0HWDI VLFDGHODPRUGHPXMHUHQ0DUJXHULWH'XUDV
68È5(=6iQFKH](OHQD
8QLYHUVLGDGGH6HYLOOD

0DUJXHULWH'XUDVQDFHDODHVFULWXUDGHVGHODDQJXVWLRVDQHFHVLGDGGHGDUOHXQ
VHQWLGRDOPXQGRDVXPLHQGRHOGRORUTXHOHVXSRQHHVWDUYLYD

(VWHGRORUSURFHGHGH
GLYHUVDVIXHQWHVVLHQGRODVHQVDFLyQGHGHVDUUDLJRXQDGHODVPiVLPSRUWDQWHV6LKD 
DOJR TXH REVHVLRQD D 'XUDV HV OD GLVWDQFLDHVSLULWXDO TXH ODDOHMD GH ORVGHPiV VHUHV
6HJ~Q HOOD OD VROHGDG SHUVLJXH DO VHU KXPDQR GHVGH VX QDFLPLHQWR SXHV D HO SDUWR
VXSRQH XQ YLROHQWR GHVSHUWDU SDUD HO UHFLpQ QDFLGR DO VHU VHSDUDGR GH VX PHGLR
SURWHFWRU (VWH KHFKR PDUFDUi DO QLxR TXH DUUDVWUDUi GH SRU YLGD HVD LQGHIHQVLyQ 
FXULRVDPHQWH WDPELpQ D OD PDGUH TXH WHQGUi FRQFLHQFLD GH FXOSDELOLGDG SRU VHQWLUVH
OLEHUDGD GH XQD FDUJD (Q HO FDVR GH 0DUJXHULWH 'XUDV HO PDOHVWDU YLWDO VH DFHQW~D
GHQWUR GH VX HQWRUQR IDPLOLDU SDUD HOOD VXVWDQFLDO 'XUDQWH XQ WLHPSR HQ HIHFWR OD
MRYHQ0DUJXHULWHOLPLWDVXKRUL]RQWHDODFRQYLYHQFLDFRQVXPDGUH KHUPDQRVQ~FOHR
TXHOHSURFXUDUiVREUHWRGRIUXVWUDFLyQ VXIULPLHQWR
/DHVFULWXUDVHFRQYLHUWHDV HQYiOYXODGHHVFDSHHQGHVDKRJRGHVXDJUHVLYR
LQFRQIRUPLVPR (O UHFKD]R GH WRGR FRQYHQFLRQDOLVPR VH SODVPD HVWLO VWLFDPHQWH HQ
IyUPXODV GH RSRVLFLyQ FRPR DQW WHVLV FRQWUDGLFFLyQ R[ PRURQ R SDUDGRMD

  (O
DLVODPLHQWRQRGHVHDGRTXHOHSURFXUDVXSURSLDSHFXOLDULGDGVHWUDQVIRUPDUiHQVROHGDG
SURGXFWLYD

 /D DFWLYLGDG OLWHUDULD HV DVLPLVPR SDUD HOOD OD VROXFLyQ TXH OD DOHMD GHO
VXLFLGLR DO TXH VH YHU D DERFDGD SRU OR DEVXUGD TXH OH UHVXOWD OD YLGD (VFULELU HV XQ
VXFHGiQHRGHODPXHUWH HVRH[SOLFDORGRORURVRGHOSURFHVR³(FULUHRQFURLWTXHFµHVW
IDFLOHF¶HVWOHFRQWUDLUHYRXVOHVDYH]F¶HVWO¶HQIHU

´

$HVWHUHVSHFWRHVIXQGDPHQWDOODREUDGH'DQLHOOH%DMRPpH0DUJXHULWH'XUDVRXODGRXOHXU(GLWLRQV
GH O¶8QLYHUVLWp GH %UX[HOOHV  HQ OD TXH VH DQDOL]D OD GRPLQDQWH GHO GRORU  WRGDV VXV FDXVDV
SUHYDOHFLHQGR HQWUH HOODV OD FRQFLHQFLD GH OD PXHUWH FRPR VHSDUDFLyQ VXSUHPD H LQHOXGLEOH %DMRPpH
DILUPDDSURSyVLWRGH'XUDV³6HVWH[WHVSOHXUHURQWWRXVVDQVH[FHSWLRQDXFXQHODPRUWGHO¶pWHUQLWpHW
O¶DJRQLHGXGXUDEOH´SiJ

6REUHODLPSUHVLyQWXUEDGRUDTXHSURGXFHQORVHVFULWRVGH'XUDVGLFH&KULVWLDQH%ORW/DEDUUqUH³(OOH
LUULWHRXHIIUDLHIDVFLQHRXGpFRQFHUWHHWGDQVWRXVOHVFDVIDLWYLROHQFHFRQWUHWRXWRUGUHHWWRXWHUDLVRQ
GRQQDQWjO¶LQVWLQFWVDFKDQFHHWDXGpVRUGUHVDUDLVRQ´0DUJXHULWH'XUDV(GLWLRQVGX6HXLOSiJ


6RQQXPHURVDVVXVDOXVLRQHVDODQHFHVLGDGGHODVROHGDGSDUDVXPHUJLUVHHQODOHFWXUD ODHVFULWXUD
³2QGRLWSDUWLUVHXOYHUVOHFRQWLQHQWGHODOHFWXUH'pFRXYULUVHXO2SpUHUFHWWHQDLVVDQFHVHXO´/¶$XWUH
-RXUQDOQQRYLHPEUH³6¶LOQ¶ DYDLWSDVGHVROLWXGHRQQ¶pFULUDLWSDV´0DUJXHULWH'XUDVj
0RQWUpDOWH[WRV  FRQYHUVDFLRQHVUHXQLGRVSRU 6X]DQQH/DP  $QGUp5R  4XpEHF(GLWLRQ6SLUDOH
SiJ

