Vista previa del material en texto
� � ��� � ,QVWLWXWR�3ROLWpFQLFR�1DFLRQDO�(VFXHOD�6XSHULRU�GH�,QJHQLHUtD�\�$UTXLWHFWXUD� 6HFFLyQ�GH�(VWXGLRV�GH�3RVJUDGR�H�,QYHVWLJDFLyQ� 8QLGDG�7HFDPDFKDOFR� � � � � � � � � � � $3523,$&,21�'(/�(63$&,2�3Ô%/,&2�85%$12��HO�LPDJLQDULR�XUEDQR�(Q�HO�&HQWUR�+LVWyULFR�GH�OD�&LXGDG�GH�0p[LFR�� � � � � � � � 7(6,6�48(�3$5$�2%7(1(5�(/�*5$'2�'(�0$(675Î$�(1�&,(1&,$6�&21� (63(&,$/,'$'�(1�$548,7(&785$�� � � � � � � � 35(6(17$�� � 1RHPt�/HyQ�*yPH]�� � � � -XQLR�GH�������7HFDPDFKDOFR�(VWDGR�GH�0p[LFR� � � � � � � � � ��� � $$$333555222333,,,$$$&&&,,,222111��� '''(((///��� (((666333$$$&&&,,,222��� 333ÔÔÔ%%%///,,,&&&222��� 888555%%%$$$111222������ XXXQQQDDD��� YYYLLLVVVLLLyyyQQQ��� KKKHHHUUUPPPHHHQQQpppXXXWWWLLLFFFDDD��� HHHQQQ���HHHOOO���LLLPPPDDDJJJLLLQQQDDDUUULLLRRR���XXXUUUEEEDDDQQQRRR������ &&&DDDVVVRRR���GGGHHH���HHHVVVWWWXXXGGGLLLRRR������SSSHHHUUUtttPPPHHHWWWUUURRR���³³³$$$´́́���GGGHHHOOO���&&&+++&&&000������������������������ ������ ��� ��� ��� ��� ��� ��� ��� ��� ��� 33RRUU����11RRHHPPtt��//HHyyQQ��**yyPPHH]]�� �� �� �� �� �� &&2200,,77ee��7788772255$$//�� ��''UU����66DDOOYYDDGGRRUU��((����88UUUULLHHWWDD��**DDUUFFttDD���� ''��LL��UU��HH��FF��WW��RR��UU�� ''UU����))UUDDQQFFLLVVFFRR��--����//yySSHH]]��00RRUUDDOOHHVV�� ''UU����$$OOIIRRQQVVRR��55RRGGUUttJJXXHH]]��//yySSHH]]�� 00WWUURR����55LLFFDDUUGGRR��$$����77HHQQDD��11~~xxHH]]�� 00WWUURR����$$UUWWXXUURR��((VVSSDDxxDD��&&DDEEDDOOOOHHUURR�� ���� � � � ��� �� �� ,,��11��''��,,��&&��((����� 3UHVHQWDFLyQ�� 5HV~PHQ� ,QWURGXFFLyQ�� -XVWLILFDFLyQ�� 2EMHWLYRV�� 0DWHULDOHV�\�PpWRGR�� � &$3,78/2����� &DUDFWHUL]DFLyQ�GHO�(VSDFLR�3~EOLFR�8UEDQR��8QD�YLVLyQ�'LDFUyQLFD�SROLDQJXODU�� � ����'LIHUHQWHV�UHDOLGDGHV�SDUD�HO�PLVPR�(VSDFLR�S~EOLFR��XQ�FRQFHSWR��SROLVpPLFR�� � � ������� ,PSRUWDQFLD�GHO�(VSDFLR�S~EOLFR�\�VX�GHOLPLWDFLyQ�SROtWLFD�GHO� WHUULWRULR� TXH�UHSUHVHQWD�� �������&DUDFWHUL]DFLyQ�\�FRQFHSWXDOL]DFLyQ�GHO�(VSDFLR�S~EOLFR�� � �����$SXQWHV�WHyULFRV�VREUH�(VSDFLR�S~EOLFR�\�VX�YLVLyQ�PXOWLGLVFLSOLQDULD�� �������0DUFR�FRQFHSWXDO�GHO�(VSDFLR�S~EOLFR�XUEDQR��GH�+DEHUODV�D�+DQVHQ�� �������3URSXHVWDV�FRQFHSWXDOHV�$QWURSROyJLFDV�� �������/DV�UHIOH[LRQHV�GH�ORV�XUEDQLVWDV��GHO�IXQFLRQDOLVPR�D�OD�SRVPRGHUQLGDG�� �������9LVLyQ�FXOWXUDOLVWD�\�GH�OD�VRFLHGDG��VRFLRORJtD�\�HVSDFLR�S~EOLFR��� �������/RV�JHyJUDIRV�XUEDQRV�HQ�HO�FRQFHSWR�GH�HVSDFLR�S~EOLFR�� � �����&RQFOXVLRQHV�FDSLWXODUHV� � &$3,78/2������ 3$57(�,� $SRUWDFLRQHV�GHO�GHUHFKR�HQ�HO�(VSDFLR�3~EOLFR���(QWUH�ORV�OtPLWHV�GH�OD�OHJDOLGDG�� ����,��(O�'HUHFKR�GH�DQWLJ�HGDG��FXDQGR�OD�DSURSLDFLyQ�HV�PiV�TXH�PRUDO� � �������$FODUDQGR�ORV�QLYHOHV�MHUiUTXLFRV�GH�ODV�QRUPDV�XUEDQDV�� � �������&RQWUDGLFFLRQHV�FRQVWLWXFLRQDOHV�� 3$57(�,,� (VWDPSDV�GH�OD�YLGD�FRWLGLDQD�HQ�HO�HVSDFLR�S~EOLFR�XUEDQR��OD�FLXGDG�VREUH�IUDJPHQWRV�H� LPiJHQHV��� ��������/D�&LXGDG�$QWLJXD���$UWHPLR�GHO�9DOOH�$UL]SH� � ��������(O�0p[LFR�9LUUHLQDO��³/D�FLXGDG�GH�0p[LFR�HQ�����´���$OIRQVR�5H\HV�� � ��������(O�0p[LFR�PRGHUQR���³7RGR�HPSH]y�HO�GRPLQJR´���(OHQD�3RQLDWRZVND�� � ��������(Q�OD�SRVPRGHUQLGDG��³/D�HVTXLQD�GH�PL�EDUULR´���6DOYDGRU�)ORUHV�� � ���������£/D�NRGDN���<�³PHODQFROtD�GHO�YLDMHUR´���$OIRQVR�5H\HV�� � ������� 'HO� 0p[LFR� &RQWHPSRUiQHR��³OXJDUHV� FRPXQHV�� VLWLRV� LQHVSHUDGRV´��� &DUORV� 0RQVLYDLV�� � ��������3RpWLFD�GH�OD�&LXGDG��HQ�ORV���¶V��³KDEOR�GH�OD�FLXGDG´���2FWDYLR�3D]� � � ��� � �����&RQFOXVLRQHV�FDSLWXODUHV� � &$3Ë78/2����� � (VSDFLR� S~EOLFR�� ¢*UDGRV� GH� SURSLHGDG� R� DSURSLDFLyQ"����DSUR[LPDFLyQ�� H[SORUDFLyQ� \� FDUDFWHUL]DFLyQ�HQ�HO�&HQWUR�+LVWyULFR�GH�OD�&LXGDG�GH�0p[LFR�� � ������$SUR[LPDFLyQ�DO�&+&0��'H�OD�IXQGDPHQWDFLyQ�\�FDXVDOLGDG�GHO�VLWLR�� � ������(VSDFLR�XUEDQR�HQ�OD�KLVWRULD��OD�JHQWH�\�OD�FLXGDG�� � ������6REUH�OD�&LXGDG�GH�0p[LFR�\�VXV�FDOOHV��GH�ORV�PRGRV�GH�YLGD�� �������([SORUDFLyQ�DO�(VWXGLR�GH�FDVR���&HQWUR�+LVWyULFR�GH�OD�&LXGDG�GH�0p[LFR�� � �������6REUH�HO�GHVSREODPLHQWR�GHO�&+&0�� � �������&LXGDG�FRQVWUXLGD�\�FLXGDG�IUDJPHQWDGD�� ��������7HMLGR�XUEDQR�\�FDUDFWHUL]DFLyQ�GHO�&HQWUR�+LVWyULFR�� � ������/D�FDOOH��XQLGDG�GH�DQiOLVLV�R�FDOOHMyQ�VLQ�VDOLGD�� � � �������&HQWUR�KLVWyULFR�H�LQIRUPDOLGDG�� � � �������3URSLHGDG��SRVHVLyQ��RFXSDFLyQ��LQYDVLyQ�R�SULYDWL]DFLyQ�� ������� /R� YLVLEOH� H� LQYLVLEOH��QHFHVDULR� SDUD� FDUDFWHUL]DU� OD� FRPSOHMLGDG� GH� OR� VLPSOH�� �� D��$FHUFDPLHQWRV�\�FDUDFWHUL]DFLyQ�GHO�VLWLR�� �� E��&ULWHULRV�GH�VHOHFFLyQ�GH�OD�PXHVWUD�\�WpFQLFDV�GH�FDPSR�� �� F��'HVDItRV�HQ�HO�HVSDFLR�S~EOLFR�&+&0��OD�PHGLFLyQ�� � ����� $SURSLDFLyQ� GHO� HVSDFLR� S~EOLFR� FRPR� H[SUHVLyQ� GH� ODV� UHODFLRQHV� GH� SRGHU�� ± FRQFOXVLRQHV�FDSLWXODUHV�� � &$3Ë78/2���� � +HUPHQpXWLFD�SURIXQGD��FRQFHSWRV��LPDJLQDULRV�\�HVSDFLR�S~EOLFR��� � � � 6XJHUHQFLDV�SDUD�WUDEDMRV�IXWXURV� %LEOLRJUDItD�� $QH[RV�� � � � � � � � � 55HHOODDFFLLyyQQ��GGHH��&&XXDDGGUURRVV��JJUUiiIILLFFDDVV��HH��LLOOXXVVWWUUDDFFLLRRQQHHVV������ � � ��� &$3,78/2���)RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� � )LJXUD�1R��� � &$3,78/2���)RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� )RWR�1R���� � )LJXUD�1R��� � � &$3,78/2���� &XDGUR�1R��� � 5HODFLyQ�(GDG�7LHPSR�GH�SHUPDQHQFLD�� &XDGUR�1R��� � 5HODFLyQ�7��GH�IUHFXHQFLD�7LHPSR�GH�SHUPDQHQFLD�� &XDGUR�1R��� � 5HODFLyQ�OXJDU�GH�RULJHQ�DFWLYLGDGHV�GHO�VLWLR�� &XDGUR�1R��� � 5HODFLyQ�(GDG�7LHPSR�GH�SHUPDQHQFLD�� &XDGUR�1R��� � /XJDU�GH�RULJHQ�VLWLR�VHJXUR�� � *UiILFD��� � 5HODFLyQ�*pQHUR�DFWLYLGDGHV�HQ�HO�VLWLR�� *UiILFD��� � 5HODFLyQ�XVR��GtD�GH�SUHIHUHQFLD�� *UiILFD��� � 5HODFLyQ�WLHPSR�GH�SHUPDQHQFLD�DFWLYLGDGHV�\�JXVWR�� *UiILFD��� � $FWLYLGDGHV�TXH�OHV�JXVWDUtD�VH�UHDOL]DUDQ�� *UiILFD��� � 0HGLR�GH�WUDQVSRUWH�DFFHVR�D�OD�]RQD�� *UiILFD��� � 5HODFLyQ�HGDG�VHQVDFLRQHV�HQ�HO�VLWLR�� *UiILFD��� � 5HODFLyQ�GLIHUHQFLDV�\�XVR�GH�ODV�FDOOHV�� *UiILFD��� � 'LIHUHQFLDV�HQWUH�FDOOHV�GHO�&+&0�\�OXJDU�GH�UHVLGHQFLD�� � � � � � � � � ��� �� 55((66ÔÔ00((11���� � (VSHFtILFDPHQWH�HO�HVWXGLR�GHO�HVSDFLR�SXEOLFR��TXH�HV�HO�WHPD�TXH�GHVDUUROOR��SRU�HO�LPSDFWR�TXH�HQ�ODV�FLXGDGHV� WLHQH��HQ�WDQWR�HV�HO�FRUD]yQ�PLVPR�GHO�IHQyPHQR�XUEDQR��SRU�OD�SUHVHQFLD�GH�VX�KHUHQFLD�KLVWyULFD��\�OD�HYROXFLyQ� SHUPDQHQWH�TXH�HQ�HO�VH�PDQLILHVWD�D�WUDYpV�GHO�XVR�GH�HO�KDFHQ�VXV�KDELWDQWHV��(O�HVSDFLR�S~EOLFR�HV�OD�FRQGLFLyQ� PLVPD� GH� OD� FLXGDG�� HQ� WDQWR� VRSRUWH� HVHQFLDO� GH� ORV� TXH� YLYHQ� \� VH� FRPXQLFDQ� ItVLFD� \� � WHFQROyJLFDPHQWH� �WHOpIRQR��,QWHUQHW��HWF����\�SRUTXH�DGHPiV�HV�GRQGH�VH�HYLGHQFLD�OD�FDOLGDG�\�FXDOLGDGHV�GH�XQD�FLXGDG��HQ�WDQWR� HVTXHOHWR� GH� OD� QRUPDWLYLGDG� TXH� UHJXOD� OD� PRUIRORJtD� XUEDQD�� SRGHPRV�PHQFLRQDU� SRU� HMHPSOR� OD� FRQVWDQWH� LQYDVLyQ�\�DSURSLDFLyQ�SRU�HO� FRPHUFLR� LQIRUPDO�� ODV� FDOOHV� FHUUDGDV�\�PLO� IHQyPHQRV�XUEDQRV�TXH� WLHQH�FRPR� HVFHQDULR� HVH� HVSDFLR� S~EOLFR�� 'H� FRPR� HQ� 0p[LFR� GH� KHFKR� QR� H[LVWH� XQD� FXOWXUD� GHO� HVSDFLR� S~EOLFR�� ODV� SUDFWLFDV�FXOWXUDOHV�VRQ�ULFDV�\�GLYHUVDV��VLQ�HPEDUJR�HQ�HO�iPELWR�QRUPDWLYR��MXUtGLFR�\�OHJDO�SRFR�VH�KDFH�SRU� LQFRUSRUDUOR� DO� SUR\HFWR� XUEDQR� \� HQ� ODV� SROtWLFDV� XUEDQDV�� TXH� LQYROXFUDQ� OD� FRPSRVLFLyQ� VRFLDO� GHO� KiELWDW� FRQWHPSRUiQHR�IUDJPHQWDGR�HQ�ODV�GLYHUVDV�FLXGDGHV�TXH�SRGHPRV�GLVWLQJXLU��WDOHV�FRPR�ODV�FLXGDGHV�FHQWUDOHV�� ODV�FLXGDGHV�KLVWyULFDV��FRQ�JUDQ�ULTXH]D�SDWULPRQLDO���ODV�FLXGDGHV�SHULIpULFDV�� $Vt�� VH�PDQLILHVWD� HO� IHQyPHQR� GH� DSURSLDFLyQ�� HQ� WDQWR� GRV� YLVLRQHV� GLIHUHQWHV�� SRU� XQD� SDUWH� GH� LQYDVLyQ� \� RFXSDFLyQ�ItVLFD�FRQ�ILQHV�GH�OXFUR��\�SRU�RWUD�SDUWH�OD�DSURSLDFLyQ�VLPEyOLFD�TXH�WDPELpQ�VH�PDQLILHVWD�SHUR�GH� PDQHUD� REVHUYDEOH� VLQR� DEVWUDFWD�� VHPLyWLFD�� \� HV� SUHFLVDPHQWH� OD� UHODFLyQ� HQWUH� DPEDV� OD� TXH� LQWHUHVD� D� HVWH� WUDEDMR�H[SOLFDU��XWLOL]DQGR�FRPR�KHUUDPLHQWD�GH�DQiOLVLV�D� OD�KHUPHQpXWLFD��HQ�WDQWR�XQD�PDQHUD�GH�,QWHUSUHWDU� HVDV�WH[WRV�\�OHQJXDMHV�TXH�VH�HVWDEOHFHQ�FRPR�UHODFLRQHV�GLUHFWDV�H�LQGLUHFWDV�HQ�HO�HVSDFLR�S~EOLFR��XWLOL]DQGR� DGHPiV� FRPR� XQLGDG� GH� DQiOLVLV� IUDJPHQWRV� GH� FDOOHV�� (O� WUDEDMR� GHPRVWUy� TXH� OD� UHODFLyQ� GLUHFWD� SDUD� OD� DSURSLDFLyQ�HV�QHFHVDULD�XQD�DSURSLDFLyQ�VHPLyWLFD�\�VyOR�GHVSXpV�HV�TXH�VH�GD�XQD�DSURSLDFLyQ�ItVLFD��\�HQ�XQD�FRQVWDQWH�GLQiPLFD�GH�SHUVRQDMHV��WLHPSRV�\�DFWRUHV�TXH�VRQ�ODV�YDULDEOHV�IXQGDPHQWDOHV�TXH�KDFHQ�GLQiPLFR�HO� IHQyPHQR��SHUR�WDPELpQ�DO�HVSDFLR�PLVPR��� � � � � �$$%%667755$$&&77���� � � � � � � � � � � � � � � � � � � ��� � � ��� ,1752'8&&,21,1752'8&&,Ï1�� ¢4Xp�HV�OD�FLXGDG"�8Q�HVSDFLR�SURWHJLGR�FRQ�PXFKD�JHQWH��8Q�HVSDFLR�S~EOLFR��DELHUWR� \�SURWHJLGR��XQ�OXJDU�HV�GHFLU��XQ�KHFKR�PDWHULDO�SURGXFWRU�GH�VHQWLGR��8QD�FRQFHQWUDFLyQ�GH� SXQWRV� GH� HQFXHQWURV�� (Q� OD� FLXGDG� OR� SULPHUR� VRQ� ODV� FDOOHV� \� ODV� SOD]DV�� ORV� HVSDFLRV� FROHFWLYRV��GHVSXpV�YHQGUiQ�ORV�HGLILFLRV�\�ODV�YtDV��HVSDFLRV�FLUFXODWRULRV��� (O�HVSDFLR�S~EOLFR�GHILQH�OD�FDOLGDG�GH�YLGD�GH�OD�JHQWH��SRUTXH�LQGLFD�OD�FDOLGDG�GH�YLGD�GH�OD� JHQWH�\�GH�OD�FLXGDGDQtD�GH�VXV�KDELWDQWHV�����&HUGi�HVFULELy��³HQ�OD�FLXGDG�ODV�FDOOHV�QR�VRQ� ~QLFDPHQWH�FDUUHWHUDV´��6H�GHEH�GDU�SULRULGDG�D�ORV�HVSDFLRV�S~EOLFRV�FRPR�HVWUDWHJLD�GH�KDFHU� FLXGDG�VREUH�FLXGDG�� &LXGDGHV� SROLFHQWULFDV� HQ� ODV� TXH� HO� HVSDFLR� S~EOLFR� FRQVWLWX\D� D� OD� YH]� XQ� HOHPHQWR� DUWLFXODGRU�GHO�WHMLGR�XUEDQR�UHJLRQDO�R�PHWURSROLWDQR�\�XQ�HOHPHQWR�GH�FRKHVLyQ��WDQWR�ItVLFR� FRPR�VLPEyOLFR��GH�ODV�iUHDV�GHQVDV������� 8QD�GH� ODV�GLPHQVLRQHV�GHFLVLYDV�GH� OD�FLXGDG�HV� OD�FDOLGDG�HQ�VX�HVSDFLR�S~EOLFR�� OXJDU�GH� LQWHUFDPELR�SRU�H[FHOHQFLD�\�GRQGH�VH�PDQLILHVWD�FRQ�PD\RU�LQWHQVLGDG�OD�FULVLV�GH�OD�FLXGDG�� 