Вы находитесь на странице: 1из 23

.

"/6"-1"3"$0/4536*3$"+"4/*%0
:05304"35*-6(*044*.*-"3&4

(361&$0-0(*45"903*(6&3

3RUTXpKDFHQIDOWDODVFDMDVQLGR
$QLPDOHVTXHXWLOL]DQODVFDMDVQLGR
0DWHULDOHVSDUDVXFRQVWUXFFLyQ
&RQVWUXFFLyQGHODVFDMDVQLGR
7LSRVGHFDMDVQLGR
3ODQRVFDMDQLGRSiULGRV
3ODQRVFDMDQLGRHVSHFLDOODYDQGHUDV 
3ODQRVFDMDQLGRFRQEDOFyQ 
3ODQRVFDMDQLGR*$&2 
3ODQRVFDMDQLGRQDWXUDO 
3ODQRVFDMDQLGRDJDWHDGRUHV 
3ODQRVFDMDQLGRFHUQtFDORV 
3ODQRVUHIXJLRPXUFLpODJRV\

UHFRPHQGDFLRQHVSDUDHVWDVHVSHFLHV 
'yQGHFRORFDUODFDMDQLGR 
&yPRFRORFDUODFDMDQLGR 
&yPRSURWHJHUODVGHORSUHGDGRUHV 
&XiQWDVFRORFDU
$OJXQDVUHFRPHQGDFLRQHV 
0DQWHQLPLHQWRGHODVFDMDVQLGR 
(OFRPSOHPHQWRLGHDOXQFRPHGHUR 
&yPRFRQVWUXLUXQFRPHGHUR 

,1',&(

(&9PSJHVFS70-$".

0RFKXHORGHVFDQVDQGRMXQWRDVX
QLGRVLWXDGRHQHOYLHMRWURQFRGH
XQDOJDUURER6DOYDUHVWRVDUEROHV
HVPX\LPSRUWDQWHSDUDODIDXQD

/DVROXFLyQHVVHQFLOODSURSRUFLRQDUOHVWURQFRVFRQDJX
MHURVDUWLFLDOHVHVGHFLUFRORFDUFDMDVQLGR

&yPRSRGUtDPRVD\XGDUDUHFXSHUDUODVSREODFLRQHVGH
HVWRVDQLPDOHV"

'HVJUDFLDGDPHQWHODVHVSHFLHVGHiUEROHVPiVIUHFXHQ
WHV FRPR ORV SLQRV ORV QDUDQMRV ORV OLPRQHURV \ RWURV
IUXWDOHVQRWLHQHQDJXMHURVGRQGHSXHGDQFULDUODVDYHV
'H IRUPD TXH DOJXQRV DQLPDOHV TXH DQWDxR HUDQ DEXQ
GDQWHVDKRUDVRQUDURV

(VWRVDJXMHURVDSDUHFHQHQORVJUXHVRV\YLHMRVWURQFRV
GH DOJXQDV HVSHFLHV GH iUEROHV FRPR FDUUDVFDV ROLYRV
DOJDUURERV R FKRSRV TXH VRQ FDGD YH] PiV HVFDVRV HQ
QXHVWURHQWRUQR

3XHGHQ VHU YDULRV ORV PRWLYRV SDUD FRQVWUXLU XQD FDMD


QLGRODSULPHUD\SULQFLSDOHVD\XGDUDORVDQLPDOHV+D\
PXFKRVDQLPDOHVTXHXWLOL]DQSDUDFULDURJXDUHFHUVHORV
DJXMHURVTXHKD\HQORViUEROHV

3RUTXpKDFHQIDOWDODVFDMDVQLGR

(&9PSJHVFS70-$".

(QQXHVWUDUHJLyQVHFRQRFHQXQDVHVSHFLHVGHDYHV\
GHPDPtIHURVTXHSXHGHQXWLOL]DUFDMDVQLGRSDUDFULDU
RGHVFDQVDU

$QLPDOHVTXHXWLOL]DQODVFDMDVQLGR

1XHVWUDPHWDXQPDQXDOXQDFDMDQLGRFRQVWUXLGD

6L WH KHPRV FRQYHQFLGR FRQ HVWDV OtQHDV VLJXH OH\HQGR


HVWDVSiJLQDV\WHHQVHxDUHPRVDKDFHUOR6LQRORKHPRV
KHFKRQRWLUHVHVWHPDQXDOUHJiODVHORDDOJXLHQTXHFR
QR]FDVRJXiUGDORSRUVLFDPELDVGHLGHD'HHVWDIRUPD
HOWLHPSRTXHKHPRVLQYHUWLGRHQSUHSDUDUORORVYROXQWD
ULRV GH HVWH 92/&$0  MXQWR FRQ HO LQWHUpV GHPRV
WUDGRSRUOD&DMDGH$KRUURVGHO0HGLWHUUiQHRDODSR\DUD
QXHVWUDDVRFLDFLyQ*UXS(FRORJLVWD;RULJXHUQRVHKDEUi
PDOJDVWDGR

8QQLxRTXHREVHUYHFULDUDXQDSDUHMDGHFDUERQHURVR
GH JRUULRQHV HQ XQD FDMD TXH KD FRQVWUXLGR pO VLHPSUH
UHVSHWDUiODQDWXUDOH]DHLQFOXVRVXDEXHORTXL]iVHGX
FDGRHQRWUDFXOWXUDPiVSUHGDGRUDWDPELpQDSUHQGHUi
DUHVSHWDUODQDWXUDOH]DRODIDXQDDOYHUHOLQWHUpVGHVX
QLHWR

(OVHJXQGRPRWLYRPiVIUHFXHQWHHVWiGLUHFWDPHQWHUHOD
FLRQDGRFRQODHGXFDFLyQDPELHQWDO&RORFDUXQDFDMDQLGR
HQXQMDUGtQRHQHODOIpL]DUGHODYHQWDQDHVDFHUFDUXQ
SRTXLWRODQDWXUDOH]DDFDVD

(&9PSJHVFS70-$".

/DLPDJLQDFLyQGHOKRPEUH\VXEXHQVHQWLGRSUiFWLFRSRU
UHFLFODU KD SURSRUFLRQDGR XQ DPSOLR UHSHUWRULR GH WLSRV
GLVWLQWRVGHFDMDVQLGR1HXPiWLFRVERWHVPHWiOLFRVRGH
SOiVWLFRGLYHUVRVWLSRVGHPDGHUDVQDWXUDOHVRQRHLQ
FOXVR ERWLMRV HVSHFLDOPHQWH GLVHxDGRV VH KDQ XWLOL]DGR
SDUD FRQVWUXLU FDMDVQLGR 1R WRGRV HOORV VRQ DGHFXDGRV
SDUDFRQVWUXLUXQDFDMDQLGR\DTXHpVWDVGHEHQVHUEXH

0DWHULDOHVSDUDVXFRQVWUXFFLyQ

(QWUH ORV PDPtIHURV OD PD


\RUtDGHODVHVSHFLHVGHPXU
FLpODJRV SXHGHQ XWLOL]DUODV
6RQ pVWRV ORV PiV LQWHUH
VDQWHV SRU VX HIHFWR EHQH
FLRVR SDUD HO KRPEUH DO DOL
PHQWDUVHGHLQVHFWRVTXHHQ
RFDVLRQHVSXHGHQFRQVWLWXLUSODJDV\VHHQFXHQWUDQPiV
DPHQD]DGRV 6L ELHQ ORV PDPtIHURV TXH PiV D PHQX
GRHQFRQWUDPRVHQODVFDMDVQLGRVRQORVOLURQHVFDUHWRV
3HVHDTXHQRUPDOPHQWHQRVHOHVSRQHODFDMDSDUDHOORV
DSURYHFKDQFXDOTXLHUSHTXHxRHUURUHQODFRORFDFLyQSDUD
XWLOL]DUODV

/DV DYHV TXH PiV IUHFXHQ


WHPHQWH ODV XWLOL]DQ VRQ ORV
FDUERQHURV FRPXQHV ORV
KHUUHULOORV FDSXFKLQRV ORV
FKRFKLQHV ORV JRUULRQHV FR
PXQHV \ PROLQHURV ODV OD
YDQGHUDV ORV HVWRUQLQRV
ORV PRFKXHORV ORV DXWLOORV
ORV FHUQtFDORV \ ORV FiUDERV
DXQTXH RFDVLRQDOPHQWH VH
SXHGDQ HQFRQWUDU RWUDV HV
SHFLHV

&RPSUDORVFODYRVRWLUDIRQGRVGHXQRVFPGHORQJLWXG
DOPHQRV3DUDUHDOL]DUODDEHUWXUDGHHQWUDGDHQORVPR
GHORV HQ TXH HV XQ SHTXHxR FtUFXOR SRGHPRV UHFRUWDU
ORGHYDULDVIRUPDV6LFRQVLJXHVXQDFRURQDREURFDGH
FDPSDQDRLQFOXVRXQDEURFDSODQDSDUDHOWDODGURGHOD
GLPHQVLyQDGHFXDGDWHTXHGDUiXQDJXMHURSHUIHFWR
(&9PSJHVFS70-$".

