Cap02. - Mediciones Hidrológicas

0HGLFLRQHV+LGUROyJLFDV
&DStWXOR,,
0(',&,21(6+,'52/Ï*,&$6
3HGUR$%DVLOH
,,,1752'8&&,Ï1
(O SUR\HFWR GH XQD REUD KLGUiXOLFD SDUD HO FRQWURO \R DS URYHFKDPLHQWR GH XQ FXUVR GH
DJXD WLHQH RULJHQ HQ XQ HVWXGLR TXH FRPSUHQGH GLIHUHQWHV DVSHFWRV GH QDWXUDOH]D
KLGUROyJLFDHKLGUiXOLFD/DIXHQWHGHORVGDWRVDXWLOL]DUSDUDHQFXDGUDUGLFKRVDVSHFWRV
HVWi UHSUHVHQWDGD SRU OD PHGLFLyQ VLVWHPiWLFD GH ODV YDU LDEOHV TXH GHVFULEHQ HO FLFOR
KLGUROyJLFR &XDQGR PiV H[WHQVR HV HO SHUtRGR GH PHGLFLyQ PiV FRQILDEOHV VRQ ORV
UHVXOWDGRV TXH VH REWLHQHQ PHGLDQWH OD HODERUDFLyQ GH ORV GDWRV GLVSRQLEOHV FRQ OD
FRQGLFLyQTXHODVVHULHVWHPSRUDOHVGHGDWRVFRQVLGHUDGDVVH DQHVWDFLRQDULDV
3RU OR WDQWR ODV PHGLFLRQHV KLGUROyJLFDV VH UHDOL]DQ FRQ HO REMHWLYR GH FXDQWLILFDU ODV
YDULDEOHV GRPLQDQWHV TXH LQWHUYLHQHQ HQ ORV SURFHVRV KLGUROyJLFRV \ VRQ HVHQFLDOHV HQ
QXPHURVRV SUR\HFWRV LQJHQLHULOHV UHIHULGRV DO FRQWURO DSURYHF KDPLHQWR SUHVHUYDFLyQ \
JHVWLyQ GH ORV UHFXUVRV KtGULFRV GH XQ WHUULWRULR $GHPiV GLFKDV PHGLFLRQHV VRQ
IXQGDPHQWDOHV HQ ODV LQYHVWLJDFLRQHV TXH VH GHVDUUROODQ SDUD LQFUHPHQWDU HO
FRQRFLPLHQWRGHODGLQiPLFDGHORVSURFHVRVKLGUROyJLFRV
/DSUHFLSLWDFLyQRULJLQDODIDVHWHUUHVWUHGHOFLFORKLGUROyJLFR\SXHGHFRQVLGHUDUVHFRPR
XQD YDULDEOH DOHDWRULD YHU &DStWXOR ,; IXQFLyQ GHO HVSDFLR \ GHO WLHPSR 5HVXOWD SRU OR
WDQWRYiOLGRDVLJQDUDORVFDXGDOHVQLYHOHVKLGURPpWULFRV\GHPiVYDULDEOHVUHODFLRQDGDV
FRQ OD SUHFLSLWDFLyQ HO FDUiFWHU GH YDULDEOHV DOHDWRULDV /DV REUDV KLGUiXOLFDV VH
GLIHUHQFLDQGHRWUDVREUDVFLYLOHVHGLILFLRVQDYHVLQGXVWULDOHVHWFSRUHOKHFKRGHTXH
ODVSULPHUDVWUDWDQGHFRQWURODURXWLOL]DUYDULDEOHVDOHDWRULDVFX\DSUHGLFFLy QSUHVHQWDXQ
JUDGR GH LQFHUWLGXPEUH PD\RU TXH HQ ODV VHJXQGDV GRQGH ODV YDULDEOHV D FRQWURODU
SXHGHQVHUGHWHUPLQDGDVHQPRGRSUHFLVRHQIXQFLyQGHUHJODPHQWRVQRUPDVFULWHULRV
GH XVR \ HO FRPSRUWDPLHQWR IXWXUR VHUi IiFLOPHQWH SUHGHFLEOH 3RU HVWD UD]y Q HV
VXPDPHQWHLPSRUWDQWHUHDOL]DUPHGLFLRQHVKLGUROyJLFDV\SRGHUFRQWDUFRQXQSDWULPRQLR
DGHFXDGRGHGDWRVSDUDHIHFWXDUHOHVWXGLRKLGUROyJLFRFRUUHVSRQGLHQWHGLPHQVLRQDUODV
HVWUXFWXUDV YHULILFDU VX FRPSRUWDPLHQWR HQ GLIHUHQWHV FRQGLFLRQHV GHWHUPLQ DU HO JUDGR
GH ULHVJR GH HYHQWXDOHV GHILFLHQFLDV IXQFLRQDOHV DQDOL]DU HO LPSDFWR VREUH HO PHGLR
DPELHQWHHWF
/RV FDXGDOHV \ ORV QLYHOHV KLGURPpWULFRV UHSUHVHQWDQ ODV YDULDEOHV SULQFLSDOHV D

FRQVLGHUDUFXDQGRVHDERUGDHOSUR\HFWRGHXQDREUDKLGUiXOLF D\DTXHGHOFRQRFLPLHQWR
GH VXV YDORUHV IUHFXHQFLDV HWF VH GHULYDQ ORV FULWHULRV SDUD DVLJQDU D ODV REUDV ODV
GLPHQVLRQHV QHFHVDULDV SDUD HO FRQWURO \ OD UHJXODFLyQ GHO IOXMR KtGULFR 6LQ HPEDUJR
H[LVWHQVLWXDFLRQHVHQODVFXDOHVQRHVSRVLEOHFRQWD UFRQHOSURGXFWRILQDOSRUHMHPSOR
ORV FDXGDOHV GHO SURFHVR KLGUROyJLFR TXH WLHQH RULJHQ HQ ODV SUHFLSLWDFLRQHV 6L HVWDV
~OWLPDV KDQ VLGRUHJLVWUDGDV HQ HO iUHDGHLQWHUpVHVSRVLEOHREWHQHULQIRUPDFLyQVREUH
ORV FDXGDOHV SDUWLHQGR GHO RULJHQ HV GHFLU ODV SUHFLSLWDFLRQHV D WUDYpV GH XQ SURFHVR
FRQRFLGRFRPR WUDQVIRUPDFLyQOOXYLD FDXGDO7DOSURFHVRHVDERUGDEOHHQODDFWXDOLGDG

+LGURORJtD3URFHVRV\0pWRGRV
FRQ GLIHUHQWHV JUDGRV GH GHWDOOH \ VRILVWLFDFLyQ PHGLDQWH PRGHORV PDWHPiWLFRV TXH
VLPXODQQXPpULFDPHQWHHOIHQyPHQR
$FWXDOPHQWH HV SRVLEOH UHFROHFWDU \ DOPDFHQDU XQD JUDQ FDQWLGDG GH LQIRUPDFLyQ
KLGUROyJLFD HQ FRPSXWDGRUDV \ WHQHUOD GLVSRQLEOH SDUD VX XWLOL]DFLyQ 3RU RWUD SDUWH HO
UiSLGR FUHFLPLHQWR GH OD WHFQRORJtD LQIRUPiWLFD \ ORV DYDQFHV HQ HOHFWUyQLFD KDQ
SHUPLWLGR TXH ORV GDWRV KLGURPHWHRUROyJLFRV SXHGDQ VHU PHGLGRV DGTXLULGRV \
WUDQVPLWLGRVDGLVWDQFLDDOPLVPRWLHPSRTXHRFXUUHHOHYHQWR(VWR~OWLPRHQFRQMXQFLyQ
FRQ OD LPSOHPHQWDFLyQ RQ OLQH GH PRGHORV PDWHPiWLFRV DSURSLDGRV DGTXLHUH XQD
HQRUPH LPSRUWDQFLD HQ O D SUHGLFFLyQ GH FUHFLGDV HQ WLHPSR UHDO \ HQ ODV DOHUWDV
WHPSUDQDV GH LQXQGDFLRQHV FRPR DVt WDPELpQ HQ OD GHWHUPLQDFLyQ GH ODV SROtWLFDV GH
HURJDFLyQSDUDODRSWLPL]DFLyQGHODJHVWLyQGHVLVWHPDVGHHPEDOVHV
,,&216,'(5$&,21(6*(1(5$/(6
/RVSURFHVRVKLGUROyJLFRVYDUtDQHQHOWLHPSR\HQHOHVSDFLRORVPLVPRVVRQPHGLGRV
XVXDOPHQWHFRPR PXHVWUDVSXQWXDOHVHVGHFLUODVPHGLFLRQHVVHUHDOL]DQDWUDYpVGHO
WLHPSR HQ HVWDFLRQHV RSRUWXQDPHQWH HTXLSDGDV XELFDGDV HQ SXQWRV ILMRV GHO HVSDFLR
3RUHMHPSORODOOXYLDHQXQDFXHQFDSUHVHQWDJHQHUDOPHQWHXQDGLVWULEXFLyQHVSDFLDOQR
XQLIRUPHSHURXQSOXYLyJUDIRUHJLVWUDODHYROXFLyQWHPSRUDOLQWUDHLQWHUWRUPHQWDVGHOD
OOXYLD FDtGD HQ XQ SXQWR HVSHFtILFR GH OD FXHQFD /D LQIRUPDFLyQ UHVXOWDQWH FRQVWLWX\ H
XQDVHULHGHWLHPSRODFXDOSXHGHVHUDQDOL]DGDHVWDGtVWLFDPHQWH$VLPLVPRHOQLYHOGH
ODVXSHUILFLHGHODJXDVHUHJLVWUDVLVWHPiWLFDPHQWHHQXQDGHWHUPLQDGDVHFFLyQGHXQUtR
DLQWHUYDORVGHWLHPSRGLVFUHWRV(VGHFLUTXHFDGDYDULDEOHKLGUROyJLFDWLH QHVLJQLILFDGR
VLDVXPDJQLWXGVHOHDVRFLDQHFHVDULDPHQWHXQDUHIHUHQFLDHVSDFLDO\WHPSRUDO
/DVPHGLFLRQHVQRHVWiQREYLDPHQWHOLEUHVGHHUURUHVDOJXQRVGHWLSR LQVWUXPHQWDOORV
FXDOHVVRQLQWUtQVHFRVDODSDUDWRXWLOL]DGRGHFODUDGRVRQRSRUHOFRQ VWUXFWRURWURVGH
LPSOHPHQWDFLyQ FRPR SRU HMHPSOR FXDQGR HO LQVWUXPHQWR HVWi PDO SRVLFLRQDGR PDO
PRQWDGR PDO FRQHFWDGR R HV LQDGHFXDGR SDUD HO IHQyPHQR TXH VH HQWLHQGH PHGLU \
RWURV GH RSHUDFLyQ FRPR HUURUHV GH UHJLVWUR GH WUDQVPLVLyQ \ WUDGXFFLyQ )DFWRUHV
H[WHUQRV WDOHV FRPR YLHQWR YLEUDFLRQHV HWF WDPELpQ SXHGHQ DIHFWDU ODV PHGLFLRQHV
/RV HUURUHV LQVWUXPHQWDOHV \ GH LPSOHPHQWDFLyQ DIHFWDQ HQ IRUPD VLVWHPiWLFD FDGD
PHGLFLyQUD]yQSRUODFXDOVHORVGHQRPLQDHUURUHVVLVWHPiWLFRV0LHQWUDVORV HUURUHVGH
RSHUDFLyQ \ ORV GHELGRV D IDFWRUHV H[WHUQRV SUHVHQWDQ XQ FDUiFWHU DOHDWRULR \ VH ORV
GHQRPLQDHUURUHVDFFLGHQWDOHV
$ ORV LQVWUXPHQWRV XWLOL]DGRV HQ FDPSR SDUD OD FXDQWLILFDFLyQ GH YDULDEOHV KLGUROyJLFDV
QR VH OHV UHTXLHUH JHQHUDOPHQWH XQD SUH FLVLyQ H[WUHPDGDPHQWH HOHYDGD HQ FDPELR HV
QHFHVDULR TXH SUHVHQWHQ VLPSOLFLGDG GH HPSOHR HVFDVD PDQXWHQFLyQ FRPSRUWDPLHQWR
FRQVWDQWH HQ HO WLHPSR IXQFLRQDPLHQWR VHJXUR HQ FRQGLFLRQHV DPELHQWDOHV H[WUHPDV \
SRVLELOLGDG GH DGTXLVLFLyQ \ WUDQVPLVLyQ GH GD WRV D GLVWDQFLD 3RU HO FRQWUDULR ORV
LQVWUXPHQWRV XWLOL]DGRV HQ ODERUDWRULR SDUD HO GHVDUUROOR GH HVWXGLRV H LQYHVWLJDFLRQHV
GHEHQ FRQWDU FRQ XQD JUDQ SUHFLVLyQ \D TXH ORV SURFHVRV ItVLFRV VH DQDOL]DQ HQ
FRQGLFLRQHV FRQWURODGDV \ HVFDODV HVSDFLDOHV UHGXF LGDV DGHPiV FRPR RSHUDQ HQ
VLWXDFLRQHV DPELHQWDOHV ySWLPDV \ SXHGHQ VHU FDOLEUDGRV IUHFXHQWHPHQWH QR HV
QHFHVDULDXQDPX\HOHYDGDUREXVWH]\FRQVWDQFLDGHIXQFLRQDPLHQWR

,,6(&8(1&,$'(/$0(',&,Ï1+,'52/Ï*,&$
3DUDODPHGLFLyQGHYDULDEOHVKLGUROyJ LFDVVHVLJXHFRP~QPHQWHXQDFLHUWDVHFXHQFLDOD
FXDOFRPLHQ]DFXDQGRHOVHQVRUSHUFLEHRUHDFFLRQDDOIHQyPHQRItVLFR\WHUPLQDFRQHO
HQYtR GH OD LQIRUPDFLyQ SDUD VX FRQWURO HODERUDFLyQ \ SRVWHULRU XWLOL]DFLyQ SRU SDUWH GHO
XVXDULR(QHOGLDJUDPDGHO DSiJLQDVLJXLHQWHVHVLQWHWL]DQORVSDVRVTXHJHQHUDOPHQWH
VHUHDOL]DQ
3HUFHSFLyQ XQ VHQVRU HV XQ LQVWUXPHQWR TXH FRQYLHUWH OD LQWHQVLGDG GHO IHQyPHQR HQ
XQD VHxDO REVHUYDEOH 3RU HM XQ WHUPyPHWUR GH PHUFXULR SHUFLEH OD WHPSHUDWXUD
PHGLDQWH OD H[SDQVLyQ GHO YROXPHQ GH PHUFXULR HQ XQ WXER GHOJDGR XQ SOXYLyPHWUR
UHFROHFWD OD OOXYLD HQ XQ UHFLSLHQWH FLOtQGULFR /RV VHQVRUHV SXHGHQ VHU GLUHFWRV PLGHQ
GLUHFWDPHQWHHOIHQyPHQRFRPRORKDFHSRUHMHPSORXQSOXYLyPHWURRLQGLUHFWRVPLGHQ
XQDYDULDEOHUHODFLRQDGDFRQHOIHQyPHQRFRPRHQHOFDVRGHOWHUPyPHWURGHPHUFXULR
5HJLVWUR XQ UHJLVWUDGRU HV XQ DSDUDWRRSURFHGLPLHQWRTXHVHXWLOL]DSDUDSUHVHUYDUOD

