339 739 1 PB

Download as pdf or txt
Download as pdf or txt
You are on page 1of 16

3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQDUHWyULFDVGH

OD DXWR UHSUHVHQWDFLyQ\ILJXUDVGHDXWRU\OHFWRU

3HULRGL]DWLRQRI$IUR+LVSDQLF$PHULFDQOLWHUDWXUH7KHUKHWRULFVRI VHOI 
UHSUHVHQWDWLRQDQGILJXUHVRIDXWKRUDQGUHDGHU

0DUFHO9HOi]TXH]&DVWUR
8QLYHUVLGDG1DFLRQDO0D\RUGH6DQ0DUFRV
&RQWDFWRPYHOD]TXH]F#XQPVPHGXSH


5HVXPHQ
(QHVWHDUWtFXORVHSURSRQHXQDGHILQLFLyQ\XQDSHULRGL]DFLyQGHOD
OLWHUDWXUDDIURKLVSDQRDPHULFDQDFDPSRFODYHHQODFRQVWUXFFLyQGHOD
P~OWLSOH \ KHWHURJpQHD FXOWXUD GH OD $PpULFD KLVSDQD /D
SHULRGL]DFLyQDEDUFDGHVGHHOVLJOR;9,KDVWDKR\\SUHVHQWDFRPR
YDULDEOHV ODV UHWyULFDV GH OD DXWR  UHSUHVHQWDFLyQ GHO
DIURGHVFHQGLHQWH\ODVILJXUDVGHDXWRU\OHFWRU
3DODEUDV FODYH OLWHUDWXUD DIURKLVSDQRDPHULFDQD SHULRGL]DFLyQ
HVFODYLWXGFRORQLDOQHJULVPRQHJULWXG\DIURFHQWULVPR

$EVWUDFW
7KLVDUWLFOHSURYLGHVDGHILQLWLRQDQGDSHULRGL]DWLRQRI$IUR+LVSDQLF
$PHULFDQ OLWHUDWXUH NH\ ILHOG LQ WKH FRQVWUXFWLRQ RI PXOWLSOH DQG
KHWHURJHQHRXV FXOWXUH RI +LVSDQLF $PHULFD DULVHV 3HULRGL]DWLRQ
UDQJHVIURPWKHVL[WHHQWKFHQWXU\WRWRGD\DQGSUHVHQWHGDVYDULDEOHV
WKHUKHWRULFVRI VHOI UHSUHVHQWDWLRQRI$IULFDQGHVFHQWDQGILJXUHVRI
DXWKRUDQGUHDGHU
.H\ZRUGV$IUR+LVSDQLF$PHULFDQOLWHUDWXUHSHULRGL]DWLRQFRORQLDO
VODYHU\QHJULVPR%ODFNQHVV$IURFHQWULVP
5HFLELGR  $FHSWDGR

ϭ
hŶĂƉƌŝŵĞƌĂǀĞƌƐŝſŶĚĞĞƐƚĞƚƌĂďĂũŽĨƵĞƉƌĞƐĞŶƚĂĚŽĞŶĞůĐƵƌƐŽ>ŝƚĞƌĂƚƵƌĂƌĂƐĨƌŽŚŝƐƉĂŶŽĂŵĞƌŝĐĂŶĂƐ
ĞŶĞůŵĂƌĐŽĚĞůŽĐƚŽƌĂĚŽĚĞůĂhŶŝǀĞƌƐŝĚĂĚŶĚŝŶĂ^ŝŵſŶŽůşǀĂƌ͘ŐƌĂĚĞnjĐŽĂDŝĐŚĂĞů,ĂŶĚĞůƐŵĂŶ
ƐƵƐĐŽŵĞŶƚĂƌŝŽƐLJƐƵŐĞƌĞŶĐŝĂƐ͘

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

,QWURGXFFLyQ
/DUHFLHQWHSXEOLFDFLyQHQVHLVYRO~PHQHVGHO'LFWLRQDU\RI&DULEEHDQ
DQG $IUR/DWLQ %LRJUDSK\   FRQVWLWX\H XQ KLWR PD\RU HQ HO SURFHVR GH
P~OWLSOHV HVIXHU]RV DFDGpPLFRV SRU SHQVDU H[KDXVWLYDPHQWH ODV WUD\HFWRULDV
VRFLRFXOWXUDOHV GH OD SREODFLyQ DIURGHVFHQGLHQWH HQ WRGR HO FRQWLQHQWH
DPHULFDQR'HVGHODVGRV~OWLPDVGpFDGDVVHKDQPXOWLSOLFDGRHVWXGLRVUHJLGRV
SRUODVSROtWLFDVGHODGLIHUHQFLD\FRQSHUVSHFWLYDVLQWHUGLVFLSOLQDULDV HVWXGLRV
FXOWXUDOHV HVWXGLRV GH JpQHUR KLVWRULD DQWURSRORJtD \ OLWHUDWXUD  TXH KDQ
FRORFDGRHOpQIDVLVHQWUHVGLPHQVLRQHVD ODVUHWyULFDVGHODUHSUHVHQWDFLyQGHO
HVFODYR\GHODIURGHVFHQGLHQWHE ODFDSDFLGDGGHDFWXDFLyQGHOHVFODYR\GHO
DIURGHVFHQGLHQWHLQFOXVRHQORVFRQWH[WRVPiVDGYHUVRV\F ODPXOWLSOLFLGDGGH
H[SHULHQFLDVGHHVWDSREODFLyQTXHKDFRQWULEXLGRDGLVHxDUODVUXWDVFXOWXUDOHV
GHO FRQWLQHQWH DPHULFDQR $ PRGR GH HMHPSOR SRGHPRV PHQFLRQDU GRV
LPSRUWDQWHV OLEURV $IUR/DWLQ $PHULFD    GH $QGUHZV \ $IUR
/DWLQR 9RLFHV 1DUUDWLYHV IURP WKH (DUO\ 0RGHUQ ,EHUR$WODQWLF :RUOG 
   HGLWDGR SRU 0F.QLJKW \ *DURIDOR (O SULPHUR IXH XQD KLVWRULD
FRQWHPSRUiQHDGHOVLJOR;,;\;;GH$PpULFDGHVGHODYDULDEOHGHORDIURODWLQR
TXHH[SOLFyFyPRHVWHJUXSRFRQWULEX\yFRQODIRUPDFLyQGHOHVWDGRQDFLyQOD
GHPRFUDWL]DFLyQ\ODVUHIRUPDVSROtWLFRVRFLDOHVTXHWUDQVIRUPDURQODYLGDGHOD
UHJLyQ\HOVHJXQGRDSRVWySRUUHFXSHUDUODVYRFHV\H[SHULHQFLDVGHVGHORV
DUFKLYRV MXGLFLDOHV UHOLJLRVRV \ DGPLQLVWUDWLYRV SDUD SUREDU IHKDFLHQWHPHQWH
TXHORVHVFODYRV\QHJURVQRVRORVHDSURSLDURQGHORVFyGLJRVHLQVWLWXFLRQHVGH
ORVGRPLQDGRUHVVLQRTXHODVSHUPHDURQ\PRGLILFDURQGHDFXHUGRDVXVSURSLRV
LQWHUHVHVGXUDQWHHOSHULRGRFRORQLDO
¢&yPRHVWXGLDUODYDULDGD\FRPSOHMDH[SHULHQFLDVRFLRFXOWXUDOGHOD
SREODFLyQDIULFDQDHVFODYL]DGD\WUDVODGDGDD$PpULFD\GHVXVGHVFHQGLHQWHVDOR
ODUJRGHFLQFRVLJORV"/DRSFLyQGHOGLFFLRQDULRKDVLGRHOHJLUFRPRXQLGDGOD
YLGDGHDFWRUHVDIURODWLQRV\FDULEHxRVVLJQLILFDWLYRVHQWRGRVORVFDPSRVGHOD
H[SHULHQFLD KXPDQD $Vt VH FRQVWUX\H XQD WUDPD GH ELRJUDItDV DOJXQDV
HQWUHOD]DGDV GH P~VLFRV HVFULWRUHV DUWLVWDV SOiVWLFRV DFWLYLVWDV VRFLDOHV

