Professional Documents
Culture Documents
©[LWR
&KULVWRSKHU0RUOH\
/,%5$7('(786/,0,7$&,21(6
'HVDUUROOR3HUVRQDO
ߡ/LE©UDWH GH WXV OLPLWDFLRQHVߢ HV XQD JXD SU¡FWLFD \ GLG¡FWLFD TXH WH SHUPLWH
KDFHU WXV GHVHRV VXH±RV \ PHWDV XQD UHDOLGDG 'LVSRQHV GH W©FQLFDV TXH WH
SHUPLWHQ GHVFXEULU F³PR FRQVLJXHQ RWUDV SHUVRQDV HO ©[LWR WRWDO \ PROGHDV VXV
DFFLRQHVSDUDSURGXFLUUHVXOWDGRVVLPLODUHV
/DSUHJXQWDHV4X©HVORTXHTXLHUHVORJUDU"
$TXHQFRQWUDU¡VORVFDPLQRVGHXWLOL]DUWXVUHFXUVRVGHPDQHUDP¡VHILFLHQWH\
HOHJDQWH9HUHPRVF³PRSRGHUSHUIHFFLRQDUODDSWLWXGFRPXQLFDGRUDGHPDQHUD
H[WUDRUGLQDULD 3DUD HOOR UHVXOWD LPSUHVFLQGLEOH WUD]DU XQD HVWUDWHJLD SDUD VDEHU
KDFLD GRQGH TXLHUHV LU \ FX¡OHV VRQ ODV FRVDV TXH WH D\XGDU¡Q D OOHJDU D WXV
REMHWLYRV/RYHUHPRVP¡VGHODQWH
$QWHVTXHQDGDUHVXOWDLPSRUWDQWHPHQFLRQDUTXHQRH[LVWHQOPLWHVHQFXDQWRD
ORTXHSXHGHVKDFHU(OSXQWRFODYHFRQVLVWHHQHOSRGHUGHߡPRGHODGRߢ
&X¡OHVODEXHQDQRWLFLD"
/DH[FHOHQFLDVHSXHGHFRSLDU
6L FXDOTXLHU RWUD SHUVRQD VH PXHVWUD FDSD] GH KDFHU DOJR Wº WDPEL©Q SXHGHV
KDFHUORPLVPR
&³PR"
7RGRV ORV UHVXOWDGRV FRQWLHQHQ XQ FRQMXQWR GH DFFLRQHV FDXVD ߙ HIHFWR 6L
KDFHV H[DFWDPHQWH ODV DFFLRQHV LQWHUQDV FRPR H[WHUQDV GH DOJXLHQ TXH \D
FRQVLJXL³ORTXHTXLHUHVUHVXOWDREYLRTXHREWHQGU¡VHOPLVPRUHVXOWDGR
&³PRHPSH]DU"
2EVHUYDOHHYHYLGHRVRFXDOTXLHUPDWHULDOGHWXXWLOLGDGUHYLVDELHQHOVLVWHPD
GHFUHHQFLDVGHHVDVSHUVRQDVTXH\DSURGXMHURQHOUHVXOWDGRTXHGHVHDVOOHYDUD
FDER/RTXHVLHVXQKHFKRHVTXHWDQWRVLFUHHVTXHSXHGHVFRPRVLFUHHVTXH
QR SXHGHV HVW¡V HQ OR FLHUWRߨHV XQD IUDVH PX\ FRQRFLGD GHO IDPRVR +HQU\
)RUGIXQGDGRUGHODFRPSD±D)RUG0RWRU&RPSDQ\\SDGUHGHODVFDGHQDVGH
SURGXFFL³QPRGHUQDVXWLOL]DGDVSDUDODSURGXFFL³QHQPDVD
6LVDEHVHOILQDOGHWXPHWDHVLQPLQHQWHTXHGHVDUUROOHVHOWDFWRSDUDVDEHUKDFLD
G³QGHYDV\WHQHUIOH[LELOLGDGSDUDPRGLILFDUWXFRPSRUWDPLHQWRKDVWDGHVFXEULU
TXHVLIXQFLRQD\TXHQR
&X¡OHVHOGHVHQODFH"(QPHQRVHQORTXHFDQWDHOJDOOROOHJDVDOILQSUHYLVWR
7RGRVHSXHGHORJUDUSHURFXDQGRDOJRQRHVWDIXQFLRQDQGRFDPELDODIRUPXOD
KDVWDFRQVHJXLUHOREMHWLYR5REHUW.L\RVDNLDXWRUGHO%HVW6HOOHUߡ3DGUH5LFR
3DGUH3REUHߢORKDPHQFLRQDGRHQYDULRVGHVXVOLEURV
ߡ6LWHFRPSURPHWHVFRQHO©[LWRFUHDV©[LWRߢ
&XDQWRVP¡VUHFXUVRVGHVDUUROODVP¡VSRGHUWLHQHVFXDQWRP¡VSRGHUWLHQHVDWX
GLVSRVLFL³QPD\RUHVUHFXUVRV\HVWDGRVFRQVLJXHVGHVDUUROODU
3DUWH HVHQFLDO GH HVWH SURFHVR UHVLGH HQ VDEHU OR TXH Wº TXLHUHV /D PHQWH
LQFRQVFLHQWHQXQFDGHMDGHWUDEDMDUQLVLTXLHUDFXDQGRHVW¡VGRUPLGRHQHIHFWR
QRVFRQGXFHDVHQWLGRVFRQFUHWRV6LODPHQWHWLHQHXQREMHWLYRGHILQLGRSXHGH
HQIRFDUVHYROYHUDHQIRFDUVH\OOHJDUD©O
3RUPHGLRHVWDJXDYDPRVDDSUHQGHUDIRUPXODUWXVREMHWLYRVVXH±RV\PHWDV
ߡ0HQVDMHVFODURVVRQORVTXHQHFHVLWDVSDUDDFWXDUGHPDQHUDHILFLHQWHߢ
'HVDIRUWXQDGDPHQWHH[LVWHQSHUVRQDVTXHYDQSULPHURSRUXQFDPLQROXHJRSRU
RWUR,QWHQWDQXQDFRVD\OXHJRRWURGDRWUD8QGDGLFHQD]XO\HORWURGDURVD
(O SUREOHPD HV ELHQ VLPSOH QR WLHQHQ QL OD PD\RU PQLPD LGHD TXH HV OR TXH
TXLHUHQ'HHVWDIRUPDHVLPSRVLEOHVHUJUDQGH
7HYR\DSHGLUTXHWRPHVXQSDSHOXQDSOXPDXQDKRMD\FRPLHQFHVDHVFULELU
WRGRORTXHTXLHUHVORJUDUVLQOLPLWDFLRQHV\DTXHQRKD\QLQJXQDQHFHVLGDGGH
OLPLWDU ODV SRVLELOLGDGHV 2EYLDPHQWH QR TXLHUH GHFLU TXH WHQJDV TXH
PHQRVSUHFLDUODLQWHOLJHQFLD\HOVHQWLGRFRPºQ1RYDVDVHU0LFKDHO-RUGDQVL
PLGHV PHWURV 6L SODQWHDV LQWHOLJHQWHPHQWH WXV REMHWLYRV ODV VDOLGDV TXH
WLHQHVDWXDOFDQFHQRWLHQHQOPLWHV
7DOYH]VHDHOWLHPSRP¡VYDOLRVR\DTXHDSUHQGHU¡VDHVWDEOHFHUREMHWLYRV\D
GHWHUPLQDUHOILQDOGHWXVPHWDV7UD]DHOPDSDGHORVFDPLQRVTXHYDVDUHFRUUHU
'HILQHDG³QGHSLHQVDVLU\F³PRFUHHVTXHOOHJDU¡V
'HILQLFL³QGHOILQGHODVPHWDV
4X©TXLHUHVH[DFWDPHQWH"
4X©TXLHUHVHVFXFKDU"
4X©TXLHUHVVHQWLU"
4X©TXLHUHVROHU"
&X¡OHVVRQODVGLIHUHQFLDVGHTXHORTXLHUHVDORTXHRFXUUHDFWXDOPHQWH"
2EMHWLYRV OLPLWDGRV GDQ OXJDU D YLGDV OLPLWDGDV (Q HIHFWR DXPHQWD WXV
DVSLUDFLRQHVFXDQGRILMHVWXVPHWDV
UHJODVDVHJXLU
&XDOHVHOILQDOGHWXPHWDHQHVWLORDILUPDWLYR"
(VFULEHORTXHWHJXVWDUDYHUUHDOL]DGR1RWHUHGX]FDVDHVFULELURSDODEUDV
GDWHHOWLHPSRSDUDHVFULELUORPX\ELHQ
