Вы находитесь на странице: 1из 27

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

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

9DQJXDUGLVPRDQGLQRHQHO
%ROHWtQ7LWLNDND 
'RULDQ(VSH]~D6DOPyQ
&ROORTXLL LDP WHPSXV DGHV
5HVXPHQ
(VWHDUWtFXORGLDORJDFRQORVSULQFLSDOHVSODQWHDPLHQWRVUHVSHFWR
GHORVSRVWXODGRVHVWpWLFRLGHROyJLFRVRFLDOHVTXHGLIXQGLyHO*UXSR
2UNRSDWDOLGHUDGRSRU*DPDOLHO&KXUDWD$TXtVHUHYLVDQEiVLFD
PHQWHGRVSURSXHVWDVTXHIXQFLRQDQFRPRKLSyWHVLVGHWUDEDMR\
VHGHVFDUWDQRWUDVSRUFDUHFHUGHIXQGDPHQWR7DPELpQVHSODQWHD
XQDQXHYDGHQRPLQDFLyQSDUDFDOLILFDUHOSUR\HFWRSROLIyQLFR\
SROLIDFpWLFRGHORVRUNRSDWDV
3DODEUDV FODYH
*UXSR2UNRSDWDLQGLJHQLVPR*DPDOLHO&KXUDWD%ROHWtQ7LWLNDND
YDQJXDUGLD
$EVWUDFW
7KLVDUWLFOHHQJDJHVLQDGLDORJZKLWWKHPDLQH[SRVLWLRQVZKLW
UHJDUG WR WKH DHVWKHWLFLGHRORJLFDOVRFLDO SRVWXODWHV K\SRWKHVLV
DQGWKH\KDYHUXOHGRXWRWKHUVWRODFNRIIRXQGDWLRQ0RUHRYHUD
QHZ QDPH FRQVLGHUV WR GHVFULEH WKH RUNRSDWDV SRO\SKRQLF DQG
YHUVDWLOHSURMHFW



&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

.H\ZRUGV
2UNRSDWD*URXSLQGLJHQLVPR*DPDOLHO&KXUDWD7LWLNDND%XOOHWLQ
DYDQWJDUGH

LHPSUH\SRUGLYHUVRVPRWLYRVYDKDFDXVDUDG
PLUDFLyQ\VRUSUHVDHOKHFKRGHTXHHQ3XQRXQD
ORFDOLGDGDOWLSOiQLFDSHUXDQDDPiVGHPHWURVVREUHHO
QLYHOGHOPDU\DRULOODVGHOODJR7LWLNDNDVHKD\DGDGRODPiV
LPSRUWDQWHPDQLIHVWDFLyQGHODYDQJXDUGLDDQGLQDSHUXDQD\
WDOYH]ODWLQRDPHULFDQD0HUHILHURDODDFWLYLGDGTXHGH
VHPSHxRHO*UXSR2UNRSDWD *2 TXHSXEOLFyHQWUHDJRV
WRGH\MXQLRGHHOIDPRVR%ROHWtQ7LWLNDND %7 
(VDGPLUDEOHTXHHQXQDFRPDUFDRUDOTXHHUDPiVXQDDO
GHDLQGtJHQDRXQSXHEOREiVLFDPHQWHRUDO\DQDOIDEHWRTXH
XQDFLXGDGOHWUDGDVHKD\DSURGXFLGRHOPiVLPSRUWDQWHLQ
WHQWRSRUFRQVWUXLUXQDPRGHUQLGDGGHUDt]\WHPSOHDQGLQD
FRPRGLUtD$QWRQLR&RUQHMR3RODU/DPRGHUQLGDGTXHSODQ
WHDURQSDUWHGHOFRQYHQFLPLHQWRGHTXHQRKD\XQDVLQRPX
FKDVPRGHUQLGDGHVGLVtPLOHV\GHVLJXDOHV$GHPiVDVXPLH
URQODWDUHDLQHOXGLEOHGHFRQVWUXLUQXHVWUDSURSLDPRGHUQL
GDGDQFODGDEiVLFDPHQWHHQORTXHQRVKDFHGLIHUHQWHVHV
GHFLUHQODWUDGLFLyQDQGLQDRUDOUXUDO\EiVLFDPHQWHLQGtJH
QDRHQORTXH6LOYLD5LYHUD&XVLFDQTXLKDOODPDGR(OSRWHQ
FLDOHSLVWHPROyJLFR\WHyULFRGHODKLVWRULDRUDO'HORDQWH
ULRU VH FROLJH TXH QR HVWDPRV IUHQWH D XQD PRGHUQLGDG
SHULIpULFD R DOWHUQDWLYD HQWHQGLGD VLHPSUH FRPR XQD PDOD
FRSLDXQDDGDSWDFLyQGHVFRQWH[WXDOL]DGDXQUHIOHMRWDUGtR\
GHIRUPHXQDHVSHFLHGHUpSOLFDLQHYLWDEOHGHODPRGHUQLGDG
RFFLGHQWDOTXHVHDVLHQWDHQXQWHUUHQRFDUHQWHGHKLVWRULD\
GHFXOWXUDVLJXLHQGRORSODQWHDGRSRU%HDWUL]6DUOR6tHVWD
PRVIUHQWHDXQDYDQJXDUGLDPRGHUQDTXHFRQEDVHDQGLQD


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

DVLPLODODVYDQJXDUGLDVHXURSHDVSDUDSURGXFLUXQGLVFXUVR
QXHYR\SURSLR(VWDPELpQDGPLUDEOHTXHGHVGHHVWDDOGHD
FRVPRSROLWDVHKD\DQHVWDEOHFLGRFRQH[LRQHVFRQORPiV
LPSRUWDQWHGHODUHIOH[LyQLQWHOHFWXDOSXQHxDSHUXDQDODWL
QRDPHULFDQD\HXURSHD(QHIHFWRQRPEUHVFRPR-RVp$Q
WRQLR (QFLQDV )HGHULFR 0RUH &DUORV 2TXHQGR GH$PDW
$OHMDQGUR3HUDOWD*DPDOLHO&KXUDWD(PLOLR$UPD]D(PLOR
5RPHUR-RVp&DUORV0DULiWHJXL/XLV$OEHUWR6iQFKH]/XLV
(9DOFiUFHO;DYLHU$EULO-RUJH%DVDGUH-RVp0DUtD(JXUHQ
&pVDU9DOOHMR$OEHUWR*XLOOpQ$OEHUWR+LGDOJR9tFWRU5D~O
+D\DGHOD7RUUH0DJGD3RUWDO-RUJH/XLV%RUJHV0DULR
GH $QGUDGH 2OLYHULR *LURQGR VFDU &HUUXWR -XDQD
,EDUERXURX 0DQXHO 0DSOHV$UFH 'LHJR 5LYHUD &DUORV
0HGLQDFHOOL3DEORGH5RNKDR5DPyQ*yPH]GHOD6HUQD
SRUFLWDUDOJXQRVQRVLQGLFDQTXHHQHO3XQRGHORVDxRV
XQSXHEORDOGHDFRQXQDJHQHUDFLyQLQWHOHFWXDOPRGHUQDIRU
PDGDSRU-RVp$QWRQLR(QFLQDV\FRQXQDLQIUDHVWUXFWXUD\
WHFQRORJtDWUDGLFLRQDOSDUDQDGDPRGHUQL]DGDVHSURGXMRHO
PiVVHULRLQWHQWRSRUFRQVWUXLUXQIUHQWH~QLFRODWLQRDPHUL
FDQRTXHVHRSRQJDDOLPSHULDOLVPR(VWDPRVIUHQWHDXQ
SUR\HFWRTXHHVDOPLVPRWLHPSRHVWpWLFRVRFLDOFXOWXUDO\
SROtWLFRTXHGHVGHPLSXQWRGHYLVWDFRUUHVSRQGHDXQDYDQ
JXDUGLDDQGLQDSRUTXHLQWHJUDWRGRVORVJUXSRVFXOWXUDOHVTXH
FRQIRUPDQHVHPXQGRDQGLQR
/DHGLFLyQIDFVLPLODUGHO%7 IXHVLQOXJDUDGXGDV
XQDFRQWHFLPLHQWRLPSRUWDQWHSDUDORVHVWXGLRVOLWHUDULRVHQ
HO3HU~GDGRTXHXQDGHVXVFDUDFWHUtVWLFDVHVMXVWDPHQWHOD
DXVHQFLD GH HGLFLRQHV FUtWLFDV \ GH HGLFLRQHV IDFVLPLODUHV
TXH QRV SHUPLWDQ HVWDEOHFHU HO FRUSXV QHFHVDULR \ EiVLFR
SDUDTXHQXHVWUDVLQYHVWLJDFLRQHVHVWpQOLEUHVGHMXLFLRVHTXL
YRFDGRV/DDXVHQFLD\GHVFRQRFLPLHQWRGHHGLFLRQHVFRPR
HVWDKDOOHYDGRDDOJXQRVLQYHVWLJDGRUHVDFRPHWHUHUURUHV
HQVXVDSUHFLDFLRQHV(OSURSLR'DQWH&DOOR&XQRGDFXHQWD


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

GHORVHUURUHVFRPHWLGRVSRU'DYLG:LVH/XLV(QULTXH7RUG
\-RVp7DPD\R+HUUHUD6LQHPEDUJRIDOWDQKDFHUHVWXGLRV
VREUHODREUDGHWRGRV\FDGDXQRGHORVLQWHJUDQWHVGH*2
SDUDHYLGHQFLDUODYDULDGDSURSXHVWDHVWpWLFDTXHVHDJOXWLQy
DOUHGHGRUGHO%71RQRVVRUSUHQGHSRUHOORTXHODVLQYHVWL
JDFLRQHVHQWRUQRDODYDQJXDUGLDSXQHxDVLQGHMDUGHVHU
LPSRUWDQWHVVHDQWRGDYtDLQLFLDOHV3DUDFRPSOHWDUXQDUHYL
VLyQGHORDFWXDGRKDVWDHVWHPRPHQWRPHUHIHULUpDORVOL
EURVSXEOLFDGRVHQORV~OWLPRVDxRVTXHWUDWDQWHPDVUHODFLR
QDGRVFRQODDFWLYLGDGTXHGHVHPSHxyHQ3XQRHO*2TXH
SXEOLFyHO%7
'HVSXpV GH ORV SLRQHURV WUDEDMRV SXEOLFDGRV SRU HO
,QVWLWXWR3XQHxRGH&XOWXUD  \GHODVWHVLV\OLEURVSX
EOLFDGRVSRU-XDQ/XLV&iFHUHV0RQUR\  /XLV(QUL
TXH 7RUG   2PDU$UDPD\R   \ -RVp 7DPD\R
+HUUHUD  TXHGHVGHSHUVSHFWLYDVGLVWLQWDVHVWXGLDURQ
ODVSURSXHVWDVGHO*2GLIXQGLGDVEiVLFDPHQWH\QRH[FOXVL
YDPHQWHHQHO%7HOSULPHUHVWXGLRFRQWHPSRUiQHRVREUH(O
3H] GH 2UR /D 3D] &DQDWD  GH *DPDOLHO &KXUDWD
VHXGyQLPRGHO$UWXUR3HUDOWD  \OtGHUGHO*2OH
FRUUHVSRQGHD0LJXHOQJHO+XDPiQTXLHQHQOD(GLWRULDO
+RUL]RQWHSXEOLFyHQVXOLEUR)URQWHUDVGHODHVFULWX
UD 'LVFXUVR \ XWRStD HQ &XDUWD (VWHHVXQOLEURIXHUWH
PHQWHLQIOXHQFLDGRSRUODGHFRQVWUXFFLyQGHUULGLDQD\ODSUDJ
PiWLFDOLWHUDULD$XQTXHQRHVXQHVWXGLRHVSHFtILFRVREUHHO
%7\VREUHHO*2HOOLEURGH+XDPiQSODQWHDDOJXQDVLGHDV
LQWHUHVDQWHV DXQTXH FLHUWDPHQWH GLVFXWLEOHV VREUH OD REUD
IXQGDPHQWDOGH&KXUDWD/DSULPHUDVRVWLHQHTXH&KXUDWD
SUDFWLFDEDXQDOLWHUDWXUDLQGtJHQDPRGHUQDTXHQRSXHGHVHU
HQFDVLOODGD GHQWUR GHO LQGLJHQLVPR \ GHO VXUUHDOLVPR 6LQ
HPEDUJRQRHVXQDOLWHUDWXUDLQGtJHQDSUDFWLFDGDSRUXQLQ
GLRSXURLQH[LVWHQWHVLQRSRUXQVXMHWRSRSXODUDQGLQRPR
GHUQR 7DO SDUHFH TXH SDUD +XDPiQ HO WpUPLQR LQGtJHQD


