Introduccion A La Linguistica Del Texto

Citation preview

3267*5$'2(1/,1*hË67,&$ ,QVWLWXWRGHOLWHUDWXUD\FLHQFLDVGHOOHQJXDMH      'DWRVGHOWH[WR   7tWXORGHOOLEUR 

,QWURGXFFLyQDOD/LQJtVWLFDGHO7H[WR  'HVDUUROORGHOD/LQJtVWLFDGHO7H[WR

7tWXORGHOFDStWXOR   $XWRU (QULTXH%HUQDUGH]  $xRGHSXEOLFDFLyQ      &LXGDG   0DGULG  (GLWRULDO   (VSDVD&DOSH6$  1žGH3iJLQDV     ,QGLFDFLRQHV   /RVQ~PHURVSXHVWRVDSLHGHSiJLQDFRUUHVSRQGHQDOQ~PHURGHSiJLQDGHOWH[WR RULJLQDO'HHVWHPRGRODSDODEUDTXHHVWpVHxDODGDFRQHOSLHGHSiJLQDTXHGLJD SRUHMHPSOR3DJFRUUHVSRQGHUiDOILQDOGHODSiJLQDGHORULJLQDO   &yPRFLWDUHVWHWH[WR  %HUQDUGH](  ,QWURGXFFLyQDOD/LQJtVWLFD0DGULG(VSDVD&DOSH6$ 



,1752'8&&,Ï1$/$/,1*hË67,&$'(/7(;72



(QULTXH%HUQDUGH]

   ,1752'8&&,Ï1  /D SUHVHQWH REUD SUHWHQGH VHUYLU GH LQWURGXFFLyQ JHQHUDO \ HOHPHQWDO D ORV SUREOHPDVPiVLPSRUWDQWHVGHODOLQJtVWLFDGHOWH[WRDFWXDO\GHSUHVHQWDFLyQGH DOJXQDVGHVXVWHRUtDVPiVGHVWDFDGDV1RHVQLXQDSUHVHQWDFLyQGHO©HVWDGRGHOD FXHVWLyQªSURSLDPHQWHGLFKDQLXQDLQWURGXFFLyQHQSURIXQGLGDGDWRGRHOFDPSR GH OD OLQJtVWLFD WH[WXDO GH KR\ 1R HV OR SULPHUR SRUTXH QRV KHPRV OLPLWDGR D FRQVLGHUDUVyORDOJXQDVGHODVRSLQLRQHVWHRUtDVRLQWHUSUHWDFLRQHVGHMDQGRRWUDV VLQ WUDWDU $Vt QR VH HQFRQWUDUi DTXt UHIHUHQFLD H[WHQVD D XQD HVFXHOD WDQ LPSRUWDQWHFRPRODGHORVHVWXGLRVVHPLyWLFRVIUDQFHVHVGHOGLVFXUVRFHQWUDGDHQ ODV ILJXUDV GH 7]YHWDQ 7RGRURY \ &ODXGH %UHPRQG \ TXH FXHQWD HQ (VSDxD FRQ UHSUHVHQWDQWHV PX\ GHVWDFDGRV 7DPSRFR WHQHPRV HQ FXHQWD ORV WUDEDMRV QXPHURVRVHLPSRUWDQWHVGHODVHVFXHODVQRUWHDPHULFDQDVVREUHHOGLiORJR\RWURV DVSHFWRVGHOWH[WRFRQODH[FHSFLyQSDUFLDOGHORVGHELGRVDODWDJPpPLFD+HPRV SUHIHULGR SUHVWDU HVSHFLDO DWHQFLyQ D ORV DXWRUHV HVFXHODV WHRUtDV \ PRGHORV DFWXDOHV TXH FRQILJXUDQ OD OLQJtVWLFD GHO WH[WR HXURSHD ©SURSLDPHQWH GLFKDª HV GHFLUPHQRVLQWHUHVDGDHQOROLWHUDULRSRpWLFRRHVWLOtVWLFRTXHHQOR©OLQJtVWLFRª $GHPiV KHPRV GDGR SUHIHUHQFLD D ORV DXWRUHV \ HVFXHODV PHQRV FRQRFLGRV HQWUH QRVRWURV\GHORVTXHVHFXHQWDFRQPHQRVLQIRUPDFLyQ'HDKtODDEXQGDQFLDGH ELEOLRJUDILD GH OD 8566 \ OD 5'$ TXH FXHQWDQ FRQ HVFXHODV OLQJtVWLFDV GH JUDQ LPSRUWDQFLD SHUR TXH DTXt SUiFWLFDPHQWH QR VH FRQRFHQ 'H DOJXQD PDQHUD HOOR VHUYLUiWDPELpQGHFRQWUDSHVRDODJHQHUDOL]DGDWHQGHQFLDGHSUHVWDUDWHQFLyQFDVL H[FOXVLYDDODOLQJtVWLFDQRUWHDPHULFDQDGHVGHHOJHQHUDWLYLVPRRDODIUDQFHVD\ GHQWURGHOFDPSRWH[WXDODORVWUDEDMRVGHOD5)$R)UDQFLD6LQHPEDUJRQRQRV KHPRVOLPLWDGRDDXWRUHVGHO2ULHQWH(XURSHRSXHVHOORUHVXOWDLPSRVLEOHSRUSRFR UHDOLVWDHQXQFDPSRFRPRHOQXHVWUR'HDKtODQHFHVDULDDWHQFLyQDORVOLQJLVWDV WH[WXDOHVGHOD5)$\RWURVSDtVHVTXHFRPR*UDQ%UHWDxDKDQKHFKRLPSRUWDQWHV DSRUWDFLRQHV D OD GLVFLSOLQD QR VH SXHGH HVFULELU GH OLQJtVWLFD GHO WH[WR VLQ UHIHULUVHD7$YDQ'LMN3HW|ILR+DOOLGD\ 1RV KHPRV UHVWULQJLGR WDPELpQ FRPR TXHGD GLFKR D OR SXUDPHQWH OLQJtVWLFR DXQTXHWHQJDPRVTXHHQWHQGHUHVWHWpUPLQRGHIRUPDGLIHUHQWHDODWUDGLFLRQDO \ HOOR QRV KD LPSHGLGR SUHVWDU OD GHELGD DWHQFLyQ D DXWRUHV \ WHRUtDV LPSRUWDQWHV FRPRORVWUDEDMRVHQHOOtPLWHGHOROLQJtVWLFR\OROLWHUDULRGH1(QNYLVW7$YDQ 'LMN R ODV HVFXHODV FKHFRVORYDFDV R ODV \D PHQFLRQDGDV IUDQFHVDV \ HVSDxRODV  7DPSRFR QRV KHPRV ILMDGR HQ ORV WUDEDMRV GH HQIRTXH IRUPDOL]DGR DSOLFDGR SRU HMHPSOR D OD WUDGXFFLyQ R GRFXPHQWDFLyQ DXWRPiWLFDV TXH VLQ HPEDUJR VRQ IXQGDPHQWDOHVHQHOPDUFRWH[WXDO  



3iJ

1R VH WUDWD SXHV GH XQ ©HVWDGR GH OD FXHVWLyQª FRPSOHWR QL WDPSRFR GH XQ ©WUDWDGRª GH OLQJtVWLFD WH[WXDO 6XV ILQHV VRQ PXFKR PiV OLPLWDGRV $Vt KD\ FXHVWLRQHVLPSRUWDQWHVTXHQRKDQHQFRQWUDGROXJDUHQHVWDVSiJLQDVHORUGHQGH SDODEUDV ORV WLHPSRV YHUEDOHV XQ GHVDUUROOR PiV D IRQGR GH OD SUDJPiWLFD \ OD WHRUtDGHORVDFWRVYHUEDOHVHWF7DPSRFRVHFRQVLGHUDQVXILFLHQWHPHQWHFXHVWLRQHV FRPRODDSOLFDFLyQGHODOLQJtVWLFDWH[WXDODRWURVFDPSRV3XQWRpVWHTXHVHUtDGH H[WUHPDGDLPSRUWDQFLDEDVWHVHxDODUVXLQWHUpVSDUDODOLQJtVWLFDGHFRQWUDVWHVOD SVLFROLQJXtVWLFDODHQVHxDQ]DGHOHQJXDVODWHRUtDGHODWUDGXFFLyQHWF(QJHQHUDO QRVKHPRVOLPLWDGRDODVFXHVWLRQHVTXHSXHGHQFRQVLGHUDUVHFRPR³DEVROXWDPHQWH IXQGDPHQWDOHV´ FXHVWLRQHV TXH VH FHQWUDQ EiVLFDPHQWH HQ ORV SULQFLSLRV WHyULFRV GHODGLVFLSOLQD1RKHPRVSDVDGRHQODPD\RUtDGHORVFDVRVGHODSUHVHQWDFLyQ GH ORV SXQWRV WHyULFRV PiV DFXFLDQWHV \ GH XQD PX\ VXFLQWD PHQFLyQ GH VXV SRVLELOLGDGHV GH GHVDUUROOR KHXUtVWLFR &XDQGR KHPRV HQWUDGR HQ HVWH FDPSR KHPRVSURFXUDGRXQWDQWRDODFRQWUDGHORHQQXHVWUDRSLQLyQODPHQWDEOHPHQWH FRUULHQWHHQODOLQJtVWLFDDFWXDOYHUODVHVWUXFWXUDVOLQJtVWLFDVHQVXPXOWLSOLFLGDG WLSROyJLFD OD FRQVLGHUDFLyQ GH OHQJXDV PX\ GLYHUVDV SHUPLWH LQFOXVR FXDQGR VH KDFH FRPR DTXt D PX\ SHTXHxD HVFDOD HYLWDU JHQHUDOL]DFLRQHV HUUyQHDV (Q DOJXQRVFDVRVODIDOWDGHGHVDUUROORGHFLHUWRVFDStWXORVVHMXVWLILFDSRUHOFDUiFWHU PLVPR GH OD GLVFLSOLQD HQ OD TXH PXFKRV WHPDV VH WRFDQ GHVGH SXQWRV GH YLVWD GLYHUVRV HQ SDUWHV GLIHUHQWHV GH OD PLVPD DVt HQ HO FDStWXOR  QR OOHYDPRV D VXV ~OWLPDVFRQVHFXHQFLDVHOHVWXGLRGHODDFWLYLGDGYHUEDO\DTXHYROYHPRVVREUHORV PLVPRVFRQFHSWRVXRWURVPX\VLPLODUHVHQHOFDStWXOR\HQODSUHVHQWDFLyQGHO PRGHOR WH[WXDO GH +RUVW OVHQEHUJ ODV FXHVWLRQHV PiV WHyULFDV VH WUDWDQ HQ HO FDStWXORSHURDSDUHFHQWDPELpQHQFDStWXORVDQWHULRUHV 'HRWUDSDUWHXQDSUHVHQWDFLyQFRPSOHWDXQGHVDUUROORDIRQGRGHWRGRVORVWHPDV RFXSDUtD PXFKtVLPR PiV HVSDFLR GHO TXH GLVSRQHPRV /D ~QLFD LQWURGXFFLyQ PHUHFHGRUDGHGLFKRQRPEUHDODGLVFLSOLQDHOPDJQtILFROLEURGH%HUULW)RVVHVWRO  RFXSDXQDH[WHQVLyQGREOHDODGHOSUHVHQWHWUDEDMR\VRQWDPELpQPXFKRV SXQWRV ORV TXH QR OOHJD D FRQVLGHUDU LQFOXVR DOJXQRV TXH QRVRWURV Vt WHQHPRV HQ FXHQWD 'H KHFKR HO FDPSR HV \D WDQ LQPHQVR \ ORV WUDEDMRV WDQ QXPHURVRV \ FRQVLGHUDEOHV TXH D FDGD XQR GH ORV FDStWXORV GH HVWH OLEUR LQFOXVR D PXFKRV GH VXVDSDUWDGRVVHOHVSRGUtDGHGLFDUXQHVSDFLRLJXDORPD\RUDOGHODWRWDOLGDGGHOD REUD +HPRVSURFXUDGROOHJDUSRUWDQWRDXQFRPSURPLVRHQWUHODQHFHVLGDGGHDEDUFDU ODPD\RUSDUWHGHORVSXQWRVEiVLFRVGHODGLVFLSOLQD\ODLPSRVLELOLGDGGHWUDWDUORV WRGRV \ FRQ OD VXILFLHQWH SURIXQGLGDG 7RGR HOOR LQWHQWDQGR VLHPSUH TXH HO OLEUR UHVXOWHDFFHVLEOHDXQOHFWRUFRQFRQRFLPLHQWRVPRGHUDGRVGHOLQJtVWLFD $HVWHUHVSHFWRKHPRVVXSXHVWRTXHHOOHFWRUKD\DHVWXGLDGRRDOPHQRVOHtGRRVL DFDVRRtGRXQRVUXGLPHQWRVGHOLQJtVWLFDPRGHUQD(OQRKDFHUORDVtQRVKDEUtD REOLJDGRDWUDWDUWHPDVTXHTXHGDQIXHUDGHOFDPSRGHQXHVWUDGLVFLSOLQD\KDEUtDQ KHFKR LPSRVLEOH HO WUDEDMR (VRV FRQRFLPLHQWRV TXH VXSRQHPRV VLQ HPEDUJR QR OOHJDQ D ODOLQJtVWLFDGHO WH[WRpVWH QR HV XQ OLEUR SDUD OLQJLVWDV WH[WXDOHVD ORV TXH DSRUWDUi PX\ SRFR R SUREDEOHPHQWH QDGD VLQR SDUD HO VLPSOH LQWHUHVDGR HQ OLQJtVWLFD3RUHOORKHPRVUHQXQFLDGRWDPELpQDWRGDIRUPDOL]DFLyQLQFOXVRODPiV   

3iJ 3iJ

VLPSOHFRQVFLHQWHVGHTXHVRQSRFRVORV©DILFLRQDGRVDODOLQJtVWLFDªFRQHOEDJDMH GH OyJLFD IRUPDO UHTXHULGR SDUD HQWHQGHU ODV IRUPDOL]DFLRQHV XWLOL]DGDV HQ OLQJtVWLFD GHO WH[WR (OOR KD KHFKR GLILFLO HQ DOJXQRV FDVRV OD SDUiIUDVLV ©HQ OHQJXDMHQDWXUDOªGHPRGHORVRWHRUtDVGHHOHYDGRGHVDUUROORIRUPDO FRPRORVGH 3HW|ILR0DUWHP MDQRY  3DUD HO OHFWRU LQWHUHVDGR HQ DPSOLDU VXV FRQRFLPLHQWRV HQ OD PDWHULD KHPRV LQFOXLGRXQDFODVLILFDFLyQHOHPHQWDOGHODELEOLRJUDULDXWLOL]DGDSDUDODUHGDFFLyQGH HVWHOLEURTXHSHUPLWDFRQRFHUODVREUDVGHGLFDGDVHVSHFtILFDUQHQWHDFDGDXQRGH VXV SXQWRV 6LQ WUDWDUVH GH XQD ELEOLRJUDILD H[KDXVWLYD \ DXQTXH PXFKDV GH ODV REUDVPHQFLRQDGDVUHVXOWDQDTXtGHGLILFLODFFHVRHVSHUDPRVTXHSXHGDVHU~WLO 6L DOJ~Q OHFWRU WUDV OD OHFWXUD GH HVWH OLEUR OOHJD D LQWHUHVDUVH SRU HO FDPSR FRPSOHMR SHUR DSDVLRQDQWH GH OD QXHYD OLQJtVWLFD GHO WH[WR SRGUHPRV FRQVLGHUDUQRVVDWLVIHFKRV   &$3,78/2 '(6$552//2'(/$/,1*hË67,&$ '(/7(;72   ,1752'8&&,y1  3RFDVGLVFLSOLQDVKDQWHQLGRXQGHVDUUROORPiVUiSLGRTXHODOLQJtVWLFDHQHOVLJOR [[ TXH VREUH WRGR HQ ORV DxRV VHVHQWD IXH REMHWR GH XQD YHUGDGHUD ©H[SORVLyQª ¢2 ³LQIODFLyQ´  WDQWR SRU HO Q~PHUR GH SXEOLFDFLRQHV R HO GH HVSHFLDOLVWDV FRPR SRU HO GH QXHYDV WHRUtDV (Q HVRV DxRV OD FDQWLGDG GH HVFXHODV R WHQGHQFLDV OLQJtVWLFDV UHVXOWD HVSHFLDOPHQWH VLJQLILFDWLYD HV OD pSRFD GHO WULXQIR GHO JHQHUDWLYLVPR FKRPVN\DQR GH OD DSDULFLyQ GH WHRUtDV SUy[LPDV SHUR GLIHUHQWHV FRPR OD JUDPiWLFD GH ORV FDVRV R ODV VHPiQWLFDV JHQHUDWLYDV GHO VXUJLPLHQWR GH QXHYDV HVFXHODV FRPR OD VLVWpPLFRIXQFLRQDO EULWiQLFD GH 0 $ . +DOOLGD\ OD OLQJtVWLFD HVWUDWLILFDFLRQDO OD JUDPiWLFD JHQHUDWLYD DSOLFDWLYD OD JUDPDWLFD GH 0RQWDJXH HV WDPELpQ HO PRPHQWR GH DXJH GH RWUDV WHRUtDV PiV R PHQRV DOWHUQDWLYDVDOJHQHUDWLYLVPR FRPRODWDJPpPLFDODVJUDPiWLFDVGHGHSHQGHQFLDV RYDOHQFLDV\HQDOJXQRVSDtVHVFRPROD5'$\OD8566ODVJUDPiWLFDVIXQFLRQDOHV SRU HMHPSOR 9 $GPRQL \ : 6FKLQLGW  @8QQLxRMXJDEDHQHOSDWLR\SHUVHJXtDDVXSHUUR  GRQGHWHQHPRVFRRUGLQDFLyQ \ \VXVWLWXFLyQ VX  FIU   >@ 8QQLxRMXJDEDHQHOSDWLRSHURVXPDGUHOHYLR\OHPDQGyHQWUDUHQODFDVD SRUTXHWHQtDTXHPHUHQGDUDQWHVGHLUDYLVLWDUDVXVDEXHORV   3iJ



GRQGH HQFRQWUDPRV WRGD XQD VHULH GH IHQyPHQRV GH FRKHUHQFLD ©WH[WXDOª HQ XQD ©IUDVHª TXH DGHPiV SRGUtD FRQVLGHUDUVH XQ WH[WR FRPSOHWR SRU HMHPSOR XQD LQIRUPDFLyQ VREUH HOKHFKR UHSUHVHQWDGR HQ >@ WDPELpQ SXHGH WRPDU OD IRUPD GH XQD VHULH GH IUDVHV VHSDUDGDV \ HQWRQFHV ORV SURFHVRV GH FRKHUHQFLD RSHUDQ VREUHXQDVXFHVLyQGHIUDVHV\VRQSURSLDPHQWH©PHGLRVGHFRKHUHQFLDWH[WXDOª 3HUR VL OR FRQVLGHUDPRV GHVGH OD SHUVSHFWLYD GH ODV SURSRVLFLRQHV QXFOHDUHV OD GLIHUHQFLDVHGLOX\HD~QPiV  (VWHFULWHULRGLIHUHQFLDGRUQRQRVVLUYHDOPHQRVGHPRPHQWRSRUODVUD]RQHVTXH EUHYHPHQWHKHPRVFRQVLGHUDGR   (O ©FLHUUH IRUPDOª GHO WH[WR 2WUR HQIRTXH GLVWLQWR HV HO TXH XWLOL]D +RUVW ,VHQEHUJ  6HxDODTXHXQDVIUDVHVSXHGHQGHSHQGHU³FRPXQLFDWLYDPHQWH´GH RWUDV GHO PLVPR WH[WR \ TXH HVD GHSHQGHQFLD SXHGH VHxDOL]DUVH IRUPDOPHQWH R GHSHQGHU ~QLFD \ H[FOXVLYDPHQWH GH OD LQWHQFLyQ FRPXQLFDWLYD GHO SURGXFWRU GHO WH[WRHVGHFLUODUHODFLyQHQWUHODVIUDVHVSXHGHSRQHUVHGHPDQLILHVWRVRODPHQWH SRUHOWH[WRtQWHJURHQVtHOR\HQWHKDGHHQWHQGHUTXHXQDGHWHUPLQDGDIUDVHHVWi UHODFLRQDGDFRQRWUDVDQWHULRUHV\RSRVWHULRUHVSRUTXHVyORGHHVDPDQHUDHOWH[WR UHVXOWDFRKHUHQWH FIU /DVIUDVHVGHXQWH[WRVHJ~Q,VHQEHUJVHFDUDFWHUL]DQ SRUFRQWHQHUIXQFLRQHVFRPXQLFDWLYDV©GLULJLGDVªDSDUWHVDQWHULRUHVRSRVWHULRUHV GHOPLVPR  (OWH[WRSRUHOFRQWUDULRVHFDUDFWHUL]DUiSRUTXHQRSXHGHHVWDEOHFHUGHSHQGHQFLDV IRUPDOHV R QR  FRQ RWURV WH[WRV SDUD SRGHUVH HQWHQGHU FRPR WH[WR tQWHJUR FRKHUHQWH 8QD GLIHUHQFLD LPSRUWDQWH HQ FRQVHFXHQFLD UDGLFD HQ TXH ODV IUDVHV HVWDEOHFHQ HVDV UHODFLRQHV GH GHSHQGHQFLD FRQ RWUDV IUDVHV PLHQWUDV TXH HO WH[WR SRU GHILQLFLyQ QR SXHGH KDFHUOR 'H HVWH PRGR XQD ©IUDVHª VXSHUILFLDO  TXH QR WLHQH IXQFLRQHV FRPXQLFDWLYDV GLULJLGDV SXHGH FRQVLGHUDUVH FRPXQLFDWLYDPHQWH FRPRWH[WRFRPSOHWR HVGHFLUSXHGHKDEHUWH[WRVGHXQDVRODIUDVH   3XHGH REMHWDUVH TXH H[LVWHQ WH[WRV ³FRPSOHWRV´ TXH VLQ HPEDUJR SRVHHQ HOHPHQWRV TXH HVWDEOHFHQ UHODFLRQHV FRQ RWURV WH[WRV (Q HO FRPLHQ]R GH XQD QRYHOD SRU HMHPSOR SRGHPRV HQFRQWUDUQRV FRQ XQD IUDVH LQLFLDO ³SULQFLSLR DEVROXWR GHO WH[WR´ FRPR VLQ TXH VH HVSHFLILTXH HQ QLQJ~Q PRPHQWR HO SRUTXp GHODUGLQDWLYD\HOUHIHUHQWHWHPSRUDOGHHQWRQFHVHOVXMHWRVXVWLWXLGRSRUHOLSVLV HWF HVGHFLUFXDQGRQRDSDUHFHFDWiIRUD 6LQHPEDUJRHVWHWLSRGHFDVRVWLHQHXQ YDORU HVWLOtVWLFR PX\ FODUR HO DXWRU LQWHQWD SUHFLVDPHQWH PRVWUDU HO WH[WR FRPR IUDJPHQWDULR HVD IUDVH LQLFLDO SRGUtD VHU SRU HMHPSOR HO SULQFLSLR GH XQDV PHPRULDV ILFWLFLDV TXH VH TXLHUHQ SUHVHQWDU FRPR LQFRPSOHWDV (V HO FDVR GHO SULQFLSLRGHODQRYHODGH6/HUQ0HPRULDVHQFRQWUDGDVHQXQDEDxHUD  >@1RSXGHHQFRQWUDUODHVWDQFLDFX\RQ~PHURILJXUDEDHQHOSDVH    3iJ 3iJ

 

(Q HVWRV FDVRV DGHPiV HO DXWRU VXHOH SUHVHQWDU XQ SUyORJR HQHO TXH VH H[SOLFDQ ORV DYDWDUHV GHO KDOOD]JR GHO PDQXVFULWR DO TXH IDOWDQ SiJLQDV HWF 'H IRUPD TXH HVRV WH[WRV DSDUHQWHPHQWH LQFRPSOHWRV QR OR VRQ HQ UHDOLGDG \D TXH HQ OD LQWHQFLyQFRPXQLFDWLYDGHOKDEODQWHILJXUDTXHHOR\HQWHGHEDHQWHQGHUORTXHVHOH SUHVHQWDSUHFLVDPHQWHFRPRLQFRPSOHWR$GHPiVORVSUyORJRVDTXHQRV KHPRV UHIHULGRKDFHQSDWHQWHHVDLQWHQFLyQ\HOWH[WRHQFRQVHFXHQFLDHVFRPSOHWR  7DPSRFR ODV FLWDV VRQ H[FHSFLRQDOHV (IHFWLYDPHQWH HQ XQ OLEUR VREUH WRGR GH FDUiFWHU FLHQWtILFR  VXHOHQ HQFRQWUDUVH FLWDV TXH KDFHQ UHIHUHQFLD D RWURV WH[WRV 3HURHVWHWLSRGHUHIHUHQFLDHVGLVWLQWRDODTXHKHPRVHQFRQWUDGRHQODVRUDFLRQHV 6L HQ OD OHFWXUD GH XQD IUDVH HQFRQWUDPRV SRU HMHPSOR XQ SURQRPEUH FX\R UHIHUHQWH QR VH HVSHFLILFD HQ OD PLVPD SRGHUQRV DFXGLU D RWUD IUDVH DQWHULRU R SRVWHULRU GHO PLVPR WH[WR GRQGH OR HQFRQWUDUHPRV (Q PXFKRV FDVRV HVDV UHIHUHQFLDV VH HQWLHQGHQ D FDXVD GH TXH D~Q UHFRUGDPRV OR TXH VH GLMR HQ IUDVHV DQWHULRUHV  (QHOWH[WRSRUHOFRQWUDULRODVFLWDVQRVHGHEHQDODQHFHVLGDGGHHQWHQGHUXQD GHWHUPLQDGDIRUPXODFLyQDFXGLHQGRD RWURWH[WRVLQRTXHVHWUDWDGH OODPDGDV DO ©FRQRFLPLHQWR GHO PXQGRª GHO OHFWRU TXH HQ FDVR QHFHVDULR HV GHFLU VL VX ©FRQRFLPLHQWRGHOPXQGRªHVLQVXILFLHQWH SXHGHDGTXLULUHQRWURVOXJDUHV3HUR VH WUDWD GH HVD ©DPSOLDFLyQª R UHFXHUGR  GH FRQRFLPLHQWRV DMHQRV DO PLVPR WH[WR FRQ OR TXH OD IXQFLyQ GH ODV FLWDV HV FRPSOHWDPHQWH GLVWLQWD D OD GH ORV HOHPHQWRVDQDIyULFRVGHODIUDVH  5HVXPLHQGRPLHQWUDVTXHODIUDVHSXHGHVHU©DELHUWDªSXHGHGHSHQGHUSDUDVX FRPSUHQVLyQ OLQJtVWLFD GH RWUDV IUDVHV HO WH[WR QR SXHGH VHUOR HO WH[WR HV ©FHUUDGRªDGLIHUHQFLDGHODIUDVH   /RV PpWRGRV GH HVWUXFWXUDFLyQ GHO WH[WR VHJ~Q *LQGLQ *LQGLQ D E GE SUHVHQWDGRVPpWRGRVGLIHUHQWHVGHHVWUXFWXUDFLyQGHOWH[WR(O SULPHURTXHOODPDHVWULFWR åHWVNLM VHGHILQHDVt  ³>XQWH[WRVHHVWUXFWXUDHQXQDVHULHGHSRVLFLRQHV\@FDGDSRVLFLyQYDXQLGDDXQD GHWHUPLQDGD FODVH GH HOHPHQWRV VXEWH[WRV  GH IRUPD TXH ORV HOHPHQWRV GH HVWD FODVH\VyORHOORVSXHGHQRFXSDUXQDGHWHUPLQDGDSRVLFLyQ´ E   3RUHVWHPpWRGR©VHSRGUtDQHQXPHUDUWRGDVODVHVWUXFWXUDVWH[WXDOHVLPDJLQDEOHV HQ IRUPD VLPLODU DO PpWRGR GH OD JUDPiWLFD JHQHUDWLYD TXH GHWHUPLQD ODV HVWUXFWXUDVGHODRUDFLyQVLPSOHª E   (VWH PpWRGR VLQ HPEDUJR HV SRFR XVDGR HQ OD HVWUXFWXUDFLyQ GHO WH[WR \ VyOR DOJXQRV WLSRV PX\ HVSHFtILFRV FRPR DOJXQDV IRUPDV GH WH[WR FLHQWtILFR  SXHGHQ HVWXGLDUVHGHDFXHUGRFRQpO   3iJ