(&9PSJHVFS70-$".

8WLOL]D FODYRV R WLUDIRQGRV JDOYDQL]DGRV SDUD UHDOL]DU ODV


XQLRQHVHQWUHWDEODVVDOYRODSXHUWDTXHGHEHSRGHUVHU
PyYLO8QDELVDJUDXQVLPSOHWUR]RGHFXHURXQWUR]RGH
ODFiPDUDSLQFKDGDGHODUXHGDGHWXELFLRGRVFODYRVOD
WHUDOHVDPRGRGHELVDJUDVHUYLUiSDUDXQLUODSXHUWDSRU
XQODGRPLHQWUDVTXHXQSDUGHFiQFDPRV\XQWUR]RGH
DODPEUHQRVVHUYLUiDPRGRGHSHVWLOOR$GHPiVYHUHPRV
DOJXQRVPRGHORVHQORVTXHQRHVQHFHVDULRHOHPSOHRGH
ELVDJUDV

1XQFDOLMpLVODPDGHUDDORVSDMDULOORVOHVJXVWDVLQOLMDU
SRUTXHDVtVHSXHGHQDJDUUDUPHMRU

(OJURVRUGHODPDGHUDGHEHVHUGHyPP

GH ORV SDOpV TXH VH XVDQ HQ HO WUDQVSRUWH GH PDWHULDOHV
WDPELpQVRQXQDEXHQDRSFLyQDXQTXHQRVRQDSWRVSDUD
ODFRQVWUXFFLyQGHUHIXJLRVSDUDPXUFLpODJRV

/D HOHFFLyQ GHO WLSR GH PDGHUD HV PX\ LPSRUWDQWH /D
PDGHUD SDUD ODV FDMDVQLGR GHEH VHU UHVLVWHQWH DO DJXD
SRUWDQWRQRVHSXHGHQXWLOL]DUWDEOHURVGHDJORPHUDGRQL
ORVOODPDGRVGH0')R'0SRUPXFKRTXHQRVGLJDQTXH
VRQKLGUyIXJRV/DVPHMRUHVPDGHUDVVHUiQODVGHSLQR
FKRSR R iODPR TXH DJXDQWDQ GXUDQWH PXFKR WLHPSR OD
OOXYLD\HOVRO(OWDEOHURPDULQRWDPELpQHVXQDH[FHOHQWH
HOHFFLyQ6LWLHQHVSRVLELOLGDGGHFRQVHJXLUORVODPDGHUD

&RPRVXSRQHPRVTXHVtYDVDWHQHUWLHPSRQRVFHQWUD
UHPRV HQ HO XVR GH OD PDGHUD FRPR PDWHULDO SULQFLSDO
SDUDODFRQVWUXFFLyQGHODVFDMDVQLGRSRUTXHHVIiFLOGH
WUDEDMDU\GHFRQVHJXLU

/DV FDMDVQLGR ID


EULFDGDV FRQ FH
PHQWR GH VHUUtQ
ODV FRPHUFLDOL]DQ
GLYHUVDVHPSUHVDV
\ VRQ PX\ DGH
FXDGDV SRU VX UH
VLVWHQFLD \ HO DOWR
JUDGR GH DLVOD
PLHQWR WDQWR WpU
PLFRFRPRKtGULFR6RQXQEXHQUHJDORSDUDXQQLxR\OR
DJUDGHFHUiQpO\ODVDYHVTXHORXWLOLFHQFRPRVXKRJDU
6LQRWHQHPRVPXFKRWLHPSRHVRWUDSRVLELOLGDG

QDVDLVODQWHVGHODWHPSHUDWXUDODKXPHGDG\ORVSUHGD
GRUHV

/RVPDWHULDOHVPiVDGHFXDGRVVRQODPDGHUDHOOODPDGR
FHPHQWRGHVHUUtQ\HOEDUURFRFLGR6LELHQHOPiVVHQ
FLOORGHWUDEDMDUHVODPDGHUDPLHQWUDVTXHORVRWURVGRV
UHTXLHUHQ SDUD VX IDEULFDFLyQ KHUUDPLHQWDV HVSHFLDOHV \
SHUVRQDOTXHVHSDXWLOL]DUODV

%URFDSODQDSDUDPDGHUD

(&9PSJHVFS70-$".

6LQRWLHQHVQRWHSUHRFXSHV
0DUFDFRQXQOiSL]ODFLUFXQ
IHUHQFLD TXH VHUi HO RULFLR
GH HQWUDGD D OD FDMD 6REUH
OD FLUFXQIHUHQFLD UHDOL]D XQD
SHUIRUDFLyQDODPDGHUDFRQ
ODEURFDGHPD\RUJURVRUTXH
WHQJDV $SURYHFKD HVH DJX
MHUR SDUD WHUPLQDU HO UHGRQ
GHO FRQ XQD VLHUUD GH FDODU
HOpFWULFD R VL QR WLHQHV XQD
GH DUFR GH PDUTXHWHUtD 1R
WHSUHRFXSHVVLHODJXMHURQR3XQWRGRQGHGHEHVSHUIRUDUOD
TXHGDSHUIHFWRORVSDMDULOORVPDGHUDSDUDUHDOL]DUHORULFLR
VRORQHFHVLWDQHQWUDU\VDOLUDGHHQWUDGDGHODFDMDQLGR
WUDYpVGHHO
/DFDMDQLGRDJXDQWDUiPXFKRPiVVLOHDSOLFDPRVXQDQ
WLPRKReVWHGHEHDSOLFDUVHVyORHQHOH[WHULRU8QEDUQL]
GHORVOODPDGRVGHSRURDELHUWRRDFHLWHGHOLQD]DSXHGH
DODUJDU OD YLGD GH OD FDMD QLGR FRQVLGHUDEOHPHQWH (VWD
SURWHFFLyQSXHGHLQWHQWDUGDUVHFDGDyDxRV/RVEDU
QLFHVDXQTXHDOJRPiVFDURV\DLQFRUSRUDQXQDQWLPRKR
(QRFDVLRQHVVHKDXWLOL]DGRHODFHLWHGHFRFKHXVDGRSDUD
SURWHJHUODPDGHUDFRQp[LWR6LYDVDFRQVWUXLUXQDFDMD
QLGRSDUDPXUFLpODJRVROYtGDWHGHXWLOL]DUHVWRVSURGXF

%URFDGHFRURQD

&DMDQLGR

7URQFR

/LVWyQ

&DGHQD
VHJXULGDG

(&9PSJHVFS70-$".

&RPRDVHJXUDU
XQDFDMDQLGR
GHJUDQGHV
GLPHQVLRQHV

9LVWD
VXSHULRU

6L OD FDMD HV GH PD\RUHV GLPHQVLRQHV GH ODV KDELWXDOHV
WHQGUHPRVTXHEXVFDURWURWLSRGHMDFLyQ(QHVWRVFD
VRVVLHOiUEROHVWiVHFRSRGUHPRVFODYDURDWRUQLOODUOD
FDMDDVXWURQFRSHURVLHVWiYLYRQXQFDXWLOL]DUHPRVHVWH
PpWRGR\DTXHODVKHULGDVTXHOHSURGXFLPRVDOiUEROSXH
GHQDFWXDUFRPRXQIRFRGHLQIHFFLyQ\SURGXFLUOHXQGDxR
LQQHFHVDULR (V PHMRU MDU OD FDMD PHGLDQWH XQRV OLVWR
QHVGHPDGHUDTXHVLQFODYDUVHHQHOWURQFRORDEUDFHQ
7DPELpQVHSXHGHXWLOL]DUXQDFXHUGDRXQDFDGHQDSDUD
DVHJXUDUQRVTXHLQFOXVRHQXQIXHUWHYHQGDYDOODFDMDQR
OOHJDVHDOVXHORHQFDVRGHFDHUVH

3DUDMDUXQDSHTXHxDFDMDQLGRDOiUEROHVFRQYHQLHQWH
XWLOL]DUDODPEUHGHXQRVPPGHGLiPHWUR3DUDGREODU
HODODPEUHHVPHMRUTXHQRVD\XGHPRVGHXQDVPRUGD
]DV\XQRVEXHQRVDOLFDWHV\TXHKDJDPRVDOJ~QWLSRGH
SDODQFD

WRV$ORVXPRXQSRFRGHDFHLWHGHOLQD]DTXHWHQGUiV
TXH GHMDU VHFDU PX\ ELHQ DQWHV GH FRORFDU OD FDMDQLGR
/DPD\RUtDGHORVPXUFLpODJRVVRQPX\VHQVLEOHVDRORUHV
GHHVWHWLSR

9LVWD
VXSHULRU

(&9PSJHVFS70-$".