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

GHVLJQD DO QXHYR LQGLR HQWHQGLGR FRPR XQ VXMHWR


WUDQVFXOWXUDGRPLJUDQWHRKtEULGR$GHPiV+XDPiQVRVWLH
QHTXHXQDOLWHUDWXUDLQGtJHQDDILUPDXQDLGHQWLGDGPiVDP
SOLDTXHORLQGLRTXHSXHGHDEDUFDUHQJHQHUDOORDQGLQR(Q
WRGR FDVR OD KLSyWHVLV QR GHMD GH VHU DWUDFWLYD SXHVWR TXH
H[LJHUHYLVDUHOFRQFHSWRTXHWHQHPRVVREUHORLQGtJHQDTXH
\DQRVHVRVWLHQHVREUHODEDVHGHHVHQFLDOLVPRVRGHHVWH
UHRWLSRVVRFLDOHVKDFHEDVWDQWHWLHPSR\DVXSHUDGRV
/DVHJXQGDLGHDFRPSOHPHQWDULDGHODSULPHUDKDFH
DOXVLyQDODOHQJXDFRQODTXHVHH[SUHVDODGHQRPLQDGDOLWH
UDWXUDLQGtJHQDPRGHUQD(QHIHFWR+XDPiQVRVWLHQHTXH
&KXUDWD VH H[SUHVD HQ XQD OHQJXD KtEULGD TXH QR HV QL
YHUQiFXODQLRFFLGHQWDO1RHVWDPRVIUHQWHDXQDHVFULWXUD
HQTXHFKXDRD\PDUDQLIUHQWHDXQDHVFULWXUDSOHQDPHQWH
RFFLGHQWDO HVWDPRV IUHQWH D XQD OHQJXD DQGLQD HQWHQGLGD
FRPROHQJXDGLIHUHQFLDOHQODTXHVHLQWHJUDQODWUDGLFLyQ
KLVSDQDFRQODWUDGLFLyQYHUQiFXOD&UHRTXHOHQJXDDQGLQD
HVODPHMRUGHILQLFLyQ\ODPiVDGHFXDGD/DOHQJXDDQGLQD
VHPDQLILHVWDHQXQDHVFULWXUDGHUHVLVWHQFLDKtEULGDGREOH\
PDUJLQDOGHHQXQFLDFLyQSROLIyQLFDUHLWHUDWLYD(OWH[WRGH
&KXUDWDVHFDUDFWHUL]DSRURUDOL]DUODHVFULWXUDSRUFRQVWUXLU
UHWDEORVFRQSDODEUDVSRUHVWDUHVFULWDFRPRVLIXHUDXQJXLyQ
GHUDGLR(VWDHVFULWXUDGHUHVLVWHQFLDHVHVHQFLDOPHQWHRUDO
SRUTXHKD\XQDGHFRQVWUXFFLyQGHODHVFULWXUDHVFULWDSRU
TXH HVWi HVFULWD FRPR VH KDEOD$KRUD ELHQ XQD HVFULWXUD
RUDOH[LJHXQDOHFWXUDKDEODGDFRPRXQDHVFULWXUDFDQWDGD
H[LJHXQDOHFWXUDFDQWDGD/DHVFULWXUDGH&KXUDWDH[LJHXQ
LQWHUORFXWRUSDUWLFLSDWLYR7DPELpQHVWDVHJXQGDLGHDDEUHOD
GLVFXVLyQ VREUH WHPDV TXH WLHQHQ TXH YHU FRQ OD WDUHD GH
FRQVWUXLUXQDOHQJXDGLIHUHQFLDOTXHH[SUHVHXQDLGHQWLGDG
GLIHUHQWHTXHQRVHGLOX\DHQORVSUR\HFWRVKRPRJHQHL]DGRUHV
SRUTXHDOILQ\DOFDERQRKD\LQGHSHQGHQFLDVLQOHQJXD
SURSLD


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

3RU~OWLPR+XDPiQUHDOL]DXQDHVWXGLRYDOLRVRSRU
TXHOHHODREUDGH&KXUDWDFRQFDWHJRUtDVDQGLQDVVLQGHV
FXLGDUODDVLPLODFLyQGHORVPpWRGRVSURYHQLHQWHVGHODWUDGL
FLyQRFFLGHQWDO/RRULJLQDOGHVXWH[WRHVTXHXWLOL]DXQPp
WRGRTXHSXHGHVHUFDOLILFDGRWDPELpQFRPRKtEULGRSDUDOHHU
ORTXHGHQRPLQDOLWHUDWXUDLQGtJHQDPRGHUQD<HVPiVYDOLR
VRFXDQGRHOFUtWLFRVHUHFRQRFHDVtPLVPRFRPRXQLQGtJH
QDPRGHUQR(QHIHFWR+XDPiQWUDEDMDFRQFDWHJRUtDVFRPR
UHWDEORWLQNX\NXWLSDFKDFXWLTXHDVXYH]HVWiQFRQMXJDGDV
FRQWpUPLQRVTXHSURYLHQHQGHODGHFRQVWUXFFLyQ\ODSUDJ
PiWLFD(QHVHVHQWLGR+XDPiQTXLHUHLJXDOTXH&KXUDWD
H[SUHVDUVHHQLQGLR\QRH[SUHVDUDOLQGLR
-RVp&DUORV0DULiWHJXLKDEtDSODQWHDGRODLGHDGHTXH
ODOLWHUDWXUDLQGtJHQDYHQGUtDFXDQGRORVSURSLRVLQGLRVHVWpQ
HQ OD FDSDFLGDG GH SURGXFLUOD 2EYLDPHQWH VH UHIHUtD D OD
DSURSLDFLyQGHODHVFULWXUD(QHOSODQWHDPLHQWRGH+XDPiQ
TXHHQFDMDSHUIHFWDPHQWHFRQORSODQWHDGRSRU0DULiWHJXL
XQRGHORVTXHORJUDQFRQFUHWDUHVWHSUR\HFWRHV&KXUDWDGH
PRGRTXHVHSURGXFHODFUtWLFD\VXSHUDFLyQGHOLQGLJHQLVPR
&LHUWDPHQWHHVGLVFXWLEOHVL&KXUDWDHUDRQRXQLQGtJHQDSRU
HOHFFLyQLGHQWLILFDFLyQRILOLDFLyQSHURQRVHSXHGHGLVFXWLU
VREUH HO RULJHQ OD FRQGLFLyQ \ OD OLWHUDWXUD LQGtJHQD GH
,QRFHQFLR0DPDQLXQRGHORVSULQFLSDOHVLQWHJUDQWHVGHO*2
WDOFRPRORGHPXHVWUDQUHFLHQWHVLQYHVWLJDFLRQHVGH*XLVVHOD
*RQ]iOH]\0DXUR0DPDQL(QWDOVHQWLGRDILUPDPRVTXH
HQHO%7FRH[LVWtDQGLYHUVRVSODQWHDPLHQWRVLGHROyJLFRVHV
WpWLFRVFXOWXUDOHV\SROtWLFRVDJOXWLQDGRVSRUHOLGHDOGHFRQV
WUXLUXQDSURSXHVWDRULJLQDOTXHVHRSRQJDDOLPSHULDOLVPR
HVWpWLFR
(QOD8QLYHUVLGDG5LFDUGR3DOPDSXEOLFyHOOLEUR
GH0DQXHO3DQWLJRVRWLWXODGR(OXOWUDRUELFLVPRHQHOSHQ
VDPLHQWRGH*DPDOLHO&KXUDWD1RFRPHQWDUpDTXtORVDV


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

SHFWRV DQHFGyWLFRV \ ORV OXJDUHV FRPXQHV GH ORV TXH HVWi


OOHQR QL ORV LQWHQWRV GH HQJUDQGHFHU OD ILJXUD GHO SLQWRU
DUHTXLSHxR SDGUH GHO DXWRU \ FRODERUDGRU GHO %7 /R TXH
LQWHUHVDHVTXHHQHVWHOLEUR3DQWLJRVREDXWL]DHOSHQVDPLHQ
WRODHVFXHODODFRUULHQWHODGRFWULQDODWHRUtDGH&KXUDWD\
HQ JHQHUDO GHO *2 FRPR XOWUDyUELFR (V PiV HO
XOWUDRUELFLVPRVHUtDXQDFRUULHQWHTXHWUDVFLHQGHWHPSRUDO\
HVSDFLDOPHQWHDO*2GHPRGRWDOTXH3DQWLJRVRKDEODGH
XOWUDRUELFLVPRLQFOX\HQGRODUHYLVWD/D7HD\HOPRYLPLHQWR
*HVWD%iUEDUDHQ3RWRVt3RURWURODGR3DQWLJRVRVRVWLHQH
TXHHOXOWUDRUELFLVPRWDPELpQWUDVFLHQGHOROLWHUDULRSDUDH[
WHQGHUVHDWRGDVODVDUWHV'HHVWHPRGR0DQXHO'RPLQJR
3DQWLJRVRHVHOSULQFLSDOUHSUHVHQWDQWHGHODSLQWXUDXOWUDyUELFD
FRPR7HRGRUR9DOFiUFHOORHVGHODP~VLFD(OXOWUDRUELFLVPR
VHUtDSDUD3DQWLJRVR GLJRVHUtDSRUTXHHOFRQFHSWRQRHVWi
SDUD QDGD FODUR  XQD QXHYD HVFXHOD HVWpWLFD YDQJXDUGLVWD
TXHVXSHUDRPiVH[DFWDPHQWHVHRSRQHDOLQGLJHQLVPRHQ
WDQWR\HQFXDQWRVHH[SUHVDQHQLQGLR\QRFRPRLQGLRV6H
FDUDFWHUL]DUtDSRUHVWDEOHFHUODVUHODFLRQHV PXQGRGHDUUL
EDPXQGRGHDEDMR PiVDOOiHQDFi yUELWDVHVWHODUHV
yUELWDVWHUUHVWUHV KRPEUHDQGLQRFRVPRV VHPLOODIUX
WR ODJRFLHOR DTXLFLWRDOODFLWR IXHU]DFHQWUtIXJDIXHU]D
FHQWUtSHWD OHMDQtDSUR[LPLGDGHQXQDVtQWHVLVRWRWDOLGDG
TXHDQXODUtDORVFRQWUDULRV\TXHDEDUFDUtDDVXYH]ORVFRQ
FHSWRVGHSDFKDPDPDNXWL DOWHUQDQFLDGHFRQWUDULRV DKD\X
ZDWDQ HO DOPD DPDUUD OD YLGD  QD\D W~ HUHV \R  KDOOSD
NKDPDVNKD WLHUUD DQLPDGD  WLQNX\ HQFXHQWUR GH FRQWUD
ULRV SDFKDFDPDNSXFOOD\ MXHJRFDUQDYDOEXUOD \D\OOX
FpOXOD 
+D\TXHSHGLUOHDOVHxRU3DQWLJRVRTXHVHSRQJDGH
DFXHUGRVLHOXOWUDRUELFLVPRHVXQDIRUPDGHSHQVDURXQD
HVFXHODOLWHUDULDRXQDFRUULHQWHHVWpWLFDRXQDGRFWULQDILOR
VyILFDRXQDWHRUtDOLWHUDULDRVLHVWRGRHVRMXQWR7DPELpQ


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

KD\TXHSHGLUOHTXHGHPXHVWUHWH[WXDOPHQWHODH[LVWHQFLDGH
ORVPDQLILHVWRVODVSURFODPDVORVSRVWXODGRVWHyULFRVROR
TXHKDJDIDOWDSDUDKDEODUGHOXOWUDRUELFLVPRFRPRDOJRTXH
SXHGDVHUGHILQLGRFRPRXQDHVFXHODFRUULHQWHGRFWULQDR
WHRUtD'HRWURPRGRFDHPRVHQODLQWHUSUHWDFLyQDQWRMDGL]D
\DUELWUDULDGRQGHHOHVWXGLRVRHQFXHQWUDDTXHOORTXHTXLH
UHHQFRQWUDU7DPELpQKDEUtDTXHUHFRUGDUOHTXHIXHHOSUR
SLR&KXUDWDHOTXHDFODUyTXH(OSH]GHRURHVUDGLFDOPHQWH
LQGLJHQLVWD\QRXOWUDyUELFR\TXHORVDUWtFXORVSXEOLFDGRVHQ
HO%7GHFODUDQVXDGKHVLyQDORLQGtJHQDDO$QGLQLVPRDO
,QGLJHQLVPRDO,QGRDPHULFDQLVPRDO&RQWLQHQWDOLVPRDO
1HRLQGLDQLVPR HWF$GHPiV KD\ TXH UHFRUGDUOH TXH ORV
RUNRSDWDVRVRQLQGLJHQLVWDVRVRQLQGLRVPRGHUQRVRVRQ
DQGLQRVSHURGHQLQJ~QPRGRVRQXOWUDyUELFRV(VFLHUWRTXH
HO *2 SODQWHD HO GHVDUUROOR GH XQD QXHYD HVWpWLFD DQGLQD
DQWLLPSHULDOLVWDSHURMDPiVODEDXWL]DURQGHXOWUDyUELFD(Q
WDOVHQWLGRGHERGHFLUTXHODXWLOL]DFLyQRLQFRUSRUDFLyQGH
HVWHWpUPLQRHQORVHVWXGLRVVREUHHO%7QRDSRUWDPXFKRHQ
OD WDUHD GH HVFODUHFHU HO SHQVDPLHQWR \ ORV SRVWXODGRV
LQGLJHQLVWDVGHO*2
7DPELpQHQODHGLWRULDO+RUL]RQWHSXEOLFyHOOLEUR
GH<D]PtQ/ySH]/HQFLWLWXODGR(O/DERUDWRULRGHOD9DQ
JXDUGLD/LWHUDULDHQHO3HU~(VWHWH[WRHQHOTXHVXE\DFH
HO FRQFHSWR GH FDPSR LQWHOHFWXDO SURSXHVWR SRU 3LHUUH
%RXUGLHXHVLPSRUWDQWHSRUTXHUHPDUFDODLGHDGHODDSDUL
FLyQGHXQQXHYRVXMHWRVRFLDO\FXOWXUDOSURYHQLHQWHGHORV
VHFWRUHVPHGLRVSURGXFWRGHOERRPHGXFDWLYRGHLQLFLRVGHO
VLJOR;;TXHVHUHIOHMyHQHODXPHQWRGHODSREODFLyQHVWX
GLDQWLO\HODXPHQWRGHSXEOLFDFLRQHVTXHFLUFXODURQHQDTXH
OORVHVSDFLRVGRQGHQRKDEtDXQLYHUVLGDGHV(OVXUJLPLHQWR
GHO QXHYR VXMHWR VRFLDO \ FXOWXUDO HV GHWHUPLQDQWH SDUD OD
DSDULFLyQGHODVYDQJXDUGLDVOLWHUDULDVHQHO3HU~TXHVHPD
QLILHVWDQDWUDYpVGHXQLPSUHVLRQDQWHQ~PHURGHUHYLVWDV\


