/DIXQFLyQGHODVUHYLVWDVHQOD
UHFHSFLyQFUtWLFDGHODREUDGHO
H[LOLRUHSXEOLFDQRHVSDxRO
-DYLHU6iQFKH]=DSDWHUR
8QLYHUVLGDGGH6DODPDQFD
5HVXPHQ
/DVUHYLVWDVFXOWXUDOHVFUHDGDVSRUORVH[LOLDGRVUHSXEOLFDQRVHV SDxROHVIXHURQXQRGHORVSRFRVPHGLRVGHTXHGLVSXVRHVWHFR OHFWLYRSDUDGDUDFRQRFHUVXREUD$OHMDGRVGHVXSDtVGHRULJHQ\ GLVSHUVRVODVUHYLVWDVSHUPLWLHURQDORVH[LOLDGRVXQLILFDUVHLGHQWL ILFDUVHFRQXQDVHULHGHYDORUHVRSXHVWRVDORVGH)UDQFR\VREUH WRGRGLIXQGLUXQDREUDFRQGHQDGDDOROYLGR\DOVLOHQFLRHQOD (VSDxDGHODpSRFD(ODUWtFXORH[SRQHGHPRGRGHVFULSWLYRWDQWRHO SDQRUDPDGHUHFHSFLyQGHODVFUHDFLRQHVGHORVH[LOLDGRVHQ(VSD xDFRPRODIRUPDHQODTXHODVUHYLVWDVFRQWULEX\HURQDGLIXQGLUVX REUDHQHOH[WHULRUGHOSDtV
3DODEUDVFODYH
5HYLVWDVFXOWXUDOHVUHYLVWDVOLWHUDULDVH[LOLRH[LOLRUHSXEOLFDQR HVSDxROOLWHUDWXUDGHOH[LOLRGLIXVLyQ
$EVWUDFW
7KHFXOWXUDOPDJD]LQHVPDGHE\WKH6SDQLVKUHSXEOLFDQZULWHUVLQ H[LOHZHUHRQHRIWKHIHZPHDQVWKH\FRXOGXVHLQRUGHUWRPDNH WKHLUZRUNNQRZQ7KHPDJD]LQHVDOORZHGWKHH[LOHGZULWHUVZKR
DVWRLGHQWLI\WKHPVHOYHVZLWKVRPHYDOXHVZKLFKZHUHRSSRVLWHWR ZKDW)UDQFRGHIHQGHGDQGPDLQO\WRVSUHDGDZRUNWKDWLQ6SDLQ ZDVGDPQHGWRIDOOLQWRREOLYLRQDQGVLOHQFH7KLVDUWLFOHGHVFULEHV WKHUHFHSWLRQRIWKHH[LOHGZULWHUVZRUNLQ6SDLQDQGKRZWKH PDJD]LQHVFRQWULEXWHGWRWKHGLIIXVLRQRIWKLVZRUNRXWVLGHWKH FRXQWU\
.H\ZRUGV
&XOWXUDOPDJD]LQHVOLWHUDU\PDJD]LQHVH[LOH6SDQLVKUHSXEOLFDQ H[LOHOLWHUDWXUHLQH[LOHGLIXVVLRQ
/DUHFHSFLyQGHODOLWHUDWXUDGHOH[LOLRHQOD
(VSDxDGLFWDWRULDO
/
DSROtWLFDFXOWXUDOYLJHQWHGXUDQWHWRGDODGLFWDGX UDIUDQTXLVWDLPSLGLyODQRUPDOUHFHSFLyQHQ(V SDxDGHODOLWHUDWXUDGHORVDXWRUHVH[LOLDGRVFRQGHQDGRVDO VLOHQFLRPiVDEVROXWRHQHOTXHKDVWDHQWRQFHVKDEtDVLGRVX DPELHQWHLQWHOHFWXDOSRUODVFRQWLQXDVSURKLELFLRQHVDODVTXH IXHURQVRPHWLGDVVXVREUDV$SHVDUGHLQWHQWRVDSHUWXULVWDV FRPRHOLQLFLDGRHQFRQODSURPXOJDFLyQGHODQXHYD /H\GH3UHQVDH,PSUHQWDHOUpJLPHQPDQWXYRXQIpUUHR FRQWUROVREUHWRGDVODVSURGXFFLRQHVHGLWRULDOHVDWUDYpVGH ODREOLJDWRULHGDGGHODFHQVXUDSUHYLD\GHODSURKLELFLyQGH H[SUHVDURSLQLRQHVFUtWLFDVFRQHOFRPSRUWDPLHQWRGHODVDX WRULGDGHVGHOSDtVRORVSULQFLSLRVGHO0RYLPLHQWR1DFLRQDO(OFRPSURPLVRSROtWLFRDGTXLULGRSRUPXFKRVGHORVTXHVH YLHURQREOLJDGRVDKXLUGHVSXpVGHODFRQWLHQGDLPSHGtDOyJL FDPHQWHHODFDWDPLHQWRGHODVGLUHFWULFHVLGHROyJLFDVTXHVH ODQ]DEDQGHVGHHOJRELHUQRDWUDYpVGHO,QVWLWXWR1DFLRQDO GHO/LEURFUHDGRHQSDUDFRQWURODUODLQGXVWULDHGLWRULDO (VDVRULHQWDFLRQHVHVWDEDQGLULJLGDVVREUHWRGRHQORVSUL
PHURVDxRVGHGLFWDGXUDDFRQGHQDUHOUpJLPHQUHSXEOLFDQR \HOFRPSRUWDPLHQWRGHVXVGHIHQVRUHVHQODJXHUUD\DFRQV WUXLUXQDLPDJHQVXEOLPDGDGH(VSDxD\GHVXKLVWRULDDFRU GHFRQORVLQWHUHVHVGHOIUDQTXLVPR
1RKXERVLQHPEDUJR\DSHVDUGHODVGLILFXOWDGHVGH SXEOLFDFLyQ\GLIXVLyQXQDUXSWXUDWRWDOFRQORVOHFWRUHVGHO LQWHULRUGH(VSDxDSXHVFRPRKDVHxDODGR0LJXHO'HOLEHV FLHUWRVVHFWRUHVFXOWXUDOHVPLQRULWDULRVSXGLHURQVHJXLUHQ FRQWDFWRFRQORVOLEURVSURKLELGRVGHORVH[LOLDGRV
/DOOHJDGDD(VSDxDGHODREUDGHHVWRVHV FULWRUHV>IXH@VLHPSUHGLItFLOSHURQXQFDLP SRVLEOH /LEUHURV YLDMHURV DUWLVWDV WUDtDQ \ OOHYDEDQ OR TXH VH KDFtD GHQWUR \ IXHUD GH (VSDxD\HOUXPRUODFRPXQLFDFLyQGHERFD
DRUHMDKDFtDHOUHVWR
/DVREUDVGHORVHVFULWRUHVTXHSHUPDQHFtDQIXHUDGH (VSDxDSRUPRWLYRVSROtWLFRVVROtDQOOHJDUDOSDtVGHIRUPD FODQGHVWLQDDWUDYpVGHHGLWRULDOHVFRPRODIUDQFHVD5XHGR ,EpULFRODDUJHQWLQD6DQWLDJR5XHGDRODPH[LFDQD-RDTXtQ 0RUWL]-RVp0DUtD0DUWtQH]&DFKHURKDVHxDODGRUHILULpQ GRVHDOSURFHVRGHUHFHSFLyQFODQGHVWLQDGHOLEURVHGLWDGRV HQHOH[WUDQMHURTXH³YtDHGLWRULDOHVIRUiQHDVIXHURQOOHJDQ GRD(VSDxDGpFDGDGHORVVXEUHSWLFLDPHQWHODWULORJtD GH$UWXUR%DUHDQRYHODVGH5RVD&KDFHOR0XHUWHV
GHSHUURGH)UDQFLVFR$\DOD´
$SDUWLUGH\FRLQFLGLHQGRFRQODYXHOWDVLPSOH PHQWHHVSRUiGLFDHQRFDVLRQHVD(VSDxDGHHVFULWRUHVFRPR -XDQ*LO$OEHUW&DUPHQ.XUW]R)UDQFLVFR$\DODDOJXQDV HGLWRULDOHVFRPHQ]DURQDSXEOLFDUREUDVGHH[LOLDGRV(OSUL PHUWH[WRQDUUDWLYRGHXQDXWRUGHVWHUUDGRTXHVHHGLWyHQ (VSDxDIXH(OFHQWURGHODSLVWDFROHFFLyQGHUHODWRVFRP
SXHVWDSRU$UWXUR%DUHD\SXEOLFDGDGHIRUPDSyVWXPDHQ (VSDxDSRU(GLFLRQHV&LGHQ(VWDLQLFLDWLYDFXQGLy\ SRFRVDxRVPiVWDUGHHGLWRULDOHVFRPR6HL[%DUUDO'HVWLQR R'HORV$\PiODQ]DURQDOPHUFDGRHVSDxROSUHYLRVRPHWL PLHQWRHYLGHQWHPHQWHDODFHQVXUDQRYHODVGHDXWRUHVFRPR 5DPyQ-6HQGHUR6HJXQGR6HUUDQR3RQFHOD(OSULPHUR
