Anuario de Investigaciones 0329-5885: Issn: Anuario@psi - Uba.ar
Anuario de Investigaciones 0329-5885: Issn: Anuario@psi - Uba.ar
Anuario de Investigaciones 0329-5885: Issn: Anuario@psi - Uba.ar
ISSN: 0329-5885
anuario@psi.uba.ar
Universidad de Buenos Aires
Argentina
A B C D E B F T U C V A T W V
(OSUHVHQWHGHVDUUROORVHEDVDHQHOQRYHGRVRDSRUWHTXH 7KLVGHYHORSPHQWLVEDVHGRQWKHQHZFRQWULEXWLRQPDGH
KLFLHUD:LQQLFRWWHQFRQHOWpUPLQR³GHSULYDFLyQ´ E\ :LQQLFRWW LQ ZLWK WKH WHUP ³GHSULYDWLRQ´ ZKLFK
FRQVWLWX\HQGR HO HMH FHQWUDO GHVGH GRQGH VH DERUGD OD FRQVWLWXWHVWKHPDLQIRFXVIURPZKHUHWKHLPSRUWDQFHDQG
LPSRUWDQFLDGHODLPSOLFDQFLD\SURYLVLyQGHODPELHQWH SURYLVLRQRIWKHHQYLURQPHQWLVWDFNOHGIURPFKLOGKRRGWR
GHVGHORVLQLFLRVGHODYLGDGHXQLQIDQWHKDVWDODDGXOWH] DGXOWKRRG
'HWHUPLQDGDVFRQGLFLRQHVDPELHQWDOHVVRQQHFHVDULDV &HUWDLQHQYLURQPHQWDOFRQGLWLRQVDUHQHFHVVDU\IRUWKH
SDUDTXHHOGHVDUUROORHPRFLRQDOGHFDGDLQGLYLGXRWHQJD HPRWLRQDOGHYHORSPHQWRIHDFKLQGLYLGXDOWRWDNHSODFH
OXJDUDSDUWLUGHODIXQFLyQGHOD³PDGUHVX¿FLHQWHPHQWH IURPWKH³JRRGHQRXJKPRWKHU´IXQFWLRQDQGE\H[WHQ
EXHQD´\SRUH[WHQVLyQODIDPLOLDODHVFXHOD\ODVRFLHGDG VLRQWKHIDPLO\VFKRRODQGVRFLHW\
6LDFRUGDPRVFRQORSURSXHVWRSRU:LQQLFRWWTXHODVDOXG ,IZHDJUHHWRZKDWLVSURSRVHGE\:LQQLFRWWWKDWLVLQGL
LQGLYLGXDOHVFRQGLFLyQSDUDFRQFHELUXQDVDOXGVRFLDOOD YLGXDOKHDOWKLVDFRQGLWLRQIRUFRQFHLYLQJVRFLDOKHDOWK
UHYLVLyQGHHVWDQRFLyQSHUPLWHYROYHUDSHQVDUODWHQGHQ WKHUHYLVLRQRIWKLVQRWLRQDOORZVWRUHWKLQNWKHSUHVHQWGD\
FLDDQWLVRFLDOHQODpSRFDDFWXDOFDUDFWHUL]DGDSRUXQD DQWLVRFLDOWHQGHQF\FKDUDFWHUL]HGE\DVRFLHW\LQZKLFK
VRFLHGDGGRQGHODWHQGHQFLDKRPRJHQHL]DQWHGHVGLEXMD WKHKRPRJHQL]LQJSURSHQVLRQEOXUVWKHWLPHDQGVSDFH
HOWLHPSR\HOHVSDFLRQHFHVDULRSDUDHOGHVSOLHJXHVXE QHHGHGIRUWKHVXEMHFWLYHGHSOR\PHQWRIHDFKRQHRILWV
MHWLYRGHFDGDXQRGHVXVLQGLYLGXRV LQGLYLGXDOV
.H\ZRUGV
G H I H J K H L M I H N O P P
'HSULYDFLyQ3URYLVLyQDPELHQWDO7HQGHQFLDDQWLVRFLDO 'HSULYDWLRQ$QWLVRFLDOWHQGHQF\3URYLVLRQHQYLURQPHQW
+HDOWK
Q
H I R S
4 * : 3 3 7 8 9 ! 8 ; * 3 6 8
(QHO,9&RQJUHVR,QWHUQDFLRQDOGHLQYHVWLJDFLyQ\SUiF ³FDVL´HQXQFLHQSRUFLHQWRODVQHFHVLGDGHV³ItVLFDV¿VLR
WLFDSURIHVLRQDOHQSVLFRORJtD;,;-RUQDGDVGH,QYHVWL OyJLFDV\SVLFROyJLFDV´GHVXKLMR
JDFLyQ\9,,,(QFXHQWURGH,QYHVWLJDGRUHVHQ3VLFRORJtD (QHVHDPELHQWHGRQGHHOWLHPSRVHYDGHVSOHJDQGRHQ
GHO0HUFRVXUQRYGHOUHDOL]DGRHQQXHVWUDFDVD XQDFRQWLQXLGDG\HOHVSDFLRFRPLHQ]DOHQWDPHQWHDHYL
ODIDFXOWDGGH3VLFRORJtDVHWUDEDMRDFHUFDGHOPRGRHQ GHQFLDUVHHO³EHEH´SXHGHWHQHUEUHYHVH[SHULHQFLDVHQ
TXH'::LQQLFRWWFRPSUHQGHHOFRQFHSWRGH³VDOXG´ ODVTXH³FUHHTXHFUHDXQREMHWR´(VWRVSULPHURVREMHWRV
(VWHWpUPLQRSDUDpOYDPiVDOOiGHOELQRPLRVDOXGHQ FUHDGRV:LQQLFRWWORVKRPRORJDDODDOXFLQDFLyQ\SODQWHD
IHUPHGDG\HVLPSHQVDEOHRELHQLQFRQFHELEOHSRUIXHUD TXHHQORVLQLFLRVORPiVLPSRUWDQWHVHMXJDUiVLOD06%
GHODDUWLFXODFLyQFRQHO³DPELHQWH´HQHOTXHFUHFHVH SRVLELOLWDTXHHVWHWLSRGHH[SHULHQFLDVVHUHSLWDQRIUHFLHQ
GHVDUUROOD\SDUWLFLSDXQLQGLYLGXR&RPSUHQGLHQGRSRU GRDTXHOORTXHHOEHEHHVWiDSXQWRGHFUHDUDOXFLQDU
³DPELHQWH´DTXHOODVUHVSXHVWDVSURYLVLyQRIDFLOLWDFLyQ ³«XQREMHWRUHDOHVWpH[DFWDPHQWHDOOtGRQGHHOEHEHDOX
TXHVHEULQGDQRQRGHVGHODPiVWHPSUDQDLQIDQFLD\ FLQDXQREMHWRGHPRGRWDOTXHHOEHEHVHKDJDODLOXVLyQ
FRQWLQ~DQVRVWHQLGDVHQXQFRPSOHMRGHVSOLHJXHKDVWD GHTXHHOPXQGRSXHGHVHUFUHDGR\GHTXHORTXHHVFUHD
ODDGXOWH]'HVGHXQMXJDUGHVSUHRFXSDGR\HVSRQWiQHR GRHVHOPXQGR´S
KDFLDXQDH[SHULHQFLDFXOWXUDO'HVGHODUHODFLyQFRQXQ
