SlideShare ist ein Scribd-Unternehmen logo
1 von 186
Downloaden Sie, um offline zu lesen
72'26 /26 1,f26 (1 /$ (6&8(/$ (1 
,QLFLDWLYD *OREDO SRU ORV
1LxRV )XHUD GH OD (VFXHOD
203/(7$5 /$ (68(/$
8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU
$PpULFD /DWLQD  HO DULEH
72'26 /26 1,f26 (1 /$ (68(/$ (1 
,QLFLDWLYD *OREDO SRU ORV
1LxRV )XHUD GH OD (VFXHOD
203/(7$5 /$ (68(/$
8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU
$PpULFD /DWLQD  HO DULEH
7tWXOR RPSOHWDU OD (VFXHOD
6XEWtWXOR 8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU
(TXLSR GH HODERUDFLyQ
RRUGLQDFLyQ ,UHQH .LW
5HVSRQVDEOHV GH FDStWXORV
3UHVHQWDFLyQ  UHFRPHQGDFLRQHV ,UHQH .LW
DStWXOR  0DUWtQ 6FDVVR
DStWXOR  6HUJLR (VSDxD  $OHMDQGUR 0RUGXFKRZLF]
DStWXOR  ,UHQH .LW  $OHMDQGUR 0RUGXFKRZLF]
$QH[R PHWRGROyJLFR 0DUWtQ 6FDVVR
5HVSRQVDEOH GH LQWHJUDFLyQ  HGLFLyQ +XJR /DEDWH
6H DJUDGHFH DVLPLVPR OD SDUWLFLSDFLyQ GH ORV SURIHVLRQDOHV TXH DSRDURQ HO SURFHVR FRQ DSRUWHV
D VHFFLRQHV HVSHFtILFDV pVDU $PEURJKHWWL 9HURQD %DWLXN ,UHQH %XFKWHU 'DQLHOD XUD
$QGUHD *DOHDQR $OEHUWR /DUGHOHVYVN DUROD -XOL 0DUtD /XMiQ 9DJR  9tFWRU 9ROPDQ
'LVHxR  GLDJUDPDFLyQ 6DQWLOODQD (VSDxD 
/RV DQiOLVLV  GHVDUUROORV SURGXFLGRV  H[SUHVDGRV HQ HVWH GRFXPHQWR VH DVXPHQ FRPR
UHVSRQVDELOLGDG GHO HTXLSR DXWRUDO VLQ FRPSURPHWHU OD SRVLFLyQ GH ORV RUJDQLVPRV  HQWLGDGHV
LQYROXFUDGDV FRQ OD ,QLFLDWLYD
/RV PDSDV GH HVWD SXEOLFDFLyQ QR UHIOHMDQ OD SRVLFLyQ GH 81,() VREUH HO HVWDGR OHJDO
GH FXDOTXLHU SDtV R WHUULWRULR QL WDPSRFR OD GHPDUFDFLyQ GH FXDOTXLHU IURQWHUD
(O VLJXLHQWH DQiOLVLV HVWDGtVWLFR HVWi EDVDGR HQ GDWRV DGPLQLVWUDWLYRV GH ORV SDtVHV GH OD UHJLyQ (VWRV GDWRV
IXHURQ SXHVWRV D GLVSRVLFLyQ SDUD HO GHVDUUROOR GHO SUHVHQWH LQIRUPH D SDUWLU GH OD EDVH GH GDWRV GHO 8,6
FRUUHVSRQGLHQWH D PDR GH  $VLPLVPR HQ DOJXQRV FDVRV VH UHDOL]y D WUDYpV GHO 8,6 XQD VROLFLWXG
HVSHFtILFD GH LQIRUPDFLyQ SDUD FRPSOHPHQWDU LQIRUPDFLyQ QR GLVSRQLEOH (VWRV IXHURQ ORV FDVRV GH $UJHQWLQD
%UDVLO KLOH -DPDLFD 0p[LFR 3DUDJXD 3HU~  8UXJXD (Q FXDQWR D ORV GDWRV GH SREODFLyQ HO HVWXGLR
KDFH XVR GH ODV SURHFFLRQHV GH SREODFLyQ UHDOL]DGDV SRU OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV
5HYLVLyQ  318'
1RWDU TXH DO PRPHQWR GH OD SXEOLFDFLyQ GH HVWH LQIRUPH ODV HVWLPDFLRQHV
GH OD 5HYLVLyQ  IXHURQ SXEOLFDGDV  HO 8,6 DMXVWy VXV LQGLFDGRUHV GH PDQHUD DFRUGH SRU OR TXH SXHGHQ
H[LVWLU DOJXQDV GLVFUHSDQFLDV HQWUH DOJXQRV GH ORV YDORUHV DTXt SUHVHQWDGRV  ORV GLVSRQLEOHV HQ OD EDVH
GH GDWRV GHO 8,6 PiV UHFLHQWH
‹ 81,()
)RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD
2ILFLQD 5HJLRQDO SDUD $PpULFD /DWLQD  HO DULEH
LXGDG GHO 6DEHU
(GLILFLR 
$SDUWDGR  %DOERD $QFyQ
3DQDPi 5HS~EOLFD GH 3DQDPi
7HO
)D[
:HE KWWSZZZXQLFHIRUJODF
,6%1 
UpGLWRV GH OD IRWR GH SRUWDGD 81,() 7$52 *RQ]DOR %HOO3DQDPi
RQWHQLGR
/D LQLFLDWLYD JOREDO SRU ORV QLxRV IXHUD GH OD HVFXHOD XQD SHUVSHFWLYD
SDUD VXPDU HVIXHU]RV TXH VXSHUHQ OD H[FOXVLyQ HGXFDWLYD 
/DV 'LPHQVLRQHV GH OD H[FOXVLyQ  
/DV EDUUHUDV  FXHOORV GH ERWHOOD TXH FRQILJXUDQ OD H[FOXVLyQ  
/DV HVWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ OD HVFRODUL]DFLyQ WRWDO RSRUWXQD
VRVWHQLGD  SOHQD FRPR FRQWUDFDUD GH OD H[FOXVLyQ HVFRODU  
5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ KDFLD OD PHWD GH OD HVFRODUL]DFLyQ
WRWDO RSRUWXQD VRVWHQLGD  SOHQD 
6HFXHQFLD PHWRGROyJLFD GH OD LQLFLDWLYD 1)( HQ HVWH LQIRUPH UHJLRQDO 
DStWXOR  3HUILOHV GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD /DWLQD
 HO DULEH  
/DV  'LPHQVLRQHV GH OD H[FOXVLyQ SHUILO JHQHUDO  
(O SHUILO GH DFFHVR  SHUPDQHQFLD HQ $PpULFD /DWLQD  HO DULEH
 VXV LQHTXLGDGHV ± 'LPHQVLRQHV  D  
'LPHQVLyQ  1LxRV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO TXH QR HVWiQ
HQ OD HVFXHOD LQLFLDO QL HQ SULPDULD 
¢XiQWRV VRQ ORV QLxRV  QLxDV HQ HVWD 'LPHQVLyQ 
¢4Xp RWURV SURFHVRV GH H[FOXVLyQ VH SXHGHQ GLVWLQJXLU HQ WRUQR
D OD 'LPHQVLyQ  
¢yPR HV OD GLQiPLFD HQWUH OD 'LPHQVLyQ   OD 'LPHQVLyQ   
'LPHQVLyQ  1LxRV HQ HGDG GH DVLVWLU D OD HVFXHOD SULPDULD TXH QR HVWiQ
HQ OD HVFXHOD SULPDULD QL VHFXQGDULD EiVLFD 
¢XiQWRV VRQ ORV QLxRV  QLxDV HQ HVWD 'LPHQVLyQ 
¢XiQWDV IRUPDV GH LQJUHVR WDUGtR VH SXHGHQ UHFRQRFHU  
¢XiQWRV QLxRV  QLxDV LQLFLDQ  OXHJR DEDQGRQDQ OD HGXFDFLyQ
SULPDULD 
'LPHQVLyQ  1LxRV HQ HGDG GH SULPHURV DxRV GH HGXFDFLyQ VHFXQGDULD
TXH QR HVWiQ HQ OD HVFXHOD SULPDULD QL VHFXQGDULD EiVLFD 
¢XiQWRV VRQ ORV DGROHVFHQWHV HQ HVWD 'LPHQVLyQ 
¢XiQWRV DGROHVFHQWHV DEDQGRQDQ VX HVFXHOD WHQLHQGR HGDG GH HVWDU
HQ OD VHFXQGDULD EiVLFD 
¢4Xp SURFHVRV GH H[FOXVLyQ VH SXHGHQ DQDOL]DU HQ WRUQR D HVWD
'LPHQVLyQ
(O SHUILO GH OD SURJUHVLyQ HQ HO VLVWHPD HGXFDWLYR HQ $PpULFD /DWLQD  HO DULEH
 VXV LQHTXLGDGHV ± 'LPHQVLRQHV     
(O UH]DJR HVFRODU FRPR DSUR[LPDFLyQ DO ULHVJR GH H[FOXVLyQ  
¢yPR HV HO SHUILO JHQHUDO GH OD FRQGLFLyQ GH UH]DJR HVFRODU 
¢yPR VH FRQVWUXH OD VLWXDFLyQ GH UH]DJR ¢yPR VLJXH VX FXUVR 
'LPHQVLyQ  1LxRV TXH HVWiQ HQ OD HVFXHOD SULPDULD SHUR TXH FRUUHQ HO ULHVJR
GH DEDQGRQDU  
¢XiQWRV VRQ ORV QLxRV  QLxDV HQ HVWD 'LPHQVLyQ 
¢4Xp SURFHVRV GH H[FOXVLyQ SXHGHQ LGHQWLILFDUVH HQ WRUQR D HVWD 'LPHQVLyQ 
'LPHQVLyQ  $GROHVFHQWHV TXH HVWiQ HQ OD VHFXQGDULD EiVLFD SHUR TXH FRUUHQ
HO ULHVJR GH DEDQGRQDU 
¢XiQWRV VRQ ORV DGROHVFHQWHV HQ HVWD 'LPHQVLyQ 
¢4Xp SURFHVRV GH H[FOXVLyQ SXHGHQ LGHQWLILFDUVH HQ WRUQR D HVWD 'LPHQVLyQ 
'LVSDULGDGHV TXH DJXGL]DQ OD H[FOXVLyQ  
/D VLWXDFLyQ GH JpQHUR  
/DV ]RQDV UXUDOHV  
(O WUDEDMR LQIDQWLO  
/DV SREODFLRQHV LQGtJHQDV  
1LxRV  QLxDV  DGROHVFHQWHV FRQ GLVFDSDFLGDG  
1LxRV QLxDV  DGROHVFHQWHV DIURGHVFHQGLHQWHV 
DStWXOR  %DUUHUDV TXH SURGXFHQ R DJUDYDQ OD H[FOXVLyQ  
(QFXDGUH VREUH EDUUHUDV  VXV iPELWRV 
ÈPELWR  ± %DUUHUDV HFRQyPLFDV SRU UHVWULFFLyQ GH LQJUHVRV IDPLOLDUHV 
$JUXSDPLHQWR  ,QVXILFLHQFLD GH LQJUHVRV SDUD VXEVLVWHQFLD 
$JUXSDPLHQWR  'LILFXOWDG SDUD DIURQWDU FRVWRV GH OD HVFRODUL]DFLyQ 
ÈPELWR  ± %DUUHUDV VRFLRFXOWXUDOHV HQ OD GHPDQGD SRU HGXFDFLyQ  
$JUXSDPLHQWR  'HVDMXVWHV HQ ODV UHSUHVHQWDFLRQHV VREUH HO GHUHFKR
D OD HGXFDFLyQ 
ÈPELWR  ± %DUUHUDV PDWHULDOHV SHGDJyJLFDV  VLPEyOLFDV TXH VH PDQLILHVWDQ
HQ ODV HVFXHODV 
$JUXSDPLHQWR  (VFXHODV TXH QR FXHQWDQ FRQ UHFXUVRV PDWHULDOHV EiVLFRV 
$JUXSDPLHQWR  (VFXHODV GRQGH VH JHQHUDQ R WROHUDQ SURFHVRV
GH VHJPHQWDFLyQ  
$JUXSDPLHQWR  (VFXHODV TXH SRVLELOLWDQ HVFDVDV RSRUWXQLGDGHV GH DSUHQGHU  
$JUXSDPLHQWR  (VFXHODV FRQ FOLPD YLQFXODU  SHGDJyJLFR GHWHULRUDGR
ÈPELWR  ± %DUUHUDV SROtWLFDV WpFQLFDV  GH ILQDQFLDPLHQWR GHO VLVWHPD HGXFDWLYR  
$JUXSDPLHQWR  2IHUWD HGXFDWLYD IDOWDQWH HVFDVD LQDGHFXDGD
R EXURFUDWL]DGD 
$JUXSDPLHQWR  )LQDQFLDPLHQWR LQVXILFLHQWH 
$JUXSDPLHQWR  3URSXHVWDV WpFQLFDV TXH QR VRQ HILFDFHV  SHUWLQHQWHV
SDUD ORJUDU OD LQFOXVLyQ 
DStWXOR  (VWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ HGXFDWLYD 
(QFXDGUH VREUH SURSyVLWRV  iPELWRV GH ODV HVWUDWHJLDV 
3URSyVLWRV GH ODV HVWUDWHJLDV SXHQWHV D FRQVWUXLU  GDxRV D UHSDUDU 
ÈPELWR  ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV HFRQyPLFDV SURJUHVDU
KDFLD PDRU MXVWLFLD HQ UHFXUVRV  SRVLELOLGDGHV 
$JUXSDPLHQWR  %DODQFHDU LQJUHVRV IDPLOLDUHV  
$JUXSDPLHQWR  6XSOLU FRVWRV GH HVFRODUL]DFLyQ 
ÈPELWR  ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV VRFLRFXOWXUDOHV HQULTXHFHU
OD SHUVSHFWLYD VRFLDO VREUH HO GHUHFKR D OD HGXFDFLyQ  
$JUXSDPLHQWR  )RUWDOHFHU OD FRPSUHQVLyQ HQWUH ORV DFWRUHV
GHO VLVWHPD HGXFDWLYR  
ÈPELWR  ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV PDWHULDOHV SHGDJyJLFDV  VLPEyOLFDV
HQ OD RIHUWD HVFRODU SURPRYHU HVFXHODV FRPSURPHWLGDV FRQ OD LQFOXVLyQ  
$JUXSDPLHQWR  UHDU FRQGLFLRQHV PDWHULDOHV GH IXQFLRQDPLHQWR
 YLQFXODUODV FRQ HO DSUHQGL]DMH 
$JUXSDPLHQWR  RQYHUWLU ORV SURFHVRV GH RUJDQL]DFLyQ HVFRODU
HQ RSRUWXQLGDGHV SDUD OD LQFOXVLyQ 
$JUXSDPLHQWR  $PSOLDU ODV RSRUWXQLGDGHV GH DSUHQGHU SDUD ORV HVWXGLDQWHV  
$JUXSDPLHQWR  ,QVWDODU XQ FOLPD HVFRODU SURGXFWLYR UHVSHWXRVR  WROHUDQWH  
ÈPELWR  ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV SROtWLFDV WpFQLFDV  GH ILQDQFLDPLHQWR
GHO VLVWHPD HGXFDWLYR JHVWLRQDU HO VLVWHPD HGXFDWLYR KDFLD PHWDV GH LQFOXVLyQ  
$JUXSDPLHQWR  5HYLWDOL]DU OD RUJDQL]DFLyQ GH OD RIHUWD HGXFDWLYD 
$JUXSDPLHQWR  3URWHJHU  DPSOLDU HO ILQDQFLDPLHQWR 
$JUXSDPLHQWR  'HVDUUROODU XQD SHGDJRJtD UDFLRQDO SDUD VXSHUDU
OD H[FOXVLyQ 
5HIOH[LRQHV ILQDOHV 
5HIHUHQFLDV  
$QH[R PHWRGROyJLFR 
0DSD
$JUDGHFLPLHQWRV
(VWH GRFXPHQWR KD VLGR HODERUDGR HQ HO PDUFR GH OD ,QLFLDWLYD *OREDO SRU
ORV 1LxRV )XHUD GH OD (VFXHOD HQ XQ DFXHUGR LQVWLWXFLRQDO FRQ OD $VRFLDFLyQ
LYLO (GXFDFLyQ SDUD 7RGRV
/DV FRQVWDQWHV UHYLVLRQHV  SHUWLQHQWHV VXJHUHQFLDV GH $QQD /XFtD '¶(PLOLR
KDQ VLGR IXQGDPHQWDOHV SDUD DOFDQ]DU HVWD YHUVLyQ GHO ,QIRUPH 5HJLRQDO
/DV LQWHUDFFLRQHV FRQ HO HTXLSR GHO 8,681(62 KDQ SHUPLWLGR FRQWDU FRQ
GDWRV VLVWHPiWLFRV  GH FDOLGDG  KDQ KHFKR SRVLEOH SURFHGHU D VXFHVLYDV
PHMRUDV PHWRGROyJLFDV HQ HO SURFHVDPLHQWR  SUHVHQWDFLyQ GH OD LQIRUPDFLyQ
(Q SDUWLFXODU OD FRRSHUDFLyQ GH 6KHHQD %HOO  GH -XDQ UX] 3HUXVLD KD VLGR
DWHQWD FRQWLQXD  UHOHYDQWH
/DV YLQFXODFLRQHV FRQ ORV HTXLSRV TXH SUHSDUDURQ ORV LQIRUPHV QDFLRQDOHV
KDQ VLGR SURYHFKRVDV SDUD DPSOLDU ODV SHUVSHFWLYDV TXH VH LQFOXHQ HQ HVWH
LQIRUPH RODERUDURQ SRU %ROLYLD .DWULQ ,PKRI 'DQLHOH 'L 3LOOR (UQHVWR ixH]
,YiQ 9LGDXUUH 1XUND 9LOODOSDQGR 6D~O 6DQWD 0DUtD  .DWKOHHQ /L]DUUDJD SRU
%UDVLO 0DULD GH 6DOHWH 6LOYD -~OLD 5LEHLUR /~FLR *RQoDOYHV $QD ULVWLQD 0DWRV
0DUFRV $XUpOLR 5DPRV ,UDFHPD 1DVFLPHQWR  $QGUpLD 3HUHV SRU RORPELD
5RVDULR 5LFDUGR ODXGLD DPDFKR HFLOLD 5LYDV ULVWLDQ +LHGULFK 0DXULFLR
DVWLOOR  DUORV /DQ]LDQR
3UHVHQWDFLyQ
(O )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 81,()  HO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62
LPSXOVDQ OD ,QLFLDWLYD *OREDO SRU ORV 1LxRV  1LxDV )XHUD GH OD (VFXHOD TXH DSXQWD D FRQVWUXLU HYLGHQFLDV
VREUH HO IHQyPHQR GH OD H[FOXVLyQ HGXFDWLYD  D LGHQWLILFDU HVWUDWHJLDV GH UHVROXFLyQ TXH SHUPLWDQ OD SOHQD
UHDOL]DFLyQ GHO GHUHFKR D HVWDU HQ OD HVFXHOD  ORJUDU DSUHQGL]DMHV GH FDOLGDG (Q HO PDUFR GH HVWD LQLFLDWLYD
ODQ]DGD HQ  VH KDQ SURGXFLGR XQD VHULH GH HVWXGLRV GH SDtV  GH SDQRUDPDV UHJLRQDOHV
(Q QXHVWUD UHJLyQ VH KDQ SURGXFLGR HVWXGLRV QDFLRQDOHV HQ RORPELD %UDVLO  %ROLYLD  HVWH LQIRUPH UHJLRQDO
TXH WHQHPRV HO DJUDGR GH SUHVHQWDU D ORV OHFWRUHV (Q WRGRV HOORV OD FDUDFWHUL]DFLyQ GHO IHQyPHQR
GH OD H[FOXVLyQ HGXFDWLYD KD FRQVLGHUDGR ORV SHUILOHV GH ORV JUXSRV PiV DIHFWDGRV SRU OD H[FOXVLyQ
ODV EDUUHUDV TXH REVWDFXOL]DQ OD HGXFDFLyQ VRVWHQLGD  RSRUWXQD  ODV HVWUDWHJLDV SDUD UHPRYHUODV
(Q OtQHD FRQ HO PDUFR FRQFHSWXDO  PHWRGROyJLFR JOREDO WRGRV ORV HVWXGLRV UHDOL]DGRV KDQ FRQVLGHUDGR WDQWR
D ORV QLxRV QLxDV  DGROHVFHQWHV IXHUD GH OD HVFXHOD FRPR D DTXHOORV TXH DXQ HVWDQGR HQ OD HVFXHOD HVWiQ
HQ ULHVJR GH DEDQGRQDUOD $ GLIHUHQFLD GH RWURV DQiOLVLV H LQWHUSUHWDFLRQHV GH OD ~OWLPD GpFDGD TXH
VH KDQ FRQFHQWUDGR VREUH WRGR HQ ORV SUREOHPDV GH OD GHPDQGD HVWH HVWXGLR LGHQWLILFD PXFKRV SUREOHPDV
UHODFLRQDGRV FRQ OD RIHUWD HGXFDWLYD 6LQ GHVFRQRFHU OD DOWD SULRULGDG TXH PHUHFH OD DWHQFLyQ
GH ODV QHFHVLGDGHV HFRQyPLFDV  GH LQVHUFLyQ VRFLDO GH ODV IDPLOLDV PiV GHVIDYRUHFLGDV HO HQIRTXH
SODQWHDGR EXVFD OODPDU OD DWHQFLyQ VREUH HO URO GH ORV IDFWRUHV SHGDJyJLFRV  GH ODV VLWXDFLRQHV
GH HQVHxDQ]D FRPR HOHPHQWRV LQGLVSHQVDEOHV SDUD TXH WRGRV ORV HVWXGLDQWHV SXHGDQ DSUHQGHU
'LDJQRVWLFDGR HO IHQyPHQR GH OD H[FOXVLyQ ORV GHVDItRV SULQFLSDOHV VH HQFXHQWUDQ DKRUD HQ
OD LPSOHPHQWDFLyQ GH HVWUDWHJLDV TXH SHUPLWHQ PHMRUDU OD RIHUWD HGXFDWLYD 3DUD HOOR 81,() VH SURSRQH
DSRDU D ORV PLQLVWHULRV GH HGXFDFLyQ GH ORV SDtVHV GH OD UHJLyQ  D ORV GHPiV DFWRUHV GH OD FRPXQLGDG
HGXFDWLYD D DEULU HVSDFLRV GH GLiORJR  FRQFHUWDFLyQ HQ WRUQR D ODV SROtWLFDV HGXFDWLYDV  D HQFDUDU
XQD HVWUDWHJLD GH FRPXQLFDFLyQ VRFLDO DOUHGHGRU GH ODV FRQFOXVLRQHV GH HVWH LQIRUPH /D PDRUtD
GH ORV SDtVHV GH OD UHJLyQ D~Q WLHQHQ TXH FRQVHJXLU FREHUWXUD XQLYHUVDO HVSHFLDOPHQWH HQ ORV QLYHOHV GH
SUHHVFRODU  VHFXQGDULD SHUR D OD YH] VL TXLHUHQ DFDEDU FRQ OD H[FOXVLyQ WLHQHQ HO JUDQ UHWR GH HOLPLQDU
HO UH]DJR HVFRODU  SURPRYHU HO LQJUHVR RSRUWXQR HQ OD HVFXHOD
(VSHUDPRV TXH OD XWLOL]DFLyQ GH ORV GDWRV  SURFHGLPLHQWRV GH HVWDGtVWLFD HGXFDWLYD TXH DTXt VH RIUHFHQ
SHUPLWD SURPRYHU IUXFWtIHUDV GLVFXVLRQHV  DYDQFHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR VREUH ORV SURFHVRV
GH H[FOXVLyQLQFOXVLyQ DXPHQWDQGR OD FRPSUHQVLyQ  OD FDOLGDG GH ODV LQWHUYHQFLRQHV (Q HVH VHQWLGR
GHVHDPRV UHFRQRFHU  DJUDGHFHU DGHPiV GHO DSRR FRQWLQXR GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62
D YDULRV RWURV RUJDQLVPRV LQWHUQDFLRQDOHV TXH KDQ FRODERUDGR HQYLDQGR VXJHUHQFLDV  FRPHQWDULRV D
YHUVLRQHV SUHOLPLQDUHV GHO SUHVHQWH GRFXPHQWR OD 2UJDQL]DFLyQ GH (VWDGRV ,EHURDPHULFDQRV HO %DQFR
0XQGLDO HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR OD 2ILFLQD 5HJLRQDO GH OD 81(62 SDUD $PpULFD /DWLQD
 DULEH HO 6LVWHPD GH ,QIRUPDFLyQ GH 7HQGHQFLDV (GXFDWLYDV HQ $PpULFD /DWLQD 6,7($/
HO SURJUDPD
LQWHUDJHQFLDO 8QGHUVWDQGLQJ KLOGUHQ¶V :RUN 8:
8Q VLQFHUR UHFRQRFLPLHQWR DO HTXLSR GH OD $VRFLDFLyQ (GXFDFLyQ SDUD 7RGRV SRU VX HQWUHJD  SURIHVLRQDOLGDG
HQ OD HODERUDFLyQ GH HVWH GRFXPHQWR
(O GHUHFKR D XQD HGXFDFLyQ GH FDOLGDG QR SXHGH VHU SRVWHUJDGR
%HUQW $DVHQ
'LUHFWRU 5HJLRQDO GH 81,() SDUD $PpULFD /DWLQD  HO DULEH
ËQGLFH GH JUiILFRV
*UiILFR 3iJLQD
*UiILFR 
,QGLFDGRUHV VHOHFFLRQDGRV VREUH HVFRODUL]DFLyQ GH OD SREODFLyQ SRU SDtV
3DtVHV GH $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
'LPHQVLRQHV GH OD H[FOXVLyQ D SDUWLU GH GDWRV GH HVWXGLDQWHV SRU HGDG
 FRQGLFLyQ GH HGDG $PpULFD /DWLQD  HO DULEH LUFD  (Q PLOHV
GH DOXPQRV

