGDG IXQFLRQDO \ VRFLDO GHVSXpV GH
DxRVGH]RQLILFDFLyQ\VHJUHJDFLyQ\UHVWDEOHFLPLHQWR GHORVWHMLGRVHGLILFDGRV
HQ EDVH D OD GHFLVLyQ SROtWLFD \ QR VREUH FULWHULRV GH UHQWD XUEDQD 7RGR HOOR
FRQVLJXHVHJ~Q%UXJXp\*RPiXQQXHYRHVWLORGHGLVHxRUHOD
FLRQDO GH SROtWLFDV ORFDOHV TXH VH LQWHJUD HQ HO PDUFR GH ODV SROtWLFDV S~EOLFDV
HXURSHDV\FHQWUDOHVDQWHULRUPHQWHDQDOL]DGDV\FRQXQDVHULHGHFDUDFWHUtVWLFDV
UHOHYDQWHVSDUDODYLQFXODFLyQGHODVSROtWLFDVS~EOLFDVFRQODV$GPLQLVWUDFLRQHV
3~EOLFDVGHODVFXDOHVSDUWHQVHULQWHUJXEHUQDPHQWDOHVPXOWLQLYHO\SDUWLFLSD
WLYDV(QSDODEUDVGH%UXJXp\*RPi/DSRVLELOLGDGGHTXHODVLQVWDQ
FLDV ORFDOHV UHDOLFHQ DSRUWDFLRQHV HVWUDWpJLFDV DO GHVDUUROOR \ DO ELHQHVWDU GH VXV
FLXGDGHVGHEHHQWHQGHUVHHQHOFRQWH[WRGHHVWLORUHODFLRQDOGHJRELHUQR8QHVWLORTXH
LPSOLFD JREHUQDU D WUDYpV GH UHGHV GH DFWRUHV LQWHUGHSHQGLHQWHV \ QR GH MHUDUTXtDV
GHFLVLRQDOHVOHJDOPHQWHHVWDEOHFLGDVTXHWLHQHTXHYHUPiVFRQODLQIOXHQFLDTXHFRQHO
HMHUFLFLRGHODDXWRULGDG(QGHILQLWLYDODOyJLFDGHORUHODFLRQDOFRPRFRQWH[WR\Ot
PLWHGHORHVWUDWpJLFRHQHOiPELWRORFDO
3ROtWLFDV3~EOLFDV(PHUJHQWHV
8Q (MHPSOR GH 3ROtWLFDV 3~EOLFDV (PHUJHQWHV HQ HO 0DUFR ,QWHU
JXEHUQDPHQWDOGHOD(XURSDGHODV5HJLRQHV3ROtWLFDV3~EOLFDVGH
0HGLR$PELHQWH
/DVSROtWLFDVS~EOLFDVDPELHQWDOHVVHFRQILJXUDQFRPRXQDGHODVDFWXDFLR
QHV PiV GLQiPLFDV GHQWUR GH ODV OODPDGDV SROtWLFDV HPHUJHQWHV R GH WHUFHUD
JHQHUDFLyQ*RPi\6XELUDWVHQORV(VWDGRVGHOELHQHVWDUDFWXDOHV\PiV
HVSHFtILFDPHQWHGHQWURGHORViPELWRVHVSHFtILFRVGHJHVWLyQGHORVQLYHOHVVXE
(QULTXH-RVp9DUHODOYDUH]
QDFLRQDOHVGHJRELHUQRHVSDxROHV&RPXQLGDGHV$XWyQRPDV\(QWHV/RFDOHV
(VWDVSROtWLFDVDPELHQWDOHVKDQHYROXFLRQDGRGHVGHPRGHORVGHJHVWLyQUtJLGRV
MHUiUTXLFRV \ FHQWUDOLVWDV KDVWD PRGHORV IOH[LEOHV LQWHJUDGRV \ PXOWLRUJDQL]DWL
YRVHQXQPDUFRLQWHUJXEHUQDPHQWDODXVSLFLDGRSRUOD8QLyQ(XURSHD\SRUHO
GREOH SURFHVR GH GHVFHQWUDOL]DFLyQ SROtWLFRDGPLQLVWUDWLYR H LQWHJUDFLyQ UHJLR
QDOHXURSHD
(QHOFDVRGHODJHVWLyQGHORVUHVLGXRVXUEDQRVFRPRSURJUDPDVHFWRULDO
PHGLRDPELHQWDOODVIDVHVGHIRUPXODFLyQ\GLVHxRGHODSROtWLFDVHKDQGHVDUUR
OODGRDORODUJRGHODVHJXQGDPLWDGGHODSDVDGDGpFDGDDFWXDQGRHQSDUDOHOR
ODV$GPLQLVWUDFLRQHV5HJLRQDOHV\OD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGRHQHO
PDUFR GHO 9 3URJUDPD GH $FFLyQ $PELHQWDO &RPXQLWDULR 'LFKDV IDVHV HVWX
YLHURQ FDUDFWHUL]DGDV SRU HO FRQIOLFWR JHQHUDGR HQWUH ODV $GPLQLVWUDFLRQHV GH
ORVJRELHUQRVVXEQDFLRQDOHV&RPXQLGDGHV$XWyQRPDV\(QWHV/RFDOHVTXHVH
GLVSXWDEDQ DVt OD LPSOHPHQWDFLyQ GH OD SROtWLFD GH UHVLGXRV HQ VXV UHVSHFWLYRV
WHUULWRULRV&RQSRVWHULRULGDGDODxR\SUHYLDDSUREDFLyQGHO3ODQ1DFLRQDO
GH5HVLGXRV8UEDQRVFRQVHQVXDGRHQWUHHO*RELHUQR&HQWUDO\ORV*RELHUQRVGH
ODVGLVWLQWDV&RPXQLGDGHV$XWyQRPDVODLPSOHPHQWDFLyQGHORVGLVWLQWRVSUR
JUDPDVGHUHVLGXRVXUEDQRVVHHVWiQPRGLILFDQGR\RULHQWDQGRKDFLDHOFRQVHQ
VR \ FRRSHUDFLyQ HQ XQ PDUFR GH UHODFLRQHV \ JHVWLyQ LQWHUJXEHUQDPHQWDOHV
HQWUHJRELHUQRVPXOWLQLYHO$JUDQRII\
3RUORTXHUHVSHFWDDOD&RPXQLGDG$XWyQRPDGH*DOLFLD\FRQXQ3ODQ
$XWRQyPLFRHQPDUFKDGHVGHSULQFLSLRVGHORVDxRVODJHVWLyQGHORVUHVL
GXRVXUEDQRVKDHYROXFLRQDGRGHVGHXQDIDVHGHHQIUHQWDPLHQWRDRWUDGHFRR
SHUDFLyQLQWHUJXEHUQDPHQWDOHQWUHORVJRELHUQRVVXEQDFLRQDOHV LPSOLFDGRV (Q
ODDFWXDOLGDG\HQSOHQDIDVHGHLPSODQWDFLyQGHODSROtWLFDS~EOLFDDVLVWLPRVD
VXDUWLFXODFLyQGHVGHODVSURSXHVWDVGHODVUHODFLRQHV\ODJHVWLyQLQWHUJXEHUQD
PHQWDOHV
$ FRQWLQXDFLyQ FRQFHSWXDOL]DPRV EUHYHPHQWH ODV SROtWLFDV S~EOLFDV DP
ELHQWDOHV H[SRQHPRV HO PDUFR HXURSHR QDFLRQDO DXWRQyPLFR \ ORFDO GH ODV
SROtWLFDV S~EOLFDV GH UHVLGXRV XUEDQRV DQDOL]DPRV OD SROtWLFD S~EOLFD GHVGH HO
HQIRTXH SROtWLFRDGPLQLVWUDWLYR GH ODV UHODFLRQHV LQWHUJXEHUQDPHQWDOHV VLWXD
PRV OD SROtWLFD S~EOLFD HQ HO iPELWR DXWRQyPLFR JDOOHJR GHVGH VXV RUtJHQHV
KDVWDODDFWXDOLGDGSDUDILQDOPHQWHHVWDEOHFHUXQDVHULHGHFRQFOXVLRQHV\WHQ
GHQFLDVVREUHODJHVWLyQS~EOLFDORFDOFRPSDUWLGD\FRRSHUDWLYDGHORVUHVLGXRV
XUEDQRVHQQXHVWURSDtV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
&RQFHSWXDOL]DFLyQGHODV3ROtWLFDV3~EOLFDV$PELHQWDOHV
$ORODUJRGHODVHJXQGDPLWDGGHORVDxRVORVFLHQWtILFRVVRFLDOHVKDQ
VLWXDGR HO SUREOHPD GHO PHGLR DPELHQWH HQ XQ SODQR \ FDWHJRUtD GH DQiOLVLV
DMHQDD ODV &LHQFLDV 6RFLDOHV KDVWD HO PRPHQWR 3ROLWyORJRV \ VRFLyORJRV DGH
PiVGHH[SHUWRVGHRWUDVGLVFLSOLQDVFLHQWtILFDVFRPRODHFRQRPtDHOGHUHFKR
FRPHQ]DURQDDQDOL]DUHOIHQyPHQRGHOPHGLRDPELHQWHVXVYDULDEOHV\ODVLP
SOLFDFLRQHVTXHSDUDHOFRQMXQWRGHODVRFLHGDG\VXVGLIHUHQWHVDFWRUHVS~EOLFRV
\SULYDGRVWLHQHODJHVWLyQRQRJHVWLyQGHOKDVWDHOPRPHQWRYDORULQWDQJLEOH
PHGLRDPELHQWH
(OFDVRHVTXHGHVGHQXHVWURSXQWRGHYLVWDHQODDFWXDOLGDG\DSRGHPRV
VLWXDUHOPHGLRDPELHQWHFRPRREMHWRGHDQiOLVLVFRQVXILFLHQWHEDJDMH\H[SH
ULHQFLD FLHQWtILFD GHQWUR GHO PDUFR GH ODV &LHQFLDV 6RFLDOHV \ SRU VXSXHVWR
GHQWURGHHVWDVGHOD&LHQFLD3ROtWLFDOD&LHQFLDGHOD$GPLQLVWUDFLyQOD7HR
UtDGHOD2UJDQL]DFLyQ\OD*HVWLyQ3~EOLFDODV5,*6\*,*\ODV3ROtWLFDV
3~EOLFDV/DVUD]RQHVQRVRQRWUDVTXHODVH[SXHVWDVSRU*RPi\6XELUDWV
FXDQGRVLW~DQHOPHGLRDPELHQWHHQ(VSDxDFRPRSROtWLFDHPHUJHQWHRGHWHU
FHUD JHQHUDFLyQ (Q HO FDVR GHO PHGLR DPELHQWH \ OD &LHQFLD 3ROtWLFD WHQHPRV
XQDSULPHUDDSUR[LPDFLyQDVXVYDULDEOHVGHVGHHODQiOLVLVGHODVSROtWLFDVS~EOL
FDVDWUDYpVGHYDULRVDXWRUHVTXHFRQVXVLQYHVWLJDFLRQHVKDQFRQFHSWXDOL]DGR
OD YLV VRFLRSROtWLFRDGPLQLVWUDWLYD GHO PHGLR DPELHQWH $ ORV HIHFWRV GH OD
LQYHVWLJDFLyQTXHQRVRFXSDSRGHPRVGHILQLUODVSROtWLFDVS~EOLFDVDPELHQWDOHV
EDViQGRQRVHQ$JXLODU)HUQiQGH]FRPRHOFRQMXQWRGHGHFLVLRQHVILMD
FLyQGHREMHWLYRV\DFFLRQHVTXHOOHYDQDFDERXQRRYDULRVJRELHUQRVHQVXVGLVWLQWRV
QLYHOHVSDUDVROXFLRQDUORVSUREOHPDVDPELHQWDOHVTXHXQDVRFLHGDG\VXVUHVSHFWLYRV
SRGHUHVS~EOLFRVFRQVLGHUDQSULRULWDULRV&RPRSRGHPRVREVHUYDUDWUDYpVGHOD
GHILQLFLyQSRUXQODGRHVWDPRVVLWXDQGRHOSUREOHPDGHODVSROtWLFDVS~EOLFDVGH
PHGLRDPELHQWHHQXQSODQRPXOWLQLYHOFRQYDULRVQLYHOHVGHJRELHUQR\DGPL
QLVWUDFLyQLPSOLFDGRVHQWRGRVORVSURFHVRV\IDVHVGHODVSROtWLFDVS~EOLFDV\SRU
RWURVLWXDPRVODWRWDOLGDGGHVHFWRUHVGHODVRFLHGDGS~EOLFRSULYDGR\WHUFHU
VHFWRU HQ OD GHILQLFLyQ GHO SUREOHPD DPELHQWDO \ VX SRVLEOH LQFOXVLyQ HQ OD
DJHQGDS~EOLFD
5HFLHQWHPHQWH *RPi \ 6XELUDWV QRV VHxDODQ TXH HQ PDWHULD
GHDQiOLVLVGHSROtWLFDVS~EOLFDVODVGLPHQVLRQHVPiVUHOHYDQWHVSDUDHOHVWXGLR
GH ODV GHFLVLRQHVDFFLRQHV GH ORV *RELHUQRV VRQ OD VXVWDQWLYD GH SURFHVR GH
JHVWLyQ\GHHXURSHL]DFLyQHQXQHQWRUQRGHJRELHUQRPXOWLQLYHO*RPi\6X
ELUDWVHLQWHUJXEHUQDPHQWDO&RORPHU-0HVSH
FLDOPHQWHHVWD~OWLPDWDO\FRPRVHxDOD$JXLODU )HUQiQGH]\
HQ PDWHULDGHPHGLR DPELHQWH (Q HO PLVPR VHQWLGR $JXLODU
(QULTXH-RVp9DUHODOYDUH]
3ROtWLFDV3~EOLFDV(PHUJHQWHVRGH
7HUFHUD*HQHUDFLyQ
(GXFDFLyQ
0HGLR$PELHQWH
6DQLGDG
7HOHFRPXQLFDFLRQHV
3URWHFFLyQ6RFLDO
/HQJXDV
9LYLHQGD
,QPLJUDFLyQ
0XMHUHV
)XHQWH*RPi5\6XELUDWV-
3ROtWLFDV3~EOLFDV0HGLRDPELHQWDOHVHQOD8QLyQ(XURSHD
3DUDKDEODUGHODV3ROtWLFDV3~EOLFDV$PELHQWDOHVGHOD8QLyQ(XURSHDHQ
DGHODQWH330$8(\FRPRVHxDOD$JXLODU)HUQiQGH]GHEH
PRVGLULJLUQXHVWUDDWHQFLyQKDFLDGRVGHVXVSLODUHVEiVLFRVORV3URJUDPDVGH
$FFLyQ0HGLRDPELHQWDO3$0\ODV'LUHFWLYDVTXHGHVFULELPRVDFRQWLQXD
FLyQ
3URJUDPDVGH$FFLyQ\'LUHFWLYDV$PELHQWDOHV
/RV3$0VXUJHQDUDt]GHDOD&RQIHUHQFLD,QWHUQDFLRQDOGH0HGLR$P
ELHQWHFHOHEUDGDHQ(VWRFROPRHQ\ODSRVWHULRUUHXQLyQGH-HIHVGH(VWDGR
\ GH *RELHUQR GH (XURSD GH HVH PLVPR DxR PRPHQWR HQ HO FXDO VH WRPD OD
GHFLVLyQGHLQLFLDUODVDFFLRQHVGHJRELHUQRHQPDWHULDGHPHGLRDPELHQWHFR
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
PXQLWDULR GHVGH OD &RPLVLyQ (XURSHD 6HLV KDQ VLGR ORV 3$0 GHVGH