$GHPiVFODYRV\WLUDIRQGRVGH
EHQ SHQHWUDU DO PHQRV  FP
HQ OD VHJXQGD SLH]D TXH XQHQ
6L XWLOL]DPRV FODYRV HV PHMRU
PHWHUORV XQ SRFR LQFOLQDGRV \
FUX]DGRVHQWUHHOORVSDUDTXHOD
XQLyQ VHD PiV IXHUWH 7DPELpQ
HVDFRQVHMDEOHGDUOHVXQSDUGH
PDUWLOOD]RVVXDYHVDODSXQWDGHO
FODYR DQWHV GH FRORFDUORV SDUD

9LVWD
ODWHUDO

'HEHPRV UHDOL]DU OD FDMD GH


PDQHUDTXHpVWDVHDVHJXUD\
QRVHURPSDFRQODVLQFOHPHQ
FLDVPHWHRUROyJLFDV3RUHMHP
SOR FRORFDUHPRV ORV FODYRV
R ORV WLUDIRQGRV VLHPSUH SHU
SHQGLFXODUHV D OD IXHU]D GH OD
JUDYHGDG\GHHVWDIRUPDHYL
WDUHPRVTXHODFDMDSXHGDGHV
PRQWDUVHDOFHGHUODPDGHUD

/DV FDMDV GHEHQ FRQVWUXLUVH FRQ XQD SXHUWD \D TXH HV
QHFHVDULROLPSLDUODVXQDYH]DODxRFXDQGRORVDQLPDOHV
QRODVXVDQ'HQRKDFHUORODFDMDGHMDUiGHVHUXWLOL]DGD
SRUORVDQLPDOHVRSHRUHVSRVLEOHTXHODVFUtDVPXHUDQ
SRUIDOWDGHKLJLHQH

7DQWRHOWDPDxRGHODFDMDFRPRHOGHODDSHUWXUDGHEHQ
VHUDFRUGHVDODHVSHFLHTXHTXHUHPRVTXHDOEHUJXH'HV
SXpVWHGDUHPRVXQRVHMHPSORVGHHVWDVGLPHQVLRQHV

(Q OD FRQVWUXFFLyQ GH OD FDMDVQLGR GHEHPRV WHQHU HQ


FXHQWDYDULRVIDFWRUHVLPSRUWDQWHV

&RQVWUXFFLyQGHODVFDMDVQLGR

%DOFyQ(VHOSHUIHFFLRQDPLHQ
WRGHODFDMDQLGRWLSREX]yQ
(VSHFLDOPHQWH DGHFXDGD SDUD
FOLPDV K~PHGRV VX IRUPD
HYLWD OD HQWUDGD GH OD OOXYLD
$GHPiV PHMRUD VHQVLEOHPHQ
WHODGHIHQVDTXHSXHGDKDFHU
HODYHVREUHXQSRVLEOHSUHGD
GRU
(&9PSJHVFS70-$".

%X]yQ &RQ OD SXHUWD DUULED R HQ HO


IURQWDOVHJ~QVHYD\DDFROJDU(VOD
PiV KDELWXDO SRU VHU OD PiV VHQFLOOD
GHFRQVWUXLU

/RVPRGHORVPiVXWLOL]DGRVVRQORVVLJXLHQWHV

7LSRVGHFDMDVQLGR

/D PDGHUD GHEH HVWDU SHUIHFWDPHQWH FRUWDGD GH IRUPD


TXH HQ ODV XQLRQHV QR TXHGHQ KXHFRV SRU GRQGH SXHGD
FRODUVHODOOXYLD6LTXHGDVHDOJ~QKXHFRVHSXHGHWDSDU
FRQPDVLOODVHVSHFLDOHVTXHVHYHQGHQSDUDWDOQ

HYLWDUTXHVHDEUDODPDGHUD&RQODPLVPDQDOLGDGVL
XWLOL]DVWLUDIRQGRVHVFRQYHQLHQWHXVDUDOJ~QWLSRGHPRU
GD]DVTXHXQDSURYLVLRQDOPHQWHODVSLH]DV\UHDOL]DUFRQ
XQDEURFDQDGHODPLWDGGHOGLiPHWURTXHWHQJDHOWLUD
IRQGRXQDSHUIRUDFLyQHQODVGRVSLH]DVDXQLUHQGRQGH
LQVHUWDUHPRVHOWLUDIRQGR

(&9PSJHVFS70-$".

(VWDVLPSOHFHVWDMXQWRFRQDOJXQDVUDPDVSXH
GHVHUVXFLHQWHSDUDTXHXQDSDUHMDGHE~KRV
FKLFRVQLGLTXHQFRQp[LWR

/DV JUDMLOODV ORV E~KRV FKLFRV


\RWUDVUDSDFHVIRUHVWDOHVPiV
TXH XQD FDMDQLGR OR TXH QH
FHVLWDQ HV XQD FHVWDQLGR 8QD
FHVWD GH PLPEUH  DWDGD HQ OD
KRUTXLOODTXHIRUPDQGRVUDPDV
VRQ XQD EXHQD EDVH SDUD TXH
HVWDVDYHVSXHGDQFRORFDUVXV
KXHYRV

(VSHFLDOHV +D\ DOJXQDV HVSH


FLHVTXHUHTXLHUHQGLVHxRVPX\
HVSHFtFRV/RVDJDWHDGRUHVQL
GLFDQ HQ SHTXHxDV JULHWDV HQ
ORV WURQFRV SRU OR TXH VX FDMD
QLGR VH GLVHxD LPLWDQGR HVWDV
VXUDV

1DWXUDO 0X\ GHFRUDWLYD \ FUtSWLFD SHUR VX


FRQVWUXFFLyQUHTXLHUHGHEDVWDQWHSDFLHQFLD
\ HO XVR GH DOJXQDV KHUUDPLHQWDV DODGDV
6yORDSWDVSDUDPDQLWDVEDMRDVHVRUDPLHQWR
SURIHVLRQDO

(&9PSJHVFS70-$".

(VWDHVODPiVKDELWXDOGHODV
FDMDVQLGR(VWDGLVHxDGDHVSH
FLDOPHQWHSDUDORVSiULGRVTXH
HV FRPR VH OH OODPDQ D WRGRV
ORVSiMDURVGHODIDPLOLDGHORV
FDUERQHURV\KHUUHULOORV

3ODQRVFDMDQLGRSiULGRV

(VPHMRUTXHFRORTXHPRVHQHOLQWHULRUGHODFHVWDXQDV
UDPDV QDV LPLWDQGR XQ QLGR SXHV DOJXQDV GH HVWDV
DYHVQROOHJDQDFRQVWUXLUXQYHUGDGHURQLGRVLQRVyORD
UHPRGHODUXQR\DH[LVWHQWH

(QHVWHFDVRKHPRVWHQLGRp[LWRWDQWRQRVRWURVHQODHOHFFLyQ
GHODFRORFDFLyQGHODFHVWDFRPRPDPDE~KRDOSRGHUFULDUD
FXDWURUHWRxRV

(&9PSJHVFS70-$".

(VWH HV HO IDPRVR *RUULyQ


FRP~Q (Q PXFKRV OXJDUHV
GRQGHDEXQGDODFRPLGDSXH
GHQ FRQWDUVH SRU PLOHV (V
XQD GH HVDV HVSHFLHV TXH VH
KD DGDSWDGR SHUIHFWDPHQWH
D QXHVWUDV FRVWXPEUHV \ KD
SUROLIHUDGRHQH[FHVR(OFDVR
HV TXH VL HQ OD ]RQD GRQGH
WLHQHVSHQVDGRXELFDUODVFD
MDV QLGR HV XQD HVSHFLH IUH
FXHQWH\VLQRTXLHUHVVHJXLU
IDYRUHFLHQGROR HV PHMRU TXH
KDJDV XQ DJXMHUR HQ OD FDMD
QLGRXQSRFRPHQRUGHFP
(OSUREOHPDHVTXHFRQHVWDV
GLPHQVLRQHVWDPSRFRHQWUDUi
HO &DUERQHUR FRP~Q HO PD
\RU GH ORV SDULGRV DXQTXH
KHUUHULOORV FDSXFKLQRV \ FDU
ERQHURV JDUUDSLQRV OR KDUiQ
VLQSUREOHPDV

6HJ~QDODHVSHFLHTXHYD\DGHVWLQDGDHODJXMHURGHHQ
WUDGD GHEHUi WHQHU XQ GLiPHWUR GLIHUHQWH &RQVXOWD OD
WDEOD TXH GDPRV PiV DGHODQWH SDUD GHFLGLU FXiO HV HO
GLiPHWURTXHGHEHVUHFRUWDU

(&9PSJHVFS70-$".

