Você está na página 1de 24

&(/(+,65HYLVWD GHO &HQWUR GH /HWUDV +LVSDQRDPHULFDQDV

$xR   1UR   0DU GHO 3ODWD$5*(17,1$  SS 

6RPRVMyYHQHV\PRGHUQRV
/D$OERUDGDGH9HQH]XHOD
0yQLFD0DULQRQH
8QLYHUVLGDG1DFLRQDOGH0DUGHO3ODWD

5HVXPHQ
(ODUWtFXORGHVFULEH/D$OERUDGDGH9HQH]XHODXQSHULyGLFRFUtWLFR
VHPDQDOSURGXFLGRHQ\FRQVLGHUDHQHVSHFLDOODFRQVWUXFFLyQ
GHLQWHOHFWXDOPRGHUQRTXHSURSRQHDVtFRPRGHXQS~EOLFRDFRU
GHDOPLVPR'LFKDFRQVWUXFFLyQDLPDJHQGHTXLHQHVFRQVWLWX\HQ
HOMRYHQJUXSRTXHSURGXFHHOSHULyGLFRVLELHQVHSURSRQHDFWXDO
\UHQRYDGRUDHQUHDOLGDGSDUHFHLQVFULELUVHHQORVOHJDGRVGHORV
SULPHURVPRGHUQRVGHSULQFLSLRVGHO;,;JHVWRTXHHQWUHPXFKDV
FRVDVWHQVLRQDHOFRQFHSWRSXHEORGH9HQH]XHODLQVWDXUDGRFRPR
GHVWLQDWDULRGHVGHHOSULPHUQ~PHUR

3DODEUDV FODYH
9HQH]XHODSHULyGLFRVFXOWXUDOHV/D$OERUDGD

$EVWUDFW
7KLVDUWLFOHIRFXVHVRQ/D$OERUDGDRI9HQH]XHODDZHHNO\FULWLFDO
QHZVSDSHU SXEOLVKHG LQ  DQG LW DQDO\VHV HVSHFLDOO\ WKH
FRQVWUXFWLRQRIWKHPRGHUQLQWHOOHFWXDOWKDWWKHQHZVSDSHULQWHQGV
WR DFKLHYH WRJHWKHU ZLWK LWV DJUHHLQJ SXEOLF 7KLV FRQVWUXFWLRQ
UHSURGXFHVWKHSRVLWLRQVRIWKHJURXSRI\RXQJSHRSOHZKRSUR
GXFHWKHQHZVSDSHU(YHQWKRXJKWKH\VWDWHWKDWWKHLUSURSRVDOLV
XSWRGDWHDQGLQQRYDWLYHLQIDFWLWVHHPVWRLQVFULEHLWVHOILQWKH
OHJDFLHVRIWKHILUVWPRGHUQRIWKH;,;FHQWXU\ZKLFKLVDPDUNWKDW


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

WLJKWHQV WKH FRQFHSW SHRSOH RI9HQH]XHOD DGGUHVVHG VLQFH WKH


ILUVWQXPEHU

.H\ZRUGV
9HQH]XHODFXOWXUDOQHZVSDSHUV/D$OERUDGD

6 DOLPRV GH OD RVFXULGDG HQ OD FXDO QRV KDEtD


PRV HQFHUUDGR GLVSXHVWRV i SHUGHUOR WRGR DQ
WHVTXHWUDQVLJLUHQORPiVPtQLPRFRQORVVHFXDFHVGHOD
7LUDQtD 0XFKRV GH QRVRWURV KHPRV HVWDGR i SXQWR GH
DKRJDUQRV EDMR OD SUHVLyQ GH DTXHOOD QHJUD DWPyVIHUD
SHUR QXQFD GH FHGHU XQ iSLFH GH QXHVWUD LQWHJULGDG
KHPRV GH KDFHU PXFKR KLQFDSLp HQ HVWR 1XHVWUR RVFXUR
SDVDGR QRV KD UREXVWHFLGR QXHVWUR VLOHQFLR QRV GD GH
UHFKR i OHYDQWDU OD YR] SXHVWR TXH KHPRV VLGR YtFWLPDV
SRGHPRV VHU DFXVDGRUHV
(VHOSULPHUSiUUDIRGHODFRPXQLFDFLyQLQLFLDOFRQ
TXH/D$OERUDGD 3HULyGLFR6HPDQDOGH&UtWLFD6RFLDO3R
OtWLFD(FRQyPLFD/LWHUDULDHWF VHSUHVHQWDDODVRFLHGDG
YHQH]RODQDGHVGHOD,PSUHQWD%ROtYDUGH&DUDFDV HOGH
HQHURGH1ROOHYDILUPDSXHVUHVXPHHOSURJUDPDGH
DFFLyQGHXQJUXSR GHDKtVXWtWXOR1XHVWUDLQWHQFLyQ \
VHGLULJHDGHVWLQDWDULRVH[SUHVDGRVHQHOFLHUUHHO3XHEORGH
9HQH]XHODHO*RELHUQR1DFLRQDO\WRGDOD3UHQVDGHO3DtV
HQHVHRUGHQ3UR\HFWDDVSLUDFLRQHVGHVHRVTXHHQWLWXOD
UHVVLQWHWL]DXQHStJUDIHFDUJDGRGHFRPSRQHQWHGHyQWLFR\
UHLWHUDGR HQ FDGD Q~PHUR  6XVWLWXLU OD QRFKH SRU OD
$XURUD /XHJRGHODFRPXQLFDFLyQHQWLSRJUDItDUHGXFL
GDVHDFODUDQXQDVFRQGLFLRQHVVXEUD\DQODIXHU]DGHOSUR
JUDPD FX\R DIiQ GH LQVHUFLyQ VH UHYHOD WDQ GHFLGLGR WDQ
WHxLGRGHGHVHR FRPRODDVSLUDFLyQHLQYROXFUDDHPLVRUHV
\DUHFHSWRUHV/D$OERUDGDVDOGUiWRGRVORVGRPLQJRV6H


&H/H+LV
0yQLFD0DULQRQH

FDQMHDUi FRQ SHULyGLFRV GH OD 5HS~EOLFD \ GHO H[WUDQMHUR


$FHSWDUi DYLVRV
/RIXQGDQFXDWURMyYHQHVGHHQWUH\DxRV+
6RXEOHWWH-3ODQFKDUG-5RVDOHV\5*DOOHJRV FXDQGR
-XDQ9*yPH] UHFLpQGHVSOD]DD&LSULDQR&DVWURHQOD3UH
VLGHQFLDGH9HQH]XHOD\D~QQRHVLPDJLQDGRRWURWLUDQR<VL
VyORWLHQHRFKRHQWUHJDVGHVGHHOGHHQHURDOGHPDU
]RGHOHtGRHQSHUVSHFWLYDHVLPSRUWDQWHSXHVSHUPLWH
UHYLVDU HO SURFHVR GH FRQVROLGDFLyQ GHO FDPSR LQWHOHFWXDO
YHQH]RODQRHQVXVPDUFKDV\FRQWUDPDUFKDVODH[SDQVLyQ
GHOPHUFDGRHGLWRULDO\GHXQS~EOLFRHQFLHUQHVDVtFRPROD
HPHUJHQFLDGHOHVFULWRUFRPSURPHWLGRHQWDQWRKRPEUHIXHU
]DXQPRGHORTXHVLGLDORJDFRQHOLPDJLQDULRGHODpSRFD
UHVSHFWRGHODLQWHOHFWXDOLGDGHQJHQHUDO RHQSDUWLFXODU PH
UHILHUR D - 0DUWt WDPELpQHVKHUHGHURGHORVSUR\HFWRV
OHWUDGRVGHSULQFLSLRVGHOV;,;TXHHQWHQGtDQHOSHULRGLVPR
FRPRXQDVtQWHVLVGHODPLVLyQSROtWLFD\ODYRFDFLyQOLWHUDULD
REYLDPHQWH SLHQVR HQ 6DUPLHQWR XQ PDHVWUR SDUD ORV
$OERUDGRV\HQODLQWHUDFFLyQSROtWLFDOHWUDVTXHGRPLQDKDVWD
PX\DYDQ]DGRHOV;,; 
'HVGHODHOHFFLyQGHOQRPEUHGHO3HULyGLFRSDVDQGR
SRUHOHStJUDIHKDVWDFLHUWRVXVRVGHOSiUUDIRFLWDGRTXHVH
UHWRPDQDORODUJRGHODFRPXQLFDFLyQLQLFLDOVHYHHOUHFXUVR
DOSDURVFXULGDGOX]HVDDQWtWHVLVVLQHGDGDQDOL]DGDSRU
6WDURELQVNL  TXHSRUXQODGRDWLHQGHDOSULYLOHJLRGHOD
MXYHQWXG DORVYDORUHVGHRULJLQDOLGDG\GHFDPELRDORV
TXHYDDVRFLDGD %RXUGLHX SHURDGHPiVHVXQDGHODV
SUHGLOHFWDVSRUHOLPDJLQDULR\ODPHPRULDUHYROXFLRQDULRV
6LQGXGDVHOPLWRVRODUGHODUHYROXFLyQHVWRHVXQDPH
PRULDDVHQWDGDHQODJHVWD\ORVGLVFXUVRVUHYROXFLRQDULRV
HQWHQGLGRVHOJUDGRFHURRSULQFLSLRGHQXHVWURVSURFHVRVGH
IRUPDFLyQDWUDYHVDGDSRUHODQKHORGHSURGXFLUyUGHQHV\


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

GHVHFKDU OR UHFLELGR UHYHUEHUD WUDV ODV SDODEUDV GH ORV


$OERUDGRV TXLHQHV HVWLPXODGRV SRU XQ SDQRUDPD SROtWLFR
HQDSDULHQFLDDOHQWDGRU XQDFRQILDQ]DTXHGXUDSRFRVHJ~Q
VHxDOp VHVLW~DQDFWLYDPHQWHHQXQHVSDFLRGHSRVLEOHVLGHR
OyJLFR\OLWHUDULRLQWHQWDQGRUHGHILQLUUHODFLRQHV\FRQGLFLR
QHVGHSURGXFFLyQFRQYHQFLGRVFRPRPXFKRVPRGHUQRVGH
ODQHFHVLGDG\YLDELOLGDGGHOFDPELR
(VSUHFLVRDQRWDUHQHVWDLQVWDQFLDTXHVLODPRGHUQL
]DFLyQHQ/DWLQRDPpULFDREOLJDDGLVWLQJXLUWHUULWRULRVGHOR
HFRQyPLFRSROtWLFRVRFLRFXOWXUDOTXHDXQLQWHUDFWXDQGRQR
UHVSRQGHQDODPLVPDWHPSRUDOLGDGRDUHODFLRQHVOLQHDOHV\
GHFDXVDOLGDGXQLGLUHFFLRQDOHQ9HQH]XHODVHSUHVHQWDPX\
FRPSOHMD\FRQWUDGLFWRULD,QLFLDGDHQHOV;,;\H[WHQGLGD
KDVWDPHGLDGRVGHOV;;UHFLpQDOFDQ]DXQSXQWRDOWRHQ
FXDQWRDFUHFLPLHQWRWHFQROyJLFRFRQODLQGXVWULDSHWUROHUD
(VWRFRQOOHYDXQDFULVLVGHOVLVWHPDHFRQyPLFREDVDGRHQOD
H[SORWDFLyQDJUtFRODRJDQDGHUDD~QODWLIXQGLVWDDVtFRPR
HQODSURGXFFLyQDUWHVDQDOHOLPSODQWHGHXQPRGHORFDSLWD
OLVWDH[WHUQRVHSURGXFHFRQGLFKDLQGXVWULDKDFLDDSUR[L
PDGDPHQWH/DVREUHLPSUHVLyQGHFyGLJRVHVXQUDVJRGR
PLQDQWHHQHOLPDJLQDULRLQWHOHFWXDOGHODpSRFDULJHQODV
FDWHJRUtDVGHO3RVLWLYLVPR\VXDIiQSURJUHVLVWDDVRFLDGRVD
ODLQIOXHQFLDGHO5HDOLVPR\GHO1DWXUDOLVPRTXHSURPXHYHQ
HQHOFDPSRGHODVOHWUDVXQDQDUUDWLYDDIDQDGDHQODH[SUH
VLyQGLUHFWDGHORVFRQWH[WRVVRFLDOHVSROtWLFRVHKLVWyULFRV
'HO3RVLWLYLVPRVXUJHHODQKHORUHIRUPLVWDGHODVLQVWLWXFLR
QHV\GHODPRUDOHOSURSyVLWRSHGDJyJLFR\HOGLGDFWLVPR
FDUDFWHUtVWLFRVGHQRYHODVFULROOLVWDVFRQVXVFXDGURVORFD
OHVVXVDERUDOGHDQR\HOIRQHWLVPRGHXQOHQJXDMHSRSXODU
WUDQVFULSWRGHVGHXQDPLUDGDH[WHUQDTXHEXVFDDFHUFDUHO
VDERUGHODWLHUUXFD 6XSHUSXHVWDDHVWDWHQGHQFLD\SRU
PRPHQWRV LPEULFDGD FRQ HOOD VH GHVWDFD XQD VHQVLELOLGDG
PRGHUQLVWDTXHDUUDVWUDVHFXHODVURPiQWLFDVFRPRHOSHVL