6© FRQFUHWR (VFULEH WRGRV ORV GHWDOOHV HQ FXDQWR YLVWD RGR WDFWR \ ROIDWR
&XDQWRPHMRU\HVSHFILFDVHDODGHVFULSFL³QP¡VVHOHIDFLOLWDDOFHUHEURUHFLELU
ODRUGHQ
3URFHGLPLHQWRGHYHULILFDFL³QTX©VLJQLILFD"'HQWURGHWRGRVORVVHQWLGRVTXH
YDV D XWLOL]DU SDUD SURGXFLU HO UHVXOWDGR VL©QWHOR GHQWUR GH WL PLVPR FRPR
WDPEL©QHQHOPXQGRH[WHULRU
'RPLQDODVLWXDFL³Q&XDOTXLHUILQDOGHSHQGHGHWL
&RPSUXHED VL OD PHWD HV VHQVDWD \ FRQYHQLHQWH ODV FRQVHFXHQFLDV GH WXV
PHWDVWHEHQHILFLDQDWL\DODVGHP¡VSHUVRQDV"
6LWHJDUDQWL]RHO©[LWRTX©DFWLYLGDGHV\DFFLRQHVKDUDV"
/DUHDOLGDGHVTXHWRGRVWHQHPRVDOJXQDPQLPDLGHDGHODVFRVDVTXHTXHUHPRV
4XL]¡VDOJXQDHVW©QSHQVDGDVGHXQDPDQHUDYDJDP¡VDPLJRVP¡VGLQHURXQD
FDVDP¡VERQLWDP¡VDPRUP¡VYLDMHVP¡VWLHPSRXQPHMRUSXHVWRGHWUDEDMR
HWF©WHUD
6LQ HPEDUJR SDUD SRGHU FUHDU XQ UHVXOWDGRߨVH QHFHVLWD DOJR PXFKR P¡V
FRQFUHWR(QHIHFWRGHFLGHFRQVFLHQWHPHQWHORTXHTXLHUHV\DTXHGHWHUPLQDHO
UHVXOWDGR TXH REWHQGU¡V (O HIHFWR HQ HO PXQGR H[WHULRU SULPHUR KD GH KDEHU
RFXUULGRHQHOPXQGRLQWHULRU
4X© WH SXHGH GHFLU DO UHVSHFWR GH WRGR HVWR TXH HVW¡V OH\HQGR" (V
LPSUHVLRQDQWHORTXHSDVDFXDQGRVLHQWHVLQWHUQDPHQWHORTXHTXLHUHVSRUTXHOD
PHQWH\HOFXHUSRTXHGDQGLUHFFLRQDGRVKDFLDWXPHWD
'HVGH DKRULWD WHQ OD ILUPH FUHHQFLD TXH HUHV HO FUHDGRU GH WX SURSLD YLGD WDO
FRPRODTXLHUHV$FRQWLQXDFL³Qߨ
+D] XQ LQYHQWDULR GH VXH±RV FRVDV TXH TXLHUDV WHQHU KDFHU VHU \ FRPSDUWLU
&UHDDODVSHUVRQDVORVVHQWLPLHQWRV\ORVOXJDUHVTXHGHVHDVTXHIRUPHQSDUWH
GH WX YLGD 6JXHOH HVFULELHQGR GH QDGD VLUYH HO KHFKR GH QR KDFHUOR 7³PDWH
WRGR HO WLHPSR TXH QHFHVLWHV SDUD HVFULELUOR WRGRߨWUDEDMR UHODFLRQHV IDPLOLD
GLQHURHVWDGRVPHQWDOHVHWF©WHUD
'HMDWDPEL©QTXHWXPHQWHVHSRQJDDMXJDUSDUDTXHQDYHJXHFRQOLEHUWDG
6LHQWHVOLPLWDFLRQHV"
7UDODVGHWXFHUHEUR\WDPEL©QGHPDQHUDYLVXDO,PDJLQDTXHHVW¡VSHOHDQGRHQ
HO %R[ \ DUURMDV D WX DGYHUVDULR OHMRV GH WL 7DPEL©Q KD]OR FRQ WRGDV ODV FRVDV
TXHWHOLPLWHQ6DFDDIXHUDWRGDVWXVFUHHQFLDVOLPLWDGRUHV
bbb7RGRHVSRVLEOH
&X¡QGRSLHQVDVDOFDQ]DUWXVPHWDV"
'HILQHHOWLHPSRPHVHVD±RD±RVߨD±RV"
6L WRGDV WXV PHWDV VRQ HO FRUWR SOD]R WLHQHV TXH HPSH]DU D SODQWHDUWH XQD
SHUVSHFWLYDXQSRFRP¡VSURORJDGDGHWXVFDSDFLGDGHV\SRVLELOLGDGHV6LVRQHQ
HOODUJRSOD]RFRQYLHQHGHILQLUHWDSDVLQWHUPHGLDVODVFXDOHVWHSHUPLWDQPDUFDU
ODGLUHFFL³QKDFLDDG³QGHYDV
7RPD PXFKD FRQVFLHQFLD GHO WLHPSR \D TXH HV FUXFLDO SDUD GDU ODV ³UGHQHV DO
FHUHEUR
3DVDDOJRFXULRVRHQODYLGDFXDQGRXQRVHQLHJDD
DFHSWDUQDGDTXHQRVHDORPHMRUPX\DPHQXGROR
FRQVLJXH
:6RPHUVHW0DXJKDP
$VTXHߨ
'HILQHFXDOHVVRQORVREMHWLYRVP¡VLPSRUWDQWHVHQWXYLGDORVTXHWHGDU¡Q
PD\RUHVVDWLVIDFFLRQHV(VFULEH
3RUTX©HVWDVVHJXURGHSRGHUORJUDUOR"
&X¡OHVODLPSRUWDQFLDGHFRQVHJXLUOR"
(QFXHQWUD UD]RQHV VXILFLHQWHV SDUD KDFHUOR SRUTXH DV SXHGHV KDFHU
FXDOTXLHUFRVD/DGHWHUPLQDFL³Q\ODGHFLVL³QHVXQPRWLYDGRUPXFKRP¡V
SRGHURVRTXHODSURSLDPHWD
7LHQHVPRWLYRVVXILFLHQWHV"
/RVPRWLYRVVXILFLHQWHVPDUFDQODGLIHUHQFLD
&RPSURP©WHWHDKDFHUWRGROR QHFHVDULR SDUDFRQVHJXLUOR 7RGRVTXHUHPRV VHU
SHUVRQDVH[LWRVDVHVRHVXQDPHWDSHURQROHGLFHQDGDDOFHUHEUR(QFDPELRVL
FRPSUHQGHV SRU TX© TXLHUHV VHU H[LWRVR TXH VLJQLILFDUD WRGRV HVWDUHPRV P¡V
PRWLYDGRVSDUDORJUDUOR
ߡ6LTXLHUHVORJUDUDOJRHVP¡VLPSRUWDQWHHOSRUTX©TXHHOF³PRߢ
(OTXHWLHQHUD]RQHVVXILFLHQWHVSXHGHKDFHUFXDOTXLHUFRVD
(Q OD SHOFXOD ߡ+DPEUH GH 3RGHUߢ TXH FXHQWD OD KLVWRULD GH 0F'RQDOGV
PHQFLRQDWH[WXDOPHQWHORVLJXLHQWH
3HUVLVWHQFLD1DGDHQHOPXQGRSXHGHUHHPSOD]DUDODSHUVLVWHQFLD1DGDHV
P¡VFRPºQTXHKRPEUHVIUDFDVDGRVFRQWDOHQWR/DJHQLDOLGDGQRORKDU¡
*HQLRVVLQUHFRPSHQVDVRQSU¡FWLFDPHQWHXQFOLFK©/DHGXFDFL³QORKDU¡
(OPXQGRHVW¡OOHQRGHWRQWRVHGXFDGRV/DSHUVLVWHQFLD\ODGHWHUPLQDFL³Q
SRU V VRODV VRQ SRGHURVDV 'HPXHVWUD TXH QR KD\ TXH SXHGD GHUURWDUWH
4XHSXHGHVWHQHUWUDQTXLOLGDGEXHQDVDOXG\XQLQFHVDQWHIOXMRGHHQHUJD
6L WRGRV ORV GDV LQWHQWDV FRQVHJXLU HVWDV FRVDV ORV UHVXOWDGRV OH SDUHFHU¡Q
REYLRV $XQTXH SXHGD DSDUHFHU FXHVWL³Q GH PDJLD GHSHQGH GH WL FUHDU WX
SURSLR IXWXUR (O PD\RU GHVFXEULPLHQWR GH PL JHQHUDFL³Q HV TXH ORV VHUHV
