0,&+(/&+,21

&2026((6&5,%(81*8,1

7tWXORRULJLQDOGHODREUDeFULUHXQVFpQDULR
7UDGXFFLyQGH'RORUHV-LPpQH]3OD]D
(VFDQHDGRSRU$QHOIHU
&RUUHJLGRSRU/HWLFLD4XDJOLDUR\$QHOIHU
'LFLHPEUH

,6%1

3UyORJR


(Q  %HQHGLFWH 3XSSLQFN GHO ,1$ QRV SURSXVR FRQWULEXLU D VX LQYHVWLJDFLyQ FRQ
YLVWDV D FUHDU XQD GLGiFWLFD GHO JXLyQ TXH VH KD LQLFLDGR GHVGH HQWRQFHV 'H QXHVWUD
DSRUWDFLyQSHUVRQDO\JUDFLDVDVXFRQILDQ]DKDVXUJLGRHOSUHVHQWHOLEUR
(VWH WLSR GH HQVHxDQ]D HV HQ )UDQFLD XQD QRYHGDG UHODWLYD 0XFKRV GLFHQ TXH HO
JXLyQ QR VH SXHGH HQVHxDU \ WLHQHQ UD]yQ HQ FXDQWR D SULQFLSLRV VH UHILHUH (V FLHUWR
TXH ORV EXHQRV JXLRQHV QR VXUJHQ SRU JHQHUDFLyQ HVSRQWiQHD QDFHQ HQ JHQHUDO GH
FLHUWD SURIHVLRQDOLGDG R GH OD LQWXLFLyQ GH FLHUWDV OH\HV TXH VH GHFLGH UHVSHWDU R
LJQRUDU (VWD SURIHVLRQDOLGDG HVWD PLVPD LQWXLFLyQ VH DGTXLHUHQ HQ JUDQ PHGLGD SRU
OD H[SHULHQFLD \ XQ SRFR SRU HO HVWXGLR 8Q HVWXGLR DO TXH TXLVLHUD FRQWULEXLU OD
SUHVHQWHREUD
(Q XQ SULQFLSLR VH WUDWDED VLPSOHPHQWH GH GDU D FRQRFHU DOJXQRV PDQXDOHV
DQJORVDMRQHV DTXHOORV PDQXDOHV FX\D DPELFLyQ SUiFWLFD FyPR HVFULELU VX JXLyQ HQ
YHLQWHOHFFLRQHVVXVFLWDHQQXHVWURVFRPSDWULRWDVHVDPH]FODGHVDWLVIDFFLyQHLURQtD
WDQ FDUDFWHUtVWLFD GH VX UHODFLyQ FRQ OD FXOWXUD DPHULFDQD /D OLVWD GH HVRV PDQXDOHV
FX\RQ~PHURVHKDOLPLWDGRDOILQDODVLHWHVH GDDFRQRFHUDOSULQFLSLRGHODVHJXQGD
SDUWH VH FLWDQ H[WHQVDPHQWH HQ HVWH OLEUR \ VH DQDOL]DQ XQR SRU XQR HQ OD
ELEOLRJUDItD 3RU VXSXHVWR OHV GHEHPRV PXFKR DXQTXH HVWH WUDEDMR VH KD\D DPSOLDGR
GHVSXpV DxDGLpQGROH DQRWDFLRQHV PiV SHUVRQDOHV LQYHVWLJDFLRQHV PiV DPSOLDV
HQULTXHFLpQGROR FRQ HO HVWXGLR GH FXDWUR JXLRQHV GH SHOtFXODV FOiVLFDV WRPDGDV FRPR
PRGHORVYLYRV\UHVHUYDGHHMHPSORV
'HVGH HO SULQFLSLR WHQtDPRV VREUH HO WHPD XQD LGHD SUHFRQFHELGD TXH KHPRV
FRQVHUYDGR KDVWD HO ILQDO 3RU TXp QR" %DVWD FRQ GHFLUOR 'LFKD LGHD SUHFRQFHELGD HV
TXH ODV KLVWRULDV GHFLGLGDPHQWH VLHPSUH VRQ ODV PLVPDV (V WDQ FLHUWR FRPR
GHSULPHQWHSHURDQRVRWURVHVWRQRVDOHJUDUtDPiVELHQFRQVLGHUDQGRHOKHFKRFRPR
HO VtQWRPD GH XQD VROLGDULGDG KXPDQD D WUDYpV GHO WLHPSR \ GHO HVSDFLR 1RV JXVWDQ
ODV KLVWRULDV FRPR OHV JXVWDQ D ORV QLxRV SRU OD UHSHWLFLyQ \ SRU SRFR HVWDUtDPRV
GLVSXHVWRVDQHJDUODSRVLELOLGDGGHQXHYDVKLVWRULDVDXQTXHIXHVHQFRQODVWpFQLFDV
PiV QXHYDV SXHV VL pVWR IXHUD SRVLEOH GHVGH KDFH PXFKR WLHPSR HO GLEXMR DQLPDGR
QRV

KDEUtD

WUDtGR

HVWDV

QXHYDV

KLVWRULDV

(Q

FDPELR

OR

TXH

SHUPDQHFH

LQGHILQLGDPHQWH DELHUWR \ UHQRYDEOH HV HO DUWH GH OD QDUUDFLyQ HO DUWH GHO FXHQWR GHO
TXHHODUWHGHOJXLRQLVWDQRHVPiVTXHXQDDSOLFDFLyQSDUWLFXODUSHQVDGDSDUDHOFLQH
(VWH HV HO PRWLYR SRU HO TXH QR GXGDPRV HQ SURSRQHU D ORV DVSLUDQWHV R JXLRQLVWDV
DSUHQGLFHV GH KR\ FXDWUR SHOtFXODV WRPDGDV GH FXDWUR pSRFDV GLIHUHQWHV GHO FLQH (O
WHVWDPHQWR GHO 'RFWRU 0DEXVH  7HQHU \ QR WHQHU  (O ,QWHQGHQWH 6DQVKR
 3DXOLQH HQ OD SOD\D  SURFHGHQWHV GH FXDWUR SDtVHV WDQ GLIHUHQWHV GH
)UDQFLD FRPR VRQ (VWDGRV 8QLGRV $OHPDQLD \ -DSyQ &UHHPRV TXH VRQ HMHPSORV
DFWXDOHV\YLYRVHQVXVHUURUHVPLVPRVHQVXVLUUHJXODULGDGHV\HQORVSUREOHPDVGH
VX JpQHVLV 6H HVWXGLDQ D JUDQGHV UDVJRV \ HQ VXV PHQRUHV GHWDOOHV HQ VXV JUDQGHV
WHPDVSHURWDPELpQHQVXVPtQLPRVSURFHGLPLHQWRV
7RGD QDUUDFLyQ VH EDVD HQ HIHFWR QR VREUH LGHDV VLQR VREUH WUXFRV SURFHGLPLHQWRV
SUiFWLFRVGHDKtHOFDUiFWHUGHFRQIXVLyQTXHQRSXHGHGHMDUGHWHQHUXQPDQXDOFRPR
pVWH SHUR DFDVR XQ WUDWDGR GH FRPSRVLFLyQ PXVLFDO HV GLIHUHQWH GH XQD WLHQGD GH
XVRV\SURFHGLPLHQWRV"<VyORDSDUWLUGHOPRPHQWRHQTXHXQJXLyQIXQFLRQDHQXQD
SHOtFXOD HQ OD TXH YLYH \ UHVSLUD HV FXDQGR HO SURFHGLPLHQWR VH KDFH H[SUHVLyQ

SRHVtD 4Xp LPSRUWD HQWRQFHV VL HQ XQ SULQFLSLR QR HUD PiV TXH XQ FRPRGtQ
GUDPiWLFR R XQD DVWXFLD LQFRQIHVDEOH GH QDUUDFLyQ 'HO PLVPR PRGR ORV PiV EHOORV
KDOOD]JRV \ DFLHUWRV GH SRHWDV KDQ SRGLGR QDFHU DO FRQWDFWR GH OD QHFHVLGDG GH
HQFRQWUDUXQDULPDRGHUHXQLUFLHUWRQ~PHURGHVtODEDV3RUHVWHPRWLYRHVWHOLEURQR
HV MHUiUTXLFR QHJiQGRVH D KDFHU XQD VHOHFFLyQ HQWUH ORV WUXFRV PRGHVWRV \ ODV LGHDV
JHQHUDOHV
'HO PLVPR PRGR VH QLHJD D VHU QRUPDWLYR \ TXLHUH UHFRUGDU MXQWR DO SRGHU GH ORV
EXHQRV PRGHORV OD VHGXFFLyQ GHO PDO HMHPSOR OD LQGROHQFLD UHODMDGD GH 7HQHU \ QR
WHQHURHOIUHQHVtIROOHWLQHVFRGHO7HVWDPHQWRGHO'RFWRU0DEXVH6LQHPEDUJRQRKD\
PLODJUR HVWDV GRV SHOtFXODV KDQ SXHVWR DO VHUYLFLR GH VXV LUUHJXODULGDGHV \ GH VXV
GHIHFWRV XQ SURIHVLRQDOLVPR LUUHSURFKDEOH SRU QR GHFLU PiV DFWRUHV UHDOL]DFLyQ
HWF
4XL]iVDOJXLHQVHH[WUDxHDOQRHQFRQWUDUHQHVWHOLEURFRQVHMRVSDUDYHQGHUXQJXLyQ
3RFRFUHHPRVHQ HVWR HQ)UDQFLDHOJXLyQQR HVPiVTXHXQHOHPHQWRHQWUH RWURV\
QR QHFHVDULDPHQWH HO PiV LPSRUWDQWH FXDQGR VH GHFLGH PRQWDU XQD SHOtFXOD
(QWRQFHV SDUD TXp XQD REUD GH HVWH WLSR" 3DUD D\XGDU D KDFHU PHMRUHV JXLRQHV
VHQFLOODPHQWH 4XH HVWRV JXLRQHV VHDQ PiV YHQGLEOHV LSVR IDFWR HV OR TXH TXHUUtDQ
KDFHUQRV FUHHU OR TXH GDUtD WHVWLPRQLR GH XQD MXVWLFLD LQPDQHQWH SHUR QR
FRUUHVSRQGHUtD PXFKR D OD UHDOLGDG /DV SHOtFXODV FRQ PD\RU p[LWR QR WLHQHQ
IRU]RVDPHQWH EXHQRV JXLRQHV DOJXQDV LQFOXVR WLHQHQ XQ JXLyQ SDUWLFXODUPHQWH
QHJOLJHQWH \ GHVFXLGDGR VH KDFHQ FRQ HO S~EOLFR JUDFLDV D OD SUHVHQFLD GH XQ EXHQ
DFWRU DO DVSHFWR FDQGHQWH GH XQ WHPD OD FDOLGDG GHO ULWPR GH XQD UHDOL]DFLyQ OD
IUHVFXUDGHXQORRN4XL]iVPiVDGHODQWHVHDQPHQRVDSDVLRQDQWHVGHYROYHUDYHU
TXH RWUDV SHOtFXODV PHMRU HVFULWDV SHUR  PLHQWUDV WDQWR IXQFLRQDQ 3RU HVWH
PRWLYRVRPRVHVFpSWLFRVHQFXDQWRDODVXSXHVWDGHPDQGDGHEXHQRVJXLRQHVHQHO
FLQH IUDQFpV DO PHQRV SRU SDUWH GH ORV SURGXFWRUHV H LQFOXVR GH ORV UHDOL]DGRUHV 6LQ
HPEDUJR SUHFLVDPHQWH SRUTXH WRGR HO PXQGR VLHQWH XQD FDUHQFLD HQ HVWH FDPSR HV
SRUORTXHXQOLEURFRPRpVWHKDSRGLGRQDFHU\VHUSXEOLFDGRFRQRWURV
&RQVLGHUDRVSXHVDYLVDGRVHVWHPDQXDOVHYHQGHVLQODJDUDQWtDGHJXLyQDFHSWDGR
R OLEUR GHYXHOWR (O JXLyQ SUHIDEULFDGR SDUD DJUDGDU D ORV SURGXFWRUHV R D XQD
FRPLVLyQQRH[LVWH&RVDTXHHVHQFLHUWRVHQWLGRPiVELHQUHFRQIRUWDQWH
1RVIDOWDGDUODVLQVWUXFFLRQHVGHXVRGHHVWHOLEURGLYLGLGRHQGRVJUDQGHVSDUWHV
6H DEUH FRQ HO HVWXGLR GH FXDWUR SHOtFXODV FRQVLGHUDGDV FOiVLFDV SHUR TXH VRQ VREUH
WRGRUHSUHVHQWDWLYDVGHFXDWURFODVHVGHJXLRQHVWtSLFRV
3DXOLQH HQ OD SOD\D HVFULWD \ UHDOL]DGD SRU (ULF 5RKPHU HV XQD FRPHGLD VHQWLPHQWDO
OLJHUD FRQ HVWUXFWXUD PX\ SXUD WUHV FKLFDV WUHV FKLFRV YDFDFLRQHV \ SUREOHPDV
VHQWLPHQWDOHV
$ WUDYpV GHO FDVR GH 7HQHU \ QR WHQHU UHDOL]DGD SRU +RZDUG +DZNV FRQ XQ JXLyQ GH
-XOHV)XUWKPDQ\:LOOLDP)DXONQHUVHJ~QXQDQRYHODGH(UQHVW+HPLQJZD\VHSXHGHQ
UHFRQRFHU SRU XQD SDUWH ODV ILJXUDV WtSLFDV GHO FLQH QRYHOHVFR KROO\ZRRGLDQR \ SRU
RWUDSDUWHFLHUWRVSUREOHPDVTXHSODQWHDFXDOTXLHUDGDSWDFLyQGHXQOLEUR
(O WHVWDPHQWR GHO 'RFWRU 0DEXVH UHDOL]DGD SRU )ULW] /DQJ FRQ XQ JXLyQ GHO PLVPR \
GH 7KHD YRQ +DUERX HV HO JXLyQ FRQ UHODQ]DPLHQWRV GH OD DFFLyQ SRU H[FHOHQFLD FRQ
HVFHQDV

IUDJPHQWDGDV

SHUVRQDMHV

PX\

VRPHUDPHQWH

GLEXMDGRV

PiV

ELHQ

UHSUHVHQWDQWHV GH LGHDV HO 0DO OD /H\ EDVDGR HQ OD DFXPXODFLyQ GH SHULSHFLDV

SHUVHFXFLRQHV KDELWDFLRQHV VHFUHWDV PiTXLQDV LQIHUQDOHV GHVDSDULFLRQHV \ HVWR D

YHFHVDFRVWDGHODOyJLFD
3RU ILQ (O ,QWHQGHQWH 6DQVKR XQD SHOtFXOD MDSRQHVD GH  UHSUHVHQWD SDUD
QRVRWURVODHVHQFLDPiVSXUDGHOPHORGUDPDHQHOVHQWLGRPiVEHOORGHODSDODEUD\
DKt KDEUtD TXH ROYLGDU KDVWD HO PHQRU H[RWLVPR SDUD VDEHU HQFRQWUDU HQ HOOD QR VyOR
UHVRUWHV XQLYHUVDOHV VLQR WDPELpQ XQ HMHPSOR PX\ EHOOR GH GRPLQLR GUDPiWLFR (V XQ
ILOP GH .HQML 0L]RJXFKL FRQ XQ JXLyQ GH <RVKLNDWD <RGD UHYLVDGR FRQ VXPD DWHQFLyQ
SRUHOUHDOL]DGRUDSDUWLUGHXQDQRYHODFRUWDGH2JDL0RUL
3DUD FDGD XQD GH ODV FXDWUR SHOtFXODV VH GD SULPHUR XQ UHVXPHQ EUHYH GH OD KLVWRULD
VLQRSVLV OXHJR XQ HVWXGLR D OD YH] KLVWyULFR \ DQDOtWLFR TXH SRQH GH UHOLHYH VX
LQWHUpV SDUD HO DSUHQGL]DMH GHO JXLyQ DO WLHPSR TXH FXHQWD VX JpQHVLV LJXDOPHQWH
LQWHUHVDQWHSXHVODPD\RUtDGHORVJXLRQHVHVWiQVRPHWLGRVDQRUPDV"HVSHFtILFDV
< SRU ILQ SDUD DTXHOORV TXH TXLHUDQ HVWXGLDUORV PiV GH FHUFD VH GD XQ UHVXPHQ
GHWDOODGR HVSHFLH GH WUDWDPLHQWR HQ HO VHQWLGR DPHULFDQR FRQ OD OLVWD GH HVFHQDV
SHUVRQDMHV HWF 3UHFLVHPRV TXH ORV WH[WRV GH ODV VLQRSVLV \ GH ORV WUDWDPLHQWRV VRQ
QXHVWURV \ GH HOORV QRV KDFHPRV UHVSRQVDEOHV \ TXH QR VRQ FRSLDGRV GH WH[WRV
SUHH[LVWHQWHV6XUHGDFFLyQQRVKDHQIUHQWDGRDOPX\GHOLFDGRSUREOHPDGHUHVXPLUXQ
ILOP D JUDQGHV UDVJRV R HQ GHWDOOH (MHUFLFLR WDQ GLItFLO H LQWHUHVDQWH TXH OR
SURSRQHPRVDFXDOTXLHUSHUVRQDFRQGHVHRVGHSHUIHFFLRQDUVHHQODWpFQLFDGHOJXLyQ
TXH LQWHQWH UHVXPLU HQ YDULDV SiJLQDV XQD SHOtFXOD TXH KD\D YLVWR \ FRQIURQWH VX
WUDEDMR FRQ HO GH RWUDV SHUVRQDV VREUH HO PLVPR REMHWR /D H[SHULHQFLD HV PX\
HQULTXHFHGRUD
/DVHJXQGDSDUWH(OJXLRQLVWDWDPELpQWLHQHVXVWpFQLFDVFRUUHVSRQGHDODIRUPDPiV
FOiVLFD GHO PDQXDO DO HVWLOR DPHULFDQR FRQ ODV JUDQGHV UHJODV SURFHGLPLHQWRV
FRQVHMRVHMHPSORVWRPDGRVSULQFLSDOPHQWHGHODVFXDWURSHOtFXODVGHUHIHUHQFLDSHUR
WDPELpQ GH RWUDV PXFKDV 1R GHMDPRV GH UHFRUGDU HO FDUiFWHU UHODWLYR H LQGLFDWLYR GH
HVWRVSURFHGLPLHQWRVGHHVDVUHJODV
3RU ILQ XQD WHUFHUD SDUWH FRQVWLWXLGD SRU XQ FDStWXOR ~QLFR GHVFULEH ODV GLIHUHQWHV
IRUPDV PiV XWLOL]DGDV FRUULHQWHPHQWH GH SUHVHQWDU HO JXLyQ 3RU VXSXHVWR QR HVWi
SURKLELGRFRQFHELURWUDV
1RVTXHGDDKRUDDJUDGHFHUSRUVXYDOLRVDD\XGDHQSULPHUOXJDUDWRGRVDTXHOORVTXH
QRV KHPRV SHUPLWLGR FLWDU DTXt HQ VHJXQGR OXJDU GH PRGR PiV SDUWLFXODU D
%pQpGLFWH 3XSSLQFN \ 'DQLHOOH -DHJJL OD SULPHUD SRU KDEHU VXVFLWDGR \ DSR\DGR HVWH
WUDEDMR OD VHJXQGD SRU KDEHUOR QXWULGR FRQ VX WUDEDMR GH GRFXPHQWDFLyQ SHUVRQDO
OOHYDGRDFDERFRQRFDVLyQGHVXWHVLVGH7HUFHU&LFOR

0LFKHO&KLRQ


35,0(5$3$57(


/$62%5$60$(675$67$0%,e17,(1(1*8,1

&$378/235,0(52


3DXOLQHHQODSOD\D

8QDSHOtFXODGH(ULF5RKPHU
*XLyQRULJLQDOGH(ULF5RKPHUWHUFHUDSHOtFXODGHODVHULH&RPHGLDV\SURYHUELRV
3URGXFFLyQ/HV)LOPVGX/RVDQJHOHV)LOPV$ULDQD3DUtV)UDQFLD
'XUDFLyQPLQXWRV


1RVHQFRQWUDPRVHQ1RUPDQGtDHQODFRVWD(OYHUDQRVHHVWiDFDEDQGRVLQRSVLV
8QDHVWUXFWXUDGHSXUDGD(OJXLyQHVFHQDSRUHVFHQD

126(1&2175$026(11250$1'$(1/$&267$
(/9(5$126((67$$&$%$1'26,1236,6

1RV HQFRQWUDPRV HQ 1RUPDQGtD FHUFD GHO PDU (O YHUDQR VH HVWi DFDEDQGR 0DULRQ
HVWLOLVWD $ULHOOH 'RPEDVOH XQD UXELD JXDSD \ VX SULPD 3DXOLQH $PDQGD /DQJOHW
XQD PRUHQLWD TXH YD WRGDYtD DO ,QVWLWXWR OOHJDQ D VX FDVD GH YHUDQHR GRQGH VH
LQVWDODQ
(QODSOD\D0DULRQVHHQFXHQWUDFRQXQYLHMRDPLJR3LHUUH3DVFDO*UHJJRU\SHUR
DO PLVPR WLHPSR FRQRFH D +HQUL XQ HWQyORJR )pGRU $WNLQH 3LHUUH SURSRQH D
0DULRQ\3DXOLQHFODVHVGHZLQGVXUILQJ+HQULORVLQYLWDDWRGRVDFHQDU
'XUDQWH OD FHQD ORV GRV FKLFRV \ ODV GRV FKLFDV KDEODQ FDGD XQR GH VXV UHVSHFWLYDV
FRQFHSFLRQHVGHODPRUOLEUH\QyPDGDSDUD+HQULTXHHVSDGUHGLYRUFLDGRUHSHQWLQR
\ UHFtSURFR FRPR XQ IOHFKD]R SDUD 0DULRQ SHQGLHQWH GH GLYRUFLR \ TXH KDEOD HQ
WpUPLQRV SUHFLRVLVWDV GH ORV IXHJRV TXH TXLHUH HQFHQGHU SURIXQGR \ GXUDGHUR
EDVDGR HQ OD FRQILDQ]D SDUD 3LHUUH TXH YLYH VROR SRU ILQ SRQGHUDGR \ FLUFXQVSHFWR
SDUD3DXOLQHWRGDYtDPX\MRYHQ
(VDPLVPDQRFKHGXUDQWHXQEDLOH0DULRQVHUHVLVWHD3LHUUHTXHHVWiHQDPRUDGRGH
HOOD GHVGH KDFH WLHPSR \ EDLOD FRQ +HQUL FRQ TXLHQ YXHOYH D FDVD \ SDVD OD QRFKH
(VWR GHVDWDUi HQ 3LHUUH XQRV FHORV VXVSLFDFHV WDQWR PiV FXDQWR 0DULRQ VH GHFODUD
HQDPRUDGDGH+HQUL\FUHHTXHpVWHODDPDFRQORFXUD

8Q SRFR PiV WDUGH 3DXOLQH FRQRFH D XQ FKLFR GH VX HGDG 6\OYDLQ 6LPyQ GH OD
%URVVHFRQHOTXHIOLUWHDLQRFHQWHPHQWH0DULRQFULWLFDODHOHFFLyQGHVXSULPD
8Q GtD TXH 3DXOLQH \ 0DULRQ VH KDQ LGR GH H[FXUVLyQ +HQUL DSURYHFKD SDUD EDxDUVH
FRQXQDYHQGHGRUDGHFDUDPHORV/RXLVHWWH5RVHWWHTXH\DVHOHKDEtDLQVLQXDGR/D
OOHYDDVXFDVDHQFRPSDxtDGH6\OYDLQTXHKDEtDLGRDEDxDUVHFRQHOORV
(O FRFKH GH 0DULRQ OOHJD LQHVSHUDGDPHQWH 6\OYDLQ WLHQH HO WLHPSR MXVWR SDUD DYLVDU D
+HQUL \ /RXLVHWWH TXH HVWDEDQ KDFLHQGR HO DPRU HQ HO SULPHU SLVR HQWRQFHV +HQUL VH
ODV DUUHJOD SDUD KDFHU FUHHU D 0DULRQ TXH /RXLVHWWH HVWDED KDFLHQGR HO DPRU FRQ
6\OYDLQpVWH~OWLPRVHSUHVWDSDVLYDPHQWHDOMXHJR\/RXLVHWWHWDPELpQ
3HUR DQWHV GH OD OOHJDGD GH 0DULRQ 3LHUUH TXH SDVDED SRU GHODQWH GH OD FDVD KD
YLVOXPEUDGR SRU XQD YHQWDQD D /RXLVHWWH UHWR]DQGR FRQ XQ KRPEUH DO TXH
OyJLFDPHQWHKDFUHtGRLGHQWLILFDUFRPR+HQUL
&XDQGR VH OR FXHQWD D 0DULRQ pVWD VRQUtH \ OR SRQH DO FRUULHQWH GH OR TXH FUHH VHU OD
YHUGDGQRHUD+HQULVLQR6\OYDLQ
3DXOLQD VH SUHRFXSD SRUTXH \D QR YH D 6\OYDLQ 3LHUUH TXH QR TXLHUH TXH VH
HQWULVWH]FDSRUXQDPDQWHLQILHOOHFXHQWDODKLVWRULDGH6\OYDLQ\/RXLVHWWHTXH+HQUL
\0DULRQKDEtDQRFXOWDGR$IOLJLGD3DXOLQHREOLJDD0DULRQ\+HQULDTXHOHFXHQWHQOD
YHUGDG\pVWRVDVXYH]UHSURFKDQD3LHUUHHOKDEHUKDEODGR
3RU VXSRUWH 6\OYDLQ HQWHUDGR GH TXH 3DXOLQH OR VDEH WRGR DUPD XQ HVFiQGDOR D
+HQULSRUKDEHUORXWLOL]DGR0DxDQDGLFHKDEODUi
3HUR3LHUUHVHHQWHUDSRU/RXLVHWWHGHODDXWHQWLFDYHUGDG1RVHKDEtDHTXLYRFDGRHUD
UHDOPHQWH +HQUL HO TXH HVWDED FRQ OD YHQGHGRUD GH FDUDPHORV (QWRQFHV LQIRUPD D
3DXOLQH
0DULRQ GHEH DXVHQWDUVH GXUDQWH XQ GtD \ ORV GHPiV +HQUL 3LHUUH 6\OYDLQ 3DXOLQH
DSURYHFKDQ SDUD KDFHU XQD FRQIURQWDFLyQ JHQHUDO FRQ +HQUL 3DXOLQH DXQTXH
GHVHQJDxDGD SHUPDQHFH IUtD FRQ 6\OYDLQ UHSURFKiQGROH KDEHUVH GHMDGR OOHYDU
6\OYDLQ HVWi UHVHQWLGR FRQ 3LHUUH SRU KDEHU KDEODGR \ XQD EUHYH SHOHD OOHJD D
HQIUHQWDUORV
&XDQGRVHVHSDUDQSRUODQRFKH\DWUDQTXLORV3DXOLQHSUHILHUHTXHGDUVHDGRUPLUHQ
FDVDGH+HQULKDVWDTXHYXHOYD0DULRQDOGtDVLJXLHQWH
+HQUL UHFLEH XQD LQYLWDFLyQ SDUD KDFHU XQ FUXFHUR HQ EDUFR DSURYHFKDQGR DVt SDUD
GHMDU D 0DULRQ VLQ YROYHUOD D YHU $QWHV KD WUDWDGR GH SUREDU VXHUWH WDPELpQ FRQ
3DXOLQH VLQ PiV FRQVHFXHQFLDV \ OH KD FRQIHVDGR OR TXH SLHQVD GH 0DULRQ HV JXDSD
VtSHURGHPDVLDGRSHUIHFWD\VHGHMyVHGXFLUGHPDVLDGRSURQWR
0DULRQ\3DXOLQHYXHOYHQDHQFRQWUDUVHDVRODV\GHFLGHQUHJUHVDUD3DUtVDQWHVGHOR
SUHYLVWR (V SRVLEOH TXH 0DULRQ WHQJD GXGDV VREUH +HQUL SXHV OH SURSRQH D 3DXOLQH
TXHFDGDXQDFUHDORTXHTXLHUDDXQTXHVHDFRQWUDGLFWRULR3DXOLQHTXHODYHQGHGRUD
HVWDED  FRQ +HQUL \ HOOD 0DULRQ OR TXH VLJXH FUH\HQGR WRGDYtD HV GHFLU TXH HVWDED
HQUHDOLGDGFRQ6\OYDLQ7RWDOPHQWHGHDFXHUGRUHVSRQGH3DXOLQHTXHQROHTXLWDD
0DULRQVXVLOXVLRQHV<DPEDVSULPDVGHMDQVXFDVDGHYHUDQHR



81$(6758&785$'(385$'$

/DSULPHUDSHOtFXODHVWXGLDGDHQHVWHOLEURHVREUDGHXQDXWRUUHDOL]DGRU(ULF5RKPHU
TXH KD ILUPDGR ORV JXLRQHV GH FDVL WRGDV VXV REUDV 3HUR 5RKPHU LQVLVWH VREUH HO
KHFKRGHTXHODPD\RUtDGHODVYHFHVODVKDEtDHVFULWRDQWHULRUPHQWHFRPRKLVWRULDV
HV GHFLU XWLOL]DEOHV WDQWR SDUD XQD QRYHOD FRPR SDUD XQD SHOtFXOD VLQ FRQFHELUODV GH
DQWHPDQRSDUDODSDQWDOOD
6LQ HPEDUJR YDPRV D YHU TXH HO JXLyQ GH 3DXOLQH HQ OD SOD\D HV XQ WUDEDMR VyOLGR
ELHQ HVWUXFWXUDGR TXH VH EXUOD GH ODV GLILFXOWDGHV HVSHFtILFDV GHO JXLyQ GH FLQH HO
PRGR GH GLULJLU OD H[SRVLFLyQ OD SUHVHQWDFLyQ GH ORV SHUVRQDMHV HO MXHJR GH ORV
PDOHQWHQGLGRV\GHODVSHULSHFLDVODFRQFHQWUDFLyQGHODDFFLyQHQXQWLHPSROLPLWDGR
\ FLUFXODU HO KHFKR GH DVXPLU OD LPSRVLELOLGDG GH H[SUHVDU GLUHFWDPHQWH ORV
SHQVDPLHQWRV GH ORV SHUVRQDMHV HQ WRGRV HVWRV DVSHFWRV 5RKPHU UHVXOWD VHU XQ
JXLRQLVWDVXSHULRU
'H ORV FXDWUR JXLRQHV HOHJLGRV FRPR SXQWR GH UHIHUHQFLD 3DXOLQH HQ OD SOD\D HV HO
~QLFR TXH VH EDVD H[FOXVLYDPHQWH HQ HO PHFDQLVPR SVLFROyJLFR \ VHQWLPHQWDO 7RGRV
ORV SHUVRQDMHV VDOYR OD YHQGHGRUD /LDMQLVHWWH HVWiQ GH YDFDFLRQHV QR HVWiQ
WUDEDMDQGR VRQ PiV R PHQRV GH OD PLVPD FODVH VRFLDO VDOYR RWUD YH] OD
YHQGHGRUD HV GHFLU VLQ QLQJXQD SUHRFXSDFLyQ VHULD GH VXEVLVWHQFLD \ QLQJ~Q
REVWiFXOR H[WHULRU ELHQ VHD PDWHULDO PHWHRUROyJLFR VRFLDO R ItVLFR HQIHUPHGDG
DFFLGHQWH YLHQH D FRQWUDULDU VXV GHVHRV R D KDFHUORV EURWDU GH QXHYR (VWD JHQWH
MRYHQ\PHQRVMRYHQH[WUDHODPDWHULD\ORVUHVRUWHVGHODKLVWRULDTXHHVWiQYLYLHQGR
GHVXSURSLRIRQGRGHVXFDUiFWHU\GHVXSHUVRQDOLGDG
/D HVWUXFWXUD GH 3DXOLQH HQ OD SOD\D HV PX\ GHSXUDGD QR KD\ QLQJ~Q SHUVRQDMH LQ~WLO
QL VHFXQGDULR 1RV HQFRQWUDPRV FRQ WUHV FKLFDV 0DULRQ 3DXOLQH /RXLVHWWH OD
9HQGHGRUD \ FRQ WUHV FKLFRV 3LHUUH +HQUL 6\OYDLQ ORV VHLV OLEUHV HQ HO SODQR
VHQWLPHQWDO IDPLOLDU \ VH[XDO ELHQ VHD GLYRUFLDGR +HQUL D SXQWR GH GLYRUFLDUVH
0DULRQ R SRU ILQ VROWHURV ORV FXDWUR UHVWDQWHV (Q FRQVHFXHQFLD VRQ SRVLEOHV
PXFKDVFRPELQDFLRQHV
2WUDHOHFFLyQPX\SUHFLVDHVODGHORVWLSRVGHHGDGH[FHSWRHOSHUVRQDMHIXJD]GHOD
QLxDGH+HQULFX\DSUHVHQFLDWLHQHFRPRILQSULPRUGLDOHOGHSUHFLVDUHOUHWUDWRVRFLDO\
IDPLOLDU GH VX SDGUH QXHVWURV KpURHV VRQ WHHQDJHUV 3DXOLQH \ 6\OYDLQ R MyYHQHV
DGXOWRV 0DULRQ +HQUL /RXLVHWWH 3LHUUH SRU OR GHPiV PiV ELHQ LQPDGXURV (VWRV
GRV WLSRV GH HGDG WLHQHQ HO PLVPR OHQJXDMH R SUHRFXSDFLRQHV PX\ FHUFDQDV SXHGHQ
DVRFLDUVH HQ SDUHMDV R SHUVRQDMHV PD\RUHV XQD PLVPD LGHRORJtD UHVSHFWR DO DPRU
OLEUH 9HUHPRV PiV DGHODQWH TXH OD GLIHUHQFLD GH JHQHUDFLyQ MXHJD VLQ HPEDUJR
FLHUWRSDSHOHQODSHOtFXOD
/D KLVWRULD \ OD HVWUXFWXUD GH 3DXOLQH VH LQVFULEHQ HQ XQD GHWHUPLQDGD WUDGLFLyQ
OODPDGDWHDWUDO0DULYDX[0XVVHWHQODTXHODJUDQFXHVWLyQHVGHFLGLUDTXLpQVH
YD D DPDU R QR DPDU (O SDUDOHOLVPR GH ODV SDUHMDV +HQUL0DULRQ \ 3DXOLQH6\OYDLQ
PRVWUiQGRVHODVHJXQGDFRPRXQDLPLWDFLyQVXUJLGDSRVWHULRUPHQWHGHODSULPHUD
FRQ OD SUHVHQFLD GH XQ SHUVRQDMH SRSXODU FRPSDUDEOH HQ VX HVWLOL]DFLyQ \ VX
OHQJXDMH FRQYHQFLRQDOPHQWH SRSXODU D XQD VLUYLHQWD GH 0ROLHUH 5RKPHU GL[LW
FRQVLJXHQUHIRU]DU HVWDUHIHUHQFLDWHDWUDO3HURODRULJLQDOLGDGGHODWpFQLFDJXLRQtVWLFD

GH(ULF5RKPHUSRUQRKDEODUGHVXWHPiWLFDUHVLGH\DHQHOUHFKD]RGHORVKDELWXDOHV
FRPRGLQHV FLQHPDWRJUiILFRV \ HQ HO GHVSUHFLR SRU ORV MXHJRV GH HVFHQD TXH
VLUYHQHQODVSHOtFXODVSDUDUHOOHQDUODVHVFHQDVGHFRQYHUVDFLyQ
$ PHQXGR HQ HO FLQH ORV SHUVRQDMHV QR KDEODQ PiV TXH DFRPSDxiQGRVH GH DFFLRQHV
PiV R PHQRV ~WLOHV FRPR DEULU XQD YHQWDQD EHEHU IXPDU WRFDU HO SLDQR FRQGXFLU
TXH WLHQHQ FRPR ~QLFD IXQFLyQOD GH GHMDU SDVDU OD SDODEUD \ GDU D ODV HVFHQDV XQD
DSDULHQFLD VXSXHVWDPHQWH FLQHPDWRJUiILFD (Q FDPELR HQ 3DXOLQH FXDQGR ORV
SHUVRQDMHVFRQYHUVDQ\HVVXSULQFLSDODFWLYLGDGQRKDFHQRWUDFRVDDOPLVPRWLHPSR
HQWRGRFDVRVHDFDULFLDQRVHEHVDQ
/DRWUDRULJLQDOLGDGGHOJXLyQHVWiOLJDGDDODSULPHUDDTXtQRVHGLVLPXODODSDODEUD
QRVHDOLJHUDQLVHKX\HGHHOODFRPRGHDOJRDQWLFLQHPDWRJUiILFRSRUHOFRQWUDULRVH
KDFHPX\SUHVHQWHLQFOXVRSHVDGDORVSHUVRQDMHVKDFHQYHUGDGHUDVSURIHVLRQHVGHIH
\ GHFODUDFLRQHV GH SULQFLSLRV SHUR DO PLVPR WLHPSR QRV YHPRV FRQGXFLGRV D
SODQWHDPRV OD TXHVWLyQ GH OD YDOLGH] GH VX GLVFXUVR D VRVSHFKDU TXH pVWH QR VH GHEH
WRPDUIRU]RVDPHQWHDOSLHGHODOHWUDTXHHOORVSXHGHQPHQWLUVHDVtPLVPRV\TXHVX
SHQVDPLHQWRQRHVWRGDVXSDODEUDVXSRQLHQGRTXHSLHQVHQORFXDOQRHVVHJXUR
/RTXHORVSHUVRQDMHVVHGLFHQHOPHURKHFKRGHTXHVHGLJDQDOJRVHFRQYLHUWHHQHO
PRWRUPLVPRGHODKLVWRULD\HVWRQRHQODPHGLGDHQTXHHOORVGLJDQODYHUGDGVX
YHUGDG R ELHQ PHQWLUDV VLQR LQGHSHQGLHQWHPHQWH GHO KHFKR GH TXH GLJDQ R QR OD
YHUGDG(QXQFLQHGHHVWDVFDUDFWHUtVWLFDVHOGXDOLVPRRODDOWHUQDQFLDSDODEUDDFFLyQ
TXH VH LPSRQH HQ RWURV VH KDEOD GHVSXpV VH DFW~D R ELHQ VH KDEOD\ SDUDOHODPHQWH
VHDFW~DHVVXSHUDGRHQEHQHILFLRGHXQDXWLOL]DFLyQGHODSDODEUDFRPRDFFLyQ
3DXOLQHHQODSOD\DSHUWHQHFHDXQDVHULHDELHUWDGHSHOtFXODVDODVTXH(ULF5RKPHU
KD GDGR SRU WtWXOR &RPHGLDV \ 3URYHUELRV (O SURYHUELR FRQFUHWR SXHVWR FRPR FLWD
LQLFLDO HQ OD SHOtFXOD KD VLGR WRPDGR GH &KUpWLHQ GH 7UR\HV 4XL WURS SDUROH LO VH

PHVIDLW &RPRORSUHFLVDHOSURSLR5RKPHUPLHQWUDVTXHHOSXQWRGHYLVWDGHOUHODWR
SULYLOHJLDEDDOKpURHPDVFXOLQRHQODV&RPHGLDV\3URYHUELRVOXHJRHQ3DXOLQHHVH
SXQWRGHYLVWDVHKDIUDJPHQWDGRRPHMRUGLFKR\DQRKD\SXQWRGHYLVWDSULYLOHJLDGR
HQ HO UHODWR 'LFKR GH RWUR PRGR QR KD\ QLQJ~Q SHUVRQDMH D WUDYpV GHO FXDO \ FRQ HO
FXDOVHJXLPRVODPD\RUSDUWHGHODDFFLyQ
8QD ~OWLPD REVHUYDFLyQ OD KLVWRULD LPDJLQDGD SRU 5RKPHU VyOR IXQFLRQD VL DOJXQRV
PDOHQWHQGLGRV SXHGHQ FRQ WRGD SUREDELOLGDG SURGXFLUVH \ HVWRV PDOHQWHQGLGRV VyOR
VRQ SRVLEOHV VL ORV SHUVRQDMHV HQWUH ORV TXH VH SURGXFHQ VH YHQ REOLJDGRV D QR YHUVH
GXUDQWH FLHUWR WLHPSR 1R QRV TXHGD PiV TXH DGPLUDU OD QDWXUDOLGDG \ HO DSORPR FRQ
ORVTXH5RKPHUSDUDODVQHFHVLGDGHVGHVXKLVWRULDLQYHQWDODVUD]RQHVPiVVHQFLOODV
\PiVGLUHFWDVSDUDDOHMDUDVXVSHUVRQDMHVXQRVGHRWURVFRPRHOFDUWHURTXHSDVD\
TXH SUHFLVDPHQWH YLHQH D WUDHU XQ WHOHJUDPD TXH DOHMH D 0DULRQ HQ HO PRPHQWR
RSRUWXQR VLQ TXH VH SLHUGD WLHPSR HQ H[SOLFDUQRV VX FRQWHQLGR TXH VXSRQHPRV
UHODFLRQDGR FRQ ODV DFWLYLGDGHV SURIHVLRQDOHV GH 0DULRQ 3HUR VHPHMDQWH GHVIDFKDWH]
VHPHMDQWH GHVSUHFLR HQ DSDULHQFLD GH ORV HQUHGRV GUDPiWLFRV QR HVWi DO DOFDQFH GH

FXDOTXLHUD\QRVHLPLWDWDQIiFLOPHQWH 

Quin habla demasiado, se hace dao podra traducirse como por la boca muere el pez.
[N. de la T.]
2

Para redactar la sinopsis anterior, y el tratamiento que viene ahora, hemos hecho amplio
uso del dcoupage hecho despus de visionar el film, redactado para L'Avant-Scne Cinma por



(/*8,1(6&(1$325(6&(1$

0DULRQ3DXOLQHH[WHULRU&DVDGH0DULRQGtD
(O SyUWLFR GH XQD FDVDGH FDPSR QRUPDQGD HQ YHUDQR XQ FRFKH OOHJD FRQGXFLGR SRU
XQD PXMHU UXELD JXDSD \ MRYHQ (VWD GH OHQJXDMH SUHFLRVLVWD \ PX\ DIHFWDGD HV
DFRPSDxDGD SRU XQD FKLFD PX\ MRYHQ XQD PRUHQLWD PiV QDWXUDO TXH HOOD SHUR GH
EXHQD IDPLOLD VDEUHPRV SRVWHULRUPHQWH TXH OD SULPHUD VH OODPD 0DULRQ $ULHOOH
'RPEDVOH \ OD RWUD 3DXOLQH $PDQGD /DQJOHW 9HPRV D ODV GRV FKLFDV DEULU OD FDVD H
LQVWDODUVHHQHOODFRPRHQWHUUHQRFRQRFLGR
0iVWDUGHODVYHPRVGLVFXWLUHQHOMDUGtQGHODFDVD6XVSDODEUDVQRVLQIRUPDQGHTXH
HO YHUDQR VH HVWi DFDEDQGR TXH HO PDU QR HVWi OHMRV \ TXH OD PiV MRYHQ KD VLGR
GHMDGDHQFXVWRGLDSRUVXVSDGUHVDODUXELD(VWD~OWLPDGHULYDODFRQYHUVDFLyQKDFLD
HO WHPD GHO DPRU <D KDV HVWDGR HQDPRUDGD" OH SUHJXQWD D OD SHTXHxD TXLHQ OH
UHVSRQGH PiV ELHQ FRQ SUXGHQFLD 'H OD FRQYHUVDFLyQ VH GHGXFH TXH ODV GRV FKLFDV
YLYHQHQ3DUtV\TXHODPD\RUDFDEDGHOLEHUDUVHGHXQPDWULPRQLRIUDFDVDGR

0DULRQ3DXOLQH3LHUUH+HQUL0DQHH[WHULRU3OD\DGtD
$PEDV FKLFDV VH EDxDQ /D UXELD GLVWLQJXH HQWUH ORV QRPEUHV TXH HVWiQ KDFLHQGR
ZLQGVXUILQJ D DOJXLHQ FRQRFLGR 3LHUUH XQ DQWLJXR DPLJR GLFH /H OODPD 3LHUUH
3DVFDO *UHJJRU\ VH DFHUFD HV XQ FKLFR MRYHQ JXDSR GH DVSHFWR UHVHUYDGR 6H
SUHVHQWDQXQRVDRWURV\FRQHVWHPRWLYRQRVHQWHUDPRVGHTXHODPD\RUODUXELDVH
OODPD 0DULRQ \ TXH OD PRUHQLWD 3DXOLQH HV VX SULPD 0DULRQ HV HVWLOLVWD \ 3LHUUH HVWi
FXUVDQGRHVWXGLRVLPSUHFLVRV
(Q HVH PRPHQWR OOHJD XQ FXDUWR SHUVRQDMH DSDUHQWHPHQWH DPLJR GH 3LHUUH HQ
UHDOLGDG OR KD FRQRFLGR SRFR DQWHV (V +HQUL )HGRU $WNLQH XQ HWQyORJR TXH DO
SDUHFHU YLDMD PXFKR 6X KLMD GH WUHV R FXDWUR DxRV VH UH~QH FRQ HOORV HQ HVH
PRPHQWR \ +HQUL VH PXHVWUD FRQ HOOD XQ SDGUH PX\ PRGHUQR /XHJR 3LHUUH
SURSRQH D 0DULRQ \ 3DXOLQH GDUOHV FODVHV GH ZLQGVXUILQJ \ +HQUL LQYLWD D WRGR HO
PXQGRDFHQDUHQVXFDVDVLWXDGDFHUFDGHODSOD\D

/RVPLVPRVLQWHULRU&DVDGH+HQULQRFKH
(QFDVDGH +HQULHVGHQRFKH6H HQFXHQWUDQ HQXQVDOyQ\YHPRVORVUHVWRVGHXQD
FHQD +DEODQ GHO DPRU (Q SULPHU OXJDU +HQUL VH SUHVHQWD D Vt PLVPR FRPR XQ
QyPDGD VLQ VHQWLGR GH OD SURSLHGDG 6X H[PXMHU PDGUH GH OD SHTXHxD 0DULH TXH

Dominique Haas (nm 310). Sin embargo, como para las tres pelculas restantes, la divisin en
escenas y su numeracin ha sido realizada bajo nuestra responsabilidad.

HVWi FRQ pO SRU XQRV GtDV \ VH PDUFKD DO GtD VLJXLHQWH HUD VHJ~Q pO GHPDVLDGR
SRVHVLYD \ KRJDUHxD GHVGH VX GLYRUFLR SUHILHUH VHU OLEUH \ YLYLU VLQ DWDGXUDV 0DULRQ
WDPELpQ GLFH TXH YLYH VROD SHUR HVWi HVSHUDQGR HO IOHFKD]R FDSD] GH HQFHQGHU HQ HOOD
OD SDVLyQ &RPR ELHQ GLFH FRQ WpUPLQRV SUHFLRVLVWDV \ SUROLMRV TXLHUH DUGHU \
DEUDVDUDORWURHQXQDPRULQVWDQWiQHR\UHFtSURFR
/OHJD HO WXUQR GH 3LHUUH 7RUSH \ DULVFR FXHQWD TXH pO WDPELpQ YLYH VROR SHUR LQYRFD
XQ DPRU SURIXQGR \ GXUDGHUR DSWR D GDU VHQWLGR D VX VROHGDG \ FRQItD HQ SRGHU
UHDOL]DUOR3RUILQUHTXLHUHQD3DXOLQHKDVWDHQWRQFHVFDOODGDVRQYLHMRVGLFHTXH
VHFRPSODFHQHQFRQWDUVHDVtPLVPRV6yORFRQVLHQWHKDEODUGHVXVDPRUHVGHQLxD\
SURIHVDXQDFRQFHSFLyQVHULD\SRQGHUDGDGHODPRUVHJ~QODFXDOKD\TXHDSUHQGHUD
FRQRFHUDORWUR
+HQUL SURSRQH HQWRQFHV SURVHJXLU OD YHODGD \HQGR D EDLODU 3LHUUH QR HVWi PX\
FRQYHQFLGRSHUR0DULRQOHDQLPDDLU

0DULRQ3DXOLQH3LHUUH+HQULJHQWHTXHEDLODLQWHULRU&DVLQRQRFKH
(O EDLOH HQ OD VDOD GH XQ FDVLQR 3LHUUH HVWi EDLODQGR FRQ 0DULRQ \ OD DWUDH KDFLD XQ
ULQFyQ SDUD GHFODUDUOH VX DPRU UHDYLYDGR PiV TXH QXQFD 0DULRQ OH FRQWHVWD TXH OR
DSUHFLDVLQPiVSHURTXHQXQFDKDHVWDGRHQDPRUDGDGHpO5HFKD]DODVHIXVLRQHVGH
3LHUUHTXLHQTXLHUHIRU]DUVXFRQVHQWLPLHQWR\YDDEDLODUFRQ+HQUL

 0DULRQ +HQUL 3DXOLQH H[WHULRU 6DOLGD GHO &DVLQR QRFKH LQWHULRU \ H[WHULRU &DVD
GH0DULRQQRFKHOXHJRGtD
<D DYDQ]DGD OD QRFKH +HQUL YXHOYH FRQ 0DULRQ D FDVD GH pVWD SDUD WRPDU XQD
FRSDPLHQWUDV3DXOLQHVXEHDDFRVWDUVH
$ODPDxDQDVLJXLHQWH3DXOLQHTXHVHKDGHVSHUWDGRODSULPHUDHFKDXQDRMHDGDDOD
KDELWDFLyQ GH 0DULRQ DOOt WDPELpQ YH D +HQUL GXUPLHQGR DO ODGR GH VX SULPD (V HO
VHJXQGRGtD

0DULRQ3DXOLQH3LHUUH6\OYDLQH[WHULRU3OD\DGtD
(Q OD SOD\D 3LHUUH GD D 3DXOLQH \ D 0DULRQ FODVHV GH ZLQGVXUILQJ \ DSURYHFKD SDUD
HVWUHFKDU D 0DULRQ PX\ GH FHUFD /OHJDQ GRV DGROHVFHQWHV 8QR GH HOORV 6\OYDLQ
6LPyQ GH OD %URVVH H[SUHVD D 3DXOLQH VXV GXGDV VREUH OD FRPSHWHQFLD GH 3LHUUH HQ
PDWHULD GH ZLQGVXUILQJ 3DXOLQH VH SUHJXQWD VL HO MRYHQ QR VH VLHQWH DWUDtGR SRU VX
EHOODSULPD0DULRQLQWHUUXPSHVXOHFFLyQFRQ3LHUUH\GHMDTXHVLJD3DXOLQH

+HQUL0DULRQLQWHULRU&DVDGH+HQULGHGtD
0DULRQ YD D UHXQLUVH FRQ +HQUL HQ OD FDVD GH pVWH +HPRV SDVDGR XQD QRFKH
GHOLFLRVDGLFH+HQULSDVHPRVRWUDV3HUR0DULRQSHUPDQHFHUHWLFHQWHDQWHODLGHDGH

LU D YLYLU FRQ +HQUL FRPR pOOH SURSRQH GHELGR D TXH GLFH WHQHU OD UHVSRQVDELOLGDG GH
3DXOLQH\SUHWHQGHTXHQROHJXVWDUtDTXHpVWDVHHQWHUDUD6RVSHFKDPRVTXH0DULRQ
TXLVLHUDKDFHUVHGHVHDUWDPELpQVHTXHMDGHORVFHORV\ODVDVLGXLGDGHVGH3LHUUH
6LJXH XQD EUHYH HVFHQD HQ OD SOD\D HQ OD TXH YHPRV UHDSDUHFHU MXQWRV D 0DULRQ \
+HQUL\D3LHUUHDOHMDUVHSDUDHYLWDUHQFRQWUDVHFRQHOORV

0DULRQ3DXOLQH3LHUUHH[WHULRU&DVDGH0DULRQGHGtD
(QHOMDUGtQGHODFDVDGH0DULRQ\3DXOLQHORVUHVWRVGHXQGHVD\XQRSUXHEDQTXHQRV
HQFRQWUDPRV HQ HO WHUFHU GtD 3LHUUH YD D YHU D ODV SULPDV \ OH KDFH XQD HVFHQD GH
FHORVD0DULRQHQODTXHOHUHSURFKDHOKDEHUVHHQFDSULFKDGRGHXQPXMHULHJR0DULRQ
OH FRQWHVWD TXH VXV FHORV HQIHUPL]RV VyOR FRQVLJXHQ HPSXMDUOD D MXJDU FRQ IXHJR \
OHDFRQVHMDRFXSDUVHPiVELHQGHVXSULPDHLQFOXVRVHUVXLQLFLDGRU(OVHQLHJD

3DXOLQH6\OYDLQ+HQULH[WHULRU3OD\DGHGtD
(Q OD SOD\D HO DGROHVFHQWH GH OD YtVSHUD YD D UHXQLUVH FRQ 3DXOLQH \ OH GLFH TXH KD
YHQLGR SRU HOOD /H GLFH VX QRPEUH 6\OYDLQ 3DXOLQH \ 6\OYDLQ IOLUWHDQ LQRFHQWHPHQWH
VREUHODDUHQD+HQULSDVDSRUODSOD\D\OHVSURSRQHOOHYDUORVDVXFDVDSDUDHVFXFKDU
XQGLVFRGHP~VLFDGHODV,VODVTXHDFDEDGHFRPSUDU

/RVPLVPRVLQWHULRU&DVDGH+HQULGHGtD
3DXOLQH\6\OYDLQEDLODQFRQODP~VLFDGHOGLVFR+HQULVDOHSDUDKDFHUXQUHFDGROHV
GHMD XQ PRPHQWR VX FDVD SDUD OR TXH TXLHUDQ <D VRORV ORV DGROHVFHQWHV VXEHQ DO
SLVRVLHQGR3DXOLQHODTXHWRPDODLQLFLDWLYD

+HQUL/RXLVHWWHH[WHULRUODRULOODGHOPDUGHGtD
0LHQWUDV WDQWR HQ HO PXHOOH +HQUL VH HQFXHQWUD FRQ XQD MRYHQ YHQGHGRUD GH
FDUDPHORV QDWXUDO \ SRSXODU /RXLVHWWH 5RVHWWH D OD TXH SDUHFH FRQRFHU \D /H
SURSRQH LU D WRPDU XQ EDxR FRQ HOOD eO UHFKD]D OD SURSXHVWD SRU HVWD YH] SHUR GLFH
HVWDUGHDFXHUGRSDUDRWURGtD

0DULRQ3DXOLQH6\OYDLQ+HQULH[WHULRUHLQWHULRU&DVDGH+HQULGHGtD
0DULRQGHYXHOWDGHODSOD\DHQWUDHQFDVDGH+HQULFX\DSXHUWDQRHVWiFHUUDGDFRQ
OODYH 6XEH DO SLVR \ GHVFXEUH VLQ HOORV VDEHUOR D 3DXOLQH \ 6\OYDLQ HQ OD FDPD
EHViQGRVH$OYROYHUDEDMDUHQFXHQWUDD+HQULGHODQWHGHODFDVDUHFLpQOOHJDGR\OH
FRPXQLFD FRQ H[SUHVLyQ RIHQGLGD OR TXH HVWi SDVDQGR HQ VX FDVD 3HUR +HQUL SDUHFH
PiVELHQGLYHUWLUVHFRQHVWDVLWXDFLyQ

0DULRQ VH ILMD HQ /RXLVHWWH TXH VH HQFXHQWUD QR OHMRV GH DKt OXHJR 6\OYDLQ \ 3DXOLQH
YXHOYHQ D VDOLU GH OD FDVD FRJLpQGRVH GH OD PDQR 1R KDQ WHQLGR WLHPSR GH KDFHU
JUDQ FRVD REVHUYD +HQUL $PEDV SDUHMDV \D IRUPDGDV OD GH 0DULRQ \ +HQUL \ OD GH
6\OYDLQ\3DXOLQHVHVDOXGDQDOFUX]DUVH

0DULRQ+HQULLQWHULRU&DVDGH+HQULGHGtD
'H YXHOWD D FDVD +HQUL SURSRQH XQD YH] PiV D 0DULRQ LU D YLYLU FRQ pO \ GH QXHYR
0DULRQ VH QLHJD VXSXHVWDPHQWH SRU 3DXOLQH (Q VX FDVD SUHWHQGH HOOD SRU OR PHQRV
SRGUi FRUWDU HO SDVR D ORV MRYHQFLWRV VRVSHFKRVRV TXH VHJ~Q HOOD 3DXOLQH VH DWUHYD D
OOHYDU
'HVSXpV 0DULRQ LQYLWD D +HQUL D DFRPSDxDUOD DO GtD VLJXLHQWH D XQD H[FXUVLyQ HQ
FRFKH DO 0RQW6DLQW0LFKHO TXH YD D KDFHU SDUD SDVHDU D VX SULPD 3HUR +HQUL VH
QLHJDDOHJDQGRVXRGLRDORVWXULVWDV\WDPELpQODKRVWLOLGDGGH3DXOLQHKDFLDpOVHJ~Q
pO&UHRGLFH0DULRQTXHHVWiGHFHSFLRQDGDSRUTXHQRHVWR\HQDPRUDGDGH3LHUUH

+HQUL6\OYDLQ/RXLVHWWH3LHUUHH[WHULRU3OD\DGHGtD
$OJXQDV LPiJHQHV QRV HQVHxDQ HO FRFKH GH 0DULRQ FRQ 3DXOLQH GHODQWH GHO 0RQW
6DLQW0LFKHOOXHJR\DHVHOGtDVLJXLHQWH
(Q HO GLTXH +HQUL VH HQFXHQWUD FRQ 6\OYDLQ &RPR 3DXOLQH QR HVWi OH SURSRQH LU FRQ
/RXLVHWWH\pODEDxDUVH(QHODJXD+HQULIOLUWHDFRQ/RXLVHWWH3LHUUHTXHSDVDSRUOD
SOD\DFRQODWDEODGHZLQGVXUILQJORVYHGHOHMRVHQHOPDU

+HQUL/RXLVHWWH6\OYDLQGHVSXpV3LHUUHGHVSXpV0DULRQLQWHULRU\H[WHULRU&DVD
GH+HQULGHGtD
+HQUL /RXLVHWWH \ 6\OYDLQ YXHOYHQ D FDVD GH +HQUL HQ WUDMH GH EDxR \ PLOQWUDV +HQUL
DUUDVWUDD/RXLVHWWHDOSULPHUSLVR6\OYDLQVHTXHGDHQODSODQWDEDMDFDXWLYDGRSRUOD
WHOHYLVLyQ TXH HVWi HPLWLHQGR XQ SURJUDPD VREUH OD PDULQD VXLQWHUpV SRU ORV EDUFRV
KD VLGR HVWDEOHFLGR GHVGH HO SULQFLSLR 7HQJR XQ YHOHUR HQ *UDQYLOOH KD GLFKR D
3DXOLQH
(QHVHPRPHQWRVHYHD3LHUUHSDVDUSRUODFDOOHIXHUDGHODFDVDR\HXQRVJULWRVGH
PXMHU \ YH SRU HO PDUFR GH OD YHQWDQD GHO SULPHU SLVR OD VLOXHWD GH /RXLVHWWH
GHVQXGD$SDUHQWHPHQWHHVWiGHSLHVREUHODFDPD\MXHJDFRQXQKRPEUHTXH3LHUUH
QRYHSHURSXHGHVXSRQHUTXHHV+HQUL3LHUUHPLUD\VLJXHVXFDPLQR
'HVGH HO LQWHULRU 6\OYDLQ TXH VLJXH HQ OD SODQWD EDMD YH OOHJDU HO FRFKH GH 0DULRQ
VXEH SUHFLSLWDGDPHQWH DO SULPHU SLVR SDUD DYLVDU D +HQUL $Kt HVWi OD FKLFD
/RXLVHWWH VDOH GHVQXGD GH OD KDELWDFLyQ \ D +HQUL VH OH RFXUUH GH UHSHQWH XQD LGHD
FRJHU D 6\OYDLQ HQ EDxDGRU \ D /RXLVHWWH HQUROODGD HQ OD WRDOOD \ HPSXMDUORV KDVWD HO
FXDUWR GH EDxR &XDQGR 0DULRQ OOHJD DO SULPHU SLVR OH KDFH FUHHU TXH 6\OYDLQ \
/RXLVHWWH HVWiQ MXQWRV \ ORV KDFH VDOLU GHODQWH GH 0DULRQ (VWRV VH SUHVWDQ DO MXHJR
DOJRDYHUJRQ]DGRVGHODQWHGHODMRYHQ

8QDYH]TXH/RXLVHWWH\6\OYDLQVHKDQPDUFKDGR0DULRQVHGHFODUDLQGLJQDGDDQWHOD
LQILGHOLGDGGH6\OYDLQ9DOHPiVQRKDFHUOHGDxRD3DXOLQH\QRGHFLUOHQDGDGHHVWR
SURSRQH+HQUL

3LHUUH0DULRQH[WHULRU&DVDGH0DULRQGHGtD
$OSUHFLVDU ORV SHUVRQDMHV TXH HV SRU OD PDxDQD VDEHPRV TXH HV HO TXLQWR GtD 3LHUUH
SDVD SRU FDVD GH 0DULRQ \ HQ DXVHQFLD GH 3DXOLQH OHKDFH RWUD HVFHQD GH FHORV (VWD
GHFODUD TXH HVWi FRQYHQFLGD GH IDVFLQDU D +HQUL 3DUD GHVHQJDxDUOD 3LHUUH OH KDFH
XQDUHYHODFLyQKDYLVWRD +HQULFRQODYHQGHGRUD/RXLVHWWH3HURWDPELpQOHFRQILHVD
TXHVyORKDYLVWRD/RXLVHWWH\KDGHGXFLGRTXH+HQULHVWDEDFRQHOODHQUHDOLGDGHUD
6\OYDLQHOTXHHVWDEDUHWR]DQGRFRQODYHQGHGRUDGHFDUDPHORV)XULRVR3LHUUHTXLHUH
PDUFKDUVH 0DULRQ OH GHWLHQH XQ SRFR PiV \ GH QXHYR OH VXJLHUH TXH VH RFXSH PiV
ELHQGH3DXOLQH

3DXOLQH3LHUUHH[WHULRU3OD\DGHGtD
(Q OD SOD\D 3DXOLQH VLJXH XQD FODVH GH ZLQGVXUILQJ FRQ 3LHUUH 6H SUHRFXSD SRU OD
DXVHQFLD GH 6\OYDLQ 3LHUUH TXH OD TXLHUH SUHYHQLU HQ FRQWUD GH HVH WtR
LQVLJQLILFDQWH OH GHVFXEUH TXH 6\OYDLQ OD KD HQJDxDGR FRQ OD YHQGHGRUD 3DXOLQH TXH
VHVLHQWHGHVJUDFLDGDQRSXHGHFUHHUORTXLHUHTXHVHORFRQILUPH0DULRQ



3DXOLQH3LHUUH0DULRQ+HQULLQWHULRUFDVDGH+HQULGHGtD
0DULRQHVWiHQFDVDGH+HQULFRQHOTXHDSDUHQWHPHQWHKDFtDHODPRU&XDQGROOHJDQ
3LHUUH\3DXOLQHFRQILUPDHOUHODWRGH3LHUUHSHUROHUHSURFKDDpVWHKDEHUOHFRQIHVDGR
OD KLVWRULD D 3DXOLQH 'HODQWH GH +HQUL TXH EDMD HQ HVH PRPHQWR 0DULRQ VH GHILHQGH
GH KDEHU GLYXOJDGR OD KLVWRULD HV 3LHUUH HO TXH HVWDED HVSLDQGR GLFH HOOD <R QR
HVSLDED GLFH 3LHUUH MXVWLILFiQGRVH \R VyOR SDVDED SRU DKt +HQUL TXLHUH FRQVRODU D
3DXOLQH 6\OYDLQ WH TXLHUH HV OD YHQGHGRUD OD TXH OR KD VHGXFLGR 3LHUUH DO VHU
REMHWRGHUHSUREDFLyQSRUSDUWHGHWRGRVVHPDUFKD

3LHUUH/RXLVHWWH6\OYDLQH[WHULRU(OPXHOOHGHGtD
3LHUUH VH HQFXHQWUD FRQ /RXLVHWWH HQ HO GLTXH \ OH KDFH FUHHU TXH 0DULRQ HV VX
KHUPDQD \ 3DXOLQH VX SULPD 'XUDQWH OD FRQYHUVDFLyQ 3LHUUH VH HQWHUD GH OD YHUGDG
HUD UHDOPHQWH +HQUL HO TXH HVWDED FRQ /RXLVHWWH \ SDUD KDUFHUOH XQ IDYRU HOOD KD
GHMDGR FUHHU TXH HVWDED FRQ 6\OYDLQ /RXLVHWWH SLHQVD TXH VH SXHGH WUDQTXLOL]DU D
3DXOLQH\OHKDFHSURSRVLFLRQHVD3LHUUHTXLHQODVUHFKD]DGHVSXpVHOODVHYD

$SDUHFH 6\OYDLQ HQ ELFLFOHWD EXVFDQGR D 3DXOLQH 3LHUUH OH RULHQWD KDFLD OD FDVD GH
+HQUL

6\OYDLQ+HQULH[WHULRU&DVDGH+HQULGHGtD
'HODQWH GH OD FDVD GH +HQUL +HQUL \ 6\OYDLQ VH YXHOYHQ D YHU \ VH HQIUHQWDQ 6\OYDLQ
HVWi IXULRVR GH TXH 3DXOLQH VH KD\D HQWHUDGR GH VX VXSXHVWD LQILGHOLGDG SHUR +HQUL
KDFH UHFDHU OD UHVSRQVDELOLGDG HQ 3LHUUH 6\OYDLQ TXH FRPSUHQGH KDVWD TXp SXQWR
+HQUL OR KD XWLOL]DGR OR LQMXULD 0DxDQD 3DXOLQH \ 0DULRQ OR VDEUiQ WRGR /XHJR
DPERV KRPEUHV KDEODQ GH ODV PXMHUHV \ +HQUL H[SOLFD D 6\OYDLQ TXH 0DULRQ D SHVDU
GHVXEHOOH]DOHSRQHQHUYLRVR\/RXLVHWWHOHSDUHFHTXL]iVYXOJDUFRQUHVSHFWRDHOOD
SHURHQWRGRFDVRH[FLWDQWH

0DULRQ3DXOLQH&DUWHURH[WHULRU&DVDGH0DULRQGHGtD
(O GHVD\XQR TXH WRPDQ 0DULRQ \ 3DXOLQH HQ HO MDUGtQ GH VX FDVD HVWDEOHFH TXH QRV
HQFRQWUDPRVHQHOVH[WRGtDGHODKLVWRULD$PEDVSULPDVFRPRDOSULQFLSLRKDEODQGH
VXV DPRUHV 3DXOLQH SRQH DO PDO WLHPSR EXHQD FDUD 6\OYDLQ PH JXVWDED EDVWDQWH
SHUR QR HVWDED HQDPRUDGD GH pO 0DULRQ VH UHDILUPD SRU VX SDUWH HQ TXH HVH FKLFR
QROHFDtDPX\ELHQ+DVFRJLGRDOSULPHURTXHVHWHKDSUHVHQWDGR<W~TXpOH
FRQWHVWDVXSULPD0DULRQKDFHXQDDODEDQ]DGH3LHUUHD3DXOLQHTXLHQOHGHYXHOYHVXV
PRGDOHV(VSDUDWL0DULRQUHDILUPDTXHHVWiVHJXUDGHVHUDPDGDSRU+HQUL
3HURHOFDUWHURYLHQHDWUDHUXQWHOHJUDPDSDUD0DULRQGHEHYROYHUD3DUtVHVDPLVPD
WDUGHSRUUD]RQHVGHWUDEDMR\UHJUHVDUiDOGtDVLJXLHQWH

0DULRQH[WHULRU&DVDGH+HQULGHGtD
0DULRQSDVDHQFRFKHSRUGHODQWHGHODFDVDGH+HQULTXHQRHVWiOHGHMDXQPHQVDMH
SRUGHEDMRGHODSXHUWD\VHPDUFKD

3LHUUH3DXOLQHH[WHULRU&DVDGH0DULRQGHGtDH[WHULRU&LXGDG\SOD\DGHGtD
3DXOLQH HVWi OH\HQGR HQ HO MDUGLQ FXDQGR 3LHUUH SDVD \ QRV HQWHUDPRV GH OD DXVHQFLD
GH 0DULRQ /H FRQILHVD D 3DXOLQH TXH HUD +HQUL HO TXH HVWDED FRQ /RXLVHWWH \ TXH ORV
KDHQJDxDGRDWRGRV(VWHWtRHVGLDEyOLFR3DXOLQHGHVFRQFHUWDGDVHVLHQWHSHVH
D WRGR GHVLOXVLRQDGD GH TXH 6\OYDLQ VH KD\D GHMDGR OOHYDU SRU HO MXHJR GH +HQUL
GHFLGHQLUHQVXEXVFD
/R EXVFDQ HQ GLIHUHQWHV VLWLRV HQ YDQR \ DO FDHU OD QRFKH GHFLGHQ LU D FHQDU D XQ
UHVWDXUDQWH

3LHUUH3DXOLQH+HQUL6\OYDLQLQWHULRU5HVWDXUDQWH

(Q HO UHVWDXUDQWH SRU OD QRFKH DO ILQDOGH OD FHQD 3LHUUH \ 3DXOLQH GLVFXWHQ VREUH ODV
SDUHMDV TXH IXQFLRQDQ PiV R PHQRV ELHQ /D JHQWH QXQFD TXLHUH DGPLWLU OD HOHFFLyQ
GH ORV GHPiV 3LHUUH FULWLFD OD HOHFFLyQ GH 0DULRQ \ OD GH 3DXOLQH \ H[SRQH VX
FRQFHSFLyQ SURSLD GHO DPRU OLJDGR D XQ VHQWLPLHQWR GH FRQILDQ]D FRQ HO VHU DPDGR
(V HVR GLFH 3DXOLQH HVWiV GHPDVLDGR FHUFD 0DULRQ WH FRQRFH GH PHPRULD +DV
SHUGLGROD RFDVLyQ 3LHUUHGLFHTXH VXDGPLUDFLyQSRU0DULRQVHGHVYDQHFHFXDQGROD
YHHQFDSULFKDUVHSRUXQWLSRTXHVHJ~QpOODGHVSUHFLD
(QWRQFHVDSDUHFHQ6\OYDLQ\+HQUL6HVRUSUHQGHQDOYHUD3LHUUH\D3DXOLQHDOOtSXHV
HOORVHVWDEDQFHQDQGRHQHOSLVRGHDUULEDGHOUHVWDXUDQWH\DFDEDEDQGHEDMDU+HQUL
SURSRQHLUDVXFDVDSDUDKDFHUXQDH[SOLFDFLyQJHQHUDOQDWXUDOPHQWHHQDXVHQFLDGH
0DULRQ

/RVPLVPRVLQWHULRU&DVDGH+HQUL
(Q FDVD GH +HQUL EHEHQ SRU OD UHFRQFLDOLDFLyQ +HQUL GLFH TXH QR KD DFWXDGR FRQ
SUHPHGLWDFLyQ\DOHYRVtDSRURWUDSDUWHORVGHPiVWHQtDQWRWDOOLEHUWDGSDUDHQWUDUHQ
HO MXHJR 6\OYDLQ DJUHGH D 3LHUUH HO FKLYDWR \ DPERV VH WUDWDQ UHVSHFWLYDPHQWH GH
JLOLSROODV%UHYHSHOHDHQWUH3LHUUH\6\OYDLQSHUR+HQULORVWUDQTXLOL]D3LHUUHTXLHUH
OOHYDU D 3DXOLQH D FDVD GH 0DULRQ SHUR pVWD VH QLHJD +HQUL OH KD SURSXHVWR SDVDU OD
QRFKH HQVX FDVD HOODDFHSWDSXHVQRTXLHUH GRUPLUVRODHQFDVD3LHUUHTXHVHGLFH
UHVSRQVDEOHGH3DXOLQHHQDXVHQFLDGH0DULRQVHVLHQWHRIHQGLGR\IXULRVR6\OYDLQVH
PDUHLD FRQ 3LHUUH GHVSXpV GH KDEHU EHVDGR D 3DXOLQH TXH VH PDQWLHQH DOJR GLVWDQWH
'HVSXpVGHTXHVHKD\DQPDUFKDGR3DXOLQHYDDDFRVWDUVHLQPHGLDWDPHQWH

+HQUL3DXOLQHLQWHULRU&DVDGH+HQULGHGtD
(Q OD PDxDQD GHO VpSWLPR GtD +HQUL VH GHVSLHUWD HO SULPHUR 3RU WHOpIRQR UHFLEH OD
LQYLWDFLyQ GH XQD DPLJD H[WUDQMHUD SDUD LU D XQD H[FXUVLyQ GH YDULRV GtDV SRU PDU
VXEH D OD KDELWDFLyQ GRQGH VLJXH GXUPLHQGR 3DXOLQH OD KDELWDFLyQ GH VX KLMD 0DULH
TXHVHPDUFKyHOVHJXQGRGtDGHODDFFLyQ8QDSLHUQDGH3DXOLQHDVRPDSRUHQWUHODV
ViEDQDV +HQUL DFHUFD VXV ODELRV SHUR 3DXOLQH WLUD D +HQUL DO UHODMDU V~ELWDPHQWH VX
SLHUQD +HQUL VH MXVWLILFD SUHWH[WDQGR KDEHU TXHULGR GHVSHUWDUOD (OOD QR GHPDVLDGR
HQIDGDGDORDFXVDGHKLSyFULWD
0iV WDUGH WRPDQ HO GHVD\XQR DEDMR +HQUL GHMD D 3DXOLQH XQ PHQVDMH GH GHVSHGLGD
SDUD 0DULRQ 6H PDUFKD SDUD TXLQFH GtDV \ QR SXHGH OOHYiUVHOD \ DXQTXH YXHOYD HVD
PLVPD PDxDQD QR WLHQH GHPDVLDGR LQWHUpV HQ KDEODU FRQ HOOD $QWH 3DXOLQH +HQUL
H[SOLFD VXV VHQWLPLHQWRV KDFLD 0DULRQ HV PX\ JXDSD FLHUWR SHUR VX SHUIHFFLyQ ItVLFD
HV PiV ELHQ RSUHVRUD DGHPiV OH GD XQ FRQVHMR GH DPLJR 0DULRQ QR OH KD
GHMDGR WLHPSR SDUD GHVHDUOD VH KD HFKDGR HQ VXV EUD]RV LQPHGLDWDPHQWH 7DPELpQ
FRQRFtDD/RXLVHWWHGHDQWHV3DXOLQHDODEDGHODQWHGH+HQULODVFXDOLGDGHVGH3LHUUH

0DULRQ3DXOLQHH[WHULRU&DVDGH0DULRQGHGtD
(Q VX FDVD \D GH YXHOWD 0DULRQ OHH OD FDUWD GH +HQUL FX\R FRQWHQLGR QR QRV HV
FRPXQLFDGR 3DXOLQH OH FRQILUPD HO PRWLYR GH VX YLDMH XQD H[FXUVLyQ SRU PDU

GHPDVLDGR GXUD DO SDUHFHU SDUD HOOD 0DULRQ HVWi WULVWH \ DPEDV SULPDV VH DEUD]DQ
FRQFDULxR3DXOLQHSURSRQHHQWRQFHVD0DULRQYROYHUD3DUtVDQWHVGHORSUHYLVWR
0iV WDUGH YHPRV HO SyUWLFR GH OD FDVD DELHUWR FRPR DO SULQFLSLR 3DXOLQH OOHYD HO
PLVPRWUDMHPDULQHURTXHYHVWtDDOOOHJDU\ODYHPRVVXELUDOFRFKH
$QWHV GH DUUDQFDU 0DULRQ GLFH D 3DXOLQH TXH QR WLHQH QLQJXQD SUXHED GH OR TXH KD
SDVDGR UHDOPHQWH FRQ OD 9HQGHGRUD +HQUL KXELHUD TXHULGR HQJDxDUOD OR TXH HV
GLFH GHPDVLDGR KRUULEOH GH LPDJLQDU 6LQ HPEDUJR OH SURSRQH D 3DXOLQH SDUD
FRQVRODUOD FUHHU HQ HVR &DGD XQD SURVLJXH 0DULRQ SRGUi FUHHU DVt OR TXH PiV OH
FRQYHQJDSHVHDODFRQWUDGLFFLyQ0DULRQGHWRGRVPRGRVSDUHFHFRQYHQFLGDGHTXH
VX YHUVLyQ 6\OYDLQ FRQ OD 9HQGHGRUD HV OD ~QLFD YHUGDGHUD $QWH HO MXHJR TXH OH
SURSRQH VX SULPD 3DXOLQH FDOODGD SDUD QR GHVHQJDxDUOD FRQWHVWD FRQ XQD VRQULVD
7RWDOPHQWHGHDFXHUGR\DUUDQFDHOFRFKH

&$378/2,,


7HQHU\QRWHQHU

8QDSHOtFXODGH+RZDUG+DZNV
*XLyQ GH -XOHV )XUWKPDQ \ :LOOLDP )DXONQHU VHJ~QOD QRYHOD GH (UQHVW +HPLQJZD\ 7R
KDYHDQGWRKDYHQRW
3URGXFFLyQ:DUQHU%URV+ROO\ZRRG86$
'XUDFLyQPLQXWRV

1RV HQFRQWUDPRV HQ )XHUWH )UDQFLD HQ  EDMR OD DGPLQLVWUDFLyQ GH 9LFK\
VLQRSVLV/DVVLQXRVLGDGHVGHXQDDGDSWDFLyQ(OJXLyQHVFHQDSRUHVFHQD

126(1&2175$026(1)8(57()5$1&,$(1%$-2/$$'0,1,675$&,1'(
9,&+<6,1236,6

1RVHQFRQWUDPRVHQ)XHUWH)UDQFLDHQOD0DUWLQLFDHQEDMRODDGPLQLVWUDFLyQGH
9LFK\
+DUU\ 0RUJDQ +XPSKUH\ %RJDQ HV XQ DPHULFDQR TXH VH JDQD OD YLGD DOTXLODQGR VX
EDUFR HO 4XHHQ &RQFK D YHUDQHDQWHV SURFHGHQWHV GHO FRQWLQHQWH DPHULFDQR SDUD
SHVFDU HQ DOWD PDU 6X D\XGDQWH (GG\ :DOWHU %UHQQDQ HV XQ YLHMR ERUUDFKR SRU HO
TXH VLHQWH PXFKR FDULxR 9LYH HQ HO %DU +RWHO 0DUTXLV UHJHQWDGR SRU VX DPLJR HO
IUDQFpV *pUDUG 0DUFHO 'DOOR TXH DSR\D FODQGHVWLQDPHQWH ODV DFWLYLGDGHV GH OD
5HVLVWHQFLDHQOD0DUWLQLFD
(O FOLHQWH GHO GtD HV XQ LPSRUWDQWH KRPEUH GH QHJRFLRV DPHULFDQR OODPDGR -RKQVRQ
:DOWHU6DQGH\HVWDQPDOSHVFDGRUFRPRLQGLYLGXRGXGRVR\DTXHSRQHPX\PDOD
YROXQWDGHQSDJDUD+DUU\DOTXHOHGHEHTXLQFHGtDVGHDOTXLOHU
(QHOKRWHO0DUTXLV*pUDUGYDDSHGLUOHXQIDYRUD+DUU\0RUJDQDFDPELRGHGLQHUR
TXHSDVHFODQGHVWLQDPHQWHDSDWULRWDVDOD0DUWLQLFDFRQVXEDUFR+DUU\VHQLHJDSXHV
QRTXLHUHPH]FODUVHHQSROtWLFD
+DUU\ FRQRFH HQ HO KRWHO D 0DQH /DXUHQ %DFDOO XQD MRYHQ DPHULFDQD PX\ DWUHYLGD
UHFLpQ OOHJDGD D OD 0DUWLQLFD $O REVHUYDUOD HQ HO EDU GHO KRWHO YH FRPR URED D
-RKQVRQ/DVLJXHODOODPD\OHTXLWDODFDUWHUDGHVXFOLHQWH3HURDOFRPSUREDUHO
FRQWHQLGRGHVFXEUHTXH-RKQVRQTXHUtDHVWDIDUOH\DEDQGRQDUODLVODDQWHVGHSDJDUOH

+DUU\ YD D YHU D -RKQVRQ REOLJD D 0DQH D GHYROYHUOH OD FDUWHUD \ FRQ WRGD
JHQHURVLGDG OH REOLJD VHQFLOODPHQWH D SDJDU HQ HO DFWR WRGD VX GHXGD HQ FKHTXHV GH
YLDMH 3HUR -RKQVRQ QR WLHQH WLHPSR GH ILUPDUORV UHSHQWLQDPHQWH HVWDOOD HQ HO KRWHO
XQD HVFDUDPX]D HQWUH SDWULRWDVUHVLVWHQWHV DPLJRV GH *pUDUG \ OD SROLFtD \ HO
DPHULFDQRFDHPXHUWRSRUXQDEDODSHUGLGD
+DUU\ UHFRJH LQPHGLDWDPHQWH OD FDUWHUD GH -RKQVRQ FDtGD VREUH HO FXHUSR GH VX
FOLHQWH SHUR HQ HVH PRPHQWR OOHJD HO FRPLVDULR GH 9LFK\ 5HQDUG 'DQ 6H\PRXU
5HQDUGKDFHDUUHVWDUD+DUU\0DQH\*pUDUGSDUDLQWHUURJDUORV
1LQJXQRGHORVWUHVFODURHVWiFRQILHVDODH[LVWHQFLDQLHOHVFRQGLWHGHORVUHVLVWHQWHV
KHULGRV $QWHV GH VROWDUORV D ORV WUHV PX\ D SHVDU VX\R 5HQDUG UHTXLVD D +DUU\ VX
GRFXPHQWDFLyQ \ VX GLQHUR FRPR PHGLR GH SUHVLyQ 6H OR GHYROYHUHPRV GHVSXpV GH
ODLQYHVWLJDFLyQ
8QD YH] OLEHUDGRV +DUU\ \ 0DQH VH PDUFKDQ MXQWRV SRU OD QRFKH FXDQGR +DUU\ VH GD
FXHQWD DO TXHUHU WRPDU XQD FRSD GH TXH QR OOHYD GLQHUR HQFLPD 3UHILHUH YROYHU \
GHMDUD0DULHDUUHJOiUVHODVVRODSDUDOLJDUVHDXQKRPEUHHQHOEDU
0DULH OR YXHOYH D YHU PiV WDUGH HQ HO KRWHO \ HQWRQFHV HV FXDQGR HPSLH]D XQ ODUJR
JDODQWHRHQWUHORVGRV6HVLHQWHQDWUDtGRVHOXQRSRUHORWURSHUR+DUU\QRVHItDGHOD
TXHWRPDSRUXQDDYHQWXUHUD)LQDOPHQWHHOODWRPDODLQLFLDWLYDGHOEHVRTXHOHVXQH
$O GtD VLJXLHQWH XQR GH ORV UHVLVWHQWHV KHULGRV OD YtVSHUD YXHOYH D SHGLU D +DUU\ HO
PLVPRIDYRUTXHOHKDEtDSHGLGR*pUDUG\HVWDYH]+DUU\DFHSWDDOHJDQGRODSpUGLGD
GH VX WUDEDMR 3HUR TXLHUH TXH OH SDJXH HQ HO DFWR DQWHV GHO SDVDMH PiV WDUGH
YHUHPRV TXH KD JDVWDGR WRGR HO GLQHUR SDUD FRPSUDU D 0DULH GHPDVLDGR SREUH VX
ELOOHWHGHYXHOWDD$PpULFD
$O FDHU OD QRFKH +DUU\ VDOH D OD PDU FRQ (GG\ FODQGHVWLQDPHQWH $SURYHFKDQGR OD
QRFKH FRJH VX EDUFR SDUD WUDHU D )XHUWH )UDQFLD D ORV GRV SDWULRWDV TXH OH KDEtDQ
GLFKR 8QR GH HOORV VH OODPD 3DXO GH %XUVDF :DOWHU 0ROQDU \ HO RWUR KHFKR TXH OH
VRUSUHQGH HV XQD PXMHU OD HVSRVD GH 3DXO +pOqQH 'RORUHV 0RUDQ +pOqQH HV XQD
DPHULFDQDDUURJDQWH\GLVWLQJXLGDTXHOHHVKRVWLO
8Q SDWUXOOHUR GH 9LFK\ ORFDOL]D HO EDUFR +DUU\ GLVSDUD SDUD GHVWUXLU HO UHIOHFWRU 6LJXH
XQWLURWHRGXUDQWHHOFXDO3DXOHVKHULGRHQHOEUD]R
+DUU\ FRQVLJXHOOHJDUD SXHUWR\ FRQODD\XGD GH*pUDUGHVFRQGH D3DXO\+pOqQH HQ
HO KRWHO 0DUTXLV $OOt XWLOL]D VXV FRQRFLPLHQWRV PpGLFRV SDUD RSHUDU pO PLVPR D 'H
%XUVDF FRQ OD D\XGD GH 0DQH pVWD QR KD TXHULGR YROYHU D $PpULFD SHVH D OD
KRVWLOLGDG GH +pOqQH TXH KXELHUD GHVHDGR XQ YHUGDGHUR PpGLFR (VWD PiV WDUGH OH
SHGLUiGLVFXOSDVSRUVXWRQWHUtD
/D RSHUDFLyQ DFDED FRQ p[LWR SHUR +DUU\ GHEH KDFHU IUDFDVDU HO LQWHQWR GH 5HQDUG
SDUD KDFHU KDEODU D (GG\ VREUH HO HVFRQGLWH GH ORV SDWULRWDV /XHJR 3DXO GH %XUVDF
DJUDGHFLGR SURSRQH D +DUU\ XQLUVH D VX FDXVD \HQGR FRQ pO D OD LVOD GHO 'LDEOR SDUD
OLEHUDUDXQJUDQMHIHGHOD5HVLVWHQFLD
0iVWDUGH5HQDUGYXHOYHDOKRWHO0DUTXLV\HQWUDHQODKDELWDFLyQGH+DUU\TXHWLHQH
HO WLHPSR MXVWR SDUD HVFRQGHU D +pOqQH FRQ OD TXH HVWDED KDEODQGR 0DULH VH
HQFXHQWUDWDPELpQDOOt

5HQDUGWLHQHDKRUDXQPHGLRGHSUHVLyQGHFLVLYRKDKHFKRGHWHQHUD(GG\\DPHQD]D
FRQ KDFHUOR KDEODU SULYiQGROH GH DOFRKRO &RQ OD D\XGD GH 0DULH +DUU\ FRQVLJXH
UHFXSHUDUVXUHYyOYHUGHOFDMyQ0DWDDXQRGHORVKRPEUHVGH5HQDUG\REOLJDDpVWH
~OWLPRDOLEHUDUD(GG\
/LEHUDGR(GG\+DUU\GHFLGHXQLUVHDODFDXVDGHODUHVLVWHQFLDHLUDODLVODGHO'LDEOR
&RQILDGRV +DUU\ 0DU\ WUDQTXLOL]DGD \ IHOL] DKRUD WUDV KDEHU FUHtGR HQFRQWUDU HQ
+pOqQH XQD ULYDO \ SRU ILQ (GG\ TXLHQ DFHSWD SRU FRPSOHWR D OD MRYHQ PXMHU
FRPSHWHQWH \ YDOLHQWH VH PDUFKDQ ORV WUHV KDFLD OD SHOLJURVD PLVLyQ PLHQWUDV TXH
*pUDUG VH ODV DUUHJODUi FRQ ORV GRV SUHVRV GH 9LFK\ \ FRQ ODV UHSUHVDOLDV TXH QR
IDOWDUiQ


/$66,1826,'$'(6'(81$$'$37$&,1

/DJpQHVLVGH7HQHU\QRWHQHU\GHVXJXLyQHVEDVWDQWHFRQRFLGDSXHVDVRFLDHQXQ
VXQWXRVR ILOP GH JpQHUR XQR GH ORV PD\RUHV UHDOL]DGRUHV DPHULFDQRV GRV DFWRUHV
OHJHQGDULRVGH+ROO\ZRRG%RJDUW\%DFDOOpVWDHQVXSULPHUSDSHOHQODSDQWDOODXQ
JXLRQLVWD GHSXUDGR -XOHV )XUWKPDQ \ ILQDOPHQWH GRV GH ORV PiV JUDQGHV HVFULWRUHV
DPHULFDQRV UHVSHFWLYDPHQWH FRPR DXWRU GHO OLEUR TXH VLUYLy GH EDVH D OD SHOtFXOD \
FRPRFRILUPDQWHGHODYHUVLyQILQDOGHOJXLyQ
6L FRQRFHPRV WRGRV ORV GHWDOOHV GH OD FRQFHSFLyQ GH HVWD SHOtFXOD DVt FRPR WRGDV ODV
HWDSDVGHUHGDFFLyQGHVXJXLyQGHVGHHOOLEURLQVSLUDGRUKDVWDODSHOtFXODDFDEDGDHV
JUDFLDV D XQD REUD PX\ LQWHUHVDQWH SXEOLFDGD SRU OD :LVFRQVLQ:DUQHU %URV
6FUHHQSOD\ 6HULHV YpDVH OD %LEOLRJUDItD TXH SUHVHQWD DGHPiV GHO JXLyQ GHILQLWLYR
DQWHV GHO URGDMH XQ HVWXGLR GHWDOODGR \ PX\ ELHQ KHFKR GH %UXFH ) .DZLQ VREUH OD
JpQHVLV GHO ILOP DFRPSDxDGR GH XQD OLVWD VLVWHPiWLFD GH WRGDV ODV PRGLILFDFLRQHV
UHDOL]DGDVHQHOJXLyQGXUDQWHHOURGDMH(VWHOLEURHVHQFRQVHFXHQFLDXQGRFXPHQWR
YDOLRVR QR VyOR VREUH HVWH ILOP \ VX JXLyQ VLQR WDPELpQ VREUH WRGR HO FLQH GH
+ROO\ZRRG

'HOOLEURDODSDQWDOOD


/DQRYHODGH+HPLQJZD\SXEOLFDGDHQEDMRHOWtWXORIUDQFpVGH(QDYRLURXSDV 
VH SXHGH FRQVHJXLU IiFLOPHQWH SRU OR TXH QR KDUHPRV VX DQiOLVLV QRV OLPLWDUHPRV D
VHxDODU ODV GLIHUHQFLDV HVHQFLDOHV HQWUH HO OLEUR \ OD SHOtFXOD WDO \ FRPR IXH ILQDOPHQWH
URGDGD\PRQWDGD
(Q HO OLEUR OD DFFLyQ VH GHVDUUROODGXUDQWH YDULRV DxRV SHUR HQ OD SHOtFXOD VH OLPLWD D
WUHVGtDVQLPiVQLPHQRV

N. de la T.: Tener y no tener

(QODQRYHODGH+HPLQJZD\+DUU\0RUJDQHOKpURHHVXQLQGLYLGXRPiVELHQPLHGRVR
\JURVHURGHVFULWRFRPRXQEUXWRVLPSiWLFR
1R HV XQ iQJHO WLPD \ HVWUDQJXOD D XQ FKLQR \ QR GXGD HQ KDFHU FRQWUDEDQGR (Q OD
SHOtFXOD +DUU\ HV XQ SHUVRQDMH PiV ELHQ FRQ FODVH LQWHOLJHQWH PRUDOPHQWH VLQ
GHIHFWRVHLQFOXVRFDEDOOHUHVFR
(Q OD QRYHOD GH +HPLQJZD\ ODV UHODFLRQHV GH +DUU\ FRQ VX D\XGDQWH (GG\ VRQ PiV
ELHQIUtDVUHVHUYDGDVPLHQWUDVTXHHQODSHOtFXODHVXQDDPLVWDGKDVWDODPXHUWH
(QODQRYHOD-RKQVRQWLHQHDOJXQRVUDVJRVVLPSiWLFRVHQODSHOtFXODQR
+HOHQ *RUGRQ HV HQ OD QRYHOD GH +HPLQJZD\ XQD UHPLOJDGD GH OD DOWD VRFLHGDG TXH
VH SHUYLHUWH HQYLOHFH HQ EDUHV VRVSHFKRVRV (Q OD SHOtFXOD VH FRQYLHUWH HQ OD
RUJXOORVD +pOqQH GH %XUVDF HVSRVD GHO UHVLVWHQWH PLHQWUDV TXH HO SHUVRQDMH GHO
PDULGRHOLQWHOHFWXDOIOLSDGR*RUGRQKDGHVDSDUHFLGRSRUFRPSOHWR
'HO OLEUR D OD SHOtFXOD VH FRQVHUYD OD HVFHQD HQ OD TXH +DUU\ DERIHWHD D VX DPLJR
(GG\ SHUR HQ XQ VHQWLGR WRWDOPHQWH GLVWLQWR (Q +HPLQJZD\ +DUU\ SHJD D VX
D\XGDQWHSDUDQRDUULHVJDUVHHQODSHOtFXODHVSDUDTXHpVWHQRVHDUULHVJXH
(Q UHVXPHQ FRQFHQWUDFLyQ GH OD DFFLyQ VLPSOLILFDFLyQ \ PRGLILFDFLyQ GH OD
SVLFRORJtD4XpKDSDVDGRHQWUHHOOLEUR\ODSHOtFXOD"
7RGR WHQGUtD VX MXVWLILFDFLyQ SRU XQD SDUWLGD GH SHVFD HQ  HQ OD TXH ORV GRV
DPLJRV +RZDUG +DZNV \ (UQHVW +HPLQJZD\ KDEUtDQ GLVFXWLGR +DZNV TXHUtD
FRQWUDWDU DO HVFULWRU SDUD WUDEDMDU HQ +ROO\ZRRG SDUD FRQYHQFHUOR OH GLMR 9R\ D
FRJHUWXSHRUQRYHOD\KDFHUXQDSHOtFXODFRQHOOD&XDOHVPLSHRUQRYHOD"(VD
FRVDLQIRUPHTXHVHOODPD7HQHU\QRWHQHU1RSXHGHVKDFHUQDGDFRQHVRGLMR
+HPLQJZD\TXLpQKDEUtDDxDGLGRVHJ~QDOJXQRV/DHVFULEtPX\GHSULVDSDUDJDQDU
GLQHUR6t FRQWHVWy +DZNVSXHGR +DVFUHDGR HOSHUVRQDMHGH+DUU\0RUJDQ\ \R
SXHGR GDUWH HO GH OD FKLFD VyOR WH TXHGD LQYHQWDU OD KLVWRULD GH VX HQFXHQWUR (Q OD
QRYHOD +DUU\ 0RUJDQ HVWi FDVDGR GHVGH KDFH WUHLQWD DxRV FRQ XQD PXMHU IXHUWH \ VLQ
QLQJXQD JUDFLD TXH VH OODPD 0DUtD \ FRQ OD TXH IRUPD XQD SDUHMD DGPLUDEOHPHQWH
XQLGD HQ OD GHVJUDFLD \ HQ OD SREUH]D 6H WUDWDED SXHV DO SULQFLSLR GH HVH SUR\HFWR
GH SHOtFXOD GH YROYHU DO SDVDGR GH 0RUJDQ SHUR WUDVODGDQGR D HVH SDVDGR SHULSHFLDV
TXHODQRYHODVLW~DPiVWDUGH
+HPLQJZD\ DFHSWy YHQGHU ORV GHUHFKRV GHO OLEUR VLQ GHFLGLUVH D HVFULELU pO PLVPR OD
DGDSWDFLyQ $O ILQDO +DZNV TXH HQWUHWDQWR KDEtD GHVFXELHUWR JUDFLDV D 6OLP VX
PXMHU XQD MRYHQ PRGHOR GH GLHFLRFKR DxRV OODPDGD %HWW\ %DFDOO \ TXHUtD FRQILDUOH HO
SDSHO GHOD MRYHQ 0DUtD PHWLy HQ HO SUR\HFWR DO JXLRQLVWD-XOHV )XUWKPDQ VX DPLJR
DO TXH GHEHPRV (O H[SUHVR GH 6KDQJDL \ 6KTQJDL *HVWXUH GH -RVHSK YRQ 6WHUQEHUJ
(O VXHxR HWHUQR GH +DZNV HWF /H SLGLy D )XUWKPDQ OD FUHDFLyQ GHO SHUVRQDMH GH
0DULH FRUQR HO GH XQD PXMHU XQ SRFR YDURQLO DO HVWLOR GH 0DUOHQH 'LHWULFK QR VLQ
SUHYHU XQD QXHYD YHUVLyQ TXH UHGXFLUtD OD LPSRUWDQFLD GHO SDSHO GH 0DULH HQ FDVR GH
TXHOD%DFDOOOHVGHFHSFLRQDUDHQORVHQVD\RV\HQHOURGDMH
(Q  )XUWKPDQ HQWUHJy XQD SULPHUD YHUVLyQ PX\ FRSLRVD GHO JXLyQ RFDVLyQ HQ OD
TXH VH VLW~D OD FpOHEUH DQpFGRWD UHIHULGD SRU +DZNV (Q HO SULPHU VFULSW OH UREDQ HO
EROVR D /DXUHQ %DFDOO QRPEUH GH DFWUL] GH %HWW\ %DFDOO )XUWKPDQ KL]R FRQ HOOR XQD
EXHQD HVFHQD \ SDUHFtD FRQWHQWR FRQ VX LGHD 6t OH GLMH XQD MRYHQFLWD D TXLHQ OH
UREDQ HO EROVR HV SDUD SRQHUVH FDFKRQGR &HUGR PH GLMR )XUWKPDQ $O GtD

VLJXLHQWH KDEtD UHHVFULWR OD HVFHQD HUD HOOD TXLHQ UREDED OD FDUWHUD \ TXHGy GLH]
YHFHVPHMRU

/DSULPHUDYHUVLyQGH)XUWKPDQ

/D SULPHUD YHUVLyQ GHO JXLyQ VH GHVDUUROODED FRPR HQ OD QRYHOD GH +HPLQJZD\ HQ OD
LVODGH&XEDHQ/D+DEDQDFRQODPLVPDHVFHQDGHSHVFDLQLFLDO
(GG\VHOODPDHQHVDYHUVLyQ5XPP\(QHOSXHUWRGH/D +DEDQD'pFLPR\%HQLFLD
XQD SDUHMD TXH UHJHQWD HO EDU /D 3HUOD GH 6DQ )UDQFLVFR %HQLFLD HV XQD DQWLJXD
DPLJDGH+DUU\REOLJDQD-RKQVRQDSDJDUVXGHXGDD+DUU\
(Q HO LQWHULRU GHO EDU XQD PXMHU MRYHQ GH QRPEUH &RULQQH HQ HO JXLyQ GHILQLWLYR
WRPDUi HO QRPEUH GHO OLEUR 0DULH KDFH EHEHU D -RKQVRQ \ FXDQGR pVWH SRU ILQ VH
HPERUUDFKD OH GHVSOXPD FRJLpQGROH VX FDUWHUD 0RUJDQ SLOOD D &RULQQH \ OH GD XQD
ERIHWDGD SDUD REOLJDUOD D GHYROYHU OD FDUWHUD YHPRV FyPR HVD ERIHWDGD FDPELD
SRVWHULRUPHQWHGHDXWRU
7UHV HVWXGLDQWHV FXEDQRV UHYROXFLRQDULRV TXH SUHSDUDQ XQ URER FRQ HO ILQ GH
SURFXUDUVHPHGLRVSDUDVXOXFKDYLHQHQDRIUHFHUGyODUHVD+DUU\SDUDTXHpVWH
OHVOOHYHHQVXEDUFRDOOXJDUGHODVDOWR
0RUJDQ OHV FRQWHVWD TXH VyOR VH RFXSD GH VXV SURSLRV DVXQWRV &RULQQH GLVLPXOD OD
FDUWHUD GH -RKQVRQ HQ OD URSD GH 0RUJDQ -RKQVRQ TXLHUH LU D GHQXQFLDU HO URER D OD
SROLFtD SHUR HQ HO PRPHQWR GH VDOLU GHO EDU HO PiV IDQiWLFR GH ORV WUHV HVWXGLDQWHV
FXEDQRVORWRPDSRU0RUJDQ\ORPDWD8QDPLJRGH0RUJDQHOWHQLHQWH&DHVDUHVHO
TXHVHRFXSDGHODLQYHVWLJDFLyQ0RUJDQSURWHJHD&RULQQHSXHVpVWDHVWiILFKDGDSRU
ODSROLFtD
/RVHVWXGLDQWHVUDSWDQD5XPP\SHURTXLHUHQD&RULQQHTXH0RUJDQHVWiGLVSXHVWRD
HQWUHJDUOHV 3HUR 0RUJDQ GLVSDUDQGR D WUDYpV GH XQ FDMyQ FRQVLJXH PDWDU D XQR GH
ORVHVWXGLDQWHVDQWHVGHGHMDUPDUFKDUDORVRWURV\UHVFDWDUD5XPP\
$O GtD VLJXLHQWH XQ FKLQR HO VHxRU .DWR SURSRQH D 0RUJDQ KDFHU FRQWUDEDQGR GH
DOFRKRO 'XUDQWH HO SDVR 0RUJDQ \ VX PR]R GH FXHUGD UHVXOWDQ KHULGRV (QWRQFHV
GHVFXEUHQTXHQRHVWiQFDUJDQGRDOFRKROVLQRGURJD0RUJDQTXHWLHQHSULQFLSLRVWLUD
ODFDUJDGHGURJDSRUODERUGD\VHGLVSRQHDHQWUHJDUHOFKLQRD&DHVDU
'HVSXpVFRQRFHDXQDPHULFDQROODPDGR6DP(VVH[TXHTXLHUHXWLOL]DUVXEDUFR\DO
GtD VLJXLHQWH VH HQFXHQWUD FRQ 6LOYLD HQ HO EDU XQD PXMHU TXH DPy HQ RWUR WLHPSR \
TXH OR DEDQGRQy SRU RWUR $KRUD HOOD HV OD HVSRVD GH (VVH[ &HORV GH &RULQQH QXHYR
UDSWRGH5XPP\\FRQVHFXHQWHOLEHUDFLyQ
0RUJDQ DFHSWD OOHYDU D ORV UHYROXFLRQDULRV HQ VX EDUFR 9DQ DO SXHUWR GH &LHQIXHJRV
FRQ(VVH[\5XPP\\ORVFXEDQRVKDFHQVXDWUDFR8QRGHORVUHYROXFLRQDULRVPDWDD
5XPP\0RUJDQSODQHDPDWDUORV&XDQGRHPSLH]DDGLVSDUDUOHVIXQGLGRHQQHJUR

0RUJDQYXHOYHDVXFDVDVDQR\VDOYR6\OYLDWUDWDSULPHURGHUHFRQTXLVWDUD0RUJDQ
TXH VH KD HQFDULxDGR FRQ (VVH[ SHUR HOOD FRPSUHQGH TXH QR FRQVHJXLUi QDGD \
0RUJDQVHFDVDFRQ&RULQQH
(VWD SULPHUD DGDSWDFLyQ FRPR HO OLEUR RULJLQDO LQWHQWD GHPRVWUDU OD IUHFXHQWH
GHJUDGDFLyQGHOLGHDOUHYROXFLRQDULRDOWRPDUIRUPDGHEDQGLGLVPRIDQiWLFR3HUR\DHO
PRYLPLHQWR VH LQYLHUWH +DUU\ 0RUJDQ WRGDYtD HV KHULGR HQ HO EUD]R SHUR HQ YH] GH
FDHUHQODPXHUWH\HQODGHJUDGDFLyQVXYLGDVHYHHPEHOOHFLGD\UHQRYDGD

'H&XEDD/D0DUWLQLFD

3DVHPRV D OD VHJXQGDYHUVLyQ SDUD OOHJDU DODLQWHUYHQFLyQ GH )DXONQHU /D RILFLQDGH
DVXQWRV LQWHUDPHULFDQRV VH KDEtD RSXHVWR DO SUR\HFWR SUHWH[WDQWH TXH HO JRELHUQR
FXEDQRGH %DWLVWDSRGUtDWRPDUDPDOHVWD HYRFDFLyQGH&XED\GH VXUpJLPHQ\TXH
OD SHOtFXOD FRUUtD HO SHOLJUR GH QR VHU H[SRUWDEOH SRU DxDGLGXUD ORV (VWDGRV 8QLGRV
HUDQDOLDGRVGH &XEDHQHOHVIXHU]RGHJXHUUD/DSHOtFXOD\DHVWDED FRPSURPHWLGDH
LQFOXVR SDUWH GH ORV GHFRUDGRV FRQVWUXLGRV FXDQGR -DFN :DPHU DQXQFLy D +DZNV TXH
QR VH SRGtD KDFHU D PHQRV GH FDPELDUOH HO PDUFR )LQDOPHQWH VH GHFLGLy TXH VHUtD
)XHUWH )UDQFLD HQ OD 0DUWLQLFD EDMR HO JRELHUQR GH 9LFK\ )DXONQHU DPLJR GH +DZNV
\D DXWRU GH XQ JXLyQ SURJDXOOLVWD LQWHUYLQR \ KDVWD HO ILQDO DSRUWy DO JXLyQ GH
)XUWKPDQ XQD VHULH GH PRGLILFDFLRQHV (O SHUVRQDMH GH +pOqQH *RUGRQ GHO SULPHU
VFULSW VH WUDQVIRUPy HQWRQFHV HQ HO GH +pOqQH GH %XUVDF ORV SROLFtDV &DHVDU \
5HQDUGRVHIXQGLHURQHQXQD~QLFDSHUVRQD\VHFRQYLHUWLHURQHQHOFRPLVDULR5HQDUG
\ ORV EDQGLGRV UHYROXFLRQDULRV FXEDQRV HQ GLVWLQJXLGRV SDWULRWDV JDXOOLVWDV 0RUJDQ
GHMy GH HVWDU KHULGR FRPR HQ OD QRYHOD \ ODV YHUVLRQHV DQWHULRUHV SDUD VHU HO TXH
FXUD D ORV GHPiV VLHQGR KHULGR HQ VX OXJDU HO UHVLVWHQWH 3DXO GH %XUVDF )DXONQHU
DFHQWXy OD PLVRJLQLD GH 0RUJDQ \ GHFLGLy TXH 0DULH \ pO VH KRVSHGDUDQ HQ HO PLVPR
KRWHO OR TXH VLPSOLILFDED FRQVLGHUDEOHPHQWH OD FXHVWLyQ GH VXV HQFXHQWURV \ GH VXV
GHVSOD]DPLHQWRV
(QFXDQWRD+DZNVSRUVXSDUWHDSRUWyFDPELRVGXUDQWHHOURGDMH

'HOJXLyQDODSHOtFXOD

3ULPHURHOSULQFLSLRGHOJXLyQHVFULWRLQFOXtDPiVGHWDOOHV\HVFHQDVTXHSODQWHDEDQHO
FRQWH[WRSROtWLFRVHGHEtDYHUXQUHWUDWRGH3pWDLQ\XQSLQWDGDGHOD5HVLVWHQFLD
(OWULiQJXORDPRURVRHUDPiVH[SOtFLWRHQHOJXLyQTXHSUHVHQWDEDLQFOXVRXQDHVFHQD
HQ OD TXH +DUU\ EHVDED D +pOqQH (VFHQD VXSULPLGD HQ HO URGDMH SXHV OD SDUHMD
%RJDUW%DFDOO VH KDFtD GHPDVLDGR FRQYLQFHQWH GH PDQHUD TXH ODV HVFHQDV GH OD
SHOtFXODHQODVTXH0DULHHQGRVRFDVLRQHVVRUSUHQGHD+DUU\FRQ+pOqQHQRVRQPiV
TXHIDOVDVDODUPDV
)LQDOPHQWHHQHOJXLyQHVFULWRODVXHUWHGH5HQDUG\GHVXVDFyOLWRVQRVHVROXFLRQDED
GH OD PLVPD PDQHUD 0RUJDQ VXJHUtD D *pUDUG TXH ORV HMHFXWDUD SXHV VDEtDQ

GHPDVLDGDV FRVDV KDFLHQGR TXH OD RUTXHVWD GHO KRWHO WRFDUD PX\ IXHUWH SDUD
GLVLPXODUHOUXLGRGHOGLVSDUR (QODSHOtFXOD*pUDUGVXJLHUHVLPSOHPHQWHTXHORVYDD
VROWDU GHMiQGRORV HQ PDQRV GHO GHVWLQR 4XHPDUiQ WRGR HVWR OH DYLVD +DUU\ SHUR
*pUDUG FRQWHVWD FRQ ILORVRItD TXH VHUi XQ IXHJR PX\ SHTXHxR (O ILQDO GHO ILOP
PHQRV FDUJDGR SRU OD HMHFXFLyQ GH ORV GRV SROLFtDV GH 9LFK\ DSDUHFH PHQRV JUDYH
PiV GLYHUWLGR SHUR DO PLVPR WLHPSR FRPR HO GHVWLQR GH ORV GRV SUHVRV QR HVWD
VROXFLRQDGRHOGHVHQODFHVHYXHOYHPiVLPSUHFLVR\FRPRHVFDPRWHDGR
(O OLEUR GH .DZLQ VHxDOD SRU RWUD SDUWH XQ JUDQ Q~PHUR GH PRGLILFDFLRQHV UHDOL]DGDV
SRU +DZNV D OD KRUD GH URGDU HQ HO GHWDOOH GH ODV HVFHQDV SDUD GDUOHV PD\RU
GLQDPLVPR\QHUYLRVLWXDFLRQHVUpSOLFDVFRUWDGDVHLQWHUUXPSLGDVDPHQXGRHQWUHVt
HO GLiORJR HV PHQRV HVWiWLFR \ VH LQWURGXFHQ GRV FDQFLRQHV PiV FDQWDGDV SRU /DXUHQ
%DFDOODFRPSDxDGDDOSLDQRSRU+RDJ\&DUPLFKDsO
7RGR RFXUUH SXHV FRPR VL +DZNV KXELHUD TXHULGR DOLJHUDU ODV VLWXDFLRQHV WDQWR
DPRURVDV FRPR SROLFLDFDV SDUD GDU DO ILOP XQ WRQR PiV OLJHUR FRUULHQGR HO ULHVJR
O~FLGDPHQWH HVWDPRV FRQYHQFLGRV GH QR OOHYDU ODV VLWXDFLRQHV KDVWD VX H[WUHPR
FRPRORH[LJHHQSULQFLSLRODGUDPDWXUJLDWUDGLFLRQDO
([KLELGD DO S~EOLFR HQ  7HQHU \ QR WHQHU FRQVLJXLy XQ JUDQ p[LWR FRPHUFLDO SHUR
FRQ XQD DFRJLGD UHWLFHQWH SRU SDUWH GH OD FUtWLFD VREUH WRGR SRU HO DVSHFWR IORMR
LQFOXVRFRQIXVRGHODLQWULJD
/R TXH YDPRV D OHHU HV XQ UHVXPHQ GHWDOODGR TXH KHPRV HVWDEOHFLGR QRVRWURV GH OD

SHOtFXOD DFDEDGD  SHUR HV DSDVLRQDQWH YHU FyPR HQWUH ODV GLVWLQWDV YHUVLRQHV GH OD
KLVWRULD FLHUWRV UDVJRV VH GHVSOD]DQ GH XQ SHUVRQDMH D RWUR H LQFOXVR VH LQYLHUWHQ SRU
FRPSOHWR
1R ROYLGHPRV WDPSRFR TXH HO JXLyQ HO PDUFR WURSLFDO HO FRQWH[WR GH OD KLVWRULD OD
5HVLVWHQFLD )UDQFLD \ OD SUHVHQFLD GH +XPSKUH\ %RJDUW HQ HO JHQpULFR WRGR DO ILQ
LQFLWDED HO HVSHFWDGRU D FRPSDUDU 7HQHU \ QR WHQHU FRQ XQD SHOtFXOD \D PtWLFD \ GH OD
TXHVHSRGtDSHQVDUTXHHUDXQUHPDNH&DVDEODQFDDFDEDGDGRVDxRVDQWHV


(/*8,1(6&(1$325(6&(1$

+DUU\0RUJDQXQFDERGHOD0DULQDH[WHULRU0XHOOHVGH)XHUWH)UDQFLDGHGtD
&RPR OR SUHFLVD XQ OHWUHUR OD DFFLyQ VH GHVDUUROOD HQ )XHUWH )UDQFLD HQ OD 0DUWLQLFD
EDMRODDGPLQLVWUDFLyQGH9LFK\
(Q

HO

SXHUWR

SRU

OD

PDxDQD

XQ

DPHULFDQR

HVWi

FXPSOLHQGR

IRUPDOLGDGHV

DGPLQLVWUDWLYDV FRQ XQ FDER GH OD 0DULQD IUDQFHVD SDUD SRGHU VDOLU FRQ VX EDUFR DO
PDU (V XQD RFDVLyQ SDUD LQIRUPDPRV GH TXH HO DPHULFDQR VH OODPD +DUU\ 0RUJDQ

Este resumen, como todos los detalles dados anteriormente, debe mucho al trabajo de Bruce F. Kawin para
la edicin en ingls del guin

+XPSKUH\ %RJDUW TXH YLYH GH DOTXLODU VX EDUFR HO 4XHHQ &RQFK DO GtD \ TXH YD D
OOHYDUHVHPLVPRGtDDXQFOLHQWHOODPDGR-RKQVRQDSHVFDU

