.DUROLQHYRQ*QGHUURGH/DGHFRQVWUXFFLyQGHXQPLWR
%$6&2</DPHODV0RQWVHUUDW
8QLYHUVLGDG6DQWLDJRGH&RPSRVWHOD
(O QRPEUH GH .DUROLQH YRQ *QGHUURGH FRHWiQHD GH ORV
LQWHOHFWXDOHV GHO 3UHUURPDQWLFLVPR DOHPiQ QR SDVy D ORV PDQXDOHV GHKLVWRULD GHOD
OLWHUDWXUDRWH[WRVGHRWURWLSRDOPHQRVKDVWDODSDVDGDGpFDGDGHORVVHWHQWDFRPROD
HVFULWRUDTXHHOODKDE DHOHJLGRVHUHVGHFLUPHUHFHGRUDGHUHFRQRFLPLHQWRS~EOLFRVLQR
DOFRQWUDULRFRPRXQDµVRPEUD¶GHODUHDOLGDGGHVXSHUVRQD4XLHURLQGLFDUFRQHOORTXH
OD *QGHUURGHTXHFRQRFHPRVDWUDYpVGHVXUHFHSFLyQDORODUJRGHPiVGHVLJOR
PHGLR HV XQ SURGXFWR GH OD LQWHUSUHWDFLyQ OD IDQWDV D XQ UHIOHMR GH GHVHRV
SUHRFXSDFLRQHVDMHQDV/DRWUDILJXUDODTXHDSDUHFHHQHOSURFHVRGHGHFRQVWUXFFLyQ
GHOPLWRHVIUXWRGHXQFDPELRGHSHUVSHFWLYD GHODDSDULFLyQGHQXHYRVLQWHUHVHV
KDFLDODSRHWD
(VWDVGRVOHFWXUDVGLIHUHQWHVTXHDFDERGHVHxDODUHVWiQUHFRQRFLGDVGHPRGR
FRQFLVR FODURHQHODUW FXORTXH0DULW5XOOPDQQGHGLFDDODHVFULWRUDHQVXWUDEDMR
VREUH ILOyVRIDV³.DUROLQHYRQ*QGHUURGHQRHV~QLFDPHQWHXQDSRHWDILORVyILFDVLQR
HQPD RUPHGLGDXQPLWRDOHPiQGHWRQRPHODQFyOLFR´
1RHVTXHODSHUVRQDKLVWyULFD
GH OD *QGHUURGH QR VHD UHOHYDQWH SDUD HO S~EOLFR VLQR TXH FRPR TXLHUH LQGLFDU
5XOOPDQQODFDSDFLGDGGHDWUDFFLyQGHOPLWRHVWDQJUDQGHTXHVXVFLWDPiVLQWHUpVTXH
ODLQIRUPDFLyQREWHQLGDGHODQiOLVLVFLHQW ILFRGHVXYLGD REUDSRUSDUWHGHORVFU WLFRV
(QSULPHUOXJDUPHRFXSDUpGHXQDGHVFULSFLyQEUHYHGHOPLWR GHVXIRUPDFLyQ
DWHQGLHQGRIXQGDPHQWDOPHQWHDORVFRQWHQLGRVEiVLFRVGHOPLVPRORFXDOQRVVHUYLUi
SDUD YDORUDU OD LQFLGHQFLD GHO FDPELR TXH FRQVWDWDPRV HQ OD UHFHSFLyQ GH ORV DxRV
VHWHQWD(OSXQWRVLJXLHQWHORGHGLFDUpDOWHPDFHQWUDOGHPLLQWHUYHQFLyQDOSURFHVR
GHFRQVWUXFWLYR DVXVGLYHUVRVFRPSRQHQWHV&DEHPHQFLRQDUDGHPiVTXHGHHQWUHORV
QXPHURVRV DUW FXORV GLYHUVDV WHVLV PRQRJUiILFRV FHQWUDGRV HQ .DUROLQH YRQ
*QGHUURGHTXHWHQHPRVDQXHVWURDOFDQFHQRKD QLQJXQRKDVWDHOPRPHQWRTXHWUDWH
HOWHPDGHOPLWRFRPRREMHWRSULQFLSDOGHHVWXGLRDSHVDUGHTXHHQODELEOLRJUDI DTXH
PDQHMDPRVDSDUH]FDQGLVSHUVDVDOXVLRQHVDOPLVPRFRPRODFLWDGDGH5XOOPDQQ
58//0$11 0DULW 3KLORVRSKLQHQ ,, 9RQ GHU 5RPDQWLN ELV ]XU 0RGHUQH 'RUWPXQG
(EHUVEDFKSiJ
1DFLPLHQWR GHVDUUROORGHOPLWR
/RVGRVHOHPHQWRVFHQWUDOHVGHOPLWRGH.DUROLQHYRQ*QGHUURGHVRQHODPRU
OD PXHUWH 'HVGH KDVWD ORV DxRV QRYHQWD GHO VLJOR ;,; OD UHFHSFLyQ GH OD
