arquitectonica

227
-RVp 5LFDUGR 0RUDOHV 8QLYHUVLGDG GHO %LREtR )DFXOWDG GH $UTXLWHFWXUD \ &RQVWUXFFLyQ

Upload: valeriatellezniemeyer

Post on 29-Sep-2015

31 views

Category:

Documents


0 download

DESCRIPTION

Arquitectonica, José Ricardo Morales

TRANSCRIPT

  • -RVp 5LFDUGR 0RUDOHV

    8QLYHUVLGDG GHO %LREtR)DFXOWDG GH $UTXLWHFWXUD \ &RQVWUXFFLyQ

  • $548,7(&71,&$

  • -6( 5,&$5'2 025$/(6

    3URIHVRU GH 7HRUtD H +LVWRULD GHO $UWH

    'HSDUWDPHQWR GH (VWXGLRV +XPDQtVWLFRV)DFXOWDG GH &LHQFLDV )tVLFDV \ 0DWHPiWLFDV

    8QLYHUVLGDG GH &KLOH

    ,QVFULSFLyQ 1

    7H[WR FRPSXHVWR FRQ PDWULFHV /LQRWURQ %DVNHUYLOOH

    6H WHUPLQy GH LPSULPLU HVWD D HGLFLyQHQ ORV WDOOHUHV GH HGLWRULDO XQLYHUVLWDULD

    6DQ )UDQFLVFR 6DQWLDJR GH &KLOHHQ HO PHV GH RFWXEUH GH

    HMHPSODUHV

    &XELHUWDVHEDVWLDQR VHUOLR

    (VFHQD WUiJLFD ;LORJUDItD GHO /LEUR SULPR GDUFKLWHWWXUD

    &RQWUDSRUWDGD(VFHQD FyPLFD 'HO PLVPR OLEUR

    LPSUHVR HQ FKLOH SULQWHG LQ FKLOH

  • -RVp 5LFDUGR 0RUDOHV

    $548,7(&71,&$62%5( /$ ,'($ < (/ 6(17,'2

    '( /$ $548,7(&785$

    81,9(56,'$' '(/ %,2%,2

    )$&8/7$' '( $548,7(&785$ < &216758&&,1

  • 1',&(

    3UyORJR GH OD 3ULPHUD (GLFLyQ 3UyORJR GH OD 6HJXQGD (GLFLyQ

    3$57( 35,0(5$

    &5,7,&$

    6HFFLyQ 3ULPHUD7(1'(1&,$6 '( /$ +,6725,$ '(/ $57(

    < '( /$ $548,7(&785$

    /$ +,6725,$ '(/ $57( 9 '( /$ $548,7(&785$$/ 6(59,&,2 '( /26 ,17(5(6(6 &(1(5$/(6 '( /26

    7,(0326

    (O QHRFODVLFLVPR (O URPDQWLFLVPR

    /$ +,6725,$ '(/ $57( 9 (/ 35,0(5 326,7,9,602

    / /D KLVWRULD GHO DUWH GH YXHOWD KDFLD Vt PLVPD /D YHUGDG GH ORV KHFKRV (O UHDOLVPR SRVLWLYLVWD @

    +,6725,$ '( /$ $548,7(&785$ < &,(1&,$ 1$785$/

    / /D WD[RQRPtD /D SUD[LV

    '( /26 +(&+26 $ /26 352&(626

    / (VWDGtVWLFD \ OH\ /D OyJLFD GH ORV KHFKRV

  • /$ &$86$/,'$' (1 /$ +,6725,$ '(/ $57(

    'H ORV KHFKRV D ORV IDFWRUHV 3URJUHVR \ FDXVDOLGDG /D REUD GH 7DLQH

    /26 35,1&,3,26 '( &216(59$&,1 (1 /$ +,6725,$

    '(/ $57(

    &DXVD DHTXDW HIIHFWXP /DV LQIOXHQFLDV

    /$ &$86$/,'$' (;7516(&$ < /$ &21&$86$/,'$'

    (O DUWH \ OD DUTXLWHFWXUD FRPR FRQVHFXHQFLD GHFDXVDV JOREDOHV

    /$ &5,6,6 '( /$ &$86$/,'$' (1 /$ +,6725,$

    '(/ $57(

    /DV JHQHUDFLRQHV \ HO .XQVWZROOHQ (O DUWH HQ VX HVHQFLD

    6HFFLyQ VHJXQGD)250$ )81&,1 < (63$&,2 (1 /$ 7(25$

    '( /$ $548,7(&785$/ 7HRUtD \ WHRUtDV GH OD DUTXLWHFWXUD /D FRQFHSFLyQ FOiVLFD GH OD DUTXLWHFWXUD /D FRQFHSFLyQ IXQFLRQDO GH OD DUTXLWHFWXUD /D FRQFHSFLyQ HVSDFLDO GH OD DUTXLWHFWXUD

    3 $ 57 ( 6 (& 8 1 ' $

    7 ( 25,$

    7HRUtD \ FUtWLFD GH OD DUTXLWHFWXUD /D DUTXLWHFWXUD WpFQLFD \ DUWH

  • /D SUR\HFFLyQ \ OD REMHFLyQ WpFQLFDV (O KRPEUH DFXELHUWR GH 6REUH HO VHQWLGR RULJLQDULR GH ODWpFQLFD

    (O KRPEUH HQ OD YDVWHGDG L \ /D DUTXLWHFWXUD WpFQLFD GHO HVWDU /D GLQiPLFD GHO

    SHUPDQHFHU &RQYHUJHQFLD \ FHQWUR (O HQIRFDGR L J M /DV DFFLRQHV UHGXFWRUDV DUTXLWHFWyQLFDV (O DPSD

    UR /D SURWHFFLyQ /D SHUVRQD tJJ /D SHUVRQD FRPR HO VHU DO]DGR (VWDU \ HVWDELOLGDG /D FDVD \ HO PXHEOH /D IUHFXHQWDFLyQ +DELWDU \ SREODU /R SRSXORVR \ OR S~EOLFR /D UHSUHVHQWDWLYLGDG DUTXLWHFWyQLFD (O KRPEUH XQ VHU DUTXLWHFWyQLFR

  • 3UyORJRGH OD SULPHUD HGLFLyQ

    ORV WH[WRV TXH D OD DUTXLWHFWXUD FRQFLHUQHQ FXDOTXLHUD VHD VX FRQGLFLyQ GLVIUXWDQ DFWXDOPHQWH GH XQUHFRQRFLPLHQWR LPSDU VLQ SDUDQJyQ FRQ HO TXH DQWDxRWXYLHURQ 6L HVWLPDPRV TXH HO p[LWR HVWULED HQ OD IUHFXHQWDFLyQ GH XQD EXHQD R PDOD REUD SRU OD S~EOLFD PXFKHGXPEUH FRQYHQGUHPRV HQ TXH D ORV WUDWDGRV DUTXLWHFWyQLFRV OHV KD OOHJDGR OD KRUD YHQWXURVD FXDQWR SHOLJURVDGHO VXFHVR /D DELHUWD PDQR GH QXHVWUR WLHPSR RVWHQWD HOVLJQR SDOPDULR GHO p[LWR 3RUTXH pVWH VLJQLILFD IiFLO VDOLGD R FRQYHQLHQWH UHVXOWDGR KR\ VH OH SHUVLJXH DKLQFDGDPHQWH FRQ UHLWHUDGD LQVWDQFLD 6LQ HPEDUJR HQ HO H[LUHTXH HO p[LWR HQWUDxD VH KDOOD VX FRQWUDSDUWLGD OD GHOULHVJR TXH FRUUHPRV DO LU IXHUD GH Vt R GH OR QXHVWUR HVHVHQWLUQRV HQDMHQDGRV TXH QRV KDFH HQFRQWUDUQRVSHUGLGRV HQ p[RGR DSDUWDGRV GHO FDPLQR TXH SURSLDPHQWHQRV SHUWHQHFH

    3XHVWR TXH QXHVWUR SUHVHQWH HV WLHPSR GH p[LWR OHFRQFXHUGD HO VHU WLHPSR GH SULVD (O VXFHVR VL WDUGtR QROR SDUHFH R QR VH GHVHD 'H WDO PDQHUD XQ FLHUWR \ FRQRFL

    GR SHQVDGRU GH p[LWR GHVGHxD OD SRVWXPD FRQVDJUDFLyQ/D DUULEDGD HQ YLGD \ SURQWR 1R EDVWD FRQ REWHQHU IiFLOVDOLGD KD\ TXH VDOLU DQWHV /D SULVD SURFXUD HO DQWHV \pVWH D VX YH] GLVSHQVD HO DSHWHFLGR UHVXOWDGR (O p[LWR HVHO EODQFR GH OD SULVD VL HV TXH OD FHOHULGDG DSXQWD KDFLDDOJR

  • 2FXUUH FRQ QXHVWURV WpUPLQRV TXH VH OHV UHFRQRFH

    VHJ~Q DTXHOOR TXH DFHSWDQ \ DFRJHQ HQ ORV FRQFHSWRVTXH LQYROXFUDQ 3RU DxDGLGXUD FDGD SDODEUD FRQ HO FRUUHU GH ORV WLHPSRV VXHOH HQWHQGHUVH GH YDULDEOH PDQHUDFRPR FRQVHFXHQFLD GH VX YLYR HMHUFLFLR $ HVWH FDPELDQWHPRGR GH DFHSWDUOD VH OH GHQRPLQD VX DFHSFLyQ $FHSFLyQHV SXHV OD PRGDOLGDG GH XQD DFHSWDFLyQ OD GHO VHJ~Q VHWRPH R VH GHMH FDGD YRFDEOR (O RILFLR GH FDSWXUDUDOJR GH FDSWDUOR DSDUHFH WDQWR HQ HO FDUiFWHU PRGDO GH ODDFHSFLyQ FRPR HQ HO FRQFHSWR SRU HOOD HQXQFLDGR $Vt ODYR] SULVD HQ VXV DFHSFLRQHV RULJLQDULDV SDWHQWL]DED ODVQRFLRQHV GH SUHVLyQ \ SULVLyQ HO SUHPHUH R DSULHWR ODSUHPXUD \ HQ HVWD VX SULPRUGLDO FRQGLFLyQ RSUHVRUDFXDQWR QHJDWLYD VH GLMHUD TXH GHEHPRV DFHSWDUOD \ SDGHFHUOD WRGDYtD 3RUTXH DTXHOORV TXH FUHHQ WHQHU DOJR FXDQGR SULVD WLHQHQ TXp WLHQHQ" < TXLHQHV VH DSUHVXUDQ WUDVHO p[LWR TXp KDOODQ VLQR HO GHVRULHQWH \ HVWUDJR PHQWDGRVHQ ODV DQWLJXDV DFHSFLRQHV GHO YRFDEOR" $FDVR OD iXUHDFRURQDFLyQ GHO p[LWROD FRQVDELGD DXUHROD QR VH REWLHQH HQ PHQRVFDER GH QXHVWUD FRQGLFLyQ DOWHUiQGROD" 3RUHOOR IUHQWH DO KDELWXDO GLVFXUULU GH FRUULGR WDQ SURSLR GHQXHVWURV GtDV QR HV KRUD GH SDUDUQRV D SHQVDU H LQTXLULU VL OD JHQHUDO UHVRQDQFLD TXH HQFXHQWUDQ ORV WHPDV GHDUTXLWHFWXUD QR VH KD SURGXFLGR D H[SHQVDV GH VX DXWHQWLFLGDG GHVYLUWXiQGROD PHGLDQWH FLHUWD QRYHOHUtD DO XVRSUHFLSLWDGD DMHQD DO VDEHU UHIOH[LYR" 1R HVWiQ PXFKDVGH ODV DFWXDOHV SXEOLFDFLRQHV DUTXLWHFWyQLFDV HQ HO WHUUHQRGH OD FUyQLFD GHO XUJLGR UHSRUWDMH \ DXQ GH OD KDEODGXUtDHVH KDEODU VLQ IXQGDPHQWR TXH GD TXH KDEODU" < DTXHOORTXH SHRU SDUHFH ODV REUDV RSXHVWDV D OD GHVDODGD ORFXDFLGDG FRQ IDMRV GH UHYHODGRUDV IRWRJUDItDV GyQGH VH KDOODQVLQR HQ OD YtD GXGRVD GH ORV OLEURV LOXVWUDGRV R DUWtVWLFRV VXVWLWXWLYRV GHO SHQVDU SRU OD LPDJHQ GHO LGHDU SRUOD PHUD LGHQWLILFDFLyQ YLVXDO \ GHO VDEHU SRU XQ H[WHQVR