3HUR�WDPELpQ�GRQGH�DSDUHFHQ�UHVSXHVWDV�SRVLWLYDV�� � � � � � � � � ¢4Xp�VRQ�ODV�FLXGDGHV"��¢SDUD�TXp�TXHUHPRV�TXH�H[LVWDQ"¢FyPR�VH�WUDQVIRUPDQ"¢TXLHQ� ODV�FUHD�\�KDELWD"��¢4XLpQ�HMHUFH�VX�SRGHU�VREUH�HOODV"�6H�UHDOL]DQ�JUDQGHV�HVIXHU]RV�SDUD�GDU� UHVSXHVWD��D�HVWDV�SUHJXQWDV��/RV�DUTXLWHFWRV��ORV�SODQLILFDGRUHV�VRQ�TXLHQHV�WLHQH�OD�IRUPDFLyQ� R� VH� SLHQVD� TXH� FUHDUtDQ� FLXGDGHV� LGHDOHV�� �SHUR� TXH� WDQ� UHDOHV"��� ORV� DQWURSyORJRV�� KLVWRULDGRUHV�� DUTXHyORJRV� � \� VRFLyORJRV� FRQ� XQD� YLVLyQ� PDV� EDVDGD� HQ� OD� FXOWXUD� \� ORV� IHQyPHQRV�VRFLDOHV��FRPR�GHIHQVRUHV�GH�ODV� WUDGLFLRQHV�\�FRVWXPEUHV�ORFDOHV��HQ�FDPELR�ORV� HFRQRPLVWDV� \� JHyJUDIRV� FRQ� XQD� YLVLyQ� WDQ� REMHWLYD� \� VLHPSUH� SUXGHQWH� VREUH� OD� FRQIRUPDFLyQ�GHVGH�XQD�SRVWXUD�PDV�PDWHULDOLVWD� \� SUDJPiWLFD��&DGD�XQD�GH� ODV� GLVFLSOLQDV� GHVDUUROOD�WHRUtDV�\�PpWRGRV�TXH�D\XGDQ�D�H[SOLFDU�FDGD�YH]�PHMRU�QXHVWUR�REMHWR�GH�HVWXGLR�� SHUR� QLQJXQD� SRGUi� PRVWUDUOD� IHKDFLHQWHPHQWH�� SRUTXH� VL� ELHQ� OD� FLXGDG� HV� UHVXOWDGR� GH� OD� UHODFLyQ� HVSDFLDO� HQWUH� DUTXLWHFWXUDV�� WDPELpQ� HV� SDOSDEOH� TXH� VXV� HVSDFLRV� VRQ� FUHDGRV�� LPDJLQDGRV�\�WUDQVIRUPDGRV�SRU�ORV�LQGLYLGXRV�TXH�SHUFLEHQ�\�VH�DSURSLDQ�HPRWLYDPHQWH�GHO� DPELHQWH� TXH� OHV� URGHD�� (QWRQFHV� OD� H[SOLFDFLRQHV� XQLODWHUDOHV� GHVGH� XQD� VROD� YLVLyQ� VRQ� VLHPSUH�SDUFLDOHV��&XDQGR�HO�HVWXGLRV�GH�OD�FLXGDG�HV�HQ�HVHQFLD��LQWHUGLVFLSOLQDULR�� �� � � ��� 'HVGH�KDFH�YDULDV�GpFDGDV��XQD�VHULH�GH�WpFQLFRV��DUTXLWHFWRV�H�LQJHQLHURV�KD�LQWHQWDGR� SHQVDU� GH� XQD�PDQHUD� UDGLFDO� OD� FLXGDG� GHO� VLJOR�;;,�� HQ� IXQFLyQ�� D� OD� YH]�� GH� ODV� QXHYDV� WpFQLFDV�GH�FRQVWUXFFLyQ�\�GHO�HVWLOR�GH�YLGD�R�GH�ODV�QHFHVLGDGHV�SURSLDV�GHO�KRPEUH�GH�HVWH� VLJOR��� &KRD\�� XWRSLDV� \� UHDOLGDGHV�� S�������(VWD� &RQWULEXFLyQ� WpFQLFD� QR� GHMD� GH� HQWUDxDU� SHOLJURV� LGHROyJLFRV�� VL� ELHQ� ORV� XUEDQLVWDV� ³YLVLRQDULRV´� WLHQHQ� HO� PpULWR� GH� PDQWHQHU� XQD� UHODFLyQ� UHDOLVWD� \� FRQFUHWD� FRQ� OD� WHFQRORJtD�� VX� DFWLWXG� GHVHPERFD� IUHFXHQWHPHQWH� HQ� OD� WHFQRODWUtD�� /D� FLXGDG� VH� FRQYLHUWH� HQ� XQ� REMHWR� WpFQLFR�� FRPSOHWDPHQWH� GHWHUPLQDGR� \� DFDEDGR��� � &XiQ�GLItFLO�UHVXOWD�OHHU�OD�FLXGDG�GH�HVWH�SULQFLSLR�GH�VLJOR��FXiQ�FRQIXVD�\�FDyWLFD�VH� WRUQD�� SDUD� TXLHQHV� OD� KDELWDQ� \� YLVLWDQ�� /HHU� � HQWRQFHV� OD� FLXGDG� VyOR� D� SDUWLU� GH� VX� WUD]D�� OXJDUHV� GH� HVSHFLDOL]DFLyQ� GH� DFWLYLGDGHV�� OtPLWHV� \� IURQWHUDV�� VXV� P~OWLSOHV� FHQWURV�� VXV� LQWHUPLQDEOHV� \� FHUFDQDV� SHULIHULDV�� HQ� XQ� VHQWLGR� DQDFUyQLFR� SRGUtDQ� OOHYDU� D� FRQFOXVLRQHV� HTXtYRFDV�GDGR�TXH�OD�IRUPD�GH�OD�FLXGDG�SRVHH�XQD�H[SUHVLYLGDG�SDUD�OD�FXDO�QR�WHQHPRV�D�Q� FODYHV� DFDEDGDV� GH� LQWHUSUHWDFLyQ�� GHVFULELUOD� FRQWXQGHQWHPHQWH� FRQ� XQD� IRUPD� \� HVWUXFWXUD� KHWHURJpQHD�VRFLDO�\�ItVLFDPHQWH�HV�IiFLOPHQWH�GHPRVWUDEOH�HQ�FDGD�WUDPR�GH�FDOOH�R�HVTXLQD� GH�WDO�PDQHUD�TXH�VH�KD�FRQYHUWLGR�HQ�HO�VLWLR�HQ�TXH�ORV�DEVXUGRV�VRQ�SRVLEOHV�\�OD�UHDOLGDG� UHEDVD�SRU�PXFKR�ORV�PLWRV�TXH�VH�JHQHUDQ�� �(V� OD�QHFHVLGDG�GH� HVDV� OHFWXUDV�\�H[SOLFDFLRQHV� ODV�TXH�PRWLYDQ�HVWH� WUDEDMR�� GHVGH� XQD�GH�ODV�P~OWLSOHV�GLVFLSOLQDV�TXH�OD�DERUGDQ��GH�OD�TXH�VH�HVSHUD�DJOXWLQH�D�WRGRV�DTXHOORV� HVSHFLDOLVWDV�GHGLFDGRV�D�VX�HVWXGLR�\�DQiOLVLV��XQD�YLVLyQ�GHVGH�OD�SRVWXUD�8UEDQD��VLQ�GHMDU�GH� ODGR� OD�EiVLFD�SRUFLyQ�KLVWyULFD��JHRJUiILFD�� VRFLROyJLFD�\�DQWURSROyJLFD��TXH�VH�RFXSD�GH� OD� VRFLHGDG�� TXH� OD� KDELWD�� XVD� \� FRQVWUX\H� HQ� OR� FRWLGLDQR�� 6H� SXHGH� GHFLU� TXH� HVWD� GREOH� FLUFXODULGDG� �WHPSRUDO�� DO�GDU� FRQWLQXLGDG��\�HVSDFLDO�� DO�SRVLELOLWDU�XQD�FHQWUDOLGDG�DIHFWLYD� WHUULWRULDO���FRQWLHQH�HOHPHQWRV�GH�FRKHVLyQ�VLPEyOLFD�TXH�SHUPLWLUiQ�FRQRFHU�XQD�FXOWXUD�GHO� HVSDFLR�S~EOLFR��GH�OD�JHQWH�TXH�OR�FRQVWUX\H�\�YLYH��GH�ORV�VtPERORV�TXH�KDEODQ�GH�OD�FXOWXUD� ORFDO� \� GH� ODV� FXOWXUDV� FRQYHUJHQWHV�� TXH� SHUPLWH� PLUDUOD� FRPR� FRPSRQHQWH� GH� XQ� VLVWHPD� FXOWXUDO� FRQ� UHIHUHQWHV� HVSDFLDOHV�� TXH� WDO� YH]� SHUWHQHFH� DO� iPELWR� GH� UHIHUHQFLD� GH� ODV� PHPRULDV� FROHFWLYDV�� GH� ORV� LPDJLQDULRV� VRFLDOHV�� GH� ODV� SUiFWLFDV� FRWLGLDQDV� TXH� JHQHUDQ� VHQWLGR�GH�SHUWHQHQFLD�H�LGHQWLGDG��� � $O� UHVSHFWR� QR� SUHWHQGR� VHU� FDWDVWURILVWD� QL�PXFKR�PHQRV� ODQ]DU� ³DGYHUWHQFLDV´� TXH� YDWLFLQHQ�HO�LQPLQHQWH�FDRV�XUEDQR��HV�PDV�ELHQ�OD�YROXQWDG�GH�UHDOL]DU�HVWDV�OHFWXUDV��GHVGH�OD�� IRUPDFLyQ� GH� OD� GLVFLSOLQD� XUEDQD� VLQ� H[WUHPRV�� GH� OD� FLXGDG�� FRPR� LQWHJUDQWH� GH� HVWD�� VRFLHGDG� \� FRQ� XQD� JUDQ� FDUJD� GH� XWRStD� TXH� HV� OR� TXH� SHUPLWLUi� HQWHQGHU� \� GDU� VHQWLGR� DO� HQPDUDxDPLHQWR�GH�IHQyPHQRV�TXH�D�GLDULR�QRV�VXFHGHQ��\�TXH�SRU�GHVJUDFLD�IUHFXHQWHPHQWH� YDPRV�KDFLHQGR�QXHVWURV��KDVWD�DFRVWXPEUDUQRV�\�WRPDU�FDVL�´QRUPDO´�XQD�VHULH�GH�SUDFWLFDV� FXOWXUDOHV� TXH� QR� FRUUHVSRQGHQ�� 0HGLDQWH� HQXQFLDGRV� TXH� QRV� KDJDQ� YHU� HQ� OD� UHDOLGDG� FRWLGLDQD�HOHPHQWRV�GH�DQiOLVLV�TXH�DQWHV�QR�YHtDPRV��TXH�QRV�SHUPLWDQ�HVODERQDU�FRQ�PD\RU� FODULGDG�OR�TXH�QR�WHQtDPRV�GHILQLGR�� � (VWDV�OHFWXUDV�VH�SURSRQH�UHDOL]DUODV�D�WUDYpV�GHO�HVSDFLR�S~EOLFR�XUEDQR��HVFHQDULR�HQ� TXH�VH�GHVHQYXHOYH�HO�VHU�FROHFWLYR��HQ�TXH�VH�PDQLILHVWD�HO�KRPEUH�FRPR�VRFLHGDG��HVSDFLR� TXH�DUWLFXOD�OD�FLXGDG�GH�IRUPD�OyJLFD�\�RUGHQDGD��HVSDFLR�D�WUDYpV�GHO�FXDO�OD�LQWHUSUHWDPRV�\� FDUDFWHUL]DPRV��FRQVLGHUDQGR�TXH�HO�HVSDFLR�S~EOLFR�HV�HO�HVSDFLR�TXH�H[SUHVD��/$�&,8'$'�� � � � ��� /DV�P~OWLSOHV�UHODFLRQHV�\�IXQFLRQHV�TXH�WLHQH�HQ�OD�FLXGDG�VLQ�HPEDUJR�VH�FRQYLHUWHQ� IXQGDPHQWDOHV�DO�WLHPSR�TXH�³LQWUDVFHQGHQWHV´��FXDQGR�OD�PD\RU�SDUWH�GH�ORV�KDELWDQWHV�QR�HV� WDQ�FRQVLHQWH�GH��TXH�JUDQ�SDUWH�GH�VX�YLGD�\�GHVDUUROOR�VRFLDO�VH�GD�SUHFLVDPHQWH�HQ�HVWH�WLSR� GH�HVSDFLRV��TXH�HV� WDQ� IUHFXHQWH�TXH�D�YHFHV�QL� VLTXLHUD� VH�SHUFDWDQ�TXH�FLUFXODU�HV�\D�XQD� FRPXQLFDFLyQ�HQ�HO�HVSDFLR�S~EOLFR��PDV�DOOi�GH�RWUR�WLSR�GH�FDUDFWHUL]DFLRQHV�FRPR�SXHGHQ� VHU��HO�DQRQLPDWR��ODV�SUiFWLFDV�FXOWXUDOHV�GH�LGHQWLILFDFLyQ�DO�HVWDGR��GH�UHSUHVHQWDWLYLGDG��OD� GHQVLGDG�GH�OD�YLGD�FRWLGLDQD��ORV�IOXMRV�\�FRQIOLFWRV��%DVWD�FRQ�REVHUYDU�HO�ULWPR�GH�YLGD�\�OD� LQWHQVLGDG� GH� ODV� SUiFWLFDV� FXOWXUDOHV� HQ� WDQWR� DFWRUHV� \� GDU� VHQWLGR� DO� XVR� GH� HVH� HVSDFLR� S�EOLFR�� -XOLR� &RUWD]DU� IDOVDPHQWH� LQRFHQWH� SUHJXQWD�� ¢TXp� HV� XQ� SXHQWH"� �� 8Q� KRPEUH� FDPLQDQGR�HQ�HO�SXHQWH�� � 6H�WUDWD�SXHV�GH�KDFHU�KDEODU�D�HVRV�HVSDFLRV��GH�REWHQHU�FRQ�OD�D\XGD�GH�LQIRUPDQWHV�� GH�LQWHUSUHWDFLRQHV�DQWHULRUHV��GH�REVHUYDFLRQHV�SURSLDV��GHO�DQiOLVLV�GH�ORV�IOXMRV��GH�LGHDV��GH� FRVDV�GH�SHUVRQDV���XQD�QXHYD� LQWHUSUHWDFLyQ�GH� OR�TXH�KDQ�VLJQLILFDGR�GLFKRV�HVSDFLRV�SDUD� ORV� JUXSRV� VRFLDOHV� TXH� ORV� KDQ� FRQVWUXLGR� \� TXH� ORV� KDQ� SHUFLELGR� GH� GLVWLQWD� IRUPD� HQ� GLIHUHQWHV�HWDSDV�� (O� LQWHUpV�SULQFLSDO�GH�HVWH� WUDEDMR�FRQVLVWH�HQ� ORJUDU�XQD�H[SOLFDFLyQ�LQWHJUDGRUD�DFHUFD�GHO� IHQyPHQR� GH� DSURSLDFLyQ� � GHO� HVSDFLR� S~EOLFR� XUEDQR�� VXSHUDQGR� FRQFHSWRV� DQDOtWLFRV� LQVWLWXFLRQDOHV��WDOHV�FRPR�OD�OHJDOLGDG��WDQ�³IOH[LEOH´�HQ�QXHVWUR�SDtV��� (O� HVWXGLR� GH� ORV� HVSDFLRV� S~EOLFRV� SXHGH� KDFHUVH� GHVGH� OD� ySWLFD� TXH� QRV� SUHVHQWD� VDOLUVH�GH�ODV�SXHUWDV�GH�QXHVWUR�GRPLFLOLR�SDUD�DGHQWUDUVH�D�OD�GLQiPLFD�XUEDQD��SDUD�LQWHQWDU� XQD� H[SOLFDFLyQ� GHO� RUGHQ� HVSDFLDO� GH� ORV� OXJDUHV� TXH� VRQ� GH� WRGRV�� TXH� SHUWHQHFHQ� D� OD� FRPXQLGDG��TXH�VH�ULJHQ�SRU�SUiFWLFDV�FROHFWLYDV�~QLFDPHQWH��\�QR�SRU�ELRJUDItDV�LQGLYLGXDOHV�� SHUR� FRQVLGHUiQGROR� QR� VyOR� FRPR� VL� VH� WUDWDUD� GH� XQD� HVFHQRJUDItD� WHDWUDO� �� VLQR� FRPR� ODV� LQIOXHQFLDV�LGHROyJLFDV�TXH�OHV�GLHURQ�HVH�RUGHQ�TXH�LPSDFWDURQ�HQ�QXHVWUD�HVSDFLDOLGDG�� (Q�HO� DQiOLVLV� VH� UHFRQRFH�TXH� ORV�HVSDFLRV�S~EOLFRV� VH�HQFXHQWUDQ�FRQVWLWXLGRV�SRU� � DFWRUHV� VRFLDOHV��GRWDGRV�GH�DFFHVRV�YDULDEOHV�D�FLHUWRV�PHGLRV���UHFXUVRV�PDWHULDOHV�H�LGHROyJLFRV�\�DO� SRGHU��FX\DV�DFFLRQHV��DFWLYLGDGHV��VH�FRQVWLWX\HQ�SRU�IDFWRUHV�TXH�HVFDSDQ�D�VX�FRQWURO�\�TXH� LQFOXVR�OOHJDQ�D�FRQYHUWLUORV�HQ�YiOLGRV�\�OHJDOHV�� � /D� HOHFFLyQ� GHO� HVWXGLR� GH� FDVR� FRUUHVSRQGH� D� SUHRFXSDFLRQHV� SHUVRQDOHV� \� WHyULFDV� VREUH� OD� LPSRUWDQFLD� GHO� HVSDFLR� S~EOLFR�� \� VH� LQVFULEH� GHQWUR� GH� XQ� HVSDFLR� JHRJUiILFR� OLPLWDGR�TXH�SDUHFH�SHUGHUVH�R�UHGHILQLUVH�HQ�HO�WUD]R�GH�QXHYDV�IRUPDV�� (O�&HQWUR�+LVWyULFR�GH�OD�&LXGDG�GH�0p[LFR��VX�DQWLJ�HGDG��VXV�OH\HQGDV�\�ORV�PLWRV�WHMLGRV�D� VX�DOUHGHGRU��OR�FRQYLHUWHQ�HQ�XQ�HVSDFLR�FRPSOHMR��FRQ�ORV�JUDQGHV�FRQWUDVWHV�\�ORV�FDPELRV� TXH�VH�PDQLILHVWDQ�HQ�WRGRV�ORV�QLYHOHV��TXH�SHUPLWH�OD�FRH[LVWHQFLD�GH�WHQGHQFLDV�PRGHUQDV�\� HO� DSHJR� D� ODV� WUDGLFLRQHV� GH� GLYHUVRV� DFWRUHV� VRFLDOHV� � FRQ� LQWHUpV� FRP~Q� \� D� OD� YH]� FRQWUDGLFWRULRV�� � (O� WUDEDMR�TXLHUH� VHU�~WLO� D�YDULRV� WLSRV�GH�GH� OHFWRUHV�� ORV�SULPHURV� VRQ�DTXHOORV�TXH� EXVFDQ�SURIXQGL]DU�HQ�HO�FRQRFLPLHQWR�GHO�(VSDFLR�3~EOLFR�� ORV�VHJXQGRV�VRQ�ORV�XVXDULRV�\� KDELWDQWHV� TXLHQHV� VHJXUDPHQWH� HVWiQ� LQWHUHVDGRV� HQ� SODQHDU�� SURSRQHU� \� VHU� SDUWH� GH� SURJUDPDV�GH� DSR\R�PDV� UHDOLVWDV� \� REMHWLYRV�SDUD� HO�PHMRUDPLHQWR�GH� ORV� SURSLRV� HVSDFLRV� S~EOLFRV� \� GH� VX� FDOLGDG� GH� YLGD� HQ� OD� &LXGDG�� WHQWDWLYDPHQWH� KDEUtD� XQ� WHUFHU� JUXSR�� ORV� SODQLILFDGRUHV�\�HMHFXWRUHV�GH�SURJUDPDV�D�TXLHQHV�SUHWHQGR�TXH�HVWH�WUDEDMR�VLUYD�� (O� REMHWR� HV� HO� HVSDFLR� S~EOLFR� XUEDQR�� HQ� VX� IRUPD� GH� ³IUDJPHQWRV� GH� FDOOHV´�� SOD]DV� R� SDUTXHV�VHJ~Q�FRUUHVSRQGD��(O�SUHVHQWH�WUDEDMR�HVWi�DUWLFXODGR�HQ�FXDWUR�SDUWHV�� � � ���� � (Q�OD�SULPHUD�SUHVHQWR�XQD�DSUR[LPDFLyQ�WHyULFD�GH�OR�TXH�KD�FRQVWLWXLGR�HO�DQiOLVLV�GHO� HVSDFLR�S~EOLFR�GHVGH�GLIHUHQWHV�GLVFLSOLQDV�\�HWDSDV�KLVWyULFDV��PDWL]DGDV��SRU�ODV�FRUULHQWHV� ILORVyILFDV�TXH�OHV�FRUUHVSRQGH�VHJ~Q�VX�PRPHQWR�KLVWyULFR��OOiPHVH�LOXVWUDFLyQ��PRGHUQLGDG�� SRVPRGHUQLGDG�� � &RQ� HO� ILQ� GH� DJUXSDU� \� GHPRVWUDU� OD� FRPSOHMLGDG� GH� QXHVWUR� FRQFHSWR�� GHVSXpV�GH�HVWD�HVSHFLH�GH�LQWURGXFFLyQ�DGYHUWHQFLD�DO�REMHWR�GH�HVWXGLR�\�VX�XELFDFLyQ�HQ�HO� FRQWH[WR� WHyULFR�� HO� VLJXLHQWH� FDStWXOR� VH� GHGLFD� D� OD� GHOLPLWDFLyQ� GHO� FDPSR� GHO� REMHWR� GH� HVWXGLR��HQ� WDQWR� ODV�GLVFLSOLQDV�TXH� MXHJDQ�HO�SDSHO�GH�KLOR�FRQGXFWRU�SDUD�DERUGDUOR��FRPR� VRQ� ORV� iPELWRV� MXUtGLFR�\� VRFLDO� HQ� HO� IHQyPHQR� HVSHFtILFR�GH� OD�$3523,$&,Ï1�� � SRU� WDO� PRWLYR� HO� FDStWXOR� ,,�� UHWRPD� DOJXQDV� GHVFULSFLRQHV� PHGLDQWH� FRUWHV� WHPSRUDOHV�� KDFLHQGR� pQIDVLV� HQ� OD� UHFRQVWUXFFLyQ� KLVWyULFD�� D� WUDYpV� GH� OD� GLVWULEXFLyQ� \� � XVRV� GH� ORV� HVSDFLRV� S~EOLFRV�\�GHO�SDSHO�TXH�ORV�GLYHUVRV�DFWRUHV�HPSOHDQ�HQ�HO�SURFHVR�GH�FDPELR�HQ�OD�&LXGDG�GH� 