
07(5(6$ $5e9$/2 48,-$'$
'2/25(6 *Ð0(= '20Ì1*8(=
8QLYHUVLGDG GH 6HYLOOD
 ,1752'8&&,Ð1
(O HQYHMHFLPLHQWR GH OD SREODFLyQ HV XQ KHFKR TXH DIHFWD D ODV
VRFLHGDGHV HXURSHDV GHVGH KDFH YDULDV GpFDGDV TXH VH PDQLILHVWD HQ XQ
FDPELR LPSRUWDQWH HQ OD HVWUXFWXUD GH ODV SLUiPLGHV GH SREODFLyQ &DGD
YH] HV PD RU HO SHVR GH ODV SHUVRQDV GH PD RU HGDG HQ HO FRQMXQWR GH OD
SREODFLyQ
/D HYROXFLyQ GH ODV SLUiPLGHV GH SREODFLyQ HVWi FRQGLFLRQDGD SRU OD
QDWDOLGDG OD HVSHUDQ]D GH YLGD WDPELpQ FXDQGR QRV FHQWUDPRV HQ XQ
WHUULWRULR SRU ORV VDOGRV PLJUDWRULRV /DV WDVDV GH IHFXQGLGDG VRQ
PHQRUHV TXH ODV WDVDV GH UHHPSOD]R QDWXUDO GH OD SREODFLyQ OD HVSHUDQ]D
GH YLGD DO QDFHU KD DXPHQWDGR VHQVLEOHPHQWH GHVGH PHGLDGRV GHO SDVDGR
VLJOR OR VHJXLUi KDFLHQGR KDVWD PHGLDGRV GHO SUHVHQWH SRU OR WDQWR
VyOR XQRV VDOGRV PLJUDWRULRV H[WUDRUGLQDULDPHQWH SRVLWLYRV SRGU DQ
IUHQDU HO GHVFHQVR GH OD SREODFLyQ HO HQYHMHFLPLHQWR GH OD PLVPD HQ ORV
SD VHV HXURSHRV
(VWH IHQyPHQR FRQVWLWX H XQD SUHRFXSDFLyQ HQ ODV HFRQRP DV
DYDQ]DGDV SRU ORV HIHFWRV VRFLDOHV SRO WLFRV HFRQyPLFRV TXH FRQOOHYDQ
TXH H[LJHQ OD DGRSFLyQ GH PHGLGDV GH GLYHUVD QGROH 'HVGH OD GpFDGD
GH ORV QRYHQWD VRQ REMHWR GH DQiOLVLV HQ ORV iPELWRV DFDGpPLFRV GH
RUJDQL]DFLRQHV S~EOLFDV SULYDGDV (QWUH ORV HIHFWRV TXH HO
HQYHMHFLPLHQWR GH OD SREODFLyQ RFDVLRQD GHVWDFDQ OD SUHRFXSDFLyQ SRU OD
8Q WUDEDMR SLRQHUR HQ HVWD O QHD HV HO GHO %DQFR 0XQGLDO  TXH DGYLHUWH GH OD FULVLV GH OD
YHMH] HQ ODV VRFLHGDGHV DYDQ]DGDV GH OD QHFHVLGDG GH UHIRUPDV SDUD PDQWHQHU HO FUHFLPLHQWR
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

YLDELOLGDG IXWXUD GH ORV VLVWHPDV GH SHQVLRQHV OD VRVWHQLELOLGDG GH OD
GHSHQGHQFLD ORV HIHFWRV VREUH HO PHUFDGR ODERUDO
(Q HVWH FDS WXOR WUDV UHFRJHU HQ HO DSDUWDGR VHJXQGR ORV FDPELRV
UHFLHQWHV REVHUYDGRV HQ OD SREODFLyQ HVSDxRODV ORV TXH VH GHULYDQ GH
ODV SUR HFFLRQHV GH SREODFLyQ FRPSDUiQGRORV FRQ ORV RFXUULGRV HQ OD
8QLyQ (XURSHD HQ DGHODQWH 8( SUHVHQWDPRV HQ HO DSDUWDGR WUHV FRPR
HO HQYHMHFLPLHQWR VH UHIOHMD WDPELpQ HQ ORV LQGLFDGRUHV XWLOL]DGRV
FRP~QPHQWH HQ HO DQiOLVLV GHO PHUFDGR ODERUDO
 (92/8&,Ð1 '( /$ 32%/$&,Ð1 (6758&785$
'( /$ 32%/$&,Ð1 325 ('$'(6 <
352<(&&,21(6
/D SREODFLyQ HVSDxROD DO LJXDO TXH HQ OD PD RU D GH ODV VRFLHGDGHV
GH QXHVWUR HQWRUQR VXIUH XQ SURJUHVLYR HQYHMHFLPLHQWR TXH VH WUDGXFH HQ
XQ HVWUHFKDPLHQWR GH OD EDVH GH VX SLUiPLGH GH SREODFLyQ /RV FDPELRV
HQ OD SLUiPLGH GH SREODFLyQ HVSDxROD OOHYDQ XQ UHWUDVR GH
DSUR[LPDGDPHQWH XQD GpFDGD FRQ UHVSHFWR D ODV HFRQRP DV DYDQ]DGDV GH
QXHVWUR HQWRUQR SHUR VHJ~Q VH GHGXFH GH ODV SUR HFFLRQHV GH SREODFLyQ
HO HQYHMHFLPLHQWR VH DFHOHUDUi HQ ODV SUy[LPDV GpFDGDV (O LQIRUPH GH ODV
1DFLRQHV 8QLGDV VREUH SHUVSHFWLYDV GH OD SREODFLyQ PXQGLDO GH 
LQGLFD TXH (VSDxD VHUi HO VHJXQGR SD V FRQ OD UDWLR GH HQYHMHFLPLHQWR
PiV HOHYDGD GHVSXpV GH -DSyQ
 (YROXFLyQ GH OD SREODFLyQ (VSDxD8QLyQ (XURSHD
(Q HO JUiILFR  SRGHPRV REVHUYDU OD HYROXFLyQ UHFLHQWH GH OD
SREODFLyQ SDUD (VSDxD SDUD OD 8QLyQ (XURSHD GH ORV  HQ DGHODQWH
(O WHPD GH OD VRVWHQLELOLGDG GH ORV VLVWHPDV GH SHQVLRQHV IUHQWH DO HQYHMHFLPLHQWR SURJUHVLYR
OD UHGXFFLyQ GH OD SREODFLyQ HQ HGDG GH WUDEDMDU IXH DERUGDGR WDPELpQ GH IRUPD PiV LQWHQVD HQ
OD SDVDGD GpFDGD SRU HMHPSOR SRU +HUFH HW DO  %DUHD HW DO  'XUDQWH HO SHULRGR GH
ERQDQ]D OD SUHRFXSDFLyQ GLVPLQX y %DOPDVHGD HW DO  WUDV ORV LQLFLRV GH OD FULVLV HV
QXPHURVD GH QXHYR OD OLWHUDWXUD HQ HVWD O QHD
(O &RPLWp GH 3RO WLFD (FRQyPLFD GH OD 8QLyQ (XURSHD HODERUD LQIRUPHV FRQ FLHUWD
SHULRGLFLGDG VREUH ORV JDVWRV HQ SHQVLRQHV RWURV JDVWRV GHULYDGRV GHO HQYHMHFLPLHQWR GH OD
SREODFLyQ HQ IXQFLyQ GH ODV SUR HFFLRQHV GHPRJUiILFDV (O PiV UHFLHQWH 7KH  $JHLQJ
5HSRUW &RPLVLyQ (XURSHD 
3RUFHQWDMH TXH OD SREODFLyQ D SDUWLU GH  DxRV UHSUHVHQWD VREUH OD SREODFLyQ WRWDO
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

