Vanguardismo andino en el Boletín Titikaka (1926-1930)

27 

Loading....

Loading....

Loading....

Loading....

Loading....

Texto completo

(1)

9DQJXDUGLVPRDQGLQRHQHO

%ROHWtQ7LWLNDND

'RULDQ(VSH]~D6DOPyQ

&ROORTXLL LDP WHPSXV DGHV 5HVXPHQ

(VWHDUWtFXORGLDORJDFRQORVSULQFLSDOHVSODQWHDPLHQWRVUHVSHFWR GHORVSRVWXODGRVHVWpWLFRLGHROyJLFRVRFLDOHVTXHGLIXQGLyHO*UXSR 2UNRSDWDOLGHUDGRSRU*DPDOLHO&KXUDWD$TXtVHUHYLVDQEiVLFD PHQWHGRVSURSXHVWDVTXHIXQFLRQDQFRPRKLSyWHVLVGHWUDEDMR\ VHGHVFDUWDQRWUDVSRUFDUHFHUGHIXQGDPHQWR7DPELpQVHSODQWHD XQDQXHYDGHQRPLQDFLyQSDUDFDOLILFDUHOSUR\HFWRSROLIyQLFR\ SROLIDFpWLFRGHORVRUNRSDWDV

3DODEUDVFODYH

*UXSR2UNRSDWDLQGLJHQLVPR*DPDOLHO&KXUDWD%ROHWtQ7LWLNDND

YDQJXDUGLD

$EVWUDFW

7KLVDUWLFOHHQJDJHVLQDGLDORJZKLWWKHPDLQH[SRVLWLRQVZKLW UHJDUG WR WKH DHVWKHWLFLGHRORJLFDOVRFLDO SRVWXODWHV K\SRWKHVLV DQGWKH\KDYHUXOHGRXWRWKHUVWRODFNRIIRXQGDWLRQ0RUHRYHUD QHZ QDPH FRQVLGHUV WR GHVFULEH WKH RUNRSDWDV SRO\SKRQLF DQG YHUVDWLOHSURMHFW

(2)

2UNRSDWD*URXSLQGLJHQLVPR*DPDOLHO&KXUDWD7LWLNDND%XOOHWLQ

DYDQWJDUGH

6

LHPSUH\SRUGLYHUVRVPRWLYRVYDKDFDXVDUDG PLUDFLyQ\VRUSUHVDHOKHFKRGHTXHHQ3XQRXQD ORFDOLGDGDOWLSOiQLFDSHUXDQDDPiVGHPHWURVVREUHHO QLYHOGHOPDU\DRULOODVGHOODJR7LWLNDNDVHKD\DGDGRODPiV LPSRUWDQWHPDQLIHVWDFLyQGHODYDQJXDUGLDDQGLQDSHUXDQD\ WDOYH]ODWLQRDPHULFDQD0HUHILHURDODDFWLYLGDGTXHGH VHPSHxRHO*UXSR2UNRSDWD*2TXHSXEOLFyHQWUHDJRV WRGH\MXQLRGHHOIDPRVR%ROHWtQ7LWLNDND%7 (VDGPLUDEOHTXHHQXQDFRPDUFDRUDOTXHHUDPiVXQDDO GHDLQGtJHQDRXQSXHEOREiVLFDPHQWHRUDO\DQDOIDEHWRTXH XQDFLXGDGOHWUDGDVHKD\DSURGXFLGRHOPiVLPSRUWDQWHLQ WHQWRSRUFRQVWUXLUXQDPRGHUQLGDGGHUDt]\WHPSOHDQGLQD FRPRGLUtD$QWRQLR&RUQHMR3RODU/DPRGHUQLGDGTXHSODQ WHDURQSDUWHGHOFRQYHQFLPLHQWRGHTXHQRKD\XQDVLQRPX FKDVPRGHUQLGDGHVGLVtPLOHV\GHVLJXDOHV$GHPiVDVXPLH URQODWDUHDLQHOXGLEOHGHFRQVWUXLUQXHVWUDSURSLDPRGHUQL GDGDQFODGDEiVLFDPHQWHHQORTXHQRVKDFHGLIHUHQWHVHV GHFLUHQODWUDGLFLyQDQGLQDRUDOUXUDO\EiVLFDPHQWHLQGtJH QDRHQORTXH6LOYLD5LYHUD&XVLFDQTXLKDOODPDGR³(OSRWHQ FLDOHSLVWHPROyJLFR\WHyULFRGHODKLVWRULDRUDO´'HORDQWH ULRU VH FROLJH TXH QR HVWDPRV IUHQWH D XQD PRGHUQLGDG SHULIpULFDRDOWHUQDWLYDHQWHQGLGDVLHPSUHFRPRXQDPDOD FRSLDXQDDGDSWDFLyQGHVFRQWH[WXDOL]DGDXQUHIOHMRWDUGtR\ GHIRUPHXQDHVSHFLHGHUpSOLFDLQHYLWDEOHGHODPRGHUQLGDG RFFLGHQWDOTXHVHDVLHQWDHQXQWHUUHQRFDUHQWHGHKLVWRULD\ GHFXOWXUDVLJXLHQGRORSODQWHDGRSRU%HDWUL]6DUOR6tHVWD PRVIUHQWHDXQDYDQJXDUGLDPRGHUQDTXHFRQEDVHDQGLQD

(3)

DVLPLODODVYDQJXDUGLDVHXURSHDVSDUDSURGXFLUXQGLVFXUVR QXHYR\SURSLR(VWDPELpQDGPLUDEOHTXHGHVGHHVWD³DOGHD FRVPRSROLWD´VHKD\DQHVWDEOHFLGRFRQH[LRQHVFRQORPiV LPSRUWDQWHGHODUHIOH[LyQLQWHOHFWXDOSXQHxDSHUXDQDODWL QRDPHULFDQD\HXURSHD(QHIHFWRQRPEUHVFRPR-RVp$Q WRQLR(QFLQDV)HGHULFR0RUH&DUORV2TXHQGRGH$PDW $OHMDQGUR3HUDOWD*DPDOLHO&KXUDWD(PLOLR$UPD]D(PLOR 5RPHUR-RVp&DUORV0DULiWHJXL/XLV$OEHUWR6iQFKH]/XLV (9DOFiUFHO;DYLHU$EULO-RUJH%DVDGUH-RVp0DUtD(JXUHQ &pVDU9DOOHMR$OEHUWR*XLOOpQ$OEHUWR+LGDOJR9tFWRU5D~O +D\DGHOD7RUUH0DJGD3RUWDO-RUJH/XLV%RUJHV0DULR GH$QGUDGH 2OLYHULR *LURQGR ÏVFDU &HUUXWR -XDQD ,EDUERXURX 0DQXHO 0DSOHV$UFH 'LHJR 5LYHUD &DUORV 0HGLQDFHOOL3DEORGH5RNKDR5DPyQ*yPH]GHOD6HUQD SRUFLWDUDOJXQRVQRVLQGLFDQTXHHQHO3XQRGHORVDxRV XQSXHEORDOGHDFRQXQDJHQHUDFLyQLQWHOHFWXDOPRGHUQDIRU PDGDSRU-RVp$QWRQLR(QFLQDV\FRQXQDLQIUDHVWUXFWXUD\ WHFQRORJtDWUDGLFLRQDOSDUDQDGDPRGHUQL]DGDVHSURGXMRHO PiVVHULRLQWHQWRSRUFRQVWUXLUXQIUHQWH~QLFRODWLQRDPHUL FDQRTXHVHRSRQJDDO³LPSHULDOLVPR´(VWDPRVIUHQWHDXQ SUR\HFWRTXHHVDOPLVPRWLHPSRHVWpWLFRVRFLDOFXOWXUDO\ SROtWLFRTXHGHVGHPLSXQWRGHYLVWDFRUUHVSRQGHDXQDYDQ JXDUGLDDQGLQDSRUTXHLQWHJUDWRGRVORVJUXSRVFXOWXUDOHVTXH FRQIRUPDQHVH³PXQGRDQGLQR´

/DHGLFLyQIDFVLPLODUGHO%7IXHVLQOXJDUDGXGDV

XQDFRQWHFLPLHQWRLPSRUWDQWHSDUDORVHVWXGLRVOLWHUDULRVHQ HO3HU~GDGRTXHXQDGHVXVFDUDFWHUtVWLFDVHVMXVWDPHQWHOD DXVHQFLDGHHGLFLRQHVFUtWLFDV\GHHGLFLRQHVIDFVLPLODUHV TXHQRVSHUPLWDQHVWDEOHFHUHOFRUSXVQHFHVDULR\EiVLFR SDUDTXHQXHVWUDVLQYHVWLJDFLRQHVHVWpQOLEUHVGHMXLFLRVHTXL YRFDGRV/DDXVHQFLD\GHVFRQRFLPLHQWRGHHGLFLRQHVFRPR HVWDKDOOHYDGRDDOJXQRV³LQYHVWLJDGRUHV´DFRPHWHUHUURUHV HQVXVDSUHFLDFLRQHV(OSURSLR'DQWH&DOOR&XQRGDFXHQWD

(4)

GHORVHUURUHVFRPHWLGRVSRU'DYLG:LVH/XLV(QULTXH7RUG \-RVp7DPD\R+HUUHUD6LQHPEDUJRIDOWDQKDFHUHVWXGLRV VREUHODREUDGHWRGRV\FDGDXQRGHORVLQWHJUDQWHVGH*2 SDUDHYLGHQFLDUODYDULDGDSURSXHVWDHVWpWLFDTXHVHDJOXWLQy DOUHGHGRUGHO%71RQRVVRUSUHQGHSRUHOORTXHODVLQYHVWL JDFLRQHVHQWRUQRDODYDQJXDUGLDSXQHxDVLQGHMDUGHVHU LPSRUWDQWHVVHDQWRGDYtDLQLFLDOHV3DUDFRPSOHWDUXQDUHYL VLyQGHORDFWXDGRKDVWDHVWHPRPHQWRPHUHIHULUpDORVOL EURVSXEOLFDGRVHQORV~OWLPRVDxRVTXHWUDWDQWHPDVUHODFLR QDGRVFRQODDFWLYLGDGTXHGHVHPSHxyHQ3XQRHO*2TXH SXEOLFyHO%7

'HVSXpVGHORVSLRQHURVWUDEDMRVSXEOLFDGRVSRUHO ,QVWLWXWR3XQHxRGH&XOWXUD\GHODVWHVLV\OLEURVSX EOLFDGRVSRU-XDQ/XLV&iFHUHV0RQUR\/XLV(QUL TXH7RUG 2PDU$UDPD\R \ -RVp7DPD\R +HUUHUDTXHGHVGHSHUVSHFWLYDVGLVWLQWDVHVWXGLDURQ ODVSURSXHVWDVGHO*2GLIXQGLGDVEiVLFDPHQWH\QRH[FOXVL YDPHQWHHQHO%7HOSULPHUHVWXGLRFRQWHPSRUiQHRVREUH(O

3H] GH 2UR /D 3D] &DQDWD GH *DPDOLHO &KXUDWD

VHXGyQLPRGHO$UWXUR3HUDOWD\OtGHUGHO*2OH FRUUHVSRQGHD0LJXHOÈQJHO+XDPiQTXLHQHQOD(GLWRULDO +RUL]RQWHSXEOLFyHQVXOLEUR)URQWHUDVGHODHVFULWX

UD'LVFXUVR\XWRStDHQ&XDUWD(VWHHVXQOLEURIXHUWH

PHQWHLQIOXHQFLDGRSRUODGHFRQVWUXFFLyQGHUULGLDQD\ODSUDJ PiWLFDOLWHUDULD$XQTXHQRHVXQHVWXGLRHVSHFtILFRVREUHHO %7\VREUHHO*2HOOLEURGH+XDPiQSODQWHDDOJXQDVLGHDV LQWHUHVDQWHVDXQTXHFLHUWDPHQWHGLVFXWLEOHVVREUHODREUD IXQGDPHQWDOGH&KXUDWD/DSULPHUDVRVWLHQHTXH&KXUDWD SUDFWLFDEDXQDOLWHUDWXUDLQGtJHQDPRGHUQDTXHQRSXHGHVHU HQFDVLOODGDGHQWURGHOLQGLJHQLVPR\GHOVXUUHDOLVPR6LQ HPEDUJRQRHVXQDOLWHUDWXUDLQGtJHQDSUDFWLFDGDSRUXQLQ GLRSXURLQH[LVWHQWHVLQRSRUXQ³VXMHWRSRSXODUDQGLQRPR GHUQR´7DOSDUHFHTXHSDUD+XDPiQHOWpUPLQRLQGtJHQD

(5)

GHVLJQD DO ³QXHYR LQGLR´ HQWHQGLGR FRPR XQ VXMHWR WUDQVFXOWXUDGRPLJUDQWHRKtEULGR$GHPiV+XDPiQVRVWLH QHTXHXQDOLWHUDWXUDLQGtJHQDDILUPDXQDLGHQWLGDGPiVDP SOLDTXHORLQGLRTXHSXHGHDEDUFDUHQJHQHUDOORDQGLQR(Q WRGRFDVRODKLSyWHVLVQRGHMDGHVHUDWUDFWLYDSXHVWRTXH H[LJHUHYLVDUHOFRQFHSWRTXHWHQHPRVVREUHORLQGtJHQDTXH \DQRVHVRVWLHQHVREUHODEDVHGHHVHQFLDOLVPRVRGHHVWH UHRWLSRVVRFLDOHVKDFHEDVWDQWHWLHPSR\DVXSHUDGRV