&H/H+LV
0yQLFD0DULQRQH

PLVPR DGHPiV GH GHVDOLHQWR WULVWH]D \ XQD LQDGDSWDFLyQ


SURSLRVGHOGHFDGHQWLVPRTXHWDPELpQODLQIOX\H'LFKDVHQ
VLELOLGDGVHHQWLHQGHFRPRXQDSRVWXUDYLWDOPiVTXHFRPR
XQDHVFXHODOLWHUDULDFRPRXQPRYLPLHQWRHVSLULWXDOPX\
KRQGRXQPRYLPLHQWRSURIXQGRVHJ~QH[SUHVD0'tD]
5RGUtJXH]  HVFRQpVWHVXPi[LPRH[SRQHQWHTXHHO
PRGHUQLVPRYHQH]RODQRORJUDXQUHILQDGRWUDEDMRVLPEyOLFR
GHODLPDJHQXQDQiOLVLVGHODVVHQVDFLRQHV\ODDPSOLDFLyQ
GHXQOHQJXDMHDYHFHVGHELOLWDGRSRUH[FHVRGHFDUJDOtULFD
/DDFODUDFLyQYDOHSXHVHOFHQiFXORGHORV$OERUDGRV
QRHVFDSDDHVWRVFUXFHVSRUXQDSDUWHLQIOX\HHQHOORVHO
SRVLWLYLVPRGRPLQDQWHVXFRQFHSFLyQGHOSURJUHVRFLHUWR
GHWHUPLQLVPR HVSHFLDOPHQWH PHVROyJLFR TXH MDPiV HV
FDQFHODWRULR\XQLQWHUpVSRULQWHUSUHWDU ODVFDXVDVGHIUD
FDVRVDQWHULRUHVSRURWUDVRVWLHQHQXQDDFWLWXGFUtWLFDSRU
TXHFUHHQHQODSHUIHFWLELOLGDG XQDEDQGHUDOLEHUDO GHXQ
VLVWHPDHVWDEOHFLGRDXQTXHGHJUDGDGRRLPSHUIHFWR /RV
PXHYHHOWUDEDMR\HOHVWXGLRDVSLUDQDODSUR\HFFLyQLQWHU
QDFLRQDOGHOHVFULWRUGHODUWLVWDYHQH]RODQRDWUDYpVGHXQD
HVWpWLFDFXLGDGDFRPRODPRGHUQLVWDSHURLQWHUHVDGDHQSUR
\HFWDU XQD HVHQFLDOLGDG TXH GHVSUHFLD ODV IyUPXODV GHO
FULROOLVPR
(OSHUILOGHO3HULyGLFRSHQVDGR\HVFULWRSRUGLFKR
FHQiFXOR VH WUD]D HQ JHQHUDO HQ HO 1UR , DXQTXH HQ HO
1UR,,VHYHHOSULPHUUHDMXVWHGHHGLFLyQ \HQHO1UR,,,
RWURFDPELRIRUPDOTXHVHPDQWLHQHHQORVUHVWDQWHV'HVHR
KDFHU DOJXQD DQRWDFLyQ VREUH GLFKR FDPELR SXHV WUDVOXFH
DILUPDFLRQHV UHVSHFWR GH XQ PRGR HILFD] FRQWXQGHQWH GH
SURSRQHUVHDSDUWLUGHORYLVXDOSRUHQGHGHHIHFWRVSUHWHQ
GLGRV(OIULVRREDQGDVXSHULRUGHODKRMDSRUWDGDTXHFRQ
WLHQH HO QRPEUH GHO 3HULyGLFR HQ ORV 1URV , \ ,, HV XQD
JUiILFDGHODOED SUHFLVDPHQWHVXQRPEUH VHYHXQFDPSD


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

QDULR\HOVROQDFLHQWHSRGHURVRWUDVXQDPRQWDxDGHVWDFDGD
UHVSHFWRGHSHTXHxDVIRUPDVLPSUHFLVDV\GLVWDQWHVHQWUHVt
(O YLOD HV SDUD ORV FDUDTXHxRV XQ VLJQR GH SHUWHQHQFLD
GHVGHODFLPDGHOYLODVHDEDUFDWRGDODFLXGDGFRQODPLUD
GD(QHO1UR,ORVQRPEUHVGHORVUHGDFWRUHVVHLQFOX\HQ
HQXQFtUFXORSRUIXHUDGHODEDQGDHQHOFHQWURKDFLDDED
MR (QHO1UR,,,VLVHPDQWLHQHODJUiILFDGHODOEDHQOD
EDQGDHVUHFRUWDGDHQiQJXORLQIHULRUL]TXLHUGRXQDFLXGDG
DSDUHFHDOOtPX\YLVLEOHHQVXVIRUPDVSUHFHGLHQGRHOYLOD\
GHWUiVHOVRO'LFKDEDQGDHQVXH[WHQVLyQLQFOX\HXQEUD]R
KXPDQRSRWHQWHHQVXVIRUPDVPDVFXOLQR\MRYHQGHVQXGR
KDVWDHOFRGRHVWiWDxHQGRODFDPSDQDTXH\DQRVHYLVXDOL]D
HVWiWLFDFRPRDQWHV<DGHPiVHQODEDQGDPLVPDVHLQWUR
GXFHHOFtUFXORFRQORVQRPEUHVGHORVUHGDFWRUHVHQHOFHQ
WURGHEDMRHOEUD]RHOHStJUDIHHQFRVWDGRGHUHFKR
(QODQXHYDJUiILFDPX\DFXPXODWLYDORVKRPEUHVR
PHMRUODDFFLyQGHFLHUWRVKRPEUHVDVXPHXQSULPHUSODQR
XQD DFFLyQ TXH HV LQVWUXPHQWR GH SRGHU R IXHU]D
WUDQVIRUPDGRUD GH XQ SUHYLR HO HVWDGR GH TXLHWXG GH XQ
FRQWH[WRXUEDQRTXHLQGHIHFWLEOHPHQWHVHVXJLHUHR\HQWHHO
VRQLGRGHOFDPSDQDULRLUUXPSHHLQYDGHOODPDDVHUHVFX
FKDGRDKRUDVSUHFLVDVQRKD\HOHFFLyQUHVSHFWRGHVXLQVLV
WHQFLDTXHWHUPLQDHVSHUiQGRVH/DSRWHQFLDGHOKRPEUHTXH
DVXPHHOUROWUDQVIRUPDGRU HOGHVHRGHPXFKRVPRGHUQRV
TXHFXOWLYDEDQHOSHULRGLVPR JDQDOXJDUHQODEDQGDDXQ
GLVHxRGHVSRMDGR\HQVRVLHJRHOJHVWRLQWUDQTXLOL]DGRURWUD
KHUHQFLDLOXVWUDGDVHLPSRQHUHVSHFWRGHODSURSLDSUiFWLFD
TXHVHSHUFLEHLQKHUHQWHDXQHVSDFLRFLYLOL]DGRGHSURGXF
FLyQ\FLUFXODFLyQ
1RREVWDQWHODUHVSLUDFLyQGLVFRQWLQXDGHO3HULyGLFR
VHPDQWLHQHHQWRGDVODVHQWUHJDV/RVFDPELRVWLSRJUiILFRV
LQYROXFUDQHQHVSHFLDOORVWtWXORVLQWHULRUHVHQWLSRGHIXHQWH


&H/H+LV
0yQLFD0DULQRQH

\ WDPDxR \ OD RUJDQL]DFLyQ DSHOD D LQVHUFLRQHV OLWHUDULDV


TXHFRUWDQGHPRGRDEUXSWRHOIOXLUGHQRWDVGHWRQRSROtWLFR
VRFLDO\HFRQyPLFRODVFXDOHVSUHYDOHFHQVLQGLIHUHQFLDUVH
SRU6HFFLRQHV (OHWFDQXQFLDGRHQODLGHQWLILFDFLyQFRP
SUHQGHDVLVWHPiWLFDPHQWHDQXQFLRVRILFLDOHV\GHHVSHFWi
FXORVWRURVWHDWURFLQHDOJXQDSDUWLFLSDFLyQPRUWXRULDDJUD
GHFLPLHQWRVDSRVWLOODVODXGDWRULDVGHSHUVRQDMHVGHVWDFDGRV
GHOPRPHQWRDOJ~QDYLVRGHSURSDJDQGDQRWDVGHVDOXWD
FLyQVXHOWRVHQWUHRWURV$VLPLVPRHQFDGDQ~PHURHQ
XQDSDUWDGRGHQRPLQDGR'HODSUHQVDVHUHVHxDQORVSH
ULyGLFRV\UHYLVWDVUHFLELGRVGXUDQWHODVHPDQDGHODFDSLWDO
\GHOLQWHULRU(VWHDSDUWDGRLQWHUHVDSXHVLQVFULEHRWURVGH
VHRVSRUXQODGRDFRSODUVHHIHFWLYDPHQWHDXQFDPSRGH
IXHU]DV GHOXFKD DWUDYpVGHMXHJRVGHOHQJXDMHGRQGHVH
GHEDWHQSHULRGLVWDVHVFULWRUHVFUtWLFRVHGLWRUHV\SRUPR
PHQWRVHVSRVLEOHYLVXDOL]DUS~EOLFRV PRGHORVDMHQRVGH
VHDGRVUHFKD]DGRV HVGHFLUHVDSURGXFFLyQ\HVDFLUFX
ODFLyQHQWDQWRWUDPDGLDOyJLFDFRPRVRQHQVXIRUPXODFLyQ
WHyULFD3RURWURODGRHOGHVHRGHFRQVWUXLUGHVGHXQFHQWUR
&DUDFDVXQDQDFLyQHQVXVSDUWHVSLH]DVTXHGHEHQDIHF
WDUVHSXHVVLQHOODVHOWRGRGLFKDQDFLyQQRH[LVWHVHJ~QHO
PDQGDWRGHORVSDGUHVPRGHUQRVYDORUDQGRXQDSUiFWLFDOH
JLWLPDGDHOSHULRGLVPRODHVFULWXUDTXHDVXYH]OHJLWLPDD
HVWRVSURGXFWRUHV\DRWURVTXHFRPSRQHQHOFDPSRLQWHOHF
WXDOPiVDOOiGHODFDSLWDOWRGRVSDUWtFLSHVHILFDFHVGHXQD
FXOWXUDSROtWLFDGHXQPRYLPLHQWRFXOWXUDOTXHVXVPLVPRV
HMHUFLFLRVVRVWLHQHQ<WDPELpQHOGHVHRGHHGXFDUDOS~EOL
FROHWUDGRGHGLFKDFDSLWDOIRUPDQGRRSLQLyQSURGXFLHQGR
LPDJLQDULRHQHVWHVHQWLGRHVWRHVHQODFRQFHSFLyQGHOSDtV
FRPRXQWRGRPiVDOOiGHHVHFHQWURDILUPDGR
/DYDORUDFLyQRHOGHVHRGHH[SUHVDUMXLFLRVGHYDORU
GHVGHXQOXJDUGHDXWRULGDGTXHVHSUHVXPHGHYHUGDG
PDUFDHVWDSXEOLFDFLyQGHVGHVXVDOLGD\VXEUD\DORDQWLFLSD