VHxDO SURGXFLGD SRU XQ VHQVRU (O UHJLVWUR SXHGH VHU HIHFWXDGR HQ IRUPD PDQXDO R
DXWRPiWLFD (Q HO SULPHU FDVR XQ REVHUYDGRU OHH OD VHxDO GHO VHQVRU \ WRPD QRWD GHO
YDORU (Q HO VHJXQGR FDVR XQ DSDUDWR UHJLVWUD OD VHxDO GHO VHQVRU HQ IRUPD JUiILFD HQ
SDSHORODDOPDFHQDHQPHPRULDVHOHFWUyQLFDV
7UDQVPLVLyQ UHSUHVHQWD OD WUDQVIHUHQFLD GH XQ UHJLVWUR GHVGH HO VLWLR GH UHOHYDPLHQWR
KDVWD HO OXJDU GH SURFHVDPLHQWR GH OD LQIRUPDFLyQ ,QGHSHQGLHQWHPHQWH GH TXH HO
UHJLVWUR VH UHDOLFH HQ IRUPD PDQXDO R DXWRPiWLFD VH UHTXLHUH XQ RSHUDGRU TXH SRU
HMHPSOR UHDOLFH OD PHGLFLyQ UHWLUH ODV JUiILFDV ODV FLQWDV PDJQpWLFDV R DGTXLHUD ORV
GDWRVDWUDYpVGHXQD3&SRUWiWLO\SRVWHULRUPHQWHWUDQVILHUDODLQIRUPDFLyQKDVWDHOOXJDU
FHQWUDOGHSURFHVDPLHQWR8QVHFWRUTXHKDDOFDQ]DGRXQLPSRUWDQWHJUDGRGHGHVDUUROOR
HQ KLGURORJtD HV OD WUDQVPLVLyQ HQ WLHPSR UHDO GH OD LQIRUPDFLyQ PHGLDQWH HVWDFLRQHV
UHPRWDV FRPSOHWDPHQWH DXWRPDWL]DGDV HTXLSDGDV FRQ VHQVRUHV \ XQLGDGHV TXH
DGTXLHUHQ OD VHxDO \ OD WUDQVPLWHQ JHQHUDOPHQWH PHGLDQWH RQGDV GH UDGLR D WUDYpVGH
VDWpOLWHVROtQHDVWHOHIyQLFDVGLUHFWDPHQWHDXQDHVWDFLyQ FHQWUDO(Q]RQDVGHPRQWDxD
RHQYDVWDVFXHQFDVGHOODQXUDHVQHFHVDULRIUHFXHQWHPHQWHUHDOL]DUHOHQODFHGHUDGLR
HQWUHODVHVWDFLRQHVUHPRWDV\ODHVWDFLyQFHQWUDODWUDYpVGHHVWDFLRQHVUHSHWLGRUDV
7UDGXFFLyQ UHSUHVHQWDODFRQYHUVLyQGHXQUHJLVWUR GHVGHVXIRUPDRULJLQDOGDGDSRUHO

LQVWUXPHQWR GH FDPSR D XQ UHJLVWUR FRPSXWHUL]DGR SDUD DOPDFHQDPLHQWR HOHFWUyQLFR
SHUPDQHQWH 3RU HM GLJLWDOL]DFLyQ GH ORV UHJLVWURV HQ FLQWD GH SDSHO FRQYHUVLyQ
DXWRPiWLFDGHVHxDOHVHOpFWULFDVDXQLGDGHVItVLFDVHWF
(GLFLyQ FRQVLVWH HQ OD YHULILFDFLyQ GH ORV UHJLVWURV WUDGXFLGRV D OD FRPSXWDGRUD D ORV
HIHFWRV GH GHWHFWDU \ FRUUHJLU VL HV SRVLEOH HYHQWXDOHV HUURUHV RFXUULGRV HQ ORV SDVRV
SUHYLRV
$OPDFHQDPLHQWR OD LQIRUPDFLyQ HGLWDGD VH DOPDFHQD HQ EDVHV GH GDW RV ODV FXDOHV
FRQWLHQHQORVGDWRVKLGUROyJLFRVRUGHQDGRVHVSDFLDO\WHPSRUDOPHQWH
5HFXSHUDFLyQ OD LQIRUPDFLyQ DOPDFHQDGD SXHGH VHU UHFXSHUDGD SRU SDUWH GH ORV
XVXDULRVHQIRUPDLPSUHVDRHOHFWUyQLFD

)HQyPHQRKLGUROyJLFR
SRUHMSUHFLSLWDFLyQ
3HUFHSFLyQ
5HJLVWUR
7UDQVPLVLyQ
7UDGXFFLyQ
(GLFLyQ
$OPDFHQDPLHQWR
5HFXSHUDFLyQ
,,0(',&,Ï1'(/$*8$$7026)e5,&$
,,+XPHGDGDWPRVIpULFD
/DPHGLFLyQGHODKXPHGDGHQODDOWDDWPyVIHUDVHUHDOL]DPHGLDQWHXQDUDGLRVRQGDOD
FXDOFRQVLVWHHQXQJOREROOHQRGHKHOLRDOFXDOVHLQFRUSRUDHOLQVWUXPHQWDOGHUHJLVWURGH
WHPSHUDWXUDKXPHGDG \SUHVLyQGHDLUH (OJORERHVOLEHUDGR\DPHGLGDTXHDVFLHQGH
HQYtD ORV GDWRV D XQD HVWDFLyQ TXH GHWHUPLQD FRQWLQXDPHQWH VX SRVLFLyQ XWLOL]DQGR XQ
UDGDU
/DPHGLGDGHODKXPHGDGDWPRVIpULFD\GHORVSDUiPHWURVFOLPiWLFRVHQSUR[LPLGDGGH
OD VXSHUILFLH GHO WHUUHQR VH UHD OL]DQ HQ HVWDFLRQHV FOLPiWLFDV /DV PLVPDV HVWiQ
HTXLSDGDV FRQ WHUPyPHWURV SDUD OD PHGLFLyQ GH OD WHPSHUDWXUD Pi[LPD \ PtQLPD GH
FDGD GtD H KLJUyPHWURV SDUD PHGLU OD KXPHGDG DGLFLRQDOPHQWH VH LQFRUSRUDQ
SOXYLyPHWURV WDQTXHV GH HYDSRUDFLyQ \ DQHPyPHWURV (VWDV HVWDFLRQHV SXHGHQ VHU
FRPSOHWDPHQWHDXWRPDWL]DGDV\ORVGDWRVPHGLGRVSXHGHQVHUHQYLDGRVSRUHMHPSORD
WUDYpVGHRQGDVGHUDGLRDHVWDFLRQHVFHQWUDOHV
/D UDGLDFLyQ VH PLGHPHGLDQWH XQ LQVWUXPHQWR GHQRPLQDGRUDGLyPHWURHOFXDOVHEDVD

HQ HO SULQFLSLR GH TXH WRGR FXHUSR QHJUR WHQGUi XQD WHPSHUDWXUD SURSRUFLRQDO D OD
FDQWLGDG GH UDGLDFLyQ TXH UHFLEH 0LGLHQGR HVWD WHPSHUDWXUD VH GHULYDOD LQWHQVLGDG GH
UDGLDFLyQ LQFLGHQWH OD FXDO UHVXOWD GH LQWHUpV SRU HMHPSOR HQ ORV HVWXGLRV GH
GHUUHWLPLHQWRGH QLHYH

,,/OXYLD
/D OOXYLD VH PLGHPHGLDQWH LQVWUXPHQWRV VLQ GLVSRVLWLYRV GHUHJLVWURR FRQLQVWUXPHQWRV

GRWDGRVGHGLVSRVLWLYRVGHUHJLVWUR
,,,QVWUXPHQWRVVLQGLVSRVLWLYRVGHUHJLVWURSOXYLyPHWURV
8QSOXYLyPHWURHVXQLQVWUXPHQWRVLQ GLVSRVLWLYRGHUHJLVWURXWLOL]DGRSDUDPHGLUODDOWXUD
WRWDOGHOOXYLDFDtGDGXUDQWHXQSHUtRGRJHQHUDOPHQWHGHKRUDV&RQVLVWHEiVLFDPHQWH
HQ XQ UHFLSLHQWH FLOtQGULFRHQ FX\RLQWHULRUVHHQFXHQWUDXQHPEXGRTXHOOHYDHODJXDD
XQFROHFWRU(OSOXYLyP HWURXWLOL]DGRSRUHO6HUYLFLR0HWHRUROyJLFR$UJHQWLQRFRQVWDGHODV
VLJXLHQWHVSDUWHVYHU)LJXUD,,/DSDUWH D HVODUHFHSWRUDHOGLiPHWURGHODERFDHV
GH FP DSUR[LPDGDPHQWH HO ERUGH VXSHULRU GHO HPEXGR HVWi XELFDGR D FP GHOD
ERFD /D SDUWH D VH FRQHFWD FRQ OD SDUWH E FRQVWLWX\HQGR XQUHFLSLHQWH FLOtQGULFR GH
FPGHDOWXUD/DSDUWH E FXPSOHODIXQFLyQGHUHWHQFLyQ\HOYROXPHQHVGH
FP OR TXH SHUPLWH DOPDFHQDU XQD OOXYLD GH KDVWD PP /D SDUWH F HV HO FROHFWRU

XELFDGRHQHOLQWHULRUGHODSDUWH EVHXWLOL]DSDUDWUDVYDVDUHODJXDUHFROHFWDGDDXQD
SUREHWDSDUDUHDOL]DUODPHGLFLyQ7LHQHFPGHGLiPHWUR\FPGHDOWXUD\SXHGH
UHFROHFWDUKDVWDPPGHOOXYLD6LODOOXYLDH[FHGHODFDSDFLGDGGHOFROHFWR UHODJXD
HQH[FHVRTXHGDUHWHQLGDHQODSDUWH E
/D SUREHWD D XWLOL]DU SDUD UHDOL]DU OD PHGLFLyQ GHEH WHQHU GLPHQVLRQHV DGHFXDGDV HQ
UHODFLyQ FRQ HO GLiPHWUR GH ERFD GHO SOXYLyPHWUR (Q HO FDVR GHO SOXYLyPHWUR GHVFULSWR
SUHFHGHQWHPHQWH VH SXHGHQ XWLOL ]DU SUREHWDV GH GLiPHWUR LQWHULRU FP X FP FRQ
FDSDFLGDGHVGHPP\PPUHVSHFWLYDPHQWHRSRUWXQDPHQWHJUDGXDGDV
FP
FP
)LJXUD,, GLEXMRHVTXHPiWLFRGHXQSOXYLyPHWUR
,,,QVWUXPHQWRVFRQGLVSRVLWLYRVGHUHJLVWURSOXYLyJUDI RV
/RVSOXYLyJUDIRVVHXWLOL]DQFRQHOREMHWLYRGHPHGLUODHYROXFLyQWHPSRUDOGHODDOWXUDGH
OOXYLD DFXPXODGD FDtGD GXUDQWH XQD GHWHUPLQDGD WRUPHQWD ([LVWHQ WUHV WLSRV GH

SOXYLyJUDIRV HO GH FXEHWD EDVFXODQWH HO GH IORWDGRU \ HO GH EDODQ]D (O SOXYLyJUDIR GH
FXEHWD EDVFXODQWH HPSOHD GRV GHSyVLWRV LGpQWLFRV TXH VH DXWRSRVLFLRQDQ HQ IRUPD
DOWHUQDGDGHEDMRGHXQWXERGHDOLPHQWDFLyQSDUDVHUOOHQDGRVSRUHODJXDUHFROHFWDGD
6LJXLHQGRODVHFXHQFLDPRVWUDGDHQOD)LJXUD ,,HODJXDOOHQDHOGHSyVLWR$ PLHQWUDV
HO GHSyVLWR % VH YDFtD &XDQGR HO GHSyVLWR $ FRQWLHQH XQD FLHUWD FDQWLGDG GH DJXD VH
GHVEDODQFHD DGRSWDQGR VX SRVLFLyQ GH YDFLDGR PLHQWUDV HO GHSyVLWR % VH FRORFD HQ
SRVLFLyQGHOOHQDGR(OFLFORVHUHSLWHSDUDXQDLJXDOFDQWLGDGGHDJXDDOPDFHQD GDHQORV
GHSyVLWRV (VWH PRYLPLHQWR EDVFXODQWH SXHGH VHU WUDQVPLWLGR DO DSDUDWR GH UHJLVWUR
0HGLDQWHXQPHFDQLVPRGHHQJUDQDMHVVHWUDQVPLWHHOPRYLPLHQWRDXQDSOXPDTXHVH
GHVSOD]DVREUHXQSDSHOFRORFDGRHQXQFLOLQGURHOFXDOURWDFRQWHPSRUiQHDPHQWH FRQ
XQD GHWHUPLQDGD YHORFLGDG FRQVWDQWH YHU )LJXUD ,, $VLPLVPR HO PRYLPLHQWR
EDVFXODQWHSXHGHFRQYHUWLUVHHQXQDVHxDOHOpFWULFDODFXDOVHDOPDFHQDHQODPHPRULD
GHXQDXQLGDGGHDGTXLVLFLyQSDUDVXHYHQWXDOWUDQVPLVLyQDGLVWDQFLDRSDUDVHUEDMD GD
HQ XQ 3& SRUWiWLO /D )LJXUD ,, PXHVWUD ORV GLVWLQWRV HOHPHQWRV \ GLPHQVLRQHV GH XQ
SOXYLyJUDIRGHFXEHWDEDVFXODQWH
(Q HO SOXYLyJUDIR GH IORWDGRU HODJXDUHFROHFWDGDDOLPHQWDXQGHSyVLWRFLOtQGULFRHOFXDO

FRQWLHQHXQIORWDGRU(ODJXDOOHQDSURJU HVLYDPHQWHHOGHSyVLWR\GHVSOD]DYHUWLFDOPHQWH
DO IORWDGRU &XDQGR HO DJXD HQ HO GHSyVLWR DOFDQ]D XQ FLHUWR QLYHO Pi[LPR XQ VLIyQ OR
YDFtD \ HO IORWDGRU GHVFLHQGH UHSLWLHQGR HO FLFOR FXDQWDV YHFHV VHD QHFHVDULR 'LFKR
PRYLPLHQWR SXHGH VHU UHJLVWUDGR HQ I RUPD DQiORJD D OD GHVFULSWD SUHFHGHQWHPHQWH
JUiILFD HQ SDSHO R VHxDO HOpFWULFD (O SOXYLyJUDIR GH EDODQ]D UHJLVWUD FRQWLQXDPHQWH HO
SHVRGHODOOXYLDDFXPXODGDHQXQGHSyVLWRXWLOL]DQGRXQVLVWHPDGHEDODQ]D6RQ~WLOHV
SDUDHIHFWXDUUHJLVWURVGHQLHYH JUDQL]R\PH]FODVGHOOXYLD\QLHYH
7XERGHDOLPHQWDFLyQ
GHSyVLWR$SRVLFLyQGHOOHQDGR
3LYRWH
GHSyVLWR%SRVLFLyQGHYDFLDGR
7XERGHDOLPHQWDFLyQ
GHSyVLWR%SRVLFLyQGHOOHQDGR
3LYRWH
GHSyVLWR$SRVLFLyQGHYDFLDGR
)LJXUD,, LOXVWUDFLyQGHOPHFDQLVPRGHFXEHWDEDVFXODQWH