GHHOORVFX\RFRPSURPLVRSROtWLFRFRQWUDHOUpJLPHQGH)UDQ FRHVWDEDIXHUDGHWRGDGXGDJR]yGXUDQWHODGLFWDGXUDGH FLHUWDSRSXODULGDG6HQGHUSUREDEOHPHQWHHOPiVFRQRFLGR GHORVHVFULWRUHVH[LOLDGRVMXQWRDORVPLHPEURVGHOJUXSR SRpWLFRGHOOOHJyLQFOXVRDJDQDUHQXQRGHORVPiV DIDPDGRVSUHPLRVOLWHUDULRVGHOSDtVHOFRQYRFDGRSRUOD HGLWRULDO3ODQHWDFRQVXQRYHOD(QODYLGDGH,JQDFLR0RUHO 6LQHPEDUJRDSHVDUGHOSUHGLFDPHQWRFRQTXHFRQWDEDHO DXWRUDUDJRQpVHQODPLQRULWDULDVRFLHGDGOHFWRUDGHODpSR FDODREUDGHORVH[LOLDGRVVHJXtDVLHQGRHQJHQHUDOGHVFR QRFLGDSDUDORVHVSDxROHV0D[$XEHVSHFLDOPHQWHFUtWLFR FRQ³ODKDELOLGDGGHOUpJLPHQSDUDGHMDUHQ%DELDDFDVLOD WRWDOLGDGGHOSDtV´ORFRQVWDWyDOVHxDODUTXH³ORYHUGDGHUD PHQWHLQDXGLWRHVHOGHVFRQRFLPLHQWRTXHWLHQHODDFWXDOJH QHUDFLyQ>@GHORTXHSXGRVHUODQXHVWUD´ /DSURJUHVLYDUHFHSFLyQGHODOLWHUDWXUDTXHVHHVWDED KDFLHQGRHQHOH[WUDQMHURSRUDXWRUHVQDFLRQDOHVSURSLFLyHO GHVDUUROORHQ(VSDxDGHHVWXGLRVFUtWLFRVFRPRORVGH-RVp 5DPyQ0DUUD/ySH]GHGLFDGRDODQDUUDWLYDR5DIDHO&RQWH TXHSURORJyXQDDQWRORJtDGHWH[WRVQRYHOHVFRVGHH[LOLDGRV (QHOiPELWRGHOWHDWURODDWHQFLyQFUtWLFDIXHHVFDVDFRPR ODSURSLDSURGXFFLyQFRQGLFLRQDGDSRUORVSUREOHPDVSDUD HVWUHQDUTXHWXYLHURQORVDXWRUHVHQVXVWHUULWRULRVGHDFRJL GD(OLPSDFWRSURYRFDGRSRUODPXHUWHGH)HGHULFR*DUFtD /RUFDDFUHFHQWyHOLQWHUpVGHORVHVWXGLRVOLWHUDULRVGHWRGR HOPXQGRSRUORVSRHWDVHVSDxROHVGHOVLJOR;;HQHVSHFLDO SRUVXVFRPSDxHURVGHJHQHUDFLyQFDVLWRGRVHOORVHQHO
H[WUDQMHUR'HVGHVXSURGXFFLyQ\FRQHOODODGHOUHVWR GHDXWRUHVGHVWHUUDGRVYHQtDVLHQGRREMHWRGHHVWXGLRHQ REUDVFRPSLODGRUDV/DLPSRUWDQFLDGHODILJXUDGH/RUFDHQ ODUHFHSFLyQGHODSRHVtDHVSDxRODGHOH[LOLR\ODVLWXDFLyQGH SULYLOHJLRGHOJpQHURHQORTXHDDWHQFLyQFUtWLFDVHUHILHUH UHVSHFWRDODQDUUDWLYD\DOWHDWURKDVLGRDQDOL]DGDDVtSRU 'HOLEHV
/D SDUWLFLSDFLyQ GH )HGHULFR *DUFtD /RUFD HQODGLIXVLyQGHODSRHVtDHVSDxRODGHHVWH WLHPSRQRSXHGHLJXDODUVHFRQQLQJXQDRWUD /RUFDPXULySHURVXREUDVHKL]RPiVJUDQ GH >@ (Q OD QRYHOD IDOWy XQ /RUFD 8QD YtFWLPD TXH FRQFLWDUD OD DWHQFLyQ GHO PXQ
GR
/RVGH0DUUD/ySH]\&RQWHVXSXVLHURQORVSULPHURV DFHUFDPLHQWRVWHyULFRVGHIRUPDPRQRJUiILFDDXQSDQRUD PDQDUUDWLYRFX\DUHFHSFLyQKDVWDHVHPRPHQWRHQ(VSDxD KDEtDEDVFXODGRHQWUHODPLWLILFDFLyQ\HOROYLGR<DHQHO SUyORJRGHVXREUDDGYHUWtD&RQWHGHO³SHOLJURGHODGHVPH VXUD´DODKRUDGHMX]JDUXQDOLWHUDWXUD³TXHQRYDDUHVXOWDU ODSDQDFHDGHORVPDOHVGHQXHVWUDOLWHUDWXUDGHOLQWHULRU´ /DVXEOLPDFLyQGHODREUDH[LOLDGDTXHQRPXHVWUDVLQR ODKDELWXDODWUDFFLyQGHOKRPEUHSRUORSURKLELGRIXHH[SOLFD GDGHOVLJXLHQWHPRGRSRU0D[$XETXHVHxDOyTXHORVXQL YHUVLWDULRVHVSDxROHVTXHDFXGLHURQDVXHQFXHQWURHQVX HYHQWXDOYXHOWDDOSDtVHQ³DFXGLHURQDOSDQDODOFRQMXUR GHOH[LOLR1RWHQtDQODPHQRULGHDGHTXLpQHUD>@(VSHUD EDQTXHHFKDUDYtERUDVFRQWUDHOUpJLPHQ\VXVXPR$UWtILFH >VLF@´
(QHOHVWXGLRGH-RVp5DPyQ0DUUD/ySH]SXEOLFDGR HQWUDVVXSHUDUP~OWLSOHVFRQIOLFWRVFRQODVDXWRULGDGHV FHQVRUDVTXHQRFRQVLQWLHURQTXHHQHOWtWXORGHODREUDKX
ELHUDUHIHUHQFLDSROtWLFDDOJXQDVHH[SRQHXQFRQFLVRSDQR UDPDGHODVLWXDFLyQGHODOLWHUDWXUDHVSDxRODDQWHVGHODJXH UUDXQDQiOLVLVGHOWUDXPDTXHVXSXVRHOH[LOLRHQODYLGD\HQ ODREUDGHORVHVFULWRUHVTXHORVXIULHURQ\SRU~OWLPRXQD VHULHGHHVWXGLRVPRQRJUiILFRVGHORVPiVUHSUHVHQWDWLYRV QDUUDGRUHVLQVWDODGRVHQHOH[WUDQMHURSRUPRWLYRVLGHROyJL FRV'HLQGXGDEOHYDORUWHVWLPRQLDOSRUVXFDUiFWHUSLRQHUR HO WUDEDMR FX\R FDPSR GH HVWXGLR TXHGD OLPLWDGR FURQROyJLFDPHQWHSRUHODxRGHEHUtDKDEHUVLGRDFWXD OL]DGRSDUDSRGHURIUHFHUXQSDQRUDPDJOREDOL]DGRUGHOD REUD GH ORV DXWRUHV WUDWDGRV3HVHDRIUHFHULQWHUHVDQWHV
FRQFOXVLRQHVODLQYHVWLJDFLyQTXHGyODVWUDGDSRUORVSUREOH PDVGHVXDXWRUSDUDREWHQHUHQORVIRQGRVELEOLRJUiILFRV QDFLRQDOHVODLQIRUPDFLyQQHFHVDULDSDUDDQDOL]DUODFXHVWLyQ GHODOLWHUDWXUDGHORVH[LOLDGRVWDO\FRPRKDREVHUYDGR,J QDFLR6ROGHYLOD
6DOLGR GH (VSDxD HQ GHGLFDGR D OD HQVHxDQ]D XQLYHUVLWDULD \ D OD LQYHVWLJDFLyQ GHODOLWHUDWXUDHVSDxROD>WHQtD@DPLGLVSR VLFLyQ ODV ELEOLRWHFDV GH 1RUWHDPpULFD \ OD DPELFLRVD LQWHQFLyQ GH HVWXGLDU FRPR 0D UUD/ySH] OD OLWHUDWXUD GHO H[LOLR \ HO WHPD GHODJXHUUDFLYLO>@>5HXQt@PiVGDWRVHQ
WUHVPHVHVHQOD/LEUDU\RI&RQJUHVVGH:DV