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

GRODDXWRILJXUDFLyQGHXQDLPDJHQGHLQWHOHFWXDOFUtWLFRR
HVSHFLDOLVWDHQODTXHMDDOHMDGDGHOJHVWRFRP~QFX\RVHQ
WLGRVHH[SUHVDGHVGHODH[KLELFLyQGHFLHUWDVJDUDQWtDVKDVWD
ODGHPDQGDGHXQDDXWRULGDGHVSHFLDOTXHSHUVHORKDFHQ
VLWXDUVHSRUHQFLPDGHOGHPRV 8QLQWHOHFWXDOLQWHUHVDGR
HQDPSOLDUODUHWLFXODFLyQGHXQDWUDPD\HOWUD]DGRGHXQ
QXHYRVLVWHPDVLPEyOLFRGHLGHQWLILFDFLyQSDUDORVJUXSRV
XUEDQRVHQFUHFLPLHQWRVHQWDQGRSULQFLSLRVGHFRKHUHQFLD\
FRKHVLyQTXHFLUFXQVFULEDQXQQRVRWURV,QWHOHFWXDOWHVWL
JR PiUWLU LPEXLGRGHUHVSRQVDELOLGDGPRUDO\GHOGHEHU
GHGHFLU GHHVFULELU ORTXHKDYLVWR\ORTXHYH6RQWRGRV
DWULEXWRVTXHUHPLWHQDOVtQGURPHVDEHUSRGHUXQRGHORV
PiVQRWDEOHVGHODPRGHUQLGDGPDUFDGDSRUOD,OXVWUDFLyQ
\SHUPLWHQHQWHQGHUWDQWRODFHQWUDOLGDGVRFLHWDOGHOJUXSR
TXHVHGHILHQGHFRPRHOFDUiFWHUPLVLRQDOTXHDUUDVWUDHVWH
SUR\HFWRFRQSUHRFXSDFLRQHVGHDOJ~QFRQWHQLGRVRFLDO\
SROtWLFR VRQSDODEUDVGH*DOOHJRV PRWRUHVSRGHURVRV
SDUD VXSHUDU ODV GLILFXOWDGHV TXH VHJXUDPHQWH GHELHURQ
VRUWHDUVHFXDQGRVHOOHYDEDDFDER(QHO&RQWDPRVTXH
FLHUUDHOSULPHUQ~PHUR\HQOtQHDVPiV\PHQRVH[SOtFLWDV
GHGLVWLQWDVHQWUHJDVHOGHEHULQWHOHFWXDOODUHVSRQVDELOLGDG
GHWUDQVPLWLUDVRFLDGDDOVDEHUVHSRQGHUDVREUHDVSLUDFLR
QHVPDWHULDOHVRLQWHUHVHVLOHJtWLPRVQRFXHQWRHVFODUROD
DFXPXODFLyQ GH FDSLWDO VLPEyOLFR \ HO DQKHOR GH
UHSUHVHQWDWLYLGDGTXHVtDPELFLRQDEDQ
(OILQGHQXHVWUDHPSUHVDQRHVEHQHILFLDUQRV
QL ODERUDU SRU WDO y FXDO SULQFLSLR
GHWHUPLQDGR QR WHPHPRV UHSHWLUOR QL
WDPSRFR GHFLU TXH QR FRQWDPRV FRQ PiV
DSR\R TXH HO TXH ERQGDGRVDPHQWH QRV
TXLHUD SUHVWDU HO S~EOLFR SDUD HO FXDO ~QLFD
\ H[FOXVLYDPHQWH WUDEDMDPRV
1R VH QRV KD RFXOWDGR OD PXOWLWXG GH


&H/H+LV
0yQLFD0DULQRQH

REVWiFXORV TXH WHQGUHPRV TXH VDOYDU SHUR


pVWRV WDPSRFR QRV KDQ KHFKR YDFLODU HQ HO
SULPHU SDVR +H DTXt QXHVWUD SURPHVD OD
LQLFLDO GH QXHVWUD REUD
< VHUi QHFHVDULR TXH OD SUHQVD VH DSUHVWH i
OOHQDU HO YDFtR TXH KD GHMDGR VX PLVLyQ
FDSDFLWDGD GH VX GHEHU LOXVWUDQGR ODV
PXOWLWXGHV HQ OD QRFLyQ GH VXV GHEHUHV \
GHUHFKRV HQFDPLQDQGR ORV SDVRV GHO WURSHO
LJQDUR SRU VHQGDV GH FRQYLFFLRQHV
FXOWLYDQGR HO DQWLJXR KHURtVPR GH QXHYDV
FDSDV GH FLYLVPR

(QOD~OWLPDFLWDRVtQWHVLVSURJUDPiWLFDGHODODERUGH
XQDSUHQVDDODDOWXUDTXHODVFLUFXQVWDQFLDVVROLFLWDEDQODV
SDODEUDVTXHHQIDWL]RHQJDU]DQPLVLGHDVHVWDPRVDQWHOD
FODUDGHVFHQGHQFLDGHORVKRPEUHVGHOHWUDVHLGHyORJRVGH
ODVHOLWHVGHOV;,; 0DUWtLQFOXLGRGLMH TXHVHDXWRSHUFLEHQ
VXVVXFHVRUHVGHVHDQLQVFULELUVHHQHVWDIDPLOLDSRGHURVD\
FRQWULEX\HQDOOHQDUXQDWUDGLFLyQ(VWDPRVHQHOWHUUHQRGH
ORVTXHGHVDItDQODUHDOLGDGSRUVHQWLUVHPXWDWLVPXWDQGLV
VXMHWRV SROtWLFRV SUHVXQWRV DUWtILFHV SRU TXHUHU VHUOR  GH
QXHYRVyUGHQHVTXHDXQSODQWiQGRVHFRPRDMHQRVDODVHV
WUXFWXUDV GH SRGHU FRQWURODQ \ GHVHDQ FRQWURODU SDUWH GHO
PRQRSROLRGHODSURGXFFLyQGLVFXUVLYD3UHFLVDPHQWHHQHO
1UR9,,,HO~OWLPRXQDQRWDVLQILUPDWLWXODGD/RVKRPEUHV
GHOSRUYHQLUGLFHHQVXSULPHUSiUUDIR
6RQiQRGXGDUORORVKRPEUHVGHOHWUDVORV
YHUGDGHURV LQWHOHFWXDOHV ORV TXH QR SURVWL
WX\HURQHORUJXOORGHVXFDVWDSRUEXVFDUORV
KDODJRVGHXQp[LWRILFWLFLRSUHFLVDPHQWHORV
TXH KDVWD KR\ KDQ YLYLGR RVFXUHFLGRV GH


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

SULPLGRV UHGXFLGRV i XQD HVFpSWLFD SDVLYL


GDG PHUFHG D OD SRVWHUJDFLyQ GH ORV YDOR
UHV TXH DEULy IiFLO DFFHVR DO WULXQIR i WDQ
WRV DYHQWXUHURV GHO SHQVDPLHQWR HVWDIDGR
UHV OLWHUDULRV \ FLHQWtILFRV GHVPDQGDGD KRU
GD TXH LQYDGLy HO DPELHQWH GH OD
LQWHOHFWXDOLGDG SDUD SODQWDU D OD VRPEUD GH
JiUUXODV JORULDV i PDQHUD GH FDUWHOHV GH
SURSDJDQGD VXV WLHQGDV GH EDUDWLMDV

6HWUDWDGHVXMHWRVTXHDOHQXQFLDUGHVGHOXJDUHVGH
YHUGDGEDMRODDSDULHQFLDGHGHFLUFyPRODUHDOLGDGHVDVSL
UDQDKDFHUYHUHOPXQGR\DKDFHUFUHHUFyPRHOPXQGRHV
GHVGHVXSURSLRSULVPD 'HVGHHO1UR,VHSUR\HFWDHVWD
JHQHDORJtDLPDJLQDULDSDUD/D$OERUDGDTXHSHVHDORVLP
SXOVRVUHQRYDGRUHVRODRULJLQDOLGDGHVJULPLGRVVHLPSUHJQD
GHOFRQWH[WRSUy[LPR\VHKDFHFDUJRGHXQSUR\HFWRDQWH
ULRUVXVSHQGLGRHQHVSHUDGHFXPSOLPLHQWRHOFXDOUHPLWHDO
DUFKLYRLOXVWUDGRDXQPRGHORGHXVRS~EOLFRGHODUD]yQ
VHJ~QODHQVHxDQ]DNDQWLDQD \DXQHVFULELUYLQFXODGRFRQ
ODSXEOLFLGDGOLEHUDO\HOLQWHUpVSRUHGXFDU 0HDSUHVXUR
DDFODUDUTXHODSDODEUDHGXFDUHGXFDFLyQ\DPHQFLRQDGD
HQHVWHGHVDUUROORGHEHHQWHQGHUVHDOPHQRVHQGRVVHQWLGRV
FRPRDSDUDWRUHJXODGRUGHXQDQDFLyQPRGHUQD\FRPRJHV
WRSRUODDVXQFLyQGHOpODQSpGDJRJLTXHROHJDGRGHOD,OXV
WUDFLyQHQHOFRQYHQFLPLHQWRGHTXHODHGXFDFLyQSRGtDWRGR
SRUHOORHVXQRGHORVWHPDVGHDPSOLRWUDWDPLHQWRHQHO3H
ULyGLFRHQXQDVHULHGHQRWDVFRQILUPDGH5*DOOHJRV
5HODFLRQDGRFRQODYDORUDFLyQ\FRQHVWRVVXMHWRVHV
GLItFLOQRSHQVDUHQODLPDJHQGHS~EOLFRTXH/D$OERUDGD
FRQVWUX\HGHVGHXQPRGHORGHUD]yQGHVWLQDWDULRVDORVTXH
VH GHVHD IRUPDU R VHJXLU IRUPDQGR TXH FREUDQ SDUWLFXODU
DWUDFWLYRSXHVWHQVLRQDQODIUDVH3XHEORGH9HQH]XHODGH


