$3/,&$7,8

*8,$'2&(17

3529,6,21$/



'DGHVGHODVVLJQDWXUD

1RPGHODVVLJQDWXUD

&RGL

&UqGLWV(&76

&XUVLSHUtRGHHQHOTXH
VLPSDUWHL[

+RUDUL

/ORFRQVLPSDUWHL[

/OHQJHV


3URIHVVRUDGHFRQWDFWH
1RPSURIHVVRUD

'HSDUWDPHQW

8QLYHUVLWDW,QVWLWXFLy

'HVSDW[
 
7HOqIRQ 

HPDLO

+RUDULGDWHQFLy


(TXLSGRFHQW

,QWURGXFFLyQDOD$QWURSRORJtD6RFLDO\&XOWXUDO





3ULPHU&XUVR6HJXQGR6HPHVWUH


KWWSZZZXDEFDW'RFXPHQW$VLD*UDXSGI

)DFXOWDWGH7UDGXFFLyLG,QWHUSUHWDFLy
$XOD


FDVWHOODQR



-RDTXtQ%HOWUiQ$QWROtQ

7UDGXFFLyL,QWHUSUHWDFLy

8QLYHUVLWDW$XWzQRPDGH%DUFHORQD

.


-RDTXLQEHOWUDQ#XDEFDW

0DUWHV-XHYHV



1RPSURIHVVRUD
%ODL*XDUQp&DEHOOR


'HSDUWDPHQW
7UDGXFFLyL,QWHUSUHWDFLy


8QLYHUVLWDW,QVWLWXFLy
8QLYHUVLWDW$XWzQRPDGH%DUFHORQD


'HVSDW[
.


7HOqIRQ 



HPDLO
%ODLJXDUQH#XDEFDW


+RUDULGHWXWRULHV



$IHJLXWDQWVFDPSVFRPVLJXLQHFHVVDUL
 FDPSVRSWDWLXV














































3UHUHTXLVLWV




&RQWH[WXDOLW]DFLyLREMHFWLXVIRUPDWLXVGHODVVLJQDWXUD



/D DVLJQDWXUD GH ,QWURGXFFLyQ D OD $QWURSRORJtD 6RFLDO \ &XOWXUDO HVWi GHGLFDGD DO
FRQRFLPLHQWR GH OD GLYHUVLGDG FXOWXUDO ODV UHODFLRQHV LQWHUFXOWXUDOHV \ OD SUREOHPjWLFD GHO
HWQRFHQWULVPRDVtFRPRDGLYHUVRVDVSHFWRVUHODFLRQDGRVFRQODFRPXQLFDFLyQ\PHGLDFLyQ
LQWHUFXOWXUDOFRPRXQHMHEiVLFRSDUDHOIRPHQWRGHOUHVSHWRDODGLYHUVLGDG\ODLJXDOGDGHQ
HO HMHUFLFLR GH OD LQWHUFXOWXUDOLGDG (V XQD DVLJQDWXUD GH IRUPDFLyQ EiVLFD LPSUHVFLQGLEOH \
QHFHVDULD SDUD DERUGDU ORV HVWXGLRV GH iUHD GH $VLD 2ULHQWDO GDGR TXH HVWRV HVWXGLRV
DERUGDQ HO FRQRFLPLHQWR GH FXOWXUDV \ VRFLHGDGHV GLIHUHQWHV D ODV GH OD PD\RUtD GH ORV
HVWXGLDQWHV

/RV REMHWLYRV HVSHFtILFRV FRQVLVWHQ HQ HO DQiOLVLV GHO FRQFHSWR GH FXOWXUD OD PHWRGRORJtD \
WpFQLFDV GH LQYHVWLJDFLyQ DQWURSROyJLFDV OD FRQVWUXFFLyQ GH OD DOWHULGDG VRFLDO \ FXOWXUDO D
SDUWLU GH ORV GLIHUHQWHV GHEDWHV TXH KDQ PDUFDGR HO GHVDUUROOR GH OD WHRUtD \ SUiFWLFD
DQWURSROyJLFDV7DPELpQVHSURIXQGL]DUiHQODVFRQVHFXHQFLDVGHORVGHEDWHV\GHOFRQWDFWR
LQWHUFXOWXUDO HQ WHPDV FRPR HO UDFLVPR OD [HQRIRELD \ ORV HVWHUHRWLSRV OD HWQLFLGDG ODV
IURQWHUDV\ORVOtPLWHVODDFXOWXUDFLyQODKLEULGH]\HOPHVWL]DMHODGLIHUHQFLDODGLYHUVLGDG\
ODGHVLJXDOGDGODPDUJLQDFLyQODH[FOXVLyQ\ODGLVFULPLQDFLyQHQWUHRWURVTXHPDUFDQODYLGD
GH OD KXPDQLGDG HQ VX SOXUDOLGDG )LQDOPHQWH VH UHDOL]DUi XQD EUHYH LQWURGXFFLyQ D OD
$QWURSRORJtDHQODDFWXDOLGDG\HQ$VLD2ULHQWDO








&RPSHWqQFLHVLUHVXOWDWVGDSUHQHQWDWJHGHODVVLJQDWXUD

 

