ā U O3$5$48( 6,59(UHDOPHQWH‡‡‡"  $'(/$ &257,1$  1LQJXQD VRFLHGDG SXHGH IXQFLRQDU VL VXV PLHPEURV QR PDQ WLHQHQ XQD DFWLWXG pWLFD 1LQJ~Q SDtV SXHGH VDOLU GHOD FULVLV VLODV FRQGXF WDV LQPRUDOHV GH VXV FLX GDGDQRV\SROtWLFRV VLJXHQ SUROLIHUDQGR FRQWRGD LP SXQLGDG (VWH LEUR QRV HUGD TXH DKRUD PiV QXQFDQHFHVLWDPRV OD O V   BB B£āā F   O /$e7,&$ B£āāBā a B V aL   3$,'Ï6 $GHOD&RUWLQD ¢3DUD TXp VLUYHUHDOPHQWH ODpWLFD" 9LFHQWH9DUy ¢3DUD TXp VLUYHQ UHDOPHQWH ORV PHUFDGRV ILQDQFLHURV" ¢3$5$ 48e 6,59( UHDOPHQWH" U /$(7,&$ $'(/$ &257,1$ aa 3$,'Ï6 %DUFHORQD %XHQRV$LUHV 0p[LFR MBL &XELHUWD GH,GHH HGLFLRQ PD\R  1BR VHSHUPLWH ODUHSURGXFFLyQ WRWDO RSDUFLDO GH HVWH OLEUR QLVXLQFRUSRUDFLyQ DXQVLVWHPD LQIRUPiWLFR QL VXWUDQVaVLyQ HQFXDOTXLHU IRUPD RSRUFXDOTXLHU PHGLR VHDpVWH HOHFWUyQLFR PHFiQLFR SRU IRWRFRSLD SRUJBDEDFRQXRWURVPpWRGRV VLQHOSHUPLVR SUHYLR \SRUHVFULWR GHOHGLWRU/DLQIUDFFLyQ GH-RVGHUHFKRV PaQFQDGRVSXHGaVHUFRQVWLWXWLYD GH GHOLWR FRQWUD ODSURSLHGDG LQWHOHFWXDO $UW  \VLJXLHQWHV GHO &yGLJR 3HQDO  'LUtMDVH D&('52 &HQWUR (VSDxRO GH'HUHFKRV 5HSURJUiILFRV  VLQHFHVLWD IRWRFRSLDUā RHVFDQHDU DOJ~Q IUDJPHQWR GHHVWD REUD 3XHGH FRQWDFWDU FRQ &('52 DWUDYpV GH ODZHE ZZZFRQOLFHQFLDFRP RSRUWHOpIRQR HQ HO @   ‹ $GHOD &RUWLQD 2UWV ‹  GH WRGDV ODV HGLFLRQHV HQFDVWHOODQR (VSDVD /LEURV 6/8  $aGD 'LDJRQDO a%DUFHORQD (VSDxD 3DLGyV HV XQVHOOR HGLWRULDO GH(VSDVD /LEURV 6/ 8 ZZZSDLGRVFRP ZZZHVSDFLRFXOWXUD\DFDGHPLFRFRP ZZZSODQHWDGHOLEURVFRP ,6%1  'HSyVLWR OHJDO % ,PSUHVR HQ5HLQERRN ,PSUpV  0ROLQV GH5Ht (OSDSHO XWLOL]DGR SDUDODLPSUHVLyQ GH HVWH OLEUR HVFLHQ SRU FLHQ OLEUH GH FORUR \ HVWi FDOLILFDGR FRPR SDSHO HFROyJLFR ,PSUHVR HQ(VSDxD  3ULQWHG LQ 6SDLQ 6XPDULR ,QWURGXFFLyQ ¢3DUDTXp VLUYH ODpWLFD"                    O $EDUDWDU FRVWHV\FUHDU ULTXH]D    8QPXQGR PiVEDUDWR HQGLQHUR \HQVXIULPLHQWR    /D&~SXOD GH+LHUUR    ¢5HFRUWDU JDVWRV HPSH]DQGR SRUORPiV VHQFLOOR"    $OJRKDWHQLGR TXHYHU FRQ ODFULVLV ODIDOWD GHpWLFD    8QDOHFFLyQ GHGHWHULRUR PRUDO    ,QYHUWLU HQORTXH YDOHODSHQD VDEHUSULRUL]DU      8QGLiORJR HQFODVH                          (OMXHJR GH ODpWLFD    $UWHVDQRV GHODSURSLDYLGD    ¢(V SRVLEOH IRUMDUVHHOFDUiFWHU"    /DPDOGLFLyQ GHOFRUWRSODFLVPR    eWLFD QRFRVPpWLFD    /DEUDUVHXQEXHQFDUiFWHU  4XHUHUFXLGDU O &XLGDU GH VtPLVPR FXLGDU GHRWURV               /DWUDGLFLyQ GHOUHFRQRFLPLHQWR     'LJQLGDG \FRPSDVLyQ    (OUHFRQRFLPLHQWR FRUGLDO    6HUSURIHVLRQDOHV QRVyORWpFQLFRV    &LHUWR GtD &XLGDGR HQFRQWUy XQWUR]R GHEDUUR    &RVDGH PXMHUHV \GHYDURQHV    /RVDQLPDOHV \OD7LHUUD WLHQHQ YDORU SHUR QR GHUHFKRV   /DVDELGXUtD GHODPDGUH QDWXUDOH]D    &UHDU XQQXHYR YHFLQGDULR    7UDQVLWDU GHO HJRtVPR HVW~SLGR DODFRRSHUDFLyQ LQWHOLJHQWH  O (VVXLFLGD JUDQMHDUVH HQHPLJRV    /RVFKLPSDQFpV VRQ PD[LPL]DGRUHV UDFLRQDOHV    /DD\XGD PXWXD SUHSDUDGRV SDUD FRRSHUDU    (OFDVWLJR JXDUGD ODYLxD                        ¢<TXp RFXUUH FRQ ORVTXH SDUHFHQ QRWHQHUQDGD TXH RIUHFHU DFDPELR"    &RQTXLVWDU VROLGDULDPHQWH ODOLEHUWDG   O 0LO VROHVHVSOpQGLGRV    &XOWLYDU HOSURSLR KXHUWR \D\XGDU DFXOWLYDU ORVDMHQRV                             ¢(VPiV IHOL]TXLHQ GHFLGH VREUH VXYLGD"  3DUWLFLSDU ¢SDUD TXp"       (OVXHxR GHXQD VRFLHGDG VLQKXPLOODFLyQ        5HFRQRFHU \HVWLPDUORTXH YDOHSRU VtPLVPR   O )UDQNHQVWHLQ HO3URPHWHR PRGHUQR    8Q Q~PHUR HQ ODSXHUWDGH ODFDVD  aā !ā āBaa  Â3 O &DOLGDG HGXFDWLYD FLXGDGDQRV MXVWRV EXHQRV SURIHVLRQDOHV    (OSURWDJRQLVPR GHODVRFLHGDG FLYLO    eWLFD GHODUHVSRQVDELOLGDG    8QD SDUWLGD GHDMHGUH]    8QLYHUVDOL]DU ODH[FHOHQFLD    &RQVWUXLU XQDGHPRFUDFLD DXWpQWLFD  O ¢-XVWDLQGLJQDFLyQ"     'HPRFUDFLD UHSUHVHQWDWLYD ¢HOFtUFXOR FXDGUDGR"    /DFRPSHWLFLyQ SRUORV YRWRV    7UHV PRGHORV GHGHPRFUDFLD     /DGHPRFUDFLD GHOSXHEOR    &RQMXJDU MXVWLFLD\IHOLFLGDG   O 'RV KRUL]RQWHV GHODpWLFD    (OILQGHODYLGDKXPDQD    (OiEDFR GHOELHQHVWDU    &RQVXPR \YDORUHV HFRQRPLFLVWDV    (OIORUHFLPLHQWR KXPDQR   a    R a a4 ,QWURGXFFLyQ ¢3$5$48e6,59(/$e7,&$" $ODpWLFDOHRFXUUHORTXHDODHVWDWXUD DOSHVRRDOFRORUTXHQRVH SXHGHYLYLUVLQHOORV 7RGRVORV VHUHVKXPDQRVVRQPiVRPHQRVDO WRVREDMRV WRGRVVRQPRUHQRVUXELRVRSHOLUURMRV WRGRVSHVDQPiV RPHQRV SHUR QLQJXQRFDUHFHGHHVWDWXUDYROXPHQR FRORU,JXDO VXFHGHFRQODpWLFD TXHXQDSHUVRQDSXHGHVHUPiVPRUDORPHQRV VHJ~QGHWHUPLQDGRV FyGLJRVSHURWRGDVWLHQHQDOJXQDHVWDWXUDPR UDO(VORTXHDOJXQRVILOyVRIRVKDQTXHULGRGHFLUDODILUPDUTXHQR KD\VHUHV KXPDQRV DPRUDOHV VLWXDGRVPiVDOOiGHOELHQ\GHOPDO VLQRTXHVRPRVLQH[RUDEOHPHQWHFRQVWLWXWLYDPHQWHPRUDOHV /RLQWHOLJHQWHHV HQWRQFHVLQWHQWDUVDFDUHOPHMRUSDUWLGRSRVLEOH DHVHPRGR GH VHUQXHVWUR GHOTXH QRSRGUtDPRV GHVSUHQGHUQRV DXQTXHTXLVLpUDPRV&RPR HV LQWHOLJHQWHWUDWDUGHDSURYHFKDUDO Pi[LPRQXHVWUDUD]yQ\QXHVWUDVHPRFLRQHVODPHPRULD\ODLPDJL QDFLyQIDFXOWDGHVWRGDVGHODVTXHQRSRGHPRV GHVKDFHUQRVVLQGH MDUGHVHUKXPDQRV ,JXDOOHRFXUUHDQXHVWUDFDSDFLGDGPRUDOTXH SRGHPRV DSRVWDUSRU KDFHUODIHFXQGDSRU VDFDUOHXQEXHQUHQGL PLHQWR RSRGHPRVGHMDUODFRPRXQWHUUHQRLQFXOWRFRQHOULHVJRGH TXHDOJ~QDYLVDGRORGHVYLUW~HFRQVWUX\HQGRHQpOXQDXUEDQL]DFLyQ 'HHVWRTXLHUHWUDWDUHVWHOLEUR GHFyPRVDFDUSDUWLGRGHQXHVWUR LUUHQXQFLDEOHVHUPRUDOHV   ā]a    $%$5$7$5&267(6<&5($55,48(=$ O 81 081'20È6%$5$72(1 ',1(52 <(1 68)5,0,(172 7RGRV ORV MXHYHV GHO DxR DPHGLRGtD VHUH~QH HQ OD 3XHUWD GHORV $SyVWROHV GHOD&DWHGUDOGH9DOHQFLD HO7ULEXQDOGHODV$JXDV GHVGH WLHPSRLQPHPRULDO 6X WDUHD FRQVLVWH HQUHVROYHUORVFRQIOLFWRV TXH VXUJHQ HQ HOFDPSR SRUHOXVRGHO DJXDGH RFKR DFHTXLDV TXHODWR PDQ GHO UtR 7XULD XQ XVR TXH HVWi GHELGDPHQWH RUJDQL]DGR /RV OLWLJDQWHV DFXGHQDOWULEXQDO\HOSUHVLGHQWH URGHDGR SRU ORVVtQGL FRV GH ODV RFKR DFHTXLDV DWDYLDGRV FRQ VX EOXVyQ QHJUR GLULJH HO MXHJR GHODVGHQXQFLDV\ODVUpSOLFDV FRQ ODVVHQFLOODV SDODEUDV©SDUOH YRVWpª \©FDOOH YRVWpª 7DPELpQ ODVHQWHQFLD HVRUDO \QR VHUHFRJH SRU HVFULWR SRUTXHQRKD\QDGD HVFULWRHQ HVWHLU\YHQLU VLQR VyOR XQYDORUHQHOTXHWRGRV FRQItDQODSDODEUDGDGD (VWH VHQFLOORSURFHGHU KDOODPDGRODDWHQFLyQGHSURSLRV \H[WUD xRVSRUTXHVHWUDWD GH SURWHJHU XQELHQ FRP~Q HODJXD GHPRGR TXHWRGRVORVDJULFXOWRUHVSXHGDQ VDFDUEHQHILFLR \QLQJXQR DUUHED WHDORV GHPiV ODSRVLELOLGDGGHXVDUOD/RV JDVWRVGHWUDQVDFFLyQ HQ DVXQWRWDQ GHOLFDGRQRSXHGHQVHUPiVEDMRV SRUTXH VHUHGXFHQ DO LQWHUFDPELR YHUEDOGHVtQGLFRV \DIHFWDGR (VVHQFLOODPHQWH ODFRQ  ILDQ]D ODTXH ORKDFHWRGR WDQEDUDWR /DpWLFDDEDUDWD FRVWHV6LIXHUD SRVLEOH XQ PXQGR HQ TXH FRQWDUD FRPR PRQHGD FRUULHQWH OD FRQ ILDQ]DHQODVIDPLOLDVODVHVFXHODVODVRUJDQL]DFLRQHV \ODVLQVWLWXFLR QHVODYLGD VHUtDLQILQLWDPHQWH PiV EDUDWD <QR VyORHQ GLQHUR TXH HVOR TXH SDUHFH LQWHUHVDU DWLULRV \WUR\DQRV VLQR WDPELpQ \VREUH WRGR HQPXHUWHV SUHPDWXUDV HQYLGDV GHVWUR]DGDV HQFRQIOLFWRV HQ HWHUQRV SURFHVRV MXGLFLDOHV GHILQDOLQFLHUWR HQYHQJDQ]DV UHQFRUHV  HQSDSHOHRV RGLRVRV \HQHVHFRVWHTXH YDUtD PiV RPHQRV SHUR TXH VXHOHQ DFDEDU SDJDQGR ORVSHRU VLWXDGRV U£ (VWR HV OR TXH FRQ pVWDV X RWUDV SDODEUDV SDUHFLGDV YHQtDPRV GLFLHQGR ORVTXHDVHJXUiEDPRV GHVGHKDFH DOJ~QWLHPSR TXHODpWLFD HV UHQWDEOH \ODYHUGDG HVTXHORV KHFKRV VLJXHQ GiQGRQRV ODUD]yQ GtD DGtD 2MDOi KXELpUDPRV WRPDGR ODpWLFD HQ VHULR SRUTXH QRV KXELpUDPRV DKRUUDGR XQDLQJHQWH FDQWLGDG GHDPDUJXUD \GHGRORU KXPDQR TXH HVOR LPSRUWDQWH \WDPELpQ XQDLQJHQWH FDQWLGDG GH GLQHUR TXH HV GH OR TXHKR\ WRGRV KDEODQ 3DUD PXHVWUD XQ ERWyQ GHHQWUH XQDLQILQLGDG H[WHQVLEOH DWRGRV ORVWLHPSRV \OXJDUHV 2MDOi OD FRQILDQ]D SXGLHUD VHU OD EDVH GH QXHVWUDV UHODFLRQHV HO  PXQGR VHUtDLQILQLWDPHQWH PiVEDUDWR HQ VXIULPLHQWR \WDPELpQ HQ GLQHUR 5HFRUWDU HQ DWHQFLyQ VDQLWDULD RHQ SHQVLRQHV VHUtDXQGHV  SURSyVLWR FRPR \DORHVSHUR DGHPiV QLVLTXLHUD KDUtD IDOWD HOGLQH L UR TXH VH GHVSLOIDUUD XQ GtD WUDV RWUR HQ JHVWLRQDU ODV UHODFLRQHV FXDQGR UHLQD ODGHVFRQILDQ]D  &ODUR TXHWRGR HVWRVXHQD DXWRStD DFXHQWRV TXH VHLQYHQWDQ ORV SURIHVRUHV GH pWLFDSDUD VHJXLU FREUDQGR VXQyPLQD &RPR OHRFX UUtD D XQ FRPSDxHUR PtR FXDQGR \R HUD SURIHVRUD GH EDFKLOOHUDWR TXH OR VX\R HUD HO JULHJR \QL ODVDOXPQDV QL ORV SDGUHV HQWHQGtDQ SDUD TXp VHUYtD HVR GHO JULHJR \ pOOHVFRQWHVWDED GHVHVSHUDGR VLQ HQFRQWUDU PiV DUJXPHQWRV FRQ TXH FRQYHQFHUOHV DYRVRWUDV SDUD DSUREDU \DPtSDUD FRPHU 3HUR QRHUDYHUGDG FODURSRUTXH HUD IXQFLRQDULR HQ DTXHOORV IL QDOHV GH ORV VHWHQWD \ KXELHUD VHJXLGR FRPLHQGR DXQTXH HOLPLQD UDQ HOJULHJR &RPR WDPSRFR HVYHUGDG TXH XQPXQGR EDVDGR HQOD FRQILDQ]D VHDXQ FXHQWR GHPRUDOLVWDV HVW~SLGRV VLQR XQDSRVLELOL GDG DELHUWD TXH GHEHUtDPRV H[SORWDU HQWUH RWUDV PXFKDV FRVDVSDUD TXH QXHVWUR PXQGR VHDPiVHFRQyPLFR HQ GRORU HYLWDEOH \WDPELpQ HQ GLQHUR   /$&Ò38/$ '(+,(552 6HJ~Q ODVLQIRUPDFLRQHV GH ODSUHQVD HQODFRQWLHQGD HQWUH SDOHVWL QRV HLVUDHOtHV ORV LVUDHOtHV KDQSXHVWR HQIXQFLRQDPLHQWR XQHVFXGR DQWLPLVLOHV FDSD] GH LQWHUFHSWDU KDVWD XQRR GH ORVFRKHWHV SDOHV WLQRV ODQ]DGRV GHVGH *D]D (VR OHV GD XQD YHQWDMDHQRUPH HQOR TXH VH UHILHUH DSURWHFFLyQ TXp GXGD FDEHSHUR DOSDUHFHU WLHQH XQJUDQ SUREOHPD \HVHOGHOFRVWH +DFRVWDGR XQRV  PLOORQHV GH HXURV \ SDUHFH TXH VHUi QHFHVDULR LQYHUWLU RWUR WDQWR SDUD VX IXQFLRQD PLHQWR DPpQ GH TXH FDGD FDUWXFKR FXHVWD XQRV  HXURV /RV FUtWLFRV GH HVWD &~SXOD GH+LHUUR GLFHQ TXH VXSXQWRPiV GpELO HV OD ILQDQFLDFLyQ SRUTXH REYLDPHQWH OR TXH VHJDVWD HQ HOODVHGHMD GH LQYHUWLU HQKRVSLWDOHV HVFXHODV RYLYLHQGDV VRFLDOHV(OFRVWH GHRSRU WXQLGDG HV WUHPHQGR SHUR OD SREODFLyQ GD SRU EXHQR HVH JDVWR SRUTXHOHV VLUYH GH SURWHFFLyQ IUHQWH DORVDWDTXHV SDOHVWLQRV \DFDED SDUHFLpQGROHV DILQGH FXHQWDV HOPDO PHQRU /D&~SXOD GH+LHUUR HVXQDJRWDHQ HORFpDQR LQDEDUFDEOH GH HVRV JDVWRV HQ LQGXVWULD EpOLFD LQFUHtEOHPHQWH HOHYDGRV TXH GHWUDHQ SDUD ODGHIHQVD R ODPXHUWH OR TXH SRGUtD HPSOHDUVH HQ HGXFDFLyQ   U HQ DWHQFLyQ DODV HQIHUPHGDGHV SXHGDQ RUJDQL]DUVH HQ HPSRGHUDU DODV JHQWHV SDUD TXH XQD YLGD IHOL] $ HVD JRWD VH XQHQ ODV YHQWDQDV SURWHJLGDV SRU UHMDV ODVSXHUWDV EOLQGDGDV ORV JXDUGLDV GH VHJXULGDG GH GRPLFLOLRV \FRPHUFLRV ODVUHGDGDV GH ODSROLFtD HQEDUULRVLQVH JXURV £ā /D$VRFLDFLyQ 1DFLRQDO GHO5LIOHSRUSRQHUXQHMHPSOR ELHQ FR QRFLGRWLHQH XQDIXHU]DLQFXHVWLRQDEOH HQ(VWDGRV 8QLGRV )XQGDGD HQ FXHQWDDOPHQRVFRQFXDWURPLOORQHV GHVRFLRV\VXVGLULJHQ L £ WHVDVHJXUDQ TXH HVODRUJDQL]DFLyQ SRUORVGHUHFKRV FLYLOHVPiVDQWL  JXDGHOSDtV/DUD]yQGHVXp[LWRDGHPiV GHODQRWRULHGDGGHDOJXQRV GHVXVFRPSRQHQWHVFRPR &KDUOWRQ+HVWRQ HVDQWH WRGRHODIiQ GH VHJXULGDG HQXQSDtV HQTXHODVJHQWHVYLYHQ DPHQXGRHQFDVDVDLV ODGDV HQ HOFDPSR R HQ EDUULRV SHOLJURVRV ORV FLXGDGDQRV FRPSUDQ DUPDV SDUDGHIHQGHUVH IUHQWH DSRVLEOHV GHOLQFXHQWHV eVHHVXQFRVWH HFRQyPLFR DOTXHKD\TXHVXPDUHOPiVLPSRUWDQWHHOGHODVPDWDQ ]DVTXH\DYLHQHQ VLHQGRKDELWXDOHV FXDQGRDOJ~QSHUWXUEDGRGHFLGH HQWUDUHQ XQDHVFXHOD\OLTXLGDUDQLxRV \PDHVWURV 8QHSLVRGLR TXH YROYLyDUHSHWLUVH HO GH GLFLHPEUH GH HQ XQDJXDUGHUtDGH 1HZWRZQ FXDQGR XQPXFKDFKR GH YHLQWH DxRV DVHVLQy DYHLQWLVLHWH SHUVRQDV YHLQWH GH HOODVQLxRV GH VHLV \VLHWH DxRV (OOXQHV VLJXLHQWH ORVWtWXORVGHO IDEULFDQWH GH DUPDV 6PLWK  TXHQDGLHHVWpPX\HPSHxDGR HQ SRQHU VROXFLyQ 3HURHQHOPXQGR SREUH DXQTXH QR VHD QRWLFLD WHQHU GLDPDQWHV FDXFKR FROWiQ R PDUILOOHVKDFRVWDGR\FXHVWDPXFKDVDQJUH <WRGRHVWRHQ©WLHPSR GHSD]ª TXpGHFLU GHOWLHPSR GHJXHUUD (VYHUGDGTXH ODVVROXFLRQHV KDQGHYHQLUGHORVRUJDQLVPRV S~ EOLFRVQDFLRQDOHV\VXSUDQDFLRQDOHVSHUR VyORHQSDUWH 6LODVJHQWHV QRWRPDPRVQRWDGHOR FDUDTXH VDOHODIDOWDGHpWLFD HQ GLQHUR\HQ GRORU VL QR QRV QHJDPRV GHFLGLGDPHQWH DSDJDU HVH DVWURQyPLFR SUHFLR HOFRVWHGHODLQPRUDOLGDGVHJXLUiVLHQGR LPSDUDEOH<DXQ TXH VXHQH DWySLFRVHJXLUiQSDJiQGROR VREUHWRGRORVPiVGpELOHV 7HQLHQGR HQFXHQWDTXHOODPDU©WySLFRª DXQDIUDVHQRHVTXLWDU OHLPSRUWDQFLDVLQRWRGRORFRQWUDULRHVGiUVHOD HQJUDGR VXSHUODWL YR SRUTXH VHKDFRQYHUWLGR HQ XQ WySRV HQXQOXJDU WDQ FRUULHQWH TXHHV\D SDUD QRVRWURV XQ SXQWR GHUHIHUHQFLD 3RU GHVJUDFLD TXH ORVGpELOHV DFDEDQSDJDQGRODPD\RUSDUWH GHODVGHXGDVGHODKXPD QLGDG HV\DXQWySLFR WRWDOPHQWHYHUGDGHURTXHVDOGUi DPHQXGR HQ HVWH OLEUR SUHFLVDPHQWH SRUTXH VLSDJDQORVPiV GpELOHV HV SRU IDOWDGHpWLFD3DUDHVRHQWUHRWUDVFRVDVVLUYHODpWLFD SDUDFDPELDU ODV WRUQDV\WUDWDUGH SRWHQFLDU ODV DFWLWXGHVTXHKDJDQSRVLEOH XQ PXQGR GLVWLQWR :HVVRQ +ROGLQJFD\HURQ XQ\VHDEULyGHQXHYRXQGHEDWHVR EUHHOWHPD FRPR HQORVVXFHVRV GH &ROXPELQH 3HUR ODVDVRFLDFLR QHVSDUWLGDULDVGHODWHQHQFLDGH DUPDV VXJLULHURQ UiSLGDPHQWHTXH L OD VROXFLyQ FRQVLVWtD HQ YHQGHU WRGDYtDPiV DUPDV FDGD HVFXHOD  GHEHUtD FRQWDUFRQXQYLJLODQWH DUPDGR &XDQGRUHDOPHQWH ODVROX FLyQ FRQVLVWH HQFDPELDUODDFWLWXG  1DWXUDOPHQWHFXDQGRHVWDV VDOYDMDGDV VHSURGXFHQHQSDtVHV GHO  PXQGR ULFR VRQQRWLFLDGLDULD DXQTXHGH DKtQRSDVH \QRSDUH]FD   U  ¢5(&257$5 *$6726 (03(=$1'2 325 /2 0$66(1&,//2 $ILQDOHVGHFXDQGRODFULVLVILQDQFLHUD\HFRQyPLFD TXHVHJXL PRVSDGHFLHQGR YHQtD VLHQGR WDQHYLGHQWHGHVGH KDFtDDxRV TXH\D QDGLH VH DWUHYtD DQHJDUOD XQ DPLJR HFRQRPLVWD PH GLMR SDUD PL VRUSUHVDTXHHQHVWH FDVR ©WRGRV VDEHPRV ORTXHKD\TXHKDFHUª 6H PHDEULy HOFRUD]yQSRUILQPHLEDDHQWHUDU GHORTXHKD\TXHKDFHU  SDUD DFDEDU FRQ HOGHVHPSOHR HOKDPEUHODSREUH]DHO p[RGRGHORV ORVEDQFRVQLOHVSDJDED OD$GPLQLVWUDFLyQ1RHUDQUHVSRQVDEOHV MyYHQHVHODEDQGRQRGHORVGHSHQGLHQWHVORVUHFRUWHVHQVDQLGDG\ SHURDOJXLHQWHQtDTXHSDJDU\OHVWRFyODSDSHOHWDDHOORV HQFRRSHUDFLyQDOGHVDUUROORHOFDPELRGHPRGHORVDQLWDULR\HVH URVDULRGHGHVJUDFLDVTXHFRQRFHPRV3RUILQLEDDVDEHUSRUGyQGH VHHPSLH]DDFRPSRQHUXQ(VWDGRGH-XVWLFLDDOPHQRVHQ(VSDxD\ HQ(XURSDSDUDSRGHUH[WHQGHUORXQLYHUVDOPHQWH1RSDUDYROYHUD  $/*2 +$7(1,'2 48( 9(5 &21 /$&5,6,6 /$)$/7$ '( e7,&$ ORTXHWHQtDPRVTXHQRVKDOOHYDGRGRQGHHVWDPRVVLQRDXQDVR FLHGDGMXVWDFRQIRUPDVGHYLGDLQWHOLJHQWHV ,QVLVWHXQEXHQQ~PHURGHHFRQRPLVWDVHQDILUPDUTXHODDXVHQFLD ©¢4XpKD\TXHKDFHULªSUHJXQWpFRQXQHQRUPHLQWHUpV3HUROD GHDOJXQRVYDORUHVpWLFRVQRKDWHQLGRLQIOXHQFLDHQODV FULVLVTXH UHVSXHVWDQRSXGRVHUPiVGHFHSFLRQDQWH©KD\TXHUHGXFLUODVSHQ YHQLPRVSDGHFLHQGR\TXHWLHQHDQJXVWLDGRVDSDtVHV FRPR HOQXHV WUR 6HJ~QHOORVODVFULVLVVHKDQVXFHGLGRDORODUJRGHODKLVWRULD\ VLRQHVª¢'HYHUGDGL¢HUDHVR"&RPRHVREYLRUHSOLTXp©¢HVSRUDKt SRU GRQGH KD\TXH HPSH]DU@¢QRVHUtDPHMRU TXH GHYROYLHUDQHO GLQHURORVFRUUXSWRV TXHVHORKDQ TXHGDGR TXHSDJDUDQORVTXH KDQ JHVWLRQDGRORVUHFXUVRVS~EOLFRVGHXQDIRUPDSpVLPDTXHVH KDEUtDTXHVXSRQHUHQWRQFHVTXHORVYLFLRVTXHODVFDXVDQVRQFRQ VXVWDQFLDOHVDODQDWXUDOH]DKXPDQD $ORVHFRQRPLVWDVQHROLEHUDOHV \QRVyORDHOORV OHVJXVWDFUHHU DFDEHFRQORVSDUDtVRVILVFDOHVVHILMHXQDWDVDSDUDODVWUDQVDFFLRQHV ILQDQFLHUDV\ODHFRQRPtDHVSHFXODWLYDGHFUH]FDDIDYRUGHODHFRQR YLGDHFRQyPLFD\GHODVYLUWXGHVSULYDGDVDYHFHVVXUJHQPDORVUH PtDUHDOLª(QHVWHFDVRODUHVSXHVWDPHDEULyWRGRXQPXQGR ©6Ë VXOWDGRV 3RUHVR SUHILHUHQ DWHQHUVHDOYLHMRGLFKR©OR TXHQR VRQ FODURWRGRHVRHVWiPX\ELHQSHURHPSH]DUSRUUHGXFLUODVSHQVLR QHVHVORPiVVHQFLOORª FXHQWDVVRQFXHQWRVª\DVHJXUDUTXHODHFRQRPtDVLJXHVXFXUVRVLQ 7DQWDVIDFXOWDGHVGHHFRQRPtDWDQWRVSROtWLFRVSRU PHWURFXD GUDGRSDUD TXHpVWDVHDODSLHGUDILORVRIDOTXHORPiVVHQFLOORHV HPSH]DUSRUORVTXHHVWiQPiVFRQWURODGRV$XQTXHORVSHQVLRQLV TXHGHORVYLFLRVSULYDGRVDYHFHVVXUJHQEXHQRVUHVXOWDGRVSDUDOD TXHOHSHUMXGLTXHQODFRGLFLDRODLQVROLGDULGDGTXHTXHGDUtDQSDUD ODYLGDSULYDGD 3HUR UHVXOWDVHUTXHORV YDORUHV PRUDOHVVRQHIHFWLYRVHQODYLGD ?  WDVQRVHDQORVUHVSRQVDEOHVGHODVFULVLVQLWDPSRFRODVJHQWHVTXH S~EOLFD TXHLPSRUWDGLVWLQJXLU FRPR KDFtD2UWHJD\*DVVHW HQ  WUHHVWDUDOWRVGHPRUDORGHVPRUDOL]DGRVFRPRGRVDFWLWXGHV TXH YLYHQHQVLWXDFLyQGHGHSHQGHQFLDRORVSDtVHVTXHUHFLEHQODD\XGD SRVLELOLWDQ RLPSLGHQUHVSHFWLYDPHQWH TXHODVSHUVRQDV \ORV DOD FRRSHUDFLyQ QL HVDFDQWLGDG GH SHUVRQDV TXH VH TXHGDURQ SXHEORV OOHYHQ DGHODQWHVX YLGDFRQELHQ 3RUTXHXQDSHUVRQDR VLQWUDEDMRVLQFRPHUORQLEHEHUORQLORVTXHDGHPiVGHHVRKDEtDQ DVXPLGRKLSRWHFDVLPSRVLEOHV\DGHDPRUWL]DU SRUTXH DOJXLHQOHV XQSXHEORGHVPRUDOL]DGRVQRHVWiQHQVXSURSLRTXLFLR\YLWDOHILFD LQYLWy DKDFHUORQLORVHPSUHVDULRVTXH DXQ KDELHQGRKHFKR VXV VLQRTXHVHODVKDFHQRWURVQRFUHDQQLIHFXQGDQQLVRQFDSDFHVGH GHEHUHVWXYLHURQTXHFHUUDUODHPSUHVDSRUTXHQLUHFLEtDQD\XGDGH SUR\HFWDUVXIXWXUR G FtDQRHVWiQHQSRVHVLyQGHVtPLVPRV\SRUHVRQRYLYHQVXVYLGDV  ?āB£ML  £L  ? < DOD GHVPRUDOL]DFLyQ KHPRV OOHJDGR QR VyORSRU OR PDO TXH VH KDQ KHFKR ODVFXHQWDV VLQR WDPELpQ SRUTXH VH KDQ GLVIUD]DGR FRQ FXHQWRV SHUYHUVRV FRPR HO GH OD FRQWDELOLGDG FUHDWLYD FRPR HO GH ORVFRQWURODGRUHVTXHQRVDFDURQDODOX]ORVIDOORVHQORTXHVXSXHV WDPHQWHFRQWURODEDQFRPRODVPHQWLUDVS~EOLFDVVREUHORTXHHVWD EDSDVDQGRFRPRHO HPSHxRHQTXHDVXPLHUDQKLSRWHFDVTXLHQHV GLItFLOPHQWHSRGUtDQSDJDUODVFRPRODFRQVWDQWHRSDFLGDG\IDOWDGH WUDQVSDUHQFLDFRPRODDXVHQFLDGHH[SOLFDFLRQHVYHUDFHVGHORTXH HVWDEDRFXUULHQGR (VYHUGDGHQWUHRWUDVFRVDVTXHODILQDQFLDUL]DFLyQGHODHFRQR PtD QRV KD VXPHUJLGR HQ XQ PXQGR GH LQFHUWLGXPEUHV GHVPH VXUDGDV\RSDFLGDGHVKDVWDHQHOOHQJXDMHHQHOTXHVHKDEODGHWL WXOL]DFLRQHVEDQFRV EXHQRV \ PDORV FXHQWDVFUHDWLYDVDFFLRQHV SUHIHUHQWHVSULPDVGHULHVJRFDOLILFDFLRQHVGHDJHQFLDVGHUDWtQJ\ GHHVRVRPQLSRWHQWHVPHUFDGRVTXHQDGLHVDEHTXLpQHVVRQQLTXp VHSURSRQHQ SHURDOSDUHFHUQDGDEXHQR SDUDODJHQWHFRUULHQWH\ PROLHQWH3HURQRHVPHQRVFLHUWRTXHHQHVHPXQGRKDEtDSHUVRQDV FRQQRPEUHV\DSHOOLGRVTXHWRPDURQ PDODVGHFLVLRQHVGHODVTXH UHVXOWyGDxRSDUDWRGRV <HVHQHVHPXQGRLQFRPSUHQVLEOHSDUDORVFLXGDGDQRVGHDSLH HQHO TXHFD\yODJRWDTXHGHVERUGyHO YDVRGHODFDWiVWURIHFRQODV FpOHEUHV©VXESULPHª\ODKXLGDKDFLDGHODQWHTXHWDQELHQFXHQWDOD SHOtFXOD0DUJLQ FDOO &RPRELHQGHFtDUHFLHQWHPHQWHHOHFRQRPLVWD -HIIUH\6DFKV©GHSRFRVLUYHWHQHUXQDVRFLHGDGFRQOH\HVHOHFFLRQHV \PHUFDGRVVLORVULFRV\SRGHURVRVQR VHFRPSRUWDQ FRQUHVSHWR KRQHVWLGDG\FRPSDVLyQKDFLDHOUHVWRGHODVRFLHGDG\KDFLDHOPXQ GRª  < WHQtDUD]yQORVSHUVRQDMHVFRPR-RKQ 7XOG HO FRQVHMHUR GHOHJDGR GH OD HPSUHVD H[WUDRUGLQDULDPHQWH UHSUHVHQWDGR SRU -HUHP\,URQVHQ0DUJtQFDOOSDGHFHQXQDSURIXQGDFHJXHUDFRPSD a  VLYD FDUHFHQGHFRPSDVLyQKDFLDHOUHVWRGHODVRFLHGDG\KDFLDHO PXQGRVyOREXVFDQVDOYDUVXSHOOHMR\PHGUDU 8Q PXQGR VLQ FRPSDVLyQ QR HV KDELWDEOHSDUD ORVVHUHV KX  PDQRV  (VYHUGDGTXHODVVXESUtPHIXHURQVyORODJRWDSRUTXHHOYDVR\D ? HVWDEDOOHQRKDVWDORVERUGHV (QHOFDVRGH(VSDxDDODVPDODVSUiF WLFDVILQDQFLHUDVDODIDOWDGHFRQWUROGHHVDVSUiFWLFDVDODFRUUXSFLyQ SROtWLFDVH XQLHURQSUREOHPDV FRPR HOGHODFRQVWUXFFLyQ \ HQHO IRQGRGHWRGRHOORPDODVFRVWXPEUHVHPSHFLQDGDPHQWHDUUDLJDGDV &LHUWDPHQWHODVFULVLV QRSURFHGHQVyORGHODV PDODV SUiFWLFDV TXpGXGDFDEHSDUWH GHO PXQGRHFRQyPLFRHVLQFRQWURODEOHSHUR WDPELpQHVYHUGDGTXHRWUDSDUWHHVWiHQQXHVWUDVPDQRVHQODVGH ORV VHUHV KXPDQRVVREUHWRGR\PX\HVSHFLDOPHQWHHQODVPDQRV GH ORV TXHRVWHQWDQXQPD\RUSRGHU1RHV GHUHFLERDILUPDUTXH WRGRVVRPRV UHVSRQVDEOHVQLTXHWRGRVKHPRVYLYLGRSRUHQFLPD GHQXHVWUDVSRVLELOLGDGHV (VR HV URWXQGDPHQWHIDOVR /RTXHVtHV YHUGDGHVTXHPXFKRGHORTXHKDSDVDGRSRGUtDKDEHUVHHYLWDGRVL SHUVRQDVFRQQRPEUHV\DSHOOLGRV HQWLGDGHV\RUJDQL]DFLRQHVFRQ XQQRPEUHUHJLVWUDGRKXELHUDQDFWXDGRVLJXLHQGRODVQRUPDVpWLFDV TXHOHVFRUUHVSRQGHQ H[SOtFLWDVRLPSOtFLWDV /DpWLFDVLUYH HQWUHRWUDVFRVDV SDUDUHFRUGDUTXHHVXQDREOLJD FLyQDKRUUDUVXIULPLHQWR\JDVWRKDFLHQGRELHQORTXHVtHVWiHQQXHV WUDVPDQRVFRPRWDPELpQLQYHUWLUHQORTXHYDOHODSHQD  81$ /(&&,Ï1 '('(7(5,252 025$/ <DDFRPLHQ]RVGHHVWHVLJORFXDQGRHOHVFiQGDOR(QURQKL]RVRQDU WRGDVODVDODUPDV HQ(VWDGRV8QLGRV ORVSURIHVRUHVGHpWLFD GHOD   HPSUHVD VH FRQYLUWLHURQ HQ LQYLWDGRV KDELWXDOHV GH ODV FDGHQDV GH PHUFDGR TXHVHHVWiQ FRUULJLHQGR ORV IDOORV 3RUTXH FXDQGR VH GHV WHOHYLVLyQ /RV HQWUHYLVWDGRUHV OHV SUHJXQWDEDQ TXp KDEtD SDVDGR YHODODYHUGDG \VHLQWHQWDUHSDUDU ORV HUURUHV VHFUHD FRQILDQ]D FyPR VHKDEtD SRGLGROOHJDUDVHPHMDQWH KLSRFUHVtD (QXQDHPSUH &XDOTXLHU HQWLGDG TXH UHFRQRFH KDEHU FRPHWLGR HUURUHV PXHV VDWHQLGD SRUPRGpOLFD VHGHVFXEUH GHODQRFKH DODPDxDQDTXH WRGR WUDVXGLVSRVLFLyQ DVXEVDQDUORV \ORKDFHDELHUWDPHQWH JHQHUD FRQ HUD SXUR PDTXLOODMH \TXH HVWi HQ OD EDQFDUURWD ¢FyPR HV HVRSR VLEOH" ILDQ]D 3RU GHVJUDFLD FRPR KHPRV LGR DSUHQGLHQGR DORODUJR GHODKLV WRULD GH HVWD WHOD WHQHPRV LQILQLGDG GH WUDMHV TXH HQ RFDVLRQHV VH   /D FRQILDQ]D GHFtDPRV DQWHV DEDUDWD FRVWHV HQ GLQHUR HQ HQHU JtDV \HQVXIULPLHQWR -XJDQGR DODWUDQVSDUHQFLD \OD FRQILDQ]D QRV KXELpUDPRV DKRUUDGRPXFKR GRORU FRUWDQ DGUHGH \ HQ RWUDV QR 'HORV WUDMHV TXH QR VHFRUWDQ DGUHGH 3HUR FXDQGR HOEDQTXHUR HQYH]GH DSRVWDU SRU ODWUDQVSDUHQFLD TXLVLHUD FRQWDU XQDKLVWRULD TXH WDO YH] VHDH[SUHVLYD GHO SDWUyQ DO WUDWDGH JDQDU WLHPSR HQWRQFHV ORVJHVWRUHV LQDXJXUDQ OD HWDSD GHO TXH VH DFDED UHFXUULHQGR HQ HVWRV FDVRV XQ SDWUyQ TXH FRQYLHQH PDTXLOODMH < RFXUUH HQ PXFKRV FDVRV TXH QLORV DXGLWRUHV QL ORV HFKDU DODEDVXUD (VHOUHODWR GHFyPR XQEXHQEDQFR VHSXHGH FRQ VXSHUYLVRUHV FRUULJHQ HVHPDTXLOODMH &XDQGR ORELHQ FLHUWR HVTXH YHUWLU HQXQRPDOR VLQSURSRQpUVHOR HO JHVWRU HV UHVSRQVDEOH DQWH ORV DFFLRQLVWDV HO DXGLWRU HV UHVSRQ )XH$ULVWyEXOR GH-XDQ DQWLJXR *REHUQDGRU GHO%DQFR GH(VSD VDEOH DQWH ORV DFFLRQLVWDV \DQWH HOPHUFDGR \HOVXSHUYLVRU HV UHV xD TXLHQ FRQWy ODKLVWRULD HQ XQDVHVLyQ GHO VHPLQDULR DQXDO GH OD SRQVDEOH GHODWUDQVSDUHQFLD \HVWDELOLGDG GHOVLVWHPD ILQDQFLHUR DQ )XQGDFLyQ e7125 DOOiSRURFWXEUH GH WH ODVRFLHGDG &RQ WRGR HOOR KHPRV LGR HQWUDQGR FODUDPHQWH HQHO 6XSRQJDPRV TXH HVWDPRV DQWH XQEDQFR VDQR SHUR XQEXHQGtD WHUUHQR GH ODpWLFD QR\DHQ HOGH ORV HUURUHV WpFQLFRV $ FRQWLQXD FRPR SXHGH SDVDU DWRGRV VHHPSLH]DQ DFRPHWHU HUURUHV WpFQLFRV FLyQYLHQHQHQRFDVLRQHV ODKXLGDKDFLDGHODQWHHLQFOXVRODV SUiFWLFDV VHDSRU LQFRPSHWHQFLD SRU LQFDSDFLGDG GH DGDSWDUVH DO FDPELR R IUDXGXOHQWDV \\DQRTXHGDVLQRFHUUDU ODHQWLGDG RVDOYDUOD/DVGRV SRUFXDOHVTXLHUD RWUDV UD]RQHV +DVWD DTXt QRKD\QLQJ~Q SUREOHPD RSFLRQHV SODQWHDQ FODUR HVWi QXHYRV SUREOHPDV pWLFRV TXH WLHQHQ PRUDO OHSXHGH VXFHGHU DFXDOTXLHUD VLQEXVFDUOR 3HUR RFXUUH TXH TXHYHU FRQ HOELHQHVWDU \HOELHQVHU GHODVSHUVRQDV HOEDODQFH VHGHVHTXLOLEUD FRQ XQIXHUWH HQGHXGDPLHQWR \DSDODQFD (SLVRGLRV FRPR pVWHKDQVLGRIUHFXHQWHVHQQXHVWUR HQWRUQR SUR PLHQWR HODFWLYR VHFRQFHQWUD HQ VHFWRUHV TXH QRDVHJXUDQ ODGHYR YRFDQGR XQD GHVFRQILDQ]D JHQHUDOL]DGD TXHYDDVHU PX\GLItFLO GH OXFLyQ $QWH OD IDOWD GHOLTXLGH] VHHOHYDODUHPXQHUDFLyQ GHORV UH FRQWUDUUHVWDU &XDQGR MXVWDPHQWH OD FRQILDQ]D HV HO SULQFLSDO ©UH FXUVRV ORFXDOUHDOLPHQWD HOGHWHULRUR GHORVUHVXOWDGRV /DVLWXDFLyQ WRGDYtD WLHQH UHPHGLR ¢&XiO" VDULDO\GHOVLVWHPD EDQFDULR LQFOXLGRV ORVDXGLWRUHV \ORV FRQWUROD /DUHVSXHVWD GH $ULVWyEXOR GH -XDQ IXH FRQWXQGHQWH ORV DFFLR QLVWDV R OD $OWD 'LUHFFLyQ WLHQHQ TXH WUDQVSDUHQWDU ODVLWXDFLyQ LQ\HFWDU FDSLWDO FDPELDU DORV PDORV JHVWRUHV \GHMDU FODUR DQWH HO  FXUVR PRUDOª GH XQD VRFLHGDG QR GLJDPRV \D GHO PXQGR HPSUH  B £Ba GRUHV $WRGR HOOR VH VXPDURQ XQ FRQMXQWR GH YDFtRV pWLFRV FRPR OD IDOWD GHSURIHVLRQDOLGDG SRU SDUWH GH TXLHQHV DFWXDURQ SRULQFHQWL a  U  YRVSHUYHUVRV HQ ORV EDQFRV \QR SRU ORV YDORUHV GH VXSURIHVLyQ TXH HVWpQ SRUYHQLU &RQ HVR QRVH VROXFLRQDUiQ WRGRV ORV SUREOH DQLPDQGR DORVFOLHQWHV DHPEDUFDUVH HQDYHQWXUDV TXH GLItFLOPHQWH PDV SHUR VtTXH HVWDUtDPRV PXFKR PHMRU SUHSDUDGRV SDUD EXVFDU SRGUtDQ FRVWHDU PiV WDUGH HOIUDFDVR GH GHWHUPLQDGRV PRGHORV GH HQ VHULR VROXFLRQHV FRQ DOWXUD KXPDQD \SDUD SRQHUODV HQ PDUFKD YLGD FRQVXPLVWD TXH DFRQVHMDQ OOHYDUDFDERFRQGXFWDV LPSUXGHQWHV <\D TXH HPSH]DPRV HVWH FDStWXOR DOXGLHQGR DO7ULEXQDO GH ODV HLUUHVSRQVDEOHV DSROtWLFRV HPSUHVDULRV \FLXGDGDQRV  <SRU ~OWLPR OD PDOGLFLyQ GHO FRUWRSODFLVPR OD QHFHVLGDG GH WRPDU GHFLVLRQHV DFRUWR SOD]R TXH DSHQDV GHMD WLHPSR SDUD ODUH $JXDV FRPR XQ HMHPSOR GHO SRGHU GHOD FRQILDQ]D SDUD DEDUDWDU FRVWHV \FUHDU ULTXH]DOR DFDEDUHPRV LQYLWDQGR DRSWDUSRUOD ROYL GDGD FRVWXPEUHGH GHFLU OD YHUGDG HQ OD YLGD S~EOLFD VHD SROtWLFD IOH[LyQ PHQRV D~QSDUD GHFLGLU DQWLFLSDQGRHOIXWXUR &XDQGRSUH HFRQyPLFD RFLYLO HQWUH RWUDVUD]RQHV SRUTXH VLQYHUDFLGDG QRKD\ FLVDPHQWH ODFHOHULGDG GH ORVFDPELRV H[LJHHVWDU ©ELHQ HQWUHQDGRª FRQILDQ]DSRVLEOH WHQHUORVUHIOHMRV SUHSDUDGRV SDUD WRPDUEXHQDV GHFLVLRQHV \GLVH (QXQSDVDMH GHVX 7HRUtDHFRQyPLFD GHODGHPRFUDFLD HOSROLWyOR xDULQLFLDWLYDV GH ODUJR DOLHQWR QROLPLWDGDV DODTXt \DODKRUD <QR JR$QWKRQ\ 'RZQV VHUHILHUH DODYLUWXGGH ODLQWHJULGDG \GLFH TXH VyOR HQ HOPXQGR HPSUHVDULDO VLQRPX\HVSHFLDOPHQWH HQ HOSROtWL DVXMXLFLR ODLQWHJaLGDaLVWH Hx,DFRLLHUp-FLDHxWUHODV GHFODUD FR(OKHFKR GHTXH ORVSDUWLGRV HQ HOJRELHUQR GLVSRQJDQ GHFXDWUR GRQHV\ODV UHDOL]DFLRQHV 8QD FDUDFWHUL]DFLyQ TXH VHSXHGH FRP DxRV SDUDGHVDUUROODU VXVSURJUDPDV \GH TXH HQ UHDOLGDG QRSHUVL SDUWLU VLQ GXGD /D LQWHJULGDG VLJXH GLFLHQGR HV HVHQFLDO SDUD JDQ GXUDQWH HVHWLHPSRVLQRJDQDU GHQXHYR ODVHOHFFLRQHV GHVSOD]D TXH VHDQ HILFLHQWHV ODVUHODFLRQHV LQWHUSHUVRQDOHV SRUTXH HOHQJDxR DG FDOHQGDVJUDHFDVODVUHIRUPDV HVWUXFWXUDOHV WDQQHFHVDULDV VHJ~Q WRGRV ORVHVSHFLDOLVWDV GHVILJXUD ORV PHQVDMHV TXH WUDQVPLWLPRV FUHD XQD QLHEOD \\D QR VDEHPRV GHTXp HVWDPRV KDEODQGR 3RUHVRODJHQWH YDORUD SRVLWLYD PHQWH ODLQWHJULGDG SRUTXH KDFHTXHODVUHODFLRQHV HQWUH ODVSHUVR  ,19(57,5 QDV VHDQ PiVWUDQVSDUHQWHV \HILFLHQWHV /DFRPXQLFDFLyQ DVHJX (1 /248(9$/(/$3(1$ 6$%(535,25,=$5 UD HVPiV IiFLO\EDUDWDHQXQD VRFLHGDG GH KRPEUHVYHUDFHV TXH HQXQDGH PHQWLURVRV 1DWXUDOPHQWH DQWH HVWHHOHQFR GHYDFtRVPRUDOHV VHLPSRQH ODSUH <WLHQH UD]yQ (VDJRWDGRU WHQHUTXH HVWDUVLHPSUH LQWHUSUHWDQGR JXQWD ©¢TXpKDFHU"ª \ODUHVSXHVWD HQ SULQFLSLR HVTXH VHSXHGHQ ODVPHGLDVSDODEUDVGHORVSHUVRQDMHV S~EOLFRV SUHVXPLU TXHHVIDOVR KDFHU PXFKDV FRVDV(QWUH HOODVJDQDU P~VFXOR pWLFR SDUD HYLWDU HV OR TXH GLFHQ \WHQHU TXH FRQVWUXLU HQ WHUUHQR GHVFRQRFLGR 3HUR OR WDVVLWXDFLRQHV DQWHV GHTXH VHSURGX]FDQRSDUD EXVFDU ODVPHMRUHV PLVPR VXFHGH FRQODFRPXQLFDFLyQ DWUDYpVGHODVUHGHV TXHODPHQ VROXFLRQHV VLHOGHVDVWUH VHKDGHVHQFDGHQDGR WLUD ODGLVWRUVLyQ ODFDOXPQLD FUHDQ XQGDxRLQFDOFXODEOH ¢+D\DO 3DUD JDQDU P~VFXOR pWLFR HV QHFHVDULR TXHUHUOR \ HQWUHQDUVH J~QPRGRGHDWDMDUHOGRORU TXH VHFDXVDSRUHVWRVPHGLRV HQORV TXH FRPR HOGHSRUWLVWDTXH LQWHQWD GtD DGtD PDQWHQHUVH HQ IRUPDSDUD HO DQRQLPDWR SXHGH VHU OHWDO" 1DWXUDOPHQWH SXHGHQ \GHEHQ HVWX LQWHQWDU JDQDU OLPSLDPHQWH FRPSHWLFLRQHV \DQWLFLSDUVH D ORVUHWRV GLDUVHPHGLRV OHJDOHVSDUD HYLWDU ORVDWURSHOORV SHUR VLQRFRQWDPRV X  -‡  £ DFDGD ODGR GH OD UHG FRQ SHUVRQDV FRQYHQFLGDV GH TXH QR VHGHEH GDxDU HOSUREOHPD QR WLHQH VROXFLyQ /DVPHGLGDV OHJDOHVVRQ QHFH VDULDVSHURVLQSHUVRQDV FRQYHQFLGDV GH TXH FXDOTXLHU VHUKXPDQR HVGLJQR GHWRGR UHVSHWR VLQJHQWHV FRQVFLHQWHV GHTXH HOODVPLVPDV WDPSRFR VHPHUHFHQ OD LQGLJQLGDG GH PHQWLU\FDOXPQLDU VHJXLUH PRV WHQLHQGR XQ PXQGRPX\FDUR HQGRORU\HQ VXIULPLHQWR &RPR RSLQDED (O3HULFK HQ DTXHO OLEUR TXH OOHYDED SRU WtWXOR $XWRSLVWD GLFHQ TXH OD YHORFLGDG GH ORVYHKtFXORV HQ FDUUHWHUD GH SHQGH GH FDEDOORV HQ HOPRWRU\R FUHR TXH HVFXHVWLyQ GHEXUURV DO YRODQWH &XDQWR PiVSRGHURVRV VRQORVPHGLRV SDUDHVWDEOHFHU OD]RV GH FRPXQLFDFLyQ FXDQWRV PiV FDEDOORV KD\ HQ HOPRWRU SHUVRQDV PiV FDEDOHV WLHQHQ TXH VHUODVTXH PDQHMDQ HOYRODQWH ¢<TXp KDFHU FRQ HOGLQHUR DKRUUDGR" /DUHVSXHVWD HVELHQ VHQFL OOD LQYHUWLU HQ OR TXH UHDOPHQWH YDOH OD SHQD (Q SUHYHQLU \ FXUDU HQIHUPHGDGHV DQWLFLSDUVH HQ OR SRVLEOH DODV FDWiVWURIHV QDWXUDOHV SDUD HYLWDU PXHUWHV \ VXIULPLHQWR HPSRGHUDU D ODVSHUVRQDV SDUD TXH SXHGDQOOHYDU DGHODQWH DTXHOORV SODQHV GHYLGD TXH FRQVLGHUHQ YDOLRVRV FUHDU SXHVWRV GH WUDEDMR XQLYHUVDOL]DU OD HGXFDFLyQ \ OD VDQLGDG \WDQWDV FRVDV TXH D\XGDQ DKXPDQL]DU ODYLGD +DEUiTXH SULRUL]DU VLQGXGD HPSH]DQGR SRUORVPiVYXOQHUDEOHV <QRGHMD GH VHUHVFDQGDORVR TXH QR VHDDHVHPXQGR DOTXH YDODULTXH]D GHVSLO IDUUDGD SRUIDOWD GHpWLFD  O O I   ¢3DUD TXp VLUYH OD pWLFD" 3DUD DEDUDWDU FRVWHV HQ GLQHUR \ VXIUt PLHQWR HQ WRGR DTXHOOR TXH GHSHQGH GH QRVRWURV HLQYHUWLUOR HQOR - TXHYDOHODSHQD VDELHQGR SULRUL]DU     £  1RWDV O -RVp 2UWHJD\*DVVHW ©3RU TXpKH HVFULWR(O KRPEUH D OD GHIHQVLYDª 2EUDV &RPSOHWDV 5HYLVWDGH2FFLGHQWH,9S   -HIIUH\' 6DFKV (O SUHFLR GH OD FLYLOL]DFLyQ *DOD[LD *XWHQEHUJ &tUFXORGH/HFWRUHV  S  $ULVWyEXORGH-XDQ©/DpWLFDGHODUHHVWUXFWXUDFLyQGHOVLVWHPDIL QDQFLHURª;;,6HPLQDULRe7125 VHVLyQGHO GHRFWXEUHGH  )UDQFLV )XNX\DPD /D FRQILDQ]D (GLFLRQHV % %DUFHORQD  $GHOD&RUWLQD HG  &RQVWUXLU FRQILDQ]D 7URWWD 0DGULG'RPLQJR *DUFtD0DU]i eWLFD HPSUHVDULDO 'HO GLiORJR D OD FRQILDQ]D 7URWWD 0D GULG  $GHOD&RUWLQD3RUXQD pWLFDGHOFRQVXPR 7DXUXV0DGULG  $QWKRQ\'RZQV 7HRUtD HFRQyPLFD GHODGHPRFUDFLD $JXLODU0D GULG S   0DULR 9DUJDV/ORVD ©/D LGHQWLGDGSHUGLGDª (O 3DtV ; S   /$%5$56(81 %8(1&$5È&7(5 (OFDUiFWHUHVSDUD HOKRPEUHVXGHVWLQR O 81',È/2*2 (1 &/$6( &XDQGRGR\FODVHVGHpWLFDHQODIDFXOWDGVXHORHPSH]DUWUDWDQGRGH DFODUDUTXpHVHVRGHODpWLFD\TXpHVHVRGHODPRUDOSRUTXHFRPR GHFtDXQ H[FHOHQWHSURIHVRUPtR )HUQDQGR&XEHOOVODVFXHVWLRQHV GHQRPEUHVVRQ VROHPQHV FXHVWLRQHVGHFRVDV \SRU HVR LPSRUWD DQWHWRGRDFODUDUODVSDUDVDEHUGHTXpHVWDPRVKDEODQGR 'LVSXHVWDDOOHYDUDFDERHVDWDUHDHQODDVLJQDWXUD GH ,QWURGXF FLyQ D OD eWLFD KDFH XQSDUGHFXUVRV FRQWpDORV DOXPQRVXQRGH HVRVHMHPSORVGHORTXHVHKDOODPDGRHQODELEOLRJUDItDDQJORVDMRQD ©PDOHV VLQGDxRªSDUDTXHGHEDWLpUDPRVVt HOSUREOHPDTXHDOOtVH SODQWHDEDHUDPRUDORGHRWURWLSR&RPRHVVDELGRDOJXQDVWHRUtDV HQWLHQGHQTXHVyORKD\SUREOHPDVPRUDOHVFXDQGRVHGDxDDDOJXLHQ \SRUORWDQWRTXHDOJXQDVDFFLRQHVTXHSRGUtDPRVFRQVLGHUDUPD ODVSRUTXHQRVSDUHFHQUHSXJQDQWHVQRVRQPRUDOPHQWHPDODVVLQR SURGXFHQGDxRDOJXQRPLHQWUDVTXHRWURVDXWRUHVHQWLHQGHQTXHOD PRUDOWLHQHTXHYHUFRQQRGDxDUSHURWDPELpQFRQQRUHDOL]DU DF FLRQHVUHSXJQDQWHVeVWHPHSDUHFLyXQEXHQFRPLHQ]RSDUDGLDOR JDUVREUHTXpHVHVRGHODPRUDO (QODELEOLRJUDItD UHFLHQWH KD\PXFKRV HMHPSORV VXPDPHQWH MX GDGGHWLQWDTXHKDFRUULGR HQODELEOLRJUDItD GHOUDPRVREUH ODREOL JRVRVGHPDOHVVLQGDxR &RPR HOGHODIDPLOLD TXH GHFLGH FRPHUVH D JDFLyQ PRUDO GHFXPSOLU ODVSURPHVDV ~QLFR HMHPSORGHO LPSHUDWL VXSHUUR DOTXHKDDWURSHOODGR XQFDPLyQ SDUDVDFDUOH DOJXQD XWLOL YRFDWHJyULFR NDQWLDQRTXHDSHQDV SUHVHQWD SUREOHPDV DILUPDFLyQ GDG XQDYH]PXHUWR 2 HOGH OD VHxRUD TXH VHFD HOLQRGRUR FRQ OD UDGLFDO GH 1LHW]VFKH GH TXH HOKRPEUH HV HO DQLPDO FDSD] GH KDFHU EDQGHUDQDFLRQDO SRUQR WHQHU RWUR SDxR DPDQR (QQLQJXQR GH SURPHVDV DPLVDOXPQRV QR OHV SDUHFtD HQSULQFLSLR TXH OD IDOWDGH HVWRV FDVRVVHGDxD DQDGLH SRUTXHHOSHUUR \DPXULy \ODEDQGHUDQR ILGHOLGDG DODSDODEUD GDGDWXYLHUD ODPHQRU WUDVFHQGHQFLD 7RGR XQ VLHQWH \WDQWR ODIDPLOLD FRPR ODVHxRUD DFWXDURQ DSXHUWDFHUUDGD GHVFXEULPLHQWR VLQWHVWLJRV FRQ OR FXDO QL VLTXLHUD SXHGHQ FRQWDJLDU HVDIRUPD GH $VtDQGiEDPRV FXDQGR XQ VHJXQGR DOXPQR LQWHUSHOy DOD FKLFD FRQGXFWD 3HUR VHWUDWDGHKHFKRV TXH SURGXFHQUHSXJQDQFLD DSUL TXH DFDEDED GH KDEODU FRQ XQ DUJXPHQWR ELHQ LQWHUHVDQWH TXH OD PHUDYLVWD XQVHQWLPLHQWR DOTXH VHKDOLJDGR HQ PXFKDV RFDVLRQHV PDGUHQR VHHQWHUH QR HVXQDUD]yQSDUD DVHJXUDU TXH ODDFFLyQ QR FRQ HOUHFKD]R PRUDO <RHQWLHQGR TXH VRQ FRVDV GLVWLQWDV SHUR ORV HVWi PDO SRUTXH W~ SXHGHV SDVDUWH ODYLGD HQJDxDQGR DWX SDUHMD HMHPSORV UHVXOWDQ OR VXILFLHQWHPHQWH FKRFDQWHV FRPR SDUD GHVSHU TXH QR VH HQWHUH \VLQ HPEDUJR HVR HVWDUtD PDO (QJDxDU DTXLHQ WDULQWHUpV HLQLFLDU XQDGLVFXVLyQ (VRVtSDUDHYLWDU FRQIXVLRQHV HQ FRQItDHQ WL OR VHSD RQR HVLPSUHVHQWDEOH HVWDIDU DTXLHQ WH GD VX HVWD RFDVLyQ PH SDUHFLy PiV SUXGHQWH DFXGLU DXQ HMHPSOR SRFR FDULxR QRVHKDFH 8Q VHJXQGR GHVFXEULPLHQWR WRGDYtDPiVLQWHUH UHSXJQDQWH DOPHQRV DSULPHUDYLVWD VDQWH TXHHOSULPHUR 8QMRYHQ SURPHWH DVXPDGUH HQHOOHFKR GHPXHUWH TXH OHOOHYD /D FODVH WRFDED DVXILQ \DKt SDUHFtD TXH QRV tEDPRV DTXHGDU Ui IORUHV DVXWXPED VLHOODIDOOHFH0XHUH ODPDGUH SHUR HOKLMR LQ FXDQGR XQDFKLFD GLMR PX\HQIDGDGD ©OD LQPRUDO HVOD PDGUH SRU FXPSOH VXSURPHVD \QR OOHYDODVIORUHVDOFHPHQWHULR &RQOR FXDOOD HPSHxDUVH HQ TXH HOKLMROHOOHYHIORUHVDODWXPEDª 0HSDUHFLy MXVWR PDGUH QR VXIUH QLQJ~Q GDxR SRUTXH\DQR OHDIHFWD\FDEHSUHJXQ HFKDU XQFDSRWD]R DODSREUH PDGUH \OHUHSOLTXp ©QR KD\SDUDWDQ WDUHQWRQFHV VLHOKLMR KD DFWXDGR PRUDOPHQWH PDO0LSURSyVLWR HUD WR WRWDO VH WUDWD GH OOHYDUOHXQDV VLPSOHV IORUHV \OD PDGUH VH HVWi DYHULJXDU VLVDEtDPRV OR TXH VLJQLILFDQ ©PRUDOª \ ©pWLFDª SRUTXH PXULHQGRª 3HUR ODFKLFDFHUUy HOGLiORJRFRQXQURWXQGR ©DOILQ\DO QDGLH SDUHFH VDEHUOR (Q FXDOTXLHU FDVR QXQFDSHQVp TXH HOGHEDWH FDER ORTXHOHSLGHHVTXH KDJDXQHVIXHU]Rª LED DVHUWDQ DSDVLRQDQWH 7RGR KD\TXH GHFLUOR HVWDSRVWXUDIXHPLQRULWDULD ODPiVDSODX (PSH]y XQDDOXPQD DVHJXUDQGR TXHHQ HIHFWRDOOtQRSRGtDKD GLGD HQWHQGtD TXHGDxDU HV PDOR SHUR TXH WDPELpQ ORHVHQJDxDU D EODUVH GHLQPRUDOLGDG DOJXQD SRUTXHQDGLH UHVXOWDED GDxDGR $ILQ TXLHQ KD GHSRVLWDGR HQPtVX FRQILDQ]D DXQTXH GH DKt QR VHVLJD GHFXHQWDV ODIDOOHFLGD QR VXIUtDSRUHOLQFXPSOLPLHQWR SRUTXH QR VH VXIULPLHQWR DOJXQR 3DUHFH TXH ODPRUDO WLHQH DOJR TXH YHUFRQQR HQWHUDED GHQDGD VLQR VHHQWHUDED QRKD\GDxR \VLQRKD\GDxR QR GDxDU SHUR QR VLHPSUH \QR VyOR FRQ HVR WDPELpQ FRQ QR GHIUDX KD\PDOPRUDO (VWDSRVLFLyQ SDUHFLy JHQHUDU XQJUDQ FRQVHQVR HQHO GDU OD FRQILDQ]D <HV YHUGDG SHUR WDPELpQ OR HVTXH WLHQH TXH YHU DXOD GHODXODULR ,,,OODPDGR ©PXOWLXVRª $SHVDU GHODJUDQ FDQWL FRQPXFKDV FRVDVPiV (VXQMXHJRFRQPXFKDVFDUWDV DOTXHQRKD\  BB Wa  PiV UHPHGLR TXH MXJDU \ QR HV IiFLOSRUTXH DQGDQ PX\ HPEDUX XQEXHQFDUiFWHU -XVWLFLDSUXGHQFLDIRUWDOH]DKRQHVWLGDG\WDQ OODGDV WDVRWUDV (OUHFXUVRDOGLiORJRSDUDDYHULJXDUTXpHVOREXHQR\ORMXVWRGHO TXHHFKDURQPDQRORVVRILVWDV6yFUDWHV\3ODWyQ1DGLHHVFDSD]GH GHVFXEULUHQVROLWDULRTXpHVORYHUGDGHURRTXpHVORFRQYHQLHQWH  (/-8(*2 '( /$e7,&$ VLQRTXHQHFHVLWDHQWUDUHQXQGLiORJRFRQRWURVSDUDLUGHVFXEULpQ (VWUHQiEDPRVHVHDxRHOFRQWURYHUWLGR ©3ODQ%RORQLDªFRQORFXDO GRORFRQMXQWDPHQWH KXER TXHUHGDFWDUXQDWRQWDJXtDGHODPDWHULDHQODTXHILJXUDEDQ /DFRQYLFFLyQGHTXHKD\XQILQ GHODYLGD KXPDQD TXHLPSRUWD HOYROXPHQGHWUDEDMRTXHVHVXSRQtDTXHGHEtDLQYHUWLUXQDOXPQR PHGLRHQKDFHUVHFRQHOODORVREMHWLYRV\XQD LQILQLGDGGHFRP GHVFXEULUSDUDLQWHQWDUDFFHGHUDpOSRUTXHHVODIRUPDGHYLYLUXQD SHWHQFLDVGLYLGLGDVHQEiVLFDVJHQHUDOHV\HVSHFtILFDVDFXiOPiV LQ~WLO7RGDHVDMHUJDEXURFUiWLFD FRQODTXHVH HVWiQHPSHxDQGR HQGHVWUR]DUSRFRDSRFRODXQLYHUVLGDGDTXHOORVDORVTXHFRUUHV SRQGH\GHVSXpVVHTXHMDQGHOQLYHOTXHDOFDQ]DQQXHVWUDVXQLYHUVL YLGDGLJQDGHVHUYLYLGD 7RGRVFRQYLHQHQHQHQWHQGHUTXHHVHILQ HV ODIHOLFLGDGSHURQRGDQDODIHOLFLGDGHOPLVPRFRQWHQLGR$ULVWyWH OHVDVHJXUDEDTXHFRQVLVWHHQODHXGDLPRQtD