5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

5HYLVWD2EVHUYDFLRQHV)LORVyILFDV
DUWRIDUWLFOH

+HJHO.RMqYH+HLGHJJHU
+LVWRULDGHXQWULiQJXORILORVyILFR
/LF5REHUWR9LYHUR5RGUtJXH]8QLYHUVLGDG
GH6DODPDQFD
5HYLVWD2EVHUYDFLRQHV)LORVyILFDV1


.2-9($OH[DQGUH,QWURGXFFLyQDODOHFWXUDGH
+HJHO0DGULG7URWWDSSWUDGGH
$QGUpV$ORQVR0DUWRVSUyORJRGH0DQXHO
-LPpQH]5HGRQGR

'H H[LVWLU XQD DXWpQWLFD PRYLOL]DFLyQ WRWDO HVWD
HV OD TXH SRQH HQ PDUFKD OD DSDULFLyQ GH OD
LQWHOLJHQFLD\HOFRQWDFWRHQWUHLQWHOLJHQFLDV1RGH
RWUD IRUPD VH SXHGH HQWHQGHU WDQWR HO LPSDFWR LQVWDQWiQHR \ SHUGXUDEOH GH ODV
OHFFLRQHVGH.RMqYHVREUH/DILORVRItDUHOLJLRVDGH+HJHOHQODeFROH3UDWLTXHGHV
+DXWHVeWXGHVHQWUHHQHURGH\PD\RGHFRPRODSXEOLFDFLyQGHOOLEUR
TXHDKRUDQRVRFXSD<DOGHFLUOLEUR\QRVRORWH[WRVHTXLHUHKDFHUUHIHUHQFLD
D OD PXHVWUD GH HVWD PRYLOL]DFLyQ GH ODV LQWHOLJHQFLDV HQ HO GLiORJR TXH HO WH[WR
JHQHUDHQWUHVXDXWRU\HOLQWURGXFWRUGHOPLVPR0DQXHO-LPpQH]5HGRQGRTXHD
VX YH] KDFH TXH QR VH VDOJDQ GH OD HVFHQD \ TXH VLJDQ KDEOiQGRQRV HQ HO
SUHVHQWHHQWUHRWURV+HJHO\+HLGHJJHU
(O YROXPHQ UHFRJH FRPR KHPRV GLFKR ODV OHFFLRQHV GH .RMqYH VREUH +HJHO
FHQWUDGDV HQ HO HVFODUHFLPLHQWR \ OD LQWHUSUHWDFLyQ GH OD )HQRPHQRORJtD GHO
(VStULWX\DPSOLDGDVFRQWUHVDSpQGLFHVODVGRVFRQIHUHQFLDV/DGLDOpFWLFDGHOR
UHDO\HOPpWRGRIHQRPHQROyJLFRHQ+HJHO\/DLGHDGHODPXHUWHHQODILORVRItD
GH +HJHO \ XQ WUDEDMR VREUH /D HVWUXFWXUD GH OD )HQRPHQRORJtD GHO (VStULWX
TXH LPSDUWLy HQ 3DUtV HQWUH  \  (Q SULQFLSLR WHQGUtDPRV XQ VROR DFWRU
+HJHO SURWDJRQLVWD GH OD WtSLFD KLVWRULD DFHUFD GH OD UHFHSFLyQ \ WUDQVPLVLyQ GH
XQDREUDFOiVLFDGHOSHQVDPLHQWR3HURHVWRQRHVDVtSRUTXHHQHVWDSXHVWDGH
+HJHODQWHHOS~EOLFRHOS~EOLFRDFDEDFRQYLUWLpQGRVHHQDFWRUHVTXHSURORQJDQOD
REUDPLVPDXQDREUDHQODTXHLQWHUYLHQHQ0DU[+XVVHUO\+HLGHJJHU\HQODTXH
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

VHWUDWDGHIHQRPHQRORJtDRQWRORJtDPHWDItVLFD\DXQTXHGHVGHODLQYLVLELOLGDGHO
VLOHQFLR \ SRU HVR FRPR SURWDJRQLVWD DEVROXWR FRPR HO GHVWLQR TXH REVHUYD \
HVSHUDGHKHUPHQpXWLFD
$VtSXHVWHQHPRVD$OH[DQGUH.RMqYHVREULQRGH.DQGLQVN\HPLJUDQWHUXVRTXH
KDEtDHVWXGLDGRILORVRItDHQ$OHPDQLDDODVRPEUDGH-DVSHUV\+XVVHUOTXHOOHJD
D 3DUtV D WUDYpV GH $OH[DQGUH .R\Up FRQ HO TXH WUDEy FRQRFLPLHQWR HQ XQDV
FXULRVDV FLUFXQVWDQFLDV D TXLHQ VXVWLWX\H HQ  SDUD FRQWLQXDU ODV OHFFLRQHV
VREUH+HJHO.RMqYHHO1DERNRYGHODILORVRItDHXURSHD6DIUDQVNL
VHHQFXHQWUDDQWHXQDXGLWRULRLPSDJDEOH/DFDQ0HUOHDX3RQW\$URQ+\SSROLWH
&DOORLV %DWDLOOH < WDQWR SRU VXV OHFFLRQHV HQ ODV TXH DGHPiV GH LQWURGXFLU D
+HJHO SUHVHQWD D +HLGHJJHU GH TXLHQ KDVWD HQWRQFHV VH KDEtD SXEOLFDGR HQ
)UDQFLD HQ  'H OD HVHQFLD GHO IXQGDPHQWR \ 4Xp HV PHWDItVLFD" \ KDVWD
QRDSDUHFHUtDXQDVHOHFFLyQGH6HU\WLHPSRFRPRSRUVXSHUVRQDOLGDGQR
GHMDDQDGLHLQGLIHUHQWH$Vt%DWDLOOHOOHJyDGHFLUTXHFDGDHQFXHQWURFRQ.RMqYH
OR GHMDED URWR SXOYHUL]DGR OR PDWDED GLH] YHFHV XQD GHWUiV GH RWUD OR
HVWUDQJXODED\ORRSULPtDHQHOVXHOR&DOORLVDILUPyTXH.RMqYHKDEtDHMHUFLGRXQ
GRPLQLRLQWHOHFWXDODEVROXWDPHQWHH[WUDRUGLQDULRVREUHXQDJHQHUDFLyQHQWHUD\
$URQ OR WHQtD SRU XQR GH ORV WUHV HVStULWXV YHUGDGHUDPHQWH VXSHULRUHV MXQWR D
6DUWUH \ (ULF :HLO 6DIUDQVNL   < 6DUWUH HV RWUR GH ORV DFWRUHV
SULQFLSDOHV GH HVWD KLVWRULD SXHV DVt FRPR .RMqYH KL]R GH WUDQVLFLyQ GH 6HU \
WLHPSR D (O VHU \ OD QDGD SXHV 6DUWUH QR KDEtD RtGR D .RMqYH SHUR VH KDEtD
SURFXUDGR DSXQWHV D PDQR (Q HO LQYLHUQR GH  KDEtD HVWXGLDGR D
+HLGHJJHU \ +XVVHUO HQ %HUOtQ 6DIUDQVNL   (Q  VH SURGXMR XQ
LQWHQWRIUXVWUDGRSDUDTXH+HLGHJJHU\6DUWUHVHFRQRFLHVHQ\TXHSRUHOPRPHQWR
VLUYLy SDUD TXH +HLGHJJHU OH\HVH (O VHU \ OD QDGD  OD 1iXVHD KDEtD
DSDUHFLGRHQVXYHUVLyQGHILQLWLYDHQSHURQRIXHKDVWDHQ)ULEXUJR
FXDQGRVHSURGXMRHOHQFXHQWUR
< WHQHPRV HQWRQFHV D +HLGHJJHU 8Q +HLGHJJHU SRU DTXHO HQWRQFHV FRQRFLGR
EiVLFDPHQWHSRU6HU\WLHPSRREUDFRQODTXHKDEtDGHMDGRGHVHUHOUH\VHFUHWR
GH OD ILORVRItD DOHPDQD \ TXH KDEtD HQWUDGR HQ HVFHQD FDXVDQGR XQD JUDQ
LPSUHVLyQFRQVXGLVFXUVRDFHUFDGHODPXQGDQLGDGODILQLWXGODPXHUWH\ODQDGD
<IXHGHELGRDHVWHOLPLWDGRFRQRFLPLHQWRGHVXWUDEDMRSUHYLR\TXHPLHQWUDVWDQWR
IXHGHVDUUROODQGRSRUORTXH.RMqYHFRPLHQ]DDIRUPDUSDUWHGHOLQHYLWDEOHMXHJR
KHUPHQpXWLFR GH LQWHUSUHWDFLRQHV YLYDV YLYLILFDGRUDV TXH KDFHQ GH XQ HUURU
DOJRPiVHVWLPXODQWH\IUXFWtIHURTXHFXDOTXLHUUHSHWLFLyQSRUPX\FODUDTXHVHD
DOSLHGHODOHWUDGHORGLFKR3XHVQRKD\GXGDGHTXHD.RMqYHOHLQWHUHVDKDFHU
GH+HLGHJJHUXQFRQWLQXDGRU\XQLQWpUSUHWHGH+HJHOVHJ~QVXSURSLDYLVLyQGH
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