KLQJWRQ \ HQ FRUUHVSRQGHQFLD FRQ H[LOLDGRV FRPR 0D[ $XE 0DQXHO $QG~MDU $QWRQLR 6iQFKH] %DUEXGR R )UDQFLVFR $\DOD TXH 0DUUD/ySH] GHVGH HO SURIXQGR SR]R LQWH ULRU GH (VSDxD GXUDQWH DxRV GH HVIXHU]R
'XUDQWHODGpFDGDGH\KDVWDODSXEOLFDFLyQHQ GHOPRQXPHQWDOHLPSUHVFLQGLEOHWUDEDMRPRQRJUiILFR
VREUHHOH[LOLRUHSXEOLFDQRTXHGLULJLGRSRU-RVp/XLV$EHOOiQ DQDOL]DEDODGLiVSRUDGH\VXVFRQVHFXHQFLDVGHVGH SXQWRVGHYLVWDSROtWLFRVVRFLDOHV\FXOWXUDOHVDSDUHFLHURQ HQHOSDQRUDPDFUtWLFRHVSDxROYDULRVHQVD\RVDPHQXGR LQVHUWRVHQUHYLVWDVFRPR7ULXQIRR&XDGHUQRVSDUDHOGLi ORJRTXHVHRFXSDEDQGHODVLWXDFLyQGHODOLWHUDWXUD\HQ FRQFUHWRGHODQRYHOtVWLFDGHOH[LOLR$VtSRUHMHPSOR$XUR
UDGH$OERUQR]SXEOLFy³/D(VSDxDSHUHJULQD´HQHOQ~PHUR
GH7ULXQIRHQMXQLRGHPLHQWUDVTXH5DIDHO&RQWH
IXHHODXWRUGHXQDUWtFXORTXHWLWXODGR³/DQRYHODHVSDxROD HQHOH[LOLR´DSDUHFLyHQPD\RGHHQ&XDGHUQRVSDUD
HOGLiORJR0iVFHUFDQRVDODGLYXOJDFLyQTXHDODUHIOH[LyQ
FLHQWtILFDORVDUWtFXORVSHUPLWLHURQGLIXQGLUHQ(VSDxDQRP EUHV\REUDVTXHKDVWDHVHPRPHQWRHUDQVLVWHPiWLFDPHQWH FHQVXUDGRV\FDUDFWHUL]DGRVFRPR³HQHPLJRVGHODSDWULD´ SRUODUHWyULFDFXOWXUDOIUDQTXLVWD
'HOPLVPRPRGRVHSXEOLFDURQHQ(VSDxDOLEURVFRPR
/D (VSDxD DXVHQWHHQHOTXHYDULRVDXWRUHVDQDOL]DEDQ
ODVFRQVHFXHQFLDVGHODGLiVSRUDSURYRFDGDSRUOD*XHUUD &LYLOHQORViPELWRVSROtWLFRVFLHQWtILFRV\DUWtVWLFRV)UDQFLV FR8PEUDOIXHHOHQFDUJDGRGHHVWXGLDUODVLWXDFLyQGHOD OLWHUDWXUDHVSDxRODGHOH[LOLRHQHOEUHYHDSDUWDGR³/RVHVFUL WRUHVDXVHQWHV´HQHOTXHUHSDVDEDGHIRUPDVRPHUDODSUR GXFFLyQGHORVSULQFLSDOHVDXWRUHVGHVWHUUDGRVLQFXUULHQGR QRREVWDQWHHQYDULRVHUURUHVGHLQWHUSUHWDFLyQ(ODQiOLVLV
LQWHJUDGRUTXHRIUHFtDODREUDHUDVLPLODUDOTXHDxRVDQWHV KDEtD H[SXHVWR &DUORV 0DUWtQH] HQ&UyQLFD GH XQD HPL
JUDFLyQGRQGHVHDQDOL]DEDQGLYHUVRVDVSHFWRVGHODFXOWX
UDGHORVH[LOLDGRVHVSDxROHVHQ0p[LFR
/RVPDQXDOHVGHOLWHUDWXUDHVSDxRODGHSRVJXHUUDSX EOLFDGRVGXUDQWHODGLFWDGXUDIUDQTXLVWDDSHQDVKDFtDQPHQ FLyQDODVLWXDFLyQGHODQDUUDWLYDGHORVDXWRUHVH[LOLDGRVWDO
\FRPRGHPXHVWUDXQUiSLGRYLVWD]RDORVGH7RUUHQWH%DOOHVWHU
3DQRUDPD GH OD OLWHUDWXUD HVSDxROD FRQWHPSRUiQHD
'RPLQJR/DQRYHODHVSDxRODGHOVLJOR;;%URZQ+LV
WRULDGHODOLWHUDWXUDHVSDxROD'H1RUD/D QRYHOD HV
SDxRODFRQWHPSRUiQHDR6REHMDQR1RYHOD HVSDxROD GH
QXHVWURWLHPSR$OJXQRV FRPR HO GH 0DUWtQH] &DFKHUR
+LVWRULD GH OD QRYHOD HVSDxROD HQWUH \ OOH
JDURQLQFOXVRDLJQRUDUODSRUFRPSOHWRSRQLHQGRDVtGHPD QLILHVWRVXHVFDVDUHSUHVHQWDFLyQGHQWURGHOSDQRUDPDLQWH OHFWXDOGHOD(VSDxDIUDQTXLVWD1RHQYDQRHQORVSODQHV
GHHVWXGLRDFDGpPLFRVVHRPLWLyODREUDGHORVGHVWHUUDGRV TXHQRSXGRVHUDVtLQFRUSRUDGDDODPHPRULDFROHFWLYDGH ODVQXHYDVJHQHUDFLRQHV
/RVHVWXGLRVTXHWDQJHQFLDOPHQWHWUDWDEDQHOWHPDGH ODOLWHUDWXUDGHOH[LOLRVROtDQHVWDUFHQWUDGRVHQODVILJXUDVGH $\DOD$XE\6HQGHUFRQWULEX\HQGRFRQHOORDOGHVHTXLOLEULR FRJQRVFLWLYRGHODREUDGHORVDXWRUHVGHVWHUUDGRVTXHFRQWL Q~DYLJHQWH0LHQWUDVORVWUHVHVFULWRUHVFLWDGRV\RWURVFRPR ORVPLHPEURVGHOJUXSRSRpWLFRGHOKDQVLGRREMHWRGH QXPHURVRVHVWXGLRVDXWRUHVFRPR3DXOLQR0DVLS(VWHEDQ 6DOD]DU&KDSHOD-XDQ&KDEiVR&pVDU0$UFRQDGDSHUPD QHFHQD~QHQHOPiVRVFXURDQRQLPDWR/yJLFDPHQWHORV WH[WRVGHFUtWLFDOLWHUDULDTXHVHSXEOLFDEDQHQHOH[WUDQMHUR DOJXQRVGHHOORVREUDGHHVFULWRUHVH[LOLDGRVVtLQWHQWDEDQ RIUHFHUXQSDQRUDPDJOREDOGHODOLWHUDWXUDHVSDxROD/DGLV SHUVLyQLQKHUHQWHDOH[LOLR\ODFRQVLJXLHQWHLPSRVLELOLGDGGH UHFRSLODULQIRUPDFLyQPHUPDEDQVLQHPEDUJRVXFDSDFLGDG LQWHJUDGRUD
/DHVFDVH]GHPDWHULDOHV\ODPDODLQWHUSUHWDFLyQSUR YRFDGDHQODPD\RUtDGHORVFDVRVSRUHOGHVFRQRFLPLHQWRGH ODREUDH[LOLDGD\FRQVHFXHQWHPHQWHODLPSRVLELOLGDGGHMX] JDUODFRQSDUiPHWURVDGHFXDGRVIXHURQGHHVWHPRGRODV
GRVSULQFLSDOHVFDUDFWHUtVWLFDVGHODLQYHVWLJDFLyQVREUHOD FXOWXUDGHOH[LOLRHIHFWXDGDHQ(VSDxDGXUDQWHODGLFWDGXUD
/DDWHQFLyQDODREUDH[LOLDGDHQHOH[WUDQMHUR