&(&RQRFHU\FRPSUHQGHUODGLYHUVLGDGFXOWXUDOODVUHODFLRQHV
LQWHUFXOWXUDOHV\ODSUREOHPiWLFDGHOHWQRFHQWULVPRHQUHODFLyQFRQ$VLD
2ULHQWDO



&RPSHWqQFLD


5HVXOWDWVGDSUHQHQWDWJH




'HPRVWUDUXQFRQRFLPLHQWRGHORVFRQFHSWRVFODYHV\PDUFRV
WHyULFRVGHDQWURSRORJtD
5HFRQRFHU\VXSHUDUORVSUREOHPDVFUHDGRVSRUHO
HWQRFHQWULVPRHQODFRPXQLFDFLyQ\PHGLDFLyQLQWHUFXOWXUDO

 

&( &RQRFHU \ XVDU ORV UHFXUVRV GH ODV WHFQRORJtDV GH OD LQIRUPDFLyQ \
FRPXQLFDFLyQ 7,&V SDUD OD UHFRSLODFLyQ HODERUDFLyQ DQiOLVLV \
SUHVHQWDFLyQ GH OD LQIRUPDFLyQ HQ UHODFLyQ FRQ ORV HVWXGLRV GH $VLD
2ULHQWDO



&RPSHWqQFLD


8WLOL]DUKHUUDPLHQWDVGLIHUHQWHVSDUDILQHVHVSHFtILFRVHQHO
FDPSRGHODDQWURSRORJtD
8WLOL]DUODWHUPLQRORJtDEiVLFDGHDQWURSRORJtD
(YDOXDUORVUHVXOWDGRVREWHQLGRVHQHOSURFHVRGHE~VTXHGDGH
ODLQIRUPDFLyQSDUDGRFXPHQWDUVH\DFWXDOL]DUORVFRQRFLPLHQWRV
GHDQWURSRORJtD

5HVXOWDWVGDSUHQHQWDWJH
 

&(&RQRFHU\FRPSUHQGHUORVSULQFLSLRVPHWRGROyJLFRV\pWLFRVTXH

&RPSHWqQFLD IDFLOLWHQODVUHODFLRQHVHQFRQWH[WRVLQWHUQDFLRQDOHVHLQWHUFXOWXUDOHV
  
5HVXOWDWVGDSUHQHQWDWJH

 
 
&RPSHWqQFLD

5HVXOWDWVGDSUHQHQWDWJH

&( $SOLFDU FRQRFLPLHQWRV GH ORV SULQFLSLRV PHWRGROyJLFRV \ pWLFRV

SDUD IDFLOLWDU ODV UHODFLRQHV HQ FRQWH[WRV LQWHUQDFLRQDOHV H
LQWHUFXOWXUDOHV

 


 
 
&RPSHWqQFLD

5HVXOWDWVGDSUHQHQWDWJH














&( 5HFRQRFHU \ VXSHUDU ORV SUREOHPDV FUHDGRV SRU HO

HWQRFHQWULVPRHQODFRPXQLFDFLyQ\PHGLDFLyQ,QWHUFXOWXUDO

 


 











 
&RPSHWqQFLD &76HUIOH[LEOH\VDEHUDGDSWDUVHDQXHYDVVLWXDFLRQHV

&RPSHWqQFLD

5HVXOWDWVGDSUHQHQWDWJH


&RPSHWqQFLD

5HVXOWDWVGDSUHQHQWDWJH

&()RPHQWDU HO UHVSHWR D OD GLYHUVLGDG \ IRPHQWDU OD LJXDOGDG HQ HO
HMHUFLFLRGHODLQWHUFXOWXUDOLGDG







&73RVHHUKDELOLGDGHVHQODVUHODFLRQHVLQWHUSHUVRQDOHV









 
&RPSHWqQFLD &75HVSHWDUODLJXDOGDGGHJpQHUR
  

5HVXOWDWVGDSUHQHQWDWJH








&RPSHWqQFLD &79HODUSRUODFDOLGDGGHOSURSLRWUDEDMR
  

5HVXOWDWVGDSUHQHQWDWJH

&RPSHWqQFLD
5HVXOWDWV
GDSUHQHQWDWJH








&* 'HVDUUROODU XQ SHQVDPLHQWR \ XQ UD]RQDPLHQWR FUtWLFRV \ VDEHU
FRPXQLFDUORVGHPDQHUDHIHFWLYDWDQWRHQODVOHQJXDVSURSLDVFRPRHQXQD
WHUFHUDOHQJXD








&RPSHWqQFLD &*'HVDUUROODUHVWUDWHJLDVGHDSUHQGL]DMHDXWyQRPR
 
5HVXOWDWV
GDSUHQHQWDWJH






 
&RPSHWqQFLD &*5HVSHWDUODGLYHUVLGDG\SOXUDOLGDGGHLGHDVSHUVRQDV\VLWXDFLRQHV
5HVXOWDWV
GDSUHQHQWDWJH




 








&RQWLQJXWVGHODVVLJQDWXUD


7HPD/DDQWURSRORJtDFRPRFLHQFLDGHODDOWHULGDGFXOWXUDO
,QLFLRVFRQWH[WRKLVWyULFR\FRQFHSWRGHFXOWXUD
'HEDWH(WQRFHQWULVPR5HODWLYLVPR