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

SROtWLFRVIXWEROLVWDVVDQWRVGHFLPLVWDVER[HDGRUHVILOyVRIRVTXHSHUWHQHFHQ
D YDULDV iUHDV FXOWXUDOHV DPHULFDQDV GLIHUHQFLDGDV FRPR VL FRQVWLWX\HVHQ XQ
FRQMXQWR
 $SHVDUGHODVHYLGHQWHVVHPHMDQ]DVGHORVUHJtPHQHVGHGRPLQDFLyQ
HVFODYLVWDV ODV WUD\HFWRULDV VRFLRSROtWLFDV GH HVWD SREODFLyQ HQ ORV VLVWHPDV
UHSXEOLFDQRVODPDUJLQDFLyQVLPEyOLFDGHODFRPXQLGDGQDFLRQDO\HOYLROHQWR
UDFLVPR TXH KDQ HQIUHQWDGR HQ WRGR HO FRQWLQHQWH DPHULFDQR QR VH SXHGH
ROYLGDUODVGLIHUHQFLDVTXHDIORUDQGHDFXHUGRDOSHVRGHPRJUiILFR\DOJUDGRGH
RUJDQL]DFLyQSROtWLFDGHHVWHJUXSRHQFDGDiUHDFXOWXUDODPHULFDQD
 (Q HVWH DUWtFXOR VH HVWXGLD OD OLWHUDWXUD DIUR HQ HO iUHD
KLVSDQRDPHULFDQDSXHVHQHVDSUiFWLFDVRFLDORUDO\HVFULWDKDTXHGDGRLQVFULWD
HQXQDOtQHDGLDFUyQLFDODVKXHOODVVLPEyOLFDVGHODVGLYHUVDVQHJRFLDFLRQHV\
FRQIOLFWRV HQWUH ODV SROtWLFDV GH DXWR UHSUHVHQWDFLyQ ODV DSURSLDFLRQHV GHO
OHQJXDMHKHJHPyQLFR\ODVPDUFDVSURSLDVGHOKDEODODFXOWXUDRUDOSRSXODU\HO
ULWPR FRPR HOHPHQWR FHQWUDO GH VLJQLILFDFLyQ FRUSRUDO \ VRFLDO GH GLFKD
FRPXQLGDG$GHPiVVXVWH[WRVKDQFRQVWLWXLGRXQGHVDItRDODQDWXUDOH]D\DORV
OtPLWHVGHODLQVWLWXFLRQDOLGDGOLWHUDULD
 /D OLWHUDWXUD QR SRVHH XQD GHILQLFLyQ DEVWUDFWD H LQWHPSRUDO VLQ
HPEDUJR HV OD SDODEUD OD PDWHULD SULPD GH WRGR WH[WR OLWHUDULR /D SDODEUD
SURSLDRULJLQDULDGHODVSREODFLRQHVHVFODYL]DGDVIXHVLOHQFLDGD\HUUDGLFDGD
SDUFLDORFRPSOHWDPHQWHGHORVDIURGHVFHQGLHQWHVSHURSDUWHGHHVDVYRFHV
DIULFDQDVVREUHYLYLHURQHQWH[WRVRUDOHVFRPRUH]RV\FDQFLRQHVRWUDVGLHURQ
OXJDUDQXHYDVSDODEUDV/DSUHVHQFLDGHORVDIULFDQLVPRVHQODOHQJXDHVSDxROD\
HQ VXV GLIHUHQWHV GLDOHFWRV HV LQREMHWDEOH $GHPiV OD OLWHUDWXUD HV XQ XVR
SDUWLFXODUGHOOHQJXDMHTXHJHQHUDXQDIRUPDVLQJXODUGHFRPXQLFDFLyQHQOD
TXH SDUWLFLSDQ GLYHUVRV VXMHWRV \ PHGLDFLRQHV VRFLDOHV (VWH FLUFXLWR IXH
HPSOHDGR SRU ORV DIURGHVFHQGLHQWHV HOORV FRQYLUWLHURQ HVH FDPSR HQ XQD
EDWDOOD SRU ODV SROtWLFDV GH DXWR UHSUHVHQWDFLyQ XQD IRUPD GH UHVLVWHQFLD
FXOWXUDO\XQDDILUPDFLyQGHVXVSURSLDVSUiFWLFDVHQODVTXHODOLWHUDWXUDQR
DSDUHFHGLVMXQWDGHRWUDVH[SHULHQFLDVVRFLDOHV

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

 'HVGHHOSUREOHPDLGHQWLILFDGR\ODVSUHPLVDVSRVWXODGDVHVWHDUWtFXOR
SURSRQH XQD GHILQLFLyQ GH OD OLWHUDWXUD DIURKLVSDQRDPHULFDQD \ XQD
SHULRGL]DFLyQ EDVDGD HQ GLYHUVDV YDULDEOHV 6H WUDWD GH FRQWULEXLU FRQ OD
GLVFXVLyQVREUHODH[SHULHQFLD\HOOHJDGRDIURHQHOFRQWLQHQWHDPHULFDQRGHVGH
XQD UHJLyQ VRFLRFXOWXUDO HVSHFtILFD \ PHGLDQWH ORV XVRV DSURSLDFLRQHV \
WUDQVIRUPDFLRQHVGHODLQVWLWXFLyQOLWHUDULDSRUORVDIURGHVFHQGLHQWHV

 /DOLWHUDWXUDDIURKLVSDQRDPHULFDQDSUHVXSXHVWRV\IURQWHUDVSRURVDV
 /DOLWHUDWXUDDIURKLVSDQRDPHULFDQDHVXQDFDWHJRUtDHPSOHDGDSRUOD
FUtWLFDHVSHFLDOL]DGDHLQFOXVRDSDUHFHHQUHFRQRFLGDVKLVWRULDVGHOSHQVDPLHQWR
\ODOLWHUDWXUDODWLQRDPHULFDQRV 'XSHVWUH.XW]LQVNL VLQHPEDUJR
QRKD\XQDGHILQLFLyQFDEDOXQDTXHH[SOLTXHHOUHFRUULGRGLDFUyQLFRGHORV
WH[WRV\FRPSUHKHQGDVLVWHPiWLFDPHQWHVXVFDUDFWHUtVWLFDVIRUPDOHVSROtWLFDV
HVWpWLFDV\VXSURFHVRFRPXQLFDWLYR
 3ODQWHDPRVFRPRKLSyWHVLVTXHODOLWHUDWXUDDIURKLVSDQRDPHULFDQDHV
XQDFRQVWUXFFLyQFUtWLFDTXHEXVFDFRQVWLWXLU\DQDOL]DUXQFRUSXVGHSUiFWLFDV\
WH[WRV OLWHUDULRV TXH UHSUHVHQWDQ LQWHUSHODQ VLPEROL]DQ \ GLDORJDQ FRQ XQD
H[SHULHQFLD KLVWyULFD VLQJXODU RUtJHQHV DIULFDQRV HQFXHQWURV FXOWXUDOHV
DWOiQWLFRVFRQHORUGHQLPSHULDOHVSDxROWUDWDGHHVFODYRVGHVWHUULWRULDOL]DFLyQ
FXOWXUDO\OLQJtVWLFDDVHQWDPLHQWRHQDPSOLRVOXJDUHVGHWRGRHOFRQWLQHQWH
DPHULFDQR\FRQWDFWRVFRQRWURVJUXSRVVRFLDOHVH[SORWDFLyQVRFLDOUDFLVPRH
LQYLVLELOLGDG VRFLDO  TXH IRUPD SDUWH GH OD KLVWRULD XQLYHUVDO \ KD PDUFDGR
VLJQLILFDWLYDPHQWHDP~OWLSOHVVRFLHGDGHVRJUXSRVSREODFLRQDOHVHQGLYHUVRV
OXJDUHVGHOD$PpULFDKLVSDQD
 /D OLWHUDWXUD DIURKLVSDQRDPHULFDQD SRVHH FRQH[LRQHV KLVWyULFDV \
FXOWXUDOHVFRQODOLWHUDWXUDDIUREUDVLOHxDSHURKD\GLIHUHQFLDVFHQWUDOHVFRPROD
OHQJXD\ODH[WHQVLyQHLQWHQVLGDGGHODH[SHULHQFLDKLVWyULFDGHODHVFODYLWXG\
ODVSROtWLFDVGHPHVWL]DMHSRVFRORQLDOHVHQHOPXQGROXVREUDVLOHxR3RUVXSDUWH
WDPELpQKD\XQDOLWHUDWXUDDIURFDULEHxDHQIUDQFpV +DLWt0DUWLQLFD*XD\DQD
*XDGDOXSH \HQLQJOpV -DPDLFD (VWHFDPSRFXOWXUDOGHVWDFDSRUODSUHVHQFLDGH