KXPDQRVSXHGHQDOWHUDUVXVYLGDVDOWHUDQGRODDFWLWXGGHVXVSHQVDPLHQWRV
2FRPRVRODGHFLU5DOSK:DOGR(PHUVRQ
ߡ8QKRPEUHHVORTXHSLHQVDGXUDQWHWRGRHOGDߢ
/DSHOFXODHVPX\UHFRPHQGDEOHSDUDWRGDVSHUVRQDVHQHOPXQGRSRUTXHFUHR
ILUPHPHQWHTXHQXQFDGHEHVGHFRQIRUPDUWHFRQPHQRVGHTXHWºTXLHUDV
$KRUDELHQ/RTXHKDVHVFULWRHVW¡GHPDQHUDDILUPDWLYD"
7LHQHODVHVSHFLILFDFLRQHVGHORVVHQWLGRVYHUROHUHVFXFKDU\WRFDU"
4X© VHQWLUDV FXDQGR KD\DV ORJUDGR HO ©[LWR" 6L©QWHOR SHURߨ 72'26 /26
'$6
(VFULEHTXHFRVDVWLHQHVDWXIDYRUHVGHFLUFXDOHVVRQWXVUHFXUVRV5HODFLRQHV
KXPDQDVFRQWDFWRVUHFXUVRVILQDQFLHURVLQIOXHQFLDVSDULHQWHVHWF©WHUDߨ
(OSXQWRHVKDFHUXQOLVWDGHWXVSXQWRVIXHUWHVYLUWXGHVKDELOLGDGHVDSWLWXGHV
WDQWRKHUUDPLHQWDVFRPRUHFXUVRV
$KRUDߨ
+D]PHPRULDGHWUHVRFXDWURRFDVLRQHVHQWXYLGDHQHOTXHVHQWLVWHXQ©[LWR\D
VHD HQ HO ¡UHD SURIHVLRQDO IDPLOLDU GHSRUWHV DPLJRV WRUQHRV R FXDOTXLHU
VLWXDFL³Q JDQDGRUD 3RU IDYRU GHVFULEH WRGR OR TXH KLFLVWH SDUD TXH IXHUD XQ
©[LWRTXHUHFXUVRVXWLOL]DVWH\TX©UDVJRVWHKLFLHURQVHQWLUHVDVHQVDFL³QGHXQ
WULXQIDGRU
4XHFODVHGHSHUVRQDQHFHVLWDUDVVHUSDUDFRQVHJXLUWXVPHWDV"
'LVFLSOLQDRPD\RUHVFRQRFLPLHQWRV"
$GPLQLVWUDUHOWLHPSR"
(QWRGRVODGRVVHSXHGHGHFLUPXFKRHQFXDQWRDO©[LWRSHURPXFKRPHQRVGH
FXDOHVVRQORVLQJUHGLHQWHVHVHQFLDOHVHVGHFLUODVDFWLWXGHVDFFLRQHV\FUHHQFLD
TXHOOHYDQD©O
(VFULEH FXDO HV HO WLSR GH FDU¡FWHU KDELOLGDGHV DSWLWXGHV FRQRFLPLHQWRV
FUHHQFLDVGLVFLSOLQDVTXHDVXPRGRGHYHUWLHQHVTXHWHQHUFRPRSHUVRQDSDUD
REWHQHUWXPHWD7RPDWHHOWLHPSRQDGDQLQDGLHWHGHEHGHHVWDUSUHVLRQDQGR
(QSRFDVSDODEUDVTX©WHLPSLGHDKRUDPLVPRDOFDQ]DUWXVPHWDV"
6LTXLHUHVVXSHUDUWXVOLPLWDFLRQHVWLHQHVTXHVDEHUFX¡OHVVRQߨ
)DOWD XQ SODQ" ,QWHQWDV KDFHU YDULDV FRVDV DO PLVPR WLHPSR" 7H VXHQD OD
SDODEUD ߡPXOWLWDVNLQJ PXOWLWDUHDVߢ" 2 P¡V ELHQ WH ILMDV HQ XQD VROD FRVD GH
PDQHUDTXHSDVDVSRUDOWRODVGHP¡V"
&RPR VHUHV KXPDQRV WRGRV WHQHPRV PRGR GH OLPLWDUQRV SHUR VL VDEHPRV
UHFRQRFHUFXDOHVVRQQXHVWUDVOLPLWDQWHVSXHGHVPRGLILFDUODVKR\PLVPR
3RU PXFKR TXH VHSDV HO SXQWR FODYH HV WHQHU GH PDQHUD FODUD TXH QXHVWUDV
DFFLRQHV VRQ FUXFLDOHV SDUD OD FRQVHFXFL³Q GH QXHVWUDV PHWDV 3RU HOOR
QHFHVLWDPRV XQ SODQ GHWDOODGR SDVR D SDVR <R SDUD DOFDQ]DU PL PHWD IXL D
FRPSUDU XQD FDUWXOLQD FRORU YHUGH OD SHJXH HQ PL SDUHG \ FRQ PDUFDGRUHV GH
GLIHUHQWHV FRORUHV KLFH PL SODQ $V TXH FDGD YH] TXH PH OHYDQWR OR YHR \ PL
PHQWHORJUDED
3RUHMHPSORVLTXLHUHVFRQVWUXLUXQDFDVDVHQHFHVLWDXQSODQR$FDVRVHSXHGH
FRQVWUXLUXQDFDVDVLQSODQR"/DUHVSXHVWDHVREYLD
&X¡OHVVRQODVDFFLRQHVHQODVTXHQRKD\TXHTXLWDUHOGHGRGHOUHQJO³QSDUD
SURGXFLUHOUHVXOWDGRGHVHDGR"
4X©SXHGHVKDFHUKR\PLVPRSDUDIRPHQWDUODFRQVHFXFL³QGHWXPHWD"
$ODQDOL]DUWRGDVODVPHWDVGHVGHORVQHJRFLRVDVFRPRODYLGDSHUVRQDOWUD]D
XQ PDSD H[DFWR GH ORV FDPLQRV TXH OOHYDQ GHVGH ORV REMHWLYRV ILQDOHV KDVWD OR
TXHVHKDGHKDFHUKR\PLVPR
$SURYHFKDHVWDLQIRUPDFL³QSDUDKDFHUWXSODQ6LQRWHVLHQWHVVHJXURTX©WH
LPSLGH"/DUHVSXHVWDO³JLFDFRPRKHPRVPHQFLRQDGRHVFDPELDUODHVWUDWHJLD
'H WXV PHWDV SULQFLSDOHV FUHD XQ SODQ SDVR D SDVR SDUD FRQVHJXLUODV 4X©
WLHQHVTXHKDFHUSULPHURSDUDOOHJDU"
$VHJºUDWH GH TXH WXV CSODQHV HVSHFLILTXHQ DOJXQD FRVD SRU OD TXH SXHGDV
HPSH]DUKR\PLVPR
&RQWLQXHPRVFRQODHVWUDWHJLDSDUDOOHJDUDWXVPHWDV
&X¡OHVHOFDPLQRP¡VVHJXURSDUDREWHQHUODH[FHOHQFLD"
0RGHODUDDOJXLHQTXHKD\DKHFKRORTXHWXTXLHUHV
(VFRJHYDULRVPRGHORV/RPLVPRVRQODVSHUVRQDVGHODYLGDUHDOORVIDPRVRV
R ELHQ SHUVRQDV GH DQWD±R FRPR %HQMDPLQ )UDQNOLQ :DUUHQ %XIIHW 7KRPDV
(GLVRQ+HQU\)RUG/HRQDUGR'DYLQFFLHWF©WHUD
$QRWDORVQRPEUHVGHWUHVFXDWURRFLQFRSHUVRQDVTXHKD\DQDOFDQ]DGRORTXH
GHVHDV \ GHILQH HQ SRFDV SDODEUDV ODV FXDOLGDGHV FUHHQFLDV FRPSRUWDPLHQWRV
TXH KLFLHURQ GH HOORV XQRV JDQDGRUHV 'HVSX©V FLHUUD ORV RMRV H LPDJLQD TXH
FDGDXQDGHHVWDVSHUVRQDVWHYDDGDUXQFRQVHMRTXHWHD\XGDUDDFRQVHJXLUHVH
REMHWLYR(VFULEHXQDLGHDSULQFLSDOHQODTXHFDGDXQRSXGLHUDGDUWHVLWLHQHVOD
RSRUWXQLGDGGHSODWLFDUFRQHOORVSHUVRQDOPHQWH,PDJQDWHTXHKDEODQFRQWLJR\
DQRWDGHEDMRGHFDGDQRPEUHODSULPHUDLGHDTXHVHWHRFXUUDUHVSHFWRDORTXHWH