8( (Q HO FDVR GH (VSDxD OD SREODFLyQ FUHFLy HQWUH   D WDVDV
LQIHULRUHV DO PHGLR SXQWR SRUFHQWXDO D SDUWLU GHO DxR  KDVWD 
VH LQWHQVLILFD HO ULWPR GH FUHFLPLHQWR SDVDQGR OD SREODFLyQ GH DOJR PiV
GH  PLOORQHV D HVWDU SRU HQFLPD GH ORV  PLOORQHV GH SHUVRQDV OR
TXH HTXLYDOH D XQ FUHFLPLHQWR HQ HO SHULRGR HQ WRUQR DO 
(O PD RU FUHFLPLHQWR HQ HVWH LQWHUYDOR WHPSRUDO VH GHEH FRPR VH
UHFRJH HQ &(2(  D ORV VDOGRV PLJUDWRULRV SRVLWLYRV FRQ XQ
LQFUHPHQWR GH OD SREODFLyQ HVSDxROD SURFHGHQWH GH RWURV SD VHV
VXSHULRU D ORV  PLOORQHV GH SHUVRQDV $ SDUWLU GH HVWH DxR DXQTXH OD
SREODFLyQ FRQWLQ~D FUHFLHQGR KDVWD  OR KDFH D XQ ULWPR
VHQVLEOHPHQWH PHQRU XQ  HQ HVRV FXDWUR DxRV (Q HO DxR VLJXLHQWH
HQ ORV VXFHVLYRV KDVWD HO ~OWLPR GDWR TXH FRUUHVSRQGH D OD SREODFLyQ D
 GH HQHUR GH  OD WDVD GH FUHFLPLHQWR GH OD SREODFLyQ HV QHJDWLYD
UHJLVWUiQGRVH XQ GHVFHQVR DFXPXODGR DOJR VXSHULRU DO  3DUD HO
FRQMXQWR GH OD 8QLyQ (XURSHD ODV WDVDV GH FUHFLPLHQWR GH OD SREODFLyQ
DXQTXH SRVLWLYDV VDOYR HQ  VRQ VHQVLEOHPHQWH PHQRUHV KDVWD  D
SDUWLU GH HVH PRPHQWR OD SREODFLyQ HQ (VSDxD KD GHFUHFLGR PLHQWUDV
TXH HQ HO FRQMXQWR GH OD 8( KD FUHFLGR DOJR PHQRV GHO 
/D HYROXFLyQ GH OD SREODFLyQ KD LGR DFRPSDxDGD GH XQ
HQYHMHFLPLHQWR SURJUHVLYR GH OD PLVPD FRPR OR GHPXHVWUD OD HYROXFLyQ
GHO QGLFH GH YHMH] R UDWLR GH HQYHMHFLPLHQWR JUiILFR  'XUDQWH HO VLJOR
;; HO QGLFH GH YHMH] HQ (VSDxD VH KD WULSOLFDGR SXHV GH VLWXDUVH HQ
WRUQR DO  D FRPLHQ]RV GH VLJOR SDVy D VLWXDUVH HQ  HQ HO DxR
 'HVGH FRPLHQ]RV GH HVWH VLJOR HVWH QGLFH VH KD HOHYDGR  SXQWRV
6L FRPSDUDPRV OD HYROXFLyQ GHO QGLFH HQ OD 8( HQ (VSDxD HO QGLFH
SDUD OD SREODFLyQ HVSDxROD KD HVWDGR SRU HQFLPD KDVWD HO DxR  GHVGH
HVH DxR HO QGLFH VH VLW~D SRU GHEDMR GHELGR IXQGDPHQWDOPHQWH D ORV
GHFUHFLPLHQWRV HQ HO PLVPR TXH VH SURGXFHQ HQ HO SHULRGR  D
SDUWLU GH HVWH ~OWLPR DxR HO QGLFH KD FRQWLQXDGR FUHFLHQGR D XQ ULWPR
PiV LQWHQVR GH OR TXH OR KD KHFKR SDUD HO FRQMXQWR GH OD 8(
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

*UiILFR  (YROXFLyQ GH OD SREODFLyQ (VSDxD8(




























3REODFLyQ 8( D  GH HQHUR 3REODFLyQ (VSDxD D  GH HQHUR
SURSRUFLyQ SREODFLyQ (VSDxD8(
)XHQWH (XURVWDW  (ODERUDFLyQ SURSLD
 (Q HO HMH GH OD L]TXLHUGD DSDUHFH OD SREODFLyQ D  GH HQHUR HQ HO GH OD GHUHFKD HO
SHVR GH OD SREODFLyQ HVSDxROD FRQ UHVSHFWR DO GH OD 8( HQ 
*UiILFR  ÌQGLFH GH 9HMH] (VSDxD8(




























,QGLFH GH YHMH] 8( ,QGLFH GH YHMH] (VSDxD
)XHQWH (XURVWDW  (ODERUDFLyQ SURSLD
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

