Академический Документы
Профессиональный Документы
Культура Документы
ISSN: 0250-7161
eure@eure.cl
Pontificia Universidad Catlica de Chile
Chile
(85(6DQWLDJRYQ6DQWLDJRPD\R
/DPHWUSROLIUDJPHQWDGD&DUDFDVHQWUH
ODSREUH]D\ODJOREDOL]DFLQ
&HFLOLD&DULROD\0LJXHO/DFDEDQD
$EVWUDFW
&DUDFDVLVWUDQVIRUPLQJLWVHOIVSUHDGLQJRYHUWKH0HWURSROLWDQ
5HJLRQIUDJPHQWLQJDWDVRFLRWHUULWRULDODQGLQVWLWXWLRQDOOHYHO
EHFDXVHRIWKHQHZG\QDPLFVWKDWJOREDOL]DWLRQKDVLPSRVHG
RYHUDOOILHOGVRIVRFLHW\%H\RQGDGXDOFLW\GLYLGHGLQWZR
H[FOXGLQJVRFLRWHUULWRULDOVFHQDULRVSURGXFWRIVRFLDO
SRODUL]DWLRQWKHPHWURSROLWDQWHUULWRU\LVFKDUDFWHUL]HGE\WKH
FRH[LVWHQFHRIPXOWLSOHFLWLHVZKHUHDWUXHVRFLDODSDUWKHLGRI
SRSXODUJURXSVOLYHWRJHWKHUZLWKH[FOXVLYHJKHWWRVIRUKLJKDQG
PLGGOHVHFWRUVWKDWDUHQHZGLVWULFWVRIFRPPDQGOLQNHGWR
JOREDOL]DWLRQDQGDUHDVRISRYHUW\,QWKLVFRQWH[WROGDQGQHZ
IRXQGIRUPVRIXUEDQYLROHQFHFKDQJHVLQWKHZD\RIOLIH
WRJHWKHUZLWKWKHWUHQGVWRZDUGSULYDF\DQGDWRPL]DWLRQ
HPHUJHDVWKHFKDUDFWHULVWLFVRIDGLYHUVLILHGDQGSRODUL]HG
PHWURSROLWDQVRFLHW\LQLWVGLIIHUHQWVSDFHVLQFOXGLQJWKH
FRQVWUXFWLRQDQGDSSURSULDWLRQRIWKHFLW\
.H\:RUGV0HWURSROL]DWLRQ8UEDQ)UDJPHQWDWLRQ/DERXU
0DUNHWDQG3RYHUW\
5HVXPHQ
&DUDFDVVHWUDQVIRUPDVHH[SDQGHVREUHOD5HJLQ
0HWURSROLWDQD\VHIUDJPHQWDDQLYHOVRFLRWHUULWRULDOH
LQVWLWXFLRQDOFRPRFRQVHFXHQFLDGHODVQXHYDVGLQPLFDVTXH
ODJOREDOL]DFLQKDLPSXHVWRHQWRGRVORVPELWRVGHOD
VRFLHGDG0VDOOGHXQDFLXGDGGXDOHVFLQGLGDHQGRV
HVFHQDULRVVRFLRWHUULWRULDOHVH[FOX\HQWHVHQWUHVSRUOD
SRODUL]DFLQVRFLDOHOWHUULWRULRPHWURSROLWDQRVHFDUDFWHUL]DSRU
ODFRH[LVWHQFLDGHPOWLSOHVFLXGDGHVGRQGHFRQYLYHQ
YHUGDGHURVDSDUWKHLGVRFLDOHVGHORVJUXSRVSRSXODUHVFRQ
JKHWWRVH[FOXVLYRVSDUDORVVHFWRUHVDOWRV\PHGLRVQXHYRV
GLVWULWRVGHFRPDQGROLJDGRVDODJOREDOL]DFLQ\UHDVGH
QXHYDSREUH]D(QHVWHFRQWH[WRODVYLHMDV\QXHYDVIRUPDV
GHODYLROHQFLDXUEDQDORVFDPELRVHQORVPRGRVGHYLGDFRQ
VXWHQGHQFLDDOUHSOLHJXHDORSULYDGR\DODDWRPL]DFLQ
HPHUJHQFRPRFDUDFWHUVWLFDVGHXQDVRFLHGDGPHWURSROLWDQD
GLYHUVLILFDGD\SRODUL]DGDHQVXVGLVWLQWRVHVSDFLRVLQFOXLGDOD
FRQVWUXFFLQ\DSURSLDFLQGHODFLXGDG
3DODEUDVFODYH0HWURSROL]DFLQ)UDJPHQWDFLQXUEDQD
0HUFDGRGH7UDEDMR\3REUH]D
,QWURGXFFLQ
1XHYDVGLQPLFDV\FRQWHQLGRVGHVHJUHJDFLQXUEDQDOLJDGRVDORV
SURFHVRVUHHVWUXFWXUDGRUHVHQHOPDUFRGHODJOREDOL]DFLQVHVXSHUSRQHQD
ORVSURFHVRVKLVWULFRVTXHFRQIRUPDURQ&DUDFDVEDMRHOPRGHORUHQWLVWD
GDQGROXJDUDXQDFUHFLHQWHIUDJPHQWDFLQVRFLRWHUULWRULDOGHODPHWUSROL
(ODYDQFHGHORVSURFHVRVGHUHHVWUXFWXUDFLQHFRQPLFD\GHO(VWDGR
SURGXFHSURIXQGRVFDPELRVHQHOPHUFDGRGHWUDEDMR\HQODHVWUXFWXUD
VRFLDOGHODPHWUSROLFDUDTXHDH[SUHVDGRVHQODH[SDQVLQLQWHQVLILFDFLQ
\KHWHURJHQHL]DFLQGHODSREUH]D\HQHOLQFUHPHQWRGHODVGHVLJXDOGDGHV
VRFLDOHV7UDQVIRUPDFLRQHVTXHLQFLGHQHQODIRUPDFRPRVHHVWUXFWXUD\
YLYHODFLXGDGDOUHIRU]DUODGLQPLFDGHVHJUHJDFLQVRFLRWHUULWRULDOTXH
DKRUDFREUDXQVLJQLILFDGRFXDOLWDWLYDPHQWHGLIHUHQWHDVRFLDGRDOD
\X[WDSRVLFLQGHGLYHUVRVPRGRVGHYLGDTXHSURSLFLDQODDWRPL]DFLQ\
UHSOLHJXHVDOPELWRGHORSULYDGR(VWDGLQPLFDVHLQWHUUHODFLRQDFRQOD
HVSHFLDOL]DFLQIXQFLRQDOGHFDGDVHJPHQWRXUEDQRGHDFXHUGRDVXPD\RU
RPHQRUJUDGRGHDUWLFXODFLQDODUHGJOREDOGHUHODFLRQHVHFRQPLFDV
PLHQWUDV&DUDFDVVHIRUWDOHFHFRPRXQDFLXGDGGHQHJRFLRVGRQGHVH
FRQFHQWUDQORVVHUYLFLRVDYDQ]DGRV\FRQODVHJPHQWDFLQLQVWLWXFLRQDO
LQWHQVLILFDGDSRUHOSURFHVRGHGHVFHQWUDOL]DFLQDGPLQLVWUDWLYD
IUDJPHQWDQGRSURJUHVLYDPHQWHODPHWUSROL
)UHQWHDODVSRVLFLRQHVTXHYLVXDOL]DQXQDFLXGDGGXDOGLYLGLGDHQGRV
HVFHQDULRVVRFLRWHUULWRULDOHVPXWXDPHQWHH[FOX\HQWHVFRPRUHVXOWDGRGHOD
JOREDOL]DFLQ\ODSRODUL]DFLQVRFLDO&DUDFDVQRVOOHYDDSODQWHDUOD
KLSWHVLVGHODFRH[LVWHQFLDDYHFHVFRQIOLFWLYDGHPOWLSOHVFLXGDGHVHQHO
WHUULWRULRPHWURSROLWDQR/DKHWHURJQHDGLIHUHQFLDFLQVRFLRUHVLGHQFLDO
SURGXFWRGHYLHMRV\QXHYRVSURFHVRVGHVHJUHJDFLQUHIOHMDGDHQOD
FRQILJXUDFLQGHJKHWWRVH[FOXVLYRVSDUDORVVHFWRUHVGHDOWRVLQJUHVRVGH
PELWRVGHWHULRUDGRVRUHOHJDGRVDODSHULIHULDSDUDORVVHFWRUHVPHGLRV\GH
YHUGDGHURVDSDUWKHLGVRFLDOHVSDUDORVJUXSRVSRSXODUHVVHUHIXHU]DFRQOD
GLIHUHQFLDFLQWHUULWRULDOSURSLDGHODVWUDQVIRUPDFLRQHVHFRQPLFDVHQOD
SURGXFFLQ\HOFRQVXPRH[SUHVDGDHQODHPHUJHQFLDGHGLVWULWRV
ILQDQFLHURVGHQHJRFLRV\JUDQGHVHTXLSDPLHQWRVFRPHUFLDOHVPLHQWUDV
LPSRUWDQWHVUHDVFQWULFDVGHODFLXGDGFRQVWLWX\HQHOHVSDFLRHFRQPLFR
SRUH[FHOHQFLDGHODHFRQRPDLQIRUPDOOLJDGDDODVREUHYLYHQFLD3RURWUD
SDUWHHOPRGHORSUHYDOHFLHQWHGHJHVWLQGHODFLXGDGFDUDFWHUL]DGRSRUOD
IDOWDGHXQDYLVLQLQWHJUDO\SRUXQDPXOWLSOLFLGDGGHLQWHUYHQFLRQHV
LQVWLWXFLRQDOHVDLVODGDVHPSUHQGLGDVSRUODVUHQRYDGDVLQVWDQFLDVORFDOHV\
SRUHOJRELHUQRFHQWUDOFRQWULEX\HDFRQVROLGDUODIUDJPHQWDFLQWHUULWRULDOD
ODYH]TXHODIDOWDGHHVSDFLRVGHQHJRFLDFLQSDUDGLULPLUORVFRQIOLFWRVSRU
HOXVR\DSURSLDFLQGHOHVSDFLRXUEDQRIDFLOLWDODVVDOLGDVSULYDWL]DGRUDVTXH
VWRVDGRSWDQ
'HQWURGHOFRQMXQWRGHWHQGHQFLDVIUDJPHQWDGRUDVHODUWFXORTXH
SUHVHQWDPRVDFRQWLQXDFLQVHFHQWUDHQHODQOLVLVGHODVWUDQVIRUPDFLRQHV
VRFLDOHV\VXVHIHFWRVHQODLQWHQVLILFDFLQGHORVSURFHVRVGHVHJUHJDFLQ
VRFLRWHUULWRUULDO5HFRJHORVUHVXOWDGRVSUHOLPLQDUHVGHXQDLQYHVWLJDFLQHQ
GHVDUUROORVREUHFDPELRVHQHOPHUFDGRGHWUDEDMR\HQODHVWUXFWXUDVRFLDO
PHWURSROLWDQD\SRUORWDQWRFRQWLHQHUHIOH[LRQHVLQLFLDOHVVREUHORV
SURFHVRVGHH[FOXVLQHPSREUHFLPLHQWRGHVLJXDOGDGVRFLDO\GLIHUHQFLDFLQ
VRFLRWHUULWRULDOHQHOUHD0HWURSROLWDQDGH&DUDFDV$0&
*OREDOL]DFLQUHHVWUXFWXUDFLQ\PHWURSROL]DFLQ
'HVSXVGHXQDGFDGDGHSXHVWDHQPDUFKDGHOSODQGHDMXVWH\DSHUWXUD
GHODHFRQRPDHOQXHYRPRGHORHFRQPLFRGHLQVSLUDFLQQHROLEHUDOQRKD
SRGLGRFRQVROLGDUVHQLHQORHFRQPLFRQLHQORSROWLFR&RPSDUDGRFRQ
SDVHVFRPR$UJHQWLQDR&KLOHODYHORFLGDGHLQWHQVLGDGGHORVSURFHVRVGH
FDPELRKDVLGREDMDFRPRFRQVHFXHQFLDGHODUHVLVWHQFLDGHOVLVWHPD
VRFLRSROWLFRORFDO6LQHPEDUJRTXHGDQYLJHQWHVWUDQVIRUPDFLRQHVTXH
WLHQHQUHODFLQFRQODLQWHUYHQFLQHVWDWDOHQODHFRQRPD\ODSUHVHQFLDGHO
PHUFDGRFRPRPELWRGHDFFLQGHORVDFWRUHVHPSUHVDULDOHV
/DLQWHUYHQFLQHVWDWDOKDFDPELDGRFRQXQSURJUHVLYRUHWLURGHO(VWDGRGH
ODHVWUDWHJLDGHGHVDUUROORHLQWHJUDFLQVRFLDOFRUUHVSRQGLHQWHDOPRGHOR
HFRQPLFRDQWHULRUXQGHVSOD]DPLHQWRGHOUROGHOPLVPRHQODFRQGXFFLQ
GHODHFRQRPDXQDWHQGHQFLDDODSULYDWL]DFLQGHODVHPSUHVDVSEOLFDV
XQDLQWHQVDDSHUWXUDFRPHUFLDOSHWUROHUD\PLQHUDDVFRPRXQDVRVWHQLGD
GHVUHJXODFLQGHODHFRQRPD\HVSHFLDOPHQWHGHOPHUFDGRGHWUDEDMR
(VWHFDPELRLQFOX\HQXHYDVIRUPDVGHLQWHUYHQFLQHVWDWDOSDUDDVHJXUDUHO
IXQFLRQDPLHQWRGHOQXHYRPRGHORHFRQPLFR(VGHFLUVHHVWHQSUHVHQFLD
GHXQDUHDUWLFXODFLQGHODVUHODFLRQHV(VWDGRHFRQRPDGRQGHSUHYDOHFHOR
PDFURHFRQPLFRFRPRPELWRGHDFFLQGHO(VWDGR\ORPLFURHFRQPLFR
FRPRPELWRGHOPHUFDGR
(OLPSDFWRHQHOPHUFDGRGHWUDEDMRKDVLGRLQWHQVR\VHYLVXDOL]DHQXQD
UHWUDFFLQGHOHPSOHRIRUPDOHOFUHFLPLHQWRGHOVHFWRULQIRUPDOXQDPD\RU
SUHFDULHGDGODERUDO\ODGLVPLQXFLQGHORVVDODULRVUHDOHV(VWH
FRPSRUWDPLHQWRGHOPHUFDGRGHWUDEDMRKDFRQWULEXLGRDH[WHQGHU
SURIXQGL]DU\KDFHUPVKHWHURJQHDODSREUH]D$FWXDOPHQWHVHKDFHPV
HYLGHQWHHOSURFHVRTXHKDEDFRPHQ]DGRDLQLFLRVGHORVRFKHQWD\TXH
DVRFLDSREUH]DDLQJUHVRVGHOWUDEDMRIRUPDO\QRH[FOXVLYDPHQWHDOD
FDUHQFLDGHOPLVPRDODLQIRUPDOLGDGRDPRGDOLGDGHVGHVREUHYLYHQFLD
/DQXHYDFULVLVVRFLDOQRVORUHSODQWHD\UHFRJHORVHOHPHQWRVGHULYDGRVGH
ORVSUREOHPDVHVWUXFWXUDOHVVLQRTXHLQFRUSRUDGHVHTXLOLEULRV\SUREOHPDV
HPHUJHQWHV1RVHWUDWDVRODPHQWHGHXQPD\RUQPHURGHSHUVRQDVHQ
VLWXDFLQGHSREUH]DVLQRTXHHOSHUILOVRFLDOVHKDWUDQVIRUPDGRYROYLQGRVH
PVKHWHURJQHR\SRODUL]DGR<DQRSXHGHKDEODUVHH[FOXVLYDPHQWHHQ
WUPLQRVGHSREUHV\QRSREUHVSXHVVXUJHQYDULDGDVVLWXDFLRQHVGH
IUDJPHQWDFLQ\GHVLQWHJUDFLQVRFLDOTXHUHTXLHUHQGHDQOLVLV\DFFLRQHV
HVSHFILFDV/DSUGLGDGHLGHQWLGDGFROHFWLYD\ODDWRPL]DFLQVRQ
SDOSDEOHVVHGHVHVWUXFWXUDQODVUHGHVGHUHODFLRQHVH[LVWHQWHVODYLROHQFLD
