Hijo de Crianza
Hijo de Crianza
Hijo de Crianza
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ
6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
zŽůĂŶĚĂƵƌĂŶ^ĂŶƚŽƐΎΎ
ůǀĂƌŽ'ſŵĞnjƌĐŝŶŝĞŐĂƐΎΎΎ
ŶŐĠůŝĐĂDĂƌşĂĂůĂƵƌĂŶΎΎΎ
4'57/'0
3UREOHPD(QODGLVWULEXFLyQGHODKHUHQFLDORVKLMRVGHODIDPLOLDFRQVWLWXLGDSRUKHFKRRPHGLDQWHHO
YtQFXORGHOPDWULPRQLRVHHQIUHQWDQFRQORVKLMRVGHFULDQ]DTXHKDQVLGRFXLGDGRVFXVWRGLDGRV
YLJLODGRVDWHQGLGRVSRUVXVSDGUHV/RVELHQHVKHUHQFLDOHVHLQFOXVRORVDFWLYRVLQWDQJLEOHV\RWURV
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
TXHUHSUHVHQWDQXQYDORUHFRQyPLFRVHFRQYLHUWHQHQXQPRWLYRGHHQIUHQWDPLHQWRV2EMHWLYR
$QDOL]DUOD¿JXUDGHO+LMRGHFULDQ]DHQHORUGHQDPLHQWRMXUtGLFRFRORPELDQR0HWRGRORJtD7LSRGH
LQYHVWLJDFLyQ %iVLFD -XUtGLFD TXH VH DSR\D HQ -XULVSUXGHQFLDV GH ODV DOWDV &RUWHV VH XWLOL]D HO
PpWRGRGHGXFWLYRTXHSDUWHGHODFRQFHSWXDOL]DFLyQGHORVKLMRVGHFULDQ]DHQODVMXULVSUXGHQFLDV
KDVWDOOHJDUDXQPpWRGRLQGXFWLYRTXHGHWHUPLQDODVGLIHUHQFLDVHQWUHHO3URKLMDPLHQWRGHFULDQ]D\
ODDGRSFLyQHOSDGUHRPDGUHGHFULDQ]D5HVXOWDGRV/D)DPLOLDGH&ULDQ]DVXUJHFXDQGRXQPHQRU
KDVLGRVHSDUDGRGHVXIDPLOLDELROyJLFD\FXLGDGRSRURWUDIDPLOLDGXUDQWHXQODSVRFRQVLGHUDEOH
TXHKDSHUPLWLGRGHVDUUROODUYtQFXORVDIHFWLYRVUHFtSURFRVGHWDOPDJQLWXGTXHVHSDUDUORVLPSOLFDUtD
DIHFWDUODHVWDELOLGDGSVLFROyJLFD\HPRFLRQDOGHOPHQRU´&RQFOXVLyQ(O&yGLJR&LYLOHVWDEOHFHWUHV
IRUPDVGHSDUHQWHVFRODSULPHUDHVSRUFRQVDQJXLQLGDGFLYLO\SRUD¿QLGDG3RGUtDHQWRQFHVGHFLU
TXHHOKLMRGHFULDQ]DVHYLQFXODDODIDPLOLDSRUD¿QLGDGDOJUXSRIDPLOLDUFRQVWLWXLGRTXHVHLQWHJUD
HQHOVHQWLUGHORVPLHPEURVGHODIDPLOLDFRQUHVSHWRDIHFWR\VROLGDULGDGLGHQWL¿FiQGRVHFRPRRWUR
PLHPEURPiVFRPRVXFHGHFRQORVKLMRVDGRSWDGRV
2CNCDTCU%NCXG
&DUJDODERUDO&DUJDItVLFD3URGXFWLYLGDG(VIXHU]R3VLFRVRFLDO
#$564#%6
3UREOHPLQWKHGLVWULEXWLRQRILQKHULWDQFHWKHFKLOGUHQRIWKHIDPLO\FRQVWLWXWHGE\IDFWRUE\WKH
ERQGRIPDUULDJHIDFHGZLWKIRVWHUFKLOGUHQWKDWDUHXQGHUFXVWRG\FDUHPRQLWRUHGSDUHQWDOFDUH
7KH KHUHQFLDOHV DQG HYHQ LQWDQJLEOH DVVHWV DQG RWKHU DVVHWV UHSUHVHQWLQJ DQ HFRQRPLF YDOXH
EHFRPHDFDXVHRI¿JKWLQJ2EMHFWLYH$QDO\VLQJWKH¿JXUHRIWKH6RQRIDJLQJLQWKH&RORPELDQOHJDO
V\VWHP 0HWKRGRORJ\ /HJDO W\SH %DVLF UHVHDUFK UHOLHV RQ -XULVSUXGHQFH RI WKH KLJK FRXUWV
GHGXFWLYHPHWKRGRIFRQFHSWXDOL]LQJIRVWHUFKLOGUHQLQWKHFDVHODZXSWRDQLQGXFWLYHPHWKRGWKDW
GHWHUPLQHV WKH GLIIHUHQFHV EHWZHHQ WKH SURKLMDPLHQWR SDUHQWLQJ DQG DGRSWLRQ IRVWHU SDUHQW LV
XVHG5HVXOWVWKHIRVWHUIDPLO\FRPHVZKHQDFKLOGKDVEHHQVHSDUDWHGIURPKLVELRORJLFDOIDPLO\
DQGFDUHIRUDQRWKHUIDPLO\IRUDFRQVLGHUDEOHSHULRGZKLFKKDVKHOSHGGHYHORSPXWXDOERQGLQJ
VXFKWKDWVHSDUDWHLQYROYHDIIHFWWKHSV\FKRORJLFDODQGHPRWLRQDOVWDELOLW\RIWKHFKLOG&RQFOXVLRQ
7UDEDMRGHLQYHVWLJDFLyQGHQRPLQDGR³(O+LMRGH&ULDQ]DHQHORUGHQDPLHQWRMXUtGLFRFRORPELDQR´SURSHQGHSRUVHxDODU
ODLPSRUWDQFLDTXHXQKLMRGHFULDQ]DSRUVXDIHFWR\UHVSRQVDELOLGDGHVLQWHJUDGRDOJUXSRIDPLOLDU$ERJDGRVHJUHVDGRV
GH OD XQLYHUVLGDG /LEUH <RODQGD 'XUDQ 6DQWRV H PDLO \RGXVD#KRWPDLOFRP ÈOYDUR *yPH] $UFLQLHJDV \
$QJpOLFD0DUtD&DOD'XUiQ
ÎÎ
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
7KH&LYLO&RGHSURYLGHVWKUHHIRUPVRINLQVKLSWKH¿UVWLVE\FRQVDQJXLQLW\DI¿QLW\DQGFLYLO<RXFRXOGWKHQVD\
WKDWWKHIRVWHUFKLOGLVOLQNHGWRWKHIDPLO\DI¿QLW\WRWKHFRQVWLWXWHGIDPLO\JURXSZKLFKLVLQWHJUDWHGLQWRWKH
IHHOLQJVRIWKHIDPLO\PHPEHUVZLWKUHVSHFWDIIHFWLRQDQGVROLGDULW\LGHQWL¿HGDVDQRWKHUPHPEHUDVZLWK
DGRSWHGFKLOGUHQ
-G[9QTFU
)RVWHUFKLOGUHQSURKLMDPLHQWRDGRSWLRQFKLOGUHQRIIDPLO\NLQVKLSIDPLO\JURXS
IDPLOLD FRQVWLWXLGD SRU KHFKR R PHGLDQWH HO KLMRV FRQVDQJXtQHRV" 3DUD UHVROYHU HVWH
YtQFXOR GHO PDWULPRQLR VH HQIUHQWDQ FRQ ORV LQWHUURJDQWH HQ SULPHU OXJDU DERUGDUHPRV HO
KLMRV GH FULDQ]D TXH KDQ VLGR FXLGDGRV WUDWDPLHQWR MXUtGLFR GH ORV KLMRV GH FULDQ]D
FXVWRGLDGRVYLJLODGRVDWHQGLGRVSRUVXVSDGUHV SDUDOXHJRGHWHUPLQDUHODYDQFHMXULVSUXGHQFLDO
/RV ELHQHV KHUHQFLDOHV H LQFOXVR ORV DFWLYRV GHHVWHWHPD\WHUPLQDUGH¿QLHQGRVLORVKLMRV
LQWDQJLEOHV \ RWURV TXH UHSUHVHQWDQ XQ YDORU GHFULDQ]DWLHQHQKR\GHUHFKRVKHUHQFLDOHV
HFRQyPLFRVHFRQYLHUWHQHQXQERWtQDGLVWULEXLU
VREUHXQRVDFRVWDGHGHMDUSRUIXHUDDRWURV 3UHJXQWD3UREOHPD
TXHDXQTXHQRWLHQHQVX$'1WDPELpQODOH\OHV
KDFRQFHGLGRDOJXQRVGHUHFKRV ¢/D LQVWLWXFLRQDOLGDG (VWDWDO SXHGH VHU XQ
(O &yGLJR &LYLO GH &RORPELD HQ VX $UWtFXOR JDUDQWHIDFWLFRGHORVGHUHFKRVGHORVKLMRVGH
GLVSRQH TXH VH RLJD D ORV SDULHQWHV GH XQD FULDQ]D\GHOQ~FOHRIDPLOLDUGHFULDQ]D"
SHUVRQD 6H HQWHQGHUi TXH GHEHQ RtUVH D ODV
SHUVRQDVTXHYDQDH[SUHVDUVH\HQHORUGHQTXH -XVWL¿FDFLyQ
VLJXH /RV GHVFHQGLHQWHV ORV DVFHQGLHQWHV D
IDOWD GH GHVFHQGLHQWHV HO SDGUH \ OD PDGUH /D&ULDQ]DKDFHUHIHUHQFLDDOPRGRFRPRORVSD
Q D W X U D O H V T X H K D \ D Q U H F R Q R F L G R GUHVRTXLHQHVDJHQFLHQGLFKRSDSHOGHFULDQ]D
YROXQWDULDPHQWH DO KLMR HO SDGUH \ OD PDGUH \IRUPDFLyQSDUDRULHQWDUHOFRPSRUWDPLHQWRGH
DGRSWDQWHV R HO KLMR DGRSWLYR ORV FRODWHUDOHV VXVKLMRV\ODVFRQVHFXHQFLDVTXHWLHQHQHVWRV
OHJtWLPRV KDVWD HO VH[WR JUDGR ORV KHUPDQRV DFWRVHQVXIXWXURGHVDUUROOR/RVHOHPHQWRVGH
QDWXUDOHV ORV D¿QHV OHJtWLPRV TXH VH KDOOHQ ODFULDQ]DGHORVKLMRVVRQH[SXHVWRVSRU$JXLUUH
GHQWURGHOVHJXQGRJUDGR TXLHQGHVGHVXVGLYHUVDVSXEOLFDFLRQHV
3DUD HIHFWRV GH GHWHUPLQDU TXLpQHV HVWiQ EULQGD HOHPHQWRV FODURV \ EiVLFRV SDUD OD
OODPDGRVDUHFRJHUDFHSWDUUHXQLUUHFDXGDUORV FRPSUHQVLyQ GH HVWD FDWHJRUtD WHPiWLFD
ELHQHV GH XQD VXFHVLyQ HO DUWtFXOR GHO $JXLUUH
&yGLJR&LYLOPRGL¿FDGRSRUHODUWtFXORGHOD 'HRWUDSDUWH,VD]DGH¿QH³HOHVWLORGH
/H\ GH HQ RUGHQ VXFHVLYR \ FULDQ]DFRPRODIRUPDGHFULDU\HGXFDUDORV
H[FOX\HQWHGHOLPLWDHOFRQFHSWRGHIDPLOLDDVt KLMRV (VWRV HVWiQ FRQIRUPDGRV SRU ORV
ORV GHVFHQGLHQWHV ORV KLMRV DGRSWLYRV ORV FRPSRUWDPLHQWRVGHORVSDGUHV\PDGUHVFRQ
DVFHQGLHQWHV ORV SDGUHV DGRSWDQWHV ORV VXV KLMRV´ ,VD]D HQ UHODFLyQ FRQ
Î{
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
DVSHFWRV FRPR ³DOLPHQWDFLyQ SURWHFFLyQ \ 2EMHWLYR*HQHUDO
FXLGDGRV IRUPD GH HQVHxDU ODV FRQGXFWDV
QRUPDVFDVWLJRVVDQFLRQHV\RWURVDVSHFWRV $QDOL]DUOD¿JXUDGHO+LMRGHFULDQ]DHQHO