7HPD0pWRGR\WpFQLFDVGHLQYHVWLJDFLyQ
0pWRGRHWQRJUiILFRWUDEDMRGHFDPSR\REVHUYDFLyQSDUWLFLSDQWH
'HEDWH'HVFULELU7UDGXFLU([SOLFDU,QWHUSUHWDU

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGLIHUHQFLD
(YROXFLRQLVPRPpWRGRFRPSDUDWLYR\GHGXFFLyQHVSHFXODWLYD
'HEDWH&XOWXUD&LYLOL]DFLyQ

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGLYHUVLGDG
)XQFLRQDOLVPRHVWUXFWXUD\IXQFLyQ
'HEDWH3DUWLFXODU8QLYHUVDO

7HPDV&ODYH&RQVHFXHQFLDVGHORVGHEDWHV\GHOFRQWDFWRHQWUHFXOWXUDV
(WQLFLGDG\DFXOWXUDFLyQ
)URQWHUDV\OtPLWHV
5DFLVPR\[HQRIRELD
0DUJLQDFLyQGLVFULPLQDFLyQH[FOXVLyQGHVLJXDOGDG

7HPD/DFRQVWUXFFLyQGHO2WURSRUODVHPHMDQ]D
(VWUXFWXUDOLVPRGLFRWRPtD\VHQWLGR
'HEDWH1DWXUDOH]D&XOWXUD

7HPD/DFRQVWUXFFLyQGHO2WURSRUODVLJQLILFDFLyQ
$QWURSRORJtDVLPEyOLFDH,QWHUSUHWDWLYLVPR
'HEDWH&XOWXUD6RFLHGDG

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGHVLJXDOGDG
'RPLQDFLyQFXOWXUDOFRORQLDOLVPR\PRGHUQLGDG
'HEDWH(VHQFLD3URFHVR

7HPD'LIHUHQWHVGHVLJXDOHVGHVFRQHFWDGRV
$QWURSRORJtDGHOPXQGRFRQWHPSRUiQHRPXOWLFXOWXUDOLVPR\JOREDOL]DFLyQ
3URGXFFLyQJOREDOGHOFRQRFLPLHQWR$QWURSRORJtDGH&KLQD\GH-DSyQ
'HEDWH&HQWUR3HULIHULD

7HPDV&ODYH&RQVHFXHQFLDVGHORVGHEDWHV\GHOFRQWDFWRHQWUHFXOWXUDV
(WQLFLGDG\DFXOWXUDFLyQ
)URQWHUDV\OtPLWHV
5DFLVPR\[HQRIRELD
0DUJLQDFLyQGLVFULPLQDFLyQH[FOXVLyQGHVLJXDOGDG







0HWRGRORJLDGRFHQWLDFWLYLWDWVIRUPDWLYHV


/D DVLJQDWXUD FXHQWD FRQ FODVHV WHyULFDV \ SUiFWLFDV (O XVR GHO &DPSXV 9LUWXDO GH OD
DVLJQDWXUD HV LPSUHVFLQGLEOH SXHV HQ pO VH HQFXHQWUDQ ORV PDWHULDOHV TXH VH GHEHQ GH
XWLOL]DUSDUDSRGHUVHJXLUHOFXUVR\VXSHUDUODDVLJQDWXUDHVGHFLUODVOHFWXUDVREOLJDWRULDV
DVtFRPRWRGRWLSRGHLQIRUPDFLRQHVQHFHVDULDVSDUDHOGHVDUUROORGHODPLVPD

(QWUH ODV SUiFWLFDV VH HQFXHQWUD HO YLVLRQDGR GH SHOtFXODV \ GRFXPHQWDOHV DVt FRPR OD
SDUWLFLSDFLyQHQGHEDWHVHQFODVH

/RVHVWXGLDQWHVGHEHQGHXWLOL]DUODV7,&VSDUDGRFXPHQWDUXQWHPD\UHDOL]DUXQDHQWUDGD
HQXQEORJTXHVHUiXQDSDUWHLPSRUWDQWHGHVXWUDEDMRHQHVWHFDVRGHJUXSR7DPELpQ
WHQGUiQ TXH UHDOL]DU XQ WUDEDMR SHUVRQDO GH UHVXPHQ FUtWLFR GH XQ OLEUR \ ILQDOPHQWH GRV
SUXHEDVGHHYDOXDFLyQ

(Q GHILQLWLYD OD PHWRGRORJtD SRWHQFLD HO WUDEDMR FRQ 7,&V KHUUDPLHQWDV GH
DXWRDSUHQGL]DMHHOWUDEDMRHQJUXSR\HOGHVDUUROORGHSUiFWLFDVMXQWRDODVFODVHVWHyULFDV




d/Wh^ d/s/dd


'LULJLGHV

d/s/dd


&ODVHVWHyULFDVGHFRQWHQLGR


6XSHUYLVDGHV






$XWzQRPHV





$QjOLVLVGHWH[WRVGHEDWH

7XWRUtDV

7UDEDMRHQJUXSR

(ODERUDFLyQWUDEDMRPRQRJUiILFR
(VWXGLRIXHQWHVSULPDULDV\
VHFXQGDULDV

,KZ^

Z^h>dd^ WZEEdd'

 

 

 
 
 

 
 
 
 