FXEHWDEDVFXODQWH
HQJUDQDMHV
FLOLQGUR
UHJLVWUDGRU SOXPD
]yFDOR
)LJXUD,, GLVSRVLWLYRGHUHJLVWURDFFLRQDGRSRUFXEHWDEDVFXODQWH

HPEXGR
UHJLVWUDGRU
UHFLSLHQWHGH
FRQWURO\
YDFLDGR
EDVHGH VREUHQLYHOWHUUHQR
KRUPLJyQ

)LJXUD,, GLEXMRHVTXHPiWLFRGHXQSOXYLyJUDIRPHGLGDVHQFP
,,1LHYH
(Q ODV ]RQDV GRQGH H[LVWH XQD FXELHUWD GH QLHYH SHUPDQHQWH R FDVL SHUPDQHQWH VH
UHDOL]D OD PHGLFLyQ GH OD GHQVLGDG \ SURIXQGLGDG GH OD PLVPD (VWRV GDWRV VRQ
LPSRUWDQWHV SDUD HVWLPDU HQ IXQFLyQ GH OD UDGLDFLyQ VRODU LQFLGHQWH \ RWURV IDFWRUHV HO
GHUUHWLPLHQWR\FRQVLJXLHQWHIOXMRTXHVHSURGXFLUiSUHSRQGHUDQWHPHQWHHQSULPDYHUD\
YHUDQR/DGHQVLGDGSXHGHGHWHUPLQDUVHLQGLUHFWDPHQWHSHUIRUDQGRXQDJXMHURDWUDYpV
GH OD FXELHUWD \ PLGLHQGR HO Y ROXPHQ GH DJXD OtTXLGD REWHQLGD GH OD PXHVWUD /D
SURIXQGLGDGGHODFXELHUWDGHQLHYHSXHGHGHWHUPLQDUVHHIHFWXDQGROHFWXUDVHQHVFDODV

JUDGXDGDV LQVWDODGDV HQ GLIHUHQWHV OXJDUHV /D QLHYH SXHGH DGHPiV UHJLVWUDUVH HQ ORV
SOXYLyPHWURV\HQORVSOXYLyJUDIRV GHEDODQ]D
,,,QWHUFHSFLyQ
/DFDQWLGDGGHSUHFLSLWDFLyQLQWHUFHSWDGDPRPHQWiQHDPHQWHSRUHOIROODMHVHGHWHUPLQD
HIHFWXDQGRODFRPSDUDFLyQHQWUHODSUHFLSLWDFLyQPHGLGDFRQLQVWUXPHQWRVFRORFDGRV
EDMRORViUEROHV\DTXHOODUHJLVWUDGDHQXQOXJDUD ELHUWRQRPX\GLVWDQWH/DLQWHUFHSFLyQ
HVWUDQVLWRULDSRUTXHSDUWHGHHOODVHWUDQVILHUHFRPRIOXMRKDFLDDEDMRDORODUJRGH
UDPDV\WURQFRVGHORViUEROHV\ODSDUWHUHVWDQWHVHGLVLSDFRPRHYDSRUDFLyQGHVGHOD
VXSHUILFLHGHODVKRMDV
,,(YDSRUDFLyQ
(O PpWRGR PiV FRP~Q SDUD PHGLU OD HYDSRUDFLyQ HV XWLOL]DQGR XQ WDQTXH GH
HYDSRUDFLyQ/RVWDQTXHVGHHYDSRUDFLyQPiVDPSOLDPHQWHHPSOHDGRVVRQHOWDQTXH8
6 &ODVV $ HVSHFLILFDGR HQ ODV QRUPDV GHO 6HUYLFLR 0HWHRUROyJLFR $UJHQWLQR FRPR
WDQTXH VWDQGDUG FODVH $ HO WDQTXH 8665 **, \ HO WDQTXH GH P

2UJDQL]DFLyQ 0HWHRUROyJLFD 0XQGLDO (O WDQTXH &ODVV $ HVWi FRQVWLWXLGR SRU
FKDSDGHKLHUURJDOYDQL]DGRWLHQHFPGHSURIXQGLGDGFPGHGLiPHWUR\VH
PRQWDGHELGDPHQWHQLYHODG RVREUHXQDEDVHGHPDGHUDGXUD(OWDQTXH8665HVGH
FPGHGLiPHWURFRQXQDEDVHFyQLFDGHFKDSDGHKLHUURJDOYDQL]DGRWLHQHFP
GHSURIXQGLGDGFHUFDGHODSDUHG\FPGHSURIXQGLGDGHQHOFHQWUR(VWHWDQTXHVH
HQWLHUUDHQHOVXHORFRQVX ERUGHVREUHVDOLHQGRDSUR[LPDGDPHQWHFPSRUHQFLPDGHO
QLYHOGHOWHUUHQR
$GLFLRQDOPHQWH DO WDQTXH VH XWLOL]DQ RWURV LQVWUXPHQWRV HQ ODV HVWDFLRQHV GH
HYDSRUDFLyQ XQ DQHPyPHWUR ORFDOL]DGR D P R P SRU HQFLPD GHO WDQTXH SDUD
GHWHUPLQDU YHORFLGDG GHO YLHQWR XQ SOXYLyPHWUR XQ WHUPyPHWUR SDUD PHGLU OD
WHPSHUDWXUDGHODJXDHQHOWDQTXH\XQWHUPyPHWURSDUDPHGLUODWHPSHUDWXUDGHODLUHR
XQSVLFUyPHWURFXDQGRVHGHVHDFRQRFHUODWHPSHUDWXUD\ODKXPHGDGGHODLUH
&DGD GtD VH PLGH OD SUHFLSLWDFLyQ H Q HO SOXYLyPHWUR \ VH PLGH HO QLYHO GHO WDQTXH
XWLOL]DQGRXQKLGUyPHWURGHSXQWDVLPLODUDORVXWLOL]DGRVHQFDQDOHVGHODERUDWRULRSDUD
PHGLUHOQLYHOGHODVXSHUILFLHGHODJXD'HHVWDVGRVPHGLFLRQHVVHREWLHQHODFDQWLGDG
GHHYDSRUDFLyQHQPPGtD/D HYDSRUDFLyQUHJLVWUDGDHQHOWDQTXHHVPD\RUTXHDTXHOOD
TXH VH REWHQGUtD SDUD OD PLVPD iUHD SRU HMHPSOR HQ XQ ODJR 3RU HVWH PRWLYR VH
GHWHUPLQDQIDFWRUHVGHDMXVWHRFRHILFLHQWHVGHWDQTXHTXHUHGXFHQORVYDORUHVPHGLGRV
HQORVWDQTXHVDORVHIHFWRVG HHVWLPDUODHYDSRUDFLyQGHVGHJUDQGHVHVSHMRVGHDJXD
3DUDDOJXQRVOXJDUHVGH(VWDGRV8QLGRVHOFRHILFLHQWHGHDMXVWHYDUtDHQWUH\
/LQVOH\.RKOHU\3DXOKXV
,,(YDSRWUDQVSLUDFLyQ
/DHYDSRWUDQVSLUDFLyQRHYDSRUDFLyQGHVGHODVXS HUILFLHWHUUHVWUHPiVODWUDQVSLUDFLyQD
WUDYpVGHODVKRMDVGHODVSODQWDVSXHGHPHGLUVHXWLOL]DQGROLVtPHWURV8QOLVtPHWURHVXQ
WDQTXH UHOOHQR GH VXHOR HQ HO FXDO VH SODQWD YHJHWDFLyQ VLPLODU D OD FXELHUWD YHJHWDO
FLUFXQGDQWH /D FDQWLGDG GH HYDSRWUDQ VSLUDFLyQ GHVGH HO OLVtPHWUR VH GHWHUPLQD
SODQWHDQGR XQ EDODQFH KtGULFR HV GHFLU DSOLFDQGR HO SULQFLSLR GH FRQWLQXLGDG OtTXLGD DO
YROXPHQ GHO FRPSOHMR VXHOR YHJHWDFLyQ FRQWHQLGR HQ HO WDQTXH 3DUD HVWR HV QHFHVDULR

FRQRFHU OD HQWUDGD JHQHUDOPHQWH OOXYLD JHQHUDGD DUWLILFLDOPHQWH XQD GH ODV VDOLGDV
GUHQDMHDWUDYpVGHOIRQGR\HODOPDFHQDPLHQWRKXPHGDGGHOVXHORODUHVWDQWHVDOLGD
HYDSRWUDQVSLUDFLyQVHGHVSHMDGHODHFXDFLyQGHFRQWLQXLGDGLQWHJUDO
,,0(',&,Ï1'(/$*8$683(5),&,$/
,,1LYHOKLGURPpWULFR
6H HQWLHQGH SRU PHGLFLyQ GHO QLYHO KLGURPpWULFR DO UHOHYDPLHQWR GH OD FRWD GH OD
VXSHUILFLHGHODJXDUHVSHFWRDXQDUHIHUHQFLDGHQRPLQDGD FHURKLGURPpWULFR(OYDORUGH
HVWH ~OWLPR HV HVHQFLDO SDUD FRQIURQWDU R FRUUHODU GDWRV REWHQLGRV FR Q RWURV
LQVWUXPHQWRVUD]yQSRUODFXDOHOPLVPRGHEHVHUGHWHUPLQDGRFRQSUHFLVLyQ\GHEHVHU
UHIHUHQFLDGRDSXQWRVILMRVGHO,*0
,,(VFDODVKLGURPpWULFDVROLPQtPHWURV
/DV HVFDODV KLGURPpWULFDV VRQ PLUDV JUDGXDGDV YHU )LJXUD ,, TXH VH LQVWD ODQ
JHQHUDOPHQWHFHUFDGHODVPiUJHQHVGHORVUtRVDGHFXDGDPHQWHUHSDUDGDV1RSRVHHQ
GLVSRVLWLYR GH UHJLVWUR SRU OR WDQWR ODV PHGLFLRQHV GHO QLYHO KLGURPpWULFR OD HIHFW~DQ
RSHUDGRUHVTXHOHHQGLDULDPHQWHHQODHVFDODHOQLYHOTXHDOFDQ]DHODJXD\UHJLV WUDQVX
YDORU 0HGLDQWHHVWHVLVWHPD OD'LUHFFLyQ1DFLRQDOGH&RQVWUXFFLRQHV3RUWXDULDV\9tDV
1DYHJDEOHV KD UHFROHFWDGR GDWRV GH QLYHOHV KLGURPpWULFRV GLDULRV GHVGH SULQFLSLRV GH
VLJOR HQ GLIHUHQWHV HVWDFLRQHV ORFDOL]DGDV D OR ODUJR GH ORV UtRV 3DUDQi 8UXJXD\ \
&DUFDUDxD

)LJXUD,, HMHPSORGHHVFDODOLPQLPpWULFD
,,/LPQtJUDIRGHIORWDGRU
(VWH OLPQtJUDIR HVWi FRQVWLWXLGR SRU XQ IORWDGRU FRQHFWDGR D XQ FDEOH R FLQWD GH DFHUR
TXHVHHQUROODHQXQDSROHDGHHMHKRUL]RQWDO8QFRQW UDSHVRGHGLPHQVLRQHVDGHFXDGDV
DVHJXUD TXH HO FDEOH VH HQFXHQWUH HQ WHQVLyQ YHU)LJXUD ,,(OGLVSRVLWLYRSXHGHVHU
LQVWDODGRGHGLIHUHQWHVPDQHUDVHQXQDSRVLFLyQUHSDUDGDGHQWURGHXQWXERYHUWLFDOTXH
ORPDQWLHQHSURWHJLGR\HYLWDODVSHUWXUEDFLRQ HVSRUROHDMH0HGLDQWHHVWDGLVSRVLFLyQODV
YDULDFLRQHV GHO QLYHO GHO DJXD VRQ VHJXLGDV SRU HO IORWDGRU \ VH WUDQVIRUPDQ HQ
SURSRUFLRQDOHV URWDFLRQHV GH OD SROHD 'LFKDV URWDFLRQHV SXHGHQ VHU UHJLVWUDGDV HQ

SDSHO HQ IRUPD DQiORJD D ORV GLVSRVLWLYRV XWLOL ]DGRV HQ ORV SOXYLyJUDIRV R FRQYHUWLGDV
HQ VHxDOHV HOpFWULFDV \ DOPDFHQDGDV HQ PHPRULDV HOHFWUyQLFDV SDUD VHU SRU HMHPSOR
WUDQVPLWLGDVDGLVWDQFLD(QORVHVWXDULRVSXHGHVHUXWLOL]DGRSDUDUHJLVWUDUHOPRYLPLHQWR
GHODPDUHDHQFX\RFDVRVHGHQRPLQD PDUHyJUDIR
D E
)LJXUD,, OLPQtJUDIRGHIORWDGRUDYLVWDODWHUDOEYLVWDIURQWDO
,,/LPQtJUDIRFRQVRQGDGHSUHVLyQ
(VWH LQVWUXPHQWR GHWHUPLQD HO QLYHO GH DJXD PHGLDQWH XQ VHQVRU TXH PLGH OD SUHVLyQ
KLGURVWiWLFDGHODFROXPQD GHDJXDDWUDYpVGHXQDFpOXODGHSUHVLyQ\ODFRQYLHUWHHQ
XQD VHxDO HOpFWULFD (O VHQVRU VH FRQHFWD D XQ GLVSOD\ GLJLWDO R D XQD XQLGDG GH
DGTXLVLFLyQ \ WUDQVPLVLyQ GH GDWRV PHGLDQWH XQ FDEOH PXOWLILODU GH FRQH[LyQ 7DPELpQ
SXHGH FRQHFWDUVH D XQ UHJLVW UDGRU GH WDPERU SDUD REWHQHU XQD JUiILFD HQ SDSHO (O
GLVSRVLWLYRVHEDVDHQODUHODFLyQIXQGDPHQWDOGHODKLGURVWiWLFD 3 U J+SDUDFRQYHUWLU
ODPHGLGDGHSUHVLyQ 3HQXQDPHGLGDGHDOWXUD +VLHQGR U ODGHQVLGDGGHOIOXLGR\ JOD
DFHOHUDFLyQGHODJUD YHGDG
(O LQVWUXPHQWR SXHGH VHU WDPELpQ XWLOL]DGR HQ DJXDV VXEWHUUiQHDV \D TXH SHUPLWH VHU
LPSOHPHQWDGR HQ SR]RV GH JUDQGH V SURIXQGLGDGHV Pi[LPR P GH GLiPHWURV
UHGXFLGRVPtQLPRFP\QRQHFHVDULDPHQWHYHUWLFDOHV
,,/LPQtJUDIRQHXPiWLFR
8Q OLPQtJUDIR QHXPiWLFR PLGH HO QLYHO GH DJXD VXPLQLVWUDQGR HQ IRUPD FRQWLQXD XQD
FRUULHQWH GH DLUH D XQD FLHUWD SURIXQGLGDG HQ HO DJXDPHGLDQWHXQFRPSUHVRU7DPELpQ
SXHGH XWLOL]DUVH XQ WXER GH JDV GLy[LGR GH FDUERQR R QLWUyJHQR /D SUHVLyQ PtQLPD
UHTXHULGD SDUD VXPLQLVWUDU FRQWLQXDPHQWH OD FRUULHQWH GH JDV HV UHJLVWUDGD SRU XQ
PDQyPHWUR\HVLJXDODODSUHVLyQKLGURVWiWLFD 3 U J+H[LVWHQWHDQLYHOGHORULILFLRGH
VDOLGD (O UHJLVWUR GH GDWRV SXHGH HIHFWXDUVH GH PDQHUD VLPLODU D OD GHVFULSWD HQ ORV
FDVRVDQWHULRUHV