RWURTXH:LQQLFRWWGH¿QHFRPR³PDGUHVX¿FLHQWHPHQWH (VWHSXQWRVHGHVDUUROODPiVDGHODQWHSHURYDOHODSHQD
EXHQD´06%KDVWDORVLQGLYLGXRVTXHIRUPDQSDUWHGH GHVWDFDUHQHVWDFLWDHOOXJDU\YDORUTXH:LQQLFRWWRWRUJD
XQDFRPXQLGDGVRFLDOLQFLGLHQGRODFRQWLQXDLQWHUDFFLyQ DODIXQFLyQGHODPELHQWHTXHHQORVFRPLHQ]RVXQLQIDQ
FRQ HO PHGLR DPELHQWH KDVWD OD PXHUWH ELROyJLFD GHO WHQRSXHGHGLIHUHQFLDUFRPRVHSDUDGRRGLVWLQWRGHpO
LQGLYLGXR SHURFLPHQWDODVEDVHVSDUDODFRQ¿DELOLGDGHQHOPLVPR
(VWDOyJLFDQHFHVDULDTXHQRVSURSRQHHODXWRU\TXHYD 6HSXHGHSUHFLVDUDXQPiVSRUTXpSDUD:LQQLFRWWOD
GHVSOHJDQGR HQ XQD FRQWLQXLGDGFRQWLJLGDG HVSDFLR VDOXGQRVLJQL¿FDDXVHQFLDGHHQIHUPHGDGDOPHMRUHVWLOR
WLHPSRGRQGHORVLQJXODUVXEMHWLYRVHYDFRQVWLWX\HQGR PpGLFRFLHQWL¿FLVWDVLQRTXHDOXGHDXQFRPSOHMRHQWUD
HQODWUDPDFRQ³RWUR´VHYDWHMLHQGRXQD\FDGDYH]KDFLD PDGRGHYDULDEOHVHQMXHJR
XQ ³VHUVLHQGR´ SRVLELOLWDQGR D FDGD VXMHWR GHVFXEULU (QDTXHOODRSRUWXQLGDGQRYGHOHOSURSyVLWRFRQ
FRQVWUXLUXQDUHDOLGDGTXHSRFRDSRFRVHLUiDPSOLDQGR VLVWLyHQDQDOL]DU\DUWLFXODUODVFRQGLFLRQHVTXHHODXWRU
\FRPSOHML]DQGRHQJUXSRVVRFLDOHVFDGDYH]PiVYDVWRV FRQVLGHUDED QHFHVDULDV SDUD XQD SURYLVLyQ VX¿FLHQWH
\KHWHURJpQHRVFRPRVRQODIDPLOLDODHVFXHOD\HOWUD PHQWHEXHQD
EDMRHQWUHRWURV (QHVWDRSRUWXQLGDGVHLQWHQWDXQDDSUR[LPDFLyQDODQi
/yJLFDSDUDGRMDOGRQGHODSUHVHQFLDGHXQRWURHVFRQGL OLVLVGHORVFRQFHSWRV³GHSULYDFLyQ´\³IDOODHQODSURYLVLyQ
FLyQQHFHVDULDSDUDHODGYHQLPLHQWRGHXQVXMHWRDODYH] DPELHQWDO´HQUHODFLyQDORTXH:LQQLFRWWFRQVLGHUD³VDQR´
TXHQRHVGHWHUPLQDQWH R ³VDOXGDEOH´ GHVWDFDQGR OD LPSRUWDQFLD QHFHVDULD HQ
(QHVWDOtQHDVRQFODUDVODVUHIHUHQFLDVGH6)UHXGFXDQ TXH ODV SHUVRQDV TXH LQWHJUDQ XQD VRFLHGDG VH KDJDQ
GRSODQWHDODLPSRUWDQFLDQHFHVDULDGHXQ³RWURDX[LOLDGRU´ FDUJRGHVXVLQGLYLGXRVHQIHUPRVHQWDQWRTXHODVDOXG
DQWHODLQGHIHQVLyQSURSLDGHOQDFLPLHQWRRELHQFRPROR VRFLDOGHSHQGHGHODVDOXGLQGLYLGXDO\FRQVLGHUDQGRTXH
GH¿QHWHPSUDQDPHQWH-/DFDQXQRWURGHOGHVHRQHFH XQDVRFLHGDGHVXQDPXOWLSOLFDFLyQGHSHUVRQDV
VDULRSDUDTXHHOYLYLHQWHTXHGHXELFDGRHQUHODFLyQDO /D pSRFD TXH WUDQVLWDPRV VH FDUDFWHUL]D SRU SROtWLFDV
IDORSDUDHORWURPDWHUQR HFRQyPLFDVSUHGRPLQDQWHPHQWHFLHQWt¿FRWHFQRFUiWLFDV
:LQQLFRWWGH¿QHFRQORVWpUPLQRV³PDGUHVX¿FLHQWHPHQ FX\RHIHFWRKRPRJHQHL]DQWHSRQHHQSHOLJURGHH[WLQFLyQ
WHEXHQD´DTXHOODIXQFLyQYLWDO\QHFHVDULDSDUDTXHXQ ODVFRVWXPEUHV\WUDGLFLRQHVFXOWXUDOHVSURSLDVGHFDGD
VXMHWRDGYHQJDFRPRWDOSHURWDPELpQXELFDFRPRFRQ FRPXQLGDG'HODPLVPDIRUPDODVFDWHJRUtDVGHWLHPSR
GLFLyQQHFHVDULDODIXQFLyQSDWHUQDDWUDYpVGHODSURYLVLyQ \HVSDFLRYDQSHUGLHQGRHOYDORUUHTXHULGRSDUDODFRQVWL
GHXQDPELHQWHIDFLOLWDGRUSDUDTXHODIXQFLyQPDWHUQD WXFLyQVXEMHWLYDGHOGHVDUUROORGHXQVXMHWR\VXFRQ¿DEL
SXHGDGHVSOHJDUVHFRQHVDSDUWLFXODULGDGTXHOHSHUPLWD OLGDGHQHODPELHQWHHQWDQWRSRVLELOLWDGRUGHOHQWUDPDGR
DGDSWDUVHDODVGHPDQGDVGHOLQIDQWH3DUWLFXODULGDGTXH GHOD]RVVRFLDOHV
GHQRPLQD³ORFXUDPDWHUQDSULPDULD´R³GHYRFLyQPDWHUQD´ 6XUJHQODVVLJXLHQWHVSUHJXQWDV¢3RGUtDPRVFRQVLGHUDU
GHVHDEOHRHVSHUDEOHIXQGDPHQWDOPHQWHHQODV~OWLPDV OD³GHSULYDFLyQ´FRPRXQDFDUDFWHUtVWLFDGHODVRFLHGDG
VHPDQDV GH HPEDUD]R \ SULPHUDV VHPDQDV GHO UHFLpQ GHQXHVWUDpSRFD"¢(VSRVLEOHLPSOHPHQWDUHVWUDWHJLDV
QDFLGR/DPDGUHRTXLHQRFXSHHVWHOXJDUHQHOPHMRU SDUDTXHHOFRQMXQWRGHODVSHUVRQDVLQWHJUDQWHVIDPLOLD
HVFXHOD LQVWLWXFLRQHV« GH XQD VRFLHGDG SXHGDQ KD
l m
6HVXJLHUHODOHFWXUDGHODSRQHQFLDGHPLDXWRUtD7tWXOR
n m n n n u n n w m
b c d e f g h
n
i j k
