Sunteți pe pagina 1din 55

Datos abiertos y ciudades

inteligentes en Amrica Latina


Estudio de casos

Jorge Alejandro Patio


Compilador

Documen
todeP
royec
to

Da
tosab
ie
r
tosyc
iudadesin
te
l
igen
tes
enAm
r
icaLa
t
ina
Es
tud
iodecasos
Jo
rgeA
le
jand
roPa
t
io
Comp
i
lado
r

Com
i
s
inE
conm
i
capa
raAm
r
i
caLa
t
inaye
lCa
r
ibe(CEPAL
)























(VWHGRFXPHQWRIXHFRPSLODGRSRU-RUJH3DWLxREDMRODFRRUGLQDFLyQGH0DULR&DVWLOORHQHOPDUFRGHODVDFWLYLGDGHVGHO
SUR\HFWR'DWRVDELHUWRVSDUDODVSROtWLFDVS~EOLFDVHQ$PpULFD/DWLQD\HO&DULEH(OSUR\HFWRIXHOLGHUDGRSRUOD&RPLVLyQ
(FRQyPLFD SDUD $PpULFD /DWLQD \ HO &DULEH &(3$/  \ HO &RQVRUFLR :& GHO %UDVLO FRQ OD FRODERUDFLyQ GHO &HQWUR
,QWHUQDFLRQDOGH,QYHVWLJDFLRQHVSDUDHO'HVDUUROOR ,'5& $VLVWLyHQODHGLFLyQGHOGRFXPHQWR/DXUD3DODFLRV

/DV RSLQLRQHV H[SUHVDGDV HQ HVWH GRFXPHQWR TXH QR KD VLGR VRPHWLGR D UHYLVLyQ HGLWRULDO VRQ GH H[FOXVLYD
UHVSRQVDELOLGDGGHORVDXWRUHV\SXHGHQQRFRLQFLGLUFRQODVGHOD2UJDQL]DFLyQ




































/&:
&RS\ULJKW1DFLRQHV8QLGDVVHSWLHPEUHGH7RGRVORVGHUHFKRVUHVHUYDGRV
,PSUHVRHQ1DFLRQHV8QLGDV6DQWLDJRGH&KLOH


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

QGLFH

3UHVHQWDFLyQ
,

0DUFRFRQFHSWXDO
$ ,QWURGXFFLyQ
% &RPSUHQVLyQGHORVGDWRVDELHUWRV
& 'HILQLFLyQ\SULQFLSLRV
' (OYDORUGHODLQIRUPDFLyQS~EOLFD
( 0RGHORVGHQHJRFLR\HFRVLVWHPDVVREUHGDWRVDELHUWRV
) /RVGDWRVDELHUWRVHQHOFRQWH[WRGHODVFLXGDGHVLQWHOLJHQWHV
%LEOLRJUDItD

,, 0RQWHYLGHR
)DEUL]LR6FUROOLQL
$ ,QWURGXFFLyQ
% &LXGDGHVLQWHOLJHQWHV\GDWRVDELHUWRV
 /RVGDWRVDELHUWRVFRPRUHJODGHOMXHJRHQODFLXGDG
 /RVPXFKRVVLJQLILFDGRVGHORVGDWRVDELHUWRVSDUDODVFLXGDGHV
& (OHQWRUQR\ODSROtWLFDGHGDWRVDELHUWRVHQODFLXGDG
 2UtJHQHVGHODSROtWLFD
 /DOLEHUDFLyQGHGDWRV\ORVLQGLFDGRUHVLQLFLDOHV
' 'DWRVDELHUWRVHQ0RQWHYLGHR
( &RQFOXVLRQHV\UHFRPHQGDFLRQHV
%LEOLRJUDItD
,,, %XHQRV$LUHV
-XDQ%HOELV
$ ,QWURGXFFLyQ
 'DWRVDSHUWXUD\FRPXQLGDGHV
% (OJRELHUQRDELHUWRORVGDWRVDELHUWRVGHJRELHUQR\ODVFLXGDGHVLQWHOLJHQWHV
 'HOJRELHUQRDELHUWRKDFLDORVGDWRVFRPRLQQRYDFLyQFtYLFD
 &LXGDGHVLQWHOLJHQWHVHQODVRFLHGDGGHOFRQRFLPLHQWR
& %XHQRV$LUHVDEUHVXVGDWRV
 3URFHVRSROtWLFR
 %XHQRV$LUHVGDWD
 /RVSURGXFWRVFXOWXUDOHV
 /DFRPXQLGDGDOUHGHGRUGHORVGDWRV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

' (OFDPLQRDVHJXLU
%LEOLRJUDItD
,9 /LPD
-DYLHU&DVDV
$ ,QWURGXFFLyQ
% (OFDPLQRKDFLDXQDFLXGDGLQWHOLJHQWH
& /RVGDWRVDELHUWRVGHODPXQLFLSDOLGDG
 &RQWH[WRMXUtGLFR
 /DJHVWLyQGHORVGDWRVDELHUWRV
 /RJURVDSOLFDFLRQHVEDVDGDVHQGDWRVDELHUWRV
' /RVUHWRVHQPDWHULDGHGDWRVDELHUWRV
%LEOLRJUDItD

&XDGURV

&XDGUR
&XDGUR
&XDGUR
&XDGUR
&XDGUR


5HFXDGURV

5HFXDGUR
5HFXDGUR


'LDJUDPDV

'LDJUDPD
'LDJUDPD
'LDJUDPD
'LDJUDPD






0RGHORVGHHQWRUQRVVREUHGDWRVDELHUWRV
)XHQWHGHORVGDWRVVHJ~QiUHDGHOJRELHUQR
(QFXHVWD/LPDFyPRYDPRVYDORUDFLyQFLXGDGDQDGHSDUWLFLSDFLyQ
HQODWRPDGHGHFLVLRQHVPXQLFLSDO
(QFXHVWD/LPDFyPRYDPRVYDORUDFLyQFLXGDGDQDGH
VHUYLFLRVS~EOLFRV\VRFLDOHVHQODFLXGDG
)XHQWHGHORVGDWRVVHJ~QiUHDGHOJRELHUQR

/RVSULQFLSLRVGHGDWRVDELHUWRVGHJRELHUQR
(FRVLVWHPDVGHGDWRVDELHUWRV

$SHUWXUDGHGDWRV
&DGHQDGHYDORUGHOD36,
5HODFLyQGHFRQFHSWRV
0HUFDGRGHGDWRVDELHUWRV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

3UHVHQWDFLyQ

(VWDSXEOLFDFLyQDJUXSDDOJXQRVGHORVWUDEDMRVUHDOL]DGRVHQHOPDUFRGHOSUR\HFWR'DWRVDELHUWRVSDUD
ODVSROtWLFDVS~EOLFDVHQ$PpULFD/DWLQD\HO&DULEH 2'' FX\RREMHWLYRIXHFRQWULEXLUDOGHVDUUROOR
GH HVWUDWHJLDV GH GDWRV DELHUWRV \ FLXGDGHV LQWHOLJHQWHV HQ OD UHJLyQ (O SUR\HFWR IXH OLGHUDGR SRU OD
&RPLVLyQ(FRQyPLFDSDUD$PpULFD/DWLQD\HO&DULEH &(3$/ \HO&RQVRUFLR:&GH%UDVLOFRQOD
FRODERUDFLyQGHO&HQWUR,QWHUQDFLRQDOGH,QYHVWLJDFLRQHVSDUDHO'HVDUUROOR ,'5& 
$GHPiVGHDPSOLDUHOFRQRFLPLHQWRVREUHODVLQLFLDWLYDVGHGDWRVDELHUWRVHOSUR\HFWRIDFLOLWy
XQDSODWDIRUPDGHGLiORJRHLQWHUFDPELRGHH[SHULHQFLDVHQWUHORVSULQFLSDOHVDFWRUHVTXHFRQIRUPDQHO
HFRVLVWHPDGHGDWRVDELHUWRVDQLYHOUHJLRQDO JRELHUQRVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLORUJDQLVPRV
LQWHUQDFLRQDOHVSURJUDPDGRUHVDFDGHPLDHWF 'HHVWDPDQHUDVHUHDOL]yXQFRQMXQWRGHDFWLYLGDGHV
TXH LQFOX\HURQ XQ PDSHR GH LQLFLDWLYDV GH GDWRV DELHUWRV D QLYHO UHJLRQDO OD FUHDFLyQ GH UHGHV GH
LQYHVWLJDFLyQODFRQVWUXFFLyQGHFDSDFLGDGHVWpFQLFDVHQDJHQFLDVJXEHUQDPHQWDOHV\ODRUJDQL]DFLyQGH
ODSULPHUD&RQIHUHQFLDUHJLRQDOGHGDWRVDELHUWRVHQWUHRWUDV
6LELHQODDSHUWXUDGHGDWRVPDQWLHQHODSURPHVDGHSURSRUFLRQDUUHVSXHVWDVDUHWRVLPSRUWDQWHV
SDUDPHMRUDUODFDOLGDG\HILFDFLDGHODVSROtWLFDVS~EOLFDVDGHPiVGHIDFLOLWDUHOVXUJLPLHQWRGHQXHYRV
VHUYLFLRV\SURPRYHUHOFUHFLPLHQWR\ODLQFOXVLyQGHVHFWRUHVHFRQyPLFRVFODYHODHYLGHQFLDGHHVWRV
YtQFXORVHVD~QOLPLWDGD(QHVWHVHQWLGRHOSUR\HFWRSODQWHyFRPRSULQFLSDOSUREOHPDGHLQYHVWLJDFLyQ
GDU UHVSXHVWD D OD VLJXLHQWH SUHJXQWD &yPR SXHGHQ ODV HVWUDWHJLDV GH GDWRV DELHUWRV FRQWULEXLU D
PHMRUDUODVSROtWLFDVS~EOLFDVHQ$PpULFD/DWLQD\HO&DULEH"
3DUDHVWRVHHVWXGLyODVLWXDFLyQGHODVLQLFLDWLYDVGHGDWRVDELHUWRVHQODUHJLyQPHGLDQWHXQD
VHULH GH HQFXHVWDV HQWUHYLVWDV \ UHYLVLyQ GH IXHQWHV GRFXPHQWDGDV 6REUH HVWD EDVH VH GHVDUUROOy XQ
PDUFRGHUHIHUHQFLDSDUDODLQYHVWLJDFLyQ\HODQiOLVLVGHORVSRWHQFLDOHVLPSDFWRVGHORVGDWRVDELHUWRV
HQ ODV SROtWLFDV S~EOLFDV GH OD UHJLyQ 3RVWHULRUPHQWH VH HYDOXy XQ FRQMXQWR GH LQLFLDWLYDV GH GDWRV
DELHUWRVJXEHUQDPHQWDOHVSDUDXQJUXSRGHSDtVHV $UJHQWLQD-DPDLFD3HU~5HS~EOLFD'RPLQLFDQD\
8UXJXD\  HQ ORV VHFWRUHV GH PLQHUtD HGXFDFLyQ \ WXULVPR \ VH UHYLVDURQ SURJUDPDV ORFDOHV GH GDWRV
DELHUWRV %XHQRV $LUHV 0RQWHYLGHR \ /LPD  EDMR HO SDUDGLJPD GH ODV FLXGDGHV LQWHOLJHQWHV 6PDUW
&LWLHV (VWRVWUHV~OWLPRVHVWXGLRVVRQORVTXHVHSUHVHQWDQHQHVWHGRFXPHQWRHQIRFDGRHQODVSROtWLFDV
XUEDQDVSDUDODVFLXGDGHVLQWHOLJHQWHV
/RVHVWXGLRVGHFDVRKDQPRVWUDGRORVGHVDItRVSDUDHOGLVHxRHLPSOHPHQWDFLyQGHSROtWLFDVGH
GDWRVDELHUWRVHQODUHJLyQ(VWRVVHDVRFLDQSULQFLSDOPHQWHDOOLGHUD]JRSROtWLFRHOGHVDUUROORGHOPDUFR
UHJXODWRULR OD LPSOHPHQWDFLyQ GH SODWDIRUPDV WHFQROyJLFDV ORV HOHYDGRV FRVWRV GH SURFHVDPLHQWR \
OLEHUDFLyQGHGDWRVODSURWHFFLyQGHGDWRVSHUVRQDOHVHLQIRUPDFLyQVHQVLEOH FRPRVHJXULGDGQDFLRQDO


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

RLQIRUPDFLyQILQDQFLHUD ODSURPRFLyQGHFDSDFLGDGHVWpFQLFDV\ODVXSHUDFLyQGHEDUUHUDVFXOWXUDOHV
$VLPLVPR HO LQYROXFUDPLHQWR GH ORV JUXSRV GH LQWHUpV HQ HO PDQHMR GH GDWRV DELHUWRV HV XQR GH ORV
SULQFLSDOHV UHWRV HQ HVWD PDWHULD DWHQGLHQGR D ODV OLPLWDFLRQHV WpFQLFDV \ OD IDOWD GH DSR\R D ORV
HPSUHQGLPLHQWRVEDVDGRVHQHOXVRGHGDWRVDELHUWRV
/DV FRQFOXVLRQHV \ UHVXOWDGRV GHO SUR\HFWR KDQ GHPRVWUDGR HO JUDQ LQWHUpV TXH H[LVWH D QLYHO
UHJLRQDOVREUHGDWRVDELHUWRV\VXSRWHQFLDOSDUDODVSROtWLFDVS~EOLFDV$VLPLVPRHOSUR\HFWRGHYHOyOD
H[LVWHQFLD GH XQD VHULH GH FRPXQLGDGHV LQWHUHVDGDV HQ OD DSHUWXUD GH GDWRV HVSHFLDOPHQWH
RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO \ DFWLYLVWDV WHFQROyJLFRV (O JUDQ GHVDItR WUDV VX FRQFOXVLyQ HV
FRQWLQXDUDSR\DQGRHVWHSURFHVRPHGLDQWHXQDDJHQGDUHJLRQDOTXHSHUPLWDFRQVROLGDUODVLQLFLDWLYDVGH
GDWRVDELHUWRV\VXLPSDFWR





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

,0DUFRFRQFHSWXDO

$,QWURGXFFLyQ
(O HPHUJHQWH GHVSOLHJXH GH OD HFRQRPtD GLJLWDO \ ODV WHFQRORJtDV DVRFLDGDV D HOOD HVWi JHQHUDQGR
FDPELRVWUDVFHQGHQWDOHVHQODJHQHUDFLyQGHYDORUPHGLDQWHODLQQRYDFLyQHQORVVHUYLFLRVS~EOLFRV(Q
HVWHHVFHQDULRODUHOHYDQFLDGHODLQIRUPDFLyQGHOVHFWRUS~EOLFR 3XEOLF6HFWRU,QIRUPDWLRQR36, VHKD
LQFUHPHQWDGRUDGLFDOPHQWH\SRUFRQVLJXLHQWHORVGDWRVDVRFLDGRVDOD36,HQORTXHVHFRQRFHFRPR
2*' 2SHQ *RYHUPHQW 'DWD  R GDWRV DELHUWRV GH JRELHUQR VH HVWiQ FRQYLUWLHQGR HQ XQD IXHQWH GH
JHQHUDFLyQGHQXHYRVVHUYLFLRV\DSOLFDFLRQHV
/RV 2*' WLHQHQ HO SRWHQFLDO QR VROR GH LQFUHPHQWDU OD WUDQVSDUHQFLD \ OD UHQGLFLyQ GH FXHQWDV
VLQRWDPELpQGHIRPHQWDUODLQYHVWLJDFLyQ\ODDSOLFDFLyQGHODVQXHYDVWHFQRORJtDVEDVDGDVHQ,QWHUQHW
SURPRYLHQGR OD LQQRYDFLyQ\ PHMRUDQGR OD SUHVWDFLyQ GH VHUYLFLRV S~EOLFRV FRQ QXHYDV DSOLFDFLRQHV HQ
iUHDVFRPRHOWUDQVSRUWHODVDOXG\HOPHGLRDPELHQWHHQWUHRWUDV3RURWUDSDUWHORV2*'DFHUFDQDORV
JRELHUQRV D OD VRFLHGDG HQ QXHYRV HVSDFLRV GH FRODERUDFLyQ \ FRFUHDFLyQ GH VROXFLRQHV HM KDFNDWRQHV
GHVFRQIHUHQFLDVHWF 
6L ELHQ WRGDYtD HV QHFHVDULR FRPSUHQGHU HQ SURIXQGLGDG HO LPSDFWR VRFLRHFRQyPLFR GH ORV
2*'H[LVWHHYLGHQFLDGHORVEHQHILFLRVHFRQyPLFRVJHQHUDGRVSRUODDSHUWXUDGHOD36, (&
2(&'  +RXJKWRQ   &DGD YH] PiV JRELHUQRV HQ WRGR HO PXQGR WDQWR D QLYHO QDFLRQDO
FRPRORFDOKDQHPSH]DQGRDFRPSURPHWHUVHFRQODDSHUWXUDGHGDWRV1RREVWDQWHORVIDFWRUHVTXH
LQYROXFUDQXQSURFHVRH[LWRVRGHDSHUWXUDGHGDWRVD~QUHTXLHUHQGHDQiOLVLV\REVHUYDFLyQFRQHOILQ
DSR\DUVXHIHFWLYLGDGHLPSDFWR
(QVXSDUWHLQLFLDOHVWHGRFXPHQWRUHYLVDHOPDUFRFRQFHSWXDOGHORVGDWRVDELHUWRV\GHVFULEHOD
FDGHQD GH YDORU GH OD 36, ORV PRGHORV GH QHJRFLR HQ WRUQR D ORV GDWRV DELHUWRV \ ORV DJHQWHV TXH



 &RQVWLWXLGDSRUODLQIUDHVWUXFWXUDGHWHOHFRPXQLFDFLRQHVODVLQGXVWULDV7,& VRIWZDUHKDUGZDUH\VHUYLFLRV7,& \OD


UHGGHDFWLYLGDGHVHFRQyPLFDV\VRFLDOHVIDFLOLWDGDVSRU,QWHUQHWODFRPSXWDFLyQHQODQXEH\ODVUHGHVPyYLOHVODV
VRFLDOHV\ORVVHQVRUHVUHPRWRV &(3$/ 

 &RPR%LJGDWD\ODFRPSXWDFLyQHQODQXEH

 3RUHMHPSORHOLPSDFWRGLUHFWRGHORVGDWRVDELHUWRVHQODHFRQRPtDGHOD8QLyQ(XURSHD (8 VHHVWLPyHQPLO
PLOORQHVGHHXURVHQFRQXQFUHFLPLHQWRDQXDOHVWLPDGRGHO &DSJHPLQL 

 $VHSWLHPEUHGHH[LVWtDQSDtVHVTXHFRQWDEDQFRQSRUWDOHVGHGDWRVDELHUWRV(Q$PpULFD/DWLQD\HO&DULEH
VRQ$UJHQWLQD%UDVLO&KLOH&RVWD5LFD&RORPELD0p[LFR3HU~\8UXJXD\ GDWDJRY 



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

FRQIRUPDQ VX HFRVLVWHPD 3RVWHULRUPHQWH H[DPLQD WUHV FDVRV GH HVWXGLR VREUH OD LPSOHPHQWDFLyQ GH
LQLFLDWLYDVGHGDWRVDELHUWRVHQ%XHQRV$LUHV0RQWHYLGHR\/LPD
/D UHYLVLyQ GH ORV FDVRV UHDOL]DGD EDMR OD SHUVSHFWLYD GH FLXGDGHV LQWHOLJHQWHV 6PDUW &LWLHV 
DQDOL]D ORV SURFHVRV GH LPSOHPHQWDFLyQ GH ORV SURJUDPDV GH GDWRV DELHUWRV UHYLVDQGR VX RULJHQ
HQIRTXH DFWRUHV LQYROXFUDGRV UHVXOWDGRV REWHQLGRV \ GHVDItRV &RPR VH YH PiV DGHODQWH HO WpUPLQR
6PDUW &LWLHV VH HQFXHQWUD HVWUHFKDPHQWH UHODFLRQDGR FRQ HO FRQFHSWR GH JRELHUQR DELHUWR JRELHUQR
HOHFWUyQLFR\DSHUWXUDGHGDWRV

%&RPSUHQVLyQGHORVGDWRVDELHUWRV
'HVGH HO SXQWR GH YLVWD OHJDO \ SROtWLFR ORV GDWRV DELHUWRV GH JRELHUQR VH HQFXHQWUDQ
HVWUHFKDPHQWH YLQFXODGRV D GRV FRUULHQWHV OD OLEHUWDG GH LQIRUPDFLyQ \ ORV PRYLPLHQWRV DELHUWRV
FRPR ORV GH VRIWZDUH OLEUH R FRQWHQLGR DELHUWR 5RRWHU   6LQ HPEDUJR FRQFLOLDU XQ VLJQLILFDGR
~QLFR VREUH ORV GDWRV DELHUWRV QR HV VHQFLOOR WDO FRPR OR VHxDOD +HXVVHU   \D TXH VX
FRQFHSWXDOL]DFLyQGHSHQGHGHODEDVHVREUHODTXHVHVXVWHQWDVLHQGRXQWpUPLQRXWLOL]DGRGHGLIHUHQWHV
PDQHUDV SRU GLIHUHQWHV JUXSRV $VLPLVPR ODV GHPDQGDV VREUH GDWRV DELHUWRV VRQ WDPELpQ GLVWLQWDV
PLHQWUDV ORV HPSUHVDULRV UHTXLHUHQ GH XQ HQWRUQR OHJDO SURSLFLR SDUD OD UHXWLOL]DFLyQ GH GDWRV FRPR
OLFHQFLDV ORVGHVDUUROODGRUHVVROLFLWDQFRQGLFLRQHVWpFQLFDVSDUDVXUHXWLOL]DFLyQ\ORVDFWLYLVWDVH[LJHQ
LQIRUPDFLyQVREUHODJHVWLyQS~EOLFD3RUVXODGRORVFLXGDGDQRVQRQHFHVDULDPHQWHHVWiQLQWHUHVDGRVHQ
ORVGDWRVHQVtVLQRHQODVDSOLFDFLRQHV\ORVVHUYLFLRVJHQHUDGRVJUDFLDVDHOORV 2(&' 
([LVWH XQDDVRFLDFLyQKLVWyULFD HQWUHORV2*' \OD OLEHUWDGGHLQIRUPDFLyQ UHJXODGD VREUHODV
OH\HVGHOLEHUWDGGHLQIRUPDFLyQ )UHHGRPRI,QIRUPDWLRQ$FW)2,$ TXHPDUFDQ XQGHUHFKRQDWXUDO
VREUH HO DFFHVR D OD LQIRUPDFLyQ S~EOLFD 1R REVWDQWH VL ELHQ ORV GDWRV DELHUWRV GH JRELHUQR VRQ XQD
HYROXFLyQ QDWXUDO D OD SXEOLFDFLyQ SURDFWLYD GH LQIRUPDFLyQ S~EOLFD UHJXODGD SRU ORV SULQFLSLRV GH
OLEHUWDGGHLQIRUPDFLyQWDPELpQH[LVWHQGLIHUHQFLDVHQWUHDPEDVFRUULHQWHV +HXVVHU 0LHQWUDVHO
GHUHFKR D OD OLEHUWDG GH LQIRUPDFLyQ SRQH pQIDVLV HQ OD WUDQVSDUHQFLD \ HQ OD REOLJDFLyQ GH ORV
RUJDQLVPRVS~EOLFRVSDUDUHVSRQGHUDODVVROLFLWXGHVHOPRYLPLHQWRGDWRVDELHUWRVGHJRELHUQRHQIDWL]D
ODOLEHUDFLyQSURDFWLYDGHLQIRUPDFLyQHQIRUPDWRV\FRQGLFLRQHVTXHSHUPLWDQVXUHXWLOL]DFLyQ(QHVWH
~OWLPRFDVRODVFXHVWLRQHVWpFQLFDV\OHJDOHVUHODFLRQDGDVFRQHODFFHVRXVR\UHXWLOL]DFLyQGHGDWRVVRQ
HVHQFLDOHV 8EDOGL 
$VLPLVPR ORV 2*' VRQ SDUWH GH OR TXH VH HQWLHQGH SRU JRELHUQR DELHUWR (VWD GRFWULQD
SRVWXODHOGHUHFKRGHORVFLXGDGDQRVDODFFHVRDORVGRFXPHQWRV\SURFHGLPLHQWRVGHOJRELHUQRSDUD
SHUPLWLUXQDHIHFWLYDVXSHUYLVLyQS~EOLFD /DWKURS\5XPD 'HHVWDPDQHUDORV2*'VRQXQ
LQVWUXPHQWR SDUD LQFUHPHQWDU OD WUDQVSDUHQFLD \ SURPRYHU OD SDUWLFLSDFLyQ /D LGHD GH JRELHUQR
DELHUWR SUHVHQWH HQ HO FRUD]yQ GH ODV GLVFXVLRQHV GHO VLJOR ;;, VREUH OD JHVWLyQ S~EOLFD *DYHOLQ
%XUDOO \ :LOVRQ   DGTXLULy LPSXOVR FRQ OD ILUPD GHO PHPRUiQGXP VREUH JRELHUQR DELHUWR \
WUDQVSDUHQFLDVXVFULWRSRU%DUDFN2EDPDHQWUDVDVXPLUODSUHVLGHQFLDGH(VWDGRV8QLGRV(VWD
FRUULHQWH SRVWXOD EiVLFDPHQWH WUHV SULQFLSLRV WUDQVSDUHQFLD SDUWLFLSDFLyQ \ FRODERUDFLyQ \ VH KD
UHIRU]DGRPHGLDQWHODFRQVWLWXFLyQHQGHOD$OLDQ]DSDUDHO*RELHUQR$ELHUWR 2SHQ*RYHUPHQW
3DUWQHUVKLS 2*3  TXH FRPHQ]y FRQ RFKR SDtVHV %UDVLO ,QGRQHVLD 0p[LFR 1RUXHJD )LOLSLQDV
6XGiIULFD 5HLQR 8QLGR (VWDGRV 8QLGRV  \ KR\ FXHQWD FRQ  SDtVHV SDUWLFLSDQWHV $FWXDOPHQWH HO
WpUPLQRGHJRELHUQRDELHUWRKDHYROXFLRQDGRGHVGHVXPLUDGDLQLFLDOFHQWUDGDHQODWUDQVSDUHQFLD\OD
UHQGLFLyQGHFXHQWDVDXQDDJHQGDLPSXOVDGDSRUODLQQRYDFLyQDELHUWDODHILFLHQFLD\ODIOH[LELOLGDG
GHOJRELHUQR 5RELQVRQ\<X 
/DV LQLFLDWLYDV SLRQHUDV GH JRELHUQR DELHUWR HVSHFLDOPHQWH HQ (VWDGRV 8QLGRV \ HO 5HLQR
8QLGR VHKDQEDVDGRGHVGHXQLQLFLREDMRXQPLVPRFRQFHSWRORVGDWRVDELHUWRVGHJRELHUQRRORTXH
VH FRQVLGHUD OR PLVPR OD SXEOLFDFLyQ GH LQIRUPDFLyQ GH GLVWLQWDV DJHQFLDV JXEHUQDPHQWDOHV EDMRV XQ
FRQMXQWRGHSUHPLVDV 'HOD)XHQWH 



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&'HILQLFLyQ\SULQFLSLRV
/RV2*'VHFRQIRUPDQGHGRVHOHPHQWRVORVGDWRVGHJRELHUQR\ ORVGDWRVDELHUWRV6HHQWLHQGHSRU
GDWRVGHJRELHUQRDORVGDWRV\ODLQIRUPDFLyQGHOVHFWRUS~EOLFRSURGXFLGDRGHOHJDGDSRUHQWLGDGHV
GHO VHFWRU S~EOLFR PLHQWUDV TXH ORV GDWRV DELHUWRV VH GHILQHQ FRPR PDWHULDO TXH FXDOTXLHUD SXHGH
XWLOL]DUSDUDFXDOTXLHUSURSyVLWRVLQUHVWULFFLRQHV 81'(6$SiJ 'HDFXHUGRDOD2SHQ
.QRZOHGJH)RXQGDWLRQ  HOFRQFHSWRDPSOLDGRGHORTXHVLJQLILFDDELHUWRLPSOLFD
 'LVSRQLELOLGDG\DFFHVRGHEHQHVWDUGLVSRQLEOHVHQVXFRQMXQWR\DXQFRVWRUD]RQDEOHGH
UHSURGXFFLyQSUHIHUHQWHPHQWHPHGLDQWHODGHVFDUJDSRU,QWHUQHW/RVGDWRVWDPELpQGHEHQ
HVWDUGLVSRQLEOHVHQXQIRUPDWRFRQYHQLHQWH\PRGLILFDEOH
 5HXWLOL]DFLyQ \ UHGLVWULEXFLyQ GHEHQ VHU SURSRUFLRQDGRV HQ FRQGLFLRQHV TXH
SHUPLWDQ VX UHXWLOL]DFLyQ \ UHGLVWULEXFLyQ LQFOX\HQGR OD SRVLELOLGDG GH PH]FODUORV
FRQRWURVFRQMXQWRVGHGDWRV
 3DUWLFLSDFLyQ XQLYHUVDO WRGR HO PXQGR GHEH VHU FDSD] GH XWLOL]DUORV UHXWLOL]DUORV \
UHGLVWULEXLUORV VLQ GLVFULPLQDFLyQ GH DFWLYLGDGHV SHUVRQDV R JUXSRV 3RU HMHPSOR ODV
UHVWULFFLRQHV TXH LPSLGDQ XQ XVR FRPHUFLDO R OLPLWHQ VX XVR VROR SDUD FLHUWRV ILQHV QR
HVWiQSHUPLWLGDV
'HQWURGHODVGHILQLFLRQHVPiVFRPSOHWDVTXHH[LVWHQVREUHORV2*'VHHQFXHQWUDOD/LVWDGH
6HEDVWRSRO (ODERUDGD SRU XQ JUXSR XQ JUXSR PXOWLGLVFLSOLQDULR GH H[SHUWRV UHXQLGRV HQ  HQ
6HEDVWRSRO&DOLIRUQLD (VWDGRV8QLGRV HVWDEOHFHXQFRQMXQWRGHSULQFLSLRVVREUHORVFXDOHVVHSXHGH
FRQVLGHUDUTXHORVGDWRVGHJRELHUQRVHHQFXHQWUDQHIHFWLYDPHQWHDELHUWRV YpDVHUHFXDGUR 

5(&8$'52
/2635,1&,3,26'('$726$%,(5726'(*2%,(512
 &RPSOHWR WRGRV ORV GDWRV S~EOLFRV HVWiQ GLVSRQLEOHV /RV GDWRV S~EOLFRV VRQ GDWRV TXH QR HVWiQ VXMHWRV D
UHVWULFFLRQHVGHSULYDFLGDGVHJXULGDGRSULYLOHJLRVGHDOJ~QWLSR
3ULPDULRORVGDWRVVRQUHFROHFWDGRVGHODIXHQWHFRQHOQLYHOPiVDOWRSRVLEOHGHJUDQXODULGDGQRGHPDQHUD
DJUHJDGDRGHXQDIRUPDPRGLILFDGD
2SRUWXQRORVGDWRVVHSRQHQDGLVSRVLFLyQWDQSURQWRFRPRVHDQHFHVDULRSDUDSUHVHUYDUVXYDORU
$FFHVLEOHORVGDWRVHVWiQGLVSRQLEOHVSDUDXQDJDPDPiVDPSOLDGHXVXDULRV\SURSyVLWRV
3URFHVDEOHVDXWRPiWLFDPHQWHORVGDWRVVHHVWUXFWXUDQUD]RQDEOHPHQWHSDUDSHUPLWLUVXSURFHVDPLHQWRDXWRPiWLFR
1RGLVFULPLQDFLyQORVGDWRVHVWiQGLVSRQLEOHVSDUDFXDOTXLHUDVLQUHTXLVLWRVGHUHJLVWUR
1RSURSLHWDULRORVGDWRVHVWiQGLVSRQLEOHVHQXQIRUPDWRVREUHHOFXDOQLQJXQDHQWLGDGWLHQHXQFRQWUROH[FOXVLYR
/LFHQFLDOLEUHORVGDWRVQRHVWiQVXMHWRVDQLQJ~QGHUHFKRGHDXWRUSDWHQWHVPDUFDVRUHJODPHQWRGHVHFUHWR
FRPHUFLDO6HSXHGHQSHUPLWLUUHVWULFFLRQHVUD]RQDEOHVGHSULYDFLGDGVHJXULGDG\SULYLOHJLR
)XHQWH2SHQ*RYHUQPHQW:RUNLQJ*URXS  


6H VXJLHUH WDPELpQ TXH GDGDV ODV GLIHUHQFLDV HQWUH SDtVHV HQ FDQWLGDG GH GDWRV S~EOLFRV
JHQHUDGRVQDWXUDOH]DGHODVUHODFLRQHVSROtWLFDVHFRQRPtDQLYHOHVGHDFFHVRD,QWHUQHW\VREUHWRGRVX
JUDGRGHGHVDUUROORORVGDWRVGHJRELHUQRGHEHQFXPSOLUFRQODVVLJXLHQWHVFRQGLFLRQHVSDUDTXHVHDQ
FRQVLGHUDGRVDELHUWRV 'DYLHV-3HULQL)\$ORQVR0 
 $FFHVLEOHV HQ OtQHD PHGLDQWH VX LQFOXVLyQ HQ XQ SRUWDO QDFLRQDO GH GDWRV R SRU VHU
DPSOLDPHQWHDFFHGLGRVSRUXQD VHULHGHDFWRUHVTXHRSHUDQGHIRUPDLQGHSHQGLHQWHXQR
GHORWUR
 5HFRQRFLEOHV GH IRUPD DXWRPiWLFD XWLOL]DQGR IRUPDWRV GLJLWDOHV QR SURSLHWDULRV \
HVWUXFWXUDGRVGHPDQHUDTXHSHUPLWDQVHUILOWUDGRVRUGHQDGRVPRGLILFDGRV\PDQLSXODGRV
VLQQHFHVLGDGGHFRSLDUSHJDURYROYHUDHVFULELUORVGDWRV



CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

E
f
e
c
t
iv
am
en
t
e(
l
ega
lm
en
t
e
)r
eu
t
i
l
i
z
ab
l
e
s
, loqu
eim
p
l
i
c
asud
i
s
po
n
i
b
i
l
id
a
dm
ed
i
a
n
t
eu
n
a
l
i
c
e
n
c
i
aab
i
e
r
t
aqu
eo
to
rg
ap
e
rm
i
so
sexp
l

c
i
to
sol
aex
i
s
t
e
n
c
i
ad
eu
nm
a
r
coju
r

d
i
c
oocu
l
tu
r
a
am
p
l
i
aqu
ep
e
rm
i
t
aenl
ap
r

c
t
i
c
al
ar
e
u
t
i
l
i
z
a
c
i
nd
el
o
sd
a
t
o
s
.
U
b
a
ld
i(2
01
3
)in
d
i
c
aqu
es
ib
i
e
ns
i
em
p
r
es
eh
ap
od
id
ocom
p
a
r
t
i
rin
fo
rm
a
c
in
,l
ad
i
g
i
t
a
l
i
z
a
c
i

n
e
s
t
p
e
rm
i
t
i
e
nd
oh
a
c
e
r
l
oe
nd
im
en
s
ion
e
squ
ean
t
e
sn
oe
r
anpo
s
ib
l
e
s
,d
e
s
en
c
ad
e
n
an
doun
as
e
r
i
ed
e
nu
e
v
a
sap
l
i
c
a
c
io
n
e
sys
e
rv
i
c
io
s
,c
om
os
i
s
t
em
a
sd
en
av
eg
a
c
i
n
,p
r
e
v
i
s
ion
e
sm
e
t
eo
ro
l
g
i
c
a
sos
e
rv
i
c
io
s
f
in
an
c
i
e
r
o
s
.E
s
to
spo
s
ib
l
e
sim
p
a
c
to
syap
l
i
c
a
c
io
n
e
se
s
t

nsu
j
e
to
s
,as
uv
e
z
,a
lg
r
a
d
od
ea
p
e
r
tu
r
ad
elo
s
d
a
t
o
s
,qu
ei
n
i
c
i
a
lm
en
t
es
epu
e
d
ean
a
l
i
z
a
renb
a
s
e ac
u
a
t
rod
im
en
s
i
on
e
s
:a
c
c
e
s
i
b
i
l
id
ad
,p
ro
c
e
s
am
i
en
to
au
t
om

t
i
co
,c
o
s
toyl
im
i
t
a
c
ion
e
sensuu
s
o
,yt
r
an
s
fo
rm
a
c
i
nyd
i
s
t
r
i
bu
c
i
n(
M
any
ik
a
,J
.yo
t
ro
s 201
3
)
(v

a
s
ed
i
ag
r
am
a1
)
.
D
IAGRAMA1
APERTURADEDATOS

F
u
en
t
e
:M
any
ik
a
,J
.yo
t
ro
s,Op
enda
ta
:Un
lo
c
k
in
ginno
va
t
ionandp
e
r
fo
rman
c
ew
i
thl
iqu
idin
fo
rma
t
ion,2
0
1
3
.

D
.E
lva
lo
rdelain
fo
rmac
inpb
l
ica
E
le
s
tu
d
iod
e
la
c
c
e
s
oyr
e
u
t
i
l
i
z
a
c
i
nd
el
aPS
I5 h
aen
c
on
t
r
a
dov
n
cu
lo
ss
ig
n
i
f
i
c
a
t
i
vo
sen
t
r
ee
s
t
aye
l
d
e
s
a
r
ro
l
lod
enu
e
vo
sp
ro
du
c
to
s
,l
ar
ed
u
c
c
ind
ec
o
s
t
o
sd
et
r
an
s
a
c
c
i
n
,l
ae
f
i
c
i
e
n
c
i
aenl
ag
e
s
t
i
np
b
l
i
c
a
,
l
ap
ro
v
i
s
i
nd
enu
e
vo
ss
e
rv
i
c
i
o
sp
b
l
i
co
syo
t
ro
sim
p
a
c
to
sd
i
r
e
c
t
o
seind
i
r
e
c
to
se
nl
ae
c
onom

ayl
a
so
c
i
e
d
a
d(OECD20
06
;EC
,20
10
)
.S
ee
s
t
im
aqu
elo
sb
e
n
e
f
i
c
io
sd
e
lu
soc
om
e
r
c
i
a
ld
el
aPS
Ieq
u
i
v
a
l
e
na
14
0m
i
lm
i
l
lon
e
sd
eeu
ro
sa
la
op
a
r
aE
u
rop
a(EU
27
)
,m
i
en
t
r
a
squ
es
is
ea
b
r
i
e
r
ato
d
al
ain
f
o
rm
a
c
i
n
p
b
l
i
c
ad
em
an
e
r
ag
r
a
t
u
i
t
a(oaco
s
to m
a
rg
in
a
l
)p
a
r
ae
s
t
ar
e
g
i
n
,lo
sim
p
a
c
to
sd
i
r
e
c
to
ss
ob
r
el
a
s
a
c
t
i
v
i
d
a
d
e
sd
eu
soyr
eu
t
i
l
i
z
a
c
i
nd
el
aPS
Ipod
r

anin
c
r
em
en
t
a
r
s
ee
n4
0m
i
lm
i
l
lon
e
sd
ee
u
ro
sa
la

o
6
(EC
,20
11
)
.E
n20
13
,M
cK
in
s
ey G
lob
a
lIn
s
t
i
t
u
t
ee
s
t
im
qu
el
aa
p
e
r
t
u
r
ad
ed
a
t
o
sp
a
r
as
i
e
t
es
e
c
to
r
e
s
po
d

ar
e
p
r
e
s
e
n
t
a
rm

sd
et
r
e
st
r
i
l
lo
n
e
sd
ed
l
a
r
e
sa
la

op
a
r
al
ae
c
on
om

ad
eE
s
t
a
d
o
sU
n
i
do
s(M
any
ik
a
,
J
.yo
t
r
o
s
,2
01
3
)
.

5
6

A
lguno
se
j
emp
lo
sd
ee
s
t
et
ipod
ein
fo
rm
a
c
inso
nl
ain
fo
rm
a
c
ing
eog
r

f
i
c
a
,e
s
t
a
d

s
t
i
c
a
,d
a
t
o
sm
e
t
eo
ro
lg
i
co
s
,d
a
to
s
d
elo
sp
ro
y
e
c
to
sd
einv
e
s
t
ig
a
c
inf
in
an
c
i
ado
sconfondo
spb
l
i
co
s
,ylo
sl
ib
ro
sd
ig
i
t
a
l
i
z
ado
sd
el
a
sb
ib
l
io
t
e
c
a
s
.
Edu
c
a
c
in
,t
r
an
spo
r
t
e
,p
rodu
c
to
sd
econ
sumo
,e
l
e
c
t
r
i
c
id
ad
,p
e
t
r

l
eoyg
a
s
,s
a
ludyf
in
an
z
a
s
.

