Вы находитесь на странице: 1из 11





a




$Q
JG %D]U
iQ
$!WOLU
UF (G 





 





(PRJUDItD
a 
8QL
)HG
YHUVL
HU
L
FR
GDG
9LOO
1DF
DUUHD
O
LRQD
O







 0HWRGRORJt$
FXDOLWDWLYD
OD
HQ
W
 ` 2GRFXOWXUDO

KZDWLJDFOyQ

KWWSV
,:::

$1
752
32
IDFHERR
/2*,$
NFR
PIJ
U
RXSVHV
SDQW
URSR
O
RJO
D
XQWY 




W
L





























`














a
aUU
-DM
$OIDRPHJD
6PDUFRPER
 a


(WQRJUDItD

 QJHO $JXLUUH %D]WiQ
O


'(0$5&$&,1 &21&(378$/

/D HWQRJUDItD HV HOFXOWXU


HVWXGLR
D
GH XQD GHVFULSWLYR
FRPXQLGDG
R
GH DOJXQRGH
GH DVSH
VXV
F OD
WRVIXQGDPHQWDOHV
EDMR
SHUVSHFWL
YDGH
FR
PSUHQVLyQ
JO
REDO GH
PLVP
D
OD
([SOLTXHPRV
OR
V
W HO PDUFR FRQFHSWXDO
\
pUPLQR
V GHILQ
LFLyQ GH HVWD


,QWURGXFFLyQ

/D
HWQRJUDItD
HV
HO HVWXGLR
GHVFULSW
LYR
HJUDSERV

GH
ODFXOWXUD GH
XQD
HHWKQRV 
FRPXQLGDG
6X FDUiFWHU GHVFULSWLYR
HGH FRQ OD FRPR
UH D
SDWRJUDItD
VSHFWR
OD
HQIHUP
VXFH GDG 
SDWHQWH
TXHGD HQ HWQRJUiILFDV
ODVPRQRJUDItDV \VHGLIHUHQFLD
HWQROR
J tD DLJXDO
TXHGH OD
GH
TXH OD SDWRORJtD 
DQiOLVLV
FRPSDUDWLYR
UHVXOWD
V
HQWU
HYDULDV HWQRJUDItDV
LQ
W
HQFLyQ
W
HyULFD

(Q ODHWQRJUDItD
GHVFULSWLYDQRHVREVWiFXOR
ODGLPHQVLyQ SDU
WpUPLQRVGHLGHQWLGDG
HQ WRWDOLGDG
HILFDFL
D
SRUOR
TXH UH
FRPRVXO
WDGRGHODDFFLyQ
ILFD

HVWDPRVHQFRQGLFLRQHV
FRQRF
HU
ODLGHQWLGDG
pWQL
FDGHODFRPXQLGDGGH
GH
ODFXOWXUD
FRPR
XQ
WRG
RRUJiQLFR
\
GH
YHULIL
F
DUFyPR
HVD
FXOWXUD
H
VWi
YL
YD\
HVHILFD]HQ
OD UHVROXFLyQ
GH
ORV
SUREOHPD
V
GH
OD
 FRPXQLGDG
+D\ WLSRV
GRV GH
HWQRJUDItD
OD
HWQRJUDItD
PHUDPHQWHGHVFULSWLYDFX\RVGH
VWLQDWDULRV
V
R Q
OR
V
GH
ODFXOWXUD
GH
O
HW
QyJUDIR

FDVL
V
LHPSUH GHODF
DGpPLFR 
PXQGR

OD HWQRJUDItD
DFWLYD TXH KD VLGR
HWQRJUDILDGRV
HQFDUJDGD

FRPR
GL
DJ
QyVWLFR
SRU O
\T
FXOWXUDO
  XH

XQDYH]
 HDOL]DGD
U HV
O
DFR
GHYXHOWD
PXQLGDG VROLFLWDQWH
SXHGH
D T
DF
HSWDUOD YLVWD
R
V
D
QR
VXHQ
HILFDFLD
UHVR
O
XFLyQ
GH
OR
HQ
VSUREOHPD
ODV


D  /DV WUHV HWDSDV FXOWXUDO


GH OD LQYHVWLJDFLyQ
&RPRGHFtD
/pYL6WUDXV
V
HWQRJUDItD
H \
WQRORJtD
DQWURS
RO
RJtDFR
QQR
WV
L
WX\HQ WUHV
GL
V
FLSOLQD
VR
WUHVFRQFHSFLRQHV
GL
VWLQWD
V
GHORV
PL
VPRVHVWXGLRV6RQHQUH

WUHV
HWDSD
V
R
PRPHQWRV

GHXQDLQ
Y
PLVPD \
HVWLJDFLyQ
ODSUHIHUHQFLD
SRUXQRX
RWURGHHVWRV
WpUPLQR
V
VyOR
H
[SUHVD DWHQFL
TXH
yQ HVWp
OD GLULJLGD
SUHG
RPLQDQWH
HQ IRUPD
W
LSR
KDFLD
GH
LQY
H
VXQ
WLJDFLyQ TXH QXQFD GRV
SXHGH

/aYF

675$
8V  
H[FOXLU
V 

D ORVU RWU
V

/a
HWQRJUDILD
FRQVWLWX\HODSULPHUDHWDSDGH-DLQ
HV
DODYH]FRP


PLRHUO
HQ

JXRFUDR



RQ


ILOPDQGR
R

QXGR GR

HQ
O




RO Q

YD
HWF
SDUD
YHQGHU
H[FOX
VLYDV
DOD
WHO
HYLVLyQRODV
JUiILFD
V
 UHYLVWD6

-

YaU
H
BPaV
XQWUDE
DMR
GH
F
DP (VWHGH
WLSR
H[RWLVPR
HV
O
DFRQ
W
UDH[S
HULHQ
F
LD
DQWURSROyJLFD
GaV
FSKQD
TXH
HVWXGLD \
 a SURFHVR 
XQ
HV
WXGLR

3
a
\GHV
GH QO
HO 
a
a
aFXOWXUDFRPX
Laaa
XQD GH 
SU
RGXFW
RI




DFW
QRORJ
L VXU
D JH
GHV
G  DWRV
REVHUYDGRV
 HD
V RE
V
HUYDFLyQ
SXW
t H 
'(
HV
GH
V
HHO
HWQ
RFH
WULVPR
WQRFpQWUL
FR HD
TX
HOVO
SDUWL
H
FR F
XOD
ULVPR
PSRUWDFRPR
QRH[
LVWL
H
VH
V
VL
LQR
VX
FXOWXUDRFRPR
OD
V VL
a F"PBR
FRQVWUXFFL
yQWHyULFD
GH
HDPSDUDFLyQ
FR ODVGL
YHUGH 
KLV
WyULFR
WHPS RU
DO\VL
VW 
OD
FXOWXUD 
GHQWUR
GH
XQDWU
L
VDVB
DSRUWDF
LRQHVHWQRJ U
iIL
F  RWUDV
3FXOWXU
RU
HODV
IXHV
HQ
FRQWUDULR

OLQI
D
H HULRU
HV
WQRJUDIt
D
QRVG
HVF
XEUH
OD
V
RWUDV
FXOWXUDVHQ JUDQGH]D\
WRGD VX
/DDQWURSRORJOD
FPiWLFRFVW
UXF WXU
DO LS
H V
PW HVL
VJHRJUiILFRHVS
F

1
WRGR
VX
H[WHQVLyQ


3
JHR
JU iILF
D
H
D
XQ H

RQRF

QUX JOREDO
HQWR GHO
K




GL %RWR
JQLG
D UHO
G DWLYPR
HRQWW

UL
DO
HW
RRFHQWUL
PR
XFJL
yFRPRUH3
OD
YLRO
HQFL

GaV
VaR
HQYROYLPLHQW
QHV
SRVLWLY
DV
R
GHO
R
QH
KR
JW
PEU
DLY
HK

LVW
yULFD
GHVGH
RV
DVSLUD
D
XQFRQRFLPL
KRPtQLGRV
D
ODV FQW R
DEDUFDHO
RPEUH
DSOLFDEOHDO
REMH
FRQMXQW
W
R
R
 a
G,
JR
OL

 \
GRHYRO
XFL
RQL
P P pW
RGRFRPSPFRW
LYR
6R


\

RSRRtD
FLXGDGP G SFUR
DD
Yi
OLGD V U
D]DVPRGHU QDV
\WLG
 OR
ERF
KRFXOWXPO
GR


FRQWH[W

JRRJQ?ILFRKL
ULF

S0
QRJRQGR
GLIHFHQFL
( R HUQDKDV
WD SFT
OD
XHx LE SDUD
WRGDV

VRFLHGDG KLHQHDFRQFOX 

W SRGHU
KRP RORJDUODV
FXOWX
UDV
UHDOL
]DQGRDVt
FRQVQXFFLRQH
V
WHyULF
DV

/DHWQaJQaIaaItD
H WQR
ORJtD\
DQWUaSaR JX
taQFODQFVLD
O
/eY675$86aaaQO V G

HVGHOD
JUXQ (O
UHODWL
YLV
PRKD
SXHVWR
GH
PDQLIL
H
VWR
OD
VLQJXODUL
GDG
\SDUWL
FXODULG
DG
GH
ORV
SU
RFHRVV
UHSUHVHQWD
 O   V RQSX
HVWUHVHW   RXOWXUDO
&G
RWQLR
 K
IRQQRGRQ L
HQXQ
FKRJZ
 JQOILF
R
FRQFUH
WR
\


 GRXQR K
GHVFUaSWL

YRV

DO
HWQRORta
DaD
LQL
F
LDO GHOD
LQYHVWLJDFL
y QFaaDGH L
QYHVWLJDFLy
D
Q
FXOW
XUDO WRUL DVLQJXO
DU
SRU
HVR
F
DGD FXOWXUD
HV
~QL
FD
HLUUHS
HWLEO
H
XQ
SDUWL
FXODU
LVPR
KLV
WyULF
R
HQWUH
GLYHUVDV
F V2
XOWXUD 

a

JXQG R
H WDSDRRPaUWQS
 VXRV
IXQGRaWDOP FR  (VWD
UHDFFL
y
QUHODWLYL
 V
WDKD
JHQHUDGR
DYH
FHV
XQ
H[FHVR
GHHWQR
JUDIL
VPRHQ
V
XDYHU

Q"
SURSRUFLRQDUID
XW
H
UFHUXQ a HQWDO
GHGLFKDVFX D
QiOLVLV
!FRPSDUQWL

YQ 
VLyQ FRPSDU
DO DWL
V
PR 
6XV
FRQFOXVLRQHV
SRGyDQ
VH
UHVWD
V
aaPaRW R30 FRPSUHQGHU VtQWH
VL OR
V FUHDF
L
yQ G

Q
OaQWROD
DQWURSRORJIQ  /RVKXPDQJUXSRV
RVVRQ
GLYHUV
RV
HQ
VXV
DGDSWDFLRQ
HV
HVSDFLRWH
PSRUDOHV
\
VXV
VLVW
HPD V
P UH XU
OWG
HDV KXPDQD V

KDFLpQGRO HRV W
HRUtDR
VGHFR

 /RFWQR JUDI
ID
VHFRQVWLWX
H DVSLFDEOFV
DOGHVDUUROO
RGH O FXOWX
 U
DOHV
UH
VXOW
$GPLWLU
V
HPH MDQWH
V
V
DQ]DV
GRQ
H~QLFR
XQRVV
H
FRQLUUHSHWLEOH
RWUR
V
QR V SULQFLSLR
LQIL
HUH DOJXQR
G H
XQLYHU
VDOLG
D
G
GLFKR
XQSRURPDOLFLRVDPH \HQOD EDVHHP S tUt
F D
GH OFR   
4XRFH \
JRQRF:L0 XQL
YHa
LR0UHSUHRF
QWD
XQRQ2HGDGSRF
KRPRORJ XQOWRUL
P
TX H
GHVH
GODPDGXUH]VHOOQW
H TXHORV
 MyY HQHV
D QWURSyO DQW
URSRO
QRFLUUXHQWR yJL
FR6H XQLILFRGR QDFLG
GH
LJXULG
GDQJXR
WL
RGRXQ
3 L
yQL
QFRQ
FL
HQWHGR
SRGH

a
 &!Q!WURaaQ
aa
aaa
BHWQRO
RJ \
ID Taaaaaaaa RWQR
UDPR 

HWQROR SQ
V HVR H
[WUDx
GR
DU
TXH DE G \H[SHULP
HQWD GRV 
/ 
JRQ
FHQWU
D RUDOLRDFL
yQ
OL]DGRU FR
PS  L
D
XQ UHGXFFLRQ
L
P 
TXRHPS R 

EUQFRULTXRZ GRSOXPO
JLD
V\FRQWHP RV
F RQ RFD XQ HQ ODV HWQRJUDItDV
7aEL pQ
VH
KDLQVLV-LGRaQ
WHRatD
a G HaQWURSRORJ ID

VH QR
DQ WDQ QXPHURVDV
O
DV 0HWRGRO
OR
U
HDO yJL
FDPHQW
H
SDUD SDUWL
ORV
FXODULVW
D
V
OD
~QLFD
UHDOLGD
GHVY OD
HULIL
FDGDH
WQR
HQFLHQFLDV
GHOD
F XOWX
?
(OF


FWHULQLFLiWL
FRGHODHWQ
FRPR SUiF
OD
W
LFDQHFHVLD F
a aED-R
GH FDPSR VLGRGHFOaDIID
KD SDUDORV SRVUJ
UDGX
DGRV
JU
iILF
 DPHQ
(QUH
OWH
RWLYLP
RO DGPLWROD
UHD
OLGRGRERROQWR
GRO
R \
UQ
WLYR
ORUHDOLGG
UHO!
WL92 OR
GH
DQWURSRORJtD
TXH
3a HO5LQR
XG
T XBRFRPSOHWDU ORVHVWXGLR
V
a
aRUQR
HO3 REOL
JP OR
 EROXWR



GFFNODUHDLGSWLYR
GH
OR
RWQRJ
L
IL&2

\ UH?RWLYR
UQLG
GHO
R
HWQROy
JLFR
E  (O
, R V
LJ QLILFDED LQ
pQ N LLyFa
WDPEL XaYH LW
R GH
H
WRTXHFXOWXUDO
 DJRE LHUQR
FRORQL
DO  
/RSDUWL
FXO FRPSOHM
R 
URLRQWUDTXR

FFLyQ
JHQRUDOL
RDQWRXQR
LPSOLIL
F
LyQ
/D
LVRPRUIt
D
FRPSDUDWLYDGLVXHOYH
OD
UHDOLGDG
HQ
EHQHIL
FLR
GH
ORV
SULQF
L
SLRV
7RG D
FRQVW
UXF
1R VHG 
 FLyQ
WHyULFD
HV
XQDDEVWU
 D FFL
yQ
TXHKRPRORJD
OD
UHDOLGDG OD
GHV
FXDOLILF
D

SD UD
SRGHU
PD
 SX HH
 V
HUDQWUR
RaRVHKDQ
 
LD
VXIUL
GRHO
FKRTX H
GH S RJ  YLYHQFLDGR QOSX
0O
HQQWLILFLQGRO
D 
6yOR
QFRSD
FGH
SURGXFL

XQLYRF 
:LGHG F XOWRP
TRHRRQ

WRGRa


FXOWPaaa

a 
XOWXUQOR GR QLa
VFXOWXUDV
 
QR V
U
WL XDQ RXQ
HWQyJ UDIR
VH DFUHDXYRV \
F RPSDUD EOH
V HQRWUDVFXOWXUDV
\TXH VDFDGD
VGHVXVHPiQWLFDLQWHUQD
 /DV FXOWXUDV
DEVROXWDV
SDUD
VtP
VRQ
L \
VPDV UHODWLYDV OD
V
GHP iV
SDUD
7R GDV
OD
VF
XOWXUDV
L
F
HQ PS
F R VH
XHQWUD H
QFXH
 QWU
DLQ
FUPF<FUHDD R
GHVDPSDUDGWUD FXOWXUD

D
YHFHV H
OHMDQD VRQLJ
XDOPHQWH
GLJQD
V
SRUTXH F KDQ
DSDFHV
GH
VLGR
FRQVWUXLU
68
PXQGR 
FXO
WXUDO
PL yQ
 F RPRXQ QLxRTXH
GFEH

PL F R
VDU 
SX
VH
H
Q VXFXOWXUD
ORV
SURFHV
RVGH QR
Q
D H
DH3


OH
D\XF
QW
HQGHUO
D\
6H
HO 3RU
HVR
OD
HWQRJUDItD
GL
FHQH
VO
D~QL
FD
WUDQVFULSFL
yQSRVLE
OH
GH
OD
FXOWXUD/D
IRUPD
 8Q HWQyJUDIR
TXHOOH
 DD HQFXOWXUDFL
yQ\
VRFLDOL
P
 JRRHPOLRDEO
TRH
RO
FRQWRQLGR

FDQWLGGPiTRH
ODFX
LGDG
3R
ROLR

HO
UH
O
LYLP

FXOWXUDO
FXH
VWLRQD
HO
YDORU O
HJ\OD
LWLPLGDGGH
OD
HWQRORJtDHQ
FXDQWR
FRQRFLPLHQWR
DQWU
R
-2
O UO
RVR

RV
OFRQWU
RHDV W
HV  HFH
QV

 J
LWD

VREU XQDFXOWXUD
H
W
RG RH 
O G
LVW
LQWD H HO
JW V
DMX
WDPFLG
QW
ODFXOWWaU

!