FHUVHFDUJR"6RQSUHJXQWDVFRPSOHMDVSDUDXQDSURQWD
d o p q k d k p r o i s g s t d k g s j g s d i v j d g k t i i v j p s d h s p i k h x
UHVSXHVWDTXHDGHPiVUHODQ]DQKDFLDRWUDVSUHJXQWDV
ELHQWH8QDUHÀH[LyQGHVGHHODQiOLVLVUHDOL]DGRSRUHOSVLFRDQDOLVWD
y z
(Q0HPRULDVGHODOGHQRYLHPEUH,9
{ z {
u
&RPRSVLFRDQDOLVWDVQRSRGHPRVGHVHQWHQGHUQRVGHORV
GLVFXUVRV\³PRGRV´TXHVHLQVWDODQHQQXHVWUDVRFLHGDG
i j j i k e e
&RQJUHVR,QWHUQDFLRQDOGH,QYHVWLJDFLyQ\3UiFWLFD3URIHVLRQDOHQ
3VLFRORJtD;,;-RUQDGDVGH,QYHVWLJDFLyQ9,,,(QFXHQWURGH,QYHV GLULJLGRVDTXHWRGRVORVFLXGDGDQRVLQGLVFULPLQDGDPHQWH
WLJDGRUHVHQ3VLFRORJtDGHO0HUFRVXU)DFXOWDGGH3VLFRORJtD8%$ FRQVXPDQORTXHHOPHUFDGRLQVLVWHQWHPHQWHRIUHFHLQYD
&$%$$UJHQWLQD (O SUHVHQWH HVFULWR FRQWLQ~D OD PLVPD OtQHD GH OLGDQGRODVGLIHUHQFLDVHWDULDV\FXOWXUDOHVSHURDGHPiV
DQiOLVLVHQHOPDUFRGHOSUR\HFWR8%$&\7³5HODFLRQHV FRQHIHFWRVQRYHGRVRVHQODFOtQLFDPRWLYRTXHFRQGXMRD
DGLFWLYDV\(FRQRPtDGH*RFH´'LUHFWRU)OHLV
FKHU'HERUDK6XEGLUHFWRU%HUGXOODV3LODU
TXHPXFKRVFROHJDVDFXHUGHQHQODFDUDFWHUL]DFLyQGHORV
³QXHYRVVtQWRPDV´DFDXVDGHOGHVHQIUHQRSXOVLRQDO 6LHQORVLQLFLRVODIXQFLyQGHVRVWpQIDOODUHLWHUDGDPHQWH
,QWHQWDUHQFRQWUDUUHVSXHVWDVTXHDSXQWHQDHVFODUHFHU HOULHVJRTXHFRQOOHYDHVDOIUDFDVRGHODIXQFLyQTXHSRVL
HVWDVLWXDFLyQDFWXDOODTXHFRUURERUDPRVGtDDGtDHQ ELOLWHODFRQWLQXLGDGGHOVHJXLUVLHQGR\HQFRQVHFXHQFLDVH
QXHVWURV FRQVXOWRULRV HV OR TXH FDXVD HVWH UHFRUULGR PDQL¿HVWHXQDUtJLGDRUJDQL]DFLyQGHIHQVLYDFRQHO¿QGH
HPSH]DQGRDVtSRUGH¿QLUTXpVHHQWLHQGHSRU³GHSULYD DVHJXUDUGLFKDFRQWLQXLGDGFDUDFWHUtVWLFDGHORVHVWDGRV
FLyQ´\³WHQGHQFLDDQWLVRFLDO´VHJ~QODSURSXHVWDZLQQLFR DXWLVWDV\HVTXL]RIUHQLDV/DLQWUXVLyQWHPSUDQDPHQWHYLYL
WWLDQD FRQ HO ¿Q GH SUHFLVDU HO OXJDU TXH MXHJDQ HVWRV GDSRUHOLQIDQWHLPSOLFDKDEHUQRWDGRHOVRVWpQDQLYHOGH
FRQFHSWRVHQQXHVWURVGtDV ODGHSHQGHQFLDDEVROXWDPRPHQWRHQTXHGHSHQGHGHRWUR
\QRORVDEHSHURDGHPiVVLHQGRD~QLQFDSD]GHGLVWLQJXLU
ORSURSLR\ORRWURORLQWHUQR\ORH[WHUQR
| } ~ [ [ \ \
5HWRPDQGRODFLWDH[SUHVDGDHQODLQWURGXFFLyQDFHUFDGH /DSULYDFLyQHQWRQFHVHVSURSLDGHOIUDFDVRGHODIXQFLyQ
ORVLQLFLRVGHODYLGD\ODLPSRUWDQFLDGHXQDPELHQWHIDFL 06%HQODGHSHQGHQFLDDEVROXWDFXDQGRHOVXMHWRD~QVH
OLWDGRU HQFXHQWUDHQYtDVGHLQWHJUDFLyQSURYRFDQGRXQDUHDF
³«XQREMHWRUHDOHVWpH[DFWDPHQWHDOOtGRQGHHOEHEHDOX FLyQHQHOLQIDQWHDFDXVDGHOTXLHEUHHQHOWLHPSRGHO
FLQDXQREMHWRGHPRGRWDOTXHHOEHEHVHKDJDODLOXVLyQ VHJXLUVLHQGR
GHTXHHOPXQGRSXHGHVHUFUHDGR\GHTXHORTXHHVFUHD /DSURYLVLyQQRSHUFLELGDFRPRYLQLHQGRGHOH[WHULRUVLQR
GRHVHOPXQGR´S ³H[SHULHQFLDGD´FRPRFUHDFLyQGHOVXMHWR³H[SHULHQFLDGH
RPQLSRWHQFLD´\³JHVWRHVSRQWiQHR´HVODEDVHGHOVHU
6HWUDWDUiGHSUHFLVDUSRUTXpSDUD:LQQLFRWWWRGRVORV VLHQGR6RORHQWRQFHVODGHSHQGHQFLDDEVROXWDWLHQGHD
VXMHWRVHQYtDVGHFRQVWLWXFLyQHVWDUtDQH[SXHVWRVVHJ~Q DEULUVHSDVRKDFLDOD³GHSHQGHQFLDUHODWLYD´HQXQDFRQ
FRPRIDOOHODSURYLVLyQGHODPELHQWHDSDGHFHUXQD³GH WLQXLGDGFRQWLJLGDGGHOPRYLPLHQWRKDFLDODVHSDUDFLyQ
SULYDFLyQ´ 6LODIXQFLyQGH³VRVWpQ´VHFXPSOHMXQWRFRQODVIXQFLR
QHVGH³PDQLSXODFLyQ´\³SUHVHQWDFLyQGHREMHWR´GDUiOX
%UHYHPHQWHVHLQWHQWDUDXELFDUORVSXQWRVQRGDOHVHQ JDUDTXHHOSURFHVRKDFLDOD³LQWHJUDFLyQ´FRQWLQ~HKDFLD
UHODFLyQDODLPSRUWDQFLDGHODSURYLVLyQDPELHQWDOQHFH OD³SHUVRQDOL]DFLyQ´\GHVGHDKtKDFLDOD³LQGHSHQGHQFLD´
VDULRVSDUDODFRPSUHQVLyQGHHVWHWpUPLQRQRYHGRVRTXH FRPSOHML]iQGRVHFDGDYH]PDV(QVXWH[WRGH³/DV
DSRUWDHODXWRU SVLFRVLV\HOFXLGDGRGHQLxRV´:LQQLFRWWD¿UPD