0p[LFR��D�PDQHUD�GH�HVWDPSDV��TXH�VRQ�DOJXQRV�GH�ORV�HOHPHQWRV�GH�OD�GLVFXVLyQ�WHyULFD��TXH� JXtDQ�D�OR�ODUJR�GHO�WUDEDMR��(Q�pO�VH�GHVFULEHQ�\�DUJXPHQWDQ�ODV�PDQHUDV�\�UD]RQHV�GHO�FyPR�\� SRU� TXp� GHO� IHQyPHQR� GH� DSURSLDFLyQ� SXHGH� HQWHQGHUVH� GHVGH� GRV� DVSHFWRV�� FRPR� XQD� DSURSLDFLyQ� HVSDFLDO� ItVLFD� \� GHVSXpV�� GHO� PRGR� HQ� TXH� VH� FRQIRUPDQ� ORV� HVSDFLRV� GH� ODV� UHODFLRQHV� VRFLDOHV� \� ³SURGXFWLYDV´�� SUHVHQWD� ODV� FDUDFWHUtVWLFDV� JHQHUDOHV� GH� ODV� GLIHUHQWHV� IRUPDV�GH�DSURSLDFLyQ�IUHFXHQWHPHQWH�SUDFWLFDGDV�HQ�OD�FLXGDG�GH�0p[LFR�� � (O�WHUFHU�FDStWXOR�DWHUUL]D�HQ�HO�HVWXGLR�GH�FDVR��GHVFULER�HO�WUDEDMR�GH�FDPSR�FRQ�HO�XVR� GH� PpWRGR� GH� DFHUFDPLHQWR�� DVt� FRPR� ORV� DVSHFWRV� PHWRGROyJLFRV�� FXDOLWDWLYRV� FRQ� PD\RU� GHWDOOH�� (O�WUDEDMR�WHUPLQD��HQ�HO�FDStWXOR�1R�����FRQ�XQD�UHIOH[LyQ�VREUH�HO�SUREOHPD�GH�OD�DSURSLDFLyQ� GHO� HVSDFLR� S~EOLFR� XUEDQR�� PHGLDQWH� OD� LQWHUSUHWDFLyQ� KHUPHQpXWLFD� GH� ORV� HOHPHQWRV� R� YDULDEOHV�HQ�ORV�FDStWXORV�DQWHULRUPHQWH�SODQWHDGRV�� � <�HV�SUHFLVDPHQWH�DKt�HQ�GRQGH�VH�VXSRQH�XQD�PD\RU�FDUJD�GH�IXHU]D�XWySLFD�DOD�TXH� PH�UHILHUH�HQ�HO�LQLFLR�GH�HVWH�WH[WR��SXHVWR�TXH�XQD�YH]�H[SXHVWD�\�FRQFLHQWL]DGR�HO�FDUiFWHU� PXOWLGLVFLSOLQDULR�HQ�HO�HVWXGLR�GH�OD�FLXGDG��\�HVSHFtILFDPHQWH�VREUH�HO�HVSDFLR�S~EOLFR��HV�OD� WHVLV� R� SURSXHVWD� GH� UHDOL]DU� ODV� OHFWXUDV� PHGLDQWH� QR� XQD� GLVFLSOLQD� VRFLDO�� VLQR� PHGLDQWH� GLUHFWDPHQWH� OD� ILORVRItD�� \� pVWD� PHGLDQWH� OD� PHWRGRORJtD� TXH� QRV� RIUHFH� OD� KHUPHQpXWLFD� DQDOyJLFD��(6�FRP~Q�TXH�ODV�GLVFLSOLQDV�HQFXHQWUHQ�HOHPHQWRV�GLVFRUGDQWHV�TXH�ODV�RSRQJDQ�� OD� ILQDOLGDG� GH� KDFHU� ODV� OHFWXUDV� PHGLDQWH� OD� KHUPHQpXWLFD� HV� TXH� DPDOJDPDUtDQ� VLQ� GHVFDOLILFDU� ODV� GLIHUHQWHV� SRVWXUDV� H[LVWHQWHV�� VLQ� WRFDU� ORV� H[WUHPRV�� (V� GHFLU� VLQ� OOHJDU� DO� XQLYRFLVPR�QL�DO�HTXLYRFLVPR��VLQR�PHGLDQWH�OD�DQDORJtD�� � � ¢&yPR�GHVGH� OD�FRQVWUXFFLyQ�GH�XQD� LGHQWLGDG�HV�SRVLEOH�FRPSUHQGHU� OD�FRQVWUXFFLyQ�GHO� HVSDFLR"��JHQHUDGR�SRU�ORV�LQGLYLGXRV�HQ�VX�YLGD�FRWLGLDQD��<�¢TXp�HV�XQD�FLXGDG�VLQR�XQ� HVSDFLR�IRUPDGR�SRU�HVSDFLRV�SULYDGDV�\�S~EOLFRV"��<�HV�SUHFLVDPHQWH�HO�HVSDFLR�S~EOLFR�� HO� UHLQR� GH� QXHVWUD� YLGD� VRFLDO�� HO� TXH� QRV� LPSRUWD� SRU� DKRUD�� SRUTXH� HQ� HVWH� iPELWR� VH� PXHVWUDQ�ODV�LGHDV�TXH�WHQHPRV�VREUH�OD�YLGD�\�ORV�PRGRV�XUEDQRV��(Q�HO�HVSDFLR�S~EOLFR�HV� GRQGH� FRWLGLDQDPHQWH� HQIUHQWDPRV� GLVWLQWDV� YLVLRQHV� GH� FLXGDGDQtDV�� HQ� OD� FRQWUDGLFFLyQ� HQWUH�OR�S~EOLFR�\�OR�SULYDGR��(V�YiOLGR�SXHV�TXH�QRV�SUHRFXSHPRV�SRU�HO�JUDQ�Q~PHUR�GH� ORV� HVSDFLRV� S~EOLFRV� TXH� KDQ� GHVDSDUHFLGR� \� TXH� YDQ� WUDVIRUPDQGR� QXHVWUDV� FLXGDGHV� PRGHUQDV� \� SRVPRGHUQDV�� (O� HVSDFLR� S~EOLFR� HV� HQ� HIHFWR� HVSDFLRV� FRQWUDGLFWRULRV�� SHUR� SOHQRV�GH�YLGD�\�H[SUHVLyQ�GH�QXHVWUD�FXOWXUD��QHFHVDULRV�SDUD�H[SOLFDU�ORV�IHQyPHQRV�TXH�D� GLDULR�VH�VXFHGHQ�HQ�OD�FLXGDG�� � � ���� --886677,,)),,&&$$&&,,ÑÑ11���� �� �� (Q�HO�GLVHxR��RUJDQL]DFLyQ�\�JHVWLyQ�GH�OD�FLXGDG��VH�JHQHUDQ�IHQyPHQRV�TXH�PXHVWUDQ� OD� FUHFLHQWH�FRPSOHMLGDG�GH� ODV� HVWUXFWXUDV� VRFLDO� \�XUEDQD��&DGD�HOHPHQWR�TXH� FRQIRUPD� OD� FRQILJXUDFLyQ�HVSDFLDO�\�FDGD�DFWRU�TXH� IRUPD�SDUWH�GH� OD�HVWUXFWXUD� VRFLDO�� MXHJDQ�XQ�SDSHO� SUHSRQGHUDQWH�� HQ� HO� DQiOLVLV�GH� ORV�SUREOHPDV�XUEDQRV��(V� DVt�� FRPR�HO� DQiOLVLV�GHO� HVSDFLR� S~EOLFR�HQ�OD�FLXGDG��WLHQH�HVSHFLDO�UHOHYDQFLD�HQ�HO�FRQWH[WR�GH�OD�JOREDOL]DFLyQ��TXH�LPSXOVD� WUDQVIRUPDFLRQHV�GH�XVR��SURSLHGDG�\�IXQFLRQDPLHQWR�GH�ODV�FLXGDGHV��\�VXV�FRUUHVSRQGLHQWHV� VRFLHGDGHV�TXH�ODV�KDELWDQ��HQ�HVWH�FDVR�QR�HVWDPRV�VyOR�IUHQWH�D�XQD�FLXGDG�JOREDOL]DGD��VLQR� WDPELpQ� DQWH� XQD� VRFLHGDG� GH� OD� LQIRUPiWLFD��(VWDV� QXHYDV� IRUPDV� GH� LQWHUDFFLyQ� JHQHUDGDV� HQWUH� FLXGDG� \� VRFLHGDG�� REOLJDQ� UHIOH[LRQDU� \� UHGLPHQVLRQDU� VREUH� ORV� HVSDFLRV� S~EOLFRV� \� SULYDGRV�� TXH� JHQHUDQ� HIHFWRV� IUDJPHQWDGRUHV�� DSURSLDFLRQHV�� SULYDWL]DFLRQHV�� HWF�� HQ� OD� FLXGDG�� TXH� HVWiQ� DVRFLDGRV� DGHPiV� D� XQD� GLIHUHQFLDFLyQ� VRFLDO� \� KHWHUHJRQHLGDG� FXOWXUDO�� FDUDFWHUtVWLFD�GHO�PHGLR�XUEDQR�\�HV�SUHFLVDPHQWH�HQ�HVWRV� OXJDUHV�FROHFWLYRV�\�FRPXQHV��HQ� GRQGH�OD�FLXGDGDQtD�VH�DSURSLD�GH�OD�FLXGDG�� � � 'HVGH�HVWD�SHUVSHFWLYD��OD�ILQDOLGDG�GH�DERUGDU�XQD�WHVLV�H[SOLFDWLYD��HV�FRQWULEXLU�D�OD� UHIOH[LyQ�\�GHEDWH�HQWRUQR�D�HVRV�HVSDFLRV�S~EOLFRV�TXH�FRQVWLWX\HQ�OD�FLXGDG��FRQ�UHODFLyQ�DO� RUGHQ� VRFLDO� XUEDQR�� \� D� OD� GLYHUVLGDG� VRFLRFXOWXUDO�TXH� GLVWLQJXH� OD� SUREOHPiWLFD� XUEDQD� FRQWHPSRUiQHD��3UHFLVDPHQWH�HV�QXHVWUR�REMHWLYR�JHQHUDU�EDVHV�VyOLGDV��HQ�WDQWR�OD�DSOLFDFLyQ� GH�PHWRGRORJtDV�FLHQWtILFDV�HQ�OD�UHIOH[LyQ�GH�XQ�IHQyPHQR�XUEDQR�HVSHFtILFR��FRPR�OR�HV�OD� DSURSLDFLyQ� GHO� HVSDFLR� S~EOLFR� XUEDQR�� SDUD� OD� WRPD� GH� GHFLVLRQHV� GHQWUR� GHO� iPELWR� QRUPDWLYR� \� GH� SODQHDFLyQ�� 3XHV� VRQ� HYLGHQWHV� ORV� LQFDQVDEOHV� LQWHQWRV� SRU� VROXFLRQDU� SUREOHPiWLFDV�VRFLDOHV�TXH�WLHQHQ�FRPR�HVFHQDULR�HVH�HVSDFLR�S~EOLFR��\�VHUi�WDO�YH]�TXH�QR�HV� QHFHVDULR�SODQWHDU� VROXFLRQHV� IUDJPHQWDGDV�� D�PHGLDWL]DU� � HO� SUREOHPD�� VLQR� OD�QHFHVLGDG�GH� H[SOLFDU� HO� IHQyPHQR� \� DQDOL]DU� VXV� FRPSRQHQWHV�DFWRUHV�� SDUD� HQFRQWUDU� SURSXHVWDV� HVSHFtILFDV�D� IHQyPHQRV� ORFDOHV��(V� HQWRQFHV�� HVWD� OD� UD]yQ�TXH� DQLPD� OD� DSRUWDFLyQ�GH� HVWD� WHVLV�� � � � � � � � � � � � � � � � � ���� � � � 22%%--((77,,992266��� � � � 2%-(7,92�*(1(5$/�� ([SOLFDU� HO� IHQyPHQR� GH� DSURSLDFLyQ� HQ� HO� HVSDFLR� S~EOLFR� XUEDQR� GH� FLXGDGHV� KLVWyULFDV�� 0HGLDQWH�XQD�QXHYD�SURSXHVWD�GH�LQWHUSUHWDFLyQ�� 2EMHWLYRV�HVSHFtILFRV�� � � $QDOL]DU� ORV� DFWRUHV� \� IDFWRUHV� TXH� LQWHUYLHQHQ� HQ� HO� IHQyPHQR� GH� DSURSLDFLyQ� GHO� HVSDFLR�S~EOLFR�XUEDQR�� � � 'HILQLU�DO�HVSDFLR�S~EOLFR�XUEDQR�GHQWUR�GH�OD�QRUPDWLYLGDG�YLJHQWH�FRQVLGHUDGD�SDUD� HO� FDVR� GH� HVWXGLR� SURSXHVWR� �3HUtPHWUR� ³$´� GHO� &HQWUR� +LVWyULFR� GH� OD� &LXGDG� GH� 0p[LFR´�IUDJPHQWRV�GH�FDOOHV��� � � � 'HWHUPLQDU� ORV� GLIHUHQWHV� JUDGRV� \� IRUPDV� GH� DSURSLDFLyQ� GHO� HVSDFLR� S~EOLFR� HQ� UHODFLyQ�FRQ��HVFHQDULR��VXV�DFWRUHV�\�JXLyQ�UHODFLyQ�GH�YDULDEOHV�HVSDFLR�WLHPSR��� � � 5HODFLRQDU�ORV�JUDGRV�GH�DSURSLDFLyQ�FRQ�OD�DSOLFDFLyQ�GH�OD�QRUPDWLYLGDG�H[LVWHQWH�HQ� OD�GLVFLSOLQD�� � � � ,QWHUSUHWDU� HO� IHQyPHQR� GH� DSURSLDFLyQ� EDMR� HO� HVTXHPD� PHWRGROyJLFR� GH� OD� KHUPHQpXWLFD�FRPR�SRVLELOLGDG�GH�H[SOLFDFLyQ�� � � � � � � � � � � � � � � � � � � ���� � � � � � � � 00$$77((55,,$$//((66��<<��00ee7722''22������ � � (O�PpWRGR�SDUD�DQDOL]DU�HO�IHQyPHQR��VH�UHDOL]y�HQ�EDVH�D�GRV�DVSHFWRV�� � (O�SULPHUR�VREUH�ORV�IXQGDPHQWRV�WHyULFRV�GHQWUR�GH�OD�SURSXHVWD�ILORVyILFD�GH�5LFRWHDXU��\�ORV� HQVD\RV� GH� -HU{PH� 0RQQHW� UHVSHFWR� � D� OD� VHPLyWLFD� GHO� HVSDFLR� �ODV� GRV� UHODFLRQDQGR� OD� KHUPHQpXWLFD���OD�VHJXQGD�HWDSD�HQ�EDVH�D�WUDEDMR�GH�FDPSR�XWLOL]DQGR�FRPR�LQVWUXPHQWRV�OD� HQFXHVWD��FXHVWLRQDULR�\�HQWUHYLVWD��\�WpFQLFDV�HVWDGtVWLFDV�SDUD�HO�DQiOLVLV�GH�GDWRV��6366���\� SRU�~OWLPR�OD�UHODFLyQ�HQWUH�YDULDEOHV�WLHPSR�HVSDFLR�DO�LQWHULRU�GH�OD�XQLGDG�GH�DQiOLVLV�GHQWUR� GHO� iUHD� GH� VHOHFFLyQ� FRPR� HVWXGLR� GH� FDVR�� TXH� FRQVLVWLy� IXQGDPHQWDOPHQWH� HQ� FRUWHV� KLVWyULFRV�\�XWLOL]DFLyQ�GH�IUDJPHQWRV�GH�REUDV�OLWHUDULRV�\�GH�GLYHUVD�tQGROH�TXH�H[SUHVDQ�HQ� GLVWLQWRV�WLHPSRV�\�OHQJXDMHV�HO�PLVPR�IHQyPHQR�� 6LHQGR�OD�IXQGDPHQWDO�JXtD�OD�DSOLFDFLyQ�GH�LQWHUSUHWDFLyQ�IXQGDPHQWDGD�HQ�OD�KHUPHQpXWLFD� SURIXQGD�� /RV� PDWHULDOHV� IXHURQ�� IRWRJUDItDV�� JUiILFDV�� LQIRUPDFLyQ� JHRJUiILFD�� HVWDGtVWLFD�� SODQRV�� LQIRUPDFLyQ� FDUWRJUiILFD�� SODQHV� \� SURJUDPDV� XUEDQRV� GHO� FDVR� GH� HVWXGLR�� FXHVWLRQDULRV�� HQFXHVWDV�� DVt� FRPR� VRIWZDUH� HVSHFLDOL]DGR� SDUD� OD� GLJLWDOL]DFLyQ� \� SURFHVDPLHQWR� GH� OD� LQIRUPDFLyQ�� � � � � � � � � � � � � � � � � � � � � � ���� � � � � � � � � � � � &DSLWXOR��� &DUDFWHUL]DFLyQ�GHO�HVSDFLR�S~EOLFR�XUEDQR��XQD�YLVLyQ�GLDFUyQLFD�SROLDQJXODU� � ,1752'8&&,Ï1� (63$&,2�3Ò%/,&2«�XQ�FRQFHSWR�SROLVpPLFR���� $FWXDOPHQWH� H[LVWH� XQD� FRQIXVLyQ� HQ� FXDQWR� D� OD� GHQRPLQDFLyQ� \� VLJQLILFDGR� GH� OD� QRFLyQ�GH�³HVSDFLR�SXEOLFR´�� WDO«�� �<�VH�FRQFLEH�FRPR�SROLVpPLFD�SRUTXH�H[SUHVD�GLVWLQWRV� VLJQLILFDGRV�� &RPR� FRQVHFXHQFLD� GH� OD� FRQIXVLyQ� HQ� OD� QRPHQFODWXUD� GHO� HVSDFLR� S~EOLFR�� HV� QXHVWUR� REMHWLYR�� FRQWULEXLU� D� HVWD� DFODUDFLyQ� GHO� FRQFHSWR�� DVt�� HO� DOFDQFH� HQ� HVWH� SULPHU� FDStWXOR� FRQVWLWX\H�XQD�DSUR[LPDFLyQ�HSLVWHPROyJLFD�GHVWLQDGD�D�OD�IRUPXODFLyQ�GHO�FRQFHSWR��HVSDFLR� S~EOLFR�XUEDQR�� D�SDUWLU�GH� OD�GHOLPLWDFLyQ�GH� ODV� IXHQWHV�\� WHRUtDV�FRQVXOWDGDV�� ODV�FXDOHV�VL� ELHQ� FRUUHVSRQGHQ� D� XQD� YLVLyQ� ³RFFLGHQWDO´� GHO� HVSDFLR�� FRQVLGHUDQGR� TXH� HO� RUGHQ� TXH� JXDUGDQ� ORV� HVSDFLRV� HQ� TXH� VH� GHVDUUROOD� QXHVWUD� FRWLGLDQLGDG�� FRQVWLWX\H� XQD� FDUDFWHUtVWLFD� FXOWXUDO� GHO� JUXSR� VRFLDO� DO� TXH� SHUWHQHFHPRV�� $� GLIHUHQFLD� GH� DTXHOORV� FDVRV� HQ� TXH� SRU� UDVSRQHV� GH� FRQFHSFLyQ� FXOWXUDO� GLIHUHQWH�� WDOHV� FRPR� SRU� HMHPSOR�� ODV� FXOWXUDV� LVOiPLFD�� RULHQWDO� HWF�� &RPSUHQGHQ� XQD� PDQHUD� GH� XVDU� \� FRQFHELU� HO� HVSDFLR� GH� PRGR� WRWDOPHQWH� GLVWLQWR�GH�pVWH�TXH�QRVRWURV�FRPR�RFFLGHQWDOHV�FRQFHELPRV�� � 3RU�HMHPSOR�� OD�XELFDFLyQ�GH� OD�FDPD�� OD�SXHUWD�GHO�EDxR�FHUUDGD�� OD�VHSDUDFLyQ�HQWUH�EDxR�\� FRFLQD��HQWUH�RWUDV�IRUPDV�GH�GLVWULEXFLyQ�GH�REMHWRV�HQ�HO�HVSDFLR�KDELWDEOH��6RQ�IRUPDV�TXH� QR�HVWiQ�GDGDV�SRU�OD�QDWXUDOH]D��VLQR�TXH�SDUD�FDGD�GLVWULEXFLyQ�GH�REMHWRV��OD�IXQFLyQ�GH�FDGD� SLH]D�R�PXHEOH�KD\�XQD�H[SOLFDFLyQ�FXOWXUDO�R�SRU�OR�PHQRV�XQ�LQWHQWR�GH�HOOD��TXH�WLHQH�TXH� YHU�FRQ� ORV�IDFWRUHV�FRQGLFLRQDGRV�SRU� OD�FXOWXUD��3RU� WDQWR��DQDOL]DPRV�GLYHUVDV� WHRUtDV�TXH� DGRSWDQ� XQD� YLVLyQ� RFFLGHQWDO� GH� OD� FXOWXUD�� \� TXH� VH� H[SUHVDQ� FRPR� SDUWH� GHO� GLVFXUVR� FRUULHQWH�GH�KLVWRULDGRUHV��XUEDQLVWDV��DQWURSyORJRV��JHyJUDIRV�XUEDQRV��VRFLyORJRV��HWFpWHUD�� � 3DUD� FRQIRUPDU� HVWD� DSUR[LPDFLyQ� WHyULFD�� TXH� QRV� SHUPLWH� HODERUDU� XQ� PDUFR� WHyULFR� FRQFHSWXDO� VyOLGR�� VH� FRQVLGHUD� XQD� YLVLyQ� LQWHJUDO� \� FRPSOHMD� VREUH� ODV� FDXVDV� \� FRQVHFXHQFLDV� GH� OD� DSURSLDFLyQ� GH� FLHUWRV� HVSDFLRV� S~EOLFRV� XUEDQRV� � \� VXV� IDFWRUHV�� TXH� FRQVLVWH� HQ�� ,GHQWLILFDU� ORV� HOHPHQWRV� TXH� LQWHUYLHQHQ� HQ� HO� IHQyPHQR� GH� DSURSLDFLyQ� �(VFHQDULR�� DFWRUHV� \� VLWXDFLRQHV� HVSHFtILFDV��� SDUD� PHGLDQWH� HO� DQiOLVLV� �PHWRGRORJtD� GH� OD� KHUPHQH~WLFD� SURIXQGD�� JHQHUDU� XQD� H[SOLFDFLyQ� R� QXHYD� YLVLyQ� GHO� IHQyPHQR�� PHGLDQWH� KHUUDPLHQWDV�GH�OD���D�GLIHUHQFLD�GH�ODV�TXH�OODPR�³RFFLGHQWDOHV´��TXH�WDO�FRVD«��LQVXILFLHQWHV�� LQFRQVLVWHQWHV��FKDIDV"""�� � � ���� � $�SHVDU�GH�TXH�KDFH�PiV�GH����DxRV��OD�WHPiWLFD�GHO�HVSDFLR�S~EOLFR�HV�FDGD�YH]�PDV�IUHFXHQWH� HQ�HO�PHGLR�GH�OD�LQYHVWLJDFLyQ�GH�ODV�FLHQFLDV�VRFLDOHV��HVSHFLDOPHQWH�OD�XUEDQD��HQ�RFFLGHQWH�� (XURSD� \� 