10

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

'HOPLVPRPRGRHOVHFWRUS~EOLFRHVSDUWHGHODViUHDVFRQPD\RUSRWHQFLDOSDUDHVWLPXODUOD
LQQRYDFLyQ \ HO FUHFLPLHQWR HFRQyPLFR FRQ EDVH HQ HO XVR \ DQiOLVLV GH JUDQGHV YRO~PHQHV GH GDWRV
2(&'0DQ\LND-\RWURV 
(QWHQGHUODFDGHQDGHYDORUGHOD36,HVHVHQFLDOSDUDFRPSUHQGHUVXLPSDFWR\HOSURFHVRGH
H[SORWDFLyQ GH ORV GDWRV 'HQWUR GH HVWD FDGHQD VH LGHQWLILFDQ FXDWUR IDVHV JHQHUDFLyQ DJUHJDFLyQ \
RUJDQL]DFLyQSURFHVDPLHQWRHGLFLyQ\HPSDTXHWDGR\GLVWULEXFLyQ YpDVHGLDJUDPD 

',$*5$0$
&$'(1$'(9$/25'(/$36,



)XHQWH9LFNHU\5HYLHZRIUHFHQWVWXGLHVRQ36,UHXVHDQGUHODWHGPDUNHWGHYHORSPHQWV


/D JHQHUDFLyQ FXEUH ORV SURFHVRV GH SURGXFFLyQ GH GDWRV TXH VH UHDOL]D HQ ODV HQWLGDGHV GHO
VHFWRUS~EOLFR HVWiIXQFLyQWDPELpQSXHGHFRPSOHPHQWDUVHFRQRWUDVIXHQWHVILQDQFLDGDVFRQUHFXUVRV
S~EOLFRV  /D VHJXQGD IDVH VXSRQH TXH OD LQIRUPDFLyQ FUHDGD HQ GLVWLQWRV QLYHOHV GH JRELHUQR HV
DJUHJDGD\RUJDQL]DGDSDUDSHUPLWLUVXDOPDFHQDPLHQWRFRQMXQWR(QODWHUFHUDHWDSDVHFRPSURPHWHQ
ODV IXQFLRQHV GH SURFHVDPLHQWR GH GDWRV HGLFLyQ QRWDV H[SOLFDWLYDV LQGH[DFLyQ \ VtQWHVLV 
HPSDTXHWDGR\PRGHODPLHQWR/DHWDSDILQDOHVODSURPRFLyQ\GLVWULEXFLyQ 9LFNHU\ 
6LELHQQRWRGDOD36,VHUHILHUHDORVGDWRVDELHUWRVJUDQSDUWHGHOYDORUGHHVWDVHGHVHQFDGHQD
D WUDYpV GH ORV GDWRV /D UHFLHQWH FRQIOXHQFLD GH HYHQWRV HQ HO iPELWR WHFQROyJLFR \ VRFLDO HVWi
FRQYLUWLHQGR D ORV GDWRV HQ XQ DFWLYR IXQGDPHQWDO SDUD FUHDU YHQWDMDV FRPSHWLWLYDV H LPSXOVDU HO
FUHFLPLHQWR\HOGHVDUUROOR 2(&' (VWDWHQGHQFLDHVWDVLJQDGDSRUODJHQHUDFLyQUHFROHFFLyQ
WUDQVSRUWH DOPDFHQDPLHQWR SURFHVDPLHQWR DQiOLVLV \ YLVXDOL]DFLyQ GH JUDQGHV YRO~PHQHV GH GDWRV
WUDYpVGH,QWHUQHWRORTXHWDPELpQVHFRQRFHFRPR%LJGDWD
(Q HVWH QXHYR FRQWH[WR XQ DPSOLR IOXMR GH GDWRV HVWi VLHQGR UHFRSLODGR \ SURFHVDGR HQ
GLYHUVDViUHDVDXQDHVFDODVLQSUHFHGHQWHV/DVGHFLVLRQHVTXHDQWHULRUPHQWHVHEDVDEDQHQFRQMHWXUDV
RHQPRGHORVWHyULFRVDKRUDVHSXHGHQKDFHUVREUHODEDVHGHGDWRVUHDOHV&LHUWRVDQDOLVWDVKDQOOHJDGR
D XWLOL]DU GDWRV GLVSRQLEOHV SDUD KDFHU SUHGLFFLRQHV HQ WLHPSR UHDO HQ WHPDV WDQ YDULDGRV FRPR OD
FRPSUDGHDXWRVHSLGHPLDVGHJULSHRWHQGHQFLDVHQHOHPSOHR 2(&' (OSRWHQFLDOHFRQyPLFR
\ ODV LPSOLFDQFLDV TXH GHSDUD HVWH HVFHQDULR VRQ VLJQLILFDWLYRV HQ WpUPLQRV GH H[SHULPHQWDFLyQ
HILFLHQFLDVHJPHQWDFLyQSHUVRQDOL]DFLyQGHVHUYLFLRVDSR\RHQODWRPDGHGHFLVLRQHVHLQQRYDFLyQGH
QXHYRV PRGHORV GH QHJRFLR /D UHODFLyQ LQWUtQVHFD HQWUH HVWRV FRQFHSWRV VH SXHGH REVHUYDU HQ HO
VLJXLHQWHGLDJUDPD








 2WURVVHFWRUHVLQFOX\HQHOVHFWRUPLQRULVWDODVDOXGODSXEOLFLGDGHQOtQHD\ODPDQXIDFWXUD
 6HUHYLVDQODVGHILQLFLRQHVVREUH%LJGDWD 0DQ\LND-\RWURV\*DUWQHU VHHQFXHQWUDTXHORVFRQFHSWRV
QRHVSHFLILFDQXQDPDJQLWXGHVSHFLILFD HMPLOHVGHWHUDE\WHV VLQRPiVELHQKDEODQGHXQDQRFLyQDPSOLDVREUHOD
YDULHGDG\HOYROXPHQGHGDWRVTXHVRQFDSWXUDGRVDOPDFHQDGRVJHVWLRQDGRV\DQDOL]DGRVDXQDDOWDYHORFLGDG\GH
PDQHUDLQQRYDGRUD



CEPALCo
l
e
c
c
inDo
cum
en
to
sd
eP
roy
e
c
to

D
a
to
sab
i
e
r
to
syc
iud
ad
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

D
IAGRAMA3
RELAC
INDECONCEPTOS

F
u
en
t
e
:Ub
a
ld
i
,Op
enGo
v
e
rnm
e
n
tDa
ta
:Towa
rd
sEmp
i
r
i
ca
lAna
l
y
s
i
so
fOp
enGo
v
e
rnm
en
tDa
taI
n
i
t
ia
t
i
v
e
s
,2013
.

A
s
im
i
sm
o
,e
lv
a
l
o
rd
el
aap
e
r
tu
r
ad
ed
a
t
o
st
am
bi
nadqu
i
e
r
eim
po
r
t
an
c
i
ad
e
sd
el
ap
e
r
sp
e
c
t
i
v
ad
e
l
ai
nnov
a
c
i
nab
i
e
r
t
ayl
am
an
e
r
ad
ecom
p
a
r
t
i
rcono
c
im
i
en
to
,h
a
b
i
l
i
d
ad
e
sycon
s
t
r
u
i
rpo
l

t
i
c
a
s
.B
a
joe
s
t
e
en
foqu
e
,lo
su
su
a
r
io
sayud
anacon
s
t
ru
i
re
lc
ap
i
t
a
ls
o
c
i
a
ld
el
a
so
r
g
an
i
z
a
c
ion
e
sys
econv
i
r
t
i
e
r
enen
co
c
r
e
ad
o
r
e
syco
p
rod
u
c
to
r
e
sd
elo
ss
e
r
v
i
c
io
syp
r
od
u
c
t
o
s
.L
af
i
n
a
l
id
ade
sc
on
s
t
r
u
i
ru
n
ap
l
a
t
a
fo
rm
aenl
a
qu
ee
lg
ob
i
e
r
not
r
ab
a
j
ec
o
n
ju
n
t
am
en
t
ec
onl
as
o
c
i
ed
a
dyl
o
si
nd
iv
i
du
o
s
.E
s
t
o
sp
o
s
tu
l
a
do
ss
eb
a
s
anen
g
r
an m
ed
id
aenl
a
si
d
e
a
sd
ecop
r
od
u
c
c
i
n(Boy
l
ey H
a
r
r
i
s
,20
09
)einn
ov
a
c
i
na
b
i
e
r
t
a(Ch
e
s
b
rou
gh
,
20
03
)
,e
nl
a
s qu
es
er
e
c
o
no
c
ee
lp
o
t
e
n
c
i
a
ld
elo
su
su
a
r
i
o
sp
a
r
a con
v
e
r
t
i
r
s
een g
e
n
e
r
a
do
r
e
sd
e
in
fo
rm
a
c
iny m
e
jo
r
a
re
lfun
c
i
on
am
i
en
t
oe
f
i
c
i
e
n
t
ed
el
o
ss
i
s
t
em
a
s
,ys
ep
l
an
t
e
aqu
el
a
so
r
g
an
i
z
a
c
ion
e
s
d
eb
enu
t
i
l
i
z
a
rt
an
tol
a
sid
e
a
sex
t
e
rn
a
scom
oi
nt
e
r
n
a
sp
a
r
ac
r
e
a
rv
a
l
o
ryd
e
s
a
r
ro
l
l
a
rl
at
e
c
no
l
og

a
.

E
. Mode
losdenegoc
ioyecos
is
temassob
reda
tosab
ie
r
tos
Conb
a
s
eene
lan

l
i
s
i
sd
euncon
jun
t
od
eem
p
r
e
s
a
s
,D
e
lo
i
t
t
e(2013
)id
en
t
i
f
i
c
un
as
e
r
i
ed
ea
rq
u
e
t
i
po
sd
e
m
od
e
lo
sd
en
ego
c
i
og
en
e
r
a
do
sa
l
r
ed
ed
o
rd
elo
sd
a
t
o
sa
b
i
e
r
t
o
s
.L
ap
r
im
e
r
ain
s
t
a
n
c
i
aene
s
t
es
i
s
t
em
ason
lo
so
f
e
r
e
n
t
e
sd
ed
a
to
s
,e
sd
e
c
i
r
,o
rg
a
n
i
z
a
c
i
on
e
spb
l
i
c
a
syp
r
iv
ad
a
squ
er
e
co
l
e
c
t
anyp
rov
e
end
a
to
s
(b
ru
to
sor
e
f
in
ado
s
)
.L
o
sf
a
c
i
l
i
t
ado
r
e
ssono
rg
a
n
i
z
a
c
i
on
e
squ
enol
u
c
r
a
nd
i
r
e
c
t
am
en
t
econlo
sd
a
t
o
s
,p
e
ro
qu
ep
ro
v
e
e
np
l
a
t
a
fo
rm
a
sys
e
rv
i
c
io
st
e
c
no
l
g
i
c
o
sp
a
r
aqu
eo
t
ro
sp
u
ed
ana
c
c
e
d
e
ryu
s
a
r
lo
s
.T
am
b
i
n
ex
i
s
t
enl
o
sa
g
r
eg
ado
r
e
sd
ei
n
fo
rm
a
c
in(no
rm
a
lm
en
t
eem
p
r
e
s
a
s
)
,qu
eag
rup
a
nlo
sd
a
to
senb
squ
ed
ad
e
r
e
l
a
c
i
on
e
sys
ign
i
f
i
c
a
do
sp
a
r
asuu
s
oyap
l
i
c
a
c
ine
nv
a
r
i
o
ss
e
c
t
o
r
e
s(
s
e
rv
i
c
io
sd
ei
n
t
e
l
i
g
en
c
i
ad
e
n
ego
c
io
s
)
.Lo
sd
e
s
a
r
ro
l
l
ado
r
e
ssonqu
i
e
n
e
so
f
r
e
c
enp
r
odu
c
t
o
sys
e
rv
i
c
io
sp
a
r
alo
su
su
a
r
i
o
sf
in
a
l
e
se
n
fo
rm
ad
eap
l
i
c
a
c
i
on
e
s
.C
om
op
a
r
t
ed
el
o
sc
on
sum
ido
r
e
sf
in
a
l
e
ss
een
c
u
en
t
r
anl
o
sen
r
i
qu
e
c
e
do
r
e
s
,qu
e
sonem
p
r
e
s
a
s(no
rm
a
lm
en
t
ed
eg
r
ant
am
ao
)qu
ep
rodu
c
enyan
a
l
i
z
anun
ac
a
n
t
id
a
ds
ign
i
f
i
c
a
t
i
v
ad
ed
a
t
o
s
p
a
r
am
e
jo
r
a
rsu
sp
ro
c
e
so
s
,p
rodu
c
to
sys
e
rv
i
c
io
s(v

a
s
ed
i
a
g
r
am
a4
)
.
A
lgun
a
s
r
e
a
senl
a
squ
es
ee
sp
e
r
aqu
elo
s OGD g
en
e
r
enun
ad
i
f
e
r
en
c
i
asonl
at
r
an
sp
a
r
en
c
i
ay
r
end
i
c
i
nd
ecu
e
n
t
a
s
,l
ap
a
r
t
i
c
i
p
a
c
inei
nvo
lu
c
r
am
i
en
tod
elo
sc
i
ud
ad
a
no
s
,e
lem
pod
e
r
am
i
en
tod
el
a
s
com
un
id
ad
e
s
,e
lin
c
r
em
en
tod
el
ae
f
i
c
i
e
n
c
i
ayl
ae
f
e
c
t
iv
id
a
dd
elo
ss
e
rv
i
c
i
o
spb
l
i
c
o
s
,l
am
ed
i
c
ind
e
l
im
p
a
c
tod
el
a
spo
l

t
i
c
a
spb
l
i
c
a
s
,l
ainnov
a
c
in
,e
lc
r
e
c
im
i
en
toe
c
onm
i
coyl
ag
e
n
e
r
a
c
ind
enu
evo
s
cono
c
im
i
en
to
s(UNDESA
,2013
)
.S
inem
b
a
rgo
,l
ag
en
e
r
a
c
ind
ev
a
lo
rs
ec
r
e
aap
a
r
t
i
rd
ecom
p
r
end
e
r
lo
se
co
s
i
s
t
em
a
squ
es
eg
en
e
r
ana
l
r
ed
edo
rd
elo
sOGD
,r
e
spond
i
endoap
r
egun
t
a
scomo
:Qu
i
n
e
ssonsu
s
m
i
em
b
ro
s
?Q
u
i
nd
i
r
i
g
el
ain
t
e
r
a
c
c
i
ne
n
t
r
ee
l
l
o
s
? Cu

l
e
ssonlo
sr
e
su
l
t
ad
o
se
sp
e
r
ado
sycm
opu
e
d
e
n
m
ed
i
r
s
e
?E
s
p
e
c

f
i
c
am
en
t
e
,s
eid
en
t
i
f
i
c
ant
r
e
se
co
s
i
s
t
ema
s
:g
e
n
e
r
a
do
r
e
s
,in
fom
ed
i
a
r
io
s
,yu
su
a
r
i
o
sf
in
a
l
e
s
(Ub
a
ld
i
,2013
)(v

a
s
er
e
cu
a
d
ro2
)
.

12

CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

D
IAGRAMA4
MERCADODEDATOSAB
IERTOS

Fu
en
t
e
:e
l
abo
r
a
c
inp
rop
i
aconb
a
s
eenD
e
lo
i
t
t
e(
2013
)
.

RECUADRO2
ECOS
ISTEMASDEDATOSAB
IERTOS
E
co
s
i
s
t
em
ad
eg
en
e
rad
o
r
e
sd
ed
a
t
o
s
:s
ecom
pon
ep
r
in
c
ip
a
lm
en
t
ed
ein
s
t
i
tu
c
ion
e
spb
l
i
c
a
s
,p
e
rot
amb
i
npu
ed
e
invo
lu
c
r
a
raa
c
to
r
e
sp
r
iv
ado
s
. Enl
am
ed
id
aenqu
el
aimpo
r
t
an
c
i
asob
r
elo
sd
a
to
sen
l
a
z
ado
s(
l
in
k
edda
ta
)yl
a
co
l
abo
r
a
c
ind
i
s
t
r
ibu
id
a(
c
rowd
s
ou
r
c
ing
)aum
en
t
eenr
e
l
a
c
inal
ac
r
e
a
c
ind
ev
a
lo
r
,l
a
sin
t
e
r
a
c
c
ion
e
sen
t
r
el
o
s
g
en
e
r
ad
o
r
e
sd
ed
a
t
o
sys
u
sr
ed
e
ss
e
r
nm

scom
p
l
e
j
a
s
.
E
co
s
i
s
t
emad
ein
fom
ed
ia
r
io
s
:s
ecompon
ed
elo
sg
en
e
r
ado
r
e
sd
ep
rodu
c
to
sys
e
r
v
i
c
io
sb
a
s
ado
senlo
sOGD
,qu
e
pu
ed
enp
rov
en
i
rt
an
tod
e
ls
e
c
to
rpb
l
i
cocomod
e
lp
r
iv
ado
.Enc
on
s
e
cu
en
c
i
a
,lo
sf
in
e
sconqu
er
e
a
l
i
c
ens
ua
c
t
iv
i
d
ad
son m
uyv
a
r
i
ad
o
s
,yv
and
e
sd
ee
ln
im
od
elu
c
r
oapo
t
en
c
i
a
rl
aso
c
i
ed
adc
iv
i
lol
at
r
an
sp
a
r
en
c
i
aenl
a
sin
s
t
i
tu
c
io
n
e
s
pb
l
i
c
a
s
.E
s
to
sd
e
s
em
p
e
anunp
ap
e
le
s
en
c
i
a
lenen
con
t
r
a
ryc
r
e
a
rv
a
lo
rat
r
av

sd
elo
sd
a
to
s
.E
s
to
sa
c
to
r
e
spu
ed
ens
e
r
e
s
en
c
i
a
l
e
senl
ac
r
e
a
c
ind
ec
a
p
a
c
i
d
a
d
e
san
i
v
e
ld
ecomun
id
ad
e
syeng
en
e
r
a
r
u
n
ac
u
l
t
u
r
as
o
b
r
el
o
sOGD
.
E
co
s
i
s
t
em
ad
eu
su
a
r
io
s
: p
a
r
aap
rov
e
ch
a
rlo
sd
a
to
s
,lo
su
s
u
a
r
io
sn
e
c
e
s
i
t
anin
vo
lu
c
r
a
r
s
eyp
a
r
t
i
c
ip
a
rd
el
a
s
in
i
c
i
a
t
iv
a
sd
eOGD
.En mu
cho
sc
a
so
s
,e
s
toimp
l
i
c
ad
i
fund
i
rin
fo
rm
a
c
ind
en
t
rod
elo
se
sp
a
c
io
sd
ond
elo
su
su
a
r
io
ss
e
r
e

n
e
n
,oi
n
c
r
em
e
n
t
a
re
lv
a
l
o
rd
el
o
sOGD m
e
d
i
a
n
t
ee
j
e
r
c
i
c
i
o
se
s
p
e
c

f
i
co
scomol
am
in
e
r

ad
ed
a
to
s(
da
tam
in
ing)
.
F
u
en
t
e
:Ub
a
ld
i
,Op
enGo
v
e
rnm
e
n
tDa
ta
:Towa
rd
sEmp
i
r
i
ca
lAna
l
y
s
i
so
fOp
enGo
v
e
rnm
en
tDa
taI
n
i
t
ia
t
i
v
e
s
,2013
.

P
a
r
aqu
el
a
si
n
i
c
i
a
t
iv
a
sd
eOGDp
ro
sp
e
r
en
,e
sn
e
c
e
s
a
r
iog
e
n
e
r
a
runc
i
c
l
ov
i
r
t
uo
s
oendo
nd
elo
s
a
c
t
o
r
e
sp
rom
u
ev
a
nl
aa
p
e
r
t
u
r
ad
ed
a
to
sp
e
rot
am
b
i
nfom
en
t
ene
lu
soyd
e
s
a
r
ro
l
lod
eap
l
i
c
a
c
io
n
e
scon
b
a
s
ee
nl
o
sd
a
to
s
.E
ne
s
t
ee
s
c
en
a
r
io
,s
ed
e
b
epo
t
en
c
i
a
runam
b
i
en
t
ed
ein
t
e
r
c
am
b
ioyco
l
a
bo
r
a
c
inen
t
r
e
lo
so
rg
a
n
i
sm
o
sd
e
ls
e
c
t
o
rp
b
l
i
co
,l
aso
c
i
e
d
adc
iv
i
lytod
o
slo
sg
ru
po
sd
ein
t
e
r

s
.A
l
gu
n
a
sd
el
a
sm
ed
id
a
s
qu
es
es
ug
i
e
r
en p
a
r
a su
s
t
en
t
a
re
le
co
s
i
s
t
em
aa
l
r
ed
edo
rd
elo
s OGDin
c
l
u
y
en e
s
t
r
a
t
e
g
i
a
sd
e
com
un
i
c
a
c
i
n
,p
rom
o
c
ine
ne
ld
e
s
a
r
ro
l
l
od
ea
p
l
i
c
a
c
ion
e
s
,c
r
e
a
c
ind
ea
l
i
an
z
a
spb
l
i
c
o
-p
r
iv
ad
a
s
,yun
a
con
s
t
an
t
er
e
t
r
o
a
l
im
en
t
a
c
i
nco
nl
ac
om
un
id
a
dd
eu
su
a
r
i
o
s
.

13

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

)/RVGDWRVDELHUWRVHQHOFRQWH[WRGHODVFLXGDGHVLQWHOLJHQWHV
/DV JUDQGHV FLXGDGHV HQIUHQWDQ GLYHUVRV UHWRV HQ ORV iPELWRV GH JHVWLyQ GH UHFXUVRV QDWXUDOHV
WUDQVSRUWH HPSOHR LQFOXVLyQ VRFLDO \ VHJXULGDG HQWUH RWURV (Q HVWH HVFHQDULR DOJXQRV DXWRUHV
0RUHWWL  6KDSLUR   VRVWLHQHQ TXH HO SURJUHVR XUEDQR HQ WpUPLQRV GH FRPSHWLWLYLGDG \
GHVDUUROORGHSHQGHUiFDGDYH]PiVQRVRORGHODLQIUDHVWUXFWXUDItVLFDVLQRGHODVRFLDO\GHOFDSLWDO
KXPDQRGHODVFLXGDGHV
'XUDQWHOD~OWLPDGpFDGDVHKDXWLOL]DGRHOWpUPLQRGHFLXGDGLQWHOLJHQWH 6PDUW&LW\ FRPRXQ
FRQFHSWR DVRFLDGR D OD FDSDFLGDG GH ODV 7,& SDUD KDFHU IUHQWH D ORV GHVDItRV PRGHUQRV GH OD
SUREOHPiWLFD XUEDQtVWLFD VL ELHQ WRGDYtD QR KD\ FRQVHQVR XQLYHUVDO VREUH VX VLJQLILFDGR 3DVNDOHYD
  VHxDOD TXH H[LVWHQ FLHUWDV FDUDFWHUtVWLFDV FRPXQHV HQ ODV GLVFXVLRQHV VREUH HO WpUPLQR FRPR OD
LQWHQVLGDGGHXVRGHODLQIUDHVWUXFWXUDGHFRPXQLFDFLRQHVODYLVLyQHVWUDWpJLFDSDUDORJUDUXQDFLXGDG
FRPSHWLWLYD\ODDSUR[LPDFLyQDOGHVDUUROORVRVWHQLEOHHLQFOXVLYRGHODVFLXGDGHV
3DUD&DUDJOLX'HO%R\1LMNDPS  HOYDORUGHOFRQFHSWR6PDUW&LW\VHHQFXHQWUDDVRFLDGR
DODGLVFXVLyQ\HOGHEDWHVREUHODVHVWUDWHJLDV\ODVFRQGLFLRQHVTXHIDFLOLWDQODWUDQVIRUPDFLyQGHODV
FLXGDGHVKDFLDHFRVLVWHPDVGHLQQRYDFLyQDELHUWRV\VXVWHQWDEOHV$VtXQDFLXGDGLQWHOLJHQWHQRHVXQ
FRQFHSWRHVWiWLFRVLQRXQHVFHQDULRIXWXURHQTXHORVFLXGDGDQRVHPSRGHUDGRVPHGLDQWHODWHFQRORJtD
FRODERUDQHQFRQILJXUDUHOGHVDUUROORXUEDQR
&RPR VH DQDOL]D HQ ORV FDVRV TXH VH SUHVHQWDQ D FRQWLQXDFLyQ HO WpUPLQR 6PDUW &LW\ VH
HQFXHQWUD HVWUHFKDPHQWH UHODFLRQDGR FRQ HO FRQFHSWR GH JRELHUQR DELHUWR OD DSOLFDFLyQ GH ODV QXHYDV
WHFQRORJtDV EDVDGDV HQ ,QWHUQHW \ OD DSHUWXUD GH GDWRV 'H HVWD PDQHUD ORV GDWRV DELHUWRV VH KDQ
FRQYHUWLGRHQFRPSRQHQWHVLQWHJUDOHVGHORVSODQHVGHJRELHUQRDELHUWR\ODVSROtWLFDVGLJLWDOHV
%DMR HVWD SHUVSHFWLYD ODV FLXGDGHV DO VHU HVSDFLRV LQIOXHQFLDGRV SRU WHQGHQFLDV FRPR OD
XELFXLGDGGH,QWHUQHWODKLSHUFRQHFWLYLGDGHOGHVSOLHJXHGHQXHYRVVHUYLFLRV\DSOLFDFLRQHV\ODIRUPD
HQODFXDOVHDFFHGHQ\SURFHVDQORVGDWRVSXHGHQFRQVWLWXLUVHHQORVSULQFLSDOHVFDWDOL]DGRUHVGHOD
LQYHVWLJDFLyQ\DSOLFDFLyQGHQXHYDVWHFQRORJtDVODSURPRFLyQGHSURFHVRVGHLQQRYDFLyQDELHUWD\OD
LQWHJUDFLyQGHSODWDIRUPDV
$ FRQWLQXDFLyQ VH DQDOL]D OD LPSOHPHQWDFLyQ GH SROtWLFDV GH GDWRV DELHUWRV SDUD ORV FDVRV GH
0RQWHYLGHR %XHQRV $LUHV \ /LPD (Q HVWRV HVWXGLRV VH UHYLVD HO SURFHVR GH GLVHxR HMHFXFLyQ \
UHVXOWDGRVGHHVWDVLQLFLDWLYDV\VHPXHVWUDQHMHPSORVGHDSOLFDFLRQHV\HMHUFLFLRVGHLQYROXFUDPLHQWR
FLXGDGDQRFRQHOPDQHMRGHGDWRV


%LEOLRJUDItD
%R\OH  ' DQG +DUULV 0   7KH FKDOOHQJH RI  &RSURGXFWLRQ +RZ HTXDO SDUWQHUVKLSV EHWZHHQ
SURIHVVLRQDOVDQGWKHSXEOLFDUHFUXFLDOWRLPSURYLQJSXEOLFVHUYLFHV'LVFXVVLRQSDSHU1HVWD'HFHPEHU
&KHVEURXJKW +   2SHQ ,QQRYDWLRQ 7KH 1HZ ,PSHUDWLYH IRU &UHDWLQJ DQG 3URILWLQJ IURP
7HFKQRORJ\%RVWRQ+DUYDUG%XVLQHVV3UHVV
&DUDJOLX$'HO%R&\1LMNDPS3  6PDUWFLWLHVLQ(XURSHUG&HQWUDO(XURSHDQ&RQIHUHQFHLQ
5HJLRQDO6FLHQFH
'DYLHV-3HULQL)\$ORQVR0  5HVHDUFKLQJWKHHPHUJLQJLPSDFWVRIRSHQGDWD2''&:RUNLQJ
3DSHUV-XO\
'HORLWWH$QDO\WLFV  2SHQJURZWK6WLPXODWLQJGHPDQGIRURSHQGDWDLQWKH8.6DQWLDJRGH&KLOH
>IHFKD GH FRQVXOWD  GH GLFLHPEUH GH @ KWWSZZZGHORLWWHFRPDVVHWV'FRP
8QLWHG.LQJGRP/RFDO$VVHWV'RFXPHQWV0DUNHWLQVLJKWV'HORLWWH$QDO\WLFVXNGD
RSHQJURZWKSGI
'H OD )XHQWH &   2SHQ /LQN 'DWD /D 1XHYD )URQWHUD OD 3URPHVD GHO *RELHUQR $ELHUWR SDUD
$PpULFD/DWLQD+RIPDQQ$5DPtUH]$OXMDV$1RMRUXTH]- FRPSV 6DQWLDJRGH&KLOH>IHFKD
GHFRQVXOWDGHGLFLHPEUHGH@KWWSZZZODSURPHVDGHOJRELHUQRDELHUWRLQIROSJDSGI



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

(XURSHDQ &RPPLVVLRQ   &RPPXQLFDWLRQ IURP WKH &FRPPLVVLRQ WR WKH (XURSHDQ 3DUOLDPHQW WKH
&RXQFLO WKH (XURSHDQ (FRQRPLF DQG 6RFLDO &RPPLWWHH DQG WKH &RPPLWWHH RI WKH 5HJLRQV 2SHQ
GDWDDQHQJLQHIRULQQRYDWLRQJURZWKDQGWUDQVSDUHQWJRYHUQDQFH%UXVVHOV
0RUHWWL(  +XPDQFDSLWDOH[WHUQDOLWLHVLQFLWLHV1DWLRQDO%XUHDXRI(FRQRPLF5HVHDUFK:RUNLQJ
3DSHU$SULO
*DYHOLQ.%XUDOO6 :LOVRQ5  2SHQ*RYHUQPHQWEH\RQGVWDWLFPHDVXUHV$SDSHUSURGXFHG
E\ ,QYROYH IRU WKH 2(&' >HQ OtQHD@ 6DQWLDJR GH &KLOH >IHFKD GH FRQVXOWD  GH VHSWLHPEUH GH
@KWWSZZZRHFGRUJJRYSGI
*HPHV 0 \ 5DPtUH]$OXMDV $   *RELHUQR DELHUWR UHIRUPD GHO (VWDGR \ PRGHUQL]DFLyQ GH OD
JHVWLyQ S~EOLFD DOFDQFHV REVWiFXORV \ SHUVSHFWLYDV HQ FODYH /DWLQRDPHULFDQD OD 3URPHVD GHO
*RELHUQR$ELHUWRSDUD$PpULFD/DWLQD+RIPDQQ$5DPtUH]$OXMDV$1RMRUXTH]- FRPSV >HQ
OtQHD@ 6DQWLDJR GH &KLOH >IHFKD GH FRQVXOWD  GH VHSWLHPEUH GH @
KWWSZZZODSURPHVDGHOJRELHUQRDELHUWRLQIR
+HXVVHU )HOLSH ,   8QGHUVWDQGLQJ 2SHQ *RYHUQPHQW 'DWD DQG DGGUHVVLQJ LWV ,PSDFW 6DQWLDJR GH
&KLOHLQpGLWR
/DWKURS'DQG5XPD/HGV  2SHQ*RYHUQPHQW7UDQVSDUHQF\&ROODERUDWLRQDQG3DUWLFLSDWLRQLQ
3UDFWLFH2
5HLOO\0HGLD)HEUXDU\
/HH * DQG .ZDN <   $Q 2SHQ *RYHUQPHQW ,PSOHPHQWDWLRQ 0RGHO 0RYLQJ WR ,QFUHDVHG 3XEOLF
(QJDJHPHQW,%0&HQWHUIRUWKH%XVLQHVVRI*RYHUQPHQW:DVKLQJWRQ
0DQ\LND-\RWURV  %LJGDWD7KHQH[WIURQWLHUIRULQQRYDWLRQFRPSHWLWLRQDQGSURGXFWLYLW\-XQH
0F.LQVH\*OREDO,QVWLWXWH
0DQ\LND - \ RWURV   2SHQ GDWD 8QORFNLQJ LQQRYDWLRQ DQG SHUIRUPDQFH ZLWK OLTXLG LQIRUPDWLRQ
2FWREHU0F.LQVH\*OREDO,QVWLWXWH
6KDSLUR -   6PDUW &LWLHV ([SODLQLQJ WKH 5HODWLRQVKLS EHWZHHQ &LW\ *URZWK DQG +XPDQ &DSLWDO
+DUYDUG8QLYHUVLW\-XQH
2(&'  'LJLWDOEURDGEDQGFRQWHQW3XEOLFVHFWRULQIRUPDWLRQDQGFRQWHQW0D\>HQOtQHD@6DQWLDJR
GH &KLOH >IHFKD GH FRQVXOWD  GH VHSWLHPEUH GH @ KWWSZZZRHFGRUJ
LQWHUQHWLHFRQRP\SGI
2(&'  ([SORULQJ'DWD'ULYHQ,QQRYDWLRQDVD1HZ6RXUFHRI*URZWK0DSSLQJWKH3ROLF\,VVXHV
5DLVHGE\%LJ'DWD2(&''LJLWDO(FRQRP\3DSHUV1R2(&'-XQH>HQOtQHD@6DQWLDJRGH
&KLOH >IHFKD GH FRQVXOWD  GH VHSWLHPEUH GH @ KWWSVHDUFKRHFGRUJRIILFLDOGRFXPHQWV
SXEOLFGLVSOD\GRFXPHQWSGI"FRWH '67,,&&3  ),1$/ GRF/DQJXDJH (Q
2SHQ.QRZOHGJH)RXQGDWLRQ  2SHQ'DWD+DQGERRN'RFXPHQWDWLRQ>HQOtQHD@6DQWLDJRGH&KLOH
>IHFKDGHFRQVXOWDGHGLFLHPEUHGH@KWWSRSHQGDWDPDQXDORUJ
5RELQVRQ'\<X+  $SHUWXUDGH'DWRVSULPHUDVOHFFLRQHVSDUDHOGLVHxRGHSROtWLFDV(O'HVDItR
+DFLDHO*RELHUQR$ELHUWRHQOD+RUDGHOD,JXDOGDG&RQFKD*1DVHU$ HGV 6DQWLDJRGH&KLOH
3XEOLFDFLyQGHODV1DFLRQHV8QLGDV
5RRWHU   5HXWLOL]DFLyQ GH OD LQIRUPDFLyQ S~EOLFD \ SULYDGD HQ (VSDxD 6DQ )UDQFLVFR 3DUNV >HQ
OtQHD@ 6DQWLDJR GH &KLOH >IHFKD GH FRQVXOWD  GH GLFLHPEUH GH @
KWWSZZZURRWHUHVSXEOLFDFLRQHV
8EDOGL %   2SHQ *RYHUQPHQW 'DWD 7RZDUGV (PSLULFDO $QDO\VLV RI 2SHQ *RYHUQPHQW 'DWD
,QLWLDWLYHV2(&':RUNLQJ3DSHUVRQ3XEOLF*RYHUQDQFH1R2(&'
81'(6$  *XLGHOLQHVRQ2SHQ*RYHUQPHQW'DWDIRU&LWL]HQ(QJDJHPHQW7(6$3$'6(5(
8QLWHG1DWLRQV1HZ<RUN
9LFNHU\ *UDKDP   5HYLHZ RI UHFHQW VWXGLHV RQ 36, UHXVH DQG UHODWHG PDUNHW GHYHORSPHQWV
)LQDO9HUVLRQ





CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

16

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

,,0RQWHYLGHR

)DEUL]LR6FUROOLQL

$,QWURGXFFLyQ
(Q0RQWHYLGHR8UXJXD\ODVVHxDOHVHQORVSRVWHVSDUDXWLOL]DUHOWUDQVSRUWHS~EOLFRQRVRQPX\~WLOHV
ORVFRQGXFWRUHVGHDXWREXVHVSRUORJHQHUDODYLVDQDORVSDVDMHURVGyQGHEDMDUSHURDYHFHVVHROYLGDQ
8Q MRYHQ VROtD HVFULELU GLUHFFLRQHV \ ODV OtQHDV GH DXWREXVHV HQ SHTXHxRV WUR]RV GH SDSHO TXH HVWDED
DFRVWXPEUDGRDSHUGHUSRUORTXHGHFLGLyKDFHUDOJRDOUHVSHFWR$VtHQFRQWUyHQ,QWHUQHWDOJXQRVGDWRV
SXEOLFDGRVVREUHHOVLVWHPDGHWUDQVSRUWHS~EOLFRGH0RQWHYLGHR\XQFRQMXQWRGHGDWRVJHRJUiILFRV8Q
SDU GH VHPDQDV PiV WDUGH GLVHxy XQD DSOLFDFLyQ TXH D\XGDUtD D WRGRV TXLHQHV WXYLHUDQ XQ WHOpIRQR
LQWHOLJHQWHDPRYHUVHXVDQGRHOVLVWHPDGHWUDQVSRUWHS~EOLFRGHODFLXGDG'RVPHVHVGHVSXpVFRQOD
D\XGDGHRWURVSURJUDPDGRUHVODQ]yXQDDSOLFDFLyQFRQEDVHHQGDWRVDELHUWRVOODPDGD*[%XV1RKXER
DXWRULGDGHV LQYROXFUDGDV R VROLFLWXGHV GH DFFHVR D LQIRUPDFLyQ VyOR XQ GHVDItR OD FUHDWLYLGDG \ XQ
FRQMXQWR GH GDWRV S~EOLFRV +DVWD HO PRPHQWR PiV GH  XVXDULRV VH KDQ UHJLVWUDGR \  KDQ
GHVFDUJDGRHVWDDSOLFDFLyQJUDWXLWD
(OHMHPSORDQWHULRUHVXQDGHODVSULPHUDVKLVWRULDVGHp[LWRGHFyPRORVGDWRVDELHUWRVSXHGHQ
SURGXFLU XQ FDPELR SDUD ORV KDELWDQWHV GH XQD FLXGDG *[%XV VH FUHy D SDUWLU GH OD IUXVWUDFLyQ SRU OD
HVFDVD LQIRUPDFLyQ VREUH HO  VLVWHPD GH WUDQVSRUWH (Q OD PHGLGD HQ TXH PiV GDWRV GH WUDQVSRUWH VH
DEUDQ*[%XVSRGUiWHQHUPiVIXQFLRQHVFRPRODLQIRUPDFLyQHQWLHPSRUHDODFHUFDGHORVDXWREXVHVH
LQFOXVRFRPHQWDULRVGHORVXVXDULRVVREUHHOVLVWHPDGHWUDQVSRUWH
$SHVDUGHHVWHFDVRODHYLGHQFLDVREUHHOXVRGHGDWRVDELHUWRVHQODHVFHQDXUEDQDVLJXHVLHQGR
WRGDYtDDQHFGyWLFDHLQH[SORUDGD&LXGDGHVGHWRGRHOPXQGRHVWiQODQ]DQGRFRQMXQWRVGHGDWRVVREUH
WUDQVSRUWH VDOXG VHUYLFLRV S~EOLFRV LQIRUPDFLyQ JHRJUiILFD H LQFOXVR HSLGHPLDV SHUR D~Q QR H[LVWH
PHGLFLyQFODUDVREUHFyPRODOLEHUDFLyQGHHVWRVFRQMXQWRVGHGDWRVPHMRUDODYLGDGHORVFLXGDGDQRV<


 /D &LXGDG GH 1XHYD <RUN ODQ]y UHFLHQWHPHQWH XQ FRQMXQWR GH GDWRV TXH FRQWLHQH LQIRUPDFLyQ VREUH HO FRQWURO GH
SODJDVLQFOXLGRVGDWRVVREUHDYLVWDPLHQWRVGHUDWDV)XHQWHGLVSRQLEOHKWWSZZZWKHDWODQWLFFLWLHVFRPWHFKQRORJ\
EHVWRSHQGDWDUHOHDVHVFRQVXOWDGRHOGHHQHUR



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

KD\ WRGDYtD XQD SUHJXQWD TXH ORV UHVSRQVDEOHV GH OD DJHQGD SROtWLFD VH VLJXHQ KDFLHQGR &yPR
H[DFWDPHQWHORVGDWRVDELHUWRVLPSXOVDQODSURVSHULGDG\HOFDPELRVRFLDOHQODVFLXGDGHV"
/DFRQFOXVLyQPiVLPSRUWDQWHGHHVWHHVWXGLRHVTXHSRUVtVRODODOLEHUDFLyQGHORV2*'QR
GHVDWDHOFDPELRVRFLDO\HFRQyPLFRHQODVFLXGDGHVSHURFRQXQFRQMXQWRDSURSLDGRGHLQFHQWLYRV\XQ
PDUFRLQVWLWXFLRQDODGHFXDGRWLHQHHOSRWHQFLDOGHKDFHUOR$FRQWLQXDFLyQVHDQDOL]DHOVXUJLPLHQWRGH
XQHFRVLVWHPDDOUHGHGRUGHORVGDWRVDELHUWRVHQ0RQWHYLGHR\FyPRHVWHKDSHUPLWLGRHOGHVSHJXHGH
XQDVHULHGHLQLFLDWLYDV
'H HVWD PDQHUD VH EXVFDD\XGDU DSURIHVLRQDOHV \ WRPDGRUHV GHGHFLVLyQHQ 8UXJXD\ \ RWURV
OXJDUHVDFRPSUHQGHUHOYDORUGHORVGDWRVDELHUWRV(VWHHVWXGLRHVWiHQIRFDGRDSROtWLFRVDFDGpPLFRV
XVXDULRV GH GDWRV HPSUHVDULRV \ DFWLYLVWDV VLQ SUHWHQGHU SURIXQGL]DU HQ GHEDWHV DFDGpPLFRV /RV
UHVXOWDGRVVHSUHVHQWDQGHXQDPDQHUDVLPSOH\GHVFULSWLYD/DLQIRUPDFLyQSUHVHQWDGDVHKDJHQHUDGR
PHGLDQWHHQWUHYLVWDVVHPLHVWUXFWXUDGDVDDFWRUHVFODYHFRPRIXQFLRQDULRVS~EOLFRV\XVXDULRVGHGDWRV
DELHUWRV DGHPiV GH OD UHYLVLyQ GH RWUDV IXHQWHV GRFXPHQWDGDV /DV HQWUHYLVWDV SDUD HVWH LQIRUPH VH
OOHYDURQDFDEREDMRFRQGLFLRQHVGHDQRQLPDWR\FRQILGHQFLDOLGDG
/D SULPHUD VHFFLyQ UHYLVD OD IRUPD HQ TXH HYROXFLRQDURQ ODV SROtWLFDV GH GDWRV DELHUWRV HQ
0RQWHYLGHR /XHJR VH H[DPLQDQ HQ GHWDOOH YDULDV LQLFLDWLYDV H[SOLFDQGR OD IRUPD HQ OD TXH VH
GHVDUUROODURQEDMRXQFRQMXQWRGHFULWHULRVFRPRLQFHQWLYRVGHVDItRVHOGHVDUUROORGHODDSOLFDFLyQ\VX
LPSDFWR 3RU ~OWLPR VH UHVXPHQ ODV SULQFLSDOHV FRQFOXVLRQHV SDUD SURSRUFLRQDU LQIRUPDFLyQ D RWUDV
FLXGDGHVTXHHVWiQGLVSXHVWDVDFRPSURPHWHUVHFRQODDSHUWXUDGHGDWRV