3RU HO FRQWUDULR WRGD RUDFLyQ SXHGH DQDOL]DUVH VHJ~Q HO PpWRGR HVWULFWR $Vt OR KLFLHURQ ORV PpWRGRV HVWUXFWXUDO LVWDV \ WDPELpQ ORV JHQHUDWLYLVWDV HQ VX HVWUXFWXUD VLQWDJPiWLFD  (Q OD WDJPpPLFD SDUD OLPLWDUQRV D XQD HVFXHOD TXH SUHWHQGH XWLOL]DU HO PLVPR PpWRGR SDUD HO HVWXGLR GH OD IUDVH R GH XQLGDGHV GH QLYHO LQIHULRU  \ HO WH[WR VH HVWDEOHFHQ XQD VHULH GH SRVLFLRQHV VORWV  TXH SXHGHQ OOHQDUVHFRQGHWHUPLQDGRVHOHPHQWRVHVSHFLULFRWL ILOOHUV 1RVH SXHGHKDFHU SRU HMHPSOR TXH XQ HOHPHQWR RFXSH XQD SRVLFLyQ TXH QR OH FRUUHVSRQGH DGHPiV HO RUGHQGHORVHOHPHQWRVVXHOHVHUILMR3RUHMHPSORHOVLQWDJPDQRPLQDOFDVWHOODQR WLHQH VLPSOLILFDQGR ODVVLJXLHQWHSRVLFLRQHV  , ,, ,,, ,9  TXH SXHGHQ VHU RFXSDGDV UHVSHFWLYDPHQWH SRU DUWtFXORV ,  QXPHUDOHV ,,  VXVWDQWLYRV ,,,  \ DGMHWLYV ,9  VLQ TXH VH SXHGD FDPELDU HORUGHQ SRU HMHPSOR

,,,,,,,9 QLRFXSDUXQDFDVLOODFRQHOHPHQWRVTXHQRFRUUHVSRQGHQ$Vt>@HV FRUUHFWD  >@    , ,, ,,, ,9  PLHQWUDVTXH>@HVLQFRUUHFWD  >@    , ,, ,,, ,9  GRQGHVHRFXSDQODVSRVLFLRQHV9FRQHOHPHQWRVTXHQROHVFRUUHVSRQGHQ  (VWD IRUPD GH FRQVWUXFFLyQ GH ODV RUDFLRQHV \ RWUDV XQLGDGHV GH QLYHO LQIHULRU HV YiOLGD SDUD OHQJXDV GH FXDOTXLHU WLSR HVWUXFWXUDO 3RU RWUR ODGR HVWH HVTXHPD HV WUDQVIRUPDEOHDRWUDVJUDPiWLFDVFRPRODJHQHUDWLYDODGHGHSHQGHQFLDVHWFVLQ TXHKD\DTXHKDFHUFDPELRVFRQVLGHUDEOHVHQHOPLVPR  3HUR FRPR KHPRV GLFKR HQ ORV WH[WRV QR VH HQFXHQWUD QRUPDOPHQWH HVWH WLSR GH HVWUXFWXUDFLyQ (O FDUDFWHUtVWLFR \ SUHGRPLQDQWH HV HO PpWRGR TXH *LQGLQ OODPD ©HOiVWLFRª JLENLM   ©(OWLSR\RUGHQGHORVVXEWH[WRVTXHFRPSRQHQXQWH[WRQRHVWiQUHJODPHQWDGRV HQHOPpWRGRHOiVWLFRQRVHGHILQHQODVSRVLFLRQHVGHORVVXEWH[WRVVLQRTXHHVWRV PLVPRVVXEWH[WRVGHEHQHVWDUHQOD]DGRVXQLGRVXQRVFRQRWURVGHEHQFRQWHQHU HQ Vt PLVPRV HOHPHQWRV OLQJtVWLFRV TXH SRQHQ GH PDQLILHVWR VX FRQH[LyQ GHWHUPLQDGDVVHxDOHVGHVXSHUWHQHQFLDDXQWH[WR~QLFRª EFIUWDPELpQ E   (VWHWLSRGHHVWUXFWXUDFLyQEDVDGRQRHQHVWUXFWXUDVIRUPDOHV VLQWiFWLFDV UtJLGDV VLQR HQ OD H[LVWHQFLD GH UHODFLRQHV EiVLFDPHQWH VHPiQWLFDV \ SUDJLQiWLFDV  HQWUH ORV FRPSRQHQWHV GHO WH[WR VHDQ FRPR VHxDOD *LQGLQ ©VXEWH[WRVª R WDPELpQ  3iJ 3iJ

 

IUDVHV  HV HO IXQGDPHQWDO HQ OD HVWUXFWXUDFLyQ GHO WH[WR 'H IRUPD TXH XQD GLIHUHQFLD LPSRUWDQWH HQWUH WH[WR \ RUDFLyQ UDGLFD HQ TXH OD IUDVH VyOR SXHGH HVWUXFWXUDUVHSRUHOPpWRGRHVWULFWR \HOWH[WR SXHGHHVWUXFWXUDUVH SRU HO PpWRGR HVWULFWR\WDPELpQHOHOiVLLFRVLHQGRpVWHHOSUHGRPLQDQWH   3UDJPiWLFD(Q ORV IDFWRUHV SUDJPiWLFRV GHO OHQJXDMH SRGHPRV HQFRQWUDU WDPELpQ GLIHUHQFLDV HQWUH HO WH[WR \ OD IUDVH 3DUD DOJXQRV OD IUDVH FDUHFH GH FRPSRQHQWHSUDJPiWLFR  ©/DV RUDFLRQHV DXQTXH WLHQHQ XQD GLPHQVLyQ VLQWiFWLFD \ RWUD VHPiQWLFD FDUHFHQ GH OD GLPHQVLyQ SUDJPiWLFD TXH GLVWLQJXH D ORV WH[WRVª 2RPHQ     (VWD DILUPDFLyQ VLQ HPEDUJR QRV SDUHFH H[DJHUDGD (Q SULPHU OXJDU QR SXHGH QHJDUVH DEVROXWDPHQWH HO TXH OD RUDFLyQ HVWp GRWDGD GH DOJ~Q PRGR GH HVD GLPHQVLyQ SUDJPiWLFD 'H KHFKR OD SUDJPiWLFD FRPHQ]y OLPLWiQGRVH D OD IUDVH \ VRQPX\QXPHURVRVORVHVWXGLRVSUDJPiWLFRVFHQWUDGRVHQHOOD8QDWHQGHQFLDGH OD JUDPiWLFD RUDFLRQDO FRPR HV OD GH 0RQWDJXH FIU 0RQWDJXH  /LQN  /yEQHU   VH FDUDFWHUL]D SUHFLVDPHQWH SRUTXH VLQ LQFOXLU HQ VXV HVWXGLRV HO WH[WRGHGLFDXQDHVSHFLDODWHQFLyQDODLQWHJUDFLyQGHORVIDFWRUHVSUDJPiWLFRV/R PLVPR SXHGH GHFLUVH GH ODV WHRUtDV SUDJPiWLFDV GH DXWRUHV FRPR 0DDV R :XQGHUOLFK FIU :XQGHUOLFK  %UDXQURWK HW DO  HWF  'H KHFKR OD SUDJPiWLFDQRHVXQDGLPHQVLyQGHODIUDVHRGHOWH[WRVLQRGHOOHQJXDMH\DSDUHFH HQ ODV GLYHUVDV XQLGDGHV GHO PLVPR SUHFLVDPHQWH SRU HVD FRQGLFLyQ GH ³XQLGDGHV GHO OHQJXDMH´ 'H IRUPD TXH QR FRQVLGHUDPRV VXULFLHQWH GHFLU TXH ³HO WH[WR WLHQH XQDGLPHQVLyQSUDJPiWLFD\ODIUDVHQR´  2WUDFXHVWLyQHVTXHHOIXQFLRQDPLHQWRGHORVIDFWRUHVSUDJPiWLFRVHQODIUDVHVHD GLVWLQWRDOWH[WR(QHVWHVHQWLGRGHEHQHQWHQGHUVHYDULDVGHODVGLVWLQFLRQHVHQWUH WH[WR\RUDFLyQTXHVHxDOD+RUVW,VHQEDUJ \VLJXLHQWHV    /D RUDFLyQ HV XQ DFWR OLQJtVWLFR ~QLFR (O WH[WR HV XQD VXFHVLyQ GH DFWRV OLQJtVWLFRV DXQTXHWDPELpQSXHGDVHUXQDFWR~QLFR   1RWRGRDFWROLQJtVWLFRSXHGHUHDOL]DUVHHQXQDIUDVH(OWH[WRDGPLWHWRGRVORV DFWRVOLQJtVWLFRVHQVXVXFHVLyQ SRUHMHPSORXQDRUDFLyQQRSXHGHFRQWHQHUDFWRV OLQJtVWLFRV QR GLFWLYRVVHUtDLQFRUUHFWRHQHOQLYHO RUDFLRQDOXQ DFWRFRPR©SDVR GHOWUDWDPLHQWRXVWHGDOWUDWDPLHQWRW~ªSRUHMHPSOR ©/HWUDLJRDXVWHGHODEULJR TXHWHGHMDVWHªPLHQWUDVTXHHVWHWLSRGHIHQyPHQRHVSHUIHFWDPHQWHSRVLEOHHQHO WH[WR SRU HMHPSOR HQ XQ GLiORJR FRQ XQD LQWURGXFFLyQ FRPR ©YDPRV D WXWHDUQRVª   (QXQDFWRGLFWLYRDODRUJDQL]DFLyQVHFXHQFLDOGHORVHOHPHQWRVVXSHUILFLDOHVGH OD RUDFLyQ QR OH FRUUHVSRQGH XQD VXFHVLyQ WHPSRUDO FRQ GLIHUHQWHV EDVHV SUHVXSRVLFLRQDOHV  3iJ



(Q HO WH[WR OD RUJDQL]DFLyQ VHFXHQFLDO VXSHUILFLDO GHEH HQWHQGHUVH FRPR VXFHVLyQ WHPSRUDOGHDFWRVFRQGLIHUHQWHVEDVHVSUHVXSRVLFLRQDOHVODUHDOL]DFLyQGHXQWH[WR QRHVXQDFWR~QLFRQRHVWUXFWXUDGRWHPSRUDOPHQWH   (Q HO FRQMXQWR GH SUHVXSRVLFLRQHV GH XQD RUDFLyQ QR SXHGHQ DSDUHFHU FRQWUDGLFFLRQHV  (Q HO FRQMXQWR GH SUHVXSRVLFLRQHV GH XQ WH[WR SXHGHQ DSDUHFHU HVDV FRQWUDGLFFLRQHV SRUHMHPSORQRHVFRUUHFWDODRUDFLyQ ©0LKHUPDQRWLHQHDKRUD DxRV\QRSXHGHWHQHUDxRVSRUTXHHVDxRVPD\RUTXH\RªPLHQWUDVTXHHV SHUIHFWDPHQWH FRUUHFWR HO WH[WR VLJXLHQWH ©¢4Xp HGDG WLHQH WX KHUPDQR" 7LHQH DKRUD  DxRV $\ QRV YDPRV KDFLHQGR YLHMRV @$QDIXPD0DUtDKDFHORPLVPR >@(OQLxRFRUUH/RKDFHWRGRVORVGtDV  ,JXDOPHQWH HQ ODV HVWUXFWXUDV GH SUHJXQWD \ UHVSXHVWD GRQGH KDFHU HQ OD UHVSXHVWDSXHGHVXVWLWXLUXQYHUERSUHVHQWDGRHQODSUHJXQWD  >@¢(VWiQFRPLHQGR"(VRKDFHQ  7DPELpQSXHGHXWLOL]DUVHDODLQYHUVDFRPRLQGLFDGRUGH©DFFLyQªHQJHQHUDOHQOD SUHJXQWDTXHOXHJRVHHVSHFLILFDFRQXQYHUERHVGHFLUHQIXQFLyQTXHSRGUtDPRV OODPDUFDWDIyULFD  >@¢4XpKDFHV"/HR  6LQ HPEDUJR HO YHUER KDFHU QR HV XQ VXVWLWXWR YHUGDGHUDPHQWH XQLYHUVDO FRPR SXHGHYHUVHSRUHOVLJXLHQWHHMHPSOR  >@ )HUQDQGRVHSDUHFHDVXSDGUH/RPLVPRKDFH$PSDUR  9HUERV GH HVWH WLSR SDUHFHU VHU HVWDU HWF  QR VRQ VXVWLWXLEOHV SRU KDFHU TXH TXHGDUtD OLPLWDGR D VXVWLWXLU ORV ©YHUERV GH DFFLyQª /D VLPLOLWXG HQWUH HO ©SURYHUERª KDFHU \ ODV YHUGDGHUDV SURIRUPDV FRPR ORV SURQRPEUHV SHUVRQDOHV UDGLFDHQHVHXVRVXVWLWXWLYRKDFHUHVXQVXSHUKLSHUyQLPRYHUEDODOLJXDOTXHpO HVXQVXSHUKLSHUyQLPRSDUDSHUVRQDVGHVH[RPDVFXOLQR  $Vt DO LJXDO TXH FRPR YHUHPRV VXFHGH HQ ORV SURQRPEUHV KDFHU QR VXVWLWX\H OD FDWHJRUtDFRPSOHWD©YHUERªVLQRGHWHULQLQDGDVFODVHVVHPiQWLFDVGHYHUERV   

3iJ

&RPRSURIRUPDOH[LFDOGHYDORUQRPLQDOVXHOHVHxDODUVHXQVXVWDQWLYRFRPRFRVD TXHSXHGHXWLOL]DUVHFRPRVXVWLWXWRSUiFWLFDPHQWHXQLYHUVDOSDUDGHQRPLQDFLRQHV GH REMHWRV PLHQWUDV TXH SHUVRQD VHUtD XQ VXVWLWXWR SDUD VHUHV KXPDQRV HWF (Q UHDOLGDGPiVTXHSURIRUPDVQRPLQDOHVGHEHQFRQVLGHUDUVHDOLJXDOTXHKDFHU VXSHUKLSHUyQLPRVFRQXQYDORUVHPiQWLFRHVSHFLDOPHQWHDPSOLR  6HSXHGHGHVWDFDUXQDGLIHUHQFLDHQWUHKDFHUFRPRSURIRUPDYHUEDOR©SURYHUERª \ODVSURIRUPDVQRPLQDOHVFRPRFRVDRSHUVRQD0LHQWUDVHQHOSULPHUFDVRQRVH HVWDEOHFH PiV GLIHUHQFLD TXH HQWUH ©YHUERV GH DFFLyQª \ WRGRV ORV GHPiV YHUERV TXH QRUPDOPHQWH SDUHFHQ FDUHFHU GH XQ SURYHUER  HQ ORV VXVWLWXWRV QRPLQDOHV HVD GLVWLQFLyQ HV QHFHVDULD HV GHFLU VH KDFH SUHFLVR HVWDEOHFHU XQD FODVLILFDFLyQ VHPiQWLFD PtQLPD (Q FDVWHOODQR \ RWUDV OHQJXDV SRU HMHPSOR VH HVWDEOHFH HQWUH REMHWRV DQLPDOHV \ VHUHV KXPDQRV (VWR HV YiOLGR LQFOXVR SDUD OHQJXDV VLQ GLVWLQFLyQIRUPDOGHJpQHUR$VtHQMDSRQpVGRQGHQRH[LVWHHOJpQHURQLVLTXLHUD HQSURQRPEUHVRGHPRVWUDWLYRVNRWRSXHGHXWLOL]DUVHFRPRVXVWLWXWRQRPLQDOSDUD REMHWRV SHUR KD\ TXH HPSOHDU KLWR SDUD SHUVRQDV \ GRREXWVX SDUD DQLPDOHV SRU HMHPSOR ,JXDOPHQWH HQ TXHFKXD UXQD HV VXVWLWXWR XQLYHUVDO GH SHUVRQDV NXVD SDUDREMHWRVPLHQWUDVTXHHQRWURVDQLPDOHVVHXWLOL]DQWpUPLQRVGLVWLQWRVVHJ~QVH WUDWHGHDQLPDOGRPpVWLFR X\ZD RQR D\FKDSURSLDPHQWH©FDUQHª DXQTXHSRU LQIOXHQFLDGHOFDVWHOODQRVHLQWURGXFHHOWpUPLQRDQLPDO9HPRVSRURWUDSDUWHTXH HQ HVWD OHQJXD WDPELpQ HO VXVWLWXWR SDUD REMHWRV HV QRUPDOPHQWH XQ SUpVWDPR FDVWHOODQRSXHVHOWpUPLQRLPDTXHHQRFDVLRQHVSXHGHXWLOL]DUVHFRQHVHVHQWLGR HVSURSLDPHQWHXQSURQRPEUHQRXQHOHPHQWROp[LFR$VtSDUHFHTXHDOFRQWUDULR TXHHQORVSURQRPEUHV\RWUDVSURIRUPDV©YHUGDGHUDVªODV©SURIRUPDVOH[LFDOHVª QR VRQ XQLYHUVDOHV \ HQ FDVRV FRPR HO TXHFKXD SDUHFHQ GHEHUVH D GHVDUUROORV UHFLHQWHVLQIOXLGRVSRUOHQJXDVH[WUDQMHUDV  /D SRVLELOLGDGGHXWLOL]DUSURIRUPDVOH[LFDOHVHV SRU WDQWRUHVWULQJLGDREHGHFHD SULQFLSLRV GLIHUHQWHV D ORV TXH ULJHQ HO IXQFLRQDPLHQWR GH ODV ©SURIRUPDV YHUGDGHUDVª \ SXHGH FRQVLGHUDUVH PiV ELHQ FRPR XQ IHQyPHQR GH VXVWLWXFLyQ Op[LFD SRUKLSHURQLPLD $GHPiVFRPRVHxDODQDOJXQRVDXWRUHV )RVVHVWRO 'UHVVOHU   H[LVWHQ GLIHUHQFLDV WDPELpQ HQ HO IXQFLRQDPLHQWR GH HVWRV HOHPHQWRVHQFRPSDUDFLyQFRQODVYHUGDGHUDVSURIRUPDV$VtSDUD'UHVVOHU S VLJ  KDFHU QR VXVWLWX\H VRODPHQWH HO YHUER VLQR WRGR HO VLQWDJPD YHUEDO GHO TXH IRUPDSDUWH)RVVHVWRO S VHxDODPiVDFHUWDGDPHQWHTXHODVXVWLWXFLyQSRU KDFHU RVXVHTXLYDOHQWHVHQRWUDVOHQJXDV H[LJHH[FHSWRHQORVFDVRVGHHOLSVLVOD SUHVHQFLD GH XQD YHUGDGHUD SURIRUPD \ FRQVLGHUD TXH HO VXVWLWXWR YHUEDO QR HV KDFHUVLQRKDFHUHVR HQQRUXHJRGHWJL¡UH   >@$QDIXPD(VRKDFH0DUtD       

3iJ 3iJ

/RPLVPRVXFHGHFRQFRVD\RWURVVXVWLWXWRVOH[LFDOHVVXHOHXWLOL]DUVHDFRPSDxDGR GHXQGHPRVWUDWLYR  /DVGLIHUHQFLDVH[LVWHQWHVHQWUHHVWDVDSDUHQWHVSURIRUPDV\ODVYHUGDGHUDVVRQHQ FRQVHFXHQFLD FRQVLGHUDEOHV \ HV PHMRU QR WHQHUODV HQ FXHQWD FRPR HOHPHQWRV VXVWLWXWLYRVHVSHFtILFRVVLQRFRPRKLSHUyQLPRVSDUDORVFXDOHVUHJLUtDQODVPLVPDV FRQGLFLRQHVTXHSDUDRWURVVXVWLWXWRVOp[LFRV FIU   3URQRPEUHV'HORVSURQRPEUHVYHUHPRVHQSULPHUOXJDUORVSHUVRQDOHV 'H pVWRV WDQ VyOR ORV GH WHUFHUD SHUVRQD SXHGHQ FRQVLGHUDUVH SURSLDPHQWH FRPR SURIRUQLDV FRPR VXVWLWXWRV WH[WXDOHV HV GHFLU FRPR VXVWLWXWRV GH HOHPHQWRV \D DSDUHFLGRVHQHOWH[WR RHQIXQFLyQFDWDIyULFDTXHDSDUHFHUiQSRVWHULRUPHQWHHQ pO   /RV GH SULPHUD \ VHJXQGD SHUVRQD VH XVDQ FRQ IXQFLyQ H[DIyULFD R FRQWH[WXDO HV GHFLUKDFHQUHIHUHQFLDDDOJRH[LVWHQWHIXHUDGHOWH[WRPLVPRDORVSDUWLFLSDQWHVHQ HO DFWR FRPXQLFDWLYR /RV GH WHUFHUD SXHGHQ FXPSOLU WDPELpQ HVWD IXQFLyQ H[DIyULFDSHURVRQORV~QLFRVTXHSXHGHQDSDUHFHUHQGDIyULFDPHQWH  $Vt OD DSDULFLyQ GHO \R HQ OD FRQYHUVDFLyQ \ HQ HO WH[WR HVFULWR QR UHSURGXFH R VXVWLWX\HXQWpUPLQR\DXVDGRVLQRTXHVHUHILHUHDOKDEODQWHHQWDQWRHVWi©IXHUDª GHOWH[WRPLVPR/RPLVPRHO GHVHJXQGDSHUVRQDTXH KDFH UHIHUHQFLDDOR\HQWH /RVGHWHUFHUDSRUHOFRQWUDULRVLUYHQSDUDVXVWLWXLUHOHPHQWRVGHOWH[WR  >@$\HUOOHJDURQ/XLV\(OLVDeOHVWiPX\FRQWHQWRGHKDEHUYXHOWR  >@ÉOGLFHTXHQR  (QHO3ULPHUHMHPSORpOVXVWLWX\HDOQRPEUH/XLV\DDSDUHFLGRHQHOPLVPRWH[WR PLHQWUDVTXHHQHOVHJXQGRFDVRVHHVWDEOHFHXQDIXQFLyQTXHSXHGHFRQVLGHUDUVH H[DIyULFDSRUHMHPSORSXHGHKDFHUUHIHUHQFLDHQXQDFRQYHUVDFLyQDXQDSHUVRQD YLVWD SRU HO KDEODQWH \ HO R\HQWH TXH HVWi HQ HVH PRPHQWR ³GLFLHQGR TXH QR´ HQ HVWH FDVR OD H[SUHVLyQ OLQJtVWLFD QR HV VLQR XQD YHUEDOL]DFLyQ GH DOJR TXH VH SHUFLEHHQIRUPDOLQJtVWLFD FIUORV©SUHGLFDGRVFRPXQLFDWLYRVªHQ   7DPELpQ SXHGH KDFHU UHIHUHQFLD LJXDOPHQWH HQ FRQYHUVDFLyQ D SHUVRQD \D PHQFLRQDGD SHUR HQ HVWH FDVR WHQHPRV HO WLSR XVWLWXFLyQ GHO SULPHU HMHPSOR OD VXVWLWXFLyQ HQGDIyULFD (V GH GHVWDFDU TXH KD\ GLIHUHQFLDV FRPR YHPRV HQWUH HO XVR GH ORV SURQRPEUHV FRPR GH RWURV HOHPHQWRV WH[WXDOL]DGRUHV HQ OD FRQYHUVDFLyQ\HOWH[WRHVFULWR  (VWDGLIHUHQFLDHQWUHSURQRPEUHVGHSULPHUDVHJXQGD\GHWHUFHUDKDVLGRSXHVWD GH UHOLHYH HQ HVWXGLRV QR WH[WXDOHV HQ OD JUDPiWLFD RUDFLRQDO \ WLHQH VX UHIOHMR WDPELpQ HQ OD HVWUXFWXUD \ HO IXQFLRQDPLHQWR GH ORV GRV WLSRV GH SURQRPEUH 'H KHFKRHQDOJXQDVOHQJXDVVHWUDWDGHHOHPHQWRVFRPSOHWDPHQWHGLVWLQWRV 



3iJ

$Vt HQ ODV OHQJXDV JHUPiQLFDV DQWLJXDV ORV SURQRPEUHV GH OD SULPHUD VHJXQGD WHQtDQ GXDO SHUR QR GLVWLQFLyQ GH JpQHUR PLHQWUHV TXH ORV GH WHUFHUD WHQtDQ GLVWLQFLyQ JHQpULFD SHUR FDUHFtDQ GH GXDO (V IUHFXHQWH TXH ORV SURQRPEUHV GH WHUFHUD VHDQ KLVWyULFDPHQWH  \ HQ DOJXQDV OHQJXDV WDPELpQ VLQFUyQLFDPHQWH GHPRVWUDWLYRV $Vt VXFHGH HQ ODV OHQJXDV LQGRHXURSHDV GRQGH VH HVSHFLDOL]DQ GLYHUVRVGHPRVWUDWLYRVFRPRSURQRPEUHVGHWHUFHUDODTXHH[SOLFDODVGLIHUHQFLDV HQWUH XQDV OHQJXDV \ RWUDV SRU HMHPSOR HQ JHUPiQLFR HQWUH ODV IRUPDV GHO DOWR DOHPiQRHOJyWLFR HULV GHOQyUGLFR KDQQ RGHODVOHQJXDVRFFLGHQWDOHVGHOPDU GHO 1RUWH KH K\ KLM  (Q RWUDV OHQJXDV VH XWLOL]D XQ GHPRVWUDWLYR FRQ XQ VXVWDQWLYRSDUDVXSOLUODIDOWDGHXQYHUGDGHURSURQRPEUHGHWHUFHUDSHUVRQDFRPR HQ MDSRQpV GRQGH VH XWLOL]DQ SHUtIUDVLV FRPR NRQR DQR HWF KLWRRQQD SDUD pOHOOD HVWDEOHFLHQGR LQFOXVR GH DFXHUGR FRQ OD VXVWLWXFLyQ QRPLQDO Op[LFD  GLIHUHQFLDVJHQpULFDVQRH[LVWHQWHVHQWpUPLQRVJHQHUDOHVHQODOHQJXDHQTXHFKXD HOSURQRPEUHSHUVRQDOGHWHUFHUDSHUVRQDWLHQHXQDHVWUXFWXUDVLPLODUDODGHOD GLIHUHQFLD GH ORV SURQRPEUHV GH SULPHUD \ VHJXQGD SD\ FRPR HO GHPRVWUDWLYR FKD\IUHQWHDQRTD \R \TDQ W~  FIWWDPELpQ0DLJLQVNDMD   (Q FRQVHFXHQFLD QR SDUHFH FRQYHQLHQWH FRQVLGHUDU FRPR SURIRUPDV VXVWLWXWRV WH[WXDOHV  PiV TXH ORV SURQRPEUHV SHUVRQDOHV GH WHUFHUD SHUVRQD FIU 3DGXþHYD +DOOLGD\+DVDQ   2WURV SURQRPEUHV TXH WLHQHQ XQD IXQFLyQ VXVWLWXWLYD FODUD VRQ ORV UHFtSURFRV UHIOH[LYRV UHODWLYRV LQGHULQLGRV \ SRVHVLYRV (Q HVWH JUXSR SXHGHQ LQFOXLUVH WDPELpQ SRU ODV VLPLOLWXGHV TXH FRPR KHPRV VHxDODGR WLHQHQ FRQ ORV SURQRPEUHV ORV GHPRVWUDWLYRV DOJ~Q DXWRU VLQ HPEDUJR FRPR )RVVHVW¡O   \ VLJV  FRQVLGHUD D ORV GHPRVWUDWLYRV QR FRPR HOHPHQWRV SURSLDPHQWH VXVWLWXWLYRV VLQR FRPR GHWHUPLQDQWHV HV GHFLU IXQFLRQDUtDQ FRPR DUWtFXORV GHPRVWUDWLYRV &UHHPRV VLQ HPEDUJR TXH HVWR QR HV FRUUHFWR \D TXH ORV ©SURQRPEUHV GHPRVWUDWLYRVª SXHGHQ XWLOL]DUVH FRPR VXVWLWXWRV SOHQRV 3RU HMHPSOR  >@(OSURIHVRU\VXVDOXPQRVQRHVWiQHQFODVH$TXpOKDYXHOWRDFDVDpVWRVKDQ LGRDOEDU  (QHVWHFDVRDTXpOQRWLHQHRWUDIXQFLyQTXHVXVWLWXLUDSURIHVRUpVWRVDDOXPQRV 3HQVDPRV TXH )RVVHVW¡O TXH QR VH GHWLHQH HQ OD FXHVWLyQ GH ORV GHPRVWUDWLYRV SLHQVD HQ VX IXQFLyQ DGMHWLYDO HV GHFLU DFRPSDxDQGR XQ VXVWDQWLYR 3HUR OD SRVLELOLGDG GH XWLOL]DFLyQ FRPR VLPSOHV VXVWLWXWRV SDUHFH XQLYHUVDO HQ FDVWHOODQR QRH[LVWHGLIHUHQFLDHQWUHODVGRVIXQFLRQHV DGMHWLYDOSURQRPLQDOVXVWLWXWLYD HQ LQJOpVSRURWURODGRHOGHPRVWUDWLYRHQIXQFLyQVXVWLWXWLYDYDDFRPSDxDGRGHXQ HOHPHQWR VXVWDQWLYDO GH IRUPD TXH HO SURQRPEUH HV HO PLVPR TXH HO DGMHWLYR DXQTXH FRQ XQ LQGLFDGRU GH VX IXQFLyQ QRPLQDO DXWyQRPD VXVWLWXWLYD  $TXt SRGUtDHQWHQGHUVHHOGHPRVWUDWLYRHQHOVHQWLGRGH)RVVHVW¡O3HURHQMDSRQpVSRU HMHPSOR HO SURQRPEUH WLHQH XQD IRUPD GLIHUHQWH GHO DGMHWLYR NRQR DGMHWLYR  IUHQWHDNRUW SURQRPEUH ODSULPHUDIRUPDDFRPSDxDDXQVXVWDQWLYRNRQRKLWR  