1RUWH� $PpULFD�� DVt� FRPR� HQ� DOJXQRV� SDtVHV� GH� $PpULFD� /DWLQD� �)UDQoRLV�;DYLHU� *XHUUD�\�$QQLFN�/HPSqULpUH��������\�$QJHOD�*LJOLD���������H[LVWH�D~Q�FRQIXVLyQ�HQ�HO�SURSLR� VHQR�GH�OD�GLVFLSOLQD�XUEDQD���UHVSHFWR�GH�ORV�OtPLWHV�\�DOFDQFHV�TXH�FRPR�FRQFHSWR�FRQVLGHUD� HO� HVSDFLR� S~EOLFR��� VL� ELHQ� HV� FLHUWR� TXH� FDGD� GLVFLSOLQD� FRQWULEX\H� HVSHFtILFDPHQWH� D� OD� LQWHUSUHWDFLyQ�GH�QRFLyQ�GH�HVSDFLR�S~EOLFR��HV�QHFHVDULR�LQYLWDU�DO�GHEDWH�D� OD�GLVFLSOLQD�GHO� 'HUHFKR��DXQTXH�HVWD�SRVLFLyQ�SODQWHD�PHQRV�SUREOHPDV�D�ORV�MXULVWDV�\�GH�FXDOTXLHU�PDQHUD� HVWi�PiV�DOHMDGD�GHO�WHUUHQR�GH�OD�LQYHVWLJDFLyQ��HV�QHFHVDULR�HVWH�SXQWR�GH�YLVWD�GHELGR�D�TXH� DSRUWD�XQD�YLVLyQ�TXH�VH�VXSRQH�KDVWD�FLHUWR�SXQWR�GLIHUHQWH��PHGLD��OD�TXH�SUHWHQGH�DFODUDV�\� GHOLPLWDU�GH�PRGR�PiV�HVSHFtILFR��OD�PDQHUD�HQ�TXH�HQ�XQ�OXJDU�GHWHUPLQDGR�VH�PDQLILHVWD�HO� IHQyPHQR�GH�DSURSLDFLyQ�GH�HVWH�WLSR�GH�HVSDFLRV��\�ODV�UHSHUFXVLRQHV��FDXVDV�\�HIHFWRV��TXH� QHFHVDULDPHQWH�WLSHQH�HVWH�IHQyPHQR�HQ�OD�FRQILJXUDFLyQ�HVSDFLDO�\�GH�ODV�WUD]D�XUEDQD�HQ�HO� FRQWH[WR�GH�DQiOLVLV�� � $O�LQGDJDU�VREUH�ORV�RUtJHQHV�GH�XQ�FRQFHSWR�VyOLGR�\�VX�DFLHUWR��HO�REMHWLYR�GH�HVWH�FDStWXOR� FRQVLVWH�HQ�GHPRVWUDU�KLVWyULFDPHQWH��OD�H[LVWHQFLD�\�OD�GHILQLFLyQ�GH�DTXHOOR�TXH�FRPSUHQGH� OD�H[SUHVLyQ��³HVSDFLR�S~EOLFR´��HV�IXQGDPHQWDO�DGYHUWLU�TXH�³pVWH�HV�HQ�SULPHU�WpUPLQR�SURSLR� GHO�'HUHFKR�3~EOLFR�\�TXH�HQ�VHJXQGR�WpUPLQR�HO�FRQFHSWR�VH�HOHYy�DO�UDQJR�GH�LGHDO�GH�ODV� VRFLHGDGHV� GHPRFUiWLFDV�� SDUD� VHU� DGRSWDGR� ILQDOPHQWH� HQ� ORV� GLYHUVRV� FDPSRV� GH� OD� LQYHVWLJDFLyQ� XUEDQD� \� ODPHQWDEOHPHQWH� SURYRFDU� DOJR� GH� FRQIXVLyQ´� �6$%$7,(5�� ������� &DEH� DGPLWLU� TXH� KLVWyULFDPHQWH�� HVH� S~EOLFR� SULPHUR� VH� GHFUHWy� SROtWLFDPHQWH� \� OXHJR� VH� WHUULWRULDOL]y��/D�GLILFXOWDG� HVWi� HQ� VDEHU�� TXp� HV� H[DFWDPHQWH�� HVWR�³S~EOLFR´�TXH� FDOLILFD� HO� HVSDFLR��� � 3DUD�DFODUDU�WRGD�XQD�VHULH�GH�FRQIXVLRQHV�R�LQWHUSUHWDFLRQHV�HUUyQHDV��HO�&DSLWXOR����FRPLHQ]D� FRQ� OD� DGYHUWHQFLD� GH� TXH� HO� FRQFHSWR� GH� HVSDFLR� S~EOLFR�� HV� DERUGDGR� SRU� GLIHUHQWHV� GLVFLSOLQDV��DVt�SRU�HMHPSOR��HQ�OD�FRPXQLFDFLyQ�VRFLDO�VH�KDEOD�GH�HVSDFLR�S~EOLFR�UHIHULGR�D� ORV� PHGLRV� R� DO� SHULRGLVPR�� OD� WHOHYLVLyQ� H[SUHVD� OD� RSLQLyQ� S~EOLFD�� FRPHQ]DQGR� SRU� OD� DQWURSRORJtD� \� VRFLRORJtD� XUEDQD�� ORV� PHGLRV� GH� H[SUHVLyQ� FDUDFWHUL]DQ� OR� TXH� GHEHPRV� HQWHQGHU�FRQ�HO�FRQFHSWR���ORV�JHyJUDIRV�XUEDQRV��ORV�MXULVWDV�H�KLVWRULDGRUHV��OR�XVDQ�HQ�WDQWR� ODV�FDUDFWHUtVWLFDV�GH�SURSLHGDG�GHO�HVSDFLR��WHUULWRULDOLGDG��DUUDLJR��\�DVt�VXFHVLYDPHQWH��(VWR� QRV�SHUPLWH�DSUHFLDU�OD�FRPSOHMLGDG�TXH�UHYLVWH�HO�HVWXGLR�GHO�HVSDFLR�S~EOLFR�XUEDQR��DGHPiV� GH�VX�FDUiFWHU�PXOWLGLVFLSOLQDULR�\�SROLVpPLFR��VL�HV�TXH�EXVFDPRV�XQD�FRPSUHQVLyQ�LQWHJUDO��� � /DV�DPELJ�HGDGHV�\�FRQWUDGLFFLRQHV�HQ�TXH�IUHFXHQWHPHQWH�VH�FDH�DO�DERUGDU�HO�WHPD��WLHQHQ� VX�RULJHQ�HQ�OD�FRQIXVLyQ�R�PDOD�LQWHUSUHWDFLyQ�TXH�GHULYD�GH�XQ�DQiOLVLV�SDUFLDO��\D�TXH�HO�XVR� \� VLJQLILFDGR� GHO� FRQFHSWR� GH� OR� ³S~EOLFR´�� HQ� UHDOLGDG� KD� H[SHULPHQWDGR� XQD� HYROXFLyQ� \� WUDQVIRUPDFLyQ�FRQFHSWXDO� D� WUDYpV�GHO� WLHPSR��(V�SRU�HVR�TXH�DSHODPRV�D� VX�FRQIRUPDFLyQ� KLVWyULFD��OLQJ�tVWLFD�\�HWLPROyJLFD��SDUD�GHVSHMDU�GXGDV�\�WHQHU�XQ�PD\RU�FRQRFLPLHQWR�HQ�OD� FRQVWUXFFLyQ�GH�QXHVWUR�REMHWR�GH�HVWXGLR�� � � $QWHV� GH� DERUGDU� HO� FRQFHSWR� GH� (VSDFLR� S~EOLFR� \� PRVWUDU� DOJXQDV� YHUWLHQWHV� HQ� TXH� VH� HPSOHD��HV�QHFHVDULR�DVHQWDU�TXH�VH�WRPDQ�FRPR�UHIHUHQFLD�IXQGDPHQWDO�GRV�DXWRUHV��3ULPHUR� OD�FRQFHSFLyQ�GHO�HVSDFLR��HQ�WDQWR�XVRV�H�LPiJHQHV�HQ�OD�&LXGDG�GH�0p[LFR��VREUH�ORV�WUDEDMRV� � � ���� GH� -HU{PH� 0RQQHW� ������������� HQ� ORV� TXH� UHDOL]D� DQiOLVLV� VREUH� OD� VLJQLILFDFLyQ� R� LQWHUSUHWDFLyQ�VLPEyOLFD�R�VHPLyWLFD��GH�ORV�HGLILFLRV�\�HVSDFLRV�GH�RUGHQ�S~EOLFR�³VLPEyOLFRV´� FRQ�UHVSHFWR�D�ODV�UHODFLRQHV�GH�SRGHU�\�D�OD�VLJQLILFDFLyQ�TXH�HQ�HO�FRQWH[WR�XUEDQR�DGTXLHUHQ���� )LQDOPHQWH� SRU� ILQHV�PHWRGROyJLFRV�� HVWH� WUDEDMR� DGRSWD� OD� FRPR� UHIHUHQFLD� IXQGDPHQWDO�� OD� SURSXHVWD� GH� 7KRPSVRQ�� HQ� OD� TXH� GLVWLQJXH� GRV� QLYHOHV�� ³OD� KHUPHQpXWLFD� GH� OD� YLGD� FRWLGLDQD´�\�OD�³KHUPHQpXWLFD�SURIXQGD´�H[SXHVWD�SRU�5LFRWHXU��������VREUH�OD�FXDO��WUD]D�XQ� PDUFR�PHWRGROyJLFR�SDUD� OD� LQWHUSUHWDFLyQ�\� H[SOLFDFLyQ�GH� ODV� IRUPDV� VLPEyOLFDV�� TXp� VHUi� GHVDUUROODGR�GH�PDQHUD�H[WHQVD�HQ�HO�FDStWXOR�,9�� � � � $$1177((&&((''((1177((66�����,��',)(5(17(6�5($/,'$'(6�'(/�(63$&,2�3Ò%/,&2�� � �������(VSDFLR�S~EOLFR�\�GHOLPLWDFLyQ�SROtWLFD�GHO�WHUULWRULR�TXH�UHSUHVHQWD��� � 'H�OD�UHS~EOLFD�D�OD�GHPRFUDFLD�HQ�(XURSD�� � &RQ�OD�IRUPDFLyQ�GH�OD�FLXGDG�(VWDGR�JULHJD�\�GHO�(VWDGR�URPDQR�VH�LPSXVR�OD�LGHQWLILFDFLyQ� GH�DTXHOOR�TXH�HV�³S~EOLFR´�FRQ�OD�RUJDQL]DFLyQ�SROtWLFD�TXH�GHO�(VWDGR��OR�FXDO�LPSRQH�TXH�D� OD�YH]�GHVLJQH�FRPR�³SULYDGR´�WRGR�OR�TXH�FRQFLHUQH�D�ORV�GHPiV�VXMHWRV�GH�OD�VRFLHGDG��3RU� HMHPSOR��VHJ~Q�HO�/DURXVVH��������� ORV�WpUPLQRV�GH�RULJHQ�ODWLQR�³SULYDGR´�HQ�HO�VLJOR�;,,�\� ³S~EOLFR´�HQ�HO�VLJOR�;,,,�������1R�YHR�OD�UHODFLyQ�FRQ�OD�QRWD�DSS��� � (O� OHJDGR� URPDQR� VH� FRQVDJUy� DVt� HQ� OD� GLVWLQFLyQ� FDSLWDO� HQWUH� GHUHFKR� S~EOLFR� \� GHUHFKR� SULYDGR��HQWUH�GRPLQLR�S~EOLFR�GHO�(VWDGR�\�GRPLQLR�SULYDGR�GH�ORV�SDUWLFXODUHV��0iV�DGHODQWH� VH� HIHFWXy� OD� FRQVROLGDFLyQ� GH� ORV� VLVWHPDV� MXUtGLFRV� HQ� LQVWLWXFLRQDOHV� HQ� ORV� (VWDGRV� PRGHUQRV�DO�FRORFDU�HVWD�LGHQWLILFDFLyQ�HQ�OD�EDVH�GH�VX�OHJLWLPLGDG��$O�FRQVWLWXLUVH�FRPR�XQ� ELHQ�TXH�SHUWHQHFH�VX�JHVWLyQ�D�OD�DXWRULGDG�HVWDWDO��FRQVWLWX\H�XQD�IXQFLyQ�SROtWLFD�WHUULWRULDO� GHO� (VWDGR� GHILQLU� OR� TXH� HV� GHO� GRPLQLR� S~EOLFR� R� GHO� SULYDGR�� $Vt�� DGTXLHUH� GLIHUHQWHV� FRQQRWDFLRQHV��TXH�VRQ�SUHGRPLQDQWHPHQWH�VREUH�HO�SRGHU�\�OD�JHVWLyQ�GHO�(VWDGR��KDVWD�TXH�D� SULQFLSLRV� GHO� VLJOR� ;,;�� HQ� (XURSD�� OD� LQYHQFLyQ� MXUtGLFD� GH� OD� QRFLyQ� GH� ³YtD� S~EOLFD´� SHUPLWH� FRGLILFDU� OD� ³SROLFtD´� HQ� ODV� FDOOHV� GH� 3DUtV� �/DQGDX�� ������� (V� HQ� HVH� PRPHQWR�� FXDQGR�HO�HVSDFLR�S~EOLFR��KDVWD�HQWRQFHV� WHUULWRULR�REMHWR�GH�SRGHU�SROtWLFR��VH�FRQYLHUWH�HQ� VtPEROR�GH�H[SUHVLyQ�GH�ODV�SUiFWLFDV�FRWLGLDQDV�GH�VXV�KDELWDQWHV��ORV�FLXGDGDQRV�FRPLHQ]DQ�D� DVLJQDU�XQD�QXHYD�FRQQRWDFLyQ�\�VLJQLILFDGR��D�ORV�HVSDFLR�S~EOLFRV���DQWH�ODV�QXHYDV�IRUPDV� GH�HMHUFHU�HO�SRGHU�\�PDQWHQHU�HO�GHUHFKR��ORV�FDPLQRV��ODV�FDOOHV�\�ODV�SOD]DV�GH�ODV�FLXGDGHV� TXH� VH�FRQVLGHUDQ�GHSHQGLHQWHV�GHO�QXHYR� UpJLPHQ��HVWiQ�D�SDUWLU�GH�DTXt� VROHPQHPHQWH�³DO� XVR�GH�WRGRV´�±�(Q�WDQWR�ORV�FRPSRUWDPLHQWRV��DFFLRQHV��REMHWRV�\�H[SUHVLRQHV�SRUWDGRUDV�XQ�� QXHYR�VHQWLGR��TXH�VH�HQFXHQWUD�QHFHVDULDPHQWH�LQPHUVDV�HQ�FRQWH[WRV�KLVWyULFRV�HVSHFtILFRV�� PHGLDQWH�ODV�FXDOHV�HV�SRVLEOH�SURGXFLUODV�\�WUDQVPLWLUODV��� � ������������������������������������������������� ���-RVHSK�,��������³O¶(VSDFH�SXEOLF�FRPPH�OLHX�GH�O¶DFWLRQ��/HV�DQQDOHV�GH�OD�UHFKHUFKH�XUEDLQH��������(VSDFHV�SXEOLFV�HQ� YLOOH���������� � � ���� )LQDOPHQWH��FRQ�HO�VXUJLPLHQWR�GH�UHJLPHQHV�GHPRFUiWLFRV��HXURSHRV���OD�LGHQWLILFDFLyQ�GH�OR� SROtWLFR� FRQ� OR� S~EOLFR�� VH� FRQIRUPD� WDPELpQ� SRU� OD� DGRSFLyQ� GHO� PRGHOR�� HVSDFLR� S~EOLFR� XUEDQR�UHSXEOLFDQR�FRPR�IRUPD�GH�JRELHUQR��\D�TXH� OD�³UHS~EOLFD´�HV� OLWHUDOPHQWH�XQD�FRVD� S~EOLFD�� OD�HWLPRORJtD�SHUPLWH�FRQVWDWDU� OD� UHFXUUHQFLD�HQ�HO� WLHPSR�GH� OD� UHIHUHQFLD� URPDQD�� TXH� LQDXJXUD� OD� LGHQWLILFDFLyQ� GH� OD� GLFRWRPtD� SROtWLFR�S~EOLFR��/yJLFDPHQWH� \� GH� KHFKR�� HO� HVSDFLR�VH�FRQYLHUWH�HQ�S~EOLFR�DO�FRQVWLWXLUVH�HQ�HO�FRQMXQWR�GH�OXJDUHV�\�GH�ELHQHV�HQ�JHQHUDO� TXH�SHUWHQHFHQ�D�XQD�DXWRULGDG�HVWDWDO�\�FRPSHWHQ�D�VX�JHVWLyQ��6DEDWLHU���������� � (VWR�TXHGD�GHPRVWUDGR��\D�TXH�OD�DPSOLWXG�GH�HVH�HVSDFLR�S~EOLFR�QDFLRQDO��R�HO�FRQMXQWR�GH� HVSDFLRV� S~EOLFRV� GH� XQ� SDtV�� GLUHFWDPHQWH� FRQVWLWX\H� OD� SROtWLFD� WHUULWRULDO� GHO� (VWDGR�� 3RU� HMHPSOR�� HQ� )UDQFLD� OD� FDQWLGDG� GH� HVSDFLRV� S~EOLFRV� DXPHQWy� VHJ~Q� OR� KDFtDQ� VXV� DGTXLVLFLRQHV�WHUULWRULDOHV��(Q�VX�WHVLV�FUtWLFD��3DXO�+DOOpLV����������SURSRQH��FyPR�HO�WHUULWRULR� HQ�WDQWR�TXH�IRUPD�GH�H[LVWHQFLD�FRQFUHWD�GHO�(VWDGR�QDFLyQ�PRGHUQR��DO�TXH�FDOLILFD�WDPELpQ� GH�FDSLWDOLVWD��HQ�XQD�LQYHQFLyQ��XQ�DUWLILFLR�MXUtGLFR�SROtWLFR�HODERUDGR�D�LQLFLRV�GHO�VLJOR�;;�� FRQ� HO� ILQ� GH� ³H[SOLFDU´� \� OHJLWLPDU� ORV� SURFHVRV� GH� ³GHILQLFLyQ´�� GH� XQLILFDFLyQ� \� GH� ³UDWLILFDFLyQ� GH� ORV� HVSDFLRV´� HIHFWXDGRV� SRU� HO� (VWDGR� \� SRU� OD� DGPLQLVWUDFLyQ�PRQiUTXLFD� UHYROXFLRQDULD� \� SRVUHYROXFLRQDULD�� VXFHVLYDPHQWH� �+DOOpLV�� ������� 6DEDWLHU�� VRVWLHQH� TXH� DGHPiV�VH�GHVSUHQGH�GH�VX�WHVLV��TXH�HO�HVSDFLR�S~EOLFR�HV�HO�HOHPHQWR�HVHQFLDO�GHO�WHUULWRULR�� FRVD�TXH�VH�FRPSUHQGH�VL�VH�FDH�HQ�OD�FXHQWD�GH�TXH�HQ�OR�TXH�VH�UHILHUH�D�WRGR�HVSDFLR�GDGR��HO� SRGHU� HVWDWDO� QR� OR� RFXSD� DGPLQLVWUDWLYDPHQWH� QL� OR� FRQVLGHUD� HQ� HO� iPELWR� GH� VX� IXQFLRQDPLHQWR�PiV�TXH� VL� OR�GHFODUD� VX\R�� HV�GHFLU�� ~QLFDPHQWH� VL� OR� LQFRUSRUD� DO� GRPLQLR� S~EOLFR��DO�XVR�GH�WRGRV��� � $Vt�� +DQQDK� $UHQGW� ��������� KD� LGHQWLILFDGR� OD� PDOOD� VRFLRSROtWLFD� GH� OD� GLYLVLyQ� GH� DFWLYLGDGHV�VHJ~Q�VH�WUDWD�HQWUH�OR�S~EOLFR�\�OR�SULYDGR�VXUJLGD�GHVGH�OD�DQWLJ�HGDG�JULHJD��<D� TXH� HVWXGLDU� ORV� iPELWRV� GHO� 'HUHFKR� LPSOLFD� GRV� SRVLFLRQHV�� OR� S~EOLFR� \� OR� SULYDGR�� (Q� PXFKRV� VHQWLGRV�� FXDQGR� VH� HVWDEOHFH� OD� GLFRWRPtD� GHO� VXMHWR�RUGHQ� SROtWLFR�� HQ� GRQGH� OR� SROtWLFR� VH� KD� FRQYHUWLGR� HQ� VLQyQLPR� GH� OR� S~EOLFR´� �/HJHQGUH�� ��������������� <� VRQ� SUHFLVDPHQWH�ODV�UHIHUHQFLDV��TXH�QHFHVDULDPHQWH�GHEHQ�GHMDUVH�HVWDEOHFLGDV�SDUD�FRPSUHQGHU� ODV�SRVWHULRUHV�LQWHUSUHWDFLRQHV�\�FRQFHSWXDOL]DFLRQHV�UHODWLYDV�DO�HVSDFLR�S~EOLFR�� � ,PDJHQ����/D�FRQILJXUDFLyQ�\�GHOLPLWDFLyQ�HQWUH�HVSDFLRV�S~EOLFRV�\�SULYDGRV� )XHQWH��5HYLVWD�DUTXLQH��������� � � �������&DUDFWHUL]DFLyQ�\�FRQFHSWXDOL]DFLyQ�GHO�HVSDFLR�S~EOLFR�� �$O�UHFXSHUDU�HO�VHQWLGR�HWLPROyJLFR�RULJLQDO�GHO� WpUPLQR�S~EOLFR��HQ� WDQWR�SXHEOR��\D�TXH�VH� HVSHUD� TXH� OD� UHV� S~EOLFD� VH� GLVSHUVH� HQWUH� HO� FXHUSR� VRFLDO� GHVSXpV� GH� KDEHU� VLGR� H[FOXVLYDPHQWH�SURORQJDFLyQ�GHO�FXHUSR�GHO�(VWDGR���<D�TXH�HV�D�SDUWLU�GH�HVWD�FRQFHSFLyQ��FRPLHQ]D�D�GHWHUPLQDUVH�HO�FDUiFWHU�SROtWLFR�TXH�GLVWLQJXH�OR�S~EOLFR�\�VXV�GHWHUPLQDQWHV�HQ�HO� HVSDFLR�\�HO�WHUULWRULR�GH�XQD�FLXGDG��� ������������������������������������������������� ���+DOOpLV��3���������³/¶LQYHQWLRQ�GX�WHUULWR��&ROHFFLyQ�&ULWLTXH�GX�'URLW��3UHVVHV´��8QLYHUVLWDLUHV�GH�*UHQREOH��*UHQREOH� � � �$UHQGW��+���������³/D�FRQGLFLRQ�GHO�KRPEUH�PRGHUQR´��&DS��,,�&DOPDQ�/HY\��3DUtV�WUDGXFFLyQ�� � � ���� 