$YDOXDFLy

,QGLFDUHOWLSXVGHYLGqQFLHVGDSUHQHQWDWJHTXHOHVWXGLDQWKDXUjGHOOLXUDUHOVHXSHVHQOD
TXDOLILFDFLyILQDOHOVFULWHULVGDYDOXDFLyODGHILQLFLyGHQRSUHVHQWDWHOSURFHGLPHQWGHUHYLVLyGH
OHVSURYHVHOWUDFWDPHQWGHYHQWXDOVFDVRVSDUWLFXODUVHWF

 (YDOXDFLyQ3ULPHUDSDUWHGHODQRWDILQDO
/DSUXHEDGHHYDOXDFLyQGHPRVWUDUiTXHHOHVWXGLDQWHKDDVLPLODGRORVFRQFHSWRVFODYH
GHODDVLJQDWXUDDVtFRPRVXFDSDFLGDGGHUHIOH[LyQ\DUJXPHQWDFLyQGHSHQVDPLHQWR
\ UD]RQDPLHQWR FUtWLFRV \ VX FRPXQLFDFLyQ GH IRUPD HIHFWLYD 6H HYDOXDUiQ ORV
FRQRFLPLHQWRVWUDQVPLWLGRVHQFODVHODVOHFWXUDVREOLJDWRULDV\ODVSUiFWLFDVUHDOL]DGDV
FRUUHVSRQGLHQWHVDODSULPHUDSDUWHGHODDVLJQDWXUD

 (YDOXDFLyQ6HJXQGDSDUWHGHODQRWDILQDO

/DSUXHEDGHHYDOXDFLyQGHPRVWUDUiTXHHOHVWXGLDQWHKDDVLPLODGRORVFRQFHSWRVFODYH
GHODDVLJQDWXUDDVtFRPRVXFDSDFLGDGGHUHIOH[LyQ\DUJXPHQWDFLyQGHSHQVDPLHQWR
\ UD]RQDPLHQWR FUtWLFRV \ VX FRPXQLFDFLyQ GH IRUPD HIHFWLYD 6H HYDOXDUiQ ORV
FRQRFLPLHQWRVWUDQVPLWLGRVHQFODVHODVOHFWXUDVREOLJDWRULDV\ODVSUiFWLFDVUHDOL]DGDV
FRUUHVSRQGLHQWHVDODVHJXQGDSDUWHGHODDVLJQDWXUD

 5HVXPHQFUtWLFRGHXQDPRQRJUDItDGHODQRWDILQDO
6HDYDOXDUiODFDSDFLGDGGHWUDEDMRSHUVRQDO/HFWXUD\FRPHQWDULRGHXQDHWQRJUDItD
VREUH &KLQD R -DSyQ (O FULWHULR GH HYDOXDFLyQ VHUi OD FDSDFLGDG GH H[SRQHU GH XQ
PRGR VLQWpWLFR ULJXURVR \ SUHFLVR ODV LGHDV SULQFLSDOHV GH OD HWQRJUDItD HOHJLGD \
FRPHQWDUODDSDUWLUGHODVFODYHVLQIHULGDVHQODOHFWXUDGHXQDUWtFXORFRPSOHPHQWDULR
6H YDORUDUi SRU WDQWR OD FRQVLVWHQFLD GH OD DUJXPHQWDFLyQ OD UHIOH[LyQ SHUVRQDO
IXQGDPHQWDGD\HOXVRGHPDWHULDOHVFRPSOHPHQWDULRV6HSHQDOL]DUiHOSODJLRHOFRUWD
\SHJD\ODIDOWDGHHVWUXFWXUDFLyQ9pDVHHODSDUWDGRGH%LEOLRJUDItD

 7UDEDMRHQJUXSRHQWUDGDHQXQEORJGHODQRWDILQDO
(VWDDFWLYLGDGVHUHDOL]DUiHQJUXSRVGHPLHPEURVHVWDEOHFLGRVSRUHOSURIHVRU(O
WUDEDMR HQ JUXSR GHVDUUROODUi OD FRPSHWHQFLD GH OD XWLOL]DFLyQ GH UHFXUVRV GH ODV
WHFQRORJtDVGHODLQIRUPDFLyQ\FRPXQLFDFLyQ7,&VSDUDODUHFRSLODFLyQHODERUDFLyQ
DQiOLVLV\SUHVHQWDFLyQGHODLQIRUPDFLyQHQUHODFLyQDODDQWURSRORJtDVRFLDO\FXOWXUDO
&DGD JUXSR UHDOL]DUi WUHV WXWRUtDV FRQ HO SURIHVRU GRV GXUDQWH OD IDVH LQLFLDO \ GH
GHVDUUROOR\XQDGHDYDQFHGHOSUR\HFWR(OWUDEDMRWLHQHFRPRREMHWLYRODYDORUDFLyQGH
GLYHUVRV DVSHFWRV GH OD FRPSUHQVLyQ GH OD GLYHUVLGDG FXOWXUDO ODV UHODFLRQHV
LQWHUFXOWXUDOHV \ OD SUREOHPiWLFD GHO HWQRFHQWULVPR DVt FRPR GH OD PHGLDFLyQ \
FRPXQLFDFLyQ LQWHUFXOWXUDO \ ODV UHODFLRQHV HQ FRQWH[WRV LQWHUQDFLRQDOHV H
LQWHUFXOWXUDOHV (O FULWHULR GH HYDOXDFLyQ VHUi OD YDORUDFLyQ GHO UHVXOWDGR GHO WUDEDMR
UHDOL]DGR RQOLQH TXH GHEHUi HYLGHQFLDU OD FDSDFLGDG GH WUDEDMDU HQ HTXLSR /RV
DVSHFWRV TXH VH WHQGUiQ HQ FXHQWD VRQ FODULGDG H[SRVLWLYD VROLGH] HVWUXFWXUDO \
DUJXPHQWDFLyQ IXQGDPHQWDGD GLYHUVLGDG GH IXHQWHV FRQVXOWDGDV \ DSRUWDGDV
RULJLQDOLGDGGHODSURSXHVWD\SHQVDPLHQWRFUtWLFR