%&LXGDGHVLQWHOLJHQWHV\GDWRVDELHUWRV
(Q $PpULFD /DWLQD  GH OD SREODFLyQ YLYH HQ ]RQDV XUEDQDV 1DFLRQHV 8QLGDV+iELWDW   /DV
FLXGDGHV HQIUHQWDQ UHWRV HQ PLJUDFLyQ WUDQVSRUWH VDOXG \ SODQLILFDFLyQ XUEDQD HQWUH RWURV (O GLVHxR GH
SROtWLFDVS~EOLFDVVREUHJHVWLyQXUEDQDWRGDYtDVHUHDOL]DGHPDQHUDDLVODGDLPSLGLHQGRDVtODJHQHUDFLyQGH
QXHYRVSURFHVRVGHLQQRYDFLyQTXHSRGUtDQ PHMRUDUODYLGDGHORVFLXGDGDQRV 1DFLRQHV 8QLGDV+iELWDW
1DSKDGHHWDO $GLIHUHQFLDGHRWUDVSROtWLFDVODDSHUWXUDGHGDWRVKDWHQLGRXQDGLIXVLyQH[LWRVD
\FDGDYH]PiVFLXGDGHVHVWiQSXEOLFDQGRGDWRVHQIRUPDWRVDELHUWRV8QHMHPSORSLRQHURGHHVWHWLSRGH
SROtWLFDVSURYLHQHGHODUHJLyQGH0DQFKHVWHUHQHO5HLQR8QLGRGRQGHORVSURPRWRUHVGHORVGDWRVDELHUWRV
HVWiQWUDEDMDQGRFRQODVDXWRULGDGHVORFDOHVSDUDWUDWDUGHFRQVWUXLUXQHFRVLVWHPDVRVWHQLEOHDOUHGHGRUGH
HVWRVGDWRV2WURHMHPSORHV6DQ)UDQFLVFRHQORV(VWDGRV8QLGRVGRQGHHOD\XQWDPLHQWRHVWiOLEHUDQGR
XQDFDQWLGDGVLJQLILFDWLYDGHGDWRVSDUDGHVHQFDGHQDUODLQQRYDFLyQ\ODFUHDFLyQGHYDORUHFRQyPLFR2WUDV
FLXGDGHV TXH FXHQWDQ FRQ LQLFLDWLYDV LQWHUHVDQWHV VRQ 1XHYD <RUN /RQGUHV \ %XHQRV $LUHV &DQDGi HV
WDPELpQXQSDtVSLRQHURHQHVRVWHPDVDQLYHOPXQLFLSDO
(QODPHGLGDHQTXHODVFLXGDGHVVHDEUHQHVQHFHVDULRHQWHQGHUFyPRHVWHGHVDUUROORHQFDMDHQ
ODV SROtWLFDV SUHYLDV GH JREHUQDQ]D XUEDQD \ FUHFLPLHQWR 6RQ ODV FLXGDGHV DELHUWDV WDPELpQ FLXGDGHV
LQWHOLJHQWHV 1DSKDGHHWDO.RPPLQRV "6RQODVFLXGDGHVDELHUWDVWDPELpQFLXGDGHVFUHDWLYDV
/DQGU\ RFLXGDGHV &DPSEHOO GHDSUHQGL]DMH"1RHVSRVLEOHQLGHVHDEOHSDUDILQHVGHHVWH
LQIRUPH SURSRUFLRQDU XQD UHODFLyQ FRPSOHWD GH HVWRV SXQWRV GH YLVWD DFHUFD GH ODV FLXGDGHV SHUR HV
LPSRUWDQWHGHVFULELUDOJXQRVFRQFHSWRVFODYH\H[SOLFDULQLFLDOPHQWHVXYLQFXODFLyQFRQORVGDWRVDELHUWRV
(O FRQFHSWR GH FLXGDGHV LQWHOLJHQWHV HV DPELJXR \ HQ FLHUWR JUDGR YDULDV LQLFLDWLYDV TXH
VXHOHQ VHU PX\ GLIHUHQWHV  FDEHQ HQ pO &RPR VHxDOD +ROODQGV   PXFKDV FLXGDGHV GLFHQ VHU




 8QDGHVFULSFLyQFRPSOHWDHQKWWSIXWXUHHYHU\WKLQJRUJRQJRLQJSURMHFWVRSHQGDWDFLWLHVGDWDJP
 8QDOLVWDFRPSOHWDHQKWWSGDWDOLEUHFD DFFHGLGRHOGHHQHURGH 

 .RPPLQRV  GHILQHFLXGDGHVLQWHOLJHQWHVFRPRWHUULWRULRVTXHDWUDHQVLVWHPDVGHLQQRYDFLyQ\7,&GHQWURGHOD
PLVPD ORFDOLGDG FRPELQDQGR OD FUHDWLYLGDG GH LQGLYLGXRV WDOHQWRVRV TXH FRPSRQHQ OD SREODFLyQ GH OD FLXGDG ODV
LQVWLWXFLRQHV TXH SURPXHYDQ HO DSUHQGL]DMH \ OD LQQRYDFLyQ \ HVSDFLRV GH LQQRYDFLyQ GLJLWDO TXH IDFLOLWDQ OD
LQQRYDFLyQ\ODJHVWLyQGHOFRQRFLPLHQWR




&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

LQWHOLJHQWHVFRQHOILQGHDWUDHULQYHUVLyQRVHUFRPSHWLWLYDV,%0XQDHPSUHVDSURPRWRUDGHODLGHDGH
FLXGDGHV LQWHOLJHQWHV GHILQH HVWH FRQFHSWR FRPR XQD FLXGDG TXH KDFH XQ XVR ySWLPR GH WRGD OD
LQIRUPDFLyQ LQWHUFRQHFWDGD GLVSRQLEOH HQ OD DFWXDOLGDG SDUD FRPSUHQGHU PHMRU \ FRQWURODU VXV
RSHUDFLRQHV\RSWLPL]DUHOXVRGHUHFXUVRVOLPLWDGRV ,%0 
8QDGHILQLFLyQ DOWHUQDWLYDGHXQD FLXGDG LQWHOLJHQWHHVXQDFLXGDG TXHLQYLHUWHHQHO FDSLWDO
KXPDQR\VRFLDODVtFRPRHQLQIUDHVWUXFWXUDWUDGLFLRQDO\PRGHUQD EDVDGDHQ7,& SDUDSURPRYHUHO
FUHFLPLHQWRHFRQyPLFRVRVWHQLEOH\XQDDOWDFDOLGDGGHYLGDFRQXQDJHVWLyQHILFLHQWHGHORVUHFXUVRV
QDWXUDOHV PHGLDQWH XQ JRELHUQR SDUWLFLSDWLYR &DUDJOLX $ 'HO %R & 1LMNDPS 3   'H HVWD
PDQHUDODVFLXGDGHVLQWHOLJHQWHVVHWUDWDQQRVyORGHVLVWHPDVSHURGHODJHQWHTXHHVWiIDFXOWDGDSRU
HOXVRGHODWHFQRORJtD
&RPRVHxDODQ&DPSEHOO  \+ROODQGV  ODHWLTXHWDGHXQDFLXGDGLQWHOLJHQWHVHKD
XWLOL]DGRGHIRUPDVPX\GLIHUHQWHVHQDOJXQRVFDVRVDVRFLDGDDORVVLVWHPDVGHWHFQRORJtDFDSDFHVGH
FHQWUDOL]DUODLQIRUPDFLyQDOXVRGHVHQVRUHVSDUDUHFRSLODUGDWRVVREUHHOHVSDFLRS~EOLFRHLQFOXVRD
XQ UHGLVHxR GHO HVSDFLR S~EOLFR GH DFXHUGR D QXHYDV WHQGHQFLDV 3RU RWUR ODGR ODV FLXGDGHV
LQWHOLJHQWHVSXHGHQFRQYHUWLUVHHQHVSDFLRVSDUWLFLSDWLYRVHQTXHORVFLXGDGDQRVVHKDFHQSDUWHGHODV
SROtWLFDVDWUDYpVGHODDFFLyQFROHFWLYD(QWRGDVODVYHUVLRQHVGHFLXGDGHVLQWHOLJHQWHVODVSROtWLFDV
GHGDWRVDELHUWRVMXHJDQXQSDSHOLPSRUWDQWH(QXQHQIRTXHFHQWUDOL]DGRORVGDWRVDELHUWRVD\XGDQD
URPSHU HO DLVODPLHQWR SDUD ORJUDU XQD YLVLyQ FRPSOHWD GH ORV VHUYLFLRV \ GH OD LQIRUPDFLyQ TXH OD
FLXGDGSURYHHDILQGHDXPHQWDUODVJDQDQFLDVGHHILFLHQFLD\REWHQHUXQFRQWUROPiVHVWULFWRVREUHOD
DGPLQLVWUDFLyQ 'HVGH XQD SHUVSHFWLYD SDUWLFLSDWLYD ORV FLXGDGDQRV VH HPSRGHUDQ JUDFLDV DO XVR GH
GDWRV DELHUWRV \ VRQ FDSDFHV GH SURSRUFLRQDU FRPHQWDULRV \ SDUWLFLSDU HQ HO SURFHVR GH WRPD GH
GHFLVLRQHV &RPR VHxDOy.RPPLQRV HW DO   DOJXQDV GHILQLFLRQHV GHFLXGDGHV LQWHOLJHQWHV HVWiQ
DVRFLDGDV D XQ HQIRTXH GH DUULED KDFLD DEDMR PLHQWUDV TXH RWUDV HVWiQ DVRFLDGDV D XQ HQIRTXH GH
DEDMR KDFLD DUULED (Q HO FRQWH[WR GHO JRELHUQR DELHUWR /DWUKXS \ 5XPD   TXH LQFOX\H
HOHPHQWRV GH WUDQVSDUHQFLD \ FRODERUDFLyQ SRU GHIHFWR XQ HQIRTXH SDUWLFLSDWLYR SDUHFHUtD PiV
DGHFXDGR HQ UHODFLyQ FRQ HO WpUPLQR 6PDUW &LWLHV 6L ORV JRELHUQRV YDQ D VHU PiV SDUWLFLSDWLYRV
DELHUWRV\UHVSRQVDEOHVHOGLVHxRGHORVVLVWHPDVTXHDFHQW~DQHVWHSXQWRGHYLVWDGHEHHVWDUHQOtQHD
FRQ XQD SHUVSHFWLYD QRUPDWLYD (V GHFLU TXH OD WHFQRORJtD GHWUiV GHO PRYLPLHQWR GH ORV JRELHUQRV
DELHUWRVWLHQHTXHLQFRUSRUDUVXVYDORUHVIXQGDPHQWDOHV
(OLQFUHPHQWRGHODVUHGHVLQDOiPEULFDVORVVLVWHPDVLQWHJUDGRV\ODXELFXLGDGGH,QWHUQHW\VX
DFFHVR GHVGH GLVSRVLWLYRV PyYLOHV SHUPLWH HO XVR GH OD WHFQRORJtD SDUD WUDWDU ORV SUREOHPDV GH ODV
FLXGDGHVHQWLHPSRUHDOGHELGRDOFRQVWDQWHIOXMRGHLQIRUPDFLyQ6LQHPEDUJRHQWUHPiVLQIRUPDFLyQ
HVWi GLVSRQLEOH GLYHUVDV VROXFLRQHV SXHGHQ VXUJLU VLQ FRQWURO SRU SDUWH GH ODV DXWRULGDGHV ORFDOHV
OOHYDQGR D GLVFXWLU QXHYDV IRUPDV GH JREHUQDELOLGDG 6L ELHQ WUDGLFLRQDOPHQWH HO JRELHUQR KD VLGR HO
FHQWUR GHO GHVDUUROOR GH ORV VHUYLFLRV EDVDGRV HQ WHFQRORJtDV GH OD LQIRUPDFLyQ 7,  XQ HFRVLVWHPD
DELHUWRSRGUtDSURPRYHUXQHQIRTXHGHJREHUQDQ]DPXOWLSDUWLFLSDWLYR
.RPPLQRV HW DO   VRVWLHQH TXH SDUD DSURSLDUVH GH ODV YHQWDMDV GH OD UHYROXFLyQ GH ORV
GDWRVODVFLXGDGHVGHEHQVHJXLUWUHVSLODUHV
 &RPSDUWLUPiV\GHVDUUROODUPHQRVXWLOL]DUODWHFQRORJtD\DGHVDUUROODGDSDUDUHVROYHUHO
PLVPRSUREOHPD(VWRYDGHODPDQRFRQODLGHDGHOVRIWZDUHOLEUH\HQ$PpULFD/DWLQD
FRQ OD LGHD GHO VRIWZDUH S~EOLFR FRPR XQ FRPSRQHQWH FODYH GH FXDOTXLHU HVWUDWHJLD GH
FLXGDGLQWHOLJHQWH
 0LUDU KDFLD DGHODQWH SODQHDU FRQ DQWLFLSDFLyQ \ VHJXLU ODV WHQGHQFLDV HPHUJHQWHV
WUDEDMDQGRFRQRWUDVFRPXQLGDGHV
 *DVWDUPHQRVHQODPHGLGDHQTXHHOFyGLJRDELHUWRRHOVRIWZDUHOLEUHHVWpQGLVSRQLEOHV
ODQHFHVLGDGGHSDJDUOLFHQFLDVGLVPLQX\H$GHPiVODH[SHULPHQWDFLyQSXHGHWHQHUOXJDUHQ
HQWRUQRVSHTXHxRVTXHSRUORJHQHUDOHVXQDPDQHUDUHQWDEOHGHDERUGDUQXHYDVVROXFLRQHV
/DWHQVLyQHQWUHXQHQIRTXHFHQWUDOL]DGRGHDUULEDKDFLDDEDMR\XQRGHVFHQWUDOL]DGRKDH[LVWLGR
VLHPSUH HQ HO GLVHxR GH SROtWLFDV S~EOLFDV 5DWL \ 7RZVHQG   DUJXPHQWDQ D IDYRU GH XQ PHQRU
FRQWUROSRUSDUWHGHOJRELHUQR\XQDPD\RUSDUWLFLSDFLyQGHORVFLXGDGDQRVSDUDDYDQ]DUHQORVFDPELRV


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

GH ORV VHUYLFLRV S~EOLFRV 1R REVWDQWH ORV FLXGDGDQRV GHEHQ HVWDU SULPHUR FRQVFLHQWHV GH HVWD
SRVLELOLGDG\GHVXFDSDFLGDGGHVHUDJHQWHVGHFDPELR3DUDKDFHUHVWRHVQHFHVDULRGHVDUUROODUQXHYDV
KDELOLGDGHV \ QXHYDV IRUPDV GH DVRFLDFLyQ H LQWHUDFFLyQ OR TXH WDPELpQ SODQWHD GHVDItRV D ORV
PRYLPLHQWRVGHODVRFLHGDGFLYLO
6HJ~Q&DPSEHOO  ODIRUPDHQTXHODLQQRYDFLyQHVWiVXUJLHQGRPXHVWUDTXHODVFLXGDGHV
HVWiQDSUHQGLHQGRFDGDYH]PiVXQDVGHRWUDVSDUDLQQRYDU\DGDSWDUVHDORVUHWRVDFWXDOHV&RQEDVHHQ
YDULDV HQFXHVWDV HVWH DXWRU VRVWLHQH TXH ODV FLXGDGHV HVWiQ FRPSDUWLHQGR FRQRFLPLHQWR HQWUH HOODV
PHGLDQWH UHGHV SHUVRQDOHV H LQVWLWXFLRQDOHV 1R VyOR ODV FLXGDGHV HVWiQ REWHQLHQGR QXHYDV LGHDV R
FRQRFLPLHQWRV VLQR WDPELpQ YDOLGDQGR \ KDFLHQGR UHIRUPDV DSURYHFKDQGR GLYHUVRV FHQWURV GH
FRQRFLPLHQWR/DVFLXGDGHVDSUHQGHQ\ORKDFHQGHGLIHUHQWHVPDQHUDVFRQUHGHVLQIRUPDOHVIRUPDOHV
RPHGLRVFRUSRUDWLYRV$VLPLVPR&DPSEHOOVRVWLHQHTXHODVFLXGDGHVTXHSDUWLFLSDQHQHVWHSURFHVRGH
LQQRYDFLyQQRVRQPHJDFLXGDGHVSHURVtGHWDPDxRPHGLDQR DOUHGHGRUGHPLOOyQGHKDELWDQWHV 
/D OHFFLyQ H[WUDtGD GH HVWH WUDEDMR HV TXH ODV FLXGDGHV EXVFDQ LQQRYDU XQDV GH RWUDV GH GLIHUHQWHV
PDQHUDV\KDVWDFLHUWRJUDGRODVSROtWLFDVGHGDWRVDELHUWRVVRQXQFDVRH[WUHPRGHGLIXVLyQGHSROtWLFDV
GHELGRDODYHORFLGDGDODTXHVHKDQSURSDJDGRSHURWDPELpQSRUTXHKDQVLGRSDUWLFXODUPHQWHIiFLOHV
GH HPXODU \ FRQVWUXLU FRQ EDVH HQ RWURV HMHPSORV 2WUD FXHVWLyQ VLJQLILFDWLYD HV KDVWD TXp SXQWR XQD
FLXGDGSXHGHVHULQWHOLJHQWH\DELHUWDDOPLVPRWLHPSR$ELHUWDVLJQLILFDTXHODPD\RUtDGHORVFRQMXQWRV
GHGDWRVGHODFLXGDGVRQS~EOLFRV\VHHQFXHQWUDQHQIRUPDWRVDELHUWRV\FRPRUHVXOWDGRVRQDFFHVLEOHV
SRU FXDOTXLHU SHUVRQD FRQ LQWHUpV YROXQWDG \ ORV UHFXUVRV SDUD XVDUORV 'H HVWD PDQHUD XQD FLXGDG
DELHUWDSUREDEOHPHQWHQRSRGUtDDVSLUDUDWHQHUXQFHQWURGHFRQWURO\ PDQGRGHVGHGRQGHGLULJLUTXp
VHUYLFLRV VH FUHDQ \ FyPR 1R REVWDQWH WLHQH OD SRVLELOLGDG GH LQIOXLU HQ OD DJHQGD SHUPLWLHQGR D OD
VRFLHGDGFLYLO\HOVHFWRUSULYDGRSURGXFLUQXHYRVVHUYLFLRVRPRGLILFDUORVDFWXDOHVFRQEDVHHQGDWRV
DELHUWRV1XHYRVDFXHUGRVGHJREHUQDQ]DSXHGHQVXUJLUSHURHVSRFRSUREDEOHTXHHVWDVGLVSRVLFLRQHV
WHQJDQXQDIRUPDFHQWUDOL]DGD
8QDDJHQGDGHJRELHUQRDELHUWRTXHLPSOLTXHGDWRVDELHUWRVGHEHWHQHUXQVHVJRKDFLDODPHMRUD
GH OD SDUWLFLSDFLyQFLXGDGDQD /RV HVWiQGDUHV DELHUWRV \ OD WHFQRORJtD QRLPSOLFDQ TXHODV FLXGDGHV VH
YXHOYDQ PiV SDUWLFLSDWLYDV DXWRPiWLFDPHQWH 0X\ SRU HO FRQWUDULR OD DSHUWXUD SXHGH WDPELpQ VHU XQD
KHUUDPLHQWD SDUD HO FRQWURO \ OD YLJLODQFLD 'H HVWD PDQHUD ORV GDWRV DELHUWRV WLHQHQ TXH HVWDU
DGHFXDGDPHQWH HQPDUFDGRV HQ HO GHEDWH GH ODV FLXGDGHV FLXGDGHV LQWHOLJHQWHV QR VRQ VLQyQLPR GH
SDUWLFLSDFLyQ8QHQIRTXHVREUHHOGHVDUUROORXUEDQRHVFUXFLDOSDUDWHQHUXQHQIRTXHFRQVLVWHQWHSDUD
DEULUORVGDWRVGHJRELHUQRDQLYHOORFDO

/RVGDWRVDELHUWRVFRPRUHJODGHOMXHJRHQODFLXGDG
(Q OD PHGLGD HQ TXH ORV GDWRV HVWiQ FDGD YH] PiV GLVSRQLEOHV VH ORV GHEH HQWHQGHU FRPR XQ ELHQ
S~EOLFRGHODVFLXGDGHVGHDFXHUGRFRQXQFRQMXQWRPtQLPRGHQRUPDVWpFQLFDV(VWRHVHQVtODLGHDGH
ORV GDWRV DELHUWRV GH JRELHUQR FRPR XQD UHJOD JHQHUDO HV DOJR TXH VH HVSHUD /D LGHD GH XQD UHJOD
JHQHUDO WDPELpQ HVWi UHODFLRQDGD FRQ OD LGHD GH ORV GDWRV DELHUWRV GH JRELHUQR FRPR SDUWH GH OD
LQIUDHVWUXFWXUD S~EOLFD GLJLWDO 0RQFFHFKL   $ PHQXGR VH HPSOHD OD DQDORJtD GH ODV FDUUHWHUDV
S~EOLFDV SDUD HQWHQGHU ORV GDWRV DELHUWRV OD FLXGDG FRQVWUX\H ORV FDPLQRV SDUD HO XVR GH WRGRV
PDQWHQLpQGRORVHQEXHQDVFRQGLFLRQHV\VLQSROtWLFDVGHGLVFULPLQDFLyQ'HVGHHVWHSXQWRGHYLVWDORV
GDWRV DELHUWRV LPSOLFDQ QR VROR OD SXEOLFDFLyQ GDWRV VLQR WDPELpQ ORV VHUYLFLRV \ OD FDSDFLGDG
FRPSXWDFLRQDO GHO JRELHUQR SDUD ORJUDU XQ HQWRUQR IDYRUDEOH /D OyJLFD HV IRPHQWDU HO FRQRFLPLHQWR
S~EOLFR \ QR VROR LQFUHPHQWDU OD HILFLHQFLD 3DUD PHMRUDU HVWD LGHD VH SURSRQH SHQVDU HQ ORV GDWRV
DELHUWRVFRPRXQDFRQGLFLyQGDGDHQODTXHWRGDVODVSDUWHVLQWHUHVDGDVHVSHUDQTXHODLQIRUPDFLyQVH
HQFXHQWUH DKt \ VHDQ FDSDFHV GH YHU FyPR OD XWLOL]DQ RWURV 'H HVWD PDQHUD ORV GDWRV DELHUWRV VH
FRQYLHUWHQHQORVFLPLHQWRVGHOHVSDFLRGLJLWDOGHODFLXGDG\HOJRELHUQR
&DGD YH] PiV ORV GDWRV DELHUWRV GH JRELHUQR VH DVRFLDQ FRQ XQ FRQFHSWR PiV DPSOLR GH
JRELHUQRDELHUWR\ODIRUPDHQODFXDOHOJRELHUQRLQWHUDFW~DFRQFLXGDGDQRV )XQJ /RVGDWRV
OLEHUDGRV SRGUtDQ VHU XWLOL]DGRV SDUD IRPHQWDU OD WUDQVSDUHQFLD \ OD UHQGLFLyQ GH FXHQWDV
,QGHSHQGLHQWHPHQWH GH VX SRWHQFLDO SROtWLFR \ GHO SDUDGLJPD DGPLQLVWUDWLYR ORV GDWRV VH SURGXFHQ
SHUR QR VH FRPSDUWHQ GHVHFKiQGRVH DVt DXQTXH HO FRVWR GH SURGXFLUORV \D KD VLGR SDJDGR SRU HO


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

(VWDGR/DJHVWLyQGHHVWDUHJODGHOMXHJRHVDOJRTXHODVFLXGDGHVGHEHQWHQHUHQFXHQWDFRQEDVH
HQFXDWURGLPHQVLRQHV
 3XEOLFDFLyQSURDFWLYDGHFRQMXQWRVGHGDWRV
 ,PSOLFDQFLDVGHSULYDFLGDG
 3ROtWLFDGHUHXWLOL]DFLyQ
 $OPDFHQDPLHQWR\SURFHVDPLHQWRGHODLQIRUPDFLyQS~EOLFD
/DSXEOLFDFLyQSURDFWLYDGHGDWRVLPSOLFDWDPELpQXQDVHULHGHFXHVWLRQHVUHVSHFWRGHOFRVWRGH
SXEOLFDFLyQ SDUWLFXODUPHQWH HQ RUJDQL]DFLRQHV SHTXHxDV FRQ FDSDFLGDGHV WHFQROyJLFDV UHGXFLGDV +D\
RSFLRQHVGLVSRQLEOHVHQHOPHUFDGRSDUDD\XGDUDODVRUJDQL]DFLRQHVHQODSXEOLFDFLyQ\YLVXDOL]DFLyQGH
ORVGDWRVS~EOLFRVSHURHTXLSRVSHTXHxRVWDPELpQVRQFDSDFHVGHSXEOLFDUGDWRVFRQXQFLHUWRJUDGRGH
FRQILDQ]D VLHPSUH TXH HVWRV VH REWHQJDQ D SDUWLU GH VLVWHPDV SUHH[LVWHQWHV /D PD\RUtD GH ORV GDWRV
S~EOLFRVTXH\DHVWiQGLVSRQLEOHVQRIXHURQFUHDGRVFRQHOSURSyVLWRGHVHUSXEOLFDGRVVLQRFRQRWURV
ILQHV\ORUD]RQDEOHHVXVDUORVHQVXVIRUPDWRVRULJLQDOHV6LELHQHVWRQRVHDMXVWDDORVHVWiQGDUHVGH
7LP%HUQHUV/HH  \DORVIRUPDWRVLGHDOHVVLJXHVLHQGRXQDRSFLyQVXILFLHQWHPHQWHEXHQDSDUD
TXHORVGHVDUUROODGRUHVSXHGDQWUDEDMDUFRQORVGDWRV(QFXDQWRDODUHJXODFLyQGHODSULYDFLGDGHVWD
GHSHQGHGHOFRQWH[WRSHURODVFLXGDGHVVXHOHQQRPDQHMDUJUDQGHVFDQWLGDGHVGHGDWRVFRQLQIRUPDFLyQ
SULYDGD (Q ORV FDVRV HQ TXH OD LQIRUPDFLyQ SULYDGD SXGLHUD HVWDU H[SXHVWD H[LVWHQ SURFHGLPLHQWRV
FODURVTXHJDUDQWL]DQHODQRQLPDWRGHORVGDWRV
(Q WpUPLQRV GH UHXWLOL]DFLyQ ODV OLFHQFLDV TXH FXPSOHQ FRQ HVWiQGDUHV ySWLPRV FRPR OD
GHILQLFLyQ DELHUWD  VRQ ~WLOHV SDUD IRPHQWDU HO XVR GH ORV GDWRV HQWUH ORV XVXDULRV \D TXH UHGXFHQ ORV
FRVWRV GH WUDQVDFFLyQ (QOD PHGLGD HQTXH ORV XVXDULRV VH YXHOYHQFDGD YH] PiV GHSHQGLHQWHV GH ORV
GDWRVS~EOLFRVHODOPDFHQDPLHQWR\HOSURFHVDPLHQWRGHODLQIRUPDFLyQS~EOLFDVHYXHOYHQFUtWLFRV\VH
UHODFLRQDQFRQODSROtWLFDGHJHVWLyQGHODLQIRUPDFLyQGHFDGDRUJDQL]DFLyQ(QHOFDVRGH0RQWHYLGHR
VHGHPXHVWUDTXHHVSRVLEOHFRQVWUXLUGHPDQHUDHYROXWLYD\SUDJPiWLFDXQDSROtWLFDGHGDWRVPHMRUDQGR
SDXODWLQDPHQWHORVGDWRV\ORVVHUYLFLRVGHVDUUROODGRV

/RVPXFKRVVLJQLILFDGRVGHORVGDWRVDELHUWRVSDUDODVFLXGDGHV
6LELHQORVGDWRVDELHUWRVGHJRELHUQRSXHGHQVHUSDUWHGHODLQIUDHVWUXFWXUDS~EOLFDGLJLWDORXQDUHJOD
JHQHUDO GHO HQWRUQR GH XQ JRELHUQR DELHUWR WDPELpQ H[LVWHQ FXHVWLRQHV VREUH OD IRUPD HQ OD TXH OD
DSHUWXUDGHGDWRVSXHGHVHUXWLOL]DGDSDUDSURPRYHUXQJRELHUQRGHPRFUiWLFR&RPRHQRWURVFDVRVORV
GDWRV DELHUWRV WDPELpQ FRUUHQ HO ULHVJR GH FRQYHUWLUVH HQ XQ FRQFHSWR GH PRGD FRPR FLXGDGHV
LQWHOLJHQWHV'HKHFKRFDGDFLXGDGSXHGHWHQHUXQDYLVLyQGLVWLQWDVREUHVXIXWXURTXHSRGUtDLQFRUSRUDU
HO FRQFHSWR GH 6PDUW &LW\ /D HYLGHQFLD GLVSRQLEOH DXQTXH SUHOLPLQDU PXHVWUD TXH ORV JRELHUQRV
PXQLFLSDOHVSXHGHQVHUFDSDFHVGHFRQGXFLUXQHQWRUQRGHGDWRVDELHUWRVSHURQRGLULJLUORWRWDOPHQWH
(VDOWDPHQWHGHVHDEOHTXHODVFLXGDGHVGHVDUUROOHQFDSDFLGDGHVSDUDVXSHUYLVDUVXVVHUYLFLRV\
PHMRUDUORVDVtFRPRSDUDIRPHQWDUODLQQRYDFLyQGHVGHHOLQWHULRUGHVXVRUJDQL]DFLRQHV\GHVGHDIXHUD
'HHVWD PDQHUDORVGDWRVDELHUWRVGHJRELHUQRSXHGHQVHUODEDVHGHXQDQXHYDIRUPDGHJREHUQDQ]D
XUEDQD HQ TXH ODV RUJDQL]DFLRQHV FLXGDGDQDV SXHGHQ DEULU HO FDPLQR KDFLD XQD JREHUQDELOLGDG PiV
SDUWLFLSDWLYD&RPRUHVXOWDGRODLQIRUPDFLyQGHRUJDQL]DFLRQHVS~EOLFDV\SULYDGDVIXQGDPHQWDOSDUDOD
YLGDGHORVFLXGDGDQRVGHEHUtDHVWDUGLVSRQLEOHDFFHVLEOH\SURFHVDEOH )XQJ (VWHSXQWRGHYLVWD
GHVDItD HO SHQVDPLHQWR WUDGLFLRQDO GH OD GLYLVLyQ S~EOLFRSULYDGD SDUD ILQDOPHQWH HPSRGHUDU D ORV
FLXGDGDQRVDWUDYpVGHORVGDWRV
6LELHQH[LVWHQYDULRVXVRVGHORVGDWRVDELHUWRVGHJRELHUQRODDSHUWXUDGHGDWRVGHODVFLXGDGHV
WUDWDVREUHODH[SDQVLyQGHODOLEHUWDG\HOGHVDUUROORKXPDQRGHORVFLXGDGDQRVXQYHUGDGHURVLJQRGH
XQDFLXGDGLQWHOLJHQWH




&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&(OHQWRUQR\ODSROtWLFDGHGDWRVDELHUWRVHQODFLXGDG
0RQWHYLGHR IXH OD SULPHUD FLXGDG HQ $PpULFD /DWLQD TXH FRQWy FRQ XQD SROtWLFD GH GDWRV DELHUWRV
IHEUHUR GH    6L ELHQ H[LVWH XQD DPSOLD OLWHUDWXUD DFHUFD GH OD WUDQVIHUHQFLD \ HO DSUHQGL]DMH GH
SROtWLFDV YpDVH SRU HMHPSOR 5RVH  'RORZLW] \ 0DUVK   HO REMHWLYR GH HVWH UHSRUWH HV
SURSRUFLRQDU XQD EUHYH GHVFULSFLyQ GH FyPR VXUJLy OD SROtWLFD GH GDWRV DELHUWRV HQ 0RQWHYLGHR FRPR
XQDGHODVSROtWLFDVSLRQHUDVGHODHVFHQDJOREDOXVDQGRXQVLPSOHPDUFRSURSRUFLRQDGRSRU.LQGJRQ
  \ JHQHUDOPHQWH FRQRFLGR FRPR P~OWLSOHV IOXMRV (Q WpUPLQRV VHQFLOORV ORV PDUFRV H[SORUDQ
FXiQGR\FyPROOHJDXQDLGHD.LQJGRQVRVWLHQHTXHODFRPELQDFLyQGHODVLGHDVODYROXQWDGSROtWLFD\
ODV RSRUWXQLGDGHV GDQ OXJDU D XQD YHQWDQD SROtWLFD 3RU ~OWLPR VH RIUHFH XQD VHULH GH UHVXOWDGRV H
LQGLFDGRUHVVREUHODSROtWLFDGHGDWRVDELHUWRVGHODFLXGDGGH0RQWHYLGHR

2UtJHQHVGHODSROtWLFD
/D FLXGDG GH 0RQWHYLGHR WLHQH XQD DPSOLD WUDGLFLyQ HQ HO GHVDUUROOR GH VLVWHPDV GH LQIRUPDFLyQ DO
LQWHULRU LQKRXVH  GH OD DGPLQLVWUDFLyQ (VWH HV HO UHVXOWDGR GH XQ HQIRTXH WUDGLFLRQDO GH VHUYLFLR
S~EOLFR HQ FXDQWR D OD FRQWUDWDFLyQ GH UHFXUVRV KXPDQRV TXH D VX YH] FUHD PHPRULD LQVWLWXFLRQDO \
FDSDFLGDG HQ HO (VWDGR SDUD DYDQ]DU HQ ODV SROtWLFDV 7,& $Vt OD PD\RU SDUWH GH ORV VLVWHPDV GH
LQIRUPDFLyQ VH FRQVWUX\HQ FRQ OD PLVPD OyJLFD OR TXH SHUPLWH GH XQD PDQHUD UHODWLYDPHQWH IiFLO
REWHQHU \ SXEOLFDU GDWRV S~EOLFRV $VLPLVPR OD OyJLFD GH ORV GDWRV DELHUWRV VH UHIXHU]D SRU OD GHO
VRIWZDUHS~EOLFR\DELHUWRXQHQIRTXHDGRSWDGRIRUPDOPHQWHSRUODFLXGDGGH0RQWHYLGHR(OPRGHOR
GHVRIWZDUHS~EOLFRDVXPHXQPDUFRGHGHVDUUROORDELHUWRHQTXHWRGRHOVRIWZDUHDGTXLULGRRSURGXFLGR
SRU HO (VWDGR HV DELHUWR SRU GHIHFWR &RPR UHVXOWDGR XQD PD\RU WUDQVSDUHQFLD HVWi DUWLFXODGD HQ VX
GHVDUUROOR\KD\XQDKRUURHQWpUPLQRVGHOLFHQFLDV\RWURVVHUYLFLRV
/RVSULPHURVSDVRVKDFLDXQDSROtWLFDGHGDWRVDELHUWRVHQ0RQWHYLGHRHYROXFLRQDURQDSDUWLUGH
ODSXEOLFDFLyQGHLQIRUPDFLyQJHRJUiILFD(VWRVXUJLySRUTXHXQJUXSRGHIXQFLRQDULRVS~EOLFRVGHQLYHO
PHGLRHQVXPD\RUtDLQJHQLHURVGHVRIWZDUHTXHDGRSWDEDQODILORVRItDGHFyGLJRDELHUWR\VRIWZDUH
OLEUH\TXHWUDEDMDEDQFRQLQIRUPDFLyQWRSRJUiILFD\FDUWRJUiILFDYLRYDORUHQODSXEOLFDFLyQGHGDWRV
GHIRUPDJUDWXLWD\DELHUWD3RUWDQWRLQFOXVRDQWHVGHTXHHOWpUPLQRGDWRVDELHUWRVVHKLFLHUDSRSXODUHO
iUHDGHJHRPiWLFD\DHVWDEDSXEOLFDQGRGDWRVHQIRUPDWRVDELHUWRV
3RVWHULRUPHQWH PHGLDQWH WDOOHUHV LQWHUQRV HVWRV PLVPRV IXQFLRQDULRV S~EOLFRV FRQWLQXDURQ
GLVFXWLHQGRVREUHODIRUPDGHRSWLPL]DUODSXEOLFDFLyQGHGDWRVDFRUGDQGRTXHVHUtDLGHDOSXEOLFDUXQD
PD\RU FDQWLGDG GH GDWRV 8QD LQYHVWLJDFLyQ LQLFLDO ORV OOHYy D GHWHUPLQDU RFKR SULQFLSLRV GH GDWRV
DELHUWRVTXHVHDOLQHDEDQFRQVXVREMHWLYRV$GHPiVODUHFLHQWHPHQWHDSUREDGD/H\GH7UDQVSDUHQFLD
/H\GHDFFHVRDODLQIRUPDFLyQS~EOLFD1 D\XGDEDFRPRPDUFRGHSROtWLFDDHVWDLQLFLDWLYD1R
REVWDQWHVHHQFRQWUyTXHHUDQHFHVDULDXQDSROtWLFDHVSHFtILFDGHVGHODPXQLFLSDOLGDGTXHGHEHUtDVHUOR
VXILFLHQWHPHQWHVLPSOHSDUDIDFLOLWDUODOLEHUDFLyQGHGDWRVVLQSUREOHPDVVLJQLILFDWLYRV'HHVWDPDQHUD
VH SURPRYLy HVWD SROtWLFD HQ ORV QLYHOHV PHGLRV GH OD GLUHFFLyQ GH OD PXQLFLSDOLGDG 0LHQWUDV WDQWR
DOJXQRV JUXSRV GH OD VRFLHGDG FLYLO \D VH HQFRQWUDEDQDERJDQGRSRU OD DSHUWXUD S~EOLFD GH GDWRV SDUD
PHMRUDUORVVHUYLFLRV\ODUHQGLFLyQGHFXHQWDVHQODFLXGDG 'HIHQVRUGHO9HFLQR&DLQIR 
$ GLIHUHQFLD GH RWURV FDVRV HO SURFHVR GH 0RQWHYLGHR IXH LPSXOVDGR SRU ORV PDQGRV
LQWHUPHGLRVTXHLQLFLDOPHQWHWUDWDEDQGHUHVROYHUXQSUREOHPDHVSHFtILFR\TXHOXHJRHQFRQWUDURQTXH
ORVGDWRVDELHUWRVHUDQSDUWHGHODVDFWLYLGDGHVTXHTXHUtDQSURPRYHU(VWHHVHOFDVRGHXQDSROtWLFDGH
DEDMR KDFLD DUULED TXH ORJUy VXUJLU GHELGR D OD FDSDFLGDG \ HO HVStULWX HPSUHQGHGRU GH VHUYLGRUHV
S~EOLFRVDGHPiVGHODRSRUWXQLGDGSROtWLFD\ODVLGHDVSURJUHVLVWDV'HHVWDPDQHUDODFRPELQDFLyQGH
YROXQWDGHVStULWXHPSUHVDULDOHLGHDVMXJyXQUROFHQWUDOHQODDSHUWXUDGHGDWRVGH0RQWHYLGHR
(Q IHEUHUR GH  VH DSUREy OD UHVROXFLyQ  TXH HVWDEOHFH HO LQWHUpV GHO JRELHUQR HQ
SXEOLFDUGDWRVJXEHUQDPHQWDOHVEDMRXQFRQMXQWRGHFRQGLFLRQHV



 KWWSVLJPRQWHYLGHRJXEX\
 KWWSZZZRSHQJRYGDWDRUJKRPHSULQFLSOHV





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

 (QSULQFLSLRWRGRVORVGDWRVVRQS~EOLFRVH[FHSWRVLKD\SUREOHPDVGHSULYDFLGDG\VHJXULGDG
 7RGRVORVGDWRVGHEHQVHUSXEOLFDGRVFRPRGDWRVVLQSURFHVDU
 /RVGDWRVGHEHQVHUSXEOLFDGRVWDQSURQWRFRPRVHDSRVLEOH
 /RVGDWRVGHEHQHVWDUGLVSRQLEOHVSDUDODPD\RUFDQWLGDGGHSHUVRQDVSRVLEOH
 /RVGDWRVGHEHQHVWDUHQIRUPDWROHJLEOHSRUPiTXLQD
 /RV GDWRV GHEHQ VHU SXEOLFDGRV HQ XQ IRUPDWR HQ HO TXH QLQJXQD HQWLGDG WHQJD FRQWURO
DEVROXWRVREUHHOORV HVWiQGDUHVDELHUWRV 
 /RV GDWRV GHEHQ WHQHU OD OLEHUWDG GH VHU XVDGRV \ UHXWLOL]DGRV \ VLQ OD DSOLFDFLyQ GH
GHUHFKRVGHDXWRU
(VWDUHVROXFLyQWDPELpQHVWDEOHFLyXQJUXSRGHWUDEDMRFRPRSDUWHGHODGLYLVLyQGHWHFQRORJtD
\GHVDUUROORGHVRIWZDUHSDUDOOHYDUDFDERODOLEHUDFLyQGHGDWRV