3UHFLVDPHQWH�� VH� WUDWD� GH� OD� LQWHJUDFLyQ� WDUGtD� TXH� KD� KHFKR� HO� 'HUHFKR� HQ� OD� GLVWLQFLyQ� S~EOLFR�SULYDGR�\�HO�VXUJLPLHQWR�FRUUHODWLYR�GH�HVWD�FDWHJRUtD��TXH�DO�PLVPR�WLHPSR�YLHUWH�HQ� HO�'HUHFKR�OD�LGHRORJtD�GHO�(VWDGR�QDFLRQDO�\�GD�VX�GLPHQVLyQ�VLPEyOLFD�D�XQ�WLSR�GH�HVSDFLR� TXH�OH�SHUWHQHFH��D�WUDYpV�GHO�MXHJR�GH�UHSUHVHQWDWLYLGDG��VH�FRQYLHUWH�DO�PLVPR�WLHPSR�HQ�HO� HVSDFLR�GH�WRGRV��3LHUUH�0RQWDO�\�3DWULFH�1RLVHWWH�D�GHILQHQ�HO�HVSDFLR�S~EOLFR�GH�OD�VLJXLHQWH� PDQHUD�� ³6H� SXHGH� FRQVLGHUDU� TXH� HO� HVSDFLR� S~EOLFR� HV� OD� SDUWH� GHO� GRPLQLR� S~EOLFR� VLQ� FRQVWUXFFLRQHV�� GHVWLQDGD� D� XVRV� S~EOLFRV�� (O� HVSDFLR� S~EOLFR� HVWi�� SXHV�� IRUPDGR� SRU� XQD� SURSLHGDG�\�XQD�DVLJQDFLyQ�GH�XVR´��)UDQoRLVH�&KRD\�\�3LHUUH�0HUOLQ��������� � $O�UHIHULUVH�D�OD�REUD�GH�%HQHGLFW�$QGHUVRQ���������&KULVWLQH�&KLYDOORQ�FDSWy�OD�QHFHVLGDG�TXH� WXYLHURQ�ORV�(VWDGRV�QDFLyQ�GHO�VLJOR�;,;�GH�SHUPLWLU�OD�H[LVWHQFLD�GH�VLWLRV�TXH�SXGLHUDQ�VHU� FRPSDUWLGRV� SRU� VXV�PLHPEURV� SDUD� SRGHU� FRQFUHWDU� VX� LGHRORJtD� FRPXQLWDULD� QDFLRQDO�� ³(O� DSRJHR�GH�ORV�HVSDFLRV�S~EOLFRV�SXHGH�DVRFLDUVH�D�XQD�XUEDQLGDG�PRGHUQD��OD�TXH�VH�GHVDUUROOy� HQ� ORV� HVWDGRV�QDFLyQ�� >/RV� HVSDFLRV� S~EOLFRV@� WLHQHQ� OD� GREOH� IXQFLyQ� GH� FRORFDU� HQ� XQD� VLWXDFLyQ�GH�FRSUHVHQFLD�D�LQGLYLGXRV�DQyQLPRV��DO�PLVPR�WLHPSR�TXH�GHVSOLHJDQ�ORV�FyGLJRV� QHFHVDULRV�SDUD�HO�VHQWLPLHQWR�GH�SHUWHQHQFLD´��*KRUUD�*RELQ��������������(O�HVSDFLR�S~EOLFR� VH� GHILQH�� DVt�� FRPR� HO� HVSDFLR� GHVWLQDGR� DO� XVR� UHSUHVHQWDWLYR� GH� WRGRV� GHVSXpV� GH� KDEHU� UHFLELGR� DXWRQRPtD� MXUtGLFD� HQ� HO� VHQR� GHO� FRQMXQWR� GHO� WHUULWRULR� �TXH� HV� RFXSDGR� SRU� XQ� GHWHUPLQDGR�JUXSR��VREUH�HO�TXH�VH�HMHUFH�GHO�SRGHU�SROtWLFR�� � (Q� UHVXPHQ�� D� SDUWLU� GH� HVD� VHULH� GH� DFRQWHFLPLHQWRV� GLUHPRV� TXH� OR� SROtWLFR� �\D� GHVGH� OD� DQWLJ�HGDG�� VH� KDEtD� LGHQWLILFDGR� FRQ� OR� S~EOLFR�� GHVSXpV� GH� WHUULWRULDOL]DUVH� �DGTXLULU� XQD�� H[SUHVLyQ� � \� XQD� UHIHUHQFLD� WHUULWRULDO"�� HQ� ODV� IRUPDV� VXFHVLYDV� TXH� HVHQFLDOPHQWH� WRPy� HO� (VWDGR�� \� SRU� LQWHUPHGLDFLyQ� GHO� 'HUHFKR�� WHRUL]y� \� EXVFy� VXVFLWDU� XQ� XVR� SDUD� WRGRV�� UHSUHVHQWDWLYR�GH� OD�QDFLyQ� �FRQMXQWR�GH�FLXGDGDQRV���GH�FLHUWRV�HVSDFLRV�FX\R�SURSLHWDULR�\� JDUDQWH�HV�HO�(VWDGR��3HUR�D�SDUWLU�GH�HVH�PRPHQWR��D�PHGLDGRV�GHO�VLJOR�;,;���OD�FRQFUHFLyQ� GH� HVH� XVR� \D� QR� GHSHQGH� GHO�'HUHFKR� VLQR� GH� ODV� SUiFWLFDV� VRFLDOHV��&RPR�SRU� HMHPSOR� OD� FLUFXODFLyQ� VREUH� ODV� FDOOHV�� OD� JHQHUDFLyQ� GH� HVSDFLR� GH� tQGROH� S~EOLFR�� WDOHV� FRPR� SOD]DV�� SDUTXHV��HWF��D~Q�FXDQGR�FRQ�FDUDFWHUtVWLFDV�GLIHUHQWHV�D�ODV�GH�ORV�DFWXDOHV��SHUR�HV�DKt�GRQGH� WLHQH�VX�RULJHQ���'HELGR�D�OD�QHFHVLGDG�GH�HVWDEOHFHU��/D�LGHD�GH�TXH�LQLFLDOPHQWH�HO�'HUHFKR� LQVWLWX\H�ODV�SUiFWLFDV�VRFLDOHV�UHODFLRQDGDV�FRQ�HO�(3�PH�SDUHFH�HTXLYRFDGD��PDV�ELHQ�FRPR� TXH� ODV� FRPLHQ]D� D� UHJXODU� \� QRUPDU�� DVt�� HO� KHFKR� GH� TXH� VHD� D� SDUWLU� GHO� V�� ;,;� TXH� LQWHUYLHQHQ� ODV�FLHQFLDV�VRFLDOHV��HV�FDVL�REYLR��\D�TXH�DQWHV�QR�H[LVWtDQ��QR�HV�HO�FDVR�GH� OD� *HRJUDItD�TXH�KRPRORJD�OR�S~EOLFR�FRQ�³QDWXUDOH]D´��OLJDGR�DO�FRQFHSWR�GH�WHUULWRULR�UXUDO�R� FDPSR��\�DO�RULJHQ�GH�QRFLRQHV�GH�DJULFXOWXUD�\�FXOWXUD���3XHGH�GHFLUVH�TXH�GHVGH�HQWRQFHV�HO� 'HUHFKR�FHGHUi�VX�OXJDU��¢��DO�UHVWR�GH�ODV�GLVFLSOLQDV�TXH�LQWHJUDQ�ODV�FLHQFLDV�VRFLDOHV��HQ�OR� TXH�WRFD�D�OD�GHILQLFLyQ�GH�ORV�VLJQLILFDGRV�TXH�DEDUFDUi�HO�HVSDFLR�S~EOLFR��XQD�YH]�FRQVWUXLGR� VREUH�XQD�EDVH�GH�DGTXLVLFLyQ�UHDOL]DGD�SRU�HO�(VWDGR�SRU�PHGLR�GHO�'HUHFKR��HO�VLJQLILFDGR� GHO�HVSDFLR�S~EOLFR�VH�LUi�GHVOL]DQGR�KDFLD�RWUDV�GLVFLSOLQDV�� � $Vt�� SDUHFH� HYLGHQWH� OD� IRUPD� HQ� TXH� SDVD� HO�HVSDFLR� S~EOLFR�WHUULWRULR� DO� LGHDO� GHO�HVSDFLR� S~EOLFR�UHSUHVHQWDWLYR��OXHJR�D�VX�FRQFUHFLyQ�R�QR��HQ�ORV�VLWLRV�XUEDQRV�GHELGR�D�ODV�SUiFWLFDV� VRFLDOHV�� \� SRU� WDQWR� DO� MXHJR� GH� OD� HVFDOD� QHFHVDULD� TXH� VH� LQVWDXUD� HQWUH� HVSDFLR� S~EOLFR� QDFLRQDO�\�HVSDFLR�S~EOLFR�ORFDO���� ������������������������������������������������� � � &LWDGR�SRU�)UDQoRLVH�&KRD\�\�3LHUUH�0HUOuQ��³8723,$6�<�5($/,'$'(6´ � �,GHP��� � � ���� � /D� LQYHVWLJDFLyQ� XUEDQD� VH� FRQFHQWUD� HVHQFLDOPHQWH� HQ� ORV� HVSDFLRV� TXH� FRPSHWHQ� D� OD� FDWHJRUtD�GH�OR�S~EOLFR��VHJ~Q�TXLHQ"�(VWR�HV�SRVLEOH"���/D�FRQIXVLyQ�DSDUHFLy�UHFLHQWHPHQWH�� FXDQGR� OD� LQYHVWLJDFLyQ� XUEDQD� WRPy� HQ� FXHQWD� OD� FRQVROLGDFLyQ� GHO� VHFWRU� SULYDGR� HQ� OD� SODQHDFLyQ� XUEDQD�� &RPR� VL� VH� WUDWDUD� GH� QR� SHUGHU� HO� KLOR� FRQGXFWRU�� HO� GHVDUUROOR� GH� ORV� HVSDFLRV�FRQ�VWDWXV�MXUtGLFR�SULYDGR�IXH�LQWHUSUHWDGR�FRPR�XQD�³SULYDWL]DFLyQ�GH�ORV�HVSDFLRV� S~EOLFRV´�� �(Q� TXp� FDVRV"�� FLWD� XQR� R� GRV� HMHPSORV� GRQGH� VH� REVHUYH� HVWD� DILUPDFLyQ�� FRQ� UHIHUHQFLD�GH� DXWRU�� \� OXHJR�FRPHQWD� ODV� LPSOLFDFLRQHV�� SXHGH� VHU� HO� OLEUR�GH� -RUJH� -LPpQH]� ³/D� WUD]D� GHO� SRGHU´� �(G�� 'pGDOR�������� (VWR� PXHYH� D� XQD� UHIOH[LyQ� PDV� DPSOLD�� VL� FRQVLGHUDPRV� TXH� HO� WHUULWRULR� FDPELD� GH� HVWDWXV� FRQ� ODV� WUDQVIRUPDFLRQHV� KLVWyULFDV� GH� OD� VRFLHGDG��IHXGDOLVPR�D�FDSLWDOLVPR��SRU�HMHPSOR���PLHQWUDV�TXH�HQ�OD�(GDG�0HGLD��HO�WHUULWRULR� HV� FRQFHELGR� FRPR�SDUWH� GH� ORV� ELHQHV�GH�XQ�PRQDUFD�� REWHQLGR�SRU� FRQTXLVWD� R�SRU� JUDFLD� GLYLQD�\�QHJRFLDGR�FRQ�HO�FOHUR��HQ�HO�FDSLWDOLVPR�HO�SHQVDPLHQWR�OLEHUDO�\�HO�'HUHFKR�VXUJLGR� DO� FDORU� GH� OD� UHYROXFLyQ� IUDQFHVD�� DVLJQDQ�� FRPR� \D� LQGLFDVWH�� OD� SURSLHGDG� GHO� WHUULWRULR� QDFLRQDO� �VLF�� D� OD� 1DFLyQ� \� OR� SRQH� HQ� PDQRV� GHO� (VWDGR�� TXLHQ� HQ� WRGR� FDVR� OR� SXHGH� HQDMHQDU��SULYDWL]DU�R�H[SURSLDU�FRQ�ILQHV�GH�³XWLOLGDG�S~EOLFD´��HVWR�KDFH�TXH�OD�UHODFLyQ�HQWUH� OR�S~EOLFR�\�OR�SULYDGR�VHD�PDV�HVWUHFKD��\�TXH�HO�8UEDQLVPR�GHED�WRPDUOR�HQ�FXHQWD��SDUD�HO� DQiOLVLV�\�SDUD�VXV�HPSUHVDV�GH�RUGHQDPLHQWR��(VWD�DFODUDFLyQ�SHUPLWH�OLJDU�HVWH�DSDUWDGR�FRQ� HO�VLJXLHQWH��� � ������� (O� FDVR� IUDQFpV�� DQiOLVLV� GH� ODV� DSRUWDFLRQHV� GHO� 'HUHFKR� HQ� HO� PDUFR� GH� OD� *HRJUDItD�8UEDQD�� �7RPDQGR� FRPR� HMHPSOR� HO� FDVR� GH� )UDQFLD� DQDOL]DGR� SRU� 6DEDWLHU�� HQ� HO� TXH� GLFH� HQ� XQD� SULPHUD�HWDSD��³HO�SULQFLSLR�GHO�WUDEDMR�FRPXQDO�WtSLFR�GH�OD�FLXGDG��VH�FRQVWLWX\y�OHQWDPHQWH� \�OXHJR�VH�IRUPDOL]y�D�WUDYpV�GH�HGLFWRV��GHVOLQGHV�FRQWUD�ORV�GHUHFKRV�GH�ORV�FODQHV�\�GH�ODV� JUDQGHV�IDPLOLDV�QREOHV��KDVWD�SDVDU�D�IRUPDU�SDUWH��GXUDQWH�HO�DQWLJXR�UpJLPHQ��GH�ORV�ELHQHV� GH� OD� FRURQD´��(Q� HO�PLVPR�FDVR�GH� OD� LQFRUSRUDFLyQ�DO� GRPLQLR�GH� OD� FRURQD�GH� ODV� WLHUUDV� H[SURSLDGDV�D�ORV�QREOHV�GH�OD�)URQGD��3DXO�+DOOpLV�GHWHUPLQD�FyPR��HQ�HO�VLJOR�;9,�HQ�YLUWXG� GHO� GHUHFKR� D� OD� YLDOLGDG�� OD� FRURQD� DVXPLy� HO� FDUJR� GH� ORV� FDPLQRV� YHFLQDOHV� HQ� HO� FDPSR� IUDQFpV��XQR�GH�ORV�DFWRV�TXH�GLR�RULJHQ�D�OD�DGPLQLVWUDFLyQ�GH�FDPLQRV�\�SXHQWHV��3RU�ILQ�D� SULQFLSLRV�GHO�VLJOR�;,;��OD�LQYHUVLyQ�MXUtGLFD�GH�OD�QRFLyQ�GH�³YtD�S~EOLFD´�SHUPLWH�FRGLILFDU�D� OD�SROLFtD�HQ�ODV�FDOOHV�GH�3DUtV��/DQGDX���������(Q�HVWH�VHQWLGR��FRPR�WHUULWRULR�QDFLRQDO��GHO� FXDO�HV�SDUWH�FRQVWLWXWLYD�HVHQFLDO���HO�HVSDFLR�S~EOLFR�IXH�SURGXFLGR�VLQ�PiV�SRU�XQ�FXHUSR�GH� (VWDGR�DQWHV�GH�VHU�WHRUL]DGR�SRU�HO�'HUHFKR�S~EOLFR��� � )LJXUD�����'HOLPLWDFLyQ�SROtWLFR�DGPLQLVWUDWLYD�GHO�WHUULWRULR��SRUTXp�HO�')�VL�KDEODV�GH�)U�"�� )XHQWH��0HWURSROLV��������� 8Q�SULPHU�SDVR�KDFLD�XQD�UHSUHVHQWDWLYLGDG�PDV�LPSRUWDQWH�GHO�HVSDFLR�S~EOLFR�VH�GD�FRQ�OD� OHJLVODFLyQ� UHYROXFLRQDULD� IUDQFHVD�� OD� FXDO� GHILQH� HO� FRQMXQWR� GH� ODV� SURSLHGDGHV� S~EOLFDV� FRPR� ³GRPLQLR� GH� OD� QDFLyQ´� �GHFUHWR� GHO� ��� GH� QRY��� GH� GLFLHPEUH� ����"""��� 3HVH� D� HVWD� WUDQVIHUHQFLD�GHO�GRPLQLR�GH�OD�FRURQD�D�OD�QDFLyQ��WRGDYtD�QR�VH�KDFH�SDWHQWH�OD�QHFHVLGDG�GH� QRWLILFDU� FLHUWRV� ELHQHV� �\� SRU� HQGH� FLHUWRV� HVSDFLRV��GH� SURSLHGDG� S~EOLFD� TXH� GHEHQ� HVWDU� HVSHFtILFDPHQWH�GHVWLQDGRV�DO�XVR�GH�VXV�PLHPEURV��(V�HQWRQFHV�TXH�FRPLHQ]D�HO�GHVDUUROOR�\� FRQIOLFWR�HQWUH�HO�GRPLQLR�TXH�WHQGUi�FDGD�XQR�GH�ORV�LQWHJUDQWHV�GHO�(VWDGR�VREUH�VX�WHUULWRULR� \�GHO�GHUHFKR�TXH�SRU�XVR��GHO�GRPLQLR�S~EOLFR��HQ�WDQWR�LQWHJUDQWHV�GH�VX�VRFLHGDG�QDFLRQDO�� � � ���� � -XUtGLFDPHQWH� VH� UHFRQRFHQ�HVWRV� �¢FXDOHV"��GHUHFKRV��SRVWHULRUPHQWH��XQD�YH]�TXH�\D� VH�KD� GHFODUDGR�OD�YDOLGH]�\�GLIHUHQFLD�HQWUH�ORV�GRPLQLRV�S~EOLFR�\�SULYDGR��GHO�WHUULWRULR��OD�QDFLyQ� \�HO�SRGHU�SROtWLFR�EDMR�OD�OHJLWLPLGDG�VRFLDO��� � 6LQ� HPEDUJR�� HO� &yGLJR� &LYLO� GH� 3DUtV� SURPXOJDGR� HQ� ������ WRGDYtD� QR� UHFRQRFH� XQ� XVR� SDUWLFXODU�D�ORV�HVSDFLRV�S~EOLFRV��(Q�HVH�PRPHQWR�FXDQGR�HO�HVSDFLR��KDVWD�HQWRQFHV�WHUULWRULR� REMHWR�GHO�SRGHU�SROtWLFR��VH�FRQYLHUWH�HQ�VtPEROR�HQ�YLUWXG�GH�TXH�ORV�³FDPLQRV�S~EOLFRV��ODV� FDOOHV�\� ODV�SOD]DV�GH� ODV� FLXGDGHV��\�HQ�JHQHUDO�� WRGDV� ODV�SRUFLRQHV�GHO� WHUULWRULR�QDFLRQDO´� �$UWLFXOR���GHO�GHFUHWR�GH�������TXH�VH�FRQVLGHUDQ�GHSHQGLHQWHV�GH�HVWH�QXHYR�UpJLPHQ��HVWiQ� D�SDUWLU�GH�DTXt�VROHPQHPHQWH�³DVLJQDGRV�DO�XVR�GH�WRGRV´�FRQ�HO�ILQ�GH�QRWLILFDU�TXH�SHUWHQHFH� WDQWR�PHQRV�D�OD�FROHFWLYLGDG�QDFLRQDO�FRPR�DO�SRGHU�S~EOLFR��\�VLQ�HPEDUJR��SXHGH�GLVSRQHU� GH�HOORV�FRPR�VL�IXHUDQ�GH�VX�GRPLQLR�SULYDGR��VLQR�SRU�HO�FRQWUDULR��GHEH�JDUDQWL]DU�HQ�HOORV� ODV�FRQGLFLRQHV�QHFHVDULDV�SDUD� OD� LGHQWLILFDFLyQ�\�SDUD� OD�YLGD�FRWLGLDQD��$Vt�SXHV�«HVWH�VH� DSOLFDED�D�ORV�ELHQHV�REMHWR�GH�XVR�FROHFWLYR��HV�GHFLU��XWLOL]DGRV�GH�PDQHUD�FRP~Q�\�DQyQLPD� SRU� OD� WRWDOLGDG� R� FDVL� OD� WRWDOLGDG� GH� ORV� DGPLQLVWUDGRV�� FLUFXODFLyQ� GH� SHDWRQHV� \� GH� DXWRPyYLOHV� SRU� ODV� YtDV� S~EOLFDV� WHUUHVWUHV�� SDVHRV� \� FKDSX]RQHV� HQ� ODV� RULOODV� GHO� PDU�� IUHFXHQWDFLyQ�GH�ORV�HGLILFLRV�UHOLJLRVRV�SRU�ORV�ILHOHV��HWF�´��'XIDX������������� � &RQ� HO� UHFRQRFLPLHQWR� GH� OD� GHFODUDFLyQ� SDUD� XVR� S~EOLFR� GH� FLHUWRV� HVSDFLRV� GH� SURSLHGDG� S~EOLFD��OD�WHRUtD�MXUtGLFD�DTXt�VH�XQH�D�OD�ILORVRItD�\�D�OD�FLHQFLD�SROtWLFD��³7RGD�FROHFWLYLGDG� KXPDQD�QHFHVLWD�� SDUD� H[LVWLU� FRPR� WDO�� XQ� HVSDFLR� DELHUWR�� OXJDU�GH� LQWHUFDPELRV� VRFLDOHV�\� WDPELpQ�PHWiIRUD�GH�OD�XQLGDG�GHO�JUXSR´��/DYLDOOH����������� �&XDQGR�HV�XQD�FLWD�PX\�ODUJD�FRQYLHQH�SRQHU�SRU�VHSDUDGR�\�UHIHULU�HQ�XQ�WH[WR�SURSLR�OR�TXH� VH�FRQFOX\H�GH�HOOD�� )RWR�����&RQILJXUDFLyQ�XUEDQD�GH�OD�FLXGDG��¢""�3DUtV�� )XHQWH��)RWRJUDItD�DpUHD���%LEOLRWHFD�6(3,�(6,$�� �� 