KDVWD OD DFWXDOLGDG TXH KDQ WHQLGR FRPR UDVJRV PiV GHVWDFDGRV HO VLWXDU HO
PHGLRDPELHQWHFRPRYDULDEOHWUDQVYHUVDOGHJRELHUQRHQODDJHQGDGHORVSDt
VHVTXHFRPSRQHQODKR\8QLyQ(XURSHDORTXHGHVSXpVGHFDVLWUHLQWDDxRVKD
GDGROXJDUDPiVGHDFWRVOHJDOHV\PiVGH'LUHFWLYDV5HJODPHQWRV
\5HFRPHQGDFLRQHV6XVSULQFLSDOHVFDUDFWHUtVWLFDVVHJ~Q$JXLODU)HUQiQGH]
VRQ
, 3$0 6H SURPXHYHQ PHGLGDV HVSHFtILFDV PHGLRDP
ELHQWDOHV FRQ JUDQ LQFLGHQFLD HQ VXVWDQFLDV FRQWDPLQDQWHV FHQWUDGDV
HQGRVSULQFLSLRVSUHFDXFLyQ\UHVSRQVDELOLGDGFRPSDUWLGD
,, 3$0 6H SURGXFH OD H[WHQVLyQ GHO iPELWR FRPSH
WHQFLDOGHOPHGLRDPELHQWHGHOD&RPLVLyQDOLQFRUSRUDUXQD'LUHFWLYD
TXHSURWHJtDORVKiELWDWVGHHVSHFLHVGHSiMDURVHQH[WLQFLyQ
,,,3$06HFRQVLGHUDHOPHGLRDPELHQWHFRPRSROtWL
FD WUDQVYHUVDO GH OD &RPXQLGDG (FRQyPLFD (XURSHD FRQFHQWUiQGRVH
VXVDFFLRQHVHQODSROtWLFDJHQHUDOGHSURWHFFLyQGHOPHGLRHQOXJDUGH
PHGLGDVHVSHFtILFDVHLQWHJUDQGRODSROtWLFDDPELHQWDOHQHOUHVWRGHSR
OtWLFDVVHFWRULDOHVFRPXQLWDULDV
,93$06HSURGXFHODLQVWLWXFLRQDOL]DFLyQGHILQLWLYD
GHODSROtWLFDGHPHGLRDPELHQWHFRQODDSUREDFLyQGHO$FWDQLFD(X
URSHD HQLQFRUSRUDQGR DGHPiV DVSHFWRVQXHYRV FRPR OD ELRWHF
QRORJtD OD VHJXULGDG QXFOHDU \ OD FRQWDPLQDFLyQ GHO VXHOR
FRPSOHPHQWiQGRVH HO HQIRTXH UHJXODWLYR WUDGLFLRQDO FRQ ORV LQVWUX
PHQWRVHFRQyPLFRVGHSURWHFFLyQDPELHQWDO\UHIRU]DQGRHOpQIDVLVHQ
HO FXPSOLPLHQWR GH OD 330$8( SRU SDUWH GH WRGRV ORV SDtVHV
PLHPEURV
93$0$SR\iQGRVHHQODVFRQFOXVLRQHVGHOD&XPEUH
GHOD7LHUUDFHOHEUDGDHQ5tRGH-DQHLURHQOD8QLyQ(XURSHDUHR
ULHQWD VX SROtWLFD DPELHQWDO FHQWUiQGRVH HQ VHFWRUHV HFRQyPLFRV FRQ
LQFLGHQFLD QHJDWLYD VREUH HO HQWRUQR WUDQVSRUWH HQHUJtD LQGXVWULD
DJULFXOWXUD \ WXULVPR PiV TXH HQ ORV PHGLRV QDWXUDOHV TXH UHFLEHQ HO
LPSDFWRDJXDDLUHVXHOR(VWH3$0LQFLGHWDPELpQHQODUHVSRQ
VDELOLGDGFRPSDUWLGDGHQWURGHOHQIRTXHSDUWLFLSDWLYRVXVFULEHHOFRQ
FHSWRGHGHVDUUROORVRVWHQLEOHUHSLWHODQHFHVLGDGGHLQWHJUDUHOPHGLR
DPELHQWHHQRWUDVSROtWLFDVVHFWRULDOHV\ODQHFHVLGDGGHDSOLFDUODOHJLV
ODFLyQ DPELHQWDO \D H[LVWHQWH DGHPiV GH DPSOLDU ORV LQVWUXPHQWRV GH
(QULTXH-RVp9DUHODOYDUH]
TXHVHGLVSRQHHQHVWHFDPSRSRQLHQGRHODFHQWRHQHOFDPELRGHDF
WLWXGHVSDXWDVGHFRQVXPR\SURGXFFLyQ
9, 3$0 $SUREDFLyQ \ SXHVWD HQ PDUFKD GHO 9,
3$0 GHQRPLQDGR 0HGLR $PELHQWH (O IXWXUR HVWi HQ QXHV
WUDVPDQRV&20FDUDFWHUL]DGRSRUODLQWHJUDFLyQGHOD
GLPHQVLyQPHGLRDPELHQWDOHQODVGHPiVSROtWLFDVVHFWRULDOHVFRPXQLWD
ULDVFRQHVSHFLDOLQFLGHQFLDHQORVVHFWRUHVGHRUGHQDFLyQGHOWHUULWRULR
WXULVPR\WUDQVSRUWH/DVGLUHFWULFHVSULRULGDGHV\SULQFLSLRVHVWDEOHFL
GRVHQHO 9,3$0TXHGDQUHVXPLGRV DFRQWLQXDFLyQHQHO VLJXLHQWH
FXDGUR
'LUHFWULFHV
3ULRULGDGHV
2EMHWLYRV
6HUXQGRFXPHQWRHVWUDWpJLFRTXHILMHSULR 6HJXLU PHMRUDQGR OD DSOLFDFLyQ \ HMHFX ,PSXOVDU XQ SURFHVR GH DGRSFLyQ GH QRUPDV
ULGDGHV\REMHWLYRVFODURVSDUDORVSUy[LPRV
FLyQ GH OD OHJLVODFLyQ FRPXQLWDULD HQ
TXH LQFOX\D XQ PHMRU DQiOLVLV GH ODV FXHVWLR
GLH]DxRV
PDWHULD GH PHGLR DPELHQWH LQFOXVR D
QHV PHGLRDPELHQWDOHV \ GH ORV FRVWHV \ ODV
WUDYpV GH OD LQWHJUDFLyQ GH ORV UHTXLVLWRV
YHQWDMDVGHODVPHGLGDVSUHYLVWDVXQDPHMRU
(VWDEOHFHUXQDYLVLyQFODUDGHODSURWHFFLyQ
HFROyJLFRVHQRWUDVSROtWLFDV
DSOLFDFLyQ \VXSHUYLVLyQ\XQDPHMRUVHQVLELOL
GH ORVHFRVLVWHPDVQDWXUDOHV\GHODFDOLGDG
]DFLyQ \ SDUWLFLSDFLyQ GHO S~EOLFR WRPDQGR
GH YLGDEDVDGDHQXQPHGLRDPELHQWHVDQR $ERUGDU ORV SUREOHPDV TXH YD\DQ VXU
HQ FRQVLGHUDFLyQ OD VXEVLGLDULHGDG \ HO UH
TXH UHVSRQGDGHHVWDPDQHUDDORVLQWHUHVHV
JLHQGR \ DTXHOORV HQ ORV TXH OD SROtWLFD
SDUWR GH UHVSRQVDELOLGDGHV \ WHQLHQGR HQ
GH ORVFLXGDGDQRV
H[LVWHQWH QR KD ORJUDGR LQYHUWLU VDWLVIDF
FXHQWD OD GLYHUVLGDG GH ODV UHJLRQHV HQ OD
WRULDPHQWH
ODV
WHQGHQFLDV
QHJDWLYDV
\
3UHVWDUHVSHFLDOLQWHUpVDORVDVSHFWRVVDQL
&RPXQLGDG
URPSHU
OD
UHODFLyQ
HQWUH
HO
FUHFLPLHQWR
WDULRVGHORVSUREOHPDVDPELHQWDOHV
HFRQyPLFR \ ORV LPSDFWRV DGYHUVRV SDUD )RPHQWDU \ DSR\DU HO GHVDUUROOR \ OD DSOLFD
&RQVWLWXLU HO FRPSRQHQWH PHGLRDPELHQWDO
HO PHGLR DPELHQWH HVSHFLDOPHQWH HQ OR
FLyQ DFHUWDGRV GH HVWUDWHJLDV GH LQWHJUDFLyQ
GH XQDHVWUDWHJLDPiV DPSOLD GH GHVDUUROOR
SDUD ODV SROtWLFDV VHFWRULDOHV SHUWLQHQWHV FRQ
UHODWLYRD
VRVWHQLEOH FRQ YLVWDV D OD &RQIHUHQFLD GH
YLVWDV D LPSXOVDU XQ GHVDUUROOR VRVWHQLEOH HQ
&DPELR FOLPiWLFR
5tR\FRQWULEXLUDODLQWHJUDFLyQGHODV
HVSHFLDO PHGLDQWHXQDGHILQLFLyQFODUDGHORV
GLPHQVLRQHV DPELHQWDOHV VRFLDOHV \ HFR
%LRGLYHUVLGDG
FDVRV HQ TXH ODV DFWLYLGDGHV \ ODV SROtWLFDV
QyPLFDV
8VR \ JHVWLyQ GH ORV UHFXUVRV QDWX
VHFWRULDOHV FRQWULEX\HQ D DXPHQWDU ORV SUR
,QFOXLU HQ VX FDVR REMHWLYRV FXDOLWDWLYRV \
UDOHV
EOHPDV PHGLRDPELHQWDOHV H[LVWHQWHV \ QXH
FXDQWLWDWLYRV DO PHQRV GH FDUiFWHU RULHQ
*HVWLyQGHUHVLGXRV
YRV \GHORVFDPELRVQHFHVDULRVVLVHGHVHDOR
WDWLYR DVt FRPR LQGLFDGRUHV GH SULRULGDG
JUDU REMHWLYRV PHGLRDPELHQWDOHV FRQVLGHUDQ
6HJXULGDG PHGLRDPELHQWDO UHGXF
SDUD ORV SUREOHPDV PHGLRDPELHQWDOHV SULR
GR DVLPLVPR ODV SRVLELOLGDGHV GH HVWDEOHFHU
FLyQ
GH
ORV
ULHVJRV
PHGLRDPELHQWD
ULWDULRV \ WDPELpQ HQ VX FDVR FDOHQGDULRV
REMHWLYRV \ FDOHQGDULRV HQ VHFWRUHV HVSHFtIL
OHV
\VDQLWDULRVGHULYDGRVGHORVSUR
GH DSOLFDFLyQ
FRV DVtFRPRLQGLFDGRUHVHQORVQLYHOHVDGH
GXFWRVTXtPLFRV\GHORVRUJDQLVPRV
+DFHU KLQFDSLp HQ OD FRKHUHQFLD \ FRQVLV
FXDGRVTXHSHUPLWDQHYDOXDUORVORJURV
PRGLILFDGRVJHQpWLFDPHQWH
WHQFLD GH OD SROtWLFD GH PHGLR DPELHQWH \
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
9,3$00HGLR$PELHQWH(OIXWXURHVWiHQQXHVWUDVPDQRV
PDFLyQGLVHxDGDSDUDUHIRU]DUODFRQFLHQFLD
GH ORVFLXGDGDQRV
)XHQWH,QLPD6HUYLFLRV(XURSHRVGH0HGLR$PELHQWH\6LJPD'RV4XRWD8QLyQ,QIRUPHGHOD*HVWLyQ0HGLRDPELHQWDOHQOD(PSUHVD(VSDxROD
,QIRUPHDFWXDOL]DGRGHO/LEUR%ODQFRGHOD*HVWLyQ$PELHQWDOHQOD,QGXVWULD(VSDxROD(GLWD)XQGDFLyQ(QWRUQR(PSUHVD\0HGLR$PELHQWH0D
GULGSS
(QULTXH-RVp9DUHODOYDUH]
3URPRYHUHQHVSHFLDOFRQYLVWDVDURPSHUOD
FRUUHODFLyQ HQWUH FUHFLPLHQWR HFRQyPLFR \
ODV SUHVLRQHVPHGLRDPELHQWDOHVORVVLJXLHQWHV
LQVWUXPHQWRV
,QVWUXPHQWRVHFRQyPLFRVDGHFXDGRV
,QVWUXPHQWRVMXUtGLFRV\QRUPDVFXDQGRSUR
FHGD
,QVWUXPHQWRV KRUL]RQWDOHV SDUD UHIRU]DU OD
LQWHJUDFLyQ FRPR OD HYDOXDFLyQ HVWUDWpJLFD
GHOLPSDFWRDPELHQWDO\ODYDORUDFLyQPHGLR
DPELHQWDO GH ODV SULQFLSDOHV SURSXHVWDV GH OD
&RPLVLyQ VREUHGLYHUVDVSROtWLFDV
3ODQWHDPLHQWRGHHILFDFLDHFROyJLFD\SROtWLFD
LQWHJUDGD GHSURGXFWRV
,QVWUXPHQWRVGHSDUWLFLSDFLyQFRPRHO&RQ
YHQLR GH$UKXV\ODVUHGHVGHFRPXQLFDFLRQHV
GHVWLQDGDVDOLQWHUFDPELR\ODGLIXVLyQGHLQ
IRUPDFLyQUHODWLYDDOPHGLRDPELHQWH
$FXHUGRVPXOWLODWHUDOHVHQPDWHULDGHPHGLR
DPELHQWH HQ UHODFLyQ FRQ ODV QHJRFLDFLRQHV
FRPHUFLDOHVLQWHUQDFLRQDOHV
$FWLYLGDGHVGHLQYHVWLJDFLyQDGHFXDGDV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
6LORV3$0VXSRQHQODPDWHULDOL]DFLyQGHODVDFFLRQHVSROtWLFDVHQOtQHDV
GHWUDEDMR\DFFLRQHVGHPHMRUD\SURWHFFLyQDPELHQWDOGHOD8QLyQ(XURSHDODV
'LUHFWLYDVVRQORV SULQFLSDOHV LQVWUXPHQWRV OHJDOHV GH GLFKD 330$8( HV
WDQGR YLQFXODGRV HVWUHFKDPHQWH FRQ ORV 3$0 HQ ORV FXDOHV WLHQH VX RULJHQ
3RURWURODGR\GHVGHXQSXQWRGHYLVWDUHJXODWLYROD'LUHFWLYDKDVLGRHOLQV
WUXPHQWRIDYRULWRGHJHVWLyQGHODV330$8(\DTXHHVGHREOLJDGRFXP
SOLPLHQWRHQFXDQWRDVXVILQHVDOLJXDOTXHHO5HJODPHQWR\SRUTXHSRVLELOLWD
TXH ORV SDtVHV HOLMDQ ODV HVWUDWHJLDV \ PHGLGDV TXH FRQVLGHUHQ PiV DGHFXDGDV
SDUDDOFDQ]DUGLFKRVILQHVDGLIHUHQFLDGHO5HJODPHQWR
5HWRVGHOD8QLyQ(XURSHDHQ0DWHULD$PELHQWDO
&RPRKHPRVSRGLGRYHUODV330$8(KDQHYROXFLRQDGRPXFKRDOR
ODUJR GH ORV ~OWLPRV WUHLQWD DxRV SHUR HV HVHQFLDOPHQWH HQ HO ~OWLPR WULHQLR
GRQGHVHSURGXFHQORVPD\RUHVDYDQFHVHQODSURWHFFLyQDPELHQWDOFRPXQLWD