XQD ILORVRItD GH OD LQPDQHQFLD UDGLFDO GH OD ILQLWXG LQVRVOD\DEOH TXH FRQGXFH
LQH[RUDEOHPHQWHDODWHtVPRFRPRHYLGHQFLDQHVWDVIUDVHV>@HO+RPEUHQRHV
XQ6HUTXHHVHWHUQDPHQWHLGpQWLFRDVtPLVPRHQHO(VSDFLRVLQRXQD1DGDTXH
QDGHDHQWDQWRTXH7LHPSRHQHO6HUHVSDFLDOPHGLDQWHODQHJDFLyQGHHVWH6HU
<WRGDODHYROXFLyQGHO0XQGRFULVWLDQRQRHVQDGDPiVTXHXQDPDUFKDKDFLDOD
WRPDGHFRQFLHQFLDDWHDGHODILQLWXGHVHQFLDOGHODH[LVWHQFLDKXPDQD(VWDHVOD
LQWHUSUHWDFLyQ DWHD GHO SDVDMH OD ~QLFD FRPSDWLEOH FRQ HO FRQMXQWR GH OD 3K*
>DEUHYLDWXUDGH)HQRPHQRORJtDGHO(VStULWX@<EDVWDFRQOHHUHOFDStWXOR9,,PLVPR
SDUD YHU TXH KD\ TXH UHFKD]DU OD LQWHUSUHWDFLyQ WHtVWD .RMqYH   
(QODVOHFFLRQHV\FRQIHUHQFLDVVHPHQFLRQDD+HLGHJJHUHQVHLVRFDVLRQHV
SDUD H[SOLFLWDU VX GHSHQGHQFLD GH +HJHO \ SDUD IRUMDU GH SDVR HO SRU HQWRQFHV
FRP~Q PDOHQWHQGLGR TXH VLHPSUH UHFKD]y +HLGHJJHU GH HQWHQGHU 6HU \ WLHPSR
FRPRDQWURSRORJtDXQPDOHQWHQGLGRTXHVLQGXGDWLHQHVXUDt]HQXQDDYHQWXUDGD
SUHPLVD /D 3KlQRPHQRORJLH VH KD UHYHODGR FRPR XQD DQWURSRORJtD ILORVyILFD
0iV H[DFWDPHQWH FRPR XQD GHVFULSFLyQ VLVWHPiWLFD \ FRPSOHWD IHQRPHQROyJLFD
HQHOVHQWLGRPRGHUQRKXVVHUOLDQRGHOWpUPLQRGHODVDFWLWXGHVH[LVWHQFLDOHVGHO
+RPEUH .RMqYH   0HUHFH OD SHQD UHSURGXFLU DOJXQDV GH ODV
REVHUYDFLRQHVKHFKDVFRPRQRWDDSLHGHSiJLQD
'HVSXpV GH .DQW +HLGHJJHU SDUHFH KDEHU VLGR HO SULPHUR HQ KDEHU
SODQWHDGRHOSUREOHPDGHXQDRQWRORJtDGREOH1RWHQHPRVODLPSUHVLyQGH
TXHKD\DLGRPiVDOOiGHODIHQRPHQRORJtDGXDOLVWDTXHVHHQFXHQWUDHQHO
SULPHU YROXPHQ GH 6HLQ XQG =HLW TXH VyOR HV XQD LQWURGXFFLyQ D OD
RQWRORJtDTXHGHEHH[SRQHUVHHQHOYROXPHQ,,D~QVLQSXEOLFDU3HURHVWR
HV VXILFLHQWH SDUD UHFRQRFHUOH FRPR XQ JUDQ ILOyVRIR (Q FXDQWR D OD
RQWRORJtD GXDOLVWD PLVPD pVWD SDUHFH VHU OD SULQFLSDO WDUHD ILORVyILFD GHO
IXWXUR$~QQRVHKDKHFKRFDVLQDGD.RMqYH
(Q QXHVWURV GtDV +HLGHJJHU HV HO SULPHUR HQ KDEHU HPSUHQGLGR XQD
ILORVRItDDWHDFRPSOHWD3HURQRSDUHFHTXHODKD\DOOHYDGRPiVDOOiGHOD
DQWURSRORJtD IHQRPHQROyJLFD GHVDUUROODGD HQ HO SULPHU YROXPHQ GH 6HLQ
XQG =HLW HO ~QLFR SXEOLFDGR (VWD DQWURSRORJtD VLQ QLQJXQD GXGD
H[FHSFLRQDO\DXWpQWLFDPHQWHILORVyILFDQRDxDGHHQHOIRQGRQDGDQXHYR
DODDQWURSRORJtDGHOD3K*TXHDGHPiVSUREDEOHPHQWHMDPiVKDEUtDPRV
FRPSUHQGLGRVL+HLGHJJHUQRKXELHUDSXEOLFDGRVXOLEURSHURDKtVHDILUPD
LPSOtFLWDPHQWH HO DWHtVPR R HO ILQLWLVPR RQWROyJLFR GH PRGR SHUIHFWDPHQWH
FRQVHFXHQWH /R FXDO QR KD LPSHGLGR TXH DOJXQRV OHFWRUHV FRPSHWHQWHV
SRU RWUR ODGR KDEOHQ GH XQD WHRORJtD GH +HLGHJJHU \ HQFXHQWUHQ HQ VX
DQWURSRORJtDXQDQRFLyQGHYLGDGHVSXpVGHODPXHUWH.RMqYH
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