+DUU\(GG\+RUDWLR-RKQVRQH[WHULRU0XHOOHVGHGtD
+DUU\ VH GLULJH D VX EDUFR HQ HO SXHUWR \ HQFXHQWUD HQ HO PXHOOH D XQ YLHMR PDULQHUR
GRUPLGR \ ERUUDFKR (GG\ :DOWHU %UHQQDQ /R GHVSLHUWD FRQ XQ FXER GH DJXD \ OH
SLGH TXH YD\D D D\XGDU D VX PDULQHUR HO QHJUR +RUDWLR 6LU /DQFHORW D SUHSDUDU HO
HPEDUTXH<DYHPRVODJUDQDPLVWDGO~FLGD\FDOXURVDTXHXQHDDPERVKRPEUHV
/OHJD HO FOLHQWH GH 0RUJDQ XQ WLSR JRUGR OODPDGR -RKQVRQ :DOWHU 6DQGH TXH
DSDUHQWD VHU XQ KRPEUH GH QHJRFLRV YHQLGR GHO FRQWLQHQWH FRQ VX HTXLSR GH SHVFD
FRPSUDGRHQODFLXGDGSDUDGLVIUXWDUGHORVSODFHUHVGHODQDWXUDOH]D

/RVPLVPRVH[WHULRU%DUFRHQHOPDUGHGtD
8QD YH] HQ DOWD PDU -RKQVRQ GHPXHVWUD VHU XQ SHVFDGRU PX\ WRUSH SLHUGH XQ SH]
HQRUPHTXHKDSLFDGR\DOPLVPRWLHPSRTXHHOSH]XQDFDxDGHSHVFDUPX\FDUDTXH
SHUWHQHFHD0RUJDQ$GHPiV HODQWLSiWLFR-RKQVRQVH H[DVSHUDSRUFXOSDGH(GG\DO
TXHQRTXLHUHSDJDUVXVVHUYLFLRVFRQVLGHUiQGRORXQLQ~WLO(GG\OHSRQHQHUYLRVRFRQ
VXV SDUORWHRV GH ERUUDFKR \ VXV UHIOH[LRQHV HQLJPiWLFDV FRPR HVWD SUHJXQWD
REVHVLYDOHKDSLFDGRDOJXQDYH]XQDDEHMDPXHUWD"
(QIXUHFLGRSRU(GG\-RKQVRQVHGLVSRQHDSHJDUOHFXDQGRLQWHUYLHQH+DUU\\DPHQD]D
DVXFOLHQWHFRQWLUDUORDOPDU'HFLGHQYROYHUDOSXHUWRWUDVXQDSHVFDGHVDIRUWXQDGD

+DUU\-RKQVRQH[WHULRU3XHUWRGHGtD
'XUDQWH OD HVFHQD DQWHULRU QRV KHPRV HQWHUDGR GH TXH -RKQVRQ \D OH GHEH D +DUU\
GRVVHPDQDVGHDOTXLOHU
&XDQGR ORV GRV KRPEUHV YDQ SRU OD FDOOH TXH ERUGHD HO PXHOOH XQ SHTXHxR LQFLGHQWH
HQWUH -RKQVRQ \ XQ JXDUGLD GH 9LFK\ GH SDLVDQR TXH KD FUHtGR RtU GHFODUDFLRQHV
RIHQVLYDVFRQWUDODVDXWRULGDGHVSRUERFDGH-RKQVRQYLHQHDUHFRUGDUQRVHOFRQWH[WR
KLVWyULFR HQ HVH PRPHQWR FRPSUREDPRV TXH +DUU\ VH QLHJD D WRPDU SDUWLGR HQ OD
JXHUUD\VyORTXLHUHRFXSDUVHGHVXVSURSLRVDVXQWRV

 +DUU\ -RKQVRQ *pUDUG FRQRFLGR SRU )UHQFK\ 0DULH %URZQLQJ LQWHULRU %DU
+RWHO0DUTXLVSRUODQRFKH
+DUU\ YXHOYH DO %DU +RWHO 0DUTXLV GRQGH YLYH (O GXHxR GHO KRWHO HO IUDQFpV *pUDUG
FRQRFLGR SRU )UHQFK\ 0DUFHO 'DOLR XQ UHVLVWHQWH SLGH HQWRQFHV D +DUU\ XQ IDYRU
TXHFRQVLVWHHQSUHVWDUOHDFDPELRGHGLQHURVXEDUFRSDUDXQDRSHUDFLyQGHWUDYHVtD
FODQGHVWLQD+DUU\VHQLHJDDWRPDUSDUWHHQHOOD

(QWUHWDQWR -RKQVRQ GLFH D +DUU\ TXH QR OOHYD EDVWDQWH GLQHUR SDUD SDJDUOH \ OH
SURPHWHSDVDUDODPDxDQDVLJXLHQWHSRUHOEDQFRFRQHOILQGHSDJDUVXGHXGDDQWHV
GHPDUFKDUVH
8QD PXMHU MRYHQ PX\ VHJXUD GH Vt PLVPD 0DULH %URZQLQJ /DXUHQ %DFDOO DSDUHFH
HQODSXHUWDGHODKDELWDFLyQGH+DUU\EXVFDQGRFLJDUULOORV1RVHQWHUDPRVSRU*pUDUG
GH TXH KD OOHJDGR D )XHUWH )UDQFLD HVH PLVPR GtD HQ DYLyQ \ TXH VH KRVSHGD HQ HO
PLVPRKRWHOTXH+DUU\HQODKDELWDFLyQGHDOODGR

+DUU\0DULH-RKQVRQ*pUDUG&ULFNHWLQWHULRU%DUGHQRFKH
(Q HO EDU GHO KRWHO XQD RUTXHVWD GLULJLGD SRU HO SLDQLVWD &ULFNHW +RDJ\ &DUPLFKDsO
WRFD SDUD ORV QXPHURVRV FOLHQWHV +DUU\ HVWi SHQGLHQWH GH 0DULH TXH DSDUHQWHPHQWH
OH LQWHUHVD OD YH FHQDU FRQ -RKQVRQ \D EHELGR &XDQGR HOOD DEDQGRQD OD VDOD GHO EDU
OD VLJXH SXHV KD REVHUYDGR VX QXPHULWR \ VDEH TXH OH KD UREDGR OD FDUWHUD D
-RKQVRQ&XDQGRLQWHUFHSWDD0DULHpVWD HPSLH]DQHJiQGROROXHJRORFRQILHVD+DUU\
OH LQIRUPD TXH -RKQVRQ HV VX FOLHQWH \ TXH OH GHEH GLQHUR (V OD ~QLFD UD]yQ GLFH pO
SRUODTXHQRTXLHUHTXHVHOHUREH
3HURDODEULUODFDUWHUDTXHOHGHYXHOYH0DULH+DUU\GHVFXEUHTXHKD\PXFKRGLQHUR
FKHTXHV GH YLDMH \ XQELOOHWH SDUD HO SULPHU DYLyQ GHO GtD VLJXLHQWHSUXHED LUUHIXWDEOH
GHTXH-RKQVRQTXHUtDHVWDIDUOH

+DUU\0DULH*pUDUGUHVLVWHQWHV(GG\5HQDUGLQWHULRU%DU+RWHOGHQRFKH
8QD YH] PiV DQWH 0DULH TXH GH UHERWH VH KDFH SDUWtFLSH GHO VHFUHWR +DUU\ HV
UHFODPDGR HQ OD SXHUWD GH VX KDELWDFLyQ SRU XQRV SDWULRWDV TXH TXLHUHQ VROLFLWDU VXV
VHUYLFLRV 8QD YH] PiV UHFKD]D VX GLQHUR $SDUHFH (GG\ \ KDFH DO JUXSR OD SUHJXQWD
VREUH OD DEHMD PXHUWD /D UHVSXHVWD GH 0DULH HQ ORV PLVPRV WpUPLQRV \ D
XVWHG"OHHQFDQWD\DFHSWDDODMRYHQHQHODFWR
/XHJR+DUU\DFRPSDxDGRGH0DULHYDDYHUD-RKQVRQ(VWHVHSRQHQHUYLRVRFXDQGR
+DUU\ REOLJD D OD MRYHQ D TXH OH GHYXHOYD OD FDUWHUD SRUTXH VDEH TXH pO VDEH 3HUR
+DUU\ QR LQWHQWD YHQJDUVH VHQFLOODPHQWH REOLJD D -RKQVRQ D ILUPDUOH HQ HO DFWR HQ
FKHTXHVGHYLDMHODFDQWLGDGTXHOHGHEH
(QHVHPRPHQWRHVWDOODXQYLROHQWRHQIUHQWDPLHQWRHQWUHMyYHQHVSDWULRWDVJDXOOLVWDV\
ODV DXWRULGDGHV +DUU\ \ 0DULH VH SRQHQ D VDOYR 'HVSXpV GHO LQFLGHQWH \ GHO WLURWHR
GHVFXEUHQ HQ HO EDU HOFXHUSR GH -RKQVRQ PXHUWR SRU XQD EDOD SHUGLGD 1R KD WHQLGR
WLHPSR DQWHV GH PRULU GH ILUPDU ORV FKHTXHV $O UHJLVWUDU HO FXHUSR +DUU\ UHFXSHUD
WRGRHOGLQHURTXHSXHGHHQFRQWUDUHQODFDUWHUDGHOPXHUWR
(QWRQFHV OOHJD FRQ VXV KRPEUHV HO FRPLVDULR QDFLRQDO GH 9LFK\ XQ ViGLFR JRUGR \
IULyOODPDGR5HQDUG'DQ6H\PRXU6HxDODD+DUU\0DULH\*pUDUGSDUDTXHORVLJDQ
DFRPLVDUtDFRPRWHVWLJRV


 +DUU\ 0DULH *pUDUG HO FDSLWiQ 5HQDUG HO WHQLHQWH &R\R ,QWHULRU 'HVSDFKR GH OD
SROLFtDGHQRFKH
(Q HO SXHVWR GH SROLFtD 5HQDUG LQWHQWD KDFHU KDEODU D QXHVWURV WUHV DPLJRV SDUD
FRQRFHU HO OXJDU GRQGH ORV UHVLVWHQWHV KDQ HVFRQGLGR D XQ JDXOOLVWH KHULGR GXUDQWH HO
HQIUHQWDPLHQWR *pUDUG LQWHUURJDGR HO SULPHUR FRQWHVWD TXH QR VDEH QDGD VREUH ORV
TXH IUHFXHQWDQ VX HVWDEOHFLPLHQWR 5HQDUG VH YH REOLJDGR D VROWDUOR QR VLQ
UHFRPHQGDUOH TXH VH HVWp WUDQTXLOR /XHJR YLHQH HO WXUQR GH +DUU\ TXLHQ H[SOLFD D
5HQDUG TXH -RKQVRQ HUD VX FOLHQWH \ TXH OH GHEtD GLQHUR 5HQDUG GHFLGH UHTXLVDU D
+DUU\ QR VyOR HO GLQHUR GH -RKQVRQ VLQR WDPELpQ VX SURSLR GLQHUR \ VX
GRFXPHQWDFLyQVHORGHYROYHUHPRVGLFHVLVHYHULILFDTXHVXUHFODPDFLyQHVMXVWD
&XDQGROOHJDHOWXUQRGH0DULHpVWDFRQWHVWDFRQLQVROHQFLD\UHFLEHXQDERIHWDGDGH
&R\R XQ WHQLHQWH GH 5HQDUG 6KHOGRQ /HRQDUG +DUU\ LQWHUYLHQH \ GLFH D 0DULH TXH
WLHQHGHUHFKRDQRUHVSRQGHU5HQDUGVHYHREOLJDGRDVROWDUDORVGRVDPHULFDQRV

+DUU\0DULH(GG\H[WHULRU&DOOHVGH)XHUWH)UDQFLD\FDEDUHWGHQRFKH
+DUU\ 0RUJDQ \ 0DULH VDOHQ MXQWRV GHO SXHVWR GH SROLFtD 0LHQWUDV YDQ DQGDQGR SRU OD
FDOOH 0RUJDQ H[SOLFD D 0DULH OD VLWXDFLyQ SROtWLFD (GG\ DSDUHFH VLHPSUH HQ EXVFD GH
GLQHURSDUDEHEHU\PHGLRSUHRFXSDGRSRUVXFDSLWiQ+DUU\ORPDQGDDDFRVWDUVH<D
HV GH QRFKH FXDQGR +DUU\ \ 0DULH HQWUDQ MXQWRV HQ XQ FDEDUHW 3HUR +DUU\ UHFXHUGD
TXH QR OOHYD GLQHUR HQFLPD SDUD WRPDU XQD FRSD \ GHMD D 0DULH TXH OLJXH D XQ
PDULQHURPLHQWUDVpOYXHOYHDOKRWHOSDUDDFRVWDUVH

+DUU\0DULHLQWHULRU+DELWDFLyQGH+DUU\\KDELWDFLyQGH0DULHGHQRFKH
0iVDGHODQWDGDODQRFKH 0DULH HQWUD HQODKDELWDFLyQGH+DUU\SDUD GDUOHXQDERWHOOD
GHOLFRUTXHOHKDVDFDGRDOPDULQHUR+DUU\VHPDQWLHQHIUtR\FiXVWLFRFRQHOODDOYHU
FyPR0DULHKDHQFDMDGRODERIHWDGDOHVXSRQHXQDYLGDDJLWDGD0DULHVDOHHQIDGDGD
SRUKDEHUVLGRFRQVLGHUDGDFRPRXQDFXDOTXLHUD\YXHOYHDVXKDELWDFLyQ
/XHJR HV pO TXLHQ YD D VX KDELWDFLyQ SDUD KDFHUVH SHUGRQDU (OOD HVWi GHSULPLGD
TXHUtD KXPLOODU D +DUU\ \ KD VLGR HOOD OD KXPLOODGD $GHPiV QR WLHQH EDVWDQWH GLQHUR
SDUDYROYHUD$PpULFD+DUU\VDOH
'HQXHYRPiVWDUGHHV0DULHTXLHQYDDYHUD+DUU\DVXKDELWDFLyQWHPHTXHSDUD
VDFDUOD GH DSXURV +DUU\ DFHSWH HO SHOLJURVR WUDEDMR SURSXHVWR SRU *pUDUG \ OH RIUHFH
VXSURSLRGLQHUR
1XHYR PDOHQWHQGLGR +DUU\ FUHH TXH VH WUDWD GH XQD LPSRUWDQWH FDQWLGDG GH GLQHUR \
SLHQVDTXHDQWHV0DULHOHKDFRQWDGRXQFXHQWRDOGHFLUOHTXHQRWHQtDGLQHUR0DULH
OHUHSURFKDVXPLVRJLQLD3HURGHUHSHQWHOREHVDHQODERFD+DUU\VHPDQWLHQHDOD
GHIHQVLYD SHUR SDUHFH UHVSRQGHU D VX EHVR 'HVSXpV HOOD VDOH GLFLpQGROH FRQ KXPRU
TXHVLODQHFHVLWDVyORWLHQHTXHVLOEDU+DUU\VHTXHGDPDUDYLOODGR
$TXtWHUPLQDHOSULPHUGtDGHODDFFLyQ)XQGLGRHQQHJUR


+DUU\*pUDUG%HDXFOHUFODVHxRUDGH%HDXFOHUFLQWHULRU&DEDQDGHGtD
3RU OD PDxDQD GHVFXEULPRV DO UHVLVWHQWH KHULGR %HDXFOHUF 3DXO 0DULRQ HV XQR GH
ORV TXH VROLFLWDEDQ D +DUU\ OD YtVSHUD HVFRQGLpQGRVH HQ FDVD GH ORV PDUWLQLTXHVHV
FRQVXHVSRVD3DWULFLD6KD\*pUDUG\+DUU\HVWiQDOOt+DUU\ILQDOPHQWHKDGHFLGLGR
DFHSWDU D FDPELR GH GLQHUR OD PLVLyQ VROLFLWDGD %HDXFOHUF OH H[SOLFD TXH VH WUDWD GH
KDFHU HQWUDU FODQGHVWLQDPHQWH HQ )XHUWH )UDQFLD D GRV UHVLVWHQWHV GH ORV TXH XQR HV
XQWDO3DXOGH%XUVDF'LVFXWHQVREUHODFRQGXFWDDVHJXLUHQFDVRGHVHULQWHUFHSWDGRV
SRU XQ EDUFR SDWUXOOD +DUU\ UHFODPD VX SDJD SRU DGHODQWDGR &RPR OD PXMHU GH
%HDXFOHUF VH PXHVWUD KRVWLO FRQ +DUU\ pVWH ~OWLPR OD KDFH FDOODU GHPRVWUiQGROH TXH
VDEHPHMRUTXHHOODORTXHKD\TXHKDFHUSDUDFXUDUDVXPDULGR

0DULH&ULFNHW+DUU\LQWHULRU%DUGHGtD
(Q HO EDU GHO KRWHO 0DULH FRQYHUVD FRQ &ULFNHW TXH HVWi HVFULELHQGR XQD FDQFLyQ
(QWUD +DUU\ \ OH GD D 0DULH XQ ELOOHWH GH DYLyQ TXH OH DFDED GH FRPSUDU FRQ HO GLQHUR
GH OD WUDYHVtD DFRQVHMiQGROH TXH VH PDUFKH HVD PLVPD WDUGH 0DULH DFHSWD SHVH D
HVWDUWULVWHSRUGHMDUD+DUU\

+DUU\(GG\H[WHULRU0XHOOHVGHGtD
(Q ORV PXHOOHV GH )XHUWH )UDQFLD +DUU\ HQFXHQWUD DO YLHMR ERUUDFKR GH (GG\ D TXLHQ
VLQHPEDUJRKDEtDSHGLGRTXHVHTXHGDUDHQHOKRWHO(GG\DGLYLQDTXH+DUU\VDOHDOD
PDU \ TXLHUH DFRPSDxDUOH +DUU\ LQWHQWD FRQYHQFHUOR GH TXH QR OR QHFHVLWD \ SRU
HVWROOHJDLQFOXVRDSHJDUOH

 +DUU\ (GG\ 3DXO 'H %XUVDF +pOqQH 'H %XUVDF H[WHULRU %DUFR HQ HO PDU GH
QRFKH
(V GH QRFKH &XDQGR VX EDUFR VH KDFH D OD PDU +DUU\ VDFD XQD HVFRSHWD SDUD HVWDU
SUHSDUDGRHQFDVRGHLQFLGHQWH2\HUXLGRVHV(GG\TXHVHKDHPEDUFDGRDSHVDUGH
WRGR+DEtDFRPSUHQGLGRTXHVHWUDWDEDGHXQDVXQWRVHULR\FXDQGR+DUU\OHH[SOLFD
OD QDWXUDOH]D GH OD PLVLyQ (GG\ VH HQWHUQHFH SXHV VH GD FXHQWD TXH HUD SDUD
SURWHJHUORSRUORTXH+DUU\TXHUtDPDQWHQHUORDSDUWDGR
3RU ILQHOEDUFRDWUDFD HQHOOXJDUGHODFLWDGRQGHHVWiQHVSHUDQGRODVGRVSHUVRQDV
TXHGHEHQVHUHPEDUFDGDV+DUU\VHGDFXHQWDGHTXHXQDGHHOODVHVXQDPXMHUXQD
MRYHQ DPHULFDQD PX\ JUDQ VHxRUD +pOqQH 'H %XUVDF 'RORUHV 0RUDQ FRQ VX
PDULGR HO IUDQFpV 3DXO 'H %XUVDF :DOWHU 0ROQDU +DUU\ VH PXHVWUD LUULWDGR \
+pOqQHSRUVXSDUWHVRSRUWDPDOODLQVROHQFLDGH+DUU\GHOTXHGHVFRQItD
(QHOFDPLQRGHYXHOWDHQDOWDPDUFRQODQLHEOD\GHQRFKH+DUU\QRWDODSUHVHQFLD
GH XQ EDUFR SDWUXOOD 3DXO OH DFRQVHMD TXH VH HQWUHJXH 3HUR +DUU\ HPSHxDGR HQ
GHIHQGHU VX EDUFR FRJH HO IXVLO \ GLVSDUD FRQWUD HO UHIOHFWRU GH OD SDWUXOOHUD SDUD
DSDJDUOR$FRQVHMDD3DXO\D+pOqQHTXHVHDFXHVWHQSDUDQRH[SRQHUVH(QHOWLURWHR
TXH VLJXH 3DXO TXH VH KDEtD QHJDGR D HVFRQGHUVH UHFLEH XQD EDOD HQ HO EUD]R
+pOqQHVHSRQHWRGDYtDPiVIXULRVDFRQWUD+DUU\


 +DUU\ *pUDUG 3DXO +pOqQH (GG\ 0DULH H[WHULRU 3XHUWR H LQWHULRU %DU GH
QRFKH
+DUU\OOHJDDOSXHUWRGHVHPEDUFDDORVSDVDMHURV\ORVFRQItDD*pUDUG
(QHOKRWHO0DUTXLVYXHOYHDYHUD0DULHTXHGHFLGLGDDQRPDUFKDUVHKDHQFRQWUDGR
WUDEDMRMXQWRD&ULFNHWFRPRFDQWDQWHGHODRUTXHVWD+DUU\RFXOWDVXVDWLVIDFFLyQ
*pUDUG UHYHOD D +DUU\ TXH 3DXO GH %XUVDF HVFRQGLGR HQ HO VyWDQR GHO KRWHO VH
HQFXHQWUD PX\ PDO \ TXH KD\ TXH RSHUDUOH SDUD LPSHGLU XQD SRVLEOH JDQJUHQD 3DUD
FRQVHJXLUTXH+DUU\VHSUHVWHDKDFHUHVHIDYRU\DFRQRFHPRVVXVWDOHQWRVPpGLFRV
ODFDMHUDGHOKRWHOOHSURSRQHLQFOXVRSHUGRQDUOHVXDEXOWDGDIDFWXUD)LQDOPHQWH+DUU\
DFHSWDSRUKRQRUSHURSLGLHQGRTXHVHDSHUGRQDGDWDPELpQODIDFWXUDGH0DULH

+DUU\*pUDUG0DULH3DXO+pOqQHLQWHULRU+DELWDFLyQGHQRFKH
3DXO GH %XUVDF KD VLGR WUDVODGDGR D XQD KDELWDFLyQ GRQGH +DUU\ VH SUHSDUD SDUD
H[WUDHU OD EDOD DORMDGD HQ HO EUD]R GHO SDWULRWD 3HUR +DUU\ VH HQIUHQWD D OD KRVWLOLGDG
GH +pOqQH TXH UHFODPD XQ YHUGDGHUR PpGLFR $KRUD ELHQ UHFXUULU D XQ PpGLFR
HTXLYDOGUtD D DOHUWDU D ODV DXWRULGDGHV +pOqQH TXH GLFH KDEHU VHJXLGR FODVHV GH
HQIHUPHUtD RIUHFH VX D\XGD SHUR DQWH OD VDQJUH SURQWR VH GHVPD\D \ +DUU\ WHUPLQD
OD RSHUDFLyQ FRQ OD D\XGD HILFD] GH 0DULH (V XQ p[LWR \ OD EDOD HV H[WUDtGD
OLPSLDPHQWH7HUPLQDGDODRSHUDFLyQ+DUU\OOHYDDODEHOODGHVYDQHFLGDDXQGLYiQOR
TXHSURYRFDORVFHORVGH0DULHH[SUHVDGRVGHPRGRVDUFiVWLFR

+DUU\3DXO+pOqQH0DULHLQWHULRU6yWDQRPDxDQD
0iVWDUGHFXDQGR3DXO\DHVWiIHOL]PHQWHUHVWDEOHFLGR+pOqQHGDODVJUDFLDVD+DUU\\
OH SLGH H[FXVDV SRU VX HVW~SLGD FRQGXFWD FRQ FLHUWD FRTXHWHUtD +DUU\ VH PXHVWUD
UHVHUYDGR FRQ +pOqQH 0DULH LQWHUYLHQH SDUD LQWHUUXPSLU OR TXH HOOD FRQVLGHUD XQ
G~R

+DUU\0DULH*pUDUGLQWHULRU+DELWDFLyQGH+DUU\GHGtD
0DULH YD D UHXQLUVH FRQ +DUU\ HQ OD KDELWDFLyQ GH pVWH QR TXLHUH GHVFDQVDU HQ OD
PDxDQD GHO WHUFHU GtD GH OD DFFLyQ SHUR 0DULH LQVLVWH HQ RFXSDUVH GH pO +DUU\ OD
WUDQTXLOL]DVREUHVXVVHQWLPLHQWRVKDFLpQGROHFRPSUHQGHUFRQPHGLDVSDODEUDVTXHQR
VLHQWHQDGDSRU+pOqQH
,UUXPSH *pUDUG \ OHV LQIRUPD TXH HO FRPLVDULR 5HQDUG VH HQFXHQWUD DEDMR HQ HO EDU
HPERUUDFKDQGR D (GG\ SDUD WUDWDU GH KDFHUOH KDEODU VREUH HO HVFRQGLWH GH ORV
SDWULRWDV+DUU\EDMDFRQ0DULH


+DUU\0DULH(GG\5HQDUGLQWHULRU%DUGHGtD
$EDMRHQFXHQWUDQD(GG\DSDUHQWHPHQWHERUUDFKRVHQWDGRHQXQDPHVDFRQ5HQDUG
DOTXHHVWiSRQLHQGRQHUYLRVR FRQXQDKLVWRULDGHSHVFD +DUU\LQWHUYLHQHKDFLpQGRVH
HO LQRFHQWH FRQILHVD D 5HQDUG TXH KD GLVSDUDGR VREUH XQ UHIOHFWRU GH EDUFR SHUR
SUHWHQGH KDEHU FUHtGR TXH HUD XQ VXEPDULQR DOHPiQ &XDQGR 5HQDUG VXJLHUH D +DUU\
TXH SRGUtD UHFRPSHQVDUOH SRU KDEODU +DUU\ OH GD HVSHUDQ]DV GH TXH SRGUi PiV
DGHODQWH DFHSWDU HO QHJRFLR 3RU HVWD YH] 5HQDUG GHEH PDUFKDUVH FRQ ODV PDQRV
YDFtDV
6LJXHXQDHVFHQDGHFRPSOLFLGDGDPLVWRVDHQWUH+DUU\0DULH\(GG\+DUU\DFRQVHMDD
VX YLHMR D\XGDQWH TXH QR VH GHMH YHU GHPDVLDGR &ULFNHW FDQWD XQD FDQFLyQ
DFRPSDxiQGRVHDOSLDQR\0DULHVHGLVSRQHDVXYH]DFDQWDUSDUDORVFOLHQWHVGHOEDU

+DUU\3DXO*pUDUG+pOqQHLQW6yWDQRGHGtD
(QHOVyWDQRGXUDQWHXQDFRQYHUVDFLyQHQWUH3DXO\+DUU\HOUHVLVWHQWHIUDQFpVGDODV
JUDFLDVDOFDSLWiQGHO4XHHQ&RQFKSRUKDEHUOHFXUDGR\VDOYDGR\OHH[SRQHVXFDXVD
\VXPLVLyQDODTXHOHVXJLHUHTXHVHDGKLHUDVHWUDWDGHLUDOLEHUDUDXQLOXVWUHMHIH
GHODUHVLVWHQFLDHQODLVODGHO'LDEOR0RUJDQVHPXHVWUDUHWLFHQWH

+DUU\0DULH&ULFNHWLQWHULRU%DUGHGtD
+DUU\HVWDSUHRFXSDGRDQWHODGHVDSDULFLyQGH(GG\SHURH[SRQHD0DULHVXGHVHRGH
DEDQGRQDU )XHUWH )UDQFLD HQ EDUFR FRQ HOOD \ (GG\ 0DULH HV IHOL] \ FDQWD SDUD ORV
FOLHQWHV GHO EDU XQD FDQFLyQ OOHQD GH HVSHUDQ]D 3HUR XQD YH] PiV *pUDUG YLHQH D
KDFHU GH PHGLDGRU DYLVDQGR D +DUU\ TXH +pOqQH GH %XUVDF HVWi DUULED HQ VX
KDELWDFLyQ\TXHGHVHDYHUOH

+DUU\+pOqQH0DULH5HQDUG&R\RLQWHULRU+DELWDFLyQGH+DUU\GHGtD
+DUU\ VXEH D VX KDELWDFLyQ +pOqQH TXLHUH RIUHFHUOH VXV MR\DV FRPR UHFRPSHQVD VL
DFHSWD UHXQLUVH FRQ VX PDULGR HQ OD PLVLyQ 0DULH LQWHUUXPSH HVH G~R XQD YH] PiV
SDUD DYLVDU D +DUU\ TXH 5HQDUG HVWi DEDMR DFDED GH OOHJDU ,QPHGLDWDPHQWH +DUU\
SLGHD0DULH\+pOqQHTXHVHHVFRQGDQHQHOFXDUWRGHEDxR
(QWUD 5HQDUG FRQ GRV KRPEUHV DUPDGRV XQR GH HOORV HV &R\R +D FRQVHJXLGR QR VH
VDEH FyPR OD LGHQWLGDG GH ORV GRV SDWULRWDV UHVLVWHQWHV GHVHPEDUFDGRV HQ )XHUWH
)UDQFLD\FRPRKXHOHHQODKDELWDFLyQGH+DUU\XQSHUIXPHGHPXMHUVHFRQYHQFHGH
TXHYDDHQFRQWUDUD+pOqQHDOOt3HURHVD0DULHDTXLHQ+DUU\KDFHVDOLUGHOFXDUWRGH
EDxR SDUD JUDQ GHVHQJDxR GHO JRUGLQIOyQ (VWH VDFD VX ~OWLPD ED]D UHYHOiQGROH TXH
(GG\ HVWi HQ VXV PDQRV \ TXH SXHGH KDFHUOH KDEODU SULYiQGROH GH DOFRKRO \ QR
HPERUUDFKiQGRORFRPRKDEtDFUHtGRWRQWDPHQWH
0LHQWUDV PDQWLHQH OD FRQYHUVDFLyQ FRQ 5HQDUG +DUU\ VH ODV DUUHJOD SDUD DFHUFDUVH D
XQ FDMyQ GRQGH VH HQFXHQWUD VX UHYROYHU FRQ OD D\XGD GH 0DULH \ JUDFLDV D OD
LQWHOLJHQFLD GH OD MRYHQ 6H DSRGHUD GH OD SLVWROD GLVSDUD \ PDWD D ORV GRV

JXDUGDHVSDOGDV /XHJR PDQWLHQH D UD\D D 5HQDUG \ D &R\R 7RGD VX IOHPD KD
GHVDSDUHFLGRVHSRQHDWHPEODUGHUDELD6HDFDEyGHWRUWXUDUDSREUHVERUUDFKRV\
GH DERIHWHDU D ODV FKLFDV $GYLHUWH D 5HQDUG TXH ORV YD D JROSHDU KDVWD TXH XQR GH
HOORV VH GHFLGD D OODPDU SRU WHOpIRQR D OD SROLFtD SDUD TXH OLEHUHQ D (GG\ (PSLH]D D
JROSHDU

+DUU\5HQDUG0DULH*pUDUG(GG\&ULFNHWLQWHULRU%DUDQRFKHFHU
5HQDUGDPHQD]DGRSRUODSLVWRODOODPDSRUWHOpIRQRSDUDSHGLUODOLEHUDFLyQGH (GG\
/XHJR +DUU\ DQXQFLD D *pUDUG TXH HVWi GHFLGLGR D OOHYDU D ORV %XUVDF D OD LVOD GHO
'LDEOR/HKDWRPDGRVLPSDWtDDODFDXVDGHOD5HVLVWHQFLD\ORVRWURVORVGH9LFK\
QROHJXVWDQ(PRFLyQGH*pUDUG5HJUHVRGH(GG\HOYLHMRPDULQHURVDQR\VDOYRTXH
VH PDUFKDUi FRQ +DUU\ \ 0DULH GHVSXpV GH TXH pVWD IHOL] D SHVDU GHO FDUiFWHU
SHOLJURVR GH VX PLVLyQ VH KD\D GHVSHGLGR GH VX DPLJR HO SLDQLVWD &ULFNHW FX\D
P~VLFDDFDEDFRQXQDQRWDOLJHUD

&$378/2,,,


(OWHVWDPHQWRGHO'RFWRU0DEXVH

8QDSHOtFXODGH)ULWH/DQJ
*XLyQ GH 7KHD 9RQ +DUERX VREUH XQ SHUVRQDMH LQVSLUDGR GH OD QRYHOD GH 1RUEHUW
-DFTXHV
7tWXORRULJLQDO'DV7HVWDPHQWGHV'U0DEXVH
3URGXFFLyQ1HUR)LOP%HUOtQ$OHPDQLD
'XUDFLyQRULJLQDOPLQXWRV

1RV HQFRQWUDPRV HQ $OHPDQLD HQ %HUOtQ DO SULQFLSLR GH ORV DxRV  VLQRSVLV (O
HWHUQRIROOHWtQ(OJXLyQHVFHQDSRUHVFHQD

 126 (1&2175$026 (1 $/(0$1,$ (1 %(5/1 $/ 35,1&,3,2 '( /26 $f26 
6,1236,6

1RVHQFRQWUDPRVHQ$OHPDQLDHQ%HUOtQDOSULQFLSLRGHORVDxRV
+RIPHLVWHU.DUO0HL[QHUXQDQWLJXRSROLFtD GHO&RPLVDULR/RKPDQQ2WWR:HUQLFNH
>HO PLVPR TXH HQ RWUD SHOtFXOD GH )ULW] /DQJ OOHYDED OD HQFXHVWD VREUH HO 0DOGLWR@
OODPD SRU WHOpIRQR DO &RPLVDULR SDUD GHFLUOH TXH VLJXLHQGR OD SLVWD GH XQ DVXQWR GH
PRQHGD IDOVD KD GHVFXELHUWR XQ WHUULEOH VHFUHWR 3HUR MXVWR HQ HO PRPHQWR GH
UHYHODUOR HV UDSWDGR SRU XQRV EDQGLGRV \ FRPR FRQVHFXHQFLD GH XQ PLVWHULRVR
WUDXPDWLVPRVHYXHOYHORFR
'HVFXEULPRV D OD EDQGD GH ORV IDOVLILFDGRUHV GH PRQHGDV OD FXDO REHGHFH ODV yUGHQHV
GH XQ MHIH LQYLVLEOH HO 'RFWRU (VWH OHV KDEOD SRU WHOpIRQR R HVFRQGLpQGRVH WUDV XQD
FRUWLQD HQ XQD KDELWDFLyQ VHFUHWD %DMR VXV yUGHQHV OD EDQGD FRPHWH XQD VHULH GH
DFWRVGHOLFWLYRVFKDQWDMHVDWUDFRVIDOVLILFDFLyQGHPRQHGDDWHQWDGRVTXH REHGHFHQ
D XQD OyJLFD PLVWHULRVD \ GHVFRQRFLGD \D TXH HO GLQHUR QR HV HO PyYLO SULQFLSDO (QWUH
VXV PLHPEURV XQ KRPEUH MRYHQ 7RP .HQW *XVWDY 'LHVVO LQWURGXFLGR SRU IDOWD GH
WUDEDMRQRDSUXHEDODVDFFLRQHVYLROHQWDV
&RQRFHPRV WDPELpQ D XQ HPLQHQWH SVLTXLDWUD HO 3URIHVRU %DXP 2VNDU %HUHJL
GLUHFWRUGHODVLORGRQGHHVWiHQFHUUDGRHOIDPRVR'RFWRU0DEXVH5XGROI.OHLQ5RJJH
0DEXVHDOTXHGHVFXEULPRVDWUDYpVGHXQDFRQIHUHQFLDGH%DXPSHUPDQHFHPXGR\
VH OLPLWD D HVFULELU GXUDQWH HO GtD XQ WH[WR GHOLUDQWH WLWXODGR (O ,PSHULR GHO FULPHQ
UHFRJLGRFXLGDGRVDPHQWHFRPRGRFXPHQWRFLHQWtILFRVREUHXQORFR

3HURXQDPLJRGH%DXP.UDUQUQ7KHRGRU/RRVDOGDUFRQHVHHVFULWR\GHVFXEULUHQ

pO FRUUHVSRQGHQFLDV PiV TXH WXUEDGRUDV FRQ XQ UHFLHQWH VXFHVR DWUDFR HQ XQD
MR\HUtD H[SRQH DQWH %DXP OD WHRUtD VHJ~Q OD FXDO 0DEXVH SRGUtD HVWDU GLVLPXODQGR
VXORFXUD\WHOHGLULJLUVXVIHFKRUtDVGHVGHVXFHOGDPHGLDQWHKLSQRVLV$QWHVGHTXH
.UDPP KD\D SRGLGR LQIRUPDU GH VX GHVFXEULPLHQWR D OD SROLFtD HV DVHVLQDGR SRU
KRPEUHVGHODEDQGD
&RQItDQ HO DVXQWR .UDPP D /RKPDQQ 3DUDOHODPHQWH +RIPHLVWHU KD VLGR ORFDOL]DGR
SHUR \D QR UHFRQRFH DO &RPLVDULR \ VXPLGR HQ VX ORFXUD QR OH SXHGH GHFLU QDGD
/RKPDQQ KDFH GHVFLIUDU SRU H[SHUWRV XQD SDODEUD WUD]DGD VREUH XQ FULVWDO SRU
+RIPHLVWHUDQWHVGHVXWUDXPDWLVPR5HVXOWDVHUXQQRPEUHSURSLR0DEXVH
/RKPDQQ YXHOYH D VDFDU HO GRVVLHU GH 0DEXVH $O OODPDU SRU WHOpIRQR DO DVLOR GRQGH
HVWi HQFHUUDGR HO GRFWRU ORFR VH HQWHUD GH TXH pVWH DFDED GH PRULU HQ HVH SUHFLVR
LQVWDQWH
$QWH VX FDGiYHU HQ HO DVLOR WLHQH XQD HQWUHYLVWD FRQ %DXP TXLHQ OH KDFH XQ HORJLR
HQWXVLDVWDGHOGLIXQWR/RKPDQQWLHQHDOJXQDVVRVSHFKDV
$VLVWLPRV D XQD HVFHQD HQ OD TXH %DXP DO OHHU HO WH[WR GH 0DEXVH YH DSDUHFHU HO
IDQWDVPD GH pVWH TXLHQ OR KLSQRWL]D \ WRPD SRVHVLyQ GH pO UHFRUGHPRV TXH FXDQGR
0DEXVHHVWDEDYLYR\DQWHVGHVHUFDSWXUDGRFRPHWtDVXVIHFKRUtDVVLUYLpQGRVHGHOD
KLSQRVLV
/D EDQGD GHO -HIH FRPSDUHFH GHODQWH GH OD FRUWLQD GH OD KDELWDFLyQ VHFUHWD WUDV OD
FXDO OD YR] OHV GD QXHYDV yUGHQHV 6H OH UHSURFKD D .HQW VX PDOD YROXQWDG ~OWLPR
DYLVR VL OH WLHQH DSUHFLR D OD YLGD 6LQ HPEDUJR VH GHFLGH D DEDQGRQDU OD EDQGD \ HV
DSR\DGR HQ VX GHFLVLyQ SRU /\ :HUD /LHVVHP VX ILHO DPLJD TXLHQ XQ DxR DQWHV
FXDQGR VH HQFRQWUDED LQGLJHQWH \ VLQ WUDEDMR OR KDEtD D\XGDGR GHMiQGROH GLQHUR
3XHVWD DO FRUULHQWH SRU pO GH VXV DFWLYLGDGHV LOHJDOHV TXH LJQRUDED /LO\ QR OH KDFH
QLJ~Q UHSURFKH SHUR OH DFRQVHMD HQWUHJDUVH D /RKPDQ 3HUR .HQW\ /LO\ VRQ UDSWDGRV
SRUODEDQGD
/RKPDQQYXHOYHDHQFRQWUDUODSLVWDGHODVXQWRGHODMR\HUtDXQDGHODVMR\DVUREDGDV
KD VLGR YLVWD SRU XQD SURVWLWXWD FRQRFLGD SRU OD SROLFtD $QQD &DPLOOD 6SLUD /RV
SROLFtDVYDQDVXFDVDGRQGHVHUH~QHJUDQSDUWHGHODEDQGD\ODURGHDQ
3DUDOHODPHQWH .HQW \ /LO\ KDQ VLGR HQFHUUDGRV HQ OD KDELWDFLyQ VHFUHWD GRQGH OD YR]
OHV KD VHxDODGR VX FRQGHQD D PXHUWH GHQWUR GH WUHV KRUDV DQWHV GH TXH GLVSDUH XQD
PiTXLQDLQIHUQDO$OURPSHUODFRUWLQDSURKLELGDQRHQFXHQWUDQDQDGLHGHWUiVVyORXQ
SDEHOOyQ GH DOWDYR] \ XQ PLFUyIRQR %XVFDQ GHVHVSHUDGDPHQWH OD VDOLGD GH OD
KDELWDFLyQ KHUPpWLFDPHQWH FHUUDGD \ FRQVLJXHQ HQFRQWUDUOD ILQDOPHQWH SURYRFDQGR
XQDLQXQGDFLyQTXHDKRJDODH[SORVLyQGHODERPED
3RU VX SDUWH /RKPDQQ KD REOLJDGR D OD EDQGD D TXH VH HQWUHJXH %XVFD
LQWHUURJiQGRORV VDEHU TXLpQ HV VX -HIH SHUR HVWRV GLFHQ LJQRUDUOR &RQIURQWDGRV FRQ
%DXP DO TXH /RKPDQQ KD KHFKR YHQLU FRQ XQ SUHWH[WR QLHJDQ FRQRFHUOR 6LQ
HPEDUJR /RKPDQQ KD HPSH]DGR D UHODFLRQDU HO DVHVLQDWR GH .UDPP TXH KDQ
FRQIHVDGRFRQHODVLORGH%DXPFHUFDGHOFXDOVHKDGHVDUUROODGR
3HUR HQ HVH LQVWDQWH OOHJDQ .HQW \ /LO\ D OD &RPLVDUtD %DXP TXH LED D PDUFKDUVH
WLHQH XQ PRYLPLHQWR GH VRUSUHVD (VWR QR VH OH KD HVFDSDGR D /RKPDQQ TXH DKRUD
LQWHUURJD D .HQW (VWH OH UHYHOD HO QRPEUH GHO MHIH GH OD EDQGD HV 0DEXVH HVWi

PXHUWR JULWD /RKPDQQ SHUR LQPHGLDWDPHQWH DGLYLQD TXH RWUR KD SRGLGR WRPDU HO
SXHVWR\HOQRPEUHGH0DEXVH
.HQW \ /RKPDQQ VH GLULJHQ D WRGD YHORFLGDG DO DVLOR OXJDU KDFLD HO FXDO FRQYHUJHQ
WRGDV ODV SLVWDV 6yOR HQFXHQWUDQ D %DXP TXH KDFtD FUHHU TXH HVWDED SUHVHQWH HQ VX
GHVSDFKR SRU OD YR] JUDEDGD HQ XQ PDJQHWyIRQR SHUR HQFXHQWUDQ VREUH OD PHVD XQ
SODQGHDWDTXHDXQDIiEULFD$OPLVPRWLHPSR.HQWUHFRQRFHLUUHIXWDEOHPHQWHHQOD
YR]GHOGLVFRODYR]GHOMHIHGHGHWUiVGHODFRUWLQD
(Q ORV OXJDUHV GH OD IiEULFD GRQGH HVWi KDFLHQGR HVWUDJRV HO LQFHQGLR SURYRFDGR SRU
%DXP .HQW \ /RKPDQQ HQFXHQWUDQ DO 3URIHVRU KX\HQGR \ OR SHUVLJXHQ HQ FRFKH GH
QRFKH
%DXPHVWDJXLDGRHQVXFDUUHUDORFDSRUHOIDQWDVPDGH0DEXVHTXHOHUHSLWHDORtGR
HO WtWXOR GHO 7HVWDPHQWR ,PSHULR GHO FULPHQ ,PSHULR GHO FULPHQ (VH WH[WR HUD GH
KHFKR XQ WUDWDGR GH WRPD GH SRGHU PHGLDQWH HO WHUURU QDFLGR GH DWHQWDGRV
LQFRKHUHQWHVHLQFRPSUHQVLEOHVVLQPyYLOHVDSDUHQWHV
%DXPYXHOYHDODVLOR&RPRXQ]RPELREHGLHQWHVHGLULJHDVXGHVSDFKRUHFXSHUDVX
PDQXVFULWR \ HQWUD HQ OD FHOGD GH +RIPHLVWHU DQWHULRUPHQWH FHOGD GH 0DEXVH 0H
SUHVHQWRGLFH%DXPD+RIPHLVWHUVR\HOGRFWRU0DEXVH
(VWHQRPEUHSURYRFDXQDFULVLVGHDODULGRVHQ+RIPHLVWHU8QDYH]FXUDGRUHFRQRFHDO
FRPLVDULR /RKPDQQ DFDEDGR GH OOHJDU HQ FRPSDxtD GH .HQW \ OH SXHGH GHFLU VX
VHFUHWR(OQRPEUHGHOKRPEUHHV0DEXVHFRPLVDULRGRFWRU0DEXVH
<HOTXHDKRUDVHFUHH0DEXVH%DXPVHKDLQVWDODGRHQODFHOGDGHVXPDHVWUR\DOOt
PXGRSURVWUDGRGHVJDUUDVLOHQFLRVDPHQWHHOPDQXVFULWRGHO7HVWDPHQWR


(/(7(512)2//(71

$ PHQXGR VH ROYLGD TXH ODV VHULHV WHOHYLVLYDV WLSR 'DOODV KDQ WHQLGR DQWHSDVDGRV HQ
HOFLQHPXGRGHORVDxRV\EDMRODIRUPDGHORTXHVHOODPDEDORVVHULDOV6H
WUDWDED GH KLVWRULDV HQ HSLVRGLRV URGDGDV UiSLGDPHQWH \ SURJUDPDGDV GH XQD VHPDQD
SDUD RWUD SDUD HO S~EOLFR DSDVLRQDGR GH ODV VDODV &DGD HSLVRGLR VH FHUUDED FRQ HO
KpURHRODKHURtQDLQPHUVRVHQXQJUDQSHOLJURDSXQWRGHVHUGHYRUDGRVSRUXQOHyQ
RDWDGRVDODVYtDVGHOWUHQDODHVSHUDGHTXHDOSULQFLSLRGHOFDStWXORVLJXLHQWHVHOHV
VDFDUDGHDSXURV
(UD QHFHVDULR SXHV SDUD KDFHU XQ VHULDO LQYHQWDU XQD WUDPD JHQHUDO FRQ XQD
PRUDO VRPHUD \ VLQ DPELJHGDG SRU HMHPSOR OD OXFKD FRQWUD XQ JHQLR GHO 0DO FRQ
SRGHU GH RUJDQL]DFLyQ \ HQ FDGD HSLVRGLR PXOWLSOLFDU ODV SHULSHFLDV \ ORV HIHFWRV
WHDWUDOHVVREUHFX\DYHURVLPLOLWXG\FRKHUHQFLDQRVHHUDPX\H[LJHQWH
(OWHVWDPHQWRGHO'RFWRU0DEXVHIXHFRQFHELGDFRQHVHHVStULWXDXQTXHQRVHWUDWDVH
GH XQ VHULDO HQ HO VHQWLGR HVWULFWR 6LQ HPEDUJR HV OD FRQWLQXDFLyQ GH XQD SHOtFXOD
PXGD FRQ GRV HSLVRGLRV WDPELpQ HVFULWD SRU 7KHD YRQ +DUERX \ )ULW] /DQJ HQ 

0DEXVH HO -XJDGRU /D PXOWLSOLFDFLyQ GH ODV SHULSHFLDV GH ORV PLVWHULRV \ GH ODV
KDELWDFLRQHV FHUUDGDV HO WHPD GH OD RUJDQL]DFLyQ VHFUHWD TXH SUHWHQGH UHLQDU HQ HO
PXQGR OD SUROLIHUDFLyQ GH ORV JDGJHWV WpFQLFRV WRGRV DTXHOORV UDVJRV KDFHQ TXH HO
7HVWDPHQWR UHPLWD D XQD WUDGLFLyQ IROOHWLQHVFD YLYD GH OD TXH ODV SHOtFXODV GH -DPHV
%RQGKDWRPDGRKR\HOUHOHYR
7UHLQWD DxRV PiV WDUGH HQ  )ULW] /DQJ UHDOL]DED XQ ~OWLPR ILOP GH 0DEXVH /RV
PLO RMRV GHO 'RFWRU 0DEXVH HQ DOHPiQ 'LH 7DXVHQG $XJHQ GHV 'RNWRUV 0DEXVH TXH
WDPELpQ VHUtD VX ~OWLPD SHOtFXOD (QWUHWDQWR KDEtDQ DSDUHFLGR XQD VHULH GH RWURV
0DEXVHURGDGRVSRUGLIHUHQWHVUHDOL]DGRUHVDOHPDQHV

<D KHPRV KDEODGR  GH HVD HVWUXFWXUD WDQ SDUWLFXODU GHO JXLyQ GHO 7HVWDPHQWR HVSHFLH
GH PRVDLFR FRPR HO GH XQ SX]]OH GRQGH FXDQGR VH SLHQVD TXH \D HVWi FRPSOHWR
VLHPSUHVLJXHIDOWDQGRXQDSLH]D
(OJXLyQQRFDEHGXGDGHEH HQJUDQSDUWHVX IXHU]DDODQRYHOLVWD7KHDYRQ +DUERX
HQWRQFHV HVSRVD GHO UHDOL]DGRU DXWRUD R FRDXWRUD GH ORV JXLRQHV GH QXPHURVDV
SHOtFXODV GH /DQJ HQWUH ODV TXH GHVWDFDQ /HV 7URLV /XPLpUHV  /RV 1LEHOXQJRV
0HWUySROLV6SLRQH0HOYDPSLURGH'XVVHOGRUI
)ULW]/DQJODDEDQGRQyHQHVGHFLUSRFRGHVSXpVGHQXHVWUDSHOtFXOD\DOPLVPR
WLHPSRTXHKXtDGH$OHPDQLD\GHOQD]LVPRDOTXHHOODVHKDEtDDGKHULGRYROYLHQGRD
FDVDUVH FRQ HO LQWpUSUHWH GHO SDSHO GH 0DEXVH 5XGROI .OHLQ5RJJH SHUR QR SRU HVR
GHVSUHFLy OD LQVSLUDFLyQ GH VX H[PXMHU DFDVR QR VH HPSHxy DO ILQDO GH VX FDUUHUD
HQ UHDOL]DU XQD QXHYD YHUVLyQ GH 7RPEHDX KLQGRX VHJ~Q XQD KLVWRULD RULJLQDO GH pO
PLVPR\GH7KHDDQWHULRUPHQWHURGDGDSRU5LFKDUG(LFKEHUJ"
6H KD SRGLGR UHSURFKDU D ORV JXLRQHV GH 7KHD YRQ +DUERX XQ H[FHVR GH
VHQWLPHQWDOLVPRFRPRDOILQDOGH0HWUySROLV\HVSUREDEOHTXHODSDUWHPiVIORMDGHO
7HVWDPHQWR UHIHUHQWH DO SDSHO VDOYDGRU \ UHGHQWRU GHO SHUVRQDMH IHPHQLQR SHTXH GH
HOORQRWHPRVGHSDVRTXHDTXHOODVHVFHQDVFRQ/LO\KDQVLGRUHGXFLGDVFDGDYH]PiV
HQODVVXFHVLYDVYHUVLRQHVGHOILOP6LQHPEDUJRODQRYHOLVWD\JXLRQLVWDTXHHUD7KHD
YRQ +DUERX SRVHtD HQ JUDGR VXPR HO GRQ D YHFHV SUHRFXSDQWH GH GDU D WRGDV VXV
KLVWRULDVXQDGLPHQVLyQLQPHGLDWDPHQWHPtWLFDJUDQGLRVDDUFDLFD
3RU TXp HOHJLU HVWD SHOtFXOD SDUD XQ PDQXDO GH HVFULWXUD GHO JXLyQ FXDQGR
SUHFLVDPHQWH DOJXQRV OD FRQVLGHUDQ FRPR XQ GLYHUWLPHQWR IROOHWLQHVFR HQ OD REUD GH
)ULW]/DQJ"(VTXHVXWUHSLGDQWHJXLyQSHUPLWHREVHUYDUXQDLQYHQFLyQGUDPiWLFDHQHO
HVWDGR SXUR TXH VLHPSUH SDUHFH DYDQ]DU VLQ GHFDHU QXQFD TXH QR GXGD HQ VHPEUDU
SRU GRQGH SDVD DJXMHURV H LQYHURVLPLOLWXGHV WRGR HVWR GHWUiV GH XQD OyJLFD
DSDUHQWH (O SURFHGLPLHQWR GHO UHOHYR GHO HFR HPSOHDGR VLVWHPiWLFDPHQWH SDUD
UHODFLRQDU FDGD HVFHQD FRQ OD VLJXLHQWH SRU HMHPSOR /RKPDQQ SURQXQFLD DO ILQDO GH
XQD HVFHQD HO QRPEUH GH 0DEXVH \ HV D 0DEXVH D TXLpQ YHPRV DO SULQFLSLR GH OD
VLJXLHQWH HVWH SURFHGLPLHQWR VLPXOD SHUR VyOR VLPXOD XQD PHFiQLFD JXLRQtVWLFD
LPSODFDEOHHOOD]RFUHDGRHQWUHODVHVFHQDVHVGHKHFKRPiVPiJLFRTXHUDFLRQDO
\PXFKRPiVHILFD]/DYHUVLyQXWLOL]DGDDTXtODTXHQRVRWURVFRQWDPRVDSDUWLUGHORV
QXPHURVRVSDVHVGHOILOP\QR DSDUWLUGHXQWH[WRPDQHMDGRHVODPiVGLIXQGLGDHQ
)UDQFLD HQ ODV VDODV \ HQ OD WHOHYLVLyQ 1R HV OD PiV DQWLJXD \ HQ UHODFLyQ FRQ RWUD
YHUVLyQVHJXUDPHQWHDQWHULRUTXHOODPDUHPRVYHUVLyQ$HGLWDGDHQYLGHRSRU5&$
SUHVHQWDXQDVHULHGHPRGLILFDFLRQHV\GHFRUWHV

En La Voix au cinema, Editions de l'Etoile- Cahiers du Cinema, 1982.

(VWD YHUVLyQ $ OD PiV FRPSOHWD TXH FRQRFHPRV QR HV FODUR HVWi OD YHUVLyQ tQWHJUD
RULJLQDOSXHVODVILOPRJUDItDVOHDWULEX\HQXQPLQXWDMHPiVLPSRUWDQWHWRGDYtDGH
PLQXWRV 7DO FXDO OD YHUVLyQ $ GLVSRQLEOH HQ YLGHRFDVVHWWH OOHYD FRQ UHVSHFWR D OD
YHUVLyQ % FRQWDGD PiV DGHODQWH FLHUWR Q~PHUR GH GHWDOOHV GH SODQRV UpSOLFDV GH
PiV6REUHWRGR
/D FRQIHUHQFLD GH %DXP HV PiV ODUJD H LQFOX\H XQ YHUGDGHUR UHVXPHQ KHFKR SRU
%DXP GHO SDVDGR GH 0DEXVH \ GH ODV SHULSHFLDV FRQWDGDV HQ HO HSLVRGLR GH (O 'RFWRU
0DEXVHYHUPiVDGHODQWH
(VFHQD  FXDQGR HO JRUGR ELJRWXGR GH OD EDQGD VH DFHUFD D .HQW FRQ DGHPDQ
DPHQD]DGRU .HQW VH SRQH IUHQWH D pO \ OH UHWD GLFLpQGROH TXH \D KD PDWDGR D GRV
SHUVRQDV\TXHQROHWHPH
(VFHQDHVPXFKRPiVODUJD\HVWiPiVGHVDUUROODGD3ULPHUR/LO\FRPSODFLHQWH
GHWDOOD H[WHQVDPHQWH HO SLVR GH VROWHUR GH .HQW SHUR pVWH FRQILHVD D /LO\ KDEHU
FRPHWLGR KDFH WLHPSR XQ FULPHQ SDVLRQDO TXH OR FRQGXMR D OD FiUFHO VX PXMHU OR
HQJDxDED FRQ VX PHMRU DPLJR \ ORV PDWy D ORV GRV /LO\ UHDFFLRQD HQWRQFHV FRPR XQ
iQJHO TXH SHUGRQD WUDQTXLOL]DGRUD \ PDWHUQDO +DFH DOXVLyQ D /RKPDQQ FRPR
FRQRFLGR GH .HQW \ DO TXH pO FRQRFH OR FXDO VXSULPH HO DJXMHUR VHxDODGR PiV
DGHODQWHHQODYHUVLyQ%
/D HVFHQD  GH SHUVHFXFLyQ HQ FRFKH SUHVHQWD DOJXQDV SHULSHFLDV VXSOHPHQWDULDV
PiV ELHQ KXPRUtVWLFDV HO FRFKH GH /RKPDQQ VH HVWURSHD HWF (VWR SRU QR FLWDU PiV
TXHODVGLIHUHQFLDVLPSRUWDQWHV
9HPRV SXHV TXH HQWUH $ \ % ORV FRUWHV UHDOL]DGRV SRU PDQRV PLVWHULRVDV QR KDQ VLGR
KHFKRVDOD]DU\TXHUHPLWHQDGRVSXQWRVSULQFLSDOHV
(Q SULPHU OXJDU ERUUDQ HQ HO SDVDGR GH .HQW OD KLVWRULD GHO FULPHQ SDVLRQDO \ SRU
HVRFXDQGRpVWHYHFyPROHQLHJDQWUDEDMRHOHVSHFWDGRUORLGHQWLILFDFRPRXQSDUDGR
\ QR FRPR XQ KRPEUH TXH DFDED GH VDOLU GH OD FiUFHO DO TXH OD VRFLHGDG QLHJD VX
UHKDELOLWDFLyQ .HQW VH FRQYLHUWH HQ XQ SHUVRQDMH PiV VHQFLOOR \ PiV IiFLOPHQWH
VLPSiWLFRDORVRMRVGHOS~EOLFR
/XHJRUHGXFHQPXFKRHOSDSHOGH9HUD/LHVVHQLQWpUSUHWHGH/LO\VREUHWRGRHQODV
HVFHQDV GRQGH HOOD VH PXHVWUD PHOLQGURVD \ VH FRPSRUWD FRPR XQD KHUPDQLWD GH OD
FDULGDG
3RU PX\ PXWLODGD TXH HVWp OD YHUVLyQ % VLJXH VLHQGR VLQ HPEDUJR QXHVWUD YHUVLyQ GH
UHIHUHQFLD DTXHOOD D WUDYpV GH OD FXDO KHPRV FRQRFLGR HVWD SHOtFXOD \ VREUH OD TXH
KHPRV EDVDGR QXHVWUR DQiOLVLV SRU OR TXH IHQyPHQR FRUULHQWH QRV KHPRV

HQFDULxDGRFRQVXVPLVPDVODJXQDVVXVYDFtRVVXVHQLJPDV 


6

Por otra parte, hemos podido ver, en la Universidad de Pars III, una copia del Testamento doblada en ingls,
precedida de un prlogo rodado ulteriormente que muestra Alemania en ruinas tras la cada del III Reich, y
presenta retrospectivamente la pelcula como una denuncia del nazismo ascendente. Esta "versin C" presenta
nuevas modifcaciones, que hacen la pelcula ms racional y ms fcil de seguir, pero tambin ms comn,
transformando sobre todo, gracias al doblaje, el propio contenido de las rplicas.

(/*8,1(6&(1$325(6&(1$

+RIPHLVWHUKRPEUHVGH0DEXVHLQWHULRU6yWDQRIiEULFDGHGtD
1RV HQFRQWUDPRV HQ XQD KDELWDFLyQ FHUUDGD \ OOHQD XQD HVSHFLH GH DOPDFpQ
SROYRULHQWR VDFXGLGR SRU ODV WUHSLGDFLRQHV GH XQ ULWPR PHFiQLFR HQRUPH GRQGH VH
HVFRQGH XQ KRPEUH GHOJDGR \ QHUYLRVR DFHFKDQGR HV +RIPHLVWHU .DUO 0HL[QHU
(QWUDQGRVKRPEUHVFRQEDWDEODQFD7UDVKDEHUORFDOL]DGRODSUHVHQFLDGH+RIPHLVWHU
VLPXODQ QR KDEHUOH YLVWR \ VDOHQ (QWRQFHV +RIPHLVWHU DEDQGRQD VX HVFRQGLWH \ YD D
HVFXFKDU D OD SXHUWD TXH GD D OD IXHQWH LQYLVLEOH GH HVH HQRUPH UXLGR UtWPLFR /RV
KRPEUHV KDFHQ OR PLVPR GHO RWUR ODGR +RIPHLVWHU VH GHFLGH D DEULU OD SXHUWD QDGLH
/R YHPRV VDOLU SHUR VLJXH VLQ YHU ODV PiTXLQDV IXHQWH GH HVH UXLGR REVHVLYR FX\D
SUHVHQFLDGRPLQDWRGDHVWDHVFHQDPXGD

+RIPHLVWHUPDWRQHVLQYLVLEOHVH[WHULRU)iEULFDGHGtD
7UDV VDOLU SRU XQ FDOOHMyQ TXH ERUGHD OD IiEULFD +RIPHLVWHU VH HVFDSD FRUULHQGR GH XQ
REMHWR SHVDGR TXH GHMDQ FDHU VREUH pO OXHJR HV XQ WRQHO FDUJDGR GH SyOYRUD TXH
UXHGDKDFLDpO\H[SORWD

 &RPLVDULR /RKPDQQ 0OOHU VX DGMXQWR +RIPHLVWHU LQWHULRU &RPLVDUtD GH GtD
+RIPHLVWHUDORWURODGRGHOKLORWHOHIyQLFRHQXQGHVSDFKR
(QODFRPLVDUtDHOJRUGR\MRYLDOFRPLVDULR/RKPDQQ2WWR:HUQLFNHEURPHDGHODQWH
GHVXDGMXQWR0OOHU.ODXV3RKOVREUH/D:DONLULDGH:DJQHUTXHWLHQHTXHLUDYHUD
OD 2SHUD GHVHDQGR QR VHU LQWHUUXPSLGR HVWD YH] 6XHQD HO WHOpIRQR HV +RIPHLVWHU
TXLHQ OODPD D /RKPDQQ GHVGH XQ GHVSDFKR HQ XQ OXJDU GHVFRQRFLGR \ TXH LPSORUD
SDUD KDEODU FRQ pO 3HUR /RKPDQQ OH FXHOJD HO WHOpIRQR \ H[SOLFD D 0OOHU TXH
+RIPHLVWHU HUD KDFH WLHPSR XQR GH VXV VXERUGLQDGRV IDYRULWRV XQ KRPEUH GH YDORU
TXHGHVJUDFLDGDPHQWHVHKDGHMDGROOHYDUHQXQDKLVWRULDGHELOOHWHVIDOVRV
'H QXHYR VXHQD HO WHOpIRQR HV RWUD YH] +RIPHLVWHU LQVLVWLHQGR GHVHVSHUDGDPHQWH
SDUD HQWUHJDU D /RKPDQQ XQ GHVFXEULPLHQWR FDSLWDO VREUH HO DVXQWR GH ORV ELOOHWHV
IDOVRV FRQ HO ILQ GLFH GH UHKDELOLWDUVH DQWH HO FRPLVDULR (VWH FRQVLHQWH SRU ILQ HQ
HVFXFKDUOR
+RIPHLVWHU DUPDGR \ VLHPSUH HQ HVWDGR GH DOHUWD HQ OD KDELWDFLyQ GRQGH VH KD
UHIXJLDGRVHSUHSDUDSDUDUHYHODUD/RKPDQQHOQRPEUHGHOLQGLYLGXRTXHHVWiGHWUiV
GHWRGRHODVXQWRSHURWHPHTXHORWRPHQSRUORFRVLGLFHHVHQRPEUH3HURTXLpQ
HV" LQVLVWH /RKPDQQ (Q HVH PLVPR PRPHQWR DOJR PLVWHULRVR OH RFXUUH D
+RIPHLVWHU VH R\HQ UXLGRV GH JROSHV \ WUDV XQ VLOHQFLR /RKPDQQ UHFLEH HQ VX
UHFHSWRUXQDYR]VREUHDJXGDFDQWDQGRODYR]GH+RIPHLVWHUTXHVHKDYXHOWRORFR

3URIHVRU%DXPHVWXGLDQWHVLQWHULRU$QILWHDWURGHOD)DFXOWDGGHGtD

(O SURIHVRU %DXP 2VNDU %HUHJL GLUHFWRU GH XQ DVLOR \ SVLTXLDWUD HPLQHQWH GD XQD
FODVH D VXV HVWXGLDQWHV VREUH ORV FDVRV GH ORFXUD SURYRFDGRV SRU FKRTXHV \ HYRFD
HOFDVRGHOGRFWRU0DEXVH5XGROI.OHLQ5RJJHXQKRPEUHGHGREOHYLGDTXHXWLOL]DED
VXV FRQRFLPLHQWRV VREUH OD KLSQRVLV SDUD OOHYDU SDUDOHODPHQWH DFWLYLGDGHV FULPLQDOHV
&XHQWDEDViQGRVHHQSUR\HFFLRQHVGHGLDSRVLWLYDVFyPRGHVGHVXGUDPiWLFDFDSWXUD
0DEXVHVHKDYXHOWRORFRVLQSRVLELOLGDGGHFXUDHQVXFHOGDVHOHKDYLVWRDOSULQFLSLR
TXHGDUVH PXGR SRVWUDGR OXHJR SRQHUVH D KDFHU JHVWRV HQ HO DLUH GH ORV TXH VH
SHUFDWDURQ TXH HUDQ JHVWRV GH HVFULWXUD 6H OH GLR HQWRQFHV XQ OiSL] \ SDSHO 0DEXVH
HPSH]y D WUD]DU HQ HVFULWXUD DXWRPiWLFD JDUDEDWRV GHVSURYLVWRV GH IRUPD \ VHQWLGR
TXHVHFRQYLUWLHURQPiVWDUGHHQOHWUDVOXHJRSDODEUDVOXHJRIUDVHVODVIUDVHVGHXQ
HVFULWRWHVWDPHQWDULRTXHHVGLFH%DXP HQ FRQFOXVLyQXQDLQWURGXFFLyQVLVWHPiWLFD
DOHMHUFLFLRGHOFULPHQ

+RPEUHVGH0DEXVHHQWUHHOORV7RP.HQWLQWHULRU+DELWDFLyQFRQURWDWLYDVGtD"
(Q XQD KDELWDFLyQ FHUUDGD GHODQWH GH XQD URWDWLYD SDUDGD XQRV KRPEUHV GLVFXWHQ
VREUHORVPpWRGRVGHVXMHIHDOTXHOODPDQHO'RFWRUQRGLFHQQXQFD0DEXVHHQHO
DVXQWR +RIPHLVWHU 8QR GH HVRV KRPEUHV 7RP .HQW *XVWDY 'LHVVO H[SUHVD VX
UHSXJQDQFLD SRU FRPHWHU DVHVLQDWRV 8Q KRPEUH JRUGR \ ELJRWXGR GH OD EDQGD VH
DFHUFD SDUD GDUOH VHJ~Q SDUHFH XQD OHFFLyQ SHUR VXHQD HO WHOHIRQR VH HQWHUDQ GH
TXH +RIPHLVWHU KD VLGR HOLPLQDGR HQ DOHPiQ HUOHGLJW SDODEUD D PHQXGR
XWLOL]DGDHQODSHOtFXODHQOXJDUGHPDWDUHVPiVLPSUHFLVD

/RKPPDQQSROLFtDVLQWHULRU'HVSDFKRGtD
(O FRPLVDULR /RKPDQQ \ VXV SROLFtDV LQYHVWLJDQ HQ OD KDELWDFLyQ GHVGH GRQGH VH KD
SRGLGRHVWDEOHFHUTXH +RIPHLVWHUHVWDEDOODPDQGRFXDQGRFD\yHQODGHPHQFLDDQWHV
GHGHVDSDUHFHU$OUHFRQVWUXLUORVKHFKRVDSDUWLUGHKXHOODVYLVLEOHVGLVSRVLFLyQGHODV
VDOLGDV PXHEOHV GHVSOD]DGRV /RKPDQQ OOHJD D XQD YHQWDQD VREUH OD FXDO GHVFXEUH
JUDEDGD HQ HO FULVWDO SRU XQD XxD KXPDQD XQD SDODEUD LOHJLEOH SUHVLHQWH TXH HV XQ
PHQVDMHGHMDGRSRU+RIPHLVWHUSDUDpO\KDFHTXHVHOOHYHQHOFULVWDOSDUDGHVFLIUDUOR

%DXP0DEXVHHQIHUPHURLQWHULRU&HOGDGH0DEXVHGtD
(Q VX FHOGD 0DEXVH PXGR H LQGLIHUHQWH D WRGR OR TXH OH URGHD HVFULEH GH PDQHUD
DXWRPiWLFDPLHQWUDVTXHXQHQIHUPHURUHFRJHODVKRMDVDPHGLGDTXHODVHVFULEH\ODV
GHMD FDHU %DXP HQWUD HQ OD FHOGD \ REVHUYD D VX SDFLHQWH 3HUR DO GDU OD HVSDOGD D
pVWHWLHQHFRPRXQDDOXFLQDFLyQYHGHSLHDQWHpOXQGREOHWUDQVSDUHQWHGH0DEXVH
/DDOXFLQDFLyQGH%DXPFHVDFXDQGRHOHQIHUPHUROHHQWUHJDODVQXHYDVKRMDVHVFULWDV
SRUHOHQIHUPR

.HQW/LO\LQWHULRU%DUGtD
(QXQEDU.HQWVHUH~QHFRQVXDPLJD/LO\:HUD/LHVVHP\UHFXHUGDDODMRYHQTXH
KR\HVHOSULPHUDQLYHUVDULRGtDSRUGtDGHVXSULPHUHQFXHQWUR



.HQW/LO\XQDxRDQWHVLQWHULRU2ILFLQDGH(PSOHRGtD%DUGtD
)ODVKEDFN HQ XQD RILFLQD GH HPSOHR LQYDGLGD SRU JHQWH HQ EXVFD GH WUDEDMR XQ
HPSOHDGRGHFODUDD.HQWTXHHVLQ~WLOYROYHU SXHVQRWLHQHQQDGDTXHRIUHFHUOH.HQW
VHSRQHIXULRVR\JULWDDWRGDODDVLVWHQFLDSDVLYDTXHKD\PRWLYRSDUDHPSXMDUDXQ
KRPEUH KDFLD HO FULPHQ OXHJR VDOH 3HUR HQ HO SDVLOOR XQD MRYHQ HPSOHDGD
FRPSDVLYD /LO\ YD HQ VX EXVFD SDUD SUHVWDUOH  PDUFRV 0H ORV GHYROYHUi FXDQGR
KD\DHQFRQWUDGRWUDEDMR.HQWYXHOYHDWHQHUHVSHUDQ]DV
)LQDO GHO IODVKEDFN \ UHWRUQR DO EDU GRQGH /LO\ FRQFOX\H < VHLV PHVHV PiV WDUGH
KDVHQFRQWUDGRWUDEDMRFODURHVWiTXHHOODQRVDEHFXiO

'RFWRU.UDPPVLUYLHQWHGH%DXP%DXPLQWHULRU'HVSDFKRGH%DXPGtD
8Q FRPSDxHUR GH %DXP HO GRFWRU .UDPP 7KHRGRU /RRV YLHQH D YHU DO SVLTXLDWUD \
OHLQWURGXFHQ HQVXGHVSDFKR %DXPWRGDYtDQR HVWiDOOt+RMDV VXHOWDVGHOPDQXVFULWR
GH0DEXVHHVWiQDSLODGDVHQFLPDGHODPHVD\.UDPPODVKDFHFDHUSRUGHVFXLGR$O
LQWHQWDU SRQHUODV HQ RUGHQ VX PLUDGD FDH VREUH OD GHVFULSFLyQ GH XQ URER GH MR\DV
FRQWDGR HQ HO PDQXVFULWR (QWRQFHV OH VRUSUHQGH OD FRLFLGHQFLD HQWUH ORV PpWRGRV
GHVFULWRV HQ HVWH WH[WR GH GHPHQWH \ ORV HPSOHDGRV HQ XQ VXFHVR GHO TXH LQIRUPD
HO SHULyGLFR GH HVH PLVPR GtD DO FRPSDUDU ORV GRV YH TXH HVH DVXQWR GHO DWUDFR HQ
XQD MR\HUtD SDUHFH KDEHU VHJXLGR DO SLH GH OD OHWUD OD UHFHWD GHO PDQXVFULWR (QWUD
%DXP \ HQFXHQWUD D .UDPP FRPSOHWDPHQWH H[FLWDGR SRU VX KDOOD]JR < VL 0DEXVH
GLFHpVWHQRIXHUDPiVTXHXQVLPXODGRU\VLIXHUD HOUHVSRQVDEOH HORUJDQL]DGRUGH
HVWH URER" 1R HV SXUR D]DU FRQWHVWD %DXP $]DU" LQVLVWH .UDPP TXL]iV
0DEXVH RUGHQH VXV DFFLRQHV PHGLDQWH WHOHKLSQRVLV HQ DOHPiQ )HUQK\SQRVH
KLSQRVLV D GLVWDQFLD <R VR\ TXLHQ OR HVWi WUDWDQGR \ Vp TXH HVWi ORFR VRVWLHQH
%DXP IUtDPHQWH .UDPP GHFODUD TXH YD D FRQWDUOR D OD SROLFtD \ %DXP UHVSRQGH TXH
HV EXHQD LGHD /XHJR .UDPP DEDQGRQD HO GHVSDFKR \ HO VLUYLHQWH GH %DXP TXH
HVWDEDHVFXFKDQGRHQODSXHUWDWLHQHHOWLHPSRMXVWRSDUDUHWLUDUVH
(O VLUYLHQWH *HRUJ -RKQ DFRPSDxD D .UDPP KDVWD OD VDOLGD GHO HGLILFLR \ OH YHPRV
YROYHU D OD SXHUWD GHO GHVSDFKR GH %DXP D OD TXH OODPD VLQ p[LWR &XDQGR HPSLH]D D
JLUDU HO SRPR GH OD SXHUWD OD YR] GH %DXP OH FRQWHVWD 1R TXLHUR TXH QDGLH PH
PROHVWH

+DUG\LQWHULRU*XDULGDGtD
(QODKDELWDFLyQGHXQOXJDUGHVFRQRFLGR+DUG\5XGROI6FKQGOHUXQMRYHQIDQiWLFR
UXELR HV XQR GH ORV GRV KRPEUHV GH OD VHFFLyQ % GH OD EDQGD GH 0DEXVH
HQFDUJDGD GH ODV DFFLRQHV GH HOLPLQDFLyQ UHFLEH XQD OODPDGD WHOHIyQLFD VH OH
FRPXQLFD HO Q~PHUR GHO FRFKH GH .UDPP HO OXJDU GH OD FLXGDG XQD HQFUXFLMDGD
GRQGHKDEUiTXHHOLPLQDUDOFRQGXFWRU


.UDPP+DUG\FRQGXFWRUH[WHULRU&DOOHGtD
(O FRFKH GH OD VHFFLyQ % HVWD VLJXLHQGR DO FRFKH GH .UDPP VLQ TXH pVWH VH GH
FXHQWD $PERV FRFKHV VH GHWLHQHQ HQ SOHQD FLXGDG HQ XQ VHPiIRUR TXH VH KDFH
HWHUQR (O FKRIHU GHO FRFKH SHUVHJXLGRU VH SRQH D DSUHWDU UtWPLFDPHQWH HO FOD[RQ
FRPR XQ DXWRPRYLOLVWD LPSDFLHQWH \ SURYRFD DVt SRU PLPHWLVPR XQ FRQFLHUWR GH
FOi[RQHVGHWRGRVORVFRFKHVTXHHVWiQHVSHUDQGRHQWUHORVFXDOHVHVWiHOGHOSURSLR
.UDPP $SURYHFKDQGR HO DOERURWR +DUG\ DSXQWD D OD FDEH]D GH .UDPP \ GLVSDUD (O
VRQLGRGHOGLVSDURVHDKRJDHQHOUXLGR(OVHPiIRURFDPELDDYHUGH\WRGRVORVFRFKHV
YXHOYHQ D DUUDQFDU VDOYR XQR HQ HO TXH XQ DJHQWH GH SROLFtD UHFLpQ DSDUHFLGR
HQFXHQWUD D .UDPP PXHUWR GHVSORPDGR VREUH VX YRODQWH &XDQGR DEUH OD SXHUWD GHO
FRFKHFDHXQSHULyGLFRVREUHODDFHUD(QSRUWDGDHODVXQWRGHOURERGHMR\DV

+RPEUHVGH0DEXVHHQWUHHOORV*ULJRULHYLQWHULRU3LVRGtD"QRFKH"
8QRV KRPEUHV GLVFXWHQ HQ XQD KDELWDFLyQ HQWUH HOORV HO HQFXEULGRU 1LNRODt *ULJRULHY
+DGULDQ 0 1HWWR FRQ DVSHFWR GH YLYLGRU UHILQDGR (VWH H[DPLQD FRPR EXHQ
H[SHUWR ODV MR\DV UREDGDV (YRFDQ ORV H[WUDxRV PpWRGRV GHO -HIH WHOHGLULJH
RSHUDFLRQHV GH FKDQWDMH TXH SRGUtDQ VHU OXFUDWLYDV SHUR KDFH TXH VLHPSUH VH
PDORJUHQVLQLQWHQWDUVDFDUSURYHFKR HFRQyPLFR1RSUHJXQWHVGHPDVLDGRGLFHXQR
GH HOORV \D VDEH OR TXH OHV RFXUUH D ORV FXULRVRV 8QR GH QRVRWURV TXLVR YHU DO -HIH
GHWUiV GH OD FRUWLQD GRQGH VH HVFRQGH \ OR KDQ HQFRQWUDGR KHFKR WUL]DV  \ WUDV
HVWDVSDODEUDVDSDUHFHODLPDJHQGHXQDFRUWLQDFHUUDGD\RSDFDDQWHODFXDOVHYHHO
FXHUSRPXHUWRSHURHQWHURGHXQKRPEUHDFRVWDGR

.HQWLQWHULRU3LVRGtD"QRFKH"
(Q VX SLVR FRQ ODV FRUWLQDV FHUUDGDV .HQW YD \ YLHQH \ KDFH SHGD]RV XQD FDUWD GH
UXSWXUDTXHTXHUtDPDQGDUD/LO\SRUVHQWLUHVFU~SXORVSRUVXUHODFLyQFRQHOOD/XHJR
SRU GHEDMR GH OD SXHUWD UHFLEH XQD FRQYRFDWRULD HVFULWD D PiTXLQD ILUPDGD FRQ HO
QRPEUHGH0DEXVH

/RKPDQQSROLFtDVLQWHULRU&RPLVDUtDGtD
(Q OD FRPLVDUtD VH HVWi LQYHVWLJDQGR OD GHVSDULFLyQ GH +RIPHLVWHU \ HO DVHVLQDWR GH
.UDPP HQWUH ORV TXH OD SROLFtD WRGDYtD QR KD HVWDEOHFLGR UHODFLyQ /D EDOD TXH KD
VHUYLGR SDUD PDWDU D .UDPP KD VLGR LGHQWLILFDGD FRPR SURFHGHQWH GH XQD SLVWROD
'UH\VH VH KD SURFHGLGR D OD UHFRQVWUXFFLyQ GH OR TXH KD KHFKR OD YtFWLPD GXUDQWH HO
GtDVDOYRHQHOSHULRGRFRPSUHQGLGRHQWUHODVGLHFLRFKR\YHLQWHKRUDVMXVWRDQWHVGHO
FULPHQ /RKPDQQ KDFH DxDGLU XQD UHIHUHQFLD D HVWR HQ XQ FDUWHO HQ HO TXH SLGH
LQIRUPDFLyQ\TXHGHEHVHUGLIXQGLGR

 )RWRJUDItD GH OD SROLFtD /RKPDQQ 0OOHU LQWHULRU /DERUDWRULR IRWRJUiILFR \
FRPLVDUtDGtD

(QVXODERUDWRULR:HEHUHOIRWyJUDIRGHODSROLFtDUHFLEHXQDOODPDGDGH/RKPDQQDO
TXH FRQILUPD TXH SURVLJXH FRQ VXV LQYHVWLJDFLRQHV SDUD GHVFLIUDU HO PLVWHULRVR OHWUHUR
GHO FULVWDO 'H UHSHQWH 0OOHU OOHJD FRUULHQGR D OD FRPLVDUtD SDUD DQXQFLDU D /RKPDQQ
TXH DFDEDQ GH HQFRQWUDU D +RIPHLVWHU \ TXH HVWi UHSLWLHQGR VLQ SDUDU HO QRPEUH GHO
FRPLVDULR

/RKPDQQ+RIPHLVWHUPpGLFRLQWHULRU&HOGDGHODFRPLVDUtDGtD
(QFHUUDGR HQ XQD FHOGD GH OD FRPLVDUtD +RIPHLVWHU HVWi HQ SOHQR GHOLULR VLJXH
LPDJLQiQGRVHHQHOGHVSDFKRGHVGHGRQGHKDEODEDFRQHOFRPLVDULRSRUWHOpIRQRSHUR
ORV REMHWRV GH OD KDELWDFLyQ OD PHVD HO WHOpIRQR HVWiQ GHIRUPDGRV \ VRQ
WUDQVSDUHQWHV FRPR XQ FULVWDO &RQ XQ WHOpIRQR LPDJLQDULR HQ OD PDQR OODPD
GHVHVSHUDGDPHQWH D /RKPDQQ &XDQGR HQWUD pVWH FRQ HO PpGLFR HQ OD FHOGD HQ VX
GHOLULR +RIPHLVWHU ORV WRPD D DPERV SRU KRPEUHV GH OD VHFFLyQ % DFHUFiQGRVH
KDFLDpOFRQDVSHFWRDPHQD]DGRU\HQWRQFHVVHSRQHDFDQWDUVXFDQFLRQFLWD*ORULD
*ORULDODKLMDGH%DWDYLDFRQXQDYR]VREUHDJXGD\DWHUURUL]DGD
6LQ HVSHUDQ]D GH VHU UHFRQRFLGR SRU +RIPHLVWHU /RKPDQQ LQWHQWD HVWDEOHFHU OD
FRPXQLFDFLyQHQWUDQGRHQVXMXHJR&XDQGRpVWHFUH\pQGRVHGHQXHYRVRORYXHOYHD
OODPDU &RPLVDULR /RKPDQQ &RPLVDULR /RKPDQQ HO FRPLVDULR UHVSRQGH D
+RIPHLVWHU TXLHQ QR OR YH (V XVWHG +RIPHLVWHU" $TXt /RKPDQQ (O URVWUR GH
+RIPHLVWHU VH WUDQVILJXUD GH DOHJUtD SHUR WUDV XQ PRYLPLHQWR GH /RKPDQQ TXH OH
DGYLHUWH GH VX SUHVHQFLD UHDO FHUFD GH pO \ WDQ SURQWR FRPR YH D /RKPDQQ
WRPiQGRORSRUXQPDWyQ+RIPHLVWHUVHSRQHGHQXHYRDFDQWDUVXFDQFLyQGHFRQMXUR
PLUiQGRORILMDPHQWHFRQVXVRMRVGHORFR/RKPDQQUHQXQFLD\VHHQIXUHFHFRQWUDHVWH
ODPHQWDEOHHVSHFWiFXORVLSXGLHUDDJDUUDUDOFXOSDEOHGHHVWHGUDPD

0DEXVHHQIHUPHURVLUYLHQWHGH%DXP9R]GH%DXPLQWHULRU$VLORGtD
0XGRLQPyYLOFRQODPLUDGDILMD0DEXVHHVWiLQFRUSRUDGRHQVXFDPD8QHQIHUPHUR
FRPXQLFD VX SUHRFXSDFLyQ DO VLUYLHQWH GH %DXP 0DEXVH WLHQH DOJR UDUR WLHQH ORV
RMRV GH DOJXLHQ TXH SRGUtD GRPLQDU HO PXQGR +D\ TXH DYLVDU D %DXP /RV GRV
KRPEUHV OODPDQ DOD SXHUWD GHO SVLTXLDWUD H LQWHQWDQ HQWUDU SHVH D OD FRQVLJQD 3HUR
GHQXHYRVXHQDODYR]GH%DXP1RTXLHURTXHQDGLHPHPROHVWH

+RPEUHVGH0DEXVHHQWUHHOORV.HQWYR]GH0DEXVHLQWHULRU+DELWDFLyQVHFUHWD
GtD"QRFKH"
8QRV KRPEUHV GH 0DEXVH VXEHQ XQD HVFDOHUD \ OOHJDQ D XQ UHOODQR GHODQWH GH XQD
SXHUWD HQ XQ HGLILFLR GHVFRQRFLGR 0DQLSXODQ FHUUDGXUDV SHVDGDV \ FRPSOLFDGDV \
SHQHWUDQ HQ XQD KDELWDFLyQ &XDQGR DEUHQ OD SXHUWD VH YH FRPR HQ XQ UHOiPSDJR
XQD VLOXHWD KXPDQD VHQWDGD D FRQWUDOX] GHWUiV GH XQD FRUWLQD HFKDGD TXH
LQPHGLDWDPHQWHVHKDFHRSDFD/RVKRPEUHVVHTXHGDQGHSLHHQDFWLWXGUHVSHWXRVD
GHODQWH GH OD FRUWLQD \ UHWXPED XQD YR] VHFD \ DXWRULWDULD IHOLFLWD D OD VHFFLyQ %
SRUKDEHUVROXFLRQDGRHOFDVR+RIPHLVWHU\DFRQWLQXDFLyQDYLVDD.HQWGHTXHHVWiDO
FRUULHQWHGHVXVUHWLFHQFLDV\TXH\DQRWROHUDUiDORVGHVHUWRUHVQLDORVWUDLGRUHV


.HQWKRPEUHVGH0DEXVHH[WHULRU&DOOHGtD
(QODFDOOHGHODQWHGHXQFDUWHOTXHSLGHLQIRUPDFLyQVREUHODPXHUWHGH.UDPP.HQW
GLVFXWH FRQ RWUR PLHPEUR GH OD EDQGD HO PiV KXPDQR (VWH DFRQVHMD D .HQW TXH
WRPH HQ VHULR HO DYLVR GHO 'RFWRU <D OR Vp GLFH .HQW FXDQGR XQR HQWUD HQ OD
RUJDQL]DFLyQ\DQRKD\PDQHUDSRVLEOHGHHFKDUVHDWUiV

.HQWLQWHULRU3LVRGH.HQWGtD"QRFKH"
8QDYH]HQFDVD.HQWGHFLGHPDQGDUD/LO\XQDFDUWDGHGHVSHGLGDROYtGDPH\RQR
WHROYLGDUpQXQFD

)RWyJUDIR/RKPDQQLQWHULRU/DERUDWRULRIRWRJUiILFRGtD"QRFKH"
:HEHU HO IRWyJUDIR KD FRQVHJXLGR UHFRQVWUXLU XQD SDODEUD TXH QR TXLHUH GHFLU QDGD
0DEXVH+DFtDIDOWDSDUDHQFRQWUDUODFRPSUHQGHUTXH+RIPHLVWHUODKDEtDHVFULWRDO
UHYpV HQ HO FULVWDO 0DEXVH" UHSLWH /RKPDQQ TXH DFDED GH HQWUDU TXp HV HVR GH
0DEXVH"(VHV

/RKPDQQDUFKLYHURLQWHULRU6DODGHDUFKLYRVGtD
 HVH GRFWRU HQ OD pSRFD GH OD LQIODFLyQ DFDED GLFLHQGR HQ XQD VDOD GH DUFKLYRV
PLHQWUDVOHSDVDQHOYROXPLQRVRGRVVLHUGHOFDVR0DEXVHHO-XJDGRU




/RKPDQQLQWHULRU&RPLVDUtDGtD
/RKPDQQ OODPD SRU WHOpIRQR D %DXP SXHV VDEH TXH 0DEXVH HVWi HQFHUUDGR HQ VX
DVLOR 3HUR VH HQWHUD GH TXH 0DEXVH KD PXHUWR HVD PLVPD PDxDQD (VWD PLVPD
PDxDQD"4XHH[WUDxRFRPHQWDHOFRPLVDULR

+RPEUHVGH0DEXVHHQWUHHOORV.HQWLQWHULRU*XDULGDGtD
/RV EDQGLGRV KDQ UHFLELGR OD KDELWXDO FRQYRFDWRULD GHO -HIH ILUPDGD 'RFWRU
0DEXVH 8QR GH ORV EDQGLGRV DFRQVHMD D .HQW QR KDFHU WRQWHULDV (O 'RFWRU HV PiV
IXHUWHTXHW~


%DXP/RKPDQQFDGiYHUGH0DEXVHHQIHUPHURLQWHULRU$VLORGtD
(Q HO DVLOR %DXP \ /RKPDQQ HVWiQ KDEODQGR DQWH HO FDGiYHU GH 0DEXVH (V pO
YHUGDGHUDPHQWH" SUHJXQWD /RKPDQQ 'HVJUDFLDGDPHQWH VL FRQWHVWD %DXP
ODQ]iQGRVH D XQ HORJLR HQWXVLDVWD GHO GLIXQWR TXH /RKPDQQ VXVSLFD] OH DQLPD D
KDFHU (VH FHUHEUR VREUHKXPDQR KDEUtD SRGLGR UHJHQHUDU WRGD OD KXPDQLGDG GLFH
%DXPHQWXVLDVWD\GHMDFDHUODSDODEUDWHVWDPHQWR4XpWHVWDPHQWR"SUHJXQWD
/RKPDQQ LQPHGLDWDPHQWH %DXP VH FRUULJH 8Q HVFULWR VLQ PiV YDORU TXH HO
FLHQWtILFR /RKPDQQ SLGH YHU D +RIPHLVWHU SHUR %DXP VH RSRQH HO KRPEUH HVWi
GHPDVLDGR HQIHUPR 6H HQFHUUy SUHFLVDPHQWH D +RIPHLVWHU HQ OD PLVPD FHOGD TXH
RFXSDED 0DEXVH GHVGH GRQGH VLJXH LQWHQWDQGR ORFDOL]DU D /RKPDQQ FRQ VX WHOpIRQR
LPDJLQDULR(QFXDQWRDOFXHUSRGH0DEXVHKDVLGRPDQGDGRDGLVHFFLyQ4XpHVOR
TXHTXHGDGHQRVRWURV"GLFHILORVyILFDPHQWHXQRGHORVHQIHUPHURVTXHORFXLGDED

+RPEUHVGH0DEXVHYR]GH0DEXVHLQWHULRU+DELWDFLyQVHFUHWDQRFKH"
,PDJHQ GH XQ WUR]R GH SDSHO HQ HO FXDO ILJXUDPHFDQRJUDILDGR HO QRPEUH GH 0DEXVH
FRQYRFDQGR D VXV KRPEUHV (VWRV HVWiQ HVSHUDQGR HQ XQD JUDQ KDELWDFLyQ 8QD VHxDO
VRQRUDFLIUDGDOHVDYLVDFXiQGROHVOOHJDHOWXUQRSDUDSDVDUDQWHHO-HIH6HVROLFLWD
DODVHFFLyQ

%DXP)DQWDVPDVGH0DEXVHLQWHULRU'HVSDFKRGH%DXPQRFKH"
(QVXGHVSDFKRFX\DVSDUHGHVHVWiQGHFRUDGDVFRQPiVFDUDVTXHUHSURGXFHQPXHFDV
\ SLQWXUDV GH DOLHQDGRV %DXP HO SVLTXLDWUD UHSDVD HO PDQXVFULWR GH 0DEXVH 6X
WtWXOR (O ,PSHULR GHO &ULPHQ +HUUHVFKDIW GHV 9HUEUHFKHQV 6H WUDWD GH XQ SODQ
SDUD LPSUHVLRQDU HO HVStULWX GHO SXHEOR PHGLDQWH DFWRV LQH[SOLFDEOHV GH WHUURULVPR
DSDUHQWHPHQWHJUDWXLWRVFRQHOILQGHSUHSDUDUORVSDUDVXIULUODOH\GHO$PR/DOHFWXUD
GHO WH[WR LQLFLDGD HQ YR] DOWD SRU %DXP HV FRQWLQXDGD SRU XQD YR] FHUFDQD \
VXVXUUDQWH TXH SDUHFH SULPHUR VRQDU GHQWUR GH %DXP (VWH YH D FRQWLQXDFLyQ
GHODQWH GH pO HO IDQWDVPD GH 0DEXVH SURVHJXLU HVWH GLVFXUVR GLDEyOLFR DO WLHPSR TXH
ORPLUDILMDPHQWHFRQRMRVGHKLSQRWL]DGRU(OIDQWDVPDVHPXOWLSOLFDSRUWUHVDQWHVGH
HQWUDUGHQWURGH%DXPTXHVLJXHEDMRKLSQRVLV

+RPEUHVGH0DEXVHHQWUHHOORV.HQWYR]GH0DEXVHLQWHULRU+DELWDFLyQVHFUHWD
QRFKH"
'RVVHFFLRQHVFRPSDUHFHQGHODQWHGHODFRUWLQDGHODKDELWDFLyQVHFUHWD /DYR]OHV
GD LQVWUXFFLRQHV SDUD SURYRFDU XQ LQFHQGLR FULPLQDO OXHJR SDUD XQD RSHUDFLyQ HQ XQ
EDQFR HQ OD FXDO KDEUi TXH VXVWLWXLU IDOVRV ELOOHWHV SRU YHUGDGHURV /RV JXDUGLDV GHO
EDQFR GHEHUiQ VHU DVHVLQDGRV .HQW REOLJDGR D SDUWLFLSDU HQ OD RSHUDFLyQ KDFH XQ
PRYLPLHQWR PXGR GH UHWURFHVR 'HEHQ VHU DVHVLQDGRV UHSLWH LQPHGLDWDPHQWH OD
YR]


.HQW/LO\LQWHULRU3LVRGH.HQWQRFKH"
$O YROYHU D VX FDVD .HQW HQFXHQWUD XQD QRWD GH /LO\ 7H TXLHUR \ YH D OD SURSLD
/LO\TXHOHKDHVSHUDGR/RVDEHWRGR\KDGHFLGLGRTXHGDUVHFRQpO

+RPEUHVGH0DEXVHLQWHULRU*XDULGDQRFKH"GtD"
/RV EDQGLGRV VH RFXSDQ GH ORV ELOOHWHV VXVWLWXLGRV HQ OD RSHUDFLyQ GHO EDQFR VX
FRQYHUVDFLyQ QRV LQIRUPD GH TXH .HQW OHV KD IDOODGR 6H SODQWHDQ VL VLJXH VLQ YHQLU
DYLVDUDODVHFFLyQ%

.HQW/LO\LQWHULRU3LVRGH.HQWQRFKH"
.HQW DFDED GH FRQIHVDU D /LO\ VXV YHUGDGHUDV DFWLYLGDGHV /LO\ OH DFRQVHMD TXH YD\D D
FRQWiUVHORDOLQVSHFWRU/RKPDQQ

+RPEUHVGH0DEXVHLQWHULRU*XDULGDQRFKH"
8QR GH ORV EDQGLGRV DFDED OODPDQGR D OD VHFFLyQ % SDUD GHFLU TXH .HQW QR KD
YHQLGR

+RPEUHVGH0DEXVHYR]GH0DEXVHLQWHULRU+DELWDFLyQVHFUHWDQRFKH"
 0LHQWUDV WDQWR OD YR] GH GHWUiV GH OD FRUWLQD VLJXH GDQGR LQVWUXFFLRQHV SODQ GH
DWDTXHLQVWUXFFLRQHVFRQWUDORVWUDLGRUHV

/RKPDQQ0OOHUSROLFtDVLQWHULRU3LVRGH/RKPDQQGtD
/D HVFHQD VH VLW~D SRU OD PDxDQD HQ FDVD GH /RKPDQQ TXH HVWi GXUPLHQGR
SURIXQGDPHQWH 8Q SROLFtD OR GHVSLHUWD SDUD LQGLFDUOH XQD SLVWD XQD GH ODV MR\DV
UREDGDVXQFROODUKDVLGRORFDOL]DGDOROOHYDEDXQDFKLFDFRQRFLGDSRUODSROLFtDXQD
SURVWLWXWDOODPDGD$QQD

*ULJRULHY$QQDLQWHULRU3LVRGH$QQDGtD
(Q XQ SLVR OXMRVR VH GHVFXEUH D *ULJRULHY FRQ XQ EDOtQ \ $QQD &DPLOD 6SLUD
'RQGH HVWiQORVGHPiV"SUHJXQWD HOOD6H HVWiQ RFXSDQGRGH.HQWFRQWHVWD HO
HQFXEULGRU


.HQW/LO\6HFFLyQELQWHULRU&DOOHGtD
(Q OD FDOOH XQ IDOVR FLHJR REOLJD D .HQW \ D /LO\ EDMR OD DPHQD]D GH XQD SLVWROD D
VXELUDXQFRFKHTXHVHORVOOHYD

/RKPDQQSROLFtDVLQWHULRU&RPLVDUtDGtD
/RKPDQQPDQGDDGRVSROLFtDVDFDVDGH$QQDDFRQVHMiQGROHVSUXGHQFLD

.HQW/LO\YR]GH0DEXVHLQWHULRU+DELWDFLyQVHFUHWDGtD"
.HQW \ /LO\ VRQ HPSXMDGRV \ HQFHUUDGRV HQ OD KDELWDFLyQ GH OD FRUWLQD /D YR] VXHQD
SDUD FRQGHQDUORV D PXHUWH D ORV GRV .HQW VDFD VX SLVWROD \ GLVSDUD VREUH OD FRUWLQD
OXHJR OD URPSH FRQ OD D\XGD GH /LO\ (VWXSRU GHWUiV GH OD FRUWLQD VyOR GHVFXEUHQ XQD
VLOXHWD GH PDGHUD UHFRUWDGD DVt FRPR XQ DOWDYR] \ XQ PLFUR /D YR] LPSHUWXUEDEOH
VLJXH KDEODQGR FRPR VL QR SDVDUD QDGD 0RULUpLV GHQWUR GH WUHV KRUDV < VH R\H HO
UXLGRGHXQWLFWDFTXHHPSLH]DDGHVJUDQDUODVKRUDV7RPTXpHVHVR"SUHJXQWD
/LO\DQJXVWLDGD



 *ULJRULHY $QQD +DUG\ KRPEUHV GH 0DEXVH SROLFtDV LQWHULRU \ UHOODQR SLVR GH
$QQDGtD
/RVKRPEUHVGH0DEXVHVHHQFXHQWUDQUHXQLGRVHQFDVDGH$QQD/ODPDQDODSXHUWD\
$QQD YD D DEULU (V XQ SROLFtD TXH LQWHQWD LQWURGXFLUVH KDFLpQGRVH SDVDU SRU XQ
HPSOHDGR GHO JDV =DIDUUDQFKR GH FRPEDWH WLURWHRV OD SROLFtD VLWLD HO HGLILFLR +DUG\
HO MRYHQ IDQiWLFR GH OD VHFFLyQ % SURKLEH D ORV GHPiV TXH VH HQWUHJXHQ VL QR ORV
PDWDUi

.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD
&yPR VDOLU" .HQW \ /LO\ KDQ LQWHQWDGR HQ YDQR DOFDQ]DU HO PHFDQLVPR GH OD ERPED
FDYDQGRHQHOVXHOR.HQWORLQWHQWDDKRUDFRQODYHQWDQDWDSLDGD

+RPEUHVGH0DEXVHSROLFtDVLQWHULRU3LVRGH$QQDGtD
(Q HO SLVR GH $QQD VLJXH HO FRPEDWH FRQ OD SROLFtD 8QRV KRPEUHV LQWHQWDQ HVFDSDUVH
KDFLHQGRXQDJXMHURHQHOWHFKR(OQRPEUHGH/RKPDQQJULWDGRSRUORVSROLFtDVKDFH
FXQGLU HO SiQLFR 'RV KRPEUHV TXLHUHQ HQWUHJDUVH 1L KDEODU JULWD +DUG\ HO TXH
LQWHQWHDFHUFDUVHDODSXHUWDGHQWURRIXHUDHVKRPEUHPXHUWR


.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD
3HUR GHWUiV GH OD YHQWDQD WDSLDGD KD\ XQD SODFD GH DFHUR LPSRVLEOH GH IUDQTXHDU \
HOWLFWDFVLJXHVRQDQGR.HQW\/LO\HVWiQGHVHVSHUDGRV

+RPEUHVGH0DEXVHSROLFtDV/RKPDQQLQWHULRU5HOODQRGHOSLVRGH$QQDGtD
'XUDQWH HO FRPEDWH +DUG\ FDH KHULGR GH XQD EDOD /RKPDQQ TXH VH KD GHVSOD]DGR
KDVWD DOOt JULWD XQ DYLVR 5HQGLRV QR WHQpLV QLQJXQD RSRUWXQLGDG /RV EDQGLGRV
WLUDQ ODV DUPDV \ VH HQWUHJDQ VDOYR +DUG\ TXH VH GLVSDUD XQD EDOD HQ OD FDEH]D
/RKPDQQ UHFRJH OD SLVWROD FRQ OD TXH +DUG\ DFDED GH PDWDUVH XQD 'UH\VH FRPR OD
TXHVLUYLySDUDPDWDU.UDPP

.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD
1RKD\QLQJXQDVDOLGD\ODERPEDVLJXHKDFLHQGRVRQDUVXLQIHUQDOWLFWDF.HQWWLHQH
XQDLGHDGHVHVSHUDGDDJXMHUHDUXQFRQGXFWRGHDJXDTXHSDVDSRUODKDELWDFLyQDVt
HO DJXD DO VDOLU SRGUtD DKRJDU OD H[SORVLyQ &RQ XQ FXFKLOOR KDFH XQ DJXMHUR HQ HO
WXER(ODJXDLUUXPSHFRQIXHU]D

/RKPDQQKRPEUHGH0DEXVHLQWHULRU&RPLVDUtDGtD
,QWHUURJDGR SRU /RKPDQQ XQR GH ORV KRPEUHV GH 0DEXVH XQ WLSR JRUGR QLHJD HVWDU
LPSOLFDGRHQHODVHVLQDWRGH.UDPP1LHJDKDEHUYLVWRMDPiVDO-HIHGHOTXHOHKDEODQ
$KUtHVDUFiVWLFDPHQWH/RKPDQQHOJUDQGHVFRQRFLGR

.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD
6REUH HO DJXD TXH LQYDGH SURJUHVLYDPHQWH OD KDELWDFLyQ IORWD OD VLOXHWD UHFRUWDGD GHO
IDOVR0DEXVH.HQW\/LO\HVWiQHVSHUDQGRODH[SORVLyQ

/RKPDQQKRPEUHGH0DEXVHLQWHULRU&RPLVDUtDGtD
/RKPDQQ GHMD DO KRPEUH JRUGR FRQIXQGLGR DO HQVHxDUOH OD EDOD HQFRQWUDGD HQ OD
FDEH]D GH .UDPP \ ODTXH VH KD HQFRQWUDGR HQOD FDEH]D GH +DUG\ SURFHGHQWH GH OD
PLVPD DUPD (O JRUGR HPSLH]D D FRQIHVDU SHUR FXDQGR VH PHQFLRQD HO OXJDU GHO
FULPHQGH.UDPP/RKPDQQWLHQHXQDLGHDOXPLQRVDHVPX\FHUFDGHODVLORGH%DXP

.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD

(ODJXDVLJXHVXELHQGR.HQW\/LO\LQPHUVRVKDVWDORVKRPEURVHVWiQDEUD]DGRV

/RKPDQQLQWHULRU&RPLVDUtDGtD
/RKPDQQ OODPD SRU WHOpIRQR D %DXP SDUD SHGLUOH TXH YHQJD EDMR HO SUHWH[WR GH
KDFHUOHLGHQWLILFDUDXQRVKRPEUHVTXHGLFHQFRQRFHUOH

.HQW/LO\LQWHULRU+DELWDFLyQVHFUHWDGtD
/D H[SORVLyQ VH SURGXFH \ OHYDQWD XQ IDQWiVWLFR FKRUUR GH DJXD .HQW \ /LO\ DJXDQWDQ
FRJLpQGRVHDODFRUWLQDURWD/DH[SORVLyQKDDELHUWRXQDJXMHURHQHOVXHORSRUHOFXDO
VHHYDF~DHODJXDYDFLDQGRDVtODKDELWDFLyQTXtHVWDODVDOLGDH[FODPD.HQW

 /RKPDQQ %DXP KRPEUHV GH 0DEXVH $QQD OXHJR .HQW \ /LO\ LQWHULRU
&RPLVDUtDGtD
/RKPDQQKDFHSDVDUD%DXPGHODQWHGHORVKRPEUHVGH0DEXVH\$QQD/RVFRQRFH
XVWHG" SUHJXQWD GHVSXpV 1R FRQWHVWD %DXP /RKPDQQ OH SLGH D %DXP TXH
HVSHUH HQXQDKDELWDFLyQFRQWLJXD/XHJRSUHJXQWDDSDUWHDORVKRPEUHVGH0DEXVH
VLKDQYLVWRDOJXQDYH]D%DXPSXHVpVWHHUDHOYHUGDGHURREMHWRGHOFDUHR1XQFD
GLFHQpVWRV4XpH[WUDxRSLHQVD/RKPDQQTXLHQYDGHVSXpVDUHXQLUVHFRQ%DXP
GH SLH GHODQWH GH XQ FDUWHO DQXQFLDQGR HO DVHVLQDWR GH .UDPP 1RV KXELHUD SRGLGR
GHFLU TXH HVWDED FRQ XVWHG HQWUH ODV GLHFLRFKR \ YHLQWH KRUDV HVWH FDUWHO HVWDED SRU
WRGRV ORV OXJDUHV 1L VDOJR QL OHR ORV SHULyGLFRV FRQWHVWD %DXP /RKPDQQ GHEH
GHMDUOH LU VLQ p[LWR 3HUR HQ HO PRPHQWR HQ TXH %DXP VDOH SRU OD SXHUWD .HQW \ /LO\
OOHJDQ PRMDGRV 3HUR VL HV .HQW H[FODPD /RKPDQQ QDGD KD HVWDEOHFLGR HQ HVWD
YHUVLyQ GH OD SHOtFXOD TXH VH FRQR]FDQ .HQW UHSLWH %DXP FRQ XQ WRQR GH
VRUSUHVD(QWRQFHVXVWHGFRQRFHDHVWHKRPEUHGLFH/RKPDQQDFDEDGHSURQXQFLDU
VX QRPEUH <R" 1R XVWHG FRPLVDULR GLFH %DXP VHUHQiQGRVH WUDV OR TXH VH
PDUFKDWUDQTXLODPHQWHFRQSDVRGHDXWyPDWD
/XHJR /RKPDQQ SUHJXQWD D .HQW &RQRFH XVWHG D HVH KRPEUH" 1R (VWR\
VHJXUR VLQ HPEDUJR GH TXH pO OH FRQRFH D XVWHG .HQW UHYHOD HQWRQFHV D /RKPDQQ
VXV DFWLYLGDGHV 4XLpQ HV VX -HIH" SUHJXQWD /RKPDQQ 0DEXVH &yOHUD GHO
&RPLVDULR,PSRVLEOH/RKHYLVWRPXHUWR.HQWOHHQVHxDXQDFRQYRFDWRULDILUPDGD
SRU0DEXVH1R2WURSRGUtDLJXDOTXHpOGLFH/RKPDQQ\GHUHSHQWHFRPSUHQGH
2WUR

%DXPVLUYLHQWHLQWHULRU$VLORGtD
%DXPHQWUDHQVXGHVSDFKR\GDODFRQVLJQDGHTXHQRGHMHQHQWUDUDQDGLH

/RKPDQQ.HQW/LO\LQWHULRU&RPLVDUtDGtD

/RKPDQQ GLFH D .HQW 7RGDV ODV SLVWDV FRQGXFHQ D HVH DVLOR 9DPRV SDUD DOOi (V
SRVLEOHTXHWHQJDXVWHGUD]yQ\TXH0DEXVHHVWpWRGDYtDYLYR

/RKPDQQ.HQWVLUYLHQWHLQWHULRU$VLORGtD"
/RKPDQQ\.HQWLQVLVWHQHQYHUD%DXPSHURHOVLUYLHQWHVHPDQWLHQHILUPH/RKPDQQ
KDFH FDVR RPLVR OODPD D OD SXHUWD \ DFFLRQD HO SLFDSRUWH 3RU WHUFHUD YH] VH R\H OD
IUDVH1RTXLHURTXHQDGLHPHPROHVWH.HQWH[FODPDTXHUHFRQRFH ODYR]GHO-HIH
$PERVGHUULEDQODSXHUWD'HVFXEUHQTXHHOGHVSDFKRHVWiYDFtR\TXHXQDSXHUWDGH
VDOLGDHQHOIRQGRGHODKDELWDFLyQVHKDTXHGDGRDELHUWD/RKPDQQGHVFXEUHHOWUXFR
GHWUiV GH OD SXHUWD XQ WRFDGLVFRV HVWi FRQHFWDGR DO SRPR GH OD SXHUWD (O TXH TXLHUH
HQWUDUDOWRFDUHOSRPRSRQHHQPDUFKDODOHFWXUDGHXQGLVFRJUDEDGRFRQODYR]GH
%DXP TXH VLHPSUH GLFH OD PLVPD IUDVH 1R TXLHUR TXH QDGLH PH PROHVWH 1R HV
VRUSUHQGHQWH GLFH /RKPDQQ TXH QR OR KD\D UHFRQRFLGR FXDQGR KD YLVWR D %DXP GH
IUHQWH6yORFRQRFtDVXYR]SRUHOGLVFR
6REUHODPHVDGHWUDEDMRGH%DXP.HQW\/RKPDQQHQFXHQWUDQXQSODQRFRQHOOXJDU
GH XQD IiEULFD GH SURGXFWRV TXtPLFRV VXEUD\DGR \ XQD IHFKD HVD PLVPD QRFKH
(QFXHQWUDQWDPELpQHOPDQXVFULWRGH0DEXVHFRQLQVWUXFFLRQHVSDUDHODWHQWDGR

 /RKPDQQ .HQW ERPEHURV %DXP H[WHULRU )iEULFD GH SURGXFWRV TXtPLFRV HQ
OODPDVQRFKH
8QDIiEULFDJUDQGHHVWiHQOODPDV/DVVLUHQDVUXJHQ\ORVERPEHURVVHDSUHVXUDQ/D
SROLFtD HVWi DKt FRQ /RKPDQQ \ .HQW /RFDOL]DQ FRQ OD OX] GHO UHIOHFWRU D %DXP
HVFDSiQGRVHSRUORVPDWRUUDOHV

%DXPIDQWDVPDGH0DEXVH/RKPDQQ.HQWH[WHULRU&DUUHWHUDVQRFKH
*XLDGR SRU HO IDQWDVPD GH 0DEXVH TXH UHSLWH HQ VXV RtGRV ODV SDODEUDV GLDEyOLFDV
LPSHULRGHO FULPHQLPSHULRGHOFULPHQ %DXPKX\HFRQ HOFRFKH HQODRVFXULGDG
GH OD QRFKH FRPR HQ XQD FDEDOJDWD IDQWiVWLFD /RKPDQQ \ .HQW FRJHQ RWUR FRFKH \
VDOHQ WUDV pO SHUR VH UHWUDVDQ SRU FXOSD GH RWURV FRFKHV XQ SDVR D QLYHO \ GLYHUVRV
LQFLGHQWHV

 %DXP )DQWDVPD GH 0DEXVH +RIPHLVWHU HQIHUPHURV /RKPDQQ .HQW H[WHULRU H
LQWHULRU$VLORGH%DXPQRFKH
(O FRFKH GH %DXP OOHJD DQWH ODV UHMDV GHO DVLOR TXH YHPRV SRU SULPHUD YH] \ HO
IDQWDVPDGH 0DEXVHODVDEUHGHPRGR PiJLFRDOLJXDOTXHOHDEUHWRGDVODVGHPiV
SXHUWDV OD GH VX GHVSDFKR GRQGH %DXP HQWUD KLSQRWL]DGR SDUD UHFRJHU VX
PDQXVFULWR\GHVSXpVODGHODFHOGDGHORVORFRVGRQGH+RIPHLVWHUVLJXHFDQWDQGRVX
FDQFLyQGHPHQWHFRQYR]VREUHDJXGD

%DXP HQWUD FRQ HO PDQXVFULWR EDMR HO EUD]R \ VH SUHVHQWD KXPLOGHPHQWH DQWH
+RIPHLVWHU<RVR\HOGRFWRU0DEXVH+RIPHLVWHUODQ]DXQJULWRWHUULEOH0DEXVH
FRQIXVLyQ WRWDO HQ HO DVLOR GRQGH HO SHUVRQDO VH GHVSLHUWD \ FRUUH HQ HO PLVPR
PRPHQWR HQ HO TXH .HQW \ /RKPDQQ OOHJDQ DQWH OD FHOGD 8QRV HQIHUPHURV VDOHQ GH
HOODVXMHWDQGRD+RIPHLVWHUFXUDGRTXLHQVHGLULJHD/RKPDQQFRQJUDQIHOLFLGDG(O
KRPEUHVHOODPD0DEXVHFRPLVDULRGRFWRU0DEXVH
(Q OD FHOGD TXH IXH OD GH VX DPR %DXP SRVWUDGR URPSH HQ WURFLWRV HO 7HVWDPHQWR
/RKPDQQ PLUD 9DPRQRV GLFH D .HQW HVWDV FRVDV QR VRQ GH OD LQFXPEHQFLD GH XQ
VLPSOHFRPLVDULRGHSROLFtD<XQHQIHUPHURFLHUUDODSXHUWDGHODFHOGDVREUH%DXP
\VREUHHOHVSHFWDGRU