VRQEDVDGRVHQFUHHQFLDVGHORTXHVHFRQVLGHUD RUGHQDPLHQWRMXUtGLFRFRORPELDQR
DGHFXDGR 'HVGH HVWD SHUVSHFWLYD HO HVWLOR
DUWLFXODODVFUHHQFLDVODVSDXWDV\ODVSUiFWLFDV 2EMHWLYRV(VSHFt¿FRV
SDUDJHQHUDUXQDFDUDFWHUL]DFLyQGHODFULDQ]D´
,VD]D 'HWHUPLQDUHOFRQWH[WRMXUtGLFRGHORVKLMRVGH
³7HQHUKLMRVQRORFRQYLHUWHDXQRHQSDGUHGHO FULDQ]D6HxDODUXQ(VWDGRFRPRJDUDQWHIDFWLFR
PLVPRPRGRTXHWHQHUXQSLDQRQRORYXHOYH GHORVGHUHFKRVGHORVKLMRVGHFULDQ]D$QDOL]DU
SLDQLVWD´ IUDVH GHO SXEOLFLWD QRUWHDPHULFDQR ODV SULQFLSDOHV MXULVSUXGHQFLDV VREUH KLMRV GH
³0LFKDHO/HYLQH´HVWRHVTXHOD FULDQ]DGHORV FULDQ]D SURIHULGDV SRU OD &RUWH 6XSUHPD GH
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
KLMRVFRUUHVSRQGHDXQKRPEUH\DXQDPXMHU - X V W L F L D & R Q V H M R G H ( V W D G R \ & R U W H
GRQGH/DIDPLOLDODVRFLHGDG\HO(VWDGRWLHQHQ &RQVWLWXFLRQDO
ODREOLJDFLyQGHDVLVWLUDOQLxRSDUDJDUDQWL]DUVX
GHVDUUROOR DUPyQLFR H LQWHJUDO \ HO HMHUFLFLR 9DULDEOHV
SOHQRGHVXVGHUHFKRV/RVGHUHFKRVGHORV
QLxRV SUHYDOHFHQ VREUH ORV GHUHFKRV GH ORV ¢([LVWH OD ¿JXUD GHO KLMR GH FULDQ]D HQ HO
GHPiV&RQVWLWXFLyQ1DFLRQDO$UW RUGHQDPLHQWR MXUtGLFR FRORPELDQR" ¢4XLpQHV
$JXLUUH HQ VX LQYHVWLJDFLyQ UHODFLyQ VRQ KLMRV GH FULDQ]D HQ XQ Q~FOHR IDPLOLDU"
HQWUH SUiFWLFDV GH FULDQ]D WHPSHUDPHQWR \ ¢&XiOHVVRQORVGHUHFKRVGHORVKLMRVGHFULDQ]D
FRPSRUWDPLHQWRSURVRFLDOGHQLxRVGH\ IUHQWHDVXVSDGUHVGHFULDQ]D\HVWRVDQWHORV
JUDGRGHODHGXFDFLyQEiVLFDSHUWHQHFLHQWHVD SDGUHV"¢&XiOHVVRQORVSULQFLSLRVSUHYDOHQWHV
VHLV HVWUDWRV VRFLRHFRQyPLFRV GH %RJRWi TXHODOH\KDGHWHUPLQDGRFRPRGHUHFKRVSDUD
UHVDOWDORVVLJXLHQWHVDVSHFWRV³6RFLDOL]DFLyQ\ ORVKLMRVGHFULDQ]D"¢/RVSDGUHVELROyJLFRVR
FULDQ]D´ /D HYROXFLyQ GH OD HVSHFLH KXPDQD ORVGHFULDQ]DWLHQHQUHVSRQVDELOLGDGHVDQWHHO
WLHQH³XQYtQFXORTXHDORVXQHDORVKRPEUHV (VWDGRFRORPELDQR"
XQLyQ TXH VH KDFH IXQGDPHQWDO HQ OD
VXSHUYLYHQFLD \ HO GHVDUUROOR´ $JXLUUH ' (675$7(*,$0(72'2/2*Ë&$
³(OUHFRQRFLPLHQWRGHORWURHVSDUWHGHO
FRPSRUWDPLHQWRKXPDQRHVSDUWHGHOSURFHVR 7LSR GH LQYHVWLJDFLyQ %iVLFD -XUtGLFD TXH VH
GH VRFLDOL]DFLyQ HO FXDO HV GHWHUPLQDQWH D OR DSR\DHQ-XULVSUXGHQFLDVGHOD&RUWH6XSUHPD
ODUJR GH OD YLGD HQ HVSHFLDO HQ VXV SULPHURV GH -XVWLFLD &RUWH &RQVWLWXFLRQDO \ &RQVHMR GH
DxRV GH YLGD´ $JXLUUH ' (Q ORV (VWDGR
SULPHURV DxRV GH YLGD ³OD VRFLDOL]DFLyQ HV XQ
PHFDQLVPR TXH HV IXQGDPHQWDO SDUD OD 0pWRGRGH,QYHVWLJDFLyQ
VXSHUYLYHQFLD GRQGH HO DGXOWR JHQHUD XQDV
FRQGLFLRQHVDSURSLDGDVSDUDVXGHVDUUROOR\TXH 6H XWLOL]D HQ OD LQYHVWLJDFLyQ HO PpWRGR
VHH[SUHVDHQHOSURJUHVLYR\DGHFXDGRDMXVWH GHGXFWLYRTXHSDUWHGHODFRQFHSWXDOL]DFLyQGH
HPRFLRQDO FRPSRUWDPHQWDO \ ItVLFR GHO QLxR´ ORVKLMRVGHFULDQ]DHQODVVHQWHQFLDVGHODVDOWDV
$JXLUUH' FRUWHVKDVWDOOHJDUDXQPpWRGRLQGXFWLYRTXH
GHWHUPLQDODVGLIHUHQFLDVHQWUHHO3URKLMDPLHQWR
Îx
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
GHFULDQ]D\ODDGRSFLyQHOSDGUHRPDGUHGH DFWXDO UHDOLGDG VRFLDO GRQGH HO QLxR \ HO
FULDQ]D FXDOL¿FD ORV DFWRUHV JDUDQWHV GH ORV DGROHVFHQWHWLHQHQHORUGHQDPLHQWRMXUtGLFR
GHUHFKRVGHORVKLMRVGHFULDQ]D\GHVXQ~FOHR (Q OD UHDOLGDG FRORPELDQD H[LVWH OD ¿JXUD GH
IDPLOLDUDVtFRPRORVLQVWUXPHQWRVOHJDOHVTXH HVWHUHFRQRFLPLHQWRMXUtGLFRGDGRSRUODVDOWDV
VRQXWLOL]DGRVDQWHORVRSHUDGRUHVMXGLFLDOHVHQ F R U W H V T X H H Q O D D F W X D O L G D G H Q V X V
HOWHUULWRULRFRORPELDQR MXULVSUXGHQFLDV VH UH¿HUHQ DO KLMR GH FULDQ]D
FRPR XQD ¿JXUD GH GHUHFKRV \ REOLJDFLRQHV
/RFDOL]DFLyQ IUHQWHDVXVSDGUHVGHFULDQ]DTXHVXUJLHURQHQ
VXPRPHQWRDOGHVDUUROODUYtQFXORVDIHFWLYRV\
7HUULWRULR1DFLRQDO GHSHQGHQFLDFRQDTXHOODVSHUVRQDVFRQTXLHQHV
FRPSDUWHQ\YLYHQHQODFRWLGLDQLGDG
7pFQLFDV\SURFHGLPLHQWR (Q HVWH RUGHQ GH LGHDV VH KDFH QHFHVDULR
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
SUHJXQWDUQRVVLORVKLMRVGHFULDQ]DHQQXHVWUR
/D HVWUDWHJLD PHWRGROyJLFD XWLOL]DGD FRQVXOWD RUGHQDPLHQWR MXUtGLFR DGTXLHUHQ ORV PLVPRV
IXHQWHV GH LQIRUPDFLyQ VHFXQGDULD KDFLHQGR G H U H F K R V \ R E O L J D F L R Q H V G H O R V K L M R V
XQDUHFRSLODFLyQGRFXPHQWDO\ELEOLRJUi¿FD F R Q V D Q J X t Q H R V " 3 D U D G H V D U U R O O D U W D Q
3REODFLyQ \ PXHVWUD /RV KDELWDQWHV GHO L P S R U W D Q W H W H P i W L F D F R P H Q ] D U H P R V
WHUULWRULRQDFLRQDO SUHFLVDQGR FXDO HV HO WUDWDPLHQWR TXH EULQGD
QXHVWURRUGHQDPLHQWRMXUtGLFRFRORPELDQR
35,0(5&$3Ë78/2
5()(5(17(6-85,',&26'(/+,-2'( /$)$0,/,$'(&5,$1=$
&5,$1=$
/D IDPLOLD GH FULDQ]D VH FRQVWLWX\H HQ ODV
(O &yGLJR &LYLO FRORPELDQR KD VLGR PRGL¿FDGR UHODFLRQHVHQODVTXHHOPHQRU³KDGHVDUUROODGR
SRUODVVLJXLHQWHVOH\HV\GHFUHWRVFRPRVRQOH\ YtQFXORVGHDIHFWR\GHSHQGHQFLDFRQSHUVRQDV
GHOOH\GHOH\GH FRQ ODV TXH QR WLHQH YtQFXORV ELROyJLFRV
GHFUHWRGH GHULYDGRVSRUHOKHFKRItVLFRGHOQDFLPLHQWR\
(OFRQFHSWRGHIDPLOLDKDFHSDUWHGHORVWUDWDGRV VLQ TXH VH KD\D OOHYDGR D FDER HO WUiPLWH GH
\FRQYHQLRVLQWHUQDFLRQDOHVTXHVHLQFRUSRUDQDO DGRSFLyQGHHVWDGH¿QLFLyQSURYLHQHQORVKLMRV
%ORTXH GH &RQVWLWXFLRQDOLGDG (O FRQFHSWR GH \ ORV SDGUHV GH FULDQ]D´ 3DUUD /D
IDPLOLDHVWiGHWHUPLQDGRSRUODVFLUFXQVWDQFLDV H[LVWHQFLDGHHVWDVIDPLOLDVHVUHFRQRFLGDHQHO
VRFLDOHV\HFRQyPLFDVGHO(VWDGR/DOH\GH &yGLJR GH OD ,QIDQFLD \ OD $GROHVFHQFLD /H\
RWRUJRLJXDOGDGGHGHUHFKRVKHUHQFLDOHVH GHDUWtFXORDODTXHODGRFWULQD
KL]RDMXVWHVDORVGLYHUVRVyUGHQHVKHUHGLWDULRV WDPELpQ KD GHQRPLQDGR IDPLOLD VROLGDULD
(QHO$UWtFXORFRQVDJUD³ORVKLMRVOHJtWLPRV 4XLUR]SiJ
H[WUDPDWULPRQLDOHV\DGRSWLYRVWHQGUiQLJXDOHV /RV KLMRV GH &ULDQ]D HQ OD -XULVSUXGHQFLD
GHUHFKRV\REOLJDFLRQHV´/H\DTXtQR &RORPELDQD WLHQHQ FRPR SXQWR GH SDUWLGD OD
VHFRQVLGHUDOD¿JXUDGHOKLMRGHFULDQ]DSHUR &RQVWLWXFLyQGHORVIDOORVGHO&RQVHMRGH
VRQODVDOWDVFRUWHVTXHHQODDFWXDOLGDGHQVXV (VWDGR OD &RUWH &RQVWLWXFLRQDO \ OD &RUWH
MXULVSUXGHQFLDV VH UH¿HUHQ DO KLMR GH FULDQ]D 6XSUHPD GH -XVWLFLD /DV DOWDV FRUWHV HQ VXV
FRPR XQD ¿JXUD GH GHUHFKRV \ REOLJDFLRQHV VHQWHQFLDVVHKDQSURQXQFLDGRVREUHORVKLMRV
IUHQWHDVXVSDGUHVGHFULDQ]DTXHVXUJHGHOD GHFULDQ]D\OHKDQGDGRXQWUDWDPLHQWRMXUtGLFR
ÎÈ
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