HQUHDOL]DUDTXHOODVDF WLYLGDGHVTXHVRQ PiV SURSLDV GHXQVHUKXPDQRFRPRWUDWDUGH GHVHQWUDxDUORVVHFUHWRV GHOXQLYHUVRRGHGLFDUVHDOD YLGDSROtWLFD GDGHVHQORVtQGLFHVPXQGLDOHV (QFXDQWRDOFRQWHQLGRTXHHQODPDUDxDGHIRUPDOLGDGHVSDUHFH KDFLHQGRXVRGHODMXVWLFLD\OD SUXGHQFLD/RVHSLF~UHRVFLIUDURQOD LUUHOHYDQWHFXDQGRMXVWDPHQWHHVORLPSRUWDQWH\SRUHVRHVORTXH HODERUDFRQJXVWR\FXLGDGRHOSURIHVRUWUDWDED\RGHLUPRVWUDQGR OD IHOLFLGDG QR SXHGH FRQVLVWLU HQ HPRFLRQHV SODFHQWHUDV SRU IHOLFLGDG HQ HO SODFHU PLHQWUDVTXH ORVHVWRLFRVHQWHQGLHURQ TXH FyPRODpWLFDVHYDWHMLHQGRDORODUJRGHODKLVWRULDDSDUWLUGHWUDGL TXHVHQWLUODV QRGHSHQGHGHQRVRWURV (VWDVWUDGLFLRQHVODGHODV YLUWXGHV HOGLiORJR\ ODIHOLFLGDGVH FLRQHVTXHSRQHQVXDFHQWRHQODVFDUWDVLQGLVSHQVDEOHVSDUDMXJDUDO KDQSURORQJDGRKDVWDQXHVWURVGtDV FREUDQGRPiVIXHU]DHQXQRV MXHJRGHODPRUDO SHULRGRVXRWURV UHIRUPXOiQGRVHSDUDUHVSRQGHUDODV QXHYDVH[L JHQFLDVGHORVWLHPSRVQXHYRV \VHWUDWDGHQDLSHVLQGLVSHQVDEOHV  /DDGTXLVLFLyQGHYLUWXGHV TXHVRQHVDVSUHGLVSRVLFLRQHVDREUDU ELHQTXHYDPRVFRQTXLVWDQGRDORODUJRGHODYLGD\TXHFRQIRUPDQ SDUDMXJDUHOMXHJRGHODpWLFD 3HURDORODUJRGHODKLVWRULDVHKDQLGR HO EXHQ FDUiFWHU 'HVGHHOPXQGR KRPpULFR HO GH OD ,OtDGD \ OD JDQDQGRRWUDVFRPRORVVHQWLPLHQWRV GHOTXHKDEODURQORVDXWRUHV 2GLVHD HVDVYLUWXGHVVHHQWLHQGHQFRPRH[FHOHQFLDVGHOFDUiFWHUHO HVFRFHVHV OD OLEHUWDG HQWHQGLGD FRUQRDXWRQRPtD FRUQRODFDSD YLUWXRVRHVHOTXHVHVLW~DSRUHQFLPDGHODPHGLDHQXQDDFWLYLGDG FLGDGGHGDUVHOH\HVDVtPLVPRTXHLQFOX\y.DQWHQ HOMXHJRR HO PXQGR GHORVYDORUHV TXHWDQWRp[LWRYLHQHWHQLHQGRHQORV ~OWLPRV FRPR$TXLOHVHQYHORFLGDG+pFWRU HQYDORU3UtDPR HQSUXGHQ FLD+R\ VHJXLPRVKDEODQGR GHYLUWXRVRV GHOSLDQR R GHOYLROtQ \ WDPELpQ GHODVYLUWXGHV TXH HV QHFHVDULRFRQTXLVWDU SDUD WHQHU  /a   WLHPSRV 3RGUtDPRVLUDxDGLHQGRPXFKRVRWURVQDLSHVSHURFRQYLHQHHUQ FTBU  SH]DU SRU XQR \FRQFUHWDPHQWHSRUDTXHOTXHHVWiHQODHQWUDxDHWL PROyJLFDGHORVQRPEUHV©PRUDOª\©pWLFDªODpWLFDWUDWDGHODIRUPD FLyQGHOFDUiFWHUGHODVSHUVRQDVGHODVLQVWLWXFLRQHV\GHORVSXHEORV FRPRH[SUHVDQORVWpUPLQRVTXHOHGDQQRPEUH ©PRUDOª\©pWLFDª QXHVWUDELRJUDItDTXHVRPRVQRVRWURVHQPX\EXHQDSDUWHORVDXWR UHVGHQXHVWUDQRYHODYLWDOHQGHFLVLRQHV FRQFUHWDV\ HQODIRUMDGHO FDUiFWHUDOPHGLR\ODUJRSOD]R <UHVXOWDLQGXGDEOHTXHHO FDUiFWHU GHXQDSHUVRQD FRQGLFLRQDHQPX\EXHQDPHGLGDFyPRUHFLEHORV DFRQWHFLPLHQWRVYLWDOHVFyPRORVDSURYHFKDFyPR VDFDHOMXJRDOD  $57(6$126 '(/$3523,$ 9,'$ (QHIHFWRODSDODEUD©PRUDOªSURFHGHGHOWpUPLQRODWLQRPRVPRULV TXHVLJQLILFDFDUiFWHUFRVWXPEUHVXVRVSHURWDPELpQ HOOXJDUHQ HOTXHVHYLYHODPRUDGDGHOKRPEUH/RVVHUHVKXPDQRVYLYLPRVGH QXHVWUDVFRVWXPEUHV\HQHOODVHQORVKiELWRVTXHQRVYDPRVIRUMDQ GRGtDDGtDHQHO FDUiFWHUTXHVHYLHQHFRQILJXUDQGRGHVGHHVRVKi ELWRV4XLHQVHYD\DODEUDQGRXQEXHQFDUiFWHUXQDEXHQDPRUDGD DXPHQWDUiODSUREDELOLGDGGHORJUDUXQDYLGDEXHQD$HVWRVHUHILHUH WDPELpQODSDODEUD©pWLFDªQDFLGDGHOWpUPLQRJULHJRpWKRVTXHLQ GLFDORVKiELWRVTXHODVSHUVRQDVYDPRVDGTXLULHQGRSDUDREUDUELHQ RPDO\TXHFRPSRQHQHOFDUiFWHU (VYHUGDGTXHQXHVWURFDUiFWHUQRHVWiVyORHQQXHVWUDVPDQRV SRUTXHQDFHPRVHQXQGHWHUPLQDGRSDtVHQHOVHQRGHXQDIDPLOLD HQHOFRQWH[WRGH XQDYHFLQGDG\ QDGDGH HVWRORKHPRVHOHJLGR FRPR WDPSRFR ODVFDUDFWHUtVWLFDVJHQpWLFDV\SVLFROyJLFDVFRQODV TXHQDFHPRV/DORWHUtDQDWXUDO\VRFLDOQRVWRFDHQVXHUWH\QRVVL JXHDFRPSDxDQGRDORODUJRGHODYLGDHQODJHQWHFRQTXHQRVHQ FRQWUDPRVODVFLUFXQVWDQFLDVODVDOXGRODHQIHUPHGDG/DOLEHUWDG IRUWXQDSDUDWUDWDUGHODEUDUVHXQDYLGDEXHQD3RUHVR SRGtDGHFLU +HUiFOLWR GH eIHVRKDFH\DDSUR[LPDGDPHQWHXQRVYHLQWLVLHWHVL JORV TXHHOFDUiFWHUHVSDUDHOKRPEUHVXGHVWLQR <DXQTXH+HUiFOLWRQRORGLMHUDORPLVPRVXFHGHFRQODVLQVWL WXFLRQHVODVRUJDQL]DFLRQHV\ORVSXHEORVTXHWDPELpQHOORVVHIRU MDQEXHQRVRPDORV KiELWRV\TXHWDPELpQSDUDHOORVVXFDUiFWHUHV HQEXHQDPHGLGDVXGHVWLQR 1RPHUHILHURFRQHVWRDOD©KLVWRULDGHODVPHQWDOLGDGHVªGHORV SXHEORVTXHWDFKDDXQRVGHWUDEDMDGRUHVDRWURVGHKROJD]DQHVD XQRVGHWROHUDQWHV\DELHUWRVDRWURV GHLQWUDQVLJHQWHV\FHUUDGRV 0HUHILHURDODVFRVWXPEUHV TXHSRWHQFLDPRVOLEUHPHQWH\TXHWLH QHQ HIHFWRVHQODYLGDFRWLGLDQD SRUTXH ODpWLFDHV HIHFWLYD WLHQH HIHFWLYLGDG (QORTXHKDFHDOFDUiFWHUORVpWLFRVJULHJRVGHVGH +HUiFOLWRD 6pQHFD\(SLFXURSDVDQGRSRU6yFUDWHV 3ODWyQR$ULVWyWHOHVHQWHQ GLHURQTXHODWDUHDPiVLPSRUWDQWHGHODVSHUVRQDVFRQVLVWHHQOD EUDUVHXQEXHQFDUiFWHUTXHDXPHQWHODVSUREDELOLGDGHVGHVHUIHOL] HQYH]GHDXPHQWDUODSUREDELOLGDGGHVHUGHVJUDFLDGR 3RUTXHHQHVWRGHODVFRVDVKXPDQDVQRVHSXHGHDVHJXUDUQDGD XQDSHUVRQDSXHGHHVIRU]DUVHSRUREUDUFRQSUXGHQFLD\MXVWLFLDSRU KXPDQDQRHVDEVROXWDQXQFDORIXHQLORVHUiVLHPSUHHVWiFRQGL FORQDGD  YLYLUODVROLGDULGDG\ VLQ HPEDUJRYHUVHDEDQGRQDGDSRU DTXHOORV 3HURSRUPX\FRQGLFLRQDGDTXHHVWpQXHVWUDOLEHUWDGSRUWRGRV ODPXHUWHGHVXVVHUHVPiVTXHULGRV/DVXHUWHHVLQJREHUQDEOH 3RUHVR VH SUHJXQWDED$ULVWyWHOHV VL SRGHPRV GHFLUGHDOJXLHQ HVWRVIDFWRUHVWDPELpQ HVYHUGDG TXHQR HVWiHVFULWRHOJXLyQ GH  DTXLHQHV PiV DPD FRQWUDHUXQDHQIHUPHGDGLQFXUDEOH SDGHFHU  TXH HVIHOL]DQWHV GH TXH PXHUD SRUTXH PLHQWUDV YLYHHVWi H[SXHVWR KDQODQ]DGRFRQWUDODSRVLELOLGDGGHTXHORVVHUHVKXPDQRVSRGD DVXIULU ORVPiV WHUULEOHV PDOHV 3HURWDPELpQHVYHUGDGTXHTXLHQ PRVVHUDUWHVDQRVGHQXHVWUDVYLGDV /D\R\<RFDVWDUH\HVGH7HEDV LQWHQWD ODEUDUVHXQ EXHQ FDUiFWHUDXPHQWDODSUREDELOLGDG GHVHU WLHQHQXQKLMR(GLSR\HODGLYLQR7LUHVLDVSUHGLFHTXHHQHOIXWXUR IHOL]SRUTXHGLVIUXWDGHODVEXHQDVDFFLRQHVTXHVRQYDOLRVDVSRUVt PDWDUi DVXSDGUH\VHFDVDUiFRQVX PDGUH 3DUDHOXGLU WDQ PDO PLVPDV\SRUTXHVDEHDSURYHFKDUPHMRUORVGRQHVGHODIRUWXQDRGH DXJXULRHQWUHJDQDOQLxRDXQSDVWRUSDUDTXHOHGpPXHUWH 3HURHO ODSURYLGHQFLDFRQYHUWLUORVSUREOHPDVHQRSRUWXQLGDGHV GHFUHFL SDVWRU FRPSDGHFLGROHHQWUHJDDXQDVJHQWHVTXHOHFXLGDQOHHGX PLHQWR3XHGHFRQYHUWLUVHFRPRGHFtD6pQHFDHQ©DUWHVDQRGHVX FDQ\DQGDQGRHOWLHPSR VLQVDEHUOR(GLSRPDWDDXQGHVFRQRFLGR SURSLDYLGDª 'HHVWRWUDWDQ SXHVODPRUDO\ODpWLFDGHHVWHDXWpQWLFRPRGR HQXQFUXFHGHFDPLQRVTXHUHVXOWDVHU/D\R \VHFDVDFRQODUHLQD GH7HEDV YLXGDTXHHVVXPDGUH (VHOGHVWLQR HVFULWRHQORVDVWURV GHYLYLUGHOKRPEUH TXHHVVXPRUDGD VXIRUPDGHKDELWDUHOGH HOTXHKDGLULJLGRODVYLGDVGHWRGRVORV DFWRUHVGHODWUDJHGLD DXQ TXHHOORVFUHtDQHVWDUDFWXDQGROLEUHPHQWH LQWHQWDUDGXHxDUVHGHVtPLVPR\DQWLFLSDUVHDODIRUWXQDSDUDPDU (VWDQHJDFLyQGHODOLEHUWDGKXPDQDVH KDFRQWDGR HQGLVWLQWDV FDUHOFXUVRGHORVDFRQWHFLPLHQWRV$HVWRVHOODPDHQRFDVLRQHVYL YLUGHIRUPDSURDFWLYDJDQDQGRHOIXWXUR\QRUHDFWLYDGHMiQGRVH YHUVLRQHVDORODUJRGHOD KLVWRULD /RV DVWURVKDQVLGRTXLHQHV KDQ FRPHUSRUDFRQWHFLPLHQWRVTXHQRHVWiQHQQXHVWUDVPDQRVHQDO GLULJLGRODYLGDKXPDQDVHJ~QDOJXQDVGHHOODVVHJ~QRWUDV'LRVOD JXQDVRFDVLRQHVSRUTXHHVLPSRVLEOHSUHYHUORVHQRWUDVSRUTXHOHV ILVLRORJtDKXPDQDOD HFRQRPtDORVJHQHV R ODV QHXURQDV $KRUD KHPRVGHMDGROOHJDUFRQQXHVWURPRGRGHYLGD ELHQ VLQRVUHVXOWDLPSRVLEOHFDPELDUHOWHPSHUDPHQWRFRQ HOTXH QDFLPRVVL\DQXHVWUDVDFWXDFLRQHVHVWiQ GHWHUPLQDGDVSRUQXHVWUD (VWRHVORTXHKD RFXUULGR FRQODVFULVLVTXHHPSH]DURQFRPR PtQLPRHQTXHWDPELpQQXHVWUDVIRUPDVGHYLYLUQRVKDQD\X GDGRDOOHJDUDODFDWiVWURIHSRUTXHVRQHIHFWLYDVWLHQHQHIHFWRVHQ FRQVWLWXFLyQJHQpWLFD\QHXURQDOFRPRYLHQHQGLFLHQGRKR\HQGtD DOJXQRVJXU~VGHOD JHQpWLFD\ ODVQHXURFLHQFLDVVLORV KDGRV KDQ ODYLGDFRUULHQWHRSWDUSRUXQDVXRWUDVQRVD\XGDDKDFHUHOPXQGR PiVKDELWDEOHRSRUHOFRQWUDULRDTXHVHQRVHVFDSHGHODVPDQRV HVFULWRHOJXLyQGHQXHVWUDYLGDVHDQKDGRVFRVPROyJLFRV HFRQyPL 3HURDQWHVGHSDVDUDGHODQWHODSUHJXQWD VHLPSRQH¢HVTXHHV ULHQGR QXHYRVKiELWRV QXHYDVYLUWXGHV GHLUIRUMDQGRXQFDUiFWHU SRVLEOHIRUMDUVHXQFDUiFWHU" FRVRVRFLDOHV HQWRQFHVVRPRV UDGLFDOPHQWHLQFDSDFHVGHLUDGTXL GHVGHQRVRWURV PLVPRV 3HURHVRQRHVDVt 1XHVWUDOLEHUWDGHVWiFRQGLFLRQDGDSHURH[LV WH (O RVFXUR IXQFLRQDULR +*:;;GH OD6WDVL *HUG:LHVOHU HO  ¢(V 326,%/( )25-$56( (/&$5È&7(5" SURWDJRQLVWDGH/DYLGDGHORVRWURVFDPELDUDGLFDOPHQWHGHDFWLWXG DOFRQRFHUHODPRUODEHOOH]DGHODP~VLFD\GHODSRHVtD $FRVWXP /HHUHO(GLSR5H\GH6yIRFOHVRDVLVWLUDVXUHSUHVHQWDFLyQHVXQDGH ODVP~OWLSOHVIRUPDVGHFRQRFHUXQDGHODVFUtWLFDVPiVIXHUWHVTXHVH  EUDGRDVXUXWLQDGHHQVHxDUDRWURVDGHVFXEULUDORVFRQVSLUDGRUHV FRQWUD HOUpJLPHQ DVXUXWLQDGHHVSLDUSRVLEOHVHQHPLJRVVLQYLGD  SURSLD YLYLHQGR GHODYLGD GHORVRWURV HPSLH]D DFDPELDU FXDQGR xR SDUD Pt\QR FUHR TXH VHDLQFRUUHFWR GHWHVWDUOR $KRUD HVWR\DSUHQ DWUDYpV GH VXHVSLRQDMH GHVFXEUH ODIXHU]D UHYROXFLRQDULD GHO DPRU GLHQGR TXHVLOHGLJR SDODEUDV FUXHOHV DOKRPEUH LUDFXQGR FXDQGR VDOH \GH ODP~VLFD (VDOPLQLVWUR GH &XOWXUD %UXQR +HPSI DTXLHQ OH GHFDVD DOPLVPR WLHPSR ODVWLPR DORV RWURV DORV TXH QR TXLHUR ODVWL LQWHUHVD GHFODUDU TXH ©XQ KRPEUH QR SXHGH FDPELDUª SDUD SRGHU PDU DOKRPEUH MXJXHWyQ TXH PH SURYRFD DOKRPEUH VHULR TXH KDEOD PDQLSXODU ODDFFLyQ\DSURSLDUVHGHODSURWDJRQLVWD3HURODSHOtFXOD GHGLQHUR \DOKRPEUH SDFLHQWH TXH EULQGD FRQVHMR 6LQ HPEDUJR PLUR VHSURSRQH MXVWDPHQWH UHIXWDUHVDDILUPDFLyQ\PRVWUDU FyPRXQ LQGLYLGXRPRVWUHQFRSXHGHFRQYHUWLUVHHQXQKRPEUHEXHQR EUDV FUXHOHV FRPR ODV PtDV \DXQTXH PH GLJR TXH pO\ORV RWURV VRQ HO /DVSHUVRQDVVtSRGHPRVFDPELDUSRUHVRWLHQHVHQWLGRODpWLFD SRUTXHQDFHPRVFRQXQWHPSHUDPHQWR TXHQRKHPRVHOHJLGR\HQ DRWUR PL HQHPLJR TXHPHUHFtD WRGD PLLUD XQPHGLRVRFLDOTXHWDPSRFR HVWXYRHQQXHVWUDVPDQRVDFHSWDUR UHFKD]DUSHURDSDUWLU GHpOYDPRVWRPDQGR GHFLVLRQHVTXHUHIXHU ]DQXQDVSUHGLVSRVLFLRQHVXRWUDVJHQHUDQGREXHQRVKiELWRVVLOOH YDQDXQDYLGDEXHQDPDORVVLOOHYDQDORFRQWUDULR/RVSULPHURV UHFLEHQHOQRPEUH GHYLUWXGHVORVVHJXQGRVHOGHYLFLRV DOKRPEUH SDFLHQWH SRU HMHPSOR HOTXH PiVTXLVLHUD SURWHJHU GHSDOD PLVPR KRPEUH VyORSXHGR FUHHU TXHGLULJt HVDV SDODEUDV QR DpO VLQR ¢&yPRHVSRVLEOHTXHHQGLVWLQWDVFLUFXQVWDQFLDVXQDPLVPDSHU VRQDVHFRPSRUWH GHIRUPDWDQGLIHUHQWH" ¢1R GHEHUtDRFXUULUTXH TXLHQKDFRQVHJXLGRLQFRUSRUDUDVXTXHKDFHUXQDYLUWXGSRUHMHP SOR ODKRQHVWLGDGODMXVWLFLDRODSUXGHQFLDVHFRPSRUWHGHIRUPD 3HUR¢HVSRVLEOHTXHFDGDXQRGHQRVRWURVVHIUDJPHQWHHQGLVWLQ WRV©FDUDFWHUHVª\TXHVHFRPSRUWHGHXQPRGRHQODIDPLOLDGHRWUR HQHOWUDEDMRGHRWURFRQORVDPLJRV" KRQHVWDMXVWDRSUXGHQWHHQODVGLIHUHQWHVVLWXDFLRQHVHQTXHVHHQ 6LHVWRIXHUDDVtSLHQVDQ DOJXQRVDXWRUHV pVWHVHUtDXQDUJX PHQWRFRQWUDHOFDUiFWHU<HQDOJXQDRFDVLyQDGXFHQSDUDHMHPSOL KDEODEDQGHORVGLIHUHQWHVUROHVTXHUHSUHVHQWDFDGDSHUVRQDSHUR HQORV~OWLPRVWLHPSRVVH LQVLVWHHQHOWHPD \ VHOOHYDQDFDERXQD ILFDUORXQFXHQWRGHODHVFULWRUD/\GLD'DYLVTXHOOHYDSRUWtWXOR7UD EXHQDFDQWLGDGGHH[SHULPHQWRVSDUDFRQVWDWDUTXHHVWDLQFRKHUHQ WRGHDSUHQGHU(OFXHQWRVXPDPHQWHEUHYHHVHOVLJXLHQWH FLDLQWHUQDHVPiVTXHKDELWXDOHQORVVHUHVKXPDQRV FXHQWUH" /DSUHJXQWDQR HV QXHYD\DODIRUPXODEDQORV VRFLyORJRVTXH 7DPELpQHVFLHUWRTXHFXDOTXLHUSHUVRQDFRUULHQWHSRGUtDFRQILU 7UDWR GHDSUHQGHU TXH HVWHKRPEUHMXJXHWyQ TXHPH SURYRFD HVHOPLV PR KRPEUH VHULR TXH KDEOD GHGLQHUR FRQ WDQWDJUDYHGDG TXH \DQLVL TXLHUD PHYH\HOPLVPR KRPEUH SDFLHQWH TXHPH EULQGD FRQVHMR HQORV PDUQRVTXHHVDVtVLQQHFHVLGDGGHVDOLUGHVtPLVPD/DPDGUHRHO SDGUHFDULxRVtVLPRVFRQVXVKLMRV VHYXHOYHQGHVSLDGDGRVHQHOWUD EDMR HOSROtWLFRFRUUXSWRHVXQH[FHOHQWHDPLJR\YHFLQRGHHVFDOHUD PDORV PRPHQWRV \ HO PLVPR KRPEUH LUDFXQGR TXH GD XQ SRUWD]R &DOtJXOD HUDHQRUPHPHQWHWLHUQRFRQVXFDEDOOR\DVtKDVWDHOLQILQL FXDQGR VDOHGHFDVD 0XFKDV YHFHVKHGHVHDGR TXH HOKRPEUH MXJXHWyQ WR(VHOSDQQXHVWURGHFDGDGtDHQHVWHDVXQWRQDGLHHVWiOHJLWLPD VHDPiV VHULR \TXH HOKRPEUH VHULR VHDPHQRV VHULR \TXH HOKRPEUH GR SDUD WLUDU ODSULPHUDSLHGUD 'HWRGR HVWR FRQFOX\HQDOJXQRV SDFLHQWH VHDPiVMXJXHWyQ (QFXDQWR DOKRPEUH LUDFXQGR HVXQH[WUD DXWRUHVTXHORVUDVJRVGHOFDUiFWHUQRPDQLILHVWDQHVWDELOLGDGtQWHU  VLWXDFLRQDO ROR TXH HVLGpQWLFR TXH ODPLVPD SHUVRQD HQ GLVWLQWDV GD\ HVR HV OR HVHQFLDO QR SHUGHU OD FDSDFLGDG GHUHIOH[LRQDU SUH FLUFXQVWDQFLDV DFW~D GHPRGR GLIHUHQWH JXQWDUVH HO SRUTXp\WRPDU GHFLVLRQHV FRJLHQGR ODV ULHQGDV GHOSUR 3RU VLIDOWDUDSRFR QXHYRV H[SHULPHQWRV PXHVWUDQ TXHODVJHQWHV SLR IXWXUR DOPHQRV HQODPHGLGD GH ORSRVLEOH HVWiQ PiVSUHGLVSXHVWDV DVHUDPDEOHV HQFRQGLFLRQHV ItVLFDVDJUDGD &XOWLYDU HVRVLQWHUHVHV GHVHJXQGR RUGHQ DWUDYpVGHODHGXFDFLyQ EOHVSRU HMHPSOR DGDU FDPELR DXQYLDQGDQWH TXH VHORSLGH SDUD HV OR TXH UHTXHULUtD XQD HGXFDFLyQ GH FDOLGDG PiV TXH SUHSDUDU D OODPDU SRU WHOpIRQR VLHVWiQ MXQWR DXQD SDQDGHUtD GHOD TXH VDOHXQ ORV DOXPQRV SDUD HOMXHJR GHO PHUFDGR DURPD GHOLFLRVR TXH VLHVWiQ MXQWR DXQD FORDFD PDOROLHQWH &ODUR 4XLHQ UHIOH[LRQD SXHGH SHUFDWDUVH GH TXH HVWXYR PX\ DPDEOH TXH VLVHSUHJXQWD DHVDVSHUVRQDV SRU TXp KDQ GDGR FDPELR LJQR SRUTXH OHDFDEDEDQ GHGDU XQD EXHQD QRWLFLD RTXH HVWXYR LQVRSRU UDUiQ TXH OD FDXVD HVHOEXHQ RORU GHOSDQ \ORVSDVWHOHV \EXVFDUiQ WDEOH SRUTXH OH KDEtDQ GDGR XQ GLVJXVWR 9DOH OD SHQD HQWRQFHV XQD UD]yQ UD]yQ TXH DPHQXGR WHQGUiQ TXH LQYHQWDUVH SRUTXH HQ SHQVDU TXpTXHUHPRV KDFHU HQHO IXWXUR \HVWRHVORTXHFRQYLHUWH HO UHDOLGDG VHJ~QORVDXWRUHV GH ORVTXH KDEODPRV GHVFRQRFHQ TXH VX GHVHR HQYROXQWDG DFFLyQ HVWXYR FDXVDGD SRU HOEXHQ DURPD 3RU VL IDOWDUD SRFR QR VLHPSUH VH SXHGH QL VH GHEH DFWXDU GHO 6LWRGR HVWRIXHUDYHUGDG SDUHFH TXH HVWRGHTXH QRVODEUDPRV XQ PLVPR PRGR HQ GLVWLQWRV FRQWH[WRV QR KD\XQD PHGLGD DSOLFDEOH EXHQ FDUiFWHU VHUtDPiVELHQ XQD LOXVLyQ TXH ORVVHUHVKXPDQRV QRV SRU LJXDO HQ WRGRV ORV FDVRV QDGLH SXHGH DKRUUDUQRV HOHVIXHU]R GH KDFHPRV SRU QRVHVDEHTXp VHFUHWRVPHFDQLVPRV GHQXHVWUR FHUHEUR FDOLEUDU VLpVWH HV HO FRQWH[WR SDUD HOMXHJR HVWHRWUR SDUD ODHVFXFKD SDUD SRGHU FRQVHUYDU XQD PHMRU LPDJHQ GHQRVRWURV PLVPRV \TXH OD SDFLHQFLD \ HOFRQVHMR HVWH RWUR LQFOXVR SDUD GDU DOJ~Q SRUWD]R QRV LQYHQWDPRV UD]RQHV SDUD MXVWLILFDU HVDVDFFLRQHV QXHVWUDV TXH VH DXQTXH HVWR ~OWLPR HQ ELHQ UDUDV RFDVLRQHV \ GHSHQGLHQGR GH D GHVYtDQGHODYLUWXG SDUD QR SHUGHU QXHVWUD DXWRHVWLPD TXLpQ <GLJR ©SDUHFHª SRUTXH DPL MXLFLR QR HVYHUGDG \ HOSUR\HFWR /DYLUWXG QR FRQVLVWH HQ VDEHU DSOLFDU XQD UHJODFRPSUDGD HQ DO GHIRUMDUVH XQ EXHQ FDUiFWHU VLJXHVLHQGR XQR GHORVPiVLQWHOLJHQWHV JXQD SDSHOHUtD VLQR HQVDEHU YDORUDU FyPR DFWXDU HQ FDGDFDVRWH TXH SXHGH SURSRQHUVH XQD SHUVRQD 3RUTXH ODV SHUVRQDV WHQHPRV QLHQGR HQ FXHQWD HOFRQWH[WR \HQ UHIOH[LRQDU GHVSXpV VL HV QHFHVD ORTXH VHOODPD ©LQWHUHVHV GHVHJXQGR RUGHQª HV GHFLUSRGHPRV GH ULR 1R H[LVWH HO*36 TXHQRV LQGLFD HOFDPLQR DVHJXLU HQ FDGDFDVR FLGLUUHIOH[LRQDU VREUH QXHVWUDV DFWXDFLRQHV LQWHQWDU DSUHFLDU VLH[LV HV FDGDSHUVRQD ODTXHKD GHDUULHVJDUVH DGHFLGLU DFWXDU \FDUJDU FRQ WH R QR FRKHUHQFLD HQ QXHVWUR PRGR GH REUDU HQ GLVWLQWDV VLWXDFLR ODUHVSRQVDELOLGDG SRUORKHFKR QHV WUDWDU GH HQWHQGHU SRU TXp KD\ LQFRKHUHQFLD FXDQGR ODKD\ \ +DFH \DPXFKRV DxRV HQ OD 8QLYHUVLGDG GHO9DOOH HQ &DOL &R WDPELpQ WRPDU ODGHFLVLyQ GH H[WHQGHU DOFRQMXQWR GHODYLGD OD DF ORPELD GHVFXEUtKDVWD TXpSXQWR HVQHFHVDULR DGDSWDU ODVDFWLWXGHV WXDFLyQ KRQHVWD \MXVWD R ELHQ DO PHQRV WRPDU FRQFLHQFLD GH SRU DORV FDVRV FRQFUHWRV $FDEDED GH H[SOLFDU HQ XQ VHPLQDULR HQ TXp TXp QR HVSRVLEOH KDFHUOR FRQVLVWH ODpWLFD GHO GLVFXUVR XQD pWLFD HQWRQFHV SUiFWLFDPHQWH GHV %LHQGHFtD6yFUDWHV TXH XQD YLGD VLQUHIOH[LyQ QRPHUHFH VHUYLYL FRQRFLGD HQ HO PXQGR KLVSDQR \ DO KLOR GH OD H[SOLFDFLyQ KDEtD ‡ R"  aM B   Va IRUPXODGR HO SULQFLSLR pWLFR VHJ~Q HO FXDO XQD QRUPD HVMXVWD VL  /$0$/',&,Ï1 '(/&25723/$&,602 WRGRV ORVDIHFWDGRV SRUHOODSXHGHQ GDUOH VXFRQVHQWLPLHQWR GHVSXpV GHXQ GLiORJR FHOHEUDGR HQODVFRQGLFLRQHV PiVSUy[LPDV SRVLEOH D +DFH XQRV DxRV HO VRFLyORJR 5LFKDUG 6HQQHWW GHVFULELy HQ VX OLEUR OD VLPHWUtD XQ GLiORJR HQ TXH ORVDIHFWDGRV KDQ VDFDGR DODOX] VXV /DFRUUXSFLyQGHOFDUiFWHU KDVWDTXpSXQWRHOQXHYRFDSLWDOLVPR KDFH LQWHUHVHV GHIRUPD WUDQVSDUHQWH \HVWiQ GLVSXHVWRV DGDU SRUMXVWR HO SUiFWLFDPHQWH LPSRVLEOH ODIRUPDFLyQ GHOFDUiFWHU WDQWR GHODV SHU UHVXOWDGR ILQDO HO TXH VDWLVIDJD LQWHUHVHV XQLYHUVDOL]DEOHV /DSUH VRQDV FRPR GHODVHPSUHVDV JXQWD QRVHKL]R HVSHUDU ¢FyPR DGRSWDU XQDDFWLWXG GLDOyJLFD VHPH (OFDUiFWHUHQWLHQGH 6HQQHWW VHFHQWUD HQHODVSHFWR GXUDGH MDQWH HQXQSDtVPDUFDGR SRUODYLROHQFLD GHORVQDUFRWUDILFDQWHV ORV UR GH QXHVWUD H[SHULHQFLD HPRFLRQDO VH H[SUHVD SRU OD OHDOWDG \ HO SDUDPLOLWDUHV OD JXHUULOOD HO HMpUFLWR" ¢(V PtQLPDPHQWH VHQVDWR FRPSURPLVR PXWXR DWUDYpV GH OD E~VTXHGD GH REMHWLYRV DODUJR LQFOXVR PRUDOPHQWH DFRQVHMDEOH VDFDU DODOX] ORVSURSLRV LQWHUHVHV SOD]R \SRVWHUJDQGR ODJUDWLILFDFLyQ FRQYLVWDV DXQ REMHWLYR IXWXUR FXDQGR RWURV QR HVWiQ GLVSXHVWRV DKDFHU RWUR WDQWR \EXVFDU GHV 6HUHODFLRQD FRQ DTXHOORV UDVJRV SHUVRQDOHV TXH YDORUDPRV HQ QR SUHYHQLGDPHQWH XQFRQVHQVR FRQORVTXH QRWLHQHQ HOPHQRULQWHUpV VRWURV \ SRU ORV TXH TXHUHPRV VHU YDORUDGRV SRU HVR LQWHQWDPRV GHOOHJDU DpOSRUTXH VyOREXVFDQ VXVYHQWDMDV SDUWLFXODUHV" PDQWHQHU DOJXQRV VHQWLPLHQWRV TXH VHUiQ ORVTXH VLUYDQ DQXHVWUR &ODUR TXH QR SRU VXSXHVWR OR PRUDOPHQWH DFRQVHMDEOH QR HV FDUiFWHU 6LQHPEDUJR IRUMDUVHXQFDUiFWHU SDUHFHLPSRVLEOH HQ XQD SRQHU WRGDV ODVFDUWDV VREUH ODPHVD VLQR QHJRFLDU SUXGHQWHPHQWH VRFLHGDG FDSLWDOLVWD FHQWUDGD HQ ORLQPHGLDWR HQ XQDVRFLHGDG TXH SUR\HFWDU HVWUDWHJLDV TXH SHUPLWDQ LU FRQVWUX\HQGR XQD VRFLHGDG WLHQH SRU FRQVLJQD QR SODQWHDUVH ©QDGD DODUJR SOD]Rª (VWH SULQFL HQ OD TXH VHDSRVLEOH HQWDEODU GLiORJRV GH IRUPD WUDQVSDUHQWH SDUD SLR VRFDYD ODV EDVHV GHODFRQILDQ]DODOHDOWDG \HOFRPSURPLVR TXH SRGHU GHWHUPLQDU TXp HVORMXVWR DWHQGLHQGR DLQWHUHVHV XQLYHUVDOL QHFHVLWDQ GHO PHGLR \ODUJR SOD]R SDUD FRQVROLGDUVH /DV HPSUHVDV ]DEOHV VH FRQYLHUWHQ HQ UHGHV GpELOHV ORV SXHVWRV GHWUDEDMR VH UHHPSOD]DQ /D SUHJXQWD VH UHSLWH DGLDULR GH IRUPD LPSOtFLWD R H[SOtFLWD SRU SUR\HFWRV \FDPSRV GHWUDEDMR ¢FyPR DSOLFDU ODLPSDUFLDOLGDG HQ XQDVLWXDFLyQ HQ TXH QDGLH DFW~D ¢&yPR SXHGHQ SHUVHJXLUVH REMHWLYRV DODUJR SOD]R HQ XQDVRFLH GHIRUPD LPSDUFLDO" ¢QRVHSHUMXGLFD HQWRQFHV DORVPiVGpELOHV TXH GDG FRUWRSODFLVWD" ¢FyPR PDQWHQHU UHODFLRQHV VRFLDOHV GXUDGHUDV" VRQ ORVTXH QR WLHQHQ DSR\RV" 6LQGXGD HO DUJXPHQWR HVSHOLJURVR ¢FyPR SXHGH GHVDUUROODU XQVHU KXPDQR XQ UHODWR GH VX LGHQWLGDG SRUTXH SXHGR DFDEDU DFRPRGDQGR OR TXH FRQVLGHUR MXVWR DOR TXH HKLVWRULD YLWDO HQ XQDVRFLHGDG FRPSXHVWD GHHSLVRGLRV \IUDJPHQ PHFRQYLHQH SHUR SDUD HVRHVLPSRUWDQWH ODDXWRYLJLODQFLD TXH VyOR WRV" /DKLSyWHVLV TXH 6HQQHWW LQWHQWD FRQILUPDU HQ VX OLEUR HV TXH VHSUDFWLFD FXDQGR WHQHPRV YHUGDGHUR LQWHUpV HQVHUMXVWRV /RPiV OD HFRQRPtD FRUWRSODFLVWD DPHQD]D FRQ FRUURPSHU HO FDUiFWHU HV LPSRUWDQWH HVWHQHU YHUGDGHUR LQWHUpV HQ VHUOR WHQHU YROXQWDG GH SHFLDOPHQWH HQ DTXHOORV DVSHFWRV TXH XQHQ D ORV VHUHV KXPDQRV VHUORUHIOH[LRQDU VREUH ORKHFKR \SUR\HFWDU HOIXWXUR HQWUH Vt \EULQGDQ DFDGD XQR ODVHQVDFLyQ GHPDQWHQHU XQ\RVRV WHQLEOH" HV XQD DPHQD]D /DFRVPpWLFD VHUtD FRVDGHORVPDTXLOODMHVTXHPHMRUDQ HODVSHFWR SDUD OD FRQVWUXFFLyQ FXLGDGRVD GHO FDUiFWHU HQ HO PXQGR HFRQyPL GH ODV SHUVRQDV GXUDQWH XQ WLHPSR SHUR QR ODV WUDQVIRUPDQ SRU FR (Q WLHPSRV GH JOREDOL]DFLyQ GHQWUR PLHQWUDVTXHODpWLFDVHUHIHULUtDDXQDWUDQVIRUPDFLyQ LQWHU <HV YHUGDG TXH OD PDOGLFLyQ GHO FRUWRSODFLVPR HO WUDEDMR HVWDEOH VH WUDQVIRUPD HQ WUDEDMR SUHFDULR OD LGHQWLGDG TXH VHORJUDED DWUDYpV GH XQD HVSHFLD OL]DFLyQ VH FRQYLHUWH HQ ©HPSOHDEtOLGDGª HQ YLUWXG GH ODFXDO HOHP SOHDGR LJXDOVLUYHSDUDXQIUHJDGR TXHSDUDXQEDUULGR\ODIXHU]D GH QD QDFLGD GHODFRQYLFFLyQ GHTXHPHUHFHODSHQD REUDUELHQ SRUHO YDORULQWHUQRGHOREUDUELHQPLVPR\SRUTXHFRPR YHQLPRVGLFLHQ GRGHVGH HO FDStWXORDQWHULRU UHVXOWDIHFXQGR XQDFRPXQLGDGHPSUHVDULDOGHJHQHUD HQUHGHV\WUDEDMRHQHTXLSR 1RKD\TXHGHVFXLGDUHODVSHFWR HVRHVYHUGDG&RPRELHQDFRQ WDQ IOH[LEOHV FRPR HYDQHVFHQWHV 3HURWDPELpQ HOPXQGR SROtWLFR VHMDED 0DTXLDYHOR DVXSUtQFLSHQXHYR ©WRGRV YHQORTXHSDUHFHV HVWi VRPHWLGR DO LPSHUDWLYRGHO FRUWR SOD]R SRUTXH FRQTXLVWDU \ SRFRVSDOSDQORTXHHUHVª " 8QFRQVHMR TXH VHKDFH PiV TXHSHUWL FRQVHUYDU HOSRGHUUHTXLHUHHVWDUREVHVLYDPHQWH DWHQWRVDORVFDOHQ QHQWHKR\HQGtDFXDQGRORVFDVLLQH[LVWHQWHV PHGLRV GHFRPXQLFD GDULRV HOHFWRUDOHV DFDOLEUDU FXiO HVHOPHMRUPRPHQWR SDUDWRPDU FLyQ GH OD ,WDOLDUHQDFHQWLVWD VHKDQFRQYHUWLGR HQHVD LQILQLGDG GH GHWHUPLQDGDVGHFLVLRQHV GHPRGR TXH QRPHUPHHOQ~PHUR GH YR UHGHVTXHYLQFXODQ DODVJHQWHV PiV OHMDQDVDWUDYpV GHEORJV FKDWV WRVDODQ]DUODVUHGHV HQOXJDUHV LQVRVSHFKDGRV WUDWDQGRGHSHVFDUOR WZLWHUVVPVR ZDVDSV 3RU HVR WUDWDU GHFRPXQLFDU OR TXHVH KDFH TXH VHSXHGDDPROGDQGRODUHGDODSRVLEOH SHVFD ELHQHVDFRQVHMDEOHSHUR HVSUHFLVR TXHODFRPXQLFDFLyQ VHDYHUD]\ (Q DOJ~Q WLHPSR VHKDEODEDGH TXH PiVYDOH VHUFDPDOHyQTXH QRXQSXURPDTXLOODMH GLQRVDXULR PiV YDOH VDEHU DGDSWDUVH D ORV HQWRUQRV FDPELDQWHV (OPDTXLOODMH VHHVIXPD DO FDER GH XQDV KRUDV PLHQWUDVTXH HO TXH PDQWHQHU QXPDQWLQDPHQWH ODSURSLDLGHQWLGDG DSHVDU GH TXH FDUiFWHUVHODEUDGtD DGtDUHTXLHUH HVIXHU]R HQWUHQDPLHQWRWRPDU \D KD\D SDVDGR HO SHULRGR GH ODV JODFLDFLRQHV \HO FDORU FDOGHH OD YLWDPLQDV RSWDU SRU ODV FRVDV TXHUHDOPHQWHYDOHQ\ TXHSRU HVR 7LHUUD 3HUR PiV DOOi GHORV FDPDOHRQHV \ORVGLQRVDXULRVGHEHUtDQ PLVPR GDQVHQWLGR DWUDEDMDU HQ HVDGLUHFFLyQ &RPR RFXUUH DORV HVWDUODVSHUVRQDV FDSDFHV GHODEUDUVH HOPHMRUFDUiFWHU SRVLEOH FRQ GHSRUWLVWDVTXHVHHVIXHU]DQ HQ URPSHUHOUpFRUG SRU HOJXVWR PLV YLVWDVDYLYLUXQDYLGD EXHQD PR GHO GHSRUWH FRPR ORV DUTXHURV TXH VH HQWUHQDQ GLDULDPHQWH SDUD SRGHU GDUHQHOEODQFR /DEUDUVH XQ EXHQ FDUiFWHU XQEXHQ pWKRV HV OR PiV LQWHOLJHQWH  e7,&$ 12&260e7,&$ TXH SXHGH KDFHU XQDSHUVRQD SDUDDXPHQWDU VXV SRVLELOLGDGHV GH OOHYDUDFDERXQDYLGDEXHQDIHOL] (QFXDOTXLHU HQFXHQWURVREUH pWLFDGHODHFRQRPtD\ODHPSUHVD XQ <OR TXH YDOHSDUDODV SHUVRQDV YDOH WDPELpQ SDUDODV RUJDQL]D WLSR GH pWLFDHVSHFLDOPHQWH ER\DQWHGHVGH ORVDxRV VHWHQWDGHOVLJOR FLRQHV \ SDUD ORV SXHEORV TXHWDPELpQ XQDV \ RWURV YDQWRPDQ SDVDGR DOJXLHQ GHO S~EOLFR SUHJXQWD FRQYHQFLGR GH VXVDJDFLGDG GRGHFLVLRQHVTXHOHVJHQHUDQSUHGLVSRVLFLRQHV DDFWXDUGHXQPRGR ¢SHURWRGRHVRHVpWLFDRFRVPpWLFD" X RWUR 3RU HVR FXDQGR ODV RUJDQL]DFLRQHV ODVLQVWLWXFLRQHV R ORV ÂOa  ‡ a ā aR \ UPtO@>U L  ‡ OOāāāāLOāā   ā ‡ āUā ,  āāāāā O āā  £LO£ā  L O  āLO   ā ā  āāāL O ,  ā L LLL£  O I- O ‡ā  SXHEORV JHQHUDQ XQ PDO FDUiFWHU PDORV KiELWRV \ FRVWXPEUHV UHGDUDHQWHQGHUTXHKD\GRVQLYHOHVGHUHIOH[LyQ\OHQJXDMHHOGHODPRUDO SLHUGHQ HO VHxRUtR VREUH VXSUHVHQWH \VX IXWXUR \ VH FRQYLHUWHQ GHODYLGDFRWLGLDQDTXHHVGLVWLQWDHQODVGLIHUHQWHVFXOWXUDV\QDFHSUiFWL HQ VHUHVUHDFWLYRV 5HDFFLRQDQ DORV DFRQWHFLPLHQWRV \ DGHPiV FDPHQWHFRQHOVHUKXPDQR\ ODSDUWHGHODILORVRItDTXHVH RFXSDGHUH WDUGH \PDOSUHFLVDPHQWHSRUTXH VRQORVVXFHVRVORVTXHJDQDQOD PDQR PRUDOIRUPDSDUWHGHOVHUGHOKRPEUH\KD\GLVWLQWDVPRUDOHV HVDVPRUDOHV /DIHOLFLGDGQR HVWiVyORHQQXHVWUDVPDQRVSHUR WDPELpQHVWi HQHOODV\ODVPDODVGHFLVLRQHVDFDEDQSDJiQGRVH/RSHRU HV TXH VXHOHQSDJDUODVTXLHQHV PHQRVUHVSRQVDELOLGDGWXYLHURQ HQWRGR HOOR    ¢3DUDTXpVLUYHODpWLFD"3DUDLQWHQWDU IRUMDUVHXQEXHQFDUiFWHU TXHDXPHQWDODSUREDELOLGDGGHVHUIHOLFHV\MXVWRVDOD\XGDUDHVWL PDUORVPHMRUHVYDORUHV\RSWDUSRUHOORV IOH[LRQDUVREUH HVHIHQyPHQRGHODPRUDO HQODYLGDFRWLGLDQD &RUQROD GLYHUVDVOOHYDQ©DSHOOLGRVªGHODYLGDFRWLGLDQD 3RUVXSDUWH ODpWLFDFRPR ILORVRItDPRUDOVHSUHJXQWDHQTXpFRQVLVWH HVRGHVHUPRUDOSRUTXpGH EHPRVDFWXDUVHJ~QGHWHUPLQDGDVQRUPDV\SULQFLSLRVPRUDOHV\FyPRVH DSOLFDQHVDVQRUPDV\SULQFLSLRVHQODYLGDFRWLGLDQD 'HODPLVPDPDQHUD TXHKD\GLVWLQWDVPRUDOHVKD\WDPELpQGLVWLQWDVpWLFDV SHUR pVWDV OOHYDQ DSHOOLGRVILORVyILFRVFRUQRpWLFDDULVWRWpOLFD XWLOLWDULVWDRNDQWLDQDSRUTXH VXVUHIOH[LRQHVVRQILORVyILFDV &RPRHVREYLRQR HVYHUGDGFRPRVHKD GLFKRHQRFDVLRQHV TXHKD\DGLVWLQWDVPRUDOHV\XQDVRODpWLFD 1LWDPSR FRTXHODVPRUDOHVVHDQSDUWLFXODULVWDV\ODpWLFDXQLYHUVDO$OPHQRVGHVGH ODDSDULFLyQGHODVUHOLJLRQHVPRQRWHtVWDVTXHVRQXQLYHUVDOLVWDVODVPRUD OHVGHODYLGDFRWLGLDQDWDPELpQSUHWHQGHQXQLYHUVDOLGDG<ODVGLVWLQWDV pWLFDVLQWHQWDQH[SOLFDUODH[LVWHQFLDGHODPRUDOLGDGEXVFDQGRVXVIXQGD 1RWDV PHQWRVFRQPpWRGRVILORVyILFRVSHURKD\GLVFUHSDQFLDVHQWUHHOODV SRUTXH XQDVFRQVLGHUDQTXHODUD]yQGHTXHKD\DPRUDOHVODE~VTXHGDGHODYLGD EXHQDTXHHVHOILQTXHQRVGDODQDWXUDOH]D DULVWRWHOLVPR  RWUDVHOSODFHU O (OIUDJPHQWR TXHQRVKD TXHGDGR GH+HUiFOLWRGHeIHVRGLFHDVt ©(O RODXWLOLGDG XWLOLWDULVPR  RWUDV OD FDSDFLGDGGHORV VHUHVKXPDQRVGH FDUiFWHUHVSDUDHOKRPEUH GDLPRQª 6WRE)ORU,9'.%  GDUVHDVtPLVPRVVXVSURSLDVOH\HV NDQWLVPR  /DVPiVUHOHYDQWHVKR\HQ 7UDGX]FR ©GDtUQRQª SRU©GHVWLQRªFRUQRHVKDELWXDO9HU)HUQDQGR&X GtDVRQODVQXHYDVYHUVLRQHVGHODpWLFDDULVWRWpOLFDODNDQWLDQDHOXWLOLWDULV EHOOV/RVILOVRIRV SUHVRFUiWLFRV $QDOHVGHO 6HPLQDULR 9DOHQFLD  SS\ PRRHOSUDJPDWLVPR  (OHMHPSORGHODEDQGHUDHVWiWRUQDGRGH-+DLGW6.ROOHU0'LDV ©$IIHFWFXOWXUHDQGPRUDOLW\ª@RXUQDO RI3HUVRQDOLW\DQG 6RFLDO3V\FKROR J\   SS  $GHOD&RUWLQD1HXURpWLFD\ QHXURSROLWLFD 7HUQRV 0DGULG  SDUWH,,,©/DLQGHFOLQDEOHOLEHUWDGª  $ULVWyWHOHV eWLFDD1LFyPDFR ,QVWLWXWRGH(VWXGLRV3ROtWLFRV0D GULG, OO22D S    -RVp/XLV$UDQJXUHQ eWLFD 2EUDV &RPSOHWDV ,, 7URWWD 0DGULG  /\GLD'DYLV©7U\LQJWROHDUQªHQ$OPRVWQRPHPRU\6WRULHV 1XHYD FDS(VYHUGDGTXHHQHOOHQJXDMHILORVyILFRVHPDQWLHQHODGLVWLQ <RUN3DUUDU6WUDXV\*LURX[ FLWDGRSRU.ZDPH$QWKRQ\$SSLDK FLyQHQWUHPRUDO\pWLFDQRSRUUD]RQHVHWLPROyJLFDVVLQRSRUTXHVHTXLH ([SHULPHQWRVGHpWLFD .DW]0DGULG SS \     .ZDPH $QWKRQ\ $SSLDK LELG  5LFKDUG 6HQQHWW /D FRUUXSFLQ GHO FDUiFWHU$QDJUDPD %DUFHOR QD   ,ELGS   1LFROiV 0DTXLDYHOR (O3UtQFLSH &iWHGUD 0DGULG S  48(5(5 &8,'$5 O &8,'$5 '(6Ë 0,602&8,'$5'( 27526 'HVGH HOFRPLHQ]R GHO PXQGR PRGHUQR VHVXHOH FRQWDU OD KLVWRULD GHORV VHUHVKXPDQRV FRPRVLIXpUDPRV LQGLYLGXRV DLVODGRV TXH XQ EXHQ GtDGHFLGHQXQLUVH\IRUPDU VRFLHGDGHV SDUD GHIHQGHU PHMRUVX YLGD\VXVSURSLHGDGHV eVWH HV HOUHODWRTXH FRQWy 7KRPDV +REEHV HQHO/HYLDWiQ KDFH\DPiV GH WUHVVLJORV \KDWHQLGRWDQWR p[LWR TXH VHKD LGR H[WHQGLHQGR D RWUDV ODWLWXGHV GDQGR IRUPD DHVDXQLGDG SROtWLFD TXH HVHO(VWDGR GHGHUHFKR 6HJ~Q+REEHV ORVVHUHVKXPD QRV GHVHDPRVSUHVHUYDU QXHVWUD YLGD\QXHVWUD SURSLHGDG \pVDHVOD UD]yQ SRUODTXHHVWDPRV GH DFXHUGR HQ VHOODUXQSDFWR SRU HOTXH VH FRQVWLWX\HQ ORV GLIHUHQWHV (VWDGRV &RPR ODVSHUVRQDV YLYLPRV GH UHODWRV HVWH GHOHJRtVPR LQWHOLJHQWH TXH QRV OOHYD DVHOODU SDFWRV \ FRQVWUXLU (VWDGRV QDFLRQDOHV HV HOTXHKDWULXQIDGR FRPR WDPELpQ HOGH FUHHU TXH VRPRV VHUHV HVHQFLDOPHQWH HJRtVWDV 1R IDOWDED PiV TXH ODIDEXODFLyQ GHOJHQ HJRtVWD TXH DOJXQRV FXHQWDQ GHVGH ODELR ORJtD\ODJHQpWLFD SDUD UHPDFKDU HOFODYR 3HUR UHVXOWD VHU TXH ORV VHUHV KXPDQRV QR VRPRV VyOR HJRtVWDV LQWHOLJHQWHV RHVW~SLGRV VLQR TXH VRPRVWDPELpQ HQWUHRWUDVFRVDV  VHUHVSUHGLVSXHVWRV DFXLGDU GHQRVRWURV PLVPRV \GHRWURV 3DUDHVRQRV KDSUHSDUDGR HOPHFDQLVPRGHODHYROXFLyQVHOHFFLRQDQGRODSUR SHQVLyQ DFXLGDUFRPRXQDGHODVDFWLWXGHVLQGLVSHQVDEOHVSDUDPDQ WHQHUODYLGD\UHSURGXFLUOD\ODOOHYDPRV\DHQODHQWUDxDGHQXHVWUD KXPDQLGDG &ODURTXHODVSURSHQVLRQHVQHFHVLWDQFXOWLYRSDUDGHVDUUROODUVH\ QRTXHGDUIUXVWUDGDV<DTXtFRQYHQGUtDUHFRUGDUODOHFFLyQGHDTXHO MHIHLQGtJHQDTXHFRQWDEDDVXVQLHWRVFyPRHQODVSHUVRQDVKD\GRV ORERVHOGHOUHVHQWLPLHQWRODPHQWLUD\ODPDOGDG\HOGHODERQGDG ODDOHJUtDODPLVHULFRUGLD\ODHVSHUDQ]D7HUPLQDGDODQDUUDFLyQ XQRGHORVQLxRVOHSUHJXQWy DEXHOR¢FXiOGHORVORERVFUHHVTXH JDQDUi"<HODEXHORFRQWHVWyHOTXHDOLPHQWpLV 1RVRPRVOLEUHVGHGHMDUGHVHUOLEUHVQLQJXQD SURSHQVLyQ VH FRQYLHUWHHQ GHVWLQRLUUHPHGLDEOHVXSXHVWD HQPDUFKDH[LJHDOL PHQWDUODDQRVHUHQFDVRVSDWROyJLFRV 3HURVLHQGRHVWRYHUGDGQRORHVPHQRVTXHGHDOJ~QPRGRKD\ TXH FRQWDU FRQ ODQDWXUDOH]DKHUHGDGD \VLHQ HVDQDWXUDOH]DQR KXELHUDQLQJ~QUHVTXLFLRGHDOWUXLVPRQRKDEUtDIRUPDGHDOLPHQ WDUOR$IRUWXQDGDPHQWHVtH[LVWHHVHUHVTXLFLR\PiVTXHXQUHVTXL FLR/RVVHUHVKXPDQRV FRPRHOUHVWRGHORVPDPtIHURVQHFHVLWDQ VHUFXLGDGRV SRU RWURV SRUTXH VRQ H[WUHPDGDPHQWH YXOQHUDEOHV \VLQFXLGDGRVVHUtDQLQFDSDFHVGHVREUHYLYLU3HURDGHPiVFXLGDQ GHVtPLVPRV\EXVFDQVXELHQHVWDUGH XQ PRGRQDWXUDO H LJXDO PHQWHGHXQPRGRQDWXUDOSRQHQHPSHxRHLQFOXVRPiVHQRFDVLR QHVHQFXLGDUGHVXVFUtDV\WDPELpQ GHVXVSDUHMDV6HDIDQDQSRU GDUOHVDOLPHQWRFRELMRLQWHQWDQ GHIHQGHUOHVGHORVSHOLJURV\SUR FXUDQHVWDUFHUFDGHHOODV&XDQGR VHYHQVHSDUDGRVGHHOODVH[SHUL PHQWDQ XQ JUDQVXIULPLHQWR \HOUHHQFXHQWUR VXSRQH XQ HQRUPH DOLYLR  6DOYRFDVRVH[FHSFLRQDOHV FRQWHPSODUODYLGDGHXQEXHQQ~PH URGHDQLPDOHV FDXWLYRVRHQOLEHUWDGHVVXILFLHQWHSDUDFRPSUREDU ODWHUQXUDFRQTXHFXLGDQDODV FUtDV FyPRORVSDGUHVGHODIDPLOLD KXPDQDFXLGDQDVXVKLMRV %LHQORVDEHHOSHULRGLVPRDPDULOOLVWDTXHVHDSUHVXUDDLQIRUPDU DORVDWyQLWRVOHFWRUHV GHTXHXQRVSDGUHVKDQPDWDGRDVXKLMR\OR KDQDUURMDGRDXQFRQWHQHGRURWURVKDQHQFHUUDGRDVXVKLMRVGX UDQWHDxRVVLQTXHQDGLHORQRWDUD\OHVKDQYLRODGRVLVWHPiWLFDPHQ WHRWURVORVKDQDVHVLQDGRIUHQWHDVXSDUHMDSDUDTXHVXIULHUDORLQ GHFLEOH ©(VR QRORKDFHQQLORVDQLPDOHVªGLFHODJHQWHLQGLJQDGD <HVYHUGDGQROR KDFHQPiVTXHHQFRQWDGRVFDVRV \UHVXOWDPX\ GLItFLOHQWHQGHUFyPRXQVHUKXPDQRHVFDSD]GHWUDLFLRQDUVXPiV QDWXUDO SUHGLVSRVLFLyQ DFXLGDUDORV KLMRV GDxiQGROHVYROXQWDULD PHQWH <ELHQORVDEHQ HQ HOH[WUHPRFRQWUDULRORVWRUWXUDGRUHV TXH DVHVLQDQ DORV KLMRV DQWHVXV SDGUHV R OOHJDQ D~Q PiVDOOi FRPR FXHQWD0DULR9DUJDVHQ/DILHVWD GHOFKLYR HQDTXHOUHODWRPDFDEUR GHODYHQJDQ]DGH5DPILV7UXMLOORHOKLMRGHOGLFWDGRU/HyQLGDV7UX MLOOR FRQWUD0LJXHOÈQJHO%iH] XQR GHORV TXH FRQVSLUDURQSDUD TXLWDUODYLGDDOGLFWDGRU 'DxDUDXQDSHUVRQDHQVXVKLMRVHVVREUHSDVDUWRGRORSHQVDEOH HQPDOGDG©eOQRWLHQHKLMRVª HVHOJULWRGHVHVSHUDGRGH0DFGXII FXDQGR0DNROPOHLQVWDDYHQJDUVHGH0DFEHWKSRUHODVHVLQDWRGH VXVKLMRVXQJULWRTXHUHSHWLUiODUHLQD0DUJDULWDHQ/D7HUFHUD3DU WHGHOUH\(QULTXH 9,QLQJXQDYHQJDQ]DLPDJLQDEOHSXHGHHVWDUDOD DOWXUDGHODVHVLQDWRGHXQKLMR <HVTXHFXLGDUGHORVKLMRV\GHODVSDUHMDVHVXQDWHQGHQFLDQD WXUDOTXHGHVWUR]DGHVGHKDFHPXFKRWLHPSRODOH\HQGDGHO LQGLYL GXDOLVPRHJRtVWDSUHVHQWDQGRHMHPSORVGLDULRV GHODURWXQGDUHDOL <a   ‡a B B LāR, GDG GHODWHQGHQFLD DFXLGDU \GHODURWXQGD IDOVHGDG GHOHJRtVPR HQ OD PRUDOLGDG OD R[LWRFLQD XQ SpSWLGR PX\ DQWLJXR VH DGDSWD D HVWDGR SXUR QXHYDVWDUHDV DOHYROXFLRQDU ORVFHUHEURV GHORVPDPtIHURV \OHOOHYD 3RU VLIDOWDUD SRFR HQ WLHPSRV UHFLHQWHV HVWXGLRV HQGRFULQROyJL DRFXSDUVH GH OD GHVFHQGHQFLD \GH IRUPDV PiV DPSOLDV GH VRFLDOL FRV UHIXHU]DQ HVWD DQWLJXD HYLGHQFLD DO FRQVWDWDU TXH HVWDPRV \D GDG MXQWR DHOOD \DRWUDV KRUPRQDV VH SURGXFH XQD PRGLILFDFLyQ SUHSDUDGRV SDUD YDORUDU SRVLWLYDPHQWH FXDQWR FRQWULEX\D DQXHVWUD TXHKDFH QDFHU VHQWLPLHQWRV QHJDWLYRV GHPLHGR \DQVLHGDG IUHQWH D VXSHUYLYHQFLD \ELHQHVWDU \ OD GH QXHVWURV KLMRV \QXHVWUDV SDUHMDV OD VHSDUDFLyQ GH OD GHVFHQGHQFLD \VHQWLPLHQWRV GH DOLYLR FXDQGR \SDUD H[SHULPHQWDU FRPR QHJDWLYR FRPR XQ OLVYDORUWRGR ORTXH HOSDGUH VH HQFXHQWUD FRQ OD GHVFHQGHQFLD R HOSHOLJUR KDSDVDGR SRQJD HQ SHOLJUR HVRVELHQHV (VFXULRVR FyPR ORV DYDQFHV FLHQWtIL \HQ WHUFHU OXJDU XQD FUHFLHQWH FDSDFLGDG GH DSUHQGHU OLJDGD DO FRVQRYLHQHQ VLQRDFRQILUPDU ORTXH\DQRV FRQWDEDQ ODH[SHULHQFLD GRORU \DOSODFHU TXH VLUYH DOLQGLYLGXR SDUD DSUHQGHU ORVPHMRUHV FRP~Q \ORVILOyVRIRVSUHRFXSDGRV SRUD\XGDU DFRPSUHQGHU ORTXH FDPLQRV TXHVHUiQ UHVSDOGDGRV SRU ODDSUREDFLyQ \DGHVHFKDU ORV RFXUUH HQ ODYLGD FRUULHQWH PDORV TXHUHFLELUiQ UHSUREDFLyQ &RQ HVWH UHIXHU]R GHODFRQGXFWD 6HJ~Q HVWRV HVWXGLRV ODEDVH GHWRGD QXHVWUD YLGD DFWLYD HVOD FD TXH YLHQH GH ODVRFLHGDG HQODTXH VHYLYHGDQGR SRU EXHQDV GHWHU SDFLGDG GHYDORUDU 6LQHOODQR SRGUtDPRV SUHIHULU XQDV FRVDV DRWUDV PLQDGDV FRQGXFWDV \ SRU PDODV RWUDV ORV QLxRV YDQ DSUHQGLHQGR \SRU OR WDQWR QR SRGUtDPRV KDFHU HOHFFLRQHV QL WDPSRFR WRPDU GHVGH OD LQIDQFLD TXH KD\ FRVDV TXH KD\TXH KDFHU \RWUDV TXH KD\ GHFLVLRQHV 4XHGDUtDPRV FRPR DTXHO IDPRVR URERW VHQWDGR MXQWR TXH HYLWDU DXQD ERPED DSXQWR GH HVWDOODU TXH HV LQFDSD] GH VDOYDUVH SRUTXH (O FXLGDGR GH ORV FHUFDQRV HV SXHV XQD DFWLWXG QDWXUDO HQ ORV HVLQFDSD] GH YDORUDU SUHIHULU HOHJLU GHFLGLU \DFWXDU < UHVXOWD VHU PDPtIHURV \ HQ ORV VHUHV KXPDQRV HQ SDUWLFXODU 3RU HVRUHVXOWDQ TXH OD FDSDFLGDG GH YDORUDU WLHQH VX EDVH HQ HO FLUFXLWR QHXURQDO DGPLUDEOHV R LQFRPSUHQVLEOHV DFFLRQHV FRPR ODV GHO FRVDFR 7DUDV GHVGH HO TXH RSWDPRV SRU ORV YDORUHV PiV HOHPHQWDOHV QRV SUHR %XOED HOSHUVRQDMH GH1LFROiV *RJRO TXH PDWD DVX KLMR SRU KDEHU FXSDPRV GH QXHVWUR ELHQHVWDU \ GHO ELHQHVWDU GH RWURV FXDQGR HVD WUDLFLRQDGR DVX SXHEOR ©&XDQGR QDFLVWH WH DPp FRPR DODV HVWH SUHRFXSDFLyQ DSR\D QXHVWUD DGDSWDFLyQ GLUHFWD R LQGLUHFWDPHQWH SDVªVRQ ODVSDODEUDV ILQDOHV HV ODILGHOLGDG DODVHVWHSDV ODTXHUHFOD SRUTXH VL QR QR OD VHOHFFLRQDUtDPRV \ pVWD HVOD EDVH GH QXHVWUD PD VXPXHUWH 6RQ DGPLUDEOHV RLQFRPSUHQVLEOHV ODVJHVWDV GH HVRV FRQGXFWD FRRSHUDWLYD FX\RV PHFDQLVPRV KDQ LGR HYROXFLRQDQGR SDGUHV TXH VDFULILFDQ DVXV KLMRV SRU OR TXH FRQVLGHUD XQ ELHQ PiV &RPR VXHOHHQWHQGHUVH TXH ODFDSDFLGDG GH FRRSHUDU HVODEDVHGHOD DOWR FRPR OD SDWULD 'LRV R OD UHYROXFLyQ 6XV DFWRV SXHGHQ LQWHU PRUDOLGDG KXPDQD HV FRQ OD DGDSWDFLyQ GH QXHVWUD RUJDQL]DFLyQ SUHWDUVH FRPR XQ VLJQR GH JUDQGH]D RFRPR XQDH[SUHVLyQ GHIXQ QHXURQDO SDUD RFXSDUVH GH RWURV GH OD GHVFHQGHQFLD LQGHIHQVD GDPHQWDOLVPR SHUR FRQPXHYHQ SRU ODVXEYHUVLyQ TXHVXSRQHQ GHO FXDQGR DSXQWDQ ODVEDVHV GHODPRUDOLGDG RUGHQ QDWXUDO $OSDUHFHU WUHV FDPELRV HYROXWLYRV KDQ VLGRIXQGDPHQWDOHV SDUD 2QR VLHPSUH FRQPXHYHQ 0LKHUPDQD H[FHOHQWH SURIHVRUD SRU TXH VHFRQILJXUH HVDVRFLDOLGDG TXH GH DOJ~Q PRGR HVWi DODEDVH GH FLHUWR GH+LVWRULD FRQWDED XQ EXHQ GtDDVXV DOXPQRV ODKLVWRULD GH  *X]PiQ HO %XHQR \ QR VLQ FLHUWD HPRFLyQ OOHJy DO SXQWR HQ TXH 7DULN DQWH ORV PXURV GH 7DLID OH LQVWD DUHQGLU OD IRUWDOH]D VLQR &XLGDGR OHSLGLy TXHOHVRSODUD VXHVStULWX <-~SLWHUORKL]RGH EXHQ JUDGR TXLHUH TXH PDWH DVXKLMR DTXLHQ WLHQH SULVLRQHUR /DUHVSXHVWD GH 6LQHPEDUJR FXDQGR &XLGDGR TXLVR GDUXQQRPEUH DODFULD *X]PiQ HUDELHQ FRQRFLGD HQPLV DxRV PR]RV \VHWHQtD SRUHMHP WXUDTXH KDEtD PRGHODGR -~SLWHUVHORSURKLELy ([LJLy TXHVH OH SODU $UURMDQGR VXSXxDO GHVGH ORDOWR GHODPXUDOOD OHUHVSRQGH ©VL LPSXVLHUD VXQRPEUH QR WLHQHV XQDUPD SDUDPDWDUOH DKtYD PLSXxDOª /RVWLHPSRV KDQ 0LHQWUDV -~SLWHU \ &XLGDGR GLVFXWtDQ VXUJLy GH UHSHQWH OD FDPELDGR /RV DOXPQRV QR VyORQR VHFRQPRYLHURQ VLQR TXH XQR 7LHUUD <WDPELpQ HOODOHTXLVR GDUVXQRPEUH DODFULDWXUD\DTXH GHHOORVUHSOLFy ©>SXHVYD\DXQ SDGUHOª &XDQGR VHKDEOD HQ HVWRGH ODPRUDO GH GLIHUHQFLDV FXOWXUDOHV WDO YH]QR GLJDPRV WRGDODYHUGDG SRUTXH KD\GLIHUHQFLDV HQWUH ODVFXO WXUDV SHUR QR PHQRV HQWUH ODVJHQHUDFLRQHV /DJHVWDGH *X]PiQ HO %XHQR QRSDUHFH WHQHU OD PLVPD OHFWXUD TXH WHQtD KDFH XQDV GpFD GDV 3HUR HQ WRGR FDVR HVFLHUWR TXH HOYtQFXOR DIHFWLYR GH SDGUHV H KLMRV SHUPDQHFH FRPR XQ YDORU VHJXUR FRQ HOSDVR GHO WLHPSR GH KHFKR VLQR IXHUDSRUODVIDPLOLDV\PX\HVSHFLDOPHQWH ORVDEXHORV