'85$60DUJXHULWH2HXYUHVFLQpPDWRJUDSKLTXHV(GLFLyQYLGHRJUiILFDFU WLFD0LQLVWqUHGHV
5HODWLRQVH[WpULHXUHVSiJ
(QHVHLQILHUQRGHSDSHOVHGHEDWHQXQRVSHUVRQDMHVHQWUHORVFXDOHVODVPXMHUHV
WLHQHQXQDXWpQWLFRSURWDJRQLVPR$XQTXHHQRFDVLRQHV'XUDVVHDUULHVJDDLQWHUSUHWDU
HO SHQVDPLHQWR R HO FRPSRUWDPLHQWR GHO YDUyQ VH SXHGH DILUPDU TXH VX UHIOH[LyQ
VLVWHPiWLFD VREUH OD LGHQWLGDG KXPDQD HVWi VXVWHQWDGD SRU XQ UHSHUWRULR GH SXQWRV GH
YLVWD  DFWLWXGHV IHPHQLQRV (Q SULPHU OXJDU SRUTXH DVHJXUD TXH VXV OLEURV VRQ HOOD
PLVPDHQVHJXQGROXJDUSRUTXHVXVKHUR QDVOOHYDQHOSHVRGHOUHODWRGHODREUDGH
WHDWUR R GHO JXLyQ FLQHPDWRJUiILFR (Q FXDOTXLHU FDVR HVWRV SHUVRQDMHV VRQ
PDQLIHVWDFLRQHVGHO RGHODDXWRUDFRPRHOODSURFODPDLQVLVWHQWHPHQWH

DVXPLHQGRHO
SHQVDPLHQWRGH5RXVVHDXGHTXHVyORVHSXHGHKDEODUFRQSURSLHGDGGHODYLGDLQWHULRU
GHXQRPLVPR


+D DGHPiVRWURPRWLYRGHSUHIHUHQFLDSRUORVSHUVRQDMHVIHPHQLQRVTXHHVHO
SUHGRPLQLRHQHOORVGHODVHQVLELOLGDG6HJ~Q'XUDVHOKRPEUHWLHQGHDFRQWURODUVXV
HPRFLRQHVPLHQWUDVTXHODPXMHUVHDEDQGRQDDHOODVKDFLpQGRVHGHHVWDPDQHUDPiV
YXOQHUDEOH /D UDFLRQDOLGDG IHPHQLQD VH VRPHWH D PHQXGR D OD LPDJLQDFLyQ 1DGD
SUHYLVRUDVODVPXMHUHVGH'XUDVWLHQHQHQFRP~QVXFDSDFLGDGGHHQWUHJDWRWDOHQXQ
PRPHQWR GDGR H LQFOXVR DOJ~Q UDVJR I VLFR TXH GHQRWD VX FDSDFLGDG VRxDGRUD  XQD
SHFXOLDUFDQGLGH]


'HQWURGHORVSHUVRQDMHVIHPHQLQRVGHVWDFDFRQIXHU]DHOGHODPDGUH

ILJXUD
REVHVLYD HQ ODV QRYHODV GXUDVLDQDV VLHPSUH GRWDGD GH YLUWXGHV  GHIHFWRV
FRUUHVSRQGLHQWHVDODPDGUHHQODYLGDUHDO0DULH/HJUDQG DTXHpVWDSRVH DVHJ~QOD
HVFULWRUDORVDWULEXWRVGHXQJUDQSHUVRQDMHGHQRYHOD(OUDVJRPiVGHVWDFDGRGHVX
SHUVRQDOLGDGHUDXQDQVLDGHDSUHQGHUUD DQDHQODREVHVLyQVHJXLGDGHXQDREVWLQDFLyQ
IHUR]HQOOHYDUDFDERODVHPSUHVDVTXHSUR HFWDED$OJXQRVGDWRVELRJUiILFRVVREUHHOOD
SDUHFHQ LPSUHVFLQGLEOHV SDUD HQWHQGHU D OD SHUVRQD  DO SHUVRQDMH  VREUH WRGR SDUD
H[SOLFDUDOJXQDVUHDFFLRQHVGHVXKLMD3URIHVRUDGH(VFXHOD1RUPDOSLGHVHUGHVWLQDGD
D OD ,QGRFKLQD IUDQFHVD DGRQGH PDUFKD VROD D SHVDU GH HVWDU FDVDGD HQ )UDQFLD (Q
,QGRFKLQDFRQRFHUiDOTXHVHUiVXVHJXQGRPDULGRWUDVHQYLXGDUGHOSULPHUR/DSDUHMD
WHQGUiWUHVKLMRVSRUHOPD RUGHORVFXDOHVVHQWLUiODPDGUHXQDLQMXVWD GHVPHGLGD

(QHVWHVHQWLGR'XUDVSDUHFHWHQHUFRQFLHQFLDGHFRPSDUWLUGHWHUPLQDGRVUDVJRVGHSHUVRQDOLGDGFRQVXV
KHUR QDV SRU HO KHFKR GH SHUWHQHFHU DO PLVPR VH[R DVXPLHQGR OD QDWXUDOH]D IHPHQLQD FRPR UDVJR
GLIHUHQFLDGRUDWHPSRUDO³-pFULVVXUOHVIHPPHVSRXUpFULUHVXUPRLVXUPRLVHXOHjWUDYHUVOHVVLqFOHV´
0DUJXHULWH'XUDV/D9LHPDWpULHOOH32/SiJ

³-HSDUOHWRXMRXUVGHPRLYRXVVDYH]-HQHPHP OHUDLVSDVGHSDUOHUGHVDXWUHV-HSDUOHGHFHTXHMH
FRQQDLV´0DUJXHULWH'XUDVj0RQWUpDO2SFLWSiJ

 'H HOODV GLFH³(OOHVRQWWRXWHVOHV HX[ FODLUV (OOHVVRQWRXWHV LPSUXGHQWHV LPSUpYR DQWHV 7RXWHV
HOOHVIRQWOHPDOKHXUGHOHXUYLH´/D9LHPDWpULHOOH2SFLWSiJ