  • UHSHUWRULR VRODPHQWH UHSHUWRULR GH UHIHUHQFLDV HQPXGHFHGRUDV"

    1DGD GH FXDQWR DFDEDPRV GH DSXQWDU LPSOLFD GHVGpQLQGLFD PiV ELHQ SHOLJUR \ FDXWHOD &LHUWR HV TXH KD\ PLOPDQHUDV GHMXVWLILFDU HO DXJH SXEOLFLWDULR DQRWDGR 6H QRVGLUi VL VH TXLHUH TXH OD DUTXLWHFWXUD HV XQR GH ORV TXHKDFHUHV PiV SUHVHQWHV GHO WLHPSR DFWXDO SRU FXDQWR SRQHHQ SOHQRMXHJR QXHVWUDV SRVLELOLGDGHV WpFQLFDV LGHDWLYDV \DUWtVWLFDV \ TXH FRPR GH HOOR UHVXOWD VH OD H[DOWD VHxHUDPHQWH SRUTXH ODV pSRFDV HVWLPDQ GH SUHIHUHQFLD DTXHOODV GH VXV PDQLIHVWDFLRQHV HQ TXH PHMRU VH HQFXHQWUDQUHSUHVHQWDGDV 7DPELpQ SXGLHUD DxDGLUVH FRQ PXFKDVFRVDV PiV TXH HO LQWHUpV DFWXDO SRU OD DUTXLWHFWXUD FRUUHVSRQGH D TXH VXV FUHDGRUHV KDQ VDELGR UHLQVWDXUDUOD HQ VXDQWLJXD MHUDUTXtD GH DUV PDJQD \ SRU HQGH YXHOYH DRFXSDU FHQWUDGR \ GHVFROODQWH OXJDU HQ HO LQWHUpV GH ORVKRPEUHV $FHSWDGR \ PX\ FLHUWR SHUR QDGD GH HVWRH[FOX\H DQWHV H[LJH HO ULJRU HQ ORV WUDWDGRV VLTXLHUDSRUTXH ODV UHIOH[LRQHV VREUH ORV IXQGDPHQWRV \ SULQFLSLRV GH OD DUTXLWHFWXUD VHDQ FRQGLJQDV GH ODV REUDV DO]DGDV SRU ORV DUTXLWHFWRV

    %LHQ KD\D HO FRQRFLPLHQWR HMHFXWLYR \ WpFQLFR SHUWHQHFLHQWH DO KDFHU DO PDQRV D OD REUD GHO DUTXLWHFWRSHUR D PD\RUHV DJXGH]D R ULJRU HQ HVWH DVSHFWR VDSLHQWHWDQWR PiV GHEHUi H[WUHPDUVH HO VDEHU GH DQWHPDQR DQWL

    FLSDGR \ RULHQWDGRU SURSLR GH ORV D SULRUL HQ TXH HOODERUDU UHSRVD 6LQ pVWRV UHVXOWD LQFRQFHELEOH DTXpO 1RREVWDQWH DVRPEUD FRPSUREDU FRQ TXp HVFDVDV OXFHV VH KDH[DPLQDGR HO IRQGR SUREOHPiWLFR GH OD DUTXLWHFWXUD HQPXFKRV GH ORV WUDWDGRV YLJHQWHV &RPR HO KRPEUH DFWXDOSDUHFH SRFR YRFDGR D OD UHIOH[LyQ HVFDWLPiQGROD WUDV

    SUHWHQGLGDV XUJHQFLDV R H[FHVLYRV UHTXHULPLHQWRV FRQIXQGH \ VXSOH HO VDEHU FRQ OD DFHOHUDGD LQIRUPDFLyQ GH ODTXH UHJUHVD OLWHUDOPHQWH LQIRUPDGR TXH DTXt HV FRPRGHFLU LQIRUPH < D HVWH FRQRFLPLHQWR DSUHVXUDGR FRQWUL

  • EX\H HO QRWLFLDU VREUH OD DUTXLWHFWXUD DQWHV DOXGLGR DUWtFXOR GH IiFLO FRQVXPR HQ HO TXH QXHVWUD HUD VH SDWHQWL]D\ GHPXHVWUD SXHV D ORV WLHPSRV VH OHV UHFRQRFH WDQWR SRUOD RULHQWDFLyQ GH VX YRUDFLGDG FRPR SRU DTXHOOR TXHWUDQVIRUPDQ HQ SDVWXUD \ DOLPHQWR 6LQ HPEDUJR \ FRQWUD OR TXH SDUHFH FRQFHELEOH OD IRUPLGDEOH IUXLFLyQ GHYRUDGRUD GH TXH KDFH JDOD HO PXQGR SUHVHQWH QR OH SURFXUDVXVWHQWR QL IXQGDPHQWR DGHFXDGRV FRQYLUWLpQGRVH GHWDO PDQHUD HQ XQ KiELWR QXWULFLR TXH FDUHFH GH SRUTXp1XQFD HQ OD KLVWRULD KD H[LVWLGR XQ GpFDODJH XQ GHVQLYHOWDQ HQRUPH HQWUH ODV PRQVWUXRVDV IDFXOWDGHV FRQVXPLGRUDV GH TXH JR]D HO KRPEUH DFWXDO UHVSHFWR GH ORV SURGXFWRV FXOWXUDOHV \ OD HVFXiOLGD SDUYHGDG GHO SURSLRLQWHUURJDUVH D WDO SXQWR TXH DTXpOODV KDQ RFXSDGR HOOXJDU GH pVWH 6H FUHHUtD TXH QXHVWUR WLHPSRWDO FRPR HOWUDJyQ OHJHQGDULR TXH IXH &URQRVGHYRUD D VXV KLMRV VLQDSHWLWR SRU PHUD FRVWXPEUH DQLTXLODGRUD < DVt FRPRGLVWLQJXLPRV D ORV WLHPSRV VHJ~Q VXV KiELWRV QXWULFLRVWDPELpQ SRGHPRV UHFRQRFHUORV SRU HO QLYHO \ VHQWLGR GHVXV LQWHUURJDFLRQHV SRU VXV GHVLJQLRV R SURSyVLWRV HLQFOXVRFRPR SXHGH VXFHGHU SRU OD HVFDVH] GH XQRV \RWURV (Q WDO DFXHUGR FRQ UHIHUHQFLD D OD DUTXLWHFWXUDQR HV FRVD GH DYHULJXDU TXp QGROH GH SUREOHPDV KDQSXHVWR HQ MXHJR VX KLVWRULD \ WHRUtD UHFLHQWHV \ HQ TXpPHGLGD QRV FRPSURPHWHQ" 1R HV OD RFDVLyQ GH VDEHUKDVWD TXp H[WUHPR FRUUHVSRQGHQ D QXHVWUR SHQVDPLHQWR\ VL QR GHVGH TXp SXQWR UHVXOWDQ VXSHUDEOHV" 3RU RWUDSDUWH DFHSWDUHPRV VLQ FRQWUD HVH LPSURYLVR DOXYLyQ GHWH[WRV SUHFLSLWDGRV HQ HO TXH VH SUHVFLQGLy FRQ DSUHVXUDPLHQWR GH DTXHOORV WUDEDMRV TXH LQGDJDEDQ SUHFXUVRUD \UDGLFDOPHQWH HO VHQWLGR GH OD DUTXLWHFWXUD" 'H WRGR HOORTXH QR SDUHFH SRFR \ GH QR SRFRV PRWLYRV PiV QRVRFXSDUHPRV HQ HO WUDEDMR TXH D VHJXLGR YLHQH

  • +HPRV GLYLGLGR QXHVWUR HQVD\R HQ YDULDV SDUWHV QHWDPHQWH GLIHUHQFLDGDV /R LQLFLDPRV FRQ XQD H[SRVLFLyQFUtWLFD GH ODV WHQGHQFLDV GRPLQDQWHV HQ OD KLVWRULD GHO DUWH\ GH OD DUTXLWHFWXUD GHVGH HO VLJOR [YP KDVWD OD IRUPXODFLyQ GH ODV RQWRORJtDV UHJLRQDOHV D ILQHV GHO [L[ \ FRPLHQ]RV GH QXHVWUR VLJOR 'HVSXpV DWHQLpQGRQRV D ODV LGHDV GHOD DUTXLWHFWXUD KR\ YLJHQWHV OD IRUPDO R FOiVLFD OD IXQFLRQDO \ OD HVSDFLDO HIHFWXDPRV VX UHYLVLyQ FUtWLFD GHVGHQXHVWURV SXQWRV GH YLVWD 3RU ~OWLPR HQ HO VHJXQGR YROXPHQ GH $UTXLWHFWyQLFD H[SRQGUHPRV FRPR SDUHFH SHUWLQHQWH QXHVWUD WHRUtD GH OD DUTXLWHFWXUD HQ OD TXH LQWHQWDUHPRV VREUHSDVDU ODV OLPLWDFLRQHV GH DTXHOODV LGHDV DTXtMX]JDGDV

    (Q FXDQWR VH UHILHUH D OD SURFHGHQFLD GH ORV WH[WRVUHFRJLGRV HQ HVWD REUD FDEH LQGLFDU TXH WRGRV IXHURQSXEOLFDGRV SUHYLDPHQWH HQ FXUVRV \ FRQIHUHQFLDV GDGRVHQ GLIHUHQWHV LQVWLWXFLRQHV \ RFDVLRQHV 3HUR FRPR HQQXHVWUDV ODWLWXGHV VH HQWLHQGH TXH OD SXEOLFDFLyQ QR SXHGH VHU PiV TXH OD GH OD OHWUD LPSUHVD \ QR OD TXH VH LQFXOFDGH YLYD YR] HQ S~EOLFRV FRQWDQWHV \ VRQDQWHV QRV UHVROYLPRV D GDUOH HVWH PROGH LQYDULDEOH GH OD OHWUD PXHUWD SDUDRWRUJDUOH VX GHILQLWLYD IRUPD