VXMHWR GH GHUHFKRV \ REOLJDFLRQHV HQ UHODFLyQ P R G R V F R P R F D G D J U X S R K X P D Q R K D
FRQ VXV SDGUHV GH FULDQ]D GHULYDGR GHO HVWUXFWXUDGRODVUHODFLRQHVVRFLDOHVHQHVSHFLDO
UHFRQRFLPLHQWRGHXQDUHDOLGDGVRFLDOHQODTXH ODVUHODFLRQHVFRQORVQLxRV´*UXVHF 'DYLGRY
ORIDPLOLDUYDPiVDOOiGHOYtQFXORVDQJXtQHRR
FLYLODWHQGLHQGRHQHVWHFDVRDOYtQFXORDIHFWLYR (QWRQFHV³ODFULDQ]DHVHOFRQMXQWRGHDFFLRQHV
\ D OD SRVHVLyQ QRWRULD GHO HVWDGR GH KLMR GH TXHUHDOL]DQORVSDGUHVRGLIHUHQWHVFXLGDGRUHV
FULDQ]D FRQOD¿QDOLGDGGHRULHQWDUHOGHVDUUROORGHOQLxR
'HVGH OR MXUtGLFR VH KDQ HVWDEOHFLGR GHUHFKRV \ S U R S R U F L R Q D U O H O D V F R Q G L F L R Q H V P i V
GHVGH OD DGRSFLyQ FXDQGR VH HVWDEOHFH XQ DSURSLDGDV SDUD VX ELHQHVWDU LQWHJUDO´
WUiPLWHDGPLQLVWUDWLYRUHJXODGR\YLJLODGRSRUHO 6FKDIIHU$OUHVSHFWR6FKDIIHUVRVWLHQH
(VWDGR SDUD OD FRQIRUPDFLyQ GH OD IDPLOLD TXH ³« QR KD KDELGR UHDOPHQWH GXGD TXH OD
DGRSWLYD WDO FRPR OR GH¿QH HO &yGLJR GH OD FULDQ]DVHDVREUHWRGRGLULJLUHOGHVDUUROORGHORV
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
,QIDQFLD\OD$GROHVFHQFLD/H\GH QLxRVHQODVGLUHFFLRQHVVRFLDOPHQWHDSUREDGDV´
$UW3DUHQWHVFR&LYLOHQWUHORVPLHPEURVGH 6FKDIIHU
OD)DPLOLDHQWUHHODGRSWLYR\HODGRSWDQWH/H\ (Q SDODEUDV GH .DQDIR 3ORPLQ
GH$UWQXP H[SUHVDQTXH³ODVGLPHQVLRQHVGHODFULDQ]DVRQ
/D&RUWH&RQVWLWXFLRQDOKDPDQLIHVWDGRTXHORV HOUHVXOWDGRGHOLQWHQWRGHUHGXFLUHOFRQMXQWRGH
KLMRVGHFULDQ]DQRSXHGHQTXHGDUH[FOXLGRVGH DFFLRQHVHVWXGLDGDVHQODFULDQ]DDGRVIDFWRUHV
ODUHSDUDFLyQDGPLQLVWUDWLYDTXHRIUHFHOD/H\GH TXH VH FRQVWLWXLUiQ HQ ODV FRQGLFLRQHV GH
9tFWLPDV \ UHVWLWXFLyQ GH 7LHUUDV /H\ SRVLELOLGDG´GHWRGDDFFLyQGHVWLQDGDDFULDUD
UH¿ULpQGRQRVDOPRPHQWRTXHYLYH ORV QLxRV $JXLUUH ' (VWDV GRV
ODQDFLyQFRQORVSURFHVRVGHSD]([SOLFyTXH GLPHQVLRQHVVRQFRQWURO\DSR\R³(QWRQFHVHO
ODVDXWRULGDGHVQRSXHGHQQHJDUHODX[LOLRFRQHO FRQWUROHVODGLPHQVLyQTXHKDFHUHIHUHQFLDHQ
SUHWH[WRGHTXHTXLHQORUHFODPDQRHVHOKLMR SULQFLSLR DO SDSHO RULHQWDGRU GH ORV SDGUHV
ELROyJLFR GH TXLHQ KD VLGR YtFWLPD GH OD TXLHQHV HVWiQ HQ OD REOLJDFLyQ HQ HO FDVR GH
FRQIURQWDFLyQ HQWUH HO (VWDGR \ ORV JUXSRV &RORPELD OR HVWiQ SRU OR GLVSXHVWR HQ OD
DUPDGRVDOPDUJHQGHODOH\$VXMXLFLRXQD &RQVWLWXFLyQ 3ROtWLFD \ OD /H\ GH LQIDQFLD \
UHVSXHVWD GH HVWD QDWXUDOH]D VXSRQH TXH OD DGROHVFHQFLDGHFRPSURPHWHUVHFRQHOFXLGDGR
8QLGDG $GPLQLVWUDWLYD (VSHFLDO GH $WHQFLyQ \ GHORVQLxRV´.DQIR 3ORPLQ
5HSDUDFLyQ ,QWHJUDO D ODV 9tFWLPDV HVWi /RV ³HVWLORV GH FULDQ]D´ VRQ XQ ³IHQyPHQR
GHVFRQRFLHQGR OD MXULVSUXGHQFLD FRQVWLWXFLRQDO PXOWLFDXVDO HQ HO TXH LQWHUYLHQHQ GLYHUVDV
HQ OD TXH VH UHFRQRFH D ORV KLMRV GH FULDQ]D YDULDEOHVYLQFXODGDVDOFRPSRUWDPLHQWRDGXOWR
H[DFWDPHQWHODPLVPDFRQGLFLyQTXHODGHORV V H J X U L G D G D P E L Y D O H Q F L D D Q V L H G D G
ELROyJLFRV\ODGHORVDGRSWLYRVÈPELWR-XUtGLFR LQVHJXULGDGORJURGHPHWDVHQWUHRWURV\DO
ELHQHVWDU HPRFLRQDO´ *DUFtD 0 5LYHUD $
$XWRUHV FRPR *UXVHF 'DYLGRY 5H\HV / 'H WDO PRGR TXH ³ODV
VRVWLHQHQTXHOD³VRFLDOL]DFLyQHVHOSURFHVRSRU FRJQLFLRQHVDFWLWXGHV\FUHHQFLDVVRQIDFWRUHV
PHGLR GHO FXDO ORV QLxRV DGTXLHUHQ ODV TXHLQÀX\HQHQORVHVWLORVGHFULDQ]DHPSOHDGRV
KDELOLGDGHV VRFLDOHV HPRFLRQDOHV \ FRJQLWLYDV SRUORVSDSiV\ODVPDPiV´*DUFtD05LYHUD
QHFHVDULDV SDUD IXQFLRQDU HQ OD FRPXQLGDG´ $ 5H\HV/,QWURGXFFLyQ
*UXVHF 'DYLGRY³/DVRFLDOL]DFLyQHV
XQ SURFHVR FXOWXUDO H KLVWyULFR TXH UHÀHMD ORV
ÎÇ
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
6(*81'2&$3,78/2 RWURV
75$7$0,(172-85Ë',&2'(/26+,-26 /D IDPLOLD HV «« ³DTXHOOD FRPXQLGDG TXH
'(&5,$1=$ LQLFLDGDREDVDGDHQODXQLyQSHUPDQHQWHGHXQ
KRPEUH\XQDPXMHUGHVWLQDGDDODUHDOL]DFLyQ
(V HQ OD IDPLOLD GRQGH VH FRQVWLWX\HQ ODV GH ORV DFWRV SURSLRV GH OD JHQHUDFLyQ HVWi
UHODFLRQHVHQODVTXHHOPHQRUKDGHVDUUROODGR LQWHJUDGD SRU SHUVRQDV TXH FRQYLYHQ EDMR OD
YtQFXORVGHDIHFWR\GHSHQGHQFLDFRQSHUVRQDV DXWRULGDG´ &RUUDO ««´DGMXQWDQ VXV
FRQ ODV TXH QR WLHQH YtQFXORV ELROyJLFRV HVIXHU]RV SDUD ORJUDU HO VXVWHQWR SURSLR \
GHULYDGRVSRUHOKHFKRItVLFRGHOQDFLPLHQWR\VLQ GHVDUUROOR HFRQyPLFR GHO JUXSR \ VH KD\DQ
TXH VH KD\D OOHYDGR D FDER HO WUiPLWH GH XQLGDV SRU XQ DIHFWR QDWXUDO GHULYDGR GH OD
DGRSFLyQGHHVWDGH¿QLFLyQSURYLHQHQORVKLMRV\ UHODFLyQGHSDUHMDRGHOSDUHQWHVFRHOTXHODV
ORV SDGUHV GH FULDQ]D 3DUUD - /D LQGXFH D D\XGDUVH \ DX[LOLDUVH PXWXDPHQWH´
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
H[LVWHQFLDGHHVWDVIDPLOLDVHVUHFRQRFLGDHQHO &RUUDO
&yGLJR GH OD ,QIDQFLD \ OD $GROHVFHQFLD /H\
GHDUWtFXORDODTXHODGRFWULQD /D&RQVWLWXFLyQ3ROtWLFD6HxDODHQVXDUWtFXOR
KD GHQRPLQDGR IDPLOLD VROLGDULD 4XLUR] $ TXHHO(VWDGR>@UHFRQRFHDODIDPLOLDFRPR
S LQVWLWXFLyQ EiVLFD GH OD VRFLHGDG \ HQ VX
O&yGLJR &LYLO KD VLGR PRGL¿FDGR SRU ODV DUWtFXORGLFHTXHHVHOQ~FOHRGHODVRFLHGDG
VLJXLHQWHVOH\HV\GHFUHWRVHQWHPDVHVSHFt¿FRV \ TXH VX IXHQWH HV HO PDWULPRQLR \ HO
DVDEHU³3RUODFXDOVHPRGL¿FDQODVQRUPDVTXH FRQFXELQDWRPDQLIHVWDQGRTXHHOPDWULPRQLR
UHJXODQ OD LPSXJQDFLyQ GH OD SDWHUQLGDG \ OD UHOLJLRVRVXUWHHIHFWRVFRPRPDWULPRQLRFLYLO\
PDWHUQLGDG´ /H\ 6H RWRUJD TXHWDQWRHOHVWDGRFRPRORVLQWHJUDQWHVGHOD
³LJXDOGDG GH GHUHFKRV KHUHQFLDOHV D ORV KLMRV IDPLOLD GHEHQ YHODU SRU VX ELHQHVWDU
OHJtWLPRV H[WUDPDWULPRQLDOHV \ DGRSWLYRV &RQVWLWXFLyQ1DFLRQDO$UW\
DMXVWHV D ORV yUGHQHV KHUHGLWDULRV´ /H\ (OFRQFHSWRGHIDPLOLDKDFHSDUWHGHORVWUDWDGRV
« « ³ / R V K L M R V V R Q O H J t W L P R V \FRQYHQLRVLQWHUQDFLRQDOHVTXHVHLQFRUSRUDQ
H[WUDPDWULPRQLDOHV \ DGRSWLYRV \ WHQGUiQ DO %ORTXH GH &RQVWLWXFLRQDOLGDG TXH HQ YLUWXG
LJXDOHVGHUHFKRV\REOLJDFLRQHV´/H\ GHO $UWtFXOR GH OD &RQVWLWXFLyQ 3ROtWLFD GH
$UW « ³/RV KLMRV OHJtWLPRV DGRSWLYRV \ &RORPELD TXH H[SUHVD ³/RV WUDWDGRV \
H[WUDPDWULPRQLDOHVH[FOX\HQDWRGRVORVRWURV FRQYHQLRV LQWHUQDFLRQDOHV UDWL¿FDGRV SRU HO
KHUHGHURV\UHFLELUiQHQWUHHOORVLJXDOHVFXRWDV &RQJUHVR TXH UHFRQRFHQ ORV GHUHFKRV
VLQ SHUMXLFLR GH OD SRUFLyQ FRQ\XJDO´ /H\ KXPDQRV \ TXH SURKtEHQ VX OLPLWDFLyQ HQ ORV
$UW VH ³HVWDEOHFH HO GLYRUFLR HQ HO HVWDGRVGHH[FHSFLyQSUHYDOHFHQHQHORUGHQ