&H/H+LV
0yQLFD0DULQRQH

ODFRPXQLFDFLyQLQLFLDO\QRVUHJUHVDQDODPHPRULDUHYROX
FLRQDULD  4XLpQHV FRQVWLWX\HQ HO SXHEOR SDUD ORV
$OERUDGRV"&XDQGRVHFLUFXODSRUORVRFKRQ~PHURVVHYH
TXHQRFRPSUHQGHWRGDODVRFLHGDGHVSRUORFRQWUDULRXQD
SDUWH UHGXFLGD GHXQFRQMXQWR PX\UHGXFLGR HOGHORV
JUXSRVXUEDQRVDOIDEHWL]DGRVGHVOLQGDGDSRUODQRFLyQGH
%XHQ*XVWR8QMXLFLRGH)0DVLHOOR  UHVXOWDSHUWLQHQWH
SDUD/D$OERUDGDVLVDWLVIDFHXQREMHWLYRSRSXODUL]DQWHDO
LQWURGXFLUDOHVFULWRUHQODVRFLHGDGWDPELpQVDWLVIDFHXQR
H[FOXVLYR\UHVWULFWLYRDOPDWHULDOL]DUHOGLiORJRHQWUH\FRQ
KRPEUHVGHWDOHQWR3RUTXHHQOD]DGDFRQODFXHVWLyQPRUDO
ODUHFXSHUDFLyQpWLFDGHOHMHUFLFLRSROtWLFRODUHVSRQVDELOLGDG
GHORVLQWHOHFWXDOHVHWFHVWDSXEOLFDFLyQDVHGLDODQRFLyQGH
*XVWRGHVGHVXPLVPDILVRQRPtD ODEXHQDFDOLGDGGHOSDSHO
QRHUDKDELWXDOHQHGLFLRQHVGHHVHIRUPDWR (VFODURTXH
/D $OERUDGD SUHWHQGH HQVHxDU WDQWR LGHDOHV FtYLFRV FRPR
GHFLYLOLGDGHQWUHORVTXHHO%XHQ*XVWRVHGHVWDFDHVWRHV
FRQVWUXLUXQDLPDJHQFRPSOHWDGHFLXGDGDQRFDSD]GHLQ
WHUYHQLUGHOPRGRPiVFRQYHQLHQWHSRVLEOHHQODFRQVHFX
FLyQGHORUGHQQXHYRGHXQDQDFLyQPRGHUQD
(O*XVWRHQWHQGLGRFRPRFRQMXQWRH[SUHVLYRGHPD
QHUDVGHVHU\GHWHQHUGHSDUHFHU\SRVHHUGHDSDUHFHU\
FRPSRUWDUVHGHWRGRDTXHOORTXHSXHGHVHULQGLFDWLYRGH
XQDVLWXDFLyQGHWHUPLQDGDGHSUHVWLJLR URQGDHQHO3H
ULyGLFRGHVGHHO1UR,GRQGHVHORHVFULEHDWUDYpVGHMXL
FLRVGH&HFLOLR$FRVWDTXHFRPLHQ]DQ/DVOHWUDVORVRQWRGR
6HDEUHHQWRQFHVHOHVSHFWURGHXQDVVHQVLELOLGDGHVHOFH
QiFXORTXHUHVSRQGHQDODVHQVHxDQ]DVGHPDHVWURVPiV\
PHQRVOHMDQRVODOHFWXUDGHEHVHUHOSULQFLSLRIRUPDGRUGH
FRQRFLPLHQWR\SHQVDPLHQWRFUtWLFRLGHRORJtDGHODLQIRUPD
FLyQIRUPDFLyQODPDTXLQDGHDSUHQGHUGH6DUPLHQWR
'HVGHHVWHIXQGDPHQWROD5HS~EOLFDGHODV/HWUDVFLHUWDV
SURIXQGLGDGHVURPiQWLFDVHOUHILQDPLHQWRPRGHUQLVWD\VX


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

FRVPRSROLWLVPRWUD]DQODyUELWDTXHOLPLWDHO%XHQ*XVWRSDUD
ORV$OERUDGRV\HVODUHSURGXFFLyQGHORVFUXFHVTXHGHVFUL
EtLQLFLDOPHQWH)LORVRItDOLWHUDWXUDSLQWXUDP~VLFDODVDUWHV
HQJHQHUDOVRQHOFDXGDOPHQFLRQDGRHQORVMXLFLRVGH$FRVWD
UHIUHQGiQGRVHHQFDGDQ~PHURGHVGHSDUWLFXODULGDGHVODV
QRWDV \ ODV LQVHUFLRQHV 5HVSHFWR GH pVWDV SRU HMHPSOR VH
LQFOX\HQWH[WRVGH$6DPDLQ$1HUYR0DUWtQH]6LHUUD*
5RGHPEDFK ' * 5RVVHWWL * 3DSLQL 6 5XVLxRO 5 'H
*RXUPRQW 6$UJHOOR & *RYRQL ( 0LNDHO 7 /RYHOO
%HGGRHV00DHWHUOLQFN*%RZOHV3GH4XHUORQHWF(Q
DOJXQDRSRUWXQLGDGVHDSHODDODQRFLyQGH%XHQ*XVWRRGH
*XVWRSRUODYtDGLUHFWDRLQGLUHFWDHVWRHVPiV\PHQRV
H[SUHVDGRVHQUHODFLyQFRQORV$OERUDGRV$OJXQRVSHULy
GLFRVGHOD&DSLWDOQRVIHOLFLWDQSRUHOEXHQJXVWRFRQTXH
HVFRMHPRV QXHVWUDV LQVHUFLRQHV *UDQ PHUFHG FROHJDV
6X DFRVWXPEUDGD SiJLQD JUiILFD OD GH 6DQ
FKR 3DQ]D  SLUXHWD QHFHVDULD SDUD JDQDUVH
HO IDYRU GH ORV TXH QR VDEHQ y QR JXVWDQ GH
OHHU QRV VXJLHUH LQJUDWDV UHIOH[LRQHV HVWH
VLVWHPD \D WDQ HQ ERJD GH HVSHFXODU FRQ HO
HVStULWXVLPLHVFRGHOS~EOLFRKDFRUURPSLGRGH
WDOPRGRHOJXVWRTXH\DHVFRVDGLItFLOKDFHUOH
SUREDUXQDOLPHQWRPiVVyOLGR\GHOLFDGR&LHU
WDPHQWH TXH OD KDELOLGDG GHO SHULRGLVWD HVWi
HQ KDFHUVH OHHU GH WRGRV SRQHUVH DO DOFDQ
FH GH WRGDV ODV LQWHOLJHQFLDV SHUR PiV IH
FXQGDVHUtDODREUDVLVHGHGLFDUDQORVPDHV
WURV i OD YXOJDUL]DFLyQ GH ODV LGHDV \ FRQR
FLPLHQWRV~WLOHVHQYH]GHPDQHMDUODLUULVLyQ
FDULFDWXUHVFD TXH QDGD HQVHxD

/DHOHFFLRQHVOp[LFDVTXHVXEUD\RLQVWDXUDQRWUDYH]
ODEUHFKDHQWUHXQJUXSR\ORVRWURVTXHQRJXVWDQGHOHHU


&H/H+LV
0yQLFD0DULQRQH

GHHVStULWXVLPLHVFR\JXVWRFRUURPSLGR\VLUHFXHUGDQDORV
PRGHUQLVWDVRDORVGHFDGHQWHVUHHQYtDQDOFRQIOLFWRODWHQWH
HQORVPRGRVGHLPDJLQDUHOS~EOLFR HLPDJLQDUVH HQDOJX
QDVLQWHUYHQFLRQHVSHULRGtVWLFDV\SROpPLFDVGHODSULPHUD
PLWDGGHOV;,;&RPRORVSULPHURVPRGHUQRVHVWRVMyYH
QHV UHQRYDGRUHV GH /D $OERUDGD GH  VH GLVWDQFLDQ \
DVXPHQODPLVPDSRVLFLyQSRUHQFLPDGHGLVWDQFLDGRVHQ
QRPEUH GHO EXHQ JXVWR SHUGLGR ,QWHUSUHWDU HO SUHVHQWH D
WUDYpVGHILOyVRIRV\VRFLyORJRVFRQWHPSRUiQHRVKDEODUPiV
GHXQLGLRPDOHHUSRHVtDIDVFLQDUVHFRQODSLQWXUDHVFXFKDU
P~VLFDGLVIUXWDUGHORVFOiVLFRV\GHORVFRQWHPSRUiQHRV
DVLVWLUDOWHDWUR DOEXHQWHDWUR DYHFHVDOFLQHPDWyJUDIR
SDUWLFLSDUGHYHODGDVLQWHOHFWXDOHVGHIHQGHUDORVDUWLVWDV
VRQUHTXLVLWRVTXHDOWLHPSRTXHGHVFULEHQDFLHUWRVSURGXF
WRUHVFXOWXUDOHVHOORVPLVPRVGHOLQHDQXQS~EOLFRDFRUGH
6LQGXGDVHUDXQS~EOLFRUHGXFLGRXQDHOLWHFXOWXUDOFDSD]GH
HQFDQWDUVHGHVGHHO1UR,,,FRQORV$XERUGGHOD0HUGH
7LWR6DODV\GHHVSHUDUDIHUUDGDDORV&RQWLQXDUiHOUHODWR
GHYHQWXUDV\GHVYHQWXUDV GHODIRUPDFLyQGHODUWLVWDDGR
OHVFHQWH TXHHOMRYHQSLQWRUSURWHJLGRSRUHOFHQiFXOR YRO
FDUDHQVXVFDUWDVGXUDQWHHOYLDMHD3DUtVOXJDUGHUHVLGHQ
FLDSRUDxRVGRQGHVHGHGLFDDFUHFHUHQODWUDGLFLyQGHORV
SLQWRUHVYHQH]RODQRVTXHHVWXGLDURQEDMRODGLUHFFLyQGH-3
/DXUHQV
3DUtV  RFWXEUH  7HQJR HO SRrOH SUHQ
GLGR(VWR\HQHOWUHQGHHPSH]DUiSLQWDUHO
FXDGUR TXH FDGD GtD PH GD PiV PLHGR PDQ
GDU DO 6DOyQ (O PRGHOR QR GHEH WDUGDU <D
ORV iUEROHV QR H[LVWHQ (O KXPR GH ODV FKL
PHQHDV GH WRGDV ODV FDVDV GH 3DUtV QR GHMD
YHU QL XQ VROR PRPHQWR HO SUHFLRVR D]XO GHO
FLHOR TXH WDQWD IDOWD PH KDFH 1R IUHFXHQWDQ
OD FDOOH VLQR KRPEUHV TXH PiV TXH KRPEUHV


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

VRQ VREUHWRGRV /RV PXVHRV \ DFDGHPLDV VH


OOHQDQ SXHV FRPR HVWiQ FDOLHQWHV QR KD\
TXLHQ QR TXLHUD LU i HOORV /RV RUJDQLOORV GH
ORV PHQGLJRV DXPHQWDQ SXHV HV DKRUD TXH
PiV QHFHVLWDQ JDQDUVH XQRV FpQWLPRV &RQ
HO IUtR ORV FDEDOORV FDHQ PXHUWRV SRU OD FD
OOH \ HV i IXHU]D GH HMHUFLFLR TXH OR VRSRU
WDQ(QILQHOLQYLHUQRVHKDPHWLGRFRQIXHU
]D7RGDYtDQRYLHQHHOPRGHOR(VWRPHKDFH
UHFRUGDU FXDQGR \R DOOi HQ &DUDFDV HVSH
UDED i 0DUFRV FRQ OD GLIHUHQFLD GH TXH pO
HUD PyGLFR \ HO FLHOR HVWDED D]XO \ OOHQR GH
VRO 

3DUtVHQOD&DUDFDVGH/D$OERUDGD/DFLXGDGPR
GHUQDHOKRUL]RQWHGHRURGHORVPRGHUQLVWDVHVYLUWXGFLYL
OL]DGD ROXJDUGHJpQHVLV\HVWtPXORGHODSUHQGL]DMHORV
PXVHRVODVDFDGHPLDVHOVDOyQ3HURVHGHVGREODHVYL
FLRRPXHFDGHODPRGHUQL]DFLyQ SREUH]DPHQGLFLGDG \
WDPELpQHVHOIUtRGHXQLQYLHUQRVLQFLHOR ODOHYHDxRUDQ]D
GHOWUySLFRTXH7LWRLPSULPH /DFLXGDGGH%DXGHODLUHODGH
'DUtRHQ\DQWHVHQODGH6DUPLHQWRVHHQFDVWUD
HQ OD FLXGDG GH ORV OHFWRUHV GH 6DODV SRUTXH HV OD FLXGDG
VRxDGDSRURWURVTXHGHVHDQHVWDUDOOtORVGHOFHQiFXORTXH
ODPLUDQDWUDYpVGHORVRMRVGHHVWHLQIRUPDQWHWDQFDOLILFD
GRDTXLHQWUDQVFULEHQKDVWDQRYLHPEUHGH/DPRGDOL
GDGGHGLDULRSUHVHQWL]DODVYLYHQFLDVGHOTXHKDYLDMDGR\
WULXQIDGRHQODFLXGDGOXPLQRVDTXHORSUHPLD\DGRSWD KD
FLDHOSLQWRU\DHVHOEHQMDPtQGHORVODXUHDGRV /RV
$OERUDGRVFXDQGRD~QQRKDQVLGRJDQDGRVSRUODGHVLOX
VLyQ\HOIUDFDVRWUD]DQHOFDPLQRSRVLEOH RWURGHVHR GHORV
MyYHQHVDUWLVWDVTXHFUX]DQHOPDU\FRQTXLVWDQ(XURSD
(OQRIUHFXHQWDQODVFDOOHVVLQRKRPEUHVGHODFLWD