/DOLEHUDFLyQGHGDWRV\ORVLQGLFDGRUHVLQLFLDOHV
(OFULWHULRLQLFLDOSDUDSXEOLFDUGDWRVHQODLQWHQGHQFLDIXHVLPSOHXWLOL]DUORTXH\DHVWDEDGLVSRQLEOH
'H HVWD PDQHUD HO JUXSR GH WUDEDMR VREUH GDWRV DELHUWRV FUHy XQ VLWLR ZHE GDWRVPRQWHYLGHRJXEX\ 
GRQGHVHSXEOLFDURQHQSULQFLSLRFRQMXQWRVGHGDWRV/DPD\RUSDUWHGHHVWRVFRQWHQtDLQIRUPDFLyQ
JHRJUiILFD \ GH WUDQVSRUWH \ QR IXHURQ HVSHFLDOPHQWH DUUHJODGRV SDUD VHU SXEOLFDGRV DXQTXH
DFWXDOPHQWHORVIRUPDWRVHQODSiJLQDZHEVRQSRUORJHQHUDOHOIRUPDWRHVWiQGDUDELHUWRPiVDFHSWDGR
SDUDFDGDFRQMXQWRGHGDWRV/DGHFLVLyQGHXWLOL]DUORTXHVHWHQtDSXVRHQPRYLPLHQWRODSROtWLFDGH
GDWRV DELHUWRV 7DPELpQ HV SUREDEOH TXH ORV SULPHURV FRQMXQWRV GH GDWRV GLVSRQLEOHV LQIOX\HUDQ HQ OD
GLVSRQLELOLGDGGHDSOLFDFLRQHVHQ0RQWHYLGHR\DTXHODPD\RUtDGHODVDSOLFDFLRQHVHVWiQUHODFLRQDGDV
FRQORVVHUYLFLRVGHWUDQVSRUWHXRWURVVHUYLFLRVEDVDGRVHQLQIRUPDFLyQJHRJUiILFD
(O VHJXQGR SDVR GH OD SROtWLFD IXH FRORFDU DUFKLYRV HQ IRUPDWRV TXH VH SRGtDQ FRQYHUWLU GH
PDQHUD VHQFLOOD D  IRUPDWRV DELHUWR HM FVY  8Q HMHPSOR IXHURQ ORV GDWRV VREUH HO SUHVXSXHVWR GH OD
FLXGDGTXHVHFRQYLUWLHURQDIRUPDWRVDELHUWRV'HVSXpVGHTXHORVSULPHURVFRQMXQWRVGHGDWRVIXHURQ
OLEHUDGRVHOJUXSRGHWUDEDMRGHVDUUROOyXQDHVWUDWHJLDGHSDUWLFLSDFLyQDFWLYDHYDOXDQGRODGHPDQGD
GHGDWRVDWUDYpVGHFRUUHRVHOHFWUyQLFRV\RWURVPHGLRV)LQDOPHQWHODHVWUDWHJLDHPHUJHQWHHYROXFLRQy
KDFLDXQFRQMXQWRGHQRUPDV
 3XEOLFDUSULPHURORVGDWRVGLVSRQLEOHVTXHGHPDQGDQSRFRRQLQJ~QHVIXHU]RUHFXUVRV
 'LIXQGLULQIRUPDFLyQVREUHODGLVSRQLELOLGDGGHGDWRVJUDFLDVDODFRPXQLGDGGHXVXDULRV
 3URSRUFLRQDUPHWDGDWRVHLQGLFDFLRQHVVREUHHOFRQMXQWRGHGDWRVVLHPSUHTXHVHDSRVLEOH
 (VFXFKDUFRQDWHQFLyQDORVXVXDULRV\SURSRUFLRQDUDSR\RSDUDSURFHVDUWRGDVODVVROLFLWXGHV
 0DQWHQHUODSXEOLFDFLyQVLHPSUHTXHVHSXHGDFRQEDVHHQODGHPDQGDGHORVXVXDULRV
 ([SOLFDUDODFRPXQLGDGGHXVXDULRVODVUD]RQHVSRUODVTXHQRVHSXHGHSURFHVDUXQDFRQVXOWD
(VWDV SUHPLVDV DSOLFDGDV D XQ FRQWH[WR FHQWUDOL]DGR DSR\DGR SRU OD FDSDFLGDG GH ORV
IXQFLRQDULRV S~EOLFRV IDFLOLWDURQ OD UHFROHFFLyQ \ SXEOLFDFLyQ GH GDWRV 0RQWHYLGHR WLHQH XQ VLVWHPD
ySWLPRSDUDFHQWUDOL]DUODLQIRUPDFLyQPXQLFLSDO\FRPRUHVXOWDGRHVUHODWLYDPHQWHIiFLOEXVFDUGDWRV\
SXEOLFDUORV(OJUXSRGHWUDEDMRVREUHGDWRVDELHUWRVFRQVLGHUDTXHHVLPSRUWDQWHODSXEOLFDFLyQGHGDWRV




 $FWXDOPHQWHODFLXGDGGH0RQWHYLGHRHVWiLQWHJUDQGRVXEDVHGHGDWRVDODGHOD$JHQFLDGH*RELHUQRHOHFWUyQLFR\
6RFLHGDGGHOD,QIRUPDFLyQ\GHO&RQRFLPLHQWRGH8UXJXD\ $*(6,& PHGLDQWHSRUWDOGHGDWRV GDWRVJXEX\ 

 8Q HMHPSOR GH HVWR HV TXH OD PD\RUtD GH ORV FRQMXQWRV GH GDWRV JHRJUiILFRV VH SXEOLFDURQ HQ VKDSHILOH TXH HV HO
IRUPDWRHVWiQGDUDELHUWRPiVDFHSWDGRSDUDODLQIRUPDFLyQJHRJUiILFD1RREVWDQWHDFWXDOPHQWHVHHVWiFRQVLGHUDQGR
ODGLVSRVLFLyQGHORVDUFKLYRVHQRWURVIRUPDWRVDELHUWRV\GHPiVIiFLOXVRFRPR./0



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

VREUHHOPHMRUHVWiQGDUSRVLEOH HMODVHVWUHOODVGH7LP%HUQHUV/HH SHURVHHQWLHQGHTXHHQHVWHFDVR


HO LQFRQYHQLHQWH VRQ ORV FRVWRV SXHVWR TXH HVWH SURFHVR VXSRQH XQ HTXLSR GH FRQYHUVLyQ GH GDWRV
FRPSXHVWR SRU LQJHQLHURV  OR TXH QR QHFHVDULDPHQWH VH WUDGXFH HQ XQ LPSDFWR PD\RU (VWR SRQH HQ
HYLGHQFLDODWHQVLyQH[LVWHQWHHQWUHODSXEOLFDFLyQGHGDWRVVREUHXQHVWiQGDUDFHSWDEOHSHURQRLGHDO\
ODSXEOLFDFLyQGHGDWRVGHDFXHUGRDORVHVWiQGDUHVHVWDEOHFLGRV
(Q FXDQWR D ORV LQGLFDGRUHV GH LPSDFWR GH OD SROtWLFD HO GHEDWH FRQWLQ~D ,QLFLDOPHQWH VH
GLVFXWLHURQ LQGLFDGRUHV FRPR HO Q~PHUR GH FRQMXQWRV GH GDWRV GHVFDUJDGRV \ Q~PHUR GH FRQVXOWDV \
YLVLWDVDOVLWLRZHESHURHOFRQVHQVRHVTXHQRQHFHVDULDPHQWHGHPXHVWUDQORVUHVXOWDGRVGHODSROtWLFD
3RUHMHPSORODVGHVFDUJDVVHFRQVLGHUDQXQLQGLFDGRUHQJDxRVR\DTXHQRPXHVWUDQHOXVRUHDOGHORV
GDWRV+DVWDDKRUDHOJUXSRGHWUDEDMRGHGDWRVDELHUWRVHQ0RQWHYLGHRFRQVLGHUDTXHHOLQGLFDGRUPiV
YDOLRVRVREUHHOLPSDFWRGHODSROtWLFDGHDSHUWXUDHVHOFRQMXQWRGHDSOLFDFLRQHVTXHKDQVXUJLGRFRPR
UHVXOWDGRGHORVGDWRVDELHUWRV

''DWRVDELHUWRVHQ0RQWHYLGHR
8QD FDUDFWHUtVWLFD JHQHUDO GH OD DSDULFLyQ GH DSOLFDFLRQHV HQ 0RQWHYLGHR HV TXH KDQ VLGR SDUWH GH XQ
SURFHVR HVSRQWiQHR (Q HO iPELWR SULYDGR QLQJXQD GH ODV DSOLFDFLRQHV FRQVLJXLy ILQDQFLDPLHQWR X
RULHQWDFLyQ HVSHFtILFD SRU SDUWH GH OD PXQLFLSDOLGDG 'H HVWD PDQHUD ORV XVXDULRV GHVFXEULHURQ SRU
FXHQWDSURSLDFyPRORVGDWRVSRGtDQD\XGDUDUHVROYHUSUREOHPDVFRWLGLDQRVODPHUDH[LVWHQFLDGHORV
GDWRVS~EOLFRVHQIRUPDWRVDELHUWRVSHUPLWLyGHVFXEULUYDULDVPDQHUDVGHXVDUORV/DVSRVLELOLGDGHVVRQ
PXFKDVHVSHFLDOPHQWHFXDQGRVHFRPELQDQGDWRVGHGLIHUHQWHVIXHQWHVDQLYHOQDFLRQDO\ORFDO
$ FRQWLQXDFLyQ VH SUHVHQWD XQ FRQMXQWR GH DSOLFDFLRQHV TXH KDQ XWLOL]DGR EDVHV GH GDWRV GHO
VHFWRU S~EOLFR GH 0RQWHYLGHR (O GHQRPLQDGRU FRP~Q GH HVWDV LQLFLDWLYDV HV TXH KDQ VLGR UHVXOWDGR
WDQWR GH XQ HVStULWX HPSUHQGHGRU FRPR GH OD FDSDFLGDG WpFQLFD SHUR FRQ HO HOHPHQWR FODYH GH OD
H[LVWHQFLDGHXQFRQMXQWRGHGDWRVS~EOLFRVHQIRUPDWRVDELHUWRV
*[EXVRIUHFHXQVHUYLFLRSDUDQDYHJDUHOVLVWHPDGHWUDQVSRUWHGH0RQWHYLGHRSURSRUFLRQDQGR
LQIRUPDFLyQVREUHHOUHFRUULGRHQWUHGLVWLQWRVSXQWRVGHODFLXGDG\HOPRPHQWRHQHOTXHORVDXWREXVHV
SDVDQ SRU GHWHUPLQDGDV SDUDGDV /D PRWLYDFLyQ FHQWUDO GHWUiV GH HVWD DSOLFDFLyQ IXH OD QHFHVLGDG GH
PRYHUVHFRQIDFLOLGDGHQ0RQWHYLGHR(QSDODEUDVGHOGHVDUUROODGRUGH*[EXV
&XDQGR OOHJXp SRU SULPHUD YH] GHVGH HO FDPSR D 0RQWHYLGHR GRV DxRV DWUiV SDVp PXFKR
WLHPSR VLQ XWLOL]DU ORV VHUYLFLRV GH DXWRE~V SRUTXH QR WHQtD QL LGHD GH FXiO EXV GHEtD WRPDU SDUD LU
GRQGH\RTXHUtDOOHJDUVREUHWRGRVLHVWDEDHQODFDOOHVLQXQRUGHQDGRU (O3DtV 
(QPD\RGHHOVLWLRWHQtDDOUHGHGRUGHXVXDULRVUHJLVWUDGRV\ODDSOLFDFLyQWHQtD
DOUHGHGRUGHGHVFDUJDV(OXVRGHUHGHVVRFLDOHVD\XGyDSURPRFLRQDUODDSOLFDFLyQ$FWXDOPHQWH
*[EXVVHHQFXHQWUDGLVSRQLEOHSDUD$QGURLG\26;
$FiYDPRVIXHGLVHxDGDRULJLQDOPHQWHSRU&XER[XQDHPSUHVDGHGHVDUUROORGHVRIWZDUHGH
FyGLJRDELHUWRFRQVHGHHQ0RQWHYLGHRTXHXVDEDVHVGHGDWRVS~EOLFDVSDUDGHVDUUROODUDSOLFDFLRQHV/D
DSOLFDFLyQSURSRUFLRQDXQDLQWHUID]TXHSHUPLWHORFDOL]DUIiFLOPHQWHFXDOTXLHUGLUHFFLyQHQ0RQWHYLGHR
8QIDFWRUFODYHSDUDHVWHSUR\HFWRIXHURQORVGDWRVGLVSRQLEOHVSURYLVWRVSRUODFLXGDGGH0RQWHYLGHR
'HPDQHUDLQGLUHFWDHOSUR\HFWRDSURYHFKyODDSOLFDFLyQ2SHQ6WUHHW0DS
$UWXUIXHGHVDUUROODGDHQ\XWLOL]DODWHFQRORJtDGHUHDOLGDGDXPHQWDGDSDUDD\XGDUDORV
XVXDULRV D PRYHUVH SRU 0RQWHYLGHR (O SULQFLSDO PRWRU GHWUiV GH VX GHVDUUROOR IXH XQ FRQFXUVR
RUJDQL]DGRSRUXQDHPSUHVDORFDOTXHLQYLWDEDDORVSURJUDPDGRUHVDXWLOL]DUXQDSODWDIRUPDHVSHFtILFD
SDUD FRGLILFDU XQD DSOLFDFLyQ LQQRYDGRUD /D DSOLFDFLyQ SURSRUFLRQD LQIRUPDFLyQ VREUH VHUYLFLRV GH
DOTXLOHUGHDXWRPyYLOHVFDPELRGHGLYLVDV\PDSDV$VLPLVPRSHUPLWHPDUFDUORVOXJDUHVYLVLWDGRV\



 'HVDUUROODUDOJ~QWLSRGHVLVWHPDGHUHJLVWURSDUDVDEHUTXLpQHVWiGHVFDUJDQGRORVGDWRVVHFRQVLGHUDQRSUiFWLFR\HQ
FLHUWRJUDGRRSXHVWRDORVSULQFLSLRVGHODSROtWLFD



CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

ob
t
en
e
rin
fo
rm
a
c
inso
b
r
em
onum
en
to
sp
b
l
i
co
sc
onr
e
a
l
i
d
a
da
um
en
t
ad
a
.Lo
su
su
a
r
io
sp
u
ed
en
,a
d
em

s
,
a
a
d
i
rfo
to
sal
ab
a
s
ed
ed
a
t
o
s
.R
e
s
p
e
c
tod
elo
sd
a
to
s
,l
am
ay
o
rp
a
r
t
ep
r
ov
i
e
n
ed
e
lM
in
i
s
t
e
r
iod
eT
u
r
i
sm
o
yd
el
ac
i
ud
a
dd
eM
on
t
e
v
i
d
eo
.A
r
tu
re
s
t
d
i
s
e

ad
ap
a
r
aA
nd
ro
i
dyiOS
,t
an
top
a
r
at
e
l

fo
no
sin
t
e
l
i
g
en
t
e
s
com
op
a
r
at
ab
l
e
t
a
s
.L
aem
p
r
e
s
ad
e
s
a
r
ro
l
l
a
do
r
aco
n
t
ensu m
om
en
tocone
la
poy
od
eun
ai
n
c
ub
a
d
o
r
ad
e
n
eg
o
c
io
sd
eu
n
aun
iv
e
r
s
id
a
d
.Cu
en
t
aco
n3
.00
0u
su
a
r
io
s
,l
am
ay
o
r

alo
c
a
l
e
s
,ys
ep
l
an
e
aqu
ee
ne
lco
r
to
p
l
a
zol
aap
l
i
c
a
c
i
ni
n
c
o
rpo
r
enu
ev
o
si
d
i
om
a
syo
t
r
a
sc
a
r
a
c
t
e
r

s
t
i
c
a
s
.
G
iTou
r
:n
a
c
ien2010com
ounp
roy
e
c
tod
eco
l
abo
r
a
c
inp
a
r
aob
t
en
e
runt

tu
loun
iv
e
r
s
i
t
a
r
io
.
E
lob
j
e
t
ivofu
eayud
a
ralo
su
su
a
r
io
s aexp
lo
r
a
r Mon
t
ev
id
eoyl
aid
e
asu
rg
ia
lob
s
e
rv
a
raung
r
an
nm
e
rod
etu
r
i
s
t
a
saqu
i
en
e
sl
e
sco
s
t
ab
am
an
e
j
a
r
s
eenl
ac
iud
adcongu

a
sd
e
s
a
c
tu
a
l
i
z
ad
a
sy m
ap
a
s
an
t
iguo
s
.Fu
el
ap
r
im
e
r
aap
l
i
c
a
c
inenu
t
i
l
i
z
a
rin
fo
rm
a
c
intu
r

s
t
i
c
apb
l
i
c
aen U
rugu
ay
.E
lr
e
tofu
e
p
ropo
r
c
ion
a
r un
ah
e
r
r
am
i
en
t
as
im
p
l
e a co
s
to c
e
ro
.L
ad
e
c
i
s
in d
eh
a
c
e
r un
a ap
l
i
c
a
c
in p
a
r
a
d
i
spo
s
i
t
ivo
sm
v
i
l
e
sen2010fu
ee
sp
e
c
i
a
lm
en
t
einnov
ado
r
a
,pu
e
s
toqu
eene
s
een
ton
c
e
se
ls
e
c
to
rd
e
t
e
l

fono
sin
t
e
l
ig
en
t
e
stod
av

anos
eh
ab

ad
e
s
a
r
ro
l
l
a
doenU
rugu
ay
.A
c
tu
a
lm
en
t
e
,l
aap
l
i
c
a
c
inp
e
rm
i
t
e
c
a
l
cu
l
a
rl
ad
i
s
t
an
c
i
aalo
sp
rov
e
edo
r
e
sd
es
e
rv
i
c
io
stu
r

s
t
i
co
sc
l
av
e(5000 m
i
lenum
e
r
ado
senl
a
p
l
a
t
a
fo
rm
a
)
,ob
t
en
e
rd
a
to
sa
c
e
r
c
ad
eh
e
cho
sh
i
s
t
r
i
co
sypo
l

t
i
co
sd
e
lp
a

sycon
t
a
rconin
fo
rm
a
c
in
sob
r
ee
lt
i
empoyd
a
to
se
conm
i
co
s
.P
a
r
aa
c
c
ed
e
ral
ain
fo
rm
a
c
inpb
l
i
c
a
,e
lequ
ipod
eG
i
tou
r
so
l
i
c
i
tl
aco
l
abo
r
a
c
ind
e
lM
i
n
i
s
t
e
r
iod
eTu
r
i
sm
od
eU
rugu
ay
, qu
ep
ropo
r
c
iond
a
to
sy m
ap
a
sd
e
todo
slo
sp
rov
e
edo
r
e
sd
es
e
rv
i
c
io
stu
r

s
t
i
co
sconl
acond
i
c
ind
equ
enofu
e
r
av
end
id
a
.In
i
c
i
a
lm
en
t
ee
l
p
roy
e
c
tos
eapoyenco
l
abo
r
a
c
ion
e
sat
i
em
pop
a
r
c
i
a
l
,p
e
rocone
lob
j
e
t
ivod
econ
s
t
ru
i
r
s
eenl
ab
a
s
ed
e
unem
p
r
end
im
i
en
tocom
e
r
c
i
a
l
. Cu
a
t
ro m
i
lu
su
a
r
io
sh
and
e
s
c
a
rg
adol
aap
l
i
c
a
c
in
,qu
es
een
cu
en
t
r
a
a
c
tu
a
lm
en
t
ea
c
t
iv
aen2800d
i
spo
s
i
t
ivo
sm
v
i
l
e
s
.L
am
ayo
r

ad
elo
su
su
a
r
io
ssontu
r
i
s
t
a
sd
eA
rg
en
t
in
a
,
B
r
a
s
i
l ylo
sE
s
t
ado
s Un
ido
s
, ysu p
rom
o
c
infue h
e
ch
ap
r
in
c
ip
a
lm
en
t
e po
rr
ed
e
sso
c
i
a
l
e
s
.L
a
ap
l
i
c
a
c
ing
ane
lcon
cu
r
so D
a
t
a
id
e
a
,o
rg
an
i
z
adopo
r AGES
IC
.E
lp
roy
e
c
tofu
ed
e
s
a
r
ro
l
l
adop
a
r
al
a
p
l
a
t
a
fo
rm
aAnd
ro
id
.
Mon
t
ev
id
eoBu
s
: fu
ee
lp
r
im
e
rs
i
t
iow
ebd
e
s
t
i
n
ad
oaa
y
ud
a
ral
a
sp
e
r
son
a
sau
t
i
l
i
z
a
re
ls
i
s
t
em
a
d
et
r
a
n
sp
o
r
t
ed
eM
on
t
ev
id
e
oen20
09(n
oh
ab

at
od
av

aun
apo
l

t
i
c
ad
ed
a
to
sab
i
e
r
to
s
)
.E
ld
i
s
e

a
do
rs
e
in
sp
i
renl
af
a
l
t
ad
ed
a
t
o
ss
ob
r
ee
lt
r
an
s
p
o
r
t
eyenl
an
e
c
e
s
i
d
a
dd
euns
e
rv
i
c
i
oqu
eayud
a
r
aao
r
i
en
t
a
r
s
e
en
l
.E
ls
i
t
i
ow
ebt
e
n

aunob
j
e
t
i
vos
e
cu
nd
a
r
i
o
,qu
ee
r
al
ag
en
e
r
a
c
i

nd
eun
aco
l
a
bo
r
a
c
i
nd
i
s
t
r
ibu
id
a
(
c
rowd
s
ou
r
c
in
g
)
.D
e
s
pu

sd
et
r
e
sa

o
s
,s
ec
r
e
un
av
e
r
s
in m
v
i
lal
aq
u
el
o
su
s
u
a
r
io
sc
on
t
r
ib
u
y
e
r
on
connm
e
ro
sd
el
n
e
ad
eb
u
s
e
s
,d
e
s
t
in
o
syp
a
r
a
d
a
s
.C
u
a
nd
os
ec
on
tconl
apo
l

t
i
c
asob
r
ed
a
t
o
sa
b
i
e
r
t
o
s
e
n Mo
n
t
e
v
i
d
e
o
,e
s
t
aa
y
ud
ac
o
r
r
ob
o
r
a
rl
ain
f
o
rm
a
c
ind
e
ls
i
t
io w
e
b
.L
ap
g
in
ag
en
e
r
ain
g
r
e
s
o
sp
o
r
pu
b
l
i
c
id
ad
,loqu
ep
e
rm
i
t
eunc
i
e
r
t
og
r
a
d
od
es
o
s
t
e
n
i
b
i
l
id
ad
,p
e
ronoh
aya
nf
in
a
n
c
i
am
i
en
t
osu
f
i
c
i
e
n
t
e
p
a
r
aq
u
ee
ls
i
t
io w
ebe
s
c
a
l
e
.L
aap
l
i
c
a
c
i
nt
i
en
eunp
rom
ed
iod
e3
00
0v
i
s
i
t
a
n
t
e
sp
o
rd

aya
l
r
ed
edo
rd
e
10%p
r
ov
i
en
e
nd
et
e
l

fo
no
sm
v
i
l
e
s(
c
i
f
r
as
ign
i
f
i
c
a
t
i
v
ap
a
r
aun
ac
i
u
d
adc
om
o Mon
t
e
v
i
d
eo
)
.L
ap
g
in
a
t
am
b
i
nh
at
e
n
id
oun
ac
a
n
t
i
d
adim
po
r
t
an
t
ed
eco
b
e
r
t
u
r
aen m
ed
io
sd
ecom
un
i
c
a
c
i
nl
o
c
a
l
e
s
,loq
u
eh
a
ay
ud
a
doa m
e
jo
r
a
re
lp
e
r
f
i
ld
e
ls
i
t
i
o
.
LBS Mon
t
ev
id
eo
:e
suns
e
r
v
i
c
iob
a
s
a
d
oe
nt
e
c
n
o
l
o
g

a LBS
,u
nc
on
ju
n
t
od
es
e
r
v
i
c
io
sd
e
p
rog
r
am
a
c
inqu
eo
f
r
e
c
enub
i
c
a
c
i
nc
om
ofun
c
i
on
e
sd
ec
on
t
ro
lp
a
r
alo
sp
ro
g
r
am
ado
r
e
s
.L
at
e
c
no
l
og

a
p
e
rm
i
t
ef
i
j
a
re
lpun
t
od
eub
i
c
a
c
i
nd
el
o
sob
j
e
t
o
sol
a
sp
e
r
son
a
squ
es
eh
a
c
env
i
s
i
b
l
e
sat
r
a
v

sd
er
ed
e
s
so
c
i
a
l
e
sys
e
r
v
i
c
io
sm
v
i
l
e
s
. Po
re
lm
om
en
to
,l
aa
p
l
i
c
a
c
inp
r
opo
r
c
ion
ai
n
fo
rm
a
c
i
ns
ob
r
et
e
a
t
ro
s
,
pu
n
to
sd
ei
n
t
e
r

spb
l
i
c
o
s
,aud
i
t
o
r
io
s
,b
i
b
l
i
o
t
e
c
a
sy m
u
s
eo
s
.Fu
ed
e
s
a
r
ro
l
l
a
d
ae
no
c
t
ub
r
ed
e2
0
12e
ne
l
m
a
r
cod
e
lcon
cu
r
sod
a
t
e
id
e
a
.uy
,o
rg
a
n
i
z
adopo
rAGES
IC
.E
lr
e
tod
el
aap
l
i
c
a
c
i
nfu
eo
f
r
e
c
e
runs
e
rv
i
c
io
f

c
i
ld
eu
s
a
rp
a
r
aid
en
t
i
f
i
c
a
rlug
a
r
e
sc
l
a
v
ec
e
r
c
ad
elo
su
su
a
r
io
sm
ed
i
an
t
euns
e
rv
i
c
io m
v
i
l
.U
nf
a
c
t
o
r
e
s
en
c
i
a
lp
a
r
ae
s
t
es
e
r
v
i
c
iof
u
e
ronl
o
sd
a
to
sp
ropo
r
c
i
on
a
do
spo
rl
ac
iu
d
add
eM
on
t
e
v
id
eo
.A
d
em

sd
elo
s
d
a
t
o
s
,l
ain
t
en
d
en
c
i
ae
n
t
r
eg
a
poy
op
a
r
aen
t
en
d
e
r
lo
sm
e
jo
r
.H
oyend

a
,e
ls
e
rv
i
c
i
ofun
c
i
on
ae
nt
ab
l
e
t
a
s
cons
i
s
t
em
a
sop
e
r
a
t
i
vo
sA
n
d
ro
i
dyiOS
.L
aap
l
i
c
a
c
i
n
,qu
ea
ne
s
t
ev
o
l
u
c
i
on
an
doe
nt

rm
ino
sd
e
p
b
l
i
coya
l
c
an
c
e
,fu
ed
e
s
a
r
ro
l
l
a
d
ae
ne
ll
en
gu
a
j
ed
ep
rog
r
am
a
c
inPHP
,p
e
roe
lcd
ig
oa
nnoe
s
t

ab
i
e
r
to
.C
om
or
e
su
l
t
ad
o
,e
ld
i
s
e

ad
o
rh
as
idoc
on
t
a
c
t
adop
o
ro
t
r
a
sau
to
r
i
d
a
d
e
sp
b
l
i
c
a
sd
i
s
p
u
e
s
t
a
sa
s
ab
e
rm

sa
c
e
r
c
ad
el
aa
p
l
i
c
a
c
i
nyl
o
ss
e
r
v
i
c
io
sb
a
s
a
do
sent
e
c
no
log

aLBS
.
S
i
s
t
emad
eIn
fo
rma
c
in G
eog
r
f
i
c
a(M
on
t
ev
iMap
)
:e
sunod
el
o
ss
e
rv
i
c
io
sp
ion
e
ro
se
nl
a
l
ib
e
r
a
c
i
nd
ed
a
t
o
sd
e
n
t
rod
el
ae
s
t
ru
c
tu
r
ad
eg
ob
i
e
rn
od
el
ac
iu
d
a
dd
e Mo
n
t
e
v
i
d
eo
. Lo
si
ng
e
n
i
e
ro
s
en
c
a
r
g
a
do
sd
ee
s
t
es
i
s
t
em
ah
anp
rom
ov
id
ol
al
i
b
e
r
a
c
i
nd
ed
a
to
sd
e
sd
e19
90
.G
r
anp
a
r
t
ed
el
af
i
l
o
so
f

a
25

CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

d
e
t
r

sd
e
ls
i
s
t
em
as
eb
a
s
ae
nd
e
s
a
r
ro
l
l
a
do
r
e
slo
c
a
l
e
sq
u
ep
r
o
v
i
e
n
e
nd
el
o
sm
ov
im
i
e
n
to
sd
ec
d
ig
oa
b
i
e
r
t
o
yso
f
twa
r
el
ib
r
e
,conu
nfu
e
r
t
ee
sp

r
i
t
ud
es
e
rv
i
c
iop

b
l
i
co
.E
lp
b
l
i
coo
b
j
e
t
i
voi
n
i
c
i
a
le
r
aung
rup
o
e
sp
e
c
i
a
l
i
z
ad
od
eu
s
u
a
r
i
o
s
,p
e
roco
nl
ae
v
o
lu
c
i
nd
el
o
sd
a
t
o
sa
b
i
e
r
t
o
ss
eh
ae
xp
a
nd
i
doao
t
rot
ipod
e
pb
l
i
coqu
ebu
s
c
ai
n
fo
rm
a
c
inim
po
r
t
an
t
ea
c
e
r
c
ad
el
ac
iud
a
d
.E
lr
e
tocon
s
i
s
t
i enp
ropo
r
c
i
on
a
rl
a
m
ay
o
rc
an
t
id
a
dd
ein
f
o
rm
a
c
inc
om
ofu
e
r
apo
s
i
b
l
e
.H
oyend

a
,e
ls
i
s
t
em
ap
ropo
r
c
ion
aalo
su
su
a
r
io
s
d
a
to
ssob
r
e
:
In
fo
rm
a
c
inc
a
t
a
s
t
r
a
l(
r
eg
i
s
t
rod
el
ap
ro
p
i
ed
a
d
,l
at
i
e
r
r
av
a
c

a
,t
e
r
r
en
o
sb
a
ld

o
s
,j
a
r
d
in
e
s
,

r
e
af
i
s
c
a
l
)
.
Im
g
en
e
sa

r
e
a
s
.
D
iv
i
s
i
ns
e
c
t
o
r
i
a
l(p
od
e
rju
d
i
c
i
a
ld
iv
i
s
i
n
,cd
ig
op
o
s
t
a
l
,d
i
v
i
s
i
on
e
sa
dm
in
i
s
t
r
a
t
i
v
a
s
,e
t
c
.
)
.
In
fo
rm
a
c
ind
eg
e
s
t
i
nd
el
at
i
e
r
r
a(
zo
n
a
s
,e
lu
s
od
el
at
i
e
r
r
a
,e
lf
a
c
to
rd
eo
c
up
a
c
i
n
,
coop
e
r
a
t
iv
a
s
,ub
i
c
a
c
in
,e
t
c
.
)
.
Lo
ss
e
rv
i
c
i
o
sl
o
c
a
l
e
s(ob
r
a
spb
l
i
c
a
s
,a
lc
a
n
t
a
r
i
l
l
a
sr
ep
a
r
a
c
i
on
e
s
,o
f
i
c
i
n
a
s
,e
t
c
.
)
.
L
a
sc
a
r
r
e
t
e
r
a
slo
c
a
l
e
s(
d
i
r
e
c
c
ion
e
s
,s
em

fo
ro
s
,v

a
sd
ec
a
r
g
a
,r
u
t
a
sn
a
c
ion
a
l
e
s
,e
t
c
.
)
.
In
fo
rm
a
c
inc
u
l
t
u
r
a
lyso
c
i
a
l(
e
s
cu
e
l
a
s
,r
egu
l
a
c
i
nd
en
ego
c
i
o
s
,b
i
b
l
i
o
t
e
c
a
s
,h
o
t
e
l
e
s
,p
l
a
z
a
s
,
t
e
r
r
eno
so
c
up
ado
s
,e
t
c
.
)
.
In
fo
rm
a
c
ing
eod

s
i
c
a
.
In
fo
rm
a
c
ins
ob
r
em
ed
ioam
b
i
en
t
e(
c
a
l
i
d
add
e
la
i
r
e
,l
aub
i
c
a
c
i
nd
ec
on
t
en
ed
o
r
e
sd
eb
a
su
r
a
e
sp
e
c
i
a
l
e
s
,in
f
o
rm
a
c
ins
ob
r
ee
lr
e
c
i
c
l
a
j
e
,e
t
c
.
)
.
In
fo
rm
a
c
inc
en
s
a
l(
ed
ad
,s
exopo
r
r
e
a
,e
t
c
.
)
.
P
r
e
s
u
p
u
e
s
t
op
a
r
t
i
c
i
p
a
t
i
v
o(
o
b
r
a
sp

b
l
i
c
a
sd
e
s
a
r
r
o
l
l
a
d
a
sa
t
r
a
v

sd
e
lp
r
e
s
u
p
u
e
s
t
op
a
r
t
i
c
i
p
a
t
i
v
o
)
.
C
a
r
tog
r
a
f

ab

s
i
c
a(
c
a
l
l
e
s
,nm
e
ro
sd
epu
e
r
t
a
s
,d
i
v
i
s
i
o
n
e
s
,e
s
p
a
c
io
sp
b
l
i
co
s
,h
i
d
rog
r
a
f

a
,
v
a
r
i
a
sc
a
p
a
sd
ein
f
o
rm
a
c
in
)
.
L
ain
fo
rm
a
c
in d
i
spon
ib
l
eh
as
idor
e
cog
id
a po
rv
a
r
io
ss
e
rv
i
c
io
sd
el
ain
t
end
en
c
i
a
. Lo
s
s
i
s
t
em
a
sin
s
t
a
l
ado
sp
r
ev
i
am
en
t
eh
ans
idoc
l
av
ep
a
r
ae
ld
e
s
a
r
ro
l
lod
ee
s
t
aap
l
i
c
a
c
in
.L
a
sc
ap
a
c
id
ad
e
s
d
elo
sfun
c
ion
a
r
io
spb
l
i
co
sh
ans
idoc
ru
c
i
a
l
e
sp
a
r
ae
ld
e
s
a
r
ro
l
lod
ee
s
t
aap
l
i
c
a
c
in
,qu
et
am
b
i
n
cu
en
t
acon m
e
t
ad
a
to
s
.
C
moi
r
?
:e
suns
e
rv
i
c
iod
e
s
a
r
ro
l
l
a
dop
o
rl
ac
i
ud
a
dd
e Mo
n
t
ev
id
e
oqu
es
ee
n
c
u
e
n
t
r
ae
nl
n
e
a
d
e
sd
em
ay
od
e20
12
.E
lob
j
e
t
i
vop
r
i
n
c
ip
a
le
sp
rop
o
r
c
i
o
n
a
rd
efo
rm
af

c
i
lu
n
agu

ap
a
r
an
a
v
e
g
a
rpo
rl
a
c
iu
d
a
du
t
i
l
i
z
a
nd
ov
a
r
i
a
sa
l
t
e
rn
a
t
iv
a
sd
et
r
an
sp
o
r
t
e
,t
a
n
t
op
b
l
i
c
a
sc
om
op
r
iv
a
d
a
s
.E
lp
r
i
n
c
ip
a
ld
e
s
a
f
od
e
lo
sd
e
s
a
r
ro
l
l
a
do
r
e
s
qu
i
en
e
sv
i
e
ronu
n
aop
o
r
tu
n
i
d
a
dp
a
r
ap
rop
o
r
c
i
on
a
runnu
ev
os
e
rv
i
c
i
oa
lc
r
e
c
i
e
n
t
e
nm
e
rod
eu
s
u
a
r
io
sd
eIn
t
e
rn
e
td
el
ac
i
u
d
adfu
ec
r
e
a
ra
l
gou
s
a
b
l
eya
c
c
e
s
ib
l
ep
a
r
at
od
oe
lm
un
do
.E
l
s
e
rv
i
c
ion
ofu
ed
e
s
a
r
ro
l
l
a
doe
sp
e
c

f
i
c
am
en
t
ep
a
r
at
e
l

fo
no
sm
v
i
l
e
s
,p
e
ros
eh
ao
p
t
im
i
z
adop
a
r
ae
l
lo
s
.S
e
b
a
s
aend
o
sa
sp
e
c
to
se
s
e
n
c
i
a
l
e
s
:l
ad
i
s
p
on
i
b
i
l
i
d
add
ed
a
to
sp
b
l
i
c
o
syl
ac
a
p
a
c
id
a
dd
e
le
s
t
a
dop
a
r
a
d
e
s
a
r
ro
l
l
a
rl
ah
e
r
r
am
i
en
t
a
.Lo
sd
a
t
o
se
s
t
ab
a
nl
ib
r
e
sa
lm
om
en
tod
esud
e
s
a
r
ro
l
loy
,lo m

sim
po
r
t
an
t
e
,
e
r
anf
i
ab
l
e
sycom
p
l
e
to
s
.E
ls
i
t
i
ot
i
e
n
eenp
rom
ed
io4
83
.00
0v
i
s
i
t
a
sa
lm
e
s
,p
e
roen m
ay
o2013a
l
c
an
z

l
a
s8
00
.
0
00
.