ODVLWXDFLyQ GHORVMyYHQHV VHUtDKR\ WUiJLFD 3HUR HVWDPRV GLFLHQGR FRQWLQXDPHQWH TXH pVWDHVXQDEDVH GHOD PRUDOLGDG KXPDQD QRTXH HQ HVWR FRQVLVWD OD PRUDOLGDG KXPDQD KDEtD VLGRKHFKD GHEDUUR PDWHULDO GHO FXHUSR GHOD7LHUUD (P SH]y HQWRQFHV XQDIXHUWH GLVFXVLyQ 'H FRP~Q DFXHUGR SLGLHURQ D6DWXUQR TXHDFWXDVH FRPR iU ELWUR eVWH WRPy ODVLJXLHQWH GHFLVLyQ TXHSDUHFLy MXVWD ©7~ -~SLWHU OH GLVWH HO HVStULWX HQWRQFHV FXDQGR PXHUD HVD FULDWXUD VHWHGHYROYHUi HOHVStULWX 7~ 7LHUUDOHGLVWHHOFXHUSR SRUORWDQWR WDPELpQ VHWHGHYRO YHUi HOFXHUSR FXDQGR PXHUD HVDFULDWXUD 3HUR FRPRW~ &XLGDGR IXLVWH HOSULPHUR HOTXH PRGHODVWH D ODFULDWXUD ODWHQGUiV EDMR WXVFXLGDGRV PLHQWUDV YLYD <\DTXH HQWUHYRVRWURV KD\XQD DFDORUDGD GLVFXVLyQ HQFXDQ 3RUHVRHVLPSRUWDQWHGDUXQSDVR PiV\SUHJXQWDUVH ¢HOYtQFXOR VH WRDOQRPEUH GHFLGR \R HVWD FULDWXUD VHOODPDUi +RPEUH HV GH FRUWD FXDQGR SUHWHQGHPRV LUPiV DOOi GH ORVKLMRV ODVSDUHMDV ORV FLU KHFKD GH KXPXVTXHVLJQLILFD WLHUUD IpUWLOª SDULHQWHV" /D ELHQ FRQRFLGD IiEXOD GH +LJLQLR YLHQH D FRQWDUQRV TXH OD  HVHQFLD GH ORV VHUHV KXPDQRV FRQVLVWH HQ OD FDSDFLGDG GH FXLGDU &,(572 'Ë$ &8,'$'2 (1&2175Ï 81 752=2 '( %$552 $OILQ\DOFDER WRGRV VRPRV KLMRV GHOLQILQLWR FXLGDGR TXHQXHVWUDV PDGUHV WXYLHURQ DO HQJHQGUDUQRV \DO DFRJHUQRV HQ HVWH PXQGR \ &LHUWR GtD FXHQWD OD FpOHEUH IiEXOD GH +LJLQLR DO DWUDYHVDU WRGRV QRV FXLGDPRV XQRV GHRWURV 3HUR ODYHUGDG HV TXH ODSDODEUD XQUtR &XLGDGR HQFRQWUy XQWUR]RGHEDUUR <HQWRQFHV WXYR XQD ©FXLGDGRª HVPX\ULFD LGHD LQVSLUDGD &RJLy XQ SRFR GHOEDUUR \HPSH]y DGDUOH IRUPD 0LHQWUDV FRQWHPSODED OR TXH KDEtD KHFKR DSDUHFLy -~SLWHU 9LHQH GHOWpUPLQR ODWLQR ©FXUDª \VHUHILHUH DXQDDFWLWXG GHGHV YHOR VROLFLWXG DWHQFLyQ GLOLJHQFLD HQ UHODFLyQ FRQ DOJXLHQ R FRQ DOJR SHUR WDPELpQ DXQDDFWLWXG GHSUHRFXSDFLyQ GHLQTXLHWXG SRU ©VHUFXLGDGRUª GHOVHUKXPDQR GHEHUtD VXVWLWXLU DOVHUGRPLQDGRU \ HOVHUDOTXH VHHVWi OLJDGRSRUOD]RV GHSDUHQWHVFR SUR[LPLGDG DIHF HVWD DFWLWXG GH FXLGDGR KDUtD WDPELpQ SRVLEOH ODVRVWHQLELOLGDG GH OD WR DPRU HLQFOXVR VXSRQH SUHFDXFLyQ \SUHYHQFLyQ SDUD HYLWDU TXH QDWXUDOH]D &RQ HVH WpUPLQR QRV UHIHULPRV DO XVR UDFLRQDO GHORV OHRFXUUD DOJR PDOR DHVHDOJXLHQ RDOJR UHFXUVRV HVFDVRV GH OD7LHUUD VLQ SHUMXLFLR GHO FDSLWDO QDWXUDO PDQ (Q OD ILORVRItD GHOVLJOR SDVDGR IXH 0DUWtQ +HLGHJJHU TXLHQ GLR WHQLGR HQVXV FRQGLFLRQHV GHUHSURGXFFLyQ \FRHYROXFLyQ WHQLHQGR XQ HQRUPH SHVR D HVWD DFWLWXG HQ HO VHU KXPDQR DO VHxDODU TXH HO SUHVHQWHV DODV JHQHUDFLRQHV IXWXUDV TXH WDPELpQ WLHQHQ GHUHFKR D FXLGDGR HV XQ PRGRKXPDQR GHHVWDU HQ HOPXQGR FRQORV RWURVOR XQ SODQHWD KDELWDEOH /DVRVWHQLELOLGDG UHSUHVHQWDUtD HOODGR REMHWL TXH pO OODPDED XQ H[LVWHQFLDULR (O PLVPR +HLGHJJHU UHFXHUGD YRDPELHQWDO HFRQyPLFR \VRFLDOGHODJHVWLyQ GHORVELHQHV QDWXUD OD IiEXOD GH +LJLQLR TXH GH PRGR WDQ KHUPRVR GD FRQ HVH VHU GHO OHV \GHVX GLVWULEXFLyQ PLHQWUDV TXH HOFXLGDGR GHQRWDUtD VX ODGR KRPEUH TXHHVHOFXLGDGR VXEMHWLYR ODVDFWLWXGHV ORVYDORUHV pWLFRV\HVSLULWXDOHV TXH DFRPSD 6LJXLHQGR HVWD OtQHD XQ EXHQ Q~PHUR GH DXWRUHV GH QXHVWURV xDQ DHVH SURFHVR GtDVYHHQODDFWLWXG GHFXLGDUODJUDQ DOWHUQDWLYDDOIUDFDVR GHOPXQ 'HDOJ~Q PRGR HVDDFWLWXGHVODTXHSUHFRQL]D ODFpOHEUH &DUWDGH GRHQTXH YLYLPRV 6HJ~Q HOORV ODDFWLWXG GH GRPLQDFLyQ IUHQWH DORV OD 7LHUUD TXH VH IXH HODERUDQGR GH  D GHVGH OD VRFLH GHPiV\IUHQWH DODQDWXUDOH]D ODREVHVLyQ SRULQFUHPHQWDU HOSRGHU GDG FLYLOHQ WRGRV ORVOXJDUHV \FXOWXUDV \TXH DVXPLy OD81(6&2 WHFQROyJLFR FRQYLUWLHQGR DWRGRV ORVVHUHV HQ REMHWRV \HQ PHUFDQ HQ  (OSUHiPEXOR GHOD &DUWD GLFH H[SUHVDPHQWH ©2 KDFHPRV FtDV HVODTXHQRV KDOOHYDGR DXQ PXQGR LQVRSRUWDEOH XQ PXQGR XQD DOLDQ]D JOREDO SDUD FXLGDU XQRV GH RWURV \GH OD 7LHUUD R FR GHOTXHIRUPDQ SDUWH LQHOLPLQDEOH ODSREUH]D HOKDPEUH ODPLVHULD UUHPRV HO ULHVJR GH DXWRGHVWUXLUQRV \GH GHVWUXLU OD GLYHUVLGDG GH \HOH[SROLR GHODQDWXUDOH]D 8Q PXQGR TXH SRQH HQ SHOLJUR ODVX ODYLGDª /DVFDWHJRUtDV ©FXLGDGRª \©PRGR VRVWHQLEOH GHYLYLUª FRQV SHUYLYHQFLD GHOD7LHUUD WLWX\HQORV SULQFLSDOHV HMHVDUWLFXODGRUHV GHOGRFXPHQWR /DVROXFLyQ QR FRQVLVWLUtD HQXWLOL]DU WpFQLFDV PiV UHILQDGDV SDUD FDXVDU XQ GDxR PHQRU VLQR TXH HVXQD FXHVWLyQ GH pWLFD 6H WUDWD GH FDPELDU GH DFWLWXG GH DGRSWDU YROXQWDULDPHQWH ODGLVSRVLFLyQ D  &RV['( 08-(5(6 \'( 9$521(6 FXLGDU TXHHVXQDUHODFLyQ DPRURVD UHVSHWXRVD \QR DJUHVLYD FRQOD UHDOLGDG \SRUHVR PLVPR QR GHVWUXFWLYD ¢3RU TXp KDEUtD TXH DVX &LHUWDPHQWH VLOD DFWLWXG FXLGDGRUD SHUWHQHFH DOVHUPiV SURIXQGR PLUOD"6HJ~Q HVRV DXWRUHV SRUTXH ORV VHUHVKXPDQRV VRQSDUWH GHOD GHORVVHUHV KXPDQRV \KXQGH VXV UDtFHV HQVX VHU DQLPDOHV HV HYL QDWXUDOH]D \PLHPEURV GHODFRPXQLGDG ELyWLFD \FyVPLFD \ SRU OR GHQWH TXH GHEH VHUSURSLD WDQWR GH PXMHUHV FRPR GHYDURQHV < VLQ WDQWR WLHQHQ ODUHVSRQVDELOLGDG GHSURWHJHUOD UHJHQHUDUOD \FXLGDU HPEDUJR ODpWLFD GHOFXLGDGR VHKDDWULEXLGR WUDGLFLRQDOPHQWH DODV OD (OFXLGDGR QR VHUtDHQWRQFHV XQDWpFQLFD VLQR XQQXHYRSDUDGLJ PXMHUHV FRPR VtORV YDURQHV SXGLHUDQ OLEUDUVH GH FXLGDU \FRUQR VL PD GHUHODFLyQ FRQ OD QDWXUDOH]D OD 7LHUUD \ORV VHUHV KXPDQRV (O ODVPXMHUHV VHUHDOL]DUDQ ~QLFDPHQWH FXLGDQGR 8QD DILUPDFLyQ VHPHMDQWH HVODTXH SDUHFtD VXUJLU GHORVWUDEDMRV IHUHQWH ODpWLFDGHOFXLGDGR TXH GHEH FRPSOHPHQWDU DODGHODMXVWL GH OD SVLFyORJD &DURO *LOOLJDQ FXDQGR GLVHxy DSDUWLU GH HVWXGLRV FtD (Q HIHFWR SDVDQGR GLOHPDV PRUDOHV DPXMHUHV OOHJD DOD FRQ HPStULFRV XQD pWLFD GHO FXLGDGR TXH FRQWUDVWDED FODUDPHQWH FRQ FOXVLyQ GHTXH H[LVWHQ GRVOHQJXDMHV SDUD FRGLILFDU HOPXQGR PRUDO OD pWLFD GH OD MXVWLFLD GH VX PDHVWUR /DZUHQFH .RKOEHUJ (Q HIHFWR TXH QR HVWiQ VXERUGLQDGRV VLQR TXH XQR VHKD HVFXFKDGR PiV TXH .RKOEHUJ KDEtD WUDWDGR GH HVWXGLDU FyPR VHSURGXFH HOGHVDUUROOR HORWUR HOGH ODMXVWLFLD \HOGHOFXLGDGR 1R TXLHUH HVWR GHFLU TXH D PRUDO HQ HOQLxR \SDUD OOHYDU DGHODQWH VX WDUHD KDEtD LGHQWLILFDGR SDUWLU GH OD H[SHULHQFLD HVSUHFLVR KDFHU GRV ORWHV GH YDORUHV XQR ORPRUDO FRQ ORVMXLFLRV VREUH ORMXVWR 6RPHWLHQGR DGLVWLQWRV VXMH TXH HQFDUQDQ ORVYDURQHV \RWUR ODV PXMHUHV VLQR TXH KD\DOPHQRV WRV DXQ FRQMXQWR GH GLOHPDV DQWH ORV TXH GHEtDQ GDU UHVSXHVWDV GRV YRFHV PRUDOHV HQ ODV TXH KDQ GH H[SUHVDUVH WDQWR PXMHUHV FR SHUR VREUH WRGR DUJXPHQWDU SDUD DSR\DUODV .RKOEHUJ OOHJyDODELHQ PR YDURQHV OD YR] GH ODMXVWLFLD TXH FRQVLVWH HQ VLWXDUVH HQ XQD FRQRFLGD FRQFOXVLyQ GH TXH HOQLxR UHFRUUH WUHV QLYHOHV DODKRUD GH SHUVSHFWLYD XQLYHUVDO PiV DOOi GH ODV FRQYHQFLRQHV VRFLDOHV \ GHO MX]JDU PRUDOPHQWH HQ HO QLYHO SUHFRQYHQFLRQDO WRPD HO HJRtVPR JUHJDULVPR JUXSDO \ OD YR] GH OD FRPSDVLyQ SRU ORV TXH SUHFLVDQ FRPR SULQFLSLR GHORMXVWR HQWLHQGH TXH HVMXVWR ORTXH OHFRQYLHQH D\XGD TXH VRQ UHVSRQVDELOLGDG QXHVWUD HPSH]DQGR SRU ORV PiV HQ HO QLYHO FRQYHQFLRQDO WLHQH SRU MXVWR OR TXH HVFRQIRUPH DODV FHUFDQRV /RV YDORUHV LQGLVSHQVDEOHV SDUD DOFDQ]DU ODPDGXUH] PR QRUPDV \XVRVGHVXVRFLHGDG SRUTXH HQUHDOLGDG TXLHUH VHUDFRJLGR UDO VHUtDQ DO PHQRV FXDWUR MXVWLFLD DXWRQRPtD UHVSRQVDELOLGDG \ SRUHOJUXSR HQ HOQLYHOSRVWFRQYHQFLRQDO GLVWLQJXH HQWUH VXVRFLH FRPSDVLyQ GDG \ORVSULQFLSLRV PRUDOHV XQLYHUVDOHV \HQIRFD ODVFXHVWLRQHV GH MXVWLFLD GHVGH HVWRV ~OWLPRV 'HWRGR HVWR VHVLJXH TXHHOFXLGDGR HV FRVD GHYDURQHV \GHPX MHUHV \ TXH OOHYD DSDUHMDGD OD UHVSRQVDELOLGDG SRU ORV YXOQHUDEOHV $HVWH~OWLPR QLYHO FRUUHVSRQGHQ WRGDYtD GRVHWDSDV TXH FRQYLH SRUTXH QR EDVWD HOOHQJXDMH GH ORV GHUHFKRV ODV GHQXQFLDV \ODV LP QHUHFRUGDU (QODSULPHUD ORMXVWR VHGHILQH HQ IXQFLyQ GHGHUHFKRV SXJQDFLRQHV 0iV DOOi GHO GHUHFKR \ GHO FRQWUDWR VH HQFXHQWUD OD YDORUHV \FRQWUDWRV OHJDOHV UHFRQRFLGRV SRU OD VRFLHGDG GH PDQH UHVSRQVDELOLGDG SRU ORV YXOQHUDEOHV SRU ORV QHFHVLWDGRV GH D\XGD UD FRQVWLWXFLRQDO \ GHPRFUiWLFD /DOHJDOLGDG VH DSR\D DGHPiV HQ &RPR ELHQ GHFtD +DQV -RQDV FXDQGR DOJXLHQ WLHQH DQWH Vt DXQ VHU FiOFXORVUDFLRQDOHV GHXWLOLGDG VRFLDO(QODVHJXQGD HWDSDODSHUVRQD YXOQHUDEOH \SXGLHQGR SURWHJHUOR QR ORKDFH VHFRPSRUWD GH IRUPD SXHGH LU PiV DOOi GHO SXQWR GH YLVWD FRQWUDFWXDO \ XWLOLWDULR SDUD LQPRUDO3 (UHV UHVSRQVDEOH GH WX URVD GHFtD HO]RUUR DOSULQFtSt SHQVDU GHVGH OD SHUVSHFWLYD GH SULQFLSLRV pWLFRV GH MXVWLFLD YiOLGRV WR GH 6DLQW([XSpU\ (UHV UHVSRQVDEOH GHWXURVD SRUTXH ODURVD SDUD WRGD OD KXPDQLGDG 5HFRQRFH ORV GHUHFKRV KXPDQRV HQ OD HV GpELO \QHFHVLWD FXLGDGRV \SRUTXH W~ODKDV GRPHVWLFDGR ODKDV LJXDOGDG \HOUHVSHWR SRU OD GLJQLGDG GH WRGRV ORV VHUHV KXPDQRV KHFKR GH DOJ~Q PRGR WX\D VLHQGR ODFRQTXLVWD GHODDXWRQRPtD ODPHWD PRUDO GHODSHUVRQD (VYHUGDG TXH HV DODV PXMHUHV DODV TXH VH KD HQFRPHQGDGR OD 6LQ HPEDUJR *LOOLJDQ HQWHQGHUi TXH HVWD pWLFD GH ODMXVWLFLD HV WDUHD GH FXLGDU HQODDSODVWDQWH PD\RUtD GHORV FDVRV KDVWD HOSXQWR XQD GHODVYRFHV HQ ODVTXH ODpWLFD VH H[SUHVD SHUR KD\ RWUD YR] GL GH TXH HV DODSURIHVLyQ GH HQIHUPHUtD DOD TXH VHOH DGVFULEH KDEL Y  ā£- WXDOPHQWH XQD eWLFD GHO &XLGDGR SHUR ORELHQ FLHUWR HVTXH FXLGDU 0DGUH GH WRGR OR YLYR\OR LQHUWH \YLYLU HQ SD] FRQ HOOD IRUPDUtD HV REOLJDFLyQ GHPXMHUHV \YDURQHV LQFOXVR ELROyJLFDPHQWH QR GL SDUWH GHOEXHQ YLYLU GHO6XPDN .DZVDL JDPRV\DPRUDOPHQWH (QUHDOLGDG HVWDFRQYLFFLyQ PDWL]DGD GHXQDIRUPDXRWUDQRHV SURSLD VyOR GH WUDGLFLRQHV LQGLJHQLVWDV VLQR WDPELpQ GH WRGDV ODV FXOWXUDV SDQWHtVWDV WDQWR RULHQWDOHV FRPR RFFLGHQWDOHV \GHVGH PH  /RV $1,0$/(6 \ /$7,(55$ 7,(1(1 9$/25 GLDGRV GHO VLJOR SDVDGR FREUD XQD IXHU]D HVSHFLDO JUDFLDV D GHWHU PLQDGRV PRYLPLHQWRV HFRORJLVWDV 3HUR OR H[WUDxR HV TXHVH KDEOH 3(52 12 '(5(&+26 DKRUD GH ©GHUHFKRVª GH OD7LHUUD TXH HV XQD H[SUHVLyQ DMHQD DODV /D 'HFODUDFLyQ 8QLYHUVDO GH 'HUHFKRV +XPDQRV GH ODV 1DFLRQHV FXOWXUDV LQGtJHQDV \DOSDQWHtVPR PiV HODERUDGR ¢(VTXH HVWDV WUD 8QLGDV SURFODPDGD HQ  QR VyOR KD VLGR XQR GH ORV PD\RUHV GLFLRQHV QR KDEtDQ FDtGR HQ ODFXHQWD KDVWD DKRUD GHTXH OD7LHUUD ORJURV GH OD KLVWRULD VLQR WDPELpQ XQD IXHQWH GH LQVSLUDFLyQ SDUD WLHQH GHUHFKRV RORTXH VXFHGH PiVELHQ HV TXH QR ORV WLHQH SHUR VH PRYLPLHQWRV VRFLDOHV \SROtWLFRV TXHKDQLQWHQWDGR H[WHQGHU ODDWUL HPSOHD HVHOHQJXDMH SRURWUDV UD]RQHV" EXFLyQ GH HVH WLSR GH GHUHFKRV DVHUHV QR KXPDQRV &RQ OD H[SUH $ PLMXLFLR VyOR ORV VHUHV KXPDQRV WLHQHQ HVH WLSR GH GHUHFKRV VLyQ ©HVHWLSR GHGHUHFKRVª PHUHILHUR DORVTXH QR FRQFHGHQORV(V TXH VHSURFODPDQ HQ OD'HFODUDFLyQ GH  \HQFRQVHFXHQFLD QL WDGRVHQVXV FyGLJRV OHJDOHVVLQR ORVTXHORV(VWDGRV GHEHQ UHFRQRFHU ORV DQLPDOHV QLOD7LHUUD ORVWLHQHQ /RFXDOQR VLJQLILFD TXHQR WHQ \UHFRJHU HQ HVRVFyGLJRV SRUTXH ORVVHUHV KXPDQRV \DWLHQHQ HVRV JDQXQ YDORUTXHQRV REOLJD DQR GDxDUOHV \DWUDWDUOHV FRQ FXLGDGR GHUHFKRV \SRU ORWDQWR KDQ GHVHU UHFRQRFLGRV \SURWHJLGRV 1RHV 8QFXDGUR KHUPRVR WLHQH XQYDORU \VLDOJXLHQ ORPDOWUDWD RORGHV ORPLVPR FRQFHGHU TXH UHFRQRFHU WUX\H HVWi DFWXDQGR GH IRUPD LQKXPDQD SRUTXH QR HV SURSLR GH 'H HVWD FODVH VRQ ORV GHUHFKRV TXH SURFODPD OD 'HFODUDFLyQ SHUVRQDV GHVWUXLU ORYDOLRVR &RQWHPSODU ODV&DWDUDWDV GHO,JXD]~ HV GH  DODTXHVHKDDGKHULGR WDOFDQWLGDG GHSDtVHV <DOJR VLPLODU XQ HVSHFWiFXOR ~QLFR \WUDWDU GH GHVYLDU ODV DJXDV GHO UtR VHUtD GHV HV OR TXH SUHWHQGHQ TXLHQHV HQ  SURFODPDQ XQD ©'HFODUDFLyQ WUXLU DOJREHOOR FXDQGR GHEHPRV FXLGDUODEHOOH]D \DFUHFHQWDUOD GH 'HUHFKRV GH ORV $QLPDOHVª \ WDPELpQ ORV GHIHQVRUHV GH XQRV 3HUR HVRQR VLJQLILFD DILUPDU TXH HOFXDGUR RODVFDWDUDWDV WHQJDQ ©'HUHFKRV GH OD 7LHUUDª TXH \D VH FRQWHPSODQ HQ DOJXQD &RQVWL XQ GHUHFKR TXH GHED VHU UHFRQRFLGR VLQR TXHWLHQHQ XQ YDORU <VL WXFLyQ 3ROtWLFD FRPR OD GH (FXDGRU (Q HVWH ~OWLPR FDVR VHDSHOD FRQVHUYDUORV HQWUDHQFRQIOLFWR FRQ YDORUHV TXH FRQVLGHUDPRV VXSH DWUDGLFLRQHV LQGLJHQLVWDV FRPR ODV GH(FXDGRU R %ROLYLD TXH HQ ULRUHV FRPR SXHGH VHUODYLGD\ODLQWHJULGDG GHORV VHUHV KXPDQRV WLHQGHQ DORV VHUHV KXPDQRV FRPR SDUWH GHOD1DWXUDOH]D LQFDSDFHV HQWRQFHV ORV YDORUHV VXSHULRUHV WLHQHQ SULRULGDG 2WUD FRVD HVGHSUH GH GHVDUUROODUVH DGHFXDGDPHQWH VLQR HVUHVSHWiQGROD \FXLGiQGROD GDU OD QDWXUDOH]D \GHVWUXLUOD HQ FX\R FDVR QR HVWDPRV UHVSHWDQGR FRPR DXQ VHU TXHWLHQH HQWLGDG \SHUVRQDOLGDG SURSLD /D1DWXUD VXYDOtD OH]D OD 7LHUUD QR VHUtD HQWRQFHV XQ DOJR VLQR XQ DOJXLHQ VHUtD OD 4 U aaa  /RV DQLPDOHV \OD 7LHUUD WLHQHQ YDORU SHUR QR GHUHFKRV QL WDP  āāā ā‡ B/ā ā‡  SRFR GLJQLGDG SRUTXH VyORORVWLHQHQORVVHUHVTXH JR]DQ GHOD FD 3HUR MXVWDPHQWH HVWRHVORFRQWUDULR GHOR TXHGLFH GHIHQGHU HO SDFLGDG DFWXDO R YLUWXDO GH UHFRQRFHU TXp HVXQGHUHFKR \GH 3DUDGLJPD(FROyJLFR TXHHVWiHQHORULJHQGHWRGRVHVWRVPRYLPLHQ DSUHFLDU TXH IRUPD SDUWH GH XQDYLGD GLJQD 6LORV GHPiV QRVHOR WRV SRUTXH HVHSDUDGLJPD GLFHWHQHU SRUEDVHHOYDORU LQWUtQVHFRGH UHFRQRFHQ WLHQHQ FRQFLHQFLD GH VHU LQMXVWDPHQWH WUDWDGRV \YHQ OD7LHUUD\GHODQDWXUDOH]D $QWH VHPHMDQWH YDORUSURVLJXHQ HV PHUPDGDVXDXWRHVWLPD 3RUHVRSDUDVHUVXMHWR GHGHUHFKRV HVSUH QHFHVDULR VXVWLWXLUODpWLFDGHORV GHUHFKRV\ORV GHEHUHV SURSLD GHODV FLVRWHQHUODFDSDFLGDG GHUHFRQRFHU TXp VLJQLILFDQ HVRVGHUHFKRV \ pWLFDVTXH VHKDQRFXSDGR GHODVUHODFLRQHV HQWUHORV VHUHVKXPDQRV TXp WUDVFHQGHQFLD WLHQHQ SDUD YLYLUXQDYLGD UHDOL]DGD SRU XQDpWLFD GH DFWLWXGHV SRU ODDFWLWXG GHUHVSHWR DQWHOR YDOLRVR\ eVHHV HOFDVR GHORVVHUHVKXPDQRVLQFOXLGDV ODVSHUVRQDV GLVFD YXOQHUDEOH FRPR HVHOFDVRGHOD7LHUUD SDFLWDGDV DODVTXH QR KD\ TXH VHSDUDU GH OD FRPXQLGDGKXPDQD 6LQ GXGD HQ HO VHQR GH ORV PRYLPLHQWRV HFRORJLVWDV H[LVWH XQD VLQRWRGROR FRQWUDULR HVSUHFLVR SRQHU WRGRV ORVPHGLRV SDUD TXH JUDQKHWHURJHQHLGDG $OJXQRV VHFRQWHQWDQ FRQH[LJLUXQGHVDUUROOR GHVDUUROOHQ DOPi[LPR VXVFDSDFLGDGHV HQHOVHQRGH VRFLHGDGHV KX VRVWHQLEOH HQQXHVWUDUHODFLyQ FRQODQDWXUDOH]D SDUD EHQHILFLDU DODV PDQDV 'HWRGR HOOR VHVLJXH TXH WHQHPRV HO GHEHU GH SURWHJHU ORV JHQHUDFLRQHV IXWXUDV RDO PHQRV SDUD QR SHUMXGLFDUODV HQWHQGLHQ GHUHFKRV GHODVSHUVRQDV WDQWRORVGHSULPHUD\VHJXQGD JHQHUDFLyQ GR SRU ©GHVDUUROOR VRVWHQLEOHª HO LQWHQWR GH FRPSDWLELOL]DUODSUR FRPR ORVGHODWHUFHUD GXFFLyQ GH DOLPHQWRVFRQ OD FRQVHUYDFLyQ GH ORV HFRVLVWHPDV FRPR 1DWXUDOPHQWH DQLPDOLVWDV \ HFRORJLVWDV SURIXQGRV FDOLILFDUiQ ~QLFDIRUPDGHDVHJXUDUODVXSHUYLYHQFLD\HOELHQHVWDU GHODVJHQHUD HVWDSRVLFLyQ GH©HVSHFLVWDªGHSULYLOHJLDU DODHVSHFLHKXPDQDIUHQWH FLRQHV IXWXUDV 2WURV SRU HO FRQWUDULR YDQ PiV DOOi\SURSRQHQ XQ DODVGHPiV HQ HOWUDWRPRUDO TXHKD\TXH GLVSHQVDUOH 3HUR HVHFDOLIL QXHYR3DUDGLJPD (FROyJLFR TXH VXVWLWXLUtDDODQWURSRFpQWULFR SUH FDWLYRPH SDUHFHWRWDOPHQWH IDOD]UHFRQRFHU TXHKD\XQDGLYHUVLGDG SRQGHUDQWHHQODWUDGLFLyQ RFFLGHQWDO \WDPELpQ DODQLPDOLVWD TXH GH VHUHV \ TXH HVD GLYHUVLGDG UHTXLHUH XQ GLIHUHQWH WUDWRPRUDO GH QR FRQVLGHUD QLDORV YHJHWDOHVQLDOUHVWRGHODQDWXUDOH]D IRUPD TXH GHEHPRV SURWHJHU ORV GHUHFKRV GH ORV TXH ORV WLHQHQ \ 6XVFODYHV VHUtDQ ODVVLJXLHQWHV HV SUHFLVR DERUGDUORVSUREOHPDV FXLGDU DORVTXH QR ORVWLHQHQ SHUR VRQYDOLRVRV QRVXSRQH LQFXUULU GHODQDWXUDOH]D GHIRUPDJOREDO\QRGHPRGR XQLODWHUDOFRPRKDFH HQQLQJ~QWLSR GH ©LVPRªVLQRWHQHUFDSDFLGDG GHGLVFHUQLU HOSHQVDUWHFQROyJLFR SRUTXHKD\LQWHUGHSHQGHQFLD HQWUHWRGRV ORV <HVTXHDPLMXLFLR TXLHQHV KDEODQGHGHUHFKRV GHORVDQLPDOHV OXJDUHVGHOSODQHWD HOELRFHQWULVPR GHEHVXVWLWXLU DODQWURSRFHQWULV \GHOD7LHUUD XWLOL]DQ HVHOHQJXDMH VREUH WRGRSRUGRVUD]RQHV SRU PR TXH KD VLGR HOQ~FOHR GHWRGDV ODV pWLFDV GH OD UHFLSURFLGDG \D TXH VDEHQ TXH WLHQH XQDJUDQIXHU]D HPRWLYD TXH UHVXOWD FRQWXQ TXH OD QDWXUDOH]D HV YDOLRVD SRU Vt PLVPD \QR WLHQH VyOR XQ YDORU GHQWH \SRU HVR VLUYHSDUD PRYLOL]DU \SRUTXH SDUHFH TXH OD ~QLFD LQVWUXPHQWDO HOPDUFR GHODVpWLFDVLQWHUSHUVRQDOHV GHEH DPSOLDUVH IRUPD GH REOLJDU DODVSHUVRQDV DUHVSHWDU D FXDOHVTXLHUD VHUHV HV SDUD LQWHJUDU WDPELpQ ODV UHODFLRQHV FRQ ODV JHQHUDFLRQHV IXWXUDV DOHJDUTXH WLHQHQ GHUHFKRV eVHSDUHFH VHUHO~QLFRPRGRGH REOLJDU FRQ ORV DQLPDOHV ODVSODQWDV\ORVVHUHV LQDQLPDGRV PiVDOOi GHORV DUHFRJHUORV HQ FyGLJRV TXH SXHGHQLPSRQHUVHPHGLDQWHFRDFFLyQ OLPLWHV GH OD UHFLSURFLGDG HO GHVDUUROOR VRVWHQLEOH D HVFDOD JOREDO "‡   ÂW Ba a a B `U2 UHTXLHUH XQD HGXFDFLyQ RULHQWDGD DOUHVSHWR SRU ODYLGD XQD PRUDO GHOFXLGDGRVLUYHDOQLxRSDUDVREUHYLYLU\FUHFHU HQ HVHODUJRSHULR GH DFWLWXGHV \QR XQD pWLFD GH ORV GHUHFKRV \ORV GHEHUHV IXQGDGD HQ GRGH WLHPSRHQTXH QRSXHGHYDOHUVH SRUVtPLVPR \QHFHVLWD DOL OD LGHD GH REOLJDFLyQ HV SUHFLVR SURPRYHU HO ©\R HFROyJLFRª GH ODV PHQWR SURWHFFLyQ IUHQWH DORV SRVLEOHV GDxRV FRELMR URSD\ XQD SHUVRQDV \QR VyOR HO©\R VRFLDOª \ HVQHFHVDULR FUHDU OD FRPXQLGDG JUDQ FDQWLGDG GH FDULxR SDUD SRGHU LU GHVDUUROOiQGRVH DGHFXDGD ELyWLFD QR VyOR OD FRPXQLGDG SROtWLFD PHQWH 1DFHPRV LQGHIHQVRV YXOQHUDEOHV \ GHSHQGLHQWHV \VLQ HO (OPHMRU FDPLQR SDUD HQFDUQDU HVWH 3DUDGLJPD %LRFpQWULFR FRQVLV FXLGDGR DMHQR QLVLTXLHUD SRGHPRV VREUHYLYLU ItVLFDPHQWH QR GL WLUtD HQHGXFDU DORV MyYHQHV SDUD TXH VHVLHQWDQ LQFOLQDGRV DUHVSHWDU OD JDPRV SHUVRQDOPHQWH HV GHFLU GH PRGR tQWHJUR  6RPRV VHUHV \ HOJR]R TXH SURGXFH GHSHQGLHQWHV GHO FXLGDGR GH ORVSDGUHV \GHO UHVWR GHO JUXSR \QR VDOYDJXDUGDU DTXHOOR DORTXHVHWLHQHXQDSUHFLR SURIXQGR /DVSHUVR SRUTXH KD\DPRV VHOODGR FRQ HOORV XQ SDFWR YROXQWDULDPHQWH VLQR QDV HQWRQFHV HVWDUtDQ GLVSXHVWDV DGHIHQGHU VX©\RHFROyJLFRª\QR ©SRU QDWXUDOH]Dª QDWXUDOH]D SRU VX YDORU PLVPR SRU OD DOHJUtD VyORVX©\RVRFLDOª\VHRFXSDUtDQ GHOD7LHUUD SRULQFOLQDFLyQ QDWXUDO &RQTXLVWDUOD DXWRQRPtD HVXQDWDUHDPRUDOGH OD TXH KDEODUH \QR VyORSRUGHEHU PRUDO 7RGR HOORH[LJLUtDWUDQVLWDUGHODVpWLFDVGH PRV HQ HVWH OLEUR SHUR ELROyJLFDPHQWH VRPRV VHUHV YLQFXODGRV D GHUHFKRV \GHEHUHV QDFLGDV GH XQFRQWUDWR HQWUH LJXDOHVDXQD pWLFD QXHVWURVDQWHFHVRUHV SRUQXHVWUDUDGLFDOYXOQHUDELOLGDG \DDTXHOORV GHODUHVSRQVDELOLGDG \GHOFXLGDGR GHOD7LHUUD GHORVTXH GHEHPRV FXLGDUQRVSRUHOFRPSURPLVR1RV FRQILJXUDOD $ILUPDFLRQHV HVWDV HQODVTXH HVWR\HQSDUWHGH DFXHUGR SRUTXH QRV PRYHPRV HQ XQPXQGR GHVHUHVYDOLRVRV \YXOQHUDEOHV \EXHQR VHUtDHGXFDU HQHOUHVSHWR \HOFXLGDGR DXQTXHHVRVVHUHVQRSXHGDQ QHFHVLGDG GHSHUWHQHFHU DOJUXSRGHOTXHGHSHQGHQQXHVWUDVXSHUYL YHQFLD\QXHVWURELHQHVWDU 1R H[LVWHSXHV HOLQGLYLGXRDLVODGR VLQRODSHUVRQD YLQFXODGDD WHQHU FRQFLHQFLD GH GHUHFKRV QLGH GHEHUHV \SRU HVRQR VHSXHGD SDGUHV SDULHQWHV DPLJRV \DOHQWRUQR VRFLDO SRUOD]RV GHSDUHQWHV GHFLU TXH WLHQHQGHUHFKRV 3HUR WDPELpQVHGHEHHQVHxDU DSULRUL]DU FR DPLVWDGRSHUWHQHQFLD DXQDVRFLHGDG GHWHUPLQDGD DUHFRUGDUFyPR ODVH[LJHQFLDV GHMXVWLFLD TXH SODQWHDQORVVHUHVKX 3HURWDPELpQODpWLFDGHOFXLGDGR©VLUYHª DORV FXLGDGRUHV DTXLH PDQRVHVWiQ GRORURVDPHQWHEDMR PtQLPRV &XPSOLUORV2EMHWLYRV QHVHVWiQELROyJLFDPHQWHFRPSURPHWLGRV DFXLGDU GHRWURVSRUTXH GH'HVDUUROOR GHO0LOHQLR TXH VHSURSXVLHURQHQSURWHJHUORV H[SHULPHQWDQ HOJRFHGH WHQHUORV FHUFDYHODUSRUHOORVFXLGDUGH VX GHUHFKRV GHORVVHUHVKXPDQRVHVDPLMXLFLR XQDWDUHD SULRULWDULD ELHQDQGD]D YLYLUODYLGD GHXQPRGRUDGLFDO HQ HOPLHGR DVXVXIUL PLHQWR HOJXVWRGHOYtQFXOR FRPSDUWLGR ODIHOLFLGDG GH VHQWLUOHV D FXELHUWRGHSRVLEOHVSHOLJURV <HVWHJRFHVHH[WLHQGHFDGDYH]PiVD  /$ 6$%,'85Ë$ '( /$0$'5( 1$785$/(=$ ORVKLMRVGHORVKLMRV DORVQLHWRVHQXQDKXPDQLGDG DYHMHQWDGDTXH KDSXHVWR HQ PDQRV GHORVDEXHORV EXHQDSDUWH GHODWDUHD GHYHODU ¢6LUYHSDUD DOJR OD pWLFD GHO FXLGDGR" eVWD HUD OD JUDQ SUHJXQWD GH SRUORV QLxRV &XLGDUORV PLHQWUDV ORVSDGUHVYDQ DWUDEDMDURDGLV QXHVWUROLEUR\DTXtODUHVSXHVWD QRSXHGHVHUPiV VHQFLOOD/DPRUDO IUXWDU FRQ ORVDPLJRV DFRPSDxDUOHV DODHVFXHOD SRUODVPDxDQDV H   LUDUHFRJHUOHV SRUODVWDUGHV FRQWDUOHVORVFXHQWRV GHORV+HUPDQRV PDVSHUVRQDOHV HLPSHUVRQDOHVª &RQWDUFRQ DOJXQRV GH HOORV UHVXO *UtPP GH $QGHUVHQ \ 3HUUDXOW OOHYDUOHV DO FLQH \FRPSDUWLU FRQ WDPX\LOXVWUDWLYR KLMRV \QLHWRVODMXELODFLyQHQWDQWRV FDVRV ,PDJLQH TXHYDXVWHGSRU XQD FDUUHWHUD FRQ VX FRFKH QXHYR\YH (VVDELD OD PDGUH QDWXUDOH]D VH GLFH SRUTXH DVHJXUD OD VX HQOD FXQHWD DXQKRPEUH KHULGR FRQ ODVSLHUQDV HQVDQJUHQWDGDV SHUYLYHQFLD\ODUHSURGXFFLyQ FRQVXVSURSLRVOD]RVSRUHVRORVVHOHF 3UREDEOHPHQWH PRULUiVtQROHOOHYDDXQKRVSLWDO SHUR VLOHUHFRJH FLRQD 3HUR ¢DTXt VHDFDEDHOYtQFXORHQWUHORV VHUHV KXPDQRV" 3UR PDQFKDUi HOWDSL]DGR TXH OHKDFRVWDGR  HXURV ¢4XpGHEHUtD WHJHU DORVYXOQHUDEOHV TXH QRV HVWiQ HQFRPHQGDGRV HVXQD GH ODV XVWHGKDFHUPRUDOPHQWH" /DPD\RUSDUWH GHORVHQFXHVWDGRV FRQVL FODYHV GH OD IHOLFLGDG HO HJRtVPR LQGLYLGXDOLVWD HV VXLFLGD SHUR GHUDLQFRUUHFWR SUHIHULUHOWDSL]DGR\GHMDU DOKRPEUHTXH OHQHFHVLWD ¢TXLpQHVQRV HVWiQ HQFRPHQGDGRV" DEDQGRQDGR DVXVXHUWH  O  £ L a a %LROyJLFDPHQWHQRVHVWiQ ©HQFRPHQGDGRVª ORVKLMRVODVSDUHMDV ,PDJLQH DKRUDTXHUHFLEHXQDFDUWDGHXQDRUJDQL]DFLyQ LQWHUQD L£ WDOYH]ORVSDULHQWHV 3HUR QR SDUHFH TXHHQOtQHD DVFHQGHQWH VLQR FLRQDO PX\DFUHGLWDGD HQOD TXHVHOH LQYLWDDGDU  HXURVSDUD GHVFHQGHQWH SRUHVRWDOYH]QRH[LVWHHQODV7DEODVGHOD/H\TXH GLR VDOYDUDXQQLxR TXH YLYHHQ XQSDtV PX\OHMDQR \PRULUiVLQR OHOOH I <DKYpD0RLVpVHQ HO0RQWH 6LQDt QLQJ~QPDQGDPLHQWRTXH RUGHQH JDQ ORV DOLPHQWRV TXH SRGUiQ FRPSUDUVH FRQ HVHGLQHUR &XULRVD ©>&XLGDUiV DWXVKLMRV HKLMDVª PLHQWUDV TXHVtH[LVWH ©>+RQUDUiV D PHQWH PXFKD JHQWH HQWUHODTXH SUREDEOHPHQWH VHHQFXHQWUDXVWHG WXSDGUH\DWXPDGUHª HLQFOXVRHVHOSULPHURGHORVPDQGDPLHQWRV RSLQDTXHQRHVWiPDOQRGDUGLQHUR HQHVWHFDVR 6LQGXGDVHSXHGHQ GHOD VHJXQGD WDEOD DTXHOOD TXH KDFHUHIHUHQFLD DORV GHEHUHV SDUD GDU UD]RQHV FRPR TXH HO GLQHUR QXQFD OOHJD DORV GHVIDYRUHFLGRV FRQ ORVGHPiV VHUHV KXPDQRV 6LQHPEDUJR WHQHPRVOD FDSDFLGDG SRUTXH VHORTXHGDODRUJDQL]DFLyQRVHORDSURSLDQORVJREHUQDQWHV GHH[WHQGHU HOFXLGDGRPiVDOOiGHODOtQHDGHORVKLMRV\GHOSDUHQWHV GHOSDtV HQ FXHVWLyQ SHUR ODYHUGDG HV TXHOD RUJDQL]DFLyQ JR]D GH FROD FDSDFLGDG GH OOHJDUDORVOHMDQRV HQHOHVSDFLR HLQFOXVR DORV WRGD JDUDQWtD DOPHQRVGHWDQWDFRPR HOKRVSLWDO DOTXH SRGUtDPRV H[WUDxRV OOHYDU DOKHULGR GHO GLOHPD DQWHULRU ¢3RU TXp QXHVWUR MXLFLR YDUtD (VWDH[WHQVLyQQRVOOHYDPiVDOOiGHODPDGUH QDWXUDOH]D QRVOOHYD FXDQGR ODSHUVRQD HVWiMXQWRDQRVRWURV \FXDQGRHVWiOHMRV" DOR TXH KHPRV YHQLGR EHELHQGR GHODV WUDGLFLRQHV FXOWXUDOHV TXH 8QWHUFHU GLOHPDQRVKDEODGH'LDQD TXHYLDMD HQXQWUDQYtDTXH QRVKDQQXWULGR\TXHDPSOtDQ HOUHGXFLGR YHFLQGDULR GHSDULHQWHV FLUFXOD VLQ FRQWURO (OFRQGXFWRU KDSHUGLGR HO FRQRFLPLHQWR \HO HLQFOXVR DPLJRV KDFLDXQYHFLQGDULR VLQIURQWHUDV WUDQYtDVHGLULJHKDFLDFLQFRH[FXUVLRQLVWDV TXHFDPLQDQSRUODYtDVLQ 6LQHPEDUJR ODFXHVWLyQHVFRPSOLFDGD SRUTXHSDUHFHTXH QXHV SHUFDWDUVH GH TXHHOWUHQ OHVYDDDWURSHOODU 1RSRGUtDQ VDOLU GHODYtD WURGHVYHORSRURWURV QXHVWUDEHQHYROHQFLD KDFLD HOORVHVXQDYHGH HQFXDOTXLHUFDVRSRUTXHORVPiUJHQHVVRQ PX\HPSLQDGRV 'LDQD YXHOR FRUWR HQ QLQJ~Q PRGR XQ YXHOR GHiJXLOD UHDO (VWR HV DOJR SXHGHFRQVHJXLU TXHHOWUDQYtDVHGHVYtHKDFLDODL]TXLHUGDDFFLRQDQ TXH VDEHPRVSRUH[SHULHQFLD SHUR TXHDGHPiVFRQILUPDQXQEXHQ GRXQDSDODQFD TXH REUDHQVXSRGHUSHUR HQODYtDGHODL]TXLHUGD Q~PHUR GH HVWXGLRV SVLFROyJLFRV EDVDGRV HQ OR TXHVHOODPD ©GLOH KD\XQRSHUDULR WUDEDMDQGR TXH PRULUiVL HOOD SUHVLRQD ODSDODQFD āB G £ £ (Q RWUR HVFHQDULR \ pVWHHVHOFXDUWR GLOHPD 3DFR HVWiHQ XQ YLDGXFWR VLWXDGR VREUH ODYtDGHOWUDQYtD 6HDFHUFDXQWUDQYtD GHVFRQ RFXUUH HQ HO FHUHEUR GH FDGDVXMHWR PLHQWUDV YDORUD XQD VLWXDFLyQ \ UHVSRQGH" WURODGR WDOYH]SRUTXH HOFRQGXFWRU VHKD GHVYDQHFLGR (Q ODYtDKD\ /DV WpFQLFDV GHQHXURLPDJHQ SHUPLWHQ DSUHFLDU TXHHQODVVLWXD FLQFR SHUVRQDV TXH QR SRGUiQ VDOLU DWLHPSR -XQWR D 3DFR KD\ XQD FLRQHV PRUDOHV SHUVRQDOHV ODVLPiJHQHV FHUHEUDOHV UHYHODQ XQD JUDQ SHUVRQD PX\ REHVDDODTXHSXHGH HPSXMDU \DUURMDU DODYtDTXH TXH DFWLYLGDG HQ]RQDV TXH GHVHPSHxDQ XQSDSHO FUXFLDO HQ HOSURFHVD GDUiREWXUDGD HQHVHFDVRHYLWDQGR DVtTXHPXHUDQ ODVFLQFRSHUVRQDV PLHQWR GHODVHPRFLRQHV XQFLUFXLWR TXHYDDSUR[LPDGDPHQWH GHV SHUR QRODREHVD TXH VHUiVDFULILFDGD SDUDVDOYDU DODVRWUDV FLQFR GH HOOyEXOR IURQWDO KDVWD HO VLVWHPD OtPELFR ORV MXLFLRV VREUH GLOH 8QD YH]HVWXGLDGDV ODVUHVSXHVWDV DHVWRVGLOHPDV 0DUF '+DX PDV PRUDOHV SHUVRQDOHV LPSOLFDQ XQD PD\RU DFWLYLGDG HQODViUHDV VHUDVHJXUD TXH WUDV VRPHWHU DODSUXHED DYDULRV PLOHV GH VXMHWRV FHUHEUDOHV DVRFLDGDV FRQODHPRFLyQ \ODFRJQLFLyQ VRFLDO ¢&XiO HVOD DSUR[LPDGDPHQWH HOGLMR TXH HUDOtFLWR TXH 'LDQD DFFLRQDUD OD UD]yQ GHTXHVXFHGD DVt" SDODQFD SDUD VDOYDU DORVFLQFR H[FXUVLRQLVWDV VDFULILFDQGR DORSHUD 6HJ~Q XQEXHQ Q~PHUR GH DXWRUHV SDUWH GHODUHVSXHVWD SRGUtD ULRPLHQWUDV TXHVyORXQ 2GHORVHQFXHVWDGRV WXYRSRUOtFLWR TXH HQFRQWUDUVH HQ ORV FyGLJRV GH IXQFLRQDPLHQWR PiV SULPLWLYRV GH 3DFR HPSXMDUD D OD SHUVRQD REHVD DXQTXH FRQ HOOR PXULHUDQ ODV QXHVWUR FHUHEUR DGTXLULGRV DORODUJR GHODHYROXFLyQ (VWRV FyGL RWUDV FLQFR ¢3RU TXp ORVVXMHWRV UHDFFLRQDQ GH XQD IRUPD GLVWLQ JRV TXH VRQ IXQGDPHQWDOPHQWH HPRFLRQDOHV VH HVWDEOHFLHURQ HQ WD DQWH ORV GLOHPDV SHUVRQDOHV \ORV LPSHUVRQDOHV" ¢3RU TXp HVWDQ SREODFLRQHV PX\SHTXHxDV HQODV TXHHUDQ QHFHVDULRV SDUD ODVXSHU FHUWHUR HOGLFKR ©RMRV TXH QR YHQ FRUD]yQ TXH QR VLHQWHª" (QHVWH YLYHQFLD HQHOVHQWLGR GHODD\XGD PXWXD (Q HORULJHQHYROXWLYR GH SXQWR HVFpOHEUH HO WUDEDMR GH *UHHQH TXH FRQVLVWH HQ HVFDQHDU OD ODVUHODFLRQHV VRFLDOHV \GXUDQWHODFRQVWUXFFLyQ GHOFHUHEUR KXPDQR DFWLYLGDG FHUHEUDO GH ORV VXMHWRV PLHQWUDV OHHQ GLOHPDV FRPR ORV ORVKRPEUHVYLYtDQMXQWRV HQSHTXHxRV JUXSRV KRPRJpQHRV GHUD]D PHQFLRQDGRV \OOHJDDFRQFOXVLRQHV YDOLRVDV " \FRVWXPEUHV TXH QXQFD VREUHSDVDURQ ORV  LQGLYLGXRV (QORV (Q SULQFLSLR DQWH ORV GLOHPDV SHUVRQDOHV ORV VXMHWRV HPSOHDQ PLOORQHV GH DxRV TXHGXUDODKRPLQL]DFLyQ ODKRPRJHQHLGDG \FR EDVWDQWH WLHPSR HQ SHQVDU VLFUHHQ TXH HVOtFLWR SHUMXGLFDU GLUHFWD KHVLyQ VRFLDOKDQ WHQLGR XQJUDQYDORU GHVXSHUYLYHQFLD 'HDKtTXH PHQWH DXQDSHUVRQD DXQTXH VHDSDUD VDOYDU DRWUDV FLQFR 6LOOHJDQ FXDQGR KD\FHUFDQtD ItVLFDVH DFWLYHQORVFyGLJRV PRUDOHV HPRFLRQD D OD FRQFOXVLyQ GH TXH QR VH GHEH KDFHU OR PiV IUHFXHQWH HV TXH OHVGHVXSHUYLYHQFLD SURIXQGRV PLHQWUDVTXHVLQRODKD\VHDFWLYDQ UHVSRQGDQ UiSLGDPHQWH DXQTXH DOJXQDV YHFHVWRPHQWLHPSR (VWR RWURV FyGLJRV FRJQLWLYRV PiV IUtRV PiV DOHMDGRV GHO VHQWLGR LQPH PXHVWUD TXH HQWHQGHU TXH HVOtFLWRGDxDUDDOJXLHQ SHUVRQDOPHQWH HV GLDWRGHVXSHUYLYHQFLD 3RU HVR QRVDIHFWDHPRFLRQDOPHQWH ODVLWXD SHQVDU DFRQWUDFRUULHQWH \SRUHVRVHQHFHVLWD WLHPSR SDUD DGTXLULU FLyQ GHODJHQWHQHFHVLWDGD \FHUFDQD FRVDTXHQR RFXUUHFRQODV JHQ OD FRQILDQ]D GH TXH HOMXLFLR HVFRUUHFWR $QWH ORVGLOHPDV PRUDOHV WHV QHFHVLWDGDV TXH QR FRQRFHPRV SHUVRQDOHV ORVVXMHWRV LQYHUWtDQ FDVL  VHJXQGRV HQ SUHSDUDU OD UHV SXHVWD \HQWUH \  HQ ORVFDVRV LPSHUVRQDOHV R QR PRUDOHV ¢4Xp ¢$TXt VH DFDED HQWRQFHV HO PDQGDWR ELROyJLFR GH FXLGDU HQ HO FXLGDGR GHORV ELROyJLFDPHQWH FHUFDQRV" (VPX\ SRVLEOH SHUR VLQR KD\ QDGD PiV HQWRQFHV QR KD\ IRUPD SDUHFHGHGLItFLOUHVSXHVWD ¢<TXLpQ HVPLSUyMLPR"$QWHODSUHJXQWD GH FULWLFDU OD FRUUXSFLyQ QL HO QHSRWLVPR SRUTXH D ILQ GH FXHQWDV -HV~VFXHQWDXQDKLVWRULD ODTXHKDYHQLGRDFRQYHUWLUVH HQSDUiEROD TXLHQHV ORV SUDFWLFDQ YHODQ SRU ORV TXH OHV VRQ FHUFDQRV \ VH GHVHQ SDUD FUHDUYHFLQGDULRV QXHYRV(OUHODWRGLFHDVt WLHQGHQ GH ORV OHMDQRV HQ HO WLHPSR R HQ HO DIHFWR 'H HOOR QRV RFX SDPRV HQ HO SUy[LPR FDSLWXOR SHUR SRU LUFHUUDQGR pVWH GLUHPRV %DMDED XQKRPEUH GH-HUXVDOpQ D-HULFy\ORDVDOWDURQ XQRVEDQGLGRV OR TXHODVSHUVRQDV WLHQHQODFDSDFLGDG GHTXHUHUFXLGDU \QRVyORDORV GHVQXGDURQ OR PROLHURQ D SDORV \ VH PDUFKDURQ GHMiQGROR PHGLR FHUFDQRV VLQR WDPELpQ DORVOHMDQRV DORV TXH QRYDQ DUHIRU]DU HO SURSLR SDWULPRQLR JHQpWLFR SHUR VRQ GH DOJXQD IRUPD FRVD PtD $TXt HOFXLGDGRVHFRQYLHUWH UHVXHOWDPHQWHHQUHVSRQVDELOLGDGFRU GLDOPHQWH DVXPLGD HQ TXHUHU FXLGDUSDUD KDFHUVH FRUUHVSRQVDEOH GHOELHQHVWDU \HOELHQVHU GHRWURV PXHUWR &DVXDOPHQWH EDMDEDXQ VDFHUGRWH SRU DTXHOFDPLQR \DOYHU OR GLR XQ URGHR \ SDVy GHODUJR /R PLVPR KL]R XQ OHYLWD TXH SDVDED SRU DTXHOVLWLR DOYHUOR GLRXQURGHR \SDVy GHODUJR 3HUR XQ VDPDULWD QR TXH LEDGH FDPLQR OOHJyMXQWR DpO\ DOYHUOR WXYR FRPSDVLyQ VH DFHUFy D pO \ OH YHQGy ODV KHULGDV HFKiQGROHV DFHLWH \ YLQR OXHJR OR PRQWy HQVXSURSLDFDEDOJDGXUD OROOHYy DXQDSRVDGD \FXLGy GHpO$O GtD VLJXLHQWH VDFDQGR GRV GHQDULRV \ GiQGRVHORV DOSRVDGHUR OH GLMR  &5($5 81 18(92 9(&,1'$5,2 (QXQPRPHQWR GH VXOLEUR /DLGHDGHODMXVWLFLD HO3UHPLR1REHOGH ©&XLGD GHpO\ VLJDVWDV DOJRGHPiV WHORSDJDUp DODYXHOWDª ¢4XLpQ GH HVWRV WUHVWH SDUHFH TXH VH KL]R SUyMLPR GHOTXH FD\y HQ PDQRV GHORVEDQGLGRV" (OOHWUDGR FRQWHVWy (FRQRPtD GH  $PDUW\D 6HQ SUHRFXSDGR SRU ODSRVLELOLGDG (OTXH WXYRFRPSDVLyQ GHpO GH VHQWDU ODVEDVHV GH XQDMXVWLFLDJOREDO TXHQHFHVDULDPHQWH WLHQH -HV~VOH GLMR TXHWUDVSDVDUODVIURQWHUDVGHORVYHFLQGDULRV FHUUDGRV UHFXUUHDXQD 3XHVDQGD KD]W~ORPLVPR KLVWRULD DOD SDUiEROD GHO EXHQ VDPDULWDQR WDO FRPR ODUHODWDHO HYDQJHOLR GH6DQ/XFDV 8QGRFWRUGHODOH\GHVHRVR GH KDFHU FDHU 7UHVKRPEUHVEDMDEDQ SRUHOFDPLQRELROyJLFDPHQWH SHUWUHFKD D-HV~V HQ XQDWUDPSDOH SUHJXQWD TXp GHEH KDFHU SDUDWHQHUYLGD GRV SDUD FXLGDU DVXV VHUHV FHUFDQRV GRV GH HOORVHO VDFHUGRWH \HO HWHUQD \-HV~VOHUHVSRQGHKiELOPHQWHFRQ RWUDSUHJXQWD ¢TXpGLFH OHYLWD FXOWXUDOPHQWHSUHSDUDGRV SDUD DWHQGHUDTXLHQORQHFHVLWDUD OD/H\"(OOHJLVWDVHYHREOLJDGR DFRQWHVWDU ©$PDUiV DO6HxRU WX'LRV SHUR IXHHOWHUFHUR HOVDPDULWDQR QDFLGR HQXQSXHEORHQHPLJRGHO FRQWRGRWXFRUD]yQ FRQWRGDWXDOPD FRQ WRGDV WXVIXHU]DV \FRQ MXGtR HOTXH WXYRFRPSDVLyQ GHOKHULGR\VHDSUR[LPy DpO)XH HO WRGDWXPHQWH \DWXSUyMLPRFRPR DWLPLVPRª -HV~VDODEDORDSUR SUyMLPR QR SRUTXHHVWXYLHUD FHUFD VLQR SRUTXH VHDFHUFy \FXLGy SLDGRGH ODUHVSXHVWD\OH LQYLWD DVHJXLU HOGREOH PDQGDWR SHURHO GHpO+DFLpQGRORFUHy XQQXHYRYHFLQGDULR GRFWRU FRQVFLHQWH GH TXHHVWi TXHGDQGR PX\PDOSRU SUHJXQWDU VHPHMDQWH REYLHGDG SODQWHDXQD QXHYD SUHJXQWD TXH HVWD YH] Vt     BBB BBāa‡ aBVa ¢3DUD TXp VLUYHODpWLFD"3DUD UHFRUGDU TXH ORVVHUHVKXPDQRV QH  (V FXULRVR TXH HOWpUPLQR ©VRVWHQLELOLGDGª VH WRPH GHOFDPSR HFR FHVLWDPRV VHU FXLGDGRV SDUD VREUHYLYLU \TXH HVWDPRV KHFKRV SDUD QyPLFR \TXHORLQWURGXMHUD &DUO YRQ&DUORZLW] HQ  HQ 'H6\OYLFXOWX FXLGDU GH ORVFHUFDQRV SHUR WDPELpQ SDUD UHFRUGDU TXH WHQHPRV OD UD RHFRQRPLFD YHU 0 1RYR (OGHVDUUROORVRVWHQLEOH 3HDUVRQ81(6&2 FDSDFLGDG GH OOHJDU KDVWD ORVOHMDQRV FUHDQGR YHFLQGDULRV QXHYRV 0DGULG SS   3DUD HVRKDFHIDOWDQR VyORSRGHU VLQRWDPELpQ TXHUHU KDFHUOR  /HRQDUGR %RII RFS   (Q  HO3URJUDPD GH1DFLRQHV 8QLGDV SDUD HO0HGLR $PELHQWH 3180$  HO)RQGR 0XQGLDO SDUD OD1DWXUDOH]D ::)  \OD8QLyQ ,QWHU 1RWDV QDFLRQDO SDUD OD &RQVHUYDFLyQ GHOD1DWXUDOH]D 8,&1  HODERUDQ XQD HV WUDWHJLD SDUD HO IXWXUR GHO SODQHWD EDMR HOOHPD &XLGDQGR OD7LHUUD 6X GH O eVWDHVODWHVLVIXQGDPHQWDO GH3DWULFLD 6 &KXUFKODQG HQ(OFHUHEURPRUDO VDUUROOR OOHYD DOD &DUWDGHOD7LHUUD 3DLGyV %DUFHORQD   TXH SDUHFH UD]RQDEOHPHQWH FRQILUPDGD 6XKL  /DZUHQFH .RKOEHUJ 3VLFRORJtDGHOGHVDUUROORPRUDO'HVFOpH GH%URX SyWHVLV HV TXH HO YtQFXOR VXEUD\DGR SRU ODWULVWH]D GH OD VHSDUDFLyQ \ HO ZHU %LOEDR 9LFHQW *R]iOYH] ,QWHOLJHQFLDPRUDO 'HVFOpH GH%URXZHU SODFHU GH ODFRPSDxtD \ JHVWLRQDGR SRU HO FLUFXLWR QHXURQDO \VXVWDQFLDV %LOEDR  QHXURTXtPLFDV HVODSODWDIRUPD QHXURQDO GHODPRUDOLGDG &RQ HOWpUPLQR OO &DURO *LOOLJDQ /D PRUDO\ODWHRUtD )&(0p[LFR  ©YtQFXORª VH UHILHUH DO HQGRFULQROyJLFR D ODV GLVSRVLFLRQHV D H[WHQGHU HO  $GHOD &RUWLQD eWLFD VLQ PRUDO 7HUQRV 0DGULG  FDS OO FXLGDGR DRWURV TXHUHU HVWDU FRQHOORV\HQWULVWHFHUVH SRUODVHSDUDFLyQ (VWH SXQWR DPLMXLFLR HVPX\ DFHUWDGR SHUR GHOUHVWR GHODFRQVWUXFFLyQ WHyUL $OLDQ]D\FRQWUDWR 7URWWD 0DGULG SS   +DQV -RQDV (OSULQFLSLR GHUHVSRQVDELOLGDG &tUFXOR GH /HFWRUHV FDGH&KXUFKODQG GLVFUHSR VXVWDQFLDOPHQWH 3DUD XQDH[FHOHQWH H[SOLFDFLyQ %DUFHORQD  GHODWHRUtD \HOKHFKR GHODHYROXFLyQ YHU)UDQFLVFR - $YDOD¢6R\XQPRQR"  $GHOD &RUWLQD /DVIURQWHUDV GHODSHUVRQD (OYDORUGHORVDQLPDOHV ODGLJQLGDGGHORVKXPDQRV 7DXUXV 0DGULG  $ULHO %DUFHORQD 3DUD ODDSOLFDFLyQ DODpWLFDYHU 6FRXW 0-DPHV $Q ,QWURGXFWLRQ WR(YROXWLRQDU\ (WKLFV:LOH\%ODFNZHOO 2[IRUG   0DULR 9DUJDV /ORVD /DILHVWD GHO FKLYR $OIDJXDUD 0DGULG  S  :LOOLDP 6KDNHVSHDUH /D 7UDJHGLDGH0DFEHWK HQ 2EUDV&RPSOHWDV $JXLODU 0DGULG S /D 7HUFHUD3DUWHGHO5H\(QULTXH 9,R F  &D\R -XOLR +LJLQLR HVFODYR PDQXPLWLGR SRU&pVDU $XJXVWR \ SRU WDQWR OLEHUWR IXH GLUHFWRU HQWUH RWUDV GHOD%LEOLRWHFD 3DODWLQD HQ5RPD  $ODVGDLU 0DFOQW\UH $QLPDOHV UDFLRQDOHV \ GHSHQGLHQWHV 3DLGyV %DUFHORQD O  $GHOD &RUWLQD 1HXURpWLFD\QHXURSRLLWLFD 7HFQRV 0DGULG  SS   3KLOLSSD )RRW ©7KH SUREOHP RIDERUWLRQ DQG WKHGRFWULQH RIGRX EOH HIIHFWª 2[IRUG5HYLHZQ    SS  0DUF ' +DXVHU /DPHQ WHPRUDO 3DLGyV %DUFHORQDV  SS  \  (QODREUD )DEXODHVHX*HQHDORJLDHVHHQFXHQWUD ODFpOHEUH IiEXOD GH&XLGD  0DUF '+DXVHU tELGS  GR Q   +LJLQLR YLYLy HQWUH HOD&\HOG&  -RVKXD ' *UHHQH HW DOLL ©$Q I05, ,QYHVWLJDWLRQ RI (PRWLRQDO =tO  /HRQDUGR %RII(OFXLGDGR QHFHVDULR7URWWD 0DGULG  (QJDJHPHQW LQ 0RUDO ,XGJHPHQWª 6FLHQFH YRO    SS   0DUWLQ +HLGHJJHU 6HU\7LHPSR SDUiJUDIRV \VV   9HUSRU HMHPSOR-RVKXD'*UHHQH©'HO HV QHXURQDO DO GHEH  PRUDO¢FXiOHVVRQODVLPSOLFDFLRQHVPRUDOHVGHODSVLFRORJtDPRUDOQHXUR FLHQWtILFDVªHQ$GHOD&RUWLQD HG *XtD &RPDUHV GH1HXURILORVRILD 3UiFWL FD&RPDUHV*UDQDGD SS  0LFKDHO6*D]]DQLJD(OFHUHEUR pWLFR3DLGyV%DUFHORQD SS \ )UDQFLVFR0RUD1HXURFXOWX UD$OLDQ]D0DGULG SS\VV  $PDUW\D6HQ/DLGHDGHODMXVWLFLD 7DXUXV0DGULG SS  75$16,7$5 '(/(*2Ë602 (67Ò3,'2 $/$&223(5$&,Ï1 ,17(/,*(17(  /XFDV   1XHYD %LEOLD (VSDxROD &ULVWLDQGDG 0DGULG SS \ O (V68,&,'$ *5$1-($56( (1(0,*26 -XDQ HV DIDEOH FDULxRVR GLVSXHVWR VLHPSUH DKDFHU XQIDYRU ([FHS WR HQ XQD RFDVLyQ FXDQGR VHSRQH DMXJDU DOSDUFKtV (QHVRV FDVRV HOGRFWRU -HN\OO SURIHVLRQDO \ERQGDGRVR VH WUDQVIRUPD HQXQ RGLR VR VHxRU +\GH HPSHxDGR HQ JDQDU ODSDUWLGD SHUR VREUH WRGR HQ PDWDU ODVILFKDV GHORVGHPiV (QFXDQWR SXHGH HOLPLQDU DXQDSREUH ILFKD TXH DFDED GH HVWUHQDUVH HQ HOWDEOHUR JUDFLDV DXQ DIRUWXQDGR FLQFR RYH OD RFDVLyQ GHPDWDU DRWUD DO FRQWDU ORV YHLQWH HVSDFLRV FRQTXLVWDGRV SRU KDEHU PDWDGR DXQD DQWHULRU VH OH LOXPLQDQ ORV RMRV VHUtHVLQ UHFDWR DOJXQR \GLFH WULXQIDQWH £D FDVD <HVWROHRFXUUH FRQ WRGRV FRQ VXPXMHU VXVKLMRV VXVDPLJRV QR SHUGRQD DQDGLH HOSDUFKtV ORVWUDQVIRUPD HQHQHPLJRV DORV TXHKD\ TXH DEDWLU ¢*DQD WRGDV ODVSDUWLGDV FRQ HVWHSURFHGLPLHQWR" 8QDV YHFHV Vt \RWUDV QR SRUTXH HQ HOSDUFKtV LQWHUYLHQHQ WDQWR ORV GDGRV \WDQ SRFR ODVHVWUDWHJLDV GHORV MXJDGRUHV TXH DSHQDV KD\ HVSDFLR SDUDODYHQJDQ]D 3HUR VtOR KXELHUD -XDQ QR JDQDUtD QLXQD VROD SDUWLGD SRUTXH ORTXH FRQVLJXH VLHPSUH HVJHQHUDU WDODQLPDG YHUVLyQ HQWUH VXV FRPSDxHURV GHMXHJR TXH OR~QLFR TXH TXLHUHQ HV $ £ā  ā? ā aāa a a BL ?  