3iJ

OD VHJXQGD VH XWLOL]D DXWyQRPDPHQWH (Q RWUDV OHQJXDV QR H[LVWH GLIHUHQFLD QLQJXQDHQWUHODVGRVIXQFLRQHVFKD\HQTXHFKXDSXHGHVHUWDQWRDGMHWLYR FKD\ UXQDHVWHKRPEUH FRPRSURQRPEUH FKD\pVWH DOLJXDOTXHVXFHGHHQFDVWHOODQR \ RWUDV FRQVLGHUDUVH ORV SURQRPEUHV GHPRVWUDWLYRV FRPR SURIRUPDV SXUDV HV GHFLUFRPRHOHPHQWRVGHVWLQDGRVEiVLFDPHQWH R~QLFDPHQWH DODVXVWLWXFLyQ6LQ HQLEDUJR QR SXHGH ROYLGDUVH TXH ORV GHPRVWUDWLYRV LQWURGXFHQ GLIHUHQFLDFLRQHV TXHQRDSDUHFHQHQORVSURQRPEUHVSHUVRQDOHV  3RURWURODGRHQWUHODVOHQJXDVKD\GLIHUHQFLDVHQODXWLOL]DFLyQGHORVSURQRPEUHV SHUVRQDOHVTXHQRH[LVWHQHQORVGHPRVWUDWLYRV$VtHQOHQJXDVVLQJpQHUR FRPRHO MDSRQpV HO FKLQR R HO TXHFKXD WDPELpQ HO LQJOpV R HO DIULNDDQV HWF  SXHGHQ HVWDEOHFHUVHGLVWLQFLRQHVJHQpULFDV QRJUDPDWLFDOHVVLQREiVLFDPHQWHVHPiQWLFDV  HQORVSURQRPEUHVSHURQRHQORVGHPRVWUDWLYRVDXQTXHQRVLHPSUHWiHQFKLQR SD\ HQ TXHFKXD QR LQFOX\HQ GLIHUHQFLDV JHQpULFDV SHUR Vt DQR KLWRDQR RQQD HQ MDSRQpV KHVKH HQ LQJOpV K\V\ HQ DIULNDDQV (O SURQRPEUH HQ FRQVHFXHQFLD DGPLWH GLIHUHQFLDFLRQHV QR H[LVWHQWHV HQ ORV GHPRVWUDWLYRV SDUD ODV PLVPDV OHQJXDV pVWRV QXQFD HVWDEOHFHQ GLVWLQFLRQHV JHQpULFDV ]Kq FKLQR  FKD\ TXHFKXD NRUH MDSRQpV WKLVRQHGDW DIULNDDQV QRYDUtDQVHJ~QHOJpQHUR$Vt ORV SURQRPEUHV SXHGH FRQVLGHUDUVH TXH WLHQHQ XQ IXQFLRQDPLHQWR SDUFLDOPHQWH GLVWLQWRDORVGHPRVWUDWLYRVHQIXQFLyQSURQRPLQDO'LFKRGHRWUDIRUPDSDUHFHUtD TXH ORV SURQRPEUHV WLHQHQ XQD IXQFLyQ SDUFLDOPHQWH VLQWiFWLFD \ SDUFLDOPHQWH VHPiQWLFDPLHQWUDVTXHODIXQFLyQGHORVGHPRVWUDWLYRVHVEiVLFDPHQWHVLQWiFWLFD $Vt HQ DOJXQDV OHQJXDV SXHGH KDEHU XQD ©FRQWUDGLFFLyQ VHPiQWLFDª HQ HO XVR GH ORV SURQRPEUHV SHUVRQDOHV SRU HVD DPELYDOHQFLD VHPiQWLFRVLQWiFWLFD TXH QR VH SURGXFH HQ HO HPSOHR GH ORV GHPRVWUDWLYRV HQ QHHUODQGpV GRQGH H[LVWH XQD GLIHUHQFLD VLQWiFWLFD HQJpQHURQHXWUR\FRP~QXQDSDODEUDFRPRNRH YDFD GHO JpQHURFRP~QSXHGHVXVWLWXLUVHPHGLDQWHHOSURQRPEUHSHUVRQDOKLMJHQHUDOL]DGR SDUDORVVXVWDQWLYRVDQLPDGRVGHHVHJpQHURFRQORFXDOWHQHPRVIUDVHVFRPR  >@GHNRHLV]LHN+LMLVDORXG  OLWHUDOPHQWHODYDFDHVWiHQIHUPDeO\DHVYLHMR   /D FRQWUDGLFFLyQ VH SURGXFH SRUTXH KLM DGRSWD GLVWLQFLRQHV VHPiQWLFDV HQ HO FDVR GH VHUHV KXPDQRV VDOYDQGR ODV GLIHUHQFLDV JHQpULFDV VLQWiFWLFDV $Vt YURXZ PXMHU HVWDPELpQGHOJpQHURFRP~Q SHUR HO SURQRPEUHXWLOL]DGRHV VLHPSUH ]LM HOOD  ,QFOXVR HQ WpUPLQRV GHO JpQHUR QHXWUR FRPR PHLVMH PXFKDFKD  SXHGH RSWDUVHHQWUHODVHOHFFLyQVLQWiFWLFDGHOSURQRPEUH GDWQHXWUR \ODVHPiQWLFD ]LM HOOD  7RGR HOOR VH GHEH D HVD GREOH IXQFLyQ VLQWiFWLFD \ VHPiQWLFD HQ ORV SURQRPEUHV TXH QR H[LVWH HQ ORV GHPRVWUDWLYRV GLH WDQWR SDUD NRH FRPR SDUD YURXZ R PDQ >KRPEUH@ GDW SDUD PHLVMH  (Q DOJXQDV OHQJXDV FRPR ODV HVFDQGLQDYDV FRQWLQHQWDOHV VXHFR QRUXHJR \ GDQpV  VH GHVDUUROODQ IRUPDV HVSHFLDOHVSDUDHYLWDUHVWDVFRQWUDGLFFLRQHV\SDUDH[WHQGHUDORVGHPRVWUDWLYRVODV GLIHUHQFLDFLRQHVSRVLEOHVHQORVSURQRPEUHV  

 

3iJ 3iJ

'H HVWD IRUPD HO SURQRPEUH SHUVRQDO DO LJXDO TXH HO GHPRVWUDWLYR SXHGHQ XWLOL]DUVH \ HV pVWD VX IXQFLyQ EiVLFD FRPR VLPSOHV VXVWLWXWRV GH HOHPHQWRV DSDUHFLGRVHQHOWH[WRHVWDEOHFLHQGRODVGLIHUHQFLDFLRQHVHQVXEFODVHVVHPiQWLFDV\ VLQWiFWLFDVTXH SHUPLWH OD OHQJXD 6RQ SXHV QR VXVWLWXWRV XQLYHUVDOHV SDUD FODVHV VLQWiFWLFDVFRPR©VXVWDQWLYRªVLQRSDUDVXEFODVHVHVSHFtILFDV/RVGHPRVWUDWLYRV SRURWURODGRLQWURGXFHQGLVWLQFLRQHVGHWLSRGHtFWLFRGHDOHMDPLHQWRSUR[LPLGDG HWFVLHPSUHTXHHVDVFDWHJRUtDVVHDQSHUPLWLGDVHQODOHQJXD  /RPLVPRSXHGHGHFLUVHGHORVSRVHVLYRV$VtHQODVIUDVHVVLJXLHQWHV  >@-XDQVHPDUFKy,EDDVXFDVD  6XVXVWLWX\HD-XDQHQXQDGHWHUPLQDGDIXQFLyQVLQWiFWLFD(QOHQJXDVFRQVLVWHPD FDVXDO HV IUHFXHQWH OD XWLOL]DFLyQ HQ HVWRV FDVRV GH XQ SURQRPEUH SHUVRQDO PiV LQGLFDWLYRGHOFDVRGHSRVHVLyQQRUPDOPHQWHHOJHQLWLYR$VtHOSRVHVLYRGHWHUFHUD SHUVRQD SRUTXH DTXt SXHGH DSOLFDUVH WDPELpQ OR TXH GLMLPRV VREUH OD GLIHUHQFLD HQWUHORVSURQRPEUHVSHUVRQDOHV SXHGHVHUVLPSOHPHQWHODIRUPDGHJHQLWLYRHQ ODVOHQJXDVHVODYDVIRUPDVFRPRUXVRHJR VXGHpO Hs GHHOOD LK GHHOORV RHO HVORYDFRMHKRMHMLFK PLVPRVYDORUHV VHGLVWLQJXHQGHORVSRVHVLYRVGHSULPHUD R VHJXQGD SHUVRQD TXH IXQFLRQDQ FRPR DGMHWLYRV FRQ ODV FRUUHVSRQGLHQWHV YDULDFLRQHV SDUD HVWDEOHFHU FRQFRUGDQFLD PRMWYRM HQ UXVR P{MWY{M HQ HVORYDFR TXHYDUtDQSRUHMHPSORWRPDQGRODVIRUPDVIHPHQLQDVPRMDWYRMDHWF/RPLVPR VXFHGH HQ ODV OHQJXDV JHUPiQLFDV DQWLJXDV R HQ ODV HVFDQGLQDYDV PRGHUQDV KLV LQYDULDEOHHQDQWLJXRLQJOpVIUHQWHDORVIOH[LRQDEOHVPLQSLQKDQVHQODVOHQJXDV HVFDQGLQDYDV IUHQWH DO LVODQGpV PLQQSLQQ IOH[LRQDEOH ,JXDOPHQWH HQ OHQJXDV FRPR HO TXHFKXD GRQGH HO SRVHVLYR HQ HVWH FDVR HQ ODV WUHV SHUVRQDV  HV HO SURQRPEUH SHUVRQDO PiV OD WHUPLQDFLyQ SD GH JHQLWLYR R LJXDOPHQWH HQ FKLQR GRQGHDOSURQRPEUHVHOHDxDGHGHRQRHQMDSRQpV$VtHOIXQFLRQDPLHQWRGHORV SRVHVLYRVHVLJXDOTXHHOGHORVVXVWDQWLYRV  >@-RKQZHQWKRPH+LVIULHQGZHQWWRR >-XDQGDzMLjT~OH7DGHSpQJ\ X\ T >@-XDQZDVLPDQULUTD3D\SDDPLJXQULUTDSLV  FRUUHVSRQGHQH[DFWDPHQWHDODVIRUPDVVLQVXVWLWXFLyQ  >@-RKQZHQWKRPH-RKQ VIULHQGZHQWWRR >@-XDQGDzMLjT~OH7DGHSpQJ\ X\ T >@-XDQZDVLPDQULUTD-XDQSDDPLJXQULUTDSLV  (V GHFLU HO SRVHVLYR QR HV PiV TXH OD VXVWLWXFLyQ GH XQ VXVWDQWLYR HQ XQD GHWHUPLQDGDIXQFLyQVLQWiFWLFD 

 

3iJ

(O SURQRPEUH SRVHVLYR SRU RWUR ODGR WLHQH XQ IXQFLRQDPLHQWR GLIHUHQWH 1R VXVWLWX\H VRODPHQWH DO SRVHHGRU FRPR HQ HO FDVR GHO ©DGMHWLYR SRVHVLYRª VLQR DO VLQWDJPD  >@-XDQWUDMRVXHVFRSHWD3HGURODVX\D  GRQGHHYLGHQWHPHQWHODVX\DKDFHUHIHUHQFLDSRUXQODGRDHVFRSHWD\SRURWURD 3HGUR6XVWLWX\HSRUWDQWRDOVLQWDJPDODGH3HGUR  /DPLVPDGLIHUHQFLDVHREVHUYDHQHQTXHFKXD  >@-XDQLOODQSDWDDSDPXUTD3HGURTDSD\SDWD  GRQGH SD\SDWD HV XQD FRQVWUXFFLyQ IRUPDGD SRU HO SURQRPEUH SHUVRQDO SD\  HQ JHQLWLYR SD  FRQVLGHUDGR FRPR IRUPD QRPLQDO D OD TXH VH DxDGH HO VXILMR GH DFXVDWLYR WD   (QFXDQWRDORVGHPRVWUDWLYRVRWUDREVHUYDFLyQTXHSXHGHKDFHUVHHVTXHLQGLFDQ FRPR DSXQWDPRV PiV DUULED UHODFLRQHV HVSHFLDOHV TXH VRQ EiVLFDPHQWH GH SUR[LPLGDGOHMDQtDHVODGLIHUHQFLDHQWUHHVWHHVHDTXHOHQFDVWHOODQRWKLVWKDWHQ LQJOpV GLHVGDOHQQHHUODQGpVNRQRDQRVRQRHQ MDSRQpVKpLQpL HQFKLQRHWF DXQTXHFRPRHVVDELGRSXHGHKDEHUGLIHUHQFLDVHQWUHODVOHQJXDVHOTXHFKXDVyOR XWLOL]DXQGHPRVWUDWLYRFKD\VLQLQGLFDFLyQGHSUR[LPLGDGROHMDQtD  &XDQGR ORV GHPRVWUDWLYRV VH XWLOL]DQ HQ HO WH[WR SXHGHQ WHQHU DO LJXDO TXH FXDOTXLHU RWUD SURIRUPD XQD UHIHUHQFLD LQWUDWH[WXDO R HQGRIyULFD \ RWUD H[WUDWH[WXDORH[RIyULFD(QHOSULPHUFDVRODUHIHUHQFLDVHHVWDEOHFHDSXQWRVPiV R PHQRV FHUFDQRV GHQWUR GHO WH[WR 6LQ HPEDUJR H[LVWHQ UHVWULFFLRQHV HQ OD XWLOL]DFLyQHQGRIyULFDpVHUDUDYH]VHXWLOL]DHQHVWHVHQWLGR   3URDGYHUYLRV/RV SURDGYHUELRV VXVWLWX\HQ HOHPHQWRV FRQ IXQFLyQ DGYHUELDODGHPiVGHVXXWLOL]DFLyQH[DIyULFDTXHHVVXILFLHQWHPHQWHFRQRFLGD$TXt QRVLQWHUHVDVXSDSHOGHVXVWLWXWRVHQGRIyULFRVGHHOHPHQWRVSUHVHQWHVHQHOWH[WR  >@7RGRVHVWDEDQHQ&DVD$OOtKDFtDPHQRVIUtR  &RPR VH YH HQ HVWH FDVR VH VXVWLWX\H WRGR XQ VLQWDJPD DGYHUELDO SHUR OD VXVWLWXFLyQSXHGHHVWDEOHFHUVHWDPELpQVREUHRWURVDGYHUELRVVLPSOHV  >@7RGRVHVWDEDQGHQWUR$OOtKDFtDPHQRVIUtR       

3iJ 3iJ

([LVWH VLQ HPEDUJR XQD GLIHUHQFLD HQWUH ORV DGYHUELRV ©YHUGDGHURVª \ ODV SURIRUPDVDGYHUELDOHV/RVSULPHURVVRQSURSLDPHQWHHOHPHQWRVOp[LFRVPLHQWUDV TXH ORV VHJXQGRV WLHQHQ IXQFLyQ H[FOXVLYDPHQWH VXVWLWXWLYD eVWRV QR WLHQHQ XQD H[LVWHQFLD XQLYHUVDO (Q MDSRQpV SRU HMHPSOR OD VXVWLWXFLyQ WLHQH TXH UHDOL]DUVH SRUPHGLRGHVLQWDJPDVDGYHUELDOHVFRPSOHWRV\HQOXJDUGHXQDIRUPDVXVWLWXWLYD FRPR©DOOtªKD\TXHXWLOL]DUXQDIRUPDGHOWLSRDQRWRNRURQLOLWHUDOPHQWH©HQHVH OXJDUª$VtH[LVWHXQDGLIHUHQFLDFRQVLGHUDEOHHQWUHORVVXVWLWXWRVDGYHUELDOHV\ORV SURQRPLQDOHV\DTXHpVWRVSDUHFHTXHSHVHDODVGLIHUHQFLDVSXHGHQFRQVLGHUDUVH XQLYHUVDOHV PLHQWUDV TXH DTXpOORV QR OR VRQ 'H DOJXQD IRUPD HV OR PLVPR TXH HQFRQWUDPRV HQ ORV SURYHUERV TXH WDPSRFR VRQ XQLYHUVDOHV \ HVWiQ VRPHWLGRV D FRQVLGHUDEOHVUHVWULFFLRQHVHQVXIXQFLRQDPLHQWR3DUHFHUtDTXHVyORODVXVWLWXFLyQ SXUDPHQWHQRPLQDOSXHGHKDFHUVHFRQHOHPHQWRVDEVROXWDPHQWHHVSHFLDOL]DGRV\ pVWRV VRQ DO SDUHFHU IXQGDPHQWDOPHQWH GH FDUiFWHU GHPRVWUDWLYR GHtFWLFR OD VXVWLWXFLyQ VHUtD HQ FRQVHFXHQFLD OD XWLOL]DFLyQ GH HOHPHQWRV TXH UHSURGXFLHQGR DOJXQDVHDUDFWHUtVWLFDVVLQWiFWLFDV\VHPiQWLFDVGHOHOHPHQWRVVXVWLWXLGROODPDQOD DWHQFLyQGHOR\HQWHOHFWRUKDFLDXQSXQWRDQWHULRU RSRVWHULRU GHOWH[WR GHMDQGR DTXtDSDUWHODUHIHUHQFLDH[RIyULFDRH[WUDWH[WXDORFRQWH[WXDO 3XHGHQHQWHQGHUVH FRPR©LQVWUXFFLRQHVªSDUDTXHHOOHFWRU©YXHOYDªDRWURVSXQWRVGHOWH[WR  (O HVWXGLR GH WRGRV HVWRV HOHPHQWRV TXH QR LQWHUHVD VRODPHQWH D OD OLQJtVWLFD WH[WXDO SODQWHD LQWHUHVDQWHV FXHVWLRQHV OLQJtVWLFDV TXH D~Q QR HVWiQ SHUIHFWDPHQWH UHVXHOWDV \ TXH HQ QXHVWUD RSLQLyQ GHEHUtDQ HVWXGLDUVH WHQLHQGR PX\ HQ FXHQWD ODV GLIHUHQFLDV HQWUH ODV GLVWLQWDV OHQJXDV DVt FRPR HO GHVDUUROOR KLVWyULFR GH ORV HOHPHQWRV XWLOL]DGRV FRPR SURIRUPDV HQ PXFKRV FDVRV HQFRQWUDUHPRV SDUD WRGRV ORV WLSRV XQD HYROXFLyQ D SDUWLU GH OH[HPDV DXWRVHPiQWLFRV \ SRGUHPRV YHU TXH OD LQPHQVD PD\RUtD GH ODV SURIRUPDV VL QR WRGDV VRQ EiVLFDPHQWH FRPSXHVWRV R GHULYDGRV GH GHPRVWUDWLYRV TXH HQ FRQVHFXHQFLDSXHGHQFRQVLGHUDUVHFRPRODVSURIRUPDVSRUDQWRQRPDVLD  6HxDOHPRVILQDOPHQWHTXHH[LVWHQWDPELpQVXVWLWXWRVGHRUDFLRQHVFRPSOHWDV(Q HVWRVFDVRVWDPELpQODEDVHHVWiHQORVGHPRVWUDWLYRV  >@ 5HJUHVy D FDVD ERUUDFKR /H KDEtDQ GHVSHGLGR GHO WUDEDMR \ WHQtD \D FLQFXHQWDDxRV1RWHQtDSRVLELOLGDGGHHQFRQWUDURWURHPSOHR\VHGHVHVSHUy3RU HVRKDEtDEHELGR  $TXtHVR XQGHtFWLFR VXVWLWX\HXQDVHULHGHGRVIUDVHVFRPSOHWDV    5HVXPHQ7RGDV ODV SURIRUPDV HVWDEOHFHQ XQD UHIHUHQFLD GH LGHQWLGDG SOHQDDXQTXHOLPLWDQGRVXYDORUDVHxDODUTXHORTXHHQFRQWUDPRVHQXQSXQWRGHO WH[WRGHEHLGHQWLILFDUVHH[DFWDPHQWHFRQDOJRTXHKDDSDUHFLGRDQWHULRUPHQWHHQHO PLVPR WH[WR R TXH SRGHPRV LGHQWLILFDU H[WUDWH[WXDOPHQWH PHGLDQWH QXHVWUR ©FRQRFLPLHQWRGHOPXQGRªRGHOFRQWH[WR   

3iJ

3XHGHQ FRQVLGHUDUVH SURIRUPDV ORV HOHPHQWRV TXH ~QLFDPHQWH VLUYHQ SDUD HVWDEOHFHU HVD VXVWLWXFLyQ 3RU WDQWR VRQ SURIRUPDV IXQGDPHQWDOPHQWH ORV GHPRVWUDWLYRVHQIXQFLyQSURQRPLQDO\WDPELpQORVSURQRPEUHVSHUVRQDOHV\ORV SRVHVLYRV MXQWR D RWURV HOHPHQWRV SUy[LPRV FRPR UHIOH[LYRV HWF /RV OODPDGRV SURYHUERV \ SURDGYHUELRV QR VRQ YHUGDGHUDV SURIRUPDV VLQR JHQHUDOPHQWH VXVWLWXFLRQHVPHGLDQWHKLSHUyQLPRV\GHPRVWUDWLYRV  (OLSVLV/DHOLSVLVHVXQDIRUPDHVSHFLDOGHVXVWLWXFLyQHQODTXHHOVXVWLWXWR HV FHUR (Q JHQHUDO SXHGH DSDUHFHU FRPR VXVWLWXFLyQ GH FXDOTXLHU HOHPHQWR OLQJtVWLFR DXQTXH SRU UHJOD JHQHUDO VXHOH OLPLWDUVH D ORV TXH SXHGHQ UHHPSOD]DUVH FRQ SURIRUPDV (VWR VLQ HPEDUJR QR HV JHQHUDO \ WDPELpQ HQ ORV FDVRV HQ TXH QR H[LVWHQ SURIyUPDV FRPR DUULED ODV GHILQLPRV SRGHPRV HQFRQWUDU HOLSVLV3RUHMHPSORWHQLHQGRHQFXHQWDORTXHDQWHVGLMLPRVVREUHODQRH[LVWHQFLD GHSURIRUPDVYHUEDOHVVLQHPEDUJRH[LVWHQFDVRVFRPRHOIULVyQ  >@(NVLOWRLWHQ LUpDFRPHU   GRQGHHHOYHUERJHDQ LU VXIUHHOLSVLVODIUDVHDQWHULRUHVHTXLYDOHQWHD  >@(NVLOWRLWHQJHDQ   (QHOSULPHUFDVRJHDQVXIUHHOLSVLVVLQTXHSXHGDVHUVXVWLWXLGRSRUSURIRUPDV  (Q JHQHUDO OD HOLSVLV VyOR HV SRVLEOH FXDQGR HO HOHPHQWR HOLGLGR HV SHUIHFWDPHQWH LGHQWLILFDEOHSRUHOR\HQWH VHDLQWUDWH[WXDORH[WUDWH[WXDOPHQWH   (QORVFDVRVHQTXHODHOLSVLVYLHQHH[LJLGDHQJUDQSDUWHSRUODQRUPDOLQJtVWLFD FRPRHOLSVLVGHOSURQRPEUHHQFDVWHOODQRRHQRWUDVOHQJXDV VXIDOWDOOHYDFRQVLJR XQ YDORU HVWLOtVWLFR HVSHFLDO 6NRYRURGQLNRY   OR LQWHUSUHWD FRPR XQD RSRVLFLyQ HVWLOtVWLFD HOLSVLVDQWLHOLSVLV \ FDUDFWHUL]D D pVWD FRPR ©WDXWRORJtD KLSFUHDUDFWHUL]DGDª/RIXQGDPHQWDOHFRPRHQRWUDVIRUPDVGHVXVWLWXFLyQHOQR VHJXLPLHQWR GH ODV QRUPDV VLQWiFWLFDV WH[WXDOHV  XVXDOHV FRQGXFH QR VLHPSUH D XQD IRUPDFLyQ DJUDPDWLFDO R LQDFHSWDEOH VLQR D YDORUHV HVWLOtVWLFRV TXH SXHGHQ GHILQLUVH FRQ FLHUWD SUHFLVLyQ 7DPELpQ WUDWDQ OD HOLSVLV GHVGH XQ SXQWR GH YLVWD WH[WXDO (QNYLVW    +DOOLGD\+DVDQ   \ WLHQH LQWHUpV OD H[SRVLFLyQ KLVWyULFDGH0DOMDYLQD     5(/$&,21(66(0È17,&$6(175(/(;(0$6  8QDGHODVIRUPDVEiVLFDVSDUDHVWDEOHFHUODFRKHUHQFLDWH[WXDOHVODFRQH[LyQHQWUH HOHPHQWRV Op[LFRV VXFHVLYRV ([LVWH DTXt SRU UHJOD JHQHUDO D QXHVWUR SDUHFHU XQD FRQIXVLyQHQWUHORTXHSURSLDPHQWHSRGHPRVOODPDU©UHODFLRQHVVHPiQWLFDVHQWUH OH[FPDVª \ OD UHSHWLFLyQ R VXVWLWXFLyQ Op[LFD &RQYLHQH HVWDEOHFHU XQD FODUD 