Dnd
er
e
c
i
c
lo?
:e
sun
ain
i
c
i
a
t
iv
ad
eD
a
t
aUy
,un
a ONGc
e
n
t
r
ad
aenl
at
r
an
sp
a
r
en
c
i
aye
l
d
e
s
a
r
ro
l
lohum
anoen U
rugu
ay
.E
lob
j
e
t
ivop
r
in
c
ip
a
ld
el
aap
l
i
c
a
c
ine
sayud
a
ral
ag
en
t
eaen
con
t
r
a
r
e
lpun
tod
er
e
c
i
c
l
a
j
em

sc
e
r
c
anoenl
ac
iud
add
e Mon
t
ev
id
eo
.E
s
t
ee
sune
j
em
p
loc
l
a
rod
el
a
con
s
t
ru
c
c
inc
r
e
a
t
iv
asob
r
el
ab
a
s
ed
ed
a
to
spb
l
i
co
s
.E
lequ
ipod
eD
a
t
aUYob
s
e
rvqu
el
ac
iud
ad
p
ropo
r
c
ion
ab
apo
c
ain
fo
rm
a
c
insob
r
elo
spun
to
sd
er
e
c
i
c
l
a
j
e
.P
a
r
ae
ld
e
s
a
r
ro
l
lod
ee
s
t
es
e
rv
i
c
io
,do
s
a
sp
e
c
to
sfu
e
rone
s
en
c
i
a
l
e
s
:l
ad
i
spon
ib
i
l
id
add
elo
sd
a
to
spb
l
i
co
sye
lu
sod
eso
f
twa
r
ed
ecd
igo
ab
i
e
r
to
.E
ls
i
t
iow
ebr
e
c
ib
iun
acob
e
r
tu
r
am
ed
i

t
i
c
ayunt
r

f
i
cos
ign
i
f
i
c
a
t
ivod
e
spu

sd
esuc
r
e
a
c
in
.
S
inem
b
a
rgo
,e
lequ
ipod
e
c
id
i m
an
t
en
e
runp
e
r
f
i
lb
a
jopu
e
s
toqu
el
aam
p
l
i
ac
ind
el
ap
g
in
aw
eb
ex
ig
i
r

am
ayo
r
e
sr
e
cu
r
so
sent

rm
ino
sd
ed
e
s
a
r
ro
l
loyd
i
fu
s
in
.T
am
b
i
nc
r
eundo
cum
en
tosob
r
elo
s
26

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

SDVRV VLJXLHQWHV SDUD OD DSOLFDFLyQ TXH HVER]D QXHYRV GHVDUUROORV HQ WpUPLQRV GH VRIWZDUH SHUR
IXQGDPHQWDOPHQWH GH DOFDQFH (O HTXLSR LQGLFD TXH FRQ UHFXUVRV VH SRGUtD DPSOLDU HO SUR\HFWR \
UHSOLFDUOR HQ RWUDV FLXGDGHV 3RU RWUD SDUWH YROXQWDULRV FRQYLUWLHURQ OD DSOLFDFLyQ D /LQX[8EXQWX \
DKRUDHVSDUWHGHOFHQWURGHVRIWZDUHGH8EXQWX

(&RQFOXVLRQHV\UHFRPHQGDFLRQHV
$FWXDOPHQWHH[LVWHXQDGLVFXVLyQDQLYHOPXQGLDOVREUHHOLPSDFWRGHORVGDWRVDELHUWRVHQWpUPLQRVGH
SURVSHULGDG \ YDORU HFRQyPLFR 'HORLWWH   6L ELHQ WRGDYtD QR H[LVWH SUXHED GH HOOR ORV FDVRV
GHVDUUROODGRVHQHVWHHVWXGLRGHPXHVWUDQTXHH[LVWHXQYDORUVRFLDO&RPRUHVXOWDGRGHODOLEHUDFLyQGH
GDWRVKDQVXUJLGRYDULDVLQLFLDWLYDVTXHDKRUDSURSRUFLRQDQVHUYLFLRVDORVFLXGDGDQRV$OJXQRVGHHVWRV
IXHURQ GHVDUUROODGRV SRU OD SURSLD FLXGDG PLHQWUDV TXH RWURV KDQ VLGR LPSOHPHQWDGRV SRU
HPSUHQGHGRUHV OD VRFLHGDG FLYLO R VLPSOHPHQWH FXULRVRV /RV GDWRV DELHUWRV VRQ WRGDYtD XQ WHUULWRULR
LQH[SORUDGR +D\ HYLGHQFLD GH TXH ODV FLXGDGHV HVWiQ DSUHQGLHQGR XQDV GH RWUDV \ FRQWLQXDUiQ
KDFLpQGROR OR TXH VLJQLILFD TXH KD\ XQ HVSDFLR SDUD H[SORUDU D IRQGR ORV LPSDFWRV \ ORV PRGHORV
H[LVWHQWHV(QHVWHVHQWLGRHOREMHWLYRGHEHUtDWRGDYtDVHUGHWLSRH[SHULPHQWDOHQOXJDUGHQRUPDUHO
FRQWH[WRGHXQDDJHQGDGHGDWRVDELHUWRV
$SDUWLUGHODHYLGHQFLDGLVSRQLEOHDFRQWLQXDFLyQVHSURSRQHXQPDUFRSDUDFRPSUHQGHUPHMRU
ORVPRGHORVVREUHODSURPRFLyQGHORVGDWRVDELHUWRVFRQEDVHHQHOOLGHUD]JRHPSUHQGLGRSRUHO(VWDGR
ODVRFLHGDGFLYLORORVJUXSRVGHHPSUHQGHGRUHV

&8$'52
02'(/26'((172512662%5('$726$%,(5726
7HPD

(QWRUQROLGHUDGRSRUHO(VWDGR

(QWRUQROLGHUDGRSRUODVRFLHGDGFLYLO

(QWRUQROLGHUDGRSRUHPSUHQGHGRUHV

2EMHWLYRV

3URPRFLyQGHVHUYLFLRVVRFLDOHV

8VRVRFLDOGHVHUYLFLRVWUDQVSDUHQFLD
\UHVSRQVDELOLGDGS~EOLFD

/XFUR

5HFXUVRV

'DWRVHQIRUPDWRVDELHUWRV
LQQRYDFLyQHQWUHDJHQFLDV\DO
LQWHULRUGHHVWDV3RVLEOHV
FRQWUDWLVWDV\HTXLSRVLQKRXVH

(QIRTXH

3URYLVLyQGHVHUYLFLRVS~EOLFRV

3URYLVLyQGHVHUYLFLRVS~EOLFRV

3URYLVLyQGHVHUYLFLRVS~EOLFRV\
SULYDGRVDOLQHDGRVDODJHQHUDFLyQ
GHJDQDQFLDV

6RVWHQLELOLGDG

'HSHQGHGHVLODVDSOLFDFLRQHV
HVWiQHQJUDQDGDVHQDFWLYLGDGHV
HVWUDWpJLFDVGHODFLXGDG

'HSHQGHGHORVUHFXUVRVGHOD
VRFLHGDGFLYLO\HOWUDEDMRYROXQWDULR

'HSHQGHGHODGLVSRQLELOLGDGGH
GDWRV\ODVJDQDQFLDV

6LORVGDWRVHVWiQGLVSRQLEOHVOD
VRFLHGDGFLYLOSXHGHLQYROXFUDUVHFRQ
EDVHHQHOWUDEDMRYROXQWDULRRIRQGRV
HVSHFtILFRV

6LORVGDWRVHVWiQGLVSRQLEOHVORV
HPSUHQGHGRUHVGHVWLQDQVXWLHPSR
\UHFXUVRVDSUR\HFWRV

)XHQWHHODERUDFLyQSURSLD


(OVHFWRUS~EOLFR\ODVRFLHGDGFLYLOSXHGHQFUHDUYDORUS~EOLFR\VRFLDODSDUWLUGHOXVRGHORV
GDWRVDELHUWRVUHVROYLHQGRDOJXQRVGHORVSUREOHPDVGHODVFLXGDGHV&XDQGRORVGDWRVHVWiQGLVSRQLEOHV
HQXQIRUPDWRUHXWLOL]DEOHHPSUHQGHGRUHVHLQQRYDGRUHVVRFLDOHVSXHGDQDFFHGHUDHOORV\FUHDUQXHYDV
KHUUDPLHQWDVFRPRIXHHOFDVRGH'yQGHUHFLFOR"0RQWHYLGHRWLHQHHOFDSLWDOVRFLDOSDUDTXHHVWHWLSR
GHLQWHUDFFLRQHVVXFHGDQ\KDVLGRFDSD]GHDSURYHFKDUODFDSDFLGDGGHORVVHUYLGRUHVS~EOLFRV
(QODPHGLGDHQTXHVHHPSLH]DDFUHDUYDORUS~EOLFRVHFRPLHQ]DQWDPELpQDSODQWHDUXQDVHULH
GH FXHVWLRQHV VREUH OD VRVWHQLELOLGDG \ HVFDODELOLGDG GH ODV LQLFLDWLYDV GH 2*' (Q HVWH VHQWLGR VH
SUHVHQWDQ SUHJXQWDV FODYH 4Xp WLSR GH PDUFR UHJXODWRULR QHFHVLWDQ ODV FLXGDGHV SDUD GHVSOHJDU
SROtWLFDVGHDSHUWXUD"/DVFLXGDGHVGHEHUtDQSURSRUFLRQDUPiVUHFXUVRVHQODHGLFLyQ\OLPSLH]DGHORV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

GDWRV DVt FRPR HO GHVDUUROOR GH $3,V" 6H GHEHUtD FRQWUDWDU PiV SHUVRQDO R PiV SURYHHGRUHV SDUD
GHVDUUROODUQXHYDVDSOLFDFLRQHV"
3RURWURODGRHOXVRGHVRIWZDUHGHFyGLJRDELHUWRSDUDODSXEOLFDFLyQGHGDWRVKDSUREDGRVHU
~WLO HQ OD OLEHUDFLyQ GH GDWRV 1R REVWDQWH HVWRV QR HVWiQ WRWDOPHQWH FRUUHODFLRQDGRV SDUHFHUtD TXH
H[LVWH XQ YtQFXOR HQWUH ODV SROtWLFDV GH VRIWZDUH GH FyGLJR DELHUWR \ OD VHQVLELOLGDG KDFLD ORV GDWRV
DELHUWRV 8QD SROtWLFD GH VRIWZDUH S~EOLFR DELHUWR FRPR OD GH 0RQWHYLGHR SURSRUFLRQD XQ VRSRUWH
S~EOLFRKDFLDODVLQLFLDWLYDVGHGDWRVDELHUWRV
(QWpUPLQRVGHLQFHQWLYRVHVWRVVRQGLYHUVRV(QHOFDVRGH0RQWHYLGHRODFXOWXUDKDFNHU\OD
FXULRVLGDG GH OD JHQWH MXJy XQ SDSHO LPSRUWDQWH HQ OD LPSOHPHQWDFLyQ GH LQLFLDWLYDV EDVDGDV HQ GDWRV
DELHUWRVDXQTXHHQDOJXQRVFDVRVHVWDVWDPELpQIXHURQGHVDUUROODGDVSRUHOVHFWRUSULYDGR1RREVWDQWH
WRGDYtDQRH[LVWHQPRGHORVGHQHJRFLRPDGXURV$OJXQDVRSFLRQHVLQFOX\HQODUHFROHFFLyQGHGDWRV\VX
YHQWD R OD YHQWD GH DQXQFLRV UHODFLRQDGRV FRQ HO FRQWHQLGR TXH RIUHFHQ ODV DSOLFDFLRQHV  6L ELHQ
0RQWHYLGHRHVXQPHUFDGRSHTXHxRRIUHFHXQDRSRUWXQLGDGSDUDSRQHUDSUXHEDFLHUWDVLQLFLDWLYDV
(OUHWRSULQFLSDOSDUDORVHPSUHQGLPLHQWRVSULYDGRVHVHODFFHVRDOFDSLWDOLQLFLDO)XHQWHVSDUD
HVWH WLSR GH HPSUHQGLPLHQWR DVt FRPR VXEYHQFLRQHV SRGUtDQ WHQHU XQ LPSDFWR SRVLWLYR 2WUR GH ORV
UHWRV TXH HQIUHQWDQ ODV LQLFLDWLYDV GH GDWRV DELHUWRV HV VX FRQFHQWUDFLyQ HQ FLHUWDV iUHDV FRQVLGHUDGDV
LGyQHDVSRUWHQHUEDMRVFRVWRVGHWUDQVDFFLyQHQWpUPLQRVSROtWLFRV FRPRHOWUDQVSRUWH &XDQGRHVWRVVH
LQFUHPHQWDQODJREHUQDQ]DGHORVGDWRVVHKDFHPiVFRPSOHMD(QWpUPLQRVGHLPSDFWRHOQ~PHURGH
XVXDULRV GH ODV DSOLFDFLRQHV SDUHFHUtD VHU HO LQGLFDGRU PiV LPSRUWDQWH DXQTXH HVWH VH HQFXHQWUD
HVWUHFKDPHQWHUHODFLRQDGRFRQODLQYHUVLyQHQODDSOLFDFLyQ
/D VRFLHGDGFLYLO SURPRYLy EXHQRV HMHPSORV VREUH HOXVRGHGDWRVDELHUWRVSHUR DO QR FRQWDU
FRQDSR\RGHIRQGRVS~EOLFRVRSULYDGRVQRWXYRODFDSDFLGDGGHOOHYDUODVDGHODQWH/DFXOWXUDKDFNHU
SRU VX ODGR WDPELpQ KD SUREDGR VHU XQD YHQWDMD SDUD SURPRYHU HO LQYROXFUDPLHQWR FRQ ORV GDWRV
DELHUWRVSHURH[LVWHWRGDYtDODQHFHVLGDGGHXQPDUFRTXHSHUPLWDXQDPD\RULQWHUDFFLyQHQWUHXVXDULRV
\HOJRELHUQR
&RQWDU FRQ XQ HQWRUQR OLGHUDGR VRODPHQWH SRU HO JRELHUQR SRGUtD FRDUWDU OD LQQRYDFLyQ
SURFHGHQWHGHRWUDVIXHQWHV(QHVWHFDVRODFLXGDGGHEHUtDSURPRYHULQLFLDWLYDVFUHDWLYDVSDUDDVRFLDUVH
FRQODVRFLHGDGFLYLO3RUHMHPSORH[LVWHHVSDFLRSDUDGHVDUUROODUXQODERUDWRULRGHLQLFLDWLYDVFtYLFDV
VRSRUWDGRSRUODDOWDWDVDGHSHQHWUDFLyQGH,QWHUQHW\ORVWHOpIRQRVLQWHOLJHQWHV
%iVLFDPHQWHH[LVWHQWUHVUHFRPHQGDFLRQHVDFRQVLGHUDU
 (VWDEOHFHU HVWUXFWXUDV GH JHVWLyQ TXH SHUPLWDQ D ODV FLXGDGHV SURPRYHU H LQYROXFUDVH
OLEUHPHQWHFRQORVGDWRVDELHUWRV&UHDULQVWLWXFLRQDOLGDGSDUDKDFHUIUHQWHODHMHFXFLyQGH
SROtWLFDV\FXHVWLRQHVUHODFLRQDGDVFRQODDSHUWXUDGHGDWRVHQHOFRQWH[WRGHXQDDJHQGDGH
JRELHUQRDELHUWR
 ([SORUDUPRGHORVGHQHJRFLRVRVWHQLEOHVVREUHORVGDWRVDELHUWRVHQTXHORVDFWRUHVSULYDGRV\
S~EOLFRVDxDGDQYDORU8QPRGHORTXHSXHGHVHUH[LWRVRHVXQRGRQGHODVRFLHGDGFLYLOSXHGD
XWLOL]DURUHXWLOL]DUORVGDWRVDELHUWRV\SURYHHUVROXFLRQHVDORVXVXDULRV
 3URPRYHUDFWLYLGDGHV\FRPSDUWLUFRQRFLPLHQWRFRQXVXDULRVDWUDYpVGHGHVFRQIHUHQFLDV
KDFNKDWRQHV \ RWURV HYHQWRV $FFHGHU D ODV FRPXQLGDGHV LQYROXFUDGDV FRQ OD DSHUWXUD GH
GDWRVSXHGHVHUVHQFLOOR\ODH[SORUDFLyQVHSXHGHUHDOL]DUGHVGHXQDSHUVSHFWLYDGHDEDMR
KDFLDDUULED
(VWHHVWXGLRH[SORUyODFDSDFLGDGLQVWLWXFLRQDOGH0RQWHYLGHRSDUDLPSXOVDUSROtWLFDVGHGDWRV
DELHUWRV 3RU OR JHQHUDO HV GLItFLO H[WUDSRODU XQ FDVR GH HVWXGLR VLQ HPEDUJR FRQVLGHUDQGR ODV
SDUWLFXODULGDGHVGH0RQWHYLGHRVHUtDSRVLEOHJDUDQWL]DUXQSXQWRGHSDUWLGDSDUDRWUDVFLXGDGHV(OXVR
GH ORV GDWRV DELHUWRV VH HQFXHQWUD HQ XQD HWDSD WHPSUDQD SHUR WLHQH HO SRWHQFLDO GH FRQWULEXLU D OD
UHVROXFLyQGHDOJXQRVSUREOHPDV&RQHVWDSUHFDXFLyQODH[SHULHQFLDGH0RQWHYLGHRSXHGHVHUYLUFRPR
XQDKRMDGHUXWDSDUDRWUDVLQLFLDWLYDVGHODVPLVPDVFDUDFWHUtVWLFDVDQLYHOJOREDO



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

%LEOLRJUDItD
%HUQHUV /HH 7LP   /LQNHG GDWD >HQ OtQHD@ 0RQWHYLGHR >IHFKD GH FRQVXOWD  GH PD\R GH @
KWWSZZZZRUJ'HVLJQ,VVXHV/LQNHG'DWDKWPO
&DPSEHOO 7LP   %H\RQG 6PDUW &LWLHV &LWLHV RQ WKH 3URZO )DFXOW\ RI (FRQRPLFV DQG %XVLQHVV
$GPLQLVWUDWLRQ5RXWOHGHJH
&DUDJOLX$'HO%R&\1LMNDPS3  6PDUWFLWLHVLQ(XURSHUG&HQWUDO(XURSHDQ&RQIHUHQFHLQ
5HJLRQDO6FLHQFH
'HORLWWH$QDO\WLFV  2SHQJURZWK6WLPXODWLQJGHPDQGIRURSHQGDWDLQWKH8.6DQWLDJRGH&KLOH
>IHFKD GH FRQVXOWD  GH GLFLHPEUH GH @ KWWSZZZGHORLWWHFRPDVVHWV'FRP
8QLWHG.LQJGRP/RFDO$VVHWV'RFXPHQWV0DUNHWLQVLJKWV'HORLWWH$QDO\WLFVXNGD
RSHQJURZWKSGI
'RORZLW] 'DYLG 3 DQG 0DUVK 'DYLG   /HDUQLQJ IURP DEURDG 7KH UROH RI SROLF\ WUDQVIHU LQ
FRQWHPSRUDU\SROLF\PDNLQJ*RYHUQDQFH  
)XQJ $UFKRQ   ,QIRWRSLD XQOHDVKLQJ WKH GHPRFUDWLF SRZHU RI WUDQVSDUHQF\ 3ROLWLFV  6RFLHW\
  
+ROODQGV 5REHUW *   :LOO WKH UHDO VPDUW FLW\ SOHDVH VWDQG XS" LQWHOOLJHQW SURJUHVVLYH RU
HQWUHSUHQHXULDO"&LW\  
,%0  $)RXQGDWLRQIRU8QGHUVWDQGLQJ,%06PDUWHU&LWLHV,%05HGERRN6HULHV
.RPQLQRV1  7KHDUFKLWHFWXUHRILQWHOOLJHQWFLWLHV,QWHOOLJHQW(QYLURQPHQWV6SULQJHU86
.RPQLQRV13DOORW06FKDIIHUV+  6SHFLDO,VVXHRQ6PDUW&LWLHVDQGWKH)XWXUH,QWHUQHWLQ(XURSH
-RXUQDORIWKH.QRZOHGJH(FRQRP\6SULQJHU86
.LQJGRQ-RKQ:  $JHQGDDOWHUQDWLYHVDQGSXEOLFSROLF\$GGLVRQ:HVOH\
/DQGU\&KDUOHV  7KHFUHDWLYHFLW\$WRRONLWIRUXUEDQLQQRYDWRUV(DUWKVFDQ
/DWKURS'DQG5XPD/  2SHQ*RYHUQPHQW5HLOO\0HGLD,QF8QLWHG6WDWHVRI$PHULFD3XEOLVKHG
E\25HLOO\0HGLD,QF*UDYHQVWHLQ+LJKZD\1RUWK6HEDVWRSRO&$
0RQFHFFKL *XLOOHUPR   7RZDUGV D SXEOLF GLJLWDO LQIUDVWUXFWXUH ZK\ GR JRYHUQPHQWV KDYH D
UHVSRQVLELOLW\ WR JR RSHQ" >IHFKD GH FRQVXOWD  GH PD\R GH @ KWWSEORJRNIQRUJ
WRZDUGVDSXEOLFGLJLWDOLQIUDVWUXFWXUHZK\GRJRYHUQPHQWVKDYHDUHVSRQVLELOLW\WRJRRSHQ
1DSKDGH0LOLQG%DQDYDU*XUXGXWK+DUULVRQ&ROLQ3DUDV]F]DN-XULMDQG0RUULV5REHUW  6PDUWHU
FLWLHVDQGWKHLULQQRYDWLRQFKDOOHQJHVYROXPH,(((
5DWWL&DUORDQG7RZQVHQG$QWKRQ\  7KHVRFLDOQH[XV6FLHQWLILF$PHULFDQ  
5RVH5LFKDUG  :KDWLVOHVVRQGUDZLQJ"3XEOLF3ROLF\
6FKDIIHUV +DQV .RPQLQRV 1LFRV 3DOORW 0DUF 7URXVVH 1LOVVRQ %ULJLWWH 0LFKDHO DQG 2OLYHLUD $OYDUR
 6PDUWFLWLHV DQG WKHIXWXUH LQWHUQHW WRZDUGV FRRSHUDWLRQ IUDPHZRUNV IRURSHQ LQQRYDWLRQ
6SULQJHU%HUOLQ+HLGHOEHUJ
8Q+DELWDW  6WDWHRIWKHZRUOGVFLWLHV%ULGJLQJWKHXUEDQGLYLGH(DUWKVFDQ-DPHV -DPHV
<LQ5REHUW.  &DVH6WXG\0HWKRGV/DZUHQFH(UOEDXP$VVRFLDWHV3XEOLVKHUV





CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

30

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

,,,%XHQRV$LUHV

-XDQ%HOELV

$,QWURGXFFLyQ
(VWD LQYHVWLJDFLyQ SURSRQH XQD YLVLyQ LQWHJUDO GHO SODQ GH DSHUWXUD GH GDWRV S~EOLFRV GH OD FLXGDG GH
%XHQRV $LUHV \ VX UHODFLyQ FRQ OD FRQFHSFLyQ GH XQD FLXGDG LQWHOLJHQWH 3ULPHUDPHQWH VH UHYLVD HO
FRQWH[WRVRFLRFXOWXUDODSDUWLUGHOFXDOODFLXGDGDQtDVHYLQFXODFRQHO(VWDGR6HDERUGDODLPSOLFDQFLD
GHOJRELHUQRDELHUWRSDUDODDSHUWXUDGHGDWRVJXEHUQDPHQWDOHVHQHOPDUFRGHODVWHQGHQFLDVDFWXDOHVGH
ODDGPLQLVWUDFLyQS~EOLFDDOUHGHGRUGHORVHVWDGRV\ODVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLO7DPELpQVH
UHYLVDHOHQIRTXHSDUDODFRQVWUXFFLyQGHFLXGDGHVLQWHOLJHQWHVFHQWUDGDVHQPHMRUDUODFDOLGDGGHYLGDGH
VXVKDELWDQWHVPHGLDQWHODJHVWLyQLQWHOLJHQWHGHODHFRQRPtDODPRYLOLGDG\HOPHGLRDPELHQWH
6H SURIXQGL]D HQ HO FDVR GH OD FLXGDG GH %XHQRV $LUHV \D TXH HV XQ SURFHVR TXH WLHQH XQ
UHFRUULGRIiFWLFR6HEXVFDGHWHUPLQDUVLKD\XQDSRUWHUHDOGHVGHODLQLFLDWLYDJXEHUQDPHQWDOGHDSHUWXUD
GHGDWRVS~EOLFRVKDFLDHOGHVDUUROORGHXQDFLXGDGLQWHOLJHQWH\VLHVWRWLHQHXQVHQWLGRSUHPHGLWDGRR
VH SUHVHQWD FRPR XQD H[WHUQDOLGDG GHO SURFHVR 6H FRQVLGHUDQ ODV LQLFLDWLYDV OOHYDGDV D FDER SRU OD
HQWLGDGS~EOLFDVXVUHODFLRQHVFRQODFLXGDGDQtD\HOSURFHVRSROtWLFRLPSOtFLWR\H[SOtFLWR
8Q SXQWR FHQWUDO GH HVWH WUDEDMR HV OD FRQIRUPDFLyQ GH XQD FRPXQLGDG PXOWLVHFWRULDO HQ OD
FLXGDG GH %XHQRV $LUHV DOUHGHGRU GH GLIHUHQWHV LQLFLDWLYDV TXH VH PHQFLRQDQ HQ HO GRFXPHQWR (VWH
FRQMXQWR GH SHUVRQDV FRPSXHVWDV SRU SHULRGLVWDV GHVDUUROODGRUHV SURJUDPDGRUHV GLVHxDGRUHV
IXQFLRQDULRVS~EOLFRV DFDGpPLFRV \ FLXGDGDQRV HVXQR GH ORV VRSRUWHV HIHFWLYRV H LGHROyJLFRVGH ORV
GLIHUHQWHVSUR\HFWRVTXHDSURYHFKDQORVGDWRVOLEHUDGRVSRUHOHVWDGR
/RVGHVDItRV\ODFRPSOHMLGDGVRQGRVWpUPLQRVTXHVHFUX]DQDORODUJRGHHVWHGRFXPHQWR\
TXHGHDOJXQDPDQHUDVLJQDQHOFRQWH[WRGHODVRFLHGDGGHODLQIRUPDFLyQ+R\ORS~EOLFRVHUHGHILQHHQ
IXQFLyQ GH OD DSDULFLyQ GH QXHYRV DFWRUHV FRQ DFFHVR DEXQGDQWH D OD LQIRUPDFLyQ \ FRQ SURFHVRV GH
YHORFLGDG FUHFLHQWH (VWR VH WUDGXFH HQ XQ HVFHQDULR HQ TXH OD DGPLQLVWUDFLyQ S~EOLFD VH UHLQYHQWD \
EXVFDXQQXHYRSRVLFLRQDPLHQWRHQODVHVFDODVGHYDORUHVGHODFLXGDGDQtD\GRQGHTXL]iVODVLQLFLDWLYDV
GHGDWRVDELHUWRVDSRUWHQSDUDTXHHVWRVHDSRVLEOH

'DWRVDSHUWXUD\FRPXQLGDGHV
(VWHGRFXPHQWRQRSUHWHQGHSURIXQGL]DUVREUHGHEDWHVDFDGpPLFRVVLQRDSRUWDUHYLGHQFLDHPStULFDDOD
FRPXQLGDG GH DFWRUHV TXH VH YLQFXOD FRQ ORV SURFHVRV GH DSHUWXUD GH GDWRV HQ $PpULFD /DWLQD \ HO


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&DULEH /DV H[SHULHQFLDV TXH VH OOHYDQ DGHODQWH HQ OD UHJLyQ VRQ GLYHUVDV \ DO SDUHFHU VH FRQIRUPDQ
PHGLDQWHXQPRGHORSURSLRGHGDWRVDELHUWRV
3DUDHOWUDEDMRGHLQYHVWLJDFLyQVHFRPELQDURQPpWRGRVFXDOLWDWLYRV\FXDQWLWDWLYRV3DUDHVWRVH
HYDOXDURQSURFHVRVUROHVSURGXFWRV\VHUYLFLRVSUHVWDGRVGHVGHODHVWUXFWXUDS~EOLFD\ODFLXGDGDQtD
6HHPSOHDURQWpFQLFDVGHDQiOLVLVFXDQWLWDWLYRVREUHORVFRQMXQWRVGHGDWRVSXEOLFDGRV GDWDVHWV SRUOD
FLXGDG HQ VX SRUWDO GH GDWRV DELHUWRV 7DPELpQ VH DQDOL]DURQ ODV DSOLFDFLRQHV SUHVHQWDGDV D ORV
FRQFXUVRV%XHQRV$LUHV$SSV\%$+DFNDWyQ
$VLPLVPR VH HQWDEODURQ FRQYHUVDFLRQHV \ HQWUHYLVWDV FRQ GLIHUHQWHV DFWRUHV GH OD FRPXQLGDG
UHXQLGD DOUHGHGRU GH ORV GDWRV DELHUWRV PLHPEURV GH ORV JRELHUQRV GH OD FLXGDG GH RUJDQL]DFLRQHV
FLYLOHVRUJDQL]DGRUHVGHKDFNDWRQHVHPSUHQGHGRUHVSHULRGLVWDV\DFDGpPLFRV/RVUHVXOWDGRVGHHVWDV
P~OWLSOHV HQWUHYLVWDV KDQ VLGR LQWHJUDGRV DO FXHUSR GH OD LQYHVWLJDFLyQ )LQDOPHQWH VH LQWHUDFWXy FRQ
GHVDUUROODGRUHV DJHQWHV JXEHUQDPHQWDOHV H LQQRYDGRUHV FtYLFRV HQ YDULRV HYHQWRV GRV KDFNDWRQHV
RUJDQL]DGRVSRUODFLXGDGHQ\'HVDUUROODQGR$PpULFD/DWLQD'DWDIHVW(QFXHQWUR
,EHURDPHULFDQR GH &LXGDGHV 'LJLWDOHV &LW\FDPS%$ &LW\FDPS6&/ \ HO (QFXHQWUR 5HJLRQDO GH OD
$VRFLDFLyQGH*RELHUQR$ELHUWRHQWUHRWURV 

%(OJRELHUQRDELHUWRORVGDWRVDELHUWRVGHJRELHUQR
\ODVFLXGDGHVLQWHOLJHQWHV
'HOJRELHUQRDELHUWRKDFLDORVGDWRVFRPRLQQRYDFLyQFtYLFD
(VWHGRFXPHQWRVHFHQWUDHQODDSHUWXUDGHGDWRVJXEHUQDPHQWDOHVFRPRXQHMHGHLQQRYDFLyQ\DSRUWHD
OD FRQVWUXFFLyQ GH FLXGDGHV LQWHOLJHQWHV 1R REVWDQWH HV QHFHVDULR LQGLFDU DOJXQRV FRQFHSWRV
UHODFLRQDGRVFRQHOJRELHUQRDELHUWR
2V]ODN  SRVWXODTXHHOJRELHUQRDELHUWRHVDEULUODFDMDQHJUDGHO(VWDGRHLQVWDUDORV
IXQFLRQDULRV D TXH HVFXFKHQ D ORV FLXGDGDQRV UHVSRQGDQ D VXV SURSXHVWDV ORV DFHSWHQ FRPR
FRSURGXFWRUHV \ DGPLWDQ TXH GHEHQ UHQGLUOHV FXHQWD DGHPiV GH UHVSRQGHU D VXV FUtWLFDV \
REVHUYDFLRQHV 'H HVWD PDQHUD VH SODQWHD OD QHFHVLGDG GH TXH H[LVWD XQD YROXQWDG SROtWLFD H[SOtFLWD
SDUD SRGHU LPSOHPHQWDU HVWRV SURFHVRV SHUR IXQGDPHQWDOPHQWH SURPRYHU OD FDSDFLGDG GH ORV
FLXGDGDQRV GH IRUPDU SDUWH GH HVWRV PHFDQLVPRV $VLPLVPR ORV FRQFHSWRV GH WUDQVSDUHQFLD
SDUWLFLSDFLyQ \ FRODERUDFLyQ GHQWUR GHO JRELHUQR DELHUWR WLHQHQ XQ FRPSRQHQWH WHFQROyJLFR FDVL
LQHYLWDEOH5DPtUH]$OXMDV  FRQVLGHUDFODYHODWHFQRORJtD,QWHUQHW\ODFXOWXUDGLJLWDOFRPRSDUWH
GHORVYDORUHVVXE\DFHQWHVTXHFRQIRUPDQHOHQWRUQRVREUHHOFXDOVHSXHGHQGHVDUUROODUHVWDVLGHDV
6LELHQHOJRELHUQRDELHUWR\ORVGDWRVDELHUWRVSXHGHQYLYLUHOXQRVLQHORWUR <X 5RELQVRQ
 HVWRQRVLJQLILFDTXHGHEDVHUDVt :HLQVWHLQ *ROGVWHLQ HVPiVVHHQFXHQWUDHYLGHQFLD
GHTXHVXDVRFLDFLyQHVFDVLLQHYLWDEOH1RKDFHIDOWDPiVTXHREVHUYDUODVDFFLRQHVSULRULWDULDVGHILQLGDV
HQ ORV SODQHV GH DFFLyQ GH ORV JRELHUQRV QDFLRQDOHV TXH LQJUHVDQ D OD $OLDQ]D GHO *RELHUQR $ELHUWR
(VWRV SODQHV GH DFFLyQ WLHQHQ GRV HMHV WHPiWLFRV LQLFLDWLYDV GH JRELHUQR HOHFWUyQLFR \ GH DSHUWXUD GH
GDWRV JXEHUQDPHQWDOHV 5DPtUH]$OXMDV   3RU RWUR ODGR 1RYHFN   SODQWHD TXH HO JRELHUQR
DELHUWRQRHVVyORVREUHWUDQVSDUHQFLDJXEHUQDPHQWDO6RVWLHQHTXHODDSHUWXUDGHGDWRVVHFRQYLHUWHHQOD
EDVHGHODLQQRYDFLyQS~EOLFDQRVyORSRUVXSURSXHVWDLPSOtFLWDGHFRPSDUWLULQIRUPDFLyQHVWDWDO\VX
FRPSRQHQWH GH UHQGLFLyQ GH FXHQWDV VLQR IXQGDPHQWDOPHQWH SRUTXH ORV GDWRV VLUYHQ FRPR FDQDO GH
YLQFXODFLyQ FRQ DJHQWHVSULYDGRV \ S~EOLFRV SDUD LQWHJUDUORV HQ OD UHVROXFLyQGHSUREOHPDV FRPSOHMRV
GHQWURGHODVHVIHUDVJXEHUQDPHQWDOHV
(VWD LGHD HV FHQWUDO SDUD HVWH WUDEDMR GRQGH QR VROR VH PLUD HVWH SURFHVR FRPR SDUWH GH OD
WUDQVSDUHQFLD DFWLYD GHO (VWDGR VLQR IXQGDPHQWDOPHQWH GHVGH XQD QXHYD SODWDIRUPD GH JHQHUDFLyQ GH




 %XHQRV$LUHV'DWD3RUWDOGHGDWRVDELHUWRVGHOD&LXGDG$XWyQRPDGH%XHQRV$LUHVKWWSGDWDEXHQRVDLUHVJREDU
 %XHQRV$LUHV$SSV&RQFXUVRGHDSOLFDFLRQHVFtYLFDVKWWSFRQFXUVRVEXHQRVDLUHVJREDUEXHQRVDLUHVDSSVIDT





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

YDORUFtYLFR\FLXGDGDQRPHGLDQWHODLQWHJUDFLyQGHQXHYRVDFWRUHVHQORVSURFHVRVS~EOLFRV/RVGDWRV
VH FRQYLHUWHQ HQ XQD LQWHUID] D WUDYpV GH OD FXDO OR S~EOLFR \ OR SULYDGR VH YLQFXODQ FRQ HO REMHWR GH
FRQVWUXLU QXHYDV VROXFLRQHV QXHYRV SURGXFWRV \ QXHYRV HQIRTXHV SDUD DTXHOORV SUREOHPDV TXH OD
DGPLQLVWUDFLyQJXEHUQDPHQWDOHQIUHQWDGtDDGtDHQVXJHVWLyQ
(O VRFLyORJR 6FRWW /DVK   SODQWHD TXH OD VRFLHGDG GH OD LQIRUPDFLyQ HV XQ FRQWH[WR
VRFLRFXOWXUDO GRQGH OD H[SHULHQFLD FXOWXUDO VH DSDUWD GH ORV GXDOLVPRV WUDVFHQGHQWDOHV \ GRQGH VH
SLHUGHODGLIHUHQFLDFLyQFOiVLFDHQWUHOHFWRU\OLEURFRQFLHUWR\DXGLWRULR(VWDLGHDHVDVLPLODEOHFRQHO
URO GH XQ QXHYR FLXGDGDQR YLQFXODGR GLUHFWDPHQWH D OD WRPD GH GHFLVLRQHV HQ HO iPELWR S~EOLFR XQD
WUDQVLFLyQTXHYDGHVGHXQUROSDVLYRFX\R~QLFRSXQWRGHFRQWDFWRFRQORVSURFHVRVGHPRFUiWLFRVVHGD
HQHOPRPHQWRHOHFWRUDOKDFLDXQSURFHVRSURDFWLYRHQODJHQHUDFLyQGLDULDGHYDORUFtYLFR

&LXGDGHVLQWHOLJHQWHVHQODVRFLHGDGGHOFRQRFLPLHQWR
(QWHQGLHQGRTXHODVRFLHGDGHVWiDWUDYHVDQGRXQDWUDQVLFLyQFRPSOHMDKDFLDXQDHUDHQTXHODJHVWLyQGH
OD LQIRUPDFLyQ \ GHO FRQRFLPLHQWR SODQWHD XQ QXHYR SDUDGLJPD GH UHODFLRQHV VRFLDOHV FRPHUFLDOHV \
SROtWLFDV VH GHEH FRPSUHQGHU XQD VHULH GH GHVDItRV TXH HQIUHQWD OD FLXGDGDQtD (Q HVWH VHQWLGR HV
QHFHVDULRUHDOL]DUHVIXHU]RVGHVGHGLIHUHQWHVOXJDUHVSDUDJDUDQWL]DUTXHODPD\RUSDUWHGHODSREODFLyQ
VHDLQFOXLGDHQORVFDPELRVTXHVHGDQHQODVPDWULFHVHFRQyPLFDV\FXOWXUDOHVHQHOPXQGR
/RV PRYLPLHQWRV PLJUDWRULRV KDFLD ODV JUDQGHV FLXGDGHV R SXQWRV GH FRQFHQWUDFLyQ XUEDQD
VLJXHQ XQD WHQGHQFLD FUHFLHQWH HQ OD UHJLyQ 3XQWXDOPHQWH HO iUHD PHWURSROLWDQD GH %XHQRV $LUHV HQ OD
5HS~EOLFD $UJHQWLQD SRVHH HO QLYHO GH FRQFHQWUDFLyQ XUEDQD PiV DOWD GH OD UHJLyQ 6L VH DJUHJDQ D ORV
KDELWDQWHVGHODFLXGDGDXWyQRPDORVPXQLFLSLRVGHODSURYLQFLDVHHQFXHQWUDTXHFDVLPLOORQHVGH
HVDVSHUVRQDVYLYHQHQHVWDiUHD(VWRVLJQLILFDTXHHOGHODSREODFLyQYLYHHQHO PHQRVGH
NP GHODVXSHUILFLHWRWDOGHOSDtV NP  0LQLVWHULRGHO,QWHULRU 
(O QLYHO GH FRQFHQWUDFLyQ XUEDQD HV XQR GH ORV SULQFLSDOHV SUREOHPDV D UHVROYHU GH FDUD DO
GHVDUUROOR GH XQD VRFLHGDG LJXDOLWDULD (Q OD UHJLyQ GHO JUDQ %XHQRV $LUHV TXH URGHD D OD FLXGDG
DXWyQRPD VH KDOODQ  IDPLOLDV YLYLHQGR HQ XUEDQL]DFLRQHV LQIRUPDOHV YLOODV \ DVHQWDPLHQWRV
XUEDQRVPXFKDVYHFHVHQWHUUHQRVRFXSDGRVGHPDQHUDIRU]RVD\FRQFRQGLFLRQHVSUHFDULDVGHDFFHVR
D ORV VHUYLFLRV EiVLFRV )DOFyQ  5DIIR   (VWH FRQWH[WR UHIXHU]D OD QHFHVLGDG LPSOHPHQWDU XQD
SODQLILFDFLyQHVWUDWpJLFDGHFRQVWUXFFLyQGHFLXGDGHVFRQXQHQIRTXHVXVWHQWDEOH\XQXVRHILFLHQWHGH
ORVUHFXUVRVQDWXUDOHVKXPDQRV\HFRQyPLFRV
/DVFLXGDGHVLQWHOLJHQWHVVXUJHQFRPRXQFRQFHSWRTXHWLHQHYDULDVDULVWDV\HQIRTXHV(QHVWH
VHQWLGRHVLPSRUWDQWHSODQWHDUXQPRGHORGHLQWHJUDFLyQGHUHFXUVRVHQXQiPELWRXUEDQRDSDUWLUGHXQD
SODQLILFDFLyQTXHFRQWHPSOHHFRQRPtDVGHHVFDOD\XQDJHVWLyQHILFD]\HILFLHQWH(OJRELHUQRDELHUWR
FXHQWDWDPELpQFRQXQFRPSRQHQWHWHFQROyJLFRDVRFLDGRDHVWDLGHD,%0HVXQRGHORVDFWRUHVTXHPiV
KDLPSXOVDGRODLGHDGHODFRQVWUXFFLyQGHFLXGDGHVLQWHOLJHQWHVJUDFLDVDODLQWHJUDFLyQGHVROXFLRQHVGH
LQIUDHVWUXFWXUDUHFXUVRVKXPDQRV\UHGLVHxRGHSURFHVRV ,%0 3DUDHOORVHUHTXLHUHFRQWDUFRQ
GDWRVYHUDFHVHQWLHPSR\IRUPDDGHFXDGDSDUDODWRPDGHGHFLVLRQHV
(OSUREOHPDDHVWDDOWXUDVHFHQWUDHQVREUHTXpSDUiPHWURVVHWLHQHQHQFXHQWDSDUDGHQRPLQDU
XQ DVSHFWR GH XQD FLXGDG FRPR LQWHOLJHQWH /D 8QLYHUVLGDG GH 9LHQD DSRUWD XQ FRQMXQWR GH YDULDEOHV
SDUDDQDOL]DUODVLWXDFLyQGHXQDFLXGDGDOUHGHGRUGHVHLVFDWHJRUtDVHFRQRPtDSHUVRQDVJREHUQDQ]D
PRYLOLGDGPHGLRDPELHQWH\QLYHOGHYLGD &HQWUHRI5HJLRQDO6FLHQFH %DMRHVWDVFDWHJRUtDVVH
HVSHUD HYDOXDU VL OD HFRQRPtD OD PRYLOLGDG \ HO PHGLR DPELHQWH KDQ VLGR DIHFWDGRV SRU ODV SROtWLFDV
S~EOLFDVGHDSHUWXUDGHGDWRV
6HHQWLHQGHTXHH[LVWHQSXQWRVGHFRQWDFWRDXQTXHQRSODQLILFDGRVHQHOGLVHxRGHODVSROtWLFDV
S~EOLFDVGHDSHUWXUDVGHGDWRV\ODVFLXGDGHVLQWHOLJHQWHV,QGXGDEOHPHQWHODWHFQRORJtDHVXQRGHHOORV
SHUR VH SUHWHQGH TXH QR VHD HO ~QLFR 6H HVWDEOHFHQ HQWRQFHV UHODFLRQHV TXH LQGLTXHQ TXp DJHQWHV \
IDFWRUHV SXHGHQ LQIOXLU HQ DFFLRQDU ODV LPSOLFDQFLDV GH ORV GDWRV DELHUWRV VREUH OD FRQVWUXFFLyQ GH
FLXGDGHVLQWHOLJHQWHV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&%XHQRV$LUHVDEUHVXVGDWRV
/DFLXGDG$XWyQRPDGH%XHQRV$LUHVHVXQDH[FHSFLyQGHQWURGHOWHMLGRLQVWLWXFLRQDOGHOHVWDGRGHOD
5HS~EOLFD $UJHQWLQD &RQVLJXLy VX DXWRQRPtD GHO JRELHUQR IHGHUDO PHGLDQWH OD UHIRUPD GH OD
&RQVWLWXFLyQ1DFLRQDOGH(VWRGHILQLyODVILJXUDVGHOMHIHGHJRELHUQR\ODOHJLVODWXUDGHODFLXGDG
SRQLHQGR D %XHQRV $LUHV D QLYHO GH XQD SURYLQFLD WDQWR HQ WpUPLQRV SROtWLFRV FRPR HQ VX IRUPD GH
JRELHUQR ORFDO 'H HVWD PDQHUD OD 5HS~EOLFD $UJHQWLQD FRPR HVWDGR IHGHUDO HVWi FRPSXHVWD SRU 
SURYLQFLDV\OD&LXGDG$XWyQRPDGH%XHQRV$LUHV
/D FLXGDG GH %XHQRV $LUHV HV XQR GH ORV RFKR HVWDGRV IHGHUDOHV TXH FXHQWD FRQ XQD /H\ GH
$FFHVR D OD ,QIRUPDFLyQ 3~EOLFD /H\ 1   (VWD JDUDQWL]D OD UHVSRQVDELOLGDG GHO (VWDGR GH
UHVSRQGHUGHIRUPDFRPSOHWDYHUD]DGHFXDGD\RSRUWXQDFXDOTXLHUVROLFLWXGSRUSDUWHGHODFLXGDGDQtD
VREUHLQIRUPDFLyQUHODWLYDDDFFLRQHVGHOJRELHUQR *&%$ 
$VLPLVPR OD FLXGDG GH %XHQRV $LUHV VH KD FRQYHUWLGR HQ OD SULPHUD FLXGDG HQ $UJHQWLQD HQ
WHQHUXQSODQGHGDWRVDELHUWRV(VWHSODQORGHVDUUROOyOD'LUHFFLyQ*HQHUDOGH,QIRUPDFLyQ\*RELHUQR
$ELHUWRGHSHQGLHQWHGHO0LQLVWHULRGH0RGHUQL]DFLyQGHO*RELHUQRGHODFLXGDG