/DV ODYDQGHUDV EODQFDV QH


FHVLWDQ XQD FDMD XQ SRFR
GLIHUHQWH D OD GH ORV GHPiV
SiMDURV )tMDWH TXH OD GLIH
UHQFLD HVWi HQ GHMDUOHV XQD
JUDQ DEHUWXUD UHFWDQJXODU
SDUDHQWUDUHQOXJDUGHODWt
SLFDHQWUDGDUHGRQGDGHORV
RWURVSiMDURV'HEHVFRORFDU
ODFDMDHQXQOXJDUSUy[LPR
DODJXDLQFOXVRXQDSLVFLQD
URGHDGDGHXQMDUGtQSXHGH
VHUYLU

3ODQRVFDMDQLGRHVSHFLDOODYDQGHUDV

&DMDQLGR/DYDQGHUDV

(&9PSJHVFS70-$".

&RQ ODV FDMDV QRUPDOHV VH &XDQGR WLHQH EDOFyQ HV PiV
SXHGH PRMDU HO QLGR FRQ OD GLItFLOTXHHOQLGRVHPRMH
OOXYLD

3ODQRVFDMDQLGRFRQEDOFyQ

0RQWDMHFDMDQLGRSDULGRV

(&9PSJHVFS70-$".

(O&iUDERHVXQE~KRGH
PHGLDQRWDPDxRPX\IUH
FXHQWHHQQXHVWURVERV
TXHV\SXHEORVGHPRQWD
xD1RHVUDURTXHXWLOLFH
HGLFLRVSDUDQLGLFDU
VLHPSUH\FXDQGRVHDQ
PiVRPHQRVWUDQTXLORV
+HPRVHQFRQWUDGRQLGRV
HQDOJXQRVFDPSDQDULRV
GHLJOHVLDV\WDPELpQHQ
FDQWLOHVDXQTXHGRQGH
QRORVKD\SXHGHXWLOL]DU
FDMDVQLGRHVRVtWLHQHQ
TXHVHUHVSHFLDOHVSDUD
VXVGLPHQVLRQHV

3UHVWD PXFKD DWHQFLyQ D OD IRUPD HQ TXH VH XQH FDGD
WDEOHURFRQORVYHFLQRV

6HGDQODVGLPHQVLRQHVSDUD
SHTXHxRVSiMDURV

(&9PSJHVFS70-$".

7RGDVODVGLPHQVLRQHVHQFHQWtPHWURV

[SLH]DV ODWHUDOHVIURQWDO\SXHUWD
[SLH]D IRQGR
[SLH]D SLVRLQWHULRU
[SLH]D WHFKR

(&9PSJHVFS70-$".

1RREVWDQWHSXHGHVXWLOL]DUHVWHPRGHORSDUDRWUDVHV
SHFLHVYDULDQGRODVGLPHQVLRQHV8WLOL]DSDUDFDOFXODUODV
ODWDEODTXHHQFRQWUDUiVPiVDGHODQWHFRQODLQIRUPD
FLyQGHWDOODGDSRUHVSHFLHV






(VWDV VRQ ODV PHGLGDV GH ODV WDEODV TXH WHQGUtDV TXH
FRUWDUVLGHFLGHVUHDOL]DUODFDMDQLGRHVWiQGDUSDUDSH
TXHxDVDYHV

(VWDFDMDHVXQDYDULDFLyQGHODDQWHULRUSHURPiVIi
FLO GH FRQVWUXLU /D KDQ GLVHxDGR ORV FRPSDxHURV GHO
*UXS G$QHOODPHQW &DOOGHWHQHV2VRQD \ SXEOLFDGR HQ
VXLQWHUHVDQWH*XtDGHODVFDMDVQLGR\FRPHGHURVSDUD
DYHV\RWURVYHUWHEUDGRVGH/\Q[(GLFLRQV(QWUHRWUDV
LQQRYDFLRQHVKDQVROXFLRQDGRODDSHUWXUDGHODSXHUWD
FRQXQDVLPSOHPDGHUD\GRVSHTXHxRVFODYRVODWHUD
OHVTXHDFW~DQFRPRELVDJUD1RQHFHVLWDQLQJ~QSHV
WLOOR\DTXHFXHOJDQODFDMDXQSRFRLQFOLQDGDDOVLWXDU
HO DODPEUH GHO TXH VH FXHOJD OD FDMD XQ SRFR GHVSOD
]DGRGHODPLWDGGHOODWHUDOGHODFDMDKDFLDODWUDVHUD
GH IRUPD TXH HV OD JUDYHGDG TXLHQ PDQWLHQH FHUUDGD
OD FDMD 1R REVWDQWH OD SXHUWD QR GHEH TXHGDU PX\
VXHOWD VL QR OD FDMD VH DEULUi FRQ HO EDODQFHR TXH HO
YLHQWRSXHGHSURGXFLUVREUHODFDMD\QRGHEHVFODYDU
OD SXHUWD D UDV FRQ OD SDUWH VXSHULRU GH ORV ODWHUDOHV
VLQRXQSDUGHPLOtPHWURVSRUGHEDMRSDUDTXHHOWHFKR
QRLPSLGDHOJLURGHODSXHUWD7HSURSRUFLRQDPRVWRGDV
ODVHWDSDVGHOPRQWDMH

3ODQRVFDMDQLGR*$&2

(&9PSJHVFS70-$".

3DUD FRQVWUXLU HVWH QLGDO GHEHPRV FRQVHJXLU XQ WURQFR


GHXQRVFPGHGLiPHWUR\GHDOWXUD1LVHWHRFX
UUDFRUWDUXQDiUEROGHOERVTXHSDUDHOORHVPHMRUTXH
VHORSLGDVDDOJ~QIDPLOLDUTXHWHQJDFKLPHQHDGHOHxD
6HJXURTXHWLHQHDOJ~QWURQFRELHQVHFRTXHWHVLUYD

3ODQRVFDMDQLGRQDWXUDO

,03257$17( 7HQ VLHPSUH HQ FXHQWD TXH ODV GLPHQ


VLRQHV TXH WH GDPRV HVWiQ FDOFXODGDV XWLOL]DQGR XQD
PDGHUDGHFPGHJURVRU6LXVDVRWURGHEHUiVYDULDU
OLJHUDPHQWHODVGLPHQVLRQHVGHODVWDEODVSDUDTXHWRGR
DMXVWHFRUUHFWDPHQWH

(&9PSJHVFS70-$".

$KRUDWHQHPRVGRVRSFLRQHVXQLUODVGRV
SDUWHV GHO WURQFR FRQ DOJ~Q EXHQ SHJD
PHQWRSDUDPDGHUD\FRQVHJXLUXQDFDMD
QLGR JUDQGH
'  R ELHQ
EXVFDU GRV
WUDVHUDV FRQ
ODV GLPHQVLR
QHV DGHFXD
GDV\REWHQHU
GRV
FDMDV
QLGR PiV SH
TXHxDV ( 

'HEHUHPRVWHQHUFXLGDGRGHGHMDUODVX
SHUFLH LQWHULRU GHO WURQFR FRQ PXFKDV
LUUHJXODULGDGHVSDUDTXHORVSiMDURVSXH
GDQWUHSDUELHQSRUHOODV+DFHUHORULFLR
GHHQWUDGDDGHFXDGR

/RSULPHURHVFRUWDUORVGRVH[WUHPRVTXHVHUYLUiQFRPR
HO WHFKR \ HO IRQGR $  'HVSXpV %  OR SDUWLPRV SRU OD
PLWDGFRQODD\XGDGHXQVHUUXFKR\SURFHGHPRVDYD
FLDUHOWURQFRPHGLDQWHXQIRUPyQ & &XLGDGRFRQHVWD
KHUUDPLHQWDHVWiDODGD\GHEHVHUXWLOL]DGDEDMRODVX
SHUYLVLyQGHXQDGXOWR

(&9PSJHVFS70-$".

/RV DJDWHDGRUHV XWLOL]DQ SDUD QL


GLFDU JUDQGHV GHVFRUFKDGRV HQ
OD FRUWH]D GH ORV iUEROHV (VWD
FDMDQLGR LPLWD HVWD HVWUXFWXUD
WDQ SDUWLFXODU $TXt VH SXHGH YHU
GHSHUOODIRUPDGHODFDMDQLGR
6yOR IDOWDUtD FRORFDUOH HO WHFKR
TXH QR OOHJD D FHUUDUVH JUDFLDV D
TXHFODYDPRVODSLH]DGHPDGHUD
EDPRGRGHWRSH/RVDJDWHDGR
UHVVXHOHQHQWUDUSRUODSDUWHEDMD
TXHQRHVWiFHUUDGD\VDOLUSRUOD
SDUWH VXSHULRU 6L LQVWDODPRV OD
FDMDGHIRUPDTXHHOKXHFRHQOD
WDEODTXHKDFHGHWUDVHUDDEDUFD
XQD]RQDUXJRVDGHODFRUWH]DGHO
WURQFR SDUHFH TXH HVWDV GLPLQX
WDV DYHV WLHQHQ PiV IDFLOLGDGHV
SDUDKDFHUHOQLGR

3ODQRVFDMDQLGRDJDWHDGRUHV

(&9PSJHVFS70-$".