*UiILFR 
7DVD HVSHFtILFD GH PDWUtFXOD SRU HGDG  D  DxRV 3DtVHV FRQ HGDG QRUPDWLYD
GH LQJUHVR D OD SULPDULD D ORV  DxRV GH HGDG $PpULFD /DWLQD  HO DULEH

*UiILFR 
RQVHUYDFLyQ LQWHUDQXDO GH HVWXGLDQWHV SRU HGDG VLPSOH $PpULFD /DWLQD
 HO DULEH LUFD  (Q PLOHV GH DOXPQRV

*UiILFR 
%UHFKD GH FREHUWXUD HVSHFtILFD GH HGXFDFLyQ LQLFLDO  PDWUtFXOD LQVFULWD
HQ HGXFDFLyQ LQLFLDO FRQ UH]DJR $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
(VWLPDFLyQ GHO LQJUHVR VLQ HGXFDFLyQ LQLFLDO  GHO LQJUHVR WDUGtR $PpULFD /DWLQD
 HO DULEH LUFD 

*UiILFR 
7DVD GH LQJUHVR DO SULPDULR FRQ UH]DJR DFDUUHDGR GH HGXFDFLyQ LQLFLDO  WDVD
GH LQJUHVR WDUGtR SXUR $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
7DVD GH FRQVHUYDFLyQ GH HVWXGLDQWHV SRU HGDG VLPSOH WUDPR GH  D  DxRV
GH HGDG $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
7DVD GH FRQVHUYDFLyQ GH HVWXGLDQWHV SRU HGDG VLPSOH WUDPR GH  D  DxRV
GH HGDG $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
(VWXGLDQWHV SRU HGDG  FRQGLFLyQ GH HGDG $PpULFD /DWLQD  HO DULEH
LUFD  (Q PLOHV GH DOXPQRV

*UiILFR  3RUFHQWDMH GH UHSHWLGRUHV SRU JUDGR $PpULFD /DWLQD  HO DULEH LUFD  
*UiILFR 
3RUFHQWDMH GH UHSHWLGRUHV  SRUFHQWDMH GH UH]DJR QR H[SOLFDGR SRU UHSHWLFLyQ
HQ SULPHU JUDGR $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
(VWXGLDQWHV LQVFULWRV FRQ HGDG WHyULFD  UH]DJR ž D ž JUDGR
3DtVHV VHOHFFLRQDGRV GH OD UHJLyQ
$PpULFD /DWLQD  HO DULEH LUFD 
(Q PLOHV GH DOXPQRV

*UiILFR 
(VWXGLDQWHV LQVFULWRV FRQ HGDG WHyULFD  UH]DJR ž D ž JUDGR %UDVLO
$xR  (Q PLOHV GH DOXPQRV

*UiILFR 
(VWXGLDQWHV LQVFULWRV SRU JUDGR ž D ž JUDGR %UDVLO $xR  (Q PLOHV
GH DOXPQRV

*UiILFR 
(VWXGLDQWHV PDWULFXODGRV HQ VHFXQGDULD EiVLFD SRU FRQGLFLyQ GH HGDG
$PpULFD /DWLQD  HO DULEH LUFD  (Q PLOHV GH DOXPQRV

*UiILFR 
7DVD QHWD DMXVWDGD GH PDWUtFXOD HQ SULPDULD SRU SDtV DJUXSDGRV VHJ~Q ,1%
SHU FiSLWD HQ 86'
LUFD
*UiILFR 3iJLQD
*UiILFR 
5D]yQ GH PDVFXOLQLGDG SDUD HO WRWDO GH HVWXGLDQWHV  SRU FRQGLFLyQ GH HGDG
SRU JUDGR $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
7DVD GH DVLVWHQFLD HVFRODU HQ SULPDULD  VHFXQGDULD
SRU ]RQD  SDtV
3DtVHV GH $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
3RUFHQWDMH GH QLxRV  QLxDV GH  D  DxRV GH HGDG TXH DVLVWHQ D OD HVFXHOD
WRWDO  VHJ~Q SDUWLFLSDFLyQ HQ DFWLYLGDGHV HFRQyPLFDV %ROLYLD %UDVLO RORPELD
 0p[LFR LUFD 

*UiILFR 
3RUFHQWDMH GH QLxRV  QLxDV GH  D  DxRV GH HGDG TXH HVWiQ HQ VLWXDFLyQ
GH WUDEDMR LQIDQWLO
SRUFHQWDMH TXH DVLVWH D OD HVFXHOD SRU QLYHO HGXFDWLYR
GHO MHIH GHO KRJDU  SRU SDtV $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
,QGLFDGRUHV VHOHFFLRQDGRV GH DVLVWHQFLD GH SREODFLyQ LQGtJHQD  QR LQGtJHQD
HQ HGDG HVFRODU (FXDGRU  3HU~ $xR 

*UiILFR 
3RUFHQWDMH GH DVLVWHQFLD GH OD SREODFLyQ GH  D  DxRV SRU SHUWHQHQFLD
D SXHEORV LQGtJHQDV 3DtVHV GH $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
3RUFHQWDMH GH DVLVWHQFLD GH OD SREODFLyQ GH  D  DxRV SRU SHUWHQHQFLD
D SXHEORV LQGtJHQDV  VH[R 3DtVHV GH $PpULFD /DWLQD  HO DULEH LUFD 

*UiILFR 
3RUFHQWDMH GH OD SREODFLyQ ±SRU FRQGLFLyQ GH GLVFDSDFLGDG± TXH VH HQFXHQWUD
PDWULFXODGD HQ HO VLVWHPD HGXFDWLYR (VWDGR SOXULQDFLRQDO GH %ROLYLD  5HS~EOLFD
GH RORPELD

*UiILFR 
(VWXGLDQWHV SRU HGDG  FRQGLFLyQ GH HGDG WRWDO  SHUWHQHFLHQWH D SREODFLyQ
DIURGHVFHQGLHQWH RORPELD  %UDVLO $xR 

*UiILFR 
)DFWRUHV DVRFLDGRV DO DSUHQGL]DMH  SRUFHQWDMH GH RFDVLRQHV HQ TXH ORV IDFWRUHV
VH DVRFLDQ DO DSUHQGL]DMH HQ WRGDV ODV iUHDV  JUDGRV HYDOXDGRV 3DtVHV
GH $PpULFD /DWLQD  HO DULEH

*UiILFR 
$WUDVR HVFRODU GRV  PiV DxRV GH GHVIDVDMH
HQWUH HVWXGLDQWHV GH 
D  DxRV VHJ~Q FOLPD HGXFDFLRQDO GHO KRJDU  iUHDV JHRJUiILFDV  SDtVHV
GH ,EHURDPpULFD $OUHGHGRU GH 

*UiILFR 
-yYHQHV GH  D  DxRV TXH SURJUHVDURQ RSRUWXQDPHQWH HQ HO VLVWHPD
HGXFDWLYR SRU GHFLO GH LQJUHVRV  3DtVHV GH ,EHURDPpULFD $OUHGHGRU GH 

*UiILFR 
(MHPSOLILFDFLyQ SDVDMH GH ORV  D ORV  DxRV GH HGDG HQ XQ SDtV FRQ LQJUHVR
D OD SULPDULD D OD HGDG GH  DxRV
ËQGLFH GH QRWDV FRQ UHIHUHQFLDV FRPSOHPHQWDULDV
1RWD 3iJLQD
1RWD  (O GHVDItR GHO FUHFLPLHQWR GH OD SREODFLyQ 
1RWD  (O DFFHVR DO VLVWHPD HGXFDWLYR HQ HGXFDFLyQ LQLFLDO  SULPDULD HO FDVR GH %ROLYLD 
1RWD  0DWHUQLGDG DGROHVFHQWH  DEDQGRQR GH OD HVFXHOD 
1RWD 
$SRUWH FRQFHSWXDO FRPXQLFDFLyQ PRYLOL]DFLRQ SDUD HO FDPELR
 UHSUHVHQWDFLRQHV VRFLDOHV

1RWD  8VR GHO WLHPSR HVFRODU  $OFDOGtD PHWURSROLWDQD GH DUDFDV 
1RWD 
$SRUWH FRQFHSWXDO HO GHVDUUROOR GH FDSDFLGDGHV FRJQLWLYDV  VRFLDOHV FRPR YtD
GH LQFOXVLyQ

1RWD  1RUPDWLYDV UHJODPHQWDULDV  SURFHVRV GH VHJPHQWDFLyQ R H[FOXVLyQ 
1RWD  $SRUWH FRQFHSWXDO FXiQWR LQYHUWLU  FyPR GLVWULEXLU 
1RWD  (VWUDWHJLDV SDUD DWHQGHU HO WUDVSRUWH HVFRODU HQ RORPELD 
1RWD  (VWUDWHJLDV SDUD DWHQGHU OD DOLPHQWDFLyQ HVFRODU HQ RORPELD 
1RWD 
3UHVWDFLRQHV VRFLDOHV TXH RFXUUHQ HQ OD HVFXHOD WHQVLRQHV FRQ HO WLHPSR
HGXFDWLYR

1RWD  (VWUDWHJLDV GH FRPXQLFDFLyQ HQ RORPELD 
1RWD  (VWUDWHJLDV GH SURYLVLyQ GH OLEURV HVFRODUHV HQ %UDVLO 
1RWD 
$SRUWH FRQFHSWXDO FRPSHWHQFLDV GH HQVHxDQ]D SDUD PDV RSRUWXQLGDGHV
GH DSUHQGHU

1RWD  1RUPDV HVFRODUHV TXH VH SXHGHQ FRQVWUXLU D IDYRU GH OD LQFOXVLyQ 
1RWD  3HUIHFFLRQDPLHQWR GRFHQWH  YtQFXORV FRQ ORV QLxRV  QLxDV HQ %ROLYLD 
1RWD  (MHV GH HYROXFLyQ HQ OD IRUPDFLyQ GRFHQWH 
1RWD  (O ILQDQFLDPLHQWR GH OD HGXFDFLyQ HQ SDtVHV GH OD UHJLyQ
ËQGLFH GH WDEODV FRQ LQIRUPDFLyQ FXDQWLWDWLYD
7DEOD 3iJLQD
7DEOD  'LPHQVLRQHV GH OD H[FOXVLyQ 
7DEOD  (VTXHPD LQWHJUDGR GH ODV GLPHQVLRQHV GH OD H[FOXVLyQ 
7DEOD  'LPHQVLyQ  ± 1LxRV  QLxDV GH  DxRV TXH QR DVLVWHQ D HGXFDFLyQ LQLFLDO 
7DEOD 
'LPHQVLyQ  ± 1LxRV  QLxRV HQ HGDG HVFRODU TXH QR DVLVWHQ D OD HVFXHOD
SULPDULD

7DEOD 
1LxRV HQ OD GLPHQVLyQ  VHJ~Q LQJUHVR WDUGtR DEDQGRQR R H[FOXVLyQ WRWDO
$PpULFD /DWLQD  HO DULEH  SDtVHV VHOHFFLRQDGRV

7DEOD  'LPHQVLyQ  ± $GROHVFHQWHV TXH QR DVLVWHQ D OD HVFXHOD VHFXQGDULD 
7DEOD  'LPHQVLyQ  ± 1LxRV  QLxDV HQ ULHVJR HGXFDWLYR 
7DEOD  'LPHQVLyQ  ± $GROHVFHQWHV HQ ULHVJR HGXFDWLYR 
7DEOD  3REODFLyQ GH  D  DxRV SRU VLWXDFLyQ GH GLVFDSDFLGDG 
7DEOD  +RUDV GH HQVHxDQ]D  VHPDQDV OHFWLYDV 3DtVHV VHOHFFLRQDGRV 
7DEOD  (VWXGLDQWHV SRU GRFHQWH SRU QLYHO HGXFDWLYR 3DtVHV GH $PpULFD /DWLQD 
7DEOD  3XQWRV FODYH GHO LWLQHUDULR HVFRODU DFFHVRV D FDGD QLYHO HGXFDWLYR 
7DEOD 
3XQWRV FODYH GHO LWLQHUDULR HVFRODU IUDFDVR HVFRODU HQ FDGD QLYHO HGXFDWLYR
 HQ ODV WUDQVLFLRQHV

7DEOD 
ÒOWLPR DxR FRQ GDWRV GLVSRQLEOHV SDUD HO FiOFXOR GH ORV LQGLFDGRUHV VHJ~Q SDtV
 WLSR GH GDWR 3DtVHV GH $PpULFD /DWLQD  HO DULEH

7DEOD 
(GDG  GXUDFLyQ GH ORV QLYHOHV FLQH  D FLQH  SRU SDtV
3DtVHV GH $PpULFD /DWLQD  HO DULEH

7DEOD  (GDG GH FXUVDGR GH ORV DxRV HVFRODUHV SDUD HO FiOFXOR GHO UH]DJR HVFRODU 
7DEOD  ,QVFULWRV UHSHWLGRUHV  UHFXUVDQWHV 3DtVHV GH $PpULFD /DWLQD  HO DULEH
ËQGLFH GH FXDGURV SURFHVDPLHQWRV
 FDWHJRUL]DFLRQHV FXDOLWDWLYDV
XDGUR 3iJLQD
XDGUR  5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ SDUD SUHYHQLU R VXSHUDU OD H[FOXVLyQ 
XDGUR  (VWUXFWXUD GH ORV VLVWHPDV HGXFDWLYRV QDFLRQDOHV 
XDGUR 
5HODFLyQ HQWUH ODV GLPHQVLRQHV GH H[FOXVLyQ  ORV iPELWRV  DJUXSDPLHQWRV
GH EDUUHUDV H LQIOXHQFLDV

XDGUR  5HODFLyQ HQWUH ODV EDUUHUDV  ODV HVWUDWHJLDV SDUD VXSHUDUODV 
XDGUR  'LPHQVLRQHV GH H[FOXVLyQ  EDUUHUDV DVRFLDGDV 
XDGUR  5HVXPHQ GH EDUUHUDV  HVWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ 
XDGUR 
,GHDV IXHU]D SDUD FRPXQLFDFLRQHV GLULJLGDV D IDPLOLDV HVWXGLDQWHV  FRPXQLGDG
HQ JHQHUDO