&H/H+LV
0yQLFD0DULQRQH

HV XQ EXHQ SUHWH[WR SDUD SHQVDU HQ ODV PXMHUHV WUDWDGDV
WHyULFDPHQWHHQXQ3HULyGLFRGHFRUWHPDVFXOLQRTXHPDQL
ILHVWDJUDQSUHRFXSDFLyQSRUSURGXFLUPRGHORVGHIHPLQHL
GDGDFRPSDVDGRVDORVWLHPSRVTXHFRUUHQ /D$OERUDGD
SRUVXFRQWHQLGRQRSDUHFHXQDSXEOLFDFLyQGHVWLQDGDDVD
WLVIDFHUHOFRQVXPRGHOHFWRUDVFRUULHQWHVGHODpSRFDDTXLH
QHVVLQHPEDUJRDQDOL]D\VHHVIXHU]DSRUWUDQVIRUPDU $Vt
ODPXMHUHVXQDFXHVWLyQHQVHLVQRWDVGHFRUWHVRFLROyJLFR\
SHGDJyJLFRDHIHFWRVGHFRPSOHWDUODFRPXQLGDGLPDJLQD
GDSDUDXQDQDFLyQPRGHUQD8QDPXMHUTXHSDUHFHGHVHDUVH
PiVFHUFDSRUTXHYLHQHIDWDOPHQWHUHWUDVDGDRSHUPD
QHFHHQHOVXUFRGHOSDVDGR\TXHVHSHUFLEHHQIHUPDGH
RVFXULGDGLQ~WLOGHPDVLDGRSUHRFXSDGDSRUFXHVWLRQHVGH
VHGD\WRFDGRUHOHYDGD SRUORVKRPEUHVRGHVWLQDWDULRV
GLUHFWRVGHO3HULyGLFR DXQDLPSURGXFWLYDODPHQWDEOHFRQ
GLFLyQGHGLRVDREMHWRGHDWHQFLyQRGHVYHOR
/DPXMHUQXHVWUDQRSURWHVWDFRQWUDHVDFRU
WHVtD GHVGHxRVD \ GHSULPHQWH FRQ TXH VH OD
REVHTXLD DFDEDQGR GH UHODMDU VXV LQVWLQWRV
\ VX FRQFLHQFLD VHSXOWDQGR SDUD VLHPSUH
EDMR XQ PXQGR GH VHGDV \ WRQWHUtDV HO HOH
PHQWR VRFLDO TXH KD\ HQ HOOD VX SHUVRQDOL
GDGtQWLPD\QDWXUDOOODPDGDiVHUSRGHURVD
GHWHUPLQDQWH GHO SURJUHVR IXWXUR GH OD
UD]D 

6LHOLPDJLQDULRSRVLWLYLVWDPDUFDODFLWDODSDODEUDHQ
FXUVLYDGHORULJLQDOQRVUHPLWHD5RXVVHDXDOOLEUR9GHO
(PLOLR R 'H OD (GXFDFLyQ   FX\DV HQVHxDQ]DV SXH
GHQUHFRQVWUXLUVHHQODVHULHSHVHDUHIHULUVHRWUDVDXWRULGD
GHV 6SHQFHU6FKRSHQKDXHU 'HVGHHOSXGRUFRPRJDUDQ
WtDGHODHVSHFLHDOSURWDJRQLVPRGHODVPDGUHVHQHOFXP
SOLPLHQWRGHODSULPHUDHWDSDGHXQSURJUDPDHGXFDWLYRJH


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

QHUDOL]DGRODVQRWDVGHORV$OERUDGRVUHFXSHUDQXQDUFKLYR
TXHSUHFRQL]DODHGXFDFLyQGHODPXMHUDVRFLDGDDXQHVWDGR
FLYLOHVSRVD\DXQDLQVWLWXFLyQODIDPLOLDRQ~FOHRPRGpOLFR
XQLGDGSURGXFWRUDGHRUGHQ\PRUDOLGDGGHQWURGHODRWUD
PRUIRORJtDGHEDVHHQODVQDFLRQHVPRGHUQDVODFLXGDG6RQ
LGHDVTXHYLQFXODQ/D$OERUDGDFRQORVSUR\HFWRVSHGDJy
JLFRVGH6LPyQ5RGUtJXH]SRUHMHPSORGHVYHODGRXQVLJOR
DQWHVSRUGLJQLILFDUODIDPLOLD\HQHVSHFLDODODPXMHUHQVX
GREOHUROHVSRVD\PDGUHGHVWDFDQGRVXIXQFLyQPHGXODU
MXQWRFRQODHVFXHODGHSULPHUDVOHWUDVHQODJpQHVLVGHORV
FLXGDGDQRVFRQYHQLHQWHVRVXFDUiFWHUGHSULPHUIRFRLQV
SLUDGRUGHODFRQFLHQFLDQDFLRQDOODpWLFD\ODIHHQHOSUR
JUHVR 8Q 5RGUtJXH] SURSXOVRU GH OD XWRStD SHGDJyJLFD
LQIOXHQFLDGRSRU5RXVVHDX\SRUHOSHVRGHOHFWXUDVIUDQFH
VDVSRVWHULRUHV6DLQW6LPRQSDUDTXLHQODIDPLOLDHUDFRPR
ORVHUtDSDUD&RPWHXQDFRPXQLGDGPHGLDGRUDHQWUHHOLQGL
YLGXR\ODVRFLHGDGGRQGHODPXMHUHUDHOFHQWUR\FX\DLP
SRUWDQFLDHUDYLWDOSXHVDOOtQDFtDODPRUDOLGDGSUREDEOHPHQ
WHWDPELpQVXVVHJXLGRUHVSDUDTXLHQHV\DKDFLDOD
FXHVWLyQIHPHQLQDVHKDEtDWUDQVIRUPDGRHQXQDSUHRFXSD
FLyQFHQWUDO
(OLQWHUpVSRULGHRORJL]DUHOVLVWHPDODQRFLyQGHOR
SROtWLFRFRPRFRQVWUXFFLyQGHORVLQGLYLGXRVGHFRQFLHQFLDV
SULYDGDVTXHSUHWHQGtDQKRPRJHQHL]DUHOHVSDFLRS~EOLFROD
FRQILDQ]DHQODFLUFXODFLyQGHORLPSUHVRODOHFWXUD\ODHV
FULWXUDFRPRKHUUDPLHQWDVHVHQFLDOHVSDUDHOGHVDUUROORGH
XQD FXOWXUD GHVHDGD IXHURQ DOLDGRV LQGLVSHQVDEOHV GH HVWH
FHQiFXORWDPELpQLQVWUXPHQWRVGHSRGHUDWUDYpVGHORVTXH
IXHSRVLEOHHOSULQFLSLRGHXQDSUR\HFFLyQLQWHOHFWXDO\FLHUWR
SURWDJRQLVPR HQ ORV SURFHVRV KLVWyULFRV HQ TXH VH YLHURQ
FRPSURPHWLGRVIXHUWHPHQWHGHVSXpV/RV$OERUDGRVFRPR
JUXSRFRQVWLWX\HURQVLQGXGDVXQPRGHORGHLQWHUDFFLyQFR
OHFWLYDRiPELWRGHDILOLDFLyQGRQGHVHSURGXMRODLQWHUSUHWD


&H/H+LV
0yQLFD0DULQRQH

FLyQSHURDODSDUHODSUHQGL]DMHGHXQDUHDOLGDGQDFLRQDO
VRPHWLGDDGLVFXVLyQHQHO3HULyGLFR$WUDYpVGHVXVSiJLQDV
KR\FDVLXQVLJORGHVSXpVSRGHPRVLPDJLQDUORVMyYHQHV\
PRGHUQRVPLHPEURVGHXQDJHQHUDFLyQPXOWLIDFpWLFDFDSD]
GHLQWHUYHQLUHQORVFDPSRVGHODVOHWUDV\ODSROtWLFDVLJXLHQ
GRPDQGDWRVSUHYLRVGLItFLOHVGHGHVRtUDVXPLHQGRXQSUR
\HFWRLQFRQFOXVRFXDQGR9HQH]XHODDWUDYHVDEDXQDHQFUXFL
MDGDVHFXODU

1RWDV
 /D $OERUDGD &DUDFDV )DFVLPLODU )RWR &LHQFLD (Q FDGD FLWD GH DTXt HQ


PiV UHVSHWR OD RUWRJUDItD \ HO GLVHxR RULJLQDOHV


 $Vt VH LQFOX\H OD UHIHUHQFLD DXQ HO HWF /D PHQFLyQ 3HULyGLFR 6HPD


QDO DSDUHFH GHVGH HO 1UR , OR LQFOXLGR HQWUH SDUpQWHVLV GHVGH HO 1UR ,,,
HQ DGHODQWH 9DOH OD SHQD VHxDODU TXH SRVWHULRUPHQWH \ KDVWD KR\ VH KD
DOXGLGR D /D $OERUDGD FRPR 5HYLVWD DXQ DOJXQR GH VXV UHGDFWRUHV SDVD
GRV PXFKRV DxRV OD GHQRPLQy GH HVH PRGR 'H DTXHOORV TXH MXQWRV
KLFLPRV QXHVWUD SULPHUD VDOLGD DO FDPSR GH ODV OHWUDV >@ HQ QXHVWUD
UHYLVWD /D $OERUDGD VyOR TXHGDPRV \D -XOLR +RUDFLR DPLJR W~ \ \R
&IU 5yPXOR *DOOHJRV 
 'HVGH HO 1UR ,,,  GH IHEUHUR GH   VH LQFOX\H OD GLUHFFLyQ GH OD


2ILFLQD GH$GPLQLVWUDFLyQ ,PSUHQWD %ROtYDU 6XU  1UR  7HO 


 (O SUHFLR GH FDGD Q~PHUR HUD GH PHGLR UHDO \ OD VXVFULSFLyQ PHQVXDO


DQWLFLSDGD GH  EROtYDU (O FRMR LOXVWUDGR HO PRGHOR GH PDJD]tQ YHQH]R
ODQR GH OD pSRFD FRVWDED  EROtYDUHV (O GLDULR (O 8QLYHUVDO IXQGDGR
UHFLpQ HQ DEULO GH  FRVWDED  EROtYDUHV +DFLD ILQHV GHO ;,; HO
VDODULR PHQVXDO SURPHGLR GH ORV WUDEDMDGRUHV XUEDQRV HUD GH  EROtYDUHV
DSUR[LPDGDPHQWH SRFR PiV GH %V   GLDULRV 8Q SUHFHSWRU GH HVFXHOD
JDQDED  EROtYDUHV (O SUHFLR GH /D $OERUDGD OR XELFD HIHFWLYDPHQWH
HQWUH XQD UHYLVWD \ XQ GLDULR GLULJLGR D XQD FODVH IDYRUHFLGD PHGLD R
PHGLD HQ DVFHQVR  SHVH D HVH SXHEOR GH 9HQH]XHOD HQWUH ORV GHVWLQDWD
ULRV5HVSHFWRGHODVXVFULSFLyQPHQVXDODQWLFLSDGDHQHO1UR,VHLQGLFD
(OYDORUGHORVQ~PHURVTXHKD\DQGHVDOLUHQHOPHV6LQHPEDUJRGHVGH
HO1UR,,VHHVWLSXODEROtYDU(VWRHYLGHQFLDODLQVHJXULGDGLQLFLDOUHVSHF
WR GHO VRVWpQ GH OD HPSUHVD
 (O1UR,LQGLFDHQODSULPHUDKRMDD+HQULTXH6RXEOHWWH\-XOLR3ODQFKDUG