&$378/2

,9


(O,QWHQGHQWH6DQVKR

8QDSHOtFXODGH.HQML0L]RJXFKL
*XLyQ GH <RVKLNDWD <RGD \ GH <DKLUR )XML EDVDGR HQ OD QRYHOD GH 2JDL 0RUL 6DQVKR
'D\X
7tWXORRULJLQDOGHOILOP6DQVKR'D\X
3URGXFFLyQ'DLHL.\RWR-DSyQ
'XUDFLyQPLQXWRV

1RV HQFRQWUDPRV HQ HO -DSyQ FXDQGR HO KRPEUH LJQRUDED WRGDYtD VX SURSLR YDORU
VLQRSVLV/DTXLQWDHVFHQFLDGHOPHORGUDPD(OJXLyQHVFHQDSRUHVFHQD

 6,*/2 ;, (1 (/ -$31 &8$1'2 (/ +20%5( ,*125$%$ 72'$9$ 68 3523,2
9$/256,1236,6

1RV HQFRQWUDPRV HQ HO -DSyQ HQ HO VLJOR ;, FXDQGR HO KRPEUH LJQRUDED WRGDYtD VX
SURSLRYDORU
8QRV YLDMHURV FDPLQDQ SRU HO FDPSR 8QD QREOH 'DPD 7DPDNL .LQX\R 7DQDND VXV
GRVKLMRVHOSHTXHxR=XVKLRVXKHUPDQDSHTXHxD$QMX\XQDVLUYLHQWD
9DQ HQ EXVFD GH VX HVSRVR \ SDGUH 0DVDXML 0DVDR 6KLPL]X H[LOLDGR GHVGH KDFH
YDULRV DxRV SRU KDEHUVH HQIUHQWDGR D OD DXWRULGDG DO GHIHQGHU D XQRV FDPSHVLQRV
SREUHV (VWH KRPEUH EXHQR KDEtD GHMDGR DO SHTXHxR =XVKLR XQD ILJXULOOD VDJUDGD
VtPERORGHPLVHULFRUGLDDFRPSDxiQGRODGHXQPHQVDMHGHMXVWLFLD
/RV YLDMHURV TXH DFDPSDQ GH QRFKH HQ SOHQD QDWXUDOH]D YHQ OOHJDU D XQD DQFLDQD
TXH GLFH TXHUHU D\XGDUORV \ DFRJHUORV 3HUR pVWD ORV HQWUHJD D XQRV EDQGLGRV TXH
VHSDUDQD7DPDNLGHVXVKLMRVDOYHQGHUORVDHOODFRPRFRUWHVDQD\DORVQLxRVFRPR
HVFODYRV9HQGHQDODPDGUHHQODLVODGH6DGR\DORVQLxRVPX\OHMRVGHDOOtDOULFR\
FUXHO,QWHQGHQWH6DQVKR(LWDUR6KLQGR
8QDYH]DOOtODYLGDHVPX\GXUD\FXDOTXLHULQWHQWRSDUDHYDGLUVHHVFDVWLJDGRFRQOD
PXWLODFLyQ(OKLMRGH6DQVKR7DUR$NLWDNH.RQRVHDSLDGDGHORVQLxRV\ORVYXHOYH
DEDXWL]DUFRQORVQRPEUHVGH0XWVX:DNDSDUD=XVKLR\6KLQREXSDUD$QMXDQWHV
GHDEDQGRQDUORVWHUULWRULRVGHVXSDGUHGHTXLHQVHVLHQWHDYHUJRQ]DGR

'LH] DxRV PiV WDUGH =XVKLR <RVKLDNL +DQD\DJL \ $QMX .\RNR .DJDZD VLJXHQ
VLHQGR HVFODYRV =XVKLR VH KD HQGXUHFLGR \ VyOR SLHQVD HQ REHGHFHU ODV yUGHQHV GHO
$PRDXQTXHVHDQFUXHOHV$QMXVLJXHVLHQGRGXOFH\FRPSDVLYD\VLJXHHVSHUDQGR
8Q GtD XQD MRYHQ HVFODYD UHFLpQ OOHJDGD FDQWD XQD FDQFLyQ TXH KDEOD GH =XVKLR \ GH
$QMXFDQFLyQTXHKDEtDRtGRHQODLVODGH6DGR$QMXFRQPRYLGDFRPSUHQGHTXHHVD
FDQFLyQSURFHGHGHVXSURSLDPDGUH
(VWD PLHQWUDV WDQWR JLPH HQ OD SOD\D HQ 6DGR OODPDQGR D VXV KLMRV FRPR FXDQGR
HUDQ SHTXHxRV =XVKLR $QMX 4XLHUH HVFDSDUVH SHUR HV DWUDSDGD \ FDVWLJDGD
FRQODPXWLOLDFLyQGHXQWHQGyQGHOSLH
(Q ORV GRPLQLRV GH 6DQVKR FLHUWR GtD OD SRVLELOLGDG GH HVFDSDU VH RIUHFH SRU ILQ D
=XVKLR\$QMX=XVKLRWXUEDGRFRQYHQFLGRSRUVXKHUPDQD\R\HQGRPiJLFDPHQWHOD
YR]GHVXPDGUHTXHORVOODPDGHFLGHUHSHQWLQDPHQWHDSURYHFKDUVHKX\HFDUJDQGR
HQ VXV HVSDOGDV D XQD DQFLDQD HVFODYD HQIHUPD $QMX TXH VH KD TXHGDGR SDUD
HQFXEULU OD KXLGD VH VXLFLGD DKRJiQGRVH DWUDtGD SRU OD FDQFLyQ GH VX PDGUH TXH
VXHQDHQHODLUHGHPRGRLUUHDO
5HFRJLGR \ HVFRQGLGR SRU 7DUR FRQYHUWLGR HQ PRQMH =XVKLR YD D YHU DO SULPHU
0LQLVWURTXHWUDVKDEHUORUHFRQRFLGRFRQODD\XGDGHODILJXULOOD VDJUDGDOHDQXQFLD
ODPXHUWHGHVXSDGUH\ORQRPEUDJREHUQDGRUGHXQD3URYLQFLDDTXHOODSUHFLVDPHQWH
GRQGHVHHQFXHQWUDQORVGRPLQLRVGH6DQVKR
=XVKLRVHSURPHWHFXPSOLUXQDPLVLyQOLEHUDUDORVHVFODYRV\FRQHVWHILQSURPXOJD
XQHGLFWRDQWLHVFODYLVWD6DQVKRDYLVDGRLQWHQWDKDFHUIUDFDVDUHOHGLFWR
=XVKLR LQYDGH HQWRQFHV FRQ VX WURSD HO WHUULWRULR GHO ,QWHQGHQWH OR KDFH GHWHQHU \ DO
OLEHUDUDORVHFODYRVHVLQIRUPDGRGHODPXHUWHGHVXKHUPDQD
3RVWHULRUPHQWH =XVKLR TXH DO GHVWLWXLU D 6DQVKR KDEtD DEXVDGR GH VXV SRGHUHV
GLPLWH&RQYHUWLGRHQXQKRPEUHFRPRORVGHPiVGHFLGHLUHQEXVFDGHVXPDGUH
(Q OD LVOD GHVLHUWD \ WULVWH GH 6DGR GHYDVWDGD SRU XQ PDUHPRWR =XVKLR \D QR WLHQH
HVSHUDQ]DVGHHQFRQWUDUDVXPDGUHFXDQGRDOILQODUHFRQRFHHQXQDDQFLDQDFLHJD
\VXFLD(VWDGHVSXpVGHFLHUWRWLHPSRWDPELpQORUHFRQRFHDOWRFDUODYLHMDILJXULOOD
+DQ TXHGDGR ORV GRV VRORV VREUHYLYLHQGR D WRGD OD IDPLOLD \ UHFRUGDQGR ODV SDODEUDV
GHOSDGUH6pEXHQRFRQORVGHPiV\VHDEUD]DQOORUDQGR


/$48,17$(6(1&,$'(/0(/2'5$0$

(O ,QWHQGHQWH 6DQVKR HV XQR GH ORV QXPHURVRV ILOPV GH 0L]RJXFKL HQ ORV TXH KD
FRODERUDGR VX JXLRQLVWD KDELWXDO <RVKLNDWD <RGD 6DEHPRV TXH HO DXWRU GH 8JHWVX
0RQRJDWDUL VHJXtD PX\ DWHQWDPHQWH GH PDQHUD PX\ FUtWLFD \ VHYHUD OD HODERUDFLyQ
GH ORV JXLRQHV TXH URGDED GH PDQHUD TXH \ VLQ H[DJHUDU VH OH SXHGH FRQVLGHUDU
FRPR
FRDXWRURDOPHQRVFRUHVSRQVDEOH

1R KHPRV OHtGR HO UHODWR RULJLQDO GH 2JDL 0RUt DGDSWDGR SRU <RGD SHUR VDEHPRV SRU
pVWH ~OWLPR TXH HVWH UHODWR FRUWR FRQWDED XQD KLVWRULD GH QLxRV GHVJUDFLDGRV \ TXH
0L]RJXFKL HPSH]y SLGLHQGR D VX JXLRQLVWD TXH PRGLILFDVH OD SULPHUD DGDSWDFLyQ GH
<DKLUR)XMLVXSULPLHQGRHOSDSHOGHORVQLxRV&RQWUDULDPHQWHDOUHODWRGH2JDL0RUL
GLFH<RGDFRQYHUWtD$QMXHQODKHUPDQDSHTXHxDGH=XVKLRHVWRHQIXQFLyQGHORV
DFWRUHVHOHJLGRV\SURVLJXH(OSUyORJRGH6DQVKR'D\XHVILHODOUHODWRSHURWRGROR
GHPiVFXDQGR$QMX\=XVKLRVRQDGXOWRVORTXHFRQVWLWX\HODPD\RUSDUWHGHOILOP
HV FDVL HQWHUDPHQWH GH PL SOXPD $O VHU YHQGLGRV ORV GRV MyYHQHV KpURHV 0L]RJXFKL
SLGLy D <RGD TXH HVWXGLDVH OD KLVWRULD GH OD HVFODYLWXG \ VX IXQFLyQ HFRQyPLFD OR TXH
GHPXHVWUDPX\ELHQTXHSHQVDEDFRQIRUPDUVHFRQXQDGHQXQFLDPRUDOHQDEVWUDFWR
<RGD LQYHQWy WDPELpQ D SHWLFLyQ GH 0L]RJXFKL ODV UD]RQHV SROtWLFDV SRU ODV TXH HVWi
H[LOLDGRHOSDGUHGHORVQLxRVSRUKDEHUGHIHQGLGRORVGHUHFKRVGHORVSREUHVHOSDGUH
GHEtD VHU HQYLDGR PX\ OHMRV +HPRV LQWHQWDGR GLFH <RGD HULJLU HVWD IiEXOD SRSXODU
HQ GUDPD VRFLDO HVWXGLDQGR HO SUHIHXGDOLVPR \ HO EXGLVPR GH OD pSRFD 3RU ~OWLPR
<RGD FXHQWD TXH HQ HO UHODWR OD PDGUH \D FLHJD YH FyPR VXV RMRV VH YXHOYHQ D DEULU
JUDFLDV DO SRGHU PLODJURVR GH OD ILJXULOOD SHUR TXH 0L]RJXFKL GXGy PXFKR WLHPSR HQ
FRQVHUYDU HVWH KDSS\ HQG SDUD ILQDOPHQWH GHFLGLUVH D GHMDU D OD PDGUH FLHJD $O
VXSULPLUHVWDDQpFGRWDKHPRVFRQYHUWLGR6DQVKR'D\XHQXQILOPWULVWH\SHVLPLVWD
(O ,QWHQGHQWH 6DQVKR HV VLQ OXJDU D GXGDV XQ PHORGUDPD SDODEUD TXH KR\ KDFH
VRQUHtU \ TXH VLQ HPEDUJR GHVLJQD XQ JpQHUR QREOH XQ JpQHUR TXH KD LQVSLUDGR
REUDV PD\RUHV GH OD OLWHUDWXUD GH OD ySHUD \ GHO FLQH %DO]DF 'LFNHQV +XJR HQ OD
QRYHOD 9HUGL :DJQHU 3XFFLQL HQ OD ySHUD *ULIILWK &KDSOLQ 6LUN 0F&DUH\ /DQJ
0L]RJXFKLHQHOFLQHKDQUHDOL]DGRJUDQGHVPHORGUDPDV1RHVHOPHORGUDPDXQRGH
ORV JpQHURV GUDPiWLFRV XQLYHUVDOHV FDSD] GH FRQPRYHU D ORV S~EOLFRV GHO PXQGR
HQWHUR"
6RQLQQXPHUDEOHVHQ(O,QWHQGHQWH6DQVKRORVUDVJRVGHOPHORGUDPD
(OREMHWRFRQILDGRGHVGHODQLxH]ILJXULOODTXHSHUPLWLUiDxRVPiVWDUGHUHFRQRFHU
DOQLxRUDSWDGR
(O HQIUHQWDPLHQWR YLROHQWR HQWUH ODV FODVHV VRFLDOHV H[WUHPDV ODV PiV EDMDV \ ODV
PiVDOWDVHQWUHORVPLQLVWURV\ORVPiVPLVHUDEOHVHVFODYRV
(O FDPELR EUXVFR GH FRQGLFLyQ HO KpURH MRYHQ QREOH H KLMR GH PLQLVWUR VXPLGR GH
OD QRFKH D OD PDxDQD HQ OD HVFODYLWXG \ GLH] DxRV PiV WDUGH YXDQGR \D QR HV PiV
TXHXQHVFODYRHYDGLGRHVQRPEUDGR*REHUQDGRUGHXQDSURYLQFLD
$VRFLDGR D HVH FDPELR GH FRQGLFLyQ \ SURYRFDQGR PLVWHULRV XQ FDPELR GH QRPEUH
&XDQGR HO ,QWHQGHQWH 6DQVKR R\H KDEODU GH =XVKLR DO TXH WDQ VyOR FRQRFH EDMR HO
QRPEUHGH0XWVX:DNDQRFRPSUHQGHTXHVHWUDWDGHVXHVFODYRHYDGLGR
/D PDOGDG R OD ERQGDG DEVROXWD GH OD PD\RUtD GH ORV SHUVRQDMHV \ HQWUH ODV GRV
SRVWXUDVHVWDPELpQXQUDVJRGHOPHORGUDPDXQSHUVRQDMHTXHYDSRUPDOFDPLQR
\SRVWHULRUPHQWHVHUHKDELOLWD
(OVDFULILFLRGHXQRGHORVSHUVRQDMHV VREUHWRGRIHPHQLQRTXHHQWUHJDVXYLGDSRU
HOVHUDPDGR
8QD HVFHQD ILQDO GH UHFRQRFLPLHQWR GH DQDJQyULVLV VHJ~Q OD WHUPLQRORJtD GH
$ULVWyWHOHV/D0DGUH7DPDNLFLHJD\YLHMDUHFRQRFHDOWRFDUODILJXULOOD\VXURVWUR

D VX KLMR VHSDUDGR GH HOOD GLH] DxRV DQWHV (VWD HVFHQD HV SUHFHGLGD GH RWUD HVFHQD
FOiVLFD HQ HO PHORGUDPD HO HTXtYRFR VREUH OD LGHQWLGDG GH VXV SDGUHV FXDQGR
SUHVHQWDQD=XVKLRWUDVXQDFRQIXVLyQGHQRPEUHVDXQDSURVWLWXWDGHODPLVPDHGDG
TXHODPDGUHDTXLHQEXVFD
3RU ~OWLPR SUHGRPLQDQ ODV UHODFLRQHV IDPLOLDUHV VREUH ODV UHODFLRQHV DPRURVDV 1R
KD\KLVWRULDGHDPRUHQ6DQVKRWRGRRFXUUHHQIDPLOLD
&RQWRGDVHJXULGDGHOOHFWRUDOOHHUHVWDUHODFLyQ\DKDEUiVHQWLGRGHVSHUWDUDOJXQRV
UHFXHUGRV SDUD FDGD XQD GH HVWDV VLWXDFLRQHVWLSR GH RWURV YHLQWH HMHPSORV GH
UHODWRV GHVGH +RUQHUR \ OD WUDJHGLD JULHJD KDVWD HO IROOHWtQ PRGHUQR GHVGH ORV
JpQHURVPiVQREOHVKDVWDORVPiVSRSXODUHV
/D HVWUXFWXUD JXLRQtVWLFD GHO ,QWHQGHQWH 6DQVKR TXH GHMDPRV DTXt GH ODGR HQ WDQWR
UHDOL]DFLyQ VXEOLPH GH XQR GH ORV PiV JUDQGHV FLQHDVWDV HV WDQ VHQFLOOD FRPR HILFD]

(QXQDSULPHUDYLVLyQ SDUHFH FDHUSRU VXSURSLRSHVR\QR VHSLHQVD TXHWHQJDTXH

YHUFRQXQJXLyQSDUWLFXODUPHQWHKiELOSHURFXDQWRPiVVHHVWXGLDPiVVHSHUFLEHOD
PDUDYLOORVD GHQVLGDG GH VX FRQVWUXFFLyQ GRQGH WRGR WLHQH XQD GLPHQVLyQ WRGR WLHQH
XQSHVR
$QWHV GH GDU QXHVWUR UHVXPHQ GHWDOODGR GHO ILOP RWUD SUHFLVLyQ PiV OD KLVWRULD VH
FXHQWDHVHQFLDOPHQWHGHVGHHOSXQWRGH YLVWD GH=XVKLR\PiVJHQHUDOPHQWHGHORV
GRVQLxRV=XVKLR\$QMX(OSULQFLSLRGHOUHODWRQRVPXHVWUDDODPDGUHFRQORVQLxRV
GHVSXpV WUDV VX VHSDUDFLyQ WUiJLFD OD QDUUDFLyQ VH FRQFHQWUD HQ $QMX \ =XVKLR \ HO
JXLyQKDFHVHQWLUDOSURSLRHVSHFWDGRUODDXVHQFLDGHODPDGUHVLQPRVWUDUODPiVTXH
HQODFRQIURQWDFLyQILQDO\PX\EUHYHPHQWH
(O WHVWDPHQWR GHO 'RFWRU 0DEXVH VH GHVDUUROOD HQ DOJXQRV GtDV 7HQHU \ QR WHQHU HQ
PHQRV GH VHVHQWD KRUDV 3DXOLQH HQ OD SOD\D GXUD XQD VHPDQD SDUD FHUUDU HO FLFOR
3HUR (O ,QWHQGHQWH 6DQVKR VH GHVDUUROOD HQ XQ ODUJR SHULRGR GH YDULRV DxRV 9HPRV D
ORV PLVPRV SHUVRQDMHV HQ WUHV pSRFDV QLxRV MyYHQHV DGXOWRV (VWD DFFLyQ WDQ
H[WHQGLGDHQHOWLHPSRVHSUHVHQWDVLQHPEDUJRSRUEORTXHVFRQFHQWUDGRVDTXtHQ
GRVGtDVYLDMH\UDSWRDOOtHQDOJXQRVPHVHV


(/*8,1(6&(1$325(6&(1$

8Q OHWUHUR SUHFLVD TXH OD DFFLyQ VH GHVDUUROOD HQ HO VLJOR ;, FXDQGR HO KRPEUH
LJQRUDEDVXSURSLRYDORU

7DPDNL=XVKLRGHQLxR$QMXGHQLxDVLUYLHQWHH[WHULRU%RVTXHGtD

Recordemos que el dcoupage redactado por Max Tessier, tras visionar el film, para el nmero 227 de
L'Avant-Scne, dedicado al Intendente Sansho, nos ha servido ampliamente para hacer nuestros propios
resmenes.

(Q XQ ERVTXH FDPLQDQ FXDWUR SHUVRQDV GH DSDULHQFLD QREOH 8QD PXMHU DGXOWD
7DPDNL .LQX\R 7DQDND VX KLMR GH WUHFH DxRV =XVKLR 0DVDKLNR 7VXJDZD DO TXH VH
GLULJH SUHRFXSDGD SDUD GHFLUOH TXH OOHYH FXLGDGR DO DQGDU VREUH XQ WURQFR GH iUERO
GHVSXpVXQDQLxDGHRFKRDxRVTXHVHVXSRQHVHUVXKHUPDQD$QMX.HLNR(QDPL\
SRU ILQ XQD PXMHU PD\RU GH OD TXH PiV DGHODQWH VDEUHPRV TXH HV OD VLUYLHQWH GH OD
IDPLOLD=XVKLRKDFHXQDSUHJXQWDDVXPDGUHVREUHVXSDGUH0DVDXMLFRQHOTXHYDQ
DUHXQLUVH(VXQKRPEUHEXHQR\JHQHURVROHFRQILUPDVXPDGUH

 )ODVKEDFN 0DVDXML FDPSHVLQRV ,QWHQGHQWH 6DGD\X =XVKLR H[WHULRU 5HVLGHQFLD
GH0DVDXMLGtD
(QHOSULPHUIODVKEDFNYHPRVD=XVKLRGHQLxRDVLVWLHQGRDXQDHVFHQDGUDPiWLFDHQ
ODTXHORVFDPSHVLQRVSURWHVWDQFRQWUDHOH[LOLRGHVX$PRTXHULGRHOSDGUHGH=XVKLR
0DVDXML0DVDR6KLPL]X6L0DVDXMLKDVLGRFRQGHQDGRDOH[LOLRHVSRUTXHVHHQIUHQWy
D XQ JHQHUDO SLGLpQGROH DUUR] SDUD HO SXHEOR 9HPRV GHVSXpV D 0DVDXML RSRQHUVH
YDOLHQWHPHQWHDODUHSUHVLyQGHODUHEHOLyQGHXQRVFDPSHVLQRV
9XHOWD DO SUHVHQWH 1RV HQFRQWUDPRV D 7DPDNL EHELHQGR DJXD GHO UtR \ VRxDQGR 0iV
DGHODQWHFXDQGRHVWiQFRPLHQGRSLHQVDGHQXHYRHQVXPDULGR

)ODVKEDFN0DVDXML7DPDNL=XVKLRSHTXHxRLQWHULRU5HVLGHQFLDGH0DVDXMLGtD
8Q VHJXQGR IODVK EDFN PXHVWUD D 0DVDXML HQXQD UHXQLyQ IDPLOLDU SLGLHQGR D 7DPDNL
TXH VH OOHYH D ORV QLxRV \ YD\D D UHXQLUVH FRQ VXV SDGUHV /XHJR FRJH DO SHTXHxR
=XVKLRSDUDH[SOLFDUOHXQDVROHPQHOHFFLyQGHPRUDOVHGXURSDUDFRQWLJRJHQHURVR
SDUDORVGHPiVFDGDKRPEUHWLHQHGHUHFKRDODIHOLFLGDG\DOGHFLUHVWROHHQWUHJD
XQREMHWRGHIDPLOLDXQDILJXULOODVDJUDGDGHOD'LRVDGHOD0LVHULFRUGLD=XVKLRQXQFD
GHEHUiDEDQGRQDUOD
9XHOWD DO SUHVHQWH HQ HO TXH =XVKLR DKRUD DOJXQRV DxRV PD\RU FRQ VX DPXOHWR DO
FXHOOR UHSLWH DO DQGDU ODV SDODEUDV GH VX SDGUH &DGD XQR WLHQH GHUHFKR D OD
IHOLFLGDG

)ODVKEDFN0DVDXML=XVKLRSHTXHxR$QMXSHTXHxD7DPDNL&DPSHVLQRVH[WHULRU
5HVLGHQFLDGH0DVDXMLGtD
(OWHUFHUIODVKEDFNPXHVWUDDOSDGUHGLFLHQGRDGLyVDVXVKLMRVDQWHVGHPDUFKDUVHDO
H[LOLR VH VHSDUDQ FRQ OODQWRV \ ORV FDPSHVLQRV LQWHQWDQ LQ~WLOPHQWH UHWHQHU D VX WDQ
TXHULGR$PR
9ROYHPRV GHILQLWLYDPHQWH DO SUHVHQWH ORV FXDWURV YLDMHURV FDPLQDQ DO ERUGH GH XQ
ODJRHQXQDUHJLyQVDOYDMH1HFHVLWDQHQFRQWUDUXQUHIXJLRSDUDSDVDUODQRFKH&RPR
QR SXHGHQ LU D XQD SRVDGD SXHV OD OH\ SURKLEH DORMDU D YLDMHURV GHVFRQRFLGRV
GHFLGHQ SDVDU OD QRFKH HQ SOHQD QDWXUDOH]D \ SDUD HOOR VH SRQHQ D FRQVWUXLU XQ
UHIXJLRFRQUDPDV


0DVDXML=XVKLR$QMXVLUYLHQWDDQFLDQDH[WHULRU2ULOODGHXQODJRGtD
0iV WDUGH YHPRV D ORV GRV QLxRV =XVKLR \ $QMX D\XGDQGR D FRQVWUXLU HO UHIXJLR /D
PDGUH OHV PDQGD D EXVFDU UDPDV 6H DOHMDQ GHO FDPSDPHQWR $QMX OH SLGH D VX
KHUPDQR TXH OH D\XGH D URPSHU XQD UDPD JUDQGH GH XQ iUERO $O URPSHUOD FDHQ ORV
GRV OR TXH OHV KDFH UHtU FRQ ULVDV GH QLxRV IHOLFHV HQWRQFHV R\HQ XQ VRQLGR TXH
=XVKLR WRPD DO SULQFLSLR SRU HO UXLGR GH ODV RODV (Q UHDOLGDG HV OD YR] GH 7DPDNL
TXH SUHRFXSDGD SRU HOORV OHV OODPD GHVGH OHMRV SRU VXV QRPEUHV FRPR XQD PHORSHD
=XVKLR$QMX
/OHJDOD QRFKH /RV YLDMHURV HVWiQ UHXQLGRV DOUHGHGRU GHO IXHJR 8QD DQFLDQD VDOH GH
ODRVFXULGDG\VHSUHVHQWDFRPR VDFHUGRWLVD 6HFRPSDGHFHGH HOORV\ORVLQYLWDDLUD
FDOHQWDUVH\DFRVWDUVHHQVXFDVD
(Q FDVD GH OD VDFHUGRWLVD \D GRUPLGRV ORV QLxRV OD DQFLDQD DFRQVHMD D 7DPDNL SDUD
TXH WRPH XQ EDUFR \ DVt SRGUi VHJXLU VX YLDMH DO GtD VLJXLHQWH OH SURSRQH RFXSDUVH
HOODPLVPDGHHQFRQWUDUOHVEDUTXHURV7DPDNLODGDODVJUDFLDVHIXVLYDPHQWH

/RVPLVPRVEDUTXHURVH[WHULRU2ULOODGHOODJRGtD
0X\WHPSUDQRSRUODPDxDQDODVDFHUGRWLVDDFRPSDxDKDVWDODSOD\DD7DPDNLORV
QLxRV \ OD VLUYLHQWD 'RV EDUTXHURV VH HQFXHQWUDQ DOOt KDFHQ VXELU D 7DPDNL HQ XQD
EDUFD\DORVQLxRVHQRWUD6XEUXWDOLGDGUHYHODVXKRUULEOHREMHWLYRVLORVUDSWDQSRU
VHSDUDGR HV SDUD YHQGHUORV \ OD VDFHUGRWLVD FODUR HVWi HV VX FyPSOLFH /DV V~SOLFDV
GHVJDUUDGRUDVGHODPDGUH\GHORVQLxRVGHORVTXHVHYHVHSDUDGDQRVLUYHQGHQDGD
(QFXDQWRDODVLUYLHQWDODDUURMDQDODJXD\VHDKRJD

$QMX=XVKLREDUTXHURVDOGHDQRVH[WHULRU3XHUWRGHSHVFDGtD
(Q XQ SXHUWR XQR GH ORV EDUTXHURV LQWHQWD HQ YDQR YHQGHU D ORV QLxRV /HV LQIRUPD
GH TXH VX PDGUH \D KD VLGR YHQGLGD HQ OD LVOD GH 6DGR FRPR SURVWLWXWD 8Q
WUDQVH~QWH VROLFLWDGR VH QLHJD D FRPSUDU D ORV QLxRV SHUR DFRQVHMD DO EDUTXHUR TXH
VHORVOOHYHDODSURYLQFLDGH7DQJR$OOtVHHQFXHQWUDHOULFR,QWHQGHQWH6DQVKRTXHORV
SRGUtDFRPSUDU

$QMX=XVKLR6DQVKR7DURH[WHULRUHLQWHULRU'RPLQLRGH6DQVKRGtD
'HVFXEULPRV XQD HVSHFLH GH FDPSDPHQWR URGHDGR GH YDOODV ELHQ YLJLODGDV TXH
HQFLHUUD HO SDODFLR GHO ,QWHQGHQWH \ ODV FDEDQDV GH ORV HVFODYRV \ ORV TXH YLYHQ
DOOtYVRQ WUDWDGRV GXUDPHQWH /RV GRV QLxRV VRQ FRQGXFLGRV DQWH HO FUXHO LQWHQGHQWH
6DQVKR (LWDUR 6KLQGR TXH VH TXHMD GH TXH VH KD\D PDOJDVWDGR HO GLQHUR FRQ GRV
QLxRVHQGHEOHV
7DUR HO KLMR GHO ,QWHQGHQWH $NLWDNH .RQR SLGH TXH VH OHV WUDWH ELHQ SHUR 6DQVKR
TXLHUH TXH WUDEDMHQ FRPR ORV GHPiV HV GHFLU GXUDPHQWH ORV QLxRV VH QLHJDQ D GHFLU
VXVQRPEUHV\SHUPDQHFHQPXGRV


 $QMX =XVKLR 1DPLML 7DUR 6DQVKR HQYLDGR GHO 0LQLVWUR H[WHULRU H LQWHULRU
'RPLQLRGH6DQVKRGtD\QRFKH
8Q JXDUGLD GHO GRPLQLR SRQH D ORV QLxRV D WUDEDMDU 8QD GH ODV HVFODYDV XQD PXMHU
PD\RU1DPLML.LPLNR7DFKLEDQDVHRFXSDGHORVGRVQLxRV\VHDSLDGDGHVXGHVWLQR
0iV DGHODQWH VH YH D ORV QLxRV WUDEDMDQGR SHQRVDPHQWH 6XHQD OD DODUPD HQ HO
GRPLQLR6HWUDWDGH1DPLMLTXLHQKDELpQGRVHDFRUGDGRGHVXVSURSLRVKLMRVDORVTXH
QR KD YLVWR GHVGH KDFH WLHPSR KD LQWHQWDGR HYDGLUVH SHUR KD VLGR DWUDSDGD
LQPHGLDWDPHQWH 9DQ D DSOLFDUOH HO FDVWLJR SUHYLVWR SRU OD OH\ GHO FDPSDPHQWR
PDUFDUOD FRQ KLHUUR FDQGHQWH HQ OD IUHQWH 7DUR LQWHUYLHQH SDUD SHGLU JUDFLD SHUR HO
,QWHQGHQWH GHVSUHFLDQGR ORV HVFU~SXORV GH VX KLMR TXH VH QLHJD D UHDOL]DU OD
RSHUDFLyQDSOLFDpOPLVPRHOKLHUURHQODIUHQWHGHODSREUHPXMHU
7DUR VH OOHYD D ORV QLxRV D OD FDEDQD TXH OHV KDQ GDGR TXLHUH KDFHUOHV KDEODU SDUD
D\XGDUOHV SHUR pVWRV VLJXHQ QHJiQGRVH D GHFLU VX QRPEUH 6LQ HPEDUJR VX OHQJXDMH
WUDLFLRQD VX RULJHQ QREOH 7DUR VH ODPHQWD GH WDO LQMXVWLFLD \ GH VX LPSRWHQFLD SHUR
FRPRSLHQVDTXHQRYDDSRGHUOOHYDUORVFRQVXVSDGUHVOHVSLGHTXHWHQJDQSDFLHQFLD
KDVWD TXH VH KDJDQ PD\RUHV 3XHVWR TXH QR TXLHUHQ GHFLU VX QRPEUH ORV YXHOYH D
EDXWL]DU 0XWVX:DND TXH TXLHUH GHFLU GHO GRPLQLR GH 0XWVX SDUD =XVKLR \
6KLQREXODTXHWLHQHSDFLHQFLDSDUD$QMX
8Q JXDUGLD EXVFD D 7DUR \ OH FRPXQLFD OD RUGHQ GH VX SDGUH GH DVLVWLU D OD UHFHSFLyQ
GHOHQYLDGRHVSHFLDOGHO0LQLVWURGH)LQDQ]DV
(QHOWUDQVFXUVRGHHVDRSHUDFLyQHOHQYLDGRGHO0LQLVWURWUDQVPLWHD6DQVKRGHSDUWH
GH VX MHIH ORV PD\RUHV HORJLRV VREUH OD PDQHUD HQ TXH GHVDUUROOD VX IXQFLyQ GH
UHFDXGDGRU GH LPSXHVWRV (VWRV HORJLRV RILFLDOHV FROPDQ D 6DQVKR FRQ XQD DOHJUtD
VHUYLO \ RIUHFH DO HQYLDGR UHJDORV \ XQ HVSHFWiFXOR 4Xp VXHUWH WLHQHV GLFH HO
HQYLDGRD7DURGHWHQHUXQSDGUHDVt
3HUR 7DUR DEDQGRQD GLVFUHWDPHQWH OD ILHVWD SDVD D YHU D ORV QLxRV TXH VH KDQ
GRUPLGR HQ VX FDEDQD ORV DEUD]D \ KDFH TXH OH DEUDQ ODV SXHUWDV GHO GRPLQLR SDUD LU
KDFLDXQGHVWLQRGHVFRQRFLGR

=XVKLRGLH]DxRVPiVWDUGH$QMXGLH]DxRVPiVWDUGHDQFLDQR6DQVKRLQWHULRU\
H[WHULRU'RPLQLRGH6DQVKRGtD
8QOHWUHURH[SOLFD+DQSDVDGRDxRV=XVKLRWLHQHDxRV\$QMX
=XVKLR0XWVX:DND <RVDKLDNL +DQD\DJL \ $QMX6KLQREX .\RNR

.DJDZD

\D

PD\RUHVGXHUPHQHQVXFDEDQD6XHQDODDODUPDFRPRGLH]DxRVDQWHVSDUD1DPLML
 SHUR HVWD YH] HV XQ DQFLDQR HO TXH KD LQWHQWDGR KXLU (YLGHQWHPHQWH KD VLGR
DWUDSDGR \ 6DQVKR RUGHQD D =XVKLR DO TXH OODPD 0XWVX:DND TXH PDUTXH FRQ
KLHUURDOIXJLWLYR=XVKLRHMHFXWDODDWUR]RSHUDFLyQFRQURVWURGXURHLPSHQHWUDEOH
8Q SRFR PiV WDUGH XQDV PXMHUHV HVFODYDV KDEODQ HQWUH Vt UHSUREDQGR OD GXUH]D GH
0XWVX:DND$QMXODVR\H\VXIUHHQVLOHQFLR


$QMX.RKDJLHVFODYDVLQWHULRU&DEDxDGRQGHVHWHMHGtD
(QODFDEDQDGRQGHVHWHMH\GRQGHWUDEDMD$QMXOOHJDXQDQXHYDHVFODYDXQDMRYHQ
OODPDGD.RKDJL<RNR.RVRQR&RQODGXO]XUD\ODFRPSDVLyQTXHODFDUDFWHUL]DQ$QMX
HQVHxD D .RKDJL FyPR PDQHMDU HO WHODU (VWD DO WUDEDMDU HQ HOWHODU VH SRQH D FDQWDU
GXOFHPHQWH XQD WULVWH FDQFLyQ =XVKLR FyPR WH HFKR GH PHQRV $QMX FyPR WH HFKR
GHPHQRV6RUSUHQGLGD$QMXSUHJXQWDD.RKDJLGRQGHKDDSUHQGLGRHVDFDQFLyQ/D
FDQWDED XQD SURVWLWXWD GH OD LVOD GH 6DGR OH FRQWHVWD .RKDJL OD OODPDQ OD 'DPD
$QMX TXH KD UHFRQRFLGR D VX SURSLD PDGUH EDMR HO QRPEUH GH OD 'DPD OH SLGH D
.RKDJLTXHVLJDFDQWDQGR\DOHVFXFKDUODVHHFKDDOORUDU



7DPDNLMHIHGHODVSURVWLWXWDVH[WHULRU,VODGH6DGRGtD
(QWRQFHVVH R\H VRQDU HQXQDSOD\DFRPRXQ HFRODPLVPDFDQFLyQ TXHVXHQDFRPR
ODYR]PiJLFDGHORV HOHPHQWRV\ YHPRVD7DPDNLFRUUHUSRUODSOD\D\VXSOLFDUDORV
EDUTXHURVTXHVHODOOHYHQ(VDWUDSDGDWUDtGDDODIXHU]D\OHFRUWDQXQWHQGyQGHXQ
SLHDGYHUWHQFLDSDUDODVSURVWLWXWDVTXHTXLHUHQKXLU
0iV WDUGH 7DPDNL YXHOYH FRMHDQGR KDFLD OD RULOOD OOHYDGD SRU GRV PXMHUHV \ DQWH OD
H[WHQVLyQ GHO PDU OODPD JLPLHQGR D VXV KLMRV FRPR DQWDxR GHVHSHUDGDPHQWH
=XVKLR$QMX

$QMX=XVKLRLQWHULRU&DEDxDGtD
(QWRQFHVYROYHPRVDYHUD=XVKLR\$QMXHQVXFDEDQD/DMRYHQWDUDUHDGXOFHPHQWH
ODFDQFLyQGH.RKDJLSHUR=XVKLRIXULRVROHSLGHTXHVHFDOOHHVLPSRVLEOHSDUDHOORV
YROYHUDYHUDVXVSDGUHV\VXGHVWLQRHVVHUHVFODYRVWRGDVXYLGDHQWRQFHVSRUTXp
HQJDxDUVH FRQ IDOVDV HVSHUDQ]DV" (V PHMRU FRPSODFHU DO ,QWHQGHQWH $QMXOH UHSURFKD
VX HQGXUHFLPLHQWR \ OH UHFXHUGD ODV SDODEUDV GH VX SDGUH \ HO WDOLVPiQ VHFUHWR
VtPEROR GH SLHGDG (Q HVH PRPHQWR =XVKLR DUUDQFD EUXWDOPHQWH OD ILJXULOOD TXH
JXDUGDEDVLHPSUHFRQpO\ODWLUDDOVXHOR$QMXODUHFRJHWULVWHPHQWH

 $QMX =XVKLR 1DPLML JXDUGLD H[WHULRU 'RPLQLR GH 6DQVKR \ &ODUR GH XQ ERVTXH
GtD
8Q SRFR PiV DGHODQWH OH SLGHQ D =XVKLR TXH HVWi WUDEDMDQGR HQ OD IRUMD TXH YD\D D
OOHYDUDODYLHMD1DPLMLIXHUDDODPRQWDxDSDUDTXHPXHUDPiVDOOiGHORVOtPLWHVGHO
GRPLQLR =XVKLR TXH OOHYD OD YLHMD HQ VXV HVSDOGDV \ $QMX TXH KD LQWHQWDGR HQ YDQR
VDOYDUD1DPLMLGHHVHILQDOIUDQTXHDQODYDOOD\VHYDQKDFLDHOERVTXHDFRPSDxDGRV
SRUXQJXDUGLD

/OHJDQDXQFODURVLQLHVWURFRQHOVXHORFXELHUWRGHRVDPHQWDV(OJXDUGLDPROHVWRVH
PDQWLHQHDSDUWDGR$QMXOHHQWUHJDD1DPLMLODILJXULOODVDJUDGDWLUDGDSRU=XVKLRSDUD
D\XGDUDODPRULEXQGDDUHQDFHUHQXQPXQGRPHMRU/HTXLHUHFRQVWUXLUXQUHIXJLR
SDUD SURWHJHUOD \ YD FRQ VX KHUPDQR D EXVFDU UDPDV &RPR GLH] DxRV DQWHV HO
KHUPDQR \ OD KHUPDQD HQFXHQWUDQ XQD UDPD JUXHVD TXH FHGH FXDQGR DPERV MXQWDQ
VXV IXHU]DV $QMX VH DFXHUGD HQWRQFHV GH OD HVFHQD GH DQWDxR < PLVWHULRVDPHQWH
PiJLFDPHQWHODYR]GHODPDGUHVXHQDFRPRDQWDxR=XVKLR$QMX
=XVKLR VHQWDGR HQ WLHUUD LQPyYLO SDUHFH PHGLWDU SURIXQGDPHQWH \ VH SRQH D OORUDU
9DPRQRVGHDTXtGLFHUHSHQWLQDPHQWHD$QMX1RGLFH$QMXHPRFLRQDGD\RQR$
QRVRWURV GRV VRORV QRV YROYHUtDQ D FRJHU /OpYDWH D 1DPLML \ \R GLVWUDHUp OD DWHQFLyQ
GHO JXDUGLD /XHJR YXHOYH KDFLD HO JXDUGLD \ OH GLFH TXH VX KHUPDQR DFDEDUi OD
FDEDxD 3UHVXURVR SRU DEDQGRQDU HVH OXJDU VLQLHVWUR HO JXDUGLD QR GHVHD RWUD FRVD
TXHYROYHUFRQHOODDOUHFLQWRGHOGRPLQLR
8QDYH]GHYXHOWDHOJXDUGLDFRQItDD$QMXVXSUHRFXSDFLyQSRUODWDUGDQ]DGH=XVKLR
\HQYtDDRWURJXDUGLDSDUDTXHYD\DDYHU3HUR=XVKLR\DHVWiHQODPRQWDxD\FRUUH
OOHYDQGRD1DPLMLDVXVHVSDOGDVKDFLDXQDOODQXUDPiVEDMDGRQGHVHYHXQWHPSOR

$QMXJXDUGLD.D\DQRH[WHULRU'RPLQLR\HVWDQTXHGtD
(O JXDUGLD YXHOYH GHVSXpV GH KDEHU EXVFDGR D =XVKLR 6H KD HVFDSDGR
&RQYHQFLGRVGHVXFRPSOLFLGDGGHMDQD$QMXEDMRODFXVWRGLDGHXQDDQFLDQD.D\DQR
<XNLNR6RPD
$QMXHVWiVHJXUDGHTXHYDDVHUWRUWXUDGDSHURODYLHMD.D\DQROOHQDGHFRPSDVLyQ
OHGLFHD$QMXTXHODDWHFRPRVLORKXELHUDKHFKRHOOD\TXHKX\D$QMXDWDDODYLHMDD
XQ iUERO \ FRQPRYLGD OH GD ODV JUDFLDV \ VDOH SRU OD SXHUWD GHO GRPLQLR TXH KD
TXHGDGRDELHUWD
6DEH TXH OD DWUDSDUiQ VL TXLHUH KXLU \ EDMD KDFLD XQ HVWDQTXH HQ HO TXH VH KXQGH
OHQWDPHQWH HQ HO PLVPR PRPHQWR HQ TXH VXHQD WRGDYtD OD FDQFLyQ GH 7DPDNL
=XVKLRFyPRWHHFKRGHPHQRV$QMXFyPRWHHFKRGHPHQRVKDVWDTXHQRVHYH
PiVTXHXQFtUFXORHQHODJXDDOOtGRQGHKDGHVDSDUHFLGR$QMX

6ROGDGRV6XSHULRUGHORVEDQ]RV=XVKLR1DPLML7DURH[WHULRUHLQWHULRU7HPSOR
QRFKH
(V GH QRFKH /RV SHUVHJXLGRUHV GH =XVKLR LUUXPSHQ HQ OD HQWUDGD GH XQ WHPSOR SHUR
HO 6XSHULRU OHV ULxH VHYHUDPHQWH QLHJD OD SUHVHQFLD HQ VX WHPSOR GH XQ H[WUDQMHUR
HYDGLGR\DPHQD]DDORVVROGDGRVFRQGXURVFDVWLJRVVLSURIDQDQHOWHPSOR/OHJDRWUR
ERQ]R TXH LQGLFD XQD GLUHFFLyQ SRU GRQGH VHJ~Q pO DFDED GH KXLU =XVKLR /RV
VROGDGRVGH6DQVKRVHSUHFLSLWDQLQPHGLDWDPHQWHKDFLDDOOiFRQIUHQHVt
(Q XQ WHPSOR HO %RQ]R HQ HO TXH VH UHFRQRFH DKRUD D 7DUR TXH VH KD DIHLWDGR OD
FDEH]DVHUH~QHFRQORVIXJLWLYRV/DYLHMD1DPLMLVHKDUHSXHVWR=XVKLRSLGHD7DUR
TXH OD FXLGH \ OH DQXQFLD VX LQWHQFLyQ GH LU D YHU DO 3ULPHU 0LQLVWUR SDUD TXHMDUVH GHO
,QWHQGHQWH7DUR H[SUHVDVXILORVRItDGHVHQJDxDGDQRVHSXHGHPHMRUDUHOGHVWLQRGH

ORV KRPEUHV HV PHMRU UH]DU D %XGD 3HUR DFHSWD HVFULELU XQD FDUWD GH SUHVHQWDFLyQ
SDUD=XVKLR

=XVKLR3ULPHU0LQLVWURH[WHULRUHLQWHULRU5HVLGHQFLDGHO3ULPHU0LQLVWURGtD
(V PX\WHPSUDQR9HPRVD=XVKLRYHVWLGRGH ERQ]REDMDUKDFLDODFLXGDG0iVWDUGH
OOHJD DO MDUGtQ GH OD UHVLGHQFLD GHO 3ULPHU 0LQLVWUR GRQGH VH HVFRQGH 3DVD HO VpTXLWR
GHO 3ULPHU 0LQLVWUR .HQ 0LWVXGD =XVKLR VDOH GH VX HVFRQGLWH \ DSDUHFH DQWH HO
VpTXLWR FRPR XQ GLDEOR EODQGLHQGR VX FDUWD GH UHFRPHQGDFLyQ (VF~FKHPH VR\ HO
KLMRGHOJREHUQDGRUGH0XWVX(OPLQLVWURQLVLTXLHUDYXHOYHODFDEH]D8QRVJXDUGLDV
VH DSRGHUDQ GH =XVKLR \ OR HQFLHUUDQ GHVSXpV GH KDEHUOH TXLWDGR OD SUHFLRVD ILJXULOOD
TXH OOHYD HQ HO FXHOOR \ TXH FRQVLGHUDQ FRPR XQ REMHWR UREDGR (Q YDQR =XVKLR
VXSOLFDTXHVHODGHYXHOYDQOXHJRVHGHVSORPDGHVHVSHUDGR
0iV DGHODQWH XQ JXDUGLD YLHQH D EXVFDU D =XVKLR SDUD OOHYDUOR D FDVD GHO 3ULPHU
0LQLVWUR (VWH KD UHFRQRFLGR OD ILJXULOOD TXH SHUWHQHFtD D VXV SURSLRV DQWHSDVDGRV
5HFRQRFH TXH HO SDGUH GH =XVKLR 0DVDXML HUD XQ KRPEUH PX\ SRFR GyFLO SHUR
YLUWXRVR\YDOLHQWH\DQXQFLDDOMRYHQODWULVWHQRWLFLD0DVDXMLKDPXHUWRHQHOH[LOLR
SHUR DO PLVPR WLHPSR QRPEUD D =XVKLR JREHUQDGRU GH 7DQJR SURYLQFLD GRQGH VH
HQFXHQWUDQODVSURSLHGDGHVGH6DQVKR
<D JREHUQDGRU =XVKLR PDQLILHVWD VX LQWHQFLyQ GH OLEHUDU D ORV HVFODYRV (O 3ULPHU
0LQLVWUR OH DYLVD =XVKLR QR WLHQH QLQJ~Q SRGHU OHJDO VREUH ORV GRPLQLRV GH 6DQVKR
TXHSHUWHQHFHQDO0LQLVWURGH-XVWLFLD

=XVKLR6DQVKR-XH]H[WHULRU'LYHUVRVOXJDUHVGtD
=XVKLRHPSUHQGHXQYLDMHSDUDLUDYLVLWDUODWXPEDGHVXSDGUH6REUHODWXPEDXQDV
IORUHV UHFLpQ FRUWDGDV FRORFDGDV DOOt SRU XQRV SREUHV D ORV TXH 0DVDXML KD D\XGDGR H
LQVWUXLGR
(Q FXDQWR =XVKLR WRPD SRVHVLyQ GLFWD XQD OH\ TXH SURKLEH OD HVFODYLWXG (O -XH]
.D]XPLNL 2RNXQL DO FXDO GLFWD OD OH\ TXHGD VRUSUHQGLGR H LQGLJQDGR ORV HVFODYRV
GLFH SURWHVWDQGR VRQ ELHQHV SHUVRQDOHV GH OD IDPLOLD GHO 0LQLVWUR \ VL =XVKLR VH
SHUPLWH KDFHU HVR VHUi GHVWLWXLGR =XVKLR PDQWLHQH VX RUGHQ \ HQYtD D DOJXLHQ HQ
EXVFDGHVXKHUPDQD
(O HQYLDGR GH =XVKLR HQFXHQWUD FRUWDGR HO SDVR DO GRPLQLR GH 6DQVKR GH GRQGH OR
HFKDQORVJXDUGLDV(QFXDQWRD6DQVKRQRFRPSUHQGHSRUTXpKDQSUHJXQWDGRSRUOD
RVFXUD6KLQREX
(O HGLFWR GH =XVKLR HV S~EOLFDPHQWH SURPXOJDGR \ DQXQFLDGR SHUR 6DQVKR KDFH
DUUDQFDUORVFDUWHOHVTXHORSURFODPDQ3LGHTXHVHDYLVHDO0LQLVWURGH-XVWLFLD\TXH
QR VH HQWHUHQ ORV HVFODYRV 4XLpQ HV HVH QXHYR *REHUQDGRU TXH WRPD VHPHMDQWHV
PHGLGDV"
8QDV HVFHQDV FRUWDV OR TXH OODPDQ XQ PRQWDMHVHFXHQFLD QRV PXHVWUDQ D ORV
KRPEUHV GH 6DQVKR DUUDQFDQGR ORV FDUWHOHV \ OXFKDQGR FRQ HQYLDGRV GH =XVKLR TXH
ORVTXLHUHQSRQHU


=XVKLR6DQVKRHVFODYRVH[WHULRU'RPLQLRVGH6DQVKRGtD
(QFRQWUDGHODRSLQLyQGHO-XH]=XVKLRGHFLGHUHXQLUDVXWURSDSDUDLUHQSHUVRQDD
LPSRQHUHOHGLFWR
3HQHWUDFRQVXVKRPEUHVHQORVGRPLQLRVGRQGHKDVLGRHVFODYRWDQWRWLHPSR6DQVKR
TXH DO SULQFLSLR QR OR UHFRQRFH LQWHQWD DEODQGDUOR =XVKLR OR KDFH GHWHQHU \ DWDU
6DQVKROHSUHYLHQHVREUHODVJUDYHVFRQVHFXHQFLDVGHVXDFWR
=XVKLRVHGLULJHDFRQWLQXDFLyQDORVHVFODYRVGHOGRPLQLR\OHVDQXQFLDTXHVRQOLEUHV
DTXHOORV TXH TXLHUDQ TXHGDUVH VHUiQ SDJDGRV SRU VX WUDEDMR /D HPRFLyQ GH ORV
GHVJUDFLDGRV QR WLHQH OtPLWH (QWUH HOORV =XVKLR UHFRQRFH DO DQFLDQR D TXLHQ DQWDxR
PDUFy\OHSLGHSHUGyQ(QWRQFHVVHHQWHUDFRQGRORUGHODPXHUWHGH$QMX

=XVKLRHVFODYRV-XH]H[WHULRU(VWDQTXHGtD\PDQVLyQGH6DQVKRQRFKH
(QHOERUGHGHOHVWDQTXHGRQGHVHKDDKRJDGRVXKHUPDQD=XVKLRVHSRQHDPHGLWDU
+DEtDVFRQVHJXLGRKDFHUGHPtRWURKRPEUHOHGLFH3RUTXpQRPHKDVHVSHUDGR"
(QORVGRPLQLRVGH6DQVKRHVILHVWD\ORVHVFODYRVEDLODQ
/D FDVD GHO ,QWHQGHQWH 6DQVKR HVWi HQ OODPDV (VWH KD VLGR H[SXOVDGR FRQILUPD HO
-XH]D=XVKLR(VWH~OWLPRHQWUHJDDO-XH]VXFDUWDGHGLPLVLyQGHVWLQDGDDO0LQLVWUR\
DQXQFLDVXLQWHQFLyQGHLUDODLVODGH6DGR

 =XVKLR EDUTXHURV SURVWLWXWDV H[WHULRU ,VOD GH 6DGR GtD LQWHULRU &DVD GH ODV
SURVWLWXWDVGtD
(QODSOD\DFDVLGHVLHUWDGHODLVODGH6DGRXQEDUTXHURDQXQFLDODVDOLGD
=XVKLR QR VH PDUFKD EXVFD D 1DJDPDNL OD 'DPD OD SURVWLWXWD 9D PX\ PDO
YHVWLGR/HRULHQWDQKDFLDODFDVDGHODVSURVWLWXWDV
(QHOEDUULRGHODVSURVWLWXWDVSUHVHQWDQD=XVKLRDOD'DPDTXHEXVFD\YHDXQD
SURVWLWXWD YLHMD D OD TXH QR UHFRQRFH (OOD VH LPSDFLHQWD DQWH ODV GXGDV GH VX
FOLHQWH\ORPDQGDDSDVHR
2WUD SURVWLWXWD GLFH D =XVKLR TXH SUREDEOHPHQWH OD TXH EXVFD HV OD DQWLJXD 'DPD
GLFHQ TXH VH KDEtD DUURMDGR DO PDU R TXH VH OD KDEtD OOHYDGR HO PDUHPRWR TXH KD
GHYDVWDGRODLVODUHFLHQWHPHQWH

=XVKLRSHVFDGRU7DQLDNLH[WHULRU&RVWDGHODLVODGH6DGRGtD
(QXQDSOD\DPX\DLVODGDXQSHVFDGRUHVWiVHFDQGRDOJDV,QIRUPDD=XVKLRVtDTXt
KDKDELGRXQPDUHPRWRHQHOTXHKDQPXHUWRQXHYHSHUVRQDVGHFDGDGLH]

(QWRQFHV XQD YR] PX\ GpELO TXH VDOH GH XQD IRUPD KXPDQD FRPSOHWDPHQWH
HQFRUYDGD OOHJD KDVWD ORV RtGRV GHO MRYHQ &DQWD OD FDQFLyQ GH OD PDGUH =XVKLR VH
GLULJH KDFLD HVD DQFLDQD VXFLD \ FLHJD OD REVHUYD ODUJDPHQWH \ HQWRQFHV OD HVWUHFKD
HQ VXV EUD]RV 0DGUH VR\ \R =XVKLR 0DOR GLFH OD PDGUH TXH QR VH OR FUHH
VLJXHV EXUOiQGRWH GH Pt =XVKLR OH GD OD ILJXULOOD TXH HOOD WRFD GXUDQWH EDVWDQWH
WLHPSR FRQ VXV GHGRV GH FLHJD DQWHV GH SDVDU OD PDQR SRU HO URVWUR GH VX KLMR TXH
SRU ILQ UHFRQRFH 'yQGH HVWi $QMX" 'yQGH HVWi WX SDGUH" 0XHUWRV ORV GRV
FRQWHVWD =XVKLR SHUGyQDPH 1R GLJDV QDGD UHVSRQGH 7DPDNL VL HVWDPRV DTXt
UHXQLGRVHVSRUTXHSUREDEOHPHQWHKDVHVFXFKDGRDWXSDGUH
/D PDGUH \ HO KLMR VH DEUD]DQ OORUDQGR GLPLQXWRV HQ HO SDLVDMH GHVRODGR GH OD LVOD
DQWHODRULOODGRQGHHOSREUHSHVFDGRUVLJXHSRQLHQGRDOJDVDVHFDU




6(*81'$3$57(


(/*8,21,67$7$0%(17,(1(6867e&1,&$6

&$378/29


(OWDEOHUR\VXVSHRQHV
HOHPHQWRVGHOJXLyQ

+LVWRULD \ QDUUDFLyQ 8QLGDG ,PSRUWDQWH HVHQFLDO 4Xp HV" 6HFXQGDULD
,QWULJD $FFLyQ 3HUVHFXFLRQHV 3HQVDPLHQWRV GH ORV SHUVRQDMHV GLiORJR
6REUHHQWHQGLGR FRPSOLFLGDG DOXVLyQ ZGHUVWDWHPHQW 0HQWLUDV 1RPEUHV
3HUVRQDMH 0XMHUHV (TXLSR JUXSR $FFHVRULR 7LHPSR 'tDV \ QRFKHV
0RQWDMHVHFXHQFLD/XJDUHV

$O LJXDO TXH XQD SDUWLGD GH GDPDV VH MXHJD FRQ XQ GDPHUR FRQ ILFKDV QHJUDV \
EODQFDV HQ XQ JXLyQ VH MXHJD FRQ SHUVRQDMHV OXJDUHV GHVDUUROOR WHPSRUDO GLiORJRV
HWF 6RQ HOHPHQWRV GHO JXLyQ /D UHODFLyQ TXH GDPRV DTXt QR HV OLPLWDWLYD H LQFOXVR
SRGUHPRV HQFRQWUDU OR TXH KXELpUDPRV FRQVLGHUDGR PiV DGHFXDGR SDUD ILJXUDU HQ
RWURV FDStWXORV SHUR HVWR QR HV PX\ LPSRUWDQWH HV QHFHVDULR YHU ORV OtPLWHV SHUR
WDPELpQODXWLOLGDGSDUDPD\RUFODULGDGGHHVWDGLYLVLyQHQFDStWXORV


+,6725,$<1$55$&,1

8QDGLVWLQFLyQQHFHVDULD
 (V OD TXH H[LVWH HQWUH OD KLVWRULD SURSLDPHQWH GLFKD HV GHFLU XQD FRVD WDQ WRQWD
FRPR OR TXH RFXUUH FXDQGR VH H[SRQH XQ JXLyQ HQ H[WHQVLyQ VHJ~Q HO RUGHQ
FURQROyJLFR \ HO RWUR SODQR TXH SRGHPRV OODPDU QDUUDFLyQ SHUR TXH RWURV OODPDQ
UHODWRGLVFXUVRFRQVWUXFFLyQGUDPiWLFDHWF\TXHUHPLWHDOPRGRHQTXHHVFRQWDGD
OD KLVWRULD (QWUH RWUDV FRVDV OD PDQHUD HQ TXH ORV DFRQWHFLPLHQWRV \ ORV GDWRV GH OD
KLVWRULD VH GDQ D FRQRFHU DO S~EOLFR PRGRV GHO UHODWR LQIRUPDFLRQHV RFXOWDV OXHJR
UHYHODGDV XWLOL]DFLyQ GH ORV WLHPSRV HOLSVLV UHLWHUDFLRQHV HWF (VWH DUWH GH OD
QDUUDFLyQSXHGHSRUVtVRORGDUFLHUWRLQWHUpVDXQDKLVWRULDFDUHQWHGHVRUSUHVDV$OD
LQYHUVDXQDPDODQDUUDFLyQHVWURSHDHOLQWHUpVSRUXQDEXHQDKLVWRULDFRVDTXHSXHGH
H[SHULPHQWDU FXDOTXLHUD FXDQGR VH HVIXHU]D SRU DOFDQ]DU HO p[LWR FRQ XQD KLVWRULD
GLYHUWLGD"
/RV IRUPDOLVWDV UXVRV &KORYVNL 7RPDFKHYVNL 3URSS (LNKHQEDXP \D KDEtDQ DLVODGR
HQVXHVWXGLRVREUHORVFXHQWRV\ORVUHODWRVSRSXODUHVODVQRFLRQHVGHIiEXODORTXH
KD RFXUULGR GH KHFKR \ GH VXMHWR HO PRGR D WUDYpV GHO FXDO HO OHFWRU OOHJD D
FRQRFHUOR ePLOH %HQYpQLVWH 3UREOpPHV GH OLQJXLVWLTXH JHQpUDOH  H[SUHVD
HVWDGLVWLQFLyQHQWpUPLQRVGHKLVWRULDSRUXQODGRDUJXPHQWROyJLFDGHODVDFFLRQHV
OR TXH KR\ OODPDPRV GLpJHVLV \ GLVFXUVR SRU RWUR WLHPSRV DVSHFWRV PRGRV GHO

UHODWR 8QD PLVPD KLVWRULD SXHGH VHU FRQWDGD SRU GLIHUHQWHV PHGLRV QRYHOD UDGLR
ILOP UHSUHVHQWDFLyQ WHDWUDO FRPLF PLPR LQFOXVR PLHQWUDV TXH HO GLVFXUVR SRU VX
SDUWH HV HVSHFtILFR SDUD FDGD XQR GH HVWRV PHGLRV XWLOL]DGRV (Q HVWH QLYHO QR VRQ
ORVDFRQWHFLPLHQWRVUHODWDGRVORVTXHFXHQWDQVLQRHOPRGRFRQHOFXDOHOQDUUDGRUQRV
ORV GD D FRQRFHU (V OR TXH KDFH TXH XQ ILOP SXHGD VHU UHDOL]DGR D SDUWLU GH XQD
OH\HQGD GH XQD ySHUD GH XQ VXFHVR HWF GHO TXH UHFRJH OD KLVWRULD D PHQXGR
VLPSOLILFDGD DGDSWDFLRQHV GH QRYHODV SHUR D YHFHV VXVWDQFLRVD \ GHVDUUROODGD GH
LJXDO PRGR OH\HQGDV UHODWRV EtEOLFRV DO WLHPSR TXH OH DSOLFD VX PRGR SURSLR GH
QDUUDFLyQ
(OLSVLV\QDUUDFLyQ
6L VH FXHQWD GH PDQHUD OLQHDO XQD KLVWRULD FRPR OD GH 3VLFRVLV GH $OIUHG +LFKFRFN
FRQIHVDQGR OR TXH RFXUUH XQ KRPEUH DO YROYHUVH ORFR FUHH TXH HV VX PDGUH D OD
TXH PDWy KDFH WLHPSR \ DVHVLQD GLVIUD]DGR GH HOOD D ORV YLDMHURV TXH VH DORMDQ HQ HO
KRWHO TXH UHJHQWD HO ILOP \D QR WLHQH VHQWLGR (O PRGR GHO UHODWR \ HQ HVWH ILOP
SUHFLVDPHQWH OD PDQHUD HQ TXH VH XWLOL]DQ ORV SURFHGLPLHQWRV GH GLVLPXODFLyQ \ GH
VHPLUHYHODFLyQ SURSLRV GH OD QDUUDFLyQ FLQHPDWRJUiILFD IXHUD GH FDPSR FRQWLHQH
WRGDODIXHU]DGHODREUD/DQRYHODGH5REHUW%ORFKGHGRQGHHVWiVDFDGRHOJXLyQ\D
XWLOL]DED SDUD TXH HO OHFWRU FUHD HQ OD H[LVWHQFLD GH OD PDGUH FLHUWRV SURFHGLPLHQWRV
HTXtYRFRV\HQJDxRVRV
0X\DPHQXGRFRPRHQHVWHFDVRODQDUUDFLyQHVWiFRQVWUXLGDVREUHXQDHOLSVLVXQD
SDUDOLSVLVTXHRFXOWDDOHVSHFWDGRUXQDLQIRUPDFLyQGHFDSLWDOLPSRUWDQFLD
(QWUH QXHVWUDV FXDWUR SHOtFXODV OD LPSRUWDQFLD GH OD QDUUDFLyQ FLQHPDWRJUiILFD HQ
UHODFLyQ FRQ OD KLVWRULD DSDUHFH FRQ PD\RU HYLGHQFLD HQ 0DEXVH FRQ HO PRQWDMH
SDUDOHOR GH HVFHQDV FRUWDV OD XWLOL]DFLyQ GH SHUVRQDMHV \ GDWRV RFXOWRV SDUD ORV
HVSHFWDGRUHV 3HUR HQ 7HQHU \ QR WHQHU (O ,QWHQGHQWH 6DQVKR \ 3DXOLQH HO JXLyQ
WDPELpQ UHFXUUH FRQVWDQWHPHQWH D SURFHGLPLHQWRV QDUUDWLYRV GHVWLQDGRV D FUHDU
VRUSUHVDVLQFHUWLGXPEUHVSHTXHxRVPLVWHULRVHWF


81,'$'

8QYLHMRFULWHULR
(O FULWHULR GH XQLGDG GH WHPD GH IRUPD GH DFFLyQ GH WRQR HWF IXH H[SXHVWR SRU
$ULVWyWHOHV \ WUDV pO SRU OD PD\RUtD GH ORV WHyULFRV GHO DUWH GUDPiWLFR $ULVWyWHOHV OR
IRUPXODGHOVLJXLHQWHPRGR

6LHQGRODWUDJHGLDODPLPHVLVGHXQDDFFLyQVROD\HQWHUDHVQHFHVDULRTXHODV
SDUWHVVHFRPSRQJDQGHWDOPDQHUDTXHVLVHFDPELDRWUDVSRQHXQDGH HOODV
VHSHUWXUEHHOWRGRRVHWUDVWRUQHSXHVORTXHVHSXHGHDxDGLURQRDxDGLUVLQ
FRQVHFXHQFLDDSUHFLDEOHQRHVSDUWHGHOWRGR3RpWtFD


(QFRQVHFXHQFLDORVDXWRUHVLQYLWDQDQRGLVSHUVDUODXQLGDGGHOJXLyQHQGHPDVLDGDV
LQWULJDVVHFXQGDULDVVXESORWVHQGHPDVLDGRVSHTXHxRVGHWDOOHV
'LGHURWHQVXV&RQYHUVDFLRQHVVREUHHO+LMR1DWXUDO\DLQVLVWtDDFHUFDGHOWHDWURHQ
ODQHFHVLGDGGHFRQFHQWUDFLyQ\XQLGDGGHOWHPD

(Q OD VRFLHGDG ORV DVXQWRV QR GXUDQ PiV TXH PHGLDQWH SHTXHxRV LQFLGHQWHV
TXHGDUtDQYHUDFLGDGDXQDQRYHODSHURTXLWDUtDQLQWHUpVDXQDREUDGUDPiWLFD
QXHVWUDDWHQFLyQVHGLVSHUVDHQXQDLQILQLGDGGHREMHWRVGLIHUHQWHV3HUR HQHO
WHDWUR GRQGH VyOR VH UHSUHVHQWDQ LQVWDQWHV SDUWLFXODUHV GH OD YLGD UHDO HV
QHFHVDULRTXHHQWUHPRVGHOOHQRHQXQDPLVPDFRVD

(VWDOH\GHXQLGDGDVtHQWHQGLGDVHUtDYiOLGDHQFRQVHFXHQFLDSDUDWRGRVORVJpQHURV
GH LPLWDFLyQ GUDPiWLFD WHDWUR FLQH ySHUD DO WUDEDMDU GHQWUR GH XQD GXUDFLyQ
OLPLWDGD SRU RSRVLFLyQ D ORV JpQHURV GH QDUUDFLyQ SRHPD pSLFD QRYHOD TXH
DXWRUL]DQ OD PXOWLSOLFLGDG GH WHPDV 6LQ HPEDUJR VDEHPRV TXH RWURV WHDWURV
GLIHUHQWHVGHOWHDWURIUDQFpVFOiVLFRKDQEXVFDGRORFRQWUDULRHVGHFLUODPXOWLSOLFDFLyQ
GHODVLQWULJDV6KDNHVSHDUH
/D XQLGDG HQ XQ ILOP FRPR (O WHVWDPHQWR GHO 'RFWRU 0DEXVH SRU HMHPSOR HVWi
DVHJXUDGD SRU HO SHUVRQDMH FHQWUDO GH 0DEXVH DOUHGHGRU GHO FXDO JUDYLWDQ SHUVRQDMHV
TXH VH FRQRFHQ PiV R PHQRV ELHQ HQWUH HOORV \ WDPELpQ SRU HO WHPD GH OD OXFKD
FRQWUD HO 0DO (Q 7HQHU \ QR WHQHU GLFKD XQLGDG HVWi FUHDGD SRU HO SHUVRQDMH GH
+DUU\ 0RUJDQSUHVHQWHHQWRGDVODVHVFHQDV \SRU HOPDUFRKLVWyULFRHOJRELHUQRGH
9LFK\HQ)XHUWH)UDQFLD\VXOXFKDFRQWUDOD5HVLVWHQFLD\SRUHOWHPDGHOFRPSURPLVR
SHUVRQDOIUHQWHDODJXHUUD(Q6DQVKRODXQLGDGVHYDFUHDQGRDOUHGHGRUGHODIDPLOLD
GH 7DPDNL FDGD YH] PiV GLVSHUVD \ GLH]PDGD \ WDPELpQ DOUHGHGRU GHO WHPD GH OD
HVFODYLWXG \ OD RSUHVLyQ 3RU ~OWLPR HQ 3DXOLQH HQ OD SOD\D HVWi DVHJXUDGD SRU OD
SDUHMD GH SULPDV 3DXOLQH \ 0DULRQ UHXQLGDV DO SULQFLSLR GHO ILOP \ DO ILQDO \ WDPELpQ
SRU HO WHPD GH OD LOXVLyQ DPRURVD (Q FDGD FDVR OD LOXVLyQ QR VyOR SURFHGH GH OD
H[LVWHQFLD GH XQD LQWULJD FHQWUDO \ GH XQR R GRV SHUVRQDMHV SULQFLSDOHV VLQR DGHPiV
GHO KHFKR GH TXH WRGR OR TXH VXFHGH HQ HO ILOP VH UHODFLRQD GH PiV R PHQRV FHUFD
FRQ XQ PRWLYR FHQWUDO (VWR TXLHUH GHFLU TXH FRPR Pi[LPR SRGHPRV HQFRQWUDUQRV
IUHQWHDXQDKLVWRULDSHUIHFWDPHQWHFHQWUDGDVREUHXQSHUVRQDMHVREUHXQSHULRGRGH
WLHPSRSHURVLQTXHHVHWHPDRPRWLYRFHQWUDOWHQJDXQDYHUGDGHUDXQLGDG


,03257$17((6(1&,$/48e(6"

8QR GH ORV PD\RUHV SHOLJURV FXDQGR VH WUDEDMD R VH GHVDUUROOD XQ JXLyQ HV HO SHUGHU
GHYLVWDLQFOXVRPH]FODUODLGHDHOPRWLYRODLQWHQFLyQSULQFLSDOTXHGHEHDQLPDUOR/D
QHFHVLGDG GH OOHQDU OD DFFLyQ LQYHQWDU SHULSHFLDV \ UHODFLRQDU ORV DFRQWHFLPLHQWRV

FRQGXFH D PHQXGR D DFXPXODU DWRORQGUDGDPHQWH GHWDOOHV \ VLWXDFLRQHV TXH SXHGHQ

YHODUGHELOLWDURLQFOXVRKDFHUGHVDSDUHFHUHVDLGHDLQLFLDOFXDQGRQRODGHVYtDQKDFLD
VXFRQWUDULR
6HWUDWDSXHVSDUDHOJXLRQLVWDGHGHWHUPLQDUORTXHpOFRQVLGHUDFRPRHVHQFLDOSDUD
QR DKRJDUVH HQ SUHRFXSDFLRQHV LPSUHFLVDV \ VHFXQGDULDV \ GH VDEHU VREUH TXp
GHEHUi VL OOHJD HO FDVR KDFHU pQIDVLV OD VXWLOH]D GH OD SVLFRORJtD OD YHURVLPLOLWXG OD
YHUGDGKLVWyULFDODLQWHQVLGDGGUDPiWLFDHWFWRGRHOORFRQHOILQGHUHDOL]DUPHMRUVX
LGHD < VLHPSUH FRQ HO ULHVJR GH FDHU HQ XQ JXLyQ SRU HO FRQWUDULR GHPDVLDGR
FHQWUDGRGHPDVLDGROLQHDOH[FHVLYDPHQWHFHxLGRDXQDVRODLGHD
(O KHFKR GH WRPDU HQ FRQVLGHUDFLyQ OD LGHD SULQFLSDO GH PDQHUD FRQVWDQWH SXHGH
SHUPLWLU KDFHU IUHQWH D ORV SHOLJURV \ ODV GLILFXOWDGHV TXH VXSRQH OD HVFULWXUD GH XQ
JXLyQ FODVLILFiQGRORV MHUDUTXL]iQGRORV 0XFKDV YHFHV SRU QR VDEHU GLVFHUQLU OR
LPSRUWDQWH GH OR QR LPSRUWDQWH \ SRU IDOWD GH VROWXUD HQ HO PDQHMR GH ODV UHJODV
SURFHGLPLHQWRV\WUXFRVGUDPiWLFRVVHORJUDDXQJXLyQSUROLMR\FRQVLVWHQWHSHURVLQ
OtQHDV GH IXHU]D (O WHQHU VLHPSUH HQ PHQWH OD LGHD GH SDUWLGD REOLJD D UHPLWLU
VLVWHPiWLFDPHQWH D HOOD WRGRV ORV GDWRV FRQ ORV TXH VH HQULTXHFH OD KLVWRULD GHWDOOHV
SVLFROyJLFRV SHULSHFLDV DPELHQWHV GH OXJDUHV WRQDOLGDG GUDPiWLFD GH HVFHQDV HWF
SDUDYHUVLUHIXHU]DQRSRUHOFRQWUDULRFRQIXQGHQODLGHD
3RU HMHPSOR FXDQGR VH TXLHUH HVFULELU XQ JXLyQ VREUH OD LGHD GH XQ GREOH HV
QHFHVDULR QR VyOR TXH OD LGHD GHO GREOH VHD SRVWXODGD HQ OD LQWHQFLyQ GHO JXLRQLVWD \
DILUPDGD DO SULQFLSLR GHO JXLyQ DVt FRPR HQ ODVJUDQGHV OtQHDV GH ODKLVWRULD VLQR TXH
DGHPiVVHGHVSUHQGDGHWRGRVORVGHWDOOHVGHWRGDVODVSHULSHFLDV1RVGDPRVFXHQWD
GH TXH KD\ PLO RFDVLRQHV HQ OD LQYHQFLyQ GH DFFLRQHV \ FDUDFWHUHV SDUD ROYLGDU
DKRJDU OD LGHD GH SDUWLGD \ D OD LQYHUVD PLO PHGLRV SDUD TXH ORV GHWDOOHV GH FDGD
HVFHQDGHFDGDVLWXDFLyQGHFDGDFDUiFWHUVLUYDQSDUDLOXVWUDU\UHIRU]DUODSUHVHQFLD
GHOWHPDELHQVHDPHGLDQWHLQWHQVLILFDFLyQELHQSRUFRQWUDVWH
3DUD DTXHOORV ILOPV GRQGH OR TXH FXHQWD HV HO WRQR \ QR HO WHPD FRPR HV HO FDVR
IUHFXHQWHHQODVSHOtFXODVFyPLFDVQRVSUHRFXSDUHPRVGHOWRQRGHOULWPRTXHKD\TXH
PDQWHQHU \ D HOORV GHEHUi UHPLWLU OD LQYHQFLyQ GH ORV GHWDOOHV OD GLVSRVLFLyQ GH ODV
SHULSHFLDV \ OD GHILQLFLyQ GH ORV SHUVRQDMHV 3DVFDO %RQLW]HU &DKLHUV GX FLQpPD
Q~PHURQRVIRUPXODODSURSXHVWDVLJXLHQWH

0XFKDJHQWHFUHHTXH FRQWDUXQDKLVWRULDHVGHVDUUROODUGHXQPRGRGUDPiWLFR
XQ Q~FOHR TXH VH SRGUtD UHVXPLU SRU HMHPSOR FRPR ER\ PHHWV JLUO FKLFR
FRQRFHFKLFD+DEUtDHQFXHQWURV\VHPRVWUDUtDORTXHRFXUUH&LHUWDVSHUVRQDV
VDEUtDQ GHWHUPLQDGDV FRVDV RWUDV ODV LJQRUDUtDQ \ VH PRVWUDUtD OR TXH SDVD
FXDQGRORVVHJXQGRVVHHQWHUDUDQGHORTXHVDEHQORVSULPHURV2ORTXHKDUtDQ
DO QR VDEHUOR  8QD KLVWRULD HV RWUD FRVD HV OD SXHVWD HQ MXHJR GH XQDLGHD
FRQFUHWD FRPR XQ SUREOHPD D WUDYpV GH SHUVRQDMHV TXH VRQ OD P~OWLSOH
HQFDUQDFLyQGHHVHSUREOHPD

5HFRUGHPRV TXH PXFKDV YHFHV HO DUWH GH ORV JUDQGHV JXLRQLVWDV \ GH ORV JUDQGHV
FLQHDVWDVHVWDQWRXQDUWHGHODFRQFHQWUDFLyQGHODVLPSOLILFDFLyQ\GHODUHGXFFLyQD
OR HVHQFLDO FRPR XQ DUWH GH OR LQHVSHUDGR GH OD SLUXHWD GHO IORUHFHPLHQWR GH ODV
LGHDV9pDVH(O,QWHQGHQWH6DQVKRFX\RJXLyQDSULPHUDYLVWDQRSDUHFHEULOODQWH

SHURGRQGHORVGRVPRWLYRVSULQFLSDOHVGHVLJXDOGDGVRFLDO\HVFODYLWXGSRUXQDSDUWH
DPRU HQWUH SDGUHV H KLMRV SRU RWUD VH DILUPDQ FRQ IXHU]D \ FRQWLQXLGDG D WUDYpV GH
ODV GLIHUHQWHV YLFLVLWXGHV \ QR VRQ LQWHUIHULGDV SRU QLQJXQD RWUD SUREOHPiWLFD TXH
SRGUtDGHSHQGHUWDQVyORGHXQDSUHRFXSDFLyQSRUDOLPHQWDUODLQWULJD

)DFWRUHVHVHQFLDOHVGHXQJXLyQ
'ZLJKW 9 6ZDLQ GLVWLQJXH HQ XQ JXLyQ FLQFR IDFWRUHV HVHQFLDOHV HO SHUVRQDMH
SULQFLSDO XQD VLWXDFLyQ GLItFLO XQ REMHWLYR XQ RSRQHQWH R DQWDJRQLVWD TXH QR HV
QHFHVDULDPHQWH DOJXLHQ TXH SXHGH VHU DOJR XQ SHOLJUR WHUULEOH \ DPHQD]DGRU D
PHQXGRHOSHOLJURGHPXHUWH
3DUD6LGQH\)LHOGXQJXLyQHVDOJXLHQRYDULDVSHUVRQDVHQFLHUWROXJDUTXHKDFHQ
DOJR'HILQHORVJXLRQHVFRPRXQDSURJUHVLyQOLQHDOGHDFRQWHFLPLHQWRVUHODFLRQDGRV
ORV XQRV FRQ ORV RWURV TXH GHVHPERFDQ HQ XQD UHVROXFLyQ GUDPiWLFDGHILQLFLyQ TXH
SXHGHSDUHFHUXQWySLFRSHURTXH\DLPSOLFDFLHUWDVFRVDVFRQFUHWDVODUHODFLyQGHORV
DFRQWHFLPLHQWRV OD SURJUHVLyQ GH VX WHQVLyQ GUDPiWLFD &XDQGR XQR HPSLH]D D
HVFULELU XQ JXLyQ HV DFRQVHMDEOH SODQWHDUVH ODV SUHJXQWDV VLJXLHQWHV &XiO HV HO
SHUVRQDMH SULQFLSDO" &XiOHV VRQ ODV SUHPLVDV GUDPiWLFDV" &XiO HV OD VLWXDFLyQ"
&yPR DFDED OD KLVWRULD QR VH GHEH HVFULELU OD KLVWRULD VLQ FRQRFHU HO ILQDO
SUHYLDPHQWH" (VWRV VRQ SDUD pO ORV HOHPHQWRV HVHQFLDOHV VREUH ORV TXH KD\
SHULyGLFDPHQWHTXHYROYHUVHDFHQWUDU
3DUD &KDUOHV 6SDDN FLWDGR HQ &LQHPD  Q~PHUR  ODV SULQFLSDOHV GLILFXOWDGHV
TXHGHEHYHQFHUXQJXLRQLVWDVRQ

/D SUHVHQWDFLyQ GH ORV KpURHV HO LQYHQWDULR GH ORV HSLVRGLRV \ OD HOHFFLyQ GHO
PDUFR GRQGH VLWXDUORV OD GLVSRVLFLyQ GH ODV VHFXHQFLDV HO VHQWLGR GH ODV
SURSRUFLRQHV \ GHO DWDMR HO FXLGDGR HQ KDFHU KDEODU ORV SHUVRQDMHV FRQ XQ
OHQJXDMHOLJHUDPHQWHHVWLOL]DGRSHURTXHVLJDVLHQGRHOVX\RSURSLR



6(&81'$5,$,175,*$

6HJ~Q /HZLV +HUPiQ XQD LQWULJD VHFXQGDULD HV XQD GHVYLDFLyQ FRQ UHVSHFWR D OD
LQWULJD SULQFLSDO TXH SRQH HQ MXHJR D SHUVRQDMHV VHFXQGDULRV FX\RV DFWRV HVWiQ HQ
UHODFLyQ FRQ HVD LQWULJD SULQFLSDO \ FRQ ORV KHFKRV GH ORV SURWDJRQLVWDV (VDV LQWULJDV
VHFXQGDULDVVXESORWVVHXWLOL]DQDPHQXGRSDUDGDUUHOLHYHUHOLHYHHQLQJOpVHV
GHFLU UHVSLUR GHVFDQVR \ WDPELpQ SDUD GDU FRQVLVWHQFLD YDULDU GLVWUDHU \ D YHFHV
GHVYLDU LQWHQFLRQDGDPHQWH OD DWHQFLyQ \ OD FXULRVLGDG GHO S~EOLFR SRU ILQ SDUD
UHIRU]DU OD LGHD SULQFLSDO DOUHGHGRU GH OD FXDO JLUD HO UHODWR LOXVWUiQGROR GH XQ PRGR
GLIHUHQWHDOGHODLQWULJDSULQFLSDO

/D GLILFXOWDG FRQ ORV VXESORWV HV HYLGHQWHPHQWH HO LPEULFDUORV FRQ OD KLVWRULD
SULQFLSDO &RQFUHWDPHQWH HQ ODV FRPHGLDV HV GLYHUWLGR KDFHU TXH LQWULJDV VHFXQGDULDV
LQWHUILHUDQDPHQXGRODSULQFLSDOHTXtYRFRV\PDOHQWHQGLGRV
(Q 6DQVKR \ HQ 7HQHU \ QR WHQHU QR KD\ LQWULJD VHFXQGDULD 6L DFDVR VH SXHGH GHFLU
TXH HQ HO ILOP GH +DZNV ODV HVFHQDV TXH PXHVWUDQ ODV UHODFLRQHV GH DPLVWDG HQWUH
(GG\\+DUU\HVFHQDGHPDOHQWHQGLGRQ~PHURIRUPDQXQVXESORWHQHOLQWHULRU
GHOILOP\DTXHQRDSRUWDQQDGDDODLQWULJDSULQFLSDO\VyORFRQFXUUHQDSUHFLVDUHVDV
UHODFLRQHV VLQ KDFHUODV HYROXFLRQDU HQ WRGD OD SHOtFXOD FXDQGR SRU RWUD SDUWH WRGR
FDPELDHQODYLGDSULYDGD\SURIHVLRQDOGH+DUU\:DOWHU%UHQQDQTXHKDFHGH(GG\
LQWHUSUHWD HO SDSHO GHO FRPSDUVD SLQWRUHVFR QXWULHQGR DVt ODV HVFHQDV GLYHUWLGDV R
HQWHUQHFHGRUDV TXH IXQFLRQDQ FRPR UHOLHYH FRQ VXV UpSOLFDV HQLJPiWLFDV VH
LQWURGXFHDOJRGHOEXIyQVKDNHVSHDULDQR
0DEXVH GHVFDQVD VREUH XQD FRQVWUXFFLyQ HQ IRUPD GH SX]]OH TXH HPSLH]D
H[WHQGLHQGR VXV SLH]DV HQ XQ DSDUHQWH GHVRUGHQ DQWHV GH TXH DSDUH]FDQ ODV OtQHDV
HVHQFLDOHV GH OD KLVWRULD 6H SXHGH KDEODU WDPELpQ SDUD YDULDU OD PHWiIRUD GH XQD
VHULH GH OtQHDV SDUDOHODV PRQWDMH SDUDOHOR TXH SRQHQ HQ MXHJR XQ Q~PHUR
LPSRUWDQWH GH SHUVRQDMHV GH ORV TXH SRFR D SRFR XQRV FXDQWRV VH FRQILJXUDQ FRPR
SULQFLSDOHV \ HVWR GH WDO PRGR TXH WRGDV ODV KLVWRULDV SDUDOHODV SDUHFHQ HVWDU
GHVWLQDGDV D FRLQFLGLU PiV DGHODQWH HQ HO KRUL]RQWH GH OD SUHYLVLyQ GHO HVSHFWDGRU
YpDVH$QWLFLSDFLyQ
(O SULQFLSLR GHO ILOP SDUWLFXODUPHQWH MXHJD KiELOPHQWH FRQ XQD SLVWD IDOVD KDFLHQGR
DSDUHFHU D XQ SHUVRQDMH VHFXQGDULR FRPR SHUVRQDMH SULQFLSDO 7RGR KDFH FUHHU DO
HVSHFWDGRU HQ ORV SULPHURV PLQXWRV TXH +RIPHLVWHU YD D VHU HO SURWDJRQLVWD KDVWD
TXH HV DSDUWDGR DO FDHU HQ OD ORFXUD 6yOR OR YHPRV UHDSDUHFHU HQ HO GHVHQODFH \
UHWURVSHFWLYDPHQWH +RIPHLVWHU VH UHYHOD HQWRQFHV FRPR XQ HOHPHQWR TXH UHODFLRQD \
VXHOGDHOUHODWRFRPRXQLQWHUPHGLDULRPiVTXHYHUGDGHURSURWDJRQLVWD
/RV UHODWRV SROLFLDFRV MXHJDQ FRQ IUHFXHQFLD FRQ OD LQGHWHUPLQDFLyQ PDQWHQLGD
GXUDQWH PiV R PHQRV WLHPSR HQ FXDQWR DO DVSHFWR SULQFLSDO R VHFXQGDULR GH WDO
GHWDOOHGHWDODQpFGRWDRSHULSHFLD/RSURSLRGHORVHQLJPDVHVDKRJDUODVROXFLyQOR
SULQFLSDO HQ XQD PXOWLWXG GH GHWDOOHV DFFHVRULRV /D SUROLIHUDFLyQ GH OR DFFHVRULR \ GH
ORVHFXQGDULRHVSXHVXQSULQFLSLRPLVPRGHOILOPGHVXVSHQVH


$&&,1

(OFLQHGLFHQHVDQWHWRGRDFFLyQ\GHPRGRVHFXQGDULRGLiORJRV6tSHURTXpHV
DFFLyQ"0X\EXHQDVSHOtFXODVOODPDGDVGHDFFLyQOOHYDQDPHQXGRPiVFRQYHUVDFLyQ
PiVGLiORJRVTXHDFFLyQSURSLDPHQWHGLFKDHQHOVHQWLGRKDELWXDOGHSHOHDVWLURWHRV
H[SORVLRQHVSHUVHFXFLRQHVLQWHUYHQFLRQHVGHHVSHFLDOLVWDVKD]DxDV
1RKD\TXHFRQIXQGLUGLFH3DVFDO%RQLW]HUORVPRPHQWRVGHYDFtRGHVGHHOSXQWRGH
YLVWD GH OD DFFLyQ FRQ ORV PRPHQWRV IORMRV GHO JXLyQ&DKLHUV GX FLQpPD /
(QMHX
6FpQDULR


 /D DFFLyQ QR VH LGHQWLILFD FRQ OD KLVWRULD SURSLDPHQWH GLFKD SXHGH KDEHU PXFKD
DFFLyQ HQ HO VHQWLGR GH DFFLyQ ItVLFD FRQ SRFR KLVWRULD HV GHFLU SRFD LQWULJD
SURSLDPHQWH GLFKD 6WHPSHO  R OD LQYHUVD /HLJK %UDFNHWW OD FpOHEUH JXLRQLVWD GH
+DZNV WDPELpQ GH (O ,PSHULR FRQWUDWDFD FXHQWD VXV UHFXHUGRV GH JXLRQLVWD
UHILULpQGRVHD+DWDUL

+RZDUG+DZNVPDUFKyDIULFDFRQXQHTXLSRSDVyDOOtVHLVPHVHV\YROYLyFRQ
XQPDWHULDOPDUDYLOORVR3HURVyORVHWUDWDEDGHHVFHQDVGHOWLSRGHDTXtXQD
MLUDID HO ILOP SRQH HQ HVFHQD D XQ HTXLSR GH SHUVRQDV GHGLFDGDV D OD FDSWXUD
GHDQLPDOHVVDOYDMHVTXHOXHJRYHQGHQDFLUFRV\]RROyJLFRV4XHGDEDQSXHV
SRUKDFHUODVHVFHQDVHQODVTXHVHGHVDUUROODORVSHUVRQDMHV\VXVUHODFLRQHV

/DJXLRQLVWDGH5tR%UDYRUHFXHUGDGHVSXpVTXHORTXHKDEtDHVFULWRKDVWDHQWRQFHVQR
YDOtDJUDQFRVD

7HQtDPRV XQD SL]DUUD JLJDQWHVFD FRQ PDSDV GH FRORUHV GLIHUHQWHV URMRV SDUD
ODV HVFHQDV GH SHUVHFXFLyQ \ DVt VXFHVLYDPHQWH $O HFKDU XQ YLVWD]R VH YHtD
LQPHGLDWDPHQWH TXH KDEtDQ GHPDVLDGRV PDSDV URMRV VHJXLGRV +DEtD TXH
FRQFHELU HVFHQDV GH LQWULJD HQWUH ORV SHUVRQDMHV SDUD LQVHUWDUODV HQWUH ODV
HVFHQDVGHSHUVHFXFLyQ

(VWHSUREOHPDWtSLFRGHORVILOPVEDVDGRVHQKD]DxDVItVLFDV\GHSRUWLYDVGHXQWRUHUR
GH XQ ER[HDGRU GH XQ SLORWR GH FDUUHUDV HWF FDHQ D PHQXGR HQ HO GHIHFWR GH XQD
FRQVWUXFFLyQ HQ IRUPD GH VLHUUD VHJ~Q OD IyUPXOD PRQyWRQD 5DFH3ORW5DFH3ORW
FRPR GLFH 6WHPSHO HV GHFLU (VFHQD GH SHUVHFXFLyQ(VFHQD GH LQWULJD(VFHQD GH
SHUVHFXFLyQ(VFHQD GH LQWULJD ([LVWH LGpQWLFR ULHVJR FRQ ODV FRPHGLDV PXVLFDOHV TXH
VHGHVDUUROODQHQHOPXQGRGHOHVSHFWiFXORDPHQXGRFRQVWUXLGDVVREUHODDOWHUQDQFLD
HQWUH Q~PHURV PXVLFDOHV \ HVFHQDV GH LQWULJD $ YHFHV HO JXLRQLVWD LQWHQWD XQLU ODV
GRVKDFLHQGRTXHHOQ~PHURPXVLFDOKDJDDYDQ]DUODLQWULJD

 'HVFULELU ODV DFFLRQHV HQ HO JXLyQ 6H SXHGH DFRQVHMDU HQ SULPHU OXJDU GHVFULELUODV
FRQ SUHFLVLyQ FRQFUHWDPHQWH 6L VH GLFH TXH ; FDPLQD FyPR FDPLQD FRQ TXp PDWL]
OHQWDPHQWH QHUYLRVDPHQWH" 3DUD GDU HVWDV SUHFLVLRQHV VH SXHGHQ XWLOL]DU DGMHWLYRV
\ DGYHUELRV VLQ FDHU HQ DPSOLDV \ODERULRVDV GHVFULSFLRQHV (Q FRQVHFXHQFLD KD\ TXH
VHUH[SOtFLWR\HFRQyPLFRDODYH]
&XDQGR

OD

DFFLyQ

DFRPSDxD

XQD

IUDVH

SURQXQFLDGD

VLPXOWiQHDPHQWH

\

UHFtSURFDPHQWH OD UHJOD HV HVFULELUOD DFFLyQ DQWHV GH OD SDODEUDV TXHOD DFRPSDxDQ
(MHPSOR WRPDGR GH +HUPiQ :LOOD DERIHWHDQGR D -RH 0LUDOR TXH SLHQVR GH
WL



3(56(&8&,21(6

/DV HVFHQDV GH SHUVHFXFLyQ HVWiQ SUHVHQWHV GHVGH ORV FRPLHQ]RV GHO FLQH \ 1RsO
%XUFK KD GHPRVWUDGR HQ &RPPXQLFDWLRQV Q~PHUR  OD UHODFLyQ H[LVWHQWH HQWUH VX
DSDULFLyQ\ODOLQHDOL]DFLyQGHOUHODWRFLQHPDWRJUiILFRHVGHFLUFRQODFRQVWLWXFLyQGHXQ
HVWLOR GH QDUUDFLyQ OLQHDO TXH VLHPSUH DYDQ]D HQ SURJUHVLyQ FURQROyJLFD HVWR SRU
RSRVLFLyQDODXWLOL]DFLyQGHOFLQHSDUDSUHVHQWDUHVFHQDVDQLPDGDVVLQQDUUDFLyQ

3HUVHFXFLyQ\GLiORJR
6H FRQVLGHUD TXH ODV HVFHQDV GH SHUVHFXFLyQ VRQ LQFRPSDWLEOHV FRQ GLiORJRV
DEXQGDQWHV (O GLiORJR GLVPLQX\H ODV SHUVHFXFLRQHV HVFULEH /HZLV +HUPiQ TXLHQ
UHFRPLHQGD SDUD ODV SHUVHFXFLRQHV UpSOLFDV EUHYHV \ ODFyQLFDV (O UDVJR GRPLQDQWH GH
ODHVFHQDGHSHUVHFXFLyQHVODGLYLVLyQHQSODQRVFRUWRVHQDFFLRQHVFRUWDVHQUpSOLFDV
FRUWDV6DEHPRVTXHHQORVSULPHURVDxRVGHOFLQHPXGR*ULIILWKIXHHOTXHGHVDUUROOy
ODSHUVHFXFLyQHQPRQWDMHSDUDOHOR

3HUVHJXLGR\SHUVHJXLGRU
(Q XQD SHUVHFXFLyQ OD LGHQWLGDG GHO SHUVHJXLGR DVHVLQR R GHVFRQRFLGR SXHGH VHU
GHVFXELHUWD VyOR DO ILQDO LJXDOPHQWH OD GHO SHUVHJXLGRU PHGLDQWH HO DUWLILFLR GH OD
FiPDUDVXEMHWLYDTXHQRVGDODPLUDGDGHOFD]DGRUVLQPRVWUDUHODVSHFWRGHOPLVPR

0DUFRGHODSHUVHFXFLyQ
6HSXHGHQGLVWLQJXLUODVSHUVHFXFLRQHVTXHVyORSRQHQHQMXHJRODSDUHMDSHUVHJXLGRU
SHUVHJXLGRHQXQOXJDUGHVLHUWRRGHVDIHFWDGRGHODVTXHVHGHVDUUROODQHQXQiPELWR
SREODGR IHULD UHXQLyQ EDLOH FHUHPRQLD HWF KDFLpQGROR LQWHUIHULU PiV R PHQRV FRQ
ODSHUVHFXFLyQ
9HPRV XQD HVFHQD GH SHUVHFXFLyQ DO ILQDO GH 0DEXVH 6H GHVDUUROOD HQ XQD FDUUHWHUD
HQ HO FDPSR SRU OD QRFKH \ VH KDFH LQWHUYHQLU FRPR REVWiFXORV \ PHGLRV GH
VXVSHQVH ORV LQJUHGLHQWHV KDELWXDOHV TXH VH SXHGH HQFRQWUDU HQ XQD FDUUHWHUD RWURV
FRFKHV XQ SDVR D QLYHO XQD DYHUtD HWF 6X IXHU]D UHVLGH HQ FRQGXFLUQRV GH QXHYR D
HVHOXJDUFHQWUDOGHOILOPHODVLORGH%DXP


3(16$0,(1726'(/263(5621$-(6


8QSUREOHPDGHOFLQH
([SUHVDU ORV SHQVDPLHQWRV GH ORV SHUVRQDMHV HQ HO FLQH HV XQ SUREOHPD HVSHFtILFR GHO
JXLyQ FLQHPDWRJUiILFR SRU RSRVLFLyQ D OD QRYHOD GRQGH VH SXHGH VHQFLOODPHQWH
GHFLU eO SHQVDED TXH $GHPiV VDEHPRV TXH OD WHRUtD OLWHUDULD KD FXHVWLRQDGR
PXFKDV YHFHV OD RPQLVFLHQFLD GHO QDUUDGRU HQ FXDQWR D ORV SHQVDPLHQWRV GH ORV
SHUVRQDMHV YHU HO DUWtFXOR 3XQWRV GH YLVWD (Q XQD QRYHOD GLFH *pUDUG %UDFK
&KULVWLDQ 6DOp  ORV SHUVRQDMHV SLHQVDQ HQ XQ ILOP QR VH OHV SXHGH KDFHU
SHQVDUVDOYRPHGLDQWHODYR]HQRIISHURPRVWUDUORVPLHQWUDVSLHQVDQ

/DYR]LQWHULRU
([LVWH FODUR HVWi HO SURFHGLPLHQWR GH OD YR] LQWHULRU OR TXH ORV LQJOHVHV OODPDQ HO
SURFHGLPLHQWRGHOVWUHDPRQFRQVFLRXVQHVVGHOGLVFXUULUGHFRQFLHQFLDXWLOL]DUFRQ
SUHFDXFLyQ DFRQVHMD +HUPiQ  DVt FRPR HO SURFHGLPLHQWR \D PX\ DQWLFXDGR
KR\GtDGHOPHPRU\UHFDOOWKRXJKWV(OKpURHTXHGyPDUFDGRSRUXQDVSDODEUDVTXH
OHGHFtDQSRU HMHPSOR (UHVXQGHVJUDFLDGR QXQFDORFRQVHJXLUiV \VHDFXHUGDGH
HVWD IUDVH IDWtGLFD GXUDQWH XQD SUXHED TXH GHEH VXSHUDU IUDVH TXH VH UHSLWH YDULDV
YHFHV\HQYXHOWDHQXQHFRGUDPiWLFR
0DEXVHSUHVHQWDXQDYDULDQWHRULJLQDOGHODYR]LQWHULRUHVODYR]GHOIDQWDVPDGH
0DEXVH TXH VXHQD HQ OD FDEH]D GHO 'RFWRU %DXP FRPR OD YR] GH VX FRQFLHQFLD R
PiV ELHQ FRPR OD YR] GHO 0DO GHQWUR GH pO 9R] TXH YROYHPRV D RtU DO ILQDO GH OD
SHOtFXOD GXUDQWH OD FDUUHUD KDFLD ORV LQILHUQRV UHSHOLHQGR DO RtGR GH %DXP DTXHOODV
SDODEUDV TXH VRQ HO WtWXOR GHO WHVWDPHQWR GH 0DEXVH +HUUVFKDIW GHV 9HUEUHFKHQV
,PSHULRGHOFULPHQVHJ~QHOPRGHORGHOPHPRU\UHFDOOWKRXJKWV/DYR]HVDTXt
QRODYR]SURSLDGHOSHUVRQDMHVLQRODYR]GHRWURTXHVXHQDHQODPHQWHGHDOJXLHQ\
RFXSD VXV SHQVDPLHQWRV YR] GH XQ SDULHQWH GH XQ DPLJR GH XQ PRGHOR GH XQ
DGYHUVDULRGHXQVHUDPDGRHWF

8QDLPSHUIHFFLyQRXQDIXHU]DGHOFLQH"
(QHVDGLILFXOWDGGHH[SUHVDUGLUHFWDPHQWHORVSHQVDPLHQWRVSRGHPRVYHUXQDODJXQD
R XQD LPSHUIHFFLyQ GHOFLQH SHUR WDPELpQ SRGHPRV VLJXLHQGR HO HMHPSOR GH 5RKPHU
XWLOL]DU DFWLYDPHQWH HVD RSDFLGDG GH ODV FRQFLHQFLDV FRPR RWUR UHFXUVR GUDPiWLFR
FXDQGRXQSHUVRQDMHFXHQWDDRWUDSHUVRQDXDRWUDVFXDQGRKDFHSURIHVLRQHVGHIH\
FRQIHVLRQHV QR VDEHPRV VL HV WRWDOPHQWH VLQFHUR LQFOXVR FRQVLJR PLVPR \ HV HVD
DPELJHGDG OD TXH SUHFLVDPHQWH OOHJD D VHU LQWHUHVDQWH ,QFOXVR OD YR] HQ RII GH
QDUUDFLyQ HQ FLHUWRV &XHQWRV 0RUDOHV QR VH VXSRQH VLQFHUD DO  SRU  FRPR
VHFUHHTXHORHVHQRWUDVSHOtFXODV
(Q /D &ROHFFLRQLVWD SRU HMHPSOR OD KHURtQD LQWHUSUHWDGD SRU +D\GpH 3ROLWRII \ HO
KpURHTXHOOHYDODQDUUDFLyQPHGLDQWHODYR]HQRIIPDQWLHQHQXQDFRQYHUVDFLyQFRQ
HO FRUD]yQ HQ OD PDQR \ HO HVSHFWDGRU HQWUD HQ HO MXHJR GH HVD VLQFHULGDG
,QPHGLDWDPHQWH GHVSXpV OD YR] HQ RII GHO QDUUDGRU GHFODUD TXH HVWD FRQYHUVDFLyQ QR
HV VLQFHUD \ HVWi WUXFDGD SHUR TXLpQ QRV GLFH TXH GLFKD YR] HQ RII HV VLQFHUD D VX
YH]"(LQFOXVRTXpHVODVLQFHULGDG"TXpHVHOSHQVDPLHQWRGHXQSHUVRQDMH"

/D LPSUHVLyQ GH LQJHQXLGDG TXH GD OD OHFWXUD GH FLHUWRV JXLRQHV GH SULQFLSLDQWHV
SURFHGH GH OD XWLOL]DFLyQ GH ORV GLiORJRV FRPR XQ PHGLR SDUD H[SUHVDU ORV
SHQVDPLHQWRV FRPR VL ORV SHUVRQDMHV VH HQWUHJDUDQ VLQ UHWLFHQFLD \ FRQ SOHQD
FRQFLHQFLDGHORTXHYLYHQ\VLHQWHQ


',/2*2

)XQFLRQHVGHOGLiORJR
(Q HO FLQH PiV YLVXDO HO GLiORJR FRQVHUYD HQ OD PD\RUtD GH ORV FDVRV XQD IXQFLyQ
LPSRUWDQWH UHFRUGHPRV TXH \D H[LVWtD HQ HO FLQH PXGR (VWRV GLiORJRV QR VH RtDQ
SHURVXVHQWLGRQRVHUDFRPXQLFDGRPHGLDQWHODPtPLFDGHORVDFWRUHVHLQWHUWtWXORV
OHWUHURV/RVSHUVRQDMHVGHOFLQHPXGRQRHUDQQDGDPXGRV
6HJ~Q)LHOGODVIXQFLRQHVGHOGLiORJRGHFLQHVRQ
KDFHUDYDQ]DUODDFFLyQ
FRPXQLFDUKHFKRVHLQIRUPDFLRQHVDOS~EOLFR
HVWDEOHFHUVXVUHODFLRQHVORVXQRVFRQORVRWURV
UHYHODUFRQIOLFWRV\HOHVWDGRHPRFLRQDOGHORVSHUVRQDMHV
FRPHQWDUODDFFLyQ
3HURWRGDV HVWDVIXQFLRQHVSXHGHQ\ HQGHWHUPLQDGRVFDVRVGHEHQ VHUDVXPLGDVSRU
RWUDFRVDGLVWLQWDGHOGLiORJR
6HJ~Q6ZDLQHVWDVIXQFLRQHVGHOGLiORJRVRQ
GDUXQDLQIRUPDFLyQVLQGHWHQHUODDFFLyQ
UHYHODU XQD HPRFLyQ /DV SDODEUDV GLFH 6ZDLQ VRQ PHQRV LPSRUWDQWHV HQ Vt
PLVPDVTXHSRUHUFiPELRTXHUHIOHMDQ
FDUDFWHUL]DUDOSHUVRQDMHTXHKDEOD\WDPELpQDOTXHOHHVFXFKD
3DUD6WHPSHOHOGLiORJRGHEHVHUFUHtEOHEHOLHYDEOHLQWHUHVDQWHKDFHUDYDQ]DUOD
DFFLyQ FDUDFWHUL]DU D ORV SHUVRQDMHV VHU GLYHUWLGR IXQQ\ WHQHU XQD GLPHQVLyQ
LPSOtFLWDGHVXEWH[WVHQWLGRHQWUHOtQHDV
)LQDOPHQWH VHJ~Q +HUPDQ  HO JXLRQLVWD VLHPSUH GHEH WHQHU SUHVHQWH HVH
DIRULVPR GH $XJXVW 7KRPDV XQD UpSOLFD GHEH KDFHU DYDQ]DU OD KLVWRULD GHVFULELU DO
SHUVRQDMHRKDFHUUHtU

(VWRV FRQVHMRV SXHGHQ SDUHFHU VXSHUIOXRV SHUR WLHQHQ OD XWLOLGDG GH SRQHU HQ JXDUGLD
DO JXLRQLVWD FRQWUD OD WHQWDFLyQ GH TXH HO GLiORJR FDLJD HQ HO YDFtR FRPR XQ URQURQHR
FRPSODFLHQWH

(OGLiORJRGHEHVHUGLQiPLFR\QRHVWiWLFRDVtSXHVKD\TXHHYLWDUODDOWHUQDQFLD
PHFiQLFDGHODVSUHJXQWDV\UHVSXHVWDV0L]RJXFKLHVFULEtDHQXQDQRWDGHWUDEDMRGH
VX JXLRQLVWD <RGD (QWX GLiORJR VyOR KD\ LQWHUFDPELR GH SDODEUDV VyOR SUHJXQWDV \
UHVSXHVWDV1RSXHGHVHQFRQWUDUH[SUHVLRQHVRUpSOLFDVQHJDWLYDV"
*pUDUG%UDFKHQ6DOHGDXQHMHPSORGHORTXHFRQVLGHUDXQPDOGLiORJR
4Xp KRUD HV" /DV RFKR 7LHQHV KDPEUH" 6L FRPHUtD DOJR %XHQR YDPRV DO
UHVWDXUDQWH HWF< FRPR SXQWR GH SDUWLGD GH XQ GLiORJR PiV LQWHUHVDQWH VXJLHUH HO
PRGHOR4XpKRUDHV"0HGXHOHQORVSLHVHWF
)LHOGUHFXHUGDTXHHQXQMXHJRGHSUHJXQWDV\UHVSXHVWDVODUpSOLFDGHXQSHUVRQDMHD
RWUR SXHGH QR VHU RWUD UpSOLFD VLQR XQ VLOHQFLR XQD DFFLyQ JHVWR R XQD DXVHQFLD GH
UHDFFLyQ
3DUD 6ZDLQ HO GLiORJR GHEH VHU HPRFLRQDO \ QR UDFLRQDO HVWDU FRPSURPHWLGR KDFLD
XQD PHWD ORV SHUVRQDMHV QR GHEHUtDQ KDEODU ~QLFDPHQWH SRU KDEODU OOHYDU GXGDV H
LQWHUUXSFLRQHVWDOHVFRPRODVTXH+DZNVKL]RDxDGLUGXUDQWHHOURGDMHGH7HQHU\QR
WHQHUFRQHOILQGHKDFHUPiVGLQiPLFRVORVGLiORJRVGH)XUWKPDQ\GH)DXONQHU
6HJ~Q +HUPDQ H[LVWH FLHUWR Q~PHUR GH SURFHGLPLHQWRV SDUD HQFDGHQDU \ UHODFLRQDU
ODVUpSOLFDVHQXQDGLQiPLFD
UHSHWLFLyQGHXQDSDODEUD0HPDUFKRDGLyV$GLyV"
UHSHWLFLyQ GH XQ PLHPEUR GH OD IUDVH HQ OD TXH VH FRQWLQ~D OR TXH HO RWUR HVWD
GLFLHQGR
VLVWHPDGHSUHJXQWDV\UHVSXHVWDV
SUHJXQWD D OD TXH UHVSRQGH RWUD SUHJXQWD 3RU TXp QR OR KDV KHFKR" 'HEHUtD
KDEHUORKHFKR"
DFXPXODFLyQSURJUHVLyQLQWHUUXSFLRQHV

6HVXSRQHTXHHOGLiORJRUHIOHMDDOSHUVRQDMH
$ULVWyWHOHV UHFRJLGR SRU +RUDFLR GHVSXpV SRU %RLOHDX \D UHFRPHQGDED KDFHU KDEODU
DO MRYHQ FRPR XQ MRYHQ \ DO YLHMR FRPR XQ YLHMR SRU WDQWR QR FRPHWHU HUURUHV
SUHVWDQGRDORVSHUVRQDMHVXQYRFDEXODULRXQOHQJXDMHTXHQROHVFRQYHQJDQORTXH
YLHQHDVHUODFDUDFWHUL]DFLyQPHGLDQWHORVGLiORJRV
-HDQ $XUHQFKH TXLHQDGHPiV VHxDOD VX SUHIHUHQFLD SRU HO WpUPLQRGH SDODEUDV HQ
OXJDU GH GLiORJRV DILUPD  &RQVLGHUR ORV GLiORJRV FRPR XQD H[SUHVLyQ GHO
SHUVRQDMH FRQ HO PLVPR WtWXOR TXH VX PDQHUD GH YHVWLU HQ 6DOH  < )LHOG 

(O GLiORJR HV IXQFLyQ GHO SHUVRQDMH HO FXDO HVWi GHILQLGR SRU XQD DFFLyQ
GHWHUPLQDGD 3HUR FXULRVDPHQWH -HDQ/RXS 'DEDGLH GHFODUD SRU VX SDUWH TXH HO
GLiORJRHV FRPRXQPDTXLOODMHQRGHEH HVFRQGHUORV UDVJRVGHORVSHUVRQDMHV6DOH


/RVSHUVRQDMHVQRWLHQHQTXHGHFLUORWRGR
6ZDLQ DFRQVHMD GH PRGR SHUWLQHQWH TXH VH FRQVHUYH HQ ORV GLiORJRV XQ IDFWRU GH
UHWLFHQFLD QRUPDO D IDFWRU RI QRUPDO UHWLFHQFH (Q RWUDV SDODEUDV ORV SHUVRQDMHV
QRGHEHQGHFtUVHORWRGR\QRWRGDODYHUGDGSRUTXpWHQGUtDQTXHKDFHUOR"3XHGHQ
GDU VyOR XQD SDUWH GH OD YHUGDG VLQ SRU HVR VHU PHQWLURVRV 3UHVHQWDU D XQRV
SHUVRQDMHVTXHVHFRPSODFHQGLFLpQGRVHORVXQRVDORVRWURVWRGRORTXHVRQ\WRGROR
TXHSLHQVDQHVXQDLQJHQXLGDGFDUDWHUtVWLFDGHOJXLyQGHSULQFLSLDQWH