aaGH (RWR
SUWLFROPL

QW,:
WyULF
RGHFRUW
RERD
a 

 UHFLELGR
KD QRWREO

LPSXO
XQ
RFQRG

(OK   PiV 
DSUHQGHU HaaaHaaaaDSWDUG
VX
HVa
D
FLUOD
V
FRQG
V
TXH
ILO
DU
aaaa

Ut
aaY
XP DUEP
XUFV F SROyJLFR 
GL \
IHUHQFLRIPRGS
RRWPRGRPLP R
JLG
RF
RP R
FGWLFR

PRQRFXOW
XFDOL
PWUR
QFDO
SH R
TXH WLHQ
FXOWXUDO H
G 

 
 Q S
F LSUR
EDOEX
FHD

$SDUWaa
ORV
HWQyJUDIRV

FRQRF F
Ua
aaaaVWOR
V
S UL
QFLSDOHV SU
RSXH
VW
R HO
SRU HVW
URFWXUDOLVP
R
 HHV
W
DQXHYDYL  QHDR
EVHUY
DFLy 
VPRT XHV
XYL
GDS VH
D
UWLaaQWDGFXOWX
UDO
H
OHWQyJUDIRQR
VaORSDUWU
FWLa
DQWH
OD FXOWXUD
HOHJLGD
V
XHUWH GH  RV \D
\
QRi HD YL]DU
i



(O HVWXGLRHWQRJUiILFR
YLYHQF L
DU
Fa
a
aIaa?
U
a
a
aVW
XUDO
GL
HDFRQaxaG
aG DaXtB
GQLG
&HDOOtXWaaaa
aaaVL
aa   (QHO
HVWXGL
R
HWQRJUiIL
FR
GH
XQD
FRPXQLG
DG
SRGH
PRVGLVWLQ
JXLU
H
QWUH
SU
RF
HVR
R
3R U
HO 
FX D
QRVH
OD K D XDQGR K

FKRTX
GH Ha
aa
H[a XQ
DPLUDG
 XFL
K
G F
aaaURSL
D SUR!LUXO



D OHJD
OGR R   UHDOL]DFLyQ
GHO
WUDEDMR
GH
F
DPSR
PHGL
DQ
WOD
H

R EVH
UY
DFL
yQ
SDUWLFLSDQW
H
GXUDQW
H
XQ
WLH
PSR


a

UYRV
BGH

VD
HW
IQU
L

F
PUDa
6X
$OOt
HV



WiQ
HVRV


WXULaW

3
FD
FRQ
GLRF
UR
aGLTXHF 
RPSUDB
V
HQ V
DFL
RQHV 

V
XIL
FLHQWH
G
HXQRR
GR
VDxRV
 
\HQXQDFRPXQLGDG
QXPHU
RVD
TXH
QRQRPX\
VXSHU
H
ORV
WU
H
V


D
VUWUDW
HSDD
RUW
H O
RV
URV2W
URV
FRPRSXO
FJ
L
UHQ
F[VXYLGD

VD V
OLQR
FR PR 
 
D



HVRV
PHUFD
GHU HVGHO
G
 YD-&6
SUL
 RO
RU
HOV[HRODR




R
FXDW
URPLO
KDEL
WDQW
HV
\H S
O UR
GX
FWR UQRQ DII

 (O
SUR
EO
HPD
GH
O
RV
TX
HF
RPL
H
Q]DQ
O
DHWQ
RJU
DI
tD
SXHG
H
V
HU
JUDQ
GH
VL
QR
H
QFXH
QWUD
Q
F
D
LPi
JHQHV
F
WF

DW
UDY
pV
G
HO
DFXDOUH
VH FR WRJUW
W
DHWQ
RJ
UiIL
FD ILOP
HVFULW
D D
GDH
Q
PLQRV
LQGLFD
WLY
RV
GH
V
XSR
UF
HVR
&RPR
FXH
QW
D1DG
H
U
HV
W
XGLDGD
  UX
QV \F
<YH
UWHEUD
OD
FOXWX
UD
GH
OD
FR
PXQL
GDG
` $QW
HVD EGH
DQGRQDU
+DUYDUG

IXL
D
YHU
D
.OXFNK
RKQ$SHV
DUGHOD
~OW
L
PDH[
SHUL
HQFLD
TXH\
D
WH
QtD
FRPRHVWX
GLDQWH
GH+DUY
DUG
HVW
D~O
WL
PD VHV
L
yQ PHGHMy
FRP

(/
352&(62
(71
2*5
),&2  SOHW
DPH QWH
IUX
V
WUD
GR
&XDQGR
SHU
JXQWpD
.OXN
FKRKQ
VL
W
HQtD
DOJ~Q
FRQVHMR
TXHGDUPH

PHF
RQWy
O
DKL
VW
RUL
DGH
XQHV
WXG
L
DQWH
GH
S RVWJ
UDGR
TXHKD
EtDSU
HJXQ W
DGRD.URH
EHU

(O
SURF
HVR
HW
QRJUiI
L
FRFRUU
HVSRQGH
DO
W
UDEDL
RGH    O
DPLV
PDSU
HJXQWD
&RPRUHV
SXH
VWD
VH
GL
F H
TX
H.URHE
 H U
FRJLyGH
V
X HVWDQW
H
O H
DWQR

YDFL
pQSD
ULF
W
LSD
QW
H O R
DO
DUJ
R
HO
HXQWLH
PSR
V aIL
aL
HQWF
FD
PSR
U
HDOL]DG
R
PHGLDQ
W
HO
DREV
H
U JUDItD
GH
PD\RU WDP
D
xRJ \
URV
RU\
GLM
R
YHW
HKD\
]O
RDIV

 1$'(5
 
(VW
HSU
RFH
VRFRPSU
HQGH
ORVVL
JXL
HQW
HV
SDVRV

D 
'H
PDU
FDFL
yQ
GHO
FDP
SR <H
VTXH
V
LJXL
H
QGRDOJXQ
RV-D
V
XSXHVW
DSUiFWL
FD
GH
ORVQ
DWXUD
OLVWD
V

VHJ~QOD
FXDO
H
O

F
OFF
FLaa GHXQDFRPXQLGDG
GHOLPLWD
GD\REVH
UYDEO
H REV
HUYDGRU
QR
GHEH
WHQHU
SUHM
XLFLR
PHW
RG RO
yJLFR
SUHYL
RV
LQRVyO
RGH
EHREV
HUYDU
\
WUDQ
V

FULE
LU

QRVHQWUHJDQ
VXV
PR QRJUDItDV H
O~QLF
RFRQ
FHUWLIL
FDGRGHVX DILUPDF
L
yQHVWX
YHDOOt


U
FGDFFaX
Q GHXQSUR\HFWRGH
IQL
LG
RREMH
WR
O
XJDU W
L
H UQ
RHO
H
U
HGDFFL
yQ GHXQSUHV
XSX HVWR
\
E~VTXHGD
GHWL Q

a  \
VR\W
HVWL
JRGH
OR
TXHY
L
WDO
FRPR
VXFHGL
y(VHYLG
HQW
HTXHXQWDEDM
U R
FLHQW
tILF
RQR
VH

DSU E
RDF

L

RQ GHOSU
R\HFWR
 DQF
DF EDVD
HQ
ODDXW
RUL
GDG
V
LQRHQ
OD
GHPRVW
UDFL
yQ
Ea
3UHSDUDFL \
iQ GRFXPF QWDFIUt
Q



GRFXPHQWDFLyQELEOL
RJU iIL
F
D G \
H
DUFK
LYR D 
'HPDU
FDFLy
Q
G
HO
FDPSR

IHXQW
HVRUDOHV
 L
/D
HOH
F
FLyQ
GH
XQDFRPXQ
 LG
DG
FR
QFU
H
WD
SDUD
U
HDOL
]D
U
HO
WUDED
MR
GH
FD
PSR
FRQV
WLW
X\H

SUHSDUDF
LyQ It
VLFD
\PH QW
DO O
DSUL
PH UD
GHFLVLyQHWQR JUi
IL
FD
SVL
FROyJL
F RV
/

PHQWDO
L]DFL
y Q (QOD
HOHF
FLyQ LQWHUYL
HQHQGLYH
UVR V
IDFWRUHV SXHV KD\PXFKRVHOHPHQWRV
 F
,QY
HVWLJ
D
FLyQ SUR\HFWL
YRV\
KDVWDWHUDSHWtF
RVH
QODHO
HFFLy QGH
XQWHPD\XQDF RPXQLGDGSDUDO
DL
QYHV

OHO
JDG
D WLJDFL
yQ/RTXH
JX V
WDHV
PX FKDVYHFHV
 O
RFRPSO HPHQWDULR
ORUHDFWL
YRF
RPR VXFHGHHQ
 
L
QIRPDQW
FV O
DHOHFFL
yQGH
XQ DFDUU
 HU DRGH
ODSDU
H MD
HF RQyPLFRVSXHVORV
FULWHUL
RVGHHO
HFFLyQGHXQ

UHJL
VWU
R
GH
GD
WRV WU
DEDM
RGHFDPSRGHS HQGHQGHTXH
ORV
LQWHUHVHVGHTXL
HQILQ
DQ FLD
FL RFQ
LGDQ
FRQORV
LQWHUHVH
V
 
REV
HUY
DFLyQ
SDUW
LF
L
SDQW
H GHO
LQYHV
WL
JDGRULQVWLWXFL
RQDOHV
SRUIR
U PDU SDUWH
GH
XQHTXLSR GHSDUWDPHQWDO
XQLYHUVLWDUL
R
 PLQL
VWHUL
DO
H
WF
FR\XQWXUD O
HV
SRU
DSURY HF
KDUODHV
WDQFLD
HQHO
OXJDU
F RPRIXQFL
RQDULRFRO
RQLDO

G 
&RQFOXVL
yQ
FRRSHUDQ
WHR
VLPS OHPH QWHDSURYHFKDQGR ORVLQIRUPDQW
H V
SDULHQWHV GHV
XSXHEOR RGHO
D
 
HO
DERU
DFL
yQGH-D
USX
WXUD
UHV
LGHQF
LDYDFDFLRQDOFRUQRKDQKHFKRJXQDO RV

DEDQG
RQRGH
OF
DPS R
/DPD \RUtD
G HORVJUDGXDGRVUHDOL
]DQ VXVWDED
UM RVHQ FPRX QLGDG
HV L
QPH GL
DWDVFRQ

(WV
HSU
RFH
V
RHWQ
RJU
iIL
F
R
H
QF
X\D
V
HFXH
QFLD K
GL  GpELO
FRQWUD
VW
HFXOWXUDO
EDMR
ORVL
PSHUD WLY
RV \FRQGL
FLRQDQWHGHUHDOL]DU
VX
WHVL
VGRFWRUDO

VH
U
LJX
DO
PHQW
HDS
OFD
LEOH
DO
HWXGL
V R
HWQ
RJ
U0L
FRO
L]D
GRL
VWP
JXW
G R
F
XDWU
R
PRPHQW
R
V
GH
KF VREUH
VXSXHEO
R 
VR EUHXQJUXSRPDUJ LQDO
R VREUHXQDL
QVWL
WXFL
yQ
SHV
TXHUD
PHGL
WH
UU
iQ
HD
HQHO
PRYL
PL
HQW
a6NL
UHD
L]D
R
HQ
WUH
O
R V
WXDU
HJ
HQ
XQ
DFRPXQL
 GDG 6yORXRQVFXDQWR VSUL
YLOH
JLD
GRV TXHWLHQHQ D
FFHVRDEHFD
 V \ IQR
G RV
GHLQYHVW
LJDFyL
Q
(Q Q
RHQ
XQD
HPS U
HVD
"V
HaV XSXHVW
RVDXGFLGRV
VH
WUD
WD
G H
X
FOWXU
D
V  VHSH
UPLWLUiQ
HO O
X M
R DFDGp
PL F
R GH U
HDOL]DUVXVWDU
EDMRV HQODFRPXQ LG
DGHOHJLGDO
RV
7UD
GWF
WRQDO
PH QW
H ORVH
WQyJUD
IRVH
OH
tDQDU
D  GHPiV
UHDOL
]DUiQVXLQY H
VWLJ
DFLyQFRQFDUJRDS 
DUWL
GDVHFRQy PLFDVGVLWUDt
GDV
GHVXVXHO
G R
T
XFxDV DL
V
\
O
DGDVO
RTXHO
HVSHUPLW HO
tDFaaO
Daa
GL
aFaUD
ED-
RGH
F DPSR
aRPXQLG
DG
HVSH
 VL
PXOWDQHDQGRHVWDVWDUHDV
FRQVXWDED
UM RKE D LWXDO

FLO
O
H]GH
VXHVW
UXFW
XUD FXO
W
XUDO
VRFL
DO SHUVRQ
DO<OD
ID
F LO
L
GDGGH
O
DVQH
 'HWRGDVOV
DPDQH UDV
KR\KD\PH QRVOHFWRUH
VGHXQDLQYHVWL
J DF
LyQ HWQ
RJUiIL
FDVREUH
+R\OD
HWQRJ
UDItD
HPSL
H]D
D
VHU
SU
HGR
PLQD
QWHPH QWHE XQDWUL
EXSUL
PLWLYD TXHVREUHXQDWUL
EX XUEDQD\DTXH O
DSULP HU
DHVUHFLELG
DFP RR
QR
SX
HGH
QVOy
RU
HIHUL
U
VHO
RD'X
V V
XPO 1 W XU
RV D
Q"<O
R V
PDQ
XOD
HV
F
WQRJUiOLFX
V H[RWVL
W
D\KDVW
DFROR QLDOL
VWD
\O
DVHJXQGDFR PR DERUGDMH
UHVSRQVDE OHGH
XQSUREO
HP DVRFLDO
JUD
PH 
VO
DV
IDFW
RUtD
V
D
O
RVEDUUL
RV
HWF
XUFH

F
VLQR
WDPEL
pQD
ORV
FROH
FWLYR
V
GHLL
 FHUFDQ
R
$,G
LVH
xDUHV
WH
SODQ
GHDF
FLyQ
HQ
F X
DWUR
PRPHQWRV K   8Q RV
HMHPSORV GHFyPRVH
HOLJH
H O
FDPS RHW
QRJUiIL
FR QRVORSRUSRU
FLRQDQHVWRV
WUH
V
VHFXHQF
LDOD
OSU
RFHV
RHWQRJU
iIL
FR(QDO IIF
O PRVaXH
QGRGDU
XQ
FL
HUW
R RQNQ
UHD
OL
]DGDV\

HV
WRHV
L
QFRQY
HQL
HQWaSRUVRVG
QHJUD
H
UD
]RQH
WD
V
V
S

Q


Q
3aQD
FtS
V
DW
VH
G
HV
S
L
R
F
H
U
TX
QDG
H
D
GH
FyPRKDQ
G
V
LGR
WH[WR
V
%DUOH\
HQVXFRQ RFLGR
OLEU
R(O QWU
RD
S iORJR LQ
RFHQWH
QRVG L
FHTXHGHVSX
pVGHTXHO
DV
Wt
DVG
H
FP RR KD
VH UHD
OL
]DGRHO
WU
DEDM
R R 
XHQR  QR
VH
QRVDQJQU
XQ JXHUU
DVORFD
OHVO
H L
PS L
G L
HUDQUFDO
HDUH QHOVXGHVWHDV
LiW
LFRHJLy
OLI UFL
D
SDUD
ORVQXH
YRVHWQ
yJUDIR
V \ST SURSRU
F
ZQ DQH
VTXHPDV
GHDFXD
G Q
&RU
QRGL
FHQ
-RQ
J
PDQV
\*X
WNL
QG 3UR
F HG
tD
 FRQVXOWDU
FRQ
YDUL
RVH[SHUW
RVH
QHO
UDPR
TXH
FRLQF
LGLHURQHQ
V
X
JHULU
T XH
UHJU
HVDUDDIUL
FD
GRQGHORV
SHUPL
VRVSUDD
L
QYHWL
V
JDUHUDQ
PiVIiF
LOH
V
GH
/D
O
LW
HU
DW
XUD
H
[L
VWH
QW RIU
H H
FH
SRFR
V
G

OOHYD GRDF
DERVXVLQYHVLJW
DFLR
QH V (Q
OR RVV
REUHFyPRO
RV D
UXUR S~OR
X
aKD Q REWHQ
H UODV
\FRQGL
FLRQHVPi V
HVWDE
OHV
0HKDEODU
RQGH
ORV
EXEL
GH
)H UDQ
QGR3R
R 
  V
X WUPRVF
XDUHQWD
 K L G 3DUD
TXLHQHV
QR KDQW
HQLGRQXQF
DFRQWDF
WRFQR)HPDQGR3
RR
GLUp
TX HV
HWUDW
D
GH
F L
HQ W
R V UQ
GH
RQRJUQI IRV
SHUR
XQFXLGDGRVR FV WXGL
QRV DQ
VRSXKOL
FDFOD?
PHQ RVHO
VHVHQ
WDSRUF 
LH
QWRGHO
RVDXWR K R GH
O
aVPLV
PD VQRVUHYH
 OD
TX L QL
 XQDL
VODWXVL
D
GD IHU
Q W
HDOD
FRVW
D RFFLG
HQW
DOGH
I UL
FD
DQ
WLJ
XDFRO
R QL
DHVSDxR
O
D
 