FRWLGLDQDHQVXVGLYHUVDVIRUPDVVHKDFHSUHVHQWHMXQWRFRQVLWXDFLRQHVGH
DQRPLD\DVXYH]FRQQXHYDVLGHQWLGDGHV\IRUPDVGHDFFLQFROHFWLYDV
$SHVDUGHORVDOWLEDMRVHQODLPSODQWDFLQGHOQXHYRPRGHORHFRQPLFROD
JOREDOL]DFLQVHGHMDVHQWLUQRVORHQORVSURFHVRVVRFLRHFRQPLFRV\
VRFLRSROWLFRVVLQRWDPELQHQORVSURFHVRVGHPHWURSROL]DFLQGHO$0&
DFHQWXDQGRODGLIHUHQFLDFLQVRFLRWHUULWRULDO\ORVSURFHVRVGH
IUDJPHQWDFLQGHODFLXGDGORVFXDOHVREYLDPHQWHQRVRQLQGHSHQGLHQWHVGH
ORVDQWHULRUHV
3ULQFLSDOHVWHQGHQFLDVGHODPHWURSROL]DFLQHQHO$0&
/DVJUDQGHVWUDQVIRUPDFLRQHVHFRQPLFDV\VRFLDOHVYDQJHQHUDQGR
FDPELRVHQODFRQILJXUDFLQVRFLRWHUULWRULDO\HQORVPRGRVGHYLGDGH
QXHVWUDVJUDQGHVFLXGDGHVGRQGHODVXSHUSRVLFLQGHWHQGHQFLDV
JOREDOL]DGRUDVVREUHODFLXGDGWUDGLFLRQDOGDOXJDUDXQVLVWHPDXUEDQR
VXPDPHQWHFRPSOHMR\GHDOWRGLQDPLVPR/DFRPSOHMLGDGGHULYDWDQWRGH
ODVQXHYDVIXQFLRQHV\UHODFLRQHVTXHODPHWUSROLDVXPHFRPRGHOD
GLYHUVLGDGVRFLDO\FXOWXUDOUHSUHVHQWDGDSRUORVVHFWRUHVVRFLDOHVLQWHJUDGRV
DOVLVWHPDPXQGLDOL]DGRTXHFRQYLYHQFRQDTXHOORVTXHH[SHULPHQWDQ
GLYHUVRVQLYHOHVGHH[FOXVLQ0RGRVGHYLGDWUDGLFLRQDOHVVH\X[WDSRQHQ
FRQDTXHOORVVXUJLGRVFRPRUHVSXHVWDDODH[FOXVLQ\FRQORVQXHYRV
FRPSRUWDPLHQWRVSURSLRVGHODJOREDOL]DFLQDFHQWXDQGRODIUDJPHQWDFLQ
GHOFXHUSRVRFLDOWHUULWRULDO\GHJRELHUQRGHODVPHWUSROLV
&DUDFDVQRHVFDSDDHVWHPRGHORJHQHUDO\PXHVWUDORVUDVJRVWSLFRVGH
ODVPHWUSROLVODWLQRDPHULFDQDVGHILQGHVLJOR(O$0&KDGHVERUGDGRVXV
OPLWHVFRPRUHVXOWDGRGHXQDSURJUHVLYDGLIXVLQGHDFWLYLGDGHVIXQFLRQHV
\UHODFLRQHVGLIHUHQFLDGDVHQXQWHUULWRULRPD\RUDQWHODUHODWLYDVDWXUDFLQ
GHOYDOOH\ODHOHYDFLQGHORVSUHFLRVGHODWLHUUD6HYDFRQIRUPDQGROD
5HJLQ0HWURSROLWDQDGH&DUDFDV50&GRQGHHOYDOOHGH&DUDFDVHVHO
FHQWURXUEDQRSULQFLSDODUWLFXODGRDODVVXEUHJLRQHVSHULIULFDV$OWRV
0LUDQGLQRV/LWRUDO&HQWUDO*XDUHQDV*XDWLUH\9DOOHVGHO7X\6LELHQ
&DUDFDVKDLGRSHUGLHQGRVXGLQDPLVPRSREODFLRQDOODVVXEUHJLRQHVGHOD
SHULIHULDVHH[SDQGHQDXQULWPRPD\RU)3(&0/DH[SDQVLQHVW
UHODFLRQDGDFRQHOGHVDUUROORGHVLVWHPDVGHWUDQVSRUWH\GHLQIUDHVWUXFWXUDV
GHYLDOLGDGTXHSHUPLWHQODPRYLOLGDGGHODSREODFLQHQHOPELWR
LQWHUXUEDQRFRQODGLQPLFDLQPRELOLDULDTXHKDDELHUWRQXHYDVRSFLRQHVGH
DVHQWDPLHQWRHQODSHULIHULDSDUDVHFWRUHVPHGLRVLQFDSDFHVGHSDJDUHO
FRVWRGHODFHQWUDOLGDGFRQODDPSOLDFLQ\PRGHUQL]DFLQGHGLVWULWRVGH
QHJRFLRVTXHGHVSOD]DQDFWLYLGDGHV\SREODFLQUHVLGHQWH\FRQODVOJLFDV
GHORFDOL]DFLQGHOFDSLWDOFRPHUFLDO\GHUHFUHDFLQTXHFRQWULEX\HQD
JHQHUDUQXHYDVFHQWUDOLGDGHVVXEXUEDQDV(VGHFLUJUDQSDUWHGHORV
VHFWRUHVGHPD\RUHVLQJUHVRV\GHODVDFWLYLGDGHVHFRQPLFDVPV
GLQPLFDV\FRPSHWLWLYDVVHORFDOL]DQHQHOYDOOHGH&DUDFDVPLHQWUDVHQODV
VXEUHJLRQHVSHULIULFDVFRQVWLWX\HQHOUHDUHVLGHQFLDOSDUDORVVHFWRUHV
PHGLRVHPSREUHFLGRV\YXOQHUDEOHV
/DH[SDQVLQPHWURSROLWDQDVHGDHQWUPLQRVGHXQDSURJUHVLYD
IUDJPHQWDFLQGHODFLXGDGDODFXDOFRQWULEX\HQODVWHQGHQFLDVTXH
DQDOL]DPRVDFRQWLQXDFLQ
1XHYDFHQWUDOLGDGGHULYDGDGHODFRQFHQWUDFLQGH
DFWLYLGDGHVGHVHUYLFLRVDYDQ]DGRV\FRPXQLFDFLRQHVDV
FRPRIXQFLRQHVGHGLUHFFLQTXHGLIHUHQFLDQVHJPHQWRV
WHUULWRULDOHVPRGHUQRV\JOREDOL]DGRVHQODPHWUSROL
(O$0&VLJXHPDQLIHVWDQGRXQDWHQGHQFLDDODFRQFHQWUDFLQHFRQPLFD
VHPHMDQWHDODGHRWUDVPHWUSROLVODWLQRDPHULFDQDVRULHQWDGDKDFLD
DFWLYLGDGHVGHOWHUFLDULRVXSHULRU\IXQFLRQHVGHGLUHFFLQHVWUDWJLFDVSDUD
HOIXQFLRQDPLHQWRGHOVHJPHQWRORFDOGHODHFRQRPDJOREDO&DUDFDV
DGHPVGHVHUODFDSLWDOSROWLFDGHOSDVEXVFDDVHJXUDUFRQPD\RU
GHILQLFLQHOFDUFWHUGHFDSLWDOHFRQPLFD\SULQFLSDOFHQWURGHQHJRFLRV
%DUULRVUHIOHMDGRHQODFUHDFLQ\PRGHUQL]DFLQGHGLVWULWRVGH
QHJRFLRV\ILQDQFLHURVGLIHUHQFLDGRVGHQWURGHODFLXGDG
/RVHVWXGLRVUHFLHQWHVVREUHODHFRQRPDPHWURSROLWDQD%DUULRV
)3(&0PXHVWUDQORVFDPELRVTXHVWDKDYHQLGRH[SHULPHQWDQGRHQ
ODOWLPDGFDGDFDUDFWHUL]DGRVSRUXQPDUFDGRSURFHVRGH
GHVLQGXVWULDOL]DFLQ\GHWHUFLDUL]DFLQ6HKDYHQLGRSURGXFLHQGROD
GHVFRQFHQWUDFLQGHODSURGXFFLQPDQXIDFWXUHUDKDFLDODSHULIHULD
PHWURSROLWDQDHOUHVWRGHOSDV\DRWURVSDVHVGHODUHJLQUHIOHMDGDHQOD
FDGDGHOHPSOHRHQHVWDUDPD GHHQDHQ
6LPXOWQHDPHQWHHODQOLVLVGHOHPSOHRHYLGHQFLDODHVSHFLDOL]DFLQGH
&DUDFDVHQGRVUDPDVGHDFWLYLGDGWHUFLDULRVXSHULRU\FRPXQLFDFLRQHVTXH
SDUDFRQFHQWUDQFHUFDGHO\GHOGHOHPSOHRQDFLRQDO
UHVSHFWLYDPHQWHDVFRPRODSREODFLQFRQPD\RUQLYHOGHLQVWUXFFLQ(O
GHVDUUROORGHHVWDVDFWLYLGDGHVHFRQPLFDVHVWUDWJLFDVSDUDODSURGXFFLQ
LQGXVWULDO\ODSHWUROHUD\PLQHUDFDUDFWHUL]DHOOLGHUD]JRHFRQPLFRGHO$0&
FRPRSULQFLSDOFHQWURGHVHUYLFLRVHQHOQLYHOQDFLRQDOGHVGHGRQGHVH
HMHUFHQODVIXQFLRQHVWFQLFDV\GHFRQWUROGHODVDFWLYLGDGHVGHSURGXFFLQ
\ODVUHODFLRQDGDVFRQODSUHVWDFLQGHVHUYLFLRVSEOLFRV
$OLJXDOTXHVXFHGHHQRWUDVPHWUSROLVGHOFRQWLQHQWHHVWHOLGHUD]JR
HFRQPLFRGH&DUDFDVVHH[SUHVDHQXQDPDUFDGDGLIHUHQFLDFLQWHUULWRULDO
HQWUHODVDFWLYLGDGHVOLJDGDVGLUHFWDPHQWHDOVLVWHPDJOREDO\ODVTXHQR
KDFHQSDUWHGHORVFLUFXLWRVTXHORFRQIRUPDQ&LFFROHOOD+LHUQDX[\
+R\RV$VRFLDGRDOUROTXHDVXPHODPHWUSROLFRPRFHQWURGH
QHJRFLRV\VHUYLFLRVDYDQ]DGRVVHJHQHUDXQSURFHVRGHGLIHUHQFLDFLQ
IXQFLRQDOHQWUHVHJPHQWRVWHUULWRULDOHVQRUHQWDEOHV\VHJPHQWRVXUEDQRV
UHQWDEOHVJOREDOL]DGRVHVSHFLDOL]DGRV\FRPSHWLWLYRVTXHVXVWHQWDQGLFKDV
DFWLYLGDGHV/DHVSHFLDOL]DFLQIXQFLRQDOVHH[SUHVDHQODFRQIRUPDFLQGH
GLVWULWRVILQDQFLHURV\GHQHJRFLRVGLIHUHQFLDGRVGHQWURGHODFLXGDG\HQOD
GLIXVLQGHJUDQGHVHTXLSDPLHQWRVFRPHUFLDOHV\GHUHFUHDFLQYLQFXODGRV
DODH[SDQVLQGHOFRPHUFLRGHLPSRUWDFLQSDUDOHODPHQWHRWUDVUHDVGHOD
FLXGDGVLUYHQGHUHIXJLRDODVDFWLYLGDGHVHFRQPLFDVGHORVVHFWRUHV
VRFLDOHVUHOHJDGRVFRPRHVHOFDVRGHORVYHQGHGRUHVFDOOHMHURVSURGXFWR
GHOLQFUHPHQWRGHOVHFWRULQIRUPDOGHVREUHYLYHQFLDXELFDGRVHQHVSDFLRV
SEOLFRVGHOFHQWURGHODFLXGDGFX\DSULYDWL]DFLQHVXQDSHUPDQHQWH
IXHQWHGHFRQIOLFWRV/DFDEDQD6LHUUD
(O9DOOHGH&DUDFDVVHIRUWDOHFHFRPRVHGHGHJUDQGHVHPSUHVDVGH
IXQFLRQHVGHGLUHFFLQ\GHDFWLYLGDGHVGHOWHUFLDULRVXSHULRUODVFXDOHV
RULHQWDQVXORFDOL]DFLQSRUODEVTXHGDGHFHQWUDOLGDG\GHQVLGDGGH
LQWHUDFFLQDVFRPRSRUODFDOLGDGDPELHQWDOGHOPHGLRXUEDQR6HFUHDXQ
GLVWULWRILQDQFLHUR\GHQHJRFLRVXELFDGRHQHOHVWHGHODFLXGDGHQHO
PXQLFLSLRPVULFRGHODPHWUSROL\VPERORGHODPRGHUQLGDGHQODJHVWLQ
XUEDQDFRPSOHPHQWDGRFRQDFWLYLGDGHVKRWHOHUDVFXOWXUDOHV\FRPHUFLDOHV
TXHVHVXPDQDODIXQFLQUHVLGHQFLDOSDUDVHFWRUHVGHDOWRVLQJUHVRV/D
PXOWLIXQFLRQDOLGDGGH&KDFDRWLHQHXQHYLGHQWHFDUFWHUVHJUHJDGRUTXHOR
WUDQVIRUPDHQXQHQFODYHGHQWURGHODFLXGDG0LWFKHOO&RQVWLWX\HXQ
PELWRWHUULWRULDOGLUHFWDPHQWHYLQFXODGRDODUHGJOREDOGHUHODFLRQHV
HFRQPLFDV\VRFLDOPHQWHHVSHFLDOL]DGRHQVHFWRUHVGHDOWRVLQJUHVRVTXH
DGTXLHUHXQJUDQGLQDPLVPRFRPSHWLWLYR\GLIHUHQFLDGRUUHVSHFWRGHOGLVWULWR
GHQHJRFLRVORFDOL]DGRHQHOFHQWURGHODPHWUSROL
(OIRUWDOHFLPLHQWRGHO$0&FRPRFHQWURGHVHUYLFLRV\GHIXQFLRQHVGH
GLUHFFLQ\FRQWUROVHYHUDWLILFDGRSRUODFDSWDFLQGHLQYHUVLRQHV
H[WUDQMHUDVSDUWLFXODUPHQWHODVGLULJLGDVDORFDOL]DUODVVHGHVGHJUDQGHV
HPSUHVDVTXHRSHUDQHQHOSDV&DUULOOR(VWHUROGH&DUDFDVHV
GLQDPL]DGRSRUYLVLRQHVHLQLFLDWLYDVLQVWLWXFLRQDOHVTXHEXVFDQ
WUDQVIRUPDUODHQXQFHQWURUHJLRQDOGHQHJRFLRVSDUDHOUHDGHO&DULEH
(QWUHVWDVFDEHGHVWDFDUODIRUPXODFLQGHO3ODQ(VWUDWJLFRSDUD&DUDFDV
ODVHVWUDWHJLDVGHOLGHUD]JRUHJLRQDOSODQWHDGDVHQHO,;3ODQGHOD1DFLQ\
ORVOLQHDPLHQWRVGHO3ODQGH2UGHQDPLHQWR7HUULWRULDO7RGDVHVWDVLQLFLDWLYDV
DSR\DQODHVSHFLDOL]DFLQGHODFDSLWDOHQODVIXQFLRQHVHFRQPLFDVGH
VHUYLFLRVILQDQFLHURVWHOHFRPXQLFDFLRQHVSURGXFFLQGHVRIWZDUH\
FRQVXOWRUD\RWURVVHUYLFLRVDODVHPSUHVDVHQODVFXDOHV&DUDFDVWHQGUD
YHQWDMDVFRPSHWLWLYDVUHVSHFWRDRWUDVPHWUSROLVGHODUHJLQ
)UDJPHQWDFLQWHUULWRULDOHLQVWLWXFLRQDOFRPSOHMLGDGGHOD
JHVWLQPHWURSROLWDQD
'HDFXHUGRDHVWXGLRVDYDQ]DGRVVREUHODJREHUQDELOLGDGGH&DUDFDV
9DOOPLWMDQDHWDO1HJUQODH[SDQVLQPHWURSROLWDQDEDVDGD
HQODLQFRUSRUDFLQGHQXHYRVPXQLFLSLRV\ODHPHUJHQFLDGHSURWDJRQLVPRV
ORFDOHVFRPRHIHFWRGHORVSURFHVRVGHGHVFHQWUDOL]DFLQKDQHVWLPXODGROD