(VWR ~OWLPR QRV UHFXHUGD XQDV SDODEUDV TXH /HYLQDV DQRWy HQ HO OHJDMR $ GH ODV
1RWDV ILORVyILFDV GLYHUVDV (V ULGtFXOR WLOGDU D +HLGHJJHU GH PtVWLFR R GH
FXDOTXLHURWUDFRVD+HLGHJJHUORDEDUFDWRGR/HYLQDV
+HLGHJJHU GLUi VLJXLHQGR D +HJHO TXH OD H[LVWHQFLD KXPDQD 'DVHLQ HV
XQDYLGDSDUDODPXHUWH/HEHQ]XP7RGH(O&ULVWLDQRWDPELpQORGHFtD
PXFKR DQWHV TXH +HJHO >@ $Vt TXH HQ pO QR VH GD OD WUDVFHQGHQFLD
 OLEHUWDG HQ HO VHQWLGR KHJHOLDQR \ KHLGHJJHULDQR GHO WpUPLQR .RMqYH

,QGXFLGRDHUURUSRUODWUDGLFLyQRQWROyJLFDPRQLVWD+HJHOH[WLHQGHDYHFHV
D OD 1DWXUDOH]D VX DQiOLVLV GH OD H[LVWHQFLD KXPDQD R KLVWyULFD >@
+HLGHJJHUKDUHWRPDGRORVWHPDVKHJHOLDQRVGHODPXHUWHSHURKDGHMDGR
GHODGRORVWHPDVFRPSOHPHQWDULRVGHOD/XFKD\GHO7UDEDMRDVLPLVPRVX
ILORVRItDQRFRQVLJXHGDUFXHQWDGHOD+LVWRULD0DU[PDQWLHQHORVWHPDVGH
OD /XFKD \ GHO 7UDEDMR \ VX ILORVRItD HV DVt HVHQFLDOPHQWH KLVWRULFLVWD
SHURGHMDGHODGRHOWHPDGHODPXHUWHDXQDGPLWLHQGRTXHHOKRPEUHHV
PRUWDO.RMqYH
(QODDFWXDOLGDGFRQODSXEOLFDFLyQHQPDUFKDGHODREUDFRPSOHWDGH+HLGHJJHU
SRGHPRV MX]JDU DGHFXDGDPHQWH OD SUHFLVLyQ GH HVWDV DILUPDFLRQHV 3HUR HQ
SULPHU OXJDU QR KD\ TXH ROYLGDU VX YHUGDGHUD LPSRUWDQFLD GH tQGROH PiV
KHUPHQpXWLFD TXH H[HJpWLFD VX LQIOXHQFLD HQ OD ILORVRItD IUDQFHVD \ HVWR TXLHUH
GHFLU HQ OD ILORVRItD HQ JHQHUDO GXUDQWH FDVL PHGLR VLJOR LQIOXHQFLD TXH VH
H[WLHQGH D OD WUDGXFFLyQ GH OD )HQRPHQRORJtD DO IUDQFpV SRU SDUWH GH -HDQ
+\SSROLWHFRPRELHQQRVUHFXHUGD-LPpQH]5HGRQGRHQODLQWURGXFFLyQKDQVLGR
XQRGHHVRVDFRQWHFLPLHQWRVHQODILORVRItDGHOVLJOR;;FX\DVFRQVHFXHQFLDVD~Q
VLJXHQ URGDQGR \ FX\RV HFRV HVWiQ PX\ OHMRV GH KDEHUVH DSDJDGR S  WDO \
FRPR SXHGH FRPSUREDUVH SRU HMHPSOR WRGDYtD HQ  HQ HO 3URWRFROR GH XQ
VHPLQDULRVREUHODFRQIHUHQFLD7LHPSR\VHUGRQGHDSDUHFH+HJHO>@DOTXH
VHWUDWyFRQGHWHQFLyQ\SURSLHGDG\HOORSRUHOKHFKRGLJQRGHQRWDGHTXHFDGD
YH] PiV \ GH ODV PiV GLVWLQWDV PDQHUDV HO SHQVDU GH +HLGHJJHU KD VLGR
FRPSDUDGR FRQ HO KHJHOLDQR >@ VH QRV LPSRQH FDVL LUUHVLVWLEOHPHQWH VLQ
HPEDUJR OD DSDULHQFLD GH XQD LGHQWLGDG \ SRU HQGH OD SRVLELOLGDG GH FRPSDUDU
DPEDV SRVLFLRQHV \ /D TXLQWD VHVLyQ VH DEULy FRQ XQD SRQHQFLD GH -HDQ
%HDXIUHWTXHGHEtDVHUYLUFRPRIXQGDPHQWRSDUDGLOXFLGDUODVHPHMDQ]DXQD\RWUD
YH] DILUPDGD HQWUH HO SHQVDU GH +HLGHJJHU \ HO KHJHOLDQR (O SRQHQWH LQIRUPy
VREUHFyPRVHYHHQ)UDQFLDHVWDVHPHMDQ]D>@'HDKtTXHGRPLQHDPSOLDPHQWH
HQ )UDQFLD OD LPSUHVLyQ GH TXH HO SHQVDPLHQWR GH +HLGHJJHU VHD XQD
UHIRUPXODFLyQ >@ GH OD ILORVRItD GH +HJHO >@ 3HUR WRGD HVWD PDQHUD GH YHU GD
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