ULD&RPRVHVHxDODGHVGHOD)XQGDFLyQ(QWRUQRWUHVVRQORVDFRQ
WHFLPLHQWRVPiVUHOHYDQWHVHQPDWHULDGHPHGLRDPELHQWHHQORV~OWLPRVDxRV
/DHQWUDGDHQYLJRUGHO7UDWDGRGH$PVWHUGDPTXHSURGXFHOD
FRQVROLGDFLyQGHODVSROtWLFDVDPELHQWDOHVHQOD8QLyQ(XURSHD\ODVDF
FLRQHVFRPXQLWDULDVHQPDWHULDGHGHVDUUROORVRVWHQLEOH
/D DSUREDFLyQ GH OD $JHQGD TXH VXSRQH OD DPSOLDFLyQ GH OD
8QLyQ(XURSHD\ODUHIRUPDGHOD3ROtWLFD$JUDULD&RP~Q\ODV3ROtWLFDV
GH&RKHVLyQFRQHOREMHWLYRGHUHIRU]DUORVDVSHFWRVDPELHQWDOHV
/DILQDOL]DFLyQGHO93$0\ODQHJRFLDFLyQGHO9,3$0SDUDHOSH
UtRGR$GHPiVGHOOLGHUD]JRPDQWHQLGRSRUOD8(HQPDWH
ULD GH GHVDUUROOR VRVWHQLEOH SURPRYLHQGR GHVGH HO DxR XQD
HVWUDWHJLD D ODUJR SOD]R TXH GHIHQGLy DQWH HO UHVWR GHO PXQGR HQ OD
&XPEUHGHOD7LHUUDGH-RKDQHVEXUJRHQDJRVWRVHSWLHPEUHGH
&RQ UHODFLyQ D HVWRV DFRQWHFLPLHQWRV \ HQ OD DFWXDOLGDG HQ PDWHULD GH
330$8( GHVGH OD )XQGDFLyQ (QWRUQR VH GHVWDFDQ ODV
VLJXLHQWHVOtQHDVGHDFWXDFLyQGHOD8QLyQ(XURSHDHQHOPDUFRGHXQHVFHQD
ULRJOREDODXVSLFLDGRSRUODV1DFLRQHV8QLGDV3180$
,QVWUXPHQWRVS~EOLFRVGHLQWHUYHQFLyQSURPRYLGRVSRUOD8QLyQ(XUR
SHD\HQWUHORVTXHVHHQFXHQWUDQ
R 'LIHUHQWH QRUPDWLYD HQ SUHSDUDFLyQ GLULJLGD D JDUDQWL]DU XQD FUH
FLHQWHPHMRUDGHODFDOLGDGGHOPHGLRDPELHQWHDIRPHQWDUODSUH
YHQFLyQODUHFXSHUDFLyQ\ODUHXWLOL]DFLyQGHWRGRWLSRGHUHVLGXRVD
(QULTXH-RVp9DUHODOYDUH]
OLPLWDUORVHIHFWRVVREUHODVSHUVRQDV\HOPHGLRDPELHQWHGHULYDGRV
GHORVDFWXDOHVQLYHOHVGHUXLGROLPLWDUODVHPLVLRQHVGHJDVHVHIHFWR
LQYHUQDGHUR \ D LQWHQVLILFDU OD XWLOL]DFLyQ GH LQVWUXPHQWRV GH SUR
WHFFLyQ\PHMRUDGHOPHGLRDPELHQWHLQIRUPDFLyQS~EOLFDVLVWHPDV
GHJHVWLyQDPELHQWDO(QWUHORVDFWRVQRUPDWLYRVHQSUHSDUDFLyQ
GHVWDFDQ
R 3URSXHVWD GH 'LUHFWLYD VREUH OtPLWHV Pi[LPRV QDFLRQDOHV GH
FRQWDPLQDQWHV DWPRVIpULFRV 3URSXHVWD GH 'LUHFWLYD VREUH HO
R]RQRHQHODLUHDPELHQWH3URSXHVWDGH'LUHFWLYDUHODWLYDDOD
LQFLQHUDFLyQ GH UHVLGXRV 3URSXHVWD GH 'LUHFWLYD VREUH OLPLWD
FLyQ GH HPLVLRQHV D OD DWPyVIHUD GH GHWHUPLQDGRV DJHQWHV
FRQWDPLQDQWHV SURFHGHQWHV GH JUDQGHV LQVWDODFLRQHV GH FRP
EXVWLyQ3URSXHVWDGH'LUHFWLYDVREUHHYDOXDFLyQ\JHVWLyQGHO
UXLGRDPELHQWDO3URSXHVWDGH'LUHFWLYDGHO3DUODPHQWR(XUR
SHRDO &RQVHMRVREUHUHVLGXRVGHDSDUDWRVHOpFWULFRV\ HOHFWUy
QLFRV 5$(( 3URSXHVWD GH 'LUHFWLYD VREUH UHVWULFFLRQHV D
ODXWLOL]DFLyQGHGHWHUPLQDGDVVXVWDQFLDVSHOLJURVDVHQDSDUDWRV
HOpFWULFRV \ HOHFWUyQLFRV 3URSXHVWD GH 'LUHFWLYD UHODWLYD D OD
SURPRFLyQGHODVHQHUJtDVUHQRYDEOHV
R ,QVWUXPHQWRVDVRFLDGRVDODOXFKDFRQWUDHOFDPELRFOLPiWLFRHQHO
PDUFRGHO3URWRFRORGH.LRWR
R (VWDEOHFLPLHQWRGHODUHVSRQVDELOLGDGFLYLODPELHQWDOEDVDGDHQORV
SULQFLSLRVGHFDXWHODDFFLyQSUHYHQWLYD\TXLHQFRQWDPLQDSDJD
R ,QFUHPHQWRGHODLQIRUPDFLyQ\FRPXQLFDFLyQDPELHQWDOGHODV$G
PLQLVWUDFLRQHV 3~EOLFDV D WRGRV ORV VHFWRUHV GH OD VRFLHGDG HQ HO
PDUFRGHOD'LUHFWLYD&((
R $PSOLDFLyQ GHO VLVWHPD FRPXQLWDULR GH HFRJHVWLyQ \ HFRDXGLWRUtD
(0$6YROXQWDULRSDUDWRGDVODVRUJDQL]DFLRQHVGHOD8QLyQ(X
URSHD
R 'HVDUUROOR H LPSODQWDFLyQ HIHFWLYD GH OD 3ROtWLFD ,QWHJUDGD GH 3UR
GXFWR LQWHQWDQGR FXEULU OD WRWDOLGDG GHO FLFOR GH YLGD GH XQ SUR
GXFWRHYLWDQGRDVtODWUDQVIHUHQFLDGHORVSUREOHPDVDPELHQWDOHVGH
XQPHGLRDRWUR
R 'HVDUUROORGHXQVLVWHPDKRPRJpQHRGHLQGLFDGRUHVDPELHQWDOHV
R )RPHQWRGHODVHQHUJtDVUHQRYDEOHVHQWRGRHOiPELWRFRPXQLWDULR
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
,QVWUXPHQWRVHPSUHVDULDOHVGHLQWHUYHQFLyQPHGLRDPELHQWDOSURPRYL
GRVSRUHOVHFWRUHPSUHVDULDOQRUPDVGHDXWRUUHJXODFLyQ\IRPHQWDGRV
SRU ODV $GPLQLVWUDFLRQHV 3~EOLFDV 6LVWHPDV GH *HVWLyQ 0HGLRDP
ELHQWDO )DPLOLD GH 1RUPDV ,62 $QiOLVLV GHO &LFOR GH 9LGD
$&9 0HPRULDV HPSUHVDULDOHV SDUD XQ GHVDUUROOR VRVWHQLEOH \
(YDOXDFLyQGHOULHVJRPHGLRDPELHQWDO
/D&XPEUHGH*RWHPEXUJRGH\OD(VWUDWHJLD(XURSHD
SDUDHO'HVDUUROOR6RVWHQLEOHDQWH-RKDQHVEXUJR
'HVGH OD DSUREDFLyQ GHO 7UDWDGR GH $PVWHUGDP HQ \ OD SXHVWD HQ
PDUFKD GH OD $JHQGD GRV VRQ ODV OtQHDV HVWUDWpJLFDV GH WUDEDMR GH OD
8QLyQ(XURSHDHQORVSUy[LPRVDxRVODUHIRUPDGHODVSROtWLFDVFRPXQHV\ODV
GHFRKHVLyQVREUH WRGR HQ UHODFLyQ FRQ ORV IRQGRV FRQ PRWLYR GH OD DPSOLD
FLyQFRPXQLWDULD\ODDSOLFDFLyQGHOSULQFLSLRGHGHVDUUROORVRVWHQLEOHGHIRUPD
WUDQVYHUVDODWRGDVODVDFWXDFLRQHVS~EOLFDVGHOD8QLyQ(XURSHD\VXVGLIHUHQWHV
SROtWLFDV\SURJUDPDV(QHVWHPDUFR\GHVGHOD&XPEUHGH+HOVLQNLGH
VHLQLFLDURQORVWUDEDMRVGHUHRULHQWDFLyQGHODV330$FRPXQLWDULDVTXHKDQ
WHQLGRFRQWLQXLGDGKDVWDODUHFLHQWH&XPEUHGH*RWHPEXUJRFHOHEUDGDHQMX
QLRGH(VWDVPRGLILFDFLRQHVHQODRULHQWDFLyQ\HOVHQWLGRGHODV330$
GH OD 8QLyQ VH KDQ FRQFUHWDGR HQ XQD SURSXHVWD SUHVHQWDGD SRU OD &RPLVLyQ
(XURSHDHQOD&XPEUHGH*RWHPEXUJRGHQRPLQDGD(VWUDWHJLD(XURSHDSDUDHO
'HVDUUROOR6RVWHQLEOH\TXHVHGLYLGtDHQWUHVSDUWHV
+DFHUPiVFRKHUHQWH\UHQWDEOHODIXWXUDWRPDGHGHFLVLRQHVSROtWLFDV
DVt FRPR IRPHQWDU OD LQYHVWLJDFLyQ \ GHVDUUROOR FRPXQLWDULR LQFUH
PHQWDQGRODSDUWLFLSDFLyQGHODVRFLHGDGFLYLO\HPSUHVDVHQODIRUPX
ODFLyQ GH ODV SROtWLFDV DGHPiV GH UHQRYDU ODV SROtWLFDV FRPXQHV GH
DJULFXOWXUDSHVFD\WUDQVSRUWHRULHQWiQGRODVKDFLDHOGHVDUUROORVRVWHQL
EOH
(VWDEOHFHU REMHWLYRV HVWUDWpJLFRV \ PHGLGDV FRPXQLWDULDV TXH KDJDQ
IUHQWH D ORV GHVDItRV GHO GHVDUUROOR VRVWHQLEOH HQ (XURSD SUHYLDPHQWH
DERUGDGRV HQ OD &XPEUH GH /LVERD GH FDPELR FOLPiWLFR VDOXG
S~EOLFDDJRWDPLHQWRGHORVUHFXUVRVQDWXUDOHVFRQWDPLQDFLyQDWPRVIp
ULFD\FRQJHVWLyQGHOWUiILFR HQODV FLXGDGHV \ ORV SUREOHPDV GHULYDGRV
GHOXVRLQWHQVLYRGHOVXHOR
'HILQLFLyQGHODVPHGLGDVQHFHVDULDVSDUDDSOLFDUOD(VWUDWHJLD(XURSHD
SDUD HO 'HVDUUROOR 6RVWHQLEOH \ HYDOXDU VX SURJUHVR WUDV OD &XPEUH GH
*RWHPEXUJR
(QULTXH-RVp9DUHODOYDUH]
&RQ SRVWHULRULGDG D HVWD &XPEUH GH *RWHPEXUJR \ FRPR HQVD\R GH ORV
JUDQGHVUHWRVTXHOD8QLyQWLHQHDQWHVtPLVPD\HOUHVWRGHUHJLRQHVPXQGLDOHV
D WUDYpV GH OD HVWUDWHJLD HXURSHD GH VRVWHQLELOLGDG ORV SDtVHV FRPXQLWDULRV VH
GHGLFDURQ D SUHSDUDU OD &XPEUH GH OD 7LHUUD FHOHEUDGD HQ -RKDQHVEXUJR HQ
DJRVWRVHSWLHPEUHGHGRQGHOD8(VHMXJyDOJRPiVTXHODSURWHFFLyQHO
PHGLRDPELHQWHSRUHMHPSORHOOLGHUD]JR HQ PDWHULD GH VRVWHQLELOLGDG DQWH HO
UHVWRGHOPXQGR(QODDFWXDOLGDGHVWDHVWUDWHJLDVHKDUHSURGXFLGRHQDOJX
QDV RFDVLRQHV GH IRUPD VRVSHFKRVDPHQWH PLPpWLFD HQ ORV GLIHUHQWHV SDtVHV
PLHPEURV H LQFOXVR HQ VXV iPELWRV WHUULWRULDOHV VXEQDFLRQDOHV (VWH HV HO FDVR
SDUDGLJPiWLFRGH(VSDxD\DTXHGHVGHHQHURGHOD$GPLQLVWUDFLyQ*HQH
UDOGHO(VWDGRKDSXHVWRHQPDUFKDXQDDPELFLRVDHVWUDWHJLDGHGHVDUUROORVRV
WHQLEOH GHQRPLQDGD (VWUDWHJLD (VSDxROD GH 'HVDUUROOR 6RVWHQLEOH ZZZHVS
VRVWHQLEOHQHW \ D VX HVWHOD DOJXQDV &RPXQLGDGHV $XWyQRPDV FRPR OD GHO
3DtV9DVFR
3ROtWLFDV 3~EOLFDV 0HGLRDPELHQWDOHV HQ OD (VSDxD GH ODV $XWR
QRPtDV
(YROXFLyQGHODV3ROtWLFDV3~EOLFDVGH0HGLR$PELHQWHHQ(V
SDxD
(Q(VSDxDVHSRGUtDGHFLUTXHQRKDH[LVWLGRXQD330$FRPRWDOSROt
WLFD S~EOLFD GHILQLGD HQ ORV DSDUWDGRV DQWHULRUHV KDVWD OD HQWUDGD GH QXHVWUR
SDtV HQ OD 8QLyQ (XURSHD WUDV OD ILUPD GHO $FWD QLFD HQ 6LJXLHQGR D
$JXLODU )HUQiQGH] GRV VRQ ODV YDULDEOHV TXH LQFLGHQ \ PRGHODQ ODV
330$HQOD(VSDxDGHODV$XWRQRPtDVODVXSUDQDFLRQDOL]DFLyQ\ODGHVFHQ
WUDOL]DFLyQ3RUXQODGRWHQHPRVODLQWHJUDFLyQHQOD8QLyQ(XURSHD\ORVUHTXL
VLWRV TXH HVWD ILMD HQ PDWHULD DPELHQWDO D WUDYpV GH ORV 3$0 \ GH ODV
'LUHFWLYDV \ SRU RWUR OD GHVFHQWUDOL]DFLyQ SROtWLFRDGPLQLVWUDWLYD TXH VH KD
SURGXFLGRHQ(VSDxDFRQPRWLYRGHOGHVDUUROORFRQVWLWXFLRQDO\HVWDWXWDULRGH
ODV $XWRQRPtDV \ OD VXEVLJXLHQWH GLVWULEXFLyQ GH FRPSHWHQFLDV DPELHQWDOHV
WHUULWRULDOHV
3RUORTXHVHUHILHUHDODVXSUDQDFLRQDOL]DFLyQGHOD330$HVSDxRODOD
LQWHJUDFLyQHQ(XURSDSURGXFHHQ(VSDxDHOSXQWRGHLQIOH[LyQQHFHVDULRSDUD