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

PDQLILHVWRVTXHVHSXEOLFDQHQ/LPDSHURWDPELpQ\IXQGD
PHQWDOPHQWHHQODVSURYLQFLDVGHO3HU~(QHVWDVUHYLVWDV\
PDQLILHVWRVVHSXHGHUDVWUHDUHOFDUiFWHUSROLIyQLFRSOXUDOR
YDULDGRGHFyPRIXHUHFHSFLRQDGD\UHVHPDQWL]DGDODYDQ
JXDUGLDHQHO3HU~
'HOOLEURGH/ySH]/HQFLHVHOFDStWXOR,,,HOTXHQRV
LQWHUHVDFRPHQWDUSDUDQRGHVFDUULODUQXHVWURHQIRTXH(Q
HIHFWR HQ HVWH FDStWXOR VH PXHVWUD FyPR ORV LQWHOHFWXDOHV
DQGLQRVUHDFWXDOL]DQ\PRYLOL]DQHOGLVFXUVRVREUHHOLQGLR
XWLOL]DQGR ODV UHYLVWDV SDUD H[SRQHU HO YDQJXDUGLVPR
LQGLJHQLVWD&RQWUDULDDODRSLQLyQGH3DQWLJRVR/ySH]/HQFL
VRVWLHQHTXHHO%7VHDGKLULyDO$QGLQLVPRLQVHSDUDEOHGHO
&RQWLQHQWDOLVPRFRQHOPDQLILHVWRGH)HGHULFR0RUHHQDEULO
GHTXH&KXUDWD\QWHUR3HUDOWDDVXYH]LGHQWLILFDUiQ
FRQHO,QGRDPHULFDQLVPRHVWpWLFRDSDUWLUGHVHWLHPEUHGH
SDUDOXHJRDVXPLUODSRVWXUDGHO1HRLQGLDQLVPRSUR
SXHVWDSRU8ULHO*DUFtDHQHOQ~PHURGHQRYLHPEUHGH
(QGLFLHPEUHGH)UDQFLVFR&KXTXLZDQNDODQ]DVXSUR
SXHVWDGHXQDRUWRJUDItDLQGRDPHULFDQDTXHLPSOLFDXQSUR
\HFWRLQWHUFXOWXUDOGHOLEHUDFLyQOLQJtVWLFD&RPRYHUiQHO
%7GLRFDELGDDORVGLYHUVRVSODQWHDPLHQWRVSURYHQLHQWHVGH
GLIHUHQWHVOXJDUHVTXHFRQGLYHUVRVQRPEUHVWUDWDURQGHUHL
YLQGLFDUDOKRPEUH\ODFXOWXUDGHO$QGHHQGLVFXUVRVQRVyOR
OLWHUDULRVVLQRWDPELpQVRFLDOHVRSROtWLFRV(QEXHQDFXHQWD
VHSXHGHDILUPDUTXHHQHO%7KD\XQDLQWHUGHSHQGHQFLDGH
GLVFXUVRVFXOWXUDOHVHVWpWLFRVHLGHROyJLFRV3HURHOSODQWHD
PLHQWRGHO%ROHWtQLEDPiVDOOiGHODVLPSOHUHLYLQGLFDFLyQ
GHOKRPEUH\ODFXOWXUDDQGLQD(OORVHUDQFRQVFLHQWHVGHOD
QHFHVLGDG GH IRUPDU XQ IUHQWH ~QLFR FRQ XQD HVWpWLFD
LQGRDPHULFDQDSURSLDTXHVHRSRQJDDOLPSHULDOLVPRHVWpWL
FR
(QHODxROD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGHO


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

3HU~ SXEOLFy HO LPSRUWDQWH OLEUR GH &\QWKLD9LFK WLWXODGR


,QGLJHQLVPR GH 9DQJXDUGLD HQ HO 3HU~ (VWH WH[WR HV HO
HVWXGLRPiVVHULRUHDOL]DGRVREUHHO%7KDVWDODIHFKDSRUHO
ULJRUHQODUHFRSLODFLyQGHORVGDWRVSRUHOHVWXGLRTXHQRV
UHFXHUGDODQHFHVDULDXELFDFLyQGHORVWH[WRVHQVXFRQWH[WR
SRUHOGLiORJRFRQODELEOLRJUDItDORFDOSRUODVLVWHPDWL]DFLyQ
GHODLQIRUPDFLyQSRUHOpQIDVLVSXHVWRHQODSURSXHVWDHVWp
WLFDDWUDYpVGHODQiOLVLVGHODSRHVtDGH$OHMDQGUR3HUDOWD
TXHH[SOLFDODQDWXUDOH]DGHOLQGLJHQLVPRYDQJXDUGLVWD\SRU
ODFODULGDGHQODH[SRVLFLyQTXHQRDSHODSDUDOHJLWLPDUVHD
FLWDV\PiVFLWDVGHSHQVDGRUHVTXHHVWiQGHPRGD
&\QWKLD9LFKQRVUHFXHUGDTXHHOWpUPLQRTXHSXHGH
GHILQLUODSURSXHVWDGHO%7HVHOGH,QGLJHQLVPR9DQJXDU
GLVWDTXHWLHQHFRPRFDUDFWHUtVWLFDSULQFLSDOHOpQIDVLVSXHVWR
HQODXQLGDGODWLQRDPHULFDQDHQODGLPHQVLyQFRQWLQHQWDOLVWD
TXHVHRSRQHDODSUHVHQFLDDPHQD]DGRUDGHOLPSHULDOLVPR
QRUWHDPHULFDQR\DOFRORQLDOLVPRHFRQyPLFR\FXOWXUDOGH
$PpULFD/DWLQD(VWHLQGLJHQLVPRYDQJXDUGLVWDFRQSRVWXOD
GRV FRQWLQHQWDOLVWDV FRQVLVWLy VRVWLHQH 9LFK HQ XQD
UHYDORUDFLyQGHODKHUHQFLDDXWyFWRQDGHODVGLVWLQWDVUHJLR
QHVODWLQRDPHULFDQDVDSDUWLUGHXQDySWLFDQDWLYLVWD9HD
PRVSRUTXp(QSULPHUOXJDUHVWiODSUXHEDLUUHIXWDEOHGH
TXHHO%7SURSLFLDEDHOFDQMHFRQUHYLVWDVSURYHQLHQWHVGH
FDVLWRGD$PpULFD/DWLQD(QVHJXQGROXJDUGHVDUUROODODLGHD
GHTXHODYDQJXDUGLDQRIXHDVLPLODGDGHIRUPDSDVLYDSRU
ORVLQWHOHFWXDOHVSURYLQFLDQRVVLQRTXHSRUHOFRQWUDULRVX
SXVRODUHLYLQGLFDFLyQLGHROyJLFDGHORSURSLRRPiVH[DFWD
PHQWHODLQVHUFLyQGHORDXWyFWRQR\GHODWUDGLFLyQQDWLYLVWD
HQODPRGHUQLGDGXQLYHUVDO$VtQXHVWUDYDQJXDUGLDVHKL]R
KHWHURJpQHD\VHKL]RLQGLJHQLVWDSRUODFRH[LVWHQFLDGHHV
WDVGRVWHQGHQFLDV(QWHUFHUOXJDUSODQWHDODLGHDGHOLQWH
OHFWXDOSHULIpULFRSURYLQFLDQR\PHVWL]RTXHGHVDUUROODVX
SUR\HFWROHWUDGRIXHUDGHOFHQWUDOLVPRFDSLWDOLQRFRQODDVSL


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

UDFLyQ GH GHPRFUDWL]DU \ GHVFHQWUDOL]DU HO FDPSR FXOWXUDO


SHUXDQR\ODWLQRDPHULFDQR\FRQHOREMHWLYRGHLQVHUWDUOR
HVHQFLDOORDXWyFWRQRORQDWLYRORRULXQGRHQHOFRQFLHUWR
GHODYDQJXDUGLDXQLYHUVDO'HHVWDLGHDVHGHVSUHQGHTXH
ORVGLVFXUVRVFRQWHQLGRVHQHO%7VRQLQGLJHQLVWDV\QRLQGt
JHQDVQLPXFKRPHQRVXOWUDyUELFRVSXHVWRTXHVHJ~Q9LFK
ORVPLHPEURVGHO*2LQWHQWDURQUHSUHVHQWDUDOLQGLRUHVSHFWR
GHOFXDOJXDUGDEDQLQHYLWDEOHPHQWHXQDFRQVLGHUDEOHGLVWDQ
FLD/RVRUNRSDWDVIRUPDEDQSDUWHGHODLQWHOOLJHQWVLDSXQHxD
GHFODVHPHGLD\DH[FHSFLyQGHDOJXQRVFRODERUDGRUHVFRPR
,QRFHQFLR 0DPDQL QR HUDQ LQGtJHQDV$GHPiV OD UHYLVWD
HVWDEDHVFULWDHQHVSDxRO\VXS~EOLFROHFWRUHVWDEDFRQIRU
PDGRSRUPLHPEURVSHUWHQHFLHQWHVDODFLXGDGOHWUDGD\QRD
ODFRPDUFDRUDO8QLQGtJHQD GHILQLGRVRFLRFXOWXUDOPHQWH
GLItFLOPHQWHWXYRDFFHVRDOEROHWtQ&\QWKLD9LFKVRVWLHQH\R
FUHRTXHKD\TXHUHYLVDUHVWDLGHDTXHHOLQGLJHQLVPRGHO
%7QXQFDWUDQVPLWLyODYR]GHOLQGtJHQDQLVLTXLHUDGHPDQH
UDLQGLUHFWD/RVGLVFXUVRVGHO%7VRQHQVXPD\RUtDPHVWL
]RVGHPDQHUDWDOTXHHVLQHYLWDEOHKDEODUGHFLHUWDDMHQLGDG
UHVSHFWRGHOPXQGRLQGtJHQDTXHSRUHMHPSORVHKDFHHYL
GHQWHFXDQGRXQRSHUFLEHHOGHVSUHFLRRODDGPLUDFLyQGHO
LQGLR\GHODFXOWXUDDQGLQD(QHVHVHQWLGRHUDLQHYLWDEOHHO
FRQWDFWR\ODLQWHJUDFLyQGHOHQJXDVFXOWXUDV\WUDGLFLRQHV
GLIHUHQWHVGHOFHQWUR\ODSHULIHULDTXHVHDPDOJDPDQHQHO
YDQJXDUGLVPRLQGLJHQLVWD(QFXDUWROXJDUVHH[SOLFDHOGH
EDWHLQGLJHQLVWDHQHOTXHVHSODQWHDURQGLYHUVDVRSFLRQHV
FRPR HO$QGLQLVPR GH )HGHULFR 0RUH OD SURSXHVWD GH
9DOFiUFHOHQ7HPSHVWDGHQORVDQGHVHOQXHYRLQGLRGH-
8ULHO*DUFtDTXHDSDUHFLySXEOLFDGRHQXQDVHULHGHHQVD\RV
WLWXODGRV1HRLQGLDQLVPRODVSURSXHVWDVGH0DULiWHJXLHQOD
TXHFRQIOX\HQVRFLDOLVPRHLQGLJHQLVPR\HOLQGRDPHULFDQLVPR
GH+D\DGHOD7RUUHTXHFXDMDURQHQXQDHVSHFLHGHVtQWHVLV
GHQRPLQDGD WUDGLFLyQ PRGHUQL]DGD D WUDYpV GH GLYHUVDV


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

PDQLIHVWDFLRQHVGHODXWRStDDQGLQD
$SDUWH GH ODV LGHDV HVFODUHFHGRUDV VREUH OD GLPHQ
VLyQSHGDJyJLFDGHOSUR\HFWR%7TXHLQWHQWySUR\HFWDUOD
YDORUL]DFLyQ\OHJLWLPDFLyQGHORDXWyFWRQRKDFLDXQDFRPX
QLGDGPD\RUGHORHVWULFWDPHQWHLQWHOHFWXDODUWtVWLFR\OHWUD
GRFUHRTXHXQRGHORVDSRUWHVLPSRUWDQWHVGH&\QWKLD9LFK
GHOTXHFDUHFHQORVRWURVGHORVTXHWUDWRKR\HVHOHVWXGLR
SRUPHQRUL]DGRGHODSRHVtD\ODQDUUDWLYDHQHO%7(QHIHF
WR9LFKWLHQHHQFXHQWDTXHXQDGHODVDFWLYLGDGHVSULQFLSD
OHV\RGLUtDODSULQFLSDOGHO*2HUDODGHKDFHU\FRPHQWDU
OLWHUDWXUD3DUWLHQGRGHODLGHDSURSXHVWDSRU9LFN\8QUXK
GHTXHODYDQJXDUGLDHVXQDIRUPDGHDFWXDU\QRVRODPHQWH
XQDFROHFFLyQGHWH[WRVH[SHULPHQWDOHV\FRQVLGHUDQGRTXH
OD SURGXFFLyQ HVWpWLFD VH GHILQH HQ WpUPLQRV GH SURFHVR
FUHDWLYR\QXQFDVREUHODEDVHGHUHVXOWDGRVSUHHVWDEOHFL
GRVTXHQRWRPHQHQFXHQWDODLQWHUDFFLyQHQWUHHODUWH\OD
YLGD9LFKDQDOL]DQRVyORHOGLVFXUVRQDUUDWLYRGH0DWHR-DLND
*DPDOLHO &KXUDWD )HOLSH 8UTXLHWD GHO FKLOHQR 3DEOR GH
5RFNDGHOD\DFXFKDQRQWHUR3HUDOWD9iVTXH]VLQRWDP
ELpQ OD SURSXHVWD GH XQD RUWRJUDItD LQGRDPHULFDQD GH
&KXTXLZDQND$\XOR 3HUR VLQ GXGD OR PiV LQWHUHVDQWH GH
HVWH HVWXGLR HVWi GHGLFDGR DO HVWXGLR GH ORV WH[WRV
KHWHURJpQHRVGHODSRHVtDGHO%7HQSRHPDVGH$OHMDQGUR
3HUDOWD *DPDOLHO &KXUDWD /XLV GH 5RGULJR ,QRFHQFLR
0DPDQL(XVWDNLR$ZHUDQND'DQWH1DYD&DUORV2TXHQGR
GH$PDWR&pVDU9DOOHMRHQWUHRWURV\TXHVHFDUDFWHUL]DUtDQ
SRUODXUEDQL]DFLyQGHOXQLYHUVRUXUDOSRUHOUHYHVWLPLHQWR
FRQHOURSDMHGHODPRGHUQLGDGGHORVDVSHFWRVFRWLGLDQRVGHO
PXQGRDQGLQRSRUODSHUVRQLILFDFLyQGHODQDWXUDOH]DSRUOD
GHQXQFLDVRFLDOSRUODLQWHJUDFLyQGHPXQGRVHQFRQIOLFWR
SRUODRUDOL]DFLyQGHODHVFULWXUD\HQJHQHUDOSRUTXHSRGUtD
OODPDUVHWUDQVFXOWXUDFLyQSRpWLFD