,,3URIXQGLGDG
6HHQWLHQGHSRUPHGLFLyQGHSURIXQGLGDGDOUHOHYDPLHQWRGHODFRWDGHODVXSHUILF LHGHO
DJXDUHVSHFWRDOIRQGRGHOFXUVRHQHOPLVPRSXQWRGRQGHVHUHDOL]DPHGLFLyQ(QHVWH
VHQWLGR OD SURIXQGLGDG GH XQD FRUULHQ WH KtGULFD VH GHQRPLQD WDPELpQ FRPR WLUDQWH R
DOWXUD
,,6RQGDVUtJLGDV\VRQGDVIOH[LEOHV
8QDVRQGDUtJLGDFRQVLVWHHQXQDEDUUDPHWiOLFDJUDGXDGDHQFHQWtPHWURV\GHFtPHWURV
6H XWLOL]D HQ FXUVRV SHTXHxRV \ SRFR SURIXQGRV DOWXUD Pi[LPD GH P
DSUR[LPDGDPHQWH HQ ORV FXDOHV HV SRVLEOH HIHFWXDU HO YDGHR SDUD UHDOL]DU ODV
PHGLFLRQHV HQ GLVWLQWDV YHUWLFDOHV SUHGHWHUPLQDGDV D OR ODUJR GH OD VHFFLyQWUDQVYHUVDO
/DVYHUWLFDOHVVHPDWHULDOL]DQVREUHXQDFXHUGDTXHVHH[WLHQGHGHVGHXQDPDUJHQDOD
RWUD OD VRQGD VH LQWURGXFH KDVWD TXH WRFD HO IRQGR \ VH OHH HO YDORU LQGLFDGR SRU OD
VXSHUILFLHGHODJXDHQODEDUUDJUDGXDGD
8QD VRQGD IOH[LEOH FRQVLVWH JHQHUDOPHQWH HQ XQ FDEOH PHWiOLFR HQ FX\D H[WUHPLGDG VH
FRORFDXQSHVRSDUDPDQWHQHUOR³YHUWLFDO´GXUD QWHODLQPHUVLyQKDVWDHOIRQGR(QULJRU
HO HPSXMH KLGURGLQiPLFR VREUH HO SHVR \ HO FDEOH KDFHQ TXH HVWH ~OWLPR VH GLVSRQJD
VHJ~QXQDFDWHQDULDUHOHYDQGRGHFRQVHFXHQFLDXQDSURIXQGLGDGPD\RUTXHODHIHFWLYD
YHU)LJXUD,,/DFRUUHFFLyQVHSXHGHHIH FWXDUXWLOL]DQGRYDORUHVWDEXODGRVHQIXQFLyQ
GHO iQJXOR TXH IRUPD HO FDEOH FRQ OD YHUWLFDO HQ HO SXQWR GH DSR\R GH OD SROHD 7DEOD
,,(OFDEOHVHPRQWDJHQHUDOPHQWHHQXQDSROHDHOSURFHGLPLHQWRGHPHGLFLyQHVHO
VLJXLHQWHVHKDFHGHVFHQGHUHOSHVR KDVWDWRFDUHOSHOROLEUH\VHGHWHUPLQDODDOWXUD +
OXHJRVHORKDFHGHVFHQGHUKDVWDHOIRQGR\VHGHWHUPLQDODORQJLWXG WRWDO /\HOiQJXOR D
ILQDOPHQWHODSURIXQGLGDGVHFDOFXODFRPR K /± + VHFDN/RVVRQGHRVSXHGHQ
UHDOL]DUVHGHVGHXQ SXHQWHGHVGHXQDEDOVDRERWHRXWLOL]DQGRXQ³FDEOHYtD´
+ /
+ / VHFD
K / N
K /
)LJXUD,, VRQGDIOH[LEOH

7DEOD,, SDUiPHWURVSDUDHOFiOFXORGHSURIXQGLGDGVRQGDIOH[LEOH

D VHFD
D .
JUDGRV

,,(FRVRQGD
(V HO LQVWUXPHQWR PiVPRGHUQR SDUD PHGLU SURIXQGLGDGHV \ HV HO ~QLFR TXH SXHGH VHU
HPSOHDGR SDUD JUDQGHV SURIXQGLGDGHV PDULQDV \ SDUD HO UHOHYDPLHQWR FRQWLQXR GH ORV
QLYHOHV GH IRQGR HQ H[WHQVRV WUDPRV GH UtRV HVWXDULRV \ HPEDOVHV EDWLPHWU tDV /DV
PHGLFLRQHV VH HIHFW~DQ GHVGH ERWHV DXWRSURSXOVDGRV FX\D SRVLFLyQ VH GHWHUPLQD
XVXDOPHQWHXWLOL]DQGRODVWpFQLFDVGHO*OREDO3RVLWLRQ6\VWHP*36
(O LQVWUXPHQWR HVWi GRWDGR GH XQ VHQVRU HPLVRU UHFHSWRU GH VHxDOHV XOWUDVyQLFDV ODV
VHxDOHV HPLWLGDV VH SURSDJDQ HQ HO DJXD \ XQD YH] UHIOHMDGDV SRU HO IRQGR VRQ
UHJLVWUDGDVSRUHOUHFHSWRU8QFURQyPHWURGHSUHFLVLyQUHJLVWUDHOWLHPSR 7WUDQVFXUULGR
HQWUHODHPLVLyQ\ODUHFHSFLyQGHODVHxDOUHIOHMDGDSRUHOIRQGR6L KHVODSURIXQGLGDGD
GHWHUPLQDU\ FHVODYHORFLGDGGHSURSDJDFLyQGHOVRQLGRHQHODJXDFX\RYDORUHVDSUR[
PVHVIiFLOGHGXFLUTXH K F7
&RPR VH SXHGH REVHUYDU HO IXQFLRQDPLHQWR HV PX\ VLPSOH \ FDSD] GH SURGXFLU
UHVXOWDGRVVXPDPHQWHSUHFLVRV(QHIHFWRGDGRTXH H[LVWHQFURQyPHWURVFRQXQSRGHU
GH UHVROXFLyQ GHO RUGHQ GHO PLFURVHJXQGR HO LQVWUXPHQWR GHEHUtD VHU VHQVLEOH D
YDULDFLRQHV GH SURIXQGLGDG GH DOJXQRV PP 6LQ HPEDUJR OD SUHFLVLyQ GH OD PHGLGD
GHSHQGHWDPELpQGH FFX\RYDORUQRHVFRQVWDQWH\DTXHGHSHQ GHGHGLYHUVRVIDFWRUHV
FRPR SRU HMHPSOR GHQVLGDG GHO IOXLGR VDOLQLGDG WHPSHUDWXUD VHGLPHQWRV HQ
VXVSHQVLyQHWF/DVYHQWDMDVTXHSUHVHQWDUHVSHFWRDORVSUHFHGHQWHVLQVWUXPHQWRVVRQ
GH WRGRV PRGRV LPSRUWDQWHV FRPR \D VHxDODGR VH SXHGHQ HIHFWXDU UH OHYDPLHQWRV
FRQWLQXRV GH WUDPRV H[WHQVRV GH UtRV HQ EUHYHV SHUtRGRV GH WLHPSR $OJXQRV PRGHORV
UHFLHQWHV VH XWLOL]DQ HQ ODERUDWRULRV H[SHULPHQWDOHV SDUD UHDOL]DU LQYHVWLJDFLRQHV HQ ODV
FXDOHV HV QHFHVDULR PHGLU SURIXQGLGDGHV GH SRFRV FHQWtPHWURV FRQ OD PiV HOHYDGD
H[DFWLWXG\SUHFLVLyQDOFDQ]DEOH

,,9HORFLGDGGHODFRUULHQWHKtGULFD
/DV PHGLFLRQHV SXQWXDOHV GH YHORFLGDG SXHGHQ VHU UHDOL]DGDV XWLOL]DQGR PROLQHWHV
KLGURPpWULFRV (O LQVWUXPHQWR GHEH VX RULJHQ D 5 :ROWPDQ \ KD VLGR
SHUIHFFLRQDGR D WUDYpV GH ORV DxRV /RV PROLQHWHV VRQ VXVWDQFLDOPHQWH LQVWUXPHQWRV
GRWDGRVGHXQDKpOLFHFXDQGRVHORVH[SRQHDODDFFLyQGHODFRUULHQWHKtGULFDODKpOLFH
URWD FRQ XQD YHORFLGDG SURSRUFLRQDO D OD YHORFLGDG GHO IOXMR TXH OD HQYLVWH YHU )LJXUD
,,/RVPRGHORVPiVDQWLJXRVWLHQHQXQGLVSRVLWLYRPHFiQLFRTXHFXHQWDHOQ~PHURGH
JLURV GH OD KpOLFH 1 FRQ XQ FURQyPHWUR VH GHWHUPLQD HO WLHPSR 7 GH H[SRVLFLyQ \ VH
FDOFXODHOQ~PHURGHJLURVHQODXQLGDGGHWLHPSR Q 17/DUHODFLyQIXQFLRQDOHQWUH Q\
ODYHORFLGDGSXQWXDO YLQWHJUDGDHQHOPLVPRLQWHUYDORGHWLHPSR 7HVGHOWLSRKLSHUEyOLFD
H[SHULPHQWRV GH / 2WW /D KLSpUEROD TXH VH REWLHQH SUHVHQWD GRV UDPDV PX\
H[WHQGLGDV ODV FXDOHV SXHGHQ VHU UHSUHVHQWDGDV FRQ EXHQD DSUR[LPDFLyQ SRU GRV
UHFWDV
Y D QE SDUDQQ L ,,
Y D QE SDUDQ!Q L ,,
GRQGHQL HVHOQ~PHURGHJLURVHQODXQLGDGGHWLHPSRSDUDHOFXDOVHLQWHUVHFWDQODVGRV
UHFWDV /DV FRQVWDQWHV D E D E VRQ GHWHUPLQDGDV PHGLDQWH OD FDOLEUD FLyQ GHO
LQVWUXPHQWR 3RVWHULRUPHQWH VH GHVDUUROODURQ GLVSRVLWLYRV GH UHOHYDPLHQWR GHO Q~PHUR
GH JLURV GH OD KpOLFH GHO WLSR HOHFWURPDJQpWLFR ORV FXDOHV UHGXMHURQ QRWDEOHPHQWH ODV
IULFFLRQHVPHFiQLFDVLQWHUQDVGHOLQVWUXPHQWR
/DV PHGLFLRQHV VH HIHFW~ DQ D GLVWLQWDV SURIXQGLGDGHV HQ YHUWLFDOHV XELFDGDV D OR ODUJR
GHODVHFFLyQWUDQVYHUVDOQRUPDODOHMHGHOFDQDO(OPROLQHWHVHSRVLFLRQDHQORVSXQWRV
GHPHGLFLyQVXVSHQGLpQGRORHQODFRUULHQWHKtGULFDHQODH[WUHPLGDGGHXQFDEOHGRWDGR
GH XQ ODVWUH GH IRUPDV KLGURGLQiPLFDV 3DUD FRUUHJLU OD SURIXQGLGDG SRU HO HIHFWR GHO
HPSXMHKLGURGLQiPLFRVREUHHOFDEOHYDOHQODVPLVPDVFRQVLGHUDFLRQHVUHDOL]DGDVHQHO
SXQWR,,(QFRUULHQWHVSUHSRQGHUDQWHPHQWHELGLPHQVLRQDOHVHVQHFHVDULRFRQRFHU
OD GLUHFFLyQ GHO PyGXOR GHO YHFWRU YHORFLGDG UHJLVWUDGR SRU HO PROLQHWH pVWD HV
JHQHUDOPHQWH UHJLVWUDGD SRU HO LQVWUXPHQWR D WUDYpV GH XQ LQGLFDGRU GH GLUHFFLyQ \ VH
XWLOL]D SDUD GHWHUPLQDU ODV FRPSRQHQWHV QRUPDO \ SDUDOHOD DO SODQR GH OD VHFFLyQ
WUDQVYHUVDO HQ HO SXQWR GH PHGLFLyQ $VLPLVPR HO PROLQHWH SXHGH VHU SRVLFLRQDGR
PRQWiQGROR HQ XQD EDUUD PHWiOLFD DSR\DGD HQ HO IRQGR GHO FDQDO (O PROLQHWH SXHGH
GHVOL]DUVH VREUH OD EDUUD \ VH OR SXHGH ILMDUHQ ODV SURIXQGLGDGHV GHVHDGDV &XDQGR HO
PROLQHWH QR SXHGH RULHQW DUVH HQ OD GLUHFFLyQ GH ORV ILOHWHV OtTXLGRV H[LVWHQ KpOLFHV
GHQRPLQDGDV DXWRFRPSRQHQWHV SRU HMHPSOR ODV KpOLFHV 277 7LSR $ \ ) TXH PLGHQ
GLUHFWDPHQWHODYHORFLGDGQRUPDOSDUDiQJXORVGHGHVYtRGHKDVWDJUDGRV
/D GLVWULEXFLyQ GH YHORFLGDGHV HQ ODV GLIHUHQWHV YHUWLFDOHV GH XQD VHFFLyQ SXHGH VHU
UHSUHVHQWDGDFRPRVHREVHUYDHQOD)LJXUD,,$VLPLVPRUHDOL]DQGRODLQWHUSRODFLyQGH
ORV YDORUHV SXQWXDOHV PHGLGRV D GLIHUHQWHV SURIXQGLGDGHV SXHGHQ UHSUHVHQWDUVH ODV
LVRWDFDVHVGHFLUOtQHDVTXHXQHQSXQ WRVGHLJXDOYHORFLGDG
$FWXDOPHQWH H[LVWHQ LQVWUXPHQWRV TXH QR LQFRUSRUDQ SDUWHV PyYLOHV PHFiQLFDV FRPR
SRU HMHPSORV ORV EDVDGRV HQ HO SULQFLSLR GH LQGXFFLyQ PDJQpWLFD GH )DUDGD\ R ORV
EDVDGRV HQ HO HIHFWR 'RSSOHU (VWRV ~OWLPRV LQVWUXPHQWRV SXHGHQ UHD OL]DU DGHPiV
LQWHJUDFLRQHV HVSDFLDOHV GH ORV GDWRV GH YHORFLGDG PHGLGRV SDUD REWHQHU HVWLPDFLRQHV