PDWULPRQLR FLYLO VH UHJXODQ OD VHSDUDFLyQ GH LQWHUQR´&RQVWLWXFLyQ1DFLRQDO$UW
FXHUSRV\GHELHQHVHQHOPDWULPRQLRFLYLO\HQHO ³/RVGHUHFKRV\GHEHUHVFRQVDJUDGRVHQHVWD
FDQyQLFR´/H\6HHVWDEOHFHQ³LJXDOHV &DUWDVHLQWHUSUHWDUiQGHFRQIRUPLGDGFRQORV
GHUHFKRV \ REOLJDFLRQHV D ODV PXMHUHV \ D ORV WUDWDGRV LQWHUQDFLRQDOHV VREUH GHUHFKRV
YDURQHV´ 'HFUHWR (O 'HFUHWR K X P D Q R V U D W L ¿ F D G R V S R U & R O R P E L D ´
IXHPRGL¿FDGRSRUHQORV &RQVWLWXFLyQ1DFLRQDO$UW
WHPDV GH SDWULD SRWHVWDG FDSLWXODFLRQHV (O DFWR OHJLVODWLYR GH DGLFLRQD HO
PDWULPRQLDOHVODHGXFDFLyQ\ODDGPLQLVWUDFLyQ VLJXLHQWHSiUUDIR³(O(VWDGR&RORPELDQRSXHGH
GHORVELHQHVGHORVKLMRVODHPDQFLSDFLyQHQWUH UHFRQRFHU OD MXULVGLFFLyQ GH OD &RUWH 3HQDO
În
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
,QWHUQDFLRQDO HQ ORV WpUPLQRV SUHYLVWRV HQ HO SRUTXH SURWHJHQ D VXV PLHPEURV DQWH OD
(VWDWXWRGH5RPDTXHIXHDGRSWDGRHQSRU LQFHUWLGXPEUH´%HFNHU
OD&RQIHUHQFLD3OHQLSRWHQFLDULRVGHODVQDFLRQHV 8Q FRQFHSWR GH ³/D IDPLOLD HV XQ JUXSR FRQ
XQLGDV´ $FWR /HJLVODWLYR \ UHODFLRQHV GH GHSHQGHQFLD SHUVRQDO \ QR
³FRQVHFXHQWHPHQWH UDWL¿FDU HVWH WUDWDGR GH FRQWUDFWXDO D¿QLGDG FRQVDQJXLQLGDG \
FRQIRUPLGDG FRQ HO SURFHGLPLHQWR HVWDEOHFLGR DPLVWDGTXHVHDUWLFXODFRPRXQLGDGDWUDYpV
HQ HVWD &RQVWLWXFLyQ´ $FWR /HJLVODWLYR GHGHFLVLRQHV\DFFLRQHVWHQGLHQWHVDVDWLVIDFHU
³/DDGPLVLyQGHXQWUDWDPLHQWRGLIHUHQWH QHFHVLGDGHV YLWDOHV´ :DUWHQEHUJ
HQPDWHULDVVXVWDQFLDOHVSRUSDUWHGHO(VWDWXWR QHFHVLGDGHV FRPR VRQ OD ³UHSURGXFFLyQ
GH5RPDFRQUHVSHFWRDODVJDUDQWtDVFRQWHQLGDV FRQVXPRJUDWL¿FDFLyQSURWHFFLyQ\DIHFWR/D
H Q O D & R Q V W L W X F L y Q W H Q G U i H I H F W R V IDPLOLD VH GHVHQYXHOYH GHQWUR GH XQ HVSDFLR
H[FOXVLYDPHQWHGHQWURGHOiPELWRGHODPDWHULD VRFLDO FRQFUHWR SHUR HQ PXFKRV FDVRV
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
UHJXODGDHQpO´$FWR/HJLVODWLYR WUDVFLHQGH OD YLYLHQGD FRPR HVSDFLR ItVLFR \
( Q W U H R W U R V L Q V W U X P H Q W R V M X U t G L F R V VLJXH LQWHUDFWXDQGR SDUD DO PHQRV VDWLVIDFHU
LQWHUQDFLRQDOHVTXHKR\KDFHQSDUWHGHOEORTXH QHFHVLGDGHV´:DUWHQEHUJ
GH FRQVWLWXFLRQDOLGDG HVWiQ ³/D 'HFODUDFLyQ
8QLYHUVDO GH 'HUHFKRV +XPDQRV´ /H\ 3DUD 5REHUW $OH[\ ORV KLMRV GH FULDQ]D WLHQHQ
$UW HO ³3DFWR ,QWHUQDFLRQDO GH ORV TXH YHU FRQ ³ORV SULQFLSLRV FRPR QRUPDV TXH
'HUHFKRV&LYLOHV\3ROtWLFRV´/H\$UW RUGHQDQ TXH DOJR VHD UHDOL]DGR HQ OD PD\RU
HQHO³3DFWR,QWHUQDFLRQDOGHORV'HUHFKRV PHGLGDSRVLEOHGHDFXHUGRFRQODVSRVLELOLGDGHV
(FRQyPLFRV 6RFLDOHV \ &XOWXUDOHV TXH IiFWLFDV\MXUtGLFDV´FRQUHODFLyQDORVKLMRVGH
FRQVDJUD³6HGHEHFRQFHGHUDODIDPLOLDTXHHV FULDQ]D VLJQL¿FD TXH MXH] GHEH SRQGHUDU ORV
HO HOHPHQWR QDWXUDO \ IXQGDPHQWDO GH OD SULQFLSLRV HQ MXHJR \ GHWHUPLQDU HO JUDGR GH
VRFLHGDGODPiVDPSOLDSURWHFFLyQ\DVLVWHQFLDV VDWLVIDFFLyQ R UHVWULFFLyQ GH ORV GHUHFKRV
SRVLEOHVHVSHFLDOPHQWHSDUDVXFRQVWLWXFLyQ\ IXQGDPHQWDOHVGHOPHQRU$OH[\
PLHQWUDV VHD UHVSRQVDEOH GHO FXLGDGR \ OD (O SHQVDPLHQWR GH *XVWDYR =DJUHEOHVN\ ORV
HGXFDFLyQ GH ORV KLMRV D VX FDUJR´´ /H\ MXHFHVQRSXHGHQVHUDSiWLFRVDODH[LVWHQFLDGH
$UW \ HQ OD &RQYHQFLyQ $PHULFDQD VLWXDFLRQHV\UHODFLRQHVTXHGHDOJXQDPDQHUD
VREUH'HUHFKRV+XPDQRV3DFWRGH6DQ-RVpGH WLHQHQUHOHYDQFLDMXUtGLFDQRREVWDQWHQRHVWDU
&RVWD5LFD/H\$UW UHFRQRFLGDV HQ HO RUGHQDPLHQWR SRVLWLYR ³/RV
MXHFHV GHEHU JDUDQWL]DU OD HIHFWLYLGDG GH ORV
6HJ~Q bOYDUH] ³/D IDPLOLD HV XQD LQVWLWXFLyQ GHUHFKRV IXQGDPHQWDOHV DXQ FXDQGR HOOR
DQWHULRU D OD VRFLHGDG \ DO (VWDGR XQD YH] LPSOLTXHFRQWUDULDUHOVHQWLGROLWHUDOGHODOH\´
VXUJHQpVWDVGRVLQVWLWXFLRQHVVLUYHQDODIDPLOLD =DJUHEHOVN\³7UDWiQGRVHGHORVKLMRVGH
SDUDVHUYLUDVXELHQHVWDU\SDUDYHODUSRUVX FULDQ]DHOMXH]GHEHSRQGHUDUORVSULQFLSLRVHQ
LQWHJULGDG VXSHUYLYHQFLD \ FRQVHUYDFLyQ´ MXHJRGHPRGRTXHODUHVROXFLyQDGRSWDGDVHD
ÈOYDUH]9DQHJDV UD]RQDEOH OXHJR GH UHDOL]DU HO MXLFLR GH
(Q&RORPELD³ODIDPLOLDHVODSULQFLSDOLQVWLWXFLyQ SURSRUFLRQDOLGDG´=DJUHEHOVN\
SDUDGHIHQGHUVHGHODLQFHUWLGXPEUH´%HFNHU /DRSLQLyQGH5RQDOG'ZRUNLQVREUHHOVLVWHPD
%HFNHU &RQVLGHUD TXH ³OD IDPLOLD ORV MXUtGLFR HV FODUD FXDQGR HQXQFLD TXH HVWH VH
JUXSRV GH SDUHQWHVFR VRQ LPSRUWDQWHV HQ FRPSRQH GH UHJODV \ SULQFLSLRV ORV FXDOHV
VRFLHGDGHV WUDGLFLRQDOHV HQ EXHQD PHGLGD WLHQHQ QHFHVDULDPHQWH XQ FRQWHQLGR PRUDO
Î
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
³&RQ UHODFLyQ DO KLMR GH &ULDQ]D ORV MXHFHV 'HRWUDSDUWH,VD]DGH¿QH³HOHVWLORGH
SXHGHQ YDOHUVH GH ORV SULQFLSLRV MXUtGLFRV SDUD FULDQ]DFRPRODIRUPDGHFULDU\HGXFDUDORV
IXQGDPHQWDUXQDGHFLVLyQ´'ZRHNLQ³(O KLMRV (VWRV HVWiQ FRQIRUPDGRV SRU ORV
KHFKR GH TXH QR H[LVWD OHJLVODFLyQ VREUH OD FRPSRUWDPLHQWRVGHORVSDGUHV\PDGUHVFRQ
PDWHULDQRVLJQL¿FDTXHHOMXH]GHEDGHVFRQRFHU VXV KLMRV´ ,VD]D HQ UHODFLyQ FRQ
ORVGHUHFKRVGHHVWDVSHUVRQDVPi[LPHFXDQGR DVSHFWRV FRPR ³DOLPHQWDFLyQ SURWHFFLyQ \
VH WLHQH HQ FXHQWD TXH HO SUREOHPD GH ORV FXLGDGRV IRUPD GH HQVHxDU ODV FRQGXFWDV
G H U H F K R V V H U H V X H O Y H P H G L D Q W H V X QRUPDVFDVWLJRVVDQFLRQHV\RWURVDVSHFWRV
UHFRQRFLPLHQWROHJDO´'ZRHNLQ VRQEDVDGRVHQFUHHQFLDVGHORTXHVHFRQVLGHUD
DGHFXDGR 'HVGH HVWD SHUVSHFWLYD HO HVWLOR
DUWLFXODODVFUHHQFLDVODVSDXWDV\ODVSUiFWLFDV
7(5&(5&$3,78/2 SDUDJHQHUDUXQDFDUDFWHUL]DFLyQGHODFULDQ]D´
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
'(5(&+26+(5(1&,$/(6'(/26+,-26 ,VD]D
'(&5,$1=$ ³7HQHUKLMRVQRORFRQYLHUWHDXQRHQSDGUHGHO
PLVPRPRGRTXHWHQHUXQSLDQRQRORYXHOYH
/RVSURIHVLRQDOHV$FRVWD $UDXMRHQHO SLDQLVWD´ IUDVH GHO SXEOLFLWD QRUWHDPHULFDQR
HQVD\R³(OKLMRGH&ULDQ]DHQ&RORPELD¢0LWRR ³0LFKDHO/HYLQH´HVWRHVTXHOD FULDQ]DGHORV
UHDOLGDG"H[SUHVDQTXHH[LVWHQFDVRVHQORVTXH KLMRVFRUUHVSRQGHDXQKRPEUH\DXQDPXMHU
VHKDUHFRQRFLGRODSUHYDOHQFLDGHORVGHUHFKRV GRQGH/DIDPLOLDODVRFLHGDG\HO(VWDGRWLHQHQ
GHO KLMR GH FULDQ]D VREUH ORV WUiPLWHV ODREOLJDFLyQGHDVLVWLUDOQLxRSDUDJDUDQWL]DUVX
DGPLQLVWUDWLYRV GH LQVWLWXFLRQHV HVWDWDOHV H GHVDUUROOR DUPyQLFR H LQWHJUDO \ HO HMHUFLFLR
LQFOXVRWDPELpQVREUHORVGHUHFKRVGHORVSDGUHV SOHQRGHVXVGHUHFKRV/RVGHUHFKRVGHORV