$QWHODHVFDVDDWHQFLyQTXHODVHGLWRULDOHVHVSDxRODV SUHVWDEDQDOWHPDYROXQWDULDPHQWHVLOHQFLDGRGHVGHODVHV WUXFWXUDVRILFLDOHVGHOSRGHUTXHDUJXPHQWDGRTXHODXQLGDG GHOSDtVVHEDVDEDHQFULWHULRVLGHROyJLFRVQRWHQtDQUHSDURV HQWLOGDUGH³DQWLHVSDxROHV´\SRUWDQWRH[WUDxRVDOSUR\HFWR FROHFWLYRQDFLRQDODWRGRVDTXHOORVTXHKXELHUDQWHQLGRTXH HVFDSDU GH (VSDxD WUDV OD JXHUUD WXYR TXH VHU OD HVIHUD FLHQWtILFDLQWHUQDFLRQDOODTXHVLUYLHVHGHPDUFRSDUDDQDOL ]DUHLQYHVWLJDUODREUDGHORVDXWRUHVH[LOLDGRV(QHOiPELWR GHOKLVSDQLVPRLQWHUQDFLRQDOUHYLVWDVFRPRODVQRUWHDPHUL FDQDV%RRNV$EURDG R5HYLVWD +LVSiQLFD 0RGHUQD OD LWDOLDQD0LVFHOiQHD GL 6WXGL +LVSDQLFD R OD IUDQFHVD(V SULWSXEOLFDEDQGHIRUPDKDELWXDODUWtFXORV\UHVHxDVGHREUDV GHH[LOLDGRVTXHHQPX\FRQWDGRVFDVRVSXGLHURQVHUOHtGDV HQ(VSDxD6HFUHyDVtXQDSHFXOLDUVLWXDFLyQGHGHVHTXLOL EULRFRJQLWLYRTXHKDFtDTXHHQHOH[WHULRUGHOSDtVIXHUDSR VLEOHDQDOL]DUODFXOWXUDHVSDxRODGHIRUPDJOREDOLQWHJUDQGR ODREUDGHORVDXWRUHVH[LOLDGRVDODGHORVTXHSHUPDQHFLHURQ HQHOSDtVVLQTXHVHSHUPLWLHUDTXHWDOLQWHUDFFLyQIXHVH OOHYDGDDFDERGHVGHODVHVWUXFWXUDVDFDGpPLFDVRHGLWRULD OHVQDFLRQDOHV)XHUDGH(VSDxDODOLWHUDWXUDHVSDxRODVtHUD DQDOL]DGDGHIRUPDJOREDOVLQGLVFULPLQDUQLDSDUWDUGHOHVWX GLRDQLQJ~QHVFULWRUSRUVXDGVFULSFLyQSROtWLFDPLHQWUDVTXH GHQWURGHOSDtVKDEODUGHOLWHUDWXUDHVSDxRODLPSOLFDEDKDEODU VyORGHXQWLSRGHWHUPLQDGRGHDXWRUHV
/RVSULQFLSDOHVOXJDUHVGHDFRJLGDGHOFROHFWLYRH[L OLDGRGHVDUUROODURQXQDLQWHQVDODERUFLHQWtILFD\GLYXOJDWLYD SDUDHVWXGLDU\GDUDFRQRFHUODVREUDVGHORVDXWRUHVTXH
KDEtDQWHQLGRTXHDEDQGRQDU(VSDxDWUDVORVDFRQWHFLPLHQ WRVGH6LHQRWURVSDtVHVODREUDH[LOLDGDIXHIXQGD PHQWDOPHQWHPDWHULDOGHVWLQDGRDODLQYHVWLJDFLyQ\SRUWDQWR GLULJLGDDXQS~EOLFRHVSHFLDOL]DGR\SHTXHxRHQHVWRVWHUUL WRULRVODSURGXFFLyQGHORVDXWRUHVGHVWHUUDGRVVHLQWURGXMR WDPELpQHQHOiPELWRGHODGLYXOJDFLyQEXVFDQGRFRQHOORVX DGDSWDFLyQDVXVQXHYRVFRQWH[WRV(OJUDQQ~PHURGHDUWLV WDVHLQWHOHFWXDOHVHQHOH[LOLRH[SOLFDHVWDSUROLIHUDFLyQ\ YDULHGDGGHSXEOLFDFLRQHV$SHVDUGHTXHFRPRTXHGyVH xDODGRODREUHUDIXHODFODVHVRFLDOFRQPiVUHSUHVHQWDQWHV ODGLiVSRUDUHSXEOLFDQDTXHSURYRFyHOILQDOGHOD*XHUUD &LYLOVHFDUDFWHUL]ySRUVXLPSRUWDQFLDFXDOLWDWLYD\FXOWXUDO
(Q XQ FyPSXWR SURYLVLRQDO >VH KD@ FLIUDGR HQ XQRV LQWHOHFWXDOHV ORV TXH VH H[LOLDURQ D FRQVHFXHQFLD GH OD JXHUUD HQ HQWHQGLHQGR SRU LQWHOHFWXDOHV WRGRV DTXHOORV TXH SHUWHQHFHQ D SURIHVLRQHV OLEH UDOHV LQJHQLHURV DUTXLWHFWRV FLHQWtILFRV DUWLVWDV HVFULWRUHV DERJDGRV SURIHVRUHV PpGLFRVHWFHQWUHHOORVHVWDEDQDOJXQRVGH ORVUHSUHVHQWDQWHVPiVHPLQHQWHVQRVyORGH ODFXOWXUDHVSDxRODVLQRGHODFXOWXUDHXUR SHDGHOVLJOR;;(VWRHVDOJRTXHQRKDRFX UULGR HQ OD PLVPD PHGLGD FRQ RWURV H[LOLRV
HVSDxROHV$EHOOiQ
0p[LFR\)UDQFLDIXHURQORVHVFHQDULRVGRQGHFRQPiV LQWHQVLGDGVHGHVDUUROODURQSUR\HFWRVHGLWRULDOHV\PHGLiWLFRV GLULJLGRVDGLIXQGLUODSURGXFFLyQGHORVH[LOLDGRV(QHOSUL PHURGHORVFDVRVH[LVWtDXQHQWRUQRIDYRUDEOHSDUDVXUH FHSFLyQSRUODFRLQFLGHQFLDLGLRPiWLFDODWUDGLFLyQGHHVWX GLRVOLWHUDULRVKLVSiQLFRV\ODPDVLYDSUHVHQFLDGHFRPSD WULRWDVGHVWHUUDGRV(QHOVHJXQGRHOFRPSURPLVR\ODFDSD
FLGDGGHDVRFLDFLyQGHORVH[LOLDGRVDGHPiVGHODFHUFDQtD GHOSDtV\ODFRQVLJXLHQWHSRVLELOLGDGGHKDFHUGLIXQGLUHQpO GHIRUPDFODQGHVWLQDODVSXEOLFDFLRQHVKLFLHURQSRVLEOHOD SUROLIHUDFLyQGHUHYLVWDV\EROHWLQHV
2WURVOXJDUHVGHDFRJLGDFRPR$UJHQWLQDR&XED IXHURQWDPELpQHVSHFLDOPHQWHSURFOLYHVSDUDODFUHDFLyQGH SXEOLFDFLRQHV(QFDPELRHQSDtVHVFRPR(VWDGRV8QLGRVR ,QJODWHUUDFDUDFWHUL]DGRVSRUODFXDOLILFDFLyQ\HODOWRQLYHO FXOWXUDOGHOFROHFWLYRH[LOLRTXHDFRJLHURQDSHQDVH[LVWLHURQ UHYLVWDVFUHDGDVHVSHFtILFDPHQWHSDUDHODQiOLVLVGHODSUR GXFFLyQGHOD³(VSDxDGHOGHVWLHUUR´(QHOiPELWRDQJOR VDMyQODVDSRUWDFLRQHVSDUDHOHVWXGLRGHVXREUDHVWXYLHURQ VLHPSUHHQPDUFDGDVHQWUDEDMRVJOREDOHVLQVFULWRVHQVXLQ JHQWHWUDGLFLyQLQYHVWLJDGRUD
/DVUHYLVWDVTXHGHIRUPDPiVLQWHQVDVHSUHRFXSD URQSRUGDUDFRQRFHUODREUDGHORVH[LOLDGRVIXHURQODVFUHD GDVSRUORVSURSLRVDXWRUHVKXLGRVTXHFRQILJXUDURQFRQHOOR XQDHVSHFLHGH³FRQWUDFXOWXUD´RSXHVWDDODLPSHUDQWHHQHO LQWHULRUGHOSDtV'HDKtTXH0DQXHO$QG~MDU\$QWRQLR5LVFR KD\DQVHxDODGRODHVWUHFKDUHODFLyQTXHSUHVHQWDQHVWDVSX EOLFDFLRQHVFRQODSHFXOLDUVLWXDFLyQGHH[LORYLYLGDSRUVXV SULQFLSDOHVSURWDJRQLVWDVFUHDGRUHV\UHFHSWRUHV\ODLPSR VLELOLGDGGHDQDOL]DUODVVLQWHQHUHQFXHQWDODVHVSHFLDOHVFLU FXQVWDQFLDVTXHMDORQDURQVXJHVWDFLyQ
/DVUHYLVWDVFXOWXUDOHV\OLWHUDULDVGHOH[LOLR >«@SXHGHQRIUHFHUXQQRWDEOHLQWHUpVGHVLJ QLILFDFLyQ\UHSUHVHQWDWLYLGDGQR\DVyORGH tQGROH KLVWyULFD VLQR FRPR H[SUHVLRQHV GH YDORU SHUGXUDEOH GH XQ HVStULWX \ GH XQD PHPRULD QDFLRQDOHV FX\D UHLQWHJUDFLyQ \ UHVFDWHLPSRQHQODVFRQVHFXHQFLDVLQPHGLD