IUDJPHQWDFLQGHORVPELWRVGHJRELHUQRHQODFDSLWDO6HKDQJHQHUDGR
POWLSOHVSUREOHPDVDVRFLDGRVDHVWDIUDJPHQWDFLQTXHREVWDFXOL]DQOD
SODQLILFDFLQDGPLQLVWUDFLQ\ILQDQFLDPLHQWRGHIXQFLRQHV\VHUYLFLRV
QHFHVDULRVGHVHUDERUGDGRVGHPDQHUDLQWHJUDOSDUDDVHJXUDUHO
IXQFLRQDPLHQWRGHODPHWUSROL/DLQWHUYHQFLQDHVFDODORFDODXQFXDQGR
KDVLGRLPSRUWDQWHSDUDORJUDUHODFHUFDPLHQWRGHORVJRELHUQRVPXQLFLSDOHV
DVXUHDOLGDGLQPHGLDWD\ORJUDUXQDPD\RUSDUWLFLSDFLQFLXGDGDQDWDPELQ
KDSURPRYLGRODWUDQVIRUPDFLQGHFDGDXQLGDGORFDOHQXQDSDUFHODSROWLFD
GLILFXOWDQGRODJREHUQDELOLGDGGHODPHWUSROLFDUDTXHD
6LELHQVHKDQHQVD\DGRDOJXQDVPRGDOLGDGHVLQVWLWXFLRQDOHVGHDUWLFXODFLQ
HQWUHORVGLIHUHQWHVPELWRVGHJRELHUQRPHWURSROLWDQRSDUDDWHQGHU
SUREOHPDVGHVHUYLFLRV\GHSODQHDPLHQWRXUEDQRHVHYLGHQWHODIDOWDGH
XQDLQVWDQFLDVXSHULRUGHJRELHUQRPHWURSROLWDQRTXHPDQHMHIXQFLRQHV\
VHUYLFLRVFRUUHVSRQGLHQWHVDHVWHUDQJRLQFOXLGDODUHODFLQFRQHOJRELHUQR
FHQWUDO)3(&0
/DVQXHYDVWHQGHQFLDVKDFLDODIUDJPHQWDFLQLQVWLWXFLRQDOVXUJLGDVGHO
SURFHVRGHGHVFHQWUDOL]DFLQ\GHODVOJLFDVGHH[SDQVLQGHODFLXGDGDXQ
PELWRPD\RUFRQWULEX\HQDIRUWDOHFHUORVSDWURQHVGHVHJUHJDFLQ
SUHH[LVWHQWHV\ODVUHFLHQWHVGLQPLFDVGHSULYDWL]DFLQGHORVPHGLRV
UHVLGHQFLDOHV/RVSULPHURVGDQFXHQWDGHODH[LVWHQFLDGHYDVWDVUHDVQR
UHJXODGDVFRUUHVSRQGLHQWHVDEDUULRVGHLQYDVLQFX\RGHVDUUROORKD
TXHGDGRVLHPSUHIXHUDGHOFRQWUROLQVWLWXFLRQDO\ODVVHJXQGDVUHIOHMDQOD
FRPSDUWLPHQWDOL]DFLQGHUHDVGHODFLXGDGTXHVHPDQHMDQFRQOD
OHJDOLGDGSURSLDGHOPELWRSULYDGR(VWDVLWXDFLQPXHVWUDRWUDGLPHQVLQ
GHODFRPSOHMLGDGHQHOJRELHUQRPHWURSROLWDQROLJDGDDODIUDJPHQWDFLQ
VRFLRWHUULWRULDO\SODQWHDHOGHVDIRGHFUHDUXQDJHVWLQDGHFXDGDSDUD
UHVSRQGHUDXQDFLXGDGVRFLDO\FXOWXUDOPHQWHGLYHUVD
&RQVROLGDFLQGHOSDWUQGHVHJUHJDFLQSUHH[LVWHQWH\
QXHYDVGLQPLFDVVHJUHJDGRUDVTXHDFHQWDQODVOJLFDVGH
GHVLQWHJUDFLQVRFLDO\ODSUGLGDGHLGHQWLGDGGHORV
KDELWDQWHVFRQUHODFLQDODPHWUSROL
/DUHWUDFFLQGHO(VWDGRODSUHFDUL]DFLQODERUDOGHLQPHQVRVFRQWLQJHQWHV
GHSREODGRUHVODLQIRUPDOL]DFLQGHOHPSOHRXUEDQR\ODFRQVLJXLHQWH
SDXSHUL]DFLQGHODVRFLHGDGPHWURSROLWDQDYDQDFRPSDDGDVGHXQD
FRPSOHMDSUREOHPWLFDVRFLDOGRQGHODGHVDILOLDFLQGHODVUHGHVGH
VHJXULGDGVRFLDO\HOLQFUHPHQWRGHODYLROHQFLDFRQVWLWX\HQUDVJRVGH
SULQFLSDOLPSRUWDQFLDSDUDH[SOLFDUODGLQPLFDPHWURSROLWDQD
SDUWLFXODUPHQWHHOUHIRU]DPLHQWRGHODVHJUHJDFLQVRFLRWHUULWRULDO
/DH[SDQVLQGHODSREUH]D\GHODGHVLJXDOGDGXUEDQDWDPELQHVW
DVRFLDGDDODH[FOXVLQGHORVPHUFDGRVGHYLYLHQGDODFXDODIHFWD
GLIHUHQFLDOPHQWHDORVJUXSRVVRFLDOHVPHWURSROLWDQRV/DIDOWDGHVHJXULGDG
VRFLDOUHVXOWDQWHGHODSUHFDUL]DFLQGHOHPSOHRDVFRPRODHVFDVDDFFLQ
HVWDWDOHQPDWHULDGHYLYLHQGDGHMDQSRFDVRSFLRQHVKDELWDFLRQDOHVSDUDORV
VHFWRUHVHVWUXFWXUDOPHQWHSREUHV\SDUDORVVHFWRUHVPHGLRVHPSREUHFLGRV
TXLHQHVDVXPHQHVWUDWHJLDVUHVLGHQFLDOHVTXHWLHQGHQDIRUWDOHFHUORV
SDWURQHVGHVHJUHJDFLQSUHH[LVWHQWHV0LHQWUDVORVSULPHURVGHQVLILFDQODV
UHDVWUDGLFLRQDOHVGHUHVLGHQFLDORVVHFWRUHVHPSREUHFLGRVKDQUHFXUULGRD
FRPSDUWLUODYLYLHQGDDOTXLODUHQUHDVGHVYDORUL]DGDVRHPLJUDUDOD
SHULIHULD/RVVHFWRUHVGHDOWRVLQJUHVRVEXVFDQHQODDXWRVHJUHJDFLQ\
SULYDWL]DFLQGHVXPHGLRUHVLGHQFLDOHOPRGHORXUEDQRTXHOHVSHUPLWH
PDQWHQHUXQKELWDWFRQHOHYDGDFDOLGDGGHYLGD\SUHVWLJLRVRFLDOMXQWRFRQ
SURWHJHUVHIUHQWHDOLQFUHPHQWRGHODLQVHJXULGDGFLXGDGDQD/DYLVLQTXH
XELFDHQODSHTXHDHVFDODHOPELWRDSURSLDGRGRQGHVHSXHGHVROXFLRQDU
HOFDRVGHODPHWUSROLDOLPHQWDODVDVSLUDFLRQHVDXQDPD\RUIUDJPHQWDFLQ
GHOHVSDFLRPHWURSROLWDQRSRUODYDGHSULYDWL]DUGHKHFKRORVHVSDFLRV
SEOLFRVGHODFLXGDGFRQDOFDEDODV\YLJLODQWHVSULYDGRVHQODEVTXHGDGH
LGOLFRVPLFURFRVPRVXUEDQRV'LQPLFDVTXHFRPRYHDPRVDQWHULRUPHQWH
WLHQGHQDFRPSOHML]DUODJHVWLQ\JRELHUQRGHODFLXGDGDODYH]TXHVRQ
IXHQWHGHPOWLSOHVFRQIOLFWRVXUEDQRVDVRFLDGRVDODWHUULWRULDOLGDG
3REUH]DGHVLJXDOGDG\H[FOXVLQFRQVROLGDQ\GDQXQQXHYRVLJQLILFDGRDOD
VHJUHJDFLQXUEDQDUHIOHMDGDHQHOHQFLHUURVRFLRWHUULWRULDOGHJUXSRV
SREUHVHVWUXFWXUDOHV\ODJKHWWL]DFLQSURJUHVLYDGHORVVHFWRUHVGHLQJUHVRV
DOWRV\PHGLRVHQDVFHQVRDORVTXHVHVXPDODSUGLGDGHOSDSHOLQWHJUDGRU
GHORVHVSDFLRVSEOLFRV\ODGHVHVWUXFWXUDFLQGHORVWHMLGRVFXOWXUDOHVGHOD
FLXGDG&RQODHPHUJHQFLDGHHVWDVQXHYDVGLQPLFDVIUDJPHQWDGRUDVVH
GLILFXOWDODLQWHJUDFLQVRFLDOHQODFLXGDG\GHODFLXGDGHQWDQWRFXHUSR
VRFLDO\KRJDUSEOLFRH[SUHVDGDHQODSUGLGDGHODVLGHQWLGDGHVGHORV
KDELWDQWHVFRQUHODFLQDODPHWUSROLHODIORUDPLHQWRGHXQDFLXGDGDQD
DWRPL]DGD\GHHVWLORVFXOWXUDOHVDVRFLDGRVDODWUDQVJUHVLQ)HUQQGH]HW
DO
&RQHOILQGHDKRQGDUHQHVWDWHQGHQFLDYDPRVDDQDOL]DUDFRQWLQXDFLQODV
WUDQVIRUPDFLRQHVTXHYLHQHH[SHULPHQWDQGRODVRFLHGDGFDUDTXHD
DVRFLDGDVDORVFDPELRVHQHOPHUFDGRGHWUDEDMRSDUDOXHJRUHYLVDUORV
HIHFWRVTXHVWDVWLHQHQHQODVGLQPLFDVGHVHJUHJDFLQPHWURSROLWDQDV
7UDQVIRUPDFLRQHVHQHOWUDEDMR\GLIHUHQFLDFLQVRFLDO
/DVWUDQVIRUPDFLRQHVHQHOPXQGRGHOWUDEDMRGXUDQWHODOWLPDGFDGDHQ
9HQH]XHODVRQGLYHUVDVKHWHURJQHDV\FRQXQLPSDFWRGHFLVLYRHQODV
QXHYDVIRUPDVGHGLIHUHQFLDFLQVRFLDO(VWHFRQMXQWRGHFDPELRVGH
GLIHUHQWHQDWXUDOH]DHVWOLJDGRDODUHHVWUXFWXUDFLQGHODHFRQRPD\GHO
(VWDGR\DODVQXHYDVIRUPDVGHLQVHUFLQGHODHFRQRPDYHQH]RODQDHQHO
SURFHVRGHJOREDOL]DFLQ
6LELHQODSURIXQGL]DFLQGHODSUHFDULHGDG\HOLQFUHPHQWRGHOD
LQIRUPDOL]DFLQVRQXQFRQWLQXRWHPSRUDOTXHVXPDDOPHQRVGRVGFDGDV
VHDVLVWHDFWXDOPHQWHDSURFHVRVFXDOLWDWLYDPHQWHGLYHUVRV0XOWLSOLFLGDGGH
IUDJPHQWRVGHOPHUFDGRGHWUDEDMRFRQWUDEDMDGRUHVVLQSRVLELOLGDGGH
DFWXDFLQFROHFWLYDIOH[LELOL]DFLQH[WHUQD\GHVUHJXODFLQGHKHFKRFDGD\
FUHFLHQWHGHVLJXDOGDGGHLQJUHVRVUHWURFHVRHQHOSURFHVRGHVDODUL]DFLQ
DXPHQWRGHOFXHQWDSURSLVPRUXSWXUDGHODVHJXULGDGODERUDOLQHILFLHQWHR
LQH[LVWHQWHVHJXULGDGVRFLDOLQFUHPHQWRGHOGHVHPSOHRGHODUJDGXUDFLQ
IHPLQL]DFLQGHOPHUFDGRGHWUDEDMRFUHFLHQWH QPHURGHMYHQHVHQSHOLJUR
GHH[FOXVLQSUGLGDGHLGHQWLGDG\UXSWXUDVXEMHWLYDFRQHOPXQGRGHO
WUDEDMRDSDUHFHQFRPRHOHPHQWRVGHWHUPLQDQWHVGHHVWDGLYHUVLGDGTXHHQ
GHILQLWLYDSXHGHFDUDFWHUL]DUVHFRPRVLWXDFLRQHVGHYXOQHUDELOLGDG\
H[FOXVLQODERUDO\SRUORWDQWRGHYXOQHUDELOLGDG\H[FOXVLQVRFLDO
(QHVWHVHQWLGRQRSXHGHKDEODUVHH[FOXVLYDPHQWHGHRFXSDGRV\
GHVRFXSDGRVIRUPDOHVHLQIRUPDOHVSREUHV\QRSREUHVVLQRGHGLYHUVDV
GLQPLFDVGHIUDJPHQWDFLQVRFLDOTXHFRQILJXUDQJUXSRVODERUDOHV\
VRFLDOHVQHFHVDULRVGHLGHQWLILFDU\TXHUHTXLHUHQDQOLVLVHVSHFILFRV&RPR
VHDOD&DVWHOVHWUDWDGHYHUODVSULQFLSDOHVWUDQVIRUPDFLRQHVHQHO
WUDEDMRHQWDQWRVRSRUWHSULYLOHJLDGRGHLQVFULSFLQHQODHVWUXFWXUDVRFLDO
HQODSURGXFFLQGHELHQHV\VHUYLFLRVSEOLFRVFRPRHOHPHQWRVGH
SURWHFFLQ\ELHQHVWDU\ODFUHFLHQWHGLIHUHQFLDFLQVRFLDOHQWUPLQRVGH
]RQDVGHLQFOXVLQVRFLDOGHYXOQHUDELOLGDG\GHH[FOXVLQ/DVSULPHUDV
GRQGHODUHODFLQWUDEDMRHVWDEOLQVHUFLQUHODFLRQDOVOLGDSHUPLWHFRQHFWDU
HOWUDEDMRFRQODLQWHJUDFLQVRFLDO=RQDVGHYXOQHUDELOLGDGGRQGHHVWQ
DVHJXUDGRVORVLQJUHVRVSHURQRODLQWHJUDFLQVRFLDOSOHQD=RQDVGH
H[FOXVLQTXHVLWDQLQGLYLGXRVDOPDUJHQGHODLQWHJUDFLQVRFLDO8Q
DVSHFWRFHQWUDOHVHVWDEOHFHUORVSURFHVRVGHFLUFXODFLQRWUQVLWRGHXQD
]RQDDRWUDWDQWRGHORVLQGLYLGXRVFRPRGHODVIDPLOLDV0LQXMLQ
(VWDVOJLFDVGHH[FOXVLQHLQFOXVLQSXHGHQYHUVHDWUDYVGHODHYROXFLQ
GHGLIHUHQWHVFRPSRQHQWHVGHOPHUFDGRODERUDOHQWUHHOORVORVWLSRVGH
HPSOHRORVQLYHOHVVDODULDOHV\ODVFRQGLFLRQHVGHWUDEDMRGHODYDQFHGHOD
SUHFDULHGDGODERUDO\ODLQIRUPDOL]DFLQ\GHODSUGLGDGHVLJXDOGHLQJUHVRV
DVFRPRHQODGLIHUHQFLDFLQVRFLDOHPHUJHQWHGHHOODV\FRPRYHUHPRV
PVDGHODQWHHQODGLIHUHQFLDFLQVRFLRWHUULWRULDOGHODPHWUSROL
(OPHUFDGRGHWUDEDMR
6LELHQHQODOWLPDGFDGD&DUDFDVSLHUGHSDUWLFLSDFLQUHODWLYDHQOD
SREODFLQWRWDOGHOSDVVHSURGXFHXQDIXHUWHLQFRUSRUDFLQGHVXIXHU]DGH
WUDEDMRDOPHUFDGRODERUDO(VWHSURFHVRVHUHIOHMDHQHODXPHQWRGHODWDVD
GHDFWLYLGDGGHDHQWUH\GHVWDFQGRVHHO
LQFUHPHQWRGHODWDVDIHPHQLQDGHDPLHQWUDVODPDVFXOLQDYDUD
GHD/DSURJUHVLYDLQFRUSRUDFLQGHODPXMHUDOPHUFDGRGH