   UH V
Q R DFH
QPHQFUy
QDJOXQD
-   IRUPDKR\SDUW
HGH
*XL QHD(FX
DWRULD
O
(PSHFp K XV
PD
H
DUO D
HQ
EL
EOL
R JU
DItD
7RG
RV
&QSFQXD
TXL]U
OXQYHLQW
HQRUFLH
QWR GL H D P
HWR
ROR
tQ
a  H
HH LX T
HXQDV
SRFDV
OtQ
HDV HO  O
RVDXWRU
HVPRVWUDEDQO
DPLVPDDFWL
WXGGVH
IDYR
UDEOH
UHV
SHFW
RD)H
PD QGR3RR\
O
RV

<VR 



DPHQWHHO
UHVWDQW
HYHLQW
HSRUFLHQW G R VRWU
HV
SIUQ
VXV U
HV S
H FW
LYRVHVW
XGL RV -R1*0$16  *a  aaaFD
FO
DUD
GHFyPR FIHF

U
Q EXEL
/RVEUL
WiQLF
RV O
RGHVSU
HFL
DQ SRU
VHU
XQOJX
DUGR
QHGH
VPX\S U
REDEO
HTXH D

 
(Q
HO
SUR\HFWR HWQRJUiILFR VH HVSHFLILFD SXHV

TXp FRPXQLGDG
YD
D HVWXGLDU
VH
PHaLD WDUGH XQR VH HQFXHQa D XQ
H 
TXp
QGHVDOLxDGR
LLD REMHWLYRV
IXQFLRQDULR VH SUHWHQGHQ
HVSDxRO WRGDYtD HQ HO HVWXGLR GH
PD
 HH[WHQGtDQH
<V Q
FRQVLGHUDFLRQHV
QRVWiOJLFDUQHQWH Ip
WLGRS
VREUHHOWyUULGR\

FRQ TXp PHGLRV WpFQLFRV VH FXHQWD SDUD HVH
EL
F
QWF
<OD
V
QXPHUR
V
DVHQIHUPHGDGHVDODVTXHRIUHFtDUHIXJLR

%$5/(<  
GXUDQWH FXiQWR
OD
LQYHVWLJDFLyQ
WLHPSR GXUDUi
1XH
BVaR
LQJO
p  TXp
GH ILQDQFLDFLyQ
VVaIXHSXHV SRUQRHQFRQWUDUVH DXQHVSDxROHQSLMDPD DODVPRQWDxDV GLVSRQH
 VH
H
G& DPFUXQ
HVWXGLDU D QDWLYRV
RWURV
  3RQJDPRV XQ HMHPSOR V
HKD
UHDOL]DGR
GHFXOWXUD
OD
IXVLyQ
GH
GRVXUEDQD
EDQFRV \X
2WURV FRQWUDULR
SRU 
WLHQ
HO
HQUD]RQHV
GHPiV
IXQGDPHQWR
SVLFyORJR FXOWXUDO HV D
LQYHVWLJDU
LQYLWDGR OD FRQ IRUPD
VX HTXLSR
GH
UD]
/D yQGHHO
HJLU*DOLFLD
KD\TXHEXVFDUOD
SULPHUR

HQVX
IX
HUWH HUVRQDOLGDG FXOWXUDV GH IXVLyQ
ORV
HQ
XQ
EDQFRV
DVRO
D
FXOWXUD
HQ
FXOa
XUDO
\ V
HJXaGR 
HQTXHKDVWD
HVDV
IHFKDVPH
FRQVWD
ED XHQLQSDQWUXQ 7HQHPRV SXHV OD FRPXQLGDG DHVWXGLDU
VRFLDO
VH
KBDEID
LQWHUHVDGR H
VWXGLRGH
-D
SRUHO
UHJLyQ

/UVya
7 aIa
aaa
2/2a$1$  QRFHPRV
DG
HPiVHO REMHWLYR TXHQR HVRWUR TXH HO
9DQDVKDQVLGRODV
aRQ HVTXH
QRV
OOHYDURQ
DFRPHWHU
H
VWH
D
(VWXGLR
H WQRJUiILFR SUHYLDV TXH
(O
VHDGVFULEH
 WLHPSR QRUPDOPHQWH DOFDPELR
GH6DQ0DUWtQ
GH8Q[6LQ
GXGD
ODSULPHUDGH
HOODVIXHHO HV HFLDOFDULxRHVHO GH FLQFR OD
V
GLILFXOWDGHV
DxRV SHURV
HHQFXHQWUH
VHJ~Q
FRQODVTXH SXHGH U
VHQWLPR
V
SRa
HO
SX HEOR
GH QXHVWURV
DQWHSDVDG
RV
HQ
HOTXH
WUDQ
VFXUULHURQPXFKRV aaa
HVWD GXUDFLyQ
GH
QXHVWU"
QLxH]  /D

 VHJXQGDUD]yQTXHQRVPRYLyDLQLFLDU
HVW
HWUDEDMR
IX
HOD (Q
OD
SUHVHQWDFLyQV GHO
yOR SUR\HFWR
VH HVSHFLILFDUiQ
QR HVWDV
aRQWDWD
FyQ
SRU QXHVWU
DSaFGHTXHHV HQGRQGH
XQSaHEOR VHDFDEDSUiFWLFDPHaWH
TXHVHFRQFOXLUiTXH
OD
QXHYDFXOWXUDFRP~QRWRUJDUiLGHQWLG
RUJDQL
]D
FLRQDO
H
DU
HDUXQDUXSWXUD
FR  HOVLVWHPD

G FRQ
GHYLGDWUDGLFLRQDOSRUORTXH
 KDE
t
D
TXH
DSUHVXUDUV
H

aFUSDUD
DSRVWHQ PD\RUQ~aFURSRVLEOH
DGHOGH GDWRVDFHUFDGHORVFRP \ HILFDFLD
HQOD
UHVROXFLyQ GH ORV SUREOHPDV
SRUWDPLHQWRV VXV
KRPEUHV GH RIL
FLRVXVRV
GHVXV FRVWXPE
  LLL 
(V
HYLG
HQWH TXH
FRQGLFLRQHV
ODV LQFOXLUiQ
HFRQyPLFDV

OLR
V 
=8',$85 =8%,
$85

  UHVFUHHQFLDV
\
XWFQVt
  FXEULU
FRVWH
V
ORV
GHO WUDEDMR
HQORV TXH VHLQFOX\H DOJ~Q WLSR
QLDULD GH SUHVWLJLR
GH
WUDEDMR GH
HWF
FDUWHUD
LL 
(QODBGHO UHGDFFLyQ
SUR\HFWRGHO WUDEDMR LQWHUYLHQ
GH
HQDOJXQRV
FDPSR IDFWRUHV

GHPRVWUDU TXHPHGLDQWH DFWLYD

HVWHWUDEDMR
\GHQWUR GHJDUDQWt
GHHW
ODFDSDFLGDG
S
UR\FFWaD

G HOTXH HODERUD HO SUR\HFWR YH
 SURSRQLHQGR
FLD ORV LGHDOPHQWH D
FRVWHV GHO WUDEDMR HWQRJUiILFR
OD
QR LQWHJUDFLVHU
FHV
LQJHQXDPHQWH

REMH
WLYRV \ GHVDUUROOR R
GH LQWHJUDFLyQ WUDXPiWLFD DO
FDVR
GH ODVFXOWXUDV
DQWHV ODPHQFLRQ
OD SUaFWLFaDFDGpPLFD H
ODERUDFLyQGH
SUR\HFWR
V
HQ
GHODWHVLV
IXVLyQ GH GRV EDQFRV
aDV
GLUHF
aaHVGSUHYLDVTXHHVWDEOHFHQ
OR
V RUJDQLVPRV TXH ILQDQFLDQ OD LQYHVWLJDFLyQ
7UDGLFLRQDOPHQWH
OD WUD QR KD VLGR
UHQWDELOLGDG HWQRJUiIL
LQFOXLGD
F
RV\
a
D-26 BFWWD
RVFRQFXUVRV
EHFDV HWF 
HVWR HVXQKD
OOHYDGR
HUURU
DQR VHUHQWHQGLGD
TXH OD
DQWURSROR
OD SRVLELOLGDG
K D
FHU FRLQFLGLU GH HO SUR\HFWR GH
 WHUF
HFRQ
URV
 ORV LQWHUHVHV SHUVRQDOHV
OXFLyQ GH SUREOHPDV VRFLDOHV
*HQHUDOaHQWH WU
HV
HWDSDVHQ KD\ OD HODERUDFLyQ GH XQ SUR\HFWR 3RUTXH OD UHQWDELOLGDG QR WLHQH SRU TXH
VRFLHGDG PX\ PHUFDQWLOL]DGD  8Q V
HU
HVWXGLR
HQFDUJDGRVRE
aVLFRa"aaaaaaayHaaaaaaaaaaXKFaa
VaHFaaaaaaaaaVIaaaOaaaaH aaaaaWLDGa
IDaBWRUF
V SRU
OD
SROLFtD SHUR WDPELpQ SRU HO 0LQLVWHULR
DVWD
LPDPJDXYDSX
HVQR HVWi
EDV
DGD HQ FRQRFLPLHQWR
HOG HOD
U
HDOLGDG 
H Ha
aYH[
D\

FRQIHFFLyQ GH URSDMXYHQLO
WUDWiG/D
VGHJPGD
HODERUDFLyQ
YLHQ
aGDGDSRU OD OHFWXUD GLFaaaaDaLVLVWHPiWLFD
yQ /D
UHQWDELOLGDG
GH OD RIUHFLGD OOHYD D GHPRVWUDU
GLV

Q RVH H XQ WUDQVLFLyQ
SUR\HFWR GH

PLQXLUiQ ORV FRVWHV YJ OD
FRQIOLFWLYLGDG
GH XQD IXVLyQ  VRFLDO
VH

Ua
aa

/D
WHUFH
UDHODERUDFLyQHV OD UHDO
TXH
L
]D FXDQGR
VH
V
HG   H[S
HFWDWLYDV GH YHQWDV FRQRFHUHPRV OR
TXHIDYRUHF
PHMRU
HUi
OD QXHV
aaUQ
GaaF
aL
Ga
aUaaaILaRaHa
HaH
TaF FRKHVLyQ
aaaaaIaaHQSUyOaaRaaQaRaaa"Haa HW
F
VRFLDO
1DGLH GD
D
FDPELR
QDGD GH
OR
QDGD
TXH WRGR
SRU
SUR\HFWR
KD
GH VDEHU
HWQRJU
SUR\
(a
SaRaaFaR
H
VXQ
D
SULRULTXHFRQVWDQWHPHQWH VHUHYLVD(QWUHHOUHVXOWDGR
HO RIHUWDU DOJR ILQDO\
 HaRXQFLD QR VXHOHKaEHUPXFKRVSXQWRV
F
RQWDFWR WUDEDLR
FXDQGR
GH FDP
K
HO
D GH $GHPiV KD\TXHPLWLJDU
OD
VHQVDFLyQ
LQXWLOLGDG
GH

TXHWLHQHQ DOJXQRV
aaa
aaHaaaOaaa
DQaaay-XVILFa 3UHFL
VDPHQWHODDaVLHGDG
HOSRSLRSV
IFR DO YHU TXH VXV LQYHVWLJDFLRQHV
SUR\HFWR
Oy OD
ELEOLRWHFD
GXHUPHQ
OHtG
D
\
V VyOR
HQ
OLJDGDSDUDTXHTXHSDHQVaHRD GRPH
V SRU
HVWXGLDQWHV FRPR WH[WRV
WLFDUODFXOWXUDLQYF
RJPDWt]DUVXSUR\HFWR\D
V SU
RPRYHUXQ
REOLJDGRV
PD\RU+D\
DFHUFDP
TXH
 
VTXHPDV RDSUXHEH
<
FRQILUPHVXVSURSLDV WHVLV
OLGDG \ KDFHU TXH
DFWLYD
WRGD

FRPSURPHWLGD
HWQRJUDItD FRQ
R
VHD
FRQ
OD
XQ GLD
$JXQDV
GH
H
VWDV YLFLVLWXGHV
TX
HGDQ
UHIO
H
MDGDV HQ HO VLJXLHQWH WH[WR
VROXFLyQ GH XQ SUREOHPD
a FLyQY URWURTX IDFWRU
HIUHFXH
QWHPHQWHMXHJD
XQ SDSHO
VLJQLIL
FDWLY
RHQ ,Q \
E  3UHSDUDFLyQ
GRFXPHQWDFLyQ
Oaaa
aaU Q
-Haaaaaaaa aaaa"EOF
GH
LQa
HVWLJDFLyQ
HWQRJUDItD
O
HQOD
D
QDWXUDO
H]D 7UDGLFLRQDOPHQWH FRPXQLG
SDUD
D
GHV
SULPLWLYDV
HO HVWXGLR
SRU
FDUiFWHUGH
HO
GH ODV
GH
ORV
SUREOHPDVGHLQ WLaRyVR
HV
DV


SRUTXHHQOD
H
WQRJUDItD

HO
GHVDUUROOR VX
UHFL
H
QWH
GH
VFXEULPLHQWR VHGLVSRQtD GHJHQHUDOP
XQD
HQWH
HVFD
 YHV
UJDFLQ
UDUDPHQWH
V
HFR
PSOHWD
DQWH
V
GH XFH
PL O
aaEDGH
 FDP SR
HO
FRPLHQ]RGH
-D
UHFR
JLG
D
GLUHFWD
LQIRUP
DFLQ`UH
GH FXaQOa
aaa aa SURYHQLHQW
H
GH
UHODWRV GHYLDMHURV \DYHQWXUHURV RG
- JDXQSDSH VX
SURFHVR
HDYHHQ
GHGHVDUUROOR
6XH
OH 
 H
WQRJUDIt
DV
VH FRQYHUWtDQ
UHODFLRQHV
HQ

HWF
LQIRUPHV
GH PLVLRQHURV
J
aa
 SHaLLa
 QUV
FLGHQWLILF
LGR DGRV
 DPHQWHQR VRQ
HO
SH
BDE
R
R
UDGRV
UWLQHQ
WH
V
H
Q
HQ
aFaFaaaLFaaXaW
HO
OXJDU
HOLG
aaRaa a

a \ JREHUQDGRUHV
HO
HV
WXGLR +$00(56/(<  $7.,16 
21 
6  HJ R
SDUD
UHD OL
]DU 


FXQDV
HWF

\XQDSUHSDUDFLyQORJtVWLFD
YHKtFXORV

FiPDUDVPHGLFDPH QWRVHW
F  DQWHV G
BHPSUH
QGHU
HOYLDM
HD1DPL E LDH V
SDUD
WXGL
DU
XQDVHF
WD35RGUtJXH]
WXYR VREUH
 WRG R
TXH
UHDOL]DU
XQ YL
DMHPH QW
DOGHLQILOWUDGR

TXHOH
SHUPLWLHUD
DQDOL
]DU
GH
VGH GHQ WUR
ODFXOXUD
W
'H V
SXpVVHKD SRGLGR FRQWDU HOHVWXGLR HVW
SDUD
D V
GH
FRPX QLGDGHV PDS DV\FDUWR
FRQ

GHO
DV
HFWD
JUDIt
D
RILFLD O

JHQHUD O
PH QWHDpUHD 
DVt
FRP RGH UHOD
WR VGH
PLVLRQH U
RVTXHSHVHDVHUGHQRVW
DGRV
SRU DOJXQRV
 HWQyJ UDIR VVRQ TXHYHUGDG
-RVH UDPHQ W H
FRQ RFHQODV
FRP XQLGDG HVSULPLWLYDV
 $X QTXH 
HQWRGRV
ORV
F DVRVQ VHDQ
HFHVDULDV
O
D
VGRVYHaH
 Q WHVGH
SUHa DDUFLyQ 
ODPH Q a
\O
DFRUSR
UDO
HOULHVJR SUHYDOHQWH
HV ODV
FL
UFXVHJ~Q
Q V
WDQFLDV