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

(QMXOLRGHOHO)RQGRHGLWRULDOGHO%DQFR&HQWUDO
GH 5HVHUYD GHO 3HU~ \ HO ,QVWLWXWR )UDQFpV GH (VWXGLRV
$QGLQRVSXEOLFDURQHOOLEURGH8OLVHV-XDQ=HYDOORV$JXLODU
WLWXODGR,QGLJHQLVPR\QDFLyQ/RVUHWRVDODUHSUHVHQWD
FLyQ GH OD VXEDOWHUQLGDG D\PDUD \ TXHFKXD HQ HO %ROHWtQ
7LWLNDND     (VWH HV XQ WH[WR IXHUWHPHQWH
LQIOXHQFLDGRSRUORVHVWXGLRVVXEDOWHUQRV\HWQRJUiILFRV3RU
ORWDQWRWLHQHXQSXQWRGHYLVWDDFWXDOTXHGHSHQGHGLUHFWD
PHQWH GH KHUUDPLHQWDV PHWRGROyJLFDV FRQ ODV TXH VH
UHFHSFLRQDQORVGLVFXUVRVGHO%7(QHOOLEURGH=HYDOORVKD\
HUURUHV\OLPLWDFLRQHVVXSRQJRTXHLQYROXQWDULRV(OSULPHU
HUURUTXHVHUHSLWHGRVYHFHVHVODDILUPDFLyQGHTXHHO%7
IXHGLULJLGRSRU*DPDOLHO&KXUDWD\$OEHUWR3HUDOWD 
\ (OVHJXQGRHUURUHVXQDDILUPDFLyQTXHFRQWUDGLFH
HOSULPHUSLHGHSiJLQDGHOOLEURTXHVRVWLHQHTXH'DYLG:LVH
HVWXGLyORVQ~PHURVGHO%7  FXDQGRWRGRVVDEH
PRVTXHVRQVyOR &RPRORKL]RQRWDU&DUORV*DUFtD
%HGR\DHQODUHVHxDTXHOHGHGLFDDOOLEURHQOD5HYLVWDGH
&UtWLFD/LWHUDULD/DWLQRDPHULFDQD17DOYH]XQDGH
ODVOLPLWDFLRQHVGHOWUDEDMRGH=HYDOORVUHVLGDHQXQFLHUWR
GHVFXLGRGHODDFWLYLGDGOLWHUDULDGHORV2UNRSDWDIDFHWDTXH
ORVLQWHJUDQWHVGHO*UXSRFRQVLGHUDEDQFHQWUDOHQVXODERU
LQWHOHFWXDO(QWRGRFDVRORTXHOHLQWHUHVDD=HYDOORVHV
OOHQDUORVYDFtRVTXHGHMDURQRWURVHVWXGLRVTXHVtOHGLHURQ
LPSRUWDQFLDDOROLWHUDULR
(QHVWHOLEURKD\DOJXQDVLGHDVTXHPHSDUHFHQVXJH
UHQWHV\SURYRFDGRUDV/DSULPHUDODSODQWHD-RKQ%HYHUOH\
HQHOSUyORJRGHOOLEUR\VHUHILHUDDOOXJDUGHHQXQFLDFLyQGHO
VXMHWRHQHO%7GHPRGRWDOTXHVHUHDEUHHOGHEDWHVREUHVL
ORVRUNRSDWDVVRQVXMHWRVPHVWL]RVHQWpUPLQRVGH9DVFRQFHORV
R+HQUtTXH]8UHxDVXMHWRVWUDQVFXOWXUDGRVHQWpUPLQRVGH
5DPDVXMHWRVKtEULGRVHQWpUPLQRVGH*DUFtD&DQFOLQLVXMH
WRV GHVFHQWUDGRV HQ WpUPLQRV GH$QWRQLR &RUQHMR 3RODU R


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

VXMHWRVGHVWHUULWRULDOL]DGRV(QHIHFWRQRHVIiFLOFDUDFWHUL
]DUDHVWHVXMHWRTXHDOPLVPRWLHPSRKDEODSRU\KDEODVREUH
RDFHUFDGHORVLQGtJHQDVGHVGHXQDSRVLFLyQLQWHUPHGLDULD
HQWUHODFXOWXUDGRPLQDQWHFULROOD\ODVFXOWXUDVLQGtJHQDVUH
JLRQDOHV\TXHQRSXHGHGHVSUHQGHUVHGHVXVKDELWXVUDFLV
WDV\FRORQLDOHVPiVD~QVLWRPDPRVHQFXHQWDTXHQRWRGRV
ORVLQWHJUDQWHVGHO*2HUDQELOLQJHV'HERDFRWDUDTXtTXH
FRPRHVREYLRHVGLItFLOFDUDFWHUL]DUDHVWHVXMHWRSRUTXHQR
HVXQVXMHWRXQLWDULRQLKRPRJpQHRVLQRPiVELHQVRQPX
FKRVVXMHWRV (QHIHFWRFRPRVHHVWiGHPRVWUDQGRFRQODV
LQYHVWLJDFLRQHVUHFLHQWHVHO*2QRWHQtDXQDKRPRJHQHLGDG
HQFXDQWRDODSURFHGHQFLD\FRQGLFLyQpWQLFDGHVXVLQWH
JUDQWHVFRPRWDPSRFRWHQtDXQDSUiFWLFDOLWHUDULD~QLFD(VWR
VHKL]RPDQLILHVWRHQVXSURSXHVWDHVWpWLFDFXOWXUDOSROtWLFD
RLGHROyJLFDDJOXWLQDQWH
=HYDOORVUHWRPDODLGHDSODQWHDGDSRU9LFKHQODTXH
VHFRQVLGHUDTXHODHVSHFLILFLGDGGHHVWDUHYLVWDFRQVLVWHHQ
TXHHQHOODKD\XQDPDUFDGDFRQIOXHQFLDHQWUHODDFWLYLGDG
GHODYDQJXDUGLDDUWtVWLFD\ODGHODYDQJXDUGLDVRFLDO\SROt
WLFD\XQFXHVWLRQDPLHQWRJHQHUDOL]DGRGHWRGRORHVWDEOH
FLGRTXHYDPXFKRPiVDOOiGHORSXUDPHQWHDUWtVWLFR 
 (QHIHFWRIUHQWHDODLQH[LVWHQFLDGHXQDFRPXQLGDG
GHFLXGDGDQRVDODGHILFLHQWHHGXFDFLyQVHJUHJDFLRQLVWD\
PHPRULVWDDODIDOWDGHXQLGDGWHUULWRULDODODFDUHQFLDGH
QDFLRQDOLVPRGHODF~SXODFULROOD\DODGHSHQGHQFLDFXOWXUDO
ORVPLHPEURVGHO*2SURSXVLHURQXQSUR\HFWRGHIRUPDFLyQ
GHXQDQDFLyQFDUDFWHUL]DGRSRUEXVFDUODFRKHVLyQIXVLyQR
DOLDQ]DGHORVSULQFLSDOHVJUXSRVUDFLDOHV\FXOWXUDOHVGHO3HU~
PHVWL]RVHLQGtJHQDV VREUHODEDVHGHODUHFXSHUDFLyQGHO
SDVDGRPLOHQDULR\GHODFXOWXUDSRSXODULQGtJHQDFRQWHPSR
UiQHDDWUDYpVGHODHGXFDFLyQLQWHUFXOWXUDOFRPRYHKtFXOR
GHGHVDUUROOR\GHLQWHJUDFLyQ(VWHSUR\HFWRLQWHJUDGRUHQ
HOTXHHOTXHFKXD\HOD\PDUDVHFRQFLELHURQFRPROHQJXDV


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

GHODQDFLyQWHQtDFRPRREMHWLYRVHJ~Q=HYDOORVFRQVWUXLU
ODLPDJHQGHXQLQGtJHQDFLXGDGDQR
3RURWURODGR=HYDOORVWRFDHOHVSLQRVRDVXQWRGHOD
ODVHVWUDWHJLDV\SDUDGRMDVGHOD DXWR UHSUHVHQWDFLyQGHORV
LQWHOHFWXDOHV(QSULPHUOXJDUDILUPDTXHORVPLHPEURVGHO
*2FRQILJXUDURQXQDLGHQWLGDGP~OWLSOH'HDOOtTXHVHKDEOH
GHXQDLGHQWLGDGpWQLFRFXOWXUDOTXHFRQWUDSRQHODUHS~EOLFD
GHLQGLRVVLWXDGDHQODVLHUUDFRQODUHS~EOLFDGHHVSDxR
OHVVLWXDGDHQ/LPD\HQODFRVWD6LQHPEDUJRHO*2SUR
PRYLyXQWLSRGHPHVWL]DMHGHUDt]LQGLDHVGHFLUFRQSUH
VHQFLD PD\RULWDULD GH OD VDQJUH LQGLD GH PRGR WDO TXH VH
UHVHPDQWL]yHOWpUPLQRLQGLRSDUDGHULYDUHQHOQHRLQGLR
SURSXHVWRSRU-RVp8ULHO*DUFtD8QVHJXQGRWLSRGHLGHQWL
GDGHVODWHUULWRULDOLQVHSDUDEOHGHODFXOWXUD(QHIHFWRORV
RUNRSDWDVILMDQVXSRVLFLyQWHUULWRULDODQWLFHQWUDOLVWDSUHJR
QDQGRHO$QGLQLVPR=HYDOORVVRVWLHQHTXHHOJUXSRQRWXYR
XQDLGHQWLGDGHQHOVHQWLGRSROtWLFRSRUTXHQRVHDGKLULySOH
QDPHQWHQLDOVRFLDOLVPRQLDODSULVPR/DLGHQWLGDGP~OWLSOH
GHODTXHKDEOD=HYDOORVHVHQUHDOLGDGODPLVPDLGHQWLGDG
SXHVWRTXHQRQHFHVDULDPHQWHVHFRQWUDSRQHQORpWQLFROR
FXOWXUDOORWHUULWRULDO\HOSUR\HFWRSROtWLFR
(QVHJXQGROXJDU=HYDOORVFUHHTXHORVRUNRSDWDVVRQ
LQWHOHFWXDOHVHWQyJUDIRVLQWHOHFWXDOHVELIURQWHVRLQWHOHFWXD
OHVLQWHUPHGLDULRVHQWUHGRVH[WUHPRV\FX\DWDUHDFRQVLVWH
HQGDUFXHQWD\WUDQVIRUPDUXQRGHORVH[WUHPRVHQUHODFLyQ
DORWUR(O*UXSRPHGLyHQWUHORVJUXSRVKHJHPyQLFRV\HO
(VWDGRSRUXQODGR\ORVJUXSRVVXEDOWHUQRVLQGtJHQDVSRU
RWUR  (QHVHVHQWLGRORVRUNRSDWDVWHQtDQXQGR
EOHGLVFXUVR(OSULPHURHVXQGLVFXUVRHWQRJUiILFRH[RWLVWD
DQWURSROyJLFRTXHPDUFyVXGLVWDQFLDPLHQWRFRQODFXOWXUD
LQGtJHQDSRUTXHHVWDEDGHVWLQDGRDDJUDGDUDOHFWRUHVXUED
QRV < HO VHJXQGR HV XQ GLVFXUVR GH DVLPLODFLyQ