*QGHUURGH
VHTXHGDFDVLH[FOXVLYDPHQWHHQORVDFRQWHFLPLHQWRVGHVXELRJUDI DTXH
PiVKDQOODPDGRODDWHQFLyQVXIUDFDVDGDUHODFLyQDPRURVDFRQ)ULHGULFK&UHX]HU HO
WUiJLFRVXLFLGLRGHODHVFULWRUD(OLQWHUpVGHORVHVWXGLRVRVVHYROFyKDFLDODVSRVLEOHV
PRWLYDFLRQHVTXHKDE DQOOHYDGRDODMRYHQSRHWDDTXLWDUVHYROXQWDULDPHQWHODYLGD
/DPXHUWHVHFRQYLUWLyDV HQHOHMHWHPiWLFR VLJQLILFDWLYRGHOPLWRKDFLHQGRGH
ODH[LVWHQFLDGHOD*QGHUURGHXQPXQGRPLVWHULRVR DWUDFWLYR(OVXLFLGLRVHLQWHUSUHWy
FRPRODUHDOL]DFLyQGHXQGHVHRIRUMDGRDORODUJRGHDxRVDFDXVDGHOIUDFDVRFRQVWDQWH
GH OD HVFULWRUD GDGD VX IDOWD GH p[LWR HQ VX SURIHVLyQ HO UHFKD]R DPRURVR VX
PHODQFyOLFDYLGDHQXQFRQYHQWR(ODPRUHVXQPRWLYRHVHQFLDOSDUDHOPLWRSXHVWR
TXH ODV GLYHUVDV UHODFLRQHV LQIUXFWXRVDV GH .DUROLQH OOHYDURQ D FRQVLGHUDUOD FRPR OD
SRHWDTXHEXVFDEDHOLGHDOGHODPRU IXHY FWLPDGHODLPSRVLELOLGDGGHDOFDQ]DUOR$
SDUWLUGHHVWDOHFWXUD.DUROLQHYRQ*QGHUURGHFRPHQ]yDVHUFRQVLGHUDGDFRPRXQD
µSRHWD URPiQWLFD¶ 6X WUiJLFD H[LVWHQFLD FRPR WRGR OR GHQRPLQDGR URPiQWLFR VH
DSR DEDHQORSDWROyJLFRHVGHFLUORTXHVHVLWXDEDDOPDUJHQGHOFDQRQSUHHVWDEOHFLGR
(VWDYDORUDFLyQTXHDFDEDPRVGHVHxDODUFRPLHQ]DDIRUMDUVH DHQHOiPELWRGH
ODUHFHSFLyQLQPHGLDWDGHODHVFULWRUDFRPRVHREVHUYDHQWHVWLPRQLRVGHVXVDPLJRV
RWURVTXHVXSLHURQGHHOOD*HQHUDOPHQWHVHODYH DFRPRDOJXLHQIXHUDGHORUGHQVRFLDO
FRPR XQD XWySLFD PRYLGD SRU LGHDOHV LPSRVLEOHV GH UHDOL]DU TXH FKRFDEDQ FRQ HO
SODQWHDPLHQWRGHODYLGDHQODVRFLHGDGEXUJXHVD(VLPSRUWDQWHVXEUD DUTXHHOKHFKR
GHTXH.DUROLQHYRQ*QGHUURGHIXHVHXQDPXMHU DGHPiVHVFULWRUDHOHVWDUDOHMDGDR
HQIUHQWDGD D ODV QRUPDV DO SDSHO TXH OH FRUUHVSRQG D DJUDYDED HO UHFKD]R KDFLD OD
SRHWD1RVyORODVRFLHGDGHQJHQHUDOVLQRLQFOXVRVXVPiVDOOHJDGRVQRFRQVLJXLHURQ
FDSWDUVXVPHQVDMHVODLPDJHQTXHHOODTXHU DWUDQVPLWLUGHV PLVPDFRPRODSURSLD
.DUROLQHH[SUHVDKDELWXDOPHQWHHQVXVFDUWDV
6LHVFLHUWRTXHOD*QGHUURGHQRORJUyKDFHUVHHQWHQGHUHQVXiPELWRVRFLDOOD
YLVLyQTXHQRVRIUHFHQGHHOODVXVFRHWiQHRVHVXQDLQWHUSUHWDFLyQDSDUWLUGHORTXH
SHUFLE DQ GH HOOD /R PLVPR RFXUULy FRQ VXV WH[WRV (O OHFWRU OD FU WLFD HVSHUDEDQ
HQFRQWUDUHQVXREUDDTXHOORTXHHOFDQRQKDE DILMDGRSDUDODPXMHU7DQWR*HGLFKWH
3DUD OD UHFHSFLyQ GH .DUROLQH YRQ *QGHUURGH KDVWD HO ~OWLPR FXDUWR GHO VLJOR ;; YpDVH
/$=$52:,&= 0DUJDUHWH .DUROLQH YRQ *QGHUURGH 3RUWUDLW HLQHU )UHPGHQ )UDQNIXUW DP