GLUDQ 1R SDVD DEVROXWDPHQWH QDGD VL QR ORV FRQRFHV SRU PHGLR GH HVWH
SURFHGLPLHQWR VH FRQYHUWLU¡Q HQ IRUPLGDEOHV FRQVHMHURV TXH WH YDQ D JXLDU D
FXPSOLUWXVPHWDV
7RGRV ORV JUDQGHV WULXQIDGRUHV KDQ WHQLGR XQ PRGHOR PHQWRU PDHVWUR TXH OHV
KDQJXLDGRHQODGLUHFFL³QFRUUHFWD<VDEHVTXHHVORPHMRU"$KRUUDVPXFKR
WLHPSRHQHUJD\GHVYRSRUFDPLQRVTXHQRVRQFRUUHFWRV
6LQRFRQRFHVXQPRGHORQRWHSUHRFXSHVSRUTXHSDUDHOORWHQHPRV,QWHUQHWDV
TXHHQVHJXLGDSRQWHDEXVFDUXQR
4X©REWLHQHV"
6XPLQLVWUDVFODUDVVH±DOHVDWXFHUHEUR\IRUPDQXQSDWU³QFRQFLVRGHWXVPHWDV
/DVPHWDVVRQFRPRLPDQHVTXHDWUDHQORTXHODVD\XGDDUHDOL]DUVH
3HQVDUHVODWDUHDP¡VGXUDTXHH[LVWHSRUHVR
3UREDEOHPHQWHVRQWDQSRFRVORVTXHVHGHGLFDQDHOOD
+HQU\)RUG
$KRUD ELHQ SLHQVD HQ XQ ©[LWR HQ SDUWLFXODU &LHUUD WXV RMLWRV \ IRUPD XQD
LPDJHQ PX\ EULOODQWH GH HVH WULXQIR /D LPDJHQ VH VLWX³ D OD L]TXLHUGD R D OD
GHUHFKD" 1R GHMHV GH REVHUYDU OD FDOLGDG GHO PRYLPLHQWR HO WDPD±R ORV
VRQLGRVODIRUPD\WRGDVODVVHQVDFLRQHVTXHVHFUHDURQ3LHQVDHQODVPHWDVTXH
KDVHVFULWRKR\)RUPDODLPDJHQGHORTXHVHQWLUDVVLKXELHUDVFRQVHJXLGR\D
WRGR OR TXH KR\ KDV LPDJLQDGR /OHYD HVD LPDJHQ DO PLVPR OXJDU TXH DTXHOOD
RWUD \ VHD LJXDO GH EULOODQWH FODUD JUDQGH FRQ FRORU \ ELHQ GHILQLGD 9DV D
VHQWLUWH PX\ GLIHUHQWH PXFKR P¡V FRQYHQFLGR GHO ©[LWR TXH HQ HO PLVPR
PRPHQWRGHIRUPXODUODVPHWDVODSULPHUDYH]
6LVHWHYLHQHDODPHQWHXQDLPDJHQQHJDWLYDVLPSOHPHQWHFRQYL©UWDODHQEODQFR
\QHJUR
+D]TXHDGTXLHUDVWRGDVODVFDOLGDGHVHQFXDQWREULOORWDPD±RFRORUHQIRTXH\
YLYHQFLDV DQWHULRUHV GH ©[LWR /RV HMHUFLFLRV VH KDFHQ FRQVWDQWHPHQWH HV GHFLU
FXDQGR WH OHYDQWDV \ DQWHV GH GRUPLUWH SDUD TXH HO FHUHEUR UHFLED XQD LPDJHQ
WRGDYDP¡VFODUDLQWHQVDGHORTXHHVSHUDFRQVHJXLU(OFHUHEURVHGHMDLQIOXLU
SRUODUHSHWLFL³Q\VHQVDFLRQHVLQWHUQDVVLORJUDVH[SHULPHQWDUPXFKDVYHFHVWX
YLGDWDOFRPRODTXLHUHV\KDFL©QGRORFRQVHQVDFLRQHVSURIXQGDVHLQWHQVDVOD
FUHDFL³QGHWXVGHVHRVVRQVHJXURV
ߡ(OFDPLQRDO©[LWRVLHPSUHHVW¡HQFRQVWUXFFL³Qߢ
7RGRV ORV UHVXOWDGRV \ DFFLRQHV TXH H[SHULPHQWDPRV WLHQHQ VX RULJHQ HQ ODV
FUHDFLRQHVGHORVSURSLRVFHUHEURV
/RVVXH±RVLQLFLDQHQFDVDURG©DWHHQXQOXJDUTXHLQVSLUHWXFUHDWLYLGDGTXHWH
D\XGH D UHDOL]DU WRGR OR TXH SXHGHV VHU 'LVH±D WX DPELHQWH SHUIHFWR 'HMD HQ
OLEHUWDGWXPHQWH1RH[LVWHQOLPLWHV
4X© FODVHV GH SHUVRQDV VRQ ODV TXH QHFHVLWDV MXQWDUWH SDUD FRQVHJXLU \ FUHDU
WRGRORTXHGHVHDVHQODYLGD"
6L QR FXHQWDV FRQ XQD UHSUHVHQWDFL³Q GH WX GD SHUIHFWR F³PR OR FRQVLJXHV"
6HUDLPSRVLEOH6L\DVDEHPRVTXHHOFHUHEURQHFHVLWDVH±DOHVFODUDV\GLUHFWDV
GHORTXHWLHQHTXHFRQVHJXLU(QWRQFHVWXPHQWHWLHQHHOSRGHUSDUDGDUOHWRGR
OR TXH QHFHVLWD SHUR V³OR SXHGH KDFHUOR VL UHFLEH VH±DOHV EULOODQWHV FODUDV
LQWHQVDV\SRUVXSXHVWRELHQHQIRFDGDV
5HDOL]DU HVWRV HMHUFLFLRV SXHGH VHU XQR GH ORV SDVRV P¡V LPSRUWDQWHV \
FRQWXQGHQWHV SDUD SURGXFLU HVDV VH±DOHV LQFRQIXQGLEOHV 1R SXHGHV DOFDQ]DU WX
PHWDVLQRVDEHVFX¡OHV
ߡ/RVUHVXOWDGRVVRQLQHYLWDEOHVߢ
6L QR VXPLQLVWUDPRV D QXHVWUD PHQWH XQD SURJUDPDFL³Q GH ORV UHVXOWDGRV TXH
TXLHUHV QR YDPRV ELHQ 6L QR WLHQHV XQ SODQ HVW¡V IULWR 6L QR KDFHV RWUD FRVD
P¡VTXHOHHUHVDJXDGHQDGDVLUYH
9DOHODSHQD\DPHGLGDTXHYDSDVDQGRHOWLHPSRORYDVGLVIUXWDQGRP¡V\VH
YXHOYH SDUWH GH WL /D PD\RUD GH OD JHQWH QR WULXQID SRU IORMD < XQ EXHQ
GHVDUUROORHVHOWUDEDMRFRQVWDQWH\GXUR(OFDPLQRI¡FLOHVHVWDUHQOD]RQDGH
FRQIRUW )RUPD QXHYRV K¡ELWRV \ WHQ VLHPSUH HQ PHQWH TXH SDUD WRGR HVIXHU]R
GLVFLSOLQDGRVLHPSUHKD\XQDUHFRPSHQVDPXOWLSOLFDGD
+R\ HV HO PRPHQWR GH TXH KDJDV XQD LQFUHEOH GHPRVWUDFL³Q GH WX SRGHU
SHUVRQDO WRPDUWH HO WLHPSR TXH QHFHVLWHV GLVFLSOLQDUWH \ FRPSOHWDU HVWRV
HMHUFLFLRVGHPDQHUDFRPSOHWD
4X©SUHILHUHVߨGLVFLSOLQDRDUUHSHQWLPLHQWR"
/DGLVFLSOLQDSHVDJUDPRV\HODUUHSHQWLPLHQWRWRQHODGDV
+DFHXQSDUGHD±RVPHVHQW©DSHQVDUHQPLVLGHDOHV8QRGHHOORVORWXYHTXH
FDPELDU SRUTXH FXDQGR SDVR HO WLHPSR PH GL FXHQWD TXH VLHPSUH QR PL
SULRULGDGHV VH FRQYLUWLHURQ HQ RWUDV 5HYLVD FRQ UHJXODULGDG WXV PHWDV SRUTXH
SXHGHQFDPELDU$FWXDOL]DVVLVWHP¡WLFDPHQWHRYHFHVDOD±R