(OUHDOLVPRGHOGLiORJRVLHPSUHHVWiHVWLOL]DGR
6HJ~Q ORV DXWRUHV GH PDQXDOHV \ ORV JXLRQLVWDV ORV GLiORJRV QR GHEHQ VHU
UHSURGXFFLRQHV VHUYLOHV GH OD UHDOLGDG /RV GLiORJRV GH OD YLGD UHDO VLHPSUH HVWiQ
OOHQRVGHHVWDQFDPLHQWRVUHGXQGDQFLDV\GHVSURSyVLWRV(OGLiORJRGHFLQHGHEHUtDVHU
PXFKRPiVEUHYHPXFKRPiVFRQFHQWUDGR-HDQ&ODXGH&DUULpUHHQ6DOH
8QEXHQGLiORJRWDPSRFRGHEHUtDHVWDUUHGDFWDGRFRQXQHVWLORHVFULWRROLWHUDULR
&RPRGLFHQ1DVK2DNH\ODVSDODEUDVTXHHVWiQKHFKDVSDUDVHUOHtGDV\ODVTXH
HVWiQKHFKDVSDUDVHUGLFKDVQRGHEHQVHUHOHJLGDVGHODPLVPDPDQHUD
9DOH  FRQILUPD TXH HO WH[WR GHO GLiORJR QR GHEH WHQHU OD GHQVLGDG GH XQ WH[WR
HVFULWR /D SDODEUD KDEODGD QR VH DVLPLOD GH PRGR WDQ IiFLO FRPR HO WH[WR HVFULWR
(OSRGHUGHFRQFHQWUDFLyQGHOHVSHFWDGRUVHDPLQRUDHQVHJXLGD
(O HTXLOLEULR GHO GLiORJR GHEHUtD HQFRQWUDUVH HQWUH OD H[FHVLYD FRQFHQWUDFLyQ GHO WH[WR
HVFULWR\HOFDUiFWHUGHPDVLDGRGLOXLGRGHODYHUGDGHUDFRQYHUVDFLyQUHDOLVWD
(O JXLRQLVWD SULQFLSLDQWH WLHQGH D VXEHVWLPDU OD H[WHQVLyQ GH ORV GLiORJRV pVWRV HQ OD
OHFWXUD OH SDUHFHQ GH GXUDFLyQ FRUUHFWD SHUR SURQXQFLDGRV VH KDFHQ LQWHUPLQDEOHV
\OOHQRVGHUHGXQGDQFLDV
$O PLVPR WLHPSR QRV KDFHPRV XQD IDOVD LGHD GH OD FDQWLGDG GH GLiORJRV HQ ORV ILOPV
TXH YHPRV (O FLQH DPHULFDQR GH DFFLyQ SRU HMHPSOR HV FKDUODWiQ HQ EXHQD PHGLGD
SHUR VXV GLiORJRVUtR SDVDQ IiFLOPHQWH SXHV HVWiQ UHGDFWDGRV H LQWHUSUHWDGRV FRQ XQ
HVWLOR GH FRQYHUVDFLyQ IDPLOLDU (Q FDPELR HO FLQH IUDQFpV WLHQH D PHQXGR GLiORJRV
PHQRVDEXQGDQWHVSHURPHQRV IiFLOHVGHGLJHULUSRUHOSHVRGHFLVLYRGHODVSDODEUDV
SURQXQFLDGDVTXHSUHWHQGHQHVWDUVLHPSUHFDUJDGDVGHVHQWLGR

'LiORJR\VLWXDFLyQ
&LHUWRV JXLRQLVWDV \ DXWRUHV HVWLPDQ TXH QR KD\ TXH WUDWDU ORV GLiORJRV DSDUWH FRPR
XQ HMHUFLFLR YHUEDO VLQR FRQFHELUORV FRPSOHWDPHQWH HQ IXQFLyQ GH ORV SHUVRQDMHV \

VREUH WRGR GH ODV VLWXDFLRQHV 1R H[LVWLUtD EXHQ GLiORJR HQ Vt SRU OD EULOODQWH] GH OD
UpSOLFDV VLQR XQ GLiORJR PiV R PHQRV HQ VLWXDFLyQ $Vt HO JXLRQLVWD \ UHDOL]DGRU
DPHULFDQR 3DXO 6FKUDGHU FRQ PRWLYR GH VX HQWUHYLVWD SDUD OH UHYLVWD&LQpPDWRJUDSKH
Q~PVHPDQLILHVWDHQFRQWUDGHOKHFKRGHSULYLOHJLDUORVGLiORJRVVREUHWRGRHQ
HO FLQH IUDQFpV GRQGH OD IXQFLyQ GH GLDORJXLVWD KD VLGR VHSDUDGD GH OD GH JXLRQLVWD
GXUDQWHODUJRWLHPSR8QDYH]FRORFDGRVORVSHUVRQDMHVHQXQDVLWXDFLyQLQWHUHVDQWH
WRGRORTXHGLFHQVHFRQYLHUWHHQDOJRLQWHUHVDQWH(QRWUDVSDODEUDVHOEXHQGLiORJR
SRGUiVHUXQLQWHUFDPELRGHIUDVHVPX\FRUULHQWHV7LHQHV FDIp"4XpWLHPSRWDQ
HVWXSHQGRTXHODVLWXDFLyQFDUJDUiGHVHQWLGRHPRFLyQ\VREUHHQWHQGLGRV
3DUD )UDQFLV 9HEHU HQ 6DOH  OD WUDGLFLyQ IUDQFHVD GH *XLWU\ 3DJQRO &DUQp
3UpYHUW GH FRQVLGHUDU HO GLiORJR FRPR XQ HOHPHQWR DSDUWH GHO ILOP LQFOXVR FRPR VX
HOHPHQWRSUHGRPLQDQWHWLHQGHDGHVDSDUHFHU
(Q OD REUD GH 5LFKDUG &RUOLVV 7DONLQJ 3LFWXUHV 1RUPDQ .UDVQD GD VX WHVWLPRQLR
7HQJR PX\ EXHQD IDPD SRU HVFULELU GLiORJRV GH FRPHGLDV SHUR SLHQVR TXH HVWR VH
GHEH D TXH ORV GLiORJRV HVWDEDQ HQ VLWXDFLyQ 1R VH SXHGH HVFULELU XQ GLiORJR VXWLO VL
QRHVWDHQVLWXDFLyQ<HQODPLVPDREUD+RZDUG.RFKRWURJXLRQLVWDIDPRVR
DXWRUGH&DVDEODQFDGHFODUD1LQJXQDPDJLDGHOGLiORJRSXHGHVDOYDUORVHUURUHVGH
FRQVWUXFFLyQ GHO JXLyQ DXQTXH FLHUWRV SURGXFWRUHV VH HPSHxDQ HQ FUHHU OR FRQWUDULR

1R UHFXUULU D OD IDFLOLGDG GHO GLiORJR SDUD KDFHUOH UHVSRQVDEOH ~QLFR GHO VHQWLGR \ HO
PRYLPLHQWR GH XQD HVFHQD SHUR SRQHUOR HQ VLWXDFLyQ HUD OD SUHRFXSDFLyQ GH
+LWFKFRFN

&XDQGR VH HVFULEH XQ ILOP HV LQGLVSHQVDEOH VHSDUDU FODUDPHQWH ORV HOHPHQWRV
GHO GLiORJR GH ORV HOHPHQWRV YLVXDOHV \ FDGD YH] TXH HV SRVLEOH GDU OD
SUHIHUHQFLD D OR YLVXDO  &XDQGR VH FXHQWD XQD KLVWRULD HQ HO FLQH VyOR VH
GHEHUtD UHFXUULU DO GLiORJR FXDQGR HV LPSRVLEOH KDFHU RWUD FRVD +LWFKFRFN
7UXIIDXW(GLWLRQV5DPVD\

(VWR QR LPSLGH TXH ODV SHOtFXODV GH +LWFKFRFN VHDQ WDQ ORFXDFHV FRPR HO FLQH
DPHULFDQR FRUULHQWH \ TXH XWLOLFHQ DEXQGDPHQWH UHFXUVRV SURSLRV DO GLiORJR FKLVWHV
FRPHQWDULRVJUDFLRVRVKHFKRVFRQVHULHGDGSHURUDWDVVREUHHQWHQGLGRV

'LiORJRFRQWUDSXQWR
(O GLiORJR QR SXHGH VHU XQ FRPHQWDULR GH OD VLWXDFLyQ YLYLGD SHUR SXHGH EDVDUVH HQ
RWUDFRVDHQHOHIHFWRGHFRQWUDSXQWR(VHOSURFHGLPLHQWRGHOGLiORJRLQGLUHFWRORTXH
SURGXFH WRGD VX IXHU]D HV VX LQGLIHUHQFLD DQWH OD HVFHQD HQ FXUVR GLiORJR FRUULHQWH \
WUDQTXLOR GXUDQWH XQD HVFHQD GUDPiWLFD 8Q FDVR SDUWLFXODU GH WDO SURFHGLPLHQWR
EDVDGR HQ HO VREUHHQWHQGLGR HV HO GH ODV HVFHQDV GH DPRU HQ ODV TXH ORV SHUVRQDMHV
PLHQWUDV VH DEUD]DQ KDEODQ GH FRVDV GLYHUVDV (QFDGHQDGRV GH +LWFKRFN (Q XQD
VHFXHQFLDFRQRFLGDGH6LOYHU6WHDN(OH[SUHVRGH&KLFDJRGH$UWKXU0LOOHUFLWDGDSRU
)LHOG ORV SURWDJRQLVWDV HVWiQ KDFLHQGR HO DPRU HQ XQ FRPSDWLPLHQWR GH FRFKHFDPD

PLHQWUDV KDEODQ VREUH KRUWLFXOWXUD \ VXV UpSOLFDV HVWiQ HVFULWDV LQWHQWDQGR SURYRFDU
GREOHVHQWLGRHQUHODFLyQFRQVXVLWXDFLyQ


62%5((17(1','2&203/,&,'$'$/86,181'(567$7(0(17

8QDUWHHQHOFLQH
(OVREUHHQWHQGLGRHVHODUWHGHGHFLUODVFRVDVLQGLUHFWDPHQWH\SRUDOXVLyQSRUWDQWR
FRQ PiV DJLOLGDG \ HOHJDQFLD (VWH SURFHGLPLHQWR TXH FRQVLVWH HQ GHMDU RtU PiV
GLFLHQGR PHQRV MXHJD XQ JUDQ SDSHO HQ ORV GLiORJRV GH ODV SHOtFXODV DPHULFDQDV
FRPR 7HQHU \ QR WHQHU \ VH FDUDFWHUL]D SRU XQ HVWLOR GH FRQYHUVDFLyQ LQJHQLRVR TXH
DSHODDODDJLOLGDGPHQWDOGHORVSHUVRQDMHV\GHOS~EOLFR
2EVpUYHVHSRUHMHPSORHQHOILOPGH+DZNV
/D PDQHUD HQ TXH +DUU\ KDFH FRPSUHQGHU D 0DULH FHORVD TXH QR HVWi LQWHUHVDGR
SRU+pOqQH(QOXJDUGHGHFtUVHORFODUDPHQWHOHSLGH$QGDDPLDOUHGHGRUDGHODQWH
DQGDORTXHGHEHHQWHQGHUVHGHPDQHUDOLWHUDO(OODGHVFRQFHUWDGDHQXQSULQFLSLR
DFDED SRU KDFHUOR \ FDPLQD DOUHGHGRU GH pO SRVWHULRUPHQWH HQWLHQGH SRU ILQ FRQ
PHGLDVSDODEUDV6tFRPSUHQGRQRKD\FXHUGDVTXHWHVXMHWHQ
R WDPELpQ FXDQGR 0DULH GHWHQLGD FRQ +DUU\ HQ OD UHGDGD FLWD OD UpSOLFDIHWLFKH GH
(GG\ VREUH OD DEHMD PXHUWD SDUD KDEODU GH pO FRQ PHGLDV SDODEUDV D +DUU\ HQ YH] GH
SUHJXQWDUOHVHQFLOODPHQWH'RQGHHVWi(GG\"
MXHJRVGHUpSOLFDVGHHVWHHVWLOR

0$5,(4XLpQHVODFKLFD"
+$55<4XpFKLFD"
0$5,(/DTXHTXHWHGHMyFRQWDQHOHYDGDRSLQLyQGHODVPXMHUHV

(O VREUHHQWHQGLGR SXHGH EDVDUVH QR VyOR HQ ORV GLiORJRV VLQR WDPELpQ HQ ODV
VLWXDFLRQHV(UQVW/XELWVFKIXHXQPDHVWURHQHVWHWHUUHQR


0(17,5$6


6HPLHQWHEDVWDQWHHQHOFLQH"
&LWHPRVHVWDVOtQHDVFRQRFLGDVHLPSRUWDQWHVGH(ULFK5RKPHU

/D VHFXHQFLD GHO &ULPHQ GHO VHxRU /DQJH >GH 5HQRLU@ HQ OD TXH 5HQp /HIqYUH
FXHQWD D 0DXULFH %DTXHW FyPR KD SDVDGR VX WDUGH GHO GRPLQJR HV H[FHOHQWH
SRUHOGREOHPRWLYRGHTXHKDFHDOXVLyQDXQDHVFHQDFRQFUHWDGHOILOP\TXHHO
UHODWRHVXQDPHQWLUD 1R VHPLHQWHEDVWDQWH HQHOFLQHVDOYRHQODV FRPHGLDV
3DUDGLVPLQXLURFRQWURODUHOWHPLEOHSRGHUGHODSDODEUD>HQHOFLQH@FRPR
VH KD FUHtGR QR KD\ TXH KDFHU OD VLJQLILFDFLyQ LQGLIHUHQWH VLQR HQJDxRVD /H
*RWGHODEHDXWp(GLWLRQVGHO
(WRLOH&DKLHUVGXFLQpPD

/RV JXLRQLVWDV GHO FLQH SDUHFHQ ROYLGDU D YHFHV TXH VXV SHUVRQDMHV SXHGHQ PHQWLU
DFWLYDPHQWH R SRU RPLVLyQ DXQTXH QR VHDQ ORV PDORV GH OD KLVWRULD \ TXH VXV
PHQWLUDV SXHGHQ VHU XQ HOHPHQWR DFWLYR GHO JXLyQ 6HJ~Q ODV LQIRUPDFLRQHV GDGDV DO
HVSHFWDGRU pVWH SXHGH LGHQWLILFDU OD PHQWLUD FRPR WDO VL KD DVLVWLGR D OD HVFHQD
IDOVDPHQWH UHODWDGD R WHQHU XQD GXGD R GHMDUVH HQJDxDU KDVWD TXH VH HQWHUD GH OD
YHUGDGRGHRWUDYHUVLyQ
(OSUREOHPDTXHVHSODQWHDFXDQGRKD\XQIODVKEDFNSRU HOUHODWRGHDOJXLHQHVHOGH
VDEHU VL HV DXWpQWLFR R IDOVR R LQFOXVR GHIRUPDGR FRQ WRGD OD EXHQD LQWHQFLyQ (O
PLVPRSUREOHPDVHSODQWHDSDUDODVLPiJHQHVPHQWDOHVRODYR]HQRIISUHVWDGDV
DXQSHUVRQDMH
(Q 3iQLFR HQ OD HVFHQD +LWFKFRFN VH UHSURFKy HO KDEHU LQFOXLGR XQ IODVKEODFN
GHVWLQDGRDHQJDxDUQRVyORDOSHUVRQDMHDOTXHHOUHODWR HVWDEDGHVWLQDGRHQHOILOP
VLQR WDPELpQ DO HVSHFWDGRU FRQILDGR HQ OD UHDOLGDG GH ODV LPiJHQHV HYRFDGRUDV GHO
SDVDGR

/DPHQWLUDHQODSHOtFXODSROLFLDFD
3DUDFRPSOHWDUORTXHGLFH5RKPHUVHxDODUHPRVVLQHPEDUJRTXHODXWLOL]DFLyQGHOD
PHQWLUD HV FRUULHQWH HQ FLHUWRV JpQHURV GH ILOPV QR VyOR HQ ODV FRPHGLDV VLQR
WDPELpQ SRU SULQFLSLR HQ ODV SHOtFXODV SROLFLDFDV 6WHPSHO FULWLFy LQFOXVR HQ
&KLQDWRZQ GH 5RPiQ 3RODQVNL JXLyQ GH 5REHUW 7RZQH XQD XWLOL]DFLyQ GHPDVLDGR
VLVWHPiWLFD \ UHSHWLWLYD GH OD PHQWLUD GH OD SURWDJRQLVWD LQWHUSHODGD SRU )D\H
'XQDZD\ (VWD HIHFWLYDPHQWH VH UHWUDFWD HQ YDULDV RFDVLRQHV SDUD KDFHU QXHYDV
FRQIHVLRQHV GH ODV TXH VH YROYHUi D UHWUDFWDU PiV DGHODQWH 9R\ D GHFLUOH SRU ILQ OD
YHUGDG (O SHUVRQDMH GH OD PXMHU IDWDO GH OD LPSHQHWUDEOH WUDLGRUD GRWDGD GH XQD
LQVRQGDEOH SURSHQVLyQ D OD PHQWLUD HV XQ HOHPHQWR GH FDSLWDO LPSRUWDQFLD HQ OD
SHOtFXODSROLFLDFD
(ULF5RKPHUKDSXHVWRHQSUiFWLFDVXUHIOH[LyQ\DTXHHQ3DXOLQHHQODSOD\DUHLQDOD
PHQWLUD VH OH PLHQWH D 0DULRQ \ HOOD VH PLHQWH D VL PLVPD (Q 7HQHU \ QR WHQHU OD
PHQWLUD HVWi GH SDUWH GH +DUU\ \ GH ORV UHVLVWHQWHV TXH GHEHQ ILQJLU IUHQWH D ORV
FKDQWDMHVDPHQD]DV\SUHVLRQHVGH5HQDUG



120%5(6

,PSRUWDQFLDGHFRQRFHUHOQRPEUH
(VIUHFXHQWHTXHVHSXHGDVHJXLUXQDSHOtFXODHQWHUD\DFRUGDUVHGHHOODFRQSUHFLVLyQ
VLQ KDEHU PHPRUL]DGR HO QRPEUH GH ORV SHUVRQDMHV \ VREUH WRGR VLQ KDEHUOR UHWHQLGR
GHVSXpV3HURORTXHHVLPSRUWDQWHHVTXHHVHQRPEUHMXHJXHFRUUHFWDPHQWHVXSDSHO
HQHOWUDQVFXUVRGHOILOP
6HJ~Q ORV FDVRV HO KHFKR GH TXH HO QRPEUH GHO SHUVRQDMH QR VHD PHQFLRQDGR HQ HO
ILOP R TXH QR VHD UHFRUGDGR HV XQ HUURU XQ GHVFXLGR SHUMXLGLFLDO SDUD OD EXHQD
FRPSUHQVLyQGHODKLVWRULDRDOFRQWUDULRXQDQHFHVLGDGSDUDTXHSXHGDIXQFLRQDUHO
UHODWR
$O LQLFLR GH &RQ OD PXHUWH HQ ORV WDORQHV HV LPSRUWDQWH TXH HO HVSHFWDGRU UHWHQJD
FODUDPHQWH HO QRPEUH GHO SHUVRQDMH LQWHUSUHWDGR SRU &DU\ *UDQW VH OODPD 7KRUQKLOO
FRQ HO ILQ GH DSUHFLDU MXVWDPHQWH HO PDOHQWHQGLGR GHO TXH 7KRUQKLOO YD D VHU YtFWLPD
FXDQGRORWRPHQSRURWUR3DUDHVWHSURSyVLWRVHVLUYHQVREUHWRGRGHUpSOLFDVGHXQ
ERWRQHV TXH OH GLFH %XHQRV GtDV VHxRU 7KRUQKLOO \ GH VX VHFUHWDULD TXH UHSLWH
YDULDVYHFHVVXQRPEUH
(V SRVLEOH RWUR WLSR GH PDOHQWHQGLGR SHUR GLULJLGR pVWH DO HVSHFWDGRU VL HQ HO FDVR
FRQWUDULRVHOHKDFHLJQRUDUHVHQRPEUHRVLVHOHKDGHMDGRDWULEXLURWUR
/D FXHVWLyQ GH OD DWULEXFLyQ GHO QRPEUH GHO SHUVRQDMH \ GHO PRPHQWR HQ TXH HVWH
QRPEUHVHGDDFRQRFHUDOHVSHFWDGRUQRGHEHVHUGHVFXLGDGD

&XiQGRQRVHQWHUDPRVGHOQRPEUHGHORVSHUVRQDMHV"
(Q 3DXOLQH HQ OD SOD\D QRV HQWHUDPRV GH ORV QRPEUHV UHVSHFWLYRV GH 3DXOLQH \ GH
0DULRQ ~QLFDPHQWH HQ OD VHJXQGD HVFHQD HQ OD SOD\D GH DKt TXH VXUMD XQ SHTXHxR
PLVWHULRTXHWLHQHVXLPSRUWDQFLDFRPRKD\ XQD3DXOLQHHQHOWtWXORHOHVSHFWDGRU VH
SUHJXQWD GH FXiO GH ODV GRV FKLFDV VH WUDWD (Q FDPELR FRQRFHPRV ORV QRPEUHV GH
+HQUL \ GH 3LHUUH HQ FXDQWR pVWRV HQWUDQ HQ HVFHQD \ GHO GH 6\OYDLQ HQ VX VHJXQGD
DSDULFLyQFXDQGRYXHOYHDODSOD\DSDUDYHUD3DXOLQH
(VVLJQLILFDWLYRHQHVWHILOPHOTXHVyORVHSDPRVORVQRPEUHVGHSLODGHORVSHUVRQDMHV
PLHQWUDV TXH ORV DSHOOLGRV SHUPDQHFHQ GHVFRQRFLGRV WUDWD GH XQD KLVWRULD GH
YDFDFLRQHVSULYDGDHQODTXHQRHQWUDHQMXHJRORVRFLDO
(Q 7HQHU \ QR WHQHU ORV QRPEUHV GH ORV SHUVRQDMHV VH GHFOLQDQ D PHGLGD TXH HVWRV
KDFHQ VX DSDULFLyQ HQ OD LQWULJD R LQWHUSHOiQGRVH PXWXDPHQWH R FRQWHVWDQGR D
FLHUWDV SUHJXQWDV RILFLDOHV LQWHUURJDWRULRV WUiPLWHV DGPLQLVWUDWLYRV $OJXQRV GH HOORV
WLHQHQ D OD YH] QRPEUH \ DSHOOLGR XQD IDFHWD VRFLDO \ XQD IDFHWD SULYDGD FRPR HQ HO
FDVR GHO SURWDJRQLVWD +DUU\ 0RUJDQ RWURV VyOR WLHQHQ XQ QRPEUH (GG\ DVt FRPR

0DULH VX DSHOOLGR %URZQLQJ QXQFD HV XWLOL]DGR RWURV WDQ VyOR WLHQHQ XQ DSRGR HO
SLDQLVWD &ULFNHW RWURV DO ILQ UHSUHVHQWDQ OD /H\ \ OD 6RFLHGDG DXQTXH SHUYHUWLGD \
VyORWLHQHQDSHOOLGRFDSLWiQ5HQDUG
(Q (O WHVWDPHQWR GHO 'RFWRU 0DEXVH ILOP SROLFLDFR ORV SHUVRQDMHV DSHQDV VH
FRPXQLFDQ SRU VXV QRPEUHV SURSLRV DO FRQWUDULR GH 3DXOLQH \ VyOR VH GDQ ORV
QRPEUHV GH OD SDUHMD SURWDJRQLVWD DVt FRPR GH OD RWUD PXMHU HQ FXDQWR D 7RP HV
GHVLJQDGRXQDVYHFHVSRUVXQRPEUHRWUDVSRUVXDSHOOLGR.HQWFRPRHQHOFDVRGH
+DUU\0RUJDQ
(Q HVWH ILOP HO QRPEUH GH 0DEXVH HV REMHWR GH WRGD XQD GUDPDWL]DFLyQ FRPR HQ
FLHUWDV UHOLJLRQHV \ VXSHUVWLFLRQHV QRPEUH RFXOWR GH XQD GLYLQLGDG +RIPHLVWHU
KRUURUL]DGR QR FRQVLJXH SURIHULUOR FXDQGR OODPD SRU WHOpIRQR D /RKPDQQ \ VyOR OR
ORJUDUiDOILQDOGHODSHOtFXOD3HURDQWHVGHGHVDSDUHFHUORHVFULEHVREUHXQFULVWDOHQ
XQD HVSHFLH GH PHQVDMH FLIUDGR (Q FXDQWR D ORV PLHPEURV GHO JDQJ GH 0DEXVH
HQWHUDGRV GHO QRPEUH GH VX MHIH SRU ODV FRQYRFDWRULDV PHFDQRJUDILDGDV TXH GH pO
UHFLEHQ ILUPDGDV FRQ HVH QRPEUH UHVSHWDQ XQ WDE~ LPSOtFLWR VREUH OD SURQXQFLDFLyQ
GHGLFKRQRPEUHHQWUHHOORVGLFHQHO-HIHRHO'RFWRU

(OHFFLyQGHORVQRPEUHV
(Q ODV SHOtFXODV DPHULFDQDV D PHQXGR VH HOLJHQ ORV DSHOOLGRV SDUD UHIOHMDU OD
SHUWHQHQFLD D XQD GHWHUPLQDGD FRPXQLGDG GH LQPLJUDGRV LWDOLDQD SRODFD MXGtD
LUODQGHVD VXHFD HWF FRQVWLWX\HQGR DVt XQ UDVJR GH FDUDFWHUL]DFLyQ /RV JXLRQHV
DPHULFDQRV SRU OR GHPiV D PHQXGR HVWiQ FRQVWUXLGRV VREUH OD FRQIURQWDFLyQ GH ORV
UDVJRV pWQLFRV \D DFXVDGRV D WUDYpV GHO QRPEUH SURSLR HO LWDOLDQR HVWDUi PX\
YLQFXODGR D VX IDPLOLD \ UHOLJLyQ HO LUODQGpV VHUi WHVWDUXGR EHEHGRU \ ERFD]DV HWF
&RQ HO SHFXOLDU RULJHQ GHO SXHEOR DPHULFDQR SURFHGHQWH GH FRPXQLGDGHV GLYHUVDV GH
LPPLJUDGRVPiVELHQUHFLHQWHVORV(VWDGRV8QLGRVVRQLQFOXVRHO~QLFRSDtVHQTXHHO
QRPEUH SXHGH VHUYLU SDUD VLJQLILFDU HO RULJHQ MXGtR GH XQ SHUVRQDMH \ PRVWUDU UDVJRV
GH VX SHUVRQDOLGDG VLQ FDHU HQ HO DQWLVHPLWLVPR ORV MXGtRV HQ ODV SHOtFXODV
DPHULFDQDVVRQDPHQXGRLQWHOHFWXDOHVSVLTXLDWUDV
(Q ODV SHOtFXODV IUDQFHVDV VH REVHUYD FLHUWD GLILFXOWDG HQ QRPEUDU D ORV SHUVRQDMHV
ELHQ SRUTXH QR VH DWUHYHQ D XWLOL]DU QRPEUHV GH RULJHQ H[WUDQMHUR SDUD SHUVRQDV GH
QDFLRQDOLGDG IUDQFHVD FXDQGR PXFKRV IUDQFHVHV SURFHGHQ GH XQD LPPLJUDFLyQ
LWDOLDQD SRODFD HWF PiV R PHQRV UHFLHQWH \ VH OHV OODPD FRQ QRPEUHV
FDULFDWXUHVFDPHQWH IUDQFHVHV 0DUWLQHDX 0LFKDORQ 2 ELHQ HQ HO FLQH IUDQFpV GH
DXWRU 1RXYHOOH 9DJXH HWF D PHQXGR ORV SURWDJRQLVWDV WLHQHQ QRPEUHV \ QR
DSHOOLGRV/RFXDOHVFRKHUHQWHFRQXQDGUDPDWXUJLDEDVDGDHQKLVWRULDVVHQWLPHQWDOHV
\ JDODQWHV HQ ODV TXH OD FRPXQLGDG VRFLDO HO WUDEDMR D PHQXGR WLHQHQ PHQRV
LPSRUWDQFLD TXH HQ RWURV VLWLRV /D FpOHEUH UpSOLFD UHSHWLWLYD GH 3LHUURW OH )RX GH
*RGDUG 0DULDQQH VH HPSHxD HQ OODPDU 3LHUURW D VX SDUHMD \ pVWH OH UHSLWH
LQFDQVDEOHPHQWH 0H OODPR )HUQDQGR QR WHQGUtD HO PLVPR VHQWLGR OD PLVPD IXHU]D
HQ XQD SHOtFXOD DPHULFDQD SRU HMHPSOR HQ OD TXH HO QRPEUH SURSLR QR WLHQH
LPSRUWDQFLD



3(5621$-(

8QSHUVRQDMHGHSHOtFXODVHGHILQHSDUD6LGQH\)LHOGHQWUHVQLYHOHVSURIHVLRQDO
SXQWR GH SDUWLGD GH OD FDUDFWHUL]DFLyQ GLFH OR TXH SXHGH VHU XQD REVHUYDFLyQ
WtSLFDPHQWH DPHULFDQD SHUVRQDO VX IDPLOLD VXV DPLJRV H tQWLPD $xDGH (O
SHUVRQDMH HV HO IXQGDPHQWR GH VX JXLyQ  +D\ TXH FRQRFHUOR DQWHV GH HVFULELU XQD
VRODSDODEUDVREUHHOSDSHO
(V QHFHVDULR GDU DO SHUVRQDMH FRPR OR KDFHQ DOJXQRV XQD ELRJUDItD LPDJLQDULD
LFHEHUJ GHO TXH VyOR XQD SDUWH HPHUJHUi HQ ODSHOtFXOD" -HDQ/RXS 'DEDGLH 6DOH 
GLFH TXH OR KDFH PLHQWUDV TXH *pUDUG %UDFK HQ HO PLVPROLEUR VH PXHVWUD HVFpSWLFR
HQFXDQWRDODXWLOLGDGGHHVWDSUiFWLFDWDQH[WHQGLGD
)LHOGGLVWLQJXHLJXDOPHQWHSRUXQDSDUWHORTXHFDUDFWHUL]DDOSHUVRQDMHGHVGHVX
QDFLPLHQWRKDVWDHOSULQFLSLRGHODDFFLyQORTXHpOOODPDVXLQWHULRU\SRURWUDSDUWH
OR TXH HV UHYHODGR VREUH pO GXUDQWH HO GHVDUUROOR GH OD DFFLyQ GHVGH HO SULQFLSLR GHO
ILOP KDVWD VX ILQDO \ TXH pO OODPD VX H[WHULRU VL HVWD IRUPXODFLyQ HV GLVFXWLEOH OD
GLVWLQFLyQSODQWHDGDQRGHMDGHWHQHULQWHUpV
/RV DXWRUHV GH WUDWDGRV FRLQFLGHQ HQ GHFLU TXH HO SHUVRQDMH VREUH WRGR HO SHUVRQDMH
VHFXQGDULR GHEH GDU XQD LPSUHVLyQ GRPLQDQWH UHVXPLEOH HQ XQD SDODEUD IULDOGDG
LQVROHQFLD WUDYHVXUD FLQLVPR FRPSHWHQFLD DXWRULGDG HWF 7DPELpQ VH SXHGHQ GDU DO
SHUVRQDMH UDVJRV \ WLFV FDUDFWHUtVWLFRV YHU &DUDFWHUL]DFLyQ \ HQ DOJXQRV FDVRV XQ
VHFUHWR
1DVK2DNH\SODQWHDQTXHHOSHUVRQDMHSULQFLSDOGHOJXLyQGHEHVHULQWHUHVDQWH
HVFDSDU D ORV FOLFKpV GHO WLSR SURVWLWXWD FRQ JUDQ FRUD]yQ VXVFLWDU UHDFFLRQHV
IXHUWHV WHQHU XQ FDUiFWHU TXH SHUPLWD XQ FRQIOLFWR IXHUWH FRQ DQWDJRQLVWDV OXHJR
WHQHUFDUiFWHUSRVHHUFLHUWDFRKHUHQFLD\FLHUWDFRQVLVWHQFLD
)LQDOPHQWH ORV SHUVRQDMHV GHEHQ VHU FRQWUDVWDGRV ORV XQRV FRQ ORV RWURV \ KDFHUVH
UHVDOWDU PXWXDPHQWH /RV SHUVRQDMHV GHO FLQH VH GDUtDQ D FRQRFHU QR SRU OR TXH GLFH
HO QDUUDGRU VREUH HOORV FDVR GH OD QRYHOD VLQR SRU VX FRQGXFWD (O FLQH
SVLFROyJLFDPHQWHKDEODQGRVHUtDFRQGXFWLVWD

&XDQWRVSHUVRQDMHVKDFHQIDOWD"
6HJ~Q )LHOG  \ 1DVK2DNH\ KDFH IDOWD XQR \ QR GRV OR FXDOTXLHUH GHFLU TXH HQ
ODV SHOtFXODV TXH FXHQWDQ OD KLVWRULD GH XQD SDUHMD XQR GH ORV GRV GHEHUtD VHU
SULYLOHJLDGR 6ZDLQ REVHUYD TXH QR VH QHFHVLWDQ GHPDVLDGRV \ -RUJH 6HPSU~Q HQ
6DOHDILUPDFRQVHQWLGRFRP~QTXHVHSXHGHQSRQHUPHQRVSHUVRQDMHVHQXQD
SHOtFXOD TXH HQ XQD QRYHOD (Q FXDQWR D ORV SHUVRQDMHV VHFXQGDULRV QR GHEHQ VHU
VDFULILFDGRV+HUPiQHVGHFLUQRGHILQLGRVGHPDVLDGRVRPHUDPHQWH
9DOHDFRQVHMD


(V GHVHDEOH TXH ODV FRQIURQWDFLRQHV GH ORV SHUVRQDMHV SULQFLSDOHV VHDQ
UHSDUWLGDV  (Q OD PHGLGD GH OR SRVLEOH FDGD SHUVRQDMH SULQFLSDO GHEHUtD
WHQHUDOPHQRVXQDHVFHQDFRQFDGDXQRGHORVGHPiVSHUVRQDMHV

)LOPVGHDFFLyQILOPVGHSHUVRQDMHV
6HJ~Q DOJXQRV H[LVWH XQD GLYLVLyQ HQWUH DFFLyQ \ FDUiFWHU SHULSHFLDV \ ULTXH]D
SVLFROyJLFD GH ORV SHUVRQDMHV +D\ GRV FODVHV GH SHOtFXODV DTXHOODV EDVDGDV
HVHQFLDOPHQWH HQ OD DFFLyQ FRQ SHUVRQDMHV HVTXHPiWLFRV \ DTXHOODV HQ ODV TXH OD
SVLFRORJtD HV PiV ULFD FRQ PiV PDWLFHV \ OD DFFLyQ PiV UHGXFLGD 2WURV QLHJDQ WDO
GLYLVLyQ 3RU OR GHPiV OD H[LVWHQFLD GH XQD HQWLGDG SVLFROyJLFD GHO SHUVRQDMH
LQGHSHQGLHQWHGHVXVDFFLRQHVHVXQYLHMRGHEDWHGHODGUDPDWXUJLD
$ULVWyWHOHVGHFtDHQVX3RpWLFD

(Q UD]yQ GH VX FDUiFWHU >OLWHUDOPHQWH WD HWKp VXV FRVWXPEUHV@ ORV KRPEUHV
VRQ GH WDO R WDO PRGR SHUR VRQ IHOLFHV R OR FRQWUDULR HQ UD]yQ GH VXV
DFFLRQHV (QFRQVHFXHQFLDORVSHUVRQDMHVQRDFW~DQSDUDLPLWDUORVFDUDFWHUHV
VLQRTXHUHFLEHQORVFDUDFWHUHVSRUDxDGLGXUD\HQUD]yQGHVXVDFFLRQHV

/R TXH 5RODQG %DUWKHV HQ VX ,QWURGXFWLRQ j O
DQDO\VH VWUXFWXUDOH GHV UpFLWV
&RPPXQLFDWLRQVQ~PFRPHQWDGHODPDQHUDVLJXLHQWH

(Q OD 3RpWLFD DULVWRWpOLFD OD QRFLyQ GH SHUVRQDMH HV VHFXQGDULD WRWDOPHQWH
VRPHWLGD D OD GH DFFLyQ QR SXHGH KDEHU IiEXODV VLQ FDUDFWHUHV GLFH
$ULVWyWHOHV QR GHEHUtD KDEHU FDUDFWHUHV VLQ IiEXOD  0iV DGHODQWH HO
SHUVRQDMH TXH KDVWD HQWRQFHV QR HUD PiV TXH XQ QRPEUH HO DJHQWH GH OD
DFFLyQ KD WRPDGR FRQVLVWHQFLD SVLFROyJLFD VH KD FRQYHUWLGR HQ XQ LQGLYLGXR
XQD SHUVRQQH HQ UHVXPLGDV FXHQWDV XQ VHU SOHQDPHQWH FRQVWLWXLGR DXQ
FXDQGRQRKLFLHUDQDGD\FODURHVWiLQFOXVRDQWHVGHDFWXDU

3HVH D HVWR WHQGHUtDPRV D SHQVDU TXH OD GHILQLFLyQ GHO SHUVRQDMH H[SUHVDGD FRPR
WLSR HVHQFLD HO 8OLVHV GH ODV PLO DVWXFLDV GH +RPHUR H[LVWtD \D HQ OD
$QWLJHGDG
:ODGLPLU 3URSS HQ VX HVWXGLR VREUH ORV FXHQWRV GH KDGDV REVHUYD TXH HO SHUVRQDMH
GHO FXHQWR QR WLHQH FRQVLVWHQFLD SVLFROyJLFD QR H[LVWH PiV TXH HQ UHODFLyQ FRQ VX
HVIHUDGHDFFLyQHVHOTXHEXVFDRHOTXHOXFKDRHOTXHLQIRUPD
'LGHURW HQ VXV &RQYHUVDFLRQHV VREUH HO +LMR 1DWXUDO  DERJD SRU XQ WHDWUR GH
DFFLRQHV VLWXDFLRQHV FRQ UHVSHFWR D OD FRPHGLD GH FDUDFWHUHV GHO WHDWUR FOiVLFR (O
$YDUR(OGLVWUDtGRHWF(QODFRPHGLDVHH[WUDtDWRGDODLQWULJDGHOFDUiFWHU(Q

JHQHUDOVHEXVFDEDQODVFLUFXQVWDQFLDV3RUHOFRQWUDULRGLFH1RKD\TXH

GDUHVStULWXDORVSHUVRQDMHVVLQRVDEHUORVVLWXDUHQFLUFXQVWDQFLDVTXHVHORGHQ
+HUPDQ  IRUPXOD DVt HVWH GLOHPD FOiVLFR 3ORW YV &KDUDFWHU OD LQWULJD FRQWUD HO
SHUVRQDMH$ VXSDUHFHUORVILOPVDPHULFDQRV VRQPiVELHQILOPVGHSORW\ORVILOPV
HXURSHRV PiV ELHQ ILOPV GH FKDUDFWHU $O FRQWUDULR GH 9DOH SLHQVD TXH DKt VH
HQFXHQWUD HO GLOHPD DO TXH VH YH FRQVWDQWHPHQWH HQIUHQWDGR HO JXLRQLVWD &RQ
PXFKDDFFLyQORVSHUVRQDMHVWLHQGHQDFRQYHUWLUVHHQPDULRQHWDV\FRQJUDQVXWLOH]D
SVLFROyJLFDGLFHQDOJXQRVODDFFLyQVHUHGXFH\SLHUGHVXLPSRUWDQFLD/RLGHDOVHUtD
FRPELQDU\XQLUFDUiFWHU\DFFLyQORFXDOHVPXFKRPiVIiFLOGHSRVWXODUHQDEVWUDFWR
TXHGHOOHYDUDDOSUiFWLFD
+LWFKFRFN DVHJXUD HQ VXV GLiORJRV FRQ 7UXIIDXW KDEHUVH HQIUHQWDGR FRQ HVWH
SUREOHPDPXFKDVYHFHV

,QWHQWR FRUUHJLU HO JUDQ SXQWR IODFR GH PL WUDEDMR TXH UHVLGH HQ OD SRFD
FRQVLVWHQFLDGHORVSHUVRQDMHVHQHOLQWHULRUGHOVXVSHQVH0HHVPX\GLItFLO
SXHV FXDQGR WUDEDMR FRQ SHUVRQDMHV IXHUWHV HOORV PH FRQGXFHQ KDFLD GRQGH
HOORV TXLHUHQ LU (QWRQFHV PH VLHQWR FRPR DTXHOOD YLHMD D OD TXH ORV MyYHQHV
ER\VVFRXWV TXLHUHQ REOLJDU D FUX]DU OD FDOOH QR TXLHUR REHGHFHU +LWFKFRFN
7UXIIDXW

< FXDQGR HQ  7UXIIDXW OH YROYtD D KDFHU OD PLVPD SUHJXQWD 3UHILHUH XVWHG XQ
JXLyQ FRQ VLWXDFLRQHV IXHUWHV \ FDUDFWHUHV QR PX\ SURIXQGRV R OR FRQWUDULR" pO
FRQWHVWDED 3UHILHUR VLWXDFLRQHV IXHUWHV (V PiV IiFLO YLVXDOL]DUODV 3DUD HVWXGLDU XQ
FDUiFWHU VH QHFHVLWDQ GHPDVLDGDV SDODEUDV tGHP  3DUD +LWFKFRFN OD
DOWHUQDWLYDHVSXHVLQHYLWDEOH\SLGHTXHVHHOLMDVXFDPSR
9DOH  SUHWHQGH SRU VX SDUWH TXH QR KD\D DOWHUQDWLYD FDUDFWHUL]DFLyQ R DFFLyQ
$PEDVHVWiQUHODFLRQDGDVGHPRGRLQGLVROXEOH7DPELpQGLFH

+D\ TXH WHQHU SUHVHQWH OD FRUUHODFLyQ \ OD LQWHUUHODFLyQ HQWUH HO SHUVRQDMH \ OD
DFFLyQ(OJXLRQLVWDQRGHEHLPDJLQDUSRUVHSDUDGRORVDFRQWHFLPLHQWRVTXH
IRUPDQODKLVWRULDSRUXQODGR\SRURWURORVFDUDFWHUHVGHORVSHUVRQDMHV

/R FXDO HV FLHUWR SDUD ORV GUDPDV \ ODV FRPHGLDV SVLFROyJLFDV SHUR QR WDQWR SDUD ODV
SHOtFXODV EDVDGDV HQ XQD PXOWLSOLFDFLyQ GH SHULSHFLDV \ HQ ODV TXH OD HILFDFLD
GUDPiWLFD LPSRQH TXH VH GRWH D ORV SHUVRQDMHV GH UHDFFLRQHV VLPSOHV \ VRPHUDV
SURWHJHUVHFRQWUDXQSHOLJURDOHJUDUVHGHXQp[LWRHWF
)LHOG VXJLHUH D SDUWLU GH HVWH PLVPR SUREOHPD GRV PRGRV GH SURFHGHU R ELHQ FUHDU
SULPHURODLGHDGHOJXLyQ\GHILQLUDORVSHUVRQDMHVDSRVWHULRULSDUDDQLPDU\HQFDUQDU
HVWDVLGHDVRELHQFUHDUSULPHURXQSHUVRQDMH\DSDUWLUGHpOLQYHQWDUODDFFLyQTXH
OH GDUi D FRQRFHU 6HJXLPRV VLQ VDOLU GH OD DOWHUQDWLYD JXLyQ GH VLWXDFLyQ JXLyQ GH
FDUiFWHU

(O PLVPR )LHOG HV HO TXH SODQWHD HVWH D[LRPD VHGXFWRU HQ DEVWUDFWR $FWLRQ LV
&KDUDFWHU OD DFFLyQ HV HO SHUVRQDMH R GLFKR GH RWUR PRGR OD DFFLyQ HV OD TXH KDFH
GHILQH DO SHUVRQDMH 6HJ~Q )LHOG KD\ TXH GHILQLU HO ILQ HO GHVHR HO QHHG GHO
SHUVRQDMH \ FUHDU ORV REVWiFXORV HQWUH pO \ OD REWHQFLyQ GH HVH QHHG 3HUR HQ OD
SUiFWLFDJXLRQtVWLFDHVDLGHQWLGDGDFFLyQSHUVRQDMHHVDPHQXGRGLItFLOGHUHDOL]DU

&RQYHUVLyQGHOSHUVRQDMH
(Q HO WHDWUR FOiVLFR OD UHJOD HUD TXH XQD YH] GHILQLGR HO SHUVRQDMH QR GHEtD FDPELDU
GH FDUiFWHU 3DUD $ULVWyWHOHV SRU HMHPSOR ORV FDUDFWHUHV SUHVWDGRV D ORV SHUVRQDMHV
SRU REOLJDFLyQ GHEHQ VHU FRQIRUPHV FRQ VX HGDG VH[R HWF SDUHFLGRV DO PRGHOR
KLVWyULFR R PLWROyJLFR XWLOL]DGR \ FRQVWDQWHV RPDO{Q %RLOHDX HQXQFLDED HVD PLVPD
UHJOD D SURSyVLWR GHO SHUVRQDMH GH WHDWUR 4XH VH PXHVWUH HQ WRGR FRQIRUPH FRQVLJR
PLVPR
6LQ HPEDUJR VH DGPLWH TXH HO SHUVRQDMH SXHGD VHU PRGLILFDGR FRQ OD FRQGLFLyQ GH
TXH QR VHD GH PRGR LQFRKHUHQWH \ UHSHQWLQR 6H FRQVLGHUD LQFOXVR FRPR XQ EXHQ
SULQFLSLRTXHHOSHUVRQDMHGXUDQWHODDFFLyQVHGHDFRQRFHUDVtPLVPRVHGHVSLHUWH\
VH DILUPH HQ HO DFRQWHFLPLHQWR DGTXLULHQGR XQD GLPHQVLyQ LQVRVSHFKDGD GHVGH HO
SULQFLSLR HV OD FOiVLFD VLWXDFLyQ GHO FREDUGH TXH VH KDFH YDOLHQWH GHO HJRtVWD TXH VH
KDFH JHQHURVR +DUU\ 0RUJDQ HQ 7HQHU \ QR WHQHU R GHO KpURH TXH VH IRUMD HQ ODV
SUXHEDV\HQHOGHVDItRDOSHOLJURTXHQREXVFDEDHQXQSULQFLSLR
/DV ~QLFDV FRQYHUVLRQHV QR DFRQVHMDGDV VRQ DTXHOODV TXH VXUJHQ DUELWUDULDPHQWH GH
LPSURYLVRSRUSXUDFRPRGLGDGGHOJXLRQLVWD+HUPDQ
(Q DOJXQRV FDVRV OD DXVHQFLD GH XQD FRQYHUVLyQ R GH XQD PRGLILFDFLyQ HQ XQ
SHUVRQDMH TXH YLYH FLHUWD H[SHULHQFLD SXHGH LQFOXVR OHJtWLPDPHQWH DSDUHFHU FRPR XQ
HUURU \ XQD PXHVWUD GH GHVLGLD &LWDUHPRV ODV FUtWLFDV PiV SHUWLQHQWHV IRUPXODGDV HQ
6WDUIL[ Q~PHUR  SRU )UpGpULF$OEHUW /pY\ D SURSyVLWR GHO ILOP GH <YHV 5REHUW (O
*HPHORFRQ-HDQ3LHUUH5LFKDUG

(O*HPHORSXHGHMDFWDUVHGHFRQWDUODKLVWRULDGHXQSHUVRQDMHTXHGHODQRFKH
D OD PDxDQD VH LQYHQWD XQ JHPHOR GHEH YLYLU FRQ HVH JHPHOR ILFWLFLR GXUDQWH
YDULDV VHPDQDV SHUR VLQ TXH HVWD H[SHULHQFLD WHQJD OD PHQRU FRQVHFXHQFLD
VREUH pO 8QD YH] DSDUWDGR HO JHPHOR YXHOYH D VHU OR TXH VLHPSUH KD VLGR QR
KDGHVFXELHUWRQDGDVREUHVtPLVPRQLVREUHORVGHPiV

(VWD FUtWLFD QR VHUtD PX\ FRQFOX\HQWH VL HO ILOP VH VLWXDUD HQ XQD ySWLFD
FRPSOHWDPHQWHEXUOHVFDSHUVRQDMHVWLSRLPSiYLGRV\ILHOHVDVtPLVPRVFRPR%XVWHU
.HDWRQRELHQVLHVWDDXVHQFLDGHUHDFFLyQGHOSHUVRQDMHIUHQWHDVXH[SHULHQFLDIXHUD
GHVLJQDGD \ DVXPLGD FRPR XQ GDWR GH OD KLVWRULD $ HVWH UHVSHFWR QR SDUHFH TXH VHD
XQR X RWUR HO FDVR DXQTXH HO ILOP ORJUH OD HVWLOL]DFLyQ GH ORV WLSRV R DXQTXH OD
LGHQWLGDGGHOSHUVRQDMHFRQVLJRPLVPRVHDXQGDWRDFWLYRGHOUHODWR
/HVVLQJ DXWRU GH OD 'UDPDWXUJLD GH +DPEXUJR FLWD OD RSLQLyQ GH XQ FUtWLFR IUDQFpV
TXH UHSURFKDED D XQD REUD OD FRQYHUVLyQ UHSHQWLQD GH XQ SHUVRQDMH FRQYHUVLyQ

TXH SRU HVH PLVPR PRWLYR QR HV FUHtEOH \ VXHQD PiV ELHQ D FRPRGLGDG GH DXWRU
DXWKRU
V FRQYHQLHQFH (Q HIHFWR HV GH XQD IDFLOLGDG WHQWDGRUD SDUD UHVROYHU VLQ
PXFKR HVIXHU]R XQD VLWXDFLyQ FRPSOHMD HQ OD TXH XQR VH YH DWDVFDGR HO SRVWXODU HQ
XQRGHORVSHUVRQDMHVXQFDPELRGHRSLQLyQ\GHDFWLWXGQRTXHUtD\VtTXLHUHeOTXH
VyOR SHQVDED HQ VX LQWHUpV LQPHGLDWR VH FRQYLHUWH HQ XQ PRGHOR GH DOWUXLVPR (OOD OR
DPDED\DQRORDPD
7UHV GH QXHVWUDV FXDWUR SHOtFXODV SUHVHQWDQ XQD FRQYHUVLyQ PiV R PHQRV UDGLFDO GHO
SURWDJRQLVWDPDVFXOLQRGH.HQWHQ0DEXVHGH=XVKLRHQ6DQVKRGH+DUU\HQ7HQHU\
QRWHQHUDXQTXHHQ HVRVWUHVPLVPRVILOPVODSURWDJRQLVWDIHPHQLQDPiV RPHQRV
LGHDOL]DGD/LO\$QMX\0DULHUHVSHFWLYDPHQWHVHPDQWHQJDILHODVtPLVPDGHVGH HO
SULQFLSLR KDVWD HO ILQDO 6REUH WRGR HQ /DQJ \ 0L]RJXFKL HV OD PXMHU FRPR
UHSUHVHQWDFLyQ GH OD FRQWLQXLGDG GHO UHFXUVR DO (WHUQR IHPHQLQR GH *RHWKH TXH QRV
DWUDHKDFLDDUULED]LHKWXQVKLQDQ
$Vt +DUU\ 0RUJDQ HYROXFLRQD GHVFRQILDGR PRUGD] H LQGLYLGXDOLVWD DO SULQFLSLR VH
KDFH PiV JHQHURVR \ PHQRV FHUUDGR VREUH VXV SUREOHPDV SHUVRQDOHV (PSLH]D
QHJiQGRVH D FXPSOLU XQD PLVLyQ SRU OD TXH VH OH SDJDED SRU QR DUULHVJDUVH D
HVWURSHDU VX EDUFR \ DFDED DFHSWDQGR SRU KRQRU \ QR SRU GLQHUR XQD PLVLyQ PXFKR
PiVSHOLJURVD/DVXHUWHD\XGDDVXFRQYHUVLyQFRORFiQGRORHQXQDVLWXDFLyQLQHVWDEOH
VDFiQGRORGHVXUXWLQD
6HSURGXFHXQDFRQYHUVLyQDXQTXHPHQRVFODUDHQ0DEXVHFXDQGR.HQWDEDQGRQDOD
EDQGD DUUDVWUDGR SRU OD PXMHU UHGHQWRUD /LO\ (V FLHUWR TXH .HQW \D PDQLIHVWDED
PXFKDV UHWLFHQFLDV \ HVFU~SXORV FXDQGR HUD PLHPEUR DFWLYR &RQ OD GH +RIPHLVWHU HO
ILOPFRQWLHQHXQDGREOHUHKDELOLWDFLyQ
8QDFRQYHUVLyQHVPiV FRQYLQFHQWH\FRQPRYHGRUDVLODPDQHUDHQODTXHVHSURGXFH
VLJXH UHIOHMDQGR OD YHUGDG GHO SHUVRQDMH $Vt =XVKLR VLHPSUH VH PXHVWUD FRPR XQ
SHUVRQDMHtQWHJURVLQWHUJLYHUVDFLRQHV\PX\YROXQWDULRVR&XDQGRVLUYHEDMRHOSRGHU
GHOLQWHQGHQWH6DQVKRVLJXHVLHQGRtQWHJURHQEORTXH\VLQKDFHUIUDVHV\FXDQGRVH
FRQYLHUWHORKDFHSRUFRPSOHWR
'HO PLVPR PRGR +DUU\ HQ ODV HWDSDV VXFHVLYDV GH VX FRQYHUVDFLyQ VLJXH VLHQGR XQ
KRPEUH FiXVWLFR \ UHDFLR D ODV HIXVLRQHV 3HUR FRPR VH OH KD PRVWUDGR GHVGH HO
SULQFLSLR FRPR XQ KRPEUH OHDO \ FDSD] GH DWDGXUDV SURIXQGDV KDFLD VX DPLJR (GG\
VXFRQYHUVLyQQRVSDUHFHOyJLFD\FRQPRYHGRUD
'HVGH FLHUWR SXQWR GH YLVWD FXDOTXLHU KLVWRULD GLJQD GH HVH QRPEUH VHUtD XQD KLVWRULD
GHIRUPDFLyQGHLQLFLDFLyQGHFRQYHUVLyQ

/DFXHVWLyQGHOJXLyQGLFH3DVFDO%RQLW]HUHVTXL]iVGHTXpPRGRHOVDEHUHO
HQYHMHFLPLHQWR WRFD D FLHUWR Q~PHUR GH SHUVRQDMHV"  8Q JXLyQ VLHPSUH HV
OD KLVWRULD GH XQ HQYHMHFLPLHQWR R GH XQ UHMXYHQHFLPLHQWR UHQDFHU QR OR Vp
(VXQKDFHUVHDOJRHQWRGRFDVR/
HQMHX6FpQDUtR

< GH KHFKR XQD KLVWRULD DSDVLRQDQWH SHUR HQ OD TXH QDGLH QRV HQVHxD QDGD \ VH YH
WUDQVIRUPDGRGHMDXQVDERUDPDUJRRGHYDFtR


&yPR\HQTXpPRPHQWRSODQWHDUORVSHUVRQDMHV
8QSHUVRQDMHSXHGHHLQFOXVRDPHQXGRGHEHGHILQLUVHSRUVXFDUiFWHURVXIXQFLyQVLQ
HVSHUDU GHVGH VX SULPHUD HVFHQD 3RU RWUD SDUWH ORV SHUVRQDMHV VH GHILQHQ ORV XQRV
HQUHODFLyQFRQORVRWURVIRUPDQGRFRQVWHODFLRQHVGHFDUDFWHUHV
$Vt HO SDGUH GH =XVKLR 0DVDXML VH GHILQH FRPR OD DQWtWHVLV DEVROXWD GH 6DQVKR XQR
HV WRWDOPHQWH EXHQR HO RWUR WRWDOPHQWH PDOR OD RSRVLFLyQ IXQFLRQD WDQWR PHMRU HQ
FXDQWRTXHORVGRVKRPEUHVVRQFRPSDUDEOHVSRUORVGHPiVTXHWLHQHQODPLVPDDXUD
SDWHUQD\HOPLVPRSUHVWLJLRMHUiUTXLFR
/DPDGUH7DPDNLVHGHILQHVREUHWRGRSRUVXILGHOLGDG\VXDGKHVLyQVLQUHVHUYDVDOD
PHPRULD GH VX PDULGR \ DO UHFXHUGR GH VXV KLMRV 6X KLMD $QMX HV WDPELpQ XQ
SHUVRQDMHtQWHJURWRGRGXO]XUDFRPSDVLyQVDFULILFLR
(QWUH HVWRV SHUVRQDMHV LQPXWDEOHV WHQHPRV GRV FDUDFWHUHV GH KRPEUHV MyYHQHV PiV
GLYLGLGRV LQHVWDEOHV LQGHFLVRV \ FX\D PLVPD IOXFWXDFLyQ VH DILUPD PHMRU SRU
FRQWUDVWH FRQ OD LQPXWDELOLGDG GH VXV SDUHMDV VRQ 7DUR HO KLMR GH 6DQVKR \ =XVKLR
KLMRGH0DVDXML5HSUHVHQWDQGRVDFWLWXGHVGRVRSFLRQHVFRQUHVSHFWRDOPDO7DUR HV
UHEHOGHSRUODGHVJUDFLDVRFLDO\SRUODPRQVWUXRVLGDGGHVXSDGUHSHURHVGHPDVLDGR
GpELO SDUD FRPEDWLUORV GLUHFWDPHQWH HOLJH OD KXLGD \ KDFHUVH PRQMH 6X DVSHFWR
YHOHLGRVR SRQH GH UHOLHYH SRU FRQWUDVWH HO FRPSRUWDPLHQWR YROXQWDULRVR UHEHOGH \
GHFLGLGRGH=XVKLRIUHQWHDO0DOXQDYH]UHDOL]DGDVXFRQYHUVLyQ
2EVHUYDUHPRV WDPELpQ TXH FDGD SHUVRQDMH GH (O ,QWHQGHQWH 6DQVKR HVWi GHILQLGR GH
LQPHGLDWR SRU VX FDUiFWHU \ VX IXQFLyQ GHVGH VX SULPHUD DSDULFLyQ 1LQJXQR HV
SUHVHQWDGR FRPR EXHQR PDOR R KXPDQR HQ DEVWUDFWR SRU HO GLVFXUVR GH ORV
GHPiVFDGDXQRVHPXHVWUDDFWLYDPHQWHHQVXSDSHOGHVGHVXSULPHUDHVFHQD
7DPDNL OD PDGUH VH SUHVHQWD GH HQWUDGD SUHRFXSiQGRVH SRU VX KLMR TXLHQ FRPHWH
LPSUXGHQFLDV=XVKLRHVSHOLJURVRHVFHQD
=XVKLR HO LQGHSHQGLHQWH HV SUHVHQWDGR DSDUWDGR GH ODV PXMHUHV HQ EXVFD GH
DYHQWXUDV FXDQGR WRGDYtD HV MRYHQ VH OH YH \D HQ OD HVFHQD  FDPLQDQGR VREUH XQ
WURQFRGHiUERODWUDYpVGHXQUtR
0DVDXML HQ HO IODVKEDFN GHO SULQFLSLR DSDUHFH LQPHGLDWDPHQWH SRQLHQGR HQ DFFLyQ OD
MXVWLFLD \ OD FRPSDVLyQ PLHQWUDV TXH ODV SULPHUDV SDODEUDV GHO LQWHQGHQWH 6DQVKR
GHMDQFODUDVXGXUH]D+D\TXHKDFHUWUDEDMDUDHVRVQLxRVFRPRDORVGHPiV1DGD
GH GHELOLGDGHV UpSOLFDV TXH QR VRQ VyOR SURIHVLRQHV GH IH VLQR yUGHQHV VHJXLGDV GH
VXHMHFXFLyQ
/DV EXHQDV LQWHQFLRQHV LQHILFDFHV GH 7DUR VH PDQLILHVWDQ LJXDOPHQWH GH LQPHGLDWR
FXDQGR SLGH D VX SDGUH HQ OD PLVPD HVFHQD TXH SHUGRQH D ORV QLxRV \ QR LQVLVWH
FXDQGRVXSDGUHUHLWHUDVXRUGHQ






08-(5(6

3RU TXp KDFHU XQ DUWtFXOR HVSHFLDO VREUH ORV SHUVRQDMHV IHPHQLQRV VL QR VH KDFH XQR
SDUDOHOR VREUH ORV PDVFXOLQRV" (O PRWLYR UHVLGH HQ TXH ORV DXWRUHV GH PDQXDOHV GH
JXLyQ \ ORV SURSLRV JXLRQLVWDV OHV FRQFHGHQ XQ OXJDU DSDUWH WUDWDQGR FRPR XQ
SUREOHPD SDUWLFXODUODLQWHJUDFLyQ GH ODV PXMHUHV HQ ORV JXLRQHV FXDQGR pVWRV QR VRQ
GHVGH HO LQLFLR KLVWRULDV GH SDUHMDV 8Q JXLRQLVWD SHUH]RVR WHQGHUi D XWLOL]DU D OD
PXMHU FRPR REMHWR GH UHFRPSHQVD SDUD HO YHQFHGRU SUHPLR GHO JXHUUHUR R
VXSOHPHQWRGHFRUDWLYRGHXQDKLVWRULDHQODTXHQRVHUtDHVHQFLDO
6\GQH\3ROODFNHQ&LQpPDWRJUDSKHQ~PHURFXHQWD

/RV JXLRQLVWDV WLHQHQ SRU FRVWXPEUH GHFLU TXH ORV SHUVRQDMHV IHPHQLQRV VXHOHQ
VHU LQRSRUWXQRV \ D PHQXGR HV FLHUWR SRUTXH HVWiQ SUHFLVDPHQWH DKt SDUD HO
VH[R\HODPRUtR\TXHQRSHUWHQHFHQUHDOPHQWHDODHVSLQDGRUVDOGHOILOP

,QQXPHUDEOHV ILOPV PRGHUQRV GH KHFKR GH ORV TXH EDVWD FRQ YHU HO FDUWHO GRQGH HO
SHUVRQDMH IHPHQLQR HVWi DXVHQWH R UHGXFLGR D XQ WDPDxR PLQ~VFXOR FRQ UHVSHFWR DO
SURWDJRQLVWDLOXVWUDQHVWDREVHUYDFLyQ
9HDPRVFyPRVRQWUDWDGRVORVSHUVRQDMHVIHPHQLQRVHQQXHVWUDVFXDWURSHOtFXODV
(Q 7HQHU \ QR WHQHU 0DULH %URZQLQJ LQWHUSUHWDGD SRU /DXUHQ %DFDOO LOXVWUD XQ WLSR
IHPHQLQRWtSLFDPHQWHKDZNVLDQRFRQDSORPRFLHUWRDVSHFWRPDVFXOLQR\YROXQWDG
GH LQWHJUDUVH HQ JUXSRV GH KRPEUHV /D RWUD PXMHU +pOqQH UHSUHVHQWD OR FRQWUDULR
XQDUHPLOJDGDTXLHQWUDVKDEHUVHPRVWUDGRWRQWD\WRUSHVHKDUiPHQRVDUURJDQWH\
PiV VXPLVD (Q FXDQWR D 0DULH VL VH PXHVWUD FRQ YDOHQWtD LQWHOLJHQFLD \ WRGDV ODV
FXDOLGDGHVGHFRPSHWHQFLDTXHHQDUERODQODVPXMHUHVHQODVSHOtFXODVGH+DZNVQR
VH OH YH PDQLIHVWDU H[SOtFLWDPHQWH QLQJXQD RSLQLyQ SROtWLFD 3DUHFH DGRSWDU GH PRGR
QDWXUDO OD FDXVD GH XQ KRPEUH \ SDUD HQWUDU HQ HO FODQ GH +DUU\ GHEH SDVDU SRU XQD
HVSHFLH GH LQLFLDFLyQ VLPEROL]DGD SRU OD SUHJXQWD HQLJPiWLFD GH (GG\ VREUH ODV
DEHMDVPXHUWDV
(O ,QWHQGHQWH 6DQVKR HV XQ PHORGUDPD IDPLOLDU HQ HO TXH ODV PXMHUHV 7DPDNL OD
PDGUH $QMX OD KLMD ODV GRV HVFODYDV 1DPLML \ .D\DQR MXHJDQ XQ SDSHO LPSRUWDQWH \
DFWLYRSHUR VRQFDVLWRGDVYtFWLPDVTXHPDQLILHVWDQKXPDQLGDG\FRPSDVLyQ(OILOP
FHQWUDGRHQORVVHQWLPLHQWRVIDPLOLDUHVQLQJXQDLQWULJDDPRURVDVHGHVDUUROODHQXQD
VRFLHGDGGRQGHODVPXMHUHVQRWLHQHQPiVDUPDSDUDOXFKDUTXHVXUHVLVWHQFLDSDVLYD
\VXVDFULILFLR
3DXOLQHHQODSOD\DHVXQDFRPHGLDVHQWLPHQWDOFRQWUHVSDUHMDVHQODTXHODVPXMHUHV
WLHQHQ WDQWD H LQFOXVR PiV LPSRUWDQFLD H LQLFLDWLYD FRPR ORV KRPEUHV /RV WUHV
SHUVRQDMHV IHPHQLQRV 0DULRQ 3DXOLQH /RXLVHWWH WLHQHQ EDVWDQWH GLIHUHQFLD GH HGDG

FDUiFWHU\FRQGLFLyQVRFLDO'RVGHHOODVODVTXHWLHQHQHGDGOHJDOSDUDWUDEDMDUWLHQHQ
LQGHSHQGHQFLDIDPLOLDU\HFRQyPLFD\WUDEDMDQ0DULRQFRPRHVWLOLVWD/RXLVHWWHFRPR
YHQGHGRUD
(Q0DEXVHODKHURtQD/LO\QRSHUVLJXHQLQJXQDPHWDGHLQWHUpVSHUVRQDOFRQUHVSHFWR
DOKpURH.HQWGHTXLpQHVODDPDQWH5HSUHVHQWDSDUDHOKRPEUHD TXLHQDFRPSDxD
HQVXVDGYHUVLGDGHVODVDOYDFLyQ\ODUHGHQFLyQ/DRWUDPXMHU$QQDVHKDSXHVWRGHO
ODGRGHORVPDORVVLHQGRODDPDQWHGHOPiVDIHPLQDGRGHORVEDQGLGRV HOHQFXEULGRU
*ULJRULHY
/DV PXMHUHV GH 0DEXVH \ GH 7HQHU \ QR WHQHU YLYHQ HQ XQ XQLYHUVR PDVFXOLQR GRQGH
QRHQFXHQWUDQVXOXJDUVLQRFRPRFRPSDxHUDV GHDOJXQRGHHOORVGHORVTXHDGRSWDQ
HOLGHDO6L/LO\HMHUFHXQWUDEDMRHQXQDRILFLQDGHHPSOHRFRPRQRVLQIRUPDHOIODVK
EDFN GHO ILOP HVWH WUDEDMR QR MXHJD XQ SDSHO DFWLYR HQ OD KLVWRULD 3HUR HQ DPEDV
SHOtFXODV DVt FRPR HQ 6DQVKR ODV PXMHUHV WLHQHQ XQ SDSHO KXPDQLWDULR JUDFLDV D VX
FRQWDFWRRDVXHMHPSORHOKRPEUHGHVSLHUWDKDFLDXQDPD\RUKXPDQLGDGFRPSUHVLyQ
\JHQHURVLGDG


(48,32*5832

1XPHURVRV ILOPV HVWiQ FRQVWUXLGRV VREUH OD KLVWRULD GH XQ JUXSR GH VX FRQVWLWXFLyQ
PLVLyQ \ DJHQWHV GH GHVWUXFFLyQ LQWHUQRV R H[WHUQRV /RV JXLRQHV GH &KDUOHV 6SDDN
/D %HOOH pTXLSH /D .HUPHVVH KHURLFD IUHFXHQWH GH FRQVWUXFFLyQ VREUH HO WHPD GH
XQ JUXSR UHXQLGR SRU XQD PHWD FRP~Q \ TXH GHEH OXFKDU FRQWUD ORV SHOLJURV GH
UXSWXUDGHVWUXFFLyQTXHORDPHQD]DQGHVGHHOLQWHULRURHOH[WHULRU
(O DJHQWH GH GHVWUXFFLyQ GHO JUXSR FXDQGR pVWH VH FRPSRQH ~QLFDPHQWH GH KRPEUHV
ORFXDOHVIUHFXHQWHHVFOiVLFDPHQWHXQDPXMHU/D%HOOHpTXLSHSHURSXHGHVHU
WDPELpQ HO WLHPSR TXH SDVD 7KH %LJ &KLOO GH /DZUHQFH .DVGDQ OD SHUVHFXFLyQ GH
PHWDVLQFRQFLOLDEOHVR SRU HOFRQWUDULRGHXQ PLVPRELHQTXHQRVHSXHGHFRPSDUWLU
ODUHDSDULFLyQGHOVHUGHFODVHRGHODGLIHUHQFLDVRFLDOHOPDOHQWHQGLGR
(Q0DEXVHODVGRVPXMHUHVXQDPXMHUSXUD/LO\\XQDFKLFDIULYROD$UPDVRQ
ODVTXHFRQWULEX\HQFDGDXQDDVXPDQHUDDGHVKDFHUODEDQGDPDVFXOLQDFRQVWLWXLGD
SRU0DEXVHODILULPHUDSRUVXERQGDG\VXDPRUVDFULILFDGRD.HQWDOTXHDFRPSDxD
D OD JXDULGD GHO EDQGLGR OD VHJXQGD H[KLELHQGR XQD GH ODV MR\DV UREDGDV 8QD KD
SHQHWUDGR HQ HO OXJDU GRQGH QR GHEtD OD RWUD KD HQVHxDGR DO H[WHULRU OR TXH GHEHUtD
KDEHUTXHGDGRHVFRQGLGR

&RQVWLWXFLyQROLTXLGDFLyQGHXQHTXLSR
&XDQGRHOJXLyQHPSLH]DFRQWDQGRODFRQVWLWXFLyQGHXQHTXLSR/RVVLHWHVDPXUDLVGH
$NLUD.XURVDZD\VXUHPDNHDPHULFDQR/RVVLHWHPDJQtILFRVGH-RKQ6WXUJHV'RFH
HQ GHO SDWtEXOR GH 5REHUW $OGULFK (O VDODULR GHO PLHGR GH +HQUL*HRUJHV &ORX]RW \ VX
UHPDNH DPHULFDQR 6RUFHUHU GH :LOOLDP)ULHGNLQ (VFDSH WR 9LFWRU\ GH -RKQ +XVWRQ

HWF VH XWLOL]D XQD HVWUDWDJHPD TXH FRQVLVWH HQ URPSHU OD UHJXODULGDG GHO ULWPR GH
UHFOXWDPLHQWRHQHO~OWLPRPRPHQWRVHVXVWLWX\HDXQRGHORVKRPEUHVSUHYLVWRVSRU
RWURLQHVSHUDGRGRVRWUHVVRQFRJLGRVMXQWRVHWF
(OPLVPRSURFHGLPLHQWRVLUYHSDUDODVLWXDFLyQLQYHUVDHVGHFLUODH[WHUPLQDFLyQ$OLHQ
GH5LGOH\6FRWW6RXWKHUQ&RPIRUWGH:DOWHU+LOO(OSXHQWHGH%HUQKDUG:LNL.DQDOGH
$QGU]HM:DGMD2XQRGHORVPLHPEURVGHOJUXSRUHVXOWDVHUXQWUDLGRULQFOXVRXQQR
KXPDQR$OLHQRHOVHUTXHORVVXSULPHPDWDDGRVRWUHVGHXQDVRODYH]DPDUFKDV
IRU]DGDV
(Q OD KLVWRULD GH XQ JUXSR TXH VH KDFH PiV JUDQGH R TXH VH GLH]PD VH DFRQVHMD
DQWLFLSDUVH VRUSUHQGLHQGR DO HVSHFWDGRU HQ OD PDQHUD HQ TXH GLFKR JUXSR YD D
IRUPDUVHRSRUHOFRQWUDULRGHVKDFHUVH(QHOILOPGH3LHUUH.DVW/HV6ROHLOVGHO
LOHGH
3DTXHV OD FRQVWLWXFLyQ GH XQ JUXSR GH HOHJLGRV TXH YHUHPRV GHVWLQDGRV D VDOYDU HO
PXQGRVHGHVDUUROODGHPRGRGHPDVLDGRUHJXODU\PRQyWRQR

7HQVLRQHVHQHOJUXSR
6L ORV JXLRQLVWDV SXHGHQ MXJDU FRQ ODV WHQVLRQHV SVLFROyJLFDV HQ HO LQWHULRU GHO JUXSR
SDUDKDFHUORPiVYLYR\DQLPDUODPDWHULDGUDPiWLFDVHFRUUHHOSHOLJURVLVHMXHJDHQ
H[FHVRFRQHVDVWHQVLRQHVLQWHUQDVGHURPSHUODLGHQWLILFDFLyQFRQHOJUXSRFXDQGRHO
ILOPVHEDVDHQHOODGHFRQVHJXLUTXHHOS~EOLFRVHGHVLQWHUHVHGHORVSHUVRQDMHV\GH
VXVXHUWH
/DV KLVWRULDV GH IDPLOLDVH FRQVWUX\HQ D PHQXGR VREUH OD DXVHQFLD R GHIHFFLyQ GH XQR
GHVXVPLHPEURV\GHOSDSHOTXHpVWHUHSUHVHQWD

*UXSRVIRU]DGRV
8QFDVRSDUWLFXODUHVWDFRQVWLWXLGRSRUJUXSRVIRU]DGRVGHJHQWHVHSDUDGDSRUODHGDG
ODV LGHDV OD FRQGLFLyQ HO FDUiFWHU \ TXH VH YHQ UHXQLGRV GH UHSHQWH REOLJDGRV D
FRQYLYLUHQHOHVSDFLRGHXQGUDPDXQERPEDUGHRXQVXFHVRXQDFDWiVWURIHQDWXUDO
OD JXHUUD ORV SUHVRV GH /D JUDQ LOXVLyQ GH 5HQRLU XQD VLWXDFLyQ GH HQFLHUUR HWF
(VWH WLSR GH JXLyQ VH EDVD D PHQXGR HQ HO SULQFLSLR GH PXHVWUHR GHO PLFURFRVPRV
VRFLDOPH]FODQGRJHQWHPX\GLIHUHQWHTXHHQODYLGDFRWLGLDQDQRVHUHODFLRQD


$&&(625,2

8QJXLyQSXHGHXWLOL]DUQRVyORSHUVRQDMHV VLQRWDPELpQFLHUWRQ~PHURGH DFFHVRULRV
LPSRUWDQWHV R VLJQLILFDWLYRV URSD FLJDUULOORV REMHWRV SHUVRQDOHV DUPDV YHKtFXORV
HVSHMRVFDUQpVHWF

(Q XQ JXLyQ HVWRV DFFHVRULRV SXHGHQ MXJDU GRV SDSHOHV LQGHSHQGLHQWHV R
VLPXOWiQHRV
SDSHO IXQFLRQDO GH LQVWUXPHQWR XQD DUPD SDUD PDWDU XQ EDVWyQ SDUD DSR\DUVH DO
DQGDUXQGHVSHUWDGRUSDUDGDUODKRUD
SDSHO UHYHODGRU LQFOXVR VLPEyOLFR GH XQ SHUVRQDMH R GH XQD VLWXDFLyQ (O DFHVRULR
SXHGH FDUDFWHUL]DU DO SHUVRQDMH SRU VX DVSHFWR R OD PDQHUD FRQ OD TXH HV XWLOL]DGR
MXHJRVGHHVFHQDWLFVRELHQH[SUHVDUVLPEyOLFDPHQWHODVIXQFLRQHVODVVLWXDFLRQHV
WRGR OR TXH HVWi HQ MXHJR UHWRV 3XHGH VHU HO FDVR GH REMHWRV FX\D FRQTXLVWD VH
GLVSXWD \ TXH UHSUHVHQWDQ HO SRGHU OD ULTXH]D HO VDEHU R DGHPiV OD GHVJUDFLD HO
UHFXHUGR OD LQIDQFLD HO WULQHR GH &LWL]HQ .DQH TXH UHSUHVHQWD HO REMHWR SHUGLGR
(Q OD PLVPD SHOtFXOD HO SX]]OH DO TXH MXHJD HO SHUVRQDMH \D PD\RU HV XQD H[SUHVLyQ
VLPEyOLFDWUDQVSDUHQWHGHVXGHVWLQR\GHODHVWUXFWXUDGHOILOP
9DOH  GLIHUHQFLD HO SURS DFFHVRULR LQHUWH SDVLYR \ PDQHMDEOH GHO REMHFW
PiVDFWLYRXQYHKtFXORSRUHMHPSOR

&OLFKpVHQHOXVRGHORVDFFHVRULRV
/D XWLOL]DFLyQ GH DFFHVRULRV REHGHFH PXFKDV YHFHV D GHWHUPLQDGRV FOLFKpV D
GHWHUPLQDGDV WUDGLFLRQHV VH XWLOL]DQ ORV HVSHMRV FXDQGR VH WUDWD GH OD FXHVWLyQ GHO
GREOH GH E~VTXHGD R SpUGLGD GH LGHQWLGDG +D\ HQ HO GHFRUDGR XQD MDXOD GH SiMDUR
FXDQGR XQ SHUVRQDMH HVWi SUHVR 4Xp IXH GH %DE\ -DQH" GH 5REHUW $OGULFK 8Q
DFXDULR D PHQXGR H[SUHVD OD SUHVHQFLD GH SXOVLRQHV LQFRQVFLHQWHV R GRUPLGDV 6LQ
FRQWDU FRPR OR UHFXHUGD +HUPDQ  HO OHWUHUR OXPLQRVR FX\R UHIOHMR LQWHUPLWHQWH
LOXPLQDORVSHUVRQDMHVHQXQDKDELWDFLyQ
3HUR FDGD XQR GH HVRV FOLFKpV SXHGH VHU HQ PDQRV GH EXHQRV JXLRQLVWDV \ JUDQGHV
UHDOL]DGRUHVLQGHILQLGDPHQWHUHQRYDEOH
(YLGHQWHPHQWH XQR VH SXHGH OLPLWDU D SRQHU HQ PDQRV GH ORV SHUVRQDMHV FLJDUULOORV
YDVRVGHOLFRUREDVWRQHVGHJROIVyORSDUDRFXSDUORV\KDFHUFLQH3HURVLHPSUHHV
SRVLEOH GDU XQ VHQWLGR QXHYR \ IXHUWH XQD IXQFLyQ GUDPiWLFD RULJLQDO D OD PDQHUD HQ
TXHHMHFXWDQJHVWRVEDQDOHVRHQTXHHVHJHVWRUHSHUFXWHHQHOFRQWH[WRGHODHVFHQD
R GH OD SHOtFXOD (Q 7HQHU \ QR WHQHU SRU HMHPSOR FXDQGR 0DULH OH HQFLHQGH XQ
FLJDUULOOR D +DUU\ GHODQWH GH -RKQVRQ HVFHQD  QR HV VRODPHQWH SDUD UHOOHQDU WDO \
FRPRHVWiHMHFXWDGRHOJHVWRSRUSDUWHGH0DULHHVXQVLJQRGHVROLGDULGDG\FDVLGH
VXPLVLyQ \ DO PLVPR WLHPSR OD PDQHUD HQ OD TXH HQFLHQGH HO FLJDUULOOR SDUHFH
HVWDU GLFLHQGR D +DUU\ TXH VH WUDQTXLOLFH 1R ROYLGHPRV TXH HO SULPHU FRQWDFWR HQWUH
+DUU\ \ 0DULH KD WHQLGR FRPR SUHWH[WR OD E~VTXHGD GH XQD FHULOOD \ GHVGH HVH
PRPHQWR SHGLU XQ FLJDUULOOR HQFHQGHUOR VH KD FRQYHUWLGR SDUD +DUU\ \ 0DULH HQ XQ
MXHJRGHHVFHQDFDUJDGRGHVHQWLGR&XDQGR+DUU\OHKDFHXQDVHxDOFRQODPDQRSDUD
TXH VH VLUYD HVWi PDQLIHVWDQGR TXH OD DFHSWD \ FXDQGR SDUD LQFLWDU D 0DULH D DEULU
HO FDMyQ GRQGH HVWi VX UHYROYHU OH SLGH FHULOODV HV XQD DOXVLyQ D OD RFDVLyQ GH VX
SULPHUHQFXHQWUR
(Q5RKPHUVHREVHUYDODDXVHQFLDGHMXHJRVGHHVFHQDLQ~WLOHVFRQDFFHVRULRVTXH
VyORHVWiQDKtSDUDUHOOHQDUORVGLiORJRV3RUHMHPSORODHVFHQDGHODVSURIHVLRQHVGH
IH HVFHQD  HQ OD TXH ORV FXDWUR SHUVRQDMHV SULQFLSDOHV H[SRQHQ VX FRQFHSFLyQ GHO
DPRU KXELHUD VLGR VLWXDGD SRU RWUR JXLRQLVWDHQ HO WUDQVFXUVR GH XQD FRPLGD R HQ OD

FRFLQD PLHQWUDV IULHJDQ ORV SODWRV YHU HQ HVH HVWLOR 7KH %LJ &KLOO GH /DZUHQFH
.DVGDQPLHQWUDVTXHDTXtVHGHVDUUROODGHVSXpVGHFRPHUFXDQGRORVSHUVRQDMHVQR
WLHQHQRWUDFRVDTXHKDFHUPiVTXHGLVFXWLU/RPLVPRRFXUUH FXDQGR3DXOLQH\3LHUUH
GLVFXWHQ HQ XQ UHVWDXUDQWH HVFHQD  R FXDQGR ODV GRV FKLFDV WRPDQ VX GHVD\XQR
5RKPHU HYLWD DOOt WDPELpQ UHFXUULU D ORV KDELWXDOHV MXHJRV GH HVFHQD SHGLU XQ SODWR
FRPHUOR RIUHFHUOR MX]JDUOR KDFHU XQD WRVWDGD SRQHU DOJR DO IXHJR SDVDU OD VDO R OD
FDIHWHUD
(Q FDPELR 3DXOLQH HQ OD SOD\D XWLOL]D FLHUWR Q~PHUR GH DFFHVRULRV WRGRV
LQGLVSHQVDEOHVSDUDODLQWULJD9HDPRV
/D WDEOD GH ZLQGVXUILQJ GH 3LHUUH TXH OH VLUYH GH SUHWH[WR SDUD PDQWHQHU HO
FRQWDFWR FRQ 0DULRQ GiQGROH FODVHV RFDVLyQ SRU RWUD SDUWH GH OD SULPHUD
FRQYHUVDFLyQHQWUH6\OYDLQ\3DXOLQH
(O GLVFR GH P~VLFD GH ODV ,VODV FRQ HO TXH +HQUL DWUDH D ORV MyYHQHV D VX FDVD \
TXHOHUHFXHUGDHOEDLOHGHODSULPHUDQRFKHFRQ0DULRQ
/DWHOHYLVLyQHQFDVDGH+HQULTXHMXVWLILFDODSUHVHQFLDSDVLYDGH6\OYDLQHQVXFDVD
PLHQWUDVHOSULPHURVXEHDOSLVRSDUDKDFHUHODPRUFRQ/RXLVHWWH
(Q 0DEXVH ORV DFFHVRULRV LPSRUWDQWHV VRQ REMHWRV TXH VLJQLILFDQ FRPXQLFDFLyQ R
LQFRPXQLFDFLyQ HO WHOpIRQR WDQ LPSRUWDQWH HQ HO GHOLULR GH +RIPHLVWHU GHO TXH VH
VLUYHQ PXFKR ORV SHUVRQDMHV \ OD FRUWLQD TXH SHUPLWH XQD FRPXQLFDFLyQ DXGLWLYD
SULYDGD GH YLVWD MXHJDQ XQ SDSHO LPSRUWDQWH \ VLPEyOLFR 3HUR WDPELpQ SRGHPRV
HQFRQWUDUFRPRHQFXDOTXLHUEXHQDSHOtFXODSROLFLDFDHOREMHWRHQWDQWRTXHKXHOODR
LQGLFLR HO FULVWDO VREUH HO TXH +RIPHLVWHU KD JUDEDGR FDUDFWHUHV LQGHVFLIUDEOHV \ TXH
/RKPDQ UHTXLVD SDUD TXH OD SROLFtD OR H[DPLQH ODV EDODV GH UHYyOYHU LGpQWLFDV
HQFRQWUDGDV HQ ORV FUiQHRV GH +DUU\ \ GH .UDPP \ SRU ~OWLPR HO FROODU TXH OOHYD
$UPD\TXHSRQHD/RKPDQQVREUHODSLVWDGHORVEDQGLGRV(VWHFROODUWDQVLPEyOLFR
HVHOTXHSHUPLWHDODSROLFtDHVWDEOHFHUODUHODFLyQHQWUHWUHVVXFHVRVTXHFRQVLGHUDED
HQXQSULQFLSLRLQGHSHQGLHQWHVHODVHVLQDWRGH.UDPPHOURERGHODVMR\DVHODVXQWR
+RIPHLVWHU \ HV HO TXH KDFH TXH VH UHODFLRQHQ \ VH FRQFOX\DQ ODV DFFLRQHV KDVWD
HQWRQFHVUHODWLYDPHQWHDXWyQRPDVFRQODVTXHHVWiFRQVWUXLGRHOILOP
(Q 7HQHU \ QR WHQHU ORV DFFHVRULRV VLJQLILFDWLYRV SDUHFHQ HVWDU KHFKRV SDUD SDVDU GH
PDQRHQPDQR
ODFDUWHUDGH-RKQVRQTXHFRQWLHQHHOGLQHURGHVXGHXGDKDFLD+DUU\MXHJDXQSDSHO
LPSRUWDQWH HQ HO ILOP FIU HO WtWXOR RULJLQDO 3DVD GH -RKQVRQ D 0DULH TXH VH OD URED
GHVSXpVGH0DULHD+DUU\TXLHQVHODLQFDXWD/XHJR+DUU\VHODGDD0DULHSDUDTXH
0DULH OD GHYXHOYD GHODQWH GH pO D -RKQVRQ 7UDV OD PXHUWH DFFLGHQWDO GH VX FOLHQWH
+DUU\ UHJLVWUD HO FDGiYHU \ YXHOYH D FRJHU OD FDUWHUD SDUD VHUYLUVH HO GLQHUR \
ILQDOPHQWH OD FDUWHUD DFDED VX FLUFXLWR HQ PDQRV GH OD SROLFtD HV GHFLU GHO FDSLWiQ
5HQDUGTXLHQVHODLQFDXWDD+DUU\
/D ERWHOOD GH OLFRU TXH WDPELpQ UHFRUUH XQ SHTXHxR FLFOR 0DULH VH OD VDFD D XQ
PDULQHUR OD OOHYD D +DUU\ TXLHQ VH OD GHYXHOYH HWF /RV SHUVRQDMHV HQ VX JDODQWHR
DPRURVRVHFRPXQLFDQDWUDYpVGHHVDERWHOOD
(QHO,QWHQGHQWH6DQVKRHO~QLFRREMHWRLPSRUWDQWHWDPELpQXQREMHWRGHFLUFXODFLyQ
HV OD ILJXULOOD GHO 'LRV GH OD 0LVHULFRUGLD TXH UHFRUUH ORV FHUFD GH YHLQWH DxRV HQ ORV
TXHVHGHVDUUROODODKLVWRULDVLQFDPELDU

0DVDXMLVHODGDDVXKLMR=XVKLRHQWRQFHVSHTXHxRFRPRREMHWRIDPLOLDU\VtPEROR
GHKXPDQLGDGSDUDTXHODJXDUGHVLHPSUHFRQpO
$xRVPiVWDUGH=XVKLR\DHVFODYRGHVHVSHUDGRODWLUDSRUTXH\DQRVLJQLILFDQDGD
SDUDpO
$QMX JXDUGLDQD GHO PHQVDMH OD UHFXSHUD \ VH OD GD PiV WDUGH D OD YLHMD HVFODYD
DJRQL]DQWH 1DPLML SDUD D\XGDUOD D PRULU \ D UHQDFHU HQ XQD YLGD PHMRU VHJ~Q VXV
SDODEUDV
&XDQGR =XVKLR LQWHQWD KDEODU FRQ HO 3ULPHU 0LQLVWUR \ HV HQYLDGR DO FDODER]R XQRV
VROGDGRVOHFRJHQODILJXULOODSRUTXHFUHHQTXHHVUREDGD
3HUR OD ILJXULOOD OOHJD D PDQRV GHO 3ULPHU 0LQLVWUR TXLHQ OD GD SRU DXWpQWLFD \ SRU
HOODUHFRQRFHD=XVKLRFRPRKLMRGH0DVDMLDQWHVGHQRPEUDUORJREHUQDGRU
/DILJXULOODHVWRGRORTXH=XVKLRFRQVHUYDFXDQGRGLPLWH\HPSUHQGHODE~VTXHGDGH
VXPDGUHODGDDWRFDUDVXPDGUHFLHJDSDUDTXHpVWDUHFRQR]FDTXHHVUHDOPHQWHVX
KLMR (O REMHWR QR HV DTXt ~QLFDPHQWH VLPEyOLFR (V DFWLYR GHQWUR GH OD KLVWRULD HQ
WDQWR TXH IXQFLRQD FRPR PDUFD GH UHFRQRFLPLHQWR < FXDQGR =XVKLR VH UHEHOD FRQWUD
OD OH\ PRUDO H[SUHVD DFWLYDPHQWH VX UHEHOLyQ WLUDQGR OD ILJXULOOD TXH OH KD VLGR
FRQILDGD +DEUi VLGR QHFHVDULR GH PDQHUD VLPEyOLFD SDUD pO VHSDUDUVH GH HOOD SDUD
TXHDOUHFRJHUODYXHOYDDUHFREUDUWRGRVXVHQWLGR
3DUD MXJDU HQ XQ ILOP XQ SDSHO LPSRUWDQWH XQ REMHWR QR QHFHVLWD VHU YLVXDOL]DGR \
PRVWUDGRFRQLQVLVWHQFLD/DFDUWHUDGH-RKQVRQRODILJXULOODVDJUDGDGH=XVKLRQRQRV
VRQ PRVWUDGDV PX\ D PHQXGR QL VH FRQYLHUWHQ HQ IHWLFKHV SRU OD SXHVWD HQ HVFHQD
OHVEDVWDFRQVHUDFWLYDPHQWHLQWURGXFLGDVHQODDFFLyQ


7,(032

6LJQLILFDUHOWLHPSR
3DUDH[SUHVDUHOWLHPSRSDVDGRSUHVHQWHRIXWXURHOFLQHQRGLVSRQHGHORVWLHPSRV
JUDPDWLFDOHV ([LVWLUtD XQD WHQGHQFLD D GHFLU TXH WRGR HQ HO FLQH WUDQVFXUUH HQ
SUHVHQWH
3HVHDWRGRHQHOFLQHPXGRVHXWLOL]DEDQOHWUHURVFRPRHQORVFyPLFVSDUDSUHFLVDUVL
XQ DFRQWHFLPLHQWR VH GHVDUUROODED DQWHV R GHVSXpV GH OD DFFLyQ DQWHULRU PRVWUDGD HQ
HO ILOP \ FXiQWR WLHPSR ODV VHSDUDED (VWH SURFHGLPLHQWR GH ORV OHWUHURV DO GtD
VLJXLHQWH GLH] DxRV DQWHV KD VLGR DEDQGRQDGR FDVL SRU FRPSOHWR HQ HO FLQH
KDEODGR VRQRUR HQ HO TXH VyOR VH UHWRPD SDUD H[SUHVDU HO WUDQVFXUVR GH ODUJRV
SHULRGRV HQ 6DQVKR SRU HMHPSOR HO OHWUHUR TXH DEUH OD HVFHQD  'LH] DxRV PiV
WDUGH
3HUR H[SUHVDU OD DQWHULRULGDG R OD SRVWHULRULGDG GH XQ DFRQWHFLPLHQWR HQ UHODFLyQ FRQ
RWURHVXQDFRVD\FRQWDUXQDDFFLyQHQSUHVHQWHRHQSDVDGRHVRWUD6HSXHGHGHFLU

SHUIHFWDPHQWH TXH DXQTXH HO FLQH XWLOLFH FLHUWRV SURFHGLPLHQWRV SDUD PDQLIHVWDU ODV
YXHOWDV DWUiV IODVKHVEDFN YHU HVD SDODEUD FDGD VHJPHQWR GHO UHODWR XQD YH]
VLWXDGRHQODFDGHQDFURQROyJLFDVLHPSUHVHFXHQWDHQSUHVHQWH(OFLQHKDHODERUDGR
XQRV FyGLJRV \ FRQYHQFLRQHV SURSLRV SDUD H[SUHVDU D TXH XQD HVFHQD VH GHVDUUROOD
FRQ DQWHULRULGDG D OD TXH OD SUHFHGH HQ OD QDUUDFLyQ IODVKEDFN HYHQWXDOPHQWH TXH
HVVLPXOWiQHDDHOODEORVSOD]RVGHWLHPSRHQWUHFDGDHVFHQDWLPHODSVHV

$QWHV\GHVSXpV
9DOH IRUPXOD GH PRGR RSRUWXQR HVH D[LRPD ROYLGDGR  6DOYR FXDQGR VH LQGLFD
H[SUHVDPHQWH XQ IODVKEDFN WHQHPRV WHQGHQFLD D SHQVDU TXH XQD HVFHQD TXH YLHQH
WUDV RWUD HQ XQ ILOP VH VLW~D GHVGH HO SXQWR GH YLVWD GHO WLHPSR GHVSXpV /R FXDO
TXLHUHGHFLUTXHHQHVHFDVRQRKD\QHFHVLGDGGHFyGLJRRFRQYHQFLyQSDUDHVWDEOHFHU
ODVXFHVLyQVyORSDUDHVWDEOHFHUHOWLHPSRWUDQVFXUULGRHQWUHODVHVFHQDV
3RU HVWH PRWLYR DOJXQRV ILOPV SXHGHQ MXJDU FRQ HO HVSHFWDGRU FRQ IODVKHVEDFN QR
VHxDODGRV FRPR WDOHV &XDQGR VH GD FXHQWD TXH KD KDELGR YXHOWD DWUiV TXHGD
WXUEDGRVRUSUHQGLGR(VSRUTXHDXWRPiWLFDPHQWHVHKDEtDVLWXDGRHQXQGHVSXpV

/RVSOD]RVGHWLHPSR
8Q SUREOHPD SDUWLFXODU GHO FLQH HQ UHODFLyQ FRQ HO WHDWUR HV HO TXH HVWDEOHFH OD
PHGLGD GHO WLHPSR WUDQVFXUULGR HQWUH ODV     HVFHQDV R PiV TXH SXHGH
WHQHU HO ILOP WLPH ODSVHV (Q RWUDV SDODEUDV FyPR LQGLFDU HO ODSVR GH Q VHJXQGRV
PLQXWRVKRUDVGtDVPHVHVDxRVTXHORVVHSDUDGHODGLpJHVLV
(QWUHODVFRQYHQFLRQHV SURSXHVWDVSRUHOFLQHSDUDUHVSRQGHUDHVWDFXHVWLyQDOJXQDV
VHxDODQ FLHUWR Q~PHUR GH FOLFKpV \D H[SHULPHQWDGRV TXH VH GHVDFRQVHMD XWLOL]DU HO
UHORMTXHGDYXHOWDVHOFDOHQGDULRTXHVHGHVKRMDHOFHQLFHURTXHVHOOHQDRODERWHOOD
TXH VH YDFtD HWF &RYHQFLRQHV PX\ SUiFWLFDV VLQ HPEDUJR GH ODV TXH VHUtD HUUyQHR
SUHVFLQGLU
(Q HIHFWR FRPR GLFH 9DOH  (O WLHPSR SRU HVHQFLD DEVWUDFWR H LQYLVLEOH VyOR
SXHGHVHUUHSUHVHQWDGRSRUVXVPDQLIHVWDFLRQHVFRQFUHWDV(QFRQVHFXHQFLDKD\TXH
LQYHQWDU R PDQHMDU PDWHULDOL]DFLRQHV GHO WLHPSR 7DPELpQ VH SXHGH XWLOL]DU OR TXH
+HUPiQ OODPD ORV GLiORJRV WLPH ODSVHV O HQ ORV TXH XQD UpSOLFD GLVFUHWD
HVWDEOHFH GH DQWHPDQR R D SRVWHULRUL HO WLHPSR WUDQVFXUULGR 7H YHR HVWD QRFKH
GLFH XQR GH ORV SHUVRQDMHV GH 3DXOLQH D RWUR GH WDO PRGR TXH FXDQGR YHDPRV D ORV
SHUVRQDMHV YROYHUVH D HQFRQWUDU SHQVHPRV TXH HV HO GtD VLJXLHQWH VDOYR
HYLGHQWHPHQWHVLFRQHVDUpSOLFDVHKDTXHULGRHQJDxDUODSUHYLVLyQGHOHVSHFWDGRU
/D HYDOXDFLyQ GHO WLPH ODSVH SURYRFDGD GH HVH PRGR HQ HO HVSHFWDGRU VH KDFH
LPSOtFLWDHLQFRQVFLHQWHPHQWH3RUODGXUDFLyQ\HOULWPRGHODVHVFHQDVSRUXQDSDUWH
\SRUODGXUDFLyQGHORVWLPHVODSVHVHQWUHODVHVFHQDVSRURWUDSDUWHVHFUHDFLHUWR
ULWPR VXE\DFHQWH TXH FRQWULEX\H D GDU HO ULWPR \ OD PDUFKD GHO ILOP GH LJXDO PRGR
TXHHOGHFRXSDJH\HOPRQWDMH


/OHJDUDWLHPSRSDUD
(OFLQHMXHJDDPHQXGRVREUHWRGRHQORVVXVSHQVHVTXHVRQMXHJRVFRQODGXUDFLyQ
FRQODLGHDGHOOHJDUDWLHPSRSDUD<HVWRTXL]iVSRUTXHFRQWUDULDPHQWHDOWH[WRGH
XQD REUD GH WHDWUR VXMHWR D LQWHUSUHWDFLRQHV \ SXHVWDV HQ HVFHQD VLHPSUH GLIHUHQWHV
HO ILOP VH SUHVHQWD GH HQWUDGD FRQ WLHPSR PDWHULDOL]DGR ILMDGR FRQFUHWDGR HQ OD
SDQWDOOD
$O LJXDO TXH HO FLQH FDSD] GH WUDQVSRUWDUQRV D FXDOTXLHU OXJDU HVWi IDVFLQDGR SRU OD
FRDFFLyQWHDWUDOGHOOXJDU~QLFRTXHSRGUtDSDUHFHUFRQWUDULRDVXFDUiFWHUGHOPLVPR
PRGR FXDQGR XQ ILOP HVWD KHFKR FRQ OD DJORPHUDFLyQ GH WURFLWRV GH WLHPSR ILOPDGRV
HVWi IDVFLQDGR SRU HO MXHJR FRQ HO WLHPSR UHDO D YHFHV HQ ORV PLVPRV ILOPV 3RU
HMHPSOR /D VRJD GH +LWFKFRFN GXUD H[DFWDPHQWH HO WLHPSR GH OD DFFLyQ
DSUR[LPDGDPHQWH GRV KRUDV \ VH GHVDUUROOD HQ HO PDUFR ~QLFR GH XQ SLVR
QHR\RUTXLQR/DLGHDGHOILOPHQWLHPSRUHDOVHHQFXHQWUDLJXDOPHQWHHQ&OpRGHD
GH$JQpV<DUGDGRVKRUDVGHODYLGDGHXQDPXMHUHQGRVKRUDVGHSHOtFXODRHQ&H
VRLURXMDPDtVGH0LFKHO'HYLOOHFRQJXLyQGH1LQD&RPSDQHH]
6LQOOHJDUDHVRVH[WUHPRVTXHQRLPSLGHQHQORVILOPVFLWDGRVFLHUWDHVWLOL]DFLyQGHO
WLHPSR XQD FRPLGD TXH QRUPDOPHQWH OOHYDUtD YHLQWH PLQXWRV VH GHVSDFKD SRU HO
MXHJR GHO PRQWDMH R GH ODV HOLSVLV GHO GHVJORVH HQ FLQFR PLQXWRV DSDUHQWDQGR
GHVDUUROODUVH HQ WLHPSR UHDO HO FLQH VH FRPSODFH D PHQXGR HQ UHFRJHU XQD
DFFLyQGHXQVyORGtD6RORDQWHHOSHOLJURGH)UHG=LQQHPDQQGRVGtDV5HEHOGHVLQ
FDXVD GH 1LFKRODV 5D\ WUHV GtDV 7HQHU \ QR WHQHU FXDWUR GtDV (O WHVWDPHQWR GHO
'RFWRU0DEXVHHWFWRGRHOORFRQODLQWHQFLyQGHHYLWDUHOVHQWLPLHQWRGHGLVSHUVLyQ\
GHSpUGLGDGHWHQVLyQTXHSRGUtDQDFHUGHVXIDFLOLGDGSDUDWUDQVSRUWDUQRVDFXDOTXLHU
OXJDU R D FXDOTXLHU WLHPSR /D OXFKD FRQ HO WLHPSR ILJKW DJDLQVW WLPH OD FDUUHUD
FRQWUDUHORMHVQRVLQUD]yQXQRGHORVWHPDVPiVDPHQXGRWUDWDGRVHQHOFLQH

(VWDEOHFLPLHQWRGHORVSOD]RVGHWLHPSRHQHOSULPHUDFWRGHO,QWHQGHQWH6DQVKR
(O SULQFLSLR GHO ILOP SUHVHQWD WUHV IODVKHVEDFN VXSXHVWDPHQWH QDFLGRV GHO UHFXHUGR
GHOSHTXHxR=XVKLR\GHVXPDGUH7DPDNLFDGDYXHOWDDWUiVHVWiSUHFHGLGD\VHJXLGD
GH XQ IXQGLGR HQFDGHQDGR (Q HVRV IODVKHVEDFN OD PDGUH 7DPDNL HVWi LQWHUSUHWDGD
SRUODPLVPDDFWUL]SHURORVQLxRVVRQPXFKRPiVSHTXHxRVVLJQRGHXQLQWHUYDORGH
YDULRV DxRV $GHPiV HV SRVLEOH TXH OD XWLOL]DFLyQ GHO IXQGLGR HQFDGHQDGR QR EDVWH
SDUD KDFHU FRPSUHQGHU LQPHGLDWDPHQWH DO HVSHFWDGRU TXH KD\ IODVKEDFN VLQ HO
UHFXUVRGHORVGLiORJRVGHODVLWXDFLyQGHODVDOXVLRQHVTXHSRFRDSRFROHD\XGDQD
GDUVH FXHQWD GH TXH VH KD UHPRQWDGR DO SDVDGR &XDQGR HO UHODWR KD YXHOWR
GHILQLWLYDPHQWHDOSUHVHQWH7DPDNLHYRFDHOILQDOGHOGtD7HQHPRVTXHHQFRQWUDUXQ
UHIXJLR SDUD OD QRFKH 0iV WDUGH FXDQGR ORV YLDMHURV VH FRQVWUX\HQ XQ UHIXJLR
VDEHPRV JUDFLDV D HVH GLiORJR WLPH ODSVH TXH HVWDPRV HQ OD QRFKH GHO PLVPR GtD
/DVHVFHQDVVLJXLHQWHVHQODVTXHORVQLxRVUHFRJHQUDPDV\OOHJDODIDOVDVDFHUGRWLVD
VRQ PRVWUDGDV FRPR VXFHGLpQGRVH XQD WUDV RWUD GH PRGR QDWXUDO 9HPRV D OD
VDFHUGRWLVD SURPHWHU XQD FRPLGD D ORV YLDMHURV OXHJR HQ OD HVFHQD VLJXLHQWH QRV
HQFRQWUDPRV DQWH XQD FDVD \ OD PXMHU GLFH D 7DPDNL UHILULpQGRVH D ORV GRV QLxRV
GRUPLGRV+DQFRPLGRELHQ1XHYRGLiORJRWLPHODSVHGHVWLQDGRDHVWDEOHFHUDOD
YH] HO SOD]R GH WLHPSR HV OD PLVPD QRFKH \ D GHVFULELUOD DFFLyQ HOXGLGD HV GHFLU OD
FRPLGD (Q HO WUDQVFXUVR GH HVD PLVPD HVFHQD OD VDFHUGRWLVD HYRFD HO IXWXUR
&RMDQXQEDUFR&RQR]FRDXQRVEDUTXHURV$OGHVDUUROODUVHODVLJXLHQWHHVFHQDSRU
OD PDxDQD HQ OD EUXPD D OD RULOOD GHO ODJR \ VLHQGR OD SULPHUD UpSOLFD GH OD

VDFHUGRWLVD GLULJLpQGRVH D 7DPDNL 'XUDQWH VX GHVFDQVR OR KH DUUHJODGR WRGR
GHGXFLPRV TXH KD WUDQVFXUULGR XQD ~QLFD QRFKH (O WLHPSR WUDQVFXUUH GHVSXpV GH
PDQHUD FRQWLQXD KDVWD HO VHFXHVWUR GH 7DPDNL \ GH VXV KLMRV HVFHQD WHUULEOH TXH
DFDED FRQ XQ IXQGLGR HQ QHJUR PDUFDQGR HO WUDQVFXUVR GH XQ SHULRGR GH WLHPSR PiV
ODUJR
/D VLJXLHQWH HVFHQD VH GHVDUUROOD HQ XQ SXHEOR GRQGH UHFRQRFHPRV D XQR GH ORV
EDUTXHURVLQWHQWDQGRYHQGHUDORVQLxRVFRPRHVFODYRV /HVDQXQFLDTXHVXPDGUH \D
KD VLGR YHQGLGD OR FXDO QRV WUDQVPLWH HVD LQIRUPDFLyQ SHUR WDPELpQ QRV LQIRUPD GH
TXHKDWUDQVFXUULGRFLHUWRWLHPSRYDULRVGtDV"3RFRGHVSXpVXQKRPEUHDFRQVHMDDO
EDUTXHUR TXH YD\D D OD SURYLQFLD GH 7DQJR SDUD RIUHFHU D ORV QLxRV DO ,QWHQGHQWH
6DQVKR
&XDQGR GHVFXEULPRV GHVSXpV GH XQ IXQGLGR HQFDGHQDGR UiSLGR VLJQLILFDWLYR GH XQ
ODSVR GH WLHPSR PiV FRUWR TXH HO SUHFHGHQWH XQD JUDQ SURSLHGDG VXSRQHPRV SXHV
LPSOtFLWDPHQWH TXH VH WUDWD GH OD SURSLHGDG GH HVH IDPRVR ,QWHQGHQWH (VWH FXDQGR
DSDUHFH KDFH DOXVLyQ D OD FRPSUD GH ORV QLxRV TXH \D KD RFXUULGR OD YHQWD GH ORV
QLxRV FRQVHFXHQWHPHQWH KD VLGR UHDOL]DGD HQ HO LQWHUYDOR \ RUGHQD SRQHUORV D
WUDEDMDU HQ HO DFWR (Q FXDQWR DO LQWHQWR GH HYDVLyQ GH OD YLHMD 1DPLML PRVWUDGD
GHVSXpV TXHGD FODUDPHQWH HVWDEOHFLGR TXH KD RFXUULGR XQ SRFR GHVSXpV GXUDQWH HO
PLVPR GtD PHGLDQWH OD UpSOLFD VLJXLHQWH 'XUDQWH HO GtD DO YHU D HVRV QLxRV KH
SHQVDGRHQORVPtRV
$ FRQWLQXDFLyQ YLHQHQ VXFHVLYDPHQWH OD DFFLyQ GH PDUFDU FRQ KLHUUR FDQGHQWH D
1DPLMLHOLQWHUURJDWRULRGHORVQLxRVSRU7DURDTXLHQXQKRPEUHYLHQHDEXVFDUSDUD
TXH DFXGD D OD UHFHSFLyQ TXH RIUHFH VX SDGUH OXHJR HVWD UHFHSFLyQ RIUHFLGD SRU
6DQVKR DO HQYLDGR GHOPLQLVWUR SDUD KRQUDUOR GHVSXpV 7DUR GHVDSDUHFH \ FXDQGR YD
DYHUDORVQLxRV\DGRUPLGRVKDFDtGRODQRFKHHQVXFDEDQDODP~VLFDOHMDQDGHOD
UHFHSFLyQ TXH VH VLJXH R\HQGR HVWDEOHFH WDQWR OD FRQWLJLGDG GH OXJDU FRPR OD GH
WLHPSR
3RU ILQ 7DUR KDFH TXH OH DEUDQ OD SXHUWD GH OD SURSLHGDG SDUD LU KDFLD XQ GHVWLQR
GHVFRQRFLGR\YHPRVXQOHWUHURLQGLFDQGRXQVDOWRGHGLH]DxRV
$GPLUHPRVGHSDVRFyPRHQHOPLVPRGtDGHODOOHJDGDDFDVDGH6DQVKRHVFHQDV
\  XQD VXFHVLyQ PX\ DSUHWDGD GH VLWXDFLRQHV IXHUWHV \ VLJQLILFDWLYDV KD VDELGR
FRQFHQWUDU XQ Q~PHUR FRQVLGHUDEOH GH LPSUHVLRQHV LQIRUPDFLRQHV \ DFRQWHFLPLHQWRV
GHWHUPLQDQWHV SDUD OD FRQWLQXDFLyQ GHO UHODWR 6H KD HVWDEOHFLGR FRQ IXHU]D HQWUH
RWUDVHQHVWDVGRVHVFHQDV
OD GLVWDQFLD HQWUH ORV QLxRV \ VX PDGUH GH OD TXH VH KDQ YLVWR VHSDUDGRV SRU OD
UpSOLFDGH7DUR/DLVODGH6DGRGRQGHKDVLGRYHQGLGDODPDGUHHVWDOHMRV
ODFUXHOGDGGH6DQVKR\ODEXHQDYROXQWDGDXQTXHWLPRUDWDGHVXKLMR7DUR
ODVEDVHVSROtWLFDVGHOSRGHUGH6DQVKRTXLHQVDWLVIDFHDOPLQLVWURFRQVXHILFDFLDHQ
ODUHFDXGDFLyQGHORVLPSXHVWRV
OD YLGD GXUD OOHYDGD SRU ORV HVFODYRV HQ OD SURSLHGDG \ OD GLILFXOWDG SDUD HVFDSDU
HVFHQD GH OD HVFODYD PDUFDGD FRQ KLHUUR FDQGHQWH SUHSDUDQGR XQD HVFHQD VLPLODU
GLH]DxRVPiVWDUGH

HO SDSHO GH 1DPLML VXVWLWXtD GH OD PDGUH GH OD TXH KDQ VLGR VHSDUDGRV ORV QLxRV
HVD PLVPD 1DPLML FX\D HQIHUPHGDG YD D GDU GLH] DxRV PiV WDUGH RFDVLyQ D =XVKLR
SDUD HYDGLUVH OOHYiQGROD D KRPEURV \ FRQVHFXHQWHPHQWH SDUD YROYHU D VHU XQ
KRPEUH
HO FDPELR GH QRPEUH SURSXHVWR D ORV QLxRV HWF \ HVWR HQ XQ HQFDGHQDPLHQWR
FRQWLQXR\DSDUHQWHPHQWHQDWXUDOTXHHQHOSODQRGHOJXLyQ\DHVDUWHPD\RU7RGDV
HVWDVFRVDVQHFHVLWDEDQVHU FODUDPHQWH HVWDEOHFLGDVSDUDGDU HQHOVHJXQGRDFWRTXH
VLJXHHOGHODHYDVLyQGH=XVKLRWRGDVXIXHU]D

'HVDUUROORGHOWLHPSRHQODOHFWXUDGHOJXLyQ
'HVGH HO SXQWR GH YLVWD GHO WUDQVFXUVR GHO WLHPSR FXDQGR VH OHH XQ JXLyQ HV
FRQYHQFLRQDO GDU D FDGD SiJLQD OHtGD XQD GXUDFLyQ ILMD HQ OD SDQWDOOD SRU HMHPSOR XQ
PLQXWRRVHJXQGRVRPLQXWR\PHGLRSRUSiJLQDFRQHOILQGHTXHHOOHFWRUWHQJD
\DXQDLPSUHVLyQGHORTXHGXUDFDGDHVFHQDDVtFRPRGHOULWPRGHOILOP(OORREOLJDD
OLPLWDUODVGHVFULSFLRQHV\DKDFHUODVFRQODPD\RUFRQFLVLyQSRVLEOHSDUDQRDODUJDUOD
OHFWXUD QL ILMDUOD VREUH XQ PRPHQWR TXH HQ HO ILOP DFDEDGR HVWi SUHYLVWR SDUD GXUDU
VyORXQRVVHJXQGRV

'$6<12&+(6

8QDGHGXFFLyQLQFRQVFLHQWH
8QJXLyQFXHQWDXQDKLVWRULDTXHVHGHVDUUROODGXUDQWHFLHUWRWLHPSRDYHFHVFRQXQD
H[WHQVLyQGHYDULRVPHVHVLQFOXVRDxRVSHURDPHQXGRFRQFHQWUDGDHQXQRVGtDV3RU
HMHPSOR 0DEXVH VH GHVDUUROOD HQ VyOR WUHV R FXDWUR GtDV 7HQHU \ QR WHQHU HQ WUHV
GtDV3DXOLQHHQODSOD\DHQXQDVHPDQDMXVWD
(V UDUR TXH HO HVSHFWDGRU OOHYH FRQVFLHQWHPHQWH OD FXHQWD GHWDOODGD GH ORV GtDV TXH
WUDQVFXUUHQ VREUH WRGR VL HO JXLyQ VH VDOWD ODV WDUGHV \ ODV QRFKHV FRPR RFXUUH D
PHQXGR3HURHVDFXHQWDVLHPSUHODKDFHLQFRQVFLHQWHPHQWH

3URSRUFLyQHQWUHHVFHQDVQRFWXUQDV\HVFHQDVGLXUQDV
2WURDVSHFWRGHODFXHVWLyQGHORVGtDV\ODVQRFKHVHVODSURSRUFLyQHQWUHODVHVFHQDV
QRFWXUQDV FRQ UHVSHFWR D ODV HVFHQDV GLXUQDV \ HO ULWPR FUHDGR SRU VX HYHQWXDO
DOWHUQDQFLD $OJXQDV SHOtFXODV WUDQVFXUUHQ HQ HO HVSDFLR ~QLFR GH XQD QRFKH (V PiV
FRUULHQWHTXHODDFFLyQGHXQILOPWHUPLQHSRUODPDxDQDILQDOGHODQRFKHTXHSRUOD
QRFKHILQDOGHOGtD