    /D SULPHUD VHFFLyQ GH HVWH OLEUR 7HQGHQFLDV GH OD KLVWRULD GHO DUWH \ GH OD DUTXLWHFWXUD IXH FRPXQLFDGD D ORV DOXPQRV GH OD )DFXOWDG GH )LORVRItD GH OD 8QLYHUVLGDG GH &KLOHGXUDQWH HQ XQ FXUVR WLWXODGR )LORVRItD GH OD KLVWRULDGHO DUWH HQ HO TXH GHVDUUROODPRV HVSHFLDOPHQWH DOJXQRVWHPDV GHO FXUVR GH +LVWRULD GHO DUWH 7HUFHU DxR TXHGHVGH GHVHPSHxiEDPRV HQ OD )DFXOWDG GH $UTXLWHFWXUD GH HVWD 8QLYHUVLGDG

    /D VHFFLyQ FRUUHVSRQGLHQWH D )RUPD IXQFLyQ \ HVSDFLR HQOD WHRUtD GH OD DUTXLWHFWXUD TXH ILJXUD HQ OD SDUWH ILQDO GHHVWH YROXPHQ IXH H[SXHVWD FLUFXQVWDQFLDGDPHQWH HQ HOFLFOR GH FRQIHUHQFLDV VREUH 7HRUtD \ FUtWLFD GH OD DUTXLWHFWXUD

  • TXH GLPRV GXUDQWH ORV PHVHV GH RFWXEUH \ QRYLHPEUH GH

    HQ HO &ROHJLR GH $UTXLWHFWRV GH &KLOH(O Q~FOHR FRQVWLWX\HQWH GH ORV WHPDV TXH LQFOXLUi HO

    YROXPHQ VHJXQGR FRUUHVSRQGH D QXHVWUD FRQIHUHQFLD (OKRPEUH \ OD LGHD GH OD DUTXLWHFWXUD SURQXQFLDGD HQ HQHUR GH FRQ PRWLYR GHO FLFOR ,PDJHQ GHO KRPEUH TXH RUJDQL]yOD 8QLYHUVLGDG GH &RQFHSFLyQ HQ VX 6pSWLPD (VFXHOD,QWHUQDFLRQDO GH 9HUDQR

    3UyORJRGH OD VHJXQGD HGLFLyQ

    7LHPSR GHVSXpV GH PL FRQIHUHQFLD (O KRPEUH \ OD LGHD GH ODDUTXLWHFWXUD \ GHO VHPLQDULR \ FXUVRV TXH GHGLTXp DO WHPDVH SXEOLFDURQ YDULDV REUDV UHIHUHQWHV D ORV SUREOHPDV TXHHQWRQFHV SURSXVH DXQ FXDQGR IXHURQ IRUPXODGRV HQ

    GLVFLSOLQDV DMHQDV D OD WHRUtD GHO DUWH 0H UHILHUR SULQFLSDOPHQWH DO OLEUR GH 2WWR )ULHGULFK %ROOQRZ 0HQVFK XQG5DXP .RKOKDPPHU 9HUODJ 6WXWWJDUW +D\ WUDGXFFLyQ HVSDxROD +RPEUH \ HVSDFLR (GLWRULDO /DERU %DUFHORQD DGHPiV GHO YROXPHQ GH 0DQXHO *UDQHOO /DYHFLQGDG KXPDQD 5HYLVWD GH 2FFLGHQWH 0DGULG \HO GH -XOLiQ 0DUtDV $QWURSRORJtD PHWDItVLFD 5HYLVWD GH2FFLGHQWH 0DGULG /RV GRV WRPRV GH OD SULPHUDHGLFLyQ GH $UTXLWHFWyQLFD DSDUHFLHURQ UHVSHFWLYDPHQWHHQ \ (GLFLRQHV GH OD 8QLYHUVLGDG GH &KLOH

    /DV FRLQFLGHQFLDV GH WHPDV \ GHVDUUROOR HQ SDUWH GHGLFKDV REUDV VRQ WDOHV TXH VXV DXWRUHV SDUHFLHURQ KDEHUVH SXHVWR GH DFXHUGR SDUD WUDWDU PDQFRPXQDGDPHQWH

  • YDULRV GH ORV DVXQWRV HQ HOODV LQFOXVRV $ HVWH SURSyVLWRFDEH UHFRUGDU TXH HO VRFLyORJR QRUWHDPHULFDQR 5REHUW0HUWRQ HQ OD UHIHULGD 6pSWLPD (VFXHOD ,QWHUQDFLRQDO GH9HUDQR GHGLFy XQD FRQIHUHQFLD D ODV RFDVLRQHV HQ TXH HOKRPEUH SURGXFH UHVSXHVWDV LGpQWLFDV R DQiORJDV DQWHGHWHUPLQDGRV SUREOHPDV HQ GLVWLQWRV OXJDUHV \ D OD YH] RFRQ SRFD GLIHUHQFLD HQ HO WLHPSR /D H[SOLFDFLyQ VL ODKXELHUD QR OD GLR DXQ FXDQGR FDEH VXSRQHU TXH WDOHVFRLQFLGHQFLDV VH GHEHQ D TXH XQD SUREOHPDWL]DFLyQ VHPHMDQWH OOHYD FRQVLJR UHVSXHVWDV LJXDOHV R PX\ SUy[LPDV $xiGDVH D HVWR TXH ODV LGHDV SUHFHGHQWHV FRQGLFLRQDQ ODV PDQHUDV GH SHQVDU GH TXLHQHV ODV KHUHGDURQSDUD DFHSWDUODV R UHFKD]DUODV \ GHVGH OXHJR SDUD GHVDUUROODUODV GLIHUHQWHPHQWH 'H DKt TXH VL DEXQGDQ ODVFRLQFLGHQFLDV HQWUH ODV REUDV FLWDGDV WDPELpQ ODV GLIHUHQFLDV GH SRVLFLyQ \ RULHQWDFLyQ VRQ VXEVWDQFLDOHV HQ HOODV1R PH FRPSHWH HVWDEOHFHUODV SXHV QR SXHGR VHU D XQWLHPSR MXH] \ SDUWH 6LQ HPEDUJR $UTXLWHFWyQLFD FXPSOHDQWLFLSDGDPHQWH DTXHOOR TXH HFKy GH PHQRV 9tFWRUG2UV HQ HO OLEUR GH %ROOQRZ 3XHV DO SURORJDU OD HGLFLyQHVSDxROD GH GLFKD REUD DGYLHUWH HQ HO WH[WR OD DXVHQFLDGH HVD WHPiWLFD GHO RUGHQ LGHDO GHO HVSDFLR TXH OODPDPRVDUTXLWHFWXUD (Q HO YROXPHQ SUHVHQWH GLFKR RUGHQ VHHQFXHQWUD H[WHQVDPHQWH IRUPXODGR DXQ FXDQGR GHVGHVXSXHVWRV PX\ GLVWLQWRV GH ORV TXH LPSOLFD HO LGHDODOXGLGR

    (VWD QXHYD HGLFLyQ GH $UTXLWHFWyQLFD PDQWLHQH HQ JUDQPHGLGD HO WH[WR RULJLQDO HQ HO TXH KLFH YDULDV UHFWLILFDFLRQHV \ OH DxDGt XQD TXH RWUD DPSOLDFLyQ GH PX\ HVFDVDHQWLGDG +XELHUD SRGLGR VXSULPLU FLHUWRV UHSURFKHVHVSHFLDOPHQWH ORV GLULJLGRV D ORV ILOyVRIRV GH OD YLGDGDGR TXH ODV REUDV DQWHULRUPHQWH FLWDGDV OHV SHUWHQHFHQ\ HQ HOODV VH PRGLILFD OD VLWXDFLyQ HQMXLFLDGD VLQ HPEDUJR SUHIHUt GHMDU OD REUD FRQ VXV WUD]DV LQLFLDOHV \ HQ VXFRQGLFLyQ SULPHUD $O ILQ \ DO FDER DXQTXH UHJUHVDPRV

  • GH FRQWLQXR VREUH QXHVWURV WH[WRV FRQ HO DIiQ GH GHILQLUORV SOHQDPHQWH PH SDUHFH HPSUHVD YDQD OD GH TXHUHURWRUJDUOHV OD SHUHQQLGDG GHVHDGD SRU PHGLR GH DIHLWHVDFWXDOL]DGRUHV 3RUTXH XQD REUD QR OD FRPSRQHQ WDQ VyORVXV LGHDV VLQR TXH LQFOX\H DGHPiV FLHUWR VHVJR TXH VHGHEH D OD DSDULFLyQ GH pVWDV HQ GHWHUPLQDGD RFDVLyQ < ODPtD D HVWDV DOWXUDV IRU]RVDPHQWH HV PX\ RWUD TXH OD GHDTXHO DQWDxR SXHV VL HQWRQFHV PH RFXSp GHO DUV YLWDH TXHOD DUTXLWHFWXUD HV DKRUD OOHYR PL DWHQFLyQ DO DUV PRULHQGLHO SURSLR GH OD WUDJHGLD HQ HO TXH OD YLGD FRQFOX\H \FXOPLQD

    $O DSDUHFHU HVWD VHJXQGD HGLFLyQ EDMR OD WXWHOD \ SDWURFLQLR GH OD 8QLYHUVLGDG GHO %LREtR OD REUD YXHOYH D VXRULJHQ \D TXH HQ DTXHOODV ULEHUDV MXQWR DO FDXGDO GHOPDJQR UtR H[SXVH VXV LGHDV SULQFLSDOHV 3RU HOOR PHFRUUHVSRQGH DJUDGHFHU D OD )DFXOWDG GH $UTXLWHFWXUD \&RQVWUXFFLyQ GH GLFKD 8QLYHUVLGDG \ D VX GHFDQR GRQ$XJXVWR ,JOHVLDV %DUULRV HO FRUGLDO DFRJLPLHQWR EULQGDGR D PL WUDEDMR

  • 3$57( 35,0(5$

    &5,7,&$

  • 6(&&,1 35,0(5$

    7HQGHQFLDV

    GH OD KLVWRULD GHO DUWH

    \ GH OD DUTXLWHFWXUD

  • /D KLVWRULDGHO DUWH \ GH OD DUTXLWHFWXUDDO VHUYLFLR GH ORV LQWHUHVHVJHQHUDOHV GH ORV WLHPSRV

    (/ 1(2&/$6,&,602

    PHGLDGR HO VLJOR [YP OD QDFLHQWH KLVWRULD GH ODDUTXLWHFWXUD DO SDU TXH OD KLVWRULD GHO DUWH VH KDOODPRYLGD SRU ULJXURVDV H[LJHQFLDV KDFLD ODV REUDV FUHDGDV(Q DTXHO WLHPSR QDGD PHUHFH UHFODPDUVH FRQ WDQWR HQFDUHFLPLHQWR FRPR ODV VXEOLPLGDGHV /D KLVWRULD DUWtVWLFDHQWHUD PDQLILHVWD XQD REVWLQDGD LPSHULRVLGDG GH H[FHOHQFLDV \ FRPR HO PXQGR JUHFRUURPDQR PiV HO UHQDFHQWLVWD SRU DxDGLGXUD ODV DWHVRUDQ FRSLRVDPHQWH KDFLD HVHDQWDxR DSXQWD FRQ H[FOXVLYD PLUD HO LQWHUpV GH OD pSRFD

    (VWH VXSHUODWLYR DQKHOR GH SHUIHFFLRQHV SDUD OD REUDDUWtVWLFD WXYR FRPR SUHFXUVRUHV DO &RQGH GH &D\OXV ^5HFXHLO GDQWLTXLWpV \ DO DEDWH /DXJLHU ^(VVDL VXU ODUFKLWHFWXUH SXHVWR TXH DPERV SUHFRQL]DURQ HO UHFRQRFLPLHQWR GHO DUWH FOiVLFR SDUD IXQGDPHQWDFLyQ GH OD DU

