o 62&,2/2*2 &202 ’2&(17(· 0$7(5,$˛ ’,’$&7,&$ &$7(’5$˛ … ·...

24
³(O62&,2/2*2&202'2&(17(´ 0$7(5,$','$&7,&$ &$7('5$$92/,2'(&2/6 $8725(6 %LVVR&pVDU '1, &DSDQHJUD&pVDU± '1, 6HWLHPEUH

Upload: ngodieu

Post on 08-Oct-2018

215 views

Category:

Documents


0 download

TRANSCRIPT

³(O�62&,2/2*2�&202�'2&(17(´0$7(5,$��','$&7,&$

&$7('5$��$92/,2�'(�&2/6

$8725(6%LVVR��&pVDU��� '1,�����������&DSDQHJUD��&pVDU�± '1,�����������

6HWLHPEUH������

75$%$-2�152���

E��LGHQWLFDU�\�GHVFULELU�XQD�VLWXDFLyQ�GH�SUiFWLFD�GH�HQVHxDQ]D�GH�OD�6RFLRORJtD��DQDOL]DU�ORV�PRGHORV�FLHQWtILFRV�VRFLDOHV�\�SHGDJyJLFR�GLGiFWLFRV�H[SOtFLWRV�\�IXQGDPHQWDU�HO�DQiOLVLV�

����'HVFULSFLyQ�GH�SUiFWLFDV�GRFHQWHV(O�UHODWR�GH�&��%LVVR

0L� H[SHULHQFLD� HQ� OD� GRFHQFLD FRPHQ]y� HQ� DEULO� GH� ������ DO�LQFRUSRUDUPH�FRPR�D\XGDQWH�GH�SULPHUD�HQ�OD�FiWHGUD�GH�6RFLRORJtD�3ROtWLFD�� &DUUHUD� GH� 6RFLRORJtD�� )DFXOWDG� GH� &LHQFLDV� 6RFLDOHV� GH� OD�8%$��'HVGH�HQWRQFHV��HO�WLWXODU�GH�OD�FiWHGUD��SURIHVRU�$OGR�,VXDQL���SODQLILFy�HO�GHVDUUROOR�GH�ORV�REMHWLYRV�\�WHPDV�GH�OD�PDWHULD�HQ�WUHV�EORTXHV�� FRQFHSWR� GH� (VWDGR� \� SULQFLSDOHV� WHRUtDV�� HWDSDV� GH�LQWHUYHQFLyQ�HVWDWDO�\�SROtWLFDV�S~EOLFDV��\�DFWRUHV�SROtWLFRV��SDUWLGRV�SROtWLFRV��EXURFUDFLD�� FRUSRUDWLYLVPR��PRYLPLHQWRV�VRFLDOHV�\�PHGLRV�GH�FRPXQLFDFLyQ���6X�PRGR�GH�HQVHxDQ]D�IXH�VLHPSUH�WUDEDMDU�VREUH�OD�EDVH�GH�WHyULFRV�SUiFWLFRV�� IUDJPHQWDQGR�HO�SURJUDPD�HQ�FDWRUFH�R� TXLQFH� FODVHV� GH� FXDWUR� KRUDV� VHPDQDOHV� FRUULGDV� �VHJ~Q� OD�GXUDFLyQ�GHO�FXDWULPHVWUH���GyQGH�HO� WLWXODU�VH�HQFDUJDED�GHO�SULPHU�EORTXH�\�JUDQ�SDUWH�GHO�VHJXQGR��HO�SURIHVRU�DGMXQWR�GH� OD�PD\RUtD�GH� ORV� DFWRUHV� SROtWLFRV� \�HO� D\XGDQWH� �pVWD�HUD�PL� UHVSRQVDELOLGDG��GH�OD�SULPHUD�SDUWH�GHO�VHJXQGR�EORTXH�\�OD�~OWLPD�GHO�WHUFHU�EORTXH��&XDQWLWDWLYDPHQWH��HO�SURJUDPD�TXHGDED�GLYLGLGR�HQ�VHLV�FODVHV�TXH�H[SRQtD� HO� WLWXODU�� FXDWUR� FODVHV� HO� DGMXQWR� \� GRV� HO� D\XGDQWH��TXHGDQGR�GRV�FODVHV�SDUD�ORV�SDUFLDOHV�\�XQD�VREUDQWH��VL�OD�KXELHUD��SDUD� UHSDVR� JHQHUDO�� (V� GHFLU�� TXH� GHVGH� HO� SULPHU� DxR� WRPp� OD�UHVSRQVDELOLGDG�GH�HQIUHQWDU�GRV�FODVHV�GH�FXDWUR�KRUDV�HQ�XQD�DXOD�FRQ� XQ� SURPHGLR� GH� VHWHQWD� DOXPQRV� SUHVHQWHV� SRU� FXDWULPHVWUH��'HVGH�OXHJR�TXH�ORV�SULPHURV�DxRV�FRQFXUUt�D�WRGDV�ODV�RWUDV�FODVHV�SDUD� JDQDU� H[SHULHQFLD� \� FRQILDQ]D�� LQFOXVR� DVLVWt� D� FODVHV� GH� ORV�SURIHVRUHV� 5LFDUGR� 6LGLFDUR� �$QiOLVLV� GH� OD� 6RFLHGDG�� \� (PLOLR� 7HQWL�)DQIDQL� �6RFLRORJtD� GH� OD� (GXFDFLyQ�� SDUD� IRUWDOHFHU� FRQRFLPLHQWRV�WHyULFRV�\�SUiFWLFDV�VRFLROyJLFDV��,QVHUWR�HQ�OD�FiWHGUD��GHER�DFODUDU�TXH�HO�WLWXODU�QXQFD�SDUWLFLSy�HQ�HO�GHVDUUROOR�GH�PLV�FODVHV��GHVGH�XQ�SULQFLSLR�FRQILy�HQ�PL�VDEHU�\�PL�FDSDFLGDG��GHMiQGRPH�VROR�IUHQWH�DO�JUXSR�GH�HVWXGLDQWHV��(V�SRU�HVR� TXH� GHVGH� OD� SULPHUD� H[SHULHQFLD� LQWHQWp� H[WHULRUL]DU� ORV�FRQRFLPLHQWRV�DGTXLULGRV�D�OR�ODUJR�GH�OD�FDUUHUD�GH�6RFLRORJtD�D�WUDYpV�GH� XQD� SUiFWLFD� XWLOL]DGD� \� DVLPLODGD� GHVGH� PL� RILFLR� GH� SHULRGLVWD��GHVDUUROODU�OD�FODVH�HQ�XQ�LGD�\�YXHOWD�GH�SUHJXQWDV�\�UHVSXHVWDV��FRPR�VL� IXHUD� XQ� DPSOLR� UHSRUWDMH� FROHFWLYR�� <� FRPR� XQR� GH�PLV� WHPDV� G�HQVHxDQ]D� HUDQ� ORV� PHGLRV� GH� FRPXQLFDFLyQ�� HQFRQWUp� UiSLGDPHQWH�XQD� EXHQD� UHVSXHVWD� JUXSDO�� 7DPELpQ� RFXUUtD�� HQ� OD�PD\RUtD� GH� ODV�YHFHV�� TXH� ORV� DOXPQRV� OOHJDEDQ� DO� DXOD� VLQ� KDEHU� OHtGR� DQWHV� OD�

�ELEOLRJUDItD� REOLJDWRULD�� (QWRQFHV�� FRPHQFp� D� WUDEDMDU� FRQ� WH[WRV� GH�GLDULRV� TXH� UHIOHMDEDQ� ODV� QRWLFLDV� GH� PD\RU� LPSDFWR� GH� ORV� ~OWLPRV�GtDV��'LYLGtD�OD�FODVH�HQ�JUXSRV�\�OHV�SHGtD�TXH�DQDOL]DUDQ�HVDV�QRWLFLDV�GHVGH�VXV�SURSLRV�VDEHUHV��QR�WUDWDQGR�GH�DOFDQ]DU�XQD�FHUWH]D��VLQR�LQFRUSRUDQGR� WRGDV� ODV� GXGDV� TXH� VH� SUHVHQWDEDQ� HQ� UHODFLyQ� D� OD�QRWLFLD�SURSLDPHQWH�GLFKD�\�D� OD� IRUPD�TXH� ORV�GLIHUHQWHV�PHGLRV�GH�FRPXQLFDFLyQ� OD�SUHVHQWDEDQ��'HVGH�FDGD� LQWHUURJDQWH�SODQWHDGR�SRU�ORV� JUXSRV�� \R� LQFRUSRUDED� ODV� UHVSXHVWDV�HPDQDGDV�GHVGH�HO�PDUFR�WHyULFR�� H[SOLFDQGR� SURJUHVLYDPHQWH� FyPR� IXQFLRQDQ� ORV� PHGLRV� GH�FRPXQLFDFLyQ�� FyPR� HV� OD� UHODFLyQ� FRQ� HO� SRGHU�� FyPR� VXUJH� HO�IHQyPHQR�GH�OD�JOREDOL]DFLyQ��FyPR�HV�OD�LQFLGHQFLD�GH�ORV�PHGLRV�HQ�OD� FRQVWUXFFLyQ� GH� OD� UHDOLGDG� VRFLDO�� HWF�� (VWDV� SUiFWLFDV� PH�SHUPLWLHURQ� FRPSURPHWHU� DO� DOXPQR� FRPR� VXMHWR� VRFLDO� GHVGH� OD�FRQIRUPDFLyQ� GH� XQD� UHDOLGDG� YLUWXDO� TXH� QRV� DWUDYHVDED�� <� \R� PH�VHQWtD�PX\�VDWLVIHFKR�GH�SDUWLFLSDU�GH�HVH�LQWHUFDPELR�GH�H[SHULHQFLDV��

(O� SXQWR� FUtWLFR� VH� SUHVHQWDED� HQ� OD� FODVH� TXH� UHILHUH� D� ODV�SULPHUDV� HWDSDV� GH� LQWHUYHQFLyQ� HVWDWDO�� 6REUH� WRGR�SRUTXH�HV�XQD�UHYLVLyQ�GHO�SURFHVR�GH�WUDQVIRUPDFLyQ�VRFLDO�VXUJLGR�HQ�OD�pSRFD�GHO�DEVROXWLVPR��GyQGH�QDFH�HO�HVWDGR�PRGHUQR�\�VH�SURGXFH�OD�LUUXSFLyQ�GHO� FDSLWDOLVPR� LQGXVWULDO�� (Q� ORV� SULPHURV� DxRV�� QR� HQFRQWUp� RWUD�SUiFWLFD� GH� HQVHxDQ]D� TXH� OD� H[SRVLFLyQ� DFWLYD�� HV� GHFLU� H[SOLFDU�DTXpO�IHQyPHQR�VRFLDO�D�WUDYpV�GHO�UHFXUVR�GH�OD�³OtQHD�GH�WLHPSR´�H�LQFHQWLYDU�D� ORV�DOXPQRV�D�SODQWHDU�SUHJXQWDV�VREUH�HO� WHPD��VREUH�WRGR� HQ� OD� H[SOLFDFLyQ� GH� ODV� JUDQGHV� UHIRUPDV� LQVWLWXFLRQDOHV� TXH�GLHURQ� RULJHQ� D� ORV� QXHYRV� HVWDGRV�� HO� GHUHFKR�� HO� PHUFDGR�� ODGLSORPDFLD��HO�HMpUFLWR��OD�PDJLVWUDWXUD��OD�EXURFUDFLD��(VD�LQVWDQFLD�OD�XWLOLFp� SDUD� DUPDU� WUDEDMRV� HQ� JUXSRV�� GyQGH� ORV� DOXPQRV�SXGLHUDQ�FRPSUHQGHU� OD� OyJLFD� LQWHUYHQFLRQLVWD� GHO� (VWDGR� FRPR� IDFWRU� GH�SRGHU� \� FRPR� SODQLILFDGRU� GH� OD� VRFLHGDG� \�� DO� PLVPR� WLHPSR� OD�SXGLHUDQ�FRPSDUDU�FRQ�OD�UHDOLGDG�GH�QXHVWUR�SDtV�0iV�DGHODQWH��\�\D�FRQ�HO�FDUJR�GH�-HIH�GH�7UDEDMRV�3UiFWLFRV��HO� SURFHVR� GH� UHFRQYHUVLyQ� HVWDWDO� IUHQWH� D� ORV� HIHFWRV� GH� OD�JOREDOL]DFLyQ��PH�SHUPLWLy�IRFDOL]DU�ORV�WUDEDMRV�JUXSDOHV�D�WUDYpVGH�XQ�IHQyPHQR�VRFLDO�FRPSDUDEOH�FRQ�DTXpO�UHJLVWUDGR�HQ�,QJODWHUUD�D�ILQHV� GHO� VLJOR� ;9,,,�� OD� FUHDFLyQ� GH� XQ� QXHYR�PHUFDGR� GH� WUDEDMR�DQWH�XQD�SURIXQGD�FULVLV�VRFLDO�\�HFRQyPLFD��$�SDUWLU�GH�DOOt��HQFRQWUp�XQD� IRUPD� GH� WUDVODGDU� DTXHOORV� KHFKRV� D� QXHVWURV� GtDV�� GyQGH� HO�DOXPQR� SRGtD� DQDOL]DU� DTXHOOD� VLWXDFLyQ�GH�GHVLQWHJUDFLyQ� VRFLDO� �HO�WUDEDMDGRU� UXUDO� WUDQVIRUPDGR� HQ� REUHUR� LQGXVWULDO� \� WRGDV� VXV�FRQQRWDFLRQHV� FXOWXUDOHV�� \� QXHVWUR�SURFHVR� DFWXDO� �HO�SDVR�GH�XQD�VRFLHGDG�GH�OD�SURGXFFLyQ�D�XQD�VRFLHGDG�GH�OD�LQIRUPDFLyQ��WDPELpQ�VXMHWR� D� JUDQGHV� FDPELRV� FXOWXUDOHV�� SDUD� HQFRQWUDU� VLPLOLWXGHV� \�GLIHUHQFLDV�� $OOt� HO� DOXPQR� VH� HQFRQWUy� LGHQWLILFDGR� FRQ� VX� URO� GH�HVWXGLDQWH�GH�VRFLRORJtD�\�PiV�GLVSXHVWR�D�OD�SDUWLFLSDFLyQ�GHVGH�VX�FRPSURPLVR�FRPR�DFWRU�VRFLDO�

�(Q�VtQWHVLV��GXUDQWH�GLH]�DxRV�DSOLTXp�HQ� OD�SUiFWLFD�GRFHQWH�WRGR�DTXHOOR� TXH�GHVHH� H[SHULPHQWDU� FRPR�DOXPQR�� FODVHV�DFWLYDV��GyQGH� HO� SURIHVRU� SURSXVLHUD� XQ� GHEDWH� SHUPDQHQWH�� GyQGH� HO�DOXPQR� H[SXVLHUD� VXV� LQWHUURJDQWHV� \� GyQGH� FRQYLYLHUDQ� DPERV�VDEHUHV��HO�GHO�SURIHVRU�\�HO�GHO�DOXPQR��(Q�PL�HWDSD�GH�HVWXGLDQWH�XQLYHUVLWDULR� QXQFD� PH� IDVFLQDURQ� ODV� H[WHQVDV� H[SRVLFLRQHV�FDWHGUiWLFDV��VDOYR�ODV�PDJLVWUDOHV�FODVHV�HSLVWHPROyJLFDV�GH�(QULTXH�0DUt�� \� VLHPSUH� GLVIUXWp� GH� DTXHOODV� PDWHULDV� GH� LQWHUFDPELR GH�FRQRFLPLHQWRV��FRQ� OD�SUHVHQFLD�GH�XQ�GRFHQWH�GLVSXHVWR�DO�GHVDItR�GH� OD� UHFLSURFLGDG� �+RUDFLR� *RQ]iOH]� \� 6XVDQD� 0XULOOR�� ORV� PiV�UHFRUGDGRV���(VWDV�SUiFWLFDV�VRQ�ODV�TXH�KH�WUDWDGR�GH�HVWDEOHFHU�HQ�PL� H[SHULHQFLD� FRPR� GRFHQWH�� DSR\iQGRPH� QR� VyOR� HQ� HO XQLYHUVR�WHyULFR� �OD� ELEOLRJUDItD� REOLJDWRULD�� RWURV� WH[WRV� GH� GLYHUVRV� DXWRUHV�TXH� LQFRUSRUR� DVLGXDPHQWH� SDUD� IRUWDOHFHU� HO� FRQRFLPLHQWR� \�DFWXDOL]DU�OD�LQIRUPDFLyQ��\�PXFKRV�DUWtFXORV�SHULRGtVWLFRV�TXH�VLUYHQ�GH� GLVSDUDGRUHV� HQ� ORV� WUDEDMRV�GH�JUXSR��� VLQR� HQ�XQ�SHUPDQHQWH�DFFLRQDU�UHIOH[LYR�VREUH�OD�UHDOLGDG�TXH�QRV�FLUFXQGD�\�HQ�UHIHUHQFLD�D�ORV�GLIHUHQWHV�VDEHUHV�DGTXLULGRV��WDQWR�GH�ORV�HVWXGLDQWHV�FRPR�ORV�TXH� SXHGR� DSRUWDU� GHVGH� PL� FRQGLFLyQ� GH� SURIHVRU�� &UHR� TXH� OD�UHIOH[LYLGDG� HV� HO� PRWRU� TXH� PH� SHUPLWLy� KDVWD� KR\� WUDVPLWLU� OD�HQVHxDQ]D��SHUPLWLpQGRPH�DFHUFDUPH�DO�DOXPQR�\�UHFLELU�GH�pO�RWUD�PLUDGD��RWUR�GLVFXUVR���&RQVWUXLU�HO�VDEHU�GHVGH�OD�GXGD��QR�GHVGH�OD�FHUWH]D��KD�VLGR�XQ�HVWtPXOR�LQDOWHUDEOH�SDUD�GHVDUUROODU�PLV�FODVHV�\�FRPSUHQGHU�PHMRU�HO�HVFHQDULR�GH�QXHVWUD�UHDOLGDG�GHVGH�GLIHUHQWHV�PDUFRV� WHyULFRV�� <�� VREUH� WRGR�� VDEHU� RFXSDU� HO� OXJDU� TXH� OD�UHVSRQVDELOLGDG� LQVWLWXFLRQDO� LPSRQH�� SHUR� VLHPSUH� UHVSHWDQGR� HO�OXJDU�GHO�RWUR�1R� REVWDQWH�� KD\� DOJXQDV� REMHFLRQHV� TXH� GHVHR� KDFHU� HQ�IRUPD�GH DXWRFUtWLFD��HQ�HO�FXDWULPHVWUH�SDVDGR�KXER�XQ�FDPELR�GH�FXUVDGDV�HQWUH� ODV�GRV�6RFLRORJtDV�3ROtWLFDV��,VXDQL�\�4XHYHGR��\�VH�WXYR� TXH� GHVDUUROODU� OD� PDWHULD� HQ� KRUDULR� QRFWXUQR�� 1RV�HQFRQWUDPRV� FRQ� XQD� VXSHUSREODFLyQ� GH� DOXPQRV� ����� LQVFULSWRV� \�DSUR[LPDGDPHQWH�����DVLVWHQWHV���(O�SURIHVRU�WLWXODU�QR�KDEtD�SRGLGR�UHDOL]DU� VX� WHyULFR� HQ� OD� FODVH� SDVDGD� \� PH� VROLFLWy� VL� SRGtDPRV�FRPSDUWLU�OD�FODVH��(UD�OD�SULPHUD�YH]�TXH�H[SRQtD�HQ�XQ�DXOD�HVWDED�WDQ� UHSOHWD�� FRQ� HVWXGLDQWHV� VHQWDGRV� HQ� HO� SLVR� SRUTXH� QR�DOFDQ]DEDQ� ORV� SXSLWUHV� �KDEtD� TXH� PRYHUVH� HQ� XQ� HVSDFLR� GH� XQ�PHWUR�FXDGUDGR��\�WDPELpQ�HUD�OD�SULPHUD�YH]�TXH�H[SRQtD�IUHQWH�DO�WLWXODU�GH�OD�FiWHGUD��)UHQWH�D�HVWD�VLWXDFLyQ��FRPHQFp�D�GHVDUUROODU�HO�WHPD� GHO� (VWDGR� \� VXV� HWDSDV� GH� LQWHUYHQFLyQ�� DSR\iQGRPH� HQ�GLDJUDPDV� VREUH� HO� SL]DUUyQ� \� DSHODQGR�D� OD�PHPRULD�SDUD�H[SOLFDU�GHWDOODGDPHQWH�FDGD�XQR�GH�ORV�SXQWRV�IXQGDPHQWDOHV�GH�HVD�SDUWH�GHO�SURJUDPD��/RV�DOXPQRV�D~Q�QR�KDEtDQ�OHtGR�ORV�WH[WRV��HQWRQFHV�PH� HQFRQWUDED� FRQ� OD� HVFDVD� SRVLELOLGDG� GH� KDFHUOHV� SUHJXQWDV� \�PHQRV�D~Q�GH�WUDEDMDU�HQ�JUXSRV��3RU�OR�WDQWR��OD�FODVH�VH�SODVPy�HQ�XQ� ODUJR�PRQyORJR��VLQ�FRQWUDWLHPSRV�QL�GHEDWH��/XHJR�SURVLJXLy�HO�SURIHVRU�WLWXODU�\��D�VX�ILQDOL]DFLyQ��OH�SUHJXQWp�D�,VXDQL�TXH�OH�KDEtD�

�SDUHFLGR� HO� GHVDUUROOR� GH� PL� SDUWH��5HVSRQGLy� TXH� VL� ELHQ� HVWDED�VDWLVIHFKR��KL]R�KLQFDSLp�HQ�TXH�QR�GHEtD�GDUOH�WDQWRV�GHWDOOHV�VREUH�KHFKRV�\�FRQFHSWRV��SRUTXH�ORV�DOXPQRV�VyOR�VH�GHGLFDQ�D�WUDQVFULELU�OR�TXH�XQR�KDEOD�\�GHVSXpV�QR� OHHQ� OD�ELEOLRJUDItD�REOLJDWRULD��6yOR�DWLQp� D� FRPHQWDUOH� TXH� DTXHOOD� SUHVHQFLD� PDVLYD� OLPLWy� HO�GHVHPSHxR�� SHUR� LQGXGDEOHPHQWH� FUHR� TXH� PH� SUHRFXSp� PiV� HQ�GHPRVWUDUOH�DO�SURIHVRU�WLWXODU�WRGRV�PLV�FRQRFLPLHQWRV�VREUH�HO�WHPD�TXH� SHQVDU� HQ� FyPR� UHVROYHU� GH� RWUR�PRGR� OD� VLWXDFLyQ�SODQWHDGD��4XL]iV�� FRPR� HQ� RWUDV� RSRUWXQLGDGHV�� QR� PH� DQLPp� D� JHVWDU� XQ�GHEDWH� GHVGH� RWUR� OXJDU�� EXVFDQGR� LQFHQWLYDU� DO� DOXPQR� D� XQD�UHIOH[LyQ�FRPSDUWLGD�VREUH�HO�URO�GHO�(VWDGR�HQ�DTXHOOD�UHDOLGDG�VRFLDO�\� HQ� pVWD�� /OHJXp� D� OD� FRQFOXVLyQ� TXH� \R� WDPSRFR� KDEtD� TXHGDGR�FRQIRUPH� GH� PL� WDUHD��PiV� DOOi� GH� LPDJLQDU� TXH� HO� DOXPQR� KDEtD�UHFLELGR� OD� LQIRUPDFLyQ� VXPLQLVWUDGD� \� HO� FRQRFLPLHQWR� WHyULFR�QHFHVDULR�SDUD�FRPSUHQGHU�HO�REMHWLYR�GH�OD�PDWHULD�(O�UHODWR�GH�&��&DSDQHJUD

0L� H[SHULHQFLD� HQ� OD� GRFHQFLD� VXSHULRU� FRPHQ]y� HQ� DEULO� GH������� DO� LQFRUSRUDUPH� FRPR� SURIHVRU� GH� 6RFLRORJtD� HQ� HO� QLYHO�WHUFLDULR��(Q�������PH�LQFRUSRUR�FRPR�-HIH�GH�7UDEDMRV�3UiFWLFRV�HQ�OD� FiWHGUD� GH� 3VLFRORJtD� 6RFLDO�� &DUUHUD� GH� 6RFLRORJtD�� )DFXOWDG� GH�&LHQFLDV�6RFLDOHV�GH�OD�8%$�\�HQ�������REWHQJR�HO�FDUJR�GH�3URIHVRU�$GMXQWR� GH� 6RFLRORJtD� GH� ODV� 2UJDQL]DFLRQHV� HQ� OD� )DFXOWDG� GH�&LHQFLDV� (FRQyPLFDV�� 8%$�� 3DUDOHODPHQWH�� HQWUH� ����������GHVDUUROOR� WDUHDV� FRPR� -73� HQ� OD� &iWHGUD� GH� 3VLFRORJtD� 6RFLDO�,QVWLWXFLRQDO� ,� \� ,,� GH� OD� FDUUHUD� GH� 7UDEDMR� 6RFLDO�� 3RU� RWUD� SDUWH��GHVGH ����� PH� GHVHPSHxR� FRPR� 3URIHVRU� 7LWXODU� HQ� ODV�8QLYHUVLGDGHV�GH�0RUyQ��GHO�0XVHR�6RFLDO�$UJHQWLQR�\�GHO�6DOYDGRU��(Q� VtQWHVLV�� SURIHVLRQDOPHQWH� PH� GHGLFR� D� OD� GRFHQFLD� H�LQYHVWLJDFLyQ�0L� WDUHD�GRFHQWH�� VLHPSUH� OD�KH�SHQVDGR�D�SDUWLU�GH�DOJXQRV�³SULQFLSLRV´ TXH�PH�UHVXOWDURQ�HVWUXFWXUDQWHV�SDUD�SODQHDU�\�GLFWDU�FODVH�� 6LHPSUH� FUHt� TXH� HO� GRFHQWH� GHEH� EDVDUVH� HQ� OR� TXH� HO�HVWXGLDQWH� VDEH� R� FRQRFH� SDUD� DOOt� DILUPDU� ORV� QXHYRV� FRQWHQLGRV��HVWR� OR� H[WUDMH� GH� PL� H[SHULHQFLD� HQ� OD� HVFXHOD� SULPDULD� GRQGH�DOJXQRV� PDHVWURV� GHVHFKDEDQ� \� QR� KDFtDQ� FDVR� GHO� VDEHU� R�PDSD�FRJQLWLYR� GHO� DOXPQR� LQWHUHViQGRVH� VyOR� HQ� TXH� pVWH� UHFXHUGH� \�UHSLWD�� 'LJR� HVWR� SRUTXH� \R� WXYH� OD� ³VXHUWH´ GH� FXUVDU� OD� SULPDULD�HQWUH� �������� HQ� OD� HVFXHOD� 5HS~EOLFD� GH� &XED�� VXSXHVWDPHQWH�SLRQHUD� HQ� OD� LPSOHPHQWDFLyQ� GH� �QXQFD� VXSH� ELHQ� TXH�� UHIRUPD�HGXFDWLYD��7DPELpQ��pVWD�H[SHULHQFLD�HV� WUDVODGDEOH�D� OD� VHFXQGDULD�UHDOL]DGD� HQWUH� ��������� HQ� HO� FROHJLR� 1DFLRQDO� 1�� ��� 1LFROiV�$YHOODQHGD���

�3RU� RWUD� SDUWH�� HQ� ODV� FODVHV� TXH� GLFWR� WUDWR� GH� SURPRYHU�OD�SDUWLFLSDFLyQ� UHIOH[LYD� GHO� HVWXGLDQWH� SRUTXH� FUHR� TXH� HVWR� HV�PX\�~WLO�QR�VyOR�D�VX�DSUHQGL]DMH�VLQR�WDPELpQ��D�VX�DXWRHVWLPD��0XFKRV�DOXPQRV�� QR� SDUWLFLSDQ� SRU� WHPRU� D� H[SRQHUVH� D� ORV� RWURV� \� GHMDQ�EXHQDV� LGHDV�R�FRPHQWDULRV�GH� ODGR��2WURV��VH�TXHGDQ�FRQ�GXGDV�R�WHPDV� PDO� FRPSUHQGLGRV� SRUTXH� QR� TXLHUHQ� UHYHODU� VX�GHVFRQRFLPLHQWR�� 5HSLWR�� OD� SDUWLFLSDFLyQ� GHO� HVWXGLDQWH� IRPHQWDGD�SRU�HO�GRFHQWH�\�UHFXSHUDQGR�OR�GLFKR�R�SURSXHVWR�SRU�HO�DOXPQR��QR�VyOR�HV�~WLO�SDUD�HO�GHVDUUROOR�WiFWLFR GH� OD�FODVH�VLQR�WDPELpQ��SDUD�SRWHQFLDU� OD� DXWRHVWLPD� GHO� DOXPQR� FRPR� XQ� HOHPHQWR� FODYH� D� VX�GHVDUUROOR� SURIHVLRQDO�� (O� GRFHQWH�� SHUIHFWDPHQWH� SXHGH� SHUFLELU�FXDQGR� XQ� HVWXGLDQWH� WLHQH� WHPRU� D� SUHJXQWDU�FRPHQWDU� \� SXHGH�HQWRQFHV��D\XGDU�D�VXSHUDU�HVD�FXHVWLyQ�2WUD�LGHD� TXH�PH�SDUHFH�LPSRUWDUWH�D�OD�KRUD�GH�GDU�FODVH��HV�OD� FDSDFLGDG� GH�PDQWHQHU� OD� DWHQFLyQ� GHO� JUXSR� SRU� OD�PDQHUD� GH�H[SRQHU�GH�ORV�FRQWHQLGRV��(Q�HVWH�SXQWR�TXLHUR�UHVFDWDU�XQD�LGHD�GH�XQ� YLHMR� DPLJR� SHUVRQDO�� SURIHVRU� GH� JHRJUDItD�� TXH� VLHPSUH�DILUPD�³KR\� SRU� KR\�� XQ� SURIHVRU� GHEH� VHU� WDQ� DWUD\HQWH� HQ� HO�GLFWDGR�GH�VX�FODVH�FRPR�OR�HV�XQ�EXHQ�GRFXPHQWDO´ ��(VWD�QRFLyQ��DJJLRUQDGD D� ORV� FiQRQHV� GH� OD� HGXFDFLyQ� VXSHULRU�� PH� SDUHFH�HVHQFLDO�HQ�SODQWHR�GH�DOJ~Q�FRQWHQLGR�SRUTXH�HVWLPXOD�HO�GHVHR�GH�VDEHU�HQ�HO�HVWXGLDQWH��SXHGH�GHVSOHJDU�VX�FXULRVLGDG�3RU� RWUD� SDUWH�� VLHPSUH� FRQVLGHUp� TXH� XQD� FODVH� GHEH� VHU�SURJUDPDGD�WHQLHQGR�HQ�FODUR�TXH�REMHWLYRV�VH�TXLHUHQ�DOFDQ]DU�HVH�GtD��3RU�FRQVLJXLHQWH��HO�SURIHVRU�GHEH�WHQHU�HQ�FODUR�VREUH�TXH�WHPD�KDEODUi� SHUR� QR�SUHHVWDEOHFLGR�� TXH� GLUi� HVSHFtILFDPHQWH�� HVWR� HV�SURGXFWR� FR\XQWXUDO�GH� OD� VLWXDFLyQ�GH� OD� FODVH�HQ�HVH�GtD��'H�pVWD�PDQHUD��OD�HVWUDWHJLD�HVWi�GHILQLGD�SHUR�VX�RSHUDFLRQDOL]DFLyQ�WiFWLFD�HVWi�VXMHWD�D�OD�VLWXDFLyQ�HVSHFtILFD�GHO�FXUVR�3DUD� VLQWHWL]DU��HVRV�³SULQFLSLRV´ GH� ORV�TXH�KDEOp�PiV�DUULED�VRQ�� FRQVLGHUDU� \� XWLOL]DU� ORV� FRQRFLPLHQWRV� H� LQWHUHVHV� SUHYLRV� GHO�HVWXGLDQWH�� SURSLFLDU� OD� SDUWLFLSDFLyQ� UHIOH[LYD� HQ� FODVH��PDQWHQHU� \�HVWLPXODU� OD� DWHQFLyQ� GHO� DOXPQR� HQ� HO� GLFWDGR� GH� OD� FODVH� \�SURJUDPDU� HVWUDWpJLFDPHQWH� OD� FODVH�� UHFXUULHQGR� D� GLIHUHQWHV�KHUUDPLHQWDV�SDUD�VX�GLFWDGR�VHJ~Q�OR�LPSRQJDQ�ODV�FLUFXQVWDQFLDV�(VWRV�³SULQFLSLRV´ VRQ�HO�PHUR�IUXWR�GH�XQD�UHIOH[LyQ�SHUVRQDO�\� HVSRQWiQHD� VREUH� PL� SURSLD� SUiFWLFD� GRFHQWH� WRPDQGR� FRPR�PRGHOR��ODV�GLIHUHQWHV�PDQHUDV�HQ�TXH�XQR�DSUHQGLy�DOJR�HQ�VX�YLGD�FRPR�DOXPQR�� (VWD� UHIOH[LyQ��PH�KD�SHUPLWLGR�GLVWLQJXLU� IRUPDV�GH�HQVHxDU�\�PDGXUDU�VREUH�ODV�PLVPDV�SRUTXH��DTXHO�GRFHQWH�TXH�VyOR�VH� LQWHUHVy� SRUTXH� \R� UHSLWD� HO� PDQXDO� R� OD� OHFFLyQ� PH� GHMR� OD�SRVLELOLGDG�GH�GLIHUHQFLDU��TXH�VH�SXHGH�DSUHQGHU�PHFiQLFDPHQWH�\�TXH�QR�VH�SXHGH�DSUHQGHU�SRU�HVD�YtD�\�HVWR�PH�SDUHFH�FODYH�HQ�OD�YLGD�GH�XQ�SURIHVRU� �Pi[LPH�HQ�HO�QLYHO� VXSHULRU��� OD� FDSDFLGDG�GH�

�HOXFLGDU�VX�SURSLD�SUiFWLFD�HV�GHFLU�� LQWHQWDU�SHQVDU�VREUH�OR�TXH�VH�KDFH� \� WHQHU� HQ� FODUR� OR� TXH� VH� SLHQVD�� 'H� pVWD� PDQHUD� HO� URO�GRFHQWH�QR�HV�DGTXLULGR�SRU�HO�D]DU�ODERUDO��VLQR�TXH�IRUPD�SDUWH�GH�OD�VXEMHWLYLGDG�GHO�SURIHVRU��

(VWD� PDQHUD� GH� HQFDUD� OD� GRFHQFLD�� OD� GHVDUUROOR� HQ� PLV�GLVWLQWRV� FDUJRV� FRPR� WDO�� DFODUDQGR� TXH� H[FHSWR� HQ� OD� FiWHGUD� GH�3VLFRORJtD�6RFLDO�PHQFLRQDGD�DO�SULQFLSLR��HQ�WRGDV�ODV�RWUDV�FiWHGUDV�QR�SRVHR�D\XGDQWHV�SRU� WDQWR��PH�GHVHPSHxR�VyOR�HQ� ODV�PLVPDV��3RU� HO� FRQWUDULR�� HQ� 3VLFRORJtD� 6RFLDO� FRQIRUPDPRV� XQ� LQWHUHVDQWH�HTXLSR� GH� FiWHGUD� TXH� VL� ELHQ� WUDEDMDPRV� FRQ� OD� QRFLyQ� GH�DSUHQGL]DMH� VLJQLILFDWLYR�� OR� KDFHPRV� HQ� HTXLSR� SDUD� TXH� HO�HVWXGLDQWH� WHQJD� XQ� FUX]DPLHQWR� GH� GLVFXUVRV� \� SHUVSHFWLYDV�SURIHVLRQDOHV�FRPR�ELHQ�OR�SODQWHD�OD�QDWXUDOH]D�GH�OD�DVLJQDWXUD��'H�KHFKR�� QXHVWUD� SVLFRORJtD� VRFLDO� HVWi� SHQVDGD� \� GLVHxDGD� SDUD� HO�SHUILO� GHO� HVWXGLDQWH� GH� VRFLRORJtD�� SRU� WDQWR� EXVFDPRV� TXH� HO�HVWXGLDQWH� LQFRUSRUH� D� VX� FDXGDO� VRFLROyJLFR� DOJXQDV� QRFLRQHV��FRQFHSWRV� \� SHUVSHFWLYDV� TXH� LQFUHPHQWHQ� VX� SHUILO� GH� IXWXUR�VRFLyORJR�� (Q� WDO� VHQWLGR�� OD� DVLJQDWXUD� VH� SODQWHD� FRPR� XQD�VRFLRORJtD�SVLFRDQDOtWLFD��SXHV�DGRSWD�GH�OD�SVLFRORJtD�DO�SVLFRDQiOLVLV�FRPR�WHRUtD�VRFLDO�/D� SUiFWLFD� GRFHQWH� TXH� UHDOL]DPRV� SXHGH� GHVFULELUVH� GH� OD�VLJXLHQWH�PDQHUD�� XQ� GRFHQWH� VH� KDFH� FDUJR� GHO� WHPD� GHO� GtD� \� OR�H[SRQH��HQWUH�WDQWR�OR�RWURV�SURIHVRUHV�FRODERUDQ�FRQ�HO�WHPD�GHVGH�VXV� SHUVSHFWLYDV� SDUWLFXODUHV� DERQDQGR� HO� GLFWDGR� GH� OD� FODVH� \�FRODERUDQGR� HQ� ODV� UHVSXHVWDV� D� ODV� GXGDV� SODQWHDGDV� SRU� ORV�HVWXGLDQWHV��7RGR�HVWR��VH�KDFH�FRQ�XQD�DUPRQtD�GH�HTXLSR�TXH��PH�DQLPR�D GHFLU�HV�SRFR�YLVWD�HQ� OD�GRFHQFLD�XQLYHUVLWDULD�SXHVWR�TXH�QR� KD\� YHGHWWLVPR GH� QLQJXQD� HVSHFLH�� VLWXDFLyQ� TXH� VDEHPRV�SRVLWLYDPHQWH� HO� DOXPQR� SHUFLEH� \� SRU� WDQWR�� LQFRUSRUD� OR� TXH�FUHHPRV� HV� UHVSHWR� SURIHVLRQDO� SRU� HO� RWUR� \� VX� VDEHU� GLIHUHQWH��/XHJR�� GHVDUUROODPRV� GLIHUHQWHV� HVWUDWHJLDV� SDUD� TXH� HO� HVWXGLDQWH�SDUWLFLSH� GH� OD� FODVH� \� SRQJD� ORV� FRQWHQLGRV� HQ� � GLDORJR� FRQ� OD�UHDOLGDG�� D� WUDYpV� GH� XQD� DSOLFDFLyQ� GH� ORV� FRQRFLPLHQWRV� D�VLWXDFLRQHV�R�HVWXGLRV�GH�FDVR�'HVHR� GHVWDFDU�� TXH� KD� VLGR� PX\� HQULTXHFHGRU� SDUD� PL�³VDEHU´ GRFHQWH�HO�GLFWDU�FODVHV�HQ�GLIHUHQWHV�IDFXOWDGHV�GHQWUR�GH�OD�8%$�\�8QLYHUVLGDGHV�WDQWR�S~EOLFDV�FRPR�SULYDGDV�FRPR�DVt�WDPELpQ��PL� LQVHUFLyQ� HQ� OD� HGXFDFLyQ� VXSHULRU� QR� XQLYHUVLWDULD�� (VWR�PH� KD�GDGR��XQD�YDULDGD�H[SHULHQFLD�FRQ�KHWHURJpQHRV�JUXSRV�GH�DOXPQRV�\� QHFHVLGDGHV�� OR� TXH� PH� SHUPLWLy� H[SHULPHQWDU� \� GHVSOHJDU�HVWUDWHJLDV�\�KHUUDPLHQWDV�GH�HQVHxDQ]D�DSUHQGL]DMH�����

����([SRVLFLyQ�GHO�PDUFR�WHyULFR�$QWHFHGHQWHV�GH�3LDJHW�\�9LJRWVN\��/RV�DSRUWHV�GH�%UXQHU

(O� HQIRTXH� SVLFR�SHGDJyJLFR� YLJHQWH� HQ� OD� FRQFHSFLyQ�FXUULFXODU� KD� HVWDGR� FHQWUDGR� GHVGH� HO� 6LJOR� ;,;� HQ� FULWHULRV� TXH�HQIDWL]DEDQ�OD�GHILQLFLyQ�GH�ORV�FRQWHQLGRV�FRPR�HO�SXQWR�LPSRUWDQWH�\� OD� SHGDJRJtD� EDVDGR� HQ� SUiFWLFDV� FRQGXFWLVWDV� D� SDUWLU� GH� OD�SHGDJRJtD� SUDJPiWLFD� GH�:LOOLDP� -DPHV�� GHQRPLQDGR�PHFDQLFLVPR�SHGDJyJLFR��/D�UHDFFLyQ�D�HVWH�HQIRTXH�VH�GHVDUUROOR�D�SULQFLSLRV�GHO�6LJOR� ;;�� FRQ� ORV� DSRUWHV� GH� WUHV� SHUVRQDOLGDGHV�� -HURPH� %UXQHU��-HDQ�3LDJHW�\�/HY�9LJRWVN\��6XV�YLVLRQHV�KDQ�VLGR�SUHVHQWDGDV�FRPR�DQWDJyQLFDV�� SHUR� OD� VXSHUDFLyQ�GH� HVWD�GLIHUHQFLD� HQ� OD� QDWXUDOH]D�GH� OD� FRQVWUXFFLyQ� GHO� FRQRFLPLHQWR� HV� QHFHVDULD� SDUD� WHQHU� XQD�YLVLyQ�PiV�SUiFWLFD�GH�ORV�FULWHULRV�FRQVWUXFWLYLVWDV�(O� FDPELR� UDGLFDO� TXH� VXSXVR� OD� LQYHVWLJDFLyQ� SLDJHWDQD� VH�SXHGH� LOXVWUDU� FRQ� HO� VtPLO� GHO� �JLUR� FRSHUQLFDQR��� \D� TXH� OD�FRPSUHQVLyQ� GHO� SURFHVR� GH� FRQRFLPLHQWR� VH� KL]R� PDUFDGR� SRU� HO�HVStULWX�FLHQWtILFR�GH� OR�REVHUYDEOH�\�OR�QR�REVHUYDEOH��D�SDUWLU�GH�OD�HOXFXEUDFLyQ� PHQWDO� EDVDGD� HQ� ODV� FRQVLGHUDFLRQHV� GH� XQ� DGXOWR�DOHMDGR�GHO�SHQVDPLHQWR�GH�ORV�QLxRV�3RU� VX� SDUWH�� 9LJRWVN\� SDUWLy� GH� OD� QDWXUDOH]D� VRFLDO� GH� OD�FRQVWUXFFLyQ� GH� OD� UHDOLGDG� D� SDUWLU� GH� VX� H[SHULHQFLD� FRPR�IXQFLRQDULR�S~EOLFR��SRU�OR�TXH�VX�REVHUYDFLyQ�SDUWLy�GH�OD�GHILQLFLyQ�GH�VRFLDO�GHO�SURFHVR�GH�DSUHQGL]DMH�7DQWR 3LDJHW�FRPR�9LJRWVN\�SRVWXODURQ�HO�FRQRFLPLHQWR�FRPR�FRQVWUXFFLyQ� �GH� DOOt� SURYLHQH� HO� WpUPLQR� �FRQVWUXFFLRQLVPR�� SDUD�GHQRPLQDU� VX� HVFXHOD� GH� SHQVDPLHQWR�� SHUR� HQ� QLQJ~Q� PRPHQWR�GHVDUUROODURQ� VROXFLRQHV� VLPSOLVWDV� D� SUREOHPDV� FRPSOHMRV�� (Q� HVWH�VHQWLGR��HO�FRQRFLPLHQWR�HV�XQ�SURFHVR�GH�FRQVWUXFFLyQ�SRU�SDUWH�GHO�VXMHWR��(VWH�SRVWXODGR�FRQWUDGLMR�ORV�VXSXHVWRV�HSLVWHPROyJLFRV�GH�VX�pSRFD�� HQPDUFDGRV� HQ� HO� SDUDGLJPD� PHFDQLFLVWD�� TXH� WHQGtD� D�SULYLOHJLDU� HO� FRQGXFWLVPR� \� D� FRQFHSWXDU� DO� DSUHQGL]DMH� FRPR� HO�UHVXOWDGR� GH� DVRFLDFLRQHV� HQWUH� HVWtPXORV� \� UHVSXHVWDV�� (O�DSUHQGL]DMH�VH�H[SOLFD�HQ�WpUPLQRV�GH� ODV�DVRFLDFLRQHV� LQFRUSRUDGDV�SRU�HO�DSUHQGL]�D�VX�UHSHUWRULR�GH�UHVSXHVWDV�$O� FRQWUDULR�� WDQWR� SDUD� 3LDJHW� FRPR� SDUD� 9LJRWVN\�� HO�GHVDUUROOR�FRJQRVFLWLYR�HV�PXFKR�PiV�FRPSOHMR��SRUTXH�QR�VH�WUDWD�GH�DGTXLVLFLyQ�GH�UHVSXHVWDV�VLQR�GH�XQ�SURFHVR�GH�FRQVWUXFFLyQ�GH�FRQRFLPLHQWR��(O�FRQVWUXFWLYLVPR��FRPR�SHUVSHFWLYD�HSLVWHPROyJLFD�\�

��SVLFROyJLFD��SURSRQH�TXH� ODV�SHUVRQDV� FRQVWUX\HQ�PXFKR�GH� OR�TXH�DSUHQGHQ�\�HQWLHQGHQ��VXEUD\DQGR�OD�LQWHUDFFLyQ�GH�ODV�SHUVRQDV�FRQ�VX� HQWRUQR� HQ� HO� SURFHVR� GH� DGTXLULU� \� UHILQDU� GHVWUH]DV� \�FRQRFLPLHQWRV�� (VWD� DGTXLVLFLyQ� VH� KDFH�� SULPRUGLDOPHQWH�� SRU� OD�DFWLYLGDG��GH�DFXHUGR�FRQ�3LDJHW�3RU� VX� SDUWH�� GHVGH� 9LJRWVN\�� OD� DFFLyQ� KXPDQD� SRU�GHILQLFLyQ��XWLOL]D�LQVWUXPHQWRV�PHGLDGRUHV�FRPR�HO�OHQJXDMH���GDQGR�D�OD�DFFLyQ�VX�IRUPD�HVHQFLDO��HV�GHFLU�WUDQVIRUPiQGROD�HQ�XQD�DFFLyQ�PHGLDGD�� /DV� HVWUXFWXUDV� FRJQRVFLWLYDV� VH� PRGLILFDQ� QR� SRU� OD�DFWLYLGDG�HQ�Vt�PLVPD��VLQR�SRU� OD� IRUPD�HQ�TXH� ODV�KHUUDPLHQWDV�\�VLJQRV�GH�ORV�TXH�VH�GLVSRQH�KDFHQ�SRVLEOH�HVD�DFWLYLGDG�5HWRPDQGR� D� 3LDJHW�� HQ� QLQJ~Q� PRPHQWR� QHJy� HO� URO�LJXDOLWDULR�GHO�PXQGR�VRFLDO�HQ� OD�FRQVWUXFFLyQ�GHO�FRQRFLPLHQWR��\D�TXH� HV� SRVLEOH� HQFRQWUDU� IUDVHV� GyQGH� HQIDWL]D� TXH� QR� H[LVWHQ�VRFLHGDGHV� FRPSXHVWD� SRU� LQGLYLGXRV� DLVODGRV�� \D� TXH� KD\� VyOR�UHODFLRQHV� \� TXH� OD� FRPELQDFLyQ� GH� pVWDV� QR� SXHGH� VHU� WRPDGDV�FRPR�VXVWDQFLDV�SHUPDQHQWHV�$GHPiV��VHxDOD�TXH�QR�HV�SRVLEOH�UHVXPLU�OD�SULPDFtD�HQWUH�OR�VRFLDO�\�HO� LQWHOHFWR��SRUTXH�HO� LQWHOHFWR�FROHFWLYR�HV�HO�UHVXOWDGR�GHO�HTXLOLEULR� VRFLDO� GH� OD� LQWHUDFFLyQ� GH� ODV� RSHUDFLRQHV� TXH� LQWHJUDQ�WRGD� FRRSHUDFLyQ�� OR� TXH� UHODWLYL]D� OD� SRVLFLyQ� UHGXFFLRQLVWD� GH� VXV�GHIHQVRUHV�SRVWHULRUHV�3RU�HO�ODGR�GH�9LJRWVN\��FRQWUDULR�D�RWUD�VLPSOLILFDFLyQ��LQVLVWLy�HQ�OD�DFWLYD�FRQVWUXFFLyQ�GHO�FRQRFLPLHQWR�DO�VHxDODU�OD�DFWLYLGDG�\�OD�SUiFWLFD�FRPR�ORV�QXHYRV�FRQFHSWRV�TXH�KDQ�SHUPLWLGR�FRQVLGHUDU�OD�IXQFLyQ�GHO�GLVFXUVR�HJRFpQWULFR�GHVGH�XQD�QXHYD�SHUVSHFWLYD��3RU�OR�TXH� VH� SXHGH� LQGXFLU� TXH�� SRU� HO� FDUiFWHU� FRPSOHPHQWDULR� GH� OD�DFWLYLGDG�LQGLYLGXDO�\�HO�DPELHQWH��OD�QDWXUDOH]D�GH�VX�SRVLFLyQ�HV�XQ�FR�FRQVWUXFWLYLVPR� SURGXFWR� GH� XQ� WHUFHU� IDFWRU�� KLVWRULD� \� FXOWXUD��FRPR� PHGLR� TXH� SHUPLWH� OD� LQWHUDFFLyQ� SDUD� HO� GHVDUUROOR�FRJQRVFLWLYR�/D� REUD� PiV� UHSUHVHQWDWLYD GH� %UXQHU� WUDWD� GLUHFWDPHQWH�VREUH�HO��FRQVWUXFWLYLVPR�HQ�HO�VDOyQ�GH�FODVHV��3HUR��DSDUHQWHPHQWH��HO� HQIRTXH� FRQVWUXFWLYLVWD� KD� VLGR� �SRODUL]DGR�� HQWUH� HO�FRQVWUXFWLYLVPR� FRJQLWLYLVWD� ±D� SDUWLU� GH� OD� REUD� SLDJHWDQD� \� HO�FRQVWUXFWLYLVPR�VRFLDO�±WRPDQGR�FRPR�SXQWR�GH�SDUWLGD�D�9LJRWVN\��(VWD�SRVLFLyQ�OD�DQDOL]DUHPRV�PiV�DGHODQWH��(O�FRQVWUXFWLYLVPR�FRJQLWLYLVWD�GH�3LDJHW

-HDQ� 3LDJHW� HV� XQ� SVLFyORJR� VXL]R� TXH� FRPHQ]y� D� HVWXGLDU� HO�GHVDUUROOR�KXPDQR�HQ� ORV�DxRV�YHLQWH�GHO�6LJOR�;;��6X�SURSyVLWR� IXH�

��SRVWXODU�XQD�WHRUtD�GHO�GHVDUUROOR�TXH�KD�VLGR�PX\�GLVFXWLGD�HQWUH�ORV�SVLFyORJRV� \� ORV� HGXFDGRUHV�� EDVDGR� HQ� XQ� HQIRTXH� KROtVWLFR�� TXH�SRVWXOD� TXH� HO� QLxR� FRQVWUX\H� HO� FRQRFLPLHQWR� D� WUDYpV� GH� PXFKR�FDQDOHV�� OD� OHFWXUD�� OD�HVFXFKD�� OD�H[SORUDFLyQ�\��H[SHULPHQWDQGR��VX�PHGLR� DPELHQWH�� 6HJ~Q� 3LDJHW�� HO� GHVDUUROOR� FRJQLWLYR� DWUDYLHVD�GLVWLQWDV�HWDSDV��GHVGH�OD�VHQVRPRWUL]�KDVWD�ODV�RSHUDFLRQHV�IRUPDOHV�GHO� VXMHWR��'XUDQWH�HVDV�HWDSDV�� ORV�PHFDQLVPRV�SDUD�HO�DSUHQGL]DMH�VRQ�� DVLPLODFLyQ� �DGHFXDU� XQD� QXHYD� H[SHULHQFLD� HQ� XQD� HVWUXFWXUD�PHQWDO� H[LVWHQWH��� DFRPRGDFLyQ� �UHYLVDU� XQ� HVTXHPD� SUHH[LVWHQWH� D�FDXVD� GH� XQD� QXHYD� H[SHULHQFLD�� \� HTXLOLEULR� �EXVFDU� HVWDELOLGDG�FRJQRVFLWLYD�D�WUDYpV�GH�OD�DVLPLODFLyQ�\�OD�DFRPRGDFLyQ��'HVGH�HVWD�SHUVSHFWLYD��ORV�SULQFLSDOHV�SULQFLSLRV�SLDJHWDQRV�HQ�HO�DXOD�VHUtDQ��XQ�DPELHQWH�HQ�HO�FXDO�HO�QLxR�SXHGD�H[SHULPHQWDU� OD�LQYHVWLJDFLyQ� HVSRQWiQHDPHQWH� �HO� DXOD� GHEH� SRVLELOLWDU� HVWtPXORV� \�RSRUWXQLGDGHV� TXH� SURYRTXHQ� D� ORV� HVWXGLDQWHV�� (Q� HVWR� FRQWH[WR��WHQGUtDQ� OD� OLEHUWDG�SDUD�FRPSUHQGHU�\�FRQVWUXLU� ORV�VLJQLILFDGRV�D�VX�SURSLR� ULWPR�� D� WUDYpV� GH� ODV� H[SHULHQFLDV� TXH� HOORV� PLVPRV�GHVDUUROODURQ� PHGLDQWH� ORV� SURFHVRV� GH� GHVDUUROOR� LQGLYLGXDO��� XQ�DSUHQGL]DMH�D�PRGR�GH�SURFHVR�DFWLYR��HQ�HO�FXiO�VH�FRPHWHUiQ�HUURUHV�\� ODV� VROXFLRQHV� VHUiQ� HQFRQWUDGDV� �pVWRV� VHUiQ� LPSRUWDQWHV� SDUD� OD�DVLPLODFLyQ�\�OD�DFRPRGDFLyQ�SDUD�ORJUDU�HO�HTXLOLEULR��\�XQ�DSUHQGL]DMH�D� PRGR� GH� SURFHVR� VRFLDO�� TXH� GHEH� VXFHGHU� HQWUH� JUXSRV� FRQ�LQWHUDFFLyQ� FRODERUDWLYD� HQWUH� �SDUHV�� \� HQ� HVFHQDULRV� QDWXUDOHV�� QR�FRQGLFLRQDGRV��(O�FRQVWUXFWLYLVPR�VRFLDO�GH�9LJRWVN\

/HY�9LJRWVN\�HV�XQ�ILOyVRIR�\�SVLFyORJR�UXVR�TXH�WUDEDMy�HQ�ORV�DxRV� WUHLQWD� GHO� VLJOR� SDVDGR� \� HVWi� DVRFLDGR� FRQ� OD� WHRUtD� GHO�FRQVWUXFWLYLVPR� VRFLDO� TXH� HQIDWL]D� OD� LQIOXHQFLD� GH� ORV� FRQWH[WRV�VRFLRFXOWXUDOHV HQ� HO� FRQRFLPLHQWR� \�� OD� YH]�� SURPXHYH�XQ� �PRGHOR�GH� GHVFXEULPLHQWR�� GHO� DSUHQGL]DMH�� (VWH� WLSR� GH� PRGHOR� SRQH� XQ�JUDQ� pQIDVLV� HQ� HO� URO� DFWLYR� GHO� GRFHQWH�� PLHQWUDV� TXH� ODV�KDELOLGDGHV� PHQWDOHV� GH� ORV� HVWXGLDQWHV� VH� GHVDUUROODQ��QDWXUDOPHQWH��D�WUDYpV�GH YDULDV��UXWDV��GH�GHVFXEULPLHQWRV�/RV� WUHV� SULQFLSDOHV� VXSXHVWRV� GH� 9LJRWVN\� VRQ�� FRQVWUXFFLyQ�GH� VLJQLILFDGRV� �URO� FHQWUDO� GH� OD� FRPXQLGDG� FRPR� GLVSRVLWLYR�WLSLILFDGRU� GH� OD� ³YLVLyQ� GHO� PXQGR´� GHO� HVWXGLDQWH��� � LQVWUXPHQWRV�SDUD� HO� GHVDUUROOR� FRJQRVFLWLYR� �FRQGLFLRQDQWHV� GHO� SDWUyQ� \� OD� WDVD�GH�GHVDUUROOR�HGXFDWLYR��\�]RQD�GH�GHVDUUROOR�SUy[LPR��GH�DFXHUGR�D�OD� WHRUtD� GHO� GHVDUUROOR� GH�9LJRVWN\�� ODV� FDSDFLGDGHV�GH� VROXFLyQ�GH�SUREOHPDV� SXHGHQ� VHU� GH� WUHV� WLSRV�� � DTXHOODV� UHDOL]DGDV�LQGHSHQGLHQWHPHQWH� SRU HO� HVWXGLDQWH�� DTXHOODV� TXH� QR� SXHGH�

��UHDOL]DU�D~Q�FRQ�D\XGD�GH�RWURV�\�DTXHOODV�TXH�FDHQ�HQWUH�HVWRV�GRV�H[WUHPRV��ODV�TXH�SXHGH�UHDOL]DU�FRQ�OD�D\XGD�GH�RWURV��(Q� UHIHUHQFLD� DO� DXOD�� ORV� SULQFLSLRV� YLJRWVNLDQRV� SRGUtDQ�GLVWLQJXLUVH�GH�OD�VLJXLHQWH�IRUPD��D��HO�GHVDUUROOR�GHO�DSUHQGL]DMH�HV�XQD� DFWLYLGDG� VRFLDO� \� FRODERUDWLYD� TXH� QR� SXHGH� VHU� �HQVHxDGD�� D�QDGLH��'HSHQGH�GHO�HVWXGLDQWH�FRQVWUXLU�VX�SURSLD�FRPSUHQVLyQ�HQ�VX�SURSLD�PHQWH�� E�� OD� ]RQD�GH�GHVDUUROOR�SUy[LPR�SXHGH� VHU�XWLOL]DGD�SDUD�GLVHxDU�VLWXDFLRQHV�DSURSLDGDV�GXUDQWH�ODV�FXDOHV�HO�HVWXGLDQWH�SRGUi�VHU�SURYLVWR�GHO�DSR\R�DSURSLDGR�SDUD�HO�DSUHQGL]DMH�ySWLPR��\�F�� FXDQGR� HO� HVWXGLDQWH�� SURYLVWR� SRU� ODV� VLWXDFLRQHV� DSURSLDGDV��WRPD�HQ�FRQVLGHUDFLyQ�DO�DSUHQGL]DMH�HQ�FRQWH[WRV�VLJQLILFDWLYRV�/D�SULPDFtD�GH�OD�PHGLDFLyQ�FXOWXUDO

/D� SULQFLSDO� \� PiV� LPSRUWDQWH� GLIHUHQFLD� HQWUH� 3LDJHW� \�9LJRWVN\�VH�XELFD�HQ�HO�SURWDJRQLVPR�GH�OD�PHGLDFLyQ�FXOWXUDO�HQ�HO�SURFHVR�GH�DSUHQGL]DMH��(O�DPELHQWH�KXPDQR�WLHQH�OD�FDOLGDG�HVSHFLDO�GH� FRQWHQHU� ORV� ORJURV� GH�ODV� JHQHUDFLRQHV� SUHFHGHQWHV� HQ� IRUPDV�UHLILFDGDV�\��SRU�H[WHQVLyQ��PDWHULDOL]DGDV��(O� OHQJXDMH� IXH� OD� SULQFLSDO� SUHRFXSDFLyQ� GH� 9LJRWVN\� FRPR�LQVWUXPHQWR�GH�PHGLDFLyQ�FXOWXUDO��SRU�HQFLPD�GH� WRGDV� ODV�GHPiV��\D� TXH� pO� WHQtD� HQ� FXHQWD� D� ORV� VLJQRV� FRPR� LQVWUXPHQWRV�SVLFROyJLFRV� �FRPR� SRU� HMHPSOR�� VLVWHPDV� GH� VtPERORV� DOJHEUDLFRV��REUDV� GH� DUWH�� HVFULWXUD�� GLDJUDPDV��PDSDV� \� RWURV� WLSRV� GH� VLJQRV�FRQYHQFLRQDOHV���'HVGH�HVWH�SXQWR�GH�YLVWD��HO�GHVDUUROOR�GH�OD�PHQWH�HV� HO� HQWUHWHMLGR� GHO� GHVDUUROOR� ELROyJLFR \� OD� DSURSLDFLyQ� GH� OD�KHUHQFLD� FXOWXUDO�� LGHDO� \� PDWHULDO� H[LVWHQWH�� 3RU� OD� WDQWR�� OD� WHRUtD�YLJRVWNLDQD� HVWDEOHFLy� FRPR� FXHVWLyQ� FDSLWDO� SDUD� HO� DSUHQGL]DMH� OD�UHODFLyQ�LQGLYLGXR�VRFLHGDG��KDFLHQGR�KLQFDSLp�HQ�OD�SUHHPLQHQFLD�GH�OD� PHGLDFLyQ� FXOWXUDO�� TXH� QR� HV� HO� FDVR� SLDJHWDQR�� FRPR� IXH�HVSHFLILFDGR�DQWHULRUPHQWH�(O�DSRUWH�GH�%UXQHU