FRPR'LUHFWRUHVSHURGHVGHHO1UR,, GHIHEUHURGH VyORILJXUD


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

HO HTXLSR GHQRPLQDGR 5HGDFWRUHV TXH VH GHVWDFD HQ XQ FtUFXOR HQ OD KRMD
SRUWDGD \ FRPSUHQGH WDPELpQ D -XOLR 5RVDOHV \ 5yPXOR *DOOHJRV$ SDUWLU
GHO 1UR ,,, VH LQFRUSRUD 6DOXVWLR *RQ]iOH] 5LQFRQHV TXLHQ QXQFD ILJXUD
HQ HVH HTXLSR HVWDPSDGR HQ WLWXODUHV KDVWD HO FLHUUH GHO 3HULyGLFR \ FX\D
ILUPD FRPSOHWD LQJUHVD XQD VROD YH] HQ EUHYH SiUUDIR HQFDEH]DQGR XQD
VHULH GH WUDQVFULSFLRQHV 1UR ,,,  5HVSHFWR GH ODV HGDGHV 5 *DOOHJRV
QDFHHQ-XOLR3ODQFKDUG\-XOLR5RVDOHVHQ+HQULTXH6RXEOHWWH
\ 6DOXVWLR *RQ]iOH] 5LQFRQHV HQ 

 -XDQ 9LFHQWH *yPH] DVXPH OD SUHVLGHQFLD GH 9HQH]XHOD HQ GLFLHPEUH GH
 \ SHUPDQHFH DOOt KDVWD  FXDQGR PXHUH GH PXHUWH QDWXUDO 8Q
SULPHU IDFWRU IDYRUHFH VX JHVWLyQ HO KDOOD]JR GH SHWUyOHR +DFLD 
SURSLFLD OD FRQFHVLyQ D FRQVRUFLRV H[WUDQMHURV H LQFUHPHQWD VXV FXHQWDV
EDQFDULDV 8Q VHJXQGR IDFWRU TXH OR EHQHILFLD HV HO DXJH GHO SUHFLR GHO
FUXGR GXUDQWH OD SULPHUD JXHUUD PXQGLDO 6REUH VX GLFWDGXUD 0DULDQR
3LFyQ 6DODV GLFH )XH VLQ GXGD OD pSRFD PiV FUXHO GH QXHVWUD KLVWRULD
UHSXEOLFDQD /RV FDUFHOHURV GH /D 5RWXQGD GH 3XHUWR &DEHOOR GH 6DQ
&DUORV VH HQFDUJDEDQ GH ORV FLYLOHV TXH VLJXLHURQ LQYRFDQGR OD OLEHUWDG 
(Q ODV SURYLQFLDV OD SD] \ HO RUGHQ GHO UpJLPHQ HV PDQWHQLGR SRU
SUHWRULDQRV IHURFHV FRQ YRFDFLyQ GH JHQRFLGDV    8Q WHVWLPRQLR
QRWDEOH GH ODV WLUDQtDV GH &DVWUR \ *yPH] VRQ ODV 0HPRULDV GH XQ YHQH
]RODQR GH OD GHFDGHQFLD GH -RVp 5 3RFDWHUUD

 6HxDOD 5DPD   UHVSHFWR GH /DWLQRDPpULFD HQ HVD pSRFD  HO EUXVFR
DYDQFH GH OD SUHQVD DEVRUELy SUiFWLFDPHQWH D WRGRV ORV HVFULWRUHV H[LVWHQ
WHV >@ (O SULPHU WUDPR GH OD PRGHUQL]DFLyQ TXH VH H[WLHQGH GHVGH 
KDVWD ELHQ HQWUDGD OD GpFDGD VLJXLHQWH FRQFHGLy XQ SDSHO SURWDJyQLFR D
ORV LQWHOHFWXDOHV 

 5HFRUGHPRVTXH0DUWtOOHJyD&DUDFDVHQDXQTXHHUDPX\FRQRFLGR
SRU VXV LQWHUYHQFLRQHV SRpWLFDV HQ (O FRMR LOXVWUDGR (VWXYR VyOR VHLV
PHVHV HQ 9HQH]XHOD GRQGH IXQGy OD 5HYLVWD 9HQH]RODQD \ HVFULELy DUWtFX
ORV SDUD OD 2SLQLyQ1DFLRQDO$OOt LQLFLy OD HVFULWXUD GHO ,VPDHOLOOR 9pDVH
5RGUtJXH] &DUXFFL 

 *DOOHJRV PXFKR GHVSXpV GHVFULEH DVt HO SUR\HFWR eUDPRV FLQFR \ D
WRGRV VH QRV RFXUUtD LPDJLQDU FRPR D WRGRV ORV MyYHQHV OHV DFRQWHFH TXH
FRQ QRVRWURV FRPHQ]DED XQ PXQGR QXHYR RULJLQDOtVLPDPHQWH QXHVWUR
GRQGH \D Vt YDOtD OD SHQD YLYLU /D MXYHQWXG ORV MyYHQHV VRQ XQ WHPD HQ
HVWH 3HULyGLFR \ UHTXHULUtD WUDWDPLHQWR GHWDOODGR 3RU UD]RQHV REYLDV VyOR
PHQFLRQR OD VLQWD[LV UHYROXFLyQ HGXFDFLyQ MXYHQWXG YLVLEOH SRU HMHPSOR
HQ XQD QRWD /D XQLyQ GH OD MXYHQWXG GHO 1UR ,,, FRQ ILUPD GH -XOLR
3ODQFKDUG GRQGH VH HQOD]D HO SUR\HFWR GH %ROtYDU VXVSHQGLGR FRQ HO
SUHVHQWHGHOFHQiFXOR\VHYLVXDOL]DDWUDVOX]XQ KDFHUVHFDUJRGHOPLVPR
DJJLRUQDGR  HQ DUDV GH VX FXPSOLPLHQWR 

 (Q HO 1UR , D FRQWLQXDFLyQ GH OD SULPHUD FRPXQLFDFLyQ FRQ ILUPD GH
5yPXOR *DOOHJRV VH LQFOX\H +RPEUHV \ SULQFLSLRV (O WH[WR HQ VX WRWD


&H/H+LV
0yQLFD0DULQRQH

OLGDG SURSRQH XQ FRPSURPLVR UHSXEOLFDQR GHPRFUiWLFR FRQVWLWXFLRQDOLVWD


FRQ XQ RUGHQ EDMR OD pJLGD GH JDUDQWtDV FRQVWLWXFLRQDOHV  GH IRUPDFLyQ
FLXGDGDQD \ DEVROXWR UHFKD]R GHO FDXGLOOLVPR *DOOHJRV GHQRPLQD PLOD
JUR SROtWLFR GHVGH ODUJR WLHPSR HVSHUDGR D HVH RUGHQ D UHSURGXFLU
JHVWDGR HQ HO UHJLVWUR VLPEyOLFR SRU DOJXQRV YHQH]RODQRV TXH LPDJLQDEDQ
\ HVFULEtDQ$PpULFD FRPR QDFLyQ D SULQFLSLRV GHO ;,;

 /DSREODFLyQUXUDORFXSDEDHOGHXQSDtVTXHHQWHQtD
KDELWDQWHV DSUR[LPDGDPHQWH

 3HRQtD GH 0DQXHO 9LFHQWH 5RPHUR *DUFtD HV XQ EXHQ HMHPSOR

 9pDVH 2UODQGR$UDXMR 

 7RGDODQDUUDWLYDSRVWHULRUGH5*DOOHJRVUHGXQGDHQHVWRVJHVWRV\IXHpO
TXLHQ HVFULELy OD JUDQ QRYHOD GH LQWHUSUHWDFLyQ GH 9HQH]XHOD 'RxD %iU
EDUD   /R GHVDUUROOR LQ H[WHQVR HQ 5yPXOR *DOOHJRV ,PDJLQDULR
GH QDFLyQ

 %DVWD PHQFLRQDU SRFRV WtWXORV +RPEUHV \ SULQFLSLRV 1UR ,  'HIL
FLHQFLDV UDGLFDOHV  (O 0HGLR 1UR ,,,  (O IDFWRU HGXFDFLyQ 1UR ,9 
3RU ORV DUWLVWDV 1UR ,  /DV OHWUDV SDWULDV 1UR ,,  (O DUULELVPR
1UR ,,  /RV SRGHUHV ,9 

 $OJXQDV QRWDV HGLWRULDOHV ODV GH IXHUWH WRQR SROtWLFR ODV LQKHUHQWHV D
DOJXQD GLVFLSOLQD FUtWLFD OLWHUDULD SRU HM ODV VHULHV  OOHYDQ ILUPD 1R HV XQ
SHULyGLFR GH FRODERUDFLRQHV H[FHSWXDGD DOJXQD OLWHUDULD OD GH 3HGUR (
&ROO SRU HMHPSOR TXH VH DJUDGHFH HVSHFLDOPHQWH 3HGUR ( &ROO KDEtD VLGR
XQR GH ORV IXQGDGRUHV GH &RVPySROLV OD UHYLVWD YHQH]RODQD GH ODV QXHYDV
WHQGHQFLDV (V HYLGHQWH HO UHFRQRFLPLHQWR GH &ROO SRU SDUWH GH ORV
$OERUDGRV QR VyOR FRPR HVFULWRU WDPELpQ FRPR XQR GH DTXHOORV FX\D
RSLQLyQ y FRQFHSWR JXDUGDQ XQ YDORU PRUDO UHVSHWDEOH 1UR 9, 

 - 9 $EUHX OR GHVFULEH WpFQLFDPHQWH (O WDPDxR GH OD UHYLVWD HV XQ
RFWDYR6DOYRHOSULPHUQ~PHUR>@VHDGRSWyODPHGLGDSLFDVSDUDGRV
FROXPQDVVDQJUDGDVHQORVVLJXLHQWHV/D~OWLPDPHGLGDHUDODPiVFyPR
GDSDUDODGLDJUDPDFLyQ\ODPDQFKDGHSLFDVVHDFHUFDPiVDOLGHDOGH
OD FDSDFLGDG GHO RMR KXPDQR7RGD OD WLSRJUDItD GHO WH[WR HV URPDQD GHVGH
 KDVWD  SXQWRV /D $OERUDGD   

 5HLQDOGR 6RODU XQ SHUVRQDMH GH 5 *DOOHJRV FX\R QRPEUH GD WtWXOR D OD
QRYHOD TXH FRQMXUD OD SHUWHQHQFLD DO FHQiFXOR GH /D $OERUDGD EXVFD FRQ
VXPLUDGDHOYLODHQHOSDLVDMHXUEDQR(VVLJQRGHXQRUGHQQDWXUDOTXHOR
DEULJD DQWH VHQVDFLRQHV GH GHVDPSDUR YDFtR \ VROHGDG 6LPEyOLFDPHQWH OD
QRYHOD VH FLHUUD FRQ XQD LPDJHQ GHO YLOD HQ XQ DWDUGHFHU TXH DFRPSDxD
OD DJRQtD GHO SHUVRQDMH /R GHVDUUROOR HQ 5yPXOR *DOOHJRV ,PDJLQDULR
GH QDFLyQ 

  &RQ HO YROXQWDULVPR SXMDQWH GH OD QXHYD HUD UHYROXFLRQDULD  OD LPDJHQ
GH OD HVIHUD R GHO FtUFXOR  HQFRQWUDUi VX DSOLFDFLyQ SUHSRQGHUDQWH HQ HO