SRUVXSXHVWRTXHKD\DXQDILORVRItDGH+HLGHJJHU+HLGHJJHUE<

HQVHJXQGROXJDUDXQTXH+HLGHJJHUFRQVXVSURSLRVWH[WRVDFODUDHVWDFRQIXVLyQ
WDPELpQOHJLWLPDGHDOJXQDPDQHUDHVWRVHUURUHV
(O OHFWRU HQ HVSDxRO WLHQH D VX DOFDQFH GRV REUDV GH +HLGHJJHU GHGLFDV
H[FOXVLYDPHQWH D +HJHO /D )HQRPHQRORJtD GHO HVStULWX GH +HJHO \ +HJHO TXH
FRUUHVSRQGHQ D ORV YRO~PHQHV GH OD *HVDPWDXVJDEH  \  HQ HO  WDPELpQ
WUDWD GH +HJHO HQ HO FRQWH[WR GHO LGHDOLVPR DOHPiQ 3HUR VL DEUH FXDOTXLHU RWUR
OLEUR GH +HLGHJJHU QR VHUi FRPSOLFDGR TXH HQFXHQWUH FRPHQWDULRV FRPR ORV
VLJXLHQWHV>@ODPHWDItVLFDPRGHUQDVLJXHVLHQGRKDVWD+HJHOLQWHUSUHWDFLyQGHO
HQWH HQ FXDQWR WDO RQWRORJtD FX\R ORJRV VH H[SHULPHQWD GH PRGR FULVWLDQR
WHROyJLFRFRPRUD]yQFUHDGRUD\VHIXQGDHQHOHVStULWXDEVROXWRRQWRWHRORJtD
+HLGHJJHU D  (O DFDEDPLHQWR GH OD 0HWDItVLFD HPSLH]D FRQ OD
0HWDItVLFD GH +HJHO OD 0HWDItVLFD GHO VDEHU DEVROXWR FRPR YROXQWDG GHO HVStULWX
+HLGHJJHU3HURTXL]iUHVXOWHPiVUHOHYDQWHGHWHQHUVHHQHOFXUVRTXH
GXUDQWHHOVHPHVWUHGHLQYLHUQRGH+HLGHJJHULPSDUWLyHQ)ULEXUJREDMRHO
WtWXOR/RVFRQFHSWRVIXQGDPHQWDOHVGHODPHWDItVLFD+HLGHJJHU
(QHVDVOHFFLRQHVHQODVTXHKDEODHQWUHRWURVWHPDVGHODFLUFXODULGDGGHOVDEHU
\ODGLDOpFWLFD(VFDUDFWHUtVWLFRTXHHQODILORVRItD\HQVXKLVWRULDKDOOHPRVXQD\
RWUDYH]\~OWLPDPHQWHGHXQDIRUPDJUDQGLRVD\JHQLDOHOLQWHQWRGHVDOGDUHVWD
FLUFXODULGDG \ HTXLYRFLGDG GHO SHQVDPLHQWR ILORVyILFR SRU YtD GH XQD GLDOpFWLFD
3HURWRGDGLDOpFWLFDHQODILORVRItDHVODH[SUHVLyQGHXQDSXURSGHODWDUHD
GHOILORVRIDUQRGHVFULELUODFRQFLHQFLDGHOKRPEUHVLQRFRQMXUDUODH[LVWHQFLDHQ
HO KRPEUH S  \ GH ORV FRQFHSWRV ILORVyILFRV FRPR LQGLFDGRUHV IRUPDOHV
DTXHOORDGHORTXHWUDWDODILORVRItDVyORVHDEUHHQ\GHVGHXQDWUDQVIRUPDFLyQ
GHODH[LVWHQFLDKXPDQDS+HLGHJJHUPDUFDFODUDPHQWHODVGLIHUHQFLDVFRQ
+HJHOVREUHXQSXQWRSULQFLSDOHOTXHODPHWDItVLFDGHVGH'HVFDUWHVKDVWD+HJHO
SDVDQGR SRU .DQW QR KD\D FRQWHPSODGR OD ILQLWXG HQ WDQWR TXH WHPD ILORVyILFR
FRPRFRQVHFXHQFLDQHFHVDULDGHVXKDEHUSDUWLGRGHOVXMHWR\RLFRDLVODGR\GHOD
WHRUtDVHJ~QODFXDOHOKRPEUHHVDQWHWRGR\DQWHVTXHQDGDVXMHWR\FRQFLHQFLD
/DFRQVHFXHQFLDPHQFLRQDGDHVXQDFRQVHFXHQFLDQHFHVDULD\HQHOPRGRFRPR
+HJHOODGHVDUUROODHVDGPLUDEOHSHURSHVHDWRGRFRPRFRQVHFXHQFLD\DHVOD
VHxDO GH XQD LQILQLWXG DUURJDGD 'H OD ILQLWXG IRUPD SDUWH  QR FRPR GHIHFWR QL
FRPR VLWXDFLyQ GH DSXUR VLQR FRPR IXHU]D RSHUDQWH  OD LQFRQVHFXHQFLD /D
ILQLWXG KDFH LPSRVLEOH OD GLDOpFWLFD OD GHPXHVWUD FRPR DSDULHQFLD 'H OD ILQLWXG
IRUPDSDUWHODIDOWDGHFRQVHFXHQFLDODIDOWDGHIXQGDPHQWRHOIXQGDPHQWDOHVWDU
RFXOWDGR S  $KRUD ELHQ WDPELpQ HQ HVWD REUD VH KDEOD GH WUDGLFLyQ \
KHUPHQpXWLFD /D FRPSUHQVLyQ UHDO QXQFD VH HYLGHQFLD HQ HO UHSHWLU ODV FRVDV
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