(QYDULRVDUWtFXORVOLEURVFRQIHUHQFLDV\FRUUHVSRQGHQ ³OD¿QDOLGDGGHOFXLGDGRGHQLxRVQRUHVLGHVRODPHQWHHQ
FLDV:LQQLFRWWDFODUyTXHHQOtQHDVJHQHUDOHVODVIDPLOLDV\ SURGXFLUXQQLxRVDQRVLQRHQSHUPLWLUWDPELpQHOGHVDUUROOR
SULQFLSDOPHQWHODVPDGUHVRDTXHOODSHUVRQDTXHFXPSOD GH¿QLWLYRGHXQQLxRVDQR´\SRUORWDQWR³ODIXQGDFLyQGHOD
HVWDIXQFLyQGHVHPSHxDQH[LWRVDPHQWHHVWRVSULPHURV VDOXGPHQWDOGHFDGDQLxRFRUUHVSRQGHDODPDGUHPHGLR
PRPHQWRVGHFXLGDGR\DWHQFLyQTXHUHVXPHHQODVIXQFLR DPELHQWHGXUDQWHHOSHUtRGRHQTXHVHSUHRFXSDGHOFXLGD
QHVGH³VRVWpQ´³PDQLSXODFLyQ´\³SUHVHQWDFLyQGHREMHWR´ GRGHOSHTXHxR´S
SRVLELOLWDGRUDVGHOGHVDUUROORPDGXUDWLYR\HPRFLRQDO
/D GHSHQGHQFLD UHODWLYD HV HO WLHPSR HQ TXH HO LQIDQWH
6HLQYHVWLJyHQHOSUR\HFWRDFWXDO\HQHOSUR\HFWR8%$&\7
7LWXOR ³$OFDQFHV \ DFWXDOLGDG GHO FRQFHSWR GH FRPSXOVLyQ
FRPLHQ]DDWHQHUQRWLFLDGHVtFRPRGLVWLQWRGHODPELHQWH
6XUHODFLyQFRQODVDGLFFLRQHV´3'LUHFWRU)OHLVFKHU'HERUDK LQLFLDO\HORWURPDWHUQRIDFLOLWDGRUFRPLHQ]DHQHOPHMRU
6XEGLUHFWRU8PpUH]2VYDOGR6HSXEOLFDURQORVVLJXLHQWHVWUDED GHORVFDVRVDIDOODUJUDGXDOPHQWH
MRV ³(O OXJDU GHO IHWLFKH HQ HO GLVFXUVR GH )UHXG \ GH 0DU[ D OD &RQHOWpUPLQR³SHUVRQDOL]DFLyQ´:LQQLFRWWUH¿HUHDOPR
OX]GHODpSRFDDFWXDOSRVPRGHUQD´SXEOLFDGRHQ$QXDULR PHQWRHQTXHODSVLTXHFRPLHQ]DDKDELWDUHOFXHUSRGHO
³(FRQRPtD SVtTXLFD GH OR FXDQWLWDWLYR D OR SROtWLFR´ SXEOLFDGR HQ PLVPRPRGRTXHODVIXQFLRQHVFRUSRUDOHVSURSRUFLRQDQOD
0HPRULDV ,,, &RQJUHVR ,QWHUQDFLRQDO GH LQYHVWLJDFLyQ \ SUiFWLFD
SURIHVLRQDOHQSVLFRORJtD;9,,,-RUQDGDVGH,QYHVWLJDFLyQ6pSWLPR
EDVHGHXQ³\RFRUSRUDO´SULPHUDXQLGDGTXHSRVLELOLWDSHU
(QFXHQWUR GH ,QYHVWLJDGRUHV HQ 3VLFRORJtD GHO 0HUFRVXU QRYLHP FLELUORRWURGLVWLQWRGHVt0RPHQWRGHOLFDGRGHODLQWHJUD
EUHGH,661,6%1 FLyQGRQGHVHMXHJDORKHUHGDGRELROyJLFDPHQWHDOPLVPR
l u m u n n
s e i i h k x s e i s s j d s g p s
d d k d i i v j q
GHLQYHVWLJDFLyQ\SUiFWLFD3URIHVLRQDOHQ3VLFRORJtD;9,,MRUQDGDV FRPRSURSLDHQHOGHOLFDGRFLUFXLWRHQWUHORTXHHVYLYLGR
GHLQYHVWLJDFLyQVH[WRHQFXHQWURGHLQYHVWLJDGRUHVHQSVLFRORJtD FRPRSURSLR\DMHQRHQWUHORTXHSRVLELOLWDODH[SHULHQFLDGHO
GHO0HUFRVXUQRYLHPEUH,661,6%1³9DULDFLRQHV
HQODFDXVDFLyQGHOVXMHWR´SXEOLFDGRHQ0HPRULDV,,&RQJUHVR,Q
MXHJRHVSRQWiQHR\ORVIHQyPHQRVWUDQVLFLRQDOHV
WHUQDFLRQDO GH LQYHVWLJDFLyQ \ SUiFWLFD 3URIHVLRQDO HQ 3VLFRORJtD (OLQIDQWHFRPLHQ]DHQWRQFHVDGDUVHFXHQWDGHVXGH
;9,,MRUQDGDVGHLQYHVWLJDFLyQVH[WRHQFXHQWURGHLQYHVWLJDGRUHV SHQGHQFLDOHQWDPHQWHHPSLH]DDFRPSUHQGHUTXHODPD
HQSVLFRORJtDGHO0HUFRVXUQRYLHPEUHGHO,661,6%1 GUHOHHVQHFHVDULDVHLQLFLDODFRPSUHQVLyQLQWHOHFWXDO
³/DHFRQRPtDGHJRFHHQHOIHWLFKLVPR\ODDGLFFLyQ q
SHURVLODPDGUHVHDXVHQWDSRUXQWLHPSRPiVSURORQJDGR
FDGRHQ$QXDULR;9,,,6619ROXPHQ;9,,
TXHHOGHODFDSDFLGDGGHOEHEHSDUDFUHHUHQODVXSHUYL
GHOPHUFDGRFDSLWDOLVWDVXVWLWX\HODOH\HGtSLFD¢'HFOLQDFLyQRFD
VRLQVX¿FLHQFLDGHODIXQFLyQGHO13"´ HQ0HPRULDV,&RQJUHVR
YHQFLDGHHOODVXUJHODDQJXVWLD
:LQQLFRWWFRQVLGHUDXQLPSXOVRGHVWUXFWLYRSRUGH¿QLFLyQ
,QWHUQDFLRQDOGH,QYHVWLJDFLyQ\3UiFWLFD3URIHVLRQDOHQ3VLFRORJtD
;9,-RUQDGDVGH,QYHVWLJDFLyQ4XLQWR(QFXHQWURGH,QYHVWLJDGRUHV SULPDULRLQGLVFHUQLEOHGHODPRU³LQVWLQWLYR´LQKHUHQWHDODV
HQ3VLFRORJtDGHO0HUFRVXUDJRVWRGH,661,6%1
K O K L H L O H H L P
³5HODFLRQHVDGLFWLYDV¢IUDFDVRGHODIXQFLyQDJDOPiWLFD q s h k x
V,9&RQJUHVR,QWHUQDFLRQDOGHLQYHVWLJDFLyQ\SUiFWLFDSURIHVLR
/DSDODEUD,QIDQWHGHVLJQDDOQLxRPX\SHTXHxRLPSOLFD³TXHQR
n
g i
³SDUDHOEHEHHOLPSXOVRSULPLWLYRHVDQWHULRUDODFUXHOGDG FRQWLQXLGDGGHODH[LVWHQFLDFRQOOHYDDXQDRUJDQL]DFLyQ