WUDEDMRVHOLJDHVWUHFKDPHQWHDOOODPDGRIHQPHQRGHOWUDEDMDGRUDGLFLRQDO\
UHVSRQGHDODQHFHVLGDGGHJHQHUDUPD\RUHVLQJUHVRVHQODIDPLOLDFRPR
XQDHVWUDWHJLDGHVREUHYLYHQFLDSDUDKDFHUIUHQWHDODFDGDGHORVPLVPRV
&DULRODHWDO
/DLQFRUSRUDFLQDOPHUFDGRODERUDOUHIOHMDVXIXQFLRQDPLHQWRH[FOX\HQWH
XQDSDUWHGHHVWDQXHYDIXHU]DGHWUDEDMRSDVDDHQJURVDUODVILODVGHOD
GHVRFXSDFLQGHDHVSHFLDOPHQWHHQHOFDVRGHODVPXMHUHV
FX\DWDVDGHGHVRFXSDFLQWXYRXQVXVWDQFLDOLQFUHPHQWRGHD
\ODRWUDDFFHGHHQFRQGLFLRQHVGHSUHFDULHGDGFRPRWUDEDMDGRUHVSRU
FXHQWDSURSLDHQHOVHFWRULQIRUPDOPLHQWUDVODWDVDGHVDODUL]DFLQ
GLVPLQX\HHQIRUPDVHQVLEOHGHD
3UHFDULHGDGODERUDOHLQIRUPDOL]DFLQ
&RPR\DORKHPRVDILUPDGRHQRWURVWUDEDMRVODFDUDFWHUVWLFDFHQWUDOGHO
PHUFDGRGHWUDEDMRHVXQFRQWLQXRGHSUHFDULHGDGODERUDOTXHFUX]DWRGRV
ORVVHJPHQWRVGHOPLVPR\GDFXHQWDGHQLYHOHVGLIHUHQFLDGRVGHH[FOXVLQ
ODERUDOPVDOOGHODH[FOXVLQH[WUHPDUHIOHMDGDSRUODGHVRFXSDFLQGH
ODUJDGXUDFLQ&DULROD\/DFDEDQD)DMDUGR\/DFDEDQD3DUD
HOQGLFHGHSUHFDULHGDGODERUDOLQGLFDTXHHOGHORVRFXSDGRV
LQIRUPDOHVHOGHOHPSOHRSEOLFR\PVGHODPLWDGGHORVTXHWUDEDMDQ
HQHOVHFWRUIRUPDOSULYDGRVRQSUHFDULRV/RVPVDOWRVQLYHOHVGH
SUHFDULHGDGDEVROXWDVHHQFXHQWUDQHQHOVHJPHQWRLQIRUPDOGHOPHUFDGRGH
WUDEDMR6LELHQORVRFXSDGRVQRSUHFDULRVUHSUHVHQWDQHOGHOWRWDOKD\
TXHVHDODUTXHH[LVWHXQD]RQDGHYXOQHUDELOLGDGRFXSDFLRQDOTXHDOFDQ]D
FDVLDOGHORVRFXSDGRV(VWRVLJQLILFDTXHHQUHDOLGDGVORGHORV
RFXSDGRVWLHQHQXQHPSOHRSOHQRHQVHQWLGRDPSOLRHVGHFLUQRSUHFDULRR
QRYXOQHUDEOH$XQFXDQGRHVWDYXOQHUDELOLGDGRFXSDFLRQDOHVPVLQWHQVD
HQHOVHFWRULQIRUPDOWDPELQHVDOWDHQHOSURPHGLR\HQORVVHJPHQWRV
SEOLFR\SULYDGRGHOVHFWRUIRUPDO
&XDGUR3UHFDULHGDGODERUDO$0&GHRFXSDGRV
(OSURFHVRGHLQIRUPDOL]DFLQGHOPHUFDGRGHWUDEDMRIXHLQWHQVRHQHVWRV
DRVODSDUWLFLSDFLQGHOVHFWRULQIRUPDOHQODRFXSDFLQPHWURSROLWDQD
SDVGHD(VWHIHQPHQRRFXUULSDUDOHORDXQDGLVPLQXFLQ
UHODWLYDGHOHPSOHRIRUPDOSULYDGR\GHOHPSOHRSEOLFR(QHOFDVRGHHVWH
OWLPRODFDGDQRHVVORUHODWLYDVLQRDEVROXWD\VHDVRFLDDOD
UHHVWUXFWXUDFLQGHO(VWDGR(OVHFWRULQIRUPDODFWXFRPRUHIXJLRIUHQWHDO
GHVHPSOHRDELHUWR\ODHVFDVDFUHDFLQGHHPSOHRGHOVHFWRUIRUPDOSULYDGR
OOHJDQGRDXQSXQWRGHVDWXUDFLQTXHGLROXJDUDTXHVHLQFUHPHQWDUDQODV
GLIHUHQFLDVGHLQJUHVRVGHOHPSOHRLQIRUPDOFRQRWURVVHJPHQWRVGHO
PHUFDGRGHWUDEDMR(OWLSRGHWUDEDMRDOTXHVHDFFHGHHQHOVHFWRULQIRUPDO
HVSUHFDULRGHPX\EDMDUHPXQHUDFLQ\VHGHVDUUROODHQHOFRQWH[WRGHOD
HFRQRPDGHODSREUH]DDVRFLDGRDORVKRJDUHVSREUHVRHQFRQGLFLRQHVGH
YXOQHUDELOLGDG
&XDGUR6HJPHQWDFLQGHOPHUFDGRGHWUDEDMR$0&
/DLQIRUPDOLGDGQRVORDXPHQWDVLQRTXHVHWUDQVIRUPDHQXQPRGRGH
YLGDUHIOHMDGRHQHOXVRHFRQPLFRGHORVKELWDWVSRSXODUHV\GHORV
HVSDFLRVSEOLFRVGHODFLXGDGTXHVHWUDQVIRUPDQHQUHDVGHWUDEDMR
LQIRUPDO3DUDPVGHXQWHUFLRGHORVRFXSDGRVLQIRUPDOHVGHVDUUROODQ
VXVDFWLYLGDGHVHQHOGRPLFLOLR\HOGHHOORVORKDFHHQODFDOOHFX\D
DSURSLDFLQSRUSDUWHGHYHQGHGRUHVDPEXODQWHV\RWURVWUDEDMDGRUHV
JHQHUDFRQIOLFWRVUHFXUUHQWHVSRUHOXVRGHGLFKRHVSDFLR
'LVSHUVLQGHLQJUHVRV\GHVLJXDOGDG
/DGLVSHUVLQGHLQJUHVRVHVXQLQGLFDGRUGHGHVLJXDOGDGODERUDO\VRFLDO
&RQVLVWHHQYHUFPRODVSUGLGDVJHQHUDOHVGHLQJUHVRVDORODUJRGHO
SHURGRVHGLVWULEX\HURQGHVLJXDOPHQWHHQWUHORVRFXSDGRVHQORVGLVWLQWRV
VHJPHQWRVGHOPHUFDGRGHWUDEDMR\WDPELQHQWUHORVGLVWLQWRVJUXSRVGH
RFXSDFLQLQGHSHQGLHQWHPHQWHGHHVWRVVHJPHQWRV/DJUDQGLVSHUVLQGH
LQJUHVRVREVHUYDGDVHDODHODXPHQWRGHODGHVLJXDOGDGHQWUHORVTXHPV
JDQDQ\ORVTXHPHQRVJDQDQ(VWRVOWLPRVVRQORVJUDQGHVSHUGHGRUHVGHO
SURFHVR\VRQORVTXHVHLQFRUSRUDQDOVHFWRUGHSREUHV\QXHYRVSREUHV
/DGLVSHUVLQGHLQJUHVRVYLVWDSRUVHJPHQWRV\SRUFDWHJRUDV
RFXSDFLRQDOHVDUURMDLQGLFLRVFODURVGHSUGLGDGHLQJUHVRV\GHLQFUHPHQWR
GHODGHVLJXDOGDGGRQGHORVPVGHVIDYRUHFLGRVVRQORVWUDEDMDGRUHV
LQIRUPDOHVHQSDUWLFXODUORVDVDODULDGRVPLHQWUDVTXHORVWUDEDMDGRUHVGHO
VHFWRUSEOLFRSLHUGHQPHQRUSURSRUFLQGDGRTXHHQHVWHVHJPHQWRRSHUDQ
ODVUHJXODFLRQHV\ORVVLQGLFDWRVWLHQHQFDSDFLGDGGHUHLYLQGLFDFLQ\
PRYLOL]DFLQ
'LIHUHQFLDFLQVRFLDOYXOQHUDELOLGDG\H[FOXVLQ
/DGLVSHUVLQGHLQJUHVRV\IXQGDPHQWDOPHQWHHOLQFUHPHQWRGHOD
GHVLJXDOGDGHQHOPHUFDGRGHWUDEDMRKDDIHFWDGRSURIXQGDPHQWHOD
SRVLFLQTXHORVVXMHWRVRFXSDQHQUHODFLQFRQODSREUH]D0LHQWUDVTXHHQ
HOLQJUHVRSURPHGLRGHORVKRJDUHVGHOGHFLOPVDOWRHUDYHFHV
PD\RUTXHHOFRUUHVSRQGLHQWHDOSULPHUGHFLOHQHVWDUHODFLQDXPHQW
DYHFHVORFXDOUHIOHMDHOLQFUHPHQWRGHODGHVLJXDOGDGVRFLRHFRQPLFD
&RPRSXHGHYHUVHHQHOVLJXLHQWHFXDGURODSUGLGDGHLQJUHVRVKDVLGR
GHVLJXDODIHFWDQGRPVSURIXQGDPHQWHDORVKRJDUHVFRQPHQRUHV
LQJUHVRV
&XDGUR9DULDFLQUHODWLYDGHORVLQJUHVRVUHDOHVGHORVKRJDUHV$0&
$GHPVGHSURIXQGL]DUVHHOGHWHULRURGHORVVHFWRUHVPVSREUHVGH
DXPHQWDUODGHVLJXDOGDG\GHLQWHQVLILFDUVHODSREUH]DWDPELQVHREVHUYD
XQDH[WHQVLQGHVWDUHIOHMDGDHQHOLQFUHPHQWRGHODSURSRUFLQGHSREUHV
GHD
&XDGUR3RUFHQWDMHGH+RJDUHVHQ6LWXDFLQGH3REUH]D$0&
(QVQWHVLVODVWUDQVIRUPDFLRQHVHQHOPHUFDGRGHWUDEDMRFRQWULEX\HQD
H[SDQGLUODSREUH]DKDFHUODPVLQWHQVD\KHWHURJQHDDVFRPRD
DXPHQWDUODVGHVLJXDOGDGHVVRFLDOHV/D]RQDGHLQFOXVLQRLQWHJUDFLQ
VRFLDOVHUHGXFHOD]RQDGHH[FOXVLQVHH[SDQGHLQFRUSRUDQGRDXQDPSOLR
VHFWRUGHQXHYRVSREUHVDODYH]TXHODH[FOXVLQVHKDFHPVLQWHQVDFRQ
HOLQFUHPHQWRGHORVKRJDUHVHQVLWXDFLQGHLQGLJHQFLD\OD]RQDGH
YXOQHUDELOLGDGDFRJHDODPD\RUSDUWHGHORVSREUHVPRGHUDGRV\DXQJUXSR
LPSRUWDQWHGHVHFWRUHVPHGLRV9HUFXDGUR&RPRORVHIHFWRVPV
HYLGHQWHVGHHVWHSURFHVRVHSXHGHQVHDODU
x La profundizacin de la pobreza estructural expresada en el aumento de la
indigencia
x La emergencia de un nuevo segmento social de sectores medios
empobrecidos
x El incremento de la vulnerabilidad de los sectores medios
x La concentracin de los ingresos en un grupo menor de sectores no pobres
o de altos ingresos.
/DVWUDQVIRUPDFLRQHVGHFDGDVHFWRUVRFLDOVHH[SUHVDQGHODPDQHUD
VLJXLHQWH
x Los pobres estructurales, sujetos de la zona de exclusin, constituyen un
grupo social que arrastra las carencias derivadas del modelo econmico
anterior y sufre las consecuencias del nuevo. En este grupo es donde se
concentra tanto cuantitativa como cualitativamente una gran parte del
fenmeno de la extensin e intensificacin de la pobreza. Son el 20,5% del
total de hogares y ms de la mitad de los mismos experimenta una situacin
de indigencia (13%) derivada de la falta de ingresos del mercado de trabajo o
de estrategias econmicas de sobrevivencia basadas slo en el empleo
informal. Tienen un capital social y cultural limitado que permite a algunos
hogares superar problemas de sobrevivencia, pero les impide lograr un nivel
de integracin social ms amplio11. En este sentido operan los bajos niveles
de formacin alcanzados por los sujetos de este grupo social y tambin la
progresiva desvalorizacin de la educacin como mecanismo de movilidad
social. Los pobres estructurales tienen una territorialidad definida, una
pobreza visible, ya que habitan mayoritariamente en barrios de invasin o
bien en urbanizaciones populares construidas por el Estado en la periferia
metropolitana.
x Los nuevos pobres o sectores medios empobrecidos son el producto ms
evidente de la expansin de la pobreza asociada a las transformaciones en el
trabajo y a la cada de los ingresos. Llegan a constituir ms de un tercio del
total de hogares, entre los cuales existe un grupo altamente excluido (11%)
cuyos bajos ingresos provienen principalmente del empleo informal y quienes
harn el trnsito hacia la pobreza estructural en la medida en que no logren
mantener las condiciones de satisfaccin de sus necesidades bsicas. Al
grupo de empobrecidos no se les puede atribuir una territorialidad definida.