    TXLWHFWXUD GH VX WLHPSR ,QPHGLDWDPHQWH GHVSXpV:LQFNHOPDQQ UHLWHUy VXV FRQYLFFLRQHV VREUH OD VXSHULRULGDG GHO DUWH JULHJR DQWLJXR IUHQWH DO GH ORV UHVWDQWHVSXHEORV \ pSRFDV ^*HGDQNHQ EHU GLH 1DFKDKPXQJ GHU JULHFKLVFKHQ :HUNH \ DFWR VHJXLGR LUUXPSH HO IDEXORVR

  • FDXGDO KHOHQL]DQWH R URPDQLVWD TXH UHSUHVHQWDQ SDUD ODKLVWRULD GH OD DUTXLWHFWXUD )UDQFHVFR 0LOL]LD \ 3LUDQHVL HQ,WDOLD -' /H 5R\ \ 4XDWUHPpUH GH 4XLQF\ HQ )UDQFLD \HQ ,QJODWHUUD 5REHUW $GDP 6WXDUW \ 5HYHWW SULPHURFRQ 5REHUW :RRG 7D\ORU \ &UHV\ \ 5LFKDUG &KDQGOHUGHVSXpV \ HQWUH PXFKRV \ RWURV 1R HV SRVLEOH VXVWHQWDUTXH HQ HVWD VXPD GH WUDWDGLVWDV KD\D FRQYLFFLRQHV R DFWLWXGHV FRPXQHV DQWH OD DUTXLWHFWXUD FOiVLFD $OJXQRV HQURWXQGD RSRVLFLyQ D OD WHQGHQFLD KHOHQL]DQWH VH PDQLILHVWDQ UHVXHOWRV GHIHQVRUHV GH OD VXSUHPDFtD GH OD DUTXLWHFWXUD URPDQD VREUH OD JULHJD DKt HVWi 3LUDQHVL HQFHQGLpQGRVH DO SURSyVLWR HQ DFDORUDGDV SROpPLFDV FRQ 0DULHWWH \ REOLJiQGRVH D FRUURERUDU VXV LGHDV FRQ WHDWUDOHVJUDEDGRV GH DSDUDWRVR VXSHUUHDOLVPR DUTXHROyJLFR2WURV TXHGDQ HQ OD ]RQD WHPSHUDGD GH OD PHUD GHVFULSFLyQ R HQ HO H[FOXVLYR DFRSLR GH UHIHUHQFLDV SHUR HV GDEOHDVHYHUDU TXH WRGRV HOORV LQFOXVR ORV SUDFWLFDQWHV GH OD PiVSDVLYD FLHQFLD OD SDFLHQFLD SRU HQVHxD DFHSWDQ FLHUWD\ GHWHUPLQDGD QRFLyQ GH YDORU LPSOtFLWD HQ HO DUWH FOiVLFR TXH MXVWLILFD VXV LQGDJDFLRQHV &RQ HOOR HVWD VHULH GHKLVWRULDGRUHV VH DSDUWD GH ORV SUHFHGHQWHV TXH D OD PDQHUD GH 9DVDUL VH SHUGtDQ HQ GLPHV \ GLUHWHV SUHWHQGLGDPHQWH ELRJUiILFRV DWULEXLGRV D ORV DUWLVWDV FRQ ORV TXHFRQYHUWtDQ OD KLVWRULD HQ XQ SURFHORVR PDU GH KLVWRULDV3RUTXH ORV WUDWDGLVWDV GHO [YtQ TXLVLHURQ SRQHU GH UHOLHYHOR PHMRU < TXp SRGtD UHSUHVHQWDU HVWH SULQFLSLRFDUDFWHUtVWLFR GHO SHQVDPLHQWR OHLEQL]LDQR VLQR OR EHOORDEVROXWR GH :LQFNHOPDQQ OR SHUIHFWR SULYDGD SURSLHGDG GHO DUWH FOiVLFR" 3RU HOOR QR IXH GHO D]DU TXH ODHVWpWLFD HQWRQFHV FLHQFLD HVWLPDWLYD \ DXQ ULJXURVD OHJLVODGRUD GH ODV DUWHV VXUJLHUD GHILQLWLYDPHQWH HQ OD REUD GH*RWOLHE %DXPJDUWHQ ^$HVWKHWLFD DFURDPiWLFD YROV HVFULWD SUHFLVDPHQWH SDUD FRPSOHPHQWDFLyQ GHOD WHRUtD GHO FRQRFLPLHQWR GH /HLEQL] H[WHQGLpQGROD DOPXQGR VHQVLEOH

  • 3XHVWR TXH OD RSWLPLGDG UHVLGtD HQ HO DUWH FOiVLFR VyORGHVGpQ R PDOWUDWDPLHQWR DJXDUGy D WLHPSRV \ SXHEORVVRUGRV R DMHQRV D VXV YLUWXGHV 6HJXUDPHQWH KDVWD HQWRQFHV HO MXLFLR KLVWyULFR QXQFD KDEtD PDQLIHVWDGR PD\RUGHVSODQWH QL VLPLODU VHJXULGDG HQ VX SUHGLOHFFLyQ SRUGHWHUPLQDGR DVSHFWR GHO D\HU \ FRQ WDQ H[FOXVLYD FRPRH[FOX\HPH WHQGHQFLD FRQYLUWLy D OD KLVWRULD GHO DUWH HQWHQGHQFLRVD 3RU HOOR VX ILQDOLGDG HVWULEy HQ UHVFDWDU GHOSDVDGR \ H[DOWDU FLHUWRV SHUtRGRV FRQVLGHUDGRV PRGpOLFRV HQWUHJiQGRORV FRPR XQ SUHVHQWH HQ VX GREOHVHQWLGR GH UHJDOR \ DFWXDOLGDG D ORV FRQWHPSRUiQHRV TXLHQHV SDUD FRUUHVSRQGHU D OD RIUHQGD GHEtDQHIHFWXDU XQ DUWH FRQGLJQR /D DFFLyQ YLYD GH OD KLVWRULDVREUH HO DUWH VH DILDQ]y HQ HVWH JHQWLO FRPHUFLR

    3RUTXH SHQViQGROR ELHQ WDQ VyOR FRQVLGHUDPRV DFWXDO DTXHOOR TXH GLVSRQH GH SRGHU DFWXDQWH OR GHPiV TXHQRV FRQYLYH \ URGHD HV PHUD VXSHUYLYHQFLD UHVWRV QiXIUDJRV D OD GHULYD FDUHQWHV GH QRUWH \ VXU HQ OD IOXHQFLD GHO

    WLHPSR &LHUWDPHQWH OD KLVWRULD DUWtVWLFD GH DTXHO DQWDxRVH JDQy VX DFWXDOLGDG GDQGR OXJDU \ RFDVLyQ DO DUWH FOiVLFR SUHFRQL]iQGROR SDUD ODV REUDV GH HQWRQFHV DXQTXH HOUHVXOWDGR TXH SURPRYLHUD \D VH VDEH IXH HO GHO QHRFODVLFLVPR < FRPR VXHOH VXFHGHU D WRGRV ORV PRYLPLHQWRV TXH

    HPSLH]DQ SRU GHQRPLQDUVH QHRV QDFLy PXHUWR FRQDOJR GH DTXHOOD PXHUWH TXH FRQRFLHUD OD PXMHU GH /RWFRQYHUWLGD HQ HVWDWXD GH VDO SRU PLUDU H[FOXVLYDPHQWH

    KDFLD DWUiV $O ILQ \ DO FDER WDOHV PRYLPLHQWRV QHRV

    DSDUHFHQ GHVSXpV GH 3RU HOOR HQ MXVWLFLD PiV ELHQTXH QHRV KD\ TXH GHQRPLQDUORV SRVW6LQ HPEDUJR HQ HO SXQWR HQ TXH OD KLVWRULD GHO DUWH VH

    KDEtD JDQDGR OD YLGD HV GHFLU VX DFWXDOLGDG ODV DUWHVYLYDV LEDQ D SHUGHU OD VX\D 'tJDOR VL QR OD HQRUPLGDG GHHGLILFLRV FODVLFRLGHV UHPLQLVFHQWHV \ DQWDxRQHV TXH HQHVH HQWRQFHV VH DO]DURQ KHFKRV SRU HO HVWLOR GH DTXHOORV

  • TXH KDEtDQ WHQLGR VX DXWpQWLFD UD]yQ GH VHU HQ HO SDVDGR/D pSRFD QDSROHyQLFD QR IDOWDED PiV WDPELpQ ORVHPSOHy D GHVWDMR \ GHVSXpV VLJXLy OD UDFKD DO SXQWR TXHWRGDYtD ORV SDGHFHPRV HQ FLHUWD DUTXLWHFWXUD GHFODPDWRULD KXHUD \ RILFLDO ~OWLPD FRQVHFXHQFLD GH XQ DUWH FRQFHELGR DO SLH GH OD OHWUD OLWHUDOPHQWH VXSHGLWDGR D ORVWH[WRV KLVWyULFRV

    (O HVWLOR LPSOLFD VLHPSUH XQ SDUHFLGR DOJR SRU HO HVWLOR $XQTXHQDWXUDOPHQWH HO SDUHFLGR GH ODV IRUPDV HQWUH Vt QR HV FRQGLFLyQ EDVWDQWH SDUD TXH HO HVWLOR H[LVWD 6L KXELHUD WDO VHPHMDQ]D WHQHPRV TXHIRUPXODU VX SUHYLD UD]yQ GH VHU

  • (/ 520$17,&,602

    HO UHYHUVR GH OD PHGDOOD QHRFOiVLFD OR GLEXMy HOURPDQWLFLVPR $FFLyQ SDVLyQ DUUHEDWR \ VLQUD]yQ HQ YH]GH PLVXUD H SURSRU]LRQH QL OR SHUIHFWR FRPR SUHWHQVLyQ QLHO DUWH FOiVLFR SRU PLUD GLVWDQWH (O DUWH WXYR RWUD \ GLVWLQWD PRWLYDFLyQ TXH OD GH OR EHOOR DVt IXHUD IRUPXODGRSRU 5RVHQNUDQ] HQ VX (VWpWLFD GH OR IHR \ WDO FRPRKDEtDQ GH UHLWHUDUOR SRVWHULRUPHQWH :LOKHOP :RUULQJHU\ +HUEHUW 5HDG $ HVH HQWRQFHV VH UHPRQWD OD FRQYLFFLyQDFWXDO GH TXH OD WHRUtD GH FDGD SHUtRGR DUWtVWLFR WLHQH TXHHVWDEOHFHUVH GHVHQWUDxDQGR ORV VXSXHVWRV SURSLRV HQ TXHVH EDVD SDUD LQWHUSUHWDUOR DSDUWLU GH HOORV \ QR GHVGH RWURVDMHQRV DXQTXH VH FRQVLGHUHQ PHMRUHV R GH PiV YDORU6LQ HPEDUJR ORV URPiQWLFRV UHVFDWDURQ GHO SDVDGR DTXHOOR TXH OHV FRUUHVSRQGtD OD (GDG 0HGLD \ HQ HVWRKLFLHURQ HO JDVWR FRPR QR SRGtD VHU PHQRV HQWRQFHV ORVWUDEDMRV OLWHUDULRV $GYLQR OD QRYHOD KLVWyULFD GH XQ :DOWHU 6FRWW R GH 9tFWRU +XJR VH H[DOWy GHFLGLGDPHQWH HODUWH JyWLFR \ HQ GUDPDV \ SRHPDV GH WURQLWRVD HORFXHQFLD\ KRQRU HQ MXHJR UHVXUJLy HO PXQGR FDEDOOHUHVFR 3RURWUD SDUWH OR PHMRU \D QR KDEtD TXH LQTXLULUOR HQ HO DUWHDQWLJXR PHGLWHUUiQHR HO URPDQWLFLVPR VXSXVR TXH HODUWH SRGtD HQFRQWUDU HO FRUGyQ QXWULFLR TXH OR OLJDUD D VXVGLUHFWRV RUtJHQHV HQ OD WUDGLFLyQ SRSXODU \ ORFDO GH FDGD