VLQRHQODIXHU]DGHODWUDQVPLVLyQGHODFRPSUHQVLyQDXQDFWXDUUHDODXQORJUR
REMHWLYRTXHHQPRGRDOJXQRQLPXFKRPHQRVHQSULPHUDLQVWDQFLDFRQVLVWHHQOD
PXOWLSOLFDFLyQGHODOLWHUDWXUDILORVyILFDS\/DOLEHUDFLyQGHODWUDGLFLyQHV
OD DSURSLDFLyQ FRQVWDQWHPHQWH QXHYD GH VXV IXHU]DV UHFRQRFLGDV S  'H
HVWDIRUPDVHSRGUtDMX]JDUDGHFXDGDPHQWHORTXH.RMqYHGLFHVREUH+HLGHJJHU
DSDUWLUGHORTXHGLFHHOSURSLR+HLGHJJHUDILUPDQGRTXHVLELHQ.RMqYHQRWHQtD
UD]yQHQORTXHGLMRVtODWHQtDHQORTXHKL]R
<DXQTXHVHDFRPRFXULRVLGDGHQORVPiUJHQHVGHODILORVRItDVLHVTXHDOJRVH
VDOHGHHOODFDEHDSXQWDUTXHODFRQH[LyQ+HJHO+HLGHJJHUWXYR\WDOYH]WRGDYtD
WLHQHTXHUHVXOWDUPX\WHQWDGRUDSRUGRVPRWLYRVTXHKDFHQGHODVYLGDVGHHVWRV
SHQVDGRUHV GRV YLGDV SRU PRPHQWRV SDUDOHODV WDQWR +HJHO FRPR +HLGHJJHU
GHMDURQ LQDFDEDGDV VXV REUDV PD\RUHV \ WDQWR +HJHO FRPR +HLGHJJHU
VXFXPELHURQ D OD WHQWDFLyQ GH PH]FODU ILORVRItD \ SROtWLFD .RMqYH PHQFLRQD HVWD
SRVLELOLGDGHQHOFDVRGH+HJHO\FDOODVREUHODUHDOLGDGGH+HLGHJJHUDOILQDOGH
VX FXUVR GHO DxR DFDGpPLFR  (VSHUDED +HJHO  TXH 1DSROHyQ OH
OODPDUD D 3DUtV FRQ HO ILQ GH FRQYHUWLUVH HQ HO )LOyVRIR HO 6DELR GHO (VWDGR
XQLYHUVDO \ KRPRJpQHR TXH GHEH H[SOLFDU MXVWLILFDU  \ TXL]i GLULJLU  OD
DFWLYLGDG GH 1DSROHyQ" (VWH DVXQWR VLHPSUH KD WHQWDGR D ORV JUDQGHV ILOyVRIRV
GHVGH3ODWyQ.RMqYH
/XHJRYROYHUHPRVVREUHODLQWHUSUHWDFLyQTXH.RMqYHKDFHGH+HLGHJJHUHQHVWDV
OHFFLRQHVHQUHODFLyQDODLQWURGXFFLyQGHOOLEURSRUSDUWHGH-LPpQH]5HGRQGR\OD
FXHVWLyQ GH OD LQWHUSUHWDFLyQ GH +HJHO SHUR SDUD OOHJDU DKt DQWHV WHQHPRV TXH
SDVDUSRURWURGHORVSURWDJRQLVWDVGHHVWDKLVWRULD0DU[3RUTXHODSUHVHQFLDGH
0DU[QRQRVUHVXOWDWDQOODPDWLYDFRPRODGH+HLGHJJHU\VLQHPEDUJRH[SOLFD
SDUWH GH ODV REMHFLRQHV TXH VH OH KDFHQ D .RMqYH HQ VX DQiOLVLV GH OD
)HQRPHQRORJtD<HOKHFKRGHTXHQRQRVUHVXOWHOODPDWLYDHVWDSUHVHQFLD\DHV
OODPDWLYR SRU Vt PLVPR SRUTXH HO OLEUR VH DEUH FRQ GRV FLWDV GH +HJHO \ D
FRQWLQXDFLyQ FRQ XQD GH 0DU[ 6L SUHVWDPRV DWHQFLyQ D IUDVHV FRPR HVWDV
9HPRV DTXt HO DVSHFWR PDU[LVWD GH HVWH SURFHVR SHUR 0DU[ KD VXSULPLGR OD
$QJXVWLD \ OD 0XHUWH /D +LVWRULD H[SUHVD OD /XFKD GH FODVHV H[SUHVLyQ TXH
HPSOHDGRVYHFHV4XLpQUHDOL]D>@ODSREUH]DHYDQJpOLFD"(OSUROHWDULRGHO
PXQGR EXUJXpV QR ORV $SyVWROHV 6HJ~Q +HJHO  SRU HPSOHDU HO OHQJXDMH
PDU[LVWDOD5HOLJLyQQRHVVLQRXQDVXSHUHVWUXFWXUDLGHROyJLFDTXHVyORVXUJH\
H[LVWHHQIXQFLyQGHXQDLQIUDHVWUXFWXUDUHDO.RMqYH
GHFLPRVTXHVLSUHVWDPRVDWHQFLyQDHVWR\UHFRUGDPRVODQRWDDUULEDFLWDGDGH
ODSiJLQD\DQRVUHVXOWDUDHYLGHQWHTXHFXDQGR.RMqYHLQWHUSUHWDD+HJHOQR
WLHQHHQPHQWHWDQVRORD+HLGHJJHUVLQRWDPELpQD0DU[\DHVWHHQSULPHUOXJDU
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