6H QH
FHV LWD
X aDEXHQD G LV
SRU PXFKR
ORVVDx R VTXHOO HYDQ FRQYLYLHQG RFRQ HOO
DV


SRVL
FLyQILtV
FDS LU
DUD D]R QDVL
QVDO
XEUHV DOL
FRQ
PHQ W
DFLyQ
a
KLJ L
HQH GHIFLL
HQWHV <SRFD
(QHVWXG ORV L
RV DFWXDOHV ELRJUDItDV
GH
IDPLOLDVFRPXQLG D GHV
JUXSRVXUEDQRV 
HPS UH
BDWH
QFL
yQPpG LFD
VREUHWRGR VL DFVH
RP SDxDGR
YDGHOD
IDPLOLD
VDV
HW
F 
-DGRFXPHQWD FLy QHWQRKLVWyUL
FDIXQGDPHQ
HV W D
O7KRPDV =QD QLHFNL PDJLV
HQVX
WU
DOPRQRJUDItD V REUH(O FDP SH VQ L
R
SROD F RXWL
OL]DURQ DEXQGDQ WH
GR FXPHQ WDFLyQ DUF
K LYRV
3HJJ\PL
PXMHU
\PL
KL
MR
5K\V
YLYLHUR
QHQ
FRQGLFL
RQH V
GLItF
LOHV\FRPSDU
SDUURTXLDOHV
FDUWDV
FWF -2 
6iQFKH] )HUQ iQGH]HQ VX
HVWXGLRV
REUHO
DFRPXQ LGDGSHV
T XHUD WL
HURQFRQPLJRHO
DS
UHQGL
]DMH
GH
OD
QDW
XUDOH]D
:,//
, 
$06  
GH&XGLOOHUR 35RGUt
R J XH]HQ VXV
WUDEDM RVVREUH VHFWDVHWF
ODV
KDQXWLOL
]DGRULFD \
VFOHF
FO
RQDGD G RFXPHQWDF LyQ
/R PLVPR VXFHGH FX DQGR XQDQ WURSy
ORJRHVWXGLDO
DF XOWXUD
GHXQD 'HOD
PLVPD PDQHUD QHFHVLWD
OD
GREOVH
H
FRQGLF
Ly Q
GHSU
HSDUDFLyQ
-
ItVLFD PHQWDO aQ
HPS UHVD ODFXOW
R XUD GH JUXS RWURV
RVXUEDQRV
H
OH
VWXGL
RSRU HPS
HM
ORGH VHF
WDVVRFLHG
\ DG HVVHF
UHWDV
QRVO y
RSaUTX HaXH GHV TXHGDU


L (QWRGR HVWXGLRHWQRJUiIL FRVHKD FHLPSUHVFL QG LEO
HO
DGRFXPH Q WDFLyQELEOLRJUiILFD DWUDS DGRVL
Q RWQLH
HVD XQ
XW
RGRPLQLR
VLQRSRU
H O
SHOLJUR ItV
LFR
WDPELpQ
T
XH HVWDV
\GH
DUF KLYR6
 HWU
DWD GHXQWUDEDMR HWQRKLVWyULFRS UHYLRS D
UD
FR QRFHUODV
IXHQWHV L
GHQGHVX
 H
WQRJUDItDV
FRP SRUWDQ

WLGDG
F XOWXUDO
 


(OH W
QRK LVWRULDGR
UVXVWL
WX\H ODHVWDQFLDHQ
XQDFRPXQLGDG\H OXVR
GHLQ
IRU (VXQPXQGRTXHWLHQH
V
XVUHJ
O
DV\
VXV
ULHVJRV




+D\ FXH
WUDWDU
F aQIDQi
PDQWHVSRU ORVGRFXPHQW RVJHQ HUDGRVSRUVRFLHGDGHV\
FXO
WXUDV\DGHVDSDUHFLGDV WLFRV\ HQIUHQWDUVHD
VRW
HUUDGRVH
LPSRUWDQ
W
HVL
QWHU
HVHVHFRQ
yPFRa <SROtWL
FRV 
DGDSWD QGR P VXV
pWRGRV\ WpF
QL FDV
WUDGLFLRQDOHVDOSDVD HVWXGLRGHO
GR 6$1&+,= HQWUDV
H
QpO

QRFDEH
WHQ
HU
PLH
GR
SHURWHQGUiV
TXHH[WUHPDUSU
OD HFDXFLyQ 5RR5,*8(=
    
/DGRFXPHQWDFLyQ KDFHSRV LEOH
XQD
TXH
DXWp
QWLFD
(WQRKLVWRULDHVGHFLU
TXH
SHUPLWHWUDEDMDUFRPR DQWURSyORJRHQVRFLHGDGHVGHOSDVD
 GRHVDTXH OO
DTXH
VXUJLy  1R VLHPSUH VtWX
DFLRQHV
ODV
VRQ WDQD XQ
H[WUHPDV
TXHWRGR
WUDEDMRHWQRSiILFRUHTX LH UH
HVSRQ WiQHDPHQWH H Q
ODL
QWHUDFFLyQVRFLD O

TXHQRVH
 SURGX MR
SHQVDQGR HQHO
IX
WXUR

 B SUH
SDUDFLy
Q\PHQWDOL]DFLyQSUHYLDV
DQWHVH QWU
GH
DU
HQOD HVFHQD
GHOWUDED
 M RG H
FDPSR 
/DPHMR UIX HQWHGHLQIRUPDF L
yQ SDUD
O D
(WQRK L
VW H
RULDV
ODPDVDGHGRF XPHQWDFLyQ
TXHHQVXPR PHQWRVH
FUX]yHQWUH
LQG LYL
GXRV H
L
QVW
LWXFLRQHV SDUW H
GHO
VFRPR
LVWH
PD F 
/DLQYHVWL
JDFLyQGHFDPSR 

a
GHFR PXQLFD FL
yQ GHOD
pSRFD   /D
LQYHVWLJDF
LyQGHFDPSRFRPLH
Q]D
FRQO
DOO
HJDGDDOOXJDU
GRQGHVH
UHDOL]D
O D
HWQRJUDItD 

O
-0LO
,(=
a ` (V HQWRQFHVFXDQGRWLHQHOX
JDU
ODL
QPHUVLyQ ODHQ
FXOWX
UDQDWLYD
VH
 WU DWD GH XQ
/D FWQR KLV
W
RULD VH FRQVWLWX\H XQ DWX
p QW L
FRPp WRG
RFRPR
HWQRJUiILFRGRQ GHHO
WUDEDMR 
PRPHQWR
F UX
FLDO
DXQTXHGHDOJXQD
PDQHUD
VLHPSUHHVWDUQRV
DFFHGLH
Q GR QX
H Q WUDV
HVW
DPRV
GHFDPSR UH
DOL]D HQ
VH
DUF KLY RV\ELEOLRWHFDV
$T X t-D
FRQVLGHUDP RVFRPR XQD PHWRGR ORJtD HQ
HO
HVFHQDULR
HWQRJ U
iILFR
DX[LO
LDUTXH QRVD\XGD
 FRQR FH
D
U-DL
QIRUP DFLy
Q GRFX PHQW DO
SUHYLDVREUHXQD FX OWX
UD /DV
6LHOHVWXGLRHWQR JUiILFRGHODV FRPXQ L
GDGH VSULPLWLYDVRXUEDQDV S UHVHQ WD
O
DVPiV a  L 
VH
/DOOHJDGD FRVDVKDQFDPELDGR FRP
PXFKR
XQLGDGHVaSULPLWLYDV
HQODV

GH VGH
B TXH
HO
DQWRUS
yORJRHUD
YLVWRFRPRXQ
DJHQWH
FRORQL
DO
PiVRPHQR VSR
U ,
LEUH
SHUR VL
HP SU H
GH
ODVYHFHVFRPR HVSDFL \
DO VLQFUyQLFR O
DFXOWXUD XQ
OXJDUHQ
GH XQ F RUWH
V LQFU yQ
LFRGHO  SURWHJ
L
GR FRPRV~EGLWR
E ULWiQLFRDPHUL
FDQR
R 
 
WLHPSR ODHWQRKLVWR UL
D QRV GHYXH OYH GHVGHGL VX
DFURQtD  VHQWL
GR
HOHWLROyJLFR V GH OD
` <D QRH[L
VWHQ
SUiFWLFDPH QWH
FXO
WXUDV
9tUJH
QHV
+DVa HOUPV
LRQ HURVHTXHMD aH



a
FXOWXU
DV\KDVWD VXYHUGDGHUD KH UPHQpX WLFD&RPS OHWDUHPRVDVtO
DV
GR VFRRUGH
 QDG DVHVSDFLR VX WULEX
K D
VLGR
UH GHVFXELHUWDPiV
GHWUH
LQ
WD
YHFHV
S RU
ORVMyYHQHV
JU DGXDGRV DP HQFDQRV
\
WLHPSR GH "X
OD
OWXUD 
8QD
 DQ pFGRW
DGH-
0 $X ]LDV
QRV
OR
FRQILUPD
LL  /DXWLOL]DFLyQ IXHQWHVRUDOHVGH
VH
GDFRPR
ODV FRPS O
HPHQWR -D WUDGLFLyQ
D H VFULWD
HQGRFXP HQWRV
  6DOXGD M
H
DOIH
VH
OHGD
XQDFKR]D\VH
O
HDO
TXLO
DQLQI
RUPDQ W
HV 
(OMHIH
FRQ YRFD
6H KDQFRQUDSXHVWR
W ODV FRPX QL
GD GVHi JUDIDV SULPLWLYDV
R Q RWLH
Q HQWH[WRV
TXH
HV D
WRGR
HO
PXQGR QRWDEOHV
DORV
H
QSULPH
U
W
pUPLQR
SDUD
ODSDODEUHUt
D
FRQHODQWURSyORJR 

FU
LWRV
VLQR WUDGLFL
y QRUD O  ODV
D
FRPX QLGDGHV \ VRFLHGDGHV FRQHVFULWXUD
 UHOLJB
L
RQHV
LW
ODV (QV
H JXLGD
\SRU
~O
VH
WLPR
O
HV
WDEOHF
H
HOFRQWDFWR

(QW
RQFHVVHVDFDQODV
DVFiPDUDVILOPDGRUDV
JUDEDG
SXHE
ORKD
RUDVORV
WR
PD GR
ILaKHa
$HVWDDOW
FRQFLH
V
QFLD
PRQRWHtVWD V
WL
HQ HQ OLEUR VDJ UDGDVHVFULWXUDV 3HURHQYHUGDG
HQWRGD V
O DVFRPXQLGD a GHO
LQWH
UpVSRUFLHUWDVFRVDV
(QWRQFHVODV
YHQGH
$8=,$6
 
GHVH[LVWHW XQD
UDGLFLyQ QDUUDWLYDDOWDPHQWHH Q
SUHVHQWH
O
RV UL
WXDOHVL
Q LFLiWLFRV
TXH D
YH
IU
H
FHV
QW

H
VH
DOW
SUHVHQ
H[WR
D
W
F
D
DG
LQ
p
FOXVR
PLF R 
FRPR
RILFLD O
FR

QW
R
V
UDFXOWXUD
LPSOHPH QWH
YJ


HOOH
QJXDMH
FRPR FRPSOHPHQWR
GHORUDO
SD
WRGH
L U
MXGL
H
F
I
F UHR
DWXUD
LO-  +D
YJHQ OD
\FPRX QLGDGHVTX H KDQ
HODE
R UD
GRDVHVRUDG
R VSRU
HO
PL VLR
QHURHODUDQ FH O
GHO DV
KD\HVFU LWXUD
V GHSUR SLHG DGVXPD ULRVHWF
M
XQWR DRUD OD
O
9LVWD 4 
DFWX
DFLRQHVH
WQRJUiILFDVSDUD ILOP
DGDV
ODGDQ
VHU
]DUL
WXDO XQ SDQWDOR
Q~PHUR
QHVWHMDQ R VGH


\ FDPLVHWDV
HOULW
RL
QLFLiWLFR
GHO
DV
DGROHVFHQWH
V
WDQW
RV PHGLFDPHaWRVHWF
B
(V PD QLILH
VWD -DLPSR U
WDQF L
D GHODWUD QVPLVLyQ HQ
RUDO
HO IRONORUH
LQIDQWLO FXHQW
RV

(VWR 
VLQFRQDU
WFRQ ORV SDJRV \ D
-VRERUQRV
DSR O
LFtD
FRORQLDO QDWLYD 
R B
MX
HJR VFDQWRV
FW F
 \ HQ ODFX OXUD
W SRSX ODU URPDQFHV UHIUDQHV

OH\HQGDV ILHVWDV
HW
F

 6DOYR FXDQGRHO DE WU
DMR HV
VROLF
LWDGR
HQODV
FRPX QLGDGHVXU
EDQDV SXHaH RFXPa OR
/D HQWUHYLVW
DSD UDREWHQH UWUD
GLFLyQR UDO
KDVLGR FRPSDUDG DFRQO
DVHVL
y QS VLFRDQDOtWL
F D
PLVPRTXHQRV
HQFRQWUHPRVDQWHXQPXQGR PHUFDQWLOL]D
GR VHSDJD
RELHQ
ODLQIRUPDFL yQ 
7+2036 21 
GRQG H ODRUD OLGDG U HFLELGD
HV DQDOL]DGD
\ H O
WHUDSHXWD
SRU
a  REL
HQKRVWLO
DOJXLHQTXH YL
HQH KXVD
PHDU QXHVWURV
HQ DVXQWRV  B  B


LLL
 8QD YH] RE WHQLGDODGRFXPHQW DFLyQRUDO \HVFULWD

HODQWURSyO
RJ RSURF
 H GH
DUHRU 3RUFLHUWR
  VL
OD
LGHQWLILFDF
LyQ
GHO
HWQyJUDIR HVFODU
DR
QQR
RKD
VLGRGHE LGDP H QWH 


JDQL]
DU VXSUR\HF WR ODD YLVWD
GHORV GDWRVREW
H QLG RV a  WRU
GXFLGRSRUDOJXLHQ
 LQIOX\HQWHGHQWUR
GH
OD
FRPXQLGDG 
HO
LQ
YHVWLJDG RU
SX HGHVHUWRPD G R
6y OR TXHGD OD
SUHSDUDFLyQ
\D I tVLF
D\ PHQWDO SDUD HPSUHQGHUHO
9 L
DMH H WQ
RJUiILFR
(V HYLGHQWHTXH HVQR
OR
PL VPR LUDHVWXGLDU -DFXOWXUD O
R V
+LPED 
TXH H D
VWXGGH
LDU XQD 
VHF
WD 3DUD
HVWXGLDU +LPED ORV

)*LQH U$EDWL
 Q HFHVLW aX QD
SUHSDUDFLyQItVLFR PpGLFD YD
a

?
D
RDOJXQRV TXHKDQ
PLHPEURV
DEDQGRQDGR HVWRV HVWHOWLPR
JUXSRV DXQTX VXSXH
SUREO
HPiWLFR
+D\
LQIRUPDQW
HVJOREDOHV

DTXHOORV
TXH WLHQHQ
XQD
YLVLyQ FRPSOHWD OD
FRPXQLGDG GH
SRU
SROLFtD LQYHVWLJDGRU
GH
KDFLHQGD GH SURVHOLWLVWD
XQD
VHFWD
SHUtRGLV
WD
HWF
ORTXHHQ   H LQIRUPDQW
H
VHVSHFtILFRVXQDPXMHU YJ
LQIRUPDUi
V
REUORV
H UROH
V
GHOD
SREODFLyQ IH



DOJXQ
DVRFDVLRQHV SRQHUHQ SHOLJUR KDVWD ItVLFD
SXHGH VX SURSLD LQWHJULGDG QD 
+D\ LQIRUPDGRUHV
FRQ
HV -R
WDWXV DGTXLULGR KDQ
JDQDGR 
\RWU
VH
RVFRQ
HVWDWX
V
DGVFULWR
3RU
OR
GHPi V
\ VREUH

/RVSULPHU
HQ

RV
G
OD

t
DV
V
WRGR
FXOWXUDV

GH
 VSXpV
SULPLWLYDV
OR
V
LQLFLRV
VRQGLItFLOH

GHODOOHJDGDDOiUHDJHQHUDO
GHOD
LQYHV
WL
V


JQF

Lp
Q
 VH
VH
ORKDQ
JXQGRV
RWRUJDGR 

PiV
/RV
SULPHURV
LQVWLWXFL
RQDO\
(O LQIRUPDQWH
XQ
RILFLDOL
HQGRHWQyJU
]
XQ
DGD
DI
HV
R
R
DYLVLyQ

WLHQHQ

ELHQ V
PiV

X
GLQiPLFD

GH
FXOWXUD
JO
R
OD

EDO
R
FRPXQLGDG
GH \

GH VX PLFURF


ORV

SURSXHVWD

VRQ
QRUPDOPHQWHPX\LPSRUWDQWHV GHO
WUDE
SDUDODPDUFKDJHQHUDO
DMR
1R  
REVWDQW
H
VXHOHQVHUOR
V
GtDV
Pi VGLIIF
L
OHV
SDUD LQY
HO HV
WLJDG
RUGHFDPSRFRQ
SRFD HVSHF
tILFD GLULJHQW
$Vt
H
WLHQHXQD
HO YLVLyQ
JOREDO
GHODFXOWXUD GHVXFRP
H[SHUL
HQFLDSRUTXH
W
LH
QHTXHDGDSWDUVH
 ItVLFDP
HQWHiUHD
DO 
VRS RUWDQGR
FDPELR V
  TXH SDUD HQWHQGHU
OD
FXOWXUD GHOD
LQIDQWLO
FRPXQLGDG
KD\ TXH FRQWDU LQIRUP
DGRUHV FRQ
YHFHVGUi
VWL
FRV
HQ FXDQWRDO
FOLPD\ DOLPHQWD
OD
FLyQ\
DFRVWXPEUDUV
HD
XWLO
L]DU LQIDQWDMXYHQLOHV
SURFHGLPL
HQWRV
PX\GLIHUHQWHV
HQJHVWLRQ
HVWDQVLPSOHV
FRPROODPDU
SRU R ,`
WHOpIRQ /D
LQIRUPDFL
yQVXPLQLVWUDGD
SRU-RV
LQIRUPDQWH
V
GHEHYHFHV DOJXQDV

