(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

(/73,&2'(/$/%$</$,19(&7,9$&2175$$8525$
&DUORV&DEDQLOODV

5(680(1
(VWH DUWtFXOR SUHWHQGH DSRUWDU PDWHULDO GH UHIOH[LyQ DFHUFD GHO WySLFR GHO DOED VXV
GLVWLQWDVUHDOL]DFLRQHVVHJ~QOLWHUDWXUDVpSRFDV\SDtVHV
(OWySLFRGHODOEDTXHFRQVLVWHHVHQFLDOPHQWHHQHOFDQWRGHODPHQWRGHORVDPDQWHV
TXHVHYHQREOLJDGRVDVHSDUDUVHDODPDQHFHUDSDUHFHHQWRGDVODVOLWHUDWXUDVFRQRFLGDV\HQ
WRGDV ODV pSRFDV (Q QXHVWUR WUDEDMR YDPRV D UHVHxDU DOJXQRV WH[WRV TXH QRV SDUHFHQ PX\
LQWHUHVDQWHV D HVWH UHVSHFWR GHVGH OD 2GLVHD SDVDQGR SRU OD OLWHUDWXUD JULHJD GH pSRFD
KHOHQtVWLFD H LPSHULDO OD OLWHUDWXUD ODWLQD \ OD OtULFD URPiQLFD PHGLHYDO KDVWD WH[WRV GHO
5HQDFLPLHQWR\%DUURFR\DOJXQRVHMHPSORVFRQWHPSRUiQHRV
9DPRV D HVWUXFWXUDU HO WUDEDMR HQ WRUQR DO SRHPD GH 2YLGLR $PRUHV ,  TXH SDUD
DOJXQRVHVHORULJHQGHODVFRQRFLGDVFRPRFDQFLRQHVGHDOEDGHODOtULFDURPiQLFDPHGLHYDO
HLQWHQWDUHPRVDQDOL]DUTXpKD\GHRYLGLDQR\QRRYLGLDQRHQORVWH[WRVTXHRIUHFHPRV

(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

,1752'8&&,1
(O WySLFR HUyWLFR GHO DOED FRQVLVWH HVHQFLDOPHQWH HQ OD TXHMD GH ORV DPDQWHV TXH
SXHGHQ OOHJDU D GLULJLU LQVXOWRV FRQWUD HO DPDQHFHU SRU OD OOHJDGD GHO GtD TXH OHV REOLJD D
VHSDUDUVHGHODPDGRD
(QHVWHWUDEDMRYDPRVDGDUXQUHSDVRDDOJXQDVPDQLIHVWDFLRQHVGHOWySLFRGHODOED
GHVGHOD2GLVHD KDVWDHOVLJOR;;\WRPDUHPRVFRPRSLH]DFHQWUDOODHOHJtD,GH2YLGLR
1R SUHWHQGHPRV SXHV UHVXOWDUtD LPSRVLEOH VHU H[KDXVWLYRV HQ OD SUHVHQWDFLyQ GH WH[WRV
,QWHQWDUHPRV HQ SULPHU OXJDU DSRUWDU PDWHULDO GH UHIOH[LyQ TXH D\XGH D GHWHUPLQDU VL HVWD
HOHJtD GH 2YLGLR HV HO SXQWR GH SDUWLGD SDUD OD FRQRFLGD FRPR FDQFLyQ GH DOED URPiQLFD
FRPR SDUHFH LQGLFDU HQWUH RWURV + )UlQNHO R HQ HO FDVR GH OD DOEDGD HVWDPRV DQWH XQ
PRWLYR XQLYHUVDO GHO TXH OD FRPSRVLFLyQ RYLGLDQD QR HV PiV TXH XQD UHDOL]DFLyQ PiV WDO
FRPR GHILHQGH WDPELpQ HQWUH RWURV 7 )XHQWH &RUQHMR \ FXiO HV OD UDt] GH ODV
PDQLIHVWDFLRQHVGHOWySLFRHQHO5HQDFLPLHQWR\HO%DUURFR
$17(&('(17(6
(O WHPD GHO DOED HVWi UHSUHVHQWDGR HQ WRGDV ODV OLWHUDWXUDV GHO PXQGR $Vt )XHQWH
&RUQHMR FLWDVLJXLHQGRD'URQNHHOVLJXLHQWHHMHPSORGHODSRHVtDOtULFDFKLQDGHOVLJOR9,
D & XQ SRHPD GLiORJR HQ HO TXH HO DPDQWH VH QLHJD D DFHSWDU ORV HYLGHQWHV VLJQRV GH OD
OOHJDGDGHOGtDTXHVXDPDGDOHYDUHILULHQGR
 (OJDOORKDFDQWDGR
\DHVSOHQRGtD
 1RIXHHOJDOORTXHFDQWy
VLQRHO]XPELGRGHDTXHOORVJULOORV
 (OFLHORUHVSODQGHFHDOHYDQWH
\DHVSOHQRGtD
 1RHVUHVSODQGRUGHODOED
VLQRHOEULOORGHODOXQDTXHVHOHYDQWD
/RVPRVTXLWRVYXHODQVRxROLHQWRV
VHUtDGXOFHFRPSDUWLUWXVXHxR
 3URQWR9HWH
1RVHDTXHWHQJDTXHRGLDUWH

(QODOLWHUDWXUDJULHJDHOWHPDGHODOEDDSDUHFHPHQFLRQDGRHQORVSRHPDVKRPpULFRV
+HDTXtDOJXQRVHMHPSORV
)UlQNHO+2YLGDSRHWEHWZHHQWZRZRUOGV%HUNHOH\DQG/RV$QJHOHV
)XHQWH&RUQHMR7/D&DQFLyQGH$OEDHQODOtULFDURPiQLFDPHGLHYDO 8QLYHUVLGDGGH2YLHGR

+DWWR$7$QHQTXLU\LQWRWKHPHRIORYHUVPHHWLQJVDQGSDUWLQJVDWGDZLQSRHWU\(RV/RQGRQ0RXWRQ


)XHQWH&RUQHMRRSFLW

'URQNH3/DOtULFDHQOD(GDG0HGLD%DUFHORQD6HL[%DUUDO



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

NDLYQXYNMMRMGXURPHYQRLVLIDYQKU-RGRGDYNWXORM+ZY
HLMPKD@UMD>OOMHMQRYKVHTHDJODXNZSLM$TKYQK
QXYNWDPHQHMQSHUDYWKGROLFKQVFHYTHQM+ZG
MDX?WH
U-XYVDWMHMSMM:NHDQZFUXVRYTURQRQRXMG
MH>DL^SSRX
]HXYJQXVTMZMNXYSRGDIDYRDMQTUZYSRLVLIHYURQWD
/DYPSRQNDL)DHYTRQTMRL^WMM+ZSZORLD>JRXVL
R-SSRYWHGKU-M2GXVKDHMHYOSHWRR`QNDWDTXPRYQ
HXMQKK_DMORYFRXWDUSKYPHQDLKMGHNDLX^SQRX
DXWLYNMDMSMM:NHDQRXFUXVRYTURQRQKMULJHYQHLDQ
Z?UVHQL^QMDMQTUZYSRLVLIRYZIHYURLZ?UWRG
MM2GXVVHX
HXMQKHMNPDODNKDMORYFZG
MHMSLPXTRQH>WHOOHQ

2GLVHD

2GLVHD

6RQWH[WRVHQORVTXHSRGHPRVYHU\DHOHPHQWRVTXHOXHJRHQFRQWUDUHPRVHQPXFKRV
HMHPSORV GHO WySLFR GHO DOED HO PRWLYR GHODQRFKHPiVODUJDODVHSDUDFLyQGHORVDPDQWHV
WUDVHOJRFHQRFWXUQR,QFOXVRHQHOVLJXLHQWHHMHPSORDSDUHFHOD$XURUDPRWHMDGDGHRGLRVD
LQLFLDQGR WDO YH] HO FDPLQR D ORV LQVXOWRV TXH OHHPRV HQ OD KHOHQtVWLFD JULHJD \ HQ 2YLGLR
$PRUHV,
K^GHGKKMZ
 HL?VLGXVZYQXPRK^PMM2GXVKR
RL>NRXDMSRVFKYVHL

2GLVHD

3HURHOWHPDDSDUHFH\DDPSOLDPHQWHFXOWLYDGRHQODSRVWHULRUOLWHUDWXUDHUyWLFDJULHJD
(Q WRGRV ORV FRPHQWDULRV VH VHxDODQ ORV HMHPSORV GH 6DIR 0HOHDJUR \ $QWtSDWUR GH
7HVDOyQLFD+HDTXtORVWH[WRVUHIHULGRV6DIR
QXYNWDDXMWKJHQHYVTDLGLSODVLYDQ

'H0HOHDJURGRVHSLJUDPDVTXHSDUDDOJXQRV FRQVWLWX\HQHORULJHQGH$PRUHV,
3RUTXpFUXHO(RVWDQSURQWRDPLOHFKRYLQLVWH
FXDQGRHOFXHUSRGH'HPRVXFDORULEDDGDUPH"
2MDOiTXHLQYLUWLHQGRWXFXUVRWUDMHUDVODQRFKH