&DPELRGHGtD
&XDQGR HO JXLRQLVWDKDFH VDOWRV HQ HO WLHPSR TXH WUDQVFXUUH HOXGLHQGR QRFKHV \ GtDV
VHYHREOLJDGRDHVWDEOHFHUGLVFUHWDPHQWHSDUDHOHVSHFWDGRUVLODHVFHQDVLJXLHQWHVH
VLW~D HQ OD FRQWLQXLGDG GHO PLVPR GtD R WUDQVFXUUH DO GtD VLJXLHQWH R GRV R WUHV GtDV
GHVSXpV HV HO SUREOHPD GH ORV SOD]RV GH WLHPSR HQWUH ODV HVFHQDV GH ORV WLPH
ODSVHVYHU7LHPSR
(Q3DXOLQHVHQRVLQIRUPDVREUHORVFDPELRVGHGtDPHGLDQWHWRTXHVGLVFUHWRV
'HO SULPHUR DO VHJXQGR GtD ORV SHUVRQDMHV SDVDQ MXQWRV OD SULPHUD QRFKH \ YDQ D
EDLODU DQWHV GH YROYHU HQ FRFKH 9HPRV D 3DXOLQH DFRVWDUVH \ GHVSHUWDUVH GHVSXpV HQ
VXKDELWDFLyQFXDQGR\DHVGHGtD\FRQFOXLPRVLQPHGLDWDPHQWHTXHKDHPSH]DGRHO
VHJXQGRGtD
'HO VHJXQGR DO WHUFHU GtD HO VHJXQGR GtD GH OD KLVWRULD DFDED FRQ XQD HVFHQD GLXUQD
6H YH HO SDVR DO GtD VLJXLHQWH SRU HO KHFKR GH TXH HQ OD HVFHQD  3DXOLQH \ 0DULRQ
HVWiQ WRPDQGR VX GHVD\XQR FRPR OR SUHFLVD HO GLiORJR +DV GHVD\XQDGR" GLFH
0DULRQD3LHUUH
'HOWHUFHUDOFXDUWRGtDHOWHUFHUGtDQROOHYDWDPSRFRQLQJXQDHVFHQDTXHVHVLW~HGH
QRFKH R GH GtD (O SDVR DO FXDUWR GtD HV SXHV H[SUHVDGR SRU SODQRV EUHYHV GH OD
H[FXUVLyQ DO 0RQW6DLQW0LFKHO HQ FRFKH H[FXUVLyQ DQXQFLDGD GH DQWHPDQR SRU
0DULRQ FXDQGR OD YtVSHUD OH SUHJXQWD D +HQUL 9LHQHV PDxDQD DO 0RQW6DLQW
0LFKHO"%DVWDFRQODSDODEUDPDxDQDSDUDSUHFLVDUHOWLPHODSVH

'HOFXDUWRDOTXLQWRGtDVHJXLPRVVLQXQDHVFHQDGHWDUGHRGHQRFKHHQHOFXDUWRGtD
(O SDVR DO TXLQWR GtD VH HVWDEOHFH SXHV PHGLDQWH OD REVHUYDFLyQ GH 3LHUUH D 0DULRQ
3DVRSRUODPDxDQDSRUTXHQRSXHGRYHUWHSRUODWDUGH
'HOTXLQWRDOVH[WRGtDFRPRHQHOWHUFHUGtDYHPRVD3DXOLQH\0DULRQGHVD\XQDQGR
IXHUD0DULRQSUHFLVDDGHPiVFXDQGRUHFLEHHOWHOHJUDPD7HQJRTXHHVWDUHQ3DUtV
HVWDWDUGHYROYHUpPDxDQD6HDFDEDHOVH[WRGtDFRPRHOSULPHURFRQODOOHJDGDGH
ODQRFKH\FRPRHQWRQFHVFRQODLPDJHQGH3DXOLQHDFRVWiQGRVH
'HO VH[WR DO VpSWLPR GtD FXDQGR VH GHVSLHUWD +HQUL QRV VLWXDPRV HQ HO VpSWLPR \
~OWLPRGtDGHODDFFLyQTXHQRYHUHPRVHQWHUDPHQWH
+D\TXHREVHUYDUFLHUWDVLPHWUtDTXH UHIXHU]DHODVSHFWRFtFOLFRGHOGHVHQODFHTXHVH
FLHUUDVREUHHOSULQFLSLR7HQHPRVHQHOILOPGRVJUDQGHVHVFHQDVQRFWXUQDVFRQFXDWUR
SHUVRQDMHV KDFLpQGRVH HFR GHVGH HO SULQFLSLR KDVWD HO ILQDO DPEDV HVFHQDV VRQ
HVFHQDV GH H[SOLFDFLyQ TXH WUDQVFXUUHQ HQ FDVD GH +HQUL 6H KDFHQ HFR FRQ PD\RU
UD]yQ FXDQWRTXHHQHOLQWHUYDORQRKHPRVWHQLGRQLQJXQDHVFHQDQRFWXUQD (OULWPR
GHORVGtDV\GHODVQRFKHVHVWDSXHVDTXtPX\RUJDQL]DGR\QRGHMDGRDOD]DU
,JXDOPHQWH REVHUYDUHPRV HQ 0DEXVH HO PRGR VLVWHPiWLFR FRQ HO TXH )ULW] /DQJ HQ
ODVHVFHQDVTXHVHVLW~DQHQLQWHULRUHVGHVSDFKRVFHOGDVKDELWDFLRQHVFHUUDGDVHWF
HYLWD HQFXDGUDU OD PHQRU YHQWDQD R DSHUWXUD KDFLD HO H[WHULRU GHMiQGRQRV D PHQXGR
LJQRUDU D TXp KRUD GHO GtD R GH OD QRFKH VH VLW~D OD DFFLyQ /DV SRFDV HVFHQDV TXH
HVWiQSUHFLVDPHQWHUHODFLRQDGDVFRQXQPRPHQWRGHOGtDRGHODQRFKHDGTXLHUHQSRU
HVWHPRWLYRXQUHOLHYHSDUWLFXODU


0217$-(6(&8(1&,$

(Q LQJOpV HO WpUPLQR GH PRQWDJH LPSRUWDGR GHO IUDQFpV KD WRPDGR XQ VHQWLGR
GLIHUHQWH \ OD H[SUHVLyQ GH PRQWDJHVHTXHQFH PRQWDMHVHFXHQFLD GHVLJQD
6WHPSHO  XQD VHFXHQFLD GH SODQRV FRUWRV TXH PXHVWUD XQD VHULH GH DFFLRQHV
TXHWUDQVFXUUHQGHQWURGHFLHUWRSHULRGRGHWLHPSRTXHHYRFDGHPRGRVLQWpWLFROD
DVFHQVLyQGHXQSHUVRQDMHKDFLDODIDPDRDOFRQWUDULRVXGHFDGHQFLDORVGtDVGHXQD
SDUHMDIHOL]\VLQSUREOHPDVODFRQVWUXFFLyQGHXQHGLILFLRRGHFXDOTXLHUREUDXQYLDMH
GHYDULRVGtDVHWF
'H ODV FXDWUR SHOtFXODV HOHJLGDV VyOR 6DQVKR SUHVHQWD XQ PRQWDMHVHFXHQFLD FRQ
SODQRV UiSLGRV PRVWUDQGR OD SURFODPDFLyQ GHO HGLFWR GH =XVKLR OD UHDFFLyQ GH ORV
KRPEUHV GH 6DQVKR TXH ORV DUUDQFDQ HWF (VWRV SODQRV HVWiQ PRQWDGRV GH PDQHUD
TXH VXJLHUDQ TXH VH WUDWD GH XQ SURFHVR TXH WUDQVFXUUH GXUDQWH FLHUWR WLHPSR \ HQ
GLYHUVRVOXJDUHV
/D H[SUHVLyQ PRQWDMHVHFXHQFLD QR WLHQH HTXLYDOHQWH H[DFWR HQ RWURV LGLRPDV SHUR
FRUUHVSRQGHH[DFWDPHQWHDODGHILQLFLyQGDGDSRU&KULVWLDQ0HW]HQVXWUDEDMRVREUHHO
OHQJXDMH FLQHPDWRJUiILFR UHIHUHQWH D OR TXH pO OODPD HO V\QWDJPHIUpTXHQWDWLI
VLQWDJPDIUHFXHQWDWLYR TXH GHVFULEH VHJ~Q pO XQ SURFHVR FRPSOHWR
FRPSULPLGR

HQDOJXQDVPXHVWUDV&RPPXQLFDWLRQVQ~PHUR

&KULVWLDQ0HW]GLVWLQJXHDSDUWLUGHDKtWUHVVXEWLSRVGHVLQWDJPDVIUHFXHQWDWLYRV
D(OVLQWDJPDIUHFXHQWDWLYROOHQRPH]FODGHLPiJHQHVVLQLGHDGHVXFHVLyQ
E(OVLQWDJPDVHPLIUHFXHQWDWLYRHYROXFLyQFRQWLQXDFRQSURJUHVLYLGDGOHQWD
F (O VLQWDJPD \X[WDSXHVWR EUHYHV HYRFDFLRQHV TXH UHPLWHQ D DFRQWHFLPLHQWRV
SHUWHQHFLHQWHVDXQPLVPRRUGHQGHUHDOLGDG
3RUUD]RQHVFRQFUHWDVDFDXVDHQWUHRWUDVFRVDVGHODDXVHQFLDGHVRQLGRUHDOFDSD]
GHFUHDUXQDVHQVDFLyQGHWLHPSRUHDO\VXFHVLYRHOVLQWDJPD\X[WDSXHVWRHUDPX\
SUDFWLFDGRHQWLHPSRVGHOFLQHPXGR
7DPELpQ VH SRGUtD DVLPLODU D XQ PRQWDMH HQ HO VHQWLGR DQJORVDMyQ RWUR VLQWDJPD GH
0HW]HOVLQWDJPDGHVFULSWLYRFUHDGRSRUXQDLGHDGHFRH[LVWHQFLDHVSDFLDO\TXHQR
VXSRQH XQD GLVSRVLFLyQ WHPSRUDO 0HW] GD HO HMHPSOR GH XQ UHEDxR GH RYHMDV HQ
PDUFKDGHORVTXHVHPXHVWUDDOSDVWRUDOSHUURDOFRUGHURHWF


/8*$5(6

6HGLFHFRUULHQWHPHQWHTXHORSURSLRGHOFLQHSRURSRVLFLyQDOWHDWURHVTXHSHUPLWH
LU

WHyULFDPHQWH

SRU

FXDOTXLHU

VLWLR

PXOWLSOLFDU

DO

LQILQLWR

ORV

OXJDUHV

ORV

GHVSOD]DPLHQWRV HWF 3HUR WDPELpQ YHPRV TXH HO FLQH KD EXVFDGR IUHFXHQWHPHQWH OR
FRQWUDULR HV GHFLU OD OLPLWDFLyQ GHO Q~PHUR GH OXJDUHV \ D YHFHV LQFOXVR VH KD
LPSXHVWR OD XQLGDG GH OXJDU $FDVR QR VHUi TXH GHELGR D UD]RQHV GH HILFDFLD
GUDPiWLFD XQ JXLyQ GH SHOtFXOD VH FRQFLEH D PHQXGR DOUHGHGRU GH XQ OXJDU
SULYLOHJLDGR GH DWUDFFLyQ \ GH DFFLyQ R VREUH GRV OXJDUHV RSXHVWRV" ,QFOXVR HQ ORV
ILOPV FRQVWUXLGRV VREUH OD LGHD GH XQ YLDMH GH XQD IXJD HVD VLWXDFLyQ GH IXJD \ GH
YLDMHSXHGHFRQVWLWXLUSRUVtPLVPDHOOXJDUGHUHIHUHQFLD
(VWRORSRGHPRVYHULILFDUHQQXHVWUDVSHOtFXODV
(Q (O ,QWHQGHQWH 6DQVKR HVH OXJDU SULQFLSDO HV OD SURSLHGDG GHO ,QWHQGHQWH GRQGH
QXHVWURV MyYHQHV KpURHV VRQ FRQGXFLGRV FRPR HVFODYRV DO ILQDO GH OD SULPHUD SDUWH \
TXHHVWiSODQWHDGRSULPHURFRPRXQOXJDULPSRVLEOHGHDEDQGRQDUVLQVXIULUKRUULEOHV
FDVWLJRV 'HVSXpV DO ILQDO HVD SURSLHGDG VH FRQYLHUWH HQ HO OXJDU GRQGH SRU HO
FRQWUDULRVHTXLHUHLPSHGLUDOKpURH=XVKLRHQWUDU3ULPHUWLHPSRHOORVKpURHVHV
FRQGXFLGRSRUODIXHU]DDODJXDULGDGHO0DO\VHHVFDSD6HJXQGRWLHPSRYXHOYHDOOt\
VH LQWURGXFH SRU VX SURSLD YROXQWDG SDUD DIURQWDU HO PDO HQ VX SURSLR WHUUHQR (VWD
HVWUXFWXUD PX\ FRUULHQWH HQ ODV SHOtFXODV GH DFFLyQ FXOPLQD PXFKDV YHFHV FRQ OD
GHVWUXFFLyQILQDOJUDQGLRVD\ HXIyULFDGHOHVSDFLRPDOGLWRFRPRRFXUUHSUHFLVDPHQWH
HQHVWHFDVR
(Q3DXOLQHHQODSOD\DHOOXJDUSULQFLSDOHVODFDVDGH+HQULHVWDPELpQXQHVSHFLHGH
JXDULGD(IHFWLYDPHQWHHVHOPDUFRGHODVHVFHQDVFODYHGHOILOPHVFHQDV\GH
QXHVWUR UHVXPHQ 7RGRV ORV SHUVRQDMHV DFXGHQ DOOt WUDV OD LQYLWDFLyQ GH VX
PDTXLDYpOLFR GXHxR \ WRGDV ODV SDUHMDV YDQ DOOt SDUD GHVKDFHUVH $OOt WDPELpQ HV

GRQGH VH SURGXFH HO HTXtYRFR SULQFLSDO TXH DOLPHQWD OD DFFLyQ 6X SURSLHWDULR +HQUL
KDEODGHODFDVDFRPRGHVX~QLFRKRJDU\GLFHTXHHVWDDELHUWDDWRGRV(VUHDOPHQWH
XQOXJDUDFWLYRGRWDGRGHSRGHU$GHPiVHOLQWHULRUGHODRWUDFDVDGHYHUDQHRODGH
0DULRQ \ 3DXOLQH QXQFD VH YH OR FXDO YLHQH D UHIRU]DU OD LPSRUWDQFLD GH OD FDVD GH
+HQUL
(Q 7HQHU \ QR WHQHU HO OXJDU GH DWUDFFLyQ \ FRQIURQWDFLyQ DTXt OD JXDULGD GH ORV
EXHQRV \ QR OD GH ORV PDORV HV HO %DU +RWHO 0DUTXLV GRQGH YLYH +DUU\ 0RUJDQ
GRQGH 0DULH WRPD XQD KDELWDFLyQ \ FX\R VyWDQR VLUYH SDUD HVFRQGHU D 3DXO GH %XUVDF
KHULGR (O PDOR HO ELHQ OODPDGR 5HQDUG YD D KDFHU DOOt WUHV LQFXUVLRQHV VXFHVLYDV
FRQ OD HVSHUDQ]D VLHPSUH GH GHWHQHU D ORV UHVLVWHQWHV HVFRQGLGRV (Q HVH KRWHO VH
GHVDUUROOD OD JUDQ HVFHQD GH FRQIURQWDFLyQ ILQDO HO FOLPD[ FXDQGR 5HQDUG YD
DFRPSDxDGR GH KRPEUHV DUPDGRV SDUD VRUSUHQGHU D +pOqQH \ 0DULH HQ OD KDELWDFLyQ
GH +DUU\ (O KRWHO WDPELpQ HV HO HVFHQDULR GH YDULRV Q~PHURV PXVLFDOHV FRQ OD
RUTXHVWD GLULJLGD SRU HO SLDQLVWD +RDJ\ &DUPLFKDsO 3RU ILQ HQ HO GLiORJR ILQDO HQWUH
+DUU\ \ *pUDUG HO JHUHQWH GHO KRWHO +DUU\ HYRFD OD SRVLELOLGDG GH TXH ORV GH 9LFK\
LQFHQGLHQ HO HVWDEOHFLPLHQWR GHO PLVPR PRGR TXH HQ RWUR VHQWLGR ORV HVFODYRV
OLEHUDGRVTXHPDQODFDVDGH6DQVKR
(Q 0DEXVH DSDUHFHQ GRV OXJDUHVFODYH SDUWLFXODUPHQWH LPSRUWDQWHV HQ WDQWR TXH
OXJDUHV SURKLELGRV \ JXDULGDV OD KDELWDFLyQ VHFUHWD FRQ FRUWLQD \ PiV
FRQFUHWDPHQWH HO HVSDFLR GH HVD KDELWDFLyQ HVFRQGLGR SRU OD FRUWLQD \ HO GHVSDFKR
GHO SURIHVRU %DXP (Q DPERV OXJDUHV LPSHUD XQD YR] HVFRQGLGD \ VX GREOH
SURIDQDFLyQ DO ILQDO PDUFD OD FDtGD GH 0DEXVH 3HUR QR KD\ TXH ROYLGDU OD FHOGD GH
0DEXVH HQ HO DVLOR FHOGD GRQGH VH LQWHUQDUi VXFHVLYDPHQWH D 0DEXVH +RIPHLVWHU \
%DXP TXH VHUi pO PLVPR TXLHQ VH LQWHUQH 6REUH HVWD FHOGD HQ HO ~OWLPR SODQR
FLHUUDODSXHUWDXQHQIHUPHURHQFHUUDQGRDOLtSRUODPLVPDRFDVLyQDOHVSHFWDGRU
(O FRQRFLGR LQWHUpV GH )ULW] /DQJ SRU ODV KDELWDFLRQHV VHFUHWDV ORV ODEHULQWRV ODV
FiUFHOHV\ORVOXJDUHVFHUUDGRVVHKDFHREVHVLYRHQ(OWHVWDPHQWRGHO'RFWRU0DEXVH
FRPRHQRWUDVSHOtFXODVVX\DV



0XOWLSOLFDFLyQGHOXJDUHV
(Q ODV &RQYHUVDFLRQHV VREUH HO +LMR 1DWXUDO 'LGHURW \D VRxDED FRQ XQ WHDWUR GH
P~OWLSOHVHVSDFLRVK6LWXYLpUDPRVWHDWURVGRQGHFDPELDVHHOGHFRUDGRFDGDYH]
TXH GHEH FDPELDU HO OXJDU GH OD HVFHQD  /D UHSUHVHQWDFLyQ VH KDUtD PiV YDULDGD
PiV LQWHUHVDQWH \ PiV FODUD (O PLVPR HVFULWR FRQWLHQH REVHUYDFLRQHV LQWHUHVDQWHV
VREUH OD SRVLELOLGDG GH UHSUHVHQWDU VLPXOWiQHDPHQWH HVFHQDV TXH VH GHVDUUROODQ HQ
OXJDUHVGLIHUHQWHVHVXQDDQWLFLSDFLyQGHOPRQWDMHSDUDOHORTXHPXHVWUDHQHOPLVPR
PRPHQWR HQ DOWHUQDQFLD OXJDUHV GLVWLQWRV FRPR DO ILQDO GH 0DEXVH HO VXVSHQVH
SDUDOHORGHODKDELWDFLyQFHUUDGDFRQ FHUURMR\ODJXDULGDVLWLDGDGHORVEDQGLGRV6LQ
GXGD 'LGHURW SUHWHQGtD RSRQHUVH D OD LPSRVLFLyQ GH OD XQLGDG GH OXJDU KHUHGDGD GHO
WHDWUR FOiVLFR IUDQFpV SHUR FRPR HQ YDULRV SXQWRV GH VXV &RQYHUVDFLRQHV \D
DQXQFLD HO FLQH HO FXDO FXULRVDPHQWH VH ODV LQJHQLD HQ FDPELR SDUD FRQFHQWUDU ODV
DFFLRQHV HQ OXJDUHV ~QLFRV UHWR PXFKDV YHFHV DFHSWDGR SRU +LWFKFRFN /LIHERDW XQD
ODQFKD GH VDOYDPHQWR &ULPHQ SHUIHFWR /D VRJD /D YHQWDQD LQGLVFUHWD XQ SLVR /R

SURSLR GH ORV UHDOL]DGRUHV PHGLRFUHV HV FUHHU TXH OD DEXQGDQFLD GH OXJDUHV GLIHUHQWHV
TXHGD IRU]RVDPHQWH PiV FLQHPDWRJUiILFR VREUH WRGR HQ OD DGDSWDFLyQ GHODV REUDV
GHWHDWURTXHVHLQWHQWDQDLUHDUHQH[FHVRFXDQGRODIXHU]DGHXQDREUDGHWHDWUR
VHJ~Q +LWFKFRFN YLHQH GH VX FRQFHQWUDFLyQ $ HVWH UHVSHFWR VRQ GH ~WLO OHFWXUD ORV
WH[WRV GH $QGUp %D]LQ GHGLFDGRV D OD DGDSWDFLyQ SDUD OD SDQWDOOD KHFKD SRU HO SURSLR
&RFWHDXGHVXREUD/HVSDUHQWVWHUULEOHV

&DUDFWHUL]DFLyQGHORVOXJDUHV
6HJ~Q 9DOH  ODV FDUDFWHUtVWLFDV GH XQ OXJDU VRQ VX QDWXUDOH]D KLV W\SH
GHVSDFKRUDQFKRXKRVSLWDOVXPRGRKLVNLQGSREODGRGHVLHUWRPtVHUROXMRVR
VXSURSyVLWRKLVSXUSRVHIDEULFDUREMHWRVVLHVXQDIiEULFDFHOHEUDUXQFXOWRVLHV
XQ WHPSOR VX VLWXDFLyQ KLV ORFDWLRQ HQ 3DUtV HQ XQ GHVLHUWR \ ILQDOPHQWH VX
UHODFLyQ FRQ XQR R YDULRV SHUVRQDMHV HV VX JXDULGD VX HVFRQGLWH HO VtPEROR GH VX
SRGHU HWF $ HVWR SRGHPRV DxDGLU HO DPELHQWH TXH VH GHVSUHQGH DQJXVWLRVR
PiJLFR RSUHVRU HXIyULFR PRUWtIHUR HWF \ TXH SXHGH FDUDFWHUL]DUOR FRPR D XQ
SHUVRQDMH
(Q PXFKRV JXLRQHV D PHQXGR VH ROYLGD GDU XQ FDUiFWHU D ORV GLIHUHQWHV OXJDUHV GH OD
DFFLyQSDUDKDFHUODKLVWRULDPiVYLYD\PHQRVDEVWUDFWD

&RPRXWLOL]DUODIXQFLyQGHORVOXJDUHV
&RQUHVSHFWRDODIXQFLyQQRUPDOGHORVOXJDUHVVHUHFRPLHQGD
RXWLOL]DUHOOXJDUHQVXIXQFLyQKDELWXDOXQDPLVDVLHVXQDLJOHVLDXQDVXEDVWDVLHV
XQDVDODGHYHQWDVXQHVSHFWiFXORHWFHLQWHJUDUGHPRGRGUDPiWLFRHVDIXQFLyQHQ
ODDFFLyQ+LWFKFRFNORKDKHFKRVLVWHPiWLFDPHQWH
R SRU HO FRQWUDULR FUHDU XQ FKRTXH XQD FRQWUDGLFFLyQ HQWUH HO OXJDU \ OR TXH DOOt
RFXUUH(OHMHPSORPiVFRUULHQWHHVHOGHXQDHVFHQDLQFRQJUXHQWHHQXQOXJDUQREOH
\VDJUDGR
(Q DPERV FDVRV VH KD WHQLGR HQ FXHQWD HO OXJDU \ VX IXQFLyQ \ QR VH OH KD WUDWDGR
FRPRXQHVFHQDULRSXUDPHQWHSDVLYR\GHFRUDWLYR

&$378/29,


4XpPXHYHDORVSHUVRQDMHV"
\FRQPXHYHDORVHVSHFWDGRUHV

,GHQWLILFDFLyQ

7HPRU

3LHGDG

&DPELR

GH

IRUWXQD

5HFRQRFLPLHQWR

(TXLYRFDFLyQ PDOHQWHQGLGR 'HXGD &RQGLFLyQ VRFLDO 0RUDOHV YDORUHV

3HUWXUEDFLyQ

'LILFXOWDGHV

0HWD

,QWHQFLRQHV

YROXQWDGHV

'LOHPD

$QWDJRQLVWD0DF*XIILQ

6H WUDWD DTXt GH OD KLVWRULD \ QR HVSHFtILFDPHQWH GHO JXLyQ HVWR TXLHUH GHFLU TXH
KDUHPRV UHIHQFtD D OD GLVWLQFLyQ IRUPXODGD DQWHULRUPHQWH GH OR TXH RFXUUH R QR HQ OD
PDWHULD FRQ OD TXH VH FXHQWD 8QD PLVPD KLVWRULD SXHGH VHU FRQWDGD FRQ PHGLRV
GLIHUHQWHV OD QRYHOD HO FyPLF OD UDGLR HO FLQH HO WHDWUR HO UHODWR RUDO (Q
FRQVHFXHQFLDH[SRQGUHPRVDTXtUHVRUWHVYLHMRVFRPRHOPXQGR
3HUR ODV SHOtFXODV PiV EHOODV QR VRQ DFDVR DTXHOODV HQ ODV TXH OD KLVWRULD \ OD
QDUUDFLyQ FLQHPDWRJUiILFD HQ HVWH FDVR HVWiQ WDQ HVWUHFKDPHQWH OLJDGDV HQWUH Vt
TXHXQRQRVDEUtDGLVWLQJXLUXQDGHODRWUD"


,'(17,),&$&,1

3URYRFDUODLGHQWLILFDFLyQ
3DUD SURYRFDU PDQWHQHU IDYRUHFHU OD LGHQWLILFDFLyQ GHO HVSHFWDGRU FRQ XQ SHUVRQDMH
FRQFUHWRVHUHFXUUHDYDULRVSURFHGLPLHQWRVGHORVTXHVyORFLWDUHPRVDOJXQRV
D (Q SULPHU OXJDU VH SXHGH FRQVLGHUDU TXH KD\ TXH DWULEXLUOH UDVJRV VLPSiWLFRV
DPHQRV KDODJDGRUHV R VHGXFWRUHV VROLFLWDQGR DVt OD HVWLPD R OD DGPLUDFLyQ 3HUR OD
LGHQWLILFDFLyQ QR IXQFLRQD PHMRU SDUD ORV VDQWRV TXH SDUD ORV VLQYHUJHQ]DV PiV
SHUIHFWRV 7RGR FRQVLVWH HQ OD PDQHUD GH SUHVHQWDUORV VH SXHGHQ SDVDU SRU DOWR VXV
IHFKRUtDV R GDU D VX VDQWLGDG XQ DVSHFWR PHQRV UtJLGR 'DGOH D ORV JUDQGHV
FRUD]RQHVJUDQGHVGHELOLGDGHVGHFtD%RLOHDX
E7DPELpQVHOHVSXHGHPRVWUDULQPHUVRVHQXQSHOLJURRXQDGHVJUDFLD3RUHMHPSOR
0L]RJXFKL DFRQVHMD D VX JXLRQLVWD <RGD ,QVLVWLU HQ OD HQIHUPHGDG GH 6XPDNR SDUD
DWUDHUKDFLDpOODVLPSDWtDGHOHVSHFWDGRU&DKLHUVGX&LQpPD6SpFLDO0L]RJXFKL
8Q SURFHGLPLHQWR XWLOL]DGR D PHQXGR KR\ SDUD SURYRFDU IiFLOPHQWH XQD LGHQWLILFDFLyQ
LQPHGLDWD \ DO PLVPR WLHPSR MXVWLILFDU WRGDV ODV DFFLRQHV IXWXUDV GHO KpURH HV HO GH

GRWDUOH GHVGH HO LQLFLR GH XQD WHUULEOH GHVJUDFLD HQ OD SHUVRQD GH DTXHOORV D ORV TXH
DPD KDQ PDWDGR D VX PXMHU VXV KLMRV VX KLMD TXHULGD HWF GH WDO PRGR TXH HO
HVSHFWDGRUHVWiGHVXSDUWHLQFOXVRHQODVSHRUHVYLROHQFLDV
(Q HO ILOP GH &ODXGH &KDEURO 4XH OD ErWH PHXUH VH WUDWDED GH SDUWLU GH HVH WLSR GH
LGHQWLILFDFLyQ IiFLO DGTXLULGD LQVWDQWiQHDPHQWH XQ PDO FRQGXFWRU DWUHSHOOD DO KLMR
SHTXHxRGHOSURWDJRQLVWDSDUDLQWHQWDUKDFHUODEDVFXODUSRVWHULRUPHQWHPRVWUDQGRD
ORV SHUVRQDMHV EDMR XQ SXQWR GH YLVWD PiV DPELJXR SDUD LU GH HVH PRGR D FRQWUD
FRUULHQWHGHODLGHRORJtDGHODOHJtWLPDGHIHQVD\VXVFLWDUHQHOHVSHFWDGRUPDOHVWDU
\ UHIOH[LyQ (VWR VLJXLHQGR HO HMHPSOR GHO PDHVWUR DGPLUDGR SRU &KDEURO )ULW] /DQJ
YHU0iVDOOiGHODGXGDFX\RILQDOKDFHTXHVHWDPEDOHHQODVDSDUHQFLDVSODQWHDGDV
DO SULQFLSLR /D LGHQILFDFLyQ QR HV IRU]RVDPHQWH XQ SURFHGLPLHQWR FREDUGH GH
FDSWDFLyQ R GH DGRUPHFLPLHQWR GHO HVSHFWDGRU SXHGH VHU FREDUGH OD PDQHUD FRQ OD
TXHVHPDQHMD
F 6H SXHGH PRVWUDU DO SHUVRQDMH FRPHWLHQGR XQ HUURU OHYH FRPR HQ HO FDVR GH ORV
QLxRV UHJLVWUDQGR ILVJDQGR FRPHWLHQGR XQ SHTXHxR KXUWR 8QD SHUVRQD TXH
UHJLVWUD QR QHFHVLWD VHU XQ SHUVRQDMH VLPSiWLFR HO S~EOLFR VLHPSUH VHQWLUi DSUHQVLyQ
KDFLDpOGLFH+LWFKFRFN+LWFKFRFN7UXIIDXW
7DPELpQ VDEHPRV TXH KD\ VHQWLPLHQWRV \ VLWXDFLRQHV GH EDVH FRQ ODV TXH FDGD FXDO
VH LGHQWLILFD ORV WULiQJXORV HGLSLDQRV H[SOtFLWRV R ODWHQWHV XQD VLWXDFLyQ SXHGH HVWDU
FDUJDGDGH(GLSRDXQTXHORVSHUVRQDMHVQRVHDQOLWHUDOPHQWHSDGUHHKLMDPDGUHH
KLMR ORV VHQWLPLHQWRV FRPR HO GHVHDPSDUR OD HQYLGLD FHORV FRQ UHVSHFWR DO
PHQRUODVHQVDFLyQGHVHQWLUVHDEDQGRQDGRHWF
(YLGHQWHPHQWH XQD QDUUDFLyQ TXH QRV DUUDVWUD FRQVFLHQWH R LQFRQVFLHQWHPHQWH DO
SXQWR GH YLVWD YHU HVD H[SUHVLyQ GH DOJXLHQ QRV FRQGXFH PiV IiFLOPHQWH D
LGHQWLILFDUQRVFRQpO3HURQRROYLGHPRVTXHODLGHQWLILFDFLyQHQHOFLQHHVXQSURFHVR
FRPSOHMRQRVSRGHPRVLGHQWLILFDUFRQYDULRVSHUVRQDMHVDODYH]LGHQWLILFDUQRVFRQOD
VLWXDFLyQHWF
1RV SRGHPRV LGHQWLILFDU DGHPiV FRQ XQ JUXSR 'H DKt OD H[LVWHQFLD GH FLHUWRV
SUREOHPDVHQHOJXLyQFXDQGRHVHJUXSRVHHVFLQGHHQGRVPLWDGHVHQHPLJDVRULYDOHV
\ QDGD QRV LQYLWD D GHVSOD]DU QXHVWUD LGHQWLILFDFLyQ KDFLD XQD SDUWH PiV TXH D RWUD
6RUFHUHU

GH

:LOOLDP

)ULHGNLQ

4XL]i

H[LVWDQ

GRV

VLWXDFLRQHV

LJXDOPHQWH

SUREOHPiWLFDV SDUD OD LGHQWLILFDFLyQ GHO HVSHFWDGRU FXDQGR GRV SHUVRQDMHV R GRV
JUXSRV VLPSiWLFRV SDUD HO HVSHFWDGRU HQWUDQ HQ FRQIOLFWR SHUR WDPELpQ FXDQGR GRV
SHUVRQDMHVRGRVJUXSRVRGLRVRVHQWUDQHQFRQIOLFWR

,GHQWLILFDFLyQ\FRPSDUDFLyQ
/D FRPSDUDFLyQ SHUPDQHQWH GLFH 9DOH  HV XQD IXQFLyQ XQ HOHPHQWR
SHUPDQHQWH GH OD LGHQWLILFDFLyQ 1RV LGHQWLILFDPRV SRU FRPSDUDFLyQ IDYRUDEOH R
GHVIDYRUDEOH 6HJ~Q pO ORV SHUVRQDMHV GHVDJUDGDEOHV R JURWHVFRV H[LJLUtDQ XQD
FRPSDUDFLyQIDYRUDEOHGHOHVSHFWDGRU+D\TXHDxDGLUTXHLQFOXVRVHSXHGHKDEODUHQ
FLHUWRV FDVRV GH XQD FRQWUDLGHQWLILFDFLyQ EDVDGD HQ HO SULQFLSLR PH ODV DUUHJOR
PHMRU TXH pO R HOOD VR\ PiV DVWXWR PiV VLPSiWLFR HWF (Q 3DXOLQH QRV FRQWUD
LGHQWLILFDPRVPiVFRQ0DULRQODSUHVXPLGDFRQWUDODTXHWRGRVHVWiQXQiQLPDPHQWH
TXH FRQ 3DXOLQH FRQ OD TXH QRV LGHQWLILFDPRV 8QD OHYH FRPSDUDFLyQ IDYRUDEOH FRQ HO
SHUVRQDMHHMH GH OD LGHQWLILFDFLyQ PRVWUiQGRQRVOR HQ VLWXDFLyQ GH GHELOLGDG R GH

WRUSH]D HV D YHFHV KiELO 6L VH SUHVHQWD OD GHELOLGDG GH XQ SHUVRQDMH FRQ HO TXH HO
HVSHFWDGRU VH KD LGHQWLILFDGR GH PRGR GLYHUWLGR DPHQR HO UHVXOWDGR HV XQD
VDWLVIDFFLyQLQILQLWDGLFH9DOH\FLWDD.DWKHULQH+HSEXUQHQ/DPXMHUGHODxR
GH *HRUJH 6WHYHQV LQWHQWDQGR FRFLQDU \ DFXPXODQGR WRUSH]DV (O HVSHFWDGRU GH KR\
YXHOYH D HQFRQWUDUVH FRQ OD PLVPD LGHD HQ .UDPHU FRQWUD .UDPHU GH 5REHUW %HQWRQ
FXDQGR'XVWLQ+RIIPDQSDSiWRUSHVHGHEDWHFRQXQRVKXHYRVUHYXHOWRV
(Q 0DEXVH OD LGHQWLILFDFLyQ GHO S~EOLFR HVWi HQ SULQFLSLR DGTXLULGD FRQ ORV GRV
MyYHQHV SURWDJRQLVWDV .HQW \ /LO\ SHUR +RIPHLVWHU TXH DO SULQFLSLR GHO ILOP VH
PXHVWUD HQ XQD VLWXDFLyQ GH DFHFKR DFRVDGR \ GHVSXpV LQPHUVR HQ XQD ORFXUD
UHJUHVLYDHVVHJXUDPHQWHXQSHUVRQDMHGHIXHUWHLGHQWLILFDFLyQ
2WUD SDUHMD HV OD TXH FRPSDUWH OD LGHQWLILFDFLyQ GH ORV HVSHFWDGRUHV HQ 7HQHU \ QR
WHQHU OD GH +DUU\ \ GH 0DULH \ HQ 6DQVKR VLQ GXGD VH WUDVODGD SULPHUR D OD SDUHMD
GH =XVKLR \ $QMX ORV GRV QLxRV SHUVHJXLGRV SRVWHULRUPHQWH D =XVKLR VROR GHVSXpV
TXH pVWH VH KD\D UHKDELOLWDGR (V SRVLEOH TXH HQ HVWH FDVR OD LGHQWLILFDFLyQ VH KDJD
PiVELHQFRQODIDPLOLDLQPHUVDHQODGHVJUDFLD\FRQODVLWXDFLyQTXHVHYLYHDWUDYpV
GHWRGRVVXVPLHPEURV
7(025

7HPRU\SXUJDFLyQ
3DUD $ULVWyWHOHV HO WHPRU R SKRERV HV MXQWR D OD SLHGDG pOpRV XQD GH ODV GRV
DFFLRQHV TXH OD WUDJHGLD GHEH HMHUFHU VREUH ODV DOPDV FRQ HO ILQ GLFH GH SXUJDU HO
KRPEUHGHWDOHVSDVLRQHV3DODEUDVPiV RPHQRVFODUDVVREUHODVTXHVHKDQ HVFULWR
PLOHVGHSiJLQDVGHFRPHQWDULRR H[pJHVLV$FDVRVHWUDWDGHSXUJDUGHH[RUFL]DU
HO WHPRU \ OD SLHGDG HQ Vt PLVPDV SURYRFiQGRODV" < GH TXp WHPRU VH WUDWD WHUURU
DQWH HO SRGHU GH OD IDWDOLGDG R GH ORV 'LRVHV WHPRU GH ODV YLROHQFLDV DVHVLQDWRV
VXSOLFLRV PRVWUDGDV R HYRFDGDV HQ HO WHDWUR" 3DUD PiV GHWDOOHV UHPLWLPRV D WRGRV
ORVWUDEDMRVVREUHODWUDJHGLDDQWLJXD\FOiVLFD

(OFLQH\HOPLHGR
(O FLQH DUWH GHO IXHUD GH FDPSR \ GH OR QR PRVWUDGR KD GHVDUUROODGRSDUWLFXODUPHQWH
HOUHVRUWHGHOWHPRUEDMRODIRUPDGHOPLHGRHQWRGRVVXVPDWLFHVGHVGH HOHVFDORIULy
KDVWD HO KRUURU SDVDQGR SRU OD DQJXVWLD \ HO HVSDQWR 6H SRGUtD GHFLU TXH QLQJXQD
IRUPD GUDPiWLFD HV PHMRU HTXLSDGD TXH HO FLQH SDUD SURYRFDU HO PLHGR GHVGH VXV
FRQGLFLRQHV PDWHULDOHV GH UHSUHVHQWDFLyQ XQD VDOD FRPSOHWDPHQWH RVFXUD KDVWD VX
OHQJXDMH EDVDGR HQ OR QR YLVWR R OR QRYLVWRWRGDYtD OR TXH QR VH YH LQVSLUD PXFKR
PiVPLHGRTXHORTXHVHYH
(O WHPRU HVWi PiV R PHQRV SUHVHQWH HQ WUHV GH QXHVWUDV FXDWUR SHOtFXODV HQ (O
WHVWDPHQWR VREUH WRGR D WUDYpV GHO SHUVRQDMH DWHUUDGRU GH 0DEXVH \ VXV DSDULFLRQHV
GHPRQLDFDVFRPRIDQWDVPDFRQPiVFDUDFRQYR]HVFRQGLGDGDQGRyUGHQHVHQ7HQHU
\QRWHQHUDWUDYpVGHOSRGHUIUtDPHQWHViGLFRGHOFDSLWiQ5HQDUG\HQ6DQVKRFRQHO
SHUVRQDMH GHO ,QWHQGHQWH \ YDULDV HVFHQDV GH FUXHOGDG ODV GRV HVFHQDV HQ ODV TXH VH
PDUFD FRQ KLHUUR D ORV SHUVRQDMHV OD PXWLODFLyQ GH 7DPDNL (Q ORV WUHV FDVRV HO
WHPRUHVWiUHODFLRQDGRFRQSHUVRQDMHVPDOYDGRVGRWDGRVGHSRGHU


3URYRFDUHOPLHGR
3DUDLQVSLUDUPLHGRDOHVSHFWDGRUQREDVWD FRQSUHVHQWDUDSHUVRQDMHVREMHWLYDPHQWH
HQ VLWXDFLyQ GH SHOLJUR HV QHFHVDULR KDFHUOH SDUWtFLSH GH HVH VHQWLPLHQWR GH SHOLJUR
(VWH HV HO PRWLYR SRU HO TXH HQ ORV JXLRQHV GH HVWH WLSR VH XWLOLFH D PHQXGR XQ
SHUVRQDMH TXH WHQJD PLHGR FRQVWDQWHPHQWH \ FX\D IXQFLyQ VHD pVWD SDUD D WUDYpV GH
pOKDFpUVHORVHQWLUSRUFRQWDJLRDOHVSHFWDGRU(VHOSDSHOGH-RHOEDQGLGRDVXVWDGR
LQWHUSUHWDGR SRU &KDUOHV 9DQHO HQ (O VDODULR GHO PLHGR GH &ORX]RW (V WDPELpQ OD
IXQFLyQGHXQSHUVRQDMHGH$OLHQGH5LGOH\6FRWWODDVWURQDXWDWHPRURVDLQWHUSUHWDGD
SRU9HUyQLFD&DUWZULJKWQRWLHQHRWUDIXQFLyQHQHOUHODWRTXHODGHWUDQVPLWLUHOPLHGR
TXHVLHQWH\TXHPDQLILHVWDVLQFHVDUJULWRVSDOLGH]PRUWDOIUDVHVHQTXHH[SUHVDVX
FRQYLFFLyQGHTXHWRGRVHVWiQFRQGHQDGRV


3,('$'

6HJ~Q $ULVWyWHOHV 3RpWLFD OD SLHGDG pOpRV HV FRQ HO WHPRU XQR GH ORV GRV HIHFWRV
TXH OD WUDJHGLD GHEH FUHDU HQ ODV DOPDV GH ORV HVSHFWDGRUHV SDUD SXUJDUORV GH WDOHV
SDVLRQHV
'H QXHVWUDV FXDWUR SHOtFXODV 6DQVKR HV FRPR PHORGUDPD OD TXH PiV VH EDVD HQ OD
SLHGDGVHQWLGDDQWHODVGHVJUDFLDVGHORVKpURHV6HREVHUYDUiHOFXLGDGR\HOULJRUFRQ
ORVTXH0L]RJXFKL\VX JXLRQLVWD<RGDUHFXHUGDQFRQWLQXDPHQWHODFUXHOGDGGHODYLGD
GHHVFODYR\QRQRVGHMDFUHHUQLXQLQVWDQWHTXHHVVRSRUWDEOH$VtHQODHVFHQD
FXDQGR $QMX UHFLEH D XQD QXHYD HVFODYD UHFLpQ OOHJDGD \ OH LQIRUPD VREUH FyPR
PDQHMDU XQD UXHFD QRV SRGUtDPRV GHMDU HQJDxDU SRU HO ODGR SRpWLFR \ FDVL
WUDQTXLOL]DGRU GH HVWD HVFHQD GH KLODQGHUDV HQ XQD DSDFLEOH FDEDQD 3HUR ORV DXWRUHV
PHGLDQWHXQDUpSOLFDGHODYLHMD1DPLMLTXHVHTXHMD1RGHMDPRV GHWUDEDMDUKDVWD
ODPXHUWHQRQRVSHUPLWHQROYLGDUTXHHVWHWUDEDMRVHHMHFXWDFRQXQULWPRLQIHUQDO

/DSLHGDGTXHQRVLQVSLUDODVXHUWHGHXQSHUVRQDMH HVSURSRUFLRQDODQXHVWURJUDGR
GHIDPLOLDULGDGFRQpO
(VODFUXHOOH\GUDPiWLFDXQSHUVRQDMHTXHQRVLJQLILFDQDGDSDUDQRVRWURV\FX\DYLGD
SHUVRQDOQRVHVGHVFRQRFLGDSXHGHSDGHFHUODPXHUWHRHOVXIULPLHQWRVLQFRQPRYHUDO
HVSHFWDGRUHVHOFDVRHQ7HQHU\QRWHQHUGHOSREUH-RKQVRQDOTXHORVDXWRUHVGHO
ILOP KDQ HYLWDGR SHUVRQDOL]DU GHPDVLDGR PLHQWUDV TXH RWUR SHUVRQDMH FX\DV
IDFHWDV KXPDQDV VRQ PiV FRQRFLGDV SXHGH YHUVH WDQ VyOR KHULGR LQVXOWDGR
FRQWUDULDGRHVWDPRVFRQpOGHWRGRFRUD]yQ
(O ,QWHQGHQWH 6DQVKR SUHVHQWD GRV HVFHQDV HQ ODV TXH VRQ PDUFDGRV FRQ KLHUUR GRV
HVFODYRV IXJLWLYRV XQD YH] SRU HO PDOR GH OD KLVWRULD 6DQVKR OD RWUD SRU HO KpURH
=XVKLRTXLHQHQHVHSUHFLVRPRPHQWRPRUDOPHQWHKDEODQGRVHHQFXHQWUDHQXQPDO
SDVR

(OSUREOHPDSDUDORVJXLRQLVWDVHVFRQVHJXLUTXHHVDPLVPDDFWXDFLyQQRVPXHVWUHD
XQR GH VXV UHVSRQVDEOHV 6DQVKR FRPR GHILQLWLYDPHQWH RGLRVR LQVSLUiQGRQRV OD
PD\RU SLHGDG SRVLEOH KDFLD VX YLFWLPD SHUR TXH QR VLQWDPRV

UHSXJQDQFLD

GHILQLWLYDPHQWHSRUHORWUR=XVKLR\SDUDHOORVHFRQYHUWLUiDVXYLFWLPDHQDOJRPiV
DEVWUDFWRPHQRVFRQRFLGRSRUHOS~EOLFRPHQRVSHUVRQDOL]DGR
/D PXMHU PDUFDGD SRU 6DQVKR 1DPLML D TXLHQ \D KHPRV YLVWR RFXSDUVH GH ORV QLxRV
ODKHPRVRtGRKDEODU\QRVHVDOJRIDPLOLDUFXDQGRHVDWUDSDGDGLFHHVWDUpSOLFD+H
SHQVDGRHQPLVKLMRVORTXHOHFRQFHGHGHUHSHQWHXQDYLGDSULYDGDXQDLGHQWLGDG
SHUVRQDODSDUWLUGHODFXDOVHQWLUHPRVSLHGDGSRUHOODSRULGHQWLILFDFLyQ
3HUR HOYLHMRDOTXHPDUFD=XVKLRVLJXHVLHQGRVyORXQDVLOXHWDSDUDHOHVSHFWDGRU\D
VHKDQFXLGDGRGHTXHQRORFRQRFLpUDPRVDQWHV\GHQRGDUOHXQDLGHQWLGDGFRQFUHWD
OD FXDO DO FDWDOL]DU HO HQWHUQHFLPLHQWR GHO HVSHFWDGRU FRQYHUWLUi D =XVKLR HQ DOJXLHQ
GHILQLWLYDPHQWHDQWLSiWLFR


&$0%,2'()25781$

8QUHVRUWHDQWLJXRHXQLYHUVDO
8Q Q~PHUR FRQVLGHUDEOH GH KLVWRULDV \ GH ILOPV VH EDVDQ HQ HO FDPELR GH IRUWXQD
UHVRUWH GUDPiWLFR DQWLJXR \ XQLYHUVDO $Vt HQ ORV FXHQWRV GH KDGDV HQ ORV TXH ODV
SDVWRUDV VH YXHOYHQ SULQFHVDV \ YLFHYHUVD HQ ORV PHORGUDPDV R HQ ODV FRPHGLDV
EDVDGDVHQORVFDPELRVGHVLWXDFLyQHQWUHDPRV\FULDGRVHQORVUHODWRVGHDQJXVWLD\
GHVXVSHQVHHQORVTXHXQKRPEUHDSDFLEOHVHFRQYLHUWHGHODQRFKHDODPDxDQDHQ
REMHWRGHFD]DHWF
6HJ~Q$ULVWyWHOHVHOFDPELRGHIRUWXQDHVFRQHOQRPEUHGHPHWDEDVLVXQRGHORV
UHVRUWHVSULQFLSDOHVGHODWUDJHGLD6HSURGXFHFRQRVLQXQUHFRQRFLPLHQWRYpDVHHVWD
SDODEUD\XQHIHFWRWHDWUDOSHULSHFLD
1XPHURVRV JXLRQHV URGDGRV SRU +LWFKFRFN VH EDVDQ HQ HO FDPELR GH IRUWXQD GH XQ
KRPEUHRUGLQDULRFRORFDGRHQVLWXDFLRQHVH[WUDRUGLQDULDVSRUTXHVHOHFUHHFXOSDEOH
GH XQ DVHVLQDWR GHO FXDO HV LQRFHQWH (V XQD VLWXDFLyQ TXH +LWFKFRFN FRQVLGHUD GH ODV
PiV HILFDFHV SRUTXH GLFH HO S~EOLFR SXHGH LGHQWLILFDUVH PHMRU FRQ HVH SHUVRQDMH
FRUULHQWHTXHFRQXQJiQVWHURXQDSULQFHVD
(O FDPELR GH IRUWXQD HV HQ JHQHUDO XQ FDPELR GH FRQGLFLyQ SURGXFLGR SRU XQD
FLUFXQVWDQFLD LPSUHYLVWD GH EDMD FRQGLFLyQ LQFOXVR PLVHUDEOH D XQD FRQGLFLyQ
HOHYDGDRODLQYHUVD(OPHORGUDPDJXVWDGHHVWRVFDPELRVH[WUHPRVGHIRUWXQDQROD
VLPSOHSURPRFLyQGHXQVROGDGRDXQJUDGRVXSHULRU
(O ,QWHQGHQWH 6DQVKR QRV PXHVWUD WUHV FDPELRV VXFHVLYRV GH FRQGLFLyQ HO MRYHQ
=XVKLR SDVD SULPHUR GHO HVWDGR GH MRYHQ QREOH DO GH HVFODYR SULYDGR GH FXDOTXLHU
GHUHFKR OXHJR GLH] DxRV PiV WDUGH HV V~ELWDPHQWH UHVWDEOHFLGR HQ VX FRQGLFLyQ
LQLFLDO H LQFOXVR QRPEUDGR JREHUQDGRU $O ILQDO GLPLWH YROXQWDULDPHQWH \ YXHOYH D VHU
XQVLPSOHFLXGDGDQRGHVSXpVGHKDEHUFXPSOLGRODPLVLyQTXHVHKDEtDDVLJQDGR

(O SULPHU FDPELR GH IRUWXQD GH =XVKLR HV YLYLGR FRPR XQD GHVJUDFLD HO VHJXQGR HV
RWRUJDGR FRPR XQ EHQHILFLR \ XQD UHSDUDFLyQ VyOR HO ~WLOPR HV YROXQWDULR HV XQ DFWR
GHUHQXQFLD7RGRXQLWLQHUDULRKXPDQR\PRUDO
7DPELpQ

VH

HQFXHQWUDQ

FDPELRV

GH

IRUWXQD

PHQRV

HVSHFWDFXODUHV

SHUR

GHWHUPLQDQWHVHQ7HQHU\QRWHQHU+DUU\0RUJDQKRPEUHVLQSUREOHPDVTXHYLYHDO
SDUHFHU PRGHVWD SHUR GHFHQWHPHQWH DOTXLODQGR VX EDUFR D SHVFDGRUHV VH HQFXHQWUD
GHODQRFKHDODPDxDQDSULYDGRGHVXWUDEDMRVXGRFXPHQWDFLyQHLQFOXVRVXGLQHUR


5(&212&,0,(172

(OSDVRGHODLJQRUDQFLDDOUHFRQRFLPLHQWR
6HJ~Q $ULVWyWHOHV HO UHFRQRFLPLHQWR DQDJQyUtVLV QR HQ HO VHQWLGR GH JUDWLWXG VLQR
HQHOGHLGHQWLILFDFLyQGHDOJXLHQDTXLHQQRVHUHFRQRFtDRDTXLHQVHWRPDEDSRURWUR
HVXQDGHODVVLWXDFLRQHVPiVIXHUWHVGHODWUDJHGLD
(O DXWRU GH OD 3RpWLFD GHILQH OD DQDJQyUtVLV FRPR HO SDVR GH OD LJQRUDQFLD DO
FRQRFLPLHQWR FRQGXFHQWH D OD IHOLFLGDG R D OD GHVJUDFLD (Q HVH VHQWLGR HO
UHFRQRFLPLHQWR QR VyOR VH DSOLFD D SHUVRQDV VLQR LJXDOPHQWH D VHQWLPLHQWRV TXH HUDQ
GHVFRQRFLGRV 3DUD $ULVWyWHOHV \ SDUD ORV $QWLJXRV OD VLWXDFLyQ PiV WUiJLFD HV DTXHOOD
HQ OD TXH HO KpURH PDWD D XQ DOOHJDGR R D XQ SDULHQWH D TXLHQ QR UHFRQRFH \ VH GD
FXHQWDGHPDVLDGRWDUGHGHVXHUURUUHFRQRFLPLHQWRWUiJLFR
3HUR WDPELpQ H[LVWH HO UHFRQRFLPLHQWR IHOL] GH XQ IDPLOLDU GH XQD PDGUH SHUGLGD \
QXQFD HQFRQWUDGD (V XQ WHPD GRPLQDQWH HQ HO PHORGUDPD 3DGUH 2K
PDGUH (O ILQDO GH 6DQVKR SUHVHQWD WDO UHFRQRFLPLHQWR UHFtSURFR HQWUH HO KLMR \ OD
PDGUH TXH QR VH KDQ YLVWR GXUDQWH GLH] DxRV =XVKLR UHFRQRFH D VX PDGUH DQFLDQD
LUUHFRQRFLEOH SRU OD FDQFLyQ TXH HOOD FDQWD \ pVWD D pO FLHJD SRU OD ILJXULWD TXH pO OH
GD D SDOSDU $TXt HO UHFRQRFLPLHQWR FRPR RFXUUH D PHQXGR QR IXQFLRQD VyOR SRU
LGHQWLILFDFLyQ ItVLFD UHFRQRFHU HO URVWUR OD YR] R SRU OD YR] GH OD VDQJUH HO
LQVWLQWRQHFHVLWDXQREMHWRXQLQGLFLRREMHWLYR

6LJQRVGHUHFRQRFLPLHQWR
$ULVWyWHOHV KL]R XQD OLVWD GH ORV VLJQRV GH UHFRQRFLPLHQWR REMHWRV FLFDWULFHV FHVWDV
FROODUHVUHFXHUGRV\UD]RQDPLHQWR
(QOD2GLVHD HOVLJQRGH UHFRQRFLPLHQWRSDUD ODILHO3HQpORSHSXHVWD HQSUHVHQFLDGH
XQ LQGLYLGXR TXH GLFH VHU VX PDULGR HV XQ VHFUHWR TXH 8OLVHV \ HOOD VRQ ORV ~QLFRV HQ
FRPSDUWLU VREUH OD FRQVWUXFFLyQ GH VX OHFKR FRQ\XJDO $QWHULRUPHQWH HOOD KDEtD
SRGLGRSDUHFHUWXUEDGDSRUHOKHFKRGHTXHHVHH[WUDxRIXHUDHO~QLFRFDSD]GHWHQVDU
HO DUFR GH 8OLVHV (V XQ VLJQR GH UHFRQRFLPLHQWR PX\ XWLOL]DGR HQ ORV ZHVWHUQV WDQ
VyORpOGLVSDUDEDVWDQWHELHQSDUD

8QDGHODVHVFHQDVGHUHFRQRFLPLHQWRPiVFRQPRYHGRUDVTXHVHKD\DKHFKRMDPiVVH
HQFXHQWUD HQ /XFHV GH OD FLXGDG &LW\ /LJKWV  GH &KDUOHV &KDSOLQ /D MRYHQ
SURWDJRQLVWD DQWDxR FLHJD UHFRQRFH SRU VHGXFFLyQ H LQWXLFLyQ HQ HVH YDJDEXQGR
ODVWLPRVRGHOTXHVHEXUODQORVQLxRVDOVXSXHVWRPLOORQDULRTXHKDEtDFXLGDGRGHHOOD
/D LQWHQVLGDG GH ODV PLUDGDV LQWHUFDPELDGDV HQWRQFHV HQWUH HO YDJDEXQGR \ OD TXH
DKRUDORYHHVVRSRUWDEOHDGXUDVSHQDVHVXQRGHORVPLVWHULRVGHOFLQH
(O UHFRQRFLPLHQWR HVFULEH -HDQ0DULH 7KRPDVVHDX D SURSyVLWR GHO PHORGUDPD
URPiQWLFR UHVWDEOHFH OD VHULH GH HTXLYRFDFLRQHV TXH KDEtDQ SHUPLWLGR TXH VH
GHVDUUROODVHODLQWULJD(OPHORGUDPD38)4XHVDLVMH"\GHEHKDFHUQRVDOFDQ]DU
HO SXQWR FXOPLQDQWH GH OD HPRFLyQ (VWi REOLJDWRULDPHQWH UHODFLRQDGR FRQ XQD
HTXLYRFDFLyQYpDVHHVDSDODEUD\VHVLW~DHQJHQHUDODOILQDOGHOUHODWR


(48,92&$&,10$/(17(1','2

(TXLYRFDFLRQHV PDOHQWHQGLGRV VRQ ORV UHVRUWHV IXQGDPHQWDOHV GHO DUWH GUDPiWLFR $
PHQXGR HQ ODV KLVWRULDV VH WUDWD GH DOJXLHQ D TXLHQ VH OH SUHVWD PX\ D SHVDU VX\R
XQD LGHQWLGDG XQ FDUiFWHU FRPSRUWDPLHQWR DFWRV TXH QR VRQ ORV VX\RV FXDQGR QR
HV pO PLVPR TXLHQ VH ODV KD DUUHJODGR SDUD FUHDU WDO HTXLYRFDFLyQ FRQ XQD LQWHQFLyQ
SDUWLFXODU (V IUHFXHQWH WDPELpQ TXH VH SDUWD GHO SULPHU FDVR SDUD OOHJDU DO RWUR HO
KpURH HPSLH]D D DVXPLU D UHYHVWLU XQD LGHQWLGDG GH SHUVRQD FDUiFWHU TXH VH OH
KDEtDHPSH]DGRDDWULEXLUVLQUD]yQ
(Q 7HQHU \ QR WHQHU GRV HVFHQDV DO PHQRV HVWiQ EDVDGDV HQ XQ LQLFLR GH
HTXLYRFDFLyQQRHQUHODFLyQFRQODVLGHQWLGDGHVVLQRHQUHODFLyQFRQORVVHQWLPLHQWRV
FXDQGR +DUU\ WRPD D 0DULH SRU XQD FXDOTXLHUD HVFHQD  HO PDOHQWHQGLGR FOiVLFR
GH OD PXMHU FRQVLGHUDGD LQMXVWDPHQWH FRPR VRVSHFKRVD \ OD HVFHQD  FXDQGR
0DULH VRUSUHQGH D +DUU\ KDEODQGR FRQ +pOqQH \ SXHGH FUHHU HQ XQ SULQFLSLR GH LGLOLR
HQWUHHOORVPDOHQWHQGLGRWLSRYRGHYLO
/DKLVWRULDGH3DXOLQHMXHJDLJXDOPHQWHFRQPDOHQWHQGLGRVGHYRGHYLO\HTXLYRFDFLRQHV
GH FRPSRUWDPLHQWR FXDQGR 3DXOLQH \ 0DULRQ WRPDQ D 6\OYDLQ SRU LQILHO FRVD TXH QR
HVRFXDQGR0DULRQVXSRQHHQ+HQULXQDPRUSRU HOODTXHpVWHQRVLHQWH/RXLVHWWH\
6\OYDLQ WLHQHQ WHQGHQFLD D WRPDU D 0DULRQ \ D 3LHUUH SRU KHUPDQRV R SULPRV FXDQGR
VRQVyORDPLJRVHTXLYRFDFLyQVREUH VXV UHODFLRQHVIDPLOLDUHV6yORTXHDVtFRPRXQ
DXWRUGHYRGHYLOLQWHQWDUtDH[SORWDUHVWDVGLIHUHQWHVFRQIXVLRQHVGDUPD\RUGHQVLGDGD
ODV

HTXLYRFDFLRQHV

KDFLHQGR

TXH

VH

SURGX]FD

HO

PD\RU

Q~PHUR

SRVLEOH

GH

FRQIURQWDFLRQHV HQWUH ORV GLIHUHQWHV SHUVRQDMHV 5RKPHU HQ HVWH FDVR OLPLWD HO
Q~PHUR GH HQFXHQWURV \ GH FRQIURQWDFLRQHV \ DOHMD D VXV SHUVRQDMHV ORV XQRV GH ORV
RWURVHQYH]GHFDWDSXOWDUORVXQRVHQFRQWUDGHRWURV
2EVHUYHPRVWDPELpQDOILQDOGH6DQVKRODHTXLYRFDFLyQHQFXDQWRDODLGHQWLGDGGHOD
IDOVD 'DPD HQ OD TXH =XVKLR HVSHUD HQFRQWUDU D VX PDGUH \ TXH QR HV PiV TXH
XQD YLHMD SURVWLWXWD /D HTXLYRFDFLyQ VH LQWURGXFH SRU OD LGHQWLGDG GHO DSRGR OD
'DPD(OPDOHQWHQGLGRHVODRWUDFDUDGHOUHFRQRFLPLHQWR


3DUHFHULQGLJQRV
8Q FDVR SDUWLFXODUPHQWH GUDPiWLFR GH HTXLYRFDFLyQ R GH PDOHQWHQGLGR HV DTXHO HQ HO
TXH XQD HTXLYRFDFLyQ GHVIDYRUDEOH KDFH TXH VH WRPH D DOJXLHQ SRU HO FULPLQDO HO
FREDUGHODSURVWLWXWDHWFTXHHVRQRHV\VHDDVXPLGDSRUpORHOODSRUDPRUKDFLD
RWUD SHUVRQD DVt HQ /D 'DPD GH ODV &DPHOLDV 0DUJDULWD *DXWLHU VH GHFLGH D SDVDU
DQWH ORV RMRV GH $UPDQGR 'XYDO SRU OD WUDLGRUD YHQDO TXH \D QR HV FRQ HO ILQ GH TXH
pVWH GHFLGD DEDQGRQDUOD \ UHHPSUHQGD VX FDPLQR KDFLD HO SRUYHQLU UHVSHWDEOH TXH OH
HVSHUD\TXHHOODGHVHDSDUDpO(Q/RVFXDWURMLQHWHVGHO$SRFDOLSVLVHOILOPGH9LFHQWH
0LQHOOL EDVDGR HQ XQD QRYHOD GH %ODVFR ,EixH] HO SHUVRQDMH LQWHUSUHWDGR SRU *OHQQ
)RUGGHEHDFHSWDUSDVDUDQWHORVRMRVGHVXVDOOHJDGRVHLQFOXVRGHVXDPDQWHSRUHO
VHUIULYROR\ RFLRVRTXH\DQRHV FRQ HOILQGHLQILOWUDUVH FRQPD\RU IDFLOLGDGHQWUHORV
LQYDVRUHVDOHPDQHVODDFFLyQVHGHVDUUROODHQ3DUtVGXUDQWHODRFXSDFLyQ5HDOL]DQHO
LQPHQVR VDFULILFLR GH SDUHFHU LQGLJQRV GHO DSUHFLR GH DTXHOORV D TXLHQHV DPDQ SDUD
VHUGHKHFKRSHURVHFUHWDPHQWHPiVGLJQRVTXHQXQFD

$VHVLQDWRFRQHUURUHQODSHUVRQD
/DWUDJHGLDDQWLJXDFOiVLFD\DFRQWLQXDFLyQHOPHORGUDPDODySHUDJXVWDQGHFLHUWR
WLSR GH PDOHQWHQGLGRV HO DVHVLQDWR FRQ HUURU GH OD SHUVRQD VREUH WRGR FXDQGR OD
SHUVRQD DVHVLQDGD HV XQ SDULHQWH FHUFDQR D TXLHQ VH KDEtD WRPDGR SRU RWUR (V OD
KLVWRULD PLVPD GH (GLSR DVHVLQDQGR D XQ YLDMHUR FRQ TXLHQ VH HQFXHQWUD DO QR VDEHU
TXH HV VX SDGUH $ULVWyWHOHV DODED HVWD VLWXDFLyQ FRPR OD PiV GUDPiWLFD \ OD PiV
HILFD]GHWRGDV

0DOHQWHQGLGRVH[XDO
&LWHPRV WDPELpQ KLVWRULDV GH PDOHQWHQGLGRV VH[XDOHV PDOHQWHQGLGRV \ WUDYHVWLVPRV
TXHWLHQHQHQODPD\RUtDGHORVFDVRVXQWUDWDPLHQWRKXPRUtVWLFR(VXQKRPEUHTXH
VH GLVIUD]D GH PXMHU &RQ IDOGDV \ D OR ORFR GH %LOO\ :LOGHU 7RRWVLH GH 6\GQH\ 3ROODFN
FRQ 'XVWLQ +RIIPDQ R XQD PXMHU TXH VH GLVIUD]D GH KRPEUH /D 5HLQD &ULVWLQD GH
5RXEHQ 0DPRXOLDQ 9tFWRU R 9LFWRULD GH %ODNH (GZDUGV <HQWO GH %DUEDUD 6WUHLVDQG
7UDGLFLRQDOPHQWHHQHVWHWLSRGHKLVWRULDVODPXMHUTXHVHKDFHSDVDUSRUXQKRPEUH
GHEH HVFRQGHU VXV DWULEXWRV SHFKR FDEHOOR PLHQWUDV TXH HO KRPEUH TXH VH KDFH
SDVDUSRUPXMHUKDUiDODUGHGHXQRVSRVWL]RV

(OHVPX\IXHUWH
7DPELpQ HV PX\ FOiVLFD OD KLVWRULD GHO KRPEUH FRUULHQWH R GHO KRPEUH SRTXLWD
FRVDTXHHVWRPDGRSRURTXHVHKDFHWRPDUSRUXQKRPEUHLPSRUWDQWHRSHOLJURVR
&RQODPXHUWH HQORVWDORQHVGH +LWFKFRFN (OJUDQUXELR FRQXQ]DSDWRQHJURGH <YHV
5REHUW ,QWR WKH 1LJKW GH -RKQ /DQGLV HWF VRQ YDULDQWHV GH OD KLVWRULD GH DTXHO D
TXLHQVHWRPDSRUXQHVStD\DTXLHQLQHYLWDEOHPHQWHVHOHGLFHSRUTXHQRHQWLHQGH
QDGD GH OR TXH OH HVWi VXFHGLHQGR (V XVWHG PX\ IXHUWH 7DPELpQ FLWDUHPRV (O
*HQHUDOGHOOD5RYHUHGH5REHUWR5RVVHOOLQLR.DJHPXVKDHQODVTXHKRPEUHVSRTXLWD
FRVD GHEHQ DVXPLU OD DSDULHQFLD \ OD LGHQWLGDG GH SHUVRQDMHV VLWXDGRV HQ PX\ DOWDV
HVIHUDV

3URIHVLyQ 5HSRUWHUR GH $QWRQLRQL HQ OD TXH HO UHSRUWHUR -DFN 1LFKROVRQ DGRSWD OD
SHUVRQDOLGDG \ HO QRPEUH GH XQ DYHQWXUHUR WUDILFDQWH GH DUPDV HV XQD YDULDQWH
GHVHQFDQWDGD VREUH OD LPSRVLELOLGDG GH HVFDSDU WRPDQGR OD LGHQWLGDG GH RWUR DXQTXH
HVHRWUROOHYHXQDYLGDDSDVLRQDQWH\FRPSURPHWLGD
/D HTXLYRFDFLyQ HO PDOHQWHQGLGR WUiJLFRV R FyPLFRV VRQ WDO YH] OD VLWXDFLyQ
GUDPiWLFDPiVXQLYHUVDOODTXHVHVLHQWHFRQPD\RUIXHU]D4XL]iVHQWUHRWUDVFRVDV
SRUTXHSODQWHDODYHUGDGGHOLQFRQVFLHQWH\WDPELpQHOGHOLULRGHLQWHUSUHWDFLyQ<SRU
VXSXHVWR DOJR IXQGDPHQWDO HQ HO VHU KXPDQR OD DVXQFLyQ GH VX SURSLD LGHQWLGDG
GHEHYHUVHUHIOHMDGDGHQXQFLDGDXWLOL]DGD


'(8'$

/DGHXGDGHXGDGHGLQHURGHXGDGHVHUYLFLRVSUHVWDGRVGHXGDGHYLGDHVXQRGH
ORVUHVRUWHVGUDPiWLFRV PiVXQLYHUVDOHV8QDGHXGDDQWLJXDXROYLGDGDVREUHWRGR HV
HO SXQWR GH SDUWLGD GH PXFKDV KLVWRULDV (Q WUHV GH QXHVWUDV FXDWUR SHOtFXODV VH
HQFXHQWUD XQD GHXGD FRQFUHWD R VLPEyOLFD DQWHULRU DO SULQFLSLR GH OD KLVWRULD HV GHFLU
FRQWUDtGDDQWHVGHTXHHOUHODWRHPSLHFH<HQGRVGHHVWDVWUHVSHOtFXODVHOUHFXHUGR
GHHVDGHXGDHVREMHWRGHXQIODVKEDFNUHWURFHVR
9XHOWDDWUiVXQDxRDQWHVHQ(OWHVWDPHQWRGHO'RFWRU0DEXVHSDUDUHFRUGDUQRVyOR
HO QDFLPLHQWR GHO DPRU HQWUH .HQW \ /LO\ VLQR WDPELpQ ODV FLUFXQVWDQFLDV GH OD GHXGD
GH YHLQWH PDUFRV FRQWUDtGD SRU .HQW HQ VLWXDFLyQ GHVHVSHUDGD GH SDUR FRQ OD MRYHQ
8QD GHXGD TXH KD SDJDGR PiV WDUGH DO HQFRQWUDU WUDEDMR HV GHFLU FRQYLUWLpQGRVH HQ
XQEDQGLGRDOVHUYLFLRGH0DEXVH
2WURIODVKEDFNHQ6DQVKRSDUDUHFRUGDUTXH0DVDXMLGDODILJXULWDDVXKLMRGRQDWLYR
TXH FRQVWLWX\H \D QR XQD GHXGD HQ HO VHQWLGR KDELWXDO VLQR DO PHQRV XQD GHXGD
PRUDO XQ GRQDWLYR FRPR OODPDGD D OD WUDQVPLVLyQ (O ILOP DFDED FRQ OD UHVWLWXFLyQ
VLPEyOLFDGHODILJXULWDSRU=XVKLRDVXPDGUH
(Q7HQHU\QRWHQHUFXDQGRHPSLH]DODKLVWRULD-RKQVRQGHEHTXLQFHGtDVGHVXHOGRD
0RUJDQ\DFDXVDGHVXPXHUWHSRUXQDEDODSHUGLGDDQWHVGHKDEHUSRGLGRVDOGDUVX
GHXGDVHXUGHODKLVWRULDWDPELpQHVDFDXVDGHHVDGHXGDSRUORTXH0RUJDQYLJLODD
0DULHTXLHQUREDD-RKQVRQ\VHHQDPRUDGHHOODHWF
,QFOXVR XQD KLVWRULD WDQ FyVPLFD FRPR /D 7HWUDORJtD GH 5LFKDUG :DJQHU VH EDVD DO
SULQFLSLR HQ XQD GHXGD FRQWUDtGD FRQ ORV JLJDQWHV SRU HO UH\ GH ORV 'LRVHV :RWDQ
DQWHULRUPHQWH DO GUDPD \D HVWi DKt FXDQGR VH OHYDQWD HO WHOyQ 7RGR OR GHPiV HV HO
UHVXOWDGR GH OR DQWHULRU URER GHO 2UR GHO 5KLQ SDUD SDJDU D ORV *LJDQWHV QHFHVLGDG
GH UHFXSHUDU HO RUR GH ODV JDUUDV GHO GUDJyQ )DIQHU GH SURYRFDU HO QDFLPLHQWR GH
6LHJIULHGHOKpURHUHGHQWRU\ODFDtGDGHORV'LRVHV
7RGR VXFHGH FRPR VL XQD GHXGD GHXGD GH YLGD" HVWXYLHVH JUDEDGD GHVGH HO
QDFLPLHQWRHQODVFpOXODVGHFDGDXQRGHQRVRWURV



&21',&,162&,$/

/D RSRVLFLyQ OD OXFKD HQWUH ODV FODVHV VRFLDOHV HV XQ YLHMR UHVRUWH GUDPiWLFR OR
HQFRQWUDPRV QDWXUDOPHQWH HQ HO PHORGUDPD VRFLDO GHO VLJOR ;,; DVt FRPR HQ ODV
QRYHODVHOWHDWUR\PiVUHFLHQWHPHQWHHQHOFLQHGHWRGRVORVJpQHURV

,PEULFDFLyQGHOUHVRUWHVRFLDOFRQODKLVWRULDGHDPRU
/DPD\RUtDGHODVYHFHVVHFRPELQDQKLVWRULDVVHQWLPHQWDOHV\DPRURVDVFRQKLVWRULDV
VRFLDOHV(OPRGRPiVWUDGLFLRQDOGHOLJDUXQDKLVWRULDVHQWLPHQWDOFRQXQWHPDVRFLDO
HVKDFHUTXHVHDPHQGRVSHUVRQDVFX\DFRQGLFLyQVRFLDOSDUHFHVHSDUDUODV
3HUR H[LVWHQ RWUDV PDQHUDV GH FRPELQDUODV (Q HO PHORGUDPD PXVLFDO GH -DFTXHV
'HP\ 8QH FKDPEUH HQ YLOOH XQD KLVWRULD VRFLDO GH REUHURV HQ KXHOJD VH GHVDUUROOD
SDUDOHODPHQWH D XQD KLVWRULD GH DPRU VLQ HQWRUSHFHUOD HQ UHDOLGDG PiV ELHQ OD
IDYRUHFH 6L )UDQoRtV REUHUR PHWDO~UJLFR VH HQDPRUD GH OD KLMD GH XQ DULVWyFUDWD
GHVFODVDGR DO SDUHFHU QDGD VH RSRQH GLUHFWDPHQWH D VX DPRU 3HUR FXDQGR )UDQoRtV
PXHUH WUDV VHU KHULGR HQ XQD PDQLIHVWDFLyQ \ (GLWK VH VXLFLGD VREUH VX FXHUSR OD
KLVWRULDVRFLDO\ODKLVWRULDGHDPRUSDUHFHQFRLQFLGLUHQXQGHVWLQRIDWDO
(O ,QWHQGHQWH 6DQVKR HV XQ DOHJDWR FRQWUD OD HVFODYLWXG \ OD SREUH]D (O SDGUH GH
=XVKLR HV XQ KRPEUH GH ELHQ TXH YHOD SDUD TXH ORV FDPSHVLQRV GH OD SURYLQFLD GH OD
TXHHVJREHUQDGRUVHDQLQVWUXLGRV\DOLPHQWDGRVKDOHJDGRXQPHQVDMHGHMXVWLFLD
/RV SHUVRQDMHV GH 3DXOLQH VRQ VLJQLILFDWLYRV FRPR SHUVRQDV GH OD PHGLDQD EXUJXHVtD
SDULVLQD GH YDFDFLRQHV \ FRQ UHVSHFWR D OD YHQGHGRUD /RXLVHWWH PXHVWUDQ FLHUWR
GHVSUHFLR GH FODVH FRQVLGHUDQGR TXH HV YXOJDU JUDFLRVD (V OD ~QLFD D TXLHQ VH
YHWUDEDMDU HQHOSHULRGRHQ HOFXDOVHVLW~DHOUHODWR (QFXDQWRD VX PRGRGHKDEODU
HVFRQQRWDGRFRPRSRSXODUDXQTXHHODXWRUKD\DTXHULGRTXHHVWDILOLDFLyQSRSXODU
UHVXOWDUDHVWLOL]DGD\GHEURPD
(OUHVRUWHVRFLDOVHHQFXHQWUDSUHVHQWHGHLJXDOPRGRSHURFRQGLVFUHFLyQHQ7HQHU\
QRWHQHUHQHOTXHGRVSHUVRQDMHVHVWiQFRQQRWDGRVFRPRPiVRPHQRVDQWLSiWLFRVD
FDXVD GH VX SHUWHQHQFLD D ODV FODVHV PiV GHVDKRJDGDV VH WUDWD GH -RKQVRQ
FDUDFWHUL]DGR FRPR XQ EXVLQHVVPDQ GH YDFDFLRQHV LQWHUSUHWDGR SRU XQ DFWRU
FRUSXOHQWR VLJQR WUDGLFLRQDO GH ULTXH]D \ VLJQLILFDWLYDPHQWH LQHSWR VDOYR FRPR
WLPDGRU LJXDO VXFHGH FRQ OD PXMHU GHO UHVLVWHQWH IUDQFpV +pOqQH GH %XUVDF
SUHVHQWDGDGHVGH HOSULQFLSLRFRPRXQDFXUVLFDUJDGDGHDUURJDQFLDDULVWRFUiWLFD6H
OH KD SDJDGR REHGH]FD LQFDSD] GH D\XGDU D +DUU\ GH PRGR HILFD] GXUDQWH OD
RSHUDFLyQGHVXPDULGR
,QYHUVDPHQWH +DUU\ \ VXV DPLJRV VRQ JHQWH VHQFLOOD \ GH SRFD IRUWXQD FRQ
YHUGDGHURV SUREOHPDV GH VXEVLVWHQFLD \ GH WUDEDMR 0DULH LQFOXVR HV FDUDFWHUL]DGD
FRPRKLMDGHXQPHGLRSRSXODUDFRVWXPEUDGDDFRUUHUPXQGR\DDUUHJOiUVHODVSRUVt
PLVPD 3HUR OD DGDSWDFLyQ FLQHPDWRJUiILFD GH )XUWKPDQ \ )DXONQHU VLQ HPEDUJR KD
VXDYL]DGRODGLPHQVLyQGHSDQIOHWRVRFLDOSRUORGHPiVPX\ FRQYHQFLRQDOTXHHUD
WDQLPSRUWDQWHHQODQRYHODGH+HPLQJZD\


&RQIOLFWRVRFLDOHQODVSHOtFXODVVRFLDOLVWDV
(OSUREOHPDGHXWLOL]DFLyQGHORV FRQIOLFWRVVRFLDOHVFRPRUHVRUWHGUDPiWLFRVHSODQWHD
HQODVSHOtFXODVUHDOL]DGDVHQORVSDtVHVVRFLDOLVWDVHQWDQWRHQFXDQWRODDFFLyQ\DQR
VH VLW~D HQ XQ SDVDGR OHMDQR 6HJ~Q 0LOiQ .XQGHUD /D LQVRSRUWDEOH OHYHGDG GHO
VHUHQODVSHOtFXODVVRYLpWLFDVTXHVHGHVDUUROODQHQODpSRFDFRQWHPSRUiQHDQRKD\
GHUHFKR D XWLOL]DU HO UHVRUWH GHO YHUGDGHUR FRQIOLFWR VRFLDO D SDUWLU GHO SUHVXSXHVWR GH
TXHODVRFLHGDGVLQFODVHVHVWiUHDOL]DGDRHQYtDVGHUHDOL]DFLyQ<DQRSXHGHQH[LVWLU
FRQIOLFWRV HQWUH HO EXHQR \ HO PHMRU \ HO PDOHQWHQGLGR DPRURVR GLFH .XQGHUD VH
FRQYLHUWH HQ HO ~QLFR UHFXUVR GH ORV JXLRQLVWDV SDUD VHJXLU LQYHQWDQGR \ KDFLHQGR
IXQFLRQDUXQDKLVWRULD


025$/(69$/25(6

&XDOTXLHUKLVWRULD
&XDOTXLHU KLVWRULD OR TXLHUD R QR VH EDVD HQ YDORUHV PRUDOHV H[SOtFLWRV R LPSOtFLWRV
([SOtFLWRV HQ 6DQVKR \ HQ 0DEXVH SHUR WDPELpQ PX\ SUHVHQWHV DXQTXH PiV
LPSOtFLWRVHQ7HQHU\QRWHQHUHLQFOXVRHQ3DXOLQH(Q+DZNVSDUWLFXODUPHQWHQRVyOR
KD\ EXHQRV \ PDORV VLQR WDPELpQ XQD PRUDO GH OD DXWHQWLFLGDG \ GH OD FRPSHWHQFLD
)LQDOPHQWH KDVWD ORV KpURHV I~WLOHV GH 3DXOLQH HVRV MyYHQHV TXH VyOR SDUHFHQ
LQWHUHVDUVHSRUVXVSHTXHxDVKLVWRULDVGHSOD\DUHLYLQGLFDQ\SUDFWLFDQGHPRGRPiV
RPHQRVULJXURVRVXQFyGLJRLPSOtFLWRGHKRQRU\GHVLQFHULGDG
5HODWLYLGDGPRUDO
3RGUtDFUHHUVHTXHHOS~EOLFRVHKDKHFKRGHXQDWROHUDQFLDVLQOtPLWHV\TXHHVSRVLEOH
KDFHU TXH VH LGHQWLILTXH FRQ VLQYHUJHQ]DV FRPSUREDGRV /R KDFHQ SHQVDU FLHUWRV
ILOPV FRPR ORV GH 6HUJLR /HRQH TXH HULJHQ HQ KpURHV D FDQDOODV SHUR HQ ORV TXH VLQ
HPEDUJR VH FRQVHUYD FLHUWR FyGLJR GHO KRQRU \ GH OD FRQGXFWD TXH LPLWD OD PRUDO <
SHVHDWRGRORVILOPVGH/HRQHVRQPiVVLQFHURVTXHRWURVTXHDOSRQHUHQHVFHQDD
JiQVWHUV HPEHOOHFHQ \ VREUH WRGR YHODQ GH DOJ~Q PRGR VXV DFWLYLGDGHV FRQ XQ IORX
SRpWLFRFRPR(O3DGULQRGH&RSSROD
3HUR -DFTXHV 5DQFLqUH /
(QMHX 6FpQDULR H[SOLFD PX\ ELHQ FyPR VL QR KD\ OH\ PRUDO
HQ ORV SHUVRQDMHV SXHVWR TXH WRGRV VLPXODQ FLQLVPR QR KD\ YHUGDGHUD KLVWRULD
SRVLEOH(OFLQLVPRFRUULHQWHSURGXFHXQUHODWRYDFtR<PiVDGHODQWH

/DSRVLELOLGDGGHFRQWDUKLVWRULDV\FUHDUSHUVRQDMHVVHYHDFWXDOPHQWHFRDUWDGD
SRUXQDHVSHFLHGHFHQVXUDDOUHYpV(OJXLyQUHSURGXFHHQVXSURSLDPRUDOXQD
OyJLFD FRPHUFLDO TXH KD WULYLDOL]DGR HO IDPRVR 3URKLELGR SURKLELU UHGXFLGR D
ODPRUDOGHFRQVXPR


(Q0DEXVH\HQ6DQVKRILOPVHGLILFDQWHV\VLQHPEDUJRDGPLUDEOHVSHVHDODGDJLRGH
*LGHQRVyORHQFRQWUDPRVSHUVRQDMHVFRPSOHWDPHQWHEXHQRV\FRPSOHWDPHQWHPDORV
VLQR WDPELpQ D VHUHV TXH SDVDQ GHO FDPSR GHO PDO DO GHO ELHQ /RV PDORV HVWiQ
GHILQLGRV QR SRU XQD HVHQFLD SHUYHUVD VLQR SRU VXV DFWRV ([FHSWXDQGR FODUR HVWi
DOSHUVRQDMHFDVLPtWLFRGH0DEXVHHQWDQWRHQFXDQWRHQWLGDG*HQLRGHO0DO
(Q 7HQHU \ QR WHQHU VH SXHGHQ GHOLPLWDU GRV FDPSRV HQWUH ORV TXH OD HOHFFLyQ GH ORV
DXWRUHV QR GHMD PXFKR OXJDU SDUD OD DPELJHGDG 3HUR WDPELpQ KD\ HQ HVWD SHOtFXOD
FRPR HQ PXFKDV RWUDV GH +DZNV XQD PRUDO GH OD FRPSHWHQFLD -RKQVRQ D OD YH]
ODGUyQ FREDUGH \ DEXUULGR HV DO PLVPR WLHPSR WRUSH \ GHVDIRUWXQDGR OD SHVFD HV
FDWDVWUyILFD < HQ UHODFLyQ FRQ HO OLEUR HO SHUVRQDMH GH +DUU\ KD VLGR GLVFXOSDGR GH
ORV GLIHUHQWHV DFWRV FHQVXUDEOHV TXH FRPHWtD HQ OD QRYHOD GH +HPLQJZD\ WDQ VyOR OR
YHPRVPDWDUXQDYH]FXDQGRVHYHREOLJDGRDHOORHQ~OWLPRH[WUHPR
(Q FXDQWR D 0DULH VL OD YHPRV DO SULQFLSLR FRPR XQD ODGURQD LGHD GH +DZNV SDUD
KDFHUOD PiV LQWHUHVDQWH HV SRUTXH VH KD SURFXUDGR TXH VX ~QLFD YLFWLPD HQ HO ILOP
VHD HO DQWLSiWLFR -RKQVRQ 6H KD SXHVWR LQWHUpV HQ SUHFLVDU HO PRWLYR TXH MXVWLILFD VX
URER YROYHU DO FRQWLQHQWH \ SDUD HOOR FRQVHJXLU HO GLQHUR GHO ELOOHWH GH DYLyQ \ PiV
WDUGH OD YHPRV GHPRVWUDU VX GHVLQWHUpV FXDQGR RIUHFH D +DUU\ WRGR HO GLQHUR TXH
WLHQHSDUDD\XGDUOH


3(5785%$&,1

6HJ~Q9DOHODGLQiPLFDGHXQDKLVWRULDHVWiEDVDGDHQSHUWXUEDFLRQHVGHODFRQGLFLyQ
GH ORV SHUVRQDMHV SDVDQGR FDGD XQD GH HVWDV SHUWXUEDFLRQHV SRU FXDWUR HWDSDV
HVWDGRQRSHUWXUEDGRSHUWXUEDFLyQFRQIOLFWRROXFKDUHDMXVWH
'H HVWH PRGR FXDOTXLHU KLVWRULD FRPSRUWDUtD SHUWXUEDFLRQHV VHFXQGDULDV WHPSRUDOHV
\ XQD SHUWXUEDFLyQ SULQFLSDO TXH VHJ~Q 9DOH GHEH VHU HIHFWLYD WDQWR WLHPSR FRPR VH
QHFHVLWHSDUDDOLPHQWDUODDFFLyQHVGHFLUGXUDQWHWRGDODKLVWRULD
3DUD PRYHU D ORV SHUVRQDMHV HV QHFHVDULD SXHV XQD SHUWXUEDFLyQ GH VX WUDQTXLOLGDG
GH VX VWDWX TXR LQLFLDO 3XHGHQ VHU SHUWXUEDFLRQHV LQHYLWDEOHV \ OLJDGDV D ODV
QHFHVLGDGHV PiV HOHPHQWDOHV GHO KRPEUH HO KDPEUH OD VHG HO IUtR OD QHFHVLGDG GH
VXHxR\QRIRU]RVDPHQWHOLJDGDVDODDFWLYLGDGGHSHUVRQDMHVDQWDJyQLFRV
(Q 6DQVKR OD PD\RU SHUWXUEDFLyQ VXUJH FXDQGR ORV GRVQLxRVVH YHQ VHSDUDGRVGH VX
PDGUH\UHGXFLGRVDODHVFODYLWXG(Q0DEXVHHOLQVSHFWRU/RKPDQQHVPROHVWDGRHQ
VXGHVHRGHSDVDUXQDYHODGDWUDQTXLODSRUHODVXQWR+RIPHLVWHU\SRUODDPLVWDGTXH
VLHQWHSRUHVHSROLFtDGHVWLWXLGRHQFXDQWRD.HQWVLHQWUDHQODEDQGDGH0DEXVHHV
SRUTXHKDVLGRHPSXMDGRSRUXQDQHFHVLGDGGHWUDEDMR\GHGLQHUR

0HFiQLFDGHODSHUWXUEDFLyQ

9DOHGLFHTXHODKLVWRULDSXHGHHPSH]DUFRQHVWDGRGHKHFKRQRSHUWXUEDGRRFRQOD
SHUWXUEDFLyQHQVtRDYHFHVGXUDQWHODOXFKD7HQHU\QRWHQHU\3DXOLQHHQODSOD\D
SHUWHQHFHQDOSULPHUFDVRPLHQWUDVTXH0DEXVH\6DQVKRDUUDQFDQFRQXQDVLWXDFLyQ
\D SHUWXUEDGD HO SDGUH GH =XVKLR KD VLGR H[LOLDGR +RIPHLVWHU \ .HQW VH HQFXHQWUDQ
HQXQDVLWXDFLyQSHOLJURVDHLQFyPRGD3HURODSHUWXUEDFLyQPiVJUDYHTXHDPHQD]DD
ORVKpURHVHVWiSRURFXUULU
9DOHVLJXHGLFLHQGR

6L

VH

TXLHUH

FUHDU

XQD

SHUWXUEDFLyQ

DVRFLDQGR

GRV

HOHPHQWRV

VXV

FDUDFWHUtVWLFDV GHEHQ DWUDHU R UHSHOHU /D SHUWXUEDFLyQ FRQVLVWH HQ VHSDUDU ODV
GRV SDUWHV OLJDGDV >HMHPSOR HQ 6DQVKR ORV QLxRV VHSDUDGRV GH VX PDGUH HQ
7HQHU \ QR WHQHU +DUU\ 0RUJDQ VHSDUDGR GH VX EDUFR GH VX GLQHUR GH VX
GRFXPHQWDFLyQ@RELHQIRU]DUSDUDTXHFRH[LVWDQODVSDUWHVHQWUHODVTXHH[LVWH
UHSXOVLyQ>FRPHGLDV OLJHUDV \ SHOtFXODV SROLFLDFDV HQ ODV TXH VH FUHD XQ SDUHMD
IRU]DGD TXH VH HQIUHQWD R VH SHOHD@ (Q HVWH VHJXQGR FDVR KD\ TXH FUHDU OD
VLWXDFLyQTXHDVRFLHIRU]RVDPHQWHODVGRVSDUWHV

(Q ,QILHUQR HQ HO 3DFtILFR GH -RKQ %RRUPDQ VH WUDWD SRU HMHPSOR GH GRV SUHVLGLDULRV
HYDGLGRV TXH VLJXHQ OLJDGRV SRU XQD FDGHQD \ HO YtQFXOR TXH ORV XQH DTXt HV PX\
PDWHULDO FRPR HQ  HVFDORQHV GH +LWFKFRFN R HQ /RV (VSHFLDOLVWDV GH 3DWULFH
/HFRQWH (Q /tPLWH  KRUDV ODV QHFHVLGDGHV GH XQD LQYHVWLJDFLyQ REOLJDQ D GRV
KRPEUHV WRWDOPHQWH GLIHUHQWHV XQ SROLFtD \ XQ GHOLQFXHQWH GH SRFD PRQWD \ PXFKD
ODELDDIRUPDUHTXLSRGXUDQWHGRVGtDV
7DPELpQVHSXHGHQFRPELQDUVREUHWRGRHQODVKLVWRULDVGHDPRUIXHU]DVGHDILQLGDG
\ UHSXOVLyQ FUHDQGR DVt FDVRV GH GLOHPDV DPRU SHUR SHUWHQHFLHQWH D FODQHV
GLIHUHQWHVFRPRHQ5RPHR\-XOLHWD


',),&8/7$'(6

/RVWUHVWLSRVGHREVWiFXORV
(Q HO WUDQVFXUVR GH XQ JXLyQ ORV SURWDJRQLVWDV FRQRFHQ FLHUWR Q~PHUR GH GLILFXOWDGHV
HQ OD FRQVHFXFLyQ GH VX PHWD KDFLHQGR GH HVDV GLILFXOWDGHV OR LPSRUWDQWH GH OD
KLVWRULD
9DOHGLVWLQJXHWUHVWLSRVGHGLILFXOWDGHV
HO REVWiFXOR GLILFXOWDG GH QDWXUDOH]D FLUFXQVWDQFLDO \ HVWiWLFD IUDQTXHDU XQD
PRQWDxDIDOWDGHGLQHURGLILFXOWDGHQFRPSUHQGHUXQLGLRPDH[WUDQMHUR

OD FRPSOLFDFLyQ GH QDWXUDOH]D DFFLGHQWDO \ WHPSRUDO HO PHQVDMHUR VH URPSH OD
SLHUQDHOPDOWLHPSRLQWHUUXPSHHOYLDMH
OD FRQWUDLQWHQFLyQ TXH HV XQD LQWHQFLyQ KXPDQD GH VHQWLGR FRQWUDULR OLJDGD D OD
PLVPD PHWD TXH LQWHQWD LPSHGLU TXH OD SULPHUD FRQVLJD VXV ILQHV 3RU HMHPSOR HO
WHVRURFRGLFLDGRSRURWURVSHUVRQDMHVTXHLQWHQWDUiQLPSHGLUTXHORVSURWDJRQLVWDVVH
DSRGHUHQGHpO

/RVGRVWLSRVGHWHQVLyQ
6ZDLQ GLVWLQJXH ORV WRSLF HQJHQGHUHG WHQVLRQV WHQVLRQHV JHQHUDGDV SRU SUREOHPDV
FRQFUHWRV\PHFiQLFRVSRUHMHPSORFyPRVDFDUDODKHURtQDGHOHGLILFLRHQOODPDV
GH ORV FKDUDFWHU HQJHQGHUHG WHQVLRQV WHQVLRQHV HQGyJHQDV JHQHUDGDV SRU HO
HQIUHQWDPLHQWR GH SHUVRQDOLGDGHV RSXHVWDV H LQFOXVR LUUHFRQFLOLDEOHV 8Q JUXSR HQ
GLILFXOWDGHVTXHTXLHUHVREUHYLYLUVHHQIUHQWDDXQRV\DRWURVGLILFXOWDGHVPDWHULDOHV
WHQVLRQHV SVLFROyJLFDV HQ VX SURSLR VHQR HO JXLyQ GH QXPHURVRV ILOPV GH DFFLyQ VH
EDVDHQODFRPELQDFLyQGHDPERVWLSRVGHGLILFXOWDGHV


0(7$

$PHQXGRVHFRQVLGHUDVREUHWRGRHQHOOODPDGRFLQHFRPHUFLDOTXHSDUDTXHKD\D
KLVWRULD ORV SHUVRQDMHV SULQFLSDOHV GHEHQ WHQHU XQD PHWD TXH DOFDQ]DU SXGLHQGR VHU
GLFKD PHWD HO UHWRUQR D VX VWDWX TXR DQWHULRU VL KDQ VLGR SHUWXUEDGRV R SXHVWRV HQ
SHOLJUR SRU XQ HQHPLJR XQD FDWiVWURIH GLILFXOWDGHV R LQFOXVR OD UHDOL]DFLyQ GH XQD
E~VTXHGD R GH XQD SURPHVD R OD DGTXLVLFLyQ GH XQ ELHQ OD FRQTXLVWD GH XQ VHU
TXHULGR HWF 6HJ~Q 6ZDLQ OD PHWD GHO SHUVRQDMH GHEH VHU HVSHFtILFD \ FRQFUHWD
LQPHGLDWDIXHUWHPHQWHPRWLYDGDFODUDPHQWHHVWDEOHFLGD
(O SURSLR 6ZDLQ UHFXHUGD /D PHWD GHO SHUVRQDMH SULQFLSDO DO LQLFLR GHO ILOP SXHGH QR
VHUODPHWDVREUHODTXHVHFRQVWUX\HVXKLVWRULD(VLQFOXVRHOFDVRPiVFRUULHQWHHO
SURWDJRQLVWD DO SULQFLSLR VH HQFXHQWUD D PHQXGR HQ XQD VLWXDFLyQ SDVLYD TXHOH KDFH
SDGHFHU XQ GHVDJUDGR SHUVRQDO GHO TXH GHEH VDOLU H LQFOXVR XQD OHYH PROHVWLD TXH
SHUWXUED VX WUDQTXLOLGDG \ WDQ VyOR GHVSXpV VX PHWD DO SURJUHVDU FRQ HO SHOLJUR TXH
FRUUHSXHGHDPSOLDUVHKDFHUVHPiVJUDQGH \ DFWLYDDFRPSDxDUVHGHXQDE~VTXHGD
VHUYLUXQDFDXVD
$O SULQFLSLR GH 6DQVKR SDUD 7DPDNL \ VXV KLMRV VH WUDWD GH HQFRQWUDU D VX HVSRVR \
SDGUH 0DVDXML $O ILQDO GH OD SULPHUD SDUWH SDUD =XVKLR FRQYHUWLGR HQ HVFODYR \
VHSDUDGR GH VX PDGUH VH WUDWD GH GHFLGLUVH D KXLU HQ HO WHUFHU DFWR VX PHWD HV
UHKDELOLWDUVH\KDFHUTXHOLEHUHDWRGRVORVHVFODYRVDUULHVJiQGRVHDVtDSHUGHUVXDOWR
FDUJR < DO ILQDO GHO ILOP XQD YH] FXPSOLGD VX PLVLyQ WDQ VyOR SLHQVD HQ YROYHU D
HQFRQWUDUDVXPDGUH

$O SULQFLSLR GH 7HQHU \ QR WHQHU OD PHWD TXH SHUVLJXH +DUU\ 0RUJDQ VH OLPLWD D
UHFXSHUDU ORV TXLQFH GtDV GH VXHOGR TXH OH GHEH -RKQVRQ DO ILQDO HV PDUFKDUVH HQ
PLVLyQFRQORVUHVLVWHQWHVIUDQFHVHVSDUDLUDOLEHUDUDVXMHIHFDXWLYR

'LOHPD\PHWDVLPEULFDGRV
&XDQGRGRVREMHWLYRVVRQODDVSLUDFLyQGHGRVSHUVRQDVGLIHUHQWHV\VRQLQFRPSDWLEOHV
HO XQR FRQ HO RWUR WRGR HOOR FUHD XQ FRQIOLFWR 6ZDLQ +D\ GLOHPD FXDQGR HQ VX IXHUR
LQWHUQR XQ PLVPR SHUVRQDMH VLHQWH TXH GHEH UHDOL]DU GRV REMHWLYRV FRQWUDGLFWRULRV $O
ILQDO GH 5RPDQFLQJ WKH 6WRQH 7UDV HO FRUD]yQ YHUGH 0LFKDHO 'RXJODV VH HQFXHQWUD
DQWH HO GLOHPD VLJXLHQWH R UHFXSHUDU OD SLHGUD SUHFLRVD TXH DPELFLRQD R VDOYDU D OD
PXMHU D TXLHQ DPD TXH HVWi HQ SHOLJUR /D XUJHQFLD GH OD VLWXDFLyQ QR OH SHUPLWH HQ
HVHPRPHQWRFXPSOLUDPERVREMHWLYRV\GHEHHOHJLUILQDOPHQWHVDOYDDODFKLFD3HUR
ODJXLRQLVWDORUHFRPSHQVDSXHVWRTXHOHSHUPLWHPiVDGHODQWHFRQVHJXLUWDPELpQOD
SLHGUD
/D SHUVHFXFLyQ FRP~Q GH XQD PHWD LGpQWLFD HV OR TXH D PHQXGR KDFH TXH ORV
SHUVRQDMHVSULQFLSDOHVGHODKLVWRULDHQWUHQHQUHODFLyQ5HODFLyQTXHODPD\RUtDGHODV
YHFHV VH KDFH FRQIOLFWLYD ULYDOLGDG HQ FDVR GH TXH OD PHWD VHD XQ ELHQ TXH QR VH
SXHGHFRPSDUWLUXQDSHUVRQDSRUHMHPSOR
0XFKDV YHFHV XQ SHUVRQDMH SHUVLJXH GRV PHWDV SULQFLSDOHV GLIHUHQWHV SHUR QR
QHFHVDULDPHQWH LQFRPSDWLEOHV SRU HMHPSOR YHQFHU D XQ HQHPLJR \ FRQTXLVWDU D XQ
VHU DPDGR (Q HVWH FDVR VH DFRQVHMD D ORV JXLRQLVWDV SDUD HYLWDU GLVRFLDU OD KLVWRULD
HQGRVSDUWHVGLVWLQWDVTXHXQDQORPHMRUTXHSXHGDQODREWHQFLyQGHODVGRVPHWDV
SDUD TXH R VH DVRFLHQ XQD D RWUD GHO PRGR PiV HVWUHFKR R VH KDJDQ LQFRPSDWLEOHV
(QHOSULPHURGHORVFDVRVPX\FOiVLFRSRUHMHPSORWDQVyORVHFRQTXLVWDDODPXMHU
FXDQGR VH YHQFH DO DGYHUVDULR HQ HO VHJXQGR QR PHQRV FOiVLFR HO SURWDJRQLVWD
GHEHUiHOHJLUHQWUHXQRXRWURWHQHUHOWHVRURRFRQTXLVWDUDODPXMHU

6ROXFLRQDUODPHWD
/D PHWD GHVHDGD GHEH VHU HVSHFWDFXODU SDUD PHUHFHU HO HPSHxR GH ORV KpURHV HQ
FRQVHJXLUOD\HOLQWHUpVGHOHVSHFWDGRUHQVHJXLUVXE~VTXHGD"1RHVREOLJDWRULR9DOH
 GLFH GH PRGR H[WUDxR TXH ORV GRV FRPSRQHQWHV GH OD PHWD VRQ OD GLVWDQFLD
TXH OD VHSDUD \ OD GLUHFFLyQ TXH FRQGXFH D HOOD OR TXH YLHQH D GHILQLU OD PHWD QR HQ
VtSRUVXFRQWHQLGR\VXYDORUVLQRVHJ~QHODOHMDPLHQWR\ODGLUHFFLyQHQUHODFLyQFRQ
HOSURWDJRQLVWDWHRUtDGHO0DF*XIILQ
(ODXWRUGH7KH7HFKQLTXHRI6FUHHQSOD\ZULWLQJGDWDPELpQHVWH~WLOFRQVHMR/D
LQWHQFLyQ GH FXDOTXLHU DFRQWHFLPLHQWR GHEH VHU OOHYDGD D FDER OR FXDO QR TXLHUH GHFLU
TXHVHGHEHFRQVHJXLUVXREWHQFLyQWDPELpQSXHGHVHUIUXVWUDGD(QRWUDVSDODEUDV
HO JXLRQLVWD QR GHEH ROYLGDU OD PHWD TXH KD DVLJQDGR D XQ SHUVRQDMH HQ XQ PRPHQWR
GHWHUPLQDGR\DQWHVGHOILQDOGHEHVROXFLRQDUODELHQVHDPRVWUiQGRODFRPRDOJRTXH
VHKDDOFDQ]DGRRELHQGDQGRDHQWHQGHUTXH HVDOJRQRDOFDQ]DGRWRGDYtDSHURTXH
VLJXHVLHQGRXQDDVSLUDFLyQILQDODELHUWRELHQVHDQRDOFDQ]DGRSHURDEDQGRQDGRR
ELHQ LQDOFDQ]DEOH 7DOHV PHWDV H LQWHQFLRQHV GHO SHUVRQDMH ROYLGDGDV HQ HO FDPLQR
VRQPiVFRUULHQWHVGHORTXHVHSLHQVD\FDXVDQXQVHQWLPLHQWRGHIORXHQHOUHODWR


0HWDVSULQFLSDOHV\DX[LOLDUHV
$PHQXGRXQJXLyQSRQHHQMXHJRPHWDVSULQFLSDOHV\PHWDVDX[LOLDUHVVHFXQGDULDV
/DV PHWDV SULQFLSDOHV VRQ FRQ PD\RU IUHFXHQFLD VDOYDU OD YLGD FRQTXLVWDU XQ DPRU
XQ WHVRUR XQ SRGHU \ ODV PHWDV DX[LOLDUHV SXHGHQ VHU JDQDU WDO GHVWLQR HVFDSDU D
XQDYLJLODQFLDGHVFDQVDUHQFRQWUDUDRWURSHUVRQDMHHWF
3DUD9DOHODVPHWDVVHFXQGDULDVGHEHQFXEULUVHHQIRUPDGHFDGHQD FRQWLQXD'LFKR
GH RWUR PRGR FXDQGR VH DOFDQ]D XQD OD RWUD GHEH HVWDU \D FRQILJXUDGD \D
HVWDEOHFLGD
7DPELpQKD\HUURU\SHOLJURGHFRQIXVLyQVLHOJXLRQLVWDQRVDEHGHMDUFODURFXiOHVHO
REMHWLYR SULQFLSDO GHO SHUVRQDMH $ PHQRV TXH GLFKD FRQIXVLyQ VHD SUHVHQWDGD
WHPSRUDOPHQWH SRUTXH DVt VH GHVHD VLJXLHQGR XQD WiFWLFD JXLRQtVWLFD PX\ FRQFUHWD
HQJDxDUDOHQHPLJR
(Q 7HQHU \ QR WHQHU +DUU\ 0RUJDQ SHUVLJXH XQ GHWHUPLQDGR Q~PHUR GH PHWDV
VXFHVLYDV WDQWR SULQFLSDOHV FRPR VHFXQGDULDV KDFHU VX WUDEDMR HV GHFLU OOHYDU D
-RKQVRQ D SHVFDU KDFHUVH SDJDU SRU VX UHFDOFLWUDQWH FOLHQWH FRQRFHU SRUTXH OH
LQWHUHVD D OD FKLFD UHFLpQ OOHJDGD HVFDSDU GH ODV JDUUDV GHO FRPLVDULR 5HQDUG RSHUDU
D 3DXO GH %XUVDF KHULGR GHVFDQVDU HWF < VH PXHVWUDQ ORV REVWiFXORV VXFHVLYRV FRQ
ORVTXHWURSLH]DPDODYROXQWDG\WLPRGH-RKQVRQPDOHQWHQGLGRV\GHVFRQILDQ]DTXH
OHVHSDUDQGH0DULHKRVWLOLGDGGHODPXMHUGH'H%XUVDFDFRQWHFLPLHQWRVLPSUHYLVWRV
TXH OH LPSLGHQ GHVFDQVDU HWF &DGD YH] TXH DOFDQ]D XQD GH HVDV PHWDV DX[LOLDUHV
-RKQVRQVHKDGHFLGLGRDSDJDUOH5HQDUGORGHMDOLEUH3DXOGH%XUVDFVHVDOYDRWUD
PHWDHVWi\DHQHOFDPLQROLJDGDDXQQXHYRFRQWUDWLHPSRDRWUDGHPDQGD-RKQVRQ
PXHUH SRU HO LPSDFWR GH XQD EDOD SHUGLGD +DUU\ WLHQH VHG SHUR QR WLHQH GLQHUR
5HQDUG KD GHWHQLGR D VX DPLJR (GG\ ORV UHVLVWHQWHV OH SLGHQ TXH SDUWLFLSH HQ XQD
QXHYD PLVLyQ HWF 3RGUtDPRV GHFLU GH PRGR KXPRUtVWLFR TXH +DUU\ QXQFD HVWi
WUDQTXLOR\TXHODKLVWRULDDYDQ]DGHHVHPRGR


,17(1&,21(692/817$'(6

+D\TXHPDQLIHVWDUODV
6HJ~Q YDULRV WUDWDGRV GH JXLyQ ODV LQWHQFLRQHV \ YROXQWDGHV GHO SHUVRQDMH QR VyOR
GHEHQVHUGLFKDVDILUPDGDVYHUEDOPHQWHSRUpOVLQRTXHDGHPiVGHEHQPDQLIHVWDUVH
(XJpQH9DOHKDFHXQDREVHUYDFLyQSHUWLQHQWHFXDQGRHVFULEH

3URFODPDU OD IXHU]D GH VXV LQWHQFLRQHV HV DOJR TXH QR VH KDFH  6X SRGHU
GHEHKDFHUVHPDQLILHVWR$PHQXGRXQJXLRQLVWDHVWiWDQFRQYHQFLGRGHOD
IXHU]DGHODVLQWHQFLRQHVGHVXVSHUVRQDMHVVREUHWRGRFXDQGRVHWUDWDGHXQD
KLVWRULD YHUGDGHUD TXH ROYLGD SRU SXUD QHJOLJHQFLD KDFHUODV PDQLIHVWDV 3HUR

HO HVSHFWDGRU QR WLHQH QLQJXQD SUXHED GH OD IXHU]D GH ODV LQWHQFLRQHV \ GH ODV
HPRFLRQHVGHVXVKpURHV

3RUHMHPSORHQ7HQHU\QRWHQHU+DUU\HVYLVWRDOSULQFLSLRFRPRXQLQGLYLGXDOLVWDTXH
QR VH PHWH HQ SROtWLFD ~QLFDPHQWH SUHRFXSDGR SRU VXV SURSLRV DVXQWRV 3HUR QR VH
FRQIRUPD FRQ GHFLUOR OR PDQLILHVWD FRQFUHWDPHQWH SULPHUR QHJiQGRVH HQ GRV
RFDVLRQHVDD\XGDUDORVUHVLVWHQWHVHQXQDPLVLyQTXHpOFRQVLGHUDSHUMXGLFLDOSDUDVX
WUDEDMROXHJRFXDQGRODQHFHVLGDGGHGLQHUROHREOLJDDDFHSWDUODPLVLyQQRGXGDQGR
HQGLVSDUDUVREUHHOSDWUXOOHURTXHSRGUtDLGHQWLILFDUVXEDUFR&XDQGR 3DXOGH%XUVDF
HQ HO WLURWHR HV DOFDQ]DGR HQ HO EUD]R +DUU\ WLHQH HVWD IUDVH EUXWDO 1R TXLHUR
VDQJUHHQPLVDOPRKDGDV
(Q 6DQVKR VH WUDWD GH PRVWUDU TXH =XVKLR KD GHFLGLGR FRPSRUWDUVH FRPR XQ HVFODYR
VXPLVR SHUR 0L]RJXFKL \ <RGD QR VH FRQIRUPDQ FRQ REOLJDUOH D GHFLUOR OR PXHVWUDQ
DFHSWDQGRPDUFDUFRQHOKLHUURDRWURHVFODYR7DQVyORGHVSXpV=XVKLRHQXQFLDDQWH
$QMX VX FUHGR IDWDOLVWD TXH QR HV HQWRQFHV XQD GHFODUDFLyQ DEVWUDFWD VLQR TXH VH YH
DSR\DGD \ UDWLILFDGD SRU HO KRUULEOH DFWR TXH QR GXGD HQ FRPHWHU +D\ HQ HVWH ILOP
RWUR SHUVRQDMH TXH SUHILHUH SURWHVWDU YHUEDOPHQWH GH VXV EXHQRV VHQWLPLHQWRV HQ YH]
GHDFWXDU\TXHSRUHVHPLVPRPRWLYRHVFULWLFDGRHV7DUR
(ULF 5RKPHU TXH KD UHIOH[LRQDGR VREUH OD IXHU]D GH OD SDODEUD HQ HO FLQH \ TXH KD
SURGXFLGR VREUH HVWH WHPD UHIOH[LRQHV H[WUHPDGDPHQWH SHUWLQHQWHV YHU VX OLEUR GH
DUWtFXORV /H *RW GH OD EHDXWp KD FRQVWUXLGR FLHUWR Q~PHUR GH VXV ILOPV UHFLHQWHV
VREUH OD LGHD GH XQ SHUVRQDMH IHPHQLQR HQ JHQHUDO TXH DILUPD FRQ SDODEUDV VXV
LQWHQFLRQHV \ VXV FRQYLFFLRQHV DQWHV GH TXH OD UHDOLGDG OR SRQJD D SUXHED GH PRGR
FUXHOODPD\RUtDGHODVYHFHV3HURHOUHDOL]DGRUVHODVDUUHJODSDUDGHMDUTXHVXEVLVWD
XQDGXGDVREUHODVLQFHULGDGRODOXFLGH]GHVXVSURWDJRQLVWDVYROXQWDULRVDV0DULRQ
HQ3DXOLQHHQODSOD\D /RXLVHHQ/DVQRFKHVGHOXQDOOHQD&DPLOOHHQ/DEXHQDERGD
ODV WUHV WLHQHQ XQ SURJUDPD GH YLGD TXH PDQLILHVWDQ LQGLVFUHWDPHQWH \ ODV WUHV
IUDFDVDQ FXDQGR TXLHUHQ SRQHUOR HQ SUiFWLFD &RPR VL KXELHVHQ LQFXUULGR HQ XQD IDOWD
FRQWUD OD YLGD TXHULHQGR SURJUDPDUOD GHPDVLDGR \ VREUH WRGR KDEODQGR GHPDVLDGR
GHVXSUR\HFWR