TXH HVWD SROtWLFD S~EOLFD DGTXLHUD HO FDUiFWHU \ OD UHOHYDQFLD SROtWLFR
DGPLQLVWUDWLYDTXHKDVWDHOPRPHQWRVyORVHVLWXDEDHQHOSODQRVRFLDODWUDYpV
GHODVRUJDQL]DFLRQHVQRJXEHUQDPHQWDOHV$Vt\VLJXLHQGRD)XHQWHV%RGHOyQ
\ D $JXLODU )HUQiQGH] HQ HO SUy[LPR FXDGUR H[SRQHPRV OD
HYROXFLyQTXHKDQVXIULGRODVGLVWLQWDV330$HQHOPDUFRGHODVUHODFLRQHV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
TXHVHSURGXFHQHQWUHORVGLIHUHQWHVQLYHOHVGHJRELHUQRFRQFRPSHWHQFLDVPH
GLRDPELHQWDOHV HQ ORV ~OWLPRV GRV VLJORV GH OD KLVWRULD SROtWLFRDGPLQLVWUDWLYD
HVSDxROD
(WDSDV
+HFKRV
3ULPHUD(WDSD
6HJXQGD(WDSD
7HUFHUD(WDSD
&XDUWD(WDSD
4XLQWD(WDSD
6H[WD(WDSD
(VSDxDILUPDHO7UDWDGRGH$GKHVLyQDODV&RPXQLGD
GHV (XURSHDV \ VH SHUILOD HO FLHUUH GHO (VWDGR GH ODV
$XWRQRPtDVHQPDWHULDGHPHGLRDPELHQWHGHPDQHUD
TXHVHFRQVROLGDHOPDUFROHJDOHLQVWLWXFLRQDOHQFDGD
XQDGHODV&RPXQLGDGHV$XWyQRPDVFXHVWLyQHVWDTXH
VHDODUJDKDVWDORVDxRV
(QULTXH-RVp9DUHODOYDUH]
(WDSDV
+HFKRV
6pSWLPD(WDSD
6HSURGXFHHOGREOHSURFHVRLQWHJUDFLyQLQWHUQDFLRQDO
GHVSOD]DPLHQWR GHO ORFXV GH OD DFWLYLGDG OHJLVODWLYD
DPELHQWDO GHO (VWDGR D OD 8QLyQ (XURSHD \ SXHVWD HQ
PDUFKDGHORVGLVWLQWRVSODQHVVHFWRULDOHVDPELHQWDOHV
\ GH GHVFHQWUDOL]DFLyQ QDFLRQDO FRQ OD FRQVHFXHQFLD
GLUHFWD GH OD SRWHQFLDFLyQ \ OD LQWHQVLILFDFLyQ GH ODV
UHODFLRQHVHQWUHOD$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
\ODV&RPXQLGDGHV$XWyQRPDV
2FWDYD(WDSDHQDGH
ODQWH
)XHQWH (ODERUDFLyQ SURSLD D SDUWLU GH )XHQWHV %RGHOyQ ) \ $JXLODU )HUQiQGH] 6
FLWDGRHQ3HxD&DVWLxHLUD\9DUHODOYDUH]
&RPRSRGHPRVREVHUYDUOD8QLyQ(XURSHDKDWHQLGR\WLHQHXQDLQIOXHQ
FLDFODYHHQODIRUPXODFLyQ\GLVHxRGHODV330$HQ(VSDxDKDVWDHOSXQWR
GH SRGHU KDEODUVH GH XQD HXURSHL]DFLyQ GH OD SROtWLFD DPELHQWDO HQ (VSDxD
VHJ~Q$JXLODU)HUQiQGH]HQWHQGLGDHQHOGREOHVHQWLGRGHLQFRUSRUD
FLyQ\DSOLFDFLyQGHREMHWLYRVSURJUDPiWLFRV\GH DGRSFLyQGHSURFHGLPLHQWRVGHDF
WXDFLyQ FRPXQLWDULRV \D TXH HQ UHODFLyQ FRQ GLFKD HXURSHL]DFLyQ VyOR
HVWDUtDPRVFRQWHPSODQGRODLQIOXHQFLDHXURSHDHQHOFRQWHQLGRGHOD330$
SHURQRHQHOHVWLORGHODVSROtWLFDV
3URJUDPDV GH $FWXDFLyQ \ /HJLVODFLyQ 0HGLRDPELHQWDO HQ OD
(VSDxDGHORV1RYHQWD
6L HQ ODV 330$ GH OD 8QLyQ (XURSHD DQDOL]DPRV ORV LQVWUXPHQWRV GH
JHVWLyQGHODDFFLyQS~EOLFDFRPXQLWDULDDWUDYpVGHORV3$0\ODV'LUHFWLYDV
HQHOFDVRGH(VSDxDGHVWDFDUTXHORVLQVWUXPHQWRVPiVXWLOL]DGRVSDUDODJHV
WLyQDPELHQWDOJXEHUQDPHQWDOVRQODOHJLVODFLyQ\ORVSODQHV\SURJUDPDV$GH
PiV GH ODV DQWHULRUHV H[LVWHQ RWUDV DFFLRQHV S~EOLFDV FRPSOHPHQWDULDV GH
SURPRFLyQ\IRPHQWRGHOPHGLRDPELHQWHFRPRVRQORVLPSXHVWRV\WDVDVPH
GLRDPELHQWDOHVODVD\XGDV\VXEYHQFLRQHVHQWUHORVFXDOHVVHVLW~DHO3URJUDPD
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
GH)RPHQWRGHOD,QYHVWLJDFLyQ7pFQLFD352),7\GHQWURGHOFXDOVHHQ
FXDGUDHO3URJUDPD1DFLRQDOGH0HGLR$PELHQWHORVDFXHUGRVYROXQWDULRVR
QRUPDV GH DXWRUUHJXODFLyQ HPSUHVDULDO 1RUPDV ,62 \ 5HJODPHQWR
&RPXQLWDULR(0$6HOHWLTXHWDGRHFROyJLFRHWFpWHUD
3HURYROYLHQGRDORVSURJUDPDVGHDFWXDFLyQ\ODOHJLVODFLyQDPELHQWDOTXH
SURPXHYHQ ORV *RELHUQRV \ $GPLQLVWUDFLRQHV 3~EOLFDV HQ (VSDxD VH SXHGH
GHFLU TXH HQ PDWHULD GH OHJLVODFLyQ DPELHQWDO GHO (VWDGR \ SDUD HO SHUtRGR
ORPiVUHOHYDQWHKDVLGR
3ULQFLSDOHV1RUPDV$PELHQWDOHV(VWDWDOHV
(YDOXDFLyQGH,PSDFWR$PELHQWDO
5HDO'HFUHWR/H\GHGHRFWXEUHGHPRGLILFDFLyQGHO5HDO'HFUHWR/HJLV
ODWLYRGHGHMXQLRGH(YDOXDFLyQGH,PSDFWR$PELHQWDO
6XVWDQFLDVTXHDJRWDQODFDSDGHR]RQR
/H\GHGHPDU]RSRUODTXHVHHVWDEOHFHHOUpJLPHQVDQFLRQDGRUSUHYLVWR
HQHOUHJODPHQWR&(QGHO&RQVHMRGHGHGLFLHPEUHUHODWLYRDODV
VXVWDQFLDVTXHDJRWDQODFDSDGHR]RQR
$JXDV
5HDO'HFUHWRGHGHMXOLRSRUHOTXHVHDSUXHEDQORVSODQHVKLGUROyJL
FRVGHFXHQFD
/H\GHGHGLFLHPEUHGHPRGLILFDFLyQGHOD/H\GHGHDJRVWR
GHDJXDV
5HVLGXRV
/H\GHGHDEULOGH5HVLGXRV
5HDO'HFUHWRGHGHDEULOSRUHOTXHVHDSUXHEDHO5HJODPHQWRSDUDHO
GHVDUUROOR\HMHFXFLyQGHOD/H\GHGHDEULOGH(QYDVHV\5HVLGXRVGH
(QYDVHV
(VSDFLRV1DWXUDOHV\3URWHFFLyQGHOD1DWXUDOH]D
5HDO 'HFUHWR GH GH MXQLR SRU HO TXH VH PRGLILFD HO 5HDO 'HFUHWR
GHGHGLFLHPEUHSRUHOTXHVHHVWDEOHFHQPHGLGDVSDUDFRQWULEXLUDJD
UDQWL]DUODELRGLYHUVLGDGPHGLDQWHODFRQVHUYDFLyQGHORVKiELWDWVQDWXUDOHV\GHOD
IDXQD\IORUDVLOYHVWUH
5HDO'HFUHWRGHGHQRYLHPEUHSRUHOTXHVHDSUXHEDHO3ODQ'LUHFWRU
GHOD5HGGH3DUTXHV1DFLRQDOHV
)XHQWH,QLPD6HUYLFLRV(XURSHRVGH0HGLR$PELHQWH\6LJPD'RV4XRWD8QLyQ
(QULTXH-RVp9DUHODOYDUH]
/DPD\RUSDUWHGHHVWDVQRUPDVVHKDQSURPXOJDGRFRQHOREMHWLYRGHLQ
FRUSRUDU D QXHVWUR RUGHQDPLHQWR MXUtGLFR ODV 'LUHFWLYDV FRPXQLWDULDV VL ELHQ
RWUDVHVWiQSHQGLHQWHVGHWUDQVSRVLFLyQKDELpQGRVHVXSHUDGRHOSOD]RGHDOJX
QDVGHHOODVFRPROD,33&'LUHFWLYD&(GHO&RQVHMRGHGHVHS
WLHPEUH GH UHODWLYD D OD SUHYHQFLyQ \ FRQWURO LQWHJUDGR GH OD
FRQWDPLQDFLyQ
'HODOHJLVODFLyQH[SXHVWDHQHOFXDGURDQWHULRUVHH[WUDHQORVFRQVLJXLHQ
WHVSODQHV\SURJUDPDVGHDFWXDFLyQTXHHVWDUiQYLJHQWHVHQODSUHVHQWHGpFDGD
HQ(VSDxDHQWUHHOORV
3ODQ1DFLRQDOGH5HVLGXRV8UEDQRV
3ODQGH)RPHQWRGHODV(QHUJtDV5HQRYDEOHV
3URJUDPDGH7XULVPR6RVWHQLEOH
3ODQ+LGUROyJLFR1DFLRQDO
5HODFLRQHV \ *HVWLyQ ,QWHUJXEHUQDPHQWDO GH ODV 3ROtWLFDV $P
ELHQWDOHVHQ(VSDxD
$QDOL]DPRVDKRUDHOSUREOHPDGHODVSROtWLFDVS~EOLFDVDPELHQWDOHVGHVGH
HOHQIRTXHGHODVUHODFLRQHV\ODJHVWLyQLQWHUJXEHUQDPHQWDOHV\DTXHHOHVFHQD
ULRSODQWHDGRGHVGHHOGREOHSURFHVRGHLQWHJUDFLyQGHVFHQWUDOL]DFLyQDQWHULRU
KDSURGXFLGRODQHFHVLGDGGHDKRQGDUHQHODQiOLVLVGHODVSROtWLFDV\SURJUDPDV
DPELHQWDOHV FRQFUHWRV GHVDUUROODGRV SRU ORV GLVWLQWRV QLYHOHV GH JRELHUQR
8QLyQ (XURSHD $GPLQLVWUDFLyQ *HQHUDO GHO (VWDGR &RPXQLGDGHV $XWyQR
PDV \ (QWHV /RFDOHV HQ WRGDV \ FDGD XQD GH ODV IDVHV GH OD SROtWLFD S~EOLFD
IRUPXODFLyQGLVHxRLPSODQWDFLyQ\HYDOXDFLyQ
0iVDOOiGHHVWHSODQWHDPLHQWRKD\TXHGHFLUTXHHQODDFWXDOLGDG\FRQ
SRVWHULRULGDGDODFRQVROLGDFLyQGHOPDUFRIRUPDOOHJDOLQVWLWXFLRQDOGHODVSROt
WLFDV S~EOLFDV DPELHQWDOHV QRV HQFRQWUDPRV HQ SOHQD IDVH GH LPSOHPHQWDFLyQ
GHODVSROtWLFDV\SURJUDPDVHQWUHORVGLVWLQWRVDFWRUHVLPSOLFDGRVPRPHQWRHQ
HOFXDOFRPHQ]DPRVDDQDOL]DUFXHVWLRQHVSURSLDVGHODVUHODFLRQHV\ODJHVWLyQ
LQWHUJXEHUQDPHQWDOHV FRQIOLFWR FRRSHUDFLyQ (Q HO FDVR HVSDxRO DGHPiV
H[LVWHXQDVHJXQGDIDVHGHODGHVFHQWUDOL]DFLyQTXHFRPLHQ]DDGDUVXVSULPHURV
SDVRVDILQDOHVGHORVDxRV\TXHWLHQHFRPRH[SRQHQWHLQVWLWXFLRQDOHOGH
QRPLQDGR 3DFWR /RFDO ILUPDGR HQWUH ORV UHSUHVHQWDQWHV GH OD $GPLQLVWUDFLyQ
*HQHUDOGHO(VWDGRODV&RPXQLGDGHV$XWyQRPDV\ORV(QWHV/RFDOHVTXHDxD
GHXQDQXHYDGLPHQVLyQDODVUHODFLRQHVTXHVHSURGXFHQHQWUHORVJRELHUQRV\
XQDQXHYDGLQiPLFDHQODVIDVHVGHLPSOHPHQWDFLyQ\HYDOXDFLyQGHODVSROtWLFDV
S~EOLFDVDQWHULRUPHQWHUHODWDGDV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
6LJXLHQGRHODUJXPHQWRDQWHULRUODQHFHVLGDGGHSODQWHDUHOHVWXGLRGHODV
SROtWLFDVS~EOLFDVDPELHQWDOHVGHVGHXQHQIRTXHGHDQiOLVLVFRPRODVUHODFLRQHV
\ODJHVWLyQLQWHUJXEHUQDPHQWDOHVWLHQHQVXUD]yQGHVHUHQHOKHFKRGHTXHPiV
LPSRUWDQWHTXHORTXHXQJRELHUQRHVWHQLHQGRELHQSUHVHQWHODSUHYLDFRQVROL
GDFLyQOHJDOLQVWLWXFLRQDODFWXDOHQ(VSDxDHQPDWHULDDPELHQWDOHVORTXHXQ
JRELHUQRKDFH\DTXHORVJRELHUQRVVHFRPLHQ]DQDYDORUDUWDQWRGHVGHHOSXQWR
GHYLVWDLQVWLWXFLRQDOFRPRGHVGHHO SXQWRGHYLVWDGHORVUHQGLPLHQWRV(Q HO
FDVR GH ODV SROtWLFDV S~EOLFDV DPELHQWDOHV OD FXHVWLyQ HV FODUD HO PDUFR OHJDO
LQVWLWXFLRQDOHVWiGHILQLGRFRPLHQ]DODHWDSDGHODJHVWLyQS~EOLFDGHODVDFFLR
QHV\SURJUDPDVDPELHQWDOHVDGHVDUUROODUHQWUHORVJRELHUQRVPXOWLQLYHO\PXO
WLRUJDQL]DWLYRV $ SDUWLU GH HVWH SODQWHDPLHQWR GHSHQGHUi GH FyPR ORV
JRELHUQRVDFW~HQ\VHFRRUGLQHQSDUDTXHODVLWXDFLyQGHLQWHUGHSHQGHQFLDKD
ELWXDOHQODJHVWLyQGHODVSROtWLFDVS~EOLFDVDPELHQWDOHVWHQJDQXQUHVXOWDGRX
RWUR3DUD$JUDQRIIODVLWXDFLyQDQWHULRUVHSRGUtDGLYLGLUHQWUHVPR