/ORUDQGRORVKDOODUDOD$XURUDGHURViFHRVGHGRVVL$WHQHDODGHLGDGGHRMRVGHOHFKX]DQRKXELHVH
RUGHQDGRRWUDFRVDDODUJyODQRFKHFXDQGR\DWRFDEDDVXWpUPLQR\GHWXYRHQHO2FpDQRDOD$XURUDGHiXUHR
WURQRQRSHUPLWLpQGROHXQFLUVXVFDEDOORVGHSLHVOLJHURVTXHWUDHQODOX]DORVKRPEUHV/DPSR\)DHWRQWHTXH
VRQORVFRUFHOHVTXHFRQGXFHQDOD$XURUD7UDGXFFLyQGH/XLV6HJDOi\(VWDOHOOD0DGULG(VSDVD&DOSH


1RELHQOHSDUHFLyTXH2GLVHR\DVHKDEUtDUHFUHDGRHQVXiQLPRFRQVXPXMHU \FRQHOVXHxRKL]RTXHVDOLHVH
GHO2FpDQRODKLMDGHODPDxDQDODGHiXUHRWURQRSDUDTXHOHVWUDMHUDODOX]DORVKXPDQRV(QWRQFHVVHOHYDQWy
2GLVHRGHOEODQGROHFKR\GLULJLyDVXHVSRVDODVVLJXLHQWHVSDODEUDV7UDGXFFLyQGH/XLV6HJDOi\(VWDOHOOD
0DGULG(VSDVD&DOSH

6DERW$)2YLGHSRqWHGHODPRXUGDQVVHVRHXYUHVGHMHXQHVVH3DULV/HV%HOOHV/HWWUHVSS
)UlQNHO+RSFLW(OOLRW$*$PRUHV ,2YLGVDUW&- SS

6DIRIUDJPHQWRHG7K5HLQDFK&RO*%XGp

6DERW$)RSFLW S


(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

\QRODGXOFHOX]SDUDPtWDQDPDUJD
8QDYH]WHHQIUHQWDVWHFRQ=HXVHQODFDVDGH$OFPHQD
\DVDEHVSXHVORTXHHVWHQHUTXHUHWLUDUWH
3UHJRQHURGHODOEDFUXHOPHQVDMHURPDOGLWR
TXHMXQWRDOOHFKREDWHVWXVDODV\RUJXOORVR
DKRUDGDVODVRQRUDVHxDOGHTXH\DTXHGDSRFD
QRFKHSDUDHODPRU\PLSHQDHQFDUQHFHV
DVtSDJDVDTXLHQWHFULy"3RUODDXURUDWHMXUR
TXHQRHQWRQDUiVPiVHVWDFDQFLyQDPDUJD

< GH $QWtSDWUR GH 7HVDOyQLFD GHO TXH DOJXQRV SLHQVDQ TXH SXGR VHU HO SXQWR GH
SDUWLGDSDUDHOSRHPDGH2YLGLR
> UTRH>EK&UXYVLOODSDYODLGMKMZRDMOHYNWZU
2
NKUXYVVZQITRQHUKQM+ULJHYQHLDQD>JHL
RMUQLYTZQH>UURLITRQHUZYWDWRR`PHGLZYNHL
RL>NRTHQHLMSROORXKML!THYZQRMDYURX
JKUDYVNHL7LTZQHYWLYJDUVKQHXMQHYWLQM+Z
RX^WZRMUTULGLYKQK>ODVDHMNOHFHYZQB

$HVWRVHMHPSORVFDEHDxDGLUDOJ~QRWURVSRHPDVGH0HOHDJURFRPRORVVLJXLHQWHV
3RUTXpPDGUXJDGDFUXHOWDQGHVSDFLRFDPLQDV
FXDQGRRWURVHFDOLHQWDFRQHOPDQWRGH'HPR"
8QDQRFKHODWXYHHQPLVEUD]RV\HQWRQFHVFRUULVWH
DLQXQGDUPHHQOX]EXUORQDGHPLVPDOHV

$GLyVSRUWDGRUGHODDXURUD4XHSURQWRPHWUDLJDV
OXFHURYHVSHUWLQRODPXMHUTXHWHOOHYDV
2HODQyQLPR

3RUTXpUXLVHxRUHVUXLGRVRVYHQtVDJUD]QDUPH
SRVDGRVHQODVUDPDVFXDQGRVLHQWRODWLELD
FDUQHWLHUQDGHXQPR]RDPLODGR"$XQTXHVHDSDUOHUR
HOIHPHQLQRVH[RTXHFDOOpLVRVVXSOLFR

3HUR SDVHPRV \D D DQDOL]DU OD FRPSRVLFLyQ FHQWUDO GH QXHVWUR WUDEDMR OD HOHJtD GH
2YLGLR$PRUHV,
)HUQiQGH]*DOLDQR0WUDGHLQWURG$QWRORJtD3DODWLQD,0DGULG*UHGRV
)HUQiQGH]*DOLDQRRSFLW

(OOLRWW$*RSFLWSiJ-%DUVE\2YLG$PRUHV,2[IRUG8QLYHUVLW\3UHVVS

$39

)HUQiQGH]*DOLDQRRSFLW

)HUQiQGH]*DOLDQRRSFLW

)HUQiQGH]*DOLDQRRSFLW



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

&20(17$5,2'($025(6,

,DPVXSHURFHDQXPYHQLWDVHQLRUHPDULWR
IODYDSUXLQRVRTXDHYHKLWD[HGLHP
4XRSURSHUDV$XURUD"PDQHBVLF0HPQRQLVXPEULV
DQQXDVROOHPQLFDHGHSDUHQWHWDYLV
QXQFLXYDWLQWHQHULVGRPLQDHLDFXLVVHODFHUWLV
VLTXDQGRODWHULQXQFEHQHLXQFWDPHRHVW
QXQFHWLDPVRPQLSLQJXHVHWIULJLGXVDHU
HWOLTXLGXPWHQXLJXWWXUHFDQWDWDYLV
TXRSURSHUDVLQJUDWDYLULVLQJUDWDSXHOOLV"
URVFLGDSXUSXUHDVXSSULPHORUDPDQX
$QWHWXRVRUWXVPHOLXVVXDVLGHUDVHUYDW
QDYLWDQHFPHGLDQHVFLXVHUUDWDTXD
WHVXUJLWTXDPYLVODVVXVYHQLHQWHYLDWRU
HWPLOHVVDHYDVDSWDWDGDUPDPDQXV
SULPDELGHQWHYLGHVRQHUDWRVDUYDFROHQWHV
SULPDYRFDVWDUGRVVXELXJDSDQGDERYHV
WXSXHURVVRPQRIUDXGDVWUDGLVTXHPDJLVWULV
XWVXEHDQWWHQHUDHYHUEHUDVDHYDPDQXV
DWTXHHDGHPVSRQVXPLQFDXWRVDQWHDWULDPLWWLV
XQLXVXWYHUELJUDQGLDGDPQDIHUDQW
QHFWXFRQVXOWRQHFWXLXFXQGDGLVHUWR
FRJLWXUDGOLWHVVXUJHUHXWHUTXHQRYDV
WXFXPIHPLQHLSRVVLQWFHVVDUHODERUHV
ODQLILFDPUHYRFDVDGVXDSHQVDPDQXP
2PQLDSHUSHWHUHUBVHGVXUJHUHPDQHSXHOODV
TXLVQLVLFXLQRQHVWXOODSXHOODIHUDW"
RSWDYLTXRWLHQVQHQR[WLELFHGHUHYHOOHW
QHIXJHUHQWYXOWXVVLGHUDPRWDWXRV
RSWDYLTXRWLHQVDXWYHQWXVIUDQJHUHWD[HP
DXWFDGHUHWVSLVVDQXEHUHWHQWXVHTXXV
LQYLGDTXRSURSHUDV"TXRGHUDWWLELILOLXVDWHU
PDWHUQLIXHUDWSHFWRULVLOOHFRORU
7LWKRQRYHOOHPGHWHQDUUDUHOLFHUHW
IDEXODQRQFDHORWXUSLRUXOODIRUHW
LOOXPGXPUHIXJLVORQJRTXLDJUDQGLRUDHYR
VXUJLVDGLQYLVDVDVHQHPDQHURWDV
DWVLTXHPPDYLV&HSKDOXPFRQSOH[DWHQHUHV
FODPDUHVOHQWHFXUULWHQRFWLVHTXL
&XUHJRSOHFWDUDPDQVVLYLUWLELPDUFHWDEDQQLV"
QXPPHQXSVLVWLFRQFLOLDQWHVHQL"
DGVSLFHTXRWVRPQRVLXYHQLGRQDULWDPDWR
/XQDBQHTXHLOOLXVIRUPDVHFXQGDWXDH
LSVHGHXPJHQLWRUQHWHWDPVDHSHYLGHUHW
FRPPLVLWQRFWHVLQVXDYRWDGXDV



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

,XUJLDILQLHUDPVFLUHVDXGLVVHUXEHEDWB
QHFWDPHQDGVXHWRWDUGLXVRUWDGLHV
&RPR VHxDOD + )UlQNHO WRGR HO SRHPD GH 2YLGLR TXHGD HQPDUFDGR SRU GRV
GtVWLFRV XQ GtVWLFR LQLFLDO TXH DQXQFLD OD OOHJDGD GH $XURUD VLQ GHFLU VX QRPEUH \ GtVWLFR
ILQDOTXHGHVFULEHHODPDQHFHU$PERVGtVWLFRVWLHQHQFRPRSDODEUDILQDOHOVXVWDQWLYRGtD
(QWUHHVWRVGRVGtVWLFRVTXHGDHQFHUUDGRWRGRHOGLVFXUVRGLULJLGRD$XURUDSDUDH[SRQHUOHHQ
GHILQLWLYDODVTXHMDVGHOHQDPRUDGRSRUVXOOHJDGDTXHORREOLJDDVHSDUDUVHGHVXDPDGD/D
HVWUXFWXUDGHHVWHFXHUSRFHQWUDOSUHVHQWDDQXHVWURHQWHQGHUGRVSDUWHV
YY$XURUD\HOPXQGRWHUUHQDO
YY$XURUD\HOPXQGRGLYLQR