5HFXHUGDTXHHVWDFDMDGHEHVHUFRORFDGDSRUDGXOWRV
HQJUDQGHViUEROHVFHUFDGHFXOWLYRVHQORVTXHQRKD\
SDUHGHVURFRVDVFHUFDGRQGHSRGHUQLGLFDU

3ODQRVFDMDQLGRFHUQtFDORV

(&9PSJHVFS70-$".

'LPHQVLRQHV GH OD FDMD QLGR 7RGDV ODV PHGLGDV HQ FP VDOYR HO
RULFLRTXHVHGDHQPP

(&9PSJHVFS70-$".

$OWXUDVHUHHUHDODGLVWDQFLDHQWUHODFDMD
\HOVXHOR6HGDHQPHWURV

3DUHFHTXHWLQWDUODPDGHUDGHXQFRORURVFXURHVDFRQVHMD
EOH 8WLOL]D XQ WLQWH QDWXUDO (Q ODV SULPHUDV IDVHV HV PHMRU
TXH QR WH DFHUTXHV PXFKR DO UHIXJLR \D TXH VL VH DVXVWDQ
SUREDEOHPHQWHWDUGDUiQPXFKRWLHPSRHQYROYHUDXWLOL]DUOD
/DSUHVHQFLDGHHVWRVDQLPDOHVODGHODWDORVDEXQGDQWHVH[
FUHPHQWRVTXHSXHGHVHQFRQWUDUEDMRHOUHIXJLR
7HQ HQ FXHQWD TXH HVWRV DQLPDOHV VRQ PDPtIHURV FRPR QR
VRWURVSRUORTXHSRGHPRVFRPSDUWLUDOJXQDVHQIHUPHGDGHV
6LDOJXQDYH]WLHQHVTXHUHFRJHUDOJXQRXWLOL]DVLHPSUHXQRV
EXHQRVJXDQWHVGHFXHURRXQWUDSRQXQFDORVWRTXHVFRQOD
PDQRGHVQXGD
(&9PSJHVFS70-$".

$ ORV PXUFLpODJRV
WDPELpQ
SRGHPRV
D\XGDUORV LQVWDOiQ
GROHV XQRV UHIXJLRV
GHPDGHUDVLPLODUHV
DODVFDMDVQLGRGRQ
GHSXHGHQGHVFDQVDU
H LQFOXVR FULDU DXQ
TXH HVWR ~OWLPR HV
PiV UDUR /D PD\R
UtD GH ORV PXUFLpOD
JRV VRQ FRORQLDOHV
SRUORTXHHVDFRQVH
MDEOH TXH OD FDMD UH
IXJLR VHD JUDQGH (V
LPSRUWDQWHFRPR\D
KHPRVGLFKRTXHQR
VHXWLOLFHQEDUQLFHVX
RWURVWLSRVGHSURWHF
WRUHVSDUDODPDGHUD
SXHVDHVWRVDQLPDOLOORVQROHVJXVWD/DHQWUDGDDOUHIX
JLRGHEHHVWDUXELFDGDGHEDMR\GHEHVHUPiVRPHQRV
DPSOLD/DVSDUHGHVGHPDGHUDGHOLQWHULRUGHEHQVHUOR
PiVUXJRVDVSRVLEOHOOHJDQGRDUDOODUFRQXQDFXFKLOODOD
VXSHUFLH SDUD TXH ORV PXUFLpODJRV SXHGDQ DIHUUDUVH D
HOODFRQVXVSDWDV'HEHQFRORFDUVHDXQDDOWXUDGHXQRV
PHWURV\RULHQWDGRVKDFLDHOVXURHVWH'HEHEXVFDU
VHXQD]RQDGHVSHMDGDHQDOJ~QiUEROFRQSRFDVUDPDV
HQ XQ SRVWH R HQ XQD SDUHG GHVSHMDGD GH DOJXQD FDVD
RHGLFLR(VFRQYHQLHQWHFRORFDUODFHUFDGHXQDEXHQD
]RQDGHDOLPHQWDFLyQHVGHFLUTXHFXDQWRPiVFHUFDGH
]RQDVK~PHGDVFRQVXVPXFKRVPRVTXLWRVPHMRU/DV
GLPHQVLRQHVTXHVHGDQVRQODVPtQLPDV

(&9PSJHVFS70-$".

 3ODQRV UHIXJLR PXUFLpODJRV \ UHFRPHQGDFLRQHV


SDUDHVWDVHVSHFLHV

&yPRFRORFDUODFDMDQLGR
(VWRV VRQ ORV GRV PRGRV GH FRORFDU XQD FDMDQLGR 'H
EHUiVWHQHUHQFXHQWDFRPRODYDVDFRORFDUDODKRUDGH
UHDOL]DUOD\DTXHVHFRQVWUX\HQGHIRUPDGLIHUHQWH6LOD
FXHOJDVHVDFRQVHMDEOHTXHODSXHUWDHVWpHQHOIURQWDOR
(&9PSJHVFS70-$".

(Q QXHVWUD FiOLGD \ VHFD SURYLQFLD ODV ]RQDV GH XPEUtD


GHODVVLHUUDVSDUHFHQPiVLGyQHDV\DTXHQRUPDOPHQWH
HVWiQPiVIRUHVWDGDVSHUPLWLHQGRDORVDQLPDOHVSDVDU
PiVGHVDSHUFLELGRV\HQFRQWUDQGRDOLPHQWRPiVFHUFD

(&9PSJHVFS70-$".

5(&8(5'$/DVFDMDVQLGRGHEHQVHUFRORFDGDVSRUDGXO
WRVRHQHOFDVRGHODVTXHVHFRORFDQDSRFDDOWXUDEDMR
VXHVWULFWDYLJLODQFLD

(Q FXDOTXLHU FDVR VL YDV D FRORFDU XQDV FXDQWDV FDMDV


HV PHMRU TXH UHDOLFHV XQ SHTXHxR PDSD GH GRQGH ODV
VLW~DV6LSXHGHVFRQVHJXLUXQUHFHSWRU*36GHEHVDSXQ
WDUODVFRRUGHQDGDVTXHWHLQGLFDMXQWRDFDGDFDMD'H
HVWDIRUPDODVSRVLELOLGDGHVGHQRHQFRQWUDUXQDFDMDHQ
ODVYLVLWDVSRVWHULRUHVVHUHGXFHQ

(YLWD FRORFDU ODV FDMDV FHUFD GH FDUUHWHUDV WUDQVLWDGDV


QRVHDTXHDWURSHOOHQDVXVLQTXLOLQRV

6L OD FRORFDV HQ XQ MDUGtQ S~EOLFR HOLJH ODV ]RQDV PiV
WUDQTXLODVIXHUDGHODOFDQFHGHFXULRVRV

(Q RWUDV UHJLRQHV PiV K~PHGDV \ IUtDV HV DFRQVHMDEOH


FRORFDUODVFDMDVQLGRHQODVVRODQDVGHODVVLHUUDV

&RORFDODFDMDQLGRDODVRPEUDSDUDHYLWDUTXHORVSROORV
SDVHQH[FHVLYRFDORUSHURQRHOLMDV]RQDVTXHVHDQPX\
K~PHGDV

3DUD WRGDV ODV HVSHFLHV GHEHPRV FRORFDU OD FDMD D UHV


JXDUGR GH ORV YLHQWRV GRPLQDQWHV (Q QXHVWUD UHJLyQ
SXHGH VHU DFRQVHMDEOH FRORFDUODV PLUDQGR KDFLD HO VXU
(QFXDOTXLHUFDVRQXQFDODVFRORTXHVHQODFUHVWDGHORV
PRQWHVHQHVWDV]RQDVHOYLHQWRHVIXHUWH\IUHFXHQWH

/DV FDMDVQLGR GH FiUDERV PRFKXHORV \ FHUQtFDORV ODV


WHQGUHPRV TXH FRORFDU GHELGR D VX JUDQ WDPDxR HQ
JUDQGHViUEROHV5HFXHUGDTXHHVWRORWHQGUiQTXHUHD
OL]DU YDULRV DGXOWRV FRQ D\XGD GH HVFDOHUDV \ TXH WLHQH
TXHTXHGDUPX\HVWDEOHSRUHOELHQGHODVDYHV\GHODV
SHUVRQDVTXHSXHGDQSDVDUSRUGHEDMRGHHVWHiUEROHQ
XQGtDGHYLHQWR

'HWRGDVIRUPDVGHEHPRVFRORFDUODFDMDHQHOKiELWDW
LGyQHRSDUDFDGDHVSHFLH\GHQWURGHOiUHDGHGLVWULEX
FLyQ GH OD HVSHFLH (V PX\ GLItFLO TXH VL OD HVSHFLH TXH
TXHUHPRVTXHRFXSHHOQLGDOQRHVWiHQHOPLVPRWHUUL
WRULRRHQORVGHODOUHGHGRUWHQJDPRVp[LWR

/DV FDMDVQLGR QRUPDOPHQWH VH FRORFDQ HQ ORV iUEROHV


6HJ~QODHVSHFLHDODTXHYD\DGHVWLQDGDGHFLGLUHPRVHQ
TXHOXJDUODFRORFDUHPRV\DTXpDOWXUDVREUHHOVXHOR
(QODVWDEODVGHODVSiJLQDV\LQGLFDPRVHVWDLQ
IRUPDFLyQ

'yQGHFRORFDUODFDMDQLGR

(&9PSJHVFS70-$".