GHORV GH UHODFLRQHV HQWUH JRELHUQRV LQFOXVLYR VHSDUDGR \ VREUHSXHVWR TXH VL
WXDUtDQ OD UHDOLGDG GH ODV SROtWLFDV S~EOLFDV HQ HO PDUFR LQWHUJXEHUQDPHQWDO
PXOWLQLYHO $Vt HQ (VSDxD \ SDUD ODV SROtWLFDV S~EOLFDV DPELHQWDOHV WHQHPRV
TXHVHKDHYROXFLRQDGRGHVGHORVPRGHORVLQFOXVLYRVFHQWUDOLVWDV\MHUiUTXLFRV
KDVWDORVPRGHORVDFWXDOHVVREUHSXHVWRVPXOWLQLYHOPXOWLRUJDQL]DWLYRVHLQWHU
JXEHUQDPHQWDOHV SDVDQGR SRU IDVHV GHO PRGHOR VHSDUDGR TXH SRGUtDPRV
LGHQWLILFDU FRQ OD IDVH OHJDOLQVWLWXFLRQDO DQWHULRUPHQWH GHVFULWD FRPR SRGH
PRVREVHUYDUHQHOVLJXLHQWHFXDGUR
0RGHORVGH5,*6HQODVSROtWLFDVS~EOLFDVDPELHQWDOHVHVSDxRODV
0RGHOR
7RPD
'HFLVLRQHV
(VWDWXV)RUPDO
7LSR
5HODFLRQHV
'LVWULE3RGHU
,QFOXVLYR
$*(
,QWHJUDGR
-HUiUTXLFDV
'HVLJXDO
6HSDUDGR
8(
$XWyQRPR
&RQIOLFWR
/LGHUD]JR
'HVLJXDO
,QWHUGHSHQG
&RQIOLFWR
1HJRFLDFLyQ
,JXDO
$*(
&&$$
6REUHSXHVWR
8(
$*(
&&$$
((//
)XHQWH(ODERUDFLyQSURSLDVLJXLHQGRD$JUDQRII
(QULTXH-RVp9DUHODOYDUH]
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
$XWyQRPD ;XQWD GH *DOLFLD \ HO JRELHUQR ORFDO GHO $\XQWDPLHQWR GH $
&RUXxDTXHKDSXHVWRUHFLHQWHPHQWHHQPDUFKDXQSODQDOWHUQDWLYRGHJHVWLyQ
GHUHVLGXRVXUEDQRVDOGHOD;XQWD\TXHVXSRQHHOHMHPSORGHJHVWLyQORFDOPiV
UHOHYDQWHHQPDWHULDDPELHQWDOTXHH[LVWHHQGLFKD&RPXQLGDG$XWyQRPD(O
DQiOLVLVVHFHQWUDEiVLFDPHQWHHQODVIDVHVLQLFLDOHVGHODVSROtWLFDV\SURJUDPDV
GH JHVWLyQ GH UHVLGXRV XUEDQRV \ VH LGHQWLILFD FRQ ODV IDVHV GH IRUPXODFLyQ \
GLVHxR GH OD SROtWLFD S~EOLFD DPELHQWDO DVt FRPR HQ OD IDVH GH FUHDFLyQ OHJDO
LQVWLWXFLRQDO GHO PDUFR DPELHQWDO SROtWLFRDGPLQLVWUDWLYR GH OD &RPXQLGDG
$XWyQRPDGH*DOLFLD
/DV 3ROtWLFDV GH 5HVLGXRV 8UEDQRV HQ OD 8QLyQ (XURSHD (V
SDxD\*DOLFLD
7HQLHQGR HQ FXHQWD OD GHILQLFLyQ GH SROtWLFD S~EOLFD DPELHQWDO IDFLOLWDGD
DQWHULRUPHQWHORVUHVLGXRVXUEDQRVVRQXQDSDUWHLPSRUWDQWHGHODVSROtWLFDV
S~EOLFDV GH PHGLR DPELHQWH WDQ UHOHYDQWHV UHVXOWDQ TXH HQ HO YLJHQWH 3ODQ
1DFLRQDOGH5HVLGXRVVHFRQWHPSODXQDLQYHUVLyQWRWDOGHPiVGH
WUHV PLO PLOORQHV GH HXURV GHGLFDGRV D OD SUHYHQFLyQ \ PLQLPL]DFLyQ GH UHVL
GXRVUHFXSHUDFLyQ\UHFLFODMHGHORVPLVPRVXQSURJUDPDQDFLRQDOGHHQYDVHV
\ UHVLGXRV GH HQYDVHV DFFLRQHV FRPSOHPHQWDULDV GH FRPSRVWDMH YDORUL]DFLyQ
HQHUJpWLFD \ HOLPLQDFLyQ DVt FRPR D FDPSDxDV GH HGXFDFLyQ \ VHQVLELOL]DFLyQ
VREUH OD JHVWLyQ GH ORV UHVLGXRV $ FRQWLQXDFLyQ VH SODQWHDQ ODV SULQFLSDOHV Ot
QHDV HVWUDWpJLFDV GH ODV SROtWLFDV S~EOLFDV DPELHQWDOHV GH UHVLGXRV HQ HO PDUFR
FRPXQLWDULR\HQOD(VSDxDGHORVJRELHUQRVQDFLRQDO\DXWRQyPLFRVH[SRQLHQ
GRODUHDOLGDGGHODSROtWLFDJDOOHJDGHUHVLGXRVLQLFLDGDDSULQFLSLRVGHORVDxRV
SRUOD;XQWDGH*DOLFLD\VLWXDQGRHQGLFKRPDUFRDORWURDFWRUVXEQDFLRQDO
LPSOLFDGRHQODJHVWLyQGHODSROtWLFDS~EOLFDDPELHQWDOORV(QWHV/RFDOHV
(Q HO SXQWR GHGLFDGR D ODV SROtWLFDV S~EOLFDV DPELHQWDOHV KHPRV SRGLGR
FRQVWDWDU OD LPSRUWDQFLD GH OD 8QLyQ (XURSHD HQ OD GHILQLFLyQ GHO SUREOHPD
DPELHQWDO\HQODIRUPXODFLyQ\GLVHxRGHODVSROtWLFDVDPELHQWDOHV(VWDHXUR
SHL]DFLyQWLHQHXQDLQIOXHQFLDLQGXGDEOHHQODVSROtWLFDV\SURJUDPDVGHJHVWLyQ
GHUHVLGXRVXUEDQRVTXHVHIRUPXODQ GLVHxDQLPSOHPHQWDQ HLQFOXVRHYDO~DQ
HQQXHVWURSDtVQRFRQYHQGUtDGHMDUGHODGRTXHODPD\RUSDUWHGHODVLQYHUVLR
QHVHQPDWHULDGHUHVLGXRVXUEDQRVSURFHGHQGHORVIRQGRVFRPXQLWDULRVORTXH
OOHYDDSDUHMDGRPHFDQLVPRVGH FRQWURO HYDOXDFLyQ \ DXGLWRUtD GH ORV GLVWLQWRV
SURJUDPDV GH JHVWLyQ GH UHVLGXRV LPSOHPHQWDGRV SRU ODV &RPXQLGDGHV $XWy
QRPDV\ORV(QWHV/RFDOHVHVWRVHQPHQRUPHGLGD
(VWRWLHQHOyJLFDPHQWHXQUHIOHMRHQ*DOLFLDUD]yQSRUODFXDOHQPDWHULD
GHUHVLGXRVXUEDQRV\FRPRKDSXHVWRGHUHOLHYHUHFLHQWHPHQWHOD&RQVHOOHUtD
(QULTXH-RVp9DUHODOYDUH]
GH0HGLR$PELHQWHGHOD;XQWDGH*DOLFLDHQVX(VWUDWHJLD*DOOHJDGH*HVWLyQ
GH 5HVLGXRV 'LFLHPEUH OD &RPXQLGDG $XWyQRPD GH *DOLFLD WRPy OD
LQLFLDWLYDGHVGHILQDOHVGHORVDxRVFRQHOREMHWLYRGHWUDWDUFRPRSUREOHPD
S~EOLFRXQDGHODVYDULDEOHVTXHPiVGLUHFWDPHQWHDIHFWDQDODFDOLGDGGHYLGD
GHORVFLXGDGDQRVODJHVWLyQGHORVUHVLGXRVJHQHUDGRVSRUHOKRPEUH
(VWD VLWXDFLyQ WLHQH VXV DQWHFHGHQWHV IXQGDPHQWDOPHQWH HQ ODV DFFLRQHV
SROtWLFDV\SURJUDPDVTXHGHVGHODGpFDGDGHORVVHWHQWDVHYHQtDQGHVDUUROODQGR
HQHOVHQRGHOD&RPXQLGDG(FRQyPLFD(XURSHD\VHUHSURGXFHQHQODUHDOLGDG
QDFLRQDO\VXEQDFLRQDOHVSDxRODFRPRH[SRQHPRVDFRQWLQXDFLyQ
0DUFR&RPXQLWDULR8(/DVGLIHUHQWHVDFFLRQHVSURPRYLGDVSRUOD
8QLyQ(XURSHDGHVGHORVDxRVRULHQWDGDVDODSURWHFFLyQGHOPHGLR
DPELHQWHWLHQHQXQFODURSXQWRGHLQIOH[LyQHQORVDxRVFRQHO7UD
WDGRGH$PVWHUGDPGRQGHVHSRQHGHPDQLILHVWRHOFRPSURPLVRFRQHO
GHVDUUROOR VRVWHQLEOH HQWHQGLHQGR FRPR WDO DTXHO TXH LQWHJUD HO GHVD
UUROOR HFRQyPLFR VRFLDO \ DPELHQWDO (VWD QXHYD RULHQWDFLyQ VH FRP
SOHPHQWD HQ HO PLVPR 7UDWDGR FRQ HO SULQFLSLR GH VXEVLGLDULHGDG \
UHVSRQVDELOLGDG FRPSDUWLGD DVt FRPR FRQ OD RULHQWDFLyQ HVWUDWpJLFD \
WUDQVYHUVDOGHODSURWHFFLyQDPELHQWDOHQWRGRV\FDGDXQRGHORV3UR
JUDPDVGH$FFLyQ0HGLRDPELHQWDO3$0TXHOD8QLyQ(XURSHDWLH
QH HQ VX DJHQGD (O ~OWLPR GH HVWRV 3$0 GHQRPLQDGR 0HGLR
$PELHQWH (O IXWXUR HVWi HQ QXHVWUDV PDQRV &20
HVWiFDUDFWHUL]DGRSRUODLQWHJUDFLyQPHGLRDPELHQWDOHQODVGHPiVSROt
WLFDVVHFWRULDOHVFRPXQLWDULDVFRQHVSHFLDOLQFLGHQFLDHQORVVHFWRUHVGH
RUGHQDFLyQGHOWHUULWRULRWXULVPR\WUDQVSRUWH\FRQXQpQIDVLVGHVWD
FDGRHQODJHVWLyQGHORVUHVLGXRV
0DUFR1DFLRQDO\$XWRQyPLFR$*(\&$(Q(VSDxD\SUHYLRD
OD HXURSHL]DFLyQ GH OD SROtWLFD PHGLRDPELHQWDO QRV HQFRQWUDPRV FRQ
HOPDUFRQRUPDWLYRH[SXHVWRHQQXHVWUD&RQVWLWXFLyQGHTXHUH
FRQRFHHOGHUHFKRGHORVHVSDxROHVDJR]DUGHXQPHGLRDPELHQWHDGH
FXDGRSDUDHOGHVDUUROORGHVXVFLXGDGDQRV(OPDUFRFRQVWLWXFLRQDO\HO
FRUUHVSRQGLHQWHPDUFRDXWRQyPLFR\HVWDWXWDULRHQHQYLUWXGGH
VX(VWDWXWRGH$XWRQRPtDGRWDDOD&RPXQLGDG$XWyQRPDJDOOHJDGH
ODFRPSHWHQFLDH[FOXVLYDHQPDWHULDGHSURWHFFLyQDPELHQWDO$ORODU
JRGHOSHUtRGRTXHFRPSUHQGHKDVWDQXHVWURVGtDV\DWUDYpVGHO
SURFHVRGHWUDVSDVRGHFRPSHWHQFLDVIXQFLRQHV\VHUYLFLRVGHO(VWDGRD
OD&$GH*DOLFLD\ODFRQVLJXLHQWHDGDSWDFLyQGHODHVWUXFWXUDDGPL
QLVWUDWLYD D OD UHDOLGDG SROtWLFD GHVFHQWUDOL]DGD VH FRQILJXUD HO PDUFR
DFWXDO GH ODV SROtWLFDV S~EOLFDV DPELHQWDOHV HQ *DOLFLD (VSHFLDOPHQWH
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
HQPDWHULDGHJHVWLyQGHUHVLGXRVXUEDQRVOD&RPXQLGDG$XWyQRPDGH
*DOLFLDSURPXOJDXQDVHULHGHQRUPDVTXHHVWDEOHFHQODUHDOLGDGDFWXDO
GHO PDUFR OHJDO H LQVWLWXFLRQDO GH HVWH WHUULWRULR HQ OD SROtWLFD S~EOLFD
TXH QRV RFXSD HQWUH HOODV OD /H\ GH SURWHFFLyQ DPELHQWDO GH
*DOLFLD \ OD /H\ GH UHVLGXRV VyOLGRV XUEDQRV (VWDV GRV OH\HV
DFWXDOL]DQ\FRQVROLGDQHO3ODQGH*HVWLyQGH5HVLGXRV6yOLGRV8UEDQRV
DSUREDGRHQSRUHO&RQVHOORGHOD;XQWD\GRQGHVHGHILQtDQORV
FULWHULRV\VHGHWHUPLQDEDQODVOtQHDVGHDFFLyQSDUDDERUGDUVXJHVWLyQ
3RVWHULRUPHQWHDODDSUREDFLyQ\HQWUDGDHQYLJRUGHOD/H\GH
UHVLGXRVQDFLRQDOOD;XQWDGH*DOLFLDHODERUDOD(VWUDWHJLD*DOOHJDGH
*HVWLyQ GH 5HVLGXRV 'LFLHPEUH FRQ HO ILQ GH DGDSWDU VXV GLIH
UHQWHVSODQHV\SURJUDPDVDOD(VWUDWHJLD&RPXQLWDULDGH*HVWLyQGH5H
VLGXRV5HVROXFLyQGHO&RQVHMRGHOD8QLyQ(XURSHDGHGHIHEUHUR
GH D OD SURSLD /H\ GH UHVLGXRV \ DO 3ODQ 1DFLRQDO GH
5HVLGXRV 8UEDQRV DSUREDGR SRU HO 0LQLVWHULR GH 0HGLR
$PELHQWH\ORVUHVSRQVDEOHVGHPHGLRDPELHQWHGHWRGDVODV&RPXQL
GDGHV$XWyQRPDVFRQFRPSHWHQFLDHQODJHVWLyQGHORVUHVLGXRV
&RPR SRGHPRV REVHUYDU HVWRV YHLQWH DxRV GH WUDEDMR KDQ VXSXHVWR OD
DGDSWDFLyQGHODQRUPDWLYDHVSDxROD\HXURSHDHQPDWHULDGHUHVLGXRVXUEDQRV
DODUHDOLGDGWHUULWRULDOJDOOHJDODFUHDFLyQGHODHVWUXFWXUD DGPLQLVWUDWLYDTXH
KLFLHUDRSHUDWLYDODJHVWLyQGHGLFKDVSROtWLFDVODSURPXOJDFLyQGHQRUPDWLYDV
HVSHFtILFDVHQPDWHULDGHUHVLGXRVXUEDQRVKDVWDILQDOPHQWHHOHVWDEOHFLPLHQWR