/D FRPSRVLFLyQ GH OD SREODFLyQ SRU HGDGHV WDEOD  UHIOHMD XQD
SpUGLGD SURJUHVLYD GH SHVR GH ORV LQWHUYDORV GH PHQRU HGDG XQ
LQFUHPHQWR GH ORV GH HGDG PiV DYDQ]DGD FRQFUHWDPHQWH HQ ORV JUXSRV
FRQ HGDG SRU HQFLPD GH ORV  DxRV (Q HO FDVR GHO FRQMXQWR GH OD 8( OD
SpUGLGD GH SHVR HQ OR TXH YD GH VLJOR GHO JUXSR PiV MRYHQ  DxRV HV
DOJR LQIHULRU DO SXQWR PHGLR HQ HO FDVR GH (VSDxD TXH VHJ~Q HO ~OWLPR
GDWR UHSUHVHQWD XQ SHVR VLPLODU VH KD SURGXFLGR XQ OLJHUR LQFUHPHQWR
GH SHVR HQ HVWRV TXLQFH DxRV 6LQ HPEDUJR HQ HO JUXSR GH MyYHQHV GH 
D  DxRV OD SpUGLGD GH SHVR HQ HO FRQMXQWR SREODFLRQDO HV PX VXSHULRU
HQ (VSDxD HVWDQGR SRU HQFLPD GH ORV  SXQWRV
7DEOD  3REODFLyQ SRU LQWHUYDORV GH HGDG
(GDG    
8(  SD VHV
7RWDO    
 D  DxRV    
   
 D  DxRV    
   
 D  DxRV    
   
 D  DxRV    
   
 DxRV PiV    
5DWLR GH HQYHMHFLPLHQWR    
 DxRV PiV    
   
 DxRV PiV    
   
 DxRV PiV    
   
5DWLR GH GHSHQGHQFLD    
(63$ $
7RWDO    
 D  DxRV    
   
 D  DxRV    
   
 D  DxRV    
   
 D  DxRV    
   
 DxRV PiV    
5DWLR GH HQYHMHFLPLHQWR    
 DxRV PiV    
   
 DxRV PiV    
   
 DxRV PiV    
   
5DWLR GH GHSHQGHQFLD    
)XHQWH (XURVWDW  (ODERUDFLyQ SURSLD
 (VWD FLIUD UHSUHVHQWD HQ FDGD FHOGD HO SRUFHQWDMH TXH FDGD JUXSR GH HGDG UHSUHVHQWD
VREUH OD SREODFLyQ WRWDO

ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

(O JUXSR FRQ HGDGHV FRPSUHQGLGDV HQWUH ORV   DxRV HV PiV
UHSUHVHQWDWLYR HQ ODV SLUiPLGHV HVSDxRODV GH OR TXH OR HV SDUD HO FRQMXQWR
GH OD 8( 6HJ~Q HO ~OWLPR GDWR UHFRJLGR HQ OD WDEOD HO SHVR GH ORV JUXSRV
GH  D  DxRV GHO GH  DxRV PiV VRQ VLPLODUHV HQ DPERV WHUULWRULRV
DOJR SRU HQFLPD HQ OD 8( VLQ HPEDUJR HO FUHFLPLHQWR GH HVWRV JUXSRV
GH HGDG TXH PXHVWUDQ HO HQYHMHFLPLHQWR SURJUHVLYR GH OD SREODFLyQ KD
VLGR PiV DFXVDGR HQ (VSDxD TXH HQ OD 8( $V HO JUXSR FRQ HGDGHV
FRPSUHQGLGDV HQWUH ORV   DxRV KD LQFUHPHQWDGR VX SHVR HQ DOJR
PiV GH  SXQWRV HQ OD 8( PLHQWUDV TXH HQ (VSDxD OR KD KHFKR HQ FDVL 
SXQWRV
(VWD HYROXFLyQ GH OD SREODFLyQ PXHVWUD XQ FUHFLPLHQWR WDQWR GHO
UDWLR GH HQYHMHFLPLHQWR FRPR GHO UDWLR GH GHSHQGHQFLD (VWH ~OWLPR KD
H[SHULPHQWDGR VHJ~Q ORV GDWRV GHO ~OWLPR TXLQTXHQLR XQ FUHFLPLHQWR
VXSHULRU D ORV FXDWUR SXQWRV SRUFHQWXDOHV SDUD (VSDxD
 (YROXFLyQ IXWXUD GH OD SREODFLyQ
/DV WHQGHQFLDV HQ HO FRPSRUWDPLHQWR GH OD SREODFLyQ HQ HO
SDXODWLQR HQYHMHFLPLHQWR GH OD PLVPD HQ ODV VRFLHGDGHV GH (XURSD
FRQWLQXDUiQ HQ ORV SUy[LPRV DxRV FRPR UHIOHMDQ ODV ~OWLPDV SUR HFFLRQHV
GH OD SREODFLyQ SXEOLFDGDV SRU 2ILFLQD (VWDG VWLFD (XURSHD HQ 
(852323  (Q HO FDVR GH OD 8( WDEOD  OD SREODFLyQ FRQWLQXDUi
FUHFLHQGR KDVWD  VH UHGXFLUi HQ ODV VLJXLHQWHV GpFDGDV
'HILQLGR HVWH FRPR HO SRUFHQWDMH TXH UHSUHVHQWDQ ORV GH  D  DxRV  DxRV PiV VREUH OD
SREODFLyQ FRQ HGDGHV FRPSUHQGLGDV HQWUH ORV   DxRV
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