XDGUR  'LPHQVLRQHV GH OD H[FOXVLyQ  UHVXOWDGRV VXSHUDGRUHV 
XDGUR 
5DVJRV SURSLFLRV  QHJDWLYRV HQ ODV UHJXODFLRQHV GH DFFHVR D OD HGXFDFLyQ
IRUPDO

XDGUR 
(QIRTXHV JHQHUDOHV GH UHLQVHUFLyQ HQ HO VLVWHPD HGXFDWLYR VHJ~Q QLYHO
 EDUUHUDV TXH RSHUDURQ

‹81,()+RQGXUDV3LUR]L
7DEOD GH DEUHYLDWXUDV
%,' %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR
%0 %DQFR 0XQGLDO
( RRUGLQDFLyQ (GXFDWLYD  XOWXUDO HQWURDPHULFDQD
('/$6 HQWUR GH (VWXGLRV 'LVWULEXWLYRV /DERUDOHV  6RFLDOHV 6HGODF SRU VXV VLJODV HQ LQJOpV
(/$'( HQWUR /DWLQRDPHULFDQR  DULEHxR GH 'HPRJUDItD
(3$/ RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD
,1( ODVLILFDFLyQ ,QWHUQDFLRQDO 1RUPDOL]DGD GH OD (GXFDFLyQ
,3' RQIHUHQFLD ,QWHUQDFLRQDO VREUH 3REODFLyQ  'HVDUUROOR
21$/,7(* RPLVLyQ 1DFLRQDO GH /LEURV GH 7H[WR *UDWXLWRV 0p[LFR
('82 3URJUDPD GH (GXFDFLyQ FRQ 3DUWLFLSDFLyQ GH OD RPXQLGDG
(,% (GXFDFLyQ LQWHUFXOWXUDO ELOLQJH
(+ (QFXHVWD GH +RJDUHV GH %ROLYLD
(10+ (VWXGLR 1DFLRQDO 0XHVWUDO GH +RJDUHV 31$' SRU VXV VLJODV HQ SRUWXJXpV
(37 (GXFDFLyQ SDUD 7RGRV
)81'(% )RQGR GH 0DQWHQLPLHQWR  'HVDUUROOR GH OD (GXFDFLyQ %iVLFD  GH OD 9DORUL]DFLyQ
GH ORV 3URIHVLRQDOHV 'RFHQWHV %UDVLO
)81'() )RQGR GH 0DQWHQLPLHQWR  'HVDUUROOR GH OD (QVHxDQ]D )XQGDPHQWDO  9DORUL]DFLyQ
GHO 0DJLVWHULR %UDVLO
,%) ,QVWLWXWR RORPELDQR GH %LHQHVWDU )DPLOLDU
,'(% ËQGLFH GH 'HVDUUROOR GH OD (GXFDFLyQ %iVLFD GH %UDVLO
,QGHV ,QVWLWXWR LQWHUDPHULFDQR SDUD HO GHVDUUROOR HFRQyPLFR  VRFLDO
,1( ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD GH %ROLYLD
//(( /DERUDWRULR /DWLQRDPHULFDQR GH (YDOXDFLyQ GH OD DOLGDG GH OD (GXFDFLyQ
0(1 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO GH RORPELD
1)( 1LxRV IXHUD GH OD HVFXHOD 226 SRU VX VLJOD HQ LQJOpV
11$ 1LxRV QLxDV  DGROHVFHQWHV
2'( 2UJDQL]DFLyQ SDUD OD RRSHUDFLyQ  HO 'HVDUUROOR (FRQyPLFR
2( 2UJDQL]DFLyQ GH RRSHUDFLyQ (FRQyPLFD
2'0 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR
2(, 2UJDQL]DFLyQ GH (VWDGRV ,EHURDPHULFDQRV SDUD OD (GXFDFLyQ OD LHQFLD  OD XOWXUD
2,( 2ILFLQD ,QWHUQDFLRQDO GH (GXFDFLyQ
2,7 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO 7UDEDMR ,/2 SRU VXV VLJODV HQ LQJOpV
21* 2UJDQL]DFLyQ QR JXEHUQDPHQWDO
25($/ 2ILFLQD 5HJLRQDO GH (GXFDFLyQ GH 81(62 SDUD $PpULFD /DWLQD  HO DULEH
3,% 3URGXFWR ,QWHUQR %UXWR
31%( 3URJUDPD 1DFLRQDO %LEOLRWHFD GH (VFXHOD
31/' 3URJUDPD 1DFLRQDO GHO /LEUR 'LGiFWLFR
35($/ 3URJUDPD GH 3URPRFLyQ GH OD 5HIRUPD (GXFDWLYD GH $PpULFD /DWLQD  HO DULEH
3520($ 3URHFWR GH 0HMRUDPLHQWR GH OD DOLGDG GH OD (QVHxDQ]D (VFRODU %ROLYLD
3521$'( 3URJUDPD 1DFLRQDO GH $XWRJHVWLyQ SDUD HO 'HVDUUROOR (GXFDWLYR *XDWHPDOD
37 3URJUDPD GH 7UDQVIHUHQFLD RQGLFLRQDGD
6(3 6XEYHQFLyQ (VFRODU 3UHIHUHQFLDO
6(5( 6HJXQGR (VWXGLR 5HJLRQDO RPSDUDWLYR  ([SOLFDWLYR
6*3 6LVWHPD *HQHUDO GH 3DUWLFLSDFLRQHV
6,$ 6LVWHPD GH OD ,QWHJUDFLyQ HQWURDPHULFDQD
6,0$7 6LVWHPD ,QWHJUDGR GH 0DWUtFXOD RORPELD
6LVEpQ 6LVWHPD GH ,GHQWLILFDFLyQ GH 3RWHQFLDOHV %HQHILFLDULRV GH 3URJUDPDV VRFLDOHV RORPELD
6,633, 6LVWHPD GH ,QGLFDGRUHV 6RFLRGHPRJUiILFRV GH 3REODFLRQHV  3XHEORV ,QGtJHQDV
8: 3URHFWR (QWHQGLHQGR HO 7UDEDMR ,QIDQWLO
8,6 ,QVWLWXWR GH (VWDGtVWLFDV GH 81(62 8,6 SRU VX VLJOD HQ LQJOpV
81(62 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ OD LHQFLD  OD XOWXUD
81,() )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD
813' 'LYLVLyQ GH 3REODFLyQ GH 1DFLRQHV 8QLGDV 813' SRU VXV VLJODV HQ LQJOpV
99 $$ 9DULRV DXWRUHV
‹81,()3DUDJXD/XLV9HUD
('8$,Ï1 35,0$5,$ ¢4Xp WH SDVy FXDQGR HPSH]DVWH D OHHU  HVFULELU
-RHO  DxRV $UJHQWLQD
‡ ©PH SDVR TXH PH SXVH D OORUDU SRUTXH WRVGRV VDELDQ OHHU L xR QR SRGLD D OHHU  HVFULELUª -HQLIHU /ODQHWH
  DxRV *XDWHPDOD
‡ ©8$1'2 /(, 0( 75$%$%$ /$ /(1*8$  /(,$ 08 '(63$6,2  (6 5,9,$ 21 /(75$ )($
 7$0%,(1 12 0( $385$%$  12 803/,$ 20, 7$5($ª 'DQLHO $OHMDQGUR  DxRV 1LFDUDJXD
DUOD $UJHQWLQD
‡ ©$OHJULD HPRFLyQ )HOLVLGDGª ULVWLDQ  DxRV 3DQDPi
‡ ©0H SXVH IHOL] PH LQSLUp DOD HGXFDFLyª DHO 5HS~EOLFD 'RPLQLFDQD
('8$,Ï1 6(81'$5,$ %È6,$ ¢4Xp TXHUpV FRQWDU GH OD HVFXHOD
*ULVHOGD  DxRV $UJHQWLQD
%UXQR  DxRV $UJHQWLQD
‡ ©0H HQWHUDED TXH LED D UHQGLU XQD PDWHULD  PH GD JDQDV GH GHMDU HO FROHJLRª 5RFtR  DxRV $UJHQWLQD
‡ ©6L TXH QXQFD PH JXVWDUtD UHSHWLU  TXH QR PH JXVWDUtD LU D UHQGLU QLQJXQD PDWHULDª 1D]DUHQD
 DxRV $UJHQWLQD
‡ ©6L SRUTXH HQ HVWD HVFXHOD ORV DGXOWRV VRQ UH FRSDGRV  QR WH IDOWDQ HO UHVSHWR  WRGRV ORV DGXOWRV
WHQGUtDQ TXH VHU DVLª 7LWR  DxRV $UJHQWLQD
,QWURGXFFLyQ
1R HV FDVXDO TXH ODV SULPHUDV OtQHDV GHO ,QIRUPH 5HJLRQDO GH OD ,QLFLDWLYD SRU ORV 1LxRV )XHUD GH OD (VFXHOD
,QLFLDWLYD 1)(
WUDQVPLWDQ OD YR] GLUHFWD GH ORV HVWXGLDQWHV DOJXQRV OR KDFHQ FRQ HQWXVLDVPR  RWURV HVWiQ
HQ XQ PRPHQWR GHOLFDGR GH VX HVFRODULGDG HQ HO TXH HO GHVDOLHQWR HO UH]DJR HVFRODU  OD EDMD HVWLPD
VH HQFXHQWUDQ SUHVHQWHV 3RU HOOR FRQVWLWXHQ XQD LQWHUSHODFLyQ D OD UHVSRQVDELOLGDG DFDGpPLFD WpFQLFD
 SROtWLFD FRQ OD TXH KD TXH HQIUHQWDU OD H[FOXVLyQ HGXFDWLYD  SRVLELOLWDU HO DYDQFH GHO HMHUFLFLR GHO GHUHFKR
D OD HGXFDFLyQ UHFRQRFLGR HQ OD RQYHQFLyQ VREUH ORV 'HUHFKRV GHO 1LxR
$PpULFD /DWLQD  HO DULEH KDQ DYDQ]DGR PXFKR HQ ODV UHFLHQWHV GpFDGDV $ SDUWLU GH ORV HVIXHU]RV SROtWLFRV
 ILQDQFLHURV GH ODV GHPDQGDV VRFLDOHV  GH OD DERJDFtD  RULHQWDFLyQ GH ODV HQWLGDGHV LQWHUQDFLRQDOHV ORV
VLVWHPDV HGXFDWLYRV GH ORV SDtVHV GH OD UHJLyQ VH KDQ DPSOLDGR SDUD UHFLELU D XQD HQRUPH PDRUtD GH QLxRV
QLxDV  DGROHVFHQWHV HQWUH ORV   ORV  DxRV 3HUR HVWH SURJUHVR GHMD D~Q PXFKRV EROVRQHV GH H[FOXVLyQ
WRWDO DFWXDO R SRWHQFLDO QLxRV  QLxDV TXH LQJUHVDQ WDUGH DO VLVWHPD HGXFDWLYR TXH IUDFDVDQ UHLWHUDGDPHQWH
TXH QR HQFXHQWUDQ H[SHULHQFLDV SHGDJyJLFDV TXH OHV SHUPLWDQ GHVDUUROODU VXV FDSDFLGDGHV  TXH YLYHQ
VLWXDFLRQHV GH GLVFULPLQDFLyQ 1LxRV QLxDV  DGROHVFHQWHV TXH HQ PXFKRV FDVRV DJUHJDQ D HVDV
VLWXDFLRQHV HVFRODUHV OD LQMXULD GH FRQGLFLRQHV GH YLGD GUDPiWLFDPHQWH HPSREUHFLGDV SUHFDULDV KXPLOODQWHV
$QWH HVWH SDQRUDPD SXHGHQ WRPDUVH GRV SRVWXUDV 8QD HVSHUDU KDVWD TXH OD LQHUFLD  HO LPSXOVR DOFDQFHQ
HIHFWLYDPHQWH D WRGRV ORV QLxRV QLxDV  DGROHVFHQWHV 2WUD WRPDU OD GHFLVLyQ GH LQWHUYHQLU DFHOHUDQGR ORV
SURFHVRV GH LQFOXVLyQ HQ XQ SURFHVR TXH SDUWD GHO DQiOLVLV GH OD VLWXDFLyQ DFWXDO TXH LGHQWLILTXH ODV EDUUHUDV
 ORV DVSHFWRV IDYRUHFHGRUHV  TXH LPSXOVH FRQ LQWHOLJHQFLD  YROXQWDG ORV HVIXHU]RV QHFHVDULRV SDUD
TXH OD HGXFDFLyQ DFW~H PiV SOHQDPHQWH D IDYRU GH WRGRV FRQ HVSHFLDO DPRU KXPDQR  FDOLGDG SURIHVLRQDO
KDFLD DTXHOORV TXH YLYHQ VLWXDFLRQHV GLYHUVDV R LQMXVWDV
,PSXOVDGD SRU 81,()  HO ,QVWLWXWR GH (VWDGtVWLFDV GH 81(62 OD ,QLFLDWLYD SRU ORV 1LxRV )XHUD GH OD
(VFXHOD HV XQ DSRUWH D HVH SURFHVR GH DQiOLVLV  GH DFFLyQ DELHUWR D LQWHJUDU FRPSURPLVRV GH SHQVDPLHQWR
 GH UHDOL]DFLyQ SRU SDUWH GH JRELHUQRV RUJDQLVPRV LQWHUQDFLRQDOHV  RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO
(VWH GRFXPHQWR UHIOHMD ORV UHVXOWDGRV GH XQ LQIRUPH UHJLRQDO TXH DEDUFD  SDtVHV (Q pO VH H[SRQH
XQD EDVH SDUD GHVDUUROODU PDUFRV GH FRPSUHQVLyQ  GH UHVROXFLyQ GHO IHQyPHQR GH OD H[FOXVLyQ HGXFDWLYD
D SDUWLU GH OD FDUDFWHUL]DFLyQ GH ORV SHUILOHV UHJLRQDOHV GHO DQiOLVLV GH ODV EDUUHUDV TXH OD DOLPHQWDQ
 GH OD VLVWHPDWL]DFLyQ GH YtDV GH DFFLyQ SDUD VXSHUDU HVDV EDUUHUDV  UHPRYHU OD H[FOXVLyQ
/D H[SUHVLyQ ©FRPSOHWDU OD HVFXHODª TXH VH UHWRPDUi HQ ORV VLJXLHQWHV SiUUDIRV  TXH HV SDUWH GHO WtWXOR GH
HVWH LQIRUPH LQGLFD TXH HQ QXHVWUD UHJLyQ OD HVFXHOD HV XQD LQVWLWXFLyQ SUHVHQWH  DPSOLDPHQWH GLVHPLQDGD
SHUR TXH HVWi D~Q LQFRPSOHWD HQ PXFKRV VHQWLGRV QLxRV QLxDV  DGROHVFHQWHV TXH QR LQJUHVDQ HQ OD HGDG
RSRUWXQD R TXH QR SHUPDQHFHQ HQ HOOD KDVWD FRPSOHWDU OD HGXFDFLyQ REOLJDWRULD $GHPiV ORV DSUHQGL]DMHV
PXFKDV YHFHV VRQ GpELOHV LPSHUIHFWRV H LQVXILFLHQWHV  ODV FDUHQFLDV PDWHULDOHV HGLOLFLDV  ODV GLILFXOWDGHV
SDUD OD FREHUWXUD GH FDUJRV GRFHQWHV WDPELpQ GHMDQ LQFRPSOHWD OD HVFXHOD
3RU RWUR ODGR OD H[SUHVLyQ ©XQ GHUHFKR D SURWHJHUª DSHOD D UDWLILFDU OD LPSRUWDQFLD TXH WLHQH OD HGXFDFLyQ
SDUD HO GHVDUUROOR LQWHJUDO GH ORV QLxRV QLxDV  DGROHVFHQWHV SRU VX SRWHQFLDOLGDG SDUD GHVSOHJDU VXV
FDSDFLGDGHV HMHUFLWDUODV GLVIUXWDUODV  HQULTXHFHUODV 3URWHJHU HO GHUHFKR D OD HGXFDFLyQ DPSOtD WDPELpQ
ODV FRQGLFLRQHV SDUD GHPDQGDU  HMHUFHU RWURV GHUHFKRV
)LQDOPHQWH OD H[SUHVLyQ ©XQ GHEHU SDUD FRPSDUWLUª HV XQD QXHYD H LQVLVWHQWH FRQYRFDWRULD D HYLWDU HO UHSDUWR
GH FXOSDV HQ RWURV VHFWRUHV  D DVXPLU FROHFWLYD  FRRSHUDWLYDPHQWH ORV HVIXHU]RV TXH KD TXH UHDOL]DU
SDUD JDUDQWL]DU HO GHUHFKR D OD HGXFDFLyQ (Q OR TXH FRPSHWH DO VLVWHPD HVFRODU HVWDGRV QDFLRQDOHV
 VXEQDFLRQDOHV RUJDQLVPRV GH ILQDQFLDPLHQWR  GH FRRSHUDFLyQ HQWLGDGHV VLQGLFDOHV PDJLVWHULDOHV PHGLRV
GH FRPXQLFDFLyQ IDPLOLDV FRPXQLGDGHV XQLYHUVLGDGHV  FHQWURV GH LQYHVWLJDFLyQ QR SXHGHQ PDQWHQHUVH
DO PDUJHQ
(Q VtQWHVLV FRPSOHWDU OD HVFXHOD HV XQ GHEHU SDUD FRPSDUWLU  WDPELpQ XQD HVSHUDQ]D SDUD DFWXDU
XQ GHUHFKR D SURWHJHU
(Q ODV GRV ~OWLPDV GpFDGDV HQ VLWXDFLRQHV
SROtWLFDV  HFRQyPLFDV PX GLYHUVDV WRGRV ORV
SDtVHV GH $PpULFD /DWLQD  HO DULEH ±XQD UHJLyQ
TXH DFXPXODED YDULDGDV GHVLJXDOGDGHV  DWUDVRV
UHODWLYRV± KDQ WRPDGR GHFLVLRQHV  DVLJQDGR
UHFXUVRV ILQDQFLHURV SDUD DPSOLDU ODV RSRUWXQLGDGHV
GH HVFRODUL]DFLyQ GH VX SREODFLyQ LQIDQWLO  MXYHQLO
7DQWR HVRV HVIXHU]RV FRPR VX SRWHQFLDOLGDG GH
ORJUR D~Q GHEHQ VRVWHQHUVH  DILQDUVH (Q WRUQR
DO DxR  HQ $PpULFD /DWLQD  HO DULEH KDEtD
DSUR[LPDGDPHQWH  PLOORQHV GH QLxRV QLxDV
 DGROHVFHQWHV 11$
HQ HGDG GH DVLVWLU D OD
HGXFDFLyQ LQLFLDO SRU OR PHQRV XQ DxR DQWHV
GH OD SULPDULD
HGXFDFLyQ SULPDULD  HGXFDFLyQ
VHFXQGDULD EiVLFD 6LQ HPEDUJR  PLOORQHV QR
DVLVWtDQ D OD HVFXHOD   PLOORQHV DVLVWtDQ
DUUDVWUDQGR IUDFDVRV  VHxDOHV GH GHVLJXDOGDG
H[SUHVDGDV HQ GRV R PiV DxRV GH GHVIDVH JUDGR
HGDG R UH]DJR HVFRODU
3DUD DSRDU HVRV SURFHVRV TXH SXHGDQ KDFHU
HIHFWLYR HO GHUHFKR GH WRGRV ORV QLxRV
D OD HGXFDFLyQ 81,()  HO ,QVWLWXWR GH (VWDGtVWLFD
GH OD 81(62 8,6
ODQ]DURQ OD ,QLFLDWLYD *OREDO
SDUD ORV 1LxRV )XHUD GH OD (VFXHOD D LQLFLRV
GH  /D LQLFLDWLYD DSXQWD D WUDEDMDU
FRQ  SDtVHV %ROLYLD %UDVLO RORPELD .LUJXLVWiQ
5XPDQLD 7DLNLVWiQ 7XUTXtD DPERD ,QGRQHVLD
)LOLSLQDV 7LPRU (VWH (WLRStD 0R]DPELTXH
=DPELD 6XGiQ GHO 6XU 6XGiQ GHO 1RUWH
0DUUXHFRV %DQJODGHVK ,QGLD 3DNLVWiQ 6UL /DQND
5HS~EOLFD 'HPRFUiWLFD GHO RQJR *KDQD /LEHULD
 1LJHULD
(VH SURSyVLWR JOREDO LPSOLFD FRPELQDU HO DQiOLVLV
GH LQIRUPDFLyQ HVWDGtVWLFD VREUH ORV QLxRV QLxDV
 DGROHVFHQWHV IXHUD GH OD HVFXHOD OD LGHQWLILFDFLyQ
GH ORV IDFWRUHV GH H[FOXVLyQ GH OD HVFRODUL]DFLyQ
 OD SUHVHQWDFLyQ GH SROtWLFDV SDUD VXSHUDU OD
H[FOXVLyQ
/D LQWHQFLyQ HV SURIXQGL]DU XQ HQIRTXH PiV
VLVWHPiWLFR SDUD DERUGDU HO SUREOHPD GH ORV 11$
IXHUD GH OD HVFXHOD  DPSOLDU OD RULHQWDFLyQ
D UHIRUPDV FRQFUHWDV GHO VHFWRU HGXFDWLYR
HQ HVWH VHQWLGR /DV DFWLYLGDGHV GH OD ,QLFLDWLYD 1)(
LQFOXHQ HVWXGLRV QDFLRQDOHV EDVDGRV
HQ HO WUDEDMR GH HTXLSRV GH FDGD SDtV LQWHJUDGRV
SRU ORV VRFLRV GHO JRELHUQR  ORV SULQFLSDOHV
WRPDGRUHV GH GHFLVLRQHV
XQ SDQRUDPD GH FDGD
XQD GH ODV UHJLRQHV XQ HVWXGLR JOREDO  XQD
FRQIHUHQFLD PXQGLDO SDUD PRYLOL]DU UHFXUVRV SDUD
OD HTXLGDG
/DV 'LPHQVLRQHV GH OD H[FOXVLyQ
(O LPSHUDWLYR GH DOFDQ]DU HQ ORV SUy[LPRV DxRV
OD SOHQD HVFRODUL]DFLyQ GHVGH OD HGXFDFLyQ LQLFLDO
SRU OR PHQRV XQ DxR DQWHV GH OD SULPDULD
KDVWD
OD VHFXQGDULD EiVLFD VH HQFXHQWUD DYDODGR
 VXVFULSWR SRU GLYHUVDV LQVWDQFLDV TXH LQFOXHQ
FXPEUHV SUHVLGHQFLDOHV GRFXPHQWRV GH FRQVHQVR
GH HQWLGDGHV PXOWLODWHUDOHV GH FRRSHUDFLyQ
 ILQDQFLDPLHQWR  P~OWLSOHV H[SUHVLRQHV JOREDOHV
GH SDUWLFLSDFLyQ  PRYLOL]DFLyQ SRU OD HGXFDFLyQ
/D ,QLFLDWLYD *OREDO SRU ORV 1)( WRPD
HQ FRQVLGHUDFLyQ WDQWR D ORV PLOORQHV GH 11$ GH 
D  DxRV TXH QR HVWiQ DVLVWLHQGR D OD HVFXHOD
HV GHFLU ORV TXH ©KR HVWiQ IXHUD GH OD HVFXHODª
FRPR D ORV HVWXGLDQWHV TXH VL ELHQ FRQFXUUHQ
D OD HVFXHOD WLHQHQ XQD HVFRODUL]DFLyQ OiELO
 SUHFDULD  TXH VL QR VH DFW~D FRQ HILFDFLD VHUiQ
ORV TXH HVWpQ ©IXHUD GH OD HVFXHOD GHO IXWXUR
SUy[LPRª
/D HVFRODUL]DFLyQ IRUPDO REOLJDWRULD TXH VH OHJLVOD
GLVHxD  SUHWHQGH SDUD WRGRV ORV 11$ VH EDVD
HQ XQ VXSXHVWR GH SURJUDPDFLyQ GRQGH D FDGD
JUDGR FRUUHVSRQGH XQD HGDG )UHQWH D HVWH
HVTXHPD WHyULFR HO HQIRTXH SURSXHVWR SRU
81,()  HO 8,681(62 VLW~D OD FRPSUHQVLyQ
GHO ©HVWDU IXHUD GH OD HVFXHODª FRPR XQ SURFHVR
VRFLDO UHDO GLQiPLFR  UHFXUUHQWH
(Q HO PDUFR GH HVWD ,QLFLDWLYD *OREDO VH GHWHUPLQDQ
FLQFR GLPHQVLRQHV GH H[FOXVLyQ HV GHFLU FLQFR
SRVLELOLGDGHV GH HVWDU KR R PDxDQD IXHUD GH OD
HVFXHOD  GHO PDSD GH UHFRUULGR HVFRODU GHVHDEOH
SDUD WRGRV 6H ODV SUHVHQWD HQ OD 7DEOD 
FXDQWLILFDGDV SDUD OD UHJLyQ GH $PpULFD /DWLQD
 HO DULEH
/D LQLFLDWLYD JOREDO SRU ORV QLxRV IXHUD GH OD HVFXHOD
XQD SHUVSHFWLYD SDUD VXPDU HVIXHU]RV
TXH VXSHUHQ OD H[FOXVLyQ HGXFDWLYD
9DOH GHVWDFDU DGHPiV TXH OD HVWLPDFLyQ GH OD
FDQWLGDG GH QLxRV  QLxDV FRUUHVSRQGLHQWH D ODV
GLPHQVLRQHV    VH UHDOL]D FRQVLGHUDQGR D ORV
DOXPQRV TXH DVLVWHQ FRQ GRV R PiV DxRV GH
UH]DJR SRU OR TXH VH HQFXHQWUDQ HQ ULHVJR JUDYH
6LQ HPEDUJR D ORV ILQHV GHO SUHVHQWH HVWXGLR VH
FRQVLGHUD UHOHYDQWH VHxDODU TXH H[LVWH XQ FRQMXQWR
GH HVWXGLDQWHV TXH DVLVWHQ D OD SULPDULD R
VHFXQGDULD FRQ XQ DxR GH UH]DJR  TXH VHUiQ
FDUDFWHUL]DGRV FRPR HQ ULHVJR PRGHUDGR (VWD
VLWXDFLyQ UHSUHVHQWD D ORV DOXPQRV TXH KDQ
LQJUHVDGR HQ IRUPD WDUGtD R TXH KDQ DWUDYHVDGR
XQD H[SHULHQFLD GH IUDFDVR HQ VX LWLQHUDULR HVFRODU
3RU HVWD UD]yQ HQ HO GHVDUUROOR GH HVWH GRFXPHQWR
VH LQFOXH HO DQiOLVLV GH HVWDV VLWXDFLRQHV HQ OD
FXDQWLILFDFLyQ GH ODV GLPHQVLRQHV    D TXH VH
ODV FRQVLGHUD FRPR XQD VHxDO GH DOHUWD SDUD OD
VLWXDFLyQ GH H[FOXVLyQ
RQ GLVWLQWDV PDJQLWXGHV HQ ORV SDtVHV GH OD
UHJLyQ VH REVHUYDQ ODV PDQLIHVWDFLRQHV GH WRGDV
HVWDV GLPHQVLRQHV GH OD H[FOXVLyQ HVFRODU (Q VX
7$%/$  'LPHQVLRQHV GH OD ([FOXVLyQ
+2)8(5$
'(/$(68(/$
,QHTXLGDGHV GH DFFHVR
R SHUPDQHQFLD (Q $PpULFD /DWLQD  HO DULEH
'LPHQVLyQ  H[FOXVLyQ GH
KHFKR GH OD HGXFDFLyQ
LQLFLDO
 PLOORQHV GH QLxRV  QLxDV HQ HGDG GH DVLVWLU
D OD HGXFDFLyQ LQLFLDO TXH QR SDUWLFLSDQ GH HOOD
SRU OR PHQRV GXUDQWH XQ DxR DQWHV GH LU D OD HVFXHOD
SULPDULD  TXH WDPSRFR DVLVWHQ D OD SULPDULD
'LPHQVLyQ  H[FOXVLyQ GH
KHFKR WRWDO R SDUFLDO GH
OD HGXFDFLyQ SULPDULD
 PLOORQHV GH QLxRV  QLxDV HQ HGDG GH DVLVWLU
D OD HGXFDFLyQ SULPDULD TXH QR HVWiQ HQ OD SULPDULD
QL HQ OD VHFXQGDULD SRUTXH QR DFFHGHQ QXQFD
D OD HVFXHOD SULPDULD DFFHGHQ HQ IRUPD WDUGtD
R KDQ SDUWLFLSDGR GH HOOD SRU XQ WLHPSR UHVWULQJLGR
 DEDQGRQDURQ VLQ DFUHGLWDU HO QLYHO FRPSOHWR
'LPHQVLyQ  H[FOXVLyQ GH
KHFKR WRWDO R SDUFLDO GH
OD HGXFDFLyQ VHFXQGDULD
 PLOORQHV GH DGROHVFHQWHV TXH WHQLHQGR HGDG GH
HVWDU HQ VHFXQGDULD EiVLFD QR HVWiQ HQ OD HVFXHOD
SULPDULD QL VHFXQGDULD R WUDV KDEHU LQJUHVDGR D HOOD
WDUGtDPHQWH R SDUWLFLSDGR SRU EUHYHV SHUtRGRV
OD DEDQGRQDURQ WHPSUDQDPHQWH
(15,(6*2'((67$5
)8(5$'(/$(68(/$
,QHTXLGDGHV GH SURJUHVR
 DSUHQGL]DMH
(Q $PpULFD /DWLQD  HO DULEH
'LPHQVLyQ  H[FOXVLyQ
ODWHQWH SRWHQFLDO
R VLOHQFLRVD GH
OD HGXFDFLyQ SULPDULD
 PLOORQHV GH QLxRV QLxDV H LQFOXVR DGROHVFHQWHV
TXH VH PDQWLHQHQ HVFRODUL]DGRV HQ ORV  y  JUDGRV
GH SULPDULD SHUR WUDQVLWDQGR XQD H[SHULHQFLD
HGXFDWLYD VLJQDGD SRU IUDFDVRV GH GLYHUVD tQGROH
 SRU HOOR HQ ULHVJR GH DEDQGRQDU
'LPHQVLyQ  H[FOXVLyQ
ODWHQWH SRWHQFLDO
R VLOHQFLRVD GH
OD HGXFDFLyQ VHFXQGDULD
EiVLFD
 PLOORQHV GH ORV DGROHVFHQWHV TXH VH KDQ LQVFULSWR
HQ DOJXQR GH ORV  y  JUDGRV GH OD HGXFDFLyQ
VHFXQGDULD EiVLFD  D~Q DVLVWHQ SHUR HQ VLWXDFLyQ
SUHFDULD HQ IXQFLyQ GH VX DFXPXODFLyQ GH IUDFDVRV
SUHYLRV  GH ORV GHVDItRV FRPSOHMRV GH OD
RUJDQL]DFLyQ HVFRODU GH HVWH QLYHO
)XHQWH SURFHVDPLHQWR SURSLR HQ EDVH D GDWRV GHO 8,681(62 ODV HVWLPDFLRQHV GH ODV GLPHQVLRQHV  D  FRUUHVSRQGHQ DO DxR 
/DV HVWLPDFLRQHV GH ODV GLPHQVLRQHV    FRUUHVSRQGHQ DO DxR
PDRU SDUWH HVWiQ SREODGDV SRU ORV 11$ HQ
VLWXDFLyQ GH SREUH]D  GH GHVLJXDOGDG $ PRGR
GH HMHPSOR VH SUHVHQWDQ DOJXQRV LQGLFDGRUHV HQ
HO *UiILFR 
/RV GDWRV PXHVWUDQ YDULDFLRQHV VHQVLEOHV HQ ORV
LQGLFDGRUHV QR VRODPHQWH HQWUH SDtVHV VLQR
WDPELpQ DO LQWHULRU GH FDGD XQR GH HOORV HQ IXQFLyQ
GH OD ]RQD GH UHVLGHQFLD OD SREUH]D R OD
SHUWHQHQFLD D SREODFLRQHV LQGtJHQDV /D YDULDFLyQ
 DPSOLWXG GH ODV EUHFKDV H[SUHVDGDV HQ EDUUDV
URMDV HV VyOR XQ HMHPSOR GH ODV GHVLJXDOGDGHV
SUHVHQWHV HQ FDGD SDtV GH OD UHJLyQ
*5È),2  ,1',$'25(6 6(/(,21$'26 62%5( (62/$5,=$,Ï1 '( /$ 32%/$,Ï1
325 3$Ë6 3$Ë6(6 '( $0e5,$ /$7,1$  (/ $5,%( ,5$ 
$xRV SURPHGLR GH HGXFDFLyQ 3REODFLyQ GH  D  DxRV GH HGDG
KLOH
$UJHQWLQD
3DQDPi
8UXJXD
%ROLYLD
Ecuador(2009)
0p[LFR
3HU~
RVWD5LFD
RORPELD
3DUDJXD
5HS~EOLFD'RPLQLFDQD
9HQH]XHOD
(O6DOYDGRU
%UDVLO
1LFDUDJXD
+RQGXUDV
*XDWHPDOD
4XLQWLO 9
4XLQWLO ,
%UHFKD 4XLQWLO 9
4XLQWLO ,
7DVD QHWD GH DVLVWHQFLD D HGXFDFLyQ VHFXQGDULD