3URFHVRSROtWLFR
(OSURFHVRGHSROtWLFDVGLJLWDOHVGHODFLXGDGVXUJLyHQWUH\FRQODFUHDFLyQGHOD'LUHFFLyQ
*HQHUDO GH 1XHYRV 0HGLRV FRPR SDUWH GH OD 6HFUHWDUtD *HQHUDO GH OD FLXGDG (Q HVWD GLUHFFLyQ VH
FRQIRUPy XQ HTXLSR GH MyYHQHV SURIHVLRQDOHV GHGLFDGRV D OD LPSOHPHQWDFLyQ GH SROtWLFDV 7,& HQ HO
JRELHUQRGHODFLXGDG'XUDQWHHVWHSULPHUSHUtRGRVHLQWHJUDURQKHUUDPLHQWDVGHFRPXQLFDFLyQVRFLDOH
LQWHUDFWLYD\VHUHRUJDQL]yODSUHVHQFLDZHEGHOJRELHUQR
$ ILQDOHV GH  VH UHHVWUXFWXUy OD RUJDQL]DFLyQ PLQLVWHULDO GH OD FLXGDG \ VH FRQIRUPy HO
0LQLVWHULRGH0RGHUQL]DFLyQSDUDWUDEDMDUHQFXDWURHMHVIXQGDPHQWDOHVIRUWDOHFHU\FDSDFLWDUDOFDSLWDO
KXPDQRGHOJRELHUQRGHVDUUROODUXQSODQGHPRGHUQL]DFLyQGHODDGPLQLVWUDFLyQS~EOLFDDYDQ]DUHQOD
FRQVWUXFFLyQ GH XQD FLXGDG LQWHOLJHQWH H LPSOHPHQWDU XQD HVWUDWHJLD GH DSHUWXUD GHO JRELHUQR H
LQIRUPDFLyQDWUDYpVGHEDVHVGHGDWRV
'HQWUR GHO 0LQLVWHULR GH 0RGHUQL]DFLyQ VH FRQIRUPy OD 'LUHFFLyQ *HQHUDO GH ,QIRUPDFLyQ \
*RELHUQR$ELHUWR(QPDU]RGHVHILUPyHO'HFUHWR1GHJRELHUQRDELHUWRHQHOTXHVH
SURPRYLy OD FUHDFLyQ GHO VLWLR GDWDEXHQRVDLUHVJREDU 6X REMHWLYR HV IDFLOLWDU OD E~VTXHGD
GHVFXEULPLHQWR \ DFFHVR D DTXHOORV GDWRV GHO VHFWRU S~EOLFR TXH FRQWULEX\DQ D SURPRYHU OD
WUDQVSDUHQFLD OD SDUWLFLSDFLyQ \ OD FRODERUDFLyQ GH ORV FLXGDGDQRV HQ ORV DVXQWRV GH JRELHUQR
HVWLPXODQGR OD LQQRYDFLyQ \ HO GHVDUUROOR VRFLDO HFRQyPLFR \ FXOWXUDO GH OD FLXGDG GH %XHQRV $LUHV
*&%$ 'HHVWDPDQHUDHOJRELHUQRGHODFLXGDGVHFRQYLUWLyHQHQODSULPHUDLQVWLWXFLyQ
GHOD5HS~EOLFD$UJHQWLQDHQFRQIRUPDUGHQWURGHVXHVWUXFWXUDIXQFLRQDOXQiUHDHQFDUJDGDGHWUDEDMDU
VREUHODLPSOHPHQWDFLyQGHSROtWLFDVGHJRELHUQRDELHUWR/D'LUHFFLyQGH*RELHUQR$ELHUWRWLHQHFRPR
REMHWLYRVJHQHUDULQWHJUDU\XWLOL]DULQIRUPDFLyQSUHFLVDRSRUWXQD\UHOHYDQWHSDUDHOFLXGDGDQRTXH
SHUPLWD GHVDUUROODU XQD SROtWLFD GH JRELHUQR WUDQVSDUHQWH FRODERUDWLYD \ SDUWLFLSDWLYD *&%$
E 
(VWH FDVRQRHVFDSD D XQ IHQyPHQR TXHVH UHSLWHDORODUJR RWUDV LQLFLDWLYDV GH HVWH WLSR \ HO
KHFKRGHTXHQRH[LVWHXQPRGHORGHILQLGRVLQRXQPDUFRFRQFHSWXDOIOH[LEOHTXHVHWHUPLQDDGDSWDQGR
DFDGDSURFHVRSROtWLFR\OLGHUD]JRSDUWLFXODU(QHVWHFDVRODRULHQWDFLyQGHOSURFHVRWLHQHXQHQIRTXH
KDFLDODLQQRYDFLyQJXEHUQDPHQWDOUHIRU]DQGRODVLGHDVTXHSODQWHDHOJRELHUQRDELHUWRSDUDPHMRUDUORV
SURFHVRVGHJHVWLyQHLQWHJUDUDORVFLXGDGDQRVDODUHVROXFLyQGHSUREOHPDV






 &ODUDPHQWHVHUHWRPDURQODVLGHDVGHWUDQVSDUHQFLDFRODERUDFLyQ\SDUWLFLSDFLyQVREUHODGHILQLFLyQGHJRELHUQRDELHUWR



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

%XHQRV$LUHVGDWD
(OFDPLQRKDFLDODDSHUWXUDGHGDWRVS~EOLFRVGHODFLXGDGGH%XHQRV$LUHVFRPHQ]yHQXQDxRDQWHV
GH OD FRQIRUPDFLyQ GH OD 'LUHFFLyQ GH *RELHUQR $ELHUWR FRQ HO UHOHYDPLHQWR GH XQ FRQMXQWR GH GDWRV
UHDOL]DGRSRUXQHTXLSRGHSURIHVLRQDOHVGHOiUHDGLJLWDO(VWHIXHODEDVHVREUHODFXDOVHFRQVWUX\HURQORV
SULPHURVFRQMXQWRVGHGDWRVTXHSRVWHULRUPHQWHIXHURQSXEOLFDGRVHQIRUPDWRVUHXWLOL]DEOHV
(QODDFWXDOLGDGHOHTXLSRGHODGLUHFFLyQGHJRELHUQRDELHUWRHVWiFRQIRUPDGRSRUXQFRQMXQWR
PXOWLGLVFLSOLQDULR GH SURIHVLRQDOHV /D GLUHFFLyQ VH FRPSRQH GH XQ iUHD TXH VH HQFDUJD GH OLPSLDU
UHILQDU\FRQVWUXLUEDVHVGHGDWRVRWUDUHVSRQVDEOHGHSURPRYHUODFXOWXUDGHJRELHUQRDELHUWRDWUDYpV
GH OD DGPLQLVWUDFLyQ S~EOLFD \ YLQFXODU D RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO \ OD DFDGHPLD FRQ HO
SURFHVR \ XQ ODERUDWRULR GRQGH VH GHVDUUROODQ VROXFLRQHV YLVXDOL]DFLRQHV \ SURFHVRV HQ FRQMXQWR FRQ
RWUDViUHDVJXEHUQDPHQWDOHVLQFOX\HQGRODLQFXEDFLyQGHSUR\HFWRVGHLQQRYDFLyQFtYLFD
$FWXDOPHQWHORVUHTXLVLWRVSDUDODFRQIRUPDFLyQGHORVFRQMXQWRVGHGDWRV\VXOLEHUDFLyQVRQ
%XHQRV$LUHV'DWD 
 /DLQIRUPDFLyQQRVHHQFXHQWUDVXMHWDDUHVWULFFLRQHVRSULYLOHJLRVHQYLUWXGGHODQRUPDWLYD
YLJHQWHHQPDWHULDGHDFFHVRDODLQIRUPDFLyQ\SURWHFFLyQGHGDWRVSHUVRQDOHV
 /RVFRQMXQWRVGHGDWRVVHH[SRQHQVLJXLHQGRORVSULQFLSLRVGHGDWRVDELHUWRV\SRUHQGHVH
HQFXHQWUDQHQODVFRQGLFLRQHVPiVDSURSLDGDVSDUDVHUUHXWLOL]DGRV
 /D DSHUWXUD VH UHDOL]D VREUH ORV FRQMXQWRV GH GDWRV TXH SRU VX QDWXUDOH]D FRQWULEX\HQ D
IDFLOLWDU OD UHQGLFLyQ GH FXHQWDV H LQFHQWLYDU OD SDUWLFLSDFLyQ \ FRODERUDFLyQ FLXGDGDQD
DGHPiVGHSURPRYHUHOGHVDUUROORVRFLDOHFRQyPLFR\FXOWXUDOGHODFLXGDG
/D SXEOLFDFLyQ GH GDWRV HV VXSHUYLVDGD SRU OD JHUHQFLD GH GDWRV \ HV SDUWH GH XQ SURFHVR GH
YLQFXODFLyQGLUHFWDFRQODViUHDVTXHSURGXFHQODLQIRUPDFLyQ(VWDJHVWLyQVHGHVDUUROODHQXQDSULPHUD
LQVWDQFLDHQWpUPLQRVSROtWLFRVHQIXQFLyQGHODQHFHVLGDGRSULRULGDGGHODOLEHUDFLyQGHFLHUWRVGDWRV
3RVWHULRUPHQWHVHLQYROXFUDQHQHOSURFHVRORVHTXLSRVGHSXEOLFDFLyQSDUDDFRUGDUORVSURFHGLPLHQWRV
WpFQLFRV\ODFRQVWUXFFLyQGHORVFRQMXQWRVGHGDWRV
8QD YH] FRQFOXLGRV ORV DFXHUGRV WHFQROyJLFRV VH SURFHGH D HVWDEOHFHU XQ FRQYHQLR HQWUH ODV
SDUWHVPHGLDQWHXQIRUPXODULRHQTXHVHGHILQHHQWUHRWUDVFRVDVHOIRUPDWRGHORVGDWRVQRPEUHiUHDV
JXEHUQDPHQWDOHVUHVSRQVDEOHV\SHUVRQDVUHVSRQVDEOHVGHVXDFWXDOL]DFLyQ8QDYH]FXPSOLGRHVWHSDVR
VHSURFHGHDODSXEOLFDFLyQGHORVGDWRVHQHOSRUWDO

(OSRUWDO
(OSRUWDOGH%XHQRV$LUHV'DWDXWLOL]DXQDWHFQRORJtD&.$1XQVRIWZDUHGHFyGLJRDELHUWR
/DYHUVLyQGH%XHQRV$LUHV'DWDIXHODQ]DGDHQIHEUHURGHUHQRYDQGRODHVWpWLFDGHOVLWLR\
SHUPLWLHQGRQXHYDVIXQFLRQDOLGDGHVUHVSHFWRGHODYHUVLyQODQ]DGDXQDxRDQWHV/DYHUVLyQPiV
UHFLHQWHSUHVHQWDPHMRUDVHVWpWLFDVODFUHDFLyQGHHVSDFLRVSDUDODGLIXVLyQGHFRQWHQLGRVUHOHYDQWHV
SDUD HO SRUWDO OD LPSOHPHQWDFLyQ GH XQD $3, JUDFLDV D OD DFWXDOL]DFLyQ GH OD YHUVLyQ GH &.$1
XWLOL]DGD  \ OD LQWHJUDFLyQ GH XQ PRWRU GH YLVXDOL]DFLRQHV LQWHUQR TXH SHUPLWH TXH ORV GDWRV VHDQ
LQWHUSUHWDGRVGHIRUPDJUiILFD
'HQWURGHOSRUWDOVHHQFXHQWUDQSXEOLFDGRVFRQMXQWRVGHGDWRVHQIRUPDWRVYDULDGRV\FRQ
LQIRUPDFLyQSURYHQLHQWHGHGLIHUHQWHVIXHQWHVGHOJRELHUQRGHODFLXGDGLQYROXFUDQGRDGLH]GHORV
PLQLVWHULRVGHODFLXGDG\GRVGHODVFLQFRVHFUHWDUtDVGHJRELHUQR/RVGDWRVVHDJUXSDQHQODVVLJXLHQWHV
iUHDV DFWLYLGDG HFRQyPLFD DGPLQLVWUDFLyQ S~EOLFD \ QRUPDWLYD FXOWXUD \ UHFUHDFLyQ HGXFDFLyQ




 (QWUHSURJUDPDGRUHVGLVHxDGRUHVJUiILFRVUHODFLRQDGRUHVS~EOLFRVSHULRGLVWDVFLHQWLVWDVSROtWLFRVHFRQRPLVWDV\DERJDGRV
 &.$1HVXQVRIWZDUHTXHIXQFLRQDFRPRSRUWDOGHGDWRV\IXHGHVDUUROODGRSRUOD2SHQ.QRZOHGJH)RXQGDWLRQXQD
RUJDQL]DFLyQ QR JXEHUQDPHQWDO FRQ DOFDQFH LQWHUQDFLRQDO EDVDGD HQ ,QJODWHUUD TXH SURPXHYH OD DSHUWXUD
JXEHUQDPHQWDO\IRPHQWDODOLEHUDFLyQGHGDWRVS~EOLFRVKWWSFNDQRUJ





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

LQIUDHVWUXFWXUD \ REUD S~EOLFD PHGLR DPELHQWH PRYLOLGDG \ WUDQVSRUWH VDOXG \ VHUYLFLRV VRFLDOHV
VHJXULGDG\XUEDQLVPRV\WHUULWRULR


&8$'52
)8(17('(/26'$7266(*15($'(/*2%,(512
0LQLVWHULR

&DQWLGDGGHFRQMXQWRVGHGDWRV

0LQLVWHULRGH&XOWXUD



0LQLVWHULRGH'HVDUUROOR8UEDQR



0LQLVWHULRGH+DFLHQGD



0LQLVWHULRGH-XVWLFLD\6HJXULGDG



0LQLVWHULRGH0RGHUQL]DFLyQ



-HIDWXUDGH*DELQHWH



0LQLVWHULRGH$PELHQWH\(VSDFLR3~EOLFR



0LQLVWHULRGH(GXFDFLyQ



0LQLVWHULRGH'HVDUUROOR(FRQyPLFR



$XWRSLVWDV8UEDQDV6$



0LQLVWHULRGH6DOXG



6HFUHWDUtDGH&RPXQLFDFLyQ6RFLDO



6HFUHWDUtD/HJDO\7pFQLFD



7RWDO



)XHQWHHODERUDFLyQSURSLD


$ODQDOL]DUORVRUJDQLVPRVUHVSRQVDEOHVGHODSXEOLFDFLyQHIHFWLYDGHORVGDWRVVHREVHUYDTXH
HO 0LQLVWHULR GH 0RGHUQL]DFLyQ HV HO TXH WRPD HO OLGHUD]JR D WUDYpV GH OD DJHQFLD GH VLVWHPDV GH
LQIRUPDFLyQTXHJDUDQWL]DHOGHODVUHFROHFFLRQHVDEVRUELHQGRODFDUJDWpFQLFDGHOSURFHVRGHOD
OLEHUDFLyQGHODLQIRUPDFLyQS~EOLFD

/RVSURGXFWRVFXOWXUDOHV
0iVDOOiGHODOLEHUDFLyQGHORVGDWRVODGLUHFFLyQGHJRELHUQRDELHUWRVHSODQWHyGLIXQGLUHOFRQFHSWRGH
JRELHUQR DELHUWR HQ ODV GLIHUHQWHV HVIHUDV GH OD DGPLQLVWUDFLyQ S~EOLFD \ FRQ DFWRUHV GHO iPELWR
HPSUHQGHGRUWHFQROyJLFR\DFDGpPLFRDILQGHLQWHJUDUORVHQORVSURFHVRVGHLQQRYDFLyQFtYLFD
&RQHVWHSURSyVLWRVHLPSOHPHQWDURQGLIHUHQWHVLQVWDQFLDVSDUDDOFDQ]DUDXQFRQMXQWRYDULDGR
GH DFWRUHV TXH PHGLDQWH VX LQYROXFUDPLHQWR DFWLYR SRGUtDQ DSR\DU OD H[SDQVLyQ GH ODV LQLFLDWLYDV GH
GDWRV DELHUWRV (VWRV DFWRUHV FRQWULEX\HQ D OD JHQHUDFLyQ GH XQD GHPDQGD \ FRQFLHQFLD HQ GLIHUHQWHV
VHFWRUHVVREUHORVSURGXFWRV\VHUYLFLRVTXHSXHGHQVXUJHQDSDUWLUGHORVGDWRV

%$+DFNDWyQ
(OSULPHUKDFNDWyQFRQILQHVFtYLFRVRUJDQL]DGRSRUHOJRELHUQRGHODFLXGDGGH%XHQRV$LUHV
VH RUJDQL]y HQ PD\R GH  HQ HO &HQWUR 0HWURSROLWDQR GH 'LVHxR GH %XHQRV $LUHV (VWD SULPHUD
H[SHULHQFLD SUHWHQGtD TXH HQ  KRUDV ORV SDUWLFLSDQWHV SXGLHUDQ JHQHUDU SURWRWLSRV FRQ XQ FLHUWR




 8Q KDFNDWyQ VH SUHVHQWD FRPR XQ HYHQWR ItVLFR GH EDVH WHFQROyJLFD PDUDWyQ GH SURJUDPDFLyQ  (VWRV HYHQWRV VH
GHILQHQ FRQ XQD GXUDFLyQ GHWHUPLQDGD SDUD UHVROYHU XQ FRQMXQWR GH REMHWLYRV SODQWHDGRV SRU OD RUJDQL]DFLyQ 6H
FRQIRUPDQ HTXLSRV GH IRUPD HVSRQWiQHD HQWUH ORV GLIHUHQWHV SDUWLFLSDQWHV VH SUHWHQGH TXH VLHPSUH KD\D DO PHQRV XQ
SURJUDPDGRU SRU HTXLSR SDUD TXH ORV SUR\HFWRV QR VHDQ VyOR FRQFHSWXDOHV VLQR TXH VH SXHGDQ JHQHUDU SURGXFWRV R
DSOLFDFLRQHV/DFRODERUDFLyQHVXQRGHORVFRQFHSWRVSULQFLSDOHV

 (O&HQWUR0HWURSROLWDQRGH'LVHxRHVXQXQDGHSHQGHQFLDGHO0LQLVWHULRGH'HVDUUROOR(FRQyPLFRGHO*RELHUQRGHOD
&LXGDGGH%XHQRV$LUHVFX\RREMHWLYRHVLQFXEDU\SURPRYHUSUR\HFWRVTXHLQWHJUHQGLVHxRHQLQGXVWULDVUDGLFDGDV
HQODFLXGDGKWWSZZZFPGJRYDUFPGTXHHVHOFPG



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

JUDGR GH RSHUDWLYLGDG GH DSOLFDFLRQHV PyYLOHV \ TXH XWLOL]DUDQ SDUD VX IXQFLRQDPLHQWR ORV GDWRV
SXEOLFDGRV HQ HO FDWiORJR GHO SRUWDO %XHQRV $LUHV 'DWD 6H SURSXVLHURQ FLQFR FDWHJRUtDV VHJXULGDG
HGXFDFLyQDJHQGDYHUGHPRYLOLGDG\FXOWXUD VREUHODVFXDOHVVHSRGtDQSUHVHQWDUSUR\HFWRV7DPELpQ
VHLQYLWyDORVIXQFLRQDULRVGHODViUHDVUHVSRQVDEOHVGHODSXEOLFDFLyQGHHVRVGDWRVSDUDTXHSDUWLFLSHQ
GHOSUR\HFWR
'XUDQWH GRV GtDV KXER XQD PDUDWyQ GH SURJUDPDFLyQ GLVHxR \ GHVDUUROOR GH SUR\HFWRV HQ
WLHPSR UHDO HQ TXH VH LQWHJUDURQ GLIHUHQWHV GLVFLSOLQDV \ VH IRPHQWy OD FRODERUDFLyQ HQWUH DJHQWHV
SULYDGRV \ S~EOLFRV HQ OD UHVROXFLyQ GH SUREOHPDV GH EDVH FtYLFD 6H SUHVHQWDURQ  HTXLSRV TXH
GHVDUUROODURQ SURWRWLSRV IXQFLRQDOHV GH DSOLFDFLRQHV SDUD FLQFR SODWDIRUPDV GLVWLQWDV $SSOH L2V
:LQGRZV0RELOH$QGURLG%%26\ZHE\VHXWLOL]DURQHQWRWDOORVFRQMXQWRVGHGDWRVSXEOLFDGRV
KDVWDHVHPRPHQWR *&%$ 
(VWDSULPHUDHGLFLyQGHO%$+DFNDWyQUHDOL]DGDHQSUHVHQWyXQIRUPDWRGHFRQFXUVRHQ
TXHILQDOL]DQGRHOSOD]RHVWLSXODGRSDUDHOGHVDUUROORGHORVSUR\HFWRVXQMXUDGRUHDOL]yXQDHYDOXDFLyQ
)LQDOPHQWHVHGHFODUDURQWUHVJDQDGRUHV\GRVPHQFLRQHVHVSHFLDOHV
0L %V$V  SULPHU SUHPLR HO HTXLSR JDQDGRU GHVDUUROOy XQD DSOLFDFLyQ SDUD JHVWLRQDU XQD
LQWHUID]GHSHGLGRV\VXJHUHQFLDVDO6LVWHPDQLFRGH$WHQFLyQ&LXGDGDQDPHGLDQWHXQWHOpIRQRPyYLO
0L %V$V JHRORFDOL]D FDGD LQWHUDFFLyQ GHO XVXDULR FRQ OD SODWDIRUPD /D PHFiQLFD SODQWHDGD SRU OD
DSOLFDFLyQFRQVLVWHHQTXHFDGDXVXDULRWHQJDODSRVLELOLGDGGHUHSRUWDUXQSUREOHPDRVLWXDFLyQHQOD
FLXGDG WRPDQGR XQD IRWR \ VXELpQGROD PHGLDQWH OD LQWHUID] PyYLO 8QD YH] UHDOL]DGR HVH SURFHVR OD
DSOLFDFLyQ UHDOL]D XQD E~VTXHGD GH SUREOHPDV FDUJDGRV SRU RWURV YHFLQRV HQ XQ UDGLR GHWHUPLQDGR \
SUHJXQWDDOXVXDULRVLSXHGHYHULILFDUVLHVHUHFODPRHVWiUHVXHOWR
%$9LGDVHJXQGRSUHPLRHVXQDDSOLFDFLyQSDUDHYDOXDUORVQLYHOHVGHFDOLGDGGHYLGDGHOD
FLXGDGVHJ~QFLHUWRVSDUiPHWURV7RPDQGRFRPRSXQWRGHSDUWLGDODVGLIHUHQWHV]RQDVJHRJUiILFDVGHOD
FLXGDGGH%XHQRV$LUHVVHDQDOL]DXQFRQMXQWRGHGDWRVSURYLVWRVSRU%XHQRV$LUHV'DWDDGHPiVGH
RWURVSURFHGHQWHVGHIXHQWHVSULYDGDV/DOyJLFDGHSXQWXDFLyQGHODVGLIHUHQWHVORFDFLRQHVGHODFLXGDG
WLHQH XQ FDUiFWHU O~GLFR \ VH QXWUH GH UHIHUHQFLDV FRPR OD FHUFDQtD GH HVWDFLRQHV GH ELFLFOHWDV R OD
FRQWDPLQDFLyQVRQRUD %HFHUUD 
0HWUR/LEURV  WHUFHU SUHPLR VX REMHWLYR HV DSURYHFKDU ORV FRQMXQWRV GH GDWRV OLEHUDGRV HQ
%XHQRV $LUHV 'DWD VREUH ORV OLEURV GLVSRQLEOHV HQ ODV GLIHUHQWHV OLEUHUtDV S~EOLFDV GH OD FLXGDG \ OD
LQIRUPDFLyQJHRUUHIHUHQFLDGDGHODVOLEUHUtDV/DVIXQFLRQDOLGDGHVFHQWUDOHVGHODDSOLFDFLyQVRQEXVFDU
XQ OLEUR \ DYHULJXDU VX GLVSRQLELOLGDG HQ FXDOTXLHUD GH ODV ELEOLRWHFDV S~EOLFDV HQ IXQFLyQ GH FLHUWRV
FDPSRVFRPRDXWRUFDWHJRUtD\QRPEUHGHOOLEUR$VXYH]VHJHQHUDXQDFRPXQLGDGGHOHFWRUHVTXH
SXHGHQ HYDOXDU ORV OLEURV \ GHMDU VXV FRPHQWDULRV LQWHJUDQGR SOHQDPHQWH OD VROXFLyQ D UHGHV VRFLDOHV
117KH%ORJ 

%XHQRV$LUHV$SSV
%XHQRV $LUHV $SSV IXH XQ FRQFXUVR RUJDQL]DGR HQWUH VHSWLHPEUH \ GLFLHPEUH GH  SDUD
IRPHQWDUHOGHVDUUROORGHDSOLFDFLRQHVFRQILQHVFtYLFRVFHQWUDGRVHQODUHXWLOL]DFLyQGHORVFRQMXQWRVGH
GDWRV OLEHUDGRV HQ %XHQRV $LUHV 'DWD 6H SUHVHQWDURQ  DSOLFDFLRQHV \ KXER FLQFR JDQDGRUHV HQ
GLIHUHQWHVFDWHJRUtDV
(Q WRWDO SDUWLFLSDURQ PiV GH  SHUVRQDV HQ HTXLSRV TXH SRGtDQ HVWDU FRPSXHVWRV SRU
RUJDQL]DFLRQHV GHO WHUFHU VHFWRU HPSUHVDV R LQGLYLGXRV 'H ODV DSOLFDFLRQHV SUHVHQWDGDV DOUHGHGRU GH
XQDGHFHQDHVWiQGLVSRQLEOHVSDUDVXGHVFDUJD/DVFDWHJRUtDVGHSDUWLFLSDFLyQHUDQYHUGHXUEDQLVPR
PRYLOLGDGHGXFDFLyQFXOWXUD\WXULVPRYRWRGHOS~EOLFR\XQSUHPLRJHQHUDO
%LFLFOHWD%XHQRV$LUHVSULPHUSUHPLRHVWDDSOLFDFLyQDVLVWHDOFLFOLVWDHQVXUHFRUULGRSRU
%XHQRV$LUHV7UDEDMDFRQORVGDWRVRILFLDOHVGHOPDSDGHFLFORYtDVJHRORFDOL]DFLyQGHODVHVWDFLRQHVH
LQIRUPDFLyQVREUHODFDQWLGDGGHELFLFOHWDV\FDVFRVGLVSRQLEOHVHQFDGDXQDGHHOODVFRPELQDGRVFRQ
GDWRVFOLPiWLFRV3HUPLWHHODOPDFHQDPLHQWRGHUHFRUULGRVUHDOL]DGRVORVFXDOHVRSWLPL]DHQIXQFLyQGH
ODVFLFORYtDVGLVSRQLEOHVHQGLIHUHQWHV]RQDVGHODFLXGDG



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

%$,5(6+2<SUHPLRFXOWXUDDOLPHQWDGDFRQORVGDWRVGHODDJHQGDFXOWXUDO\HOIHVWLYDO
&LXGDGHPHUJHQWHSHUPLWHDOXVXDULRUHFRUUHUODVGLIHUHQWHVSURSXHVWDVGHHVSHFWiFXORVGHODFLXGDGHQ
XQDLQWHUID]DPLJDEOH/DDSOLFDFLyQIXHGHVDUUROODGDSDUD$QGURLG1RVHHQFXHQWUDGLVSRQLEOHHQORV
FDWiORJRVSHURVHSXHGHGHVFDUJDUGHIRUPDGLUHFWD
3DUNHDQGR  YRWR GHO S~EOLFR \ SUHPLR PRYLOLGDG HVWD DSOLFDFLyQ EULQGD D ORV DXWRPRYLOLVWDV
LQIRUPDFLyQ JHRUUHIHUHQFLDGD VREUH OD XELFDFLyQ GH HVWDFLRQDPLHQWRV KDELOLWDGRV 3HUPLWH TXH ORV XVXDULRV
DJUHJXHQ GH IRUPD YROXQWDULD RWURV GDWRV FRPR SUHFLR GHO HVWDFLRQDPLHQWR KRUDULRV R VXPDU XQ
HVWDFLRQDPLHQWRTXHQRILJXUHHQHOOLVWDGR3DUNHDQGRVHSUHVHQWDHQXQDYHUVLyQZHE\XQDSDUDPyYLOHV
&XUVRVHQODFLXGDGSUHPLRHGXFDFLyQHVWDDSOLFDFLyQVREUHOD$3,GHOPDSDLQWHUDFWLYRGH
ODFLXGDGUHOHYDORVFXUVRVGHHGXFDFLyQQRIRUPDO\JUDWXLWRVEULQGDGRVSRUODFLXGDG\ORVFDWHJRUL]D
VHJ~QLQWHUHVHVEDUULRV\OXJDUHV
/RV 7DQIDXQ  SUHPLR XUEDQLVPR HVWD XQD SODWDIRUPD ZHE HQ TXH ORV FLXGDGDQRV SXHGHQ
UHSRUWDUREMHWRVHQFRQWUDGRVRSHUGLGRVFRQHOILQGHUHXQLUORVFRQVXVGXHxRV3UHVHQWDXQDLQWHUID]TXH
LQFOX\HSHUVRQDMHVGHXQDIDPLOLDSRUWHxD/DDSOLFDFLyQHVXQHMHPSORGHLQWHJUDFLyQGHO$3,GHOPDSD
LQWHUDFWLYRGHODFLXGDG
,GHDV%$PHQFLyQHVSHFLDOHVXQDSODWDIRUPDZHESDUDSXEOLFDULGHDVUHFODPRVSUHJXQWDV\
VXJHUHQFLDV (VWR VH SRVLFLRQD HQ XQ PDSD \ VH VRPHWHQ D FRQVLGHUDFLyQ GH OD FRPXQLGDG SDUD VHU
YRWDGDV (VWD DSOLFDFLyQ XWLOL]D YDULRV FRQMXQWRV GH GDWRV SXEOLFDGRV HQ %XHQRV $LUHV 'DWD FRPR
GLUHFFLRQHVGHFDOOHVEDUULRVORFDOHVEDLODEOHV\FRPLVDUtDV

*REFDPS
(O%$*REFDPSTXHVHVXPDDXQFRQMXQWRGH&DPSVUHODFLRQDGRVFRQORS~EOLFRTXHVH
KDQ UHDOL]DGR DOUHGHGRU GHO PXQGR FRQWy VyOR FRQ IXQFLRQDULRV S~EOLFRV FRPR SDUWLFLSDQWHV (O
HVStULWX IXH HO GH DYDQ]DU HQ OD FUHDFLyQ GH XQD FRPXQLGDG LQWHUQD GH LQQRYDFLyQ GH JRELHUQR
%RUUPDQQ   3DUWLFLSDURQ  PLHPEURV GH OD DGPLQLVWUDFLyQ S~EOLFD \ KXER  FKDUODV VREUH
GLIHUHQWHVPDWHULDVUHDOL]DGDVSRUUHSUHVHQWDQWHVGHRUJDQLVPRVGLVWLQWRVGHOJRELHUQRGHODFLXGDG
HQVLPXOWiQHR *RELHUQR$ELHUWR*&%$D /RVHMHVWHPiWLFRVGHODVFKDUODVIXHURQODGLVFXVLyQ
GH SURFHVRV GH JHVWLyQ GH FRPXQLFDFLyQ LQWHUQD LQWHJUDFLyQ GH UHGHV VRFLDOHV WHPDV DPELHQWDOHV
GLQiPLFDVGHWUDEDMRHQWUHRWUDV

/DFRPXQLGDGDOUHGHGRUGHORVGDWRV
$GHPiV GH ODV DFFLRQHV SURSXHVWDV SRU HO SURSLR JRELHUQR GH OD FLXGDG H[LVWH XQ FRQMXQWR GH
FRPXQLGDGHV TXH KD HPHUJLGR HQ WRUQR D ORV GDWRV DELHUWRV HQ GLIHUHQWHV HYHQWRV (VWDV LQLFLDWLYDV
VXUJHQ GH RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO SHULRGLVWDV \ iPELWRV DFDGpPLFRV \ WLHQHQ GLIHUHQWHV
PHWRGRORJtDV SUiFWLFDV \ SURSXHVWDV SHUR WDPELpQ FLHUWDV VLPLOLWXGHV 8Q IRUPDWR TXH VH KD
FRQIRUPDGRGHPDQHUDUHJXODUHQORVHYHQWRVVRQORVKDFNDWRQHV
(OIRUPDWRJHQHUDOPHQWHWLHQHXQDLQWURGXFFLyQGRQGHORVRUJDQL]DGRUHVGHOHYHQWRSUHVHQWDQORV
REMHWLYRV\HOFRQMXQWRGHGDWRVFRQORVFXDOHVVHSUHWHQGHWUDEDMDUGXUDQWHODVHVLyQ6HGHILQHQWDPELpQ
GLIHUHQWHVPRPHQWRVDORODUJRGHOGtDSDUDODSUHVHQWDFLyQGHORVDYDQFHVGHORVHTXLSRV3RVWHULRUPHQWH
VH DEUH XQ SHUtRGR SDUD TXH VH LQWHJUHQ ORV HTXLSRV $ FRQWLQXDFLyQ VH GHVFULEHQ ORV HYHQWRV PiV
VLJQLILFDWLYRVSDUDSRGHUFRQVWUXLUXQDYLVLyQVREUHODFRPXQLGDGDOUHGHGRUGHORVGDWRVS~EOLFRV



 (QWUHORVHYHQWRVWHFQROyJLFRVORV&DPSWLHQHQDOJXQDVSDUWLFXODULGDGHVHQSULQFLSLRVRQDFWLYLGDGHVWHPiWLFDVFRQ
XQ HMH TXH UHFRUUH WRGR VX FRQWHQLGR DVt VH SXHGHQ HQFRQWUDU 7UDYHO&DPS HYHQWR VREUH WXULVPR \ YLDMHV
'UXSDO&DPS GRQGH VH WRFDQ WHPDV GH SURJUDPDFLyQ \ GHVDUUROOR HQ 'UXSDO \ %DU&DPS TXL]iV HO PiV H[LWRVR
GRQGHODWHFQRORJtDHVHOWHPDFHQWUDO $GHPiVHOIRUPDWRQRFXHQWDFRQFKDUODVDJHQGDGDVSUHYLDPHQWHVLQRTXHDO
OOHJDUORVDVLVWHQWHVDOOXJDUGRQGHVHGHVDUUROODUiODDFWLYLGDGVHHQFXHQWUDQFRQXQDSL]DUUDHQEODQFRFRQHVSDFLRV
GLYLGLGRVSRUVDODV\IUDQMDVKRUDULDVSDUDTXHFDGDXQRSXHGDDQRWDUVH\GDUXQDFKDUOD



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

+DFNV+DFNHUV%XHQRV$LUHV0HGLD3DUW\
+DFNV+DFNHUVHVXQDFRPXQLGDGJOREDOTXHUH~QHDSHULRGLVWDVFRQGHVDUUROODGRUHV\GLVHxDGRUHVSDUD
LQWHJUDUGLIHUHQWHVGLVFLSOLQDVHQODJHQHUDFLyQGHXQQXHYRPRGHORGHSHULRGLVPRGLJLWDOFRQORVGDWRV
FRPRHMHSULQFLSDO(OFDStWXORGH%XHQRV$LUHVHVXQRGHORVPiVJUDQGHVGHOPXQGR\HQVH
UHDOL]yXQHYHQWRGHWUHVGtDVGHQRPLQDGR++%$0HGLD3DUW\GRQGHVHFRQYRFDURQDOUHGHGRUGH
SHUVRQDV YLQFXODGDV FRQ ORV PHGLRV OD WHFQRORJtD \ ORV GDWRV DELHUWRV %OHMPDQ   6H KLFLHURQ
WDOOHUHVFDSDFLWDFLRQHV\GHPRVWUDFLRQHVGHKHUUDPLHQWDVWHFQROyJLFDV\VXDSOLFDFLyQHQODLQGXVWULDGH
ORVPHGLRV
'XUDQWHHO++%$0HGLD3DUW\WDPELpQVHUHDOL]yXQKDFNDWyQHQHOTXHVHLQWHJUDURQORV
FRQRFLPLHQWRV DGTXLULGRV HQ SUR\HFWRV FRODERUDWLYRV SDUD FRPSUHQGHU FRPSDUWLU DSUHQGHU \
UHVROYHUSUREOHPDV
(OUROGHOSHULRGLVPRHQODUHXWLOL]DFLyQGHORVGDWRVS~EOLFRVWLHQHPXFKRYDORU\DTXHDFHUFDD
ODFLXGDGDQtDDODVLQWHUSUHWDFLRQHVTXHVHSXHGHQKDFHUVREUHORVGDWRV(QHVWHVHQWLGRHYHQWRVFRPRHO
++%$0HGLD3DUW\VHFRQYLHUWHQHQSLH]DVFODYHSDUDODGLIXVLyQGHHVWHWLSRGHWHPiWLFDVGHQWURGHOD
LQGXVWULDSHULRGtVWLFD'HHVWDIRUPDVHDFHOHUDQORVSURFHVRVSDUDTXHODJHQWHSXHGDDFFHGHUDOYDORUGH
ODDSHUWXUDGHGDWRVS~EOLFRVGHVGHHODSRUWHSHULRGtVWLFRHQODUHGDFFLyQGHQRWLFLDV

'DWDIHVW
(O 'DWDIHVW IXH XQ HYHQWR GHVDUUROODGR SRU OD 8QLYHUVLGDG $XVWUDO \ HO 'LDULR /D 1DFLyQ
EDMR XQ HQIRTXH SDUWLFXODU HQ OD JHQHUDFLyQ GH YDORU DFDGpPLFR PHGLDQWH OD UHXWLOL]DFLyQ GH GDWRV (O
IRUPDWR GHO HYHQWR IXH LQVSLUDGR HQ HYHQWRV VLPLODUHV RUJDQL]DGRV SRU RWUDV XQLYHUVLGDGHV 6WDQIRUG 
'XUyGRVGtDVHQORVTXHVHWUDEDMyVREUHEDVHVGHGDWRVGHJDVWRS~EOLFRPHGLRDPELHQWHWUDQVSRUWH
HQHUJtD SREUH]D GpILFLW KDELWDFLRQDO PRQLWRUHR SUHVXSXHVWDULR DFWLYLGDG OHJLVODWLYD FHQVR \ MXVWLFLD
SDUD JHQHUDU YLVXDOL]DFLRQHV \ GHVFXEULU FRUUHODFLRQHV HQWUH ORV GDWRV 6H GHVDUUROODURQ GLIHUHQWHV
DSOLFDFLRQHV \ SUHVHQWDFLRQHV (QWUH ODV SULPHUDV VH HQFXHQWUDQ XQD DSOLFDFLyQ GH WH[W PLQLQJ SDUD HO
DQiOLVLV GH GLVFXUVRV GH IXQFLRQDULRV S~EOLFRV XQD SODWDIRUPD TXH UH~QH GDWRV OHJLVODWLYRV \
GHVFXEULPLHQWRVGHFRUUHODFLRQHVVREUHHOIXQFLRQDPLHQWRGHODVFiPDUDVGHMXVWLFLD6HKL]RKLQFDSLpHQ
OD PLQHUtD GH GDWRV FRPR SURFHVR GH DJUHJDFLyQ GH YDORU D ORV GDWRV JXEHUQDPHQWDOHV FRQ HO ILQ GH
JHQHUDUQXHYRVHQIRTXHVGHVGHORVFXDOHVDERUGDUORVFRQMXQWRVGHGDWRV

'HVDUUROODQGR$PpULFD/DWLQD
'HVDUUROODQGR $PpULFD /DWLQD HV XQD SURSXHVWD TXH VXUJH GH OD )XQGDFLyQ &LXGDGDQR
,QWHOLJHQWHHQ&KLOH\VHKDH[WHQGLGRDORODUJRGHODUHJLyQ6XVHJXQGDHGLFLyQHQVHUHDOL]yHQ
VLPXOWiQHR HQ RFKR SDtVHV GLIHUHQWHV (Q %XHQRV $LUHV OD RUJDQL]DFLyQ VH UHDOL]y PHGLDQWH :LQJX
XQD21*ORFDOTXHVHGHGLFDDLPSOHPHQWDUVROXFLRQHVWHFQROyJLFDVHQHOWHUFHUVHFWRU(VWHKDFNDWyQ
WHQtD FLHUWDV SDUWLFXODULGDGHV HQWUH ODV TXH GHVWDFD HO URO TXH OD VRFLHGDG FLYLO SXHGH WHQHU HQ OD
JHQHUDFLyQ GH YDORU FtYLFR JUDFLDV D OD UHXWLOL]DFLyQ GH ORV GDWRV S~EOLFRV (Q %XHQRV $LUHV VH
SUHVHQWDURQSUR\HFWRVGHVGHGLIHUHQWHVRUJDQL]DFLRQHVGHODVRFLHGDGFLYLOFRQHQIRTXHV\SURSXHVWDV
YDULDGDV\FRQpQIDVLVHQODUHXWLOL]DFLyQGHGDWRVS~EOLFRV