9HUVRV$XURUD\HOPXQGRWHUUHQDO

6HWUDWDGHOGLVFXUVRDPRGRGHVXDVRULD HQFHUUDGRSRUGRVGLUHFWDVLQWHUSHODFLRQHV
TXRSURSHUDV$XURUD YLQYLGDTXRSURSHUDV" YTXHHOSRHWDHQDPRUDGRGLULJHD
7UDGXFFLyQGH9LFHQWH&ULVWyEDO/ySH]HQ2YLGLR$PRUHV$UWHGHDPDU6REUHODFRVPpWLFDGHOURVWUR
IHPHQLQR5HPHGLRVFRQWUDHODPRU 0DGULG%LEOLRWHFD&OiVLFD*UHGRV
<DOOHJDSRUHQFLPDGHORFpDQRVHSDUiQGRVHGHVXDQFLDQRPDULGRODUXELDGLRVDTXHWUDHHO
GtDHQVXFDUURFXELHUWRGHHVFDUFKD$GyQGHYDVWDQGHSULVD$XURUD"TXpGDWHDOOtDVtHODYH
DSDFLJHDQXDOPHQWHODVRPEUDGH0HPQyQFRQXQVROHPQHVDFULILFLR$KRUDPHHVSODFHQWHUR
\DFHUHQORVWLHUQRVEUD]RVGHPLGXHxDSRUTXHDKRUDPiVTXHQXQFDHOODHVWiELHQDUULPDGDD
PL FRVWDGR DKRUD WDPELpQ HV GXOFH HO VXHxR \ IUtR HO DLUH \ HO DYH FDQWD QtWLGDPHQWH FRQ VX
GHOLFDGD JDUJDQWD 3RU TXp PROHVWD SDUD KRPEUHV \ PXMHUHV YDV WDQ GHSULVD" 6XHOWD GH WX
PDQRSXUS~UHDODVEULGDVFXELHUWDVGHURFtR
$QWHVTXHW~DSDUH]FDVHOPDULQHURREVHUYDPHMRUVXVHVWUHOODV\QRYDJDHUUDQWHVLQVDEHUHO
UXPER HQ PHGLR GH ODV DJXDV &XDQGR W~ YLHQHV HO YLDMHUR DXQTXH FDQVDGR VH OHYDQWD \ HO
VROGDGRDMXVWDVXVPDQRVLPSODFDEOHVDODVDUPDV7~HUHVODSULPHUDTXHYHVDORVODEUDGRUHV
FDUJDGRVFRQVXD]DGyQODSULPHUDTXHOODPDVDORVOHQWRVEXH\HVDVRPHWHUVHDOFXUYDGR\XJR
W~TXLWDVHOVXHxRDORVQLxRV\ORVHQWUHJDVDVXVPDHVWURVSDUDTXHVXVWLHUQDVPDQRVVRSRUWHQ
FUXHOHV SDOPHWD]RV < W~ PLVPD HQYtDV D XQRV KRPEUHV DFLFDODGRV D FRPSURPHWHUVH DQWH ORV
DWULRV SDUD TXH VRSRUWHQ ORV HQRUPHV SHUMXLFLRV GH XQDVRODSDODEUD1LDOMXULVWDQLDORUDGRU
UHVXOWDVW~DJUDGDEOHDPERVVHYHQREOLJDGRVDOHYDQWDUVHSDUDQXHYRVSOHLWRVW~FXDQGRODV
ODERUHV IHPHQLQDV SXHGHQ TXHGDU VLQ KDFHU OODPDV D OD PDQR WUDEDMDGRUD GH OD ODQD SDUD TXH
UHHPSUHQGDVXWDUHD
7RGR OR VRSRUWDUtDSHURTXLpQDJXDQWDTXHODVPXFKDFKDVVHOHYDQWHQDODPDQHFHUDQRVHU
XQR TXH FDUH]FD GH PXFKDFKD" &XiQWDV YHFHV KH GHVHDGR TXH HO YLHQWR URPSLHUD WX FDUUR R
TXHXQRGHWXVFDEDOORVFKRFDQGRFRQDOJXQDQXEHHVSHVDFD\HUD(QYLGLRVDDGyQGHYDVWDQ
GHSULVD"3RUHVRWXKLMRHUDQHJURSRUTXHpVHHUDHOFRORUGHOFRUD]yQGHVXPDGUH
0HJXVWDUtDTXH7LWRQRSXGLHUDKDEODUGHWLQLQJXQDPXMHUKDEUtDHQHOFLHORPiVDYHUJRQ]DGD
TXHW~+X\HQGRGHpOSRUTXHHV\DYLHMR\GHHGDGDYDQ]DGDVXEHVDODPDQHFHUDOFDUURTXHHO
DQFLDQRRGLDSHURVLWXYLHUDVURGHiQGROHFRQWXVEUD]RVDDOJ~Q&pIDORH[FODPDUtDVFRUUHG
PiVGHVSDFLRFDEDOORVGHODQRFKH3RUTXp\RHQDPRUDGRYR\DVHUFDVWLJDGRVLWXHVSRVR
ODQJXLGHFH D FDXVD GH VXV DxRV" DFDVR WH FDVDVWH FRQ HO YLHMR VLHQGR \R WX LQWHUPHGLDULR"
0LUD FXiQWR VXHxR KD GDGR OD /XQD D VX DPDGR MRYHQ \ HVR TXH OD KHUPRVXUD GH HOOD QR HV
LQIHULRUDODWX\D(OSURSLRSDGUHGHORVGLRVHVSDUDQRYHUWHWDQDPHQXGRMXQWyGRVQRFKHV
DFRPRGiQGRVHDVXGHVHR
+DEtDWHUPLQDGR\RPLVUHSURFKHVGLUtDVTXHORKDEtDHQWHQGLGRSXHVVHUXERUL]DEDSHURVLQ
HPEDUJRQRSRUHVRHOGtDDPDQHFLyPiVWDUGHTXHGHFRVWXPEUH

)UlQNHO+RSFLWS

$VtORDQDOL]DSULPHUR(OOLRWW$*RSFLW\OXHJR*UDQVGHQ.:/HQWHFXUULWHQRFWLVHTXL&KDXFHU
7URLOXVDQ&ULVH\GH'RQQH7KH6XQ5LVLQJ DQG2YLG$PRUHV,HQ:HVW'\:RRGPDQ7


(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

$XURUDSDUDH[SRQHUOHORVWHUULEOHVHIHFWRVTXHWUDHFRQVXOOHJDGDDOPXQGRGHORVPRUWDOHV
/DHVWUXFWXUDGHOGLVFXUVRSUHVHQWDRFKRYHUVRVLQLFLDOHV\RFKRYHUVRVILQDOHV
TXH FRQWLHQHQ UHIHUHQFLDV D PRPHQWRV GH RWLXP \ OD LQIOXHQFLD TXH $XURUD SXHGD WHQHU HQ
HOORV \ TXH GHMDQ HQ PHGLR OD SDUWH QDUUDWLYD GHO GLVFXUVR OD SDUWH HQTXH2YLGLRFXHQWDOD
UHODFLyQ$XURUDQHJRWLXPEXHQDPXHVWUDGHUHWyULFDDSOLFDGDDODSRHVtD

/D SULPHUD GH ODV LQWHUSHODFLRQHV D $XURUD YY  WLHQH XQD SHUIHFWD \ FXLGDGD
HVWUXFWXUDDQXODU
TXRSURSHUDVYRFDWLYRLPSHUDWLYR
 QXQF VLWXDFLyQGHDPDQWHV
 QXQF HQWRUQRGHDPDQWHV
TXRSURSHUDV YRFDWLYRLPSHUDWLYR

(OWHPDGHORVUHSURFKHVD$XURUDGHORLQGHVHDEOHGHVXOOHJDGDFRPLHQ]DHQHOY
FRQODSHWLFLyQGHTXHHODPDQHFHUVHUHWUDVHPDQHDSR\DGRHQXQMXUDPHQWRLPSUHFDWRULR
FRQXQDRVFXUDUHIHUHQFLDPLWROyJLFDD0HPQyQKLMRGH$XURUD
(Q ORV GRV GtVWLFRV VLJXLHQWHV  HQOD]DGRV DQDIyULFDPHQWH FRQ QXQF 2YLGLR
SUHVHQWDODVLWXDFLyQGHORVHQDPRUDGRV\VXHQWRUQRVLWXDFLyQTXHLQH[RUDEOHPHQWH$XURUD
VH HQFDUJDUi GH URPSHU /D VLWXDFLyQ GH ORV DPDQWHV GHVFULWD HQ  FRPR ELHQ VHxDOD
)UlQNHO QR UHODWD XQ PRPHQWR GH DUUHEDWDGD SDVLyQ HUyWLFD VLQR XQ PRPHQWR GH GXOFH \
DSDFLEOH IHOLFLGDG HQ HO DEUD]R GH ORV HQDPRUDGRV (O VHJXQGR GtVWLFR  GHVFULEH HO
HQWRUQRTXHHQYXHOYHDORVDPDQWHVSURIXQGRVXHxRDLUHIUHVFR\FDQWRGHODVDYHV