(QFRQWUDSRVLFLyQDOSHUVRQDMHGHOSDGUHVLHPSUHPXHUWRRDXVHQWHHQVXVREUDV
SUHGLOHFFLyQ )DOOHFLGR HO SDGUH GH 0DUJXHULWH 'XUDV FXDQGR HOOD VyOR FXHQWD FXDWUR
DxRV OD PDGUH SHUPDQHFH HQ $VLD PDQWHQLHQGR D VXV KLMRV  SDVDQGR SHQDOLGDGHV
'HFLGHLQYHUWLUWRGRVVXVDKRUURVHQODFRPSUDGHXQDFRQFHVLyQGHWHUUHQRSDUDSODQWDU
DUUR] DO ERUGH GHO 3DF ILFR LQYHUVLyQ TXH UHVXOWD VHU XQ IUDXGH SXHV OD FRVHFKD VH
SHUGHUiSRUGRVYHFHVFRQVHFXWLYDVDOVHUDQHJDGDSRUODPDUHD
(VWRVWULVWHVDFRQWHFLPLHQWRVQDUUDGRVHQ8Q%DUUDJHFRQWUHOH3DFLILTXH
 YHLQWLVLHWH DxRV GHVSXpV HQ /¶(GHQ &LQpPD

 VXSRQHQ OD UXLQD WRWDO  SURYRFDQ XQ
JUDYH GHVHTXLOLEULR HQ OD PHQWH GH OD PDGUH TXH VH GHVSUHRFXSDUi WRWDO H
LQFRPSUHQVLEOHPHQWH GH ORV GRV KLMRV PHQRUHV UHVHUYDQGR XQ DPRU HQIHUPL]R H
LQFHVWXRVRSDUDHOSULPRJpQLWR/RVGHVSUHFLDGRVVyORHQFXHQWUDQFRQVXHORHOXQRHQHO
RWURFRQYLUWLpQGRVHHQFRPSDxHURVLQVHSDUDEOHVGHMXHJR SURSLFLDQGRXQDLQWLPLGDG
XQFDULxRYLROHQWR SRVHVLYRTXH0DUJXHULWHDxRUDUiVLHPSUH VREUHWRGRGHVSXpVGH
ODPXHUWHGHHVWHKHUPDQRPHQRU
$SHVDUGHTXHODPDGUHOOHJDLQFOXVRDTXHUHUFRPHUFLDUFRQODYLUJLQLGDGGHVX
KLMDpVWDVHQWLUiSRUDTXpOODXQDPRUUHVSHWXRVR/DDPDUJXUDGHVHQWLUVHUHOHJDGD ORV
FHORVGHYRUDGRUHVTXHOHSURYRFDODUHODFLyQGHVXPDGUH VXKHUPDQRPD RUDOTXH
GHVHDLQFOXVRGDUPXHUWH

QROHLPSLGHQVXLQWHJUDFLyQHQODIDPLOLDJUXSRHQHOTXH
VXVPLHPEURVVHKLHUHQXQRVDRWURVFRQODSHUILGLDTXHSHUPLWHHOFRQRFLPLHQWRGHORV
SXQWRVGpELOHVGHFDGDFXDO


%XHQD SDUWH GH ODV PXMHUHV GH 'XUDV FDUHFHQ GH HVH IHUYRU PDWHUQDO SRU HO
WUDEDMR GH HVD FDSDFLGDG GH OXFKD SHUR VREUH WRGR FDUHFHQ GH XQD RFXSDFLyQ
SURIHVLRQDO DTXHDPHQXGRSHUWHQHFHQDXQDFODVHVRFLDOHOHYDGD VXVPDULGRVODV
PDQWLHQHQ$V XQDSDUHQWH³VSOHHQ´FRQIRUPDODDFWLWXGYLWDOGHHVWDVPXMHUHVTXHQR
VRQIHOLFHV$WRUPHQWDGDVWDUGHRWHPSUDQRSRUHO³GROFHIDUQLHQWH´TXHOHVLPSRQHVX
GLVSRQLELOLGDG  VX FDSDFLGDG GH HWHUQD HVSHUD DFDEDQ RSWDQGR SRU XQ HSLFXUHLVPR
UHSDUDGRU XQD YH] TXH FRQVLJXHQ VXSHUDU VXV HWDSDV GHSUHVLYDV $XQ WUDWiQGRVH GH

 'XUDV QR WLHQH LQFRQYHQLHQWH HQ UHDOL]DU YDULDFLRQHV VREUH HO PLVPR WHPD 1R KD  TXH ROYLGDU TXH
GXUDQWHXQWLHPSRSDUWLFLSyGHOPRYLPLHQWROLWHUDULRGHO1RXYHDX5RPDQTXHSODQWHDEDHQWUHRWUDVFRVDV
ODFRQYHQLHQFLDGHXWLOL]DUODSURSLDYLGDUHFXHUGRVRVHQVDFLRQHVFRPR~QLFDPDWHULDWHPiWLFDORTXH
SURYRFDEDHOWUDWDPLHQWRGHORVPLVPRVKHFKRVRSHUVRQDMHVGHVGHSHUVSHFWLYDVGLVWLQWDV(VWRRFXUUHQR
VyORHQHVWDVREUDVFLWDGDV&RQFUHWDPHQWHHQ/¶$PDQWVHYXHOYHDWUDWDUODUHODFLyQHQWUHHOSHUVRQDMH
IHPHQLQRSULQFLSDO XQMRYHQPLOORQDULRRULHQWDO DSUHVHQWDGDHQODVHJXQGDGHHVWDVREUDV

³-HYRXODLVWXHUPRQIUqUHD Qp&¶pWDLWSRXUHQOHYHUGHGHYDQWPDPqUHO¶REMHWGHVRQDPRXUFH
ILOVODSXQLUGHO¶DLPHUVLIRUWVLPDO´/¶$PDQW(GLWLRQVGH0LQXLWSiJ