3HU~
KLOH
3DQDPi
3DUDJXD
RORPELD
(FXDGRU
%ROLYLD
0p[LFR
8UXJXD
RVWD5LFD
+RQGXUDV
5HS~EOLFD'RPLQLFDQD
1LFDUDJXD
%UDVLO
*XDWHPDOD
8UEDQR
5XUDO
%UHFKD XUEDQRUXUDO
7DVD GH DVLVWHQFLD HVFRODU 3REODFLyQ GH  D  DxRV GH HGDG






%UDVLO
3DQDPi
%ROLYLD
9HQH]XHOD
3DUDJXD
*XDWHPDOD
RVWD5LFD
0p[LFR
(FXDGRU
+RQGXUDV
3REODFLyQ QR LQGtJHQD
3REODFLyQ LQGtJHQD
%UHFKD LQGtJHQD
QR LQGtJHQD
)XHQWH SURFHVDPLHQWRV SURSLRV VREUH 6RFLR(FRQRPLF 'DWDEDVH IRU /DWLQ $PHULFD DQG WKH DULEEHDQ ('/$6  7KH :RUOG %DQN
6LVWHPD GH ,QGLFDGRUHV 6RFLRGHPRJUiILFRV GH 3REODFLRQHV  3XHEORV ,QGtJHQDV 6,633,
(/$'(
/RV UHVXOWDGRV GH HVWRV LQGLFDGRUHV VH WUDGXFHQ
HQ GHVDItRV TXH UHTXLHUHQ UHVROYHU VLPXOWiQHDPHQWH
SUREOHPDV GH GLYHUVD tQGROH GHQWUR GHO SODQR
HGXFDWLYR GpILFLWV GH FREHUWXUD SRU IDOWD
GH HVFXHODV R GH SOD]DV GHELOLGDGHV GH ODV
SURSXHVWDV HVFRODUHV H LQDGHFXDFLyQ SUHVHQWH
R D IXWXUR GH HVDV SURSXHVWDV HQ UHODFLyQ FRQ
ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ LQIDQWLO  MXYHQLO
IXHUD GH OD HVFXHOD /D E~VTXHGD GH OD HTXLGDG
 FDOLGDG GHO GHUHFKR D OD HGXFDFLyQ VH LQVFULEH
WDPELpQ HQ HO SODQR PiV JOREDO GH OD VXSHUDFLyQ
GH OD SREUH]D OD MXVWLFLD VRFLDO  OD SURWHFFLyQ
HIHFWLYD GH WRGRV ORV GHUHFKRV GH ORV QLxRV QLxDV
 DGROHVFHQWHV
(Q HO PDUFR GH OD ,QLFLDWLYD *OREDO 1)(
OD HODERUDFLyQ GH SHUILOHV GH H[FOXVLyQ EXVFD
FXDQWLILFDU  FDUDFWHUL]DU FDGD XQD GH ODV
GLPHQVLRQHV GH H[FOXVLyQ (Q HO DStWXOR  3HUILOHV
GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD /DWLQD
 HO DULEH GHVGH HVWD SHUVSHFWLYD GH DQiOLVLV VH
H[SRQHQ HQ GHWDOOH GDWRV H LQGLFDGRUHV HGXFDWLYRV
GH OD UHJLyQ HQ WRUQR DO DxR 
/DV EDUUHUDV  FXHOORV GH ERWHOOD
TXH FRQILJXUDQ OD H[FOXVLyQ
3DUD DFWXDU  DOFDQ]DU UHVXOWDGRV GH HVFRODUL]DFLyQ
WRWDO RSRUWXQD VRVWHQLGD  SOHQD HV LPSRUWDQWH
GLPHQVLRQDU  FDUDFWHUL]DU OD VLWXDFLyQ DFWXDO
6REUH HVRV SHUILOHV FODUDPHQWH GHILQLGRV KDEUi
OXHJR TXH H[DPLQDU ULJXURVDPHQWH FXiOHV VRQ ODV
UHVWULFFLRQHV TXH FRQILJXUDQ OD H[FOXVLyQ HGXFDWLYD
H LPSLGHQ DO VLVWHPD HGXFDWLYR ±FRPR D FXDOTXLHU
RWUD RUJDQL]DFLyQ± DOFDQ]DU VX PHWD
/DV RUJDQL]DFLRQHV VRFLDOHV WLHQHQ
FRPSRUWDPLHQWRV TXH UHVSRQGHQ HQ JUDQ PHGLGD
DO SDVDGR UHSUHVHQWDGR SRU ODV LQHUFLDV  ORV
PDQGDWRV IXQGDFLRQDOHV TXH VXHOHQ SRVWHUJDU
ODV RULHQWDFLRQHV  QHFHVLGDGHV GHO SUHVHQWH
XDQWR PiV JUDQGH  PiV DQWLJXD VHD
OD RUJDQL]DFLyQ PiV LQHUFLDV VH DFXPXODQ  DO VHU
HO VLVWHPD HGXFDWLYR XQD YDVWD RUJDQL]DFLyQ VRFLDO
QR HVFDSD D HVWD SDXWD (Q HO PDUFR GH HVWD
LQLFLDWLYD VH SURSRQH DQDOL]DU ULJXURVDPHQWH
ORV IDFWRUHV TXH FRQVWUXHQ OD H[FOXVLyQ
HQ HGXFDFLyQ HQ VXV GLVWLQWDV GLPHQVLRQHV VLQ
DFRWDUVH D ODV PLUDGDV WUDGLFLRQDOHV R DILUPDFLRQHV
©D SULRULª (VWRV IDFWRUHV ±R EDUUHUDV± VH FRPELQDQ
HQWUH Vt GH GLVWLQWDV PDQHUDV FRQILJXUDQGR ©FXHOORV
GH ERWHOODª TXH UHGXFHQ ODV RSRUWXQLGDGHV GH
DFFHVR SHUPDQHQFLD SURJUHVR  DSUHQGL]DMH
GH ORV 11$
/RV DFXHUGRV PHWRGROyJLFRV GHVDUUROODGRV
SDUD HVWD LQLFLDWLYD
FODVLILFDQ ODV EDUUHUDV HQ GRV
JUDQGHV iPELWRV ODV TXH VH SURGXFHQ HQ
OD YLQFXODFLyQ GHPDQGD
GHVGH OD SREODFLyQ
KDFLD HO VLVWHPD HGXFDWLYR  ODV TXH VH SURGXFHQ
GHQWUR GHO SURSLR VLVWHPD HGXFDWLYR RIHUWD
/DV EDUUHUDV GH GHPDQGD H[SUHVDQ GLYHUVRV
REVWiFXORV TXH HQFXHQWUDQ ODV IDPLOLDV SDUD LQLFLDU
R VRVWHQHU OD HVFRODULGDG RSRUWXQD GH ORV QLxRV
 DGROHVFHQWHV 5HVXOWD SURYHFKRVR SDUD
HO DQiOLVLV VHSDUDU ODV EDUUHUDV DVRFLDGDV
D GLVWLQWRV SUREOHPDV HFRQyPLFRV GHULYDGRV
GH OD UHVWULFFLyQ GH LQJUHVRV TXH SDGHFHQ PLOORQHV
GH IDPLOLDV HQ OD UHJLyQ  TXH OHV LPSLGHQ DIURQWDU
ORV FRVWRV GLUHFWRV H LQGLUHFWRV GH OD HVFRODULGDG
D TXH GLFKRV FRVWRV FRPSLWHQ FRQ ORV OLJDGRV
D OD VXSHUYLYHQFLD PiV EiVLFD 3RU RWUD SDUWH
RWUR WLSR GH EDUUHUDV GH OD GHPDQGD VH H[SUHVDQ
HQ GLYHUVRV PRGRV GH GHVDFRSOH HQWUH OD FXOWXUD
HVFRODU  OD FXOWXUD SRSXODU TXH RSHUDQ FRPR
REVWiFXORV VRFLRFXOWXUDOHV DO HMHUFLFLR SOHQR
GHO GHUHFKR D OD HGXFDFLyQ GHVYDORUL]DFLRQHV
PXWXDV HVFDVRV GLiORJRV  SDXWDV GH FULDQ]D
TXH FROLVLRQDQ FRQ ODV SDXWDV GH HVFRODUL]DFLyQ
RQ WRGR PiV DOOi GH HVWD GLVWLQFLyQ DQDOtWLFD
TXH HV ~WLO SDUD SHQVDU OtQHDV GH DFFLyQ
HQ OD YLGD UHDO HVWDV EDUUHUDV HFRQyPLFDV
 VRFLRFXOWXUDOHV GH OD GHPDQGD LQWHUDFW~DQ
HQ P~OWLSOHV VHQWLGRV SRU OR TXH SDUD FRPSUHQGHU
 DFWXDU VREUH HOODV HO VLVWHPD HGXFDWLYR TXHGD
HQ OD QHFHVLGDG GH LQWHUDFWXDU FRQ RWURV VHFWRUHV
SURWHFFLyQ VRFLDO VDOXG  FRPXQLFDFLyQ VRFLDO
HQWUH RWURV
/DV EDUUHUDV GH RIHUWD GHO VLVWHPD HGXFDWLYR VRQ
ODV TXH OLPLWDQ OD SRWHQFLD GH OD HVFXHOD SDUD
HQVHxDU  SDUD TXH VXV HVWXGLDQWHV DSUHQGDQ
7DPELpQ HV UHOHYDQWH DTXt KDFHU XQD VHSDUDFLyQ
DQDOtWLFD HQWUH EDUUHUDV TXH VH PDQLILHVWDQ
HQ OD HVFXHOD ±D VHD HQ HO SODQR PDWHULDO
SHGDJyJLFR R VLPEyOLFR±  ODV TXH VH H[SUHVDQ
HQ OD JHVWLyQ GHO VLVWHPD HGXFDWLYR ±D VHDQ
GH JREHUQDELOLGDG WpFQLFDV R ILQDQFLHUDV±
(VWD GLVWLQFLyQ FRQFHSWXDO EXVFD VHSDUDU
GLILFXOWDGHV TXH VH HYLGHQFLDQ HQ OD PLVPD XQLGDG
GH SUHVWDFLyQ GHO VLVWHPD HGXFDWLYR ±OD HVFXHOD
HQ WDQWR HQWLGDG TXH LQWHUDFW~D HQ IRUPD GLUHFWD