3iJ

GLVWLQFLyQ\DTXHHQHVWH~OWLPRFDVRVHWUDWDGH³VXVWLWXFLyQLGpQWLFD´HVGHFLUXQ HOHPHQWRVHYHVXVWLWXLGRSRURWURTXHORUHSURGXFHH[DFWDPHQWHPLHQWUDVTXHHQ HO WLSR TXH DTXt QRV RFXSD HQFRQWUDPRV QR XQD UHSURGXFFLyQ LGpQWLFD VLQR GH PHUDVLPLOLWXG  $GHPiV ODV UHODFLRQHV HQWUH OH[HPDV UHSUHVHQWDQ XQR GH ORV PHGLRV IXQGDPHQWDOHV GH WH[WXDOL]DFLyQ 6L OD UHSHWLFLyQ Op[LFD HV XQ IHQyPHQR HQ SDUWH VLQWiFWLFR\HVWLOtVWLFRODFRKHUHQFLDREWHQLGDPHGLDQWHHVWDVUHODFLRQHVVHPiQWLFDV OH[HPiWLFDVWLHQHXQFDUiFWHUPiVSURIXQGR\ORVLQWiFWLFRVyORWLHQHXQDIXQFLyQ VHFXQGDULD  (VWDV UHODFLRQHV HQWUH OH[HPDV HVWiQ HVWUHFKDPHQWH XQLGDV D RWURV SURFHVRV GH WH[WXDOL]DFLyQHOSULQFLSDOGHORVFXDOHVHVODSUHVHQWDFLyQ\GHVDUUROORGHOWHPDGHO WH[WRHQORVVXEWHPDVRWHPDVSDUFLDOHVRVXERUGLQDGRVGHVXVGLIHUHQWHVXQLGDGHV WHPiWLFRFRPXQLFDWLYDV (V GHFLU HO HVWXGLR GH ODV UHODFLRQHV HQWUH OH[HPDV QR SXHGHVHSDUDUVHGHOHVWXGLRGHORVIHQyPHQRVGHOWHPDGHOWH[WR1RVOLPLWDUHPRV DTXtDVHxDODUODVGLVWLQWDVIRUPDVHQTXHVHUHDOL]DODUHODFLyQVHPiQWLFDGHMDQGR SDUDRWUROXJDUHOHVWXGLRHVSHFtILFRGHOWHPD\VXIXQFLyQWH[WXDOL]DGRUD  $OWUDWDUGHODVXVWLWXFLyQOp[LFDWXYLPRVRFDVLyQGHFRQVLGHUDUIXQGDPHQWDOPHQWH ODVLQRQLPLD  TXHHVWDEOHFHXQDUHODFLyQGHLGHQWLGDGUHIHUHQFLDOHQWUHGRV HOHPHQWRV Op[LFRV OR TXH TXLHUH GHFLU TXH HV HO ©PLVPR REMHWR GH OD UHDOLGDGª HO TXHVHPHQFLRQDHQGRVOXJDUHVVXFHVLYRVGHOWH[WRFRPRVXFHGHWDPELpQDXQTXH FRQRWURVPHGLRVIRUPDOHVHQODSURQRPLQDOL]DFLyQ(VWDIRUPDGHFRKHUHQFLDHVOD PiV VLPSOH \ FRPR \D KHPRV VHxDODGR HV GH FDUiFWHU IXQGDPHQWDOPHQWH VXSHUILFLDOHQFXDQWRDOKHFKRHVSHFtILFRGHXWLOL]DUOH[HPDVRSURIRUPDVGLIHUHQWHV HQXQRV\RWURVFDVRV  1RVILMDUHPRVDTXtHQODVUHVWDQWHVUHODFLRQHVVHPiQWLFDVHQORVFDVRVHQTXHQRVH UHSURGXFH R UHSLWH XQ PLVPR REMHWR R UHIHUHQWH VLQR TXH VH WRPDQ REMHWRV GLIHUHQWHVHVGHFLUFXDQGRQRH[LVWHLGHQWLGDGUHIHUHQFLDO  6H WUDWD IXQGDPHQWDOPHQWH GH UHODFLRQHV Op[LFDV HQ HO HMH SDUDGLJPiWLFR DXQTXH WDPELpQHQHOHMHVLQWDJPiWLFR'HOSULPHUWLSRVRQVXVWLWXFLRQHVFRPRODVGHELGDV D KLSRQLPLD KLSHURQLPLD HWF GHO VHJXQGR VRQ ODV UHODFLRQHV TXH HQ HO WH[WR SXHGHQ HVWDEOHFHUVH VXFHVLYDPHQWH SRU HMHPSOR HQWUH WUXHQR \ WURQDU HWF HV GHFLUFXDQGRXQHOHPHQWRYDVHJXLGR DPD\RURPHQRUGLVWDQFLD SRURWURFRQ XQVLJQLILFDGRSUy[LPRSHURTXHQRSXHGHFRQVLGHUDUVHHTXLYDOHQWHDOSULPHUR  9HDPRVXQSULPHUHMHPSORGHUHODFLyQTXHOODPDPRVSDUDGLJPiWLFD  >@/DFRPLGDHVWDEDPX\EXHQD/RVDOLPHQWRVHUDQGHSULPHUDFDOLGDG     

3iJ 3iJ

$TXt FRPLGD \ DOLPHQWRV VRQ GRV HOHPHQWRV UHODFLRQDGRV SDUDGLJPiWLFDPHQWH SHUR TXH QR VRQ LGpQWLFRV UHIHUHQFLDOPHQWH HV GHFLU QR VRQ VLQyQLPRV HQ HO VHQWLGRGHQRSRGHPRVXWLOL]DUXQRXRWURLQGLVWLQWDPHQWHFRPRHQHOFDVR GH SHUURFDQ DXQTXH HVD VXVWLWXFLyQ VHD SRVLEOH HQ FRQWH[WRV HVSHFtILFRV 2WUR HMHPSORGRQGHTXHGDPiVGHPDQLILHVWRWRGDYtDODQRVLQRQLPLDHVHOVLJXLHQWH  >@/RVQLxRVVDOLHURQ/RVPD\RUHVVHTXHGDURQHQODFDVD  GRQGH QR H[LVWH HQ DEVROXWR UHODFLyQ VLQRQtPLFD \ HV LPSRVLEOH OD VXVWLWXFLyQ DKRUD HQ FXDOTXLHU FRQWH[WR \D TXH GH DOJXQD PDQHUD VH WUDWD GH WpUPLQRV DQWLQyPLFRV XQR HVWDUtD FDUDFWHUL]DGR FRPR >DGXOWR@ HO RWUR FRPR >DGXOWR@  ,JXDOPHQWH  >@(OFROHJLRHVWDEDFHUUDGR/RVSURIHVRUHVHVWDEDQHQKXHOJD  (QHVWHWH[WRVHPDQWLHQHODFRKHUHQFLDOp[LFDHQEDVHDODUHODFLyQVHPiQWLFDHQWUH FROHJLR \ SURIHVRUHV VLQ TXH H[LVWD VLQRQLPLD QL HQ FRQVHFXHQFLD SRVLELOLGDG GH VXVWLWXFLyQHQXQFRQWH[WRGDGR  (OHVWXGLRGHODVUHODFLRQHVVHPiQWLFDVHQWUHOH[HPDVWLHQHXQDJUDQFRPSOHMLGDG\ VHKDUHDOL]DGRHQHOPDUFRGHODVHPiQWLFDOp[LFD$ODOLQJtVWLFDWH[WXDOOHLQWHUHVD SRUVXSDSHOWH[WXDOL]DGRU  'HORV GLVWLQWRVPRGHORVH[LVWHQWHVSDUD HOHVWXGLRGHODVUHODFLRQHV VHPiQWLFDV SRGUtDXWLOL]DUVHHQSULQFLSLRFXDOTXLHUDGHQWURGHODOLQJtVWLFDWH[WXDOVLHPSUH TXH HO PRGHOR VHD GH FDUiFWHU UHIHUHQFLDO 0LHQWUDV HQ VHPiQWLFD Op[LFD SXHGH KDFHUVHXQHVWXGLRGHFDUiFWHUQRUHIHUHQFLDORVyORVHFXQGDULDPHQWHUHIHUHQFLDO SDUD HO HVWXGLR GHO WH[WR HV SUHFLVR FRPR \D KHPRV WHQLGR RSRUWXQLGDG GH YHU WRPDUXQSXQWRGHSDUWLGDGHQRWDWLYRRUHIHUHQFLDO  'LUHPRV TXH OD UHODFLyQ VHPiQWLFD HV XQ UHIOHMR GH ODV UHODFLRQHV UHDOPHQWH H[LVWHQWHV HQ OD UHDOLGDG R HQ OD LQWHUSUHWDFLyQ VRFLDO GH OD UHDOLGDG HWF  'H PDQHUD TXH OD SULPHUD FRQGLFLyQ LPSUHVFLQGLEOH SDUD TXH H[LVWD UHODFLyQ VHPiQWLFDOH[HPiWLFDHQXQWH[WRHVTXHH[LVWDXQDUHODFLyQGH©FRKHUHQFLDªHQWUH REMHWRV DFFLRQHV HWF GH OD UHDOLGDG TXH VH FRPXQLFDQ SRU PHGLR GHO OHQJXDMH (YLGHQWHPHQWH HVWH UHIOHMR QR HV VLPSOH R GLUHFWR (V SUHFLVR WHQHU HQ FXHQWD OD ©LQWHUSUHWDFLyQ GH OD UHDOLGDGª SRU ORV JUXSRV VRFLDOHVFXOWXUDOHV TXH SXHGHQ DGRSWDUODVUHODFLRQHV©UHDOHVªH[LVWHQWHVRFUHDUDOJXQDVVLQFRUUHVSRQGHQFLDUHDO 'HQWURGHHVWHWLSRGHLQWHUSUHWDFLyQVRFLRFXOWXUDOHQFRQWUDPRVGHVGHODVILJXUDV GH ILFFLyQ VLQ H[LVWHQFLD UHDO FRPR ODV ©VLUHQDVª KDVWD RWUDV GH FDUiFWHU PiV UHVWULQJLGR FRPR OD UHODFLyQ ©VDFHUGRWHª©PDWULPRQLRª HQ GHWHUPLQDGDV UHOLJLRQHV ORV WDE~V HWF H LQFOXVR HO SXUR MXHJR OLQJtVWLFR 'H IRUPD TXH ODV UHODFLRQHV UHDOHV GHWHUPLQDQ OD H[LVWHQFLD GH UHODFLRQHV GH FRPSDWLELOLGDG VHPiQWLFDHQHOOHQJXDMHSHURQRODVDJRWDQ$VtHOWH[WRVLJXLHQWHHVLQFRKHUHQWH SRUTXH³HQODUHDOLGDG´UHVXOWDLPSRVLEOH  

3iJ

>@ /RVOHRQHVVHVXELHURQDORVWpPSDQRVGHKLHOR\VHODQ]DURQHQSHUVHFXFLyQ GH OD IRFD (O HVTXLPDO OHV D]X]DED OHV OODPDED SRU VXV QRPEUHV /DV ILHUDV FRUULHURQVREUHHOKLHOR\VXMHWiQGRVHFRQVXVJDUUDVSDUDQRFDHU&XDQGRHVWDEDQ DSXQWRGHDOFDQ]DUODODIRFDDO]yHOYXHOR  (VWHWH[WRHVLQFRKHUHQWHSRUTXH ORVOHRQHV QR YLYHQ HQWHUULWRULRVKHODGRV QL ORV XWLOL]DQ ORV HVTXLPDOHV SDUD FD]DU QL ODV IRFDV YXHODQ 3HUR HYLGHQWHPHQWH HV SRVLEOH R ELHQ HQ XQD QXHYD ³VLWXDFLyQ UHDO´ HQ TXH ORV KHFKRV DQWHULRUHV VH GLHUDQ R ELHQ HQ XQD VLWXDFLyQ LPDJLQDGD GRQGH XQ PXQGR GH ILFFLyQ RFXSD HO OXVDUGHOLQXQGRUHDO6HWUDWDGHXQSUREOHPDFOiVLFRGHODVHPiQWLFDDOTXHVHKDQ GHGLFDGRPXFKDVSiJLQDV/RTXHDTXtQRVLQWHUHVDGHVWDFDUHVTXHSDUDTXHH[LVWD FRKHUHQFLD WH[WXDO HV QHFHVDULR SULPHUDPHQWH TXH H[LVWD FRKHUHQFLD HQWUH ORV KHFKRV GH OD UHDOLGDG TXH VH FRPXQLFDQ PHGLDQWH HO OHQJXDMH $OJ~Q PRGHOR WH[WXDOFRPRHOGH-63HW|IL FIU WLHQHHQ FXHQWD ODH[LVWHQFLD GHGLYHUVRV ©PXQGRV SRVLEOHVª SUHFLVDPHQWH SDUD SRGHU H[SOLFDU DGHFXDGDPHQWH ODV UHODFLRQHVVHPiQWLFDVHQWUHOH[HPDV \RWUDV   1RV ILMDUHPRV DTXt IXQGDPHQWDOPHQWH HQ HO ©PXQGR QRUPDOª \ HQ OD XWLOL]DFLyQ GHOOHQJXDMHSDUDFRPXQLFDUDOJRVREUHHVHPXQGR6LQHPEDUJRKD\TXHUHFRUGDU TXHQRSRGHUQRVHQQLQJ~QFDVRFRQVLGHUDUHO©PXQGRUHDOªVLQWHQHUHQFXHQWDDO PLVPR WLHPSR VXV SRVLEOHV \ GLIHUHQWHV LQWHUSUHWDFLRQHV VRFLDOHV \ FXOWXUDOHV ORV HOHPHQWRVFXOWXUDOHVFRPR\DKHPRVVHxDODGRWLHQHQXQDLPSRUWDQFLDGHFLVLYDHQ ODHVWUXFWXUDFtyQGHOWH[WR  (Q HO FDVR©QRUPDOª  H[LVWHQ GHWHUPLQDGDV UHVWULFFLRQHV D OD SRVLELOLGDG GH HVWDEOHFHUUHODFLyQHQWUHHOHPHQWRVGHOWH[WRORVREMHWRVHQFXHVWLyQWLHQHQTXHVHU FRPSDWLEOHV VHPiQWLFDPHQWH (VWD UHODFLyQ GH FRPSDWLELOLGDG QR HV RWUD FRVD HQ SULQFLSLRTXHODVHxDODGDUHODFLyQHQWUHREMHWRVUHDOHV  /RV PRGHORV UHIHUHQFLDOHV GH UHODFLyQ VHPiQWLFD TXH VH SXHGHQ XWLOL]DU SDUD HO WH[WR VRQ UHODWLYDPHQWH QXPHURVRV 3RGHPRV VHxDODU FRPR PiV GLUHFWDPHQWH XWLOL]DEOHV ORV HODERUDGRV SRU (UEDUG $JULFROD   \ 6REUH WRGR HO PRGHOR ©VHQWLGR  WH[WRª GH -X ' $SUHVMDQ , äRONRYVNLM H , 0HO þXN FIU VREUH WRGR $SUHVMDQ  XQD H[SRVLFLyQ EUHYH GHO PRGHOR VH HQFXHQWUD WDPELpQ HQ $SUHVMDQ   (Q WpUPLQRV JHQHUDOHV SRGHPRV HVWDEOHFHU GRV WLSRV IXQGDPHQWDOHV GH UHODFLyQ VHPiQWLFDHQWUHOH[HPDV  D  ODEDVDGDHQODH[LVWHQFLDGHDOJ~QUDVJRVHPiQWLFRFRP~Q E  OD EDVDGD HQ HO FRQRFLPLHQWR GHO PXQGR SRU ORV SDUWLFLSDQWHV HQ OD FRPXQLFDFLyQ   

 

3iJ 3iJ

'HO SULPHU WLSR VRQ ODV UHODFLRQHV VHPiQWLFDV XVXDOHV KLSRQLPLD KLSHURQLPLD DQWRQLPLDGHULYDGRVVLQWiFWLFRVHWF 6RQODVUHODFLRQHVPiVFRQRFLGDV\ODVTXH FRQPD\RUIDFLOLGDGSXHGHQXWLOL]DUVHHQODWH[WXDOL]DFLyQ  (O VHJXQGR WLSR HV PHQRV FRQRFLGR DXQTXH VRQ \D QXPHURVRV ORV WUDEDMRV D pO GHGLFDGRV 6H WUDWD GH UHODFLyQ HQWUH OH[HPDV TXH QR SRVHHQ UDVJRV VHPiQWLFRV FRPXQHV  >@/DFDVDHVWDEDGHVWUXLGD'HODFKLPHQHDQRTXHGDEDQDGD  >@ (O FRFKH FLUFXODED D PiV GH FLHQWR FLQFXHQWD NLOyPHWURV SRU KRUD (O FRQGXFWRUDSUHWyHOIUHQR  (QHVWRVFDVRVHOWpUPLQRFDVDQRLQFOX\HHQWUHVXVUDVJRVVHPiQWLFRVODFKLPHQHD DOLJXDOTXHHOFRFKHQRWLHQHXQUDVJRVHPiQWLFRTXHKDJDUHIHUHQFLDDODH[LVWHQFLD GHOIUHQR6LQHPEDUJR3HVHDODIDOWDGHUHODFLyQVHPiQWLFD©SURSLDPHQWHGLFKDª HOR\HQWHOHFWRUQRWLHQHGLILFXOWDGDOJXQDHQHQOD]DUODVRUDFLRQHV\DTXHHQWLHQGH TXH XQD FDVD WLHQH QRUPDOPHQWH FKLPHQHD \ XQ FRFKH GLVSRQH GH IUHQR $TXt OR TXH LPSRUWD HV HO FRQRFLPLHQWR GH OD UHDOLGDG GH ORV REMHWRV UHDOHV TXH SRVHH HO R\HQWHQRVXFRQRFLPLHQWRGHORVOH[HPDVHVSHFtILFRVDOFRQWUDULRGHORTXHVXFHGH HQ SDUHMDV FRPR SHUURFDQ GRQGH LQWHUHVD SUHFLVDPHQWH HO FRQRFLPLHQWR OLQJtVWLFRGHOYRFDEXODULR6HWUDWDGHXQDUHODFLyQEDVDGDQRHQHO©YRFDEXODULRª VLQRHQOD©HQFLFORSHGLDªHQHO©FRQRFLPLHQWRGHOPXQGRª  3RGHPRV HVWDEOHFHU SRU WDQWR UHODFLyQ HQWUH OH[HPDV ELHQ FXDQGR HVD UHODFLyQ HVWiSHUPLWLGDOLQJtVWLFDPHQWHRFXDQGRHVWiDXWRUL]DGDSRUHOFRQRFLPLHQWRGHO PXQGR GH ORV KDEODQWHV (VWH WLSR GH UHODFLyQ QR VH KD HVWXGLDGR DSHQDV HQ OD VHPiQWLFD Op[LFD SHUR UHVXOWD DEVROXWDPHQWH IXQGDPHQWDO SDUD OD FRKHUHQFLD WH[WXDO  (QEDVHDHVWRVGRVWLSRVGHUHODFLyQHQWUHOH[HPDVVHSXHGHQHVWDEOHFHUPRGHORV HVSHFtILFRV GHO SURFHVR GH FRKHUHQFLD Op[LFRVHPiQWLFD GHO WH[WR HV GHFLU ODV GLYHUVDV IRUPDV SRVLEOHV HQ TXH VH PDQWLHQH D OR ODUJR GH XQ WH[WR OD UHODFLyQ GH FRKHUHQFLD (QWUH HVWRV PRGHORV ORV PiV GHVWDFDGRV VRQ ORV GH 6HYER 6HYER %RQGDUHQNR\-HOLWWHHG \HOGH'LHWHU9LHKZHJHU(OGH, 3 6HYER FDUDFWHUL]DGR FRPR PRGHOR GH VXVWLWXFLyQ SUHVHQWD GLYHUVRV LQFRQYHQLHQWHV VHxDODGRV SRU %RQGDUHQNR *LQGLQ \ 9LHKZHJHU \ DTXt QRV OLPLWDUHPRV D H[SRQHU HO VHJXQGR GH ORV PRGHORV PHQFLRQDGRV GHELGR D 'LHWHU 9LHKZHJHU\TXHWLHQHXQHVSHFLDOLQWHUpV  (VWH PRGHOR VH OODPD GH ODV FDGHQDV QRPLQDWLYDV \ KD VLGR GHVDUUROODGR SRU HO HVWXGLRVRDOHPiQRULHQWDOHQGLIHUHQWHVWUDEDMRV  6HEDVD HQ OD DSDULFLyQ D OR ODUJR GHO WH[WR FRPSOHWR R GH IUDJPHQWRV GH WH[WR GH QRPLQDFLRQHVVXFHVLYDVTXHPDQWLHQHQHQWUHVtUHODFLRQHVVHPiQWLFDVGHORVWLSRV TXHKHPRVVHxDODGRUHSHWLFLyQHVWULFWDSRUUDVJRVVHPiQWLFRV\SRUFRQRFLPLHQWR 



3iJ

GHOPXQGR(OSURFHVRFRPLHQ]DFRQODSULPHUDPHQFLyQGHXQREMHWR DFFLyQHWF  HQ XQ OXJDU FXDOTXLHUD GHO WH[WR (Q OXJDUHV VXFHVLYRV VH YDQ HVWDEOHFLHQGR YDULDFLRQHVPHGLDQWHODXWLOL]DFLyQGHHOHPHQWRVUHODFLRQDGRVVHPiQWLFDPHQWH  ©0HGLDQWHODQXHYDPHQFLyQ :LHGHUHUZlKQXQJ GHXQDQRPLQDFLyQSULPDULDHV GHFLU PHGLDQWH OD UHDGRSFLyQ :LHGHUDXIQDKPH  GH XQ REMHWR LQWURGXFLGR HQ HO WH[WRVXUJHQFDGHQDVRVHULHVGHHOHPHQWRVWH[WXDOHVHTXLYDOHQWHVFRQORVFXDOHVVH ³PDQWLHQH´DORODUJRGHXQIUDJPHQWRGHWH[WRHQHOFDVRH[WUHPRHQWRGRHOWH[WR XQ GHWHUPLQDGR WHPD /DV UHODFLRQHV GH LVRWRSLD TXH VH FRQVWLWX\HQ HQ OD QRPLQDFLyQLQLFLDO\VXUHFXUUHQFLDFRPRVLPSOHUHSHWLFLyQVXVWLWXWRSURQRPLQDO\ HOHPHQWR Op[LFR HTXLYDOHQWH VHPiQWLFDPHQWH UHFLEHQ HO QRPEUH GH FDGHQDV QRPLQDWLYDV QRPLQDWLYH.HWWHQ  9LHKZHJHU   6HxDOD 9LHKZHJHU TXH GH DFXHUGR FRQ OR TXH DQWHV H[SXVLPRV VyOR HV SRVLEOH HVWDEOHFHU FDGHQDV QRPLQDWLYDV HQ HO PDUFR GH XQD VHPiQWLFD GHO UHIOHMR R XQD VHPiQWLFD UHIHUHQFLDO SRUTXH VH HVWDEOHFH XQD UHODFLyQ FRQ OD UHDOLGDG H[WHULRU LEtGHP  7UDGXFLPRV D FRQWLQXDFLyQ XQR GH ORV HMHPSORV SUHVHQWDGRV HQ 9LHKZHJHU S \UHVXPLPRVODVREVHUYDFLRQHVGHODXWRU  ©'HVGH KDFH SRFR WLHPSR /RQGUHV WLHQH XQD DWUDFFLyQ PiV $ ODV FHOHEULGDGHV WUDGLFLRQDOHV VH KD DxDGLGR RWUD PX\ SRFR FRQYHQFLRQDO /D FRPSDUDFLyQ FRQ ORV PRQXPHQWRV QR HV HQ DEVROXWR H[DJHUDGD 3RUTXH 0LVV 5RVDPXQG 9LQHU HV GH KHFKR XQD UDUH]D HV OD SULPHUD PXMHU TXH FRQGXFH XQR GH ORV URMRV DXWREXVHV ORQGLQHQVHVGHGRVSLVRVHVRVYHKtFXORVGHDVSHFWRIyVLOSHURGHHQRUPHPRYLOLGDG YHUGDGHUDVSLH]DVGHPXVHR\VtPERORVGHPRGHUQLGDGª  'LFH9LHKZHJHU©/DFDGHQDQRPLQDWLYDTXHFRPLHQ]DHQODSULPHUDIUDVHGHOWH[WR FRQ OD SULPHUD PHQFLyQ ³DWUDFFLyQ´ VH UHSLWH HQ ODV IUDVHV VLJXLHQWHV PHGLDQWH VLQyQLPRV R FXDVLVLQyQLPRV FHOHEULGDGHV WUDGLFLRQDOHV FHOHEULGDG SRFR FRQYHQFLRQDO PRQXPHQWRV \ UDUH]D HV GHFLU FRQ HOHPHQWRV TXH SRVHHQ FRQMXQWRVGHUDVJRVVHPiQWLFRVTXHVHUHSLWHQKDVWDTXHILQDOPHQWHVHUHODFLRQD FRQHOVXFHVR0LVV5RVDPXQG9LQHUHVODSULPHUDPXMHUTXHFRQGXFHXQRGHORV URMRVDXWREXVHVORQGLQHQVHVGHGRVSLVRV/DFDGHQDQRPLQDWLYDLQWURGXFLGDFRQ HO HOHPHQWR DXWRE~V GH GRV SLVRV VH UHSLWH WDQWR FRQ XQ HOHPHQWR HVWUXFWXUDOPHQWH HTXLYDOHQWH HO KLSHUyQLPR YHKtFXOR  FRPR PHGLDQWH HOHPHQWRV HTXLYDOHQWHV IXQFLRQDOPHQWH ³SLH]D GH PXVHR´ \ VtPEROR GH PRGHUQLGDG GRQGH HO HQODFH VHLQiQWLFR VyOR SXHGH HVWDEOHFHUVH HQ EDVH DO PDUFRGHLQWHJUDFLyQJOREDOGHKDEODQWH\R\HQWHª S   (VWH ©PDUFR GH LQWHJUDFLyQ JOREDOª HV XQ FRQFHSWR WRPDGR GH ORV HVWXGLRV GH (ZDOG/DQJVREUHODFRRUGLQDFLyQTXHWUDWDPRVPiVDPSOLDPHQWHHQ+DFH DTXtUHIHUHQFLDDODSRVLELOLGDGGHDSOLFDUHVWHPDUFRGHLQWHJUDFLyQJOREDODFDVRV FRPR HO SUHVHQWH HQ TXH VH FUHD XQD UHODFLyQ HQWUH GHQRPLQDFLRQHV HQ EDVH DO FRQRFLPLHQWRGHOPXQGRTXHSRVHHUKDEODQWH\R\HQWH   