',/(0$

(QFRQWUDUVH HQ XQ GLOHPD HV SDUD XQ SHUVRQDMH YHUVH REOLJDGR D HOHJLU HQWUH GRV
VLWXDFLRQHV

TXH

SUHVHQWDQ

XQD

\

RWUD

XQ

JUDYH

LQFRQYHQLHQWH

VLWXDFLyQ

HPLQHQWHPHQWH GUDPiWLFD OODPDGD FRUQHOLDQD HQ OD TXH GHFLGD OR TXH GHFLGD
SLHUGHDOJRSRUTXHQLQJXQDVROXFLyQOHSHUPLWHJDQDUORWRGR
(Q0DEXVH.HQWGXGDHQWUHVHJXLURFXOWDQGRD/LO\VXVDFWLYLGDGHVUHDOHV\FRQVHUYDU
VX DSUHFLR SHUR VLHQGR LQGLJQR GH HOOD R ELHQ FRQWDUOH WRGR H[SRQLpQGRVH D VHU
UHFKD]DGR(Q7HQHU\QRWHQHUVXSRQHPRVTXH+DUU\HVWiGLYLGLGRHQWUHVXDWUDFFLyQ
SRU0DULH\HOWHPRUDSHUGHUVXLQGHSHQGHQFLDTXHWDQWRHVWLPD

(Q &RUQHLOOH PRGHOR FRQRFLGR SRU ORV IUDQFHVHV HO GLOHPD VH SODQWHD D PHQXGR HQWUH
HO DPRU \ HO KRQRU HQ RWURV FDVRV SXHGH VHU HQWUH OD SRVHVLyQ GH XQ ELHQ PDWHULDO \
HO DPRU GH XQD PXMHU WDPELpQ SXHGH VHU HQWUH OD JORULD \ HO DPRU OD OLEHUWDG R HO
DPRU (IHFWLYDPHQWH HO DPRU HQ OD PD\RUtD GH ORV FDVRV HV HO ELHQ TXH HQWUD HQ
FRQFXUUHQFLDFRQORVGHPiV(OGLOHPDLQWHUHVDQWHHVDTXHOTXHSODQWHDXQDGLV\XQWLYD
HQWUHORPDWHULDO\ORLQPDWHULDOHQWUHHOLQWHUpV\HOLGHDO/DIXHU]DGHODVVLWXDFLRQHV
TXH SODQWHDQ XQ GLOHPD SUHVHQWDQGR HO FRQIOLFWR FRPR LQWHUQR HQ HO FRUD]yQ PLVPR
GHODSHUVRQDGHOKpURHRGHODKHURtQDHVODGHLOXVWUDUHVDFUHHQFLDHVDFRQYLFFLyQR
HVDOH\VHJ~QODFXDOFRPRGLFHHOUHIUiQQRVHSXHGHWHQHUWRGR


$17$*21,67$

4XLpQHVHODQWDJRQLVWD"
/D PD\RUtD GH OD KLVWRULDV VL QR WRGDV SUHVHQWD D XQ DGYHUVDULR XQ HQHPLJR XQ
RSRQHQWH XQ PDOR DQWDJRQLVWD GH ORV GHVHRV GH OD E~VTXHGD GH OD VXSHUYLYHQFLD R
GH OD WUDQTXLOLGDG GHO KpURH $ PHQXGR HO DQWDJRQLVWD HV XQD SHUVRQD R XQ JUXSR GH
SHUVRQDV SHUR WDPELpQ SXHGH VHU XQD FDWiVWURIH QDWXUDO LQFHQGLR WHUUHPRWR IUtR
XQDHQIHUPHGDGXQGHIHFWRItVLFRXQSUREOHPDSVLFROyJLFRODOH\VRFLDOHOHQWRUQROD
VRFLHGDGXQDQLPDOXQPRQVWUXR3XHGHVLWXDUVHHQHOLQWHULRUPLVPRGHOSHUVRQDMH
SXOVLyQ DVHVLQD R DXWRGHVWUXFFLyQ WHQGHQFLD GHSUHVLYD (Q OD FODVLILFDFLyQ GHELGD D
-HDQ *UHLPDV /D 6HPDQWLTXH 6WUXFWXUDOH (GLWLRQV /DURXVVH HQWUH ODV VHLV IXQFLRQHV
GUDPiWLFDV HVWH SDSHO FRUUHVSRQGH DO GHO 2SRQHQWH \ HV GLDPHWUDOPHQWH RSXHVWR DO
GH$\XGDQWHHOTXHD\XGDDOKpURHHQVXE~VTXHGD
6ZDLQ  SRU HMHPSOR GHILQH DO DQWDJRQLVWD FRPR OD SHUVRQD HO HOHPHQWR R HO
SRGHUTXHVHRSRQHDOSHUVRQDMHSULQFLSDOHQORVHVIXHU]RVTXHUHDOL]DSDUDDOFDQ]DUVX
PHWD

8QPtQLPRGHVHGXFFLyQ
6L HO DQWDJRQLVWD HV XQD SHUVRQD OD PD\RUtD GH ODV YHFHV VH LQWHQWDGDUOH XQ PtQLPR
GH VHGXFFLyQ VHGXFFLyQ ItVLFD R DO PHQRV VHGXFFLyQ GH LQWHOLJHQFLD GH KDELOLGDG
0DEXVH HQ HO 7HVWDPHQWR 5HQDUG HQ 7HQHU \ QR WHQHU H LQFOXVR HO GHVSUHFLDEOH
LQWHQGHQWH6DQVKRQRVRQQLPXFKRPHQRVLPEpFLOHV&XDQWRPiVFRQVHJXLGRHVWiHO
PDOR PiV FRQVHJXLGD HVWi OD SHOtFXOD GHFtD +LWFKFRFN TXH VLHPSUH KD LQWHQWDGR
GRWDUDVXVPDORVGHDPELJHGDGPLVWHULR\VHGXFFLyQ
(Q PXFKRV ILOPV UHFLHQWHV ORV SHUVRQDMHV PDOYDGRV D PHQXGR VRQ GH HQWUDGD
DEVROXWDPHQWHSHUYHUVRV\GHVSUHFLDEOHV\DYHFHVWRQWRVSRUDxDGLGXUDORFXDOVLUYH
SDUD MXVWLILFDU OD REVHVLyQ GH OHJtWLPD GHIHQVD TXH OOHYD DO KpURH GXUDQWH WRGR HO
ILOP D FRPHWHU DFWRV GH YLROHQFLD 1RV SHUPLWLPRV SHQVDU TXH QR VyOR VH GHELOLWD FRQ
HOOR HO LQWHUpV KXPDQR GHO ILOP VLQR WDPELpQ TXp OD LQWHQVLGDG GUDPiWLFD SLHUGH
PXFKRSXHVWRTXHVHUHGXFHDXQDDJLWDFLyQPHFiQLFD\DXQDYLROHQFLDFLHJD


0RGRVGHLQWHUYHQFLyQGHODQWDJRQLVWD
(VLQWHUHVDQWH UHFRUGDUORTXH9ODGLPLU3URSSGLFH HQVX0RUIRORJtDGHOFXHQWR
VREUH HO PRGR GH LQWHUYHQFLyQ GH ORV PDORV HQ HO FXHQWR SXHV HV DOJR TXH VH
HQFXHQWUDHQQXPHURVRVJXLRQHVGHSHOtFXOD

(O DJUHVRU HO PDOR VH PXHVWUD HQ GRV RFDVLRQHV GXUDQWH HO WUDQVFXUVR GH OD
DFFLyQ /D SULPHUD YH] DSDUHFH UHSHQWLQDPHQWH GH PRGR ODWHUDO OOHJD
YRODQGRVHDFHUFDIXUWLYDPHQWHHWF\OXHJRGHVDSDUHFH/DVHJXQGDYH]VH
SUHVHQWD FRPR XQ SHUVRQDMH D TXLHQ VH HVWDED EXVFDQGR JHQHUDOPHQWH DO
WpUPLQRGHOYLDMHHQHOTXHHOKpURHEXVFDEDXQJXtD

6L HVWH HVTXHPD QR VH DSOLFD OLWHUDOPHQWH HQ QLQJXQR GH QXHVWURV FXDWUR ILOPV
REVHUYHPRV HQ FDPELR TXH HQ 6DQVKR SULPHUR ORV QLxRV VRQ OOHYDGRV SRU OD IXHU]D
KDVWD HO PDOR \ TXH GHVSXpV HV XQR GH ORV QLxRV \D DGXOWR HO TXH YD D GLULJLUVH
YROXQWDULDPHQWHHVWDYH]DODJXDULGDGH6DQVKRSDUDHQIUHQWDUVHFRQpO
3DXOLQHHQODSOD\DSUHVHQWDDXQSHUVRQDMHTXHQRHVH[DFWDPHQWHPDORSHURTXH
SRVHHFLHUWRVUDVJRVGHPDOGDGHV+HQULHOOLJyQDOTXHHOSURSLR3LHUUHFDOLILFDGH
GLDEyOLFR $QRWDUHPRV TXH +HQUL HQWUD HQ OD YLGD GH 0DULRQ \ GH 3DXOLQH GH PRGR
ODWHUDO FDVL VRODSDGDPHQWH SULPHUR SDUHFH TXH HV XQ DPLJR tQWLPR GH 3LHUUH
FXDQGR HQ UHDOLGDG DFDED GH FRQRFHUOR XQ SRFR DQWHV \ GHVSXpV OD FDVD GH +HQUL
OOHJDUi D VHU XQ OXJDU GH DWUDFFLyQ GH HQFXHQWUR \ GH HQIUHQWDPLHQWR SDUD WRGRV ORV
SHUVRQDMHV


0$&*8)),1

(QVHQWLGRSURSLR
(O 0DF *XIILQ HV XQ SURFHGLPLHQWR TXH KD VXVFLWDGR QXPHURVRV FRPHQWDULRV HQ OD
FUtWLFD GHVGH TXH +LWFKFRFN H[SXVR VXV SULQFLSLRV DQWH )UDQoRtV 7UXIIDXW HQ VXV
IDPRVDVHQWUHYLVWDV
(O0DF*XIILQPX\FRQFUHWDPHQWH HV HQODVSHOtFXODVGHHVSLRQDMHRGHVXVSHQVH
HWF HO GRFXPHQWR VHFUHWR ORV SDSHOHV HO VHFUHWR PLOLWDU R SROtWLFR TXH FRQVWLWX\H
DSDUHQWHPHQWH OR TXH HVWi HQ MXHJR HQ OD ILFFLyQ +LWFKFRFN DVHJXUD TXH HVH
FRQWHQLGR GHO 0DF *XIILQ GHEH VHU LPSRUWDQWH HQ H[WUHPR SDUD ORV SHUVRQDMHV GHO
ILOP SHUR VLQ LPSRUWDQFLD SDUD Pt QDUUDGRU $Vt OD KLVWRULD SXHGH PDQWHQHUVH \
DSDVLRQDUDOS~EOLFRHQWRPRDXQSUHWH[WRTXHSRFRLPSRUWDDOJXLRQLVWD\DOS~EOLFR

3RU HMHPSOR HO 0DF *XIILQ GH  HVFDORQHV HV XQD IyUPXOD PDWHPiWLFD HQ UHODFLyQ
FRQODFRQVWUXFFLyQGHXQPRGHORGHDYLyQHOGH$ODUPDHQHOH[SUHVRHVXQPHQVDMH
FLIUDGR HQQRWDVPXVLFDOHVTXHIRUPDQXQDPHORGtDTXHFRQWLHQHQRVGLFHQVLQPiV
SUHFLVLyQODVFOiXVXODVGHXQDFXHUGRVHFUHWRHQWUHGRVSDtVHVHOGH&RQODPXHUWHHQ
ORVWDORQHVHVXQPLFURILOPTXHFRQWLHQHVHFUHWRVGHHVWDGRHWF

<HQVHQWLGRJHQHUDO
6H SXHGH JHQHUDOL]DU OD GHILQLFLyQ GHO 0DF *XIILQ FRQVLGHUDQGR FRPR WDO FXDOTXLHU
HOHPHQWR PDWHULDO TXH HVWp HQ MXHJR HQ XQD KLVWRULD VL UHVXOWD TXH VX QDWXUDOH]D HV
PHQRV LPSRUWDQWH GHVGH HO SXQWR GH YLVWD GHO HVSHFWDGRU TXH OR TXH KD\ HQWUH ORV
SHUVRQDMHV SRU VX FDXVD FRPR FRPSHWLFLyQ ULYDOLGDG GHVHR DPRU FXULRVLGDG RGLR
YLROHQFLD HWF +LWFKFRFN KD GHPRVWUDGR TXH HV SRVLEOH DSDVLRQDUVH SRU XQ UHODWR
SROLFLDFRHQHOTXHORSULQFLSDOTXHHVWiHQMXHJRHVDOJRPX\LQGHILQLGR$xDGDPRVTXH
HQ VX REUD DOJR PiV HVWi HQ MXHJR WDPELpQ PXFKR PiV GUDPiWLFR OD YLGD GHO
SURWDJRQLVWDDPHQXGRHQSHOLJUR
(Q (O WHVWDPHQWR HO QRPEUH GH 0DEXVH IXQFLRQD XQ SRFR FRPR 0DF *XIILQ
+RIPHLVWHUORWLHQHHQODSXQWDGHODOHQJXDDOSULQFLSLRGHOILOPSHURQRORSRGUiGHFLU
DO FRPLVDULR /RKPDQQ KDVWD HO ILQDO FXDQGR HVH QRPEUH \D QR OH VLUYH GH QDGD (Q
7HQHU\QRWHQHUODSHOLJURVDPLVLyQGHORVUHVLVWHQWHVGHODTXH3DXOKDEODD+DUU\\
GHODTXHQRYHPRVHOGHVDUUROORSXHVHOILOPVHLQWHUUXPSHDQWHVVLUYHLJXDOPHQWHGH
0DF *XIILQ SDUD TXH ORV SHUVRQDMHV VH MXHJXHQ DOJR PiV LPSRUWDQWH TXH OD PHUD
VDOYDJXDUGLDSHUVRQDOVLQHPEDUJRDOS~EOLFR\DORVJXLRQLVWDVOHVWLHQHVLQFXLGDGR
HVHPLVWHULRVRMHIHGHOD5HVLVWHQFLDTXHHVSHUDVHUOLEHUDGRHQOD,VODGHO'LDEOR
(O0DF*XIILQPiVIDPRVRGHODKLVWRULDPiVJLJDQWHVFDFXDWURySHUDVTXHWRWDOL]DQ
GRFHRWUHFHKRUDVGHGXUDFLyQHVHODQLOORGHRURSRUHOTXHOXFKDHOXQLYHUVRHQWHUR
HQ /D 7HWUDORJtD GH :DJQHU (V LQWHUHVDQWH REVHUYDU TXH VH VXSRQH TXH HVH DQLOOR HV
GHWHQWDGRU GH XQ SRGHU H[WUDRUGLQDULR SDUD DTXHO TXH FRQRFH VX QDWXUDOH]D FRPR OD
IyUPXODGHODUPDDEVROXWDGHODVKLVWRULDVGHHVSLRQDMHSHURTXHVDOYRDOSULQFLSLR
SDUD HO JQRPR $OEHULFK HVH SRGHU GHO DQLOOR QXQFD VLUYH (O TXH KD VLGR FRQFHELGR
SDUD FRQVHJXLUOR 6LHJIULHG QR FRQRFH QXQFD VX SRGHU \ FXDQGR OR UHFXSHUD VH VLUYH
GHpOFRPRGHXQDQLOORQXSFLDO(VWHDQLOORGRWDGRGHXQSRGHUTXHQXQFDVHXWLOL]DUi
\ TXH D GHFLU YHUGDG SRFR LPSRUWD SDUD ORV HVSHFWDGRUHV HQ WDQWR TXH REMHWR
PLHQWUDVTXHVHDSDVLRQDQSRUWRGRHOGHVWLQRKXPDQRTXHHVWiHQMXHJRSRUpOHVHO
HMHPSORSHUIHFWRGH0DF*XIILQ

0DF*XIILQHQMXHJR
(O0DF*XIILQSODQWHDHOSUREOHPDGHVLWXDUORTXHHVWiHQMXHJRHQXQDKLVWRULDVX
LPSRUWDQFLD3RUHMHPSORTXpHVORLPSRUWDQWHHQHOJXLyQGH$ODUPDHQHOH[SUHVR
GH+LWFKFRFN"
DFDVR HV XQD VHxRUD PD\RU GHO FRQWUDHVSLRQDMH LQJOpV TXH WULXQID HQ VX PLVLyQ GH
OOHYDUDEXHQILQXQPHQVDMHFLIUDGRHO0DF*XIILQ"
HVTXL]iTXHFRQRFDVLyQGHHVWHDVXQWRXQMRYHQ\XQDMRYHQVHHQFXHQWUDQ\VH
HQDPRUDQ"

R DFDVR DVSHFWR LQLFLiWLFR VLPEyOLFR TXH HVWDV SHUVRQDV DSUHQGHQ FRQ HVDV
SUXHEDVDOJRGHODYLGD"

&$378/29,,


/DVSDUWHV\ORVWLHPSRVGHOJXLyQ

3URJUHVLyQ FRQWLQXD &OLPD[ (VFHQDV \ VHFXHQFLDV $FWRV WUHV ([SRVLFLyQ
*DQFKR FHER WHDVHU 'HVHQODFH +DSS\ HQG GHVHQODFH IHOL] (IHFWR WHDWUDO
)ODVKEDFN

6H WUDWD DTXt GH FRQVLGHUDU HO JXLyQ FRPR OtQHD FRPR FXUYD TXH FRQ VXV GLYLVLRQHV
HQ DFWRV HVFHQDV WDQ LPSRUWDQWHV FRPR HQ HO WHDWUR DXQTXH HQ HO FLQH VHDQ PHQRV
FRGLILFDGDV \ PiV VXE\DFHQWHV FRQVLGHUDUOR WDPELpQ FRQ XQD PDUFDGD SURJUHVLyQ HQ
SXQWRV GHVWDFDGRV UXSWXUDV TXH FRQGXFHQ HQ SULQFLSLR GH XQ SXQWR D RWUR DFDVR
VHUi HVH RWUR SXQWR VHJ~Q HO PRGHOR FtFOLFR D PHQXGR XWLOL]DGR HO UHWRUQR DO SXQWR
GHSDUWLGDHQULTXHFLGRFRQXQDOHFFLyQRXQDGHVLOXVLyQXQDJDQDQFLDRXQDSpUGLGD"


O352*5(6,1&217,18$/(<'(

&RPRXQDHVFDOHUD
/D OH\ GH SURJUHVLyQ FRQWLQXD HV DTXHOOD TXH TXLHUH TXH OD WHQVLyQ GUDPiWLFD VHD
FRQFHELGD SDUD LU FUHFLHQGR KDVWD HO ILQ KDVWD HO FOLPD[ OXHJR TXH ORV
DFRQWHFLPLHQWRV PiV LPSUHVLRQDQWHV \ VREUH WRGR ODV HPRFLRQHV PiV IXHUWHV HVWpQ
SUHYLVWRV SDUD HO ILQDO GH OD SHOtFXOD DO WpUPLQR GH XQD VXELGD <D ORV $QWLJXRV \
SRVWHULRUPHQWH%RLOHDX4XHODFRQIXVLyQVLHPSUHFUHFLHQWHGHHVFHQDHQHVFHQD$
VXFROPROOHJDGDVHGHVHQUHGHVLQSHQD
KDEtDQIRUPXODGRHVWDOH\
+LWFKFRFN OD SURSRQH D VX YH] FRPR XQ SULQFLSLR HV QHFHVDULR GLFH TXH HO ILOP VXED
VLHPSUH FRPR XQ WUHQ GH FUHPDOOHUD 6ZDLQ SRU VX SDUWH FRPSDUD OD SURJUHVLyQ
FRQ XQD HVFDOHUD TXH KD\ TXH VXELU 3DUD 1DVK2DNH\ XQ JXLyQ HV XQD VHULH GH
VLWXDFLRQHV GH FULVLV FDGD XQD PiV JUDYH TXH OD DQWHULRU FRQGXFHQWHV D XQ FOLPD[
TXHDSDUHFHDOILQDOGHOWHUFHUDFWRRLQFOXVRDQWHV3DUD)UDQFLV9HEHUHQ6DOp
WDPELpQ H[LVWH QHFHVLGDG GH XQD VXELGD GUDPiWLFD \ HQ OD PLVPD REUD -RUJH
6HPSU~QHYRFD

$TXHOOD YLHMD UHJOD DEVROXWDPHQWH LQHYLWDEOH GH OD VXELGD GUDPiWLFD KDFLD DOJR
6LHPSUHVHSXHGHQFRQVWUXLUDxDGHJXLRQHVVLQHVDVFDUDFWHUtVWLFDVSHUR
VLHPSUHHVWiQFRQVWUXLGRVSDUDGHVFRQVWUXLUHVDFRQVWUXFFLyQORTXHVLJQLILFDOR
PLVPR


(Q FXDQWR D -HDQ&ODXGH *DUULqUH LQVLVWH VREUH OD QHFHVLGDG GH UHODFLyQ HQWUH ODV
HVFHQDV FRURODULR VHJ~Q pO GH HVD OH\ GH SURJUHVLyQ (V QHFHVDULR TXH FXDOTXLHU
HVFHQD DYDQFH UHVSRQGLHQGR D RWUDV SUHJXQWDV TXH \D KDQ VLGR SODQWHDGDV
DQWHULRUPHQWH\GpSDVRDRWUDV/
(QMHXVFpQDULR

&RQGLFLyQGHODSURJUHVLyQ
3DUD9DOHHOWHDWURQR HVWiWDQLQWHUHVDGRFRPR HOFLQHHQPDQWHQHUXQD
SURJUHVLyQ FRQWLQXD SXHV HO WLHPSR HV FRQWLQXR HQ VX FDVR \ VHJ~Q pO HO
PRYLPLHQWR KDFLD DGHODQWH PRYH IRUZDUG VLUYH SDUD DVRFLDU HVRV SHTXHxRV
EORTXHVGHWLHPSRUHDOGHORVTXHHVWiIRUPDGRXQILOP(OSURSLR9DOHHVFULEHHQRWUR
OXJDU
(VWD OH\ GH OD SURJUHVLyQ FRQWLQXD GHEH DSOLFDUVH D FXDOTXLHU HOHPHQWR GH OD
KLVWRULD FDGD FDUDFWHUL]DFLyQ GHEH DJUDQGDUVH KDVWD HO ILQDO &DGD HPRFLyQ
GHEH VHU JUDGXDOPHQWH DFHQWXDGD &DGD GHFLVLyQ GHEH WHQHU PD\RUHV
FRQVHFXHQFLDV

$FRQVHMDSXHVQRHPSH]DUHOILOPSRUXQDFRQWHFLPLHQWRWDQIXHUWHTXHQRSHUPLWD\D
QLQJXQD SURJUHVLyQ 0XFKRV ILOPV FRQVLJXHQ XQ SULQFLSLR H[FHOHQWH GHVHDGR SRU OD
PD\RUtDGHORVSURGXFWRUHVSHURVRQLQFDSDFHVGHVHJXLU/DWHOHYLVLyQKDEUtD
DFHQWXDGRHVWHGHIHFWRDOSUHRFXSDUVHGHFDSWDUDVXS~EOLFRQRFDSWDEOHDJROSHVGH
WHDVHUV &RQVHFXHQWHPHQWH HVWi FODUR GLFH 9DOH TXH GHEHPRV HOHJLU ODV
HPRFLRQHV\ODVFDUDFWHUL]DFLRQHVTXHKDJDQSRVLEOHXQDJUDGDFLyQ
1RVHUHFRPLHQGDQSXHVODVFDUDFWHUL]DFLRQHVH[WUHPDVTXHFRQJHODQGHLQPHGLDWRD
XQ SHUVRQDMH R XQD VLWXDFLyQ HQ XQ HVWDGR EORTXHDGR 'HO PLVPR PRGR VL OD KLVWRULD
GHEH SURJUHVDU KDFLD DGHODQWH GLFH +HUPDQ  FDGD SODQR \ FDGD HVFHQD GHEHQ
FUHFHUSURJUHVDUJURZ\KDFHUVHPHMRUHVRSHRUHV


&/0$;

(Q FDGD ILOP HO FOLPD[ HV HO SXQWR FXOPLQDQWH HQ HPRFLyQ HQ GUDPDWLVPR HQ
LQWHQVLGDGGHVXSURJUHVLyQGUDPiWLFD6LHOJXLyQHVWiFRQFHELGRHQHOVHQWLGRGHXQD
SURJUHVLyQGUDPiWLFDFRQWLQXDPRGHORPiVFRUULHQWHVXFOLPD[GHEHUiHQSULQFLSLR
VLWXDUVH KDFLD HO ILQDO 'HVSXpV GHO FOLPD[ QR SXHGH KDEHU PiV TXH HVFHQDV GH
UHVROXFLyQ\GHGLVWHQVLyQ
6ZDLQGHILQHHOFOLPD[FRPRHOPRPHQWRGHOJXLyQHQHOTXHHOFRQIOLFWRHQWUHHOGHVHR
GHOSHUVRQDMH\ORVSHOLJURVTXHFRUUHDOFDQ]DQVXSXQWRFXOPLQDQWH
3DUD +HUPDQ HV HO UHVXOWDGR GH XQD VHULH GH FULVLV GHO TXH HV OD PiV LPSRUWDQWH 'D
XQDVDOLGDDODKLVWRULDFRQGXFLHQGRDOSHUVRQDMHSULQFLSDOKDVWDHOILQDOGHXQHSLVRGLR

SDUWLFXODUGHVXYLGDTXHSXHGHVHUHO~OWLPRSHURWDPELpQSXHGHQRGHVHPERFDUHQ

XQDUHVROXFLyQFRPSOHWDGHOSUREOHPDYHUWDPELpQ9DOH
(O FOLPD[ GH XQ JXLyQ QR HV REOLJDWRULDPHQWH XQD HVFHQD YLROHQWD OH EDVWD FRQ VHU
IXHUWH HPRFLRQDOPHQWH KDEODQGR +D\ PiV VDQJUH \ FULPHQ HQ OD HVFHQD GH OD GXFKD
GH3VLFRVLVVLWXDGDDOILQDOGHOSULPHUDFWRGHOILOPTXHHQODUHYHODFLyQILQDOVREUH
ODPDGUHHQFRQWUDGD HQHOVyWDQR HQFDPELR HOILOPHVWiFRQVWUXLGRFRQLQWHQFLyQGH
FDUJDU GH Pi[LPD HPRFLyQ HVWH ILQDO PLHQWUDV TXH HO DVHVLQDWR HQ OD GXFKD DVSLUDED
PiVELHQDSURYRFDUXQFKRTXHVRUSUHVD
(O FOLPD[ QR HV IRU]RVDPHQWH XQ HIHFWR WHDWUDO HV GHFLU XQ JLUR LQHVSHUDGR GH OD
VLWXDFLyQ3RUHOFRQWUDULRSXHGHVHUXQHQIUHQWDPLHQWRHVSHUDGR\SUHYLVLEOHFRPROR
HVDTXHOGHORVGRVDGYHUVDULRVHQORVZHVWHUQVRHQODVSHOtFXODVSROLFLDFDV
1DVK2DNH\DFRQVHMDQ+D\TXHVDEHUDOHPSH]DUGRQGHHVWDUiVXFOLPD[HVFRPR
HO GHVWLQR GH VX YLDMH 6HJ~Q HOODV HV QHFHVDULR WHQHUOR HQ PHQWH GHVGH HO SULPHU
PRPHQWRHQTXHVHHPSLH]DDHVFULELUHOJXLyQ
(OFOLPD[GH0DEXVHHVODORFDSHUVHFXFLyQHQFRFKHGHOILQDOODTXHFRQGXFHDODVLOR
HO GH 7HQHU \ QR WHQHU OD HVFHQD GH HQIUHQWDPLHQWR HQ OD TXH +DUU\ 0DULH +pOqQH
5HQDUG \ VXV GRV DFyOLWRV VH HQFXHQWUDQ HQ OD KDELWDFLyQ GH +DUU\ \ HQ OD TXH HVWH
~OWLPRSRUSULPHUDYH]PDWDDXQKRPEUH\SLHUGHHOFRQWURO
/RVGRVFOLPD[GH6DQVKRSXHGHQVHUODKXLGDGH=XVKLR\ODPXHUWHGH$QMXSRUXQD
SDUWH WDPELpQ HO UHHQFXHQWUR GH =XVKLR FRQ VX PDGUH DO ILQDO GHO VHJXQGR \ GHO
WHUFHUDFWR

7LHPSRVIXHUWHV
/RV WLHPSRV IXHUWHV WDPELpQ VH SXHGH GHFLU SHDNV SXQWRV VRQ ORV PRPHQWRV
HQ ORV TXH OD HPRFLyQ GH FXDOTXLHU QDWXUDOH]D HQWHUQHFLPLHQWR ULVD PLHGR
VRUSUHVD HV FRQGXFLGD KDFLD XQ DOWR QLYHO PiV DOWR TXH LQPHGLDWDPHQWH DQWHV R
LQPHGLDWDPHQWH GHVSXpV 8Q WLHPSR IXHUWH TXH HV XQ FOLPD[ ORFDOL]DGR VH SUHSDUD
GXUDQWH PD\RU R PHQRU WLHPSR SODQ \RXU SHDNV DFRQVHMD 6ZDLQ SXHV VX HIHFWR
QR VyOR HVWi HQ IXQFLyQ GH VX VLQJXODULGDG R GH VX IXHU]D LQWUtQVHFD VLQR TXH VH GHEH
VREUHWRGRDORTXHOHSUHFHGHSXHVHVXQSXQWRVREUHXQDFXUYD
3RUFRQVLJXLHQWHVHSXHGHFUHDUXQWLHPSRIXHUWHFRQXQDDFFLyQRUpSOLFDVVHQFLOODV\
FRPXQHVVLVHOOHYDQGHFLHUWRPRGR\VHFDUJDQGHFLHUWRVHQWLGR
/D QRFLyQ GH WLHPSR IXHUWH LOXVWUD WRGD OD FRQFHSFLyQ GH OD REUD GUDPiWLFD FRPR
VXFHVLRQHV GH FXUYDV \ GH YDULDFLRQHV GH LQWHQVLGDG SODQLILFiQGRODV KDFLD FLHUWD
SURJUHVLyQJOREDO
'HPDVLDGRV WLHPSRV IXHUWHV HTXLYDOH D PiV WLHPSRV IXHUWHV 6REUH HVWH PRGHOR
PX\ PRGHUQR \ FXHVWLRQDEOH GH XQD VXFHVLyQ LQLQWHUUXPSLGD GH WLHPSRV IXHUWHV VH
FRQFLEHQ DOJXQRV ILOPV PRGHUQRV FRPR ORV ,QGLDQD -RQHV GH 6SLHOEHUJ HVWUXFWXUD
HOHPHQWDOSXUDPHQWHDFXPXODWLYDFRPSDUDEOHDODGHOUHFRUULGRGHXQWUHQIDQWDVPD



(6&(1$6<6(&8(1&,$6

8QDGLYLVLyQFRQVHUYDGD
$O QR VHU VRPHWLGR D UHJODV WHDWUDOHV TXH OLPLWDQ HQ OD PD\RUtD GH ORV FDVRV ORV
FDPELRV GH GHFRUDGR SHUR QR VLHPSUH FRPR HQ HO FDVR GH 6KDNHVSHDUH HO FLQH KD
FRQVHUYDGR VLQ HPEDUJR OD GLYLVLyQ HQ HVFHQDV TXH 9DOH  GHILQH FRPR OD
VXEGLYLVLyQ PiV DPSOLD GH FXDOTXLHU ILOP XQD VHFFLyQ GH OD KLVWRULD HQ OD TXH VH
SURGXFH XQ DFRQWHFLPLHQWR FRPSOHWR 6HJ~Q pO XQ ILOP FRQWDUtD FRQ XQDV WUHLQWD
HVFHQDV3DUD)LHOGQRKD\Q~PHURSUHFLVRGHSHQGHGHODKLVWRULD$OXWLOL]DUFULWHULRV
GH GLYLVLyQ PX\ HPStULFRV \ FXHVWLRQDEOHV SRU QXHVWUD SDUWH KHPRV GHGXFLGR 
HVFHQDV HQ 7HQHU \ QR WHQHU  HQ 6DQVKR  HQ 3DXOLQH \  HQ 0DEXVH SHUR HQ
HVWH~OWLPRILOPDOJXQDVGH HOODVVRQPX\FRUWDV\UHVXOWDQGHODGLYLVLyQHQHVFHQDV
FRQWLQXDVGHELGDVDOPRQWDMHSDUDOHOR

(OLSVLVHQODVHVFHQDV
)LHOG FRQVLGHUD TXH ODV HVFHQDV GHEHQ VHU LGHQWLILFDGDV SRU VX OXJDU \ PRPHQWR
FXiQGR \ GyQGH" H LQFOXLU FRPR HO ILOP HQVt WUHV SDUWHV XQ SULQFLSLR XQ FHQWUR \
XQ ILQDO 6yOR TXH \ HVH HV HO SXQWR HVHQFLDO HV SRVLEOH QR PRVWUDU DO HVSHFWDGRU OD
WRWDOLGDG GH HVDV WUHV SDUWHV FDGD YH] LQFOXVR VH DFRQVHMD SUHVHQWDU FLHUWDV HVFHQDV
FRPR HQ HO FXUVR GH VX GHVDUUROOR R LQWHUUXPSLUODV HQ PHGLR GH OD DFFLyQ GHMDQGR
FRPSUHQGHU R DGLYLQDU R QR OR TXH RFXUUH HQ ORV PRPHQWRV RPLWLGRV 'H HVH PRGR
VH FRQVLJXH PiV ULWPR \ PiV PLVWHULR FRQ HQLJPDV VREUHHQWHQGLGRV R SLVWDV IDOVDV
VHGDPiVWHQVLyQDOHQFDGHQDPLHQWRGHODVHVFHQDVTXHVLFDGDXQDGHHOODVLQFOX\HUD
tQWHJUDPHQWHVXLQLFLRFHQWUR\ILQDO

7LHPSRV\HVFHQDV
'HVGH HO SXQWR GH YLVWD GHO WLHPSR VH SXHGH GLVWLQJXLU HO WLHPSR TXH WUDQVFXUUH
GXUDQWH OD HVFHQD \ FRQVLGHUDGR FRPR WLHPSR UHDO DXQTXH VH HVWLOLFH D PHQXGR HV
GHFLU VH DEUHYLH R DO FRQWUDULR VH HVWLUH \ ORV SOD]RV GH WLHPSR QR GHILQLGRV
VLWXDGRV HQWUH ODV HVFHQDV SOD]RV TXH GHEHQ VHU H[SUHVDGRV PHGLDQWH GLYHUVRV
SURFHGLPLHQWRVWLPHODSVHVYpDVH7LHPSR
1XPHURVRVDXWRUHVWLHQHQWHQGHQFLDDFRQVLGHUDUODHVFHQDFRPRXQSHTXHxRILOPTXH
FRQWLHQH HQ Vt XQ PLFURFRVPRV GHO ILOP +7  (V OR TXH SLHQVD VREUH WRGR 6LGQH\
)LHOGTXHUHFRJHODIDPRVDFRPSDUDFLyQFRQODVFpOXODVGHOFXHUSR\HOFXHUSRHQWHUR
DXQTXH XQD FpOXOD KXPDQD HVWp PX\ OHMRV GH SRVHHU OD HVWUXFWXUD \ OD YLGD GH XQ
FXHUSRKXPDQRHQWHUR

(VFHQD\VHFXHQFLD

/D VHFXHQFLD XQLGDG PiV JUDQGH VH GHILQH FRPR XQD VHULH GH HVFHQDV DJUXSDGDV
VHJ~QXQDLGHDFRP~QXQEORTXHGHHVFHQDV)LHOGFLWDFRPRHMHPSORVGHVHFXHQFLDV
ODERGDHQ(O3DGULQRODVSHUVHFXFLRQHVHQFRFKHGH%XOOLWGH3HWHU<DWHVODVHFXHQFLD
GH OD HYDVLyQ GH =XVKLR UHDJUXSDQGR DVt ODV HVFHQDV  D  R HQ 7HQHU \ QR WHQHU
ODGHOSDVRGHORVUHVLVWHQWHVFRQODD\XGDGH+DUU\HVFHQDVD
/D*UDQGH6\QWDJPDWLTXHGH0HW]&RPPXQLFDWLRQQ~PGHILQHODHVFHQDFRPR
XQD XQLGDG PiV SHTXHxD TXH OD VHFXHQFLD /D HVFHQD UHFRQVWLWX\H  XQD XQLGDG
WRGDYtDFRQVLGHUDGDFRPRFRQFUHWD\FRPRDQiORJDDODVTXHQRVRIUHFHQHOWHDWURROD
YLGD HQ OD TXH HO WLHPSR FRUUH HQ FRQWLQXLGDG PLHQWUDV TXH OD VHFXHQFLD HV OD
XQLGDG GH XQD DFFLyQ FRPSOHMD DXQTXH ~QLFD TXH VH GHVDUUROOD D WUDYpV GH YDULRV
OXJDUHV \ VDOWDQGR PRPHQWRV LQ~WLOHV &KULVWLDQ 0HW] GD FRPR HMHPSOR OD SDUWLGD GH
FD]D HQ /D 5qJOH GX -HX GH 5HQRLU \ SUHFLVD TXH HQ OD HVFHQD WLHPSR ItOPLFR \
WLHPSR GLHJpWLFR WLHPSR GH OD DFFLyQ FRQWDGD SDUHFHQ FRLQFLGLU FXDQGR HQ OD
VHFXHQFLDQRFRLQFLGHQ


$&72675(6

(OSDUDGLJPDWHUQDULR
0iVGHXQDXWRUDFRQVHMDTXHVHFRQVWUX\DXQJXLyQGLYLGLpQGRORHQWUHVDFWRVVHJ~Q
HO PRGHOR DQWLJXR ([SRVLFLyQ 3HULSHFLD &DWiVWURIH R VL VH SUHILHUH  ([SRVLFLyQ
&RQIOLFWR5HVROXFLyQR'HVHQODFH
(V HO FDVR VREUH WRGR GH +HUPDQQ  GH 1DVK2DNH\  SHUR WDPELpQ GH )LHOG
TXLHQSURSRQHSDUWLHQGRGHHVDLGHDWHUQDULDVXSDUDGLJPD(OSDUDGLJPDHV
HO PRGHOR DO TXH FXDOTXLHU JXLRQLVWD TXH VH UHVSHWH VHJ~Q pO GHEH FRQIRUPDUVH XQD
LQWURGXFFLyQ 6HW8S FRQ XQ HIHFWR WHDWUDO DO ILQDO 3ORW3RLQW XQ GHVDUUROOR TXH HV
XQ HQIUHQWDPLHQWR FRQ XQ VHJXQGR HIHFWR WHDWUDO DO ILQDO \ ILQDOPHQWH XQD
FRQFOXVLyQ 6H SXHGH GLYLGLULQWHUQDPHQWH FDGD XQR GH HVWRV WUHV DFWRV HQ WUHV SDUWHV
VLPLODUHV SODQR HQFDVWUDGR (O SDUDGLJPD GH )LHOG SUHFLVD LQFOXVR ODV UHVSHFWLYDV
SURSRUFLRQHV D ODV TXH VHJ~Q pO GHEHQ REGHFHU HVWRV WUHV DFWRV HO SULPHUR GHEH
RFXSDU XQ FXDUWR GH OD GXUDFLyQ WRWDO HO VHJXQGR OD PLWDG \ HO WHUFHUR HO FXDUWR
UHVWDQWH
'HOPLVPRPRGR1DVK2DNH\VXJLHUHQODUHDOL]DFLyQGHORVWUHVDFWRVXQSULPHUDFWR
UHSUHVHQWDQGR XQ FXDUWR GHO WRWDO HQ HO TXH VH H[SRQHQ ORV GDWRV GHO SUREOHPD XQ
VHJXQGR DFWR GRV YHFHV PiV ODUJR HQ HO TXH HO FRQIOLFWR HQWUH HO SURWDJRQLVWD \ VX
DQWDJRQLVWD FRQGXFH DO SURWDJRQLVWD D XQ FDPELR GH IRUWXQD \ HQ HO TXH VX SUREOHPD
SDUHFH PiV LQVROXEOH TXH QXQFD VHHPLQJO\ LQVROYDEOH SUREOHP XQ WHUFHU DFWR
ILQDOPHQWHTXHRFXSHHOFXDUWRUHVWDQWH\TXHDSRUWHVROXFLRQHVDOSUREOHPD
3HURHQFXDQWRD9DOHpVWHVHPXHVWUDHVFpSWLFR1RYHPRVSRUTXpGLFHXQ
UHODWR FLQHPDWRJUiILFR GHEHUtD GLYLGLUVH HQ WUHV DFWRV FRPR XQD REUD GH WHDWUR
DXQTXH HVWD FRQFHSFLyQ VLJD VLHQGR SDUWLFXODUPHQWH DSUHFLDGD SRU QXPHURVRV
JXLRQLVWDV

'HQXHVWUDVFXDWURSHOtFXODVXQDVRODVHGLYLGHPX\FODUDPHQWHHQWUHVDFWRVHVODGHO
,QWHQGHQWH6DQVKR
3ULPHU DFWR /RV QLxRV =XVKLR \ $QMX VRQ VHSDUDGRV GH VX PDGUH \ YHQGLGRV FRPR
HVFODYRVHVFHQDVDVLHQGRHOHIHFWRWHDWUDOHYLGHQWHPHQWHHOUDSWRHQVt
6HJXQGR DFWR GLH] DxRV PiV WDUGH =XVKLR HQGXUHFLGR YXHOYH D H[SHULPHQWDU
VHQWLPLHQWRV KXPDQRV \ KX\H PLHQWUDV TXH $QMX VH VDFULILFD HVFHQDV  D 
(IHFWRVWHDWUDOHVODFRQYHUVLyQGH=XVKLR\ODPXHUWHGH$QMX
7HUFHU DFWR +DELHQGR UHFXSHUDGR VXV GHUHFKRV \ WUDV KDEHU VLGR QRPEUDGR
JREHUQDGRU=XVKLRVHDVLJQDODPLVLyQGHOLEHUDUDORVHVFODYRV\ODOOHYDDFDERDQWHV
GHYROYHUDHQFRQWUDUDVXPDGUHHVFHQDVD
(O SULPHU DFWR GH 7HQHU \ QR WHQHU HV IiFLO GHDLVODU SXHV VH DFDED DQWHV GH OD HVFHQD
HOODUJRG~RVHQWLPHQWDOHQWUH+DUU\\0DULHVHOODGRFRQXQEHVR\FRQXQIXQGLGR
HQFDGHQDGRTXHPDUFDHOWUDQVFXUVRGHXQDQRFKH/DFRQWLQXDFLyQFRQVWLWX\HKDVWDHO
ILQDOXQEORTXHPXFKRPiVGLItFLOGHUHFRUWDUHQGRVDFWRV
(VLQWHUHVDQWHYHUTXH HOUHDOL]DGRU\JXLRQLVWDMDSRQpV$NLUD.XURVDZDSRU VXSDUWH
SURSRQHPRGHORVSRVLEOHVODHVWUXFWXUDGHO1R\VXVWUHVIDVHVRELHQODHVWUXFWXUD
GH OD VLQIRQtD FOiVLFD FRQ VXV WUHV R FXDWUR PRYLPLHQWRV GH ULWPR FRQWUDVWDGR YLYR
OHQWRYLYRRYLYROHQWROLJHURYLYRHWF


(;326,&,1

'HILQLFLyQ
/D H[SRVLFLyQ HV OD SDUWH LQLFLDO GHO JXLyQ HQ OD TXH VH H[SRQHQ DO HVSHFWDGRU ORV
GLIHUHQWHV HOHPHQWRV \ SXQWRV GH VDOLGD D SDUWLU GH ORV TXH OD KLVWRULD TXH YD D VHU
FRQWDGD YD D SRGHU IXQFLRQDU SHUVRQDMHV SULQFLSDOHV PDUFR VLWXDFLyQ GH SDUWLGD
SULPHUDSHUWXUEDFLyQHWF
6ZDLQ  GHILQH OD H[SRVLFLyQ FRPR OD LQWURGXFFLyQ GH FLHUWD LQIRUPDFLyQ VREUH HO
SDVDGR GH ORV SHUVRQDMHV QHFHVDULD SDUD OD FRPSUHVLyQ GHO UHODWR /D H[SRVLFLyQ
VHJ~Q pO GHEH LQFOXLU XQ JDQFKR KRRN

 DQ]XHOR \ XQ FRPPLWPHQW XQ

FRPSURPLVRHQXQDPHWDTXHGHEHUiLQWHUYHQLUORPiVSURQWRSRVLEOHSDUDQRGHMDU
DORVSHUVRQDMHVLQDFWLYRV\VDWLVIHFKRVFRQVXVLWXDFLyQ
3DUD 9DOH OD H[SRVLFLyQ HV HO OXJDU GHO ILOP HQ HO TXH GHEH KDEHU TXL]iV OD
FRQFHQWUDFLyQ PiV IXHUWH GH LQIRUPDFLRQHV < DxDGH 6H UHFRQRFH DO JXLRQLVWD
H[SULPHQWDGRHQODKDELOLGDGGHODH[SRVLFLyQ/RTXHFRQILUPD)UDQFLV9HEHU

/R TXH VH GHQRPLQD HO OLEUR GH FDUJDV OD H[SRVLFLyQ HV OD FRVD PiV GLItFLO GHO
PXQGR \D TXH VH TXLHUH GDU XQ Pi[LPR GH LQIRUPDFLRQHV HQ XQ PtQLPR GH

WLHPSR$KRUDELHQQDGDVHHQWLHQGHSHRUHQHOFLQHTXHODLQIRUPDFLyQ(Q

HOFLQHVyORVHFDSWDQORVVHQWLPLHQWRV'HDKtODGLILFXOWDGGHORVSULQFLSLRV
GH ORV ILOPV HV PX\ GLItFLO KDFHU SDVDU OD LQIRUPDFLyQ QHFHVDULD VLQ QLQJ~Q
VHQWLPLHQWR/
(QMHX6FpQDULR



1RGHEHSDUHFHUOR
/D UHJOD GHO MXHJR GH OD H[SRVLFLyQ HV TXH QR GHEH SDUHFHU OR TXH HV XQD H[SRVLFLyQ
FIU1DVK2DNH\7KDWLWGRHVQ
WVHHPWREHDQH[SRVLWLRQ3DUD(UQHVW/HKPDQHO
JXLRQLVWDGH&RQODPXHUWHHQORVWDORQHVHODFWRUQRGHEHSDUHFHUIRU]DGRDOGHFLUOR
TXHGLFHSDUDFRPXQLFDULQIRUPDFLRQHVDOHVSHFWDGRU\DUUHJOiUVHODVSDUDTXHSDUH]FD
GDUODV FRQ QDWXUDOLGDG (O DUWH GH OD H[SRVLFLyQ FRQVLVWH SXHV HQ GUDPDWL]DU XQD
FRPXQLFDFLyQGHLQIRUPDFLRQHV

/DH[SRVLFLyQGHEHVHUGUDPDWL]DGD
3DUD GDU ODV LQIRUPDFLRQHV SUHYLDV TXp GHEH FRQWHQHU XQD H[SRVLFLyQ" 'yQGH
HVWDPRV\FXiQGR"4XLpQHVVRQORVSHUVRQDMHV"&XiOHVVRQVXUHODFLRQHVIDPLOLDUHV
VX VLWXDFLyQ SURIHVLRQDO \ IDPLOLDU" &XiO HV VX SDVDGR HQ OD PHGLGD HQ TXH HV
QHFHVDULR FRQRFHUOR SDUD OD FRPSUHQVLyQ GHO SULQFLSLR GH OD KLVWRULD" \ HVWR VLQ
WUDQVIRUPDUODHQXQDHVSHFLHGHILFKDHVWiWLFDHQODTXHORVTXHVHFRQRFHQPX\ELHQ
VHFXHQWHQXQRVDRWURVORTXHVDEHQGHVREUD9DOHVXJLHUHODWpFQLFDGUDPiWLFD
VLJXLHQWH

8Q SHUVRQDMH VH DFHUFD D XQ KRPEUH SDUD SUHJXQWDUOH \ HQWHUDUVH GH DOJR TXH
OHLQWHUHVDPXFKR3HURHOKRPEUHSRUHVWXSLGH]RSRUPDODYROXQWDGKDEODGH
RWUD FRVD  (VD RWUD FRVD HV FODUR HVWi OD H[SRVLFLyQ GH LQIRUPDFLRQHV TXH
QR KDEUtDPRV TXHULGR RtU GH RWUR PRGR (O JXLRQLVWD KD WUDQVIRUPDGR HVWH
GHIHFWRHQXQH[FHOHQWHHIHFWRGUDPiWLFR

'HOPLVPRPRGR1DVK2DNH\DFRQVHMDQ

+D\ TXH LQWHQWDU SUHVHQWDU DO S~EOLFR OD H[SRVLFLyQ GH PDQHUD PX\ PDVFDGD
SDUDTXHQRSDUH]FDVHUXQDH[SRVLFLyQ6HGHEHLQWHQWDUFUHDUXQDHVFHQD
TXH LQFOX\D XQD SHTXHxD SDUWH GH FRQIOLFWR GH PDQHUD TXH OR TXH GLFHQ ORV
SHUVRQDMHV HQYH]GHGHFLUORSDUDKDFHUOHXQIDYRUDOJXLRQLVWDSDUH]FDWUDtGR
SRUODVLWXDFLyQ


3DUDKDFHUXQDEXHQDH[SRVLFLyQ6ZDLQSURSRQH
GHOLPLWDUORTXHHOS~EOLFRQHFHVLWDVDEHU
SURYRFDUOHHOGHVHRGHFRQRFHUHOSDVDGRGHORVSHUVRQDMHV
DUUHJOiUVHODV SDUD TXH pVWRV QHFHVLWHQ HVD LQIRUPDFLyQ \ TXH HYHQWXDOPHQWH
WHQJDQTXHOXFKDUSDUDFRQVHJXLUODHQFDVRGHTXHVHDVHFUHWDSRUHMHPSOR
9HPRV TXH VH WUDWD GH XQ GREOH SUREOHPD SRU XQD SDUWH ORV SHUVRQDMHV GHEHQ HVWDU
FRPSURPHWLGRV HOORV PLVPRV FRQ VX GHVHR SURSLR HQ ODV HVFHQDV TXH QRV OLEUDQ
LQIRUPDFLRQHV\SRURWUDVHGHEHLQVSLUDUDOS~EOLFRHOGHVHRODFXULRVLGDGGHUHFLELU
HVWD LQIRUPDFLyQ HQ OD PHGLGD HQ TXH WRGDYtD SHUPDQHFH LQGLIHUHQWH KDFLD ORV
SHUVRQDMHV\ORTXHOHVRFXUUH

(OWLHPSRGHODH[SRVLFLyQGHEHVHUOLPLWDGR
6HSXHGH FRQVLGHUDUDOS~EOLFRGHXQDVDODGH FLQHFRPRXQS~EOLFRFDXWLYRGHQWUR
GH FLHUWR PDUJHQ \ FRQWDU FRQ VX EXHQD YROXQWDG SDUD UHFLELU LQIRUPDFLRQHV VLQ
DFFLyQFRQILDQGRHQTXHTXHUUiWHQHUSDFLHQFLDGXUDQWHGLH]PLQXWRVSRUORPHQRV
6HJ~Q6WHPSHOORVHUURUHVPiVFRUULHQWHVGHXQDH[SRVLFLyQVRQ
/D OHQWLWXG HO FDUiFWHU GHPDVLDGR H[SOtFLWR OD RVFXULGDG D PHQRV TXH HVD RVFXULGDG
VHD SUHPHGLWDGD SDUD PDQWHQHU HO PLVWHULR 6LJXH SHQVDQGR TXH VL ODV DGDSWDFLRQHV
D OD SDQWDOOD GH ODV QRYHODV GH $JDWKD &KULVWLH QR GDQ UHVXOWDGRV HILFDFHV HV SRUTXH
HVHWLSRGHKLVWRULDVFRQHQLJPDUHTXLHUHXQDH[SRVLFLyQGHPDVLDGRODUJD\ODERULRVD
SHUR HVWR QR KD LPSHGLGR TXH SHOtFXODV FRPR 0XHUWH HQ HO 1LOR GH -RKQ *XLOOHUPLQ
REWXYLHUDQXQJUDQp[LWRGHWDTXLOODSHVHDWHQHUXQDH[SRVLFLyQPX\OHQWD
%RLOHDX \D HVFULEtD $UW 3RpWLTXH ,,,   4XH GqV OHV SUHPLHUV YHUV O
DFWLRQ
SUpSDUpH 6DQV SHLQH GX VXMHW DSODQLVVH O
HQWUpH  /H VXMHW Q
HVW MDPiLV DVVH] W{W

H[SOLTXp 

(MHPSORVGHH[SRVLFLyQ
(Q3pSpOH0RNRGH-XOLHQ'XYLYLHUFRQJXLyQGH+HQUL-HDQVRQVHWUDWDGHKDFHUQRV
VDEHUTXHQRVHQFRQWUDPRVHQ$UJHO\TXHODSROLFtD\DQRWLHQHHVSHUDQ]DGHGHWHQHU
D3pSpIDPRVRJiQVWHU\DTXHpVWHVHHVFRQGHHQXQOXJDULPSRVLEOHGHSHLQDUOD
.DVEDK &yPR H[SRQHU XQD VLWXDFLyQ TXH ORV SUHVHQWHV FRQRFHQ GH PHPRULD \ TXH
QR YDQ D FRQWDUVH XQRV D RWURV VyOR SDUD FRPSODFHU DO HVSHFWDGRU" 6H VROXFLRQD
PHGLDQWH HO DUWLILFLR GH XQ QXHYR SHUVRQDMH UHFLHQWHPHQWH LQWURGXFLGR HQ HVD DFFLyQ
\HQHVHOXJDU/DHVFHQDGHH[SRVLFLyQQRVPXHVWUDSXHVHOGLiORJRHQWUHGRVSROLFtDV
ORFDOHV \ HO LQVSHFWRU -DQYLHU OOHJDGR GH 3DUtV pVWH ~OWLPR HPSLH]D SRU UHSURFKDU D
VXV FROHJDV GH $UJHO QR KDEHU VDELGR DFDEDU FRQ 3pSp \ HOORV VH GHILHQGHQ

N. de la T.: que desde los primeros versos la accin preparada/ Sin perjuicio del tema facilite su
introduccin (...)/ El tema nunca es explicado suficientemente pronto

HQXPHUDQGR OR TXH OH KDFH LQYXOQHUDEOH (VH DOHJDWR OHV FRQGXFH D GDU DO HVSHFWDGRU
FLHUWR Q~PHUR GH LQIRUPDFLRQHV LQGLVSHQVDEOHV VREUH HO SDVDGR GH 3pSp OH 0RNR \
VREUHODVFRQGLFLRQHVHQODVTXHVHHVFRQGH
/DH[SRVLFLyQGH6DQVKRVH FDUDFWHUL]DSRUODLQFUXVWDFLyQGHWUHVEUHYHVIODVKHVEDFN
HQ PHGLR GH HVFHQDV HQ SUHVHQWH TXH QRV PXHVWUDQ D ORV SHUVRQDMHV YLDMDQGR 6L QR
VH KD SURFHGLGR SRU RUGHQ FURQROyJLFR HV SUHFLVDPHQWH SDUD DWDFDU HQ YLYR OD
VLWXDFLyQ HO SDGUH H[LOLDGR OD IDPLOLD GH FDPLQR SDUD UHXQLUVH FRQ pO FRQ HO ILQ GH
SRGHU

HVWLOL]DU

FRQ

PD\RU

IDFLOLGDG

\

UHFRJHU

HQ

EUHYHV

PRPHQWRV

ORV

DFRQWHFLPLHQWRVUHFDSLWXODGRVHQORVIODVKHVEDFN
(Q7HQHU\QRWHQHU+DUU\0RUJDQVHSUHVHQWDDQWHHOHVSHFWDGRUPHGLDQWHHOGLiORJR
FRQXQRILFLDOIUDQFpVDOTXHQHFHVLWDSHGLUXQDDXWRUL]DFLyQGHVDOLGDGHOSXHUWR(VWH
IXQFLRQDULRVDEHPX\ELHQFRQTXLpQWLHQHTXHYHUSHURH[LJHTXH+DUU\OHGLJDFRPR
GHFRVWXPEUHFXDOHVVXLGHQWLGDG\VXWUDEDMR/DEXHQDYROXQWDGLUyQLFDFRQODTXH
0RUJDQVHSUHVHQWDDQWHXQKRPEUHTXHOHFRQRFHWDQELHQFRPRDVtPLVPRFUHDXQD
WHQVLyQ HQ OD HVFHQD TXH GHMD SDVDU GLVFUHWDPHQWH WRGR HVWD JDOD GH LQIRUPDFLyQ /D
DXWRSUHVHQWDFLyQ GH +DUU\ KD VLGR GUDPDWL]DGD SRU HO HQIUHQWDPLHQWR GHO KpURH FRQ
XQ IXQFLRQDULR REWXVR HQ RWUDV SHOtFXODV SXHGH VHU XQ DGXDQHUR XQ SROLFtD HWF HO
TXHKDFHHOPLVPRSDSHO

*$1&+2&(%27($6(5

*DQFKR
(UQHVW /HKPDQ GHFODUD 6LHPSUH KH FUHtGR TXH HUD QHFHVDULR HQJDQFKDU DO OHFWRU OR
PiV SURQWR SRVLEOH \ QR VROWDUOR QXQFD VLHPSUH WHQJR PLHGR GH SHUGHU DO S~EOLFR
FLWDGRHQ1DVK2DNH\
(O JDQFKR HO FHER HO DQ]XHOR KRRN HV HQ XQ ILOP HO DFRQWHFLPLHQWR LPSUHVLRQDQWH
H[WUDxRVRUSUHQGHQWHWRGDYtDHQLJPiWLFRTXHVHVLW~DDOSULQFLSLRGHODKLVWRULDSDUD
FDSWDUHOLQWHUpVHQYH]GHTXHHVWDILFFLyQHPSLHFHVLPSOHPHQWHSRUH[SRQHUHOVWDWX
TXRGHORVSHUVRQDMHV$PHQXGRHVWDHVFHQDLPSUHVLRQDQWHGHDSHUWXUDHVWiVLWXDGD
DQWHVGHORVWtWXORVGHOSULQFLSLR
(Q 0DEXVH HO JDQFKR HV HQ OD HVFHQD LQLFLDO HQ OD TXH +RIPHLVWHU VH HVFRQGH HO
UXLGR PLVWHULRVR GH PiTXLQDV \ OD VLWXDFLyQ WRGDYtD HQLJPiWLFD GH HVH KRPEUH TXH VH
HVFRQGHQRVpVDEHSRUTXp\GHTXLpQ"
(Q 3DXOLQH QR KD\ JDQFKR SHUR Vt XQ SHTXHxR PLVWHULR FXiO GH ODV GRV FKLFDV TXH
YHPRV FKDUODQGR HV OD 3DXOLQH GHO WtWXOR" (Q FDPELR QR KD\ JDQFKR HQ 6DQVKR QL HQ
7HQHU\QRWHQHUHQODTXHODDFFLyQDUUDQFDGHPRGRWUDQTXLOR\VHJXUR

7HDVHU
(Q OD WHOHYLVLyQ VH OODPD DO JDQFKR WHDVHU /RV DXWRUHV UHFRPLHQGDQ QR KDFHU XQ
JDQFKRRXQWHDVHUH[FHVLYDPHQWHHVSHFWDFXODUSRUPLHGRDTXHSRUFRPSDUDFLyQ
KDJD SDUHFHU HO UHVWR GHPDVLDGR VRVR \ HVWiWLFR 8Q JDQFKR XQ WHDVHU GHEH VHU
FDOFXODGR HQ UHODFLyQ FRQ WRGD OD FRQVWUXFFLyQ GHO ILOP \ FRQ OD SURJUHVLyQ TXH VH
TXLHUHFUHDU
(O WHDVHU HV SXHV HQ OD MHUJD GH WHOHILOP R GH VHULH WHOHYLVDGD XQ EUHYH PRPHQWR
GHDFFLyQYLROHQWDHLQWHQVDSUHVHQWDGRDOHVSHFWDGRUGHHQWUDGDFRQHOILQGHFDSWDU
GH LQPHGLDWR VX DWHQFLyQ $ YHFHV HVWi FRQVWLWXLGR QR SRU XQ PRPHQWR SDUWLFXODU GH
OD DFFLyQ VLQR PiV ELHQ SRU XQD HVSHFLH GH EDQGDDQXQFLR TXH SUHVHQWD
DQWLFLSDGDPHQWHPRPHQWRVHLPiJHQHVGHLPSDFWRGHODDFFLyQYHQLGHUDTXH H[FLWDQ
OD FXULRVLGDG SRU VX FDUiFWHU WRGDYtD HQLJPiWLFR \ TXH DO UHVSRQGHU D OD SUHJXQWD
LPSOtFLWD WHQGUHPRV GHUHFKR D DOJR GH DFFLyQ" LQFLWDQ DO WHOHVSHFWDGRU D WHQHU
SDFLHQFLD
2WUDV YHFHV HO WHDVHU SRQH HQ HVFHQD XQ GUDPD XQ FULPHQ HQ HO TXH HO KpURH
GHWHFWLYHRMXVWLFLHURGHFXDOTXLHUWLSRWRGDYtDQRKDVLGRPH]FODGR\TXHFRQVWLWX\H
HO HQLJPD VREUH HO TXH YD D HMHUFHU VX YDORU \ VX VDJDFLGDG 2WUDV YHFHV WDPELpQ HO
KpURH \D VH HQFXHQWUD GH OOHQR LQPHUVR HQ OD DFFLyQ ELHQ VHD RFXSiQGRVH GH XQ
SHTXHxR DVXQWR VHFXQGDULR UHVXHOWR PX\ GHSULVD ELHQ VHD LQPHUVR HQ OD DFFLyQ
SULQFLSDOGHODTXHVHQRVGDUiQWRGRVORVGDWRVPiVDGHODQWH
1DVK2DNH\ SUHFLVDQ &DVL WRGRV ORV VFULSWV GH OD WHOHYLVLyQ HPSLH]DQ FRQ XQ
WHDVHU VHJXLGR GH GRV D GLH] DFWRV VHJ~Q OD H[WHQVLyQ GHO WHOHILOP 6H QHFHVLWDQ ORV
DFWRV SDUD ODV LQWHUUXSFLRQHV GH ORV HVSRWV SXEOLFLWDULRV < ODV DXWRUDV LQGLFDQ HO

UHSDUWR \ ODV SURSRUFLRQHV GH ORV WHDVHUV \ GH ORV DFWRV VHJ~Q HO IRUPDWR SDUD
XQD KLVWRULD GH  PLQXWRV VH QHFHVLWDQ GH  D  SiJLQDV GH JXLyQ SUHFHGLGDV GH
XQWHDVHUGHDSiJLQDVSDUDPLQXWRVGHDSiJLQDVFRQDFWRVGH
SiJLQDV DSUR[LPDGDPHQWH WUDV XQ WHDVHU GH  D  SiJLQDV SDUD XQ WHOHILOP R XQ
HSLVRGLR GH  PLQXWRV GH  D  SiJLQDV FRQ XQ WHDVHU GH  D  SiJLQDV TXH
SUHFHGH  DFWRV GH  SiJLQDV PiV R PHQRV FDGD XQD SRU ILQ SDUD  PLQXWRV GH
 D  SiJLQDV GH JXLyQ HQ ODV TXH XQ WHDVHU GH  D  SiJLQDV SUHFHGH ORV 
DFWRV LJXDOHV /D H[WHQVLyQ GHO WHDVHU QR DXPHQWD SXHV SURSRUFLRQDOPHQWH D OD
GXUDFLyQ WRWDO GHO ILOP DXQTXH HO WHDVHU Gp SDVR D XQ ILOP EDVWDQWH ODUJR QR GHEH
VREUHSDVDUXQDGXUDFLyQEDVWDQWHEUHYH


'(6(1/$&(

&XDOTXLHU JXLyQ FRQGXFH HQ XQ SULQFLSLR D XQ GHVHQODFH TXH HQ OD PD\RUtD GH ORV
FDVRVVHVXSRQHGHEHUHVROYHURSRUORPHQRVGDUXQDUHVSXHVWDDFDGDXQRGHORV
FRQIOLFWRVH[SXHVWRVDORODUJRGHOUHODWR
/DUHJODDQFHVWUDOGHOEXHQGHVHQODFH\DDILUPDGDSRU$ULVWyWHOHVHQVX3RpWLFDH[LJH
HQ SULQFLSLR TXH HVH GHVHQODFH QD]FD GH OD SURSLD KLVWRULD GH ORV HOHPHQWRV GH HVD
KLVWRULD\QRGHODLQWHUYHQFLyQPiJLFDHLQRSLQDGDGHXQHOHPHQWRH[WHULRUGHXVH[
PDFKLQD VREUH WRGR HQ HO FDVR GH XQ GHVHQODFH IHOL] 'H KHFKR PXFKRV JXLRQHV
FRQVLGHUDGRV FRPR ORJUDGRV DFDEDQ FRQ OD LQWHUYHQFLyQ GH XQ HOHPHQWR IDWDO
DFFLGHQWH FRLFLGHQFLD TXH D PHQXGR WRPD OD IRUPD GHO D]DU GH XQD FDWiVWURIH
QDWXUDO GH XQD FLUFXQVWDQFLD KLVWyULFD HWF HV GHFLU GH XQ HOHPHQWR UHDOPHQWH
H[WHULRUDODVFLUFXQVWDQFLDVGHODKLVWRULD
6HJ~Q9DOHHOGHVHQODFHHVXQUHDMXVWHDGMXVWHPHQWTXHVHSURGXFHFXDQGR
VHKDDOFDQ]DGRODPHWD
2 GHVWUR]DPRV ODV IXHU]DV GH DILQLGDG \ GH UHSXOVLyQ ORV HQHPLJRV VH UHFRQFLOLDQ HO
REVWiFXORHQWUHORVHQDPRUDGRVGHVDSDUHFHRFUHDPRVXQDUHODFLyQGHDILQLGDGHQWUH
ORV REMHWRV R URPSHPRV PHGLDQWH OD PXHUWH GH XQR GH ORV GRV SRU HMHPSOR OD
UHODFLyQHQWUHORVREMHWRVGHUHSXOVLyQ
6RQODV~QLFDVWUHVIRUPDVGLFH9DOHGHUHDOL]DUHODGMXVWHPHQW

(OGHVHQODFHFRPRFRQFOXVLyQGHXQFLFOR
0XFKDV YHFHV VH DFRQVHMD XQ GHVHQODFH TXH FLHUUH HO JXLyQ FtFOLFDPHQWH KDFLpQGROR
YROYHUDOSULQFLSLRHVGHFLUTXHQRVKDFHYROYHUDXQDFLUFXQVWDQFLDDXQSHUVRQDMHD
XQOXJDURDXQSUREOHPDH[SXHVWRVDOSULQFLSLRPLVPRGHODKLVWRULDSDUDPRVWUDUHO
FLFORUHFRUULGR(VWHHVHOFDVRGHWUHVGHQXHVWUDVFXDWURSHOtFXODV
$O SULQFLSLR GH 0DEXVH HO H[SROLFtD +RIPHLVWHU OODPD SRU WHOpIRQR DO FRPLVDULR
/RKPQDQSDUDKDFHUOHXQDUHYHODFLyQXUJHQWHHVWpUHYHODFLyQHVHOSURSLRQRPEUHGH

0DEXVH \ WDQ VyOR OD SRGUi KDFHU DO ILQDO GH OD SHOtFXOD (QWUH WDQWR +RIPHLVWHU KD
VLGRDSDUWDGRGHODDFFLyQSXHVVHKDYXHOWRORFR\ORKDQHQFHUUDGR(OHIHFWRFtFOLFR
VHYHUHIRU]DGRSRUODDXVHQFLDGH+RIPHLVWHUHQODSDUWHFHQWUDOGHOUHODWR
/D SXHVWD HQ HVFHQD GH 0DEXVH SRQH GH UHOLHYH HVWD LGHD GH FLFOR HO SULPHUR \ HO
~OWLPRSODQRGHOILOPPXHVWUDQGHOPLVPRPRGRXQDSXHUWDFHUUDGD ILOPDGDGHVGH HO
LQWHULRU OXHJR VLWXDQGR DO HVSHFWDGRU GHQWUR GH OD KDELWDFLyQ FRQ XQ SHUVRQDMH
HQFHUUDGRGHQWUR+RIPHLVWHUDOSULQFLSLR%DXPDOILQDO
3RURWUDSDUWHODSULPHUD\OD~OWLPDLPDJHQVHUHVSRQGHQHQWUHVtHVODLPDJHQGHOD
SXHUWDFHUUDGDFRPRODYHUMDFHUUDGDTXHDEUH\FLHUUDHOILOPGH5RKPHU3DXOLQHHQ
ODSOD\D$OSULQFLSLR3DXOLQHHQWUDMHPDULQHUR\0DULRQOOHJDQHQFRFKHDODFDVDGH
YHUDQHR GH OD TXH DEUHQ OD SXHUWD DO ILQDO YHPRV D ODV GRV 3DXOLQH FRQ HO PLVPR
WUDMH PDULQHUR TXH DO SULQFLSLR PDUFKDUVH \ FHUUDU OD SXHUWD HVWD YH] FDUJDGDV FRQ
XQDQXHYDH[SHULHQFLDH[SHULHQFLDDPRURVDYLYLGDHQHOLQWHUYDORGHXQDVHPDQD
(O ,QWHQGHQWH 6DQVKR HPSLH]D FXDQGR 7DPDNL OD PDGUH GLFH D VX KLMR =XVKLR TXH
OOHYH FXLGDGR DO DQGDUDO ILQDOGHO ILOP YHPRV GH QXHYR D ORV PLVPRV SHUVRQDMHV TXH
VHYXHOYHQDYHUGLH]DxRVPiVWDUGH~QLFRVVXSHUYLYLHQWHVGHWRGDODIDPLOLD
 HVFDORQHV GH +LWFKFRFN HPSLH]D \ DFDED FRQ XQ PXVLFKDOO ORQGLQHQVH GRQGH
DFW~D FLHUWR 0LVWHU 0HPRU\ TXH KDFH XQ Q~PHUR GH PHPRULD $O SULQFLSLR XQ WDO
5LFKDUG+DQQD\WRGDYtDGHVFRQRFLGRSRUHOH[SHFWDGRUHQWUDDOOtSRUFDVXDOLGDG
$O ILQDO HO PLVPR 5LFKDUG +DQQD\ \D FRQYHUWLGR HQ KpURH YXHOYH DOOt GHVSXpV GH
KDEHU SDVDGR SRU QXPHURVDV SHULSHFLDV \ SDUD HQFRQWUDU HO ILQDO GH VX KLVWRULD TXH
HVWi HQ PDQRV R PiV ELHQ HQ OD PHPRULD GH 0LVWHU 0HPRU\ /D IRUPD FLUFXODU GH
HVWH ILOP QRV KDFH PiV VHQVLEOHV D WRGR OR TXH KD RFXUULGR WRGR OR TXH HO SHUVRQDMH
KD SRGLGR DGTXLULU GH H[SHULHQFLD \ GH PDGXUH] \ OD IDPLOLDULGDG TXH DKRUD WHQHPRV
FRQHOSHUVRQDMH6LHOILQDOUHSLWHHOFRPLHQ]RHVSDUDKDFHUQRVVHQWLUPHMRUORTXHKD
FDPELDGR
/D LGHD GH FLFOR HV OOHYDGD D VX H[WUHPR HQ ODV KLVWRULDV FRQ IRUPD FLUFXODU TXH
IXQFLRQDQSRUODFLUFXODFLyQGHXQREMHWRTXHSDVDGHXQSHUVRQDMHDRWURXQULIOHGH
DOWR SUHFLR HQ :LQFKHVWHU  GH $QWKRQ\ 0DQ R GH XQD UHODFLyQ /D 5RQGH GH 0D[
2SKXOV D SDUWLU GH OD REUD GH WHDWUR GH 6FKQLW]OHU HQ OD TXH DSDUHFH XQD FDGHQD GH
SDUHMDV 8QR GH ORV HMHPSORV PiV JLJDQWHVFRV GHO FLFOR FRQ FLUFXODFLyQ GH REMHWRV HV
HOFLFORGH(ODQLOORGHORV1LEHOXQJRVGH:DJQHUHQHOTXHHOREMHWRTXHFLUFXODHVXQ
DQLOOR GH RUR XQ 5LQJ FRLQFLGLHQGR HO SULQFLSLR GH OD KLVWRULD FRQ HO URER GHO RUR HQ
HO5KLQ\HOILQDOFRQVXUHVWLWXFLyQDOUtR\DORV1L[HVTXHORJXDUGDEDQ

)LQDODELHUWR\FHUUDGR
$ YHFHV VH SUDFWLFD HO OODPDGR ILQDO DELHUWR TXH GHMD VXEVLVWLU XQ PLVWHULR XQ
SUR\HFWRQRUHDOL]DGRXQDGLILFXOWDGHLQFOXVRRWUDVYHFHVDFDEDFRQHOHQIUHQWDPLHQWR
ILQDO(VHOFDVRGH7HQHU\QRWHQHUFX\RILQQRVyORQRYXHOYHVREUHHOSULQFLSLRVLQR
TXHDGHPiVDFDEDFRQODPDUFKDGHORVKpURHVKDFLDXQDPLVLyQSHOLJURVD
(Q FDPELR ODV RWUDV WUHV SHOtFXODV QRV GDQ XQ GHVHQODFH FRQFOX\HPH \ FHUUDGR HQ HO
TXH VH VROXFLRQDQ WRGRV ORV HOHPHQWRV GH OD LQWULJD $Vt HQ (O ,QWHQGHQWH 6DQVKR OD
VXHUWH GH FDGD XQR GH ORV VHLV SHUVRQDMHV SULQFLSDOHV HVWi UHJLGD SRU OD PXHUWH

0DVDXML$QMXRSRUXQFDPELRGHFRQGLFLyQ6DQVKRGHVSRVHtGR\GHVWHUUDGRVXKLMR

7DUR UHFOXLGR HQ XQ FRQYHQWR PLHQWUDV TXH =XVKLR \ 7DPDNL SREUHV \ YHQLGRV D
PHQRVORVGRVVHYXHOYHQDHQFRQWUDUDOILQ
$O ILQDO GH 0DEXVH /RKPDQQ KD GHVFXELHUWR TXLpQ HV HO MHIH GH OD EDQGD \ OR KD
DOFDQ]DGR%DXPSXHVHUDpOVHKDHQFHUUDGRSRUSURSLDYROXQWDGHQODFHOGDGHVX
GLIXQWR 0DHVWUR .HQW VH KD UHKDELOLWDGR DO D\XGDU D /RKPDQQ HQ FXDQWR D
+RIPHLVWHU KD VDOLGR GH VX ORFXUD \ KD YXHOWR D UHFXSHUDU OD FRQILDQ]D GHO FRPLVDULR
/RKPDQQ (O ILQDO VXJLHUH VLQ HPEDUJR TXH HO SRGHU GHO PDO QR KD VLGR YHQFLGR
GHILQLWLYDPHQWH
(O GHVHQODFH GH 3DXOLQH HV VHPLDELHUWR VH VXSRQH TXH ODV SDUHMDV 0DULRQ+HQUL \
3DXOLQH6\OYDLQ VH KDQ GLVXHOWR DXQTXH VXEVLVWD HQ DPERV FDVRV XQD HVSHUDQ]D R
GXGDGHTXHDOJ~QGtDVHYXHOYDQDUHFRQVWUXLU
/D UHJOD TXH REOLJD D GDU D FDGD HOHPHQWR GH OD LQWULJD VX UHVROXFLyQ QR VLJQLILFD TXH
WRGRV ORV SUREOHPDV SODQWHDGRV WHQJDQ TXH UHFLELU VX VROXFLyQ (VWRV SXHGHQ
GHFODUDUVH GHVHVSHUDGRV R LQGHILQLGDPHQWH SODQWHDGRV SHUR OR LPSRUWDQWH HV QR
ROYLGDUKDFHUXQDHVSHFLHGHHVWDGRGHODFXHVWLyQGHODLQWULJD\QRKDFHUFRPRVLHO
SUREOHPDQRH[LVWLHUDSRUTXH\DQRVHKDEODGHpO
-HDQ $XUHO GLFH TXH HQ WRGRV ORV ILQDOHV KD\ TXH SDJDU ORV FKHTXHV SDJDU OD FXHQWD
 (O EXHQ ILQDO HV DTXHO TXH YD KDVWD HO H[WUHPR GH OD SDUDGRMD HV XQ HTXLOLEULR
UHHQFRQWUDGR < HO HTXLOLEULR SXHGH VHU OD PXHUWH GH WRGR HO PXQGR /
(QMHX
6FpQDULR


'HVHQODFH\DSRWHRVLV
6HJ~Q 6WHPSHO HO GHVHQODFH HV OD SDUWH GHO JXLyQ PiV GLItFLO GH HVFULELU \ SRU HVWH
PRWLYRVHUHVXHOYHDPHQXGRFRQFOLFKpV\EDQDOLGDGHVXQDFDUUHUDXQDSHUVHFXFLyQ
XQDFDWiVWURIHHVSHFWDFXODUXQEDxRGHVDQJUHHWFVROXFLRQHVKDELWXDOHVWRGDVHOODV
TXHSUHVHQWDQXQPRPHQWRDSRWHyVLFRTXHVHGDFRPRFRORIyQDOHVSHFWDGRUSHURTXH
QR VROXFLRQDQ IRU]RVDPHQWH ORV HOHPHQWRV GH OD LQWULJD GH PRGR FRQYLQFHQWH \
ULJXURVR TXH SRU HO FRQWUDULR D PHQXGR VLUYHQ SDUD OHYDQWDU XQ WXSLGR YHOR DQWH OD
GHELOLGDGGHOGHVHQODFHHQUHODFLyQFRQODVSUHPLVDVGHODKLVWRULD
(V PiV IiFLO FRORFDU DO SULQFLSLR GH XQD DFFLyQ XQ Q~PHUR LPSRUWDQWH GH SLVWDV
SHUVRQDMHVKLVWRULDVWHPDVHWFTXHOOHYDUODVDFDER\DVXPLUODVWRGDV
(QFDPELR5RKPHUFXHQWDTXHVLHPSUHGHILQHVXVWHPDVGHSHOtFXODDSDUWLUGHOILQDO
VLQRKHHQFRQWUDGRHOILQDOQRKHHQFRQWUDGRQDGD/
(QMHX6FpQDULR


+$33<(1''(6(1/$&()(/,=


6HVXHOHGHFLUTXHHOILOPDFDEDELHQFXDQGRORVPRWLYRVGHGRORUGHPROHVWLDRGH
SHUWXUEDFLyQ VRQ DQXODGRV \ WRGDYtD PiV FXDQGR ORV KpURHV KDQ HQFRQWUDGR HO DPRU
ODIRUWXQDODJORULDRORTXHHOORVDPELFLRQDEDQ
1LQJXQR GH QXHVWURV FXDWUR ILOPV SUHVHQWD XQ YHUGDGHUR KDSS\ HQG QL WDPSRFR XQ
XQKDSS\HQGWRWDOWRGRVWLHQHQILQDOHVTXHVHSXHGHQFDOLILFDUGHDPELJXRV
(Q 7HQHU \ QR WHQHU WRGR HVWi HQFDPLQDGR SDUD GDU DO HVSHFWDGRU XQD LPSUHVLyQ GH
ILQDOIHOL]$UH\RXKDSS\"HVXQDGHODV~OWLPDVIUDVHVSURQXQFLDGDVFXDQGRHOILOP
VH DFDED DQWHV GH XQD SHOLJURVD PLVLyQ KDFLD OD FXDO YDQ D HPEDUFDUVH ORV
SURWDJRQLVWDV 6H LQVLVWH HQ OD DOHJUtD GH +DUU\ 0DULH \ (GG\ HQ YHUVH UHXQLGRV \ VH
VRVOD\DQ ORV SUREOHPDV TXH TXHGDQ SRU UHVROYHU 4Xp KDFHU FRQ 5HQDUG GHWHQLGR"
FRQHOILQGHGHMDUDOHVSHFWDGRUFRQXQDLPSUHVLyQGHHXIRULDTXHODP~VLFDGH+RDJ\
&DUPLFKsOSURORQJDPiVDOOiGHODSDODEUDILQ
(V OR FRQWUDULR HQ 6DQVKR XQ ILQDO REMHWLYDPHQWH IHOL] WHxLGR GH DPDUJXUD (O KLMR
=XVKLRYXHOYHDHQFRQWUDUSRUILQDVXPDGUHDOFDERGHGLH]DxRVGHVHSDUDFLyQSHUR
ODYHHQFRUYDGDHVWURSHDGDFLHJD(OILOPWHUPLQDFXDQGR=XVKLRDFDEDGHLQIRUPDUD
VX PDGUH GH OD GHVDSDULFLyQ GHO UHVWR GH OD IDPLOLD FXDQGR 0L]RJXFKL \ <RGD SRGtDQ
VLQ PRGLILFDU QDGD GH OD KLVWRULD KDEHU WHUPLQDGR XQ SRFR PiV WDUGH FRQ HO KLMR \ OD
PDGUHHPSUHQGLHQGRMXQWRVHOFDPLQR(OHIHFWRGHKDSS\HQGGHSHQGHSXHVGHOD
PDQHUD HQ TXH VH H[SRQHQ ORV DFRQWHFLPLHQWRV WDQWR FRPR GH ORV DFRQWHFLPLHQWRV HQ
Vt
'H LJXDO PRGR HQ HO GHVHQODFH GH 0DEXVH +RIPHLVWHU KD VDQDGR GH VX ORFXUD HO
SRGHUGH0DEXVHWHPSRUDOPHQWHHQFODURUHWURFHVRWRGRVHDUUHJODSDUD.HQW\/LO\
SHUR VLQ HPEDUJR VH GHVSUHQGH XQD LPSUHVLyQ VLQLHVWUD GHO ILQDO 3ULPHUR SRUTXH QR
VH YH D .HQW \ D /LO\ UHXQLGRV DO ILQDO OXHJR HQ YH] GH DFDEDU FRQ /RKPDQQ
VDWLVIHFKR +RIPHLVWHU FXUDGR \ .HQW UHKDELOLWDGR VH QRV PXHVWUD D XQ JXDUGLD GHO
DVLORFHUUDQGRVREUH %DXP\ VREUHQRVRWURVHVSHFWDGRUHVODSXHUWDGHXQDFHOGD
/D KLVWRULD DFDED ELHQ SHUR HVWH ILQDO TXHGD H[SXHVWR GH WDO PDQHUD TXH TXHGD
SHQGLHQWH XQD LQTXLHWXG FRQ HVWD ~OWLPD IUDVH GH /RKPDQQ (VWDV FRVDV QR HVWiQ
KHFKDVSDUDXQVLPSOHFRPLVDULRGHSROLFtD
3RU~OWLPRHOGHVHQODFHGH3DXOLQHHVDJULGXOFH\HVWiPLWLJDGR
6L FRPSDUDPRV ORV GLIHUHQWHV PRWLYRV TXH FRPSRQHQ XQ ILOP FRQ ODV QRWDV GH XQD
PHORGtD SRGUHPRV GHFLU TXH HO HIHFWR GH ILQDO IHOL] R ILQDO DPDUJR GHSHQGH VREUH
WRGRGHODQRWDTXHVH HVFRMDSDUDSRQHUOHHQFLPDXQFDOGHUyQ R VLVHSUHILHUHGHOD
LPDJHQ TXH VH HOLJH SDUD DFDEDU 'H WRGRV PRGRV QDGLH VH GHMD HQJDxDU ORV
SHUVRQDMHV R DO PHQRV DTXHOORV TXH VLJXHQ YLYRV DO ILQDO VHJXLUiQ YLYLHQGR FRPR
SXHGDQQRVHOHVJDUDQWL]DQXQFDQLQJXQDIHOLFLGDG


()(&727($75$/

(O HIHFWR WHDWUDO SORW SRLQW GH ORV DPHULFDQRV SHULSHWHLD GH $ULVWyWHOHV HV XQ
JLUR EUXVFR TXH PRGLILFD OD VLWXDFLyQ \ OD UHODQ]D GH PDQHUD LPSUHYLVWD ELHQ VHD OD

LQWUXVLyQGHXQHOHPHQWRRGHXQSHUVRQDMHQXHYRXQFDPELRGHIRUWXQDODUHYHODFLyQ
GH XQ VHFUHWR R GH XQD DFFLyQ TXH VH HQFDPLQD KDFLD HO VHQWLGR FRQWUDULR DO TXH VH
HVSHUDED
$ULVWyWHOHVGHILQtDODSHULSHWHLDODSHULSHFLDFRPRHOJLURGHODDFFLyQHQVHQWLGR
FRQWUDULR VLJXLHQGR ODV OH\HV GH OD YHURVLPLOLWXG \ GH OD QHFHVLGDG < %RLOHDX PiV
WDUGHGHVFULEtDDVtHOHIHFWRWHDWUDO$UW3RpWLTXH,,,

/
HVSULWQHVHVHQWSRLQWSOXVYLYHPHQWIUDSSp
4XHORUVTX
HQXQVXMHWG
LQWULJXHHQYHORSSp
'
XQVHFUHWWRXWjFRXSODYpULWpFRQQXH

&KDQJHWRXWGRQQHiWRXWXQHIDFHLPSUpYXH 

(QFXDQWRD'LGHURWGHILQHHOHIHFWRWHDWUDOFRPRXQLQFLGHQWHLPSUHYLVWRTXHVH
WUDQVIRUPD HQ DFFLyQ \ TXH FDPELD V~ELWDPHQWH HO HVWDGR GH ORV SHUVRQDMHV
$xDGDPRVTXHHOFDPELRJHQHUDOPHQWHHVKDFLDSHRU
(OHIHFWRWHDWUDOVHEDVDPXFKRHQHOHIHFWRGHVRUSUHVD\DPHQXGRDFDUUHDFDPELRV
GH IRUWXQD YpDVH HVWD H[SUHVLyQ SDUD ORV KpURHV SHUR WDPELpQ UHYHODFLRQHV
DEVROXWDPHQWHLQHVSHUDGDVUHGHILQLFLRQHVGHVXHVWDWXWR
6HJ~Q )LHOG HO SORW SRLQW HV XQ LQFLGHQWH R XQ DFRQWHFLPLHQWR TXH SUHQGH DO
HVSHFWDGRUHQODKLVWRULD\TXHODRULHQWDKDFLDXQDQXHYDGLUHFFLyQ
7HQHU HQ PHQWH HO SORW SRLQW PiV SUy[LPR HQ RFXUULU D OR ODUJR GHO GHVDUUROOR GHO
JXLyQ SHUPLWH FXDQGR VH HVFULEH WHQHU XQD GLUHFFLyQ XQD JXtD HQ FDVR GH TXH HO
FOLPD[ILQDOVHHQFXHQWUHWRGDYtDGHPDVLDGROHMRV8QJXLyQSXHGHLQFOXLUXQRVTXLQFH
SORWSRLQWVFRPRPi[LPR

(OHIHFWRWHDWUDOFRPRUHYHODFLyQ
(OHIHFWRWHDWUDOHVFRQ IUHFXHQFLDODUHYHODFLyQGH DOJRTXH\D H[LVWtDSHURTXHWDQWR
HO HVSHFWDGRU FRPR HO SHUVRQDMH LJQRUDEDQ D~Q ; HV OD KLMD GH < HO GLQHUR TXH =
SHQVDED HQFRQWUDU HQ OD PDOHWD QR VH HQFXHQWUD R : D TXLHQ VH FUHtD PXHUWR HVWi
YLYR
(Q HVWH FDVR VyOR IXQFLRQD VL VH KD PDQWHQLGR DFWLYDPHQWH DO HVSHFWDGRU \ D YHFHV
WDPELpQ DO SHUVRQDMH HQ FLHUWD FUHHQFLD TXH OD PDOHWD FRQWHQtD HO GLQHUR SDUD
GHVPHQWLUOD OXHJR R HQ XQD GHWHUPLQDGD LJQRUDQFLD VREUH OD VLWXDFLyQ UHDO SDUD

Nunca se siente el espritu tan impresionado / como cuando en un tema de intriga rodeado /
oe un secreto, de repente se conoce la verdad, / que lo cambia todo y le da un aspecto imprevisto. (N. De la
T.)

GHVWUXLUOD ,QFOXVR OD LJQRUDQFLD GHO HVSHFWDGRU HQ FXDQWR D XQ KHFKR GHEH VHU
DFWLYDPHQWHDOLPHQWDGD


(IHFWRWHDWUDO\SUHSDUDFLyQ
(O HIHFWR WHDWUDO VXSRQH PXFKDV YHFHV WRGD XQD SUHSDUDFLyQ PiV R PHQRV KiELO \
FRPSOHMD'LGHURWFULWLFDED

$TXHOORV HIHFWRV WHDWUDOHV LQWURGXFLGRV GH XQD PDQHUD WDQ IRU]DGD \ EDVDGRV
VREUH WDQWDV VXSRVLFLRQHV VLQJXODUHV TXH SDUD TXH XQD GH HVDV FRPELQDFLRQHV
GHDFRQWHFLPLHQWRVUHVXOWHVHUIHOL]\QDWXUDOKD\PLOHVTXHGHEHQGHVDJUDGDUD
XQKRPEUHGHJXVWR

(O DXWRU GHO )LOV 1DWXUHO RSRQH D HVRV HIHFWRV WHDWUDOHV ODV HVFHQDV GLVSRVLFLyQ
QDWXUDO \ YHUGDGHUD GH SHUVRQDMHV HVFHQDV GH IDPLOLD HWF TXH QR EXVFDQ HO FKRTXH
GUDPiWLFR

(OHIHFWRWHDWUDOFRPRFRQGHQVDFLyQGUDPiWLFD
7HQHU \ QR WHQHU SUHVHQWD KDFLD HO ILQDO GHO SULPHU DFWR XQ HIHFWR WHDWUDO PX\
FRQVHJXLGR EHOOR HMHPSOR GH FRQGHQVDFLyQ GUDPiWLFD /D EDOD SHUGLGD TXH DOFDQ]D D
-RKQVRQPDWDVLDVtVHSXHGHGHFLUYDULRVSiMDURVGHXQWLUR
D ,PSOLFD D +DUU\ D SHVDU VX\R HQ XQD VLWXDFLyQ GH FRQIOLFWR SROtWLFR HQ TXH VH
QHJDEDDHOHJLU
E 3HUPLWH TXH HQWUH HQ HVFHQD HO PDOYDGR SULQFLSDO GH OD KLVWRULD 5HQDUG TXH YD
FRQILVFDUD+DUU\VXVPHGLRVGHWUDEDMR\GDUOHXQHQHPLJRSDUDFRPEDWLU
F$OSULYDUD+DUU\GHVXGLQHURORFRQGXFHDDFHSWDUODSURSXHVWDGH*HUDUGGHKDFHU
SDVDUFODQGHVWLQDPHQWHDXQRVUHVLVWHQWHV
G'HPRGRPiVJHQHUDODOSULYDUOHGHVXGRFXPHQWDFLyQ\FRPRFRQVHFXHQFLDGHVX
WUDEDMR \ TXHGDQGR SHQGLHQWH SDUD VLHPSUH OD GHXGD GH -RKQVRQ FRORFD D +DUU\ HQ
VLWXDFLyQGHGHVDUUDLJRGHLQHVWDELOLGDG\ORREOLJDDUHFRQGXFLUVXYLGD
H(VWUHFKDODUHODFLyQDPRURVDFRQ0DULHGHWHQLGDMXQWRDpOHQODUHGDGDSRVWHULRUDO
LQFLGHQWH
(VWDEDODSHUGLGDFRQVXVP~OWLSOHVFRQVHFXHQFLDVUHDOL]DXQDSHUIHFWDLPEULFDFLyQGH
ORV WUHV QLYHOHV GH OD LQWULJD UHODWLYDPHQWH GLVSHUVRV KDVWD HQWRQFHV OD LQWULJD
SURIHVLRQDO SUREOHPDV HQWUH +DUU\ \ VX FOLHQWH OD LQWULJD DPRURVD \ OD LQWULJD
SROtWLFRSROLFLDFD \ HVWR GH XQ PRGR WRWDOPHQWH VRUSUHQGHQWH -RKQVRQ DO SULQFLSLR

QR WLHQH QDGD TXH YHU FRQ ODV OXFKDV H[LVWHQWHV HQ HO WHUULWRULR GH OD 0DUWLQLFD
$GHPiV GH FRQIRUPLGDG FRQ OD OH\ TXH ULJH ORV EXHQRV HIHFWRV WHDWUDOHV HVD EDOD
SHUGLGDVXUJHHQHOPRPHQWRHQTXHWRGRSDUHFtDVROXFLRQDUVHSDUD +DUU\SRUILQLED
D FREUDU \ WRGR OHLEDPX\ ELHQ FRQ 0DULH SDUD KDFHUOH FDHU HQ XQD VLWXDFLyQ SHRU
TXHODTXHLQWHQWDEDVROXFLRQDU
(Q FRQVHFXHQFLD HO HIHFWR WHDWUDO HVWi D PHQXGR UHODFLRQDGR FRQ XQD FDtGD HO
SHUVRQDMHHVFDWDSXOWDGRKDFLDODFLPDVHHQFXHQWUDPiVFHUFDTXHQXQFDGHVXPHWD
HQWRQFHVHVFXDQGRVXUJHHOHIHFWRWHDWUDOTXHORSUHFLSLWDKDFLDXQDGLILFXOWDGWRGDYtD
PD\RU


)/$6+%$&.

(O IODVKEDFN SODQWHD SUREOHPDV HVSHFtILFRV HQ HO FLQH HQ UD]yQ GH TXH OD QDUUDFLyQ
FLQHPDWRJUiILFD FRPR OR KHPRV GLFKR HQ YDULDV RFDVLRQHV QR FRQRFH ORV WLHPSRV GHO
UHODWRHVFULWRSDVDGRLPSHUIHFWRSUHVHQWHIXWXUR/RFXHQWDWRGRHQSUHVHQWH
6HKDLQWHQWDGRFODURHVWiH[SOLFDUORVIODVKHVEDFN\ORVWLHPSRVGHOSDVDGRDWUDYpV
GH GLYHUVRV SURFHGLPLHQWRV GH HQFDGHQDPLHQWRV \ GH GHIRUPDFLyQ GH OD LPDJHQ TXH
VHHQWXUELDFDPELDGHFRORUHWFSHURVyORVRQPDQHUDVGHVDOLUGHOSDVR$XQTXHVHD
HQEODQFR\QHJURHOHVSHFWDGRUVLJXHODDFFLyQHQSUHVHQWH
/R TXH LPSRUWD HV TXH HO HVSHFWDGRU FRPSUHQGD TXH VH KD KHFKR XQD YXHOWD DWUiV
VDOYRHYLGHQWHPHQWHTXHVHWUDWHGHFUHDUXQDGXGDDOUHVSHFWRLQWHQFLRQDOPHQWH

8QSURFHGLPLHQWRFXHVWLRQDEOH
$ PHQXGR HQ OD DFWXDOLGDG VH FRQVLGHUD HO IODVKEDFN FRPR XQ SURFHGLPLHQWR
GHVIDVDGR(QORVDxRV+HUPDQ\DGHVDFRQVHMDEDVXXWLOL]DFLyQ6HJ~QpO
HVWH SURFHGLPLHQWR IUHQD HO PRYLPLHQWR GH OD DFFLyQ LPSHGHV PRYHPHQW
UHVTXHEUDMD HO VXVSHQVH GLVWUDH OD FXULRVLGDG KDFLD OR TXH YD D SDVDU \ KDFH SHUGHU
LQPHGLDWH]DOUHODWRORVHVLPPHGLDF\6LQHPEDUJR+HUPDQFRQIHVDEDTXHVHJXtD
VLHQGRXQSURFHGLPLHQWRSRSXODU
0iV UHFLHQWHPHQWH )LHOG GHVDFRQVHMD GHO PLVPR PRGR HO IODVKEDFN FRPR
SURFHGLPLHQWRGHVIDVDGR<&ODXGH&KDEUROHQHOQ~PHURGH&LQpPDWRJUDSKHTXH
SUHVHQWDXQLQWHUHVDQWHGRVVLHUVREUHHOIODVKEDFNORFRQGHQDFRPRUHDOL]DGRU'LFH
/DPD\RUtDGHODVYHFHVVHKDFHXQIODVKEDFNFXDQGRVHWLHQHXQDLGHDIXHUWHGHOD
SULPHUD HVFHQD 6H DWDFD DO HVSHFWDGRU FRQ YLROHQFLD \ GHVSXpV VH H[SOLFD FyPR VH
KDOOHJDGRKDVWDDKt
&LWD FRPR HMHPSOR 7KH .LOOHUV GH 5REHUW 6LRGPDUN \ DVHJXUD TXH )ULW] /DQJ QXQFD
UHFXUULy D WDO SURFHGLPLHQWR SHUR SRGHPRV VHxDODU XQD H[FHSFLyQ HO SHTXHxR IODVK
EDFNDOSULQFLSLRGHO7HVWDPHQWRGHO'RFWRU 0DEXVHSDUDPRVWUDUHOSULPHUHQFXHQWUR
GH.HQW\/LO\


7LSRVGHIODVKHVEDFN
6H SXHGHQ FODVLILFDU ORV IODVKHVEDFN HQ HO FLQH VHJ~Q GLIHUHQWHV WLSRV GH XWLOL]DFLyQ
WLSRVGHUHODWRVWLSRVGHVLJQLILFDFLyQHWF
D +D\ IODVKHVEDFNSX]]OHV HQ ORV TXH VH LQYHVWLJD XQ PLVWHULR GH DOJXLHQ TXH
JHQHUDOPHQWH DFDED GH PRULU \ VREUH HO TXH ORV WHVWLPRQLRV HVWiQ HQIUHQWDGRV /RV
GLIHUHQWHV WHVWLJRV TXH OR HYRFDQ RFDVLRQDQ FRQ VXV UHODWRV HVFHQDV GHO SDVDGR TXH
UHYLYHQ DQWH QXHVWURV RMRV FRQ OD HWHUQD DPELJHGDG SURSLD DO FLQH GHO DVSHFWR
YHUtGLFR GH HVDV HVFHQDV 0XFKRV ILOPV UHVSRQGHQ D HVH PRGHOR WDOHV FRPR &LWL]HQ
.DQH GH 2UVRQ :HOOHV /D &RQGHVD GHVFDO]D GH -RVHSK 0DQNLHZLF] (O KRPEUH GH
PiUPRO GH $QGU]HM :DGMD /
 +RPPH TXt DLPDLW OHV IHPPHV GH )UDQoRtV 7UXIIDXW
/HQQ\ \ 6WDU  GH %RE )RVVH &DORU \ SROYR GH -DPHV ,YRU\ DVt FRPR /ROD 0RQWHV
GH0D[2SKXOV
E8QDYDULDQWHFRQFUHWDGHHVWHSULPHUFDVRHVDTXHOODHQODTXHODVYHUVLRQHVGHORV
GLIHUHQWHV WHVWLJRV VH FRQWUDGLFHQ \ VH FXHVWLRQDQ FRQ IXHU]D VREUH WRGR FXDQGR VH
WUDWD

GH

HQFRQWUDU

OD

YHUGDG

VREUH

XQ

DFRQWHFLPLHQWR

YLRODFLyQ

FULPHQ

GHVDSDULFLyQ(OHMHPSORPiVFpOHEUHHVHOGH5DVKRPRQGH.XURVDZDHQHOTXHORV
WUHV UHODWRV VREUH XQ PLVPR VXFHVR XQD YLRODFLyQ VHJXLGD GH XQ DVHVLQDWR VH
VXFHGHQ VHJ~Q WUHV SXQWRV GH YLVWD GLIHUHQWHV GHMDQGR OD GXGD VREUH OD YHUGDG
ILQDO /DV *LUOV GH *HRUJH &XNRU VH EDVD HQ HVH PLVPR SULQFLSLR SHUR DTXt XQ WHUFHU
UHODWR

YLHQH

D

]DQMDU

ORV

GRV

WHVWLPRQLRV

DQWHULRUHV

FRQIXQGLpQGRORV

\

UHVWDEOHFLHQGR OD YHUGDG FXDQGR HQ 5DVKRPRQ QLQJ~Q WHVWLPRQLR OOHJD D UHYHODU OD
YHUGDG GHILQLWLYD 7DPELpQ SRGHPRV FLWDU (O KRPEUH TXH PDWy D /LEHUW\ 9DODQFH GH
-RKQ )RUG HQ HO TXH XQ VHJXQGR IODVKEDFN TXH YXHOYH VREUH HO DFRQWHFLPLHQWR HQ
WRPR DO TXH JLUD HO ILOP OD HMHFXFLyQ GH XQ EDQGLGR YLHQH D UHVWDEOHFHU OD YHUGDG
HVFDPRWHDGDHQHOSULPHURQRHVHODERJDGRLQWHUSUHWDGRSRU-DPHV6WHZDUWFRPRpO
PLVPR SLHQVD GH EXHQD IH HO TXH KD PDWDGR D /LEHUW\ 9DODQFH VLQR XQ KRPEUH
HVFRQGLGRHQODVRPEUDTXHKDEtDGLVSDUDGRHQHOPLVPRPRPHQWR
F 8Q ILOP HQ IODVKEDFN SXHGH HPSH]DU WDPELpQ FRQ HO GHVHQODFH IDWDO R FRQ XQ
PRPHQWRFHUFDQRDOGHVHQODFHFXDQGRHOFRQGHQDGRDPXHUWHYDDVHUHMHFXWDGRRHO
KRPEUH SHUVHJXLGR YD D VHU DWUDSDGR \ TXH UHFXHUGDQ R FXHQWDQ D XQD WHUFHUD
SHUVRQD OR TXH OHV KDFRQGXFLGR KDVWD DKt $Vt VH FUHD XQ HIHFWR GH HQJUDQDMH IDWDO\
GHWLHPSROLPLWDGRFXHQWDDWUiVOOHJDQGRSRFRDSRFRKDVWDHOPRPHQWRHQHOTXHKD
HPSH]DGRHOILOP3RU HMHPSORHQ(OFDUWHURVLHPSUHOODPDGRVYHFHV GH7D\ *DUQHWW
3HUGLFLyQ GH %LOO\ :LOGHU /H -RXU VH OqYH GH 0DUFHO &DUQp 9LROHWWH 1R]LqUH GH &ODXGH
&KDEURO (VWH SURFHGLPLHQWR FRQRFH P~OWLSOHV YDULDQWHV &LHUWRV JXLRQHV MXHJDQ
DVWXWDPHQWH FRQ HO WLHPSR GH OD QDUUDFLyQ HO WLHPSR TXH HO KRPEUH SDVD FRQWDQGR R
UHFRUGDQGR OD DFFLyQ HQ SUHVHQWH QR HV XQ WLHPSR HQ VXVSHQVR 7DPELpQ VH
HQFXHQWUDQ HVWUXFWXUDV HQ GRV R WUHV SDUWHV GHO WLSR XQ KRPEUH DOFDQ]DGR SRU VX
SDVDGR (Q XQ SULPHU PRPHQWR DOJXLHQ TXH OOHYD XQD YLGD WUDQTXLOD UHVXOWD KDEHU
WHQLGR XQ SDVDGR DJLWDGR XQ IODVKEDFN PiV R PHQRV ODUJR QRV UHYHOD HVWH SDVDGR
WUDV OR FXDO OD VHJXQGD PLWDG R HO WHUFHU WHUFLR GHO ILOP GHVDUUROODQ ODV FRQVHFXHQFLDV
HQ HO SUHVHQWH GH HVH UHWRUQR GHO SDVDGR HQWHUUDGR R GLVLPXODGR 5HWRUQR DO SDVDGR
GH-DFTXHV7RXUQHXU
G ([LVWHQ IODVKHVEDFN PiV QRVWiOJLFRV GHO HVWLOR GH (Q EXVFD GHO WLHPSR SHUGLGR
FX\R PRGHOR HV HO ILOPGH %HUJPDQ )UHVDV VDOYDMHV (O SURWDJRQLVWD XQ YLHMR SURIHVRU
HJRtVWD VH SDVHD HQ FDUQH \ KXHVR SRU HO WLHPSR GH VX MXYHQWXG \ OR REVHUYD

HVFRQGLpQGRVH &LWHPRV WDPELpQ (O 0HQVDMHUR GH -RVHSK /RVH\ \ QXPHURVRV ILOPV
FRPR &DVDEODQFD GH 0LFKDHO &XUWL] HQ TXH XQ EUHYH IODVKEDFN HQ IRUPD GH
PRQWDMHVHFXHQFLDYLHQHDUHFRUGDUXQDQWLJXRLGLOLRRXQDQWLJXRGUDPD
H(OIODVKEDFNWUDXPDTXHFRUUHVSRQGHDXQUHFXHUGRHQWHUUDGRHQJHQHUDOHOGHXQ
PRPHQWR WUDXPiWLFR TXH DIORUD GH PDQHUD FDGD YH] PiV SUHFLVD HQ OD FRQFLHQFLD GH
XQR GH ORV SURWDJRQLVWDV (VWH SURFHGLPLHQWR D PHQXGR KD VLGR XWLOL]DGR HQ ORV
OODPDGRV ILOPV SVLFRDQDOtWLFRV 5HFXHUGD \ 0DUQLH OD ODGURQD GH $OIUHG +LWFKFRFN R
'H UHSHQWH HO ~WLPR YHUDQR GH 0DQNLHZLF] TXLHQ IXH XQ JUDQ HVSHFLDOLVWD GHO IODVK
EDFNFLWHPRV(YDDOGHVQXGR&DUWDDWUHVHVSRVDVHWF
$OVHUHOIODVKEDFNXQSURFHGLPLHQWRGHHQJDUFHHVQRUPDOTXHHQFRQWUHPRVIODVKHV
EDFNLQVHUWDGRVFRPRHQ/DVPLO\XQDQRFKHV
&LWHPRV WDPELpQ FRPR FDVRV SDUWLFXODUHV HO SUREOHPD GHO IODVKEDFN HQJDxRVR
SODQWHDGR HQWUH RWUDV FRVDV SRU HO ILOP GH +LWFKFRFN 3iQLFR HQ OD HVFHQD \ HO SULQFLSLR
GHO IODVKEDFN HQ HVFDOHUD HQ %HWUD\DO GH 'DYLG -RQHV EDVDGR HQ XQD REUD WHDWUDO
GH +DUROG 3LQWHU HQ HO TXH HQ FDGD VHFXHQFLD HV XQ UHWURFHVR GH OD DQWHULRU KDVWD
OOHJDUDOPRPHQWRGHOLQLFLRGHODKLVWRULD

&$378/29,,,


/RVSURFHGLPLHQWRVQDUUDWLYRV

'UDPDWL]DFLyQ 3XQWR GH YLVWD ,QIRUPDFLRQHV (OLVLyQ HOLSVLV SDUDOLSVLV
6XVSHQVH6RUSUHVD

$QWLFLSDFLyQ

,PSODQWDFLyQ

+DUHQJVDXU

&DUDFWHUL]DFLyQ &RQWUDVWH 5HODMDFLyQ GHVFDQVR &DOGHUyQ 5HSHWLFLyQ *DJ

UHSHWLWLYR

/OHJDPRV HQ HVWH FDStWXOR D OR TXH IDVFLQD R D YHFHV UHSHOH SHUR D PHQXGR HV OR
PLVPR D ORV OHFWRUHV GH PDQXDOHV GH JXLyQ HO LQYHQWDULR GH SURFHGLPLHQWRV
QDUUDWLYRV OR TXH D YHFHV VH OODPD ORV KLORV TXH PXHYHQ HO WLQJODGR WUXFRV DWLILFLRV
HWF
([SOLFDGRV LQGLYLGXDOPHQWH FDGD XQR GH HVWRV KLOLOORV SXHGH WHQHU HO DVSHFWR GH XQD
JUXHVD PDURPD \ VLQ HPEDUJR QRV GHMDPRV DWUDSDU SRU FDGD QXHYD KLVWRULD VL HVWi
ELHQPDQHMDGD\FRQYHQLHQWHPHQWHWUHQ]DGDFRQRWURVKLORV
(O UHVRUWH HUD DOJR SURSLR GH OD KLVWRULD TXH VH HVWi FRQWDQGR PLHQWUDV TXH HO
SURFHGLPLHQWR VH GHVSUHQGH GH OD SURSLD QDUUDFLyQ HV GHFLU GHO PRGR HVSHFtILFR GHO
FLQHGHFRQWDUODKLVWRULD<DKHPRVKDEODGRGHHVDGLVWLQFLyQ
(O SURFHGLPLHQWR SXHVWR DO GHVQXGR VLHPSUH WHQGUi XQ DVSHFWR VRODSDGR HQ OD
PHGLGD HQ TXH VX IXQFLyQ HV HVFRQGHUVH GHWUiV GH XQ UHVXOWDGR \ SDUD SURGXFLU VX
HIHFWR HYLWD KDFHUVH QRWDU 3HUR H[LVWH XQD SRpWLFD H LQFOXVR XQD HVWpWLFD GHO
SURFHGLPLHQWRGHQDUUDFLyQ1RHVFLHUWRTXHFXDOTXLHUILOPFXHQWDVXQDUUDFLyQWDQWR
RPiVTXHVXKLVWRULD" (OQLxRTXHSLGHTXHOH YXHOYDQD FRQWDU HOPLVPR FXHQWRQR
HVWi\DPiVFDXWLYDGRSRUODQDUUDFLyQTXHSRUODKLVWRULD"
(OOHFWRUQRGHEHPROHVWDUVHVLHQFXHQWUDDTXtORVSURFHGLPLHQWRVPiVPRGHVWRVMXQWR
DLRVPiVLPSRUWDQWHV 1RVKDSDUHFLGRTXHMHUDUTXL]DUODOLVWDQRKXELHUDDSRUWDGRQL
IDFLOLWDGRQDGDDOOHFWRU7DPSRFRHVPDORUHFRUGDUTXHSDUDXQJXLyQHOGHWDOOHHVWDQ
LPSRUWDQWHFRPRODVJUDQGHVLGHDVJHQHUDOHV


'5$0$7,=$&,1

5HJODVGHODDURPDWL]DFLyQ
/D GUDPDWL]DFLyQ HV XQ WUDWDPLHQWR TXH VH SXHGH DSOLFDU D FXDOTXLHU DFRQWHFLPLHQWR
VLWXDFLyQ DQpFGRWD ILFWLFLD R UHDO SDUD KDFHUOR IXQFLRQDU GUDPiWLFDPHQWH \ TXH VH
SXHGDVHJXLUFRQHPRFLyQ

'HDKtVHGHULYDQGRVUHJODV
D1REDVWDFRQUHODWDUXQDFRQWHFLPLHQWRVRUSUHQGHQWHHQVtPLVPRRXQVXFHVRUHDO
SDUDFRQVHJXLUXQGUDPDKD\TXHGUDPDWL]DUOR3RUHVWHPRWLYRPXFKDVDGDSWDFLRQHV
FLQHPDWRJUiILFDV GH VXFHVRV FDHQ HQ OD WUDPSD DO FRQILDU GHPDVLDGR HQ HO SRGHU
GUDPiWLFR GH ORV DFRQWHFLPLHQWRV UHODWDGRV \D TXH KDQ RFXUULGR UHDOPHQWH VH ROYLGD
GDUXQDOyJLFDGUDPiWLFDLQWHUQD
E 8Q DFRQWHFLPLHQWR GH OR PiV DQRGLQR HQ Vt FRQYHQLHQWHPHQWH GUDPDWL]DGR SXHGH
VHJXLUVHFRQHPRFLyQ



(MHUFLFLRGHGUDPDWL]DFLyQ
&XDOTXLHUD GH QRVRWURV FRQRFH LQWXLWLYDPHQWH FRPR HVSHFWDGRU ORV SULQFLSLRV GH XQD
GUDPDWL]DFLyQ\DXQTXHQRORVWHQJDPRVVLVWHPDWL]DGRVHVIiFLOGHGXFLUORVFRQWDQGR
SRU HMHPSOR XQD DQpFGRWD 3LGDPRV D DOJXLHQ TXH VH SUHVWH D XQ SHTXHxR HMHUFLFLR
FRQVLVWHQWHHQGUDPDWL]DUXQPDWHULDOYLYLGRQDWXUDOXQDYLYHQFLDHOGHVDUUROORGHXQD
GH VXV MRUQDGDV KDELWXDOHV SRU HMHPSOR 4Xp WUDEDMR LQWHQWDUi KDFHU VREUH HVWH
PDWHULDOGHHQWUDGDQRGUDPiWLFRLQFOXVRDQWLGUDPiWLFR"
D&RQFHQWUDFLyQFRQHOILQGHGDUPD\RUXQLGDGDODKLVWRULD\GHDGDSWDUVHDGHPiV
DOJUDGRGHLQIRUPDFLyQDVLPLODEOHSRUXQHVSHFWDGRU
E (PRFLRQDOL]DFLyQ QR VH FRQWDUi OD KLVWRULD GH IRUPD QHXWUD VLQR GH PDQHUD TXH
VXVFLWH XQD SDUWLFLSDFLyQ HPRFLRQDO TXH SXHGD SDVDU SRU XQD LGHQWLILFDFLyQ FRQ HO
SHUVRQDMHSULQFLSDOVXMHWRGHODKLVWRULD
3RURWUDSDUWHHVWHDFRQWHFLPLHWQRGHEHUiSRQHUXQDSUHQGDHQMXHJRDOJRTXHJDQDU
RTXHSHUGHU
F,QWHQVLILFDFLyQH[DJHUDQGRORVVHQWLPLHQWRV\ODVVLWXDFLRQHVYLYLGDV
G -HUDUTXL]DFLyQ VH LOXPLQDUDQ ODV FRVDV LPSRUWDQWHV HQ UHODFLyQ FRQ GHWDOOHV TXH
TXHGDUiQFRPRGHFRUDGRRDGRUQRQRVHFRQWDUiWRGRGHODPLVPDPDQHUD HVGHFLU
FRQHOPLVPRJUDGRGHLPSRUWDQFLD
(Q HVWH VHQWLGR HO UHODWR HVWDUi HVWUXFWXUDGR VH GLYLGLUi HQ YDULDV SDUWHV
GLIHUHQFLDQGR ORV HOHPHQWRV \ SRQLpQGRORV HQ GLIHUHQWHV SODQRV 1R HV EXHQ QDUUDGRU
DTXHOTXHQRHOLJH\TXHORFXHQWDWRGRHQHOPLVPRSODQR
H &UHDFLyQ GH XQD OtQHD XQD FXUYD OD QDUUDFLyQ VHJXLUi XQD SURJUHVLyQ VH DSR\DUi
HQWLHPSRVIXHUWHVREHGHFHUiDXQDGHWHUPLQDGDFXUYDDVFHQGHQWHHQSULQFLSLR
1RHVREOLJDGRDSOLFDUWRGDVHVWDVUHJODVGHGUDPDWL]DFLyQDOPLVPRWLHPSRHLQFOXVR
DYHFHVPiVYDOHQRXWLOL]DUODVWRGDV