QR GHVGH OXHJR SDUD KDEODU GH PXHUWH \ PHWDItVLFD VLQR GH DQWURSRORJtD VRFLDO
ILORVyILFD GH OXFKD WUDEDMR OLEHUWDG VRFLHGDG \ (VWDGR < HV HQWRQFHV HO
DWHQHUVHDODOHFWXUDGH+HJHOSRUSDUWHGH0DU[ORTXHKDFHTXH.RMqYHFRPHWD
SDUWHGHORVHUURUHVRPiVELHQVHVJRVTXH-LPpQH]5HGRQGRVHxDODFRQDFLHUWR
+D\TXHSDUWLUHQWRQFHVGHODYDORUDFLyQTXH.RMqYHKDFHGHODILORVRItD\QRVROR
GHOD)HQRPHQRORJtDGH+HJHO6LGHMDPRVGHODGRFXHVWLRQHVPHQRUHV\RQR
SLHQVRTXHHO+RPEUHVHDQDWXUDOPHQWH)LOyVRIRGLFKRGHRWUDPDQHUDFUHRTXH
KD\TXHUHDOL]DUFRQWLQXRVHVIXHU]RVSDUDDPSOLDUFDGDYH]PiVOD&RQFLHQFLDGH
VtODFXDOWLHQGHGHPRGRQDWXUDODPDQWHQHUILMRVVXVOtPLWHVS3HURGHFLU
FRPR +HJHO SDUHFH GHFLU D YHFHV TXH HO ILOyVRIR HV HO ~QLFR TXH UHSUHVHQWD OD
UHDOLGDG KXPDQD HV GDU YHUGDGHUDPHQWH PXHVWUDV GH XQD GHIRUPDFLyQ
SURIHVLRQDOSSDUD.RMqYH+HJHODFLHUWDGHSOHQRDOLGHQWLILFDUFRQFHSWR\
WLHPSR LGHQWLILFDU HO &RQFHSWR \ HO 7LHPSR (V OR TXH +HJHO KDFH < pVH HV VX
JUDQ GHVFXEULPLHQWR HO TXH KDFH GH pO XQ JUDQ ILOyVRIR XQ ILOyVRIR GHO UDQJR GH
3ODWyQ$ULVWyWHOHV\.DQWS<+HJHODFLHUWD\DOPLVPRWLHPSRIUDFDVDFRQ
HOWHPDGHODFLUFXODULGDGGHOFRQRFLPLHQWR(VWDLGHDGHODFLUFXODULGDGHVVLVH
TXLHUHHO~QLFR HOHPHQWR RULJLQDO TXH KD DSRUWDGR +HJHO S  SHUR VX HUURU
FRQVLVWLy HQ FRQVLGHUDU OD FLUFXODULGDG GHO VDEHU FRPR HO ~QLFR FULWHULR GH OD
YHUGDG S  < SRU TXp FRPHWLy HVH HUURU" 6HJ~Q .RMqYH VH YLR REOLJDGR
WRGD YH] TXH FRPHWLy VX PD\RU HUURU GHIHQGHU OD QDWXUDOH]D GLDOpFWLFD GH OD
7RWDOLGDGUHDO(OHUURUPRQLVWDGH+HJHOWLHQHGRVJUDYHVFRQVHFXHQFLDV>@XQD
PHWDItVLFD\XQDIHQRPHQRORJtDGLDOpFWLFDVGHOD1DWXUDOH]D>@VHYLRREOLJDGRD
FRQVLGHUDUODFLUFXODULGDGGHOVDEHUFRPRHO~QLFRFULWHULRGHODYHUGDGS$
TXp VH UHILHUH .RMqYH FRQ HVWH HUURU PRQLVWD TXH +HJHO FRPHWH PHQRV HQ OD
)HQRPHQRORJtD TXH HQ VX REUD SRVWHULRU" >@ VyOR GHEHPRV FRPSUHQGHU
GLDOpFWLFDPHQWHOD+LVWRULD<HVRKDEUtDTXHGHFLUOR3HUR+HJHOQRORGLFH<pVH
HV FUHR VX SULQFLSDO HUURU >@ 'H DKt VX DEVXUGD ILORVRItD GH OD 1DWXUDOH]D S
\+HJHOHVPHQRVUDGLFDOHQVXVRWURVHVFULWRV$GPLWHDKtODH[LVWHQFLDGH
XQ 7LHPSR FyVPLFR < DO KDFHUOR +HJHO LGHQWLILFD HO 7LHPSR FyVPLFR FRQ HO
7LHPSR KLVWyULFR >@ eVH HV D PL PRGR GH YHU VX SULQFLSDO HUURU S  8Q
HUURU TXH WDPELpQ FRPHWLy /HLEQL] FRQ VX PyQDGD \ VX SULQFLSLR GH UD]yQ
VXILFLHQWH3HUR/HLEQL]QRYLRODGLIHUHQFLDHVHQFLDOTXHKD\HQWUHOD1DWXUDOH]D\
OD +LVWRULD \ QR H[LVWH HQ pO XQD DQWURSRORJtD SURSLDPHQWH GLFKD H[SOtFLWD S
 /R TXH HVWi HQ MXHJR HV OD SRVLELOLGDG R OD QHFHVLGDG GH XQD ILQLWXG VLQ
WUDVFHQGHQFLD WUDVPXQGDQD OR TXH HVWi HQ MXHJR HV HO DWHtVPR HVWi HQ MXHJR
'LRV
.RMqYH HV FRQWXQGHQWH HO (VStULWX QR H[LVWH IXHUD GHO 0XQGR \ HO (VStULWX HQ HO
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

0XQGR HV HO +RPEUH OD KXPDQLGDG OD +LVWRULD XQLYHUVDO S  \ *UDFLDV
~QLFDPHQWHDTXHHVLQILQLWRHQSRWHQFLD\DTXHVLHPSUHHVWiOLPLWDGRHQDFWRSRU
VXPXHUWHHO+RPEUHHVXQ,QGLYLGXROLEUHTXHWLHQHXQDKLVWRULDS3RUVX
SDUWH HQ VX LOXPLQDGRUD LQWURGXFFLyQ -LPpQH] 5HGRQGR QRV DGYLHUWH HQ OD
VHFFLyQ$OJRPiVTXHXQFRPHQWDULRGHOVHVJRPHWRGROyJLFRGH.RMqYH3XHV
HO OLEUR WLHQH SRU FHQWUR ORV WHPDV GHFLVLYRV GH ORV FDStWXORV 9, 9,, \ 9,,,
HQWHQGLGRVGHVGHOXHJRGHVGHODSHUVSHFWLYDGHODGLDOpFWLFDGHODPR\HOHVFODYR
GHO FDStWXOR ,9 S  (VWH VHVJR RULHQWDGR D 0DU[ FRQGXFH D PLQLPL]DU OD
LPSRUWDQFLDTXHHQOD)HQRPHQRORJtDWLHQHODFRQFLHQFLDGHVJUDFLDGD\HOSDSHO
GHO LQWHOHFWXDO FULVWLDQR \ EXUJXpV FRPR QH[R FRQ OR TXH .RMqYH GHQRPLQD
PRQLVPR\TXHFRQGXFLUtDSRUORWDQWRDXQDLQWHUSUHWDFLyQGHODFRSHUWHQHQFLD
GHOLEHUWDGPXHUWH\DEVROXWRQRFRPRILQLWXGDOPRGRGH+HLGHJJHUVLQRTXHHV
SUHFLVDPHQWH LQILQLWXG \ SRU OR WDQWR QR SXHGH TXHGDU GHVOLJDGD VLQ PiV R SRU
FRPSOHWRGHODSUHWHQVLyQGHODILORVRItDGH+HJHOGHDEUD]DUQDWXUDOH]DHKLVWRULD
S6HSRGUtDGHFLUHQUHVXPHQTXH.RMqYHSDUWHGHXQLQWHUpVPX\FRQFUHWR
\GHFLGLGR\TXHVLELHQSDUHFHHVWDUFRPHQWDQGRHLQWHUSUHWDQGRD+HJHOGHVGH
0DU[\+HLGHJJHU\+XVVHUOORTXHHQUHDOLGDGHVWiKDFLHQGRHVXWLOL]DUD0DU[\
D +HLGHJJHU \ D +XVVHUO \ DO SURSLR +HJHO SDUD PRVWUDU VX ILORVRItD < DVt
FXDQGR .RMqYH DILUPD TXH +HJHO \ +HLGHJJHU IRUPDQ SDUWH GH XQR GH ORV WLSRV
ILORVyILFRVLUUHGXFWLEOHVHOGHDTXHOORVTXHLJXDODQFRQFHSWR\WLHPSRQRVDGYLHUWH
TXH VH WUDWD GH XQ WLSR TXH KD\ TXH GHVDUUROODU TXH KD\ TXH UHDOL]DU SXHV
SHUVRQDOPHQWHFUHRTXHWRGDYtDQRVHKDKHFKR+HJHO\+HLGHJJHUUHSUHVHQWDQ
HVDSRVLELOLGDG>@S<FDEHUHFRUGDUSDUWHGHORUHFRJLGRHQXQDGHODV
FLWDVDUULEDUHSURGXFLGD(QFXDQWRDODRQWRORJtDGXDOLVWDPLVPDpVWDSDUHFHVHU
OD SULQFLSDO WDUHD ILORVyILFD GHO IXWXUR $~Q QR VH KD KHFKR FDVL QDGD S 
$FDVRVHYHtD.RMqYHFRPRHOTXHILQDOPHQWHUHDOL]DUtDHVDWDUHDILORVyILFD"(Q
ODKLSyWHVLVGXDOLVWDOD2QWRORJtDGHVFULELUtDVHSDUDGDPHQWHHO6HUTXHVHUHDOL]D
HQ WDQWR TXH 1DWXUDOH]D \ OD $FFLyQ TXH QLHJD HO 6HU \ TXH VH UHDOL]D HQ OD
1DWXUDOH]DHQWDQWRTXH+LVWRULDS
(Q FXDOTXLHU FDVR DSDUHFH SRU ILQ HQWUH WRGRV ORV EULOODQWHV SHUVRQDMHV GH HVWD
KLVWRULDHO~QLFRSURWDJRQLVWDHOJXLRQLVWDPLVPRHOSURSLR.RMqYHTXHDOSULQFLSLR
SDUHFtD QR GHVHPSHxDU VLQR HO SDSHO GH PHUR HPSUHVDULR +D VLGR JUDFLDV D OD
FRQIURQWDFLyQGHQWURGHOSURSLROLEURHQWUHWH[WRHLQWURGXFFLyQFRPRKDVDOLGRDOD
OX] PiV DOOi R PiV DFi GH OD WHPiWLFD ILORVyILFD GH ODV UHODFLRQHV +HJHO0DU[
+XVVHUO+HLGHJJHUODIXHU]D\ODWDUHDYLWDOGHODSURSLDILORVRItDHVDPRYLOL]DFLyQ
WRWDOGHODLQWHOLJHQFLDTXHWXYLHURQTXHVHQWLUORVDVLVWHQWHVDOFXUVRHQORVDxRV
WUHLQWD\ORVOHFWRUHVGHODVHGLFLRQHVGHOWH[WRHQORVDxRV\GHOSDVDGR
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