0DLQ%HUQ1HZ<RUN3HWHU/DQJSiJV
XQG 3KDQWDVLHQ FRPR 3RHWLVFKH )UDJPHQWH SXEOLFDGRV UHVSHFWLYDPHQWH HQ
UHFLELHURQGXUDVFU WLFDVQRVyORSRUHODWUHYLPLHQWRGHODHVFULWRUDDSXEOLFDUVXV
WH[WRVVLQRPiVD~QSRUWUDQVJUHGLUODVQRUPDVSRUHMHPSORHQODXWLOL]DFLyQGHOJpQHUR
GUDPiWLFRUHVHUYDGRDOiPELWRPDVFXOLQRRDORFXSDUVHGHWHPDVGHWLSRILORVyILFRR
KLVWyULFR
$XQTXHFRPRVHKDGLFKRORVFRQWHQLGRVGHOPLWRWHQJDQHQSDUWHVXQDFLPLHQWR
GXUDQWHHOSHULRGRGHUHFHSFLyQLQPHGLDWDHVDUD ]GHODIDVFLQDFLyQTXHODILJXUDGHOD
*QGHUURGH SURGXMR D ILQDOHV GHO ;,; FXDQGR VH GHWHFWD UHDOPHQWH OD SUHVHQFLD GHO
PLWR/DHVFULWRUDQRIXHXQSHUVRQDMHUHOHYDQWHHQVXpSRFDFRPRV ORIXHURQDOJXQRV
GHVXVFRQRFLGRV.DUROLQHYRQ*QGHUURGHKDEU DFD GRHQHOROYLGRGHQRVHUSRUHO
SDSHOGHODVQRYHODVGHVXDPLJD%HWWLQDYRQ$UQLPTXHSURYRFDURQXQ
UHQRYDGRLQWHUpVSRUUHFXSHUDUODREUDGH.DUROLQH RWURVGRFXPHQWRVUHODWLYRVDVX
ILJXUD (Q VH SXEOLFy 'LH *QGHUURGH XQD QRYHOD HSLVWRODU GRQGH %HWWLQD
SUHWHQG DUHQGLUKRPHQDMHDVXDPLJD GDUODDFRQRFHUDOS~EOLFR<DHQKDE D
DSDUHFLGR OD QRYHOD *RHWKHV %ULHIZHFKVHO PLW HLQHP .LQGH HQ OD TXH VH UHFRJ D XQ
HSLVRGLRGHGLFDGRDODWUiJLFDPXHUWHGHODDPLJD6LQSDUDUQRVHQODVLQWHQFLRQHVUHDOHV
RQRGHHVWRVWH[WRVGHHOORVHOS~EOLFR ODFU WLFDH[WUDMHURQORVPLVPRVHOHPHQWRVTXH
VHPHQFLRQDEDQDQWHULRUPHQWHHODPRU ODPXHUWH ODILJXUDTXHVHFRQRFLyDSDUWLU
GHHQWRQFHVIXHODGHOPLWR
/D WHQGHQFLD TXH FDOLILFDED D OD *QGHUURGH HQ EDVH D ODV FDUDFWHU VWLFDV
URPiQWLFDVPLVWHULRVDVRxDGRUDIDQWiVWLFDLGHDOLVWDIUiJLOWLHUQDRLQFDSDFLWDGDSDUD
OD YLGD HQWLpQGDVH DTX SDUD HO FXPSOLPLHQWR GHO SDSHO GH OD PXMHU VH FRQVROLGy D
ILQDOHVGHO;,;VXPiQGRVHDpVWDRWUDWHQGHQFLDSURYHQLHQWHGHODFU WLFDOLWHUDULDGH
HVHPLVPRPRPHQWR$OJXQRVHVWXGLRVRVVHSUHRFXSDURQSRUHOSDSHOGHOPXQGRFOiVLFR
OD PLWRORJ D HQ VXV REUDV SRU HO FDUiFWHU DSRO QHR TXH GHPRVWUDED OD DXWRUD OD
SUHVHQWDFLyQGHKHURLFDVILJXUDVIHPHQLQDV3RUHOORVHLGHQWLILFyDOD*QGHUURGHFRQOD
SRHWD6DIRRODVDFHUGRWLVD,ILJHQLDGH*RHWKH'HDK TXHOOHJyDVHUGHQRPLQDGDOD
6DIRDOHPDQD(VWDVLQWHUSUHWDFLRQHVVLQHPEDUJRWDPELpQVHYHUiQUHFKD]DGDVPiV
WDUGHFRQODUHOHFWXUDGHOPLWR
(OSURFHVRGHGHFRQVWUXFFLyQ
0DUJDUHWH /D]DURZLF] KD H[SOLFDGR HO FDPELR SURGXFLGR HQ OD YLVLyQ GH
.DUROLQHYRQ*QGHUURGHHQORVDxRVVHWHQWDSRUGRVPRWLYRVSULQFLSDOHV(OFUHFLHQWH