VHU
FRQILGHQFLD
EXVFDU
GLU
HFFLRQHVR
HQFRQWUDUXQOXJDUSDUD
FRPHU
:,//,$06
  1RUPDOPHQWH HVWiQHQ RUJXOORVRV
OR
VSUyORJRV
FRQ
VXQRPEU
GHDSDUHFHU
H
FRPRLQIRU
,
a PDQWHV SHURFRQVLJQDUHPR
RWUDVV YHFHV
VXVLQLFLDO
HVRXQ
VyOR
QRPEU H
VXSXHVWR SDU
7DPELpQ
U
HV XOW
D
GLItFLO
ODDGDSWDFL
yQ D
FRPXQLGDGHVXUEDQDV
H[WUDxDV
DOLQYHVWL
JDGR U
,` QR SXHGDQ
VHU
LGHQWLILFDGRV
SHUMXGLFDGRV


\
FRPXQLGDGHV LQVWLWXFLRQHV
PDUJLQDOHV

HWFSRUTXH DGDSWDUVH
KD\TXH
VXVQRUPDV
D
FXOWXUD  *UDQG SDUWH
HO
WUDEDMR HWQRJUiILFR
DGHPiV
GHO HVWDU
DOOt
REVHUYDFLRQDO
GHVFDQVD
HQ
SUHMXLFLR
V
HWF OD
DSRUWDFLyQ LQIRUPDQWHV
GH \
 T
ORV
Xp SRFR
H
KDLQYHVWLJDGR
V VREUH HO


(Q WRGRV FDPSR V
HWQR
-RVJUiILFRV ODV GLILFXOWDGHV HVWXGLDQWH I

VVRQ IDFLOL
WDGRV
SR
JUDQGHV UORV
LQI
RUPDQWH
$OJXQRVV


FUHHQTXHHVWRGH
OD
HWQRJUDItD
HVXQD
PH]FOD ,QGLDQD
GH \HVSRWV
-RQHV
GHDYHQWXUD
&DP HO  LLL  5HJLVWUR (O
LQYHVWLJDGRU
GH FRP
GDWRV
RHO
SV
LFRWHUDSHXWD

PDQWLHQHQ XQD
WDQWH DWHQFLyQ
IORWDQW
H
SDUD FDSWDU OR
TXH WRGR
SDVD
SRU
UXWLQDULR
TXHSDUH]F
D
(OHMHUFL
/DLPDJHQGHO
LQYHV
WLJDGRUHVSHFLDOL]DGR
DEULpQG
RVHSDVRKHURLFDP
HQWHQ GH
OD
REVHUYDFLyQ HO
GHOD
WHUDSLD
FRPR DQDOtWLFD UHTXLHUH
WUDYpV
GHOD
MXQJOD

FRQ
SRFRPiVTXHXQDPXGDGHFDOFHWLQHV GH
GLHQWHV (O XQFHSLOOR
UHJLVWUR
GH
GDWRV
VHUHDOL]D HQ GRV GLPHQVLRQHV
\XQFXDGHUQRGH
QRWD
V
HV
ODTXHQRVDWUD
 H
WRPDQGR
XQDKDPEXUJXHVD
 GHTXHR
V\
XQDFRFDF
ROD
H
QHOVQDFNGHOFDPSXV
XQLYHUVLWDULR   GLPHQVLyQJOREDO IORWDQWH

UHODWR
DWHQFLyQ
V
O
HQJXDMHQR
Y HUEDO
UHJLVWURDXGLRYL KLV
6LQ
HPEDUJRKD\XQD
GLIHUHQFL
D
HQWUH
HVWD
LPDJHQLG
HDOL]DGD
\
HVWDU
UHDOPHQWH WRULD
RUDO HWF
WRGDOD
FRPXQLG
VREUH
DG
SHUGLGR
KDPEULHQWR
H
PSDSDGR K
HULG
R
H[KDX
VWR
\
GHV
DQJUiQGRV
H
SRUODV
VDQJLXMX
HOD   
D GLPHQVLyQ IRFDOL
HVSHFtILFD
]DFLpQHQ
HO
DVSHFWR IXQGDPHQWDO GHVFDQV
DOD
HW
VREUH




6HGLFHTXHDPHQRUFDQWLGDGGHDYHQWXUDV FDPSR
:XX $0a PHMRUWUDEDMRGH
QRJUDItD
SDUHQWHVF
R
HFRQRPtD
UHOLJLyQ HWF 

   

/D
SULPHUD REVHUYDFLyQ
VH
UHDOL]D OR
TXH
VREUH
H
YHVV HWRFD
\ O DFXOWXUD PDW
 FDVDVPRQXP WHFQRORJtD
HQWRV
GRFXP HQWRVLQVWUXPHQWRV HU
FRQVLGHUDG
HWF 
'HWRGDV PD QHUDV
ODV
ODHQWUDGD
HQHO GHiUHD
WUDEDMRHVWDQWR
XQD
QRFXHV
WLyQII
VLFD




OD
FRPXQLGDG FRPR XQ PXVHR SRUORV
JXtDVLQIRQQDQWH
YLYLHQWH V H[SOL
SRUTXH DSDUHFHQ
EDUUHU
DVSVLFROyJLFDV Pi V
GLItFLOHV
WDQWRGH RWUD
IUDQTXHDU
V
FR URQH TXH ODV

/D
VHJXQGD REVHUYDFLyQ
SXHGHV REUH
YHUVDU
FRPS
HO
RUWDPLHQWR
VRFLDO OD
FRPXQL
GH



VXFHGHVH FXDQGR
UH
DOL]D XQ WUDEDMR 6NLQV
GH
D ORV
FDPSRVH
TXH
GHEHHQWUH
QXQFD
QR
DJXDQWDU
OD
PLUDGD
RHQXQD
FRPXQLGDG RUHOLJLRVD
VHFWDULDOD
FXDO HQQR
LQLFLDGHUHV
RR
GDG
HQVXH[SUHVLyQ
YHUEDO
QR \
YHUEDOFRQGXFWXDO ULWXDOHVFRVW
WRGD
HVWDDFWLYLGDG DXGLRYLVXDOHV
HQUHJLVWURV
ILOPDFLRQHV
VRQRURV

IRWRJUDIt
D
HWF 
DGHPiV
HQHOFDPSRXQDHPSUHVDGH GRQGH VHWHPH
SRU
VLHPSUH
HOHVSLRQDMH ILQDQFH LQGXVWULDO
L
UR  R
  GH HQ ODV QRWDV  HVFULWDV
LL 
/RVL
QIR UPDQWH
VVRQ
DTXHOORV QDWLYRV TXH
QR
ELHQ
VSURSRUFLRQ
 LQIRUPDGRV
DQ,Q
 
3XHGHSURFHGHUVH HQWUHYLVWDV
VHJXLGDPHQWH
\HQFXHVWDV
SDUD SURIXQGL]
DODV
H Q
DV
IRUPDFLyQ
VREUHF XOWXUD
XQD  SHFWRV
FRQFU
HWRV 
$YHFHV

OR
VLQIRUPDQWHV
FXPSOHQ ODVIXQFLRQHV HO
LQYHVWL
JQ  a
GHWUDGXFWRUHV
WORU /D
HQWUHYLV
WD
SFXDQGR
RVHH
O
DLQPHGLDWH]
GHOGLiORJR HO
HQWUH
RUDO
YLV
WDGRPLHQWUD
FRQ
QR GRPLQD
ODOHQJXD
QDWLYD HQFXH
VWD
-H
HPSOD]D
PHGLDWDPHQWH
HQ XQ SUHIL
GLiORJR
JXUDGR 
(O
HWQy
JUDIR
GHEHHOHJLUV XV
ELHQ LQIRUPDQWHV
FRPR TXLHQ
HOLJH
D
VX PpGL
F R
SR QXU  (QFXHVWDV \ HQWUHYLVWDV DWUDYpV
GHYLVLWD
SXHGHQ
VD
DPLJRV
GLULJHQWHV
UHDOL]DUV
GHSHQGHUi SDUWH
HQ
GHHOORV
JUDQ 6yOR LQ
IRUP
VHUiQEXHQRV
DQWHV
O
RVTXHWLHQHQ
YROXQWDGWO
R
,QI
RUPDU
ORFX
DOVLJQLILF
D
TXHHVWRV LQIRUPDQWHV
KD Q
S DR
UEDGR
DOHWQyJUDIR

 SURFHGLHQGR IRUPDGH HQ
F
DSLODU
UHG DORORV
V
DPLJRV
DPLJRV
DPLJRV
GH 
HQ
ORV
DODV
ILHVWDV
FRQFHQWUD
F\
LRQHVIDPLOLDUHV HWF
1DGL
H
GDQDGD FDP EL
RGH
D
QDGD
SRUORTXHHO
 LQW
HUFDPELR GHDPLVWD
PXWXR
G
IDYR U
HV  +HPRVTX GLFKR
H
HQ
HVH PXVHR
Y L
YLHQWH HVOD
FRPXQLG
TXH D
GF
XOWXUDO
HO
LQIRUPDQWH
HWF
HV
XQD
EX H
QDJDUDQWtD
GHp[LWR KDFH GH FXDOLILFDGR
JXtD

\ QRV DFODUD
6
JQLILFDGR
\ H[SOLFD
GHORTXH
REVHUYDPRV
HO
+D\TXHHYLWDU RILFLDOHVORV
ORVLQIRUPDQWHV
TXHSURSRUFLRQDQ
OD
YHUGDGRILFL
DO
FR  `
SRUWDYRFHV
 6L
V
HREVUYD
H D K
XQRPEUH
SHJDQGRDXQD
PXMHU
\HQ
HO
FHQVRGHODSRE
(V~WLOOD FRQIURQWDU
LQI
RUPDFLyQ
TXH SURS RU
FLRQDQORV
GLV
WLQWRV
LQIRUPDQWV
H 
HQWUH
+I
 D
SDUHFH
TXHO
FRPRXQ
F
DV
D
SDUHMD
RGH
HVWi
F
PDULGR
DV
TX
DGDORP
iV
FRQ
HSHJDDVX
 PXM
YH
HU
QLHQWH
6LQ
H
V
HUtD
FOD
VLILFDU
OD
RE
PEDUJRVHSXHGH
VHUY
H
DFLyQ
QWHUDU
FRWHM
D
UOR
FRQ TXH
OR
HO
LQY HVWLJDGRU
SHUFLEH
(VWROD HYLWD
LQJHQXLGDG

1R KD\TXHRO U 
YOWO GHVSXp
V
TXH
HQOD
FRPXQLGDGORFDOORV
KRPEUHV
\
ODV
PXMHUHV
HVWiQ
JHQH
UDOPHQWH
TXH
HO LQIRUPDQWH
XQWUDGXFWR
U
QR
HV VyOR GH OHQJXDMHV VLJQL
xFDGRVLQR
V VREUH WRGRGH
DFX
H GH
UGRHQTXHODPHMRUIRUPD
GH
DKX\HQWDU HQIHUPHGDXQD
GHVXQDSDOS
(QWU
H
-RVLQIRUPDQWHV XUEDQRV V
yOR HQ ORV SDUD
SULUQLWLY
LQIRUPDQWHV
QR
R[LQFLGLU
 EOLFDRTXHODV
PXM
HUHVDSUHQGHQPHMRUFXDQGR
VHODVJROSHD
GXUDPHQWH
HQSXEOLF
UXUDOHV HVWiQORVSRUWHURV
FRQVHUMHV

ODVVHFUHWDULDV
OD \
HVFROWD
ORVFKyIHUHV
\ O
R VGL
UL
JH Q$ \ RTXH
O
DV
HVSRVDV
WL
HQHQTXHG
HPRVWUDU
SHULyGLFDP
HQWHOD
IXHU]D
GH
VXV
PDULGRV
VX
WHV
FRODERUDGRUH
V
/RTXH OOHJD D VDEHU HO FRQVHUMH GHFOUWK IULHQGRXQSDOL]DD
GH XQ KRWHO R XQD YLVWD
OD GHO
VHFUHWDULD
S~EOLF
R
:Q/, a
$06  

QLYH
O  
&XDQGR VHWUDWD
JUX SRVFHUUDGRVGH FRPR VHFWDV
~QLFR
LQIRUQP XWU
RWULEXV XUEDQDV HO 
SRVLEOH
BHO PLVPR
HV
LQILO
WUDGRTXH
FRQYLYHSUHJXQWDQGR SDUWLFLSDFLyQ
REV H
UYDFLRQDO
WXWQO

SRU
ORTXHO
D
LQYHVWL
JDFL
yQHV
L
QWHUPLQ
DEOH
3HUR
KD\ XQ
SXQWRGH
LQIO
H[Ly
QHQHO
TXHQR
V
GDPR V
FXHQWD
TXHO
DV
SUHJXQWDV
GHO
SUR\HF
WR
\DKDQ
VLG
RFROPDGDV
\
HVHHV
HO
PR PH QW
R
GH
3RU
HVR
HO
UHJ
LVW
URGHGDWRV
GHE
HKF
DHUVH
GHVG
HOD
ILGHOLGD
GQDW
XU
DOL
VWD
 GH
U
HJL
VWU
DU O
&RUWDU
GH
W
HUPLQDU
OR
TXHVHYH WD
PEL SHUR
pQ
GHVGH
OD
FRQWLQ
XDGRWDFLyQ
GH
VHQWLGRORV
GDWRV
GH
GHQWU
R
GHa OD


/DVSUL
QFLSDO
HV
VL
WXDFLRQ
HV
DQyPDODV
SRU
ODV
FXDHO
V
GHEHL
QWHUUX
PSLUVH
XQSUR\HF
WR
VH
PL yWL
FD
FXOXUD
WOGHOD
FRPXQLGDGTX
HV
HHVWXGLD
VRQO
RV
SUREO
HPD V
WU
DQVIHU
HQFL
DOHV
GHO
LQYHV
WL
JDGRU
OD
SpUG
LGD
GHOURO
GHHWQyJUDIR\
OD
LL
pU
LY 
/DREVHUY
DFLiQ
S DUWLFL
SDQWH
QRV
DSRUW
DOR
ODUJR
D GH OD
HVWDQFL
D
HQO
DF
RPXQLGDG? GLG
D GH
LQWHU
pV
SRU
ODF
X OWX
UD
HOH
JL
GDSDU
DHVW
XGLDU
H
VWXGLDGD

HO
FRQRFLU
XLFQWR
GLUHF
WRH
\[SHULHQ
FL
D
GH
-D
FXOWXU
D
(VWR
TXL
HUH
GHFLU
TXH
UHD 5HVSHFWRD
ORV
S
UREOHPDVWUDQ
VIHU
HQFLDO
HV
\SRU
VL
PLOLWX
GFR V
Q-D LWX
DFL
yQ WH
UDSpXWL
FD
OL
]DPRVHO
HVWX
GLR
GHOD
F XOW
XUDVHQ
LWXD
F
LyQQDWXU
DO
\TXH
QXHVWU
RWUDEDM
R
HVGH
QDWX
? GLU
HPR V
TXHFXDGQR
ORVSU
REOHPDV
HPRFLRQDO
HV
GHO
SDFLH
QWHUH
SHUF
XWHQF
RQ H[F
HVLYD
LQ
UDO
LV
WD W
HQVLGDGHQ
ORV
SXQWRV
FLHJRV
\ HQ
ORV
FRQIOLFW
RVQH
XUyWLF
RV
GHOWH
UD
SHXWD
GHVSHUWDQG
RH
Q
$ORODUJR
GHO
W
UDEDMR
GHFDPSR
HO
HW
QyJUDIRHV
HO
SULQFLSDO
LQ
VWUXPHQWR
GH
DQiOLV
L ? pV
V WHXQDIXHUW
HDQVL
HGDG
VH
SHUWXUE
DOD
DGH
FXDGD
FRPSUHQVLyQ
\
SRUWDQW
ROD
HYROXFLyQ
GHO
GHO
DFXOW
XUD
QDWLYD

V LHQGR
OD
REVH
UYDF
LyQ
SDULFLSDQWH
W FRQWLQXR
XQ
DFW
RSDUW
LFLSD
WLY
RXQ
 ? WUD
WDPLHQWR
&2'(5& 
+ 
 /R
 PLVPRGL
UHPRVGH
O
HWQyJUDIR
VR PHWL
GR Y
J
DLWX
V
D
FRQWL
QXR
GLiO
RJRLQWF
UFXOWX
UDO
H
LQWHUSHUVR
QDO

GRQGHH
GDXQ
V LQWHU
FDPELR
HQ OD
WUHV
SH UV FLRQHV
GH
SUHVLy
QR
FKDQWDM
H
SRU
SDUW
HGH
O
DFRPXQLGDG
TXHY
DD
HVWXGL
DU
FRPRHOVHFXH
VWU
R
SHFW
LYDV
HUQL
F\HW
L F ? OD
SUHVLy
QQDFL
RQDOL
VW
DO
DVUHLYLQGL
FDFLRQHV
VR
FLDOH
V
HW
F
DWUD
YpV O
DV
GH
FXDOHVTXHGD
SUH
(QO
DREVHUYDF
L
yQSDUWLFL
SD
QWH
H
O
HWQyJUIR
DDQDOL
]
DOR
TX
HO
H
S DU
HFH
UHOH
YDQWH\
 HVWR VLRQDGR XQSRU
DV
XHUWH
GH
6tQGURPH
GH
(VWRFROPRH
W
F
SXHGHSDUHFH
UXQ
UFGXFFLRQL
VPR 
SHURFRPR
YHUHPRVHQ
RWUR
FDSt
WXORDOKDEODUDJQpV