00$$55&&22��77((ÏÏ55,,&&22��&&2211&&((337788$$//��� �����(/�(63$&,2�3Ò%/,&2�<�/$�9,6,21�08/7,'6&,3/,1$5,$� � �������'HO�HVSDFLR�S~EOLFR�XUEDQR�GH�+DEHUPDV�DO�GH�+DQVHQ�� (QWUH� ORV�DxRV������\�������VH�GLIXQGLy� OD�H[SUHVLyQ�³HVSDFLR�S~EOLFR´�HQWUH� ODV�GLVFLSOLQDV� FX\D� LQYHVWLJDFLyQ� JLUD� PD\RUPHQWH� DOUHGHGRU� GH� OD� FLXGDG� �$UTXLWHFWXUD�� 8UEDQLVPR�� 6RFLRORJtD�8UEDQD��$QWURSRORJtD�8UEDQD�\�*HRJUDItD�8UEDQD���&RQWUDULDPHQWH�D�OR�H[SXHVWR� SRU�+DEHUPDV�� UHVSHFWR�GH� ORV�SURFHVRV�GH�FRQVWUXFFLyQ�GH� OD�RSLQLyQ�S~EOLFD�� VH�FRQVLGHUD� DTXt�HO�DVSHFWR�PDWHULDO�FRQFUHWR�GH�ODV�FDOOHV�\�ODV�SOD]DV�S~EOLFDV��D�ODV�TXH�VH�KDQ�DxDGLGR� ORV� ³HVSDFLRV� OLEUHV´� R� DELHUWRV�� SURGXFWR� GHO� XUEDQLVPR� IXQFLRQDOLVWD�� SDUD� UHFRQRFHU� ORV� HVSDFLRV� HVHQFLDOPHQWH� XUEDQRV� GH� XVR� S~EOLFR� TXH� VXSXHVWDPHQWH� JHQHUD� HO� ³HVWDU� MXQWRV´� QDFLRQDO�� VL� QR� HV� TXH� OD� FRSUHVHQFLD� GH� ORV� LQGLYLGXRV� HQ� HVWH� ³HVSDFLR� S~EOLFR´� KD� VLGR� FRQYRFDGR�FDGD�YH]�PDV�SDUD�TXH�GHVHPSHxHQ�HO�SDSHO�GHO�UHWR�RSHUDWLYR�\�GH�LQYHVWLJDFLyQ��� � (VWH� SURFHVR� FRPHQ]y� D� SULQFLSLRV� GH� OD� GpFDGD� GH� ����� HQ� (VWDGRV� 8QLGRV�� FRQ� OD� FRQVWDWDFLyQ� FUtWLFD� GH� -DQH� -DFREV� ������� VREUH� OD� GHJUDGDFLyQ� VRFLDO� GH� ORV� HVSDFLRV� � � ���� S~EOLFRV�� OD� FDOOH� HQ� SDUWLFXODU�� \� 5LFKDUG� 6HQWp� �������� TXLHQ� DWULEX\H� OD� GHFDGHQFLD� GHO� HVSDFLR� S~EOLFR� DO� XUEDQLVPR� IXQFLRQDOLVWD�� PLHQWUDV� TXH� HQ� HO� PLVPR� LPSXOVR� UHDFWLYR� HQ� FRQWUD� GHO� IXQFLRQDOLVPR� VXUJH� HO� GHEDWH� HQ�(XURSD�� VyOR� TXH� DOOt� FRQ� RWUD�PRGDOLGDG� �PDV� LQVWLWXFLRQDOL]DGD�\�RSHUDWLYD���OD�LPSXJQDFLyQ�TXH�UHDOL]D�OD�FRPXQLGDG�HQ�HO�FDPSR�WHyULFR�\� VREUH�WRGR�VXV�FRQVHFXHQFLDV��HQ�WpUPLQRV�GH�RSHUDFLyQ�\�HVSHFLDOL]DFLyQ�GH�ORV�HVSDFLRV��OD� FUtWLFD�FREUy�IXHU]D�HQ�(XURSD�HQ�IDYRU�GHO�UHWR�XUEDQR��XQ�SULPHU�UHGHVFXEULPLHQWR�GHO�SDSHO� GH� ODV� YLUWXGHV� GHO� HVSDFLR� S~EOLFR�� VH� RULJLQD� D� PHGLDGRV� GH� OD� GpFDGD� GH� ����� HQ� HO� GHVSOLHJXH� GH� OR� TXH� HQ� )UDQFLD� VH� OODPD� µQXHYDV� SROtWLFDV� XUEDQDV¶� TXH� VH� PH]FODQ� FRQ� LPSRUWDQWHV�PDWLFHV� HQWUH� ODV� FLXGDGHV�� FRPR� VRQ�� HO� LQWHUpV� GHO� SDWULPRQLR� FRQVWUXLGR� \� HO� SDLVDMH� XUEDQR�� OD� GHIHQVD� GH� ORV� FHQWURV� WUDGLFLRQDOHV� HQ� VX� IXQFLyQ� FRPHUFLDO� �FDOOHV� SDUD� SHDWRQHV���OD�FRQVHUYDFLyQ�GH�XQD�FLHUWD�PL[WXUD�VRFLDO�\�ORV�SULPHURV�SDVRV�GH�XQD�SROtWLFD�GH� GHVSOD]DPLHQWR�XUEDQR�PHQRV�IDYRUDEOH�DO�XVR�GHO�FRFKH��5H\�\�6pOOHU������������� � 'H� HVWD� IRUPD�� ORV� HVSDFLRV� S~EOLFRV� IXHURQ� HO� Q~FOHR� GH� FLHUWRV� SUREOHPDV� XUEDQRV� WDOHV� FRPR��VHGHV�GH�PDQLIHVWDFLRQHV�VRFLDOHV��OXJDU�GH�H[SUHVLyQ�\�PDQLIHVWDFLyQ�GH�OD�RFXSDFLyQ� SDUD�XVRV�GH�XQD�tQGROH�GLIHUHQWH�SDUD�OD�TXH�KDEtDQ�VLGR�FUHDGRV��HO�DFDSDUDPLHQWR�SRU�SDUWH� GH� TXLHQHV� GHWHQWDQ� HO� GRPLQLR� SULYDGR� SDUD� HO� FRQWURO� \� PDQHMR� GH� ORV� XVRV� GH� GRPLQLR� S~EOLFR��R�ORV�GHVWLQDGRV�D�VHU�UHKDELOLWDGRV�\�UHYLWDOL]DUORV�� � /D�UHIHUHQFLD�REOLJDGD�GH�+DEHUPDV� �/D�REUD�/¶HVSDFH�SXEOLF�GH�+DEHUPDV���������������VXVFLWD�UHIOH[LRQHV�FRQWUDGLFWRULDV�VREUH� HO� SDSHO� GHO� HVSDFLR� JHRJUiILFR� HQ� RWUDV� GLVFLSOLQDV� DMHQDV� D� OD� VRFLRORJtD�� 6LQ� HPEDUJR� HV� UHIHUHQFLD�REOLJDGD�HQ�HO�PDUFR�WHyULFR�GHO�HVSDFLR�XUEDQR��SHVH�D�TXH�VX�DQiOLVLV�HV�SDUFLDO�HQ� WDQWR�TXH�HVWi�GLULJLGR�D�OD�FUtWLFD�GH�XQD�FODVH�VRFLDO��OD�EXUJXHVtD���� � (V� LPSRUWDQWH� VHxDODU� TXH� QR� KDUHPRV� XQD� OHFWXUD� FUtWLFD� GH� OD� REUD� GH� -�UJXHQ�+DEHUPDV� ��������VLQR�TXH�SUHVHQWDPRV�HO�SUREOHPD�TXH�pO�SODQWHy�HQ�VX�PRPHQWR�UHVSHFWR�DO�HVSDFLR� S~EOLFR�� \� TXH� FRQVLVWH� HQ� OD� ³WUDVFHQGHQFLD´�� \D�TXH� D� GLIHUHQFLD� GH� ORV� HVWXGLRV�KLVWyULFRV� FRQYHQFLRQDOHV��QR�VH�SUHRFXSD�SRU�ORV�PRGRV�GH�DSURSLDFLyQ�GHO�HVSDFLR�OLJDGRV�DO�GHVDUUROOR� GH�OD�LGHRORJtD�GH�OD�EXUJXHVtD�GHO�VLJOR�;9,,,��TXH�DQDOL]D��VLQR�TXH��FRQFLEH�DO�³HVSDFLR´�HQ� XQ� VHQWLGR�PHWDIyULFR� GH� DFFLyQ�� FX\D� ILQDOLGDG� HV� DQWH� WRGR� OD� FRPXQLFDFLyQ�� HQ� OD� TXH� VH� HODERUD�XQ�GHEDWH�GH�RSLQLyQ�SHUR�DMHQR�D�ODV�LQTXLHWXGHV�GHO�SRGHU�S~EOLFR��3RU�RWUD�SDUWH��\� VREUH� WRGR�� SRUTXH�+DEHUPDV� LQWHJUD� FLHUWRV� HOHPHQWRV� GH� OD� ILORVRItD�.DQWLDQD� �XQR� GH� ORV� FXDOHV� HV� HO� XVR� FUtWLFR� GH� OD� UD]yQ� SDUD� OD� IRUPDFLyQ� GH� OD� RSLQLyQ� S~EOLFD�� TXH� HOHYDQ� VX� FRQFHSFLyQ�GHO�HVSDFLR�S~EOLFR�DO�UDQJR�GHO�PRGHOR�VRFLRSROtWLFR��PDV�SUHFLVDPHQWH�GHO�LGHDO� WHyULFR�SURJUHVLVWD��D�OD�PDQHUD�GH�ILOyVRIR�GH�OD�LOXVWUDFLyQ�� � (VH�FDUiFWHU�WUDVFHQGHQWH�HQ�OD�FRQFHSFLyQ�KDEHUPDVLDQD�GH�OD�H[SUHVLyQ�³HVSDFLR�S~EOLFR´�HV� DGPLWLGR�JHQHUDOPHQWH��SHUR�SODQWHD�SUREOHPDV�D�OD�JHRJUDItD�SRUTXH�ODV�LGHDV�GH�+DEHUPDV�\� VX� FRQFHSFLyQ� GH� DTXHOOR� TXH� HV� HO� HVSDFLR� S~EOLFR�� VH� IXQGLHURQ�PDVLYDPHQWH� D� WUDYpV� GH� RWUDV� GLVFLSOLQDV�� OR� TXH� SHUPLWLy� TXH� DOJXQRV� JHyJUDIRV� XUEDQRV� FXHVWLRQDUDQ� OD�PDQHUD� HQ� TXH�HO�HQIRTXH�GH�+DEHUPDV�DERUGD�OD�GLPHQVLyQ�HVSDFLDO��+DQFRFN��������� � +DEHUPDV�QR�HVWDED�VLPSOHPHQWH�SUHRFXSDGR�SRU�OR�TXH�SXGLHUDQ�VHU�ODV�UHDOLGDGHV�HVSDFLDOHV� GH�OD�HVIHUD�S~EOLFD��SHUR�QHFHVDULDPHQWH�VH�UHILHUH�D�HOODV�GH�XQ�PRGR�X�RWUR��/D�HODERUDFLyQ� GH� WHRUtDV� R� PRGHORV� �VRFLDOHV� R� SROtWLFRV�� VLQ� XQ� FRQWH[WR� KLVWyULFR� VRQ� IUHFXHQWHV�� (O� GH� � � ���� +DEHUPDV�TXHGD�FRQVWLWXLGR�SRU� ORV� LQWHULRUHV�GH� ORV� VDORQHV�\�FDIpV�GRQGH� WLHQHQ� OXJDU� ORV� GHEDWHV� ³S~EOLFRV´��6XV� UHIHUHQFLDV� D�RWURV� WLSRV�GH� HVSDFLRV�JHRJUiILFRV� VRQ�SRFR�SUHFLVDV�� SHUR�VX�H[LVWHQFLD�GHPXHVWUD�TXH�HO�HVSDFLR�FRPR�OXJDU�GH�DFFLyQ�HV�XQ�UHIHUHQWH�LPSOtFLWR��� � (V�SUHFLVDPHQWH�OD�LGHD�TXH�FRQYLHQH�UHWRPDU�HQ�HVWH�DQiOLVLV��OD�UHIOH[LyQ�HQ�HO�FRQWH[WR��GH� XQ�SDtV�GHO�SULPHU�PXQGR��FRPR�)UDQFLD��\�OD�HODERUDFLyQ�WHyULFD�TXH�IRUPXOD�+DEHUPDV�GHO�HVSDFLR��TXH�YD�FRQIRUPDQGR�ORV�DVSHFWRV�GH�ORV�DQWHFHGHQWHV�TXH�GHWHUPLQDQ�ORV�GRPLQLRV�GH� OD� SURSLHGDG� \� XVR�� DVt� FRPR� GH� OD� FRPXQLFDFLyQ�� OR� TXH� FRQVWLWX\H� HO� IXQGDPHQWR� SDUD� SRVWHULRUPHQWH�HQWHQGHUORV�HQ�RWURV�FRQWH[WRV��� � 3DUWLFXODUPHQWH� HQ� )UDQFLD�� &KULVWRSKHU� %HWLQ� ������� PXHVWUD� TXH� HO� HVSDFLR� S~EOLFR� VH� FRQYLHUWH� HQ� ORV� DxRV� ����� HQ� ³HO� REMHWR� GH� XQD� UHIOH[LyQ� VREUH� ORV� UROHV� GH� OD� YLGD� GH� OD� FLXGDG´��TXH� LPSXOVDUi�HQ�PD\RU�PHGLGD� OD� LQYHVWLJDFLyQ�XUEDQD��$�SDUWLU�GH�HVH�PRPHQWR�� ³GRV� RULHQWDFLRQHV� FRQIOX\HQ�� SRU� XQD� SDUWH� ODV� VRFLDELOLGDGHV� S~EOLFDV� \� SRU� OD� RWUD� ORV� GLVSRVLWLYRV�HVSDFLDOHV�\�ODV�SUiFWLFDV�VRFLDOHV��YDQ�D�FRKDELWDU� LQVWLWXFLRQDOPHQWH�HQ�HO�VHQR� GH�OD�LQYHVWLJDFLyQ�XUEDQD�SDUD�KDFHU�GH�HVWD�WHPiWLFD�HO�REMHWR�GHO�GLiORJR�HQWUH�HO�FDPSR�GH� ODV� FLHQFLDV� VRFLDOHV� \� HO� FDPSR� GH� OD� RUJDQL]DFLyQ� XUEDQD�� ,VDDF� -RVHSK� �����"�� SXGR� FRQVWDWDU�HO�DEDQLFR�GH�SRVLELOLGDGHV�GH�LQYHVWLJDFLyQ�TXH�KD�DELHUWR�HO�HVSDFLR�S~EOLFR��³«�OD� QRFLyQ� GH� HVSDFLR� S~EOLFR�� D� YHFHV�PHWiIRUD� GH� OD� FLXGDG� FRPR� OXJDU� GH� HQFXHQWURV�� GH� OD� FLXGDG�FRPR�FHQWUR�GH�GHEDWH�SROtWLFR�\�GH� OD� VRFLHGDG�XUEDQD�FRPR�VRFLHGDG�GHPRFUiWLFD�� SDUHFH�JLUDU�HQ�WRUQR�D�XQD�VROD�SDODEUD�XQ�WHPD�GH�LQYHVWLJDFLyQ�LQILQLWDPHQWH�DPSOLR�SRU�VXV� REMHWRV�\�VXV�WHUUHQRV´����������� +DVWD�DTXt�VRQ�HYLGHQWHV�ORV�GLIHUHQWHV�FRQWH[WRV�HQ�TXH�ODV�DSRUWDFLRQHV�WHyULFDV��PDQLILHVWDQ� OD�LPSRUWDQFLD�\�FRQFRUGDQFLD�HQWUH�ORV�DVSHFWRV�MXUtGLFRV�WHUULWRULDOHV�GHO�GRPLQLR�GHO�HVSDFLR� S~EOLFR�\�OD�PDQHUD�HQ�TXH�KD�FRQWULEXLGR�D�VX�WUDWDPLHQWR�HO�GHVDUUROOR�HQ�RWURV�SDtVHV��FRPR� )UDQFLD� �FDVR� HVSHFtILFR� GHO� HMHPSOR��� (VWD� EUHYH� DSUR[LPDFLyQ�� GD� RULJHQ� D� SUHVHQWDU� XQD� SRVWXUD�� GHVGH� OD� SHUVSHFWLYD� DQWURSROyJLFD� GH� DXWRUHV� TXH� DQDOL]DQ� DOJXQRV� DVSHFWRV� UHOHYDQWHV�GH�HVWD�PRGDOLGDG�GHO�HVSDFLR�FRQ�XQD�KHUUDPLHQWD�GLIHUHQWH�SDUD�ORJUDU�XQ�PD\RU� DFHUFDPLHQWR�DO�REMHWR�GH�HVWXGLR�� � ������8QD�UHYLVLyQ�GH�SURSXHVWDV�FRQFHSWXDOHV�DQWURSROyJLFDV�� 3DUD� *RIPDQ� ������� HO� FDUiFWHU� S~EOLFR�� HQ� WDQWR� ODV� UHODFLRQHV� VRFLDOHV� TXH� DGTXLHUHQ� LPSRUWDQFLD�� FXDQGR� ODV� VLWXDFLRQHV� HQ� TXH� HVWiQ� SUHVHQWHV� YDULRV� LQGLYLGXRV� R� JUXSRV� �FRSUHVHQFLD��PDQLILHVWDQ� OD� FRKHVLyQ�� DVt� FRPR�+DEHUPDV�� QR� VH� LQWHUHVD�SRU� HO� HVSDFLR� HQ� ItVLFR�\�PHQRV�D~Q�SRU�OD�VLWXDFLyQ�MXUtGLFD�R�OD�SURSLHGDG�GH�ORV�HVSDFLRV���VLQR�HVWULFWDPHQWH� SRU� ODV� SUiFWLFDV� PLFUR� VRFLDOHV�� 6LQ� HPEDUJR�� SURORQJDQGR� VX� SHUVSHFWLYD� VRFLROyJLFD�� OD� VRFLHGDG� XUEDQD� KD� GHPRVWUDGR� GH� IRUPD� PDV� JHQHUDO� TXH� ODV� PRGDOLGDGHV� GH� FRSUHVHQFLD� FRQVWLWXtDQ�XQ�LQGLFDGRU�FRWLGLDQR�GH�HVWDU� MXQWRV��GH�FLXGDGDQtD�\�GH�XUEDQLGDG��DVt��SRFR�D� SRFR� VH� VXVFLWy�� RWUD� GHILQLFLyQ� GH� HVSDFLR� S~EOLFR� FRPR� HO� FRQMXQWR� GH� VLWLRV� GRQGH� VH� SURGXFHQ� UHODFLRQHV� HQWUH� ORV� LQGLYLGXRV� TXH� GDQ� LQIRUPDFLyQ� VREUH� OD� XUEDQLGDG�� VREUH� ODV� UHDOLGDGHV�VRFLDOHV���(VWi�PDO�UHGDFWDGR��QR�VH�HQWLHQGH�QDGD�� � ������������������������������������������������� � � 6$%$7,(5� %UXQR�� $SRUWDFLRQHV� GHO� GHUHFKR� DO� DQiOLVLV� JHRJUiILFR� GH� ODV� VXFHVLYDV� UHDOLGDGHV� GHO� HVSDFLR� S~EOLFR��5HYLVWD� 75$&(�� 7UDYDX[� HW� 5HFKHUFKHV�(;3(5,(1&,$�0(75232/,7$1$�<�&,8'$'$1$�'LFLHPEUH������1R������3����� � � ���� 0DULD� *UDYDUL�%DUEDV� PHQFLRQD� YDULRV� WLSRV� GH� ³HVSDFLRV�S~EOLFRV�SULYDGRV´� �HQ� *KRUUD� *RELQ������D�������<�&\QWKLD�*KRUUD�*RELQ�SUHFRQL]D�XQD�³LQYHUVLyQ�GHO�VHFWRU�S~EOLFR�HQ� ORV�HVSDFLRV�S~EOLFRV�PDQHMDGRV�SRU�HO� VHFWRU�SULYDGR´� �����E�����$QJHOD�*LJOLD�HQIDWL]D�HO� IHQyPHQR� GH� DXWR� VHJUHJDFLyQ� \� IUDJPHQWDFLyQ� FRPR� SUHOXGLR� D� ODV� QXHYDV� IRUPDV� GH� OR� S~EOLFR�\�GH�OD�VRFLDELOLGDG�XUEDQD��*LJOLD��³3HUILOHV�ODWLQRDPHULFDQRV´�������� � /D� UHDOLGDG� MXUtGLFD� GHO� HVSDFLR�� HV� GHFLU� HO� VLVWHPD� OHJDO� \� GH� HVWDWXWRV� GH� ORV� HVSDFLRV� RUJDQL]DGRV�HQ�WRUQR�D�OD�GLFRWRPtD�SULYDGR�S~EOLFR��HV�D�OD�YH]�XQD�UHDOLGDG�QRUPDWLYD�\�PX\� FRQFUHWD� TXH� GHWHUPLQD�� PDV� R� PHQRV� VLJQLILFDWLYDPHQWH�� VHJ~Q� VHD� HO� FDVR�� ODV� SUiFWLFDV� VRFLRHVSDFLDOHV��(VWH�HVWLUD�\�DIORMD�HQWUH�OD�GHILQLFLyQ�MXUtGLFD�\�OD�FDUDFWHUL]DFLyQ�VRFLDO�GHO� HVSDFLR�GHEHUtD�KDFHUQRV�DYDQ]DU�PDV�TXH�HPSDWDUQRV�HQ�XQ�HQUHGR�FRQFHSWXDO��� ������)RWR����(VSDFLRV�8UEDQRV��4XH�H[SOLFD�OD�IRWR"""�� ����)XHQWH��3DJLQD�:(%��������OD�LPDJHQ�HV�PDOD�KD\�PHMRUHV��� ������/DV�UHIOH[LRQHV�GH�ORV�XUEDQLVWDV��GHO�IXQFLRQDOLVPR�D�OD�SRVPRGHUQLGDG�� � 