7DEOD  3UR HFFLRQHV GH OD SREODFLyQ 8(
       
7RWDO        
 D 
DxRV        
       
 D 
DxRV        
       
 D 
DxRV        
       
 D 
DxRV        
       
 DxRV
PiV        
5DWLR GH
HQYHMHFLPLHQWR
       
 DxRV
PiV        
       
 DxRV
PiV        
       
 DxRV
PiV        
       
5DWLR GH
GHSHQGHQFLD
       
)XHQWH (XURVWDW  (ODERUDFLyQ SURSLD
 3RUFHQWDMH TXH UHSUHVHQWD FDGD JUXSR VREUH OD SREODFLyQ WRWDO
+DVWD  VH REVHUYD SDUD HO FRQMXQWR GH OD 8( XQD SpUGLGD
SURJUHVLYD GH SHVR HQ WRGRV ORV LQWHUYDORV GH HGDG FRQVLGHUDGRV LQIHULRUHV
D ORV  DxRV $V OD SREODFLyQ FRQ HGDGHV FRPSUHQGLGDV HQWUH ORV  
DxRV SDVDUi D UHSUHVHQWDU HQ HO FRQMXQWR GH OD SREODFLyQ FDVL  SXQWRV
PHQRV GH OR TXH UHSUHVHQWD FRQ ORV GDWRV D  GH HQHUR GH  6LQ
HPEDUJR OD SREODFLyQ D SDUWLU GH ORV  DxRV UHSUHVHQWDUi D SDUWLU GH 
PiV GHO  GH OD SREODFLyQ WRWDO OR TXH VXSRQH XQ LQFUHPHQWR GH FDVL 
SXQWRV SRUFHQWXDOHV FRQ UHVSHFWR DO GDWR GH  (VWH HQYHMHFLPLHQWR
SURJUHVLYR VLW~D HO UDWLR GH GHSHQGHQFLD FHUFDQR DO  KDFLD  OR TXH
VXSRQH PiV GH  SXQWRV SRU HQFLPD GHO GDWR GH 
/DV SUR HFFLRQHV SDUD (VSDxD GH (XURVWDW WDEOD  PXHVWUDQ FD GDV
HQ OD FLIUD GH SREODFLyQ KDVWD  D SDUWLU GH HVH PRPHQWR VH LUi
UHFXSHUDQGR OD FLIUD (O YROXPHQ GH SREODFLyQ GH  HVWDUi SUy[LPR D
OD FLIUD GH  /RV GHVFHQVRV PiV LPSRUWDQWHV GH OD SREODFLyQ HQ ODV
SUy[LPDV GpFDGDV VH SURGXFLUiQ HQ ORV JUXSRV GH  D  DxRV GH  D
 DxRV IXQGDPHQWDOPHQWH /D SREODFLyQ GH  D  DxRV VHJ~Q UHIOHMDQ
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

HVWDV SUR HFFLRQHV FRQWLQXDUi DXPHQWDQGR KDVWD  OD SREODFLyQ GH
 DxRV PiV KDVWD 
(Q  OD WDVD GH HQYHMHFLPLHQWR GH OD SREODFLyQ HVSDxROD VH
VLWXDUi SRU HQFLPD GHO  PiV GH  SXQWRV SRU HQFLPD GHO YDORU GH
HVWD WDVD HQ HO FRQMXQWR GH OD 8( /D UDWLR GH GHSHQGHQFLD VH VLWXDUi HQ
 HQ  PiV GH  SXQWRV SRU HQFLPD GHO YDORU HQ HO FRQMXQWR
GH OD 8( VLHQGR GHVWDFDEOH OD LQWHQVLGDG FRQ OD TXH FUHFHUi HVWH UDWLR HQ
ODV SUy[LPDV GpFDGDV
7DEOD  3UR HFFLRQHV GH OD SREODFLyQ (VSDxD
       
7RWDO        
 D 
DxRV        
       
 D 
DxRV        
       
 D 
DxRV        
       
 D 
DxRV        
       
 DxRV
PiV        
5DWLR GH
HQYHMHFLPLHQWR
       
 DxRV
PiV        
       
 DxRV
PiV        
       
 DxRV
PiV        
       
5DWLR GH
GHSHQGHQFLD
       
)XHQWH (XURVWDW  (ODERUDFLyQ SURSLD
 3RUFHQWDMH TXH UHSUHVHQWD FDGD JUXSR VREUH OD SREODFLyQ WRWDO
/DV SUR HFFLRQHV TXH UHFRJHPRV HQ OD WDEOD  HQ OR TXH VH UHILHUH DO
FRPSRUWDPLHQWR GH OD SREODFLyQ HVSDxROD DO UDWLR GH HQYHMHFLPLHQWR DO
UDWLR GH GHSHQGHQFLD VRQ PiV VXDYHV TXH VL VH WLHQHQ HQ FXHQWD ODV
UHFLHQWHV SUR HFFLRQHV GHO ,QVWLWXWR 1DFLRQDO GH (VWDG VWLFD GH 
6HJ~Q HVWDV SUR HFFLRQHV WDEOD $ GHO DQH[R OD SREODFLyQ FRQWLQXDUi
FD HQGR KDVWD  DOFDQ]DUi YDORUHV PHQRUHV GH OR TXH UHIOHMDQ ODV
SUR HFFLRQHV (852323  (O HQYHMHFLPLHQWR GH OD SREODFLyQ VHUi
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

PD RU SXHV VHJ~Q ORV GDWRV GH ODV SUR HFFLRQHV GHO ,1( HO UDWLR GH
HQYHMHFLPLHQWR VH VLWXDU D HQ  HQ  PiV GH  SXQWRV SRU
HQFLPD GHO TXH VH GHGXFH GH ODV SUR HFFLRQHV GH (XURVWDW SHUR PiV
VLJQLILFDWLYR HV HO YDORU GHO UDWLR GH GHSHQGHQFLD DOFDQ]DU D HO  PX
SRU HQFLPD GHO LQWHUYDOR  D  TXH UHFRJHPRV HQ OD WDEOD  SDUD
HVD GpFDGD
'HQWUR GHO WHUULWRULR HVSDxRO ODV SUR HFFLRQHV GH SREODFLyQ GHO ,1(
 UHIOHMDQ XQ GHVFHQVR GH OD SREODFLyQ HQ ODV FRPXQLGDGHV
DXWyQRPDV VDOYR HQ OD 5HJLyQ GH 0XUFLD &RPXQLGDG GH 0DGULG
&DQDULDV ,VODV %DOHDUHV &DWDOXxD ODV GRV FLXGDGHV DXWyQRPDV /DV
PD RUHV FD GDV UHODWLYDV HQ HO YROXPHQ GH SREODFLyQ VH SURGXFHQ HQ HO
3ULQFLSDGR GH $VWXULDV  &DVWLOOD /HyQ  *DOLFLD
 (O UDWLR GH HQYHMHFLPLHQWR FUHFH HQ WRGDV ODV FRPXQLGDGHV
WHUULWRULRV DXWyQRPRV DXQTXH FRQ GLIHUHQFLDV 3DUD ODV FRPXQLGDGHV QR
GLVSRQHPRV GH XQ KRUL]RQWH WHPSRUDO WDQ DPSOLR SXHV ODV SUR HFFLRQHV
GHO ,1( VyOR VH H[WLHQGHQ KDVWD  WDEOD 
7DEOD  5DWLR GH HQYHMHFLPLHQWR HQ (VSDxD SRU &&$$  3UR HFFLRQHV
   