 GH 2WUR
GL DVS
HFWR
QRPHQRVLPSRUW
DQW
H
HV
HOGHOD
LQGHIL
QLFLyQ
GHO
U
RO
HWQRJUiILFR
SRUSDUWH
WL
FRHV
WD
UH
OHYDQFL
DHVDFHS
WDGD
SRUQDWL
HO
YRV
LHV HILFD] GH
ORVQDWL
YRV
FRPRTXHGDSDWHQ
WH
HQ
HVW
HWH
[WRGH
+ROO
DQGHU

aa
a
 VH
UXP
3RF
RUH
RV
GtD
DED
V
TX
G
H\

HVSXpV
HU
R D
GH
XQ
K
DJH
DEHU
QWH
OO
HJD
GRX
XQD
GH
HPSU
D
QD
FLX
HVD
GDG
GHIL
E
GH
OV
UDV

XU
G
VLQW
H
*HRUJLD 
pWLFDV

HQYLD
GRSDUD

W
L )LQD
OPHQW
HKD\TXH
SUHSDUDU
OD
WHU
PLQDFLyQGHO
WU
DEDMR
\FRPHQ]DUHODERUDU
D OD HV
WXGLDU
ODYL
D
ELOLG
DG OGH
D
LQV
WDO
DFL
yQGH
XQDVWULD
LQGX
H
QO
DF
LXGD
G
0LV
GHVPHQWL
GRV
UXSWXUD
F
RP R
HQO
DSV
LFRWHUD
SLD
H
QHO
WUDE
DMR
GHF
DPSRVH
FUHDQ
YtQFXORV
\OD]RV
DI
HFWLYR
V
 QRKDFt
DQRWUD FRVD
TXH
UHIRU]DU
HO
UX
PRU
WRGR
HO
PXQGRWU
DWD
ED
GHYH
QGHUPHO
DV
TXHFXH
V WDURPSHU 
 H[FH
OHQWHVFX
DOLG
DGHV
GH
OD
FL
XGDG
\VX
SRE
ODF
LyQ
(O
REVH
UYDGR
UVH
KDEtD
F
RQYUHLGR
W
&XDQG R
ORV
LQIRUPDGRUHV

TXHKDE
tDQ
DGTXLULG
RXQ
HV
WDWX
VHQ FR
OD
PXQLGDGD
FDXVGD
H HQXQDYH
UGDGH
UD
KDGD
PDGULQD
KDVWDSXQW
HO
RGH
TXHV
HKL]R
LPSRV
L
EOHU
HDOL]
DU
XQ
VX
DFWL
YLGDGODV
SHUVR
\QDVPiV
FH
UFDQDV
HQ FROD
QYLYHQFLD
TXHVH
VH
UYtDQ
GHO
HWQyJUDI
R
VH WU
DEDMRPtQLPDPHQWH
VHULR
 VROIX
/DXFLyQ H
DEDQGRQDU
O
DFL
XGD
G '
(1+R//$1'(5

HQWU
H
DQGHO
DSU
y[LPDSDUWLGD
VH SURGXFH
XQFL
H UWR
GHV
DVRVLH
JR   
(V HORPHQWRGH
P U DFL
RQDOL]D
U
\YHUEDOL]DUUXSWXU
D
SU
H
OD
SDUiQGRODFRQ
WLHPSR 
3HUR
VREUH
W
R GR
VH
WUDW
D
GHF
RQFOXLU HO 8QDWHVL
SUR\HFWR
VGRFWRUDO
VL
QR
VHOD
OLPLWD
W )LQ
DOPH
QWH

XQDH
WQ
RJUDItD
SXHGH
DED
QGR
QDUVH
SRU
QR
UHVS
R
Q GHUD
O
DV
H[SH
FWD
W
L
YDV
TX
H
SXHGH
HU
LQWH
VUPLQDEOHSXHV
O
DLQY
H V
WL
JDFLyQ
V
HHQUL
T XHFH
SURJUHV
LYDP HQWH
\
JHQHUD
QXHYDV HQ
HOO
D KDEtDQ
VH SXH
V
WRH
Q SHO
UR\
HFWR 
KLS
yW
HV
$
SRU
L
V
Y
OD
W
H

H
FHV
UPLQD
O
D
FL
W
HU
y
PLQD
Q
GHO
FLy
RV
Q
IR
GH
QG
O
WUD
RV
ED
HFRQ
MG
R
H
yPL
FD
FR
PSR
V
VH
HIHFW~D
GH
X QD
PDQHUD
PiV
SUR
VDLFD




O


 (/ 352'8&72(712*5),&2
8QDYH]WH
UPLQDGR WUDEDM
HO RGH
FDPSR
FRQ YL
HQHUHF
RJH \
URUG H
QDU
ORV
GD
WRV
DFPQX W
  $O
DKRUD
GH
DQDOL
]
DU
HO
SU
RGXFWR
HWQ
RJ
UiILFR
H
VWXGL
DUH
PRV
ORV
GLIH
UHQW
HV SDVRV TX
OD
GRV
SDUD SHUPLWLU
WUDV
OD
GR\
VXXWLOL
VX
]DF
LyQSRVWHUL
RU
HQ
OD
UHGDFFLyQ PRQRJUDItQ
GH
 OD
- KD\
TXHGDU
SDUD
FRQ
YHUWLUHO
WU
DEDM
RGH
FDPSR
HQ
PRQR
JU
DI
tD
HW
QRJUi
ILFD\
TXH
F
RPSUH
QG
HQ
6H
LL  KDGL
F KR
TXHODPH W
DGHXQWUDWDPL
HQWR
WH
UDSpXWLFR
QRHVFXUD
OD  V
LQ R OD  D DQiLO
VL
V\RUJ
D QL]DFLyQ
GH
OPDWHUL
DO
FDSDFLG
DGTXH
DOF
DQ]DH
O
VXMHWRR
OD
FRP XQLGDG
SDUD
SURVHJXLU
VXGHVDUU
ROO
R
SRUVt
PL V V E H
OHF FL
yQGHO
WL
SRGH
PRQ RJUDItD
3RUHVR
 GRV
KD\
WLSRV
GHWHUD
SLDV
OD
WHUPLQ
DEOH
TXHHV
O DTXH
VHKD
UHDOL]DGR KMR UHG
H  D FFL
yQGH
ODPRQRJUDItD

, -D
GL
UHFFLyQGHO
WH
UDSHXWD \
ODLQ
WHUPLQDEO
HRSURFHVR
LQGHIL
QLGR
G H
DXWRQRUQID
VDO PO DO ,B  (O HWQyJUDIR
KDWH
UPLQDGR
\DGHHVF
XFKDU
ORV UHODWRV
VLQW
RPiWLF
RVGHO
DFXOFX
UD
GH
 TXH
GHVDU
UROO
DHO
VXMH
WRO D
RFR PXQLGDG
GHVGHTX
HD 
EDQGRQ D
DOW
HUDSHXWD
)5(8' 
  
ORV
QDWLYRV
\KD
UHJLVWUDGR
PHGLDQWH
GLYHU
VDV
WpF
QLF
DV
OD
FXOWXU
DGH
O
DFRPXQLGDGHVW
XGLDGD

 'HO
PLVP R
PRGR HQ
HWQRJ UDItD

KD\XQSURFHV
R
G H
WU
DEDMRGH
FDPSRWHUPLQD EOH U 4XHG
DDKRUD
SXHV
OD
W
DUHD
GHUHGDFWDU
H
OLQ
IRUPHH
V
GHFLU

GHFL
GLU
H O
GLDJ
QyVWLFR
\
 DFD
EDFXDQGR
ODV
WDUHDV
GHOH
WQyJUDIRKDQ DOL]
ILQ
DGR\
XQSU
R FHVR
LQWHUPLQ
DE OHTX HU  
H[SU
HVDUOR
HQXQDPR
 QRJUDIt
D
UHD
OL
]DGRSRU SURS
OD
LD
FRPXQ LDGGS D
DUW
LU
GHU
HFLELU
OD
PRQR JUDItD
G
LDJQyVWLFRFXOWXPW   D  (O
DQiOLV
L
V G
HO
PDWHUL
DO
HWQRJUiILFRVH
UHDO
L]D
H Q
XQDG
REOH
GLUH
FFL
yQ S
RU
XQDS
DUWH

PHGLDQW
HHO
FXDO
UHFRQRFQVX
H LGHQWLGDG
<
VXV
SRWHQFLD
OLGDGHVF
XOWXU
DOHV HO
PDWH UL
D
OU
HFRJLGRREOLJ
D
GHVGH
ODUH
DOLGDG
H[SHUL
H
Q F
LD
SUH
VL
yQHPLF D
OHW
QyJUDIR D
+DEL
WXDOPHQWH
KDVWD
DKRUD
yORV
HKD
VHO
DERUDGRH
O
WUDEDM
RGHFDPS R
GHV
GHODZ US QU 
 UHG
HILQLU SUR
\HFWHO
R
RUL
JLQDO

SRURWUD
HVWH
PDWHULD
O
UHFL
ELG
R
G H
EHVHU
UHRUJDQ
L]DGR
GHV

WL
YD
GHO
DQiOL
VLV
WH
UPLQDEOH
SHUR
HQO
DVHWRJUD
Q ItDV
DFWLYD
V 
T XHV
RQODV
TXHGHY XO U
YF &
 GH
OD
S HUV
SHFWL
YD
FLHQWtIL
FDSDUD
VHU
GHYXHOW
R
FRP R
GLDJQyVW
L
FRD
ORV
QDWYRV
L F R PR
RPR
HOGL
DJQyVWLFR
FXOWXU
D
OD
OD
FRPXQL GDGLQG
t JHQDH
VWXGLD
GD
ODSURSL
DFRPX QL
GDGVLJXH  GHOR
DORV GHPiV
HWQyJUDIRV
SU
HVLyQ
HWt
F 
]DQ
GRHVW
HIUXF
WtIHUR
D
QiOLVLV
LQW
HUPLQDEOH (QSULPHU
,XJDU

SXHV
HO
HWQ
yJ UDIRHV
LQ
YDGLGR
SRU
HO
FRQW
H[WR
FXOWXUD
O
GH-D
FRPX
3HUR
YRO
YDPRV W
HPD
DO GHOD
WHU
PLQ DFLy
QGHO
WUD
ED M
RGHFDPSR QLG
DG TXH
REVHUYD
SDUW
LFLSDWL
YDPH QWH
\O R
D
O
DUJRGH
V
XHVW
DQFLD
L
UiW
RPD QGRQRWDV
GH
OR
(O
WUDEDM
R
HWQRJUiILF
R
GHEHILQDOL]DUV
H
RELHQ
SRUTXH
KD
FRQFO XLG
RO
DUHFRJL
GDO UOF TXHO
HGLF
WH
OD
F RPXQL
GDG
(VW
DQJUDQGHHVWD
GH
SHQGHQFLD
TXH
QRVH
UtDSRVLE
OH
REMH
WL
YDU
VRE
UH
-RV
DVSHFWRV
IX
QG DPHQWDOHVGH
OD
FXOWXUD
HVW
XGLDGD
RELHQ
S RUFLU
FXQVWDQFLD
VXX
t
Ia ORV
GDWRV
VLQ
PH GLDU
XQ
DOHM
DPLHQWR
(QH
OSUL
PHUFDVR
HO
WUDEDMR
GH
FDPS RGHEHILQDOL
 ] DUVH
FXDQGRVH
KDQU
HFR +LFOR FOX  (QVHJXQGR
OXJDU
H
O
HWQyJUDIR
SDUD
HIHFWXDUGLVW
DQFL
DHVD

VH
LUiDRWUD
SDUW
HD
U
HGDFW
DU
VXILFL
HQWHV
SDUD
H[SOL
FDU
ODWR
WDOLG
DGGHOD
FXOWXU
D
HVWXGL
DGD\SXHGHREWH
QHUVH
Q O
UQY F
a  OD
PR QRJUDItD

$OOt
UH
SHQVDUi
ORV
GD W
RV
ORV
RUJD
QL]DUi
GH
DFXHUG
RFR
QVX
S UR\HF
WR\
UH
GDF
HOO
RV
XQD
YL
VL
y Q
KROtVWL
FD
GH
ODPLVPD
GHDFXHUGR
FRQH
O
SUR \HFWRGH
LQYHVW
LJDF
LyQ6W O
 S 
HV
SRVL
EOH
LQYHVWLJ
DU
QXHYDV
FRVDV\\D
KHP RVGLFKR HQVt
WRGD
TXH
FXOWXUDHV
OQQK+
OU LO  

O$ -
W
DUi
RELH
QXQ
GLD
JQyVWL
F
R FXOWXUDO
QDWLY
SDUD
RV
REL
H
QXQ
ORV
L
QIRUPH SDUD
FRP
XQLGDG
VX Vy
ORWQLH
H QV
DOLGD
FRPRW
H[WRV REOLJD GRV  XQLYHUVLW
D UL
RV
 

6LQH PEDU JRKD \TXH
DFD
Gp
PLFD FR
QV WD
WDU
ODUHDF
FLyQ
GH
DOJXQRVDQ WR U
S yORJRV HV
SDxROHVTXH KDQ GHFLGLGR SDVDU
GHO
DVUHQFLOOD
WUL
EDOH
V\W
UDWDUGH VDOL UGHHVW
H FDOO
HM
yQ VLQ VD
OLGD RIHUWDQGR O
D
'HVGHGLVW
DQ
OD
FL
D SXHV HO
UH
GDFWD
HWQyJUDIR
U
i V XPRQRJ
U
DItD
 DEDQGRQD
QGR O
DSH
U
V
DQWRU
SRORJtDDJUDG
XDGRVRHQ
WUDVGV LFLSOLQD V 

FRPR SHU V
SH FW
LYD DSOLFDEOH VXVD
SHFWLYDFD
PSR\
GHJLUD
QG
R OD RULHQWDFLyQ
TXLH
QHV G YD
L
KDFtD
U
LJLG
R H
OLQIRUP
H
FRQRFLPLHQW
RV F
LHQW
tIL
FR
V WpF QLFRV 

 (O
D QWU
RSyORJR QR WLH
QH RWUDRSFLyQTXH
VH
QWDUV
H DO
DPHVD
HQ LQUH
UGL VFLSOLQDU FRQ RWUR
V \GHVGH VXKXPL O

3DUD PL VRUSUHVD
PRQ
RJU
DItD
IL
QDO
OD
FRQWL
HQH SRFRPDWHULDO
U
HFRJLGR
D
GDG\
FRUDMHVHU
FDSD
] ORV VDEHU
HV HQ-DUHVROXFLyQGH
GH-D
RVE HUYDFLy
Q D
SH
VDU GH
PLV
YROXQ
WDULR
VRV GL
DULR
VGHFDPS
R
OR
VSUREOHPDV 

$*8,55( F 
SDF
LHQWHP
HQW
H 1(:%< 

+D\
SXH
V
FR
PR
XQD
FRQIU
RQ
WDFLy
QH
QWU
H
O
DV
GRV
SH
U
VSHF
WL
YDV
 -D
SHU
VSHFWLYD
QDWXUD 3RGHPRV RQFO XLU F
TXH HOWLSR KDELWXDO G H WQRJUDItD
H VU HDOL]DGD V \ SXE OL
F DGD V K D VLGR HO
OL
VW
D U
R HQLF
GH
FL
UHO GHMDUVH OD
WUX
F \
SRU OOHYDU
WXUD
HV GLQ
iPLFD GH
FXOW
XUD
OD
QDWLYD DFDGpPLF R SHUR TX HO D DQWU RSROR JtD GHE H VDOLU GH HV WH HQF ODXVWUDPLH QW R RS LVULyQ SDUD RIH U
\WU
D
QVFUL
ELUOD
IL
H
OPH
QWH\
O
DSHUVSHFWLYD
GHO
REVH
UYD
GRU R
HW
LFTX
HUHRU
JD
QL]DO
GH
V
L WDUVROX FLRQH VGLDJQ yVWLFD VHQ ODUHVR OXFLyQGH -RVSUR EOH PD VGH FDGD F RPXQ LGDGFXOWX UDO
FXUVR K
SDUD
DF
H
UOR
LQW
HO
LJLEOH GHVGH
FDWHJRUtDV
F
RVXV
PR
KHPRVDSXQWDG
R
DPSOLDPH
QW
HH
Q 3RU HVRDS H QDVV L SRG HPRV KDE ODU GH PRQRJU DItD V GLD JQyV WLFR F
RQW URODGD VS RU ORV
RWUR FDStWXOR SURSLRVQDWLYR V FR PR FXDQG R VHFQ RURWO D G HO
LDJQyV WL
FRGH XQ Pp GL
FR GH XQ DT UXLWHFWR  H WF
(QOD
E  L
QWHU
YLH
QH
Q GL
YHUVRV
ID
F
WRUH (Q
V SULPHU /R TXH WHQH PRV VRQ PRQRJUDI t
D VD FD GpP LFD V \ p VWD VKD Q VLGR UH
GD FWDG DVHQ IRUP D
-XJDU GHHS
[UHV
DUVH
 V
XIUP
RDUH
Wy
ULFD