  • SDtV $Vt HO HVStULWX QDFLRQDO IRUPXODGR SRU ORV ILOyVRIRV DOHPDQHV SUHFXUVRUHV LQPHGLDWRV GHO URPDQWLFLVPR0yVVHU \ +HUGHU HQWUH HOORV FREUy VX SOHQR YLJRU HQHO 9RONVJHLVW R DOPD GHO SXHEOR TXH GHEtDQ SDWHQWL]DU ODVDUWHV 7RGDV ODV JUDQGHV PDQLIHVWDFLRQHV FUHDGRUDV VHHVWLPDURQ FRPR DQyQLPD IDHQD SRSXODU GHVGH ODV HSRSH\DV VHJ~Q OD WHRUtD GH -DFRER *ULPP KDVWD ODV FDWHGUDOHV HQ OD FRQVLGHUDFLyQ GH 9LROOHWOH'XF WHQLGDV pVWDV SRU REUD GHO IHUYRU FROHFWLYR TXH H[WUDxDPHQWH GRWDGR GH OD PiV DJXGD VDSLHQF DUWtVWLFD \ WpFQLFD DO]DEDVLOODU VREUH VLOODU UHPDWDQGR VXV PX\ FRPSOHMDV HVWUXFWXUDV VLQ PiV QL PiV \ VLQ FDEH]DV UHFWRUDV

    8Q QDFLRQDOLVPR HQUDJp EURWy SRU GRTXLHU HQ OD FXOWXUD HXURSHD GHFLPRQyQLFD /D QDFLyQ HQWHQGLGD FRPRHO WHUULWRULR HQ TXH VH QDFH OR HUD WRGR \ HUD D VX YH] HO

    RULJHQ GH WRGR $XQTXH HVWD SUHWHQVLyQ H[WUHPDGD OOHYDED HQ Vt XQ JHUPHQ GHVWUXFWLYR SRUTXH ORV QDFLRQDOLVPRVLPSOLFDQ FLHUWD WHQGHQFLD D OD DXWRIDJLD SRU OD TXH ORVSXHEORV WHUPLQDQ QXWULpQGRVH GH VX SURSLD VXEVWDQFLD/D XQLILFDFLyQ GH ,WDOLD \ $OHPDQLD FRQWULEX\y FRQ PXFKR DO DXJH QDFLRQDOLVWD GH HQWRQFHV < OD HPSUHVD TXH$OHPDQLD VH SURSXVR SDUD VLJQLILFDUOR RVWHQVLEOHPHQWHIXH OD ILQDOL]DFLyQ GH OD FDWHGUDO GH &RORQLD LQWHUUXPSLGD HQ VX IiEULFD GHVGH KDFtD YDULRV VLJORV (Q WDO HPSHxRFRPR HQ RWURV GH DTXHO WLHPSR QDFLRQDOLVPR \ PHGLHYDOLVPR VH WHQGLHURQ OD PDQR

    )RPHQWy HO JXVWR SRU OD DUTXLWHFWXUD PHGLHYDO XQDOLWHUDWXUD HUXGLWD GH EDVH DUTXHROyJLFD DQWLFLSDGD GHVGHHO VLJOR [YP HQ ORV SDtVHV GH WUDGLFLyQ JyWLFD \ HVSHFLDOPHQWH HQ ,QJODWHUUD 4XL]i HO HMHPSOR SULPHUR VH KDOOHHQ OD REUD GH %DWW\ /DQJOH\ *RWKLF $UFKLWHFWXUH TXHLQWHQWy OD FRQFLOLDFLyQ GHO FODVLFLVPR FRQ HO JyWLFR D ODPDQHUD GHO DUTXLWHFWR FRQWHPSRUiQHR :LOOLDP .HQWDWULEX\pQGROH D OD DUTXLWHFWXUD PHGLHYDO ORV FLQFR yUGH

  • QHV FOiVLFRV 'HVSXpV &iUWHU %ULWWRQ 5LFNPDQ $XJXVWXV 3XJLQ \ VX KLMR $XJXVWXV :HOE\ 3XJLQ TXH WD[DWLYDPHQWH SURSRQH HO JyWLFR FRPR PRGHOR GH OD DUTXLWHFWXUDURPiQWLFD FRQVWLWX\HQ HO JUXHVR GHO HQRUPH WURQFR JRWLFLVWD VXUJLGR HQ ODV ,VODV %ULWiQLFDV (Q RWURV OXJDUHV IOX\yWDPELpQ FRSLRVD WLQWD SDUD GHIHQVD \ HQWHQGLPLHQWR GHODUWH JyWLFR %DVWH HO UHFXHUGR GHO 6DJJLR VRSUD ODUFKLWHWWXUDJyWLFD GHELGR DO PDWHPiWLFR LWDOLDQR )ULVL \ GHDTXHO EUHYH HVFULWR GH *RHWKH 9RQ GHXWVFKHU %DXNXQVW HQ HO TXH H[DOWD OD FDWHGUDO GH (VWUDVEXUJR FRQGHVGpQ KDFLD OR EHOOR QHRFOiVLFR FRPR D ODV UHJODV TXH HVWHDUWH FRPSRUWD

    3HUR OD FRQWULEXFLyQ IUDQFHVD D OD KLVWRULD GH OD DUTXLWHFWXUD PHGLHYDO KDEtD GH OOHYDUVH OD SDOPD SRUTXH VXPyD ORV WUDEDMRV LQGLYLGXDOHV XQD HQRUPH DFWLYLGDG IXQGDGRUD \ VRFLHWDULD /RV IUXWRV GH VHPHMDQWH ODERU TXH HQHO IRQGR SUHWHQGtD HO UHFRQRFLPLHQWR GH XQ DUWH SURSLDPHQWH IUDQFpV VH DFXPXODURQ HQ ORV PXVHRV FUHDGRV

    SRU HQWRQFHV FRPSXHVWRV DO PRGR GH LQVyOLWRV GHVYDQHVUHERVDQWHV GH REMHWRV SHUGLGRV GH DQWLJXDOODV FDFKLYDFKHV \ SRU DxDGLGXUD GH REUDV DUWtVWLFDV (Q

    WUHV

    DxRV DQWHV GH OD LQDXJXUDFLyQ GHO 0XVHR GHO /RXYUH$OH[DQGUH /H 1RLU IXQGD HO 0XVpH GHV 0RQXPHQWV )UDQ

    IDLV (O 0XVHR *DORUURPDQR VH FUHD HQ \ HQ HOGH &OXQ\ /D RUJDQL]DFLyQ GH VRFLHGDGHV GH FDUiFWHU DUTXHROyJLFR \ QDFLRQDOLVWD LQIXQGH QXHYD VDYLD D HVWD DFFLyQ IXQGDGRUD HQ VH FRQVWLWX\H OD $FDGHPLD &pOWLFD FRQYHUWLGD GHVSXpV HQ OD 6RFLHGDG 1DFLRQDO GH $QWL

    1R H[WUDxH VX UHPRWD IHFKD \D TXH HQ ,QJODWHUUD HO JRWLFLVPRSHUGXUy HQ OD SUiFWLFD GH OD DUTXLWHFWXUD VLQ VROXFLyQ GH FRQWLQXLGDGKDVWD ILQHV GHO VLJOR [L[ $O PHQRV HQ VX DSDULHQFLD SXHV QR SDVy GH VHUXQ SVHXGRJyWLFR SXUDPHQWH H[WHULRU GHVFXLGDGR SRU OR FRP~Q GH ODVYHUGDGHUDV VROXFLRQHV FRQVWUXFWLYDV GHO PHGLHYR

  • FXDULRV GH )UDQFLD \ HQ VH IXQGD OD 6RFLHGDG )UDQ

    FHVD GH $UTXHRORJtD FHOHEUiQGRVH HVH DxR VX SULPHUFRQJUHVR HQ OD FLXGDG GH &DHQ $O SDU TXH VH UHFRJHQUHVWRV \ PXHVWUDV VH OOHYDQ D ODV SUHQVDV ODV SULPHUDVUHFRSLODFLRQHV DUTXHROyJLFDV IUDQFHVDV LQLFLDGDV SRU 0LOOLQ HQWUH \ FRQ HO WtWXOR GH $QWLTXLWpV QDWLRQDOHV3RU ~OWLPR OD DUTXHRORJtD PHGLHYDO UHFLEH HO GHILQLWLYRHVSDOGDUD]R DO TXHGDU LQFRUSRUDGD HQ D OD HQVHxDQ]D GH O(FROH GH &KDUWHV'HVWDTXHPRV VLQ HPEDUJR TXH ORV SXQWRV GH YLVWD

    SXHVWRV HQMXHJR SDUD FRQVLGHUDU HO DUWH PHGLHYDO IXHURQRULJLQDOPHQWH ORV GHO QHRFODVLFLVPR WDO FRPR KDEtD VXFHGLGR HQ ,QJODWHUUD (VWR OH RFXUUH DO KLVWRULDGRU 6HURX[G$JLQFRXUW HQ VX OLEUR SHUJHxDGR SRFR DQWHV GH OD5HYROXFLyQ \ DSDUHFLGR HQ +LVWRLUH GH ODUW SDU OHVPRQXPHQWV GHSXLV VD GpFDGHQFH DX LYH VLpFOHMXVTi VRQ UHQRXYHOOHPHQW DX [YLH &RPR VX WtWXOR LQGLFD OD REUD VRVWLHQH TXHHO DUWH GHFOLQD XQD YH] FRQFOXLGD OD DQWLJHGDG JUHFRURPDQD DUULPiQGRVH FRQ HOOR D OD VRPEUD GH :LQFNHO

    PDQQ SXHV OD LQWHQFLyQ GHO DXWRU HUD PRVWUDU OD RWUD FDUD

    GH OD PRQHGD TXH HO WHyULFR DOHPiQ DFXxy (VWH DILUPD6HURX[ G$JLQFRXUW VHxDOy D ORV DUWLVWDV OR TXH GHEtDQLPLWDU \R TXLHUR LQGLFDUOHV DTXHOOR GH TXH GHEHQ KXLU(O WUDWR LQLFLDO FRQ HO PHGLHYR IXH SRU HQGH QHJDWLYRDXQTXH GHVSXpV FDPELy HO VLJQR GH ORV WLHPSRV \ FRQ HOURPDQWLFLVPR HO GHVGpQ DQWHFHGHQWH VH WUDQVIRUPy HQH[DOWDGD VREUHHVWLPDFLyQ &RPR VH VXHOH FUHHU GH ODDYHUVLyQ DO DPRU QR PHGLDED PiV TXH XQ SDVR < HVWR