/DVHJXQGDLGHDFRPSOHPHQWDULDGHODSULPHUDKDFH DOXVLyQDODOHQJXDFRQODTXHVHH[SUHVDODGHQRPLQDGDOLWH UDWXUDLQGtJHQDPRGHUQD(QHIHFWR+XDPiQVRVWLHQHTXH &KXUDWD VH H[SUHVD HQ XQD OHQJXD KtEULGD TXH QR HV QL YHUQiFXODQLRFFLGHQWDO1RHVWDPRVIUHQWHDXQDHVFULWXUD HQTXHFKXDRD\PDUDQLIUHQWHDXQDHVFULWXUDSOHQDPHQWH RFFLGHQWDOHVWDPRVIUHQWHDXQDOHQJXDDQGLQDHQWHQGLGD FRPROHQJXDGLIHUHQFLDOHQODTXHVHLQWHJUDQODWUDGLFLyQ KLVSDQDFRQODWUDGLFLyQYHUQiFXOD&UHRTXH³OHQJXDDQGLQD´ HVODPHMRUGHILQLFLyQ\ODPiVDGHFXDGD/DOHQJXDDQGLQD VHPDQLILHVWDHQXQDHVFULWXUDGHUHVLVWHQFLDKtEULGDGREOH\ PDUJLQDOGHHQXQFLDFLyQSROLIyQLFDUHLWHUDWLYD(OWH[WRGH &KXUDWDVHFDUDFWHUL]DSRURUDOL]DUODHVFULWXUDSRUFRQVWUXLU UHWDEORVFRQSDODEUDVSRUHVWDUHVFULWDFRPRVLIXHUDXQJXLyQ GHUDGLR(VWDHVFULWXUDGHUHVLVWHQFLDHVHVHQFLDOPHQWHRUDO SRUTXHKD\XQDGHFRQVWUXFFLyQGHODHVFULWXUDHVFULWDSRU TXHHVWiHVFULWDFRPRVHKDEOD$KRUDELHQXQDHVFULWXUD RUDOH[LJHXQDOHFWXUDKDEODGDFRPRXQDHVFULWXUDFDQWDGD H[LJHXQDOHFWXUDFDQWDGD/DHVFULWXUDGH&KXUDWDH[LJHXQ LQWHUORFXWRUSDUWLFLSDWLYR7DPELpQHVWDVHJXQGDLGHDDEUHOD GLVFXVLyQVREUHWHPDVTXHWLHQHQTXHYHUFRQODWDUHDGH FRQVWUXLUXQDOHQJXDGLIHUHQFLDOTXHH[SUHVHXQDLGHQWLGDG GLIHUHQWHTXHQRVHGLOX\DHQORVSUR\HFWRVKRPRJHQHL]DGRUHV SRUTXHDOILQ\DOFDERQRKD\LQGHSHQGHQFLDVLQOHQJXD SURSLD

(6)

3RU~OWLPR+XDPiQUHDOL]DXQDHVWXGLRYDOLRVRSRU TXHOHHODREUDGH&KXUDWDFRQFDWHJRUtDVDQGLQDVVLQGHV FXLGDUODDVLPLODFLyQGHORVPpWRGRVSURYHQLHQWHVGHODWUDGL FLyQRFFLGHQWDO/RRULJLQDOGHVXWH[WRHVTXHXWLOL]DXQPp WRGRTXHSXHGHVHUFDOLILFDGRWDPELpQFRPRKtEULGRSDUDOHHU ORTXHGHQRPLQDOLWHUDWXUDLQGtJHQDPRGHUQD<HVPiVYDOLR VRFXDQGRHOFUtWLFRVHUHFRQRFHDVtPLVPRFRPRXQLQGtJH QDPRGHUQR(QHIHFWR+XDPiQWUDEDMDFRQFDWHJRUtDVFRPR UHWDEORWLQNX\NXWLSDFKDFXWLTXHDVXYH]HVWiQFRQMXJDGDV FRQWpUPLQRVTXHSURYLHQHQGHODGHFRQVWUXFFLyQ\ODSUDJ PiWLFD(QHVHVHQWLGR+XDPiQTXLHUHLJXDOTXH&KXUDWD H[SUHVDUVHHQLQGLR\QRH[SUHVDUDOLQGLR

-RVp&DUORV0DULiWHJXLKDEtDSODQWHDGRODLGHDGHTXH ODOLWHUDWXUDLQGtJHQDYHQGUtDFXDQGRORVSURSLRVLQGLRVHVWpQ HQODFDSDFLGDGGHSURGXFLUOD2EYLDPHQWHVHUHIHUtDDOD DSURSLDFLyQGHODHVFULWXUD(QHOSODQWHDPLHQWRGH+XDPiQ TXHHQFDMDSHUIHFWDPHQWHFRQORSODQWHDGRSRU0DULiWHJXL XQRGHORVTXHORJUDQFRQFUHWDUHVWHSUR\HFWRHV&KXUDWDGH PRGRTXHVHSURGXFHODFUtWLFD\VXSHUDFLyQGHOLQGLJHQLVPR

&LHUWDPHQWHHVGLVFXWLEOHVL&KXUDWDHUDRQRXQLQGtJHQDSRU HOHFFLyQLGHQWLILFDFLyQRILOLDFLyQSHURQRVHSXHGHGLVFXWLU VREUH HO RULJHQ OD FRQGLFLyQ \ OD OLWHUDWXUD LQGtJHQD GH ,QRFHQFLR0DPDQLXQRGHORVSULQFLSDOHVLQWHJUDQWHVGHO*2 WDOFRPRORGHPXHVWUDQUHFLHQWHVLQYHVWLJDFLRQHVGH*XLVVHOD *RQ]iOH]\0DXUR0DPDQL(QWDOVHQWLGRDILUPDPRVTXH HQHO%7FRH[LVWtDQGLYHUVRVSODQWHDPLHQWRVLGHROyJLFRVHV WpWLFRVFXOWXUDOHV\SROtWLFRVDJOXWLQDGRVSRUHOLGHDOGHFRQV WUXLUXQDSURSXHVWDRULJLQDOTXHVHRSRQJDDOLPSHULDOLVPR HVWpWLFR

(QOD8QLYHUVLGDG5LFDUGR3DOPDSXEOLFyHOOLEUR GH0DQXHO3DQWLJRVRWLWXODGR(OXOWUDRUELFLVPRHQHOSHQ

(7)

SHFWRVDQHFGyWLFRV\ORVOXJDUHVFRPXQHVGHORVTXHHVWi OOHQR QL ORV LQWHQWRV GH HQJUDQGHFHU OD ILJXUD GHO SLQWRU DUHTXLSHxRSDGUHGHODXWRU\FRODERUDGRUGHO%7/RTXH LQWHUHVDHVTXHHQHVWHOLEUR3DQWLJRVREDXWL]DHOSHQVDPLHQ WRODHVFXHODODFRUULHQWHODGRFWULQDODWHRUtDGH&KXUDWD\ HQ JHQHUDO GHO *2 FRPR ³XOWUDyUELFR´ (V PiV HO XOWUDRUELFLVPRVHUtDXQDFRUULHQWHTXHWUDVFLHQGHWHPSRUDO\ HVSDFLDOPHQWHDO*2GHPRGRWDOTXH3DQWLJRVRKDEODGH XOWUDRUELFLVPRLQFOX\HQGRODUHYLVWD/D7HD\HOPRYLPLHQWR

*HVWD%iUEDUDHQ3RWRVt3RURWURODGR3DQWLJRVRVRVWLHQH

TXHHOXOWUDRUELFLVPRWDPELpQWUDVFLHQGHOROLWHUDULRSDUDH[ WHQGHUVHDWRGDVODVDUWHV'HHVWHPRGR0DQXHO'RPLQJR 3DQWLJRVRHVHOSULQFLSDOUHSUHVHQWDQWHGHODSLQWXUDXOWUDyUELFD FRPR7HRGRUR9DOFiUFHOORHVGHODP~VLFD(OXOWUDRUELFLVPR VHUtDSDUD3DQWLJRVRGLJRVHUtDSRUTXHHOFRQFHSWRQRHVWi SDUD QDGDFODURXQDQXHYDHVFXHODHVWpWLFD YDQJXDUGLVWD TXHVXSHUDRPiVH[DFWDPHQWHVHRSRQHDOLQGLJHQLVPRHQ WDQWR\HQFXDQWRVHH[SUHVDQHQLQGLR\QRFRPRLQGLRV6H FDUDFWHUL]DUtDSRUHVWDEOHFHUODVUHODFLRQHVPXQGRGHDUUL EDPXQGRGHDEDMRPiVDOOiHQDFiyUELWDVHVWHODUHV yUELWDVWHUUHVWUHVKRPEUHDQGLQRFRVPRVVHPLOODIUX WRODJRFLHORDTXLFLWRDOODFLWRIXHU]DFHQWUtIXJDIXHU]D FHQWUtSHWDOHMDQtDSUR[LPLGDGHQXQDVtQWHVLVRWRWDOLGDG TXHDQXODUtDORVFRQWUDULRV\TXHDEDUFDUtDDVXYH]ORVFRQ FHSWRVGHSDFKDPDPDNXWLDOWHUQDQFLDGHFRQWUDULRVDKD\X ZDWDQHODOPDDPDUUDODYLGDQD\DW~HUHV\RKDOOSD NKDPDVNKDWLHUUDDQLPDGDWLQNX\HQFXHQWURGHFRQWUD ULRVSDFKDFDPDNSXFOOD\MXHJRFDUQDYDOEXUOD\D\OOX FpOXOD

+D\TXHSHGLUOHDOVHxRU3DQWLJRVRTXHVHSRQJDGH DFXHUGRVLHOXOWUDRUELFLVPRHVXQDIRUPDGHSHQVDURXQD HVFXHODOLWHUDULDRXQDFRUULHQWHHVWpWLFDRXQDGRFWULQDILOR VyILFDRXQDWHRUtDOLWHUDULDRVLHVWRGRHVRMXQWR7DPELpQ

(8)

KD\TXHSHGLUOHTXHGHPXHVWUHWH[WXDOPHQWHODH[LVWHQFLDGH ORVPDQLILHVWRVODVSURFODPDVORVSRVWXODGRVWHyULFRVROR TXHKDJDIDOWDSDUDKDEODUGHOXOWUDRUELFLVPRFRPRDOJRTXH SXHGDVHUGHILQLGRFRPRXQDHVFXHODFRUULHQWHGRFWULQDR WHRUtD'HRWURPRGRFDHPRVHQODLQWHUSUHWDFLyQDQWRMDGL]D \DUELWUDULDGRQGHHO³HVWXGLRVR´HQFXHQWUDDTXHOORTXHTXLH UHHQFRQWUDU7DPELpQKDEUtDTXHUHFRUGDUOHTXHIXHHOSUR SLR&KXUDWDHOTXHDFODUyTXH(OSH]GHRURHVUDGLFDOPHQWH LQGLJHQLVWD\QRXOWUDyUELFR\TXHORVDUWtFXORVSXEOLFDGRVHQ HO%7GHFODUDQVXDGKHVLyQDORLQGtJHQDDO$QGLQLVPRDO ,QGLJHQLVPRDO,QGRDPHULFDQLVPRDO&RQWLQHQWDOLVPRDO 1HRLQGLDQLVPR HWF$GHPiV KD\ TXH UHFRUGDUOH TXH ORV RUNRSDWDVRVRQLQGLJHQLVWDVRVRQLQGLRVPRGHUQRVRVRQ DQGLQRVSHURGHQLQJ~QPRGRVRQXOWUDyUELFRV(VFLHUWRTXH HO*2SODQWHDHOGHVDUUROORGHXQDQXHYDHVWpWLFDDQGLQD DQWLLPSHULDOLVWDSHURMDPiVODEDXWL]DURQGHXOWUDyUELFD(Q WDOVHQWLGRGHERGHFLUTXHODXWLOL]DFLyQRLQFRUSRUDFLyQGH HVWHWpUPLQRHQORVHVWXGLRVVREUHHO%7QRDSRUWDPXFKRHQ OD WDUHD GH HVFODUHFHU HO SHQVDPLHQWR \ ORV SRVWXODGRV LQGLJHQLVWDVGHO*2

7DPELpQHQODHGLWRULDO+RUL]RQWHSXEOLFyHOOLEUR GH<D]PtQ/ySH]/HQFLWLWXODGR(O/DERUDWRULRGHOD9DQ

JXDUGLD/LWHUDULDHQHO3HU~(VWHWH[WRHQHOTXHVXE\DFH

HO FRQFHSWR GHFDPSR LQWHOHFWXDO SURSXHVWR SRU 3LHUUH %RXUGLHXHVLPSRUWDQWHSRUTXHUHPDUFDODLGHDGHODDSDUL FLyQGHXQQXHYRVXMHWRVRFLDO\FXOWXUDOSURYHQLHQWHGHORV VHFWRUHVPHGLRVSURGXFWRGHOERRPHGXFDWLYRGHLQLFLRVGHO VLJOR;;TXHVHUHIOHMyHQHODXPHQWRGHODSREODFLyQHVWX GLDQWLO\HODXPHQWRGHSXEOLFDFLRQHVTXHFLUFXODURQHQDTXH OORVHVSDFLRVGRQGHQRKDEtDXQLYHUVLGDGHV(OVXUJLPLHQWR GHOQXHYRVXMHWRVRFLDO\FXOWXUDOHVGHWHUPLQDQWHSDUDOD DSDULFLyQGHODVYDQJXDUGLDVOLWHUDULDVHQHO3HU~TXHVHPD QLILHVWDQDWUDYpVGHXQLPSUHVLRQDQWHQ~PHURGHUHYLVWDV\