3DUDODPD\RUtDGHODVSHTXHxDVDYHVTXHFUtDQHQQXHV
WURV PRQWHV HV PHMRU FROJDUODV GH XQD UDPD JUXHVD
0HMRUSDUDHODYHSRUTXHVRQPiVLQH[SXJQDEOHVPHMRU
SDUDHOiUEROSRUVLVHQRVROYLGDFDPELDUHODODPEUHTXH
ORURGHDFDGDDxRV\PHMRUSDUDQRVRWURVSXHVHVPiV
VHQFLOODVXFRORFDFLyQ7HQGUiVTXHKDFHUXQSDUGHDJX
MHURVHQORVODWHUDOHVSDUDVXMHWDUHODODPEUH(ODODPEUH
GHEHWHQHUDOPHQRVXQGLiPHWURGHDSUR[LPDGDPHQWH
PPSDUDFROJDUOD

HQODSDUWHWUDVHUDGHODFDMDPLHQWUDVTXHVLODVXMHWDV
DOWURQFRHVPHMRUTXHHVWpHQHOWHFKR

(&9PSJHVFS70-$".

$OJXQRVSURSLHWDULRVVHHQIDGDQIiFLOPHQWH

1R ROYLGpLV SHGLU DXWRUL]DFLyQ DO SURSLHWDULR GHO WHUUHQR


GRQGHSHQViLVFRORFDUODVFDMDVQLGRHQHOFDVRTXHQR
VHWUDWHGHYXHVWURSURSLRMDUGtQXQSDUTXHRXQPRQWH
S~EOLFR (Q HVWH ~OWLPR FDVR HV FRQYHQLHQWH TXH LQIRU
PHV R SLGDV DXWRUL]DFLyQ DO DJHQWH PHGLRDPELHQWDO GH
OD]RQD

6LYDVDFRORFDUPXFKDVHV~WLOTXHWHFRQVWUX\DV
XQD HVSHFLH GH SpUWLJD FRQ XQ SHTXHxR JDQFKR
HQVXH[WUHPR'HHVWDIRUPDHYLWDUDVHOXVRGH
ODHVFDOHUD\DTXHSRGUiVFROJDU\GHVFROJDUOD
FDMDGHVGHHOVXHOR7HQHQFXHQWDTXHHOPD
WHULDOGHODSpUWLJDGHEHVHUUHVLVWHQWHSDUD
SRGHUPDQHMDUODFDMDQLGRFRQVHJXULGDG
1XQFDODKDJDVGHPiVGHPHWURVSXHV
VHPDQHMDFRQGLFXOWDG3RUVXSXHVWR
TXHQDGLHVHSRQJDGHEDMRGHODFDMD
SRU VL RFXUULHVH XQ DFFLGHQWH \ pVWD
FD\HVHDOYDFtR

(QFDVRGHVXMHWDUODDXQWURQFRSRGUiVKDFHUORFRQDODP
EUH GHPPGHGLiPHWUR RELHQFRQXQWUR]RGHFiPD
UDGHELFLFOHWD5HFXHUGDFRORFDUXQDUDPDVHFDHQWUHHO
DODPEUH\HOWURQFRSDUDHYLWDUTXHHOiUEROVXIUDDOJ~Q
GDxR7DPELpQWHQGUiVTXHFDPELDUHODODPEUHFDGDGRV
DxRV

(&9PSJHVFS70-$".

6L HO QLGR HV GH ORV JUDQGHV


\ VH HQFXHQWUD HQ XQD iU
ERO DLVODGR HV GHFLU TXH QR
HVWiQ ODV UDPDV GH HVWH HQ
FRQWDFWR FRQ ODV UDPDV GH
RWURViUEROHVVHSXHGHFROR
FDU XQD HVSHFLH GH FLQWXUyQ
PHWiOLFRDOUHGHGRUGHOWURQ
FRDXQDDOWXUDPtQLPDVREUH
HOVXHORGHXQRVPHWURV
/DSLH]DGHEHFXEULUWRGRHO
SHUtPHWURGHOWURQFRHQXQD
EDQGDGHXQRVFP

(VPX\UHFRPHQGDEOHFRORFDUDOJ~QVLVWHPDDQWLSUHGD
FLyQ HQ ODV FDMDVQLGR 1R REVWDQWH H[SOLTXHPRV SRU
TXp QR VHD TXH YD\DPRV D FRJHUOH PDQtD D HVWRV LQ
WHUHVDQWHV SUHGDGRUHV &XDQGR GHFLPRV SUHGDGRUHV GH
FDMDVQLGRQRVHVWDPRVUHULHQGRDJLQHWDVJDUGXxDV
JDWRV VLOYHVWUHVRGRPpVWLFRV OLURQHVDOJXQDVDYHV\
HQDOJXQDVRFDVLRQHVUDWDVeVWRVSUHGDQGHIRUPDQD
WXUDOVREUHFXDOTXLHUDQLPDOPiVSHTXHxRVTXHHOORV(V
OH\GHYLGD\QHFHVDULRSDUDHOHTXLOLEULRQDWXUDOGHODV
FRVDV(OSUREOHPDOOHJDFXDQGRDOJXQRGHHVWRVDQLPD
OLWRV LQWHOLJHQWHV GRQGH ORV KD\D DSUHQGH TXH PXFKDV
FDMDVQLGRWLHQHQSUHPLRHQVXLQWHULRU\GHDOJXQDIRUPD
VH HVSHFLDOL]DQ HQ EXVFDUODV (O WDPDxR GH OD DEHUWXUD
IUHQDDPXFKRVDQLPDOHVSHURHQRFDVLRQHVHVWRVFDUQt
YRURVWLHQHQVXFLHQWHSDFLHQFLD\GLHQWHVSDUDDJUDQGDU
HODJXMHUR\DFFHGHUDOLQWHULRUGHODFDMD3DUDHYLWDUTXH
HVWR VXFHGD VH SXHGHQ LQVWDODU DOJXQR GH ORV VLVWHPDV
VLJXLHQWHV

&yPRSURWHJHUODVGHORSUHGDGRUHV

(QFDPELRHQXQSDUTXHRHQXQMDUGtQVHSXHGHQFR
ORFDU KDVWD  y  FDMDVQLGR SRU KHFWiUHD \D TXH HO
DOLPHQWRHVPX\DEXQGDQWH1RREVWDQWHSRQODVORPiV
(&9PSJHVFS70-$".

6LXWLOL]DVXQVHQGHURFRPRSXQWRGHSDUWLGDSDUDFROR
FDUODVLQVWDODXQDFDMDQLGRFDGDPHWURVDOHMiQ
GRWH HQ FDGD RFDVLyQ D XQ ODGR GLVWLQWR GHO VHQGHUR GH
IRUPDDOWHUQDWLYD

(QXQSLQDURHQXQERVTXHVHSXHGHQFRORFDUHQWUH\
FDMDVQLGRSRUKHFWiUHD8QDKHFWiUHDHTXLYDOHDGRV
FDPSRVGHI~WEROMXQWRV

&XiQWDVFRORFDU

QLR QR HV QHFHVDULR TXH WHQJD XQ H[FHVLYR JURVRU FRQ
XQPLOtPHWURVREUD/DVSODQFKDVGHORVIRWROLWRVGHODV
LPSUHQWDVVRQSHUIHFWDVSDUDHVWRVQHVVHUHFRUWDQIi
FLOPHQWHVHSXHGHQFODYDUDODPDGHUDFRQXQRVSHTXH
xRVFODYRVRWDFKXHODV VLHPSUHGHPHQRUJURVRUTXHOD
PDGHUDTXHKHPRVXWLOL]DGRSDUDTXHQRODDWUDYLHVHQ 
\DGHPiVSUREDEOHPHQWHORVSXHGDVFRQVHJXLUJUDWLV/D
~QLFDSUHFDXFLyQHVTXHODVGHEHVPDQHMDUFRQSUHFDX
FLyQSXHVVXORHVWiEDVWDQWHDODGR

3DUD FDMDV SHTXHxDV OR PHMRU HV


IRUUDUFRQDOXPLQLRODPD\RUSDUWH
GHOIURQWDOGHODFDMDKDFLHQGRFR
LQFLGLUODPLVPDHQWUDGDGHODFDMD
QLGRFRQXQDDEHUWXUDGHLGpQWLFDV
GLPHQVLRQHV HQ HO DOXPLQLR 7DP
ELpQ GHEHPRV FXEULU OD SDUWH GHO
WHFKR TXH SURWHJH OD HQWUDGD FRQ
DOXPLQLR D PRGR GH YLVHUD &RQ
HVWD VLPSOH PHGLGD HYLWDPRV OD
SUHGDFLyQ HQ QXHVWUD UHJLyQ SUR
EDEOHPHQWHDOFRPSOHWR(ODOXPL

(&9PSJHVFS70-$".