8Q�WHPD�FODYH�HQ�HO�SODQWHR�GH�%UXQHU�HV�TXH�HO�DSUHQGL]DMH�HV� XQ� SURFHVR� DFWLYR� HQ� HO� TXH� ORV� HGXFDQGRV� FRQVWUX\HQ� QXHYDV�LGHDV�R�FRQFHSWRV�EDVDGRV�HQ�HO�FRQRFLPLHQWR�SDVDGR�\�SUHVHQWH��D�WUDYpV�GH�OD�VHOHFFLyQ�\�WUDQVIRUPDFLyQ�GH�LQIRUPDFLyQ��FRQVWUXFFLyQ�GH� KLSyWHVLV� \� WRPD� GH� GHFLVLRQHV�� EDViQGRVH� HQ� XQD� HVWUXFWXUD�FRJQRVFLWLYD�\�PRGHORV�PHQWDOHV�

��&RPR�OD�H[SHULHQFLD�GH�%UXQHU�VH�IRFDOL]D�HQ�HO�DSUHQGL]DMH�GH�DXOD�� HO GRFHQWH� GHEH� HVWLPXODU� D� ORV� HVWXGLDQWHV� HQ� GHVFXEULU�SULQFLSLRV� SRU� Vt� PLVPRV�� (O� GRFHQWH� \� ORV� HGXFDQGRV� GHEHQ��FRPSURPHWHUVH�� HQ� XQ� GLiORJR� DFWLYR� ±FRPR� OD� HQVHxDQ]D�VRFUiWLFD± \� OD� WDUHD� GRFHQWH� HV� �WUDGXFLU�� OD� LQIRUPDFLyQ� SDUD� TXH�VHD� DSUHQGLGD� HQ� XQ� IRUPDWR� DSURSLDGR� VHJ~Q� ORV� VDEHUHV� SUHYLLRV�GHO� HGXFDQGR�� (Q� FRQVHFXHQFLD�� HO� FXUUtFXOXP� GHEH� RUJDQL]DUVH� GH�XQD� PDQHUD� �HVSLUDO��� TXH� SHUPLWD� FRQWLQXDPHQWH� DO� HVWXGLDQWH�FRQVWUXLU�DSUHQGL]DMH�/D�WHRUtD�GHO�DSUHQGL]DMH�GH�%UXQHU�GDWD�GHO�DxR�������LPSOLFD�FXDWUR�DVSHFWRV�SULQFLSDOHV��D��OD�SUHGLVSRVLFLyQ�DO�DSUHQGL]DMH��E��OD�HVWUXFWXUDFLyQ� GHO� FXHUSR� GH� FRQRFLPLHQWRV� SDUD� VHU� UiSLGDPHQWH��DSUHKHQGLGD��SRU�HO�HGXFDQGR��F��ODV�VHFXHQFLDV�PiV�HIHFWLYDV�SDUD�SUHVHQWDU�HO�PDWHULDO��\�G��OD�QDWXUDOH]D�\�ULWPR�GH�ODV�HYDOXDFLRQHV��5HVSHFWR� D� ORV� SULQFLSLRV� DSOLFDEOHV� HQ� HO� DXOD�� %UXQHU�SURSRQH�� D�� HO� DSUHQGL]DMH� GHEH� DEDUFDU� H[SHULHQFLDV� \� FRQWH[WRV�TXH�KDFHQ�GHVHDU�D�ORV�HVWXGLDQWHV�DSUHQGHU��E��HO�DSUHQGL]DMH�GHEH�VHU�HVWUXFWXUDGD�GH�IRUPD�WDO�TXH�SXHGH�VHU IiFLOPHQWH�DSUHKHQGLGD�SRU� HO� HGXFDQGR� �RUJDQL]DFLyQ� HQ� HVSLUDO��� \� F�� GLVHxR� GHO�DSUHQGL]DMH� SDUD� IDFLOLWDU� OD� H[WUDSRODFLyQ� \� SRGHU� DFFHGHU� D� RWUR�FRQRFLPLHQWR��(Q�HVWD�GLUHFFLyQ��%UXQHU�HV�XQ�H[FHOHQWH�PDUFR�SDUD�HYDOXDU�HO� QLYHO� GH� PLFUR�SODQLILFDFLyQ� HGXFDWLYD�� D� QLYHO� GHO� DXOD� \� GH� ODV�FODVHV��3RU�HOOR��VH�FRQVLGHUD�TXH�HO�FRQVWUXFWLYLVPR�GHEH�WRPDUOR�HQ�FXHQWD� D� %UXQHU� SDUD� QR� FDHU� HQ� OD� WUDPSD� GH� ORV� H[WUHPRV��LQGLYLGXDOLVPR� GHO� SURFHVR� PHQWDO� \� FROHFWLYL]DFLyQ� GHO� DPELHQWH�HGXFDWLYR�� (O� DXOD� FUHD VX� SURSLD� DXWRQRPtD� TXH� UHVXPH� WRGD� OD�GLQiPLFD�HGXFDFLRQDO��8QD�DXWRQRPtD�TXH�VH�UHQXHYD�FDGD�YH]�FRQ�ORV� LQVXPRV�GHO� KRJDU�� OD� FDOOH� \� ORV� RWURV� DPELHQWHV�GH� OD� YLGD�GH�FDGD�HGXFDQGR�\�GHO�SURIHVRU�

(O�FRQVWUXFWLYLVPR�GH�$XVXEHO'HVDUUROODGR� SRU� $XVXEHO�� HO� FRQVWUXFWLYLVPR� WLHQH� FRPR�REMHWR� ODV� UHODFLRQHV� VXVWDQFLDOHV�TXH� VH�HVWDEOHFHQ�HQWUH� ODV� LGHDV�TXH�H[SUHVDQ�ORV�QXHYRV�PDWHULDOHV�FRQ�OR�TXH�HO�DOXPQR�\D�VDEH��GH�PRGR� TXH� HO� DSUHQGL]DMH� UHVXOWH� VLJQLILFDWLYR� SDUD� pVWH�� (O� REMHWLYR�GHO�SURFHVR�FRQVLVWH�HQ�TXH�HO�DOXPQR�FRQVWUX\D�VXV�FRQRFLPLHQWRV�VLJQLILFDWLYDPHQWH�� HV� GHFLU�� D� SDUWLU� GHO� EDJDMH� FRJQLWLYR� TXH� \D�SRVHH��'H�HVWH�PRGR�HO�DOXPQR�SURWDJRQL]D�HO�SURFHVR�HGXFDWLYR�\�HO�SURIHVRU�UHVXOWD�XQ�SURPRWRU�GH�VX�GHVDUUROOR�5HVXOWD� GH� JUDQ� LPSRUWDQFLD� OD� FRPSUHQVLyQ� GH� ORV� SURFHVRV�GH� DSUHQGL]DMH� FRPR� LQVWDQFLDV�PHGLDWL]DGRUDV�� HQ� IXQFLyQ� GH� XQD�

��UHRUJDQL]DFLyQ� GH� OD� H[SHULHQFLD� LQGLYLGXDO� GH� IRUPD� VLVWHPiWLFD� \�VLJQLILFDWLYD�� LQYHVWLJiQGRVH� � FXDOLWDWLYDPHQWH� HO� GHVDUUROOR� GH� ODV�HVWUXFWXUDV� FRJQLWLYDV�� &REUDQ� WDPELpQ� UHOHYDQFLD� ORV� UROHV� TXH�GHVHPSHxDQ� DOXPQRV� \� SURIHVRUHV� HQ� HO� SURFHVR� HQVHxDQ]D�DSUHQGL]DMH�$� OD� YH]�� $XVXEHO� SODQWHD� TXH� HO� DSUHQGL]DMH� GHSHQGH� GH� OD�HVWUXFWXUD� FRJQLWLYD� SUHYLD� TXH� VH� UHODFLRQD� FRQ� OD� QXHYD�LQIRUPDFLyQ��'HEH�HQWHQGHUVH�SRU��HVWUXFWXUD�FRJQLWLYD���DO�FRQMXQWR�GH� FRQFHSWRV�� LGHDV� TXH� XQ� LQGLYLGXR� SRVHH� HQ� XQ GHWHUPLQDGR�FDPSR�GHO�FRQRFLPLHQWR��DVt�FRPR�VX�RUJDQL]DFLyQ�(Q� HO� SURFHVR� GH� RULHQWDFLyQ� GHO� DSUHQGL]DMH�� HV� GH� YLWDO�LPSRUWDQFLD� FRQRFHU� OD� HVWUXFWXUD� FRJQLWLYD� GHO� DOXPQR��1R� VyOR� VH�WUDWD�GH�VDEHU�OD�FDQWLGDG�GH�LQIRUPDFLyQ�TXH�SRVHH��VLQR�FXDOHV�VRQ�ORV� FRQFHSWRV� \� SURSRVLFLRQHV� TXH� PDQHMD�� DVt� FRPR� VX� JUDGR� GH�HVWDELOLGDG��(Q�HO�HStJUDIH�GH�VX�REUD��$XVXEHO�UHVXPH�HVWH�KHFKR�GH�OD� VLJXLHQWH� PDQHUD�� �VL� WXYLHVH� TXH� UHGXFLU� WRGD� OD� SVLFRORJtD�HGXFDWLYD� D� XQ� VROR� SULQFLSLR�� HQXQFLDUtD� HVWH�� HO� IDFWRU� PiV�LPSRUWDQWH� TXH� LQIOX\H� HQ� HO� DSUHQGL]DMH� HV� OR� TXH� HO� DOXPQR� \D�VDEH��$YHUtJ�HVH�HVWR�\�HQVpxHVH�FRQVHFXHQWHPHQWH��$SUHQGL]DMH�VLJQLILFDWLYR�\�DSUHQGL]DMH�PHF iQLFR

8Q� DSUHQGL]DMH� HV� VLJQLILFDWLYR� FXDQGR� ORV� FRQWHQLGRV� VRQ�UHODFLRQDGRV�GH�PRGR�QR�DUELWUDULR�\�VXVWDQFLDO��QR�DO�SLH�GH�OD�OHWUD��FRQ�OR�TXH�HO�DOXPQR�\D�VDEH��3RU�UHODFLyQ�VXVWDQFLDO�\�QR�DUELWUDULD�VH�HQWLHQGH�TXH�ODV� LGHDV�VH�UHODFLRQDQ�FRQ�DOJ~Q DVSHFWR�H[LVWHQWH�HVSHFtILFDPHQWH� UHOHYDQWH�GH� OD�HVWUXFWXUD�FRJQRVFLWLYD�GHO�DOXPQR��FRPR� XQD� LPDJHQ�� XQ� VtPEROR� \D� VLJQLILFDWLYR�� XQ� FRQFHSWR� R� XQD�SURSRVLFLyQ�(VWR�TXLHUH�GHFLU�TXH�HQ�HO�SURFHVR�HGXFDWLYR��HV� LPSRUWDQWH�FRQVLGHUDU�OR�TXH�HO�LQGLYLGXR�\D�VDEH�GH�WDO�PDQHUD�TXH�HVWDEOH]FD�XQD�UHODFLyQ�FRQ�DTXHOOR�TXH�GHEH�DSUHQGHU��(VWH�SURFHVR�WLHQH�OXJDU�VL� HO� HGXFDQGR� WLHQH� HQ� VX� HVWUXFWXUD� FRJQLWLYD� FRQFHSWRV�� LGHDV��SURSRVLFLRQHV�HVWDEOHV�\�GHILQLGDV�FRQ� ODV�TXH� OD�QXHYD� LQIRUPDFLyQ�SXHGH�LQWHUDFWXDU�(O� DSUHQGL]DMH� VLJQLILFDWLYR� RFXUUH� FXDQGR� XQD� QXHYD�LQIRUPDFLyQ��VH�FRQHFWD��FRQ�XQ�FRQFHSWR�UHOHYDQWH�SUHH[LVWHQWH�HQ�OD�HVWUXFWXUD�FRJQLWLYD��(VWR�LPSOLFD�TXH�ODV�QXHYDV�LGHDV��FRQFHSWRV�\� SURSRVLFLRQHV� SXHGHQ� VHU� DSUHQGLGDV� VLJQLILFDWLYDPHQWH� HQ� OD�PHGLGD� HQ� TXH� RWUDV� LGHDV�� FRQFHSWRV� R� SURSRVLFLRQHV� UHOHYDQWHV�HVWpQ�DGHFXDGDPHQWH�FODUDV�\�GLVSRQLEOHV�HQ�OD�HVWUXFWXUD�FRJQLWLYD�

��GHO� LQGLYLGXR� \� TXH� IXQFLRQHQ� FRPR� XQ� SXQWR� GH� �DQFODMH�� D� ODV�SULPHUDV�/D� FDUDFWHUtVWLFD�PiV� LPSRUWDQWH� GHO� DSUHQGL]DMH� VLJQLILFDWLYR�HV� TXH�� SURGXFH� XQD� LQWHUDFFLyQ� HQWUH� ORV� FRQRFLPLHQWRV� PiV�UHOHYDQWHV�GH� OD�HVWUXFWXUD�FRJQLWLYD�\�ODV�QXHYDV�LQIRUPDFLRQHV��GH�WDO� PRGR� TXH� pVWDV� DGTXLHUHQ� VLJQLILFDGR� \� VH� LQWHJUHQ� D� OD�HVWUXFWXUD� FRJQLWLYD� GH� PDQHUD� QR� DUELWUDULD� \� VXEVWDQFLDO�IDYRUHFLHQGR� OD� GLIHUHQFLDFLyQ�� HYROXFLyQ� \� HVWDELOLGDG� GH� ORV�FRQFHSWRV�UHOHYDQWHV�SUHH[LVWHQWHV�\��FRQVHFXHQWHPHQWH��GH�WRGD�OD�HVWUXFWXUD�FRJQLWLYD�&RQWUDULDPHQWH�� HO� DSUHQGL]DMH�PHFiQLFR� VH� SURGXFH� FXDQGR�QR� H[LVWHQ� FRQFHSWRV� UHOHYDQWHV�� GH� WDO� IRUPD� TXH� OD� QXHYD�LQIRUPDFLyQ�HV�DOPDFHQDGD�DUELWUDULDPHQWH�\�VLQ� LQWHUDFWXDU�FRQ�ORV�FRQRFLPLHQWRV� SUHH[LVWHQWHV�� 8Q� HMHPSOR� GH� HOOR� VHUtD� HO� VLPSOH�DSUHQGL]DMH� GH� IyUPXODV� HQ� ItVLFD�� (VWD� QXHYD� LQIRUPDFLyQ� HV�LQFRUSRUDGD�D�OD�HVWUXFWXUD�FRJQLWLYD�GH�PDQHUD�OLWHUDO�\�DUELWUDULD�(O� DSUHQGL]DMH� PHFiQLFR� QR� VH� GD� HQ� XQ� �YDFtR� FRJQLWLYR���SXHVWR� TXH� GHEH� H[LVWLU� DOJ~Q� WLSR� GH� DVRFLDFLyQ�� SHUR� QR� HQ� HO�VHQWLGR� GH� XQD� LQWHUDFFLyQ� FRPR� HQ� HO� DSUHQGL]DMH� VLJQLILFDWLYR�� (O�DSUHQGL]DMH� PHFiQLFR� SXHGH� VHU� QHFHVDULR� HQ� DOJXQRV� FDVRV�� SRU�HMHPSOR��HQ�OD�IDVH�LQLFLDO�GH�XQ�QXHYR�FXHUSR�GH�FRQRFLPLHQWRV��(Q�WRGR� FDVR� HO� DSUHQGL]DMH� VLJQLILFDWLYR� GHEH� VHU� SULYLOHJLDGR�� SXHV��IDFLOLWD�OD�DGTXLVLFLyQ�GH�VLJQLILFDGRV�\�OD�UHWHQFLyQ�\�WUDQVIHUHQFLD�GH�OR�DSUHQGLGR�)LQDOPHQWH� $XVXEHO� QR� HVWDEOHFH� XQD� GLVWLQFLyQ� HQWUH�DSUHQGL]DMH�VLJQLILFDWLYR�\�PHFiQLFR�FRPR�XQD�GLFRWRPtD��VLQR�FRPR�XQ� �FRQWLQXR��� (V�PiV�� DPERV� WLSRV� GH� DSUHQGL]DMH� SXHGHQ� RFXUULU�FRQFRPLWDQWHPHQWH�� 3RU� HMHPSOR�� OD� VLPSOH� PHPRUL]DFLyQ� GH�FRQFHSWRV� VRFLROyJLFRV�VH� XELFDUtD� HQ� XQR� GH� ORV� H[WUHPRV� GH� HVH�FRQWLQXR��DSUHQGL]DMH�PHFiQLFR��\�HO�DSUHQGL]DMH�GH�UHODFLRQHV�HQWUH�FRQFHSWRV� SRGUtD� XELFDUVH� HQ� HO� RWUR� H[WUHPR� �DSUHQGL]DMH�VLJQLILFDWLYR���

��

���&ULWHULRV�GH�DQiOLVLV�3RUTXp�HQVHxDPRV

,QGXGDEOHPHQWH��QXHVWUR�DSUHQGL]DMH�FRPR�DOXPQRV��GHVGH�HO�FLFOR� SULPDULR� DO� XQLYHUVLWDULR�� HVWi� DWUDYHVDGR� SRU� HO� SDUDGLJPD�SRVLWLYLVWD��'HVGH�DTXHOOD� LPDJHQ� WXWHODU� GHO�PDHVWUR��HMHUFLHQGR� OD�DXWRULGDG� PRUDO�� � SDVDPRV� OXHJR� D� OD� SRVWXUD� PHPRULVWD� GH� ORV�SURIHVRUHV� GH� QLYHO� VHFXQGDULR� \� OOHJDPRV� DO� HVFHQDULR� GH� OD�XQLYHUVLGDG�� GRQGH� DEVRUELPRV� HO� HQFLFORSHGLVPR� GH� OD�PD\RUtD� GH�ORV� H[SRVLWRUHV�� FRQ� DOJXQDV� H[SHULHQFLDV� LQWHUSUHWDWLYDV� \�� HQ�FRQWDGDV� RFDVLRQHV�� OD� DSDULFLyQ� GH� XQ� VHQWLGR� FUtWLFR� GH� OD�HQVHxDQ]D�(Q�HVH�PDUFR�REWXYLPRV�HO�WtWXOR�GH�VRFLyORJRV�\�FRPHQ]DPRV�OD�SUiFWLFD�GRFHQWH��FRQ�OD�YROXQWDG�GH�FRWHMDU�QXHVWUR�FRQRFLPLHQWR�FRQ�ORV�VDEHUHV�SUHYLRV�GH�ORV�DOXPQRV�\�JHVWDU��GHVGH�HVH�SXQWR�GH�FRQIOXHQFLD�� RWUD� DOWHUQDWLYD� FRJQLWLYD�� 'HVGH� XQD� FRQFHSFLyQ�IRXFDXOWLDQD�� SRGUtDPRV� GHFLU� TXH� SUR\HFWDPRV� OD� QHFHVLGDG� GH�FRQVWUXLU�HQ�FDGD�SUiFWLFD�SHTXHxDV�³HSLVWHPHV´�GHO�VDEHU��GyQGH�ORV�FRQRFLPLHQWRV�SUHYLRV�VH�DPDOJDPHQ�FRQ�ORV�QXHYRV�FRQRFLPLHQWRV�\�GH�HVD�PHWDPRUIRVLV�VXUMD�XQ�SOLHJXH�GHVFRQRFLGR��TXH�QRV�IDFLOLWH�OD�SRVLELOLGDG� R� OD� SUREDELOLGDG� GH� GHVFXEULU� XQ� QXHYR� HVSDFLR� GyQGH�WRGRV�QRV�D\XGDPRV�D�HMHUFLWDU�HO�XVR�GH�OD�PHPRULD��HO�UHFXUVR�GH�OD� KLVWRULD�� HO� OD]R� VRFLDO�� OD� SURGXFFLyQ� FXOWXUDO� \� ORV� SRGHUHV�VLPEyOLFRV�6RPRV� VRFLyORJRV� SRUTXH� FUHHPRV� HQ� OD� UHODFLyQ� GLDOpFWLFD�HQWUH� VXMHWR� \� FRQWH[WR�� <� GHVGH� HVWH� OXJDU� HMHUFHPRV� OD� SUiFWLFD�GRFHQWH�� WUDWDQGR�GH�D\XGDU�DO� HVWXGLDQWH�D�FRQVWUXLU� VX�HVWUXFWXUD�LQWHOHFWXDO��TXH�QR�GHSHQGH�GH�OD�OHFWXUD�GH�XQ�WH[WR�R�OD�UHFHSFLyQ�GH�XQ�FRQFHSWR��VLQR�GH�OD�VXPD GH�DFWLWXGHV�TXH�HO�GRFHQWH�H[SRQH�HQ� OD� FODVH�� FRQRFLPLHQWR�� LQIRUPDFLyQ�� SHUVRQDOLGDG�� VHGXFFLyQ��VROLGDULGDG��FRRSHUDFLyQ��FRPSUHQVLyQ�\�VHQWLGR�FRP~Q�'HVGH�QXHVWUD�SHUVSHFWLYD�VRFLROyJLFD��FUHHPRV�TXH�GHVGH�ORV�SDUDGLJPDV� LQWHUSUHWDWLYR� \� FUtWLFR� VH� DVLHQWDQ� ORV� SLODUHV� TXH�VRVWLHQHQ� OD� YROXQWDG� GH� HQVHxDU�DSUHQGLHQGR� \� GH� DSUHQGHU�HQVHxDQGR��,QWHSUHWDWLYR��SRUTXH�EXVFDPRV�HVWDEOHFHU�\�IRPHQWDU�OD�UHODFLyQ� VRFLDO� TXH� VH�GD�HQWUH�HQVHxDU�\�DSUHQGHU��&UtWLFR��SRUTXH�SUHWHQGHPRV�SODQWHDU�XQ�DQiOLVLV� UHIOH[LYR� VREUH� OD� FRPSOHMLGDG�GHO�PXQGR�\�QR�WUDQVIRUPDU�DO�PXQGR�HQ�DOJR�FRPSOHMR�,QVLVWLPRV� HQ� OD� UHIOH[LYLGDG�SRUTXH�HO� VRFLyORJR�GHEHUtD� VHU��FRPR�GRFHQWH� XQ�DFWRU� VRFLDO�� UHIOH[LYR��6X� VDELGXUtD�HV� OLPLWDGD�\�

��HV� SXHVWD� HQ� SUiFWLFD� D� WUDYpV� GH� ODV� DFFLRQHV� VRFLDOHV�� 3HUR� HVWD�SUiFWLFD�VRFLDO��TXH�HV�FRQVWDQWH��VyOR�VH�GHVDUUROOD�SRU�PHGLR�GH�OD�UHIOH[LYLGDG�D�WUDYpV�GHO�HVSDFLR�\�GHO�WLHPSR��$O�GHFLU�GH�*LGGHQV��QR�HV� OD� DXWRFRQFLHQFLD� GHO� VXMHWR�� VLQR� HO� PRQLWRUHR� FRQVWDQWH� GH� OD�YLGD� VRFLDO� OD� TXH SRQH� HQ� SUiFWLFD� GLFKD� UHIOH[LYLGDG�� 'HVGH� OD�VRFLRORJtD�� HO� GRFHQWH�GHEH�DFWXDU� FRPR�XQ�DJHQWH� FRQ�SURSyVLWRV��TXH� SRVHH� UD]RQHV� SDUD� HQVHxDU� \� WDPELpQ� SDUD� HODERUDU�GLVFXUVLYDPHQWH� GLFKDV� UD]RQHV�� 6X� DFFLyQ� RFXUUH� FRPR� XQ� IOXMR�FRQWLQXR� GH� DFWLWXG� \� GH�FRQRFLPLHQWR�� (VWD� UHIOH[LYLGDG�� OOHYDGD� D�FDER� SRU� HO� GRFHQWH�� HVSHUD� TXH�DO�PLVPR� WLHPSR� OD� OOHYH�RWUR�� HQ�HVWH� FDVR� ORV� HVWXGLDQWHV�� (OOD� GHSHQGH� GH� XQ� SURFHVR� GH�UDFLRQDOL]DFLyQ� \� GHO� VHQWLGR� GH� WLHPSR�HVSDFLR� FRQVWLWXWLYR� GH� ODV�SUiFWLFDV�VRFLDOHV��<�OD�UDFLRQDOL]DFLyQ�GH�OD�DFFLyQ��HQWUH�ODV�GLYHUVDV�FLUFXQVWDQFLDV� GH� QXHVWUD� LQWHUDFFLyQ� FRQ� ORV� DOXPQRV�� VHUi� OD� EDVH�SULQFLSDO�VREUH�OD�FXDO�HYDOXDUHPRV�HO�DSUHQGL]DMH��

(VWDPRV�FRQYHQFLGRV�TXH�HO� HVWLOR�GH�XQ�GRFHQWH� VH�JHQHUD��VH�FRQVROLGD�\�VH�UHIRUPXOD�HQ�OD�SUiFWLFD��GHVGH�OD�SUiFWLFD�\�FRQ�OD�UHIOH[LyQ�� <�� PRWLYDGRV� SRU� OD� DFFLyQ�� SRGUHPRV� DOFDQ]DU� OD�UHVROXFLyQ� FUtWLFD� GH� ORV� SUREOHPDV� TXH� QRV� VXFHGHQ� \�� DO� PLVPR�WLHPSR��FDSDFLWDU�\�FDSDFLWDUQRV�&yPR�HQVHxDPRV

1R� GHEHPRV� REYLDU� OD� UHDOLGDG� LQVWLWXFLRQDO� GH� QXHVWUD�HGXFDFLyQ�SDUD�FRPSUHQGHU�GyQGH�HVWDPRV�XELFDGRV�FRPR�GRFHQWHV�XQLYHUVLWDULRV��([SHULPHQWDU�OD�HQVHxDQ]D�HQ�OD�)DFXOWDG�GH�&LHQFLDV�6RFLDOHV� GH� OD� 8%$� �%LVVR FRPR� -73� GH� OD� FiWHGUD� GH� 6RFLRORJtD�3ROtWLFD�\�&DSDQHJUD�FRPR�-73�GH�OD�FiWHGUD�GH�3VLFRORJtD�6RFLDO��KD�VLGR�XQ�SURFHVR�DUGXR�\�FRPSOHMR��0iV�DOOi�GH�ORV�GHVHRV�GH�HQVHxDU�\��GH�DSUHQGHU�D�WUDYpV�GH�OD�HQVHxDQ]D��VDEHPRV�TXH�HQIUHQWDPRV�XQ�HVFHQDULR�VRFLRFXOWXUDO�LQWULQFDGR��OD�UHDOLGDG�TXH�QRV�FLUFXQGD��\�XQ�XQLYHUVR�KXPDQR�DQyQLPR��ORV�HVWXGLDQWHV���/D�LQVWLWXFLyQ�RIUHFH��LQLFLDU� \� WHUPLQDU� XQD� FDUUHUD� XQLYHUVLWDULD�� HV� GHFLU� SODQWHD� XQD�FRQWUDGLFFLyQ� VXVWDQFLDO�� GRQGH� OD� FXHVWLyQ� EXURFUiWLFD�XQLYHUVLWDULD��DSUREDU� XQD� GHWHUPLQDGD� FDQWLGDG� GH� PDWHULDV� SDUD� REWHQHU� XQ�WtWXOR�� GHEH� FRWHMDU� FRQ� OD� FXHVWLyQ� SHGDJyJLFD�GLGiFWLFD� �DGTXLULU�FRQRFLPLHQWRV�SDUD� IRUWDOHFHU� OD�HVWUXFWXUD� LQWHOHFWXDO�\�DVXPLU�XQD�PLUDGD� FUtWLFD� VREUH� ODV� VRFLHGDG� GHVGH� ODV� FLHQFLDV� VRFLDOHV���(QWRQFHV� HO� GRFHQWH�� HQ� XQ� DXOD� FRQ� HVFDVD� YHQWLODFLyQ�� FRQ�SHUPDQHQWHV� \� PROHVWRV� UXLGRV� H[WHUQRV� \� FRQ� ODV� FRQRFLGDV�LQFRPRGLGDGHV� GHO� HVSDFLR�� HVWi� FRQGLFLRQDGR� D� HQIUHQWDU� HVWD�FRQWUDGLFFLyQ� LPSXHVWD� DFRPSDxDGR� GH� XQ� SL]DUUyQ�� XQ� ERUUDGRU� \�XQD�WL]D��'H�pO��QRVRWURV��GHSHQGHUi�TXH�HO�DOXPQR�VyOR�GHVWLQH�VX�WLHPSR� D� DGTXLULU� ORV�PtQLPRV� FRQFHSWRV� SDUD� DSUREDU� XQD�PDWHULD�PiV�R�VH�LQYROXFUH�HQ�XQD�FUX]DGD�GH�VDEHUHV�SDUD�UHIOH[LRQDU�GHVGH�

��HVD� PDWHULD� VREUH� VX� OXJDU� HQ� HO� PXQGR� \� VREUH� HO� DSRUWH� TXH� HO�DSUHQGL]DMH�OH�SXHGD�EULQGDU�FRPR�IDFWRU�GH�FUHFLPLHQWR�LQWHOHFWXDO�

3HUR� QR� HQVHxDPRV� HQ� HO� &ROOHJH� GH� )UDQFH�� GyQGH� ORV�DOXPQRV�QR�QHFHVLWDQ�³FRUUHU´�XQ�PDUDWyQ�GH��PDWHULDV�DSUREDGDV�\�VRQ� RULHQWDGRV� GHVGH� OD� HQVHxDQ]D�D� IRUPDUVH�JUDGXDOPHQWH� FRPR�SURIHVLRQDOHV��3RU�HVR�QR�QRV�TXHGD�RWUD�DOWHUQDWLYD�TXH�DGHFXDUQRVD� ODV� FLUFXQVWDQFLDV� \� UHVLVWLU�� QR� SDUD� GHMDUQRV� GREOHJDU� SRU� OD�SHVDGH]� GH� OR� LQVWLWXLGR�� VLQR� SDUD� FRPEDWLU� QXHVWUR� SURSLR�DQRQLPDWR� GHVGH� OD� OHYHGDG� GH� OD� SDODEUD�� 3RUTXH� VDEHPRV� GHO�DSODVWDPLHQWR�GH� OD� VXEMHWLYLGDG�TXH� VXIUHQ� ORV�DOXPQRV�GHQWUR�GHO�FODXVWUR� XQLYHUVLWDULR� \� SRUTXH� VyOR� GH� QRVRWURV� GHSHQGH� TXH� HOORV�DFHSWHQ� HO� GHVDItR� GH� UHIOH[LRQDU� \� DGPLWLU� TXH� HO� GLFWDGR� GH� XQD�PDWHULD�SXHGD�SURGXFLU�XQ�JR]QH�HQWUH�HO�VDEHU�DGTXLULGR�KDVWD�HVH�PRPHQWR�\�DTXpO�TXH�VH�LQFRUSRUDUi�GHVGH�QXHVWUD�DFWXDFLyQ�FRPR�GRFHQWHV��0RGHOR�\�HVWUDWHJLDV�GH�HQVHxDQ]D

$QWH� OD� VLWXDFLyQ�SODQWHDGD�� DQDOL]DUHPRV�QXHVWUR�PRGHOR�GH�HQVHxDQ]D�� GH� DFXHUGR� D� OD� H[SHULHQFLD� UHFRJLGD� KDVWD� KR\� HQ� OD�SUiFWLFD� GRFHQWH�� (V� QHFHVDULR� GHVWDFDU� TXH�� PiV� DOOi� GHO� UHODWR�VLQWHWL]DGR�GH�FDGD�XQR�GH�QRVRWURV�SDUD�GHVFULELU�\�DVRFLDU�HO�VDEHU�GRFHQWH� FRQ� ODV� WHRUtDV� GH� OD� HQVHxDQ]D�� QXHVWUD� IRUPDFLyQ� VH� KD�EDVDGR�� HQ� SULPHU� OXJDU�� GH� DTXHOORV� ³VXSXHVWRV� EiVLFRV�VXE\DFHQWHV´� TXH� PHQFLRQD� 6DQMXUMR�� FRQ� ORV� FXDOHV� KHPRV�FRPHQ]DGR�D�H[SHULPHQWDU�HQ�OD�GRFHQFLD�\��HQ�VHJXQGR�OXJDU��GH�OD�FRQVWUXFFLyQ� GH� GLIHUHQWHV� SUiFWLFDV� LQFRUSRUDGDV� JUDGXDOPHQWH� \�TXH�DKRUD�QRV�VLUYHQ�SDUD�D\XGDUQRV�D�IXQGDPHQWDU�HO�GHVDUUROOR�GH�DOJXQRV�FULWHULRV�UHODFLRQDGRV�FRQ�QXHVWUDV�IRUPDV�GH�HQVHxDQ]D��������<D H[SOLFDPRV�TXH�OD�HQVHxDQ]D�PiV�HILFLHQWH�HV�DTXHOOD�TXH�LQYROXFUD� DFWLYDPHQWH� D� ORV� HVWXGLDQWHV� HQ� IRUPD� LQGLYLGXDO� R� HQ�JUXSR�� OD� TXH� WUDWD� GH� PRVWUDU� PiV� ODV� LQWHUFRQH[LRQHV� HQWUH� ODV�iUHDV� GH� FRQRFLPLHQWR� TXH� VXV� OLPLWHV� GHPDUFDWRULRV� \�� DO� PLVPR�WLHPSR�� OD� TXH� WUDWD� GH� HVWDEOHFHU� FRQH[LRQHV� HQWUH� OR� TXH� VH�DSUHQGH�� OR�TXH�\D� VH� VDEH�\�HO�PXQGR� UHDO�� 3RGHPRV� VHxDODU�XQD�VHULH� GH� SULQFLSLRV� TXH� IDFLOLWDQ� IRUPDV� GH� HQVHxDQ]D� RULHQWDGDV�KDFLD�DSUHQGL]DMHV�DFWLYRV�H�LQWHJUDOHV�\�D�XQD�HYDOXDFLyQ�GH�GLFKRV�DSUHQGL]DMHV�� (Q� HVWH� VHQWLGR�� HO� DSUHQGL]DMH� GH� ORV� DOXPQRV�GHSHQGH��D�QXHVWUR�HQWHQGHU��GH�ORV�VLJXLHQWHV�IDFWRUHV�GH� XQD� HQVHxDQ]D� FRKHUHQWH�� FRKHUHQFLD� LPSOLFD�LQWHUFRQH[LyQ�� (V� HO� QH[R� HQWUH� OD� LQIRUPDFLyQ� \� ODV� LGHDV��SHUPLWLHQGR� UHFRUGDU� \� FRPSUHQGHU� OR� TXH� VH� DSUHQGH�� 3DUD� TXH�KD\D�FRKHUHQFLD�HV�QHFHVDULR�FHQWUDU�OD�HQVHxDQ]D�HQ�LGHDV�\�WHPDV�

��FODYHV�� TXH� SHUPLWDQ� D� ORV� DOXPQRV� FRQHFWDU� FRQRFLPLHQWR��FRQFHSWRV�� LGHDV� \� KDELOLGDGHV� QHFHVDULDV� SDUD� DOFDQ]DU� HO�DSUHQGL]DMH�UHIOH[LYR�

GH� FRQHFWDU� HO� FRQRFLPLHQWR� FRQ� HO� VDEHU� SUHYLR� GH� ORV�DOXPQRV�� FXiQWDV� PiV� FRQH[LRQHV� VH� SXHGDQ� KDFHU� UHVSHFWR� D� XQ�WHPD� GHWHUPLQDGR�� PD\RUHV� VRQ� ODV� SRVLELOLGDGHV� GH� UHFRUGDU� \�XWLOL]DU�HVH�FRQRFLPLHQWR��3DUD�IDYRUHFHU�OD�LQWHUFRQH[LyQ�GH�LGHDV�HV�QHFHVDULR� TXH� FRQWHQLGRV�� WH[WRV�� FODVHV� \� HYDOXDFLRQHV� HVWpQ�GLVHxDGDV� SDUD� D\XGDU� D� ORV� DOXPQRV� D� FRQHFWDU� OD� LQIRUPDFLyQ�QXHYD�FRQ� OD�DSUHQGLGD�HQ�RWUDV�DVLJQDWXUDV��FRPR�DVt�WDPELpQ�FRQ�VX�H[SHULHQFLD�SHUVRQDO�GH� WUDWDU� ORV� WHPDV� FXUULFXODUHV� HQ� IRUPD� SURIXQGD�� HVWR�UHILHUH�� D� TXH� OD� VLPSOH� RIHUWD� GH� LQIRUPDFLyQ� QR� SHUPLWLUi�FRPSUHQGHUOD� R� XWLOL]DUOD�� /R� TXH� VH� QHFHVLWD� VRQ� H[SHULHQFLDV� TXH�QRV� SHUPLWD� FRQRFHU� XQ� PD\RU� QLYHO� GH� SURIXQGLGDG� TXH� HO� TXH�SXHGH� DSDUHFHU� HQ� DOJXQRV� WH[WRV�� 3DUD� HOOR� VH� UHTXLHUH�� GHVWLQDU�PiV� WLHPSR� D� ORV� WHPDV� LPSRUWDQWHV� \� WUDQVPLWLUORV� FRQ� YDULDGDV�IRUPDV�GH�H[SOLFDFLyQ�GH� RIUHFHU� RSRUWXQLGDGHV� SDUD� XQ� DSUHQGL]DMH� DFWLYR�� HVWR�VLJQLILFD� TXH�� PLHQWUDV� PiV� YDULDGDV� VHDQ� ODV� RSRUWXQLGDGHV� GH�DSUHQGHU� �GHEDWLU�� DFWXDU�� FRQVWUXLU� PRGHORV� \� VLPXODFLRQHV� \�UHIOH[LRQDU� VREUH� ORV� PLVPRV�� GLVFXUULU� VREUH� ODV� FRQH[LRQHV� HQWUH�WHPDV���HWF����PD\RUHV�VHUiQ�ODV�SRVLELOLGDGHV�SDUD�TXH�ORV�DOXPQRV�HVWDEOH]FDQ� FRQH[LRQHV� HQWUH� ORV� WHPDV� \� FRQFHSWRV� TXH� SRGDPRV�HQVHxDUOHV�GH� SODQLILFDU� WDUHDV� TXH� VH� UHODFLRQHQ� FRQ� OD� UHDOLGDG�� HVWH�FULWHULR�HV�IXQGDPHQWDO�GHELGR�D�OD�FULVLV�LQVWLWXFLRQDO�TXH�SDGHFHPRV�\� SDUWH� GH� OD� LGHD� TXH� DOJXLHQ� HV� ³FDSD]´� FXDQGR� SXHGH� XVDU� VXV�FRQRFLPLHQWRV� HQ� VLWXDFLRQHV� SDUD� ODV� FXDOHV� HVD� FDSDFLGDG� HV�QHFHVDULD�� 3RU� HVR�� HV� LPSRUWDQWH�TXH� WDQWR�QRVRWURV�±HQ�HO� URO�GH�GRFHQWH���FRPR�ORV�WH[WRV�\�ODV�HYDOXDFLRQHV�DFHQW~HQ�OD�DSOLFDFLyQ�\�WUDQVIHUHQFLD�GHO�FRQRFLPLHQWR�D�XQD�YDULHGDG�GH�VLWXDFLRQHV�GH� D\XGDU� DO� HVWXGLDQWH� D� UHIOH[LRQDU� VREUH� VX� DSUHQGL]DMH��SDUD� TXH� HO� HVWXGLDQWH� FRPSUHQGD� \� XVH� OD� LQIRUPDFLyQ� TXH� VH� OH�SURSRUFLRQD�� HV� LPSRUWDQWH� TXH� SXHGD� H[DPLQDU� OR� TXH� VLHQWH�FUHH�TXH� VDEH� R� QR� VDEH� \� DGHPiV� FXiO� HV� VX� HVWLOR� \� GLILFXOWDG� SDUD�DSUHQGHU��(Q�HVWH�VHQWLGR��HVFULELU�R�KDEODU�D\XGD�D�KDFHU�FRQVFLHQWH�OR�TXH�VH�SLHQVD�UHVSHFWR�GH�OR�DSUHQGLGR�

��(VWUDWHJLDV�GH�HQVHxDQ]D

'H�DFXHUGR�DO�FULWHULR�XWLOL]DGR�HQ�QXHVWUDV�IRUPDV�GH�HQVHxDU��GHGXFLPRV�TXH�KHPRV�HOHJLGR�FRPR�HVWUDWHJLD�HGXFDWLYD�OD�SUiFWLFD�GH� XQ� DSUHQGL]DMH� DFWLYR� \� XQ� DSUHQGL]DMH� FRQVWUXFWLYR�� (O� SULPHUR�OOHYD� D ORV� DOXPQRV� D� DVXPLU� XQD� UHVSRQVDELOLGDG� SHUVRQDO� SRU� OD�IRUPD� \� HO� FRQWHQLGR� GH� OR� TXH� DSUHQGHQ�� 'H� HVWD� PDQHUD�� ORV�HVWXGLDQWHV�VH�LQYROXFUDQ�DFWLYDPHQWH�HQ�HO�GHVDUUROOR�GH�ORV�WHPDV��FRPSURPHWLpQGRVH� FRQ� VX� WUDEDMR� D� WUDYpV� GH� XQ� SURFHVR� GH�FRQVWUXFFLyQ�GHO�FRQRFLPLHQWR��GHVFDUWDQGR�OD�REOLJDFLyQ�GH�UHFRUGDU�GH� PHPRULD� WH[WRV� ELEOLRJUiILFRV� R� DSXQWHV� HODERUDGRV� D� SDUWLU� GH�H[SRVLFLRQHV� RUDOHV� GHO� GRFHQWH�� 3RU� RWUD� SDUWH�� GHVGH� QXHVWUR� URO��SRGHPRV� FUHDU� VLWXDFLRQHV� GH� GLFKR� DSUHQGL]DMH� VROLFLWDQGR� OD�UHDOL]DFLyQ� GH� XQ� WUDEDMR� JUXSDO� GH� FRPSOHMD� FRPSUHQVLyQ� \�HODERUDFLyQ� \�� DO� PLVPR� WLHPSR�� D\XGDQGR� D� ORV� DOXPQRV� D� OD�LGHQWLILFDFLyQ�GH�ORV�UHFXUVRV�LPSUHVFLQGLEOHV�SDUD�LQYHVWLJDUOR��6REUH�HVWD� EDVH�� ORV� HVWXGLDQWHV� H[SORUDQ� \� RUJDQL]DQ� OD� LQIRUPDFLyQ� TXHWLHQHQ�TXH�DSUHQGHU�\�QXHVWUD� WDUHD�GRFHQWH�VH�DVHPHMD�PiV�D�XQ�FRPSDxHUR�GH�UXWD�TXH�D�XQ�VDELR�HQ�XQ�HVWUDGR��$OJXQRV�HMHPSORV�GH� HVWH� WLSR� GH� HQVHxDQ]D� VRQ�� SURSXHVWDV� GH� DQiOLVLV� GH� WH[WRV��H[SRVLFLRQHV�GH�JUXSR�\�UHIOH[LyQ�\�GHEDWH�VREUH�FDVRV�UHDOHV�(O�VHJXQGR�DVSHFWR�D�WHQHU�HQ�FXHQWD��VHJ~Q�QXHVWUR�FULWHULR��HV�OD�SUiFWLFD�GHO�DSUHQGL]DMH�FRQVWUXFWLYR��DO�FXDO�FRQVLGHUDPRV�RWUD�HVWUDWHJLD� GH� HQVHxDQ]D� TXH� SHUPLWH� D� ORV� DOXPQRV� WUDEDMDU� HQ�JUXSRV� SDUD� ORJUDU� ILQHV� FRPXQHV�� (Q� WDO� VHQWLGR�� ORV� HVWXGLDQWHV�WUDEDMDQ�MXQWRV�SDUD�DSUHKHQGHU�OD�LQIRUPDFLyQ�\�SRGHU�DVt�IRUPXODU�FRQFHSWRV�� GHOLQHDU� SURSXHVWDV� R� DGTXLULU� QXHYDV� SUiFWLFDV� GH�LQYHVWLJDFLyQ�� $O� DSUHQGHU� FRRSHUDWLYDPHQWH�� ORV� HVWXGLDQWHV� VH�³HQVHxDQ´�\�UHIXHU]DQ�PXWXDPHQWH�GHQWUR�GH�HTXLSRV�FRQIRUPDGRV�SRU�DOXPQRV�FRQ�FDSDFLGDGHV�GLVtPLOHV��(Q�HVWH�WLSR�GH�DSUHQGL]DMH��SRGHPRV�UHFUHDU�DPELHQWHV�GH�UHFLSURFLGDG��D\XGDQGR�D�ORV�DOXPQRV�D� GHWHUPLQDU� WDUHDV� \� UHFLELU� GH� HOORV� QXHYDV� SURSXHVWDV�� 'H� HVWD�IRUPD�� FDGD� JUXSR�� DGHPiV� GHO� DSUHQGL]DMH� DFDGpPLFR� LQFRUSRUD�SDXWDV�GH� WUDEDMR�HQ�HTXLSR�GHVDUUROODQGR� VXV�SURSLRV�SURFHVRV�GH�DXWRQRPtD�\�OLGHUD]JR�$PERV�PRGHORV�GH�DSUHQGL]DMH�QRV�KDQ�SHUPLWLGR�DFHUFDUQRV�DO� DOXPQR� GHVGH� XQ� OXJDU�PiV� SURSLFLR� SDUD� VHQWLUQRV� SDUWH� GH�XQ�SUR\HFWR� GH� HQVHxDQ]D� KRUL]RQWDO� \� QR� SDUHFHU� XQ� VXMHWR� DLVODGR� \�DQyQLPR� TXH� H[SUHVD� VXV� FRQRFLPLHQWRV� GH� XQD� PDQHUD� YHUWLFDO��DWUDYHVDGR� SRU� OD� REMHWLYLGDG� GHO� VDEHU� LQVWLWX\HQWH�� 6RPRV�FRQVFLHQWHV�TXH�HO� WHOyQ�GH�IRQGR�TXH�VRVWLHQH�HVWRV�PRGHORV��TXH�LPSOHPHQWDPRV�HV�HO�DSUHQGL]DMH�VLJQLILFDWLYR��3RUTXH�FRQVLGHUDPRV�TXH�HV�OD�~QLFD�KHUUDPLHQWD�TXH�QRV�KDFH�VHQWLU�DUWtILFHV�\�SDUWtFLSHV�GH�OD�KLVWRULD��<�XQD�UD]yQ�LUUHGXFWLEOH�SDUD�DVXPLU�OD�UHVSRQVDELOLGDG�

��GH�HQVHxDU��DSUHQGHU�GHVGH�OD�HQVHxDQ]D�\�GLOXFLGDU�QXHVWUD�SUiFWLFD�GRFHQWH�

�����$�PRGR�GH�FRQFOXVLyQ

/RV�GRV�IDFWRUHV�TXH�PiV�KDQ�FRQWULEXLGR�D�FRQIRUPDU�HO�QXHYR�HVFHQDULR�PXQGLDO�OR�FRQVWLWX\HQ�OD�WUDVQDFLRQDOL]DFLyQ�GH�OD�HFRQRPtD�HQ�HO�VLVWHPD�FDSLWDOLVWD�\�OD�JOREDOL]DFLyQ�GH�ODV�FRPXQLFDFLRQHV�(VWH�QXHYR�HVWDGR�GH�RUJDQL]DFLyQ���¢R�GHVLQWHJUDFLyQ"��VRFLDO�LPSHUD� GHVGH� OD� LQIRUPDFLyQ� FLUFXOD� TXH� HQ� HO� PXQGR� YLDMD� D� XQD�YHORFLGDG�TXH�UHSUHVHQWD�WRGRV�ORV�DFRQWHFLPLHQWRV�FRPR�VL�IXHUDQ�HO��SUHVHQWH��� � $� SDUWLU� GH� DOOt� VH� WRPDQ� GHFLVLRQHV� D� PHGLGD� TXH� ORV�KHFKRV�VH�YDQ�VXFHGLHQGR��\�GHVGH�HVRV�KHFKRV�VH�LQWHQWD�PHMRUDU�ODV�SUHGLFFLRQHV� R� PLQLPL]DU� ODV� FULVLV�� (VWDU� LQWHUFRQHFWDGR� SRU� UHGHV�GRQGH�FLUFXODQ�GDWRV�� LQIRUPDFLyQ�\�FRQRFLPLHQWR�HV�HO�QXHYR�iPELWR�SURSXHVWR�SDUD�OD�UHIOH[LyQ�\�OD�SDUWLFLSDFLyQ�GH�ORV�VXMHWRV�3DUDGyMLFDPHQWH��PLHQWUDV� ORV�VDWpOLWHV�GH�FRPXQLFDFLRQHV�� ORV�RUGHQDGRUHV�\�ORV�VLVWHPDV�GH�FRQH[LyQ�PDVLYD�KDQ�KHFKR�SRVLEOH�XQD�LQWHUUHODFLyQ� JOREDO�� D� SDUWLU� GH� OD� FXDO� WRGR� HO� SODQHWD� SXHGH� VHU�YLVXDOL]DGR� \� FDVL� GLULJLGR� FRPR� XQ� VLVWHPD� ~QLFR�� HO� GRFHQWH� D~Q�FRQWLQ~D�VLHQGR�HO�HVODEyQ�PiV�VyOLGR�SDUD�DVHJXUDU�OD�SHUGXUDELOLGDG�GHO�OD]R�VRFLDO�\�HO�GLiORJR�FRQ�OD�UHDOLGDG�(V�LQGXGDEOH�TXH�HO�PXQGR�HVWi�VXPHUJLGR�HQ�XQ�JUDQ�FDPELR�FXOWXUDO� GHO� TXH� WRGDYtD� PXFKDV� LQVWLWXFLRQHV� QR� KDQ� WRPDGR�GHPDVLDGD� FRQFLHQFLD�� 1R� OR� GHFLPRV� SRU� HO� DYDVDOODGRU� WUDVSDVR� GH�XQD� VRFLHGDG� GH� OD� SURGXFFLyQ� D� XQD� VRFLHGDG� GH� OD� FRPXQLFDFLyQ��VXVWHQWDGD� HQ� HO� GHVDUUROOR� FLHQWtILFR�WHFQROyJLFR�� VLQR� HQ� OD�FRQVWUXFFLyQ� GH� XQ� QXHYR� SUR\HFWR� GH� HQVHxDQ]D�� (V� FLHUWR� TXH� HO�SRGHU� PHGLiWLFR� SURGXFH� FDVL� VLPXOWiQHDPHQWH� WRGRV� ORV�DFRQWHFLPLHQWRV�GH� OD� UHDOLGDG�DQWH� OD�PLUDGD�GH�XQ�VXMHWR�SDVLYR��<�WDPELpQ� HV� IiFLO� DGYHUWLU� FRPR� OD� UHFRSLODFLyQ�� DOPDFHQDPLHQWR��SURFHVDPLHQWR� \� GLIXVLyQ� GH� OD� LQIRUPDFLyQ� LQFLGH� GLUHFWD� \�GHFLGLGDPHQWH� HQ� ODV� UHODFLRQHV� SROtWLFDV�� HFRQyPLFDV�� VRFLDOHV� \�FXOWXUDOHV�GH�ODV�VRFLHGDGHV�FRQWHPSRUiQHDV��3RU�HVR�HV�IXQGDPHQWDO�TXH�HO�GRFHQWH�DGTXLHUD�XQ�URO�GLIHUHQWH��TXH�QR�SXHGH�HVWDU�DLVODGR�GH� ODV� SUiFWLFDV� VRFLDOHV� TXH� LQFLGHQ� HQ� OD� � UHFRQVWUXFFLyQ� GH� OD�VRFLHGDG�� )UHQWH� D� XQD� FULVLV� HVWUXFWXUDO�� OD� HGXFDFLyQ� HV��LUUHYRFDEOHPHQWH��OD�EDVH�IXQGDPHQWDO�SDUD�UHLILFDU�OD�KLVWRULD��<�SDUD�HO� VRFLyORJR� VH� SUHVHQWD� OD� RFDVLyQ� GH� UHLYLQGLFDU� OD� GLDOpFWLFD� HQWUH�VXMHWR� \� FRQWH[WR�� GHVGH�XQ�DFWLYLVPR�FUtWLFR�\� FRPSURPHWLGR� FRQ� OD�UHDOLGDG�VRFLDO�(Q�OD�$UJHQWLQD��FDVL�HO�����GH�ORV�MyYHQHV�PHQRUHV�GH����DxRV�QR�KDQ�FRPSOHWDGR�HO�QLYHO� VHFXQGDULR�GH�HQVHxDQ]D��<� OD�GHVHUFLyQ�PiV� QRWRULD� GH� ORV� ~OWLPRV� DxRV� VH� HVWi� SURGXFLHQGR� HQ� HO� SULPHU�JUDGR� GHO� FLFOR� SULPDULR�� 'H�HVWRV� GDWRV� UHFLHQWHV� SRGUtDPRV� LQGXFLU�

��TXH� QXHVWUD� LGHQWLGDG� HVWi� HQ� JUDYH� SHOLJUR� VL� QR� UHIRUPXODPRV� OD�HGXFDFLyQ�\�HO�URO�GHO�GRFHQWH�HQ�HO�iPELWR�GH�XQD�VRFLHGDG�FDyWLFD��HPSREUHFLGD�� FRUUXSWD� \�� VREUH� WRGR�� VRFDYDGD� HQ� VXV� SLODUHV� GH�VXVWHQWDFLyQ�FXOWXUDO�\�IRUWDOHFLPLHQWR�GHO�OD]R�VRFLDO��IDPLOLD��HVFXHOD�\�FLXGDGDQtD���������

4XHUHPRV� ILQDOL]DU�FRQ�HO� UHODWR�GH�XQD�H[SHULHQFLD�YLYLGD�SRU�%LVVR�KDFH�DOJXQRV�DxRV��FXDQGR�HQ�UHSUHVHQWDFLyQ�GH�OD�871�YLDMy�D�OD� FLXGDG� GH� /D� 5LRMD� D� IRUPDU� XQ� WDOOHU� GH� HVFULWXUD� SDUD� HVD�FRPXQLGDG��/D�5HJLRQDO�LQYLWy�D�WRGDV�ODV�LQVWLWXFLRQHV�\�HQ�HO�OXJDU�GHO�HQFXHQWUR� QR� VyOR� KDEtD� GRFHQWHV� \� DOXPQRV� XQLYHUVLWDULRV� \�VHFXQGDULRV��VLQR�WDPELpQ�XQD�JUDQ�GHOHJDFLyQ�GH�IXWXURV�RILFLDOHV�GH�OD�SROLFtD�SURYLQFLDO��(Q�HVH� FRQWH[WR�� \�GHVSXpV�GH�XQD� LQWURGXFFLyQ�UHIOH[LYD�VREUH�HO� OXJDU�GH� OD�SDODEUD�HQ� OD�KLVWRULD�GH� OD�KXPDQLGDG��%LVVR� SURSXVR� XQD� FRQVLJQD� SDUD� TXH� WRGRV� HQIUHQWHQ� HO� SiQLFR�HVFpQLFR�TXH�SURGXFH�HO�SDSHO�HQ�EODQFR��&DGD�XQR�GH�ORV�DVLVWHQWHV�UHGDFWy�XQD�KLVWRULD�\�FDVL�WRGRV�OD�UHODFLRQDURQ�FRQ�VXFHVRV�IDPLOLDUHV��VHQWLPLHQWRV� R� YDORUHV� WUDGLFLRQDOHV� GHO� OXJDU�� 6yOR� XQR� �XQ� MRYHQ�DVSLUDQWH�D�OD�RILFLDOLGDG�SROLFLDO��VH�DQLPy�D�GHFLU�DQyQLPDPHQWH�DOJR�GLVWLQWR�� <� HVFULELy� VREUH� HVH� SDSHO� HQ� EODQFR�� ³KR\� GHVFXEUt TXH�GXUDQWH�WRGD�PL�YLGD�KDEOp�FRQ�SDODEUDV�GH�RWURV´�(O�³FUDFN´�TXH�VH�SURGXMR�HQ�HVH�PXFKDFKR�ULRMDQR�HV�HO�PLVPR�TXH� GHVHDPRV� � SURYRFDU� FRQ� QXHVWUD� WDUHD� GRFHQWH�� 3DUD� QRVRWURV��DTXHOOD�H[SHULHQFLD� � VLJQLILFD�KR\�HO� WULXQIR�GH� OD�DFFLyQ� UHIOH[LYD�GHO�VXMHWR� VREUH� OD� FRVLILFDFLyQ� GH� OR� LQVWLWXLGR�� <� FRPR� VRFLyORJRV�� OD�XWRStD� GH� LPDJLQDU� TXH� QR� WRGD� OD� HQVHxDQ]D� DSOLFDGD� HQ� HO� RWUR�� \�GHVGH�HO�RWUR��KD�VLGR�HQ�YDQR�����

�����%LEOLRJUDItD�FRQVXOWDGD$92/,2�GH�&2/6��6�� �� �7HRUtDV�GH� OD�HQVHxDQ]D�\�GHO�DSUHQGL]DMH��VDEHU�GRFHQWH�\�SUiFWLFD�GHO�DXOD��&HQWUR�GH�(VWXGLDQWHV�8%$��%XHQRV�$LUHV�������$868%(/��'����3VLFRORJtD�HGXFDWLYD��8Q�SXQWR�GH�YLVWD�FRJQRVFLWLYR��(G��7ULOODV��0p[LFR�������%285',(8�� 3�� �� � /RV� XVRV� VRFLDOHV� GH� OD� FLHQFLD�� 1XHYD� 9LVLyQ��%XHQRV�$LUHV������%581(5�� -�� �� � +DFLD� XQD� WHRUtD� GH� OD� LQVWUXFFLyQ�� 87(+$�� 0p[LFR�������%581(5��-������/D�LPSRUWDQFLD�GH�OD�HGXFDFLyQ��3DLGyV��%XHQRV�$LUHV�������'85.+(,0�� (�� �� � (GXFDFLyQ� \� VRFLRORJtD�� 6FKDSLUH�� %XHQRV� $LUHV�������(**(1��3��\�.$8&+$.��'�� �� �(VWUDWHJLDV�GRFHQWHV��³(QVHxDQ]D�GH�FRQWHQLGRVFXUULFXODUHV� \� GHVDUUROOR� GH� KDELOLGDGHV� GH� SHQVDPLHQWR´�� )RQGR� GH�&XOWXUD�(FRQyPLFD��%XHQRV�$LUHV�������)28&$8/7��0�����/DV�SDODEUDV�\�ODV�FRVDV��6LJOR�;;,��0DGULG�������)5(,5(��3�����3HGDJRJtD�GH�OD�HVSHUDQ]D��6LJOR�;;,��0p[LFR�������*,''(16�� $�� �� /D� 7HRUtD� VRFLDO�� KR\�� ³(O� HVWUXFWXUDOLVPR�� HO� SRVW�HVWUXFWXUDOLVPR�\�OD�SURGXFFLyQ�GH�OD�FXOWXUD´��$OLDQ]D�(GLWRULDO��0DGULG�������3,$**(7��-�����3VLFRORJtD�\�SHGDJRJtD��(GLWRULDO�3ODQHWD��%XHQRV�$LUHV������5$021(7�� ,�� �� � /D� WLUDQtD� GH� OD� FRPXQLFDFLyQ�� 7HPDV� GH� GHEDWH��0DGULG�������6$1-85-2�� /�� 2�� �� � $SUHQGL]DMH� VLJQLILFDWLYR� \� HQVHxDQ]D� HQ� ORV�QLYHOHV�PHGLR�\�VXSHULRU��(GLFLRQHV�+RPR�6DSLHQV��%XHQRV�$LUHV�������9<*276.,��/����(O�GHVDUUROOR�GH�ORV�SURFHVRV�SVLFROyJLFRV�VXSHULRUHV��&UtWLFD�*ULMDOER��0p[LFR��������:$,16=72.��&����(O�VRFLyORJR�FRPR�GRFHQWH��0DWHULDO�GH�OD�FiWHGUD�GLGiFWLFD��&HQWUR�GH�(VWXGLDQWHV�8%$��%XHQRV�$LUHV�������:(%(5��0����(QVD\RV�VREUH�PHWRGRORJtD�VRFLROyJLFD��³(VWXGLRV�FUtWLFRV�VREUH�OD�OyJLFD�GH�ODV�FLHQFLDV�GH�OD�FXOWXUD´��$PRUURUWX��%XHQRV�$LUHV�������