GHOFDXGDO3DUDODVPHGLFLRQHVHQODERUDWRULRVSXHGHQXWLOL]DUVHPLFUR PROLQHWHVWXERV
3LWRWDQHPyPHWURVGHKLORFDOLHQWHDQHPyPHWURV/DVHU 'RSSOHUHWF
6HSXHGHQHIHFWXDUWDPELpQPHGLFLRQHVGHYHORFLGDGHVPHGLDVVXSHUILFLDOHVSRUWUDPRV
PHGLDQWH IORWDGRUHV ODVWUDGRV D XQD FLHUWD SURIXQGLGDG OD WUD\HFWRULD GH ORV PLVPRV
GHILQHQDGHPiVODGLVSRVLFLyQHQSODQWDGHODVOtQHDVGHFRUULHQWH
)LJXUD,, PROLQHWHKLGURPpWULFRVXVSHQGLGRGHFDEOH\PRQWDGRFRQODVWUH
\
)LJXUD,, UHSUHVHQWDFLyQ HVTXHPiWLFD GH GLVWULEXFLyQ GH YHORFLGDGHV HQ GLVWLQWDV
YHUWLFDOHVGHXQDVHFFLyQ
,,&DXGDOHV
(O FDXGDO HQ XQ UtR VH FDO FXOD D SDUWLU GH ODV PHGLFLRQHV GH YHORFLGDG \ SURIXQGLGDG
HIHFWXDGDV HQ XQD VHFFLyQ WUDQVYHUVDO QRUPDO DO HMH GHO FXUVR /DV YHORFLGDGHV VH

GHWHUPLQDQ SRU SXQWRV D GLVWLQWDV SURIXQGLGDGHV HQ GLIHUHQWHV YHUWLFDOHV D OR ODUJR GHO
DQFKR GH OD VHFFLyQ /DV PHGLFLRQHV GH SURIXQGLGDG GH OD VHFFLyQ VH UHDOL]DQ
FRQMXQWDPHQWHFRQODVPHGLFLRQHVGHYHORFLGDG(OFDXGDOVHGHWHUPLQDHIHFWXDQGRXQD
LQWHJUDFLyQGREOHGHOD Y\]DORODUJRGHODGLUHFFLyQYHUWLFDO ] \KRUL]RQWDO \ HQHOiUHD $
GHODVHFFLyQ
³³ Y G$ ³ G\ ³ Y G]
% K
4 ,,
$
GRQGH %HVHODQFKRVXSHUILFLDOGHODVHFFLyQ\ KODSURIXQGLGDG/DVHJXQGDLQWHJUDOHV

LJXDODODYHORFLGDGPHGLDHQODYHUWLFDO Y PXOWLSOLFDGDSRUODSURIXQGLGDG K(QHIHFWR
K ³

K
Y Y G] ,,
LQWURGXFLHQGR HVWD ~OWLPD HQ OD H[SUHVLyQ DQWHULRU \ H[SUHVDQGR OD LQWHJUDFLyQ HQ OD
GLUHFFLyQ \ HQIRUPDGLVFUHWDWHQHPRV
Y L Y L K L K L
¦
N
4 '\ L L ,,
L
GRQGH L N UHSUHVHQWDQ ODV GLVWLQWDV YHUWLFDOHV Y L ODV YHORFLGDGHV PHGLDV HQ ODV
YHUWLFDOHVKL ODVFRUUHVSRQGLHQWHVSURIXQGLGDGHV\ '\ LL ODGLVWDQFLDHQWUHGRVYHUWLFDOHV
DG\DFHQWHV (Q ORV ERUGHV L N SXHGHQ FRQVLGHUDUVH YHORFLGDGHV \ SURIXQGLGDGHV
QXODV
$ SDUWLU GH ODV YHORFLGDGHV SXQWXDOHV HQ XQD Y HUWLFDO OD YHORFLGDG PHGLD Y SXHGH
GHWHUPLQDUVHUHVROYLHQGRHQIRUPDGLVFUHWDODLQWHJUDOUHVSHFWLYDRXWLOL]DQGRDOJXQRVGH
ORVPpWRGRVDULWPpWLFRVVLJXLHQWHV
0pWRGRGHOSXQWR~QLFR
6HPLGHFRQHOPROLQHWHHQXQ~QLFRSXQWRXELF DGRD KDSDUWLUGHODVXSHUILFLHOLEUH\

VHFRQVLGHUDFRPRHOYDORUPHGLR Y 6HEDVDHQHOSHUILOORJDUtWPLFRGHGLVWULEXFLyQGH
YHORFLGDGHV HQ OD YHUWLFDO SDUD HO FXDO VH SXHGH GHPRVWUDU DQDOtWLFDPHQWH TXH OD
YHORFLGDGPHGLDV HHQFXHQWUDDSUR[LPDGDPHQWHDGLFKDSURIXQGLGDG
0pWRGRGHGRVSXQWRV
6HPLGHFRQHOPROLQHWHHQORVSXQWRVXELFDGRVDK\KDSDUWLUGHODVXSHUILFLH
OLEUH\VHFRQVLGHUDFRPRYDORUPHGLR Y DODPHGLDGHORVGRVYDORUHVPH GLGRV
0pWRGRGHWUHVSXQWRV
6HPLGHFRQHOPROLQHWHDKK\KDSDUWLUGHODVXSHUILFLHOLEUH/DYHORFLGDG
PHGLDHQODYHUWLFDOVHFDOFXODFRPR

Y Y Y Y ,,
0pWRGRGHFLQFRSXQWRV
6H PLGHDKKKFHUFDGHOIRQGR\FHUFDGHODVXSHUILFLH/DYHORFLGDGPHGLD
VHGHWHUPLQDFRPR
Y YVXS Y Y YYIRQ ,,
0pWRGRGHVHLVSXQWRV
Y YVXS Y Y Y YYIRQ ,,
,,&XUYDQLYHOKLGURPpWULFRFDXGDO
/D FXUYD QLYHOFDXGDO HQ XQD VHFFLyQ SXHGH GHWHUPLQDUVH HIHFWXDQGR HO SURFHGLPLHQWR
GHVFULSWR SDUD HO FiOFXOR GHO FDXGDO FRQVLGHUDQGR GLVWLQWRV YDORUHV GHO Q LYHO GH OD
VXSHUILFLHOLEUH6LHOQLYHOHVUHIHULGRDOSXQWRPiVEDMRGHOIRQGRODFXUYDVHGHQRPLQD
FXUYD DOWXUDFDXGDO (O WUDPR GHOFXUVRHOHJLGRSDUDXELFDUODVHFFLyQGHEHVHUHVWDEOH
HVGHFLUHOIRQGRQRGHEHSUHVHQWDUDFHQWXDGRVSURFHVRVGHHURVLy QR VHGLPHQWDFLyQ\
QRGHEHVHULQIOXHQFLDGRSRUHIHFWRVGHERUGHFRPRSRUHMHPSORUHPDQVRV/DFXUYDVH
FRQVWUX\H JUDILFDQGR ORV SDUHV GH YDORUHV QLYHOHV FDXGDOHV HQ XQ VLVWHPD GH HMHV
FDUWHVLDQRV RUWRJRQDOHV \ SXHGH XWLOL]DUVH SDUD FRQYHUWLU UHJLVWURV G H QLYHOHV HQ
FDXGDOHV
,,0(',&,Ï1'(/$*8$68%683(5),&,$/
,,+XPHGDGGHOVXHOR
(OFRQWHQLGRGHKXPHGDGGHOVXHORSXHGHPHGLUVHH[WUD\HQGRXQDPXHVWUDGHOPLVPR\
VHFiQGROR HQ XQ KRUQR 0HGLDQWH OD FRPSDUDFLyQ GHO SHVR GH OD PXHVWUD DQWHV \
GHVSXpVGHOVHFDGRSXHGHGHWHUPLQDUVHHOFRQWHQLGRGHKXPHGDG6HKDQGHVDUUROODGR
DOJXQRVDSDUDWRVUHJLVWUDGRUHV ORVFXDOHVPLGHQGLUHFWDPHQWHODKXPHGDGGHVXHORHQ
FDPSR/RVVHQVRUHVVHFRQHFWDQDXQLGDGHVGHDGTXLVLFLyQ\WUDQVPLVLyQGHGDWRV
,,,QILOWUDFLyQ
/DV PHGLFLRQHV GH LQILOWUDFLyQ VH HIHFW~DQ XWLOL]DQGR LQILOWUyPHWURV GH DQLOOR ORV FXDOHV
FRQVLVWHQHQXQDQLOORPHWiOLFRGHDSUR[LPDGDPHQWHFPGHGLiPHWURTXHVHHQWLHUUD
HQ HO VXHOR (O DJXD VH FRORFD GHQWUR GHO DQLOOR \ VXV QLYHOHV VH U HJLVWUDQ D LQWHUYDORV
UHJXODUHVGHWLHPSRD PHGLGDTXHpVWRVGHVFLHQGHQ(VWRSHUPLWHFRQVWUXLUODFXUYDGH
LQILOWUDFLyQDFXPXODGDHQIXQFLyQGHOWLHPSR\DSDUWLUGHpVWDVHSXHGHQGHWHUPLQDUODV
WDVDVGHLQILOWUDFLyQ

,,1LYHOGHDJXDVXEWHUUiQHD
(O QLYHO GH DJXD HQ OD ]RQD GH DJXD VXEWHUUiQHD VH GHWHUPLQD PHGLDQWH SR]RV GH
REVHUYDFLyQ /RV UHJLVWURV SXHGHQ HIHFWXDUVH PHGLDQWH OLPQtJUDIRV GH IORWDGRU R
XWLOL]DQGROLPQtJUDIRVFRQVRQGDGHSUHVLyQORVFXDOHVKDQVLGRGHVFULSWRVHQORVSXQWRV
,,\,,UHVSHFWLYDPHQWH
,,6,67(0$6'(021,725(2$8720È7,&2
/RV VLVWHPDV GH PRQLWRUHR DXWRPiWLFR GH YDULDEOHV KLGURPHWHRUROyJLFDV 60$ VH
XWLOL]DQ SDUD OD DGTXLVLFLyQ \ WUDQVPLVLyQ D GLVWDQFLD GH ORV GDWRV KLGURPHWHRUROyJLFRV
UHJLVWUDGRV SRU LQVWUXPHQWRV GH PHGLFLyQ ORFDOL]DGRV HQ FDPSR 7DOHV VLVWHPDV HVWiQ
FRQVWLWXLGRV SRU HVWDFLRQHV UHPRWDV HTXLSDGDV FRQ VHQVRUHV TXH HIHFW~DQ ODV
PHGLFLRQHV pVWDV VRQ DGTXLULGDV \ WUDQVPLWLGDV YtD RQGDV GH UDGLR SRU FRQH[LyQ
WHOHIyQLFD SRU FRQH[LyQ PHGLDQW H OtQHDV SXQWR D SXQWR R HQ DOJXQRV VLVWHPDV SRU
VDWpOLWHDXQDHVWDFLyQFHQWUDOTXHUHFLEHORVGDWRV\ORVSURFHVDXWLOL]DQGRXQVRIWZDUH
GHJHVWLyQ(QOD)LJXUD,,VHSUHVHQWDHOHVTXHPDJHQHUDOGHXQ60$PRVWUDQGRORV
SRVLEOHV PRGRV GH HVWDEOHFHU OD FRPXQLFDFLyQ HQWUH XQD HVWDFLyQ UHPRWD \ OD HVWDFLyQ
FHQWUDO
'LFKRV VLVWHPDV VRQ IXQGDPHQWDOHV SDUD SUHGHFLU FUHFLGDV HQ WLHPSR UHDO \ UHDOL]DU
DOHUWDV WHPSUDQDV GH LQXQGDFLRQHV (Q pVWH FDVR ORV GDWRV WUDQVPLWLGRV D OD HVWDFLyQ
FHQWUDO VRQ WUDQVIHUL GRV GLUHFWDPHQWH D PRGHORV GH VLPXODFLyQ TXH ORV XWLOL]DQ SDUD
SUHGHFLU OD HYROXFLyQ WHPSRUDO GH FDXGDOHV \ QLYHOHV KLGURPpWULFRV HQ GHWHUPLQDGRV
SXQWRVGHODFXHQFD$VLPLVPRORV60$SXHGHQVHULPSOHPHQWDGRVSDUDGHWHUPLQDUODV
SROtWLFDVGHHURJDFLyQSDUD ODRSWLPL]DFLyQGHODJHVWLyQGHVLVWHPDVGHHPEDOVHVRSDUD
HOFRQWURO\JHVWLyQGHVLVWHPDVGHGUHQDMHVSOXYLDOHVXUEDQRV
(Q ODV HVWDFLRQHV UHPRWDV ODV XQLGDGHV GH DGTXLVLFLyQ SXHGHQ UHFLELU ORV GDWRV GH
GLVWLQWRV WLSRV GH VHQVRUHV LQFOX\HQGR DGHPiV GH ORV GHVFULSWRV SUHFHGHQWHPHQWH
VHQVRUHVSDUDODPHGLFLyQGHODFDOLGDGGHODJXDWDOHVFRPRPHGLGRUHVGHS+R[tJHQR
GLVXHOWR FRQGXFWLYLGDG FRQFHQWUDFLyQ GH VyOLGRV HQ VXVSHQVLyQ HWF (Q pVWDV VH
SXHGHQ SURJUDPDU QLYHOHV GH DODUPD FXDQGR SRU HMHPSOR DOJXQD GH ODV YDULDEOHV
UHJLVWUDGDV SRU ORV VHQVRUHV VXSHUDQ XPEUDOHV SUHHVWDEOHFLGRV /RV GDWRV SXHGHQ VHU
DXWRPiWLFDPHQWHWUDQVPLWLGRVDLQWHUYDORVSURJUDPDEOHVRDOPDFHQDGRV\WUDQVPLWLGRVD
SDUWLUGHXQDLQWHUURJDFLyQGHVGHODHVWDFLyQFHQWUDO
(Q OD HVWDFLyQ FHQWUDO VH UHFLEH \ SURFHVD WRGD OD LQIRUPDFLyQ SURYHQLHQWH GH ODV
HVWDFLRQHVUHPRWDVFXDQGRODWUDQVPLVLyQGHGDWRVVHHIHFW~DPHGLDQWHRQGDVGHUDGLR
HQ]RQDVGHWRSRJUDItDDFFLGHQWDGDFRPRSRUHMHPSORHQPRQWDxD\HQYDVWDVFXHQFDV
GH OODQXUD HV QHFHVDULR IUHFXHQWHPHQWH UHDOL]DU HO HQODFH UDGLR HQWUH ODV HVWDFLRQHV
UHPRWDV\ODHVWDFLyQFHQWUDOPHGLDQWHHVWDFLRQHVUHSHWLGRUDV