7RWDO    
$QGDOXF D    
$UDJyQ    
$VWXULDV 3ULQFLSDGR GH    
%DOHDUV ,OOHV    
&DQDULDV    
&DQWDEULD    
&DVWLOOD /HyQ    
&DVWLOOD/D 0DQFKD    
&DWDOXxD    
&RPXQLWDW 9DOHQFLDQD    
([WUHPDGXUD    
*DOLFLD    
0DGULG &RPXQLGDG GH    
0XUFLD 5HJLyQ GH    
1DYDUUD &RPXQLGDG )RUDO GH    
3D V 9DVFR    
5LRMD /D    
&HXWD    
0HOLOOD    
)XHQWH ,1( 3UR HFFLRQHV   (ODERUDFLyQ SURSLD
/DV FRPXQLGDGHV FRQ XQD WDVD GH HQYHMHFLPLHQWR PiV DOWR VRQ ODV
GHO QRUWH *DOLFLD $VWXULDV &DQWDEULD 3D V 9DVFR &DVWLOOD/HyQ ODV
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

(O LQFUHPHQWR GH ODV WDVDV GH DFWLYLGDG IHPHQLQD HQ ORV JUXSRV GH
PD RU HGDG HVWi PRWLYDGD HQ HO SHULRGR GH FULVLV HQ SDUWH SRUTXH HO
FUHFLHQWH GHVHPSOHR TXH DIHFWD D ORV YDURQHV GHO KRJDU OD GLILFXOWDG HQ
HO DFFHVR DO HPSOHR GH ORV PiV MyYHQHV KD DQLPDGR D HVWH JUXSR GH OD
SREODFLyQ D SDUWLFLSDU SDUD FRQWULEXLU DO VRVWHQLPLHQWR GH OD IDPLOLD
7$%/$  (YROXFLyQ GH ODV WDVDV GH DFWLYLGDG SRU JUXSRV GH HGDG VH[R










7RWDO



































































































































PiV GH 










+RPEUH



































































































































PiV GH 










0XMHUHV



































































































































PiV GH 










)XHQWH (XURVWDW /DERXU )RUFH 6XUYH  /)6  (ODERUDFLyQ SURSLD

ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

 3REODFLyQ HPSOHDGD GHVHPSOHDGD
(Q (VSDxD HO DxR  VXSRQH XQ SXQWR GH LQIOH[LyQ HQ OD
FRPSRVLFLyQ GH OD SREODFLyQ HQ FXDQWR D HPSOHR GHVHPSOHR VH UHILHUH
7UDV HO SHULRGR GH DXJH HFRQyPLFR OD FLIUD GH HPSOHR SDUD OD SREODFLyQ
 D  DxRV VH VLW~D HVH DxR HQ  PLOHV OR TXH UHSUHVHQWD 
GH OD SREODFLyQ DFWLYD HQ HVH JUXSR GH HGDG XQ  GH OD SREODFLyQ
GHO JUXSR /D FLIUD GH HPSOHR HQ OD SREODFLyQ PDVFXOLQD IXH GH 
PLOHV HO  GH OD SREODFLyQ DFWLYD PDVFXOLQD HQ HO LQWHUYDOR GH HGDG
OD IHPHQLQD  PLOHV HO  GH VX JUXSR GH SREODFLyQ DFWLYD
'HVGH HVH DxR KDVWD  OD FLIUD GH HPSOHRV KD FD GR DIHFWDQGR D
WRGRV ORV LQWHUYDORV GH HGDG DXQTXH SDUD HO JUXSR GH  D  DxRV OD
FLIUD GH HPSOHR VROR FDH HQWUH   /DV FLIUDV GH  PXHVWUDQ
XQD UHFXSHUDFLyQ GHO Q~PHUR GH HPSOHRV FRQ ODV H[FHSFLRQHV HQ ORV
LQWHUYDORV PiV MyYHQHV WDEOD 
7$%/$  (YROXFLyQ GH OD SREODFLyQ HPSOHDGD SRU JUXSRV GH HGDG VH[R HQ PLOHV
HGDG          
7RWDO
          
          
          
          
          
          
          
          
          
          
+RPEUHV
          
          
          
          
          
          
          
          
          
          
0XMHUHV
          
          
          
          
          
          
          
          
          
          
)XHQWH (XURVWDW /DERXU )RUFH 6XUYH  /)6  (ODERUDFLyQ SURSLD
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

(QWUH HO DxR  HO DxR  HO HPSOHR GHVFHQGLy HQ PiV GH 
PLOORQHV SDUD OD SREODFLyQ PiV MRYHQ GH  D  DxRV OD SpUGLGD IXH
VXSHULRU D ORV  PLOORQHV HQ HO JUXSR HQ HGDGHV FHQWUDOHV GH  D 
DxRV OD SpUGLGD IXH VXSHULRU D ORV  PLOORQHV PLHQWUDV TXH HQ HO JUXSR
HQ PD RU HGDG GH  D  DxRV VH SURGXMR XQ DXPHQWR VXSHULRU D
 HPSOHRV (Q HO JUXSR GH PD RUHV VH SHUGLHURQ HPSOHRV HQ ORV
LQWHUYDORV GH  D  DxRV  D  HQ ORV TXH OD FLIUD GH HPSOHRV
UHWURFHGLy HQ HO SHULRGR GH FULVLV UHVSHFWLYDPHQWH HQ DSUR[LPDGDPHQWH
  HPSOHRV VLQ HPEDUJR ORV LQWHUYDORV GH  D  DxRV
GH  D  DxRV JDQDURQ UHVSHFWLYDPHQWH HQ WRUQR D  
HPSOHRV
6LQ HPEDUJR HO Q~PHUR GH HPSOHRV HQ ORV KRPEUHV GH  D  DxRV
KD GHVFHQGLGR HQWUH   HQ PiV GH  /D SpUGLGD VH KD
SURGXFLGR HQ WRGRV ORV LQWHUYDORV VLHQGR HO PiV DIHFWDGR GH ORV GH HGDG
DYDQ]DGD HO GH  D  DxRV FRQ XQD FD GD HQ WRUQR D ORV 
HPSOHRV  HO PHQRV DIHFWDGR HO GH  D  DxRV FRQ XQD SpUGLGD GH
 HPSOHRV
(O Q~PHUR GH HPSOHRV HQ ODV PXMHUHV GH  D  DxRV KD FUHFLGR HQ
HO SHULRGR GH FULVLV HQ PiV GH  (O DXPHQWR VH KD SURGXFLGR HQ
WRGRV ORV JUXSRV GH HGDG GHQWUR GH HVWH LQWHUYDOR HQ ORV TXH PiV KD
FUHFLGR KD VLGR HQ ORV GH  D   D  DxRV FRQ DXPHQWRV HQ WRUQR D
ORV   HPSOHRV UHVSHFWLYDPHQWH
/D OHFWXUD GH ODV FLIUDV DEVROXWDV UHFRJLGDV HQ OD WDEOD  QRV SRGU D
OOHYDU D FRQFOXLU TXH OD FULVLV KD DIHFWDGR FRQ UHODFLyQ D OD SpUGLGD GH
HPSOHR HQ PD RU PHGLGD D OD SREODFLyQ MRYHQ TXH D OD SREODFLyQ GH
PD RUHV &RQ UHODFLyQ D HVWH ~OWLPR JUXSR PLHQWUDV TXH HQ HO JUXSR GH
KRPEUHV VH SURGXFHQ SpUGLGDV GH HPSOHR RFXUUH OR FRQWUDULR HQ HO JUXSR
GH PXMHUHV 6LQ HPEDUJR ORV UHVXOWDGRV KD TXH PDWL]DUORV SXHVWR TXH
HQ HO JUXSR GH PD RUHV HV GRQGH VH SURGXFHQ ORV PD RUHV FUHFLPLHQWRV
GH SREODFLyQ GH SREODFLyQ DFWLYD
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