VLJOR < HV HQ HVWD UHFXSHUDFLyQ YLYD GH OD WUDGLFLyQ FRPR WDPELpQ KDFH DFWR GH
SUHVHQFLD OR TXH SDUHFtD HVWDU DXVHQWH HQ HVWRV FXUVRV \ FRQIHUHQFLDV OD
KHUPHQpXWLFD UHFRUGHPRV TXH 9HUGDG \ PpWRGR QR DSDUHFH KDVWD  \ TXH
2QWRORJtD +HUPHQpXWLFD GH OD IDFWLFLGDG QR VH SXEOLFy KDVWD  DXQTXH OD
KHUPHQpXWLFD PiV UHFLHQWH SUREDEOHPHQWH \D HVWXYLHVH FRQGHQVDGD HQ DTXHOODV
FpOHEUHVSDODEUDVGH(OFDPLQDQWH\VXVRPEUD-HGHV:RUWLVWHLQ9RUXUWKHLO<
JUDFLDVDOGLiORJRSHUHQQHTXHSRVLELOLWDHOHQFXHQWURHQWUHLQWHOLJHQFLDVSRGHPRV
WRGDYtDVHJXLUODSLVWDGHQXHYDVUHODFLRQHVDH[SORUDUSDUDFRQWLQXDUSHQVDQGR\
DVt SRU HMHPSOR HQ VX LQWURGXFFLyQ 0DQXHO -LPpQH] 5HGRQGR VHxDOD KDFLD OD
GRFWULQDGHOVHUGH3ODWyQHQ(OVRILVWDTXH+HJHOKDFHVX\DHQHOFDStWXOR,,,GH
OD)HQRPHQRORJtDGHOHVStULWXS\TXHVLHVWDPRVGLVSXHVWRVDVHJXLUSRUOD
VHQGD GH OD FRQH[LyQ +HJHO+HLGHJJHU QRV OOHYD DO VHPHVWUH GH LQYLHUQR GH
 HQ 0DUEXUJR FXDQGR \ GRQGH +HLGHJJHU LPSDUWH VXV FODVHV DFHUFD GHO
PLVPR GLiORJR SODWyQLFR SDUWLHQGR GH OD eWLFD D 1LFyPDFR \ GH OD 0HWDItVLFD GH
$ULVWyWHOHV
+D\+HJHOGHVSXpVGH\JUDFLDVD0DU[+HLGHJJHU\.RMqYH\$GRUQR0DUFXVH
/XFNiFV \ $OWKXVVHU < DXQTXH SDUH]FD DOJR PHQRU SHUR VLHPSUH SRVH\HQGR HO
LQWHUpVTXHKD\TXHSUHVWDUODWUDQVPLVLyQ\VXVWUDQVIRUPDFLRQHVFRPRVtQWRPDV
VRFLRILORVyILFRV SRGHPRV YHU D XQ 3HWHU 6LQJHU HVFULELHQGR VREUH +HJHO HQ XQ
SHTXHxRYROXPHQGLYXOJDWLYR\HVWHFDPELRGHS~EOLFRGHOGH.RMqYHHQ3DUtVDO
GH ORV FXULRVRV GH OLEUHUtD WDPELpQ QRV GLFH DOJR HQ HO TXH GH KHFKR QR VH
PHQFLRQD SRU QLQJXQD SDUWH D .RMqYH HQ HO TXH HQ OXJDU GH SDQWHtVPR \ GH
DQWURSRWHtVPR VH KDEOD GH SDQHQWHtVPR 6LQJHU   HQ GRQGH SRU
HMHPSORHOSXQWRGHSDUWLGDLGHROyJLFRPHWyGLFRQRHVHOPDU[LVPRVLQRHOGHOD
GHPRFUDFLD RFFLGHQWDO FRQWHPSRUiQHD TXH UHODWLYL]D WRGD SRVWXUD UDGLFDO \ VH
FHQWUDHQODpWLFDFRPRFRQYLYHQFLD\HQHOTXHVLJXHYLYDODFXHVWLyQGHODILQLWXG
\ODLQILQLWXGGHODWHtVPR\GHOWHtVPROHMRVHVWDPRV\DGHODVSROpPLFDVHQWUHIH\
UD]yQ\HQHOTXHVHSXHGHOHHUWRGRORFRQWUDULRGHORGHIHQGLGRSRU.RMqYH7R
SRUWUD\ +HJHO DV DQ DWKHLVW LV WR JR DJDLQVW VRPH RI WKLV PRVW FHQWUDO LGHDV
6LQJHU
(VWD,QWURGXFFLyQDODOHFWXUDGH+HJHO HV SRU OR WDQWR XQ OLEUR YDOLRVR HQ JUDGR
VXPR \ HVWR LQFOX\H OD WUDGXFFLyQ GH $QGUpV $ORQVR 0DUWRV TXH FRQVLJXH
UHSURGXFLUODFDOLGDG\HOHQFDQWRGHODSURVDQDUUDWLYDGH.RMqYH\4XHQHDX"\
TXH LQFOX\H WDPELpQ OD SURSLD HGLFLyQ TXH UR]D OD H[FHOHQFLD \ TXH VLQ GXGD OD
DOFDQ]DUi HQ XQD VHJXQGD HGLFLyQ FXDQGR VH HOLPLQHQ ODV WLOGHV LQQHFHVDULDV GH
ORVVROR\GHORVSURQRPEUHVGHPRVWUDWLYRVDVtFRPRXQDYH]TXHVHUHYLVHSRU
HMHPSORORVLJXLHQWHQRWLHQHGHUHOLJLyQSOLTXHIDFFLyQSVLQYLGD
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR

GHVSXpV OD PXHUWH DWHtVPR S  (ULQHDV S  DO 6DELR JHQHUDGRU OD
&LHQFLD S  pO QR UHIOH[LRQH VREUH OR 5HDO S  UHFXHUGR KLVWyULFR
FRQFLHQWHSHQWDQWRTXHVHSDUDGDVXKLFHWQXQFGDGRS
<\DHVWi"(VGHFLUQRVGHVSHGLPRV\DGHWRGRVORVSHUVRQDMHVGHHVWDKLVWRULD
GHXQWULiQJXORILORVyILFRTXHFRPRORVDPRURVRV\WRGRVORVWULiQJXORVKXPDQRV
VXPD PiV GH WUHV YpUWLFHV \ WUHV iQJXORV" 1R IDOWD QDGLH" 6t HQ HIHFWR IDOWD
$OH[DQGUH .R\Up JUDFLDV D TXLHQ .RMqYH OOHJy D 3DUtV H LPSDUWLy HVWDV OHFFLRQHV
VREUH +HJHO < GyQGH SRGHPRV HQFRQWUDUOR" 3XHV DTXt \ DKRUD HQ OD
LQWHUWH[WXDOLGDG GH ODV EXHQDV FRLQFLGHQFLDV HGLWRULDOHV GH OD PDQR GHO SXxR \
OHWUDGH/HYLQDVRWURILOyVRIRHQWUH+HJHO\+HLGHJJHUDTXLHQ\DKDEtDPRVFLWDGR
\ TXH HQ ORV PLVPRV DSXQWHV HVFULEH &RPR KD VHxDODGR FRQ PXFKD UD]yQ HO
VHxRU .R\Up HQ VXV UHIOH[LRQHV VREUH OD HVHQFLD GH OD YHUGDG HQ +HLGHJJHU HO
FRPLHQ]RGHODKLVWRULDTXHFRLQFLGHSDUD+HLGHJJHUFRQHOGHVYHODPLHQWRGHOVHU
VLJQLILFD XQD RSRVLFLyQ GHO KRPEUH D OD QDWXUDOH]D /HYLQDV   3DUHFH
TXHODKLVWRULDQRVHKDDFDEDGR\TXHHVJUDFLDVDODSXEOLFDFLyQGHOLEURVFRPR
,QWURGXFFLyQ D OD OHFWXUD GH +HJHO FRPR SRGHPRV VHJXLU IRUPDQGR PiV \ PiV
WULiQJXORVILORVRIDQGRSHQVDQGRYLYLHQGR

/LF5REHUWR9LYHUR5RGUtJXH]
/LFHQFLDGRHQ3LVFRORJtDSRUOD8QLYHUVLGDGGH6DODPDQFD
3VLFyORJR
5()(5(1&,$6
+HLGHJJHU0&RQIHUHQFLDV\DUWtFXORV7UDGGH(XVWDTXLR%DUMDX%DUFHORQD
6HUEDO
+HLGHJJHU0/RVFRQFHSWRVIXQGDPHQWDOHVGHODPHWDItVLFD7UDGGH$OEHUWR
&LULD0DGULG$OLDQ]D
+HLGHJJHU0D1LHW]VFKH7UDGGH-XDQ/XLV9HUPDO%DUFHORQD$ULHO
+HLGHJJHU0E7LHPSR\VHU7UDGGH0DQXHO*DUULGR-RVp/XLV0ROLQXHYR
)pOL['XTXH0DGULG7HFQRV
.RMqYH$,QWURGXFFLyQDODOHFWXUDGH+HJHO7UDGGH$QGUpV$ORQVR0DUWRV
SUyORJRGH0DQXHO-LPpQH]5HGRQGR0DGULG7URWWD
/HYLQDV((VFULWRVLQpGLWRV7UDGGH0LJXHO*DUFtD%DUy0HUFHGHV+XDUWH
-DYLHU5DPRV0DGULG7URWWD
6DIUDQVNL58QPDHVWURGH$OHPDQLD7UDGGH5D~O*DEiV%DUFHORQD
7XVTXHWV
6LQJHU3+HJHO$YHU\6KRUW,QWURGXFWLRQ2[IRUG283

)HFKDGHUHFHSFLyQGHGLFLHPEUHGH
)HFKDGHDFHSWDFLyQGHGLFLHPEUHGH
5HYLVWD2EVHUYDFLRQHV)LORVyILFDV1
KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP





5HYLVWD2EVHUYDFLRQHV)LORVyILFDV+HJHO.RMqYH+HLGHJJHU+LVWRULDGHXQWULiQJXORILORVyILFR


_5HYLVWD2EVHUYDFLRQHV)LORVyILFDV$GROIR9iVTXH]5RFFD>'LUHFWRU_'DQLHO9iVTXH]
>'LVHxR@+RVWLQJ\'RPLQLR'DQR(;_

KWWSZZZREVHUYDFLRQHVILORVRILFDVQHWKHJHONRMHYHKHLGHJJHUKWP