1RSUHVHQWDGR6HFRQVLGHUDUiQRSUHVHQWDGRDTXLHQQRUHDOLFHDOPHQRVODVWUHV
SULPHUDVSUXHEDVDQWHVVHxDODGDVHTXLYDOHQWHVDOGHODQRWDILQDO

(QFDVRVHVSHFLDOHVVHSRGUiUHDOL]DUDOJ~QWLSRGHSUXHEDDOWHUQDWLYDFRPRH[DPHQ








RUDOH[DPHQHVFULWRWUDEDMRVHVSHFtILFRVGHGHVDUUROORGHWHPDVSDUDSRGHUVXSHUDU\
FRPSOHWDU OD SDUWH TXH QHFHVLWH UHFXSHUDU GH ODV FXDWUR HQ ODV TXH VH HVWUXFWXUD OD
HYDOXDFLyQ GH OD DVLJQDWXUD (VWDV SUXHEDV VH UHDOL]DUiQ GH OD VHPDQD  D  GHO
VHJXQGRVHPHVWUH\DIHFWDUiDDTXHOORVTXHQRKD\DQVXSHUDGRODHYDOXDFLyQFRQWLQXD
FRQXQDQRWDLJXDORVXSHULRUD\DTXLHQHVOHVIDOWHDOJXQDGHODVFXDWURSDUWHVGH
ODHYDOXDFLyQ(OOLVWDGRGHORVHVWXGLDQWHVFRQGHUHFKRDHVWDVSUXHEDVDGLFLRQDOHVHO
FRQWHQLGR GH ODV PLVPDV \ OD IHFKD OXJDU \ KRUDULR VH SXEOLFDUi MXQWR FRQ ODV QRWDV
ILQDOHVGHODDVLJQDWXUD

d/s/dd^ s>h/M

3UXHEDGHHYDOXDFLyQGHODSULPHUDSDUWH

3UXHEDGHHYDOXDFLyQGHODVHJXQGDSDUWH
7UDEDMRHQJUXSR

5HVXPHQFUtWLFRGHXQDHWQRJUDItD




,KZ^

Z^h>dd^ WZEEdd'

 
 

 
 

%LEOLRJUDILDLHQOODoRVZHE



7HPD/DDQWURSRORJtDFRPRFLHQFLDGHODDOWHULGDGFXOWXUDO

/HDFK (GPXQG   1RVRWURV \ ORV GHPiV HQ  8Q PXQGR HQ H[SORVLyQ (GLWRULDO
$QDJUDPD%DUFHORQD
.URW](VWHEDQ$OWHULGDG\SUHJXQWDDQWURSROyJLFD$OWHULGDGHV
%RKDQQDQ /DXUD  6KDNHVSHDUH HQ HO VHOYD >6KDNHVSHDUH LQ WKH EXVFK@ 1DWXUDO
+LVWRU\0DJD]LQH
.XSHU$GDP,QWURGXFFLyQ*XHUUDVGHFXOWXUD&XOWXUDGLIHUHQFLDLGHQWLGDGHQ
&XOWXUD/DYHUVLyQGHORVDQWURSyORJRV3DLGyV%DUFHORQDSS\

7HPD0pWRGR\WpFQLFDVGHLQYHVWLJDFLyQ

.RWWDN &RQUDG 3  0pWRGRV \ FyGLJRV pWLFRV HQ DQWURSRORJtD FXOWXUDO HQ
$QWURSRORJtDFXOWXUDO0DGULG0F*UDZ+LOOSS
0DOLQRZVNL %URQLVODY  ,QWURGXFFLyQ 2EMHWR PpWRGR \ ILQDOLGDG GH HVWD
LQYHVWLJDFLyQHQ/RVDUJRQDXWDVGHO3DFtILFR2FFLGHQWDO3HQtQVXOD%DUFHORQDSS
9HODVFR +RQRULR \ $QJHO 'tD] GH 5DGD'HVFULELUWUDGXFLUH[SOLFDULQWHUSUHWDU
HQ/DOyJLFDGHODLQYHVWLJDFLyQHWQRJUiILFD(GLWRULDO7URWWD0DGULGSS
%RLYLQ 0DXULFLR 5RVDWR $QD \ $UULEDV 9LFWRULD  /D REVHUYDFLyQ SDUWLFLSDQWH
HQ&RQVWUXFWRUHVGHRWUHGDG(XGHED%XHQRV$LUHVSS
/HFWXUDVFRPSOHPHQWDULDV
6DQPDUWtQ$UFH5LFDUGR(OWUDEDMRGHFDPSRHQ&DUPHOR/LVyQ7RORVRQDHG
,QWURGXFFLyQ D OD $QWURSRORJtD 6RFLDO \ &XOWXUDO 7HRUtD PpWRGR \ SUiFWLFD $NDO 0DGULG
SS*RRJOHERRNV