/DLQFUHEOHQRWLFLDHVTXHPLVLGHDOHVVHFRQYLUWLHURQHQUHDOLGDG
*UDED HQ WX FHUHEUR OD SURJUDPDFL³Q TXH WX TXLHUDV 7RGR FXDQWR LPDJLQDV VH
UHDOL]D&UHDXQDPELHQWHHVWLPXODQGRSRUFRPSOHWRWXFUHDWLYLGDG\TXHLQVSLUH
WRGRVORVGDVFRQXQVHQWLPLHQWRGHJUDWLWXG<WRGRSDUDTX©"
3RUTXHWHSURSRQHVXQDPHWD\WRGRVORVGDVOHIDFLOLWDVDWXFHUHEURHOPHQVDMH
SUHFLVRFODURFRQFUHWRGLUHFWRGHTXH©VDVHDWXUHDOLGDG8QDYH]HQSRVHVL³Q
GHXQREMHWLYRWXSRGHURVDPHQWHLQFRQVFLHQWHJXDWXVSHQVDPLHQWRV\DFFLRQHV
SDUDSURGXFLUUHVXOWDGRV
bbb&21)$(17,
ߡ(O JUDQ REMHWLYR GH OD HGXFDFL³Q GLMR +HUEHUW 6SHQFHU QR HV HO
FRQRFLPLHQWRVLQRODDFFL³Qߢ
+DEOHPRVGHOSRGHUGHODSUHFLVL³Qߨ
ߡ/DV SDODEUDV VRQ ODV KHUUDPLHQWDV P¡V SRGHURVDV GH OD KXPDQLGDGߢ OD EXHQD
QRWLFLD HV TXH VRQ WRWDOPHQWH JUDWLV *UDQ SDUWH GHO ©[LWR GH ODV SHUVRQDV
WULXQIDGRUDV UDGLFD HQ XWLOL]DU SDODEUDV \ IUDVHV FODYH SDUD FRPXQLFDU VXV LGHDV
FRQJUDQH[DFWLWXG7HQHQFXHQWDTXHQRQHFHVLWDVVDEHUORWRGRP¡VELHQWLHQHV
TXHGLVWLQJXLUHQWUHORTXHVLHVQHFHVDULR\ORTXHQR
/DV SDODEUDV TXH XVDPRV SDUD SRGHU GHVFULELU H[SHULHQFLDV QR VRQ ODV
H[SHULHQFLDV VL PLVPDV 6RQ OD PHMRU SUHVHQWDFL³Q YHUEDO TXH KHPRV VLGR
FDSDFHVGHGDUGHHOODV
3DUD FRQVHJXLU WRGR OR TXH TXLHUHV SGHOR $V GH VLPSOH" (V FRUUHFWR 1R
TXLHUR GHFLU HO KHFKR GH SRQHUWH D OORUDU R TXHMDUWH VLQR DSUHQGHU D SHGLU FRQ
LQWHOLJHQFLD \ VREUH WRGR FRQ SUHFLVL³Q $KRUD HO SXQWR HV KDFHUWH GH
KHUUDPLHQWDVYHUEDOHVP¡VHVSHFILFDV6LJXHODVVLJXLHQWHVFLQFRQRUPDV
3LGHGHPDQHUDFRQFUHWD
'HVFULEHORTXHTXLHUHV4X©WDQWR"&X¡QGRG³QGHF³PRFRQTXL©Q"7RGROR
SXHGHVREWHQHUVLVDEHVELHQFRPRSHGLUOR'HILQHH[DFWDPHQWHORTXHQHFHVLWDV
SRUTX©\FX¡QWR'HPXHVWUDF³PRYDVDVHUFDSD]GHKDFHUORSURGXFLU
3LGHDTXLHQSXHGDD\XGDUWH
6L VRODPHQWH SLGHV FRQFUHWDPHQWH QR EDVWDߨSLGH D TXLHQ WHQJD ORV UHFXUVRV
FRQRFLPLHQWRV FDSLWDO \ H[SHULHQFLD HQ OR TXH GHVHDV 6L SRU HMHPSOR WH HVW¡V
GLYRUFLDQGR REYLDPHQWH QR OH YDV D LU D SHGLU XQ FRQVHMR D XQD SHUVRQD \D
GLYRUFLDGDVLQRP¡VELHQDTXLHQWHQJD©[LWRHQVXPDWULPRQLR3RUVXSXHVWRQR
WLHQH QDGD GH PDOR VHU XQD SHUVRQD GLYRUFLDGD SHUR HO PHMRU FRQVHMR OR WLHQHQ
TXLHQHVHVW¡QHQXQDUHODFL³Q\ODKDQVDELGROOHYDUGHPDQHUDSDFILFD
&XDOTXLHU FRVD TXH TXLHUDV RWUD SHUVRQD \D OR WLHQH R OR HVW¡ KDFLHQGR \D /D
PDJLD UDGLFD HQ GHVFXEULU TXH KDFHQ ELHQ DSUHQGHU REVHUYDU VX H[SHULHQFLD \
FRQRFLPLHQWRV
&UHDXQYDORUSDUDHOGHVWLQDWDULRGHQXHVWUDSHWLFL³Q
1DGDHVJUDWLVVLTXLHUHVWHQHUDOJºQEHQHILFLRWLHQHTXHKDEHUUHFRPSHQVDKDFLD
DPEDVSDUWHV'HPXHVWUDTXHWXLGHDRWUDEDMRUHSUHVHQWDXQELHQ
3LGHGHIRUPDFRKHUHQWH
6LQRHVW¡VFRQYHQFLGRGHORTXHHVW¡VSLGLHQGRTXL©QORHVWDU¡"6LWXPLVPR
QRWHHFKDVSRUUDVTXL©QP¡V"$OJXQDYH]PHWRFRFRQRFHUXQKRPEUHTXLHQ
PHGLMRWH[WXDOPHQWHߡ7ºWHFUHHVPX\FKLQJRQD\XQDSHUVRQDFRQXQ,4DOWR
QRDQGDYHQGLHQGRELHQHVUDFHVߢODUHDOLGDGHVTXHPHVRUSUHQGYHUHVHWLSRGH
LQPDGXUH] HQ XQ KRPEUH GH D±RV XQD SHUVRQD DPDUJDGD WUDWDQGR GH
VDWLVIDFHU VX SURSLD LQIHOLFLGDG PHQRVSUHFLDQGR D XQ YHQGHGRUD TXH JDQD
PLOORQHVGHSHVRVDOPHV/RFXULRVRHVTXHHOHVH[LWRVRSHURQRVRSRUWDYHUD
XQDPXMHUWULXQIDU
&XDQGRSLGDVKD]ORFRQDEVROXWDFRQYLFFL³Q([SU©VDODHQWXVSURSLDVSDODEUDV
7LHQHVTXHGHPRVWUDUTXHHVW¡VVHJXURGHORTXHTXLHUHV\VHUXQJDQDGRU
6LQHPEDUJRKDFHVWRGRHVWRDODSHUIHFFL³QSHURߨORP¡VLPSRUWDQWHHVSHGLU
FRQ,17(/,*(1&,$
3HGLUKDVWDTXHVHREWLHQHORSHGLGR
1RHVSHGLUXQD\RWUDYH]GHODPLVPDPDQHUD6HWUDWDGHWHQHUWDFWRHLQVWLQWR
SDUD VDEHU TXH YDV SRU HO FDPLQR FRUUHFWR DV FRPR OD IOH[LELOLGDG SDUD KDFHU
FDPELRV HQ OR TXH VL IXQFLRQD \ HQ OR TXH QR &XDQGR SLGHV GHEHV FDPELDU \
DGDSWDUWHKDVWDREWHQHUORTXHTXLHUHV
&XDQGRYHPRVODKLVWRULDGHJUDQGHVWULXQIDGRUHVSRGHPRVQRWDUDOJRFODURVX
SHUVHYHUDQFLDHQSHGLU\HQUHSHWLUORVLQWHQWRVGHPXFKDVPDQHUDVGLIHUHQWHVߨ
SRUTXHVDEDQTXHORORJUDUDQHQXQPRPHQWRXRWUR
/D SDUWH P¡V GLIFLO HV SHGLU FRQFUHWDPHQWH \D TXH SDUD HO VXEFRQVFLHQWH XQD
SDODEUD SXHGHVLJQLILFDURWUD(QFDGDFXOWXUDXWLOL]DPRVSDODEUDVRIUDVHVTXH
WLHQHQSRFRRQLQJºQVLJQLILFDGRFRQFUHWR(VWDVH[SUHVLRQHVQRVLUYHQGHQDGD