ELROyJLFRV FRQ IXQGDPHQWR HQ HO LQWHUpV QLxRV SUHYDOHFHQ VREUH ORV GHUHFKRV GH ORV
VXSHULRUGHOPHQRU´$FRVWD$ $UD~MR GHPiV&RQVWLWXFLyQ1DFLRQDO$UW
7DPELpQ ³H[LVWHQ FDVRV HQ TXH VH KDQ $JXLUUH HQ VX LQYHVWLJDFLyQ UHODFLyQ
UHFRQRFLGRORVGHUHFKRVGHORVSDGUHVGHFULDQ]D HQWUH SUiFWLFDV GH FULDQ]D WHPSHUDPHQWR \
SDUD UHFODPDU SHUMXLFLRV PRUDOHV HQ FDVRV GH FRPSRUWDPLHQWRSURVRFLDOGHQLxRVGH\
U H V S R Q V D E L O L G D G ( V W D W D O S H Q V L y Q G H JUDGRGHODHGXFDFLyQEiVLFDSHUWHQHFLHQWHVD
VREUHYLYLHQWHV VXEVLGLR IDPLOLDU \ D VHU VHLV HVWUDWRV VRFLRHFRQyPLFRV GH %RJRWi
SUHIHULGRV HQ HO SURFHVR GH DGRSFLyQ FRPR UHVDOWDORVVLJXLHQWHVDVSHFWRV³6RFLDOL]DFLyQ\
SDGUHV DGRSWDQWHV GHO PHQRU´ $FRVWD $ FULDQ]D´ /D HYROXFLyQ GH OD HVSHFLH KXPDQD
$UD~MR WLHQH³XQYtQFXORTXHDORVXQHDORVKRPEUHV
/D&ULDQ]DKDFHUHIHUHQFLDDOPRGRFRPRORVSD XQLyQ TXH VH KDFH IXQGDPHQWDO HQ OD
GUHVRTXLHQHVDJHQFLHQGLFKRSDSHOGHFULDQ]D\ VXSHUYLYHQFLD \ HO GHVDUUROOR´ $JXLUUH '
IRUPDFLyQ SDUD RULHQWDU HO FRPSRUWDPLHQWR GH ³(OUHFRQRFLPLHQWRGHORWURHVSDUWHGHO
VXVKLMRV\ODVFRQVHFXHQFLDVTXHWLHQHQHVWRV FRPSRUWDPLHQWRKXPDQRHVSDUWHGHOSURFHVR
DFWRVHQVXIXWXURGHVDUUROOR/RVHOHPHQWRVGH GH VRFLDOL]DFLyQ HO FXDO HV GHWHUPLQDQWH D OR
ODFULDQ]DGHORVKLMRVVRQH[SXHVWRVSRU$JXLUUH ODUJR GH OD YLGD HQ HVSHFLDO HQ VXV SULPHURV
TXLHQGHVGHVXVGLYHUVDVSXEOLFDFLRQHV DxRV GH YLGD´ $JXLUUH ' (Q ORV
EULQGD HOHPHQWRV FODURV \ EiVLFRV SDUD OD SULPHURV DxRV GH YLGD ³OD VRFLDOL]DFLyQ HV XQ
FRPSUHQVLyQ GH HVWD FDWHJRUtD WHPiWLFD PHFDQLVPR TXH HV IXQGDPHQWDO SDUD OD
$JXLUUH VXSHUYLYHQFLD GRQGH HO DGXOWR JHQHUD XQDV
{ä
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
FRQGLFLRQHVDSURSLDGDVSDUDVXGHVDUUROOR\TXH /RV ³HVWLORV GH FULDQ]D´ VRQ XQ ³IHQyPHQR
VHH[SUHVDHQHOSURJUHVLYR\DGHFXDGRDMXVWH PXOWLFDXVDO HQ HO TXH LQWHUYLHQHQ GLYHUVDV
HPRFLRQDO FRPSRUWDPHQWDO \ ItVLFR GHO QLxR´ YDULDEOHVYLQFXODGDVDOFRPSRUWDPLHQWRDGXOWR
$JXLUUH' V H J X U L G D G D P E L Y D O H Q F L D D Q V L H G D G
$XWRUHV FRPR *UXVHF 'DYLGRY LQVHJXULGDGORJURGHPHWDVHQWUHRWURV\DO
VRVWLHQHQTXHOD³VRFLDOL]DFLyQHVHOSURFHVRSRU ELHQHVWDU HPRFLRQDO´ *DUFtD 0 5LYHUD $
PHGLR GHO FXDO ORV QLxRV DGTXLHUHQ ODV 5H\HV / 'H WDO PRGR TXH ³ODV
KDELOLGDGHV VRFLDOHV HPRFLRQDOHV \ FRJQLWLYDV FRJQLFLRQHVDFWLWXGHV\FUHHQFLDVVRQIDFWRUHV
QHFHVDULDV SDUD IXQFLRQDU HQ OD FRPXQLGDG´ TXHLQÀX\HQHQORVHVWLORVGHFULDQ]DHPSOHDGRV
*UXVHF 'DYLGRY³/DVRFLDOL]DFLyQHV SRUORVSDSiV\ODVPDPiV´*DUFtD05LYHUD
XQ SURFHVR FXOWXUDO H KLVWyULFR TXH UHÀHMD ORV $ 5H\HV/
P R G R V F R P R F D G D J U X S R K X P D Q R K D (QODGLVWULEXFLyQGHODVKHUHQFLDOHVORVKLMRVGH
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
HVWUXFWXUDGRODVUHODFLRQHVVRFLDOHVHQHVSHFLDO ODIDPLOLDFRQVWLWXLGDSRUKHFKRRPHGLDQWHHO
ODVUHODFLRQHVFRQORVQLxRV´*UXVHF 'DYLGRY YtQFXOR GHO PDWULPRQLR VH HQIUHQWDQ FRQ ORV
KLMRVTXHKDQVLGRFULDGRVSRUVXVSDGUHV/RV
(QWRQFHV³ODFULDQ]DHVHOFRQMXQWRGHDFFLRQHV ELHQHV KHUHQFLDOHV H LQFOXVR ORV DFWLYRV
TXHUHDOL]DQORVSDGUHVRGLIHUHQWHVFXLGDGRUHV LQWDQJLEOHV \ RWURV TXH UHSUHVHQWDQ XQ YDORU
FRQOD¿QDOLGDGGHRULHQWDUHOGHVDUUROORGHOQLxR HFRQyPLFRVHFRQYLHUWHQHQXQERWtQDGLVWULEXLU
\ S U R S R U F L R Q D U O H O D V F R Q G L F L R Q H V P i V VREUHXQRVDFRVWDGHGHMDUSRUIXHUDDRWURVTXH
DSURSLDGDV SDUD VX ELHQHVWDU LQWHJUDO´ DXQTXHQRWLHQHQVX$'1WDPELpQODOH\OHVKD
6FKDIIHU$OUHVSHFWR6FKDIIHUVRVWLHQH FRQFHGLGRGHUHFKRV
TXH ³« QR KD KDELGR UHDOPHQWH GXGD TXH OD (O &yGLJR &LYLO GH &RORPELD HQ VX $UWtFXOR
FULDQ]DVHDVREUHWRGRGLULJLUHOGHVDUUROORGHORV GLVSRQH TXH VH RLJD D ORV SDULHQWHV GH XQD
QLxRVHQODVGLUHFFLRQHVVRFLDOPHQWHDSUREDGDV´ SHUVRQD VH HQWHQGHUi TXH GHEHQ RtUVH D ODV
6FKDIIHU SHUVRQDVTXHYDQDH[SUHVDUVH\HQHORUGHQTXH
'LPHQVLRQHV GH OD &ULDQ]D (Q SDODEUDV GH VLJXH /RV GHVFHQGLHQWHV ORV DVFHQGLHQWHV D
.DQDIR 3ORPLQ H[SUHVDQ TXH ³ODV IDOWD GH GHVFHQGLHQWHV HO SDGUH \ OD PDGUH
GLPHQVLRQHVGHODFULDQ]DVRQHOUHVXOWDGRGHO Q D W X U D O H V T X H K D \ D Q U H F R Q R F L G R
LQWHQWR GH UHGXFLU HO FRQMXQWR GH DFFLRQHV YROXQWDULDPHQWH DO KLMR HO SDGUH \ OD PDGUH
HVWXGLDGDVHQODFULDQ]DDGRVIDFWRUHVTXHVH DGRSWDQWHV R HO KLMR DGRSWLYR ORV FRODWHUDOHV
FRQVWLWXLUiQ HQ ODV FRQGLFLRQHV GH SRVLELOLGDG´ OHJtWLPRV KDVWD HO VH[WR JUDGR ORV KHUPDQRV
GH WRGD DFFLyQ GHVWLQDGD D FULDU D ORV QLxRV QDWXUDOHV ORV D¿QHV OHJtWLPRV TXH VH KDOOHQ
$JXLUUH'(VWDVGRVGLPHQVLRQHVVRQ GHQWURGHOVHJXQGRJUDGR&yGLJR&LYLO
FRQWURO \ DSR\R ³(QWRQFHV HO FRQWURO HV OD 9pDVH6HQWHQFLD&GH3DUDHIHFWRVGH
GLPHQVLyQTXHKDFHUHIHUHQFLDHQSULQFLSLRDO GHWHUPLQDU TXLpQHV HVWiQ OODPDGRV D UHFRJHU
SDSHORULHQWDGRUGHORVSDGUHVTXLHQHVHVWiQHQ ELHQHV GH XQD VXFHVLyQ HO DUWtFXOR GHO
ODREOLJDFLyQHQHOFDVRGH&RORPELDORHVWiQ &yGLJR&LYLOPRGL¿FDGRSRUHODUWtFXORGHOD
SRUORGLVSXHVWRHQOD&RQVWLWXFLyQ3ROtWLFD\OD /H\ GH HQ RUGHQ VXFHVLYR \
/ H \ G H L Q I D Q F L D \ D G R O H V F H Q F L D G H H[FOX\HQWHGHOLPLWDHOFRQFHSWRGHIDPLOLDDVt
FRPSURPHWHUVH FRQ HO FXLGDGR GH ORV QLxRV´ ORV GHVFHQGLHQWHV ORV KLMRV DGRSWLYRV ORV
.DQIR 3ORPLQ DVFHQGLHQWHV ORV SDGUHV DGRSWDQWHV ORV
KHUPDQRV ORV KLMRV GH pVWRV HO FyQ\XJH
{£
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
VXSpUVWLWH 6HQWHQFLD&GH/DFRUWHVHxDOD/D
DGRSFLyQ WLHQH ³XQD HVSHFLDO UHOHYDQFLD
5(68/7$'26 FRQVWLWXFLRQDO \ OHJDO SXHV DGHPiV GH
352181&,$0,(1726'(/$6$/7$6 FRQWULEXLU DO GHVDUUROOR SOHQR H LQWHJUDO GHO
&257(6 PHQRUHQHOVHQRGHXQDIDPLOLDKDFHHIHFWLYRV
ORVSULQFLSLRVGHOLQWHUpVVXSHULRUGHOQLxRGH
6HQWHQFLD7GH'HODSURWHFFLyQGHORV SURWHFFLyQ \ SUHYDOHQFLD GH VXV GHUHFKRV WDO
GHO Q~FOHR IDPLOLDU GH OD IDPLOLD GH FULDQ]D OD FRPR OR RUGHQD HO DUWtFXOR GHO HVWDWXWR
FULDQ]DFRPRXQKHFKRDSDUWLUGHOFXDOVXUJHXQ VXSUHPR´6HQWHQFLD&HQHOFXDO
HOSDUHQWHVFR/D&RUWHH[SUHVD³/DSURWHFFLyQ KDOOD IXQGDPHQWR HQ HO RUGHQDPLHQWR
FRQVWLWXFLRQDOGHODIDPLOLDWDPELpQVHSUR\HFWD FRQVWLWXFLRQDO DVt «« ³HVWDEOHFHQ OD