(9)

PDQLILHVWRVTXHVHSXEOLFDQHQ/LPDSHURWDPELpQ\IXQGD PHQWDOPHQWHHQODVSURYLQFLDVGHO3HU~(QHVWDVUHYLVWDV\ PDQLILHVWRVVHSXHGHUDVWUHDUHOFDUiFWHUSROLIyQLFRSOXUDOR YDULDGRGHFyPRIXHUHFHSFLRQDGD\UHVHPDQWL]DGDODYDQ JXDUGLDHQHO3HU~

'HOOLEURGH/ySH]/HQFLHVHOFDStWXOR,,,HOTXHQRV LQWHUHVDFRPHQWDUSDUDQRGHVFDUULODUQXHVWURHQIRTXH(Q HIHFWRHQHVWHFDStWXORVHPXHVWUDFyPRORVLQWHOHFWXDOHV DQGLQRVUHDFWXDOL]DQ\PRYLOL]DQHOGLVFXUVRVREUHHOLQGLR XWLOL]DQGR ODV UHYLVWDV SDUD H[SRQHU HO YDQJXDUGLVPR LQGLJHQLVWD&RQWUDULDDODRSLQLyQGH3DQWLJRVR/ySH]/HQFL VRVWLHQHTXHHO%7VHDGKLULyDO$QGLQLVPRLQVHSDUDEOHGHO &RQWLQHQWDOLVPRFRQHOPDQLILHVWRGH)HGHULFR0RUHHQDEULO GHTXH&KXUDWD\ÈQWHUR3HUDOWDDVXYH]LGHQWLILFDUiQ FRQHO,QGRDPHULFDQLVPRHVWpWLFRDSDUWLUGHVHWLHPEUHGH SDUDOXHJRDVXPLUODSRVWXUDGHO1HRLQGLDQLVPRSUR SXHVWDSRU8ULHO*DUFtDHQHOQ~PHURGHQRYLHPEUHGH (QGLFLHPEUHGH)UDQFLVFR&KXTXLZDQNDODQ]DVXSUR SXHVWDGHXQDRUWRJUDItDLQGRDPHULFDQDTXHLPSOLFDXQSUR \HFWRLQWHUFXOWXUDOGHOLEHUDFLyQOLQJtVWLFD&RPRYHUiQHO %7GLRFDELGDDORVGLYHUVRVSODQWHDPLHQWRVSURYHQLHQWHVGH GLIHUHQWHVOXJDUHVTXHFRQGLYHUVRVQRPEUHVWUDWDURQGHUHL YLQGLFDUDOKRPEUH\ODFXOWXUDGHO$QGHHQGLVFXUVRVQRVyOR OLWHUDULRVVLQRWDPELpQVRFLDOHVRSROtWLFRV(QEXHQDFXHQWD VHSXHGHDILUPDUTXHHQHO%7KD\XQDLQWHUGHSHQGHQFLDGH GLVFXUVRVFXOWXUDOHVHVWpWLFRVHLGHROyJLFRV3HURHOSODQWHD PLHQWRGHO%ROHWtQLEDPiVDOOiGHODVLPSOHUHLYLQGLFDFLyQ GHOKRPEUH\ODFXOWXUDDQGLQD(OORVHUDQFRQVFLHQWHVGHOD QHFHVLGDG GH IRUPDU XQ IUHQWH ~QLFR FRQ XQD HVWpWLFD LQGRDPHULFDQDSURSLDTXHVHRSRQJDDOLPSHULDOLVPRHVWpWL FR

(10)

3HU~SXEOLFyHOLPSRUWDQWHOLEURGH&\QWKLD9LFKWLWXODGR

,QGLJHQLVPR GH 9DQJXDUGLD HQ HO 3HU~ (VWH WH[WR HV HO

HVWXGLRPiVVHULRUHDOL]DGRVREUHHO%7KDVWDODIHFKDSRUHO ULJRUHQODUHFRSLODFLyQGHORVGDWRVSRUHOHVWXGLRTXHQRV UHFXHUGDODQHFHVDULDXELFDFLyQGHORVWH[WRVHQVXFRQWH[WR SRUHOGLiORJRFRQODELEOLRJUDItDORFDOSRUODVLVWHPDWL]DFLyQ GHODLQIRUPDFLyQSRUHOpQIDVLVSXHVWRHQODSURSXHVWDHVWp WLFDDWUDYpVGHODQiOLVLVGHODSRHVtDGH$OHMDQGUR3HUDOWD TXHH[SOLFDODQDWXUDOH]DGHOLQGLJHQLVPRYDQJXDUGLVWD\SRU ODFODULGDGHQODH[SRVLFLyQTXHQRDSHODSDUDOHJLWLPDUVHD FLWDV\PiVFLWDVGHSHQVDGRUHVTXHHVWiQGHPRGD

&\QWKLD9LFKQRVUHFXHUGDTXHHOWpUPLQRTXHSXHGH GHILQLUODSURSXHVWDGHO%7HVHOGH³,QGLJHQLVPR9DQJXDU GLVWD´TXHWLHQHFRPRFDUDFWHUtVWLFDSULQFLSDOHOpQIDVLVSXHVWR HQODXQLGDGODWLQRDPHULFDQDHQODGLPHQVLyQFRQWLQHQWDOLVWD TXHVHRSRQHDODSUHVHQFLDDPHQD]DGRUDGHOLPSHULDOLVPR QRUWHDPHULFDQR\DOFRORQLDOLVPRHFRQyPLFR\FXOWXUDOGH $PpULFD/DWLQD(VWHLQGLJHQLVPRYDQJXDUGLVWDFRQSRVWXOD GRV FRQWLQHQWDOLVWDV ³FRQVLVWLy VRVWLHQH 9LFK HQ XQD UHYDORUDFLyQGHODKHUHQFLDDXWyFWRQDGHODVGLVWLQWDVUHJLR QHVODWLQRDPHULFDQDVDSDUWLUGHXQDySWLFDQDWLYLVWD´9HD PRVSRUTXp(QSULPHUOXJDUHVWiODSUXHEDLUUHIXWDEOHGH TXHHO%7SURSLFLDEDHOFDQMHFRQUHYLVWDVSURYHQLHQWHVGH FDVLWRGD$PpULFD/DWLQD(QVHJXQGROXJDUGHVDUUROODODLGHD GHTXHODYDQJXDUGLDQRIXHDVLPLODGDGHIRUPDSDVLYDSRU ORVLQWHOHFWXDOHVSURYLQFLDQRVVLQRTXHSRUHOFRQWUDULRVX SXVRODUHLYLQGLFDFLyQLGHROyJLFDGHORSURSLRRPiVH[DFWD PHQWHODLQVHUFLyQGHORDXWyFWRQR\GHODWUDGLFLyQQDWLYLVWD HQODPRGHUQLGDGXQLYHUVDO$VtQXHVWUDYDQJXDUGLDVHKL]R KHWHURJpQHD\VHKL]RLQGLJHQLVWDSRUODFRH[LVWHQFLDGHHV WDVGRVWHQGHQFLDV(QWHUFHUOXJDUSODQWHDODLGHDGHOLQWH OHFWXDOSHULIpULFRSURYLQFLDQR\PHVWL]RTXHGHVDUUROODVX SUR\HFWROHWUDGRIXHUDGHOFHQWUDOLVPRFDSLWDOLQRFRQODDVSL

(11)

UDFLyQGHGHPRFUDWL]DU\GHVFHQWUDOL]DUHOFDPSRFXOWXUDO SHUXDQR\ODWLQRDPHULFDQR\FRQHOREMHWLYRGHLQVHUWDUOR ³HVHQFLDO´ORDXWyFWRQRORQDWLYRORRULXQGRHQHOFRQFLHUWR GHODYDQJXDUGLDXQLYHUVDO'HHVWDLGHDVHGHVSUHQGHTXH ORVGLVFXUVRVFRQWHQLGRVHQHO%7VRQLQGLJHQLVWDV\QRLQGt JHQDVQLPXFKRPHQRVXOWUDyUELFRVSXHVWRTXHVHJ~Q9LFK ORVPLHPEURVGHO*2LQWHQWDURQUHSUHVHQWDUDOLQGLRUHVSHFWR GHOFXDOJXDUGDEDQLQHYLWDEOHPHQWHXQDFRQVLGHUDEOHGLVWDQ FLD/RVRUNRSDWDVIRUPDEDQSDUWHGHODLQWHOOLJHQWVLDSXQHxD GHFODVHPHGLD\DH[FHSFLyQGHDOJXQRVFRODERUDGRUHVFRPR ,QRFHQFLR0DPDQLQRHUDQLQGtJHQDV$GHPiVODUHYLVWD HVWDEDHVFULWDHQHVSDxRO\VXS~EOLFROHFWRUHVWDEDFRQIRU PDGRSRUPLHPEURVSHUWHQHFLHQWHVDODFLXGDGOHWUDGD\QRD ODFRPDUFDRUDO8QLQGtJHQDGHILQLGRVRFLRFXOWXUDOPHQWH GLItFLOPHQWHWXYRDFFHVRDOEROHWtQ&\QWKLD9LFKVRVWLHQH\R FUHRTXHKD\TXHUHYLVDUHVWDLGHDTXHHOLQGLJHQLVPRGHO %7QXQFDWUDQVPLWLyODYR]GHOLQGtJHQDQLVLTXLHUDGHPDQH UDLQGLUHFWD/RVGLVFXUVRVGHO%7VRQHQVXPD\RUtDPHVWL ]RVGHPDQHUDWDOTXHHVLQHYLWDEOHKDEODUGHFLHUWDDMHQLGDG

UHVSHFWRGHOPXQGRLQGtJHQDTXHSRUHMHPSORVHKDFHHYL GHQWHFXDQGRXQRSHUFLEHHOGHVSUHFLRRODDGPLUDFLyQGHO LQGLR\GHODFXOWXUDDQGLQD(QHVHVHQWLGRHUDLQHYLWDEOHHO FRQWDFWR\ODLQWHJUDFLyQGHOHQJXDVFXOWXUDV\WUDGLFLRQHV GLIHUHQWHVGHOFHQWUR\ODSHULIHULDTXHVHDPDOJDPDQHQHO YDQJXDUGLVPRLQGLJHQLVWD(QFXDUWROXJDUVHH[SOLFDHOGH EDWHLQGLJHQLVWDHQHOTXHVHSODQWHDURQGLYHUVDVRSFLRQHV FRPR HO$QGLQLVPR GH )HGHULFR 0RUH OD SURSXHVWD GH 9DOFiUFHOHQ7HPSHVWDGHQORVDQGHV HO³QXHYRLQGLR´GH-8ULHO*DUFtDTXHDSDUHFLySXEOLFDGRHQXQDVHULHGHHQVD\RV WLWXODGRV1HRLQGLDQLVPRODVSURSXHVWDVGH0DULiWHJXLHQOD TXHFRQIOX\HQVRFLDOLVPRHLQGLJHQLVPR\HOLQGRDPHULFDQLVPR GH+D\DGHOD7RUUHTXHFXDMDURQHQXQDHVSHFLHGHVtQWHVLV GHQRPLQDGD³WUDGLFLyQPRGHUQL]DGD´DWUDYpVGHGLYHUVDV

(12)

PDQLIHVWDFLRQHVGHODXWRStDDQGLQD

$SDUWHGHODVLGHDVHVFODUHFHGRUDVVREUHODGLPHQ VLyQSHGDJyJLFDGHOSUR\HFWR%7TXHLQWHQWySUR\HFWDUOD YDORUL]DFLyQ\OHJLWLPDFLyQGHORDXWyFWRQRKDFLDXQDFRPX QLGDGPD\RUGHORHVWULFWDPHQWHLQWHOHFWXDODUWtVWLFR\OHWUD GRFUHRTXHXQRGHORVDSRUWHVLPSRUWDQWHVGH&\QWKLD9LFK GHOTXHFDUHFHQORVRWURVGHORVTXHWUDWRKR\HVHOHVWXGLR SRUPHQRUL]DGRGHODSRHVtD\ODQDUUDWLYDHQHO%7(QHIHF WR9LFKWLHQHHQFXHQWDTXHXQDGHODVDFWLYLGDGHVSULQFLSD OHV\RGLUtDODSULQFLSDOGHO*2HUDODGHKDFHU\FRPHQWDU OLWHUDWXUD3DUWLHQGRGHODLGHDSURSXHVWDSRU9LFN\8QUXK GHTXHODYDQJXDUGLDHVXQDIRUPDGHDFWXDU\QRVRODPHQWH XQDFROHFFLyQGHWH[WRVH[SHULPHQWDOHV\FRQVLGHUDQGRTXH OD SURGXFFLyQ HVWpWLFD VH GHILQH HQ WpUPLQRV GH SURFHVR FUHDWLYR\QXQFDVREUHODEDVHGHUHVXOWDGRVSUHHVWDEOHFL GRVTXHQRWRPHQHQFXHQWDODLQWHUDFFLyQHQWUHHODUWH\OD YLGD9LFKDQDOL]DQRVyORHOGLVFXUVRQDUUDWLYRGH0DWHR-DLND *DPDOLHO &KXUDWD )HOLSH 8UTXLHWD GHO FKLOHQR 3DEOR GH 5RFNDGHOD\DFXFKDQRÈQWHUR3HUDOWD9iVTXH]VLQRWDP ELpQ OD SURSXHVWD GH XQD ³RUWRJUDItD LQGRDPHULFDQD´ GH &KXTXLZDQND$\XOR3HURVLQGXGDORPiVLQWHUHVDQWHGH HVWH HVWXGLR HVWi GHGLFDGR DO HVWXGLR GH ORV WH[WRV KHWHURJpQHRVGHODSRHVtDGHO%7HQSRHPDVGH$OHMDQGUR 3HUDOWD *DPDOLHO &KXUDWD /XLV GH 5RGULJR ,QRFHQFLR 0DPDQL(XVWDNLR$ZHUDQND'DQWH1DYD&DUORV2TXHQGR GH$PDWR&pVDU9DOOHMRHQWUHRWURV\TXHVHFDUDFWHUL]DUtDQ SRUODXUEDQL]DFLyQGHOXQLYHUVRUXUDOSRUHOUHYHVWLPLHQWR FRQHOURSDMHGHODPRGHUQLGDGGHORVDVSHFWRVFRWLGLDQRVGHO PXQGRDQGLQRSRUODSHUVRQLILFDFLyQGHODQDWXUDOH]DSRUOD GHQXQFLDVRFLDOSRUODLQWHJUDFLyQGHPXQGRVHQFRQIOLFWR SRUODRUDOL]DFLyQGHODHVFULWXUD\HQJHQHUDOSRUTXHSRGUtD OODPDUVHWUDQVFXOWXUDFLyQSRpWLFD