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

GRVWHyULFRV\HQVD\LVWDVGHJUDQLQIOXHQFLDHQODVSROtWLFDVDIURFpQWULFDV)UDQ]
)DQRQ \ (GRXDUG *OLVDQW $GHPiV KD\ TXH VXPDU D OD YDULDGD \ FRPSOHMD
WUDGLFLyQGHOLWHUDWXUDDIURQRUWHDPHULFDQDFRQWH[WRVDXWRELRJUiILFRVGHOVLJOR
GLHFLQXHYH FRPR 7ZHOYH <HDUV D 6ODYH   GH 6DORPRQ 1RUWKXS KDVWD
HVFULWRUHVFRQWHPSRUiQHRVFRPR:LOOLDP6W\URQR7RQL0RUULVRQHVWD~OWLPD
3UHPLR1REHOGH/LWHUDWXUD
 (Q HVWH DPSOLR PDSD GH GLYHUVDV WUDGLFLRQHV OLWHUDULDV OD OLWHUDWXUD
DIURKLVSDQRDPHULFDQDKDRFXSDGRXQOXJDUPDUJLQDOHQODUHIOH[LyQ\GHEDWH
VREUH OD H[SHULHQFLD FXOWXUDO GH ORV GHVFHQGLHQWHV GH DIULFDQRV HQ WRGD OD
$PpULFDSRUTXHQRKDVLGRHVWXGLDGDFRPRXQFRQMXQWRVLQRVRODPHQWHGHVGH
ODVySWLFDVGHODOLWHUDWXUDQDFLRQDO$FWXDOPHQWHHOGHEDWHDFDGpPLFRVREUHODV
HVWpWLFDVGHODGLiVSRUDQHJUDRODVFRQH[LRQHVFXOWXUDOHVQHJUDVWUDVDWOiQWLFDV
HVWiGRPLQDGRSRUDFDGpPLFRVDIUREUDVLOHxRVRDIURQRUWHDPHULFDQRVTXHKDQ
SULYLOHJLDGRVXVYDOLRVDV\VLJQLILFDWLYDVWUDGLFLRQHVFXOWXUDOHV
 $XQTXHODOLWHUDWXUDDIURKLVSDQRDPpULFDSRVHHIURQWHUDVSRURVDVVH
SXHGH GHWHUPLQDU XQ SURFHGLPLHQWR SDUD DGVFULELU WH[WRV SDUWLFXODUHV D HVD
FDWHJRUtD$TXtQRKD\XQDUHVSXHVWD~QLFDSXHGHQVHUYDULDVODVYDULDEOHVTXH
GHWHUPLQHQ VX ILOLDFLyQ D HVWH FRUSXV DXWRU DIURKLVSDQRDPHULFDQR PXQGR
UHSUHVHQWDGR DVRFLDGR D OD H[SHULHQFLD KLVWyULFD GH OD GLiVSRUD DIULFDQD
SHUVRQDMHVSULQFLSDOHVDIURGHVFHQGLHQWHVOHQJXDMHPDUFDGRSRUHOKDEODGHODV
FRPXQLGDGHVQHJUDVHQOD$PpULFDKLVSDQDHQWUHODVPiVLPSRUWDQWHV&DEH
LQGLFDUTXHODILOLDFLyQDHVWHFRUSXVQRHVH[FOX\HQWHFRQRWUDVJHQHDORJtDVSRU
HMHPSORODQRYHOD6DE  GH*HUWUXGLV*yPH]GH$YHOODQHGDHVXQDQRYHOD
DIURKLVSDQRDPHULFDQDSRUVXPXQGRUHSUHVHQWDGR\ODFHQWUDOLGDGGHOHVFODYR
FRPR SHUVRQDMH SHUR HV VLPXOWiQHDPHQWH H[SUHVLyQ GH OD QRYHOD URPiQWLFD
VHQWLPHQWDORODQRYHOD-X\XQJR  GH$GDOEHUWR2UWL]TXHVHLQVFULEHHQODV
SROtWLFDVGHODUHSUHVHQWDFLyQGHODQRYHODSROtWLFDVRFLDOLVWDLQGLJHQLVWDSHUR
H[SORUD FDEDOPHQWH OD H[SHULHQFLD DIURHFXDWRULDQD SRU PHGLR GH OD YLGD GHO
ORJUDGRSHUVRQDMH$VFHQVLyQ/DVWUH

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

 3URSXHVWDGHSHULRGL]DFLyQ
 (OSURSyVLWRSULQFLSDOGHHVWHDUWtFXORHVGHOLPLWDUFRQFHSWXDOPHQWH
FXDWURSHULRGRVGHQWURGHOFRQMXQWRGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD/DV
GLIHUHQFLDVVHHVWDEOHFHQSRUORVOXJDUHVDXWRULDOHVGHHQXQFLDFLyQODVUHWyULFDV
GH OD UHSUHVHQWDFLyQ GHO HVFODYR \R QHJUR \ GH VXV HVSDFLRV \ WLHPSRV \ OD
LPDJHQGHOOHFWRU(VWRVSHULRGRVVRQORVVLJXLHQWHVD &RORQLDO(VFODYLVWD ;9,
  E  1HJULVPR   F  1HJULWXG   \ G  $IURFHQWULVPR
;;, (VWRVSHULRGRVQRKDQVLJQLILFDGRXQDPHUDVHFXHQFLDGLDFUyQLFD
VLQRTXHFRQVWLWX\HQHVWUDWRVGHVHQWLGRTXHVRQDFWXDOL]DGRVFRQIURQWDGRV
QHJRFLDGRV R VXSULPLGRV HQ FDGD WH[WR /RV OtPLWHV VRQ XPEUDOHV TXH HVWiQ
VLHPSUHDVRFLDGRVDODSXEOLFDFLyQGHREUDVTXHDEUHQXQQXHYRRUGHQ'HQWUR
GHXQKRUL]RQWHKHJHPyQLFRVREUHYLYHQWH[WRVUHVLGXDOHV\VHDQXQFLDQWH[WRV
HPHUJHQWHVGHOSUy[LPRSHULRGR(QFRQVHFXHQFLDSRUHMHPSORORVWH[WRVGHOD
QHJULWXGWLHQHQTXHHQIUHQWDUODVOyJLFDVGHOSHULRGRFRORQLDORGHOQHJULVPR\
PXFKDVYHFHVFRQVHUYDQDVSHFWRVUHVLGXDOHVGHHVDVIRUPDVDQWHULRUHVWDOFRPR
ORSUXHEDHOHVFULWRUSHUXDQR1LFRPHGHV6DQWD&UX]TXHWLHQHYDULDVKXHOODVGHO
QHJULVPR
 &RORQLDO(VFODYLVWD ;9, ODVUHWyULFDVGHOVXMHWRHVFODYLVWD
 (VWH SULPHU SHULRGR VH HQFXHQWUD UHJLGR SRU XQD HSLVWHPRORJtD
IXQGDGD HQ OD GHVKXPDQL]DFLyQ GHO QHJURHVFODYR HO OXJDU GH HQXQFLDFLyQ
KHJHPyQLFRHVHOSRGHUFRORQLDOSRUPHGLRGHODVUHWyULFDVGHOVXMHWRHVFODYLVWD
9HOi]TXH]&DVWUR /RVQHJURVRHVFODYRVQRWLHQHQDJHQFLD\VRORSXHGHQ
YHUVHDVtPLVPRVDWUDYpVGHODPLUDGDGHODPRRGHOVXMHWRKHJHPyQLFR(O
HVFODYRRHOQHJURHVXQFXHUSRDWUDYHVDGRSRUHOSRGHUYtFWLPDGHXQUDFLVPR
TXHFRQYLHUWHOD´IHDOGDGµItVLFDHQPDOPRUDO$YHFHVVRQUHSUHVHQWDGRVFRQXQD
YR] SURSLD SHUR QR SDUD GHVWDFDU VX VLQJXODULGDG FXOWXUDO VLQR SDUD
HVWHUHRWLSDUORV\FDXVDUODULVDGHOOHFWRUUDUDYH]KD\SRVLELOLGDGHVGHXQDSOHQD
FRPXQLFDFLyQKXPDQDFRQRWURVKRPEUHVGHRWUDVFXOWXUDV(QODPD\RUtDGHORV
WH[WRVHOHVFODYR\RQHJURVRQUHSUHVHQWDGRVFRPRVHUHVVLQVDEHUVLQKDFHU\
VLQSRGHUSRUHOORFRVLILFDGRVHQVXKXPDQLGDG6LDFW~DQHQHOHVSDFLRWH[WXDO