3iJ

(OPRGHORGHODVFDGHQDVQRPLQDWLYDVHVGHH[FHSFLRQDOLQWHUpVSDUDH[SOLFDUXQR GH ORV SURFHVRV GH WH[WXDOL]DFLyQ HO TXH VH DSR\D HQ OD UHODFLyQ HQWUH OH[HPDV &RPR VHxDOD HO PLVPR DXWRU QR GHEH FRQIXQGLUVH FRQ HO SURFHVR PLVPR GH WH[WXDOL]DFLyQTXHHVPiVDPSOLR  ©/DUHDGRSFLyQ :LHGHUDXIQDKPH GHXQREMHWRLQWURGXFLGRHQHOWH[WRHVVyORXQ PHGLRDXQTXHIXQGDPHQWDOGHODLQWHJUDFLyQWH[WXDOGHIRUPDTXHHOSULQFLSLRGH ODPHQFLyQUHSHWLGDQRSXHGHFRQVLGHUDUVHSRUWDQWRFRPROD~QLFDSUXHEDGHOD WH[WXDOLGDGGHODVVXFHVLRQHVGHIUDVHVª 9LHEZHJHU   1R KHPRV FRQVLGHUDGR PiV TXH HQ WpUPLQRV PX\ JHQHUDOHV ODV UHODFLRQHV HQWUH OH[HPDVFRPRPHGLRGHWH[WXDOL]HDVFLyQRGHFRKHUHQFLDGHWH[WR&RQORH[SXHVWR VLQHPEDUJRVXILFLHQWHSDUDPRVWUDUODJUDQLPSRUWDQFLDTXHODVGLVWLQWDVIRUPDV GHORVOH[HPiWLFRVWLHQHQHQODOLQJtVWLFDGHOWH[WR   /$$57,&8/$&,Ï1(17(0$@ HO SULPHU HOHPHQWR TXHGD GHVWDFDGR FRPR WHPD DO LU DFRPSDxDGR GH GLFKRVXILMR  >@5XQDTDPDQDSXxXVDQFKX  HOKRPEUHQRGXHUPH   



3iJ

(VWD HVWUXFWXUD VXHOH LU DFRPSDxDGD GH UDVJRV VXSUDVHJPHQWDOHV FRPR FLHUWD HQWRQDFLyQDVFHQGHQWHHQUXQDTDVHJXLGRGHXQDEUHYHSDXVD3XHGHLQWHUSUHWDUVH FRPR  >@©(QFXDQWRDHVHKRPEUHQRGXHUPHª  (Q HVWD RUDFLyQ FDVWHOODQD HO WHPD YLHQH LQGLFDGR DGHPiV GH SRU UDVJRV FRPR OD HQWRQDFLyQ\ODSDXVDSRUXQDHVWUXFWXUDVLQWiFWLFDHVSHFtILFD  (OVXILMRTDSXHGHXWLOL]DUVHWDPELpQ DOPHQRVHQDOJXQRVGLDOHFWRV SDUDLQGLFDU TXH HO WHPD HV XQ HOHPHQWR QR QRPLQDO H LQFOXVR SXHGH DSOLFDUVH D RUDFLRQHV FRPSOHWDV ORTXH'DQHãOODPD©WHPDWL]DFLyQGHXQHQXQFLDGRFRPSOHWRª   >@UXQDPDQDSXxXVDQFKXTDPDQDSXxXVDQFKXTDUXQD  TXHSRGULDPRVLQWHUSUHWDUFRPR  >@©ORTXHQRKDFHHOKRPEUHHVGRUPLUª  $TXt FRPRYHPRVHOFDVWHOODQRVHYDOHGHHVWUXFWXUDVVLQWiFWLFDHVSHFLDOHVFRPR HQHOFDVRDQWHULRUVLQWHQHUHOHPHQWRVPRUIROyJLFRVFRPSDUDEOHVDOGHOTXHFKXD  8Q PHGLR VLPLODU GH HVSHFLILFDFLyQ GHO WHPD HV HO TXH HQFRQWUDPRV HQ MDSRQpV GRQGH OD SDUWtFXOD SRVQRPLQDO JD LQGLFD HO PLHPEUR LQWURGXFLGR SRU SULPHUD YH] QRUPDOPHQWH IRUPDQGR SDUWH GHO UHPD  PLHQWUDV ZD HVSHFLILFD TXH VH WUDWD GH DOJR\DFRQRFLGRHOWHPD FIU.XVDQDJL&R\DXG   +D\ TXH GHVWDFDU TXH FRPR YHUHPRV HQ  OD RSRVLFLyQ QXHYRFRQRFLGR UHPDWHPDHVWiHVWUHFKDPHQWHXQLGDDODTXHSXHGHHVWDEOHFHUVHHQWUHGHILQLGR\ QR GHILQLGR $Vt HQ DOJXQDV OHQJXDV FRPR WHQGUHPRV RFDVLyQ GH FRPSUREDU HOHPHQWRVTXHVLUYHQSDUDPDUFDUODGHILQLFLyQRQRGHXQREMHWR RHQJHQHUDOGH FXDOTXLHU HOHPHQWR OLQJtVWLFR GHO QLYHO TXH VHD  VLUYHQ DO PLVPR WLHPSR SDUD GHVWDFDUHOWHPD\HOUHPDGHXQDRUDFLyQ3RURWUDSDUWHODVOHQJXDVGLVSRQHQGH QXPHURVRV PHGLRV ±VLQWiFWLFRV PRUIROyJLFRV R IRQROyJLFRV SDUD VHxDODU HVWDV GLVWLQFLRQHV  3DUD HO FDVWHOODQR \ SDUD OD PD\RU SDUWH GH ODV OHQJXDV QR H[LVWHQ HVWXGLRV VLVWHPiWLFRV VREUH ODV GLVWLQWDV IRUPDV GH PDQLIHVWDFLyQ VXSHUILFLDO GH OD GLFRWRPtD   $OJXQDVSUHFLVLRQHVVREUHODGLFWRPtDWHPDUHPDHQHOWH[WR  +HPRVLQGLFDGR\DTXHHOSDSHOGHHVWDGLVWLQFLyQHVIXQGDPHQWDOSDUDHOHVWXGLR GHO WH[WR DO LJXDO TXH OD REVHUYDFLyQ GHO WH[WR FRPR LQWHJULGDG HV EiVLFR SDUD HO  

3iJ

DQiOLVLVGHWHPD\UHPD9LPRVWDPELpQTXHJXDUGDXQDHVWUHFKDUHODFLyQFRQRWURV IHQyPHQRV GH FRKHUHQFLD WH[WXDO FRPR VRQ ODV UHODFLRQHV VHPiQWLFDV HQWUH OH[HPDV OD GHILQLFLyQ HWF 3RU RWUD SDUWH PRGHORV FRPR HO GH OD SURJUHVLyQ WHPiWLFDHODERUDGRSRU'DQHãWLHQHQHVSHFLDOUHODFLyQFRQORTXHTXL]iSRGDPRV FRQVLGHUDUODEDVHIXQGDPHQWDOHQODHVWUXFWXUDFLyQ\ODFRKHUHQFLDWH[WXDOTXHHV HOGHVDUUROORFRPXQLFDWLYRDSDUWLUGHOWHPDGHOWH[WR(QHVWHVHQWLGRFRQYLHQH VHxDODUHOSRVLEOHHTXtYRFRGHELGRDODDPELJHGDGGHOWpUPLQR©WHPDªXWLOL]DEOH HQORVGRVVHQWLGRV3UiFWLFDPHQWHWRGDODOLQJtVWLFDGHOWH[WRDFWXDOWLHQHPX\HQ FXHQWDODGLFRWRPtDTXHQRVRFXSD=RORWRYD  VHxDODDHVWHUHVSHFWR  ©/D FDWHJRUtD GH OD DUWLFXODFLyQ UHDO WHPD \ UHPD   HV XQR GH ORV SULQFLSDOHV PHGLRVGHFRKHUHQFLDGHOWH[WRGHOPRYLPLHQWRGHOSHQVDPLHQWRGHXQDIUDVHDOD RWUDª  2WURV DXWRUHV FRPR )RVVHVW¡O *OLFK5DLEOH 'UHVVOHU   \ 1LNLWLQD2WNXSãþLNRYD   VHxDODQ TXH HV SUHFLVR SDUD TXH XQ WH[WR VHD FRKHUHQWHXWLOL]DUDGHPiVRWURVPHGLRVHVGHFLUOD©SURJUHVLyQWHPiWLFDªQRVHUtD VXILFLHQWHSDUDGDUFRKHUHQFLDDOWH[WR6HWLHQGHWDPELpQDVHxDODUTXHHQFRQWUD GH ODV LQWHUSUHWDFLRQHV WUDGLFLRQDOHV ©OD DUWLFXODFLyQ UHDO VH HQWLHQGH FRPR IHQyPHQRGHOWH[WRFRKHUHQWH\QRGHODRUDFLyQª 1LNLWLQD2WNXSãþLNRYD   'HRWURODGRKD\TXHWHQHUPX\HQFXHQWDTXHHVWHIHQyPHQRGHMDYHUVXLQIOXHQFLD HQ RWURV PHGLRV WH[WXDOL]DGRUHV (V GHFLU SDUHFH TXH WLHQH XQD LPSRUWDQFLD FRQVLGHUDEOHPHQWH PD\RU TXH RWURV PHGLRV GH FRKHUHQFLD TXH SRU UHJOD JHQHUDO KDQJR]DGRGHPD\RUDWHQFLyQSRUSDUWHGHORVHVSHFLDOLVWDV  $Vt +LQGV   PXHVWUD OD UHODFLyQ HQWUH WHPDUHPD \ SURQRPLQDOL]DFLyQ ORV SXQWRV FRPXQLFDWLYRV ©FXPEUHª SHDN  GH FDGD SiUUDIR GHO WH[WR FRPR ©VXEWH[WRª  GHVHPSHxDUtDQ IXQFLyQ GH UHPD SRU SUHVHQWDU HO Pi[LPR FRQWHQLGR LQIRUPDWLYR HQ HVWDV SRVLFLRQHV QR SXHGH XWLOL]DUVH OD SURQRPLQDOL]DFLyQ FDUDFWHUtVWLFD GH ORV HOHPHQWRV FRQ IXQFLyQ GH WHPD +LQGV HVWDEOHFH XQ PRGHOR FLHUWDPHQWHSUy[LPRDOGHODSURJUHVLyQWHPiOLFDGH'DQHãDXQTXHpVWHSDUWHGHOD RUDFLyQFRPRHOHPHQWRIXQGDPHQWDOPLHQWUDVTXHDTXpOVHFHQWUDHQODHVWUXFWXUD SURSLD GHO WH[WR VLJXLHQGR IXQGDPHQWDOPHQWH D *ULPHV   6REUH HVWH WHPD FIUWDPELpQ%HUQiUGH]DGRQGHVHYHGHVGHXQSXQWRGHYLVWDDOJRGLIHUHQWH ODUHODFLyQHQWUHSURQRPLQDOL]DFLyQ\GLFRWRPtDWHPDUHPD  6H KDQ VHxDODGR WDPELpQ ODV UHODFLRQHV HQWUH HVWD RSRVLFLyQ \ RWURV PHGLRV WH[WXDOL]DGRUHV EiVLFDPHQWH ORV VHPiQWLFRV SRU HMHPSOR OD SUHVXSRVLFLyQ 9 %RJGDQRY        

3iJ 3iJ

$57Ë&8/2@: EDQ EHQVK NjQZDQOH KHHVFRJLGRHVHOLEUR\REDHVHOLEURKHHVFRJLGR   >@: EDQ EHQVK NjQZDQOH KHHVFRJLGRHOOLEUR\REDOLEURKHHVFRJLGR   SHURHVLQFRUUHFWDODXWLOL]DFLyQFRQXQVXVWDQWLYRHVSHFtILFDPHQWHVHxDOL]DGRFRPR LQGHILQLGR  >@ Z ED\ EHQVK NjQZDQOH KHHVFRJLGRXQOLEUR\REDXQOLEURKHHVFRJLGR   (OXVRGHEDVXHOHLUXQLGRDOUHVDOWHGHOVXVWDQWLYRPHGLDQWHXQFDPELRGHRUGHQ GH692VHSDVDD629&IU>@FRQ  >@ Z ED\ EHQVK NjQZDQOH \RKHHVFRJLGR>HVHXQ@OLEUR   /DGHWHUPLQDFLyQGHOVXVWDQWLYRTXHFRPRYHPRVVHUHDOL]DWDQVyORSRUPHGLRGH GHWHUPLQDQWHVFRPRORVGHPRVWUDWLYRVSXHGHVHxDOL]DUVHWDPELpQHQGHWHUPLQDGR FRQWH[WRVLQWiFWLFRFRQXQHOHPHQWRHVSHFLDO3HURpVWH ED DGHPiVGHVHxDODUOD GHWHUPLQDFLyQ GD XQ HVSHFLDO UHVDOWH DO VXVWDQWLYR FRQ OR TXH SXHGH HQWHQGHUVH TXHVXIXQFLyQVHH[WLHQGHDODLQGLFDFLyQGHTXHGLFKRVXVWDQWLYRHVHOWHPDGHOD RUDFLyQ FIU  /LX\VLJV   (QMDSRQpVXQVXVWDQWLYRGHWHUPLQDGRHQIXQFLyQGHVXMHWRYDDFRPSDxDGRGHOD SRVSRVLFLyQZD3RUHOFRQWUDULRVLVHFRQVLGHUDLQGHWHUPLQDGRHVWiVHJXLGRSRU JD3RGHPRVGLVWLQJXLUSRUWDQWR  >@NRGRPRJDNLPDVKLWD  YLQRXQQLxR  >@NRGRPRZDNLPDVKLWD  YLQRHOQLxR   

3iJ

3HURDTXtORPiVLQWHUHVDQWHVREUHODGLIHUHQFLDFLyQPHGLDQWHJDZDHVTXHSXHGH DSOLFDUVHQRVyORDVXVWDQWLYRVVLQRWDPELpQDHOHPHQWRVGHQLYHOVXSHULRUFRPR \DDSXQWiEDPRVHQ  >@NRNRQLZDSHQJDDULPDVX DTXtKD\XQDSOXPDDTXtZDSOXPDJDKD\   GRQGHZDVHDxDGHDNRNRQLLQGLFDQGRTXHODSRVLFLyQHV\DFRQRFLGDRGLFKRGH RWUR PRGR ©GHWHUPLQDGDª 6HJ~Q OR TXH VHxDODPRV HQ  HV HO WHPD GH OD FRPXQLFDFLyQ 0LHQWUDV TXH 3HQ HV SDUWH GH  HO UHPD VHxDOL]DGR SRU JD TXH LQGLFDDGHPiVTXHVHWUDWDGHXQD©SOXPDªLQGHWHUPLQDGDVQRFRQRFLGD  (Q DOJXQRV FDVRV HO XVR GH ZDJD QR FRLQFLGH SOHQDPHQWH FRQ ODV GLVWLQFLRQHV XVXDOHV HQWUH GHILQLGRLQGHILQLGR SDUD HO XVR GHO DUWtFXOR R OD IRUPD GHWHUPLQDGD GHORVVXVWDQWLYRV  >@$UHZD\XXELQN\RNXGHQDNXWHVKL\DNXVKRGHVX DUHZD@QRHV>GHQDNXWH@ODRILFLQDGHFRUUHRV>\XXELQN\RNX@HV >GHVX@HOD\XQWDPLHQWR>VKL\DNXVKR@/DRILFLQDGHFRUUHRV>\XXELQN\RNXZD@ HVDTXHOODSXHUWDGHDOODGR>VRQRWRQDUL@   (QODSULPHUDIUDVHDUHZDVHFRQVLGHUD©GHILQLGRªSRUTXHSXHGHHVWDEOHFHUVHXQD UHIHUHQFLDH[WUDWH[WXDO HOKDEODQWH\HOR\HQWHVHHQFXHQWUDQSRUHMHPSORGHODQWH GHOHGLILFLRHQFXHVWLyQ @\>@  >@ZDWDNXVKLJDLNLPDVKLWD  \R>ZDWDNXVKLJD@YLQH   >@ZDWDNXVKLZDLNLPDVKLWD  PLVPDWUDGXFFLyQ\RYLQH   GRQGHODGLIHUHQFLDQRHVWiHQTXH©\RªVHDRQRLGHQWLILFDEOHSRUHOR\HQWH\DTXH SRU VX PLVPD QDWXUDOH]D UHFXpUGHVH OR H[SXHVWR HQ   VLHPSUH VHUi LGHQWLILFDEOH$TXtODGLIHUHQFLDHVGHWHPDUHPDJDHQ>@LQGLFDTXH³\R´WLHQH HVSHFLDOLQWHUpVFRPXQLFDWLYRHVHOUHPDRSDUWHGHpOODIRUPDFRQZDSRUHO FRQWUDULRVHOLPLWDDLQGLFDUXQDDFFLyQ TXHFXPSOHIXQFLyQGHUHPD DWULEXLGDD XQHOHPHQWRFRQLPSRUWDQFLDVHFXQGDULDGHVGHHOSXQWRGHYLVWDFRPXQLFDWLYR HO   

3iJ 3iJ

WHPD  $Vt ZDJD VH XWLOL]D VLPXOWiQHDPHQWH SDUD LQGLFDU OD RSRVLFLyQ GH GHWHUPLQDFLyQ \ OD SHUVSHFWLYD IXQFLRQDO GH OD IUDVH 8Q IHQyPHQR PX\ VLPLODU WHQHPRV HQ TXHFKXD $TXt FRPR WDPELpQ VHxDOiEDPRV HQ   TD VH XWLOL]D SXGLpQGRVH DSOLFDU FRPR HO ZD MDSRQpV D XQLGDGHV VXSHULRUHV D OD SDODEUD \ D HOHPHQWRVQRQRPLQDOHVSHURWLHQHWDPELpQXQDIXQFLyQLGHQWLILFDGRUDGHPDQHUD TXH HO VXVWDQWLYR DFRPSDxDGR GH TD HV DO PLVPR WLHPSR GHILQLGR \ WHPD GHO PHQVDMH (Q TXHFKXD OD RSRVLFLyQ HV HQWUH TD \ ‘ \ DO LJXDO TXH KLFLPRV HQ MDSRQpVSRGHPRVGLIHUHQFLDUHQWUH  >@QRTDMDPXUTDQL  \  >@QRTDTDMDPXUTDQL  ODVGRVIUDVHVFRQHOVLJQLILFDGRGH©\RYLQHª\FRQODVPLVPDVGLIHUHQFLDVTXHHQ MDSRQpV  (V GHFLU HQ UHVXPHQ OD H[SUHVLyQ GH OD GHWHUPLQDFLyQ GH OD RSRVLFLyQ GHILQLGRLQGHILQLGR GHWHUPLQDGRLQGHWHUPLQDGR SXHGH UHDOL]DUVH PHGLDQWH IRUPDV GLYHUVDV DUWtFXORV GHPRVWUDWLYRV IRUPDV HVSHFLDOHV GH IOH[LyQ SDUWtFXODV HVSHFLDOHVHWF/RLPSRUWDQWHDTXtHVTXHODGLFRWRPtDFRLQFLGHEiVLFDPHQWHFRQOD TXH HVWDEOHFLPRV HQWUH WHPD \ UHPD HQ XQDV OHQJXDV FRQ PiV FODULGDG TXH HQ RWUDV /D GHWHUPLQDFLyQ SXHGH FRQVLGHUDUVH WH[WXDOPHQWH FRPR XQD PDQLIHVWDFLyQGHODRSRVLFLyQHQWUH©FRQRFLGRQRFRQRFLGRªTXHSXHGHDSR\DUVH WDQWR HQ UHIHUHQFLDV LQWUD FRPR H[WUDWH[WXDOHV HQGRIyULFDV R H[RIyULFDV 6H WUDWD HQORVGRVFDVRVGHGRVPDQLIHVWDFLRQHVPiVVXSHUILFLDOHQHOFDVRGHO©DUWtFXORª PiVSURIXQGDHQHOGHWHPDUHPDGHOPRYLPLHQWRJHQHUDOGHGHVDUUROORGHOWH[WR (O DUWtFXOR R ODV RWUDV IRUPDV HTXLYDOHQWHV VRQ WDQ VyOR PDQLIHVWDFLRQHV VXSHUILFLDOHV GH OD FRQH[LyQ OD FRKHUHQFLD  TXH H[LVWH HQWUH ORV GLYHUVRV VHJPHQWRVGHOWH[WR  $VtODLPSRUWDQFLDGHOHVWXGLRGHODUWtFXORRHQJHQHUDOGHODGHWHUPLQDFLyQUDGLFD HQTXHHVXQDPDQLIHVWDFLyQVXSHUILFLDOPiVGHODFRKHUHQFLDLQWHUQDGHOWH[WRTXH WLHQHIXQGDPHQWRVFRPXQLFDWLYRV   &225',1$&,Ï1  &RQFHSWRVJHQHUDOHV  8QR GH ORV IHQyPHQRV VLQWiFWLFRV \ VHPiQWLFRV TXH PiV SURQWR OODPDURQ OD DWHQFLyQGHORVHVWXGLRVRVKDFLDODQHFHVLGDGGHVREUHSDVDUORVOtPLWHVGHODIUDVHHV ODFRRUGLQDFLyQ7UDGLFLRQDOPHQWHVHOHSUHVWySRFDDWHQFLyQFRQVLGHUiQGRVHTXH VH WUDWD GH XQD ©PHUD VXPD GH HOHPHQWRV OLQJtVWLFRVª \ TXH XQD HVWUXFWXUD  

3iJ

FRRUGLQDGD QR RIUHFtD HVSHFLDO LQWHUpV UHVSHFWR D ORV HOHPHQWRV FRRUGLQDGRV LQGHSHQGLHQWHV([LVWHQVLQHPEDUJRH[FHSFLRQHVLQWHUHVDQWHVHQHVWDWHQGHQFLD SRUSDUWHGHDXWRUHVTXHREVHUYDURQHQHOSURFHVRGHODFRRUGLQDFLyQDVSHFWRVTXH OXHJRIXHURQROYLGDGRV\©UHGHVFXELHUWRVªHQpSRFDPX\UHFLHQWH'HHVWHFDUiFWHU VRQODVREVHUYDFLRQHVTXHVREUHHOSURFHVRJHQHUDOGHODFRRUGLQDFLyQ\VREUHODV FRQMXQFLRQHV \ RWURV HOHPHQWRV FRRUGLQDWLYRV VH SXHGHQ HQFRQWUDU HQ REUDV WDQ GHVWDFDGDVFRPROD0LQHUYDGH6iQFKH]GHODV%UR]DVOD*UDPPDLUH*pQpUDOHHW 5DLVRQQpHGH$UQDXOW\/DQFHORW OD©*UDPiWLFD GH3RUW 5R\DOª RPiV FHUFD GH QRVRWURV/DUDFLyQ\VXV3DUWHVGH5RGROIR/HQ]RHO&XUVR6XSHULRUGH6LQWD[LV (VSDxRODGH*LOL*D\D  3XQWRFRP~QDHVWRVDXWRUHVHVFRQVLGHUDUTXHODFRRUGLQDFLyQYDPiVDOOiGHHVD ©PHUDVXPDªGHHOHPHQWRV\SURSRUFLRQDDOJRQXHYRDODXQLGDGSURGXFWRGHHOOD  (V FRQ OD JUDPiWLFD JHQHUDWLYD FXDQGR DSDUHFH XQ LQWHUpV KDVWD HQWRQFHV GHVFRQRFLGR SRU H[SOLFDU OD FRRUGLQDFLyQ HVWXGLDGD GHVGH HO SXQWR GH YLVWD VLQWiFWLFR 0iV WDUGH VH LQWHQWD DPSOLDU HO HVWXGLR SDUD DFRJHU ORV IHQyPHQRV VHPiQWLFRV 7HQHPRV DVt  XQ FRQMXQWR GH QXPHURVRV WUDEDMRV HQWUH ORV TXH SRGHPRV GHVWDFDU ORV GH %REHV 1DYHV   %RV   'RXJKHUW\   7DL  *OHLWPDQ  %iWRULHWDO  'LN  5RELQ/DNRII  /DQJ VREUHWRGR \RWURVPXFKRV  $OSDVDUVHGHOHVWXGLRGHODVFRQGLFLRQHVVLQWiFWLFDVTXHSHUPLWHQODFRRUGLQDFLyQ FRPR HQFRQWUDPRV HQ %REHV 1DYHV   SDUD FHQWUDU OD DWHQFLyQ HQ ODV FRQGLFLRQHVVHPiQWLFDV ORVWUDERMRVGH/DQJ/DNRIIHWF VHOOHJDDFRQFOXVLRQHV LQWHUHVDQEHTXHYDPRVDWUDWDUGHUHVXPLUPX\EUHYHPHQWHDFRQWLQXDFLyQ  /DV QXHYDV WHRUtDV VHPiQWLFDV GH OD FRRUGLQDFLyQ SRQHQ GH UHOLHYH TXH HQ HO SURFHVRVHFUHDXQDXQLGDGGHUDQJRVXSHULRUDOGHODVIUDVHVLQGLYLGXDOHVWHQHPRV DOJR PiV TXH OD ©PHUD VXPD GH HOHPHQWRVª (O VLJQLILFDGR GH GRV RUDFLRQHV FRRUGLQDGDVDVtYLHQHDVHUHOGHODVGRVRUDFLRQHVLQGHSHQGLHQWHVPiVHOSURSLR GHODFRRUGLQDFLyQPLVPD  3RURWURODGRIUHQWHDODVGRVWHRUtDVFRQWUDSXHVWDVTXHVHxDODQTXHVHxDODQTXHOD FRRUGLQDFLyQSXHGHDSOLFDUVHELHQDFXDOHVTXLHUDHOHPHQWRVOLQJtVWLFRVELHQVyOR D RUDFLRQHV FRPR KDFtD OD JUDPiWLFD ILORVyILFD \ PiV WDUGH OD JHQHUDWLYD  VH VHxDOD OD H[LVWHQFLD GH GRV WLSRV GH FRRUGLQDFLyQ GLIHUHQWHV FRPR LQGLFDED GH SDPDGD 6iQFKH] GH ODV %UR]DV HQ VX 0LQHUYD \ HODERUDED PiV GHWDOODGDPHQWH &RVHULXHQVXLPSRUWDQWHWUDEDMRGH TXHQRVyORWLHQHQIXQFLRQHVGLVWLQWDV VLQRTXHHQPXFKDVOHQJXDVVHH[SUHVDQFRQHOHPHQWRVFRPSOHWDPHQWHGLIHUHQWHV FIU %HUQiUGH]   XQD FRRUGLQDFLyQ TXH XQH HOHPHQWRV IXQGDPHQWDOPHQWH QRPLQDOHV VLQ TXH VHD SRVLEOH LQWHUSUHWDU OD IUDVH FRRUGLQDGD FRPR UHGXFFLyQ GH RWUDVGRVSRUHMHPSOR    