'HL )DELR  /D FRPSDUDFLyQ HQWUH ODV FXOWXUDV HQ &DUPHOR /LVyQ 7RORVRQD HG
,QWURGXFFLyQ D OD $QWURSRORJtD 6RFLDO \ &XOWXUDO 7HRUtD PpWRGR \ SUiFWLFD $NDO 0DGULG
SS*RRJOHERRNV

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGLIHUHQFLD

%RLYLQ0DXULFLR5RVDWR$QD\$UULEDV9LFWRULD/DFRQVWUXFFLyQGHORWURSRUOD
GLIHUHQFLDHQ&RQVWUXFWRUHVGHRWUHGDG(XGHED%XHQRV$LUHVSS
0RUJDQ /HZLV +  5D]yQ GHO SURJUHVR KXPDQR HQ /RV RUtJHQHV GHO +RPEUH
&HDO%XHQRV$LUHV
/HQFOXG *pUDUG  /R HPStULFR \ OR QRUPDWLYR HQ OD HWQRJUDItD 'HULYDQ ODV
GLIHUHQFLDVFXOWXUDOHVGHODGHVFULSFLyQ"$QWKURSRORJ\7RGD\9ROQSS

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGLYHUVLGDG

%RLYLQ0DXULFLR5RVDWR$QD\$UULEDV9LFWRULD/DFRQVWUXFFLyQGHORWURSRUOD
GLYHUVLGDGHQ&RQVWUXFWRUHVGHRWUHGDG(XGHED%XHQRV$LUHVSS
%DUQDUG $  )XQFWLRQDOLVP DQG VWUXFWXUDOIXQFWLRQDOLVP HQ +LVWRU\ DQG 7KHRU\ LQ
$QWKURSRORJ\&DPEULGJH8QLYHUVLW\3UHVV
5DGFOLIIH%URZQ $ )  (VWUXFWXUD \ IXQFLyQ HQ OD VRFLHGDG SULPLWLYD (GLFLRQHV
3HQtQVXOD%DUFHORQD>@FDStWXORFDStWXOR

7HPDV&ODYH&RQVHFXHQFLDVGHORVGHEDWHV\GHOFRQWDFWRHQWUHFXOWXUDV

0DOJHVLQL *UDFLHOD \ *LPpQH] &DUORV  *XtD GH FRQFHSWRV VREUH PLJUDFLRQHV
UDFLVPRHLQWHUFXOWXUDOLGDG/RV/LEURVGHOD&DWDUDWD0DGULG*RRJOHERRNV
%DUDxDQR$*DUFtD-/&iWHGUD0\'HYLOODUG0-FRRUGV'LFFLRQDULRGH
ODVUHODFLRQHVLQWHUFXOWXUDOHV'LYHUVLGDG\JOREDOL]DFLyQ8QLYHUVLGDG&RPSOXWHQVH0DGULG

7HPD/DFRQVWUXFFLyQGHO2WURSRUODVHPHMDQ]D

/pYL6WUDXVV&ODXGH>@/DFLHQFLDGHORFRQFUHWRHQ(OSHQVDPLHQWRVDOYDMH
%DUFHORQDSS
/pYL6WUDXVV&ODXGH5D]DHKLVWRULDHQ5D]D\FXOWXUD$OWD\D0DGULGSS

/HFWXUDVFRPSOHPHQWDULDV
*HHUW] &OLIIRUG >@  /RV XVRV GH OD GLYHUVLGDG HQ /RV XVRV GH OD GLYHUVLGDG
3DLGRV%DUFHORQDSS
*HHUW] &OLIIRUG   (O PXQGR HQ XQ WH[WR &yPR OHHU 7ULVWHV 7UySLFRV HQ (O
DQWURSyORJRFRPRDXWRU3DLGRV%DUFHORQDSS

7HPD/DFRQVWUXFFLyQGHO2WURSRUODVLJQLILFDFLyQ

/HDFK (GPXQG  &XOWXUD \ FRPXQLFDFLyQ FDStWXORV VHOHFFLRQDGRV 0p[LFR 6LJOR
;;,SS\
'RXJODV 0DU\  3RGHUHV \ SHOLJURV HQ 3XUH]D \ SHOLJUR 6LJOR ;;, 0p[LFR SS