\VyOROOHJDDVHQWLUTXHIXHFUXHOFXDQGR¿QDOPHQWHVHLQ GHIHQVLYDTXHFRQVLVWHHQOD³GLVRFLDFLyQ´GHDTXHOORTXH
WHJUD\VHFRQYLHUWHHQXQDSHUVRQD~QLFD\UHVSRQVDEOH QRSXGRVHU³H[SHULHQFLDGR´RHQRWUDVSDODEUDVQRSXGR
TXHPLUDHOSDVDGR´VIHFKDS ¡ ¢ £ ¤ ¥ ¦ ¡ § ¨
VHULQWHJUDGRHQODYLGDGHOVXMHWR&RQVROLGDQGRVHDVtOD
EDVHGHXQUHFODPRTXHDOQRKDEHUWHQLGROXJDULQVLVWH
(OFUHFLPLHQWRGHOLQIDQWHVHYDGDQGRDWUDYpVGHXQLQ FRPRXQUHFODPRDQDFUyQLFREDMRODPRGDOLGDGGHLPSXO
WHUFDPELRFRQWLQXRHQWUHODUHDOLGDGLQWHUQD\H[WHUQDTXH VLRQHV\DFWLQJ(VHUHFODPRLQWDFWR³FRQJHODGR´TXHGDD
GHHVWHPRGRVHHQULTXHFHUHFtSURFDPHQWH ODHVSHUDGHSUHVHQWDUVHWRGDYH]TXHXQPHGLRFRQ¿DEOH
³(OQLxR\DQRHVVyORXQFUHDGRUSRWHQFLDOGHOPXQGRVLQR SRUHMODHVFXHODRHOFRQVXOWRULRGHXQDQDOLVWDKDJDOX
TXHWDPELpQVHYXHOYHFDSD]GHSREODUORFRQPXHVWUDVGH JDU/RGLVRFLDGRHQWRQFHVFRPDQGDODHVFHQD\EDMROD
VXSURSLDYLGDLQWHULRU*UDGXDOPHQWHOOHJDDDEDUFDUFDVL PRGDOLGDGFRPSXOVLYDUHFODPDDWDFDQGR\SRQLHQGRD
WRGRVORVKHFKRVH[WHUQRV\ODSHUFHSFLyQHVFDVLVLQyQLPD SUXHEDODHVWDELOLGDGGHOHVSDFLRFRPRXQLQWHQWRDGHV
GHFUHDFLyQ´S WLHPSRGHTXHHODPELHQWHUHPHGLHORTXHIXHGDxDGR
/DGHSULYDFLyQHQWRQFHVHQWRUSHFH\REVWDFXOL]DDVtOD
:LQQLFRWWFRQVLGHUDTXHHVWDIDVHGXUDDSUR[LPDGDPHQWH FRQWLQXLGDGGHOSURFHVRTXHSRVLELOLWHHOMXLFLR\ODRSHUD
GHVGHORVVHLVPHVHVKDVWDORVGRVDxRVFRQWLQXDQGRHO WLYLGDGGHODOH\
SURFHVR³KDFLDODLQGHSHQGHQFLD´$SDUWLUGHODLQWHJUD (OURERODPHQWLUDODGHVWUXFWLYLGDGVRQORVVLJQRVTXH
FLyQSXHGHHPSH]DUDFRQWURODUORVLPSXOVRVGHVWUXFWLYRV GHQXQFLDQTXHKXERIDOODVHQODSURYLVLyQGHODPELHQWH
DODYH]TXHODDPHQD]DGHFUXHOGDGHQJHQGUDHQpOXQD (VWDV³FRQGXFWDVDQWLVRFLDOHV´FRQVWLWX\HQXQOODPDGRDO
FXOSDLQWROHUDEOH'HDKtODLPSRUWDQFLDGHFyPRUHVSRQGD RWURDRFXSDUVHGHVX³PDQHMR´6LWRPDPRVFRPRHMHP
HODPELHQWHIDFLOLWDGRUR06%HOLQIDQWHSRGUiVHUFDSD] SORHOURERTXH:LQQLFRWWOHHFRPRXQLQWHQWRSRUSDUWH
GHSUHRFXSDUVHSRUHORWUR\DVXPLUODUHVSRQVDELOLGDG GHOVXMHWRGHUHVWLWXLUOHDOREMHWRFUHDGRVXYDORUVLPEyOL
SRU VXV LPSXOVRV FRQVWLWX\HQGR XQR GH ORV HOHPHQWRV FRHOTXHKDEtDDOFDQ]DGR\SHUGLy(VXQDFWRVXEMHWLYD
IXQGDPHQWDOHVGHOMXHJR\HOWUDEDMR/DSUHRFXSDFLyQ PHQWHOHJtWLPRSRUTXHWLHQHGHUHFKRDUHFXSHUDUVXFUHD
SRUHORWURHVVLQyQLPRGHVDOXG\XQUDVJRLPSRUWDQWHGH FLyQHOURERHVXQDFWRTXHUHD¿UPDTXH³KD\REMHWR´\
ODYLGDVRFLDOLPSOLFDXQFRPSOHMRSURFHVRTXHQRVHUi SRUHOORHVHOIXQGDPHQWRGHHVSHUDQ]D(OURERHVDOD
GHVDUUROODGRHQHVWDRSRUWXQLGDG PDGUH\ODGHVWUXFFLyQSRQHDSUXHEDODFRQ¿DELOLGDGGHO
/DV H[SHULHQFLDV TXH SXHGD SURYHHU HO DPELHQWH YDQ DPELHQWHTXHSXHGDVRSRUWDU\WROHUDUFRPRLQWHQWRGH
SRVLELOLWDQGR\KDELOLWDQGRHOFDPLQRKDFLDODLQGHSHQGHQ GHYROYHUDOERUGHVXYDORUGHOtPLWH\WRUQHDSURSLDEOHHO
FLD(VWHSURFHVRQRHVOLQHDO\DTXHHOQLxRVHHQFXHQWUD HVSDFLRTXHKDELWDHOYDORUGHDSHODFLyQDOSDGUH
FRQWLQXDPHQWHSDVDQGRGHXQDGHSHQGHQFLDDEVROXWDD /DVRFLHGDGWLHQGHDUHDFFLRQDUEDMRODPRGDOLGDGGHOD
ODUHODWLYD\GHHVWDDODLQGHSHQGHQFLD YHQJDQ]D R HO VHQWLPHQWDOLVPR UHDFFLyQ TXH QR KDFH
³/DLQGHSHQGHQFLDQRHVQXQFDDEVROXWD(OLQGLYLGXRVDQR OXJDU D OD GLPHQVLyQ GHO OODPDGR 5HVSXHVWDV TXH GDQ
QRTXHGDDLVODGRVLQRTXHVHUHODFLRQDFRQHODPELHQWHGH OXJDUDOFDVWLJRDODYH]TXHGHVHQFDGHQDQODUHSHWLFLyQ
XQPRGRWDOTXHSXHGHGHFLUVHTXHpO\VXPHGLRVRQLQWHU \ DEUHQ HO FDPLQR XQD YH] PiV SDUD TXH OD WHQGHQFLD
GHSHQGLHQWHV´S DQWLVRFLDOVHDEUDSDVRKDFLDODGHOLQFXHQFLD
(QODDFWXDOLGDGORVGHEDWHVVREUHODVSHQDVLPSXWDEOHV