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

HVVLHPSUHWUDQVPLWLHQGRVLJQRVTXHSHUWHQHFHQDRWURVVLVHFRQYLHUWHQHQ
DJHQWHVODWUDPDQDUUDWLYDORVVDQFLRQDYLROHQWDPHQWH(OHVSDFLRHQTXHVH
PXHYHQSULQFLSDOPHQWHHVHOHVSDFLRGHODKDFLHQGDRVLHVRWURVLHPSUHVHUi
XQDHVSDFLDOLGDGUHJXODGDYLJLODGD6XVH[XDOLGDGIDVFLQD\HVSDQWD\FUHDXQ
RUGHQVH[XDOFRORQLDOTXHLPSOLFDHOGRPLQLRVREUHHOFXHUSRGHODPXMHUQHJUD
PHWRQLPLDGHOJRFHSHUSHWXR\HOPLHGRSRUHOYDORUGHODVH[XDOLGDGJHQLWDOGHO
YDUyQHVFODYR'HVGHORVPDUFRVGHHVWRVWH[WRVOLWHUDULRVORVHVFODYRVHVWiQ
IXHUD GHO WLHPSR FRQJHODGRV PX\ UDUD YH] H[SHULPHQWDQ HO GHYHQLU QL
WUDQVIRUPDFLRQHVHQVXVXEMHWLYLGDG
 'HEH UHFRUGDUVH TXH GXUDQWH HO SHULRGR FRORQLDO WHPSUDQR ODV
LQWHUDFFLRQHV GH ORV DIURGHVFHQGLHQWHV FRQ OD HVFULWXUD EXURFUiWLFRMXGLFLDO 
IXHURQ IUHFXHQWHV DXQTXH FRPR KD GHPRVWUDGR -RXYH 0DUWtQ HQ VX JUDQ
PD\RUtD´VXSXVLHURQXQDLQWHUDFFLyQSHUVRQDOFRQODVLQVWLWXFLRQHVOHWUDGDVGHO
YLUUHLQDWRµ   (V GHFLU QR SHUPLWLHURQ HQ OD /LPD GH  OD
FRQVWLWXFLyQ GH XQ UHODWR FROHFWLYR TXH SXGLHVH HQIUHQWDUVH FRQWUD OD
UHSUHVHQWDFLyQGHODHOLWH
 /DLPDJHQGHOOHFWRUTXHVHFRQVWUX\HHQORVWH[WRVGHHVWHSHULRGRHVOD
GH XQ OHFWRU FRPSURPHWLGR LGHROyJLFDPHQWH FRQ HO OXJDU GH HQXQFLDFLyQ
FRORQLDO\HVFODYLVWD/RV9LOODQFLFRV  GH6RU-XDQD,QpVGHOD&UX]
SDUWHGHODSRHVtDVDWtULFDGH&DYLHGHVODQRYHOD6DEGH*HUWUXGLV*yPH]GH
$YHOODQHGD (O iQJHO FDtGR   GH OD DUJHQWLQD -XDQD 0DQXHOD *RUULWL \ OD
WUDGLFLyQ´/DHPSOD]DGDµ  GH5LFDUGR3DOPDFRQVWLWX\HQDOJXQRVGHORV
WH[WRVUHOHYDQWHVGHOSHULRGR6LQHPEDUJRKD\YDULRVWH[WRVTXHHQIUHQWDQHO
SDUDGLJPD GRPLQDQWH D  HO GLDULR HVSLULWXDO GH ÔUVXOD GH -HV~V XQD PtVWLFD
QHJUDGHOVLJOR;9,,TXHHVFULELyHQFRQYHQFLRQHVUHWyULFDVUHOLJLRVDVVXSURSLD
YLGD\VXVYLVLRQHVPtVWLFDV 'HXVHQ  E XQWH[WRFXEDQRFODYHSRUTXH
FXHVWLRQDHQSDUWHORVSUHVXSXHVWRVGHOSHULRGR$XWRELRJUDItDGHXQHVFODYR
 GH0DQ]DQRTXHFRQVWLWX\HXQDQDUUDWLYDFRQHOHPHQWRVGHODQRYHOD
SLFDUHVFD TXH SURPXHYH OD DEROLFLyQ SHUR FUHD XQD GLIHUHQFLDFLyQ LQWHUQD
MHUiUTXLFDHQWUHORVPXODWRV\ORVQHJURVUHSURGXFLHQGRHQHVHQLYHOODVOyJLFDV

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

GHUHSUHVHQWDFLyQGHOSHULRGR
 1HJULVPR  H[RWLVPR\WLSLFLGDGVRFLDO
 (O VHJXQGR SHULRGR HVWi FRQIRUPDGR SRU HO GHQRPLQDGR 1HJULVPR
  UHJLGR SRU XQD HSLVWHPRORJtD GH OD FHOHEUDFLyQ GH OD DOWHULGDG
FXOWXUDO (O HVSDFLR FXOWXUDO KLVSDQRDPHULFDQR VH DUWLFXOD FRQ HO PXQGR
PHGLDQWHHO0RGHUQLVPR\ODVYDQJXDUGLDV\HQHVHSURFHVRPRGLILFDVXPLUDGD
VREUHODVFXOWXUDVQHJUDHLQGtJHQD(OOXJDUGHHQXQFLDFLyQSUHGRPLQDQWHHV
H[WHULRUDOPXQGRUHSUHVHQWDGRHODXWRUHVEODQFRPXODWRRPHVWL]RFRQUDtFHV
DIULFDQDV(ODXWRUIXQGDFLRQDOHVHOFRORPELDQR&DQGHODULR2EHVRTXLHQHVFULEH
XQD SRHVtD GH WHPDV SRSXODUHV QHJURV FRQ XQ OHQJXDMH TXH UHSUHVHQWD
IRQpWLFDPHQWHHOKDEODQHJUDHQ&DQWRVSRSXODUHVGHPLWLHUUD  $XQTXHVH
SXHGHGLVFXWLUVLVXREUDKDVLGRXQDH[SUHVLyQFRQVFLHQWHGHQHJULVPRRVLKD
VLGR OD OHFWXUD DFDGpPLFD OD TXH KD LQVFULWR VX SUiFWLFD OLWHUDULD HQ FyGLJRV
QHJULVWDVVXVWH[WRVSRpWLFRVSXHGHQFRQVLGHUDUVHXQDELVDJUD\DTXHLQVWDODQOD
YR]QHJUDFRPRDWULEXWRHVHQFLDOGHXQVXMHWRFXOWXUDOSHURWRGDYtDFRQVHUYDQ
PDUFDVGHOVXMHWRHVFODYLVWD6LQHPEDUJRWRGDYtDVHHVFULEHQREUDVFRPR6DOWR
DWUiV  GH-RVp$QWRQLRGH/DYDOOHTXHFRQVWLWX\HQHOHPHQWRVUHVLGXDOHVGHO
SHULRGR FRORQLDOHVFODYLVWD DQWHULRU 'HVGH OD UHWyULFD GH OD UHSUHVHQWDFLyQ
QHJULVWD\DHQHOVLJOR;;HOQHJURVHFRQILJXUDFRPRXQVXMHWRFRQXQVDEHU
H[yWLFR\DWUDFWLYR\XQKDFHUDVRFLDGRDOFXHUSRSHURVLQSRGHUXQDYLVLyQ
HVWHUHRWLSDGDGHODUJDGXUDFLyQHQ+LVSDQRDPpULFD
 (OWLHPSRUHSUHVHQWDGRHVHOGHXQSDVDGR´SULPLWLYRµ\DQWLJXRTXHVH
DFWXDOL]DHLQWHUSHODDOWLHPSRTXHEUDGR\P~OWLSOHSURSLRGHODPRGHUQLGDG\GH
ODVYDQJXDUGLDV'HVGHODPLUDGDDUWtVWLFDODSOXUDOH[SHULHQFLDVRFLRFXOWXUDOGH
ORV QHJURV HVWi GHVDUUDLJDGD \ GHVFRQWH[WXDOL]DGD HV GHFLU VLQ HVSDFLDOLGDG
SURSLD ([LVWH XQD JUDQ VLPLOLWXG GH HVWD IRUPD GH UHSUHVHQWDFLyQ FRQ ORV
FyGLJRVGHORULHQWDOLVPRURPiQWLFR