81,() 81(62 ,QVWLWXWH IRU 6WDWLVWLFV
©$OO FKLOGUHQ
LQ VFKRRO E  ± *OREDO LQLWLDWLYH RQ 2XWRI6FKRRO KLOGUHQ
 RQFHSWXDO DQG 0HWKRGRORJLFDO )UDPHZRUNª
FRQ OD SREODFLyQ SRU HMHPSOR XQ HGLILFLR
GHWHULRUDGR IDOWD GH OLEURV GRFHQWHV TXH URWDQ
HQ H[FHVR SREUHV SURSXHVWDV GH HQVHxDQ]D
HVWUDWHJLDV GHVEDODQFHDGDV GH HYDOXDFLyQ R FOLPD
HVFRODU LQWROHUDQWH±  DTXHOODV TXH VH SURGXFHQ
HQ HO SODQR GH OD JHVWLyQ SROtWLFD ILQDQFLHUD
 WpFQLFD GHO VLVWHPD HGXFDWLYR ±GpILFLWV
GH SODQHDFLyQ LQVXILFLHQWH ILQDQFLDPLHQWR R EDMD
FDOLGDG GH ORV SURJUDPDV HVSHFtILFRV± TXH HVWiQ
HQ OD UDt] GH PXFKRV GH ORV SUREOHPDV GH
ODV HVFXHODV FXRV HVWXGLDQWHV DEDQGRQDQ
R SHUPDQHFHQ FRQ EDMRV ORJURV  GH ORV SUREOHPDV
GH LQH[LVWHQFLD GH RIHUWD HVFRODU SDUD
ORV H[FOXLGRV
'RV UDVJRV GLVWLQWLYRV GH OD PHWRGRORJtD
GHVDUUROODGD HQ OD ,QLFLDWLYD *OREDO 1)( OH GDQ
XQ FDUiFWHU GHVDILDQWH 8QR GH HOORV HV FRQVLGHUDU
WDQWR ORV IDFWRUHV HFRQyPLFRV R PDWHULDOHV FRPR
ORV FXOWXUDOHV VLPEyOLFRV SHGDJyJLFRV
 RUJDQL]DFLRQDOHV (VWD RSFLyQ OOHYD D LQFOXLU  D OD
YH] WUDVFHQGHU ODV HYLGHQWHV GLVSDULGDGHV GH
UHFXUVRV ItVLFRV R ILQDQFLHURV WDQWR D QLYHO
GH HVFXHODV FRPR GH IDPLOLDV
LQFRUSRUDQGR
IDFWRUHV PiV HVWUXFWXUDOHV GH OD SURSLD
RUJDQL]DFLyQ TXH PXFKDV YHFHV SHUVLVWHQ D~Q
FXDQGR VH PRGLILFDQ ORV HOHPHQWRV PDWHULDOHV
(O VHJXQGR UDVJR HV VHSDUDU FODUDPHQWH HQ
HO DQiOLVLV ORV SHUILOHV GH ORV VXMHWRV H[FOXLGRV
GH ODV FDXVDV GH H[FOXVLyQ $Vt VH HYLWD
HO IUHFXHQWH HUURU PHWRGROyJLFR GH FRQVLGHUDU
D ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ HO SHUILO
FRPR
XQD FDXVD GH OD H[FOXVLyQ OD EDUUHUD
(V WDQ ~WLO
DQDOL]DU ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ H[FOXLGD
FRPR LQDGHFXDGR SRQHUODV FRPR IDFWRUHV
UHVSRQVDEOHV GH OD H[FOXVLyQ $ PRGR GH HMHPSOR
ORV 11$ HQ ]RQDV UXUDOHV WLHQHQ PHQRUHV
RSRUWXQLGDGHV  SHRUHV LWLQHUDULRV HVFRODUHV
OR TXH VH FDUDFWHUL]D HQ HO FRUUHVSRQGLHQWH SHUILO
3HUR PLHQWUDV OD H[SOLFDFLyQ KDELWXDO HV DWULEXLU
UDVJRV GHILFLWDULRV D OD FXOWXUD VDEHUHV SUHYLRV
 RUJDQL]DFLyQ GH ODV SREODFLRQHV UXUDOHV
HO HQIRTXH GH HVWD LQLFLDWLYD ©LQYLHUWH OD FDUJD
GH OD SUXHEDª  SUHWHQGH GHVWDFDU TXH OD EDUUHUD
SULQFLSDO VH HQFXHQWUD HQ OD PDQHUD HQ TXH
HO VLVWHPD HGXFDWLYR D QLYHO JOREDO  HQ SDUWLFXODU
HQ ODV HVFXHODV UXUDOHV SURGXFH ±R QR SURGXFH±
RSRUWXQLGDGHV HGXFDWLYDV SHUWLQHQWHV  UHOHYDQWHV
SDUD OD SREODFLyQ UXUDO
(VWRV FULWHULRV LPSOLFDQ TXH WDQWR DO IRUPXODU
ODV EDUUHUDV FXDQWR DO DSUR[LPDU SROtWLFDV SDUD
VXSHUDU OD H[FOXVLyQ VH RWRUJXH SULRULGDG
D ORV iPELWRV GH DFFLyQ SURSLRV GHO VLVWHPD
HGXFDWLYR
'HQWUR GH HVWD LQLFLDWLYD OD LGHQWLILFDFLyQ GH
EDUUHUDV EXVFD FRPSUHQGHU OD VLWXDFLyQ GH
H[FOXVLyQ GH OD HGXFDFLyQ GHVGH XQD SHUVSHFWLYD
RULHQWDGD D OD DFFLyQ SUHYHQWLYD  UHSDUDGRUD
(Q HO DStWXOR  %DUUHUDV  FXHOORV GH ERWHOOD TXH
SURGXFHQ R DJUDYDQ OD H[FOXVLyQ VH H[SRQHQ
FRQ HVWH HQFXDGUH ODV EDUUHUDV HFRQyPLFDV
 VRFLRFXOWXUDOHV GH OD GHPDQGD  ODV GH RIHUWD
GHO VLVWHPD HGXFDWLYR HQ WRGDV VXV H[SUHVLRQHV
PDWHULDOHV SHGDJyJLFDV  VLPEyOLFDV
RUJDQL]DQGR GLVWLQWDV UHVWULFFLRQHV TXH DIHFWDQ
ODV RSRUWXQLGDGHV HGXFDWLYDV
/DV HVWUDWHJLDV SDUD VXSHUDU OD
H[FOXVLyQ OD HVFRODUL]DFLyQ WRWDO
RSRUWXQD VRVWHQLGD  SOHQD FRPR
FRQWUDFDUD GH OD H[FOXVLyQ HVFRODU
8QD YH] FXDQWLILFDGDV  FDUDFWHUL]DGDV ODV
GLPHQVLRQHV GH OD H[FOXVLyQ H LGHQWLILFDGDV
ODV EDUUHUDV TXH OD FRQILJXUDQ DSDUHFH HO SXQWR
FUXFLDO GH HVWD LQLFLDWLYD DFWXDU SRVLWLYDPHQWH
SDUD VXSHUDU OD H[FOXVLyQ YLJHQWH  SDUD SUHYHQLU
VX UHSURGXFFLyQ SDUD ODV VXFHVLYDV JHQHUDFLRQHV
GH 11$
$O PRPHQWR GH DQDOL]DU  GLVHxDU WRGD SROtWLFD HV
SUHFLVR GHILQLU OD PHWD HQ IXQFLyQ GH OD FXDO DFWXDU
 PRQLWRUHDU ORV ORJURV (Q HVWH SODQR VH SODQWHD
FRPR YLVLyQ XQ UHFRUULGR HVFRODU TXH YD GHVGH
HO SUHHVFRODU KDVWD SRU OR PHQRV HO ILQ GH OD
HVFXHOD VHFXQGDULD EiVLFD  TXH LQFOXH ORV
VLJXLHQWHV UDVJRV
± (VFRODUL]DFLyQ WRWDO LPSOLFD DWHQGHU D OD WRWDOLGDG
GH OD SREODFLyQ GHVGH HO DFFHVR KDVWD SRU
OR PHQRV OD ILQDOL]DFLyQ GH OD HVFRODUL]DFLyQ
REOLJDWRULD
± (VFRODUL]DFLyQ RSRUWXQD  VRVWHQLGD LPSOLFD
HO LQJUHVR HQ OD HGDG SUHYLVWD QRUPDWLYDPHQWH
D FDGD QLYHO GHVGH OD HGXFDFLyQ LQLFLDO KDVWD
SRU OR PHQRV HO ILQ GH OD HGXFDFLyQ VHFXQGDULD
 HO UHFRUULGR UHJXODU  IOXLGR GH ORV LWLQHUDULRV
HVFRODUHV FXEULHQGR ODV HWDSDV HQ HO WLHPSR
SUHYLVWR VLQ IUDFDVDU SRU UHSHWLFLyQ R DEDQGRQR
 VLQ DFXPXODU UH]DJR HVFRODU
± (VFRODUL]DFLyQ SOHQD H[SUHVD OD FDOLGDG 
SHUWLQHQFLD GH ORV DSUHQGL]DMHV TXH FRQVROLGDQ
 SXHGHQ HYLGHQFLDU ORV  ODV HVWXGLDQWHV HQ
VX UHFRUULGR  D VX HJUHVR
(O FRQFHSWR DTXt SUHVHQWDGR GH HVFRODUL]DFLyQ
WRWDO RSRUWXQD VRVWHQLGD  SOHQD H[SUHVD HQ IRUPD
UHVXPLGD ORV FRPSURPLVRV LQWHUQDFLRQDOHV YLJHQWHV
HQ UHODFLyQ FRQ OD HGXFDFLyQ GH ORV 11$ HQ
HVSHFLDO ORV 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR
2'0
ORV DFXHUGRV GH (GXFDFLyQ SDUD 7RGRV
(37
ODV 0HWDV (GXFDWLYDV  SDUD
/DWLQRDPpULFD (VWRV FRPSURPLVRV VH DVXPHQ
FRPR RULHQWDFLRQHV GH SROtWLFD FRPR SDUiPHWURV
SDUD WRPDU GHFLVLRQHV  DVLJQDU UHFXUVRV FRPR
GHVDItRV SDUD ODV UHVROXFLRQHV WpFQLFDV 
RUJDQL]DWLYDV  FRPR HVWtPXORV SDUD PRYLOL]DU ORV
HVIXHU]RV GH JRELHUQRV  RUJDQLVPRV PXOWLODWHUDOHV
'HVGH OD SHUVSHFWLYD GH ORV HVWXGLDQWHV HO
FRQFHSWR GH LWLQHUDULR HVFRODU RSRUWXQR ±HQWHQGLGR
FRPR HO FXUVDGR UHJXODU HQ WLHPSR  IRUPD GH FDGD
HWDSD GH OD HGXFDFLyQ REOLJDWRULD± DVXPH HO
HQIRTXH GH GHUHFKRV HQ HO iPELWR HGXFDWLYR  VH
RSRQH D ODV GLVWLQWDV H[SUHVLRQHV GHO IUDFDVR
HVFRODU TXH FXOPLQDQ HQ OD SpUGLGD R GHWHULRUR GH
HVH GHUHFKR
3URWHJHU ORV LWLQHUDULRV HVFRODUHV FRQ PHGLGDV TXH
UHPXHYHQ ODV EDUUHUDV GH DFFHVR DFHUFDQ OD RIHUWD
HVFRODU D ODV FRPXQLGDGHV HVWLPXODQ OD GHPDQGD
SRU PiV  PHMRU HVFRODULGDG SURPXHYHQ
RSRUWXQLGDGHV GH DSUHQGL]DMH VLJQLILFDWLYDV 
DWLHQGHQ SHGDJyJLFDPHQWH HQ IRUPD HILFD] ODV
H[LJHQFLDV GHULYDGDV GH ODV FRQGLFLRQHV GH ORV
HVWXGLDQWHV HV XQD LGHD IXHU]D SDUD HO WUDEDMR FRQ
IXQFLRQDULRV  WpFQLFRV HQ OD HWDSD
GH GLPHQVLRQDPLHQWR  FDUDFWHUL]DFLyQ GHO
SUREOHPD  GXUDQWH HO SURFHVR GH DGRSFLyQ R
PHMRUD GH SROtWLFDV  SURJUDPDV HGXFDWLYRV
6H HQWLHQGH TXH SURWHJHU ORV LWLQHUDULRV HVFRODUHV
HV XQ HVIXHU]R D DVXPLU SRU HO VLVWHPD HGXFDWLYR
HQ VX FRQMXQWR 'H OR FRQWUDULR VH FRUUH HO ULHVJR
GH TXH ODV SROtWLFDV TXH EXVFDQ HO UHLQJUHVR GH ORV
11$ TXH KDQ SDGHFLGR IRUPDV GH H[FOXVLyQ HQ ODV
GLPHQVLRQHV     HV GHFLU KDOODUVH DFWXDOPHQWH
IXHUD GH OD HVFXHOD
QR VHDQ HIHFWLYDV  QR HYLWHQ
TXH HVRV 11$ FRPLHQFHQ D SURWDJRQL]DU
VLWXDFLRQHV SURSLDV GH ODV GLPHQVLRQHV    HV
GHFLU HVWDU GHQWUR GH OD HVFXHOD SHUR HQ ULHVJR GH
DEDQGRQR WHPSUDQR
IUXVWUDQGR ODV RSRUWXQLGDGHV
 H[SHFWDWLYDV JHQHUDGDV UHVSHFWR GH OD
UHFXSHUDFLyQ GH XQ GHUHFKR QHJDGR
3RU RWUD SDUWH OD SURSLD UD]yQ GH VHU GH ORV
VLVWHPDV S~EOLFRV GH HGXFDFLyQ  GH ODV GHILQLFLRQHV
OHJDOHV GH REOLJDWRULHGDG UHTXLHUH LGHQWLILFDU  SRQHU
HQ DFFLyQ IRUPDV GH DWHQGHU D DTXHOORV TXH VH
LQVHUWDQ HQ OD HVFXHOD FRQ XQ FDSLWDO FXOWXUDO
DFDGpPLFR SHUVRQDO R IDPLOLDU GLYHUVR DO HVSHUDGR
HQ ODV LQVWLWXFLRQHV HVFRODUHV R HQ VLWXDFLRQHV GH
SREUH]D H LQGLJHQFLD TXH VLJQLILFDQ P~OWLSOHV
YLRODFLRQHV GH ORV GHUHFKRV GH ORV 11$
'HQWUR GH HVWD LQLFLDWLYD OD VLVWHPDWL]DFLyQ GH
HVWUDWHJLDV EXVFD DPSOLDU ODV KHUUDPLHQWDV SDUD
VXSHUDU  SUHYHQLU OD VLWXDFLyQ GH H[FOXVLyQ GH OD
HGXFDFLyQ (Q HO DStWXOR  (VWUDWHJLDV SDUD
VXSHUDU OD H[FOXVLyQ HGXFDWLYD VH H[SRQHQ ODV
YLQFXODGDV D OD PHMRUD GH FRQGLFLRQHV HFRQyPLFDV
GH ODV IDPLOLDV SDUD DIURQWDU OD HVFRODUL]DFLyQ D OD
DPSOLDFLyQ GH UHSUHVHQWDFLRQHV VREUH HO GHUHFKR D
OD HGXFDFLyQ D OD WUDQVIRUPDFLyQ GH FRQGLFLRQHV
PDWHULDOHV SHGDJyJLFDV  VLPEyOLFDV HQ ODV
HVFXHODV  D OD HYROXFLyQ HQ OD JHVWLyQ SROtWLFD
ILQDQFLHUD  WpFQLFD GHO VLVWHPD HGXFDWLYR (VWDV
HVWUDWHJLDV VH RUGHQDQ HQ SDUDOHOR FRQ ODV EDUUHUDV
SUHVHQWDGDV HQ HO DStWXOR 
5HFRPHQGDFLRQHV SULRULWDULDV
GH DFFLyQ KDFLD OD PHWD GH
OD HVFRODUL]DFLyQ WRWDO RSRUWXQD
VRVWHQLGD  SOHQD
/D HQYHUJDGXUD GHO GHVDItR GH OD HVFRODUL]DFLyQ
WRWDO RSRUWXQD  VXILFLHQWH SDUD WRGRV GH OD
LQFOXVLyQ HIHFWLYD TXH JDUDQWLFH HO GHUHFKR D OD
HGXFDFLyQ GH WRGRV  WRGDV VH XELFD HQ HO SODQR GH
OD DFFLyQ GH ORV (VWDGRV QDFLRQDOHV  GH OD
FRRSHUDFLyQ LQWHUQDFLRQDO D VX VHUYLFLR /DV
SROtWLFDV HVWUDWHJLDV R SURJUDPDV GH DFFLyQ
SRVLWLYD GH ORV (VWDGRV VRQ OD KHUUDPLHQWD FRQFUHWD
D SDUWLU GH OD FXDO VH RULHQWD OD FRQVWUXFFLyQ R
PHMRUD GH XQ HVFHQDULR VH DVLJQDQ UHFXUVRV  VH
PRYLOL]DQ SHUVRQDV  JUXSRV SDUD OD WDUHD
/D VHQVLELOLGDG SDUD DUWLFXODU ODV DVSLUDFLRQHV ORV
HVWLORV  ODV HVSHUDQ]DV GH XQD VRFLHGDG OD
DXGDFLD SDUD FRQYRFDU D XQD pSLFD GHVDILDQWH SHUR
SRVLEOH  OD VROLGH] WpFQLFD GH OR TXH SURSRQJD OD
SROtWLFD HGXFDWLYD  VRFLDO VRQ HOHPHQWRV FODYH SDUD
DOFDQ]DU ORV FDPELRV PDVLYRV FXOWXUDOHV  VRFLDOHV
SURIXQGDPHQWH UHQRYDGRUHV  FDUJDGRV GH MXVWLFLD
TXH LPSOLFDQ KDELOLWDU HO GHUHFKR D OD HGXFDFLyQ
SDUD WRGRV
$O PRPHQWR GH SODQWHDU OtQHDV GH DFFLyQ VXUJHQ
GLYHUVRV UHFDXGRV GLILFXOWDGHV ILQDQFLHUDV
FRPSOHMLGDGHV GH JHVWLyQ FRQIOLFWRV HQ HO KRUL]RQWH
WHPSRUDO GH OD JHVWLRQHV SROtWLFDV LQVXILFLHQFLD R
LQPDGXUH] GH ODV SURSXHVWDV WpFQLFDV 
SHUVLVWHQFLD GHO HQWRUQR JHQHUDO GH GHVLJXDOGDG
/DV VLJXLHQWHV UHFRPHQGDFLRQHV GH DFFLyQ WRPDQ
FXHQWD GH HVRV UHFDXGRV VLQ HOXGLU OD SULRUL]DFLyQ ±
EDVDGD HQ HO FULWHULR GH DWHQFLyQ PiV LQPHGLDWD GH
OD H[FOXVLyQ DFWXDO  SRWHQFLDO GHO VLVWHPD
HGXFDWLYR± GH DOJXQDV OtQHDV SRU VREUH RWUDV
5HVXHOWR HO SULPHU QLYHO GH H[FOXVLyQ HV LPSHUDWLYR
VHJXLU SURIXQGL]DQGR  DPSOLDQGR OD GLYHUVLGDG
LQWHQVLGDG  FDOLGDG GH ODV RSRUWXQLGDGHV
HGXFDWLYDV  GH ORV ORJURV LQWHJUDOHV GHO VLVWHPD
HGXFDWLYR
/DV  UHFRPHQGDFLRQHV TXH VH SUHVHQWDQ
HQ HO XDGUR  VLQWHWL]DQ H LQWHJUDQ
ODV HVWUDWHJLDV SUHVHQWDGDV DWHQGLHQGR
D ORV SUREOHPDV PiV XUJHQWHV  D ORV IDFWRUHV
PiV HVWUXFWXUDOHV 6H DJUXSDQ HQ WUHV IDPLOLDV
ODV TXH FRUUHVSRQGHQ DO SODQR SROtWLFR ODV
GHO SODQR WpFQLFR  ODV GH SURGXFFLyQ GH
FRQRFLPLHQWR
8$'52 
5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ SDUD SUHYHQLU R VXSHUDU OD H[FOXVLyQ
 3URPRYHU HO LQFUHPHQWR GH OD SDUWLFLSDFLyQ GHO
VHFWRU HGXFDFLyQ HQ HO 3,% SDUD ORV SDtVHV
TXH VH HQFXHQWUDQ UH]DJDGRV HQ HVWD LQYHUVLyQ
/RV UHFXUVRV VH UHTXLHUHQ SDUD GRV HMHV
FRPSOHPHQWDULRV D
LQYHUVLyQ SDUD PDRU FREHUWXUD
 GH PHMRUHV UHVXOWDGRV FDSDFLWDFLyQ PDWHULDOHV
GLGiFWLFRV LQIUDHVWUXFWXUD
E
DWHQFLyQ GH ORV JDVWRV
FRUULHQWHV PDVD VDODULDO  IXQFLRQDPLHQWR GH ORV
VHUYLFLRV HGXFDWLYRV
HVSHFLDOPHQWH FODYH HQ SDtVHV
FRQ EDMD SDUWLFLSDFLyQ GHO VHFWRU HQ HO 3,% R HQ HO *DVWR
3~EOLFR 7RWDO $OLQHDGRV FRQ ORV HVIXHU]RV QDFLRQDOHV VH
QHFHVLWDQ DXQDU  DUWLFXODU HVIXHU]RV GH ORV RUJDQLVPRV
FRRSHUDQWHV  GH ILQDQFLDFLyQ 3DUD ORJUDU HO HMH D
HV
SULRULWDULR DFRUGDU HQ ODV PHVDV GH FRRSHUDFLyQ TXH ORV
DSRUWHV GH ILQDQFLDPLHQWR H[WHUQR VH SURJUDPHQ KDFLD
OD VXSHUDFLyQ GH ODV EDUUHUDV HQ WDQWR UHVWULFFLRQHV
PDWHULDOHV  VLPEyOLFDV LGHQWLILFDGDV HQ FDGD SDtV
GHVGH OD RIHUWD GHO VLVWHPD HGXFDWLYR  GHVGH ODV
QHFHVLGDGHV GH OD SREODFLyQ
FRRUGLQDQGR ORV HVIXHU]RV
KDFLD SURJUDPDV XQLILFDGRV FRQVHQVXDGRV FRQ ORV
PLQLVWHULRV 3DUD ORJUDU HO HMH E
HV SULRULWDULR LQFLGLU HQ
TXH ORV SDtVHV FRQ EDMR ILQDQFLDPLHQWR LQFRUSRUHQ
PHWDV GH LQFUHPHQWR GH OD SDUWLFLSDFLyQ GH UHFXUVRV
SDUD HO VHFWRU HGXFDFLyQ HQ HO JDVWR WRWDO  HQ ORV SODQHV
GH DVLVWHQFLD ILQDQFLHUD DFRUGDGRV FRQ ORV RUJDQLVPRV
LQWHUQDFLRQDOHV 8QLyQ (XURSHD %0 %,'
(Q HVWDV
QHJRFLDFLRQHV DO PiV DOWR QLYHO 81,()  81(62
MXQWR FRQ RWUDV DJHQFLDV PXOWLODWHUDOHV FRPR OD 2(, VH
FRPSURPHWHQ FRQ OD DERJDFtD D IDYRU GHO GHUHFKR D OD
HGXFDFLyQ GH ORV 11$ HQ HO PDUFR GH ORV SURFHVRV GH
GHFLVLyQ JXEHUQDPHQWDO
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV   
 )LMDU PHWDV SDUD OD VXSHUDFLyQ GH OD H[FOXVLyQ D
PHGLR SOD]R SHUR TXH VH SXHGDQ PRQLWRUHDU HQ
IRUPD DQXDO
(O DQiOLVLV SRU GLPHQVLRQHV GH H[FOXVLyQ HGXFDWLYD
SHUPLWH GHILQLU OD PDJQLWXG DFWXDO GH OD H[FOXVLyQ (Q HO
SODQR SROtWLFR VH GHEHQ ILMDU ODV PHWDV GH SURJUHVR  ORV
UHFXUVRV SRU VX SDUWH HO VDEHU SHGDJyJLFR GHEH GDU
ORV FDXFHV GH DFFLyQ HILFD] /DV IXHQWHV DGPLQLVWUDWLYDV
SHUPLWHQ VLWXDU FRQ GHWDOOH ODV VLWXDFLRQHV GH H[FOXVLyQ
HQ HO WHUULWRULR  FRQFHQWUDU ODV DFFLRQHV HQ UHJLRQHV 
HVFXHODV WDPELpQ SRVLELOLWDQ XVDU HVWD LQIRUPDFLyQ
FRPR LQVXPR HQ OD HYDOXDFLyQ GH SROtWLFDV HVWUDWHJLDV
 SURJUDPDV 3RU RWUD SDUWH SHUPLWHQ FDUDFWHUL]DU 
PRQLWRUHDU HO SURJUHVR GH SREODFLRQHV HVSHFLDOPHQWH
FDVWLJDGDV SRU OD H[FOXVLyQ SXHEORV LQGtJHQDV
FRPXQLGDGHV UXUDOHV GLVSHUVDV  11$ FRQ GLVFDSDFLGDG
$VLPLVPR VH UHODFLRQDQ IXHUWHPHQWH FRQ ODV
LQYHUVLRQHV ItVLFDV QHFHVDULDV SDUD DPSOLDU OD FREHUWXUD
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV    
 $UWLFXODU ORV HVIXHU]RV GHO VHFWRU HGXFDFLyQ FRQ
ORV TXH UHDOL]DQ ORV VHFWRUHV GH SURWHFFLyQ
VRFLDO VDOXG  QXWULFLyQ SDUD DWHQGHU ORV
GHVDItRV GH OD LQFOXVLyQ HGXFDWLYD
$PSOLDU ODV RSRUWXQLGDGHV HGXFDWLYDV SDUD ORV VHFWRUHV
H[FOXLGRV R HQ ULHVJR UHTXLHUH FRPR VRSRUWH TXH D
VH JDUDQWLFH QXWULFLyQ DGHFXDGD FRQ SURYLVLyQ GH
DOLPHQWRV  PLFURQXWULHQWHV DVt FRPR HO DFFHVR
RSRUWXQR D OD DWHQFLyQ GH OD VDOXG LQIDQWLO E
VH GHILQD
XQ GLVSRVLWLYR GH DWHQFLyQ PXOWLVHFWRULDO DQWH ODV DOHUWDV
TXH ODV HVFXHODV SXHGDQ GHWHFWDU SRU VLWXDFLRQHV
VRFLDOHV VDQLWDULDV IDPLOLDUHV  HFRQyPLFDV DGYHUVDV 
TXH DIHFWDQ GHUHFKRV GH VXEVLVWHQFLD  SURWHFFLyQ
EiVLFD F
VH DUWLFXOH FRQ ODV HVWUDWHJLDV GH LQJUHVRV
SDUD ODV SREODFLRQHV SULRULWDULDV HQ HO FDVR GH ORV
VLVWHPDV GH WUDQVIHUHQFLD FRQGLFLRQDGD ±HV GHFLU
FXDQGR D FDPELR GHO LQJUHVR PRQHWDULR VH H[LJH OD
LQVFULSFLyQ HQ OD HVFXHOD REOLJDWRULD± HV QHFHVDULR
SURWHJHU OD WDUHD FHQWUDO GH ODV HVFXHODV OD HQVHxDQ]D
YDOXDQGR FXLGDGRVDPHQWH ORV PHFDQLVPRV GH FRQWURO
GH ODV FRQGLFLRQDOLGDGHV VLQ VRPHWHU D ODV HVFXHODV D
SUHVLRQHV FRPSOHMDV SRU ODV FHUWLILFDFLRQHV
GRFXPHQWDOHV  SRVLELOLWDU D ORV HTXLSRV HVFRODUHV ORV
DSRRV SURIHVLRQDOHV SDUD DFWXDU HQ IRUPD RSRUWXQD 
UHDO HQ FDVRV GH ULHVJR GH DEDQGRQR $VLPLVPR KDEUi
TXH SURFXUDU TXH ORV UHFXUVRV KXPDQRV  ILQDQFLHURV
5(9,7$/,=$5 (1 /26 *2%,(5126 /$ 0(7$ 35,1,3$/ '( 683(5$5
/$ (;/86,Ï1 ('8$7,9$
5HFRQRFHU OD IXQFLyQ GH HQVHxDQ]D FRPR FODYH
 D OD HVFXHOD FRPR HO iPELWR HQ TXH VH
FRQFUHWD OD LQFOXVLyQ HGXFDWLYD FRQ DFFHVR
SHUPDQHQFLD SURJUHVR  DSUHQGL]DMH
/D SREODFLyQ HMHUFH HO GHUHFKR D OD HGXFDFLyQ HQ ODV
HVFXHODV GH VX HQWRUQR  HV HQ FDGD XQD GH HOODV
GRQGH GHEH HQFRQWUDU XQD EXHQD SURSXHVWD (O
VLVWHPD HGXFDWLYR GHEH DVLVWLU  DFRPSDxDU D ORV
HTXLSRV HVFRODUHV HQ DWHQFLyQ D ORV UHVXOWDGRV GH
LQFOXVLyQ FDQDOL]DQGR VDEHUHV GHVGH  KDFLD ORV
GRFHQWHV HQ VX WDUHD GH HQVHxDU  HGXFDU WDPELpQ
GHEH LPSXOVDU  UHYLWDOL]DU OD DXWRQRPtD TXH SHUPLWH
ORJUDU SHUWLQHQFLD FRQ UHVXOWDGRV VLQ TXH HOOR VLJQLILTXH
GHMDU D OD HVFXHOD VROD (Q HVH VHQWLGR OD LQIRUPDFLyQ
SHUPLWH LGHQWLILFDU GyQGH HVWiQ ODV PDRUHV
QHFHVLGDGHV  DFWXDU SDUD UHYHUWLU SURFHVRV GH
H[FOXVLyQ 7DPELpQ H[LVWHQ UHFXUVRV KXPDQRV EDMR OD
ILJXUD GH VXSHUYLVRUHV DVHVRUHV HTXLSRV WpFQLFRV 
SURIHVLRQDOHV DXQ FXDQGR SXHGD VHU QHFHVDULR DPSOLDU
VX GRWDFLyQ (VWD UHFRPHQGDFLyQ LPSOLFD JHQHUDU XQD
PRGDOLGDG GH DSRR D ORV GRFHQWHV TXH VH RULHQWH D
UHVXOWDGRV VXVWHQWDEOHV GH DSUHQGL]DMH  SHUPDQHQFLD
HQ OD HVFXHOD TXH QR VH VDWLVIDJD FRQ LQLFLDU SURFHVRV
TXH ORV PDHVWURV SXHGHQ ±R QR± FRQWLQXDU
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV     
 0RYLOL]DU  SUHSDUDU HO LQJUHVR RSRUWXQR D
HGXFDFLyQ LQLFLDO  SULPHU JUDGR
3URFXUDU OD LQWHJUDFLyQ GH SROtWLFDV HGXFDWLYDV 
VRFLDOHV SDUD JDUDQWL]DU XQD RIHUWD DFFHVLEOH
HVSHFLDOPHQWH GH HGXFDFLyQ LQLFLDO  HQ ]RQDV UXUDOHV
 XUEDQDV HPSREUHFLGDV D ORV QLxRV  QLxDV FRQ
HVWUDWHJLDV GH FRPXQLFDFLyQ  PRYLOL]DFLyQ VRFLDO SDUD
TXH ODV IDPLOLDV OOHYHQ D VXV QLxRV D OD HVFXHOD HQ
IRUPD RSRUWXQD FRQ RUGHQDPLHQWR GH QRUPDWLYDV
FRQIXVDV VREUH HGDG GH LQJUHVR  VREUH REOLJDWRULHGDG
GH HGXFDFLyQ LQLFLDO FRQ LQFOXVLyQ HQ ORV
SURJUDPDV GH WUDQVIHUHQFLD FRQGLFLRQDGD GH LQJUHVRV
GH OD HGXFDFLyQ LQLFLDO  OD DVLVWHQFLD RSRUWXQD FRQ
DWHQFLyQ SHGDJyJLFD GH ORV QLxRV  QLxDV TXH LQJUHVDQ
FRQ PDRUHV QHFHVLGDGHV GH DSUHQGL]DMH
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV    
 (YLWDU OD JHQHUDFLyQ  UHSURGXFFLyQ GHO UH]DJR
HVFRODU  SURWHJHU D ORV TXH HVWiQ HQ ULHVJR SRU
UH]DJR D DGTXLULGR FRQ EDVH HQ HO HQIRTXH GH
GHVDUUROOR GH FDSDFLGDGHV GH DSUHQGL]DMH
/RV IRFRV SULQFLSDOHV GH SURGXFFLyQ  DJUDYDPLHQWR
GHO UH]DJR HVFRODU VRQ OD UHSHWLFLyQ  HO DEDQGRQR
HVSHFLDOPHQWH DJXGRV HQ HO SULPHU JUDGR GH OD
HGXFDFLyQ EiVLFD R SULPDULD  HQ OD WUDQVLFLyQ HQWUH FLFORV
R QLYHOHV (O GHVDUUROOR GH FDSDFLGDGHV GH DSUHQGL]DMH
HV XQ HQIRTXH GLGiFWLFR TXH HQULTXHFH OD HQVHxDQ]D
TXH KR SUHGRPLQD HQ ODV DXODV  TXH SHUPLWH WDQWR
SUHYHQLU HO IUDFDVR FRPR SDOLDU VXV FRQVHFXHQFLDV
(VWH HQIRTXH SHGDJyJLFR UHWRPD H LQWHJUD ORV
FRQWHQLGRV FXUULFXODUHV SDUD GHVSOHJDU  HMHUFLWDU
FDSDFLGDGHV IXQGDPHQWDOHV FRPSUHQVLyQ OHFWRUD
SURGXFFLyQ GH WH[WRV DSOLFDFLyQ SUiFWLFD GH FRQFHSWRV
 RSHUDFLRQHV OyJLFRPDWHPiWLFDV MXLFLR FUtWLFR
UHVROXFLyQ GH SUREOHPDV XVDQGR VDEHUHV FLHQWtILFRV
WUDEDMR FRRSHUDWLYR  HQ UHODFLyQ PHWDFRJQLFLyQ
 DXWRUUHJXODFLyQ GHO SURFHVR GH DSUHQGL]DMH 7RGDV
HVWDV FDSDFLGDGHV VH EDVDQ HQ GLVSRVLFLRQHV
XQLYHUVDOHV GH ORV VHUHV KXPDQRV TXH SDUD GHVSOHJDUVH
UHTXLHUHQ GH XQDV VHFXHQFLDV GH DFWLYLGDGHV GH
DSUHQGL]DMH H[WHQVDV HVWUXFWXUDGDV  RUJDQL]DGDV FRQ
LQWHQFLRQDOLGDG SHGDJyJLFD /DV FDSDFLGDGHV FRJQLWLYDV
 VRFLDOHV VRQ UHOHYDQWHV WDQWR SDUD OD SHUVRQD FRPR
SDUD OD FRPXQLGDG HQ OD TXH VH LQVHUWD HQ ORV SODQRV
FXOWXUDOHV VRFLDOHV SURGXFWLYRV  HFRQyPLFRV (VWH
UD]RQDPLHQWR HV H[WHQVLYR D ORV 11$ FRQ GLVFDSDFLGDG
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV       
 RQFHQWUDU HVIXHU]RV WpFQLFRV SUHVXSXHVWDULRV
 VRFLDOHV SDUD HVTXHPDV GH UHLQVHUFLyQ HQ HO
VLVWHPD HGXFDWLYR
6H WUDWD GH KDFHU TXH TXLHQHV DEDQGRQDURQ VH
UHLQVHUWHQ OR PiV SURQWR SRVLEOH SDUD TXH FRPSOHWHQ
VX HVFRODULGDG REOLJDWRULD 6L QR HV SRVLEOH OD
UHLQVHUFLyQ HQ OD HVFXHOD FRP~Q KDFHUOR D WUDYpV GH
GLVSRVLWLYRV FRQ YLVLELOLGDG  UHFRQRFLPLHQWR VRFLDO
LQFOXHQGR FHUWLILFDFLyQ
TXH SHUPLWDQ OD FRQWHQFLyQ
 FRQVWUXFFLyQ GH JUXSRV GH SDUHV
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH OD (VWUDWHJLD 
GH OD DOLPHQWDFLyQ HVFRODU VHDQ SURJUHVLYDPHQWH
UHVSRQVDELOLGDG  JHVWLyQ GH ODV GHSHQGHQFLDV
JXEHUQDPHQWDOHV TXH WLHQHQ FRPSHWHQFLD GLUHFWD HQ
VDOXG  QXWULFLyQ (O VHFWRU HGXFDFLyQ GHEH SDUWLFLSDU HQ
IRUPD SURWDJyQLFD SDUD UHGXFLU FRVWRV GLUHFWRV
HVSHFtILFRV D OD SDUWLFLSDFLyQ HVFRODU
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV     
25,(17$5 /26 352*5$0$6 +$,$ /2*526 '( $(62 352*5(6,Ï1
 $35(1',=$-(
RQYRFDU  OLGHUDU LQLFLDWLYDV GH FRQVWUXFFLyQ
GH FRQRFLPLHQWR VREUH SURFHVRV  UHVXOWDGRV
GH OD H[FOXVLyQ HGXFDWLYD
,QLFLDU  VRVWHQHU SURHFWRV FRQ ULJRU PHWRGROyJLFR
FRQ HVTXHPDV GH WUDEDMR SRWHQWHV SDUD OD HVFDOD
UHJLRQDO FRQ FRPSRQHQWHV GH FDSWDFLyQ GLUHFWD GH OD
YR]  H[SHULHQFLD GH ORV H[FOXLGRV HQ SDUWLFXODU VREUH
± 3UiFWLFDV GHO FXUUtFXOR UHDO HQ OD HVFXHOD TXH
REVWDFXOL]DQ OD LQFOXVLyQ HQVHxDQ]D IDOOLGD
GLVFULPLQDFLyQ  UDFLVPR GHVLQWHUpV SRU HO
DEDQGRQR GHVDOLHQWR GH ORV GRFHQWHV HQ UHODFLyQ
FRQ ODV FDSDFLGDGHV GH VXV DOXPQRV FXUUtFXORV
IRUPDOHV H[FHVLYRV TXH GLUHFFLRQDQ D XQD
HQVHxDQ]D HSLVyGLFD
± 5HSUHVHQWDFLRQHV  YDORUDFLRQHV VREUH OD HVFXHOD
SRU SDUWH GH ORV VHFWRUHV SRSXODUHV UXUDOHV
LQGtJHQDV H[FOXLGRV WUDEDMDQGR FRQ IXHQWHV
SULPDULDV  QR SRU GLFKRV GH RWURV
± 3URFHVRV GH GHFLVLyQ VREUH OD HVFRODUL]DFLyQ
SURWDJRQL]DGRV SRU ORV DGROHVFHQWHV LU D WUDEDMDU
HPEDUD]R GHVLQWHUpV
WUDEDMDQGR FRQ IXHQWHV
SULPDULDV  HVTXHPDV SDUWLFLSDWLYRV TXH SHUPLWDQ
HVFXFKDU D ORV MyYHQHV  QR VROR SRU GLFKRV GH RWURV
 SURFHVDPLHQWRV HVWDGtVWLFRV
± ,QFLGHQFLD GH ORV IDFWRUHV GH JpQHUR VREUH ORV
UHVXOWDGRV GHO VLVWHPD HGXFDWLYR
± 3UiFWLFDV DGHFXDGDV  H[LWRVDV GH HGXFDFLyQ UXUDO
HGXFDFLyQ LQWHUFXOWXUDO  ELOLQJH  FRQ SXHEORV
DIURGHVFHQGLHQWHV TXH ORJUHQ DSUHQGL]DMHV  HYLWHQ
HO IUDFDVR GH ORV HVWXGLDQWHV
± 3URSXHVWDV HILFDFHV GH HQVHxDQ]D SDUD SRVLELOLWDU
DSUHQGL]DMHV HQ OD SREODFLyQ LQIDQWLO  DGROHVFHQWH
FRQ GLVFDSDFLGDG
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV     
   