(13)

(QMXOLRGHOHO)RQGRHGLWRULDOGHO%DQFR&HQWUDO GH 5HVHUYD GHO 3HU~ \ HO ,QVWLWXWR )UDQFpV GH (VWXGLRV $QGLQRVSXEOLFDURQHOOLEURGH8OLVHV-XDQ=HYDOORV$JXLODU WLWXODGR,QGLJHQLVPR\QDFLyQ/RVUHWRVDODUHSUHVHQWD FLyQGHODVXEDOWHUQLGDGD\PDUD\TXHFKXDHQHO%ROHWtQ

7LWLNDND (VWHHVXQWH[WRIXHUWHPHQWH

LQIOXHQFLDGRSRUORVHVWXGLRVVXEDOWHUQRV\HWQRJUiILFRV3RU ORWDQWRWLHQHXQSXQWRGHYLVWDDFWXDOTXHGHSHQGHGLUHFWD PHQWH GH KHUUDPLHQWDV PHWRGROyJLFDV FRQ ODV TXH VH UHFHSFLRQDQORVGLVFXUVRVGHO%7(QHOOLEURGH=HYDOORVKD\ HUURUHV\OLPLWDFLRQHVVXSRQJRTXHLQYROXQWDULRV(OSULPHU HUURUTXHVHUHSLWHGRVYHFHVHVODDILUPDFLyQGHTXHHO%7 IXHGLULJLGRSRU*DPDOLHO&KXUDWD\³$OEHUWR´3HUDOWD \(OVHJXQGRHUURUHVXQDDILUPDFLyQTXHFRQWUDGLFH HOSULPHUSLHGHSiJLQDGHOOLEURTXHVRVWLHQHTXH'DYLG:LVH HVWXGLyORVQ~PHURVGHO%7FXDQGRWRGRVVDEH PRVTXHVRQVyOR&RPRORKL]RQRWDU&DUORV*DUFtD

%HGR\DHQODUHVHxDTXHOHGHGLFDDOOLEURHQOD5HYLVWDGH

&UtWLFD/LWHUDULD/DWLQRDPHULFDQD1ƒ³7DOYH]XQDGH

ODVOLPLWDFLRQHVGHOWUDEDMRGH=HYDOORVUHVLGDHQXQFLHUWR GHVFXLGRGHODDFWLYLGDGOLWHUDULDGHORV2UNRSDWDIDFHWDTXH ORVLQWHJUDQWHVGHO*UXSRFRQVLGHUDEDQFHQWUDOHQVXODERU LQWHOHFWXDO´(QWRGRFDVRORTXHOHLQWHUHVDD=HYDOORVHV OOHQDUORVYDFtRVTXHGHMDURQRWURVHVWXGLRVTXHVtOHGLHURQ LPSRUWDQFLDDOROLWHUDULR

(QHVWHOLEURKD\DOJXQDVLGHDVTXHPHSDUHFHQVXJH UHQWHV\SURYRFDGRUDV/DSULPHUDODSODQWHD-RKQ%HYHUOH\ HQHOSUyORJRGHOOLEUR\VHUHILHUDDOOXJDUGHHQXQFLDFLyQGHO VXMHWRHQHO%7GHPRGRWDOTXHVHUHDEUHHOGHEDWHVREUHVL ORVRUNRSDWDVVRQVXMHWRVPHVWL]RVHQWpUPLQRVGH9DVFRQFHORV R+HQUtTXH]8UHxDVXMHWRVWUDQVFXOWXUDGRVHQWpUPLQRVGH 5DPDVXMHWRVKtEULGRVHQWpUPLQRVGH*DUFtD&DQFOLQLVXMH WRVGHVFHQWUDGRVHQWpUPLQRVGH$QWRQLR&RUQHMR3RODUR

(14)

VXMHWRVGHVWHUULWRULDOL]DGRV(QHIHFWRQRHVIiFLOFDUDFWHUL ]DUDHVWHVXMHWRTXHDOPLVPRWLHPSRKDEODSRU\KDEODVREUH RDFHUFDGHORVLQGtJHQDVGHVGHXQDSRVLFLyQLQWHUPHGLDULD HQWUHODFXOWXUDGRPLQDQWHFULROOD\ODVFXOWXUDVLQGtJHQDVUH JLRQDOHV\TXHQRSXHGHGHVSUHQGHUVHGHVXVKDELWXVUDFLV WDV\FRORQLDOHVPiVD~QVLWRPDPRVHQFXHQWDTXHQRWRGRV ORVLQWHJUDQWHVGHO*2HUDQELOLQJHV'HERDFRWDUDTXtTXH FRPRHVREYLRHVGLItFLOFDUDFWHUL]DUDHVWHVXMHWRSRUTXHQR HVXQVXMHWRXQLWDULRQLKRPRJpQHRVLQRPiVELHQVRQPX FKRVVXMHWRV(QHIHFWRFRPRVHHVWiGHPRVWUDQGRFRQODV

LQYHVWLJDFLRQHVUHFLHQWHVHO*2QRWHQtDXQDKRPRJHQHLGDG HQFXDQWRDODSURFHGHQFLD\FRQGLFLyQpWQLFDGHVXVLQWH JUDQWHVFRPRWDPSRFRWHQtDXQDSUiFWLFDOLWHUDULD~QLFD(VWR VHKL]RPDQLILHVWRHQVXSURSXHVWDHVWpWLFDFXOWXUDOSROtWLFD RLGHROyJLFDDJOXWLQDQWH

=HYDOORVUHWRPDODLGHDSODQWHDGDSRU9LFKHQODTXH VHFRQVLGHUDTXH³ODHVSHFLILFLGDGGHHVWDUHYLVWDFRQVLVWHHQ TXHHQHOODKD\XQDPDUFDGDFRQIOXHQFLDHQWUHODDFWLYLGDG GHODYDQJXDUGLDDUWtVWLFD\ODGHODYDQJXDUGLDVRFLDO\SROt WLFD\XQµFXHVWLRQDPLHQWRJHQHUDOL]DGR¶GHWRGRORHVWDEOH FLGRTXHYDPXFKRPiVDOOiGHORSXUDPHQWHDUWtVWLFR´ (QHIHFWRIUHQWHDODLQH[LVWHQFLDGHXQDFRPXQLGDG GHFLXGDGDQRVDODGHILFLHQWHHGXFDFLyQVHJUHJDFLRQLVWD\ PHPRULVWDDODIDOWDGHXQLGDGWHUULWRULDODODFDUHQFLDGH QDFLRQDOLVPRGHODF~SXODFULROOD\DODGHSHQGHQFLDFXOWXUDO ORVPLHPEURVGHO*2SURSXVLHURQXQSUR\HFWRGHIRUPDFLyQ GHXQDQDFLyQFDUDFWHUL]DGRSRUEXVFDUODFRKHVLyQIXVLyQR DOLDQ]DGHORVSULQFLSDOHVJUXSRVUDFLDOHV\FXOWXUDOHVGHO3HU~ PHVWL]RVHLQGtJHQDVVREUHODEDVHGHODUHFXSHUDFLyQGHO SDVDGRPLOHQDULR\GHODFXOWXUDSRSXODULQGtJHQDFRQWHPSR UiQHDDWUDYpVGHODHGXFDFLyQLQWHUFXOWXUDOFRPRYHKtFXOR GHGHVDUUROOR\GHLQWHJUDFLyQ(VWHSUR\HFWRLQWHJUDGRUHQ HOTXHHOTXHFKXD\HOD\PDUDVHFRQFLELHURQFRPROHQJXDV

(15)

GHODQDFLyQWHQtDFRPRREMHWLYRVHJ~Q=HYDOORVFRQVWUXLU ODLPDJHQGHXQLQGtJHQDFLXGDGDQR

3RURWURODGR=HYDOORVWRFDHOHVSLQRVRDVXQWRGHOD ODVHVWUDWHJLDV\SDUDGRMDVGHODDXWRUHSUHVHQWDFLyQGHORV LQWHOHFWXDOHV(QSULPHUOXJDUDILUPDTXHORVPLHPEURVGHO *2FRQILJXUDURQXQDLGHQWLGDGP~OWLSOH'HDOOtTXHVHKDEOH GHXQDLGHQWLGDGpWQLFRFXOWXUDOTXHFRQWUDSRQHOD³UHS~EOLFD GHLQGLRV´VLWXDGDHQODVLHUUDFRQOD³UHS~EOLFDGHHVSDxR OHV´VLWXDGDHQ/LPD\HQODFRVWD6LQHPEDUJRHO*2SUR PRYLyXQWLSRGHPHVWL]DMHGH³UDt]LQGLD´HVGHFLUFRQSUH VHQFLDPD\RULWDULDGHODVDQJUHLQGLDGHPRGRWDOTXHVH UHVHPDQWL]yHOWpUPLQR³LQGLR´SDUDGHULYDUHQHO³QHRLQGLR´ SURSXHVWRSRU-RVp8ULHO*DUFtD8QVHJXQGRWLSRGHLGHQWL GDGHVODWHUULWRULDOLQVHSDUDEOHGHODFXOWXUD(QHIHFWRORV RUNRSDWDVILMDQVXSRVLFLyQWHUULWRULDODQWLFHQWUDOLVWDSUHJR QDQGRHO$QGLQLVPR=HYDOORVVRVWLHQHTXHHOJUXSRQRWXYR XQDLGHQWLGDGHQHOVHQWLGRSROtWLFRSRUTXHQRVHDGKLULySOH QDPHQWHQLDOVRFLDOLVPRQLDODSULVPR/DLGHQWLGDGP~OWLSOH GHODTXHKDEOD=HYDOORVHVHQUHDOLGDGODPLVPDLGHQWLGDG SXHVWRTXHQRQHFHVDULDPHQWHVHFRQWUDSRQHQORpWQLFROR FXOWXUDOORWHUULWRULDO\HOSUR\HFWRSROtWLFR

(QVHJXQGROXJDU=HYDOORVFUHHTXHORVRUNRSDWDVVRQ LQWHOHFWXDOHVHWQyJUDIRVLQWHOHFWXDOHVELIURQWHVRLQWHOHFWXD OHVLQWHUPHGLDULRV³HQWUHGRVH[WUHPRV\FX\DWDUHDFRQVLVWH HQGDUFXHQWD\WUDQVIRUPDUXQRGHORVH[WUHPRVHQUHODFLyQ DORWUR(O*UXSRPHGLyHQWUHORVJUXSRVKHJHPyQLFRV\HO (VWDGRSRUXQODGR\ORVJUXSRVVXEDOWHUQRVLQGtJHQDVSRU RWUR´(QHVHVHQWLGRORVRUNRSDWDVWHQtDQXQGR EOHGLVFXUVR(OSULPHURHVXQGLVFXUVRHWQRJUiILFRH[RWLVWD DQWURSROyJLFRTXHPDUFyVXGLVWDQFLDPLHQWRFRQODFXOWXUD LQGtJHQDSRUTXHHVWDEDGHVWLQDGRDDJUDGDUDOHFWRUHVXUED QRV < HO VHJXQGR HV XQ GLVFXUVR GH DVLPLODFLyQ

(16)

IDPLOLDUL]DFLyQUHLYLQGLFDFLyQ\GHIHQVDGHORVLQGtJHQDV3RU RWURODGR\XQWDQWRSURYRFDGRUDPHQWH=HYDOORVFRQVLGHUD TXHHOJUXSR2UNRSDWDFDQDOL]DEDSHURWDPELpQQHXWUDOL]DED ODIXHU]DLQGtJHQDSRUVXSRVLFLyQLQWHUPHGLDGRUD(VWRVXSR QHTXHORVPLHPEURVGHO*UXSRRHUDQRSRVLWRUHVGHORVLQ GLRVRXVDURQDORVLQGLRVSDUDDXWROHJLWLPDUVH=HYDOORVVH xDODODVUHODFLRQHV\ORVFRQIOLFWRVTXHH[LVWLHURQHQWUHORV LQWHOHFWXDOHVLQGLJHQLVWDV\ORVLQGtJHQDVXWLOL]DQGRFDWHJR UtDVFRPR³FHQWUR´³SHULIHULD´\³SHULIHULDVLQWHUQDV´