Ϯ
>ĂƐǀŝĐŝƐŝƚƵĚĞƐĂƵƚŽƌŝĂůĞƐLJĞĚŝƚŽƌŝĂůĞƐĨƵĞƌŽŶĐŽŵƉůĞũĂƐ͕ĨƵĞĞƐĐƌŝƚŽƉŽƌĞůĂĨƌŽĐƵďĂŶŽ:ƵĂŶ&ƌĂŶĐŝƐĐŽ
DĂŶnjĂŶŽ Ă ŝŶƐƚĂŶĐŝĂƐ ĚĞ ŽŵŝŶŐŽ ĚĞů DŽŶƚĞ͕ ĞĚŝƚĂĚŽ LJ ĐŽƌƌĞŐŝĚŽ ƉŽƌ ŶƐĞůŽ ^ƵĄƌĞnj ZŽŵĞƌŽ͕ LJ
ƚƌĂĚƵĐŝĚŽLJƉƵďůŝĐĂĚŽĂůŝŶŐůĠƐĞŶϭϴϰϬ͘&ƵĞĞĚŝƚĂĚŽĞŶĞƐƉĂŹŽůƌĞĐŝĠŶĞŶϭϵϯϳƉŽƌ:ŽƐĠ>ƵĐŝĂŶŽ
&ƌĂŶĐŽ͘WĂƌĂƵŶĂŶĄůŝƐŝƐĚĞƚĂůůĂĚŽĚĞůƚĞdžƚŽĐŽŶƐƵůƚĂƌůĂƚĞƐŝƐĚĞĂƌŵĞŶ>ƵnjŽƐŵĞWƵŶƚŝĞů;ϮϬϬϴͿ͘

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

 (OSRHPDULR7XQW~QGHSDVD\JULIHUtD  GHOSXHUWRUULTXHxR/XLV


3DOpV0DWRVTXHUH~QHSRHPDVHVFULWRVHQWUH\H[SUHVDFDEDOPHQWH
ODFRQWUDGLFFLyQFHQWUDOGHOQHJULVPRODFHOHEUDFLyQGHODGLIHUHQFLDFXOWXUDO
SHUR OD DVLJQDFLyQ GH YDORUHV LPSXHVWRV SRU HO RMR DMHQR D OD H[SHULHQFLD
DIURGHVFHQGLHQWH 3RU HOOR QR VRUSUHQGH TXH PXFKDV SDODEUDV \ UHIHUHQFLDV
KLVWyULFDVGHRULJHQDIULFDQRHVWpQPHGLDGDVSRUOLEURVGHHWQyORJRVHQGLFKD
SRHVtD /ySH]%DUUDOW (QHOFDPSRQDUUDWLYRVHGHEHFRQVLGHUDUHOOLEURGH
UHODWRVGHOSHUXDQR-RVp'LH]&DQVHFR(VWDPSDVPXODWDV  \HOQRWDEOH
FXHQWR´(OQHJUR6DQWDQGHUµ  GHOHFXDWRULDQR(QULTXH*LO*LOEHUWHQWUH
RWURVWH[WRVFRPRH[SRQHQWHVGHHVWHSHULRGR&RPRVHYHPXFKRVWH[WRVVH
SXEOLFDQHQORVSULPHURVDxRVGHOSHULRGRSRVWHULRUORVWH[WRVQHJULVWDVYDQD
SURORQJDUVHFRPRHOHPHQWRVUHVLGXDOHVHQHOSHULRGRGHODQHJULWXG

 1HJULWXG  DILUPDFLyQFRQIOLFWLYD\GHVFRORQL]DFLyQ


 (OWHUFHUSHULRGRGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQDHVWiGHILQLGR
SRUHOKRUL]RQWHGHOD1HJULWXG$XQTXHHVWHIXHHQVXVRUtJHQHVXQPRYLPLHQWR
DQWLOODQRHQOHQJXDIUDQFHVDODGHILQLFLyQUHWURVSHFWLYDTXHGD$LPp&HVDLUp
´WRPDGHFRQFLHQFLDGHODGLIHUHQFLDFRPRGLIHUHQFLDFRPRILGHOLGDG\FRPR
VROLGDULGDG «  XQD IRUPD GH UHYXHOWD «  FRQWUD HO VLVWHPD PXQGLDO GH OD
FXOWXUD «  FRQWUD HO UHGXFFLRQLVPR HXURSHRµ    SHUPLWH XQD
SUR\HFFLyQ PXQGLDO TXH FRQVWLWX\H XQ TXLHEUH FRQ ODV UHWyULFDV GH
UHSUHVHQWDFLyQGHOQHJULVPR/RGLVWLQWLYRHVXQDHSLVWHPRORJtDIXQGDGDHQOD
0LVPLGDG\XQOXJDUGHHQXQFLDFLyQGHVGHODOXFKDSROtWLFD(QOHQJXDIUDQFHVD
HVWXYR LPEULFDGR FRQ ODV OXFKDV DQWLFRORQLDOHV HQ OHQJXD KLVSiQLFD FRQ XQD
UHLYLQGLFDFLyQ VRFLRFXOWXUDO \ XQ HQIUHQWDPLHQWR DELHUWR FRQWUD ODV
VXSHUYLYHQFLDVLGHROyJLFDVGHOFRORQLDOLVPR(QWRGRVORVFDVRVVHUHFXSHUDHO
SRGHUGHODDXWRUUHSUHVHQWDFLyQTXHJHQHUDXQVXMHWRFRQXQVDEHUXQKDFHU\
XQSRGHUSURSLRV(QORVWH[WRVHOHVSDFLRSULYLOHJLDGRHVHOHVSDFLRQDFLRQDO