6L HVWDV UHJODV VH UHGXFHQ D PX\ SRFDV FRVDV VXV PRGDOLGDGHV VXV YDULDQWHV GH
DFFHVR\VXVFRPELQDFLRQHVWLHQHQXQQ~PHURFDVLLQILQLWR


38172'(9,67$

6H SXHGH FRQVLGHUDU TXH XQD KLVWRULD FLQHPDWRJUiILFD HVWi QDUUDGD GHVGH HO SXQWR GH
YLVWD GH XQ SHUVRQDMH GHWHUPLQDGR FXDQGR pVWH HVWi SUHVHQWH FRPR SDUWtFLSH R
WHVWLJRHQODPD\RUSDUWHGHODVHVFHQDVTXHFRPSRQHQHOILOP\QRVHQRVGHMDYHUR
VDEHUPXFKRPiVQLPXFKRPHQRVWDPSRFRTXHDpO
(O KHFKR VREUH WRGR GH SHQHWUDU HQ VX LQWLPLGDG DO DVLVWLU D HVFHQDV GRQGH VH
HQFXHQWUD VROR R\HQGR OR TXH YH \ R\H SRU HMHPSOR FXDQGR HVWi DO WHOpIRQR
FRQWULEX\H D UHIRU]DU QXHVWUD LGHQWLILFDFLyQ R DO PHQRV QXHVWUD LPSUHVLyQ GH HVWDU
FRPSDUWLHQGRVXSXQWRGHYLVWD
$ YHFHV HO JXLRQLVWD GHEH GHFLGLU GH DQWHPDQR GHVGH TXp SXQWR GH YLVWD YD D FRQWDU
VX KLVWRULD HV GHFLU FRQ TXp IRUPD GH LGHQWLILFDFLyQ FRQ TXp SHUVRQDMH \ FRQ TXp
PRGRGHQDUUDFLyQYDDIXQFLRQDU(OSXQWRGHYLVWDHOHJLGRGHWHUPLQDQRVyORORVHMHV
HPRFLRQDOHV GHO UHODWR VHJ~Q HVH SXQWR GH YLVWD XQD PLVPD HVFHQD SXHGH UHVXOWDU
GUDPiWLFDGLYHUWLGDRYLVWDFRQIULDOGDGVLQRDGHPiVVXOtQHDGUDPiWLFD
(Q3DXOLQHHQODSOD\DHODXWRUQRIDYRUHFHHOSXQWRGHYLVWDGHQLQJXQRGHORVFXDWUR
SHUVRQDMHV SULQFLSDOHV 5RKPHU SUHFLVD TXH HVD HV XQD FRQVWDQWH HQ VX VHULH GH
&RPpGLHV HW 3URYHUEHV (IHFWLYDPHQWH SRGHPRV FRPSUREDU TXH QLQJXQR GH HVWRV
SHUVRQDMHV HV WRWDOPHQWH OD HVWUHOOD QL HVWi SUHVHQWH HQ WRGDV ODV HVFHQDV FRPR
WDPSRFRLPSRQHHOSXQWRGHYLVWDGHVXVSURSLDVHPRFLRQHV
(OSXQWRGHYLVWDHQ7HQHU\QRWHQHUHVVLQDPELJHGDGDOJXQDHOGH+DUU\0RUJDQ
SUHVHQWHHQWRGDVODVHVFHQDVVLQH[FHSFLyQ6HJXLPRVORTXHOHVXFHGHSDVRDSDVR\
HQ ORV PLVPRV WpUPLQRV TXH pO (Q FDPELR OD SXHVWD HQ HVFHQD GH +DZNV SRU VX
GLVFUHFLyQ \ VX GLVWDQFLD DO ILOPDU D +DUU\ FRQ SODQRV PHGLRV R ODUJRV FRPR D ORV
RWURVSHUVRQDMHVDWHQ~DORTXHHVWDQRFLyQGHSXQWRGHYLVWDVXSRQHGHSDUWLFLSDFLyQ
HPRFLRQDOHVFLHUWRTXHHOSHUVRQDMHGHOTXHDTXtVHJXLPRVHOSXQWRGHYLVWDHVGH
SRUVtXQKRPEUHGHORPiVUHVHUYDGR
(O SXQWR GH YLVWD SUHGRPLQDQWH SHUR QR ~QLFR HQ (O ,QWHQGHQWH 6DQVKR HV HO GH
=XVKLR

VREUH

WRGR

HQ

HO

VHJXQGR

\

WHUFHU

DFWRV

(O

UHODWR

VH

FRQFHQWUD

SURJUHVLYDPHQWH HQ pO WUDV VHU DUUDQFDGR D VX PDGUH D OD TXH \D QR YHPRV D SDUWLU
GH HQWRQFHV VDOYR DO ILQDO FXDQGR YXHOYH D HQFRQWUDUOD \ WRGDYtD PiV GHVSXpV GHO
VDFULILFLRGHVXKHUPDQD
(Q0DEXVHQRKD\SXQWRGHYLVWDSULYLOHJLDGR6LODSXHVWDHQHVFHQDSRUPRPHQWRV
GHVWDFD \ VXEUD\D XQ SXQWR GH YLVWD QR HV WDQWR HO GH ORV MyYHQHV JDODQHV FRPR ORV
GH +RIPHLVWHU \ GH %DXP HV GHFLU GRV SHUVRQDMHV TXH VXIUHQ ODV DOXFLQDFLRQHV TXH
FRPSDUWLPRV


&ODVLILFDFLyQGHORVGLIHUHQWHVWLSRVGHSXQWRGHYLVWD
6REUH OD FXHVWLyQ GHO SXQWR GH YLVWD UHFRUGHPRV OD FODVLILFDFLyQ GH -HDQ 3RXLOORQ
7HPSV HW 5RPDQ (GLWLRQV *DOOLPDUG  TXH GLVWLQJXH WUHV WLSRV IXQGDPHQWDOHV
ODYLVLyQSRUGHWUiVODGHOQDUUDGRURPQLVFLHQWHTXHOHHHQODVPHQWHV\UHODWDORV
SHQVDPLHQWRV GH ORV SHUVRQDMHV OD YLVLyQ FRQ QDUUDFLyQ FHQWUDGD VREUH XQ
SHUVRQDMH HQ SULPHUD SHUVRQD R HQ WHUFHUD SHUVRQD TXH HV HO ~QLFR FX\RV
SHQVDPLHQWRVVRQFRPXQLFDGRVDOOHFWRUSRU~OWLPRODYLVLyQGHVGHIXHUDHQODTXH
WRGDV ODV DFFLRQHV \ GDWRV GHO UHODWR VRQ YLVWRV GHVGH HO H[WHULRU VLQ HQWUDU HQ VXV
PHQWHV (VWD ~OWLPD WpFQLFD EHKDYLRULVWD TXH WDQ VyOR UHODWD FRPSRUWDPLHQWRV
HQFXHQWUD PD\RU LOXVWUDFLyQ HQ OD OLWHUDWXUD GHO VLJOR ;; SHUR \D DSDUHFH HQ FLHUWRV
IUDJPHQWRV GH QRYHODV GHO VLJOR ;,; YpDVH OD FpOHEUH HVFHQD GHO FRFKH HQ
0DGDPH%RYDU\RHQ+XJRHVHSURFHGLPLHQWRXVXDOGHQDUUDFLyQ8QSURPHQHXUTXL
VHUDLW SDVVp j FH PRPHQWOj VXU OH 3RQW1HXI DXUDLW YX HWF HQ OD TXH GH UHSHQWH
ORV KpURHV GH ORV TXH KDVWD HQWRQFHV VH QRV KDEtDQ FRPXQLFDGR WRGRV ORV
SHQVDPLHQWRVVHYHQREMHWLYDGRVYLVWRVSRUXQDPLUDGDFRPSOHWDPHQWHH[WHULRU
$O YROYHU D GHILQLU \ SUHFLVDU HVWDV FDWHJRUtDV *pUDUG *HQHWWH SURSRQH D VX YH]
GLVWLQJXLU OD IRFDOL]DFLyQ FHUR WDPELpQ OODPDGD QRIRFDOL]DFLyQ HO QDUUDGRU VDEH PiV
GH OR TXH VDEH FXDOTXLHU SHUVRQDMH HQWUD FXDQGR TXLHUH HQ VXV SHQVDPLHQWRV OD
IRFDOL]DFLyQ LQWHUQD QR VDEH \ QR GLFH PiV TXH OR TXH VDEH \ SLHQVD XQR GH VXV
SHUVRQDMHVIRFDOL]DFLyQLQWHUQDILMDRORTXHVDEHQ\SLHQVDQYDULRVSHUVRQDMHVXQR
WUDV RWUR IRFDOL]DFLyQ LQWHUQD YDULDEOH WDQ DSUHFLDGD SRU 3KLOLS . 'LFN \ OD
IRFDOL]DFLyQ H[WHUQD OD YLVLyQ GHVGH IXHUD GH 3RXLOORQ HQOD TXH HO QDUUDGRU OR YH \ OR
GHVFULEH WRGR GHVGH HO H[WHULRU /D GLYLVLyQ HQWUH IRFDOL]DFLyQ LQWHUQD YDULDEOH \ QR
IRFDOL]DFLyQSUHFLVD*HQHWWHHVDYHFHVPX\GLItFLOGHHVWDEOHFHU
3RGUtDPRV FUHHU TXH SHVH DO DUWLILFLR GH OD YR] LQWHULRU HO FLQH TXH QR UHODWD ORV
SHQVDPLHQWRVXWLOL]DIRU]RVDPHQWHODIRFDOL]DFLyQH[WHUQDSHURQRHVDVt\DTXHDVX
PDQHUD VH HQFXHQWUD FRQ HVWRV WUHV WLSRV GH IRFDOL]DFLyQ FX\D GHILQLFLyQ FODUR HVWi
UHTXLHUH XQD UHYLVLyQ \ XQD FRUUHFFLyQ HVSHFtILFDV 'HFLU DOJR PiV QRV OOHYDUtD
GHPDVLDGROHMRVGHOSURSyVLWRGHHVWHOLEUR

,1)250$&,21(6

8QDUWHGHODVHOHFFLyQGHODLQIRUPDFLyQ
&RQWDU XQD KLVWRULD HV DO PLVPR WLHPSR LQHYLWDEOHPHQWH FRPXQLFDU DO HVSHFWDGRU
XQDV LQIRUPDFLRQHV VREUH HO PDUFR HVSDFLRWHPSRUDO GH OD DFFLyQ VREUH ORV
SHUVRQDMHVVXLGHQWLGDGVXVUHVSHFWLYDVVLWXDFLRQHVHWF&RPRUHFXHUGD-HDQ*UXDXOW
/
(QMHX 6FpQDULR  HVDV LQIRUPDFLRQHV SXGHQ SDVDU SRU GLIHUHQWHV FDQDOHV XQ
MXHJRGHHVFHQDXQDUpSOLFDXQDYR]HQRIIXQIODVKEDFN+D\TXHGHVWLODUODVSRU
HOFDPLQR\FRORFDUODVHQVLWXDFLyQSDUDKDFHUODVSDVDULQGLUHFWDPHQWH
6HJ~Q9DOHHOJXLyQHVHQJUDQSDUWHXQDUWHGHODVHOHFFLyQGHODLQIRUPDFLyQVH
WUDWH GH LQIRUPDFLRQHV GHVWLQDGDV DORV HVSHFWDGRUHV HQ XQ PRPHQWR GHWHUPLQDGR R
VH WUDWH GH LQIRUPDFLRQHV TXH VH VXSRQH GHWHQWDQ ORV SURSLRV SHUVRQDMHV (VWD
VHOHFFLyQ GH OD LQIRUPDFLyQ SXHGH KDFHU OD KLVWRULD PiV LQWHUHVDQWH GH OR TXH HQ

UHDOLGDG HV  (IHFWLYDPHQWH VDEHPRV TXH XQD LQIRUPDFLyQ HQ Vt PLVPD SRFR
LQWHUHVDQWHSXHGHOOHJDUDVHUHPRFLRQDQWHVLGHHOODVHKDFHXQVHFUHWR
(OPRPHQWRGHODH[SRVLFLyQYpDVHHVWDSDODEUDHVHQHOJXLyQDTXHOHQHOTXHKD\
TXHGDUDOHVSHFWDGRUODPD\RUFDQWLGDGGHLQIRUPDFLRQHVQXHYDV
9DOH  HV HO TXH SODQWHD OD LPSRUWDQWH FXHVWLyQ (Q TXp PRPHQWR GH OD KLVWRULD
GHEH VHU GDGD WDO LQIRUPDFLyQ" )XH HO SUREOHPD FHQWUDO SRU HMHPSOR GH OD
DGDSWDFLyQTXH+LWFKFRFNKL]RGHODQRYHODGH%RLOHDX1DUFHMDF'HHQWUHORVPXHUWRV
SDUD 9pUWLJR (Q HO OLEUR HO OHFWRU QR VH HQWHUD KDVWD DO ILQDO GH TXH 0DGHOHLQH \ -XG\
VRQ XQD ~QLFD \ PLVPD SHUVRQD SHUR +LWFKFRFN GHFLGLy LQIRUPDU DO HVSHFWDGRU GHVGH
OD PLWDG GHO ILOP DQWHV GH TXH HO SURWDJRQLVWD 6FRWWLH LQWHUSUHWDGR SRU -DPHV
6WHZDUW OR VHSD $Kt UHVLGH WRGD OD LPSRUWDQFLD GHO HIHFWR UHYHODFLyQ SURGXFLGR SRU
XQD LQIRUPDFLyQ TXH HO JXLRQLVWD KD GHMDGR GH ODGR SDUD VROWDUOD HQ HO PRPHQWR GH
PD\RULPSDFWR3HURFRVDPX\LPSRUWDQWHQREDVWDFRQGLVLPXODUXQDLQIRUPDFLyQ
SDUD KDFHU GH HOOD XQ REMHWR GH UHYHODFLyQ KD\ TXH FUHDU HQ WRPR D HOOD XQ FRQWH[WR
GHGHPDQGDGHWHQVLyQGHFXULRVLGDGDOJRTXHHVWpHQMXHJR(Q0DEXVH+RIPHLVWHU
VHSRQHHQSHOLJURGHPXHUWH\GHORFXUDSRUHQWUHJDUDOFRPLVDULR/RKPDQQFLHUWD
LQIRUPDFLyQ TXH QR VROWDUi KDVWD HO ILQDO HO QRPEUH GH 0DEXVH FRPR MHIH GH OD
EDQGD GH IDOVLILFDGRUHV (VWD LQIRUPDFLyQ QRV GHMDUtD LQGLIHUHQWHV VL QR IXHUD SRUTXH
HQWRUQRDHOODHVWiHQMXHJRXQSHOLJURXQWHUURUVDJUDGR

'DUXQDFDQWLGDGGHLQIRUPDFLyQ
6HJ~Q 3DVFDO %RQLW]HU PXFKDV YHFHV VH VXEHVWLPD HO Q~PHUR GH LQIRUPDFLRQHV TXH
KD\ TXH GDU 1RV GDPRV FXHQWD GH TXH PXFKDV LQIRUPDFLRQHV TXH HQ XQ SULPHU
PRPHQWRSDUHFHQHVHQFLDOHVSRUTXHSUHFLVDQWDORWDOHOHPHQWRGHOSHUVRQDMHVRQHQ
UHDOLGDGLQIRUPDFLRQHV TXH HO S~EOLFR SHUGHUi /
(QMHX 6FpQDULR  'H DKt GHGXFH
TXH FXDQWR PHQRV VH H[SOLTXH PHMRU \ FLWD SRU HMHPSOR /RYH 6WHDPV GH -RKQ
&DVVDYHWHV HQ HO TXH GXUDQWH EDVWDQWH WLHPSR VH LJQRUD TXH OD PXMHU LQWHUSUHWDGD
SRU *HQD 5RZODQGV HV OD KHUPDQD GHO SURWDJRQLVWD LQWHUSUHWDGR SRU HO UHDOL]DGRU
(VWD IDOWD GH LQIRUPDFLyQ LQWULJD DO HVSHFWDGRU \ OH REOLJD D DIHUUDUVH DO PLVPR
WLHPSRSDUDLQWHQWDUHQFRQWUDUORVGDWRVTXHSHUPLWHQUHGXFLUHOHTXtYRFR(VORTXH
%RQLW]HUOODPDXQHTXtYRFRRSHUDQWHVHXWLOL]DHOPLVPRHTXtYRFRDPDQWHKHUPDQD
HQ HO ILOP GH 7HUHQFH 0DOLFN 'tDV GHO FLHOR 3HUR HO PDQHMR GH HVWH WLSR GH HTXtYRFR
HVSHOLJURVR1RSRGHPRVFRQIRUPDUQRVFRQGHMDUORIORWDUSDVLYDPHQWHKD\TXHGDUOH
XQD IXHU]D XQ VHQWLGR SRQHUOR HQ MXHJR (Q RWURV SDODEUDV HV QHFHVDULR TXH HO
HVSHFWDGRUFDLJDHQODWUDPSDTXHKDJDDSXHVWDVHQVXIXHURLQWHUQR
'HVGH HO SXQWR GH YLVWD GH OD QDUUDFLyQ FLQHPDWRJUiILFD VH HPSOHD PXFKDV YHFHV OD
UHWHQFLyQ WHPSRUDO GH OD LQIRUPDFLyQ QR VyOR SDUD SXQWRV LPSRUWDQWHV GH OD KLVWRULD
UHODFLRQHV GH SDULHQWHV HVFRQGLGRV PLVWHULRV UHYHODFLRQHV ItQDOHVUHFRQRFLPLHQWRV
\HIHFWRVWHDWUDOHVVLQRWDPELpQSDUDGHWDOOHVVHFXQGDULRVFRQHOILQGHGUDPDWL]DUHO
PDQHMRGHODVHVFHQDV
3RU HMHPSOR VH SXHGH GLVLPXODU GXUDQWH XQ WLHPSR OD LGHQWLGDG GH XQ QXHYR
SHUVRQDMHVXQRPEUHVXVLWXDFLyQVXSDSHOYHQLGHUR\SUHFLVDUORWDQVyORXQRRGRV
PLQXWRV GHVSXpV 7DPSRFR ORV SURSLRV SHUVRQDMHV GHEHQ DQXQFLDU FRQWLQXDPHQWH
GRQGH YDQ YR\ D 3DUtV YR\ D FDVD GH ; SDUD PRVWUDUORV GHVSXpV GLULJLpQGRVH
KDFLD HVD GLUHFFLyQ +D\ TXH FUHDU SHTXHxRV PLVWHULRV WHPSRUDOHV HQ WRUQR D

GHWHUPLQDGDVPHWDVPRVWUDUORV HQFDPLQRDQWHVGHUHYHODUDOHVSHFWDGRUGRQGHYDQ
'HHVHPRGRVHYXHOYHDPRYLOL]DUDOHVSHFWDGRUFRQWLQXDPHQWH

/DLQIRUPDFLyQLPSOtFLWD
(Q XQ ILOP VH GDQ GHWHUPLQDGDV LQIRUPDFLRQHV GH PRGR WRWDOPHQWH LPSOtFLWR 8Q
KRPEUH TXH GXHUPH HQ XQD KDELWDFLyQ QRV GD D FRQRFHU TXH GLFKD KDELWDFLyQ HV
SUREDEOHPHQWH OD VX\D 9DOH  VDOYR VL GHVSXpV VH QRV GD OD LQIRUPDFLyQ
FRQWUDULD 7DPELpQ DKt XQD IDOVD SLVWD GDGD DO HVSHFWDGRU SXHGH VHU GH FLHUWR LQWHUpV
GUDPiWLFR
$ PHQXGR HO UHODWR FLQHPDWRJUiILFR VH GLYLHUWH MXJDQGR FRQ HO HVSHFWDGRU
PDQLSXODQGRHVDLQIRUPDFLyQLPSOtFLWD
(Q.LVVPHGHDGO\(OEHVRGHODPXHUWHGH5REHUW$OGULFKJXLyQGH%X]]%H]]HULGHV
HO SURWDJRQLVWD XQ GHWHFWLYH HQWUD FRQ VXPD SUHFDXFLyQ HQ XQ DSDUWDPHQWR HO
HVSHFWDGRU VXSRQH HQWRQFHV TXH YLHQH D YLVLWDUOR HQ DXVHQFLD GHO OHJtWLPR RFXSDQWH
3RVWHULRUPHQWH UHVXOWD VHU VX SURSLR DSDUWDPHQWR \ TXH HO GHWHFWLYH WRPD
SUHFDXFLRQHVSRUVLOHKXELHUDQWHQGLGRXQDWUDPSD
$OSULQFLSLRGH'RVKRPEUHV\XQGHVWLQRGH*HRUJH5R\+LOOXQKRPEUHVHHQFXHQWUD
FRQXQDPXMHUHQXQDKDELWDFLyQ\SDUHFHTXHUHUYLRODUODDPHQD]iQGRODFRQXQDUPD
(OHVSHFWDGRUHVWiLQWULJDGR\PROHVWRWDQWRPiVFXDQWRHVHKRPEUHHVWiLQWHUSUHWDGR
SRU5REHUW5HGIRUGDTXLHQVHHVSHUDYHULQWHUSUHWDQGRXQSDSHOVLPSiWLFR'HVSXpV
QRVHQWHUDPRVGHTXH5REHUW5HGIRUG\.DWKHULQH5RVVHVWiQMXQWRVGHVGHKDFHDOJ~Q
WLHPSR\TXHHVDYLRODFLyQHVXQMXHJRHQWUHORVGRV
(QDPERVFDVRVHOVHQWLGRGUDPiWLFRGHODHVFHQDQDFHSRUHQWHURGHXQDLQIRUPDFLyQ
GLVLPXODGD WHPSRUDOPHQWH DO HVSHFWDGRU PLHQWUDV TXH ORV SHUVRQDMHV SRU VX SDUWH
VDEHQDTXpDWHQHUVH

/DLQIRUPDFLyQGDGDGHEHVHUOLPLWDGD
&RPR WDPELpQ GLFH 9DOH  OD LQIRUPDFLyQ HV DFXPXODWLYD SHUR ORV DXWRUHV GH
PDQXDOHVLQVLVWHQPXFKDVYHFHV HQODQHFHVLGDGHQHOFLQHGHHVWDEOHFHU FODUDPHQWH
\ UHSHWLU ODV LQIRUPDFLRQHV LPSRUWDQWHV HQ OD PHGLGD HQ TXH ODV LPiJHQHV VH
VXSHUSRQHQ XQDV D RWUDV \ HQ TXH HQ XQ ILOP OD LQIRUPDFLyQ VH SLHUGH \ VH GHJUDGD
FRQ IDFLOLGDG /D UHSHWLFLyQ GH LQIRUPDFLRQHV GHEH KDFHUVH FRQ YDULDFLRQHV $O
H[SUHVDU ODV PLVPDV FRVDV GH GLIHUHQWHV PDQHUDV VH REWLHQH XQD GXSOLFDFLyQ FRQ XQ
DJUDGDEOHHIHFWRGHYDULDFLyQGLFH9DOHTXLHQDxDGH$SDUWLUGHOPRPHQWRHQ
TXH XQD LQIRUPDFLyQ KD VLGR GDGD TXHGD FRPR YiOLGD HQ OD KLVWRULD D PHQRV TXH VH
PRGLILTXH FRQ XQD LQIRUPDFLyQ XOWHULRU -HDQ *UXDXOW /
(QMHX 6FpQDULR  SRU VX
SDUWH REVHUYD TXH HQ HO FLQH DO FRQWUDULR TXH HQ OD OHFWXUD GH XQD QRYHOD HV
LPSRVLEOH YROYHU DWUiV FXDQGR QR VH HQWLHQGH DOJR QRV YHPRV SXHV IRU]DGRV D
VLPSOLILFDUHVGHFLUDOLPLWDUODVLQIRUPDFLRQHVTXHKD\TXHGDU

6HOHFFLyQGHODLQIRUPDFLyQ\SXQWRGHYLVWD

/D VHOHFFLyQ GH OD LQIRUPDFLyQ FRQWULEX\H PXFKR D VLWXDU HO SXQWR GH YLVWD GHO UHODWR
6DEHU PiV R PHQRV D YHFHV XQ SRFR PiV D YHFHV XQ SRFR PHQRV TXH XQR GH ORV
SHUVRQDMHV FRQWULEX\H D RULHQWDU DO HVSHFWDGRU KDFLD HO SXQWR GH YLVWD GH pVWH <
FXULRVDPHQWHDYHFHVQRVVLWXDPRVXQSRFRPHMRUHQVXSXQWRGHYLVWDVLWHQHPRVXQ
SHTXHxR DGHODQWR R XQ SHTXHxR UHWUDVR FRQ UHVSHFWR D pO VREUH XQ WHPD LPSRUWDQWH
SRU HMHPSOR OD QDWXUDOH]D GHO SHOLJUR TXH OH DPHQD]D $Vt HQ &RQ OD PXHUWH HQ ORV
WDORQHV GH +LWFKFRFN JXLyQ GH (UQHVW /HKPDQ HO SXQWR GH YLVWD HV HO GHO SHUVRQDMH
LQWHUSUHWDGR SRU &DU\ *UDQW XQ KRPEUH FRUULHQWH DO TXH XQD VHULH GH PDOHQWHQGLGRV
VXPHQHQODDYHQWXUDVHOHWRPDSRUXQDJHQWHGHOFRQWUDHVSLRQDMH/DPD\RUtDGH
ODV YHFHV QR VDEHPRV QL PiV QL PHQRV TXH pO VREUH OR TXHOH VXFHGH \ FRPSDUWLPRV
VXVVRUSUHVDV \VXVSHUSOHMLGDGHV3HURDOFDERGH FLHUWRWLHPSR+LWFKFRFNDEDQGRQD
HVH SXQWR GH YLVWD GXUDQWH XQ PRPHQWR SDUD LQIRUPDUQRV FRQ DGHODQWR HQ UHODFLyQ
FRQ&DU\*UDQWGHXQDSDUWHGHODYHUGDG.DSODQHOKRPEUHSRUHOTXHOHWRPDQQR
H[LVWH (VWD QRWLFLD QRV KDFH PiV VROLGDULRV FRQ HO SURWDJRQLVWD FRQFUHWDQGR ORV
SHOLJURVTXHSHVDQVREUHpO
3RUHOFRQWUDULRPiVDGHODQWHHQHOPLVPRILOP&DU\*UDQWVHSRQHGHDFXHUGRFRQOD
UXELD (YD0DULH 6DLQW SDUD KDFHU FUHHU DO PDOR -DPHV 0DVRQ TXH pVWD DFDED GH
DVHVLQDUOR D pO &DU\ *UDQW SRU YHQJDQ]D \ SRU GHVSUHFLR (Q HVH PRPHQWR VH
FRORFD DO HVSHFWDGRU HQ OD SRVLFLyQ GH -DPHV 0DVRQ QR VH OH SRQH DO FRUULHQWH FRQ
DQWHULRULGDG GH OD LQWHQFLyQ GH &DU\ *UDQW \ GHEH FUHHU TXH pVWH HV DVHVLQDGR
UHDOPHQWH SDUD VHU VRUSUHQGLGR FRQ PD\RU IXHU]D FRQ HO HIHFWR WHDWUDO GH VX
UHVXUUHFFLyQ

/R

TXH

HVWDED

HQ

MXHJR

GUDPiWLFDPHQWH

KDEODQGR

HUD

HYLGHQWHPHQWHSURFXUDUDOHVSHFWDGRUXQFKRTXH\XQQXHYRLPSXOVRGHODLQWULJDDOD
YH] KD PXHUWRQR KD PXHUWR GH DKt OD HOLSVLV HQ OD QDUUDFLyQ GHO PRPHQWR HQ TXH
ORVSHUVRQDMHVSUHSDUDQVXHVWUDWDJHPD

(OVDEHUGHORVSHUVRQDMHVTXLpQVDEHTXp"
9ODGLPLU 3URSS HQ VX 0RUIRORJtD GHO &XHQWR KDFH HVWD LQWHUHVDQWH UHIOH[LyQ UHIHUHQWH
D ORV SHUVRQDMHV RFXUUH TXH VDEHQ WRGRV XQRV \ RWURV OR TXH KD VXFHGLGR
DQWHULRUPHQWH HQ HO FXHQWR VLQ TXH VH KD\D HVWDEOHFLGR HO PRGR HQ TXH KDQ VLGR
LQIRUPDGRV FRPR VLHOVDEHUGHODKLVWRULD\GHORVDFRQWHFLPLHQWRVSDVDGRVOHV IXHVH
FRPXQLFDGRPiJLFDPHQWHHQIXQFLyQGHVXVDSDULFLRQHVUHVSHFWLYDV
$GHPiVXQSUREOHPDWtSLFRGHORVJXLRQHVHVLQIRUPDUDORVSHUVRQDMHVUHFLHQWHPHQWH
LQWURGXFLGRV HQ OD KLVWRULD GH OR TXH ORV HVSHFWDGRUHV \D VDEHQ FRQ GHWDOOH VLQ WHQHU
TXHUHDOL]DUXQDDEXUULGDUHFDSLWXODFLyQ(QHVWHFDVRVHUHFXUUHDPHQXGRDODHOLSVLV
GHOPRPHQWRHQHOTXHODLQIRUPDFLyQKDVLGRWUDQVPLWLGD
(Q VX JUDQ FLFOR GH ySHUDV (O $QLOOR GH ORV 1LEHOXQJRV :DJQHU QRV KDFH DVLVWLU
FRQWLQXDPHQWH D HVFHQDV GH UHFDSLWXODFLyQ HQ ODV TXH ORV SHUVRQDMHV VH FXHQWDQ SRU
HQpVLPD YH] ORV DFRQWHFLPLHQWRV SDVDGRV SHUR HQ FDGD FDVR OR KDFHQ GH XQ PRGR
GLIHUHQWHVHUHPRQWDQFDGDYH]PiVDWUiVHQHOWLHPSRGDQGRDOHVSHFWDGRUXQVDEHU
PD\RUVREUHORTXHHVWiHQMXHJRHQODKLVWRULD
$PHQXGRSDUDSRGHUIXQFLRQDUXQDKLVWRULDLPSOLFDTXHKD\DXQUHSDUWRGHVLJXDOGH
ODLQIRUPDFLyQHQWUHORVSHUVRQDMHV\HQWUHHOQDUUDGRU\HOS~EOLFR$VDEHGyQGHHVWi
HO WHVRUR % QR OR VDEH $ SDUWLU GH HVWH SUHVXSXHVWR R ELHQ % VDEH TXH $ VDEH H
LQWHQWD DUUHEDWDUOH HVH VDEHU R ELHQ QR OR VDEH \ VH VLHQWH DGHODQWDGR SRU $  R
ILQJH TXH QR VDEH DVWXFLD PX\ IUHFXHQWH HQ ORV JXLRQHV HWF (V OR TXH 9DOH

GHQRPLQD OD GLYLVLyQ GHO VDEHU GLYLVLRQ RI NQRZOHGJH 7DPELpQ H[LVWHQ YDULRV
JUDGRV SDUD ORV SHUVRQDMHV HQWUH Vt VDEHU OR YHUGDGHUR FUHHU VDEHU SHUR VDEHU OR
IDOVRQRVDEHUVDELHQGRTXHQRVHVDEHHWF
1RKD\TXHROYLGDUHVWDEOHFHUSRUTXp\FyPRXQSHUVRQDMHHVWiDOFRUULHQWHGHDOJR


(/,6,1(/,36,63$5$/,36,6

$OJXQDV YHFHV HV QHFHVDULR LQWURGXFLU HOLSVLV HQ XQ JXLyQ HV GHFLU RPLVLRQHV
YROXQWDULDV GH XQ IUDJPHQWR GH OD KLVWRULD GH XQ PRPHQWR R GH XQ GHWDOOH SDUWLFXODU
RPLVLRQHV TXH HO HVSHFWDGRU SXHGH R QR FRPSOHWDU PHQWDOPHQWH /DV HOLSVLV VLUYHQ
SDUDYDULDVFRVDV
D $FHOHUDU HO ULWPR DQLPDUOR (Q FXDOTXLHU HVFHQD GDGD QR HV REOLJDGR LQIOLJLU DO
HVSHFWDGRU WRGDV ODV DFFLRQHV TXH OD FRPSRQHQ 3RU HMHPSOR VH SXHGH URGDU XQD
HVFHQDGHFRQIOLFWRHQHOPRPHQWRHQTXHORVSHUVRQDMHV\DHVWiQHQIXUHFLGRVRELHQ
DFDEDUODDQWHVGHTXHOOHJXHDXQDVROXFLyQ
3DUD WRGD FODVH GH HVFHQDV HV FRQYHQLHQWH SUDFWLFDU GH YH] HQ FXDQGR OD HOLSVLV GH
ORV PRPHQWRV GH WUDQVLFLyQ GH LQLFLR GHVDUUROOR R FRQFOXVLyQ TXH SXHGHQ HQWRUSHFHU
HOUHODWR\GDUXQDIDVWLGLRVDLPSUHVLyQGHH[DXVWLYLGDGGHHVWDWLVPR
E 7DPELpQ VLUYHQ SDUD IDFLOLWDU DOJXQDV VRVSUHVDV DO HVSHFWDGRU (O FDVR PiV FOiVLFR
HV DTXHO HQ TXH ORV SHUVRQDMHV WLHQHQ XQ SODQ SUHSDUDGR \ VH SUDFWLFD XQD HOLSVLV GHO
PRPHQWR HQ HO TXH VH OR H[SOLFDQ XQRV D RWURV SDUD GHMDU DO HVSHFWDGRU OD VRUSUHVD
GHGHVFXEULUOR
F $ YHFHV VH SURGXFHQ FXDQGR XQ SHUVRQDMH GHEH UHVXPLU SDUD XQ UHFLpQ OOHJDGR OR
TXHHOS~EOLFR\DVDEH
G3RU~OWLPRSXHGHWUDWDUVHGHSDUDOLSVLVYHUPiVDGHODQWHSRUTXHHVHPRPHQWRR
HVH GHWDOOH HOXGLGR HV OD SLH]D FODYH GHO URPSHFDEH]DV TXH UHSUHVHQWD OD FRQVWUXFFLyQ
GHOILOP

(OLSVLVYLVLEOHVHLQYLVLEOHV
/DHOLVLyQSXHGHVHURELHQYLVLEOHSDUDHOHVSHFWDGRUTXHYHTXHVHFRUWDODDFFLyQHQ
FXUVR R TXH DSDUHFH \D HPSH]DGD SXGLHQGR R QR UHVWLWXLU R DGLYLQDU OR TXH QR KD
YLVWRRELHQLQYLVLEOHFRPRWDOHVGHFLUSUDFWLFDGDGHWDOPDQHUDTXHHOHVSHFWDGRUQR
KD SRGLGR YHU TXH VH OH KD GLVLPXODGR DOJR (O PRQWDMH FLQHPDWRJUiILFR TXH HV XQD
UHFRPSRVLFLyQ GHO HVSDFLR \ GHO WLHPSR PHGLDQWH OD GLVFRQWLQXLGDG SHUPLWH LQWURGXFLU
GHHVHPRGRHOLSVLVLQYLVLEOHVHQHOUHODWR


3DUDOLSVLV
/D SDUDOLSVLV HV XQ FDVR SDUWLFXODU GH HOLSVLV *pUDUG *HQHWWH OD GHILQH FRPR XQ
SURFHGLPLHQWROLWHUDULRHQVXOLEUR)LJXUHV,,,

(O WLSR FOiVLFR GH SDUDOLSVLV  HV HQ HO FyGLJR GH OD ILVFDOL]DFLyQ LQWHUQD HV
GHFLU FXDQGR VH VXSRQH TXH HO OHFWRU WLHQH DFFHVR D ORV SHQVDPLHQWRV GHO
SHUVRQDMH OD RPLVLyQ GH WDO DFFLyQ R SHQVDPLHQWR LPSRUWDQWH GHO KpURH IRFDO
TXH QL HO KpURH QL HO QDUUDGRU SXHGHQ LJQRUDU SHUR TXH HO QDUUDGRU GHFLGH
GLVLPXODUDOOHFWRU

8Q FDVR PX\ FRQRFLGR GH SDUDOLSVLV HV HQ $UPDQFH GH 6WHQGKDO OD RPLVLyQ GH
FXDOTXLHUDOXVLyQDOSUREOHPDGHOSURWDJRQLVWDLPSRWHQWHVH[XDORHQ(OFULPHQGH
5RJHU$FNUR\GGH$JDWKD&KULVWLHHOKHFKRGHTXH HOQDUUDGRUGHOHQLJPDQRVRFXOWH
KDVWDHOILQDOTXHpOHVHODVHVLQR
3RU H[WHQVLyQ VH SXHGH KDEODU GH SDUDOLSVLV HQ HO FLQH FXDQGR XQ UHODWR HVWi
FRQFHELGRGHVGHXQSXQWRGHYLVWDGHXQRGHORVSHUVRQDMHVRGHVGHXQSXQWRGHYLVWD
RPQLVFLHQWH \ VH RFXOWD DOJR GH FDSLWDO LPSRUWDQFLD DO S~EOLFR /D QRFKH GHO
FD]DGRUGH&KDUOHV/DXJKWRQSUHVHQWDXQDPX\LQWHUHVDQWH
$OSULQFLSLRHOSDGUHGH-RKQ\GH3HDUOHOQLxR\ODQLxDFX\DRGLVHD FXHQWD HOILOP
OOHJD KHULGR (VWi PX\ LQTXLHWR SRUTXH QR VDEH GyQGH HVFRQGHU XQD IXHUWH VXPD GH
GLQHUR TXH DFDED GH UREDU \ HVWi D SXQWR GH VHU DWUDSDGR SRU OD SROLFtD 'H UHSHQWH
VHOHRFXUUHXQHVFRQGLWHTXHFRQItDDVXVKLMRV$KtVHVLW~DODSDUDOLSVLVVHHOXGHHO
PRPHQWR HQ HO TXH HO SDGUH HVFRQGH HO GLQHUR \ OD QDUUDFLyQ VH UHDQXGD DOJR PiV
WDUGH HQ HO PLVPR OXJDU FXDQGR HO SDGUH KDFH MXUDU D VXV KLMRV DQWHV GH TXH VH OR
OOHYHODSROLFtDTXHQRUHYHODUiQQXQFDHOHVFRQGLWH
(OUHODWRVHGHVDUUROODDSDUWLUGHHVHPRPHQWRHQWRUQRDODE~VTXHGDGHOGLQHURSRU
HO 3UHGLFDGRU KRPEUH SHUYHUVR LQWHUSUHWDGR SRU 5REHUW 0LWFKXP /D KXLGD GH ORV
QLxRV HV FRQWDGD PiV R PHQRV GHVGH VX SXQWR GH YLVWD \ VLQ HPEDUJR QR
FRQRFHUHPRV HO HVFRQGLWH KDVWD HO ILQDO DO PLVPR WLHPSR TXH HO 3UHGLFDGRU -RKQ
LQFDSD] GH JXDUGDU PiV WLHPSR HO VHFUHWR OR JULWD D 0LWFKXP TXH DFDED GH VHU
GHWHQLGRHOGLQHURVHHQFXHQWUDHQHOFXHUSRGHODPXxHFDGH3HDUODUUDVWUDGDSRUORV
QLxRVDORODUJRGHWRGDVXRGLVHD$TXtHOHVSHFWDGRUSXHGHGDUVHFXHQWDGHTXHVHOH
KDRFXOWDGRDOJRODHOLVLyQHVGHVLJQDGDYLVLEOHFRPRDJXMHURHQODFRQWLQXLGDGGHO
UHODWR (Q RWURV FDVRV VH LQWHQWD KDFHU FUHHU DO HVSHFWDGRU TXH HVWi SUHVHQFLDQGR OD
FRQWLQXLGDG WHPSRUDO R OD WRWDOLGDG YLVLEOH GHO DFRQWHFLPLHQWR PLHQWUDV TXH VH HOXGH
XQ GHWDOOH LPSRUWDQWH XQ JHVWR HQ WDO PRPHQWR XQ REMHWR R XQD LQVFULSFLyQ HQ WDO
VLWLR QR YLVLEOH GHO GHFRUDGR GHO TXH HO S~EOLFR WRGDYtD QR SXHGH VRVSHFKDU OD
H[LVWHQFLDHVHOFDVRGH&ULPHQSHUIHFWRGH+LWFKFRFNHQFXDQWRDOGHWDOOHGHODOODYH
FRORFDGDGHEDMRGHODDOIRPEUDGHODHVFDOHUD


6863(16(62535(6$


/DGLIHUHQFLDHQWUHVXVSHQVH\ VRUSUHVDKD VLGRDQDOL]DGDSRU+LWFKFRFNHQXQ FpOHEUH
PRPHQWRGHVXVHQWUHYLVWDVFRQ7UXIIDXW

(VWDPRV KDEODQGR \ TXL]iV KD\D XQD ERPED GHEDMR GH HVWD PHVD \ HVWD
FRQYHUVDFLyQ VHD PX\ DQRGLQD  \ GH UHSHQWH EXP H[SORVLyQ (O S~EOLFR
TXHGD VRUSUHQGLGR SHUR DQWHV GH HVR VH OH KD PRVWUDGR XQD HVFHQD
DEVROXWDPHQWHGHVSURYLVWDGHLQWHUpV$KRUDH[DPLQHPRVHOVXVSHQVH/D
ERPED HVWi GHEDMR GH OD PHVD \ HO S~EOLFR OR VDEH  (O S~EOLFR VDEH TXH OD
ERPEDYDDH[SORWDUDODXQD\VDEHTXHHVODXQDPHQRVFXDUWRKD\XQUHORM
HQ HO GHFRUDGR OD PLVPD FRQYHUVDFLyQ DQRGLQD VH FRQYLHUWH GH UHSHQWH HQ
DOJRPX\LQWHUHVDQWHSRUTXHHOS~EOLFRHVWiSDUWLFLSDQGRHQODHVFHQD(QHO
SULPHU FDVR VH OH KDQ RIUHFLGR DO S~EOLFR TXLQFH VHJXQGRV GH VRUSUHVD HQ HO
PRPHQWR GH OD H[SORVLyQ (Q HO VHJXQGR FDVR OH RIUHFHPRV TXLQFH PLQXWRV GH
VXVSHQVH /D FRQFOXVLyQ GH WRGR HVWR HV TXH KD\ TXH LQIRUPDU DO S~EOLFR FDGD
YH] TXH VH SXHGD VDOYR VL OD VRUSUHVD HV XQ WZLVW HV GHFLU FXDQGR OR
LQHVSHUDGRGHODFRQFOXVLyQFRQVWLWX\HORSLFDQWHGHODDQpFGRWD+7

3DUD+LWFKFRFNSXHVH[LVWHXQDGLIHUHQFLDUDGLFDOHQWUHHOILOPGHVXVSHQVHEDVDGRHQ
HPRFLRQHV \ HO HQLJPD SROLFLDFR TXH UHFXHUGD HO ZKRGXQLW TXLpQ KD KHFKR HVR"
TXLpQ KD PDWDGR" HO FXDO VH EDVD HQ XQD FXULRVLGDG WUDQTXLOD VLQ HPRFLRQHV
IXHUWHV
(Q (O WHVWDPHQWR GHO 'RFWRU 0DEXVH OD SURSLD YR] GH 0DEXVH HV OD TXH LQLFLD HO
VXVSHQVH GH OD PiTXLQD LQIHUQDO HVFRQGLGD HQ OD KDELWDFLyQ GH OD FRUWLQD SXHVWR TXH
DQXQFLDD.HQW\D/LO\\WDPELpQDOHVSHFWDGRUTXHVyOROHVTXHGDQWUHVKRUDVDQWHV
GH OD H[SORVLyQ GH OD ERPED (V HO DVSHFWR GLYHUWLGR \ FRQYHQFLRQDO GH ORV JXLRQHV GH
VHULDOHVTXHUHTXLHUHQRTXHORVPDORVVH GHVKDJDQGHVXV HQHPLJRVPHGLDQWHXQ
QDYDMD]R R XQ GLVSDUR VLQR TXH FRQ PXFKR DPRU SURSLR ORV FRORTXHQ HQ XQD
VLWXDFLyQ SHOLJURVD FRQ SRVLELOLGDG GH OLEUDUVH HQ XQ SOD]R OLPLWDGR \ VLQ YHULILFDU
VLTXLHUDVLODHMHFXFLyQVHOOHYDDFDER


$17,&,3$&,1

&RQWDU XQD KLVWRULD D XQ S~EOLFR HV MXJDU FRQ VX FXULRVLGDG FXULRVLGDG SRU HO SDVDGR
SHUR WDPELpQ \ VREUH WRGR SRU HO IXWXUR (O S~EOLFR WLHQH XQD SURSHQVLyQ QDWXUDO D
DQWLFLSDU PiV R PHQRV FRQVFLHQWHPHQWH OR TXH YD D RFXUULU \ HO DUWH GHO JXLRQLVWD
FRQVLVWH HQ JUDQ SDUWH HQ MXJDU FRQ HVWD DQWLFLSDFLyQ -XJDU FRQ VLJQLILFD HQ HVWH
FDVR
VXVFLWDU DOLPHQWDU \ GLULJLU OD DQWLFLSDFLyQ PHGLDQWH LQIRUPDFLRQHV PLVWHULRV
SUHJXQWDVVXVSHQVHVSHOLJURVHVSHUDVIDOVDVSLVWDV

SHUR DO PLVPR WLHPSR VRUSUHQGHUOD KDFLHQGR TXH RFXUUD RWUD FRVD GH RWUR PRGR
HQRWURPRPHQWRHWFGLIHUHQWHGHORTXHVHKDEtDGHMDGRVXSRQHU
(Q FDGD HVFHQD GLFH -HDQ $XUHO /
(QMHX 6FpQDULR  KDFpLV SURPHVDV 3RGpLV
GHIUDXGDUORVSHURKD\TXHGDUDOJRDFDPELR/DVRUSUHVDGHEHVHUSHUPDQHQWHSHUR
HVSHUDGD8QDEXHQILQDOHVXQDVRUSUHVDHVSHUDGD

(OIXWXURHVHOWLHPSRLPSRUWDQWH
(VORTXH9DOHIRUPXODDVXPDQHUDFXDQGRGLFHTXHFXDOTXLHUKLVWRULDVH FXHQWD HQ
IXWXUR 8QD KLVWRULD HIHFWLYDPHQWH QR VH FXHQWD HQ SUHVHQWH IXQFLRQD VREUH HO
FRQRFLPLHQWR GH FLHUWR SDVDGR \ OD DSUHKHQVLyQ GH FLHUWR IXWXUR /D H[WHQVLyQ GHO
SDVDGRGLFH9DOHHVILQLWDSHURODGHOIXWXURHVLQILQLWD'HORTXHFRQFOX\HTXH
HOIXWXURHQXQDKLVWRULDFLQHPDWRJUiILFDDSDUHFHFRPRHOWLHPSRIXQGDPHQWDOPHQWH
LPSRUWDQWH
'H FXDOTXLHU PRGR VXFHGD DOJR R QR HO UHIOHMR GH DQWLFLSDFLyQ IXQFLRQD HO
FRPSRUWDPLHQWR GH XQ SHUVRQDMH GDGR FRPR KDELWXDO QRV KDUi DQWLFLSDU VX
FRQWLQXDFLyQ  3HUR HVWD DQWLFLSDFLyQ SHUPDQHQWH GHEH VHU DOLPHQWDGD HO
HVSHFWDGRUGHEHVDEHUDOJRGHORTXHHVWiSUHYLVWRXRUJDQL]DGRTXHGHEHSURGXFLUVH

/D DQWLFLSDFLyQ IXQFLRQD D ODUJR SOD]R FyPR DFDEDUi OD KLVWRULD" SHUR WDPELpQ D
FRUWRSOD]RDQWLFLSDFLyQVREUHORTXHYDDVXFHGHUHQORVGLH]VHJXQGRVVLJXLHQWHV

%LHQ FRQVWUXLGR SDUD XQ JXLyQ VLJQLILFD FODYDU VLHPSUH HO PLVPR FODYR WHQHU
OD QRFLyQ GH XQ VHQWLPLHQWR GH XUJHQFLD TXH HO S~EOLFR VH SUHJXQWH VLHPSUH
FRQ XUJHQFLD OR TXH OH YD D VXFHGHU DO SHUVRQDMH VL QR VH
GHVFXHOJD
  (V
QHFHVDULRTXHFDGDILQDOGHHVFHQDVHDXQDLQWHUURJDQWHSDUDHOS~EOLFRTXHVH
SUHJXQWHDGRQGHORYDDFRQGXFLU)UDQFLV9HEHUHQ/
(QMHX6FpQDULR



$QWLFLSDFLyQ\PHWDGHORVSHUVRQDMHV
6LJXLHQGR FRQ 9DOH \ VHJ~Q pO  OD PHWD SULQFLSDO GH OD KLVWRULD GHEH VHU
SODQWHDGDORDQWHVSRVLEOHSDUDGDUOXJDUDODDQWLFLSDFLyQ
$O SULQFLSLR GH 3DXOLQH HQ OD SOD\D HQ OD SULPHUD HVFHQD XQD GLVFXVLyQ VREUH HO DPRU
HQWUH GRV FKLFDV TXH DFDEDQ GH HPSH]DU ODV YDFDFLRQHV FRQWULEX\H D VLWXDU OD
DQWLFLSDFLyQ GHO S~EOLFR \ D SLFDU VX FXULRVLGDG VREUH OD FXHVWLyQ GH ORV DPRUHV GH
YHUDQRHQFRQWUDUiQODVFKLFDVDDOJ~QKRPEUH"FyPR"/DFRQWLQXDFLyQGHODKLVWRULD
DOLPHQWDSRFRDSRFRHVWDDQWLFLSDFLyQTXpYDDSDVDUHQWUH0DULRQ\3LHUUHFXDQGR
VH YXHOYDQ D HQFRQWUDU" 4Xp YD D SDVDU FXDQGR 3LHUUH VHSD TXH 0DULRQ HVWi FRQ
+HQUL"&XDQGR0DULRQVHSDTXH+HQULODKDHQJDxDGRFRQ/RXLVHWWH"HWF


*DQDUOHDOS~EOLFRHQUDSLGH]

8QDGHODVDVWXFLDVGHODUWHGHFRQWDUKLVWRULDVGLFHSRUVXSDUWH3DXO6FKUDGHU
HV LQIRUPDU VLHPSUH DO S~EOLFR GH TXH DOJR YD D VXFHGHU  \ JDQDUOH HQ
UDSLGH] 3RU HMHPSOR GHFLU DO S~EOLFR TXH YD D KDEHU XQ LQFHQGLR SHUR KDFHU
VXUJLU HO LQFHQGLR FLQFR PLQXWRV FLQFR SiJLQDV DQWHV GHO PRPHQWR HQ TXH
GHEHUtDKDEHUVXFHGLGR&LQpPDWRJUDSKLTXH

$ULVWyWHOHV \D GHFtD TXH HV QHFHVDULR TXH ORV KHFKRV VH SURGX]FDQ FRQWUD WRGD
HVSHUD R FRQWUD QXHVWUD LGHD SDUD WHQ GR[DQ DO WLHPSR TXH XQRV VH GHULYDQ GH
RWURVGL
DOOHODHVGHFLUVLJXLHQGRFLHUWDOyJLFD
$YRLG WKH SUHGLFWDEOH HYLWD OR TXH VH SXHGH SUHGHFLU \ DQWLFLSDU DFRQVHMD 6ZDLQ
 (O DXWRU GHO JXLyQ GHEH LQWHQWDU DGRSWDU HO SXQWR GH YLVWD GHO S~EOLFR \ WHQHU
YLVWDSDUDDQWLFLSDUVXVHVSHUDV\VXVUHDFFLRQHV1DVK2DNH\
6H SXHGH FRQWUDUUHVWDU OD DQWLFLSDFLyQ PHGLDQWH XQ VXVSHQVH GH GLYHUVLyQ XQ
KDUHQJVDXUYHUHVWDSDODEUD

6ROXFLRQDUODDQWLFLSDFLyQ
2WUDUHJODWDPELpQPX\LPSRUWDQWHFRQVLVWHHQQRGHMDUODDQWLFLSDFLyQVLQUHVSXHVWD
OR FXDO QR VLJQLILFD TXH QHFHVDULDPHQWH GHED RFXUULU DOJR 3RU OR PHQRV KD\ TXH
UHFRUGDUOR HV GHFLU WRPDU HQ FXHQWD OD DQWLFLSDFLyQ FUHDGD YROXQWDULDPHQWH R QR \
KDFHUXQEDODQFH6LHQODKLVWRULDQDGDYLHQHD UHVSRQGHUDODDQWLFLSDFLyQKD\TXH
PDUFDUFODUDPHQWHHVWDDXVHQFLDHQODKLVWRULD
9DOHGDFRPRHMHPSORXQFKLVWHFRQRFLGRXQYLDMDQWHHVWiSDVDQGRODQRFKHHQ
XQ KRWHO (Q SOHQD QRFKH OR GHVSLHUWD HO YHFLQR GHO SLVR VXSHULRU KDFLHQGR FDHU DO
VXHOR XQR GH VXV ]DSDWRV 3DVD XQD KRUD (O YLDMDQWH QR SXHGH PiV \ HPSLH]D D GDU
JROSHV HQ HO WHFKR JULWDQGR 3RU 'LRV 4XtWHVH HO RWUR ]DSDWR SDUD TXH SXHGD
GRUPLUPH0XFKRVILOPVFRQFOX\HHVWiQUHSOHWRVGHVHJXQGRV]DSDWRVTXHQRFDHQ

,03/$17$&,1




(O SODQW

 HV HO HVWDEOHFLPLHQWR HQ OD DFFLyQ GH XQ SHUVRQDMH GH XQ GHWDOOH GH XQ

KHFKR HWF TXH PiV WDUGH VHUi ~WLO SDUD OD LQWULJD SHUR TXH HQ HO OXJDU GRQGH VH
LPSODQWD SXHGH QR SUHVHQWDU XQ LQWHUpV SDUWLFXODU XQ GHWDOOH LQGXPHQWDULR OD
GLVWDQFLD HQWUH GRV OXJDUHV OD SUHVHQFLD GH XQ SHUVRQDMH HQ XQD HVFHQD GH JUXSR HO
JXVWRSDUWLFXODUGHXQSHUVRQDMHSRUWDOWLSRGHREMHWR

(YLGHQFLDUODVLPSODQWDFLRQHV
/HZLV

+HUPDQ



DFRQVHMD

QR

HYLGHQFLDU

ORV

SODQWV

SODQW

ZLWKRXW

WHOHJUDSKLQJ 'LFKR GH RWUR PRGR QR VH GHEH GHMDU YHU HO HIHFWR QL TXH VH SXHGD
VRVSHFKDU GH TXH WDO GHWDOOH VHUYLUi PiV DGHODQWH SDUD DOJR 7DPELpQ UHFRPLHQGD
OOHYDU KDVWD HO ILQDO ODV LPSODQWDFLRQHV KDFHUODV VHUYLU UHDOPHQWH VLQ ROYLGDUODV SXHV
LQFRQVFLHQWHPHQWHFUHDQXQDHVSHUDDODTXHVHGHEHUHVSRQGHU
(OSUREOHPDGUDPDW~UJLFRSODQWHDGRSRUXQDLPSODQWDFLyQVHD FXDOVHD HVTXH HQHO
PRPHQWR HQ TXH DSDUHFH SXHGH QR WHQHU QLQJ~Q LQWHUpV GUDPiWLFR HQ Vt \ D YHFHV
QR GHEH WHQHUOR SDUD QR HYLGHQFLDU VX HIHFWR IXWXUR 'H PRGR TXH VH FRUUH HO SHOLJUR
GH KDFHU OD HVFHQD PiV OHQWD \ HQWRUSHFHUOD FRQ XQ SHVR PXHUWR $ PHQXGR KD\ TXH
LQWURGXFLUOD GH FRQWUDEDQGR FRPR XQ KHFKR GHVSUHFLDEOH SHUGLGR HQWUH RWURV TXH
DFDSDUDQODDWHQFLyQGHOHVSHFWDGRU
/D H[SRVLFLyQ GHO ILOP HV HYLGHQWHPHQWH HO PRPHQWR HQ HO TXH VH DFXPXOD PD\RU
Q~PHURGHSODQWV
3DXOLQH HQ OD SOD\D LQFOX\H XQ H[FHOHQWH HMHPSOR GH LPSODQWDFLyQ WDQ ELHQ KHFKD TXH
UHVXOWD LQYLVLEOH 3DUD KDFHU IXQFLRQDU VX JXLyQ HO DXWRU QHFHVLWD TXH 0DULRQ SXHGD
WUDJDUVH OD KLVWRULD GH 6\OYDLQ KDFLHQGR HO DPRU FRQ OD YHQGHGRUD HQ FDVD GH RWUR
+HQUL FRQ YHURVLPLOLWXG QHFHVLWD WDPELpQ TXH HO S~EOLFR DGPLWD OD FUHGXOLGDG GH
0DULRQVLQTXHSDUH]FDGHPDVLDGRWRQWD3RUHVWHPRWLYRPX\SUREDEOHPHQWHSRUOR
PHQRV pVWDHVQXHVWUDKLSyWHVLVKDFUHDGRODHVFHQDTXH RFXUUHDQWHV\GRQGH
3DXOLQH \ 6\OYDLQ VH GHMDQ LQYLWDU SRU +HQUL SDUD LU D VX FDVD GRQGH SRGUiQ KDFHU OR
TXH TXLHUDQ HV GHFLU DFDULFLDUVH OXHJR KDFH TXH DSDUH]FD GH LPSURYLVR 0DULRQ
SDUD TXH GHVFXEUD D 3DXOLQH \ 6\OYDLQ HQOD]DGRV HQ OD FDPD HQ XQD KDELWDFLyQ GHO
SULPHUSLVR
/D KDELOLGDG GH 5RKPHU HV KDFHU TXH HVWD HVFHQD GH SODQW FRQWULEX\D DO PLVPR
WLHPSR D SUHFLVDU HO FDUiFWHU GH ORV SHUVRQDMHV OD GLDEyOLFD KRVSLWDOLGDG GH +HQUL
TXHVHPXHVWUDWDQFRPSODFLHQWHDOLQYLWDUDODMRYHQSDUHMDDVXFDVDVHFRQYLHUWHHQ
XQ UDVJR GHO SHUVRQDMH KDFH GH pO XQ WHQWDGRU /D UHDFFLyQ SXGLEXQGD GH 0DULRQ DO
GHVFXEULU D OD MRYHQ SDUHMD HQULTXHFH QRWDEOHPHQWH OR TXH \D VDEHPRV GH HOOD HQ HO
VHQWLGRGHDIHFWDFLyQ\PRMLJDWHUtD,QFOXVRVHSXHGHOOHJDUDFUHHUTXHHOUHFXHUGRGH
6\OYDLQ \ 3DXOLQH EHViQGRVH HQ VX FDVD GDUi D +HQUL OD LGHD GH KDFHU FUHHU D 0DULRQ
PiVWDUGHTXH/RXLVHWWH\6\OYDLQIRUQLFDEDQEDMRVXWHFKR
10

[N. de la T.]: el autor de este manual seala que no existe palabra equivalente en francs. Se puede decir
que tampoco existe en espaol.

'HOPLVPRPRGRODHVFHQD HQTXHSRUSULPHUDYH]VHPDUFDDKLHUURDORVHVFODYRV
HQ6DQVKRHVXQSODQWTXHSUHSDUDODHVFHQDVLWXDGDGLH]DxRVPiVWDUGHFXDQGR
=XVKLR UHSLWD OD PLVPD KRUULEOH RSHUDFLyQ SHUR DO PLVPR WLHPSR HO SODQW KDFH
DYDQ]DUODDFFLyQUHYHOiQGRQRVFRQFUHWDPHQWHHOSHOLJURTXHHQWUDxD LQWHQWDUKXLUGH
HVRVGRPLQLRVDVtFRPRODFUXHOGDGGHO,QWHQGHQWH
3HQVDPRV HQ HVWD UHIOH[LyQ GH 'LGHURW HQ ORV (QWUHWLHQV  (O DUWH GUDPiWLFR QR
SUHSDUD ORV DFRQWHFLPLHQWRV PiV TXH SDUD HQFDGHQDUORV \ HQ VXV SURGXFFLRQHV VyOR
ORV HQFDGHQD SRUTXH HVWiQ HQ OD QDWXUDOH]D (O DUWH LPLWD KDVWD OD PDQHUD VXWLO FRQ OD
TXHODQDWXUDOH]DQRVRFXOWDODUHODFLyQGHVXVHIHFWRV


+$5(1*6$85

(O +DUHQJVDXU HQ LQJOpV UHG KHUULQJ HV XQ WUXFR GHVWLQDGR D GHVYLDU OD
DWHQFLyQ \ OD DQWLFLSDFLyQ GHO HVSHFWDGRU SDUD VRUSUHQGHUOR PHMRU 3XHGH WUDWDUVH GH
XQD SLVWD IDOVD GHOLEHUDGDPHQWH SUHSDUDGD SRU HMHPSOR XQ SHUVRQDMH GH DVSHFWR
VRVSHFKRVR LQWURGXFLGR SDUD FDSWDU OD DWHQFLyQ \ TXH ILQDOPHQWH UHVXOWD VHU
LQRIHQVLYR PLHQWUDV TXH RWUR LQGLYLGXR TXH DSHQDV VH KDFH QRWDU VH GLVSRQH D
LQWHUYHQLU
(O WHVWDPHQWR GHO 'RFWRU 0DEXVH SUHVHQWD XQ KDUHQJVDXU GH FRUWH PX\ FOiVLFR HQ
HOSROLFLDFR\TXHVHXWLOL]DSDUDGHVLJQDUDXQIDOVRVRVSHFKRVRTXHIXQFLRQDFRPR
GLVWUDFFLyQFXDQGRYHPRVDOFULDGRGHO3URIHVRU%DXPHVFXFKDUWUDVODSXHUWDHVSDUD
KDFHUQRVFUHHUTXHHVHODXWRUGHODOODPDGDWHOHIyQLFDSRVWHULRUGHHVHPRGRGLVWUDH
OD DWHQFLyQ GHO HVSHFWDGRU GHO ~QLFR KRPEUH TXH HVWi DO FRUULHQWH GH OD LQWHQFLyQ GH
.UDPPGHLUDODSROLFtDHOSURSLR%DXP1RWHQGUHPRVPiVUHPHGLRTXHDGPLWLUPiV
DGHODQWHTXHHOFULDGRWDQVyORHVFXFKDEDSRUFXULRVLGDGSHUVRQDO
(QVXVHQWUHYLVWDVFRQ7UXIIDXW+LWFKFRFNKDGHVFULWRHOPHFDQLVPRGHDOJXQRVGHVXV
KDUHQJVDXU VREUH WRGR HQ 3VLFRVLV HQ HVH ILOP WRGD OD KLVWRULD GH ORV 
GyODUHV UREDGRV SRU OD SURWDJRQLVWD -DQHW /HLJK HV DQWH WRGR XQ KDUHQJVDXU
GHVWLQDGR D GHVSLVWDU OD HVSHUD \ OD SUHYLVLyQ GHO HVSHFWDGRU YHU (IHFWR GH
SUHYLVLyQ


&$5$&7(5,=$&,1

/D FDUDFWHUL]DFLyQ HV UHFRJLHQGR OD GHILQLFLyQ GH 6ZDLQ HO FRQMXQWR GH GHWDOOHV TXH
FRQVWLWX\HQ HO DVSHFWR \ HO FRPSRUWDPLHQWR GH XQ SHUVRQDMH GHWHUPLQDGR XWLOL]DGRV
SRU

HO

JXLRQLVWD

SDUD

LQGLYLGXDOL]DUOR



(Q

SULQFLSLR

QR

SXHGH

XWLOL]DU

SHQVDPLHQWRV TXH VH SRGUtDQ SUHVWDU DO SHUVRQDMH FRQWUDULDPHQWH D OD OLWHUDWXUD \
GHEHHQFRQVHFXHQFLDKDFHUORSRUPHGLRVFLQHPDWRJUiILFRV

/RVHOHPHQWRVGHEDVHGHXQDFDUDFWHUL]DFLyQSRGUtDQVHUVHJ~Q9DOH
OD HGDG DSUR[LPDGD GDGD SRU OD DSDULHQFLD ItVLFD SRU XQD LQIRUPDFLyQ YHUEDO R
YLVXDOSRUODFLUFXQVWDQFLDGHXQFXPSOHDxRV
ODSRVLFLyQHQODVRFLHGDGVLWXDFLyQIDPLOLDURFXSDFLyQVHJ~Q9DOHVLODSURIHVLyQ
GHOSHUVRQDMHQRKDVLGRLQGLFDGDSRU VXDVSHFWRGHEHPRVSURFXUDU H[SRQHUODORPiV
SURQWRSRVLEOH
ODUHODFLyQFRQORVGHPiVGHIDPLOLDGHDPLVWDG
HOFRPSRUWDPLHQWRGHORVGHPiVFRQUHVSHFWRDHVHSHUVRQDMH
DYHFHVXQSDVDGRRFXOWR



0RVWUDUHOFDUiFWHUPHGLDQWHODDFFLyQ
8Q ILOP QR GHEH GHVFULELU VLQR GHPRVWUDU HO FDUiFWHU GH ORV SHUVRQDMHV 'HEHPRV
PRVWUDU HO FDUiFWHU PHGLDQWH OD DFFLyQ GLFH 9DOH  \ HQ FRQVHFXHQFLD LQYHQWDU
SDUDHOORSHTXHxDVFLUFXQVWDQFLDVSHTXHxRVLQFLGHQWHVTXHVLUYHQQRWDQWRSDUDKDFHU
DYDQ]DU OD DFFLyQ FRPR SDUD FRQGXFLU DO SHUVRQDMH HQ FXHVWLyQ D GHVFXEULUVH D
FDUDFWHUL]DUVH

HQIUHQWiQGRVH

D

HOORV

9LVWR

GHVGH

HVWH

iQJXOR

HO

FLQH

HV

FRPSRUWDPHQWDO
$PHQXGRVHSODQWHDGHHVWHPRGRODFDUDFWHUL]DFLyQGHORVSHUVRQDMHVDOSULQFLSLRGHO
ILOPFUHDQGRHVWRVSHTXHxRVLQFLGHQWHVTXHORVGDQDFRQRFHU
2WUDV YHFHV VH XWLOL]D HO MXHJR GH UHDFFLRQHV FRQWUDVWDGDV LQFOXVR FRQWUDGLFWRULDV
VREUHXQDSHUVRQDGHODTXHHOILOPKDFHHOUHWUDWRRPiVELHQHOSX]]OH&LWL]HQ
.DQHGH2UVRQ:HOOHV7KHEDGDQGWKHEHDXWLIXOGH9LFHQWH0LQHOOL

&DUDFWHUL]DFLyQGHORVSHUVRQDMHVVHFXQGDULRV
6HJ~Q6WHPSHOODIDOWDGHIXHUWHFDUDFWHUL]DFLyQGHORVSHUVRQDMHVHVXQGHIHFWRWtSLFR
GH ORV JXLRQLVWDV SULQFLSLDQWHV < SDUD 9DOH  GHO PLVPR PRGR OD FDOLGDG GH OD
FDUDFWHUL]DFLyQ GHVFXLGDGD D PHQXGR HQ ORV SHUVRQDMHV VHFXQGDULRV GLVWLQJXH ORV
EXHQRV ILOPV GH ORV PDORV 8QD VHFUHWDULD QR GHEH VHU PiV TXH XQD VHFUHWDULD
 (Q HVWH VHQWLGR OD FDUDFWHUL]DFLyQ HV OR TXH KDFH TXH XQ SHUVRQDMH GH
VHFUHWDULD VHD ~QLFR SDUWLFXODU \ TXH QR VH GHILQD ~QLFDPHQWH SRU VX SURIHVLyQ \ VX
IXQFLyQ HQ OD KLVWRULD 3DUD LU PiV OHMRV VH SRGUtD GHFLU TXH OD FDUDFWHUL]DFLyQ GHO
SHUVRQDMH HV HQ DOJXQDV RFDVLRQHV OR TXH GH pO H[FHGH \ GHVERUGD ODV QHFHVLGDGHV
HVWULFWDVGHODKLVWRULDORTXHKDFHTXHHOSHUVRQDMHQRVHD~QLFDPHQWHIXQFLRQDO

6H SXHGH MXJDU FRQ HO FRQWUDVWH HQWUH ODV FDUDFWHUL]DFLRQHV GH SHUVRQDMHV GLVWLQWRV
TXH

VH

UHIXHU]DQ

XQRV

D

RWURV

PRVWUDQGR

IUHQWH

D

VLWXDFLRQHV

LGpQWLFDV

FRPSRUWDPLHQWRVGLIHUHQWHV

'RVLILFDUODFDUDFWHUL]DFLyQ
1R VH SXHGH FDUDFWHUL]DU D XQ SHUVRQDMH GH XQD VROD YH] \ KD\ TXH UHSDUWLU GXUDQWH
FLHUWRWLHPSRDYHFHV DORODUJRGHWRGRXQJXLyQODH[SRVLFLyQGHWRGRVORVGHWDOOHV
TXH OR FRQVWLWX\HQ $GHPiV VH SXHGH XWLOL]DU HVWD GRVLILFDFLyQ HQ XQ VHQWLGR
GUDPiWLFR SUHSDUDQGR VRUSUHVDV VREUH OD SURIHVLyQ GHO SHUVRQDMH VREUH FLHUWRV
DVSHFWRVGHVXYLGDSULYDGDRIDPLOLDUHWF(QFDPELRHOUDVJRHVHQFLDOGHOSHUVRQDMH
HO TXH OH RWRUJD VX IXQFLyQ HQ OD KLVWRULD FRQYLHQH TXH VHD H[SXHVWR GH LQPHGLDWR
GHVGHVXSULPHUDDSDULFLyQDXQTXHVyORVHDSRUDOXVLyQ6LORVUDVJRVLPSRUWDQWHVGHO
SHUVRQDMH VHDQ FXDOHV VHDQ WDUGDQ GHPDVLDGR HQ VHU GHILQLGRV SXHGH TXH HO
HVSHFWDGRU UHDFFLRQH FRQ LQGLIHUHQFLD KDFLD HVH SHUVRQDMH H[FHVLYDPHQWH LPSUHFLVR
H[FHVLYDPHQWH GHVGLEXMDGR 'HO PLVPR PRGR QR EDVWD FRQ PDQWHQHU PHGLR YHODGDV
ODV YHUGDGHUDV UHODFLRQHV SDUHQWHVFR VH[XDOLGDG HQWUH GRV SHUVRQDMHV KD\ TXH
VXVFLWDU HO GHVHR GH VDEHU PiV GH SHQHWUDU HO PLVWHULR \ VL KD\ YROXQWDG GH
DPELJHGDGRUJDQL]DUHVDDPELJHGDG

(OWDJRGHWDOOHGHFDUDFWHUL]DFLyQ
(O WDJ HV XQ UDVJR FDUDFWHUtVWLFR WLF JHVWR UpSOLFD SHFXOLDU GHWDOOHLQGXPHQWDULR XVR
GHXQDFFHVRULRSDUWLFXODUHWFTXHGLVWLQJXHDXQSHUVRQDMHDPHQXGRXQSHUVRQDMH
VHFXQGDULRGHOTXHFRQVWLWX\HHOUDVJRXQDULRFRPRGLUtD/DFDQ
6HJ~Q 6ZDLQ VH GHEHUtD DWULEXU YDULRV WDJV D FDGD SHUVRQDMH (O WDJ OODPDGR
GLIIHUHQWLDWLQJWUDLWHQ1DVK2DNH\GHEH HVWDUHQUHODFLyQFRQODKLVWRULD\QR VHU
LQVHUWDGRDUWLILFLDOPHQWHHQHOOD
(Q XQ SHUVRQDMH HO WDJ SXHGH VHU XQ REMHWR TXH PRUGLVTXHD XQ UXLGR TXH KDFH XQ
MXJXHWH FRQ HO TXH MXHJD VLQ FHVDU XQD REVHUYDFLyQ TXH KDFH FRQVWDQWHPHQWH XQ
GHIHFWR GH SURQXQFLDFLyQ XQD ULVD EXUORQD SHFXOLDU XQD PDQHUD GH VXVSLUDU R ELHQ
XQD HQIHUPHGDG HVSHFLDO XQD PDQHUD GH DQGDU XQ GHIHFWR ItVLFR $XQTXH HO WDJ QR
QRVVXJLHUDQDGDVREUHODSVLFRORJtDGHOSHUVRQDMHQRVKDFHVHQWLUDODSHUVRQD\VX
LQGLYLGXDOLGDG GLVWLQWD ~QLFD 8QD UpSOLFD UHSHWLWLYD GHO WLSR GH OD GH OD DEHMD PXHUWD
HQ7HQHU\QRWHQHUQR KDFHVHQWLUDODSHUVRQD\HQFRQVHFXHQFLDQRHVXQWDJ3RU
HOFRQWUDULRHOFpOHEUHUXQQLQJJDJGHODPRQHGDODQ]DGDHQHODLUHSRU*HRUJH5DIW
HQ6FDUIDFHHVXQWDJ
6HSXHGHFLWDUWDPELpQHQ.LVVPH'HDGO\GH$OGULFKODVDOHJUHVRQRPDWRSH\DVYD
YD YRRP TXH ODQ]D HO SHTXHxR PHFiQLFR JULHJR DPLJR GHO SURWDJRQLVWD FXDQGR
DGPLUDXQPRWRUGHFRFKH7RGRHOODGRHQWXVLDVWDHLQIDQWLOGHOSHUVRQDMHVHH[SUHVD
HQHVWHFDVRDWUDYpVGHHVHGHWDOOH
6LQ HPEDUJR HO WDJ HV D PHQXGR XQ JLPPLFN XQ WUXFR PHFiQLFR TXH DWUDH OD
DWHQFLyQVREUHXQSHUVRQDMHVLQFDUDFWHUL]DUOR



&2175$67(

(O FRQWUDVWH HV XQR GH ORV PHGLRV PiV HILFDFHV SDUD H[SUHVDU DOJR FRQWUDVWH GH
DFWLWXGHV GH FDUDFWHUHV GH VLWXDFLRQHV KDFLHQGR TXH VH SRQJDQ GH UHOLHYH
PXWXDPHQWH (VWR FRQGXFH D FUHDU SHUVRQDMHV QXHYRV VLWXDFLRQHV SDUDOHODV R
FRPSOHPHQWDULDVFX\D~QLFDIXQFLyQVHDODGHVXEUD\DUSRUFRQWUDVWHHOUDVJRTXHVH
TXLHUHHYLGHQFLDU
(Q 3DXOLQH HQ OD SOD\D VH SRQH GH UHOLHYH HO DVSHFWR GRQMXDQHVFR GH +HQUL
PHGLDQWHHODVSHFWRZHUWHULDQRGH3LHUUH\UHFtSURFDPHQWH
(Q (O ,QWHQGHQWH 6DQVKR OD UHEHOLyQ DFWLYD GH =XVKLR VH GHILQH PHMRU SRU FRQWUDVWH
FRQHOKXPDQLWDULVPRUHVLJQDGRGH7DUR

&RQWUDVWH\UDVJRVFRPXQHV
3DUD TXH HO FRQWUDVWH VHD HIHFWLYR HV QHFHVDULR QR VyOR TXH XQRV SHUVRQDMHV XQRV
OXJDUHVRXQDVVLWXDFLRQHVGLILHUDQVLQRTXHDGHPiVHVWDGLIHUHQFLDSXHGDVHUUHIHULGD
DDOJRFRP~QHQWUHHOORV=XVKLR\7DURVRQGRVKRPEUHVMyYHQHVHQUHEHOLyQFRQWUDOD
LQMXVWLFLD\VXVUHDFFLRQHVVHGLIHUHQFLDQHQUHODFLyQFRQHVWRVDVSHFWRVFRPXQHV
&XDQWRV PiV UDVJRV FRPXQHV WLHQHQ ORV SHUVRQDMHV PiV VXWLOPHQWH VH SXHGHQ
PRVWUDUIUHQWHDGHWHUPLQDGDVFLUFXQVWDQFLDVVXVGLIHUHQFLDVGHFRPSRUWDPLHQWR
(O MXHJR GH FRQWUDVWH HV YiOLGR SDUD WRGRV DEVROXWDPHQWH WRGRV ORV DVSHFWRV GHO
JXLyQOXJDUHVLGHDVULWPRVSURFHGLPLHQWRVUHVRUWHVGUDPiWLFRVHWF
8QHMHPSOR0L]RJXFKLHVFULEHDVXFRODERUDGRU<RGDDSURSyVLWRGHOJXLyQGH&XHQWRV
GH OD OXQD SiOLGD VL :DVDND OD SULQFHVDIDQWDVPD HV XQ VLJQR GH PXHUWH HO
IDQWDVPD GH 0L\DJL HV XQD SUXHED GH DPRU \ GH YLGD 4XLVLHUD H[SOLFLWDU PiV ODV
GLIHUHQFLDVHQWUHHVWRVGRVVHUHV&DKLHUVGX&LQpPD6SpFLDO0L]RJXFKL
(O FRQWUDVWH OD GLIHUHQFLDFLyQ HV WDPELpQ HO PHGLR GH REWHQHU PD\RU FODULGDG XQD
SHUFHSFLyQ PiV QtWLGD GHO UHODWR GH ORV SHUVRQDMHV \ GH ORV GLYHUVRV HOHPHQWRV GHO
ILOP &RQ HVWD PLVPD SUHRFXSDFLyQ SRU OD EXHQD SHUFHSFLyQ GH ORV GLIHUHQWHV
SHUVRQDMHVVHGHVDFRQVHMDGDUDGRVSHUVRQDMHVQRPEUHVTXHHPSLHFHQSRUODPLVPD
LQLFLDO R WUDMHV QR VXILFLHQWHPHQWH GLIHUHQFLDGRV UDVJRV PX\ SDUHFLGRV VDOYR
SUHFLVDPHQWHTXHVHTXLHUDMXJDUDFWLYDPHQWHFRQODSRVLEOHFRQIXVLyQ

5(/$-$&,1'(6&$162

6H FRQVLGHUDQ QHFHVDULDV ODV HVFHQDV GH UHODMDFLyQ \ GH GHVFDQVR UHOLHI HQ LQJOpV
SDUDFRQVWUXLUXQDKLVWRULDELHQHTXLOLEUDGDFRQHOILQGHHYLWDU HOGHELOLWDPLHQWRGHOD

ULVDRGHODHPRFLyQGHELGRDODVDWXUDFLyQGHORVHIHFWRVFyPLFRVRGUDPiWLFRV(QORV
ILOPV VHULRV LQFOXVR WUiJLFRV VH WUDWD GH HVFHQDV GH KXPRU GH GHVFDQVR GH
LQWLPLGDG \ HQ ORV ILOPV FyPLFRV SRU HO FRQWUDULR HVFHQDV HPRWLYDV TXH GDQ PiV
KXPDQLGDG D ORV SHUVRQDMHV 9HEHU HQ /D 5HYXH GX &LQpPD Q~PHUR  FLWD DO
UHVSHFWR XQD REVHUYDFLyQ GH <YHV 5REHUW &XDQGR ORV SD\DVRV  KDQ KHFKR UHtU
PXFKR6HSRQHQDWRFDUHOYLROtQSXHVVDEHQTXHODJHQWHQRSXHGHUHtUPiV
3DUD+HUPDQODVHVFHQDVGHUHOLHID\XGDQDPDQWHQHUHOLQWHUpVSXHVQR
VHSXHGHVRSRUWDUXQDWHQVLyQFRQWLQXDGHOPLVPRPRGRXQVyORFRORUGUDPiWLFR
WRGR GH URVD R WRGR QHJUR FDQVD 3DUD ODV HVFHQDV GH UHOLHI +HUPDQ DFRQVHMD
XWLOL]DUSHUVRQDMHVVHFXQGDULRVPRVWUDUSRUHMHPSORODVUHDFFLRQHVGHXQWHVWLJRGH
XQ FDPDUHUR GH XQ SROLFtD OR FXDO QRWpPRVOR QRV SURSRUFLRQD XQ GLVWDQFLDPLHQWR
WHPSRUDOFRQUHVSHFWRDORVSHUVRQDMHVSULQFLSDOHVDYHFHV~WLO
(OUHOLHIVLUYHWDPELpQSDUDUHIRU]DUHOFRORUHPRFLRQDOTXHGRPLQDHQHOILOPSRUXQ
HIHFWRGHFRQWUDVWHGHFRPSOHPHQWR
(O WHVWDPHQWR GHO 'RFWRU 0DEXVH SUHVHQWD GRV R WUHV GHWDOOHV GH UHOLHI FXDQGR
*ULJRULHY DEUH GHOLFDGDPHQWH XQ KXHYR SDVDGR SRU DJXD PLHQWUDV .HQW \ /LO\ HVWiQ
VXPLGRV HQ HO GUDPD R FXDQGR GHVSLHUWDQ D /RKPDQQ HQ VX FDVD ,QFOXVR 6DQVKR
WLHQH GRV HVFHQDV GH GHVFDQVR OD IUHQpWLFD FDUUHUD GH ORV VROGDGRV TXH SHUVLJXHQ D
=XVKLR KDFLD OD IDOVD GLUHFFLyQ LQGLFDGD SRU XQ PRQMH R OD LPSUHVLyQ GH IUHVFXUD GH
DPDQHFHU FXDQGR =XVKLR YHVWLGR GH YLDMHUR VH LQWURGXFH HQ HO MDUGtQ GHO SULPHU
0LQLVWUR

5HODMDFLyQ\PHFiQLFD
6RQ FRQVLGHUDGRV PHFiQLFRV DTXHOORV JXLRQHV TXH WRFDQ XQD VROD FXHUGD OD ULVD OD
HPRFLyQ HO PLHGR \ SDUHFHQ WUDWDU DO HVSHFWDGRU FRPR D XQ FRED\D VRPHWLGR D XQ
ERPEDUGHR GH HVWtPXORV HIHFWRV GH VHQWLGR ~QLFR 3DUWH GHO WUDEDMR GHO JXLRQLVWD
FRQVLVWH HQ KXPDQL]DU FRPR GLFHQ HO UHODWR PHGLDQWH WRTXHV TXH QR WLHQHQ D
YHFHV PiV IXQFLyQ TXH OD GH GLVLPXODU OD PHFiQLFD R VL VH SUHILHUH GH YHVWLU HO
HVTXHOHWRFRQFDUQH/XHJRFDGDXQRVDEHTXHODPH]FODGHWRQRVHVODYLGDPLVPD


&$/'(51

3DSHOGHOFDOGHUyQ
(O FDOGHUyQ HV XQD PDQHUD GH GHWHQHUVH HQ XQ GHWDOOH XQ JDJ XQ DFHQWR XQD FDtGD
XQD UpSOLFD FDUJDGD GH VHQWLGR SRU HMHPSOR GH DPHQD]D SDUD DFDEDU XQD HVFHQD
LPSRUWDQWH\UHGRQGHDUODSHUPLWLHQGRTXHHVDHVFHQDVXHQHFRQXQDQRWDSDUWLFXODU
HPRFLyQ DQJXVWLD SHUSOHMLGDG HVSHFWDFLyQ HWF R WDPELpQ DQXQFLDU DOJR TXH
YLHQHDFRQWLQXDFLyQ

5HFRUGHPRVTXHHQP~VLFDHOFDOGHUyQHVXQVLJQRFRQYHQFLRQDOTXHSXHVWRVREUH
XQD GHWHUPLQDGD QRWD DXWRUL]D DO TXH OD HMHFXWD D SURORQJDU OD GXUDFLyQ QRUPDO DG
OLELWXPSDUDPDUFDU HOILQDOGHXQPRYLPLHQWRGHXQDVHFFLyQRODVXVSHQVLyQHQXQ
DFRUGH 6LQ FDOGHUyQ XQD HVFHQD FRUUH HO SHOLJUR GH DFDEDUVH GH PDQHUD VHFD \
DQRGLQD
6LQHPEDUJRQRWRGDHVFHQDORQHFHVLWD
(V QHFHVDULR GH YH] HQ FXDQGR SDUD ILMDU HO WRQR GHO ILOP \ HYLWDU TXH OD VXFHVLyQ GH
ODV HVFHQDV VHD SXUDPHQWH DGLWLYD \ DFXPXODWLYD (O FDOGHUyQ VLUYH HQ FLHUWR PRGR
SDUD GDPRV DOJXQD TXH RWUD YH] ORV OtPLWHV ODV FRRUGHQDGDV GH OD FXUYD GUDPiWLFD
KDFLpQGRQRV VHQWLU HQ TXp OXJDU GH XQD VXELGD GH XQD SURJUHVLyQ QRV HQFRQWUDPRV
$O PLVPR WLHPSR IXQFLRQD FRPR SXQWXDFLyQ $KRUD ELHQ VDEHPRV TXH XQD GLIHUHQFLD
GHSXQWDFLyQSXHGHFDPELDUFRPSOHWDPHQWHHOVHQWLGRGHXQDIUDVH

(OFDSSHU
'H WR FDS FRURQDU HO FDSSHU HV GLFH /HZLV +HUPDQ XQ HIHFWR GH UHOLHYH GH
DFHQWXDFLyQ GH XQD IUDVH XQD H[SUHVLyQ R XQD DFFLyQ FUHDGDV SRU XQ UXLGR XQD QRWD
PXVLFDO XQ JHVWR XQ HIHFWR VLPXOWiQHR (O HMHPSOR DGXFLGR SRU +HUPDQ HV HO GHO
VRQLGR GH XQ UHORM GH FXFR TXH SXQW~D XQD REVHUYDFLyQ DFLGD UHFXHUGD TXH VH GHEH
SUHSDUDUHOFDSSHUSDUDKDFHUOHSURGXFLUHVHHIHFWR
(Q HVWH VHQWLGR HO HMHPSOR FDQyQLFR GH FDSSHU HV HO UXLGR GHO WUXHQR TXH HQ ORV
PHORGUDPDV R HQ ORV ILOPV GH WHUURU VXEUD\D ODV WHUULEOHV UHYHODFLRQHV \ ORV
MXUDPHQWRVIDWDOHVHQHVFHQDVVHQVDWDPHQWHVLWXDGDVGXUDQWHXQDWRUPHQWD

%XWWRQV
%XWWRQV ERWRQHV VHUtD HO QRPEUH GDGR D HVRV PRPHQWRV IXHUWHV GH VXVSHQVH
HPRFLyQ PLVWHULR TXH FRQFOX\HQ FDGD DFWR GH XQD VHULH WHOHYLVLYD GRQGH
LQWHUYLHQHQHQDOJXQRVSDtVHVODVSDXVDVSXEOLFLWDULDV\HVWiQGHVWLQDGRVDPDQWHQHU
DO HVSHFWDGRU HQ YLOR 5HFRUGpPRV TXH HO SULQFLSLR GH HVRV FDOGHURQHV \ ERWRQHV
H[LVWtD \D GHVGH KDFH WLHPSR HQ WRGD FODVH GH JpQHURV IROOHWLQHVFRV SRU HQWUHJDV
FyPLFV IROOHWLQHV IRWRQRYHODV VHULDOV GHO FLQH PXGR DKt GRQGH KDEtD TXH
VXVFLWDUHQHOOHFWRURHQHOHVSHFWDGRUHOGHVHRGHFRQRFHUORTXHYHQtDGHVSXpV
(Q OD WHOHYLVLyQ HO EXWWRQ SXHGH QR FRUUHVSRQGHU D XQD DFFLyQ R D XQD VLWXDFLyQ
HVSHFtILFD FRQFUHWD GHO JXLyQ D PHQXGR VH FUHD DUWLILFLDOPHQWH SRU OD UHDOL]DFLyQ
SULPHU SODQR GH XQ URVWUR SUHRFXSDGR SDXVD HQ OD LPDJHQ ]RRP HQ XQ GHWDOOH
UHGREOHDPHQD]DGRUGHODP~VLFD
(O FDVR PiV FOiVLFR GH EXWWRQ HV HO TXH VLUYH SDUD UHFRUGDU TXH XQ JUDYH SHOLJUR
DPHQD]D D XQR GH ORV SURWDJRQLVWDV R TXH OR PXHVWUD DJUHGLGR GHWHQLGR HWF
SURSRQLHQGR XQ HQLJPD XQD SUHJXQWD DQWH OD FXDO HO HVSHFWDGRU SXHGH HVSHUDU TXH
HQHOVLJXLHQWHHSLVRGLRRHQHODFWRVLJXLHQWHVHOHUHVSRQGD



5(3(7,&,1

3DSHOGHODUHSHWLFLyQ
/DUHSHWLFLyQGHXQKHFKRXQDLQIRUPDFLyQXQUDVJRGHFDUiFWHUHWFHVXQRGHORV
PHGLRVEiVLFRVGHODQDUUDFLyQ
D 3ULPHUR FRPR PHGLR GH LQVWDODU DGHFXDGDPHQWH FLHUWDV LQIRUPDFLRQHV \ FLHUWRV
GDWRV GH DPELHQWH GH FDUiFWHU GH VLWXDFLyQ HWF QHFHVDULRV SDUD OD HILFDFLD GHO
UHODWR (Q HO FLQH OD LQIRUPDFLyQ VH SLHUGH \ VH ROYLGD IiFLOPHQWH SRU HVR QR VyOR QR
VH GHEH DFXPXODU GHPDVLDGD LQIRUPDFLyQ VLQR DGHPiV KD\ TXH WUDWDU GH UHSHWLU
DTXHOODVTXHVRQLQGLVSHQVDEOHV3HURFRPRHQP~VLFDODUHSHWLFLyQGHEHKDFHUVHFRQ
YDULDFLRQHV GD PiV HOHJDQFLD \ IOXLGH] DVt FRPR YLGD DO UHODWR (Q +LWFKFRFN ODV
LQIRUPDFLRQHVQHFHVDULDVDPHQXGRVHHVWDEOHFHQ\VHUHSLWHQFRQIXULRVDLQVLVWHQFLD
EGHVSXpVFRPRPHGLRSDUDGDUXQVHQWLPLHQWRGHXQLGDG&RPRGLFH(LVHQVWHLQ

8QRGHORVSURFHGLPLHQWRVPiVVHQFLOORVSDUDUHODFLRQDUODVGLIHUHQWHVSDUWHVHV
OD UHSHWLFLyQ  (O HOHPHQWR UHSHWLFLyQ MXHJD XQ JUDQ SDSHO HQ P~VLFD 
(VWD SRVLELOLGDG GH UHSHWLFLyQ FRQWULEX\H DQWH WRGR D OD IRUPDFLyQ GH XQ
VHQWLPLHQWR GH XQLGDG 3UREOqPHV GH FRPSRVLQRQ &DKLHUV GX FLQpPD Q~PHUR


F HQ WHUFHU OXJDU SDUD GDU HO VHQWLPLHQWR GH OR TXH FDPELD 5HSHWLU XQD HVFHQD
FDUDFWHUtVWLFD GH OD YLGD GH XQ JUXSR GH XQD SDUHMD SHUPLWH DFXVDU OR TXH VH KD
PRGLILFDGRHQVXVUHODFLRQHVHQVXVLWXDFLyQ
(OHMHPSORFDQyQLFRVHHQFXHQWUDHQ&LWL]HQ.DQHHQODVHFXHQFLDGHORVGHVD\XQRVGH
.DQH FRQ VX PXMHU (O HQFDGHQDPLHQWR GH ORV GHVD\XQRV GH OD SDUHMD GXUDQWH YDULRV
DxRVHQPRQWDMHVHFXHQFLDGDXQDLPDJHQIXHUWH \FRQGHQVDGD GHODGHJUDGDFLyQ
GHVXDPRU


*$*5(3(7,7,92

(O JDJ UHSHWLWLYR UXQQLQJ JDJ HV XQ GHWDOOH JUDFLRVR YHUEDO R YLVXDO GH
FRPSRUWDPLHQWR R GH GHFRUDGR FRQFHELGR SDUD VHU UHSHWLGR YDULDV YHFHV HQ HO
WUDQVFXUVRGHXQILOPSDUDFUHDUSRUVXUHSHWLFLyQSHURWDPELpQSRUVXVYDULDFLRQHV
XQD KLODULGDG FtFOLFD \ HQ SULQFLSLR FUHFLHQWH 6HJ~Q OD EXHQD WUDGLFLyQ HV GH ULJRU
TXHHOUXQQLQJJDJVHDFRURQDGROD~OWLPDYH]TXHDSDUHFHHVGHFLUKDELWXDOPHQWH

DO ILQDO GHO ILOP SRU XQD FDtGD OODPDGD WRSSHU TXH OR FRQFOX\H OOHYiQGROR D XQ QLYHO
GLIHUHQWH \ FHUUiQGROR GH PDQHUD HOHJDQWH +HUPDQ  (VWD FDtGD ~OWLPD VLQ OD
TXHHOSODFHUVHUtDLQFRPSOHWRHVDPHQXGRXQDLQYHUVLyQLQHVSHUDGDGHODVLWXDFLyQ
DTXHO TXH VLHPSUH KD UHFLELGR XQD ERIHWDGD UHVXOWD VHU HO TXH DERIHWHD HO UHJDGRU
UHJDGRHWF
+HUPDQGDHMHPSORVGHUXQQLQJJDJVHQHOILOPGH+LWFKFRFN$ODUPDHQHOH[SUHVROD
SDUHMD GH MXJDGRUHV GH FULFNHW TXH HQ PHGLR GH ODV SHRUHV VLWXDFLRQHV HQ XQ SDtV
H[WUDQMHURQRSLHQVDQPiVTXH HQ HOSDUWLGRGHFULFNHWTXHYHUiQDOYROYHU(OWRSSHU
ILQDO HV TXH FXDQGR OOHJDQ D /RQGUHV HO SDUWLGR KD VLGR DQXODGR DO ILQDO GH VXV
DYHQWXUDV 7DPELpQ SRGHPRV FLWDU HQ 6XFHGLy XQD QRFKH GH )UDQN &DSUD OD FRUWLQD
TXH &ODXGHWWH &ROEHUW \ &ODUN *DEOH FXHOJDQ HQWUH HOORV HQ VX FRQYLYHQFLD IRU]DGD
FXDQGR GHEHQ GRUPLU MXQWRV &RPSDUDQ HVWD FRUWLQD FRQ ORV PXURV GH -HULFy \ JDVWDQ
XQVLQItQGHEURPDVVREUHHOOD(OWRSSHUGHHVHJDJRFXUUHDOILQDOFXDQGRVHFDVDQ\
TXH&ODUN*DEOHFHOHEUDVXQRFKHGHERGDVWRFDQGRODWURPSHWDFRPRHQ-HULFySDUD
KDFHUFDHUVROHPQHPHQWHODFRUWLQDDQWHVGHUHXQLUVHFRQVXHVSRVD
(Q.UXOOGH3HWHU<DWHVFDGDYH]TXHXQEUXMRPX\WRUSHSURILHUHXQDIyUPXODPiJLFD
SDUD WUDQVIRUPDU DO HQHPLJR HQ XQ DQLPDO FXDOTXLHUD VH FDPELD D Vt PLVPR HQ HVH
WLSRGHDQLPDO
3RGHPRV HQFRQWUDU UXQQLQJJDJV VHULRV FRPROD PRQHGD TXH KDFH VDOWDU HQ VX PDQR
*HRUJH 5DIW HO DPLJR GH 6FDUIDFH (O WRSSHU RFXUUH FXDQGR 6FDUIDFH YLHQH D YHU D VX
DPLJR SRU HO TXH VH FUHH WUDLFLRQDGR \ OR PDWD HQ HO PRPHQWR HQ TXH UHFLEH HO
GLVSDUR *HRUJH 5DIW DFDED GH ODQ]DU XQD PRQHGD DO DLUH \ SRU SULPHUD YH] QR OD
FRJH ([LVWHQ PXFKRV RWURV UXQQLQJ JDJV HQ HVWH FpOHEUH ILOP FRPR HO GHO VHFUHWDULR
PHGLR VXEQRUPDO TXH QXQFD FRPSUHQGH QDGD FXDQGR OODPDQ SRU WHOpIRQR D VX MHIH \
VLHPSUH VH ROYLGD GH DQRWDU HO QRPEUH GH OD SHUVRQD TXH OODPD (Q PHGLR GH OD
PDWDQ]D ILQDO HO VHFUHWDULR UHFLEH XQD OODPDGD GHVFXHOJD HO WHOpIRQR URGHDGR SRU HO
VLOELGR GH ODV EDODV \ DQWHV GH PRULU LOXPLQDGR OH JULWD D VX MHIH <D HVWi MHIH
HVWDYH]KHDQRWDGRVXQRPEUH
'H QXHVWURV FXDWUR ILOPV VyOR 7HQHU \ QR WHQHU HO ILOP DPHULFDQR GHO ORWH SUHVHQWD
UXQQLQJ JDJV VREUH WRGR YHUEDOHV 3RU HMHPSOR HO GH OD SUHJXQWD PLVWHULRVD H
LQFRQJUXHQWH TXH (GG\ HO YLHMR PDULQHUR ERUUDFKR KDFH D FXDOTXLHU SHUVRQD QXHYD
FRQ TXLHQ VH HQFXHQWUD :RXOG
QW HYHU ELW E\ D GHDG EHH" /H KD SLFDGR DOJXQD
YH] XQD DEHMD PXHUWD" 3ULPHUR KDFH OD SUHJXQWD D -RKQVRQ TXH QR VDEH TXH
UHVSRQGHU \ VH SRQH QHUYLRVR OXHJR DO JUXSR GH SDWULRWDV IUDQFHVHV TXH VH UtHQ
SHUR FXDQGR 0DULH \D SUHVHQWH OH FRQWHVWD HQ ORV PLVPRV WpUPLQRV < D XVWHG"
(GG\ HQFDQWDGR VH SRQH D H[SOLFDU TXH FXDQGR XQR HV SREUH \ DQGD GHVFDO]R VH
H[SRQH D SLVDU DEHMDV PXHUWDV FX\R DJXLMyQ VLJXH VLHQGR DFWLYR /D UHVSXHVWD GH
0DULH KD HVWDEOHFLGR XQD FRPSOLFLGDG HQWUH DPERV HV GHFLU HQWUH JHQWH TXH VDEH OR
TXHHVODYLGD\ODSREUH]D
0iV DGHODQWH (GG\ TXLHUH KDFHU OD PLVPD SUHJXQWD DO FDSLWiQ 5HQDUG SHUR +DUU\ OH
DYLVD 1R (GG\ D pO QR 'HVSXpV 0DULH GH QXHYR SURQXQFLD OD IUDVH SDUD +DUU\
FRPR FRQVLJQD SDUD KDEODU GH (GG\ FRQ PHGLDV SDODEUDV 3RU ILQ HO WRSSHU GH HVH
UXQQLQJ JDJ YHUEDO RFXUUH FXDQGR 0DULH VH GLYLHUWH SUHJXQWiQGROH D VX YH] D (GG\
/H KD SLFDGR DOJXQD YH] XQD DEHMD PXHUWD" HWF \ TXH (GG\ OH UHVSRQGH
PHFiQLFDPHQWH < D XVWHG" 6H LQYLHUWH HO GLiORJR OR TXH SURGXFH XQD H[WUDxD
VHQVDFLyQHQ(GG\+DFHPXHFDV\VHWDSDORVRtGRVGLFLHQGR(VFRPRVLPHKDEODUD
DPtPLVPR(QHVDFDtGDODLQYHUVLyQHQWUHHOTXHSUHJXQWD\HOSUHJXQWDGRSRQHDO
GHVQXGRHOPHFDQLVPRGHOJDJHIHFWRUHJDGRUUHJDGR

2WURUXQQLQJJDJGHOILOPHVWDYH]QR FyPLFRVHUHILHUHDODVSHWLFLRQHVGHFLJDUULOORV
\FHULOODVODSULPHUDYH]0DULHSLGHXQFLJDUULOORD+DUU\DTXLHQQRFRQRFHWRPDGH
FRQWDFWRODVHJXQGDYH]TXHVHORSLGHpOOHKDFHXQJHVWRVLQGHFLUQDGDSDUDTXH
VH VLUYD FRPSOLFLGDG \D HVWDEOHFLGD OD WHUFHUD YH] +DUU\ XWLOL]D HVD SHWLFLyQ SDUD
KDFHU FRPSUHQGHU D 0DULH DQWH HO FDSLWiQ 5HQDUG TXH WLHQH TXH DEULU HO FDMyQ GRQGH
VHHQFXHQWUDHOUHYyOYHU
(Q HO ILOP VH HQFXHQWUDQ RWURV JDJV UHSHWLWLYRV (GG\ TXH VLHPSUH SLGH D +DUU\
GLQHUR SDUD EHEHU ORV SHTXHxRV PRYLPLHQWRV GH IXULD GH 0DULH TXH VH H[SUHVDQ FRQ
HVWD IUDVH LQWHUUXPSLGD 6DEHV 6WHYH KD\ PRPHQWRV HQ TXH ORV PRWHV FRPR
JXLxRV GH 6WHYH R GH )ODFD TXH VH GDQ +DUU\ \ 0DULH UHVSHFWLYDPHQWH \ PXFKRV
PiV &RPR YHPRV HQ HO FRQWH[WR GHO ILOP ORV UXQQLQJV JDJV YHUEDOHV VLUYHQ SDUD
FUHDU \ PDQWHQHU FLHUWD FRPSOLFLGDG SRU XQD SDUWH HQWUH ORV SHUVRQDMHV SHUR VyOR
HQWUH ORV DPLJRV GH +DUU\ ORV GHPiV HVWiQ H[FOXLGRV SRU RWUD HQWUH ORV TXH ORV
KDFHQ\QRVRWURVORVHVSHFWDGRUHV

&$378/2,;


/RVIDOORVGHOJXLyQ
SDUDFRPHWHUORVPHMRU

(Q TXp VH QRWD" (PEDXFDGR VHQVDFLyQ GH KDEHU VLGR 6XSHUSRVLFLyQ
&RLQFLGHQFLD

'HVHQODFH

SXQWRV

IORMRV

GHO

'HVYLDFLyQ

([SOLFDWLYR

GLiORJR )DOVDV LPSODQWDFLRQHV ,QYHURVLPLOLWXG -XHJR GH J 3REUH]D

GH OD KLVWRULD )ORMHGDG HVWDQFDPLHQWR 3HUVRQDMHV GHIHFWRV HQ OD XWLOL]DFLyQ
GHORV4XpOHVLPSLGH"3UHYLVLyQHIHFWRGH$JXMHURV

(O SUREOHPD FRQ ORV IDOORV GH JXLyQ HV TXH RFXUUH FRPR HQ XQ MXHJR GH FRFKHFLOOR
FKLQR 8Q GHIHFWR FRUUHJLGR DOOt GRQGH KD VLGR ORFDOL]DGR SURGXFH RWURV HQ RtURV
OXJDUHV GH RWUR WLSR &XDQGR SRU HMHPSOR VH UHFWLILFD XQ HUURU GH GUDPDWL]DFLyQ
HVFHQD GHPDVLDGR EODQGD DFHQWXDQGR OD UHDFFLyQ GH XQR GH ORV SHUVRQDMHV VH FUHD
D PHQXGR XQ FDPELR HQ OD GHILQLFLyQ GH HVH SHUVRQDMH LQFRKHUHQFLD 7DPELpQ SDUD
HVWDEOHFHU XQD UHODFLyQ YHURVtPLO HQWUH KHFKRV VH OOHJD D FUHDU PRPHQWRV GHPDVLDGR
ODUJRV HQ HO GHVDUUROOR GH OD KLVWRULD HV GHFLU TXH SDUD OOHQDU DJXMHURV OyJLFRV KD\
TXHFUHDUDJXMHURVGUDPiWLFRV\DVtVXFHVLYDPHQWH
'LFKR GH RWUR PRGR WRGR VH VRVWLHQH HQ XQ JXLyQ SHUR QR HQ HO VHQWLGR GH XQD
VROLGDULGDG GH VXV GLIHUHQWHV FRPSRQHQWHV PiV ELHQ HQ HO VHQWLGR GH GHVQXGDU D XQ
VDQWR SDUD YHVWLU D RWUR 6LQ HPEDUJR QXPHURVRV JXLRQHV FRQVLJXHQ DFRUGDU
PDUDYLOORVDPHQWH ODV H[LJHQFLDV LQGLYLGXDOHV H LQFOXVR FRQWUDGLFWRULDV D ODV TXH GHEH
VDWLVIDFHUXQDEXHQDKLVWRULD
3DUD FRPHWHUORV PHMRU GLFH HO VXEWtWXOR GH HVWH FDStWXOR 3HUR QR HV IiFLO FRPHWHUORV
ELHQ GH WDO PDQHUD TXH WHQJDQ VHQWLGR \ IXHU]D \ HVWR UHTXLHUH PXFKDV YHFHV PiV
KDELOLGDGTXHQRFRPHWHUQLQJXQR


(148e6(127$"

(O HQ TXp VH QRWD" HV XQ GHIHFWR WtSLFR HQ OD FRQFHSFLyQ GH ORV JXLRQHV GH
SULQFLSLDQWHV HO JXLyQLQGLFD HO SHQVDPLHQWR GH XQ SHUVRQDMH VX LGHQWLGDG VX GHVHR
LQFOXVR XQD VLWXDFLyQ SHUR VLQ SUHFLVDU OD PDQHUD HQ TXH VH DYLVDUi DO HVSHFWDGRU GHO
ILOP \ QR DOOHFWRU (MHPSOR ; VH GD FXHQWD GH TXH OH KDQ WRPDGRHO SHOR GLFH HO
JXLyQ3HURFyPRVHWLHQHTXHGDUFXHQWDHOHVSHFWDGRU"
<KHUPDQRGH=SHURFyPRQRVHQWHUDPRV"QRFRUUHPRVSHOLJURGHWRPDUORSRU
VX PDULGR" 2WUR HMHPSOR VDFDGR GHO JXLyQ GH XQ MRYHQ UHDOL]DGRU ; GLVFXWH FRQ XQ

SHULRGLVWD GH 3DULV0DWFK SHUR QDGD HQ OD HVFHQD QRV GLFH TXH HOOD HV SHULRGLVWD \
HQTXpSHULyGLFRHVFULEH
6H FRPHWHQ HVH WLSR GH IDOORV GHMiQGRVH DUUDVWUDU SRU ODV SDODEUDV \ SRU OD IDFLOLGDG
GHOOHQJXDMHSDUDGHFLUORWRGR
3RU HMHPSOR FyPR KDFHU FDSWDU DO HVSHFWDGRU ODV UHODFLRQHV GH SDUHQWHVFR HQWUH ORV
SHUVRQDMHV" 1R QRV SRGHPRV FRQIRUPDU FRQ HVFULELU HQ HO JXLyQ ; KHUPDQR GH =
6LTXHUHPRVMXJDUFRQODGXGDODDPELJHGDGKD\TXHTXHUHUHVDGXGD\VDEHUTXp
DPELJHGDGVHGHVHDDPDQWHRKHUPDQRKLMDRQXHUDSDUDFUHDUODVDOLPHQWDUODV
(Q FLHUWRV FDVRV VH UHFXUUH D ODV IDFLOLGDGHV GH OD YR] LQWHULRU HVWD VROXFLyQ KD VLGR
PDVLYDPHQWHDGRSWDGDSRUHMHPSORHQODDGDSWDFLyQGHO5RMR\QHJURSRU$XUHQFKH\
%RVW SDUD $XWDQW/DUD (O SUREOHPD GH OD YR] LQWHULRU GH -XOLHQ 6RUHO HUD PXFKR
PiVGHOLFDGRTXHHQODQRYHODSXHVWRTXHHOSHUVRQDMHGH6WHQGKDOVHFRPSRUWDFRPR
XQ KLSyFULWD \ HO HVSHFWDGRU QR GHEH FUHHU D SLHV MXQWLOODV WRGDV VXV EXHQDV
LQWHQFLRQHV

'H

DKt

TXH

HVD

YR]

LQWHULRU

WDQ

SHVDGD

HVWp

GHVPLQWLHQGR

FRQVWDQWHPHQWH \ VL DVt VH SXHGH GHFLU HQ GLUHFWR GHVGH VX FRQFLHQFLD HO
FRPSRUWDPLHQWRDSDUHQWHGHOSURWDJRQLVWD
(O HQ TXp VH QRWD" QR HV IRU]RVDPHQWH XQ IDOOR GH SULQFLSLDQWH SXHV XQ JXLRQLVWD
PiV H[SHULPHQWDGR SXHGH GHMDUVH DUUDVWUDU \ FRPHWHU DOJXQR QR SRU FRVDV WDQ
HOHPHQWDOHV FRPR OD GHILQLFLyQ GH ODV UHODFLRQHV GH SDUHQWHVFR VLQR SRU ORV
VHQWLPLHQWRV \ ODV DVSLUDFLRQHV GH ORV SHUVRQDMHV (O DXWRU GHO JXLyQ HVWi GH KHFKR
IiFLOPHQWH FRQYHQFLGR GH ODV WHQGHQFLDV \ GH ORV GHVHRV TXH H[SHULPHQWDQ VXV
SHUVRQDMHVROYLGDQGRTXHHOSURSLRHVSHFWDGRUSXHGHQRYHUORVRQRVHQWLUORVFXDQGR
QRKDQVLGRWUDGXFLGRVHQODSDQWDOODGHPRGRFRQYLQFHQWH


(0%$8&$'26(16$&,1'(+$%(56,'2

6H SRGUtDOODPDU VHQVDFLyQ GH KDEHU VLGR HPEDXFDGR HVH SDUWLFXODU VHQWLPLHQWR GH
LQVDWLVIDFFLyQ TXH H[SHULPHQWD HO HVSHFWDGRU FXDQGR WLHQH OD LPSUHVLyQ TXH VH KDQ
HVWLUDGR GHPDVLDGR ORV KLORV GH ORV SURFHGLPLHQWRV QDUUDWLYRV \ GH ORV IDOVRV
VXVSHQVHVSDUDPDQWHQHUKDVWD HOILQDOVXDWHQFLyQSRUXQDKLVWRULDGHPDVLDGRIORMD
R GHPDVLDGR DQRGLQD 9DOH WRPD HO HMHPSOR GH 6RVSHFKD GH $OIUHG +LWFKFRFN HQ OD
TXH OD LPDJLQDFLyQ GH OD SURWDJRQLVWD LQYHQWD D SDUWLU GH IDOVDV SLVWDV IDOVDV
LQWHUSUHWDFLRQHV

0XFKRV HVSHFWDGRUHVH[SHULPHQWDQFLHUWDLQVDWLVIDFFLyQDOILQDO1RVSRGUtDPRV
SUHJXQWDUSRUTXpHOILOPHQHIHFWRDFDEDFRQXQKDSS\HQGHVFLHUWRTXHOD
KLVWRULD GHVFDQVD VREUH OD FUHFLHQWH FRQYLFFLyQ GH OD SURWDJRQLVWD LQWHUSUHWDGD
SRU-RDQ)RQWDLQHGHTXH&DU\*UDQWVXPDULGRTXLHUHPDWDUOD\HOILQDOQRV
UHYHOD TXH VXV VRVSHFKDV HUDQ HTXLYRFDGDV 3HUR OD UD]yQ SURVLJXH 9DOH HV
TXH HQ HO ILOP QR VH KD SURGXFLGR QLQJ~Q FDPELR D UDt] GH QLQJ~Q FRQIOLFWR
&DU\ *UDQW \ -RDQ )RQWDLQH IRUPDQ XQD SDUHMD IHOL] DO SULQFLSLR \ DO ILQDO GHO

ILOP (VWD LPSUHVLyQ FUHFH SRU HO KHFKR GH TXH HO FRQIOLFWR QDFH GH XQD FDXVD
LPDJLQDULD \ QR UHDO (O S~EOLFR FRQVLGHUD TXH VH KD GHMDGR OOHYDU SRU XQ
VXVSHQVH TXH QR KD VLGR FUHDGR SRU XQD FDXVD FRQFUHWD \ TXH QR WLHQH
UHVXOWDGRHIHFWLYR