(QWHUFHUOXJDU=HYDOORVUHFRQRFHDOVXEDOWHUQRFRPR KDFHUGRUGHVXSURSLRGHVWLQR6LJXLHQGRHVWHSRVWXODGRFRQ FHGHDORVLQGtJHQDVXQSRGHUGHJHVWLyQLQGHSHQGLHQWHGHOD GHORVLQGLJHQLVWDVTXHOHVSHUPLWLyHQWUHRWUDVFRVDVGHVD UUROODUHVWUDWHJLDVSDUDRFXOWDUGLVIUD]DURLPSHGLUTXHVH FRQRFLHUDWRWDOPHQWHVXSVLFRORJtD\VXFXOWXUD/RVLQGtJH QDVWDPELpQWHQGUtDQXQDDXWRQRPtDFXOWXUDOSROtWLFD\VRFLDO TXHVHH[SUHVDDWUDYpVGHODRUJDQL]DFLyQGHUHEHOLRQHVRGH GHPDQGDVMXGLFLDOHVTXHUHFODPDQVXVGHUHFKRVFRPRFLX GDGDQRVSHUXDQRV'HPRGRWDOTXHHVWDPRVKDEODQGRGHXQ GREOHFRPSRUWDPLHQWR\XQGREOHGLVFXUVRWDQWRGHLQGtJHQDV FRPRGHLQGLJHQLVWDV1RVHSXHGHQHJDUTXHHO*2PDUFy GLVWDQFLDUHVSHFWRGHODUD]D\FXOWXUDLQGtJHQDSHURWDPSR FRWHQHPRVTXHGHVFRQRFHUTXHORVLQGLJHQLVWDVGHOJUXSR 2UNRSDWDFDQDOL]DURQVXVUHFODPRVDWUDYpVGHVXVGLVFXUVRV DVXPLHQGRODGHIHQVDGHODFDXVDLQGtJHQD$VtSRUHMHPSOR &KXUDWDVRVWHQtDTXHKDEtDTXHOXFKDUSRUODUHLYLQGLFDFLyQ GHORVLGHDOHVFXOWXUDOHVGHO$QGH\HVPiVSURPRYLyTXH PXFKRVLQWHOHFWXDOHVLQGtJHQDVIRUPDUDQSDUWHGHO*2&UHR WDPELpQTXHKD\TXHUHYLVDUHVWDLGHDIXQGDPHQWDOSRUTXH HVPX\IiFLOVRVWHQHUTXHORVRUNRSDWDVKDEODEDQSRUHOLQGLR GHVGH XQD SRVLFLyQ IURQWHUL]D TXH LPSOLFD XQD SRVLFLyQ LQGLDQLVWDRLQGLJHQLVWD/RGLItFLOHVVRVWHQHUTXHHOORVVH LGHQWLILFDURQFXDQGRQRDVXPLHURQXQDLGHQWLGDGLQGtJHQD\

(17)

SRUORWDQWRODYR]\ODHQFLFORSHGLDFXOWXUDODXWyFWRQD

(QFXDQWRDODUHSUHVHQWDFLyQGHOLQGtJHQD=HYDOORV VRVWLHQHTXHJDPRQDOHVLQGLJHQLVWDVHLQGtJHQDVOOHYDURQD FDERXQDOXFKDLGHROyJLFDTXHWHUPLQyLQIRUPDQGR\VHQVLEL OL]DQGRDXQDFUHFLHQWHHLQWHUHVDGDRSLQLyQS~EOLFDVREUHODV PDVDFUHVGHLQGtJHQDV\ODSRVHVLyQLOHJDOGHWLHUUDV(QHVH VHQWLGRHOLQGLJHQLVPRVHRSXVRDOJDPRQDOLVPRSRUFULWHULRV VRFLDOHVUDFLDOHVHFRQyPLFRVJHRJUiILFRV\SROtWLFRV1R KD\TXHROYLGDUTXHHOLQGLJHQLVPRHVHQVXVRUtJHQHVSHGD JyJLFR\MXUtGLFR6LORVLQGLJHQLVWDVHLQGtJHQDVVHHQIUHQWD URQDOGLVFXUVRGHORVJDPRQDOHVHQWRQFHVWDPELpQKD\TXH UHFRQRFHUTXHODQDUUDWLYDLQGLJHQLVWDDVXPLyXQGLVFXUVRGH WRPDGHFRQFLHQFLDGHOSUREOHPDLQGtJHQDGHMXVWLILFDFLyQ GHORVOHYDQWDPLHQWRVLQGtJHQDVGHGHQXQFLDGHORVDWURSH OORVFRPHWLGRVSRUORVJDPRQDOHVOHWUDGRVREDQGROHURV\VR EUHWRGRXQGLVFXUVRGHGHIHQVDGHORVLQGtJHQDV

(QWUHORVPpULWRVGHOOLEURHVWiODVLVWHPDWL]DFLyQGH ODVHWDSDVGHO%7=HYDOORVOODPDODSULPHUDIDVHSURSDJDQ

GtVWLFDSRUODGLIXVLyQGHODVSXEOLFDFLRQHVGHOD(GLWRULDO 7LWLNDNDHQWUHODVTXHGHVWDFD$QGHGH$OHMDQGUR3HUDOWD\

SRUODVHVWUDWHJLDVGHGLVWULEXFLyQ\GLIXVLyQGHODHGLWRULDO VLQGHVFXLGDUORVSODQWHDPLHQWRVHVWpWLFRVGHOJUXSR=HYDOORV FRQVLGHUDTXHODVHJXQGDIDVHVHFDUDFWHUL]DSRUODPDGXUD FLyQLQWHOHFWXDO\SROtWLFDTXHLQFRUSRUDQXHYRVHQIRTXHVHQ ODWDUHDGHFRQILJXUDUXQSUR\HFWRLGHROyJLFRHVWpWLFR(Q HIHFWRVHFRQWLQ~DFRQODSUHRFXSDFLyQHVWpWLFDSHURWDP ELpQVHSXEOLFDQWH[WRVPDUFDGDPHQWHSROtWLFRVTXHDSXQWDQ DODFRQVWUXFFLyQGHXQDFXOWXUDQDFLRQDO

1R PH UHIHULUp DTXt DO OLEUR GH 0DUFR 7KRPDV %RVVKDUG WLWXODGR+DFLD XQD HVWpWLFD GH OD YDQJXDUGLD DQGLQD *DPDOLHO &KXUDWD HQWUH HO LQGLJHQLVPR \ HO VX

(18)

UUHDOLVPRTXHIXHSXEOLFDGRHQ%HUOtQHQHOSRUTXH WRGDYtDQRHVWiWUDGXFLGRFRPSOHWDPHQWHDOHVSDxRO\SRU TXHQRPHJXVWDKDEODUVREUHORTXHGHVFRQR]FR6LQHPEDU JRHOWtWXORHVVXJHUHQWHSRUTXHDOXGHDXQDYDQJXDUGLDDQGLQD \QRLQGLJHQLVWDGHPRGRTXHVHDEUHQXHYDPHQWHHOGHEDWH VREUHHVWHSXQWR6LQHPEDUJRHOVXEWtWXORYXHOYHDUHWRPDU HOLQGLJHQLVPRFRPRXQFRPSRQHQWHIXQGDPHQWDO\ORXQHDO VXUUHDOLVPR7DPELpQHQHVWHSXQWRVHDEUHHOGHEDWHHQWRU QRDFXiQWRGHVXUUHDOLVWDKD\HQODREUDGH&KXUDWDRVLHV XQKDOOD]JRIRU]DGRSRUODFUtWLFD3RUDKRUDHO~QLFRDUWtFXOR TXHFRQR]FRVREUHHOWHPDOHFRUUHVSRQGHD5LFDUGR*RQ]iOH] 9LJLOTXLHQHQSXEOLFy³6XUUHDOLVPR\FXOWXUDDQGLQD/D RSFLyQGH*DPDOLHO&KXUDWD´(QHVWHWH[WR*RQ]iOH]9LJLO VRVWLHQH TXH HO VXUUHDOLVPR GH &KXUDWD HV PiV XQD UHHODERUDFLyQVXL JHQHULV GHO VXUUHDOLVPR HXURSHR SRU VX FRQWLQXRGLiORJRFRQODFXOWXUDDQGLQD(VPiVQRVUHFXHUGD TXH&KXUDWDHVXQDXWRUGHIXHQWHVPX\KHWHURJpQHDVTXH VHIXHURQDGDSWDQGRGHPDQHUDVLQJXODUHQVXHVWLOREtEOLFR 6HSXHGHFDOLILFDUGHPXFKDVIRUPDVHOSUR\HFWRHV WpWLFRVRFLDOFXOWXUDO\SROtWLFRGHORVPLHPEURVGH*2TXH SXEOLFDURQHO%7SHURWRGRSDUHFHLQGLFDUTXHHOGHEDWHJLUD EiVLFDPHQWHHQWRUQRDWUHVGHQRPLQDFLRQHVTXHFXHQWDQ FRQIXQGDPHQWDFLyQ\TXHDVDEHUVRQYDQJXDUGLVPRLQGt JHQDRYDQJXDUGLVPRQDWLYLVWDYDQJXDUGLVPRLQGLJHQLVWDR ORTXHQRHVQHFHVDULDPHQWHORPLVPRLQGLJHQLVPRGHYDQ JXDUGLD\ILQDOPHQWHYDQJXDUGLVPRDQGLQR(QHIHFWRHO%7 QRHVSOHQDPHQWHLQGtJHQDLQGLJHQLVWDLQGLDQLVWDYDQJXDU GLVWDRVRFLDOLVWDHVPiVELHQODFRQIOXHQFLDHLQFRUSRUDFLyQ GHWRGDVHVWDVWHQGHQFLDV(VWRSRGUtDGDUSLHDTXHVHOHV GHQRPLQHGHWRGRVHVWRVPRGRVSHURFUHRSHUWLQHQWH\QH FHVDULRSODQWHDUXQDGHQRPLQDFLyQTXHLQWHJUHWRGDVHVWDV SURSXHVWDVRHVWDSURSXHVWDSROLIyQLFD<RFUHRTXHHVWDPRV IUHQWHDXQYDQJXDUGLVPRDQGLQRTXHVXSHUDGLFRWRPtDVWUD

(19)

GLFLRQDOHV1RWRPRHOQRPEUHGHPDQHUDDUELWUDULDVLQRTXH ORH[WUDLJRGHOQ~PHURFRUUHVSRQGLHQWHDMXQLRGHGRQ GHKD\XQDHVSHFLHGHDXWRGHQRPLQDFLyQ'HVGHPLSXQWR GHYLVWD\GDGRHOFDUiFWHUSROLIyQLFRGHO%7TXHDQXODXQ VRORSUR\HFWR\PiVELHQSURPXHYH\GLIXQGHLGHDVGLYHUVDV DXQTXHYLQFXODGDVSRUXQDFROXPQDYHUWHEUDOFRQVWLWXLGDSRU ORVSUREOHPDVIXQGDPHQWDOHVGHOPXQGRDQGLQRORVGLVFXU VRVGHO%7QRVRQHQVHQWLGRHVWULFWRLQGLJHQLVWDVQRSXH GHQVHULQGLDQLVWDV\PXFKRPHQRVSXHGHQVHUXOWUDyUELFRV 7DPSRFRHVWR\GHDFXHUGRFRQODLGHDJHQHUDOL]DQWHTXH VRVWLHQHTXHHO%7QRVHH[SUHVyHOLQGLRSXHVWRTXHPXFKRV GHORVFRODERUDGRUHVRHUDQLQGLRVRVHLGHQWLILFDURQSOHQD PHQWHFRPRWDOHV(VWRDEUHODSRVLELOLGDGGHFRQVLGHUDUTXH HO %7 SURSXVR WDPELpQ DXQTXH QR H[FOXVLYDPHQWH XQ YDQJXDUGLVPRLQGtJHQD6LQHPEDUJRFUHRTXHODPHMRUGHIL QLFLyQFRUUHVSRQGHDOYDQJXDUGLVPRDQGLQRVLORTXHTXHUH PRVUHVDOWDUHVODFRPSOHPHQWDFLyQLQWHJUDFLyQ\FRQYLYHQ FLDFRPRODSURSXHVWD³PRGHUQD´GHO*2RDQGLQLVPRGH YDQJXDUGLVWDVLORTXHGHVHDPRVVXEUD\DUFRUUHVSRQGHDOSUR \HFWR HVWpWLFRLGHROyJLFR GHO *2 GDGR OR SODQWHDGR SRU +XDPiQSRU/ySH]/HQFLSRU9LFK\KDVWDSRU=HYDOORVFRQ UHODFLyQDODFRVPRYLVLyQSODQWHDGDHQHOOLEUR

3RUTXHFRQR]FRDSXQHxRV\SXQHxLVWDVTXHVDTXHD URQOD%LEOLRWHFD0XQLFLSDOGH3XQR\TXHSRUHJRtVPRR LJQRUDQFLDQRFRPSDUWLHURQORVQ~PHURVFRPSOHWRVGHO%7 TXHDGRUQDQVXVPHGLRFUHVELEOLRWHFDVFRPRSXQHxRGHER DJUDGHFHUD'DQWH&DOOR&XQRKDEHUKHFKRSRVLEOHTXHHO %7FLUFXOHHQWUHQRVRWURVORTXHSHUPLWLUiVHJXUDPHQWH DPSOLDU\SURIXQGL]DUORVHVWXGLRVVREUHHOPLVPR