LQWHUpVGHODVIHPLQLVWDVKDFLDODVHVFULWRUDVFRQRFLGDVHQPDUFDGDVHQHO5RPDQWLFLVPR
VREUHWRGR%HWWLQDYRQ$UQLPOOHYyDGHVFXEULUDODILJXUDVHFXQGDULDGH*QGHUURGH
HO SDSHO GH OD DPLVWDG HQWUH DPEDV /RV HVWXGLRVRV GH HVH PRPHQWR VH KDE DQ
SUHRFXSDGRWDPELpQSRUFULWLFDUHOFDUiFWHUSRFRFLHQW ILFRGHWUDEDMRVDQWHULRUHV SRU
LQWURGXFLU QXHYRV SURFHGLPLHQWRV SDUD OD LQYHVWLJDFLyQ TXH FHQWUDEDQ VX SHVR HQ HO
HVWXGLRULJXURVRGHOPDUFRKLVWyULFRSDUDH[SOLFDUODVREUDVDQDOL]DGDVVLHQGRpVWHXQ
IDFWRUGHWHUPLQDQWHGHOGHVDUUROORGHODVPLVPDV GHODHYROXFLyQGHVXVDXWRUHV
7UDVORVWUDEDMRVGH0D[3UHLW]HQORVVHVHQWDODDXWRUDGHUHIHUHQFLDSDUDHO
HVWXGLR GH .DUROLQH YRQ *QGHUURGH SDVy D VHU &KULVWD :ROI (Q SXEOLFy VX
HQVD R'HU6FKDWWHQHLQHV7UDXPHV(LQ(QWZXUIGRQGHSRQ DGHPDQLILHVWRXQDQXHYD
SHUVSHFWLYDHQHODQiOLVLVOLWHUDULR ELRJUiILFRGHODHVFULWRUD$XQTXH&KULVWD:ROIQR
XWLOL]yODWHUPLQRORJ DTXHDFWXDOPHQWHVHDSOLFDHQORVHVWXGLRVGHJpQHURVLQHPEDUJR
YHUHPRVTXHHQHVWHWUDEDMRODDXWRUDDQDOL]DODILJXUDGH.DUROLQHYRQ*QGHUURGHD
SDUWLUGHODVLWXDFLyQGHODPXMHUDILQDOHVGHOVLJOR;9,,, SULQFLSLRVGHO;,; GHOD
FRQIURQWDFLyQ GH OD HVFULWRUD FRQ HO SDSHO SUHHVWDEOHFLGR GH OD PXMHU (O DQiOLVLV GH
&KULVWD:ROISHUPLWLyDGHQWUDUVHHQHOPXQGRGH.DUROLQHYRQ*QGHUURGHGHVGHVX
SHUVRQD QRGHVGHODH[SOLFDFLyQGHVXPXHUWHFRPRVHSUHVHQWDHQHOPLWR
/DILFFLRQDOL]DFLyQGHOPLWRXQDQXHYDOHFWXUDHQ.HLQ2UW1LUJHQGV
/D REUD IXQGDPHQWDO SDUD HO DQiOLVLV GHO PLWR HV OD QRYHOD FRUWD .HLQ 2UW
1LUJHQGVTXH&KULVWD:ROIHVFULELyHQ
(QHOODVHUHFUHDXQHQFXHQWURILFWLFLR
HQWUH.DUROLQHYRQ*QGHUURGH HOWDPELpQHVFULWRUHQODpSRFDGHO3UHUURPDQWLFLVPR
+HLQULFK YRQ .OHLVW FX DV ILJXUDV KLVWyULFDV TXLVR WUDQVIRUPDU HQ
SHUVRQDMHVOLWHUDULRV(OKHFKRGHTXH&KULVWD:ROIKXELHVHHOHJLGRHVWDVILJXUDV QR
RWUDVVHMXVWLILFDSRUODILQDOLGDGSHUVHJXLGDHQHOWH[WRHVGHFLUODDXWRUDSUHWHQG D
FUHDU XQD REUD HQ OD TXH PLUDUVH FRPR HQ XQ HVSHMR SDUD YHU UHIOHMDGD VX SURSLD
SUREOHPiWLFD SRGHU FRPSUHQGHU VX VLWXDFLyQ HQ HO SUHVHQWH /RV QXHYRV HVWXGLRV
DFHUFDGHO5RPDQWLFLVPROHSHUPLWLHURQGHVFXEULUTXHORVFOLFKpVTXHVHOHDWULEX DQ
KDVWDHQWRQFHVDHVWDpSRFDQRHUDQH[DFWRVQLPXFKRPHQRV$OFRQWUDULRHVWHPRPHQWR
KLVWyULFROHSURSRUFLRQyHODFHUFDPLHQWRDXQDVHULHGHHVFULWRUHV VREUHWRGRHVFULWRUDV