DFDEDU FRQ pO 7DPELpQ JDQDU SHUR HVR DFDED VLHQGR VHFXQGDULR OR OORVDORV TXHQHFHVLWDPRV SDUD VREUHYLYLU \ VREUH WRGR SDUDYLYLU PiV LPSRUWDQWH SDUD WRGRV HV PDWDUOH ILFKDV PDQGDUODV GH YXHOWD D ELHQ 3RUTXH DORV VHUHV KXPDQRV QR QRVEDVWD FRQ VREUHYLYLU PDO FDVD \DSRGHU VHUHQHOPRPHQWR HQTXHHVWiQDSXQWRGHHQWUDUHQ TXHELHQ DOR TXH DVSLUDPRV HV DYLYLU ELHQ 3RU HVR QRV LQWHUHVD OD PHWD (ODQVLD FRP~QGH YHQJDQ]D SODQHD VREUH HOWDEOHUR JUDQ SURORQJDU QXHVWUDYLGD VLHPSUHTXHWHQJD FDOLGDG MHDUVHHQHPLJRVQRSDUHFH LQWHOLJHQWH &ODUR TXHFRQ HOSDUFKtVVyOR VHWUDWDGHXQMXHJR 3HUR ¢TXpSDVD FXDQGR OR TXHHVWiHQHOWDEOHUR QR VRQ ILFKDVVLQR ODYLGD GHODV SHUVRQDV VXVDOXG VXHGXFDFLyQ VXVELHQHV VXIXWXUR" (OGHVDVWUH GHODV7RUUHV *HPHODVKL]R FDHUHQODFXHQWDDORVHV WDGRXQLGHQVHVGH TXHQRGHVSHUWDEDQ HODPRUXQLYHUVDOTXHFUHtDQ 8QDHQFXHVWD PXQGLDOSXVR VREUH HOWDSHWHTXHPXFKRV GHORV Gp ELOHVHVWDEDQFDQVDGRVGHVXDFWLWXGSUHSRWHQWH GHHVHFRQVWDQWH GDU  /RV &+,03$1&e6 621 0$;,0,=$'2 5(6 5$&,21$/(6 +D\XQDKLVWRULD ELHQ FRQRFLGD GHXQ DQFLDQR DFDGpPLFR TXH WHQtDSRU SULQFLSLR DVLVWLU DORV IXQHUDOHV GH ORV FROHJDV SRUTXH ©VL QR QR YHQ GUiQ DOPtRª (VWH FKLVWH UHYHODXQ H[WHQGLGR UDVJR KXPDQR KDJDPRV OR TXHKDJDPRV HVSHUDPRV DOJ~Q UHWRUQR /DUHFLSURFDFLyQ HVODEDVH GH ODFRRSHUDFLyQ  OHFFLRQHV GHGHPRFUDFLDDGLHVWUR\VLQLHVWUR FRPR VLHQ WRGDV SDU WHVQRKXELHUD FLHQOHJXDVGHPDOFDPLQR $OILQ \DODSRVWUHWRGRV 6RQGRVELyORJRV PDWHPiWLFRV0DUWLQ1RZDN\.DUO 6LJPXQG VRPRV YXOQHUDEOHV OD LQWHUGHSHQGHQFLD QRV FRQVWLWX\H\ PiV YDOH TXLHQHV FXHQWDQHVWDDQpFGRWDSDUD FDUDFWHUL]DU ODHVHQFLD GHORTXH VHPEUDUDPLJRVTXHHQHPLJRVDOLDGRVTXHHQYLGLRVRV\DGYHUVDULRV OODPDQHO©KRPEUHUHFLSURFDGRUªHVHKRPEUHJUDFLDVDOFXDOH[LVWHQ FRRSHUDU TXHEXVFDU HO FRQIOLFWR (V XQDFXHVWLyQ GH SUXGHQFLD OD MXHJRVFRRSHUDWLYRV/RVVHUHVKXPDQRVQRVyORHVWDPRVSUHSDUDGRV PiVDSUHFLDGDGHODVYLUWXGHVHQHOPXQGRJULHJR SDUD FXLGDUWDPELpQ ORHVWDPRV SDUD FRRSHUDU (VSUXGHQWH DTXHOTXHVDEH OR TXH OHFRQYLHQH \QRVyOR HQ XQ (QHIHFWRVXHOH GLVWLQJXLUVH HQODWHRUtD GHMXHJRV DOPHQRVHQWUH DVSHFWRGHVXYLGDVLQRHQ HOFRQMXQWRGHHOODQLWDPSRFRVyOR HQHO GRVWLSRV ORVMXHJRVGHVXPDQHJDWLYDRVXPDFHUR HVGHFLU DTXHOORV FRUWRSOD]R VLQRHQ HOPHGLR\HQ HOODUJR (OTXHQRVHRIXVFDSRU HQORVTXHOR TXHXQRV JDQDQ OR SLHUGHQORV RWURV GH PRGRTXHHO JDQDU\PRVWUDU VXIXHU]DRVXKDELOLGDGGHUURWDQGR DWRGRV VLQRHO UHVXOWDGR HVFHUR \ORVMXHJRVGHVXPDSRVLWLYD DVDEHU DTXHOORV HQ TXHHMHUFHODYLUWXG GHVDEHUGDU\UHFLELUFXDQGRFRQYLHQH JUDQMHDU TXHWRGRVSXHGHQJDQDU(OSDUFKtVHVXQMXHJR GHVXPDFHUR FRPR VHDPLJRV\QR HQHPLJRV DOLDGRV\QRDGYHUVDULRV 3RUTXHODVJHQWHV HOI~WERO HOWHQLV\ODPD\RUtDGHORV GHSRUWHV FRPSHWLWLYRV WRPDQ QRWD\SXHGHQYHQJDUVHRURPSHU ODEDUDMD 8QDH[FHSFLyQHQHVWHHQWRUQRSDUHFHQSUHVHQWDUODODVHOHFFLRQHV (VWDFRQVWDWDFLyQ GHVHQWLGRFRP~Q TXHSXHGH KDFHUFXDOTXLHUD GHPRFUiWLFDVTXHHQ SULQFLSLR GHEHUtDQ VHUMXHJRV GHVXPD FHUR FRQ XQSRFR GHVHVR WLHQHDOSDUHFHU EDVHV ELROyJLFDV 5HVXOWD VHU SRUTXH ORVHVFDxRV TXHJDQDQXQRVORVSLHUGHQRWURVSHUR PLODJUR TXHODPDGUH QDWXUDOH]D QR VyOR QRV KD SUHSDUDGR SDUD FXLGDU GH VDPHQWH DOGtDVLJXLHQWHGHODVYRWDFLRQHVODFLXGDGDQtDFRQWHPSOD QRVRWURVPLVPRV\GHRWURV VLQRWDPELpQSDUDFRRSHUDUFRQDTXH HVWXSHIDFWDTXH WRGRV KDQVDOLGR JDQDQGR \H[SHULPHQWD XQDYH]   ‡ā G   ā££   O PiV HODVRPEUR DQWH HOSRGHU GH ODVLQWHUSUHWDFLRQHV FRQ TXH VH UH ODWDQ ORVKHFKRV /DVFLIUDV FRQWDQWHV \VRQDQWHVFRQYHQLHQWHPHQWH VHFRQVLJXHDOJREXHQR \DGHPiVVHFUHDDOJRWDQ GHVHDEOH SDUDHO IXWXURFRPRORVYtQFXORVGHFRRSHUDFLyQ TXHVRQVXPDPHQWHUHQ LQWHUSUHWDGDVGDQSDUDWRGRVORVJXVWRVQRGLJDPRVORVKHFKRVGH WDEOHVDPHGLR\ODUJRSOD]R ODYLGDFRWLGLDQD /DILJXUDGHOKDPR RHFRQRPLFXVPD[LPL]DGRUGHVXJDQDQFLDQR 3HURH[FHSFLRQHVDSDUWHSDUHFHTXHHVHQORVMXHJRVGHVXPDSR VLUYHSDUDH[SOLFDUHVWH WLSR GHMXHJRVGHEHVHUVXVWLWXLGDWDPELpQ VLWLYDGRQGHWRGRVSXHGHQJDQDU\EDMRHVWDU~EULFDVHVLW~DQWRGRV HQHFRQRPtDSRUHO ©KDPR UHFLSURFDQVªSRUXQKRPEUH FDSD]GH ORVMXHJRVFRRSHUDWLYRV(QHOORVWRGRV ORVMXJDGRUHV SXHGHQ JD GDU\UHFLELUFDSD]GHUHFLSURFDUFDSD]GHFRRSHUDU\TXHDGHPiV QDU FRQWDO GHTXHFRRSHUHQDGHFXDGDPHQWH3HURDGHPiVWLHQHQ VHPXHYHWDPELpQSRULQVWLQWRV\HPRFLRQHV\QRVyORSRUHOFiOFX ORGHODPi[LPDXWLOLGDG XQDJDQDQFLDDVHJXUDGDSRUTXHVHDFXDOVHDHOUHVXOWDGRGHOMXHJR ORVTXHLQWHUYLHQHQHQpOKDQJHQHUDGRFRQILDQ]DPXWXD DUPRQtD YtQFXORVGHDPLVWDG\FUpGLWRPXWXRHVRTXHVHOODPD©FDSLWDOVRFLDOª \TXHOHVLQYLWDDVHJXLUFRRSHUDQGRHQMXHJRVSRVWHULRUHV1DWXUDO PHQWHSDUHFHPXFKRPiVUDFLRQDOHPEDUFDUVHHQHVWHWLSRGHMXHJRV TXHHQORVRWURVHQORVTXHYLYHQGHOFRQIOLFWR\ODHQHPLVWDG 8QHMHPSORHVHOFpOHEUHMXHJRGHOXOWLPiWXP(QpOXQMXJDGRU DO TXHOODPDUHPRVHO©SURSRQHQWHªFXHQWDFRQXQGHWHUPLQDGRORWHGH FUpGLWRV\WLHQHTXHGDUXQDSDUWHDRWURMXJDGRU HO©UHVSRQGHQWHª TXHSXHGHDFHSWDUODRIHUWDRQR 6LDFHSWD JDQDQORVGRVORTXHKDQ FRQYHQLGRHQ FDVR FRQWUDULR QLQJXQRJDQDQDGD6LIXHUDYHUGDG (VYHUGDGTXHKDELWXDOPHQWH ORVHFRQRPLVWDVKDQLQWHUSUHWDGR TXHODUDFLRQDOLGDGKXPDQDHVODTXHWUDWDGHPD[LPL]DUHOEHQHILFLR ODDFWLYLGDGHFRQyPLFDFRPRVLVXVSURWDJRQLVWDVIXHUDQKRPEUHV GRWDGRV GHXQD UDFLRQDOLGDG PD[LPL]DGRUDTXHWUDWD GHVDFDUOD ORVUHVSRQGHQWHV UDFLRQDOHV GHEHUtDQ DFHSWDUFXDOTXLHU RIHUWDTXH Pi[LPDJDQDQFLDDWRGD FRVWDFRVDTXHFXDGUDPX\ELHQFRQORV MXHJRVGHVXPDFHUR<FRPRVXFHGHTXHGXUDQWHPXFKRWLHPSROD UDFLRQDOLGDGHFRQyPLFDVHKDFRQVLGHUDGRFRPRHOPRGHORGHUD IXHUDVXSHULRUDFHURSRUTXHPiVYDOHWHQHUDOJRTXHQRWHQHUQDGD < SRUVXSDUWH HOSURSRQHQWHUDFLRQDOGHEHUtDRIUHFHUODFDQWLGDG PiVFHUFDQDSRVLEOHDOFHURSDUDJDQDUPiV 3HURUHVXOWDVHUTXHQRHV FLRQDOLGDGKXPDQD QRV KHPRVDFRVWXPEUDGR DFUHHU TXHDFWXDU pVHHOGHVDUUROORGHOMXHJRVLQRTXHORVUHVSRQGHQWHVWLHQGHQDUHFKD ]DU RIHUWDVLQIHULRUHVDOGHOWRWDOSRUTXHSUHILHUHQQR UHFLELU UDFLRQDOPHQWHVLJQLILFDWUDWDU GHPD[LPL]DUHOEHQHILFLRVLQPiVD QDGDDUHFLELUXQDFDQWLGDGKXPLOODQWH6LQRHVHQXQDVLWXDFLyQGH FXDOTXLHUSUHFLR PLVHULDHQODTXHDOJRHVPHMRUTXHQDGD ODVJHQWHVUHFKD]DQODKX 3HURODVFRVDVQRVRQDVt1RORVRQHQHOPXQGR KXPDQR HQJH PLOODFLyQ\SRUHVRORVSURSRQHQWHVWLHQGHQDRIUHFHUGHODO QHUDOSHURWDPSRFR HQODHFRQRPtDSRUTXH XQDJUDQSDUWHGHORV MXHJRVTXHMXJDPRVORVVHUHVKXPDQRVHQODYLGDUHDOVRQORVFRRSH GHOWRWDOSDUDSRGHUJDQDUXQDSDUWH\QRTXHGDUVHVLQQDGD  UDWLYRV\ HQ HOORVORVMXJDGRUHV QR DVSLUDQDREWHQHU HO Pi[LPR FRPR HOGHMXVWLFLDIRUPDQSDUWHHVHQFLDOLQFOXVRGHOTXHKDFHUHFR FDLJDTXLHQFDLJDVLQRTXHHVWiQGLVSXHVWRVDFRQWHQWDUVHFRQODVH JXQGDRODWHUFHUDRSFLyQPiVGHVHDEOHSDUDWRGRV8QLHQGRIXHU]DV a 1RFRQYLHQH HTXLYRFDUVHHQ HOMXHJR GHODYLGD6HQWLPLHQWRV QyPLFR QRGLJDPRV\DGHOTXHKDFHUpWLFR\TXLHQORLJQRUDDFDED KDFLHQGRSpVLPDVMXJDGDV  ā-,ā āā B a a B:āU! 3RU VLIDOWDUD SRFR \SDUD HVFDUQLR GH TXLHQHV HVWiQ HPSHxDGRV VLHPSUH TXH GHDOJXQD PDQHUD SRGDPRV UHFLELU (VWHGHVFXEULPLHQ HQ DVHJXUDU TXH OD UDFLRQDOLGDG KXPDQD FRQVLVWH HQ PD[LPL]DU HO WR KD YHQLGR DH[SOLFDU DO PHQRV HQ SDUWH OR TXH VH KD OODPDGR HO EHQHILFLR VLQWHQHU HQFXHQWD YDORUHV QLVHQWLPLHQWRV UHVXOWD VHUTXH PLVWHULR GHODOWUXLVPR TXH WLHQH GLVWLQWDV IRUPDV ORVTXH PXHVWUDQ HVHWLSR GHUDFLRQDOLGDG QR VRQORVVHUHVKXPDQRV VLQR ORVFKLPSDQFpV (OORVVtTXH VRQ RSWLPL]DGRUHV UDFLRQDOHV (OPiV GLItFLO GH H[SOLFDU HVHODOWUXLVPR ELROyJLFR TXH VHPXHVWUD HQODFRQGXFWD GHDOJXQRV DQLPDOHV \HQODGHORVVHUHVKXPDQRV 8Q $VtORKDQ PRVWUDGR H[SHULPHQWRV HQ ORVTXHORVFKLPSDQFpV MX LQGLYLGXR SUDFWLFD HO DOWUXLVPR ELROyJLFR FXDQGR LQYLHUWH SDUWH GH JDEDQ DOMXHJR GHOXOWLPiWXP DGDSWDGR SDUD HOORV6HSRQtDQ IUHQWH VXVUHFXUVRV SDUD IDYRUHFHU ODDGDSWDFLyQ GHRWUR /DVHOHFFLyQ QDWX DOSULPHU MXJDGRU GRVEDQGHMDV HQODVTXH HODOLPHQWR HVWDED GLYLGLGR UDO QR H[SOLFD HVWD FRQGXFWD DOWUXLVWD TXH SDUHFH EHQHILFLDU DO TXH SUHYLDPHQWH XQD SDUWH SDUD pO\ RWUD SDUD HOVHJXQGR MXJDGRU 3RU UHFLEH ORV UHFXUVRV \SHUMXGLFDU DO TXH ORV GD SRUTXH HO VXMHWR DO HMHPSOR ©RFKR XYDVSDUD Pt \GRVSDUD WLªFRQWUD ©FLQFR SDUD FDGD WUXLVWD DILQ GH FXHQWDV GLVPLQX\H VX LQYHUVLyQ HQ DGDSWDFLyQ 6L XQRª (OSULPHU MXJDGRU WHQtD TXH HPSXMDU ODEDQGHMD WDQ OHMRVGH Vt WRPDPRV HQ VHULR OD VHOHFFLyQ QDWXUDO HOSURFHVR HYROXWLYR GHEHUtD FRPR SXGLHUD HQ OD GLUHFFLyQ GHO VHJXQGR \pVWHWHQtD HQWRQFHV OD EDUUHU DORVDOWUXLVWDV DORVTXHUHGXFHQ VXYDORU UHSURGXFWLYR LQYLU RSFLyQ GH FHUUDU HOWUDWR DUUDVWUDQGR KDFLD VtODEDQGHMD R GHQR KD WLHQGR HQORVGHPiV SHUR HODOWUXLVPR ELROyJLFR H[LVWH \HVXQHQLJ FHUOR /RVVHUHV KXPDQRV UHFKD]DQ ODSULPHUD SURSXHVWD FXDQGR OD PD GHVGH HO SXQWR GHYLVWD GHOD DGDSWDFLyQ HV XQR GH ORV JUDQGHV VHJXQGD HV©FLQFRSDUD FDGDXQRª3HURORVFKLPSDQFpV QR/RVSUR FDEDOORV GHEDWDOOD TXHSXGR OOHYDU D'DUZLQ DUHWUDVDU ODDSDULFLyQ SRQHQWHVª FDVLVLHPSUH KDFtDQ SURSXHVWDV HJRtVWDV\ORV©UHVSRQGHQ GH (ORULJHQGHODVHVSHFLHV WHVª FDVLVLHPSUH DFHSWDEDQ FXDOTXLHU RIHUWD TXH QR IXHUD QXOD OR FXDOLQGLFD TXH QR DFWXDEDQ GHIRUPD LQGLVFULPLQDGD /RVLQWHQWRV GHH[SOLFDUHVWHHQLJPD VHKDQ VXFHGLGR \XQR GHORV PiV FpOHEUHV HVHOTXH RIUHFLy HOELyORJR HYROXWLYR +DPLOWRQ 6HJ~Q ,QFUHtEOH VRQORVFKLPSDQFpV ORVTXH PD[LPL]DQ HOEHQHILFLR VLQ pO HOLQGLYLGXR DOWUXLVWD HQ UHDOLGDG OR TXH LQWHQWD HV SURWHJHU VXV DWHQGHU DPiV FRQVLGHUDFLRQHV PLHQWUDV TXH ODV SHUVRQDV VH GDQ JHQHV VDFULILFD SDUWH GH VXV UHFXUVRV HQ EHQHILFLR GH RWURV LQGLYL FXHQWD GHTXH HVPiVUD]RQDEOH KDFHU ODVSURSXHVWDV TXHSXHGHQ VHU GXRV TXH HVWiQ YLQFXODGRV FRQ pO JHQpWLFDPHQWH 3RU OR WDQWR ORV DFHSWDGDV SRU WRGRV %XVFDU HOEHQHILFLR PXWXR HV PiV UD]RQDEOH FRPSRUWDPLHQWRV TXH SDUHFHQ DOWUXLVWDV HQ UHDOLGDG VRQ HJRtVWDV TXH HPSHxDUVH HQHOPi[LPR FDLJDTXLHQ FDLJD IDYRUHFHQ DOJHQ HJRtVWD &RQ HVWDLQWHUSUHWDFLyQ ELROyJLFD HQODPDQR +DPLOWRQ VHVLQWLy FRQ IXHU]DV SDUD UHIRUPXODU HQ OHQJXDMH JHQpWLFR XQD UHJOD PRUDO  /$ $<8'$ 0878$ 35(3$5$'26 3$5$ &223(5$5 TXH HVWi SUHVHQWH HQWRGDVODVPRUDOHV UHOLJLRVDV \VHFXODUHV \TXHKD VLGR \VLJXH VLHQGR XQR GH ORV SULQFLSLRV PRUDOHV TXH KDSURGXFL &RRSHUDU HVSXHV PiVLQWHOLJHQWH TXHEXVFDU FRQIOLFWRV WUDWDQGR GH GR PD\RU FDQWLGDG GH UHIOH[LyQ \ GH ELEOLRJUDItD OD 5HJOD GH 2UR PD[LPL]DU JDQDQFLDV SRUTXH ODVSHUVRQDV HVWDPRV GLVSXHVWDV DGDU /D5HJODGH2UR WLHQH GRVYDULDQWHV XQD QHJDWLYD\RWUDSRVLWLYD /D  G  ,  DWLª 0LHQWUDV TXH OD IyUPXOD SRVLWLYD RUGHQD ©+D] DORV GHPiV HQWUH HOORV VRQ JUDQGHV /RV PRQRV LQWHUFDPELDQ IDYRUHV FRPR TXLWDUVH PXWXDPHQWHORV SLRMRVSHUR VLHPSUHVHOLPLWDQDOLQWHU OR TXH TXLHUDV TXH WH KDJDQ DWLª (VpVWD XQD UHJOD DOWUXLVWD SRU FDPELRGHXQVRORIDYRU\DGHPiVORKDFHQGHQWURGHXQFRQWH[WR TXH WLHQH VXSXQWR GH PLUD HQ ORVGHPiV \QR HQ ODSURSLD SHUVR GHWHUPLQDGR \FRQXQODSVRFRUWR GHWLHPSR SDUDHOLQWHUFDPELR QD TXH GHEH VHJXLUOD 3RUHVRDOJXQRVDXWRUHVKDEODQGHTXHORVDQLPDOHVSUDFWLFDQORTXH SULPHUD GLFH ©QRKDJDV DORVGHPiV OR TXH QR TXLHUDV TXH WHKDJDQ (YLGHQWHPHQWH OD 5HJOD GH 2UR RUGHQD WHQHU HQ FXHQWD DORV VHKDOODPDGRHOPXWXDOLVPRSRU GHULYDFLyQ SDUDGLVWLQJXLUORGHOD RWURV QR IDYRUHFHU DOSURSLR LQGLYLGXR SRU HVRSDUHFH LUHQFRQWUD FRQGXFWDWtSLFDGHORVKRPEUHV TXHGHVFDQVDHQODFDSDFLGDGGHUH GHODVHOHFFLyQQDWXUDO<DTXtHVGRQGH+DPLOWRQFUHHHQFRQWUDUOD FLSURFDU  /RVDQLPDOHVQRSDUHFHQHVWDUGLVSXHVWRVDHVSHUDUTXHHO VROXFLyQDOSUREOHPD\HVTXHTXLHQVLJXHODUHJODREWLHQHHQUHDOL IDYRUVHOHV GHYXHOYDDPHGLRRODUJRSOD]R\DGHPiVXQIDYRUGHXQ GDGXQEHQHILFLRJHQpWLFRHODOWUXLVPRELROyJLFRHVHJRtVPRJHQp WLFR'HDKtTXHVHFRQVLGHUHDXWRUL]DGRSDUDUHIRUPXODUOD5HJODGH WLSRGLVWLQWRDOTXHUHFLELHURQ 3RURWUDSDUWHFRPRGLFH7RPDVHOOR ©QXQFDYHUpLVDGRVFKLPSDQFpVOOHYDQGRMXQWRVXQWURQFRªODFDSD 2URHQHOVHQWLGRGHOD5HJODGH+DPLOWRQ TXHGLFHDVt©2EUDFRQORV GHPiVVHJ~QODPHGLGDHQTXHFRPSDUWDQWXVJHQHVª FLGDGGHFRRSHUDUHVSURSLDGHODHVSHFLH KXPDQD (QHIHFWRHQHOFDVRGHODVSHUVRQDV FRQWDPRV FRQXQPHFDQLV (VWDUHJODQRKDUtDVLQRIDYRUHFHUODSURSHQVLyQ TXHORVLQGLYL PRSVLFROyJLFR PiVFRPSOHMR TXHSHUPLWHKDEODUGHUHFLSURFLGDG GXRVWLHQHQDFXLGDUGHVXVFUtDV\GHVXVSDULHQWHVJHQpWLFRVSHURHQ FRQGLVWLQWDVIyUPXODV /DVPiV FRQRFLGDVVHUtDQ HODOWUXLVPR UHFt ~OWLPRWpUPLQR IDYRUHFHUtDDORVSURSLRVJHQHV4XHORVSDGUHVVH SURFRTXHHV XQWLSRGHFRQGXFWDEDVDGRHQHO HJRtVPRSRUTXHUH VDFULILTXHQSRU ORVKLMRVQR VHUtDSXHVQLQJ~Q PLVWHULRGHVGHHO SXQWRGHYLVWDGHODELRORJtDFRPR\DFRPHQWDPRV VXOWDUHQWDEOH VLVHSUDFWLFD FRQ DTXHOORVTXHWLHQHQ FDSDFLGDGGH 6LQHPEDUJRHVWDLQWHUSUHWDFLyQQRUHVXOWDVXILFLHQWHSDUDH[SOL FDUHOPLVWHULRGHODOWUXLVPRELROyJLFRSRUTXHKD\DFFLRQHVFRVWRVDV FRRSHUDUFRQRWURV\FDVWLJDUDTXLHQHVYLRODQODVQRUPDVGHFRRSH UDFLyQ FRQFRVWHSHUVRQDO DXQTXHVHDSRFRSODXVLEOH HVSHUDUTXH SDUDXQLQGLYLGXR TXHWUDVSDVDQODEDUUHUD GHOSDUHQWHVFR¢FyPR GLFKRVFRVWHVYD\DQDVHUUHHPEROVDGRVSRURWURVPiVDGHODQWH \OD GDU UD]yQ GHHOODV"/DUHVSXHVWDPiVSODXVLEOHODTXHJR]DGHXQ UHFLSURFLGDG LQGLUHFWDHQYLUWXGGHODFXDOHVWDPRV GLVSXHVWRVDGDU PD\RUp[LWRHVTXHORVKRPEUHV\DOJXQRVDQLPDOHVWLHQHQODFDSD FRQ WDOGHTXH VH QRV GHYXHOYDPiV DGHODQWH DXQTXH VHDQ RWURV FLGDGGHGDUFRQODH[SHFWDWLYD GHUHFLELUKD\DFFLRQHVDOWUXLVWDVTXH TXLHQHVQRVGHYXHOYDQ UHFLSURFDUODUHFLSURFLGDGIXHUWH TXHFRQVLVWH HQODSUHGLVSRVLFLyQ D QRVHH[SOLFDQSRUHOSDUHQWHVFRVLQRSRUTXHTXLHQODVUHDOL]DHVSH (VWDV IRUPDV GH DOWUXLVPR UHTXLHUHQ TXHTXLHQHV ODV SUDFWLFDQ UDUHFLELU(VWDPRVGLVSXHVWRVDGDUDVDFULILFDUSDUWH GHQXHVWUDV HQHUJtDVVLHPSUHTXHGHDOJ~QPRGRKD\DHVSHUDQ]DGHUHFLELU HVWpQ\DHTXLSDGRVFRQXQEDJDMHSVLFROyJLFRGHHQYHUJDGXUD FRP 'HQXHYRORVH[SHULPHQWRVFRQPRQRV\FRQVHUHVKXPDQRVGH PXHVWUDQTXHDXQTXHORVGRVWLHQHQ HVDFDSDFLGDGODVGLIHUHQFLDV GHORTXHVHGD\ORVEHQHILFLRV TXHFDEHHVSHUDU UHFRUGDULQWHUDFFLR QHVDQWHULRUHV\FDOLEUDUVLFDEHFRQILDUHQREWHQHUEHQHILFLRVUHFR Hª SXHVWRDOPHQRVSRUODVVLJXLHQWHVFDSDFLGDGHVFXDQWLILFDUORVFRVWHV  QDFHU ODGHSHQGHQFLD HQWUH GDU \UHFLELU FDOFXODU FXiQWR WDUGDQ HQ KDFLHQGRSRVLEOHODVHOHFFLyQ GHJUXSRVDORODUJRGH ODHYROXFLyQ OOHJDUORVEHQHILFLRV \HVWDUGLVSXHVWR DDFHSWDU HOGHVIDVHHQWUHHODFWR SRUTXHFXDQGRXQJUXSRDGTXLHUHXQFRQMXQWRPD\RU\PiVHVWDEOH LQLFLDOGH GDU \ HOGH UHFLELU3HURWDPELpQ RWUDVWUHV FDSDFLGDGHV GHQRUPDV PRUDOHVTXHVXVYHFLQRVYHQFHHQODFRPSHWHQFLDGHDKt HVHQFLDOHVTXHGDQ DOMXHJRGHODFRRSHUDFLyQXQFDUiFWHUPHQRV ODHYROXFLyQVHOHFWLYD&RQORFXDO DTXHOORVJUXSRVTXHVRQ LQWHOL ULVXHxRGHORTXHSDUHFHDSULPHUDYLVWDODFDSDFLGDGGHGHWHFWDUD ORVTXHYLRODQODVQRUPDVGHODUHFLSURFLGDGODGHGHVFXEULUODLQWHQ JHQWHVWUDWDQGHUHIRU]DUVXV OD]RV LQWHUQRVFRQVWUX\HQLQVWLWXFLR QHVTXHJDUDQWLFHQTXHTXLHQHVGHQSRGUiQUHFLELU\TXHVHFDVWLJDUi FLyQGHTXLHQHVDFW~DQSRUTXH VL QRHVLPSRVLEOHGHVFXEULUDORV DORVLQIUDFWRUHVEXVFDUiQVtPERORVTXHOHVFRKHVLRQHQFRPR XQD YLRODGRUHV\ODFDSDFLGDGGHFDVWLJDUDHVRVTXHGHIUDXGDQSDUDGL KLVWRULDFRQWDGDHQXQVHQWLGRGHWHUPLQDGRXQKLPQRXQDEDQGH VXDGLUGHIXWXUDVLQIUDFFLRQHV UD\WRGRHOORIDYRUHFHUiDOJUXSRHQVXFRQMXQWR\DORVLQGLYLGXRV 3RUTXHDOFRPSUREDU TXHHOMXHJRGHGDU\UHFLELUUHVXOWDEHQH ILFLRVRSDUDHOJUXSR\SDUDORVLQGLYLGXRV TXHORFRPSRQHQ HVWH TXHORFRPSRQHQ $VtVHHQWLHQGH TXHODHYROXFLyQKD\DOOHYDGRDILMDUODFRQGXFWD MXHJRKDLGRFULVWDOL]DQGRHQQRUPDVGHUHFLSURFLGDGTXHIRUPDQHO HVTXHOHWRVREUHHOTXHVHVXVWHQWDODHQFDUQDGXUD GHXQDVRFLHGDG FRRSHUDWLYD\DOWUXLVWD'HKHFKR VREUHHVWDEDVH%ULDQ6N\UPVHV /RVPLHPEURV GH HVDVRFLHGDGVHEHQHILFLDQGH VXDGKHVLyQ DODV QRUPDVORFDOHV\HVWiQGLVSXHVWRVDFDVWLJDUDORVLQIUDFWRUHVDXQTXH LPSHUDWLYRFDWHJyULFRNDQWLDQRTXHGLFHDVt ©2EUDVyORGHWDOPRGR TXH Vt ORVGHPiV REUDUDQFRPR W~ VHPD[LPL]DUtDWX FDSDFLGDG DOFDVWLJRVHOHSXHGDOODPDU©FDVWLJRDOWUXLVWDªSRUTXHUHVXOWDFRV DGDSWDWLYDªeVWDHVODWUDGLFLyQGHOFRQWUDWRVRFLDOSHURWDPELpQ WRVRDTXLHQORLQIOLJH\DGHPiVQRVDEHVLH[LVWLUiODRSRUWXQLGDG GH YROYHUDYHUDODSHUVRQDLPSOLFDGD1RHVXQDDFWLWXGHJRtVWDSHUR ODGH.URSRWNLQHOFOiVLFRGHODQDUTXLVPR TXHHQ$\XGDPXWXDXQ Vt HVWUDWpJLFDFRQVLVWHHQFRRSHUDUFRQDTXHOORVHQ TXLHQHVSRGH PRVFRQILDU\FDVWLJDUDORVTXHGHIUDXGDQ SHFLDOLVWDHQWHRUtDGHMXHJRV SURSRQHXQDYHUVLyQ GDUZLQLVWDGHO IDFWRUGH HYROXFLyQ GRFXPHQWDFRQGDWRV HPStULFRV FyPRODD\XGD PXWXDHVPHMRUIDFWRUGHVXSHUYLYHQFLDTXHODFRPSHWLFLyQ 3RUHVRGHFtD.DQWKDFHPiVGHGRVVLJORVHQVXHVFULWRVREUH/D /RFXDOHVEXHQD PXHVWUD GHTXHFXDQGRKDFHPRVDOJRHVSHUD SD]SHUSHWXDTXHKDVWDXQSXHEORGH GHPRQLRVTXHVRQVHUHVVLQ PRVUHWRUQRODUHFLSURFDFLyQHVODEDVHGHODFRRSHUDFLyQ3HURQR VHQVLELOLGDG PRUDOSUHIHULUtDIRUPDU XQ (VWDGR GH GHUHFKR HQ HO VLHPSUHHVSHUDPRVTXHQRVGHYXHOYDQHOIDYRUORVPLVPRVDORVTXH TXHORVLQGLYLGXRVVRQSURWHJLGRVSRUODVOH\HVTXHTXHGDUGHVDP VHORKDFHPRVVLQRTXHELHQSXHGHQVHURWURV(ODQFLDQRDFDGpPLFR SDUDGRVHQXQ(VWDGRVLQOH\HVHQHOTXHFXDOTXLHUDOHVSXHGHTXLWDU QR HVSHUDEDTXHDVLVWLHUDQDVXIXQHUDOORVPLVPRVFROHJDVDFX\R ODYLGD ODSURSLHGDG ODOLEHUWDG GHGHFLGLU HOSURSLRIXWXUR3HUR HVRVt.DQWDxDGtDTXHORVGHPRQLRVSUHIHULUtDQHQWUDUHQHVH(VWD IXQHUDODVLVWtDHYLGHQWHPHQWHVLQRRWURVGLVWLQWRV 6REUHODEDVHGHHVWDVLQYHVWLJDFLRQHVVHKDOOHJDGRDGHFLUTXHODV GR\UHQXQFLDUDODOLEHUWDGVLQOH\HVVLHPSUHTXHIXHUDQLQWHOLJHQ SHUVRQDV VRPRVXQD HVSHFLHKtEULGD GHO KRUQRRHFRQRPLFXV \ GHO KRUQRUHFLSURFDQV 'HKHFKRHVWDFRQGXFWD UHFLSURFDGRUDKD LGR WHV 3HURVLORVRQHQWRQFHV VHOODQ XQFRQWUDWR\HQWUDQ DIRUPDU āa SDUWHGHXQ(VWDGR GHGHUHFKRHQHOTXHHVWiQGLVSXHVWRVDFXPSOLU  FRQ VXV GHEHUHV VLHPSUH TXH VH OHV SURWHMDQ VXV GHUHFKRV eVH HV TXHSRQJDOtPLWHDORVGDxRVTXHVHFDXVDQDODVRFLHGDG\DXPHQWH HO ELHQ TXH VH LQWHUFDPELD HQ HVHWLSR GH (VWDGR FXPSOLU FRQ ORV GHEHUHV \ODVUHVSRQVDELOLGDGHV DFDPELR GH YHU SURWHJLGRV ORV GH ODFRQILDQ]D &RPRWDPELpQDFODUDUTXpLQVWLWXFLRQHVGHEHQFRQWURODUHOFXP UHFKRV SOLPLHQWRGH ODVOH\HV\VREUH WRGR FRQWURODU DORVFRQWURODGRUHV 3DUHFH SXHV TXH ODVQHXURFLHQFLDV \ODVUHVWDQWHV FLHQFLDV FRJQL H[LJLHQGRUHVSRQVDELOLGDGHV\SHQDOL]DQGR ODV LQIUDFFLRQHV /H\HV WLYDVGDQ ODUD]yQ DODWUDGLFLyQ FRQWUDFWXDOLVWD GHVGHODpSRFDGHORV FODUDV\FRQWUROHVSHUWHQHFHQDOD FXOWXUDGHODREOLJDFLyQOHJDOTXH FD]DGRUHVUHFROHFWRUHV HOSULQFLSLR DGDSWDWLYR KD LGR DFXxDQGR HVH FXHQWDFRQODFRDFFLyQ\ODVDQFLyQFRPRSDODQFDVPRWLYDGRUDVDO FHUHEUR FRQWUDFWXDOLVWD TXH QRV OOHYDQR DEXVFDU HOPD\RU ELHQ GHO PHQRVTXHHOPLHGRJXDUGHXQSRFRODYLxD &RPRELHQGHFtD2U PD\RU Q~PHUR QLODSURPRFLyQ GHORVPiVDYHQWDMDGRV VLQRDVHOODU WHJD ©ODFXOWXUDHVXQDFWRGHERQGDGPiVTXHGHJHQLR\VyOR KD\ XQSDFWR GHD\XGDPXWXD FRQ WRGRV DTXHOORV TXHQRV VRQQHFHVDULRV ULTXH]DHQORVSDtVHVGRQGH WUHV FXDUWDV SDUWHV GHORVFLXGDGDQRV SDUD VREUHYLYLU \SURVSHUDU FXPSOHQFRQVXREOLJDFLyQª (VWRHVFLHUWR\ORPtQLPRTXHSRGUtDQKDFHUORVSRGHUHVS~EOL  (/ &$67,*2 *8$5'$ /$9,f$ FRV TXHWLHQHQXQHVSHFLDOGHEHUGHJHVWLRQDUORVUHFXUVRVSRUELHQ GHORVFLXGDGDQRVHVFXPSOLUFRQVXREOLJDFLyQ (VXQPtQLPR QR XQPi[LPR 6LQHVHPtQLPR QRKD\(VWDGRGHGHUHFKRSRVLEOHVLQR 6LQHPEDUJRSDUHFHPRVHVWDUROYLGDQGRDOJXQDVGLPHQVLRQHVHQ HOMXHJRGHODFRRSHUDFLyQ TXHUHVXOWDQ LPSUHVFLQGLEOHVSDUD TXH ORTXHVHKDOODPDGR©IDPLOLVPRDPRUDOª \QHSRWLVPR &DGDTXLHQ IXQFLRQH\VRQPXFKRPHQRVULVXHxDVGHORTXHYHQLPRVGLFLHQGR (QSULQFLSLR HO JUXSR VH UHIXHU]DFDVWLJDQGRD ORVTXHYLRODQODV GDGDXQ(VWDGRVLQOH\ 3HURFRQVHUHVWRFLHUWRQRORHVPHQRVTXHODSXUDFRDFFLyQOH QRUPDV\HVRH[LJHHVWDEOHFHUOH\HVELHQFODUDVTXHSRQJDQFRWRD ODVFRQGXFWDVTXHSHUMXGLFDQDOFRQMXQWR JDOQREDVWDSDUDKDFHUHILFD]XQDOH\ SDUDORJUDUHIHFWLYDPHQWHVX FXPSOLPLHQWRSRUGRV UD]RQHVHQWUH RWUDV 3RUTXH KHFKDODOH\ 0HMRUQRVKXELHUDLGR\QRVLUtDHQ(VSDxDVLH[LVWLHUDQOH\HVELHQ FODUDVTXHFRQGHQDUDQVLQDPEDJHVODFRUUXSFLyQODPDODJHVWLyQGH KHFKDODWUDPSDHVLPSRVLEOHHOXGLUDORVSROL]RQHVTXHYLDMDQHQHO ORVUHFXUVRVS~EOLFRVHOXVRGHELHQHVS~EOLFRVFRQILQHVSULYDGRV ODFDGHQDGHFRQWURODGRUHVKD\VLHPSUHXQ~OWLPRSXQWR TXHHVLQ TXHLPSLGLHUDQODVFXDQWLRVDVLQGHPQL]DFLRQHVGHTXLHQHVOOHYDURQ DODVHQWLGDGHVILQDQFLHUDVDSHGLUFDQWLGDGHVDVWURQyPLFDVSDUDVD FRQWURODEOH\GHSHQGH\DGHODFRQYLFFLyQSHUVRQDO4XLHQQRUHVSH QHDUVXVFXHQWDVUHJXODUDQODILQDQFLDFLyQWUDQVSDUHQWHGHORVSDU <HVYHUGDGTXHORVPiVDYLVDGRVORVTXHFXHQWDQFRQDVHVRUHVGH WLGRVKLFLHUDQSRVLEOHUHDOPHQWHODLQGHSHQGHQFLDGHORVWULEXQDOHV EXHQQLYHOFDOFXODQFXiQWRVHJDQDFRQODWUDPSD\FXiQWRFRVWDUtD ODSRVLEOHPXOWD\WRUQDQODRSFLyQTXHFRQVLGHUDQPiVUHQWDEOH1R GHMXVWLFLD(VXUJHQWHSURSLFLDUXQDOHJLVODFLyQFODUD\WUDQVSDUHQWH a EUHJDSRUORVVX\RV\VHROYLGDGHODFLXGDGDQtDYROYLHQGRHQUHDOL WUHQGHO(VWDGRVLQSDJDUHOSUHFLRGHOELOOHWH\VREUHWRGRSRUTXHHQ WDDORV RWURV\DVtPLVPRPDOYDDWRPiUVHORVHQVHULR  ODPiVOHJDOVLQRODPiVUHQWDEOH <ORVTXHWLHQHQ PHQRV SRVLELOLGD GH VHU DFRJLGD HQHOJUXSR FRQGHQDUOH DODYHUJHQ]D VRFLDOSRGUtD GHVGH DFFHGHU DHVHWLSR GHLQIRUPDFLyQ RELHQ FXPSOHQ SRUTXH QR VHUPX\HIHFWLYR \GH KHFKR HVXQR GHORVUHFXUVRV TXH DSDUHFH HQ KD\ PiV UHPHGLR R ELHQ VLJXHQ KDFLHQGR GH OD SLFDUHVFD GH EDMD ODVQRYHODV HMHPSODUL]DQWHV FXDQGR HODXWRU TXLHUH WUDQVPLWLU DVXV LQWHQVLGDG XQDIRUPD GHYLGD4XH HQ(VSDxD YLHQH GHPX\ DQWLJXR OHFWRUHV OD PRUDOHMD GH TXH TXLHQ PDO DQGD PDODFDED TXH GRQGH SHUR VLJXHVLHQGR XQUDVJR GHO FDUiFWHU HQORVHVWUDWRV DOWRV PHGLRV QR KD\OH\HV TXH FDVWLJXHQ HVWiODVRFLHGDG SDUD SURSLQDU VXPHUH \EDMRV XQD WULVWH KHUHQFLD GH QXHVWUD FXOWXUD (O HMHPSOR PiV PR FLGR DOLQIUDFWRU GHVWR HVHO GH OD LQHYLWDEOH SUHJXQWD DQWH FXDOTXLHU VHUYLFLR ©¢FRQ 'HHQWUH ORV FHQWHQDUHV GH HMHPSORV TXH H[LVWHQ HQODOLWHUDWXUD ,9$RVLQ,9$"ªTXHYDVXELHQGR GHWRQR FRQ ORVIRQGRV GHUHSWLOHV HVELHQ FRQRFLGR HOGH /DVDPLVWDGHVSHOLJURVDVGH &KRGHUORV GH/D ORVPDOHWLQHV VLQORVTXH QR KD\ FRQWUDWR SHQVDEOH RODVFRQQLYHQ GRV TXH GDILQ DVX QRYHOD GHMDQGR ELHQFODUR FyPR WRGRV ORVPDO FLDVHQWUH ORVGLVWLQWRV SRGHUHV GHO(VWDGR YDGRV UHVXOWDQ FDVWLJDGRV HVSHFLDOPHQWH ODVHxRUD GH0HUWHXLO TXH /DVOH\HV\ORVFRQWUROHV FRQ VHULPSUHVFLQGLEOHV QR EDVWDQ SDUD KDWUDLFLRQDGR ODFRQILDQ]D GHODVHxRUD GH9RODQJHV SHUYLUWLHQGR D FRQVHJXLU TXH VHFXPSODQ ODVOH\HVGH OD FRRSHUDFLyQ KDFH IDOWD OD OD MRYHQ &HFLOLD 9RODQJHV FXDQGR OD PDGUH OR TXH OH KD SHGLGR FRQYLFFLyQ SHUVRQDO GHTXH HVSUHFLVR MXJDU KRQHVWDPHQWH DHVHMXH HVTXHOHHQVHxH DYLYLUHQXQPXQGR VRFLDOHQHOTXHHVGLItFLO GHVHQ JR GH VXPD SRVLWLYD TXH UHVXOWD WDQWR PiV EHQHILFLRVR SDUD WRGRV YROYHUVH (O FDVWLJR TXH OD DXWRUD SURSLQD DOD PDOYDGD VHxRUD GH FXDQWR PiV JHQWHV QRV FRPSURPHWDPRV FRQ pO(QHVRHVHQOR TXH 0HUWHXLO TXH KDSURYRFDGR ODLUD GHORVOHFWRUHVDORODUJR GHOUHODWR FRQVLVWH FRQYHQFHUVH PRUDOPHQWH GHTXH YDOH ODSHQD KDFHUOR \KD\ HVHMHPSODU TXH KDFHUOR 3DUD HVRWDPELpQ VLUYHODpWLFD3HURHQWRQFHV VHSUHVHQ WD HOSUREOHPD ¢FyPR VHFRQYHQFH DODSREODFLyQ GH DVXPLU REOLJD &XDQGR YROYLy DQWHD\HU GHOFDPSR FXHQWD DXQDDPLJD ODPDGUH GH FLRQHVPRUDOPHQWH" &HFLOLD ODVHxRUD GH0HUWHXLO VHDSHy HQHOWHDWUR LWDOLDQR GRQGH WLH 8QR GHORVFDPLQRV SRVLEOHV TXH FXHQWD FRQ PXFKRV GHIHQVRUHV QHXQ SDOFR HVWDED VROD HQ pO\ORTXH OHGHELy SDUHFHU H[WUDxR HV TXH FRQVLVWH HQFDVWLJDU DORVYLRODGRUHV FRQ ODYHUJHQ]DVRFLDO(VGHFLU QLQJ~Q KRPEUH HQWUy DDFRPSDxDUOD HQWRGR HOWLHPSR TXHGXUy HOHV GHQXHYR FRQ ODFRDFFLyQ FRQ HOPLHGR SHUR DKRUD QR FRQ HOWHPRU DORVFDVWLJRVOHJDOHVVLQRFRQ HOPLHGR DOUHSXGLR GHODVRFLHGDG /RV FLXGDGDQRV VH GLFH GHEHUtDQ PRVWUDU VXUHFKD]R DELHUWDPHQWH IUHQWH DFLHUWDV FRQGXFWDV TXH FRQVLGHUDQ GDxLQDV SDUD ODVRFLHGDG FRQ DFFLRQHV ELHQ FODUDV GLIXQGLU OD QRWLFLD SRU ODVUHGHV VRFLDOHV KDFHU QRWDU HQ ODVFDOOHV\HQ ORV HVWDEOHFLPLHQWRV S~EOLFRV TXH HVD SHUVRQD QR HVELHQYHQLGD DEXFKHDU R QHJDU HOVDOXGR 7HQLHQGR HQ FXHQWD TXH XQDGHODVPiV IXHUWHV QHFHVLGDGHV GH XQD SHUVRQD HVOD  SHFWiFXOR $ODVDOLGD HQWUy FRPR DFRVWXPEUD SDUD HVSHUDU VXFRFKH HQ HOVDORQFLWR TXH HVWDED \DOOHQR GHJHQWH $OPRPHQWR VHOHYDQWy XQUX PRU GHOTXH VHJ~Q SDUHFH QR FUH\y VHUODFDXVD 3HUFLELy XQOXJDU YD FtR HQ XQR GHORVEDQFRV \IXH DVHQWDUVH HQ pOSHUR WRGDV ODVVHxRUDV TXH HVWDEDQ HQ DTXHOODGR VHOHYDQWDURQ FRPR GHFRP~Q DFXHUGR \OD GHMDURQ HQWHUDPHQWH VROD (VWHPRYLPLHQWR GHLQGLJQDFLyQ WDQYLVLEOH IXH DSODXGLGR SRUWRGRV ORVKRPEUHV \DXPHQWy HOUXPRU TXHDOSDUH FHUOOHJy DVHU FDVLJULWHUtR  āB‡£B  /DPRUDOHMD HVELHQ FODUDODVRFLHGDG WLHQH PHFDQLVPRV SDUD GH IHQGHUVH GHORVYLRODGRUHV TXH QR HVWiQ UHFRJLGRV HQ QLQJ~Q FyGLJR GH GHUHFKR WLHQH HODUPD GH ODYHUJHQ]D VRFLDO <XQ EXHQ Q~PH HQFXDQWRODHQIHUPHGDGDSXQWDSRUTXH FUHHQTXHOOHYDHQVXHQ WUDxDXQDPDOGLFLyQ &LHUWDPHQWHQRHVDVtODOHSUDQRFRQOOHYDPDOGLFLyQDOJXQD3RU URGH DXWRUHV HQWLHQGH TXH KR\ HQ GtDGHEHUtD DSOLFDUVH PiV TXH ORV VLIDOWDUDSRFRDSHQDVHVFRQWDJLRVD\WLHQHFXUDFLyQFRQXQWUDWD TXH JHVWLRQDURQ PDOORVTXH VH KDQ TXHGDGR HOGLQHUR ORVTXH WLH PLHQWRVHQFLOOR\QDGDFRVWRVR 3HURWLHQHTXHGHWHFWDUVHDWLHPSR\ QHQ FXHQWDV HQ SDUDtVRV ILVFDOHV ORV GHIUDXGDGRUHV \ WDQWRV RWURV HOWUDWDPLHQWRGHEHDSOLFDUVH GXUDQWH HOWLHPSRQHFHVDULR DYHFHV GHEHUtDQ H[SHULPHQWDU HQVXVFDUQHV HOUHFKD]R GHODVRFLHGDG DYHU KDVWD FXDWUR PHVHV 7RGRHOORVHKDFHSUiFWLFDPHQWHLPSRVLEOH VLDSUHQGHQ \ODLQPRUDOLGDG GLVPLQX\H FXDQGRODHQIHUPHGDGVHYLYHFRPRXQDYHUJHQ]DVRFLDO \ FRQVHJXLU TXH ORV MXHFHV ODV DSOLTXHQ FRQ HTXLGDG FRVD TXH QR (QRWUROXJDUGHODWLHUUDHQ.DEXOXQDPXMHU<DVPtQVHKDYLV WRREOLJDGDDHVFDSDUGHFDVDWDOYH]SRUKDEHUVXIULGRPDOWUDWRWDO RFXUUH /D YHUJHQ]D VRFLDO HV XQ UHFXUVR PX\ SHOLJURVR SRU YH]SRUGHOLWRVVH[XDOHVSHURORELHQFLHUWRHVTXHVHHQFXHQWUDDKRUD TXH FDGD pSRFD\FDGD JUXSR VRFLDOFRQVLGHUDQ ©GDxLQDV SDUD ODVR FLHGDGª FRVDV PX\ GLVWLQWDV \ GHPDVLDGD H[SHULHQFLD KLVWyULFD HQSULVLyQ $VHJXUDTXHDOYROYHUDFDVDFRJHUiXQERWHGHSDVWLOODV\ VH TXLWDUiODYLGDSRUTXHODIDPLOLDQRHVWiGLVSXHVWDDVRSRUWDUHO WHQHPRV GH OR TXH KDQ VXIULGR ORV GLVFDSDFLWDGRV ORV OHSURVRV GHVFUpGLWRVRFLDO\UHFKD]DDXQDKLMDTXHKDHVWDGRHQSULVLyQ $ PL MXLFLR VLQ HPEDUJR PiV YDOH HVWDEOHFHU OH\HVELHQ FODUDV ORVHQIHUPRV PHQWDOHV ODVPDGUHV VROWHUDV ORVKRPRVH[XDOHV R ORV (MHPSORVSXHGHQDSRUWDUVHDPLOHV\ SRUVLIDOWDUDSRFRHVpVWD FUH\HQWHV GH XQD UHOLJLyQ GLVWLQWD DODGHO JUXSR SRU HVDPDOKDGDGD XQDUPD TXHSXHGHQXWLOL]DUJHQWHV GHVSUHFLDEOHV SDUDGHVDFUHGL YHUJHQ]D VRFLDOTXH ORVPHMRU VLWXDGRV VHFUHtDQ DXWRUL]DGRV DSUR SLQDU (OMXH] TXH GHFLGH HVWRV FDVWLJRV HOJUXSR VRFLDO QR KD VLGR WDUDVXVFRPSHWLGRUHVDODVSHUVRQDVDTXLHQHVHQYLGLDQ\DVXVDG YHUVDULRV (QXQWLHPSRHQTXHODVUHGHVVRFLDOHVSXHGHQGHVWUR]DUOD HOHJLGR SRU QDGLH QL GHILHQGH WDPSRFR XQD FDXVD QHFHVDULDPHQWH LPDJHQ GHFXDOTXLHUSHUVRQD VLQ QHFHVLGDGGHSUXHEDVXQLQVWUX QREOH (Q VXOLEUR /iJULPDV GHDOJRGyQGHSROYR\GHVLOHQFLR-RUGL6H PHQWRFRPRpVWHHVWRWDOPHQWHGHVDFRQVHMDEOHSDUDSURPRYHUFRQ YLFFLRQHVPRUDOHV EDVWLD\-RUGL3ODSUHVHQWDQ HOWHVWLPRQLRGHXQ JUXSRGHPXMHUHV 8Q VHJXQGR FDPLQRSDUDFRQYHQFHU DODSREODFLyQ GH DVXPLU HQOD,QGLDTXHKDQWHQLGRTXHKDFHUIUHQWHDOHVWLJPDVRFLDOGHVHU REOLJDFLRQHVPRUDOPHQWHHVHOUHFXUVRDORTXHVHKDOODPDGR©PH OHSURVDV6RQKLVWRULDVGHVXIULPLHQWRLOXVWUDGDVFRQIRWRJUDItDVTXH MRUD PRUDOª FRQWUDWDPLHQWRVELRPpGLFRV RJHQpWLFRV 6LODPRUDOL VXPHUJHQDOOHFWRU HQXQDUHDOLGDGGRORURVD(VDVPXMHUHV VDEHQ GDG KXPDQD WLHQHXQDEDVHELROyJLFD HQWRQFHV DOJXQRV DXWRUHV TXHVXFRPXQLGDGQRODVYDDDFHSWDUTXHVXIXWXURQRYDPiVDOOi SURSRQHQPHMRUDUODPRWLYDFLyQPRUDOFRQXQWUDWDPLHQWRELRPp GHSHGLUOLPRVQDSRUODVFDOOHV\GHYLYLUHQXQVXEXUELR©GHOHSUR VRVªPLHQWUDV VXFXHUSR VH FRQVXPHHQXQPDUGHOODJDV3DUDVXV IDPLOLDVHVXQDYHUJHQ]DWHQHUXQDKLMDOHSURVD\ODH[SXOVDQGHFDVD GLFRRJHQpWLFRHVGHFLUUHFXUULHQGRDVXVWDQFLDVFRPRODR[LWRFLQD ODVHURWRQLQDRHOULWDOtQRLQWHUYLQLHQGRHQHOFHUHEUR $FWXDFLRQHV ‡‡ FRPRpVWDVSHUPLWLUtDQSRUHMHPSORIRPHQWDUQXHVWURVHQWLGRGHOD  MXVWLFLD \QXHVWUD FDSDFLGDG SDUD HODOWUXLVPR FRPSOHPHQWDQGR OD WHQGHQFLD DOFRQIRUPLVPR 3RU XQD SDUWH SRUTXH ODV SHUVRQDV WHQGH SURSXHVWD TXH VLJXHWHQLHQGR PiV p[LWRTXH HVODHGXFDFLyQ3 PRVLQFRQVFLHQWHPHQWH DLPLWDU ODVFRQGXFWDV DMHQDV SHUR WDPELpQ /DWHUFHUD SURSXHVWD HVODHGXFDFLyQ HYLGHQWHPHQWH SHUR QRVyOR HOVLVWHPD HGXFDWLYR IRUPDO VLQRVREUH WRGR HOPRGR FRPR HGXFDQ OD IDPLOLD OD HVFXHOD ORVPHGLRV GH FRPXQLFDFLyQ ODVDFWXDFLRQHV GH ORVSHUVRQDMHV S~EOLFRV \VLJQLILFDWLYRV SDUD ORVGLVWLQWRV JUXSRV ¢&RPSDUWHQ WRGRV HOORVODFRQYLFFLyQ GH TXH KD\TXH LQFRUSRUDU XQRV YDORUHV FRPXQHV" 3RVLEOHPHQWH QR SHUR QR VHWUDWD GHKDFHU SRUTXH GHVHDPRV VHUDFRJLGDV HQHOJUXSR <HVRWLHQH DOPHQRV GRV FRQVHFXHQFLDV /DSULPHUD HVTXHUDUDYH]HMHUFHPRV ODFDSDFLGDG FUtWLFDUDUDYH] DVXPLPRV QXHVWUR SURSLR FULWHULR \HVWDPRV GLVSXHVWRV DSRQHU HQ FXHVWLyQ ODV QRUPDV \ODV DFWXDFLRQHV GH QXHVWUR JUXSR 1XHVWUDV PHQWHV VRQLQFRQVFLHQWHPHQWH FDPDOHyQLFDV XQDHQFXHVWD GHYDORUHV\GHSUHVFULELU ORVTXHJRFHQGHPD\RU DFHS < HQ VHJXQGR OXJDU TXH VLHPSUH GHMDPRV JUXSRV H[FOXLGRV ORV WDFLyQ VLQRGHDYHULJXDU FXiOHVVRQORVPtQLPRV pWLFRVTXH FRPSDU GH DTXHOORV TXHSDUHFHQQRWHQHU QDGDTXHRIUHFHU DFDPELR(QQXHV WHQ ORVJUXSRV VRFLDOHV TXH SUHVHQWDQ pWLFDVGH Pi[LPRV HVGHFLU OD WUR WLHPSR SXHGHQ VHU ORV GLVFDSDFLWDGRV SVtTXLFRV ORV HQIHUPRV pWLFDPtQLPD GHXQDVRFLHGDG SOXUDOLVWD \GHPRFUiWLFD PHQWDOHV ORVSREUHV GH VROHPQLGDG ORV VLQSDSHOHV ORV VLQDPLJRV TXH WHQJDQ XQ FLHUWR SRGHU (QVXPD ORV TXH QR SXHGHQ GHYROYHU ORVELHQHV TXH VHLQWHUFDPELDQ HQFDGDJUXSR TXHSXHGHQ VHUIDYR  ¢< 48e 2&855( &21 /2648( 3$5(&(1 12 7(1(5 1$'$ 48(2)5(&(5 $&$0%,2" UHV SXHVWRV GH WUDEDMR SOD]DV R GLQHUR /RV TXHQR HVWiQ HQFRQGL FLRQHV GH SUDFWLFDU HOHWHUQR ©KR\ SRUWLPDxDQD SRU Ptª (VWR HVORSHUYHUVR GH ILDUOR WRGR DORV SDFWRV TXH JHQHUDQ VLHP $SUHQGHU DFRRSHUDU DJHQHUDU FDSLWDO VRFLDO DSHFKDU FRQ ODVSUR SUH H[FOXLGRV SRUTXH HO SULQFLSLR GHO ,QWHUFDPELR ,QILQLWR GHMD SLDVUHVSRQVDELOLGDGHV \DUHFLELU ORVEHQHILFLRV GHOWUDEDMR FRP~Q HV IXHUD DORVTXH QRSDUHFHQ WHQHU ILFKDVFRQODVTXHMXJDU QL GDGRV QL UHFRPHQGDEOH SDUD OOHYDUXQDEXHQD YLGDSDUD MXJDU DOSDUFKtV GHOD FXELOHWH H[LVWHQFLD VLQPLHGR DJHQHUDU DGYHUVDULRV TXH VXHxHQ FRQ HOSURSLR IUDFDVR \TXH SURFXUHQ FRQYHUWLU VXVXHxR HQ UHDOLGDG $SRVWDU SRU ODFRRSHUDFLyQ HVSUXGHQWH ORTXHUUtD KDVWD XQSXHEOR GHGHPRQLRV    FRQ WDO GHTXH WXYLHUD VHQWLGR FRP~Q FXiQWR PiV GHEHUtDQ TXHUHU ¢3DUD TXp VLUYH ODpWLFD"3DUD UHFRUGDU TXH HV PiV SUXGHQWH FRR OR ORVSXHEORV GH SHUVRQDV TXH IXHUDQ PHGLDQDPHQWH LQWHOLJHQWHV SHUDU TXHEXVFDU HOPi[LPR EHQHILFLR LQGLYLGXDO FDLJD TXLHQ FDLJD 6LQHPEDUJR HQ HVWHMXHJR GH WRPD \GDFD KD\ DOJXQRV OtPLWHV TXH EXVFDU DOLDGRV PiV TXH HQHPLJRV <TXH HVWRYDOHSDUD ODVSHUVRQDV GHMDQ FRVDVPX\ LPSRUWDQWHV IXHUD GHOWDEOHUR SDUD ODV RUJDQL]DFLRQHV SDUD ORV SXHEORV \ORVSDtVHV 4XH HODSR\R (Q SULQFLSLR FDGD XQR GH ORV JUXSRV TXH SUHWHQGH SURVSHUDU PXWXR HV PiV LQWHOLJHQWH TXH LQWHQWDU GHVDORMDU D ORV SUHVXQWRV HQ OD OXFKD SRU OD YLGD OOHYD LQFRUSRUDGD LQWHUQDPHQWH XQD JUDQ FRPSHWLGRUHV HQ ODOXFKD SRU ODYLGD *HQHUDU HQHPLJRV HV VXLFLGD   ,PPDQXHO .DQW /DSD]SHUSHWXD 7HUQRV 0DGULG  S  1RWDV $GHOD &RUWLQD +DVWDXQSXHEOR GHGHPRQLRV 7DXUXV 0DGULG  O 0DUWLQ$ 1RZDN DQG.DUO 6LJPXQG ©6KUHZG ,QYHVWPHQWVª 6FLHQFH    S  ,ELG 'DQLHO .DKQHPDQ 3HQVDU UiSLGR SHQVDU GHVSDFLR 'HEDWH 0DGULG  -HV~V &RQLOO ©1HXURHFRQRPtD \ 1HXURPDUNHWLQJª HQ $GHOD &RUWLQD HG  *XtD&RPDUHVGH)LORVRItD3UiFWLFD&RPDUHV *UDQD GD SS   0$ 1RZDN HW DOLL ©)DLUQHVV YHUVXV UHDVRQ LQ WKH 8OWLPDWXP *DPHª 6FLHQFH   SS  0X\ VLPLODU DOMXHJR GHOXOWL PiWXP HVHOGHOGLFWDGRU  -RVp2UWHJD\*DVVHW /DFXHVWLyQPRUDO 2EUDV&RPSOHWDV,7DXUXV 0DGULG  S   &KRGHUORV GH /DGRV /DVDPLVWDGHV SHOLJURVDV 5%$ %DUFHORQD  S   -RUGL 6HEDVWLD \,RUGL 3OD /iJULPDVGHDOJRGyQ GHSROYR \ GHVLOHQ FLR 7HVWLPRQLRV GHPXMHUHVFRQOHSUDHQ,QGLD )RQWLOOHV 9DOHQFLD   -XOLDQ 6DYXOHVFX ¢'HFLVLRQHVSHOLJURVDV" 7HFQRV 0DGULG   $GHOD &RUWLQD eWLFDPtQLPD 7HFQRV 0DGULG   $GHOD &RUWLQD eWLFDGHODUD]yQFRUGLDO1REHO 2YLHGR   .