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

IDPLOLDUL]DFLyQUHLYLQGLFDFLyQ\GHIHQVDGHORVLQGtJHQDV3RU
RWURODGR\XQWDQWRSURYRFDGRUDPHQWH=HYDOORVFRQVLGHUD
TXHHOJUXSR2UNRSDWDFDQDOL]DEDSHURWDPELpQQHXWUDOL]DED
ODIXHU]DLQGtJHQDSRUVXSRVLFLyQLQWHUPHGLDGRUD(VWRVXSR
QHTXHORVPLHPEURVGHO*UXSRRHUDQRSRVLWRUHVGHORVLQ
GLRVRXVDURQDORVLQGLRVSDUDDXWROHJLWLPDUVH=HYDOORVVH
xDODODVUHODFLRQHV\ORVFRQIOLFWRVTXHH[LVWLHURQHQWUHORV
LQWHOHFWXDOHVLQGLJHQLVWDV\ORVLQGtJHQDVXWLOL]DQGRFDWHJR
UtDVFRPRFHQWURSHULIHULD\SHULIHULDVLQWHUQDV
(QWHUFHUOXJDU=HYDOORVUHFRQRFHDOVXEDOWHUQRFRPR
KDFHUGRUGHVXSURSLRGHVWLQR6LJXLHQGRHVWHSRVWXODGRFRQ
FHGHDORVLQGtJHQDVXQSRGHUGHJHVWLyQLQGHSHQGLHQWHGHOD
GHORVLQGLJHQLVWDVTXHOHVSHUPLWLyHQWUHRWUDVFRVDVGHVD
UUROODU HVWUDWHJLDV SDUD RFXOWDU GLVIUD]DU R LPSHGLU TXH VH
FRQRFLHUDWRWDOPHQWHVXSVLFRORJtD\VXFXOWXUD/RVLQGtJH
QDVWDPELpQWHQGUtDQXQDDXWRQRPtDFXOWXUDOSROtWLFD\VRFLDO
TXHVHH[SUHVDDWUDYpVGHODRUJDQL]DFLyQGHUHEHOLRQHVRGH
GHPDQGDVMXGLFLDOHVTXHUHFODPDQVXVGHUHFKRVFRPRFLX
GDGDQRVSHUXDQRV'HPRGRWDOTXHHVWDPRVKDEODQGRGHXQ
GREOHFRPSRUWDPLHQWR\XQGREOHGLVFXUVRWDQWRGHLQGtJHQDV
FRPRGHLQGLJHQLVWDV1RVHSXHGHQHJDUTXHHO*2PDUFy
GLVWDQFLDUHVSHFWRGHODUD]D\FXOWXUDLQGtJHQDSHURWDPSR
FRWHQHPRVTXHGHVFRQRFHUTXHORVLQGLJHQLVWDVGHOJUXSR
2UNRSDWDFDQDOL]DURQVXVUHFODPRVDWUDYpVGHVXVGLVFXUVRV
DVXPLHQGRODGHIHQVDGHODFDXVDLQGtJHQD$VtSRUHMHPSOR
&KXUDWDVRVWHQtDTXHKDEtDTXHOXFKDUSRUODUHLYLQGLFDFLyQ
GHORVLGHDOHVFXOWXUDOHVGHO$QGH\HVPiVSURPRYLyTXH
PXFKRVLQWHOHFWXDOHVLQGtJHQDVIRUPDUDQSDUWHGHO*2&UHR
WDPELpQTXHKD\TXHUHYLVDUHVWDLGHDIXQGDPHQWDOSRUTXH
HVPX\IiFLOVRVWHQHUTXHORVRUNRSDWDVKDEODEDQSRUHOLQGLR
GHVGH XQD SRVLFLyQ IURQWHUL]D TXH LPSOLFD XQD SRVLFLyQ
LQGLDQLVWDRLQGLJHQLVWD /RGLItFLOHVVRVWHQHUTXHHOORVVH
LGHQWLILFDURQFXDQGRQRDVXPLHURQXQDLGHQWLGDGLQGtJHQD\


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

SRUORWDQWRODYR]\ODHQFLFORSHGLDFXOWXUDODXWyFWRQD
(QFXDQWRDODUHSUHVHQWDFLyQGHOLQGtJHQD=HYDOORV
VRVWLHQHTXHJDPRQDOHVLQGLJHQLVWDVHLQGtJHQDVOOHYDURQD
FDERXQDOXFKDLGHROyJLFDTXHWHUPLQyLQIRUPDQGR\VHQVLEL
OL]DQGRDXQDFUHFLHQWHHLQWHUHVDGDRSLQLyQS~EOLFDVREUHODV
PDVDFUHVGHLQGtJHQDV\ODSRVHVLyQLOHJDOGHWLHUUDV(QHVH
VHQWLGRHOLQGLJHQLVPRVHRSXVRDOJDPRQDOLVPRSRUFULWHULRV
VRFLDOHVUDFLDOHVHFRQyPLFRVJHRJUiILFRV\SROtWLFRV1R
KD\TXHROYLGDUTXHHOLQGLJHQLVPRHVHQVXVRUtJHQHVSHGD
JyJLFR\MXUtGLFR6LORVLQGLJHQLVWDVHLQGtJHQDVVHHQIUHQWD
URQDOGLVFXUVRGHORVJDPRQDOHVHQWRQFHVWDPELpQKD\TXH
UHFRQRFHUTXHODQDUUDWLYDLQGLJHQLVWDDVXPLyXQGLVFXUVRGH
WRPDGHFRQFLHQFLDGHOSUREOHPDLQGtJHQDGHMXVWLILFDFLyQ
GHORVOHYDQWDPLHQWRVLQGtJHQDVGHGHQXQFLDGHORVDWURSH
OORVFRPHWLGRVSRUORVJDPRQDOHVOHWUDGRVREDQGROHURV\VR
EUHWRGRXQGLVFXUVRGHGHIHQVDGHORVLQGtJHQDV
(QWUHORVPpULWRVGHOOLEURHVWiODVLVWHPDWL]DFLyQGH
ODVHWDSDVGHO%7 =HYDOORVOODPDODSULPHUDIDVHSURSDJDQ
GtVWLFDSRUODGLIXVLyQGHODVSXEOLFDFLRQHVGHOD(GLWRULDO
7LWLNDNDHQWUHODVTXHGHVWDFD$QGH GH$OHMDQGUR3HUDOWD\
SRUODVHVWUDWHJLDVGHGLVWULEXFLyQ\GLIXVLyQGHODHGLWRULDO
VLQGHVFXLGDUORVSODQWHDPLHQWRVHVWpWLFRVGHOJUXSR=HYDOORV
FRQVLGHUDTXHODVHJXQGDIDVHVHFDUDFWHUL]DSRUODPDGXUD
FLyQLQWHOHFWXDO\SROtWLFDTXHLQFRUSRUDQXHYRVHQIRTXHVHQ
OD WDUHD GH FRQILJXUDU XQ SUR\HFWR LGHROyJLFRHVWpWLFR (Q
HIHFWRVHFRQWLQ~DFRQODSUHRFXSDFLyQHVWpWLFDSHURWDP
ELpQVHSXEOLFDQWH[WRVPDUFDGDPHQWHSROtWLFRVTXHDSXQWDQ
DODFRQVWUXFFLyQGHXQDFXOWXUDQDFLRQDO
1R PH UHIHULUp DTXt DO OLEUR GH 0DUFR 7KRPDV
%RVVKDUG WLWXODGR +DFLD XQD HVWpWLFD GH OD YDQJXDUGLD
DQGLQD *DPDOLHO &KXUDWD HQWUH HO LQGLJHQLVPR \ HO VX


&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

UUHDOLVPR TXH IXH SXEOLFDGR HQ %HUOtQ HQ HO  SRUTXH
WRGDYtDQRHVWiWUDGXFLGRFRPSOHWDPHQWHDOHVSDxRO\SRU
TXHQRPHJXVWDKDEODUVREUHORTXHGHVFRQR]FR6LQHPEDU
JRHOWtWXORHVVXJHUHQWHSRUTXHDOXGHDXQDYDQJXDUGLDDQGLQD
\QRLQGLJHQLVWDGHPRGRTXHVHDEUHQXHYDPHQWHHOGHEDWH
VREUHHVWHSXQWR6LQHPEDUJRHOVXEWtWXORYXHOYHDUHWRPDU
HOLQGLJHQLVPRFRPRXQFRPSRQHQWHIXQGDPHQWDO\ORXQHDO
VXUUHDOLVPR7DPELpQHQHVWHSXQWRVHDEUHHOGHEDWHHQWRU
QRDFXiQWRGHVXUUHDOLVWDKD\HQODREUDGH&KXUDWDRVLHV
XQKDOOD]JRIRU]DGRSRUODFUtWLFD3RUDKRUDHO~QLFRDUWtFXOR
TXHFRQR]FRVREUHHOWHPDOHFRUUHVSRQGHD5LFDUGR*RQ]iOH]
9LJLOTXLHQHQSXEOLFy6XUUHDOLVPR\FXOWXUDDQGLQD/D
RSFLyQGH*DPDOLHO&KXUDWD(QHVWHWH[WR*RQ]iOH]9LJLO
VRVWLHQH TXH HO VXUUHDOLVPR GH &KXUDWD HV PiV XQD
UHHODERUDFLyQ VXL JHQHULV GHO VXUUHDOLVPR HXURSHR SRU VX
FRQWLQXRGLiORJRFRQODFXOWXUDDQGLQD(VPiVQRVUHFXHUGD
TXH&KXUDWDHVXQDXWRUGHIXHQWHVPX\KHWHURJpQHDVTXH
VHIXHURQDGDSWDQGRGHPDQHUDVLQJXODUHQVXHVWLOREtEOLFR
6HSXHGHFDOLILFDUGHPXFKDVIRUPDVHOSUR\HFWRHV
WpWLFRVRFLDOFXOWXUDO\SROtWLFRGHORVPLHPEURVGH*2TXH
SXEOLFDURQHO%7SHURWRGRSDUHFHLQGLFDUTXHHOGHEDWHJLUD
EiVLFDPHQWH HQ WRUQR D WUHV GHQRPLQDFLRQHV TXH FXHQWDQ
FRQIXQGDPHQWDFLyQ\TXHDVDEHUVRQYDQJXDUGLVPRLQGt
JHQDRYDQJXDUGLVPRQDWLYLVWDYDQJXDUGLVPRLQGLJHQLVWDR
ORTXHQRHVQHFHVDULDPHQWHORPLVPRLQGLJHQLVPRGHYDQ
JXDUGLD\ILQDOPHQWHYDQJXDUGLVPRDQGLQR(QHIHFWRHO%7
QRHVSOHQDPHQWHLQGtJHQDLQGLJHQLVWDLQGLDQLVWDYDQJXDU
GLVWDRVRFLDOLVWDHVPiVELHQODFRQIOXHQFLDHLQFRUSRUDFLyQ
GHWRGDVHVWDVWHQGHQFLDV(VWRSRGUtDGDUSLHDTXHVHOHV
GHQRPLQHGHWRGRVHVWRVPRGRVSHURFUHRSHUWLQHQWH\QH
FHVDULRSODQWHDUXQDGHQRPLQDFLyQTXHLQWHJUHWRGDVHVWDV
SURSXHVWDVRHVWDSURSXHVWDSROLIyQLFD<RFUHRTXHHVWDPRV
IUHQWHDXQYDQJXDUGLVPRDQGLQRTXHVXSHUDGLFRWRPtDVWUD


&H/H+LV

'RULDQ(VSH]~D6DOPyQ

GLFLRQDOHV1RWRPRHOQRPEUHGHPDQHUDDUELWUDULDVLQRTXH
ORH[WUDLJRGHOQ~PHURFRUUHVSRQGLHQWHDMXQLRGHGRQ
GHKD\XQDHVSHFLHGHDXWRGHQRPLQDFLyQ'HVGHPLSXQWR
GHYLVWD\GDGRHOFDUiFWHUSROLIyQLFRGHO%7TXHDQXODXQ
VRORSUR\HFWR\PiVELHQSURPXHYH\GLIXQGHLGHDVGLYHUVDV
DXQTXHYLQFXODGDVSRUXQDFROXPQDYHUWHEUDOFRQVWLWXLGDSRU
ORVSUREOHPDVIXQGDPHQWDOHVGHOPXQGRDQGLQRORVGLVFXU
VRVGHO%7QRVRQHQVHQWLGRHVWULFWRLQGLJHQLVWDVQRSXH
GHQVHULQGLDQLVWDV\PXFKRPHQRVSXHGHQVHUXOWUDyUELFRV
7DPSRFR HVWR\ GH DFXHUGR FRQ OD LGHD JHQHUDOL]DQWH TXH
VRVWLHQHTXHHO%7QRVHH[SUHVyHOLQGLRSXHVWRTXHPXFKRV
GHORVFRODERUDGRUHVRHUDQLQGLRVRVHLGHQWLILFDURQSOHQD
PHQWHFRPRWDOHV(VWRDEUHODSRVLELOLGDGGHFRQVLGHUDUTXH
HO %7 SURSXVR WDPELpQ DXQTXH QR H[FOXVLYDPHQWH XQ
YDQJXDUGLVPRLQGtJHQD6LQHPEDUJRFUHRTXHODPHMRUGHIL
QLFLyQFRUUHVSRQGHDOYDQJXDUGLVPRDQGLQRVLORTXHTXHUH
PRVUHVDOWDUHVODFRPSOHPHQWDFLyQLQWHJUDFLyQ\FRQYLYHQ
FLDFRPRODSURSXHVWDPRGHUQDGHO*2RDQGLQLVPRGH
YDQJXDUGLVWDVLORTXHGHVHDPRVVXEUD\DUFRUUHVSRQGHDOSUR
\HFWR HVWpWLFRLGHROyJLFR GHO *2 GDGR OR SODQWHDGR SRU
+XDPiQSRU/ySH]/HQFLSRU9LFK\KDVWDSRU=HYDOORVFRQ
UHODFLyQDODFRVPRYLVLyQSODQWHDGDHQHOOLEUR
3RUTXHFRQR]FRDSXQHxRV\SXQHxLVWDVTXHVDTXHD
URQOD%LEOLRWHFD0XQLFLSDOGH3XQR\TXHSRUHJRtVPRR
LJQRUDQFLDQRFRPSDUWLHURQORVQ~PHURVFRPSOHWRVGHO%7
TXHDGRUQDQVXVPHGLRFUHVELEOLRWHFDVFRPRSXQHxRGHER
DJUDGHFHUD'DQWH&DOOR&XQRKDEHUKHFKRSRVLEOHTXHHO
%7 FLUFXOH HQWUH QRVRWURV OR TXH SHUPLWLUi VHJXUDPHQWH
DPSOLDU\SURIXQGL]DUORVHVWXGLRVVREUHHOPLVPR



&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND

1RWDV
  'RULDQ (VSH]~D 6DOPyQ HV SURIHVRU GH OLWHUDWXUD HQ OD 8QLYHUVLGDG 1DFLR
QDO 0D\RU GH 6DQ 0DUFRV 8QLYHUVLGDG 1DFLRQDO )HGHULFR 9LOODUUHDO 8QL
YHUVLGDG$QWRQLR 5XL] GH 0RQWR\D \ 8QLYHUVLGDG$ODV 3HUXDQDV /H IXH
URQ FRQFHGLGRV HO SUHPLR QDFLRQDO GH HGXFDFLyQ +RUDFLR RWRUJDGR SRU
OD'HUUDPD0DJLVWHULDO\HOSUHPLRQDFLRQDOGHHQVD\R)HGHULFR9LOODUUHDO
RWRUJDGR SRU OD XQLYHUVLGDG GHO PLVPR QRPEUH +D SXEOLFDGR HO OLEUR
(QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD ODFDQLDQD GHO GLVFXUVR
LQGLJHQLVWD   \ YDULRV DUWtFXORV VREUH OLWHUDWXUD \ FXOWXUD DQGLQD