'HVGHODSULPLJHQLD/XQDFUHDGDSRUXQJUXSRGH UHSXEOLFDQRVHVFRQGLGRVHQOD(PEDMDGDGH&KLOHGXUDQWHOD UHVLVWHQFLDGH0DGULG\SRUWDQWR³VLPEyOLFDPHQWH´FRP SXHVWDHQWHUULWRULRH[WUDQMHURUHYLVWDVGHWRGRWLSR\FRQGL FLyQIXHURQIXQGDGDVHQORVOXJDUHVGHDFRJLGDGHOFROHFWLYR UHSXEOLFDQR7RGDVHOODVSXHGHQVHUFODVLILFDGDVHQWUHVJUDQ GHVJUXSRVWHPiWLFRVUHYLVWDVSROtWLFDVFRPR3HQVDPLHQWR
(VSDxRO&RPXQLGDG ,EpULFD1XHVWUD (VSDxD$FFLyQ R
&XOWXUD \ 'HPRFUDFLD GHVWLQDGDV D PDQWHQHU YLJHQWH OD
REUDGHOD,,5HS~EOLFDDGHIHQGHUODOHJLWLPLGDGGHOJRELHU QRUHSXEOLFDQRHQHOH[LOLRDDWDFDUHOUpJLPHQIUDQTXLVWD\D UHFODPDUIUHQWHDODVDXWRULGDGHVLQWHUQDFLRQDOHVODQHFHVL GDGGHLQWHUYHQLUHQ(VSDxDSDUDWHUPLQDUFRQODGLFWDGXUD UHYLVWDV³GHLGHQWLGDGJHQHUDFLRQDO´FRPR&ODYLOHxR+RMD
/RV6HVHQWDR3UHVHQFLDFUHDGDVSDUDTXHORVKLMRVGHORV
H[LOLDGRVSXGLHUDQWHQHUXQFRQRFLPLHQWRGLUHFWRGHOSDtVGH VXVSDGUHV\UHYLVWDVFXOWXUDOHVGHGLFDGDVDGDUDFRQRFHU \DQDOL]DUODREUDGHORVDXWRUHVGHVWHUUDGRVeVWDVWXYLHURQ EiVLFDPHQWHGRVREMHWLYRV3RUXQODGRGLIXQGLUPDQWHQHU\ QRGHMDUFDHUHQHOROYLGRODKHUHQFLDLQWHOHFWXDO\DUWtVWLFD GHOFROHFWLYRUHSXEOLFDQR3RURWURHVWDEOHFHUVHFRPRHOH PHQWRVDOVHUYLFLRGHODLGHQWLGDGSDUDXQJUXSRGLVWLQJXLGR GHVGHVXDEUXSWDVDOLGDGH(VSDxDSRUODGHVXELFDFLyQ/RV SURSLRVQRPEUHVGHODVSXEOLFDFLRQHVGDQLGHD\DGHOFDUiF WHUGHVDUUDLJDGRGHOJUXSRDOTXHIXQGDPHQWDOPHQWHYDQGL ULJLGDV(VSDxDSHUHJULQD8OWUDPDU«
$SHVDUGHTXHODLQJHQWH\YDULDGDDFWLYLGDGGHORV UHSXEOLFDQRVH[LOLDGRVHQORTXHDODFUHDFLyQGHUHYLVWDVVH UHILHUHVREUHWRGRHQORVDxRVTXHYDQGHOILQDOGHODJXHUUD FLYLODODFXOPLQDFLyQGHOD,,*XHUUD0XQGLDOHVGHFLUFXDQ GRODHVSHUDQ]DGHOSURQWRILQDOGHODGLFWDGXUDD~QSHUPDQH FtDYLJHQWHLPSLGHHVWDEOHFHUXQOLVWDGRH[DFWRGHVXVFD UDFWHUtVWLFDV\SHFXOLDULGDGHVVtVHSXHGHDILUPDUTXHHQ
JHQHUDO WRGDV ODV SXEOLFDFLRQHV GHVWDFDQ SRU VX FDUiFWHU KHWHURJpQHR,QGHSHQGLHQWHPHQWHGHVXWHPiWLFDJHQHUDOOD PD\RUtDGHODVUHYLVWDVRIUHFtDQWDQWRPDWHULDODUWtVWLFRHQ PXFKRVFDVRVLQpGLWRVFUHDGRSRUORVHVFULWRUHVGHVWHUUD GRV\DOPLVPRWLHPSRHQVD\RVGHVWLQDGRVDDQDOL]DUODREUD GHTXLHQHVSHUPDQHFtDQIXHUDGHOSDtV6XSULQFLSDOREMHWLYR SRUWDQWRHUDHOGHGLIXQGLUORTXHVHHVWDEDKDFLHQGRHQHO iPELWRGHODFXOWXUDIXHUDGH(VSDxDSDUDTXHODREUDGHORV H[LOLDGRVQRFD\HVHHQHOROYLGRSDUDTXHWRGDODFRPXQLGDG GHUHIXJLDGRVSXGLHUDHVWDUHQFRQWDFWRFRQHOOD\SDUDTXH VLHOUiSLGRILQDOGHOUpJLPHQIUDQTXLVWDVHSURGXFtDWDO\ FRPRVHSHQVDEDHQODpSRFDODFXOWXUDH[LOLDGDSXGLHUD LQWHJUDUVHVLQSUREOHPDVHQODFUHDGDHQHOLQWHULRUGHOSDtV /DVRODH[LVWHQFLDGHHVWDVUHYLVWDVVXSXVRDVtXQDIRUPDGH DFWXDFLyQDWUDYpVGHODTXHORVH[LOLDGRVSXGLHURQGRWDUVH XQDYR]SURSLDIUHQWHDODLQWHUSUHWDFLyQRILFLDOTXHODGHOD KLVWRULDUHFLHQWH\GHODFXOWXUDHVSDxRODHVWDEDFRQILJXUDQ GRHOIUDQTXLVPRFRPRKDVHxDODGR)UDQFLVFR&DXGHW
'XUDQWH ODUJRV DxRV HO UpJLPHQ GH )UDQFR VLOHQFLyODODERUTXHHVWRVLQWHOHFWXDOHV>ORV H[LOLDGRV@ HVWDEDQ GHVDUUROODQGRHQORVSDt VHVGHDFRJLGDGHDKtHOHPSHxRGHORVSUR SLRV GHVWHUUDGRV SRU RSRQHU D HVD EDUUHUD GHVLOHQFLRLQH[LVWHQWHHOUHVXOWDGRGHVXTXH
KDFHU
/DODERUGHHVWDVSXEOLFDFLRQHVMXQWRDODVHGLWRULDOHV FRPRODVFLWDGDV5XHGR,EpULFRR-RDTXtQ0RUWL]SHUPLWLy TXHODODERUFXOWXUDOGHORVH[LOLDGRVFRQWLQXDVHHQVXVOXJD UHVGHDFRJLGD\TXHDSHVDUGHTXHGDU\DSDUDVLHPSUH PDUFDGDSRUHOWUDXPDGHODJXHUUD\GHOSRVWHULRU\FRQVH FXHQWHH[LOLRVXREUDSXGLHVHVHUFRQWLQXDGD'HKHFKR PXFKDVGHODVSXEOLFDFLRQHVWXYLHURQFRPRREMHWLYRGDULGHQ
WLGDGDXQJUXSRFDUDFWHUL]DGRSRUVXIUDJPHQWDFLyQ\GLV SHUVLyQDWUDYpVGHODQRWLILFDFLyQ\GLYXOJDFLyQGHVXVFUHD FLRQHV\SUR\HFWRV1RHQYDQR³ODPD\RUtDGHODVUHYLVWDV >«@GRFXPHQWDODVDFWLYLGDGHVFXOWXUDOHVGHORVH[LOLDGRV´ $QG~MDU\5LVFRORJUDQGRFRQHOORHOGREOHREMHWLYRGH FRQILJXUDUHOFROHFWLYRFRPRJUXSRGLIHUHQFLDGR\FRQHOOR GDUORDFRQRFHUHQORVOXJDUHVDORVTXHVHKDQYLVWRREOLJD GRVDDFXGLUWUDVODJXHUUD
(QJHQHUDO\H[FHSWXDQGRFDVRVSDUWLFXODUHVFRPRHO
GH6DODGHHVSHUDUHYLVWDFUHDGD\HQWHUDPHQWHFRPSXHV
WDSRU0D[$XEODVUHYLVWDVDJOXWLQDURQDQXPHURVRVPLHP EURVGHOH[LOLRUHSXEOLFDQRRIUHFLHQGRODSRVLELOLGDGGHFRQWL QXDUHQFRQWDFWRFRQXQFROHFWLYRFDUDFWHUL]DGRSRUVXGLV SHUVLyQ$VtHQ(VSDxDSHUHJULQDUHYLVWDFUHDGDHQ0p[L