WUDQVSRUWHPyGXOR
GHPHPRULD
PHPRULD
OtQHDVSXQWRDSXQWR FRPSXWDGRUD
7UDQVPLVRU 5HFHSWRU
UHGWHOHIyQLFD DODUPDV
FRQPXWDGD
(VWDFLyQ (VWDFLyQ
5HPRWD &HQWUDO
PRGHP PRGHP
HQODFH
UDGLR
LPSUHVRUD
VHQVRUHV
UDGLR UDGLR
UHJLVWUDGRU
)LJXUD,, HVTXHPDWL]DFLyQGHXQ60$GHYDULDEOHVKLGURPHWHRUROyJLFDV
,,352&(6$0,(172'('$726'(//89,$
,,'DWRVSOXYLRPpWULFRV
/RV GDWRV GH OOXYLD REWHQLGRV FRQ SOXYLyPHWURV UHSUHVHQWDQ YDORUHV JOREDOHV GLDULRV GH
DOWXUD GH OiPLQD SUHFLSLWDGD /RV PLVPRV SDUD XQD HVWDFLyQ GH PHGLFLyQ $ \ XQ DxR
JHQpULFR ; SXHGHQ VHU RUGHQDGRV FRPR VH PXHVWUD HQ OD 7DEOD ,, 0HGLDQWH OD
VXPDWRULD GH ODV SUHFLSLWDFLRQHV GLDULDV GH FDGD PHV VH REWLHQHQ ODV SUHFLSLWDFLRQHV
PHQVXDOHV3 (; 3); HWF\DWUDYpVGHODVXPDWRULDGHpVWDVXOWLPDVVHGHWHUPLQDOD
SUHFLSLWDFLyQ DQXDO 3; $ GRQGH HQ HO VXEtQGLFH VH LQGLFD HO DxR \ OD HVWDFLyQ
$VLPLVPRHV~WLOH[WUDHUODSUHFLSLWDFLyQGLDULDPi[LPD\PtQLPDUHJLVWUDGDHQHODxR

7DEOD,, SUHFLSLWDFLRQHVGLDULDV(VWDFLyQ$DxR;
'tD
0HV 3PHQVXDO

( 3( 3( 3( 3 ( 3(;
) 3) 3) 3) 3 ) 3);
0 30 30 30 3 0 30;

' 3' 3' 3' 3 ' 3';

3Pi[ 3PtQ 3;$
(OPLVPRWUDEDMRGHVFULSWRDQWHULRUPHQWHVHGHEHUHDOL]DUSDUDFDGDDxRGHPHGLFLRQHV
3RU OR WDQWR SDUD OD PLVPD HVWDFLyQ $ \ XQD VHULH GH DxRV ; ; ;Q ODV
SUHFLSLWDFLRQHV PHQVXDOHV SXHGHQ RUJDQL]DUVH FRPR VH PX HVWUD HQ OD 7DEOD ,, 'H
HVWH PRGR HV SRVLEOH FDOFXODU ODV SUHFLSLWDFLRQHV PHGLDV PHQVXDOHV 3RU HMHPSOR OD
SUHFLSLWDFLyQPHGLDPHQVXDOSDUDHQHUR3 P( HV
Q ¦ 3( ;L
Q
3P( ,,
L
GRQGH Q HV HO Q~PHUR WRWDO GH DxRV (V SRVLEOH DGHPiV GHWHUP LQDU HO PyGXOR
SOXYLRPpWULFR FDOFXODQGRODPHGLDGHODVSUHFLSLWDFLRQHVDQXDOHV
Q ¦ 3 ;L $
Q
3 $
,,
L
(V HYLGHQWH TXH HO PyGXOR SOXYLRPpWULFR REWHQLGR FRQ OD HFXDFLyQ ,, GHEH VHU
QHFHVDULDPHQWHLJXDODODVXPDWRULDGHODVSUHFLSLWDFLR QHVPHGLDVPHQVXDOHV
7DEOD,, SUHFLSLWDFLRQHVPHQVXDOHV(VWDFLyQ$DxRV;;Q
0HV
$xR 3DQXDO
()0'
; 3(; 3); 30; 3'; 3;$
; 3(; 3); 30; 3'; 3;$
; 3(; 3); 30; 3'; 3;$

;Q 3(;Q 3);Q 30;Q 3';Q 3;Q$

3P( 3P) 3P0 3P' ¢3² $

5HDOL]DQGRHOPLVPRWUDEDMRSDUDRWUDVHVWDFLRQHV%\ &\SDUDODVHULHGHDxRV;;
;QODVSUHFLSLWDFLRQHVDQXDOHVSXHGHQVHURUGHQDGDVFRPR VHPXHVWUDHQOD7DEOD
,,
7DEOD,, SUHFLSLWDFLRQHVDQXDOHV(VWDFLRQHV$%\&DxRV;;Q
$xR
0yGXOR
(VWDFLyQ ;; ;;Q 3OXYLRPpWULFR
$ 3;$ 3;$ 3;$ 3;Q$ ¢3² $
% 3;% 3;% 3;% 3;Q% ¢3² %
& 3;& 3;& 3;& 3;Q& ¢3² &
,,&RPSOHWDPLHQWRGHGDWRVPHQVXDOHVIDOWDQWHV
,,0pWRGRGLUHFWR
6XSRQLHQGRTXHIDOWHHOGDWR3 ); HQODHVWDFLyQ$YHU7DEOD,,SDUDFRPSOHWDUGLFKR

GDWRDSOLFDQGRHOPpWRGRGLUHFWRVHSURFHGHGHODVLJXLHQWHPDQHUD
x 6HFDOFXODHOSURPHGLR3¶ P) VLQFRQVLGHUDUREYLDPHQWHHOGDWRIDOWDQWH
x 6H FRPSDUD GLFKR YDORU FRQ FDGD XQR GH ORV 3 ) ;L VHOHFFLRQDQGR DTXHOORV TXH QR
GLILHUHQHQ
x &RQORV3 );L VHOHFFLRQDGRVVHFDOFXODXQQXHYRSURPHGLR3¶¶ P)
x 6HDGRSWD3 ); 3¶¶P)
,,0pWRGRGHLQWHUSRODFLyQUHJLRQDO
&RQVLGHUHPRVXQDFXHQFDFRQODVHVWDFLRQHV$%&\'6XSRQLHQGRTXHIDOWHHOGDWR
3) ; HQ OD HVWDFLyQ ' SDUD FRPSOHWDU GLFKR GDWR XWLOL]DQGR HO PpWRGR GHLQWHUSRODFLyQ
UHJLRQDOVHUHDOL]DHOVLJXLHQWHSURFHGLPLHQW R
x 6H FDOFXOD HO PyGXOR SOXYLRPpWULFR GH OD HVWDFLyQ ' ¢3²¶' VLQ FRQVLGHUDU HO GDWR
IDOWDQWH
x 6HFRPSDUDGLFKRYDORUFRQORVPyGXORVSOXYLRPpWULFRVGHODVHVWDFLRQHV$%\&
VLHOPLVPRQRGLILHUHHQUHVSHFWRDORVUHVWDQWHVVHUHDOL]DXQD LQWHUSRODFLyQ
UHJLRQDO FDOFXODQGR3 ); HQ'FRPR
3) ; '

>
3) ; $ 3) ; % 3) ; & @ ,,
x 6LHOPyGXORSOXYLRPpWULFR ¢3²¶' FDOFXODGRVLQFRQVLGHUDUHOGDWRIDOWDQWHGLILHUHHQ

UHVSHFWRDORVUHVWDQWHVVHUHDOL]DXQD LQWHUSRODFLyQUHJLRQDOSRQGHUDGD
ª 3 3 3 º
«

3) ; ' 3) ; $
'
3) ; %
'
3) ; & »
'
,,
« 3 3 3 & »
¬ $ %
¼

,,'DWRVSOXYLRJUiILFRV
8QSOXYLyJUDIRUHJLVWUDODYDULDFLyQWHPSRUDOGHODOOXYLDDFXPXODGD(QOD)LJXUD,,VH
REVHUYD HO SOXYLRJUDPD TXH VH REWLHQH GXUDQWH OD HYROXFLyQ GH XQD GHWHUPLQDGD
WRUPHQWD 7DO SOXYLRJUDPD FRUUHVSRQGH DO UHJLVWUR GH XQ SOXYLyJUDIR GH FXEHWD
EDVFXODQWH(QHOPLVPRVHREVHUYDTXHHQHOODSVRGHKVSUHFLSLWDURQPP

3DFP P

WKV
)LJXUD,, SOXYLRJUDPDSDUDXQDGHWHUPLQDGDWRUPHQWD
$ SDUWLU GHO SOXYLRJUDPD VH SXHGH FRQVWUXLU O D FXUYD GH DOWXUD GH OOXYLD DFXPXODGD WDO
FRPRVHPXHVWUDHQOD)LJXUD,,

'3
3DFP P

'W

WKV
)LJXUD,, FXUYDGHDOWXUDGHOOXYLDDFXPXODGD
'LVFUHWL]DQGRHOWLHPSRWHQLQWHUYDORVGHWLHPSR 'WVHSXHGHQGHILQLUORVLQFUHPHQWRVGH
SUHFLSLWDFLyQ '3DVRFLDGRVDFDGD 'W$SDUWLUGHODFXUYDGHDOWXUDGHOOXYLDDFXPXODGD
FRQVLGHUDQGRSRUHMHPSOR 'W PLQVHGHWHUPLQDHO KLHWRJUDPD GHOOXYLDWRWDOPRVWUDGR
HQ OD )LJXUD ,, 2EYLDPHQWH HO PLVP R KLHWRJUDPD SRGUtD VHU REWHQLGR D SDUWLU GHO
SOXYLRJUDPD
$FDGDEDUUDGHOKLHWRJUDPDVHOHSXHGHDVRFLDUXQDLQWHQVLGDGPHGLDGHOOXYLDL P '3'W
HQ GLFKR LQWHUYDOR 'W /D EDUUD PD\RU GHO KLHWRJUDPD HVWDEOHFH OD LQWHQVLGDG PHGLD
Pi[LPDGHOOXYLDSDUDXQ DVLJQDGR 'WGHGLVFUHWL]DFLyQL P Pi[ '3Pi[ 'W(QHOFDVRGHO

KLHWRJUDPD GH OD )LJXUD ,, '3Pi[ PP VpSWLPD EDUUD \ SRU OR WDQWR L P Pi[
PPK

3P P

WKV
)LJXUD,, KLHWRJUDPDGHOOXYLDWRWDO
3DUD OD PLVPD WRUPHQWD VH SXHGHQ FRQVLGH UDU GLVWLQWRV YDORUHV GH 'W \ FRQVWUXLU SRU
HMHPSORRWURVKLHWRJUDPDVSDUD'W ¶¶¶¶¶¶¶HWF
3DUDWRGDVODVWRUPHQWDVUHJLVWUDGDVHQXQDHVWDFLyQSOXYLRJUiILFD*GXUDQWHXQDVHULH
GHDxRV;;QHVSRVLEOHUHDOL]DUHODQ iOLVLVGHVFULSWRDQWHULRUPHQWH\VHOHFFLRQDUHO
Pi[LPRYDORUDQXDOGHLQWHQVLGDGPHGLDPi[LPDDVRFLDGRDFDGDLQWHUYDORGHGXUDFLyQ
'W7DOHVGDWRVSXHGHQRUJDQL]DUVHFRPRVHPXHVWUDHQOD7DEOD,,
7DEOD,, YDORUHVPi[LPRVGHL PPi[ (VWDFLyQ*DxRV;;Q

'WPLQ
$xR

; L; L; L;
; L; L; L;
; L; L; L;

;Q L;Q L;Q L;Q
,,'HWHUPLQDFLyQGHODSUHFLSLWDFLyQPHGLDVREUHXQiUHD
/DV SUHFLSLWDFLRQHV SUHVHQWDQ XQD GLVWULEXFLyQ QR XQLIRUPH HQ HO HVSDFLR FRPR DVt
WDPELpQYDULDFLRQHVWHPSRUDOHVFRPR VHYLRHQHOSXQWRDQWHULRU (Q]RQDVGHOODQXUD
SRU HMHPSOR GLFKD QR XQLIRUPLGDG HVSDFLDO VH YHULILFD SDUD OOXYLDV LQWHQV DV GH FRUWD
GXUDFLyQ (Q ]RQDV GH PRQWDxD H[LVWH DGHPiVOD LQIOXHQFLD RURJUiILFD OD FXDO DFHQW~D
WDOHVQRXQLIRUPLGDGHVHVSDFLDOHV(QODSUiFWLFDHVQHFHVDULR\FRQYHQLHQWHHVWLPDUODV
SUHFLSLWDFLRQHVPHGLDVVREUHXQiUHD

,,0pWRGRGHODPHGLDDU LWPpWLFD
(VHOPpWRGRPiVVLPSOHSDUDFDOFXODUODSUHFLSLWDFLyQPHGLDVREUHXQiUHD(QOD)LJXUD
,, VH PXHVWUD XQD FXHQFD FRQ WUHV HVWDFLRQHV GH PHGLFLyQ XELFDGDV GHQWUR GH OD
PLVPD(( \(\XQDHVWDFLyQFHUFDQDSHURIXHUDGHORVOtPLWHV( 3DUDFDOFXODUOD
SUHFLSLWDFLyQ PHGLD HQ GLFKD FXHQFD PHGLDQWH HVWH PpWRGR VH XWLOL]D OD VLJXLHQWH
HFXDFLyQ
¦ 3 ( L
0
3 ,,
0 L
GRQGH0HVHOQ~PHURWRWDOGHHVWDFLRQHVHQHVWHFDVR0 \3 ( L HVODSUHFLSLWDFLyQ

HQ OD LHVLPD HVWDFLyQ (VWH PpWRGR HV DFHSWDEOH FXDQGR HO iUHD HV SODQD \ ODV
HVWDFLRQHVVHGLVWULEX\HQXQLIRUPHPHQWHHQODFXHQFD
(
(
(
(
)LJXUD,, FXHQFDHVTXHPiWLFDFRQFXDWURHVWDFLRQHVGHPHGLFLyQ
,,0pWRGRGHORVSROtJRQRVGH7KLHVVHQ
&XDQGR ODV HVWDFLRQHV QR HVWiQ ELHQ GLVWULEXLGDV \ H[LVWH DGHPiV XQD IXHUWH QR
XQLIRUPLGDG GH ODV SUHFLSLWDFLRQHV PHGLGDV HQ FDGD XQD GH HOODV HV FRQYHQLHQWH
DVLJQDUOHDFDGDXQDGHODVHVWDFLRQHVXQiUHDGHLQIOXHQFLD\UHDOL]DUXQDPHGLDDUHDO
SRQGHUDGD0HGLDQWHHOPpW RGRGHORVSROtJRQRVGH7KLHVVHQVHSXHGHQGHWHUPLQDUODV
iUHDVGHLQIOXHQFLDDVRFLDGDVDFDGDHVWDFLyQ
/RV SROtJRQRV GH 7KLHVVHQ VH PDWHULDOL]DQ FRQHFWDQGR ODV HVWDFLRQHV DG\DFHQWHV FRQ
OtQHDV UHFWDV \ WUD]DQGR SRVWHULRUPHQWH ELVHFWRUHV SHUSHQGLFXODUHV D FDGD OtQHD GH
FRQH[LyQ YHU )LJXUD ,, (O SROtJRQR IRUPDGR SRU ORV ELVHFWRUHV SHUSHQGLFXODUHV
DOUHGHGRUGHXQDHVWDFLyQ(LFRQWLHQHXQiUHD$LTXHHVVLHPSUHODPiVFHUFDQD3RUOR
WDQWRVHDVXPHTXHODVSUHFLSLWDFLRQHVPHGLGDVHQFDGDHVWDFLyQ(LV RQUHSUHVHQWDWLYDV
HQXQiUHD$L/DSUHFLSLWDFLyQPHGLDVHFDOFXODFRPR
¦ 3 ( L $ L
0
3 ,,
$ L