3iJ

>@-XDQ\3HGURVRQLJXDOHV >@$QDH,VDEHOVRQKHUPDQDV  TXH HYLGHQWHPHQWH QR SURFHGHQ GH OD UHGXFFLyQ WUDQVIRUPDFLRQDO GH ³-XDQ HV LJXDO´³3HGURHVLJXDO´QLGH³$QDHVKHUPDQD´³,VDEHOHVKHUPDQD´2WURWLSR GH FRRUGLQDFLyQ TXH HV D OD TXH SURSLDPHQWH FRQYLHQH GDU HVWH QRPEUH  VXHOH XQLU RUDFLRQHV DXQTXH FRPR YHUHPRV GHVGH HO SXQWR WH[WXDO HVWR QR HV QHFHVDULDPHQWHDVt  >@$QD\-XDQYDQDOFLQH    /DWHRUtDGHO0DUFRGH,QWHJUDFLyQ*OREDO  /DPiVGHVDUUROODGDGHODVWHRUtDVVHPiQWLFDVGHODFRRUGLQDFLyQHVVLQGXGDODGHO OLQJLVWD GH %HUOtQ 5'$  (ZDOG /DQJ TXLHQ HQ VX WHVLV GRFWRUDO SXEOLFDGD PiV WDUGH FRPR YROXPHQ ;,9 GH OD FROHFFLyQ 6WXGLD *UDPPDWLFD   \ HQ RWURV WUDEDMRV UHDOL]D XQ HVWXGLR FRPSOHWR \ RULJLQDO GHO IHQyPHQR GH OD FRRUGLQDFLyQ TXH WLHQH DGHPiV XQ JUDQ LQWHUpV SDUD H[SOLFDU HO SDSHO GH pVWD HQ OD WH[WXDOL]DFLyQFRPRIHQyPHQR GHFRKHUHQFLDWH[WXDO(OPLVPR/DQJKDDSOLFDGR H[SOtFLWDPHQWHVXPRGHORDOWH[WRHQDUWtFXORVFRPR©hEHUHLQLJH6FKZLHULJNHLWHQ EHLP 3RVWXOLHUHQ HLQHU 7H[WJUDPPDWLNª GH  R ©(UNOlUXQJVWH[WHª GH  0iV UHFLHQWHPHQWH D~Q 7HXQ $ YDQ 'LMN HVWXGLD HO SURFHVR GH OD FRRUGLQDFLyQ GHVGHXQSXQWRGHYLVWDVLPLODU E   /DQJ SURSRQH HQ VXV WUDEDMRV HO FRQFHSWR GH *HPHLQVDPH (LQRUGQXQJVLQVWDQ] *(, TXHWUDGXFLUHPRVSRU0DUFRGH,QWHJUDFLyQ*OREDO 0,*   ©/DVRSHUDFLRQHVUHDOL]DGDVPHGLDQWHHOVLJQLILFDGRRSHUDWLYRGHODVFRQMXQFLRQHV VRQRSHUDFLRQHVVREUHORVVLJQLILFDGRVGHORVFRQMXQWRVFRQD\XGDGHODVFXDOHVVH SRQHQ HQ PXWXD UHODFLyQ ORV VLJQLILFDGRV GH ODV RUDFLRQHV SRU PHGLR GH OD UHIOH[LyQ FRQ HO UHVXOWDGR GH TXH D SDUWLU ORV VLJQLILFDGRV GH ODV RUDFLRQHV VH FRQVWLWX\HXQDXQLGDGGLVWLQWDDORVVLJQLILFDGRVGHORVFRQMXQWRVTXHOODPR0DUFR GH,QWHJUDFLyQ*OREDO 0,* ª    (VGHFLUDOXQLUGRVRUDFLRQHVHQXQDFRRUGLQDGDVHSURGXFHXQDLQWHJUDFLyQGHORV VLJQLILFDGRV GH ODV PLVPDV GH IRUPD TXH OD QXHYD RUDFLyQ FRPSOHMD HOLPLQD SRU HMHPSOR WRGRV DTXHOORV DVSHFWRV FDUDFWHUtVWLFRV GH ORV FRQMXQWRV TXH UHVXOWDQ LQFRPSDWLEOHVHQWUHVtDOPLVPRWLHPSRTXHVHSUHFLVDQORVYDORUHVVHPiQWLFRVGH VXVHOHPHQWRVGHIRUPDTXHSRUHMHPSORODVSDODEUDVGHXQDRUDFLyQFRRUGLQDGD VRQ PHQRV DPELJXDV TXH ODV PLVPDV SDODEUDV HQ FDGD XQD GH ODV RUDFLRQHV FRQMXQWR 6H FUHD DVt XQ QXHYR VLJQLILFDGR JOREDO GRQGH VH UHFRJH HO VLJQLILFDGR FRP~QHO©FRP~QGHQRPLQDGRUªGHORVFRQMXQWRV   

3iJ 3iJ

7RPHPRVSRUHMHPSORODVIUDVHV>@\>@  >@-XDQYDDFDVD >@/XLVVHTXHGDHQHOEDU  VXFRRUGLQDFLyQ  >@-XDQYDDFDVDSHUR/XLVVHTXHGDHQHOEDU  QR VH OLPLWD D XQLU DPEDV DFFLRQHV VLQR TXH SRQH GH UHOLHYH OD H[LVWHQFLD HQWUH DPEDV GH XQD UHODFLyQ HVSHFLDO SRU HMHPSOR -XDQ \ /XLV KDQ HVWDGR HQ HO EDU KDVWD XQD KRUD GHWHUPLQDGD \ HQ XQ PRPHQWR GDGR UHDOL]DQ GRV DFFLRQHV GLIHUHQWHV -XDQ \ /XLV TXHGDQ HQOD]DGRV SRU DOJXQD DFFLyQ FRP~Q TXH QR HVWi HVSHFLILFDGDHQQLQJXQDGHODVRUDFLRQHVFRRUGLQDGDVQLWDPSRFRHQFXDQWRWDOHQ ODUHVXOWDQWH'RVDFFLRQHVSRUWDQWRTXHFDUHFHUtDQGHUHODFLyQHQWUHVtVHVHxDODQ FRPRHIHFWLYDPHQWHUHODFLRQDGDV  /D LQWHUSUHWDFLyQ GH OD FRQMXQFLyQ HQ HVWH VHQWLGR UDGLFD SDUD OD OLQJtVWLFD GHO WH[WRHQTXHVLDPSOLDPRVHOHVTXHPDGHO0,*DFDPSRVPiVDPSOLRVTXHODIUDVH FRPSXHVWD SRGUtDPRV OOHJDU D HQWHQGHU HO WH[WR DO SDUHFHU FRPR XQ SURFHVR GH FRRUGLQDFLyQ FRQWLQXD HV GHFLU XQ GHVDUUROOR GH 0,*V VXFHVLYRV D SDUWLU GH XQLGDGHVPHQRUHV  $VtSRUHMHPSORVLWRPDPRVHOSXQWRGHYLVWDGHOR\HQWHXQWH[WRHVXQDVXFHVLyQ GH IUDVHV VREUH ODV TXH YD UHDOL]DQGR OD RSHUDFLyQ GH ©LQWHUSUHWDU OD FRRUGLQDFLyQª HQ HVWH SURFHVR GH FDGD GRV FDGHQDV R IUDVHV YD REWHQLHQGR HO HOHPHQWR FRP~Q UHODFLRQDQGR ODV DFFLRQHV KHFKRV HWF  H[SUHVDGRV HQ ODV PLVPDV HOLPLQDQGR ORV DVSHFWRV LUUHOHYDQWHV SDUD OD IRUPDFLyQ GH XQLGDGHV PD\RUHV SRUHMHPSORORVSXQWRVGRQGHHOVLJQLILFDGRSDUFLDOGHXQDIUDVHQRWLHQH UHODFLyQ GLUHFWD FRQ HO GH OD V  IUDVH V  VXFHVLYD Vª TXHGiQGRVH VyOR R SULPRUGLDOPHQWH FRQ OR TXH XQD RUDFLyQ WLHQH GH UHODFLyQ GLUHFWD FRQ ODV VLJXLHQWHV 'H HVWD IRUPD H[WHQGLHQGR HO SURFHVR D OR ODUJR GH WRGR HO WH[WR YD GHVDUUROOiQGRVH XQ 0,* FDGD YH] PiV DPSOLR KDVWD OOHJDU D FDSWDU HO VLJQLILFDGR EiVLFR WRWDO TXH HQ FLHUWR PRGR SRGHPRV LGHQWLILFDU FRQ HO ©WHPD GHO WH[WRª  DTXHOOR ©VHPiQWLFDPHQWH FRP~Q D WRGDV ODV RUDFLRQHV TXH LQWHJUDQ HO WH[WRª 1R ROYLGHPRV SRU RWUR ODGR TXH HQ OD LQWHUSUHWDFLyQ GHO WH[WR OR IXQGDPHQWDO HV OD FDSWDFLyQ GHO WHPD JOREDO TXH SHUPLWLUi SRVWHULRUPHQWH RSHUDFLRQHV GHO R\HQWH FRPROD©UHFRQVWUXFFLyQSHULIUiVWLFDªGHOWH[WRHWF  /D FRRUGLQDFLyQ GH HVWH PRGR GH VHU DTXHOOD ©PHUD VXPDª GH HOHPHQWRV OLQJtVWLFRVVLQDSRUWDUQDGDSDUHFHFRQYHUWLUVHHQXQPHGLREiVLFRGHOSURFHVRGH LQWHJUDFLyQ GHO WH[WR VLHPSUH TXH OD LQWHUSUHWHPRV QR FRPR XWLOL]DFLyQ GH XQ HOHPHQWR FRQHFWRU HVSHFtILFR ODV FRQMXQFLRQHV FRRUGLQDWLYDV  VLQR FRPR SURFHVR TXH SXHGH WHQHU PDUFDGRUHV H[SOtFLWRV GLYHUVRV FRPR YLPRV VXFHGtD HQ OD GHWHUPLQDFLyQODRSRVLFLyQWHPDUHPDHWFpWHUD  

3iJ

3RU RWUD SDUWH HO HVWXGLR GH OD FRRUGLQDFLyQ SHUPLWH HQFRQWUDU WRGD XQD H[WHQVD JDPD GH FRQGLFLRQHV HQ ODV FXDOHV HV SRVLEOH OD XQLyQ GH HOHPHQWRV GLYHUVRV DVt FRPRORVFDVRVHQTXHpVWDUHVXOWDLPSRVLEOH(VGHFLUYLVWRGHVGHXQDSHUVSHFWLYD WH[WXDO HO HVWXGLR GH OD FRRUGLQDFLyQ QRV PXHVWUD HQ TXp FDVRV XQD VXFHVLyQ GH RUDFLRQHVVXSHUILFLDOHVHVSHUPLVLEOHSDUDREWHQHUXQWH[WRFRKHUHQWH\FXiQGRGRV RPiV RUDFLRQHVURPSHQODFRKHUHQFLDWH[WXDO$VtXQ©WH[WRªFRPR  >@/RVQLxRVVDOLHURQGHOFROHJLR6XVSDGUHVKDEtDQLGRDEXVFDUOHV3DVHDURQXQ UDWR \ VH IXHURQ D FDVD VHUtD FRKHUHQWH SRUTXH SRGHPRV HVWDEOHFHU UHODFLRQHV VHUQiQWLFDVHQWUHODVGLYHUVDVIUDVHVTXHORLQWHJUDQ\HQFRQVHFXHQFLDSRGUtDPRV OOHJDUDHVWDEOHFHUXQ0,* SRUHMHPSORGHOWLSR³ORTXHKDFHQORVQLxRVDODVDOLGD GHOFROHJLR´ GRQGHVHLQWHJUDQORVVLJQLILFDGRVGHODVWUHVIUDVHVSRUHOLQFRKHUHQWH  >@ /RV QLxRV VDOLHURQ GHO FROHJLR 8Q DYHVWUX] HVFDSD GHO FD]DGRU /DV DOFDQWDULOODVVRQXQDJUDQREUDGHLQJHQLHUtD  1RSXHGHFRQVLGHUDUVHFRKHUHQWHSRUTXHHVLPSRVLEOHREWHQHUGHHVWDVRUDFLRQHV XQ 0,* \D TXH QR H[LVWHQ UHODFLRQHV VHPiQWLFDV HQWUH HOODV (VDV UHODFLRQHV VHPiQWLFDVSRURWURODGRVHHVWDEOHFHQHQEDVHD FULWHULRV FRPRHO GH OD UHODFLyQ HQWUH ORV OH[HPDV TXH YLPRV HQ  GH IRUPD TXH OD FRRUGLQDFLyQ HQ WDQWR TXH PHGLR GH FRKHUHQFLD WH[WXDO VHUtD XQ SURFHVR GH QLYHO VXSHULRU DO GH HVDV UHODFLRQHVOH[HPiWLFDVXQSURFHVRTXHVHPDQLILHVWDVXSHUILFLDOPHQWHHQHOODV   )RUPDVGHPDQLIHVWDFLyQGHODFRRUGLQDFLyQ  (Q OD FRRUGLQDFLyQ DO LJXDO TXH HQ RWURV SURFHVRV GH WH[WXDOL]DFLyQ \D YLVWRV SRGHPRV HQFRQWUDU PX\ GLIHUHQWHV PDQLIHVWDFLRQHV VXSHUILFLDOHV SDUD XQ PLVPR SURFHVR ©SURIXQGRª TXH SRGHPRV FRQVLGHUDU XQLYHUVDO 6L REVHUYDPRV ODV GLVWLQWDV IRUPDV HQ TXH VH PDQLILHVWD OD FRRUGLQDFLyQ HQ ODV OHQJXDV OOHJDPRV DGHPiVDODFRQFOXVLyQGHTXHQRVHWUDWDGHO³SURFHVRGHWH[WXDOL]DFLyQ´RGHOD ³FRKHUHQFLD´WH[WXDOHQVtVLQRTXHHVXQRGHORVPHGLRVXWLOL]DGRVSDUDFRQVHJXLU TXHXQDVXFHVLyQGHRUDYLRQHVRHQWpUPLQRVJHQHUDOHVGHHOHPHQWRVOLQJtVWLFRV SXHGDFRQVLGHUDUVHFRPRXQWH[WRFRKHUHQWH  3RGHPRV FRQVLGHUDU SRU HMHPSOR OD DOWHUQDWLYD FRPR IRUPD GH FRKHUHQFLD TXH DSDUHFH FXDQGR HQ GRV VHJPHQWRV VXFHVLYRV XQR HV GH XQD X RWUD IRUPD OD ©QHJDFLyQª GHO RWUR (Q FDVWHOODQR \ RWUDV OHQJXDV VXHOH VHxDOL]DUVH PHGLDQWH QDWLYD  >@$QDR-RVHILQDHVWi Q HQFDVD    

 

3iJ 3iJ

(Q HVWD IUDVH OD FRQMXQFLyQ GLV\XQWLYD GH FRRUGLQDFLyQ ©Rª HVWDEOHFH XQD DOWHUQDWLYD /D RUDFLyQ >@ SXHGH SDUDIUDVHDUVH DVt ©8QD SHUVRQD HVWi HQ FDVD SXHGH VHU $QD Vt QR HV $QD HQWRQFHV HV -RVHILQDª (O HOHPHQWR FRRUGLQDGRU OD FRQMXQFLyQTXHVHxDOL]DODGLV\XQWLYDDOWHUQDWLYDHVHQFDVWHOODQRFRPRHQRWUDV PXFKDV OHQJXDV XQ PRUIHPD HVSHFLDOL]DGR HQ HVWD IXQFLyQ 3RGHPRV HQ FRQVHFXHQFLDSHQVDUTXHODUHODFLyQGHFRKHUHQFLDTXHOODPDPRV©DOWHUQDWLYDªHV XQDIRUPDHVSHFLDOGHFRRUGLQDFLyQHQHOVHQWLGRHQTXHWUDGLFLRQDOPHQWHVHXVDHO WpUPLQRHQODVJUDPiWLFDV  6LQ HPEDUJR HQ MDSRQpV SRU HMHPSOR QR VH XWLOL]D XQ HOHPHQWR HVSHFtILFR TXH SRGDPRV OODPDU ©FRRUGLQDGRUª VLQR OD SDUWtFXOD LQWHUURJDWLYD ND /D WUDGXFFLyQ MDSRQHVD GH >@ SRGUtD SDUDIUDVHDUVH HQWRQFHV FRPR ©XQD SHUVRQD HVWi HQ FDVD ¢VHUi $QD" ¢VHUi -RVHILQD"ª (V GHFLU XWLOL]DPRV XQ SURFHVR GLIHUHQWH DO GH OD FRRUGLQDFLyQ ,JXDO VXFHGH HQ TXHFKXD OD SDUWtFXOD FKX HV OD PLVPD SDUWtFXOD LQWHUURJDWLYDTXHWDPELpQSXHGHXWLOL]DUVHFRPRQHJDFLyQ HVGHFLULQGLFDTXHHO HOHPHQWR DO TXH VH VXILMD R QR HV UHDO R GHVFRQRFHPRV VL OR HV  (O FKLQR SRU VX SDUWHXWLOL]DXQHOHPHQWRKXyTXHVLELHQVXHOHWUDGXFLUVHSRU©RªHVHQUHDOLGDG XQ LQGLFDGRU GH SRVLELOLGDG $Vt >@ VH SXHGH SDUDIUDVHDU FRPR ©8QD SHUVRQD HVWiHQFDVDSXHGHVHU$QDSXHGHVHU-RVHILQDª  9HPRVDVtTXHODH[SUHVLyQGHODFRKHUHQFLDTXHHQFDVWHOODQRVHUHDOL]DPHGLDQWH HOHPHQWRVHVSHFLDOL]DGRVHQODFRRUGLQDFLRQSXHGHFRLQFLGLUHQRWUDVOHQJXDVFRQ SURFHVRV GLIHUHQWHV TXH VyOR HQ XQ QLYHO GH UHODFLRQHV SURIXQGDV SXHGH GHQRPLQDUVH³FRRUGLQDFLyQ´  ,JXDOPHQWHXQDIRUPDPX\HOHPHQWDOGHFRKHUHQFLDHVODVXFHVLyQWHPSRUDOXQD DFFLyQ VLJXH D RWUD FURQROyJLFDPHQWH (Q FDVWHOODQR VXHOH H[SUHVDUVH PHGLDQWH HO FRRUGLQDGRU³\´  >@9LQR\FRJLyHOOLEUR   (Q XQDV OHQJXDV OD FRQMXQFLyQ SXHGH LQGLFDU HVSHFtILFDPHQWH HVD VXFHVLyQ WHPSRUDO3HURHQRWUDVFRPRHOVZDKLOL\RWUDVOHQJXDVEDQW~HVQRVHXWLOL]DXQD FRQMXQFLyQVLQRXQDIRUPDHVSHFLDOGHOYHUERHOPRUIHPDYHUEDONDGHOVZDKLOL LQGLFD TXH OD DFFLyQ GHO VHJXQGR YHUER HV WHPSRUDOPHQWH VXEVLJXLHQWH D OD GHO SULPHUR FIU3RORPp $VtORTXHSDUDQRVRWURVHVFRRUGLQDFLyQ FRQXVR GHFRQMXQFLyQFRRUGLQDWLYD HQRWUDVOHQJXDVHVXQDIHQyPHQRPRUIROyJLFR  /R TXH HQ UHDOLGDG WHQHPRV HQ WRGRV HVWRV FDVRV HV XQ SURFHVR JHQHUDO GH UHODFLRQHVGHFRKHUHQFLDWH[WXDODOWHUQDWLYDHQ>@VXFHVLyQFURQROyJLFDHQ>@ (QFDVWHOODQR\RWUDVOHQJXDVODPDQLIHVWDFLyQVXSHUILFLDOHVORTXHVROHPRVOODPDU ©FRRUGLQDFLyQª SHUR RWURV LGLRPDV SXHGHQ VHUYLUVH GH PHGLRV FRPSOHWDPHQWH GLVWLQWRV 1R GHEHPRV FRQVLGHUDU SRU WDQWR TXH OD IRUPD HVHQFLDO GH PDQLIHVWDFLyQ GH OD FRKHUHQFLD HV OD FRRUGLQDFLyQ FRPR SDUHFH KDFHU ( /DQJ HQ 



3iJ

DOJXQDVRFDVLRQHV/DGLILFXOWDGUDGLFDHQTXHHVIiFLOLQFXUULUHQHOHUURUGHOODPDU ©FRRUGLQDFLyQª D WRGR IHQyPHQR GH FRKHUHQFLD (V GHFLU HO 0,* GH (ZDOG /DQJ KDFHUHIHUHQFLDPiVTXHDODFRRUGLQDFLyQHVSHFtILFDPHQWHDODFRKHUHQFLDJHQHUDO GHOWH[WRTXHHQWUHRWUDVFRVDVSXHGHPDQLIHVWDUVHPHGLDQWHODFRRUGLQDFLyQ  &RQYLHQH GHVWDFDU SRU RWUD SDUWH TXH HQ OD HVWUXFWXUDFLyQ GH OD FRRUGLQDFLyQ SURSLDPHQWH GLFKD FRPR HQ FXDOTXLHU SURFHVR GH FRKHUHQFLD KD\ TXH WHQHU HQ FXHQWD DVSHFWRV VRFLDOHV $Vt VL QRV ILMDUQRV HQ ORV VLVWHPDV GH FRQMXQFLRQHV FRRUGLQDWLYDVHVSHFLDOL]DGDVHQFRQWUDPRVXQDWHQGHQFLDJHQHUDODTXHpVWRVVHDQ PiV FRPSOHMRV WHQJDQ PD\RU Q~PHUR GH FRQMXQFLRQHV  VHJ~Q HO JUDGR GH FRPSOHMLGDG VRFLRFXOWXUDO $Vt OHQJXDV GH VRFLHGDGHV TXH VHJ~Q OD WHUPLQRORJtD DQWURSROyJLFD DQJORVDMRQD SRGHPRV OODPDU ©GH SHTXHxD HVFDODª WLHQHQ VLVWHPDV PX\HOHPHQWDOHV\HQRFDVLRQHVOOHJDQDFDUHFHUGHHOHPHQWRVHVSHFLDOL]DGRVFRPR FRQMXQFLRQHV /D FDXVD SDUHFH HVWDU HQ OR VLJXLHQWH FRPR KHPRV YLVWR OD FRKHUHQFLD GHO WH[WR VH EDVD HQ UHODFLRQHV SUDJPiWLFRVHPiQWLFDV FRQ XQ FRQVLGHUDEOH JUDGR GH LQIOXHQFLD GH IDFWRUHV VRFLDOHV R VRFLROLQJtVWLFRV &XDQWR PD\RU VHD OD FRPSOHMLGDG VRFLRFXOWXUDO GH XQ JUXSR FXDQWDV PiV GLIHUHQFLDV SXHGD KDEHU HQWUH ORV KDEODQWHV GH XQD OHQJXD SRU OR TXH UHVSHFWD D VXV FRQRFLPLHQWRVLGHRORJtDHWFPiVIiFLOHVTXHQRVHHQWLHQGDHOVHQWLGRGHXQWH[WR VLHOR\HQWHQRSXHGHDSR\DUVHHQLQGLFDGRUHVQRDPELJXRV(QFRQVHFXHQFLDVHUi SUHFLVRHQHVWRVFDVRVGHVDUUROODUXQVLVWHPDGHVHxDOHVIRUPDOHVTXHLQGLTXHSRU HMHPSORODUHODFLyQHQWUHGRVIUDVHVVXFHVLYDVFRPR  >@)HUPtQHVPDRtVWD9RWyD%ODV3LxDU  TXH VH HQWLHQGH FRPR FRQWUDSRVLFLyQ OD VHJXQGD FKRFD FRQ ODV H[SHFWDWLYDV SODQWHDGDV SRU OD SULPHUD XQ PDRtVWD QR YRWD HQ JHQHUDO D %ODV 3LxDU (Q FRQVHFXHQFLD>@VHHQWHQGHUiFRPR  >@)HUPtQHVPDRtVWDSHURYRWyD%ODV3LxDU  3DUDHQWHQGHU>@HVSUHFLVRWHQHUXQFRQRFLPLHQWRGHGDWRVH[WUDOLQJXtVWLFRV6L pVWRVQRH[LVWHQSDUDVHxDODUH[DFWDPHQWHODFRQWUDSRVLFLyQVHUiSUHFLVRPDUFDUOD H[SOtFLWDPHQWHFRPRHQ>@PHGLDQWHSHUR  (Q ODV VRFLHGDGHV ³HQ SHTXHxD HVFDOD´ ODV GLIHUHQFLDV HQ HO FRQRFLPLHQWR GHO PXQGR GH ORV KDEODQWHV VRQ SHTXHxDV \ HQ FRQVHFXHQFLD QR VHUi QHFHVDULR XWLOL]DUHQODPD\RUSDUWHGHORVFDVRVHVRVLQGLFDGRUHV  (Q >@ VL VXSRQHPRV TXH HO R\HQWH SRU VXV FRQRFLPLHQWRV H[WUDOLQJXtVWLFRV HV FDSD]GHUHFRQRFHUODDQRPDOtDSRGUHPRVSUHVFLQGLUGHODFRQMXFLyQSHUR(QFDVR FRQWUDULR pVWD VHUi LPSUHVFLQGLEOH SRU HMHPSOR VL HO R\HQWH GHVFRQRFH ODV LGHRORJtDVFRUUHVSRQGLHQWHVDO³PDRtVPR´\D³%ODV3LxDU´    

3iJ

8QD OHQJXD GH XQ JUXSR PX\ D SHTXHxD HVFDOD FRPR HO FD\DSD KDEODGR SRU PHQRV GH  SHUVRQDV HQ OD ]RQD RFFLGHQWDO GHO (FXDGRU FDUHFH GH FRQMXQFLRQHV SURSLDPHQWH GLFKDV SDUD TXH OD WLSRORJtD FXPSOD VXV ILQHV HV SUHFLVR TXH@ OD WLSRORJtD DQDOLFH OD IXQFLyQFRPXQLFDWLYDGHORVWH[WRVHQVLWXDFLRQHV\SUHVWHHVSHFLDODWHQFLyQDODV LQWHQFLRQHV GHO KDEODQWH \ ODV H[SHFWDWLYDV GHO R\HQWH LQPHUVRV DPERV HQ VXV VLWXDFLRQHV FRPSOHMDV UHVSHFWLYDV  \ D ORV FRUUHODWRV GH HOORV HQ ODV HVWUXFWXUDV WH[WXDOHV VHxDOL]DGRUHVWH[WXDOHVLQWHUQRV TXHSHUPLWHQDOUHFHSWRUUHFRQRFHUTXp WLSRGHWH[WRTXLHUHSURGXFLUHOKDEODQWHª  7HQHPRVSRUWDQWREiVLFDPHQWHGRVSRVLELOLGDGHV  D  3UHVWDUDWHQFLyQIXQGDPHQWDOPHQWHDODVHVWUXFWXUDVLQWHUQDVGHORVWH[WRV (QHVWHVHQWLGRSXHGHQHVWDEOHFHUVHWLSRORJtDVGHDFXHUGRFRQODIRUPDGH HVWUXFWXUDFLyQDXQTXHHOORVyORSDUHFHSRVLEOHGHQWURGHPRGHORVDOWDPHQWH IRUPDOL]DGRV 'H HVWH PRGR SRGHPRV FLWDU ORV HQVD\RV GH 6 , *LQGLQ \ RWURVOLQJLVWDVVRYLpWLFRVWDPELpQSRGUtDHODERUDUVHXQDWLSRORJtDDXQTXH QR VH KD\D LQWHQWDGR FRQ SURIXQGLGDG GHQWUR GH PRGHORV FRPRHO GH 0DUFLV]HZVNL HO GH 3HW|IL R HO GH 0DUWHP MDQRY 6LQ HPEDUJR SDUHFH VHU TXH GHELGR D TXH HO HOHPHQWR SUDJPiWLFRH[WHUQR HV DEVROXWDPHQWH IXQGDPHQWDO SDUD OD FRPSUHQVLyQ GHO WH[WR XQD WLSRORJtD EDVDGD HQ FULWHULRVH[FOXVLYDPHQWH©LQWHUQRVªQRWHQGUtDJUDQGHVSRVLELOLGDGHV E  6HSXHGHWDPELpQWRPDUFRPRSXQWREiVLFRGHSDUWLGDODVLWXDFLyQH[WHUQD IXQGDPHQWDOPHQWHODVLWXDFLyQVRFLDOFRQWRGRVVXVFRPSRQHQWHV7DOHVOD WLSRORJtDTXHVHLQWHQWDHQHOPDUFRGHODJUDPiWLFDVLVWpPLFRIXQFLRQDO FIU  (QUHDOLGDGHVGHHVWHWLSRWDPELpQXQDFODVLILFDFLyQTXHFRPRODGHOD WDJPpPLFD FIU  \   VH DSR\D HQ HO FRQFHSWR GH ©IXQFLyQª WH[WXDO\DTXHHVWD³IXQFLyQ´HVGHFDUiFWHUHVHQFLDOPHQWHVRFLDO   3DUHFH TXH KR\ GtD HV HVWD VHJXQGD YtD OD TXH WLHQH PiV SRVLELOLGDGHV IXQGDPHQWDOPHQWH VL VH WUDEDMD GHVGH XQD SHUVSHFWLYD FRPXQLFDWLYD $Vt VHxDODQ (*OLFK\:5DLEOH    ©HQFRQMXQWRVHSXHGHFRPSUREDUODWHQGHQFLDJHQHUDODRULHQWDUWDQWRODWHRUtD GHOWH[WRFRPRODGLIHUHQFLDFLyQGHWLSRVGHWH[WRHQGLUHFFLyQDODSUDJPiWLFDHV GHFLUDIDFWRUHVH[WHUQRVDOWH[WR(OPDUFRWDQWRSDUDODWHRUtDGHORVWH[WRVFRPR SDUDODGHODGLIHUHQFLDFLyQHVFXDQGRPHQRVWRGRHOSURFHVRGHFRPXQLFDFLyQVL QRXQDJUDPiWLFDGHODDFWLYLGDGª  $Vt3IW]H%OHL  SURSRQHQFRPRFULWHULRVWLSROyJLFRVORVTXHSURSRUFLRQDOD WHRUtD GH OD DFWLYLGDG YHUEDO WDO FRPR OD YLPRV HQ  +DEUi TXH WHQHU HQ FXHQWDSRUWDQWRIDFWRUHVWDOHVFRPRILQDOLGDGPRWLYDFLyQSODQGHOWH[WRVLVWHPD GHDFFLRQHV\VLVWHPDGHRSHUDFLRQHVDGHPiVGHORVHOHPHQWRVGHODVLWXDFLyQ  3HURFRPRDILUPD6FKLPGWTXL]iKDEUtDTXHLUKDFLDXQDWLSRORJtDTXHFRPELQDUD DVSHFWRVGLYHUVRVHVGHFLUODLQWHJULGDGGHOIHQyPHQR 