 'LIXQGLU  FRPXQLFDU HO FRQRFLPLHQWR
FRQVWUXLGR R DPSOLDGR
8WLOL]DU HVWUDWHJLDV DGHFXDGDV SDUD GLVWLQWDV
DXGLHQFLDV TXH SRVLELOLWHQ PRYLOL]DU  DPSOLDU ODV
UHSUHVHQWDFLRQHV  UHPRYHU ORV SUHMXLFLRV LQVWDODGRV
FRQ UHVSHFWR D ODV FDSDFLGDGHV GH DSUHQGL]DMH GH ORV
11$ TXH DWUDYLHVDQ WRGR WLSR GH VLWXDFLRQHV GH
DGYHUVLGDG R GLYHUVLGDG (VWD FRPXQLFDFLyQ GHEH
GLULJLUVH D TXH ORV DGXOWRV FUHDQ HIHFWLYDPHQWH HQ ODV
FDSDFLGDGHV  SRWHQFLDOLGDGHV GH WRGRV ORV QLxRV  VH
FRPSURPHWDQ FRQ VX FXLGDGR DWHQFLyQ  SURPRFLyQ
PX HVSHFLDOPHQWH HQ DTXHOORV PiV YXOQHUDEOHV 
H[FOXLGRV
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV   
 5HVSDOGDU  MHUDUTXL]DU OD HGXFDFLyQ UXUDO
,PSOLFD HPSUHQGHU ORV GHVDUUROORV WpFQLFRV HVSHFtILFRV
 UHPRYHU SUHMXLFLRV VREUH HO FRQWH[WR UXUDO
/D HVFXHOD UXUDO SXHGH FRQFHELUVH FRPR FHQWUR
HGXFDWLYR TXH DVXPD WRGD OD HGXFDFLyQ REOLJDWRULD
FRQ PRGDOLGDGHV RUJDQL]DWLYDV SHFXOLDUHV  UHFXUVRV
KXPDQRV WHFQROyJLFRV  FRPXQLWDULRV SHUWLQHQWHV
D VX SRWHQFLDOLGDG  QR VLPSOHV UpSOLFDV GH ODV
HVFXHODV XUEDQDV WUDGLFLRQDOHV
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH OD (VWUDWHJLD 
 $VXPLU HO GHVDItR SHGDJyJLFR  VRFLDO GH OD
HGXFDFLyQ GH ORV SXHEORV LQGtJHQDV
RUUHVSRQGH FRQVWUXLU FRQRFLPLHQWR SHGDJyJLFR 
GLGiFWLFR SDUD JDUDQWL]DU HQ ODV HVFXHODV HO PDRU
GHVDUUROOR GH ODV FDSDFLGDGHV FRJQLWLYDV  VRFLDOHV GH
WRGRV ORV 11$ GH ORV SXHEORV LQGtJHQDV 3DUD HOOR VH
SURSRQH SULRUL]DU HO WUDWDPLHQWR GH FRQWHQLGRV
FXOWXUDOPHQWH UHOHYDQWHV DO GHVDUUROOR GH HVWDV
FDSDFLGDGHV GH PRGR WDO GH VXSHUDU OD DJUHJDFLyQ GH
FRQWHQLGRV TXH VXHOH SURGXFLUVH LPSXOVDU SURFHVRV
GH ODUJR SOD]R TXH SHUPLWDQ FRQWDU FRQ GRFHQWHV FRQ
GRPLQLR GH OD OHQJXD  OD FXOWXUD SDUWLFXODU D OD YH] TXH
FRQ SUHSDUDFLyQ GLGiFWLFD HQ GHVDUUROOR GH FDSDFLGDGHV
 SHQVDU SURFHVRV GH SURJUHVLyQ  WUDQVLFLyQ GHVGH OD
VLWXDFLyQ DFWXDO  OD VLWXDFLyQ GHVHDGD
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH OD (VWUDWHJLD 
 3URIXQGL]DU SUiFWLFDV GH VRSRUWH
HPRFLRQDO  EXHQ WUDWR D HVWXGLDQWHV QLxRV
 DGROHVFHQWHV
,PSOLFD FRQVWUXLU HO JUXSR FODVH  OD FRPXQLGDG
LQVWLWXFLRQDO FRPR iPELWR SURWHFWRU $SRDU
D ORV GRFHQWHV  GLUHFWLYRV GH ODV HVFXHODV SDUD
TXH SXHGDQ HMHUFHU HO URO GH FRQGXFLUFRRUGLQDU
DSURYHFKDU HO JUXSR FODVH  OD FRPXQLGDG LQVWLWXFLRQDO
HYLWDQGR EXUODV GLVFULPLQDFLRQHV  SUiFWLFDV LQWROHUDQWHV
HQWUH ORV QLxRV QLxRV  DGXOWRV  DGXOWRV HQWUH Vt
JHQHUDQGR XQ HVSDFLR FRRSHUDWLYR GHPRFUiWLFR
LQWHJUDGR  DWHQWR DO ORJUR GH WRGRV  WRGDV
→ (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR 
GHQWUR GH ODV (VWUDWHJLDV     
216758,5 212,0,(172  029,/,=$5 5(35(6(17$,21(6 $ )$925
'( /$ ,1/86,Ï1
6HFXHQFLD PHWRGROyJLFD GH OD
LQLFLDWLYD 1)( HQ HVWH LQIRUPH
UHJLRQDO
/D PHWD GH OD ,QLFLDWLYD *OREDO SRU ORV 1)( HV
DWHQGHU ORV GHVDItRV GH OD H[FOXVLyQ  DSRDU D ORV
SDtVHV HQ OD UHGXFFLyQ GHO Q~PHUR GH QLxRV IXHUD
GH OD HVFXHOD /RV REMHWLYRV HVSHFtILFRV VRQ
‡ 0HMRUDU OD LQIRUPDFLyQ  HO DQiOLVLV HVWDGtVWLFR
VREUH ORV QLxRV TXH HVWiQ IXHUD GH OD HVFXHOD 
GHVDUUROODU SHUILOHV FRPSOHMRV GH HVWRV QLxRV TXH
UHIOHMHQ ODV P~OWLSOHV SULYDFLRQHV  GLVSDULGDGHV
TXH HQIUHQWDQ HQ VX HGXFDFLyQ
‡ ,GHQWLILFDU ORV FXHOORV GH ERWHOOD DQDOL]DU ODV
LQWHUYHQFLRQHV H[LVWHQWHV UHODFLRQDGDV FRQ XQD
PHMRU SDUWLFLSDFLyQ HQ OD HVFRODULGDG  GHVDUUROODU
SROtWLFDV  HVWUDWHJLDV TXH DFHOHUHQ  DXPHQWHQ
OD HVFDOD GH OD PDWULFXODFLyQ  VRVWHQJDQ ODV
WDVDV GH DVLVWHQFLD SDUD ORV H[FOXLGRV  ORV
PDUJLQDGRV
'H DFXHUGR FRQ HVWRV REMHWLYRV HVWH LQIRUPH VH
RUJDQL]D GH OD VLJXLHQWH PDQHUD
‡ DStWXOR  GRQGH VH FDUDFWHUL]DQ HVWDGtVWLFDPHQWH
ORV SHUILOHV GH OD H[FOXVLyQ HGXFDWLYD GH ORV 11$
GH /DWLQRDPpULFD  HO DULEH GHVGH OD GHILQLFLyQ
DPSOLDGD SURSLD GH OD ,QLFLDWLYD 1)(
‡ DStWXOR  GRQGH VH LGHQWLILFDQ ODV EDUUHUDV TXH
IRPHQWDQ R PDQWLHQHQ ORV QLYHOHV GH H[FOXVLyQ
VREUH OD EDVH GH OD LQIRUPDFLyQ HVWDGtVWLFD
DQDOL]DGD  RWURV HVWXGLRV GLVSRQLEOHV
‡ DStWXOR  GRQGH VH GHVDUUROOD XQ PHQ~ GH
DFFLRQHV HQFDPLQDGDV D VROXFLRQDU ODV EDUUHUDV
HQ IXQFLyQ GH ODV H[SHULHQFLDV GH SUiFWLFD
HIHFWLYD UHFRJLGDV HQ ORV SDtVHV GH OD UHJLyQ
$ FRQWLQXDFLyQ VH SUHVHQWDQ DOJXQDV DGYHUWHQFLDV
 DFODUDFLRQHV SUHYLDV SDUD RULHQWDU OD OHFWXUD
GH ORV FDStWXORV
20(17$5,26 *(1(5$/(6
(V LPSRUWDQWH WHQHU SUHVHQWH TXH HO PDUFR
FRQFHSWXDO GH HVWD LQLFLDWLYD DVXPH OD
HVFRODUL]DFLyQ FRPR XQD H[SUHVLyQ ±SULQFLSDO SHUR
QR ~QLFD± GHO GHUHFKR D OD HGXFDFLyQ  GHQWUR GH
OD HVFRODUL]DFLyQ VH HQIRFD HQ HO WUDPR TXH VH YD
JHQHUDOL]DQGR FRPR REOLJDWRULR XQ DxR GH
HGXFDFLyQ LQLFLDO OD HGXFDFLyQ SULPDULD  HO SULPHU
WUDPR GH HGXFDFLyQ VHFXQGDULD HVWRV ~OWLPRV HQ
DOJXQRV SDtVHV VH DJUXSDQ FRQ HO QRPEUH
‹81,()%ROLYLDXHOODU
8$'52  (VWUXFWXUD GH ORV VLVWHPDV HGXFDWLYRV QDFLRQDOHV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV
%DUEDGRV
,1(