FRHQSRU-RVp%HUJDPtQSRGHPRVHQFRQWUDUDUWtFXORV GHO SURSLR %HUJDPtQ -XDQ /DUUHD 3DEOR 3LFDVVR -RVHS &DUQHU&RUSXV%DUJD3DXOLQR0DVLS«'HOPLVPRPRGR HQWUHODH[WHQVDQyPLQDGHFRODERUDGRUHVGH5RPDQFHDSD UHFLGDHQ0p[LFRHQODGpFDGDGH\GLULJLGDSRU-XDQ 5HMDQRVHSXHGHHQFRQWUDUD-XDQ5DPyQ-LPpQH]3HGUR 6DOLQDV-RUJH*XLOOpQ-RVp0RUHQR9LOOD0DQXHO$OWRODJXLUUH 0DUtD=DPEUDQR3DXOLQR0DVLS(PLOLR3UDGRV%HQMDPtQ -DUQpV&RUSXV%DUJDR5DPyQ*yPH]GHOD6HUQDPLHQ WUDV TXH HQ,QGHSHQGHQFLD QDFLGD HQ HO VHQR GHO H[LOLR UHSXEOLFDQGRLQVWDODGRHQ)UDQFLDHVFULELHURQGHIRUPDUH JXODU-RUJH6HPSU~Q&RUSXV%DUJD0DQXHO7XxyQGH/DUD -HV~V,]FDUD\3DEORGH$]FiUDWH5DIDHO$OEHUWL-RVp0R UHQR9LOODR-RVp+HUUHUD3HWHUH/DVXPDGHODVYRFHVLQ GLYLGXDOHVGHORVH[LOLDGRVSHUPLWLyXQLILFDUDXQTXHIXHVH GHVGHHOiPELWRFXOWXUDOXQFROHFWLYRFDUDFWHUL]DGRGHVGHVX DEUXSWDVDOLGDGHOSDtVSRUODGLVSHUVLyQ\SHUPLWLyHQODPLV PDPHGLGDTXHRWUDVDFWLYLGDGHVFRPRODFUHDFLyQGHDVR FLDFLRQHVGRWDUOHGHODVVHxDVGHLGHQWLGDGSHUGLGDVDOVDOLU
GH(VSDxDFRPRPRVWUDEDHQHOSUyORJRGHOSULPHUQ~PHUR ODUHYLVWD/DV(VSDxDVFUHDGDHQ
/DV(VSDxDV>@HVXQDUHYLVWDOLWHUDULDDE VROXWDPHQWH LQGHSHQGLHQWH TXH DVSLUD D VHU XQ LQVWUXPHQWR PiV HQ OD UHFRQTXLVWD \ UH FRQVWUXFFLyQ GH (VSDxD HQ OD GLIXVLyQ GH QXHVWUD FXOWXUD HQ HO FRQRFLPLHQWR \ H[DO
WDFLyQGHQXHVWURVYDORUHV&DXGHW
$GHPiVHVWDVUHYLVWDVVLUYLHURQGHSODWDIRUPDDWUD YpVGHODTXHYHUWHEUDUXQDVyOLGDLQWHUDFFLyQFRQODVpOLWHV FXOWXUDOHVGHORVSDtVHVGHDFRJLGD(VSHFLDOPHQWHIUXFWtIH URVIXHURQHVWRVFRQWDFWRVHQ+LVSDQRDPpULFDGRQGHFRPR KDVHxDODGR9LFHQWH/ORUHQVODSUHVHQFLDGHORVH[LOLDGRV ³FDPELyODLPDJHQGH(VSDxDHQDTXHOFRQWLQHQWH´(Q (XURSDODGLIHUHQFLDLGLRPiWLFD\ODWHQVDVLWXDFLyQSROtWLFD YLYLGDKDVWDODGpFDGDGHORVFLQFXHQWDLPSLGLyODFRPSOHWD DGDSWDFLyQGHORVHVSDxROHVTXHMDPiVSXGLHURQVDOYRFD VRVPX\FRQWDGRVFRPRORVGH$UWXUR%DUHDHQ,QJODWHUUDR HOGH-RUJH6HPSU~QHQ)UDQFLDLQWHJUDUVHSOHQDPHQWHHQHO PXQGRFXOWXUDOTXHOHVDFRJLy
<DGHVGHHOWtWXORPXHVWUD/RVKLVSDQRPH[LFDQRVVX YROXQWDGLQWHJUDGRUDH[SXHVWDWDPELpQHQSXEOLFDFLRQHVFRPR
/DV(VSDxDV8OWUDPDUR5RPDQFHHQODVTXHFRODERUDURQ
DFWLYDPHQWHLQWHOHFWXDOHVKLVSDQRDPHULFDQRVFRPRORVFKL OHQRV*DEULHOD0LVWUDO\3DEOR1HUXGDRORVPH[LFDQRV$O IRQVR5H\HV\2FWDYLR3D]3UHFLVDPHQWHHVWH~OWLPRHQVX FDOLGDGGHGLUHFWRUGHODUHYLVWDSRpWLFD7DOOHUIXHHOUHVSRQ VDEOHGHXQDGHODVLQLFLDWLYDVTXHGHIRUPDPiVSDUDGLJPiWLFD FRQWULEX\HURQDODFRODERUDFLyQLQWHOHFWXDOHQWUHPLHPEURV GHDPERVFRQWLQHQWHVDODEULUVXSXEOLFDFLyQFUHDGDDPH GLDGRVGHODpSRFDGHDWRGRVORVPLHPEURVGHOFROHF
WLYRH[LOLDGRVTXHDVtORGHVHDUDQFRPRPXHVWUDGHVXILGHOL GDG³DODFDXVDYLYDGHODFXOWXUDKLVSiQLFD´WDO\FRPR VHxDOyHOSURSLR3D]HQXQRGHORVQ~PHURVSXEOLFDGRVHQ -XDQ*LO$OEHUW5DPyQ*D\DR-RVp+HUUHUD3HWHUH IXHURQDOJXQRVGHORVLQWHOHFWXDOHVTXHFRODERUDURQFRQ3D] HQVXLQLFLDWLYDHGLWRULDO
3DUDORJUDUHVWDLQWHUDFFLyQFXOWXUDOKXERTXHYHQFHU GRVREVWiFXORV(OSULPHURUHVSRQVDELOLGDGGHORVHVSDxROHV KDFtDUHIHUHQFLDDVXDLVODPLHQWRDVXQHJDWLYDDDGDSWDUVH FRPSOHWDPHQWHSDUDQRSHUGHUDVtVXVVHxDVGHLGHQWLGDG HVSDxRODV\VXFUHHQFLDHQODHYHQWXDOLGDGGHVXVLWXDFLyQGH H[LOLDGRV/DVHJXQGDIXHUHVSRQVDELOLGDGGHORVLQWHOHFWXD OHVKLVSDQRDPHULFDQRVTXHHQVXE~VTXHGDGHXQDWUDGLFLyQ SURSLDDOHMDGDGHFXDOTXLHUWLSRGHKHUHQFLDLQWHOHFWXDOFROR QLDOREVHUYDURQFRQUHFHORODOOHJDGDGHORVHVSDxROHV&LHU WRVVHFWRUHVLQWHOHFWXDOHVDFUHFHQWDURQHVWDPLUDGDFUtWLFD SRUHORGLR\HOUHQFRUGHULYDGRGHODFRQTXLVWD$SHVDUGH TXHODVUHWLFHQFLDVGHDPERVEDQGRVSDUDORJUDUXQDFRQV WDQWHFRPXQLFDFLyQVHORJUDURQYHQFHUQRKXERXQDWRWDO DVLPLODFLyQFXOWXUDOFRPRORGHPXHVWUDHOKHFKRGHTXHORV H[LOLDGRVQRWHUPLQDURQMDPiVGHLQWHJUDUVHHQODVHVWUXFWX UDVFXOWXUDOHVKLVSDQRDPHULFDQDV\TXHVLHPSUHPDQWXYLH URQDFWLYDVODVVX\DVSURSLDVUHIRU]DQGRFRQHOODVVXSRVL FLyQGHRSRVLFLyQIUHQWHDOUpJLPHQIUDQTXLVWD
$PRGRGHFRQFOXVLyQUHYLVWDVFRQWUDHOROYLGR
,QFRPSOHWRHQORFXDQWLWDWLYRSXHVODJUDQFDQWLGDGGH UHYLVWDVFUHDGDVHQHOH[LOLRDVtORGHPDQGDEDHOUHSDVRHQ HVWDVSiJLQDVKDLQWHQWDGRPRVWUDUDOJXQDVGHODVPiVLP SRUWDQWHV FDUDFWHUtVWLFDV TXH SUHVHQWDQ ODV SXEOLFDFLRQHV SHULyGLFDVFXOWXUDOHV\VREUHWRGROLWHUDULDVLGHDGDV\GL