(VWDSULPHUDLQWHUSHODFLyQD$XURUDVHFLHUUDUHWRPDQGRODLQWHUURJDFLyQTXHOD

LQLFLy TXR SURSHUDV" SHUR DKRUD HO YRFDWLYR TXH DFRPSDxDED D OD SULPHUD $XURUD  HV
VXVWLWXLGRSRURWURYRFDWLYRPXFKRPiVH[SUHVLYRLQJUDWDYLULVLQJUDWDSXHOOLV PXHVWUD
GH OD UDELD VXVFLWDGD HQ HO DPDQWH SRU OD OOHJDGD GH OD $XURUD DQWH HO UHFXHUGR UHFLpQ
H[SUHVDGRGHVXGXOFH\HItPHUDIHOLFLGDG(OLPSHUDWLYRGHOYPDQHDSR\DGRSRUHOQHJUR
MXUDPHQWRHQWRUQRD0HPQyQHVUHWRPDGRSRUHOHOHJDQWH\VRQRURYHUVRTXHGDSDVRDO
VHJXQGREORTXH
(VWHVHJXQGREORTXHYYUHSUHVHQWDODSDUWHQDUUDWLYDGHOGLVFXUVR\WRPDQGR
FRPR OtQHD DUJXPHQWDO HO QHJRWLXP IUHQWH DO RWLXP GH ODV LQWHUSHODFLRQHV GD XQ UHSDVR D OD
DFWLYLGDGFRWLGLDQDHQHOPRPHQWRGHODPDQHFHUGHXQH[WHQVRFDWiORJRVRFLDOFDGDXQRFRQ
VX GtVWLFR H[FHSWR HO YLDMHUR \ HO VROGDGR TXH FRPSDUWHQ XQR HO PDULQHUR HO YLDMHUR HO
VROGDGRHODJULFXOWRUHOFROHJLDOORVFOLHQWHVHOMXULVWDHORUDGRU\ODVPXMHUHVWRGRHOORFRQ
HO~QLFRREMHWRGHGHMDUFODURTXHDWRGRVOHVWUDHLQFRQYHQLHQWHVODOOHJDGDGH$XURUD
2YLGLRKDTXHULGRTXHGXUDQWHWRGRHVWHGLVFXUVRWHQJDPRVELHQGHODQWHD$XURUDTXH
QR OD SHUGDPRV GH YLVWD \ DVt DSDUHFHQ HQ HVWRV FDWRUFH YHUVRV KDVWD VHLV IRUPDV GH
SURQRPEUHV GHVHJXQGDSHUVRQDWXRVWHWXDGHPiVGHODVHJXQGDSHUVRQDGHOVLQJXODUGH
JUDQ SDUWH GH ORV YHUERV (Q VX UHSDVR D ORV GLVWLQWRV JUXSRV VRFLDOHV SDUHFH GDUVH XQD
JUDGDFLyQ GHVGH ORV QHJRWLD PiV DOHMDGRV GH OD FDVD QDYLWD YLDWRU PLOHV KDVWD ORV PiV
GRPpVWLFRVIHPLQHLODERUHVSDVDQGRSRURFXSDFLRQHVTXHVHGDQHQHOHQWRUQRGHODIDPLOLD
HGV&UHDWLYH,PLWDWLRQDQG/DWLQ/LWHUDWXUH&DPEULGJH&DPEULGJH8QLYHUVLW\3UHVV3iJV\


)UlQNHO+RSFLW S

(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

DJULFXOWRU HVFRODU FOLHQWH MXULVWD 'H WDO PDQHUD HO ~OWLPR GtVWLFR GHGLFDGR D ORVIHPLQHL
ODERUHV QRV VLW~D GH QXHYR HQ OD LQWLPLGDG \ VLUYH DVt FRPR WUDQVLFLyQ DO VHJXQGR GLiORJR
GLUHFWRFRQ$XURUDYYGRQGHYROYHPRVDHQFRQWUDUODSULPHUDSHUVRQD(VWDVHJXQGD
LQWHUSHODFLyQGLUHFWDD$XURUDSUHVHQWDXQDHVWUXFWXUDVLPLODUDODSULPHUD
LQWHUURJDFLyQUHWyULFDTXLVIHUDW" 
 H[SUHVLyQGHGHVHRRSWDYLTXRWLHQV 
 H[SUHVLyQGHGHVHRRSWDYLTXRWLHQV 
LQWHUURJDFLyQUHWyULFDTXRSURSHUDV"
/D H[SUHVLyQ GHO YHKHPHQWH GHVHR UHVDOWDGR DQDIyULFDPHQWH SRU RSWDYL TXRWLHQV GH
TXH OD QRFKH QR WHUPLQH \ QR OOHJXH $XURUD TXHGD GH QXHYR HQPDUFDGD SRU ODV PLVPDV
LQWHUURJDFLRQHVUHWyULFDVGHODSULPHUDSDUWHYY
9HUVRV$XURUD\HOPXQGRGLYLQR

/D SDUWH DQWHULRU GH OD HOHJtD ILQDOL]D FRQ XQD QXHYD UHIHUHQFLD D 0HPQyQ KLMR GH
$XURUDTXHVLUYHGHOD]RGHXQLyQFRQODVLJXLHQWHXQLGDGHVWUXFWXUDOYHUVRVHQODTXH
2YLGLR KDFH XQD VHULH GH DOXVLRQHV PLWROyJLFDV D PRGR GH H[HPSOD DO HQWRUQR tQWLPR GH
$XURUD 7LWRQR VX HVSRVR &pIDOR MRYHQ UDSWDGR SRU HOOD R DOXVLRQHV D PLWRV UHODFLRQDGRV
FRQODGXUDFLyQGHODQRFKHODOXQD\(QGLPLyQ\-~SLWHU\$OFPHQD(OXVRGHHVWRVH[HPSOD
HVQRUPDOHQXQDVXDVRULD\FRQpOHORUDGRUSUHWHQGHDSR\DU\IRUWDOHFHUVXSXQWRGHYLVWD
(VWRVGRFHYHUVRVUHSUHVHQWDQODFRQWUDSRVLFLyQIURQWDOHQWUHHOPXQGRGHORVGHVHRVD
YHFHV LQDOFDQ]DEOHV GH ORV KRPEUHV \ HO PXQGR GH ORV GLRVHV GRQGH WRGR HV SRVLEOH (O
SRHWDHOKRPEUHKDGHOLPLWDUVHDH[SUHVDUGHVHRVYHOOHPVLWHQHUHVFXUSOHFWDUPLHQWUDV
TXHORVGLRVHVDFW~DQFRQWRGDHIHFWLYLGDGVXUJLVFRQPLVLW

(O~OWLPRGtVWLFRFRPRFRORIyQGHODHOHJtDQRVSUHVHQWDGHQXHYRXQSODQRGHODXWRU
VROR \D VLQ $XURUD 'H FKLVWRVR PRGR HO SRHWD KDFH UHIHUHQFLD DO FRORU HQURMHFLGR GHO
DPDQHFHUFRPRVLIXHVHIUXWRGHOUXERUSURYRFDGRHQ$XURUDSRUODDPRQHVWDFLyQGHOSRHWD
PDVHVWHVXSXHVWRUXERUGH$XURUDTXHGDHQVHJXLGDGHVPHQWLGRSRUODFRQVWDWDFLyQGHOKHFKR
LUUHPLVLEOHGHODPDQHFHU
(Q HVTXHPD ORV HOHPHQWRV FRPSRVLWLYRV TXH HQFRQWUDPRV HQ $PRUHV ,  VRQ ORV
VLJXLHQWHV
6LWXDFLyQKDEODHODPDQWHODDPDGDHVWHUFHUDSHUVRQD
(QWRUQR
L7LHUQRDEUD]RGHHQDPRUDGRV
LL6XHxRSOiFLGR
LLL$LUHSXUR
LY&DQWRGHSiMDURV
,QVXOWRVD$XURUDLQJUDWDLQYLGD



(OOLRWW$*RSFLW\*UDQVGHQ.:RSFLW

(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

$FWLYLGDGGHORVKRPEUHVDODPDQHFHUQHJRWLXPIUHQWHDOPXQGRRFLRVR GH
ORVHQDPRUDGRV
([SUHVLyQGHGHVHRGHDODUJDUODQRFKHGHTXHQROOHJXH$XURUD
$OXVLRQHVPLWROyJLFDVDODYLGDSULYDGDGH$XURUD

$PRUHV, HVOD~QLFDFRPSRVLFLyQJHQpULFDFRQHOWHPDGHODOEDTXHFRQRFHPRVHQ
OD OLWHUDWXUD ODWLQD 6LQ HPEDUJR OD OOHJDGD GH OD $XURUD TXHVHSDUDDORVDPDQWHVFRPRXQ
WySLFR DPRURVR GHQWUR GH XQD FRPSRVLFLyQ PiV H[WHQVD Vt DSDUHFH HQ PiV HMHPSORV $Vt
GHQWURGHODREUDGHOSRHWDVXOPRQHQVHSRGHPRVFLWDU+HURLGDV;9,,, /HDQGURD
+HUR
,DPTXHIXJDWXUD7LWKRQLFRQLXJHQRFWHP
SUDHXLXV$XURUDH/XFLIHURUWXVHUDW
2VFXODFRQJHULPXVSURSHUDWDVLQHRUGLQHUDSWLP
HWTXHULPXUSDUXDVQRFWLEXVHVVHPRUDV