 

3iJ 3iJ

/DVFRQGLFLRQHVGHXQDWLSRORJtDWH[WXDOVHJ~Q+,VHQEHUJ  (QVXDUWtFXORFLWDGR  ,VHQEHUJSODQWHDODVFRQGLFLRQHVTXHGHEHUtDFXPSOLU XQD WLSRORJtD WH[WXDO SDUD VHU XQD FODVLILFDFLyQ DGHFXDGD GH DFXHUGR FRQ ORV SULQFLSLRV FLHQWtILFRV 1R HVWi GH PiV SRU WDQWR UHFRUGDU FXiOHV VRQ HVRV SULQFLSLRVTXHGHEHVHJXLUWRGDFODVLILFDFLyQ3DUD0DUOR%XQJH  VRQORV VLJXLHQWHV    ORV FDUDFWHUHV R SURSLHGDGHV HOHJLGRV SDUD OOHYDU D FDER OD DJUXSDFLyQ GHEHQPDQWHQHUVHDORODUJRGHWRGRHOWUDEDMR   ORV FRQMXQWRV GH XQ PLVPR UDQJR MHUiUTXLFR GHEHQ VHU H[KDXVWLYRV \ GLV\XQWRVGRVDGRVRVHDGHEHQFXEULUMXQWRVHOFDPSRHQWHUR\QRGHEHQ WHQHUQLQJ~QPLHPEURHQFRP~Q   ODV YDULDV FODVLILFDFLRQHV GH XQ PLVPR XQLYHUVR GHO GLVFXUVR GHEHQ FRLQFLGLU SRU OR TXH KDFH D H[WHQVLyQ  VL HV TXH GHEHQ VHU DJUXSDFLRQHV QDWXUDOHVQRDUWLILFLDOHV  6HxDOD DGHPiV TXH pVWRV VRQ ©SULQFLSLRV GH FODVLILFDFLyQ GH QDWXUDOH]D OyJLFD HVWR HV LQGHSHQGLHQWHV GHO REMHWLYR \ GHO WHPDª LEtGHP  $GHPiV SDUD FDGD FODVLILFDFLyQ RWLSRORJtD FRQFUHWDKDEUiTXHWHQHUHQFXHQWDFULWHULRVHVSHFtILFRV  9HDPRVDFRQWLQXDFLyQODVFRQGLFLRQHVTXHSUHVHQWD,VHQEHUJ  D  +RPRJHQHLGDGXQDWLSRORJtDHVKRPRJpQHDFXDQGRVHGHILQHXQDEDVH XQLWDULDGHWLSRORJL]DFLyQ\WRGRVORVWLSRVGHWH[WRVHFDUDFWHUL]DQGHOD PLVPDIRUPDHQUHIHUHQFLDDHVWDEDVHXSROyJLFD E  0RQRWLSLDXQDWLSRORJtD WH[WXDO HVPRQRWtSLFDFXDQGR QRVHSHUPLWH OD FODVLILFDFLyQVLPXOWiQHDGHXQPLVPRWH[WRHQGLVWLQWRVWLSRVGHWH[WRGHO PLVPR UDQJR HV GHFLU QR DIHFWD DO KHFKR GH TXH HO WH[WR VH SXHGD FODVLILFDUHQGRVWLSRVVLHPSUHTXHXQRGHHOORVVHDGHRUGHQMHUiUTXLFR LQIHULRU DO RWUR HQ HO PLVPR QLYHO R UDQJR VyOR VHUi SRVLEOH XQD ~QLFD FDUDFWHUL]DFLyQ  F  )DOWD GH DPELJHGDG XQ WH[WR HV WLSROyJLFDPHQWH DPELJXR FXDQGR ODV VXFHVLRQHV GH IUDVHV TXH FRQVWLWX\HQ HO WH[WR WLHQHQ GLYHUVDV LQWHUSUHWDFLRQHV VHPiQWLFDV \R SUDJPiWLFDV GH IRUPD TXH XQD PLVPD VXFHVLyQ GH IUDVHV SXHGD DVLJQDUVH D GLVWLQWRV WLSRV GH WH[WR VHJ~Q OD LQWHUSUHWDFLyQ8QDWLSRORJtDGHEHVHUHVWULFWDHYLWDQGRHVDDPELJHGDG QRGHEHKDEHUWH[WRVDPELJXRVHQUHODFLyQDHVDWLSRORJtDWH[WXDO G  ([KDXVWLYLGDGXQDWLSRORJtDHVH[KDXVWLYDFXDQGRFDGDWH[WRSRVLEOHHQ HOOD SXHGH DVLJQDUVH D XQR GH ORV WLSRV GH WH[WR H[LVWHQWHV HQ HVD WLSRORJtDHVGHFLUFXDQGRQRH[LVWHQ WH[WRV TXH QR HQFDMHQ HQ QLQJXQR GHORVWLSRVHVWDEOHFLGRV FIUSS   &RPR YHPRV ORV SULQFLSLRV VHxDODGRV SRU + ,VHQEHUJ VH FRUUHVSRQGHQ FRQ ORV SULQFLSLRV OyJLFRV GH OD FODVLILFDFLyQ TXH SUHVHQWD %XQJH 3DUHFH TXH HQ  

3iJ

FRQVHFXHQFLD VHUtD LQHOXGLEOH UHVSHWDUORV SDUD TXH FXDOTXLHU WLSRORJtD WH[WXDO SXGLHUDWHQHUYDOLGH]FLHQWtILFD,VHQEHUJVRPHWHDXQEUHYHDQiOLVLVHQIXQFLyQGH HVWRVFULWHULRVDGLYHUVDVWLSRORJtDVFRPRODVTXHYHUHPRVHQHODSDUWDGRVLJXLHQWH \ OOHJD D OD FRQFOXVLyQ GH TXH QLQJXQD GH HOODV FXPSOH ODV FXDWUR FRQGLFLRQHV 3DUHFH SRU WDQWR TXH HVWDPRV D~Q PX\ OHMRV GH SRGHU HODERUDU XQD WLSRORJtD DGHFXDGD 3RU RWUD SDUWH QR HVWi QL VLTXLHUD FODUR FyPR SRGUtDPRV KDFHUOD VLJXLHQGR ORV SULQFLSLRV TXH FRPR YLPRV HQ  GHEHQ KDFHU MXVWLFLD D OD FRPSOHMLGDG GHO IHQyPHQR ©WH[WRª /D FRQFOXVLyQ HV TXH SDUHFH QHFHVDULR GHVDUUROODUWUDEDMRVLQWHQVRVVREUHHVWDFXHVWLyQGHODWLSRORJtD\DTXHUHVXOWDSRU ORTXHYLPRVLPSUHVFLQGLEOHSDUDFRQVHJXLUXQDWHRUtDWH[WXDODGHFXDGD6HWUDWD SUREDEOHPHQWHGHOFDPSRPHQRVGHVDUUROODGRHQWRGDODOLQJtVWLFDWH[WXDO   $OJXQRVPRGHORVWLSROyJLFRVSURSXHVWRV  $ FRQWLQXDFLyQ SUHVHQWDPRV HQ VXV SULQFLSLRV JHQHUDOHV DOJXQRV PRGHORV WLSROyJLFRV GH ORV SRFRV TXH VH KDQ LQWHQWDGR TXH SXHGHQ UHVXOWDU LQWHUHVDQWHV DXQTXHFRPRDQWHVGLMLPRVQLQJXQRGHHOORVFXPSOHODVFRQGLFLRQHVFLHQWtILFDVGH ODFODVLILFDFLyQ   /D WLSRORJtD WH[WXDO GH ( :HUOLFK(Q GRV OLEURV $ 7H[W *UDPPDU RI (QJOLVK +HLGHOEHUJ   \ 7\SRORJLH GHU 7H[WH +HLOGHOEHUJ   :HMUOLFK GHVDUUROOD XQ PRGHOR WLSROyJLFR WH[WXDO TXH WLHQH FLHUWD VLPLOLWXG FRQ ORV TXH SXHGHQ HODERUDUVH HQ HO PDUFR GH OD JUDPiWLFD VLVWpPLFRIXQFLRQDO 7LHQH HQ FXHQWDGRVWLSRVGHFULWHULRVIXQGDPHQWDOHVORVGDWRVGHOFRQWH[WRH[WUDOLQJtVWLFR EiVLFDPHQWHVRFLDO\ODVHVWUXFWXUDVGHODVRUDFLRQHVTXHIRUPDQODOODPDGD©EDVH WH[WXDOª(VpVWDODXQLGDGTXHIRUPDHOFRPLHQ]RGHXQWH[WR QROLQHDOPHQWHVLQR PiVELHQHQHOVHQWLGRGH©WHPDGHOWH[WRª \TXHVHGHVDUUROODSDUDGDUOXJDUDXQ WH[WR FRPSOHWR (VD EDVH WH[WXDO SXHGH GHILQLUVH FRPR XQD RUDFLyQ TXH UHSUHVHQWDUtD HVH ©WHPD GHO WH[WRª  \ SXHGHQ HVWDEOHFHUVH VHLV WLSRV TXH FRUUHVSRQGHQDVHLVWLSRVGHWH[WR    GHVFULSWLYD   QDUUDWLYD   VLQWpWLFD   DQDOtWLFD   DUJXPHQWDWtYD   LQVWUXFWLYD  /DVEDVHVVLQWpWLFD\DQDOtWLFDVHHQWLHQGHQDVXYH]FRPRLQWHJUDQWHVGHXQWLSR GHEDVHPiVFRPSOHMRTXH:HUOLFKOODPD©H[SRVLWLYDª&DGDXQDGHHVWDVEDVHVVH FDUDFWHUL]D FRPR GLMLPRV SRU XQD HVWUXFWXUD HVSHFtILFD RUDFLRQDO $Vt D   OH FRUUHVSRQGHQ HVWUXFWXUDV YHUEDOHV VLPSOHV FRQ HO YHUER VHU \ RWURV HTXLSDUDEOHV YHUERV TXH QR LQGLFDQ ©FDPELRª  HQ SUHVHQWH R LPSHUIHFWR PiV XQ DGYHUELR   

3iJ 3iJ

ORFDWLYR$ODEDVHQDUUDWLYD OHFRUUHVSRQGHXQDRUDFLyQFRQXQYHUERGHFDPELR HQLPSHUIHFWRPiVDGYHUELRVORFDOHV\WHPSRUDOHV/DH[SRVLFLyQVLQWpWLFD WLHQH HO YHUER VHU PiV XQ SUHGLFDGR QRPLQDO   OD H[SRVLFLyQ DQDOtWLFD VH FDUDFWHUL]D SRU HO YHUER WHQHU HQ SUHVHQWH FRPR HQ HO FDVR GH   PiV XQ FRPSOHPHQWR QRPLQDOODEDVHDUJXPHQWDWLYD SRVHHXQYHUERVHUFRQQHJDFLyQHQSUHVHQWH\ XQ FRPSOHPHQWR DGMHWLYDO OD LQVWUXFWLYD   SRU ~OWLPR VH FDUDFWHUL]D SRU OD SUHVHQFLDGHOLPSHUDWLYR  'HHVWDIRUPDXQDEDVHWH[WXDOFRPR©-XDQHVPDULQRªFRUUHVSRQGHDOWLSR \ VLUYHGHEDVHSDUDODH[SDQVLyQGHXQWH[WR(OWH[WRHODERUDGRDSDUWLUGHHVDEDVH WH[WXDOSHUWHQHFHUiDOWLSRGHWH[WRVVLQWpWLFRV  $FRQWLQXDFLyQ\XWLOL]DQGRFRPRFULWHULRORVGDWRVFRQWH[WXDOHVH[WUDOLQJtVWLFRV VHHODERUDQIRUPDVWH[WXDOHVSDUDFDGDXQRGHORVVHLVWLSRVGHWH[WRHQXPHUDGRV $TXtVHWLHQHQHQFXHQWDORVGDWRVGHODVLWXDFLyQFRPRORVTXHYLPRVDOWUDWDUGHOD JUDPiWLFD VLVWpPLFRIXQFLRQDO   VL ELHQ FRQ XQD HVWUXFWXUDFLyQ GLILHUHQWH 6H WLHQH HQ FXHQWD IXQGDPHQWDOPHQWH HO SDSHO GHO KDEODQWH \ HO R\HQWH HQ HO WH[WR VLHQGRSUHGRPLQDQWHOD©SHUVSHFWLYDGHOKDEODQWHª$VtSDUDFDGDXQRGHORVWLSRV GH WH[WR VH SXHGH GLIHUHQFLDU HQWUH XQD IRUPD GH WH[WR VXEMHWLYD \ RWUD REMHWLYD VHJ~QHOJUDGRGHSDUWLFLSDFLyQGHOKDEODQWHHQHOGLVFXUVR  0HGLDQWH OD FRPELQDFLyQ GH HVWRV FULWHULRV WLSRV GH WH[WR IRUPDV GH WH[WR  VH SXHGHHODERUDUXQDFODVLILFDFLyQEDVWDQWHFRPSOHWDTXHDGHPiVWLHQHODYHQWDMDGH HVWUXFWXUDUVHMHUiUTXLFDPHQWHGHIRUPDTXHSDUDFDGDWH[WR R©HMHPSODUWH[WXDOª  VHSXHGHQVHxDODUXQWLSR\XQDIRUPDVXERUGLQDGDDpVWH3RURWUDSDUWHORVWH[WRV QRQHFHVDULDPHQWHVHFDUDFWHUL]DQFRPRGHXQ~QLFRWLSRIRUPDHWFVLQRTXH SXHGHQ PRVWUDU XQD VHFXHQFLD (V GHFLU HQ XQ WH[WR GHWHUPLQDGR SRGHPRV HQFRQWUDU XQD SDUWH FDUDFWHUL]DEOH FRPR GHVFULSWLYD VHJXLGD GH RWUD DUJXPHQWDWLYD RWUD GHVFULSWLYD XQD VHFXHQFLD XVXDO HV GHVFULSFLyQ ±QDUUDFLyQ DUJXPHQWDFLyQ QDUUDFLyQ (VWRV WH[WRV VRQ HQ OD WHUPLQRORJtD GH :HUOLFK ©PL[WRVªWLSROyJLFDPHQWH(QHVWRVFDVRVH[LVWHVLHPSUHXQWLSRGRPLQDQWHRVHD DTXHO TXH UHSUHVHQWD HO IXQGDPHQWDO GHO WH[WR (VWH SXQWR HV LQWHUHVDQWH SRUTXH FRPRKHPRVYLVWRHQXQWH[WRVXHOHSUHVHQWDUGLYHUVRV©WHPDVªVLHQGRXQRGH HOORVHOIXQGDPHQWDO  /D WLSRORJtD VH SXHGH HVSHFLDOL]DU D~Q PiV PHGLDQWH OD DGRSFLyQ GHO FRQFHSWR GH ©YDULDQWHV WH[WXDOHVª SDUD DTXHOORV WH[WRV TXH WLHQHQ OD PLVPD FDUDFWHUL]DFLyQ WLSROyJLFD SHUR TXH UHSUHVHQWDQ GLYHUVDV SRVLELOLGDGHV ©LQVWLWXFLRQDOL]DGDVª GH UHDOL]DFLyQ 3RU HMHPSOR FXHQWR ELRJUDILD QRYHOD KLVWRULD FRUWD HWF VRQ WRGDV HOODV YDULDQWHV WH[WXDOHV GH OD ©QDUUDFLyQª FDUDFWHUL]DGD SRU OD DXVHQFLD GH SDUWLFLSDFLyQGLUHFWDGHOKDEODQWH TXHQRHVLPSUHVFLQGLEOH HVGHFLUSRUODIRUPD WH[WXDO©REMHWLYDª\SRUHOSUHGRPLQLRGHOWLSRGHEDVHWH[WXDO©QDUUDWLYDª 

 

3iJ

(VWHPRGHORQRGHVDUUROODGRKDVWDVXV~OWLPDVFRQVHFXHQFLDVHVFRQVLGHUDGRSRU ,VHQEHUJFRPRXQRGHORVPiVDGHFXDGRV  DXQTXHVHxDODTXHFDUHFHGH ODFRQGLFLyQGHPRQRWLSLD RSFLWS   /DWLSRORJtDWH[WXDOGH(8*URVVH(QVXOLEUR7H[WXQG.RPPXQLNDWLRQ  *URVVHSUHVHQWDXQDWLSRORJtDEDVDGDHQHOFRQFHSWRGHIXQFLyQWH[WXDOeVWD VH UHILHUH IXQGDPHQWDOPHQWH D OD IRUPD HQ TXH HO KDEODQWH HVSHUD R GHVHD TXH LQWHUSUHWHVXWH[WRHOR\HQWH  ©'HILQLPRVODVIXQFLRQHVWH[WXDOHVFRPRGLUHFFLRQHVHVSHFtILFDVGHWHUPLQDGDVSRU HO HPLVRU HQ HO HMH HPLVRU WH[WR OLQJtVWLFR FRPR LQVWUXPHQWR GLULJLGR GH FRPXQLFDFLyQUHFHSWRU(VWRLPSOLFDTXHXQDIXQFLyQWH[WXDOQRHVORPLVPRTXH OD LQWHQFLyQ GHO HPLVRU VLQR TXH HV OD LQWHQFLyQ PDQLILHVWD HQ HO WH[WR FRPR LQVWUXPHQWR GH OD FRPXQLFDFLyQ FRGLILFDGD HQ XQ WH[WR HQ OD IRUPD \ HVWR HV LPSRUWDQWHHQTXHGHEHHQWHQGHUODHOR\HQWHª FLWDGRHQ=LPPHUPDQQ   6HxDODODH[LVWHQFLDGHODVVLJXLHQWHVIXQFLRQHV   QRUPDWLYD  GHFRQWDFWR  GHLQGLFDFLyQGHJUXSR  SRpWLFD  GHDXWRPDQLIHVWDFLyQ  GHRUGHQH[LJHQFLD  GHWUDQVIHUHQFLDGHLQIRUPDFLyQ  GRVIXQFLRQHVTXHDFW~DQVLPXOWiQHDPHQWH  $ FDGD XQD GH HVWDV IXQFLRQHV FRUUHVSRQGH XQ WLSR GH WH[WR TXH SXHGH PDQLIHVWDUVH HQ GLYHUVDV FODVHV $Vt D OD IXQFLyQ   FRUUHVSRQGHQ WH[WRV GHVWLQDGRVDSRQHUGHUHOLHYHODSHUWHQHQFLD DXQJUXSRFRPRKLPQRVFDQFLRQHV GHJUXSRHWF(QWUHORVWH[WRVQRUPDWLYRV IXQFLyQ VHHQFXHQWUDQODVOH\HVDOD IXQFLyQ   SHUWHQHFHQ ODV REUDV OLWHUDULDV TXH D VX YH] GHEHQ VXEGLYLGLUVH HQ FODVHV PiV HVSHFtILFDV 3RU RWUR ODGR DO LJXDO TXH HO PRGHOR GH :HUOLFK SXHGH GDUVH OD PXOWLIXQFLRQDOLGDG GH XQ WH[WR \ HQ HVWH FDVR HV SUHFLVR HVSHFLILFDU WDPELpQ TXp IXQFLyQ HV GRPLQDQWH H[FHSWR HQ HO WLSR   FDUDFWHUL]DGR SUHFLVDPHQWHSRUODFRGRPLQDQFLD  3DUD,VHQEHUJHVWHPRGHORYXOQHUDODH[LJHQFLDGHKRPRJHQHLGDG     /D WLSRORJLD WH[WXDO Gp %DUEDUD 6DQGLJ0iV TXH SURSRQHU XQD WLSRORJtD FRPSOHWD%6DQGLJVHOLPLWDHQVXDSRUWDFLyQDOYROXPHQFROHFWLYR*OLFK5DLEOH HGV  D PRVWUDU ODV SRVLELOLGDGHV GH HODERUDUOD HQ EDVH D FULWHULRV IXQGDPHQWDOPHQWH GH FDUiFWHU SUDJPiWLFR 6H WUDWD DGHPiV GH XQD FODVLILFDFLyQ

 

3iJ

TXH GHEHUtD VHU LQPHGLDWDPHQWH ~WLO SDUD GLVFLSOLQDV FRPR H£ DSUHQGL]DMH GH OHQJXDVODVRFLROLQJtVWLFDHWF  6HUHDOL]DSRUPHGLRGHXQDVHULHGHRSRVLFLRQHVGHUDVJRVEiVLFDPHQWHELQDULRV GHILQLGRVFRPRR SHURWDPELpQFRPR 3URSRQHVLQLQWHQWDUVHUH[KDXVWLYD ORVVLJXLHQWHVUDVJRV FRQVHUYDPRVODWHUPLQRORJtDDOHPDQDRULJLQDO   >JHVS@VHJ~QVHWUDWHGHXQWH[WRKDEODGR >JHVS@ RHVFULWR >JHVS@   >VSRQ@ DTXt VH HVSHFLILFD HO FDUiFWHU HVSRQWiQHR >VSRQ@  R QR HVSRQWiQHR HV GHFLU ©SUHSDUDGRª >VSRQ@  GHO WH[WR (Q RWUDV SDODEUDV VH GLVWLQJXH HQWUH XQ  VRPHWLPLHQWR FRQVFLHQWH SOHQR D ODV QRUPDV OLQJtVWLFDV >VSRQ@ \ OD SRVLELOLGDGGHWH[WRVGRQGHVHYXOQHUDQRSXHGHQYXOQHUDUHVDVQRUPDV>VSRQ@ XWLOL]DQGR SRU HMHPSOR YDULDQWHV OLQJtVWLFDV ©FRORTXLDOHVª HQ SURQXQFLDFLyQ JUDPiWLFDYRFDEXODULRHWF\TXHVHFDUDFWHUL]DDGHPiVSRUIHQyPHQRVFRPROD UHSHWLFLyQODGXGDODIDOWDGHFRPSOHFLyQGHXQDHVWUXFWXUDHWF  >PRQR@ VHJ~Q VH WUDWH GH PRQyORJR >PRQR@  R GLiORJR >PRQR@  HQ HO TXH LQWHUYLHQHQGRVRPiVSHUVRQDV  >WGLD@VHJ~Q HO WH[WR VLHQGR PRQyORJR WHQJD R QR IRUPD GH GLiORJR >WGLD@ LPSOLFDHQFRQVHFXHQFLDXQPRQyORJRFRQIRUPDGHWDOVLQUHIOHMR©GLDORJDOªHQHO WH[WR/DDXWRUDSRQHHOHMHPSORGHXQDUHFHWDGH FRFLQD XQD UHFHWD PpGLFD XQD QRWLFLD UDGLRIyQLFD XQ SDUWH PHWHRUROyJLFR HWF S   TXH VRQ WRGRV HOORV >WGLD@1RVHxDODWH[WRVHVSHFtILFRVFRPR>WGLD@SHURVtDOJXQRVHQTXHODIRUPD GLDORJDOHVRSFLRQDO >“WGLD@ SRUHMHPSORXQDQXQFLRTXHSXHGHWRPDUIRUPDGH ©GtiORJRª DXQTXH HQ UHDOLGDG QR H[LVWD pVWH HV VLPSOHPHQWH XQD IRUPD GH UHDOL]DFLyQGHXQWH[WRFDUDFWHUL]DGRFRPR>PRQR@  >]NRQ@VHxDODODH[LVWHQFLDRQRGHFRQWDFWRHVSDFLDOHQWUHKDEODQWH\R\HQWH8QD FRQYHUVDFLyQWHOHIyQLFDSRUWDQWRVHUi>]NRQ@PLHQWUDVTXHXQDFRQYHUVDFLyQ IDPLOLDUVHUi>]NRQ@DOHVWDUSUHVHQWHVORVLQWHUORFXWRUHV>]NRQ@VHXWLOL]DFXDQGR H[LVWH >]NRQ@ RQR>]NRQ@ XQSHUtRGRGHWLHPSRHVSHFtILFRHQHOFXDOVHUHDOL]D OD FRPXQLFDFLyQ 3RVLWLYR HV SRU HMHPSOR HO FDVR GH ORV PHQVDMHV RUDOHV DO FRQWUDULRGHORVHVFULWRVTXHQRUPDOPHQWH FRQODSRVLEOHH[FOXVLyQGHODUHFHWDGH FRFLQD R HO DQXQFLR  FDUHFHQ GH HVD XQLGDG WHPSRUDO XQD FDUWD SRU WDQWR VH FDUDFWHUL]DUiFRPR>]NRQ@  >DNRQ@VHUHILHUHDODH[LVWHQFLD >DNRQ@ RDXVHQFLD >DNRQ@  GH FRQWDFWR DF~VWLFR  >DQID@KDFHUHIHUHQFLDDODH[LVWHQFLDGHXQWLSRHVSHFtILFRGHFRPLHQ]RGHOWH[WR LJXDOPHQWH   