D ODV IDPLOLD TXH VXUJHQ GH IDFWR R OODPDGDV SURWHFFLyQHVSHFLDOGHOQLxR\ORVGHUHFKRVGHO
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
{Ó
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
LJXDOGDG GH GHUHFKRV HQWUH KRPEUHV \ HYHQWRVODVUHODFLRQHVGHVROLGDULGDGDIHFWR\
PXMHUHV´ HQ OD FRQVLGHUDFLyQ HVSHFLDO GH ORV DSR\R VRQ PiV IXHUWHV FRQ TXLHQ QR VH WLHQH
Q L x R V ³ F R P R W L W X O D U H V G H G H U H F K R V YtQFXOR GH FRQVDQJXLQLGDG VLQ TXH HVWR
IXQGDPHQWDOHV´RHQHOVXPLQLVWURGH³HVSHFLDO VXSRQJDODLQH[LVWHQFLDGHORVOD]RVIDPLOLDUHV
SURWHFFLyQDORVDGROHVFHQWHV\DODVSHUVRQDV FRPRTXLHUDTXHODIDPLOLDQRVHFRQ¿JXUDVyORD
GHODWHUFHUDHGDG´6HQWHQFLD& SDUWLUGHXQQRPEUH\XQDSHOOLGR´6HQWHQFLD7
6HQWHQFLD & GH ³6RQ WLWXODUHV GHO \PHQRVGHODFRQVWDWDFLyQGHXQ
G H U H F K R O R V F y Q \ X J H V \ F R P S D x H U R V SDUiPHWUR R FyGLJR JHQpWLFR VLQR TXH ³HO
SHUPDQHQWHV HQ YLUWXG D OD HTXLYDOHQFLD GH FRQFHSWR VH IXQGDPHQWD VH LWHUD HQ HVH
GHEHUHVTXHVXUJHQGHDPEDVUHODFLRQHVFRPR FRQMXQWRGHUHODFLRQHVHLQWHUDFFLRQHVKXPDQDV
HOGHEHUGHVROLGDULGDGHQUD]yQDHOOROD&RUWH TXH VH GHVDUUROODQ FRQ HO GtD D GtD \ TXH VH
&RQVWLWXFLRQDO GHFODUy H[HTXLEOH GH PDQHUD UH¿HUHQDHVHOXJDUPHWDItVLFRTXHWLHQHFRPR
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
FRQGLFLRQDGDHOQXPHUDOGHODUWtFXORGHO LQJUHGLHQWHV SULQFLSDOHV HO DPRU HO DIHFWR OD
&yGLJR &LYLO´ 6HQWHQFLD & «« VROLGDULGDG \ OD SURWHFFLyQ GH VXV PLHPEURV
³/DSURWHFFLyQPDWHULDOGHO³GHUHFKRODLJXDOGDG HQWUHVt´HLQGXGDEOHPHQWHWDPELpQDIDFWRUHV
DOXGHDOFRPSURPLVRGHUHPRYHUORVREVWiFXORV VRFLROyJLFRV \ FXOWXUDOHV 6HQWHQFLD 7
TXHHQHOSODQRHFRQyPLFR\VRFLDOFRQ¿JXUDQ
HIHFWLYDV GHVLJXDOGDGHV GH KHFKR´ 6HQWHQFLD
&ODVFXDOHVVHRSRQHQDOGLVIUXWH 6HQWHQFLD&GH³&ULDQ]D\HGXFDFLyQ
HIHFWLYRGHOGHUHFKRORTXHKDFHQHFHVDULD³OD GH ORV KLMRV´ /RV SDGUHV GHEHQ EULQGDU D VXV
F R Q ¿ J X UD F L y Q G H P H G L G D V T X H S X H G D Q KLMRV IRUPDFLyQ LQWHOHFWXDO PRUDO UHOLJLRVD \
FRPSHQVDU \ VHDQ GHIHQVLYDV FRQ UHVSHFWR D HGXFDWLYD3DUUD-S\FRQWULEXLUHQ
SHUVRQDV\JUXSRVXELFDGRVHQFRQGLFLRQHVGH S U R S R U F L R Q H V L J X D O H V D O R V J D V W R V G H
LQIHULRULGDG PHGLDQWH HO HMHUFLFLR GH DFFLRQHV PDQXWHQFLyQ GH ORV KLMRV HQ FDVR GH
SRVLWLYDVSRUSDUWHGHODVDXWRULGDGHVS~EOLFDV´ LQVX¿FLHQFLDHFRQyPLFDGHOKLMRGHORVSDGUHV
6HQWHQFLD& FRUUHVSRQGHUiDORVDEXHORV&yGLJR&LYLO$UW
\eVWHLQFOX\HHOGHEHUGHVDQFLRQDU
6HQWHQFLD7GH³ODIDPLOLDQRVyORVH FRUUHJLURULHQWDU\YLJLODUDORVKLMRVVLHPSUH\
FRQVWLWX\H SRU YtQFXORV MXUtGLFRV R GH FXDQGRVXHMHUFLFLRVHDPRGHUDGRVLQLQFXUULU
FRQVDQJXLQLGDG VLQR TXH SXHGH WHQHU XQ HQDFWRVGHYLROHQFLDItVLFDRPRUDO6HQWHQFLD
VXVWUDWR QDWXUDO R VRFLDO D SDUWLU GH OD & 7DPELpQ SRGHPRV LQFOXLU OD
FRQVWDWDFLyQ GH XQD VHULH GH UHODFLRQHV GH VHJXULGDGItVLFDSVLFROyJLFD\VH[XDO\IRPHQWDU
DIHFWR GH FRQYLYHQFLD GH DPRU GH DSR\R \ KiELWRVDGHFXDGRVGHDOLPHQWDFLyQGHKLJLHQH
VROLGDULGDGTXHVRQFRQ¿JXUDWLYDVGHXQQ~FOHR SHUVRQDO\GHGHVDUUROORItVLFR
HQ HO TXH ULJHQ ORV SULQFLSLRV GH LJXDOGDG GH
GHUHFKRV\GHEHUHVSDUDXQDSDUHMD\HOUHVSHWR 6HQWHQFLD&GHPDQL¿HVWD FRPROD
UHFtSURFRGHORVGHUHFKRV\OLEHUWDGHVGHWRGRV FRQVWLWXFLyQSROtWLFDVHUH¿HUHDODIDPLOLD\OD
VXV LQWHJUDQWHV´ 6HQWHQFLD 7 (Q LJXDOGDG GH GHUHFKRV \ REOLJDFLRQHV HQWUH ORV
HVWD SHUVSHFWLYD HV SRVLEOH KDFHU XQD KLMRV FRPR VLJXH ³VRQ LJXDOPHQWH GLJQDV GH
UHIHUHQFLDDODVDFHSFLRQHVGH³SDGUHVSDSiR UHVSHWR\SURWHFFLyQODVIDPLOLDVRULJLQDGDVHQHO
PDPiGHFULDQ]DKLMRVGHFULDQ]DHLQFOXVLYH PDWULPRQLR R FRQVWLWXLGDV DO PDUJHQ GH pVWH´
GHDEXHORVGHFULDQ]D´WRGDYH]TXHHQPXFKRV 6HQWHQFLD & /D LJXDOGDG SXJQD
{Î
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
FRQWRGDIRUPDGHGLVFULPLQDFLyQEDVDGDHQHO &6-6HFFLyQODERUDO0D\RGHO03
RULJHQIDPLOLDU\DVHDHMHUFLGDFRQWUDORVKLMRVR )UDQFLVFR(VFREDU(QUtTXH]3UREOHPD-XUtGLFR
FRQWUD GHVFHQGLHQWHV GH FXDOTXLHU JUDGR ³(Q ¢3XHGH XQD SHUVRQD HQ FRQGLFLyQ GH KLMR GH
YLUWXG GH OD DGRSFLyQ HO DGRSWLYR LQJUHVD D OD FULDQ]D H LQWHJUDQWH GHO JUXSR IDPLOLDU GHO
IDPLOLD \ VH FRQYLHUWH HQ SDUWH GH pVWD GHO FDXVDQWH VHU DFUHHGRU GH OD SHQVLyQ GH
PLVPR PRGR TXH ORV KLMRV GH OD VDQJUH´ VREUHYLYLHQWH GH HVWH GHO FXDO GHSHQGtD
6HQWHQFLD & 6RQ FRQWUDULDV D OD HFRQyPLFDPHQWH"7HVLV6,(QWHQDGR
&RQVWLWXFLyQWRGDVODVQRUPDVTXHHVWDEOH]FDQ &6-6HFFLyQODERUDO$JRVWRGH03
GLIHUHQFLDV HQ FXDQWR D ORV GHUHFKRV \ ,VDXUD9DUJDV'tD]3UREOHPD-XUtGLFR¢7LHQHQ
REOLJDFLRQHVHQWUHORVGHVFHQGLHQWHVOHJtWLPRV GHUHFKR D OD SHQVLyQ GH VREUHYLYLHQWH ORV
H[WUDPDWULPRQLDOHV R DGRSWLYRV SXHV DO LJXDO SDGUHV GH FULDQ]D UHVSHFWR GH VX KLMR GH
TXH ORV KLMRV WLHQHQ LJXDOHV GHUHFKRV \ FULDQ]D IDOOHFLGR GHO TXH FXLGDURQ GHVGH OD
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
{{
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
FRQVWLWX\H SRU OD YROXQWDG UHVSRQVDEOH GH
& R U W H & R Q V W L W X F L R Q D O 7 0 3 FRQIRUPDUOD PHGLDQWH XQ YtQFXOR MXUtGLFR
$OHMDQGUR 0DUWtQH] &DEDOOHUR 3UREOHPD VROHPQHHOPDWULPRQLRRFRQVHQVXDOODXQLyQ
-XUtGLFR ¢5HVXOWD YLRODWRULR DO SULQFLSLR GH PDULWDO GH KHFKR PXMHU R YDUyQ FDEH]DV GH
V R O L G D U L G D G V R F L D O \ D O R V G H U H F K R V IDPLOLD GHULYDGDV GH OD ¿OLDFLyQ IDPLOLD GH
IXQGDPHQWDOHVGHWHQHUXQDIDPLOLD\DQRVHU FULDQ]DVROLGDULDYtQFXORVQDWXUDOHVRMXUtGLFRV
VHSDUDGR GH HOOD « HO DFFLRQDU GHO ,&%) ,JXDOGDGGHORVKLMRVKDELGRVGHQWURRIXHUDGHO
UHVSHFWRGHOKHFKRGHVHSDUDUDOPHQRUH[SyVLWR PDWULPRQLR OD SDWHUQLGDG UHVSRQVDEOH \
GHOKRJDUVXVWLWXWR"7HVLV12([SyVLWR DVLVWHQFLDFLHQWt¿FDHQODSURFUHDFLyQ
& R U W H & R Q V W L W X F L R Q D O 7 0 3
+HUQDQGR+HUUHUD9HUJDUD3UREOHPD-XUtGLFR (O SURKLMDPLHQWR GH FULDQ]D \ OD DGRSFLyQ
¢6H YLRODQ ORV GHUHFKRV IXQGDPHQWDOHV GH OD S U H V H Q W D W U H V G L I H U H Q F L D V H V W D V V R Q
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
PHQRUDWHQHUXQDIDPLOLD\QRVHUVHSDUDGRGH 1DWXUDOH]D&DXVD\(IHFWRV
HOODDOOLEUHGHVDUUROORGHRSLQLyQFXDQGRVHOH
VXVWUDH GH VXV SDGUHV GH FULDQ]D FRQ ORV TXH /D1DWXUDOH]DSRUSURKLMDPLHQWRGHFULDQ]DVH