<HQ3URSHUFLR,,DGRQGHHQFRQWUDPRVWDPELpQXQDUHIHUHQFLDD0HPQyQFRPRHQ
ODHOHJtDGH2YLGLR
4XLGPHDVLFDQLVDHWDVFDQGHVFHUHWDQQLV
HWIDFHUHWVLVDVODQJXLGDUXJDJHQDV"
DWQRQ7LWKRQLVSHUQHQV$XURUDVHQHFWDP
GHVHUWXP(RDSDVVDLDFHUHGRPRHVW
LOOXPVDHSHVXLVGHFHGHQVIRYLWLQXOQLV
TXDPSULXVDELXQFWRVVHGXODODYLWHTXRV
LOOXPDGYLFLQRVFXPDPSOH[DTXLHVFHUHW,QGRV
PDWXURVLWHUXPHVWTXHVWDUHGLUHGLHV
LOODGHRVFXUUXPFRQVFHQGHQVGL[LWLQLTXRV
LQYLWXP HWWHUULVSUDHVWLWLWRIILFLXP
FXLPDLRUDVHQLV7LWKRQLJDXGLDYLYL
4XDPJUDYLVDPLVVR0HPQRQHOXFWXVHUDW
FXPVHQHQRQSXGXLWWDOHPGRUPLUHSXHOODP
HWFDQDHWRWLHQVRVFXODIHUUHFRPDH
DWWXHWLDPLXYHQHPRGLVWLPHSHUILGDFXPVLV
LSVDDQXVKDXGORQJDFXUYDIXWXUDGLH
TXLQHJRGHPLQXRFXUDPTXRGVDHSH&XSLGR
KXLFPDOXVHVVHVROHWFXLERQXVDQWHIXLW 

2YLGLR+HURLGDV$OPD0DWHU7DPELpQDTXtODWUDGXFFLyQ
<GLVSXHVWD\DODHVSRVDGH7LWRQRDSRQHUHQIXJDDODQRFKHVHKDEtD
OHYDQWDGR/XFtIHURSUHFXUVRUGHOD$XURUD$PRQWRQDPRVORVEHVRV
DUUHEDWiQGRQRVORVGHVRUGHQDGDPHQWH\QRVTXHMDPRVGHTXHODVQRFKHV
GXUDVHQWDQSRFR

+DQVOLN5HG3URSHUWLXV7HXEQHU9HUODJVJHVHOOVFKDIW0DGULG(GLWRULDO&RORTXLR/D
VLJXLHQWHWUDGXFFLyQHVGH+XJR)UDQFLVFR%DX]iWUDGSUyOQRWDV3URSHUFLR(OHJtDVFRPSOHWDV0DGULG
$OLDQ]D
4XpVHUtDVLPLYLGDVHHPEODQTXHFLHUDFRQDxRVFDQRVRV
\XQOiQJXLGDDUUXJDVXUFDUDPLVPHMLOODV"
/D$XURUDGHMDQGRGHODGRODYHMH]GH7LWyQ
QRWROHUyTXH\DFLHUDDEDQGRQDGRHQODPRUDGDGHO2ULHQWH
DSXQWRGHSDUWLUPXFKDVYHFHVORFRELMyHQWUHVXVRQGDV
DQWHVGHTXHGLOLJHQWHODYDUDVXVFDEHOORVD~QQRXQFLGRV


(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

/$('$'0(',$</$&$1&,1'($/%$
$MX]JDUSRUHOQ~PHURGHFRPSRVLFLRQHVHOWHPDGHODOEDJR]yGHJUDQSRSXODULGDG
HQOD(GDG0HGLD

(Q SULPHU OXJDU VRQ PXFKRV ORV HMHPSORV HQ OD SRHVtD iUDEH WDQWR RULHQWDO FRPR
DUiELJRDQGDOX]D

(Q VHJXQGR OXJDU VXUJH OD FRQRFLGD FRPR FDQFLyQ GH DOED GH OD OtULFD URPiQLFD
PHGLHYDO (VWD FRPSRVLFLyQ VHJ~Q 0DUWtQ GH 5LTXHU VH UHILHUH D GRV HQDPRUDGRV TXH
KDELHQGR SDVDGR OD QRFKH MXQWRV GHEHQ VHSDUDUVH DO DPDQHFHU HQ FXDQWR DSXQWD HO DOED
)XHQWH&RUQHMR KDFHKLQFDSLpHQODWHQVLyQSVLFROyJLFDGHOPRPHQWRGHODVHSDUDFLyQHQHO
TXHODDQJXVWLDODDPDUJXUDODLQGLJQDFLyQ\HOGRORUSRUOD VHSDUDFLyQVHFRQMXJDQFRQORV
ODPHQWRV ODV LPSUHFDFLRQHV DO DOED FRPR DJHQWH TXH SURYRFD OD VHSDUDFLyQ SHUR WDPELpQ
FRQODHVSHUDQ]DORVGHVHRV\SURPHVDVGHORVHQDPRUDGRV
(OFRUSXVWRWDOGHODOEDHQODOtULFDURPiQLFDPHGLHYDOTXHHVWDEOHFH)XHQWH&RUQHMRHQ
VXH[FHOHQWHWUDEDMRHVWiFRQVWLWXLGRSRUYHLQWLXQDFRPSRVLFLRQHVGLVWULEXLGDVGHODVLJXLHQWH
PDQHUDGRVHQODOtULFDPR]iUDEHGRVHQODJDOOHJRSRUWXJXHVDXQDHQODOtULFDFDVWHOODQD
XQDHQODFDWDODQDFLQFRHQODOtULFDIUDQFHVDQXHYHHQODOtULFDSURYHQ]DO\XQDHQODLWDOLDQD
9HDPRVFXiOHVVRQORVHOHPHQWRVFRPSRVLWLYRVHQHVWRVWH[WRV

0R]iUDEH
*DOOHJR
SRUWXJXHVD

$OEDTXHGD
EHOIRJRU
9H\\
oDKKU
'DQR\WHG
H\UHSRGHUDP
ID]HU

'RORU

&DQWD
3HWLFLyQ
&DQWDHO %UHYHGDG
$YHV 3HWLFLyQ 1HJDWLYDD
9LJtD
OD 'LiORJR
GHPD\RU $EUD]R
KRPEUH GHODQRFKH
FDQWDQGR GHSDUWLGD PDUFKDUVH
PXMHU
GXUDFLyQ

FXDQGRWHQLpQGRORDEUD]DGRGHVFDQVDEDMXQWR DOD,QGLDYHFLQD
PXFKDVYHFHVODPHQWyTXHODVPDxDQDVYROYLHUDQSURQWR
HOODDODVFHQGHUDVXFDUUROODPyLQMXVWRVDORVGLRVHV
\DVXSHVDUFXPSOLyFRQVXGHEHUHQODVWLHUUDV
SXHVVLQWLyPD\RUHVJR]RVGHTXH7LWyQYLYLHUDDXQTXHDQFLDQR
TXHJUDYHOXWRSRUKDEHUSHUGLGRD0HPQyQ
$WDOHQDPRUDGRQROHDYHUJRQ]yFRPSDUWLUHOOHFKRFRQXQDQFLDQR
QLEHVDUPXFKDVYHFHVVXFDEHOORFDQR
0iVW~SpUILGDPHRGLDVDXQVLHQGRMRYHQFXDQWRW~PLVPD
VHUiVHQXQGtDQROHMDQRXQDYLHMDHQFRUYDGD
3RUTXpQRPLWLJRPLSHQD"$PHQXGRSXHV&XSLGR
VXHOHVHUPDOYDGRSDUDFRQHVWHFRQTXLHQDQWHVIXHEHQLJQR

)XHQWH&RUQHMRRSFLWSS

0DUWtQGH5LTXHU/DVDOEDVSURYHQ]DOHV(QWUHJDVGH3RHVtD%DUFHORQD

)XHQWH&RUQHMRRSFLWS

6LHPSUHWHQLHQGRHQFXHQWDODGLILFXOWDGGHOHFWXUDGHODVMDUFKDV)XHQWH&RUQHMRRSFLWS



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

&DVWHOODQD
&DWDODQD

)UDQFHVD

3URYHQ]DO

,WDOLDQD

/HYDGDPLJR
TXHGRUPLGHV
DVPDQKDQV
<DFDQWDQORV
JDOORV
$QDXYRVHQ
ODPLDDPRU

/DXEH
FDSLHUWDXMRU
(VWLOMRUV"
1HQLODQFRUHV

(QWUHPRLHW
PRQDPL
&DQWYRL
ODXEHGRXMRU
YHQLU
*DLWHGHODWRU
(QXQYHUJLHU
VRW]IXHOOD
GDOEHVSL
8VFDEDOLHUV
MD]LD
4XDQOH
URVVLQKROV
HFULD
*DLWDEH
JDLWHWDGHO
FKDVWHO
$EODJHQVHU
TXHVLD
5HLVJORULRV
YHUDLVKXQVH
FKDUODW]
'LHXVD\GDW]
(QVGLUD\OR
TXHXVGH\GLU
6DQFWXLEHOKD
QLSUH]DGD
3DUWLWHDPRUH
DGHR