En parte es una pobreza invisible, de puertas adentro, de sectores medios
tradicionales empobrecidos recientemente, cuyos oficios y profesiones se han
degradado en trminos de ingreso e incluso socialmente. Existe un subgrupo
H[SHULHQFLDVGLVWLQWDVUHVDOWDQGRODVGLIHUHQFLDVHQFDSLWDOFXOWXUDO\VRFLDO
TXHOHVSHUPLWHDGRSWDUYLVLRQHV\YDORUDFLRQHVGLYHUVDV
'LIHUHQFLDFLQVRFLDO\IUDJPHQWDFLQVRFLRWHUULWRULDO
FDPELRVHQORVPRGRVGHYLGD\QXHYRVVLJQLILFDGRVGHOD
VHJUHJDFLQ
/DVWUDQVIRUPDFLRQHVTXHYLHQHH[SHULPHQWDQGRODVRFLHGDGFDUDTXHD
DVRFLDGDVDODYDQFHGHODSREUH]D\ODGHVLJXDOGDGVHUHODFLRQDQFRQOD
IRUPDFRPRHVFRQVWUXLGDHVWUXFWXUDGDJHVWLRQDGDYLYLGDHLQFOXVR
UHSUHVHQWDGDODPHWUSROL([FOXVLQSREUH]DYXOQHUDELOLGDG\GHVLJXDOGDG
HVWQHQODEDVHGHORVSURFHVRVGHVHJUHJDFLQVRFLRWHUULWRULDOTXHVH
VXSHUSRQHQ\UHODFLRQDQFRQORVGHHVSHFLDOL]DFLQIXQFLRQDO\GH
VHJPHQWDFLQLQVWLWXFLRQDOFRQWULEX\HQGRDIUDJPHQWDU&DUDFDVGHPDQHUD
TXHSRGHPRVKDEODUGHODFRH[LVWHQFLDGHPOWLSOHVFLXGDGHVGHQWURGHO
WHUULWRULRPHWURSROLWDQR(VWHSURFHVRQRHVQXHYR$OFRQIOX\HQWHQGHQFLDV
VHJUHJDGRUDVSURSLDVGHOGHVDUUROORPHWURSROLWDQREDMRHOPRGHORUHQWLVWD\
ODVQXHYDVGLQPLFDVDVRFLDGDVDODFWXDO
$PDQHUDGHKLSWHVLVSODQWHDPRVTXHODVDFWXDOHVGLQPLFDVGH
VHJUHJDFLQVRFLRWHUULWRULDOHQHO$0&GDQXQDQXHYDVLJQLILFDFLQDHVWH
SURFHVRDODVRFLDUORQRVORFRQODFDOLGDGGLIHUHQFLDOGHOHVSDFLRXUEDQR
VLQRFRQODHPHUJHQFLD\\X[WDSRVLFLQGHPRGRVGHYLGDFRUUHVSRQGLHQWHV
DODGLIHUHQFLDFLQVRFLDOHQPDUFKD/RVPRGRVGHYLGDSURSLRVGHOD
JOREDOL]DFLQTXHGHVDUUROODQORVVHFWRUHVLQWHJUDGRVDDFWLYLGDGHVGHSXQWD
\FDUDFWHUL]DGRVSRUODLQFRUSRUDFLQGHSDWURQHVGHFRQVXPRVRILVWLFDGRV\
GHWHFQRORJDVGHFRPXQLFDFLRQHVDODYLGDFRWLGLDQDVHHQWUHFUX]DQFRQ
DTXHOORVTXHVXUJHQFRPRUHVSXHVWDDODH[FOXVLQYLQFXODGRVDHFRQRPDV
GHOGHOLWR\FXOWXUDVWUDQVJUHVRUDVFRQORVTXHHPHUJHQGHODVSUFWLFDVGH
VREUHYLYHQFLDIUHQWHDODSREUH]D\FRQDTXHOORVGHVDUUROODGRVSRUORV
QXHYRVVHFWRUHVHPSREUHFLGRVSDUDHQIUHQWDUODVFRQVHFXHQFLDVGHVX
FDGD<X[WDSRVLFLQGHPRGRVGHYLGDFX\DPD\RURPHQRUDUWLFXODFLQ
HQWUHVUHIXHU]DODWHQGLHQWHIUDJPHQWDFLQXUEDQDDOLPHQWDODFRQIOLFWLYLGDG
SRUHOXVRGHOWHUULWRULR\GLILFXOWDODLGHQWLILFDFLQGHORVKDELWDQWHVFRQXQD
FLXGDGGRQGHVHKDSHUGLGRHOSUHGRPLQLRGHOHVSDFLRSEOLFRVREUHHO
SULYDGR\ORVYDORUHVTXHRULHQWDEDQODFXOWXUDFLXGDGDQD
$QDOL]DUODIUDJPHQWDFLQPHWURSROLWDQDGHVGHODSHUVSHFWLYDGHOD
VHJUHJDFLQVRFLRWHUULWRULDOQRVUHPLWHDGRVGLQPLFDVHVWUHFKDPHQWH
DUWLFXODGDV
/DLQPRELOLDULDTXHGDFXHQWDGHODVHJPHQWDFLQGHOPHUFDGRGHOD
YLYLHQGD\GHODVHVWUDWHJLDVUHVLGHQFLDOHVTXHGHVDUUROODQORVGLYHUVRV
VHFWRUHVVRFLDOHVSDUDDFFHGHUDXQDXQLGDGKDELWDFLRQDODQWHODOLPLWDFLQ
GHXQDSROWLFDSEOLFDTXHGUHVSXHVWDDHVWDQHFHVLGDGGHQWURGHOPELWR
PHWURSROLWDQR\ODDFWXDFLQGHORVDJHQWHVSURPRWRUHV\FRQVWUXFWRUHV
RULHQWDGRVSRUODEVTXHGDGHORVVHJPHQWRVPVUHQWDEOHVGHOPHUFDGR
UHSUHVHQWDGRVSRUORVVHFWRUHVGHPD\RUHVLQJUHVRV
/DFXOWXUDOTXHGDFXHQWDGHORVFDPELRVHQORVPRGRVGHYLGDGHORV
JUXSRVUHVLGHQWHVHQGLVWLQWRVIUDJPHQWRVVRFLRWHUULWRULDOHV\GHODFLXGDG
FRPRFXHUSRVRFLDOIUHQWHDODHPHUJHQFLDSRUXQDSDUWHGHSDXWDVGH
FRQVXPR\YDORUHVSURSLRVGHODVRFLHGDGJOREDOL]DGD\SRUODRWUDGHOD
YLROHQFLD\ODGHVHVWUXFWXUDFLQGHORVWHMLGRVVRFLDOHV\FXOWXUDOHVFRPR
KHFKRVFHQWUDOHVGHOHPSREUHFLPLHQWR\GHVLQWHJUDFLQVRFLDOGHOD
VRFLHGDGPHWURSROLWDQD(VWDGLQPLFDUHFRJHWDPELQODVWUDQVIRUPDFLRQHV
HQHOPELWRGHODFXOWXUDFLXGDGDQD\HODIORUDPLHQWRGHXQDFLXGDGDQD
DWRPL]DGDHQORVFRPSRUWDPLHQWRVFROHFWLYRVHLQGLYLGXDOHV)HUQQGH]HW
DO
'LQPLFDLQPRELOLDULD\GLIHUHQFLDFLQVRFLRWHUULWRULDO
$XQHQSOHQRDXJHGHODHFRQRPDUHQWLVWD&DUDFDVFDUHFLGHXQDSROWLFD
GHYLYLHQGDTXHGLHUDUHVSXHVWDDORVJUXSRVPVSREUHVGHODSREODFLQ
/RVFHUURVFDUDTXHRVFRQVXVEDUULRVSURGXFWRGHODLQYDVLQGHWLHUUDV\
DXWRSURGXFFLQGHYLYLHQGDVTXHDOEHUJDQPVGHOGHODSREODFLQGH
ODPHWUSROLVRQODSUXHEDPVHYLGHQWHGHODGHILFLHQWHDFFLQGHO(VWDGR
HQHVWDPDWHULD(OERRPSHWUROHURGHORVFRQHOHIHFWRGLQDPLWDGRVREUH
ODFRQVWUXFFLQQRYDULHVWDVLWXDFLQ\HOPHUFDGRSULYDGRVHRULHQWKDFLD
ORVDPSOLRVVHFWRUHVPHGLRVHQDVFHQVR/DVDFFLRQHVPVUHSUHVHQWDWLYDV
GHODSROWLFDVRFLDOGHYLYLHQGDHQODVOWLPDVGFDGDVKDQVLGRSRUXQD
SDUWHODIRUPDFLQGHHQRUPHVXUEDQL]DFLRQHVSRSXODUHVHQODSHULIHULD
PHWURSROLWDQDTXHKDQGDGRRULJHQDXQIHQPHQRGHVREUHVHJUHJDFLQ
SRUODFRQFHQWUDFLQGHSREUH]D\GHVHPSOHR\SRURWUDODVRSHUDFLRQHV
FRVPWLFDVVREUHORVEDUULRVGHLQYDVLQTXHQRORJUDURQXQDPRGLILFDFLQ
SRVLWLYDGHVXVFRQGLFLRQHVGHYLGD
/RVVHFWRUHVPHGLRVIDYRUHFLGRVSRUODSROWLFDGHHVWPXOR\VXEVLGLRDOD
FRQVWUXFFLQLQPRELOLDULDGXUDQWHHOSHURGRGHERQDQ]DSURJUHVLYDPHQWHVH
KDQLGRTXHGDQGRIXHUDGHOPHUFDGR4XL]VXQRGHORVDVSHFWRVPV
GUDPWLFRVGHVXHPSREUHFLPLHQWRHVMXVWDPHQWHHOUHODFLRQDGRFRQOD
LPSRVLELOLGDGGHDFFHGHUDODYLYLHQGD/DFDGDGHORVLQJUHVRVOD
GHVDILOLDFLQGHODVUHGHVGHVHJXULGDGVRFLDOFRPRSURGXFWRGHOD
GHVUHJXODFLQGHOPHUFDGRODERUDOHOFRVWRFUHFLHQWHGHODYLYLHQGD\HO
OLPLWDGRDOFDQFHGHODSROWLFDHVWDWDOHQHVWDPDWHULDRSHUDQFRPRIDFWRUHV
SULQFLSDOHVSDUDH[FOXLUORVGHOPHUFDGRLQPRELOLDULRPHWURSROLWDQR
/DSROWLFDSEOLFDSDUDHVWRVVHFWRUHVHQODOWLPDGFDGDVHKDFHQWUDGR
HQXQLQVWUXPHQWRIXQGDPHQWDOOD/H\GH3ROWLFD+DELWDFLRQDO/3+6XV
EHQHILFLDULRVVRQWUDEDMDGRUHVGHOVHFWRUIRUPDOTXLHQHVFRWL]DQMXQWRFRQ
VXVHPSOHDGRUHVSDUDIRUPDUXQIRQGRDOFXDOVHVXPDXQDSRUWHGHO
(VWDGR+DRSHUDGRPHGLDQWHSUVWDPRVFRQWDVDVGHLQWHUVVXEVLGLDGDV
SDUDRSWDUDYLYLHQGDVGHFRVWRVOLPLWDGRV/RVUHVXOWDGRVVHKDQH[SUHVDGR
QRVRODPHQWHHQXQHVFDVRQPHURGHYLYLHQGDVSURGXFLGDVVLQRWDPELQ
HQODPDODFDOLGDGGHODVPLVPDVGHULYDGDGHODQHFHVLGDGGHDGHFXDUORV
SUHFLRVDORVWRSHVOHJDOHV\HQODH[FOXVLQGHKRJDUHVQRDILOLDGRVDHVWH
VLVWHPDSRUODLQIRUPDOL]DFLQ\SUHFDUL]DFLQGHODVFRQGLFLRQHVGHWUDEDMR
PVGHOGHORVKRJDUHVGHO$0&HQQRFRWL]DDOD/3+(VWXGLRV
TXHHYDODQODDSOLFDFLQGHHVWDSROWLFDHYLGHQFLDQODWHQGHQFLDD
FRQFHQWUDUVXVUHFXUVRVHQORVVHJPHQWRVPVDOWRVGHODSREODFLQ
EHQHILFLDULD*KLQDJOLD
/RVSURPRWRUHV\FRQVWUXFWRUHVLQPRELOLDULRVEXVFDQGLQDPL]DUHOVHFWRUD
WUDYVGHODSULYDWL]DFLQGHOVLVWHPDGHVHJXULGDGVRFLDO\GHODXWLOL]DFLQ
GHORVIRQGRVGHSHQVLRQHVDVFRPRGHODDPSOLDFLQGHODGHPDQGD
VROYHQWHSRUPHGLRGHUHIRUPDVDOD/3+(VWQRULHQWDGRVKDFLDORV
VHJPHQWRVPVDOWRVGHODHPSREUHFLGDFODVHPHGLDORVVHFWRUHVPHGLRV
YXOQHUDEOHVFRQVWLWXLGRVSRUSURIHVLRQDOHVWFQLFRV\HMHFXWLYRVMYHQHV
+DFLDHVWRVJUXSRVTXHUHSUHVHQWDQODFXDUWDSDUWHGHORVKRJDUHV
PHWURSROLWDQRVVHKDGLULJLGRXQDSDUWHLPSRUWDQWHGHODRIHUWDUHVLGHQFLDO
SULYDGDHQORVOWLPRVDRVVWDVHKDORFDOL]DGRHQODVVXEUHJLRQHV
SHULIULFDVGHOD50&EDMRHOFRQFHSWRGHJUDQGHVXUEDQL]DFLRQHVFHUUDGDV
GRQGHVHDVHJXUDXQDEXHQDFDOLGDGGHYLGDGHULYDGDGHODRIHUWDGH
VHUYLFLRVUHDVYHUGHV\VHJXULGDG
1XHYDVDOWHUQDWLYDVUHVLGHQFLDOHVSDUDORVVHFWRUHVGHPVDOWRVLQJUHVRV
FRQFHQWUDQODPD\RUSDUWHGHOPHUFDGRSULYDGRGHODYLYLHQGD6H
FRQVWUX\HQJUDQGHVHGLILFLRVGHOXMRFRQPOWLSOHVVHUYLFLRVXELFDGRVHQ
UHDVH[FOXVLYDVGHOHVWHGHO$0&TXHVHHVWQGHQVLILFDQGRDSR\DGDVHQ
ODVQXHYDVUHJODPHQWDFLRQHVXUEDQDV\HQODSHULIHULDGHOVXUHVWHVH
GHVDUUROODQXUEDQL]DFLRQHVFHUUDGDVGHFDUFWHUH[FOXVLYR\GRWDGDVGH
VHUYLFLRVHLQIUDHVWUXFWXUDGHSRUWLYD\UHFUHDFLRQDOGHDOWRQLYHO
/DGLIHUHQFLDFLQVRFLRWHUULWRULDOGHODH[SDQVLQPHWURSROLWDQDVHYD
PDUFDQGRDWUDYVGHODGLQPLFDLQPRELOLDULDGHWHUPLQDGDSRUODFUHFLHQWH
GHVLJXDOGDG\UHGXFFLQGHODGHPDQGDVROYHQWHSRUODHVFDVDSUHVHQFLD
GHO(VWDGRTXHDWLHQGHDXQSRUFHQWDMHOLPLWDGRGHODSREODFLQSREUH\
HPSREUHFLGD\SRUODRIHUWDGHOVHFWRUSULYDGRRULHQWDGDDORVVHFWRUHVGH
PD\RUHVLQJUHVRV0LHQWUDVODRIHUWDGHOVHFWRUSEOLFRDOUHGHGRUGHGHO
WRWDOGHODVYLYLHQGDVFRQVWUXLGDVHQODUHJLQ&21$9,VHKDLGR
H[SDQGLHQGRHQORVOWLPRVDRVKDFLDHOUHVWRGHOD5HJLQ&DSLWDO
%DUORYHQWRODRIHUWDGHOVHFWRUSULYDGRVHKDRULHQWDGRDODVVXEUHJLRQHV
SHULIULFDV\DOYDOOHGH&DUDFDVFRQXQDFODUDGLIHUHQFLDFLQVRFLR
WHUULWRULDO
&XDGUR0HUFDGRSULYDGRGHYLYLHQGD'LVWULEXFLQWHUULWRULDOGHODRIHUWDGHYLYLHQGDVHQ