    SRUTXH HO KRPEUH QR SXHGH GLULJLU HQ YDQR VX DWHQFLyQKDFLD GHWHUPLQDGD ]RQD GH OR UHDO R D FLHUWR FDPSR GHO

    /D DFWLYLGDG UHFRSLODGRUD VH LQLFLD PiV WDUGH HQ $OHPDQLD GHVGH FRPR OR WHVWLPRQLD *HRUJ 'HKLR HQ VX +DQGEXFK GHU 'HXWVFKHQ.XQVWGHQNPDOHU

  • FRQRFLPLHQWR SXHVWR TXH HQ FXDQWR FRQFHQWUD VX LQWHUpVVREUH DOJR FRQFOX\H SRU HQFRQWUDUOR LQWHUHVDQWH 7DOVXFHGLy UHGRQGDPHQWH FRQ OD DUTXHRORJtD PHGLHYDO/DV JHQHUDFLRQHV SRVWHULRUHV DO URPDQWLFLVPR QR LEDQ DPHQRVSUHFLDU XQ PXQGR TXH SDUD VX UHVFDWH KDEtD H[LJLGR WDQWR DSDUDWR \ HVIXHU]R /D (GDG 0HGLD VH SXVR HQERJD 'HVGH HQWRQFHV ERJD \ QDYHJD HQ DJXDV DPLJDV

  • /D KLVWRULD GHO DUWH\ HO SULPHU SRVLWLYLVPR

    /$ +,6725,$ '(/ $57(

    '( 98(/7$ +$&,$ 6, 0,60$

    SRU H V U R V GHUURWHURV OD KLVWRULD GH OD DUTXLWHFWXUD\ GHO DUWH KDEtDQ FRQWULEXLGR FRQ VXV KDOOD]JRV H LGHDV DFRUURERUDU HO JXVWR GRPLQDQWH GH ORV WLHPSRV QHRFOiVLFRSULPHUR \ URPiQWLFR GHVSXpV 3HUR H[FHGLGDV GH VX FDXFHQDWXUDO VXMHWDV D UHTXHULPLHQWRV LPSHULRVRV GH OXJDU \PRPHQWR OOHYDGDV LQFOXVR D OD VHUYLGXPEUH GH SROpPLFDVRFDVLRQDOHV GLFKDV GLVFLSOLQDV DO IRPHQWDU ORV LQWHUHVHVJHQHUDOHV YLJHQWHV SDUHFLHURQ GHVFXLGDU VX SURSLR GHVWLQR 'HVSXpV \ DO ILQ FLxpQGRVH HQ VX ODERU D ODV QRUPDVSHQVDQWHV GHO SRVLWLYLVPR LQLFLDO VH OLPLWDURQ D FRPSUREDU ULJXURVDPHQWH HO F~PXOR GH VXV KDOOD]JRV \ PRYLGDVSRU HO SURSyVLWR GH KLODU GHOJDGR DO WUDWDU IXHQWHV GRFXPHQWDOHV \ REUDV DUWtVWLFDV FUH\HURQ DVt DWHQHUVH D VXDXWpQWLFR TXHKDFHU (Q HO SHQVDPLHQWR RFFLGHQWDO GHQXHYR UHVRQy HO DQWLJXR DGDJLR )DFtD QRQ L!HUED3RUTXH OD YHUGDG VHJ~Q HVWD PDQHUD GH SHQVDU

    UHVLGtD HQ OD H[DFWLWXG FRQ TXH SXGLHUDQ FRPSUREDUVHKHFKRV \ GDWRV DWUDYHViQGRORV FRQ HO HVWLOHWH GH OD FUtWLFDGRFXPHQWDO QL PiV QL PHQRV TXH HO HQWRPyORJR FODYD \FRQVHUYD HQ HO LQVHFWDULR VXV OXFLGRV DUWUySRGRV )O OHPDGH OD IHQRPHQRORJtD DFWXDO TXH QRV DUURMD D ODV FRVDV

  • VLQ DSULRULVPR VLQ SUHMXLFLR UHILULpQGRODV GHVFULSWLYDPHQWH HVWDED LPSOtFLWR FRQ WRGDV ODV GLIHUHQFLDV HQHVWH DWHQHUVH D ORV KHFKRV GH ORV SULPHURV KLVWRULDGRUHVSRVLWLYLVWDV 6LQ HPEDUJR OD SUHWHQGLGD REMHWLYLGDG GHTXH KDFtD JDOD HO VDEHU KLVWyULFR QR HUD VLQR LPSDUFLDOLGDG PDO HQWHQGLGD DTXHOOD TXH FRQVLVWH HQ QR SDUWLFLSDU \ HQ QR WRPDU SDUWH QL SDUWLGR DQWH QDGD PXGD HQ VXQR SURQXQFLDUVH REMHWLYLGDG R LPSDUFLDOLGDGRULJLQDGDV DSDUWH GH RWUDV UD]RQHV SRU OD FULVLV GH ORVLQFHQWLYRV JHQHUDOHV TXH KDEtDQ PRYLGR KDVWD HQWRQFHV DOD KLVWRULD DUWtVWLFD (VWD GLVFLSOLQD SXGR VHJXLU GHVFXEULHQGR \ VXPLQLVWUDQGR WHPDV SDUD OD UHYLYLVFHQFLD GH

    SDVDGRV HVWLORV SHUR VX DFFLyQ VREUH HO JXVWR FRQWHPSRUiQHR GHFUHFLy KDVWD HO SXQWR GH OLPLWDUVH SRU ~OWLPRD EULQGDU PRWLYRV SDUD ORV WUDEDMRV GH ORV DUTXLWHFWRV R ORVDUWHVDQRV TXH EXVFDEDQ QRYHGDGHV HQ OD LPLWDFLyQ GHIRUPDV PXHUWDV WDO FRPR VH KL]R SDWHQWH KDVWD ILQDOHV GHOVLJOR

    3RU HOOR XQD YH] KXER FHVDGR HO HIHFWR JHQHUDO TXH ODKLVWRULD GHO DUWH \ GH OD DUTXLWHFWXUD WXYLHURQ VREUH HOFRP~Q GH ODV JHQWHV DO HQFRQWUDUVH VLQ HPSUHVD YLYD TXHFXPSOLU UHFXUULHURQ D OD SXQWXDOL]DFLyQ ILGHGLJQD GH ORVGDWRV SDUD UHFXSHUDU OD VHJXULGDG TXH VH OHV DXVHQWDEDOD YHUGDG SRGtD HQFRQWUDUVH HQ OHV YHULWpV GH IDLW

    3RUTXH RFXUUH TXH HQ WLHPSRV GH FULVLV R IUDFDVR GHDPSOLRV HVTXHPDV HO KRPEUH DGTXLHUH QXHYD ILDQ]D HQVXV PHGLRV DO UHGXFLU VX FDPSR GH DFFLyQ /D KLVWRULD GHODUWH \ GH OD DUTXLWHFWXUD RWUD FRVD QR KLFLHURQ < WDQWRKDEtDQ GH PLQLPL]DU VX iUHD \ VX FRQVLVWHQFLD TXH VHFRQYLUWLHURQ HQ PHUD FLHQFLD DX[LOLDU JHQHUDOL]DGD SXUD \VLPSOHPHQWH VH OLPLWDURQ \ KDVWD VH HQFRJLHURQ D VHUVROR DUTXHRORJtD 1R VH DUJX\D TXH GHVGH HO VLJOR [YP ODFRQVLGHUDFLyQ DUTXHROyJLFD KDEtD SUHGRPLQDGR HQ OD KLVWRULD GHO DUWH SRUTXH DXQTXH VHD FLHUWR FRPR HVWD GLVFL

  • SOLQD SXVR VXV KDOOD]JRV DO VHUYLFLR GH ILQHV FUHDGRUHV \ GHORV YLYRV LQWHUHVHV GH HQWRQFHV OD DUTXHRORJtD TXH LQYROXFUDED TXHGy HQ VX MXVWR OXJDU GH VLPSOH LQVWUXPHQWR GHH[FOXVLYD FLHQFLD PHGLDO $KRUD DO FRQWUDULR OD KLVWRULDDUWtVWLFD HQWHUD DVXPLy OD SRVLFLyQ GH XQD FLHQFLD VHFXQGDULD &DEH VXEYHUVLyQ PD\RU" /RV PHGLRV VH FRQYLUWLHURQ HQ ILQHV DTXt QL PHWDV OHMDQDV QL FRQVLGHUDFLyQ DOJXQD GH YDORUHV QL WHOHRORJtD QL D[LRORJtD VLQR OD FRPSUREDFLyQ FHUWHUD GH ORV KHFKRV SURELGDG \ HVFU~SXORVHQ OXJDU GH VXSXHVWRV SXQWXDOL]DFLyQ PLQXFLRVD \ QLQJXQD SUHJXQWD VREUH OD UD]yQ GHO SURSLR TXHKDFHU 7DO HUDOD VLWXDFLyQ GH OD KLVWRULD GHO DUWH \ GH OD DUTXLWHFWXUD WUDVOD SULPHUD JHQHUDFLyQ URPiQWLFD 'H DKt TXH OD DQWHVDOXGLGD REMHWLYLGDG SXGLHUD UHSUHVHQWDUVH HQ IyUPXODPiV FUXGD DXVHQFLD GH LGHDV

    /D IDHQD KLVWyULFD GH HQWRQFHV FRQ LQJHQXR SUXULWRFLHQWtILFR WHQGLy D OD DGTXLVLFLyQ GH GDWRV LUUHIXWDEOHVTXH SUHFLVDPHQWH \ SRU HOOR HQ FLHUWR PRGR FDUHFtDQ GHUHDO LQWHUpV ,PSRUWDEDQ PiV ODV GLPHQVLRQHV GH XQ PRQXPHQWR R ORV DFFLGHQWHV VXIULGRV LQFHQGLRV KXQGLPLHQWRV \ WXWWL TXDQWL TXH ORV DXWpQWLFRV PRWLYRV GH VXH[LVWHQFLD R GH VXV WUDQVIRUPDFLRQHV VH DTXLODWDEDQ ULJXURVDPHQWH ORV WLSRV GH DSDUHMR HPSOHDGRV \ VLQ HPEDUJRVH GHVFXLGDED OD UD]yQ GH VHU GH OD IiEULFD HQWHUD 3HURGH TXp YDOtD GHWHUPLQDU OD DOWXUD GH XQD WRUUH R ODV IDVHVGH VX DO]DGR VL WDOHV FRQRFLPLHQWRV FHUUiQGRVH D FXDO

    TXLHU RWUR JpQHUR GH FRPSUHQVLyQ EDVWiQGRVH D Vt PLVPRV LPSHGtDQ UHFXUULU D GHWHUPLQDGRV VXSXHVWRV HQ TXHHQFRQWUDUDQ VHQWLGR" (UD pVWH XQ VDEHU GH DYHVWUX] GHWDQ DQFKR JD]QDWH FRPR HVWUHFKD PROOHUD RPQtYRUR GHGDWRV \ UHIHUHQFLDV DXQTXH QHJDGR DO DXWpQWLFR SHQVDUIiFLO SUHWH[WR GH FLHQFLD TXH REVWDFXOL]DED SRVLFLyQ PiVUDGLFDO < SRUTXH OD PDQHUD GH YHU