7$%/$  7DVDV GH HPSOHR SRU JUXSRV GH HGDG VH[R 
HGDG










7RWDO











































































































































































































































































































































+RPEUHV










































































































































































































































































































































0XMHUHV











































































































































































































































































































































)XHQWH (XURVWDW /DERXU )RUFH 6XUYH  /)6  (ODERUDFLyQ SURSLD
(Q ODV WDEODV   VH UHFRJHQ UHVSHFWLYDPHQWH ODV WDVDV GH HPSOHR
OD SURSRUFLyQ GH HPSOHDGRV VREUH SREODFLyQ DFWLYD (Q OD WDEOD 
REVHUYDPRV FRPR DO WHQHU HQ FXHQWD HO FUHFLPLHQWR GH OD SREODFLyQ HQ
ORV JUXSRV GH PD RU HGDG VH UHODWLYL]D HO LPSDFWR GH OD FULVLV
GHSHQGLHQGR GH OD HGDG &XDQGR VH FRQVLGHUD HO WRWDO OD WDVD GH HPSOHR
HQWUH   FDH HQ WRGRV ORV LQWHUYDORV GH HGDG DXQTXH DIHFWH HQ
PD RU PHGLGD D OD SREODFLyQ PiV MRYHQ KDVWD ORV  DxRV HQ PHQRU
PHGLGD FRQIRUPH VH YD DYDQ]DGR HQ ORV LQWHUYDORV GH HGDG (O
FRPSRUWDPLHQWR GLIHUHQFLDO HQ HO PHUFDGR ODERUDO HQWUH YDURQHV
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

PXMHUHV VH UHIOHMD WDPELpQ HQ OD WDEOD (Q OD SREODFLyQ MRYHQ HO
FRPSRUWDPLHQWR HV VLPLODU HQ FXDQWR D OD FD GD GH OD WDVD GH HPSOHRV
KDVWD  SRVWHULRU UHFXSHUDFLyQ 6LQ HPEDUJR HQ HO JUXSR GH
PD RUHV HO FRPSRUWDPLHQWR HV GLVWLQWR PLHQWUDV OD WDVD GH HPSOHR FDH
HQ WRGRV ORV LQWHUYDORV GH HGDG GHO JUXSR GH YDURQHV PD RUHV HQ HO
SHULRGR GH FULVLV OD GH PXMHUHV VyOR FDH HQ PHQRU PHGLGD HQ HO JUXSR
GH  D  DxRV HQ ORV GHPiV DXPHQWD VLHQGR VXSHULRU HO LQFUHPHQWR D 
SXQWRV HQ ORV LQWHUYDORV GH  D  DxRV
7$%/$  (PSOHDGRV VREUH SREODFLyQ DFWLYD SRU JUXSRV GH HGDG VH[R 
(GDG










7RWDO
 D           
 D           
 D           
+RPEUHV
 D           
 D           
 D           
0XMHUHV
 D           
 D           
 D           
)XHQWH (XURVWDW /DERXU )RUFH 6XUYH  /)6  (ODERUDFLyQ SURSLD
/D OHFWXUD TXH VH SXHGH KDFHU GH OD WDEOD  HV VLPLODU DXQTXH HQ HOOD
VH GHVWDFD TXH OD SREODFLyQ DFWLYD IHPHQLQD GHO JUXSR GH PD RUHV
WDPELpQ VH YH DIHFWDGR SRU OD FULVLV HQ OD IDOWD GH FUHDFLyQ GH HPSOHR
$XQTXH HQ PHQRU PHGLGD SDUD ODV PXMHUHV GHO JUXSR GH  D  DxRV OD
WDVD GH RFXSDFLyQ UHWURFHGH GHVGH  HQ  D  HQ 
/D SREODFLyQ DFWLYD PD RU VH KD YLVWR WDPELpQ DIHFWDGD SRU OD FULVLV
HQ HO LQFUHPHQWR GH OD FLIUD GH SDUR GH ODV WDVDV SDUR /D FLIUD GH SDUR
VH PXOWLSOLFD SDUD OD SREODFLyQ GH  D  DxRV HQWUH   SRU
 PLHQWUDV TXH SDUD OD SREODFLyQ DFWLYD GH PD RUHV HVD FLIUD GH
(O UHVXOWDGR GH UHVWDUOH D  ODV WDVDV GH RFXSDFLyQ TXH UHFRJHPRV HQ OD WDEOD 
 /D FLIUD GH  HVWi DOJR SRU HQFLPD GH ORV  PLOORQHV VH VLWXy HQ  SRU HQFLPD GH ORV 
PLOORQHV
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

GHVHPSOHR VH PXOWLSOLFD SRU  3HUR VL XQ DVSHFWR HV GHVWDFDEOH HQ HO
GHVHPSOHR GH OD SREODFLyQ HQ HGDG DYDQ]DGD HV OD SUHYDOHQFLD GHO
GHVHPSOHR GH ODUJD GXUDFLyQ PX ODUJD GXUDFLyQ GH  PHVHV HQ
DGHODQWH
7DEOD  'HVHPSOHDGRV SRU JUXSRV GH HGDG GXUDFLyQ
 VREUH HO WRWDO GH GHVHPSOHDGRV GH FDGD JUXSR
*UXSRV HGDG 'XUDFLyQ 4 4 4 4
KDVWD  PHVHV