8QD�SRVLFLyQ��SRU�GHPiV�LQWHUHVDQWH��FRUUHVSRQGH�D�OD�UHIOH[LyQ�TXH�H[SRQH�5RGULJR�6DOFHGR� �¢"""��VREUH�OD�SRVWXUD�GH�ORV�XUEDQLVWDV�SRVW�PRGHUQRV�TXH�DUJXPHQWDQ�TXH�HO�HVSDFLR�S~EOLFR� HVWi�GHVDSDUHFLHQGR��3DUD�HOORV�ORV�HVSDFLRV�S~EOLFRV��GHILQLGRV�FRPR�OXJDUHV�GH�FRQVWUXFFLyQ� GH�FLXGDGDQtD�\�HQFXHQWUR�VRFLDO��KDQ�VLGR��DO�PHQRV�SDUFLDOPHQWH��UHHPSOD]DGRV�SRU�HVSDFLRV� SVHXGRS~EOLFRV�� (VWD� QRVWiOJLFD� YLVLyQ� GH� XQ� SDVDGR� PRGHUQR� PtWLFR� QR� FRQVLGHUD� XQD� FDUDFWHUtVWLFD� PiV� UHSUHVHQWDWLYD� H� KLVWyULFDPHQWH� SUHFHGHQWH� GHO� HVSDFLR� S~EOLFR�� $UJXPHQWDQGR� HQ� XQD� OtQHD� VLPLODU� D� OD� GH� )RXFDXOW�� ORV� HVSDFLRV� S~EOLFRV� VRQ�� DQWH� WRGR�� OXJDUHV�GRQGH�HO�SRGHU�VH�H[SUHVD�\�HMHUFH��� � 3DUD� UHGLVFXWLU� HO� FRQFHSWR� GH� HVSDFLR� S~EOLFR� VH� UHTXLHUH� XQ� DQiOLVLV� KLVWyULFR� \� PDWHULDO�� &RPR� DUJXPHQWy�0LFKDHO� )RXFDXOW� ������ \� ������� VH� QHFHVLWD� XQD� DUTXHRORJtD� GHO� HVSDFLR� S~EOLFR�� XQD� DSUR[LPDFLyQ� KDFLD� OD� GLVFXVLyQ� VREUH� HO� HVSDFLR� S~EOLFR�� EDMR� HO� PDUFR� SRGHU�UHVLVWHQFLD� DO� SRGHU�� FRQVLVWH� HQ� KDFHU� XVR� GH� OD� GLVWLQFLyQ� SURSXHVWD� SRU� 6RMD� ������� HQWUH� ORV� HVSDFLRV�SHUFLELGRV�� FRQFHELGRV� \� YLYLGRV�� 6RMD�� FRQVWUX\H� HVWD� SURSXHVWD� VREUH� OD� DUJXPHQWDFLyQ�GH�/HIHEYUH���������\�DILUPD�TXH�ORV�SURFHVRV�GH�SURGXFFLyQ�GHO�HVSDFLR�VRQ�OD� H[SUHVLyQ�FRPELQDGD�GH�WUHV�DVSHFWRV�LQWHUUHODFLRQDGRV�� D�� (VSDFLR� SHUFLELGR� �SULPHU� HVSDFLR��� �8Q� FRQMXQWR� GH� SUiFWLFDV� PDWHULDOHV� TXH� WUDEDMDQ� DUWLFXODGDPHQWH�SDUD�SURGXFLU�\�UHSURGXFLU�ODV�IRUPDV�FRQFUHWDV�GH�OD�YLGD�XUEDQD���6H�UHILHUH� HVHQFLDOPHQWH�D�OR�TXH�HV�UHDO��D�ODV��FRVDV�HQ�HO�HVSDFLR��� E��(VSDFLR�FRQFHELGR��VHJXQGR�HVSDFLR���3XHGH�VHU�GHILQLGR�FRPR�ORV��SHQVDPLHQWRV�VREUH�HO� HVSDFLR���\�VH�UHILHUH�D�XQD�UHSUHVHQWDFLyQ�GHO�HVSDFLR�LPDJLQDULD��UHIOH[LYD�\�VLPEyOLFD�� F�� (VSDFLR� YLYLGR� �WHUFHU� HVSDFLR��� ,QFRUSRUD� ORV� GRV� DVSHFWRV� DQWHULRUHV�� SHUR� DEUH� ODV� SRVLELOLGDGHV� SDUD� XQD� PD\RU� FRPSOHMLGDG� HQ� HO� DQiOLVLV�� �(O� HVSDFLR� �VHxDOD� 6RMD��� HV� VLPXOWiQHDPHQWH� UHDO� H� LPDJLQDGR�� DFWXDO� \� YLUWXDO�� OXJDU� GH� HVWUXFWXUDV� LQGLYLGXDOHV� \� GH� H[SHULHQFLD�\�DFFLyQ�FROHFWLYDV��� � 3RU� WDQWR��VH�SXHGH�FRQFOXLU�TXH�HVWD�FRUULHQWH�GH�SHQVDPLHQWR�GHVFDUWD�FRPR�LQDXWpQWLFDV�\� H[FOX\HQWHV�WRGDV�ODV�IRUPDV�XUEDQDV�SURSLDPHQWH�SRVW�PRGHUQDV��SVHXGR�S~EOLFDV���FRPR�OR� ������������������������������������������������� � �,GHP��� � �(85(��6DQWLDJR����(O�HVSDFLR�S~EOLFR�����8QD�UHIOH[LyQ�FUtWLFD�VREUH�HO�XUEDQLVPR�SRVW�PRGHUQ��5RGULJR�6DOFHGR�+DQVHQ��3iJLQDV���� � � ���� VRQ� ORV�PDOO�R� ODV� FRPXQLGDGHV� HQUHMDGDV�� VLQ� VLTXLHUD� LQWHQWDU� H[SOLFDUVH� VX� VXUJLPLHQWR�QL� SURSRQHU�DOWHUQDWLYDV�SDUD�WUDQVIRUPDU�VX�IXQFLRQDPLHQWR�R�FDUDFWHUtVWLFDV��$Vt��HO�XUEDQLVPR� SRVW�PRGHUQR� DEDQGRQD� OD� KLVWRULFLGDG� FRPR� FULWHULR� GH� DQiOLVLV�� FRQYLUWLpQGRVH� HQ� XQD� FRUULHQWH� HVWiWLFD� TXH� WUDEDMD� FRQ� FDWHJRUtDV� XQLYHUVDOHV� R� WUDQV�KLVWyULFDV�� TXH� VyOR� WLHQHQ� UHDOLGDG� HQ� OD� PHQWH� GHO� LQYHVWLJDGRU� VLQ� GHMDU� HQ� FODUR� OD� LPSRUWDQFLD� GH� OD� KLVWRULFLGDG�� 0XFKRV� XUEDQLVWDV� SRVWPRGHUQRV� FRPR� 6RMD� ������ \� ������ KDQ� SURSXHVWR� RWRUJDU� PiV� LPSRUWDQFLD�D�OD�HVSDFLDOLGDG�HQ�GHVPHGUR�GH�OD�WHPSRUDOLGDG�HQ�HO�DQiOLVLV�VRFLDO�� �1R�FRLQFLGR�FRQ�HVWD�DILUPDFLyQ��PH�SDUHFH�TXH� OD�SURSXHVWD�GH�6RMD�HV�PDV�FRQVLVWHQWH�\� DSRUWD�PXFKRV�PDV�HOHPHQWRV�GH�DQiOLVLV��9HU�SRU�HMHPSOR��'DYLG�+DUYH\�³/D�FRQGLFLyQ�GH�OD� SRVPRGHUQLGDG´�� )($7+(56721(�� 0LNH�� &XOWXUD� GH� FRQVXPR� \� SRVPRGHUQLVPR�� $UJHQWLQD�� $PRUURUWX�(GLWRUHV��������HQWUH�RWURV�� � /R�TXH� 6DOFHGR� SODQWHD�� SRU� HO� FRQWUDULR�� HV� YDORUL]DU� OR� HVSDFLDO� VLQ� UHQHJDU� GHO� DQiOLVLV� KLVWyULFR� �¢4Xp� HQWLHQGH� SRU� HVWR"��� (V� DVt� FRPR� SDUD� HQWHQGHU� ORV� HVSDFLRV� S~EOLFRV� GH� OD� SRVW�PRGHUQLGDG� VH� UHTXLHUH� DQDOL]DU� FRQ� XQD� SHUVSHFWLYD� KLVWyULFD� ORV� SURFHVRV� VRFLR� HVSDFLDOHV�TXH�OHV�GLHURQ�RULJHQ��QR�VyOR�HQ�VX�GLPHQVLyQ�HVWpWLFD�R�XUEDQtVWLFD��VLQR�WDPELpQ� FRQ�UHODFLyQ�D�OD�IXQFLyQ�VRFLDO�TXH�HOORV�FXPSOHQ�� �������(Q�OD�YLVLyQ�FXOWXUDOLVWD�\�GH�OD�VRFLHGDG��VRFLyORJRV�HQ�HO�HVSDFLR�S~EOLFR�� �(GZDUG� 7�� +DOO� �������� HV� XQR� GH� ORV� WHyULFRV� QRUWHDPHULFDQRV� TXH� FRQ� PD\RU� DJXGH]D� \� SURIXQGLGDG�HVWXGLD�OD�GLIHUHQFLDFLyQ�FXOWXUDO�TXH�FDGD�SXHEOR�WLHQH�SDUD�RUGHQDU�HO�HVSDFLR�� +DOO� H[SOLFD� ODV� GLIHUHQWHV� PDJQLWXGHV� HQ� TXH� RFXUUH� HO� IHQyPHQR� TXH� pO� GHQRPLQD� ³HVSDFLDFLyQ´�� DWHQGLHQGR� D� GRV� iPELWRV�� HQ� OR� GRPpVWLFR� GLVWLQJXH� ODV�PDQHUDV� HQ� TXH� ODV� IDPLOLDV� RUGHQDQ� VX� FDVD� GH� DFXHUGR� D� VX� RULJHQ�� FRQFUHWDPHQWH� HO� FDVR� GH� ORV� MDSRQHVHV�� iUDEHV�� IUDQFHVHV�� LQJOHVHV�� DOHPDQHV� \� ORV� QRUWHDPHULFDQRV�� 6RVWLHQH�TXH� IXHUD� GH� FDVD�� ORV� JUXSRV� VRFLDOHV� VH� FRPSRUWDQ� GH�PDQHUD� DQiORJD�� REHGHFLHQGR� D� ODV� SDUWLFXODULGDGHV� GH� VX� KHUHQFLD� FXOWXUDO�� $GHPiV�� VHxDOD� TXH� /H�&RUEXVLHU� VH� HTXLYRFDED� DO� SUR\HFWDU� HGLILFLRV� \� FLXGDGHV� SDUD� VHUHV� DFXOWXUDOHV�� SDUD� HO� ³KRPEUH� XQLYHUVDO´� FRQFHELGR� SRU� OD� LOXVWUDFLyQ� \� SRWHQFLDGR�SRU�OD�PRGHUQLGDG�\�HO�IXQFLRQDOLVPR�� � &RQ� EDVH� HQ� OR� DQWHULRU�� SDUD� DQDOL]DU� ODV� FLXGDGHV� SRGHPRV� XWLOL]DU� DOJXQDV� SURSXHVWDV� GH� +DOO��FDEH�VHxDODU�SRU�HMHPSOR��TXH�ORV�H[WUDQMHURV�SRVHHQ�XQD�³HVFDOD�GLIHUHQWH´�D�OD�QXHVWUD� SDUD�YDORUDU�ORV�HVSDFLRV�TXH�OHV�URGHDQ��TXH�OD�GLIHUHQFLDFLyQ�HQWUH�EDUULRV�\�FRORQLDV��OD�FODVH� VRFLDO�D�OD�TXH�VH�SHUWHQHFH��HVWiQ�PDUFDGDV�SRU�XQD�³HVFDOD´�GHWHUPLQDGD�TXH�QRV�KDFH�~QLFRV� \�GLIHUHQWHV�GH�QXHVWURV�FRWHUUiQHRV�� � &RQ� OD� SULPHUD� LGHD� SRGHPRV� FRPSUHQGHU� HO� TXH� ODV� DXWRULGDGHV� SUHWHQGDQ� PRGLILFDU� OD� HVSDFLDOLGDG�GH�DOJXQDV�]RQDV�GH�OD�FLXGDG�SDUD�DWUDHU�XQD�PD\RU�FDQWLGDG�GH�H[WUDQMHURV�HQ� IRUPD�GH�LQYHUVLRQHV�R�WXULVPR��LJQRUDQGR�HO�UHVSHWR�D�ODV�HVFDODV�ORFDOHV�SDUD�DOWHUDU�FRQ�HOOR� OD� YLGD� GLDULD� GH� TXLHQHV� YLYHQ� DKt�� 3DUD� QR� LU� WDQ� OHMRV�� SRU� HMHPSOR�� SRGHPRV� DOXGLU� OD� FRQVWUXFFLyQ� \� FRQVROLGDFLyQ� GHO�8UEDQ� $ODPHGD� 3URMHFW�� GLVHxDGR� HQ� 1RUWHDPpULFD� SDUD� ³DOEHUJDU´� D� WXULVWDV� \� QHJRFLDQWHV� GHO� H[WUDQMHUR�� HQ� HO� FRVWDGR� VXU� GH� OD�$ODPHGD� FHQWUDO�� FDPELDQGR�OD�GLQiPLFD�GH�OD�]RQD��SURSLFLDQGR�OD�H[SXOVLyQ�GH�ORV�KDELWDQWHV�GH�HVWD�]RQD�GHO� &HQWUR�+LVWyULFR�GH�OD�FLXGDG�GH�0p[LFR��\�D�ORV�SDVHDQWHV��FX\D�HVFDOD�HVSDFLDO�QR�VH�DFRSOH�D� OD�GH�ORV�H[WUDQMHURV���9HU�SRU�HMHPSOR�OD�WHVLV�GH�5LFDUGR�*yPH]�0�������� � � � ���� (O� VHJXQGR� SXQWR� TXH� REVHUYD�+DOO�� HQWUH� OD� GLIHUHQFLDFLyQ� GH� ODV�PLQRUtDV� \� GH� ODV� FODVHV� VRFLDOHV��VXSRQLHQGR�TXH�KDELWXDOPHQWH�HQ�0p[LFR�FRPR�HQ�1RUWHDPpULFD��ODV�³FODVHV�EDMDV´� VRQ� PDV� GXHxDV� GH� OD� FDOOH�� PLHQWUDV� TXH� ORV� ULFRV� OH� UHKX\HQ�� HVWD� SRVLFLyQ� VH� WRUQD� FRQVHFXWLYD��¢"���SDUWLFXODUPHQWH�VL�UHWRPDPRV�ORV�DQiOLVLV�DQWHULRUHV��UHVSHFWR�GHO�GRPLQLR�GH� OR�S~EOLFR��SRU�ODV�SUiFWLFDV�VRFLDOHV���«""�� � (O� VRFLyORJR� GH� RULJHQ� IUDQFpV��0DXULFH�+DOEZDFKV� ������������� VRVWLHQH� TXH� ORV� HVSDFLRV� SURGXFLGRV� SRU� ORV� JUXSRV� VRFLDOHV� JXDUGDQ� OD�PHPRULD� FROHFWLYD� GH� pVWRV�� 3URSRVLFLyQ� TXH� FRLQFLGH� FRQ� OD�GH�+DOO�� UHVSHFWR�GH�TXH� ORV�EDUULRV�GHVWUXLGRV�\� FRQVWUXLGRV�SRU�GHFLVLRQHV� DGPLQLVWUDWLYDV�R�JXEHUQDPHQWDOHV�VH�OOHYDQ�PXFKR�PiV�TXH�ORV�PXURV�TXH�GHUULEDQ��/D�JHQWH� HV� PiV� VHQVLEOH� D� OD� GHVDSDULFLyQ� GH� DOJXQD� FDOOH�� HGLILFLR� R� FDVD�� TXH� D� ORV� PiV� JUDYHV� DFRQWHFLPLHQWRV� QDFLRQDOHV�� UHOLJLRVRV� R� SROtWLFRV�� <� HV� TXH� OD� HVWUXFWXUD� HVSDFLDO� KDFH� OD� FXOWXUD�HQ�HVDV�SOD]DV�\�EDQTXHWDV�GHO�EDUULR��HQ�OD�FDIHWHUtD�\�OD�FDQWLQD�HQ�TXH�VH�H[SUHVD�HO� VHQWLU� PiV� LQPHGLDWR� GH� OD� FROHFWLYLGDG�� /D� HVFDOD� GH� +DOO� GHVDSDUHFH� FXDQGR� DSDUHFH� OD� PHPRULD�FROHFWLYD�GH�+DOEZDFKV�� � 0DUVKDO�%HUPDQ��������FRLQFLGH�FRQ�+DOO�\�FRQ�+DOEZDFKV��DO�UHDOL]DU�XQD�ELRJUDItD�FROHFWLYD� HQ� OD� TXH� GHVFULEH� ODV� WUDQVIRUPDFLRQHV� XUEDQDV� GH�1XHYD�<RUN� \� HO� DQLTXLODPLHQWR� GH� ODV� ³HVFDODV´�\�OD�³PHPRULD´�GH�HVRV�JUXSRV�VRFLDOHV��(Q�HO�%URQ[�OD�JHQWH�DFDEy�KX\HQGR�SRUTXH� SHUGLy� FRKHVLyQ�� OD� LGHQWLGDG�TXH� ORV�XQtD�\� OD� UD]yQ�SDUD� VHJXLU� MXQWRV�� VLWXDFLyQ�TXH� WLHQH� FRPR�UHIHUHQFLD�OD�LQWURGXFFLyQ�±LPSXOVDGD�SRU�HO�DUTXLWHFWR�5REHUW�0RVHV��GH�ODV�SDUN�ZD\V�� DXWRSLVWDV�XUEDQDV�GH�DOWD�YHORFLGDG�DFRWDGDV�SRU�MDUGLQHV�TXH�WHyULFDPHQWH�GHEHUtDQ�DLVODUODV� GHO� UHVWR� GH� OD� FLXGDG�� SDUD� GHVFRQJHVWLRQDU� HO� WUiILFR� YHKLFXODU��$TXHOOR� TXH� DUUDVy� FRQ� HO� %URQ[�\�FRQ�1XHYD�<RUN��TXH�SRU�VLVWHPD�URPSH�PXURV�\�HVFDODV��\�VH�URED�OD�PHPRULD�GH�ORV� KDELWDQWHV��OR�VLQWHWL]D�%HUPDQ�FRPR��OD�H[SHULHQFLD�GH�OD�PRGHUQLGDG�� � &RQ�EDVH�HQ�OR�DQWHULRU��SRGHPRV�REVHUYDU�TXH�ORV�DXWRUHV�VHOHFFLRQDGRV�SDUD�GRFXPHQWDU�HVWH� DSDUWDGR��DSRUWDQ� UHIHUHQFLDV� VREUH�RWURV� WLSRV�GH�DSURSLDFLyQ�TXH�DIHFWDQ� OD�FRQFHSFLyQ�GHO� HVSDFLR�S~EOLFR�XUEDQR��HQ�WDQWR�GLPHQVLyQ�VRFLDO�GH�OR�VLPEyOLFR��¢QR�VHUi�PiV�ELHQ�VREUH�OD� GLPHQVLyQ�VLPEyOLFD�GH�ORV�SURFHVRV�VRFLDOHV�\�ORV�HVSDFLRV�XUEDQRV"���VXEMHWLYD��LQPDWHULDO�\� WUDVFHQGHQWH�� TXH� WDPELpQ� IRUPD�SDUWH� GH� OD� SUREOHPiWLFD�GHO� HVSDFLR�XUEDQR��(VWR� LPSOLFD�� TXH� VL� ELHQ� VH� FRPHQ]y� FRQ� XQD� DSUR[LPDFLyQ� TXH� SDUWH� GHO� SXQWR� GH� YLVWD� GHO� 