(VWDVHVFDEURVDVUHODFLRQHV VHGHVFULEHQSUHIHUHQWHPHQWHHQ/HV,PSXGHQWV3ORQ HQ/D9LH
WUDQTXLOOH*DOOLPDUG(VXQDPELHQWHUHFXUUHQWHHQRWUDDXWRUDTXHIRUPySDUWHGHOPRYLPLHQWRGHO
1RXYHDX5RPDQDQWHVDOXGLGR1DWKDOLH6DUUDXWH6XQRYHOD0DUWHUHDXJLUDGHIRUPDH[FOXVLYDHQWRUQR
DHVHWHPD
PXMHUHV QR DFRPRGDGDV OD WHQGHQFLD HV WDPELpQ D OD GHSHQGHQFLD  GHO KRPEUH (Q
DPERVFDVRVODQRUPDGHVXVYLGDVSDUHFHODGHXQKHGRQLVPRDFRPRGDWLFLRHQHOTXH
VXE DFHQRREVWDQWHXQVHQWLPLHQWRGHVRUGDUHEHOLyQFRQWUDHOYDF RGHODH[LVWHQFLD
(QODWyQLFDGHODDQW WHVLVVLVWHPiWLFDGH'XUDVHVWHPDOHVWDUWHUPLQDUiSRUSURYRFDU
UHDFFLRQHV TXH VXEOLPHQ HVWD GHSHQGHQFLD 6DFDQGR IXHU]DV GH VX SURSLD GHELOLGDG
HVWRV VHUHV QDWXUDOPHQWH SDF ILFRV DFXPXODQ VX HQHUJ D SDUD VREUHSRQHUVH D OD
FRQWUDULHGDG VRUSUHQGHQSRUXQDV~ELWDUHEHOLyQRXQSURIXQGRHVWRLFLVPR
(O SULPHU FDVR GH H[WUDxD HPDQFLSDFLyQ IHPHQLQD DSDUHFH HQ /HV ,PSXGHQWV
8QDYLXGDOOHQDGHGHXGDVSUHWHQGHFDVDUDVX~QLFDKLMDKHPEUD0DXGFRQXQ
ULFR KHUHGHUR D FDPELRGH OD SURSLHGDGGH XQDV WLHUUDV(QWUH OD PDGUH  VXV KLMRVD
SHVDUGHODGLVFRUGLDSHUPDQHQWH GHXQDDWPyVIHUDIDPLOLDUYLFLDGDUHLQDORTXH'XUDV
OODPDXQDVHFUHWDVROLGDULGDGVHPHMDQWHDODTXHH[LVW DHQVXYLGDUHDO

/RVGLVWLQWRV
FRPSRQHQWHVGHOFODQQRVHDWUHYHQDVHSDUDUVHSHURQRSXHGHQGHMDUGHKDFHUVHGDxR
(O W WXOR GH OD QRYHOD KDFH UHIHUHQFLD QR VyOR D OD YLXGD  D ORV KLMRV YDURQHV TXH
DOLHQWDQVXLQLFLDWLYDPHUFDQWLOLVWDVLQRWDPELpQD0DXGTXHUHVXHOYHPDUFKDUVHDYLYLU
FRQ XQ KRPEUH GLVWLQWR DO HOHJLGR SRU VX PDGUH GHMiQGRVH OOHYDU SRU VXV LQVWLQWRV
VH[XDOHVFRQODLQWHQFLyQGHLQIULQJLUODPRUDOWUDGLFLRQDOGHOD)UDQFLDGHSURYLQFLDV
(VWDSHUPLW DDORVSDGUHVGLVSRQHUGHVXVKLMDVSDUDFRPHUFLDUFRQHOODVIXHUDQRQR
PHQRUHV GH HGDG FRKLELHQGR WRGD LQLFLDWLYD DPRURVD HQ DUDV GH XQ PDWULPRQLR GH
FRQYHQLHQFLD 'XUDV SUHVHQWD OD LPSXGLFLD GH 0DXG FRPR XQ DUPD UHLYLQGLFDWLYD GH
FDUiFWHUIHPLQLVWD'LVSRQLHQGRGHVXFXHUSRSDUDSURYRFDUHOHVFiQGDOR ODYHUJHQ]D
GHVXIDPLOLDSRUHVFDSDUGHXQKRPEUHDOTXHQRDPDFDHHQORVEUD]RVGHRWURDOTXH
WDPSRFR VHUi FDSD] GH DPDU (VWD HPDQFLSDFLyQ OOHYD LPSO FLWR XQ JUDQ PDOHVWDU
LQWHULRUTXHKDUiTXHHODEDQGRQRI VLFRGH0DXGVHFRPSDUHDXQVXLFLGLR
/D9LHWUDQTXLOOHUHSLWHDOJXQRVGHORVSUHVXSXHVWRVGH/HV,PSXGHQWVXQ
FXDGURUXUDOXQRVWHUUDWHQLHQWHVYHQLGRVDPHQRV ODYROXQWDGGHODSURWDJRQLVWDGH
UHDFFLRQDUFRQWUDODGHFLVLyQGHOJUXSRIDPLOLDU$HOORVVHDxDGHQHODQiOLVLVILORVyILFR
GHODYLGD ODPXHUWHSRUXQDSDUWH SRURWUDHOSODQWHDPLHQWRGHODOLEHUDFLyQGHOD
PXMHUQR DGHO XJRIDPLOLDUVLQRGHQWURGHODSDUHMD&RQRFDVLyQGHXQDVYDFDFLRQHV
HQ OD SOD D VROD  GHVRFXSDGD )UDQFLQH OD SURWDJRQLVWD VH YHUi LQYROXFUDGD HQ XQD
VHULH GH KHFKRV TXH OH KDFHQ WRPDU FRQFLHQFLD GH OD LQXWLOLGDG GH LPSOLFDUVH HQ