(O  GH IHEUHUR GHO  HQ HO &HQWUR GH (VWXGLRV /LWHUDULRV$QWRQLR
&RUQHMR 3RODU JUDFLDV D OD LQYLWDFLyQ TXH PH KL]R HO 'U -RUJH &RUQHMR
3RODU WXYH OD RSRUWXQLGDG GH SUHVHQWDU MXQWR D 0LUNR /DXHU OD HGLFLyQ
IDFVLPLODU GHO %ROHWtQ 7LWLNDND %7  DXVSLFLDGD SRU OD 8QLYHUVLGDG 1DFLR
QDO GH 6DQ$JXVWtQ GH$UHTXLSD /D HGLFLyQ  FRPSOHWD OD HGLFLyQ
IDFVLPLODU GH  GLULJLGD SRU 'DQWH &DOOR &XQR \ -XDQ$OEHUWR 2VRULR
HQODTXHVHHGLWDURQVyORORVSULPHURVQ~PHURV(QODHGLFLyQGHO
QR FRUUHVSRQGtD FRORFDU HQ OD FDUiWXOD XQ WDQWR QDUFLVLVWDPHQWH OD IUDVH
(GLFLyQ )DFVLPLODU 'LULJLGD SRU 'DQWH &DOOR &XQR SRUTXH HQ HVWD HGL
FLyQQRVHKDGLULJLGRQDGD6LPSOHPHQWHVHWUDWDRGHXQDFRPSLODFLyQGH
WH[WRV R GH XQD UHFRSLODFLyQ GH WRGRV ORV Q~PHURV GHO %7 7RGDYtD VH
HVSHUD XQD HGLFLyQ FUtWLFD GHO %7 TXH SRU HMHPSOR FRQWHQJD XQ HVWXGLR
SUHOLPLQDU VHULR

/D ELEOLRJUDItD VREUH *DPDOLHO &KXUDWD HV \D FDVL LQDEDUFDEOH 5HFLHQWH
PHQWH KD DSDUHFLGR XQ WH[WR SXEOLFDGR SRU OD (GLWRULDO 6DQ 0DUFRV WLWX
ODGR 6LPERORJtD GH (O SH] GH RUR   TXH UH~QH DUWtFXORV GH 5LFDUGR
%DGLQL *DPDOLHO &KXUDWD \ -RVp /XLV$\DOD 7DPELpQ HQ  DSDUHFLy HO
LQWHUHVDQWH DUWtFXOR GH +HOHQD 8VDQGL]DJD WLWXODGR ,UUDGLDFLyQ VHPiQWL
FD GH ORV PLWRV DQGLQRV HQ (O SH] GH RUR GH *DPDOLHO &KXUDWD (Q
8VDQGL]DJD HGLWRUD  (Q HVWH DUWtFXOR VH HVWXGLDQ ORV PLWRV VXE\DFHQWHV
HQ HO WH[WR GH &KXUDWD FRQ UHODFLyQ D VX SUR\HFWR HVWpWLFRLGHROyJLFR TXH
FRQOOHYD WDPELpQ XQ SUR\HFWR OLQJtVWLFR \ FXOWXUDO SRU HO FXDO SULPHUR VH
OLPSLHQ ORV SXHEORV GH LQWR[LFDFLRQHV \ OXHJR VH DQLPH UHQXHYH UHJH
QHUH UHHQFDUQH UHQD]FD OD FpOXOD R OD VHPLOOD SHUPDQHQWH GH OD
$PpULFD ,QGtJHQD D SHVDU GHO PHVWL]DMH \ HO VLQFUHWLVPR (Q  OD
LQFRQVWDQWH \ UHJXODU UHYLVWD $SXPDUND OH KD GHGLFDGR VX 1  D OD
FHOHEUDFLyQ GH ORV  DxRV GH OD DSDULFLyQ GH (O SH] GH RUR FRQ LPSRUWDQ
WHV DUWtFXORV FRPR ORV GH$OGR 0HGLQDFHOL \ 5LFDUGR %DGLQL \ FRQ RWURV
DEVROXWDPHQWH SUHVFLQGLEOHV SRU VX IDOWD GH VHULHGDG \ ULJRU DFDGpPLFR
FRPR HO GH -RUJH )OyUH]\EDU GRQGH VH DUUDVWUD XQD HUUDWD SXEOLFDGD HQ
XQ OLEUR GH 0LUNR /DXHU (VWR GHPXHVWUD TXH -RUJH )OyUH]\EDU FUHH
FLHJDPHQWH HQ WRGR OR TXH OHH \ QR FRQILUPD ORV GDWRV TXH OXHJR KDFH
DSDUHFHU FRPR VXV  QXHYRV GHVFXEULPLHQWRV DFDGpPLFRV (Q HIHFWR HQ HO
DUWtFXOR $QWHFHGHQWHV LQGLJHQLVWDV GHO *UXSR 2UNRSDWD HO SURIHVRU
SXQHxR KDFH DILUPDFLRQHV TXH VRQ DEVROXWDPHQWH IDOVDV 1R HV FLHUWR TXH



&H/H+LV

'RULDQ(VSH]~D6DOPyQ
-XDQ/XLV9HOi]TXH]VHDSXQHxRFXDQGRWRGRHOPXQGRVDEHTXHHVSLXUDQR
7DPSRFR HV FLHUWR TXH VHD HO SULPHU SRHWD YDQJXDUGLVWD GH 3XQR \ SRU OR
WDQWR TXH VHD XQ DQWHFHGHQWH GLUHFWR GHO *2 4Xp GLUi PL DPLJR 0DUFHO
9HOiVTXH] &DVWUR QLHWR GH -XDQ /XLV FXDQGR VH HQWHUH TXH WLHQH UDtFHV
LQYHQWDGDV SRU VXSXHVWR  HQ HO DOWLSODQR SHUXDQR"


(Q PL OLEUR (QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD ODFDQLDQD GHO
GLVFXUVR LQGLJHQLVWD   WUDEDMR OD KLSyWHVLV GH TXH HO LQGLR QR HO
LQGtJHQD  QR H[LVWH \ TXH pVWH HV XQ VLJQLILFDQWH YDFtR TXH DGTXLHUH VLJQL
ILFDGR FXDQGR VH LQWHUUHODFLRQD FRQ RWURV VLJQLILFDQWHV HQ XQD UHG VLJQLIL
FDWLYD TXH GHSHQGH GHO VXMHWR SURGXFWRU GHO GLVFXUVR TXH D VX YH] HV OD
PDQLIHVWDFLyQ GH XQ WLHPSR GHWHUPLQDGR \ HVSDFLR SDUWLFXODU (O
VLJQLILFDQWH DPR LQGLR HV HO TXH FRQVWUX\H FRQVWLWX\H \ GD VHQWLGR DO
GLVFXUVR LQGLJHQLVWD (Q HO FDStWXOR 9,, GH HVH PLVPR OLEUR WLWXODGR +R
PLOtD GHO .KRUL &KDOOZD R &yPR SXHGH KDEHU XQ LQGLR TXH QR KDEOH"
   GLDORJR FRQ ODV LGHDV SODQWHDGDV SRU +XDPiQ UHVSHFWR
GH OD HVFULWXUD (Q HIHFWR \R VRVWHQJR TXH &KXUDWD LQWHQWy FRQVWUXLU XQ
LGLRPD PHVWL]R R KtEULGR FDSD] GH UHSUHVHQWDU OD FRQIOXHQFLD FXOWXUDO HO
WLQNX\ R OD DVLPLODFLyQ OLQJtVWLFD PXWXD HQ ODV VRFLHGDGHV DQGLQDV HQWHQ
GLGDV WDPELpQ FRPR PHVWL]DV KtEULGDV KHWHURJpQHDV R WUDQVFXOWXUDGDV

-RUJH )OyUH]\EDU KD HVFULWR VXV GHVDFXHUGRV FRQ &\QWKLD 9LFK \ VXV
DFXHUGRVFRQODDFXFLRVLGDGGH-XDQ=HYDOORV(VWRSUXHEDTXHHOGHEDWH
HVWi DELHUWR \ DXJXUD HVWXGLRV PHMRUHV HQ HO IXWXUR 6LQ HPEDUJR KD\
DOJXQDV REVHUYDFLRQHV TXH TXLHUR KDFHU DO DUWtFXOR GH )OyUH]\EDU WLWXOD
GR ,QWHUSUHWDFLyQ HSLVWHPROyJLFD GHO \R SRpWLFR HQ OD REUD GH$OHMDQGUR
3HUDOWD    0XFKR WtWXOR SDUD WDQ SRFR \ WDQ GLVSHUVR FRQWHQLGR
GRQGH QR VH KDEOD QDGD GHO \R SRpWLFR HQ OD SRHVtD GH 3HUDOWD \ GRQGH
WDPSRFR VH WLHQH HQ FXHQWD TXH WRGD LQWHUSUHWDFLyQ LPSOLFD XQD HSLVWH
PRORJtD$GHPiV KD\ TXH UHFRUGDUOH TXH LQWHUSUHWDU QR HV SDUDIUDVHDU R
XVDU HO WH[WR FRPR SUHWH[WR SDUD SODQWHDU LGHDV TXH QR VH SXHGHQ SUREDU
HQ HO WH[WR  (Q HVWH DUWtFXOR VH VLJXH PDQWHQLHQGR OD RSRVLFLyQ DQGLQR
RFFLGHQWDO KDFH EDVWDQWH WLHPSR \D VXSHUDGD SRU FXDQWR DKRUD FRPR HQ
ODGpFDGDGHOQRVHFRQFLEHORDQGLQRVLQORRFFLGHQWDO\YLFHYHUVD7DO
YH] HVWH SHQVDPLHQWR UHWUyJUDGR \ VXERUGLQDGR KDJD TXH )OyUH]\EDU
SLHQVH TXH 9DUJDV /ORVD HV HO VXPR VDFHUGRWH GHO SHQVDPLHQWR RFFLGHQ
WDO \ TXH QXQFD HQWHQGHUi HO PXQGR DQGLQR HO PXQGR GHO VLQFUHWLVPR
FXOWXUDO R HO PXQGR PiJLFR GH ORV$QGHV WDO YH] SRU HVR VRVWHQJD OR
LQVRVWHQLEOH FXDQGR HVFULEH TXH /D HPRFLyQ GH9DUJDV /ORVD SRU HO 3HU~
QR HV VLQR XQ VLPXODFUR GH HOOD    (O FUtWLFR SXQHxR FUHH
HTXLYRFDGDPHQWHTXHVyORORVTXHYLYHQHQ3XQRHQODVLHUUDHQHOPXQGR
DQGLQRSXHGHQKDEODUGHHVHPXQGRRGHHVDORFDOLGDG(VPiVFUHHTXHHO
PXQGR DQGLQR QR WLHQH QDGD TXH YHU FRQ OD FRVWD R VHOYD GHO 3HU~ 3RU
HMHPSORFXDQGRFLWDORVYHUVRVGHOSRHPD/$6%2'$6'(/$0$57,1$
GH $OHMDQGUR 3HUDOWD \ SDUD MXVWLILFDU VX OHFWXUD HSLGpUPLFD GLFH 6H
SUHFLVDFRQRFHUODVLHUUDKDEHUYLYLGRFHUFDGHOPXQGRLQGLRHQVXSURSLR
SDLVDMH JUDQGLRVR SDUD FRPSUHQGHU OD EHOOH]D GH HVWRV YHUVRV  8QD