GHXQDHVWUDWHJLDSURSLDHLGLRVLQFUiWLFDGHODVSROtWLFDVS~EOLFDVGHJHVWLyQGH
ORVUHVLGXRVXUEDQRVHQ*DOLFLD\VXDGDSWDFLyQDODSODQWDPXQLFLSDOJDOOHJD
5HODFLRQHV\*HVWLyQ,QWHUJXEHUQDPHQWDOHVHQODV3ROtWLFDVGH
5HVLGXRV8UEDQRVHQ*DOLFLD
$ OR ODUJR GH ORV YHLQWH DxRV TXH KDQ WUDQVFXUULGR GHVGH HO LQLFLR GH OD
JHVWLyQGHORVUHVLGXRVXUEDQRVHQ(VSDxD\GHOSURFHVRGHFRQVWUXFFLyQOHJDOH
LQVWLWXFLRQDO HQ HO PDUFR DXWRQyPLFR ODV 5,*6 KDQ WHQLGR OXJDU HQWUH ORV
JRELHUQRV QDFLRQDOHV \ DXWRQyPLFRV \ IXQGDPHQWDOPHQWH HQ ODV IDVHV GH IRU
PXODFLyQ\GLVHxRGHODSROtWLFDS~EOLFD(OSODQRGHJHVWLyQLPSOHPHQWDFLyQ\
HYDOXDFLyQQRVHKDLQLFLDGRKDVWDILQDOHVGHODGpFDGDGHORVQRYHQWD\SDUD
HVRGHIRUPDSDUFLDO\VHJPHQWDGDHQIXQFLyQGHORVLQWHUHVHVGHFDGD&RPXQL
GDG$XWyQRPD
(Q *DOLFLD VH KD YLYLGR OD IRUPXODFLyQ GLVHxR H LPSODQWDFLyQ GHO 3ODQ
$XWRQyPLFRGHUHVLGXRVXUEDQRVHQOD~OWLPDGpFDGDORTXHKDSURYRFDGRXQD
VHULHGHUHODFLRQHVHQWUHORVJRELHUQRVDIHFWDGRVHQWUHHOORVFRPRQRSRGtDVHU
(QULTXH-RVp9DUHODOYDUH]
GHRWUDIRUPDFRPRDFWRUHVFODYHGHODSROtWLFDS~EOLFDTXHVRQORV(QWHV/R
FDOHV$FRQWLQXDFLyQGHVFULELPRVEUHYHPHQWHHOSURFHVRGHODSROtWLFDGHJHV
WLyQGHUHVLGXRVXUEDQRVJDOOHJRVHJ~QHOPRGHORGHODV5,*6HVWDEOHFLGRHQ
ODSULPHUDSDUWHGHO 0yGXOR \ GRQGH VH SXHGH YHU OD HYROXFLyQ GH PRGHOR GH
5,*6VHSDUDGRFRQSURFHVRVGHWRPDGHGHFLVLRQHVHQORVQLYHOHVQDFLRQDO\
VXEQDFLRQDODXWRQyPLFRFRQUHODFLRQHVEDVDGDVHQHOFRQIOLFWR\XQDGHVLJXDO
GLVWULEXFLyQGHOSRGHU3ODQ62*$0$KDVWDODDFWXDOLGDGGRQ
GHVHHVWiHVER]DQGRXQPRGHORGH5,*6VREUHSXHVWRFRQXQDLQWHJUDFLyQGH
ODWRPDGHGHFLVLRQHVHQWUHORVGLVWLQWRVQLYHOHVGHJRELHUQRVDIHFWDGRVFDUDFWH
UL]DGRSRUHVWDWXVGHLQWHUGHSHQGHQFLDSRUUHODFLRQHVGHFRQIOLFWRWHQGHQWHVD
ODQHJRFLDFLyQ\SRUXQDPiVHTXLWDWLYDGLVWULEXFLyQGHSRGHU
)DVHV \ 0RGHORV GH ODV 5,*6 HQ ODV 3ROtWLFDV GH 5HVLGXRV
8UEDQRVHQ*DOLFLD
$ FRQWLQXDFLyQ DQDOL]DPRV HO PDUFR JHQHUDO GH ODV 5,*6 DSOLFDGR D OD
SROtWLFDS~EOLFDGHJHVWLyQGHORVUHVLGXRVXUEDQRVHQ*DOLFLDFRQWHPSODQGRVX
HYROXFLyQ KDVWD HO PRPHQWR DFWXDO 3DUD HOOR YDPRV D HPSOHDU HO PRGHOR GH
HVWXGLRGHFDVRVVHJXLGRSRU$JXLODU)RQW\6XELUDWVGRQGHVHDQDOL
]DQ ORV IDFWRUHV FRQWH[WXDOHV OD FURQRORJtD GHO SURFHVR \ ODV IDVHV \ SDXWDV GH
LQWHUDFFLyQGHODVSROtWLFDVS~EOLFDVDPELHQWDOHVGHJHVWLyQGHUHVLGXRVXUEDQRV
HQ*DOLFLD
)DFWRUHV FRQWH[WXDOHV /D JHVWLyQ GH ORV UHVLGXRV HQ OD &RPXQLGDG
$XWyQRPDGH*DOLFLDHVWiGLUHFWDPHQWHUHODFLRQDGDFRQODVFDUDFWHUtV
WLFDVJHRJUiILFDVFOLPDWROyJLFDVKXPDQDV\HFRQyPLFDVTXHOHVRQSUR
SLDV (VWR KDFH TXH OD &RPXQLGDG JDOOHJD FRQ PXQLFLSLRV \
DSUR[LPDGDPHQWHKDELWDQWHVVHKD\DGHFDQWDGRSRUXQPR
GHOR GH JHVWLyQ DXWRQyPLFR GH UHVLGXRV XUEDQRV GHQRPLQDGR 3ODQ
62*$0$
&URQRORJtDGHOSURFHVR$SULQFLSLRVGHORVDxRVQRYHQWDOD;XQWDGH
*DOLFLDLQLFLDORVWUDEDMRVGHO3ODQGH*HVWLyQGH5HVLGXRV6yOLGRV8U
EDQRV GH *DOLFLD TXH VH FRQFUHWD HQ OD DSUREDFLyQ GH GLFKR 3ODQ HQ
$ OR ODUJR GH HVWRV DxRV GH SUHSDUDFLyQ OD ;XQWD WUDEDMD HQ OD
LPSOHPHQWDFLyQGHO3ODQGiQGROHIRUPDDWUDYpVGH62*$0$\FRQ
ODFRQVWUXFFLyQGHODSODQWDGHWUDWDPLHQWRGHUHVLGXRVVyOLGRVXUEDQRV
XELFDGDHQHO&RPSOHMR0HGLRDPELHQWDO GH&HUFHGD $ &RUXxD (O
3ODQ SUHYp OD LQFRUSRUDFLyQ DO PLVPR GH ORV (QWHV /RFDOHV JDOOHJRV \D
TXH VH HVWLPD OD QHFHVLGDG GH DJUXSDU \ FRQFHQWUDU OD JHVWLyQ \ WUDWD
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
PLHQWRGHUHVLGXRVXUEDQRVHQXQ3ODQUHJLRQDO\HQXQDSODQWDGHWUD
WDPLHQWR/RV$\XQWDPLHQWRVJDOOHJRVVHGLYLGLHURQHQWUHORVTXHGHFL
GLHURQ DGKHULUVH DO 3ODQ 62*$0$ \ ORV TXH RSWDURQ SRU LQLFLDU
SODQHVORFDOHVELHQGHIRUPDLQGLYLGXDOXQVROR$\XQWDPLHQWRELHQ
GH IRUPD FRQMXQWD DJUXSDFLRQHV GH PXQLFLSLRV HQ 0DQFRPXQLGDGHV
IXQGDPHQWDOPHQWH (VWRV DxRV GH SXHVWD HQ PDUFKD GHO 3ODQ
62*$0$ VLUYLHURQ SDUD SRQHU GH PDQLILHVWR ODV SRVLELOLGDGHV \ OL
PLWDFLRQHVGHODJHVWLyQGHUHVLGXRVXUEDQRVHQ*DOLFLDSHURVLUYLHURQ
WDPELpQSDUDFRQVWDWDUHOSRFRRQXORLQWHUpVHQFRRSHUDUHQODJHVWLyQ
GH ORV UHVLGXRV HQWUH OD &RPXQLGDG $XWyQRPD \ ORV $\XQWDPLHQWRV
PiVJUDQGHVGH*DOLFLD9LJR$&RUXxD2XUHQVH6DQWLDJRGH&RP
SRVWHOD/XJR3RQWHYHGUD\)HUURO&RQODHQWUDGDHQYLJRUGHOD/H\
GH UHVLGXRV \ OD DSUREDFLyQ GHO 3ODQ 1DFLRQDO GH 5HVLGXRV
ODV &RPXQLGDGHV $XWyQRPDV \ ORV $\XQWDPLHQWRV PiV
JUDQGHVVHKDQRULHQWDGRDODE~VTXHGDGHOFRQVHQVR\ODFRODERUDFLyQ
HQODJHVWLyQGHORVUHVLGXRVLQWHQWDQGRVXSHUDUHOFRQIOLFWRTXHKDHV
WDGRSUHVHQWHKDVWDODDFWXDOLGDG(QHVWHPDUFRJHQHUDOGHIDOWDGHFR
ODERUDFLyQ HQWUH ORV JRELHUQRV VXEQDFLRQDOHV HO $\XQWDPLHQWR GH $
&RUXxDDSRVWySRULPSXOVDUVXSURSLRSODQGHJHVWLyQGHUHVLGXRVXUED
QRV DO PDUJHQ GHO SURSXHVWR SRU OD &RPXQLGDG $XWyQRPD PRWLYDGR
SRU HO GHVSORPH GH XQR GH VXV YHUWHGHURV HQ 2WUDV RSFLRQHV GH
JHVWLyQORFDOGHUHVLGXRVXUEDQRVTXHVHKDQDGRSWDGRHQHVWRV~OWLPRV
DxRV \ TXH KDQ SDVDGR SRU DJUXSDU OD JHVWLyQ EDMR OD IyUPXOD GH OD
0DQFRPXQLGDGGHVHUYLFLRVKDQIUDFDVDGRUHFLHQWHPHQWH
)DVHV\SDXWDVGHLQWHUDFFLyQ/DVIDVHVKDQHYROXFLRQDGRGHVGHHOHVWD
EOHFLPLHQWRGHODV5,*6RULJLQDOHVHQODVIDVHVGHIRUPXODFLyQ\GLVH
xR GH OD SROtWLFD FRQ XQ PRGHOR VHSDUDGR \ FRQ XQD JUDQ FDUJD GH
FRQIOLFWR 3ODQ 62*$0$ D ODV IDVHV GH LPSOHPHQWDFLyQ EDMR XQ
PRGHOR VREUHSXHVWR \ FRRSHUDWLYR GRQGH SUHGRPLQD OD QHJRFLDFLyQ
3ODQ 62*$0$ HQ HO PDUFR GHO 3ODQ 1DFLRQDO GH 5HVLGXRV
H LQLFLR GHO 3ODQ GH *HVWLyQ GH 5HVLGXRV 6yOLGRV 8UEDQRV GHO
$\XQWDPLHQWRGH$&RUXxDFRPRSRGHPRVYHUDFRQWLQXDFLyQ
(QULTXH-RVp9DUHODOYDUH]
&LFORGHOD3ROtWLFDGH*HVWLyQGH5HVLGXRV
8UEDQRVHQ*DOLFLD
)DVHV
)DVH
)DVH
)DVH
,QWHUDFFLRQHV
&RPSURPLVR
SROtWLFR;XQWD
3DXWDVGHLQWH
UDFFLyQ
5HVROXFLyQGH
SUREOHPDV
&RQIOLFWR\
FRQIURQWDFLyQ
5HVROXFLyQGH
SUREOHPDV\
FRQIURQWDFLyQ
5HVROXFLyQGH
SUREOHPDV
FRQIURQWDFLyQ\
QHJRFLDFLyQ
$UHQD
,QVWLWXFLRQDO
7pFQLFD
,QVWLWXFLRQDO
7pFQLFD3ROt
WLFD6RFLDO
,QVWLWXFLRQDO
7pFQLFD3ROt
WLFD6RFLDO
,QVWLWXFLRQDO
3ROtWLFD6RFLDO
7LSRVGHLQWH
UDFFLRQHVGH
FRQWHQLGR
LQWHUJXEHUQ
&RQWHQLGR
&RQWHQLGR
,QWHUJXEHUQ
&RQWHQLGR
,QWHUJXEHUQ
,QWHUJXEHUQ
(WDSDGHOSUR
FHGLPLHQWR
&UHDFLyQ
PDUFROHJDO
LQVWLWXFLRQDO
GHO3ODQGH
*HVWLyQGH
5HVLGXRV6yOL
GRV8UEDQRVGH
*DOLFLD
)RUPXODFLyQ
GLVHxRH
LPSOHPHQWD
FLyQ3ODQ
62*$0$
)RUPXODFLyQ\
GLVHxR3ODQ
$&RUXxD
,PSOHPHQWD
FLyQ3ODQ
62*$0$
\3ODQ
$&RUXxD
,PSOHPHQWD
FLyQ\HYDOXD
FLyQ3ODQ
62*$0$\
3ODQ$&RUXxD
&RQIURQWDFLyQ &RQIURQWDFLyQ
JHQHUDOL]DGD
\E~VTXHGD
;XQWD
OLPLWDGDGHO
((//*UDQGHV
FRQVHQVR
;XQWD
((//*UDQ
GHV
)XHQWH(ODERUDFLyQSURSLDVLJXLHQGRD$JXLODU)RQW\6XELUDWV
)DVH
$GHODQWH
)RUPDFLyQGHO
FRQVHQVR\
SULPHUDVQHJR
FLDFLRQHV
;XQWD((//
*UDQGHV
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
(QULTXH-RVp9DUHODOYDUH]
YRLPSXOVREDVDGRHQHOFRQVHQVR\ODFRRSHUDFLyQ0RGHORGHOD;DU[DHQOD
'LSXWDFLyQGH%DUFHORQD
&RPRYHPRVHQHOFDVRGHODJHVWLyQGHORVUHVLGXRVXUEDQRV\IUXWRGHOD
QHFHVDULD FRRSHUDFLyQ \ FRODERUDFLyQ HQWUH ODV $GPLQLVWUDFLRQHV LPSOLFDGDV
QDFLRQDO DXWRQyPLFD \ ORFDO ODV RSFLRQHV GH OD DJUXSDFLyQ GH VHUYLFLRV VH
VLW~DQFRQHVSHFLDOLPSRUWDQFLDHQODVDJHQGDVGHORVJHVWRUHVS~EOLFRVORFDOHV
TXHGHEHUiQGHFLGLUVLRULHQWDUVXJHVWLyQKDFLDODDJUXSDFLyQHQ0DQFRPXQL
GDGHV GH VHUYLFLRV HQ &RPDUFDV D WUDYpV GH ODV &RPXQLGDGHV $XWyQRPDV R
ELHQFHGHUODSUHVWDFLyQGHOVHUYLFLRDOD'LSXWDFLyQ3URYLQFLDOSDUDTXHGHVD
UUROOHODSROtWLFDDPELHQWDO(QHOFXDGURVLJXLHQWHH[SRQHPRVORVSRVLEOHVHVFH
QDULRV\WHQGHQFLDVGHJHVWLyQGHORVUHVLGXRVXUEDQRVHQQXHVWURSDtVSDUDORV
SUy[LPRVDxRV
0HGLDQRV
3HTXHxRV
3ODQHV$XWRQyPLFRV
3ODQHV&RPDUFDOHV
3ODQHV3URYLQFLDOHV
0XQLFLSLRV3ODQHVGH*HVWLyQ
5HVLGXRV8UEDQRV
*UDQGHV
3ODQHVGH0DQFRPXQLGDGHV
3ODQHV/RFDOHV,QGLYLGXDOHV
)XHQWH(ODERUDFLyQSURSLD