/XHJRGHKDEHUXELFDGREUHYHPHQWHODLPSRUWDQFLD\ DORVDFWRVGHOLFWLYRVGHORVMyYHQHVVHHQFXHQWUDQHQVX
©
YDORUTXH:LQQLFRWWFRQ¿HUHDODSURYLVLyQVX¿FLHQWHGHO DSRJHRFHQWUDGRVHQHGDGHVFDGDYH]PiVWHPSUDQDV
DPELHQWHHVLPSRUWDQWHGHVWDFDUTXHWRGRORTXHKDVLGR HQHOLQWHQWRIDOOLGRRHQJDxRVRGHOOHYDU³VHJXULGDG´DOD
ORJUDGRRDOFDQ]DGRSRUHOLQIDQWHGXUDQWHHOWLHPSRGH VRFLHGDGVLQFRQVLGHUDUXQDQiOLVLVPiVDPSOLRTXHFRQ
GHSHQGHQFLDSXHGHSHUGHUVHGHELGRDIDOODVUHLWHUDGDVR VLGHUHODFRPSOHMLGDGGHODVYDULDEOHVLPSOLFDGDV
IUDFDVRV HQ OD SURYLVLyQ DPELHQWDO SXQWR SDUDGRMDO HQ 2WURUDVJRFDUDFWHUtVWLFRGHQXHVWUDpSRFDORREVHUYD
WDQWRFRQVLVWHHQTXHQRSXHGHQRIDOODU PRVGLDULDPHQWHHQODVSURSDJDQGDVPHGLiWLFDVTXHWLH
(VHQORVTXLHEUHVTXHVHSURGXFHHQODFRQWLQXLGDGGHO QHQHQFRP~QOD¿QDOLGDGGHTXHWRGRVORVFLXGDGDQRV
VHJXLUVLHQGRGXUDQWHODGHSHQGHQFLDUHODWLYDGRQGH:LQ ³FRPSUHQ´³FRQVXPDQ´FRQODSURPHVDIDOD]GHELHQHV
QLFRWWXELFDOD³GHSULYDFLyQ´HQHVHPRPHQWRGRQGHOD
H K ª « S O O « S O « O O « O S O I H L O S H S O L O « O K O L O L S O I H L
FRQVWLWXFLyQGHERUGHSHUPLWHFRPHQ]DUDGLIHUHQFLDUOR SHUVRQDV(OPHUFDGRLPSRQHVXVSURGXFWRVJHQHUDQGR
GLVWLQWRGHVt\DORMDUDOJRGHVtWLHPSRGRQGHHOHVSDFLR QHFHVLGDGHV¿FWLFLDVTXHDSXQWDQDOVXMHWRHQVXLQGLYL
HPSLH]DDSREODUVHSRFRDSRFRGHREMHWRVUHDOHVVREUH GXDOLGDGLQGHSHQGLHQWHGHOOD]RFRQORVRWURVVLQFRQVL
ODWUDPDGHORWUDQVLFLRQDOLQVWLWX\HQGROD]RQDSRWHQFLDO GHUDUOD³SUHRFXSDFLyQSRUHORWUR´
SURSLFLDSDUDHOGHVSOLHJXHGHODH[SHULHQFLDFUHDWLYD\ 7UDQVLWDPRVXQDpSRFDGRQGHHOYDORUGHOWLHPSR\GHO
VLQJXODUHQFDGDVXMHWR/RVREMHWRVVRQUHDOHVHQWDQWR HVSDFLRKDVLGRWUDVWRFDGR\GRPLQDGRSRUHOYDORUSROtWL
H[LVWHQ LQGHSHQGLHQWHPHQWH GH pO D OD YH] HO QLxR ORV FRHFRQyPLFRUHLQDQWH
YLYHFRPRSDUWHGHVXFUHDFLyQ'HDKtODLPSRUWDQFLDTXH :LQQLFRWWWHRUL]yVREUHHOOXJDUQHFHVDULRTXHGHVHPSH
:LQQLFRWWGHVWDFDHQQRSUHJXQWDUDOQLxRVLHOREMHWRIXH xDXQDPELHQWHPHGLDQDPHQWHFRQ¿DEOHGRQGHQDFH\
HQFRQWUDGRRFUHDGR FUHFHXQVXMHWR\ODVFRQVHFXHQFLDVHLPSOLFDQFLDVTXH
(OIUDFDVRHQODSURYLVLyQDPELHQWDOGXUDQWHHVWHSURFHVR UHFDHQVREUHHO
GHVXEMHWLYDFLyQ\VHSDUDFLyQHQFXHQWUDOD³UHDFFLyQ´FR :LQQLFRWWDQDOL]yODVFDXVDVGHODWHQGHQFLDDQWLVRFLDOVL
PRUHVSXHVWDGHOVXMHWRTXHDFDXVDGHOTXLHEUHHQOD ELHQXELFDORVRUtJHQHVWHPSUDQDPHQWHHQODGHSHQGHQ
9DOHODSHQDPHQFLRQDUSDUWHGHORSUHVHQWDGRHQDTXHOOD WLVRFLDOTXHGHEHVHUWHQLGDHQFXHQWDORVVHQWLPLHQWRVGH
RSRUWXQLGDGQRYGHODFHUFDGHTXLpQHVVHUtDQORV YHQJDQ]DGHODVRFLHGDG
LQGLYLGXRVTXHSXHGHQFRQVLGHUDUVHVDQRVVHJ~Q:LQQLFR $KRUDELHQORVVHQWLPLHQWRVGHYHQJDQ]DS~EOLFRVQRVH
WWVLHQGRDTXHOORVTXHSXHGHQLGHQWL¿FDUVHFRQODFRPXQL H[SHULPHQWDQQHFHVDULDPHQWHFRQUHVSHFWRDWRGRV\FDGD
GDGHQODTXHYLYHQVLQSHUGHUGHPDVLDGRGHVXLPSXOVR XQRGHORVDFWRVDQWLVRFLDOHVSHURFXDQGRXQDIDOWDRGHOLWR
FUHDWLYRVLQJXODUHLQGHWHUPLQDGRGHVWDFDQGRODLPSRUWDQ QRHVFDVWLJDGRLQFUHPHQWDHOUHVHUYRULRGHYHQJDQ]DS~
FLDGHTXHXQDSHUVRQDVLHQWDTXHHVWiYLYLHQGRVXSURSLD EOLFDLQFRQVFLHQWH\DPHQRVTXHHVWDYHQJDQ]DVHH[SUHVH
YLGDKDFLpQGRVHFDUJRGHVXVORJURV\IUDFDVRV HQIRUPDSHULyGLFDVDOGUiDUHOXFLUGHDOJ~QPRGRGHVDJUD
/DVDOXGVHHQOD]DFRQHOYLYLUODVSHUVRQDVVDQDVSXH GDEOH/DIXQFLyQSULQFLSDOGHORVSURFHGLPLHQWRVMXUtGLFRV
GHQFDUDFWHUL]DUVHSRUYLYLUXQDYLGDULFDGHH[SHULHQFLDV HV HYLWDU HO OLQFKDPLHQWR HO FDVWLJR LPSXHVWR SRU SURSLD
VXEMHWLYDVRELHQSUHGRPLQDUODVUHODFLRQHVHLQWHUFDP PDQR VLQ SURFHVR OHJDO TXH VLHPSUH DFHFKD LQFOXVR HQ
ELRVFRQHOPXQGRSHURDGHPiVH[LVWHXQDWHUFHUDPR HVWHSDtVGRQGHDUDt]GHOp[LWRGHORVSURFHGLPLHQWRVOH