FRQODVTXHLGHQWLILFDUVH/DQRYHODSRUORWDQWRSUHWHQGHSURSRUFLRQDUPRGHORV
/DQRYHODVHSXEOLFySRUSULPHUDYH]HQHQ$XIEDX9HUODJ%HUO Q:HLPDU
/DSUREOHPiWLFDTXHVHH[SRQHHQHOWH[WRHVODGHODFULVLVH[LVWHQFLDORULJLQDGD
SRUHOFRQIOLFWRHQWUHORVSURSLRVLGHDOHV ODVQHFHVLGDGHVGHODVRFLHGDG
6HWUDWDGHXQ
GHVDFXHUGRGHXQQRHQFRQWUDUVHDJXVWRHQHOPXQGRTXHSURYRFDHOUHFKD]RSRUSDUWH
GH OD VRFLHGDG OD PDUJLQDOL]DFLyQ GHO LQGLYLGXR (VWD VLWXDFLyQ DFDUUHD DO PLVPR
WLHPSRSUREOHPDVGHLGHQWLGDGSURYRFDDXWRH[WUDxDPLHQWR QLHJDODVSRVLELOLGDGHVGH
UHDOL]DFLyQSHUVRQDO/RVSHUVRQDMHVGHODQRYHODVHHQFXHQWUDQHQXQPXQGRHVWDQFDGR
LPSURGXFWLYRTXHQROHVRIUHFHDOWHUQDWLYDVGHYLGD
3DUDOOHJDUDOSODQWHDPLHQWRGHODQRYHOD&KULVWD:ROIQHFHVLWyLUPiVDOOiGHO
PLWRGHODLPDJHQWUDGLFLRQDO HVWXGLDUHOFRQWH[WRKLVWyULFRGHODHVFULWRUD$V YHPRV
TXHHOWH[WRWUDQVFULEHDODILFFLyQODVLWXDFLyQVRFLDODOUHGHGRUGHHQFRQFUHWROD
VLWXDFLyQGHODPXMHU HOPRGHORGHYLGDEXUJXpV/DQXHYDOHFWXUDGHO5RPDQWLFLVPR
HODSR RHQHOFRQWH[WRKLVWyULFRSDUDGDUDFRQRFHUXQDUHDOLGDGFRQGXFHQDXQDQXHYD
YLVLyQGHODILJXUDGHOD*QGHUURGHTXHFRQWUDGLFHORVFRQWHQLGRVGHOPLWR$PRU
PXHUWHVLJXHQVLHQGRWHPDVFHQWUDOHVHQ.HLQ2UW1LUJHQGVVLQHPEDUJRVHLQWHUSUHWDQ
GHXQPRGRGLVWLQWRHODPRUHVHQWHQGLGRSRUHOSHUVRQDMHGH.DUROLQHFRPRXQDIXHU]D
RSULQFLSLRKDUPRQL]DGRUVHTXHGDHVRV HQODHVIHUDGHORLGHDOSXHVWRTXHWDQWRHQHO
PLWRFRPRHQODQRYHODQRKD UHDOL]DFLyQGHOPLVPRODPXHUWHGHQRWDODQHFHVLGDG
LPSHUDQWHGHYLYLUGHOSHUVRQDMHFRQOOHYDODVXSHUDFLyQGHXQPXQGRLQVDWLVIDFWRULR
HVV PERORGHOLEHUWDG&RQUHVSHFWRDOPLWRYHPRVTXHHOSHUVRQDMHGH*QGHUURGHHQ
ODQRYHODHVSRVLWLYDGRIUHQWHDORVFRQWHQLGRVQHJDWLYRVGHpVWHHQHOTXHVHTXLHUHGDU
XQHMHPSORGHSHUVRQDOLGDGSDWROyJLFD
$OPLVPRWLHPSRTXHODREUDGH&KULVWD:ROIOHSHUPLWHDHOODFRPSUHQGHUVXV
SURSLRV FRQIOLFWRV REVHUYDPRV TXH HQ JUDQ PHGLGD ³« VHWUDWD GHH[SRQHU OD
KLVWRULDLQFOX HQGRHOSXQWRGHYLVWDGHODPXMHU PRVWUDUTXHpVWDQRHVWiIXHUDGHOD
KLVWRULD VLQR TXH HVWi HQ HOOD HQ XQD VLWXDFLyQ HVSHF ILFD GH H[FOXVLyQ HQ OD TXH KD
GHVDUUROODGR VX SURSLD IRUPD GH H[SHULHQFLD´ GH PRGR TXH HQ HVWH HVSHMR SXHGHQ
UHIOHMDUVHPXFKRVRWURVVHUHVKXPDQRV
*UDFLDVDOHMHPSORGHOUHODWRGH:ROISRGHPRV
REVHUYDU TXH HQ HO SURFHVR GH GHFRQVWUXFFLyQ GHO PLWR KD GRV HOHPHQWRV
GLIHUHQFLDEOHVSRUXQODGRODLQFRUSRUDFLyQGHGDWRVKLVWyULFRVDODQiOLVLV SRURWUROD