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

SHURVHWUD]DQFRQH[LRQHVVROLGDULDVLQWHUQDFLRQDOHV\HOWLHPSRTXHVHUHFUHDHV
HQ PXFKDV RFDVLRQHV HO WLHPSR GHO IXWXUR HO GH OD XWRStD SROtWLFD (O OHFWRU
LPSOLFDGR HQ ORV WH[WRV HV HO SURSLR VXMHWR DIUR SHUR WDPELpQ WRGRV ORV
PLHPEURVGHVXVRFLHGDG3DUDIUDVHDQGRD3DJHW 2 VHGHEHLQGLFDUTXH
KXER XQD YLROHQWD UHDFFLyQ FRQWUD HVWD OLWHUDWXUD \D TXH OD VLWXDFLyQ
FRPXQLFDWLYDGLVWRUVLRQDGDUDFLDOPHQWHVRFDYyORVDUJXPHQWRV\ORVYDORUHVGH
ODOLWHUDWXUDHQFyGLJRVGHODQHJULWXG
 (QODWUDGLFLyQKLVSDQRDPHULFDQDHOSXQWRGHTXLHEUHHVWiFRQVWLWXLGR
SRUORVSRHPDULRV0RWLYRVGHVRQ  \6yQJRUR&RVRQJR  GHOFXEDQR
1LFROiV *XLOOpQ (Q DOJXQRV GH HVWRV SRHPDV WRGDYtD VREUHYLYHQ UH]DJRV GHO
QHJULVPRSHURVXSUiFWLFDOLWHUDULDGH´KDEODUHQQHJURGHYHUGDGµ\FRQXQD
SHUVSHFWLYDLQWHULRUIXQGDQHOQXHYRRUGHQ7DPELpQGHVWDFDQ-X\XQJR  
GHOHFXDWRULDQR$GDOEHUWR2UWL](OUHLQRGHHVWHPXQGR  GH&DUSHQWLHUODV
GpFLPDV GHO SHUXDQR 1LFRPHGHV 6DQWD &UX]   \ VXV HQVD\RV VREUH
LGHQWLGDG FXOWXUDO QHJUD \ GHVFRORQLDOL]DFLyQ \ ORV SRHPDV FDQFLRQHV GH
9LFWRULD6DQWD&UX]HQWUHRWURV
 8QHMHPSORFDEDOGHODVSRVLELOLGDGHV\OLPLWDFLRQHVGHODQHJULWXGHVHO
WHVWLPRQLR GH (UDVPR <DQDFyQ GHO YDOOH GH &KDQFD\   UHJLGR SRU OD
FHQWUDOLGDGGHODH[SHULHQFLD\ODYR]GHODIURGHVFHQGLHQWHODYLGDGH(UDVPR
0XxR]UHSUHVHQWDORVDYDWDUHVVRFLDELOLGDG\VHQVLELOLGDGGHXQ\DQDFyQ6X
KLVWRULDSHUVRQDOHVWitQWLPDPHQWHOLJDGDDODKDFLHQGD&DTXL\DORVSURFHVRVGH
GHVLQWHJUDFLyQGHO\DQDFRQDMHHQODFRVWDVXUSHUXDQD/DVGpFLPDVODVKLVWRULDV
IDQWDVPDJyULFDVODSUHWHQVLyQGHOEXHQYHVWLUHOGXURWUDEDMRHOEXHQ\DQWDUOD
YLGDFRWLGLDQDGHORVFDPSHVLQRVODLPDJHQGHORVKDFHQGDGRVODHVTXLYDFLXGDG
GH/LPDVRQDOJXQRVGHORVDVXQWRVTXHDSDUHFHQXQD\RWUDYH]HQHOGLVFXUVR
RUDO $ SHVDU GH ORV HVIXHU]RV GH ORV HGLWRUHV GHO WHVWLPRQLR HQ HVWH

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

DXWRGRFXPHQWRSUHGRPLQDODFHOHEUDFLyQGHODH[LVWHQFLDDQWHVTXHODGHQXQFLD
RODFUtWLFDVRFLDO
 ,QFOXVR GHVSXpV GHO FLHUUH GH HVWH SHULRGR JUDQ SDUWH GH OD FUtWLFD
DFDGpPLFD KD VHJXLGR HPSOHDQGR HVWH PRGHOR WHyULFRSROtWLFR HQ HO FDVR
SHUXDQR0%DUH1*RP  5RGUtJXH]3DVWRU  &DPSRV\5HVSDOGL]D
 &DUD]DV  
 /DOLWHUDWXUDDIURFpQWULFD ;;, HOSDUDGLJPDGHODGLiVSRUD
 /DOLWHUDWXUDDIURFpQWULFDHQFDVWHOODQRSODQWHDXQGHVDItRDOFRQFHSWR
GH OLWHUDWXUD SRUTXH REOLJD D SUREOHPDWL]DU OD FRPSOHMD UHODFLyQ HQWUH
SDODEUDH[SHULHQFLD RUDOLGDGHVFULWXUD LQGLYLGXRFRPXQLGDG 4XH KD\D XQD
H[SHULHQFLDKLVWyULFD\FXOWXUDOHQODEDVHGHODOLWHUDWXUDDIURFpQWULFDUHFUHDGD
HVWpWLFDPHQWHHQULTXHFHHOWH[WR\FRQWULEX\HFRQVXOHJLWLPLGDGSROtWLFD/D
HSLVWHPRORJtD SUHGRPLQDQWH HV GLDOyJLFD \D TXH SUHGRPLQD HO HQFXHQWUR
KRUL]RQWDOGHYRFHV\FXOWXUDVP~OWLSOHVHOOXJDUGHHQXQFLDFLyQSULYLOHJLDGRHV
ODFRPXQLGDGDIURSHURWDPELpQVHKDEODGHVGHHOVXMHWRQHJURXUEDQRHOOHFWRU
LPSOLFDGRHVFXDOTXLHUOHFWRUGHFXDOTXLHUOXJDU
 ([LVWHXQ QXGR WHPSRUDO FHQWUDO HO WLHPSR GH ORV DQFHVWURV \GH OD
GLiVSRUDVHUHFUHDSHURHVWDUHFXSHUDFLyQGHODPHPRULDDSXQWDDOIXWXUR(O
IDQWDVPDGHODWUDWDYXHOYH¢FyPRQDUUDURH[SUHVDUSRpWLFDPHQWHORLQHIDEOH"
DTXHOORTXHHVWDQGRORURVRTXHQRVHTXLHUHUHFRUGDUSHURDODYH]HVLPSRVLEOH
GHROYLGDU*OLVVDQW  PHWDIRUL]DODQDYHQHJUHUDFRPRHVSDFLRGHUHFOXVLyQ
SHURWDPELpQFRPRPDWUL]IHPHQLQDTXHFRQWLHQHORQXHYRHVGHFLUWUDYHVtDGH
VXIULPLHQWRSHURWDPELpQGHIHFXQGDFLyQ3RUVXSDUWH*LOUR\  GHPXHVWUD
TXHODHVFODYLWXGUDFLDOHPSLH]DGHQWURGHODPRGHUQLGDG\HVLQWUtQVHFDPHQWH
PRGHUQD SRU VXV DVRFLDFLRQHV FRQ HO FDSLWDOLVPR (Q VtQWHVLV UHFXSHUDU OD
H[SHULHQFLDGHQRPLQDGDFRPR´7KH0LGGOH3DVVDJHµXELFDDHVWDOLWHUDWXUDHQ