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

FDPSR GH OD SVLFRORJtD LQGLYLGXDO HO VHU YROXQWDULR HV XQ VHU FRQFHQWUD
GR  

 &RPR DGHODQWp HQ FXHUSR GHVGH HO 1UR ,,, VH LQVHUWD HQ OD KRMD SRUWDGD
XQ GHVFULSWLYR GHO FRQWHQLGR FRPSHQGLR  ODV FRQGLFLRQHV OD GLUHFFLyQ
GH OD ,PSUHQWD \ XQD 1RWD 5RJDPRV PX\ HQFDUHFLGDPHQWH i QXHVWURV
VXVFULSWRUHV TXH UHFODPHQ HQ QXHVWUD RILFLQD OD PHQRU LUUHJXODULGDG GHO
UHSDUWR

  ,QVHUFLRQHV HV XQ XVR LQVFULSWR DOJXQD YH] HQ HO 3HULyGLFR 9pDVH 1UR
,9 'H OD 3UHQVD  DVLPLVPR VXUJH GH OD SULPHUD QRWD FRQ DVWHULVFR
LQFOXLGD HQ HO 1UR , ,QVHUWDPRV GH WUDGXFFLyQ HVSHFLDO SDUD /D $OERUD
GD HVWH FXULRVR FXHQWR 1XQFD VH LQFOX\HQ UHIHUHQFLDV GHO WUDGXFWRU QL
HQ LQLFLDOHV 3DUHFH TXH HVWDV LQVHUFLRQHV OLWHUDULDV \ ODV WUDGXFFLRQHV GH
SRHPDV H[WUDQMHURV ODV VXPLQLVWUDED *RQ]iOH] 5LQFRQHV SUHFLVDPHQWH
TXLHQ QR ILJXUD HQWUH ORV 5HGDFWRUHV  

 (Q HO 1UR , EDMR HO WtWXOR 3DUWLFLSDPRV VH FRPXQLFD D ORV FRPHU
FLDQWHV LQGXVWULDOHV HWF OD LQFOXVLyQ GHVGH HO 1UR VLJXLHQWH GH XQD
VHFFLyQ GH DQXQFLRV HQ SDSHO GH GLYHUVRV FRORUHV VHJ~Q VH HVWLOD HQ
(XURSD \ HQ ORV (VWDGRV 8QLGRV 6XEUD\DGR PtR  6L VH WUDWD GH XQD
LQYLWDFLyQ D VRVWHQHU HO 3HULyGLFR TXH GLDORJD FRQ HO &RQWDPRV HQ HO
FLHUUH GH GLFKR Q~PHUR GLULJLGR D REWHQHU HO DSR\R GHO S~EOLFR D WUDYpV GH
OD FRPSUD LPSRUWD HQ RWUR VHQWLGR (V HYLGHQWH HO GHVHR GH LQWHUQDFLRQD
OL]DU OD HPSUHVD GH XELFDUOD HQ HO FRQWH[WR GH OD SUHQVD PXQGLDO SODQWHR
H[SUHVR HQ ODV FRQGLFLRQHV  GHVGH VX PLVPD ILVRQRPtD 3HUR DGHPiV HVWiQ
ODV WUDGXFFLRQHV DOJXQRV WtWXORV HQ IUDQFpV DOJXQDV QRWDV UHIHULGDV D
SDtVHV DPHULFDQRV R D UHODFLRQHV LQWHUQDFLRQDOHV SRU SDUWH GHO JRELHUQR
YHQH]RODQR (O FHQiFXOR GH /D $OERUDGD SURSRQH HQ HVWH LQWHQWR GH
MXYHQWXG OR TXH FDGD XQR GH VXV PLHPEURV VRVWHQGUi ILUPHPHQWH GHVSXpV
HQ VXV SUR\HFWRV LQGLYLGXDOHV \ VL UHVXOWD LPEXLGR GH ODV DVSLUDFLRQHV
PRGHUQLVWDV D VX YH] HV KHUHGHUR GH ODV SURSXHVWDV GH ORV OHWUDGRV 
SROtWLFRV YHQH]RODQRV GH SULQFLSLRV GHO V ;,; ODQ]DGRV D XQD SUR\HFFLyQ
HQWHQGLGD LPSUHVFLQGLEOH GH QXHVWUD QDFLyQ DPHULFDQD HQ ORV FRQWH[WRV
LQWHUQDFLRQDOHV FXDQGR VyOR HUD XQD VXHxR VX FRQFHSFLyQ FRPR WDO XQ
SURGXFWR GH OD LPDJLQDFLyQ GH VXV LQYHQWRUHV GDGDV ODV FLUFXQVWDQFLDV
TXHVHYLYtDQ SLHQVRHQ%ROtYDU%HOOR\5RGUtJXH]GXUDQWHODVJXHUUDVGH
LQGHSHQGHQFLD 
6REUH OD FRQYRFDWRULD D FRPHUFLDQWHV SDUHFH TXH QR WXYR GHPDVLDGD
UHVSXHVWD HQ ORV 1URV ,, \ 9, EDMR HO WtWXOR /LPSLH]D VH SXEOLFLWD HO
-DEyQ &DVWLOOD HQ HO ,, OD )RWRJUDItD GH 1DYDUUR FRQ VXV SUHFLRV PyGL
FRV HO SDUHFLGR GH VXV UHWUDWRV \ OR QtWLGR \ OXMRVR GH OD LPSUHVLyQ \ HQ
HO1UR,9OD=DSDWHUtDGH(5LYHURFX\R]DSDWR>@HVHOPHMRUSRUTXH
HPSOHD PDWHULDOHV ILQRV \ GH HWHUQD GXUDFLyQ

 &DUDFDV IXH XQ FHQWUR DFWLYR HQ HVD pSRFD UHVSHFWR GH SURGXFFLyQ \
FLUFXODFLyQ 8QD UHYLVWD VH GHVWDFDED HQ ORV WLHPSRV GH /D $OERUDGD (O
FRMR LOXVWUDGR   SHUR FLUFXODEDQ WDPELpQ 9HVWD \ $WHQDV /D


&H/H+LV
0yQLFD0DULQRQH

SULPHUD \ RWUD TXH VH VRVWXYR SRFR WLHPSR &RVPySROLV  


PDUFDURQ D ORV $OERUDGRV 'LFH 0LOLDQL (O FRMR LOXVWUDGR IXH OD UHYLVWD
VtQWHVLV GH WUHV JHQHUDFLRQHV &RVPySROLV HO EUHYLDULR GH GRFWULQD HVWpWL
FDGHODVQXHYDVWHQGHQFLDV  -XOLR5RVDOHVKDEtDSXEOLFDGRFXHQWRVHQ
(OFRMRLOXVWUDGRGHVGH*DOOHJRVORKDUiGHVSXpVGHVGH<SRU
OD pSRFD GH OD HPSUHVD TXH ORV FRQYRFD WDPELpQ HVWDEDQ ORV GLDULRV \
SHULyGLFRV (O 7LHPSR (O 'tD (O 1XHYR 7LHPSR 6DQFKR 3DQ]D (O
/LEHUDO (O 'LDULR (O &RQVWLWXFLRQDO /D 5HS~EOLFD (O *UDQXMD /D
5HOLJLyQ (O ,QGHSHQGLHQWH (O 3UHJRQHUR (O *ULWR GHO 3XHEOR  'HV
SXpV DSDUHFH (O 8QLYHUVDO

 (O DSDUWDGR 'H OD 3UHQVD LOXVWUD HO DIiQ FRQWLQXR GH YDORUDU GH IRUPDU
RSLQLyQ  ORV GLDULRV SHULyGLFRV \ UHYLVWDV UHFLELGRV VH FDOLILFDQ FODVLIL
FDQ  (O 7LHPSR (V pVWH XQR GH ORV SRFRV SHULyGLFRV VHULRV TXH VH HGLWDQ
HQ 9HQH]XHOD VX SURSDJDQGD TXH KD PHUHFLGR VLHPSUH IDYRU GHO FRQFHS
WR S~EOLFR VH DFHQW~D KR\ HQ HO VHQWLGR GH XQ VHVXGR HVWXGLR \ DOWXUD GH
PLUDV GLJQR GH WRGR HQFRPLR>@ (O 'tD 3XHGH FRQWDUVH HQ HO HVFDVR
Q~PHUR GH ORV EXHQRV >@ (O 1XHYR 7LHPSR$OJR SDUD ORV GHPiV \
PXFKR SDUD Vt PLVPR HVWR VH DMXVWD PDO DO FDUiFWHU TXH GHEH UHYHVWLU XQ
SHULyGLFR VHULR >@ 1UR ,  GH HQHUR  

 6LJR D :DO]HU   ,PSRUWD DFODUDU TXH WRGRV ORV UHGDFWRUHV DOFDQ]D
URQ UHFRQRFLPLHQWR HQ HO RUGHQ QDFLRQDO R LQWHUQDFLRQDO WUHV IXHURQ
QDUUDGRUHV 5yPXOR*DOOHJRV-XOLR5RVDOHV\(QULTXH6RXEOHWWH \XQRGH
HOORV XQLYHUVDOL]y OD QRYHOD YHQH]RODQD 5 *DOOHJRV  - 3ODQFKDUG IXH
FUtWLFR \ *RQ]iOH] 5LQFRQHV SRHWD YLQFXODGR FRQ OD YDQJXDUGLD 5 *DOOH
JRV DGHPiV IXH HO SULPHU SUHVLGHQWH GH 9HQH]XHOD HOHFWR SRU VXIUDJLR
SRSXODU

 0H EDVR HQ -HDQ %DHFKOHU 

 5HFRUGHPRV TXH PDUW\U\ULV WRPDGR GHO JU PDUW\V\URV WHVWLJR /D
IUDVH GH FLHUUH GH OD FLWD LQLFLDO HV UHYHODGRUD HQ HVWRV VHQWLGRV SXHVWR
TXH KHPRV VLGR YtFWLPDV SRGHPRV VHU DFXVDGRUHV

 9pDVH %DXPDQ 

 &IU 1UR , LQ ILQH VLQ ILUPD 

 5 *DOOHJRV /RV SRGHUHV (GLWRULDO  1UR ,9 6XEUD\DGR PtR /DV SDOD
EUDV WUD]DQ ORV OtPLWHV GHO HVStULWX UHSXEOLFDQR GHO FHQiFXOR /D IUDVH
WURSHO LJQDUR HQJDU]DGD D PXOWLWXGHV SDWHQWL]D OD SHUFHSFLyQ GH ORV
DMHQRV GHVWLQDWDULRV GH XQ RUGHQ HO GH XQD HOLWH GLULJHQWH  TXH GHVHD
LPSRQHUVH GH FLHUWRV SDWURQHV \ YDORUHV HVWR HV XQ PRGHOR SUHFRQFHEL
GR GHFLGLGR  SRU XQ QRVRWURV XQD PLQRUtD TXH QR DGPLWH QHJRFLDFLyQ

 7DO FRPR VHxDOD %RXUGLHX   SDUD %DO]DF

 &XDQGR PH UHILHUR D OD IyUPXOD OLEHUDO SLHQVR HQ FHQWURV PRGpOLFRV HVWD
GR HVFXHOD \ IDPLOLD  LUUDGLDGRUHV GH YDORUHV KDFLD XQ GHVDUUROOR VRFLDO


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

KRPRJpQHR \ HVWDQGDUL]DGR HQ XQ SRGHU SROtWLFR FHQWUDOL]DGR \ GHPR


FUiWLFR XQD GLVWULEXFLyQ FRPSOHMD GHO WUDEDMR FRQ SRVLELOLGDGHV GH PRYL
OLGDG VRFLDO \ XQ SURFHVR GH DOIDEHWL]DFLyQ JHQHUDOL]DGR SURYHHGRUHV GH
LGHQWLGDG FXOWXUDO \ GHO UHFRQRFLPLHQWR GH GHEHUHV GHUHFKRV \ FLHUWD
FDSDFLGDG SDUWLFLSDWLYD HQ ODV GHFLVLRQHV