GRQGH $L HV HO iUHD DVRFLDGD D OD L HVLPD HVWDFLyQ $ HV HO iUHD WRWDO GH OD FXHQFD
¦$
0
$ L \HQHOFDVRSDUWLFXODUPRVWUDG RHQOD)LJXUD,,0
L
(OPpWRGRGH7KLHVVHQHVPiVDGHFXDGRTXHHOPpWRGRGHODPHGLDDULWPpWLFDSHURQR
FRQWHPSODHQIRUPDGLUHFWDORVHIHFWRVLQGXFLGRVSRUODRURJUDItD
$ (
$
(
(
(
$ $
)LJXUD,, WUD]DGRGHORVSROtJRQRVGH7KLHVVHQ
,, 0pWRGRGHODVLVR\HWDV
/DV LVR\HWDV XQHQ SXQWRV GH LJXDO SUHFLSLWDFLyQ (O WUD]DGR GH ODV PLVPDV VH UHDOL]D D
SDUWLU GH OD LQWHUSRODFLyQ GH ORV GDWRV GH OOXYLD UHJLVWUDGRV HQ ODV GLVWLQWDV HVWDFLRQHV
&XDQGRODUHGGHHVWDFLRQHVHVGHQVDVHSXHGHQXWLOL] DUSURJUDPDVFRPSXWDFLRQDOHVGH
LQWHUSRODFLyQSDUDHOWUD]DGRGHODVPLVPDV/DVLVR\HWDVEULQGDQXQDLGHDPiVSUHFLVD
GHODGLVWULEXFLyQHVSDFLDOGHODOOXYLD&RPRODSUHFLSLWDFLyQDXPHQWDJHQHUDOPHQWHFRQ
ODDOWLWXGODVLVR\HWDVSXHGHQPDWHULDOL]DUVHGH PRGRWDOTXHVLJDQDSUR[LPDGDPHQWHODV
FXUYDV GH QLYHO 8QD UHSUHVHQWDFLyQ HVTXHPiWLFD GH OD FXHQFD FRQ ODV LVR\HWDV VH
PXHVWUDHQOD)LJXUD,,/DSUHFLSLWDFLyQPHGLDVHFDOFXODFRPR
¦ 3, $ , ,
1
3 ,,
$ ,
GRQGH$ ,, HVHOiUHDGHOLP LWDGDSRUGRVLVR\HWDVFRQVHFXWLYDV3 , HVODSUHFLSLWDFLyQ

PHGLDHQWUHGRVLVR\HWDFRQVHFXWLYDV 3, 3, 3, $HVHOiUHDWRWDOGHOD
¦$
1
FXHQFD $ , , FRQ1Q~PHURGHLVR\HWDV
,

(
$,,
3, (
3, (
(
)LJXUD,, HVTXHPDWL]DFLyQGHOPDSDGHLVR\HWDV
,,$1È/,6,6'(&216,67(1&,$<+202*(1(,'$''('$726
,,&RQFHSWRGHFRQVLVWHQFLD\KRPRJHQHLGDGGHGDWRV
$ ORV GDWRV KLGURPHWHRUROyJLFRV VH ORV GHQRPLQD FRPR FRQVLVWHQWHV FXDQGR ODV VHULHV
GHYDORUHVREVHUYDG RVQRSUHVHQWDQHUURUHVGHPHGLFLyQ3RUORWDQWRODFRQVLVWHQFLDGH
ORV GDWRV KLGURPHWHRUROyJLFRV HVWi HVWUHFKDPHQWH YLQFXODGD FRQ OD H[SORWDFLyQ GH ODV
HVWDFLRQHVGHPHGLFLyQ/DVLQFRQVLVWHQFLDVGHORVGDWRVPHGLGRVRFXUUHQHQODPD\RUtD
GHORVFDVRVFXDQGR
x (O PDO HVWDGR GH OD HVWDFLyQ R XQ FDPELR HQ OD ORFDOL]DFLyQ GH OD PLVPD QR IXH
UHJLVWUDGR
x (OPDOIXQFLRQDPLHQWRGHORVLQVWUXPHQWRVGHPHGLFLyQQRIXHGHWHFWDGR
x ([LVWHIDOWDGHFXLGDGR\H[SHULHQFLDHQODHMHFXFLyQGHODVPHGLFLRQHV
x /RVGDWRVIXHURQWUDQVIHULGRVSRU60$HQIRUPDLQFRUUHFWD
x /RViUEROHVFUHFLHURQHQ ODVFHUFDQtDVGHXQ SOXYLyPHWURHQPRGRWDOGHRFDVLRQDU
XQDLQWHUIHUHQFLDSDUDODPHGLFLyQFRUUHFWD
/RVIDFWRUHVHQXQFLDGRVSUHFHGHQWHPHQWHDIHFWDQODVPHGLFLRQHVHQIRUPDVLVWHPiWLF D\
SRU OR WDQWR KDFHQ TXH ORV GDWRV SUHVHQWHQ HUURUHV VLVWHPiWLFRV 0LHQWUDV ORV HUURUHV
RFDVLRQDOHV GHELGRV D OHFWXUD WUDQVFULSFLyQ FiOFXOR HWF SURGXFHQ HUURUHV
DFFLGHQWDOHVORVFXDOHVVRQPiVGLItFLOGHGHWHFWDUTXHORVHUURUHVVLVWHPiWLFRVH[FH SWR
TXHVHDQGHPDVLDGRHYLGHQWHVXQRUGHQGHPDJQLWXGPD\RUHWF
$ ORV GDWRV KLGURPHWHRUROyJLFRV VH ORV GHQRPLQD FRPR KRPRJpQHRV FXDQGR ODV VHULHV
GH YDORUHV REVHUYDGRV QR SUHVHQWDQ FDPELRV LQGXFLGRV SRU SHUWXUEDFLRQHV GH RULJHQ
DQWUySLFR,QWHUYHQFLR QHVDQWUySLFDVHQODVFXHQFDVWDOHVFRPRFRQVWUXFFLyQGHSUHVDV
GHULYDFLyQ GH FDXGDOHV WDOD LQGLVFULPLQDGD GH ERVTXHV LUULJDFLyQ LQWHQVLYD
UHFXSHUDFLyQ GH H[WHQVDV ]RQDV QDWXUDOHV GH DOPDFHQDPLHQWR LPSHUPHDELOL]DFLyQ SRU

XUEDQL]DFLyQ HWF SURGXFHQ QRWDEOHV QRKRPRJHQHLGDGHV HQ ODV VHULHV GH GDWRV
PHGLGRVQLYHOHVKLGURPpWULFRVFDXGDOHVHWF
(OIHQyPHQRGHFDOHQWDPLHQWRJOREDOSRUHIHFWRLQYHUQDGHURGHELGRDODHPLVLyQGH&2
HVRWURHMHPSORGHSHUWXUEDFLyQDQWUySLFDFDSD]GHLQGXFLUQRWDEOH VFDPELRVFOLPiWLFRV
FRQ OD FRQVLJXLHQWH DOWHUDFLyQ GHO UpJLPHQ GH SUHFLSLWDFLRQHV D HVFDOD SODQHWDULD
GHUUHWLPLHQWRGHKLHORVSRODUHVHWF
(Q ORV HVWXGLRV \ SUR\HFWRV GH REUDV KLGUiXOLFDV HV QHFHVDULR FRQRFHU WDOHV QR
KRPRJHQHLGDGHV GH ODV VHULHV \D TXH HQ VX GHIHFWR VH SRGUtDQ XWLOL]DU GDWRV QR
UHSUHVHQWDWLYRV GHO VLVWHPD HQ HVWXGLR $GHPiV D ORV HIHFWRV GH FRUUHJLU HYHQWXDOHV
HUURUHVVLVWHPiWLFRVHVQHFHVDULRDQDOL]DUODFRQVLVWHQFLDGHORVGDWRVPHGLGRV
'HVGH HO SXQWR GH YLVWD HVWDGtVWLFR WDQWR XQD LQFRQVLVWHQFLD DVRFLDGD D HUURUHV
VLVWHPiWLFRV FRPR XQD QR KRPRJHQHLGDG UHODFLRQDGD FRQ FDPELRV HQ HO UpJLPHQ
KLGUROyJLFR KDFHQ TXH ODV VHULHV GH YDORUHV PHGLGRV SUHVHQWHQ WHQGHQFLDV FHQWUDOHV
PHGLDRGLVSHUVLRQHVYDULDQ]DQRHVWDFLRQDULDVYH U&DStWXOR,;(QOD)LJXUD,,VH
PXHVWUD XQD VHULH GH WLHPSR KLGUROyJLFD QR HVWDFLRQDULD FRUUHVSRQGLHQWH D OD YDULDEOH
KLGUROyJLFD 9+ OD FXDO SRGUtD VHU UHSUHVHQWDGD SRU QLYHOHV KLGURPpWULFRV Pi[LPRV R
PtQLPRV DQXDOHV SUHFLSLWDFLRQHV DQXDOHV FDXGDO HV Pi[LPRV R PtQLPRV DQXDOHV
SUHFLSLWDFLRQHVPi[LPDVDQXDOHVGHXQDGHWHUPLQDGDGXUDFLyQHWF
9+
WLHPSR
)LJXUD,, VHULHGHWLHPSRFRQWHQGHQFLDFHQWUDOQRHVWDFLRQDULD
,,0pWRGRGHGREOHVDFXPXODFLRQHV
(O PpWRGR GH GREOHV DFXPXODFLRQHV VH D SOLFD JHQHUDOPHQWH D GDWRV GH OOXYLD R QLYHOHV
KtGULFRV SDUD HVWLPDU HUURUHV VLVWHPiWLFRV (V GHFLU VH XWLOL]D SDUD DQDOL]DU OD
FRQVLVWHQFLD GHORVGDWRVGHXQDHVWDFLyQSRUFRPSDUDFLyQFRQORVGDWRVFRQILDEOHVGH
RWUDHVWDFLyQGHUHIHUHQFLDHVWDFLyQGH FRQILDQ]D
/DFRPSDUDFLyQSDUDXQGHWHUPLQDGRSHUtRGRGHWLHPSRVHHIHFW~DUHSUHVHQWDQGRHQXQ
SDUGHHMHVFRRUGHQDGRVRUWRJRQDOHVORVSXQWRV9+LDF;9+LDF<GRQGH9+LDF
;HVHOLHVLPRYDORUDFXPXODGRFRUUHVSRQGLHQWHDODVHULHGHODHV WDFLyQGHFRQILDQ]D
;\9+LDF<HVHOLHVLPRYDORUDFXPXODGRFRUUHVSRQGLHQWHDODVHULHGHODHVWDFLyQ<
6L HQ HO SHUtRGR FRQVLGHUDGR ORV YDORUHV DFXPXODGRV GH OD HVWDFLyQ < VRQ
SURSRUFLRQDOHV D ORV YDORUHV DFXPXODGRV GH OD HVWDFLyQ ; VH REWLHQH XQ D UHFWD FX\D
SHQGLHQWH UHSUHVHQWD HO FRHILFLHQWH GH SURSRUFLRQDOLGDG (VWR LQGLFD TXH KDELHQGR
DGRSWDGRD;FRPRHVWDFLyQGHFRQILDQ]DORVGDWRVGHODHVWDFLyQ<VRQFRQVLVWHQWHV

3RU HO FRQWUDULR ORV GDWRV GH OD HVWDFLyQ < VHUiQ LQFRQVLVWHQWHV VL D SDU WLU GH XQ
GHWHUPLQDGR PRPHQWR VH REVHUYD XQ FDPELR GH SHQGLHQWH HQ OD UHFWD &DEH DJUHJDU
TXH ORV FDPELRV GH SHQGLHQWH IRUPDGRV SRU PHQRV GH FLQFR SXQWRV QR VH FRQVLGHUDQ
UHSUHVHQWDWLYRVHQFDVRFRQWUDULRLQGLFDQHUURUHVVLVWHPiWLFRV
3RU HMHPSOR HQ OD )LJXUD ,, VH SUHVHQWD OD FXUYD GH GREOHV DFXPXODFLRQHV SDUD ORV
GDWRV GH SUHFLSLWDFLRQHV DQXDOHV FRUUHVSRQGLHQWHV D ODV HVWDFLRQHV ; H < 6H REVHUYD
XQ TXLHEUH GH OD UHFWD TXH LPSOLFD XQD GLVPLQXFLyQ GH OD SHQGLHQWH D SDUWLU GH L
LQGLFDQGR TXH OD HVW DFLyQ < FRPHQ]y D PHGLU SRU GHIHFWR D SDUWLU GH GLFKR PRPHQWR
(VWRVHSXHGHFRPSUREDUJUDILFDQGRODVVHULHVGHODVHVWDFLRQHV;H<FRPRVHPXHVWUD
HQODV)LJXUDV,,\,,UHVSHFWLYDPHQWH

3LDF<

3LDF;
)LJXUD,, GREOHVDFXPXODFLRQHVHVWDFLR QHV;H<

3L;

L LQGLFHWHPSRUDO
)LJXUD,, SUHFLSLWDFLRQHVDQXDOHVHVWDFLyQ;


3L<

L LQGLFHWHPSRUDO
)LJXUD,, SUHFLSLWDFLRQHVDQXDOHVHVWDFLyQ<
/RV GDWRV GH OD HVWDFLyQ < SXHGHQ VHU FRUUHJLGRV XWLOL]DQGR OD HFXDFLyQ GH OD UHFWD
IRUPDGDSRUORVSULPHURV SXQWRV)LJXUD,,&RQGLFKDHFXDFLyQHVSRVLEOHFDOFXODU
ORV YDORUHV DFXPXODGRV FRUUHJLGRV GH < SDUD L! 6XFHVLYDPHQWH HV SRVLEOH FDOFXODU
FDGDXQRGHORV3L<SDUDL!UHDOL]DQGRXQSURFHVRLQYHUVRDOGHDFXPXODFLyQ
,,0pWRGRGHO7HVW³8´
(O7HVW³8´GH:LOFR[RQ0DQQ\:KLWQH\.RFKHWDOH[DPLQDXWLOL]DQGRQ~PHURV

GH RUGHQ VL GRV PXHVWUDV $ \ % SURYLHQHQ GH OD PLVPD SREODFLyQ FRQ UHVSHFWR D OD
WHQGHQFLDFHQWUDO(OWHVW³8´GHEHVHUDSOLFDGRDPXHVWUDVFRQQ~PHURGHGDWRV1! \
GRWDGDVGHDVLPHWUtDSRVLWLYD(OHVTXHPDGHOWHVWHVHOVLJXLHQWH
-XQWDU ODV PXHVWUDV $ \ % LGHQWLILFDQGR ORV YDORUHV GH FDGD XQD \ RUGHQDU ORV
YDORUHVHQPRGRFUHFLHQWH
'HILQLUSDUDFDGDYDORUHOFRUUHVSRQGLHQWHQ~PHURGHRUGHQ
&DOFXODU 5 $ \ 5% VXPD GH ORV Q~PHURV GH RUGHQ DVRFLDGRV D ODV PXHVWUDV$ \ %
UHVSHFWLYDPHQWH
&DOFXODUORVSDUiPHWURV8 $ \8%
8$ 1 $ 1 % 1 $ 1 $ 5 $ ,,
8% 1 $ 1 % 1 % 1 % 5 % ,,
GRQGH1 $ \1% VRQORVQ~PHURVGHGDWRVGHODVPXHVWUDV$\%UHVSHFWLYDPH QWH
'HWHUPLQDUHOSDUiPHWUR8 PtQ ^_8$_ _8%_`