 D  DxRV
GH  D  PHVHV












 PHVHV HQ DGHODQWH












KDVWD  PHVHV












 D  DxRV
GH  D  PHVHV












 PHVHV HQ DGHODQWH












KDVWD  PHVHV












 D  DxRV
GH  D  PHVHV












 PHVHV HQ DGHODQWH












)XHQWH (XURVWDW /DERXU )RUFH 6XUYH  /)6  (ODERUDFLyQ SURSLD
7DO FRPR VH REVHUYD HQ OD WDEOD  SDUD WRGRV ORV JUXSRV GH HGDG
VH SURGXFH XQ LQFUHPHQWR HQ HO SHVR GHO GHVHPSOHR GH ODUJD GXUDFLyQ GH
 D  PHVHV PX ODUJD GXUDFLyQ D SDUWLU GH  PHVHV DV SRU
HMHPSOR SDUD HO JUXSR PiV MRYHQ HO SRUFHQWDMH GH GHVHPSOHDGRV GH ODUJD
GXUDFLyQ HUD GHO  HQ HO FXDUWR WULPHVWUH GH  HO GDWR GH  OR
VLW~D HQ HO  LJXDO RFXUUH FRQ HO GHVHPSOHR GH PX ODUJD GXUDFLyQ
TXH SDVD GH UHSUHVHQWDU XQ  DO  3HUR HVWD VLWXDFLyQ HV
HVSHFLDOPHQWH GUDPiWLFD SDUD OD SREODFLyQ GH PD RU HGDG DV HQ HO JUXSR
GH  D  DxRV HO GDWR GHO ~OWLPR WULPHVWUH GH  UHYHOD TXH PiV GHO
 GHO GHVHPSOHR HQ HVWH JUXSR GH HGDG HV GH ODUJD GXUDFLyQ  PiV GHO
 GH PX ODUJD GXUDFLyQ
 3UR HFFLRQHV SDUD HO PHUFDGR ODERUDO
6HJ~Q ORV GDWRV FRQWHQLGRV HQ &RPLVLyQ (XURSHD  TXH UHFRJH
SUR HFFLRQHV GH OD WDVD GH DFWLYLGDG HPSOHR GHVHPSOHR SDUD ORV SD VHV
GH OD 8QLyQ (XURSHD KDVWD  OD WDVDV GH DFWLYLGDG HPSOHR HQ
(VSDxD FUHFHUiQ HQ ODV SUy[LPDV GpFDGDV OR KDUiQ HQ PD RU PHGLGD
SDUD (VSDxD SDUD ORV PD RUHV HQ HO PHUFDGR ODERUDO
 3DUWLHQGR GH ODV SUR HFFLRQHV GH SREODFLyQ (852323 

ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

7DEOD  3UR HFFLRQHV GH OD IXHU]D ODERUDO (VSDxD8(
7DVD GH
DFWLYLGDG
7DVD GH
DFWLYLGDG
7DVD GH
HPSOHR
7DVD GH
HPSOHR
7DVD GH
GHVHPSOHR


 DxRV


 DxRV


 DxRV


 DxRV


 DxRV










(VSDxD






























8(






























)XHQWH &RPLVLyQ (XURSHD 7KH  $JHLQJ 5HSRUW (FRQRPLF DQG EXGJHWDU
SUR HFWLRQV IRU WKH  (X 0HPEHUV 6WDWHV 
&RPR VH REVHUYD HQ OD WDEOD VL ODV SUR HFFLRQHV VH FXPSOH HQ FXDQWR
DO HQYHMHFLPLHQWR GH OD SREODFLyQ OD GLQiPLFD TXH VH YLHQH REVHUYDQGR
HQ ORV ~OWLPRV DxRV VH DFHOHUDU D
/D GLVPLQXFLyQ GH OD SREODFLyQ HQ HGDG GH WUDEDMDU FRQOOHYDU D XQD
UHGXFFLyQ GH OD FLIUD GH SDUR TXH VH VLWXDU D HQ HO  SRU HQFLPD GH OD
PHGLD GH OD 8( GRV SXQWRV SRU HQFLPD GH OD SUHYLVLyQ SDUD $OHPDQLD
DO PLVPR QLYHO TXH OD SUR HFFLyQ SDUD )UDQFLD SHUR WHQLHQGR HQ FXHQWD
TXH VXV WDVDV GH GHVHPSOHR HQ  VRQ EDVWDQWH PiV EDMDV OD GH )UDQFLD
HQ  HUD GHO  OD DOHPDQD GHO 
/DV WDVDV GH SDUWLFLSDFLyQ GH OD SREODFLyQ GH  D  DxRV VH HOHYDQ
 SXQWRV SHUR ODV GH OD SREODFLyQ GH  D  DxRV VH HOHYDU DQ HQ 
SXQWRV VLWXDU D OD WDVD GH DFWLYLGDG SRU HQFLPD GH OD GHO JUXSR GH  D
 DxRV GHO YDORU GH OD WDVD SDUD HO FRQMXQWR GH OD 8(
/DV WDVDV GH HPSOHR DXPHQWDU DQ WDQWR SDUD HO FRQMXQWR GH OD SREODFLyQ
FRPR SDUD HO JUXSR GH PD RU HGDG HQ HO PHUFDGR ODERUDO SHUR SDUD HVWH
~OWLPR HO FUHFLPLHQWR HV PD RU VX WDVD GH HPSOHR VH VLW~D FDVL  SXQWRV SRU
HQFLPD GH OD GHO JUXSR GH  D  DxRV HQ HO KRUL]RQWH GH 
 5()/(;,21(6 ),1$/(6
/D SREODFLyQ HVSDxROD KD FUHFLGR KDVWD  D SDUWLU GH HVWD IHFKD KD
FRPHQ]DGR D GLVPLQXLU VX FLIUD HVWD VHUi OD WHQGHQFLD TXH VH PDQWHQGUi
HQ ORV SUy[LPRV DxRV VHJ~Q PXHVWUD ODV UHFLHQWHV SUR HFFLRQHV GH
SREODFLyQ HODERUDGDV SRU OD 2ILFLQD (VWDG VWLFD (XURSHD HQ  SRU HO
,QVWLWXWR 1DFLRQDO GH (VWDG VWLFD HQ  (Q HO JUXSR PiV MRYHQ FRQ
HGDGHV FRPSUHQGLGDV KDVWD ORV  DxRV HV GRQGH VH UHJLVWUD HO PD RU
GHVFHQVR /D SREODFLyQ  D  DxRV FRQWLQXDUi FUHFLHQGR KDVWD  OD
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