UHOHFWXUDGHODWUDGLFLyQGHVGHODSHUVSHFWLYDGHODDFWXDOLGDG
0HUHILHURDTX SDUDOHODPHQWHDODVLWXDFLyQVRFLDOGH.DUROLQHYRQ*QGHUURGHDOUHGHGRUGH DOD
VLWXDFLyQYLYLGDSRU&KULVWD:ROIHQOD5'$HQORVVHWHQWD
%/$1&2+|OVFKHU0DUJDULWD³.HLQ2UW1LUJHQGV5HQFXHQWURFRQXQDpSRFD UHYLVLyQGHOD
KLVWRULD´(V=HWWQ2YLHGRSiJ
(OERRPGHODLQYHVWLJDFLyQ
&RQ.HLQ2UW1LUJHQGV:ROIGDHOSLVWROHWD]RGHVDOLGDDXQDJUDQFDQWLGDGGH
HVWXGLRV DFHUFD GH .DUROLQH YRQ *QGHUURGH VREUH WRGR D PXFKRV GH RULHQWDFLyQ
IHPLQLVWDSRUHOWUDWDPLHQWRTXHVHGDHQODQRYHODDODSUREOHPiWLFDGHODPXMHU(O
OLEURVLUYLyDGHPiVSDUDGDUDFRQRFHUHQWUHHOJUDQS~EOLFRODILJXUDGHODHVFULWRUD
JHQHUDQGRXQDJUDQIDVFLQDFLyQHQWUHODVOHFWRUDV$OHIHFWRFDXVDGRSRUODQRYHODKD
TXHVXPDUHOGHOHQVD RVREUH.DUROLQHDOTXHVHUHILHUH+HOJD'RUPDQQGHOVLJXLHQWH
PRGRODDXWRUD³FXHVWLRQDGHPRGRUDGLFDOODLPDJHQWUDQVPLWLGDGXUDQWHODUJRWLHPSR
GH OD SRHWD µGHVHRVD GH PXHUWH¶ µDMHQD DO PXQGR¶ µVROLWDULD¶ µDSRO WLFD¶ FX R
DXWRH[WUDxDPLHQWR WHPDWL]DGR DPSOLDPHQWH HQ ODV FDUWDV VyOR VH SXHGH FRPSUHQGHU
GHVGH HO IRQGR GH ODV FRQGLFLRQHV KLVWyULFRVRFLDOHV´
(VWD PLVPD YDORUDFLyQ HV
DSOLFDEOHD.HLQ2UW1LUJHQGV
(QHODUW FXORGHGRQGHVHH[WUDHHVWDFLWD'RUPDQQUHDOL]DXQUHFRUULGRSRUOD
LQYHVWLJDFLyQGHGLFDGDD.DUROLQHYRQ*QGHUURGHHQWUH 2EVHUYDQGROD
RULHQWDFLyQGHORVWUDEDMRVTXHDSDUHFHQDSDUWLUGHORVVHWHQWDYHPRVTXHHOFDPELR
SURGXFLGR HQ OD UHFHSFLyQ GH OD *QGHUURGH DFHQW~D XQ UHFKD]R KDFLD HO PLWR (Q
JHQHUDOKD YROXQWDGGHVXSHUDFLyQ GHKDOODUXQDYLVLyQUHDOLVWDGHODILJXUDHVWXGLDGD
/DUHYLVLyQGHORVFRQWHQLGRVWUDGLFLRQDOHVVHGHVDUUROODHQODE~VTXHGDGHUHVSXHVWDVD
GLIHUHQWHV SUHJXQWDV TXH FRQVWLWX HQ DO PLVPR WLHPSR HQIRTXHV GLYHUVRV D YHFHV
FRQWUDGLFWRULRV FRPR ORV VLJXLHQWHV HO SUREOHPD GH OD LGHQWLGDG OD GLVRFLDFLyQ GHO
JpQHUROLWHUDWXUDFRPRFRPSHQVDFLyQHORULHQWDOLVPRODILORVRI DGHODQDWXUDOH]DOD
VXEMHWLYLGDGHVWpWLFDHOELQRPLRSRHWDGUDPDWXUJDHOSRVLFLRQDPLHQWRSRO WLFRHWF
/DILJXUDGH*QGHUURGHSDVDGHHVWHPRGRGHVXHVWDQFDPLHQWRHQHOSDSHOGH
SRHWD URPiQWLFD R GH 6DIR DOHPDQD D GLYHUVLILFDUVH HQ XQD JUDQ YDULHGDG GH
LQWHUSUHWDFLRQHV eVWDV UHVSRQGHQ QXHYDPHQWH D XQD QHFHVLGDG GH DGDSWDFLyQ GH OD
ILJXUDHVWXGLDGDDODVFRQGLFLRQHVGHRWUDpSRFDHQHVWHFDVRORV~OWLPRVWUHLQWDDxRVGHO
VLJORSDVDGR/DILJXUDGH.DUROLQHYRQ*QGHUURGHHVSRUHOORSRUWDGRUDGHQXHYRV