    TXH HV SHQVDU

    FRQGLFLRQD VLHPSUH DTXHOOR TXH VH YH DO DSOLFDU HVWH URPRSHQVDPLHQWR \ WDOHV MXLFLRV PRVWUHQFRV D ODV REUDV DUWtVWL

  • FDV ODV GHJUDGDURQ FRQYLUWLpQGRODV HQ REMHWRV DSUHFLDEOHV VHJ~Q OD FLHQFLD GHO VDVWUH VyOR SRU PHGLGD \ SUXHED

    'H HVWD IRUPD OD KLVWRULD GHO DUWH \ GH OD DUTXLWHFWXUDDFDEDURQ SRU UHGXFLUVH D OD VLPSOH GHVFULSFLyQ DUTXHROyJLFD FyPRGR \ WUDQTXLOR KDFHU TXH EDUULy GHO KRUL]RQWHWRGR DVSHFWR FXHVWLRQDEOH FXDOTXLHU VRPEUD GH GXGD

  • /$ 9(5'$' '( /26 +(&+26

    DSXQWiEDPRV TXH HO KRPEUH HQ RFDVLRQHV GHYDFLODFLyQ VH DEVWLHQH GH HVFUXWDU OHMDQtDV \ UHFREUD VXFHUWH]D FRQ YHU GyQGH SRQH ORV SLHV 6yOR DVSLUD D SLVDUWHUUHQR ILUPH SUDFWLFDEOH (O KLVWRULDGRU GHO DUWH HQFRQWUy VX DQGDU VHJXUR DWHQLpQGRVH D ORV FDPLQRV WULOODGRV \OXJDUHV FRPXQHV GH OD DUTXHRORJtD UXWD FRQYHUWLGD HQUXWLQD FRPSURPHWHGRUD GHO KDFHU FRQFLHQ]XGR PiV TXHGHO SHQVDPLHQWR $FHSWHPRV TXH ODV DSRUWDFLRQHV IXHURQ FXDQWLWDWLYDPHQWH PXFKDV \ TXH ORV KLVWRULDGRUHVHIHFWXDURQ XQD IDHQD QHFHVDULD OD FRQVDELGD GH OOHQDU

    ODJXQDV FXDOHVTXLHUD IXHUDQ ORV HVFRPEURV HPSOHDGRV SHUR FRQYHQJDPRV HQ TXH VX REUD QR UHVXOWy VXIL

    FLHQWH SRUTXH OD KLVWRULD UHSUHVHQWD PX\ RWUD FRVD TXHDFHUYR /D DFXPXODFLyQ GH UHIHUHQFLDV \ OD E~VTXHGD GHOKHFKR SRU HO KHFKR VXHOHQ FDUHFHU GH VHQWLGR FRQYLUWLpQGRVH SRU HOOR OLWHUDOPHQWH HQ LQVHQVDWH] 3XHV QR VLHP

    SUH HQ OD KLVWRULD FRPR SXGLHUD RFXUULUOH DO ILODWpOLFR ORVKDOOD]JRV PiV LQVyOLWRV VRQ ORV GH PD\RU YDOtD

    /D KLVWRULD TXH VH HVWDEOHFH H[FOXVLYDPHQWH EDMR HOVLJQR GH OD HUXGLFLyQ DFXPXODWLYD FROLQGD FRQ OD FUyQLFDSRU PXFKR DSDUDWR GH ULJRU \ GH FLHQFLD GH TXH GLVSRQJD6X RILFLR HV XQ QDUUDU VLQ QRUWH XQD GHVFULSFLyQ VLQVXSXHVWRV IXQGDGDPHQWH HVWDEOHFLGRV \ VX UHVXOWDGR XQPHUR LQYHQWDULR HQ HO TXH SXHGHQ LQFOXLUVH ORV PiV GLVSDUHV PRWLYRV SRU OD VLPSOH UD]yQ GH TXH SHUWHQHFHQ DOSDVDGR (Q VX FRQGLFLyQ VXEVWDQFLDO HVWD PDQHUD GH KLVWRULD HV DQiORJD D OD GH FLHUWRV JpQHURV GH DUFDtVPR TXHVH FDUDFWHUL]DQ SRU FRQFHGHU SULPRUGLDO LPSRUWDQFLD DODV SDUWHV DO IUDJPHQWR WUDWDGR LQGHSHQGLHQWHPHQWH GHOWRGR \ GHELGR D VX QRFLyQ DQDOtWLFD \ FXDQWLWDWLYD SXHGHOOHYDU D OD FUHHQFLD GH TXH HO FRQRFLPLHQWR KLVWyULFR HVWUL

    ED HQ UHFRJHU PiV \ PiV PLQXFLDV TXH D IXHU GH I~WLOHV

  • IULVDQ HQ OD FXULRVLGDG \ HQ OD H[WUDYDJDQFLD (O HORJLRFRUULHQWH TXH D FLHUWRV HUXGLWRV VH DVLJQD FDOLILFDQGR VXDFWLYLGDG FRPR ODERU GH KRUPLJD UHSUHVHQWD D OD SDUOD FRQGHQDFLyQ PiV H[SOtFLWD GH XQD IDHQD TXH SRU EDQDO\ UXWLQDULD QLHJD HO VHU PLVPR GHO VDEHU (O DFXFLRVRDFDUUHR GH UHIHUHQFLDV \ HO FRQVLJXLHQWH DOPDFHQDPLHQWRGH QRWLFLDV KLVWyULFDV SHUWHQHFHQ D XQ RUGHQ TXH VH KDOODGHWHUPLQDGR FDVL H[FOXVLYDPHQWH SRU OD SDFLHQFLD \ DXQTXH TXL]i QR KD\D FLHQFLD VLQ SDFLHQFLD QR EDVWD SDFLHQFLD VROD SDUD FRQILJXUDU XQ PXQGR TXH GHSHQGH SULPRUGLDOPHQWH GH ODV LGHDV

    3RUTXH HO FRQRFLPLHQWR KLVWyULFR DO LJXDO TXH FXDOTXLHU RWUR HQ SOHQD DXWHQWLFLGDG QR FRQVLVWH HQ VDEHUPiV VLQR HQ VDEHU GH GLIHUHQWH PDQHUD SXHV SHQVDU HVVLHPSUH SURSRQHU IXQGDGDPHQWH DTXHOOR TXH QR KD\'H DKt TXH DKRUD WHQJDPRV SOHQD FRQFLHQFLD GH TXH ODVDGTXLVLFLRQHV ORJUDGDV FRQ HO MXHJR GH QXHYRV VXSXHVWRVVXHOHQ VHU GH PD\RU HQWLGDG TXH DTXpOODV GHELGDV H[FOXVLYDPHQWH D XQD DPSOLDFLyQ FXDQWLWDWLYD GHO UHSHUWRULRGH KHFKRV FRQRFLGRV

    $KRUD ELHQ OD KLVWRULD GHSHQGH DGHPiV GH VLWXDFLRQHV TXH OD FRQGLFLRQDQ (O PRPHQWR \ HO OXJDU HQ TXH VHKDFH OH GDQ XQ FRORU \ XQ DVSHFWR HVSHFLDOHV ~QLFRV SXHVOD REUD KLVWyULFD HV D VX YH] FRPR HO PXQGR TXH HQ HOODVH DOEHUJD RFDVLyQ \ SRVLELOLGDG 3RU HOOR VL OD KLVWRULDGHO DUWH VH DEVWXYR GHO WUDWR FRQ ORV DSULRULVPRV FXPSOLyDVt OD PLVLyQ PiV SHUWLQHQWH HQ DTXHO HQWRQFHV OD GHFRQWHQHU WDQ VyOR KHFKRV HQWLGDGHV HVWiWLFDV \ FRPSUREDEOHV TXH H[FOX\HURQ GH VX FDPSR RWURV DVSHFWRV SUREOHPiWLFRV

    < GHFLPRV RWURV SRUTXH QR FDEH ROYLGDU TXH ORVKHFKRV FRQVWLWX\HQ GH SRU Vt SUREOHPD DXQTXH QR ORSHUFLELHUDQ DTXHOORV KLVWRULDGRUHV TXH ORV XWLOL]DURQ FRPR XQD SyOL]D GH JDUDQWtD QL VH SHUFDWDUDQ GH HOOR TXLHQHV FRQWLQXDURQ HPSOHiQGRORV VLQ FXHVWLyQ QL REMHFLyQ

  • (V PiV HQ HVWH VHQWLGR HQWHQGHUHPRV SOHQDPHQWH ODKLVWRULRJUDItD GH FRUWH SRVLWLYLVWD \ DUTXHROyJLFR VyOR VHJ~Q \ FyPR KDJDPRV SUREOHPD GH ORV KHFKRV HQ TXHFLIUy VX SUREOHPiWLFD IDOWD GH SUREOHPDV

    &XDQGR QRV GDPRV GH EUXFHV FRQ OR LQFXHVWLRQDEOH DFHSWiQGROR HQ VX IRU]RVLGDG UHFRQRFHPRV TXH HV XQ KHFKR (V XQ KHFKR TXH HO VRO EULOOH R TXH OD OOXYLD PRMH RTXH HO SiMDUR YXHOH 3RU FLHUWR TXH OR LQFXHVWLRQDEOHSURSXHVWR GH HVWD PDQHUD SDUHFH SDULHQWH SUy[LPR GHOSHQVDPLHQWR GH 3HUR *UXOOR $KRUD ELHQ VL QRV GHWHQHPRV D FRQVLGHUDU HO KHFKR HQ OD KLVWRULD QRV DSDUHFHGRWDGR GH ORV VLJXLHQWHV UDVJRV

    6H OH HVWLPD HQ FXDQWR TXH HVWi KHFKR HV GHFLUFRQFOXLGR \ SRU HOOR KD GH VHU DFHSWDGR WDO FXDO HV $ ORKHFKR SHFKR KHPRV GH FDUJDU FRQ HOOR TXHUDPRV TXHQR SRUTXH QR FDEH PRGLILFDUOR (Q HVWR UHVLGH VX IRU]RVLGDG

    /D IRU]RVLGDG GH TXH ODV FRVDV HQ FXDQWR KH

    FKRV VRQ FRPR VRQ \ QR SXHGHQ VHU GH RWUD PDQHUDUHSUHVHQWD HQ HVWD PRGDOLGDG KLVWyULFD OD FHUWH]D PiVDEVROXWD 'H WDO JXLVD HO KHFKRSRU LQPRGLILFDEOH \ ODYHUGDG SRU LQGXGDEOH R LQFRQWURYHUWLEOH

    VH FRQIXQ

    GHQ \ VH KDFHQ XQD VROD UD]yQ

    3HUR RFXUUH TXH ORV KHFKRV DXQTXH HVWpQ \D KHFKRV SXHV SHUWHQHFHQ DO SDVDGR QXQFD SRGHUQRV GDUORVSRU KHFKRV HQ OD KLVWRULD +D\ TXH UHKDFHUORV HODERUiQGRORV GH GHWHUPLQDGD PDQHUD $ HVWH UHVSHFWR HO SRVLWLYLVPR DUTXHROyJLFR DWHQLpQGRVH D VXV LGHDV GH SDVR FRUWRORV SURSXVR VHJ~Q YLPRV VREUH GDWRV SUHWHQGLGDPHQWHLUUHIXWDEOHV SHVH D TXH FRQ VHPHMDQWHV SUHFLVLRQHV VyOR VHFRPSUREDUD OR DQRGLQR