FROHFWLYRREOLJDGRDLUVHGH(VSDxDWUDVOD*XHUUD&LYLO6X LPSRUWDQFLDWDO\FRPRKDVLGRH[SXHVWRQRUHVLGHWDQWRHQ ORVFRQWHQLGRVHQVD\tVWLFRVFUtWLFRVSROtWLFRVROLWHUDULRVTXH HQHOODVVHYHUWLHURQVLQRVREUHWRGRHQVXFDSDFLGDGGH PDQWHQLPLHQWR\WUDQVPLVLyQGHORVYDORUHVGHXQDFXOWXUD FRQGHQDGDDOROYLGR\DOVLOHQFLRHQHOLQWHULRUGH(VSDxD SRQLHQGRDVtGHPDQLILHVWRTXHFRPRKDVHxDODGR0LFKDHO 8JDUWH³HOH[LOLRHVXQRGHORVHVFDVRVIHQyPHQRVHQOD KLVWRULDHQHOTXHHOOHQJXDMHVHFRQVLGHUDXQLQVWUXPHQWR PiV HILFD] SDUD HO FDPELR VRFLDO TXH OD DFFLyQ SROtWLFD´ 8JDUWH
1RWDV
-DYLHU 6iQFKH] =DSDWHUR HV OLFHQFLDGR HQ 3HULRGLVPR \ HQ )LORORJtD +LV
SiQLFD+DWUDEDMDGRHQGLYHUVRVPHGLRVGHFRPXQLFDFLyQFRPRHOGLDULR ³(O 0XQGR´ R ODV UHYLVWDV FXOWXUDOHV ³%ODFN 0DUNHW´ R ³/D )DFWRUtD GHO 5LWPR´ \ KD VLGR FUtWLFR OLWHUDULR GHO VXSOHPHQWR FXOWXUDO GHO SHULyGLFR ³7ULEXQDGH6DODPDQFD´+DSXEOLFDGRGLYHUVRVDUWtFXORVHQUHYLVWDVFLHQ WtILFDVFRPR³/HFWXUD\6LJQR´³/DEHULQWRV´³(VSpFXOR´R³+LSHUWH[WRV´ \ DFWXDOPHQWH HV FRODERUDGRU KDELWXDO GH ODV SXEOLFDFLRQHV HVSHFLDOL]DGDV HQJpQHURQHJUR³/DJDQJVWHUHUD´\³(XURSRODU´(VGLUHFWRUGHO&RQJUH VRGH1RYHOD\&LQH1HJURTXHDQXDOPHQWHVHFHOHEUDHQOD8QLYHUVLGDGGH 6DODPDQFD\KDVLGRHGLWRUGHORVGRVYRO~PHQHVGHDFWDVGHODVSULPHUDV HGLFLRQHV SXEOLFDGDV EDMR HO WtWXOR ³0DQXVFULWR FULPLQDO 5HIOH[LRQHV VREUH QRYHOD \ FLQH QHJUR´ H ³,QIRUPH FRQILGHQFLDO /D ILJXUD GHO GHWHF WLYH HQ HO JpQHUR QHJUR´ &RQIHUHQFLDQWH LQYLWDGR HQ YDULDV XQLYHUVLGDGHV HXURSHDV FRPR ODV GH 3UDJD H ,QQVEUXFN DFWXDOPHQWH HV PLHPEUR GHO GHSDUWDPHQWR GH /HQJXD (VSDxROD \ 3URIHVRU GHO VHUYLFLR GH &XUVRV ,QWHUQDFLRQDOHVGHOD8QLYHUVLGDGGH6DODPDQFD\VXVOtQHDVGHLQYHVWLJD FLyQ VH FHQWUDQ HQ OD OLWHUDWXUD SROLFtDFD \ HQ OD QDUUDWLYD GHO H[LOLR UHSXEOLFDQR HVSDxRO
/DFHQVXUDPLOLWDULPSXHVWDDORVSRFRVGtDVGHODVXEOHYDFLyQHQWHUULWR
ULR QDFLRQDO IXH UDWLILFDGD HQ FRQ OD SURPXOJDFLyQ GH OD /H\ GH ,PSUHQWD FRQIHFFLRQDGD SRU HO HQWRQFHV PLQLVWUR 5DPyQ 6HUUDQR 6~xHU (O GRFXPHQWR OHJDO GHFUHWDED OD QHFHVDULD UHYLVLyQ GH WRGRV ORV WH[WRV DQWHVGHVXGLIXVLyQDVtFRPRODSURKLELFLyQGHSXEOLFDUFXDOTXLHUWLSR³GH LPSUHVRV \ JUDEDGRV SRUQRJUiILFRV R GH OLWHUDWXUD VRFLDOLVWD FRPXQLVWD OLEHUWDULD \ HQ JHQHUDO GLVROYHQWHV´
(VWDGRODQXHYD/H\GH3UHQVDH,PSUHQWDTXHSURQWRSDVyDVHUFRQRFL GD SRSXODUPHQWH FRPR ³/H\ )UDJD´ DO VHU pVWH UHVSRQVDEOH GHO PLQLVWH ULR HQFDUJDGR GH HODERUDUOD (O QXHYR WH[WR OHJDO UHFRQRFtD OD OLEHUWDG GH H[SUHVLyQ \ HOLPLQDED OD FHQVXUD SUHYLD SHUR UDWLILFDED OD SRWHVWDG GHO (VWDGRSDUDFDVWLJDUDWRGRVDTXHOORVTXHQRUHVSHWDVHQODYHUGDGODPRUDO \ ODV OH\HV GHO 0RYLPLHQWR 1DFLRQDO /DV OLPLWDFLRQHV GH OD OH\ IXHURQ UHFRQRFLGDV SRU HO SURSLR )UDQFR TXH SRFR DQWHV GH VX SURPXOJDFLyQ DGYLUWLy DO HQWRQFHV PLQLVWUR GH ,QIRUPDFLyQ \ 7XULVPR 0DQXHO )UDJD ³1R VHDPRV GHPDVLDGR EXHQDV SHUVRQDV 8WLOLFHPRV FRPR WRGRV ORV PHGLRV LQGLUHFWRV GH FRQWURO´ 3UHVWRQ
$OJXQRVHGLWRUHVDSURYHFKDURQODDXVHQFLDGHORVHVFULWRUHVH[LOLDGRV\OD
SHUPLVLYLGDG MXUtGLFD FRQ ORV GHOLWRV FRQWUD OD SURSLHGDG LQWHOHFWXDO SDUD SXEOLFDU IXQGDPHQWDOPHQWH D SDUWLU GH VXV REUDV VLQ VX FRQVHQWL PLHQWR \ VLQ TXH SRU WDQWR IXHUDQ SDUWtFLSHV GH ORV EHQHILFLRV TXH VX GLIXVLyQ SXGLHVH JHQHUDU 1DKDUUR&DOGHUyQ
/D HGLWRULDO 6HL[ %DUUDO HGLWy HQ OD QRYHOD GH 6HJXQGR 6HUUDQR
3RQFHOD8QRORUDFULVDQWHPR'HVWLQRSRUVXSDUWHSXEOLFyHQODGpFDGD GHYDULDVQRYHODVGH5DPyQ-6HQGHU&UyQLFDGHODOED(OEDQGLGR
DGROHVFHQWH(OHJtD GHO SULHWR 7ULQLGDG HWF
)UDQFLVFR$\DODOOHJyDWLOGDUODDSDULFLyQGHOOLEURGH-RVp5DPyQ0DUUD
/ySH] HQ GH ³DFRQWHFLPLHQWR QDFLRQDO´ $\DOD
(Q OD REUD GH$EHOOiQ HO YROXPHQ ,9 GH OD REUD WHQtD FRPR REMHWR HO
DQiOLVLVGHODVLWXDFLyQFXOWXUDOGHOD³(VSDxDSHUHJULQD´$XURUDGH$OERU QR]VHHQFDUJyGHOHVWXGLRGHODSRHVtDGHOH[LOLRPLHQWUDVTXH6DQWRV6DQ] 9LOODQXHYD \ 5LFDUGR 'RPpQHFK VH RFXSDURQ UHVSHFWLYDPHQWH GH OD QDUUDWLYD \ HO WHDWUR
99$$/D (VSDxD DXVHQWH (GLFLRQHV 0DGULG
8PEUDO DGMXGLFDED D$UWXUR %DUHD XQD SURGXFFLyQ OLWHUDULD DQWHULRU DO