 3DUD 0DUJXHULWH 'XUDV OD IDPLOLD HV XQD LQVWLWXFLyQ PLWLILFDGD D TXH OD FRPXQLyQ TXH LPSRQH HV
FDOGR GH FXOWLYR GH RGLRV GHYDVWDGRUHV ³/D YRFDWLRQ GLUHFWH QDWLYH GH OD IDPLOOH HVW XQH YRFDWLRQ
DQLPDOHHIIUD DQWH2QQ¶HVWSDVGHVWLQpjYLYUHHQVHPEOH´/H1RXYHO2EVHUYDWHXUGHVHSWLHPEUHGH

FXDOTXLHUDFFLyQ5HVROYHUiTXHOD~QLFDSRVWXUDYLWDOOyJLFDHVODLQGLIHUHQFLDUHIOH[LyQ
PX HQODO QHDGHODRSFLyQGH0HXUVDXOWHQ/¶(WUDQJHU

6HLQLFLDDTX XQDQXHYD 
SURJUHVLVWDPRUDOGHODPRUHQODTXHODWROHUDQFLDHVODPi[LPDUHJODSHURQRTXHGD
FODURVLHVDOLEHUWDGTXHSURSXJQDODPXMHUHVUHVLJQDFLyQ DFRPRGRDQWHHOGHVDPRU
TXHWDUGHRWHPSUDQRPDQLILHVWDQORVKRPEUHVHQ'XUDVRFRQYHQFLPLHQWRVLQFHURGH
UHVSHWRDODOLEHUWDGWRWDO
(Q 8Q %DUUDJH FRQWUH OH 3DFLILTXH  6X]DQQH FRQVLHQWH HQ PRVWUDUVH
GHVQXGDDQWH-RKLMRGHXQPLOORQDULRMDSRQpVFHGLHQGRDODVSUHWHQVLRQHVGHVXPDGUH
GH FRQFHUWDU XQD ERGD TXH UHVXHOYD ORV SUREOHPDV HFRQyPLFRV GH WRGD OD IDPLOLD $O
GDUVHFXHQWDGHTXHHOSDGUHGH-RQRFRQVHQWLUiQXQFDHVWDXQLyQODPDGUHOHVSURK EH
YHUVH 6X]DQQH KDVWLDGD GH ORV LQWHQWRV GH VX PDGUH GH YHQGHUOD DO PHMRUSRVWRU VH
HQWUHJD D XQ WDO $JRVWL TXH OH UHSXJQD (VWH DFWR GHOLEHUDGR GH UHJDODU OD SUHFLDGD
YLUJLQLGDGVHSUHVHQWDFRPRXQULWRLQLFLiWLFRGRORURVRSHURQHFHVDULRSDUDDFFHGHUDOD
VDOYDFLyQILQDO DTXHHQHVWDpSRFDODMRYHQGHVIORUDGDGHMDEDGHVHUXQYDORU(VXQD
IRUPD GH DILUPDU OD SRVHVLyQ GH V  PLVPR  GH OLEHUDUVH VLQ YXHOWD DWUiV GH XQD
VHUYLGXPEUHDQFHVWUDO3DUWHGHHVWHDUJXPHQWRVHXWLOL]DUiHQ/¶$PDQWDXQTXH
ODUHODFLyQHQWUHORVMyYHQHVHVWiDOJRLGHDOL]DGDDV FRPRHQ/¶$PDQWGHOD&KLQHGX
1RUG
&RQ DOJXQD H[FHSFLyQ FRPR HVWDV ~OWLPDV REUDV FLWDGDV D SDUWLU GH  HO
HVSDFLR IDPLOLDU  OD DGROHVFHQFLD TXHGDUiQ UHOHJDGRV FRPR PDWHULD DUJXPHQWDO SDUD
FHGHUWHUUHQRUHVSHFWLYDPHQWHDOPXQGRGHODSDUHMD DODPDGXUH]/DVKHUR QDVGH/H
0DULQGH*LEUDOWDUQRYHODDOHJyULFDTXHLOXVWUDODWHRU DIUHXGLDQDGHOGHVHR
VRQPXMHUHVTXHQRQHFHVLWDQXQSUHWH[WRSDUDHQWUHJDUVHDVXVDPDQWHV-DFTXHOLQHHV
OD FRPSDxHUD GHO QDUUDGRU TXH OD DEDQGRQDUi SRU $QQD XQD PLOORQDULD YLXGD TXH
UHFRUUHHOPXQGRHQEXVFDGHXQPDULQHURTXHFRQRFLyXQG DFRQVROiQGRVHPLHQWUDV
WDQWRFRQWRGRKRPEUHGHVXDJUDGR(OPDULQHURHVHOSURWRWLSRGHODYHQWXUHURHUUDQWH 
FRVPRSROLWD TXH UHFKD]D WRGR LQPRYLOLVPR  SHUVLJXH IHEULOPHQWH HO ULHVJR (V XQ
PRGHORGHOLEHUWDGDVHJXLUSDUDHOUHVWRGHORVSHUVRQDMHVTXHSURSRQHODPRUDOGHOD
DQWLUXWLQDODDVXQFLyQGHTXHWRGRORKXPDQRHVHI PHUR

(VWDQRYHODGH&DPXVVHSXEOLFDHQ(QHOOD0HXUVDXOWVHDEDQGRQDDODEVXUGRHQXQLPSXOVRGH
LQRFHQFLD$SHVDUGHOFKRTXHGHODUD]yQFRQODYLGDFRQGHQDGDDPXHUWH&DPXVPDQWLHQHXQDSRVWXUD
GHH[DOWDFLyQ GH ODYLGDSDWHQWHHQ/H0 WKHGH6LV SKHTXHSXEOLFDHQHVWHPLVPRDxR(QHVWDREUD
DILUPD VDFDU GHO DEVXUGR WUHV FRQVHFXHQFLDV UHYXHOWD OLEHUWDG  SDVLyQ DFWLWXGHV TXH HQFRQWUDPRV HQ
'XUDVDSHVDUGHVXSHVLPLVPRYLWDO