SUHYHQWD$0&HU6HPHVWUH
6LQHPEDUJRORPVGHVWDFDGRGHODRIHUWDSULYDGDGHYLYLHQGDHVODWRWDO
IDOWDGHFRUUHVSRQGHQFLDFRQORVLQJUHVRVGHORVKRJDUHV0VDOOGHOD
VXEHVWLPDFLQGHLQJUHVRVGHODVFLIUDVRILFLDOHVHVHYLGHQWHTXHORV
LQJUHVRVIDPLOLDUHVGHDTXHOHVWUDWRGHSREODFLQFRUUHVSRQGLHQWHDKRJDUHV
GHVHFWRUHVPHGLRVHPSREUHFLGRVQRDOFDQ]DQDFXEULUHOPRQWRGHODV
PHQVXDOLGDGHVUHTXHULGDVSDUDODVYLYLHQGDVGHOPHUFDGRSULYDGRPHQRV
DQSXHGHQDKRUUDUODFXRWDLQLFLDOSDUDDFFHGHUDVWDV3DUDHOORVOD
DOWHUQDWLYDGHQXHYDYLYLHQGDVHUHGXFHDODVXQLGDGHVSURJUHVLYDV
LPSXOVDGDVSRUHOVHFWRUSEOLFRHQODSHULIHULDPHWURSROLWDQDRHQFDVR
FRQWUDULRGHEHQEXVFDUVXVSURSLDVVROXFLRQHVHQHOPDUFRGHODV
HVWUDWHJLDVGHVREUHYLYHQFLDGHVSOHJDGDVSDUDHQIUHQWDUVXSREUH]D
FUHFLHQWH
/RVPRGRVGHYLGDHQODPHWUSROL
0VDOOGHORVHIHFWRVGHODGLQPLFDLQPRELOLDULDHQODVHJUHJDFLQGHOD
50&VRQORVFDPELRVHQORVPRGRVGHYLGDHQFDGDIUDJPHQWRVRFLR
WHUULWRULDO\HQODFLXGDGFRPRFXHUSRVRFLDOORVTXHPDUFDQOD
WUDQVIRUPDFLQFXDOLWDWLYDGHGLFKRSURFHVR0RGRVGHYLGDTXHUHFRJHQODV
UHVSXHVWDVGHODVIDPLOLDVIUHQWHDODVGLQPLFDVGHH[FOXVLQHLQFOXVLQHQ
PDUFKD0RGRVGHYLGDDVRFLDGRVSRUXQDSDUWHDODHPHUJHQFLDGHUDVJRV
SURSLRVGHODVRFLHGDGJOREDOL]DGDOLJDGRVDIRUPDVVRILVWLFDGDVGH
FRQVXPR\DOGHVDUUROORGHODVFRPXQLFDFLRQHV\SRUODRWUDDODH[SDQVLQ
GHODSREUH]D\ODGHVLJXDOGDGFRQVXVHFXHODGHSUREOHPDVHQWUHRWURVOD
UDGLFDOL]DFLQGHODYLROHQFLD\ODGHVHVWUXFWXUDFLQGHORVWHMLGRVVRFLDOHV\
FXOWXUDOHV([SUHVLQGHORVGLIHUHQWHVPRGRVGHYLGDHQODPHWUSROLVRQODV
HVWUDWHJLDVUHVLGHQFLDOHVTXHGHVDUUROODQORVGLYHUVRVVHFWRUHVVRFLDOHV
&RUUHVSRQGHQDSUFWLFDVVRFLRFXOWXUDOHVTXHFRQOOHYDQIRUPDVSDUWLFXODUHV
GHSURGXFFLQGHOHVSDFLRUHVLGHQFLDOSURGXFWRGHODSXHVWDHQPDUFKDGH
HVWUDWHJLDVGHVREUHYLYHQFLDSDUDHQIUHQWDUODSREUH]DSRUSDUWHGHXQRV
GHHVWUDWHJLDVGHUHSURGXFFLQJOREDOL]DGDRELHQXQDFRPELQDFLQGH
DPEDVSRUSDUWHGHRWURV
(QHOFDVRGHODPHWUSROLFDUDTXHDHVQHFHVDULRHQIDWL]DUHOSDSHOGHOD
YLROHQFLDFRPRXQHOHPHQWRHVWUXFWXUDGRUGHODVIRUPDVGHYLGD\GHOD
FRQVWUXFFLQGHODFLXGDG(Q&DUDFDVFRPRHQRWUDVPHWUSROLV
ODWLQRDPHULFDQDVVHKDLGRSURGXFLHQGRXQDUDGLFDOL]DFLQGHODYLROHQFLD
FRWLGLDQDGHDTXHOODTXHHVWSUHVHQWHHQODVUHODFLRQHVIDPLOLDUHVHQOD
HVFXHODHQODFDOOH\TXHVHH[SUHVDHQXQVHQWLPLHQWRGHYXOQHUDELOLGDGGH
ODYLGD9XOQHUDELOLGDGH[WHQGLGDGHVGHODLQVHJXULGDGSHUVRQDO\FLXGDGDQD
KDVWDODIDOWDGHDOLPHQWRV(QSDUWLFXODUODLQVHJXULGDGFLXGDGDQD
FRQVWLWX\HXQHOHPHQWRLPSRUWDQWHSDUDH[SOLFDUODVGLQPLFDVGH
VHJUHJDFLQVRFLRWHUULWRULDO\ORVPRGRVGHYLGDDVRFLDGRV(VSHUFLELGD
FRPRXQSUREOHPDGHSULQFLSDOLPSRUWDQFLDSRUORVKDELWDQWHVFDUDTXHRVHQ
FRUUHVSRQGHQFLDFRQODVLWXDFLQREMHWLYDTXHXELFDD&DUDFDVFRPROD
FLXGDGFRQPD\RUJUDGRGHLQVHJXULGDGHQHOSDVFRQXQHQRUPH
FUHFLPLHQWRHQODOWLPDGFDGDGHWRGRWLSRGHGHOLWRVHQSDUWLFXODUODV
PXHUWHVYLROHQWDV%ULFHR&RQVWLWX\HHODUJXPHQWRSULQFLSDOSDUD
FHUUDU\SULYDWL]DUHVSDFLRVSEOLFRVFRQGLFLRQDORVWLHPSRV\PRGDOLGDGHV
GHXVRGHFDOOHV\VHFWRUHVUHVLGHQFLDOHV\HVXQHOHPHQWRRUJDQL]DGRUGHOD
YLGDFRWLGLDQDHQORVGLVWLQWRVPELWRVGHQXHVWUDFLXGDG
(QHVWHPDUFRGHLQVHJXULGDGFLXGDGDQDORVHIHFWRVVHJUHJDGRUHVGHOD
GLQPLFDLQPRELOLDULDVHUHIXHU]DQFRQODVHVWUDWHJLDVUHVLGHQFLDOHV
DGRSWDGDVSRUORVGLVWLQWRVVHFWRUHVVRFLDOHV
x/RVVHFWRUHVGHPD\RUHVLQJUHVRVWLHQGHQODDXWRVHJUHJDFLQD
WUDYVGHSULYDWL]DUODSURGXFFLQ\HOXVRGHVXPHGLRXUEDQR
UHVLGHQFLDO/DEVTXHGDGHVHJXULGDGDFWDFRPRPRWLYDFLQ
SULQFLSDOGHHVWDGLQPLFDDVRFLDGDDODH[FOXVLYLGDG\DO
PDQWHQLPLHQWRGHXQDHOHYDGDFDOLGDGGHYLGD(OUHVXOWDGRHVOD
RUJDQL]DFLQGHJKHWWRVXUEDQRVFHUUDGRV\H[FOXVLYRVGRWDGRVFRQ
VLVWHPDVGHVHJXULGDGSULYDGD\PHGLRVHOHFWUQLFRVSDUDFRQWURODUHO
DFFHVRFRQVHUYLFLRVHLQIUDHVWUXFWXUDVGHDOWDFDOLGDG\WHFQRORJDV
DYDQ]DGDV\FRQUHDVOLEUHVLQWHUQDVTXHUHSURGXFHQHVWQGDUHVGH
SDVHVFHQWUDOHV&RQVWLWX\HQFRQGRPLQLRVGHOXMRGRQGHVHJHQHUDQ
PRGRVGHYLGDSURSLRVGHORVVHFWRUHVGRPLQDQWHVGHODVRFLHGDG
JOREDOL]DGD(OGHVDUUROORGHODVFRPXQLFDFLRQHVSHUPLWHDHVWRV
VHFWRUHVVRFLDOHVHVWDUHQFRQWDFWRGLUHFWRFRQHOUHVWRGHOPXQGR
JOREDOL]DGRLQFOXLGRVORVVHJPHQWRVVRFLRXUEDQRVGHODFLXGDGTXH
KDFHQSDUWHGHHVWHPXQGRDODYH]TXHPDQWLHQHQGLVWDQFLD\VH
DVODQGHODUHDOLGDGPHWURSROLWDQD
x Para los sectores medios empobrecidos el deterioro de sus condiciones de
vida da cuenta de un modo de vida caracterizado por la hibridacin cultural:
sus prcticas se mueven entre la sobrevivencia y la incorporacin al mundo
globalizado.
&RPRYHDPRVDQWHULRUPHQWHODGLYHUVLGDGLQWHUQDGHHVWHJUXSRQR
GHSHQGHVRODPHQWHGHORVLQJUHVRVTXHSHUFLEHQVLQRGHOFDSLWDOVRFLDO\
FXOWXUDOGLVSRQLEOHSRUFDGDIDPLOLDORTXHVHWUDGXFHHQXQDFRPELQDFLQGH
SUFWLFDVYDORUHV\FRQVXPRVDVRFLDGRVDGLVWLQWRVVHFWRUHVVRFLDOHV/D
FDGDGHORVLQJUHVRVORVOOHYDDGLYHUVLILFDUVXVPRGRVGHLQWHJUDFLQDOD
VRFLHGDGPHWURSROLWDQDEXVFDQGRHQHOUHDSEOLFDRVHPLSULYDGD
RSFLRQHVSDUDVDWLVIDFHUVXVQHFHVLGDGHVHGXFDWLYDV\GHVDOXGHQOD
LQFRUSRUDFLQGHODPXMHUDOWUDEDMR\HQHOUHEXVTXHGHYDV
FRPSOHPHQWDULDVSDUDDXPHQWDUORVUHFXUVRVHFRQPLFRV\HQHOGHVDUUROOR
GHGLYHUVDVHVWUDWHJLDVUHVLGHQFLDOHVODIRUPDGHKDFHUIUHQWHDODH[FOXVLQ
GHOPHUFDGRGHODYLYLHQGD$ODYH]FRQVHUYDQSDWURQHVFXOWXUDOHV\XQ
FDSLWDOVRFLDODFXPXODGRTXHORVUHODFLRQDQFRQODVRFLHGDGJOREDOFRPRHO
DFFHVRDPRGHUQRVPHGLRVGHFRPXQLFDFLQVHUYLFLRVSULYDGRVGHVDOXG\
XQDHGXFDFLQGHFDOLGDG
/RVVHFWRUHVPHGLRVHPSREUHFLGRVDOLJXDOTXHORVSREUHVHVWUXFWXUDOHV
UHFXUUHQDODDPSOLDFLQ\VXEGLYLVLQGHYLYLHQGDVXQLIDPLOLDUHVXELFDGDVHQ
UHDVFRQUHODWLYDFHQWUDOLGDGFRQHOILQGHFUHDUQXHYDVXQLGDGHV
UHVLGHQFLDOHVSDUDODUHQWDRFHGHUODVDORVKLMRV&LOHQWR(QDOJXQDV
]RQDVGHODFLXGDGHVWDSUFWLFDHPSLH]DDH[WHQGHUVHUHIOHMDGDHQXQ
DXPHQWRGHODGHQVLGDGFRQODFRQVHFXHQWHVDWXUDFLQGHORVVHUYLFLRV(Q
FDVRH[WUHPRORVQXHYRVSREUHVVHGHVSOD]DQDUHDVGHPHQRUSUHVWLJLR
GHQWURGHODFLXGDGRELHQKDFLDODSHULIHULDFXDQGRWLHQHQODRSFLQGH
SDJDUHOFRVWRGHODVQXHYDVYLYLHQGDV(OGHWHULRURGHVXVFRQGLFLRQHVGH
YLGDQRVORVHUHVWULQJHDOPELWRSULYDGRVLQRTXHVHPDQLILHVWDWDPELQHQ
HOHVWDQFDPLHQWRGHVXVUHDVGHUHVLGHQFLD*UDQGHVUHDVGHODFLXGDG
FRQVWLWXLGDVSRUXUEDQL]DFLRQHVKDELWDGDVSRUVHFWRUHVPHGLRV
HPSREUHFLGRVSLHUGHQVXFDSDFLGDGGHVXVWHQWDUXQDEXHQDFDOLGDGGHYLGD
\VHFRQYLHUWHQHQUHDVDPELHQWDOPHQWHGHWHULRUDGDV\HQPXFKRVFDVRV
UHJLGDVSRUFRQGLFLRQHVGHLQVHJXULGDG\YLROHQFLD(O9DOOH&DULFXDR
KELWDW\HQODFRQVWUXFFLQGHLGHQWLGDGHV (QORVOWLPRVDRVVHKD
SURGXFLGRXQDGHVYDORUL]DFLQGHOEDUULRFRPROXJDUGHUHVLGHQFLDDVFRPR
ODSUGLGDGHVHQWLGRGHSHUWHQHQFLDDODFRPXQLGDG/DLGHQWLGDGSRVLWLYD
FUHDGDSRUORVOD]RVGHVROLGDULGDG\ODVOXFKDVFROHFWLYDVVHYHOLPLWDGDSRU
ODFRWLGLDQLGDGGHODSREUH]D\ODLQVHJXULGDGDODYH]TXHHPHUJHQIRUPDV
DQPLFDVGHUHODFLQ\VROLGDULGDGHVYLQFXODGDVDPELWRVGHVRFLDOL]DFLQ
LOFLWRV(OEDUULRVHGHEDWHHQWUHODWHQVLQGHODUUDLJR\GHOGHVDUUDLJRHQWUH
ODQHJDFLQ\ODUHFRPSRVLFLQGHODLGHQWLGDG2QWLYHURV\'H)UHLWDV
6HREVHUYDQIXHUWHVYQFXORVHQWUHVHJUHJDFLQXUEDQDDFFHVRDGHUHFKRV
VRFLDOHV\SUHVHUYDFLQGHGHUHFKRVLQGLYLGXDOHVYLYLUHQXQEDUULRHVXQD
EDUUHUDFDGDYH]PVGLIFLOGHIUDQTXHDUSDUDDFFHGHUDORVGHUHFKRV
EVLFRV(OUHVXOWDGRHVODFRQVWLWXFLQGHDSDUWKHLGVRFLRXUEDQRVGRQGHOD
LGHQWLGDGGHORVSREODGRUHVVHFRQVWUX\HWDPELQGHVGHHOUHFKD]RGHRWURV
VHFWRUHVGHODFLXGDGTXLHQHVORVHVWLJPDWL]DQFRPRIRFRVGHWUDQVJUHVLQ
ORTXHOOHYDDVXVWHQWDUODVDFFLRQHVUHSUHVLYDVGHO(VWDGRKDFLDHVWRV
VHFWRUHV
(QGHILQLWLYDORVPRGRVGHYLGDTXHGHVSOLHJDQWRGRVORVVHFWRUHVVRFLDOHV
PHWURSROLWDQRVFRQWULEX\HQDDFHQWXDUODVGLQPLFDVVHJUHJDGRUDV\WLHQHQ
XQUDVJRFRPQ7RGRVHOORVWLHQGHQDYDORUL]DUHOSUHGRPLQLRGHOPELWR
SULYDGRVREUHHOSEOLFRODFDVDVREUHODFDOOHHOKRJDUFRQUHODFLQDOD
VDOLGDFRPXQLWDULDODXUEDQL]DFLQHQFHUUDGDIUHQWHDODFLXGDGLQWHJUDGD
9HUHPRVDFRQWLQXDFLQHOSDSHOTXHHVWQGHVHPSHDQGRORVHVSDFLRV
SEOLFRVHQODFRQIRUPDFLQGHODFLXGDGFRPRXQFXHUSRVRFLRXUEDQR
LQWHJUDGRIUHQWHDHVWDVGLQPLFDVTXHWLHQGHQDVHJPHQWDUOD
WHUULWRULDOPHQWH