$FWXDOPHQWHQRVHQFRQWUDPRVHQXQSXQWRGHLQIOH[LyQHQODSROtWLFDGH
JHVWLyQ GH UHVLGXRV XUEDQRV \D TXH HO 3ODQ 1DFLRQDO GH 5HVLGXRV FRPLHQ]D D
GHVDUUROODU ORV GLIHUHQWHV SURJUDPDV TXH UHTXLHUHQ VXSHUDU HO FRQIOLFWR FDVL
LQVWLWXFLRQDOL]DGR \ HYROXFLRQDU KDFLD XQD IDVH GH JHVWLyQ S~EOLFD D WUDYpV GH
XQD FRODERUDFLyQ \ FRRSHUDFLyQ LQWHUJXEHUQDPHQWDO FODUD \ GHFLGLGD HQWUH ODV
&RPXQLGDGHV$XWyQRPDV\ORV(QWHV/RFDOHV'HDPERVQLYHOHVVXEQDFLRQDOHV
GHJRELHUQRGHSHQGHUiHOIXWXURGHODJHVWLyQLQWHUJXEHUQDPHQWDOGHODVSROtWL
FDVGHUHVLGXRVXUEDQRV(VHQWRQFHVFXDQGRSRGUHPRVFRPSUREDUVLODYDULDEOH
GH JHVWLyQ S~EOLFD HV VXSHULRU D OD YDULDEOH SROtWLFD HQ XQ SUREOHPD WDQ UHOH
YDQWHFRPRHOGHORVUHVLGXRVHQQXHVWURSDtV
8QLyQ(XURSHD
$GPLQLVWUDFLyQ*HQHUDOGHO(VWDGR
&RPXQLGDG$XWyQRPD\((//GH*DOLFLD
/H\GHGHQRYLHPEUHVREUHGHVH
FKRV\UHVLGXRVVyOLGRVXUEDQRV
&RQVWLWXFLyQDUW
/H\ UHJXODGRUD GH ODV EDVHV GHO UpJL
PHQORFDO
)LUPD(VSDxDGHO7UDWDGRGH$GKHVLyQ
D ODV&RPXQLGDGHV(XURSHDV
&UHDFLyQ GH OD &RPLVLyQ 6HFWRULDO GH
0HGLR$PELHQWH$*(&&$$)(03
5HDO 'HFUHWR GH GH VHSWLHP
EUH SRU HO TXH VH DSUXHEDQ QXHYDV QRUPDV
VREUHODOLPLWDFLyQGHHPLVLRQHVDODDWPyVIH
UD GH GHWHUPLQDGRV DJHQWHV FRQWDPLQDQWHV
SURFHGHQWHV GH LQVWDODFLRQHV GH LQFLQHUDFLyQ
GHUHVLGXRVPXQLFLSDOHV
/H\GHGHDEULOGHHQYDVHV\UHVL
GXRVGHHQYDVHV
5HDO'HFUHWRGHGHMXOLRVREUH
LQFLQHUDFLyQ GH UHVLGXRV SHOLJURVRV \ GH PR
GLILFDFLyQGHO5HDO'HFUHWRGH
GH VHSWLHPEUH UHODWLYR D ODV LQVWDODFLRQHV GH
UHVLGXRVPXQLFLSDOHV
5HDO 'HFUHWR GH GH DJRVWR GH
FUHDFLyQGHO0LQLVWHULRGH0HGLR$PELHQWH
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
$QH[R
3ULQFLSDOHV+LWRV/HJDOHV,QVWLWXFLRQDOHV3ROtWLFRV\GH*HVWLyQGHODV3ROtWLFDV3~EOLFDVGH*HVWLyQGH5HVLGXRV8UEDQRVHQ*DOLFLD
(QULTXH-RVp9DUHODOYDUH]
5HVROXFLyQGHO&RQVHMR\GHORVUHSUHVHQWDQ
WHVGHORVJRELHUQRVGHORV(VWDGRVPLHPEURV
UHXQLGRV HQ HO VHQR GHO &RQVHMR GH GH IH
EUHURGHVREUHXQ3URJUDPDFRPXQLWD
ULRGHSROtWLFD\DFWXDFLyQHQPDWHULDGHPH
GLRDPELHQWH\GHVDUUROORVRVWHQLEOH
'LUHFWLYDGHO&RQVHMR&((GHGH
GLFLHPEUHGHUHODWLYDDORVHQYDVHV\UH
VLGXRVGHHQYDVHV
'HFLVLyQ &( GH GH GLFLHPEUH GH
SRUODTXHVHHVWDEOHFHXQDOLVWDGHUHVL
GXRVGH FRQIRUPLGDG FRQ OD OHWUD D GHO DUWt
FXORGHOD'LUHFWLYD&((&DWiOR
JRHXURSHRGHUHVLGXRV&(5
'HFLVLyQ &( GH GH PD\R GH
SRUODTXHVHDGDSWDQORVDQH[RV,,$\
,, % GH OD 'LUHFWLYD &(( UHODWLYD D
ORVUHVLGXRV
'HFLVLyQ &( GHO 3DUODPHQWR \ GHO
&RQVHMRGHGHVHSWLHPEUHGHUHODWLYD
D ODUHYLVLyQGHO3URJUDPDFRPXQLWDULRGHSR
OtWLFD \ DFWXDFLyQ HQ PDWHULD GH PHGLR DP
ELHQWH\GHVDUUROORVRVWHQLEOH
5HVROXFLyQGHO&RQVHMRGHOD8QLyQ(XURSHD
GHGHIHEUHURGHVREUHXQDHVWUDWHJLD
FRPXQLWDULDGHJHVWLyQGHUHVLGXRV
'LUHFWLYD GHO &RQVHMR &( GH GH
DEULOGHUHODWLYDDOYHUWLGRGHUHVLGXRV
9, 3URJUDPD GH $FFLyQ 0HGLRDPELHQWDO
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
(QULTXH-RVp9DUHODOYDUH]
%LEOLRJUDItD5HFRPHQGDGD
$JXLODU)HUQiQGH]6)RQW1\6XELUDWV-HGV3ROtWLFDDPELHQWDOHQ
(VSDxD6XEVLGLDULHGDG\GHVDUUROORVRVWHQLEOH(GLWRULDO7LUDQWOR%ODQFK
9DOHQFLD
%UXJXp 4XLP \ *RPi 5LFDUG FRRUGV *RELHUQRV ORFDOHV \ SROtWLFDV
S~EOLFDV%LHQHVWDUVRFLDOSURPRFLyQHFRQyPLFD\WHUULWRULR$ULHO&LHQ
FLD3ROtWLFD%DUFHORQD
*RPi 5LFDUG \ 6XELUDWV -RDQ FRRUGV 3ROtWLFDV S~EOLFDV HQ (VSDxD
&RQWHQLGRVUHGHVGHDFWRUHV\QLYHOHVGHJRELHUQR$ULHO&LHQFLD3ROtWL
FD%DUFHORQD
*UDX 0LUHLD \ 0DWHRV $UDFHOL (GV $QiOLVLV GH 3ROtWLFDV 3~EOLFDV HQ
(VSDxDHQIRTXHV\FDVRV(GLWRULDO7LUDQWOR%ODQFK9DOHQFLD
*UDX0LUHLD(O(VWXGLRGHODV3ROtWLFDV3~EOLFDV(QIRTXHV\0HWRGRORJtDV
GH$QiOLVLVHQ*UDX0LUHLD\0DWHRV$UDFHOL(GV$QiOLVLVGH3ROtWL
FDV3~EOLFDVHQ(VSDxDHQIRTXHV\FDVRV(GLWRULDO7LUDQWOR%ODQFK9D
OHQFLDSS
0DWHRV$UDFHOL3UHVHQWDFLyQHQ*UDX0LUHLD\0DWHRV$UDFHOL(GV
$QiOLVLVGH3ROtWLFDV3~EOLFDVHQ(VSDxDHQIRTXHV\FDVRV(GLWRULDO7L
UDQWOR%ODQFK9DOHQFLDSS
0HOOD -0 (FRQRPtD \ SROtWLFD UHJLRQDO HQ (VSDxD DQWH OD (XURSD GHO
6;;,(GLWRULDO$.$/0DGULG
0RUDWD)UDQFHVFHGLWRU3ROtWLFDVS~EOLFDVHQOD8QLyQ(XURSHD$ULHO
&LHQFLD3ROtWLFD%DUFHORQD
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
1RWDV3Lp3iJLQD
'HVSXpVGHORVHVIXHU]RVGHORVHTXLSRVGHLQYHVWLJDFLyQHQGHVDJUHJDUODVSROtWLFDV
S~EOLFDV SRU QLYHOHV GH JRELHUQR \ WHUULWRULRV GH DFWXDFLyQ 8QLyQ (XURSHD $GPLQLV
WUDFLyQ*HQHUDOGHO(VWDGR\$GPLQLVWUDFLyQ/RFDO\DXQTXHDOJXQRVGHORVHVWXGLRV
GHFDVRTXHVHKDQDQDOL]DGRHQHVWRV~OWLPRVDxRVLQFOX\HQXQDSHUVSHFWLYDDXWRQyPL
FDHOKHFKRHVTXHTXHGDSRU DIURQWDU HO JUDQ UHWR GH LQWHJUDU HO DQiOLVLV GH SROtWLFDV
S~EOLFDVHQODUHDOLGDGGHODJHVWLyQS~EOLFDUHJLRQDO\ODVGLVWLQWDVLQLFLDWLYDVTXHVHKDQ
YHQLGRGHVDUUROODQGRGHVGHODFRQVWLWXFLyQGHO(VWDGR$XWRQyPLFRHQ3DUDHOOR
VH SXHGH UHYLVDU HO OLEUR GH 0HOOD (FRQRPtD \ SROtWLFD UHJLRQDO HQ (VSDxD DQWH OD
(XURSDGHO6;;,(GLWRULDO$.$/0DGULG
(ODQiOLVLVDQWHULRUVHUHDOL]DKDVWDPRPHQWRHQHOTXHVHFLHUUDXQFLFORGH
WUHFH DxRV GH JRELHUQR GHO 362( GDQGR HQWUDGD D OD DOWHUQDWLYD SROtWLFD GHO 33
'HVGHHQWRQFHVKDVWDODDFWXDOLGDG\HQHOHFXDGRUGHODVHJXQGDOHJLVODWXUDGH
ORVFRQVHUYDGRUHVHVSDxROHVWRGDVODVSROtWLFDVS~EOLFDV\HOPDUFRSROtWLFRJHQHUDOKDQ
VXIULGR XQD HYROXFLyQ TXH PHUHFH XQ FRPHQWDULR DSDUWH SHUR TXH SRU VX H[WHQVLyQ \
FRPSOHMLGDGQRVHGHVDUUROODUiHQHVWHHVWXGLR
$JXLODU)HUQiQGH]6)RQW1\6XELUDWV-HGV3ROtWLFDDPELHQWDOHQ(VSDxD
6XEVLGLDULHGDG\GHVDUUROORVRVWHQLEOH(GLWRULDO7LUDQWOR%ODQFK9DOHQFLD
*UDX0LUHLD\0DWHRV$UDFHOL(GV$QiOLVLVGH3ROtWLFDV3~EOLFDVHQ(VSDxD
HQIRTXHV\FDVRV(GLWRULDO7LUDQWOR%ODQFK9DOHQFLD
/D WHVLV GHO QXHYR ORFDOLVPR SRVWXOD TXH HQ XQ HQWRUQR FDGD YH] PiV GLYHUVLILFDGR \
PiVJOREDOL]DGRHOUROGHORVJRELHUQRVORFDOHVQRVyORQRVHYHGHELOLWDGRVLQRTXHH[SHULPHQWD
XQIXHUWHLPSXOVR,QWHQWDQGRIRUPXODUPiVVLQWpWLFDPHQWHORVDUJXPHQWRVGHOQXHYRORFDOLV
PR GHEHUtDPRV UHIHULUQRV D GRV YDULDEOHV IXQGDPHQWDOHV OD GLYHUVLILFDFLyQ GH ODV GHPDQGDV
VRFLDOHV\ODJOREDOL]DFLyQGHODHFRQRPtD%UXJXp\*RPi
5HGHILQLFLyQGHOPRGHORGHFLXGDGDQtD\HYROXFLyQGHODGHPRFUDFLDUHSUHVHQWDWL
YDKDFLDODGHPRFUDFLDSDUWLFLSDWLYD
(OSUHVHQWHDSDUWDGRHVXQDDGDSWDFLyQFDVLOLWHUDOGHDOJXQRVGHORVWUDEDMRVVREUH
SROtWLFDVS~EOLFDVGHPHGLRDPELHQWHSUHVHQWDGRVSRUHODXWRUHQORVGRV~OWLPRVDxRV
9DUHOD OYDUH] (QULTXH -RVp 3ROtWLFDV 3~EOLFDV $PELHQWDOHV GHO &RQIOLFWR ,QWHUJX
EHUQDPHQWDO D OD *HVWLyQ ,QWHUJXEHUQDPHQWDO GH ORV 5HVLGXRV 8UEDQRV HQ *DOLFLD
9 &RQJUHVR (VSDxRO GH &LHQFLD 3ROtWLFD \ GH OD $GPLQLVWUDFLyQ
&LXGDGDQtD \ 3ROtWLFDV GH ,QWHJUDFLyQ /D /DJXQD7HQHULIH 6HSWLHPEUH
GH\9DUHODOYDUH](QULTXH-RVp3ROtWLFDVS~EOLFDVDPELHQWDLVQD8QLyQ(XUR
SHDHQ'RPtQJXH]&DVWUR/XLVFRRUG(VSDxDH(XURSD'RIUDQTXLVPRDRHXUR
;HUDLV9LJRSS
'HVGHXQDSHUVSHFWLYDDPSOLDGHODV&LHQFLDV6RFLDOHVDOJXQRVGRFXPHQWRVGHUH
IHUHQFLDLQWHUHVDQWHVSRGUtDQVHUORVHVWXGLRVGH1RYR\/DUDFRRUGV/D,QWHUSUHWD
FLyQ GH OD 3UREOHPiWLFD $PELHQWDO (QIRTXHV %iVLFRV , 81(' 3DUGR 0
(QULTXH-RVp9DUHODOYDUH]
6RFLRORJtD\PHGLRDPELHQWHKDFLDXQQXHYRSDUDGLJPDUHODFLRQDO3ROtWLFD\6RFLH
GDGQ0DGULGSS\0DUWtQ0DWHR5 7UDWDGRGH'HUHFKR$P
ELHQWDO7RPR,(GLWRULDO7ULYLXP0DGULG
3DUDXQDUHYLVLyQGHODUHODFLyQPHGLRDPELHQWH\SROtWLFDVS~EOLFDVVRQPX\UH
FRPHQGDEOHV ORV WH[WRV GH $JXLODU )HUQiQGH] 6 (O UHWR GHO PHGLR DPELHQWH &RQ
IOLFWRV H LQWHUHVHV HQ OD SROtWLFD PHGLRDPELHQWDO HXURSHD $OLDQ]D 8QLYHUVLGDG
0DGULG*RPi\6XELUDWVFRRUGV3ROtWLFDV3~EOLFDVHQ(VSDxD&RQWHQLGRV
UHGHV GH DFWRUHV \ QLYHOHV GH JRELHUQR $ULHO &LHQFLD 3ROtWLFD %DUFHORQD \
$JXLODU )HUQiQGH] 6 )RQW 1 \ 6XELUDWV - HGV 3ROtWLFD DPELHQWDO HQ (VSDxD
6XEVLGLDULHGDG\GHVDUUROORVRVWHQLEOH(GLWRULDO7LUDQWOR%ODQFK9DOHQFLD
9LG$JXLODU)HUQiQGH]6/DVSROtWLFDVGHPHGLRDPELHQWHHQWUHODFRPSOHML