(20)

1RWDV

'RULDQ(VSH]~D6DOPyQHVSURIHVRUGHOLWHUDWXUDHQOD8QLYHUVLGDG1DFLR QDO0D\RUGH6DQ0DUFRV8QLYHUVLGDG1DFLRQDO)HGHULFR9LOODUUHDO8QL YHUVLGDG$QWRQLR 5XL] GH 0RQWR\D \ 8QLYHUVLGDG$ODV3HUXDQDV/HIXH URQ FRQFHGLGRV HO SUHPLR QDFLRQDO GH HGXFDFLyQ ³+RUDFLR´ RWRUJDGR SRU OD'HUUDPD0DJLVWHULDO\HOSUHPLRQDFLRQDOGHHQVD\R³)HGHULFR9LOODUUHDO´ RWRUJDGR SRU OD XQLYHUVLGDG GHO PLVPR QRPEUH +D SXEOLFDGR HO OLEUR

(QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD ODFDQLDQD GHO GLVFXUVR

LQGLJHQLVWD \ YDULRV DUWtFXORV VREUH OLWHUDWXUD \ FXOWXUD DQGLQD

(O GH IHEUHUR GHO HQ HO &HQWUR GH (VWXGLRV /LWHUDULRV$QWRQLR

&RUQHMR 3RODU JUDFLDV D OD LQYLWDFLyQ TXH PH KL]R HO 'U -RUJH &RUQHMR 3RODU WXYH OD RSRUWXQLGDG GH SUHVHQWDU MXQWR D 0LUNR /DXHU OD HGLFLyQ IDFVLPLODUGHO%ROHWtQ7LWLNDND%7DXVSLFLDGDSRUOD8QLYHUVLGDG1DFLR QDO GH 6DQ$JXVWtQ GH$UHTXLSD /D HGLFLyQ FRPSOHWD OD HGLFLyQ IDFVLPLODU GH GLULJLGD SRU 'DQWH &DOOR &XQR \ -XDQ$OEHUWR 2VRULR HQODTXHVHHGLWDURQVyORORVSULPHURVQ~PHURV(QODHGLFLyQGHO QR FRUUHVSRQGtD FRORFDU HQ OD FDUiWXOD XQ WDQWR QDUFLVLVWDPHQWH OD IUDVH ³(GLFLyQ )DFVLPLODU 'LULJLGD SRU 'DQWH &DOOR &XQR´ SRUTXH HQ HVWD HGL FLyQQRVHKDGLULJLGRQDGD6LPSOHPHQWHVHWUDWDRGHXQDFRPSLODFLyQGH WH[WRV R GH XQD UHFRSLODFLyQ GH WRGRV ORV Q~PHURV GHO %7 7RGDYtD VH HVSHUD XQD HGLFLyQ FUtWLFD GHO %7 TXH SRU HMHPSOR FRQWHQJD XQ HVWXGLR SUHOLPLQDU VHULR

/D ELEOLRJUDItD VREUH *DPDOLHO &KXUDWD HV \D FDVL LQDEDUFDEOH 5HFLHQWH

PHQWH KD DSDUHFLGR XQ WH[WR SXEOLFDGR SRU OD (GLWRULDO 6DQ 0DUFRV WLWX

ODGR6LPERORJtD GH (O SH] GH RUR TXH UH~QH DUWtFXORV GH 5LFDUGR

%DGLQL*DPDOLHO&KXUDWD\-RVp/XLV$\DOD7DPELpQHQDSDUHFLyHO LQWHUHVDQWH DUWtFXOR GH +HOHQD 8VDQGL]DJD WLWXODGR ³,UUDGLDFLyQ VHPiQWL FD GH ORV PLWRV DQGLQRV HQ(O SH] GH RUR GH *DPDOLHO &KXUDWD´ (Q 8VDQGL]DJD HGLWRUD (Q HVWH DUWtFXOR VH HVWXGLDQ ORV PLWRV VXE\DFHQWHV HQ HO WH[WR GH &KXUDWD FRQ UHODFLyQ D VX SUR\HFWR HVWpWLFRLGHROyJLFR TXH FRQOOHYDWDPELpQXQSUR\HFWROLQJtVWLFR\FXOWXUDOSRUHOFXDOSULPHURVH OLPSLHQ ORV SXHEORV GH ³LQWR[LFDFLRQHV´ \ OXHJR VH DQLPH UHQXHYH UHJH QHUH UHHQFDUQH UHQD]FD OD ³FpOXOD´ R OD ³VHPLOOD´ SHUPDQHQWH GH OD $PpULFD ,QGtJHQD D SHVDU GHO PHVWL]DMH \ HO VLQFUHWLVPR (Q OD LQFRQVWDQWH \ UHJXODU UHYLVWD$SXPDUND OH KD GHGLFDGR VX 1ƒ D OD FHOHEUDFLyQGHORVDxRVGHODDSDULFLyQGH(OSH]GHRURFRQLPSRUWDQ WHV DUWtFXORV FRPR ORV GH$OGR 0HGLQDFHOL \ 5LFDUGR %DGLQL \ FRQ RWURV DEVROXWDPHQWH SUHVFLQGLEOHV SRU VX IDOWD GH VHULHGDG \ ULJRU DFDGpPLFR FRPR HO GH -RUJH )OyUH]È\EDU GRQGH VH DUUDVWUD XQD HUUDWD SXEOLFDGD HQ XQ OLEUR GH 0LUNR /DXHU (VWR GHPXHVWUD TXH -RUJH )OyUH]È\EDU FUHH FLHJDPHQWH HQ WRGR OR TXH OHH \ QR FRQILUPD ORV GDWRV TXH OXHJR KDFH DSDUHFHUFRPRVXVQXHYRVGHVFXEULPLHQWRVDFDGpPLFRV(QHIHFWRHQHO DUWtFXOR ³$QWHFHGHQWHV LQGLJHQLVWDV GHO *UXSR 2UNRSDWD´ HO SURIHVRU

(21)

7DPSRFRHVFLHUWRTXHVHDHOSULPHUSRHWDYDQJXDUGLVWDGH3XQR\SRUOR WDQWRTXHVHDXQDQWHFHGHQWHGLUHFWRGHO*2¢4XpGLUiPLDPLJR0DUFHO 9HOiVTXH] &DVWUR QLHWR GH -XDQ /XLV FXDQGR VH HQWHUH TXH WLHQH UDtFHV LQYHQWDGDV SRU VXSXHVWR HQ HO DOWLSODQR SHUXDQR"

(Q PL OLEUR(QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD ODFDQLDQD GHO

GLVFXUVR LQGLJHQLVWD WUDEDMR OD KLSyWHVLV GH TXH HO LQGLR QR HO

LQGtJHQDQRH[LVWH\TXHpVWHHVXQVLJQLILFDQWHYDFtRTXHDGTXLHUHVLJQL ILFDGRFXDQGRVHLQWHUUHODFLRQDFRQRWURVVLJQLILFDQWHVHQXQDUHGVLJQLIL FDWLYD TXH GHSHQGH GHO VXMHWR SURGXFWRU GHO GLVFXUVR TXH D VX YH] HV OD PDQLIHVWDFLyQ GH XQ WLHPSR GHWHUPLQDGR \ HVSDFLR SDUWLFXODU (O VLJQLILFDQWH DPR LQGLR HV HO TXH FRQVWUX\H FRQVWLWX\H \ GD VHQWLGR DO GLVFXUVRLQGLJHQLVWD(QHOFDStWXOR9,,GHHVHPLVPROLEURWLWXODGR³+R PLOtD GHO .KRUL &KDOOZD R ¢&yPR SXHGH KDEHU XQ LQGLR TXH QR KDEOH"´ GLDORJR FRQ ODV LGHDV SODQWHDGDV SRU +XDPiQ UHVSHFWR GH OD HVFULWXUD (Q HIHFWR \R VRVWHQJR TXH &KXUDWD LQWHQWy FRQVWUXLU XQ LGLRPD PHVWL]R R KtEULGR FDSD] GH UHSUHVHQWDU OD FRQIOXHQFLD FXOWXUDO HO

WLQNX\RODDVLPLODFLyQOLQJtVWLFDPXWXDHQODVVRFLHGDGHVDQGLQDVHQWHQ

GLGDV WDPELpQ FRPR PHVWL]DV KtEULGDV KHWHURJpQHDV R WUDQVFXOWXUDGDV

-RUJH )OyUH]È\EDU KD HVFULWR VXV GHVDFXHUGRV FRQ &\QWKLD9LFK \ VXV

DFXHUGRVFRQOD³DFXFLRVLGDG´GH-XDQ=HYDOORV(VWRSUXHEDTXHHOGHEDWH HVWi DELHUWR \ DXJXUD HVWXGLRV PHMRUHV HQ HO IXWXUR 6LQ HPEDUJR KD\ DOJXQDVREVHUYDFLRQHVTXHTXLHURKDFHUDODUWtFXORGH)OyUH]È\EDUWLWXOD GR ³,QWHUSUHWDFLyQ HSLVWHPROyJLFD GHO\R SRpWLFR HQ OD REUD GH$OHMDQGUR 3HUDOWD´ 0XFKR WtWXOR SDUD WDQ SRFR \ WDQ GLVSHUVR FRQWHQLGR GRQGH QR VH KDEOD QDGD GHO\R SRpWLFR HQ OD SRHVtD GH 3HUDOWD \ GRQGH WDPSRFR VH WLHQH HQ FXHQWD TXH WRGD LQWHUSUHWDFLyQ LPSOLFD XQD HSLVWH PRORJtD$GHPiV KD\ TXH UHFRUGDUOH TXH LQWHUSUHWDU QR HV SDUDIUDVHDU R XVDU HO WH[WR FRPR SUHWH[WR SDUD SODQWHDU LGHDV TXH QR VH SXHGHQ SUREDU HQHOWH[WR(QHVWHDUWtFXORVHVLJXHPDQWHQLHQGRODRSRVLFLyQDQGLQR RFFLGHQWDO KDFH EDVWDQWH WLHPSR \D VXSHUDGD SRU FXDQWR DKRUD FRPR HQ ODGpFDGDGHOQRVHFRQFLEHORDQGLQRVLQORRFFLGHQWDO\YLFHYHUVD7DO YH] HVWH SHQVDPLHQWR UHWUyJUDGR \ VXERUGLQDGR KDJD TXH )OyUH]È\EDU SLHQVH TXH9DUJDV /ORVD HV HO ³VXPR VDFHUGRWH GHO SHQVDPLHQWR RFFLGHQ WDO´\TXH³QXQFDHQWHQGHUiHOPXQGRDQGLQR´HOPXQGRGHO³VLQFUHWLVPR FXOWXUDO´ R HO ³PXQGR PiJLFR GH ORV$QGHV´ WDO YH] SRU HVR VRVWHQJD OR LQVRVWHQLEOHFXDQGRHVFULEHTXH³/DHPRFLyQGH9DUJDV/ORVDSRUHO3HU~ QR HV VLQR XQ VLPXODFUR GH HOOD´ (O ³FUtWLFR´ SXQHxR FUHH HTXLYRFDGDPHQWHTXHVyORORVTXHYLYHQHQ3XQRHQODVLHUUDHQHOPXQGR DQGLQRSXHGHQKDEODUGHHVHPXQGRRGHHVDORFDOLGDG(VPiVFUHHTXHHO PXQGR DQGLQR QR WLHQH QDGD TXH YHU FRQ OD FRVWD R VHOYD GHO 3HU~ 3RU HMHPSORFXDQGRFLWDORVYHUVRVGHOSRHPD/$6%2'$6'(/$0$57,1$ GH$OHMDQGUR 3HUDOWD \ SDUD MXVWLILFDU VX OHFWXUD HSLGpUPLFD GLFH ³6H SUHFLVDFRQRFHUODVLHUUDKDEHUYLYLGRFHUFDGHOPXQGRLQGLRHQVXSURSLR

(22)

9HQWXUD *DUFtD &DOGHUyQ \ (QULTXH /ySH]$OE~MDU VH SUHJXQWD ³¢&yPR SRGUtDQ VHU SUHFXUVRUHV GHO LQGLJHQLVPR VL pVWRV GLVWRUVLRQDURQ WRWDOPHQ WH OD LPDJHQ GHO LQGLR"´ )OyUH]È\EDU QR DVXPH R QR TXLHUH KDFHUOR TXH HO LQGLJHQLVPR HV XQD WHQGHQFLD OLWHUDULD TXH DEDUFD D ORV HVFULWRUHV TXH KDEODQ ELHQ R PDO GHO LQGLR (O LQGLJHQLVPR PL TXHULGR SURIHVRU DEDUFD D ORV HVFULWRUHV TXH OH DJUDGDQ \ WDPELpQ D ORV TXH OH GHVDJUDGDQ2WUDPXHVWUDHVWiHQODVLJXLHQWHFLWD³6L$QGHUHSUHVHQWDHO LQLFLR GH OD SRHVtD LQGLJHQLVWD VX SRHPDULR >(O@ .ROODR WUDVFLHQGH HVDV IURQWHUDV \ SRVLELOLWD XQ QXHYR FDPLQR HO QHRLQGLJHQLVPR´ 6RV WHQHU HVWR HYLGHQFLD OD XWLOL]DFLyQ GHVFRQWH[WXDOL]DGD GHO WpUPLQR QHR LQGLJHQLVPRSRUTXHHVWHKDVLGRDFXxDGRSDUDUHIHULUVHDODOLWHUDWXUDTXH WHQLHQGR ODV FDUDFWHUtVWLFDV GHILQLGDV SRU7RPiV (VFDMDGLOOR VH SURGXFH EiVLFDPHQWH GHVSXpV GH \ SRUTXH HQWUH$QGH \(O .ROODR