FRPR GH VWXGLRV
H GHELR JUDItD GH IDP LOL
D VR GH FRPX QLG DG HV W D OFP RR TXHG DSD WHQW HH Q H OFDSt
GL
FHQ WXO
R GHGLFDGR OR DV GH PRQRJ UDItDV HWQRJ UiILF DV
SRU SD XQD
U
WH
ODV WUH
V ELR JUiIL
FD  FRP XQ LWDULD  ODPL VPD FRV D
SD
UD
OR
V FRPXQLGD GHV DXQTX HSXHGD O R FR QWUDULR
GHEHUtDQ HQFDUJDU WUDEDMR
ORV V GHFDP FRP R GH -D FXOWXU DGH XQ JUXS R FR R PXQLGDG
VHUtDQGLDJQyVWLFRV HOSDFLHQWH FRPXQLGDG  HPSUHVD  +D V
WD DKRU D GH D F XH UR G FR QH O FDQ RQPD OL
QRZVNL DQR XQ HOH FD PS RH VKDFLD
HWF 
Q H FXOW
XUDO
HV YJ
IXVLyQ
HPSUHVGH
DVFDPE LR FXOW
XUDOHWF H QFDUJDUt
DOD GXUDQW HXQR VG RV DxR VH QQD X FRP XQLG D G SH TX HxDGH XQ RV GRV PLO \ SRU PH GLR
HWQyJ
UIR
D XQ
HWV
XGLR
GL
DJQyVWLFR GHY
SDUD
XHO
WR D
VHU
ODRPFXQLGDG VROL
FLWDQWH TXHSXH GHOD REVHUYDFLyQ SDUW L
FL SD Q WHTX HS HUPLWt D SR GHU LQW HUD FWX D U FRQ WRGDV ODVSH U VRQDV EL RJUD
GHDFHSW
DU R
OR H
Q
QR D
YLVWDVVX HILFDFLD
UHVROXFL
yQHQ
GHORV
OD
SUREOHP DV It
DV  'H DOO
t V
XU JtD OD E LRJUDI tDGH ODF RP XQLG DG  H OPRG R FXOWXU D
OGH RUJDQL] DU VHOD YLG D
3HUR
HV
W
HW
LSR
GHHWQRJUDItD TXDFWLYD
HGHELH
UD VHUHOKEDLWX
DO H
V WDQ HVFDV
RFR PR DWDYpUV GH VX FXO WXUD PD W
H ULDO YIRUPDO
-RVWUD
EDMRV DSOLFDGD
 +DV W
D DTXtO RV DQ WUR SyORJRVHUDQ XQRV L
QYHV WLJD GRU H VGH FXOW XUDVSUL PL WLYD V  GH MDQG R
(O KD
HO
ELWXDOQRVRWUR
V GHHVWDVPRQRJUDItDV  HVO
DFRUQX FDVL -RVRF VLyORJ RV HO HVWXGLR O D
GH VRFLHGDG FLY LOL
] DG D
QL
GDG 3DUDH OO
RV
 XQ WLSR
GH UHFLHQWHP H QWH OD V KDQ DPE LD
FGR /HM RV \D
DOVR FRQ ORV DQWLJXR V F RORQLDO H
V
GHF DPSR VREUH QX HVWUR WHUFH UPXQG R WRGR OR
3RU
OHMRV GH -RV $F DGHPLD TXHHO
OD YD\
D
DEX VDU
F VXV SURVWLWXFLy Q LQPL JUD QWH V H W
F   ODPL VPD PH WRFR tRW]D
WH
PDVHVF
DUSDGDV SOD\DV
3ROLQ
HVLD
XQVRFD UUDGROO
DQR $PD]RQL D
$NRER HWQRJUDItDV DOVDF RPXQLGDG HVSUL PL WYDV
L
0HNHVRHO
DUU
R\R GH3DQWHUD
OD
HVF
ULEHQVXVUHODW
RVFRQ ORV
DWU
LOH
V
ODV
ELEOL
RWHFD
V 3HUR FRP LH Q]D Q V D
XU JL
U DO
JX QRVS UREOH PD V 1XHV WU RVH WQ RJ UDILDGR VSX HGH QOH HU OV D
OD
V
SL]DUUD\
V O
RVVHPLQDULRV
TXH
WLH
QH
QV X
DDOU
H GHGR U
(V W
HHV
HO
PXQGR
TX HSU
RGXFH PRQRJUD ItDVTXH VH HVFULE H QV REUH HOO RV \D O L
JXD O TXH ORV V SDxRO
H HV VH OO
HQDQ GH HVWXS RU R
D
O
RVDWQ
URSyORJRV TXH
SHUPL
W
H
OHV
KDFHUH
OW
LSR GHWDUEDMRTXH
OO
HYD
QD FDER H
\Q GH UVDL FXDQ GR OHHQ DOJXQD V PRQR JUDIt DVTX H KDQ HVF ULWR LQJOHVHV R QRUWHD PH U
LFD QRV VR EU H
F
X\RVHQR
HO WLSR
WUDEDMR
GH
UHDO
L]
DQGHEH HQFRQWUDU VX OXJDU
VL
PHUHFH OO
DPDU HOORV GH ODPLVPD PD QH UD  VH RPL F
H Q]DD GHVD XW RUL] DU H VWH WLSR GH WQRHJUDItD HWQ RFF QW ULVWD
DW
HQFL
yQ(Q Vt PLVPR$OOtHVXHO
QDH
[SH UL
HQFLD GH WXU
tV WL
FD +H
\UHW yU L
FD
HQ.DWP DQG~
 W~" 
(O(VWDU$TXt HQ FR
PR XQLYH
UVL
ODDQWURSRORJtD VH SXEOLTXH VH 6H WDU
WD GHO SULP HU DYL VR (XURSD  \DXQ IUDQFpV
  HVSDxRO LW
DOL
DQ RQR OHV JX VW
D TXH YD FFLDRQHVHQ HO 0HGt 
WHUUiQH R PH GLDQW H XQD WQR JUDItD
H OO HQD
'LItFLO
PH QW
H SXHG HSODQWHDU
PiV
FUXG
DPHQWHODUHDOLGDG XQDGH
DQWURSROR
JtD TXH 3HUR OD
GLILF XOWD G PD\R UHW V
i S RU OOHJDU 
VyOR
HVFULE
H SDUD PLVPD
Vt SDUD
-D
HQYLGLD
S
URIH
VLRQD
O SDUDOD
HQGRJDPLDDF
D GpPLF
D XQ D QiOLVL
VV REU H HO L
PS D FWRF XOWXUDOTXH UHD OL]D HOWXUL VPR HQ XQ DLVOD R VREU H O
D FXOWXUD
'HVGH TXH IL HO
QGHOFRORQLDOLV
PR LQJOpV
VRE U
HWRGRDOW
HU
yO H
UO
RGHO
DQWURSyO
RJR \ GHOI  XQFLRQDULDGR  H WF p VW
H QR SXHG H SUH VHQWD UVHFRQ XQ D PRQRJUD It
DSLQW RU H VFD VLQ R TXH
SDVy VHU
D
GHDJ
UHJDGR F
XO D
WXUDO
VLPSOH
SURIHV
RUOD
DQWUR
SRORJt
DF DPLQDXQ
SRFR UU
iW L
FD
H OHS HGLU iQ XQEX HQ DQiO LVL
V\ XQ D S URVSH FWL
YD GH DFWX DF LyQ HV GHF L
UTXH WRPH GHFLV L
RQHV
HQ
HOQRPEUH GHOFL
HORTXp HVHV
OR
W
DPRV
TXH
EXVFDQGRH[FODPDED /($&+   GLDJQyV W
LFD V\ TX H ODV SU HVH QWH HQ LQIRUP HV PR QRJUiIL FR V LQ WHOLJLEOHV DS OFDLEOH V 3RU TXH 
1RDFDEDGH HQU
DL]
DU D OD
QWURSRORJtD SR UTXHKD\PLHGRDODSURSLD
GHV
QXG]H D ORVQD W
LYRV XUED QRV R VXV U
HVSRQ VDEO HV QR TXLHU H Q UHW yU LFDV \ OHV VHOHFFLR 
W
HQHUTXHFRPS HW
LUFRQRWURV
VDE
HUHV (VF ULEtD
QRKDFHPXFKRD
HVWHSURSyVLWR
 QDUiQ V X HILFDFL D
H@Gt
D T XH QX HWUR
VVQD W9 26XUE DQRV  H QFD UJXHQ RK 
aU
$
I


QXHVW
URVSUR
IHVRU
HVXQLYHUVLWDULR
VDSH
QDV VL
O
HV \ FHSWDUODV
D VLQR SDUD H[LJL UOHV HILFDFLD  KD EUi QDFD EDGR VR EUH
QDGD TXH D GH XQDD
QWURSRORJt
D
HQGyJ
DPDGHFXUU
tFXOXP OD HWQRJUDItD HV R QR UH WyULFD
GLVSXHV
W
DSDUD
UH
FHOR
\
HO
OD
HQYLGL
D
HQWU
HFR
OJDV
H TX
HVHHVWi
 FRQYLUW
LH
Q
HQ
WUL
EDO


0XFKRVORV
OLE
GH
URVTXH
HVF
ULEHQ
ORV
DQWURSy
ORJRVH
VSDxROH V H 
/D
UHG
DFF
LyQ
GH
XQD
PRQ
RJUDItD
VLG
RGHIL
KD
QLG
D FRPR
HM
H
UFLF
XQ
LRO
LWHUDU
LR

 
6LQHPEDUJR KHPRV FRQVLGHUDGR TXHKD\GRVW VH
HQWUHJDQ
D
ORV QDWLYRV FRPR LQIRUPHV GLDJQyVWLFRV OD
UHVROX FRQ L
FLyQ
GH ORV SUREOHPDV
\ORV UHODWRV HWQRJUiILFRV
OD
FRPXQLGDG RULHQWDGRV
FLHQWtIL
TXH
(V HYLGHQWH ODV
DVt H \
$PERV QDWLYRV
FRPXQLGDG FLHQWtILFD GHEHQ GH YDOLGDU
FXUVRV
OLWHUDULRV FaaaaILFODRVa"WU *SRORJtD
TXH GHHVWi
ORV PiV GHO
  

 ((57=
GLV
ODGR
KHPRVGH ORV
YLVWR KDQ DSDUHFLGR
SDUDXQD
HWQRJUDItD
GXUDVTX
HQR
HQGyJDPD
FUtWLFDV
WRPD GH
FLVLRQHV GLDJQyVWLFDV QR UHVXHOYH QDGD \ VH
&RPR*FFUW]
GLFH PXFKDV GHI
 
ODVPRQ 1HFHVLWDPRV
XQD
HWQRJUDItD DFWLYD TXHDQDOLFH
OD
IXQFLRQDOLGDG LQFO
HQOBRV
FXDOHV QBRVTXLHUH
VH FRQYHQFHU
D FJV
IDVFOiVaFDVVRQ DXWpQWLFRV GH
OD
FXOWXUD UHODWRV
XQD
FRPXQLGDG
GH OLWHUDULRV
SURSRQJD \UHVXHOYD
GHFLVLRQHV ORVSUREO
GLDJQyV
VXIQy(FQ VXV SURSLDV FDUQHV WRGDV ODV GLILFXOWDGFa[SUHVOYaaHQWH $ERJDPRV
SRU \
HVWHWLSR GHHWQRJUDItD TXH
HILFD]
 HO
TXH
D DXWRU
QXHVWUR
DFWLYD
HQWHQG
H
U HVWXYR
DSOLFD
VWR\ DFXH
GH
UGRHQ TXH  OD <
YR YSDUD FRQWiUQRVOR UHGHILQD OD
HO
SDSHO GH
DQWURSRORJtD HQ
OD
HWQRJUDItD
JHQHUDO \ HO
HQ GH
SDUWLF
    PD\RQD
GH OD 
SaPOOaDV
D
ODV TXH VyOR HO
HWQyJDQRJUDItDV
WXYR DFFHVR &RPXQLGDGH HVFULWDV
V F  VREUH
$QWH
OD
OLPLWDFLyQ GH HVWH FDStWXOR QR KHPRV
HYaQVP R
\D TXH QR DSRUWDQ Raa
HVIXHU]DQ
SUXHEDV OLWHUDULDPHQW
GH
HQ OR
UHIRU]DU
aT OyJLFDV TXHRWURV HQHVWHOLEUR
DXWRUHV DQDOL]DQ
VREUHWRGRODVU
D
ODREVHUYDFLyQ S
XHaHSRQHUVH FRPR HMHPSOR HO OLEUR GH ' XH LFHQ
WLFLSDQWH DV
\ $QJXHUD 
TXH
VH
UHILHUHQ
D
ODVSHUVSHFWLYDVG HPLF
HO
QDWL
 SXQ
a!H
aaDaLW

a
XDNLJ
RI
DDWKURSRORJLFaHUaaHaDQG
0HDG DQG 6DPRDIWDUJDUHW
YR  \ HWLF SXQWR D
ODV
GH YLVWD
TXH QRVGHO UHIHULUHPRV
REVHUYDGRU  F
H  FDVREUH OD DUFDGLD  RQ
IHOL]
BH
PWHQWD GHGHVPRQWDU
IiEX
 OD
FDStWXOR
eWQLFD pWLFD\WUDQVIHUHQFLD GRQGH DGH
aH[SUHVL
yQ
PiV GH TXH
TXLVR
OR YHUTa OLEUR Raa
GH0HDG
SUREDEOHPHQW
(O H  FLQFR PRPHQWRV GHO DFWR
(88 TXH
SDUD
FDPELDVH
 Xa
OD
SFG
RULHQWDFLyQ
YLR
&"BQ
HVWH WHVWLPRQLR W LQIOX\y HQ
&RPSUHQGHU
FRJQRVFLWLYR
HO PpWRGR
HVKDEHU
HWQRJUiILFR

RSHUDWLYR
HWQRJUiILFR
HQFRQWUDGR
OD
\VRFLDO
pWLFR
DIHFWLYR
9tDUHJLD SDUD D
$OJXQRV DUJXPHQWDQ E
JTXHXQ
JLFD GH SXHEOR
QPRV \ DGROHVFHQWHV
TXHaHVWXGLH

(VWR
V LJQLILFDSDUWLFXaaaaQa
HOaGXHai
GOLIaUHQWHSDUD FXDOLWDWLYDPHQWH
 FDGD OD
UHDOLGDG VRFLDOFXOWXUDO
DQWURSyORJR
DVWD
\D
SXF
 
FLHQWR TXLQFH DxRV S LFXDQVPR
VXILFLHQWHV
G   *HFU] 
QXQSRFR SRUTXH

y HLQRFHQFLD
GHLPDJL FR UDQD
VRQ
GH
OLWH
SURVD
\D DVHYHUDWLYD
%,%/,2*5$)$
VH
Sa FRQVWPLU
H OD HWQRJUDItDBPDFB GH Q\FRQUHODWRV
XQ EO
GH W $RX55(
RWURV HWQyJUDIRV $ D  'LFFLRQDULR
(G  7HPiWLFR 0DUFRPER
GH$QWURSRORJ
%DUFHORQ

aaGaaaaa
HUQSPFD H[SHULP
RKa
VPR
WXyQa
HQWDOFRPR
UHJLyQ FXDQGR
UV QHD
OD
aV
"
X SXH PH[LVWHQWH \D
QR \
HWLaaaHa]OaUaHaRWDUIL
QR "H
VHUtD
WUDGLFLRQHV
tFLHQWHPHQWH
HVWR HWQR U



VX RWRUJDUO
W FXOWXUaUa
$D8,55(
H SDUD
W
$RXQW5($ E 
LGHQWLGDG
$ F 
ORJtD
5$'%DUFHORQD
(ODQWURSyORJR
pWQLFD
\
DFWRU
(VSDxROD    
$QXDULRGH+LVWRULD
FRPRDXWRU /D
$QWURSR GH

$R8,55( /D
$  
FXOWXUD GHODHPSUHVD
$QWKURSROJLFD 

 
aRQWRGD OD VH 
aaa
&XDQGR OD PRQRJUDItD HWQRJUiILFD X G
TXLHUD
OLWHUDWXUD aLGD
SHUaTXH
SRU ORV aDWLYRV
DGRPiU
V 
SRGUi
FOD $RX,55( 5RR5WRXH]$  
$ (G
 
3DWLRVDELHUWRV
\SDWLRV
FHUUDGRV3VLFROR
XQTXH HVWD YHUGDG FRPR LYROTOXH
HQ
UHIOHMDU
HJXH
D XQ
GR
OHU GLDJQyVWLFR
UHFRQRFLEO
ODHYHUGDG

 QHJDWaHQH 
WXUDOGHODVLQVWLWXFLRQHV
0DUFRPER
%DUFHORQD

$//$5'
* 
/()257 /D
3  
PiVFDUD
)&(0p[LFR
$17$)(/(=
-/
 
&DQWLQD \
FRFLQD
JDULWD(VWXGLR DQWURSROyJ \
&21&/86,1 FXDUWHOHV ;;,
(GV6LJOR0DGULG
$8=,$6 W
-0  
DQWURSRORJtD0RQWHFRQWHPSRUiQHD
YLOD(GV &DUDFDV
D  /D HWQRJUDItD
HO
HVWXGLR HV GHVFULSWLYR G %$/,17
0
 