GDG WpFQLFD \ OD UHOHYDQFLD VRFLDO HQ *RPi \ 6XELUDWV HGV 3ROtWLFDV S~EOLFDV HQ
(VSDxD&RQWHQLGRVUHGHVGHDFWRUHV\QLYHOHVGHJRELHUQR$ULHO&LHQFLD3ROtWLFD
%DUFHORQDSS
9LG9DUHODOYDUH](-/DVSROtWLFDVS~EOLFDVPHGLRDPELHQWDOHV*HVWLyQLQWHU
JXEHUQDPHQWDOGHORVUHVLGXRVVyOLGRVXUEDQRVHQORVJRELHUQRVVXEQDFLRQDOHVGH*DOLFLD
FRPXQLFDFLyQ SUHVHQWDGD HQ HO 3ULPHU &RQJUHVR 0XQGLDO GH 6DOXG \
0HGLR$PELHQWH8UEDQR0DGULGSXEOLFDGRHQODVDFWDVGHO&RQJUHVR\
3HxD&DVWLxHLUD)-\9DUHODOYDUH](-$DFWXDFLyQGRVJREHUQRVQRPHGLRDP
ELHQWH SROtWLFDV S~EOLFDV DPELHQWDLV 5(*$3 Q (*$3 ;XQWD GH *DOLFLD
6DQWLDJRGH&RPSRVWHODSS
9LG*RPi5\6XELUDWV-3ROtWLFDVS~EOLFDV+DFLDODUHQRYDFLyQGHOLQVWUX
PHQWDOGHDQiOLVLVHQ*RPi5\6XELUDWV-FRRUG3ROtWLFDV3~EOLFDVHQ(VSDxD
&RQWHQLGRVUHGHVGHDFWRUHV\QLYHOHVGHJRELHUQR$ULHO&LHQFLD3ROtWLFD%DUFHORQD
SS
/DHYROXFLyQGHODFRQVWUXFFLyQHXURSHDHQHO~OWLPRGHFHQLRKDFH\DWRWDOPHQWHLQYLD
EOHHOHVWXGLRGHODVSROtWLFDVS~EOLFDVHQ(VSDxDVLHVHHVWXGLRVHSODQWHDGHIRUPDLQGHSHQ
GLHQWHGHHVHFRQWH[WRFRPXQLWDULRLELG*RPi\6XELUDWV
9LG&RORPHU-0(VSDxD\3RUWXJDO5HJtPHQHVGHOLGHUD]JRGHSDUWLGRHQ
&RORPHU -0 /D SROtWLFD HQ (XURSD ,QWURGXFFLyQ D ODV LQVWLWXFLRQHV GH TXLQFH
SDtVHV(GLWRULDO$ULHO%DUFHORQDSS
9LG$JXLODU)HUQiQGH]6/D(XURSHL]DFLyQGHOD3ROtWLFD0HGLRDPELHQWDOOD
WHQVLyQ 1RUWH6XU HQ OD 8QLyQ (XURSHD HQ 3ROtWLFD \ 6RFLHGDG Q 8QLYHUVLGDG
&RPSOXWHQVHGH0DGULG0DGULGSS
9LG $JXLODU )HUQiQGH] 6 /DV FRQVHFXHQFLDV GH OD LQWHJUDFLyQ HXURSHD HQ OD
SROtWLFD PHGLRDPELHQWDO HVSDxROD HQ /ODPD]DUHV , \ 5HLQDUHV ) HGV $VSHFWRV
SROtWLFRV \ VRFLDOHV GH OD LQWHJUDFLyQ HXURSHD (GLWRULDO 7LUDQW OR %ODQFK 9DOHQFLD
SS
9LGVXSUD$JXLODU)HUQiQGH]6SS
,ELG$JXLODU)HUQiQGH]6SS
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
(QULTXH-RVp9DUHODOYDUH]
9LG)XHQWHV%RGHOyQ)0DUFROHJDO\FRRUGLQDFLyQGHORVyUJDQRVGHOD$GPL
QLVWUDFLyQUHVSRQVDEOHVGHODSROtWLFDDPELHQWDOHQ99$$0HGLR$PELHQWH8QL
YHUVLGDG(PSUHVD$GPLQLVWUDFLyQ )XQGDFLyQ 8QLYHUVLGDG(PSUHVD 0DGULG
SS
9LGVXSUD$JXLODU)HUQiQGH]6
(O REMHWLYR SULQFLSDO GHO 3URJUDPD 1DFLRQDO GH 0HGLR $PELHQWH GHQWUR GHO
352),7 HV HO IRPHQWR GH OD UHDOL]DFLyQ GH SUR\HFWRV \ DFWXDFLRQHV TXH WHQJDQ SRU
REMHWRODHILFD]SURWHFFLyQ\UHVWDXUDFLyQGHORVFRPSRQHQWHVGHOPHGLRDPELHQWHDIHFWDGRVSRU
ODVDFWLYLGDGHVSULRULWDULDPHQWHLQGXVWULDOHVLQFOX\HQGRORVHIHFWRVPHGLRDPELHQWDOHVGHOFLFOR
GH SURGXFWRV GHVGH OD IDVH HQ TXH ODV PDWHULDV SULPDV VH LQFRUSRUDQ D HOORV KDVWD VX XVR \
HOLPLQDFLyQGHILQLWLYRVYLGVXSUD,QLPD6HUYLFLRV(XURSHRVGH0HGLR$PELHQWH\6LJ
PD'RV4XRWD8QLyQ
&RPRVHGHVWDFDEDUHFLHQWHPHQWHHQHOGLDULR(/3$6FLWDQGRXQUHFLHQWHHVWX
GLRGHOD&RPLVLyQ(XURSHDVREUHLQIUDFFLRQHVDPELHQWDOHVGHORVSDtVHVPLHPEURV $
WRGRVORV(VWDGRVGHOD8(OHVFXHVWDPiVWUDEDMROOHYDUDVXVOHJLVODFLRQHVQDFLRQDOHVODVGL
UHFWLYDVPHGLRDPELHQWDOHVTXHHOUHVWRGHQRUPDVVREUHPHUFDGRLQWHULRU(OGpILFLWVHJ~QORV
FiOFXORVGH%UXVHODVHVGHGHPHGLDORTXHVXSRQHHOWULSOHTXHHOUHVWRGHODVGLUHFWLYDV
GHPHUFDGRLQWHULRU$OHPDQLD%pOJLFD\(VSDxDVRQORVPiVUHQXHQWHVDDSOLFDUODV
QRUPDV PHGLRDPELHQWDOHV /RV WUHV SDtVHV VXSHUDQ HO GH GpILFLW OR TXH VLJQLILFD TXH QR
KDQ FRQVHJXLGR QL VLTXLHUD DGRSWDU HO GH ODV GLUHFWLYDV VREUH SURWHFFLyQ GHO PHGLR DP
ELHQWHYLG*DEULHOD&DxDV(/3$69
9LG$JUDQRII50DUFRVSDUDHODQiOLVLVFRPSDUDGRGHODVUHODFLRQHVLQWHUJX
EHUQDPHQWDOHV 3DSHOHV GH 7UDEDMR GH *RELHUQR \ $GPLQLVWUDFLyQ 3~EOLFD Q
,QVWLWXWR8QLYHUVLWDULR2UWHJD\*DVVHW0DGULGSS
9LG$JUDQRII5/DVUHODFLRQHVLQWHUJXEHUQDPHQWDOHV\HO(VWDGRGHODV$XWR
QRPtDV3ROtWLFD\6RFLHGDGQ0DGULGSS
/D GHILQLFLyQ GH UHVLGXRV XUEDQRV R PXQLFLSDOHV DSDUHFH UHFRJLGD HQ OD /H\
GHUHVLGXRVHQVXDUWtFXOREVLHQGRORVJHQHUDGRVHQORVGRPLFLOLRVSDUWLFXODUHV
FRPHUFLRVRILFLQDV\VHUYLFLRVDVtFRPRWRGRVDTXHOORVTXHQRWHQJDQ OD FDOLILFDFLyQ GH SHOL
JURVRV\TXHSRUVXQDWXUDOH]DRFRPSRVLFLyQSXHGDQDVLPLODUVHDORVSURGXFLGRVHQORVDQWH
ULRUHV OXJDUHV R DFWLYLGDGHV (Q OD QRUPDWLYD DQWHULRU WDQWR HVWDWDO FRPR DXWRQyPLFD
HVWRVUHVLGXRVHUDQGHQRPLQDGRVFRPRVyOLGRVXUEDQRV/H\GHUHVLGXRVVyOL
GRVXUEDQRVGH*DOLFLD
(QHO$QH[R3ULQFLSDOHV+LWRV/HJDOHV,QVWLWXFLRQDOHV3ROtWLFRV\GH*HVWLyQ
GHODV3ROtWLFDV3~EOLFDVGH*HVWLyQGH5HVLGXRV8UEDQRVHQ *DOLFLD \ D
PRGRGHEUHYHUHVXPHQH[SRQHPRVORVSULQFLSDOHVKLWRVOHJDOHVLQVWLWXFLRQDOHVSROtWL
FRV\GHJHVWLyQGHODVSROtWLFDVS~EOLFDVGHJHVWLyQGHUHVLGXRVXUEDQRVHQHOWULSOHPDU
FR GH OD 8QLyQ (XURSHD (VSDxD \ *DOLFLD WDQWR SDUD HO *RELHUQR GH OD &RPXQLGDG
FRPRSDUDVXV(QWHV/RFDOHVGHVGHODGpFDGDGHORVRFKHQWDKDVWDODDFWXDOLGDG
0yGXOR91XHYRV(VSDFLRVGH5HODFLyQHQWUHODV$GPLQLVWUDFLRQHV3~EOLFDV
3ODQ62*$0$QHJRFLDGRFRQORV((//HQHOPDUFRGHO3ODQ1DFLRQDOGH5H
VLGXRV\FRQDOWHUQDWLYDVGHJHVWLyQUHDOHVFRPRHO3ODQGH*HVWLyQGH5HVLGXRV6yOLGRV
8UEDQRVGHO$\XQWDPLHQWRGH$&RUXxD
+HPRV DSURYHFKDGR OD PHWRGRORJtD GHO HVWXGLR GH FDVRV XWLOL]DGD SRU $JXLODU
)RQW \ 6XELUDWV HQ VX OLEUR 3ROtWLFD DPELHQWDO HQ (VSDxD 6XEVLGLDULHGDG \
GHVDUUROORVRVWHQLEOH'HEHPRVGHFLUTXHDXQTXHQRVHKDXWLOL]DGRHQWRGDVXH[WHQ
VLyQODPHWRGRORJtDSURSXHVWDSRUORVDXWRUHV\GHVDUUROODGDSRUVXHTXLSRHQORVFDVRV
H[SXHVWRVHQHOOLEURORV7~QHOHVGH9DOOYLGUHUDHO3DUTXH1DWXUDOGHO'HOWDGHO(EUR
HO3DUTXH1DWXUDOGHODV)UDJDVGR(XPH\ODV0DULVPDVGH2GLHOVXDSOLFDFLyQSDUFLDO
QRVKDGHPRVWUDGRTXHDOJXQDVGHODVSULQFLSDOHVFRQFOXVLRQHVDODVTXHKDQOOHJDGRHQ
VXLQYHVWLJDFLyQVRQSHUIHFWDPHQWHH[WUDSRODEOHVDOFDVRTXHQRVRFXSDGHODJHVWLyQGH
UHVLGXRVXUEDQRVHQ*DOLFLD
3DUDSURIXQGL]DUHQHVWHWLSRGHDVSHFWRV\VXYLQFXODFLyQDODJHVWLyQGHORVUHVL
GXRVXUEDQRVHVPX\LOXVWUDWLYRXQUHSDVRGHOD(VWUDWHJLD*DOOHJDGH*HVWLyQGH5HVL
GXRVGHODxRDQWHULRUPHQWHFRPHQWDGD
&RQ VXV FDUDFWHUtVWLFDV HVSHFtILFDV HO SURFHVR GH OD SROtWLFD S~EOLFD GHO 3ODQ GH
2UGHQDFLyQGHO3DUTXH1DWXUDOGHODV)UDJDVGR(XPHHVEDVWDQWHVLPLODUDOGHO3ODQGH
*HVWLyQGH5HVLGXRV6yOLGRV8UEDQRVGH*DOLFLDYLG*XLOOiQ$\/XDFHV3(O3DU
TXH1DWXUDOGHODV)UDJDVGR(XPHHQ$JXLODU)HUQiQGH]6)RQW1\6XELUDWV-
SS
/DFRQIURQWDFLyQ\ODE~VTXHGDOLPLWDGDGHOFRQVHQVRHQPDWHULDGHJHVWLyQGHUH
VLGXRV XUEDQRV IXQGDPHQWDOPHQWH FHQWUDGD HQ ORV SURJUDPDV GH UHFRJLGD VHOHFWLYD
WLHQHQ VX HVFHQLILFDFLyQ D OR ODUJR GHO DxR SULPHUR GHO 3ODQ 1DFLRQDO GH 5HVL
GXRV FRPR HMHPSOR DOJXQR GH ORV WLWXODUHV UHFRJLGRV HQ SUHQVD &LQFR
JUDQGHV FLXGDGHV UHWDQ D OD ;XQWD \ H[LJHQ UHIRUPDV HQ HO SODQ GH EDVXUDV )DUR GH
9LJRGHIHEUHURGH8QPHVGHVSXpVVHSURGXFHODWUDQVLFLyQDOD~OWLPDIDVH
GHO FLFOR GH OD SROtWLFD GH JHVWLyQ GH UHVLGXRV XUEDQRV HQ *DOLFLD WUDV OD ILUPD GH ORV
DFXHUGRVHQWUHOD;XQWD\ODVJUDQGHVFLXGDGHVDH[FHSFLyQGH$&RUXxDFRQSODQGH
UHVLGXRVSURSLR\ODUHQXQFLDDVXVSODQHVDOWHUQDWLYRVYLG)DURGH9LJR/D;XQWD\
FLQFR JUDQGHV FLXGDGHV GHVEORTXHDQ HO FRQIOLFWR GH OD EDVXUD \ /D 9R] GH *DOLFLD
&LQFRFLXGDGHVUHQXQFLDQDVXVSODQHVDOWHUQDWLYRVD6RJDPDGHPDU]RGH
&RQSRVWHULRULGDG\\DHQHODxRHOYHUDQRYXHOYHDVHUWLHPSRGHFRQIOLFWLYLGDG
HQWUHORVJUDQGHV$\XQWDPLHQWRV\62*$0$TXHXQLODWHUDOPHQWHYXHOYHDVXELUHO
SUHFLRGHODJHVWLyQGHODVEDVXUDVHQVXSODQWDGH&HUFHGDORTXHREOLJDUtDDORV(QWHV
/RFDOHVDLQFUHPHQWDUHQFRQVHFXHQFLDVXVWDVDVSRVLFLyQTXHGHVSXpVGHXQHVFiQGDOR
PHGLiWLFR\ODFRQVLJXLHQWHQHJRFLDFLyQSROtWLFDIXHREOLJDGDDUHWLUDU
(QWUH ORV REMHWLYRV SULRULWDULRV GHO 3ODQ 1DFLRQDO GH 5HVLGXRV FRQ
HVSHFLDO LQFLGHQFLD HQ ODV 5,*6 \ *,* HQWUH &RPXQLGDGHV $XWyQRPDV \ (QWHV
/RFDOHV WHQHPRV OD FODXVXUD \ VHOODGR GH WRGRV ORV YHUWHGHURV LQFRQWURODGRV DQWHV GHO
DxR \ LPSODQWDFLyQ GH OD UHFRJLGD VHOHFWLYD HQ WRGRV ORV PXQLFLSLRV GH PiV GH
KDELWDQWHV DQWHV GH HQHUR GH \ DQWHV GH HQHUR GHO DxR SDUD WRGRV
DTXHOORVPD\RUHVGHKDELWDQWHV