SRUTXH QR HVW¡Q EDVDGDV HQ QLQJXQD SHUFHSFL³Q GHWDOODGD QL WDPSRFR VRQ
RUDFLRQHVGHVFULSWLYDV/DSDODEUDGHPDVLDGRQRWLHQHQLQJºQIXQGDPHQWR SDUD
QXHVWURFHUHEURGHPDVLDGRFRPSDUDGRFRQTX©"
(YLWD SDODEUD FDOLILFDWLYDV FRPR ߙPHMRU SHRU ELHQ PDO R FXDOTXLHU RWUD
TXHLQGLTXHXQWLSRGHMXLFLR
1XQFD GHV ODV FRVDV SRU VDELGDV SRUTXH HV OR TXH GLVWLQJXH D XQ FRPXQLFDGRU
IORMR
4X©SDVDFXDQGRDOJXLHQQRVGLFHTXHQRSXHGHKDFHUDOJRTX©VH±DOHQYDD
VXFHUHEUR"/DUHVSXHVWDHVXQDVH±DOOLPLWDWLYD0HKDWRFDGRFRQRFHUPXFKDV
SHUVRQDV TXH WLHQHQ SHQVDPLHQWRV FKLTXLWRV \ FX¡O HV HO HIHFWR" 5HVXOWDGRV
FKLTXLWRV1XQFDIDOWDQH[SOLFDFLRQHVFXDQGROHVSUHJXQWDVSRUTX©QRKDFHQXQD
FRVD SHUR TXH SDVD VL OHV SUHJXQWDVߨ 4X© SDVDUD VL HUHV FDSD] GH KDFHUOR"
$TXVHHQFXHQWUDXQDSRVLELOLGDGTXHDQWHVQRHVWDED
9LHQH VLHQGR OR PLVPR FRQ QXHVWUR GL¡ORJR LQWHUQR 6L FUHHV TXH QR SXHGHV
WLHQHV TXH SUHJXQWDUWH 4X© SDVDUD VL SXGLHUD" /D UHVSXHVWD HV XQD OLVWD GH
DFFLRQHV LQPHGLDWDV \ VHQWLPLHQWRV SRVLWLYRV &UHDUDV QXHYDV SRVLELOLGDGHV
QXHYRV HVWDGRV HQ WL \ QXHYRV UHVXOWDGRV SRVLEOHV &RQ WDQ VROR KDFHUWH OD
SUHJXQWDFDPELDQWXVSHQVDPLHQWRV\KDFHVTXHWXGHVHRVHDP¡VYLDEOH
ߡ6LHPSUH UHFXHUGD TXH QXHVWUR FHUHEUR QHFHVLWD VH±DOHV FODUD SDUD DFWXDU
FRQHILFLHQFLDߢ
9HUHYLVDQGRHQWXPDQHUDGHH[SUHVDUWHFRQORVGHP¡V
/DPHMRUUXWDHVODTXHP¡VVHDSUR[LPDDOWHUULWRULRUHDO&XDQWRP¡VVHSDPRV
PHMRUHVVRQQXHVWUDVSRVLELOLGDGHVGHFDPELR\SDUDVHUXQPHMRUFRPXQLFDGRU
KD\ TXH KDFHU SUHJXQWDV 6L DOJXLHQ GLFH ߡTXLHUR KDFHU XQ FDPELRߢ OD
FRQWHVWDFL³Q HV ߡ4X© TXLHUHV FDPELDU" VL OD UHVSXHVWD HV ߡQHFHVLWR DPRUߢ VH
UHVSRQGHߡ&³PRGHVHDVVHUTXHULGR"
(O SXQWR FRQVLVWH HQ KDFHU SUHJXQWDV DGHFXDGDV \ OD 3URJUDPDFL³Q
1HXUROLQJ¼VWLFDVHFRQRFHQFRPRSUHJXQWDVUHVXOWDGRV
4X©HVORTXHTXLHUR"
&X¡OHVHOREMHWLYR"
3DUDTX©HVWR\DTX"
4X©GHVHRSDUDWL"
4X©GHVHRSDUDPL"
+D\RWUDFRVDLPSRUWDQWH"
6LHVPHMRUXVDUODSDODEUDߙF³PRHQOXJDUGHSUHJXQWDUߙSRUTX©3RUHMHPSOR
DWXKLMRQROHSUHJXQWHVSRUTXHWLHQHSUREOHPDVHQODVFDOLILFDFLRQHVVLQRP¡V
ELHQ TXH QHFHVLWD SDUD WHQHU PHMRUHV UHVXOWDGRV 7DPSRFR HV QHFHVDULR
SUHJXQWDUOH D XQ HPSOHDGR SRU TX© QR YHQGL³ QDGD \ HQ YH] GHFLUOH ߡ&³PR
YDPRVDFRQVHJXLUYHQWDVߨ"ߢ1RWDVODGLIHUHQFLD"/RVEXHQRVFRPXQLFDGRUHV
KDFHQODVSUHJXQWDVRSRUWXQDV
7RGDV ODV FRPXQLFDFLRQHV FRQWLJR PLVPR \ FRQ ODV GHP¡V SHUVRQDV WLHQHQ HO
SULQFLSLR GH TXH WRGDV ODV FRVDV RFXUUHQ SRU DOJR \ VLHPSUH IDYRUHFHQ D WXV
SURS³VLWRV6LHPSUHVHKDVDELGRTXHHQFDGDIUDFDVRVHHVFRQGHXQDVHPLOODGH
©[LWRGLVIUD]DGR&XDQGRDUPDVXQRVOHJRV\DOJXQDGHODVSLH]DVQRYDGRQGH
GHEH GH LU TX© KDFHV" %XVFDV RWUD SLH]D TXH SDUH]FD P¡V SURPHWHGRUD (VWD
PLVPD UHJOD DSOLFD HQ ODV FRPXQLFDFLRQHV FRQ ODV GHP¡V SHUVRQDV 6LHPSUH
H[LVWHXQDSUHJXQWDFRQFUHWDRIUDVHTXHWUDQVIRUPDUDFXDOTXLHUFRVD
/$0$*,$'(/$65(/$&,21(6+80$1$6
8QD UHODFL³Q \D VHD GH QHJRFLR DPLVWDG WUDEDMR SDUHMD R FXDOTXLHUD HV OD
FDSDFLGDGGHHQWUDUHQHOPXQGRGHRWURKDFHUORVHQWLUTXHORFRPSUHQGHPRV\
VDOWDUDVXPXQGR(VQXHVWURSULQFLSDOLQVWUXPHQWRSDUDSURGXFLUUHVXOWDGRVGH
WRGRWLSR\DTXHVRQORVUHFXUVRVP¡VLPSRUWDQWHV6LVDEHVKDFHUUHODFLRQHVFRQ
ODVSHUVRQDVFRUUHFWDVSXHGHVORJUDUPXFKDVFRVDV
/DIDFLOLGDGGHUHODFLRQDUWHHVODPHMRUFXDOLGDGTXHSXHGHVWHQHU<DVHDSDUD
VHU XQ EXHQ YHQGHGRU EXHQ SDGUH R PDGUH EXHQ PDHVWUR EXHQ DPLJR EXHQ
QHJRFLDQWH \ HQWUH PXFKDV RWUDVߨVH QHFHVLWD OD FDSDFLGDG GH UHODFLRQDUWH
IDFLOLGDGSDUDHVWDEOHFHUOD]RV\VDEHUFRPSUHQGHUDODVSHUVRQDV$SHVDUGHTXH
WRGRVFRQRFHPRVSHUVRQDVTXHVHPLUDQFRPSOLFDGDVHOSRGHUGHODVUHODFLRQHV
KDFHTXHWRGDVODVODERUHVVHDQP¡VVLPSOHVVHQFLOODV\GLYHUWLGDV1RLPSRUWD
TXLHQ VHDV VLHPSUH H[LVWH DOJXQD RWUD SHUVRQD TXH WH SHUPLWHQ DOFDQ]DU WXV
PHWDVP¡VSURQWRRKDFHUP¡VI¡FLOHOFDPLQR(VHVHOD]RTXHXQHDODVSHUVRQDV
\ORVKDFHVHQWLUFRPSD±HURV
/RTXHXQRGHVHDHVWHQHUDDOJXLHQTXHVHSDUH]FDDXQRPLVPR\SRUHORWUR
ODGR WHQJD OD SHUVRQDOLGDG SURSLD /RV TXH VH SDUHFHQ VRQ ODV UHODFLRQHV TXH
GXUDQP¡VWLHPSR\ORVSXQWRVFRPXQHVVRQODVTXHORVXQHQ(VWDUHQDUPRQD
FRQTXLHQQRVURGHDUHTXLHUHILMDUWHHQODVFRVDVTXHVHSDUHFHQ\SRUVXSXHVWR