&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND
PXHVWUD GH VX ULJXURVLGDG DFDGpPLFD VH HYLGHQFLD FXDQGR UHILULpQGRVH D
9HQWXUD *DUFtD &DOGHUyQ \ (QULTXH /ySH]$OE~MDU VH SUHJXQWD &yPR
SRGUtDQ VHU SUHFXUVRUHV GHO LQGLJHQLVPR VL pVWRV GLVWRUVLRQDURQ WRWDOPHQ
WH OD LPDJHQ GHO LQGLR"   )OyUH]\EDU QR DVXPH R QR TXLHUH
KDFHUOR  TXH HO LQGLJHQLVPR HV XQD WHQGHQFLD OLWHUDULD TXH DEDUFD D ORV
HVFULWRUHV TXH KDEODQ ELHQ R PDO GHO LQGLR (O LQGLJHQLVPR PL TXHULGR
SURIHVRU DEDUFD D ORV HVFULWRUHV TXH OH DJUDGDQ \ WDPELpQ D ORV TXH OH
GHVDJUDGDQ 2WUD PXHVWUD HVWi HQ OD VLJXLHQWH FLWD 6L$QGH UHSUHVHQWD HO
LQLFLR GH OD SRHVtD LQGLJHQLVWD VX SRHPDULR >(O@ .ROODR WUDVFLHQGH HVDV
IURQWHUDV \ SRVLELOLWD XQ QXHYR FDPLQR HO QHRLQGLJHQLVPR   6RV
WHQHU HVWR HYLGHQFLD OD XWLOL]DFLyQ GHVFRQWH[WXDOL]DGD GHO WpUPLQR QHR
LQGLJHQLVPR SRUTXH HVWH KD VLGR DFXxDGR SDUD UHIHULUVH D OD OLWHUDWXUD TXH
WHQLHQGR ODV FDUDFWHUtVWLFDV GHILQLGDV SRU 7RPiV (VFDMDGLOOR VH SURGXFH
EiVLFDPHQWH GHVSXpV GH  \ SRUTXH HQWUH $QGH   \ (O .ROODR
  KD\ XQD FRQWLQXLGDG GLVFRQWLQXD VL PH GHMR HQWHQGHU  7UDQVFULER
XQD FLWD D FRQWLQXDFLyQ /D OLWHUDWXUD SXQHxD GH HVD GpFDGD >@ HV
LPSRUWDQWH SRUTXH HO PRYLPLHQWR OLWHUDULR VH GHVDUUROOy HQ GRV LQVWDQ
FLDV OD XQD LQWHUQD \ OD RWUD H[WHUQD /D SULPHUD HUD OLGHUDGD SRU
*DPDOLHO &KXUDWD GRQGH GHVFROODEDQ QtWLGDPHQWH$OHMDQGUR 3HUDOWD /XLV
GH 5RGULJR (PLOLR$UPD]D (PLOLR 9iVTXH] HWF < OD VHJXQGD HVWDED
FRQIRUPDGD SRU &DUORV 2TXHQGR GH$PDW 'DQWH 1DYD -$OEHUWR &XHQ
WDV =DYDOD HWF /RV QLYHOHV TXH VH DERUGDEDQ QR VyOR HUD HO OLWHUDULR VLQR
WDPELpQ HQ ORV QLYHOHV VRFLRSROtWLFR \ FXOWXUDO   (Q HVWD FLWD KD\
YDULRV GHVDFLHUWRV (Q SULPHU OXJDU KD\ TXH GLVWLQJXLU PX\ ELHQ TXLHQHV
IRUPDURQ SDUWH GHO *2 \ TXLHQHV HUDQ VLPSOHPHQWH FRODERUDGRUHV LQYLWD
GRV 'HVSXpV \ VLHQGR FRQVHFXHQWH FRQ OR SODQWHDGR SRU HO %7 KD\ TXH
WRPDU HQ FXHQWD TXH VH SXHGH VHU XQLYHUVDO VLQ GHMDU GH VHU ORFDO (Q
FRQVHFXHQFLD HVWD GLYLVLyQ HV DUELWUDULD \ DFUtWLFD )LQDOPHQWH KD\ TXH
UHFRUGDU TXH OR GLFH %DMWtQ WRGR VLJQR HV XQ VLJQR LGHROyJLFR \ TXH OD
OLWHUDWXUD QR HVWi GHVYLQFXODGD GH OR VRFLDO \ SROtWLFR  )OyUH]\EDU QR
H[SOLFD OR TXH GHQRPLQD 1XHYD FRQFHSFLyQ LGHRHVWpWLFD /DPHQWDEOH
PHQWH QR WHQJR PXFKR HVSDFLR SDUD FRPHQWDU DTXt OD FXULRVD FRQVWUXF
FLyQ GHO WpUPLQR LGHRHVWpWLFD /R GHMDUp SDUD RWUD RFDVLyQ SRUTXH
PHUHFH XQ SiUUDIR DSDUWH 3HUR OR TXH QR TXLHUR GHMDU GH FRPHQWDU HV OD
FLWD TXH WUDQVFULER D FRQWLQXDFLyQ /DV FRQFHSFLRQHV LGHRHVWpWLFDV SODQ
WHDGDV SRU HO %ROHWtQ 7LWLNDND WLHQH GRV PRPHQWRV HO SULPHU PRPHQWR OR
KDOODPRV HQ OD SUD[LV OLWHUDULD GHVDUUROODGD SRU ORV LQWHJUDQWHV GHO *UXSR
2UNRSDWD VREUH WRGR SRU *DPDOLHO &KXUDWD \$OHMDQGUR 3HUDOWD D SDUWLU
GH VX SRHPDULR$QGH (O VHJXQGR PRPHQWR VH FDUDFWHUL]D SRU ORV WUDED
MRV GH LQYHVWLJDFLyQ GH LQWHOHFWXDOHV GHO SDtV \ GHO H[WUDQMHUR TXLHQHV
FRQVWUX\HQ XQD FRUULHQWH GH SHQVDPLHQWR DQGLQR TXH GHYHQGUi XOWHULRU
PHQWH HQ OD H[LJHQFLD GH XQD QXHYD HVWpWLFD   1R WHQJR FODUR OR
VLJXLHQWH &XiOHV VRQ ODV FRQFHSFLRQHV LGHRHVWpWLFDV SODQWHDGDV SRU ORV
LQWHJUDQWHV GHO %7" (V XQD R VRQ YDULDV" FXiOHV VRQ ODV FRQFHSFLRQHV
LGHRHVWpWLFDV GH ORV LQYHVWLJDGRUHV SHUXDQRV \ H[WUDQMHURV" H[LVWHQ
HVDV FRQFHSFLRQHV R VH HVWiQ FRQVWUX\HQGR" FyPR VH DUWLFXODQ ODV FRQ



&H/H+LV

'RULDQ(VSH]~D6DOPyQ
FHSFLRQHVGHORVPLHPEURVGH*2FRQODVGHORVLQWHOHFWXDOHVLQYHVWLJDGR
UHV"  )OyUH]\EDU HVFULEH (Q XQ SiUUDIR DQWHULRU H[SUHVp PL SUHRFX
SDFLyQ FDVL GUDPiWLFD VREUH HO KHFKR GH TXH QR H[LVWD XQ WUDWDGR VREUH
WHRUtD OLWHUDULD HQ ORV$QGHV< VHUtD XQ FUDVR HUURU DERUGDU HO WHPD GH OD
EHOOH]D HVWpWLFD  FRQ OD PLVPD WHRUtD \ PHWRGRORJtD RFFLGHQWDO SXHV VH
HVWDUtD EXVFDQGR DUWLFXODU QXHVWUD KLVWRULD FRQ OD UDt] KLVSDQD \ QR FRQ OD
QXHVWUD   $SDUWH GH VHU XQD DFWR GH KDEOD TXH HYLGHQFLD XQ
IXQGDPHQWDOLVPR SHOLJURVR HVWD FLWD LQGLFD TXH DO SURIHVRU KD\ TXH UHFRU
GDUOH TXH OD WHRUtD OLWHUDULD HV XQLYHUVDO \ JHQHUDO SRU HVR HV WHRUtD  \ QR
ORFDO R SDUWLFXODU7DQWR HV DVt TXH HQ VX DUWtFXOR DIORUD OD SDUWH RFFLGHQWDO
QR VROR FXDQGR FLWD D 7DLQH .D\VHU 'UHLVHU R /H *XHUQ VLQR WDPELpQ
FXDQGR DSOLFD FRQFHSWRV GH .ULVWHYD \ VREUH WRGR FXDQGR VX GLVFXUVR VH
UHYHOD SRVHUR ILQJLGR \ VHJUHJDFLRQLVWD


0L FRPHQWDULR DO OLEUR GH -XDQ =HYDOORV SXEOLFDGR HQ HO VXSOHPHQWR
FXOWXUDO ,GHQWLGDGHV GHO GLDULR RILFLDO (O 3HUXDQR SURYRFy GRV UHVSXHV
WDV WDPELpQ SXEOLFDGDV HQ HO PLVPR VXSOHPHQWR FXOWXUDO /D SULPHUD OH
FRUUHVSRQGH D 0DUFR 7KRPDV %RVVKDUG TXLHQ HQ VX DUWtFXOR /RV HVWXGLRV
VXEDOWHUQRV DSOLFDGRV DO 3HU~ GLFH TXH WRGDYtD KD\ SUHMXLFLRV FRQWUD ORV
HVWXGLRV VXEDOWHUQRV \ SRU OR WDQWR GHILHQGH VX DSOLFDFLyQ HQ OR TXH
GHQRPLQD PRQRJUDItD GH =HYDOORV +DJR QRWDU DTXt FRPR VH QRWD HQ
HVWH WH[WR TXH QR HVWR\ HQ FRQWUD GH OD DSOLFDFLyQ GH ORV (VWXGLRV 6XEDO
WHUQRV HQ ORV HVWXGLRV VREUH HO %7 /D VHJXQGD UHVSXHVWD IXH HVFULWD SRU
-XDQ =HYDOORV TXLHQ SXEOLFy HO DUWtFXOR ,QGLJHQLVPR (VWpWLFD \ 3ROtWLFD
HQ HO TXH VRVWLHQH YDULDV LGHDV LQWHUHVDQWHV TXH KDFHQ HYLGHQWH OD PHQWD
OLGDG VXEDOWHUQD GH DOJXLHQ TXH WUDEDMD FRQ \ GHVGH ORV (VWXGLRV 6XEDOWHU
QRV /D SULPHUD KDFH DOXVLyQ DO OXJDU GH HQXQFLDFLyQ (Q HIHFWR 'RULDQ
(VSH]~D GLFH =HYDOORV KDEOD \ OHH GHVGH OD 8QLYHUVLGDG 1DFLRQDO 0D\RU
GH 6DQ 0DUFRV \ GHVGH OD 8QLYHUVLGDG 1DFLRQDO )HGHULFR 9LOODUUHDO GH
/LPD GHVGH ORV HVWXGLRV OLWHUDULRV GHVGH XQ RUJXOOR UHJLRQDO SXQHxR TXH
GHILHQGH D OD PD\RU ILJXUD GHO SDUQDVR ODFXVWUH FRQ FLHUWR SUXULWR ILOROy
JLFR GHVGH OD SUHRFXSDFLyQ SRU ORV GHWDOOHV \ OD HYLGHQFLDFLyQ GH HUURUHV
\ OLPLWDFLRQHV TXH VXJLHUHQ IDOWD GH ULJRU H LPSURYLVDFLyQ HQ OD LQYHVWLJD
FLyQ \ HO PDQHMR GH ORV GDWRV (Q FDPELR GLFH =HYDOORV 0DUFR 7KRPDV
%RVVKDUG KDEOD GHVGH OD 8QLYHUVLGDG /LEUH GH %HUOtQ GHVGH VX IRUPDFLyQ
GH ILOyVRIR TXH KDFH VX FDUUHUD HQ$OHPDQLD GHVGH OD EXHQD DFHSWDFLyQ
GHVGHVXFRQFRUGDQFLDFRQODVOHFWXUDVGHORVFLHQWtILFRVVRFLDOHVTXHQRVH
ILMDQ HQ ORV GHWDOOHV R KHFKRV SRFR VLJQLILFDWLYRV TXH SUHRFXSDQ D
'RULDQ (VSH]~D $FDVR VH VXJXLHUH FRQ HVWR TXH SHQVDU OHHU R KDEODU
GHVGH HO 3HU~ R GHVGH 3XQR HV PHQRV LPSRUWDQWH TXH KDEODU GHVGH$OHPD
QLDRORV(VWDGRV8QLGRV"/DVHJXQGDLGHDVXJHULGDTXHVHFRQWUDSRQHDOR
TXH OHt HQ VX OLEUR VRVWLHQH TXH HO LQGLJHQLVPR SROtWLFR HV XQD IDFHWD
VHSDUDGD GHO LQGLJHQLVPR OLWHUDULR HQ HO FDVR GHO %7 \ TXH ORV HVWXGLRV
VREUH HO %7 VRVOD\DQ OD GLPHQVLyQ SROtWLFD GHO LQGLJHQLVPR<R LJXDO TXH
9LFK R /ySH] /HQFL QR FUHR TXH OR HVWpWLFR \ OR SROtWLFR VHDQ GRV GLVFXU
VRV VHSDUDGRV HQ HO FDVR GH ORV WH[WRV SXEOLFDGRV HQ HO %7 FRPR WDPSRFR
FUHR TXH OD SURSXHVWD GHO %7 VHD OD GH XQD PRGHUQLGDG DOWHUQDWLYD



&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND


(Q XQ OLEUR FDUHQWH GH ULJXURVLGDG DFDGpPLFD TXH KD VLGR GXUDPHQWH FULWL
FDGR SRU 0LJXHO QJHO +XDPiQ   -RUJH )OyUH]\EDU VLJXH VRVWH
QLHQGR LQJHQXDPHQWH TXH ORV Q~PHURV GHO %7 VRQ  FXDQGR HVFULEH
)XHURQ  Q~PHURV FDQMHDGRV \ GLVWULEXLGRV SRU WRGD$PpULFD (V EXHQR
DFODUDUTXHHO~OWLPRQ~PHURHVHOSHURVHUHSLWHQGRVHGLFLRQHVFRQHO
Q~PHUR  DJRVWR   \ GLFLHPEUH      'H QLQJ~Q
PRGRVHSXHGHVRVWHQHUTXHHOQ~PHURHVHO\TXHHOHVHO\DVt
VXFHVLYDPHQWH1RHVVHULRFDPELDUDUELWUDULDPHQWHODQXPHUDFLyQURPiQLFD
FRUUHVSRQGLHQWH DO VHJXQGR SHULRGR GHO %7 &\QWKLD 9LFK KD UHVXHOWR ELHQ
HVWD FRQWURYHUVLD HQ WRUQR DO Q~PHUR  GHO %7 FXDQGR VRVWLHQH TXH KD\
XQ Q~PHUR  \ RWUR Q~PHUR % (OOD HVFULEH HQ QRWD DO SLH GH SiJLQD
Q~PHUR  GHO FDStWXOR , GH VX OLEUR +H GHFLGLGR LGHQWLILFDU GH HVWD
PDQHUD D HVWH Q~PHUR >%@ \D TXH H[LVWHQ GRV HGLFLRQHV GLVWLQWDV GHO
Q~PHUR  GHO %ROHWtQ OD GH DJRVWR GH  D OD TXH OODPDUp VLPSOHPHQ
WH   \ OD GH GLFLHPEUH GHO PLVPR DxR %  TXH HV OD TXH VLJXH
LQPHGLDWDPHQWH GHVSXpV GH XQD LQWHUUXSFLyQ GH WUHV PHVHV /DV FDXVDV GH
HVWD LQWHUUXSFLyQ PH VRQ GHVFRQRFLGDV    (Q UHVXPHQ KD\ 
Q~PHURV TXH GHEHQ VHU UHVSHWDGRV \ GRV HGLFLRQHV GHO Q~PHUR 

(Q PXFKRV GH PLV HVFULWRV KH SXHVWR UHSDURV D OD XWLOL]DFLyQ GH OD SDODEUD
VXMHWR SRU VX FRQQRWDFLyQ GHVKXPDQL]DQWH \ VX IXHUWH YtQFXOR FRQ OR
GLVFXUVLYR