-HQVHQ - &DOO\0 7RPDVHOOR ©&KLPSDQ]HHV DUH UDWLRQDOPD[t PL]HUV LQ DQ XOWLPDWH JDPHª 6FLHQFH      SS  0LFKDHO 7RPDVHOOR ¢3RUTXpFRRSHUDPRVL.DW]%XHQRV $LUHV SS \  &DPLOR &HOD \ )UDQFLVFR $\DOD 6HQGHURVGH OD HYROXFLyQ KXPDQD $OLDQ]D 0DGULG  SS   :LOOLDP '+DPLOWRQ ©7KHHYROXWLRQ RIDOWUXLVWLF EHKDYLRUª $PH ULFDQ1DWXUDOLVW QY    SS  ©7KH JHQHWLF HYROXWLRQ RIVR FLDOEHKDYLRUª -RXUQDORI7KHRUHWtFDO %LRORJ\QY    SS   0DUF '+DXVHU /DPHQWHPRUDO3DLGyV %DUFHORQD  SS\ $GHOD &RUWLQD 1HXURpWLFD\1HXURSROtWLFD 7HUQRV 0DGULG SS    5 / 7ULYHUV ©3DUHQWDO LQYHVWPHQW DQG VH[XDO VHOHFWLRQª HQ % &DPSEHOO FRUQS  6H[XDO 6HOHFWLRQ DQG WKH'HVFHQWRI0DQ $OGLQH 3UHVV &KLFDJR SS  ©3DUHQWRIIVSUtQJ FRQIOLFWª $PHULFDQ =RROR JLVWQ  SS 0DUF ' +DXVHU RSFLWS   0DUF '+DXVHU LELG  %ULDQ 6N\UUQV (YROXWLRQ RIWKH6RFLDO&RQWUDFW&DPEULGJH 8QLYHU VLW\3UHVV S  £   &2148,67$5 62/,'$5,$0(17( /$/,%(57$' 4XLHQ SUHJXQWD ©¢OLEHUWDG SDUD TXpLª HVTXH KD QDFL GRSDUD VHUYLU $/(;,6'(7RF48(9,//(  0,/ 62/(6(63/e1','26 0LOVROHV HVSOpQGLGRV OD QRYHOD GH .KDOHG +RVVHLQL HV XQD GH ODV PXFKDV QDUUDFLRQHV GH ODKLVWRULD KXPDQD VREUH HOGHVFXEULPLHQWR \ODFRQTXLVWD GH ODOLEHUWDG XQDWDUHD TXH QR SXHGH OOHYDUVH DFDER HQVROLWDULR VLQR FRGR DFRGR FRQTXLHQHV WDPELpQ ODVXHxDQ VHDQR QR FRQVFLHQWHV GH HVHVXHxR 'HVFXEULPLHQWR \FRQTXLVWD VRQ GRV FDUDV GH XQD PLVPD PRQHGD ELHQGLItFLO GH DGTXLULU HQ DOJXQRV FD VRV FRPR PXHVWUD HVWHUHODWR VREUHFRJHGRU 0DULDP \ /DLOD GRV PXMHUHV DIJDQDV GH PX\ GHVLJXDO RULJHQ \ SRVLFLyQ VRFLDOYHQ FUX]DUVH VXV GHVWLQRV DO FDVDUVH FRQ 5DVKLG XQ LQGLYLGXR GHVSUHFLDEOH TXHODVPDOWUDWD VLQ SLHGDG UHVSDOGDGR SRU HOLQPHQVR SRGHU TXH SRQH HQVXVPDQRV HOUpJLPHQPLVyJLQR GHORV WDOLEDQHV /DV PXMHUHV DWDGDV GH SLHV \PDQRV DODYROXQWDG GHOYD UyQ QLVLTXLHUDSXHGHQVDOLUDODFDOOHVLQVXFRPSDxtD SDUHFH TXHVX ~QLFRIXWXUR HV REHGHFHU 3HUR ODVSHUVRQDV VRQVHUHVVRUSUHQGHQWHV LQQRYDQ FUHDQ HODPSOLR PXQGR GH ORLQHVSHUDGR  (QIUHQWDGD HQ XQ FRPLHQ]R D /DLODSRUORVFHORV SRUTXH HVPiV MRYHQ \KHUPRVD TXH HOOD0DULDP YDFDPELDQGR GHDFWLWXG DOH[SH  &8/7,9$5 (/3523,2 +8(572 <$<8'$5 $ &8/7,9$5 /26 $-(126 ULPHQWDU TXH HV /DLODODSULPHUD SHUVRQD TXH OD GHILHQGH IUHQWH DOD DUELWUDULHGDG GH 5DVKLG ODSULPHUD SHUVRQD DORODUJR GH VXKLVWRULD /DLGHD PiV HOHPHQWDO GHOLEHUWDG SDUD HOPXQGR PRGHUQR HV ODTXH TXH ODHVWLPD\DSXHVWD SRUHOOD$ORODUJR GHOUHODWR ODVGRVPXMHUHV QRV UHPLWH DXQiPELWR HQHOTXH SRGHPRV DFWXDU VLQLQWHUIHUHQFLDV VHLUiQ XQLHQGR SRFR DSRFR SDUD GHIHQGHUVH GH5DVKLG\VREUH WRGR DMHQDVXQGRPLQLR SURSLR HOPtR HQHOTXH KDJR\GHVKDJR VLQ SDUD SURWHJHU DOD SHTXHxD $]L]DOD KLMD GH /DLODTXH QR VyOR HVOD TXH RWURV SXHGDQ LQWHUYHQLU HVSHUDQ]D GHIXWXUR VLQR VREUH WRGR XQD QLxD LQGHIHQVD (VH SRGHU KDFHU VLQ LQWHUIHUHQFLDV HVHO LGHDO GH OLEHUWDG TXH KD (QXQPXQGR VLQOLEHUWDG SDUD ODVPXMHUHV VRQODUHVLVWHQFLD VR WULXQIDGR GHVGHHOQDFLPLHQWR GHOD0RGHUQLGDG VREUHSDVDQGR FRQ OLGDULD \HO SUR\HFWR GH IXWXUR ORV TXH KDFHQ SRVLEOH GHVFXEULUOD \ PXFKR HQ HOUDQNLQJ DHVDV RWUDVIRUPDV GHHQWHQGHU ODOLEHUWDG TXH FRQTXLVWDUOD SDUD HOODV\SDUD VXVKLMDVHKLMRV VRQODSRVLELOLGDG GHSDUWLFLSDU HQODV GHFLVLRQHV GHODVRFLHGDG HQOD (OILQDOGHODQRYHOD HVHVWUHPHFHGRU SHUR QR HVFRVDDTXt GH GHV TXH YLYR ODGH UHJLUVH SHUVRQDOPHQWH SRU OH\HV SURSLDV RODGHFRQV YHODUOR VLQR GH UHFRUGDU TXH OD OLEHUWDG HVVLQ GXGD XQD GH ODVFOD WUXLU XQD VRFLHGDG VLQ GRPLQDFLyQ 'H HOODV KDEODUHPRV PiV DGH YHVGH OD pWLFD 3RU DOFDQ]DGD VH KDQ IUDJXDGR UHYROXFLRQHV VHKDQ ODQWH DKRUD QRV FHQWUDUHPRV HQHVDLGHD GHOLEHUWDG TXH VLJXH WULXQ GHVHQFDGHQDGR PRYLPLHQWRV HPSHxDGRV HQ FDPELRV UDGLFDOHV +D IDQGR HQ QXHVWUR PXQGR HQ HODGXOWR \VREUH WRGR HQ HOMRYHQ OD VLGR \HVODLQVSLUDFLyQ GHFXDGURV QRYHODV SRHVtDV VLQIRQtDV FDQ OLEHUWDG HQWHQGLGD FRPR LQGHSHQGHQFLD IUHQWH D ODV yUGHQHV GH FLRQHV \QR VLQUD]yQ RWURV +DEODU GHOLEHUWDG HVLUDODUDt]GHODVSHUVRQDV SRUTXH QRVFRQV 'H PLV DxRV FRPR SURIHVRUD GH LQVWLWXWR UHFXHUGR FODUDPHQWH WLWX\H FRPR WDOHVYDOHSRUTXH SRGHPRV VHUYLUQRV GHHOODSDUD DOFDQ TXH pVD HUD XQD SURWHVWD UHFXUUHQWH HQWRGRV ORV FXUVRV QR VRPRV ]DUODVPHWDV TXH QRVSURSRQHPRV \YDOHSRUVtPLVPD &RPR RFX OLEUHV SRUTXH QR SRGHPRV VDOLU GH FDVD FXDQGR TXHUHPRV YROYHU UUH FRQ HOUHVWR GHORVJUDQGHV YDORUHV QR YDOH SRUTXH ODGHVHDPRV FXDQGR QRV DSHWHFH LU \YHQLU VLQ GDU UD]yQ $KRUD ODV FRVDV KDQ VLQR TXHODGHVHDPRV SRUTXH YDOH FDPELDGR GUiVWLFDPHQWH \VRQ ORV SDGUHV ORV TXH QR VH DWUHYHQ D 3HUR ODOLEHUWDG VHGLFH GHPXFKDV PDQHUDV HVFRPR XQ GLDPDQ ILMDU XQDKRUDGH VDOLGD \GHUHJUHVR ORV TXH HVWiQ \DGHUURWDGRV GH WH FRQ WDO PXOWLWXG GH FDUDV TXH UHVXOWD FDVLLPSRVLEOH FRQWHPSODU DQWHPDQR VHVLHQWHQ LQFDSDFHV GHSRQHU OtPLWHV VHQVDWRV \GHSHGLU ODV WRGDV (PSH]DUHPRV SRU KDEODU GH DTXHOODV TXH PiV DSUHFLD UHVSRQVDELOLGDG DVXVKLMRV 5DUtVLPRV VRQORV SDGUHV TXH SURKtEHQ HVHPXQGR PRGHUQR TXH VHLQLFLy KDFH DOPHQRV FLQFR VLJORV\TXH DORV QLxRV FDPSDU SRU VXV UHVSHWRV HQODVFDVDV DMHQDV QL VLTXLHUD FXULRVDPHQWH VLJXH YDORUDQGR FRPR QLQJXQD RWUD OD OLEHUWDG GH DQWHOD PLUDGD DWHUUDGD GHORVGXHxRV TXHYHQFyPR SHOLJUDQ HOMXH SRGHU DFWXDU VLQLQWHUIHUHQFLDV JRGH FDIpODILJXUDFRQ XQYDORU VHQWLPHQWDO RODYLWULQD FXLGDGD FRQ WDQWR HVPHUR &RQOR FXDO OD FRQYLFFLyQ GH TXH VHUOLEUH HV KDFHU OR a a ^ ā Zāāa  TXHPH DSHWHFH GLVIUXWDU GHXQWHUUHQR TXH\RFXOWLYR \HQHOTXHQR UHJLRHLXV UHOLJLRª &RQXQDODUJDKLVWRULDTXHQDFHFRQORVOODPDGRV HQWUDQORVGHPiVQRKDKHFKRVLQRUHIRU]DUVH ©WUDWDGRVGHWROHUDQFLDª TXHSLGHQ WROHUDUDORVTXHSURIHVDQXQD &XDQGRORELHQFLHUWRHVTXHHVWHKDFHUVLQUHVSRQVDELOLGDGHVVLQ UHOLJLyQGLVWLQWDGHODSURSLD YDQDFLHQGRHVDOLEHUWDGGHSURIHVDU PLUDUDTXLpQVHGDxDQRHVOLEHUWDG<QRVyORSRUTXHODVSHUVRQDV ODUHOLJLyQHQODTXHSHUVRQDOPHQWH VH FUHDODOLEHUWDGGHIRUMDUVHOD VRPRVVLHPSUHFRQRWUDV\GHVGHQXHVWUDUHODFLyQFRQHOODV\HVLQ KXPDQRGHMDUGHWHQHUHQFXHQWDDODVGHPiVVLQRSRUTXHQLVLTXLH SURSLDFRQFLHQFLD UDHVHVWRORTXHHPSH]yDUHLYLQGLFDUVHKDFHDOPHQRVFLQFRVLJORV FLyQ ODOLEHUWDGGHUHXQLyQODGHGHVSOD]DUVHSRUXQWHUULWRULRODGH FXDQGRIXHQDFLHQGRFRQIXHU]DORTXHVHKDOODPDGROD©OLEHUWDGGH ORVPRGHUQRVª VHUGHIHQGLGDSRUXQOHWUDGRHQFDVRGHGHWHQFLyQ\HVDOLEHUWDGTXH )XHHOSROLWyORJR%HQMDPLQ&RQVWDQW TXLHQ GLRHVWHQRPEUH D XQDPDQHUDGHHQWHQGHUODOLEHUWDGTXHWULXQIDEDHQHOPXQGR PR GHXQDSURSLHGDG (VWDVGLVWLQWDVOLEHUWDGHVVRQGLVWLQWRVODGRVGHOR TXHKDYHQLGR DUHFRQRFHUVH KDELWXDOPHQWHFRPR ©OLEHUWDG FRPR LQGHSHQGHQFLDª HQODPHGLGDHQTXHSHUPLWHDXQDSHUVRQDWHQHU GHUQR &RPRVHKDGLFKRKDVWDODVDFLHGDGHVHQHVHPXQGRFXDQGR $HOODVH IXHURQXQLHQGRODOLEHUWDG GHH[SUHVLyQ ODGHDVRFLD KDVLGRFRQHOWLHPSRPXFKRPiVGLVFXWLGDODOLEHUWDGGHGLVSRQHU VHYDWRPDQGR FRQFLHQFLDGHTXHORVLQGLYLGXRVQRVHGLVXHOYHQHQ ODFROHFWLYLGDGVLQRTXHWLHQHQGHUHFKRVTXHODVRFLHGDGQRSXHGH XQDYLGDSURSLD3UHFLVDPHQWHSRU HVRKDQUHFLELGRHOQRPEUHGH GHVDWHQGHUVLQRTXHKD GHUHVSHWDUORV3RUHVRVHKDGLFKRTXHOD QRVH OHUHFRQRFHQ QLVHOHUHVSHWDQVHOH HVWiSULYDQGRGHDOJRWDQ 0RGHUQLGDG HVOD(UDGHO,QGLYLGXRSRUTXH VHSLHQVDHQHOODTXH EiVLFR\WDQLPSRUWDQWHSDUDHOODFRPRIRUPDUVHVXFRQFLHQFLDSUR ODVRFLHGDGKDGHHVWDUDOVHUYLFLRGHORVLQGLYLGXRVTXHODIRUPDQ 8QDLGHDHQSDUWHGHVDIRUWXQDGD\HQSDUWHDFHUWDGD IHVDUOD IHHQ ODTXHFUHD DVRFLDUVHFRQODV JHQWHV FRQ TXLHQ GHVHH KDFHUORGHVSOD]DUVHRVHUGHIHQGLGD 6RQOLEHUWDGHV GHVFRQRFLGDVSDUDXQDEXHQDSDUWHGHODKXPD 'HVDIRUWXQDGDSRUTXH QXQFD SXHGH SHUGHUVHGHYLVWDTXHODV SHUVRQDVQRVRQLQGLYLGXRVDLVODGRVTXHGHFLGHQXQLUVHRQRVLQR ©OLEHUWDGHVEiVLFDVª R©GHUHFKRVFLYLOHVª SRUTXHVLDDOJXQDSHUVRQD QLGDG TXHKDQ FRVWDGR PXFKRGH FRQTXLVWDU HQ ORVOXJDUHV HQ TXHVRPRVGHVGHHOQDFLPLHQWRVHUHVYLQFXODGRVDRWURV\VyORGHVGH TXHODVSHUVRQDVGLVIUXWDQGHHOODV\VLQHPEDUJRVRQLUUHQXQFLD ODYLGD FRPSDUWLGD SRGHPRV GHVDUUROODUQRV HQSOHQLWXG (QHVWH EOHV /DpWLFDVLUYH HQWUHRWUDVFRVDV SDUDWRPDUEXHQDQRWDGHTXH VHQWLGRHO LQYHQWRGHOLQGLYLGXDOLVPRKDVLGRXQDSpVLPDSDWUDxD SHUWHQHFHQ D FXDOTXLHUDGHORV VHUHV KXPDQRVTXHIRUPDQ SDUWH FX\DVPDODVFRQVHFXHQFLDVVHJXLPRVDUUDVWUDQGR GHVXEDJDMH\SRUORWDQWR KDQGHVHUUHFRQRFLGDV DWRGRVVLQH[ 3HURWDPELpQHUDVXPDPHQWHDFHUWDGRUHVDOWDUODLPSRUWDQFLDGH ODVSHUVRQDVHQVtPLVPDV\VXOLEHUWDGSDUDJR]DUGHXQHVSDFLRHQ FHSFLyQ 3HURDGHPiVVLUYHSDUDSHUFDWDUVHGHTXHODOLEHUWDGFRPRLQGH TXHQLHO(VWDGRQLODVGHPiVSHUVRQDVSXGLHUDQLQWHUIHULU$VtQDFLy ODOLEHUWDGGHFRQFLHQFLDHQDTXHOPXQGRHQTXHFDGDV~EGLWRGHEtD SHQGHQFLDVHFRQTXLVWDLJXDOTXHODVGHPiVIRUPDVGHOLEHUWDG\TXH VHJXLUODUHOLJLyQGHVXSUtQFLSHFRPRELHQGHFtDODH[SUHVLyQ©FXLXV SLR SRUTXHFDGDXQDGHHVDV OLEHUWDGHVOOHYDDSDUHMDGDODUHVSRQVD UQR a HVRLPSOLFDPXFKDVFRVDV SDUD LQFRUSRUDUODUHDOPHQWH (QSULQFL ELOLGDG GH DVXPLUODV HQ VX EXHQ VHQWLGR QR GH GDUOHV FXDOTXLHU FRQLJXDOIXHU]D SDUD FXDOTXLHU RWUR /RFXDOLPSOLFDFRPSURPHWHUVH FRQWHQLGR HQODWDUHD GHWUDWDU GHORJUDU HVRVPLVPRV GHUHFKRV SDUDWRGRV 3DUD IRUMDUVH OD SURSLD FRQFLHQFLD HV QHFHVDULR EXVFDU EXHQD LQ 5HFODPDU HV DODYH]FRPSURPHWHUVH IRUPDFLyQ GLDORJDU FRQ RWURV TXH PHUHFHQ FRQILDQ]D WHQHU OD LQWHQFLyQ GHDFHUWDUQRGHMDUVHVHGXFLU SRUSDWUDxDV IRUMDUVHXQEXHQ FULWHULR SDUD GLVFHUQLU HQWUH ORYHUGDGHUR \ORIDOVRHQWUH ORMXVWR \OR  ¢(V0È6 )(/,= 48,(1 '(&,'( 62%5( 68 9,'$" LQMXVWR <ORPLVPR RFXUUH FRQ ODOLEHUWDG GH H[SUHVLyQ TXH QR VLJ QLILFD SDWHQWH GH FRUVR SDUD GHVDFUHGLWDU DSHUVRQDV SRU DQWLSDWtDV (Q ORV DxRV RFKHQWD GHO VLJOR SDVDGR VHGHVDWy XQDSROpPLFD HQ HO SHUVRQDOHV GLIXQGLU FXDOTXLHU FRVDERFD DERFD RSRU ODUHG DXQTXH iPELWR GH OD ILORVRItD PRUDO \SROtWLFD TXH HQIUHQWy DGRV PRYL VHDPHQWLUD (QXQPXQGR GHHQUHGRV JHQHUDOL]DGRV HQ HOTXH UHVXO PLHQWRV FRPXQLWDULVWDV \OLEHUDOHV )XH HOILOyVRIR $ODVGDLU 0DGQ WDFDVLLPSRVLEOH SHUFLELU HOSHUILO GH ORYHUGDGHUR \ORMXVWR VLQOL W\UH TXLHQ GLRODYR] GHDODUPD HQVX FpOHEUH OLEUR 7UDV ODYLUWXG DO EHUWDG GH H[SUHVLyQ UHVSRQVDEOH QLVLTXLHUD SRGHPRV VDEHU GyQGH DFXVDU DORVOLEHUDOHV HQWUH RWUDV FRVDV GH FRQVWUXLU VXWHRUtD PRUDO HVWDPRV 3HUR DGHPiV GDxDU DRWURV SRUSDVDU HOUDWR RSRU SHUMXGL \SROtWLFD VREUH XQDILFFLyQ VLQ EDVHUHDOODGHTXHORV VHUHVKXPDQRV FDUOHVHV GHFDQDOODV VRPRV LQGLYLGXRV DLVODGRV VLQOD]RVTXHQRVOLJXHQ DXQDIDPLOLD XQ 7DPSRFR HVWDUi GH PiV DSUHQGHU D KDEODU \HVFULELU SDUD SRGHU EDUULR XQD SDWULD GXHxRV GH HVFRJHU ODYLGD TXH TXHUHPRV OOHYDU H[SUHVDU ORTXH VHOOHYDGHQWUR QR VHDTXHHQODYLGDFRUULHQWH DFDEH DGHODQWH GHVGH XQDOLEHUWDG VLQDQFODMHV HQ HOJUXSR DOTXHSHUWHQH PRV GLFLHQGR FRPR HQODHVFXHOD ©PHORVpSHUR QRORVpGHFLUª8QD FHPRV 3RWHQFLDU ODOLEHUWDG VHUtD HQWRQFHV HOSUR\HFWR PiVYDORUDGR LQFDSDFLGDG VREUDGDPHQWH H[WHQGLGD HQ WRGRV ORVQLYHOHV VRFLDOHV SRU ORV OLEHUDOHV FRQYHQFLGRV GH TXH ODV SHUVRQDV TXHUHPRV VREUH GHVGH HO PiV YLVLEOH DO PiV RFXOWR \QR SRU LQFDSDFLGDG JHQpWLFD WRGR OOHYDUODVULHQGDV GHQXHVWUDV YLGDV WHQHUODV HQQXHVWUDV PDQRV VLQRSRU HVDIDOWDGHHVIXHU]R TXHOOHYDDQLVLTXLHUD VDEHU H[SUHVDUVH <QR VyOR SRU HOYDORU PLVPR GHODOLEHUWDG VLQR WDPELpQ SRUTXH HV &RQ HOPDO KDEODU \HOSHRU HVFULELU JHQHUDOL]DGRV ODOLEHUWDG GH H[ OD ~QLFD IRUPDGHSRGHU HOHJLU OR TXH QRV FRQYLHQH SDUD VHU IHOLFHV SUHVLyQ HVWiHQ ULHVJR 3HUR HVWR VHJ~Q ORV FRPXQLWDULVWDV QRHVDVt1L VLTXLHUD HV LP 3HUR DGHPiV HVWHPXQGR GHOLEHUWDGHV DOTXH VHKD GDGR HOQRP SUHVFLQGLEOH SDUD KDFHU EXHQDV HOHFFLRQHV HQ FDVRV WDQLPSRUWDQWHV EUH JHQpULFR GH ©OLEHUWDG FRPR LQGHSHQGHQFLDª OOHYD DSDUHMDGRV FRPR HOGHODSDUHMD FRQODTXHVHTXLHUHFRPSDUWLU ODYLGD RODFDUUH RWUR WLSR GH FRPSURPLVRV FXDQGR VHHQWLHQGH TXH VRPRV XQRV FRQ UD TXHVH GHVHD HVWXGLDU <HQ HVWH FRQWH[WR GHFUtWLFD FRPXQLWDULVWD RWURV \ FRQTXLVWDPRV VROLGDULDPHQWH OD OLEHUWDG &XDQGR DOJXLHQ DOOLEHUDOLVPR HVHQ HOTXH HOVRFLyORJR 'DQLHO %HOO FXHQWD XQD KLVWR H[LJHHVWHWLSR GHGHUHFKRV HVWiH[SUHVDQGR DODYH]TXH ORVH[LJHSDUD ULDPX\ LOXVWUDWLYD OD KLVWRULD GH $\% DTXLHQHV YDPRV DOODPDU WRGRV ORV VHUHVKXPDQRV GH GRQGH VHVLJXH TXH QR VHSXHGH H[LJLU -XDQD\5RGROIR SDUD TXH WHQJDXQFDUL]PiV KXPDQR  FRPR KXPDQR XQGHUHFKR TXHQR VHHVWpGLVSXHVWR DODYH]DH[LJLUOR 4 -XDQD FRQVFLHQWH GHVGHODHVFXHOD GHODLPSRUWDQFLD GHRUJDQL]DU  O VHXQ SODQ GHYLGDHYDO~DGLYHUVDV RSFLRQHV SURIHVLRQDOHV YDORUD ORV GHXQDSHUVRQD OLEUH FRQ ODGHRWUD TXHQR OR HV VLQR ODYLGDGH XQD FRVWHV\EHQHILFLRV GHFDGDXQDGHHOODV\GHFLGHVHUDERJDGD PHUFDQ PXMHU VHJXUD GH Vt PLVPD FDOFXODGRUD FDSD] GH KDFHU HO FiOFXOR WLO(Q FRQVHFXHQFLD HOLJHXQSURJUDPD XQLYHUVLWDULR DFRUGH FRQ VX FRVWHEHQHILFLR \FRVWH GHRSRUWXQLGDG HQ VXVHOHFFLRQHV \XQKRP SODQ HVWDEOHFH FRQWDFWRV FRQ JHQWHV TXH SXHGHQ D\XGDUOH DHQFRQ EUH GXELWDWLYR FRQSUHIHUHQFLDV SRFR FODUDV TXH GHVFXEUH OR TXH OH WUDU XQEXHQ EXIHWH \FRPR HVWHQD] HLQWHOLJHQWH DFDEDFRQVLJXLHQ JXVWD FXDQGR OR H[SHULPHQWD $ORV GRV OHVVDOH ELHQ SHUR ORV GRV GR VXVSURSyVLWRV 8QDYH]FRQVROLGDGR VXWUDEDMR FRQVLGHUD TXH KD SRGtDQ KDEHUVH HTXLYRFDGR SRUTXH HOHJLPRV HQ FRQGLFLRQHV GH OOHJDGR ODKRUDGH FDVDUVH\EXVFD XQPXFKDFKR JXDSR LQWHOLJHQWH LQFHUWLGXPEUH ODFDUUHUDODSDUHMD\WDQWDVFRVDV PiV ODVXHUWHWLHQH ELHQ HVWDEOHFLGR HQ VXSURIHVLyQ <QXHYDPHQWH VXPHQWH FDOFXODGR XQSDSHO LQGLVFXWLEOH 3HUR ORELHQFLHUWR HVTXHORVGRVSRGtDQKDEHU UDORFRQVLJXH DWUDYpV GHXQDQXQFLR HQHO1HZ <RUN5HYLHZ RI%RRNV DFWXDGR GH RWUD PDQHUD WDQWR -XDQD TXH ILMDED SODQHV FODURV FRQ 5RGROIR SRUVXSDUWH HVWiVLHPSUH HQ XQ PDU GHGXGDV (QODHV DQWHULRULGDG FRPR 5RGROIR TXHDVXPtDOLEUHPHQWH ORTXHGHVFXEUtD FXHODQR DFDEDGHVDEHUTXpHOHJLUKDVWD TXH VXSDGUH OHSUHVLRQD SDUD FRPRYDOLRVR /RLPSRUWDQWH HVVDEHU GLVFHUQLU TXpSRGHPRV DVXPLU TXH HQWUH DWUDEDMDU FRPR YROXQWDULR HQXQFHQWUR ORFDOTXH DWLHQGH DGLVPLQXLGRV &RPR OHTXHGD WLHPSR OLEUH LQWHQWDHQWUDUHQ DOJXQD FRPRSURSLR \TXpUHVXOWD LQDFHSWDEOH \WHQHUODV PDQRV OLEUHV SDUD SRQHU SRUREUDOR TXHTXHUHPRV XQLYHUVLGDG OHDGPLWHQ HQ XQDQR PX\ EXHQD \YD KDFLHQGR FXUVRV 0DULDP QR HOLJLy VHU XQDKLMD LOHJtWLPD QL FDVDUVH FRQ 5DVFKLG GHGLYHUVDVFRVDVSRUTXH QXQFD VDEHPX\ELHQ TXpHOHJLU3RU~OWLPR WDPSRFR /DLODHOLJLy TXHODJXHUUD GHVWUR]DUD VXFDVD\DFDEDUD FRQVX KDFHXQFXUVR GHIRWRJUDItD \UHVXOWD VHUTXHOHJXVWDPXFKR (QFXHQ IDPLOLDSHUR QLQJXQD GHODVGRVVHFRQIRUPy FRQODRSUHVLyQ \ODKX WUDWUDEDMR FRPR IRWyJUDIR SHUR KDGH GHMDUOR XQ WLHPSR SRUTXH OH UHFOXWDQ SDUD LUDODJXHUUD 3RUHQWRQFHV FRQRFH SRUFDVXDOLGDG DXQD PXMHU GHODTXH VHHQDPRUD ORFDPHQWH \VHFDVDFRQ HOOD /DPRUDOHMD GHODKLVWRULD HVFODUD ¢HVPHMRU ODYLGD GH-XDQD TXH PLOODFLyQ QLQJXQDGH ODVGRVVHFRQIRUPy FRQ ORLQVRSRUWDEOH VLQR TXH MXQWDVGHVFXEULHURQ ODSRVLELOLGDG GHXQDYLGDGLJQDSDUDHOODV\ SDUDODSHTXHxD$]L]D (QODVPLVPDVFLUFXQVWDQFLDV TXHHOODVPXFKDV PXMHUHV \ PXFKRV YDURQHV VH KDQ FRQIRUPDGR FRQ OR TXH WLHQHQ ODGH5RGROIR" ¢HVWDQ LPSRUWDQWHHOHJLUSURIHVLyQ SDUHMD JUXSRV GH WUDWDQGR GH YLYLUOR PHMRU SRVLEOH \OOHYDQ HQ RFDVLRQHV XQDEXHQD WUDEDMR \RFLR RHOKHFKR GHSRGHUHOHJLUQR JDUDQWL]D XQDYLGD PH YLGD (VOR TXH VHKD OODPDGR ©SUHIHUHQFLDV DGDSWDWLYDVª DGDSWDUODV MRU"/DUHVSXHVWD GH %HOOHVWDPELpQ FODUD SRUTXH MXVWDPHQWH ORTXH SURSLDV SUHIHUHQFLDV DORTXH VHSXHGHFRQVHJXLUHQHOFRQWH[WR FRQ TXLHUH PRVWUDU FRQ OD GREOH KLVWRULD HV TXH OD YLGD GH XQDSHUVR FUHWR HQTXH VHYLYH FRQYHQFHUVHGHTXH ODVXYDVHVWiQYHUGHVVLQRHV QD TXH SODQLILFD VXSUHVHQWH \VX IXWXUR SXHGH VHUWDQ VDWLVIDFWRULD SRVLEOH DOFDQ]DUODV FRPR OHRFXUUH DO]RUURGHOD IiEXOD HLQFOXVR LJ FRPR ODGH RWUD TXH QR ORKDFH DVXPLU ORTXH QRVYLHQH GDGR SXHGH SURSRUFLRQDU HOPLVPR ELHQHVWDU <HVYHUGDG HQSDUWH SHUR VyORHQSDUWH SRUTXHORVSHUVRQDMHV GH %HOO HVWiQ PX\VHVJDGRV (Q UHDOLGDG QR HVWi FRPSDUDQGR OD YLGD ` QRUDU TXHH[LVWHQ 3HUR 0DULDP \/DLODQRVHDGDSWDURQ DORTXHKD EtD VLQR TXHFUHDURQXQPXQGR QXHYRSDUDHOODV\SDUD VXVVXFHVRUDV <QR GHVGHHOFiOFXORFRVWHEHQHILFLR VLQRGHVGHHVDUD]yQFRUGLDO TXH HQWLHQGHGHMXVWLFLDGHSUR\HFWRVGHYLGDGLJQDGHVHUYLYLGD &ODUR TXH ODOLEHUWDG QR JDUDQWL]D XQD EXHQD YLGD SHUR HVGLItFLO 6DOYDGRU &DPDUHQD TXHGHVGH 0p[LFR UHODWy SDUD (O3DtVHOWULVWH OODPDU ©YLGD EXHQDª DODYLGD GH SHUVRQDV TXH QLVLTXLHUD SXHGHQ VXFHVR DFDEDED VX QDUUDFLyQ DSXQWDQGR TXH HO QXHYR DOFDOGH VH WHQHU FRQFLHQFLD GHVHUWUDWDGDV LQMXVWDPHQWH QLVLTXLHUDWLHQHQ ODSR KDEtD FRPSURPHWLGR DHQFRQWUDU DORV DVHVLQRV \KDFHU MXVWLFLD 6LQ VLELOLGDG GH HOHJLUDOJRGLVWLQWR HPEDUJR SRQtD SXQWR ILQDO GLFLHQGR FRQ DPDUJXUD ©+R\ HQ 0L FKRDFiQ WRGR HOPXQGR VDEH TXHODMXVWLFLD HVXQ DVXQWR SDUD ODRWUD YLGD<HVRTXL]iª  3$57,&,3$5 ¢3$5$48e" /DOXFKD SRU ODMXVWLFLD KDLGR DORODUJR GH ODKLVWRULD XQLGD DOD OXFKD SRU ODOLEHUWDG DMHQD \SURSLD 3HUR VHKDOOHYDGR DFDERSUHFL (Q QRYLHPEUH GH  PXULy DVHVLQDGD HQ &XLW]HR HQ HO HVWDGR VDPHQWH GHVGH XQD DSDVLRQDQWH IRUPD GH OLEHUWDG TXH QR HV VyOR OD PH[LFDQR GH 0LFKRDFiQ 0DUtD 6DQWRV *RUURVWLHWD PpGLFR FRQ LQGHSHQGHQFLD \HOFXOWLYR GHOSURSLR KXHUWR VLQR SRU HOFRQWUDULR WUHV KLMRV TXH KDEtD QDFLGR VyORWUHLQWD \VHLVDxRV DQWHV 6HJ~Q ODV ODOLEHUWDG HQWHQGLGD FRPR SDUWLFLSDFLyQ HV OLEUH TXLHQ WRPDSDUWH QRWLFLDV GH OD SUHQVD EDQGDV FULPLQDOHV GH OD ]RQD TXH YHQtDQ FR HQ ODV GHFLVLRQHV GHODYLGD FRPSDUWLGD TXLHQ FRODERUD DFWLYDPHQ EUDQGR LPSXHVWRV DODVJHQWHV GHVGH KDFtD VLHWHDxRV QR VRSRUWDURQ WH HQHOODV TXLHQ DSRUWD VXJUDQLWR GHDUHQD DOTXHKDFHU FRP~Q SDUD VXDFWLWXG DQWH ODYLGD VHKDEtD FRQYHUWLGR SDUD HOORVHQ XQSHOLJUR \ TXH UHVXOWH OR PHMRUSRVLEOH DWHQWDURQ WUHV YHFHV FRQWUD HOOD(QODVHJXQGD RFDVLyQ PXULy HOHV 3XHGH VHUXQDSDUWLFLSDFLyQ KHURLFD TXHODVKD\\PXFKDV 3XHGH SRVR \0DUtD VHSUHVHQWy DODVHOHFFLRQHV SDUD DOFDOGH HQ 7LTXLFKHR VHUXQDSDUWLFLSDFLyQ FRWLGLDQD TXH HVODTXHSUHWHQGHQ DVHJXUDU ODV GH 1LFROiV 5RPHUR JDQy \ HMHUFLy GH DOFDOGHVD HQWUH \  VRFLHGDGHV GHPRFUiWLFDV /RELHQFLHUWR HVTXH VLQ HVDIRUPD GHOLEHU /DVPDILDV GH7LHUUD &DOLHQWH FRQ QRPEUHV DOSDUHFHU WDQ H[WUD WDG VLQ SDUWLFLSDFLyQ OLEHUDGRUD ORV JUXSRV TXH FRRSHUDQ VH FRQ YDJDQWHV FRPR OD)DPLOLD 0LFKRDFDQD \ORV&DEDOOHURV 7HPSODULRV YLHUWHQ HQ PDILDV FHUUDGDV HQ VHFWDV TXH VHD\XGDQ LQWHUQDPHQWH \ KDEtDQ GHFLGLy DPHGUHQWDUOD FRQ VXV DWDTXHV SHUR HOODPRVWUy XQ GHVWUX\HQ D TXLHQHV QR FXPSOHQ VXV UHJODV 6LHPSUH KD\ UHJODV OD FRUDMH H[WUDRUGLQDULR ©$ SHVDU GH PL SURSLD VHJXULGDG \ OD GH PL FODYHHV VDEHU TXLpQ ODV SRQH VLXQ WLUDQR XQD RYDULDV PDILDV RORV IDPLOLD GHFODUy WHQJR XQDUHVSRQVDELOLGDG FRQ PL SXHEOR FRQ FLXGDGDQRV OLEUHV TXH FRQVWUX\HQ ODYLGD FRQMXQWD GH XQD VRFLHGDG ORVQLxRV ODVPXMHUHV ORV DQFLDQRV \ORV KRPEUHV TXH VHSDUWHQ HO /D)DPLOLD 0LFKRDFDQD \ORV&DEDOOHURV 7HPSODULRV VRQ VLQ GXGD DOPD WRGRV ORVGtDVVLQGHVFDQVR SDUD SURFXUDUVH XQSHGD]R GHSDQ JUXSRV GHFRRSHUDFLyQ LQWHUQD TXH UHVLVWHQ IUHQWHDRWURV JUXSRV HQ >@ QR HVSRVLEOH TXH \R FODXGLTXH FXDQGR WHQJR WUHV KLMRV DORV ODOXFKD SRU ODYLGD FRPR OR VRQ HOVLQQ~PHUR GH VHFWDV PDILDV \ TXH WHQJR TXH HGXFDU FRQ HOHMHPSORª FXDOHVTXLHUD JUXSRV GHSRGHU DTXLHQHV QDGLH VHOR KDHQWUHJDGR GH +D\YLGDV\SDODEUDV TXH QRQHFHVLWDQ FRPHQWDULR EDVWD FRQFRQ IRUPD OHJtWLPD +D\SXHVXQDFRRSHUDFLyQ FRQVWUXFWRUD GH KXPD WDUODV\pVWDHVXQD GHHOODV&RPR HQODVYLxHWDV GHORVFKLVWHVTXH VH QLGDG \RWUD TXH ODGHVWUX\H /DSDUWLFLSDFLyQ LJXDOLWDULD GHORV FLX HQWLHQGHQ VREUDGDPHQWH HOUyWXOR WLHQH TXH VHU©VLQSDODEUDVª GDGDQRV HV LPSUHVFLQGLEOH SDUD DFDEDU FRQ ODV PDILDV SRU HVR VRQ O  M  O OLEUHV TXLHQHV WRPDQSDUWH HQ ODYLGD FRP~Q SDUWLFLSDU HVXQD IRU ELHUWD GHVGH HQWRQFHV FRPR XQD GH ODV GLPHQVLRQHV GH ODOLEHUWDG PD GHVHUOLEUH 4XH DO SDUHFHU PiV VH DSUHFLD FXDQWR PHQRV VH WLHQH \ TXH HQ (Q OD FRQIHUHQFLD GH %HQMDPtQ &RQVWDQW TXH FRPHQWiEDPRV FXDQWR JR]DPRV GHHOOD SDUHFHSHUGHU YDORU DQWHV SURQXQFLDGD SRFR GHVSXpV GHO HVWDOOLGR GH OD 5HYROXFLyQ (Q XQ VHQWLGR ELHQ PRGHVWR HVSRVLEOH SDUWLFLSDU HQ PXFKDV )UDQFHVD \ TXH OOHYDED SRU WtWXOR ©'H OD OLEHUWDG GH ORV DQWLJXRV LQVWDQFLDV HQ HOWUDEDMR HQEDUULRV HQODVXQLYHUVLGDGHV KRVSLWDOHV FRPSDUDGD FRQ OD GHORVPRGHUQRVª DVHJXUDED &RQVWDQW FRQ WRGD FROHJLRVSURIHVLRQDOHV HQRUJDQL]DFLRQHV VROLGDULDV HQRUJDQL]DFLR UD]yQ TXH HQ HOPXQGR DQWLJXR FRQFUHWDPHQWH HQ OD$WHQDV GH3H QHV HPSUHVDULDOHV HQ ODVGHFLVLRQHV VREUH HOSUHVXSXHVWR SDUWLFLSD ULGHV ODOLEHUWDG TXH VHDSUHFLDED HVODTXH VHHQWHQGtD FRPR SDUWL WLYR GHO SURSLR SXHEOR R FLXGDG HQ ORV SURFHVRV GH GHOLEHUDFLyQ FLSDFLyQ HO GHUHFKR DSDUWLFLSDU HQ ORV DVXQWRV S~EOLFRV GH PRGR S~EOLFD HQ FRPLWpV \FRPLVLRQHV HQHO$03$GHOLQVWLWXWRRGHOFR TXH ODVGHFLVLRQHV GH PL FRPXQLGDG SROtWLFD QR VHWRPDQ DPLV HV OHJLRGHORV QLxRV HQDVRFLDFLRQHV O~GLFDVFtYLFDVREHQpILFDV <SRU SDOGDV VLQR TXH \R WDPELpQ SDUWLFLSR HQ HOODV(OFLXGDGDQR HUD HQ VXSXHVWR HQ ODVHOHFFLRQHV TXH VHFHOHEUDQ GH IRUPD UHJXODU HQ ORV DTXHO WLHPSR \OXJDU TXLHQ WHQtD GHUHFKR DSDUWLFLSDU HQHVRFRQVLV SDtVHV GHPRFUiWLFRV WtD VXOLEHUWDG 1R HQWRGRV ORVOXJDUHVGHODWLHUUD HVSRVLEOH HMHUFHU HVWHGHUHFKR (VYHUGDG TXH OD GHPRFUDFLD JULHJD GHO 6LJOR GH 3HULFOHV VH KD DODSDUWLFLSDFLyQ \HVXUJHQWH GHIHQGHUOR SRUTXH QRHVOtFLWRUREDU D FRQYHUWLGR HQ XQ PLWR TXH PDJQLILFD OR TXH IXH XQDUHDOLGDG PiV ODV SHUVRQDV OD SRVLELOLGDG GH WRPDU SDUWH HQODV GHFLVLRQHV S~EOL PRGHVWD 1R SDUHFH TXH ORVFLXGDGDQRV VH GHVYLYLHUDQ SRUDFXGLU D FDV ODSRVLELOLGDG GHLQIOXLUHQODVGHFLVLRQHV TXH VHWRUQDQ HQODYLGD ODFROLQD GHO3\Q[SDUD SDUWLFLSDU HQOD$VDPEOHD GHWDQEXHQ JUDGR FRPSDUWLGD 1RHVOHJtWLPRKDFHU ODYLGD FRP~Q DVXVHVSDOGDV SRUTXH VL HO SXHEOR HO GHPRV DVFHQGtD HQ HVD pSRFD D  R (QORV~OWLPRV WLHPSRV KDQ DXPHQWDGR HQWUH QRVRWURV DIRUWXQD SHUVRQDV HQ HO3\Q[HOQ~PHUR GH DVLHQWRV HUDGH \HO GDPHQWH HOQ~PHUR GHDVRFLDFLRQHV \IRURV GHODVRFLHGDG FLYLOHP TXyUXP QHFHVDULR SDUD DOJXQRV REMHWLYRV HUD GH  FRQ OR FXDO SHxDGRV HQODWDUHD GH HODERUDU LQIRUPHV \SURSXHVWDV TXHSHUPLWDQ FDEHVXSRQHU TXH ODDVLVWHQFLD QR HUDPDVLYD 3RURWUD SDUWH ORVSUH FRQVWUXLU FRQMXQWDPHQWH XQDUHDOLGDG PHMRU \HQKDFHU OOHJDU HVDV VLGHQWHV GHOD$VDPEOHD VHYHtDQ REOLJDGRV DLQYHQWDU HVWUDWDJHPDV VXJHUHQFLDV DO FRQMXQWR GH OD VRFLHGDG \ D ORV SRGHUHV S~EOLFRV SDUD FRQVHJXLU TXH ORVFLXGDGDQRV DVLVWLHUDQ UHFXUULHQGR SRU ILQD FRPR FUHFHQ LJXDOPHQWH ODV SRVLELOLGDGHV GH GHFLGLU GHOLEHUDWLYD LQFHQWLYRV HFRQyPLFRV $O SDUHFHU $J\UKLXV HPSH]y D SDJDU XQ PHQWH SUHVXSXHVWRV SDUWLFLSDWLYRV HQORV D\XQWDPLHQWRV DPpQ GHOD yEROR SRUODDVLVWHQFLD +HUDFOLGDV GRV$J\UKLXV GHQXHYR WUHV\HQ SRVLELOLGDG GH YRWDU HQ GLVWLQWDV IRUPDV GH FRPLFLRV $VXPLU HVD ODpSRFD GH$ULVWyWHOHV ORVFLXGDGDQRV FREUDEDQ VHLVyERORV SRUDVLV IRUPD GHYLGD SDUWLFLSDWLYD HVHVHQFLDO&RPRELHQ GHFtD &RQVWDQW DO WLUDOD$VDPEOHD ILQDO GH VX FRQIHUHQFLD GLULJLpQGRVH DORV FLXGDGDQRV GHO PXQGR (QFXDOTXLHU FDVRQDFH DTXt HVDLGHD GHOLEHUWDG TXH ODLGHQWLILFD PRGHUQR QR RV FRQIRUPpLV FRQOD OLEHUWDG HQWHQGLGD FRPR LQGH FRQ ODSDUWLFLSDFLyQ HQ OD FRVDS~EOLFD XQD LGHD TXH TXHGD GHVFX SHQGHQFLD HQWUHJDQGR DORV SROtWLFRV ODOLEHUWDG GHGHFLGLU SRUTXH #   VLKDFpLV GHMDFLyQ GHHVHGHUHFKR YXHVWUR SXHGH OOHJDUXQGtD HQTXH GLVWLQWRV GH VX SURSLR YDORU 3DUD OOHJDU DHVER]DU ORV WUD]RV GH HVH RVDUUHEDWHQ KDVWD ODOLEHUWDG GHGLVSRQHU GHYXHVWUR KXHUWR <VREUH LGHDOVHQHFHVLWDHVR VtKDEHUUHFRQRFLGR TXHFDGD SHUVRQD HVYDOLR WRGR SRUTXH ORV VHUHV KXPDQRV WHQGHPRV D QXHVWUR SHUIHFFLRQD VDSRUVtPLVPD TXHPHUHFHODSHQD UHVSHWDUOD\WUDEDMDU SRUHOODVLQ PLHQWR \ HV HVD IRUPD GH OLEHUWDG OD GH SDUWLFLSDU HO PHGLR PiV HVSHUDU UHFRPSHQVDV DFDPELR SRUTXH DTXHOOR TXH WLHQH XQYDORU HILFD]\PiV HQpUJLFR TXH QRVKD\D GDGR HOFLHORSDUD SHUIHFFLRQDU LQWHUQRHV GLJQRGHUHVSHWR \HPSRGHUDPLHQWR QRV ©/DOLEHUWDG SROtWLFD HQJUDQGHFH HOHVStULWX DOVRPHWHU ORVPiV &RQ HVWD IRUPD GH KDEODU HQWUDPRV HQ HO DSDVLRQDQWH UHLQR GHO VDJUDGRV LQWHUHVHV DOH[DPHQ \HVWXGLR GH WRGRVORV FLXGDGDQRV VLQ YDORU SHUR QR GHOYDORU QXPpULFR GHODVFXHQWDV GHORViEDFRV VLQR H[FHSFLyQ HQQREOHFH VXVSHQVDPLHQWRV \HVWDEOHFH HQWUH WRGRV XQD GHDTXHOORTXH HVGLJQRGHVHUHVWLPDGR (QWUDPRV HQHOUHLQRPDUD HVSHFLH GHLJXDOGDG LQWHOHFWXDO TXH FRQVWLWX\H ODJORULD\HOSRGHUGH YLOORVRGHHVDFDSDFLGDGKXPDQDGHHVWLPDU TXHOOHYDDSUHIHULUXQDV XQSXHEORª $UWLFXODU SXHV HVDVGRV IRUPDV GH OLEHUWDG HVHVHQFLDO FRVDV\GHVHFKDU RWUDV DPDUFDUXQDKRMD GH UXWD HQODTXH HQWUDQ SDUDXQDVRFLHGDG TXHVHTXLHUD MXVWD XQDV SHUVRQDV XQDV DFWLYLGDGHV\ TXHGDQ IXHUD DTXHOODV DODV TXH 3HUR WDPELpQ HV YHUGDG DXQTXH &RQVWDQW QROR GLJD TXH SDUD GDPRV SRFR YDORU TXHORVFLXGDGDQRV VHVLHQWDQ LQYLWDGRV DHMHUFHU VXOLEHUWDG SROtWLFD (Q VRFLHGDGHV FRPR ODVQXHVWUDV HQ ODVTXHWRGR HVWi VRPHWLGR HVQHFHVDULR TXH ODVLQVWLWXFLRQHV GH VXSDtV VHDQWDOHVTXH HVDSDUWL DOSULQFLSLR GHOLQWHUFDPELR HQ HOTXHSRGHPRV FDPELDU QDUDQMDV FLSDFLyQ VHD VLJQLILFDWLYD < GHPDVLDGR D PHQXGR OD GHVDIHFFLyQ QDFH\FUHFHFXDQGR ODVJHQWHV VHGDQFXHQWD GHTXH VXSDUWLFLSDFLyQ UHVXOWD LUUHOHYDQWH HQ ODSROtWLFD HQ ODXQLYHUVLGDG HQ ODHVFXHOD HQ SRUPDQ]DQDVGLUHFWDPHQWH RDWUDYpVGHOGLQHUR VHUYLFLRV IDYRUHV WUDEDMR WRGR DFDED WHQLHQGR XQ SUHFLR TXH OH SHUPLWH MXJDU HQ HO PHUFDGR 3HUR KD\ VHUHV TXH QR GHEHQ HVWDUMDPiV HQ HOPHUFDGR HOKRVSLWDO \HQORVPiV GLYHUVRV iPELWRV (QHVRVFDVRVKD\ XQGpIL VHUHV DORVTXHQRVH OHV SXHGHILMDU XQYDORU GH FDPELR SRUTXH QR FLWLQVWLWXFLRQDO TXH WLHQH TXH VHUFRUUHJLGR KD\QDGDHTXLYDOHQWH SRU ORTXH SRGUtDQ LQWHUFDPELDUVH 9DOHQ SRU VtPLVPRV QR SDUD RWUDV FRVDV 7LHQHQ GLJQLGDG \ QR XQ VLPSOH SUHFLR  (/ 68(f2 '(81$ 62&,('$' 6,1 +80,//$&,Ï1 (QOD)XQGDPHQWDFLyQ GHODPHWDItVLFD GHODVFRVWXPEUHVXQRGHORV (VYHUGDG TXH WRGRQHFLRFRQIXQGHYDORU\SUHFLR (VYHUGDGTXH FtQLFRHVTXLHQ FRQRFH HOSUHFLR GHWRGDV ODV FRVDV\HOYDORU GHQLQ JXQD 3RUTXHQRHVORPLVPRHOYDORUTXHHOSUHFLR DXQTXHKD\DPRV WH[WRV GH pWLFD TXH PiV ELEOLRJUDItD KD JHQHUDGR HQ OD KLVWRULD GH DFDEDGR FUH\pQGROR DVt SRU HVWD REVHVLyQ GH FRQYHUWLUOR WRGR HQ 2FFLGHQWH GLVHxD .DQW ORVWUD]RV GH OR TXH VHUtD XQDVRFLHGDG VLQ PHUFDQFtD TXH SXHGH LQWHUFDPELDUVH SRU XQ SUHFLR KDVWDODV UHOD KXPLOODFLyQ \OHGD HOQRPEUHGH©5HLQR GHORV)LQHVª(QHVHUHLQR FLRQHV KXPDQDV 2 PHMRU FRPR GHFtDQ ORV SULPHURV UHSUHVHQWDQ FDGD VHUKXPDQR WUDWDUtD DORVGHPiV \DVtPLVPR FRPR XQ ILQGH WHVGHOD(VFXHODGH)UDQNIXUW KHPRV DERQDGR HOWULXQIR GHODUD]yQ WRGDV ODV DFWLYLGDGHV \QR FRPR XQ VLPSOH PHGLR SDUD RWURV ILQHV LQVWUXPHQWDO TXHORFRQYLHUWH WRGRHQ PHGLR SDUD RWUDV FRVDV \\D ,O4  QRVDEHPRV VLHV TXH KD\ DOJRTXH YDOHSRUVtPLVPR GDQGRVHQWLGR PHQWH DORV RMRV VLQTXH QLQJXQDWXYLHUD TXHEDMDU ODYLVWDDQWHRWUD DWRGRORGHPiV SDUD FRQVHJXLU ORTXH HV VXGHUHFKR QDGLH WHQGUtDTXH URJDU VXSOL +DEODED .DQW GHOVHQWLPLHQWR GHUHVSHWR TXHODVSHUVRQDV H[SHUL FDUUHEDMDUVHSDUD PDQWHQHU ODSURSLDYLGD\ODGHRWURV SDUDLQWHQ PHQWDPRV DQWH QXHVWUD FDSDFLGDG GH GDUQRV D QRVRWURV PLVPRV WDUOOHYDU DGHODQWH VXVSODQHV GHYLGD <QDGLHVHYHUtDREOLJDGR DUH QXHVWUDV SURSLDV OH\HV TXH HV DOR TXH OODPDPRV ©DXWRQRPtDª /D EDMDUVH DQWHVtPLVPR DGXODQGR DRWURV PLQWLHQGR VLPXODQGR VLQR FDSDFLGDG GHQR VHUV~EGLWRV GHRWURV PHQRV D~QVLHUYRVRHVFODYRV TXHSRGUtD UHVSHWDUVH DVtPLVPR ODFDSDFLGDG GH WHQHU OH\HVSURSLDV TXH VHUtDQ ODVGHODKXPDQLGDG &LHUWDPHQWH KD\FDVRV TXHSHUWHQHFHQ DODPiV HOHPHQWDO FRQYL <GHHVWDH[SHULHQFLD GHOYDORUGHODVSHUVRQDV H[WUDtD HOFpOHEUHPDQ YHQFLD (PSH]DU XQDFDUWD GLFLHQGR©HVWLPDGR VHxRUª FXDQGR QRVH GDWR TXH KD GDGR HQ OODPDUVH HO LPSHUDWLYR GHO )LQ HQ VtPLVPR OHHVWLPD HQDEVROXWR RFRQWHVWDU DILUPDWLYDPHQWH DXQDXWRUTXHWH ©2EUD GH WDOPDQHUD TXH WUDWHV DODKXPDQLGDGWDQWR HQWXSHUVRQD SUHJXQWDVLWHKDJXVWDGR VXREUD DXQTXHQRVHDDVt VRQFRVDV LQHYL FRPR HQODGH FXDOTXLHU RWUD VLHPSUH DOPLVPR WLHPSR FRPR XQILQ WDEOHV 3HUR VLQRHVHQHVDVFXHVWLRQHV GHFRUWHVtD XQ5HLQR GH ORV \QXQFD VRODPHQWH FRPR XQ PHGLRª 6LSXGLpUDPRV FRQVWUXLU XQ )LQHV VHULDXQDVRFLHGDG VLQGRPLQDFLyQ\SRU OR WDQWR XQDVRFLH UHLQR HQ TXH WRGRV ORVVHUHVKXPDQRV WRGDV ODVSHUVRQDV IXpUDPRV GDGVLQKXPLOODFLyQ (OVXHxRGHORVGHVSRVHtGRV GHWRGRV ORVWLHP DXWyPDWDV OOHYDUtD HOQRPEUH GH©5HLQR GHORV)LQHVª SRV HOGHORVDQDUTXLVWDV GHODD\XGD PXWXD HO5HLQR GH 'LRV VHFX (O5HLQR GH ORV )LQHV VHUtD DTXHO HQ TXH FDGD VHUKXPDQR VHUtD ODUL]DGRODVRFLHGDG FRPXQLVWD HQODTXH FDGDTXLHQWUDEDMDUi VHJ~Q WUDWDGRFRPR XQILQHQ VtPLVPR $TXHO HQ HOTXH ODSROtWLFD ODHFR VXV FDSDFLGDGHV\UHFLELUi VHJ~Q VXV QHFHVLGDGHV OD VLWXDFLyQ LGHDO QRPtD ODVDQLGDG ODHGXFDFLyQ ODVGLVWLQWDV SURIHVLRQHV \RILFLRVOD GHKDEOD HQ TXHWRGRV VHUiQ FRQVLGHUDGRV FRPR SHUVRQDV FRQ GHUH EDQFD ODV HPSUHVDV \ HO FRQMXQWR GH ODV DFWLYLGDGHV FRPSDUWLGDV FKRDGHFLGLU VREUH ODVQRUPDVTXH OHV DIHFWDQ ODUHDOL]DFLyQ HQSOH HVWXYLHUD DVXVHUYLFLR 7RGR HVIXHU]R GHEHUtD LUGLULJLGR QR VyORD QLWXGGHORPHMRUGHORKXPDQR QRGDxDU DODVSHUVRQDV VLQR WDPELpQDHPSRGHUDUOHV GHPRGR TXH ¢8WRStD" (Q DEVROXWR %U~MXOD TXH LQGLFD KDFLD GyQGH FDPLQDU IXHUDQ FDSDFHV GHOOHYDU DGHODQWH ORVSODQHV GHYLGD TXH WXYLHUDQ UD SDUDVDEHUFXLGDU FRRSHUDU\FXOWLYDUODOLEHUWDG HQWRGDVVXVGLPHQ ]RQHV SDUD YDORUDU VLRQHV HQODGLUHFFLyQ GHDTXHOOR TXHPHUHFH ODSHQDHVWLPDU (Q VHPHMDQWH UHLQR ORV FRVWHV GH ODVWUDQVDFFLRQHV VHUtDQ EDMtVL PRV \ODVUHODFLRQHV HVWDUtDQ SUHVLGLGDV SRUODFRQILDQ]D HQ TXH QD  GLHVHSURSRQHGDxDU VLQR D\XGDU 6LOOHJDUDDOJ~Q GtDQRKDUtD IDOWD  HOFDVWLJR SDUDJXDUGDU ODYLxD \OR TXH VHDKRUUDHQ GHUHFKR SHQDO ¢3DUD TXpVLUYH ODpWLFD" SRGUtDLQYHUWLUVH HQ VDQLGDG HGXFDFLyQ HQ ODLQYHVWLJDFLyQ GH HQ 3DUD VHU SURWDJRQLVWD GH OD SURSLDYLGD DXWRUD GHO JXLyQ GH OD IHUPHGDGHV WDQWR XVXDOHV FRPR UDUDV SURSLD ELRJUDItD SDUD FRQVWUXLU FRQ RWURV OD YLGD FRPSDUWLGD VLQ <ORTXH HVPiV VXJHVWLYR ODVSHUVRQDV SRGUtDQ PLUDUVH GLUHFWD  ā  SHUPLWLU TXHQRVODKDJDQ3DUD UHDOL]DU XQVXHxR HOGHXQDVRFLHGDG  VLQ GRPLQDFLyQ HQ TXH WRGRV SRGDPRV PLUDUQRV DORV RMRV VLQ WHQHU TXH EDMDUORV SDUD FRQVHJXLU OR TXH HV QXHVWUR GHUHFKR 1RWDV 5(&212&(5<(67,0$5 /248(9$/( 325 6Ë0,602 O .KDOHG+RVVHLQL0LO VROHVHVSOpQGLGRV6DODPDQGUD%DUFHORQD  %HQMDPtQ&RQVWDQW©'HODOLEHUWDGGHORVDQWLJXRVFRPSDUDGDFRQ ODGHORVPRGHUQRVªHQ(VFULWRVSROLWLFRV &HQWURGH(VWXGLRV &RQVWLWXFLRQD OHV0DGULG  'DQLHO%HOO&RPPXQLWDULDQLVP DQG LWV FULWLFV 2[IRUG 8QLYHUVLW\ 3UHVV  3DUD XQ HVWXGLR GHODVSUHIHUHQFLDVDGDSWDWLYDVYHU$GHOD&RUWLQD \*XVWDYR3HUHLUD HGV 3REUH]D\ OLEHUWDG7HFQRV0DGULG  3DEOR 2UGD] UHSRUWDMH ©6RQPH[LFDQRV VRQYDOLHQWHVª(O 3DtV  GHMXQLR GH9HUWDPELpQ HOFRPHQWDULR GH)HUQDQGR *DUFtDGH &RUWi]DUHQOD7HUFHUDGH$%& GHO GHGLFLHPEUHGH  6DOYDGRU&DPDUHQD(O3DtV GHQRYLHPEUHGH  5REHUW$'DKO$QiOLVLV SROLWLFH PRGHUQR )RQWDQHOOD%DUFHORQD S $GHOD &RUWLQD &LXGDGDQRV GHO PXQGR $OLDQ]D0DGULG SS\   %HQMDPtQ&RQVWDQWRS FLWS O I5$1.(167(,1 (/3520(7(2 02'(512 &RUUtD HO DILR  8Q JUXSR GHSRHWDV \ QRYHOLVWDV FRPR /RUG %\URQ 3HUF\6KHOOH\ -RKQ 3ROLGRUL \ODTXHPiV WDUGH VHUtD 0DU\ 6KHOOH\ VH UHXQLy HQ 9LOOD'LRGDWL XQDYLOOD GHORV DOUHGHGRUHV GH *LQHEUD DOTXLODGDSRU/RUG%\URQ &RPRHOWLHPSRHUDWRUPHQWRVR \GHVDSDFLEOHVHYLHURQ REOLJDGRVDUHFOXLUVHHQODFDVD\XQDQRFKH GHFLGLHURQKDFHUXQDDSXHVWD+DEtDQHVWDGROH\HQGRORVWUDEDMRVGH (UDVPXV 'DUZLQ HO DEXHOR GH &KDUOHV 'DUZLQ VREUH ODFUHDFLyQ GHODYLGD DUWLILFLDO\VHSURSXVLHURQ HVFULELUFDGD XQRXQ UHODWR GH WHUURUUHODFLRQDGR FRQODSHUIHFWLELOLGDGGHOKRPEUH  ,PPDQXHO.DQW)XQGDPHQWDFLyQ GHOD0HWDItVLFD GHODV&RVWXPEUHV 'HHVRVGtDVGHUHFOXVLyQIRU]RVDVDOGUtDFRQHOWLHPSR (O 9DPSL (VSDVD&DOSH0DGULG HGS7UDGX]FRODH[SUHVLyQDOHPDQD URGH3ROLGRUL SHURODKLVWRULDTXHKL]R IRUWXQDHQODFXOWXUDXQLYHU ©EUDXFKVWªSRU©WUDWHVªSRUTXHODFRQVLGHURPiVDGHFXDGDTXH©XVHVªTXH HVODWUDGXFFLyQGH*DUFtD0RUHQWH  /RVHMHPSORVVRQWDPELpQGH.DQWHQ/D0HWDItVLFD GHODV&RVWXP EUHV7HFQRV0DGULGS VDOFRQPD\RUUDSLGH]IXH)UDQNHVWHLQ HO3URPHWHRPRGHUQR ODQRYH ODGHOD~QLFDPXMHU TXHHQWUyHQODDSXHVWD (OOLEUR HPSH]y VLHQGR XQ UHODWRGH WHUURU FRPR H[LJtDHO SDFWR SHUR SURQWR HOSHUVRQDMH FHQWUDO OD FULDWXUD GH )UDQNHQVWHLQ IXH FREUDQGR YLGD SURSLD \ SODQWHDQGR DODDXWRUDSUHJXQWDVVREUH HOXVRGHODFUHDWLYLGDGFLHQ WtILFDODSHUIHFWLELOLGDG GHOKRPEUHODIHOLFLGDG ODYLGDHQ VROLWDULR B a LB a  OD QHFHVLGDG GH HVHUHFRQRFLPLHQWR VLQ HOTXH QR KD\ YLGD KXPDQD QR HQFXHQWUD DQDGLH VHPHMDQWH DpO DQDGLH TXH SXHGD UHFRQRFHUOH HQSOHQLWXG 8QD YLGD QR SHUIHFWD SHUR VtGLJQD GHVHUYLYLGD FRPR XQ LJXDO HQ KXPDQLGDG QL VLTXLHUD WLHQH XQ QRPEUH FRQ HO (Q OD QRYHOD GH 6KHOOH\ HO FUHDGRU GHO KRPEUH QXHYR \D QR HV TXHDOJXLHQ SXHGD QRPEUDUOH FRPR PLHPEUR GHODIDPLOLD KXPDQD 'LRV VLQR HO FLHQWtILFR )UDQNHQVWHLQ TXH LQWHQWD DFRPRGDU HQ VX < HOKLOR FRQGXFWRU GH ODQRYHOD HV ODE~VTXHGD GHVHVSHUDGD GHXQ ODERUDWRULR ORVPLHPEURV GHXQ KRPEUH TXH GHEHUtD VHUPiVSHUIHF LJXDO HQ TXLHQ SRGHU UHFRQRFHUVH DTXLHQ SRGHU HVWLPDU \GHTXLHQ WR TXH ORV\D FRQRFLGRV XQ VHUUDFLRQDO FRPSOHWR FRPR 6KHOOH\OR UHFLELU HVWLPD GHILQH 3URPHWHR KD UREDGR HOIXHJR DORVGLRVHV \HV FDSD] GHFUHDU (QXQ PRPHQWR GHOD REUD SDUHFH TXH HOPLODJUR YDDSURGXFLU XQ KRPEUH VXSHULRU YDOLpQGRVH GHOD FLHQFLD WRGD XQD SURPHVD GH VH /DFULDWXUD GH )UDQNHQVWHLQ VLQ VHUYLVWD FRQRFH DXQD IDPLOLD XQ IXWXUR PHMRU TXH HQ SULQFLSLR QR SXHGH GHVSHUWDU VLQR HQWX SREUH \VH GHVYLYHSRUD\XGDUOH GLDULDPHQWH FRQ UHJDORV TXH OHV GHMD VLDVPR FODQGHVWLQDPHQWH HQ ODSXHUWD GHODFDVD RFXOWiQGRVH GHVSXpV SDUD <GLJR ©HQ SULQFLSLRª SRUTXH ODLGHD GH KRPEUHV PiV SHUIHFWRV QR VHU GHVFXELHUWD <JR]DSURIXQGDPHQWH DOFRQWHPSODU ODGLFKD GH SURYRFD FRQ UD]yQ WRGR XQPXQGR GHVXVSLFDFLDV HLQYLWD DSRQHU ORV QLxRV GLVIUXWDQGR FRQ VXVUHJDORV 3HUR HOGtD HQ TXHSRU ILQGH VHHQJXDUGLD +DELGD FXHQWD GH ODH[SHULHQFLD TXHODKLVWRULD KDLGR FLGHGHMDUVH YHU HOHVSDQWR TXHSURYRFD OHREOLJDDUHJUHVDU DORSUR DFXPXODQGR VREUH ODFUHDFLyQ GH KRPEUHV VXSHULRUHV WDO YH]VHUtD IXQGR GHOERVTXH VLQ WHQHU \DPiV FRPHUFLR FRQ VHUHV KXPDQRV PHMRU FRQIRUPDUVH FRQ DVHJXUDU DORVTXH\DKD\ XQD PHMRU FDOLGDG /DV SiJLQDV ILQDOHV GHO UHODWR VRQ VREUHFRJHGRUDV (O PRQVWUXR GHYLGD SDUD TXH SXHGDQ OOHYDU DGHODQWH VXVSUR\HFWRV GHYLGD IHOL] PDOGLFH D)UDQNHQVWHLQ SRU KDEHUOH FUHDGR FRQ XQ JUDQ DQKHOR GH TXH HPSHxDUVH HQ FUHDU VXSHUKRPEUHV KRPEUHV VXSHULRUHV RVHUHV IHOLFLGDG\VLQ ORVPHGLRV SDUD VDFLDUOR SRUTXH QROHKDGDGR DQLQ SRVWKXPDQRV J~Q LJXDO FRQ HOTXH FRPSDUWLU YLGD \GHVWLQR (O SUHVXQWR KRPEUH 7DOYH]ODIHOLFLGDG QRYHQJDWDQWR GHOHMHUFLFLR GHIDFXOWDGHV SRU PHMRU H[LJH DVXFUHDGRU TXHOHGp XQD FRPSDxHUD \OHODQ]D ODSHRU WHQWRVDV FRPR GH XQD YLGD EXHQD FRPSDUWLGD FRQ ORV VHPHMDQWHV DFXVDFLyQ TXH XQD FULDWXUD SXHGH KDFHU D VX FUHDGRU QDGLH WLHQH eVHHVHQUHDOLGDG HOPHQVDMH GH 0DU\ 6KHOOH\ &RPR HOODPLVPD UH GHUHFKR DGDUODYLGD DXQ VHUDOTXHQRRIUHFHDODYH]ORVPHGLRV SDUD YHOD DPHGLGD TXH ODREUD LED WRPDQGR IRUPD RWURV PRWLYRV IXH VHUIHOL] URQ DxDGLpQGRVH DORVLQLFLDOHV ORTXH HPSH]y VLHQGR XQD QRYHOD GH WHUURU VHFRQYLUWLy HQ XQ UHODWR VREUH ODIHOLFLGDG KXPDQD eVH DFDEy VLHQGR HOPHQVDMH GH )UDQNHQVWHLQ TXHORV PLHPEURV \ ORV yUJDQRV GHXQ KRPEUH SXHGHQ VHUSHUIHFWRV SHUR HVRQR JDUDQ )UDQNHQVWHLQ WLHQH p[LWRHQSULQFLSLR HQSURQXQFLDU HVHILDW FUHD WL]D TXH VXYLGD VHDEXHQD VLQR SXHGH FRQWDU FRQ RWURV KRPEUHV GRU TXH GD FRPLHQ]R DXQD YLGD QXHYD DODYLGD GHXQKRPEUH PiV HQWUH ORV TXHVDEHUVHUHFRQRFLGR \HVWLPDGR ©(OiQJHO UHEHOGHGLUi SHUIHFWR TXH ORVFRQRFLGRV HQDOJXQDV GH VXVFDSDFLGDGHV XQ KRP ODFULDWXUD GH 3UDQNHQVWHLQH VHFRQYLUWLy HQ XQ PRQVWUXR GLDEOR EUHGLVWLQWR GHOUHVWR 3HUR GRQGH GHEHUtD UHVLGLU HOVHFUHWR GHOWULXQ SHUR KDVWD HVH HQHPLJR GH'LRV\GHORVKRPEUHV FXHQWD HQ VXGHVR IRUDGLFD HOGHO URWXQGR IUDFDVR SUHFLVDPHQWH SRUTXH HOPRQVWUXR ODFLyQ FRQ DPLJRV \FRPSDxHURV <RHVWR\VRORª"  (OPD\RU VXIULPLHQWR GH XQ VHUKXPDQR HV ODVROHGDG UDGLFDO OD SXHUWD OR UHJDURQ SXVLHURQ SODQWLWDV IODQTXHDQGR OD HQWUDGD \DVt FRQGHQD DODLQYLVLELOLGDG DODOHMDPLHQWR DODH[FOXVLyQ 3RUTXH QR IXHURQ PDQWHQLHQGR HO HQWRUQR DSDUWLU GH HQWRQFHV SRUTXH pVD VRPRV LQGLYLGXRV DLVODGRV TXH XQEXHQ GtD GHFLGHQ XQLUVH SRUUD FRPR SRGtD YHU WRGR HOPXQGR HUD VXFDVD 7HQtDQ XQD GLUHFFLyQ ]RQHV IXQGDGDV GH EHQHILFLR PXWXR VLQR VHUHV YLQFXODGRV GHVGH OD TXH GDU 8QDGLUHFFLyQ UHFRQRFLGD UDt]SHUVRQDV FX\DYLGD VHYDWHMLHQGR GHVGH HOUHFRQRFLPLHQWR PX WXR RGHVGH HOUHFKD]R TXH QR HVVLPSOH RPLVLyQ VLQR DFFLyQ GHFL GLGD GHURPSHU XQ YtQFXOR TXH HQUHDOLGDG \DH[LVWH  /$75$',&,Ï1 '(/ 5(&212&,0,(172 3RU HVR 0DULDP \ /DLOD SXGLHURQ FRQTXLVWDU VXOLEHUWDG HQ XQ PXQGR LQKyVSLWR SRUTXH OXFKDURQ FRGR D FRGR GHVGH VX HVWLPD $OJXQD WUDGLFLyQ ILORVyILFD UHFXHUGD FRQ UD]yQ PiV TXH VREUDGD FRPSDUWLGD 3RU HVRPXMHUHV FRPR 0DUtD 6DQWRV TXHGDUiQ HQ HOUH TXHORTXHFRQIRUPD DORV LQGLYLGXRV FRPR SHUVRQDV QRHVHOWUDED FXHUGR DJUDGHFLGR GHVXVKLMRV \HQQXHVWUR UHFXHUGR MR YROXQWDULRVR GH KDFHUVH DVtPLVPRV HQVROLWDULR VLQR HO KDFHUVH FRQ RWURV TXH OHV UHFRQRFHQ FRPR SHUVRQDV /D YLGD KXPDQD HV TXHKDFHU GHFtD 2UWHJD \ *DVVHW \ HO TXHKDFHU pWLFR HV TXHKDFHU  VH KDFHUVH DVtPLVPR <HVR HVYHUGDG 3HUR QROR HV PHQRV TXHHVH 81 1Ò0(52 (1/$38(57$ '(/$&$6$ KDFHUVH HV XQD WDUHD FRPSDUWLGD SRU HVR FXDQGR IDOWD HOUHFRQRFL &RQWDED HQ XQD FRQIHUHQFLD (QULTXH ,JOHVLDV 6HFUHWDULR *HQHUDO PLHQWR PXWXR QR FUHFHQ FRQELHQODV SHUVRQDV ,EHURDPHULFDQR TXH HQ XQR GH HVRVEDUULRV PDUJLQDOHV GH XQSDtV (VpVWD XQDKLVWRULD TXH HPSLH]D HQ ORV SULPHURV DxRV GHODYLGD ODWLQRDPHULFDQR DORV TXH XQRV OODPDQ ©LQYDVLRQHVª RWURV ©SXH FRQ HOFXLGDGR R HOGHVFXLGR GHORVSDGUHV \GHODFRPXQLGDG FHUFD EORV QXHYRVª RWURV VLPSOHPHQWH ©FHUURVª VHSURGXMR XQEXHQ GtD QD FRQ ODVPLUDGDV GH FDULxR R GH LQGLIHUHQFLD FRQ HOGRORU SRU HO XQ FDPELR UDGLFDO (OD\XQWDPLHQWR GHFLGLy PDQGDU DXQD EULJDGD GHVSUHFLR GH ORV SUy[LPRV FRQ OD DOHJUtD SRU HO DSUHFLR FRQ HVRV SHUWUHFKDGD GHODGULOORV \SDOHWD \SXVLHURQ VREUH HOTXLFLR GH FDGD MXHJRV LQIDQWLOHV TXH WRGRV ORV SDGUHV FUHHQ HVWDU LQYHQWDQGR FRQ SXHUWD GHODVYLYLHQGDV XQQ~PHUR $SDUWLU GH HQWRQFHV FXDOTXLHU ODV FDULFLDV GH ORVYHFLQRV \ODDWHQFLyQ GH PDHVWURV \FRPSDxHURV YLDQGDQWH SRGtD LGHQWLILFDU FDGD FDVLWD SRU VXQ~PHUR SRGtD OOHJDU (PSLH]D DXQ DQWHV GH DSUHQGHU HVHOHQJXDMH VLPEyOLFR TXHVyOR ORV HOFDUWHUR ORVPLHPEURV GHDTXHOOD FRPXQLGDG SRGtDQ UHFLELU FDUWDV KRPEUHV VRQ FDSDFHV GH PDQHMDU \ RWURV SRGtDQ HQYLiUVHODV 6HKL]R SRVLEOH GDU OD GLUHFFLyQ DFXDO $OSDUHFHU ORV QLxRV WLHQGHQ GH PRGR QDWXUDO DD\XGDU DRWURV D TXLHUD TXH TXLVLHUD YHQLU GH YLVLWD ¢< TXp SDVy" ¢&yPR UHDFFLRQD FRPSDUWLU FRQHOORV ELHQHV LQIRUPDFLyQ \VHUYLFLRV 3RUOR JHQHUDO URQODVJHQWHV TXH KDEtDQ YLYLGR GHMDGDV GHODPDQR GHOPXQLFLSLR FXDQGR SHUFLEHQ TXH XQDGXOWR HVWi EXVFDQGR XQ REMHWR TXH HOORV \SRU VXSXHVWR GH ODSROLFtD GXUDQWH GpFDGDV" YHQ ORVHxDODQ FRQ HOGHGR SDUD TXH GHMHGHEXVFDU HVWiQ GLVSXHVWRV 3LQWDURQ ODVIDFKDGDV EDUULHURQ HOWUR]R GH FDOOHTXH GDED DVX  D  DD\XGDUOH HQ ORTXHSXHGHQ (VPiVWDUGH FXDQGR YDQDSUHQGLHQGR  DGLVFULPLQDU DGLVWLQJXLU HQWUH DTXHOORV HQTXLHQHV SXHGHQ FRQILDU UHQGH HOORV TXH QR VHYD\DQ FRQ GHVFRQRFLGRV TXH VDOXGHQ DODV \ORVTXH QR PHUHFHQ FRQILDQ]D DTXHOORV FRQ ORVTXH VHSXHGH FRR YLVLWDV TXH OHV GHPXHVWUHQ VXV KDELOLGDGHV TXH OHV GLJDQ DGLyV FRQ SHUDU \DTXHOORV FRQ ORVTXH QR KD\ UHFLSURFLGDG SRVLEOH ODPDQR 0iV DGHODQWH ODV FRVDV VHFRPSOLFDQ SRUTXH ORV PHQVDMHV %LHQSURQWR DSUHQGHQ ODVQRUPDV GHOJUXSR \WLHQGHQ DUHVSHWDU VRQ PiV FRPSOHMRV VHSLGH DOQLxR TXH FXLGH GHOKHUPDQR PiV SH ODVSRUOR JHQHUDO (QSULQFLSLR VHJ~Q GHFtD3LDJHWODUD]yQ GHOUHV TXHxR TXHFRPD FRQ FXELHUWRV TXH QRGLJD PHQWLUDVQLSHJXH DORV SHWR HV OD DXWRULGDG GH ORV DGXOWRV TXH VHODV HQVHxDQ 3HUR GHVGH FRPSDxHURV TXH VDOJD HQGHIHQVD GHORVPiV GpELOHV $WUDYpV GHOOHQJXDMH YDPRVDSUHQGLHQGR HVHMXHJR GHODVQRUPDV ILQHV GHSUHHVFRODU ODVUD]RQHV YDQ VLHQGR HOVHQWLGR GHODUHFLSURFL GDG HOUHVSHWR PXWXR \ODLGHD GHFRQWUDWR  FRQ HO TXH ODV VRFLHGDGHV EXVFDQ SURWHJHU DTXHOODV FRVDV TXH FRQVL /RV QLxRV YDQ DEVRUELHQGR ODV QRUPDV \ VHYDQ SHUFDWDQGR GH GHUDQ YDOLRVDV 3RU HVR SXHGH GHFLUVH TXH DXQTXH OD FDSDFLGDG GH IRUPD LQFRQVFLHQWH GH TXH VRQ ODVQRUPDV GH VX JUXSR VRFLDO TXH YDORUDU HVWi HQODEDVH GHODYLGDKXPDQD ORTXHODVVRFLHGDGHV YDOR FXPSOLUODV HVODIRUPD GHPDQWHQHU DOJUXSR \SRUHVRQR VyORWLHQ UDQ FULVWDOL]D HQ QRUPDV TXH PDQWLHQHQ XQLGR DOJUXSR VRFLDO /DV GHQ D REHGHFHUODV VLQR TXH LQWHQWDQ TXH ORV GHPiV WDPELpQ ODV QRUPDV SURWHJHQ ODVXSHUYLYHQFLD SHUVRQDO \HOELHQHVWDU GHOJUXSR FXPSODQ 6H GDQ FXHQWD GH TXH ORVVHUHV KXPDQRV VRPRV LQWHUGH GHO ©QRVRWURVª < HVHJUXSR SXHGH DILUPDUVH IUHQWH DORV GHPiV R SHQGLHQWHV \GH TXHODVQRUPDV QRVD\XGDQ DIRUPDU XQ ©QRVRWURVª SHUFDWDUVH GHTXH SXHGH\GHEHLUDPSOLiQGRVH DWRGRV DTXHOORV VHUHV $OSULQFLSLR LGHQWLILFiQGRVH FRQ ORV RWURV VLJQLILFDWLYRV FRPR OHV TXH SXHGHQ VHUUHFRQRFLGRV FRPR SHUVRQDV SRUTXH FRQ WRGRV HOORV OODPDED HOSVLFyORJR VRFLDO*HRUJH + 0HDG HV GHFLU ORVSDGUHV OD H[LVWHXQ YtQFXOR GHUHFRQRFLPLHQWR IDPLOLD ORVFRPSDxHURV \GHVSXpV FRQ ORTXHWDPELpQ 0HDG OODPD 1RVHSXHGH SRQHU YDOODV DOFDPSR HOYtQFXOR KXPDQR WUDVFLHQGH ED ©HO RWUR JHQHUDOL]DGRª TXH YDPiV DOOiGHODVIURQWHUDV GHOJUXSR WRGDVODVIURQWHUDV \SDtVHV KDVWD H[LJLUHVD FLXGDGDQtD FRVPRSROLWD FRQFUHWR 3HUR WRGR HVWR\D OR KDFHQ ORVQLxRV GHVGH HOXVR GH HVH HVD VRFLHGDG HQ TXH FXDOTXLHU VHUKXPDQR VHVLHQWH HQVXSDWULD $ILQGHFXHQWDV HOQ~FOHRGHOPXQGR PRUDOFRQVLVWH HQ UHFRQRFHU OHQJXDMH WtSLFDPHQWH KXPDQR TXH HVHOOHQJXDMH VLPEyOLFR (V HQ HVHOHQJXDMH HQ HO TXH DSUHQGHQ DGHFLU ©W~ª\ ©\RªHQ HO HVWLPDU SURWHJHU \HPSRGHUDU DORV VHUHV TXH PHUHFHQ VHU UHFRQRFL TXH DSUHQGHQ ORV SURQRPEUHV SHUVRQDOHV GH SULPHUD VHJXQGD \ GRV FRPR YDOLRVRV SRU VtPLVPRV\SRUORWDQWRWLHQHQ GLJQLGDG \QR WHUFHUD SHUVRQD GHOVLQJXODU \GHOSOXUDO &RQ pOODVJHQWHV HPSLH]DQ SUHFLR $TXHOORV VHUHV TXH PHUHFHQ UHVSHWR \ VXVFLWDQ FRPSDVLyQ D VHU UHFRQRFLGDV SRU HO Q~PHUR GH VX FDOOH HQ HO PXQGR SRU VX QRPEUH SURSLR \SRU HOSURQRPEUH SHUVRQDO TXHOHVFRUUHVSRQGH HQ FDGDRFDVLyQ  ',*1,'$' <&203$6,Ï1 <HVMXVWDPHQWH HQ HVHMXHJR GHOOHQJXDMH HQ HO TXH ORVSDGUHV SL GHQ DORVQLxRV TXH KDJDQ XQDV FRVDV \HYLWHQ RWUDV TXH QR FRMDQ ©(OOD PHDPy SRU ORVSHOLJURV TXH KDEtD FRUULGR \\ROHDPp SRU OD REMHWRV SXQ]DQWHV TXHQR VHOROOHYHQWRGR DODERFD TXH QRVHVHSD SLHGDG TXH PRVWUy SRUHOORVª XR  &RQ HVWDV SDODEUDV 2WHOR HO0RUR GH9HQHFLD SRQH VREUH HO WD FRPSDVLYD SHUFLEH FRPR XQD FDUHQFLD LPSRUWDQWH SDUD ORJUDU XQD SHWH OD IXHU]D GH XQ VHQWLPLHQWR TXH LPSUHJQD ODYLGD GH ORVVHUHV YLGD EXHQD 'H GRQGH VH VLJXH TXH TXLHQ FRPSDGHFH DRWUR WLHQH KZQDQRV GRWiQGROH GH XQD FDOLGH] HVSHFLDO ODSLHGDG TXH OOHYD XQ XQD LGHD GH OR TXH VHUtD XQD YLGD EXHQD \ FUHH TXHOD SHUVRQD DOD QRPEUH PiVJHQHURVR FRPR YHUHPRV HOGHFRPSDVLyQ TXHFRPSDGHFH EXVFD XQD YLGD VHPHMDQWH SHUR ODGHVJUDFLD TXHKD $OR ODUJR GH OD KLVWRULD GH OD pWLFD RFFLGHQWDO GRV VHQWLPLHQWRV SDUHFHQ GLVSXWDUVH HOPpULWR GHRFXSDU HOSULPHU SXHVWR DODKRUD GH VXIULGR OHLPSLGH ORJUDUOD 3RU HVR KDEODPRV GHXQD FDUHQFLD JUDYH \QR GH XQDPLQXFLD LPSUHJQDU ODVUHODFLRQHV KXPDQDV SDUD KDFHUODV PRUDOHV HQ HOPiV (Q VHJXQGROXJDU ODSHUVRQD TXHHV REMHWR GH FRPSDVLyQ QR PH SOHQR VHQWLGR GH OD SDODEUD 3URFHGH XQR GH OD WUDGLFLyQ HVWRLFD \ UHFH HOVXIULPLHQWR TXH SDGHFH RHVGHVSURSRUFLRQDGR &UHH$ULVWy NDQWLDQD \HVHO UHVSHWR DQWHODGLJQLGDG GHORVVHUHV KXPDQRV DORV WHOHVTXHDIORUD DTXt XQ VHQWLPLHQWR GH LQMXVWLFLD HOGHTXHODSHUVR TXHMDPiV VHOHVSXHGH DVLJQDU XQ VLPSOH SUHFLR SRUTXH FDGDXQR GH QD QRGHEHUtD SDGHFHU HVHPDOSRUTXH QR ORPHUHFH \SRUHVRHV PiV HOORVHV~QLFR SDUD QLQJXQR H[LVWHXQHTXLYDOHQWH SRU HOTXH VHSX IiFLOVHQWLU FRPSDVLyQ SRUORVEXHQRV TXH SRU ORV PDORV GLHUD LQWHUFDPELDU -XVWDPHQWH OD GLJQLGDG GH ODV SHUVRQDV VHKD 7DOYH]WHQJD UD]yQ SHUR WDPELpQ HV YHUGDG TXH DPHQXGR QRV FRQYHUWLGR HQ HOIXQGDPHQWR GH ORVGHUHFKRV KXPDQRV HQODUD]yQ FRPSDGHFHPRV SRU HO VXIULPLHQWR GH ORV PDOYDGRV FXDQGR ORV GHVHUGHDTXHOOD 'HFODUDFLyQ TXH VHSURFODPy HQ  YHPRV VRORV \ GHVYDOLGRV 6DEtDPRV GH ODV DWURFLGDGHV GH 6DGDP 3HUR HORWUR VHQWLPLHQWR TXHSDUHFH KDEHU TXHGDGR HQXQ VHJXQ +XVHLQ SHUR ¢TXLpQ SXHGH YHU VLQ GRORU HOYLGHR HQ TXH XQ JUXSR GR WpUPLQR HVOD FRPSDVLyQ \WLHQH XQD KLVWRULD DOJRPiV LQWULQFD GHLUDTXtHV OH PDOWUDWD \OHKXPLOOD HQ HOPRPHQWR HQTXH HVWiLQGH GD 3RU LQWHQWDU LQWURGXFLU XQ FLHUWR RUGHQ HPSH]DUHPRV UHFX IHQVR" UULHQGR D ORV WUD]RV TXH GLR $ULVWyWHOHV GH HOOD DFODUDQGR HQ TXp 'DQGR XQSDVR PiV HOWHUFHU UHTXLVLWR FRQVLVWLUtD HQ SHQVDU TXH FRQVLVWH 'HVGH HVWD SHUVSHFWLYD OD FRPSDVLyQ HV ©FLHUWD SHQD SRU HVD GHVJUDFLD QRV SXHGH RFXUULU D QRVRWURV TXH VRPRV LJXDOPHQWH XQPDO TXHDSDUHFH FRPR JUDYH\SHQRVR HQTXLHQ QRORPHUHFH PDO GpELOHV \YXOQHUDEOHV 3RU HVR HSLF~UHRV HVWRLFRV \SODWyQLFRV FRQ TXH SRGUtD SDGHFHU XQR PLVPR RDOJXQR GHORVDOOHJDGRVSRUTXH HV VLGHUDURQ TXH ORV GLRVHV QRSXHGHQ VHU FRPSDVLYRV SRUTXH QR VRQ QHFHVDULR TXH HOTXH YD DVHQWLU FRPSDVLyQ HVWpHQ VLWXDFLyQ WDO TXH GpELOHV QL YXOQHUDEOHV 8Q PXQGR VLQ GXGD PX\ GLIHUHQWH GHO SXHGD FUHHU TXH YDDVXIULU DOJ~Q PDO RELHQ pOPLVPR RELHQ DOJXQR MXGtR TXH UHFRQRFH D<DKYp FRPR XQ 'LRV FRPSDVLYR 8Q PXQGR GHORVDOOHJDGRV \XQ PDO VHPHMDQWH RFDVLLJXDOª PX\ GLIHUHQWH GHO FULVWLDQR TXHYH HQ -HV~V GH1D]DUHWK D XQ 'LRV 7RPDQGR OD ULTXH]D GHO ERVTXHMR DULVWRWpOLFR SRGHPRV GHFLU TXH SDUD KDEODU GH FRPSDVLyQ KDEUtDPRV GH FRQWDU FRQ FLHUWRV UH TXLVLWRV YXOQHUDEOH \FRPSDVLYR 3HUR DWRGR HOORKD\ TXH DxDGLU XQ FXDUWR UHTXLVLWR \ HV TXH OD SHUVRQD TXH VXIUH VLJQLILTXH DOJR SDUD Pt TXHPH LPSRUWH TXH VX (QSULPHU OXJDU OD SHUVRQD TXH GHVSLHUWD FRPSDVLyQ KD GH VHU IHOLFLGDG VHDXQD SDUWH GHPLSUR\HFWR GHYLGDEXHQD 1R SRGHPRV YtFWLPD GH XQ VXIULPLHQWR JUDYH GH XQ VXIULPLHQWR TXH ODSHUVRQD VHQWLU FRPSDVLyQ SRU ORV TXHQRV UHVXOWDQ LQGLIHUHQWHV VLQR VyORSRU  ORVTXH GH DOJXQD PDQHUD QRVLPSRUWDQ SRU ORVTXH GHDOJXQD PD DYHULJXDU GyQGH OH GXHOH \SURSLQDU HOJROSH HQ HOOXJDU RSRUWXQR QHUD IRUPDQ SDUWH GHQXHVWUR SUR\HFWR GHIHOLFLGDG 4XH HQRFDVLRQHV VRQ ORV KLMRV\HQRWUDV HOSUHVWLJLR HO GLQHUR RORV 1DWXUDOPHQWH VLHQ QXHVWUD ELRORJtD QR H[LVWLHUD QLQJXQD EDVH SDUD GHVSHUWDU ODFRPSDVLyQ GHXQRV SRURWURV HQWRQFHV VHUtDLPSR DPLJRV (OPHMRU WRUWXUDGRU HV HOTXHPHMRU VDEH TXp OH FDXVDUi DVX YLFWLPD PD\RU GRORU VLEOHFXOWLYDU HVHVHQWLPLHQWR 3HUR FRPR VDEHPRV HVWDPRV SUHSD 3RU HVRODHPSDWtD FREUD VX FRORUDFLyQ PRUDO SRVLWLYD FXDQGR VH UDGRV ELROyJLFDPHQWH SDUD FXLGDU \FRRSHUDU SDUD UHDOL]DU DFFLRQHV SRQH DO VHUYLFLR GH ODFRPSDVLyQ 'HHVHVHQWLPLHQWR SRU HOTXHSD DOWUXLVWDV HVWDPRV SUHSDUDGRV SDUD FRQPRYHUQRV WRGR GHSHQGH GH GHFHPRV FRQ HO TXHVXIUH\VREUH WRGR QRV VHQWLPRV XUJLGRV DDOL FXiOGHQXHVWUDV SUHGLVSRVLFLRQHV TXHUDPRV DOLPHQWDU 5HFRUGHPRV YLDUVX GRORU SRUTXH HVDSHUVRQD HV LPSRUWDQWH SDUD QRVRWURV (VWD GHQXHYR ODOHFFLyQ GHOMHIHLQGtJHQD TXH FRQWDED DVXVQLHWRV HOUHOD VHJXQGD SDUWH IDOWDED HQODUHIOH[LyQ GH$ULVWyWHOHV HVHVHQWLUVH XUJL WRGHORVGRVORERV TXH OXFKDQ HQWUH VtHQHOLQWHULRU GHFDGDSHUVRQD GR DUHPHGLDU HO VXIULPLHQWR TXH HV HO VtQWRPD GH OD FRPSDVLyQ ¢&XiOGHHOORVWULXQIDUi" <ODUHVSXHVWD O~FLGD HOTXH DOLPHQWpLV DXWpQWLFD /RRWUR DILQ GHFXHQWDV HVVHQVLEOHUtD &RQVLGHUDQ DOJXQRV DXWRUHV TXH SDUD DOLPHQWDU OD FRPSDVLyQ <GDQGR XQSDVR PiV WDPELpQ ODFRPSDVLyQ DXWpQWLFD WLHQH XQ FRQYLHQH FXOWLYDU OD HPSDWtD HVD HPRFLyQ R VHQWLPLHQWR TXH QRV ODGR SRVLWLYR TXH VHVXHOH ROYLGDU SRUTXH HVSRVLEOH VHQWLU FRQ RWURV SHUPLWH VLWXDUQRV HQ HOOXJDU GHO RWUR \UHFRQVWUXLU FRQ ODLPDJLQD VX GRORU SHUR WDPELpQ VHQWLU FRQ RWURV VXDOHJUtD \VDEHUVH OODPDGR FLyQ TXp HVORTXH VLHQWH VHDXQD H[SHULHQFLD DOHJUHRWULVWH SODFHQ DFHOHEUDUOD 8QDIRUPD pVWDGH VHUFRQ RWURV TXHH[FOX\H HPRFLRQHV WHUD RGRORURVD 6LDWHQGHPRV DORULJHQ JULHJR GHOWpUPLQR VHWUDWD WDQ GHSORUDEOHV \FRWLGLDQDV FRPR ODHQYLGLD GH XQD FDSDFLGDG GH UHFRQVWUXLU HOSiWKRV GHO RWUR WHQLHQGR HQ FXHQWD TXH SiWKRV VLJQLILFD OR TXH XQR H[SHULPHQWD OR TXH VLHQWH FRQ ORFXDOODHPSDWtD HVODHPRFLyQ TXH QRVSHUPLWH VHQWLU ORTXH HO  (/ 5(&212&,0,(172 &25',$/ RWUR VLHQWH 1R GHMD GHVHUFXULRVR TXH DOJXQRV DXWRUHV VHKD\DQ HQWXVLDVPD $OR ODUJR GHODKLVWRULD HOUHFRQRFLPLHQWR GHODGLJQLGDG KXPDQD QR GR WDQWR FRQ OD FDSDFLGDG KXPDQD GH ©HPSDWL]DUª TXH KDQ SUR KD YLVWR ODOX] VLQ OXFKD\FRQIOLFWR +DQ VLGR LQQXPHUDEOHV ODV UHYR SXHVWR FRPR LGHDO DFRQVHJXLU XQD FLYLOL]DFLyQ HPSiWLFD HQOD TXH OXFLRQHV GHORV HVFODYRV ORV SREUHV \PLVHUDEOHV ORV VLHUYRV ODV PX VHQWLUtDPRV XQRV FRQ RWURV <DVHJXUDQ TXH SDUD ORJUDUOR QR KDEUtD MHUHV ORV QHJURV \ ORV LQGtJHQDV SDUD ORJUDU VHU UHFRQRFLGRV FRPR VLQR TXH GHUULEDU ODVEDUUHUDV TXH KD LGR SRQLHQGR ODUD]yQ SHUVRQDV GLJQDV GHUHVSHWR SHUWUHFKDGDV GH XQDLGHQWLGDG TXH PH 1R FXHQWDQ HVWRV DXWRUHV TXH ODHPSDWtD SXHGH MXJDU PX\ PDODV UHFH LJXDOPHQWH UHVSHWR $OJXQRV DXWRUHV HQWLHQGHQ TXHHV ODH[SH SDVDGDV SRUTXH HQ UHDOLGDG HVXQ DUPD GH GREOH ILORVDEHU OR TXH ULHQFLD GHOGHVSUHFLR ODTXH KDVXVFLWDGR ODQHFHVLGDG GHOXFKDU SRU RWUR VLHQWH SXHGH OOHYDUQRV DTXHUHU FRPSDGHFHU VXV VXIULPLHQWRV UHFLELU DSUHFLR (Q ODIDPLOLD GRQGH ORVQLxRV VXIUHQ DPHQXGR HO WUDWDQGR GH DOLYLDUORV SHUR WDPELpQ HV XQ LQVWUXPHQWR ~WLO SDUD PDOWUDWR \OD IDOWD GH DPRU HQ HO (VWDGR GRQGH XQD JUDQ SDUWH GH L  FLXGDGDQRV YHQ LUUHVSHWDGRV VXV GHUHFKRV \HQOD IDOWDVRFLDO GHUH ¢3DUD TXpVLUYH ODpWLFD" FRQRFLPLHQWR GH OD SURSLD YDOtD GH ODV DSRUWDFLRQHV TXH SXHGHQ 3DUD DSUHQGHU D GHJXVWDU OR TXH HV YDOLRVR SRU VLPLVPR SDUD HVWUHFKDU HOYtQFXOR FRQ WRGRV DTXHOORV TXHVRQ GLJQRV GH UHVSHWR \ KDFHUVH DODVRFLHGDG 7RGRV ORVVHUHV KXPDQRV QHFHVLWDPRV HOUHFRQRFLPLHQWR GH ORV FRPSDVLyQ RWURV SDUD OOHYDU DGHODQWH XQD YLGD UHDOL]DGD SUHFLVDPHQWH SRUTXH HOLQGLYLGXDOLVPR HVIDOVRSUHFLVDPHQWH SRUTXH HOQ~FOHR GHODYLGD VRFLDO \SHUVRQDO QR HVHO GH LQGLYLGXRV DLVODGRV TXH XQ EXHQ GtD GHFLGHQ DVRFLDUVH VLQRHOGH SHUVRQDV TXH QDFHQ \D HQUHODFLyQ TXH QDFHPRV \DYLQFXODGRV (OYtQFXOR GHOFXLGDGR HVHOTXH QRV SHUPLWH VREUHYLYLU FUHFHU \ GHVDUUROODUQRV ELROyJLFD \ FXOWXUDOPHQWH 3HUR HO UHFRQRFLPLHQWR PXWXR GHODGLJQLGDG GHODQHFHVLGDG GHDPRU \HVWLPD HVLQGLVSHQ VDEOHSDUD OOHYDU DGHODQWH XQD YLGDEXHQD XQD YLGD IHOL] 1R VHWUDWD VyORGH UHFRQRFHUQRV PXWXDPHQWH FRPR LQWHUORFX WRUHV YiOLGRV GHORVGLiORJRV TXH QRV FRQVWLWX\HQ SRUTXH VRPRV VH UHV FDSDFHV GH XQ OHQJXDMH 6H WUDWD WDPELpQ GHO PXWXR UHFRQRFL 1RWDV  0DU\6KHOOH\ )UDQNHQVWHLQ (O3URPHWHR PRGHUQR 3OD]D\-DQpV %DUFH ORQD   ,ELG S   /DWUDGLFLyQ DOD TXH PH UHILHUR WLHQH VX RULJHQ ILORVyILFR HQODILOR VRItD KHJHOLDQD \ D WUDYpV GH DXWRUHV FRPR *HRUJHV + 0HDG (VStULWX SHUVRQD\ VRFLHGDG 3DLGyV %DUFHORQD  ‡ HG  OOHJD KDVWD ODpWLFD GHO GLVFXUVR TXH FUHDQ .DUO2WWR $SHO /D WUDQVIRUPDFLyQ GH ODILORVRILD 7DXUXV 0DGULG  ,, SS   \ -UJHQ +DEHUPDV &RQFLHQFLD PLHQWR GH OD GLJQLGDG DOD TXH WHQHPRV GHUHFKR SRU QXHVWUR YDORU PRUDO\ DFFLyQ FRPXQLFDWLYD 3HQtQVXOD %DUFHORQD   HQ ORV DxRV VH WHQWD \ RFKHQWD GHO VLJOR [[ \ FRQWLQ~D HQ ORV WUDEDMRV GH DXWRUHV FRPR LQWHUQR <VHWUDWD WDPELpQ GHOUHFRQRFLPLHQWR FRUGLDO GHTXH QXHV $[HO+RQQHWK /DOXFKDSRU HOUHFRQRFLPLHQWR &UtWLFD %DUFHORQD   \ WUDV YLGDV HVWiQ RULJLQDULDPHQWH YLQFXODGDV SRU HVRLPSRUWD KDFHU WDPELpQ HQ ORV PtRV $OLDQ]D\ FRQWUDWR 7URWWD 0DGULG  eWLFDGHOD ODVGHVGH ODFRPSDVLyQ 7RGDV HVWDVHPRFLRQHV WRGRV HVWRV VHQWLPLHQWRV FREUDQ XQD FR ORUDFLyQ PRUDO FXDQGR VHYLYHQ GHVGHHOUHVSHWR DODGLJQLGDG SURSLD \DMHQD GHVGH ODFRPSDVLyQ HQODWULVWH]D GHVGH ODFRPSDVLyQ HQ OD DOHJUtDSRUTXH ORVRWURV PH LPSRUWDQ VRQWDPELpQ SDUWH PtD 3RU HVRHQWLHQGR TXH ODYLUWXG KXPDQD SRUH[FHOHQFLD HVODFRU GXUD HQ ODTXH VHGDQ FLWDODSUXGHQFLD ODMXVWLFLD \ODNDUGtDODYLU WXGGHOFRUD]yQ O~FLGR UD]yQ FRUGLDO 1REHO 2YLHGR   (Q HVWH FRQWH[WR OD FHUFDQtD \ ODV FUtWLFDV DPLVWRVDV GH -DYLHU 0XJXHU]D VRQ VXPDPHQWH IHFXQGDV 'HVGH ODSHUSOHMLGDG)&( 0p[LFR    0LFKDHO 7RPDVHOOR ¢3RUTXpFRRSHUDPRVL .DW] %XHQRV $LUHV  SS   - 3LDJHW (OFULWHULR PRUDO HQHOQLxR0RUDWD 0DGULG   * +0HDG RS FLW 7RPDVHOOR RS FLW SS   &RPR H[SOLTXp HQHOSXQWR GHOFDStWXOR  ORV DQLPDOHV \OD7LHUUD WLHQHQ XQYDORU \SRU HVR HV XQGHEHU FXLGDUORV SHUR QRWLHQHQ XQYDORU GH GLJQLGDG 9HUWDPELpQ PL OLEUR /DVIURQWHUDVGHODSHUVRQD (OYDORUGHORV   DQLPDOHV\ODGLJQLGDGGHORVKXPDQRV 7DXUXV 0DGULG     :LOOLDP 6KDNHVSHDUH 2WHOR HO0RUR GH 9HQHFLD 2EUDV &RPSOHWDV $JXLODU0DGULGS  $ULVWyWHOHV5HWyULFD&HQWURGH(VWXGLRV&RQVWLWXFLRQDOHV0DGULG E   0DUWKD &1XVVEDXP8SKHDYDOVRI7KRXJKW &DPEULGJH8QLYHUVL W\ 3UHVVSS 6(5352)(6,21$/(6 12 6Ï/2 7e&1,&26  ,ELGS   /RVVHUHVKXPDQRV LJXDOTXHRWURVPDPtIHURVFRQWDPRVFRQXQ WLSRGHQHXURQDVODVOODPDGDV©QHXURQDVHVSHMRªTXHQRVOOHYDQDUHSUR GXFLUORVPRYLPLHQWRVGHQXHVWURVVHPHMDQWHVDLPLWDUOHV\DVHQWLUHP SDWtDFRQHOORV *LDFRPR5L]]RODWWL\&RUUDGR6LQLJDJOLD/DVQHXURQDV HV SHMR3DLGyV%DUFHORQD 3RUHVRDXWRUHVFRPRODFRERQL KDEODQGH ODSRVLELOLGDGGHXQD©FLYLOL]DFLyQHUQSiWLFDª 0DUFR,DFRERQL/DVQHXUR QDVHVSHMR.DW]%DUFHORQD  O &$/,'$' ('8&$7,9$ &,8'$'$126 I86726 %8(126 352)(6,21$/(6 &XDOTXLHUOH\GHHGXFDFLyQ TXHVH SUHFLH GLFHSURSRQHUVH PHMRUDU OD FDOLGDG HGXFDWLYD GHODSREODFLyQ \HVWRHVORTXHYLHQH RFXUULHQGR WDPELpQ UHLWHUDGDPHQWH HQQXHVWUR SDtV 4Xp VHHQWLHQGD SRU©FDOL GDGª HVKDULQD GH RWUR FRVWDO\DTXt SRUHOPRPHQWR VHKDSURGXFL GR XQLQWHUHVDQWH FDPELR HQ GLVWLQWRV ERUUDGRUHV GHODFWXDO $QWH SUR\HFWR GH/H\2UJiQLFD SDUD OD0HMRUD GH OD&DOLGDG (GXFDWLYD (O SULPHUR GH HVRV ERUUDGRUHV DEUtD VXV SiJLQDV DVHJXUDQGR TXH ©OD HGXFDFLyQ HVHOPRWRU TXHSURPXHYH ODFRPSHWLWLYLGDG GHODHFRQR PtD\HOQLYHOGHSURVSHULGDG GHXQSDtVª \FRQWLQXDED GLFLHQGR TXH ©PHMRUDU HO QLYHO HGXFDWLYR GH ORV FLXGDGDQRV VXSRQH DEULUOHV ODV SXHUWDV DSXHVWRV GHWUDEDMR GH DOWD FXDOLILFDFLyQ ORTXHUHSUHVHQWD XQD DSXHVWD SRUHOFUHFLPLHQWR HFRQyPLFR \SRU FRQVHJXLU YHQWDMDV FRPSHWLWLYDV HQ HO PHUFDGR JOREDOª &RUQR DOR ODUJR GHO WH[WR VH LQVLVWtD HQODQHFHVLGDG GHREWHQHU UHVXOWDGRV FDEtD VXSRQHU TXHORV UHVXOWDGRV HVSHUDEOHV VHUHIHUtDQDOPHUFDGR GHWUDEDMR \DODFRPSH WLWLYLGDG GHORVFLXGDGDQRV &RQORFXDOVHHFKDED GHYHUTXHHOPHU  FDGR PDQGD \TXH VHJXLU VXV GLUHFWULFHV HV ORTXH FRUUHVSRQGH 6X VROLGDULGDGSRUODTXHQRVDSR\DPRVFRPRVHUHVYXOQHUDEOHVVLHP FHVLYDV UHGDFFLRQHV GH OD OH\KDQ PRGLILFDGR DTXHOOD LQWURGXFFLyQ SUHQHFHVLWDGRVGHD\XGD HOGLiORJRSDUDUHVROYHUORVFRQIOLFWRV\HO FRQ EXHQ DFXHUGR SRUTXH HQWUDU HQ ODHGXFDFLyQFRQHVDQRFLyQGH UHVSHWRDODVSRVLFLRQHVGLVWLQWDVGHODPtDVLHPSUHTXHUHSUHVHQWHQ FDOLGDGHVFRPRPHWHUXQHOHIDQWHHQXQDFDFKDUUHUtDSHURODLGHD XQSXQWRGHYLVWDPRUDO <WDPELpQHGXFDUFRQFDOLGDGHQODHVFXH GHTXHHGXFDUHQODHVFXHODRHQODXQLYHUVLGDGWLHQHSRUPHWDIRU OD \VREUHWRGRHQODXQLYHUVLGDGVXSRQHIRUPDUEXHQRV SURIHVLR PDU JHQWHVFRPSHWLWLYDVSUHSDUDGDVSDUD OLGLDUHQHOPHUFDGR GH QDOHV JHQWHV TXH HQHOFDVRGHSRGHUHMHUFHUXQDSURIHVLyQ VHSDQ WUDEDMRHVODTXHFRQWLQ~DLPSUHJQDQGROH\HV\GHFUHWRV 1RKD\VLQRDGHQWUDUVHHQORVYHULFXHWRVGHO3ODQ(VWDWDOGH,Q YHVWLJDFLyQ&LHQWtILFD7pFQLFD\GH,QQRYDFLyQSXEOLFD TXH QR HV VyOR XQ PHGLR GHYLGD QLVLTXLHUD HV VyOR XQ HMHUFLFLR WpFQLFRVLQREDVWDQWHPiV GRSRUHO0LQLVWHULRGH(FRQRPtD\&RPSHWLWLYLGDGSDUDFRPSUR -XVWDPHQWHDFXHQWRGHODFULVLVVHKDHFKDGRHQIDOWDODSUHVHQFLD GHEXHQRVSURIHVLRQDOHVSRU HMHPSOR HQODVHQWLGDGHVILQDQFLHUDV EDUXQDYH]PiVTXHHQQXHVWURSDtVVHLGHQWLILFDODLQQRYDFLyQFRQ TXHSRGtDQKDEHUDFRQVHMDGRDVXV FOLHQWHVWHQLHQGRHQFXHQWDORV ODLQYHVWLJDFLyQFLHQWtILFRWpFQLFD\TXHVyORGHHOODVHHVSHUDQPH LQWHUHVHVGHHVRVFOLHQWHV\QRVyORHOEHQHILFLRGHODHQWLGDG\HOVX\R SURSLR4XLHQHVDFWXDEDQDVtSRGtDQVHUWpFQLFRVPX\FRPSHWHQWHV MRUDVSDUD HOIXWXUR <DUHVXOWDVLQWRPiWLFR TXH ORVSUR\HFWRVGH LQYHVWLJDFLyQGHXQSDtVVHDVLJQHQDXQPLQLVWHULRHQFDUJDGRGHOD HFRQRPtD\ODFRPSHWLWLYLGDG<DVtODVFRVDVQRHVH[WUDxRTXHHQ SUHSDUDGRV SDUDEDWDOODUHQ HOPHUFDGR GHWUDEDMR \ SDUD RFXSDU HOSODQODV+XPDQLGDGHVQRHQWUHQVLQRSRUODSXHUWDGHODWUDQVYHU VDOLGDGORVSUR\HFWRVFLHQWtILFRV\WpFQLFRVWLHQHQ HQWLGDGSURSLD PLVPRVHUXQEXHQWpFQLFRTXHVHUXQEXHQSURIHVLRQDO <VXFHGHTXHORVEDQFRVQRVRQORV~QLFRVOXJDUHVHQORV TXHGH ORVRWURV GHEHQ LQWHQWDU WHQHU FLHUWDSUHVHQFLDHQORVFLHQWtILFRV\ WpFQLFRVFRPRWUDQVYHUVDOHV3RUTXHORTXHFRQYLHQHSRWHQFLDUVH EHUtDDXPHQWDUHOQ~PHURGHEXHQRVSURIHVLRQDOHV VLQRWDPELpQ HQORV MX]JDGRV HQORVWULEXQDOHVGHMXVWLFLDGHGLVWLQWR QLYHO HQHO GLFH HVXQDFXOWXUDFLHQWtILFRWpFQLFDFRPRVLODFXOWXUDQRQHFH UDPRGHODFRQVWUXFFLyQ\GHODLQJHQLHUtDHQODSROtWLFDHQORVPH VLWDUDSDUDVHUORXQPDUFRGHILQHV\YDORUHVGHVGHORVTXHVHSLHQVDQ ODFLHQFLD\ODWpFQLFD GLRV GHFRPXQLFDFLyQHQORV FHQWURV VDQLWDULRVHQODV HVFXHODV\ ORVFHQWURVGH(QVHxDQ]D0HGLDHQODVXQLYHUVLGDGHV\HQWRGRVORV 'HGRQGH VH VLJXHTXHHGXFDUFRQ FDOLGDGVXSRQH DQWHWRGR SXQWRV QHXUiOJLFRVGHXQDVRFLHGDG 6LQHPEDUJR SDUHFHVHUTXHOD IRUPDUFLXGDGDQRVMXVWRVSHUVRQDVTXHVHSDQFRPSDUWLUORVYDORUHV PRUDOHVSURSLRVGHXQDVRFLHGDGSOXUDOLVWD\GHPRFUiWLFDHVRVPt SURIHVLRQDOLGDG HVWiHQ KRUDVEDMDV VREUH WRGRSRUTXH QR VXHOH EXHQRVSXHVWRVSHURQRHUDQEXHQRVSURIHVLRQDOHVSRUTXHQRHVOR QLPRV GHMXVWLFLDTXH SHUPLWHQ FRQVWUXLU HQWUH WRGRV XQD EXHQD DSUHFLDUVHODGLIHUHQFLDHQWUHORTXHHVXQDXWpQWLFRSURIHVLRQDO\OR TXHHVXQVLPSOHWpFQLFR QLWDPSRFRVHYDORUDODIXHU]DWUDQVIRUPD VRFLHGDG6LTXLVLpUDPRVHQXPHUDUHVRVYDORUHVPHQFLRQDUtDPRVOD GRUDKDFLDPHMRUTXHWLHQHHOEXHQHMHUFLFLRGHXQDSURIHVLyQ OLEHUWDGHQODVGLVWLQWDVDFHSFLRQHVTXHYLPRVHQHOFDStWXORGHGLFD GRDHOODODLJXDOGDGGHRSRUWXQLGDGHV \GHFDSDFLGDGHVEiVLFDVOD  WL  ! a a   (/3527$*21,602 '(/$62&,('$' &,9,/  e7,&$ '(/$5(63216$%,/,'$' 7UDQVIRUPDU ODYLGD S~EOLFD GHVGH ODRSFLyQ SROtWLFD IXH ODJUDQ DV (O PXQGR GH ODVSURIHVLRQHV WLHQH XQD ODUJD KLVWRULD TXH VH VXHOH SLUDFLyQ GHOR TXH VHKDGDGR HQOODPDU ©ODJHQHUDFLyQ GH ODGHPR FRQWDU GHVGH ODWUDGLFLyQ RFFLGHQWDO GH ODTXH VHGLFH TXHQDFHFRQ FUDFLDªHVDJHQHUDFLyQ GHHVSDxROHV TXH SDVy GHODYLGD HVWXGLDQWLO D HOFpOHEUH -XUDPHQWR GH+LSyFUDWHV OLJDGR DXQDSURIHVLyQ WDQ YDOR RFXSDU SXHVWRV GHWUDEDMR GXUDQWH ODGpFDGD GHORVVHWHQWD GHO VLJOR UDGDFRQLR ODPpGLFD 2WUDV GRV SURIHVLRQHV OHDFRPSDxDUtDQ HQORV SDVDGR %UHJDUSRUHOFDPELR VRFLDOKDFLDDOJRPHMRU LPSOLFDED SDUD RUtJHQHV ODGHORVVDFHUGRWHV \ORVMXULVWDV GHPRGR TXHHQWUH ODVWUHV HO HVStULWX GH DTXHOOD JHQHUDFLyQ LQJUHVDU H XQ SDUWLGR SROtWLFR VH RFXSDUtDQ GHFRVDV WDQ LPSRUWDQWHV SDUD ODYLGD GH XQDVRFLHGDG OXFKDU SRU FRQTXLVWDU HOSRGHU \WUDQVIRUPDU GHVGH pOODFRVDS~EOL FRPR HOELHQ GHOFXHUSR HOELHQ GHODOPD \HOGHODFRPXQLGDG SROt FD3DUHFtD DGPLWLUVH TXHORS~EOLFR \ORSROtWLFR VHLGHQWLILFDQ \TXH WLFD 4XLHQ LQJUHVD HQXQDSURIHVLyQ VHFRPSURPHWH DSURSRUFLRQDU VyORGHVGH HOSRGHU SROtWLFR HUDSRVLEOH WUDWDU GHOOHYDUDGHODQWH SUR HVHELHQ DVXVRFLHGDG WLHQH TXH SUHSDUDUVH SDUD HOOR DGTXLULHQGR \HFWRVMXVWRV \VROLGDULRV (OPXQGR GHOD VRFLHGDG FLYLOHOGHOD ID FRPSHWHQFLDV DGHFXDGDV \ DOD YH]LQJUHVD HQ XQD FRPXQLGDG GH PLOLD ODV DVRFLDFLRQHV SULYDGDV OD HFRQRPtD \ ODV SURIHVLRQHV VH SURIHVLRQDOHV TXHFRPSDUWHQ ODPLVPD PHWD SUHVHQWDED HQ HOLPDJLQDULR FROHFWLYR FRPR DTXHO OXJDU HQ TXH FDGD (VHQ HO PXQGR PRGHUQR FXDQGR ODV DFWLYLGDGHV SURIHVLRQDOHV XQR EXVFD VXELHQ SDUWLFXODU \UHVXOWD SRUWDQWR SUiFWLFDPHQWH LP YDQ DGTXLULHQGR OD ILVRQRPtD TXH QRV HV FRQRFLGD HVSHFLDOPHQWH SRVLEOH VXSHUDU HOHJRtVPR &RPSURPHWHUVH HQ OD WUDQVIRUPDFLyQ FRQ OD 5HIRUPD SURWHVWDQWH 'HVGH HVWD SHUVSHFWLYD 'LRV LPSRQH VRFLDOVXSRQtD DOSDUHFHU LQJUHVDU HQXQSDUWLGR SROtWLFR XQDPLVLyQ DFDGDSHUVRQD OHHQFRPLHQGD XQDWDUHDHQHOPXQGR \ 6LQHPEDUJR GHVGH ILQHV GHOVLJORSDVDGR ODVFRVDVKDQLGR FDP GHDTXt VHVLJXH TXH GHEH HMHUFHUOD QRSRULQWHUpV HJRtVWD VLQR SDUD ELDQGR VXVWDQFLDOPHQWH 3RU XQD SDUWH SRUTXH QRV KHPRV SHUFDWD VHUYLU DOD VRFLHGDG eVWD VHUtD XQD GH ODV FODYHV FHQWUDOHV HV GHFLU GR GHTXH DXQTXH HOSRGHU SROtWLFR VLJDFREUDQGR VXOHJLWLPLGDG GH TXH HO SURIHVLRQDO QR VH VLUYH D Vt PLVPR VLQR DXQD WDUHD TXH OH SHUVHJXLU HOELHQ S~EOLFR TXLHQHV LQJUHVDQ HQODYLGDSROtWLFD EXVFDQ WUDVFLHQGH 0iV WDUGH OD LGHD GHSURIHVLyQ VH VHFXODUL]D \VLQ HP FRQ GHPDVLDGD IUHFXHQFLD VX ELHQ SULYDGR 3RU RWUD SRUTXH WDP EDUJR TXHGDQ XQFRQMXQWR GHUDVJRVTXHOHVLJXHQ GLVWLQJXLHQGR GH ELpQ KHPRV FDtGR HQ ODFXHQWD GH TXH ORS~EOLFR QRHVVyORFRVD GH RWUR WLSR GH DFWLYLGDGHV ¢&XiOHV VRQ HVRV UDVJRV" ORVSROtWLFRV TXH HOUHSDUWR GHSDSHOHV HQWUH ORVSDUWLGRV \ORVFLXGD 3DUD GHVFXEULUORV UHVXOWD PX\ DSURSLDGR GLVWLQJXLU FRQ $ULVWyWH GDQRV GHDSLH QR HVGHUHFLER &DPELDU ODVRFLHGDG KDFLDDOJRPHMRU OHV HQWUH GRV WLSRV GH DFFLRQHV +D\ DFFLRQHV TXH VHKDFHQ SRU RWUD H[LJH HQ UHDOLGDG WUDEDMDU WDPELpQ GHVGH OD VRFLHGDG FLYLO H[LJH FRVDSRUREWHQHU XQUHVXOWDGR FRQHOODV (QHVH FDVRORLQWHUHVDQWH QR FRQYHUWLU WDPELpQ DOD VRFLHGDG HQ SURWDJRQLVWD GH VXIXWXUR 8QR HVOD DFFLyQ PLVPD VLQR HOILQ TXH VH SHUVLJXH FRQ HOOD &RPR HVHO GH ORVOXJDUHV SULYLOHJLDGRV GH ODVRFLHGDG FLYLO HV HO PXQGR GH ODV FDVRGH TXLHQ KDFH ]DSDWRV TXH OR TXHLPSRUWD VRQORV]DSDWRV \QR SURIHVLRQHV ODDFWLYLGDG GHKDFHUORV $HVWDV DFFLRQHV LQVWUXPHQWDOHV $ULVWyWHOHV BOR  Iāāā āa=Lā   OHVOODPDED ©WpFQLFDVª\GHFtDTXHVyORYDOHQ HQUHODFLyQ FRQ HOILQTXH VyOR WpFQLFRV ELHQ HVSHFLDOL]DGRV TXH SXHGDQ FRPSHWLU \DWHQGHU D VHEXVFD FRQ HOODV4XLHQ ODVGRPLQD QR WLHQH TXH GLVFXWLU VLHOILQHV ODV GHPDQGDV GHORVPHUFDGRV VHDQ ODV TXH VHDQ VLQR HGXFDU DEXH EXHQR RPDORVLQREXVFDU ORVPHGLRV PiVDGHFXDGRV SDUD DOFDQ]DUOR QRV FLXGDGDQRV \DEXHQRV SURIHVLRQDOHV TXHVDEHQ XWLOL]DU ODVWpF 3RUHOFRQWUDULR KD\RWURWLSR GHDFWLYLGDGHVTXHTXHUHUQRVKDFHUODV QLFDVSDUD SRQHUODV DOVHUYLFLR GHEXHQRV ILQHV TXH VHKDFHQ UHVSRQ SRU VtPLVPDV SRUTXH HQVtPLVPDV HQFLHUUDQ XQ ELHQ TXH GHVHDPRV VDEOHVGHORVPHGLRV \GHODVFRQVHFXHQFLDV GHVXV DFFLRQHV FRQYLVWDV DOFDQ]DU<SRQtD HOHMHPSORGHOSDVHDUTXHORKDFHPRV SRU HOJXVWRGH DDOFDQ]DU ORV ILQHV PHMRUHV GLVIUXWDU GHOSDVHRQRSRUTXH QRVVLUYDSDUDOOHJDUDDOJ~QOXJDU$HVWH WLSR GH DFWLYLGDGHV TXH YDOHQ SRU VtPLVPDV $ULVWyWHOHV OHVOODPDED ©SUiFWLFDVª SDUD GLVWLQJXLUODV GH ODV WpFQLFDV TXH YDOHQ SRU RWUD  81$ 3$57,'$ '($-('5(= FRVDGLVWLQWD DHOODVPLVPDV HVGHFLUSRUHOILQSRU HOTXH VHUHDOL]DQ 5HJUHVDQGR DQXHVWURV GtDV\DOPRGR GHYDORUDU ODFDOLGDG GH OD 7RPDQGR OD GLVWLQFLyQ GH $ULVWyWHOHV TXHDFDEDPRV GHFRPHQWDU HV HGXFDFLyQ VHUtDXQHUURU FUDVR LQWHQWDU IRUPDU VyORHQWpFQLFDV TXH SRVLEOH HQWHQGHU PX\ELHQ HQ TXp FRQVLVWH XQDDFWLYLGDG SURIHVLR SHUPLWHQ OOHJDU DORVPiVGLYHUVRV ILQHV\QR D\XGDQ DFDOLEUDU FXi QDO 6XSRQJDPRV TXHHQYH] GHVHULQGLYLGXRV DLVODGRV TXLHQHV UHD OHVVRQORVPHMRUHV ILQHVSRUFXiOHVPHUHFH ODSHQD HVIRU]DUVH 6DEHU OL]DQ ODV DFWLYLGDGHV SHQVDPRV HQ DTXHOODV DFWLYLGDGHV TXHOOHYDQ D GLVFHUQLU FXiOHV VRQORVILQHVPHMRUHV HVGHFLVLYR FDER GLVWLQWDV SHUVRQDV FRQMXQWDPHQWH DXQTXH HVWpQ HQSDtVHV GL 'HFtDXQFRQRFLGR GH FX\R QRPEUH QRTXLHUR DFRUGDUPH DXQ YHUVRV\TXHVHUHDOL]DQ SRU VtPLVPDV SRUTXH RIUHFHQ ORTXHVHKD TXH PH DFXHUGR SHUIHFWDPHQWH TXH ORV FDPSRV GH FRQFHQWUDFLyQ OODPDGR XQRV ©ELHQHV LQWHUQRVª TXH QLQJXQD RWUD SXHGH SURSRUFLR GHO7HUFHU 5HLFKIXHURQ XQSURGLJLR GHUDFLRQDOLGDG WpFQLFD SRUTXH QDU 6HUtD HO FDVR GH OD PHGLFLQD SHUR WDPELpQ GH OD GRFHQFLD OD VHDSURYHFKDED HOWUDEDMR GHORVSUHVRV ODSLHOORVGLHQWHV \WRGR OR LQJHQLHUtD ORVPHGLRV GH FRPXQLFDFLyQ OD HGXFDFLyQ OD$GPLQLV XWLOL]DEOH VLQ GHVSHUGLFLDU QDGD &ODUR TXH DTXHOODV VDOYDMDGDV QRV WUDFLyQ S~EOLFD\XQODUJRHWFpWHUD SDUHFHQ PDO FRQWLQXDED SHUR QR GHVGH XQSXQWR GHYLVWD WpF QLFR VLQRGHVGH QXHVWUR VHQWLPLHQWR PRUDO 3RGUtDPRV FDUDFWHUL]DU HQWRQFHV HVWDV DFWLYLGDGHV SURIHVLRQDOHV FRPR DFWLYLGDGHV VRFLDOHV FRRSHUDWLYDV TXHVHFDUDFWHUL]DQ SRU EXV $QWH DWURFLGDGHV VHPHMDQWHV HVXUJHQWH DFODUDU TXH ODV WpFQLFDV FDUXQELHQLQWHUQR DHOODVPLVPDV TXHQLQJXQD RWUDSXHGHSURSRUFLR FREUDQ VX YDORU \VHQWLGR SRU ORVILQHV TXH VHSHUVLJXHQ FRQ HOODV QDU(VWRV ELHQHV VRQ ORVTXH GDQ VHQWLGR DODSUiFWLFD\UHVXOWDQ LP TXH WDQ FRPSHWHQWH WpFQLFDPHQWH HV TXLHQ VDEH PDQHMDU ELHQ ORV SUHVFLQGLEOHV SDUDTXHXQDVRFLHGDG VHDKXPDQD SRUHVRODVJHQWHVOD YHQHQRV SDUD PDWDU FRPR HOTXH VDEHPDQHMDUORV ELHQ SDUD VDQDU /D GDQSRUEXHQD \FRQVLGHUDQ TXH HV OHJtWLPD 3RUTXH FXDOTXLHU DFWLYL GLIHUHQFLD QR HVWi HQODWpFQLFD VLQR HQ HOILQTXH VHSHUVLJXH PD GDG KXPDQD FREUD VXVHQWLGR GH SHUVHJXLU XQ ILQTXHOH HVSURSLR \ WDU RVDQDU \HVXQDGLIHUHQFLD UDGLFDO DGHPiV FXDOTXLHU DFWLYLGDG VRFLDOQHFHVLWD VHUDFHSWDGD HQODVRFLHGDG /DFXHVWLyQ QR HV SXHV HQ ODV HVFXHODV \XQLYHUVLGDGHV IRUPDU HQODTXHVH GHVDUUROOD QHFHVLWD HVWDUVRFLDOPHQWH OHJLWLPDGD   I a āāāa   Lā BātO 3RGUtDPRV GHFLU HQWRQFHV TXH HO ELHQ LQWHUQR GH OD VDQLGDG HV HO PRWLYR SHUVRQDO OR ELHQ FLHUWR HV TXH DO LQJUHVDU HQ OD SURIHVLyQ ELHQGHOSDFLHQWH DXQTXH WHQJD TXHH[SOLFLWDUVHDWUDYpVGHODVGLYHUVDV GHEH DVXPLU WDPELpQ ODPHWDTXHOHGD VHQWLGR 1R SXHGHQ XQPp PHWDVGHODVDQLGDG TXH FRQVLVWHQ HQSUHYHQLU ODHQIHUPHGDG FXLGDU GLFR R XQD HQIHUPHUD MXVWLILFDU VX QHJOLJHQFLD QL XQ DERJDGR VXV FXUDU \D\XGDU DPRULU HQ SD] HO ELHQ GH OD GRFHQFLD HVWUDQVPLWLU WUDPSDV DOHJDQGR TXH DILQGH FXHQWDV HQWUDURQ HQ HVWHPXQGLOOR FXOWXUD \FRQRFLPLHQWRV IRUPDU SHUVRQDV FUtWLFDV\DXWyQRPDV WUD SDUD JDQDU GLQHUR \QR SDUD SURPRYHU ODVDOXG RSDUD KDFHU SRVLEOH EDMDU SRUXQD FRQYLYHQFLD PiVMXVWD GHEHUtD VHUODPHWD GHORVMXULV XQD FRQYLYHQFLD PiVMXVWD WDVHQ VXVGLIHUHQWHV GHGLFDFLRQHV HOELHQ GHOWUDEDMR VRFLDOFRQVLVWH /RV PRWLYRV VyOR VH FRQYLHUWHQ HQ UD]RQHV FXDQGR FRQFXHUGDQ HQ HPSRGHUDU DORVPiV GpELOHV\YXOQHUDEOHV \HOELHQ GHORVPHGLRV FRQ ODV PHWDV GHODSURIHVLyQ <QR SXHGH XQD FRPLVLyQ XQLYHUVLWD GH FRPXQLFDFLyQ HVSUHVWDU LQIRUPDFLyQ REMHWLYD RSLQLyQ UD]RQDEOH ULDGDUODSOD]D DTXLHQ WLHQH PHQRV PpULWRV TXHRWURV DOHJDQGR TXH \HQWUHWHQLPLHQWR GLJQR 4XLHQ LQJUHVD HQ XQD GH HVWDV DFWLYLGDGHV ©HVHO GH OD FDVDª QL SXHGH TXLHQ YDORUD SUR\HFWRV R SHWLFLRQHV GH QRSXHGH SURSRQHUVH XQD PHWD FXDOTXLHUD VLQRTXH\DOHYLHQH GDGD\ EHFDSRQHU QRWDV EDMDV DTXLHQHV QRVRQ ©GHORVVX\RVª/RV PRWLYRV HVODTXHFRPSDUWH FRQXQDFRPXQLGDG GHFROHJDVTXHSHUVLJXHQ LGpQ LQGLYLGXDOHV QR VRQUD]RQHV QR VHFRQYLHUWHQ HQ DUJXPHQWRV VL QR WLFDVPHWDV 7LUDQGR GHHVWHKLOR FRQGXFWRU SRGHPRV LUVDFDQGR ORV WLHQHQ SRUEDVH ODVH[LJHQFLDV GHODPHWDSURIHVLRQDO GLVWLQWRV UDVJRV GHXQDDFWLYLGDG SURIHVLRQDO  &XDQGR ORVPRWLYRV GHVSOD]DQ DODV UD]RQHV FXDQGR ODDUELWUD /D SURIHVLyQ SRGUtDPRV GHFLU HQ SULPHU OXJDU UHTXLHUH XQD ULHGDG LPSHUD VREUH ORV DUJXPHQWRV OHJtWLPRV VH FRUURPSH XQD FLHUWD YRFDFLyQ OR FXDO QR VLJQLILFD TXH DOJXLHQ VHVLHQWD OODPDGR D SURIHVLyQ \ GHMD GH RIUHFHU ORVELHQHV TXH VyOR HOOD SXHGH SURSRU HOODVGHVGH ODLQIDQFLD VLQR TXH KD GHFRQWDU FRQ XQDV DSWLWXGHV GH FLRQDU \ TXH VRQ LQGLVSHQVDEOHV SDUD SURPRYHU XQD YLGD KXPD WHUPLQDGDV SDUD VX HMHUFLFLR \ FRQ XQ SHFXOLDU LQWHUpV SRU OD PHWD QD GLJQD &RQ OR FXDO SLHUGH VX DXWpQWLFR VHQWLGR \ VX OHJLWLPLGDG TXH HVD DFWLYLGDG FRQFUHWD SHUVLJXH 6LQ VHQVLELOLGDG KDFLD HOVXIUL VRFLDO PLHQWR GH OD SHUVRQD HQIHUPD VLQ SUHRFXSDFLyQ SRU WUDQVPLWLU (VOR TXH VXFHGH FRQ HOUHFXUVR DORVLQFHQWLYRV TXHSXHGHQ VHUDO HO VDEHU \ IRUPDU HQ OD DXWRQRPtD VLQ DIiQ SRU OD MXVWLFLD PDO VH PHQRV GH GRVWLSRV ORV TXHSHUWHQHFHQ DOMXHJR OLPSLR GHODSURIH SXHGH VHUXQEXHQ PpGLFR HQIHUPHUD GRFHQWH MXULVWD <ORPLVPR VLyQ HV GHFLU ORV TXH HVWiQ DOLQHDGRV FRQ VXV PHWDV \ORVHVSXULRV VXFHGH FRQ ODVUHVWDQWHV SURIHVLRQHV /RV~OWLPRV SXHGHQ VHU~WLOHVHQ DOJXQD RFDVLyQ SHUR QR SXHGHQ VHU 'HDKtTXH DOLQJUHVDU HQVXSURIHVLyQ HOSURIHVLRQDO VHFRPSUR ORV SULQFLSDOHV <HQ HVWHVHQWLGR SRGHPRV HFKDU PDQR GHOHMHPSOR PHWD DSHUVHJXLU ODVPHWDV GHHVDDFWLYLGDG VRFLDOVHDQ FXDOHVIXHUHQ TXHSRQtD 0DFOQW\UH DFXHQWR GHODGLILFXOWDG GHHQVHxDU DDOJXLHQ D VXVPyYLOHV SULYDGRV SDUD LQFRUSRUDUVH DHOOD1DWXUDOPHQWH SXHGH DPDU HO HMHUFLFLR GH XQDSUiFWLFD HOHMHPSOR GH XQ QLxR FX\RV SD WHQHU PRWLYRV PX\ GLYHUVRV SDUD KDFHUOR GHVGH JDQDU XQ VDODULR GUHV TXLHUHQ TXH DSUHQGD DMXJDU DO DMHGUH] \ FRPR QR OHJXVWD OH SDUD SRGHU YLYLUKDVWD HQULTXHFHUVH GHVGH FREUDU XQD LGHQWLGDG VR SURPHWHQ GDUOH FDUDPHORV FDGDYH]TXHMXHJXH (O LQFHQWLYR GHORV FLDODFRQVHJXLU XQFLHUWR RXQ JUDQSUHVWLJLR 3HUR VHDFXDO IXHUHVX FDUDPHORV SXHGH VHUYLU SDUD TXH HQWUH HQ HO MXHJR OR FRQR]FD \ VH    LQWHUHVH SRU pO3HUR VLFRQ HOWLHPSR VLJXH VLQJXVWDUOH SRU VtPLV PXQGR JULHJR HO TXH GHVWDFDED FRQ UHVSHWR DVXV FRPSDxHURV HQ PR KDUi WUDPSDVFXDQGR SXHGD HO EXHQ HMHUFLFLR GH XQD DFWLYLGDG ©([FHOHQWHª VHUtD DTXt HO TXH 6LHOGLUHFWLYR GHXQEDQFR DODVHVRUDU DORVFOLHQWHVHVWiSHQVDQGR FRPSLWH FRQVLJRPLVPRSDUDRIUHFHU XQEXHQSURGXFWRSURIHVLRQDO HQ TXH VXVDODULR RVXDVFHQVR GHSHQGHQ GH TXH LQYLHUWDQ HQ GHWHU HOTXH QR VHFRQIRUPDFRQ ODPHGLRFULGDG GHTXLHQ ~QLFDPHQWH DV PLQDGRV IRQGRV LQWHQWDUi SHUVXDGLUOHV GH TXH HVXQULHVJR DVXPL SLUD DHOXGLU DFXVDFLRQHV OHJDOHV GHQHJOLJHQFLD )UHQWH DO ©pWKRV EXURFUiWLFRª GH TXLHQ VHDWLHQH DOPtQLPR OHJDO EOH FRQ HOTXH JDQDUiQ FRQVLGHUDEOHPHQWH /DVGHPiV RSFLRQHV VH UiQ ©FRQVHUYDGRUDVª DGMHWLYR TXH WLHQH \D XQ VHQWLGR SH\RUDWLYR SLGH HO©pWKRV SURIHVLRQDOª ODH[FHOHQFLD SRUTXHVX FRPSURPLVR IXQ &ODUR TXH DGLIHUHQFLD GHO DMHGUH] HOGLUHFWLYR WDPELpQFXHQWDFRQ GDPHQWDOQRHVHOTXH OHOLJDDODEXURFUDFLD VLQR DODVSHUVRQDV FRQ OD DPELFLyQ GHO FOLHQWH 3HUR QR HV XQEXHQ SURIHVLRQDO HO TXH QR FUHWDV DODVSHUVRQDV GH FDUQH \KXHVR FX\REHQHILFLR GDVHQWLGR D DGYLHUWH GH ORVULHVJRV SUHYLVLEOHV QL HOTXH KDFH SUpVWDPRV EDVXUD FXDOTXLHUDFWLYLGDG HLQVWLWXFLyQ VRFLDO (V WLHPSR SXHVQR GH GHV DXQTXH pVDVHDODIRUPD GH HQJURVDU ODFXHQWDGHUHVXOWDGRV SRUTXH SUHFLDU ODYLGD FRUULHQWH VLQR GHLQWURGXFLU HQ HOODODDVSLUDFLyQ DOD QR HV pVHHOVHQWLGR GH VXSURIHVLyQ \SRU HVRJHQHUD GHVFRQILDQ]D H[FHOHQFLD 6LJOREDOL]DPRV OD SDUWLGD GH DMHGUH] \ORV SURIHVLRQDOHV VHFRQ YLHUWHQ HQPHURV WpFQLFRV TXHVHPXHYHQ SRULQFHQWLYRV HVSXULRV ORV SDFLHQWHV GHMDQ GHFRQILDU HQORVPpGLFRV \ODVHQIHUPHUDV ORVDOXP  81,9(56$/,=$5 /$(;&(/(1&,$ QRVHQORVPDHVWURV ORVFLXGDGDQRV HQ ORVMXHFHV ORVFOLHQWHV HQORV HPSUHVDULRV \EDQTXHURV ORVFLXGDGDQRV HQORVSROtWLFRV \QR TXH (QXQFRQJUHVR FHOHEUDGRKDFHXQRV DxRV HQOD8QLYHUVLGDG GHeYR GDQ VLQR VRFLHGDGHV SURIXQGDPHQWH GHVPRUDOL]DGDV VLQ iQLPR UDGHEDWtDQ ORV SDUWLFLSDQWHV VREUH XQDVXQWR FUXFLDOSDUD ODHGXFD SDUDVDOLUDGHODQWH 1RHVH[WUDxR TXH HQ(VWDGRV 8QLGRV KD\D FXQ FLyQ 'RV PRGHORV HGXFDWLYRV SDUHFtDQ HQIUHQWDUVH HOTXHSUHWHQGH GLGR HODVRPEUR DOWRPDU FRQFLHQFLD GH TXH TXLHQHV GHVHQFDGHQD SURPRYHU ODH[FHOHQFLD\HOTXHVHHVIXHU]DDQWHWRGRSRUQRJHQHUDU URQ OD FULVLV HFRQyPLFD DFWXDO HUDQ 0%$V GH ODV XQLYHUVLGDGHV GH H[FOXLGRV 3DUHFtDQ HQ SULQFLSLR GRV PRGHORV FRQWUDSXHVWRV VLQ H[FHOHQFLD ©¢4XpIRUPDFLyQ HVWDPRV GDQGRDQXHVWURV SURIHVLRQD FDSDFLGDG GHVtQWHVLV HVDVDQJXVWLRVDV GLV\XQWLYDVTXHVHFRQYLHUWHQ OHVLª VHSUHJXQWDEDQ ORV GLULJHQWHV 3DUHFH TXH QROD GH DXWpQWLFRV HQGLOHPDV RORXQRRORRWUR SURIHVLRQDOHV VLQR ODGH SXURV WpFQLFRV <HVWRHVDOJR TXH UHTXLHUH $IRUWXQDGDPHQWH OD YLGD KXPDQD QR VH WHMH FRQ GLOHPDV VLQR XQDGHHVDVXUJHQWHV UHIRUPDV HVWUXFWXUDOHV GHODVTXHWDQWRVHKDEOD FRQSUREOHPDV FRQHVRV DVXQWRV FRPSOLFDGRV DQWHORV TXHXUJHSR 3RU HVR LPSRUWD UHYLWDOL]DU ODV SURIHVLRQHV UHFRUGDQGR FXiOHV WHQFLDUODFDSDFLGDG FUHDWLYD SDUD QROOHJDUQXQFD DHVDV©HOHFFLRQHV VRQ VXV ILQHV OHJtWLPRV \ TXp KiELWRV HV SUHFLVR GHVDUUROODU SDUD FUXHOHVª TXH VLHPSUH GHMDQ SRU HO FDPLQR SHUVRQDV GDxDGDV 3RU DOFDQ]DUORV $ HVRV KiELWRV TXH OODPDPRV ©YLUWXGHVª SRQtDQ ORV HVR OD IyUPXOD HQ HVWH FDVR FRQVLVWLUtD FUHR \R HQLQWHQWDUXQD JULHJRVSRUQRPEUH ©DUHWDLª©H[FHOHQFLDVª ©([FHOHQWHª HUDSDUDHO VtQWHVLVGHORV GRV ODGRVGHOSUREOHPD HQXQLYHUVDOL]DUODH[FHOHQFLD ā a      SHUR VLHPSUH TXH SUHFLVHPRV TXp HV HVR GH ODH[FHOHQFLD \SRU TXp KDEUtD XQDUHVSXHVWD FODUD SDUD FRQTXLVWDU SHUVRQDOPHQWH XQDYLGD PHUHFH ODSHQD DVSLUDU DHOODWDQWR HQ OD HGXFDFLyQ FRPR HQ ODYLGD IHOL]SDUD FRQVWUXLUMXQWRV XQD VRFLHGDG MXVWD QHFHVLWDGD GHEXHQRV FRUULHQWH 1R VHDFRVDTXH HVWHPRV EUHJDQGR SRUDOJXQD OLVWD GH LQ FLXGDGDQRV \GH EXHQRV JREHUQDQWHV GLFDGRUHV SHUJHxDGD SRU XQ FRQMXQWR GH EXUyFUDWDV TXH PLGHQ $ILQHV GHO VLJOR SDVDGR VXUJH GH QXHYR FRQ IXHU]D ODLGHD GH H[ DVSHFWRV LUUHOHYDQWHV DVSHFWRV VLQUHOLHYHSDUD ODYLGD KXPDQD DORV FHOHQFLD DOPHQRV HQ WUHViPELWRV (QHOPXQGR HPSUHVDULDO HOOLEUR TXHSRUVLIDOWDUD SRFR VHEDXWL]D FRQ HOQRPEUH GH ©FDOLGDGª GH3HWHUV \:DWHUPDQ (QEXVFD GHODH[FHOHQFLDLQYLWDDORVGLUHFWLYRV (QUHDOLGDG HOWpUPLQR ©H[FHOHQFLDª DOPHQRV HQODFXOWXUD RFFL DWUDWDU GHDOFDQ]DUOD VLJXLHQGR SULQFLSLRV FRQ ORV TXHRWUDV HPSUH GHQWDO QDFH HQ OD *UHFLD GH ORV SRHPDV KRPpULFRV 5HFXUULU DOD VDV KDEtDQ FRVHFKDGR p[LWRV (Q HO PXQGR GH ODV SURIHVLRQHV VH ,OLDGD ROD 2GLVHD HVVXPDPHQWH DFRQVHMDEOH SDUD GHVFXEULU FyPR HO HQWLHQGH FRQ EXHQ DFXHUGR TXHHOSURIHVLRQDO YRFDFLRQDGR HO TXH H[FHOHQWH HOYLUWXRVR GHVWDFD SRU SUDFWLFDU XQDKDELOLGDG SRUHQFL GHVHD RIUHFHU DOD VRFLHGDG HOELHQ TXH VXSURIHVLyQ GHEH GDUOH DV PD GHOD PHGLD $TXLOHV HV©HOGH ORVSLHV OLJHURVª HOWULXQIDGRU HQ SLUD DOD H[FHOHQFLD VLQ OD TXH PDO SRGUi ORJUDUOR <WDPELpQ HQ HO FXDOTXLHU FRPSHWLFLyQ SHGHVWUH 3UtDPR HO SUtQFLSH HV H[FHOHQWH iPELWR HGXFDWLYR IORUHFH GH QXHYR HO GLVFXUVR GH OD H[FHOHQFLD DO HQ SUXGHQFLD +pFWRU HOFRPDQGDQWH GHO HMpUFLWR WUR\DQR HV H[FH TXH HV SUHFLVR GDU XQ FRQWHQLGR PX\FODUR SDUD QR FRQIXQGLUOD QL OHQWH HQYDORU FRPR $QGUyPDFD ORHVHQDPRU FRQ\XJDO \PDWHUQR FRQ ODV VXSXHVWDV PHGLGDV GHFDOLGDG QLFRQODLGHD GH XQD FRPSH 3HQpORSH HQ ILGHOLGDG \DVtORVUHVWDQWHV SURWDJRQLVWDV GH DTXHOORV WLFLyQ GHVHQIUHQDGD HQODHVFXHOD HQODTXH ORV IXHUWHV GHUURWHQ DORV SRHPDV pSLFRV TXH IXHURQ HORULJHQ GHQXHVWUD FXOWXUD DOPHQRV HQ GpELOHV &RQYLHQH UHFRUGDU TXH FRPR KHPRV FRPHQWDGR HQODEUH SDUWH SRUTXH ODRWUDSDUWH IXH-HUXVDOpQ JDSRUODYLGDQRVREUHYLYHQ ORVPiV IXHUWHV VLQRORVTXHKDQ HQWHQ 3HURHOH[FHOHQWH QR ORHVVyORSDUD VtPLVPR VXYLUWXG HVIHFXQGD SDUD OD FRPXQLGDG DODTXH SHUWHQHFH FUHD HQ HOODYtQFXORV GH VROL GLGR HOPHQVDMH GHODSR\RPXWXR ORVTXHVDEHQ FRRSHUDU \SRUHVR OHV LPSRUWDVHU H[FHOHQWHV GDULGDG TXH OHSHUPLWHQ VREUHYLYLU IUHQWH DODVGHPiV FLXGDGHV 3RU /DH[FHOHQFLD FODUR HVWi WLHQH XQVLJQLILFDGR FRPSDUDWLYR VLHP HVR GHVSLHUWD OD DGPLUDFLyQ GH ORVTXH OHURGHDQ SRU HVRVHJDQD D SUH VHHVH[FHOHQWH HQUHODFLyQ FRQ DOJR 3HUR DVtFRPR HQODV FRPX SXOVR ODLQPRUWDOLGDG HQODPHPRULD DJUDGHFLGD GHORVVX\RV QLGDGHV KRPpULFDV LPSRUWDED VLWXDUVH SRU HQFLPD GH OD PHGLD HO $O KLOR GHO WLHPSR HVD WUDGLFLyQ GH ODVYLUWXGHV VHXUEDQL]D VH VHFUHWR GHO p[LWR HQ VRFLHGDGHV GHPRFUiWLFDV FRQVLVWH HQ FRPSHWLU WUDVODGD DFRPXQLGDGHV FRPR ODDWHQLHQVH TXH GHEHQ RUJDQL]DU VX FRQVLJR PLVPR HQ QR FRQIRUPDUVH HQ WUDWDU GH VDFDU GtD DGtD OR YLGD SROtWLFD SDUD YLYLU ELHQ 3DUD ORJUDUOR HV LQGLVSHQVDEOH FRQWDU PHMRU GH ODVSURSLDV FDSDFLGDGHV OR FXDO UHTXLHUH HVIXHU]R TXH HV FRQ FLXGDGDQRV H[FHOHQWHV QR VyOR FRQ XQRV SRFRV KpURHV TXH VR XQFRPSRQHQWH LQHOXGLEOH GHFXDOTXLHU SUR\HFWR YLWDO <HQKDFHUOR EUHVDOHQ SRU XQDEXHQD FXDOLGDG VLQR FRQ FLXGDGDQRV FXUWLGRV HQ QRVyOR HQSURYHFKR SURSLR VLQR WDPELpQ GH DTXHOORV FRQ ORVTXHVH YLUWXGHV FRPR ODMXVWLFLD ODSUXGHQFLD ODPDJQDQLPLGDG ODJHQHUR KDFH ODYLGD DTXHOORV FRQ ORV TXH \GHORV TXH VH YLYH (Q HVWR VLJXH VLGDG R HOYDORU FtYLFR $QWH OD SUHJXQWD ©H[FHOHQFLD ¢SDUD TXpLª YDOLHQGR ODOHFFLyQ GH7UR\D SRUTXH ORV H[FHOHQWHV SRQtDQ HVDVFD  a ā aa    >£ WL SDFLGDGHV DOVHUYLFLR GHOD FRPXQLGDG TXH ODVQHFHVLWDED SDUDYLYLU \YLYLUELHQ 3RUHVR HOSXHEOR DGPLUDED ODVJHVWDVGHVXVKpURHV 3RU HVRSHUPDQHFtDQ FRQ JUDWLWXGHQ HOUHFXHUGR $ ILQGHFXHQWDV QR VHFRQVWUX\H XQDVRFLHGDGMXVWD FRQ FLXGDGD QRV PHGLRFUHV QLHVOD RSFLyQ SRUODPHGLRFULGDG HOPHMRU FRQVHMR &216758,581$ '(02&5$&,$$87e17,&$ TXH SXHGH GDUVH SDUD OOHYDU DGHODQWH XQDYLGD GLJQD GH VHUYLYLGD &RQIXQGLU ©GHPRFUDFLDª FRQ ©PHGLRFULGDGª HVHOPHMRU FDPLQR SDUD DVHJXUDU HOURWXQGR IUDFDVR GH FXDOTXLHU VRFLHGDG TXH VHSUHWHQGD GHPRFUiWLFD 3RUHVRXQDHGXFDFLyQ DOpUJLFD DODH[FOXVLyQ QR GHEH PXOWLSOLFDU HOQ~PHUR GHPHGLRFUHV VLQRXQLYHUVDOL]DU ODH[FHOHQFLD O 1RWDV ¢-867$ ,1',*1$&,Ï1" (QWUH \ $PEURVLR /RUHQ]HWWL SLQWyXQRV KHUPRVRV IUHVFRV HQOD6DODGHL1RYHGHO3DODFLR &RPXQDO GH6LHQD TXHVHFRQRFHQ PXQ O 0H KH RFXSDGR GH H[SOLFLWDU HVWRV YDORUHV HQ &LXGDGDQRV GHO PXQGR GLDOPHQWHEDMR HO QRPEUH GH $OHJRUtDGHO%XHQ *RELHUQR (QODSDUHG $OLDQ]D 0DGULG FDS 9,, QRUWH GHOD VDODVHUHSUHVHQWD HOUpJLPHQ SROtWLFR TXHVHLQVWDXUDUtD VL  $GHOD &RUWLQD eWLFDDSOLFDGD\GHPRFUDFLD UDGLFDO 7HFQRV 0DGULG FDS   0D[:HEHU /D pWLFDSURWHVWDQWH \ HOHVStULWX GHOFDSLWDOLVPR 3HQtQ VXOD %DUFHORQD   -HV~V&RQLOO \9LFHQW*R]iOYH] FRRUG  eWLFDGHORVPHGLRV %DUFHOR QD*HGLVD  /DELEOLRJUDItD VREUH pWLFD GHODVSURIHVLRQHV HVDEXQGDQWtVLPD 9HU SRU HMHPSOR (PLOH 'XUNKHLP 3URIHVVLRQDO HWKLFV DQG FLYLF PRUDOV /RQ GRQ 5RXWOHGJH DQG .HJDQ 3DXO  5XWK &KDGZLFN HG   (WKLFV DQG WKH3URIHVVLRQV $YHEXU\ $OGHUVKRW -RVp /XLV )HUQiQGH] \$XJXVWR REUiVHPRV VLJXLHQGRORVGLFWDGRV GHODYLUWXG GHODMXVWLFLD PLHQWUDV TXHORV IUHVFRVGHODSDUHG HVWH PXHVWUDQGHIRUPD SOiVWLFDORVHIHFWRV EHQpILFRVTXHVHVHJXLUtDQ GHHVHJRELHUQR GHODMXVWLFLDSDUD ODFLXGDG \SDUD HOFDPSR /DV JHQWHVYLYHQ HQ DUPRQtD VHUHODFLRQDQ HQWUH Vt FRUGLDOPHQWH\OOHYDQDFDERODVWDUHDVSURSLDVGHFDGDiPELWR GHVGHOD FRQFRUGLD 9DQ DODHVFXHOD GDQ]DQ FRPHUFLDQ VLHPEUDQ VLHJDQ R ODEUDQODWLHUUDHQXQPDUFRGHVHUHQLGDG (OEXHQ JRELHUQR WLHQHEXH QRVHIHFWRVSDUD ODYLGDGHODFLXGDGDQtD (VHOHMHUFLFLRGHODVYLUWXGHV HOTXHD\XGDDJREHUQDU ELHQ\SRU HVRORV SHUVRQDMHV GHOIUHVFR FHQ +RUWDO HGV  eWLFD GHODVSURIHVLRQHV 0DGULG 8QLYHUVLGDG 3RQWLILFLD GH WUDO VRQOD6DELGXUtD OD3UXGHQFLD OD)RUWDOH]D OD0DJQDQLPLGDG OD &RPLOODV $GHOD &RUWLQD \-HV~V &RQLOO HGV  'LH] SDODEUDV HQpWLFD &RQFRUGLD\OD7HPSODQ]DTXHFRQGXFHQDORVKDELWDQWHVGHODFLXGDG GH ODVSURIHVLRQHV 9HUER 'LYLQR (VWHOOD $XJXVWR +RUWDO eWLFDJHQH GH6LHQD DOD3D] (OEXHQ JRELHUQR HV HOTXHFRQGXFH DODSD] \QRHV UDOGHODVSURIHVLRQHV %LOEDR 'HVFOpH GH%URXZHU  VyORXQDIRUPD GHUpJLPHQ SROtWLFR VLQRXQDIRUPD GHYLGD ā ¢ BB a  (QODSDUHG RHVWH SRU HOFRQWUDULR HQ HO IUHVFR ©VLQLVWURª VLHOHV &DGDGtDVDOHQDODOX]QXHYRVHVFiQGDORV TXHDIHFWDQDSROtWLFRV SHFWDGRU FRQWHPSOD HOFRQMXQWR GHVGHHOFHQWUR VHUHSUHVHQWD HOPDO EDQTXHURV HPSUHVDULRV /RV yUJDQRV VXSUHPRV GHODMXGLFDWXUD JRELHUQR GH OD FLXGDG /D ILJXUD FHQWUDO HV HQWRQFHV OD 7LUDQtD OD GHFHSFLRQDQDORV FLXGDGDQRVXQD\RWUD YH]HOSRGHUSROtWLFRLQ -XVWLFLD UXHGD SRU ORV VXHORV \ DFRPSDxDQ D OD 7LUDQtD HO )XURU GXOWDDFWXDFLRQHVLQWROHUDEOHVGHIRUPDDUELWUDULD$HOORVHDxDGHHO OD'LVFRUGLD OD *XHUUD HO)UDXGH OD 7UDLFLyQ \OD &UXHOGDG 7DP ELpQ ORVHIHFWRVGHOPDO JRELHUQR VHHFKDQ GHYHU HQODFLXGDG \HQHO FDStWXORGHORVSULYLOHJLRVGHODFODVHSROtWLFD\GHODILQDQFLHUDTXH OHVOOHYDQDDVHJXUDUVHXQDYLGDPiVTXHKROJDGD FRQXQRVDxRV GH FDPSRFRQVXVVHFXHODVGHGLVFRUGLDFRQIOLFWRLPSUXGHQFLD LUD HMHUFLFLR DGLIHUHQFLDGHOFLXGDGDQRFRUULHQWH\PROLHQWH 7UDVKD SHUH]D<ODOHFFLyQVHSURORQJD HQHVWHIUHVFRSRUTXH ORVYDORUHV EHU JHVWLRQDGR XQ EDQFR GHIRUPDWDQ SpVLPD TXHKD TXHEUDGR QHJDWLYRVORVOLVYDORUHV ORVYLFLRVWLHQHQWDPELpQHIHFWRVSHUYHU VRVHQODIRUPDGHYLGDGHODFLXGDG UHWLURVPLOORQDULRV 'HVSXpVGHKDEHUOOHYDGR DXQSDtV DODUXLQD /D$OHJRUtDGHO%XHQ*RELHUQR GH/RUHQ]HWWLHVXQDOHFFLyQSOiV QRVHVDEHTXp<FRQHVWRVDQWHFHGHQWHV VHH[LJHQVDFULILFLRVDORV SHRUVLWXDGRVDORVTXHQRJHVWLRQDURQODFDWiVWURIHQLWXYLHURQSDU WLFDGHTXHODVIRUPDVGHJREHUQDUQRVRQVyORSURFHGLPLHQWRVVLQ DOPD\VLQHVStULWXPHFDQLVPRVTXHVHSRQHQ HQIXQFLRQDPLHQWR VLJXLHQGRODVGLUHFWULFHVGHDOJXQDJXtDMXUtGLFDVLQRTXHUHSUHVHQ WDQDXWpQWLFDVIRUPDVGHYLGDGHXQSXHEOR3DUDFUHDUXQDFRPXQL EXHQRVVXHOGRV H[FHOHQWHFRORFDFLyQFRFKHRILFLDO DVLVWHQWHV SDUD WHHQHOOD /DLQGLJQDFLyQHVXQVH[WRVHQWLGR TXHD\XGDDGHVFXEULUODVLQ MXVWLFLDV ©4XLHQFDUHFHGHFRPSDVLyQKDGLFKRFRQDFLHUWR1DQ GDGMXVWDVRQQHFHVDULDVODVYLUWXGHVTXHKHPRVLGR GHVJUDQDQGR F\6KHUPDQ QRSXHGHFDSWDUHO VXIULPLHQWR GHRWURV VLQFDSD FRPRWDPELpQHVQHFHVDULRH[SXOVDUHVRVYLFLRVFRPRHOIUDXGHOD FULVSDFLyQODGLVFRUGLDODPHQWLUD\ODWUDLFLyQTXHKDFHQLPSRVLEOH XQDYLGDEXHQDFRPSDUWLGD FLGDG GH LQGLJQDFLyQSRGHPRV QRSHUFLELU ODV LQMXVWLFLDVY < HV YHUGDGSRUHVRODLQGLJQDFLyQFXDQGRUHFODPDMXVWLFLDSDUDWRGRVHV XQ VHQWLPLHQWR pWLFR 3HUR HVH VHQWLPLHQWRHV VLQFHUR VL XQD YH] (Q(VSDxDHVpVWHXQPRPHQWRySWLPRSDUDLULQWHQWDQGR HOLPL SHUFLELGDV ODVLQMXVWLFLDVEXVFD FDPLQRV YLDEOHV SDUD DFDEDU FRQ QDUHVDVPDODVSUiFWLFDV\SDUDSRWHQFLDUODVYLUWXGHVTXHKDFHQSRVL EOHXQEXHQJRELHUQRFRPRIRUPDGHYLGDFRPSDUWLGD(QHVWHPR HOODV 8QRGH HVRV FDPLQRV TXHWRGRV ORV JUXSRVKDQ GHIHQGLGR FRPR LUUHQXQFLDEOH HV HOGHFRQVWUXLUXQD GHPRFUDFLDDXWpQWLFD PHQWRXQEXHQQ~PHURGHYRFHVVHDO]DH[LJLHQGRFDPELRVUDGLFDOHV XQD GHPRFUDFLDTXH UHFXSHUHVXV UDtFHVpWLFDV 3DUDORJUDUORQRV GHVGHHOPRYLPLHQWRGHO0SDVDQGRSRUODVSURWHVWDVFDOOHMHUDV SXHGHVHUYLUGHKLOR FRQGXFWRUHVHQRPEUH©JRELHUQRGHOSXHEORª FRWLGLDQDV\WDPELpQSRUORVQXPHURVRVJUXSRVGHODVVRFLHGDGFLYLO TXHHVOR TXHVLJQLILFDHOWpUPLQR©GHPRFUDFLDª TXHKDQDVXPLGRHOFRPSURPLVRGHUHGDFWDULQIRUPHVVREUHORVSXQ WRVPiV FDQGHQWHV\KDFpUVHORVOOHJDUWDQWR DOS~EOLFRFRPR DORV SROtWLFRV7RGRHOORVXUJHVLQGXGDGHXQDPiVTXHMXVWDLQGLJQDFLyQ DQWHODVPDODVSUiFWLFDVTXHLPSLGHQHQFDUQDUXQEXHQJRELHUQR ā L  a! £   O ,  '(02&5$&,$ 5(35(6(17$7,9$ ¢(/&Ë5&8/2 &8$'5$'2" PRGHUQRV GHODTXHKDEODPRV HQHOFDStWXOR VREUHODOLEHUWDG3HUR HO PD\RU GH ORV FDPELRV FRQVLVWH UHFRUGHPRV HQ XQD QXHYD &RPR HVELHQ VDELGR ODGHPRFUDFLD QDFH HQOD$WHQDV FOiVLFDGHORV IRUPD GHHQWHQGHU OD OLEHUWDG OLJDGD DXQDHVSHFLDOYDORUDFLyQ GH OD VLJORVY\Y DQWHV GH&ULVWR HQ HO6LJORGH3HULFOHV FRPR GHPRFUDFLD YLGD SULYDGD IUHQWH DODYLGD S~EOLFD /DYLGDSULYDGD IRUPDGD SRU GLUHFWD /RVFLXGDGDQRV ORVKRPEUHV OLEUHV OR VRQ SRUTXHWLHQHQHO UHODFLRQHV WDQJUDWLILFDQWHV FRPRODVGHIDPLOLD\DPLVWDGSRUODYLGD GHUHFKR LJXDODSDUWLFLSDU HQODVGHOLEHUDFLRQHV \HQODWRPDGHGHFL DVRFLDWLYD \SRU DFWLYLGDGHV WDQ SURGXFWLYDV FRPR ODV HFRQyPLFDV VLRQHV GHOD$VDPEOHD GH IRUPD GLUHFWD /DOLEHUWDG VHLGHQWLILFD HQ UHVXOWD VHU VXPDPHQWHDWUDFWLYD/DSDUWLFLSDFLyQ HQODYLGDSROtWLFD WRQFHV FRQ HOGHUHFKR DSDUWLFLSDU \ODLJXDOGDG VHUHILHUH DODLJXDO SRUHOFRQWUDULR QRVyOR HVFRVWRVD VLQR TXHSUHVHQWD XQRV UHWRUQRV GDG DQWH ODOH\ LVRQRPtD  \DOLJXDOGHUHFKR DKDEODU tVHJRUtD  LQFLHUWRV DOHMDGRVHQHOWLHPSR SRFR JDUDQWL]DGRV 3RUHVRGHLJXDO (QODUDt]GHWRGRHOORVHHQFXHQWUD FRPR ELHQ DSXQWyODILOyVRID PRGR TXHORVULFRV WLHQHQ DGPLQLVWUDGRUHV DORV TXH HQFRPLHQGDQ +DQQDK $UHQGW OD FRQYLFFLyQ GH TXH HQ ODSROtWLFD HOSRGHU FRPX OD JHVWLyQ GH VXV ELHQHV SDUD SRGHU GLVIUXWDU PLHQWUDV WDQWR GH OD QLFDWLYR HVXQDXWpQWLFR SRGHU )UHQWH DODGHILQLFLyQ FOiVLFDGHO(V YLGDSULYDGD ORV FLXGDGDQRV GHORV(VWDGRV PRGHUQRV HOLJHQ UHSUH WDGR FRPR OD LQVWLWXFLyQ TXH RVWHQWD HOPRQRSROLR GH ODYLROHQFLD VHQWDQWHV \OHVHQFDUJDQ ODJHVWLyQ GHODFRVDS~EOLFD OHJtWLPD $UHQGW HQWHQGHUi TXH OD YLROHQFLD HV VLHPSUH SUHSROtWLFD (V YHUGDG TXH &RQVWDQW SUHYLHQH IUHQWH DOHUURU GH GHMDU HQPD PLHQWUDV TXH HOPXQGR GHODSROtWLFD HVHOGHOHMHUFLFLR GHOSRGHUFR QRV GH ORV UHSUHVHQWDQWHV HO SRGHU S~EOLFR \ GH UHWLUDUVH DOD YLGD PXQLFDWLYR 1R HQYDQR HOKRPEUH HVXQVHUGRWDGR GH OyJRV GHUD SODFHQWHUDGHODIDPLOLD ODDPLVWDG\ODHFRQRPtD SRUTXH DOFDER ORV ]yQ \ SDODEUD FDSD] GH GHOLEHUDU FRQ VXV FRQFLXGDGDQRV VREUH OR FLXGDGDQRV SXHGHQ HQFRQWUDUVH FRQ TXH OHV KDQ DUUHEDWDGR WDP MXVWR\ORFRQYHQLHQWH ELpQ HVDYLGDSULYDGD 1R HVSUXGHQWHFDPELDUODOLEHUWDG HQWHQGLGD 6LQHPEDUJR GHVSXpV GHHVWDSULPHUDH[SHULHQFLD DWHQLHQVH TXH FRPRSDUWLFLSDFLyQSRU ODOLEHUWDG HQWHQGLGD FRPR LQGHSHQGHQFLD VHKDFRQYHUWLGR HQHOPLWRGHUHIHUHQFLD SDUDHVWHPRGR GHHQWHQGHU ODV GRV VRQ QHFHVDULDV SDUD XQD YLGD KXPDQD UHDOL]DGD \ TXLHQ ODGHPRFUDFLD FRPR SDUWLFLSDFLyQ GLUHFWD GHORVFLXGDGDQRV FRQVWL DSXHVWD ~QLFDPHQWH SRUODVHJXQGDSXHGHSHUGHUOD WXLGRV HQ SXHEOR OD GHPRFUDFLD SLHUGH WRGR SUHVWLJLR FRPR UpJL &RQWRGR HVYHUGDGTXH HOPXQGR PRGHUQR DSUHFLD VREUH WRGR PHQSROtWLFR \QRYXHOYH DUHFREUDUOR KDVWD HOVLJOR[YP 0LHQWUDV OD OLEHUWDG HQWHQGLGD FRPR LQGHSHQGHQFLD \SRU HVR HQOD FLYLOL]D WDQWR FRQ HOPXQGR PRGHUQR KD LGR QDFLHQGR HVRVtHO JRELHUQR FLyQ RFFLGHQWDO VH YD H[WHQGLHQGR OD FRQYLFFLyQ GH TXH OD PHMRU UHSUHVHQWDWLYR SHUR QR ODGHPRFUDFLD UHSUHVHQWDWLYD IRUPD GHJRELHUQR HVODUHSUHVHQWDWLYD /DGLPHQVLyQ GH ORV (VWDGRV QDFLRQDOHV TXH QDFHQ FRQ OD 0R +DVWD HVWHSXQWR QR SDUHFH SUHVHQWDUVH PD\RUSUREOHPD (OJUDQ GHUQLGDG KDFH LPSRVLEOH XQD GHPRFUDFLD FRQJUHJDWLYD DVt FRPR SUREOHPD DIORUDFXDQGR ODGHPRFUDFLD HPSLH]DDYDORUDUVH GH QXH HVHFRQMXQWRGH FDPELRV TXHWDQELHQ H[SOLFD &RQVWDQWHQODFpOHEUH YR FRPR XQDIRUPDGHJRELHUQRTXHSHUPLWHODH[SUHVLyQ GHOD DX FRQIHUHQFLD VREUH ODOLEHUWDG GHORVDQWLJXRV FRPSDUDGD FRQ ODGHORV WpQWLFD FLXGDGDQtD\ VLQ HPEDUJR HOVLVWHPD UHSUHVHQWDWLYR SDUHFH a a ?  GHPRFUDFLD UHSUHVHQWDWLYD ¢&yPR DUWLFXODU OD DXWRQRPtD GH ORV 6LQHPEDUJRVHJ~QQXHVWURDXWRUQRH[LVWHXQDYROXQWDGGHOSXH EOR VLQR ODV YROXQWDGHV SDUWLFXODUHV GH ORV FLXGDGDQRV QL H[LVWH FLXGDGDQRV FRQ HOKHFKR GHTXH VHDQORVUHSUHVHQWDQWHV TXLHQHV WR WDPSRFRXQELHQFRP~QVLQRLQWHUHVHVHQFRQIOLFWR<SRUVLIDOWDUD PDQ ODVGHFLVLRQHV SRU PXFKR TXH H[LVWD XQ HVSDFLR OLEUH GH RSL SRFR ORVJREHUQDQWHVQLVLTXLHUDKDQ VLGR HOHJLGRVVLQRTXHKDQ QLyQ S~EOLFD HQ HOTXH FDGDYH]PiV ORVFLXGDGDQRV SXHGHQ H[SUH JDQDGRXQDFRPSHWLFLyQSRUORVYRWRVGHORVFLXGDGDQRV LQVXSHUDEOH 5HVXOWD QHFHVDULR HQWRQFHV LQYHQWDU XQ R[tPRURQ OD 6HUtDPiVUHDOLVWDSURVLJXH SURSRQHU©RWUDWHRUtDª VHJ~QOD VDUVH" 3DUDUHVSRQGHU DHVWDFXHVWLyQ FRQYLHQH UHFXUULU DOOLEURGH-RVHSK 6FKXPSHWHU &DSLWDOLVPRVRFLDOLVPR\GHPRFUDFLDSXEOLFDGRHQ FXDO ODGHPRFUDFLDHV©DTXHOVLVWHPDLQVWLWXFLRQDOSDUDOOHJDUDODV GHFLVLRQHV SROtWLFDV HQHOTXHORVLQGLYLGXRVDGTXLHUHQHOSRGHUGH GHFLGLUSRUPHGLRGHXQDOXFKDGHFRPSHWHQFLDSRUHOYRWRGHOSXH EORª 6HJ~QHVWDFDUDFWHUL]DFLyQHOPRWRUGHOVLVWHPDHVODFRPSH  /$&203(7,&,Ï1 325 /2692726 (QHIHFWRHQ HVWHFpOHEUHWUDEDMR H[SRQH6FKXPSHWHU FyPR XQD WHRUtDUHDOLVWDGHODGHPRFUDFLDQRSXHGHGHVFDQVDUVLQRHQODHOHF FLyQGHUHSUHVHQWDQWHVDGLIHUHQFLDGHORTXHpOOODPDOD©WHRUtDFOi WHQFLDHQWUHODV pOLWHVSROtWLFDVSRUFRQTXLVWDUHOYRWRGHORVFLXGDGD QRVGHVXHUWHTXHpVWRVHQUHDOLGDGTXHGDQUHOHJDGRVDXQVHJXQGR SODQR \VRQ ODVpOLWHVODVTXHRFXSDQODYLGDS~EOLFD\VH HVIXHU]DQ SRUFRQYHQFHUDORVFLXGDGDQRVSDUDTXHOHVGHQVXYRWR (VWDQXHYDWHRUtDFRQVLGHUDVX FUHDGRU WLHQHODYHQWDMDGH VLFDªHPSHxDGDHQFRQFHGHUDOSXHEORHOPD\RUSURWDJRQLVPR$ MXLFLRGH6FKXPSHWHUOD©WHRUtDFOiVLFDGHODGHPRFUDFLDªQRUHVXOWD GHVFULELUORTXHVXFHGH\SHUPLWHDILQDUORVLQVWUXPHQWRVSDUDPHMR IHFXQGDSRUTXHQRSHUPLWHGLVFHUQLUHQTXpSDtVHVH[LVWHXQJRELHU QR GHPRFUiWLFRQLWDPSRFR PHGLUORTXHKR\OODPDUtDPRVODFDOL LPSRWHQFLD (OHFRGH(O3UtQFLSHGH0DTXLDYHORSDUHFHSUHVHQWHHO HFRGHODFLHQFLDQXHYD ©3HURVLHQGRPLLQWHQFLyQHVFULELUDOJR~WLO GDGGHODVGLIHUHQWHVGHPRFUDFLDV<QRORSHUPLWHSRUTXHHVDWHRUtD SDUDTXLHQOROHD PHKDSDUHFLGR PiVFRQYHQLHQWHEXVFDUODYHUGD GHVFDQVDHQODIXHU]DGHGRVFRQFHSWRVYDFtRV©ELHQFRP~Qª\©VR EHUDQtDSRSXODUª GHUDUHDOLGDGGHODVFRVDVTXHODVLPSOHLPDJLQDFLyQGHODVPLVPDVª /DQXHYDWHRUtD DPpQGHOUHDOLVPR FRQWDUiFRQRWUDVYHQWDMDV 6HJ~Q6FKXPSHWHUODWHRUtDFOiVLFDHQWLHQGHTXH©HOPpWRGRGH SRUTXH SHUPLWLUi UHFRQRFHU HOSOXUDOLVPRSROtWLFR UHSUHVHQWDGR PRFUiWLFRHVDTXHOVLVWHPDLQVWLWXFLRQDOGHJHVWDFLyQGHODVGHFLVLR QHVSROtWLFDVTXHUHDOL]DHO ELHQFRP~Q GHMDQGRDOSXHEOR GHFLGLU SRUODVpOLWHVKDUiSRVLEOHDFHSWDUHOKHFKRGHOFDXGLOODMH\ODQHFHVL SRUVtPLVPRODVFXHVWLRQHVHQOLWLJLRPHGLDQWHODHOHFFLyQGHLQGL TXHQRFXPSODQVXVSURPHVDVUHWLUiQGROHV HOYRWRHQODVVLJXLHQWHV YLGXRVTXHKDQGHFRQJUHJDUVHSDUDOOHYDUDFDERVXYROXQWDGª /D FODYHSROtWLFDHQHVWDWHRUtDHVHO SXHEOR\ORVUHSUHVHQWDQWHVQRVRQ HOHFFLRQHV HLQWHUSUHWDUODYLGDSROtWLFDFRPRWUDVXQWRGHODHFRQy VLQRLQVWUXPHQWRV TXHWUDWDQ GHFRQVHJXLUORTXHHO SXHEOR GHVHD   UDUODUHDOLGDG HQYH]GHGLVHxDUPXQGRVLGHDOHVTXHQRVGHMDQHQOD GDGGHH[SHUWRVFRQWDUFRQODDSDWtDGHOSXHEOR FDVWLJDUDODVpOLWHV PLFD DSURYHFKDQGRDVtORVHVWXGLRV TXHVHOOHYDQDFDERHQUHODFLyQ FRQODUDFLRQDOLGDGHFRQyPLFD  U 3HUR VLODVFRVDV VRQ DVtHQ HOPXQGR SROtWLFR ODSUHJXQWD HV HQ  75(602'(/26'( '(02&5$&,$ WRQFHV ¢SRGHPRV VHJXLU KDEODQGR GH XQ ©JRELHUQR GHOSXHEORª" $QWH HVWDSUHJXQWD UHVSRQGH HOSROLWyORJR LWDOLDQR *LRYDQL 6DU (QXQIUDJPHQWR DQWROyJLFR H[SRQH -RKQ 'HZH\ XQD LGHD TXH DPL WRULTXH GHEHUtDPRV KDEODU GHJRELHUQR TXHULGRSRU HOSXHEOR PiV MXLFLR HV FODYHSDUD HODVXQWR TXH QRV RFXSD 6HJ~Q pO ODUHJODGHOD TXH GH JRELHUQR GHO SXHEOR SRUTXH HQ QLQJ~Q OXJDU GH OD WLHUUD PD\RUtD HVWDQ DEVXUGD FRPR VXVFUtWLFRV OH DFXVDQ GHVHUOR SHUR OR JRELHUQD HOSXHEOR /RTXHKDFH HOSXHEOR HVH[SUHVDU VXYROXQWDG HQ LPSRUWDQWH HV HO PHGLR SRU HOTXHXQD PD\RUtD OOHJDDVHUOR ORV GH HOHFFLRQHV UHJXODUHV SHUR QR JREHUQDU EDWHV DQWHFHGHQWHV ODPRGLILFDFLyQ GHODVSHUVSHFWLYDV SDUD DWHQGHU 6LQ HPEDUJR VL WRPiUDPRV OD SDODEUD D6FKXPSHWHU PiV ELHQ DODV RSLQLRQHV GHODVPLQRUtDV /R HVHQFLDO HV HQ RWUDV SDODEUDV OD WHQGUtDPRV TXH KDEODU GH JRELHUQR YRWDGRSRU HOSXHEOR 2DILQDQ PHMRUD GHORVPpWRGRV \FRQGLFLRQHV GHGHEDWH GLVFXVLyQ \SHUVXD GR WRGDYtD PiV GH JRELHUQR YRWDGRSRUODPD\RUtD GHO SXHEOR ,Q £ FOXVR GH JRELHUQR YRWDGRSRUODPLQRUtD GHOSXHEOR FXDQGR ORVSDU WLGRV HQ HOSRGHU QR FXHQWDQ FRQ XQD PD\RUtD DEVROXWD (YLGHQWHPHQWH SDUD VHJXLU KDEODQGR GHGHPRFUDFLD DXQTXH VHD VLyQ &LHUWDPHQWH OD GHPRFUDFLD HV JRELHUQR GHO SXHEOR \ KHPRV FRQYHQLGR HQ TXH ODYROXQWDG GHO SXHEOR VH H[SUHVD D WUDYpV GH OD YROXQWDG GHODPD\RUtD VLHPSUH TXHUHVSHWH DODVPLQRUtDV FRPR HV HQ XQ VHQWLGR DPSOLR HVLQGLVSHQVDEOH TXH ODVHOHFFLRQHV VHOOHYHQ REYLR 3HUR QR WDQWR SRUTXH FUHDPRV SURORQJDQGR D 5RXVVHDX DFDERHQ XQ PDUFR FRQILJXUDGR SRU ODGLYLVLyQ GHSRGHUHV HOHFFLR TXHODYR]GHODPD\RUtD HVODYR]GHODYROXQWDG JHQHUDO VLQR SRUTXH QHV UHJXODUHV RSLQLyQ S~EOLFD OLEUH \ DELHUWD FRQ HO FRPSURPLVR QR KHPRV HQFRQWUDGR XQ PHFDQLVPR PHMRU HV DILQGH FXHQWDV HO LUUHQXQFLDEOH GHTXH ODVPLQRUtDV QR VyORVHDQ UHVSHWDGDV VLQR TXH PDO PHQRU 3RU HVR OR LPSRUWDQWH QR HV UHYHVWLUOD GH XQ FDUiFWHU SXHGDQ FRQYHUWLUVH HQ PD\RUtDV < WRGR HOOR EDMR HOFRELMR GH XQ VDJUDGR VLQR DYHULJXDU FyPR VHIRUMDQ ODV PD\RUtDV FyPR VH IRU PDUFR FRQVWLWXFLRQDO PD ODYROXQWDG GHOSXHEOR HOSURFHVR SRU HOTXH XQDPD\RUtD OOHJD 3HUR DXQ HQ HO FRQWH[WR GH HVWDV FRQGLFLRQHV TXH QR SXHGHQ DVHUOR HOLPLQDUVH VLQGHVWUXLU FXDOTXLHU DWLVER GHGHPRFUDFLD \TXH SHUWH <DQWH HVWD SUHJXQWD \R TXLVLHUD SURSRQHU WUHV SRVLEOHV UHVSXHV QHFHQ DHVDHVSHFLHSROtWLFD PiVPRGHVWD DODTXH 5REHUW 'DKO OODPy WDV WUHV SRVLEOHV PRGHORV GH GHPRFUDFLD UHSUHVHQWDWLYD WHQLHQGR ©SROLDUTXtDª WRGDYtD TXHGD DELHUWD OD SUHJXQWD ¢FyPR DUWLFXODU OD HQ FXHQWD FyPR VHIRUPDQ ODV PD\RUtDV ODGHPRFUDFLD HPRWLYD OD DXWRQRPtD GHORVFLXGDGDQRV FRQ ODVGHFLVLRQHV WRPDGDV SRU UHSUH DJUHJDWLYD \ODFRPXQLFDWLYD R GHPRFUDFLD GH ORV FLXGDGDQRV 1LQ VHQWDQWHV HOHJLGRVSRUPD\RUtD VLQTXH ODSULPHUD VHYHDHQUHDOLGDG JXQR GH HVWRV PRGHORV VH GD HQ XQD VRFLHGDG HQ HVWDGR SXUR VLQR WUDLFLRQDGD" TXHVLHPSUH DSDUHFHQ PH]FODGRV SHUR HV SRVLEOH WUD]DU HOSHUILO GH ODV GLVWLQWDV VRFLHGDGHV GHPRFUiWLFDV WHQLHQGR HQ FXHQWD HO PD\RU R PHQRU SHVR TXH WLHQH HQ HOODV OD GLPHQVLyQ HPRWLYD OD DJUHJDWLYD RODFRPXQLFDWLYD &RPR HVWDPELpQ SRVLEOH \FUHR \R QHFHVD aa āWaāā U  ULR FXOWLYDU FRQ PD\RU HPSHxR ODTXH FRQVLGHUHPRV PiV DMXVWDGD D PRFUDFLDVDODVTXHVHKDOODPDGR©GHPRFUDFLDVGHPDVDVª SRUTXH OR TXH VHUtD XQD GHPRFUDFLD HQWHQGLGD FRPR JRELHUQR GHO SXHEOR HQHOODVVHFXHQWDFRQPDVD\QRFRQSXHEOR FRQLQGLYLGXRVKHWHUy 6HUtD GHPRFUDFLD HPRWLYD DTXHOODHQ TXH ODVPD\RUtDVVHIRU QRPRV QRFRQFLXGDGDQRVDXWyQRPRV PDQSRUPDQLSXODFLyQ GHORVVHQWLPLHQWRVGHORVFLXGDGDQRV/DV (QWHQGHPRVSRU©PDVDª XQ FRQMXQWR GHLQGLYLGXRVDQyPLFRV pOLWHVSROtWLFDVPDQLSXODQORVVHQWLPLHQWRV\HPRFLRQHVGHORVHOHF FRQSHTXHxDLQWHUDFFLyQHQWUHHOORVXQFRQMXQWRKHWHURJpQHRFRQ WRUHVFRQHOILQGHFRQVHJXLUVXVYRWRVHQWHQGLHQGRODSROtWLFDFRPR ILJXUDGRGHWDOIRUPDTXHVXVPLHPEURVQRSXHGHQDFWXDUGHIRUPD HO DUWHGHODFRQTXLVWD\FRQVHUYDFLyQGHOSRGHU FRQFXDOHVTXLHUD PHGLRV8QSURFHGLPLHQWRPX\HILFD]HVORTXH\ROODPDUtDOD©PDOD FRQFHUWDGD /DPDVDREYLDPHQWH HV SUHVDIiFLO GHODSURSDJDQGD HPRWLYLVWDGLVSXHVWDDSURYRFDUHQODVJHQWHVUHDFFLRQHVPiVTXHD UHWyULFDª 'HODPLVPDIRUPDTXHKD\XQFROHVWHUROEXHQR \XQFROHVWHURO FRODERUDUUDFLRQDOPHQWHHQODIRUMDGHFRQYLFFLRQHV3HURPDQLSX PDORKD\XQDUHWyULFDEXHQD\XQDPDOD/DSULPHUDHVODTXHXWLOL ]DTXLHQWUDWDGHVLQWRQL]DUFRQORVGHVWLQDWDULRVGHVXPHQVDMHSDUD TXHSUHVFULEHQRLQVWUXPHQWDOL]DUDODVSHUVRQDV\Vt HPSRGHUDUODV SDUDTXHOOHYHQDGHODQWHVXVYLGDVGHIRUPDDXWyQRPD<YLRODFODUR TXHSXHGDQ HQWHQGHUOR FRQFODULGDG(VSUHFLVRHQWRQFHVFRQRFHU HVWiHOSULQFLSLROHJLWLPDGRUGHODGHPRFUDFLDTXHH[LJHWUDWDUDORV ORVVHQWLPLHQWRVGHORVGHVWLQDWDULRVVXHQFXDGUHVRFLDOVXVDVSLUD FLXGDGDQRVFRPRVHxRUHV\QRFRPRVLHUYRV PHQRVD~QFRPRHV FLRQHVSDUDSRGHUKDEODUHQXQOHQJXDMHLQWHOLJLEOHSDUDHOORV(VOD ~QLFDIRUPDGHKDFHUOOHJDUORVDUJXPHQWRVGHPRGRTXHTXLHQORV HVFXFKDSXHGDFRPSUHQGHUORVVRSHVDUORV\DFHSWDUORVRUHFKD]DU FODYRV TXHH[LJHRUJDQL]DUODYLGDFRP~QGHPRGRTXHODVJHQWHV SXHGDQHMHUFHUVXDXWRQRPtD\D\XGDUDTXLHQHVQRSXHGHQKDFHUOR ODUHPRFLRQHVDWHQWDFRQWUDHOSULQFLSLREiVLFRGHODpWLFDPRGHUQD ORVGHIRUPDDXWyQRPDIRUMiQGRVHVXMXLFLRTXHHVODSLHGUDDQJX SRUVHUHVSHFLDOPHQWHYXOQHUDEOHV (QWHQGHPRVSRU©SXHEORª SRUHOFRQWUDULRXQFRQMXQWRGHFLX ODUGHODDXWRQRPtD GDGDQRV TXHGLVFUHSDQGHVGHHOSXQWRGHYLVWDGHVXVLQWHUHVHV GH 4XLHQUHFXUUHDODPDODUHWyULFDSRUHOFRQWUDULRWUDWDGHFRQR VXVSUHIHUHQFLDVR GHVXVFRVPRYLVLRQHV SHURHVWiQ XQLGRVSRU HO FHUHOEDJDMHVHQWLPHQWDOFXOWXUDO\VRFLDOGHVXVR\HQWHVSHURFRQHO ILQGHPDQLSXODUORSDUDSRGHUYHQGHUOHVVXSURGXFWRHQHVWHFDVR GLiORJRUDFLRQDO SRUVXHPSHxRHQLQWHQWDUSHQVDU\UD]RQDUFRQ SDUDFRQVHJXLUVXYRWR(VXQ PHFDQLVPRSDUDSHUVXDGLUFRPRHO MXQWDPHQWH 1ROHV XQH~QLFDPHQWHOD HPRFLyQ QL VyOR XQIRFR SXQWXDOGHLQWHUpV VLQR OD DPLVWDGFtYLFD HOGHEDWHS~EOLFR \OD TXHVHXWLOL]DHQHOPDOPDUNHWLQJQRXQSURFHGLPLHQWRSDUDFRQ YHQFHUGHODERQGDG GHOSURSLR SURGXFWR PHGLDQWH DUJXPHQWRV DSXHVWDSRU HOLQWHUFDPELRGHRSLQLRQHV GHOTXHSXHGHQ REWHQHU 1DWXUDOPHQWH XWLOL]DUFRPRDOWDYR]ORVPHGLRVGH FRPXQLFDFLyQ ORVTXHGDQIHGHTXHHOKRPEUHHVXQDQLPDOSROtWLFR FDSD]GHGHV UHVXOWDLQGLVSHQVDEOH\ GHDKt HOYtQFXORHYLGHQWHHQWUH SDUWLGRV SROtWLFRV\HPSUHVDVLQIRUPDWLYDV 6LQGXGDpVWDHVODIRUPDGHDFWXDUTXHIXQFLRQDHQDTXHOODVGH   £OR HQULTXHFLPLHQWRPXWXR\ODIRUMDGHXQDYROXQWDGFRP~Q 6RQHOORV FXEULUFRQORV GHPiVORMXVWR\ORLQMXVWR /DGHPRFUDFLDDJUHJDWLYD SRUVXSDUWHUHFRQRFHTXHHQXQDVR FLHGDGSOXUDOLVWDORVGHVDFXHUGRVVRQLQHYLWDEOHVSHURHVFRQVFLHQWH   PD\RUtD (QXQ SULPHU PRPHQWR SRGUtD SDUHFHU TXH HOPHFDQLVPR HQODGHPRFUDFLDHPRWLYD,QGLYLGXRVTXHQRHVWiQXQLGRVSRUYLQFX ODVFtYLFRV FDSDFHVGHLPSOLFDUOHVHQODWDUHDGHIRUMDUXQDYROXQWDG LGHDO HVODXQDQLPLGDG SHUR ODXQDQLPLGDG UHVXOWD SDUDOL]DQWH SRU FRP~Q(QHVWDGHPRFUDFLDDJUHJDWLYDWLHQHQWDPELpQXQDHQRUPH TXH VHUtDQHFHVDULR PXFKR WLHPSR SDUD QHJRFLDU FRQ WRGRV ORVVHF WRUHV \ ORJUDU VX FRQVHQWLPLHQWR 0LHQWUDV WDQWR QR VHSURGXFLUtD LQIOXHQFLDORVPHQVDMHV\ORVDUJXPHQWDUtDVGHORVSDUWLGRVSROtWLFRV \ODSRWHQFLD GHORVPHGLRVGHFRPXQLFDFLyQ&ODURTXHQLQJXQDGH QLQJ~Q FDPELR \ODVRFLHGDG SHUPDQHFHUtD HVWDQFDGD (VLQHYLWDEOH HVWDVIRUPDVGHGHPRFUDFLDVHGDHQHVWDGRSXUR VLQRTXHFXDOTXLHU SXHV UHFXUULU DOD PD\RUtD TXH VLHPSUH HV PHMRU TXH OD PLQRUtD GHPRFUDFLDH[LVWHQWHHVXQDIRUPDPL[WDGHODVWUHVSHUR FRPR\D 3DUD IRUMDUOD ORV ©DJUHJDFLRQLVWDVª SURSRQHQ VXPDU ORV LQWHUHVHV KHPRVFRPHQWDGRLPSRUWDVDEHUFXiOHVODSURSRUFLyQ\KDFLDGyQ LQGLYLGXDOHV \VDWLVIDFHUORVGHODPD\RUtD GHVHGHEHFDPLQDU DODYH]GH TXH HV QHFHVDULR OOHJDU DFLHUWRV DFXHUGRV REWHQLGRV SRU )UHQWH DVHPHMDQWH SURSXHVWD KD VXUJLGR GHVGH ORVDxRV QRYHQWD GHO VLJOR[[ XQD DPSOLD FRUULHQWH TXH GHILHQGH XQD GHPRFUDFLD GH OLEHUDWLYD \FULWLFD DORVDJUHJDFLRQLVWDV VREUH WRGR SRU FXDWUR UD]R  /$ '(02&5$&,$ '(/38(%/2 QHV   (ODJUHJDFLRQLVWD HQWLHQGH TXH ORV FLXGDGDQRV IRUPDQ VXV LQWHUHVHV HQ SULYDGR \GHVSXpV ORVDJUHJDQ S~EOLFDPHQWH FXDQGR OR /DGHPRFUDFLDFRPXQLFDWLYDHV DTXHOODHQTXHORVFLXGDGDQRVLQ ELHQ FLHUWR HVTXH ORVLQWHUHVHV GHODVSHUVRQDV VHIRUPDQ VRFLDOPHQ WHQWDQIRUMDUVHXQDYROXQWDGFRP~QHQFXHVWLRQHVGHMXVWLFLDEiVLFD WH 8QD IRUPD GHJRELHUQR HQ ODTXH ORVFLXGDGDQRV VyOREXVFDQ DWUDYpVGHOGLiORJRVHUHQR \ODDPLVWDGFtYLFD &XHQWD SXHV FRQ VX LQWHUpV SDUWLFXODU FRPR VLQR IXHUD SRVLEOH IRUMDUVH XQD FLHUWD SXHEORPiVTXHFRQPDVD YROXQWDG FRP~Q QR HVXQDGHPRFUDFLD DXWpQWLFD /DDJUHJDFLyQ GH /RVFLXGDGDQRVTXHFRPSRQHQHOSXHEORVRQFRQVFLHQWHVGHTXH LQWHUHVHV HVORTXH5RXVVHDX OODPDED OD ©YROXQWDG GHWRGRVª DTXHOOD ODVGLVFUHSDQFLDVVRQLQHYLWDEOHVTXHORVGHVDFXHUGRVFRPSRQHQHQ SULQFLSLRODVXVWDQFLDGHXQDVRFLHGDGSOXUDOLVWD 3HURVDEHQWDP DOD TXH VHOOHJD FXDQGR FDGD XQR SLHQVD HQ VX LQWHUpV SDUWLFXODU GR ORV FLXGDGDQRV SLHQVDQ HQ HO ELHQ FRP~Q   5HGXFLU OD SDUWL ELpQ TXHHQFXHVWLRQHV GHMXVWLFLDHVLQGLVSHQVDEOHGLDORJDU\WUDWDU GHGHVFXEULUDFXHUGRV 1RHQ FXHVWLRQHV GH YLGDEXHQD GHOR TXH FLSDFLyQ GHOSXHEOR DODHOHFFLyQ GHUHSUHVHQWDQWHV PHGLDQWH HOYRWR YHQJROODPDQGRGHVGH KDFH WLHPSR ©pWLFDVGHPi[LPRVª VLQRHQ HVKDFHU GHMDFLyQ GHOD DXWRQRPtD GH ORVFLXGDGDQRV   (V SRVLEOH UHODFLyQFRQHVRVPtQLPRVGHMXVWLFLDSRUGHEDMRGHORVFXDOHVQRVH WUDQVIRUPDU ORVLQWHUHVHV FRQWUDSXHVWRV HQYROXQWDG FRP~Q DWUDYpV SXHGHFDHUVLQLQFXUULUHQLQKXPDQLGDG/DVSURSXHVWDVGHYLGDIHOL] GHODGHOLEHUDFLyQ \GHODDPLVWDG FtYLFD(VSRVLEOH SDVDU GH©\RSUH VRQFRVDGHOFRQVHMR\ODLQYLWDFLyQ VRQFXHVWLRQHVGHRSFLyQSHUVR ILHURHVWRªD©QRVRWURV TXHUHPRV ;SRUTXH HVORMXVWRª QDOSHURODVH[LJHQFLDVGHMXVWLFLD UHFODPDQLQWHUVXEMHWLYLGDGSLGHQ PLHQWUDV TXH OD©YROXQWDG JHQHUDOª HVDTXHOOD DODTXH VHOOHJDFXDQ /DGHPRFUDFLD DJUHJDWLYD DILQ GH FXHQWDV FUHH FRQWDU VyOR FRQ LQGLYLGXRV DWRPL]DGRV DXQTXH HQ HVWHFDVRVHDQPiV UDFLRQDOHV TXH LPSOLFDFLyQDODVRFLHGDGHQVXFRQMXQWR<XQDVRFLHGDGPDOSXH GHFRQVWUXLU FRQMXQWDPHQWHVXYLGDFRPSDUWLGDVLQR VHSURSRQH  aā  >LL LOL ā ‡  ‡ āU‡ā  ā £ā a  £ DOFDQ]DUFRQHOHVIXHU]RFRQMXQWRPHWDVGHMXVWLFLDGHVGHHVHYtQFX PRGHORHQWUHORV TXHKHPRVLGHDGR FRQVLVWHHQODSDUWLFLSDFLyQGHO ORDOTXH$ULVWyWHOHVOODPy©DPLVWDGFtYLFDª SXHEORHQORVDVXQWRVS~EOLFRVDWUDYpVGHUHSUHVHQWDQWHVHOHJLGRV D 6LQFRQWDU FRQXQSXHEORXQLGRSRU ODDPLVWDGFtYLFDQRH[LVWH ORV TXHSXHGHQH[LJLUVHFRPSHWHQFLD\UHVSRQVDELOLGDGHV 3HURH[L GHPRFUDFLDSRVLEOH/DDPLVWDGFtYLFDHVODTXHXQHDORVFLXGDGDQRV JHOOHYDUDFDERDOPHQRVFXDWURUHIRUPDVWUDWDUGHDVHJXUDUDWRGRV GHXQ(VWDGRFRQVFLHQWHVGHTXHSUHFLVDPHQWHSRUSHUWHQHFHUDpO DOPHQRVXQRVPtQLPRVHFRQyPLFRVVRFLDOHV\SROtWLFRVSHUIHFFLR KDQGHSHUVHJXLUPHWDVFRPXQHV\SRUHVRH[LVWH\DXQYtQFXORTXH QDUORV PHFDQLVPRVGHUHSUHVHQWDFLyQSDUD TXH VHDDXWpQWLFD GDU OHVXQH\OHVOOHYDDLQWHQWDU DOFDQ]DUHVRVREMHWLYRVVLHPSUHTXHVH PD\RUSURWDJRQLVPRDORV FLXGDGDQRV \SURSLFLDUHOGHVDUUROORGH UHVSHWHQODVGLIHUHQFLDVOHJtWLPDV1RVHFRQVWUX\HXQDYLGDS~EOLFD MXVWDGHVGHODHQHPLVWDGSRUTXHHQWRQFHVIDOWDQHOFHPHQWR\ODDU XQDFLXGDGDQtDDFWLYDGLVSXHVWDDDVXPLUFRQ UHVSRQVDELOLGDGVX JDPDVDTXHXQHQORVEORTXHVGHORVHGLILFLRVIDOWDOD©PDQRLQWDQJL 7UDWDUGHDVHJXUDUDWRGRVXQRVPtQLPRVGHMXVWLFLDHVFRQGLFLyQ EOHªGHODTXHKDEODHOUHSXEOLFDQLVPRILORVyILFR/DPDQRLQWDQJLEOH GHODVYLUWXGHVFtYLFDV\VREUHWRGRGHODDPLVWDGFtYLFD-XQWRDOD LQGLVSHQVDEOHSDUDTXHXQDVRFLHGDGIXQFLRQHGHPRFUiWLFDPHQWH PDQRYLVLEOHGHO(VWDGR\ODSUHVXQWDPHQWHLQYLVLEOHGHOPHUFDGRHV   QRVHSXHGHSHGLU DORVFLXGDGDQRVTXHVHLQWHUHVHQSRU HOGHEDWH S~EOLFRSRUODSDUWLFLSDFLyQ S~EOLFDVLVX VRFLHGDGQLVLTXLHUDVH QHFHVDULDHVDPDQRLQWDQJLEOHGHFLXGDGDQRVTXHVHVDEHQ\VLHQWHQ DUWHVDQRVGHXQDYLGDFRP~Q SUHRFXSDSRUSURFXUDUOHVHOPtQLPRGHFHQWHSDUDYLYLUFRQGLJQL 3HUR\HQGRWRGDYtDPiVOHMRVFRQYLHQHUHFRUGDUTXHXQDSHUVR QDHQVROLWDULRHVLQFDSD]GHGHVFXEULUTXpHVORMXVWR\QHFHVLWDSDUD UDFLyQVREUH ORTXHVHGHEHGHOLEHUDUHVVREUHHOPRGRGHVDWLVIDFHU HVH PtQLPRUD]RQDEOHWHQLHQGRHQFXHQWDORVPHGLRVDODOFDQFH ORJUDUOR GHOGLiORJRFRQRWURV FHOHEUDGRHQ FRQGLFLRQHVORVPiV UDFLRQDOHVSRVLEOH(OGLiORJRQRVyORHVQHFHVDULRSRUTXH HVLQWHU &RQVHJXLUXQDPHMRUUHSUHVHQWDFLyQ TXHVHUtDODVHJXQGDWDUHD QRHVIiFLOSHURFDEUtDLUSURSRQLHQGRVXJHUHQFLDVFRPRDVHJXUDUOD FDPELRGHDUJXPHQWRVTXHSXHGHQ VHUDFHSWDEOHVSDUDRWURVVLQR WUDQVSDUHQFLDHQODILQDQFLDFLyQ GHORVSDUWLGRV SDUDHYLWDUODFR WDPELpQSRUTXHWLHQHIXHU]DHSLVWpPLFDSRUTXHQRVSHUPLWHDGTXL UUXSFLyQFRPRXQDFRQGLFLyQGHVXSHUYLYHQFLDGHPRFUiWLFD FRQ ULUFRQRFLPLHQWRVTXHQRSRGUtDPRV FRQVHJXLUHQVROLWDULR1DGLH IHFFLRQDUOLVWDVDELHUWDVTXHSHUPLWDQ DORV FLXGDGDQRV QRYRWDUD SXHGHGHVFXEULUSRUVXFXHQWDTXpHVORMXVWRQHFHVLWDDYHULJXDUOR FRQORVRWURV TXLHQHV QRGHVHDQ\TXLWDU IXHU]DDORVDSDUDWRV HYLWDQGRHQFDGD SDUWLGR HO PRQRSROLR GHOSHQVDPLHQWR ~QLFR HOLPLQDUORV DUJX <VLHVFLHUWRTXHODGHPRFUDFLDH[LJHXQDLGHQWLILFDFLyQHQWUHORV DXWRUHVGHODVOH\HV\VXVGHVWLQDWDULRVQRHVGHUHFLERTXHXQDSDUWH PHQWDULRV HVRVQXHYRVGRJPDVDORVTXHVHDFRJHQPLOLWDQWHVVLP SDWL]DQWHV \ PHGLRVGH FRPXQLFDFLyQ DILQHV LPSLGLHQGRTXH ODV GHODSREODFLyQSHUFLEDDOJXQDVOH\HVFRPRLQMXVWDV(VSUHFLVRHV IRU]DUVHSRUGHVFXEULUDFXHUGRVVREUHPtQLPRVGHMXVWLFLD JHQWHVSLHQVHQSRUVtPLVPDVSURKLELUHOPDOPDUNHWLQJSDUWLGDULR /DGHPRFUDFLDFRPXQLFDWLYDHVUHSUHVHQWDWLYDVDEHTXHHOPHMRU £ā SURWDJRQLVPR  a a ? GDG eVWHHVXQSUHVXSXHVWREiVLFRTXH\DQRFDEHVRPHWHUDGHOLEH TXHFRQVLVWHHQLQWHQWDUYHQGHUHO SURSLRSURGXFWRGHVDFUHGLWDQGR DOFRPSHWLGRUROYLGDQGR TXH HOEXHQ PDUNHWLQJFRQYHQFHFRQOD  ERQGDG GHODSURSLD RIHUWDSHQDOL]DU DORVSDUWLGRV TXHDODFFHGHU DO  SRGHU QR FXPSOHQ FRQ ORSURPHWLGR QL GDQ UD]yQ GHSRUTXp QR OR KDFHQ DFDEDU FRQ ODSDUWLGL]DFLyQ GHODYLGD S~EOLFD FRQ ODIUDFWXUD GHODVRFLHGDG HQ EDQGRV HQ FXDOTXLHUD GHORVWHPDV TXH OHDIHFWDQ  ¢3DUD TXpVLUYHOD pWLFD" 3DUD D\XGDU DFRQVWUXLU XQDGHPRFUDFLD PiV DXWpQWLFD TXH VHDJRELHUQR GHOSXHEOR SURSLFLDU ODYRWDFLyQ SRU FLUFXQVFULSFLRQHV IDYRUHFLHQGR HOFRQWDF WR GLUHFWR FRQ ORVHOHFWRUHV eVWDV VHUtDQ DOJXQDV SURSXHVWDV SDUD PHMRUDU ODUHSUHVHQWDFLyQ 1RWDV SHUR ODEXHQDUHSUHVHQWDFLyQ FRQ VHUHVHQFLDO QR HVHO~QLFR FDPL QR SDUD TXH ORVFLXGDGDQRV H[SUHVHQ VXYROXQWDG (VQHFHVDULR PXO O 3DUD OD GLVFXVLyQ VREUH VLORV IUHVFRV GH /RUHQ]HWWL KXQGHQ VXV UDtFHV WLSOLFDUODVLQVWDQFLDV GHGHOLEHUDFLyQ S~EOLFD HQFRPLVLRQHV FRPLWpV HQOD WUDGLFLyQ DULVWRWpOLFD \WRPLVWD RHQ ODSUHUUHQDFHQWLVWD LWDOLDQD YHU \RWURV OXJDUHV FXDOLILFDGRV GHODVRFLHGDG FLYLOLPSXOVDU ODV©FRQIH 4XHQWLQ 6NLQQHU (ODUWLVWD\ ODILORVRItDSROtWLFD (O%XHQ *RELHUQR GH$P UHQFLDV GHFLXGDGDQRVª \DEULU HVSDFLRV SDUD TXH ODVJHQWHVSXHGDQ EURJLR/RUHQ]HWWL 7URWWD)XQGDFLyQ 0DUWtQ (VFXGHUR 0DGULG  H[SUHVDU VXVSXQWRV GHYLVWDHQQXHYDV iJRUDV eVWHHVHOHVSDFLR GHOD  1DQF\ 6KHUPDQ ©7DNLQJ UHVSRQVLELOLW\ IRU RXU HPRWLRQV HQ (( - 50LOOHU \ - 3DXO HGV  5HVSRQVLELOLW\ &DPEULGJH 8QLYHUVLW\ RSLQLyQ S~EOLFD QR VyOR SXEOLFDGD LQGLVSHQVDEOH HQ VRFLHGD 3DXO GHVSOXUDOLVWDV TXH KR\ VH DPSOtD HQ HOFLEHUHVSDFLR SHUR VLJXHUH 3UHVV SS  FODPDQGR OXJDUHV ItVLFRVGHHQFXHQWUR GHGHEDWH FDUDDFDUDSRUTXH QDGD VXVWLWX\H ODIXHU]D GHODFRPXQLFDFLyQ LQWHUSHUVRQDO 8Q SDVR PiV FRQVLVWLUtD HQ GHOLPLWDU FRPR PtQLPR XQDSDUWH GHO SUHVXSXHVWR S~EOLFR \GHMDUOD HQPDQRV GHORVFLXGDGDQRV SDUD TXH GHFLGDQ HQTXp GHEHLQYHUWLUVH PHGLDQWH GHOLEHUDFLyQ ELHQ LQV WLWXFLRQDOL]DGD \FRQWURODGD DSUHQGLHQGR GHH[SHULHQFLDV FRPR ODV GH3RUWR $OHJUH9LOODGHO5RVDULR .HUDOD\XQD LQILQLGDG GHOXJDUHV QR WDQ HPEOHPiWLFRV DORODUJR\DQFKR GHODJHRJUDItD /DPHWD FRQVLVWH FRPR HVREYLR HQLUFRQVLJXLHQGR TXHORVGHV WLQDWDULRV GH ODVOH\HVORV FLXGDGDQRV VHDQ WDPELpQ VXV DXWRUHV D  -RVHSK 6FKXPSHWHU &DSLWDOLVPR VRFLDOLVPR \ GHPRFUDFLD $JXLODU 0DGULG   WX© S   ,ELG S   1LFROiV 0DTXLDYHOR (O3UtQFLSH &iWHGUD 0DGULG  S  ā 5REHUW $ 'DKO /DSROLDUTXtD 7HFQRV 0DGULG   -RKQ 'HZH\ /RS~EOLFR \VXVSUREOHPDV 0RUDWD 0DGULG  S  /DGHPRFUDFLD FRPXQLFDWLYD HV XQDYDULDQWH GHODGHOLEHUDWLYD 3DUD ODGHPRFUDFLD GHOLEHUDWLYD YHU%HQMDPtQ %DUEHU 'HPRFUDFLDIXHUWH$OPX ]DUD *UDQDGD  - 0 %HVVHWWH ©'HOLEHUDWLYH 'HPRFUDF\ 7KH 0D WUDYpV GHODUHSUHVHQWDFLyQ DXWpQWLFD \ODSDUWLFLSDFLyQ GHORVDIHFWD MRULW\ 3ULQFLSLH LQ 5HSXEOLFDQ *RYHUQPHQWª HQ 5$ *ROGZLQ GRVeVWHHVXQRGHORVFDPLQRV SRVLEOHV SDUD HYLWDU TXHODGHVPRUD 6FKDPEUD HGV  +RZ'HPRFUDWLF LVWKH&RQVWLWXWLRQL $PHULFDQ (QWHUSUL OL]DFLyQ GHVWUX\D QXHVWUD VRFLHGDG GHPRFUiWLFD VH ,QVWLWXWH :DVKLQJWRQ '&  SS  -DPHV %RKPDQ 3XEOLF  : $ 'HOLEHUDWLRQ 7KH 0,7 3UHVV &DPEULGJH 0D/RQGRQ  -DPHV %RK  PDQ  :5HKJ'HOLEHUDWLYH'HPRFUDF\7KH0,73UHVV&DPEULGJH0D /RQGRQ 'DYLG$ &UDFNHU(WKLFV RI*OREDO'HYHORSPHQW $JHQF\ &DSDEtOLW\DQG'HOLEHUDWLYH'HPRFUDF\&DPEULGJH8QLYHUVLW\3UHVV&DP EULGJH - 6 'U\]HN'HOLEHUDWLYH 'HPRFUDF\ DQG %H\RQG 2[IRUG 8QLYHUVLW\3UHVV-RKQ(OVWHU HG 'HOLEHUDWLYH 'HPRFUDF\ &DP EULGJH8QLYHUVLW\3UHVV-)LVKNLQ'HPRFUDF\DQG'HOLEHUDWLRQ<DOH 8QLYHUVLW\3UHVV1HZ+DYHQ(UQHVWR*DQX]D\)UDQFLVFR)UDQFpV &21-8*$5-867,&,$<)(/,&,'$' (OFtUFXORYLUWXRVR GH ODGHPRFUDFLD&,60DGULG$P\*XWPDQQ  'HQQLV 7KRPSVRQ 'HPRFUDF\ DQG 'LVDJUHHPHQW +DUYDUG 8QLYHUVLW\ 3UHVV&DPEULGJH0D $P\*XWPDQQ 'HQQLV7KRPSVRQ 9?OK\ 'HOLEHUDWLYH'HPRFUDF\"3ULQFHWRQ8QLYHUVLW\3UHVV-UJHQ+DEHU PDV)DFWLFLGDG\YDOLGH] 7URWWD0DGULG&DUORV61tQR/DFRQVWL WXFLyQGHODGHPRFUDFLDGHOLEHUDWLYD *HGLVD%DUFHORQD3HGUR3pUH] =DIULOOD'HPRFUDFLD 'HOLEHUDWLYD 8QLYHUVLGDG GH9DOHQFLD-RKQ 5DZOV©7KH,GHDRI3XEOLF5HDVRQ5HYLVLWHGªHQ&ROOHFWHG3DSHUVHGLWDGR SRU 6DPXHO)UHHPDQ +DUYDUG 8QLYHUVLW\3UHVV&DPEULGJH0D   'RV+25,=217(6 '( /$e7,&$ ©¢(Q TXp FRQVLVWH OD pWLFDLª VXHOHSUHJXQWDU HOSHULRGLVWD LQWHUHVDGR DORODUJR GHXQD HQWUHYLVWD ©(Q FRQMXJDU MXVWLFLD \IHOLFLGDGª HVODUHVSXHVWD TXH DPLMXLFLR 3DUDPLSURSXHVWDGHGHPRFUDFLDFRPXQLFDWLYDYHU$ &RUWLQD-XVWL UHVXOWD PiV