FRQIOLFWR LQH[LVWHQWH \ DILUPDED TXH 0D[$XE FRQWLQXy HQ HO H[LOLR UHSL WLHQGR ODV PLVPDV IRUPDV HVWLOtVWLFDV HPSOHDGDV HQ ORV DxRV SUHYLRV D OD FRQWLHQGDFXDQGRSDUHFHDGPLWLGDSRUWRGRVVXVHVWXGLRVRVODGLYLVLyQGH VXREUDHQGRVSDUWHVVHSDUDGDVSRUODEDUUHUDGHOD*XHUUD&LYLO
/DREUDSXHGHHQFRQWUDUVHGLJLWDOL]DGDHQODVLJXLHQWHGLUHFFLyQGH,QWHUQHW
KWWSZZZFHUYDQWHVYLUWXDOFRP)LFKD$XWRUKWPO"5HI SRUWDO
0DUWtQH]&DFKHURVyORVHRFXSDGHODVREUDVGHORVH[LOLDGRVTXHVHGLVWUL
EX\HQ GH IRUPD QRUPDO HQ (VSDxD7DPSRFR KD\ UHIHUHQFLD DOJXQD D OD VLWXDFLyQGHODQRYHOtVWLFDHQHOH[LOLRHQORVHVWXGLRVGHQDUUDWLYDHVSDxR ODGHODpSRFDGH*DUFtD9Lxy1RYHODHVSDxRODDFWXDORDSHVDUGHVHU\D SXEOLFDGRHQSOHQDWUDQVLFLyQDODGHPRFUDFLDGH6SLUHV/DQRYHODHVSD
ODV FUHDGDV SRU HO FROHFWLYR FDWDOiQ H[LOLDGR HVSHFLDOPHQWH LQWHUHVDGR HQ UHDFWLYDU OD FXOWXUD \ OD OHQJXD FDWDODQD RSULPLGDV \ SHUVHJXLGDV SRU HO IUDQTXLVPR 6H FUHDURQ DVt SXEOLFDFLRQHV FRPR5HYLVWD GH &DWDOXQ\D FRQWLQXDGRUDHQHOH[LOLRGHODIXQGDGDHQSRUHOKLVWRULDGRU$QWRQL 5RYLUD L9LUJLOL&DQLJyR&DOLX /D SULPHUD GH ODV SXEOLFDFLRQHV FLWDGDV WXYR JUDQ LPSRUWDQFLD FRPR HOHPHQWR DO VHUYLFLR GH OD OLWHUDWXUD FDWDODQD \HQWUHVXVFRODERUDGRUHVVHSXHGHHQFRQWUDUD$JXVWt%DUWD-RVHS&DUQHV &DUOHV5LEDR0HUFp5RGRUHGD
(O FDVR GH6DODGHHVSHUD FX\R SDUDGLJPiWLFR WtWXOR UHVXOWD PX\ UHYHOD
GRUSDUDHQWHQGHUODVHQVDFLyQGHHYHQWXDOLGDGTXHGHVXVLWXDFLyQWHQtDQ ORV H[LOLDGRV VLHPSUH HVSHUDQ]DGRV FRQ OD YXHOWD DO KRJDU HV XQR GH ORV PiV FXULRVRV GHQWUR GH OD LQJHQWH SURGXFFLyQ GH UHYLVWDV HQ HO H[LOLR &UHDGD SRU 0D[$XE HQ VH SXEOLFy GH IRUPD UHJXODU GXUDQWH WUHV DxRV )XHURQ HGLWDGRV WUHLQWD Q~PHURV \ WRGRV ORV WH[WRV TXH HQ HOORV VH LQFOX\HURQ IXHURQ UHVSRQVDELOLGDG H[FOXVLYD GH$XE /D UHYLVWD FRQWHQtD HQVD\RV UHVHxDV GH REUDV \ PDWHULDO OLWHUDULR LQpGLWR
/D UHODFLyQ GH 2FWDYLR 3D] FRQ ORV LQWHOHFWXDOHV HVSDxROHV KDEtD FRPHQ
]DGRHQOD*XHUUD&LYLO(QHODXWRUPH[LFDQROOHJyD(VSDxDFRPR XQMRYHQHQWXVLDVWDGHODFDXVDUHSXEOLFDQD\SDUWLFLSyHQHO&RQJUHVRGH (VFULWRUHV$QWLIDVFLVWDV FHOHEUDGR HQ9DOHQFLD 8Q DxR DQWHV KDEtD FRP SXHVWR HO SRHPD ³1R SDVDUiQ´ HO SULPHUR GH ORV YDULRV TXH HVFULELUtD LQVSLUDGRHQORVVXFHVRVRFXUULGRVHQ(VSDxD/RVEHQHILFLRVGHODYHQWD\ GLVWULEXFLyQ GHO SRHPD IXHURQ FHGLGRV HO )UHQWH 3RSXODU %LQQV
%LEOLRJUDItD
$EHOOiQ -RVp /XLV GLU(O H[LOLR HVSDxRO GH 9ROXPHQ /D
HPLJUDFLyQ UHSXEOLFDQD 0DGULG7DXUXV
²²²²²²²² GLU(O H[LOLR HVSDxRO GH 9ROXPHQ
&XOWXUD \ /LWHUDWXUD 0DGULG7DXUXV
²²²²²²²²GLU(OH[LOLRHVSDxROGH9ROXPHQ $UWH
\ &LHQFLD 0DGULG7DXUXV
²²²²²²²² (O H[LOLR FRPR FRQVWDQWH \ FRPR FDWHJRUtD 0D GULG %LEOLRWHFD 1XHYD
$OERUQR]$XURUD GH ³/D (VSDxD SHUHJULQD´ (Q7ULXQIR Q~PHUR
+LVSDQRDPpULFD´(Q$EHOOiQ-RVp/XLVGLU(OH[LOLRHVSDxROGH
9ROXPHQ &XOWXUD \ /LWHUDWXUD 0DGULG7DXUXV
$QG~MDU 0DQXHO \$QWRQLR 5LVFR ³&UyQLFD GH OD HPLJUDFLyQ HQ ODV UHYLVWDV´ (Q$EHOOiQ -RVp /XLV GLU(O H[LOLR HVSDxRO GH 9ROX
PHQ &XOWXUD \ /LWHUDWXUD 0DGULG7DXUXV
$XE0D['LDULRV(GLFLyQGH0DQXHO$]QDU6ROHU%DUFH ORQD$OED
²²²²/D JDOOLQD FLHJD (GLFLyQ GH 0DQXHO$]QDU 6ROHU %DUFHOR
QD$OED
$\DOD )UDQFLVFR 5HFXHUGRV \ ROYLGRV 0DGULG$OLDQ]D %LQQV 1LDOO /D OODPDGD GH (VSDxD 0DGULG 0RQWHVLQRV
&DXGHW)UDQFLVFR+LSyWHVLVVREUHHOH[LOLRUHSXEOLFDQR0DGULG)XQ GDFLyQ 8QLYHUVLWDULD (VSDxROD
²²²²²²² (O H[LOLR UHSXEOLFDQR GH 0DGULG &iWHGUD &RQWH 5DIDHO ³/D QRYHOD HVSDxROD HQ HO H[LOLR´ (Q&XDGHUQRV SDUD
HO GLiORJR 1
'HOLEHV 0LJXHO (VSDxD 0XHUWH \ UHVXUUHFFLyQ GH OD
QRYHOD %DUFHORQD 'HVWLQR
/ORUHQV9LFHQWH /LWHUDWXUD KLVWRULD \ SROtWLFD 0DGULG 5HYLVWD GH 2FFLGHQWH
0DUUD/ySH] -RVp 5DPyQ 1DUUDWLYD HVSDxROD IXHUD GH (VSDxD 0DGULG *XDGDUUDPD
0DUWtQH] &DFKHUR -RVp 0DUtD +LVWRULD GH OD QRYHOD HVSDxROD HQWUH \ 0DGULG &DVWDOLD
3UHVWRQ 3DXO )UDQFR &DXGLOOR GH (VSDxD %DUFHORQD *ULMDOER 0RQGDGRUL
5LVFR$QWRQLR ³/DV UHYLVWDV FXOWXUDOHV \ OLWHUDULDV GH ORV H[LOLDGRV HVSDxROHV HQ )UDQFLD´ (Q$EHOOiQ -RVp /XLV GLU(O H[LOLR HVSDxRO GH
9ROXPHQ &XOWXUD \ /LWHUDWXUD 0DGULG 7DXUXV
6ROGHYLOD 'XUDQWH ,JQDFLR (O FRPSURPLVR GH OD LPDJLQDFLyQ 9LGD \
REUD GH 0D[$XE6HJRUEH)XQGDFLyQ0D[$XE
²²²²²²²²²²² +LVWRULD GH OD QRYHOD HVSDxROD 0DGULG &iWHGUD