(Q XQ OLEULWR LQWHUHVDQWH WLWXODGR &KXUDWD 3URIHWD GHO $QGH TXH QR
GHMD GH FDHU HQ HUURUHV LQJHQXRV FRPR HO GH FRQVLGHUDU D FDVL  WRGRV ORV
FRODERUDGRUHV GHO *UXSR 2UNRSDWD FRPR LQWHJUDQWHV GHO PLVPR 5HQp
&DOFtQ$QFR KD SODQWHDGR XQD LQWHUHVDQWH SHUR GLVFXWLEOH GLYLVLyQ GH ODV
HWDSDV SRU ODV TXH SDVy OD ODERU GHO *2 $Vt KHPRV SRGLGR LGHQWLILFDU
VHLV HWDSDV /D SULPHUD   OD GH OD SUHSDUDFLyQ KDVWD OD DSDUL
FLyQGHOSURVSHFWRTXHDQXQFLDODVDOLGDGHOOLEUR$QGH/DVHJXQGD 
  OD OLWHUDULD KDVWD OD FRQVWLWXFLyQ GH OD &RPSDxtD 7HDWUDO 2UNRSDWD
/D WHUFHUD   OD OLWHUDULD >VLF@ \ DUWtVWLFD KDVWD HO SULPHU
WUDPR GHO %ROHWtQ 7LWLNDND /D FXDUWD   OD SHULRGtVWLFD KDVWD
HO 1  GHO %ROHWtQ 7LWLNDND /D TXLQWD   OD GHO UHIORWH KDVWD
OD UHQXQFLD GH *DPDOLHO &KXUDWD FRPR ELEOLRWHFDULR /D VH[WD 
  GH OD GLVSHUVLyQ KDVWD HO H[LOLR GH *DPDOLHO &KXUDWD  

  7DPELpQ OD ELEOLRJUDItD VREUH $OHMDQGUR 3HUDOWD VH KD LQFUHPHQWDGR


VXVWDQWLYDPHQWH HQ ORV ~OWLPRV DxRV &RQPHPRUDQGR ORV  DxRV GH OD
SXEOLFDFLyQ GH $QGH   OD 8QLYHUVLGDG 1DFLRQDO GHO$OWLSODQR KD
UHHGLWDGR GLFKR SRHPDULR FRQ XQD IDOWD GH FULWHULR SURSLD GH OD LJQRUDQFLD
\ OD HJRODWUtD (Q HIHFWR OD UHHGLFLyQ TXH FXHQWD FRQ  DVHVRUHV HQ HO
FRQVHMR HGLWRULDO  PLHPEURV GHO FRQVHMR FRQVXOWLYR \  HGLWRU D TXLHQHV
KDEUtD TXH GHQXQFLDU SRU QHJOLJHQFLD R FRPSDGHFHU SRU VX PLRStD  QR
UHVSHWD HO IRUPDWR RULJLQDO FXDQGR FDPELD ORV FRORUHV GH OD WDSD \ HQFLPD
OHDJUHJDHQODSDUWHLQIHULRUHQFLQWDD]XO\FRQOHWUDVGRUDGDVHOQRPEUH
GH OD XQLYHUVLGDG FRQ HO WH[WR  DxRV GH VX FUHDFLyQ \  DxRV GH VX



&H/H+LV

'RULDQ(VSH]~D6DOPyQ
UHDSHUWXUD (V TXH VH KD SHUGLGR OD FDEH]D"$GHPiV VH OH KD DJUHJDGR
XQD IRWR GH ORV HPSOHDGRV GH OD &DMD GH 5HFDXGDFLyQ KR\ %DQFR GH OD
1DFLyQ  GRQGH VH UHVDOWD OD SURSLHGDG GH -RUJH 0ROLQD TXH QR WLHQH QDGD
TXH YHU FRQ HO SRHPDULR XQD IRWR DO ILQDO GRQGH DSDUHFHQ$OHMDQGUR \
$UWXUR 3HUDOWD FRPR XQ DJUHJDGR TXH GH QLQJ~Q PRGR KXELHUD VLGR DGPL
WLGR SRU *DPDOLHO &KXUDWD GRQGH WDPELpQ VH UHVDOWD OD SURSLHGDG GH 5HQp
&DOVtQ$QFR XQD SUHVHQWDFLyQ DEVROXWDPHQWH SUHVFLQGLEOH GHO LQJHQLHUR
1pVWRU &ROODQWHV MHIH GH OD 2ILFLQD 8QLYHUVLWDULD GH 3UR\HFFLyQ \ ([WHQ
VLyQ6RFLDOGHODXQLYHUVLGDGTXHSDUHFHTXHQRWLHQHLGHDGHODLPSRUWDQFLD
GHXQDEXHQDHGLFLyQ\XQDQRWDTXHOHGHEHUtDFDXVDUYHUJHQ]DDOHGLWRU
PDQLSXODGRU-RVp/XLV9HOiVTXH]*DUDPEHOSRUTXHKDFHHYLGHQWHXQDGpELO
IRUPDFLyQ DFDGpPLFD TXH VH PXHVWUD HQ OD FLWDFLyQ GH WRGR \ GH QDGD
GHMDQGR D XQ ODGR HO FRPHQWDULR VREUH HO SRHPDULR TXH VXSRQJR HV OR TXH
TXHUtD KDFHU (V LQFUHtEOH SHUR FLHUWR TXH DKRUD WHQJDPRV XQD HGLFLyQ GH
$QGH FRQ YDULRV SDUDWH[WRV DGLFLRQDOHV DEVROXWDPHQWH SUHVFLQGLEOHV
7RWDOPHQWH FRQWUDULD HV OD H[FHOHQWH HGLFLyQ IDFVLPLODU GH $QGH  (O
.ROODR KHFKD SRU OD 3RQWLILFLD 8QLYHUVLGDG &DWyOLFD GHO 3HU~ WDPELpQ HQ
HO  (VWD ~OWLPD HGLFLyQ FRQWy FRQ HO FXLGDGR GH GRV HQWHQGLGRV HQ OD
PDWHULD 5LFDUGR 6LOYD6DQWLVWHEDQ \ /XLV )HUQDQGR &KXHFD (O SULPHUR
WDO YH] HO PHMRU HGLWRU GHO 3HU~ FXLGy TXH ORV WH[WRV QR IXHUDQ PDQLSXOD
GRV GH PDQHUD TXH VH UHVSHWH VX LQWHJULGDG \ RULJLQDOLGDG \ HO VHJXQGR
UHGDFWy XQD LPSUHVFLQGLEOH SUHVHQWDFLyQ GH OD HGLFLyQ SRU OD ULTXH]D \
FODULGDGGHVXFRQWHQLGRHQODTXHVHUHYLVDQORVHVWXGLRVVREUHODSRHVtDGH
$OHMDQGUR 3HUDOWD KHFKRV KDVWD HO PRPHQWR

%LEOLRJUDItD
$380$5.$   5HYLVWD GH DUWH \ OLWHUDWXUD 1  3XQR
$UDPD\R 2PDU   (O SH] GH RUR /D %LEOLD GHO LQGLJHQLVPR 3XQR
(GLFLyQ PLPHRJUDILDGD
$\DOD -RVp /XLV %DGLQL 5LFDUGR \ &KXUDWD *DPDOLHO   6LPERORJtD GH
(O SH] GH RUR /LPD (GLWRULDO 6DQ 0DUFRV
%RVVKDUG0DUFR7KRPDV  /RVHVWXGLRVVXEDOWHUQRVDSOLFDGRVDO3HU~
,GHQWLGDGHV$xR  1    /LPD
&iFHUHV 0RQUR\ -XDQ /XLV   7UHV UHSUHVHQWDQWHV GHO LQGLJHQLVPR HQ
3XQR 3XQR 7HVLV 816$&
&DOFtQ $QFR 5HQp   &KXUDWD 3URIHWD GHO $QGH 3XQR %LEOLRWHFD
3RSXODU 7UDQVSDUHQFLD
&DOOR &XQR 'DQWH   %ROHWtQ 7LWLNDND HGLFLyQ IDFVLPLODU $UHTXLSD
816$



&H/H+LV

9DQJXDUGLVPRDQGLQRHQHO%ROHWtQ7LWLNDND
(VFDMDGLOOR 7RPiV   /D QDUUDWLYD LQGLJHQLVWD SHUXDQD /LPD$PDUX
(GLWRUHV
(VSH]~D 6DOPyQ 'RULDQ   (QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD
ODFDQLDQD GHO GLVFXUVR LQGLJHQLVWD /LPD 81)9
   +RPLOtD GHO .KRUL &KDOOZD R &yPR
SXHGH KDEHU XQ LQGLR TXH QR KDEOH" 
    $SRUWHV \ HTXtYRFRV GH OD FUtWLFD$ SURSy
VLWR GHO %ROHWtQ 7LWLNDND ,GHQWLGDGHV $xR  1    /LPD
)OyUH]\EDU-RUJH  /LWHUDWXUD\YLROHQFLDHQORV$QGHV/LPD$UWHLGHD
(GLWRUHV
    ,QWHUSUHWDFLyQ HSLVWHPROyJLFD GHO \R SRpWLFR HQ
OD REUD GH$OHMDQGUR 3HUDOWD (O $QWRQLDQR 1   &X]FR
    $QWHFHGHQWHV LQGLJHQLVWDV GHO *UXSR 2UNRSDWD
$SXPDUND 1   3XQR
,QVWLWXWR 3XQHxR GH &XOWXUD   *DPDOLHO &KXUDWD $QWRORJtD \ YDORUD
FLyQ /LPD HGLWRULDO 0LQHUYD
*DUFtD%HGR\D &DUORV   =HYDOORV$JXLODU 8OLVHV -XDQ ,QGLJHQLVPR \
QDFLyQ /RV UHWRV GH OD VXEDOWHUQLGDG D\PDUD \ TXHFKXD HQ HO %ROHWtQ
7LWLNDND   /LPD ,QVWLWXWR )UDQFpV GH (VWXGLRV $QGLQRV 
)RQGR (GLWRULDO GHO %DQFR &HQWUDO GH 5HVHUYD GHO 3HU~  5HYLVWD GH
&UtWLFD /LWHUDULD /DWLQRDPHULFDQD 1   %HUNHOH\
*RQ]iOH] 9LJLO 5LFDUGR   6XUUHDOLVPR \ FXOWXUD DQGLQD /D RSFLyQ GH
*DPDOLHO &KXUDWD $YDWDUHV GHO VXUUHDOLVPR HQ HO 3HU~ SS   
/LPD
+XDPiQ 0LJXHO QJHO   )URQWHUDV GH OD HVFULWXUD 'LVFXUVR \ XWRStD
HQ &KXUDWD /LPD (GLWRULDO +RUL]RQWH
+XDPiQ 0LJXHO QJHO   1DUUDWLYD$QGLQD R 1DUUDWLYD &ULROOD" /RV
ULHVJRV GH OD GLV\XQWLYD 6DQ 0DUFRV 1   /LPD
/ySH] /HQFL <D]PtQ   (O /DERUDWRULR GH OD 9DQJXDUGLD /LWHUDULD HQ
HO 3HU~ /LPD (GLWRULDO +RUL]RQWH
3DQWLJRVR 0DQXHO   (O XOWUDRUELFLVPR HQ HO SHQVDPLHQWR GH *DPDOLHO
&KXUDWD /LPD 8QLYHUVLGDG 5LFDUGR 3DOPD
3HUDOWD$OHMDQGUR >@   $QGH 3XQR 7DOOHUHV GH OD (GLWRULDO 8QL
YHUVLWDULD 285$81$3
 >@ >@   $QGH(O .ROODR /LPD 38&3
5pQLTXH -RVp /XLV   /D EDWDOOD SRU 3XQR FRQIOLFWR DJUDULR \ QDFLyQ
HQ ORV $QGHV SHUXDQRV  /LPD ,(3



&H/H+LV

'RULDQ(VSH]~D6DOPyQ
5RGUtJXH] 5HD 0LJXHO QJHO   *XtD GHO %ROHWtQ 7LWLNDND +XHVR
+~PHUR 1   /LPD
7DPD\R +HUUHUD -RVp   +LVWRULD VRFLDO H LQGLJHQLVPR HQ HO DOWLSODQR
/LPD (GLFLRQHV 7UHLQWDLWUHV
7RUG /XLV (QULTXH   (O LQGLR HQ ORV HQVD\LVWDV SHUXDQRV 
/LPD (GLWRULDOHV 8QLGDV 6$
8VDQGL]DJD +HOHQD   /D SDODEUD UHFXSHUDGD 0LWRV SUHKLVSiQLFRV HQ
OD OLWHUDWXUD ODWLQRDPHULFDQD 0DGULG ,EHURDPHULFDQD  9HUYXHUW
   ,UUDGLDFLyQ VHPiQWLFD GH ORV PLWRV DQGLQRV HQ
(O SH] GH RUR GH *DPDOLHO &KXUDWD (Q 8VDQGL]DJD +HOHQD HGLWRUD 
  
9LFK &\QWKLD   ,QGLJHQLVPR GH 9DQJXDUGLD HQ HO 3HU~ /LPD 38&3
:LVH'DYLG  9DQJXDUGLVPRDPHWURV(OFDVRGHO%ROHWtQ7LWLNDND
3XQR   5HYLVWD GH &UtWLFD /LWHUDULD /DWLQRDPHULFDQD 1
  /LPD
=HYDOORV$JXLODU 8OLVHV -XDQ   ,QGLJHQLVPR \ QDFLyQ /RV UHWRV D OD
UHSUHVHQWDFLyQ GH OD VXEDOWHUQLGDG D\PDUD \ TXHFKXD HQ HO %ROHWtQ
7LWLNDND   /LPD ,)($%&53
=HYDOORV$JXLODU 8OLVHV -XDQ   ,QGLJHQLVPR (VWpWLFD \ 3ROtWLFD
,GHQWLGDGHV $xR  1    /LPD



&H/H+LV

Вам также может понравиться