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

HOHVSDFLRGHODFUtWLFDPRGHUQD\QRHQXQSDVDGRSUHPRGHUQRQRVHWUDWDGH
HVWDQFDUVH HQ HO GRORU VLQR IRUPDOL]DU GHVGH OD FRPSOHMD H[SHULHQFLD GH OD
HVFODYLWXG ODV FRQWLQXLGDGHV FXOWR D ORV DQFHVWURV YLVLyQ DQLPLVWD GH OD
UHDOLGDG  IUDFWXUDV SpUGLGD GH ODV OHQJXDV RULJLQDULDV  PH]FODV
DIURFULVWLDQLVPR UHVLVWHQFLDV FLPDUURQDMHYRFHVDIULFDQDVTXHVHLQVFULELHURQ
HQ HO FDVWHOODQR  TXH VLPEROL]DGDV GHVGH OD OLWHUDWXUD HQULTXHFHQ OD KLVWRULD
KXPDQD
 (QHVWHSHULRGRODSOXUDOLGDGGHH[SHULHQFLDVGHULYDGDGHODGLiVSRUD
DIULFDQDHVUHDJUXSDGD\VHFRQILJXUDFRPRHMHGHXQHVSDFLRWUDQVQDFLRQDO6H
YLYHXQDFRPSOHMDGLDOpFWLFDHQWUHORORFDO\ORJOREDOORVPHMRUHVWH[WRVRIUHFHQ
H[SHULHQFLDVXQLYHUVDOHVGHVGHKLVWRULDVHQUDL]DGDVHQWHUULWRULRVHVSHFtILFRV
QRQDFLRQDOHV(QSDUWHHVWHSHUtRGRKDSHUPLWLGRODYLVLELOL]DFLyQGHODVWUDPDV
GH ODV H[SHULHQFLDV DIURKLVSDQRDPHULFDQDV \ VXV FRQH[LRQHV HQWUH Vt \ VX
DUWLFXODFLyQ DO PXQGR DIURGHVFHQGLHQWH HQ WRGR HO FRQWLQHQWH
/DPHQWDEOHPHQWHGHVGHODVDJHQGDVSROtWLFDVDFDGpPLFDVWDPELpQVHREVHUYD
XQDHVWUDWHJLDGHLGHDOL]DFLyQGHOVXMHWRDIURHQHOWLHPSRSDVDGRHQÉIULFD\XQD
GHVFRPSOHML]DFLyQGHVXVUHODFLRQHVVRFLRKLVWyULFDVHQHOHVSDFLRDPHULFDQR/D
LQYHQFLyQSROtWLFDGHXQDWUDGLFLyQVLPEyOLFDTXHVLQGXGDSRVHHUD]RQHVSDUD
VHUHVJULPLGDQRSXHGHREYLDUORVSURFHVRVGHWUDQVFXOWXUDFLyQHKLEULGDFLyQ
FXOWXUDOHV TXH VH KDQ SURGXFLGR GHVGH ODV SULPHUDV LQWHUDFFLRQHV GH HVWD
SREODFLyQFRQHOUHVWRGHVXMHWRVVRFLDOHV
 (OWH[WRHPEOHPiWLFRGHOSHULRGRHV&KDQJyHOJUDQSXWDV  GHO
FRORPELDQR0DQXHO=DSDWD2OLYHOOD(QHVDQRYHODWRWDOGHVGHODYR]GHXQJULRW
VHDILUPDXQD´WUDQVHQVRULDOLGDGSDQWHtVWDµ\ODHSRSH\DGHOPXQW~PHVLiQLFRHQ
WLHUUDVDPHULFDQDV 7DUGLHX 3RURWURODGRHOWHPDGHODUHSUHVHQWDFLyQGH
ODRUDOLGDGWUDVFLHQGHODPHUDUHIHUHQFLDOLGDG\VHFRQYLHUWHHQXQSUREOHPD

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

HVWpWLFRTXHORVDXWRUHVVROXFLRQDQGHIRUPDVGLYHUVDV ODSRHVtDGH(VWXSLxiQ
%DVV\ODQDUUDWLYDGH*iOYH]5RQFHURV /RVQXHYRVHVSDFLRVGHODFXOWXUDSRSXODU
\ORVSURFHVRVFRPSOHPHQWDULRVGHUHWHUULWRULDOL]DFLyQVLPEyOLFD\DSHUWXUDDO
PXQGRJOREDO\PXOWLFXOWXUDOFRQVWLWX\HQHOOXJDUGHDFFLyQGHXQVXMHWRDIUR
UHSUHVHQWDGR FRQ QXHYRV VDEHUHV H LQpGLWRV SRGHUHV $GHPiV GH ORV
PHQFLRQDGRVRWURVDXWRUHVVLJQLILFDWLYRVGHOSHULRGRVRQORVHFXDWRULDQRV-XDQ
*DUFtD\-XDQ0RQWDxRODVSHUXDQDV/XFtD&KDU~Q,OOHVFDV\0yQLFD&DUULOOR\OD
SXHUWRUULTXHxD0D\UD6DQWRV)HEUHVHQWUHPXFKRVRWURV

 5HIOH[LyQILQDO
 /DOLWHUDWXUDDIURKLVSDQRDPHULFDQDFRQVWLWX\HXQFDPSRGHUHODFLRQHV
FXOWXUDOHVGLQiPLFDVTXHSRVHHXQDKLVWRULFLGDGGHQVDSRUVXVRFDYDPLHQWRDOD
LQVWLWXFLRQDOLGDGOLWHUDULD\ODVSXJQDVSRUODDXWR UHSUHVHQWDFLyQ (VWHFDPSR
KDSRVLELOLWDGRODDSURSLDFLyQGHODOHQJXDFRORQLDO\VXVXEYHUVLyQ\GHHVWH
PRGRKDWUDQVIRUPDGRODVSUiFWLFDVVRFLDOHVGHODOLWHUDWXUDHQ+LVSDQRDPpULFD
/DVSROtWLFDVGHODUHSUHVHQWDFLyQFRORQLDOHVFODYLVWDGHOFXHUSRGHOHVFODYRRGHO
DIURGHVFHQGLHQWHSRVHHQXQDJUDQSHUGXUDELOLGDGDSHVDUGHWRGRVORVLQWHQWRV
GHUHFXSHUDUHVD DXWR UHSUHVHQWDFLyQVLQHVDPHGLDFLyQVRFLDOSRUSDUWHGHORV
SURSLRVVXMHWRVDIURGHVFHQGLHQWHV
 /DV ILJXUDV GH DXWRU \ OHFWRU VH KDQ PRGLILFDGR SRU ORV GLIHUHQWHV
OXJDUHVGHHQXQFLDFLyQ\ODVIRUPDVGHLQWHUSHODFLyQUHJLGDVSRUORVGLIHUHQWHV
HMHV SROtWLFRV GH FDGD SHULRGR $GHPiV HO WH[WR DIURKLVSDQRDPHULFDQR VH
LQVFULEH GH PDQHUD GLIHUHQWH HQ OD LQWHUWH[WXDOLGDG OLWHUDULD GH DFXHUGR D VX
PHQRURPD\RUDFHUFDPLHQWRDOFRQFHSWRGHGLiVSRUDSXHVORWUDQVQDFLRQDO
RSDFDODVVLQJXODULGDGHVQDFLRQDOHVRUHJLRQDOHV6LQHPEDUJRODRSFLyQSROtWLFD
GHORDIURFpQWULFR\ODUHFUHDFLyQGHXQDSDVDGRFRP~QSRVLELOLWDTXHORDIURQR

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

VHFRQYLHUWDHQXQDPHUFDQFtDLGHQWLWDULDGHOPXOWLFXOWXUDOLVPRJOREDO
 /DSHULRGL]DFLyQSURSXHVWDQRVSHUPLWHRUGHQDUHOLQPHQVRFRUSXVGH
ODOLWHUDWXUDDIURKLVSDQRDPHULFDQD\SHQVDUORHQXQDHVFDODWUDVQDFLRQDOSDUD
SRGHU SDUWLFLSDU GHVGH QXHVWUR SURSLR iQJXOR HQ ORV GHEDWHV DFDGpPLFRV
FRQWHPSRUiQHRVVREUHODFXOWXUDDIURGHVFHQGLHQWHHQWRGRHOFRQWLQHQWH