(VSDFLRVSEOLFRVYVHVSDFLRVJOREDOL]DGRV
/RVHVSDFLRVSEOLFRVFRQVWLWX\HQPELWRVTXHSHUPLWHQODUHODFLQHQWUHORV
KDELWDQWHVXUEDQRV\ODLGHQWLILFDFLQGHVWRVFRQVXFLXGDG$ODYH]VRQ
IRUMDGRUHVGHFLXGDGDQDDOFRQWULEXLUHQHOHMHUFLFLRGHORVGHUHFKRVFYLFRV
\HQODIRUPDFLQGHYDORUHVTXHKDFHQSDUWHGHODFXOWXUDFLXGDGDQD/D
FDOLGDGGHOHVSDFLRSEOLFRVHSRGUHYDOXDUVREUHWRGRSRUODLQWHQVLGDG\OD
FDOLGDGGHODVUHODFLRQHVVRFLDOHVTXHIDFLOLWDSRUVXIXHU]DPL[WXUDQWHGH
JUXSRV\SRUVXFDSDFLGDGGHHVWLPXODUODLGHQWLILFDFLQVLPEOLFDOD
H[SUHVLQ\ODLQWHJUDFLQFXOWXUDOHV%RUMD
(Q&DUDFDVODFDOOHKDGHMDGRGHVHUXQHOHPHQWRTXHIDFLOLWDODLQWHJUDFLQ
VRFLDOHQ\GHODFLXGDG,JXDOVXFHGHFRQSDUTXHVSOD]DV\OD
LQIUDHVWUXFWXUDGHXQDUHGFXOWXUDOTXHGRWDODFLXGDGGHHVSDFLRVGH
UHFUHDFLQRFLRHLQWHUFDPELRFXOWXUDOIRUWDOHFLHQGRPHGLRVGHLGHQWLILFDFLQ
\SHUWHQHQFLDGHODSREODFLQ\IRUPDVGHDVRFLDFLQHVSHFILFDPHQWH
XUEDQDV)HUQQGH]HWDO/DUHWUDFFLQGHO(VWDGRHQVXVIXQFLRQHV
ILQDQFLHUD\GHJHVWLQODFUHFLHQWHLQIRUPDOL]DFLQGHOHPSOHR\HODYDQFH
GHODSREUH]D\GHODLQVHJXULGDGFRQWULEX\HQDODSULYDWL]DFLQ\SUGLGDGHO
UROLQWHJUDGRUGHORVHVSDFLRVSEOLFRVDVFRPRDODGHVHVWUXFWXUDFLQGHO
WHMLGRFXOWXUDOHQODPHWUSROL
/DOWLPDGFDGDVHKDFDUDFWHUL]DGRSRUODGHJUDGDFLQGHORVHVSDFLRV
SEOLFRV\HOGHVDUUROORGHFRQIOLFWRVGHULYDGRVGHVXSULYDWL]DFLQRFDPELR
GHXVRODGLVROXFLQGHHVSDFLRVFRPXQLWDULRV\YHFLQDOHVFRQOD
FRQVHFXHQWHSUGLGDGHODPHPRULDEDUULDODVFRPRSRUHOXVRUHVWULQJLGR
GHODVLQVWLWXFLRQHVFXOWXUDOHVFRPRHVSDFLRVDVRFLDWLYRVDQWHODFDGDGHORV
LQJUHVRV/DVDFFLRQHVHPSUHQGLGDVGHVGHHO(VWDGRSDUDUHFXSHUDU
HVSDFLRVSEOLFRVGHODFLXGDGPHGLDQWHHOGHVDUUROORGHLQIUDHVWUXFWXUD
IVLFDFRPRODVOLJDGDVDODUHGGHOPHWUR\DODUHPRGHODFLQGHHMHV
SHDWRQDOHVDUWLFXODGRUHVGHODVUHDVFHQWUDOHVGHODFLXGDGDOLJXDOTXHODV
LQLFLDWLYDVFXOWXUDOHVGLVSHUVDVRULHQWDGDVDIRUWDOHFHUODUHGGHLQVWLWXFLRQHV
VRFLRFXOWXUDOHVQRKDQDOFDQ]DGRDUHYHUWLUHVWRVSURFHVRV(ODYDQFHGHOD
LQVHJXULGDG\GHOFRPHUFLRLQIRUPDOSURGXFHXQDVXHUWHGHSULYDWL]DFLQGHO
HVSDFLRSEOLFRDOOLPLWDUHOGHVDUUROORGHODVIXQFLRQHVSDUDODVTXHVHFUH
\UHGXFLUVXFDSDFLGDGGHLQWHUUHODFLQVRFLDO3RURWUDSDUWHODVPOWLSOHV
LQLFLDWLYDVVRFLRFXOWXUDOHVGHFDUFWHUSDUWLFLSDWLYRHPSUHQGLGDVHQOD
PHWUSROLFDUDTXHDQRWUDVFLHQGHQORVPELWRVUHVWULQJLGRVHQORVFXDOHV
RSHUDQ\VRODPHQWHDOFDQ]DQDFUHDUSHTXHDVFHQWUDOLGDGHVGHDOFDQFH
ORFDO
8QLGRDHVWHSURFHVRGHGLVROXFLQGHODFDSDFLGDGDVRFLDWLYDGHHVSDFLRV
SEOLFRVPHWURSROLWDQRVVHGHVDUUROODXQDGLQPLFDOLJDGDDORVQXHYRV
HVSDFLRVGHODPRGHUQLGDG(OFDUFWHUDPSOLRHLJXDOLWDULRTXHVXSRQHHO
XVRGHORVHVSDFLRVSEOLFRVHVWVLHQGRUHHPSOD]DGRSRUHOXVRFROHFWLYR
SHURGLVFULPLQDWRULRGHHVSDFLRVSULYDGRVGHVWLQDGRVDOFRQVXPR
JOREDOL]DGRGRQGHVHJDUDQWL]DODVHJXULGDG\ODGLVSRQLELOLGDGGHVHUYLFLRV
(OSDUTXHODSOD]DODFDOOHSLHUGHQFDSDFLGDGGHDWUDFFLQIUHQWHDOFHQWUR
FRPHUFLDOTXHVHFRQVWLWX\HHQHOPELWRPRGHUQR\JOREDOL]DGRGHO
FRQVXPRUHFUHDFLRQDOOXJDUGHHQFXHQWUR\GHHVSDUFLPLHQWR(VWDWLHQGHD
VHUODIXQFLQSULQFLSDOGHORVPVUHFLHQWHVFHQWURVFRPHUFLDOHVFRQVWUXLGRV
HQHO$0&\VHH[SUHVDHQODXWLOL]DFLQGHOPD\RUSRUFHQWDMHGHOUHD
HGLILFDGDSDUDXQDDPSOLDJDPDGHRIHUWDUHFUHDWLYD-YHQHVGHGLYHUVRV
VHFWRUHVVRFLDOHVGH&DUDFDVLQFOXLGRVORVKDELWDQWHVGHEDUULRVSRSXODUHV
DFXGHQDORVQXHYRVFHQWURVFRPHUFLDOHVGHOUHDFHQWUDO\GHVXSHULIHULD
GRQGHDGHPVGHODH[FOXVLQGHORVOWLPRVUHVSHFWRDOFRQVXPRTXHDOO
VHRIUHFHVHREVHUYDODDSOLFDFLQGHPHGLGDVGLVFULPLQDWRULDVDPSDUDGDV
HQUD]RQHVGHVHJXULGDGSEOLFD
8QDVSHFWRSULQFLSDOGHHVWHIHQPHQRHVHOTXHKDFHUHODFLQFRQOD
GLPHQVLQVLPEOLFDGHORVHVSDFLRVSEOLFRVHQFXDQWRDSURGXFLULPJHQHV
TXHGDQLGHQWLGDGDODFLXGDG/RVHVSDFLRVSEOLFRVKLVWULFRVGHODFLXGDG
JHQHUDGRUHVGHLPJHQHVGHSHUWHQHQFLDGHVGHODGFDGDGHORVYLHQHQ
VLHQGRSURJUHVLYDPHQWHVXVWLWXLGRVSRURWURVTXHVXUJHQGHODHFRQRPD
JOREDO\TXHUHVSRQGHQDIRUPDVHFRQPLFDV\FXOWXUDOHVJOREDOL]DGDVTXH
HQDOJXQDPHGLGDGHVGLEXMDQODLGHQWLILFDFLQGHOKDELWDQWHFRQVXFLXGDG
(VWXGLRVVREUHODUHDOLGDGFXOWXUDOPHWURSROLWDQDVHDODQODRSLQLQGHO
FDUDTXHRFRPQDFHUFDGHODQHFHVLGDGGHUHHQFRQWUDUVHFRQVXFLXGDG\
UHFRQRFHUVHHQHOODDODYH]TXHDFWRUHVLPSRUWDQWHVGHODJHVWLQ
PHWURSROLWDQDSODQWHDQODLPSRUWDQFLDGHUHFXSHUDUHOFRUD]QKLVWULFRGHOD
FLXGDGFRPRDFFLQQHFHVDULDSDUDFRQVHUYDUVXLGHQWLGDGSOXUDO\
PXOWLFXOWXUDO)3(&0
2WUDGLPHQVLQHVODTXHKDFHUHODFLQFRQODGLILFXOWDGGHFUHDUXQD
FLXGDGDQDPRGHUQDGRQGHHOHVSDFLRSEOLFRFRQVWLWX\HXQRGHORVHMHV
SULQFLSDOHVGHODFXOWXUDFLXGDGDQD)HUQQGH]HWDO'LYHUVDV
LQYHVWLJDFLRQHVGDQFXHQWDGHODIDOWDGHLGHQWLILFDFLQGHOKDELWDQWH
FDUDTXHRFRQODPHWUSROLHVSHFLDOPHQWHHQORTXHUHVSHFWDDO
GHVGLEXMDPLHQWRGHORVYDORUHVFXOWXUDOHVTXHDSXQWDEDQKDFLDXQD
FLXGDGDQDTXHVH UHFRQRFDHQHOSUHGRPLQLRGHOHVSDFLRSEOLFRVREUHHO
PHWUSROLVHKDHVSHFLDOL]DGRFRPRRIHUHQWHGHVHUYLFLRVDYDQ]DGRVDODV
HPSUHVDV'LVWULWRVGHFRPDQGRFODUDPHQWHLGHQWLILFDGRVSRUVXVVPERORV
JOREDOL]DQWHVGHVGHGRQGHVHHMHUFHHOFRQWUROGHODVRSHUDFLRQHVGLVSHUVDV
SRUHOUHVWRGHOSDVHVSHFLDOPHQWHODVDFWLYLGDGHVH[WUDFWLYDVPLQHUDV\
SHWUROHUDVVHVXPDQDODQXHYDFHQWUDOLGDGFRPHUFLDOLGHQWLILFDGDHQORV
6KRSSLQJ&HQWHUV\DXQDXUEDQL]DFLQGHDOWRHVWQGDUFHUUDGDSURWHJLGD
\DGDSWDGDDODXQLFLGDGTXHSURFODPDODFUHFLHQWHDWRPL]DFLQGHODV
UHODFLRQHV
3HURHVWHHVVORXQIUDJPHQWRGHODPHWUSROLTXHFRQYLYHFRQVXODGR
RVFXURODSREUH]DH[WHQGLGDSURIXQGL]DGD\GLYHUVLILFDGDWDPELQSRUORV
SURFHVRVGHUHHVWUXFWXUDFLQGHODOWLPDGFDGD\VXVHIHFWRVVREUHHO
PHUFDGRGHWUDEDMR\ODGLIHUHQFLDFLQVRFLDO/DUHHVWUXFWXUDFLQGHO
PHUFDGRGHWUDEDMRSULQFLSDOHIHFWRGHOSURFHVRGHUHHVWUXFWXUDFLQ
HFRQPLFDDSDUHFHEDMRODIRUPDGHFUHFLHQWHLQIRUPDOL]DFLQ\
SUHFDUL]DFLQFRQVXVVHFXHODVGHFDGDGHORVLQJUHVRVGHOWUDEDMRSUGLGD
GHEHQHILFLRVVHJXULGDG\FRQGLFLRQHVGHWUDEDMR(ODMXVWHQRVHKDGDGR
SRUODYDGHOGHVHPSOHRSXHVHOVHFWRULQIRUPDOGHVREUHYLYHQFLDDFWX
FRPRUHIXJLRSDUDODREWHQFLQGHLQJUHVRVSHURVORDVHJXUHQWUDUHQOD
FRQGLFLQGHSREUH3REUHVHQDVFHQVRFX\RVLQJUHVRVOHVDXJXUDEDQXQD
PRYLOLGDGVRFLDOSRVLWLYDGHVDSDUHFHQFDPLQRDODSREUH]DHVWUXFWXUDOTXH
VHLQFUHPHQWDMXQWRFRQODLQGLJHQFLD6HFWRUHVPHGLRVLQLFLDQVXFDGDSDUD
FRQIRUPDUHOJUXSRGHQXHYRVSREUHV\VHFWRUHVQRSREUHVYXOQHUDEOHV
FRQIRUPDQODQXHYDFRQGLFLQGHODSREUH]DODKHWHURJHQHLGDGODFXDODVX
YH]UHIOHMDGLVWLQWRVJUDGRVGHFRKHVLQVRFLDOYXOQHUDELOLGDG\H[FOXVLQ
/DFLXGDGFUHFHHOUHD0HWURSROLWDQDGDOXJDUDOD5HJLQ0HWURSROLWDQDGH
&DUDFDVVHIUDJPHQWDHQFLXGDGHVGLYHUVDV\ODGLIHUHQFLDFLQ
VRFLRWHUULWRULDOSUHH[LVWHQWHVHSURIXQGL]DVLJXLHQGRODSDXWDGHORVFDPELRV
ODERUDOHV\VRFLDOHV(
(OUHVXOWDGRHVXQVLVWHPDPHWURSROLWDQRFRPSOHMRFRQ
POWLSOHVLQWHUFRQH[LRQHVSHURHQWUHVHJPHQWRVVRFLDOHV\WHUULWRULDOHV
GHVLJXDOHVHQVXDFFHVRDORVGLVWLQWRVPHUFDGRVDODWUDPDXUEDQDDOD
PRGHUQLGDGDODJOREDOLGDG
(VWDPRVIUHQWHDXQDVRFLHGDGPHWURSROLWDQDVXPDPHQWHDWRPL]DGD
GLYHUVLILFDGD\SRODUL]DGDHQWRGRVVXVPELWRVLQFOXLGDODFRQVWUXFFLQ\
DSURSLDFLQGHODFLXGDG(OWHMLGRXUEDQRVHIUDJPHQWDVHHVSHFLDOL]D
IXQFLRQDOPHQWH\ODVHJUHJDFLQVRFLDOFRQVROLGDODGHVLJXDOGDGHQODUHJLQ
PHWURSROLWDQD(QYH]GHXQDPHWUSROLGXDOTXHHQIUHQWDDXQDFLXGDG
IRUPDOFRQRWUDLQIRUPDOVXUJLGDGHODH[FOXVLQUHVSHFWRDODSULPHUDQRV
HQFRQWUDPRVDQWHXQDUHDOLGDGPHWURSROLWDQDPOWLSOH\GLYHUVD(QHOOD
HQWUHORVEODQFRV\QHJURVGHORVH[WUHPRVQRVHQFRQWUDPRVFRQGLYHUVDV
WRQDOLGDGHVGHJULVHVSURGXFWRGHGLVWLQWRVJUDGRV\PRGDOLGDGHV
FRPELQDGDVGHLQFOXVLQH[FOXVLQJOREDOLGDGVREUHYLYHQFLD
PRGHUQLGDGWUDGLFLRQDOLGDGTXHDGRSWDQORVGLVWLQWRVVHFWRUHVVRFLDOHV
PHWURSROLWDQRV\TXHVHUHIOHMDQHQVXVPELWRVUHVLGHQFLDOHV\HQVXV
PRGRVGHYLGD
(OSRWHQFLDOTXHUHSUHVHQWDODGLYHUVLGDGVRFLDO\FXOWXUDOHQODFRQIRUPDFLQ
PHWURSROLWDQDVHYHOLPLWDGRSRUODIUDJPHQWDFLQVRFLRWHUULWRULDO\OD
SULYDWL]DFLQGHORVVHJPHQWRVUHVXOWDQWHV/DGLIHUHQFLDFLQVRFLDOGHO
WHUULWRULRVHGHPDUFDLQFOXVRIVLFDPHQWH\VH\HUJXHQIURQWHUDVTXHOLPLWDQ
ODOLEUHFLUFXODFLQ\HOGLVIUXWHGHWRGRHOPELWRPHWURSROLWDQR'HVGHWRGDV