(OPpGLFRHOSDFLHQWH
\
ODHQIHQQHGDG
(G/LEURVEiVLFRV %
5FSUHBVHQWDHO SULPHU
GH H
UHFRUULGD SDVR
XQD FXOWXUD
OD M
HG  



,QYDGLHQGR OD PHPEUDQD ROD IURQWHUD
LQYHVWLJDFLyQ GDWRV
FXOWXUDO
GHQWUR
%$5$1',$51 GH /D
-0  HQ$0RQWHUROD
HWQLDYDVFD
(G
$\HUEH

6DQ6HEDVWLiQ
XQGFKRTXHFXOWXUDO
TXHOR
UHODWLYL]D D
OD
TXaaRWUD
 FXOWXUD 
UHGE
H HO HWQyJUDIR
%$5/(<
1
 
(ODQWURSyORJR $QDJUDPD
LQRFHQWH
%DUFHORQD
UD R aVWHSDVR
LQLFL
iWLFR
VyOR VL VH KD OOHJDG UX\HVX VXSH
 HWQRFHQWULVPR 6yOR VLVHKD
DQWURSROyJLFR
FRQRFLPLHQWR R D VH
YUYHQFLDU
SXHGH 
G GRV%8(12
*  
1RVRWURV
FXOWXUDV \
HOORV
3HQWDOID 2YLHGR
(ODQ7G   D TXPU &RR(5&+
-  \
7HRUWD
WpFQLFDGHODSVLFRWHUDSLD
SVLFRDQD8WLFD

+HUGHU %DUFHOR
  D LVLV
H
XQDFXOWXUD GHOLPLWDGD XH  &$3(/
+
  \
)LORVRItD
FLHQFLD HQODJHRJUDItD%DUFDQRYD
%DUF
HORQD
FRQWHPSR
FLELUaXSDUWLFXODU SDUOLFXODUaPaOaV
H[LVWHQFLD
SaVHQWD FRPR RWUDQRV
SHU &X)R5'SHUPLWH
0$5&86
- 
*(   (GV 
5HWyULFDV GHODDQWURSRORJ
-~FDU0DGULG
PDV HRUJDQL]DU
O
DYLGDFLH DGHPiV
OD QXHVWUD
XUD
\FRPSUHQGHU ,RU
RWUDV:

TXHKD\ &5(66:(//
5 *R'(/,(5
 0  
WLOHVGH \GH
HQFXHVWD
DQiOLVLV (G
DQWURSR
E 
SURFH(O
HVWXGLRHWQRJUiILFR
 SURGXFWRG FRP G '(1 )XQGDPHQWRV
+R//$1'(5
$1- 0DGULG
6RFLDO
 'HVFULSWLRQ
RI5HOLDELOLW\
3UREOHPV
LQDQG Y
G V
H R
\ aHWQRJUDILD SUHQ
H RVPRPHQWRV
FRPR
(O U DUQ
H IXQG
QWDHV 
ODHWQRJUDItD
FRPR
FDPSR
UHDOL
]DGRGXUDQWH
 I S
XQWLHPSR
RFHVRHWQRJUiILFR FRUUHVSRQGH
 U  -RQJPDQV 
DO * XWNLQG
WUDE $QWKURSRORJLVWV
(GV 
LQ
WKH)LHOG
9DQ*RUNXP $VVHQ1
FRPXQLGDG  VX
LFHQWHTXH
SHUPLWD
-
 '(1=,1
.
1  <
/,1&2/1
6

 
+
DQGERRN
RI
4XDOLWDWLYH5HVHDUFE
6DJH(G &DOLI
D
OD FRPXQaaXHaaDGaU FRPRPRQt
HQaaaU
HVHSURFHVR
VHxDODPRV
aRGDODFXOWXUD
a a HQXQD

a aaaa
$  RJR FRQ ORV LQIRUPDQWHV
 VLPSRUWDQWHV
HHO
O
DF
FHVR (X$'(0  
,QLFLDFLRQHV7DXUXV
PWVWLFDV
0DGULG

)(511'(=
-  
(PHUJHQFLD HWQRJUiILFD 7LHPSRV \
WDUHDKH

3LYaaaaaLa
 aHaDUGH
TXHHVWD
 VHFXHQFLD
ELRRU
iILFa
UHJVWUR
"H
GDWRV \ OD
IO
RWDQa
H
DWHQFLyQ
a
QaYaGDLLaa

aaGaa
LFaa DOO
t 


IL
KO
TD
DQWURSROyJLFD
)RXF$8/7
HQ-%HVWDUG
/DV
0
'HVSXpV
SDODEUDV
 
\
(G 
ODVFRVDV
(G
GH0DOLQRZVNL
$&$7HQHULIH
6LJOR;;,0p[LFR
:
GHH
V
WDQFLD HWQ
VLW~DDO
yJUDIR FRP
\
FDSWDFLyQ
XH GHPDWHULDOHV
GDWRV

WRGR FR
HOa \)5(8'
TXH 6  
(O GHOLULR
\
ORVVXHxRV HQ ,HQVHQ
OD WUDG
JUDGLYD
GH/
GH %
W  RQDWLYR  PDUJL

 SURF
HVRa
XUD
WFU

EHQGRORTXHHaDFXOWXUDFDGaa

FRPR SULVLRQHUR
OHGLFWD
BXQ
FRQWH[WR
FXOGH URV  %LEOLRWHFD RH
,
1XHYD
SS 
0DGULG

/R
RGXFWR

aUaPHaR
TXH
SDUXFLSDXYD
HWQRJU
KDF
H
H
iILFR
VH
FRQVWUX  DWUDYpV
GHODH[SHULHQFLD
OHWQyJUDIR HVG\H PHGLDQWa
PFQWHSDUD RE-HOL
YaaaDa

WH[WXDK]DUVH
SRGHU

O GHFDP
3aXQ LQIRUPH HWQRJUiILFR R PRQR
REVaaaL


L
DOHMDUVH GH ODFXOWXUD


,
4 


)5(8'
6
 $QiOLVL
  V
WHUPLQDEOH H /
WUDG
LQWHUPLQDEOH
%DOOHVWHURV 
GH %LEOLRWHFW
1XHY D
0DGLG2 UQ
& SS
**1(%(7

&  
 (OIRONORUH
REVFHQR GHORVQLxRV
$OWD)XOOD %DUFHORQD  
*$5&
$* 8$/
& 
-
 
/D
YLVLyQ
G H
O
RV
RWURH
VQ
/D FOiVLF
DQWLJLLHGDG D

HQ/HyQ3RUWLOOD HWDO


 YRO

 OD
(GV  
'HODSDODEUD
HQ
HO1XHYR0XQGR
6LJOR;;,(GV0DGULG
O
*1
(5$%$7,)
 
ORV
+L PED$PDU~
6DODPDQFD

*RVU]3
-

FDWLYD
/(
0R
&R0
UDUD

37(
0'
0DGULG

 
(WQR
JUDItD
\
GLVHxR FXDOLWDWLYR
LQYHVWLJDFL
yQ
HGX
HYROXFLyQ GHO FRQFHSW
 HQ

*R1]$/(=(F+ (9$55$
$  
(WQRJUDItD\
FRPSDUDFLyQ
8QLY
HUVLGDG
$XWyQRPDGH
%DUFHORQD%HO OD
WHUUD %DUFHORQD  (OR\
*yUQH] 3HOOyQ
*RRR(128*+:+  
,QWURGXFFLyQ
HQ-5
/ORE
HUD (G 
/DDQWURSRORJWD
FRPR
FLHQ

FLD$QD JUDPD %DUFHORQD 
*58*(21  ,PSOLFDFLRQHV Jp
QHUR
H
ODGHO
FXOWXUD
SDWLR
GHGHO
UHFUHR
HQ :RRGV
  
+DPPH UVOH\
*pQHUR
&XOWXUD\
(WQLD HQOD(VFXHOD
3DLGyV
0(
&%DUFHORQD a
+$00( 56/(<
0  $7.,1621
3  
(WQRJUDItD
0pWRGRV
GHLQYHVWLJDFLyQ
3DLGyV
%a   (/ 1$&,0,(172 '( 817e50,12
FHORQD 
+$55,6
0  
(OGHVDUUROORGHODWHRUtDDQWURSROyJLFD
6LJOR;;, 0DGULG (Q ORV
[W[
VHSULPHURV
KDFH IUHFXHQWH
OXVWURVHQ GHO ORV
VLJ
-,0a1(=
$   HO
6REUH FRQFHSWR (WQRKLVWR
GH
U LD
HQ3ULPHUD
OD $QWURS
O
5HXQLyQ HXURSHRV
GH  HO XVR GH XQ QHRORJLVPR
DGTXLULU
i
FDUWD TXHGH QDWXUDO
LQPHGL
ORJRV(VSDxROHV 
(G
8QLY HUVLGDG
G H
6HYLOOD WpUPLQR
HUD
HO GH HWQRJUDItD TXHSHUILODGR SDUHFH
VHU
TXH HQ-D
-R1*0$1V'& *87.,1'3&: , $WKURSRORJLVWVLQWKHILHOG
9DQ*RUNXP$VVHQ1aFRPR FRQVHFXHQFLD GH SRU
%*
ORV FXUVRV
1LHEXKU LPSDUWLGRV
EDMR HVWH
/$,1
(175$ /*R 
3  
$QWU RSRORJLD
0pGLFD

6DOYDU%DUFHORQD 8QLYHUVLGDG
%HUOtQ
SDVDED
GH SRFR
DRFXSDU
PiV WDUGH
ORV WtWXORV GHJU
/($&+
(  

FHUWDLQ
8QFRQVLGHUHG$VSHFWVRI
'RXEOH 'HVFHQW
0DQ    OD
GH
$
%DOEL
,QWURGXFWLRQ
O
$WODV
HWKQRJUDSKLTXH
D GX *OREH

SXEOLFDGD HQ 
/eYU
675XVV
&  
$QWURSROR JtD
HVWUXFWX
U
DO
(XGHED %XHQRV$LUHV `UDOPHQWH ODYR]HUDHPSOHDGD OD
GHVFULSFLyQ
HQVXVHQWLGR GHO
/WV
R
72 /26$1$&  
$QWURSRORJWD DO
HQ(VSDxD
$NDO0DGULG
6RFL  
HG  
 ORVSXHEORV TXHKDELWDEDQ
 XQD
DJRELDQWH
OD7LHUUD FDUJD
VLELHGH
/U
Vy[
72/26$1$ $QWURSRO
&   RJLFD
XOWXUDOHQ*DOLFLD
$NDO0DGULG XQWDQWR EDVFXODGD KDFLD ORV DVSHFWRV OLQJtV
0$(675(
-  
/DLQYHVWLJDFLyQ
HQ
DQWURSRORJtD $ULHO%DUFHORQD
VRFLDO  RWUR WpUPLQR
FRP~Q HO
GH HWQRORJtD
TXH D
SHVDU
HV GH TXHWDPELpQ VH
0$/,12: 6.,
%  'LDULR
(GHVS 0DGULG
-~FDU
  PHQWH FRQ XQ VLJQLILFDGR PX\ SUy[LPR SXHEOR
V
TXHDO VHx
0$/,12: 6.W
%  
ORV
DU JRQDXWDV
G H3DFLILFR
O 2FFLGHQWDO
(G
HVS3HQtQVXOD
%DUF
HORQ 
SREODEDQ
HO
SODQHWD \ TXH FREUDUtDTXH
HO DQWHULBRU
IRUWXQD'H DOKaFK
LJXD
  B GHDQWLJHGDGHV
TXH
QD]FDHQ
OD
FDSLWDO IUDQFHVDHQ 6RFL
pW
p(WKQRORJLTXH
VHGHQ

/
1$'(5  
)URPDQJXLVOL LQ3*ROGH (FO 
WR([XOWDWLRQ
:RPHQLQWKH)LHOG
$OGLQ GH
3DULV
DHOOD
\  OH
VHJXLUiQ RWUDV HQ SURJUHVLYLVWD
(XURSD
TXH KDEtD
(Q HOVXUJ
FOL
&KLFD J R OLOD 
HQ ORV WLHPSRV TGH
\ XHOD
SRU ,OXVWUDFLyQ
HQWRQFHV FDPLQDED
DSRJHR
WDOH
V KDF
1$552//5  &2+(15 (GV 
+DQGERRNRI
0HWKRG LQ &XOWXUDO $QWKURSRORJ\
1DWXUXO WpUPLQRV
SRVHtDQ
XQ
VHVJRFDUDFWHUtVWLFR FXDO HUDHOGH
+LVWRU\3UHVV1HZ<RUN  
HO GHVDUUROOR GH VXV FRPSRQHQWHV SURJ UHVRV
pWQLFRVKDFLD
\
1(:%<+  

WKH
)LH OG
5HIOHFWLRQ
VWLWH
 6WXG\
RI
6XIIRON)DUP I
LQ%HOO 
:RUNHUV
FLYLOL]DFLyQ HWF 
1HZE\'RLQ (GV 
J
6RFLRORJLFDO
5HVHDUFK
$OOHQ /RQGRQ   3UHFLVDPHQWH \HQ UHODFLyQ SURJUHVLYLVWD
IRUMDGR
FRQHVDHVWH
HWDSD
HQ PLVP
3(/
723
- 3X UR
*+
  
$QWKURSRORJLFDW 5HVHDUFK RIOQTXLU\
&DQ  7LWH6WUXFWXUH

TXHYD
GHVGH ILQDOHV GHO SULPHU D
ORV DxRV
FXDUWR BYRRa
FXDUHQWD
GHO VLJOR
GHO
E ULGJH8QLY
3UHVV/RQGRQ HG
 QG  WLHQH ,SJDUHOGHVDUUROOR aD
FHQWXQ
GHXQDQXHY
aaFF

3W.(

/  
/DQJXDJH 5H
L ODWLRQ
WR 8QLIL
DHG7KHRU\RI
WLWH
6WUXFWXUHRI+XP
D 
PRQyQLFD HYROXFLRQL
SURSLDPHQWH
VWD\PiV D~QWUDV HO WULXQIR
%HKDYRL U
*HQGDOH 7KH +DJXH HG
   QG DPHGLDGRV GH GLFKR VLJOR HQ -DTXH DOFDQ]D
3RZ'(50$ .(5
+  
6WUDQJHU )ULHQG
1RUWRQ
DQG 1HZ <RUN XQ
HVWXGLR
ORJUDGHOFRPR
KRPEUH GLVWLQWR GHO < SURSX
5RR5,*8(= /$
3   0RRQ
FRQVSLUDFLyQ (G
%%DUFHORQD SRUODV FLHQFLDV(VWH
QXHYR
SRVLWLYDV
VHQWLGR GHTBXa
VH
-D HYLGHQFLD
DQWURSRORJ
OD H
5RRPRX V]
3  
(O
SRGHUG H
ODV
VHF
WDV
(G%%DUFHORQD VHJXQGD PLWDG GH -DFHQWXULDaPOD
VRFRaGD GHFL
6$1FP ]
)(511'(=-2  
(FRORJtD
\HVWUDWHJLDV
VRFLDOHV
GHSHVFDGRUHV
ORV GH &U REUD GH(%7\ORU
3ULPLWLYH HVFULWD
&XOWXUH
HQD
ODDQWURSRORJtD
)UHQWH HV
GLOO
H UR
(G V
6LJOR
;;, 
0DGULG VLVWHPDWL]DGD
.DQWSXEOLFDU
DO $QWKURSRORJLH
SRU
VXHQ  \ GHVDUUROODG<
6$1&OOO
=
3
 (WQRKLVWRULD
HQ $ $JXtUUH'LFFLRQDULR
(FO GH
$QWURSRN
7HPiWLFR VHSDUDGDPHQWH GH -RVSULQFLSLRV XQD
DQWURSRORJtD UDFLRQDOLVWD
TXH
HQ SRQ
2-26

6&+
JtD
(W1
0D
(

67857(9$17
UF


RUQER

:*
/D

%DUFHORQD
FXOWX

UD

H
PSU


6WXGLHV
H
(WQR
L
\
VDULDO
V
HO
OLGHUD]JR
FLHQFH
 \
3OD]D
-DQ
p O
V%DUFHORQDFHSWR
$$QWKURSRORJLVW    
ORVORJURV KXPDQRV
GHFXOWXUD
SRU
ODYLGD
TXHWLHQHQ
HOSURSLR 7\ORU
D
WUDYpV GHOHO
VRFLDO
H"
ORJURV
(VWRV

HQJOREDGRV
SRUPDUFRHQH
HOREMHWRGHHVWD
VHFRQVWLWXLUtDQ
DQiOLVLV
QXHYD
HVWXGLR
DQWURSRO"atD
FRPSDUDWLYR
GHO KRPEUH G
:W/8$067K5  
0pW RGRVGHFDPSR HQHOHVWXGLR (FOV
 GHODFXOWXUD
-% 0DGULG
=XQL[XD
)- =XP $85
-$   GH
6
(VWXGLR HWQRJUiILFR
0DUW Q
GH
8Q['LSXWDFL
- 

)RUDOGH1DYDUUD3DPSORQD

"2

Вам также может понравиться