3iJ 3iJ

>HQGH@LQGLFDODH[LVWHQFLDGHXQDIyUPXODILQDOHVSHFtILFDRVXDXVHQFLD6HxDODOD DXWRUD TXH WRGRV ORV WLSRV GH WH[WR TXH UHVHxD SXHGHQ WHQHU HO UDVJR >DQID@ DXQTXHHQDOJXQRVFDVRVVHDVRODPHQWHRSFLRQDO >“DQID@ FRPRHQODHQWUHYLVWD HO DQXQFLR R OD FRQYHUVDFLyQ IDPLOLDU HO FDVR PiV QRUPDO VH FDUDFWHUL]D FRPR >DQID@ FDUWD FRQYHUVDFLyQ WHOHIyQLFD UHFHWDV PpGLFDV R GH FRFLQD WHOHJUDPD GLVFXVLyQHWF(QFXDQWRDOUDVJR>HQGH@SDUHFHPiVOLPLWDGR HQ XQRV FDVRV HV REOLJDWRULR >HQGH@ FRPR HQ OD UHFHWD PpGLFD OD FRQGROHQFLD OD GLVFXVLyQ R HO WHOHJUDPD PLHQWUDV TXH HQ RWURV WLSRV GH WH[WR HV RSWDWLYR HQWUHYLVWD DQXQFLR HWF  \ HQ RWURV PiV QR H[LVWH HV GHFLU VH FDUDFWHUL]DQ FRPR >HQGH@  UHFHWD GH FRFLQDSDUWHPHWHRUROyJLFRQRWLFLDGHSUHQVDFRQYHUVDFLyQIDPLOLDUHWFHQHVWRV FDVRVQRH[LVWHQIyUPXODVHVSHFtILFDVTXHLQGLTXHQODWHUPLQDFLyQGHOWH[WR  >DXIE@VHUHILHUHDODFRQYHQFLRQDOLGDG >DXIE@RQRFRQYHQFLRQDOLGDG >DXIE@ GH ODHVWUXFWXUDGHOWH[WR$VtXQDUHFHWDXQSDUWHPHWHRUROyJLFRRXQDFRQGROHQFLD VRQ WH[WRV VRPHWLGRV D XQD HOHYDGD FRQYHQFLRQDOLGDG DO FRQWUDULR TXH SRU HMHPSOR OD FRQYHUVDFLyQ IDPLOLDU OD QRWLFLD OD GLVFXVLyQ R OD FRQYHUVDFLyQ WHOHIyQLFD  >WKHP@LQGLFDVLHOWHPDHVWiSHUIHFWDPHQWHGHOLPLWDGR\GHILQLGR >WKHP@ RQR >WKHP@ 6HFDUDFWHUL]DQFRPR>WKHP@WH[WRVFRPRODHQWUHYLVWDODVQRWLFLDVGH SUHQVD OD GLVFXVLyQ HO WHOHJUDPD OD UHFHWD HWFpWHUD VRQ > “ WKHP@ SRU HO FRQWUDULR OD FDUWD OD FRQYHUVDFLyQ WHOHIyQLFD R HO DQXQFLR > WKHP@ VRQ WH[WRV FRPRODFRQYHUVDFLyQIDPLOLDU  >SHU@ >SHU@ >SHU@ LQGLFDQ OD IRUPD GH LQWHUDFFLyQ GH ORV LQWHUORFXWRUHV SULPHUD VHJXQGD R WHUFHUDSHUVRQDLJXDOPHQWH  >LPSHU@HVSHFLILFDODSUHVHQFLDRQRGHOLPSHUDWLYR$Vt>SHU@VRQODHQWUHYLVWD ODFDUWDODFRQYHUVDFLyQWHOHIyQLFDODFRQYHUVDFLyQIDPLOLDUHWFPLHQWUDVTXHVRQ >SHU@HOWH[WROHJDORODUHFHWDODFRQGROHQFLDR HODQXQFLR VHFDUDFWHUL]DQ FRPR >“SHU@&RPR>SHU@VHFDUDFWHUL]DQWDPELpQODHQWUHYLVWDODFDUWDHWF2SWDWLYRV DHVWHUHVSHFWR HVGHFLU>“SHU@ VRQHODQXQFLRRHOWHOHJUDPD\HOWH[WROHJDOROD FRQGROHQFLDVHFDUDFWHUL]DQFRPR>SHU@/DDXWRUDVyORFDUDFWHUL]DFRPR>SHU@ GHORVWH[WRVTXHPHQFLRQDODUHFHWDPpGLFDPLHQWUDVTXHHQORVGHPiVFDVRVHV VLHPSUH>SHU@H[FHSWRHQHODQXQFLRFDUDFWHUL]DGRFRPR>“SHU@  (Q FXDQWR DO UDVJR >LPSH@ QR H[LVWH SRU HMHPSOR >LPSH@  HQ OD UHFHWD PpGLFD DXQTXHHVRSWDWLYR>“LPSH@HQODGHFRFLQDWDPSRFRVHHQFXHQWUDHQODQRWLFLDGH SUHQVDDOFRQWUDULRTXHHQHOWHOHJUDPDGRQGHHVWDPELpQRSWDWLYR3DUHFHTXHHQ QLQJ~QFDVRSXHGHFRQVLGHUDUVHREOLJDWRULDVXSUHVHQFLD     

3iJ 3iJ

>WHPS@LQGLFDVLHOWH[WRWLHQHGHWHUPLQDGDVOLPLWDFLRQHVHQHOXVRGHORVWLHPSRV YHUEDOHV >WHPS@ FRPRHQHOWHOHJUDPDRHOSDUWHPHWHRUROyJLFRRELHQVLSXHGHQ XWLOL]DUVHWRGRVORVWLHPSRVYHUEDOHV >WHPS@ FRPRHQODVQRWLFLDV\ODGLVFXVLyQ HQODPD\RUtDGHORVFDVRVORVWH[WRVVHFDUDFWHUL]DQFRPR>“WHPSOSRUHMHPSOROD HQWUHYLVWDODFDUWDHWFpWHUD  >|NRQ@ HVSHFLILFD VL VH WUDWD GH XQ WH[WR FRQ IRUPDV HFRQyPLFDV >|NRQ@  HQ HO VHQWLGR GH SRU HMHPSOR H[SUHVLyQ FRPSOHWD R QR GH ORV VLQWDJPDV HQ XQ WH[WR FDUDFWHUL]DGR >JHVS@ \ >VSRQ@ R WDPELpQ OD XWLOL]DFLyQ GH DEUHYLDWXUDV HQ ORV WH[WRVHVFULWRV>JHVS@>|NRQ@  >UHGX@GHVLJQDODUHGXQGDQFLDOLQJtVWLFDSRUHMHPSORPHGLDQWHODUHSHWLFLyQGH VLQWDJPDV >UHGX@  TXH FDUDFWHUL]D D OD FRQYHUVDFLyQ IDPLOLDU PLHQWUDV TXH >UHGX@HVSURSLRGHOWH[WROHJDOODUHFHWDODFRQGROHQFLDHWF2SFLRQDOHVHQFXDQWR DHVWHUDVJR >“UHGX@ VRQHODQXQFLRODFRQYHUVDFLyQIDPLOLDUHWFpWHUD  >QVSU@ LQGLFD VL VH XWLOL]DQ MXQWR FRQ ORV PHGLRV SXUDPHQWH OLQJtVWLFRV RWURV FRPR ORV JHVWXDOHV ODV LPiJHQHV HWF $Vt VRQ >QVSU@ OD HQWUHYLVWD OD FDUWD ODV UHFHWDV R ODV QRWLFLDV GRQGH ~QLFDPHQWH VH XWLOL]D LQIRUPDFLyQ YHUEDO PLHQWUDV TXHHODQXQFLRRODFRQYHUVDFLyQWHOHIyQLFDVHFDUDFWHUL]DQFRPR>“QVSU@  >SDUW@GHVLJQD ILQDOPHQWH OD LJXDOGDG HQWUH ORV LQWHUORFXWRUHV >SDUW@  R VX GHVLJXDOGDG >SDUW@ KDELpQGRVHGHGHILQLUH[DFWDPHQWHSDUDFDGDWLSRGHWH[WRHQ TXp FRQVLVWH HVD GHVLJXDOGDG % 6DQGLJ HVSHFLILFD FRPR >SDUW@ OD HQWUHYLVWD OD UHFHWDHODQXQFLRRODQRWLFLDPLHQWUDVTXHHV>SDUW@ODFRQYHUVDFLyQIDPLOLDU\OD FRQYHUVDFLyQWHOHIyQLFDODFDUWDRHOWHOHJUDPDVHFDUDFWHUL]DQFRPR>“SDUW@  1RV KHPRV H[WHQGLGR HQ HVWH PRGHOR DOJR PiV TXH HQ ORV DQWHULRUHV SRUTXH D QXHVWUR SDUHFHU SUHVHQWD JUDQGHV SRVLELOLGDGHV DXQTXH QR VH KD\D GHVDUUROODGR FRQ SRVWHULRULGDG D HVWH SULPHU WUDEDMR TXH FRPHQWDPRV 3RU RWUD SDUWH KD\ TXH WHQHUHQFXHQWDTXHQRWRGRVORVUDVJRVWLHQHQXQDLJXDOLPSRUWDQFLD$VtORVWUHV SULPHURVKDFHQUHIHUHQFLDGLUHFWDDODVFRQGLFLRQHVSUDJPiWLFDVIXQGDPHQWDOHVHQ TXH VH GHVDUUROOD OD FRPXQLFDFLyQ \ GH HOORV ©GHSHQGHQª ORV GHPiV UDVJRV (V GHFLU XQ WH[WR VH FODVLILFDUi LQLFLDOPHQWH HQ XQD GH HVDV WUHV FODVHV \ VXV FRPELQDFLRQHV\DFRQWLQXDFLyQVHOHDxDGLUiQORVUHVWDQWHVUDVJRV8WLOL]DQGRORV WUHV SULPHURV REWHQHPRV WLSRV GLIHUHQWHV GH WH[WR TXH SXHGHQ FRQVLGHUDUVH ©EiVLFRVª >PRQR@ >JHVS@ >VSRQ@ HV XQ PRQyORJR HQ YR] DOWD S   PLHQWUDV TXH XQD OHFFLyQ R XQD FRQIHUHQFLD XQD QRWLFLD UDGLRIyQLFD XQ VHUPyQ HWFVHFDUDFWHUL]DQFRPR>PRQR@>JHVS@>VSRQ@/DFRQYHUVDFLyQWHOHIyQLFDR IDPLOLDU OD SHWLFLyQ GH LQIRUPDFLyQ HQ XQD FDOOH HWF VRQ > PRQR@ > JHVS@ >VSRQ@$VXYH]XQDGLVFXVLyQFLHQWtILFDHV>PRQR@>JHVS@>VSRQ@\XQDFDUWD IDPLOLDUSXHGHFDUDFWHUL]DUVHFRPR>PRQR@>JHVS@>VSRQ@/RVUHVWDQWHVUDVJRV D\XGDQ D FRQVHJXLU XQD PD\RU HVSHFLILFLGDG HQ OD FODVLILFDFLyQ 9HDPRV OD FDUDFWHUL]DFLyQGHYDULRVWH[WRVWtSLWRV 3    

3iJ 3iJ





JHVSVSRQPRQRWGLDUNRQ]NRQDNRQDQIDHQGHDXIE  FDUWD““  DQXQFLR“““““““““  QRWLFLD UDGLRI  FRQYHUVDF““ IDPLO   

  

WKHPSHUSHUSHULPSHWHPS|NRQUHGXQVSUSDUW  FDUWD““““““  DQXQFLR“““““““““  QRWLFLD UDGLRI  FRQYHUVDF““““ IDPLO    

9HPRV TXH OD XWLOL]DFLyQ GH QXPHURVRV UDVJRV GLIHUHQFLDGRUHV SHUPLWH XQD FRQVLGHUDEOH SUHFLVLyQ D OD KRUD GH GHILQLU WLSRV GH WH[WR (O SURFHVR FRQVLVWLUtD EiVLFDPHQWHHQHVWDEOHFHUWRGDVODVSRVLEOHVFRPELQDFLRQHV\DVLJQDUDFDGDXQDGH HOODV XQ QRPEUH R ©WLSR GH WH[WRª &ODUR TXH HO WRWDO GH FRPELQDFLRQHV   HV H[FHVLYDPHQWH JUDQGH SRU OR TXH KDEUtD TXH FRQVLGHUDU GHWDOODGDPHQWH ODV UHVWULFFLRQHVRVHDORVFDVRVHQTXHGRVUDVJRVVRQLQFRPSDWLEOHVORVFDVRVHQTXH XQ UDVJR OOHYD FRQVLJR REOLJDWRULDPHQWH RWUR HWF DVt FRPR UHODFLRQHV GH MHUDUTXtD'HWRGRVPRGRVFRPRODPLVPDDXWRUDVHxDOD S HOPRGHORVH HQFXHQWUD WRGDYtD HQ XQ HVWDGLR ©SUHWHyULFRª \ VHUtD QHFHVDULR XQ WUDEDMR FRQVLGHUDEOH SDUD KDFHUOR UHDOPHQWH DGHFXDGR 5HFRUGHPRV TXH HV HO SUREOHPD TXH HQ JHQHUDO DIHFWD D ODV WLSRORJtDV OtQJtVWLFDV JHQHUDOHV EDVDGDV HQ UDVJRV FRPRODGH*UHHQEHUJ  

 &IU WDPELpQ OD GLVFXVLyQ JHQHUDO VREUH WtSRORJLDV GH UDVJRV HQ $OWPDQQ * \ /HKIHOGW :HUQHU $OtJHPHLQH6SUDFKW\SRORJLH0XQLFK)LQNHVSHFLDOPHQWHFDStWXOR 

+RUVW,VHQEHUJ  VHxDODSRURWURODGRTXHHOPRGHORQRHVKRPRJpQHR DO XWLOL]DUVH FULWHULRV PX\ YDULDGRV GHVGH ORV SUDJPiWLFRV SURSLDPHQWH KDVWD ORV VLQWiFWLFRV FRPRHOUDVJR>|NRQ@    /D WLSRORJtD WH[WXDO GH OD WDJPpPLFD(VWH PRGHOR DO TXH \D KLFLPRV UHIHUHQFLD   VH DSR\D HQ HO HVWDEOHFLPLHQWR GH UDVJRV DXQTXH HQ PHQRU Q~PHURTXHORVXWLOL]DGRVSRUODOLQJLVWDDOHPDQD\HVWDPELpQPHQRVH[SOtFLWR 7LHQHVLQHPEDUJRODYHQWDMDTXHQRFRPSDUWHFRQQLQJXQDGHODVRWUDVWLSRORJtDV WH[WXDOHV GH KDEHUVH DSOLFDGR D QXPHURVRV FDVRV D QXPHURVRV WLSRV GH WH[WR HQ OHQJXDVGLYHUVDV  “FKURQRORJLFDO ILQNDJH@ >“DJHQW RULHQWDWLRQ@ HVWRV GRV UDVJRV VH FRPELQDQSURSRUFLRQDQGRFXDWURWLSRVEiVLFRVGHWH[WRQDUUDWLYH >FKURQRORJLFDO ILQNDJH@ >DJHQW RULHQWDWLRQ@  SURFHGXUDO >FKURQRORJLFDO ILQNDJHO >DJHQW RULHQWDWLRQ@  EHKDYLRUDO >FKURQRORJLFDO ILQNDJH@ >DJHQW RULHQWDWLRQ@  \ H[SRVLWRU\FDUDFWHUL]DGRSRUWHQHUDPERVUDVJRVQHJDWLYRV  2WURV SDUiPHWURV R UDVJRV VRQ >“SURMHFWHG WLPH@ \ >WHQVLRQ@ TXH VH DSOLFDQ D ORV WLSRV GH WH[WR SURSRUFLRQDGR SRU ORV GRV UDVJRV DQWHULRUHV $Vt GHQWUR GHO WLSR QDUUDWLYH VH GLVWLQJXH OD ©SURIHFtDª >SURMHFWHG WLPH@ GH OD KLVWRULD QDUUDWLYD VWRUY >SURMHFWHG WLPH@  (Q HO WH[WR OODPDGR 3URFHGXUDO VH GLVWLQJXH HO WH[WR KRZWRGRLW >SURMHFWHG WLPH@ GH ODV GHVFULSFLRQHV GH FRVWXPEUHV SUHWpULWDV >SURMHFWHGWLPH@(QHOGLVFXUVRGHWLSREHKDYLRUDOHOWLSRKRUWDWRU\HV>SURMHFWHG WLPH@ HO H[SRVLWRU\ HV >SURMHFWHG WLPH@ SHUR ORV WLSRV H[SRVLWLYRV TXH LQFOX\HQ H[SOLFDFLRQHVVREUHXQHVWDGRIXWXURGHFRVDVHV>SURMHFWHGWLPH@  (O SDUiPHWUR WHQVLRQ VH DSOLFD D WRGRV HVRV WLSRV DQWHULRUHV $Vt ©HO GLVFXUVR QDUUDWLYR HV SXUDPHQWH HSLVRGLF VL QR FRQWLHQH XQ FRQIOLFWR R XQD WUDPD IXQGDPHQWDO (VWH GLVFXUVR VH FRQVLGHUD >WHQVLRQ@ /D PD\RUtD GH ODV KLVWRULDV VWRULHV VLQHPEDUJRLQFOX\HQDOJ~QWLSRGHFRQIOLFWRRWUDPD\VRQFODUDPHQWH > WHQVLRQO ,JXDOPHQWH HQ HO GLVFXUVR SURFHGXUDO KD\ GLVFXUVRV TXH VRQ PiV R PHQRV UXWLQDULRV PLHQWUDV TXH RWURV LPSOLFDQ FRQIOLFWR \ DOWHUQDWLYD \ VRQ HQ FRQVHFXHQFLD > WHQVLRQ@ 7DQWR ORV GLVFXUVRV GHO WLSR EHKDYLRUDO FRPR GHO H[SRVLWRU\ WLHQHQ YDULHGDGHV HQ ODV TXH VH SUHVXSRQH OD H[LVWHQFLD GH DUJXPHQWDWLRQ 6RQ WDPELpQ > WHQVLRQ@ /RV GLVFXUVRV GH HVWH JpQHUR TXH QR WLHQHQHVWDFDUDFWHUtVWLFDVRQ>WHQVLRQ@ª RSFLWS     

3iJ 3iJ

(VWDWLSRORJtDSHFDWDPELpQVHJ~Q,VHQEHUJGHIDOWDGHKRPRJHQHLGDG\DTXHORV UDVJRV REHGHFHQ D FULWHULRV GLIHUHQWHV &UHHPRV VLQ HPEDUJR TXH SXHGH UHVXOWDU ~WLODOPHQRVSDUDORVILQHVSUiFWLFRVFRQYLVWDVDORVFXDOHVKDVLGRFUHDGD   &216,'(5$&,21(6(3,67(02/Ï*,&$6 (//8*$5'(/$/,1*ht67,&$'(/7(;72  ,QWURGXFFLyQ  /DOLQJtVWLFDGHOWH[WRSDUHFHUHSUHVHQWDUXQDIRUPDQXHYDGHYHUHOOHQJXDMH\HQ FRQVHFXHQFLD GH HQWHQGHU OD OLQJtVWLFD \ VXV UHODFLRQHV FRQ RWUDV GLVFLSOLQDV $ PHQXGRVHKDEODGH©UHYROXFLyQªHQORVHVWXGLRVOLQJtVWLFRVGHOPLVPRPRGRTXH VH KDEOD GH XQD UHYROXFLyQ QHRJUDPiWLFD RWUD HVWUXFWXUDOLVWD \ XQD ~OWLPD JHQHUDWLYLVWD ,QFOXVR VH KD XWLOL]DGR HVWH QRPEUH \ VX FRQWUDULR ©FRQWUDUUHYROXFLyQª  SDUD KDFHU UHIHUHQFLD D ODV QXHYDV WHQGHQFLDV VXUJLGDV GHO JHQHUDWLYLVPRFKRPVN\DQRRUWRGR[R  (OTXHODOLQJtVWLFDWH[WXDOPXHVWUDXQDVHULH GHGLIHUHQFLDVEDVWDQWHDFXVDGDVFRQ UHVSHFWRDWHRUtDVDQWHULRUHVPiVHQVXWHRUtDTXHHQVXPpWRGRSHURWDPELpQHQ pVWHSDUHFHHYLGHQWH6LQHPEDUJRFRQVLGHUDPRVTXHD~QQRHVWiVXILFLHQWHPHQWH FODUR HQ TXp FRQVLVWH YHUGDGHUDPHQWH HVD GLIHUHQFLD \ FXiOHV VRQ VXV FRQVHFXHQFLDV (Q ODV SiJLQDV TXH VLJXHQ LQWHQWDUHPRV FODULILFDU HVWH WHPD HQ OR SRVLEOH  ©([FXUVXVªKLVWyULFR  3DUD SRGHU PRVWUDU TXp KD\ GH ©LQQRYDGRUª R ©UHYROXFLRQDULRª R VLPSOHPHQWH ©QXHYRª  HQ OD OLQJtVWLFD GHO WH[WR HV SUHFLVR WHQHU HQ FXHQWD FyPR VH KD GHVDUUROODGR OD OLQJtVWLFD GHVGH VX DSDULFLyQ ©RILFLDOª FRPR FLHQFLD HQ HO VLJOR ;,; GH OD PDQR GH OD OODPDGD KLVWyULFRFRPSDUDGD GRQGH VH UHDOL]DURQ ORV SULPHURVLQWHQWRVGHSURSRQHUXQPpWRGRFRKHUHQWH\ILDEOH©FLHQWtILFRªSDUDHO HVWXGLRGHOOHQJXDMH  ¢(OHVWXGLRGHOOHQJXDMH"'HVGHODSHUVSHFWLYDDFWXDOHVHYLGHQWHTXHQR(QDTXHO PRPHQWRVHWUDWDEDGHHVWXGLDUXQGHWHUPLQDGRDVSHFWRGHOOHQJXDMHSHURQRpVWH HQVXWRWDOLGDGVHFRQVLGHUDEDVXDVSHFWRKLVWyULFRTXHHQFRQVHFXHQFLDOOHYDEDD ORVRFLDO\ORLQGLYLGXDO/RVQHRJUDPiWLFRVFRQVLGHUDQTXHHOHVWXGLRGHOOHQJXDMH HVHOHVWXGLRGHXQIHQyPHQRFDUDFWHUtVWLFRGHXQDFROHFWLYLGDGKXPDQDHVGHFLU VRFLDOHQVXHYROXFLyQKLVWyULFDQRSRGHPRVOtPLWDUQRVDORIHQRPpQLFRTXHHVXQ GHWHUPLQDGR HVWDGLR FURQROyJLFR GH XQD OHQJXD (O FDVWHOODQR QR HV ©HO GH KR\ª VLQR WRGR VX GHVDUUROOR KLVWyULFR GHVGH TXH SRGHPRV KDEODU GH XQD OHQJXD ©FDVWHOODQDª GLIHUHQWH DO ODWtQ GHO FXDO SURFHGH /R DFWXDO DO LJXDO TXH FXDOTXLHU RWUR PRPHQWR HQ VX KLVWRULD QR HV PiV TXH XQ SXQWR HQ XQ FRQWLQXXP 1R SRGHPRV HQWHQGHU HVH FRQWLQXXP TXH SDUD ORV QHRJUDPiWLFRV UHSUHVHQWD  

3iJ

YHUGDGHUDPHQWHHOOHQJXDMHVLQRVOLPLWDPRVDFRQVLGHUDUXQRVRORGHVXVSXQWRV DOLJXDOTXHQRSRGHPRV©HQWHQGHUªXQUtRVLQRVILMDPRV~QLFDPHQWHHQXQSXQWR HVSHFtILFRGHVXUHFRUULGRVLQWHQHUHQFXHQWDORVWUDPRVDQWHULRUHVODJOREDOLGDG GHVX FDXFH(OOHQJXDMHHVDOPLVPRWLHPSRDOJRFDUDFWHUtVWLFDPHQWHLQGLYLGXDO SRUTXH VyOR H[LVWH HQ WDQWR HQ FXDQWR OR XWLOL]DQ SHUVRQDV FRQFUHWDV LQGLYLGXRV DXQTXHHVWpQLQPHUVRVHQXQDVRFLHGDGTXHFDPELDKLVWyULFDPHQWHDODSDUTXHHO OHQJXDMH(VORLQGLYLGXDOHQJUDQPHGLGDORTXHGHWHUPLQDHOFDPELROLQJtVWLFR TXH HQ FLHUWR PRGR SXHGH FRQVLGHUDUVH FRPR OD ©YLGDª GHO OHQJXDMH /R LQGLYLGXDOSRUWDQWRQRHQWUDHQFRQWUDGLFFLyQFRQORVRFLDOFRQORKLVWyULFRSXHV HQDTXHOORHVWiODEDVHGHHVWR  6LQ GXGD OD YLVLyQ GHO OHQJXDMH FRPR IHQyPHQR IXQGDPHQWDOPHQWH KLVWyULFR FDPELDQWHUHSUHVHQWDXQDIRUPDLPSRUWDQWHGHFRQVLGHUDUOR3RUTXHHVLQGXGDEOH \ QXQFD OR QHJDURQ QL HO HVWUXFWXUDOLVPR QL HO JHQHUDWLYtVPR TXH HO OHQJXDMH HYROXFLRQD \ TXH SDUD XQ HVWXGLR GHO IHQyPHQR ©OHQJXDMHª HQ VX WRWDOLGDG HV SUHFLVRWHQHUPX\HQFXHQWDHVDGLPHQVLyQKLVWyULFD  3RURWUDSDUWHQRSRGHPRVSHUGHUGHYLVWDTXHHVHKLVWRULFLVPRFDUDFWHUtVWLFRGHOD OLQJtVWLFDGHOVLJOR;,;UHVXOWDOyJLFRHLQFOXVRREOLJDGRVLFRQVLGHUDPRVHOPDUFR FLHQWtILFRGHODpSRFDGRQGHORKLVWyULFRVHFRQVLGHUDEDIXQGDPHQWDOHVHOWLHPSR GHOGHVDUUROORGHOHYROXFLRQLVPRSRUFLWDUVyORXQHMHPSOR  3HUR HO HVWUXFWXUDOLVPR FRPR HV VDELGR UHSUHVHQWD XQ UHFKD]R GH HVD DEVROXWL]DFLyQQHRJUDPiWLFDGHOSXQWRGHYLVWDKLVWyULFR(VHOSDVRGHXQDFLHQFLD SXUDPHQWH KtVWRULFLVWD D XQ PpWRGR ©HVWUXFWXUDOª (O HVWUXFWXUDOtVPR QR QLHJD HO VHUKLVWyULFRGHOOHQJXDMHSHURSUHILHUHKDFHUDEVWUDFFLyQ PHWRGROyJLFD GHpOSDUD ILMDUVH ©HQ RWUDV FRVDVª +D\ DTXt PX\ SUREDEOHPHQWH XQD GLIHUHQFLD FRQVLGHUDEOH HQWUH HO PLVPR 6DXVVXUH FRQ XQD LPSRUWDQWH DFWLYLGDG SURSLD HQ OLQJtVWLFD KLVWyULFD \ VXV VXFHVRUHV TXH SUHILULHURQ FHQWUDUVH H[FOXVLYDPHQWH R FDVL HQ ORV DVSHFWRV PiV OODPDWLYDPHQWH QRYHGRVRV TXH DSRUWy HO OLQJLVWD JLQHEULQR'HODGLFRWRPtDVLQFURQtDGLDFURQtDHQ6DXVVXUH\HOHVWUXFWXUDOLVPRVH KD HVFULWR PXFKR \ QXHVWUD LQWHQFLyQ QR HV YROYHU VREUH HVH WHPD /R TXH QRV LPSRUWDHVVHxDODUTXHIUHQWHDODSHUVSHFWLYDKLVWRULFLVWDVHDGRSWDXQDQXHYDTXH OODPDPRV ©HVWUXFWXUDOª TXH SUHILHUH GHMDU HQ XQ VHJXQGR SODQR HO IHQyPHQR KLVWyULFR SDUD FHQWUDUVH HQ OD GHVFULSFLyQ VLQFUyQLFD 1R VH WUDWD HYLGHQWHPHQWH GH XQ ©GHVFXEULPLHQWRª GH OD VLQFURQtD TXH \D HUD SHUIHFWDPHQWH FRQRFLGD DO PHQRVHQWpUPLQRVHPStULFRVHQHO6LJOR;,;/DGLIHUHQFLDHVTXHDKRUDFRQHO HVWUXFWXUDOLVPR VH FRQVLGHUD TXH OR IXQGDPHQWDO GHO OHQJXDMH HV VX HVWDGR VLQFUyQLFRHVWiWLFRHQHOWLHPSRVLQFRQVLGHUDUVLVHWUDWDRQRGHXQDOHQJXD©FRQ KLVWRULDª 1R ROYLGHPRV DGHPiV TXH DXQTXH HQWUH QRVRWURV VXHOH FRQRFHUVH IXQGDPHQWDOPHQWH HO HVWUXFWXUDOLVPR HXURSHR HQ VX GHVDUUROOR \ FRQVROLGDFLyQ WLHQH JUDQ LPSRUWDQFLD OD HVFXHOD QRUWHDPHULFDQD QDFLGD HQ JUDQ SDUWH SRU OD QHFHVLGDG GH HVWXGLDU FLHQWtILFDPHQWH OHQJXDV FX\D KLVWRULD HUD WRWDOPHQWH 

3iJ