GDOLGDGGHODVDOXGTXHODVSHUVRQDVSXHGHQGLVIUXWDU\ JDOHVQXQFDVHDVLVWHDpO+HFRPSUREDGRTXHHVWHSXQWR
TXH:LQQLFRWWGHQRPLQD SURSLDGH ® ¯ ° ® ± ² ® ³ ´ ² µ ´ ¶ · ¸ ¶ ± µ · ¹ º
GH YLVWD UHVXOWD H[WUHPDGDPHQWH LPSRSXODU HQ HVSHFLDO
ODUHDOLGDGFRPSDUWLGDTXHVHHQOD]DFRQORVXEMHWLYRGH HQWUHORVVHQWLPHQWDOLVWDVTXHSDUWLFLSDQGHOPRYLPLHQWRHQ
FDGDSHUVRQDVHLQLFLDHQHOMXJDUHVSRQWiQHR\FRQGXFH SURGHODUHIRUPDSHQDO(OS~EOLFRGHEHVHUYHQJDGR
DODKHUHQFLDKXPDQD ¢<TXpSDVDFRQODHGXFDFLyQS~EOLFD"¢$FDVRQRHVSRVL
EOHHGXFDUDOS~EOLFRGHPRGRWDOTXHYHDHQHOGHOLQFXHQWH
3DUD¿QDOL]DUVHKDUiUHIHUHQFLDDXQUDVJRTXHSDUWLFXOD DXQDSHUVRQDHQIHUPD"/DUHVSXHVWDHVTXHHQODPHGLGD
UL]D DO DXWRU \ TXH FRQVLVWLy HQ OD UHGDFFLyQ HSLVWRODU HQTXHORVKRPEUHV\PXMHUHVVRQFRQVFLHQWHVGHVXVVHQ
HQFRQWUDGR DVt XQ OXJDU SURSLFLR GRQGH H[SUHVDU VXV WLPLHQWRV SXHGHQ VHU HGXFDGRV DFHUFD GH WRGR OR TXH
RSLQLRQHV LGHDV \ SHQVDPLHQWRV HQFRQWUDQGR DOOt VX YHUGDGHUDPHQWHVHGHVFXEUHVREUHODSVLFRORJtDGHOGHOLWR
DSRUWHPiVVLQJXODU SHURODJHQWHQRHVDVt\VLHPSUHKD\JUXSRVGHSHUVRQDV
(QHVWDRFDVLyQVHWUDQVFULEHXQDFDUWDGLULJLGDDOGLUHFWRU FRQXQJUDQQ~FOHRFHQWUDOLQFRQVFLHQWHHQJUDQPHGLGD
GHOGLDULR HOGHDJRVWRGH5RGPDQSS
» ² ¼ ® ½
LQDFFHVLEOHDODFRQFLHQFLDD~QFRQODD\XGDTXHEULQGDQ
'LFHDVt ORVSRHWDVDUWLVWDV\¿OyVRIRVDWRGRVORVTXHOHVFRQFHGHQ
WLHPSRSDUDTXHRSHUHHVDD\XGD
6HxRU (QRWUDVSDODEUDVQRKD\OtPLWHVHQFXDQWRDODFDSDFLGDG
(QVXSURSyVLWRGHLQIRUPDU¿GHGLJQDPHQWHDFHUFDGHODV TXHFDGDXQRGHQRVRWURVWLHQHTXHVHUSOHQDPHQWHHGXFD
FXHVWLRQHV S~EOLFDV GXUDQWH OD ~OWLPD VHPDQD XVWHG KD GRLQFOXVRFRQUHVSHFWRDORTXHVDEHPRVYHUGDGHUR$Vt
SXEOLFDGR YDULDV QRWLFLDV FRPHQWDULRV \ FDUWDV VREUH OD SXHVVLHPSUHKDEUiGRVSXQWRVGHYLVWD(OPpGLFRSVLFRD
GHOLQFXHQFLDMXYHQLOHOPDQHMRGHODFiUFHOGH+ROORZD\\HO QDOLVWDVLQGXGDVHYHUiPiV\PiVLQFOLQDGRDPHGLGDTXH
LQWULQFDGRSUREOHPDGHOGHOLWR\ODHQIHUPHGDGPHQWDO5DUD WUDQVFXUUHHOWLHPSRDGHFLUHVWHQLxRRDGXOWRDQWLVRFLDOHV
YH] VH VROLFLWDQ R VRQ SXEOLFDGRV ORV FRPHQWDULRV GH XQ DQWLVRFLDODUDt]GHTXHHVWiHQIHUPR<OXHJRODOH\SURFH
SVLFRDQDOLVWDHQOXJDUGHHOORVHSUHVXPHTXHHOSVLFyORJR GHUiDFRQVLGHUDUKDVWDTXpSXQWRORVVHQWLPLHQWRVS~EOLFRV
WLHQHXQDDFWLWXGUHVSHFWRGHHVWRSUREDEOHPHQWHXQDDF LQFRQVFLHQWHVQHFHVLWDQODDSOLFDFLyQGHXQFDVWLJRFRQ
WLWXGVHQWLPHQWDO/DLGHDGHTXHHOSVLFRDQiOLVLVQRWHQJD LQGHSHQGHQFLDGHOGLDJQyVWLFRSVLTXLiWULFR
DFWLWXGDOJXQDDOUHVSHFWRSHURSXHGDHVFODUHFHUODFXHVWLyQ £6yORVLHVSRVLEOHHIHFWXDUHVWDVLPSOHVHSDUDFLyQGHORV
PX\SRFDVYHFHVVHLQVLQ~D SXQWRVGHYLVWD\PDQWHQHUODWHQGUiHVSHUDQ]DVHOPpGLFR
(QHVWDDFWXDOWHQGHQFLDH[LVWHXQJUDQSHOLJURTXHDOJXQRV GHODSVLTXHGHFRQVHUYDUODRSRUWXQLGDGGHHVWXGLDUDOLQ
GHQRVRWURV\DKHPRVSUHGLFKR8QJLURVHQWLPHQWDOKDFLD GLYLGXR DQWLVRFLDO FRPR SHUVRQD HQIHUPD \ H[SRQHU VX
HOQLxRRHODGXOWRDQWLVRFLDOHVWHQGUiTXHLUVHJXLGRWDUGH SXQWRGHYLVWDFXDQGRVHORVROLFLWH´
RWHPSUDQRGHXQDUHDFFLyQ(QYHUGDGODSHUVRQDTXHVH 4XHGRGHXVWHGHWF
HQFXHQWUDVHQWLPHQWDOLVWDFRQUHVSHFWRDOGHOLWRXWLOL]DDO
¾ ¿ À Á ¿ Â Ã À Á ¿ À
FULPLQDOSDUDH[SUHVDUVXSURSLDFULPLQDOLGDGRFXOWD\VH '::LQQLFRWW)5&3
KDOODHQODPLVPDSRVLFLyQDXQTXHHQIRUPDPHQRVIUDQFD
TXHHOKRPEUHRODPXMHUFRUULHQWHVTXHGLVIUXWDQGHODV
::LQQLFRWW \
n n u u m Ð
Ä Å Ä Æ Å Ç È É Ê Ë Ì Ê y {
i d k j p k k j i j j i k e e s j s d i d k Ô Ô
GHQRYLHPEUH&$%$%V$V2UJDQL]DFLyQ(VSDFLR
&OtQLFR$3$
Í d Î j i p s d e g j
k g h i k j s
h i d i g s
%V$V*UDPDHGLFLRQHV
)OHLVFKHU'0XWFKLQLFN'RWURV Ï k r o s d
n
s
m u