VLJQLILFDGRV
'RUPDQQOOHYDDFDERXQDFODVLILFDFLyQGHORVWUDEDMRVGHGLFDGRVD*QGHUURGH
HQ ORV VLJXLHQWHV JUXSRV ORV WH[WRV RULHQWDGRV DO HVWXGLR GH OD ELRJUDI D ORV TXH VH
RFXSDQGHWHPDV PRWLYRVSXQWXDOHVODLQYHVWLJDFLyQIHPLQLVWD ORVHVWXGLRVDFHUFD
GHJUXSRVFRQFUHWRVGHVXREUD3DUDODGHFRQVWUXFFLyQGHOPLWRHFKDPRVGHPHQRVVLQ
'250$11 +HOJD ³'LH .DUROLQH YRQ *QGHUURGH)RUVFKXQJ (LQ %HULFKW³
$WKHQlXPQ3DGHUERUQSDJ
HPEDUJR HQ HVWH DQiOLVLV XQD SDUWH UHOHYDQWH GH OD LQYHVWLJDFLyQ OD TXH VH RFXSD
LQGLUHFWDPHQWH GH OD ILJXUD GH OD *QGHUURGH (Q HVWH QXHYR DSDUWDGR VH LQFOX HQ
IXQGDPHQWDOPHQWHORVWUDEDMRVJHQHUDOHVDFHUFDGHO5RPDQWLFLVPRDV FRPRORVTXHVH
RFXSDQ GH ODV ILJXUDV FRQWHPSRUiQHDV GH .DUROLQH FX R HMHPSOR PiV GHVWDFDGR HV
%HWWLQDYRQ$UQLP
&RPRLQGLFiEDPRVHQHODSDUWDGRSULPHURODQRYHOD'LH*QGHUURGHUHSUHVHQWy
XQSDSHOIXQGDPHQWDOSDUDODFRQIRUPDFLyQGHOPLWR/DQXHYDOHFWXUDTXHVHUHDOL]yGH
HVWHWH[WRDUD ]GHODDPSOLDLQYHVWLJDFLyQGHGLFDGDDVXDXWRUDVHOOHYyDFDERGHVGH
ORV PLVPRV SODQWHDPLHQWRV TXH DFDEDPRV GH SUHVHQWDU HQ HO FDVR GH OD *QGHUURGH
$OJXQDV LQYHVWLJDGRUDV VHxDODURQ FRPR HOHPHQWR IXQGDPHQWDO GH OD QRYHOD ODV
FDUDFWHU VWLFDV GH OD UHODFLyQ HQWUH ODV GRV DPLJDV %HWWLQH .DUROLQH FRQ HOOR OD
DILUPDFLyQ GH DPEDV FRPR HVFULWRUDV (VWD FXHVWLyQ VHU D FHQWUDO HQ HO PDUFRGH ORV
HVWXGLRVIHPLQLVWDVTXHVHSUHRFXSDEDQHQWRQFHVSRULQGDJDUVREUHODVUHODFLRQHVHQWUH
PXMHUHV VREUHODLGHQWLGDGIHPHQLQD2WUDSUHJXQWDVHU DODGHOLQWHUpVGH%HWWLQDYRQ
$UQLPKDFLDODVILJXUDVPDUJLQDOHVFRPRHQHVWHFDVRVHFRQVLGHUDDOD*QGHUURGHRD
+|OGHUOLQ SHUVRQDMH WDPELpQ HQ OD QRYHOD 2WURV WUDEDMRV SODQWHDQ VX DQiOLVLV GHO
SHUVRQDMHGH.DUROLQHFRQWUDVWDQGRODVGRVILJXUDVSURWDJRQLVWDVGDODQRYHOD
$SHVDU
GHTXH'LH*QGHUURGHKDE DFRQVHJXLGRPDQWHQHUYLYRHOUHFXHUGRGHODHVFULWRUD
KDE DUHFXSHUDGRLQFOXVRWH[WRVTXHGHRWURPRGRVHKDEU DQSHUGLGRODILQDOLGDGGHOD
QRYHODVHJ~QHVWDVLQYHVWLJDFLRQHVHVWiFHQWUDGDHQODFUHDFLyQGHXQDILORVRI DSRUSDUWH
GHODDXWRUDTXHVHFRQVWUX HHQGLiORJRFRQVWDQWHFRQODDPLJD(VWDSHUVSHFWLYDVHVDOH
FRPSOHWDPHQWHGHORTXHORVHVWXGLRVDQWHULRUHVKDE DQHVWDEOHFLGR$PHQXGRVHKDFH
KLQFDSLpHQHOKHFKRGHTXHORVGDWRVVREUHOD*QGHUURGHTXHDSDUHFHQHQHVWDQRYHOD
GHEHQFRQVLGHUDUVHVLHPSUHHQHOPDUFRGHODILFFLyQ QRWHQHUHQFXHQWDHOWH[WRFRPR