$XQTXHVHSRQJDQPXFKDVFDMDVQRSLHQVHVTXHVHYDQ
DXWLOL]DUWRGDV6HFRQVLGHUDXQDEXHQDRFXSDFLyQVLVH
OOHJDDOXFWXDQGRHQWUHXQ\XQ(VWRV
SRUFHQWDMHVVHVXHOHQDOFDQ]DUWUDVHVWDUFRORFDGDVGRV
DxRVODSULPHUDWHPSRUDGDVXHOHKDEHUXQDEDMRtQGLFH
GHRFXSDFLyQQRVXSHULRUDO'HPRGRTXHWHQSD
FLHQFLD\QRGHVHVSHUHV

(VDFRQVHMDEOHQXPHUDUODVFDMDVFRQDOJ~QURWXODGRUR
FRQ SLQWXUD UHVLVWHQWH HQ XQ ODWHUDO R HQ OD EDVH GH OD
FDMDSDUDSRGHULGHQWLFDUODV

VHSDUDGDVXQDGHRWUDFRPRWHVHDSRVLEOH\DTXHWRGRV
HVWRVSiMDURVVRQPX\WHUULWRULDOHV\VHVXHOHQHQIDGDU
FXDQGRHQWUDRWURSiMDURHQVXSURSLHGDG

(VPHMRUTXHREVHUYHVDGLVWDQFLDODFDMDQLGRSDUDQR
PROHVWDUQRREVWDQWHVLODFXULRVLGDGWHSXHGHWHQSUH
VHQWHTXHQRGHEHVYLVLWDUODQLFXDQGRHVWiDOQDOGHOD
LQFXEDFLyQQLFXDQGRDFDEDQGHQDFHU'HIRUPDTXHVL
YHVTXHODKHPEUDQRVDOHGHOQLGRFXDQGRDEUHVODFDMD
HV PHMRU TXH OD YXHOYDV D FHUUDU \ QR PROHVWHV PiV
7DPSRFRGHEHVGHVFROJDUODFXDQGRWHDFHUFDVDODFDMD
\ R\HV XQD DOJDUDEtD GH SROOLWRV HQ VX LQWHULRU HVWR HV
(&9PSJHVFS70-$".

%XHQDSDUWHGHORVSiMDURVTXHQLGLFDQHQHOLQWHULRUGH
FDMDVQLGRUHDOL]DQXQQLGRFRQUDPLWDVPXVJRSOXPDV
\SHOR/DPD\RUtDGHODVUDSDFHVGHIRUPDQDWXUDOVROR
H[FDYDQXQDSHTXHxDGHSUHVLyQGRQGHGHSRVLWDQHLQFX
EDQ ORV KXHYRV SRU HOOR HV DFRQVHMDEOH FRORFDUOHV DOJR
GH VHUUtQ R WLHUUD HQ HO LQWHULRU GH OD FDMD SDUD TXH ORV
KXHYRVQRUXHGHQVREUHHOOLVRWDEOHURGHPDGHUD

&XDQGR FRORTXHV OD FDMDQLGR WHQ OD SUHFDXFLyQ GH QR


FRORFDUODPX\FHUFDGHXQDUDPD\DTXHHQWRQFHVVHUtD
PX\IiFLOTXHFXDOTXLHUSUHGDGRUSXGLHUDDFFHGHUDHOOD
1R REVWDQWH PXFKDV DYHV SUHHUHQ WHQHU XQ SRVDGHUR
FHUFDGHVGHHOFXDOHQWUDUFyPRGDPHQWHDOQLGRRGHV
FDQVDUDOVDOLUGHpVWHWHQORHQFXHQWDDODKRUDGHVH
OHFFLRQDUODXELFDFLyQGHODFDMD

$OJXQDVUHFRPHQGDFLRQHV

(&9PSJHVFS70-$".

1R FRORTXHV QXQFD SHUFKD HQ OD FDMD


QLGR /RV SiULGRV QR OD QHFHVLWDQ \ Vt
TXH DWUDHQ D ORV JRUULRQHV TXH VL QR
KDVKHFKRHODJXMHURORVXFLHQWHPHQ
WHSHTXHxRSDUDTXHQRHQWUHQVXHOHQ
DFDSDUDUPXFKDVGHODVFDMDVQLGR

&RPR \D WH KHPRV GLFKR QR HV QHFHVDULR TXH SLQWHV
ODFDMDQLGRSHURVLTXLHUHVSXHGHVKDFHUORVLHPSUH\
FXDQGR XWLOLFHV FRORUHV SRFR OODPDWLYRV SURKLELGRV ORV
FRORUHVIRVIRUHVFHQWHV \VyORODSLQWHVSRUHOH[WHULRU

(Q WRGDV ORV WLSRV GH FDMDVQLGR UHDOL]D XQRV SHTXHxRV


DJXMHURVHQHOIRQGRSDUDTXHVDOJDHODJXDGHOOXYLD\
QRVHDKRJXHQORVSROORV

VHxDOGHTXHHVWiQGHPDVLDGRJUDQGHV\SXHGHQDEDQ
GRQDUODFDMDDQWHVGHHVWDUSUHSDUDGRVDODVXVWDUVHOR
FXDO VXSRQGUtD SUREDEOHPHQWH VX PXHUWH 1XQFD HVWpV
PiVGHPLQXWRVMXQWRDODFDMD

3HURVtTXHKD\RWURVKXpVSHGHVFRQORVTXHGHEHUiV
WHQHUFXLGDGRDXQTXHHVPX\UDURTXHRFXSHQODVFDMDV
QLGR6HWUDWDGHODVDEHMDV\VREUHWRGRDYLVSDVTXHD
(&9PSJHVFS70-$".

&XDQGRUHYLVHVODVFDMDVQLGRGHEHVWHQHUSUHVHQWHTXH
ODVDYHVSXHGHQXWLOL]DUODVSDUDGRUPLUHQLQYLHUQR\TXH
HVWDVQRVRQODV~QLFDVHVSHFLHVTXHODVXWLOL]DQ0XFKRV
URHGRUHVHVSHFLDOPHQWHHOOLUyQFD
UHWR SXHGH XWLOL]DUODV FRPR PDGUL
JXHUD\WDPSRFRHVUDURHQFRQWUDVH
FRQ VDODPDQTXHVDV \ PXUFLpODJRV
7RGDVHVWDVHVSHFLHVVRQLQRIHQVLYDV
\VLQROHVPROHVWDDQDGLHSXHGHV
LQFOXVR GHMDU TXH ORV OLURQHV FUtHQ
DOOtDXQTXHHQHVHFDVRQRSLHQVHV
DFHUFDUWHPXFKRDODFDMDRVHPDU
FKDUiQGHHOOD1LVHWHRFXUUDDFD
ULFLDUORV SXHV WLHQHQ PDODV SXOJDV
VREUHWRGRVLHVWiQFULDQGR

7RGRVORVDxRVSRUHQHURGHEHUHPRVOLPSLDUHOLQWHULRU
GH ODV FDMDVQLGR \D TXH ORV UHVWRV GH ORV QLGRV YLHMRV
DOEHUJDQSXOJDV\RWURVSDUiVLWRVTXHSRGUtDQLQIHFWDUD
ODQXHYDSROODGD

5HFXHUGDFDPELDUWDPELpQHOVHUUtQRODWLHUUDGHODVFD
MDVQLGRSDUDFHUQtFDORVPRFKXHORV\FiUDERV

1RGHEHPRVFRORFDUODVFDMDVQLGR\ROYLGDUQRVGHHOODV
SHQVDQGR TXH \D HVWi WRGR KHFKR 'HEHPRV UHYLVDUODV
DO PHQRV XQD YH] DO DxR SDUD VROYHQWDU SHTXHxRV SUR
EOHPDVTXHVXHOHQVXUJLU\TXHVLQRUHPHGLDPRVLPSH
GLUiQHOFRUUHFWRXVRGHODVFDMDVQLGRSRUVXVOHJtWLPRV
PRUDGRUHV

0DQWHQLPLHQWRGHODVFDMDVQLGR

(&9PSJHVFS70-$".