o s d
n Ð
j
d s x
0XWFKLQLFN'(OVDEHUGHODKHUHMtD%V$V/HWUD9LYD
VDGH3VLFRDQiOLVLVQRVHQVHxD%V$V-&((GLFLRQHV 5RGPDQ)5&RPS&DUWDGHOGHDJRVWRGH
m m w n n m m u n m u
z y z { z { z
c d ß s e k c k j e Ò j s k Í g e s k i p i j j i k e e
%V$V3DLGyV
Ñ s e i h k j i k p s o j g Ò e i p s s j x
VHxDQ]D 0 .OHLQ ' : :LQQLFRWW \ : %LRQ %V $V -&(
(GLFLRQHV 5RGXOIR5 7UDEDMRGH/HFWXUDOHFWXUDVGHYLROHQFLD/R
%V$V
u n m u w m n u
{ z
VXMHWR´SXEOLFDGRHQ ,,&RQJUHVR,QWHUQDFLRQDOGH
n m
á â ã
s h k g i
c g i e k
GDV GH LQYHVWLJDFLyQ VH[WR HQFXHQWUR GH LQYHVWLJDGRUHV HQ %V $V HGLWRULDO 3DLGyV
n n m u n m m
Û Û
p s s p i e g Î Þ i k j Ò d i i
SVLFRORJtDGHO0HUFRVXUQRYLHPEUHGHO,661,6%1
:LQQLFRWW ': (O QLxR GHSULYDGR \ FRPR FRPSUHQGHUOR
)OHLVFKHU'$OOHJUR)RWURV³/DHFRQRPtDGHJRFHHQHO SRUODSpUGLGDGHXQDYLGDIDPLOLDUHQ
n n n m n
Ï h i d i Þ s d p s g g k d d k
Ó j o g i k Ô Õ p s d i j p i t i p o k
,6619ROXPHQ;9,,S :LQQLFRWW ': ³/DV 3VLFRVLV \ HO FXLGDGR GH ORV QLxRV´
)OHLVFKHU ' $OOHJUR ) RWURV ³/D SDVLyQ HUyWLFD SRU ODV %V$VHGLWRULDO
m u m n n m u n m m
Û Û
c g i e k p s s p i e g Î Þ i k j Ò d i i
Ó j o g i k Ô Õ
c g i e k p s s x
p i e g Î Þ i k j Ò d i i
n m
s h k g i
,QWHUQDFLRQDOGHLQYHVWLJDFLyQ\SUiFWLFDSURIHVLRQDOHQSVLFR
d k g i k j s i k j d Î e i
ORJtD;9,,,-RUQDGDVGH,QYHVWLJDFLyQ6pSWLPR(QFXHQWURGH
Ï
%V$V(GLFLRQHV+RUPH
n n m n
,661,6%1
:LQQLFRWW':'HODGHSHQGHQFLDDODLQGHSHQGHQFLDHQ
)OHLVFKHU'³5HODFLRQHVDGLFWLYDV¢IUDFDVRGHODIXQFLyQ
HOGHVDUUROORGHOLQGLYLGXRHQ
m w u m m n n u
,9&RQJUHVR,QWHUQDFLRQDOGHLQYHV
n m
Ï k g k s k p s h p o g i v j Þ s d
n n u n m m w n n n n m n
z
Ö × Ø Ù Ú q s h k g i
WLJDFLyQ\SUiFWLFDSURIHVLRQDOHQSVLFRORJtD;,;-RUQDGDVGH
h i s j e s
i d i e p k g c e o p i k g o j e s k g Î p s d p s g g k d d k
,QYHVWLJDFLyQ9,,,(QFXHQWURGH,QYHVWLJDGRUHVHQ3VLFRORJtD
s h k i k j d
c d k g
m w w n n m n m w m u n n m n
z z å
j o s e g k o j e k p s g e i p c j Þ k p s o j i k j d i e ã æ ã
3DLGyV
Ï s e o g p s i j j i k e e
/XJDU(GLWRULDO
:LQQLFRWW':/DXELFDFLyQGHODH[SHULHQFLDFXOWXUDOHQ
*UHJR%&RPS
m n m n m u n Ð m n
y
%V$V*HGLVDHGLWRULDO
n n
ç
s g g k d d k s j d c o s d j d s p s
%V$V(GLWRULDO7HNQp
m u n m m
Û z
s d i p p Þ è o s k
i k j Ò d i i
%V$V*HGLVDHGLWRULDO
n m
Ï e o g d s o h j
Ü q s h k g i
YHVWLJDFLyQ\3UiFWLFD3URIHVLRQDOHQ3VLFRORJtD;9,-RUQDGDV
GH,QYHVWLJDFLyQ4XLQWR(QFXHQWURGH,QYHVWLJDGRUHVHQ3VL
FRORJtDGHO0HUFRVXUDJRVWRGH,661,6%1
)HFKDGHUHFHSFLyQGHPD\RGH
0HQD0³)HWLFKLVPRIHWLFKHHQODHUDGHODJOREDOL]DFLyQ´
)HFKDGHDFHSWDFLyQGHRFWXEUHGH
SXEOLFDGRHQ &RQJUHVR,QWHUQDFLRQDOGHLQYHVWLJD
n m Ð Ð
s h k g i
FLyQ\SUiFWLFD3URIHVLRQDOHQ3VLFRORJtD;9,,MRUQDGDVGHLQ
YHVWLJDFLyQ VH[WR HQFXHQWUR GH LQYHVWLJDGRUHV HQ SVLFRORJtD
GHO0HUFRVXUQRYLHPEUH,661,6%1
0HQD0³(OOXJDUGHOIHWLFKHHQHOGLVFXUVRGH)UHXG\GH
0DU[DODOX]GHODpSRFDDFWXDOSRVPRGHUQD´SXEOLFDGRHQ
,661YROS
n Ð Ð Ð
Ó j o g i k Ô Õ
s h k g i
DPHULFDQRVREUHHOSHQVDPLHQWRGH'::LQQLFRWW
Û
Ý k g r o f
\GHQRY0RQWHYLGHR8UXJXD\
u
{
i j j i k e e k Þ Ü
s h k g i
,9&RQJUHVR,QWHUQDFLRQDOGH,QYHVWLJDFLyQ\3UiFWLFD3URIH
VLRQDOHQ3VLFRORJtD;,;-RUQDGDVGH,QYHVWLJDFLyQ9,,,(Q
FXHQWUR GH ,QYHVWLJDGRUHV HQ 3VLFRORJtD GHO 0HUFRVXU 1RY
&' )DFXOWDGGH3VLFRORJtD8%$&$%$$UJHQWLQD
0HQD0³8QDJUDWDYLVLWD´ WHVWLPRQLRFOtQLFR
n m
s h k g i
;;,(QFXHQWUR/DWLQRDPHULFDQRVREUHHOSHQVDPLHQWRGH'