6LHQIUHQWDPRVHVWDVFRPSRVLFLRQHVPHGLHYDOHVFRQ$PRUHV,SRGHPRVH[WUDHUGH
PDQHUDLQPHGLDWDYDULDVQRWDVLQWHUHVDQWHV

(QSULPHUOXJDUHVWDPRVHQDPERVFDVRVDQWHFRPSRVLFLRQHVGHGLFDGDVtQWHJUDPHQWH
D XQ PLVPR WHPD OD VHSDUDFLyQ QR GHVHDGD GH ORV DPDQWHV D OD OOHJDGD GHO DOED 6H WUDWD
VLHPSUHGHXQDVLWXDFLyQGUDPiWLFDFRQGRVSHUVRQDMHVFHQWUDOHVKRPEUH\PXMHUDORVTXH
HQ HO DOED SURYHQ]DO FRPR PDUFD GHO FyGLJR GH DPRU FRUWpV VH XQH HO YLJtD DQWH XQD
DQJXVWLRVD VLWXDFLyQ OD YR] SXHGH VHU OD GHO KRPEUH OD GH OD PXMHU FRPR RFXUUH HQ OD
PD\RUtDGHODVDOEDVWUDGLFLRQDOHVURPiQLFDVODGHOYLJtDRXQGLiORJRSHURHVVLHPSUHXQD
YR]TXHMXPEURVDTXHVHEDWHHQWUHHOGRORU\ODGHVHVSHUDFLyQ

(QVHJXQGROXJDUHVFODUDODGLIHUHQFLDHQWUHODDFFLyQTXHVHGHVDUUROODHQ2YLGLR\
OD DFFLyQ GH OD FDQFLyQ GH DOED URPiQLFD HQ HO SRHWD VXOPRQHQVH VH SUHVHQWD XQ
HQIUHQWDPLHQWRHQWUHHODPDQWH\HODOED\HVSDVLYRHOSDSHOGHODHQDPRUDGD(QFDPELRHQ
ODFDQFLyQGHDOEDURPiQLFDODPXMHUGHVHPSHxDVLHPSUHXQSULPHUSDSHOHQWUHORVSHUVRQDMHV
GHOGUDPD(VWDVDOEDGDVURPiQLFDVHVWDUtDQGHQWURGHODVFDQFLRQHVIHPHQLQDVGHDPRU TXH
'H\HUPRQG$/DVMDUFKDV\ODOtULFDWUDGLFLRQDOHQ5LFR)HG+LVWRULD\&UtWLFDGHOD/LWHUDWXUD
(VSDxROD(GDG0HGLD%DUFHORQD&UtWLFDSS




(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

HQWURQFDUtDQFRQODOtULFDIHPHQLQDJULHJDWDPL]DGDVHQPXFKRVFDVRVVREUHWRGRHQODOtULFD
TXHRIUHFHPiVWH[WRVHVWRHVHQODDOEDGDSURYHQ]DO SRUHOFyGLJRGHODPRUFRUWpV

3RU RWUR ODGR HQ HO WH[WR GH 2YLGLR HV $XURUD HO DOED HO LQWHUORFXWRU UHWyULFR GHO
SRHWD HQ WDQWR TXH HQ ODV DOEDV URPiQLFDV QR HQFRQWUDPRV HVWH DSyVWURIH GLUHFWR D $XURUD
SHUVRQLILFDGD HO DOED HV VRODPHQWH XQ IHQyPHQR QDWXUDO TXH VREUHYLHQH D ORV DPDQWHV 6H
WUDWDGHDOJRHQWUHGRVPiVHOYLJtDRJLOyV HQHODOEDSURYHQ]DOHOKRPEUH\ODPXMHU(VWD
SXHVWDHQHVFHQDGHORVDPDQWHVIUHQWHDODOOHJDGDGHODOEDODSRVLELOLGDGGHOGLiORJRHQWUH
HOORVGDFDELGDHQODVDOEDVURPiQLFDVDO~QLFRHOHPHQWRQXHYRDSDUWHGHODYR]GHODPXMHU
FODURHVWi FRQUHVSHFWRD$PRUHV,ODSHWLFLyQGHSDUWLGDDODPDQWH\HQDOJXQDRFDVLyQ
ODQHJDWLYDGHpVWHDPDUFKDUVH
$/*8126(-(03/26'(/73,&2'(/$/%$(1/266,*/26;9,
<;9,,
'HODpSRFDUHQDFHQWLVWD\EDUURFDYDPRVDUHVHxDUYDULDVPXHVWUDVSRpWLFDVGHOWySLFR
GHODOED&RPHQ]DUHPRVFRQGRVPX\LQWHUHVDQWHVHMHPSORVGHOtULFDFDVWHOODQD(OSULPHURGH
HOORVHVGH*XWLHUUHGH&HWLQD\GLFHDVt
+RUDVDOHJUHVTXHSDViLVYRODQGR
SRUTXHDYXHOWDVGHOELHQPD\RUPDOVLHQWD
VDEURVDQRFKHTXHHQWDQGXOFHDIUHQWD
HOWULVWHGHVSHGLUPHYDVPRVWUDQGR
LPSRUWXQRUHORMTXHDSUHVXUDQGR
WXFXUVRPLGRORUPHUHSUHVHQWD
HVWUHOODVFRQTXLHQQXQFDWXYHFXHQWD
TXHPLSDUWLGDYDLVDFHOHUDQGR

JDOORTXHPLSHVDUKDVGHQXQFLDGR
OXFHUR TXHPLOX]YDREVFXUHFLHQGR
\W~PDOVRVHJDGD\PR]D$XURUD

VLHQYRVFDEHGRORUGHPLFXLGDGR
LGSRFRDSRFRHOSDVRGHWHQLHQGR
VLQRSXHGHVHUPiVVLTXLHUDXQKRUD 
*XWLHUUHGH&HWLQDFRPR2YLGLRQRVRIUHFHHOSDUODPHQWRTXHMRVRGHXQHQDPRUDGR
DQWHODOOHJDGDGHODOED\ODFRQVLJXLHQWHVHSDUDFLyQGHORVDPDQWHV&RPRHQ2YLGLRVHWUDWD
GHXQHQIUHQWDPLHQWRHQWUHDPDQWH\DOEDHQWDQWRTXHODDPDGDDSDUHFHVyORFRPRUHIHULGD
HQ HO FDVR GH &HWLQD QL VLTXLHUD VH QRPEUD  SDVDQGR DVt SRU DOWR ODV FRPSRVLFLRQHV
PHGLHYDOHV TXH DFDEDPRV GH YHU HQ ODV TXH OD DPDGD GHVHPSHxD XQ SDSHO DFWLYR HQ OD
HVFHQD


%OHFXD-0HG/DSRHVtDGHOD(GDGGH2UR9RO,5HQDFLPLHQWR 0DGULG&DVWDOLDSS



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

3HURHOVRQHWRGH&HWLQDQRHVXQDVXDVRULDVLQRXQDSOHJDULDVLHQYRVFDEHGRORU
GHPLFXLGDGRYGLULJLGDDXQDVHULHGHHOHPHQWRVTXHGHVLJQDQHODOED\HOSDVRGHO
WLHPSRHQWUHORVTXH$XURUDHVXQRPiVKRUDVQRFKHUHORMHVWUHOODVJDOOROXFHUR$XURUD
&HWLQDHVPiVVLPSOHTXH2YLGLRHQVXDUJXPHQWRFRPRFRUUHVSRQGHDODSOHJDULDIUHQWHDOD
VXDVRULD \ WRGR VX VRQHWR VH HVWUXFWXUD HQ WRUQR DO MXHJR GH FRQFHSWRV IHOLFLGDGSDVR GHO
WLHPSRGRORUSUHVFLQGLHQGRGHWRGDODDUJXPHQWDFLyQTXH2YLGLRSUHFLVDHQVXGLVFXUVR
0DV HQ VX SOHJDULD &HWLQD WRPD GH 2YLGLR HO DVXQWR SULQFLSDO OD FRQWUDSRVLFLyQ
GUDPiWLFD HQWUH HO DKRUD IHOL] GHO HQDPRUDGR QXQF LXYDW  KRUDV DOHJUHV \ VX GRORURVD
VXSUHVLyQ SRU SDUWH GHO DPDQHFHU D YXHOWDV GHO ELHQ PD\RU PDO VLHQWD Y  GH ODPDO
VRVHJDGD$XURUDTXHSXHGHUHFRUGDUDOSURSHUDV GH2YLGLR
(OVHJXQGRGHORVWH[WRVTXHSUHVHQWDPRVHVGH*yQJRUD
<DEHVDQGRXQDVPDQRVFULVWDOLQDV
\DDQXGiQGRPHDXQEODQFR\OLVRFXHOOR
\DHVSDUFLHQGRSRUpODTXHOFDEHOOR
TXH$PRUVDFyHQWUHHORURGHVXVPLQDV
\DTXHEUDQGRHQDTXHOODVSHUODVILQDV
SDODEUDVGXOFHVPLOVLQPHUHFHOOR
\DFRJLHQGRGHFDGDODELREHOOR
SXUS~UHDVURVDVVLQWHPRUGHHVSLQDV
HVWDEDRKFODURVROLQYLGwRVR
FXDQGRWXOX]KLULpQGRPHORVRMRV
PDWyPLJORULD\DFDEyPLVXHUWH