XQ GRFXPHQWR KLVWyULFR FRPR VXFHG D FRQ DQWHULRULGDG (VWH FDPELR GH HQIRTXH
SHUPLWH UHDOL]DU LQWHUSUHWDFLRQHV GH ODLPDJHQ GH OD *QGHUURGH TXHGLILHUHQ GH ORV
VLJQLILFDGRVGHOPLWR
3DUDODGHFRQVWUXFFLyQGHOPLWRGHOD*QGHUURGHODO QHDGHLQYHVWLJDFLyQPiV
UHOHYDQWHDSDUWLUGHORVVHWHQWDIXHODLQLFLDGDSRU&KULVWD:ROITXHFRQWLQXDURQORV
HVWXGLRV IHPLQLVWDV /D LQYHVWLJDFLyQ DQWHULRU TXH KDE D SURPRYLGR HO PLWR IXH
FDOLILFDGD SRU 0DUJDUHWH /D]DURZLF] HQ VX LPSRUWDQWH WUDEDMR GH FRPR XQD
IDOVLILFDFLyQ ³HQ WDQWR TXH DPEDV VH REVHUYDEDQ VyOR VXSHUILFLDOPHQWH VH
$OJXQDVGHODVLQYHVWLJDGRUDVTXHVHRFXSDURQGHODQRYHODGH%HWWLQD%UHQWDQRVRQSRUHMHPSOR(GLWK
:DOGVWHLQ&KULVWD%UJHU.RQVWDQ]H%lXPHU*LVHOD'LVFKQHUR(OLVDEHWK+RFN
VLPSOLILFDEDQ YLGD REUD HUDQ DUUDQFDGDV GH VX FRQWH[WR LQWHUQR GH VX FRQWH[WR
KLVWyULFR DPEDVVHPLVWLILFDEDQVHKDF DDQWURSRORJ DDSDUWLUGHHOODV VHLGHDOL]DEDQ
HQRUPHPHQWH´
(QHVWHFDVRYHPRVFRPRHOYDORUGHOPLWRFXPSOHVXIXQFLyQVyORHQXQDpSRFD
R GH OR FRQWUDULR QHFHVLWD PXGDU VXV VLJQLILFDGRV
(Q QLQJ~Q RWUR VLWLR SRGHPRV
DSUHFLDUPHMRUHVWHKHFKRVLQRHVHQODILFFLRQDOL]DFLyQHQODOLWHUDWXUDGHODILJXUDGH
.DUROLQHYRQ*QGHUURGH/RVQXHYRVLQWHUHVHV QHFHVLGDGHVFRUUHVSRQGLHQWHVDXQD
pSRFD VRFLHGDG GLVWLQWDV SURSLFLDQ FRPR REVHUYiEDPRV HQ .HLQ 2UW 1LUJHQGV HO
FXHVWLRQDPLHQWRRUHLQWHUSUHWDFLyQGHOPLWRSDUDDGDSWDUORDODSUREOHPiWLFDSURSLDGH
ORVVHWHQWD,QFRQVFLHQWHPHQWHDORPHMRUDOGHFRQVWUXLUORVVLJQLILFDGRVGHOPLWRVHHVWi
RIUHFLHQGRXQQXHYRDEDQLFRGHVLJQLILFDFLRQHVRGHRWURPRGRODILJXUDGH*QGHUURGH
QRSRGU DFRQYHUWLUVHHQPRGHORGHDOJRGHWHUPLQDGRFRPRHVHOFDVRGHODYLGDDO
PDUJHQGHODVRFLHGDG HOIUDFDVR+DEU DTXHKDEODUHQWRQFHVGHODDFWXDOL]DFLyQGHO
PLWR
.HLQ 2UW 1LUJHQGV HV XQ UHODWR TXH FDXVy JUDQ VHQVDFLyQ HQWUH HO S~EOLFR
IHPHQLQR TXL]iV SRU GDU OXJDU D OD LGHQWLILFDFLyQ (O DWUDFWLYR GH OD ILJXUD GH
*QGHUURGH YXHOYH D VLWXDUVH GH QXHYR D XQ QLYHO HQ HO TXH VL WHQHPRV HQ FXHQWD
DGHPiV ORV UHVXOWDGRV GH ORV HVWXGLRV SRVWHULRUHV SRGHPRV SUHJXQWDUQRV VL &KULVWD
:ROI ODVLQWHUSUHWDFLRQHVTXHKDQVLGRJHQHUDGDVEDMRVXLQIOXHQFLDQRKDQSURSLFLDGR
XQQXHYRPLWR
/$=$52:,&=2SFLWSiJ
(VWDWHQGHQFLDVHREVHUYDGHIRUPDHYLGHQWHHQODVDFWXDOL]DFLRQHVGHPLWRVFOiVLFRVSRUSDUWHGHODV
HVFULWRUDVDOHPDQDVGHHVWHPLVPRPRPHQWR