KD\XQDFRQWLQXLGDGGLVFRQWLQXDVLPHGHMRHQWHQGHU7UDQVFULER XQD FLWD D FRQWLQXDFLyQ ³/D OLWHUDWXUD SXQHxD GH HVD GpFDGD >@ HV LPSRUWDQWH SRUTXH HO PRYLPLHQWR OLWHUDULR VH GHVDUUROOy HQ GRV LQVWDQ FLDV OD XQD LQWHUQD \ OD RWUD H[WHUQD /D SULPHUD HUD OLGHUDGD SRU *DPDOLHO &KXUDWD GRQGH GHVFROODEDQ QtWLGDPHQWH$OHMDQGUR 3HUDOWD /XLV GH 5RGULJR (PLOLR$UPD]D (PLOLR 9iVTXH] HWF< OD VHJXQGD HVWDED FRQIRUPDGD SRU &DUORV 2TXHQGR GH$PDW 'DQWH 1DYD -$OEHUWR &XHQ WDV=DYDODHWF/RVQLYHOHVTXHVHDERUGDEDQQRVyORHUDHOOLWHUDULRVLQR WDPELpQ HQ ORV QLYHOHV VRFLRSROtWLFR \ FXOWXUDO´ (Q HVWD FLWD KD\ YDULRV GHVDFLHUWRV (Q SULPHU OXJDU KD\ TXH GLVWLQJXLU PX\ ELHQ TXLHQHV IRUPDURQ SDUWH GHO *2 \ TXLHQHV HUDQ VLPSOHPHQWH FRODERUDGRUHV LQYLWD GRV 'HVSXpV \ VLHQGR FRQVHFXHQWH FRQ OR SODQWHDGR SRU HO %7 KD\ TXH WRPDU HQ FXHQWD TXH VH SXHGH VHU XQLYHUVDO VLQ GHMDU GH VHU ORFDO (Q FRQVHFXHQFLD HVWD GLYLVLyQ HV DUELWUDULD \ DFUtWLFD )LQDOPHQWH KD\ TXH UHFRUGDU TXH OR GLFH %DMWtQ WRGR VLJQR HV XQ VLJQR LGHROyJLFR \ TXH OD OLWHUDWXUDQRHVWiGHVYLQFXODGDGHORVRFLDO\SROtWLFR)OyUH]È\EDUQR H[SOLFD OR TXH GHQRPLQD ³1XHYD FRQFHSFLyQ LGHRHVWpWLFD´ /DPHQWDEOH PHQWH QR WHQJR PXFKR HVSDFLR SDUD FRPHQWDU DTXt OD FXULRVD FRQVWUXF FLyQ GHO WpUPLQR ³LGHRHVWpWLFD´ /R GHMDUp SDUD RWUD RFDVLyQ SRUTXH PHUHFH XQ SiUUDIR DSDUWH 3HUR OR TXH QR TXLHUR GHMDU GH FRPHQWDU HV OD FLWDTXHWUDQVFULERDFRQWLQXDFLyQ³/DVFRQFHSFLRQHVLGHRHVWpWLFDVSODQ WHDGDV SRU HO%ROHWtQ7LWLNDNDWLHQHGRVPRPHQWRVHOSULPHUPRPHQWROR KDOODPRV HQ OD SUD[LV OLWHUDULD GHVDUUROODGD SRU ORV LQWHJUDQWHV GHO *UXSR 2UNRSDWD VREUH WRGR SRU *DPDOLHO &KXUDWD \$OHMDQGUR 3HUDOWD D SDUWLU GH VX SRHPDULR$QGH (O VHJXQGR PRPHQWR VH FDUDFWHUL]D SRU ORV WUDED MRV GH LQYHVWLJDFLyQ GH LQWHOHFWXDOHV GHO SDtV \ GHO H[WUDQMHUR TXLHQHV FRQVWUX\HQ XQD FRUULHQWH GH SHQVDPLHQWR DQGLQR TXH GHYHQGUi XOWHULRU PHQWH HQ OD H[LJHQFLD GH XQD QXHYD HVWpWLFD´ 1R WHQJR FODUR OR VLJXLHQWH ¢&XiOHV VRQ ODV FRQFHSFLRQHV LGHRHVWpWLFDV SODQWHDGDV SRU ORV LQWHJUDQWHV GHO %7" ¢(V XQD R VRQ YDULDV" ¢FXiOHV VRQ ODV FRQFHSFLRQHV LGHRHVWpWLFDV GH ORV LQYHVWLJDGRUHV SHUXDQRV \ H[WUDQMHURV" ¢H[LVWHQ

(23)

UHV")OyUH]È\EDUHVFULEH³(QXQSiUUDIRDQWHULRUH[SUHVpPLSUHRFX SDFLyQ FDVL GUDPiWLFD VREUH HO KHFKR GH TXH QR H[LVWD XQ WUDWDGR VREUH WHRUtDOLWHUDULDHQORV$QGHV<VHUtDXQFUDVRHUURUDERUGDUHO WHPDGHOD EHOOH]D HVWpWLFD FRQ OD PLVPD WHRUtD \ PHWRGRORJtD RFFLGHQWDO SXHV VH HVWDUtDEXVFDQGRDUWLFXODUQXHVWUDKLVWRULDFRQODUDt]KLVSDQD\QRFRQOD QXHVWUD´ $SDUWH GH VHU XQD DFWR GH KDEOD TXH HYLGHQFLD XQ IXQGDPHQWDOLVPRSHOLJURVRHVWDFLWDLQGLFDTXHDOSURIHVRUKD\TXHUHFRU GDUOHTXHODWHRUtDOLWHUDULDHVXQLYHUVDO\JHQHUDOSRUHVRHVWHRUtD\QR ORFDORSDUWLFXODU7DQWRHVDVtTXHHQVXDUWtFXORDIORUDODSDUWHRFFLGHQWDO QR VROR FXDQGR FLWD D 7DLQH .D\VHU 'UHLVHU R /H *XHUQ VLQR WDPELpQ FXDQGRDSOLFDFRQFHSWRVGH.ULVWHYD\VREUHWRGRFXDQGRVXGLVFXUVRVH UHYHOD SRVHUR ILQJLGR \ VHJUHJDFLRQLVWD

0L FRPHQWDULR DO OLEUR GH -XDQ =HYDOORV SXEOLFDGR HQ HO VXSOHPHQWR

FXOWXUDO ³,GHQWLGDGHV´ GHO GLDULR RILFLDO(O 3HUXDQR SURYRFy GRV UHVSXHV WDV WDPELpQ SXEOLFDGDV HQ HO PLVPR VXSOHPHQWR FXOWXUDO /D SULPHUD OH FRUUHVSRQGHD0DUFR7KRPDV%RVVKDUGTXLHQHQVXDUWtFXOR³/RVHVWXGLRV VXEDOWHUQRV DSOLFDGRV DO 3HU~´ GLFH TXH WRGDYtD KD\ SUHMXLFLRV FRQWUD ORV HVWXGLRV VXEDOWHUQRV \ SRU OR WDQWR GHILHQGH VX DSOLFDFLyQ HQ OR TXH GHQRPLQD ³PRQRJUDItD´ GH =HYDOORV +DJR QRWDU DTXt FRPR VH QRWD HQ HVWHWH[WRTXHQRHVWR\HQFRQWUDGHODDSOLFDFLyQGHORV(VWXGLRV6XEDO WHUQRV HQ ORV HVWXGLRV VREUH HO %7 /D VHJXQGD UHVSXHVWD IXH HVFULWD SRU -XDQ=HYDOORVTXLHQSXEOLFyHODUWtFXOR³,QGLJHQLVPR(VWpWLFD\3ROtWLFD´ HQ HO TXH VRVWLHQH YDULDV LGHDV LQWHUHVDQWHV TXH KDFHQ HYLGHQWH OD PHQWD OLGDGVXEDOWHUQDGHDOJXLHQTXHWUDEDMDFRQ\GHVGHORV(VWXGLRV6XEDOWHU QRV /D SULPHUD KDFH DOXVLyQ DO OXJDU GH HQXQFLDFLyQ (Q HIHFWR 'RULDQ (VSH]~DGLFH=HYDOORVKDEOD\OHHGHVGHOD8QLYHUVLGDG1DFLRQDO0D\RU GH 6DQ 0DUFRV \ GHVGH OD 8QLYHUVLGDG 1DFLRQDO )HGHULFR9LOODUUHDO GH /LPDGHVGH ORVHVWXGLRVOLWHUDULRV GHVGH XQRUJXOOR UHJLRQDO SXQHxR TXH GHILHQGHDODPD\RUILJXUDGHOSDUQDVRODFXVWUHFRQ³FLHUWRSUXULWRILOROy JLFR´GHVGHODSUHRFXSDFLyQSRUORVGHWDOOHV\ODHYLGHQFLDFLyQGHHUURUHV \OLPLWDFLRQHVTXHVXJLHUHQIDOWDGHULJRUHLPSURYLVDFLyQHQODLQYHVWLJD FLyQ\HOPDQHMRGHORVGDWRV(QFDPELRGLFH=HYDOORV0DUFR7KRPDV %RVVKDUGKDEODGHVGHOD8QLYHUVLGDG/LEUHGH%HUOtQGHVGHVXIRUPDFLyQ GH ILOyVRIR TXH KDFH VX FDUUHUD HQ$OHPDQLD GHVGH OD EXHQD DFHSWDFLyQ GHVGHVXFRQFRUGDQFLDFRQODVOHFWXUDVGHORVFLHQWtILFRVVRFLDOHVTXHQRVH ILMDQ HQ ORV ³GHWDOOHV´ R KHFKRV ³SRFR VLJQLILFDWLYRV´ TXH SUHRFXSDQ D 'RULDQ (VSH]~D ¢$FDVR VH VXJXLHUH FRQ HVWR TXH SHQVDU OHHU R KDEODU GHVGHHO3HU~RGHVGH3XQRHVPHQRVLPSRUWDQWHTXHKDEODUGHVGH$OHPD QLDRORV(VWDGRV8QLGRV"/DVHJXQGDLGHDVXJHULGDTXHVHFRQWUDSRQHDOR TXH OHt HQ VX OLEUR VRVWLHQH TXH HO LQGLJHQLVPR SROtWLFR HV XQD IDFHWD VHSDUDGD GHO LQGLJHQLVPR OLWHUDULR HQ HO FDVR GHO %7 \ TXH ORV HVWXGLRV VREUHHO%7VRVOD\DQODGLPHQVLyQSROtWLFDGHOLQGLJHQLVPR<RLJXDOTXH 9LFKR/ySH]/HQFLQRFUHRTXHORHVWpWLFR\ORSROtWLFRVHDQGRVGLVFXU VRVVHSDUDGRVHQHOFDVRGHORVWH[WRVSXEOLFDGRVHQHO%7FRPRWDPSRFR

(24)

FDGR SRU 0LJXHO ÈQJHO +XDPiQ -RUJH )OyUH]È\EDU VLJXH VRVWH QLHQGR LQJHQXDPHQWH TXH ORV Q~PHURV GHO %7 VRQ FXDQGR HVFULEH ³)XHURQQ~PHURVFDQMHDGRV\GLVWULEXLGRVSRUWRGD$PpULFD(VEXHQR DFODUDUTXHHO~OWLPRQ~PHURHVHOSHURVHUHSLWHQGRVHGLFLRQHVFRQHO Q~PHUR DJRVWR \ GLFLHPEUH ´ 'H QLQJ~Q PRGRVHSXHGHVRVWHQHUTXHHOQ~PHURHVHO\TXHHOHVHO\DVt VXFHVLYDPHQWH1RHVVHULRFDPELDUDUELWUDULDPHQWHODQXPHUDFLyQURPiQLFD FRUUHVSRQGLHQWHDOVHJXQGRSHULRGRGHO%7&\QWKLD9LFKKDUHVXHOWRELHQ HVWD FRQWURYHUVLD HQ WRUQR DO Q~PHUR GHO %7 FXDQGR VRVWLHQH TXH KD\ XQ Q~PHUR \ RWUR Q~PHUR % (OOD HVFULEH HQ QRWD DO SLH GH SiJLQD Q~PHUR GHO FDStWXOR , GH VX OLEUR ³+H GHFLGLGR LGHQWLILFDU GH HVWD PDQHUD D HVWH Q~PHUR >%@ \D TXH H[LVWHQ GRV HGLFLRQHV GLVWLQWDV GHO Q~PHURGHO%ROHWtQODGHDJRVWRGHDODTXHOODPDUpVLPSOHPHQ WH ³´ \ OD GH GLFLHPEUH GHO PLVPR DxR ³%´ TXH HV OD TXH VLJXH LQPHGLDWDPHQWHGHVSXpVGHXQDLQWHUUXSFLyQGHWUHVPHVHV/DVFDXVDVGH HVWD LQWHUUXSFLyQ PH VRQ GHVFRQRFLGDV´ (Q UHVXPHQ KD\ Q~PHURVTXHGHEHQVHUUHVSHWDGRV\GRVHGLFLRQHVGHOQ~PHUR