&DOFXODUODYDULDEOH=GHOWHVWGHILQLGDFRPR
8 1 $ 1 %
=
1 $ 1 % 1 $ 1 %
,,

'HILQLUHOYDORUGH] D SDUDXQQLYHOGHVLJQLILFDQFLD YHU&DStWXOR,;D y

PHGLDQWHWDEODVGHODYD ULDEOHWDEXODGDGHODOH\GH*DXVV
(IHFWXDUODGHFLVLyQGHOWHVW
x =t ]D o ([LVWHFDPELRHQODWHQGHQFLDFHQWUDOGHODVPXHVWUDV
x =]D o 1RH[LVWHFDPELRHQODWHQGHQFLDFHQWUDOGHODVPXHVWU DV
/D VHULH GH XQD HVWDFLyQ SXHGH VHU GLYLGLGD HQ VXEVHU LHV R PXHVWUDV FRQ HO ILQ GH
DQDOL]DU \ GHWHUPLQDU HYHQWXDOHV FDPELRV LQWHUQRV HQ OD WHQGHQFLD FHQWUDO GH OD PLVPD
(V QHFHVDULR VHxDODUTXHHOWHVWGHWHUPLQDORVHYHQWXDOHVFDPELRVSHURQRGLVFLHUQH VL
ORVPLVPRVVRQGHELGRVDLQFRQVLVWHQFLDVRQR KRPRJHQHLGDGHV/DVFDXVDVGHGLFKRV
FDPELRVGHEHUiQHVWDEOHFHUVHDSDUWLUGHFRPSDUDFLRQHVFRQRWUDVHVWDFLRQHVPHGLDQWH
GREOH DFXPXODFLRQHV LQYHVWLJDQGR OD ³KLVWRULD´ GH ODV LQWHUYHQFLRQHV DQWUySLFDV
DQDOL]DQGROD³KLVWRULD´GHODVHVWDFLRQHVGHPHGLFLyQHW F
(Q HO FDVRGHODUJDVVHULHVWHPSRUDOHVGHFDXGDOHVRQLYHOHVKLGURPpWULFRVPi[LPRVR

PtQLPRVVLVHKDQSURGXFLGRSHUWXUEDFLRQHVGHRULJHQDQWUySLFRHQODFXHQFDHVVHJXUR
TXHODVVHULHVGHQLYHOHVUHJLVWUDGRVHQGLVWLQWDVHVWDFLRQHVORFDOL]DGDVDOR ODUJRGHOUtR
HYLGHQFLHQODPLVPDQR KRPRJHQHLGDG
7DO QRKRPRJHQHLGDG QR VHUtD GHWHFWDGD XWLOL]DQGR SRU HMHPSOR HO PpWRGR GH GREOHV
DFXPXODFLRQHV FRQ ODV VHULHV FRPSOHWDV SURYHQLHQWHV GH GRV GLIHUHQWHV HVWDFLRQHV GH
PHGLFLyQ XELFDGDV HQ HO PLVPR UtR (Q HVWD VLWXDFLyQ FRQ HO PpWRGR GH GREOHV
DFXPXODFLRQHV VH REWHQGUtD TXH ORV GDWRV VRQ FRQVLVWHQWHV VL HIHFWLYDPHQWH QR
RFXUULHURQ HUURUHV VLVWHPiWLFRV YHU )LJXUD ,, D~Q FXDQGR ODV VHULHV VHDQ QR
KRPRJpQHDV YHU )LJXUDV ,, \ ,, (Q WDOHV FL UFXQVWDQFLDV \ D ORV HIHFWRV GH
XOWHULRUHV DQiOLVLV HVWDGtVWLFRV GH ORV GDWRV SDUD HVWXGLRV \ SUR\HFWRV GH REUDV
KLGUiXOLFDV HV QHFHVDULR FRQVLGHUDU VRODPHQWH ORV GDWRV SRVWHULRUHV DO PRPHQWR GH
FDPELR

+LDF<

+LDF;
)LJXUD,, GREOHVDFXPXODFLRQHVHVWDFLRQHV;H<


+L;

L LQGLFHWHPSRUDO
)LJXUD,, QLYHOHVKLGURPpWULFRVPi[LPRVDQXDOHVHVWDFLyQ;

+L<

L LQGLFHWHP SRUDO
)LJXUD,, QLYHOHVKLGURPpWULFRVPi[LPRVDQXDOHVHVWDFLyQ<
0HGLDQWH OD DSOLFDFLyQ GHO WHVW ³8´ D OD VHULH GH QLYHOHV KLGURPpWULFRV P tQLPRV DQXDOHV
GHO5tR3DUDQiHQ5RVDULRFRUUHVSRQGLHQWHDOSHUtRGR VHGHWHFWyXQFDPELR
HQODPLVPDDSDUWLUGHODxR8QLGpQWLFRFDPELRVHGHWHFWyHQODVHULHGHQLYHOHV
KLGURPpWULFRV Pi[LPRV DQXDOHV 7DOHV FDPELRV KDFHQ TXH DPEDV VHULHV VHDQ QR
HVWDFLRQDULDV3$%DVLOH\51DYDUUR
,,%,%/,2*5$)Ë$
$GDPL$0LVXUH,GUDXOLFKH5DSSRUWR1,QVWLWXWRGH+LGUiXOLFD³*3ROHQL´8QLYHUVLGDG
GH3DGXD,WDOLD
%DUQHV-:6WDWLVWLFDO$QDO\VLVIRU(QJLQHHUV$&RPSXWHU%DVHG$SSURDFK3UHQWLFH+DOO
(QJOHZRRG&OLIIV1HZ-HUVH\
%DVLOH3$\1DYDUUR5$QiOLVLVHVWDGtVWLFRGHQLYHOHVKLGURPpWULFRV&DStWXOR,QIRUPH
,,, (VWXGLR KLGUiXOLFR \ PRUIROyJLFR GHO .P GHO 5tR 3DUDQi 'HSDUWDPHQWR GH
+LGUiXOLFD)&(,$815
&KRZ 97 0DLGPHQW ' \ 0D\V / +LGURORJtD $SOLFDGD (GLW 0F *UDZ+LOO
,QWHUDPHULFDQD6$

&KRZ97+DQGERRNRI$SSOLHG+\GURORJ\(GLW0F*UDZ+LOO1HZ<RUN

+HUDV 5 0DQXDO GH +LGURORJtD 7RPR , &HQWUR GH (VWXGLRV +LGURJUiILFRV 0DGULG
(VSDxD
.RFK8\5HJR-$SOLFDoDRGHWHVWHVQDRSDUDPpWULFRVSDUDYHULILFDUDKRPRJHQHLGDGHV
GHVHULHVKLGURPHWHRURORJLFDV5%(9RO1%UDVLO
/LQVOH\5..RKOHU0$\3DXOKXV-/+\GURORJ\IRU(QJLQQHUV(GLW0F*UDZ+LOO
2UVROLQL +( (VWXGLR GH SUHFLSLWDFLRQHV $SXQWHV &iWHGUD +LGURORJtD H +LGUiXOLFD
$SOLFDGD'HSWR+LGUiXOLFD)&(,$ 815

Cap02. - Mediciones Hidrológicas

Încărcat de

Informații document

Titlu original

Drepturi de autor

Formate disponibile

Partajați acest document

Partajați sau inserați document

Opțiuni de partajare

Vi se pare util acest document?

Este necorespunzător acest conținut?

Drepturi de autor:

Formate disponibile

Cap02. - Mediciones Hidrológicas

Încărcat de

Drepturi de autor:

Formate disponibile



/RV FDXGDOHV \ ORV QLYHOHV KLGURPpWULFRV UHSUHVHQWDQ ODV YDULDEOHV SULQFLSDOHV D

5HJLVWUR XQ UHJLVWUDGRU HV XQ DSDUDWRRSURFHGLPLHQWRTXHVHXWLOL]DSDUDSUHVHUYDUOD

7UDGXFFLyQ UHSUHVHQWDODFRQYHUVLyQGHXQUHJLVWUR GHVGHVXIRUPDRULJLQDOGDGDSRUHO

/D UDGLDFLyQ VH PLGHPHGLDQWH XQ LQVWUXPHQWR GHQRPLQDGRUDGLyPHWURHOFXDOVHEDVD

/D OOXYLD VH PLGHPHGLDQWH LQVWUXPHQWRV VLQ GLVSRVLWLYRV GHUHJLVWURR FRQLQVWUXPHQWRV

(Q HO SOXYLyJUDIR GH IORWDGRU HODJXDUHFROHFWDGDDOLPHQWDXQGHSyVLWRFLOtQGULFRHOFXDO

)LJXUD,, GLEXMRHVTXHPiWLFRGHXQSOXYLyJUDIR PHGLGDVHQFP 

)LJXUD,, OLPQtJUDIRGHIORWDGRU D YLVWDODWHUDO E YLVWDIURQWDO

7DEOD,, SDUiPHWURVSDUDHOFiOFXORGHSURIXQGLGDG VRQGDIOH[LEOH 

GRQGH %HVHODQFKRVXSHUILFLDOGHODVHFFLyQ\ KODSURIXQGLGDG/DVHJXQGDLQWHJUDOHV

6HPLGHFRQHOPROLQHWHHQXQ~QLFRSXQWRXELF DGRD KDSDUWLUGHODVXSHUILFLHOLEUH\

Y  Y Y Y ,,

' 3' 3' 3' 3 ' 3';

;Q 3(;Q 3);Q 30;Q 3';Q 3;Q $

6XSRQLHQGRTXHIDOWHHOGDWR3 ); HQODHVWDFLyQ$ YHU7DEOD,, SDUDFRPSOHWDUGLFKR

x 6LHOPyGXORSOXYLRPpWULFR ¢3²¶ ' FDOFXODGRVLQFRQVLGHUDUHOGDWRIDOWDQWHGLILHUHHQ

7DEOD,, YDORUHVPi[LPRVGHL PPi[ (VWDFLyQ*DxRV;;Q

;Q L;Q L;Q L;Q 

GRQGH0HVHOQ~PHURWRWDOGHHVWDFLRQHVHQHVWHFDVR0 \3 ( L HVODSUHFLSLWDFLyQ

GRQGH$ ,, HVHOiUHDGHOLP LWDGDSRUGRVLVR\HWDVFRQVHFXWLYDV3 , HVODSUHFLSLWDFLyQ

)LJXUD,, GREOHVDFXPXODFLRQHVHVWDFLR QHV;H<

(O7HVW³8´GH:LOFR[RQ0DQQ\:KLWQH\ .RFKHWDO H[DPLQDXWLOL]DQGRQ~PHURV

GRQGH1 $ \1% VRQORVQ~PHURVGHGDWRVGHODVPXHVWUDV$\%UHVSHFWLYDPH QWH

 'HWHUPLQDUHOSDUiPHWUR8 PtQ ^_8$_ _8%_`

 'HILQLUHOYDORUGH] D SDUDXQQLYHOGHVLJQLILFDQFLD YHU&DStWXOR,; D y

(Q HO FDVRGHODUJDVVHULHVWHPSRUDOHVGHFDXGDOHVRQLYHOHVKLGURPpWULFRVPi[LPRVR

&KRZ97  +DQGERRNRI$SSOLHG+\GURORJ\(GLW0F*UDZ+LOO1HZ<RUN

S-ar putea să vă placă și

5HJLVWUR XQ UHJLVWUDGRU HV XQ DSDUDWRRSURFHGLPLHQWRTXHVHXWLOL]DSDUDSUHVHUYDUOD

7UDGXFFLyQ UHSUHVHQWDODFRQYHUVLyQGHXQUHJLVWUR GHVGHVXIRUPDRULJLQDOGDGDSRUHO

/D UDGLDFLyQ VH PLGHPHGLDQWH XQ LQVWUXPHQWR GHQRPLQDGRUDGLyPHWURHOFXDOVHEDVD

(Q HO SOXYLyJUDIR GH IORWDGRU HODJXDUHFROHFWDGDDOLPHQWDXQGHSyVLWRFLOtQGULFRHOFXDO

)LJXUD,, GLEXMRHVTXHPiWLFRGHXQSOXYLyJUDIRPHGLGDVHQFP

)LJXUD,, OLPQtJUDIRGHIORWDGRUDYLVWDODWHUDOEYLVWDIURQWDO

7DEOD,, SDUiPHWURVSDUDHOFiOFXORGHSURIXQGLGDGVRQGDIOH[LEOH

GRQGH %HVHODQFKRVXSHUILFLDOGHODVHFFLyQ\ KODSURIXQGLGDG/DVHJXQGDLQWHJUDOHV

6HPLGHFRQHOPROLQHWHHQXQ~QLFRSXQWRXELF DGRD KDSDUWLUGHODVXSHUILFLHOLEUH\

Y Y Y Y ,,

' 3' 3' 3' 3 ' 3';

;Q 3(;Q 3);Q 30;Q 3';Q 3;Q$

6XSRQLHQGRTXHIDOWHHOGDWR3 ); HQODHVWDFLyQ$YHU7DEOD,,SDUDFRPSOHWDUGLFKR

x 6LHOPyGXORSOXYLRPpWULFR ¢3²¶' FDOFXODGRVLQFRQVLGHUDUHOGDWRIDOWDQWHGLILHUHHQ

7DEOD,, YDORUHVPi[LPRVGHL PPi[ (VWDFLyQ*DxRV;;Q

;Q L;Q L;Q L;Q

GRQGH0HVHOQ~PHURWRWDOGHHVWDFLRQHVHQHVWHFDVR0 \3 ( L HVODSUHFLSLWDFLyQ

GRQGH$ ,, HVHOiUHDGHOLP LWDGDSRUGRVLVR\HWDVFRQVHFXWLYDV3 , HVODSUHFLSLWDFLyQ

)LJXUD,, GREOHVDFXPXODFLRQHVHVWDFLR QHV;H<

(O7HVW³8´GH:LOFR[RQ0DQQ\:KLWQH\.RFKHWDOH[DPLQDXWLOL]DQGRQ~PHURV

GRQGH1 $ \1% VRQORVQ~PHURVGHGDWRVGHODVPXHVWUDV$\%UHVSHFWLYDPH QWH

'HWHUPLQDUHOSDUiPHWUR8 PtQ ^_8$_ _8%_`

'HILQLUHOYDORUGH] D SDUDXQQLYHOGHVLJQLILFDQFLD YHU&DStWXOR,;D y

&KRZ97+DQGERRNRI$SSOLHG+\GURORJ\(GLW0F*UDZ+LOO1HZ<RUN