FRQYLYH"7HVLV6,([SyVLWR UH¿HUH D OD UHODFLyQ MXUtGLFD GH IDFWR QR
&RUWH &RQVWLWXFLRQDO 7 03 &DUORV U H J X O D G D H Q H O R U G H Q D P L H Q W R M X U t G L F R
*DYLULD 'tD] 3UREOHPD -XUtGLFR ¢7LHQHQ FRORPELDQR H[LVWHQWH HQWUH XQD R YDULDV
GHUHFKR ORV SDGUHV GH FULDQ]D D TXH VH OHV SHUVRQDVSDGUHVGHFULDQ]DTXHDFRJHQFRPR
UHFRQR]FD OD SUHQVLyQ GH VREUHYLYLHQWH KLMR VX\R D RWUD SHUVRQD TXH QR OR HV SRU
UHVSHFWRGHVXKLMRGHFULDQ]DH[SyVLWRTXHIXH Q D W X UD O H ] D R S R U D G R S F L y Q O H J D O P H Q W H
GDGR GH EDMD PLHQWUDV SUHVWDED HO VHUYLFLR FHOHEUDGD FRPR SDUWH GH XQD UHDOLGDG VRFLDO
PLOLWDU"7HVLV6,([SyVLWR TXH HO 'HUHFKR QR GHVFRQRFH /DV GHFLVLRQHV
&RUWH&RQVWLWXFLRQDO703$OHMDQGUR MXGLFLDOHV GH ODV DOWDV FRUWHV KDQ YHQLGR
0DUWtQH] &DEDOOHUR 3UREOHPD -XUtGLFR ¢6H GHVDUUROODQGRHVWD¿JXUD
YXOQHUDQORVGHUHFKRGHODKLMDGHFULDQ]DDWHQHU $ K R U D O D D G R S F L y Q H V W i H Q Q X H V W U R
XQDIDPLOLD\QRVHUVHSDUDGDGHHOODDVtFRPRHO RUGHQDPLHQWR OHJDO FRPR ¿JXUD -XUtGLFD TXH
SULQFLSLR GH LQWHUpV VXSHULRU GHO PHQRU DO VHU FUHDXQDUHODFLyQFRQREOLJDFLRQHV\GHUHFKRV
UHWLUDGD SRU ,&%) GH VX IDPLOLD GH FULDQ]D " HQWUHHODGRSWDQWH\HODGRSWLYRHVGHFLUTXHOD
7HVLV6,([SyVLWR UHODFLyQVXUJHGHXQQHJRFLRMXUtGLFRTXHQRHV
OLEUHVLQRLPSXHVWDTXHVHUHDOL]DPHGLDQWHXQ
WUiPLWH DGPLQLVWUDWLYR TXH LQLFLD FRQ HO
',6&86,Ï1 UHVWDEOHFLPLHQWR GH GHUHFKRV 'HIHQVRU GH
)DPLOLDVHJXLGRSRUXQDFWRDGPLQLVWUDWLYRHQ
/D&RQVWLWXFLyQ3ROtWLFDGHHQVXDUWtFXOR TXHVHGHFUHWDODDGRSWDELOLGDG
SUHVHQWD OD IDPLOLD GHVGH GLIHUHQWHV &RQFOXLGRORDQWHULRUVHLQLFLDXQWUiPLWHMXGLFLDO
D V S H F W R V 3 U R W H F F L y Q G H V X V G H U H F K R V HQ HO FXDO PHGLDQWH DSRGHUDGR VH SUHVHQWD OD
IXQGDPHQWDOHV\SUHVWDFLRQDOHVGHODPXMHUGHO GHPDQGD GH DGRSFLyQ TXH WHUPLQD FRQ OD
QLxR GHO DGROHVFHQWH GHO GLVFDSDFLWDGR VHQWHQFLD$FRVWD$ $UD~MR
SREODFLRQDO WHUULWRULDO GH JpQHUR FRPR
KHUUDPLHQWD GH GHUHFKRV KXPDQRV SDtV /D FDXVD HV OD UD]yQ GH VHU GHO QHJRFLR HQ HO
PXOWLFXOWXUDO \ PXOWLpWQLFR /D IDPLOLD VH RUGHQDPLHQWR MXUtGLFR \ OD VRFLHGDG DTXt HV
{x
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
GRQGHODDGRSFLyQVHGLVWLQJXHGHOSURKLMDPLHQWR HPRFLRQDOHVRGHRWURWLSRTXHLQWHU¿HUHFRQOD
GHFULDQ]DHQODPHGLGDHQTXHHVWHHQHVWULFWR IDPLOLD
VHQWLGR QR WLHQH FDXVD SRUTXH QR HV XQ (O KLMR GH FULDQ]D HV XQ IHQyPHQR VRFLDO QR
QHJRFLRQRKD\XQDIXQFLyQTXHFXPSOLUDODOX] SUHYLVWR HQ OD OH\ SHUR UHFRQRFLGR SRU YtD
GHO RUGHQDPLHQWR MXUtGLFR 3HUR OD DGRSFLyQ MXULVSUXGHQFLDOTXHKDFHUHIHUHQFLDDDTXHOOD
FRPR VH YLR VL WLHQH XQD FDXVD TXH SURSHQGH SHUVRQD TXH HQ UHODFLyQ FRQ RWUD OODPDGD
SURWHJHUDOPHQRU\HOHVWDEOHFLPLHQWRGHXQD ³SDGUHRPDGUHGHFULDQ]D´RFXSDHOOXJDUGHXQ
UHODFLyQSDWHUQR¿OLDO$FRVWD$ $UD~MR KLMRHQYLUWXGGHOOD]RDIHFWLYRTXHORVXQHVLQ
TXH H[LVWD XQ OD]R GH FRQVDQJXLQLGDG QL FLYLO
/RVHIHFWRVSDUDHOSURKLMDPLHQWRGHFULDQ]DQR RULJLQDQGR HQ XQ PRPHQWR GHWHUPLQDGR
WLHQHQLQJ~QHIHFWROHJDOQRHVWiUHJXODGRSRU GHUHFKRV\REOLJDFLRQHV
FRQVLJXLHQWH ORV RSHUDGRUHV MXGLFLDOHV HQ VXV $FRVWD \ $UDXMR WLHQHQ XQ SHQVDPLHQWR PX\
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
VHQWHQFLDVKDQRWRUJDGRXQHIHFWRH[WUDOHJDO VLPLODUHQHOFDVRGHOKLMRGHFULDQ]DQRH[LVWH
/RV HIHFWRV HQ OD DGRSFLyQ FUHD HQWUH HO YtQFXORGHFRQVDQJXLQLGDGGHELGRDTXHHOKLMR
DGRSWDQWH\HODGRSWLYRXQYtQFXORGH¿OLDFLyQGH GHFULDQ]DHVXQPHQRUDMHQRDOFtUFXORIDPLOLDU
QDWXUDOH]DFLYLOHQYLUWXGGHOFXDOHVWHSDVDDVHU HQWHQGLHQGRFRPRFtUFXORIDPLOLDUODXQLyQTXH
KLMR GH DTXHO IRUPiQGRVH YtQFXORV GH KD\HQWUHORVLQWHJUDQWHVGHODIDPLOLDSRUDOJ~Q
SDUHQWHVFRHQWUHHVWRV WLSRGHSDUHQWHVFRFRQYLUWLpQGRVHGHVSXpVHQ
PLHPEUR GH pVWH VLQ OOHJDU D VHU DGRSWDGR
&21&/86,21(6 SRVWHULRUPHQWH 1R H[LVWLHQGR YtQFXORV
FRQVDQJXtQHRV\FLYLOHVHVQHFHVDULRTXHHQWUH
(O &yGLJR &LYLO HVWDEOHFH WUHV IRUPDV GH ORVSDGUHVGHFULDQ]D\HOKLMRVHGHVDUUROOHQ
SDUHQWHVFR OD SULPHUD HV SRU FRQVDQJXLQLGDG XQRV YtQFXORV DIHFWLYRV IXHUWHV FRPR ORV TXH
FLYLO\SRUD¿QLGDG3RGUtDHQWRQFHVGHFLUTXHHO H[LVWHQ HQWUH XQ SDGUH \ XQ KLMR GHULYDGRV
KLMRGHFULDQ]DVHYLQFXODDODIDPLOLDSRUD¿QLGDG pVWRV GHO FRPSRUWDPLHQWR HQWUH Vt (VWRV
DOJUXSRIDPLOLDUFRQVWLWXLGRTXHVHLQWHJUDHQHO YtQFXORVVRQSULRULWDULRVSDUDHOVDQRGHVDUUROOR
VHQWLUGHORVPLHPEURVGHODIDPLOLDFRQUHVSHWR HQWRGDVODVHWDSDVGHVXFLFORYLWDO
DIHFWR\VROLGDULGDGLGHQWL¿FiQGRVHFRPRRWUR 2WURVDFDGpPLFRVFRQVLGHUDQTXHQRH[LVWHXQD
PLHPEUR PiV FRPR VXFHGH FRQ ORV KLMRV GLIHUHQFLD HQWUH ODV IDPLOLDV GH FULDQ]D \ ODV
DGRSWDGRVFX\D¿JXUDMXUtGLFDHVPX\VLPLODUDO IDPLOLDV DGRSWLYDV HV HO WUiPLWH MXUtGLFR GH
KLMR GH FULDQ]D VROR TXH HVWH WLHQH XQ YtQFXOR DGRSFLyQ TXH UHJODPHQWD FDGD OHJLVODFLyQ
MXUtGLFRROHJDOPHQWHFRQVWLWXLGRHQWUHHO(VWDGR UD]yQ SRU OD TXH QDGD REVWD SDUD DSOLFDU ORV
\HOUHSUHVHQWDQWHGHOJUXSRIDPLOLDUPLHQWUDV FULWHULRV VREUH HO GHVDUUROOR SVLFROyJLFR GH ODV
TXH HO KLMR GH FULDQ]D VHQFLOODPHQWH OOHJD D OD IDPLOLDVDGRSWLYDVDODVIDPLOLDVGHFULDQ]DHQ
IDPLOLDVHTXHGD\VHLQWHJUDDORVPLHPEURVGHO ORDWLQHQWHDODIHFWR\HODSR\RHFRQyPLFR³8Q
JUXSRIDPLOLDUVLQTXHH[LVWDXQYtQFXORHQWUHHO SDGUHRXQDPDGUHDGRSWLYRVVRQDQWHWRGRXQ
(VWDGRVRORSRUHOFRQVHQWLPLHQWRWDQWRGHORV SDGUH R XQD PDGUH 8QD IDPLOLD DGRSWLYD HV
PLHPEURV GH OD IDPLOLD FRPR GH TXLpQ VH VREUHWRGRXQDIDPLOLD<ODVUHODFLRQHVSDGUHV
FRQYLHUWHFRQHOWLHPSRHQXQ³KLMRGHFULDQ]D´ KLMRVHQIDPLOLDVDGRSWLYDVVHSDUHFHQPiVTXH
HVWD ¿JXUD VH GLR HQ ODV ]RQDV UXUDOHV FXDQGR QLQJXQDRWUDFRVDDODVUHODFLRQHVSDGUHVKLMRV
XQD IDPLOLD VH VROLGDUL]D FRQ RWUD TXH VH HQ ODV IDPLOLDV QR DGRSWLYDV´ FRPR OR
HQFXHQWUD HQ GL¿FXOWDGHV HFRQyPLFDV R H[SUHVDURQ2OLYD3DUUD\$QWROtQS
{È
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
ÈOYDUH]9DQHJDV/È'HUHFKRVGHORV
/RVRSHUDGRUHVMXUtGLFRVSRUJHQHUDOHOFRQFHSWR KLMDVWURVORVKLMRVGHFULDQ]DORVSDGUDVWURV\
GH KLMR GH FULDQ]D OR DVLPLODQ FRQ ³DGRSFLyQ´ ORV SDGUHV GH FULDQ]D HQ HO DFWXDO VLVWHPD
SHUR HV QHFHVDULR GLVWLQJXLU HQWUH HO KLMR GH JHQHUDO GH SHQVLRQHV FRORPELDQR %RJRWi