PD RU GH  DxRV KDVWD  /R DQWHULRU VH WUDGXFH HQ XQD HOHYDFLyQ
LPSRUWDQWH HQ HO UDWLR GH HQYHMHFLPLHQWR HQ HO GH GHSHQGHQFLD
(O HQYHMHFLPLHQWR GH OD SREODFLyQ VH UHIOHMD D HQ OD FRPSRVLFLyQ GH
OD SREODFLyQ DFWLYD HQ ODV WDVDV GH SDUWLFLSDFLyQ HQ OD IXHU]D ODERUDO TXH
FUHFHQ HQ PD RU SURSRUFLyQ HQ HO JUXSR GH PD RUHV GH IRUPD PiV
DFXVDGD HQ OD SREODFLyQ IHPHQLQD GHO JUXSR (VWD WHQGHQFLD WDPELpQ VH
UHIOHMD HQ ODV SUR HFFLRQHV D IXWXUR TXH GH FXPSOLUVH VLWXDU DQ OD WDVD GH
DFWLYLGDG OD WDVD GH HPSOHR GH OD SREODFLyQ GH  D  DxRV SRU HQFLPD
GH ODV GH OD SREODFLyQ WRWDO HQ HGDG GH WUDEDMDU
(VWRV FDPELRV VXSRQHQ XQ UHWR HQ HO PHUFDGR ODERUDO HQ HO TXH
HQWUH RWURV DVSHFWRV KDEUi TXH WHQHU HQ FXHQWD RWUDV MRUQDGDV GH WUDEDMR
HODERUDU HVWUDWHJLDV GH HQVHxDQ]D FDSDFLWDFLyQ TXH PDQWHQJD OD
SURGXFWLYLGDG HQ ORV DFWLYRV GH PD RU HGDG LQFOXVR FRQWHPSODQGR XQ
HVFHQDULR GH SURORQJDFLyQ SUHVXPLEOH GH OD YLGD DFWLYD
$1(;2
*UDILFR $ 3UR HFFLRQHV GH OD SREODFLyQ UHVLGHQWH HQ (VSDxD 


















SREODFLyQ UHVLGHQWH DQ  GH HQHUR           
&UHFLPLHQWR UHODWLYR DQXDO SURPHGLR GHO
TXLQTXHQLR
         
          
)XHQWH ,1( 3UR HFFLRQHV GH 3REODFLyQ   (ODERUDFLyQ SURSLD
ů ƚƌĂƚĂŵŝĞŶƚŽ ĚĞů ĞŵƉůĞŽ ĚĞ ůŽƐ ƚƌĂďĂũĂĚŽƌĞƐ ŵĂĚƵƌŽƐ ƉŽƌ ƉĂƌƚĞ ĚĞ ůŽƐ ƉŽĚĞƌĞƐ ƉƷďůŝĐŽƐ LJ ĚĞ ůĂƐ
ƉŽůşƚŝĐĂƐ ĞŵƉƌĞƐĂƌŝĂůĞƐ ĚĞ ƌĞĐƵƌƐŽƐ ŚƵŵĂŶŽƐ

7DEOD $ 3UR HFFLRQHV GH OD SREODFLyQ (VSDxROD  ,1(
3UR HFFLRQHV GH SREODFLyQ 'DWRV DEVROXWRV
 
&UHFLPLHQWR
 
&UHFLPLHQWR

7RWDO












































 D  DxRV












 PiV









5DWLR GH
HQYHMHFLPLHQWR

    
5DWLR GH
GHSHQGHQFLD

    
PHQRUHV GH PD RUHV GH  HQ SRUFHQWDMH GH OD SREODFLyQ WRWDO
)XHQWH ,1( 3UR HFFLRQHV GH 3REODFLyQ   (ODERUDFLyQ SURSLD
%,%/,2*5$)Ì$
%$/0$6('$ 0 0(/*8,=2 $ <7$*8$6 *  ´/DV
UHIRUPDV QHFHVDULDV HQ HO VLVWHPD GH SHQVLRQHV FRQWULEXWLYDV
HQ (VSDxDµ 0RQHGD &UpGLWR  
%DQFR 0XQGLDO  $YHWLQJ WKH ROG DJH FULVLV 3ROLFLHV WR
SURWHFW WKH ROG DQG WR SURPRWH JURZWK 2[IRUG 8QLYHUVLW
3UHVV 2[IRUG
%$5($ - *21=É/(=3É5$02 -0 9(/$5'( - 
3HQVLRQHV 3UHVWDFLRQHV SRU 'HVHPSOHR  HGLFFLyQ
)XQGDFLyQ %%9 %LOEDR
&$521( * &267(//2 '  ¢/OHJD (XURSD D OD 7HUFHUD
(GDG" )LQDQ]DV  'HVDUUROOR 
&(2(  (O HQYHMHFLPLHQWR GH OD SREODFLyQ VXV HIHFWRV
HQ HO PHUFDGR ODERUDO HVSDxRO ,QIRUPHV (VWXGLRV
ƐƉĞĐƚŽƐ ĚĞŵŽŐƌĄĨŝĐŽƐ LJ ĞĐŽŶſŵŝĐŽƐ ŵƉůĞŽ LJ ĚĞƐĞŵƉůĞŽ ĚĞ ůĂƐ ƉĞƌƐŽŶĂƐ ĚĞ ĞĚĂĚ
0 7HUHVD $UpYDOR 4XLMDGD 'RORUHV *yPH] 'RP QJXH]

&+$6&2 & +(51É1'(= ,  $VSHFWRV (FRQyPLFRV
7HUULWRULDOHV GHO (QYHMHFLPLHQWR HQ (VSDxD (QFXHQWURV
0XOWLGLFLSOLQDUHV  
&RPLVLyQ (XURSHD  7KH  $JHLQJ 5HSRUW (FRQRPLF
DQG EXGJHWDU SUR HFWLRQV IRU WKH  (X 0HPEHUV 6WDWHV

+(5&( -$ 6269,//$ 6 &$67,//2 6 '8&( 5  (O
IXWXUR GH ODV SHQVLRQHV HQ (VSDxD KDFLD XQ VLVWHPD PL[WR
&ROHFFLyQ (VWXGLRV (FRQyPLFRV Q 'LFLHPEUH 6HUYLFLR
GH (VWXGLRV GH /D &DL[D %DUFHORQD
1DFLRQHV 8QLGDV  :RUOG 3RSXODWLRQ 3URVSHFWV 7KH
 5HYLVLRQ .H )LQGLQJV DQG $GYDQFH 7DEOHV :RUNLQJ
3DSHUV 1R (6$3:3