(VWD SUHFDULHGDG VH DSOLFD D ODV UHODFLRQHV VH[XDOHV  D OD YLGD HQ SDUHMD
FRQYLUWLpQGRVH HQ XQ FUHGR 1R VH WUDWD VLQ HPEDUJR GH XQD SURFODPDFLyQ GHO DPRU
OLEUH VLQR GHO DYLVR GH TXH FXDOTXLHU UHODFLyQ SRU GXUDGHUD TXH SDUH]FD HVWi
DPHQD]DGD6HSURSXJQDHQFRQVHFXHQFLDYLYLUHOPRPHQWRUHFKD]DUWRGRSUR HFWRD
ODUJR SOD]R GLODSLGDU ODV HQHUJ DV  DFFHGHU DO SODFHU LQFOXVR SRU PHGLRV DUWLILFLDOHV
FRPRHODOFRKROTXHHQFODYHEDXGHODLULDQDLUUXPSHHQHVWDQRYHODDOLJXDOTXHKDE D
LUUXPSLGR HQ OD YLGD GH 'XUDV SDUD FRQYHUWLUVH HQ XQ ³OHLWPRWLI´ TXH PDUFD HO
FRPSRUWDPLHQWRGHORVDPDQWHV VLPEROL]DODUXSWXUDFRQODPRUDOWUDGLFLRQDO,QFOXVR
HQORVPHMRUHVPRPHQWRVGHFRPSHQHWUDFLyQHQWUH$QQD  HO QDUUDGRU ODSRVLELOLGDG
UHPRWD GH TXH HO PDULQHUR DSDUH]FD UHFXHUGD OD IUDJLOLGDG GH OD XQLyQ 3HUR HV
SUHFLVDPHQWHDODWLVERGHVXSURSLRILQFXDQGRHODPRUUHVSODQGHFHVHJ~QODHVFULWRUD
/HV3HWLWV &KHYDX[GH 7DUTXLQLDDUUHPHWHFRQWUDODLQVWLWXFLyQMXU GLFD
GHOPDWULPRQLRTXHGDSRUVHQWDGDODFRQVHUYDFLyQGHODPRU6LHODPRUHQYHMHFHOD
VDOYDFLyQ GH OD SDUHMD HVWi SDUD 'XUDV HQ DVXPLU HVWD GHJUDGDFLyQ

 (O PDWULPRQLR
HQJHQGUDXQDPRQRWRQ DLQFRPSDWLEOHFRQHODPRU(QHOPHMRUGHORVFDVRVSHUPLWHXQ
DIHFWR SURIXQGR TXH QR JDUDQWL]D OD UHQXQFLD D VRxDU FRQ OD SDVLyQ SURKLELGD 7DO
GHVPLWLILFDFLyQ GD SDVR D XQD GHIHQVD GH OD YLGD PDWULPRQLDO VHJ~Q XQDV QXHYDV 
VXEYHUVLYDVQRUPDV DTXHVHDILUPDTXHODSDVLyQQHFHVLWDUHDYLYDUVHSRUHODGXOWHULR
(QHVWDREUDVHGDODDSUREDFLyQDXQDFWRGHLQILGHOLGDGFRQ XJDOIHPHQLQD$O
UHLYLQGLFDU HO GHUHFKR  VRUSUHQGHQWHPHQWHHO GHEHU DOD LQILGHOLGDG WDQWRPDVFXOLQD
FRPRIHPHQLQD'XUDVSUHWHQGHUHVWDEOHFHUHQWUHKRPEUH PXMHUXQDLJXDOGDGQDWXUDO
KDFLHQGR REVROHWD OD WHVLV GH TXH OD ILVLRORJ D PDVFXOLQD HV PiV SURFOLYH D OD
SURPLVFXLGDG
'HVMRXUQpHVHQWLqUHVGDQVOHVDUEUHVFHOHEUDHOSDJDQLVPRTXHSUHGLFD
HO GHUHFKR D GLVSRQHU OLEUHPHQWH GHO SURSLR FXHUSR OOHJDQGR D OD SURVWLWXFLyQ


3URJUHVDQGRHQHOFDPLQRDELHUWRGHGHVHPEDUD]DUVHGHODYLUJLQLGDG'XUDVFXHVWLRQD
HOVLVWHPDGHYDORUHVFULVWLDQRVTXHOHLQFXOFDURQHQVXLQIDQFLDKDFLHQGRGHODFDVWLGDG
XQD WDUD ,QIOXLGD SRU ODV LGHDV GH *HRUJHV %DWDLOOH D TXLHQ FRQRFLy HQ   VyOR

 6H LQLFLD FRQ HVWD REUD XQD VHULH TXH WUDWD VREUH OD HYROXFLyQ GHO DPRU  HO GHVHR GHQWUR GHO
PDWULPRQLR/HV3HWLWV&KHYDX[GH7DUTXLQLD'L[KHXUHVHWGHPLHGXGRLUHQpWp/D0XVLFD6X]DQQD
$QGOHU9pUD%D[WHU/D0XVLFDGHX[LqPH

(Q/H%RDXQRGHORVFXDWURUHODWRVFRUWRVTXHFRPSRQHQHVWDREUDVHGHILHQGHORTXH'XUDVOODPD
WHPSHUDPHQWRVGHIDWDOLGDGHOGHODVHVLQRRODSURVWLWXWDTXHWLHQHQHQFRP~QQRSUDFWLFDUODPRUDOGHOD
KLSRFUHV D
DFHSWD XQD PRUDOGH DGKHVLyQ DOD YLGD TXH FRQOOHYD ODVXSUHVLyQ WRWDO GHGLVWLQFLyQ
HQWUHHOELHQ HOPDO