VXVGLPHQVLRQHVODIUDJPHQWDFLQGLILFXOWDODLQWHJUDFLQGHORVGLYHUVRV
VHJPHQWRVVRFLDOHVFXOWXUDOHV\WHUULWRULDOHVHQXQFXHUSRFRPQTXHHVOD
SURSLDPHWUSROLDODYH]TXHFUHDVHULRVSUREOHPDVSDUDJREHUQDUOD
(VWHHVHOGHVDIR6HWUDWDGHDSR\DURFUHDUWHQGHQFLDVRULHQWDGDVDKDFHU
GHODPHWUSROLXQDGLYHUVLGDGLQWHJUDGDIUHQWHDODVTXHDSXQWDQDOD
IUDJPHQWDFLQ\DODGLVROXFLQFLXGDGDQD+D\TXHUHVFDWDUODVLGHQWLGDGHV
PXOWLFXOWXUDOHVTXHVHIRUPDQHQPHGLRGHODIUDJPHQWDFLQ\GHOD
GLIHUHQFLDFLQVRFLDO\VRFLRWHUULWRULDOODVSRWHQFLDOLGDGHVGHODGLYHUVLGDG\
ODVRSRUWXQLGDGHVTXHEULQGDODFXOWXUDJOREDOL]DGD\ODJOREDOL]DFLQGHODV
FRPXQLFDFLRQHVIUHQWHDVXVWHQGHQFLDVGLVFULPLQDWRULDV
8QDYHUVLQSUHOLPLQDUGHHVWHDUWFXORVHSUHVHQWFRPRSRQHQFLDHQHO96HPLQDULR
,QWHUQDFLRQDOGHOD5HG,EHURDPHULFDQDGH,QYHVWLJDGRUHVVREUH*OREDOL]DFLQ\7HUULWRULR
7ROXFDDGHVHSWLHPEUHGH
&HFLOLD&DULROD$UTXLWHFWR0LJXHO/DFDEDQD'UHQ&LHQFLDV6RFLDOHV3URIHVRUHV
,QYHVWLJDGRUHVGHOUHD8UEDQR5HJLRQDOGHO&HQWURGH(VWXGLRVGHO'HVDUUROOR&(1'(6
GHOD8QLYHUVLGDG&HQWUDOGH9HQH]XHOD(PDLOFHQGHV#UHDFFLXQYH
,QYHVWLJDFLQ7UDQVIRUPDFLRQHVHQHOWUDEDMR\GLIHUHQFLDFLQVRFLDO4XLQHVVRQORV
YLHMRV\ORVQXHYRVSREUHV"ILQDQFLDGDSRUHO&RQVHMRGH'HVDUUROOR&LHQWILFR\
+XPDQVWLFR&'&+GHOD8QLYHUVLGDG&HQWUDOGH9HQH]XHOD
/D50&DEDUFDPXQLFLSLRVGLVWULEXLGRVHQWUHVHQWLGDGHVIHGHUDOHV'LVWULWR)HGHUDO
(VWDGR0LUDQGD\(VWDGR9DUJDV&LQFRPXQLFLSLRVFRUUHVSRQGHQDOUHD0HWURSROLWDQD
LQWHUQDRYDOOHGH&DUDFDV\ORVGRFHUHVWDQWHVDODVVXEUHJLRQHVSHULIULFDV
6HXWLOL]DXQQGLFHFRPSOHMRYDULDEOHVTXHPLGHODSUHFDULHGDGODERUDOUHVDOWDQGROD
UHODFLQHQWUHLQJUHVRV\FDQDVWDDOLPHQWDULD\SHUPLWHGHWHUPLQDUORVQLYHOHV\WLSRVGH
SUHFDULHGDGHQDPERVVHJPHQWRVGHOPHUFDGRGHWUDEDMR&DULROD\/DFDEDQD
6HHQWLHQGHYXOQHUDELOLGDGRFXSDFLRQDOFRPRODSHUWHQHQFLDDXQD]RQDGHLQWHJUDFLQ
VRFLDOGLIXVDGRQGHODSUGLGDGHXQRRPVEHQHILFLRVLQJUHVRVPD\RUHVDOPQLPROHJDO
VHJXULGDGVRFLDOHWFDVHJXUDGRVSRUXQHPSOHRQRSUHFDULRVLJQLILFDGHVFHQGHUD
WUDEDMDGRUSUHFDULR\GLVPLQXLUHOQLYHOGHLQWHJUDFLQVRFLDO
(OVHFWRULQIRUPDOHVWPHGLGRHQWUPLQRVGHODVFDWHJRUDVRFXSDFLRQDOHVGHSDWURQRV
DVDODULDGRV\D\XGDQWHVIDPLOLDUHVQRUHPXQHUDGRVHQHVWDEOHFLPLHQWRVGHPHQRVGHFLQFR
RFXSDGRVPVORVWUDEDMDGRUHVSRUFXHQWDSURSLDQRSURIHVLRQDOHV\HOVHUYLFLRGRPVWLFR
(OSRUFHQWDMHGHYHQGHGRUHVDPEXODQWHVLQIRUPDOHVVHGXSOLFDHQWUH\HQHVWH
OWLPRDRUHSUHVHQWDQHOGHOWRWDOGHODRFXSDFLQGHO$0&FLIUDPX\HOHYDGD
FRQVLGHUDQGRTXHODFRQVWUXFFLQRFXSDEDHO\ODPDQXIDFWXUDHO
(VWHDQOLVLVVHDSR\DHQ0LQXMLQ\.HVVOHUTXHVHDODQHVWHPLVPRSURFHVRSDUD
HOFDVRDUJHQWLQR
(OYHUGDGHURLQWHUVGHHVWDVPHGLFLRQHVHVWHQODWHQGHQFLDGHFUHFLPLHQWRGHOD
SREUH]D\QRHQVXPHGLGDH[DFWD3DUDDQDOL]DUHVWDVLWXDFLQGHH[WHQVLQH
LQWHQVLILFDFLQGHODSREUH]DDVFRPRODKHWHURJHQHLGDGGHODPLVPDVLJXLHQGRD0LQXMLQ
VHKDQGLIHUHQFLDGRVHFWRUHVGHSREUH]DWRPDQGRHQFXHQWDLQJUHVRV\FRQGLFLRQHV
PDWHULDOHVGHYLGD&RPELQDUHOPWRGRGHOQHDGHSREUH]D/3FRQHOGHQHFHVLGDGHV
EVLFDVLQVDWLVIHFKDV1%,KDSHUPLWLGRLGHQWLILFDUFXDWURVHFWRUHVRJUXSRV3REUHV
DTXHOORVTXHSRUDPERVPWRGRVVRQSREUHV\TXHVHFRUUHVSRQGHQFRQODSREUH]D
HVWUXFWXUDO(PSREUHFLGRVR1XHYRVSREUHVDTXHOORVTXHVLHQGRSREUHVSRULQJUHVR/3
QRORVRQSRU1%,HVGHFLUDTXHOORVTXHHQODFDGDSXGLHURQPDQWHQHUFLHUWRDFFHVRDORV
ELHQHV\VHUYLFLRVEVLFRV3REUHVPRGHUDGRVDTXHOORVTXHVLHQGRSREUHVSRU1%,QROR
VRQSRULQJUHVR\TXHHQHOPRGHORHFRQPLFRDQWHULRUVHFDUDFWHUL]DEDQFRPRSREUHVHQ
DVFHQVR1RSREUHVDTXHOORVTXHSRUDPERVPWRGRVQRORVRQ
6LJXLHQGRD0LQXMLQ\.HVVOHUHQHVWHWUDEDMRVHHQWLHQGHTXHHOFDSLWDOVRFLDOHVW
IRUPDGRSRUODVUHGHVIDPLOLDUHV\GHDPLVWDGTXHSHUPLWHQGDUUHVSXHVWDDGLYHUVDV
QHFHVLGDGHVFRQEDVHHQD\XGDVDSR\RV\IDYRUHV$VXYH]HOFDSLWDOFXOWXUDOHVW
FRQVWLWXLGRSRUODHGXFDFLQUHFLELGDODVH[SHULHQFLDV\SRVLFLRQHVRFXSDGDVHQGLIHUHQWHV
PELWRVVRFLDOHVTXHRULJLQDQGLVWLQWDVUHSUHVHQWDFLRQHV\GLVSRVLFLRQHVDDFWXDU(VWD
GLYHUVLGDGGHUHFXUVRVSHUPLWHFXEULUQHFHVLGDGHVHQIRUPDGLIHUHQWHFRQORFXDOODV
FDUHQFLDVVHKDFHQWDPELQKHWHURJQHDV6HHVWIUHQWHDXQDVLWXDFLQFRPSOHMDGRQGHOD
H[FOXVLQQRHVWRWDOVLQRTXHODSURSLDKHWHURJHQHLGDGGDOXJDUDTXHVHWUDQVLWHSRUXQDV
HVIHUDV\SRURWUDVQR
'XUDQWHHVWDGFDGDVORVHILQDQFLDURQHQHOSDVDOJRPVGHFLHQPLOYLYLHQGDVFRQ
UHFXUVRVGHOD/3+(QHO$0&GHOWRWDOGHYLYLHQGDVFRQVWUXLGDVSRUHOVHFWRUSULYDGRHQWUH
VORHOVHUHDOL]DWUDYVGHOD/3+XQLGDGHV&21$9,
%LEOLRJUDID
%DUULRV6RQLD&DUDFDV0HWURSROLWDQDDFWLYLGDGHV\
RFXSDFLRQHVEVLFDV)XQGDFLQ3ODQ(VWUDWJLFR&DUDFDV
0HWURSROLWDQD&DUDFDV0HWURSROLWDQDWHPDVSULRULWDULRVSDUDHOIXWXUR
GHODFLXGDG&DUDFDV(GLFLQ)3(&0
%ROYDU7HROLQGD'HQVLILFDFLQ\YLYLHQGDHQORVEDUULRV
FDUDTXHRV&DUDFDV(GLFLQ&RQVHMR1DFLRQDOGHOD9LYLHQGD
%RUMD-RUGL&LXGDGDQD\HVSDFLRSEOLFR5HIRUPD\
'HPRFUDFLD&DUDFDV&/$'
%ULFHR5REHUWR/DVLWXDFLQGHLQVHJXULGDGGHOUHD
0HWURSROLWDQDGH&DUDFDV)XQGDFLQ3ODQ(VWUDWJLFR&DUDFDV
0HWURSROLWDQD&DUDFDV0HWURSROLWDQDWHPDVSULRULWDULRVSDUDHOIXWXUR
GHODFLXGDG&DUDFDV(GLFLQ)3(&0
&DULROD&HFLOLDFRRUG%HWKHQFRXUW/XLVD'DUZLFK*UHJRULR
)HUQQGH]%HDWUL]*XWLUUH]$QD/DFDEDQD0LJXHO
6REUHYLYLUHQODSREUH]DHOILQGHXQDLOXVLQ&DUDFDV(GLWRULDO
1XHYD6RFLHGDG
&DULROD&HFLOLD\0LJXHO/DFDEDQD&DOLGDGGHOHPSOHR\
FDOLGDGGHYLGD5HIOH[LRQHVVREUHSUHFDULHGDGODERUDO\SREUH]D
&XDGHUQRVGHO&HQGHV$R
&DVWHO5REHUW/DPHWDPRUIRVLVGHODFXHVWLQVRFLDO8QD
FUQLFDGHOVDODULDGR%XHQRV$LUHV(GLWRULDO3DLGV
&DUULOOR0DULDQHOD/DLQYHUVLQH[WUDQMHUDGLUHFWDHQ
9HQH]XHOD7HQGHQFLDVGHXQQXHYRSDWUQGHRFXSDFLQWHUULWRULDO
3RQHQFLDDO,96HPLQDULR,QWHUQDFLRQDOGHOD5HG,EHURDPHULFDQDGH
LQYHVWLJDGRUHV%RJRW
&LFFROHOOD3DEOR7HUULWRULRGH&RQVXPR5HGHILQLFLQGHO
HVSDFLRHQ%XHQRV$LUHVHQHOILQGHVLJOR3RQHQFLDDO,96HPLQDULR
,QWHUQDFLRQDOGHOD5HG,EHURDPHULFDQDGHLQYHVWLJDGRUHV%RJRW
&DUDFDV0LQLVWHULRGH'HVDUUROOR8UEDQR
)DMDUGR9FWRU\0LJXHO/DFDEDQD(FRQRPLF&ULVLV6WDWH
3ROLF\DQG/DERXU0DUNHW&KDQJH7KH&DVHRI8UEDQ9HQH]XHOD
(Q57DUGDQLFFRDQG50HQMYDU*OREDO5HHVWUXFWXULQJ
(PSOR\PHQWDQG6RFLDO,QHTXDOLW\LQ8UEDQ/DWLQ$PHULFD0LDPL
1RUWK6RXWK3UHVV
)HUQQGH]%HDWUL]FRRUG&DULROD&HFLOLD&DVDQRYD5DPQ\
6LHUUD5RVDXUD&DUDFDV0HWURSROLWDQDLQWHJUDFLQVRFLDO\
FXOWXUDFLXGDGDQD)XQGDFLQ3ODQ(VWUDWJLFR&DUDFDV
0HWURSROLWDQD&DUDFDV0HWURSROLWDQDWHPDVSULRULWDULRVSDUDHOIXWXUR
GHODFLXGDG&DUDFDV(GLFLQ)3(&0
)XQGDFLQ3ODQ(VWUDWJLFR&DUDFDV0HWURSROLWDQD)3(&0
8QDSURSXHVWDSDUDODFLXGDG3ODQ(VWUDWJLFR&DUDFDV0HWUSROL
&DUDFDV(GLFLQ)3(&0
*KLQDJOLD(PDGH$JHQGDVRFLDOGHORVVHFWRUYLYLHQGD
&DUDFDV,/',6&235(
+LHUQDX['DQLHO\+R\RV*XDGDOXSH/DVWHQVLRQHV
VRFLRWHUULWRULDOHVGHODPXQGLDOL]DFLQODUHVSXHVWDGHODVJUDQGHV
PHWUSROLV3RQHQFLDDO,96HPLQDULR,QWHUQDFLRQDOGHOD5HG
,EHURDPHULFDQDGHLQYHVWLJDGRUHV%RJRW
/DFDEDQD0LJXHO/DFDOOHFRPRSXHVWRGHWUDEDMR
5HIOH[LRQHVDFHUFDGHODUHODFLQ(VWDGR6HFWRU,QIRUPDO8UEDQR
&XDGHUQRVGHO&HQGHV$R
0LQXMLQ$OEHUWR\.HVVOHU*DEULHO/DQXHYDSREUH]DHQOD
$UJHQWLQD%XHQRV$LUHV(GLWRULDO3ODQHWD
0LQXMLQ$OEHUWRFRPS&XHVWDDEDMR/RVQXHYRVSREUHV
HIHFWRVGHODFULVLVHQODVRFLHGDGDUJHQWLQD%XHQRV$LUHV81,&()
/RVDGD
0LWFKHOO-HIIUH\3ROLWLFDOGHVFHQWUDOL]DWLRQDQHZWRROIRUWKH
VHJUHJDWLRQRIXUEDQVSDFH"7KHFDVHRI&KDFDRLQ&DUDFDV
9HQH]XHOD3RQHQFLDDO(QFXHQWURGH/$6$&KLFDJR
1HJUQ0DUFR/DSODQLILFDFLQXUEDQDORFDO\HOFRQWH[WR
PHWURSROLWDQR8UEDQD
2&(,2ILFLQD&HQWUDOGH(VWDGVWLFDH,QIRUPWLFD
(QFXHVWDVGH+RJDUHVSRUPXHVWUHR&DUDFDV
2QWLYHURV7HUHVD\'H)UHLWDV-XOLR0HWUSROL\
WHUULWRULDOL]DFLQSRSXODUFRQWHPSRUQHD8UEDQD
2UJDQL]DFLQ$NUR,QIRUPH,QPRELOLDULRGH9HQH]XHOD3ULPHU
WULPHVWUH&DUDFDV
6LHUUD5RVDXUD&RQVWUXFFLQGHODFLXGDGDQD\OD
JREHUQDELOLGDG/DVLPSOLFDFLRQHVGHOFRQIOLFWRSRUHOXVRGHORV
HVSDFLRVSEOLFRV7HVLVGH0DHVWUD0LPHR&HQGHV
9DOOPLWMDQD0DUWDHWDO*REHUQDELOLGDGGH&DUDFDV
0HWURSROLWDQDXQJRELHUQRORFDOGHGRVQLYHOHV)XQGDFLQ3ODQ
(VWUDWJLFR&DUDFDV0HWURSROLWDQD&DUDFDV0HWURSROLWDQDWHPDV
SULRULWDULRVSDUDHOIXWXURGHODFLXGDG&DUDFDV(GLFLQ)3(&0
=DSDWD5REHUWR9DORUHVGHO9HQH]RODQR&RQFLHQFLD