H[DFWD FXDQGR ODV SDODEUDV HVWiQ WDQ PHGLGDV FRPR OR FLDFRUGLDO7URWWD0DGULGFDS©&LXGDGDQtDGHPRFUiWLFDpWLFD HVWiQODV TXH SXHGHQ SXEOLFDUVH HQXQSHULyGLFR SROtWLFD\UHOLJLyQ,VHJRULDQY   SS -XVWLFLD \IHOLFLGDG VRQORV GRV JUDQGHV KRUL]RQWHV GHODpWLFD TXH  'HHOORQRVRFXSDUHPRVHQHOSUy[LPRFDStWXOR QR VLHPSUH UHVXOWD IiFLO DUWLFXODU SHUR HV SUHFLVR ORJUDUOR 3RU  (QHVWHVHQWLGRVRQLQWHUHVDQWHVODVSURSXHVWDV GH-RVp5XELRHQ TXH QRHVKXPDQR XQSUR\HFWR GH IHOLFLGDG TXHGHMHDORV PiV GpEL &LXGDGDQRVVLQGHPRFUDFLD&RPDUHV*UDQDGD  9HUORVHMHPSORVTXHSUHVHQWDQ(UQHVWR*DQX]D\)UDQFLVFR)UDQ FpVHQ(OFLUFXORYLUWXRVRGHODGHPRFUDFLDORVSUHVXSXHVWRVSDUWLFLSDWLYRV D GHEDWH&,60DGULG OHVSRU HOFDPLQR QLVRQYHUGDGHUDPHQWH YLJRURVDV ODV H[LJHQFLDV GH MXVWLFLD TXHQRDVSLUDQ DXQD YLGD HQ SOHQLWXG 3HUR LPSRUWD DFODUDU TXp VHHQWLHQGH SRU ©MXVWLFLDª \TXp SRU ©IHOLFLGDGª FXDQGR VHWUDWD GH YLQFXODUODV SRUTXH VRQ GRV JUDQGHV QRPEUHV SHUR QR HV IiFLO VDEHU TXpVLJQLILFDQ (Q OR TXH KDFH DODMXVWLFLD HVPiV VHQFLOOR DYHULJXDUOR SRUTXH VLJQLILFD ©GDU DFDGD XQR OR TXH OH FRUUHVSRQGHª SHUR ODV GLILFXOWD GHV HPSLH]DQ DOLQWHQWDU GHWHUPLQDU TXpOHFRUUHVSRQGH DFDGD XQR (Q OD(GDG $QWLJXD VHFRQVLGHUDED MXVWD OD HVFODYLWXG \HQ OD (GDG  aā    0HGLD VH GLRSRU EXHQR HOGHUHFKR GHSHUQDGD HOGHUHFKR GHOVHxRU 3RUHOFRQWUDULRODIHOLFLGDGWLHQHXQDQDWXUDOH]DPX\GLIHUHQWH DGLVIUXWDU GHOD UHFLpQ FDVDGD GXUDQWH ODQRFKH GHERGDV (QDOJXQDV HVPiVKXLGL]D/DRSFLyQSRUXQDIRUPDXRWUDGHYLGDIHOL]HVPX\ FXOWXUDV ORVVLVWHPDV GHFDVWDV PDUFDQ HOOXJDU TXH OHFRUUHVSRQGH D SHUVRQDOQDGLHSXHGHH[LJLUDRWURV TXHVHDQIHOLFHVGHXQDPDQHUD FDGD SHUVRQD \HVWi SURKLELGD OD UHODFLyQ HQWUH JHQWHV GH GLVWLQWDV GHWHUPLQDGD VLQR TXH FDGDSHUVRQDHV ODTXHKDGHRSWDUSRUXQ FDVWDV<DVtFRQWLQXDUtDPRV FDVLKDVWD HOLQILQLWR SRUTXH HOQ~PHUR FDPLQRXRWUR1RHVTXHVHDXQDFXHVWLyQPX\VXEMHWLYDFRPRVH GHFRQFHSFLRQHV GHODMXVWLFLD TXH KDDWUDYHVDGR ODKLVWRULD HVLQJHQ GLFHHQRFDVLRQHVFRPRVLFDGDTXLHQVHHQFDPLQDUDSRUXQVHQGHUR WH3HUR HVWHUHODWLYLVPR HQODIRUPD GH HQWHQGHU TXp FRUUHVSRQGH D FDGD XQR FXDQGR KDEODPRV GH pSRFDV GLIHUHQWHV QR YDOH\D SDUD OD SDUDHQFRQWUDUOD\QRSXGLHUDGLDORJDUFRQRWURVVREUHVLHVDFHUWDGR RQRFRPRVLQRSXGLHUDDSUHQGHUWDPELpQGHODVH[SHULHQFLDVDMH QXHVWUD SRUTXH ODFRQFLHQFLD PRUDO GHQXHVWUR WLHPSR VHKD H[SUH QDVGHODVWUDGLFLRQHV HQODVTXHVHKDHGXFDGR GHODOLWHUDWXUD OD VDGR S~EOLFDPHQWH DWUDYpV GH GHFODUDFLRQHV HQ ODVTXH VH DVHJXUD TXHWRGRV ORVVHUHVKXPDQRV WLHQHQ GHUHFKR DODYLGD\DXQ FRQMXQ KLVWRULDODILORVRItD\ODUHOLJLyQ7RGRVQXHVWURV SUR\HFWRV\DVSLUD FLRQHVVRQ HQ PX\EXHQDSDUWH DSUHQGLGRVVRPRVOR TXHVRPRV WR GH GHUHFKRV TXH SRU SHUWHQHFHU DWRGD SHUVRQD KDQ UHFLELGR HO FRPRGHFtD*HRUJHV+0HDG SRUQXHVWUDUHODFLyQFRQRWURV QRPEUH GH ©KXPDQRVª < DXQTXH VRQ ORV (VWDGRV \ ODV 1DFLRQHV 3RUHVRHVGHFLVLYRSDUDHOJXLyQGHODSURSLDQRYHODHQFRQWUDUVHFRQ 8QLGDV ORV HQFDUJDGRV GH FXLGDU HVSHFLDOPHQWH GH VX SURWHFFLyQ XQRVPRGHORVGHYLGDXRWURVHQFDUQDGRVHQSHUVRQDV TXHVHYDQ QDGLH HVWiDXWRUL]DGR SDUD YLRODUORV \\HQGR D~Q PiVDOOiFXDOTXLH KDFLHQGRVLJQLILFDWLYDVSDUDQRVRWURV$SUHQGHPRVHQPX\EXHQD PHGLGDSRULPLWDFLyQ\GDUFRQXQRVHMHPSORVPiVRPHQRVYLJRUR VRV DORODUJRGHODYLGDHVHVHQFLDO 3HURWDPELpQHVYHUGDGTXHDO UD TXH SXHGD D\XGDU DSURWHJHU XQ GHUHFKR GH ODV SHUVRQDV HVWi REOLJDGR HQMXVWLFLD DKDFHUOR 1RSXHGH GHFLUVHKR\ HQGtDTXH RSWDU RQR SRU HVFODYL]DUDRWURV ILQDOHQHVWRGHRSWDUSRUXQRVFDPLQRVXRWURVKDFLDODIHOLFLGDGHV RSRU GHJUDGDUORV HVXQD ©FXHVWLyQ PX\ SHUVRQDOª SRUTXH QR ORHV FDGDSHUVRQDODTXHWLHQHTXHKDFHUVXDSXHVWDFRQULHVJRGHHTXL 1R RSWD FDGD TXLHQ SRU XQPRGHOR VHJ~Q VXEXHQ VDEHU\HQWHQGHU VLQR TXHODVH[LJHQFLDVGHMXVWLFLD VRQPX\ LQWHUSHUVRQDOHV GHEHPRV YRFDUVH\FRQODHVSHUDQ]DGHDFHUWDU $GLIHUHQFLDGHORTXHRFXUUHFRQODMXVWLFLDQRSXHGHH[LJLUVHD H[LJLUQRV PXWXDPHQWH FRPR PtQLPR HOUHVSHWR DORVGHUHFKRV GH QDGLHTXHYLYDVHJ~QXQPRGHORGHYLGDHQSOHQLWXGQRHVFXHVWLyQ WRGDV \FDGD XQD GH ODVSHUVRQDV /DMXVWLFLD HVPX\ H[LJHQWH \HQ GH H[LJHQFLD VLQRGHFRQVHMRLQYLWDFLyQ H[SHULHQFLDSHUVRQDOLOX QXHVWUR WLHPSR WLHQH XQ OLVWyQ PX\ FODUR HOGH HVRV GHUHFKRV DORV TXH OODPDPRV KXPDQRV XQ OLVWyQ SRU GHEDMR GHO FXDO QR VHSXHGH VLyQ\DSXHVWD$SUHQGHPRVGHPRGHORVTXHQRVSDUHFHQDWUDFWLYRV \GHODVH[SHULHQFLDVGHTXLHQHVQRVPHUHFHQFUpGLWR 3RUHVRKHLQ FDHU VLQ FRPHWHU LQMXVWLFLD VLQ FDHU EDMR PtQLPRV GH KXPDQLGDG VLVWLGRDPHQXGRHQTXHHVSUHFLVRGLVWLQJXLUHQWUHORVPtQLPRVGH 3RU GHVJUDFLD SRQHU HO WHUPyPHWUR GH OD MXVWLFLD D ORV GLIHUHQWHV MXVWLFLDTXHVRQ XQLYHUVDOPHQWHH[LJLEOHV\ORVPi[LPRVGHYLGD SDtVHV WHQGUtD SRU UHVXOWDGR TXH FRQ PD\RU R PHQRU WHPSHUDWXUD IHOL] GHYLGDEXHQD TXHVRQFRVDGHDVSLUDFLyQLQYLWDFLyQFRQVHMR QLQJXQR OOHJDDWUHLQWD \VHLV\PHGLR \GHDVXQFLyQSHUVRQDO   &RQ WRGR \DXQTXH HVYHUGDG TXH ORVPRGHORV GHYLGD EXHQD VH (OGHEHU GH ORV (VWDGRV FRQVLVWH PiVELHQ HQSRQHU ODVEDVHV GH PXOWLSOLFDQ \QR HVIiFLOVDEHU FXiOHVSXHGHQ VHUGHYHUGDG IHOLFLWDQ MXVWLFLD LQGLVSHQVDEOHV SDUD TXHFDGD SHUVRQD SXHGD OOHYDU DGHODQWH WHVSDUD FDGDSHUVRQD DOJRHQFRP~Q GHEHKDEHU HQWUH HOORVSRUTXH ORV SODQHV GHYLGD TXH WHQJD UD]RQHV SDUD YDORUDU VLHPSUH TXH QR VHWUDWDGH IHOLFLGDG KXPDQD 3RU HVRYDPRV DLQWHQWDU DGHQWUDUQRV LPSLGD DODVGHPiVKDFHU ORPLVPR &RQVLVWH HQSRQHU ORV UHTXLVLWRV EUHYHPHQWH HQVXVYHULFXHWRV SDUD YHUGHGHVHQWUDxDU HQTXp FRQVLV GHMXVWLFLD GHVGH ORVTXH HV SRVLEOH HOIORUHFLPLHQWR KXPDQR <DXQ WHDXQTXH VHDHQHVER]R DVt FDGDSHUVRQD SDUD VHUIHOL] WHQGUiTXHFRQWDU FRQ OD VXHUWH\FRQ ORVGRQHV FRQORVUHJDORV TXH SXHGD UHFLELU DORODUJR GHVXYLGD 1R VHFRQTXLVWD ODIHOLFLGDG SRU HOSXUR HVIXHU]R (OHVIXHU]R VHHPSOHD  (/),1 '(/$9,'$ +80$1$ HQODIRUPDFLyQ GHOFDUiFWHUTXH SXHGH KDFHUQRV PiV IHOLFHV SHUR HO MXHJR GH ODIRUWXQD HVWDPELpQ XQDSLH]DLQGLVSHQVDEOH FRPR OR HV (O  GH MXQLR GH  OD $VDPEOHD *HQHUDO GH 1DFLRQHV 8QLGDV ODDFHSWDFLyQ GH HVRV UHJDORV TXHOOHJDQ SRU SXUD JUDWXLGDG &RPR GHFLGLy SURFODPDU HOGtD GHPDU]R FRPR 'tD ,QWHUQDFLRQDO GHOD GHFtD-RVp /XLV$UDQJXUHQ OD IHOLFLGDGHVPiVMDQVHQLVWD TXHSHODJLD )HOLFLGDG (OSURSyVLWR GHWDOSURFODPDFLyQ FRQVLVWtD H[SOtFLWDPHQWH QD GHSHQGH PiV GH ORV GRQHV TXH VHUHFLEHQ TXHGHO HVIXHU]R SHU HQ UHFRUGDU FDGD DxR TXH ODE~VTXHGD GHODIHOLFLGDG HVXQREMHWLYR VRQDO KXPDQR IXQGDPHQWDO \WDPELpQ TXH ORV(VWDGRV QDFLRQDOHV GHEHQ (Q FXDOTXLHU FDVR QR HV DO (VWDGR D TXLHQ FRUUHVSRQGH KDFHU UHFRQRFHUOR HQ VXVSROtWLFDV /DIHOLFLGDG \HOELHQHVWDU KDQ GH FRQ IHOLFHVDORV FLXGDGDQRV VLQR TXH VXGHEHU FRQVLVWH HQ VHUMXVWR < YHUWLUVH GLFH ODUHVROXFLyQ HQREMHWLYRV GHODVSROtWLFDV S~EOLFDV ¢TXp HVHQWRQFHV ODIHOLFLGDG" $OOHHU DILUPDFLRQHV FRPR pVWDV HVLQHYLWDEOH SUHJXQWDU VLORV(V $ OR ODUJR GH OD KLVWRULD GH OD ILORVRItD RFFLGHQWDO KDQ LGR DSD WDGRV SXHGHQ KDFHU IHOLFHVD VXV FLXGDGDQRV R VLPiV ELHQ RFXUUH UHFLHQGR GLVWLQWRV SHUVRQDMHV HQFDUQDQGR HOLGHDOGH ODYLGD IHOL] TXH QLSXHGHQ QL GHEHQ LQWHQWDUOR SRUTXH HVH GH KDFHU IHOL] DOD &UHtD YHUOR$ULVWyWHOHV HQHOVDELR FRQWHPSODWLYR TXH SXHGH GHGLFDU FLXGDGDQtD HVHOSURJUDPD GHWRGDV ODVGLFWDGXUDV \GHWRGRV ORVWR VXH[LVWHQFLD DOHVWXGLR GHODFRVPRORJtD ODPHWDItVLFD \ODWHRORJtD WDOLWDULVPRV HPSHxDGRV HQ FRQVLGHUDU DORV FLXGDGDQRV FRPR LQ DHVFXGULxDU ORVSULQFLSLRV PLVWHULRVRV GHOXQLYHUVR SHUR WDPELpQ D FRPSHWHQWHV HQ VDEHU TXp OHVKDFH IHOLFHV\QHFHVLWDGRV SRUWDQWR LPSOLFDUVH HQ HO TXHKDFHU KXPDQR pWLFR \SROtWLFR (SLFXUR WHQtD GHOSDWHUQDOLVPR GHO(VWDGR TXH VtTXH VDEHORTXH OHVFRQYLHQH <OR SRU IHOL] DTXLHQ VDEH FDOFXODU ODFDQWLGDG \ODLQWHQVLGDG GHOSODFHU TXHOHVFRQYLHQH VXHOHFRLQFLGLU FXULRVDPHQWH FRQ ORTXH OHFRQYLH TXHSURSRUFLRQDQ GLVWLQWDVRSFLRQHV \DSXHVWD SRUODTXHVXSRQH XQ QH DOJRELHUQR FRUUHVSRQGLHQWH 5HFXHUGR KDFHDxRVTXH HQHOWUDQV Pi[LPR GHSODFHU /RV HVWRLFRV SUHVHQWDEDQ FRUQR LGHDO GH VDELR DO FXUVR GHXQD FDPSDxD HOHFWRUDO XQ SROtWLFR DQXQFLy HOSURSyVLWR GH TXHTXLHUH DVHJXUDUVHXQiQLPR VHUHQR DQWHORVFDPELRV GHODIRUWX VXSDUWLGR GHKDFHUQRV IHOLFHVDORVHVSDxROHV \GHVGH HVHPRPHQWR QD\RSWDSRUORVELHQHV LQWHULRUHV VLQSRQHU VX FRQILDQ]D HQ ORTXH VXSH DTXLpQ QR WHQtD TXH YRWDU GHSHQGH GHOGHVWLQR 6DQWR 7RPiVGH$TXLQR HVWDEDFRQYHQFLGR GH     TXH ODYLGD IHOL]FRQVLVWH HQODFRQWHPSODFLyQ SHURHQODFRQWHPSOD SDUD HO FRUD]yQ HYLWD HO LQVRPQLR D\XGD DVRSRUWDU HO GRORU IRU FLyQ GH 'LRVTXH HVHOELHQ VXSUHPR \HQ HOFXPSOLPLHQWR GH ODOH\ WDOHFH HO VLVWHPD LQPXQROyJLFR \WLHQH XQ VLQItQ GHYHQWDMDV PiV QDWXUDO TXH LPSULPH HQ ODVFULDWXUDV 6SLQR]D VHHVIRU]DED SRU GLV ©<WRGR DVHJXUDQ QDGDPiV SRUVHQWLUVHIHOt]ª WLQJXLUHQWUH ODVSDVLRQHV TXH SRWHQFLDQODYLGD \ODVTXHODGHELOLWDQ (YLGHQWHPHQWH DQWH WDOHV GHVSURSyVLWRV ODSUHJXQWDVHLPSRQH \DFRQVHMDED UHIRU]DU ODVSULPHUDV -RKQ 6 0LOL FRQVLGHUDED TXH OD ¢ODIHOLFLGDGHVEXHQD SDUD ODVDOXG RODVDOXG HVEXHQD SDUD ODIHOLFL SHUVRQD IHOL]HV OD TXH SRWHQFLD VXV VHQWLPLHQWRV VRFLDOHV TXH VRQ GDG" 3RUTXH FRQ HVWHDIiQ GHSRQHU ODIHOLFLGDGDOVHUYLFLR GH FXDO ODPD\RU IXHQWH GHSODFHU TXLHURWUDFRVDVHDODVDOXG VHDHOELHQHVWDU GHOFXHUSR\GHODPHQWH 3HUR QRVyORODILORVRItD VHKDRFXSDGR HQ WUDWDUGH ORVUDVJRV GH HVWDPRV SHUGLHQGR VXVLJQLILFDGR PiVSURSLR /RTXHODGLVWLQJXHGH OD YLGD IHOL] VLQR WDPELpQ \ PX\ HVSHFLDOPHQWH ODV UHOLJLRQHV (O FXDOTXLHURWUDPHWD ORTXH ODKDFH~QLFD\SRU HVR PiV GHVHDEOH HV LGHDO GHO%XGD TXH LQWHQWDDUUDQFDU ODVIXHQWHV GHOVXIULPLHQWR DMH TXHQRVLUYHSDUDQLQJXQDRWUDFRVD VLQRTXHWRGDVODVGHPiVFRVDV QR\SURSLR HOGH DOJXQDV FRPXQLGDGHV LQGtJHQDV GH,EHURDPpULFD VHKDFHQSRU HOOD3RU HVRGHFtD$ULVWyWHOHV TXHORVKRQRUHV HOSODFHU TXH DSXHVWDQ SRUHO6XPDN .DZVD\RHO6XPD .DPDxD HVGHFLU SRU HOHQWHQGLPLHQWR \WRGD YLUWXGORVGHVHDPRV SRU VtPLVPRV SRUTXH HO%XHQ9LYLU TXH H[LJHODVUHODFLRQHV DUPyQLFDV GHORVVHUHVKXPD ORVTXHUUtDPRV DXQTXHQRUHVXOWDUD QDGDGHHOORVSHUR WDPELpQ ORV QRV HQWUH Vt\FRQ ODQDWXUDOH]D HODQXQFLRFULVWLDQR GHTXH VRQ GL GHVHDPRV FRQYLVWDVDODIHOLFLGDGSXHVFUHHPRV TXH VHUHPRV IHOLFHV FKRVRV ORVSREUHV ORV PLVHULFRUGLRVRV ORV TXH WLHQHQ XQ FRUD]yQ SRUPHGLR GHHOORV ©(Q FDPELR DVHJXUDEDQDGLHEXVFD ODIHOL VHQFLOOR ORVTXH WUDEDMDQSRUODSD] FLGDGSRUHVWDV FRVDV QLHQ JHQHUDO SRUQLQJXQDRWUDª <DVtSRGUtDPRVFRQWLQXDU FRQ HVWRV LGHDOHV GHIHOLFLGDG TXH KDQ 1RWLHQHVHQWLGRSUHJXQWDU ©VHU IHOL]¢SDUD TXpLª SRUTXHODIHOL LGR GLVHxDQGR DOR ODUJR GH OD KLVWRULD PiV R PHQRV VLVWHPiWLFD FLGDGHVODPHWD~OWLPD ORTXHVHEXVFDFRQ WRGRORGHPiV (QFDP PHQWH FRQ ODWHRUtDRFRQ ODYLGD FUHDGRUHV TXH DOPHQRV XQDFRVD ELR Vt TXH WLHQH VHQWLGR SUHJXQWDU ©VDOXG ¢SDUD TXpLª ©HVWXGLDU WHQtDQ HQFRP~QDOODQ]DU VXVSURSXHVWDV GHIHOLFLGDG ODFRQYLFFLyQ ¢SDUDTXp"ª ©ELHQHVWDU ¢SDUD TXpLª GHTXHHVHOILQGHODYLGDKXPDQDODPHWDTXH WRGRV ORVVHUHVKXPD <SUHFLVDPHQWH SRUTXHVHEXVFD FRQODVGLVWLQWDV DFFLRQHV QRHV QRVTXLHUHQ DOFDQ]DU FRQ FDGD XQDGHVXVDFWXDFLRQHV 1R XQDPHWD FRVDIXJD] TXHGXUHXQRV PRPHQWRV QLVLTXLHUDXQDVKRUDVRXQRV TXH HVWi DO ILQDO GH ODYLGD FRPR VLIXHUD OD ~OWLPDHVWDFLyQ GH XQ GtDV 6HQWLU FRQWHQWR \ VDWLVIDFFLyQ HQ XQ PRPHQWR GHWHUPLQDGR WUHQ VLQR OD TXH VHSHUVLJXH HQ FDGD DFWR TXH UHDOL]DPRV HQ FDGD WLHQH SOHQR VHQWLGR FXDQGR DOJXLHQ KD FRQVHJXLGRORTXHVHSURSR GHFLVLyQ TXH WRPDPRV HQFDGD HOHFFLyQ GiQGROH XQDGLUHFFLyQ XQ QtD R FXDQGR UHFLEH XQDEXHQD QRWLFLD R XQ EXHQ UHJDOR 3HUR VHU VHQWLGR IHOL]HVRWUD FRVD WLHQH TXH YHUFRQSUR\HFWRV HLGHDOHV TXH VHSODQ 3RUHVR OHVKXELHUD UHVXOWDGR PX\H[WUDxR HQFRQWUDUVH FRQ DU WHDQSDUD HOSOD]R VHDFRUWR R ODUJR GHOD SURSLDYLGD 3UR\HFWRV H WtFXORV FRPR ORVTXHKR\PHQXGHDQ HQORVTXH VHDFRQVHMD VHUIHOL] LGHDOHV TXHVLQGXGDSXHGHQUHFWLILFDUVH \FDPELDUVH VHJ~Q ODH[SH SDUD WHQHU EXHQD VDOXG SRUTXH OD IHOLFLGDG VH GLFH HV EXHQD ULHQFLD SHUR TXH QRVHUHGXFHQ DVHQWLUVHELHQ DELHQHVWDU     $ODIHOLFLGDGVHOHSLGHFRQWLQXLGDGHVXQPRGRGHVHUQRVyORXQ PRGRGHHVWDU 6HHVIHOL]VHTXLHUH VHUIHOL]QRVHHVWiIHOL]PLHQWUDV TXH VtTXHVHHVWiVDQR RHQIHUPR GLVJXVWDGR RFRQWHQWR /DIHOLFLGDG WLHQHTXHYHU FRQ XQDFLHUWD SHUPDQHQFLDGHOWRQRYLWDO /DYLGD KX PDQDWLHQHXQDWRQDOLGDG\ FXDQGR HOVHQWLUVHGH DFXHUGRFRQ HOOD DIHFWD DODYLGD HQ VXFRQMXQWRHVIHOLFLGDG +DVWDHOSXQWR GH TXH DOJXQRV ILOyVRIRV JULHJRV FRQVLGHUDEDQ TXH QRVHSXHGHGHFLU GH DO JXLHQ VLKDVLGRIHOL]RQRKDVWD TXHKD\DPXHUWRSRUTXHDODSHUVRQD PiVWHPSODGDSXHGHQVREUHYHQLUOH GHVJUDFLDV TXHLPSLGHQKDEODUGH XQDH[LVWHQFLD IHOL]¢3RGtD GHFLUVH GH3UtDPRUH\GH7UR\D TXH IXH IHOL]WHQLHQGRHQ FXHQWD ODVGHVJUDFLDV GHVX~OWLPD pSRFD" (VORTXHYHQtDDGHFLU .DQWFXDQGRVHSUHJXQWDEDVLSXHGHDILU PDUVHVLQ PiVTXH ODVSHUVRQDVYLUWXRVDVVRQ IHOLFHV $VtORFUHtDQORV ILOyVRIRV JULHJRV TXH HOELHQREUDUOOHYDDODIHOLFLGDG SRUTXHODIHOL FLGDGFRQVLVWHHQ REUDUELHQ \WHQHUEXHQDVXHUWH $VtORKDQ HQWHQ GLGR DXQTXHFRQ PDWLFHV HOEXGLVPR ODVUHOLJLRQHVPRQRWHtVWDV \ ODV WUDGLFLRQHV LQGtJHQDV GHO %XHQ 9LYLU 3HUR DSDUWLU GHOPXQGR PRGHUQR ODIHOLFLGDG YDHQWHQGLpQGRVH FRPR ELHQHVWDU\HQWRQFHV QRHVHYLGHQWHHQPRGR DOJXQR TXH TXLHQHV REUDQELHQ HVWpQELHQ TXHJRFHQ GHOFRQMXQWR GHORV ELHQHV VHQVLEOHV <HQORTXHKDFH DOD MXVWLFLD PX\ELHQ SXHGH RFXUULUTXHTXLHQTXLHUD VHU MXVWR WHQJD TXHUHQXQFLDUDHVWDUELHQ 7UDEDMDU SRUODMXVWLFLDHV LQFyPRGR H[LJH DIURQWDU VLWXDFLRQHV  GHVDJUDGDEOHVTXHYDQ GHVGH OR PiV VHQFLOOR HQ ODYLGD FRWLGLDQD (/È%$&2'(/ %,(1(67$5 <DTXt QRV GHWHQHPRVXQPRPHQWR SRUTXHKHPRVPHQFLRQDGR HO WpUPLQR ©ELHQHVWDUª FRQ HO TXH VHYD LGHQWLILFDQGROD IHOLFLGDG HQ HO PXQGR PRGHUQR )UHQWH DOVLJQLILFDGR GH YLGD HQ SOHQLWXG GH YLGDGLJQD GHVHUYLYLGDODIHOLFLGDGYDLGHQWLILFiQGRVH FRQXQWpUPL QREDVWDQWHPiVPRGHVWRSHUREDVWDQWHPiVPDQHMDEOH TXHHVHOGH ELHQHVWDU (VWDUELHQ GHSHQGHGHH[SHULHQFLDV SODFHQWHUDV GHVHQWLU VHDJXVWR FRQVLJR PLVPR\FRQRWURV FRQHOHQWRUQR TXH QRVURGHD \ FRQ HO IXWXUR SUHYLVLEOH DXQTXH VREUH WRGRWLHQH TXH YHU FRQHO SUHVHQWH &RQXQSUHVHQWH TXHHWHUQL]DUtDPRV FXDQGRVHHVWi ELHQ HQ pO /DIHOLFLGDG HQWHQGLGDFRPR ELHQHVWDU FRQVLVWLUtD HQ FRQVHJXLU GHVGH HOLUDFRQWUDFRUULHQWH HQXQPXQGR FRQIRUPLVWD \FDPDOHy QLFR DOULHVJR GHFiUFHO WRUWXUD\PXHUWH TXHKDQVXIULGR \VXIUHQ WDQWRVVHUHV KXPDQRV HQ ODKLVWRULD 3RU HVR FXHVWD WDQWR FRQMXJDU MXVWLFLD \ IHOLFLGDG SRUTXH D PHQXGR OD IHOLFLGDGQR VH HQWLHQGH FRPRDXWRUUHDOL]DFLyQ DFRPSDxDGDGHXQDFLHUWDVXHUWH VLQRFRPR HVWDU ELHQ < FRPR VHGLFHHQPLWLHUUD ©HOTXH HVWLJD Ep TXHQR HV PHQHWJHª HOTXHHVWpELHQ TXHQRVHPXHYD 3RUVLIDOWDUDSRFR HOELHQHVWDUSXHGHPHGLUVH SRUTXHKD\SDUi PHWURV TXH OR SHUPLWHQ \ HQWRQFHV SXHGH VDEHUVH FRQ Q~PHURV FRQWDQWHV \ VRQDQWHV TXpSHUVRQDV \ TXp SDtVHV VRQ PiV IHOLFHV HQWHQGLHQGR SRU©IHOLFHVª TXH VHVLHQWHQ ELHQ ©ELHQHVWDQWHVª &RVD TXH HQ PX\EXHQD PHGLGD GHSHQGH GH ODVSRVLELOLGDGHV GH FRQ VXPR HOPi[LPR SRVLEOH GH ELHQHV VHQVLEOHV HO GLVIUXWH GH XQDYLGD SOD FHQWHUD <HVHQWRQFHV FXDQGRHPSLH]D DKDFHUVH GXGRVR TXH XQD IHOLFLGDG DVtHQWHQGLGDSXHGDGDU FDELGD DODMXVWLFLD X  ‡‡  aā  aā ā‡  QLGD 3RU HVR HQ ODVVRFLHGDGHV ULFDV QXQFD KD\EDVWDQWH SRUTXH ORV &216802 <9$/25(6 (&2120,&,67$6 SURGXFWRUHV FUHDQ GHVHRV LQGHILQLGRV PDQLSXODQGR ODVPRWLYDFLRQHV 'HVGH KDFH DOJ~Q WLHPSR HOELHQHVWDU YLHQH OLJiQGRVH DODVSRVLELOL GHODVJHQWHV 3RGUtDPRV GHFLUHQWRQFHV TXHHQHOPRPHQWRDFWXDOKD\ GDGHV GHFRQVXPR DODSRVLELOLGDG GHFRQVXPLU PHUFDQFtDV KDVWD HO VRFLHGDGHV LQVDWLVIHFKDVSRUTXH QRWLHQHQORVELHQHV GHFRQVXPR VXIL SXQWRGHTXH QXHVWUDV VRFLHGDGHV KDQ OOHJDGR DFRQYHUWLUVH HQVRFLH FLHQWHV SDUD VDWLVIDFHU VXV QHFHVLGDGHV \ RWUDV WDPELpQ LQVDWLVIH GDGHV GHFRQVXPR 4XH QR VRQDTXHOODV HQODVTXH ODVJHQWHV FRQVX FKDV SRUTXH SDUDVDWLVIDFHU ODV QHFHVLGDGHV VHFUHDQ QXHYRV GHVHRV \ PHQ UHFXUVRV SRUTXH FRQVXPLU HVLQHYLWDEOH SDUD ORV VHUHVKXPD QXQFD KD\EDVWDQWH QRV VLQR TXLHUHQ SHUHFHU VLQRDTXHOODV HQODVTXH HOFRQVXPR VHKD 6LQGXGD HVWRHVYHUGDG VyOR HQSDUWHSRUTXH WDPELpQORHV TXHORV FRQYHUWLGR HQ OD GLQiPLFD FHQWUDO GHODYLGD VRFLDO\PX\ HVSHFLDO FRQVXPLGRUHV WLHQHQOLEHUWDG DODKRUDGHHOHJLU\TXH HOPDUNHWLQJ KD PHQWH HOFRQVXPR GH PHUFDQFtDV TXH QR VRQ QHFHVDULDV SDUD ODVX GHGHWHFWDU VXV PRWLYDFLRQHV\GHVHRV SDUD QR IUDFDVDU 3HUR WDPELpQ SHUYLYHQFLD 6LQR HV HQ VLWXDFLRQHV GH PLVHULD HQ ODVTXH ODV SHU HVYHUGDG TXHHQ FRQMXQWR ODQHFHVLGDG GHYHQGHUODSURGXFFLyQ OOHYD VRQDV VHYHQ REOLJDGDV DLQYHUWLU VXV UHFXUVRV HQ OR QHFHVDULR SDUD DORVSURGXFWRUHV DLQWHQWDU JHQHUDU XQRV GHVHRVHQODVJHQWHV DSHU VREUHYLYLU ODWHQGHQFLD DFRQVXPLU ELHQHV TXH QR VDWLVIDFHQ QHFHVL VXDGLUOHV GHTXHDOFDQ]DUiQ HOELHQHVWDU VLOOHJDQ DVDWLVIDFHUORV $Vt VH GDGHVEiVLFDV VLQR GHVHRVLOLPLWDGRV SXHGH FRQVWDWDUVH HQWRGDV ODV JHQHUDQ HVDV VRFLHGDGHV GH FRQVXPR FRQYHQFLGDV GH TXH SRVHHU \ VRFLHGDGHV  XVDU XQDYDULHGDGFUHFLHQWH GHELHQHV\VHUYLFLRV FRQVWLWX\H HOFDPL 3RUVLIDOWDUD SRFR SDUHFH TXH WHQtD UD]yQ *DOEUDLWK FXDQGR DVH JXUDED TXH FXDQGR XQDVRFLHGDG VHKDFHPiV RSXOHQWD ORVGHVHRVVH GH XQSDtV FUHDQGHIRUPDFUHFLHQWH SRUHOPLVPR SURFHVRSRUHOTXHVHVDWLVIDFHQ 6LDHOORVHDxDGH TXH WDOFRPR KHPRV RUJDQL]DGR QXHVWUDV VRFLH 1R SXHGH GHFLUVH TXH HVPD\RU HOELHQHVWDU HQ XQ QLYHOPiV DOWR GH GDGHV VLQFRQVXPR QRKD\SURGXFFLyQ \VLQ SURGXFFLyQ QRVHJHQH SURGXFFLyQ TXH HQ XQR PiV EDMR VLQR TXH SXHGH VHUHOPLVPR /D UDQSXHVWRV GHWUDEDMR FRQWRGR ORTXHHVRVXSRQH FDHSRU VXEDVHOD GLIHUHQFLD HVWULED HQTXH HQXQ QLYHOPiVDOWRGHSURGXFFLyQ GHPHU LQJHQXLGDG GH$GDP 6PLWK FXDQGR DILUPDED TXH ©HO FRQVXPR HV HO FDQFtDVKD\XQ QLYHOPiVHOHYDGRGHSURGXFFLyQ GHGHVHRVTXH QHFHVL ~QLFRILQ\SURSyVLWR GHODSURGXFFLyQ \HOLQWHUpV GHOSURGXFWRU GHEH WDQ VHUVDWLVIHFKRV&RQORFXDOGLFH*DOEUDLWK VHGHEHOODPDU ©(IHFWR DWHQGHUVH VyOR HQODPHGLGD HQTXHVHDQHFHVDULR SDUDSURPRYHU HOGHO 'HSHQGHQFLDª DOPRGR HQTXHORVGHVHRVGHSHQGHQ GHOSURFHVR SRUHO FRQVXPLGRU /DPi[LPD HV WDQFRPSOHWDPHQWH DXWRHYLGHQWH TXHUH TXH VHVDWLVIDFHQ6XFHGHHQWRQFHV TXH HQODVRFLHGDG FRQVXPLVWD ORV VXOWDUtD DEVXUGR LQWHQWDU SUREDUODª SURGXFWRV QR VHGLVHxDQ SDUD DFRPRGDUVH DORVFRQVXPLGRUHV VLQRD 0 QRPiV VHJXUR SDUD ODIHOLFLGDG SHUVRQDO HO HVWDWXV VRFLDO \ HO p[LWR 5HDOPHQWH OD Pi[LPD QR HV HYLGHQWH VLQR WRGR OR FRQWUDULR HO ODPD[LPL]DFLyQ GHOEHQHILFLR \DOSRVLFLRQDPLHQWR GHORVSURGXFWR FRQVXPR VHKDFRQYHUWLGR HQHOPRWRUGHODSURGXFFLyQ3RUHVRVXFH UHVHQHOPHUFDGR <ORVSURGXFWRUHV FUHDQ XQFDUiFWHU FRQVXPLGRU HQ GHTXHSDUDPDQWHQHUODHFRQRPLD HVQHFHVDULR TXHFRQVXPDQ ORVTXH ODVJHQWHVXQ pWKRVFRQVXPLVWD SDUD TXH FRQVXPDQ GHIRUPD LQGHIL WLHQHQ FDSDFLGDG DGTXLVLWLYD VXILFLHQWH SDUD SDJDU VXFRQVXPR <OD   aIL aa  `L ~QLFD IRUPD GH ORJUDUOR HVLQWHQWDU SHUVXDGLU DORV SRWHQFLDOHV FRQVX IHOLFLWDQWHDXQTXHVLHPSUH FRQODFRQFLHQFLDGHTXHODIHOLFLGDGQR PLGRUHV GH TXH HO FRQVXPR SURSRUFLRQD JUDQGHV GRVLV GH ELHQHVWDU GHSHQGH VyOR GH OD IRUMDGHO FDUiFWHU VLQR WDPELpQ GHOD VXHUWH OD HPSUHVD HQODTXH KDQ WHQLGR p[LWR OXFLGH]\ODFRUGXUD HOLPSHULDOLVPR GHORVPHUFDGRV ODPHQ /DOXFLGH]SHUPLWHDXQDSHUVRQDGHVHQWUDxDUORVPRWLYRVSRUORV WDUTXH ORVYDORUHV HFRQRPLFLVWDV HVWpQ LPSUHJQDQGRQXHVWUDV VRFLH TXH FRQVXPH\ORV PHFDQLVPRV VRFLDOHV TXHOHLQGXFHQDFRQVXPLU GDGHV\H[SXOVDQGR DORVYDORUHV HVSLULWXDOHV SURWHVWDUSRUHODWHUUL]D XQRVSURGXFWRV XRWURV FRPRWDPELpQOHSHUPLWHFDOFXODUORTXHORV MH GH (XURYHJDV HQ (VSDxD DFXVDU DODUHIRUPDHGXFDWLYD GH TXHUHU HFRQRPLVWDVOODPDQ HO ©FRVWHGHRSRUWXQLGDGªORTXHSLHUGHFXDQGR IRUMDU WpFQLFRV FRPSHWHQWHV SDUDHOPHUFDGRGHWUDEDMR PiV TXH FLX RSWDSRUGHWHUPLQDGDVIRUPDVGHFRQVXPR (QWUHORVPRWLYRVFRQWD GDGDQRV \SURIHVLRQDOHV  6HSXHGH FULWLFDUORTXH VHTXLHUD 3HURVLHO UtDQHODIiQGH FRPRGLGDGEHOOH]DGLVIUXWH HILFDFLDSHUR WDPELpQHO FRQVXPRHVHOPRWRUGHODSURGXFFLyQ \VLORVFLXGDGDQRV KHPRVGH GHVHRGH HPXODFLyQVHQWLGR GHODLJXDOGDGDIiQ FRPSHQVDWRULRQH DVXPLU XQFDUiFWHU FRQVXPLVWDSDUDTXH ODVRFLHGDG IXQFLRQH ODFRVD FHVLGDGGHVHJXULGDG FXULRVLGDGSRUORQXHYRE~VTXHGDGHH[SHULHQ QRWLHQH DUUHJOR /DIHOLFLGDG VHUHGXFH DELHQHVWDU \HVHHVWDUELHQVH FLDV (QFXDQWRDORVPHFDQLVPRVRFLDOHVVHUtDQODFUHHQFLDSRUODTXH LGHQWLILFDFRQODVSRVLELOLGDGHV GHFRQVXPR VHLGHQWLILFDODDXWRUUHDOL]DFLyQFRQHOp[LWRPDQLILHVWRH[SUHVDGRHQOD 'HVSXpV VHSXHGH FULWLFDU 3HURFRPR HVWRQRHVYHUGDG FRPR ODIHOLFLGDGQRFRQVLVWHHQFRQ SRVHVLyQGHREMHWRV FRVWRVRVODHVWUXFWXUD FRPHUFLDOTXHKDLPSUHJ VXPLULQGHILQLGDPHQWH HVQHFHVDULR FDPELDU ODVWRUQDV VRFLDOHV\HQ QDGRODHVWUXFWXUDVRFLDOGHIRUPDTXH QXHVWUDVUHODFLRQHVHVWiQKDEL YH]GHJHQHUDUXQFDUiFWHU FRQVXPLVWD SUHJXQWDUVH TXpFDUiFWHU GHEH WXDOPHQWHPHGLDGDV SRUELHQHVGHO PHUFDGR HO PLWRGHTXH HOSUR UtDIRUMDUVHTXLHQ TXLHUDKDFHUGHVXIRUPDGHFRQVXPR XQDRSRUWXQL JUHVRFRQVLVWH HQHOSURJUHVRWHFQROyJLFR\TXHVHWUDWDSRUWDQWRGH GDGSDUDOOHYDUDGHODQWH XQDYLGDIHOL] PD[LPL]DUOR\DGRSWDUIRUPDV GHYLGDHQTXHORVSURGXFWRVWpFQLFRV (VHYLGHQWH TXHWHQHPRVTXH FRQVXPLU VLTXHUHPRV VHJXLUYLYLHQ VRQ LQGLVSHQVDEOHV ODFRQYLFFLyQ JHQHUDOL]DGDGHTXH OR QDWXUDOHV GRSHURODIRUPDGHYLGDGHFRQVXPR TXH HOLMDPRVGHSHQGHGHQXHV FRQVXPLUGHIRUPDFUHFLHQWH\TXHPRGHUDUHOFRQVXPRHVUHWURFHGHU WUDOLEHUWDG ,QFOXVR SRGHPRVUHQXQFLDUDFRQVXPLU\RSWDUSRUXQD 7RGRVHVWRVPHFDQLVPRVVHSODVPDQHQHVRVSDUiPHWURV SRUORVTXHVH KXHOJD GH KDPEUH FXDQGR XQ LGHDO QRVSDUHFHVXSHULRU DQXHVWUD PLGHSUHVXQWDPHQWHHOELHQHVWDUGHORVSXHEORV \TXHVRQHOLQJUHVR\ SURSLDYLGD3HURpVWRVVRQFDVRVH[FHSFLRQDOHV HQODYLGDFRUULHQWH OR ODVPHUFDQFtDV TXH VtHOHJLPRV HVQXHVWUDIRUPDGHFRQVXPR <HQWRQFHV ODSUHJXQWD /DOXFLGH]SHUPLWH WRPDUFRQFLHQFLD GHTXH HO FDUiFWHU HO pWKRV VHUtD¢GHTXpYLUWXGHV WHQGUtDPRVTXHLUDSURSLiQGRQRVSDUDRULHQWDU FRQVXPLVWDQRHVQDWXUDOVLQR TXHHVWiFUHDGR DUWLILFLDOPHQWH\TXH QXHVWUDV GHFLVLRQHVKDFLDXQDYLGDGLJQD GHVHUYLYLGDKDFLDXQDYLGD FRQ pO VH SLHUGH XQD JUDQ FDQWLGDG GH RSRUWXQLGDGHV IHOLFLWDQWHV IHOL]" 'HFRQVWUXLUHOVLVWHPD FRPHUFLDOTXHLPSHOHDOFRQVXPR\WRPDUFRQ (Q3RUXQDpWLFDGHOFRQVXPR SURSXVHGRVYLUWXGHV HVWUHFKDPHQWH FLHQFLDGHTXHJDVWDUFUHDDGLFFLyQVHUtDQWDUHDVGHVXFRPSHWHQFLD OLJDGDV HQWUH VtTXH FRQVLGHUR HVHQFLDOHVSDUDFRQILJXUDU XQFDUiFWHU <HQORTXH KDFHDOVLVWHPDHFRQyPLFRSHUFDWDUVHGHTXH HOFRQVXPR    OL   6LQHPEDUJR ODSUXGHQFLDHQWHQGLGD FRPRODYLUWXG GHORVXILFLHQ QR SXHGH FRQYHUWLUVH HQ PRWRU GH OD SURGXFFLyQ SRUTXH HQWRQFHV WH\GHODFDOLGDG GHYLGDIUHQWH DODFDQWLGDG GHORVELHQHV SXHGH VHU REOLJDDFUHDU XQ pWKRVFRQVXPLVWD /DFRUGXUD SRU VX SDUWH QR ILJXUD HQ OD WUDGLFLyQ FOiVLFD GH ODV XQDYLUWXGVLQFRUD]yQVLTXLHQODHMHUFHROYLGDTXHQRHVXQLQGLYLGXR YLUWXGHV TXH VXHOH UHIHULUVH D OD SUXGHQFLD FRPR YLUWXG DSURSLDGD DLVODGR TXHSUHFLVDPHQWH KD OOHJDGR D VHU SHUVRQD \D GLVIUXWDU GH SDUD GLOXFLGDU FyPR OOHYDU DGHODQWH XQDYLGD GLJQD GH VHUYLYLGD /D ELHQHVSRUTXH RWUDV SHUVRQDV OHKDQUHFRQRFLGR FRPR WDO/DFDWHJRUtD SUXGHQFLD SHUPLWH GLVFHUQLU HQWUH HOH[FHVR\HOGHIHFWRHQWUH HOGHV EiVLFDGHOPXQGR VRFLDO KHPRVLQVLVWLGR HQHVWHOLEURQR HVHOLQGLYL SUHFLR GHORVELHQHVPDWHULDOHV TXHROYLGDTXHWDPELpQ VRQRSRUWXQL GXR VLQR HOUHFRQRFLPLHQWR UHFtSURFR GHVXMHWRV TXHVHVDEHQVXMHWRV GDGHVGHFUHFLPLHQWR \HOHQWUHJXLVPR DODVPHUFDQFtDV TXH FRQGXFH SRUHVWH UHFRQRFLPLHQWR EiVLFR 3RU HVRORVFiOFXORV SUXGHQFLDOHV GH DXQD VRFLHGDGPHUFDQWLOL]DGD JREHUQDGD SRUYDORUHVHFRQRPLFLVWDV LQGLYLGXRV DLVODGRV VRQIDOVRVHLQPRUDOHV 6RQ IDOVRV SRUTXH QR H[LV /DYLGDHQSOHQLWXG QRVHDOFDQ]DFRPSLWLHQGR SRUHOPi[LPR VLQR WHHOLQGLYLGXRDLVODGR GXHxR HQH[FOXVLYDGHVXV ELHQHV6RQLQPRUD EXVFDQGR ORVELHQHV PDWHULDOHV VXILFLHQWHV SDUD SRGHU OOHYDU D FDER OHVSRUTXH FDUHFHQ GHFRUD]yQ DOFRQVWUXLUVHDOPDUJHQ GHODMXVWLFLD DFWLYLGDGHVTXHYDOHQSRU VtPLVPDV /DSUXGHQFLD PXHVWUD TXHHOSUR eVD HV OD UD]yQ SRU OD TXH SURSRQHPRV OD FRUGXUD FRPR YLUWXG \HFWR GHXQDYLGD GH FDOLGDG GHEHUtD SUHYDOHFHU VREUH HOSUR\HFWR GH VREHUDQD SDUDDOFDQ]DUODIHOLFLGDG /DFRUGXUD TXHHQUDt]DODVSRQGH DFXPXODU XQD JUDQ FDQWLGDG GHELHQHV <PXHVWUD WDPELpQ TXH XQD UDFLRQHV VREUH OR VXILFLHQWH \VREUH ODYLGD GH FDOLGDG HQ HO FRUD]yQ YLGD GHFDOLGDG HVODTXHSXHGH PDQWHQHUVH FRQXQELHQHVWDU UD]RQD GHORMXVWR/DFRUGXUD TXHHV XQLQMHUWR GHODSUXGHQFLD HQ HO WURQ EOHXQDYLGDLQWHOLJHQWH GLVSXHVWD DYDORUDU ORVELHQHV TXH QR SHUWH FRGHODMXVWLFLD QHFHQ DOiPELWR GHOFRQVXPR LQGHILQLGR VLQRDOiPELWR GHOGLVIUXWH VHUHQR )LJXUDQ HQWUH HOORVHOGLVIUXWH GHODVUHODFLRQHV KXPDQDV HO HMHUFLFLR ItVLFR HOGHSRUWH HOFRQWDFWR FRQ ODQDWXUDOH]D HOWUDEDMR  (/)/25(&,0,(172 +80$12 JUDWLILFDQWH \ORVELHQHV FXOWXUDOHV FRPR SXHGHQ VHUODOHFWXUD HV FXFKDU P~VLFD DVLVWLU DFXUVRV FODVHV\FRQIHUHQFLDV 3UHFLVDPHQWH 4Xp GXGDFDEH GHTXHWHQGHPRV DFLIUDU ODIHOLFLGDG HQ DTXHOOR TXH VH WUDWD GH XQ WLSR GH DFWLYLGDGHV TXH QR SUHFLVDQ SURGXFWRV GHO HFKDPRV HQIDOWD +DFH\DDOJXQRV DxRV KDEODQGR HQ FODVHGHODYLGD PHUFDGR RVyORORVWLHQHQ FRPR RFDVLyQ IHOL] DOJXLHQ VDFy DFRODFLyQ ORV FpOHEUHV LQJUHGLHQWHV GHOD FDQFLyQ (OFRQVXPLGRU SUXGHQWH HVHOTXHFRJHODVULHQGDV GHVXFRQVXPR \ ©7UHV FRVDV KD\HQODYLGDVDOXG GLQHUR \DPRUª FRQVLJXLHQGR FRQ RSWD SRU ODFDOLGDG GHYLGD IUHQWH DODFDQWLGDG GH ORVSURGXFWRV SRU HOORHODSODXVR JHQHUDO $FRQWLQXDFLyQ VHHQWDEOy XQDQLPDGR GLiOR XQD FXOWXUD GH ODVUHODFLRQHV KXPDQDV GHOGLVIUXWH GH OD QDWXUDOH]D JR VREUH FXiO GH HOORV SURSRUFLRQDUtD PD\RU IHOLFLGDG\VDOLy FRPR GHOVRVLHJR\ODSD]UHxLGD FRQODDVSLUDFLyQ DXQFRQVXPR LOLPLWDGR FRQFOXVLyQ TXH HO DPRU HV HVHQFLDO SDUDXQDYLGDEXHQD TXH HO GL 3RUIRUPDV GHYLGDFRQFDOLGDGTXHDIRUWXQDGDPHQWH SXHGHQ XQLYHU QHUR SDUHFtD WDPELpQ XQDFRVD PX\ VHULD \ VLQ HPEDUJR ODVDOXG VDOL]DUVH VLHQGR MyYHQHV FRPR HUDQ QR SDUHFtD LPSRUWDUOHV JUDQ FRVD 'H  aāa   KHFKR PiV WDUGH XQDGHODDOXPQDV GHOD1DX*UDQ GHHVHH[FHOHQ 1RHQWUDHQWRQFHV ODIHOLFLGDGHQOLWLJLRFRQ ODMXVWLFLDVLQRTXHVH WHLQYHQWR SRUHOTXH SHUVRQDV PD\RUHV LQJUHVDQ HQODVDXODVDXQTXH KDFHQXQDFRQRWUD SUHFLVDPHQWH SRUTXH ODIHOLFLGDG QRVHUHGXFH DO QR SUHWHQGDQ REWHQHU XQ WtWXOR GH OLFHQFLDGR R GH JUDGXDGR PH ELHQHVWDU VLQR TXH DEUH VXV IURQWHUDVKDVWD GRQGH DOFDQFH HOKRUL FRPHQWy FyPR DOPHQFLRQDU ORVWUHV LQJUHGLHQWHV GHODIHOLFLGDG TXH ]RQWH GH ODSOHQLWXG KXPDQD +DVWD GRQGHWLHQHQ OXJDUORVSUR\HF UHFRJH OD FDQFLyQ VXYHFLQR XQPXFKDFKR QRPX\DJUDFLDGR GLMR WRVLOXVLRQDGRV ODFDSDFLGDG GHFUHDU OD GHHVFULELU HOJXLyQGHYLGDV VXVSLUDQGR ©DPRUª 0LHQWUDV HOODKDEtD GLFKR WDPELpQVXVSLUDQGR FRQ VHQWLGR /RVKRPEUHVGHFtD1LHW]VFKH QHFHVLWDPRV PiV HO ©VDOXGª $TXHOOR TXH HFKDPRV HQ IDOWD QRVSDUHFH XQ FRPSRQHQWH VHQWLGR TXHOD IHOLFLGDG <VLQ HPEDUJR WDO YH]VHD PiV YHUGDGHUR LQGLVSHQVDEOH GHODIHOLFLGDG GHFLU TXHHOVHQWLGR HV XQFRPSRQHQWH GH OD IHOLFLGDG VLHPSUH TXH 6LQHPEDUJR SRGUtDPRV GHFLU TXH OD IHOLFLGDG HQ HOPiV DPSOLR O       VHHQWLHQGD FRPRYLGDGLJQD GHVHUYtYLGD FRPR YLGD HQ SOHQLWXG VHQWLGR GHODSDODEUD FRQVLVWH HQ HOIORUHFLPLHQWR GH WRGDV QXHVWUDV 8QD YLGD TXH QR DFRQWHFH VLQHVDVH[FHOHQFLDV GHOFDUiFWHU HQWUH ODV PHMRUHV SRWHQFLDOLGDGHV \FDSDFLGDGHV $OJXQRV DXWRUHV ODVRUGHQDQ TXH FXHQWDQ ODFRUGXUD KHFKD GHMXVWLFLD \SUXGHQFLD HOFRUDMH\HO HQWRUQRD©IRUWDOH]DVªFRPR ODVDELGXUtD \HOFRQRFLPLHQWR HOFRUDMH DXWRGRPLQLR SHUR WDPELpQ OD VROLGDULGDG \HODPRU SRUTXH HVFUL ODGLVSRVLFLyQ DFXLGDU GHORVGHPiV \KDFHUVH FDUJR GH HOORVODWHP ELPRV GHQXHVWUR SXxR \OHWUD HO JXLyQ GH QXHVWUD SURSLD QRYHOD SODQ]D \HOVHQWLGR GHODWUDVFHQGHQFLD TXH GDVHQWLGR DODYLGDHQVX SHURODKDFHPRV FRQRWURV FRQH[LyQ FRQ HOXQLYHUVR (QHVWHOLEUR DODOXGLUDODIRUMD GHO FD ¢< TXpRFXUUHFRQHOILQDOGHODV QRYHODV" 3RUTXHVRPRVQXHVWUDV UiFWHU KHPRV SUHIHULGR UHFXUULUDOOHQJXDMH GHODVYLUWXGHV GHDTXH QDUUDFLRQHV VRPRV QXHVWURV UHODWRV SHUR ORVUHODWRV VHDEUHQ DOIX OODVH[FHOHQFLDV GHO FDUiFWHU TXH QRVSUHGLVSRQHQ DREUDU HQ HOVHQ WXUR \HQ HOORVSDOSLWD DPHQXGR XQDQVLD GHLQPRUWDOLGDG XQDHV WLGR GH ODIHOLFLGDG 1R SRUTXHYD\DPRV DFRPSHWLU XQRV FRQ RWURV SHUDQ]D GHYLGD IXWXUDODHVSHUDQ]DGH TXH FRQODPXHUWH QRWRGR VH SRUGHVWDFDU HQ HVDVH[FHOHQFLDV VLQRSRUTXHYDPRV DFRPSHWLU FRQ ORWUDJDODWLHUUD 8QD DVSLUDFLyQ WDQSURIXQGD ¢QR WLHQH FDELGDHQ QRVRWURV PLVPRV SDUDHVWDU PiV SUHSDUDGRV HQ HVWR GH ODIHOLFLGDG QXHVWUDV KLVWRULDV" 7UDGLFLRQDOPHQWH VHKDKDEODGR GHODSUXGHQFLD ODMXVWLFLD ODIRU 6RPRV QXHVWURV UHODWRV HVRHVFLHUWR SHUR WDPELpQORHVTXHQRV WDOH]D\ODWHPSODQ]D FRPR YLUWXGHV FDUGLQDOHV FRPR ODVTXH FRQVWL LQWHJUDPRV HQHOUtRGHFRPXQLGDGHV GHVHQWLGR GHFRPXQLGDGHV GH WX\HQ HOTXLFLR GHXQDYLGD EXHQD SHUR DTXt KHPRV SUHIHULGR XQLU FRQWDGRUHVGHKLVWRULDV TXHYDQWHMLHQGR XQFRQWH[WR FRQTXH LQWHU ODVGRVSULPHUDV HQOD FRUGXUD TXH HFKD PDQR GHODVUD]RQHV GH OD SUHWDUODV QXHVWUDV (OVXHxR GHO 6XPDN .DZVD\ GHO6XPD.DPDxD UD]yQ\GH ODV UD]RQHV GHO FRUD]yQ 3RUTXH KDFHPRV QXHVWUD YLGD HOGH OD FRPXQLGDG EXGLVWD RKLQG~ HOGHO SDUDtVR FRUiQLFR HO GHO OLJDGRV XQRV DRWURV VRPRV HQYtQFXOR \QDGLH SXHGH OOHYDUDSOHQL 5HLQRGHORV)LQHV HOGHO5HLQR GH'LRV &RQWDUXQDKLVWRULD QRVLJ WXG VXVSRWHQFLDOLGDGHV HQ VROLWDULR 3HUR WDPELpQ SRUTXHODVYLUWX QLILFDSOHJDUVH DORHVFULWR SRURWURV VLQR FRQYHUWLUVH HQ FRDXWRU GH GHV QR VyOR VRQ IHFXQGDV SDUD FDGD SHUVRQD VLQR WDPELpQ SDUD OD HOOD HQ UHFUHDUOD (Q PXFKRV GH HVRV UHODWRVVH DEUHXQ FDPLQR D VRFLHGDG HQODTXH YLYH ODHVSHUDQ]D HQODLQPRUWDOLGDG DYHFHV LQPDQHQWH FXDQGR VHKDEOD   aa  ¢Â aā GH SHUPDQHFHU HQ HOUHFXHUGR GH TXLHQHV KDQ FRPSDUWLGR ODYLGD R KDQFRQRFLGR ODVJHVWDV GH ORVKpURHV \ORV VDELRV<HVYHUGDG TXH HV KHUPRVR SRGHU SHUPDQHFHU HQ HOUHFXHUGR R DOPHQRV PXFKRV OR DQKHODQ 3HUR VHUtD PiV DFRUGH FRQ OD DVSLUDFLyQ DXQDYLGD HQ  3DXO (NLQV ©$ 6XVWDLQDEOH &RQVXPHU 6RFLHW\ $ &RQWUDGLFWLRQ LQ 7HUPV"ª HQ ,QWHUQDWLRQDO (QYLURQPHQW$IIDLUV YRO   Q  S  3RU VXSDUWH -HURPH 6HJDOFDUDFWHUL]D ODVRFLHGDG GHFRQVXPR FRPR DTXH OOD©TXH FRQYLHUWH HQ GLQiPLFD FHQWUDO GHODYLGD VRFLRHFRQyPLFD HOGHVD SOHQLWXG DXQD YLGD IHOL]SRGHUDEULUVH UHDOPHQWH DXQPDxDQD 8Q UUROOR GHQXHYRV ELHQHV GHFRQVXPR \HOGHVHR GH WDOHV ELHQHV (O DXWRUUHV SHWR \ODHVWLPD VRFLDO GH ORV LQGLYLGXRV HVWiQ HVWUHFKDPHQWH OLJDGRV DVX PDxDQD TXH DOJXLHQ SXHGD \TXLHUD UHJDODUQRV QLYHOGH FRQVXPR HQ FRPSDUDFLyQ FRQ RWURV LQGLYLGXRV HQ OD VRFLHGDGª  6HJDO ©$OWHUQDWtYHV WR 0DVV &RQVXUQSWLRQª HQ 3KLORVRSK\ DQG 3XEOLF $IIDLUVYRO    QS     2 $GDP 6PLWK ,QYHVWLJDFLyQVREUHODQDWXUDOH]D\FDXVDVGHODULTXH]DGH ODVQDFLRQHV0p[LFR )&(  S  ¢3DUDTXp VLUYHODpWLFD" 3DUD DSUHQGHU DDSRVWDU SRU XQD YLGD IHOL]SRUXQDYLGD EXHQD  9HUHOSULPHU SXQWR GHO FDStWXOR GHHVWH OLEUR DEUH HOFDPLQR DODHVSHUDQ]D  (Q 3RUXQD pWLFDGHO&RQVXPR GHIHQGt ODWHVLV GHTXHFRQVXPLU HV XQ DFWR GHOLEHUWDG \SURSXVH ODV FODYHV GH XQ PRGHOR GH FRQVXPR OLEH UDGRU MXVWR FRUUHVSRQVDEOH \IHOLFLWDQWH 1RWDV   -XOLHW % 6FKRU SURSRQH QXHYH SULQFLSLRV SDUD D\XGDU D ORV HVWD GRXQLGHQVHV \D VXQDFLyQ DVDOLU GHOD HVFDODGD GHO FRQVXPR FRQWURODU HO GHVHR TXH OOHYD DO FRQVXPR FRPSXOVLYR FUHDU XQ QXHYR VLPEROLVPR SDUD O 3DUD HOFDUiFWHU LPSUHVFLQGLEOH GH OD HMHPSODULGDG HQ ODYLGD PRUDO \ VH HQFXHQWUD VDWLVIHFKR DSUHQGHU D FRPSDUWLU ORV ELHQHV GHFRQVWUXLU XQ TXH LQWHJUD FRPR XQ VREUHQWHQGLGR ODV H[LJHQFLDV GH ODMXVWLFLD \  (Q VX OLEUR 7KH 2YHUVSHQW$PHULFDQ %DVLF %RRNV 1XHYD <RUN HODIiQGHH[FOXVLYLGDG DXWRFRQWURODU HOFRQVXPR FRPSHWLWLYR TXHQXQFD SROtWLFD YHU-DYLHU *RPi (MHPSODULGDG S~EOLFD 7DXUXV 0DGULG   $GHOD &RUWLQD eWLFDPtQLPD 7HUQRV 0DGULG eWLFDDSOLFDGD VLVWHPD FRPHUFLDO TXH LPSHOH DOFRQVXPR WRPDU FRQFLHQFLD GHTXH JDVWDU FUHD DGLFLyQ GHFRPHUFLDOL]DU ORV ULWXDOHV \ GDUOHV IRUPD QR FRPHUFLDO \GHPRFUDFLD UDGLFDO 7HUQRV 0DGULG  FDS  $OLDQ]D \&RQWUDWR FUHDU WLHPSR HQ YH]GH VDFULILFDUOR DOWUDEDMR TXHOOHYD DOVDODULR \pVWH DO 7URWWD 0DGULG  FDS   (OLGHDO GHO%XHQ 9LYLUWUDGXFFLyQ GHO6XPDN .DZVD\ NLFKXD HFXD FRQVXPR FRRUGLQDU ODVLQWHUYHQFLRQHV GHTXLHQHV GHVHHQ VDOLU GHHVWD IRU PD GHFRQVXPR FRPSXOVLYR /RVYDORUHV GHVGH ORVTXH VXJLHUH HVWDV RULHQ WRULDQR  \GHO6XPD .DPDxD D\PDUD EROLYLDQR  HVXQUHWR SDUD ODDFWXD WDFLRQHVVRQODHTXLGDG \ODVROLGDULGDG VRFLDOHV ODVRVWHQLELOLGDG PHGLRDP FLyQ GHO(VWDGR KDVWD HOSXQWR GHTXHIRUPD SDUWH GHODV&RQVWLWXFLRQHV GH ELHQWDO ODVHJXULGDG ILQDQFLHUD \ODQHFHVLGDG GHWLHPSR SDUD OD IDPLOLD \ (FXDGRU \%ROLYLD  $ULVWyWHOHV eWLFDD1LFyPDFR  ,XOLiQ 0DUtDV /DIHOLFLGDG KXPDQD $OLDQ]D 0DGULG  GHWLHPSR OLEUH 3RU VXSDUWH RWURV DXWRUHV TXH DERUGDQ GHDOJ~Q PRGR OD FXHVWLyQ GHO FRQVXPR HQ UHODFLyQ FRQ XQDYLGD GLJQD UHFRPLHQGDQ YLUWX  $ULVWyWHOHV eWLFDD1LFyPDFR , D GHV FRPR OD DXVWHULGDG 'HQLV *RXOHW ©9ROXQWDU\ $XVWHULW\ 7KH1HFHV VDU\ $UWª 7KH&KULVWLDQ&HQWXU\ ,XQH   SS   RODIUXJDOL  $GHOD &RUWLQD 3RUXQD pWLFDGHO&RQVXPR 7DXUXV 0DGULG  GDG -DPHV $ 1DVK ©2Q WKH 6XEYHUVLYH 9LUWXH )UXJDOLW\ª 'DYLG $  ,RKQ .HQQHWK *DOEUDLWK 7KH$MILXHQW 6RFLHW\ &DPEULGJH 0DVV 5L &URFNHU 7RE\ /LQGHQ HGV  (WKLFV RI&RQVXPSWLRQ 5RZDQ ILHOG 3XEOLVKHUV  SS   YHUVLGH 3UHVV  a /LWWOH     ‡ ā  L  7LERU 6FLWRYVN\ )UXVWUDFLRQHVGHODULTXH]D )&(0p[LFR $GHOD&RUWLQD3RUXQD pWLFDGHOFRQVXPReWLFDGHODUD]yQFRUGLDO 1REHO2YLHGR  +HOLR&DUSLQWHUR ©8QDYLVWDVREUHODSVLFRORJtDSRVLWLYDªHQVH VLyQGHO GHGLFLHPEUHGHOD5HDO$FDGHPLDGH&LHQFLDV0RUDOHV\3ROtWL FDVS 9LNWRU)UDQNOTXHVXIULyODH[SHULHQFLDGHORVFDPSRVGHFRQFHQ WUDFLyQDIXPDEDTXHXQDYLGDFRQVHQWLGRHVODFODYHSDUDODFRPSUHQVLyQ GHODH[LVWHQFLDSRUTXHHOKRPEUHSXHGHFRQVHUYDUXQYHVWLJLRGHOLEHUWDG HVSLULWXDOLQFOXVRHQWHUULEOHVVLWXDFLRQHVGHWHQVLyQItVLFD\SVtTXLFD  ©'LFHODHVSHUDQ]D8QGtDODYHUiVVLELHQHVSHUDV'LFHODGHVHVSH UDQ]D6yORWXDPDUJXUDHVHOOD/DWHFRUD]yQ1RWRGRVHORKDWUDJDGR ODWLHUUDª $QWRQLR 0DFKDGR &DPSRV GH &DVWLOOD HQ 2EUDV &RPSOHWDV (GLWRULDO3OHQLWXG0DGULG;;,9S  -RVp/XLV$UDQJXUHQ0RUDO GHODYLGDFRWLGLDQDSHUVRQDO\ UHOLJLR VD2EUDV&RPSOHWDV 7URWWD0DGULGSS   £ā āa  ‡ āa āa  L āa a (QHVWH OLEUR$GHOD &RUWLQD QRVUHFXHUGD TXH ©VL QR WRPDPRVQRWD GHORFDUD TXH VDOHODIDOWDGHpWLFD HQ GLQHUR \ HQGRORU HO FRVWH GHOD LQPRUDOLGDG VHJXLUi VLHQGR LPSDUDEOH <DXQTXHVXHQH DWySLFR VHJXLUiQ SDJiQGROR VREUH WRGR ORV PiV GpELOHVª (IHFWLYDPHQWH HVWD pSRFD QRV GHSDUD GHPDVLDGRV HMHPSORV GHODVFRQVHFXHQFLDV GHODIDOWD GHpWLFD HQ ODV FRQGXFWDV GHPXFKDVSHUVRQDV FRQUHVSRQVDELOL GDGHV SROtWLFDV \ VRFLDOHV (V SUHFLVR UHFRUGDU TXHOD pWLFD ©VLUYHª HQWUH RWUDV FRVDV SDUD DEDUDWDU FRVWHV HQGLQHUR \VXIULPLHQWR HQ DTXHOORTXH HVWi HQQXHV WUDV PDQRV ORJUDU HQ DTXHOOR TXH Vt GHSHQGH GHQR VRWURV <WDPELpQ SDUD DSUHQGHU HQWUH RWUDVPXFKDV FRVDV TXH HV PiV SUXGHQWH FRRSHUDU TXH EXVFDU HO Pi[LPR EHQHILFLR LQGLYLGXDO FDLJDTXLHQ FDLJD   aā ZZZSDLGRVFRP