3RU FRQVLJXLHQWH SRGUtDPRV GHFLU TXH OR SURSLR GH WDOHV KLVWRULDV HV EDVDUVH
SULQFLSDOPHQWHHQKDUHQJVDXUIDOVDVSLVWDV
/D VHQVDFLyQ GH KDEHU VLGR HPEDXFDGR LOXVWUD OD GLIHUHQFLD HQWUH KLVWRULD \ QDUUDFLyQ
/RV SURFHGLPLHQWRV GH QDUUDFLyQ SHUPLWHQ HQ HIHFWR FUHDU PRYLPLHQWR VXVSHQVH
FXULRVLGDG HPRFLyQ DKt GRQGH HQ UHDOLGDG QR SDVD QDGD 3HUR VL HO HVSHFWDGRU
SUHVLHQWH TXH QR KD\ QLQJXQD KLVWRULD GHWUiV GH HVWR H[SHULPHQWD HVH WLSR GH
LQVDWLVIDFFLyQ(VWiGLVSXHVWRDDFHSWDUTXHORHQJDxHQDVtFRPRDGHMDUVHOOHYDUSHUR
FRQ HOHJDQFLD \ EUtR VREUH WRGR FXDQGR OOHJD OD UHYHODFLyQ ILQDO GHFHSFLRQDQWH GHO
WLSRHUDXQDLOXVLyQRXQVXHxRQRKDSDVDGRQDGD'HWRGRHVWRSRGHPRVGHGXFLU
TXH

OD

QDUUDFLyQ

QR

SXHGH

VHUYLU

WRWDOPHQWH

GH

KLVWRULD

1HFHVLWDPRV

LQFRQVFLHQWHPHQWH TXH DOJR KD\D VXFHGLGR UHDOPHQWH DXQTXH WUDEDMHPRV FRQ ORV
KLORV\ORVWUXFRVGHODQDUUDFLyQSXUD
683(5326,&,1

6L HO ILOP DSDUHFH FRPR XQD FROHFFLyQ GH HVFHQDV VLQ HVWUXFWXUD \ VLQ SURJUHVLyQ VLQ
UHODFLyQ IXHUWH GH QDWXUDOH]D OyJLFD X RUJiQLFD WHQHPRV OD VHQVDFLyQ GH XQD
VXSHUSRVLFLyQ 8Q JXLyQ HQ FRQWLJLGDG LQIULQJH SXHV SRU OR PHQRV GRV UHJODV GHO
JXLyQFOiVLFRODUHJODGHXQLGDG\ODUHJODGHSURJUHVLyQFRQWLQXD
9DULRV FUtWLFRV DPHULFDQRV KDQ KHFKR HVWH UHSURFKH D 7HQHU \ QR WHQHU ,QFOXVR
DTXHOORVTXHDSUHFLDEDQHOILOPVHxDODEDQTXHHVWDEDGLVPLQXLGRSRUFXOSDGHXQJXLyQ
VLQXRVRGHPDVLDGRHVWiWLFR3DUD0DQQ\)DUEHUHQ7KH1HZ5HSXEOLFHOILOPQR
WHQtD PiV HVWUXFWXUD R XQLGDG TXH OD GH XQ FROODU GH SHUODV GLVSHUVDV -DPHV $JHH
HVFULEtD HQ 7KH 1DWLRQ /R PHMRU GHO ILOP QR WLHQH QLQJXQD LQWULJD HV XQD VHULH
HVWiWLFDGHGXHORVDPLVWRVRVHQWUH%RJDUW\%DFDOO7RGRHVWRQRKDLPSHGLGRTXHHO
ILOPIXHUDXQRGHORVPD\RUHVp[LWRVGHWDTXLOODHQDQWHVGHHQWUDUHQODKLVWRULD
GHOFLQHFRPRXQDREUDH[FHOHQWH
/DV SHOtFXODV PXVLFDOHV \ JHQHUDOPHQWH ODV TXH VH EDVDQ HQ Q~PHURV GHSRUWLYRV
DFUREDFLDV UHODFLRQDGRV SRU XQD LQWULJD PX\ YDJD D PHQXGR HVWiQ FRQVWUXLGRV SRU
FRQWLJLGDGORFXDOQROHVLPSLGHWHQHUDYHFHVPXFKRHQFDQWR


&2,1&,'(1&,$


8QD FRLQFLGHQFLD GHPDVLDGR IXHUWH TXH HO HVSHFWDGRU R HO OHFWRU GHO JXLyQ SXHGHQ
QRWDU\TXHSXHGHSDVDUSRUXQDVROXFLyQIiFLORSRUXQDFWRGHSHUH]DQRHVVLHPSUH
SHUFLELGDFRPRXQDIDOWD
6HJ~Q 6ZDLQ HO S~EOLFR SHUGRQDUi IiFLOPHQWH ORV EUHDNV TXH PHWDQ D VX
SURWDJRQLVWD HQ XQD VLWXDFLyQ GLItFLO SHUR QXQFD DTXHOORV TXH OR VDTXHQ GH GLFKD
VLWXDFLyQ 6L HO KpURH HQFHUUDGR \ DWDGR HQFXHQWUD XQ FXFKLOOR DO DOFDQFH GH VXV
PDQRV VRQUHLUHPRV R QRV VHQWLUHPRV LUULWDGRV 3HUR VL GHVDIRUWXQDGDV FRLQFLGHQFLDV
VH HQVDxDQ FRQ pO SDUD KDFHUOR SDUHFHU FXOSDEOH DXQ D SHVDU QXHVWUR QRV YHUHPRV
DWUDSDGRV SRU OD KLVWRULD 7RGR RFXUUH FRPR VL HO S~EOLFR HVWXYLHUD GLVSXHVWR D FUHHU
GH EXHQ JUDGR HQ ODV FRLQFLGHQFLDV SHUVHFXWRULDV SHUR QR HQ ODV FRLQFLGHQFLDV
VDOYDGRUDVH[FHSWRFXDQGRpVWDV~OWLPDVVRQPDQLSXODGDVFRQKDELOLGDG
3RU HMHPSOR HQ HO PHORGUDPD GH -DFTXHV 'pP\ 8QH FKDPEUH HQ YLOOH )UDQoRtV
REUHUR PHWDO~UJLFR HQ 1DQWHV UHVLGH HQ FDVD GH XQD EDURQHVD H[FpQWULFD TXH OH
DOTXLOD XQD KDELWDFLyQ 8QD QRFKH VH HQFXHQWUD SRU ODV FDOOHV GH OD FLXGDG XQD FKLFD
(GLWK GH OD TXH VH HQDPRUD 0iV DGHODQWH VH HQWHUD GH TXH (GLWK HV KLMD GH OD
EDURQHVD \ TXH OD KDELWDFLyQ GRQGH YLYH IXH OD KDELWDFLyQ GH (GLWK FXDQGR HUD QLxD
HQRUPH FRLQFLGHQFLD SHUR DFHSWDGD SRU HO S~EOLFR FRPR VLJQR GHO GHVWLQR SRU VXV
GHVGLFKDGRVUHVXOWDGRV


'(6(1/$&(381726)/2-26'(/

D'HXVH[PDFKLQD
6H FRQVLGHUD XQ IDOOR DTXHO GHVHQODFH IHOL] LQWURGXFLGR SRU OD LQWHUYHQFLyQ QR
SUHSDUDGD GH XQ SRGHU VDOYDGRU GLYLQR UHDO HWF $ULVWyWHOHV \D OR FRQGHQDED
HQXQFLDQGRTXHHOGHVHQODFHGHOGUDPDGHEHVDOLUGHOPLVPRGUDPD
'HXV H[ PDFKLQD VLJQLILFD OLWHUDOPHQWH HO 'LRV TXH EDMD GH OD PiTXLQD HQ HO
VHQWLGR GH OD PDTXLQDULD GHO WHDWUR TXH KDFH EDMDU VREUH HO HVFHQDULR XQ -~SLWHU
FXDOTXLHUD TXH YLHQH D XVDU GH VX SRGHU SDUD GDU XQD VROXFLyQ DO FRQIOLFWR LQVROXEOH
TXHWRPDPDOFDUL]SDUDHOSURWDJRQLVWD/DWHQWDFLyQGHOGHXVH[PDFKLQDEDMROD
IRUPD GHO HMpUFLWR GH OD SROLFtD HWF TXH OOHJD GH PRGR LQHVSHUDGR VLQ HVWDU
SUHSDUDGR VXUJH FXDQGR VH KD FRORFDGR DO SURWDJRQLVWD HQ XQD VLWXDFLyQ GHPDVLDGR
GLItFLO\GHODTXHFXHVWDPXFKRVDFDUOH
8QD YDULDQWH GHO GHXV H[ PDFKLQD HV OR GH VyOR HUD XQ VXHxR TXH VDFD DO
SURWDJRQLVWDGHXQDVLWXDFLyQGHVHSHUDGD3DUD9DOHODD\XGDDFFLGHQWDOOD
D\XGD IRUWXLWD DSRUWDGD DO SURWDJRQLVWD HV XQD VROXFLyQ HVW~SLGD 3HUR VLHPSUH VH
DGPLWLUiDOGHXVH[PDFKLQDVLHVSDUDDXPHQWDUODGHVJUDFLDHQODTXHVHHQFXHQWUD
VXPLGRHOSURWDJRQLVWD
E$JXDGHERUUDMDV

(OHIHFWRDJXDGHERUUDMDVHVWiSURGXFLGRSRUXQILQDOV~ELWRTXHQRVDFDUHDOPHQWH
ODV FRQVHFXHQFLDV GH VXV SUHPLVDV \ TXH GHMD HQ VXVSHQVR PXFKRV GH ORV SUREOHPDV
SODQWHDGRV
(Q /HV 6ROHLOV GH O
,OH GH 3kTXHV GH 3LHUUH .DVW VLHWH SHUVRQDMHV KDQ VLGR HOHJLGRV
SRUXQPLVWHULRVRPHQVDMHTXHORVFRQGXFHDWRGRVDHQFRQWUDUVHHQOD,VODGH3DVFXD
\QRVGDQDHQWHQGHUTXHHVWRHVHQUD]yQGHVXFRPSOHPHQWDULHGDGXQJHyORJRXQ
HWQyORJR XQ QDWXUDOLVWD HWF $KRUD ELHQ HVWH ILOP DFDED EUXVFDPHQWH FRQ XQD
PLVLyQ FRQILDGD DO JUXSR VLQ TXH OD FRPSOHPHQWDULHGDG LQYRFDGD KD\D VLGR
XWLOL]DGD R VLTXLHUD PHQFLRQDGD VH SXHGH GHFLU WDPELpQ TXH VH WUDWD GH XQ FDVR
FDUDFWHUtVWLFR

GH

IDOVD

LPSODQWDFLyQ

$GHPiV HO ILOP VH KD GHVDUUROODGR FRPR XQD ODUJD SUHSDUDFLyQ GHMDQGR HVSHUDU XQ
GHVDUUROOR\HVHGHVDUUROORILQDOVHGHVSDFKDGHFXDOTXLHUPDQHUD
&LHUWRV ILOPV FX\R ILQDO KD FRQRFLGR SUREOHPDV FRQ OD FHQVXUD R FRQ SURGXFWRUHV R
GLVWULEXLGRUHVDODUPDGRVSRUVXGXUDFLyQVHYHQDYHFHVOOHYDGRVDWHUPLQDUHQDJXD
GH ERUUDMDV HQ FRQWUD GHO SUR\HFWR LQLFLDO SHQVHPRV HQ OD YHUVLyQ GLVWULEXLGD HQ ODV
VDODV FRPHUFLDOHV GH +HDYHQ
V *DWH GH 0LFKDHO &LPLQR HQ OD TXH GHVSXpV GH ODUJDV
SUHPLVDVXQQ~PHURFRQVLGHUDEOHGHDFRQWHFLPLHQWRVVHDFXPXODQDOILQDOGHVSXpVGH
LPSRUWDQWHVFRUWHV
7HQHU \ QR WHQHU SUHVHQWD XQ ILQDO HQ DJXD GH ERUUDMDV GHWHQLpQGRVH GH PRGR
LQVROHQWH DQWHV GH OD PLVLyQ SHOLJURVD SRU OD TXH VH HPEDUFDQ ORV KpURHV \ GHMDQGR
DELHUWDVLQUHVROYHUODODFXHVWLyQGHOGHVWLQRTXHHVSHUDDORVPDORVFDSWXUDGRV
F(OGHVHQODFHYLHQHGHPDVLDGRWLHPSRGHVSXpVGHOFOLPD[
(VWH FDVR SXHGH SUHVHQWDUVH FXDQGR GHVSXpV GHO SXQWR FXOPLQDQWH GH OD HPRFLyQ VH
WRPD HO WLHPSR GH GHVKDFHU FRQ PXFKD SDFLHQFLD WRGRV ORV KLORV GH OD LQWULJD $
5DFLQH\DVHOHKL]RHVDFULWLFDFRQUHVSHFWRDOGHVHQODFHGH VX%ULWDQQLFXV6HJ~QORV
FUtWLFRV OD REUD QR KXELHUD GHELGR VHJXLU WDQWR WLHPSR GHVSXpV GH OD PXHUWH GHO
SURWDJRQLVWD (Q FXDQWR D PL VH UHILHUH OHV FRQWHVWD 5DFLQH VLHPSUH KH HQWHQGLGR
TXH VLHQGR OD WUDJHGLD OD LPLWDFLyQ GH XQD DFFLyQ FRPSOHWD DTXt FLWD ODV SURSLDV
SDODEUDV GH $ULVWyWHOHV HQ OD TXH YDULDV SHUVRQDV FRQFXUUHQ GLFKD DFFLyQ QR HVWi
DFDEDGD VLQ TXH VH VHSD HQ TXp VLWXDFLyQ GHMD D HVDV PLVPDV SHUVRQDV (O DXWRU GH
3KqGUH DOHJD GH DOJ~Q PRGR XQD HVSHFLH GH SD\ RII UHVROXFLyQ VROXFLRQDU DOJR
GHWRGRVORVHOHPHQWRVSXHVWRVHQIXQFLRQDPLHQWRHQODREUD
G(OGHVHQODFHUHTXLHUHH[SOLFDFLRQHVGHPDVLDGRGLILFXOWRVDV
(V HOFDVRPX\SDUWLFXODUGHODDFFLyQTXHLPSOLFDXQPLVWHULRPX\GHQVRXQHQLJPD
XQHIHFWRWHDWUDOPX\IXHUWH(VWHHVHOUHSURFKHTXHVHKL]RDOGHVHQODFHGH3VLFRVLV
GH+LWFKFRFNHQHOTXHVHH[SOLFDQ\UDFLRQDOL]DQWRGRVORVPLVWHULRVTXHKDQOOHYDGRD
OD LQWULJD \ QRV KDQ KHFKR FUHHU HQ OD H[LVWHQFLD GH OD PDGUH FULPLQDO HQ HO ODUJR
PRQyORJR GH XQ SVLTXLDWUD 'HVGH QXHVWUR SXQWR GH YLVWD HVWH IDOOR QR PDQFLOOD HQ
DEVROXWR OD IXHU]D \ OD EHOOH]D GHO ILOP SHUR HV FLHUWR TXH PXFKRV HVSHFWDGRUHV
FRQVLGHUDQ SHVDGD OD H[SOLFDFLyQ ILQDO WDQWR PiV FXDQWR HV DVXPLGD SRU XQ
SHUVRQDMH FRPSOHWDPHQWH QXHYR TXH DSDUHFH UHSHQWLQDPHQWH HQ OD LQWULJD (V
HYLGHQWHTXH+LWFKFRFN KDSUHIHULGRGHMDUSDVDUFRQIXHU]D\ HQEORTXH VXH[SOLFDFLyQ
ILQDO HQ YH] GH GLOXLUOD HQ XQD VHULH GH HVFHQDV PiV OLJHUDV SHUR PiV ODUJDV TXH
KDEUtDQDWDVFDGRHOILQDOGHOILOPGHVSXpVGHOFOLPD[HQXQDLQWHUPLQDEOHFRGD



'(69,$&,1

/DGHVYLDFLyQHQHOWUDQVFXUVRGHXQUHODWR\HQUHODFLyQFRQODLGHDLQLFLDOGHVYLDFLyQ
GHXQSHUVRQDMHFHQWUDODRWURGHXQWHPDRXQFHQWURGHLQWHUpVDRWURSXHGHVHUXQ
GHIHFWR(QODPD\RUtDGHORVFDVRVHVHOUHVXOWDGRLQYROXQWDULRGHXQDDFXPXODFLyQGH
GHWDOOHV TXH KDFHQ SHUGHU GH YLVWD OR TXH HVWi HQ MXHJR HO WHPD SULQFLSDO \ TXH
SXHGHQKDFHUOHWRPDUXQVHQWLGRFRQWUDULR\QXHYR
(VWD GHVYLDFLyQ SXHGH VHU YROXQWDULD SRU HMHPSOR HQ 3VLFRVLV GH +LWFKFRFN TXH
5D\PRQG %HOORXU KD DQDOL]DGR PX\ ELHQ FRPR HMHPSOR GH UHODWR TXH LQIULQJH
GHOLEHUDGDPHQWH OD UHJOD FOiVLFD VHJ~Q OD FXDO HO ILQDO GHEH UHVSRQGHU DO FRPLHQ]R
(IHFWLYDPHQWH HO ILOP HPSLH]D FRPR OD KLVWRULD GH XQD ODGURQD VLPSiWLFD 3HUR pVWD
PXHUHDOFDERGHFXDUHQWDPLQXWRVSRUUD]RQHVTXHQDGDWLHQHQTXHYHUFRQHOURER\
HOFHQWURGHLQWHUpVGHOILOPVHGHVSOD]DKDFLDHOMRYHQTXHUHJHQWDHOKRWHOGRQGHHOOD
KDVLGRDVHVLQDGD
/D GHVYLDFLyQ \ HO FDPELR GH REMHWR HV WDPELpQ HO SRVWXODGR GH XQ JXLRQLVWD FRPR
-HDQ&ODXGH &DUULpUH FRQ /
$OOLDQFH GH &KULVWLDQ &KDORQJH DO SULQFLSLR VH WUDWD GH OD
YLGD SULYDGD GH XQD SDUHMD \ GH XQ HQLJPD HQ IRUPD GH KDUHQJVDXU VREUH OD YLGD
VHQWLPHQWDOGHOKpURH$OILQDOVHWUDWDGHOILQGHOPXQGR
(O DXWRUUHDOL]DGRU 5D~O 5XL] VH KD LPSXHVWR FRPR SULQFLSLR HO FRQWDU KLVWRULDV TXH QR
FHVHQ GH GHVYLDUVH DO WLHPSR TXH VH YXHOYHQ D FHQWUDU SHULyGLFDPHQWH HQ WRUQR D VX
REMHWLYRSULQFLSDOFRPRHQ/HVWURLVFRXURQQHVGXPDWHORWR(O'HVWLQRGH0DQ|HO


O(;3/,&$7,92',/2*2

(VWH GHIHFWR DO TXH VH H[SRQHQ WRGDV ODV DUWHV GUDPiWLFDV GH LPLWDFLyQ GUDPD
WHDWUR \D KDEtD VLGR VHxDODGR SRU $ULVWyWHOHV HQ VX 3RpWLFD HO GLiORJR HV H[SOLFDWLYR
FXDQGRORVSHUVRQDMHVVHVLUYHQGHpORVWHQVLEOHPHQWHSDUDFRPXQLFDULQIRUPDFLRQHVDO
S~EOLFRPiVTXHSDUD KDEODUHQWUH VtFXDQGRHVWHGLiORJRQR HVWiHQVLWXDFLyQQR
HVYLYRSODXVLEOHSHURFRUUHVSRQGHDODFRPRGLGDGGHOGUDPDWXUJR
(VWHGHIHFWRHVHOTXHPDUFDODGLIHUHQFLDHQWUHJpQHURVQDUUDWLYRVFRPRODQRYHODHQ
OD TXH VLHPSUH VH SXHGH FRQWDU ; PDULGR GH < SODQHDED PDWDU DO DPDQWH GH VX
PXMHU \ ORV JpQHURV GH PtPHVLV HQ ORV TXH XQR QR VH SXHGH FRQIRUPDU HQ KDFHU
GHFLU D ; <R HVSRVR GH < TXLHUR PDWDU D VX DPDQWH \ HQ HO TXH KD\ TXH
GUDPDWL]DUWRGDVHVWDVFRVDV
(YLGHQWHPHQWH HV HQ OD H[SRVLFLyQ GHO ILOP TXH GHEH GDU HQ SRFR WLHPSR XQ Q~PHUR
GHLQIRUPDFLRQHVQXHYDVDOHVSHFWDGRUGRQGHODWHQWDFLyQGHOGLiORJRH[SOLFDWLYRHVOD
PiVIXHUWH

'H HVH PRGR FLWDUHPRV GLYHUVDV UHIOH[LRQHV WtSLFDV KHFKDV SRU 0L]RJXFKL D VX
JXLRQLVWD<RGDVREUHHOJXLyQGH8JHWVX0RQRJDWDULHQIDVHGHHVFULWXUDSDUDHYLWDU
FXDOTXLHU GLiORJR TXH FRPHQWH OD DFFLyQ FUHR TXH KDEUtD TXH FUHDU XQD JHVWXDOLGDG
HQUDL]DGD HQ HO FDUiFWHU SURIXQGR GH ORV SHUVRQDMHV  (Q OD HVFHQD GH OD EDUFD HQ
HO ODJR HO GLiORJR VLHPSUH HV GHPDVLDGR H[SOLFDWLYR (Q RWUR PRPHQWR ODV
SDODEUDVYR\DPDWDUOHGHEHQVHUVXVWLWXLGDVSRUXQJHVWRDPHQD]DGRU<WDPELpQ
(UURU GH JpQHUR \R TXH VR\ HO UH\ FRPR \D VDEHV /D EDWDOOD SDUHFH KDEHU
HPSH]DGR IUDVH TXH FDUHFH GH WHQVLyQ (O TXH SURQXQFLD HVWD IUDVH VDEH TXH OD
EDWDOOD\DKDHPSH]DGR0L]RJXFKLSURSRQHTXHVHSRQJDHQVXOXJDUXQDHVFHQDGH
LQFHQGLR < SRU ~OWLPR (V QHFHVDULR TXH ODV SDODEUDV \ ORV JHVWRV FRUUHVSRQGDQ
H[DFWDPHQWH D ORV VHQWLPLHQWRV GH ORV SHUVRQDMHV  6H QHFHVLWD HPRFLyQ QR XQ
FRPHQWDULR&DKLHUVGXFLQpPD6SpFLDO0L]RJXFKL


)$/6$6,03/$17$&,21(6

/DIDOVDLPSODQWDFLyQIDOVHSODQWHVHOHVWDEOHFLPLHQWRGHXQDFRVDQRXWLOL]DGD
&RQVLVWH HQ FRORFDU XQ HOHPHQWR SHUVRQDMH PLVWHULR GHWDOOH TXH GHVSXpV QR VH
XWLOL]D\QROOHJDDOGHVHQODFHFXDQGRODPDQHUDFRQODTXHKDVLGRLQWURGXFLGRSRGUtD
GDUDHQWHQGHUTXHKXELHUDOOHJDGRDMXJDUFLHUWRSDSHOPiVWDUGH
(O IDOVH SODQW SXHGH VHU WDPELpQ HQ DOJXQRV FDVRV XQ KDUHQJVDXU TXH QR
IXQFLRQD \ HQ HO TXH VH YH VREUH WRGR XQ IDOOR \ QR XQD KiELO WDSDGHUD 7DPELpQ
SXHGHVHUHOUHVXOWDGRGHXQROYLGRRGHODSHUH]DGHOJXLRQLVWD3RUHMHPSORGHVFULEH
FRQ VXPR FXLGDGR OD WRSRJUDItD GH XQ DSDUWDPHQWR GHMDQGR HQWHQGHU TXH GLFKD
WRSRJUDItD YD D WHQHU GHWHUPLQDGD IXQFLyQ HQ HO ILOP OXHJR UHQXQFLDQGR D OD HVFHQD
TXHXWLOL]DGHPRGRGUDPiWLFRHVWDWRSRJUDItDFRQVHUYDODGHVFULSFLyQSUHSDUDWRULD
TXH\DQRWLHQHIXQFLyQQLQLQJ~QLQWHUpVSURSLR


,19(526,0,/,78'

(O GHEDWH VREUH OR YHUGDGHUR \ OR YHURVtPLO HV \D PX\ YLHMR \ %RLOHDX OR UHVXPtD HQ
HVWRV WpUPLQRV -DPiLV DX VSHFWDWHXU Q
RIIUH] UtHQ G
LQFUR\DEOH /H YUDL SHXW



TXHOTXHIRLVQ
rWUHSDVYUDLVHPEODEOH

$UW3RpWLTXH,,,

(Q HIHFWR $ULVWyWHOHV GHFtD HQ VX 3RpWLFD TXH KD\ TXH SUHIHULU OR LPSRVLEOH TXH HV
YHURVtPLO3XHVHVYHURVtPLOTXHODVFRVDVRFXUUDQFRQWUDULDPHQWHDODYHURVLPLOLWXG

11

[N. de la T.]: Nunca ofrezcas al espectador algo increble/ Lo verdadero, algunas veces, puede no ser
verosmil

0RUDOHMD QR EDVWD FRQ TXH DOJR KD\D VXFHGLGR UHDOPHQWH SDUD TXH VH DGPLWD LSVR
IDFWR HQ XQD KLVWRULD VL SDUHFH LQYHURVtPLO HQ OD DFXPXODFLyQ SRU HMHPSOR GH ODV
FRLFLGHQFLDV < ORV VXFHVRV DXWpQWLFRV QR GDQ QHFHVDULDPHQWH \ GH SRU Vt EXHQRV
JXLRQHV
6H SXHGH KDEODU GH LQYHURVLPLOLWXGHV GH FRPSRUWDPLHQWR FXDQGR ORV SHUVRQDMHV
KDFHQ R QR KDFHQ GHWHUPLQDGDV FRVDV $ HVWH UHVSHFWR OR TXH QR KDFHQ SXHGH
KDFHUORV WDQ LQYHURVtPLOHV FRPR OR TXH KDFHQ UHODPHQWH VREUH WRGR FXDQGR QR
FRPSUHQGHPRVSRUTXpQRVHGHFLGHQDKDFHUORTXHOHVSRQGUtDIXHUDGHSHOLJURYHU
4XpOHVLPSLGH"


-8(*2'(*

8Q ,GLRW 3ORW LQWULJD HVW~SLGD HV XQD KLVWRULD HQ OD TXH ORV SHUVRQDMHV GHEHQ
FRQGXFLUVH FRPR LPEpFLOHV SDUD TXH OD LQWULJD SXHGD GHVDUUROODUVH 3RU HMHPSOR OD
MRYHQ SURWDJRQLVWD HV VXILFLHQWHPHQWH HVW~SLGD FRPR SDUD DFHSWDU XQD FLWD FRQ XQ
LQGLYLGXR VRVSHFKRVR HQ XQOXJDU DLVODGR R ORV JiQVWHUV VXILFLHQWHPHQWH VXEQRUPDOHV
FRPRSDUD FUHHUDOGHWHFWLYHFXDQGRpVWHDILUPDTXHVHKDSDVDGRD VXEDQGR6HJ~Q
6ZDLQ TXH GD HVWRV GRV HMHPSORV HO PpWRGR SDUD HYLWDU HO LGLRW SORW FRQVLVWH HQ
KDFHU

HQ

FDGD

FDVR

OD

SUHJXQWD

VLJXLHQWH

SRUTXpORVSHUVRQDMHVKDFHQHVR"
6HJ~Q9DOH

$ PHQXGR XQ JXLRQLVWD VH YH REOLJDGR SRU ODV QHFHVLGDGHV GH OD KLVWRULD D
UHSDUWLU ODV DFFLRQHV TXH FRPSRQHQ OD SURSLD KLVWRULD HQWUH YDULRV SHUVRQDMHV
VLQ SUHVWDU DWHQFLyQ DOKHFKR GH TXH FDGD DFFLyQ UHYHOD XQD FDUDFWHUtVWLFD GHO
SHUVRQDMH

$ YHFHV GH WRGR HVWR UHVXOWD TXH XQ SHUVRQDMH HV REOLJDGR D WHQHU XQD UHDFFLyQ
SDUWLFXODUPHQWHGHVSURYLVWDGHLQWHOLJHQFLD\VHQVDWH]
(V HO GHIHFWR FRUULHQWH GH QXPHURVRV ILOPV PRGHUQRV TXH SUHWHQGHQ XQD HILFDFLD
LQPHGLDWDSDUDHVWDEOHFHUDSULPHUDYLVWDTXLpQHVVRQORVEXHQRV\TXLpQHVORVPDORV
VH HPSLH]D FRQ DFWRV GHPHQWHV \ JUDWXLWRV GH YLROHQFLD TXH GHPXHVWUDQ WDQWR OD
HVWXSLGH] GH ORV YHUGXJRV FRPR OD GH ODV YtFWLPDV TXH VH GHMDQ DWUDSDU 3RU HMHPSOR
HQ 6RXWKHUQ &RPIRUW GH :DOWHU +LOO TXH VH GHVDUUROOD HQ /RXLVLDQD SDUD MXVWLILFDU OD
SHUVHFXFLyQ GH OD TXH YDQ D VHU REMHWR HQ HO WUDQVFXUVR GHO UHODWR XQRV *XDUGLDV
1DFLRQDOHVVRQDUUDVWUDGRVSRUHOJXLyQDFRPSRUWDUVHGHPRGRQRVyORJUDWXLWDPHQWH
RGLRVR VDTXHDQGR HO SDtV PROHVWDQGR D VXV KDELWDQWHV VLQR WDPELpQ GpELOPHQWH
LPSUXGHQWH

(V GHPDVLDGR IiFLO SDUD HO JXLRQLVWD EDVDUVH HQ OD HVWXSLGH] TXH SUHVWD D VXV
SHUVRQDMHV \ VHU VXWLO D FRVWD VX\D 4XL]iV GHEHUtD WHQHU PiV DPRU SURSLR SDUD
GRWDUORVDWRGRVLQFOXVRDORVPDORVGHXQPtQLPRGHLQWHOLJHQFLD


32%5(=$'(/$+,6725,$

6HJ~Q7RP6WHPSHOODSREUH]DGHODKLVWRULDHQILOPVFRPR(OILQDOGHODFXHQWDDWUiV
GH 'RQ 7D\ORU R -XOLD GH )UHG =LQQHPDQQ FRQOOHYD PXFKD SDMD FRQ HVFHQDV QR
HVHQFLDOHVSDUDODDFFLyQHQ-XOLDSRUHMHPSORWLHQHFRPRFRQVHFXHQFLDODGLODFLyQGH
ODV HVFHQDV SVLFROyJLFDV HQWUH +DPPHWW LQWHUSUHWDGR SRU -DVRQ 5REDUGV \ -DQH
)RQGD LQWHUSUHWDQGR D /LOLDQ +HOOPDQQ HVFHQDV TXH QR DSRUWDQ QDGD D OD DFFLyQ
SURSLDPHQWHGLFKD
'HO PLVPR PRGR HQ 7LU JURXSp GH -HDQ&ODXGH 0LVVLDHQ OD KLVWRULD GHPDVLDGR
LQFRQVLVWHQWH REOLJD DO DXWRU D PHWHU PXFKR UHOOHQR FRQ HVFHQDV DPRURVDV HQ IODVK
EDFN HQWUH *pUDUG /DQYLQ \ 9pURQLTXH -HDQQRW (VDV HVFHQDV UHSHWLWLYDV \ HVWiWLFDV
HVWiQ GHVWLQDGDV DGHPiV D GDU FRQVLVWHQFLD D OD HVWUHOOD IHPHQLQD DVHVLQDGD DO
SULQFLSLRGHOILOP
&XULRVDPHQWHODSREUH]DGHODWUDPDHVWDPELpQXQGHIHFWRSURSLRGHPXFKRVFRUWRV
FRPR VL ORV DXWRUHVUHDOL]DGRUHV VXEHVWLPDVHQ OD FDQWLGDG GH DFFLyQ GH LQIRUPDFLyQ
GH PDWHULD JXLRQtVWLFD VXVFHSWLEOH GH FDEHU HQ  PLQXWRV \ TXL]iV WDPELpQ SRUTXH
ROYLGDQTXHXQFRUWRSXHGH\DYHFHVGHEHVHUPiVUiSLGRTXHXQODUJRPHWUDMHHQOD
PDQHUDGHOOHYDUXQDHVFHQD


)/2-('$'(67$1&$0,(172

+D\ LPSUHVLyQ GH IORMHGDG GH HVWDQFDPLHQWR VL WRGR HV GHPDVLDGR HVWiWLFR VL QRKD\
SURJUHVLyQ VL ODV RSRVLFLRQHV HQWUH ORV SHUVRQDMHV VRQ GHPDVLDGR GLIXVDV VL
GHWHUPLQDGDV VLWXDFLRQHV VRQ WUDWDGDV R HYRFDGDV GH PDQHUD FDVL LGpQWLFD HQ XQD R
YDULDV HVFHQDV VLQ XQD DSRUWDFLyQ DSUHFLDEOH GH XQD HVFHQD D RWUD GH HPRFLyQ
LQIRUPDFLyQ VRUSUHVD R WHQVLyQ 2 SRU ~OWLPR VL OD VXFHVLyQ GH ODV HVFHQDV QR HVWi
RUGHQDGDHQHOVHQWLGRGHXQDWHQVLyQGHXQDGLQiPLFDGHXQDSURJUHVLyQ
&RPR GLFH 0L]RJXFKL D VX JXLRQLVWD <RGD VREUH HO JXLyQ GH 8JHWVX 0RQRJDWDUL
&DKLHUV GX FLQpPD  /D VHFXHQFLD  XQ FDPSR GH EDWDOOD OD VHFXHQFLD 
FDPSHVLQRV WUDEDMDQGR  (QWUH HVWDV GRV VHFXHQFLDV QR KD\ UHODFLyQ GUDPiWLFD
$PEDVVRQFRPRHODFHLWH\HODJXD)DOWDWHQVLyQ

&RQ XQD UHDOL]DFLyQ \ XQD LQWHUSUHWDFLyQ PiV IORMDV 7HQHU \ QR WHQHU SRGUtD VHU IORMD
/DSURJUHVLyQGHOUHODWRQRHVFODUDODVRSRVLFLRQHVVRQGLIXVDVODVHVFHQDVVHUHSLWHQ
DPHQXGR
(QGRVRFDVLRQHVGHOILOPQRVHQFRQWUDPRVFRQXQSDWULRWDKHULGRVXPXMHUFXLGDQGR
GH pO \ GHVFRQILDQGR GH +DUU\ SULPHUR %HDXFOHUF \ VX PXMHU OXHJR GH %XUVDF \
+pOqQH /DHVFHQDGHOG~RHQWUH +DUU\ \0DULHGDODLPSUHVLyQGHXQYDLYpQFRQWLQXR
HOODYDDVXKDELWDFLyQpOYDDODGHHOODHOODYXOHYHDODGHpO(GG\VHHQFXHQWUDHQ
GRV RFDVLRQHV EDMR ODV JDUUDV GH 5HQDUG 0DULH VRUSUHQGH WUHV YHFHV D +DUU\ FRQ
+pOqQH \ FDGD YH] VLQ QLQJXQD YHUGDGHUD UD]yQ SDUD SRQHUVH FHORVD *pUDUG
OODPDGR )UHQFK\ YLHQH FRQWLQXDPHQWH D WUDHU QRWLFLDV \ SURSXHVWDV D +DUU\ +DUU\
UHFKD]DSRUGRVYHFHVHQORVPLVPRVWpUPLQRVVXSURSXHVWDHWF
(QRWURFRQWH[WR\VLTXL]iVDSRUWDVHQXQDYHUGDGHUDSURJUHVLyQHVWRVHIHFWRVGHHFR
\GHUHSHWLFLyQSRGUtDQVHUIHOLFHV\DXPHQWDUODWHQVLyQ$TXtGDQPiVELHQLPSUHVLyQ
GHGHMDGH]<FUHHPRVLQFOXVRTXHORVDXWRUHV)XUWKPDQ)DXONQHU\+DZNVHUDQPX\
FRQVFLHQWHV GH HVH DVSHFWR UHODMDGR \ TXH HQFDX]DURQ HO ILOP YROXQWDULDPHQWH HQ
HVH VHQWLGR GHO PLVPR PRGR TXH GHVDUUROODQ ORV Q~PHURV PXVLFDOHV GH +RDJ\
&DUPLFKDsOTXHQRKDFHQSURJUHVDUSDUDQDGDODDFFLyQ\VHUtDQPiVELHQSHOLJURVRV
HQ

XQ

ILOP

SROLFtDFR

/D VHQVDFLyQ GH IORMHGDG SXHGH YHQLU GH XQ JXLyQ TXH GHMD SDVDU VLQ XWLOL]DUODV ODV
SRVLELOLGDGHV GH VXVSHQVH \ GH UHODQ]DPLHQWR GH OD DFFLyQ TXH HVFRQGH 8Q HMHPSOR
GDGRSRU0DUF&KHYULHDSURSyVLWRGH/HV6SpFLDOLVWHVGH3DWULFH/HFRQWH

&XDQGR KDQ UREDGR XQ FRFKH \ GHEHQ OOHQDU HO GHSyVLWR VLQ WHQHU ODV OODYHV \
TXHXQRGHHOORVGLFHDOKRPEUHGHODJDVROLQHUDTXHHVWiDELHUWRDOWLHPSRTXH
WHPH OR FRQWUDULR TXH ORV WUDLFLRQH HO KRPEUH DEUH  LQPHGLDWDPHQWH HO
GHSyVLWRVLQTXHHOUHODWRSUHSDUHQLQJ~QVXVSHQVH/
(QMHX6FpQDULR


3(5621$-(6'()(&726(1/$87,/,=$&,1'(/26

&LWHPRVDOJXQRVGHIHFWRVSRVLEOHVHQODGHILQLFLyQRHQODXWLOL]DFLyQGHORVSHUVRQDMHV
D 3HUVRQDMHVPDULRQHWDV R SRUWDYRFHV TXH WUDQVPLWHQ XQ PHQVDMH R SDODEUDV GHO
DXWRUVLQTXHDSHQDVHVWpQGRWDGRVGHYLGDSURSLD
E 5HDFFLRQHV LQDGHFXDGDV 1R UHDFFLRQDQ EDVWDQWH FRQ UHVSHFWR D OD PDQHUD HQ OD
TXH KDQ VLGR GHILQLGRV 2YHUUHDFWLRQ UHDFFLRQDQ FRQ H[DJHUDFLyQ 6H DFRQVHMD
VREUH WRGR HYLWDU TXH HO SHUVRQDMH VHD GHPDVLDGR SDVLYR GHPDVLDGR SRU HQFLPD GH
ORVDFRQWHFLPLHQWRVVDOYRVLHVWiGHILQLGRGHHVDPDQHUD
F6LPSOLVPRFXDQGRHOSHUVRQDMHHVHVTXHPiWLFR

G3HUVRQDMHVQRFRQIRUPHVFRQODPDQHUDHQTXHKDQVLGRGHILQLGRVPHQWDOLGDGWLSR
GH HGDG HWF $ULVWyWHOHV GDED HO HMHPSOR GH XQ MRYHQ TXH QR KDEOD FRPR XQ MRYHQ
GHODQFLDQRTXHQRKDEODFRPRXQDQFLDQR
H

&RQYHUVLyQ

UHSHQWLQD

HO

SHUVRQDMH

FDPELD

GH

DFWLWXG

GH

FUHHQFLD

GH

FRPSRUWDPLHQWR VLQ TXH HOOR KD\D VLGR SUHSDUDGR 7HQHPRV OD LPSUHVLyQ GH TXH HVWR
HVDOJRTXHSURFHGHPiVELHQGHOJXLRQLVWDTXHGHOSHUVRQDMHFX\DFRQYHUVLyQOHVDFD
GHDSXURV
I 3HUVRQDMH LPSUHYLVLEOH QR VH FRPSUHQGH VX OtQHD GH FRQGXFWD FRQVFLHQWH R
LQFRQVFLHQWH
J ,GLRW 3ORW HO SHUVRQDMH DFW~D FRQ GHELOLGDG SDUD IDFLOLWDU OD WDUHD GHO JXLRQLVWD
YHU-XHJRGHJ
K $XVHQFLD GH GLIHUHQFLDFLyQ HQWUH ORV SHUVRQDMHV VH SDUHFHQ GHPDVLDGR ORV
FDUDFWHUHV QR UHDFFLRQDQ EDVWDQWH XQRV HQ UHODFLyQ FRQ RWURV QR VH GHILQHQ OR
VXILFLHQWH PXWXDPHQWH SDUHFHQ LQWHUFDPELDEOHV (VWRV GHIHFWRV UDUD YH] VRQ HO
UHVXOWDGR GH XQD LQWHQFLyQ GLUHFWD GH XQ WUDEDMR HVSHFtILFR VREUH HO SHUVRQDMH $
PHQXGRVRQHOUHVXOWDGRGHXQWUDEDMRPLQXFLRVRVREUHODVSHULSHFLDVORVGLiORJRVOD
FRQVWUXFFLyQTXHROYLGDSODQWHDUVHODSUHJXQWDFyPRVHLQWHJUDHVHHOHPHQWRQXHYR
GH DFFLyQ SHULSHFLD GLiORJR HQ OD GHILQLFLyQ GHO SHUVRQDMH" \ FyPR YLHQH
HYHQWXDOPHQWH D UHIRU]DUOR R DO FRQWUDULR LQWHUIHULU HQULTXHFHUOR R SRU HO FRQWUDULR
HPSREUHFHUOR"


48e/(6,03,'("

(V OR TXH XQR VH SUHJXQWD FXDQGR YH DO SURWDJRQLVWD GHEDWLUVH HQ XQD GLILFXOWDG R XQ
GLVJXVWR GHO TXH QRV SDUHFH TXH OH VHUtD IiFLO VL DVt OR TXLVLHUD OLEHUDUVH
LQYHUVDPHQWHFXDQGROHYHPRVUHWUDVDUVLQQLQJXQDUD]yQDSDUHQWHODUHDOL]DFLyQGH
VXGHVHRUHXQLUVHFRQHOVHUDPDGRSRUHMHPSOR
$ PHQXGR WDPELpQ WHQHPRV OD LPSUHVLyQ GH TXH HO PDOHQWHQGLGR HQWUH ORV
SURWDJRQLVWDV TXH SURSRUFLRQD D OD LQWULJD VX UHVRUWH SULQFLSDO SRGUtD VHU IiFLOPHQWH
GHVHQUHGDGRFRQODD\XGDGHXQSHTXHxRHVIXHU]RGHVLQFHULGDG
9DOH H[SUHVD HVWH SUREOHPD GH OD PDQHUD VLJXLHQWH  XQ HUURU IUHFXHQWH HV
DTXHOTXHVHFRPHWH FXDQGRODIXHU]DTXHPDQWLHQHXQLGDVODVSDUWHV TXHVHUHSHOHQ
HV PiV GpELO TXH OD IXHU]D GH UHSXOVLyQ (Q RWUDV SDODEUDV SRU TXp ORV TXH VH
GHWHVWDQ QR VH KDFHQ VHQFLOODPHQWH XQD UHYHUHQFLD" < SRU TXp ORV TXH VH DPDQ VH
HPSHxDQHQDOLPHQWDUHVW~SLGRVPDOHQWHQGLGRV"
2WDPELpQHVWDSUHJXQWDHQORVILOPVGHVXVSHQVHSRUTXpORVSURWDJRQLVWDVQRYDQ
VHQFLOODPHQWHDYHUDODSROLFtDFXDQGRVRQSHUVHJXLGRVSRUORVPDORVRVRQYtFWLPDV
GH XQ PDOHQWHQGLGR" +LWFKFRFN UHVSRQGtD D HVWD FUtWLFD FRQ PXFKR LQJHQLR SRUTXH
DVt FRQVLJXHV HVFHQDV DEXUULGDV 3HUR DO PLVPR WLHPSR VH SUHRFXSDED SRU

HVWDEOHFHU FXLGDGRVDPHQWH FRQ YLVWDV DO HVSHFWDGRU OD LPSRVLELOLGDG GH DYLVDU R
FRQYHQFHUDODSROLFtD
(O ,QWHQGHQWH 6DQVKR QR FRPHWH QLQJ~Q IDOOR D HVWH UHVSHFWR 'H LQPHGLDWR VH
HVWDEOHFH SDUD HO HVSHFWDGRU OD GLILFXOWDG TXH WLHQHQ ORV QLxRV YHQGLGRV FRPR
HVFODYRVGHSRGHUHVFDSDUVHHVFHQDHQODTXHVRQPDUFDGRVDOKLHUUR\UHXQLUVHFRQ
VX PDGUH OD UpSOLFD GH 7DUR VREUH HO YLDMH GHPDVLDGR ODUJR SDUD OOHJDU D OD LVOD GH
6DGR
(Q FRQVHFXHQFLD VH SXHGH WHQHU LQWHUpV HQ HVWDEOHFHU \ D YHFHV UHFRUGDU DO
HVSHFWDGRU FRQ SUHFLVLyQ OD LPSRVLFLyQ TXH PDQWLHQH UHXQLGRV ORV HOHPHQWRV HQ
OXFKDRSRUORFRQWUDULRHOREVWiFXORTXHVHSDUDDORVTXHLQWHQWDQUHXQLUVH


35(9,6,1()(&72'(

6H KDEOD GH HIHFWR GH SUHYLVLyQ HQ LQJOpV OLWHUDOPHQWH WHOHJUDSK\ SDUD
FDUDFWHUL]DUXQHIHFWRGHVRUSUHVDGHPLHGRRXQJDJGHVDFWLYDGRSRUTXHVHYHYHQLU
GH DQWHPDQR (Q ER[HR VH GLFH TXH VH PDQGDQ SRU WHOpIRQR R SRU WHOpJUDIR ORV
JROSHV VL VH GHMD SUHYHU SRU GyQGH VH YD D DWDFDU (O DGYHUVDULR SXHGH HQWRQFHV
SUHSDUDU VX GHIHQVD +HUPiQ KDEOD GH HIHFWRV SRU WHOpIRQR FRPR GH XQD IDOWD
PD\RU TXH HVWURSHD PXFKDV KLVWRULDV GH VXVSHQVH $FRQVHMD  3ODQW ZLWKRXW
WHOHJUDSKLQJ HV GHFLU HVWDEOHFHU ORV HOHPHQWRV GH OD KLVWRULD VLQ GHMDU SUHYHU HO XVR
TXHGHHOORVVHKDUiQ
(ODUWHGHOJXLRQLVWDORKHPRVGLFKRHQRWUROXJDUFRQVLVWHHQMXJDUFRQODDQWLFLSDFLyQ
GHOS~EOLFR\DOPLVPRWLHPSRKDFHUODIUDFDVDU
(Q FRQVHFXHQFLD HO WHOHJUDSKLQJ HV HQ SULQFLSLR XQ GHIHFWR HQ HO PDQHMR
YROXQWDULRRQRGHODDQWLFLSDFLyQ3HURWDPELpQVHSXHGHVDFDUGHHOORWRGRXQHVWLOR
VREUH WRGR HQ ORV ILOPV FyPLFRV (O WiQGHP /DXUHO \ +DUG\ KD FUHDGR XQ QXHYR \
VXSUHPRHVWLOREXUOHVFRKDFLHQGRSUHYHUH[WHQVDPHQWHORVHIHFWRVGHJDJ
3DUD KDFHU SUHYHU VXV HIHFWRV FLHUWRV ILOPV GH DQJXVWLD R WHUURU HQ ORV TXH HO
HVSHFWDGRU HVWi FRQWLQXDPHQWH FRORFDGR HQ SRVLFLyQ GH SRGHU DQWLFLSDU VH YHQ
DUUDVWUDGRVDFUHDUGLYHUVLRQHV\IDOVDVSLVWDVHVGHFLUHIHFWRVIDOVRVGHSUHYLVLyQTXH
GHVSLVWDQ OD HVSHUD GHO HVSHFWDGRU DO WLHPSR TXH OR SUHSDUDQ 6H ODV DUUHJODQ SRU
HMHPSOR SDUD TXH HO HVSHFWDGRU VH SUHSDUH SDUD XQD UHYHODFLyQ LPSUHVLRQDQWH ]RRP
VREUHXQDSXHUWDFHUUDGDP~VLFDHWF\OXHJRVHPXHVWUDTXHQRHUDQDGDXQJDWR
TXH VH SDVHDED 5LVDV GH DOLYLR GHO HVSHFWDGRU TXH LQFOXVR VH UtH GH OD IDFLOLGDG GH
GLFKRV SURFHGLPLHQWRV \ HQWRQFHV HV FXDQGR HQ HO PRPHQWR PiV GHVSUHYHQLGR HO
ILOPDSURYHFKDSDUDDWDFDUORPiVGXUDPHQWHFRQXQDGHVFDUJDXQFKRTXH
(VWHSURFHGLPLHQWRHQGRVWLHPSRVPX\IUHFXHQWHLPSOLFDTXHHOJXLyQQRVGHMDFUHHU
SULPHURHQXQHIHFWRGHSUHYLVLyQSDUDGHVSXpVKDFHUFDHUPHMRUHQODWUDPSD



$*8-(526

+D\DJXMHURV\DJXMHURV(IHFWLYDPHQWHKD\TXHGLVWLQJXLUORVDJXMHURVHQODKLVWRULD
\ORVGHODWHQVLyQGUDPiWLFD
/RV DJXMHURV GH OD KLVWRULD VRQ HUURUHV ODJXQDV R LQFRQVHFXHQFLDV LQH[SOLFDGDV HQ OD
FRQWLQXLGDG\ODOyJLFDGHODDFFLyQ
3RU HMHPSORHQODYHUVLyQ%GHO7HVWDPHQWRGHO'RFWRU0DEXVHHOLQVSHFWRU/RKPDQQ
JULWDDOYHUDSDUHFHUDOKpURHFRPSOHWDPHQWHPRMDGR3HURVLHV.HQW3HURQDGD
HQ HVWD YHUVLyQ KD HVWDEOHFLGR DQWHULRUPHQWH TXH OR FRQR]FD (Q OD YHUVLyQ $ PiV
FRPSOHWD XQD UpSOLFD GH /LO\ FROPD HVH DJXMHUR HVWDEOHFLHQGR ODV UHODFLRQHV HQWUH
.HQW\/RKPDQQ
6HJ~Q+HUPDQYORVVWRU\KROHVDJXMHURVGHODKLVWRULDVRQHOUHVXOWDGRGHXQD
SHUH]DSRUSDUWHGHOJXLRQLVWDTXHFUHD HQFDGHQDPLHQWRVLOyJLFRV\ODJXQDUHV&LWD
OD WtSLFD SUHJXQWD TXH XQR VH SXHGH KDFHU D OD VDOLGD GH FLHUWRV ILOPV 4Xp OH KD
SRGLGR RFXUULU D HVH GLYHUWLGR KRPEUHFLWR TXH OH KD YHQGLGR HO FRQHMR D -RH" R
3HUR \R FUHtD TXH ; HUD 7DPELpQ VH SXHGH FLWDU HQ 7KH ELJ VOHHS GH +DZNV \
)DXONQHU VREUH XQD QRYHOD GH &KDQGOHU HVWD SUHJXQWD 3HUR DO ILQDO TXLpQ KD
PDWDGR DO FKyIHU" (O JXLRQLVWD FRQItD GLFH pO TXH QDGLH VH DFRUGDUi DO ILQDO GHO ILOP
GH TXH -RKQQ\ KD SHUGLGR VX UHYyOYHU HQ OD SULPHUD SDUWH HQWRQFHV SRU TXp
SUHRFXSDUVHVLVHVLUYHGHpODOILQDO"
(O DJXMHUR GH JXLyQ R DJXMHUR GH OD KLVWRULD SXHGH QR VHU ORFDOL]DGR FRPR WDO SRU HO
HVSHFWDGRU DO WLHPSR TXH OH GHMD XQD LQVDWLVIDFFLyQ GLIXVD $GHPiV HV XQ
SURFHGLPLHQWRTXHVHFRQVLGHUDPX\SRFRHOHJDQWHSRUSDUWHGHOJXLRQLVWD
6HJ~Q+HUPDQSDUDHYLWDUDJXMHURVGHODKLVWRULDVHUtDQHFHVDULR
UHODFLRQDUORVKLORVGLVSHUVRVGHODLQWULJD
H[SOLFDU ODV DXVHQFLDV GH SHUVRQDMHV FRPR HQ HO FDVR GH 3DXOLQH HQ OD TXH ODV
DXVHQFLDV WHPSRUDOHV GH 0DULRQ GH 6\OYDLQ GH +HQUL QHFHVDULDV SDUD OD LQWULJD VH
H[SOLFDQSRUDGHODQWDGRRDSRVWHULRUL
MXVWLILFDUODVHQWUDGDV\VDOLGDVGHORVSHUVRQDMHVHQYH]GHOSDVDEDSRUDTXt
PRWLYDUODVFRLQFLGHQFLDV
HYLWDUODVFRQWUDGLFFLRQHVHQWUHORVDFRQWHFLPLHQWRV
(Q 3RXU FHQW EULTXHV W
DV SOXV UtHQ GH (GRXDUG 0ROLQDUR KD\ XQD JUDQ LQFRKHUHQFLD
GHELGD D OD SHUH]D GHO JXLRQLVWD 'RV FRPSLQFKHV LQWHUSUHWDGRV SRU 'DQLHO $XWHXLO \
*pUDUG-XJQRWFRQDVSHFWRGHVLPSOHVFOLHQWHVYDQDRMHDUODVXFXUVDOGHXQEDQFR
TXH SUR\HFWDQ UREDU (O GLUHFWRU GH OD VXFXUVDO ORV YH MXQWRV HQ HVD RFDVLyQ &XDQGR
PiV DGHODQWH DWUDFDQ HO EDQFR $XWHXLO VH KDFH SDVDU SRU XQ VLPSOH FOLHQWH PLHQWUDV
TXH -XJQRW VRVWLHQH OD DPHWUDOODGRUD HO GLUHFWRU ORV YH RWUD YH] D FDUD GHVFXELHUWD \
QR VH OH RFXUUH QL XQPRPHQWR UHODFLRQDUORV VLJXH WRPDQGR D $XWHXLO SRU XQ FOLHQWH

QRUPDO3RGUtDPRVGHFLUTXHDTXtVHWUDWDGHXQWtSLFRLGLRWSORWSHURPiVTXHHVR
KD\XQDWRWDOLQFRKHUHQFLD
+D\ TXH FRQIHVDU TXH SRFRV JXLRQHV VRQ LUUHSURFKDEOHV EDMR HVWH DVSHFWR 0DEXVH
DFXPXODDXGD]PHQWHPXFKRVDJXMHURVGHODKLVWRULD\GHHOORVVDFDLQFOXVRPXFKRGH
VX IXHU]D SHUR QR WRGR HO PXQGR VDEH LPLWDU HVH HMHPSOR +LWFKFRFN UHFXHUGD GH
PRGR PX\ SHUWLQHQWH D WUDYpV GH VXV ILOPV \ HQ VXV GHFODUDFLRQHV TXH OOHQDU ORV
DJXMHURV GH OD KLVWRULD HTXLYDOH D FUHDU RWURV HQ OD FRQWLQXLGDG GUDPiWLFD HV GHFLU
WLHPSRV PXHUWRV GH H[SRVLFLyQ 'D HO HMHPSOR GHO SHUVRQDMH GH OD DQFLDQD RUQLWyORJD
FRQ OD TXH ORV SURWDJRQLVWDV GH /RV SiMDURV VH HQFXHQWUDQ HQ XQ EDU HQ HO SUHFLVR
PRPHQWRHQTXHORVSiMDURVDWDFDQODFLXGDG'LFHTXHVLKXELHUDQTXHULGRH[SOLFDUOD
SUHVHQFLD GH OD RUQLWyORJD WHQGUtDQ TXH KDEHU SURGXFLGR XQ DJXMHUR HQ OD WHQVLyQ
GUDPiWLFDPHGLDQWHDEXUULGDVHVFHQDVH[SOLFDWLYDV
$TXt HV GyQGH LQWHUYLHQH HO DUWH GHO JXLRQLVWD DUWH GH OD HOLSVLV \ GHO LPSiV WDQWR
FRPR GH OD LQYHQFLyQ \ GH OD FRQVWUXFFLyQ 3RU OR GHPiV QR HV WRWDOPHQWH LPSRVLEOH
HYLWDUDODYH]DJXMHURVGHKLVWRULD\DJXMHURVGUDPiWLFRV




7(5&(5$3$57(

&$378/2;


/DVIRUPDVGHSUHVHQWDFLyQGHOJXLyQ

,GHD KLVWRULD 6LQRSVLV 2XWOLQH 7UDWDPLHQWR &RQWLQXLGDG GLDORJDGD
'HFRXSDJHWpFQLFR6WRU\ERDUGVFpQDULPDJH

$YLVDPRV DO OHFWRU GH XQD IUHFXHQWH FRQIXVLyQ OD IRUPD GH SUHVHQWDFLyQ GHO JXLyQ
QDGD WLHQH TXH YHU FRQ VX FRQWHQLGR QL FRQ VX HVWUXFWXUD GUDPiWLFD 1R HV PiV TXH
XQD HWDSD GH GHVFULSFLyQ \ GH UHGDFFLyQ GHO JXLyQ PiV R PHQRV GHWDOODGR \ TXH \D
SUHVHQWD R QR FLHUWRV WLSRV GH SUHFLVLRQHV VHJ~Q OD IXQFLyQ TXH GHED FXPSOLU ELHQ
VHDVRPHWHUHVHJXLyQDXQDFRPLVLyQDXQSURGXFWRUDXQUHDOL]DGRURDDFWRUHVGH
ORVTXHVHGHVHDXQDDSUREDFLyQELHQVHDSDUDTXHXQHTXLSRWpFQLFRUHDOLFHHOJXLyQ
ELHQVHDSDUDSHUPLWLU DOSURSLR UHDOL]DGRU VL HVHODXWRUR HOFRDXWRUTXHSUHSDUH HO
URGDMHRTXHSXHGDFRQFHELUVXILOP
(Q )UDQFLD HV FRVWXPEUH SUHVHQWDU HO JXLyQ EDMR OD IRUPD GH XQD FRQWLQXLGDG
GLDORJDGD DFRPSDxDGD GH XQD VLQRSVLV HVTXHPiWLFD GH DOJXQDV SiJLQDV HQ TXH VH
UHVXPHODKLVWRULDORVSHUVRQDMHVHOJpQHURODVLQWHQFLRQHV
(Q (VWDGRV 8QLGRV VH SUDFWLFDQ RWURV PRGRV GH SUHVHQWDFLyQ /D PD\RUtD GH ORV
PDQXDOHV DPHULFDQRV VREUH JXLRQHV GDQ FRQVHMRV PX\ FRQFUHWRV VREUH HO PRGR GH
SUHVHQWDU HO JXLyQ \ HO WLSR GH LQGLFDFLRQHV TXH GHEHQ ILJXUDU HQ pO 6LQ OOHJDU D
DFRQVHMDUFRPRDOJXQRVGHHOORVORKDFHQXQQ~PHURSUHFLVRGHSiJLQDVXQDPHGLGD
FRQFUHWD GH PDUJHQ HQ )UDQFLD QR KD\ QRUPDV HVWDEOHFLGDV UHFRUGHPRV TXH XQ
JXLyQVyORSRGUiVHUELHQOHtGRVLODVFRQGLFLRQHVVRQEXHQDVHVWiUHGDFWDGRFRQVXPR
FXLGDGR\SUHVHQWDGRFRQXQLQWHUOLQHDGRDPSOLR
(Q (VWDGRV 8QLGRV ODV IRUPDV GH SUHVHQWDFLyQ GHO JXLyQ SDUHFHQ PiV GLYHUVLILFDGDV
/RV QRPEUHV TXH OOHYDQ RXWOLQH VWHS RXWOLQH WUHDWPHQW QR VLHPSUH WLHQHQ
XQD WUDGXFFLyQ H[DFWD R HTXLYDOHQWH FRQFUHWR HQ QXHVWUR LGLRPD (QXPHUDPRV D
FRQWLQXDFLyQ ODV GLIHUHQWHV IDVHV GH SUHVHQWDFLyQ GHO JXLyQ GHVGH OD PiV HOHPHQWDO
KDVWDODPiVGHVDUUROODGD


,'($+,6725,$

5HFRUGHPRVTXHHVWDVGRVSDODEUDVLGHDHKLVWRULDWLHQHQXQDH[LVWHQFLDOHJDO(QXQ
ILOP VH SXHGH GHSRVLWDU UHLYLQGLFDU \ ILUPDU OD LGHD GH OD TXH VXUJH R OD KLVWRULD
HQ VXV JUDQGHV UDVJRV TXH FXHQWD /D KLVWRULD HV LQGHSHQGLHQWH GHO JXLyQ
SURSLDPHQWH GLFKR $ PHQXGR VH OODPD DGDSWDFLyQ HO WUDEDMR TXH FRQVLVWH HQ
GHVDUUROODUXQDKLVWRULDEDMRIRUPDGHJXLyQGHFLQHFRQVWUXLGR\GUDPDWL]DGR



6,1236,6

/D SDODEUD VLQRSVLV YLHQH GHO JULHJR \ SXHGH WUDGXFLUVH HWLPROyJLFDPHQWH SRU
TXH VH SXHGH UHFRUUHU GH XQ YLVWD]R (Q )UDQFLD VH XWLOL]D SDUD GHVLJQDU XQ EUHYH
UHVXPHQ GHO JXLyQ GH OD DFFLyQ \ GH ORV SHUVRQDMHV GH ODV LQWHQFLRQHV HQ GRV R WUHV
SiJLQDV PHFDQRJUDILDGDV 5HVXPHQ UHGDFWDGR QDWXUDOPHQWH HQ HVWLOR LQGLUHFWR \ VLQ
GLiORJRV
/RV DQJORVDMRQHV XWLOL]DQ OD SDODEUD VLQRSVLV SDUD GHVLJQDU XQ UHVXPHQ PXFKR PiV
FRUWR GH XQDV SRFDV OtQHDV R GLFKR GH RWUR PRGR XQ EULHI RXWOLQH XQ RXWOLQH
UHGXFLGR


287/,1(

7pUPLQR VLQ HTXLYDOHQWH HQ QXHVWUR LGLRPD DO LJXDO TXH OR TXH GHVLJQD HO RXWOLQH
HVER]R UHVXPHQ DUJXPHQWR HV XQ UHVXPHQ GHO JXLyQ HQ XQDV SRFDV SiJLQDV TXH
GHVFULEH OD KLVWRULD FRPSOHWD VLQ YDFtRV HVFHQD SRU HVFHQD 6ZDLQ GD DO RXWOLQH
XQDORQJLWXGGHDSiJLQDV9DOHDFRQVHMD
(O VWHS RXWOLQH DUJXPHQWR FRQWDGR SDVR D SDVR HV PiV FRQFUHWDPHQWH XQ
OLVWLQJ XQD VXFHVLyQ QXPHUDGD GH WRGDV ODV HVFHQDV SRU RUGHQ FRQ XQD IUDVH
UHVXPLHQGR OD DFFLyQ GHVDUUROODGD SDUD FDGD HVFHQD &LHUWRV DXWRUHV DFRQVHMDQ
UHGDFWDUHOVWHSRXWOLQHVREUHSHTXHxDVILFKDVLQGHSHQGLHQWHVXQDILFKDSRUHVFHQD
SDUDUHVXPLUEUHYHPHQWHODDFFLyQ\ORVGDWRVSHUVRQDMHVOXJDUPRPHQWRHWF(VWH
PpWRGR GH ILFKDV D PHQXGR DFRQVHMDGR SRU ORV PDQXDOHV SHUPLWH HQ SULQFLSLR
LQYHUWLUIiFLOPHQWHVLHVQHFHVDULRHORUGHQGHODVHVFHQDVDVtFRPRLQWHUFDODUQXHYDV
HVFHQDVRTXLWDURWUDVDPHGLGDTXHVHHODERUDHOJXLyQSHUPLWHWDPELpQFRQWURODUHO
SHUIHFWR HQFDGHQDPLHQWR OyJLFR \ GUDPiWLFR GH OD DFFLyQ YLJLODU OD IUHFXHQFLD GH ODV
DSDULFLRQHVGHORVSHUVRQDMHV\VXVGLIHUHQWHVFRPELQDFLRQHVHWF
6ZDLQ DFRQVHMD XWLOL]DU HO VWHS RXWOLQH FRQ ILFKDV FRPR PHGLR GH YHULILFDU HO
IXQFLRQDPLHQWRGHOJXLyQJUDFLDVDXQFKHFNOLVWGHSUHJXQWDVWLSRFXDOHVVRQPLV
HVFHQDV

SULQFLSDOHV"

(VWiQ

FRUUHFWDPHQWH

FRORFDGDV

\

HVSDFLDGDV"

&XDQGR

LQWHUYLHQHQPLVSHUVRQDMHV\ORKDFHQHQHOPRPHQWRDGHFXDGR"&DGDRXWOLQHXQLW
XQLGDGGHRXWOLQHRHVFHQDGHVFULEHFRUUHFWDPHQWHORTXHVHYH"4XHGDFODUR"
6HSXHGHQFRORFDUODVILFKDVVREUHSDQHOHVSDUDSRGHUWHQHUXQDYLVLyQJOREDOGDUOHV
FRORUHV GLIHUHQWHV VHJ~Q HO WLSR GH HVFHQD SDUD YHULILFDU SRU HMHPSOR OD IUHFXHQFLD \
HOULWPRGHODVHVFHQDVGHDFFLyQFRQUHVSHFWRDODVHVFHQDVSVLFROyJLFDV

3HUR PXFKDV YHFHV OD PHQWDOLGDG IUDQFHVD VLHQWH UHSXJQDQFLD HQ FXDQWR DO DUWH
GUDPiWLFRVHUHILHUHSRUWDOVLVWHPDWL]DFLyQ
(O RXWOLQH UHGDFWDGR GH FDER D UDER HQ YDULDV SiJLQDV GD FRPR HV QDWXUDO XQD
LPDJHQPX\VHFD\ODFyQLFDGHOJXLyQ6XIXQFLyQHVHVHQFLDOPHQWHSUiFWLFD


75$7$0,(172

'HOPLVPRPRGRTXHRXWOLQHTXHQRWLHQHHTXLYDOHQWHH[DFWRHQQXHVWURLGLRPDHO
WUHDWPHQWHVXQDIDVHPiVGHVDUUROODGDGHHODERUDFLyQ\GHUHGDFFLyQGHOJXLyQ6H
SXHGHGHILQLUFRPRXQDGHVFULSFLyQGHWDOODGDGHODDFFLyQGHOILOPHQFRQWLQXLGDGFRQ
SUREDEOHPHQWH XQD OtQHD RFDVLRQDO GH GLiORJR SHUR HQ OD PD\RUtD GH ORV FDVRV HQ
HVWLORLQGLUHFWR /RVWUHDWPHQWVDSDUHFLHURQ HQHOSHULRGRGHWUDQVLFLyQHQWUH HOFLQH
PXGR\VRQRURSDUDD\XGDUDORVJXLRQLVWDVTXHQRHVWDEDQDFRVWXPEUDGRVDOGLiORJR
VRQRURDKDFHUVHXQDLPDJHQFODUDGHODDFFLyQGHFDGDHVFHQD
6HJ~Q6ZDLQHOWUDWDPLHQWRHVXQUHVXPHQGHWDOODGRGHODLQWULJDGHWDLOHGVXPPDU\
RIWKHSORWFRQXQDH[WHQVLyQGHDSiJLQDVHVFULWRHQSUHVHQWH\HQWHUFHUD
SHUVRQD (O WUDWDPLHQWR GHEH LQFOXLU XQD GHVFULSFLyQ GH FDGD SHUVRQDMH LPSRUWDQWH
GHVGHODSULPHUDDSDULFLyQGHFDGDXQRGHHOORV
3RU VX SDUWH 9DOH GHILQH HO WUDWDPLHQWR FRPR XQD GHVFULSFLyQ QDUUDWLYD GHO JXLyQ
URGDGR TXH SXHGH FRQWHQHU PiV R PHQRV GLiORJRV \ TXH GHVDUUROOD HO RXWOLQH
H[WHQVLyQDFRQVHMDGDXQDVSiJLQDV
8QDDWURFLGDGGLFH6WHPSHODSURSyVLWRGHODSUiFWLFDGHOWUDWDPLHQWRTXHGHILQH
FRPR XQD GHVFULSFLyQ GH OD DFFLyQ HQ SURVD HQ SUHVHQWH VLQ GLiORJRV \ VLQ
GHVFULSFLyQ WpFQLFD GH OD IXWXUD UHDOL]DFLyQ 6HJ~Q pO GD XQD LPDJHQ VHFD \ IDOVD GHO
JXLyQ


&217,18,'$'',$/2*$'$

/DFRQWLQXLGDGGLDORJDGDHQ)UDQFLDHVHOJXLyQHQ VtDFDEDGR FRPRWDOHVGHFLUVLQ
LQFOXLU WRGDYtD VDOYR H[FHSFLyQ ODV LQGLFDFLRQHV GH GHFRXSDJH WpFQLFR ([FHSWR HVR
WRGR HVWi LQFOXLGR DFFLyQ GHVFULSFLyQ GH ORV SHUVRQDMHV \ GH ORV OXJDUHV GLiORJRV HQ
HVWLOR

GLUHFWR

/D FRQWLQXLGDG GLDORJDGD HVWi GLYLGLGD HQ HVFHQDV \ FDGD XQD GH HOODV SUHFHGLGD GH
LQGLFDFLRQHV FRPR ([WHULRU R ,QWHULRU 'LD R 1RFKH /XJDU GH OD DFFLyQ \ RWUDV
LQGLFDFLRQHVVXSOHPHQWDULDVVLVHTXLHUH

$ YHFHV HQ OD FRQWLQXLGDG GLDORJDGD OD SUHVHQWDFLyQ GHO JXLyQ VH KDFH HQ IRUPD GH
GRV FROXPQDV XQD D OD L]TXLHUGD SDUD WRGR OR YLVXDO DFFLRQHV REMHWRV \ VHUHV
YLVLEOHV OD RWUD D OD GHUHFKD SDUD WRGR OR VRQRUR GLiORJRV \ HIHFWRV VRQRURV
SDUWLFXODUHVQDWXUDOPHQWHQRVHLQGLFDUiQUXLGRVTXHVHGHULYHQGHODSURSLDDFFLyQ
FRQ H[FHSFLyQGHDTXHOORVTXHWHQJDQXQSDSHOGUDPiWLFRGLJQRGHVHUVXEUD\DGRXQ
FRORU R XQ WLPEUH HVSHFtILFRV HWF 3HUR HVWD GLVSRVLFLyQ HQ GRV FROXPQDV HV XQD
FRQYHQFLyQGHODTXHVHSXHGHSUHVFLQGLU
/D FRQWLQXLGDG GLDORJDGD IUDQFHVD FRUUHVSRQGH JURVVR PRGR D OR TXH HQ LQJOpV VH
OODPD PDVWHU VFHQH VFULSW 6WHPSHO GHILQH HVWH PDVWHU VFHQH VFULSW FRPR OD
GHVFULSFLyQ GH WRGDV ODV HVFHQDV VLQ LQGLFDFLyQ GH SODQRV R iQJXORV GH WRPD GH YLVWD
+HUPDQ FRPR OD HVFULWXUD GHO VFULSW FRQ GHVFULSFLRQHV DFFLRQHV GLiORJRV VLQ
LQGLFDFLyQ GHO WDPDxR GHO SODQR QL GH ORV iQJXORV GH WRPD GH YLVWD SUHFLVDQGR SDUD
FDGDHVFHQD,QWHULRUR([WHULRU'LDR1RFKH/XJDUGHODDFFLyQ6LQHPEDUJRHQXQD
FRQWLQXLGDG GLDORJDGD HO PRGR GH GHVFULELU OD DFFLyQ \D SXHGH VXJHULU LPSOtFLWDPHQWH
XQGHFRXSDJHFLQHPDWRJUiILFR6LVHGLFH;VHHVWUHPHFHVHVREUHHQWLHQGHXQSULPHU
SODQR GH VX URVWUR 7DPELpQ VH SXHGH SUHFLVDU = YLVWR SRU < HQ LQJOpV <
V 329
<
V SRLQW RI YLHZ +HUPDQ DxDGH TXH HO PDVWHU HVFHQH VFULSW WLHQGH D SDUWLU GH
HQODSURIHVLyQFLQHPDWRJUiILFDDVXSODQWDUHOXVRGHOVKRRWLQJVFULSWHVGHFLU
GHOGHFRXSDJHWpFQLFR
$xDGDPRV TXH OD FRQWLQXLGDG GLDORJDGD SXHGH VHU FRPSOHWDGD OLEUHPHQWH VHJ~Q HO
FDVRSDUWLFXODUGHFDGDILOP
SRUXQDELRJUDItDGHFDGDSHUVRQDMH
SRU XQ GHVDUUROOR VREUH HO FRQWH[WR VRFLDO JHRJUiILFR KLVWyULFR FRQRFLPLHQWR
QHFHVDULRSDUDODFRPSUHVLyQGHOJXLyQ
SRUXQSDSHOGHLQWHQFLRQHVVREUHHOWHPDHOFRQWHQLGRODLQVSLUDFLyQ
SRUPDSDVJUiILFRVGLEXMRVHWF



'(&283$*(7e&1,&2

(O GHFRXSDJH WpFQLFR VKRRWLQJ VFULSW QR HV PiV TXH OD FRQWLQXLGDG GLDORJDGD
HQULTXHFLGD FRQ WRGD FODVH GH LQGLFDFLRQHV SDUD HO URGDMH \ OD SXHVWD HQ HVFHQD OLVWD
GHO WDPDxR GH ORV SODQRV SULPHU SODQR SODQR FRUWR PHGLR ODUJR GH FRQMXQWR HWF
iQJXORV GH WRPD GH IUHQWH GH ODGR HQ SLFDGR HQ FRQWUD SLFDGR HWF PRYLPLHQWRV
GHFiPDUDHYHQWXDOHVSDQRUiPLFDVWUDYHOOLQJVKDFLDDGHODQWHKDFLDDWUiVHOHYDFLyQ
HWF PRYLPLHQWRV ySWLFRV ]RRPV KDFLD DGHODQWH KDFLD DWUiV UHODFLRQHV YLVXDOHV
VXFHVLyQ FXW R PHGLDQWH IXQGLGR IXQGLGRV HQ QHJUR DSHUWXUDV IXQGLGRV
HQFDGHQDGRV HWF WLSRV GH REMHWLYRV XWLOL]DGRV IRFDOHV ILOWURV HVSHFLDOHV HWF /RV
SODQRV HVWiQ GHVFULWRV HQ SULQFLSLR HQ RUGHQ \ QXPHUDGRV (V HYLGHQWH TXH VHJ~Q HO
PpWRGRDGRSWDGRSDUDODUHDOL]DFLyQVHJ~QODVFRQGLFLRQHVGHURGDMH\HOGHVWLQDWDULR

GHOVKRRWLQJVFULSWGLUHFWRUGHIRWRJUDItDVFULSWHWFXQGHFRXSDJHWpFQLFRHVPiV

RPHQRVQHFHVDULR\PiVRPHQRVFRQFUHWR
6HJ~Q 6ZDLQ OD UHGDFFLyQ GHO VKRRWLQJ VFULSW HUD WRGDYtD HQ ORV DxRV  \  HO
WUDEDMRGHOJXLRQLVWD\DTXHHOWUDEDMRGHOUHDOL]DGRUVHOLPLWDEDDGLULJLUDORVDFWRUHV
GXUDQWH HO URGDMH 'H HVH PRGR HO JXLRQLVWD UHVXOWDED VHU HO DXWRU SDUFMDO GH OD
UHDOL]DFLyQ 3DUDOHODPHQWH FRQ OD OOHJDGD GHO URGDMH HQ HVFHQDULRV QDWXUDOHV FRQ
PDWHULDO

PiV

OLJHUR

HO

VKRRWLQJ

VFULSW

SUHHVFULWR

KD

VLGR

VXSODQWDGR

SURJUHVLYDPHQWH SRU HO PDVWHU VFHQH VFULSW +R\ HQ GtD SHVH D FLHUWR UHWRUQR DO
URGDMH HQ HVWXGLR \ D ORV GHFRXSDJHV SUHGLEXMDGRV VWRU\ERDUG QXPHURVRV ILOPV
LQFOXLGRVORVGHJUDQSUHVXSXHVWRVHUXHGDQVLQGHFRXSDJHSUHHVWDEOHFLGR


6725<%2$5'6&e1$5,0$*(

(O VFpQDULPDJH WpUPLQR UHFLHQWHPHQWH SURSXHVWR SRU XQD &RPLVLyQ HQ SUR GHO
DIUDQFHVDPLHQWR GH ORV WpUPLQRV XWLOL]DGRV HQ PDWHULD DXGLRYLVXDO VLJXH XWLOL]iQGRVH
HQ )UDQFLD EDMR VX IRUPD LQJOHVD VWRU\ERDUG (O VWRU\ERDUG HV WRGDYtD PiV
HOHJDQWH GHFLU ERDUG VLPSOHPHQWH HV HO GHFRXSDJH WpFQLFR GHO ILOP QR VyOR
GHVFULWRFRQSDODEUDVVLQRWDPELpQUHSUHVHQWDGRYLVXDOPHQWHPHGLDQWHGLEXMRVPiVR
PHQRV HVTXHPiWLFRV GH FDGD SODQR FRPR HQ ORV FyPLFV (O VWRU\ERDUG VXSRQH
QDWXUDOPHQWH

OD

XWLOL]DFLyQ

GH

GHWHUPLQDGDV

FRQYHQFLRQHV

SDUD

LQGLFDU

ORV

PRYLPLHQWRV PRYLPLHQWRV GH SHUVRQDMHV PRYLPLHQWRV GH ySWLFD \ GH FiPDUD ORV
FDPELRV GH iQJXOR GH WRPD GH YLVWD HWF (VWDV FRQYHQFLRQHV VRQ YHUEDOHV WpUPLQRV
DEUHYLDGRVVLJODVRELHQYLVXDOHVIOHFKDVSXQWRVHWF
/RV VWRU\ERDUGV VH XWLOL]DQ JHQHUDOPHQWH SDUD ORV ILOPV FRQ HIHFWRV HVSHFLDOHV
IDQWiVWLFR FLHQFLDILFFLyQ HQ ORV TXH OD LPDJHQ ILQDO VHUi HO UHVXOWDGR GH FLHUWR
Q~PHUR GH WRPDV \ GH WUXFRV HIHFWXDGRV VHSDUDGDPHQWH SRU GLIHUHQWHV WpFQLFRV HQ
HVH PRPHQWR HV QHFHVDULR YLVXDOL]DU GH DQWHPDQR HO SODQR ILQDO TXH FRPELQDUi SRU
HMHPSORPDTXHWDVPXxHFRVDUWLFXODGRVDFWRUHVUHDOHVHWFDQWHVGHUHDOL]DUORHWDSD
SRU HWDSD 6H XWLOL]D WDPELpQ HO VWRU\ERDUG SDUD ILOPV GH FXDOTXLHU WLSR URGDGRV HQ
HVWXGLR HQ ORV TXH VH H[LJH XQ GHFRXSDJH GH PXFKD SUHFLVLyQ VSRWV SXEOLFLWDULRV
ILOPV SROLFtDFRV URGDGRV HQ HVWXGLR *DUGH j YXH GH &ODXGH 0LOOHU WHQtD XQ VWRU\
ERDUG D FDUJR GHO UHDOL]DGRU /DP/r 6L VH TXLHUH YHU TXp DVSHFWR WLHQH XQ VWRU\
ERDUG HV IiFLO HQFRQWUDU XQ PXHVWUHR HQ UHYLVWDV GH FLQH REUDV VREUH ORV HIHFWRV
HVSHFLDOHV\VREUHODWpFQLFDGHOFLQHHWF

%LEOLRJUDItD



D3ULQFLSDOHVREUDVFLWDGDV

(XJHQH9$/(7KHWHFKQLTXHRIVFUHHQSOD\ZULWLQJ$QDQDO\VLVRIGUDPDWLFVWUXFWXUH
RI PRWLRQ SLFWXUHV /D WpFQLFD GH OD HVFULWXUD GHO JXLyQ XQ DQiOLVLV GH OD HVWUXFWXUD
GUDPiWLFDGHOILOPSULPHUDHGLFLyQHQ HGLFLyQUHYLVDGDHQ\UHHGLWDGDHQ
*URVVHW\'XQODS6RXYHQLU3UHVV/WG/RQGUHV1XHYD<RUNSiJLQDV

680$5,2 ,QWURGXFFLyQ (O QXHYR PpGLXP H[FLWDQWH 3ULPHUD SDUWH /$ )250$
/HQJXDMH GHO ILOP IXHQWHV GH LQIRUPDFLyQ DPSOLDFLyQ \ FRPSRVLFLyQ OD HVFHQD
VHOHFFLyQ GH OD LQIRUPDFLyQ \ UHSDUWR GHO VDEHU OD QXHYD IRUPD 6HJXQGD SDUWH /$
&216758&&,1'5$07,&$&DUDFWHUL]DFLyQWUDQVLFLyQGHODVDFFLRQHVSHUWXUEDFLyQ
\ UHDMXVWH LQWHQFLRQHV SULQFLSDOHV H LQWHQFLRQHV VHFXQGDULDV LPSDFWR HQ HO S~EOLFR
7HUFHUD SDUWH /$ +,6725,$ 'H OD LGHD LQLFLDO D OD IRUPD ILQDO FyPR HQFRQWUDU HO
PDWHULDO SDUD XQD KLVWRULD LQWHOLJLELOLGDG YHURVLPLOLWXG LGHQWLILFDFLyQ HO FRQWHQLGR GH
OD KLVWRULD OD HVFULWXUD GHO VFULSW HVWH ~OWLPR FDStWXOR SUHVHQWD XQ FKHFN OLVW GH
IDOWDVSRVLEOHVTXHQRVHGHEHQFRPHWHUORVMyYHQHVUHDOL]DGRUHVODFRQFHSFLyQ
WHPHUDULD

'HHQWUHWRGRVORVPDQXDOHVFHQVDGRVDTXtHVFRQPXFKR HOPiVLPSRUWDQWHHOPiV
OyJLFR \ HO PiV ULJXURVR HQ VX LQWHQWR GH IRUPDOL]DU ORV HOHPHQWRV \ SURFHGLPLHQWRV
GHO JXLyQ FOiVLFR HQ XQ QLYHO TXH SUHWHQGH VHU XQLYHUVDO (VWH OLEUR EDVWDQWH DXVWHUR
HYLWDODVDQpFGRWDVORVWUXFRV\ FRQVHMRVSUiFWLFRVSDUDLQWHQWDUDQDOL]DUHOJXLyQGHO
ILOP HQ VXV UHVRUWHV IXQGDPHQWDOHV /RV HMHPSORV FRQFUHWRV VDFDGRV GH ILOPV VRQ
UDURVFRPRORGHPXHVWUDHOtQGLFHILQDO
(VWD YROXQWDG GH DEVWUDFFLyQ \ GH IRUPDOL]DFLyQ FRQGXFH VLQ GXGD DO DXWRU D
VLPSOLILFDFLRQHVDYHFHVH[DJHUDGDV\XQRVHSXHGHSUHJXQWDUWDPELpQVLXQOLEURWDQ
JHQHUDO \ DEVWUDFWR HV GLUHFWDPHQWH XWLOL]DEOH SDUD HVFULELU JXLRQHV SHUR HV DFDVR
VX LQWHQFLyQ" (VWD REUD WLHQH HO PpULWR LQDSUHFLDEOH GHO ULJRU GH OD VHULHGDG QR VH
SHUPLWH QLQJXQD UHGXQGDQFLD \ UHVSHWD WRWDOPHQWH D VX OHFWRU (V GH QRWDU HO
HVFHSWLFLVPR GHO DXWRU KDFLD ORV PRGHORV \D KHFKRV HQ WUHV DFWRV \ RWURV
SDUDGLJPDV $TXt QR KD\ QLQJXQD UHFHWD R FDVL QLQJXQD /D REUD GH 9DOH GHEH
VLWXDUVHVLQGXGDDOJXQDDODFDEH]DGHODDEXQGDQWHOLWHUDWXUDVREUHHVWHWHPD

 /HZLV +(50$1 $ SUDFWLFDO PDQXDO RI VFUHHQZULWLQJ IRU WKHDWUH DQG WHOHYLVLRQ ILOPV
0DQXDO SUiFWLFR GH HVFULWXUD GH JXLyQ SDUD HO WHDWUR \ OD WHOHYLVLyQ 1XHYD <RUN $
0HULGLDQ%RRN1HZ$PHULFDQ/LEUDU\SiJLQDVFRQLOXVWUDFLRQHV


680$5,23ULPHUDSDUWH/$'5$0$785*,$ FRQWLHQHDUWtFXORVFODVLILFDGRVQRSRU
RUGHQDOIDEpWLFRVLQRUDFLRQDOPHQWHVREUHORVHOHPHQWRVGHODGUDPDWXUJLDDVtFRPR
VREUH ODV IRUPDV GH SUHVHQWDFLyQ GHO JXLyQ 6HJXQGD SDUWH /26 (/(0(1726 '(/
),/0  DUWtFXORV VREUH WHUPLQRORJtD WpFQLFD GHO UHFRUWH FLQHPDWRJUiILFR \ VREUH OD
PDQHUD GH PDUFDU ORV WLHPSRV WLPHODSVHV HQWUH ODV HVFHQDV 7HUFHUD SDUWH &02
(6&5,%,5(/*8,1DUWtFXORVVREUHWHPDVGLYHUVRVWpFQLFDVGHH[SRVLFLyQULWPR
SURFHGLPLHQWRV GH GLiORJR H[SUHVLyQ GH ORV SHQVDPLHQWRV GHVFULSFLyQ GH ORV
SHUVRQDMHV FyPR HVFULELU HQ IXQFLyQ GHO SUHVXSXHVWR XWLOL]DFLyQ GH DFFHVRULRV
FRPSRVLFLyQGHOUHODWRXWLOL]DFLyQGHOVRQLGRGHODP~VLFDHWF

(VWHOLEUR HVXQDHVSHFLHGHGLFFLRQDULRRUGHQDGR\UD]RQDGRGH IiFLO FRQVXOWDJUDFLDV
D XQ tQGLFH PX\ GHWDOODGR 0H]FOD ODV LQGLFDFLRQHV PiV SUiFWLFDV FRQ UHIOH[LRQHV GH
IRQGR /DV SRFDV LOXVWUDFLRQHV GHO OLEUR WRPDGDV GHO 6HUYLFLR &LQHPDWRJUiILFR
DPHULFDQRGHORV (MpUFLWRV HVWiQGHVWLQDGDVD FRQFUHWDUODGHILQLFLyQGHORVGLIHUHQWHV
WLSRV GH SODQRV (O OLEUR HV LQWHUHVDQWH HQ HO GHWDOOH SXHV SODQWHD SUHFLVDPHQWH XQ
JUDQQ~PHURGHSUREOHPDVFRQFUHWRV1RROYLGHPRVVLQ HPEDUJRVLWXDUORHQ UHODFLyQ
FRQ HO FRQWH[WR HQ HO TXH IXH HVFULWR 3RU XQD SDUWH IXH UHGDFWDGR HQ XQD pSRFD HQ
TXH HO VKRRWLQJ VFULSW VH SUDFWLFDED PXFKR WRGDYtD OR TXH H[SOLFD HO OXJDU
LPSRUWDQWH TXH VH GD D ORV SUREOHPDV GH UHFRUWH \ GH UHDOL]DFLyQ 3RU RWUD VH
REVHUYDUiQHMHPSORVVDFDGRVGHILOPVTXHUHPLWHQHQODPD\RUtDGHORVFDVRVDOFLQH
EULWiQLFR

 'ZLJKW 9 6:$,1 )LOP VFULSW ZULWLQJ $ SUDFWLFDO PDQXDO 0DQXDO SUiFWLFR GH
HVFULWXUDGHOJXLyQFLQHPDWRJUiILFR1XHYD<RUN+DVWLQJ+RXVH3XEOLVKHUV
SiJLQDV

680$5,2(OILOP\W~ODVFXDOLGDGHVTXHGHEHSRVHHUHOJXLRQLVWD3ULPHUDSDUWH
(/ '2&80(17$/  /D VLQRSVLV SURSRVDO RXWOLQH  (O WUDWDPLHQWR WUHDWPHQW 
/D FRQWLQXLGDG GLDORJDGD WKH VHTXHQFH RXWOLQH  (O UHFRUWH WpFQLFR WKH VKRRWLQJ
VFULSW  /D HVFULWXUD GHO FRPHQWDULR ZULWLQJ QDUUDWLRQ 6HJXQGD SDUWH (/ ),/0 '(
),&&,1  /D KLVWRULD  (O SHUVRQDMH  (O WUDWDPLHQWR GH OD KLVWRULD  (O DUWH
GHO HQIUHQWDPLHQWR  (O WUDWDPLHQWR QR GLDORJDGR VWHS RXWOLQH  /RV GLiORJRV
/DFRQWLQXLGDGGLDORJDGDPDVWHUVFHQHVFULSW7HUFHUDSDUWH/26758&26'(/$
352)(6,1  /RV SUREOHPDV GH OD DGDSWDFLyQ  &yPR DUUHJOiUVHODV FRQ ODV
FRQIHUHQFLDV GH JXLyQ"   (O JXLRQLVWD FRPR KRPEUH GH QHJRFLRV  /R TXH GHEH
VDEHU VREUH QRFLRQHV GH WpFQLFD FLQHPDWRJUiILFD QHFHVDULDV SDUD HO JXLRQLVWD 
/HFFLRQHV GDGDV SRU SURIHVLRQDOHV PXpVWUHRV FRPHQWDGRV GH JXLRQHV \ GRFXPHQWRV
GH WUDEDMR ILUPDGRV SRU 5REHUW %ORFK +RZDUG %URZQH -DFN 7\OUH\ HWF 
&RQFOXVLyQ $SpQGLFH $ HO VWRU\ERDUG $SpQGLFH % &yPR DSUHFLDU HO PLQXWDMH GH XQ
JXLyQHQODSDQWDOOD$SpQGLFH&%LEOLRJUDItD$SpQGLFH'*ORVDULR

(VWD FRSLRVD REUD SUHWHQGH VHU VyOLGD SUHFLVD SURIHVLRQDO \ GH IiFLO FRQVXOWD 6X
DSDUDWRFUtWLFRHVFODUDPHQWHPiVULFRTXHHOGHVXVFRPSHWLGRUHV&RQWLHQHXQJUDQ
Q~PHUR GH IUDJPHQWRV GH JXLRQHV RULJLQDOHV ILOPV GH ILFFLyQ SHUR WDPELpQ GH

GRFXPHQWDOHV \D TXH XQR GH ORV DVSHFWRV PiV RULJLQDOHV HV HO TXH VH UHILHUH WDQWR D
ODVWpFQLFDVGHOGRFXPHQWDORGHODXGLRYLVXDOGHHPSUHVDFRPRDODVGHILFFLyQ
(O DXWRU QR SURFHGH PHGLDQWH GLDJUDPDV \ PRGHORV VLQR TXH YD GHILQLHQGR
SURJUHVLYDPHQWHXQJUDQQ~PHURGHWpUPLQRV6XVLGHDVPiVSHUVRQDOHVVHH[SUHVDQ
VREUH WRGR HQ HO FDStWXOR WLWXODGR 7KH DUW RI FRQIURQWDWLRQ (Q pO HO DXWRU SODQWHD
TXH HO JXLyQ HV FRPSDUDEOH D XQ YHKtFXOR GH GRV UXHGDV HO HQIUHQWDPLHQWR TXH HV
XQDXQLGDGGHFRQIOLFWR\ODWUDQVLFLyQTXHHVODPXWDFLyQGHXQHVWDGRGHFRVDVD
RWUR \ HQ HO FDVR GHO JXLyQ HO SXHQWH TXH FRQGXFH GH XQ HQIUHQWDPLHQWR D RWUR
/RV HOHPHQWRV GLQiPLFRV GHO HQIUHQWDPLHQWR VRQ OD PHWD JRDO GHO SHUVRQDMH HO
FRQIOLFWR\HOUHYpVGHIRUWXQDGLVDVWHUTXHHVHOHIHFWRWHDWUDOFDSD]GHDJUDYDUOD
VLWXDFLyQ GHO SHUVRQDMH PLHQWUDV TXH ORV HOHPHQWRV GLQiPLFRV GH OD WUDQVLFLyQ VRQ OD
UHDFFLyQGHOSHUVRQDMHIUHQWHDOUHYpVGHIRUWXQDHOGLOHPDFRUQHOLDQRHQHOTXHHVWi
DWUDSDGR\ODGHFLVLyQTXH]DQMDHOGLOHPD
/DWHUFHUDSDUWHGHOOLEURPH]FODFRPRHVKDELWXDOFRQVHMRVSVLFROyJLFRVVXJHUHQFLDV
GLSORPiWLFDV H LQIRUPDFLRQHV SUiFWLFDV (O PXHVWUHR GH JXLRQHV SUHVHQWDGR WLHQH OD
YHQWDMD GH UHIOHMDU XQD JUDQ YDULHGDG GH IDVHV GH SUHVHQWDFLyQ GHVGH OD FRQWLQXLGDG
GLDORJDGD KDVWD HO WUDWDPLHQWR FRPR WDPELpQ GH VHU FRPHQWDGR \ DQDOL]DGR SRU HO
DXWRUGHOOLEURTXHYDVXEUD\DQGRSRFRDSRFRODXWLOL]DFLyQGHFLHUWRVSURFHGLPLHQWRV

 &RQVWDQFH 1$6+ \ 9LUJLQLD 2$.(< 7KH VFUHQZULWHU
V KDQGERRN :ULWLQJ IRU WKH
PRYLHV 0DQXDO GHO JXLRQLVWD HVFULELU SDUD HO FLQH 1XHYD <RUN %DUQHV DQG 1REOH
%RRNVSiJLQDV

680$5,2  /RV HOHPHQWRV EiVLFRV FyPR SODQLILFDU HO JXLyQ OD FDUDFWHUL]DFLyQ HO
GLiORJR HO HVWLOR  &yPR HVFULELU HO JXLyQ RUJDQL]DFLyQ IRUPD HQ WUHV DFWRV ORV
HVWLORV GH JXLyQ WHUPLQRORJtD WpFQLFD FRUUHFFLRQHV HWF  &yPR SUHVHQWDU HO JXLyQ
WUDWDPLHQWR RXWOLQH HWF  (QWUHYLVWDV GH SURIHVLRQDOHV VREUH WRGR GH (UQHVW
/HKPDQ \ GH *HQH :LOGHU  &RQVHMRV SUiFWLFRV SDUD QHJRFLDFLRQHV FRPHUFLDOHV 
)UDJPHQWRVGHJXLRQHV\GHWUHDWPHQWV&KLQDWRZQHVFULWRSRU5REHUW7RZQH7KH
VRXQG RI PXVLF HVFULWR SRU (UQHVW /HKPDQ (OKHUPDQR PiV OLVWR GH 6KHUORFN +RPHV
HVFULWRSRU*HQH:LOGHU

&RPR SXHGH YHUVH HVWH OLEUR HV XQ YHUGDGHUR FDMyQ GH VDVWUH GRQGH VH KDQ
PH]FODGR QRFLRQHV EiVLFDV FRQVHMRV SUiFWLFRV H[SOLFDFLRQHV WpFQLFDV EXHQDV
GLUHFFLRQHV PXHVWUDV GH JXLRQHV HQWUHYLVWDV /DV DXWRUDV DFRQVHMDQ DO DSUHQGL]
JXLRQLVWD TXH WUDEDMH VREUH HVWUXFWXUDV GUDPiWLFDV HQ WUHV DFWRV VHJ~Q XQ GLDJUDPD
PX\SDUHFLGRDOGH6LGQH\)LHOG3HUR VXDSRUWDFLyQUHGDFFLRQDOSURSLDQRRFXSDPiV
GHSiJLQDVGHOOLEUR\HOUHVWRVHQXWUHHQSDUWHGHHQWUHYLVWDVFRQFLHUWRLQWHUpV\
IUDJPHQWRV GH JXLRQHV HWF (O OLEUR WDPELpQ DSRUWD DOJXQRV GDWRV VREUH HO DVSHFWR
SUiFWLFR \ HFRQyPLFR GHO WUDEDMR GH JXLRQLVWD HQ (VWDGRV 8QLGRV (O FDStWXOR 
UHSURGXFH LQ H[WHQVR GLYHUVRV GRFXPHQWRV FRQWUDWRV UHODWLYRV DO IXQFLRQDPLHQWR GH
OD :ULWHU
V *XLOGH RI $PHULFD HO VLQGLFDWR GH JXLRQLVWDV DO TXH HV EXHQR LQVFULELUVH HQ
(VWDGRV8QLGRV


 6LGQH\ )O(/' 6FUHHQSOD\ 7KH IRXQGDWLRQV RI VFUHHQZULWLQJ $ VWHSE\VWHS JXLGH
(O JXLyQ ODV EDVHV GH OD HVFULWXUD GHO JXLyQ GH FLQH JXtD SDVR D SDVR 1XHYD <RUN
'HOWD%RRN'HOO3XEOLVKLQJ&RSiJLQDV

680$5,2 ,QWURGXFFLyQ  4Xp HV XQ JXLyQ"  (O WHPD  (O SHUVRQDMH 
&RQVWUXLU XQ SHUVRQDMH  &UHDU XQ SHUVRQDMH  /RV ILQDOHV ORV GHVHQODFHV \ ORV
SULQFLSLRV  /D VHFXHQFLD  (O HIHFWR WHDWUDO SORW SRLQW  /D HVFHQD  /D
IRUPD GHO JXLyQ  &RQVWUXLU XQ JXLyQ  (VFULELU XQ JXLyQ  'HVSXpV GH OD
HVFULWXUD2EVHUYDFLRQHVSHUVRQDOHV

(O OLEUR GH )LHOG SUHWHQGH VHU VHQFLOOR ODSLGDULR \ SUiFWLFR 3RU HVWH PRWLYR QR WHPH
UHSHWLU LQFDQVDEOHPHQWH FLHUWRV SULQFLSLRV HOHPHQWDOHV 3URSRQH VREUH WRGR VLQ
QLQJXQD SUHFDXFLyQ QL H[FHVLYRV PDWLFHV XQD HVSHFLH GH FODYH XQLYHUVDO XQ PRGHOR
WLSR GH HVWUXFWXUD GH JXLyQ HQ WUHV DFWRV DO TXH GHEHUtD VHJ~Q VXV FRQVHMRV
DMXVWDUVH FXDOTXLHU JXLyQ \ DO TXH WRGRV ORV JXLRQHV FRQ p[LWR VH DMXVWDQ FRPR OR
DVHJXUD (VWH PRGHOR TXH pO GHQRPLQD HO SDUDGLJPD HV EDVWDQWH SDUHFLGR D OD
HVWUXFWXUDWLSRSURSXHVWDSRU&RQVWDQFH1DVK\9LUJLQLD2DNH\
(O IDPRVR SDUDGLJPD HV XQD HVWUXFWXUD HQ  DFWRV XQ DFWR GH H[SRVLFLyQ GH 
SiJLQDV XQ DFWR GH HQIUHQWDPLHQWR GH  SiJLQDV \ XQ DFWR GH UHVROXFLyQ GH 
SiJLQDV HQWHQGLHQGR TXH D XQD SiJLQD GH JXLyQ OH FRUUHVSRQGH HQ OD SDQWDOOD XQD
GXUDFLyQ ILMD XQ PLQXWR DSUR[LPDGDPHQWH +DFLD HO ILQDO GH FDGD XQR GH ORV GRV
SULPHURV DFWRV GHEH VLWXDUVH XQ SORW SRLQW XQ FDPELR GH VLWXDFLyQ XQ HIHFWR
WHDWUDO3RU~OWLPR FDGDDFWRSXHGHGLYLGLUVHDVXYH] HQWUHVSDUWHV /DREUDH[SOLFD
RWURVGLDJUDPDVGHHVWHWLSRVREUHWRGRSDUDFRQFHELUODGHILQLFLyQGHORVSHUVRQDMHV
WDQLPSHUDWLYRV\WDQVHQFLOORV
(O DXWRU FLWD FRPR PRGHORV GH ORV TXH UHSURGXFH DOJXQRV IUDJPHQWRV ODV HVFHQDV GH
DSHUWXUD GH &KLQDWRZQ UHDOL]DFLyQ GH 5RPiQ 3RODQVNL JXLyQ GH 5REHUW 7RZQH OD
JUDQ VHFXHQFLD FHQWUDO GH 1HWZRUN UHDOL]DFLyQ 6LGQH\ /XPHW JXLyQ GH 3DGG\
&KD\HYVN\ \ OD HVFHQD GH DPRU HQ HO WUHQ HQ 7UDQV $PHULFD ([SUHVV HQ LQJOpV
6LOYHU 6WUHDN UHDOL]DFLyQ $UWKXU +LOOHU 2EVHUYHPRV TXH HQ HVD PLVPD HVFHQD GDGD
FRPRIHOL]HMHPSORGHXQGLiORJRTXHIXQFLRQDHQGREOHVHQWLGRORVSHUVRQDMHVIOLUWHDQ
\KDFHQHODPRUKDEODQGRGHKRUWLFXOWXUDWDPELpQHVUHSURGXFLGDSRU1DVK\2DNH\
(O ILQDO GHO OLEUR HVWi GHGLFDGR HVHQFLDOPHQWH D LQIRUPDFLRQHV WpFQLFDV JORVDULR GH OD
WHUPLQRORJtD GHO UHFRUWH FLQHPDWRJUiILFR FRQVHMRV GH PpWRGRV GH WUDEDMR H LQFOXVR
FRQVHMRVSVLFROyJLFRVFyPROXFKDUFRQWUDODVLQKLELFLRQHV
&RQ VX SDUDGLJPD UHDILUPDGR FRQWLQXDPHQWH HO OLEUR GH )LHOG WLHQH OD YHQWDMD GH VHU
FODUR2EVHUYHPRVTXHORVHMHPSORVGHILOPVVROLFLWDGRVFRPRPRGHORVSHUWHQHFHQFDVL
WRGRVDODSURGXFFLyQDPHULFDQDGHORVDxRVORTXHFRQILUPDTXHHODXWRUSUHWHQGH
GLULJLUVH QR VyOR D FLQHILORV VLQR WDPELpQ D MyYHQHV JXLRQLVWDV iYLGRV GH p[LWR
SUHVXPLEOHPHQWHIDOWRVGHFXOWXUDFLQHPDWRJUiILFD

7RP67(03(/6FUHHQZULWLQJ(VFULELUHOJXLyQ6DQ'LHJR/RQGUHV$6%DPHVDQG
&R7KH7DQWLY\3UHVVSiJLQDVFRQLOXVWUDFLRQHV


680$5,2%UHYHGHVFULSFLyQGHODWHRUtD\GHODKLVWRULDGHOJXLyQ,GHDGHEDVH
\ HVWUXFWXUD GHO JXLyQ  %~VTXHGD GH HOHPHQWRV SURFHGLPLHQWRV TXH D\XGHQ D
GHVDUUROODU XQD KLVWRULD \ XQ SHUVRQDMH  (VFULELU SDUD OD SDQWDOOD HQ TXp GLVWLQJXH
HOJXLRQLVWDGHOILOPRWURVPRGRVGH HVFULWXUD(OEORTXHRGHOJXLRQLVWDDQiOLVLVGH
OD GLILFXOWDG SVLFROyJLFD GH HVFULWXUD  7LSRV GH SUHVHQWDFLyQ GHO JXLyQ  &yPR
HVFULELU HO JXLyQ \ UHGDFWDU ORV GLiORJRV  (UURUHV KDELWXDOHV TXH FRPHWHQ ORV
SULQFLSLDQWHV H LQFOXVR ORV QR SULQFLSLDQWHV  &yPR YHQGHUORV FRQWDFWRV FRQ ORV
DJHQWHV   /LVWD GH ORV ILOPVPRGHORV FRPR HMHPSORV ORJUDGRV R DO FRQWUDULR GH
HUURUHV

&RQXQRUGHQPX\VX\RXQHVWLORGHVSLHUWRHLQFOXVRFiXVWLFRHODXWRUQRUHSULPHVXV
DWDTXHV FRQWUD ORV ILOPV LQWRFDEOHV FRPR /R TXH HO YLHQWR VH OOHYy HQ ORV TXH pO
YH JUDYHV GHIHFWRV GH HVWUXFWXUD 6WHPSHO SODQWHD XQD VHULH GH LGHDV WHPDV \
FRQVHMRV&RQWUDULDPHQWHDRWUDVREUDVVLPLODUHVORVHMHPSORVGHJXLRQHVGDGRVSRUHO
DXWRUQRVDOHQ~QLFDPHQWHGHOFLQHDPHULFDQRUHFLHQWHVLQRGHWRGDODKLVWRULDGHOFLQH
PXQGLDO (O DXWRU WDPSRFR HVFRQGH VX HVFHSWLFLVPR VREUH OD LGHD SURFODPDGD SRU
WRGRV ORV GHPiV VHJ~Q OD FXDO HO JXLyQ PHMRU KHFKR VHUtD DO PLVPR WLHPSR \
VLHPSUH HO PiV VXVFHSWLEOH GH VHU YHQGLGR \ UHDOL]DGR /D REUD TXH VH GLVWLQJXH
FRQVHFXHQWHPHQWHSRUVXDQWLFRQIRUPLVPRHVWDPELpQLQWHUHVDQWHSRUODUHSURGXFFLyQ
GH XQD VHULH GH WHVWLPRQLRV GH JXLRQLVWDV GH SULPHUD R GH VHJXQGD PDQR
9LVLEOHPHQWH RSXHVWR D ORV PRGHORV \D KHFKRV FRPR HO FDVR GHO SDUDGLJPD HQ WUHV
DFWRV GH )LHOG HO DXWRU SUHWHQGH VREUH WRGR KDFHU XQ OODPDPLHQWR D OD LQWHOLJHQFLD
FUtWLFD8QDREUDHVWLPXODQWH

E2WURVPDQXDOHVGHJXLyQ

7XGRU (/,$' &RPPHQW pFULUH HW YHQGUp VRQ VFpQDULR +HQUL 9H\ULHU  HVWD REUD
VH LQVSLUD PX\ FODUDPHQWH SHUR VLQ QRPEUDUORV HQ GLIHUHQWHV PDQXDOHV DPHULFDQRV
VREUHWRGRGHOGH)LHOG

- 0LFKDHO 675$&=<16., 7KH &RPSOHWH %RRN RI 6FULSWZULWLQJ &LQFLQQDWL :ULWHU
V
'LJHVW%RRNV

$xDGiPRVOHV HO HVWXGLR GH 5LFKDUG &25/,66 VREUH ORV JXLRQLVWDV DPHULFDQRV HQWUH
\7DONLQJ3LFWXUHV7KH2YHUERRN3UHVV1XHYD<RUN

F1~PHURVHVSHFLDOHVGHUHYLVWDV


&LQHPDWRJUDSKHQ~PHQHUR/HV6FpQDULVWHV
3UREOHPHV DGLRYLVXHOV Q~P  PD\RMXQLR  /H 3DUDGR[H GX VFpQDULVWH
3XEOLFDWLRQ,1$/D'RFXPHQWDWLRQIUDQFDLVHGRVVLHUUpXQLSDU%pQpGLFWH3XSSLQFN
&DPHUDOVW\ORVHSWLHPEUH6FpQDULR
&DKLHUVGXFLQpPDQ~PVPD\R/
(QMHX6FpQDULR&LQHPDIUDQoDLV

G/LEURVGHHQWUHYLVWDVFRQJXLRQLVWDV

:LOOLDP )528* 7KH 6FUHHQZULWHU /RRNV DW WKH 6FUHHQZULWHU 1XHYD <RUN 0DF0IIODQ

&KULVWLDQ 6$/( /HV 6FpQDULVWHV DX WUDYDLO +DWLHU&LQT &RQWLQHQWV %LEOLRWKpTXH GX
&LQpPD

H6REUHSUREOHPDVGHDGDSWDFLyQ

*HRUJHV%/8(6721(1RYHOVLQWR)LOP%DOWLPRUH7KH-RKQ+RSNLQV3UHVV
)UDQFLV9$12<(5pFLWpFULWUpFLWILOPLTXH3DUtVHG&(',&
7XGRU(/,$'/HV6HFUHWVGHO
DGDSWDWLRQ'XMDUULF

I6REUHORVSUREOHPDVGHOUHODWR

&RPPXQLFDWLRQV Q~P  /
$QDO\VH VWUXFWXUDOH GX UpFLW 3DUtV &ROOHFWLI 6HXLO 
UHHGLWDGRHQODFROHFFLyQ3RLQWV6HXLO
*pUDUG*(1(77()LJXUHV,,3DUtV6HXLO
-HDQ0LFKHO$'$0/H5pFLW3DUtV38)FROHFFLyQ4XHVDLVMH"Q~P
:ODGLPLU 35233 0RUSKRORJLH GX FRQWH 3DUtV 6HXLO FROHFFLyQ 3RLQWV  (GLFLyQ
HVSDxROD 0RUIRORJtD GHO FXHQWR WUDGXFFLyQ GH -RVp $UDQFLELD 0DGULG )XQGDPHQWRV

5D\PRQG%(//285/
$QDO\VHGXILOP/
$OEDWURV
-DFTXHV $80217 $ODLQ %(5*$/$ 0LFKHO 0$5,( 0DUF 9(51(7 (VWKpWLTXH GX ILOP
1DWKDQ

&RPPXQLFDWLRQVQ~P(QRQFLDWLRQHW1DUUDWLRQ&ROOHFWLI6HXLO


J*XLRQHVSXEOLFDGRV

+D\TXHGLVWLQJXLUHQWUHODSXEOLFDFLyQGHOJXLyQSURSLDPHQWHGLFKR HVGHFLUGHOWH[WR
TXH KD VHUYLGR SDUD URGDU HO ILOP \ OD GHO GpFRXSDJH GHVSXpV GH YLVLRQDU TXH HV
XQD GHVFULSFLyQ GHO ILOP \D DFDEDGR FRQ XQD WUDQVFULSFLyQ GH ODV DFFLRQHV \ GH ORV
GLiORJRVKHFKDSRUXQDWHUFHUDSHUVRQDDSDUWLUGHXQHVWXGLRGHOILOPHQODPHVDGH
PRQWDMH SRU ~OWLPR OD QRYHOLVDWLRQ QRYHOL]DFLyQ TXH HV OD HGLFLyQ SDUDOHOD D OD
VDOLGDGHOILOP(VWD~OWLPDSUiFWLFDHVPiVRPHQRVVLVWHPiWLFDSDUDODPD\RUtDGHORV
ILOPVGHDFFLyQDPHULFDQRV (Q)UDQFLDODVHGLFLRQHV-
DLOXVHKDQ HVSHFLDOL]DGRHQ
HGLFLRQHVGHOWLSRGHQRYHOLVDWLRQV
1XPHURVRV JXLRQHV DQWHV GH VHU URGDGRV SRU JUDQGHV UHDOL]DGRUHV KDQ VLGR
SXEOLFDGRV HQ IUDQFpV )HOOLQL HQ ODV HGLFLRQHV $OEDWURV %HUJPDQ HQ *DOOLPDUG HWF
6H SXHGHQ YHU GH PDQHUD PX\ IUHFXHQWH HVFHQDV TXH QR DSDUHFHQ HQ HO ILOP
DFDEDGRRGLiORJRVPiVRPHQRVGLIHUHQWHV
QLFD HQ HO PXQGR DO SDUHFHU OD UHYLVWD PHQVXDO /
$YDQW6FpQH &LQpPD VH KD
GHGLFDGRDODHGLFLyQGHUHFRUWHVGHILOPVGHVSXpVGHVHUYLVLRQDGRVFRPSOHWDGRVFRQ
IRWRV GRFXPHQWRV HVWXGLRV \ FRQ IUHFXHQFLD HO WH[WR GHO JXLyQ RULJLQDO GDGR
SDUDOHODPHQWHORTXHFRQYLHUWHORVQ~PHURVGHHVWDUHYLVWDHQYDOLRVRVLQVWUXPHQWRV
GHWUDEDMR(O,QWHQGHQWH6DQVKR\3DXOLQHHQODSOD\DKDQVLGRSXEOLFDGRVHQ/
$YDQW
6FpQH 6HxDOHPRV WDPELpQ OD H[FHOHQWH :LVFRQVLQ:DUQHU %URV 6FUHHQSOD\ 6HULHV
TXHQRVKDSHUPLWLGRHVWXGLDU7HQHU\QRWHQHU\TXHVHGHGLFDSRUSULQFLSLRDILOPV
GHO UHSHUWRULR GH OD :DUQHU%URV (Q FXDQWR DO 7HVWDPHQWR GHO 'RFWRU 0DEXVH QR
KHPRV HQFRQWUDGR WH[WR SXEOLFDGR GHO JXLyQ \ KHPRV DQDOL]DGR HO ILOP ~QLFDPHQWH D
SDUWLUGHXQDGHODVYHUVLRQHVH[LVWHQWHVYLVLRQDGDVLVWHPiWLFDPHQWH