+DFNV+DFNHUV%XHQRV$LUHVKWWSZZZPHHWXSFRP+DFNV+DFNHUV%$
++%$0HGLD3DUW\KWWSPHGLDSDUW\KKEDLQIR
'DWDIHVWKWWSZZZGDWDIHVWRUJDU
(O 'LDULR /D 1DFLyQ HV HO SULPHU PHGLR DUJHQWLQR HQ SRVHHU XQ HTXLSR GHGLFDGR HVSHFtILFDPHQWH DO SHULRGLVPR GH
GDWRV TXLHQHV DGHPiV LQWHJUDQ XQ SRUWDO SURSLR KWWSGDWDODQDFLRQFRPDU   GRQGH OLEHUDQ ORV GDWRV TXH XWLOL]DQ
SDUDJHQHUDUVXVSLH]DVSHULRGtVWLFDV

 )XQGDFLyQ&LXGDGDQR,QWHOLJHQWHKWWSFLXGDGDQRLQWHOLJHQWHRUJ

 :LQJXKWWSZZZZLQJXZHERUJ




&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

'(OFDPLQRDVHJXLU
(Q OD UHYLVLyQ GH ORV FRQFHSWRV TXH URGHDQ DO PRYLPLHQWR GH GDWRV DELHUWRV GH OD FLXGDG GH %XHQRV
$LUHV ODV SROtWLFDVS~EOLFDV LPSOHPHQWDGDV \ ODV DFFLRQHV OOHYDGDVD FDER SDUD YLQFXODU GLFKDSROtWLFD
FRQ GLIHUHQWHV XVXDULRV VH KD GHVFXELHUWR TXH ODV FRPXQLGDGHV DOUHGHGRU GH ORV 2*' WLHQHQ GLVWLQWRV
HQIRTXHVPRWLYDFLRQHV\FRQFHSWRVVREUHHODSRUWHTXHORVGDWRVDELHUWRVSXHGHQJHQHUDU
3RU RWUR ODGR VH HQWLHQGH TXH HQ SULQFLSLR ORV GDWRV DELHUWRV SRU Vt VRORV QR FRQVLJXHQ OD
DWHQFLyQ GH OD PD\RUtD GH OD FLXGDGDQtD (VWD VH ORJUD JUDFLDV D SURGXFWRV PHGLDGRV SRU SODWDIRUPDV
GLJLWDOHV SLH]DV GH FRQWHQLGR R DQiOLVLV H LQWHUSUHWDFLRQHV GH OD LQIRUPDFLyQ DOPDFHQDGD (Q HVWH
VHQWLGRHVSULPRUGLDOSHQVDUHQQXHYDVLQWHUIDFHVPHGLDQWHODVTXHVHSXHGDDOFDQ]DUDPiVSHUVRQDV\D
FRQSURSXHVWDVVHJPHQWDGDVRDFFLRQHVPDVLYDV
8Q FDPLQR GLVWLQWR TXH DSDUHFH FRQ JUDQ SRWHQFLDO SDUD SURPRYHU HO LQYROXFUDPLHQWR GH OD
FLXGDGDQtDFRQORV2*'HVYLQFXODUHVWDVLQLFLDWLYDVFRQDSOLFDFLRQHVSDUDGLVSRVLWLYRVItVLFRVVLQWHQHU
TXHSDVDUSRULQWHUIDFHVZHERPyYLOHV8QHMHPSORIXHHOSURWRWLSRTXHVHSUHVHQWyHQOD%DKDNDWKRQ
TXHLQWHJUDEDSLH]DVGHKDUGZDUHGHFyGLJRDELHUWRFRQSUR\HFWRVEDVDGRVHQGDWRVGHVDUUROODQGR
XQDHVWDFLyQDXWRPiWLFDGHHVWDFLRQDPLHQWRGHELFLFOHWDV'HHVWDPDQHUDVHSXHGHQFRQVWUXLUSURWRWLSRV
IXQFLRQDOHVTXHOHDJUHJXHQXQDFDSDGHYDORUDDOJRTXHKDVWDDKRUDVyORHUDDFFHVLEOHDORVFLXGDGDQRV
GLJLWDOL]DGRV 3DODGLQR 
(O PRYLPLHQWR GH GDWRV DELHUWRV HVWi JHQHUDQGR XQ LPSDFWR VREUH ODV FLXGDGHV HQ $PpULFD
/DWLQD(QHOFDVRGH%XHQRV$LUHVHVWDFRUULHQWHSUHVHQWDFDUDFWHUtVWLFDVHVSHFLDOHVTXHSURPXHYHQOD
FRQVWUXFFLyQ GH XQD FRPXQLGDG DFWLYD TXH WUDEDMD HQ OD UHXWLOL]DFLyQ GH GDWRV 'HO PLVPR PRGR HV
VLJQLILFDWLYRHOYtQFXOR\ODUHODFLyQHQWUHHOPRYLPLHQWRGH%XHQRV$LUHV\RWURVVLPLODUHVHQODUHJLyQ
HQ OXJDUHV FRPR &KLOH 8UXJXD\ \ %UDVLO (O URO GH ODV RUJDQL]DFLRQHV GHO WHUFHU VHFWRU FRPR
IXQGDFLRQHV \ FROHFWLYRV HVWi VLHQGR HO GH SXHQWHV GH GLiORJR H LQWHUFDPELR GH H[SHULHQFLDV TXH
HQULTXHFHQ ODV LQLFLDWLYDV ORFDOHV \ JHQHUDQ XQ SURFHVR FRODERUDWLYR GH DSUHQGL]DMH UHJLRQDO 6LQ
HPEDUJR WRGDYtD H[LVWHQ GHVDItRV LPSRUWDQWHV HQ DFHUFDU HVWDV LQLFLDWLYDV D OD FLXGDQtD HQ SOHQR \
IXQGDPHQWDOPHQWHSDUDHQFRQFUHWDUDSRUWHV


%LEOLRJUDItD
%HFHUUD (   %$9LGD >HQ OtQHD@ %XHQRV $LUHV IHFKD GH FRQVXOWD  GH PD\R GH  
KWWSZZZEHW]HUUDFRPDUEDYLGD
%OHMPDQ0  3HULRGLVPRUHLQLFLDGR3iJLQD6HSWLHPEUH
%RUUPDQQ5  (OSULPHUDxRGHOD'LUHFFLyQGH*RELHUQR$ELHUWR -,%HOELV(QWUHYLVWDGRU (QHUR
%XHQRV $LUHV 'DWD   $FHUFD GH OD LQLFLDWLYD >HQ OtQHD@ %XHQRV $LUHV IHFKD GH FRQVXOWD  GH
GLFLHPEUHGH KWWSGDWDEXHQRVDLUHVJREDUDERXW
&HQWUH RI 5HJLRQDO 6FLHQFH   6PDUW &LWLHV  5DQNLQJ RI (XURSHDQ PHGLXPVL]HG FLWLHV &HQWUH RI
5HJLRQDO6FLHQFH9LHQQD87
)DOFyQ 0  5DIIR 0 /   &DWDVWUR %XHQRV $LUHV   8Q 7HFKR SDUD PL 3DtV %XHQRV $LUHV
7HFKR$UJHQWLQD
*&%$  /H\$FFHVRDOD,QIRUPDFLyQ3~EOLFD HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\R
 KWWSZZZEXHQRVDLUHVJREDUMHIDWXUDGHJDELQHWHVXEVHFUHWDULDGHDVXQWRVSXEOLFRVOH\
DFFHVRODLQIRUPDFLRQSXEOLFD
*&%$  'HFUHWR*RELHUQR$ELHUWR HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDGHPD\RGH 
KWWSZZZEXHQRVDLUHVJREDUJRELHUQRDELHUWRGHFUHWRJRELHUQRDELHUWR




 /D)XQGDFLyQ&LXGDGDQR,QWHOLJHQWHGH&KLOHRHOFROHFWLYR5HV1RQ9HUEDHQ$UJHQWLQD



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

*&%$ D (O%$*RE&DPSHQYLGHR\XQDLQIRJUDItDDPRGRGHUHVXPHQ HQOtQHD %XHQRV$LUHV


 GH RFWXEUH GH   KWWSGLJLWDOEXHQRVDLUHVJREDUHOEDJREFDPSHQYLGHR\XQD
LQIRJUDILDDPRGRGHUHVXPHQ
*&%$ E ,QIRUPDFLyQ \ *RELHUQR $ELHUWR HQ OtQHD  %XHQRV$LUHV IHFKDGH FRQVXOWD PD\R GH GH
  KWWSZZZEXHQRVDLUHVJREDUPRGHUQL]DFL&%QHMHVGHWUDEDMR\REMHWLYRVLQIRUPDFL
&%Q
,%0  6PDUWHU0RUH&RPSHWLWLYH&LWLHV1XHYD<RUN
,QWHO   ([FHUSWV IURP $ &RQYHUVDWLRQ ZLWK *RUGRQ 0RRUH 0RRUHV /DZ HQ OtQHD  %XHQRV $LUHV
IHFKD GH FRQVXOWD PD\R GH   KWWSGRZQORDGLQWHOFRPPXVHXP0RRUHVB/DZ9LGHR
7UDQVFULSWV([FHSWVB$B&RQYHUVDWLRQBZLWKB*RUGRQB0RRUHSGI
/DVK6  &UtWLFDGHODLQIRUPDFLyQ%XHQRV$LUHV$PRUURUWX
0LODQHVH$  /DHYROXFLyQGH%XHQRV$LUHV'DWD HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\RGH
 KWWSGLJLWDOEXHQRVDLUHVJREDUODHYROXFLRQGHEXHQRVDLUHVGDWD
0LQLVWHULRGHO,QWHULRU$UJHQWLQD  (VWDGtVWLFDV HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\RGH
 KWWSZZZPLQLQWHULRUJRYDUSREODFLRQDUFKLYRVBHVWDGLVWLFDV,QGLFDGRUHVGHOD3REODFLRQSGI
1HW$SS  7KH$%&VRI%LJ'DWD$QDO\WLFV%DQGZLGWKDQG&RQWHQW
117KH%ORJ  &,020HWUR/LEURVIRU:3\: HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\R
GH KWWSQQWKHEORJZRUGSUHVVFRPFLPRPHWUROLEURVIRUZS\Z
1RYHFN %   'HPDQG D PRUH RSHQ VRXUFH JRYHUQPHQW HQ OtQHD  %XHQRV $LUHV IHFKD GH FRQVXOWD
PD\R GH   KWWSZZZWHGFRPWDONVEHWKBQRYHFNBGHPDQGBDBPRUHBRSHQBVRXUFHBJRYHUQ
PHQWKWPO
2EDPD%  7UDQVSDUHQF\DQG2SHQ*RYHUQPHQW HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\RGH
 KWWSZZZZKLWHKRXVHJRYWKHBSUHVVBRIILFH7UDQVSDUHQF\DQG2SHQ*RYHUQPHQW
2V]ODN 2   *RELHUQR DELHUWR SURPHVDV VXSXHVWRV GHVDItRV 9,,, &RQIHUHQFLD $QXDO 6DQ -XDQ GH
3XHUWR5LFR,13$(
3DJH 0   +DFLD XQD DJHQGD GH EXHQ JRELHUQR 0DSD GH OD FDOLGDG LQVWLWXFLRQDO GH ODV SURYLQFLDV
DUJHQWLQDV(Q&,33(&'RFXPHQWRGH7UDEDMR1%XHQRV$LUHV&,33(&$JRVWR
3DODGLQR3  3ULPHU+DFNDWRQSRUWHxR HQOtQHD %XHQRV$LUHV IHFKDGHFRQVXOWDPD\RGH 
KWWSUHVWRSHQJRYRUJSULPHUKDFNDWRQSRUWHQR
3DODGLQR3  1DUGR]\ORV'DWRV$ELHUWRV -,%HOELV(QWUHYLVWDGRU 
5DPtUH]$OXMDV  *RELHUQRDELHUWRHVODUHVSXHVWD&XiOHUDODSUHJXQWD"0iVSRGHUORFDO
5DPtUH]$OXMDV  *RELHUQR$ELHUWRHQ$PpULFD/DWLQD\HO&DULEH3ODQHVGH$FFLyQ\DYDQFHVHQHO
PDUFRGH2*3 HQOtQHD  %XHQRV$LUHV IHFKDGHFRQVXOWDGHPD\RGH KWWSWKHSRZHURIR
SHQJRYWXPEOUFRPSRVWJRELHUQRDELHUWRHQDPHULFDODWLQD\HOFDULEH
:HLQVWHLQ -  *ROGVWHLQ -   7KH %HQHILWV RI D%LJ 7HQW 2SHQLQJ 8S *RYHUQPHQW LQ 'HYHORSLQJ
&RXQWULHV8&/$/DZ5HYLHZ'LVFRXUVH
<X+ 5RELQVRQ'  7KH1HZ$PELJXLW\RI2SHQ*RYHUQPHQW8&/$/DZ5HYLHZ'LVFRXUVH







CEPALCo
l
e
c
c
inDo
cum
e
n
to
sd
eP
roy
e
c
to

D
a
t
o
sab
i
e
r
t
o
syc
i
u
d
a
d
e
sin
t
e
l
ig
en
t
e
senAm

r
i
c
aL
a
t
in
a

42

&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

,9/LPD

-DYLHU&DVDV

$,QWURGXFFLyQ
'HVGH  OD PXQLFLSDOLGDG PHWURSROLWDQD GH /LPD KD LQFRUSRUDGR XQD VHULH GH DUFKLYRV GH GDWRV
DELHUWRVHQ,QWHUQHW(VWDDFWLYLGDGHV~QLFDHQVXWLSRHQODDGPLQLVWUDFLyQS~EOLFDGH3HU~\DOLJXDO
TXH RWUDV LQLFLDWLYDV IXH HO UHVXOWDGR GH OD YROXQWDG SROtWLFD \ HO SURIHVLRQDOLVPR GH XQ JUXSR GH
IXQFLRQDULRVGHODPXQLFLSDOLGDG1RREVWDQWHVHHQFXHQWUDWRGDYtDHQXQDHWDSDLQLFLDOFRQGHVDItRV
HQHOPDUFRLQVWLWXFLRQDOQRUPDWLYRSURFHGLPHQWDO\FRPXQLFDFLRQDO
,QYHVWLJDFLRQHVUHFLHQWHV 'DYLHV$ORQVR\3HULQL VHKDQHQIRFDGRHQODVFDUDFWHUtVWLFDV
GHODVLQLFLDWLYDVGHGDWRVDELHUWRVHQORVSDtVHVHQGHVDUUROORSRQLHQGRUHOLHYHHQORVGLYHUVRVHQIRTXHV
HOHPHQWRV \ JUXSRV GH LQWHUpV TXH H[KLEHQ 'H HVWD PDQHUD VH PDQLILHVWD OD LPSRUWDQFLD GH OD
GHWHUPLQDFLyQGHOiPELWRHQHOFXDOVHGHVDUUROODXQDLQLFLDWLYDGHHVWHWLSR\VXVGLVWLQWDVGLPHQVLRQHV
SDUDHQWHQGHUHOFRQWH[WRGHJREHUQDELOLGDG
(VWH GRFXPHQWR EULQGD XQ SDQRUDPD GH OD LQLFLDWLYD GH GDWRV DELHUWRV GH OD PXQLFLSDOLGDG GH
/LPDDSDUWLUGHOFRQFHSWRGHFLXGDGHVLQWHOLJHQWHV(OWUDEDMRVHEDVyIXQGDPHQWDOPHQWHHQXQDUHYLVLyQ
GHGRFXPHQWRV\HQWUHYLVWDVHVWUXFWXUDGDVDIXQFLRQDULRVPXQLFLSDOHV\XVXDULRVGHGDWRVDELHUWRVHQWUH
LQJHQLHURVGHVLVWHPDVGHOiPELWRDFDGpPLFR\GHVDUUROODGRUHVGHDSOLFDFLRQHVDGHPiVGHXQDUHYLVLyQ
GHIXHQWHVGRFXPHQWDGDV
$OLQLFLRGHOGRFXPHQWRVHHVWXGLDODUHODFLyQHQWUHODDSHUWXUDGHGDWRV\HOFRQFHSWRGHFLXGDG
LQWHOLJHQWH DGHPiV GH OD VLWXDFLyQ GH /LPD HQ HVWH FRQWH[WR 3RVWHULRUPHQWH VH H[SORUD OD HVWUXFWXUD
LQVWLWXFLRQDO GH OD PXQLFLSDOLGDG HO FRQWH[WR MXUtGLFR \ OD RUJDQL]DFLyQ GH ORV SURFHVRV GH DSHUWXUD GH
GDWRV /XHJR VH UHYLVDQ ORV UHVXOWDGRV FRQ EDVH HQ ODV DSOLFDFLRQHV \ ORV VHUYLFLRV JHQHUDGRV SDUD
ILQDOPHQWHUHYLVDUORVUHWRVGHVRVWHQLELOLGDGGHODLQLFLDWLYDHQHOFRQWH[WRVRFLDOHQHOTXHVHGHVDUUROOy




 KWWSZZZOLPDGDWRVDELHUWRVSHKRPH
 (VWDSODWDIRUPDKDVLGRUHFRQRFLGDFRPRXQDEXHQDSUiFWLFDJXEHUQDPHQWDOHQ3HU~ 00/ 





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

%(OFDPLQRKDFLDXQDFLXGDGLQWHOLJHQWH
5RELQVRQ D  SODQWHD XQ HOHPHQWR FHQWUDO SDUD HPSH]DU D GLVFXWLU VREUH FLXGDGHV LQWHOLJHQWHV
6HJ~Q HVWH DXWRU WRGDV ODV FLXGDGHV WLHQHQ FLHQWRV GH SODQHV SDUD DERUGDU WRGR WLSR GH WDUHDV HQ
GLYHUVDV iUHDV SHUR WLHQHQ ODV FLXGDGHV XQ SODQ TXH VLQWHWLFH XQD YLVLyQ GH VX WUDQVIRUPDFLyQ
HODERUDGRGHPDQHUDFROHFWLYD\TXHSULRULFHHOHPSOHRGHODVWHFQRORJtDVGHODLQIRUPDFLyQ"(VWHWLSR
GHSODQGHEHUtDHODERUDUVHGHQWURGHXQSURFHVRSDUWLFLSDWLYR\HVFULELUVHHQHOOHQJXDMHGHORVSURSLRV
FLXGDGDQRV SDUD TXH VH LGHQWLILTXHQ FRQ pO 7DPELpQ GHEHUtD VHU HVSHFLILFR FODUR \ HQWHQGLEOH SDUD
LQVSLUDUDWRGDODFRPXQLGDG
/DVHJXQGDREVHUYDFLyQTXHKDFH5RELQVRQUHVSHFWRGHHVWHWHPDHVH[LVWHXQDFRPXQLGDGGH
LQWHUHVDGRVSDUDVRVWHQHUHOSODQ"6LODPXQLFLSDOLGDGSUHWHQGHWUDQVIRUPDUDODFLXGDGFRQHODSR\RGH
ORVFLXGDGDQRVGHEHHQWHQGHUSULPHURTXHVHWUDWDGHXQSURFHVRGHODUJRDOLHQWR\TXHQHFHVLWDGHXQ
JUXSRRFRPXQLGDGGHLQWHUpVTXHVHDVXVRVWpQ6LQpOODLQLFLDWLYDFDHUtDWDUGHRWHPSUDQRHQHOYDFtR
\DTXHODFRPXQLGDGD\XGDDPDQWHQHUYLJHQWHODYLVLyQGHOSODQ\HOPLVPRSODQGHGHVDUUROOR6HWUDWD
GHXQJUXSRTXHGHEHPDQWHQHUVHDFWLYR\VHUFDSD]GHSDUWLFLSDUHQXQSURFHVRGHWRPDGHGHFLVLRQHVD
OR ODUJR GH VX LPSOHPHQWDFLyQ 'HVGH HVWH DQiOLVLV SUHWHQGHU TXH OD FRPXQLGDG GH LQWHUpV VyOR
LQWHUYHQGUi HQ HO GLVHxR GH OD YLVLyQ GH WUDQVIRUPDFLyQ GH OD FLXGDG \ HQ HO SODQ GH DFFLyQ FDUHFH GH
VHQWLGRSXHVWRTXHHOHPSOHRGHODV7,&SRUSDUWHGHORVFLXGDGDQRVHVODEDVHGHGLFKRSURFHVR(Q
~OWLPRWpUPLQRHVWDSDUWLFLSDFLyQGHODFRPXQLGDGGHLQWHUpVHVODTXHGDVHQWLGRDOFRQFHSWRGHFLXGDG
LQWHOLJHQWH SRUTXH SODQWHD UHVROYHU HO SUREOHPD GH OD VRVWHQLELOLGDG PHGLDQWH OD LQFRUSRUDFLyQ GH OD
FLXGDGDQtD FRPR HO DFWRU FDSD] GH SURSRQHU PHMRUDV DO HPSOHR GH ORV UHFXUVRV S~EOLFRV SDUD HO
GHVDUUROORGHODFLXGDG
8Q SODQ SDUD WUDQVIRUPDU D XQD FLXGDG GHQWUR GH XQ SURFHVR LQWHOLJHQWH LPSOLFD TXH KD\D
LQFRUSRUDGR \ FRQFHSWXDOL]DGR WRGRV HVWRV HOHPHQWRV 5RELQVRQ E  SURSRQH FLQFR YtDV SDUD
DOFDQ]DUHOREMHWLYRGHFRQYHUWLUXQDFLXGDGHQLQWHOLJHQWH8QDGHHOODVVRQORVGDWRVDELHUWRVFX\RIRFR
HVWi HQ OD UHXWLOL]DFLyQ SDUD SURPRYHU QXHYRV XVRV \ PD[LPL]DU OD HILFDFLD GH OD LQIRUPDFLyQ FRPR
KHUUDPLHQWDDOVHUYLFLRGHFRPXQLGDG
9DULRVHVSHFLDOLVWDVTXHWUDEDMDQDOUHGHGRUGHOFRQFHSWRGHFLXGDGLQWHOLJHQWHFRLQFLGHQHQTXH
VHWUDWDGHXQFRQFHSWRDPSOLR\DPELJXR3RUHMHPSORHQWUHVXQLYHUVLGDGHVHXURSHDVHODERUDURQ
XQFRQFHSWRFRPSOHMRGHFLXGDGLQWHOLJHQWHSDUDHOSUR\HFWR(XURSHDQ6PDUW&LWLHVFRQODILQDOLGDGGH
UHDOL]DUXQUDQNLQJSDUDODVFLXGDGHVHXURSHDV'HDFXHUGRFRQHVWHFULWHULRQRVHWUDWDGHGHILQLUDODV
FLXGDGHVFRPRLQWHOLJHQWHVDSDUWLUGHXQDVXPDGHDWULEXWRVVLQRPiVELHQEDMRFLHUWDVFDUDFWHUtVWLFDV
TXHODVKDFHQGLVWLQWDVIUHQWHDRWUDVFLXGDGHV3RUHMHPSORHQUHODFLyQFRQODHFRQRPtDRORVSXHVWRVGH
WUDEDMRHOWpUPLQRGHFLXGDGLQWHOLJHQWHVHXWLOL]DSDUDGHVFULELUXQDFLXGDGFRQXQDLQGXVWULDLQWHOLJHQWH
(VWR LPSOLFD HVSHFLDOPHQWH D ODV LQGXVWULDV HQ ORV VHFWRUHV 7,& DVt FRPR RWUDV LQGXVWULDV TXH ODV
HPSOHDQHQVXVSURFHVRVGHSURGXFFLyQ'HOPLVPRPRGRHOWpUPLQRVHXWLOL]DWDPELpQHQUHODFLyQFRQ
ODHGXFDFLyQGHVXVKDELWDQWHVODEXHQDJREHUQDQ]DRHOWUDQVSRUWH6REUHHVWDEDVHVHSXHGHGHFLUTXH
XQDFLXGDGLQWHOLJHQWHHVXQDELHQHQFDPLQDGDFRQXQDYLVLyQGHIXWXURHQHFRQRPtDLQWHOLJHQWHJHQWH
LQWHOLJHQWH JREHUQDQ]D LQWHOLJHQWH PRYLOLGDG LQWHOLJHQWH DPELHQWH LQWHOLJHQWH \ YLGD LQWHOLJHQWH
FRQVWUXLGDDSDUWLUGHXQDFRPELQDFLyQLQWHOLJHQWHGHWDOHQWR\DFWLYLGDGHVGHFLXGDGDQRVDXWyQRPRV
FRQFLHQWL]DGRVHLQGHSHQGLHQWHV &HQWUHRI5HJLRQDO6FLHQFH 
$VXYH]HO2EVHUYDWRULR7HFQROyJLFRGHOD(QHUJtDGH(VSDxD  VHxDODTXHKD\WUHV
FDUDFWHUtVWLFDVSULQFLSDOHVTXHSDUHFHQVHUFRPXQHVDODH[SUHVLyQ6PDUW&LWLHVQRGDxDUHOPHGLR
DPELHQWH XVR GH ODV 7,& FRPR KHUUDPLHQWDV SDUD OD JHVWLyQ LQWHOLJHQWH \ VX ILQDOLGDG SDUD HO
GHVDUUROORVRVWHQLEOH
(Q XQD GLPHQVLyQ VLPLODU HO FRQFHSWR GH FLXGDG LQWHOLJHQWH GH +HUQiQGH]   VHxDOD TXH
H[LVWHQ LQQXPHUDEOHV LQLFLDWLYDV GH 6PDUW &LWLHV SRU WRGR HO PXQGR \ P~OWLSOHV DSUR[LPDFLRQHV DO




 9LHQQD8QLYHUVLW\RI7HFKQRORJ\8QLYHUVLW\RI/MXELMDQD\'HOIW8QLYHUVLW\RI7HFKQRORJ\



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

PLVPR FRQFHSWR FRPR SRU HMHPSOR HILFLHQFLD \ JHVWLyQ HQHUJpWLFD HQWRUQRV GH QHJRFLR WUDQVSRUWH \
PRYLOLGDGXUEDQDHQWUHRWURV
&RKHQ D  SODQWHD TXH ODV FLXGDGHV LQWHOLJHQWHV XWLOL]DQ D ODV 7,& SDUD KDFHU PiV
LQWHOLJHQWH\HILFLHQWHHOXVRGHORVUHFXUVRVORTXHUHVXOWDHQDKRUURGHFRVWRV\HQHUJtDHQODPHMRUDGH
OD SUHVWDFLyQ GH ORV VHUYLFLRV \ OD FDOLGDG GH YLGD \ UHGXFH OD KXHOOD DPELHQWDO GH OD HFRQRPtD GHO
FDUERQR $GHPiV &RKHQ E  LQGLFD TXH HO SULPHU SDVR KDFLD XQD FLXGDG LQWHOLJHQWH HV WHQHU XQ
SODQ (Q FRQWUDVWH +HUQiQGH]   VHxDOD OD FDWHJRUtD 6PDUW QR HV GXUDGHUD HV GHFLU QR HVWi
DVRFLDGDDODFRQVHFXFLyQGHXQDPHWDVLQRTXHLPSOLFDHOFRPSURPLVRSRUSDUWHGHORVGLVWLQWRVDJHQWHV
LQYROXFUDGRVHQXQSURFHVRFRQVWDQWHGHPHMRUD
(QHVWHSXQWRVHGHEHUHVSRQGHUDODSUHJXQWD7LHQHOD0XQLFLSDOLGDGGH/LPDXQSODQSDUD
WUDQVIRUPDU D OD FLXGDG PHGLDQWH XQ SURFHVR TXH SRGHPRV GHILQLU FRPR LQWHOLJHQWH" (Q  GLFKD
HQWLGDGDSUREyHO3ODQ5HJLRQDOGH'HVDUUROOR&RQFHUWDGRGH/LPD6HWUDWDGHXQWUDEDMR
LPSRUWDQWHGHODPXQLFLSDOLGDGHODERUDGRPHGLDQWHXQSURFHVRSDUWLFLSDWLYRTXHEXVFyLQFOXLUDWRGRV
ORVVHFWRUHVGHODFLXGDG'HDFXHUGRFRQHOSURSLRGRFXPHQWRHOSODQVHGHILQHFRPRXQLQVWUXPHQWRGH
JHVWLyQTXHHQIUHQWDORVSUREOHPDVGHODFLXGDGFRQVROXFLRQHVLQWHJUDOHV\GXUDGHUDV\WDPELpQFRPR
HOSLQiFXORGHXQHVIXHU]RSDUDSDUDDUPRQL]DUODVYLVLRQHVGHODFLXGDG
3HUR HVWH GRFXPHQWR QR PHQFLRQD D ORV GDWRV DELHUWRV \ VH UHILHUH D ODV 7,& FRPR XQ
FRQRFLPLHQWR TXH GHEH VHU LQFRUSRUDGR DO VLVWHPD HGXFDWLYR SDUD TXH ODV SHUVRQDV KDJDQ IUHQWH D ORV
GHVDItRV GH OD PRGHUQLGDG \ QR FRPR XQD KHUUDPLHQWD SDUD SURPRYHU HO GHVDUUROOR FRQFHUWDGR \
SDUWLFLSDWLYRGHVGHODPXQLFLSDOLGDG
6HJ~Q IXQFLRQDULRV GH OD PXQLFLSDOLGDG HO GLVHxR GH OD DJHQGD GLJLWDO GH /LPD QR VH
LQFOX\yHQHOPDUFRGHOSODQGHGHVDUUROORUHJLRQDOSRUODIRUPDHQTXHVHIRUPXOyHVWH
SODQFRQVXHQIRTXHGHDEDMRKDFLDDUULED(QRSLQLyQGHHVWRVIXQFLRQDULRVODDJHQGDGLJLWDOGHEH
UHDOL]DUVH GH DUULED KDFLD DEDMR \ HVWH SURFHVR QR FRUUHVSRQGH FRQ HO GLVHxR GHO 3ODQ 5HJLRQDO GH
'HVDUUROOR&RQFHUWDGR
(O DERJDGR (ULFN ,ULDUWH HVSHFLDOLVWD HQ UHJXODFLyQ GH WHFQRORJtDV GH OD LQIRUPDFLyQ IXH
FRQYRFDGRSRUODPXQLFLSDOLGDGGH/LPDSDUDUHYLVDUHVWHSODQ(QVXRSLQLyQHQHOSODQFRQFHUWDGRQR
VHKDLQFRUSRUDGRFRPRWHPDSULRULWDULRHOGHVDUUROORGHODVWHFQRORJtDVGHODLQIRUPDFLyQSRUTXHDVXPH
TXHODPXQLFLSDOLGDG\DODVHPSOHD(VWDHVXQDUD]yQSODXVLEOHSDUDHQWHQGHUSRUTXpODPXQLFLSDOLGDG
GH /LPD QR KD QRUPDGR KDVWD DKRUD XQD HVWUDWHJLD HVSHFtILFD SDUD HO GHVDUUROOR GH ODV 7,& FRPR
KHUUDPLHQWDSDUDSURPRYHUODSDUWLFLSDFLyQFLXGDGDQD'HOPLVPRPRGRSXHGHH[SOLFDUHOPRWLYRSRUHO
FXDOORVIXQFLRQDULRVHQFDUJDGRVGHLPSOHPHQWDUODLQLFLDWLYDGHGDWRVDELHUWRVEXVFDURQVXOHJLWLPDFLyQ
HQXQDQRUPDGHOHMHFXWLYR OD3ROtWLFD1DFLRQDOGH0RGHUQL]DFLyQ \QRHQHOSODQGHODPXQLFLSDOLGDG
6LVHUHYLVDQSODQHVVLPLODUHVGHRWUDVFLXGDGHVH[LVWHQGLIHUHQFLDVHYLGHQWHVVREUHORVREMHWLYRV
SODQWHDGRV \ VX HVWUDWHJLD 3RU HMHPSOR HO SODQ GH OD FLXGDG GH 9DQFRXYHU  WLHQH SRU REMHWLYR VHU OD
FLXGDGPiVYHUGHGHOPXQGRHQ\DOFDQ]DUORGHPDQHUDLQWHOLJHQWH3RURWURODGRODHQFXHVWD/LPD
&yPR9DPRVGHO2EVHUYDWRULRGHJHVWLyQPXQLFLSDOUHDOL]DGDHQ DxRGHLQLFLRGHODSXEOLFDFLyQ
GH GDWRV DELHUWRV  DSOLFy ORV WUHV LQGLFDGRUHV GH JREHUQDQ]D LQWHOLJHQWH GHO SUR\HFWR (XURSHDQ 6PDUW
&LWLHVSDUWLFLSDFLyQFLXGDGDQDVHUYLFLRVS~EOLFRV\JHVWLyQWUDQVSDUHQWHDOSODQGHODPXQLFLSDOLGDG
GH/LPD/RVUHVXOWDGRVREWHQLGRVUHVSHFWRGHORVWUHVDVSHFWRVVRQGLVSDUHMRV YpDQVHFXDGUR\ 
5HVSHFWRGHODYDORUDFLyQFLXGDGDQDVREUHVXSDUWLFLSDFLyQHQODWRPDGHGHFLVLRQHVPXQLFLSDO
HQDOJXQRVLQGLFDGRUHVORVUHVXOWDGRVGHVXSHUDQDORVGHFRQDOJXQDVH[FHSFLRQHV DWHQFLyQ
DOYHFLQRRUJDQL]DFLyQGHORVYHFLQRVSDUDLQIOXLUHQODWRPDGHGHFLVLRQHV\PHFDQLVPRVGHFRQVXOWD\
SDUWLFLSDFLyQFLXGDGDQD 





 KWWSZZZSODQOLPDJRESHKWPOSODQBUHJLRQDOKWPO
 KWWSVFOLPDWHVPDUWEXVLQHVVFRPFDVHVWXGLHVFLW\RIYDQFRXYHU

 ZZZOLPDFRPRYDPRVRUJ




&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&8$'52
(1&8(67$/,0$&029$0269$/25$&,1&,8'$'$1$'(3$57,&,3$&,1
(1/$720$'('(&,6,21(6081,&,3$/
$ILUPDFLyQ

(VWR\GHDFXHUGR




+R\ORVDOFDOGHVSUHVWDQPiVDWHQFLyQDOYHFLQRTXHKDFHFLQFRDxRV





/D~QLFDPDQHUDTXHWLHQHXQYHFLQRSDUDLQIOXLUHQODVGHFLVLRQHVGHODPXQLFLSDOLGDGHVKDFLpQGRVHDPLJR
GHODOFDOGHGHXQUHJLGRURGHXQIXQFLRQDULRLPSRUWDQWH





&XDQGRORVYHFLQRVVHRUJDQL]DQORJUDQHIHFWLYDPHQWHLQIOXLUHQODVGHFLVLRQHVGHODVDXWRULGDGHVPXQLFLSDOHV





3RUORJHQHUDOORVYHFLQRVWHQHPRVPX\SRFDLQIOXHQFLDHQODVGHFLVLRQHVGHODVDXWRULGDGHVPXQLFLSDOHV





/DVGHFLVLRQHVGHOD0XQLFLSDOLGDG0HWURSROLWDQDGH/LPD 00/ IDYRUHFHQDXQDVSRFDVSHUVRQDVRJUXSRV





/DVDFFLRQHVGHOD00/UHDOPHQWHFRQWULEX\HQDOGHVDUUROORGHODFLXGDG





([LVWHQPHFDQLVPRVGHFRQVXOWD\SDUWLFLSDFLyQFLXGDGDQDHQOD00/DQWHVGHDSUREDUSUR\HFWRV
LPSRUWDQWHVSDUDODFLXGDG





)XHQWH2EVHUYDWRULRGHJHVWLyQPXQLFLSDOGH/LPDHQFXHVWD/LPD&yPR9DPRV  


(Q VHUYLFLRV S~EOLFRV \ VRFLDOHV VH HQFXHQWUD TXH OD SREODFLyQ VH HQFXHQWUD PHQRV
LQVDWLVIHFKDUHVSHFWRGH

&8$'52
(1&8(67$/,0$&029$0269$/25$&,1&,8'$'$1$'(6(59,&,26
3%/,&26<62&,$/(6(1/$&,8'$'
6HUYLFLRS~EOLFR

3REODFLyQLQVDWLVIHFKD




)XQFLRQDPLHQWRGHORVVHPiIRURV





/DERUGHODSROLFtDGHWUiQVLWR





6HxDOL]DFLyQGHORVFUXFHVSHDWRQDOHV





9HUHGDV\HVSDFLRVSDUDSHDWRQHV





(VWDGRGHODVFDOOHV\DYHQLGDV





(VWDGRGHOWUiQVLWR\FLUFXODFLyQYLDO





)XHQWH2EVHUYDWRULRGHJHVWLyQPXQLFLSDOGH/LPDHQFXHVWD/LPD&yPR9DPRV  


)LQDOPHQWH HQ JRELHUQR WUDQVSDUHQWH OD HQFXHVWD PXHVWUD TXH HQ HO DVSHFWR HVWDU GH
DFXHUGRFRQXQDPHMRUDHQODJHVWLyQWUDQVSDUHQWHGHODPXQLFLSDOLGDGODJHQWHSDVyGHHQD
HQ 2EVHUYDWRULRGHJHVWLyQPXQLFLSDO 

&/RVGDWRVDELHUWRVGHODPXQLFLSDOLGDG
/D HVWUXFWXUD RUJDQL]DFLRQDO GH OD PXQLFLSDOLGDG VH FRPSRQH HQ SULPHU OXJDU GH XQ &RQFHMR
0HWURSROLWDQR\&RPLVLRQHVGH5HJLGRUHV\OXHJRGHOD6HFUHWDUtD*HQHUDOGHO&RQFHMRTXHDVXYH]
FXHQWDFRQWUHVRILFLQDVGHDSR\R3RVWHULRUPHQWHHVWiOD$OFDOGtD0HWURSROLWDQDTXHWLHQHDGVFULWDVOD
2ILFLQD GH &RQWURO ,QVWLWXFLRQDO \ FLQFR yUJDQRV FRQVXOWLYRV (Q HO WHUFHU QLYHO VH HQFXHQWUDQ OD
3URFXUDGXUtD3~EOLFD0XQLFLSDO\JHUHQFLDVTXHFXHQWDQFRQVXEJHUHQFLDV8QDGHHOODVHVODGH
LQIRUPiWLFD TXH JHVWLRQD OD LQLFLDWLYD PXQLFLSDO GH GDWRV DELHUWRV (Q WRWDO H[LVWHQ  HQWLGDGHV TXH
SHUWHQHFHQDODHVWUXFWXUDGHODPXQLFLSDOLGDG


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

(QODPXQLFLSDOLGDGODJHUHQFLDGHSODQLILFDFLyQDWUDYpVGHODVXEJHUHQFLDGHLQIRUPiWLFDKD
VLGRHOyUJDQRHQFDUJDGRGHOOHYDUDGHODQWHODLQLFLDWLYDGHGDWRVDELHUWRV(VWDVXEJHUHQFLDSODQWHyOD
LQLFLDWLYD HQ VXV FRPLHQ]RV FRPR SDUWH GH XQ HOHPHQWR GH JHVWLyQ SHUR SRVWHULRUPHQWH \ GDGR HO
UHFRQRFLPLHQWR RWRUJDGR HQ  OD DOWD GLUHFFLyQ GH OD PXQLFLSDOLGDG DVXPLy HO SUR\HFWR FRPR XQ
PHFDQLVPR GH WUDQVSDUHQFLD GH OD PXQLFLSDOLGDG (Q ORV FRPLHQ]RV OD VXEJHUHQFLD VH DERFy D OD
VRFLDOL]DFLyQGHOSURJUDPDDOLQWHULRUGHODPXQLFLSDOLGDGFRQODSDUWLFLSDFLyQGHODVHFUHWDUtDJHQHUDO
GHOFRQFHMRODJHUHQFLDGHSDUWLFLSDFLyQFLXGDGDQDODJHUHQFLDGHGHIHQVDGHOFLXGDGDQR\ODJHUHQFLD
GHSODQLILFDFLyQLQYROXFUDQGRDORVIXQFLRQDULRVUHODFLRQDGRVFRQORVDVSHFWRVGHWUDQVSDUHQFLD(QWUH
ORV HOHPHQWRV TXH SHUPLWLHURQ OOHYDU DGHODQWH HVWD LQLFLDWLYD VH HQFXHQWUD OD FDSDFLGDG WpFQLFD GH ORV
IXQFLRQDULRV GH OD VXEJHUHQFLD GH LQIRUPiWLFD VXPDGD D ORV UHFXUVRV TXH KDQ VRVWHQLGR
WHFQROyJLFDPHQWHODLQLFLDWLYDWDQWRDOLQWHULRUGHODPXQLFLSDOLGDGFRPRHQVXHQWRUQR HMDQFKRGH
EDQGDGHORVXVXDULRV,QWHUQHWJUDWXLWRHQiUHDVS~EOLFDVHWF 
&RPRVHVHxDODHQSRUWDOGHODPXQLFLSDOLGDGODHMHFXFLyQGHODLQLFLDWLYDKDFRQVLGHUDGRODV
VLJXLHQWHVDFFLRQHV 00/ 
 (VWDEOHFLPLHQWRGHODVSROtWLFDVQRUPDV\SURFHGLPLHQWRVSDUDODUHFROHFFLyQ\SXEOLFDFLyQ
GHORVGDWRVDWUDYpVGHO3RUWDOGHOD0XQLFLSDOLGDG0HWURSROLWDQDGH/LPD
 &DWDORJDFLyQ UHFROHFFLyQ \ SXEOLFDFLyQ GH ORV GDWRV TXH VRQ JHVWLRQDGRV SRU ODV
GHSHQGHQFLDVTXHFRQIRUPDQOD&RUSRUDFLyQGHOD0XQLFLSDOLGDG0HWURSROLWDQDGH/LPD
 3XEOLFDFLyQ GH ORV GDWRV GLVSRQLEOHV IDFLOLWDQGR VX DFFHVLELOLGDG HVSHFLILFDQGR VX
HVWUXFWXUDYLJHQFLD\IXHQWH3DUDHOORVHWRPDUiHQFXHQWDODQRUPDWLYLGDGYLJHQWHVREUH
VHJXULGDG\SULYDFLGDG
 6LVWHPDWL]DFLyQ\SXEOLFDFLyQGHORVDSRUWHVJHQHUDGRVHQORVDFWRUHVGHODVRFLHGDG
$RFWXEUHGHVHKDEtDQLGHQWLILFDGRHQHOSRUWDOFRQMXQWRVGHGDWRVJUiILFRV\VHLV
DJUXSDFLRQHVGHGDWRVSDUDXQWRWDOGHUHFXUVRVLQIRUPiWLFRV(VWRVUHFXUVRVHVWiQGLVWULEXLGRVHQ
RFKR iUHDV /RV WHPDV TXH FRQFHQWUDQ OD PD\RU FDQWLGDG GH FRQMXQWRV GH GDWRV VRQ DGPLQLVWUDFLyQ \
ILQDQ]DV \ GHVDUUROOR HPSUHVDULDO YpDVH FXDGUR   /RV GDWRV SXEOLFDGRV VRQ DTXHOORV TXH OD
VXEJHUHQFLD GH LQIRUPiWLFD WLHQH EDMR VX FXVWRGLD WUDQVSRUWH XUEDQR GHVDUUROOR VRFLDO GHVDUUROOR
HPSUHVDULDODGPLQLVWUDFLyQ\ILQDQ]DV VLHQGRHVWDXQLGDGODHQFDUJDGDGHUHDOL]DUHOFRQWUROGHFDOLGDG
GHORVGDWRV