/H 6TXDUH   0RGHUDWR FDQWDELOH  SUHVHQWDV VHQGDV SDUHMDV HQWUH
FODVHVVRFLDOHVPX GLVWLQWDVTXHSRUPHGLRGHOGLiORJRVHSODQWHDQHODPRU/DQLxHUD
GH /H 6TXDUH PDQWLHQH OD HVSHUDQ]D GH HQFRQWUDUOR (O YHQGHGRU TXH FRQRFH HQ XQ
SDUTXHSUHGLFDODOLEHUWDG(VWHUHODWRHQIRUPDGHIiEXODFRQGHQDWRGDVODVIRUPDVGH
HVSHUDODTXHVHUHFUHDHQHOSDVDGR ODTXHVDFULILFDHOSUHVHQWHHQSURGHOIXWXUR6H
UHFKD]DQ SXHV HO SUR HFWR  OD QRVWDOJLD (Q 0RGHUDWR FDQWDELOH GHQWUR GH OD
PRQRWRQ DFRWLGLDQDODDFFLyQWUHSLGDQWHYLHQHGHODWUDJHGLD ODSDVLyQ/DFXHVWLyQ
GH VL VH SXHGH PDWDU SRU DPRU SODQWHDGD SRU OD YLVLyQ GH XQ FULPHQ SDVLRQDO
LQWHUUXPSHODO QHDVHUHQDGHODYLGDGHODSURWDJRQLVWD
(Q'L[KHXUHVHWGHPLHGXVRLUHQpWp'XUDVDYDQ]DXQSDVRPiVHQOD
OLEHUDFLyQLGHROyJLFD]DUDQGHDQGRDOS~EOLFROHFWRUDOLGHDUXQHVFDEURVRWULiQJXOR8Q
PDWULPRQLRVXKLMDDGROHVFHQWH XQDDPLJDGHpVWDKDFHQXQYLDMHD(VSDxDGXUDQWHHO
FXDO PDULGR  DPLJD VH VLHQWHQ DWUD GRV /D HVSRVD OR DGYLHUWH  FRQYHQFLGD GH TXH
QDGD SXHGH KDFHU SRU GHWHQHU HVWD SDVLyQ UHVXHOYH DFHSWDU  OR TXH HV PiV
GHVFRQFHUWDQWHDOHQWDUHOGHVHRGHORVHQDPRUDGRVTXHOOHJDQDUHDOL]DUHODFWRVH[XDO
PX FHUFDGHGRQGHHOODVHHQFXHQWUD/DHVSRVDVHUHIXJLDHQHODOFRKROGHIRUPDWDQ
SDFLHQWHTXHODREUDIXHFDOLILFDGDHQVXpSRFDGHPDVRTXLVWD
0iVTXHHOPDVRTXLVPRORTXH'XUDVSDUHFHTXHUHUGHVWDFDUHVODIDWDOLGDGGHO
GHVHR ,PSDUDEOH FXDQGR VXUJH ORHV WDPELpQ HQVX GHVDSDULFLyQ /DSDVLyQ HV FRPR
XQDJUDQIXHU]DHOpFWULFDXQ³FRXSGHIRXGUH´HQHOVHQWLGROLWHUDOTXHIRUPDRGHVKDFH
SDUHMDVVLQTXHODHOHFFLyQRGHFLVLyQLQGLYLGXDOHVSXHGDQHYLWDUOR6LHOHQJDxDGRHV
FRPSUHQVLYR HV SRUTXH HO KHFKR GH TXH HO FyQ XJH VHD GHVHDGR SRU XQ WHUFHUR
FRQVWLWX HXQHVW PXORSDUDVXDPRU/DFODQGHVWLQLGDGHQFLHQGHODOODPDGHOGHVHRHQ
WRGRV
(O HIHFWR EHQHILFLRVR SDUD 'XUDV GH OD DYHQWXUD H[WUDFRQ XJDO DGTXLHUH XQD
QDWXUDOH]DHVSHFXODUHQ/D0XVLFDREUDHQODTXHXQDSDUHMDGHVSXpVGHDxRVGH

 'HVGH VX MXYHQWXG 'XUDV VH SODQWHD XQ GHVDFXHUGR FRQ ODV UHJODV PRUDOHV FXOWXUDOHV R VRFLDOHV /D
FRQYHUVDFLyQPDQWHQLGDSRUORVDPDQWHVHQ+LURVKLPDPRQDPRXU*DOOLPDUGSiJGHQRWDXQ
FLQLVPRTXHSURFHGHGHODVHJXULGDGHQV PLVPR
³-HVXLVG¶XQHPRUDOLWpGRXWHXVHWXVDLV
4X¶HVWFHTXHWXDSSHOOHV WUHG¶XQHPRUDOLWpGRXWHXVH"
'RXWHUGHODPRUDOHGHVDXWUHV´
(QOXJDUGHHVDVUHJODVSRQH0DUJXHULWH'XUDVODH[DOWDFLyQGHODLQGLYLGXDOLGDG6HUPRUDOHVVHUXQR
PLVPRDXOWUDQ]DGHIRUPDDJUHVLYD YLROHQWDWDQWRHQODYLGDUHDOFRPRHQOLWHUDWXUD1LHQODXQDQLHQ
ODRWUDSXHGHH[LVWLUODREMHWLYLGDG
VHSDUDFLyQPDWULPRQLDOVHGDFLWDHQXQKRWHOHOPLVPRG DHQTXHVHKDUHVXHOWRVX
GLYRUFLR$OO HYRFDQVXYLGDSDVDGDFRQODEHQHYROHQFLDTXHSURFXUDHOWUDQVFXUVRGHO
WLHPSR&RQYHQFLGRVGHTXHQRYDQDYROYHUVHDYHUKDEODQFRQWRGDIUDQTXH]D(OOD
FRQRFLHQGR ORV HQJDxRV GH VX PDULGR OH IXH LQILHO D VX YH] HQ XQ DFWR GH UHEHOG D
&XDQGRWRGRSDUHFHLUUHYHUVLEOHODPXMHUYDDYROYHUVHDFDVDU PDUFKDUiD(VWDGRV
8QLGRVVHGHVSLHUWDHQHOORVHOGHVHR QRH[FOX HQTXHDOJ~QG DSXHGDQYLYLUMXQWRV
XQDDYHQWXUD
0X SDUHFLGRHVHOFXDGURGH6X]DQQD$QGOHUREUDWHDWUDOTXHSUHVHQWD
XQWULiQJXORDPRURVRGHDOWDEXUJXHV DHOPDULGRULFR PXMHULHJRDPDQWHGHVXVKLMRV
FRPSUHQVLYRHLQGXOJHQWHFRQWRGRVFRQVHUYDGRUODPXMHUGHVRFXSDGD ILHOKDVWDTXH
GHVHVSHUDGD SRU HO GHVSUHFLR GH TXH HV REMHWR GHFLGH UHEHODUVH HPXODQGR HO
FRPSRUWDPLHQWR GH VX PDULGR  FHGH D OD WHQWDFLyQ VHGXFLGD SRU XQYLYLGRU &XDQGR
pVWH FRQILHVD D ODPXMHU TXH VXSURSLR PDULGR OHKD HQFDUJDGR VHGXFLUODWRGR SDUHFH
LQGLFDUTXHHODPRUVHGHUUXPED/RVRUSUHQGHQWHHVODDUGLHQWHSURSXHVWDGHODPDQWHGH
YLYLUDSDUWLUGHHVHPRPHQWRXQDPRUSHUIHFWRSRULUUHDOL]DEOH
'HQWURGHODSDVLyQOOHYDGDDVXO PLWHGHODDWUDFFLyQSRUHODPRUWRWDOTXHVyOR
SXHGH VHU HO LPSRVLEOH VH GLEXMD QHWDPHQWH HO LQFHVWR 3HUR DV  FRPR SHULyGLFRV
DGXOWHULRV VRQ QHFHVDULRV VHJ~Q 'XUDV SDUD UHJHQHUDU OD UHODFLyQ FRQ XJDO SDUD
OLEHUDUVHGHOUHIOHMRDOLHQDQWHGHODILGHOLGDGQRUHFRPLHQGDHODPRULQFHVWXRVRDXQTXH
HVWiHQHOIXQGDPHQWRGHWRGDVVXVREVHVLRQHV$OODGRGHODPRUSHUQLFLRVRGHODPDGUH
SRUHOKLMRPD RUHOGH0DUJXHULWHSRUVXRWURKHUPDQRVHH[SOLFLWDHQ$JDWKD
/D3OXLHG¶pWp /¶$PDQWGHOD&KLQHGX1RUG HQDOJXQDVHQWUHYLVWDV