FULDQ]D\HOKLMRDGRSWLYRHQWUHHO3URKLMDPLHQWR 8QLYHUVLGDG1DFLRQDOGH&RORPELD0RQRJUD¿D
GH FULDQ]D \ OD DGRSFLyQ 'RQGH HO WpUPLQR GHJUDGR
SURKLMDPLHQWR YLHQH GHO ODWLQ ³SUR´ SRU \ ÈPELWR -XUtGLFR +LMRV GH &ULDQ]D GH
³¿OLXV´TXHVLJQL¿FD³WHQHUSRUKLMR´ YLFWLPDV QR SXHGHQ H[FOXLUVH GH UHSDUDFLyQ
/RVDXWRUHVFRQVLGHUDPRVTXHQRLPSRUWDFRPR DGPLQLVWUDWYLD ÈPELWR -XUtGLFR 9LUWXDO
VH OODPH R VH OH DVLJQH XQ WpUPLQR GH WRGDV GLVSRQLEOH HQ KWWSZZZDPELWRMXULGLFR
PDQHUDV HV DFHSWDGR SRU OD IDPLOLD \ WLHQH FRP%DQFR&RQRFLPLHQWR$GPLQLVWUDWLYRKLMRV
DFFHVRDODSDUWHDIHFWLYDGHORVPLHPEURVGHO GHFULDQ]DGHYLFWLPDVQRSXHGHQH[FOXLUVH
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
KRJDU VH OH DVLJQDQ ORV PLVPRV GHUHFKRV \ GHUHSDUDFLRQDGPLQLVWUDWLYDDVS"0LJD
REOLJDFLRQHVTXHODVRFLHGDGDVLJQDDORVKLMRV %HFNHU * ³2Q WKH (FRQRPLFV RI WKH
\DVHDFXDOTXLHUDVXQDWXUDOH]DDOWHQRUGHOD )DPLO\5HSO\WRD6NHSWLF$PHULFDQ(FRQRPLF
&RQVWLWXFLyQGHVHOHGDDOLPHQWRYHVWLGR 5HYLHZ9RO1R
HGXFDFLyQDIHFWRVHJXULGDG\RWURVHOHPHQWRV &yGLJR&LYLO&/H\GHDUWR
SURSLRVGHXQDIDPLOLD &RQDUUHJORDODUWtFXORGHOD&RQVWLWXFLyQGHOD
5HS~EOLFDGHFOiUDVHLQFRUSRUDGRHQHO&yGLJR
5()(5(1&,$6 &LYLO HO 7tWXOR ,,, DUWV GH OD PLVPD
&RQVWLWXFLyQ 6DQFLRQDGR HO GH PD\R GH
$FRVWD$/ $UD~MR/0(O+LMRGH %RJRWD ,PSUHQWD 1DFLRQDO $UFKLYR
FULDQ]D HQ &RORPELD¢ PLWR R UHDOLGDG" JHQHUDOGHOD1DFLyQ
%XFDUDPDQJD 8QLYHUVLGDG $XWyQRPD GH &RQVWLWXFLyQ1DFLRQDO$GH-XOLRGH
%XFDUDPDQJD &RQVWLWXFLRQ 3ROtWLFD 1DFLRQDO &RQVWLWXFLyQ
$FWR/HJLVODWLYR&G3RUPHGLRGHO 1 D F L R Q D O % R J R W i & R O R P E L D * D F H W D
FXDOVHDGLFLRQDHODUWtFXORGHOD&RQVWLWXFLyQ &RQVWLWXFLRQDO1GH-XOLRGH
%RJRWi'LDULR2¿FLDOGHOGHGLFLHPEUH &RUUDO + 'HUHFKR \ )DPLOLD FW SRU
GH &DUUDVFR%DUUD]D$OHMDQGUD5HYLVWD&KLOHQDGH
$JXLUUH'(5HODFLyQHQWUHSUiFWLFDV 'HUHFKR6DQWLDJR
GH &ULDQ]D WHPSHUDPHQWR \ FRPSRUWDPLHQWR 'HFUHWR & G 3RU HO FXDO VH
SURVRFLDO GH QLxRV GH \ JUDGR GH OD RWRUJDQ LJXDOHV GHUHFKRV \ REOLJDFLRQHV D ODV
HGXFDFLyQEiVLFDSHUWHQHFLHQWHVDVHLVHVWUDWRV PXMHUHV\DORVYDURQHV%RJRWi'LDULR2¿FLDO
VRFLDOHV %RJRWi 8QLYHUVLGDG GH 0DQL]DOHV 1RGHGHIHEUHURGH
0RQRJUD¿DGHJUDGR 'ZRHNLQ 5 /RV 'HUHFKRV HQ 6HULR
$JXLUUH ( 6RFLDOL]DFLyQ 3UiFWLFDV GH WUDGXFFLyQGH0*XVWDYLQR%DUFHORQD$ULHO
&ULDQ]D\FXLGDGRGHVDOXG%RJRWi8QLYHUVLGDG *DUFtD 0 0 5LYHUD $ 6 5H\HV / ,
1DFLRQDO GH &RORPELD &HQUR GH (VWXGLRV /D SHUFHSFLyQ GH ORV SDGUHV VREUH OD
6RFLDOHV FULDQ]D GH ORV KLMRV $FWD &RORPELDQD GH
$OH[\5'HUHFKR\5D]yQSUiFWLFD 3 V R F R O t J D 1 R ' 2 ,
HGF 0p[LFR )RQWDPDUFD %LEOLRWHFD GH eWLFD $&3
)LORVRItDGHO'HUHFKR\3ROtWLFD *UXVHF - 'DYLGRY 0 ,QWHJUDWLQ
{Ç
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
'LIIHUHQW 3HUVSHFWLYHV RQ VRFLDOL]DWLRQ 7KHRU\ 'LFLHPEUHGH
DQG 5HVHDUFK 1HZ <RUN &KLOG 'HYHORSPHQW 2OLYD $ 3DUUD $ $QWROtQ /
SS ' H V D U U R O O R 3 V L F R O y J L F R H Q O D V Q X H Y D V
,VD]D / 6LQ *ROSHV QL *ULWRV HVWUXFWXUDV IDPLOLDUHV 0DGULG (GLFLRQHV
'HVFXEULHQGROD&ULDQ]D3RVLWLYD%RJRWi6DYH 3LUiPLGH
7KH&KLOGUHQ(GLWRUHV/WGD 3DUUD-'HUHFKRGH)DPLOLD%RJRWi
.DQIR $ 3ORPLQ 5 3DUHQWDO 7HPLV
GLVFLSOLQHDQGDIIHFWLRQDQG&KLOGUHQV3URVRFLDO 4XLUR] $ 0DQXDO &LYLO 7RPR 9
%HKDYLRU*(QHWLFDQGHQYLURQPHQWDO-RXUQDORI %RJRWi(GLFLRQHV'RFWULQD\/H\/WGD
3HUVRQDOLW\DQG6RFLDO3V\FKRORJ\9RO1R 6 F K D I I H U 5 . H \ F R Q F H S W V L Q
GHYHORSPHQWDO SV\FKRORJ\ /RQGUHV 6DJH
/H\&G3RUODFXDOVHHVWDEOHFHHO 3XEOLFDWLRQVSS
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
GLYRUFLR HQ HO PDWULPRQLR FLYLO VH UHJXODQ OD 6HQWHQFLD&&&'HUHFKRDOD
VHSDUDFLyQ GH FXHUSRV \ GH ELHQHV HQ HO LJXDOGDG HQ REOLJDFLyQ DOLPHQWDULD %RJRWi
PDWULPRQLRFLYLO\HQHOFDQyQLFR\VHPRGL¿FDQ *DFHWD&RUWH&RQVWLWXFLRQDOGHQRYLHPEUH
DOJXQDVGLVSRVLFLRQHVGHORV&yGLJRV&LYLO\GH GH
3URFHGLPLHQWR &LYLO HQ PDWHULD GH )DPLOLD 6HQWHQFLD & & & )DPLOLD HQ OD
%RJRWi 'LDULR 2¿FLDO 1R GHO GH &RQVWLWXFLyQ 3ROtWLFD YLJHQWH LJXDOGDG GH
IHEUHURGH GHUHFKRV\REOLJDFLRQHVHQWUHORVKLMRV%RJRWi
/H\&GSRUODFXDOVHPRGL¿FDQ *DFHWD&RUWH&RQVWLWXFLRQDO03-RUJH$UDQJR
ODV QRUPDV TXH UHJXODQ OD LPSXJQDFLyQ GH OD 0HMtDH[SHGLHQWH'
SDWHUQLGDG \ OD PDWHUQLGDG %RJRWi 'LDULR 6HQWHQFLD & & & &ULDQ]D \
2¿FLDOGHMXOLRGH HGXFDFLRQ GH ORV KLMRV %RJRWi *DFHWD &RUWH
/H\ & G SRU PHGLR GH OD FXDO VH &RQVWLWXFLRQDOGHDJRVWRGH03-RVp
DSUXHED OD &RQYHQFLyQ $PHULFDQD VREUH *UHJRULR+HUiQGH]*DOLQGR
'HUHFKRV+XPDQRV3DFWRGH6DQ-RVpGH&RVWD 6HQWHQFLD & & & +LMRV
5LFD¿UPDGRHQ6DQ-RVp&RVWD5LFDHOGH P D W U L P R Q L D O H V H [ W U D P D W U L P R Q L D O H V \
QRYLHPEUH GH %RJRWi 'LDULR 2¿FLDO D G R S W L Y R V % R J R W i * D F H W D & R U W H
GHIHEUHURGH &RQVWLWXFLRQDOGH-XOLRGH03*DEULHO
/H\ & G 3RU OD FXDO VH RWRUJD (GXDUGR0HQGR]D0DUWHOR
LJXDOGDG GH GHUHFKRV KHUHQFLDOHV D ORV KLMRV 6HQWHQFLD7&&8QLGDG)DPLOLDU
OHJtWLPRVH[WUDPDWULPRQLDOHV\DGRSWLYRV\VH 'HUHFKRV GHO QLxR %RJRWi *DFHWD &RUWH
KDFHQ ORV FRUUHVSRQGLHQWHV DMXVWHV D ORV &RQVWLWXFLRQDO GH DJRVWR GH 03
GLYHUVRV yUGHQHV KHUHGLWDULRV %RJRWi 'LDULR +XPEHUWR$QWRQLR6LHUUD3RUWR
2¿FLDO1RGHIHEUHURGH 6HQWHQFLD 7 & & )DPLOLD GH
/H\&GSRUODFXDOVHDSUXHEDQORV &ULDQ]D %RJRWi *DFHWD &RUWH &RQVWLWXFLRQDO
³ 3 D F W R V , Q W H U Q D F L R Q D O H V G H ' H U H F K R V GHOGHVHSWLHPEUHGH03$OEHUWR5RMDV
(FRQyPLFRV6RFLDOHV\&XOWXUDOHVGH'HUHFKRV 5LRV
&LYLOHV \ 3ROtWLFRV DVt FRPR HO 3URWRFROR :DUWHQEHUJ / 9XOQHUDELOLGDG \
)DFXOWDWLYR GH HVWH ~OWLPR DSUREDGR SRU OD MHIDWXUDHQORVKRJDUHVXUEDQRVFRORPELDQRV
$VDPEOHD *HQHUDO GH ODV 1DFLRQHV 8QLGDV HQ H Q * R Q ] i O H ] G H O D 5 R F K D 0 F R P S
1XHYD <RUN %RJRWi ,PSUHQWD 1DFLRQDO 'LYHUJHQFLDV GHO PRGHOR WUDGLFLRQDO +RJDUHV
{n
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR
&25-/5&0
GH MHIDWXUD IHPHQLQD HQ $PHpULFD /DWLQD
0p[LFR3OD]D\9DOGpV
=DJUHEHOVN\ * (O 'HUHFKR '~FWLO
WUDGXFFLyQGH0*DVFyQHGFPDGULG7URWD
'NJKLQFGETKCP\CGPGNQTFGPCOKGPVQLWTFKEQEQNQODKCPQ6JGHQUVGTEJKNFKPVJG%QNQODKCPNGICNU[UVGO
{
8QLYHUVLGDG/LEUH6HFFLRQDO6RFRUUR