+D\PXFKRVWLSRVGHFRPHGHURVXQRVPiVFRPSOLFDGRV
TXHRWURVSHURWRGRV~WLOHV

6REUHWRGR HQ LQYLHUQR FXDQGR PHQRV FRPLGD KD\ \D


TXHORVLQVHFWRVKDQGHVDSDUHFLGR\ORVIUXWRVRWRxDOHV
VHKDQWHUPLQDGRQXQFDYLHQHPDOXQDSRUWHDOLPHQWLFLR
H[WUD(QXQULQFyQGHQXHVWURMDUGtQRGHOSDUTXHRHQ
HOFODURGHDOJ~QERVTXHWHTXHQRQRVTXHGHPX\OHMRV
GHFDVDSRGHPRVFRORFDUXQFRPHGHURFRQFRPLGDSDUD
ORVSiMDURV

(OFRPSOHPHQWRLGHDOXQFRPHGHUR

6L WH JXVWD DSXQWDU ODV FRVDV \ HUHV PHWyGLFR GHEHUtDV


KDFHUWH WX SURSLD EDVH GH GDWRV UHJLVWUDQGR HO Pi[LPR
GHLQIRUPDFLyQSRVLEOHHVSHFLHTXHODRFXSDFDGDDxR
YHFHV TXH QLGLFDQ HQ HVD FDMD HQ XQD WHPSRUDGD SR
OORVTXHORJUDQYRODUFXDQGRHPSLH]DQFXDQGRDFDEDQ
DTXHDOWXUDHVWDHOQLGRVREUHTXHiUERODTXHSXQWR
FDUGLQDOVHRULHQWDODFDMDQLGRTXHKDQXWLOL]DGR\ODTXH
QRKDQXWLOL]DGRHVWHDxR*UDFLDVDSHUVRQDVFRPRWX
VHVDEHPXFKRPiVGHODELRORJtDGHHVWRVDQLPDOHV

3DUDHVWDVWDUHDVWHUHVXOWDUiPX\~WLODTXHOSODQRTXH
KLFLVWHFRQODVLWXDFLyQGHODVFDMDVQLGRGHEHVUHFRUGDU
GRQGHORJXDUGDVWH

YHFHV ODV XWLOL]DQ 6L KD\


XQDFROPHQDGHHVWRVLQ
VHFWRV HV PHMRU TXH ORV
GHMHV WUDQTXLORV \D VH
PDUFKDUiQ FXDQGR TXLH
UDQ 5HFXHUGD TXH SLFDQ
DO VHU PROHVWDGRV \ TXH
WDPELpQFXPSOHQVXIXQ
FLyQHQODQDWXUDOH]D

'HVSXpVGHFRQVWUXLUXQDFDMDQLGRKDFHUHVWHFRPHGH
URHVXQDWDUHDVHQFLOOD8WLOL]DHOPLVPRWLSRGHPDGHUD
\GHPiVPDWHULDOHV&ROyFDORHQXQFODURGHXQERVTXH
SRFR YLVLWDGR R HQ XQD HVTXLQD GH WX MDUGtQ LQFOXVR VL
YLYHVHQXQHGLFLRSXHGHVKDFHUXQFRPHGHURXQSRFR
PiVSHTXHxR\FRORFDUORHQHOEDOFyQRHQXQDYHQWDQD
VLQRYLYHVHQXQiWLFRGHXQHGLFLRPX\DOWRWDPELpQOR
YLVLWDUDQORVSiMDURV(VRVLWHQFXLGDGRTXHODVSDORPDV
QRORXWLOLFHQ\DTXHHQDOJXQRVSXHEORV\FLXGDGHVHVWRV
DQLPDOHV KDQ SUROLIHUDGR GHPDVLDGR SURYRFDQGR GDxRV
HQHGLFLRV\RWUDVHVWUXFWXUDVDVtFRPRPROHVWLDVSRU
ORTXHHQDOJXQRVGHHVWRVSXHEORVVHKDSURKLELGRDOL
PHQWDUODV
(&9PSJHVFS70-$".

&yPRFRQVWUXLUXQFRPHGHUR

(VWRV VRQ ORV PRGHORV PiV VHQFLOORV XQRV FDFDKXHWHV


DWUDYHVDGRVSRUXQDODPEUHPHGLRFRFRFROJDGRGHXQ
KLORRXQDEROVDGHUHGOOHQDGHFDFDKXHWHV7RGRVHOORV
VH FXHOJDQ GH OD UDPD GH XQ iUERO \ VRQ YLVLWDGRV SRU
JUDQQ~PHURGHSDMDULOORV

(&9PSJHVFS70-$".

(&9PSJHVFS70-$".

<\DHVWiDKRUDDREVHUYDUORVSiMDURVTXHDFXGDQ

(Q HO FRPHGHUR SXHGHV SRQHU SLSDV WURFLWRV VHFRV GH


SDQRFXDOTXLHUIUXWRVHFR\GLVWLQWRVJUDQRVFRPRWULJR
FHEDGD PDt] DXQTXH HQ HVWRV FDVRV HV PHMRU TXH
HVWpSDUWLGR

6LORVFRORFDVHQHOMDUGtQRHQXQFODURGHOERVTXHVL
W~DORVGHWDOIRUPDTXHODVDYHVWHQJDQSRVDGHURVFHU
FDSDUDGHVFDQVDU\DSUR[LPDUVHDOFRPHGHUR$GHPiV
HVRVSRVDGHURVGHEHVFRORFDUORVGHIRUPDTXHWXSXHGDV
REVHUYDU ODV DYHV TXH OR YLVLWDQ SHUR TXH QR KD\D VLWLR
SDUD TXH XQ JDWR SXHGD HVFRQGHUVH \ VDOWDU VREUH ODV
DYHVTXHVHDOLPHQWDQHQHOFRPHGHUR8QRVSULVPiWLFRV
\XQDJXtDGHDYHVWHD\XGDUiQDOSULQFLSLRDUHFRQRFHU
DODVHVSHFLHV

&XPSOHWRGDVODVQRUPDVSDUDSUHYHQLUORVLQFHQGLRV

(&9PSJHVFS70-$".

'HQXQFLDWRGDVDTXHOODVDJUHVLRQHVVREUHODQDWXUDOH]D
TXHREVHUYHVHVORMXVWRDFDPELRGHGLVIUXWDUGHHOOD

'LVIUXWDGHODQDWXUDOH]DPHGLDQWHODREVHUYDFLyQHO
GLEXMRRODIRWRJUDItDGHSDLVDMHVSODQWDV\DQLPDOHV

5HVSHWDODSURSLHGDGDMHQD\GHMDHOOXJDUGHH[FXU
VLyQ R HVWXGLR FRPR HVWDED DQWHV GH WX YLVLWD R XQ SR
TXLWRPHMRU

1RDOWHUHVHOVLOHQFLRGHODQDWXUDOH]DYHUiVPiVDQL
PDOHV\QRORVPROHVWDUiV

1RGHMHVUHVLGXRVHQHOFDPSRODVIXHQWHVORVUtRV
ODVSOD\DVRODVRULOODVGHOPDU

&RQRFH\SURWHJHDORVDQLPDOHVVLOYHVWUHV

 5HVSHWD ODV SODQWDV \ RUHV VLOYHVWUHV ORV FXOWLYRV \


ORVSDLVDMHVQDWXUDOHV

0iVLQIRUPDFLRQHHQZZZ[RULJXHURUJ

*UXS(FRORJLVWD;RULJXHU$SDUWDGRGHFRUUHRV
/D9LOD-RLRVD;RULJXHU#[RULJXHURUJ

6LHVWDVLQWHUHVDGRHQUHFLELUXQDFRSLDGHHVWHPDQXDO
SXHGHVSRQHUWHHQFRQWDFWRFRQQRVRWURV

/D HGLFLyQ GH HVWH PDQXDO KD VLGR FRRUGLQDGD SRU ORV
KHUPDQRV$OHMDQGUR\0DULDGHO0DU,]TXLHUGR5RVLTXH

-DXPH9DHOOR5RJOHV
$QWRQLR=DUDJR]t/OHQHV
3HUH6HOOHV6RULDQR
-RDQ6HJRYLDL0DUWtQH]
*DVSDU*RVDOEH]$UHQDV
9LFHQW0D\RU/ORUHW
0DULQD/XFKRUR6DOLQDV
%HD6DQWRQMD/OLQDUHV
OYDUR*DUFtD7RPiV
)UDQFLVFD6HUUDQR//RUHQV
9LFHQWH/ORUHWL5RPD
3HUH(VTXHUGR5DPLV
3HSH6DQWDPDUtD5HRV
-HV~V,JOHVLDV*DUFtD
$QD6ROHU/ORUHW
-DXPH9DHOOR6DQWDPDUtD

/RVVRFLRVGHO;RULJXHUTXHKDQSDUWLFLSDGRFRPRYROXQ
WDULRVHQHVWH92/&$0KDQVLGR

5HVSHWDORVERVTXHVQRFRUWHVVXViUEROHVQLURPSDV
VXVUDPDV

3$5$',6)587$5'(/$1$785$/(=$

(VWHPDQXDOVHKDVLGRSRVLEOHJUDFLDVDOD2EUD6RFLDO
GHOD&DMDGH$KRUURVGHO0HGLWHUUDQHRQDQFLDQGRHVWD
\RWUDVDFWLYLGDGHVPHGLDQWH92/&$0DO*UXS(FR
ORJLVWD;RULJXHU

1250$6'(&21'8&7$

(361&$0-0(*45"903*(6&3

Вам также может понравиться