6LHOFLHOR\DQRHVPHQRVSRGHURVR
SRUTXHQRGHQORVWX\RVPiVHQRMRV
UD\RVFRPRDWXKLMRWHGHQPXHUWH
'HO PLVPR PRGR TXH HQ 2YLGLR \ HQ HO VRQHWR GH &HWLQD HQ HO WH[WR GH *yQJRUD
YROYHPRVDHQFRQWUDUXQHQIUHQWDPLHQWRHQWUHHODPDQWH\HODPDQHFHUUHSUHVHQWDGRDTXtSRU
HOVROTXHURPSHVXPRPHQWRGHJR]RPDWy PLJORULD\DFDEyPLVXHUWHYGHMDQGR
WDPELpQDODDPDGDFRPRWHUFHUDSHUVRQD*yQJRUDGHGLFDORVGRVFXDUWHWRVDODGHVFULSFLyQ
GHODGXOFHVLWXDFLyQGHORVHQDPRUDGRVDQWHVGHODOOHJDGDGHODOEDFRPRHQ2YLGLRQXQF
LXYDW LQ WHQHULV GRPLQDH LDFXLVVH ODFHUWLV Y  HO SULPHU WHUFHWR UHFRJH ORV GHQXHVWRV GHO
HQDPRUDGRVROLQYLGLRVRTXHUHFXHUGDQDOLQYLGD YGHOWH[WRGH2YLGLR\VL2YLGLR
VHTXHGyHQORVLQVXOWRVD$XURUD\HQVXGHVHRGHTXHDOJ~QDFFLGHQWHLPSLGLHVHRUHWUDVDVH
VXOOHJDGDRSWDYLTXRWLHQVYY\*yQJRUDYDPiVDOOi\FRQYLHUWHHO~OWLPRWHUFHWR
HQXQDPDOGLFLyQGHVHDQGRODPXHUWHGHOSURSLRVROUD\RVFRPRDWXKLMRWHGHQPXHUWH
Y  (V OODPDWLYR TXH *yQJRUD HQ VX PDOGLFLyQ KDJD UHIHUHQFLD D )DHWyQ KLMR GHO 6RO
FRPR2YLGLRHQVXFRPSRVLFLyQVHUHIHUtDD0HPQyQKLMRGH$XURUD




(VWDIyUPXODHQODHVWUXFWXUDGHODSOHJDULDUHFXHUGDD&DWXOR/;;9,2GHLVLYHVWUXPHVWPLVHUHUL
%OHFXD-0HG/DSRHVtDGHOD(GDGGH2UR9RO,,%DUURFR 0DGULG&DVWDOLDSS



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

$GHPiV GH HVWRV GRV LQWHUHVDQWHV WH[WRV KD\ DOJXQRV RWURV SRHPDV FRHWiQHRV TXH
TXLHURUHVHxDU9HDPRVHQSULPHUOXJDUXQVRQHWRGH-XDQGH2YDQGR\6DQWDUHP
G
9,(1'2',63(57$5$$0$5,/,6+(5026$&21(;75(02
325/262f2/,(17$
(QVXOHFKR$PDULOLVUHFRUGDED
GDQGRDPLDPRUFHODMHVFRQORKHUPRVR
\HQORGRUPLGRGHVXDOERUYLVWRVR
FRQGRVVROHVFUHS~VFXORIRUPDED
'HQiFDUHVERVWH]RVFRQJHODED
FRQXQR\RWURSiUSDGRPHGURVR
FXDQGRHQWUHUD\RVGHVXSHORXQGRVR
VXOX]FRQGHVDOLxRVPDGUXJDED
6LFRPRYHUODGLMHKHPHUHFLGR
VHU7LWiQGHVWD$XURUDFRQVLJXLHUD
QRDPLVRMRVODGLFKDKXELHUDVLGR

4XHVLOOHJDUDDVXOXFLHQWHHVIHUD
WDQWRODQRFKHKXELHUDGHWHQLGR
TXHHQOD1RUXHJD(VSDxDDPDQHFLHUD 
1R KD\ DTXt LQWHUSHODFLyQ GLUHFWD SRU SDUWH GHO DPDQWH D $XURUD HO HQDPRUDGR VH
OLPLWDWUDVGHVFULELUODEHOOH]DGHODDPDGDDOGHVSHUWDUDH[SUHVDUVXGHVHRGHTXHODQRFKH
VH GHWHQJD 4XHGD SXHV VXSULPLGD OD VHJXQGD SHUVRQD HO DOED TXH YHtDPRV HQ 2YLGLR
&HWLQD\*yQJRUDPDVODDPDGDVLJXHDTXtVLHQGRXQDWHUFHUDSHUVRQD
(O ~OWLPR WH[WR TXH TXHUHPRV SUHVHQWDUHVHOIDPRVR7KH6XQ5LVLQJ GH-RKQ'RQQH

9LHMRWRQWRRFXSDGRLQJREHUQDEOHVRO
SRUTXpDWUDYHVDQGRYHQWDQDV
\FRUWLQDVW~QRVOODPDVDVt"
7LHQHQORVDPDQWHVTXHDFRSODUVHDWXVSDVRV"
,QVROHQWH\SHGDQWHGHVJUDFLDGR
YHWHDUHSUHQGHUDQLxRVGRUPLORQHVRDKXUDxRVDSUHQGLFHV
\GLOHVDORVFD]DGRUHVGHODFRUWHTXHFDEDOJDUiHO5H\
\OODPDDORVHVFODYRVDUHDOL]DUVXVODERUHV
(ODPRUWRGRDPRUQRFRQRFHHVWDFLRQHVFOLPDV
KRUDVGtDVPHVHVKDUDSRVWRGRVHOORVGHOWLHPSR
3RUTXpFUHHVTXHVRQWXVUD\RV
VDQWRV\SRGHURVRV"



%OHFXD-0HG/DSRHVtDGHOD(GDGGH2UR9RO,,%DUURFR 0DGULG&DVWDOLDSS



(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

3RGUtDFRQSDUSDGHRVQXEODUORV\HFOLSVDUORV
SHURHQWRQFHVGHMDUtDGHYHUODGXUDQWHPXFKRWLHPSR
6LVXVRMRVQRFLHJDQWXVRMRV
PLUD\GLPHPDxDQDD~OWLPDKRUD
VLODV,QGLDVGHHVSHFLDVRGLDPDQWHV
HVWiQGRQGHW~ODVGHMDVWHRDTXtMXQWRDPt
3UHJXQWDSRUORVUH\HVTXHD\HUIXLVWHDYHU
\WHGLUiQ7RGRV\DFHQDTXtHQODPLVPDFDPD

(OODHVWRGRVORV5HLQRV\\RWRGRVORV3UtQFLSHV
<QRH[LVWHQDGDPiV
/RVSUtQFLSHVQRVLPLWDQFRPSDUDGRFRQHVWR
FXDOTXLHUKRQRUHVPtPLFDWRGDULTXH]DDOTXLPLD
0HQRVIHOL]TXHQRVRWURV6ROHUHVW~
DOHQFRJHUVHHOPXQGRGHHVWDPDQHUD
7XHGDGSLGHGHVFDQVR\\DTXHWXGHEHU
HVFDOHQWDUHOPXQGRFDOLpQWDQRVDQRVRWURV
3XHVVLEULOODVSDUDQRVRWURVSDUDHOXQLYHUVREULOODV
(VWDFDPDHVWXFHQWURHVWRVPXURVWXHVIHUD

6HJ~Q *UDQVGHQ HO WRQR GHO SRHPD GH 'RQQH GHULYD FODUDPHQWH GH $PRUHV , 
5HVXOWD HQ HIHFWR HYLGHQWH OD SUHVHQFLDHQ7KH6XQ5LVLQJ GHJUDQFDQWLGDGGHORVPRWLYRV
GHOSRHPDGH2YLGLR
L3DUODPHQWRTXHMRVRGHOHQDPRUDGR
LL,QVXOWRVDO DPDQHFHUHQHVWHFDVRHOVRO
LLL&RQWUDSRVLFLyQ GHO PXQGR GH ORV DPDQWHV \ GHO PXQGR GHO WUDEDMR DOJR TXH QR
KDEtDPRVHQFRQWUDGRHQQLQJ~QRWURGHORVWH[WRVKDVWDDTXtUHVHxDGRV
LY/DDPDGDHVWHUFHUDSHUVRQD

6LQHPEDUJRIUHQWHDOVRPHWLPLHQWRGHODPDQWHGH2YLGLRDODHYLGHQFLDGHODPDQHFHU
\ODQRFRQVHFXFLyQGHOGHVHDGRDG\QDWRQ GHTXHVHUHWUDVDVH$XURUDHQHOSRHPDGH'RQQH
ORV DPDQWHV WULXQIDQ VREUH HO PLVPR VRO FUHDQGR XQ XQLYHUVR SURSLR 3XHV VL EULOODV SDUD
QRVRWURVSDUDHOXQLYHUVREULOODV Y
$778/2,/8675$7,92
8QR GH ORV DVSHFWRV GH OD WUDGLFLyQ FOiVLFD TXH PiV PH DSDVLRQD HV UDVWUHDU OD
SHUYLYHQFLD GH ORV FOiVLFRV HQ ORV DXWRUHV PiV FHUFDQRV DQRVRWURVPHGDODLPSUHVLyQGH
HQFRQWUDUXQFODYRDOTXHDJDUUDUVHHQODWXUEXOHQFLDDPHQXGRLQDQHGHORTXHKR\VHSXEOLFD
5XSpUH]$LQWUVHOHFWUDG$QWRORJtDHVHQFLDOGHODSRHVtDLQJOHVD0DGULG(VSDVDSS
*UDQVGHQ.:RSFLWS