5HIHUHQFLDVELEOLRJUiILFDV
)XHQWHV3ULPDULDV
&DUSHQWLHU$  >@(OUHLQRGHHVWHPXQGR%DUFHORQD6HL[%DUUDO
&DUULOOR0  8QtFURPD/LPD(GLFLRQHV(O6DQWR2ILFLR&yGLFH(GLFLRQHV
&DPSRV- 5HVSDOGL]D- FRPSLODGRUHV   /HWUDV$IURSHUXDQDV&UHDFLyQ
H,GHQWLGDG/LPD)RQGR(GLWRULDOGHO&RQJUHVR
&KDU~Q,OOHVFDV /   0DODPER /LPD 8QLYHUVLGDG 1DFLRQDO )HGHULFR
9LOODUUHDO
'LH]&DQVHFR-  (VWDPSDVPXODWDV6DQWLDJRGH&KLOH=LJ]DJ
(VWXSLxDQ%DVV1  7LPDUiQ\&XDE~&XDGHUQRVGHSRHVtDSDUDHOSXHEOR
4XLWR(GLWRULDO&DVDGHOD&XOWXUD(FXDWRULDQD
*DUFtD-&XHQWRV\GpFLPDVDIURHVPHUDOGHxDV  4XLWR(GLFLRQHV$E\D
<DOD
*LO*LOEHUW(  ´(OQHJUR6DQWDQGHUµHQ<XQJD6DQWLDJRGH&KLOH(GLWRULDO
=LJ=DJ
*yPH]GH$YHOODQHGD*6DE  >@0DGULG&iWHGUD
*XLOOpQ1  0RWLYRVGHVRQ/D+DEDQD,PS5DPEOD%RX]D
*RUULWL-0  (OiQJHOFDtGR/D5HYLVWDGH/LPD7RPR9
      7RPR 9, 

/DYDOOH\$ULDV6DDYHGUD-$GH  >@6DOWR$WUiV /LPD/D1RYHOD
3HUXDQD
0DWRV0DU- &DUEDMDO-$ HGLWRUHV (UDVPR0XxR]\DQDFyQGHOYDOOHGH
&KDQFD\/LPD,QVWLWXWRGH(VWXGLRV3HUXDQRV
0DUWtQH]*  &DQWRGHVLUHQD/LPD0RVFD$]XO
0RQWDxR -   $Vt VH FRPSRQH XQ VRQ 4XLWR &DVD GH OD &XOWXUD

/HWUDV  



3HULRGL]DFLyQGHODOLWHUDWXUDDIURKLVSDQRDPHULFDQD

(FXDWRULDQD
2EHVR&  >@&DQWRVSRSXODUHVGHPLWLHUUD%RJRWi$OFDOGtD0D\RU
GH%RJRWi
2UWL]$  -X\XQJR+LVWRULDGHXQQHJURXQDLVOD\RWURVQHJURV%XHQRV
$LUHV$PHULFDOHH
3DOpV0DWRV/  7XQW~QGHSDVD\GHJULIHUtD6DQ-XDQ8QLYHUVLGDGGH
3XHUWR5LFR,QVWLWXWRGH&XOWXUD3XHUWRUULTXHxD
3DOPD5  >@7UDGLFLRQHVSHUXDQDV0DGULG$JXLODU
6DQWD&UX]1  'pFLPDV/LPD(GLWRULDO-XDQ0HMtD%DFD
)XHQWHV6HFXQGDULDV
$UUHOXFHD0DULEHO\-HV~V&RVDPDOyQ  /DSUHVHQFLDDIURGHVFHQGLHQWHHQ
HO3HU~6LJORV;9,;;/LPD0LQLVWHULRGH&XOWXUD
&DUD]DV0LODJURV  ,PDJHQ HV HLGHQWLGDGHQHOVXMHWRDIURSHUXDQRHQOD
QRYHOD SHUXDQD FRQWHPSRUiQHD 7HVLV GH PDHVWUtD 8QLYHUVLGDG
1DFLRQDO0D\RUGH6DQ0DUFRV
  (VWXGLRVDIURSHUXDQRV(QVD\RVVREUHODLGHQWLGDG\OLWHUDWXUD
DIURSHUXDQRV/LPD&HGHW&HQWURGH'HVDUUROOReWQLFR
&pVDLUH$  'LVFXUVRVREUHHOFRORQLDOLVPR0DGULG$NDO
&RVPH3XQWLHO&/  /DQDUUDWLYDHQOD$XWRELRJUDILDGHXQHVFODYRGH-XDQ
)UDQFLVFR0DQ]DQR0DVWHU
V7KHVLVRIWKH8QLYHUVLW\RI0DVVDFKXVHWWV
$PKHUVW
'XSHVWUH5  $YHQWXUDVGHOQHJULVPRHQ$PpULFD/DWLQD/HRSROGR=HD/
FRRUGLQDGRU $PpULFD/DWLQDHQVXVLGHDV0p[LFR6LJOR;;,
.QLJKW):DQG*DWHV-U+/ HGLWRUV   'LFWLRQDU\RI&DULEEHDQDQG$IUR
/DWLQ%LRJUDSK\YROV1HZ<RUN2[IRUG8QLYHUVLW\3UHVV
*LOUR\ 3   7KH %ODFN $WODQWLF 0RGHUQLW\ DQG 'RXEOH &RQVFLRXVQHVV
&DPEULGJH+DUYDUG8QLYHUVLW\3UHVV
*OLVVDQWe  3RHWLFVRI5HODWLRQ7UDQVODWHGE\%HWV\:LQJ$QQ$UERU7KH
8QLYHUVLW\RI0LFKLJDQ3UHVV
-RXYH0DUWtQ-5  (VFODYRVGHODFLXGDGOHWUDGD(VFODYLWXGHVFULWXUD\
FRORQLDOLVPR HQ /LPD   /LPD ,QVWLWXWR GH (VWXGLRV
3HUXDQRV
.XW]LQVNL 9HUD 0   /LWHUDWXUD DIURKLVSDQRDPHULFDQDµ (Q 5REHUWR
*RQ]iOH](FKHYDUUtD5 3XSR:DONHU( HGV +LVWRULDGHODOLWHUDWXUD
KLVSDQRDPHULFDQDYRO,,(OVLJOR;;0DGULG*UHGRV

/HWUDV  



0DUFHO9HOi]TXH]&DVWUR

/HRQDUGR 5LFKDUG HGLWRU    3RpWLFDV GH OR QHJUR /LWHUDWXUD \ RWURV
GLVFXUVRVDFHUFDGHORDIURSHUXDQRHQHOVLJOR;;/LPD+LSRFDPSR
(GLWRUHV
/ySH]%DUUDOW0  /DELEOLRWHFDQHJUDGH3DOpVKDFLDXQDSDURGLDGHOD
HWQRJUDItD (Q KWWSXPEUDOXSUUSHGX"T / DB%LEOLRWHFDB
1HJUDBGHB3DO&$V
0F.QLJKW.-R\ *DURIDOR/- HGLWRUV $IUR/DWLQR9RLFHV1DUUDWLYHVIURPWKH
( D U O \  0 R G H U Q  , E H UR  $ W O D Q W L F  :R U O G                 
,QGLDQRSROLV&DPEULGJH+DFNHWW3XEOLVKLQJ&RPSDQ\,QF
+DQGHOVPDQ0  /RDIUR\ODSOXULQDFLRQDOLGDGGDHG4XLWR$E\D<DOD
1*RP 0 FRPSLODGRU    ´(VFULELUµ OD LGHQWLGDG FUHDFLyQ FXOWXUDO \
QHJULWXG HQ HO 3HU~ /LPD 8QLYHUVLGDG 5LFDUGR 3DOPD (GLWRULDO
8QLYHUVLWDULD
2MHGD0  1LFRPHGHV6DQWD&UX](FRVGHÉIULFDHQ3HU~*UDQ%UHWDxD
7DPHVLV
3DJHW+  &DOLEDQ
V5HDVRQ ,QWURGXFLQJ$IUR&DULEEHDQ3KLORVRSK\ 1HZ
<RUN5RXWOHGJH
5RGUtJXH]3DVWRU+  1HJULWXG$IURSHUXDQRVUHVLVWHQFLD\H[LVWHQFLD
/LPD&HGHW&HQWURGH'HVDUUROOReWQLFR
7DUGLHX-3  'HOGLDEORPDQGLQJDDOPXQW~PHVLiQLFR0DGULG3OLHJRV
9HOi]TXH] &DVWUR 0   /DV PiVFDUDV GH OD UHSUHVHQWDFLyQ (O VXMHWR
HVFODYLVWD \ ODV UXWDV GHO UDFLVPR HQ HO 3HU~   /LPD
8QLYHUVLGDG1DFLRQDO0D\RUGH6DQ0DUFRV\%DQFR&HQWUDOGH5HVHUYD
GHO3HU~

/HWUDV  




You might also like