'XUDVGHILHQGHORSURVFULWRFRPRJDUDQW DGHDPRUHWHUQRXQDPRUPDOGLWRSHUREODQFR
'HDK TXHVHEXVTXHDpVWHXQVXVWLWXWLYR


(Q VXPD OD REUD GH 0DUJXHULWH 'XUDV QRV SDUHFH SURSXJQDU XQ DWUHYLGR
URPDQWLFLVPR DOLPHQWDGR SRU OD E~VTXHGD GH XQD UHODFLyQ LGHDO /D VH[XDOLGDG HQ V 
PLVPD QR HV VLQyQLPR GH DPRU (O H[FOXVLYR GHVHR HQJHQGUD OD IDVFLQDFLyQ GH OD
PXHUWH(Q/D0DODGLHGHODPRUWHOSHUVRQDMHPDVFXOLQRYLYHHODFWRVH[XDO

³7RXWHPDYLHSHUVRQQHOOHDPRXUHXVHVH[XHOOHDGpSHQGXGHoDGHFHWDPRXUTX¶LO DYDLWHQWUHOH
SHWLWIUqUHHWPRLFHWWHKLVWRLUHGRUWRXDSSDUD WGDQVOHVOLYUHV´'XMRXUDXOHQGHPDLQFRQYHUVDFLyQFRQ
$9HLQVWHLQ)UDQFH&XOWXUHGHPDU]RGH

5HILULpQGRVHDHVWHDPRUSURVFULWRGLFH³,OVV¶DLPHQWLOVVRQWHQVHPEOHGHYDQWFHWWHLQWHUGLFWLRQ,OV
V¶DLPHURQWWRXWHOHXUYLH&¶HVWoDFHTXHM¶DSSHOOHOHERQKHXUHWTXLHVWUHFKHUFKpFRQVWDPPHQWHW
WRXMRXUVjWUDYHUVOHVWHQWDWLYHVGHWRXVOHVDPDQWV0DUJXHULWH'XUDVj0RQWUpDO2SFLWSiJ

SXURFRPRXQDVHVLQDWR DTXHODSRVHVLyQI VLFDHVVLHPSUHDJUHVLYDSDUD'XUDVHO
SHUVRQDMHIHPHQLQRORYLYHDVXYH]FRPRXQVXLFLGLR
/DSDVLyQVyORVHGDFXDQGRHOGHVHRHVHTXLYDOHQWHDODPRU(QHOPRPHQWRHQ
TXHODSDVLyQDFUHFLHQWDODLQWHOLJHQFLDVHFUHDODPDJLDHQTXHVHFRQIXQGHQILQDOPHQWH
DPRUI VLFR HVSLULWXDO/DVPXMHUHVGH'XUDVVRQSHUVRQDVIUXVWUDGDVSRUTXHQRVRQ
FDSDFHV GH PDQWHQHU HVD PDJLD HQ ORV KRPEUHV TXH SHUVLJXHQ HQ HOODV GHWHUPLQDGDV
FXDOLGDGHV³/HVKRPPHVFKH]'XUDVQHFKHUFKHQWTXHOHVIHPPHVVRODLUHVDYLGHVGH
SOpQLWXGHHWGHVpUpQLWp´

3UHFLVDPHQWHORTXHQRVRQODVKHUR QDVGH'XUDV'RWDGDV
SRU VX FUHDGRUD GH XQD PD RU FDSDFLGDG GH DPDU TXH ORV KRPEUHV VXV VHQWLPLHQWRV
HVWiQFRQGHQDGRVDOIUDFDVR HOODVDXQDDQXODFLyQGHV PLVPDVDIXHU]DGHLQKLELUVX
FDSDFLGDGGHWHUQXUD

$'/(5/DXUH0DUJXHULWH'XUDV*DOOLPDUGSiJ