(QPXFKRVGHPLVHVFULWRVKHSXHVWRUHSDURVDODXWLOL]DFLyQGHODSDODEUD

VXMHWR SRU VX FRQQRWDFLyQ GHVKXPDQL]DQWH \ VX IXHUWH YtQFXOR FRQ OR

GLVFXUVLYR

(Q XQ ³OLEULWR´ LQWHUHVDQWH WLWXODGR&KXUDWD 3URIHWD GHO $QGH TXH QR

GHMDGHFDHUHQHUURUHVLQJHQXRVFRPRHOGHFRQVLGHUDUDFDVLWRGRVORV FRODERUDGRUHV GHO *UXSR 2UNRSDWD FRPR LQWHJUDQWHV GHO PLVPR 5HQp &DOFtQ$QFR KD SODQWHDGR XQD LQWHUHVDQWH SHUR GLVFXWLEOH GLYLVLyQ GH ODV HWDSDV SRU ODV TXH SDVy OD ODERU GHO *2 ³$Vt KHPRV SRGLGR LGHQWLILFDU VHLV HWDSDV /D SULPHUD OD GH OD SUHSDUDFLyQ KDVWD OD DSDUL FLyQGHOSURVSHFWRTXHDQXQFLDODVDOLGDGHOOLEUR$QGH/DVHJXQGD ODOLWHUDULDKDVWDODFRQVWLWXFLyQGHOD&RPSDxtD7HDWUDO2UNRSDWD /D WHUFHUD OD OLWHUDULD >VLF@ \ DUWtVWLFD KDVWD HO SULPHU WUDPR GHO%ROHWtQ 7LWLNDND /D FXDUWD OD SHULRGtVWLFD KDVWD HO1ƒGHO%ROHWtQ7LWLNDND/DTXLQWDODGHOUHIORWHKDVWD OD UHQXQFLD GH *DPDOLHO &KXUDWD FRPR ELEOLRWHFDULR /D VH[WD GH OD GLVSHUVLyQ KDVWD HO H[LOLR GH *DPDOLHO &KXUDWD´

7DPELpQ OD ELEOLRJUDItD VREUH$OHMDQGUR 3HUDOWD VH KD LQFUHPHQWDGR

VXVWDQWLYDPHQWH HQ ORV ~OWLPRV DxRV &RQPHPRUDQGR ORV DxRV GH OD SXEOLFDFLyQ GH$QGH OD 8QLYHUVLGDG 1DFLRQDO GHO$OWLSODQR KD UHHGLWDGRGLFKRSRHPDULRFRQXQDIDOWDGHFULWHULRSURSLDGHODLJQRUDQFLD \ OD HJRODWUtD (Q HIHFWR OD UHHGLFLyQ TXH FXHQWD FRQ DVHVRUHV HQ HO FRQVHMRHGLWRULDOPLHPEURVGHOFRQVHMRFRQVXOWLYR\HGLWRUDTXLHQHV KDEUtD TXH GHQXQFLDU SRU QHJOLJHQFLD R FRPSDGHFHU SRU VX PLRStD QR UHVSHWDHOIRUPDWRRULJLQDOFXDQGRFDPELDORVFRORUHVGHODWDSD\HQFLPD OHDJUHJDHQODSDUWHLQIHULRUHQFLQWDD]XO\FRQOHWUDVGRUDGDVHOQRPEUH GHODXQLYHUVLGDGFRQHOWH[WR³DxRVGHVXFUHDFLyQ\DxRVGHVX

(25)

XQD IRWR GH ORV HPSOHDGRV GH OD &DMD GH 5HFDXGDFLyQ KR\ %DQFR GH OD 1DFLyQGRQGHVHUHVDOWDODSURSLHGDGGH-RUJH0ROLQDTXHQRWLHQHQDGD TXH YHU FRQ HO SRHPDULR XQD IRWR DO ILQDO GRQGH DSDUHFHQ$OHMDQGUR \ $UWXUR3HUDOWDFRPRXQDJUHJDGRTXHGHQLQJ~QPRGRKXELHUDVLGRDGPL WLGRSRU*DPDOLHO&KXUDWDGRQGHWDPELpQVHUHVDOWDODSURSLHGDGGH5HQp &DOVtQ$QFR XQD SUHVHQWDFLyQ DEVROXWDPHQWH SUHVFLQGLEOH GHO LQJHQLHUR 1pVWRU &ROODQWHV MHIH GH OD 2ILFLQD 8QLYHUVLWDULD GH 3UR\HFFLyQ \ ([WHQ VLyQ6RFLDOGHODXQLYHUVLGDGTXHSDUHFHTXHQRWLHQHLGHDGHODLPSRUWDQFLD GHXQDEXHQDHGLFLyQ\XQDQRWDTXHOHGHEHUtDFDXVDUYHUJHQ]DDOHGLWRU PDQLSXODGRU-RVp/XLV9HOiVTXH]*DUDPEHOSRUTXHKDFHHYLGHQWHXQDGpELO IRUPDFLyQ DFDGpPLFD TXH VH PXHVWUD HQ OD FLWDFLyQ GH WRGR \ GH QDGD GHMDQGRDXQODGRHOFRPHQWDULRVREUHHOSRHPDULRTXHVXSRQJRHVORTXH TXHUtD KDFHU (V LQFUHtEOH SHUR FLHUWR TXH DKRUD WHQJDPRV XQD HGLFLyQ GH

$QGH FRQ YDULRV SDUDWH[WRV DGLFLRQDOHV DEVROXWDPHQWH SUHVFLQGLEOHV 7RWDOPHQWH FRQWUDULD HV OD H[FHOHQWH HGLFLyQ IDFVLPLODU GH$QGH (O

.ROODR KHFKD SRU OD 3RQWLILFLD 8QLYHUVLGDG &DWyOLFD GHO 3HU~ WDPELpQ HQ

HO(VWD~OWLPDHGLFLyQFRQWyFRQHOFXLGDGRGHGRVHQWHQGLGRVHQOD PDWHULD 5LFDUGR 6LOYD6DQWLVWHEDQ \ /XLV )HUQDQGR &KXHFD (O SULPHUR WDOYH]HOPHMRUHGLWRUGHO3HU~FXLGyTXHORVWH[WRVQRIXHUDQPDQLSXOD GRV GH PDQHUD TXH VH UHVSHWH VX LQWHJULGDG \ RULJLQDOLGDG \ HO VHJXQGR UHGDFWy XQD LPSUHVFLQGLEOH SUHVHQWDFLyQ GH OD HGLFLyQ SRU OD ULTXH]D \ FODULGDGGHVXFRQWHQLGRHQODTXHVHUHYLVDQORVHVWXGLRVVREUHODSRHVtDGH $OHMDQGUR 3HUDOWD KHFKRV KDVWD HO PRPHQWR

%LEOLRJUDItD

$380$5.$ 5HYLVWD GH DUWH \ OLWHUDWXUD 1ƒ 3XQR

$UDPD\R 2PDU (O SH] GH RUR /D %LEOLD GHO LQGLJHQLVPR 3XQR (GLFLyQ PLPHRJUDILDGD

$\DOD -RVp /XLV %DGLQL 5LFDUGR \ &KXUDWD *DPDOLHO 6LPERORJtD GH

(O SH] GH RUR /LPD (GLWRULDO 6DQ 0DUFRV

%RVVKDUG0DUFR7KRPDV³/RVHVWXGLRVVXEDOWHUQRVDSOLFDGRVDO3HU~´

,GHQWLGDGHV$xR 1ƒ /LPD

&iFHUHV 0RQUR\ -XDQ /XLV 7UHV UHSUHVHQWDQWHV GHO LQGLJHQLVPR HQ 3XQR 3XQR7HVLV 816$&

&DOFtQ$QFR 5HQp &KXUDWD 3URIHWD GHO $QGH 3XQR %LEOLRWHFD 3RSXODU 7UDQVSDUHQFLD

&DOOR &XQR 'DQWH %ROHWtQ 7LWLNDND HGLFLyQ IDFVLPLODU$UHTXLSD 816$

(26)

(GLWRUHV

(VSH]~D 6DOPyQ 'RULDQ (QWUH OR UHDO \ OR LPDJLQDULR 8QD OHFWXUD

ODFDQLDQD GHO GLVFXUVR LQGLJHQLVWD /LPD 81)9

²²²²²²²²²²² ³+RPLOtD GHO .KRUL &KDOOZD R ¢&yPR SXHGH KDEHU XQ LQGLR TXH QR KDEOH"´

²²²²²²²²²²³$SRUWHV\HTXtYRFRVGHODFUtWLFD$SURSy VLWR GHO%ROHWtQ 7LWLNDND´,GHQWLGDGHV$xR 1ƒ /LPD )OyUH]È\EDU-RUJH/LWHUDWXUD\YLROHQFLDHQORV$QGHV/LPD$UWHLGHD

(GLWRUHV

²²²²²²² ³,QWHUSUHWDFLyQ HSLVWHPROyJLFD GHO\R SRpWLFR HQ OD REUD GH$OHMDQGUR 3HUDOWD´(O$QWRQLDQR 1ƒ &X]FR ²²²²²²² ³$QWHFHGHQWHV LQGLJHQLVWDV GHO *UXSR 2UNRSDWD´

$SXPDUND 1ƒ 3XQR

,QVWLWXWR 3XQHxR GH &XOWXUD *DPDOLHO &KXUDWD $QWRORJtD \ YDORUD FLyQ /LPD HGLWRULDO 0LQHUYD

*DUFtD%HGR\D &DUORV ³=HYDOORV$JXLODU 8OLVHV -XDQ,QGLJHQLVPR \

QDFLyQ /RV UHWRV GH OD VXEDOWHUQLGDG D\PDUD \ TXHFKXD HQ HO %ROHWtQ

7LWLNDND /LPD ,QVWLWXWR )UDQFpV GH (VWXGLRV$QGLQRV )RQGR(GLWRULDOGHO%DQFR&HQWUDOGH5HVHUYDGHO3HU~´5HYLVWDGH

&UtWLFD /LWHUDULD /DWLQRDPHULFDQD1ƒ %HUNHOH\

*RQ]iOH]9LJLO 5LFDUGR ³6XUUHDOLVPR \ FXOWXUD DQGLQD /D RSFLyQ GH *DPDOLHO &KXUDWD´$YDWDUHV GHO VXUUHDOLVPR HQ HO 3HU~ SS /LPD

+XDPiQ 0LJXHO ÈQJHO )URQWHUDV GH OD HVFULWXUD 'LVFXUVR \ XWRStD

HQ &KXUDWD /LPD (GLWRULDO +RUL]RQWH

+XDPiQ 0LJXHO ÈQJHO ³¢1DUUDWLYD$QGLQD R 1DUUDWLYD &ULROOD" /RV ULHVJRV GH OD GLV\XQWLYD´6DQ 0DUFRV 1ƒ /LPD

/ySH] /HQFL<D]PtQ (O /DERUDWRULR GH OD 9DQJXDUGLD /LWHUDULD HQ

HO 3HU~ /LPD (GLWRULDO +RUL]RQWH

3DQWLJRVR 0DQXHO (O XOWUDRUELFLVPR HQ HO SHQVDPLHQWR GH *DPDOLHO

&KXUDWD /LPD 8QLYHUVLGDG 5LFDUGR 3DOPD

3HUDOWD$OHMDQGUR >@ $QGH 3XQR7DOOHUHV GH OD (GLWRULDO 8QL YHUVLWDULD 285$81$3

²²²²²²²² >@ >@ $QGH(O .ROODR /LPD 38&3 5pQLTXH -RVp /XLV /D EDWDOOD SRU 3XQR FRQIOLFWR DJUDULR \ QDFLyQ

(27)

+~PHUR 1ƒ /LPD

7DPD\R +HUUHUD -RVp +LVWRULD VRFLDO H LQGLJHQLVPR HQ HO DOWLSODQR /LPD (GLFLRQHV 7UHLQWDLWUHV

7RUG /XLV (QULTXH (O LQGLR HQ ORV HQVD\LVWDV SHUXDQRV /LPD (GLWRULDOHV 8QLGDV 6$

8VDQGL]DJD +HOHQD /D SDODEUD UHFXSHUDGD 0LWRV SUHKLVSiQLFRV HQ

OD OLWHUDWXUD ODWLQRDPHULFDQD 0DGULG ,EHURDPHULFDQD 9HUYXHUW

²²²²²²²² ³,UUDGLDFLyQ VHPiQWLFD GH ORV PLWRV DQGLQRV HQ

(O SH] GH RUR GH *DPDOLHO &KXUDWD´ (Q 8VDQGL]DJD +HOHQD HGLWRUD

9LFK &\QWKLD ,QGLJHQLVPR GH 9DQJXDUGLD HQ HO 3HU~ /LPD 38&3 :LVH'DYLG³9DQJXDUGLVPRDPHWURV(OFDVRGHO%ROHWtQ7LWLNDND

3XQR ´5HYLVWD GH &UtWLFD /LWHUDULD /DWLQRDPHULFDQD 1ƒ /LPD

=HYDOORV$JXLODU 8OLVHV -XDQ ,QGLJHQLVPR \ QDFLyQ /RV UHWRV D OD UHSUHVHQWDFLyQ GH OD VXEDOWHUQLGDG D\PDUD \ TXHFKXD HQ HO %ROHWtQ

7LWLNDND /LPD ,)($%&53

=HYDOORV$JXLODU 8OLVHV -XDQ ³,QGLJHQLVPR (VWpWLFD \ 3ROtWLFD´

Figure

Actualización...

Referencias

Actualización...

Related subjects :