QRHQODVGLIHUHQFLDV(OSULPHUSDVRHV
ߡ/DIDFLOLGDGGHODUHODFL³Qߢ
&³PRFUHDVXQDUHODFL³Q"
'HVFXEULHQGR FRVDV FRPXQHV GH ORV GHP¡Vߨ\D VHD FRPSDUWLU H[SHULHQFLDV
YLDMHVDFWLYLGDGHVGHSRUWHVFDQFLRQHVRFXDOTXLHUFRVD&RQODVH[SHULHQFLDVVH
YDQFUHDQGRDPLVWDGHV\SRUHQGHFRQRFLPLHQWRV0HKDWRFDGRFRQRFHUVH±RUDV
FRQYDULRVKLMRV\WLHQHQDPLJDVGHWRGDODYLGD\TXHQRWLHQHQKLMRVSHURߨ
&RQ TXLHQ FRQYLYHQ P¡V" /D UHVSXHVWD HV FRQ ODV PDP¡V GHO FROHJLR GH VXV
KLMRV SRUTXH WLHQHQ P¡V FRVDV HQ FRPºQ 6L OD FRPXQLFDFL³Q WLHQH OXJDU SRU
PHGLR GH OD SDODEUD HQWRQFHV OD IRUPD P¡V O³JLFD GH HQWDEODU XQD UHODFL³Q
FRQVLVWHHQLQWHUFDPELDULQIRUPDFL³QSRUPHGLRGHSDODEUDV
GHODFRPXQLFDFL³Q SDODEUDV
SRUHOWRQRGHYR]
OHQJXDMHFRUSRUDOHVGHFLUH[SUHVLRQHVIDFLDOHVHOFDU¡FWHUPRYLPLHQWRV\
JHVWRVTXHGLFHQP¡VTXHODVSDODEUDV
1RVRQODVSDODEUDVORTXHKDFHQXQEXHQFRPXQLFDGRUVLQRODIRUPDGHGHFLUODV
(OPHMRUPHGLRSDUDFRQVHJXLUXQDUHODFL³QHVUHIOHMDQGRODILVLRORJDGHODRWUD
SHUVRQD GHVGH UHVSLUDFL³Q WLSR SDODEUDV R IUDVHV SRVWXUD \ JHVWRV 7H VXHQD
IDPLOLDUYHUSDUHMDVTXHVHSDUHFHQ"$OUHIOHMDUWHFRQODRWUDSHUVRQDHVWDEOHFHV
YQFXORVGHJUDQSURIXQGLGDGFRPRSXHGHVHUHQPLQXWRVRFRQHOWLHPSR8QD
YH]TXHDSUHQGHVDUHIOHMDUWHHQODRWUDSHUVRQDSXHGHVFUHDUHOWLSRGHUHODFL³Q
TXHGHVHHV
/DVSDODEUDVRSHUDQGHPDQHUDFRQVFLHQWH\ODILVLRORJDGHPDQHUDLQFRQVFLHQWH
\6DEHVTXHSDVD"/DRWUDSHUVRQDSLHQVDߡ$KKKHVFRPR\Rߨߢ$VHVFRPR
RFXUUHXQDJUDQDWUDFFL³Q\XQYQFXOR
&³PRWHUHIOHMDVHQODRWUDSHUVRQD"
(QODYR]HQVXWRQDOLGDGWRQRVLKDEODGHVSDFLWRRU¡SLGRHOYROXPHQIUDVHV
IDYRULWDVRELHQODVSDODEUDV
4X©SDVDVLFRQVLJXHVUHIOHMDUWRGRVORVUDVJRVGHRWUDSHUVRQD"
6LPSDWDXQDLQFUHEOHFRPSUHQVL³Q\TXHVDEHVOHHUORVSHQVDPLHQWRV7HKD
WRFDGR VHQWLU TXH DOJXLHQ WH ORV DGLYLQD" /D UHDOLGDG HV TXH FRQVFLHQWH R GH
PDQHUDLQFRQVFLHQWHWHLPLWD
(VQHFHVDULRUHSURGXFLUWRGDVODVFDUDFWHUVWLFDVSDUDFUHDUUHODFLRQHVKXPDQDV"
(Q DVXQWRV GH PHQRU LPSRUWDQFLD EDVWD SRU HO WRQR GH YR] \ XQD VLPSOH
H[SUHVL³QIDFLDOSDUDJHQHUDUXQJUDGRLQFUHEOHGHFRQILDQ]D
,QWHQWDDUPRQL]DUFRQODVSHUVRQDVTXHWHURGHDQUHIOHMDVXVJHVWRV\SRVWXUDV
,PLWD HO WRQR ULWPR \ YROXPHQ GH YR] \ YHU¡V TXH WH VLHQWHV P¡V SU³[LPDV D
HOODV&XDQGRORORJUDVLQFOXVLYHOOHJDVDVHQWLUODVPLVPDVH[SHULHQFLDVLQWHUQDV
\ SHQVDPLHQWRV $V TXH VL WH FRQYLHUWHV PX\ K¡ELO HUHV XQ FRPXQLFDGRU
SURIHVLRQDO&³PRORORJUDV"0HGLDQWHODSU¡FWLFD
5HDOPHQWHODDUPRQL]DFL³QHVODFODYHSDUDHO©[LWRHQFXDOTXLHUWLSRGHUHODFL³Q
$ P VLHPSUH PH KD JXVWDGR WUDHU FDUUR GH ºOWLPR PRGHOR PDUFD 0HUFHGHV \
KDEU¡TXLHQHVQROHVLPSRUWDTXHFRFKHPDQHMHߨVLQFHUDPHQWHORTXHFDGDTXLHQ
TXLHUD OR FRQVLGHUR GH DFXHUGR SHUR RWUD FRVD HV PX\ GLVWLQWD VHQWLU HQYLGLD \
VREUHWRGRSRUDOJXLHQTXLHQFRQVLGHUDEDVWXPHMRUDPLJD(OGDGHFXPSOHD±RV
GHHVDDPLJDHOODSDVDSRUPLHQXQDFDPLRQHWDTXHQRFRQRFD\DTXHVXFDUUR
HVGHKDFHD±RVREYLDPHQWHQXQFDORPHQFLRQH\OHGLMHߡPLUDTXHSDGUHOD
FDPLRQHWDߢPHGLFHߡHVGHPLSDS¡\RPHYR\DHVSHUDUDTXHVDOJDODFODVH
KEULGDߢ\\RߡPX\ELHQߢ/XHJRHQHOUHJUHVRTXHHVWDEDOORYLHQGRPX\IXHUWH
FRQ SDODEUDV WH[WXDOHV GLFH ߡPH GD WUDQTXLOLGDG TXH WRGDV ODV TXH IXLPRV VH
UHJUHVDQHQFDPLRQHWDSRUTXHXQFDUURQRHVVHJXURߢSHURFODURTXHHUDHQXQD
WRQDOLGDGFHURDGHFXDGD\\RߡDKVL"ߢFRQWLQXDߡWLHQHTXHWUDHUORVGHODVGRV
OODQWDVSULPHUDVDV\ODVGHDWU¡VDV\ORVFDUURVQRODVWUDHQߢߨORVHQWFRPR
TXHUL©QGRPH KDFHU PHQRV PL FDUURߨ HQ YH] GH GHIHQGHUPH OH UHVSRQG ߡ$K
RNߢSHQVDQGRHQPLLQWHULRUHVWDIUDVHGHOOLEURߡ&02*$1$5$0,*26(
,1)/8,5(1/$63(5621$6ߢGH'DOH&DUQHJLH
ߡ0HMRU HV GDU SDVR D XQ SHUUR TXH VHU PRUGLGR SRU ©O DO GLVSXWDUOH HVH
GHUHFKRߢ
4X©QRVTXLHUHGHFLUHVDIUDVH"
(VFXFKD GDOH D WX RSRQHQWH OD RSRUWXQLGDG GH KDEODU '©MDOR WHUPLQDU 1R WH
UHVLVWDVGHILHQGDVQLGLVFXWDV\DTXHODUHJODHV
ߡ/DºQLFDIRUPDGHVDOLUJDQDQGRHQXQDGLVFXVL³QHVHYLW¡QGRODߢ
(QWRQFHV7LHQHVKD\TXHDFHSWDUWRGRORTXHWHGLJDODGHP¡VJHQWHTXHHVWH
IXHUDGHOXJDU"
+D\GRVRSFLRQHVߨ
+DEODUODVFRVDV\GHFLUORTXHQRWHSDUHFL³/RKDUDVLIXHUDPLIDPLOLD
7HTXHGDVFDOODGR\OHGDVYXHOWDDODS¡JLQD
(QHOFDVRGHFLGGDUOHODYXHOWDDODS¡JLQD\DTXHQRPHLQWHUHVDWHQHUDPLJDV