  • 6LQ HPEDUJR DO SURFHGHU VREUH GDWRV FRPSUREDEOHVVH RPLWH R VH GHVFRQRFH TXH ORV OODPDGRV KHFKRV IXHURQ

    RULJLQDOPHQWH DFWRV \ REUDV HMHFXWDGRV FRQ FLHUWDPLUD R SUHWHQVLyQ &XDQGR VH SUHVFLQGH GH HVWD FRQGLFLyQ SULPRUGLDO GHO KHFKR OD KLVWRULD WHUPLQD GHVYLUWXiQGRVH HQ FUyQLFD TXH FRQWUD OR TXH VX QRPEUH LQGLFD HVDFURQtD SXUD URWXQGD LQWHPSRUDOLGDG

    $~Q PiV SRU HVWH FDPLQR HO KHFKR SXHGH UHSUHVHQWDU XQ DFWR HVFOHURVDGR SRU HO KLVWRULDGRU D EHQHILFLR

    SURSLR FRQYLUWLpQGROR DO ILQ HQ XQ REMHWR GH IiFLO PDQHMR FRQ HO TXH SXHGHQ HIHFWXDUVH FyPRGDV RSHUDFLRQHVWUDVODGDUOR DUFKLYDUOR FRPSLODUOR DSLODUOR (O SXQWRH[WUHPR GH HVWH PDOWUDWDPLHQWR GH ORV KHFKRV DVLPLOiQGRORV D REMHWRV PXHEOHV HQ ORV TXH PHQJXD GHILQLWLYDPHQWH VX FRQGLFLyQ RULJLQDULD HVWi SDWHQWH HQ OD QRFLyQGH PDWHULDO KLVWyULFR 'H WDO PDQHUD ORV KHFKRV FRQ

    FOX\HQ VLHQGR HO PDWHULDO DFXPXODWLYR FRQ TXH OD KLVWRULDVH IDEULFD /DV LQWHQFLRQHV KXPDQDV ORV DFWRV FRQVWLWX\HQWHV GH DFWXDOLGDG HO KDFHU \ HO FRQRFHU HV GHFLU ODSUREOHPiWLFD FRPSUHQVLyQ GHO KRPEUH HQ VX WLHPSR TXHHV OD KLVWRULD TXHGDQ GH WDO PDQHUD UHGXFLGRV D QRFLRQHV H LGHDV ILMDV TXH GH SXUR FRQFUHWDV \ FRUSyUHDV VRQPDWHULDOPHQWH IDOVDV LOXVRULDV H LQH[LVWHQWHV

    $Vt TXH GHO DFWR DO KHFKR KD\ PXFKR WUHFKR WDQWRFRPR HO TXH SXHGH PHGLDU HQWUH OD KLVWRULD \ ODAJUXHVDVFRQFUHFLRQHV GH OD FUyQLFD

    (Q HO FDPSR VRFLROyJLFR 'XUNKHLP SUHWHQGLy WDPELpQ TXH ORVKHFKRV \ ODV DFFLRQHV GHO KRPEUH KDQ GH VHU HQWHQGLGRV \ WUDWDGRVFRPR FRVDV HQ XQD ItVLFD VRFLDO

  • (/ 5($/,602 326,7,9,67$

    HO URPDQWLFLVPR HV FRVD VDELGD UHSUHVHQWy OD SULPHUD DOWD PDUHD GHO LUUDFLRQDOLVPR TXH FRQ ORVSUHFHGHQWHV GHO 6WXUP XQG'UDQJ\ GH +HUGHU \ +DPDQQDUUDVWUy FRQVLJR ORV SULQFLSLRV GHO FULWLFLVPR UDFLRQDOLVWDVXVWHQWDGRV SRU OD ,OXVWUDFLyQ 6LQ HPEDUJR WDOHV SULQFLSLRV UHVXUJLHURQ HQ PRYLPLHQWR HPHUJHQWH FRQ OD ILORVRItD SRVLWLYLVWD 6L OD ,OXVWUDFLyQ UHSUHVHQWDED HQ VXV WHQGHQFLDV H[WUHPDV FLHUWR UDFLRQDOLVPR XWySLFR SRU YHQLUDOFDQ]DEOH HQ HO IXWXUR &RQGRUFHW HO SRVLWLYLVPRLQLFLDO VXSXVR XQ UDFLRQDOLVPR GH VHQWLGR FRQWUDULR FDOLILFDEOH GH WySLFR WHQGHQWH D OD ORFDOL]DFLyQ VLVWHPiWLFD \SDUWLFXODUL]DGD GH ORV KHFKRV DO WHQRU GH ODV FLHQFLDVQDWXUDOHV HQWRQFHV FRQVLGHUDGDV FRPR ODV FLHQFLDV SRUDQWRQRPDVLD&XDQGR HQ OD KLVWRULD GHO SHQVDPLHQWR R GHO DUWH ORV

    VXSXHVWRV \ DSULRULVPRV KDQ WRPDGR YDFDFLyQ DEDQGRQDGRV DO FRQVDELGR IDU QLHQWH VXUJHQ ORV SHUtRGRV OODPDGRV UHDOLVWDV (O UHDOLVPR DVt HQWHQGLGR UHVXOWD GH OD

    SpUGLGD R DEDQGRQR GH ODV QRUPDV \ HV FRQVHFXHQFLD GHXQD DSUR[LPDFLyQ UXGD R HQ EUXWR DO PXQGR HQ WRUQR&RPSUXHED QXHVWURV DVHUWRV HO DUWH UHDOLVWD TXH QDFLy

    HQ )UDQFLD XQD YH] TXH ORV URPiQWLFRV DUUHPHWLHURQVDxXGDPHQWH FRQWUD ODV UHJODV DQLTXLOiQGRODV UHDOLVPR WHUUH i WHUUH TXH WXYR D &RXUEHW \ %DO]DF SRU VHxHURV

    UHSUHVHQWDQWHV PiV HO FRQVLJXLHQWH VpTXLWR GH DGOiWHUHV

    1R QRV UHIHULPRV FODUR HVWi D FLHUWRV UHDOLVPRV GH JpQHUR EDUURFR HQ ORV FXDOHV OD IXHUWH VHQVDFLyQ GH OR TXH FRQYHQFLRQDOPHQWH VH

    HQWLHQGH FRPR UHDOLGDG VH PDQLILHVWD PHGLDQWH SURFHGLPLHQWRV DQWLUHDOHV LOXVLRQtVWLFRV DVt RFXUUH HQ OD SLQWXUD GH XQ .HPEUDQGW R XQ

    9HOi]TXH] DXQTXH GHVGH OXHJR VHPHMDQWH UHDOLVPR EDUURFR VXFHGHWDPELpQ D OD FULVLV GH QRUPDV DQWHULRUHV VHDQ FOiVLFDV R GH RWUD tQGROH

  • \ HStJRQRV 8Q PXQGR TXH VH OOHYD D OD YLVWD GHO PXQGRPHGLDQWH SURFHGLPLHQWRV SXUDPHQWH UHSURGXFWLYRV FRQGHVFULSFLyQ GH DFRQWHFLPLHQWRV YLYRV SRU YLYLGRV \ ODSLQWXUD R OD OLWHUDWXUD KHFKDV HQ SUHVHQWH VLQ HYRFDFLyQQL UHPLQLVFHQFLDV GH QLQJXQD HVSHFLH IXHURQ FRQRWURV ORV SXQWRV GH SDUWLGD GH HVWH DUWH (O SRVLWLYLVPRDQWLFLSDGR HQ YDULRV DxRV RWRUJy D OD ILORVRItD GLFKD LPDJHQ GHO XQLYHUVR SXHV VLJQLILFy D VX PDQHUD XQ UHDOLVPR TXH H[LJtD OD FRPSUREDFLyQ GLUHFWD \ H[DFWD HQFXDQWR SRVLEOH IXHUD GH VXV REMHWRV DSUHFLiQGRORV FRQORV VHQWLGRV \ YHULILFiQGRORV SRU OD H[SHULHQFLD

    $GYLpUWDVH VLQ HPEDUJR TXH HQ HO WpUPLQR UHDOLGDGVH HQFXEUH XQD IDODFLD VL DO HPSOHDUOR TXHUHPRV VLJQLILFDU DTXHOOR TXH H[LVWH IUHQWH D XQ VXMHWR \ FRQ LQGHSHQGHQFLD GHO PLVPR 3XHVWR TXH UHDOLGDG LPSOLFD OD UHVOD FRVD LQGLFD TXH QXHVWUR DOUHGHGRU HQ FXDQWR UHDOLGDG VH KD FRVLILFDGR RUGHQiQGROR GH FLHUWD PDQHUD

    SDUD SRGHU HQWHQGHUOR OD UHDOLGDG HV XQ RUGHQ GH FRVDVHVWDEOHFLGR PHGLDQWH GHWHUPLQDGR PRGR GH YHU \ SHQVDU< FRPR OD UHDOLGDG LPSOLFD HO HPSOHR GH VXSXHVWRV LQWHUSUHWDWLYRV \ GH DTXHOOR TXH ORV DOHPDQHV GHQRPLQDQ XQ6WDQGSXQNW R SXQWR GH HVWDGD UHSUHVHQWD MXVWDPHQWH ORFRQWUDULR GH DTXHOOR TXH VH SUHWHQGH DO XVDU HO WpUPLQRFRQ HO VLJQLILFDGR GH OR TXH QRV HV HQWHUDPHQWH DMHQR GHODOLXG H[WUDxR DO VXMHWR /D UHDOLGDG HV XQD DEVWUDFFLyQ SURGXFLGD LPDJLQDGD SRU HO KRPEUH HQ HO FRQWRUQR HQFRQWUDPRVHVWD PHVD HVH iUERO \ DTXHO UtR SHUR QR KDOODUHPRV QXQFDOD WRWDOLGDG TXH DTXHOOD QRFLyQ VXSRQH \ TXH GD GHWHUPLQDGR VHQWLGR DO PXQGR FLUFXQGDQWH (VD WRWDOLGDG KD\TXH FUHDUOD $Vt TXH iUERO PHVD \ UtR QR VRQ UHDOLGDGDQXQFLDQ \ FRQWLHQHQ UHDOLGDG R IRUPDQ SDUWH GH HOOD HQFXDQWR TXH VRQ UHDOHV SHUR QR DJRWDQ OD DEVWUDFFLyQ TXHORV GLVSRQH \ RUGHQD 'H PDQHUD TXH OD UHDOLGDG FRQFHELGD FRPR XQ WRGR DEVWUDtGR \ RULHQWDGR SHUWHQHFH WDQWRDO PXQGR HQ WRUQR FRPR D QXHVWURV VXSXHVWRV \ DSULRULV

  • PRV VLQ ORV FXDOHV UHVXOWD LPSRVLEOH FRPSUHQGHU DTXHOORTXH VH QRV HQIUHQWD \ TXH VLQ HOORV VROR HV DQWHUUHDOLGDG

    'H DKt TXH FXDQGR HO DUWH R HO SHQVDPLHQWR UHDOLVWDVVH OLPLWDQ D PDQLIHVWDU R SURSRQHU XQ PXQGR SXUDPHQWHUHIOHMR FRQ FDUiFWHU VXVWLWXWLYR R GXSOLFDWLYR GHO TXH QRVURGHD FHUWLILFDQ FODUDPHQWH VX GHVDPSDUR IUHQWH D pVWHSXHV VH REOLJDQ D VHJXLUOR SXQWR SRU SXQWR HQ OD VXSRVLFLyQ GH TXH SRU VHPHMDQWH PHGLR OR FRPSUHQGHQ