&8$'52
)8(17('(/26'$7266(*15($'(/*2%,(512 
7HPD

&DQWLGDGGHFRQMXQWRVGHGDWRVSXEOLFDGRV

(GXFDFLyQ\FXOWXUD



$GPLQLVWUDFLyQWULEXWDULD



6DOXG



$GPLQLVWUDFLyQ\ILQDQ]DV



'HIHQVDFLYLO



3UR\HFWRVGHLQYHUVLyQ



'HVDUUROORHPSUHVDULDO



0RYLOLGDG\WUDQVSRUWH



7RWDO



)XHQWHHODERUDFLyQSURSLDFRQEDVHHQODFRQVXOWDUHDOL]DGDHQGHRFWXEUHGH




 /D PXQLFLSDOLGDG FXHQWD FRQ XQD FRQH[LyQ GHGLFDGD GH  0ESV VLPpWULFR SDUD OD QDYHJDFLyQ HQ ,QWHUQHW \ OD
WUDQVPLVLyQGHGDWRV\DSOLFDFLRQHVHQWUHWRGDVODVVHGHV DSUR[XVXDULRVHQWRWDO 

 KWWSZZZPXQOLPDJRESHGDWRVDELHUWRVFRQWH[WRKWPO

 (QWUHJUiILFRV\RWURWLSRGHYLVXDOL]DFLRQHV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

(OJUDGRGHUHXWLOL]DFLyQGHORVGDWRVVHSXHGHUHYLVDUFRQEDVHHQORVRFKRSULQFLSLRVGHGDWRV
DELHUWRVFRQRFLGRVFRPROD/LVWDGH6HEDVWRSRO(VWRVLPSOLFDQ
 $EULUWRGRVORVGDWRVS~EOLFRV QRVyORORTXHODDXWRULGDGHVWLPHSHUWLQHQWH 
 3XEOLFDUORVGDWRVRULJLQDOHV GHODIXHQWHSULPDULD VLQPRGLILFDUORV\DJUHJDUORV
 3XEOLFDU \ DFWXDOL]DU ORV GDWRV GH IRUPD RSRUWXQD \ HQ SHULRGRV EUHYHV SDUD SUHVHUYDU VX
YDORUS~EOLFR
 +DFHU DFFHVLEOHV ORV GDWRV D WRGR WLSR GH XVXDULRV VLQ UHVWULFFLyQ  \ SDUD SURSyVLWRV
GLYHUVRV
 /RVGDWRVVHGHEHQSRGHUSURFHVDUDXWRPiWLFDPHQWHSRUGLYHUVDVKHUUDPLHQWDV
 /RVGDWRVGHEHQHVWDUGLVSRQLEOHVSDUDFXDOTXLHUFLXGDGDQRVLQQHFHVLGDGGHTXHHVWHHVWp
SUHYLDPHQWHUHJLVWUDGR QRGLVFULPLQDFLyQ 
 6HUHFRPLHQGDHOXVRGHIRUPDWRVQRSURSLHWDULRV8QIRUPDWRGRQGHQLQJXQDHQWLGDGWHQJD
HOFRQWUROH[FOXVLYR
 /RV GDWRV GHEHQ VHU GH XVR OLEUH \ QR HVWDU VXMHWRV D QLQJ~Q GHUHFKR GH DXWRU SDWHQWHV
PDUFDVRUHJODPHQWRGHVHFUHWRFRPHUFLDO
6LVHUHYLVDHOFXPSOLPLHQWRGHHVWRVSULQFLSLRVVREUHORVGDWRVSXEOLFDGRVSRUOD0XQLFLSDOLGDG
GH/LPDVHFRQFOX\HTXHHVWDLQLFLDWLYDFXPSOHFODUDPHQWHFRQFXDWURGHORVRFKRSULQFLSLRVGHVFULWRV
DQWHULRUPHQWH QR GLVFULPLQDWRULRV DFFHVLEOHV SURFHVDEOHV SRU PiTXLQDV \ VLQ OLFHQFLDV GH XVR 3DUD
UHDOL]DUHVWDHYDOXDFLyQDFRQWLQXDFLyQVHGHVFULEHQFDGDXQRGHORVRFKRSXQWRV
/RVGDWRVGHODPXQLFLSDOLGDGQRVRQGLVFULPLQDWRULRVSRUTXHFXDOTXLHUSHUVRQDSXHGHDFFHGHUD
HOORV VLQ QHFHVLGDG GH UHJLVWUDUVH DILOLDUVH D DOJ~Q JUXSR R UHDOL]DU DOJXQD GHFODUDFLyQ (Q WpUPLQRV
JHQHUDOHV FXDOTXLHU SHUVRQD SXHGH DFFHGHU D ORV GDWRV HQ FXDOTXLHU PRPHQWR \ VLQ QHFHVLGDG GH
LGHQWLILFDUVHRSURSRUFLRQDUDOJXQDLQIRUPDFLyQ
/RV GDWRV DELHUWRV GH OD PXQLFLSDOLGDG WDPELpQ VRQ DFFHVLEOHV HV GHFLU SXHGHQ REWHQHUVH VLQ
EDUUHUDV GH DFFHVR FRPR IRUPXODULRV R VLVWHPDV HVSHFtILFRV IODVK MDYDVFULSW HWF  /D PXQLFLSDOLGDG
SURSRUFLRQDDORVXVXDULRVXQDLQWHUID]SDUDGHVFDUJDUWRGDODLQIRUPDFLyQDOPDFHQDGDHQXQDEDVHGH
GDWRV \ SURSRUFLRQD PHGLRV SDUD REWHQHU DFFHVRV HVSHFtILFRV GH GDWRV PHGLDQWH XQD LQWHUID] GH
SURJUDPDFLyQGHDSOLFDFLRQHV $3, 
(VWRVGDWRVWDPELpQVRQSURFHVDEOHVSRUPiTXLQDV/DLQIRUPDFLyQHVWiDOPDFHQDGDHQIRUPDWRV
FRUULHQWHV TXH IiFLOPHQWH VH SUHVWDQ SDUD VX SURFHVDPLHQWR SRU PiTXLQDV /RV GDWRV VRQ H[KLELGRV HQ
KRMDV ([FHO TXH SXHGHQ VHU H[SRUWDGDV IiFLOPHQWH 1R REVWDQWH ORV DUFKLYRV SXEOLFDGRV SRU OD
PXQLFLSDOLGDGFDUHFHQGHGRFXPHQWDFLyQVREUHHOIRUPDWRGHODLQIRUPDFLyQ\ODIRUPDGHXWLOL]DUODHQ
UHODFLyQDORVGDWRV
3RURWURODGRODPXQLFLSDOLGDGGH/LPDQRKDLPSXHVWRQLQJ~QWLSRGHOLFHQFLDTXHUHVWULQMDR
FRQGLFLRQH ORV WpUPLQRV GH XVR GH ORV GDWRV 6H FRQVLGHUD TXH HVWH WLSR GH OLFHQFLDV FRQVWLWX\H XQD
UHVWULFFLyQDODGLIXVLyQ\OLEUHHPSOHRGHORVGDWRV
6REUHODIXHQWHSULPDULDGHORVGDWRVVHHQWLHQGHTXHPLHQWUDVQRVHEULQGHLQIRUPDFLyQVREUHOD
IRUPD HQ TXH HVWRV VH UHFRJLHURQ \ VH SHUPLWD HO DFFHVR D ORV GRFXPHQWRV RULJLQDOHV TXH UHJLVWUDQ VX
UHFROHFFLyQSDUDTXHORVXVXDULRVYHULILTXHQTXHHOSURFHVRIXHDGHFXDGR\FRQSUHFLVLyQHVWHSULQFLSLR
QRSXHGHVHUFRPSUREDGRHQSURIXQGLGDG




  3DUD HVWH HMHUFLFLR VH XWLOL]y FRPR UHIHUHQFLD OD FLXGDG GH 7RURQWR PHGLDQWH OD UHYLVLyQ GH VX 3ROtWLFD GH 'DWRV
$ELHUWRVKWWSZZZWRURQWRFDZSVSRUWDOFRQWHQWRQO\"YJQH[WRLG HHEEGH9JQ9&0GI5
&5' YJQH[WIPW GHIDXOW



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

(O SULQFLSLR GH QRSURSLHGDG LPSOLFD TXH HO DFFHVR DOD LQIRUPDFLyQ GHSHQGD GHXQ SURJUDPD
HVSHFtILFR TXH WLHQH XQ FRVWR 0LFURVRIW ([FHO SHVH D VHU XQ SURJUDPD FRP~Q HV SURSLHWDULR \ GHEH
SDJDUVH SDUD VHU XVDGR (O SULQFLSLR GH QR SURSLHWDULR VRODPHQWH VH FRPSOHWD HQ FDVR GH TXH QR VHD
QHFHVDULRSDJDUXQDOLFHQFLDGHVRIWZDUHSDUDDFFHGHUDORVGDWRVDOPDFHQDGRV/RVGDWRVSXEOLFDGRVSRU
ODPXQLFLSDOLGDGGH/LPDQRFXPSOHQFRQHVWHSULQFLSLR
/RVGDWRVGHODPXQLFLSDOLGDGDOSDUHFHUQRFXPSOHQFRQHOSULQFLSLRGHGDWRVFRPSOHWRV(VWH
SULQFLSLRVHxDODTXHORVGDWRVSXEOLFDGRVGHEHQUHIOHMDUODWRWDOLGDGGHORTXHVHUHJLVWUDVREUHXQWHPD
HQSDUWLFXODU6yORGHEHQHVWDEOHFHUVHQLYHOHVGHUHVWULFFLyQHQGRQGHVHJHQHUHXQGDxROHJtWLPRDXQ
GHUHFKRIXQGDPHQWDO/DPXQLFLSDOLGDGSXEOLFDHQDOJXQRVFDVRVVRORGDWRVSDUFLDOHV3RUHMHPSORXQ
DUFKLYRVHxDODTXHHVWiQUHJLVWUDGRVWRGRVORVSURYHHGRUHVGHVGHDSHURVyORVHH[KLEHQORV
GDWRVGHHVWH~OWLPRDxR
)LQDOPHQWH ORV GDWRV WDPSRFR FXPSOHQ FRQ HO SULQFLSLR RSRUWXQLGDG (VWH DVSHFWR HV FHQWUDO
SRUTXHGHpOGHSHQGHTXHVHSXHGDQJHQHUDUFDGHQDVGHYDORUPHGLDQWHVXXVR(VWHSULQFLSLRVHxDODTXH
HVLPSHUDWLYRTXHORVGDWRVDELHUWRVHVWpQGLVSRQLEOHVVLHVSRVLEOHHQWLHPSRUHDOVLVHWUDWDGHDVXQWRV
GHLQWHUpVS~EOLFR(QHOFDVRGHODPXQLFLSDOLGDGODPD\RUtDGHORVGDWRVKDQGHMDGRGHDFWXDOL]DUVH

&RQWH[WRMXUtGLFR
(Q /LPD WRGDYtD QR H[LVWH XQD QRUPDWLYD HVSHFtILFD VREUH GDWRV DELHUWRV 1R REVWDQWH OD
PXQLFLSDOLGDGKDGHFODUDGRHQVXSRUWDOGHGDWRVDELHUWRVTXHODSODWDIRUPDVHHQPDUFDHQXQDSROtWLFD
GH SURPRFLyQ GH WUDQVSDUHQFLD SDUWLFLSDFLyQ \ FRODERUDFLyQ FLXGDGDQD SDUD FRPSDUWLU LQIRUPDFLyQ
HQ IRUPD EiVLFD \ VHQFLOOD TXH SXHGD VHU HQOD]DGD \ XVDGD GH IRUPD FUHDWLYD SDUD GHVDUUROODU
DSOLFDFLRQHV 0XQLFLSDOLGDGGH/LPD 3RURWURODGRKD\XQFRQMXQWRGHQRUPDVTXHVXVWHQWD
HVWDSROtWLFD\UHFRQRFHDORVGDWRVDELHUWRV\DODV7,&HQJHQHUDOFRPRKHUUDPLHQWDVGHVWLQDGDVD
PHMRUDUODFDOLGDGGHORVVHUYLFLRVS~EOLFRV
+DVWDHOPRPHQWRODSXEOLFDFLyQGHGDWRVGHODPXQLFLSDOLGDGVHKDEDVDGRSULQFLSDOPHQWHHQ
OD/H\GH7UDQVSDUHQFLD\$FFHVRDOD,QIRUPDFLyQ3~EOLFD /H\1 (VWDSULRUL]DODSXEOLFDFLyQ
GHLQIRUPDFLyQILQDQFLHUD\SUHVXSXHVWDULDGHODVHQWLGDGHVS~EOLFDVFRQGDWRVVREUHILQDQ]DVJDVWRV\
SUHVXSXHVWRSUR\HFWRVGHLQYHUVLyQ\DGTXLVLFLyQGHELHQHV\VHUYLFLRV
$VLPLVPR HO 3ODQ GH $FFLyQ GH *RELHUQR $ELHUWR GHO 3HU~ $OLDQ]D SDUD XQD 6RFLHGDG GH
*RELHUQR$ELHUWRDSUREDGRYtD5HVROXFLyQ0LQLVWHULDOGHOGHDEULOGHHVWDEOHFHHO
FRPSURPLVR GH SURPRYHU OD GLVSRVLFLyQ SURJUHVLYD GH GDWRV DELHUWRV HQWUH ODV HQWLGDGHV S~EOLFDV
3HU~SiJ FRPRSDUWHGHOHMHVREUHJRELHUQRHOHFWUyQLFR\VHUYLFLRVS~EOLFRV$VLPLVPRFRPR
SDUWH GHO SODQ GHQWUR GHO HMH GH SDUWLFLSDFLyQ FLXGDGDQD HO JRELHUQR VH FRPSURPHWH D IRUWDOHFHU OD
FDSDFLGDGGHODVRFLHGDGFLYLO\ODFLXGDGDQtDHQODILVFDOL]DFLyQGHODJHVWLyQS~EOLFDSHUPLWLHQGRHO
DFFHVRDODLQIRUPDFLyQSUHVXSXHVWDULDPHGLDQWHODV7,&
'HVGHLQLFLRVGHHVWiYLJHQWHWDPELpQOD3ROtWLFD1DFLRQDOGH0RGHUQL]DFLyQGHOD*HVWLyQ
3~EOLFD DSUREDGD PHGLDQWH HO 'HFUHWR 6XSUHPR 3&0 (VWD QRUPD KDFH UHIHUHQFLD DO
JRELHUQR DELHUWR HO JRELHUQR HOHFWUyQLFR \ ORV GDWRV DELHUWRV FRPR SDUWH GHO HMH GH WUDQVSDUHQFLD \
DFFHVR D OD LQIRUPDFLyQS~EOLFD SURPRYLHQGR HO GLVHxR GHSRUWDOHVGHGDWRVDELHUWRV \ODFUHDFLyQGH
GHPDQGDSDUDTXHVHDQXWLOL]DGRV
/DGLIHUHQFLDPiVUHOHYDQWHVREUHGHGDWRVDELHUWRVHQWUHHO3ODQGH$FFLyQGH*RELHUQR$ELHUWR
\ OD 3ROtWLFD 1DFLRQDO GH 0RGHUQL]DFLyQ HV OD SRVLFLyQ HVWUDWpJLFD TXH WLHQH HVWH WHPD HQ OD
DGPLQLVWUDFLyQS~EOLFD(QOD3ROtWLFD1DFLRQDOGH0RGHUQL]DFLyQORVGDWRVDELHUWRVVHHQFXHQWUDQHQHO
HMH GH WUDQVSDUHQFLD \ DFFHVR D OD LQIRUPDFLyQ S~EOLFD PLHQWUDV TXH HQ HO 3ODQ GH GH $FFLyQ GH
*RELHUQR$ELHUWRVHHQFXHQWUDQHQHOHMHGHJRELHUQRHOHFWUyQLFR\VHUYLFLRVS~EOLFRV




 KWWSZZZSHUXJRESHQRUPDVGRFV50BBB3&0SGI
 'HFUHWR6XSUHPR3&0SXEOLFDGRHOGHHQHURGH





&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

/DJHVWLyQGHORVGDWRVDELHUWRV
$ FRQWLQXDFLyQ VH UHYLVDQ DOJXQRV DVSHFWRV VREUH OD JHVWLyQ GH OD LQIRUPDFLyQ \ OD SXEOLFDFLyQ GH
GDWRV DELHUWRV HQ OD PXQLFLSDOLGDG GH /LPD (VWH DQiOLVLV VH UHDOL]y D SDUWLU GH WUHV iUHDV SURFHVRV
SHUVRQDV\UHFXUVRV
/RVSURFHVRVHVWHFDPSRVHUHILHUHDODUHJXODFLyQGHORVIOXMRVGHLQIRUPDFLyQ\ODWRPDGH
GHFLVLRQHVVREUHODLQFRUSRUDFLyQ\HOPDQWHQLPLHQWRGHDUFKLYRVHQHOSRUWDOGHOD PXQLFLSDOLGDG/D
SUHJXQWDTXHVHEXVFDUHVSRQGHUHVFyPRODPXQLFLSDOLGDGJHVWLRQDORVDUFKLYRVGHGDWRVDELHUWRV"
(Q OD PXQLFLSDOLGDG OD LQLFLDWLYD GH GDWRV DELHUWRV IXH OOHYDGD DGHODQWH SRU OD JHUHQFLD GH
SODQLILFDFLyQ D WUDYpV GH OD VXEJHUHQFLD GH LQIRUPiWLFD (VWD VXEJHUHQFLD KD SXHVWR HQ DJHQGD XQD
SURSXHVWDQRUPDWLYDLQWHUQDSDUDSURPRYHUORVGDWRVDELHUWRV1RREVWDQWHODPXQLFLSDOLGDGWRGDYtDQR
FXHQWD FRQ XQD QRUPD HVSHFtILFD TXH GLVWULEX\D UHVSRQVDELOLGDGHV \ HVWDEOH]FD SOD]RV HVWiQGDUHV \
VDQFLRQHVHQWUHRWURV8QDQRUPDWLYDDOUHVSHFWRHVFUXFLDOSDUDSURYHHUGHODLQVWLWXFLRQDOLGDGQHFHVDULD
SDUDJHQHUDUFRQILDQ]DHQWUHORVXVXDULRV
([LVWHQ SULQFLSDOPHQWH GRV ULHVJRV TXH VH FLHUQHQ VREUH HVWD LQLFLDWLYD PLHQWUDV QR HVWp
QRUPDGD (O SULPHUR WLHQH UHODFLyQ FRQ ODV GHFLVLRQHV VREUH OD LQIRUPDFLyQ TXH VH SXEOLFD \ VXV
FDUDFWHUtVWLFDV8QSURFHVRVLQUHJODVFODUDVQRSXHGHSURGXFLUXQVHUYLFLRDFRUGHFRQODVH[LJHQFLDVTXH
GHPDQGD XQD FLXGDGDQtD LQIRUPDGD (O VHJXQGR DVSHFWR VH UHODFLRQD FRQ OD IDOWD GH SODQLILFDFLyQ GH
ODUJR SOD]R $O QR HVWDU QRUPDGD HVWD LQLFLDWLYD WRGDYtD QR SXHGH FRPSURPHWHU VXV IXHQWHV GH
LQIRUPDFLyQQLGHVWLQDUUHFXUVRVSDUDSURPRYHUXQDHVWUDWHJLDGHFRPXQLFDFLyQ
2WURHOHPHQWRGHQWURGHOPDUFRQRUPDWLYRHVODIRUPD HQODFXDOGLDORJDQGLYHUVDVLQVWDQFLDV
GHQWURGHODRUJDQL]DFLyQHQODVHOHFFLyQHYDOXDFLyQ\SXEOLFDFLyQGHGDWRV(QGLYHUVDVHQWUHYLVWDVORV
IXQFLRQDULRVGHODPXQLFLSDOLGDGKDQVHxDODGRTXHODSXEOLFDFLyQGHGDWRVREOLJDDUHYLVDUODPDQHUDHQ
TXHODHQWLGDGDERUGDVXVREMHWLYRVGHVGHXQDSHUVSHFWLYDPXOWLGLVFLSOLQDULD6HJ~QHVWRVIXQFLRQDULRV
XQDUHJXODFLyQVREUHGDWRVDELHUWRVSRQGUtDDSUXHEDORVSURFHVRVGHWRPDGHGHFLVLRQHVDOLQWHULRUGHOD
DGPLQLVWUDFLyQVREUHWRGRHQORUHODWLYRDODFRPXQLFDFLyQFRQORVXVXDULRV2WURDVSHFWRFHQWUDOGHHVWH
WLSR GH LQLFLDWLYDV HV VX VRVWHQLELOLGDG RUJDQL]DFLRQDO (VWRV DVSHFWRV HVWiQ tQWLPDPHQWH UHODFLRQDGRV
SXHVWR TXH OD UHJXODFLyQ HV XQD FRQGLFLyQ QHFHVDULD SDUD TXH VH UHDOLFHQ ODV LQYHUVLRQHV HQ UHFXUVRV
KXPDQRV\HVWDHVDVXYH]QHFHVDULDSDUDPHMRUDUODSXEOLFDFLyQGHGDWRV
/DV SHUVRQDV HVWH FDPSR VH UHODFLRQD FRQ ORV FRQRFLPLHQWRV QHFHVDULRV SDUD PDQWHQHU HVWD
LQLFLDWLYD HQ IXQFLRQDPLHQWR /D SUHJXQWD TXH VH EXVFD UHVSRQGHU HV HVWiQ WRGRV ORV IXQFLRQDULRV
SUHSDUDGRVSDUDDVHJXUDUHOIOXMRGHGDWRVDELHUWRV"
6LELHQODVXEJHUHQFLDGHLQIRUPiWLFDGHODPXQLFLSDOLGDGFXHQWDFRQSURIHVLRQDOHVFDSDFLWDGRV
SDUD HQ OD SXEOLFDFLyQ GH GDWRV HVWD VLWXDFLyQ QR HV OD PLVPD HQ RWUDV iUHDV &RQ OD H[FHSFLyQ GH OD
JHUHQFLD GH 'HIHQVD GHO FLXGDGDQR HO UHVWR GH ODV RILFLQDV QR KD SDUWLFLSDGR GLUHFWDPHQWH HQ HVWD
LQLFLDWLYD 6HJ~Q ORV IXQFLRQDULRV GH OD PXQLFLSDOLGDG OD VXEJHUHQFLD GH LQIRUPiWLFD KD GLIXQGLGR ORV
GDWRVDELHUWRVTXLHQHVWLHQHQTXHYHUFRQWUDQVSDUHQFLDGHODLQVWLWXFLyQ 6HFUHWDUtDJHQHUDOGHOFRQFHMR
*HUHQFLDGHSDUWLFLSDFLyQFLXGDGDQD\*HUHQFLDGHSODQLILFDFLyQ \ODDOWDGLUHFFLyQ&DEHUHVDOWDUTXHOD
DOWD GLUHFFLyQ DVXPLy HVWD LQLFLDWLYD FRPR SDUWH GH OD WUDQVSDUHQFLD DXQTXH GHVGH OD VXEJHUHQFLD GH
LQIRUPiWLFDVHSURPRYtDFRPRXQHOHPHQWRGHJHVWLyQ
,QLFLDUXQSURFHVRGHFRQVWUXFFLyQGHXQDFXOWXUDGHDSHUWXUDGHGDWRVLPSOLFDQRVyORWUDEDMDU
VREUHHOFRQRFLPLHQWRGHODLQLFLDWLYDVLQRWDPELpQDWHQGHUODRUJDQL]DFLyQGHQXHYDVGLQiPLFDV/RV
IXQFLRQDULRV GH OD PXQLFLSDOLGDG VHxDODQ TXH UHVSHFWR GH ORV GDWRV DELHUWRV OD DGPLQLVWUDFLyQ S~EOLFD
HVWiREVROHWD\QRWLHQHFDSDFLGDGSDUDUHDFFLRQDUIUHQWHDODGHPDQGDTXHHVWRVSXHGDQJHQHUDU
/RV UHFXUVRV HQ HVWH FDPSR VH DQDOL]D OD LQIUDHVWUXFWXUD GH OD PXQLFLSDOLGDG UHVSHFWR GH ODV
QHFHVLGDGHV GH OD LQLFLDWLYD GH GDWRV DELHUWRV /D SUHJXQWD TXH VH EXVFD UHVSRQGHU HV FXHQWDQ ORV
IXQFLRQDULRVFRQORVUHFXUVRVDGHFXDGRVSDUDOOHYDUDGHODQWHODLQLFLDWLYDGHGDWRVDELHUWRV"
/RVIXQFLRQDULRVGHODVXEJHUHQFLDGHLQIRUPiWLFDFRQVLGHUDQTXHODPXQLFLSDOLGDGFXHQWDFRQ
ORV UHFXUVRV QHFHVDULRV SDUD VRVWHQHU WHFQROyJLFDPHQWH OD LQLFLDWLYD GH GDWRV DELHUWRV 7LHQH XQD
FRQH[LyQ GHGLFDGD D ,QWHUQHW GH 0ESV VLPpWULFR  SDUD OD WUDQVPLVLyQ GH GDWRV \ DSOLFDFLRQHV HQWUH


&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

WRGDV ODV VHGHV DSUR[LPDGDPHQWH  XVXDULRV HQ WRWDO  'H DFXHUGR FRQ OD PLVPD IXHQWH OD
PXQLFLSDOLGDG VH DVHJXUD GH TXH VXV DSOLFDFLRQHV SXHGDQ VHUXVDGDVSRU FXDOTXLHUSHUVRQDTXH FXHQWH
FRQXQFHOXODUFRQYHQFLRQDOXQWHOpIRQRLQWHOLJHQWHRXQDFRPSXWDGRUD
'HVGHODSHUVSHFWLYDGHODGHPDQGDODPXQLFLSDOLGDGEULQGDXQVHUYLFLRGH,QWHUQHWJUDWXLWRSRU
VHxDO:L)LHQYDULDVSOD]DVS~EOLFDVGH/LPD 3OD]DGH$UPDV3OD]D6DQ0DUWtQ\&HQWUR:LUDFRFKD 
&RQ SODQHV SDUD H[WHQGHU HVWH VHUYLFLR OD HQWLGDG WDPELpQ KD SUHYLVWR FRQWUDWDU VHUYLFLRV GH 606
PDVLYRVSDUDJHQHUDUUHVSXHVWDVDORVUHTXHULPLHQWRVGHORVXVXDULRVGHOVLVWHPD

/RJURVDSOLFDFLRQHVEDVDGDVHQGDWRVDELHUWRV
/D PXQLFLSDOLGDG GH /LPD RUJDQL]y HQ  HO +DFNDWRQ /LPD XQD FRPSHWHQFLD GH GHVDUUROOR GH
DSOLFDFLRQHVEDVDGDVHQGDWRVDELHUWRV(VWHFRQFXUVRIXHODEDVHSDUDGHVDUUROODUODVDSOLFDFLRQHVTXH
OD PXQLFLSDOLGDG SUHVHQWD HQ HO SRUWDO GH GDWRV DELHUWRV SXHVWR TXH ORV JDQDGRUHV IXHURQ FRQWUDWDGRV
SDUDFRPSOHWDUORVSUR\HFWRVSURSXHVWRV$FRQWLQXDFLyQVHGHVFULEHQHVWDVLQLFLDWLYDV

3UR\HFWRVGHLQYHUVLyQS~EOLFDGHODPXQLFLSDOLGDGGH/LPD
(VWD DSOLFDFLyQ FRPELQD ORV GDWRV S~EOLFRV GH ORV VLVWHPDV GH DGPLQLVWUDFLyQ ILQDQFLHUD H
LQYHUVLyQS~EOLFD/DVROXFLyQEULQGDDORVXVXDULRVXQPDSDGRQGHVHXELFDQWRGRVORVSUR\HFWRVTXH
UHDOL]D OD PXQLFLSDOLGDG HQ HO DxR HQ FXUVR &DGD SUR\HFWR H[KLEH XQD ILFKD WpFQLFD FRQ LQIRUPDFLyQ
VREUHODQDWXUDOH]DGHODLQYHUVLyQHOPRQWRHOOXJDUH[DFWRGRQGHVHHMHFXWD\VXHVWDGR

(QFXHQWURSH
(VWD DSOLFDFLyQ FRPELQD ODV OLFHQFLDV GH IXQFLRQDPLHQWR \ ORV FHUWLILFDGRV GH GHIHQVD FLYLO
DFUHGLWDQ OD VHJXULGDG GHO LQPXHEOH  SDUD EULQGDU D ORV XVXDULRV XQ PDSD GRQGH ODV SHUVRQDV SXHGHQ
XELFDU ORV GLVWLQWRV HVWDEOHFLPLHQWRVUHJLVWUDGRV HM IDUPDFLDV HVWDFLRQHV GH VHUYLFLRV UHVWDXUDQWHV
EDUHVFDIpVVXSHUPHUFDGRVFHQWURVGHVDOXGKRWHOHVFLQHVOLEUHUtDVPXVHRVXQLYHUVLGDGHVHWF \ODV
UXWDVPiVFRUWDVSDUDOOHJDUDHVWRVHVWDEOHFLPLHQWRV

0DSDGHORVPXVHRVGH/LPD
(VWDDSOLFDFLyQHPSOHDORVGDWRVGHPXVHRVGH/LPD/DVROXFLyQEULQGDDORVXVXDULRVXQ
PDSD HQ HO TXH VHLQGLFD OD XELFDFLyQGH ORV PXVHRV\ VH H[KLEH XQD ILFKDFRQHO QRPEUH GHO PXVHR
GLUHFFLyQ WHOpIRQR KRUDULR GH DWHQFLyQ FRVWR GH OD HQWUDGD \ SiJLQD ZHE /D DSOLFDFLyQ SHUPLWH DO
XVXDULR XELFDU HO PXVHR PiV FHUFDQR (V JUDWXLWD \ VH HQFXHQWUD GLVSRQLEOH SDUD HO VLVWHPD RSHUDWLYR
L266HSXEOLFyHQGLFLHPEUHGH\KDVWDHOPRPHQWRIXHGHVFDUJDGDYHFHV
/D LQJHQLHUD TXH GHVDUUROOy OD DSOLFDFLyQ FRPSUHQGLy JUDFLDV D XQDV FKDUODV TXH UHFLELy HQ OD
XQLYHUVLGDGHOSRWHQFLDOGHOXVRGHORVGDWRVDELHUWRVSDUDHOEHQHILFLRGHODFLXGDGDQtD&XDQGRGHFLGLy
GHVDUUROODUODDSOLFDFLyQVHHQFRQWUyFRQXQDOLVWDGHDUFKLYRVGHGDWRVDELHUWRVSXHVWRVDGLVSRVLFLyQGHO
S~EOLFRSRUODPXQLFLSDOLGDGGH/LPD\DSDUWLUGHHOORVVHGHGLFyDFUHDUODDSOLFDFLyQ

,QIUDFFLRQHVGHWUiQVLWR
(VWDDSOLFDFLyQXWLOL]DORVGDWRVGHLQIUDFFLRQHVGHWUiQVLWRGHODJHUHQFLDGHWUDQVSRUWHXUEDQR
GH OD PXQLFLSDOLGDG \ YLQFXOD ODV SODFDV GH ORV DXWRV FRQ ORV GLVWULWRV GRQGH RFXUULy OD LQIUDFFLyQ /D
VROXFLyQ YLVXDOL]D OD LQFLGHQFLD GH LQIUDFFLRQHV SRU GLVWULWR SHUPLWLHQGR HVWDEOHFHU XQ UDWLR GH ORV
GLVWULWRVPiVSUREOHPiWLFRV






 3DUDHVWHHYHQWRODPXQLFLSDOLGDGVHDSR\yHQHOFROHFWLYRGHGHVDUUROODGRUHV(VFXHODERUJ



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

'/RVUHWRVHQPDWHULDGHGDWRVDELHUWRV
$SHVDUGHOIUiJLOHVTXHPDHQHOTXHHVWiLQVHUWDODLQLFLDWLYDGHGDWRVDELHUWRVGHODPXQLFLSDOLGDGGH
/LPDSRGUtDFRQVROLGDUVHVLVHGDQFLHUWDVFRQGLFLRQHVFRPRFUHDUXQDFRPXQLGDGGHLQWHUpVDOUHGHGRU
GHORVGDWRVDELHUWRV(VWRLPSOLFDHOGHVDUUROORGHFDSDFLGDGHVGHQWUR\IXHUDGHODPXQLFLSDOLGDGFRQOD
ILQDOLGDGGHDPSOLDUODFRPXQLGDGGHLQWHUHVDGRVQRVyORVREUHHOiPELWRGHORVGHVDUUROODGRUHVVLQR
WDPELpQKDFLDRWURVJUXSRVGHLQWHUpVFRPRORVPHGLRVGHFRPXQLFDFLyQODVXQLYHUVLGDGHV\RWURWLSR
GHSURIHVLRQDOHV SRUHMHPSORDUTXLWHFWRV\XUEDQLVWDV 
6L ELHQ H[LVWH XQ FRQMXQWR GH QRUPDV HQ HO TXH VH HQPDUFD OD SROtWLFD GH GDWRV DELHUWRV GH OD
PXQLFLSDOLGDG OD IDOWD GH XQD QRUPDWLYD HVSHFtILFD HV XQD EDUUHUD SDUD HVWDEOHFHU FRQ FODULGDG ORV
SURFHVRV GH SXEOLFDFLyQ GH GDWRV \ SHUPLWLU XQD SODQLILFDFLyQ D ODUJR SOD]R GH OD LQLFLDWLYD (QWUH ORV
ULHVJRVTXHHVWRLPSOLFDVHHQFXHQWUDQODIDOWDHVWiQGDUHVGHFDOLGDGGHPHFDQLVPRVSDUDGDUUHVSXHVWDD
ODGHPDQGDVREUHGDWRVDELHUWRV\GHSURFHVRVGHLQWHUUHODFLyQHQWUHODVGLIHUHQWHVRILFLQDVTXHWLHQHQ
TXH YHU FRQ OD  VHOHFFLyQ OD HYDOXDFLyQ \ OD SXEOLFDFLyQ GH ORV GDWRV $VLPLVPR XQ SURJUDPD  TXH
FDUHFHGHIRUPDOLGDGFLHUWDPHQWHQRSXHGHREWHQHUPD\RUHVUHFXUVRVSRUSDUWHGHO(VWDGR\SRUHQGHVX
FRQWLQXLGDGWDPELpQHVWDUiHQGXGD(QHVWHVHQWLGRHVQHFHVDULRUHYLVDUWDQWRORVDVSHFWRVQRUPDWLYRV
FRPRORVRUJDQL]DFLRQDOHVSDUDPHMRUDUODSROtWLFDGHGDWRVDELHUWRV
/DSXEOLFDFLyQGHGDWRVKDREOLJDGRDUHYLVDUORVREMHWLYRVGHODPXQLFLSDOLGDG\ODPDQHUDGH
KDFHUHILFLHQWHODLQWHUYHQFLyQPXOWLGLVFLSOLQDULD(VWDLQLFLDWLYDWDPELpQKDSXHVWRDSUXHEDORVSURFHVRV
GHWRPDGHGHFLVLRQHV\DVSHFWRVUHODFLRQDGRVFRQODFRPXQLFDFLyQFRQODFLXGDGDQtD1RREVWDQWHKD
VLGRXQDLQLFLDWLYDUHFRQRFLGD\TXHWLHQHXQJUDQSRWHQFLDOSDUDVXH[SDQVLyQ

%LEOLRJUDItD
&HQWUH RI 5HJLRQDO 6FLHQFH   6PDUW FLWLHV 5DQNLQJ RI (XURSHDQ PHGLXPVL]HG FLWLHV )LQDO UHSRUW
9LHQQD87
&RKHQ%R\G D 7KH7RS6PDUW&LWLHVRQWKH3ODQHW>HQOtQHD@/LPD IHFKDGHFRQVXOWDHQHURGH
 KWWSZZZIDVWFRH[LVWFRPWKHWRSVPDUWFLWLHVRQWKHSODQHW
BBBBBBBBB E  :KDW H[DFWO\ LV D VPDUW FLW\" >HQ OtQHD@ /LPD IHFKD GH FRQVXOWD HQHUR GH  
KWWSZZZIDVWFRH[LVWFRPZKDWH[DFWO\LVDVPDUWFLW\
'DYLHV7LP$ORQVR-RVp0\3HULQL)HUQDQGR  ([SORULQJWKH(PHUJLQJ,PSDFWVRI2SHQ'DWDLQWKH
6RXWK &RQFHSWXDO IUDPHZRUN DQG GHILQLWLRQV FDVH VWXG\ VHOHFWLRQ JXLGH :HE )RXQGDWLRQ :) 
DQG,QWHUQDWLRQDO'HYHORSPHQW5HVHDUFK&HQWHU ,'5& 
+HUQiQGH] -XDQ 0DQXHO   4Xp VRQ ODV 6PDUW &LWLHV R &LXGDGHV ,QWHOLJHQWHV" >HQ OtQHD@ /LPD
IHFKD GH FRQVXOWD HQHUR GH   KWWSVRFLHGDGLQIRUPDFLRQIXQGDFLRQWHOHIRQLFDFRP
'<&6+,B$)21'27,'6PDUWBFLWLHVVHFFLRQ  LGLRPD HVB(6 LG 
DFWLYR GR
0XQLFLSDOLGDG GH /LPD   *HVWLyQ \ %XHQ *RELHUQR  >IHFKD GH FRQVXOWD PDU]R @
KWWSZZZPXQOLPDJRESH
2EVHUYDWRULRGHJHVWLyQPXQLFLSDO  (QFXHVWD/LPD&yPR9DPRV/LPD
2EVHUYDWRULR 7HFQROyJLFR GH (VSDxD   0DSD 7HFQROyJLFR &LXGDGHV ,QWHOLJHQWHV >HQ OtQHD@ /LPD
>IHFKD GH FRQVXOWD PDU]R @ KWWSZZZLGDHHVLQGH[SKSPRGGRFXPHQWRVPHPGHVFDUJD
"ILOH GRFXPHQWRVB%RUUDGRUB6PDUWB&LWLHVBB$EULOBBEIESGI
26,37(/ 2UJDQLVPR 6XSHUYLVRU GH OD ,QYHUVLyQ HQ 7HOHFRPXQLFDFLRQHV   (QFXHVWD GH GHPDQGD GH
VHUYLFLRVGHWHOHFRPXQLFDFLRQHV\FDUDFWHUL]DFLyQGHORVXVXDULRV>HQOtQHD@/LPD>IHFKDGH
FRQVXOWD PDU]R @ KWWSZZZRVLSWHOJRESH:HEVLWH$MD[:HE)RUPJHQHUDOVHFWRUZIUPB




 3RULQLFLDWLYDGHODVXEJHUHQFLDGHLQIRUPiWLFDGHVGHVHKDSURPRYLGRXQDQRUPDLQWHUQDVREUHGDWRVDELHUWRV
TXHHVWDEOH]FDWHPDVUHODFLRQDGRVFRQHOSURFHVRGHSXEOLFDFLyQHVRVGDWRV



&(3$/&ROHFFLyQ'RFXPHQWRVGH3UR\HFWR

'DWRVDELHUWRV\FLXGDGHVLQWHOLJHQWHVHQ$PpULFD/DWLQD

&RQVXOWDB,QIRUPDFLRQB(VWDGLVWLFDVDVS["&RG,QIR  &RG6XE&DW  7LWXOR,QIRUPDFLRQ (Q


FXHVWDV 'HVFULSFLRQ,QIRUPDFLRQ 
5RELQVRQ 5LFN D  +RZ VPDUW FLWLHV JHW VWDUWHG >HQ OtQHD@ /LPD >IHFKD GH FRQVXOWD PDU]R @
KWWSWKHXUEDQWHFKQRORJLVWFRPKRZVPDUWHUFLWLHVJHWVWDUWHG
BBBBBBB E  )LYH 5RDGV WR D 6PDUW &LW\ >HQ OtQHD@ /LPD >IHFKD GH FRQVXOWD IHEUHUR GH @
KWWSVXVWDLQDEOHFLWLHVFROOHFWLYHFRPULFNURELQVRQILYHURDGVVPDUWHUFLW\





S-ar putea să vă placă și