7XUQHU 9LFWRU  (QWUH OR XQR \ OR RWUR HQ /D VHOYD GH ORV VtPERORV 6LJOR ;;,
0DGULGSS




*HHUW]&OLIIRUG>@-XHJRSURIXQGRQRWDVVREUHODULxDGHJDOORVHQ%DOLHQ/D

LQWHUSUHWDFLyQGHODVFXOWXUDV*HGLVD%DUFHORQDSS

7HPD/DFRQVWUXFFLyQGHO2WURSRUODGHVLJXDOGDG

%RLYLQ0DXULFLR5RVDWR$QD\$UULEDV9LFWRULD/DFRQVWUXFFLyQGHORWURSRUOD
GHVLJXDOGDGHQ&RQVWUXFWRUHVGHRWUHGDG(XGHED%XHQRV$LUHVSS
*RGHOLHU 0DXULFH  /RV %DUX\D GH 1XHYD *XLQHD 8Q HMHPSOR UHFLHQWH GH
VXERUGLQDFLyQ HFRQyPLFD SROtWLFD \ FXOWXUDO GH XQD VRFLHGDG SULPLWLYD D 2FFLGHQWH HQ
7UDQVLWLRQV HW 6XERUGLQDWLRQ DX &DSLWDOLVPH (GLWLRQV GH OD 0DLVRQ GH 6FLHQFHV GH
O+RPPH3DULV
*XSWD$NKLO\)HUJXVRQ-DPHV0iVDOOiGHODFXOWXUD(VSDFLRLGHQWLGDG\OD
SROtWLFD GH OD GLIHUHQFLD HQ &XOWXUH 3RZHU 3ODFH ([SORUDWLRQV LQ &ULWLFDO $QWKURSRORJ\
'XNH8QLYHUVLW\3UHVV'XUKDPDQG/RQGRQSS
6WROFNH9HUHQD(VHOVH[RSDUDHOJpQHURORTXHODUD]DSDUDODHWQLFLGDG\OD
QDWXUDOH]DSDUDODVRFLHGDG"3ROtWLFD\FXOWXUDQSS

7HPD'LIHUHQWHVGHVLJXDOHVGHVFRQHFWDGRV

*DUFtD&DQFOLQL1pVWRU'LIHUHQWHVGHVLJXDOHVRGHVFRQHFWDGRV5HYLVWD&,'2%
G$IHUV,QWHUQDFLRQDOVQSS
$SSDGXUDL $UMXQ >@  3DLVDMHV pWQLFRV JOREDOHV DSXQWHV H LQWHUURJDQWHV SDUD
XQDDQWURSRORJtDWUDQVQDFLRQDOHQ/DPRGHUQLGDGGHVERUGDGD'LPHQVLRQHVFXOWXUDOHVGH
ODJOREDOL]DFLyQ)RQGRGH&XOWXUD(FRQyPLFD0p[LFRSS
/HFWXUDVFRPSOHPHQWDULDV
<DPDVKLWD6KLQML5HFRQILJXUDQGROD$QWURSRORJtD8QDYLVLyQGHVGHHO-DSyQHQ
*5LEHLUR\$(VFREDUHGV$QWURSRORJtDVGHOPXQGR&,(6$63RSD\iQSS
6PDUW-RVHSKLQH(QEXVFDGH$QWURSRORJtDHQ&KLQD8QDGLVFLSOLQDDWUDSDGDHQ
ODUHGGHFRQVWUXFFLyQGHQDFLyQFDSLWDOLVPRVRFLDOLVWD\JOREDOL]DFLyQHQ*5LEHLUR\$
(VFREDUHGV$QWURSRORJtDVGHOPXQGR&,(6$63RSD\iQSS
:DQJ 0LQJPLQJ  7KH 7KLUG (\H 7RZDUGV D &ULWLTXH RI 1DWLYLVW $QWKURSRORJ\
&ULWLTXHRI$QWKURSRORJ\9RO


0$18$/(62%5$6'(5()(5(1&,$

%RLYLQ 0DXULFLR 5RVDWR $QD \ $UULEDV 9LFWRULD &RQVWUXFWRUHV GH RWUHGDG 8QD
LQWURGXFFLyQDOD$QWURSRORJtD6RFLDO\&XOWXUDO$QWURSRIDJLD%XHQRV$LUHV
KWWSZZZDQWURSRORJLDV\FFRPDUFRQVWUXFWRUHVKWPO
%HOWUiQ$QWROtQ-RDTXtQ/DGLYHUVLGDGFXOWXUDO\HOSRGHU82&%DUFHORQD

(712*5$)$6

&RPHQWDULR GH XQD HWQRJUDItD VREUH &KLQD R -DSyQ D SDUWLU GH OD OHFWXUD GH XQ DUWtFXOR
FRPSOHPHQWDULR(OFRPHQWDULRGHEHUiH[SRQHUGHXQPRGRVLQWpWLFRULJXURVR\SUHFLVRODV
LGHDVSULQFLSDOHVGHODHWQRJUDItDHOHJLGD\DQDOL]DUODDSDUWLUGHODVFODYHVLQIHULGDVHQOD
OHFWXUDGHXQDUWtFXORFRPSOHPHQWDULR

%HOWUiQ $QWROtQ -RDTXtQ /RV RFKR LQPRUWDOHV FUX]DQ HO PDU &KLQRV HQ ([WUHPR




2FFLGHQWH(GLFLRQV%HOODWHUUD%DUFHORQD

*XDUQp &DEHOOR %ODL /(VFULSWXUD GH O
DOLq 5HSUHVHQWDFLy L DOWHULWDW HQ HO NDWDNDQD
MDSRQqV7HVLV'RFWRUDO8QLYHUVLWDWGH%DUFHORQD