*UDQVGHQ.:RSFLWS

$HVWHUHVSHFWRHVPX\LQWHUHVDQWHHOWUDEDMRGH)UDQFLVFR*DUFtD-XUDGR 'HSDUWDPHQWRGH)LORORJtD/DWLQD
8QLYHUVLGDG&RPSOXWHQVHHQKWWSZZZOLFHXVFRPFJLELQDFRFXOFSHUDVS





(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

(OSRHWDPDODJXHxR-RVp$0HVD7RUpHVFULEHHVWHVRQHWR

35,0$9(5$(16.c1(

/DSULPDYHUDQyUGLFDFRPRHODPRUHVIDOVD
/XLV&HUQXGD

1RVGHVSLHUWDODOX]XQWHOHJUDPD
TXHFRJHSRUVRUSUHVDODWHUQXUD
FRQVXVPDODVQRWLFLDV&RQSUHPXUD
VDOWRDOIUtRHOWUDEDMRPHUHFODPD
7HGHMRHFKDXQRYLOORSRUODFDPD
&UHRTXHHVWiVGRUPLGD4XpORFXUD
WLHQHVSXHVWRVORVVXHxRVDODDOWXUD
GHPLDOPD'HUHSHQWHDOJROODPD
PLDWHQFLyQ(VWXYR]TXHVHGHYLVWH
(UHVIHOL]-RVp"SUHJXQWDJUDYH
FRPRVLQRHVSHUDUDTXHORIXHUD
$QGDEDGHVSLVWDGRFDVLWULVWH
HOFRUD]yQ(QWRQFHV\DQRFDEH
GXGDVHUiYHUGDGODSULPDYHUD

(QHOWH[WRGH0HVD7RUpVHSXHGHQDLVODUDOJXQRVHOHPHQWRVRYLGLDQRVHOPRPHQWR
GH WHUQXUD TXH HO DPDQHFHU URPSH FRQ VXV PDODV QRWLFLDV OD FRQWUDSRVLFLyQ HQWUH HO
PXQGRGHORVDPDQWHV\HOPXQGRGHOWUDEDMRHOWUDEDMRPHUHFODPD6LQHPEDUJRQRKD\
DTXt GHQXHVWRV DO DPDQHFHU \ OD DPDGD HV OD VHJXQGD SHUVRQD TXH OOHJD D GLDORJDU FRQ HO
SRHWD(UHVIHOL]-RVp" (VWDPRVSXHVPiVFHUFDWDOYH]HQFXDQWRDODHVWUXFWXUDGHOD
FRPSRVLFLyQ GH OD FDQFLyQ GH DOED GH OD OtULFD URPiQLFD PHGLHYDO TXH GHO WySLFR GH OD
LQYHFWLYDFRQWUD$XURUD

(OVLJXLHQWHWH[WRTXHSURSRQJRQRHVSRHVtDSHURVtSRpWLFR3HUWHQHFHDODQRYHOLWD
+HOHQDRHOPDUGHOYHUDQRGH-XOLiQ$\HVWD
< HVWiEDPRV MXQWRV PXFKR WLHPSR KDVWD TXH HPSH]DED D
DPDQHFHU \ KDEtD XQD JUDQ DOHJUtD \ WRGRV ORV SiMDURV HPSH]DEDQ D
FDQWDU\SDVDEDQEDQGRVGHSiMDURVPX\JUDQGHVFRPRSDYRVUHDOHV
FRQODVSOXPDVEULOODQWHVD]XOHVRURMDVRDPDULOODVUHOXFLHQGRDODOX]
GHOVROTXHVHOHYDQWDEDVREUHHOPDU\FDVRORGHMDEDDXQRFLHJRGH
OX]<HQWRQFHVXQRHVWDEDPHGLRDGRUPLODGR\VHQWtDHO EUD]RWLELRGH
OD PXFKDFKD \ VXV PDQRV TXH OH FRJtDQ D XQR OD FDEH]D \ OXHJR VX
DOLHQWR \ VXV ODELRV TXH VH DFHUFDEDQ HQWUHDELHUWRV FRQ ORV GLHQWHV
EODQFRVPiVDGHQWUR\HQHOPHGLRODOHQJXDWRGDWHPEORURVD

*DUFtD0DUWtQ-//D*HQHUDFLyQGHO$QWRORJtD&UtWLFDGHOD-RYHQ3RHVtD(VSDxROD2YLHGR(GLFLRQHV
1REHOSS

$\HVWD-+HOHQDRHOPDUGHOYHUDQR%DUFHORQD(O$FDQWLODGRS




(OWySLFRGHODOED\ODLQYHFWLYDFRQWUD$XURUD

(OMRYHQSURWDJRQLVWDWUDVXQPRPHQWRGHH[DOWDFLyQUHOLJLRVDDOPiVSXURHVWLOR$QD
2]RUHVWLHQHXQDHQVRxDFLyQHUyWLFDFRQXQDPXFKDFKDKDZDLDQDTXHDSDUHFHGHSURQWRHQ
VXSHQVDPLHQWR7DPSRFRDTXtVHGHMDQYHUORVGHQXHVWRVDODPDQHFHUTXHDSDUHFHGHVFULWR
FRPR XQ PRPHQWR GH DOHJUtD HQ HO PXQGR SHUR Vt DOJXQRV HOHPHQWRV GHO WySLFR GHO DOED
PRPHQWRGHWHUQXUDHOFDQWRGHORVSiMDURVODVHSDUDFLyQGHORVDPDQWHVDODPDQHFHU
&21&/86,21(6
(O KHFKR GH TXH KD\DQ D DSDUHFLGR UHDOL]DFLRQHV GHO WySLFR GHO DOED GHILQLGR FRPR
FDQWRGHODPHQWRGHORVDPDQWHVSRUVXVHSDUDFLyQDODPDQHFHUHQWRGRVORSDtVHV\HQWRGDV
ODV OLWHUDWXUDV GHO PXQGR GHPXHVWUD GH PDQHUD LQHTXtYRFD TXH VH WUDWD GH XQ WHPD
XQLYHUVDO GHODSRHVtDTXHFDGDOLWHUDWXUD\pSRFDKDQGHVDUUROODGRGHXQDIRUPDSDUWLFXODU
$GPLWLGRHVWRFUHHPRVTXHVtSXHGHQ\GHEHQGHWHUPLQDUVHODVFDUDFWHUtVWLFDVGHORV
GHVDUUROORV SDUWLFXODUHV GHO WySLFR GH PRGR TXH VH SXHGDQ HVWDEOHFHU ODV UHODFLRQHV
SHUWLQHQWHVHQWUHGLVWLQWDVpSRFDV\OLWHUDWXUDV
(Q ORV WH[WRV TXH QRVRWURV KHPRV UHVHxDGR KD\ GRV IRUPDV GH UHDOL]DFLyQ FRQ
HVWUXFWXUDVGLIHUHQWHV

3RU XQ ODGR ORV HMHPSORV GH OLWHUDWXUD JULHJDKHOHQtVWLFDHLPSHULDO$PRUHV,\

ORVWH[WRVFLWDGRVGHO5HQDFLPLHQWR\HO%DUURFR/DHVWUXFWXUDGHORVSRHPDVYLHQH
PDUFDGD SRU OD SUHVHQFLD GH XQD SULPHUD SHUVRQD HO DPDQWHSRHWD \ XQD VHJXQGD
SHUVRQD HO DPDQHFHUH[FHSWRHQHOWH[WRGH2YDQGR\6DQWDUHPHQWDQWRTXHOD
DPDGDVyOR
DSDUHFH
FRPRWHUFHUDSHUVRQD

)UHQWH D HVWR ORV WH[WRV GH OD OtULFD URPiQLFD PHGLHYDO VLHPSUH QRV RIUHFHQ D ORV
DPDQWHV FRPR SULPHUD \ VHJXQGD SHUVRQDV HQ PXFKRV FDVRV HV OD HQDPRUDGD OD
SULPHUD SHUVRQD \ HO DPDQHFHU HV VyOR HO SDWpWLFR PRPHQWR TXH GHWHUPLQD VX
VHSDUDFLyQ

6HWUDWDSXHVGHGRVFDPLQRVSDUDXQPLVPRWySLFRXQRHOTXH2YLGLRKL]ROOHJDUDO
5HQDFLPLHQWR\%DUURFRPiVFXOWRPiVUHWyULFRFRQFHELGRFRPRGLVFXUVRKLPQRSOHJDULD
RVXDVRULD GLULJLGRDODPDQHFHULQFOX\HQGRODFRUUHVSRQGLHQWHLQYHFWLYDRWURHOGHODOtULFD
URPiQLFD PHGLHYDO PiV SRSXODU PiV tQWLPR GH PD\RU LQWHQVLGDG GUDPiWLFD FRQFHELGR
FRPRFDQWRGHSURIXQGRGRORUSRUODVHSDUDFLyQGHORVHQDPRUDGRV

6DERW$)3UHVHQFHG
2YLGHDX;,,H VLqFOH3RHVLHODWLQHpOpJLDTXHO\ULTXHSURYHQoDOHHQ&KHYDOOLHU5
HG&ROORTXH3UpVHQFHG
2YLGH3DULV/HV%HOOHV/HWWUHVS

)XHQWH&RUQHMRRSFLWS

$PRUHV,KDVLGRYLVWRFRPRKLPQRSRU&DLUQV)*HQHULFFRPSRVLWLRQLQ*UHHNDQG5RPDQSRHWU\
(GLPEXUJR