'HUHFKR�� UHVSHFWR� GH� OD� SURSLHGDG� \� HO� FDUiFWHU� GH� ORV� GRPLQLRV�� VH� DUWLFXODQ� FRQ� ORV� HQIRTXHV� VRFLROyJLFRV�TXH�DQDOL]DQ�HO�HVSDFLR�S~EOLFR��HQ� WDQWR�HVIHUD� VRFLDO�\� ItVLFD��eVWH�GHVDUUROOR�� H[SXHVWR�SRU�WUHV�VRFLyORJRV��PXHVWUD�HO�FDUiFWHU�GH�XQD�FRQFHSFLyQ�GLIHUHQWH��PDV�FRPSOHMD�\� SRFR�DERUGDGD��TXH�LPSOLFD�OD�VLJQLILFDFLyQ�VLPEyOLFD�\�VHPLROyJLFD�GHO�HVSDFLR�S~EOLFR�� � $SRUWHV�GH�ORV�JHyJUDIRV�XUEDQRV�� �6REUH�HO�HVSDFLR�S~EOLFR��-HURPH�0RQQHW�����"��VRVWLHQH�TXH�ORV�HVSDFLRV�S~EOLFRV�FRQOOHYDQ� D� XQD� GHILQLFLyQ� ³FRPXQLFDFLRQDO´� GHO� HVSDFLR� S~EOLFR�� SRU� RSRVLFLyQ� D� OD� GHILQLFLyQ� ³IXQFLRQDO´��DTXHOOD�TXH�SHUPLWH�TXH�HO�DFFHVR�D�XQ�HVSDFLR�VHD�S~EOLFR�FRQ�HO�ILQ�GH�TXH�ORV� XVXDULRV� SXHGDQ� GLVIUXWDU� GH� XQD� IXQFLyQ� SDUWLFXODU�� FLUFXODFLyQ�� DGPLQLVWUDFLyQ�� FRPHUFLR�� HWFpWHUD���HQ�HVWH�SRVWXODGR�QR�UHFXUUH�D�OD�FOiVLFD�GLFRWRPtD�S~EOLFR�YV��3ULYDGR��(Q�XQ�WUDEDMR� SRVWHULRU�� GHVDUUROOD� OD� KLSyWHVLV� GH� TXH� OD� FRQFHSFLyQ� GH� HVSDFLR� S~EOLFR� TXH� WLHQHQ� ORV� SODQHDGRUHV�\�XUEDQLVWDV��HVWi�tQWLPDPHQWH�OLJDGD�D�VXV�GHILQLFLRQHV��FRPR�VRQ�� � � ���� D�� (O� S~EOLFR�� HQ� TXH� ³HO´� S~EOLFR� VH� GLIHUHQFLD� DVt� GH� ³OR´� S~EOLFR�� SRU� QR� VHU� XQ� WpUPLQR� RSXHVWR�D�OR�SULYDGR�� E�� /D� XUEDQLGDG�� FRPR� OD� UHODFLyQ� HVWDEOHFLGD� HQWUH� FLWDGLQRV�� D� WUDYpV� GH� OD� FLXGDG� �FI�� 0RQQHW�\�&DSURQ��������� F��/D�FLXGDG�VRFLHGDG��OD�FLXGDG�FRPR�VRFLHGDG�\�OD�VRFLHGDG�FRPR�FLXGDG��� � 6RVWLHQH�DGHPiV��TXH�ORV�FRPSRUWDPLHQWRV�TXH�QR�WLHQHQ�XQ�OXJDU�OHJtWLPR�HQ�OD�FRQFHSFLyQ� GHO�³PRGHOR´�GHO�S~EOLFR��SXHGHQ�QR�VHU� WRPDGRV�HQ�FXHQWD�SRU� ORV�SODQHDGRUHV�GHO�HVSDFLR� S~EOLFR� \� GHVHPERFDU� HQ� GHJUDGDFLRQHV� ItVLFDV� R� ³LQGHELGRV´�� $O� FRQWUDULR�� OD� SODQHDFLyQ� SXHGH�LQWHJUDU�HO�UHFKD]R�GH�FLHUWRV�XVRV�\�FRQVHFXHQFLD��H[SOLFLWDU�TXH�QR�WRGR�HO�S~EOLFR�HV� DGPLWLGR�� � %DMR�HVWD�SHUFHSFLyQ��0RQQHW��������KDFH�XQD�FRPSDUDFLyQ�HQWUH�OD�FLXGDG�GH�0p[LFR�\�OD�GH� ORV�ÈQJHOHV�&DOLIRUQLD��GRQGH�DQDOL]D�OD�GLQiPLFD�GH�LQWHUDFFLyQ�HQWUH�ORV�XVXDULRV�GHO�HVSDFLR� S~EOLFR�\� ODV� FRQFHSFLRQHV�GH� ORV�SODQLILFDGRUHV��(O� FDVR�GH�0p[LFR� OR� DERUGD�PHGLDQWH�XQ� UHFRUULGR�KLVWyULFR�\�JHRJUiILFR�TXH�GHILQH�IXQFLRQDO�\�FRPXQLFDFLRQDOPHQWH�HO�S~EOLFR��HQ�HO� HVSDFLR�S~EOLFR�FHQWUDO��GH�HVWD�IRUPD�OD�FDUDFWHUL]D�OD�LQWHJUDFLyQ�MHUiUTXLFD�FHQWUDOLVWD�FRPR� VHJUHJDGRUD��(Q�FDPELR��VRVWLHQH�TXH�OD�FLXGDG�GH�ORV�ÈQJHOHV�DOXGH�D�SOXUDOLGDG�\�GLVSHUVLyQ� GH�ODV�UHSUHVHQWDFLRQHV�GHO�S~EOLFR��HQ�XQD�DJORPHUDFLyQ�PDUFDGD�SRU�HO�p[LWR�GH�XQ�SUR\HFWR�VHJUHJDWLYR��D�OD�LQYHUVD�GH�OR�TXH�SDVy�HQ�0p[LFR�� � $Vt�� 0RQQHW� FRQFOX\H� TXH� OD� PLVPD� FDWHJRUtD� GH� OXJDU� QR� UHSUHVHQWD� QL� VRFLDO� QL� HVSDFLDOPHQWH�OD�PLVPD�UHDOLGDG�HQ�ODV�GRV�PHWUySROLV��GHELGR�D�ODV�GLIHUHQFLDV�IXQGDPHQWDOHV� HQ� OD� SODQHDFLyQ� \� HQ� ODV� SUiFWLFDV� VRFLDOHV�� /D� UHODFLyQ� FRQ� HO� HVSDFLR� S~EOLFR� FHQWUDO�� IXQGDPHQWR�GH� OD�QDFLRQDOLGDG�\�XQD�FLXGDGDQtD� LQWHJUDGRUDV�HQ�0p[LFR��VH�FRQYLHUWH�HQ�XQ� HOHPHQWR�PRYLOL]DGRU�SRU�OD�DILUPDFLyQ�GH�XQD�HWQLFLGDG�VHJUHJDWLYD�HQ�(VWDGRV�8QLGRV��&RQ� OR�FXDO�UHPLWH�D�VX�KLSyWHVLV�LQLFLDO�� ���(O�HVSDFLR�S~EOLFR�HV�XQ�YDORU�HQ�WRGRV�ORV�VHQWLGRV�GHO�WpUPLQR�� ���(V�DGHPiV�XQ�YDORU�UHODWLYR�HQ�XQ�PRGHOR�GH�FLXGDG�VRFLHGDG�DGRSWDGR�SRU�XQ�LQGLYLGXR�R� XQ�JUXSR�HQ�IXQFLyQ�GH�VXV�VLVWHPDV�GH�UHIHUHQFLDV�\�VXV�REMHWLYRV�� ���/RV�SUR\HFWRV�GH�HVSDFLR�S~EOLFR�FRLQFLGHQ�FRQ�HO�PDUFR�GH�HVH�PRGHOR�FLXGDG�VRFLHGDG�� ��� (O� HVSDFLR� S~EOLFR� UHVXOWDQWH� HV� SURGXFWR� GH� OD� LQWHUDFFLyQ� HQWUH� TXH� VH� FRQFUHWD� HO� SUR\HFWR� GH� SODQHDFLyQ� \� ORV� XVRV� GHO� HVSDFLR� TXH� KDFHQ� ORV� JUXSRV� FRQVWLWXLGRV� SDUD� VXV� SUiFWLFDV�� ���(VDV�SUiFWLFDV�VH�DGKLHUHQ�D�ORV�PRGHORV�GH�FLXGDG�VRFLHGDG���0RQQHW�������� � 3RU� VX� SDUWH�� -RUGL� %RUMD� ������� DSXQWD� TXH� HO� HVSDFLR� S~EOLFR� HV� XQ� GHVDItR� SROtWLFR�� XUEDQtVWLFR� \� FXOWXUDO� UHIHULGR� D� WRGD� OD� FLXGDG� GH� HVWDV� VXEUD\D� ORV� FHQWURV� XUEDQRV� FRPR� OXJDUHV� SROLVpPLFRV� SRU� H[FHOHQFLD�� DWUDFWLYRV� SDUD� HO� H[WHULRU�� LQWHJUDGRUHV� SDUD� HO� LQWHULRU�� PXOWLIXQFLRQDOHV� \� VLPEyOLFRV�� QR� VyOR� VRQ� Q~FOHRV� QHXUiOJLFRV� GH� OD� YLGD� XUEDQD� SRU� VX� FDSDFLGDG�PXOWLIXQFLRQDO�\�SURGXFLU�XQ�VHQWLGR�LQWHJUDGRU��7DPELpQ�VHxDOD��TXH�VRQ�HO� OXJDU� GH�OD�GLIHUHQFLD�� � )LJXUD����'HOLPLWDFLyQ�WHUULWRULDO�GH�ORV�HVSDFLRV�XUEDQRV�SRU�ORV�HVSDFLRV�S~EOLFRV�� ODV�SXHUWDV�PHWURSROLWDQDV���H[SOLFD�HQ�WH[WR�OD�UD]yQ�GH�OD�LPDJHQ�\�D�TXH�DOXGH�� )XHQWH���&*&�¢"""�������� � � ���� %RUMD�PDQLILHVWD�TXH�HO�GHVDItR�GHO�HVSDFLR�S~EOLFR��HV�XQD�SUXHED�GHO�XUEDQLVPR��YHULILFDEOH� PHGLDQWH�OD�FDOLGDG�GHO�HVSDFLR�S~EOLFR��6L�VH�UHLYLQGLFD�OD�Pi[LPD�FDOLGDG�GHO�HVSDFLR�S~EOLFR� GH�OD�FRWLGLDQLGDG��SHUR�WDPELpQ�HO�DFFHVR�D�ORV�HVSDFLRV�S~EOLFRV�GH�OD�FHQWUDOLGDG�SDUD�WRGRV�� +HFKR�TXH�DGHPiV�HV�XQ�GHVDItR�JOREDO�GH�OD�SROtWLFD�XUEDQD�� � )LQDOPHQWH�DWULEX\H�D�OD�SURGXFFLyQ�GHO�HVSDFLR�S~EOLFR�H[�QRYR��QR�VyOR�FRPR�SDUWH�GH�WRGD� RSHUDFLyQ�GH�GHVDUUROOR�XUEDQR��VLQR�FRPR�HOHPHQWR�RUGHQDGRU��WDQWR�SRU�OR�TXH�UHVSHFWD�D�OD� DUWLFXODFLyQ� FRQ� HO� UHVWR� GH� XQD� FLXGDG� PHWURSROLWDQD� FRPR� HQ� UHODFLyQ� D� XQD� RUGHQDFLyQ� LQWHUQD�� $VHJXUD� TXH� HO� JRELHUQR� HV� HO� PDV� LQGLFDGR� SDUD� GHILQLU� \� SURJUDPDU� ORV� HVSDFLRV� S~EOLFRV��SHUR�TXH�HQ�PXFKRV�FDVRV�VXV�LQLFLDWLYDV�VH�FRQFHUWDQ�FRQ�RWUDV�DGPLQLVWUDFLRQHV��\D� VHD� SRU� VX� FRPSHWHQFLD� OHJDO� R� OD� SURSLHGDG� GHO� VXHOR�� R� SRU� OD� QHFHVLGDG� GH� ILQDQFLDU� ORV� SUR\HFWRV�� HQWUH�RWUDV� LQLFLDWLYDV�SDUD� OD�SURGXFFLyQ�GH� ORV�HVSDFLRV�S~EOLFRV�� FRQVLGHUD�TXH� KDFHU� FLXGDG� HV� KDFHU� FLXGDG� VREUH� OD� FLXGDG�� KDFHU� FHQWURV� VREUH� FHQWURV�� FUHDU� QXHYDV� FHQWUDOLGDGHV� \� HMHV� DUWLFXODGRUHV� TXH� SURSRUFLRQHQ� OD� FRQWLQXLGDG� ItVLFD� \� VLPEyOLFD�� HVWDEOHFLHQGR� EXHQRV� FRPSURPLVRV� HQWUH� HO� WHMLGR� KLVWyULFR� \� HO� QXHYR�� \� IDYRUHFLHQGR� OD� PH]FOD� VRFLDO� \� IXQFLRQDO� GH� WRGDV� ODV� iUHDV�� 3DUD� FRQFOXLU� FRQ� OD� SURSXHVWD� GH� DOJXQRV� FULWHULRV�TXH�D�VX�MXLFLR�³FDVL�VLHPSUH´�UHVXOWD�HILFD]��DILUPD�TXH�HO�OXMR�GHO�HVSDFLR�S~EOLFR�QR� HV� OXMR� VLQR� LQYHUVLyQ� HFRQyPLFD� \� MXVWLFLD� VRFLDO�� \� TXH� ORV� HTXLSDPLHQWRV�PiV� QHFHVDULRV� SDUD�OD�FDOLGDG�GH�YLGD�\�OD�FRPSHWLWLYLGDG�GH�OD�FLXGDG�SXHGHQ�VHU�ORV�PiV�VLPSOHV�� � )RWR�����,PDJHQ�XUEDQD�\�HVSDFLRV�S~EOLFRV��DELHUWR��FLUFXODFLyQ��YHUGHV��HWF���DJUHJD�XQ� WH[WR�TXH�H[SOLTXH�FRQ�OD�LPDJHQ� )XHQWH��3DJLQD�ZHE���(MH�FHQWUDO��&G��'H�0p[LFR��������4XH�LOXVWUD"""�� � (O�HVSDFLR�S~EOLFR�HQ�HO�FRQWH[WR�GH�OD�FLXGDGDQL]DFLyQ�� �2WUDV� UHIOH[LRQHV� LPSRUWDQWHV� UHVSHFWR� GHO� HVSDFLR� S~EOLFR� HQ� OD� FLXGDG�� VRQ� DTXHOODV� TXH� HQIDWL]DQ�OD�PDQHUD�HQ�TXH�HO�HVSDFLR�S~EOLFR�VH�WRUQD�UHOHYDQWH�HQ�HO�FRQWH[WR�GH�ORV�SURFHVRV� VRFLDOHV� GH� OD� JOREDOL]DFLyQ� DO� LPSODQWDU� SURIXQGDV� WUDQVIRUPDFLRQHV� HQ� ODV� VRFLHGDGHV�\� HQ� VXV� SUiFWLFDV� FXOWXUDOHV� ORFDOHV��5HIHULGRV� D� FLHUWRV� SURFHVRV� IUDJPHQWDGRUHV� VRFLDOHV� TXH� VH� KDFHQ�HYLGHQWHV�HQ�ODV�IRUPDV�GH�XVR�GH�ORV�HVSDFLRV�S~EOLFRV�\�SULYDGRV��OD�KHWHURJHQHLGDG�\� FDGD� YH]� PDV� FRQWUDVWDQWH� GLIHUHQFLD� VRFLDO� \� FXOWXUDO�� D� ORV� TXH� VH� VXPD� OD� WHQGHQFLD� GHO� SUHGRPLQLR�GH�DFWLYLGDGHV�WHUFLDULDV��DVt�FRPR�HO�FUHFLPLHQWR�GH�OD�LQIRUPDOLGDG��SURFHVRV�TXH� FRQIRUPDQ�OD�FRPSOHMD�HVWUXFWXUD�VRFLDO�XUEDQD�FRQWHPSRUiQHD�� � (O�HVSDFLR�S~EOLFR�LQWHUYLHQH�SRUTXH�HV�SUHFLVDPHQWH�HQ�ORV�OXJDUHV�FRPXQHV�GRQGH�OD�JHQWH�VH� DSURSLD� GH� OD� FLXGDG� �5DPtUH]�������� VH� UHODFLRQD� DGHPiV�� FRQ� ODV� IRUPDV� GH� SDUWLFLSDFLyQ� FLXGDGDQD��FRQ�ODV�SROtWLFDV�XUEDQDV��FRQ�ODV�IRUPDV�GH�XVR�\�DSURSLDFLyQ�GHO�HVSDFLR�S~EOLFR�� FRQ�ODV�HVWUXFWXUDV�GH�SRGHU�\�GH�JRELHUQR�\�ODV�PDQHUDV�HQ�TXH�VH�GD�OD�RUJDQL]DFLyQ�VRFLDO�D� QLYHO� ORFDO�� 6LQ� GXGD� VH� WUDWD� GH� GLIHUHQWHV� DFWRUHV�� FRQ� GLYHUVRV� LQWHUHVHV� TXH� DFW~DQ� \� VH� DUWLFXODQ�HQ�XQ�HVSDFLR�FRP~Q��TXH�DGHPiV�HV�S~EOLFR��(VWD�HV�OD�SHUVSHFWLYD�PHGLDQWH�OD�FXDO� VH� LQJUHVD�FRPR�SDUWH� WHyULFD�GH�DOJXQRV�HVWXGLRVRV�GH�ODV�FLHQFLDV�VRFLDOHV�FRQWHPSRUiQHRV� HQ�WRUQR�D�OD�UHIOH[LyQ�GH�GHEDWH�GH�OD�YLGD�S~EOLFD�\�OD�FLXGDG��TXH�WUDWDQ�HO�WHPD�GHO�HVSDFLR� S~EOLFR�FRQ�UHODFLyQ�DO�RUGHQ�VRFLDO�XUEDQR��D� ODV�IRUPDV�GH�JHVWLyQ�\�GH�RUJDQL]DFLyQ�GH� OD� GLYHUVLGDG�VRFLRFXOWXUDO�TXH�GLVWLQJXH�HO�IHQyPHQR�XUEDQR�FRQWHPSRUiQHR�� � � � ���� (VWD�DXWRUD�VRVWLHQH�TXH�HO�GHEDWH�HQ� WRUQR�DO�HVSDFLR�S~EOLFR�HQ� OD�FLXGDG�VH� LQVFULEH�HQ�HO� DQiOLVLV� GHVDUUROODGR� SRU� ODV� FLHQFLDV� VRFLDOHV� HQ� ODV� ~OWLPDV� WUHV� GpFDGDV� GHVGH� GLVWLQWDV� SHUVSHFWLYDV� GLVFLSOLQDULDV� \� VH� HQFXHQWUD� RULHQWDGR� KDFLD� OD� FRPSUHQVLyQ� GH� OD� UHODFLyQ� HVSDFLR�VRFLHGDG�� (Q� HVWH� SHULRGR� ORV� SURFHVRV� GH� FDPELR� JOREDO� \� ORFDO�� \� GH� OD� UHODFLyQ� (VWDGR±VRFLHGDG��KDQ�SURYRFDGR�HO�UHGLPHQVLRQDPLHQWR�GH�ORV�HVSDFLRV�S~EOLFRV�\�SULYDGRV�� PRGLILFDQGR�ODV�UHODFLRQHV�HQWUH�ORV�HVSDFLRV�GH�OD�YLGD�VRFLDO�XUEDQD��5DPtUH]����������\�OD� VRFLHGDG� XUEDQD� FRQWHPSRUiQHD�� HO� HVSDFLR� S~EOLFR� UH~QH� IRUPDV� GLIHUHQWHV� GH� YLGD�� H[SUHVDQGR�OD�PDQHUD�FRPR�ORV�FLXGDGDQRV�VH�UHODFLRQDQ�HQWUH�Vt��XVDQ�\�VH�DSURSLDQ�GH� ORV� OXJDUHV�FRPXQHV�GH�OD�FLXGDG��PHGLDQWH�VX�HMHUFLFLR�GH�OD�VRFLDELOLGDG�� � /R�TXH�VH�KDFH�S~EOLFR��WDQWR�D�WUDYpV�GH�ODV�SUiFWLFDV�\�DFFLRQHV�GH�OD�SXEOLFLGDG�HQ�PHGLRV�\� OXJDUHV� GLVWLQWRV�� WLHQH� FRPR� GHVWLQDWDULRV� D� ODV� SHUVRQDV� \� JUXSRV� VRFLDOHV� TXH� XVDQ�� VH� DSURSLDQ�\� OHJLWLPDQ�VRFLDOPHQWH�HVWH�FDPSR��'H�HVWD� IRUPD��HO�VLJQLILFDGR�GH� OR�S~EOLFR�VH� GHILQH� HQ�HVWD�SURSXHVWD� WHyULFD�GH�3DWULFLD�5DPtUH]�.XUL� D� WUDYpV�GH�GRV� IHQyPHQR�� OR�TXH� SXHGH�VHU�YLVWR�\�HVFXFKDGR�SRU�WRGRV��3HQVDU�HO�HVSDFLR�S~EOLFR�HQ�HO�FRQWH[WR�VRFLDO�DFWXDO�� SODWHD�XQD�VHULH�GH�LQWHUURJDQWHV�\�SUREOHPDV�DVRFLDGRV�WDQWR�D�VX�VLJQLILFDGR�P~OWLSOH�FRPR�DO� XVR� \� UHSODQWHDPLHQWR� GH� ODV� FDWHJRUtDV� GH� DTXHOOR� FRQ� OR� TXH� WUDGLFLRQDOPHQWH� VH� KD� UHODFLRQDGR�� � /D�UHODFLyQ�S~EOLFR�SULYDGR�LQKHUHQWH�D�OD�HVWUXFWXUD�VRFLDO�\�XUEDQD�QR�VH�GHVDUUROOD�HQ�IRUPD� GLFRWyPLFD�� VLQR�D� WUDYpV�GH� ORV�FUXFHV�� LQWHUDFFLRQHV�\�SUiFWLFDV�GH� ORV�DFWRUHV� VRFLDOHV�TXH� DVLJQDQ�XVRV�\�VLJQLILFDGRV�D�ORV�OXJDUHV��WUDQVIRUPiQGRORV�HQ�HO�FXUVR�GHO�WLHPSR��(V�HQWRQFHV� FXDQGR�OD�H[SDQVLyQ�GH�ODV�DFWLYLGDGHV�XUEDQDV�\�OD�SURGXFFLyQ�GH�ORV�OXJDUHV�GH�HQFXHQWUR�\� VRFLDELOLGDG� SDUD� GLVWLQWRV� DFWRUHV� VRFLDOHV� VH� HQFXHQWUDQ� DVRFLDGDV� D� OD� WHQGHQFLD� GH� OD� SULYDWL]DFLyQ�GH�ORV�XVRV�S~EOLFRV�\�DO�SUHGRPLQLR�GH�ODV�IXQFLRQHV�FRPHUFLDOHV�\�GH�VHUYLFLRV�� (O�GHVDUUROOR�SDUDOHOR�GH�ODV�DFWLYLGDGHV�S~EOLFDV�LQIRUPDOHV�VH�KDFH�YLVLEOH�FRPR�H[SUHVLyQ�GH� ODV� IRUPDV�DOWHUQDWLYDV�GHO�HPSOHR�\�GH�VREUHYLYHQFLD��GLVHPLQDGRV�HQ� ORV�GLVWLQWRV�HVSDFLRV� S~EOLFRV�XUEDQRV��