(1/$&(6:(%

%ORFGHOD%LEOLRWHFDG+XPDQLWDVGHOD8$%GH$QWURSRORJtD%+$QWURSRORJLD
KWWSEORJVXDEFDWEKDQWURSRORJLD
%ORFGHOD%LEOLRWHFDG+XPDQLWDVGHOD8$%GH$VLD2ULHQWDO
KWWSEORJVXDEFDWEKDVLDRULHQWDO
+XPDQ5HODWLRQV$UHD)LHOGVH+5$)
KWWSHKUDI:RUOG&XOWXUHV\DOHHGX
%DVHVGHGDWRVGH$QWURSRORJtDHQ/LQNVGH%+$QWURSRORJLD
KWWSEORJVXDEFDWEKDQWURSRORJLDHQOODFRV
,QVWLWXW&DWDOjG$QWRUSRORJLD
KWWSZZZDQWURSRORJLDFDW

6HOFFLyQGHUHYLVWDVGH$QWURSRORJtDRQOLQH

$OWHULGDGHV
KWWSZZZXDPDQWURSRORJLDLQIRDOWHULGDGHVKWPO
5HYLVWDG(WQRORJLDGH&DWDOXQ\D
KWWSZZZUDFRFDWLQGH[SKS5HYLVWD(WQRORJLD
4XDGHUQVH
KWWSZZZDQWURSRORJLDFDWTXDGHUQVBH
5HYLVWDGH$QWURSRORJtD([SHULPHQWDO
KWWSZZZXMDHQHVKXHVSHGUDH
*D]HWDGH$QWURSRORJtD
KWWSZZZXJUHVaSZODF:HOFRPHKWPO
5HYLVWDFRQWH[WRVUHYLVWDG
DQWURSRORJLDLLQYHVWLJDFLyVRFLDO
KWWSZZZFRQWH[WRVQHW
3HULIqULD5HYLVWDG
LQYHVWLJDFLyLIRUPDFLyHQDQWURSRORJLD
KWWSZZZSHULIHULDQDPH
$,%55HYLVWDGH$QWURSRORJtD,EHURDPHULFDQD
KWWSZZZDLEURUJDQWURSRORJLDDLEU
5HYLVWD&KLOHQDGH$QWURSRORJtD9LVXDO
KWWSZZZDQWURSRORJLDYLVXDOFO
6RFLDO$QWKURSRORJ\$QWURSRORJLH6RFLDOH
KWWSZZZEODFNZHOOSXEOLVKLQJFRPMRXUQDODVS"UHI  VLWH 
7KH$QWKURJOREH-RXUQDO
KWWSZZZDQWKURJOREHLQIR
$QWKURSRORJ\0DWWHUV-RXUQDO
KWWSZZZDQWKURSRORJ\PDWWHUVFRPLQGH[SKS"MRXUQDO DQWKBPDWWHUV SDJH LQGH[

0DWHULDOHVGHDQWURSRORJtDRQOLQH
7HRUtDVDQWURSROyJLFDVFRQWHPSRUiQHDV
KWWSWDFZRUGSUHVVFRP
*pQHVLV\VHQWLGRGHOD$QWURSRORJtD




KWWSJVDQWZRUGSUHVVFRP
$QWURSRORJtD6RFLRFXOWXUDO
KWWSDVFZRUGSUHVVFRPSURJUDPD
7H[WRVGH$QWURSRORJtD
KWWSW[WDQWURSRORJLDZRUGSUHVVFRP
$QWURSRORJtDVLPEyOLFD
KWWSZZZXQFHGXaUHVWUHSRVLPEROLFD
7DQOHMRVWDQFHUFD$OFDQFHVILORVyILFRVGHODSUiFWLFDDQWURSROyJLFD
FRQWHPSRUiQHDo
KWWSWDQOHMRVWDQFHUFDILOXEEORJVSRWFRPHOLPSDFWRGHOFRQFHSWRGHFXOWXUD
HQKWPO
7H[WRVGLJLWDOHV(WQRORJtD\$QWURSRORJtD6RFLDO$OGHD(1$+
KWWSDOGHDHQDKFDPSXVYLUWXDORUJP["T QRGH
+LVWRULDGHOD$QWURSRORJtD81('
KWWSSHUVRZDQDGRRHVWHUHVDSDVWRUDQWURSLQGH[KWP













'$7$(6

'$7$(6




//,85$0(176


//,85$0(17

$&7,9,7$7

//2&

//2&

3ULPHUDWXWRUtDGHOWUDEDMRHQJUXSRGHPDU]RGH
6HJXQGDWXWRUtDGHOWUDEDMRHQJUXSRGHPDU]RGH
3ULPHUDHYDOXDFLyQGHDEULOGH
7HUFHUDWXWRUtDGHOWUDEDMRHQJUXSRGHDEULOGH
(QWUHJDGHOEORJGHPD\RGH
(QWUHJDGHOWUDEDMRGHODHWQRJUDItDGHMXQLRGH
6HJXQGDHYDOXDFLyQGHMXQLRGH



$&7,9,7$76'$35(1(17$7*(


3URJUDPDFLyGHODVVLJQDWXUD


0$7(5,$/

0$7(5,$/


*5836B

5(68/7$76'$35(1(17$7*(

5(68/7$76'$35(1(17$7*(