HQYLGLRVDV\FRQPDODYLEUD$PLSHUVSHFWLYDHVHWLSRGHSHUVRQDVQRFDPELDQ
\ORTXHPHQRVXQRQHFHVLWDVRQSHUVRQDVW³[LFDVDVXDOUHGHGRU/DYLGDVHSDVD
WDQ U¡SLGD \ KD\ TXH GLVIUXWDUOD DO P¡[LPR HVWDQGR HQ SD] \ DUPRQD HQ WRGRV
VHQWLGRV
/DEXHQDQRWLFLDHVTXHODDUPRQL]DFL³QHVXQDFXDOLGDGFRPRFXDOTXLHURWUD\
VHDGTXLHUHPHGLDQWHODSU¡FWLFD
ߡ3DUD FRPXQLFDU FRQ HILFDFLD KD\ TXH FRPSUHQGHU TXH WRGRV VRPRV
GLIHUHQWHV HQ FXDQWR QXHVWUR PRGR GH SHUFLELU HO PXQGR \ XWLOL]DU HVD
FRPSUHQVL³QFRPRJXDHQQXHVWUDFRPXQLFDFL³QFRQORVGHP¡Vߢ
$QWKRQ\5RELQV
(QWRGDVODVUHODFLRQHVHOUHIOHMRHVXQSURFHVRWRWDOPHQWHQDWXUDOTXHVHKDFHGH
PDQHUD LQFRQVFLHQWH /RV WULXQIDGRUHV VLHPSUH VH FDUDFWHUL]DQ SRU VX HQRUPH
KDELOLGDGSDUDFUHDUUHODFLRQHV6LHUHVFDSD]GHYHURUVHQWLUWDPEL©QSXHGHV
FUHDU XQDUHODFL³QFRQTXLHQTXLHUDV%DVWDFRQEXVFDUORVGHWDOOHVTXHSXHGDQ
UHIOHMDUVH\SUDFWLFDQGRSXHGHVHQWUDUDOPXQGRGHFXDOTXLHUSHUVRQD\KDEODUHQ
OD PLVPD ORQJLWXG GH VX RQGD $ PHGLGD TXH OR YD\DV KDFLHQGR VHQWLU¡V XQ
LQFUHEOHHQWHQGLPLHQWR
8QD UHODFL³Q GXUDGHUD FRQVLVWH HQ OD IDFXOWDG GH FDPELDU \ DMXVWDUVH D OD
HYROXFL³Q GH OD RWUD SHUVRQD FRQ UHVSHWR DOWXUD \ HOHJDQFLD (V XQ SURFHVR
GLQ¡PLFRIOXLGR\IOH[LEOH
(QHOFDVRGHORVEXHQRVYHQGHGRUHVTXHVDEHQSRQHUVHHQHOPXQGRGHODRWUD
SHUVRQD HVWDEOHFHQ XQD UHODFL³Q \ D SDUWLU GH HOOR WRPDQ OD LQLFLDWLYD HQ XQ
PRPHQWRGDGR'HKHFKRQRTXLHUHGHFLUTXHVRORVHDQVRQULVDV\DPDELOLGDGHV
VLQRP¡VELHQUHDFFLRQHVDMXVWDGDV
4XLHUHVKDFHUXQH[SHULPHQWR"
*HQHUD XQD FRQYHUVDFL³Q FRQ ; SHUVRQD $UPRQL]D VX YR] ODV SRVWXUDV \ OD
UHVSLUDFL³Q 6L QR WH VLJXH OD UHODFL³Q WRGDYD QR HV V³OLGD (QWRQFHV
SHUIHFFL³QDOD\YXHOYHDLQWHQWDUOR
&X¡OHVODFODYHSDUDHVWDEOHFHUUHODFLRQHV"
)/(;,%,/,'$'
/RV EXHQRV FRPXQLFDGRUHV VDEHQ SHUIHFWDPHQWH VX PDQHUD GH H[SUHVDUVH HO
WRQR VX UHVSLUDFL³Q JHVWRV \ GHWDOOHVߨ\ REYLDPHQWH QR FRPR HO FDVR TXH WH
SODWLTXH GH ߡOD DPLJDߢ +D\ TXH WHQHU PXFKR WDFWR HQ GHFLU ODV FRVDV SDUD QR
ODVWLPDUGHDOJXQDIRUPDDQDGLH
ߡ6LTXLHUHVGHPRVWUDUDOJRTXHQRORVHSDQDGLH+D]ORGHPDQHUDVXWLOFRQWDO
GHVWUH]DTXHQDGLHSLHQVHTXHHVW¡VKDFLHQGRߢ
ߡ+DVGHVHUP¡VVDELRTXHORVGHP¡VVLSXHGHVSHURQRORGLJDVߢ
(OGHMDUOHGHGHFLUDORVGHP¡VTXHVHHTXLYRFDQULQGHEHQHILFLRV
9DOHODSHQDFDPELDUQXHVWUDVSDODEUDV\DFWLWXGHVKDVWDDUPRQL]DUFRQHOPXQGR
GHODVSHUVRQDVTXHQRVURGHDQ
(Q OD HGXFDFL³Q HQ ORV QL±RV HO SUREOHPD FRQVLVWH HQ TXH PXFKRV PDHVWURV
FRQRFHQELHQDODPDWHULDSHURQRDORVDOXPQRV/RVPHMRUHVPDHVWURVGRPLQDQ
LQVWLQWLYDPHQWH HO VHJXLPLHQWR \ DGHODQWDPLHQWR $SUHQGLHQGR D VHJXLU D FDGD
DOXPQRDSUHVHQWDUODLQIRUPDFL³QGHWDOPDQHUDTXHHOQL±RSXHGDSURFHVDUODGH
PDQHUDHILFD]ORJUDUDQUHYROXFLRQDUWRGRHOPXQGRGHODHQVH±DQ]D
(OVHQWLGRGHODFRPXQLFDFL³QHVWULEDHQODVUHVSXHVWDV\QRHQORVFRQWHQLGRV6L
QR VH ORJUD HVWDEOHFHU XQD UHODFL³Q QR SRGU¡V WUDVODGDU HVD LQIRUPDFL³Q GH WX
PDSDDOPDSDGHRWUDSHUVRQD(QHIHFWRORVPHMRUHVPDHVWURVVRQORTXHWLHQHQ
ODIDFLOLGDGSDUDHVWDEOHFHUUHODFLRQHV
8VD ODV UHODFLRQHV WDQWR HQ HO WUDEDMR FRPR HQ HO QHJRFLR SDUD FUHDU XQD
FRQH[L³Q LQPHGLDWD FRQ ORV GHP¡V 3DUD KDFHU FXDOTXLHU FRVD V³OR QHFHVLWDV
DSUHQGHUDHQWUDUHQHOPXQGRGHORVGHP¡V
7RGRVORVQL±RVVRQFDSDFHVGHDSUHQGHUVRPRVQRVRWURVORTXHQRKHPRV
VDELGR HQVH±DUOHV 3RU HOOR OD HQRUPH LPSRUWDQFLD GH HVWDEOHFHU XQD DXW©QWLFD
UHODFL³QFRQHOORV\DUPRQL]DUFRQVXVHVWUDWHJLDVGHDSUHQGL]DMH
/RVPHGLRVTXHQHFHVLWDPRVSDUDKDFHUPDJLDHQODVUHODFLRQHVFRQORVGHP¡V
VRQ
/RVRMRV
/RVRGRV
(OWDFWR
(OJXVWR
(OROIDWR
&X¡QGRHVHOPRPHQWRGHHPSH]DU"
+2<0,602ߨ
bbb$O;,72727$/
ߡ1XQFDGHMHVGHSHUGHUODIH\VREUHWRGRYLDMDDRWURVSDVHVSDUDTXH
FRQR]FDVODVPDUDYLOODVGHOPXQGRHVWHWLSRGHH[SHULHQFLDVVRQGHODV
PHMRUHVTXHKHYLYLGRHQPLYLGDߨߢ
0\OL
2WURVOLEURVHQ$PD]RQߨ
75$16)250$786+%,726&RQRFHHOVHFUHWRSDUDVHUP¡VSURGXFWLYRHQ
WXYLGDWUDEDMRRQHJRFLRV&RQRFHHOVHFUHWRSDUDVHUP¡VSURGXFWLYRHQWXYLGD
WUDEDMRRQHJRFLRV
/DYHUGDGGHWHQHU©[LWRHQHO,QWHUQHW
*DQD'LQHURFRQ*RRJOH$SDUHFHUHQ*RRJOH<$
,QLFLDWX3URSLR1HJRFLR7RGRORTXHQHFHVLWDVVDEHUSDUDJHQHUDUXQDLQFUHEOH
LGHD\VHDUHQWDEOH