 6H WUDWD GH (O IDFWRU HGXFDFLyQ HQ ORV 1URV ,,, ,9 9, 9,, \ 9,,,

 3LHQVR HQ HO SUREOHPD GH OD VREHUDQtD SRSXODU LQVWDXUDGR GHVGH ODV
JXHUUDV GH LQGHSHQGHQFLD TXH DUUDVWUD ORV GHEDWHV \ WHPRUHV VXUJLGRV FRQ
ODV UHYROXFLRQHV EXUJXHVDV OD )UDQFLD UHYROXFLRQDULD SRU HMHPSOR 

 6HJ~Q HO FHQVR GH  &DUDFDV WHQtD  KDELWDQWHV DSUR[LPDGDPHQ
WH (QWUH OD SREODFLyQ XUEDQD HO Q~PHUR GH DOIDEHWRV HUD PX\ EDMR

 &IU 7pUPLQRV FUtWLFRV GH OD 6RFLRORJtD GH OD &XOWXUD  

 (V XQD H[SUHVLyQ GH$OWDPLUDQR6DUOR 

 'H OD 3UHQVD 1UR ,9  GH IHEUHUR GH 

 'H OD SUHQVD 1UR ,  GH HQHUR GH  6XEUD\DGR PtR

 (Q HO 1UR ,, (O WHDWUR VLQ ILUPD  WUD]D ORV OtPLWHV GH OR DSURSLDGR /D
LQIOXHQFLD GHO YDXGHYLOOH HQ OD ]DU]XHOD HVSDxROD HV ODVWLPRVD pVWD TXH GH
VtGHMDEDDOJRTXHGHVHDUHQPDWHULDGHDUWHVHKDSHUYHUWLGRGHPDQHUDWDO
FRQ HO IUDQFHVLVPR GH FDIp FDQWDQWH TXH \D QR FRQVHUYD RWUR DWUDFWLYR
TXH HO GH VX FUXGD SRUQRJUDItD \ HVR SDUD ORV HVSHFWDGRUHV OLELGLQRVRV >@
$SHQD\FDXVDQiXVHDVYHUiEXHQDSDUWHGHOS~EOLFRHQHVRVHVSHFWiFXORV
GHEDWLUVH\PXMLUFRPRPDFKRVFDEUtRVHQVXVEXWDFDVMDGHDQGRGHSODFHU
\ DQVLHGDG DQWH HO EDLOH OLEUH \ GHVFRFDGR TXH UHSXJQD QHFHVDULDPHQWH i
WRGD SHUVRQD GH EXHQ JXVWR

 (Q HO 1UR , 3RU ORV DUWLVWDV VLQ ILUPD  FRPSOHWD XQ SURJUDPD GH
DFFLyQ HQJDU]DQGR OD -XYHQWXG \ HO $UWH FRPR HMHV HVHQFLDOHV GH XQD
QDFLyQ GHVHDGD /D QRFLRQHV GH %XHQ *XVWR \ GH XWLOLGDG VH FUX]DQ HQ OD
GHIHQVD GH HVWD HOLWH TXH FXDOTXLHU (VWDGR PRGHUQR GHELHUD SURWHJHU YD
ORUDU  HQ EHQHILFLR GHO SXHEOR  HO DUWLVWD HV ~WLO GH WRGD XWLOLGDG i XQ
HVWDGRSRUTXHYLHQHiGDUEHOOH]DiORTXHQRODWLHQHSHURHODUWLVWDHV
VLHPSUHFDVLVLHPSUHLQ~WLOiVtPLVPR<VLHOHVWDGRQRYHSRUHOORVTXLpQ
SXHGH KDFHUOR 1DGD GH HVWR YHQGUtD i FXHQWR VL Qy KXELHUD HQ (XURSD
DUWLVWDV VLQ SHQVLyQ \ HQ 9HQH]XHOD DOJXQRV TXH OD PHUHFHQ

 (Q HO 1UR ,, /D FDSHD VLQ ILUPD  VH FLHUUD DVt 9(1(=8(/$ 1(&(
6,7$ 325 38172 '( '(&252 48( 7,72 6$/$6 (67e 3(16,2
1$'2

 /D VHULH HVWi SUHFHGLGD SRU XQ SiUUDIR TXH ILUPD 6DOXVWLR *RQ]iOH] 5LQFR
QHVGRQGHVHGHMDVHQWDGRHOGHVHRDTXHPHUHILHURPRVWUDUODIRUPDFLyQ
GHO DUWLVWD TXH ORJUD WULXQIDU  >@ 3RU HVWRV DUWtFXORV VH YHUi FRPR


&H/H+LV
0yQLFD0DULQRQH

SHUVLJXH HQFDUQL]DGDPHQWH i OD JORULD 1UR ,,, 



 $X ERUG GH OD PHU 1UR9  GH PDU]R GH  

 /D H[SUHVLRQHV YLUWXG FLYLOL]DGD \ YLFLR VRQ GH & 6FKRUVNH

 (QHO1UR,9VRQ(OSXGRUGH0*X\DX\/DPXMHUGH-0LFKHOHW
HQHO9/DPXMHU\VXVKLMRVGH$XJXVWD0ROO:HLVV HVXQDWUDGXFFLyQ
\ OD ~QLFD ILUPD IHPHQLQD GHO 3HULyGLFR  HQ HO 9, /D PXMHU HQ QXHVWUD
VRFLHGDGHQHO9,,/DPXMHUFRPRPDGUHHQHO9,,,/DHOHFFLyQGHO
HVSRVR

 /D FHUFDQtD GHVHDGD HUD VLPEyOLFD SHUR WDPELpQ PDWHULDO (Q HO 1UR 9,,
HQ 6XHOWRV VLQ ILUPD  VH OHH 1RWDPRV FRQ DJUDGR TXH VH JHQHUDOL]D OD
VLPSiWLFDFRVWXPEUHGHTXHODVGDPDVDVLVWDQDEXWDFDVHQHOWHDWUR<DHUD
WLHPSR GH DFDEDU FRQ XQ LQH[SOLFDEOH GLYRUFLR GH ORV VH[RV TXH HQ DTXHO
VLWLR HVWDEOHFLy QR VDEHPRV TXp YLHMD JD]PRxHUtD

 (V XQD IUDVH TXH VH LQFOX\H GHEDMR GH OD QRWD GH$XJXVWD 0ROO:HLVV FRQ
HVWD ILUPD (O TXH WUDGXMR 1UR 9 

 &XDQGR VH WUDWD OD PRGD IHPHQLQD VH OD YDORUD GHVGH XQD UD]yQ SUiFWLFD
\XWLOLWDULDDSHODQGRDXQPRGHORGHPXMHUUHVSHWXRVDGHGLFKDVYDULDEOHV
$O WHDWUR OOHYDQ ODV GDPDV HVRV GHVFRPXQDOHV VRPEUHURV TXH OD PRGD
H[LMH \ TXH QR GHEHUtDQ VHU OOHYDGRV D WDOHV VLWLRV 4XLVLpUDPRV TXH VL FRQ
WDOHVSUHQGDVVHDWDYtDQVHGLVSRQJDQiGHVFXEULUVHHQGRQGHTXLHUDTXHVX
SUHVHQFLD SXHGD SHUMXGLFDU DO S~EOLFR FRQ WDOHV DUWHIDFWRV y TXH LQJHQLD
VHQ XQ WRFDGR PiV SURSLR SDUD QR WHQHU TXH UHSURFKiUVHOHV 1UR 9,,,
LQ ILQH VLQ ILUPD 

  /D PXMHU HQ QXHVWUD VRFLHGDG 1UR 9,  GH PDU]R GH 

%LEOLRJUDItD
$EUHX -RVp 9 3UyORJR \ FRPSLODFLyQ  /D $OERUDGD   &DUDFDV
)81'$57( 
$OWDPLUDQR &DUORV  6DUOR %HDWUL]   8QD YLGD HMHPSODU OD HVWUDWHJLD
GH 5HFXHUGRV GH 3URYLQFLD /LWHUDWXUD  6RFLHGDG %V $V +DFKHWWH

$OWDPLUDQR &DUORV GLU    7pUPLQRV FUtWLFRV GH OD 6RFLRORJtD GH OD
&XOWXUD %V$V 3DLGyV
$UDXMR 2UODQGR   1DUUDWLYD YHQH]RODQD FRQWHPSRUiQHD &DUDFDV (G
7LHPSR 1XHYR


&H/H+LV
6RPRVMyYHQHV\PRGHUQRV/D$OERUDGDGH9HQH]XHOD

%DHFKOHU-HDQ  /DXQLYHUVDOLGDGGHODQDFLyQ0*DXFKHW30DQHQW


\ 3 5RVDQYDOORQ GLU  1DFLyQ \ PRGHUQLGDG %V$V 1XHYD 9LVLyQ
%DXPDQ =\JPXQW   /HJLVODGRUHV H ,QWpUSUHWHV 6REUH OD PRGHUQLGDG
OD SRVWPRGHUQLGDG \ ORV LQWHOHFWXDOHV  %V$V 8QLYHUVLGDG GH 4XLOPHV
%RXUGLHX 3LHUUH   /DV UHJODV GHO DUWH %DUFHORQD$QDJUDPD
'tD] 5RGUtJXH] 0DQXHO   3DUpQWHVLV PRGHUQLVWD R OLJHUR HQVD\R VR
EUH HO 0RGHUQLVPR (Q 5LFDUGR *XOOyQ (O 0RGHUQLVPR YLVWR SRU ORV
PRGHUQLVWDV %DUFHORQD *XDGDUUDPD
*DOOHJRV 5yPXOR   0HQVDMH DO RWUR VXSHUYLYLHQWH GH XQDV FRQWHPSOD
FLRQHV \D OHMDQDV 8QD SRVLFLyQ HQ OD YLGD 0p[LFR +XPDQLVPR
*UDVHV 3HGUR   -XOLR 3ODQFKDUG 0DHVWUtD \ SURELGDG HQ OD FUtWLFD
OLWHUDULD (Q -XOLR 3ODQFKDUG &UtWLFRV YHQH]RODQRV &DUDFDV )XQGDFLyQ
GH 3URPRFLyQ &XOWXUDO GH 9HQH]XHOD 
0DULQRQH 0yQLFD   5yPXOR *DOOHJRV ,PDJLQDULR GH 1DFLyQ 9HQH
]XHOD (O 2WUR (O 0LVPR
0DVLHOOR )UDQFLQH   /HQJXDMH H LGHRORJtD %V$V +DFKHWWH
0LOLDQL 'RPLQJR   7UtSWLFR YHQH]RODQR &DUDFDV )XQGDFLyQ GH 3UR
PRFLyQ &XOWXUDO GH 9HQH]XHOD
3LFyQ 6DODV 0DULDQR   &RPSUHQVLyQ GH 9HQH]XHOD 9LHMRV \ QXHYRV
PXQGRV &DUDFDV %LEOLRWHFD$\DFXFKR
5DPD QJHO   /DV PiVFDUDV GHPRFUiWLFDV GHO 0RGHUQLVPR 0RQWH
YLGHR )XQGDFLyQ$QJHO 5DPD
5RGUtJXH] &DUXFFL$OEHUWR   0HPRULD \ WHVWLPRQLR GH -RVp 0DUWt HQ
9HQH]XHOD OD 5HYLVWD 9HQH]RODQD /HJDGRV GH -RVp 0DUWt HQ OD FUtWLFD
ODWLQRDPHULFDQD &RPS 6 =DQHWWL  /D 3ODWD )DF GH +XP \ &V GH OD
(G 81/3 
6FKRUVNH&  /DLGHDGHFLXGDGHQHOSHQVDPLHQWRHXURSHRGH9ROWDLUH
D 6SHQJOHU 6HSDUDWD  3XQWR GH YLVWD 1UR  ,,,;,;
6WDURELQVNL -HDQ    /RV HPEOHPDV GH OD UD]yQ 0DGULG 7DXUXV
:DO]HU 0LFKDHO   /D FRPSDxtD GH ORV FUtWLFRV ,QWHOHFWXDOHV \ FRP
SURPLVR SROtWLFR HQ HO V ;; %V$V 1XHYD 9LVLyQ


&H/H+LV

Você também pode gostar