,1(  ,1(  ,1( 
%HOLFH
,1(

,1(  ,1(  ,1( 
$QWLJXD
 %DUEXGD
,1(

,1(  ,1(  ,1( 
'RPLQLFD
,1(

,1(  ,1(  ,1( 
*UDQDGD
,1(

,1(  ,1(  ,1( 
6DQ ULVWyEDO
 1LHYHV
,1(

,1(  ,1(  ,1( 
6DQWD /XFtD
,1(

,1(  ,1(  ,1( 
6DQ 9LFHQWH 
ODV *UDQGDV
,1(

,1(  ,1(  ,1( 
7ULQLGDG
 7REDJR
,1(

,1(  ,1(  ,1( 
GH HGXFDFLyQ EiVLFD
(Q WpUPLQRV JHQHUDOHV HVWD
LQLFLDWLYD VH FRQFHQWUD HQ  DxRV GH
HVFRODUL]DFLyQ PHWD UHLWHUDGDPHQWH VXVFULSWD HQ
DFXHUGRV PXQGLDOHV  UHJLRQDOHV
3RU OR H[SXHVWR TXHGD IXHUD GHO PDUFR GH DQiOLVLV
 WUDWDPLHQWR GH HVWD LQLFLDWLYD WDQWR OD HGXFDFLyQ
VHFXQGDULD VXSHULRU HGXFDFLyQ PHGLD R EDFKLOOHUDWR
±FRPR VH OD GHQRPLQD HQ DOJXQRV SDtVHV± DO LJXDO
TXH ORV JUDGRV GH OD HGXFDFLyQ LQLFLDO SUHYLRV DO
LQPHGLDWR DO DFFHVR D OD HGXFDFLyQ SULPDULD
(Q HO SUHVHQWH LQIRUPH DOJXQRV WHPDV WLHQHQ XQ
GHVDUUROOR VXFLQWR HQ IXQFLyQ GH OD HVFDVD
LQIRUPDFLyQ GLVSRQLEOH OD HGXFDFLyQ GH ORV SXHEORV
LQGtJHQDV ORV 11$ PLJUDQWHV R GHVSOD]DGRV FRQ
GLVFDSDFLGDG ORV TXH WUDEDMDQ  ODV FRPXQLGDGHV
GH DIURGHVFHQGLHQWHV
20(17$5,26 3$5$ (/ $3Ë78/2 
/26 3(5),/(6 '( /$ (;/86,Ï1 ('8$7,9$
(1 $0e5,$ /$7,1$  (/ $5,%(
RPR IRUPD GH IDFLOLWDU OD OHFWXUD GH XQ LQIRUPH
UHJLRQDO TXH DEDUFD  SDtVHV VH KDQ XQLIRUPDGR
ODV GHQRPLQDFLRQHV FRUUHVSRQGLHQWHV D ORV QLYHOHV
HGXFDWLYRV HQ ORV WUDPRV HVSHFtILFDPHQWH IRFDOL]DGRV
HQ HVWD LQLFLDWLYD $ WDO ILQ OD ODVLILFDFLyQ LQWHUQDFLRQDO
1RUPDOL]DGD GH OD (GXFDFLyQ  ,1(
GHVDUUROODGD SRU OD 81(62 SDUD FRPSDUDU QLYHOHV
HGXFDWLYRV HV OD EDVH GH OD QRPHQFODWXUD TXH VH
XWLOL]DUi OR ODUJR GH WRGR HO GRFXPHQWR
± (GXFDFLyQ ,QLFLDO LQFOXLGD GHQWUR GH OD FDWHJRUtD
,1(  6H FRQVLGHUD FRQ HVWH QRPEUH D XQ DxR
GH HVFRODULGDG SUHYLD DO LQJUHVR D OD HGXFDFLyQ
SULPDULD (VWH QLYHO UHFLEH GLIHUHQWHV QRPEUHV HQ
ORV SDtVHV GH OD UHJLyQ HGXFDFLyQ SDUYXODULD
SUHHVFRODU SUHSULPDULD SUHSDUDWRULD H LQLFLDO
± (GXFDFLyQ SULPDULD HTXLYDOHQWH DO ,1(  (Q
FDVL WRGD OD UHJLyQ FRUUHVSRQGH DO QLYHO SULPDULR R
D OD HGXFDFLyQ EiVLFD FRPSOHWD R HQ DOJ~Q
WUDPR
FRQ XQD GXUDFLyQ HQWUH    DxRV
± (GXFDFLyQ VHFXQGDULD VH UHIHUHQFLD FRQ ,1( 
(Q ORV SDtVHV GH OD UHJLyQ HV OODPDGR 7HUFHU LFOR
GH HGXFDFLyQ EiVLFD HGXFDFLyQ VHFXQGDULD R
PHGLD  WLHQH XQD HGDG QRUPDWLYD GH FXOPLQDFLyQ
HQWUH ORV    DxRV
(O ,1(  FRQ VXV GLYHUVDV GHQRPLQDFLRQHV HQ ORV
SDtVHV GH OD UHJLyQ HGXFDFLyQ PHGLD YRFDFLRQDO
EDFKLOOHUDWR
QR VH LQWHJUD HQ HO PDUFR FRQFHSWXDO
GH OD ,QLFLDWLYD SRU ORV 1)(
(O XDGUR  SUHVHQWD OD HVWUXFWXUD GH ORV VLVWHPDV
HGXFDWLYRV FRQIRUPH OD FODVLILFDFLyQ ,1(  HQ HO
PDUFR GH ORV QLYHOHV D WUDEDMDU HQ HVWH GRFXPHQWR
(O RUGHQDPLHQWR DJUXSD ORV SDtVHV TXH SUHVHQWDQ
XQD RUJDQL]DFLyQ VLPLODU GH OD HVFRODULGDG
DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV

DxRV
RORPELD
,1(

,1(  ,1(  ,1( 
RVWD 5LFD
,1(

,1(  ,1(  ,1( 
*XDDQD
,1(

,1(  ,1(  ,1( 
-DPDLFD
,1(

,1(  ,1(  ,1( 
1LFDUDJXD
,1(

,1(  ,1(  ,1( 
3HU~
,1(

,1(  ,1(  ,1( 
9HQH]XHOD
,1(

,1(  ,1(  ,1( 
%ROLYLD
,1(

,1(  ,1(  ,1( 
KLOH
,1(

,1(  ,1(  ,1( 
5HS~EOLFD
'RPLQLFDQD
,1(

,1(  ,1(  ,1( 
%UDVLO
,1(

,1(  ,1(  ,1( 
$UJHQWLQD
,1(

,1(  ,1(  ,1( 
XED
,1(

,1(  ,1(  ,1( 
(FXDGRU
,1(

,1(  ,1(  ,1( 
+RQGXUDV
,1(

,1(  ,1(  ,1( 
0p[LFR
,1(

,1(  ,1(  ,1( 
3DQDPi
,1(

,1(  ,1(  ,1( 
3DUDJXD
,1(

,1(  ,1(  ,1( 
8UXJXD
,1(

,1(  ,1(  ,1( 
6XULQDP
,1(

,1(  ,1(  ,1( 
*XDWHPDOD ,1(  ,1(  ,1(  ,1( 
(O 6DOYDGRU ,1(  ,1(  ,1(  ,1(
%UDVLO VH HQFXHQWUD HQ SURFHVR GH FDPELR GH OD HGDG GH LQJUHVR D OD SULPDULD GH ORV  D ORV  DxRV GH HGDG LQFRUSRUDQGR
XQ JUDGR PiV DO ,1(  (VWD WDEOD UHIOHMD OD QXHYD HVWUXFWXUD GH QLYHOHV
)XHQWH ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
20(17$5,26 3$5$ (/ $3Ë78/2 
%$55(5$6  8(//26 '( %27(//$ 48(
352'8(1 2 $*5$9$1 /$ (;/86,Ï1
(62/$5
/DV EDUUHUDV SURSXHVWDV HQ HO PDUFR FRQFHSWXDO
 PHWRGROyJLFR GH HVWD LQLFLDWLYD VH HVWUXFWXUDQ
DQDOtWLFDPHQWH HQ FXDWUR iPELWRV HFRQyPLFRV
FXOWXUDOHV GH RIHUWD HVFRODU  GH JHVWLyQ
GHO VLVWHPD 6LQ HPEDUJR HQ OD UHDOLGDG VRFLDO
FRWLGLDQD HVWDV EDUUHUDV VH VXSHUSRQHQ
 UHIXHU]DQ HQWUH Vt HQ ORV SURFHVRV GH
H[FOXVLyQ
(O XDGUR  SUHVHQWD ORV iPELWRV  DJUXSDPLHQWRV
GH ODV EDUUHUDV DVt FRPR VXV YLQFXODFLRQHV ±GH
GLVWLQWD LQWHQVLGDG± FRQ ORV SHUILOHV GH H[FOXVLyQ GH
ODV FLQFR GLPHQVLRQHV (O DStWXOR  DQDOL]D HQ
GHWDOOH GLFKRV SHUILOHV HO DStWXOR  GHVDJUHJD ODV
EDUUHUDV DO PDRU QLYHO GH GHWDOOH
8$'52 
5HODFLyQ HQWUH ODV GLPHQVLRQHV GH H[FOXVLyQ  ORV iPELWRV  DJUXSDPLHQWRV GH EDUUHUDV
H LQIOXHQFLDV
,QIOXHQFLD PX LQWHQVD ,QIOXHQFLD LQWHQVD ,QIOXHQFLD PHGLD
3HUILOHV GH OD H[FOXVLyQ
%DUUHUDV  FXHOORV GH ERWHOOD TXH JHQHUDQ R DJUDYDQ
OD H[FOXVLyQ
([FOXVLyQ DFWXDO
R GH DFFHVR
([FOXVLyQ
SRWHQFLDO R GH
DSUHQGL]DMHV
È0%,726 $*583$0,(1726
'LPHQVLRQHV GH OD H[FOXVLyQ
    
%DUUHUDV HFRQyPLFDV SRU
UHVWULFFLyQ GH UHFXUVRV
IDPLOLDUHV
,QVXILFLHQFLD GH LQJUHVRV SDUD
VXEVLVWHQFLD
'LILFXOWDG SDUD DIURQWDU FRVWRV
GH HVFRODUL]DFLyQ
%DUUHUDV VRFLRFXOWXUDOHV HQ
OD GHPDQGD SRU HGXFDFLyQ
'HVDMXVWHV GH UHSUHVHQWDFLRQHV
VREUH HO GHUHFKR D OD HGXFDFLyQ
%DUUHUDV PDWHULDOHV
SHGDJyJLFDV  VLPEyOLFDV
TXH VH PDQLILHVWDQ HQ OD
RIHUWD GH OD HVFXHOD
(VFXHODV TXH QR FXHQWDQ FRQ
UHFXUVRV PDWHULDOHV VXILFLHQWHV
R EiVLFRV
(VFXHODV GRQGH VH JHQHUDQ R
WROHUDQ PHFDQLVPRV GH VHJUHJDFLyQ
(VFXHODV TXH SRVLELOLWDQ HVFDVDV
RSRUWXQLGDGHV GH DSUHQGHU
(VFXHODV FRQ FOLPD SHGDJyJLFR
 YLQFXODU GHWHULRUDGR
%DUUHUDV SROtWLFDV
ILQDQFLHUDV R WpFQLFDV GH OD
RIHUWD GHO VLVWHPD HGXFDWLYR
2IHUWD HGXFDWLYD IDOWDQWH HVFDVD
LQDGHFXDGD R EXURFUDWL]DGD
)LQDQFLDPLHQWR LQVXILFLHQWH
3URSXHVWDV WpFQLFDV LQHILFDFHV
SDUD ORJUDU LQFOXVLyQ
20(17$5,26 3$5$ (/ $3Ë78/2 
(675$7(*,$6 3$5$ 683(5$5 %$55(5$6
/$ (;/86,Ï1 ('8$7,9$
/DV HVWUDWHJLDV SUHVHQWDGDV SDUD VXSHUDU ODV
EDUUHUDV VH RUJDQL]DQ FRQ OD PLVPD OyJLFD DQDOtWLFD
TXH HVWDV (Q OD JHVWLyQ HIHFWLYD XQD SROtWLFD
SXHGH ± GHEHUtD± LQWHJUDU YDULDV HVWUDWHJLDV SDUD
DERUGDU GLVWLQWDV EDUUHUDV TXH FRQIOXHQ JHQHUDQGR
VLWXDFLRQHV GH H[FOXVLyQ (O XDGUR  SUHVHQWD ORV
iPELWRV  DJUXSDPLHQWRV GH ODV
HVWUDWHJLDV HQ HVSHMR FRQ ODV EDUUHUDV D
SODQWHDGDV (O DStWXOR  H[SRQH ODV HVWUDWHJLDV
FRQ PDRU GHVDJUHJDFLyQ
8$'52  5HODFLyQ HQWUH ODV EDUUHUDV  ODV HVWUDWHJLDV SDUD VXSHUDUODV
%DUUHUDV TXH JHQHUDQ
R DJUDYDQ OD H[FOXVLyQ
(VWUDWHJLDV SDUD VXSHUDU EDUUHUDV
 FXHOORV GH ERWHOOD
ÈPELWRV $JUXSDPLHQWRV %DUUHUDV ÈPELWRV $JUXSDPLHQWRV (VWUDWHJLDV
%DUUHUDV
HFRQyPLFDV
SRU UHVWULFFLyQ
GH UHFXUVRV
IDPLOLDUHV
,QVXILFLHQFLD GH
LQJUHVRV SDUD
VXEVLVWHQFLD
%DUUHUDV
   3URJUHVDU HQ
PDRU MXVWLFLD
GH UHFXUVRV
 SRVLELOLGDGHV
%DODQFHDU LQJUHVRV
IDPLOLDUHV
(VWUDWHJLDV
  
'LILFXOWDG SDUD
DIURQWDU FRVWRV GH
HVFRODUL]DFLyQ
%DUUHUDV
 D 
6XSOLU FRVWRV GH
HVFRODUL]DFLyQ
(VWUDWHJLDV
 D 
%DUUHUDV
VRFLRFXOWXUDOHV
HQ OD GHPDQGD
SRU HGXFDFLyQ
'HVDMXVWHV GH
UHSUHVHQWDFLRQHV
VREUH HO GHUHFKR D OD
HGXFDFLyQ
%DUUHUDV
  
(QULTXHFHU OD SHUVSHFWLYD VRFLDO VREUH
HO GHUHFKR D OD HGXFDFLyQ
(VWUDWHJLDV
  
%DUUHUDV
PDWHULDOHV
SHGDJyJLFDV 
VLPEyOLFDV TXH
VH PDQLILHVWDQ
HQ OD RIHUWD GH
OD HVFXHOD
(VFXHODV TXH QR
FXHQWDQ FRQ
UHFXUVRV PDWHULDOHV
VXILFLHQWHV R EiVLFRV
%DUUHUDV
 D 
3URPRYHU
HVFXHODV
FRPSURPHWLGDV
FRQ OD LQFOXVLyQ
UHDU FRQGLFLRQHV
PDWHULDOHV
 YLQFXODUODV FRQ HO
DSUHQGL]DMH
(VWUDWHJLDV
 D 
(VFXHODV GRQGH VH
JHQHUDQ R WROHUDQ
PHFDQLVPRV GH
VHJUHJDFLyQ
%DUUHUDV
 D 
RQVLGHUDU
OD RUJDQL]DFLyQ
HVFRODU FRPR
RSRUWXQLGDG
GH LQFOXVLyQ
(VWUDWHJLDV
 D 
(VFXHODV TXH
SRVLELOLWDQ HVFDVDV
RSRUWXQLGDGHV GH
DSUHQGHU
%DUUHUDV
 D 
$PSOLDU ODV
RSRUWXQLGDGHV GH
DSUHQGHU SDUD
ORV HVWXGLDQWHV
(VWUDWHJLDV
 D 
(VFXHODV FRQ FOLPD
SHGDJyJLFR 
YLQFXODU GHWHULRUDGR
%DUUHUDV
 D 
,QVWDODU XQ FOLPD
HVFRODU UHVSHWXRVR
 WROHUDQWH
(VWUDWHJLDV
 D 
%DUUHUDV
SROtWLFDV
ILQDQFLHUDV R
WpFQLFDV GH OD
RIHUWD GHO
VLVWHPD
HGXFDWLYR
2IHUWD HGXFDWLYD
IDOWDQWH HVFDVD
LQDGHFXDGD
R EXURFUDWL]DGD
%DUUHUDV
 D 
*HVWLRQDU
HO VLVWHPD
HGXFDWLYR KDFLD
PHWDV GH
LQFOXVLyQ
5HYLWDOL]DU OD
RUJDQL]DFLyQ GH OD
RIHUWD HGXFDWLYD
SDUD OD LQFOXVLyQ
(VWUDWHJLDV
 D 
)LQDQFLDPLHQWR
LQVXILFLHQWH
%DUUHUDV
  
3URWHJHU  DPSOLDU
HO ILQDQFLDPLHQWR
(VWUDWHJLDV
  
3URSXHVWDV WpFQLFDV
LQHILFDFHV SDUD
ORJUDU LQFOXVLyQ
%DUUHUDV
 D 
'HVDUUROODU
XQD SHGDJRJtD
UDFLRQDO SDUD
VXSHUDU OD H[FOXVLyQ
(VWUDWHJLDV
 D
(Q HVWH FDStWXOR VH UHDOL]D OD FDUDFWHUL]DFLyQ
HVWDGtVWLFD GH OD H[FOXVLyQ HGXFDWLYD GH ORV QLxRV
QLxDV  DGROHVFHQWHV GH /DWLQRDPpULFD  HO DULEH
GHVGH OD GHILQLFLyQ DPSOLDGD SURSLD GH OD ,QLFLDWLYD
1)( LQFOXH OD SREODFLyQ TXH WLHQH HGDG GH DVLVWLU
D OD HVFXHOD SHUR QR OR HVWi KDFLHQGR FRPR DVt
WDPELpQ D ORV TXH DVLVWHQ HQ VLWXDFLyQ GH H[FOXVLyQ
ODWHQWH SHUPDQHFLHQGR RFXOWRV D ORV DQiOLVLV TXH
VH KDFHQ VREUH HO SULPHU JUXSR
(O DQiOLVLV GH OD LQIRUPDFLyQ VH DSRD
IXQGDPHQWDOPHQWH HQ GDWRV VLVWHPDWL]DGRV SRU HO
8,681(62 TXH KDQ VLGR SXHVWRV D GLVSRVLFLyQ
SRU HO RUJDQLVPR SDUD HO GHVDUUROOR GHO SUHVHQWH
LQIRUPH (VWD LQIRUPDFLyQ SUHVHQWD XQ FRQMXQWR GH
LQGLFDGRUHV EiVLFRV TXH SHUPLWHQ GDU FXHQWD GH ODV
SULQFLSDOHV FDUDFWHUtVWLFDV GH OD HVFRODUL]DFLyQ HQ OD
UHJLyQ VHJ~Q HO LQJUHVR OD SHUPDQHQFLD  OD
SURJUHVLyQ GH OD SREODFLyQ D OR ODUJR GH VX
HVFRODULGDG
/RV GDWRV WDPELpQ KDQ VLGR XWLOL]DGRV SDUD HODERUDU
XQ FRQMXQWR GH LQGLFDGRUHV SURSLRV D HVWH LQIRUPH
HVSHFLDOPHQWH GLVHxDGRV SDUD SURIXQGL]DU DOJXQRV
DVSHFWRV GH OD HVFRODUL]DFLyQ TXH DWDxHQ D ORV
ILQHV GH OD LQLFLDWLYD 1)( 'H HVWD PDQHUD VH KD
EXVFDGR DPSOLDU  SRWHQFLDU OD LQIRUPDFLyQ
HVWDGtVWLFD GLVSRQLEOH SDUD FDUDFWHUL]DU HQ
SURIXQGLGDG ORV FXHOORV GH ERWHOOD GH ORV LWLQHUDULRV
HVFRODUHV  VHxDODU ORV SURFHVRV GH H[FOXVLyQ /D
FDUDFWHUL]DFLyQ REWHQLGD SRQH GH PDQLILHVWR ODV
IRUPDV HVFRODUHV TXH DVXPH OD H[FOXVLyQ HGXFDWLYD
 JHQHUD SUHJXQWDV PiV SUHFLVDV TXH SHUPLWHQ
SURIXQGL]DU HQ VXV FDXVDV /D FRPSUHQVLyQ GH
HVWRV SURFHVRV HGXFDWLYRV UHTXLHUH DEULUVH D
HQIRTXHV PHQRV WUDGLFLRQDOHV  FRQVWUXLU
FRQRFLPLHQWRV QXHYRV  DFWXDOL]DGRV TXH
VXVWHQWHQ SROtWLFDV  HVWUDWHJLDV PiV HILFDFHV
/DV  'LPHQVLRQHV GH OD
H[FOXVLyQ 3HUILO JHQHUDO
/DV GLVWLQWDV GLPHQVLRQHV GH OD H[FOXVLyQ HVFRODU
DFWXDO R SRWHQFLDO HQ $PpULFD /DWLQD  HO DULEH
DIHFWDQ D  PLOORQHV GH 11$ FRQVLGHUDQGR
GHVGH XQ DxR GH HGXFDFLyQ LQLFLDO KDVWD OD
ILQDOL]DFLyQ GH OD VHFXQGDULD EiVLFD SDUD ORV DxRV
   FRPR PXHVWUD OD 7DEOD 
DStWXOR 
3HUILOHV GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD
/DWLQD  HO DULEH
7$%/$  (VTXHPD LQWHJUDGR GH ODV GLPHQVLRQHV GH OD H[FOXVLyQ
7RWDO GH H[FOXVLyQ HGXFDWLYD DFWXDO R SRWHQFLDO  PLOORQHV
'LPHQVLyQ 
1LxRV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO TXH QR
HVWiQ HQ OD HVFXHOD LQLFLDO R SULPDULD
 PLOORQHV
'LPHQVLyQ 
1LxRV HQ HGDG GH DVLVWLU D OD HVFXHOD SULPDULD TXH
QR HVWiQ HQ OD HVFXHOD SULPDULD QL HQ OD VHFXQGDULD EiVLFD
'H ORV FXDOHV HQ HVFXHOD LQLFLDO FRQ UH]DJR
PLOORQHV
 PLOORQHV
$GHPiV
HQ ULHVJR
PRGHUDGR
'LPHQVLyQ 
1LxRVDGROHVFHQWHV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ
VHFXQGDULD EiVLFD TXH QR HVWiQ HQ OD HVFXHOD SULPDULD
QL HQ OD VHFXQGDULD
 PLOORQHV
'LPHQVLyQ 
1LxRV TXH HVWiQ HQ OD HVFXHOD SULPDULD SHUR TXH HVWiQ HQ
ULHVJR JUDYH GH DEDQGRQDU
 PLOORQHV
RWURV 
PLOORQHV
'LPHQVLyQ 
1LxRVDGROHVFHQWHV TXH HVWiQ HQ OD HVFXHOD VHFXQGDULD
EiVLFD SHUR TXH HVWiQ HQ ULHVJR JUDYH GH DEDQGRQDU
 PLOORQHV
RWURV 
PLOORQHV
)XHQWH
HVWLPDFLRQHV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
SDUD OD UHJLyQ FRUUHVSRQGLHQWHV DO DxR
HVWLPDFLRQHV SURSLDV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
FRUUHVSRQGLHQWHV D
3DUD OD HODERUDFLyQ GHO JUiILFR VH UHVSHWy SDUD FDGD SDtV
OD GHILQLFLyQ GH ORV QLYHOHV SUHHVFRODU SULPDULR  VHFXQGDULR
EiVLFR GH FDGD XQR GH ORV SDtVHV FRQVLGHUDQGR WDQWR OD RIHUWD
S~EOLFD FRPR OD SULYDGD 3DUD HO FiOFXOR GHO UH]DJR
VH FRQVLGHUy OD HGDG HVWDEOHFLGD SRU QRUPDWLYD HQ FDGD SDtV
SDUD HO LQJUHVR D OD SULPDULD 3DUD OD LGHQWLILFDFLyQ GH
ORV QLYHOHV HGXFDWLYRV VH WRPy HQ FRQVLGHUDFLyQ
OD ODVLILFDFLyQ ,QWHUQDFLRQDO 1RUPDOL]DGD GH OD (GXFDFLyQ
,1(
(O GHWDOOH SDUD FDGD SDtV VH HQFXHQWUD HQ HO DQH[R
PHWRGROyJLFR
*5È),2 
'LPHQVLRQHV GH OD H[FOXVLyQ D SDUWLU GH GDWRV GH HVWXGLDQWHV SRU HGDG  FRQGLFLyQ GH HGDG
$PpULFD /DWLQD  HO DULEH LUFD  (Q PLOHV GH DOXPQRV







DxRV
DxRV
DxRV
DxRV
DxRV
DxRV
DxRV
DxRV
DxRV
DxRV
DxRV


$
%

$
%

(GDG WHyULFD  DxR UH]DJR   PiV DxRV UH]DJR 3REODFLyQ
'LPHQVLyQ  (VWXGLDQWHV TXH DVLVWHQ D
SULPDULD FRQ UH]DJR HVFRODU  DxR GH UH]DJR
]RQD $
FRPR LQGLFLR GH ULHVJR   R PiV DxRV
GH UH]DJR FRPR ULHVJR JUDYH ]RQD %
'LPHQVLyQ  (VWXGLDQWHV TXH DVLVWHQ
D VHFXQGDULD EiVLFD FRQ UH]DJR HVFRODU  DxR GH
UH]DJR ]RQD $
FRPR LQGLFLR GH ULHVJR   R PiV
DxRV GH UH]DJR FRPR ULHVJR JUDYH ]RQD %
'LPHQVLyQ  $GROHVFHQWHV
GHVHVFRODUL]DGRV HQ HGDG GH LU
D OD VHFXQGDULD EiVLFD

'LPHQVLyQ  1LxRV
H[FOXLGRV GHO SUHHVFRODU
 SULPDULD

'LPHQVLyQ  1LxRV GHVHVFRODUL]DGRV
HQ HGDG GH LU D OD SULPDULD

1LxRV TXH DVLVWHQ DO SUHHVFRODU
HQ FRQGLFLyQ GH UH]DJR HQ YH] GH LU
D SULPHU JUDGR
RQGLFLyQ GH HGDG RQGLFLyQ GH PDWUtFXODFLyQ
GH ORV HVWXGLDQWHV FRQVLGHUDQGR OD UHODFLyQ HQWUH
VX HGDG  HO JUDGR 6H LGHQWLILFDQ WUHV FDWHJRUtDV
(GDG WHyULFD $VLVWH D FXDOTXLHU JUDGR FRQ OD PLVPD
R FRQ PHQRU
HGDG D OD TXH FRUUHVSRQGH VHJ~Q
HVWLSXOD OD QRUPDWLYD GHO SDtV
 DxR GH UH]DJR $VLVWH D FXDOTXLHU JUDGR FRQ XQ DxR
PiV GH HGDG GH OR TXH HVWLSXOD OD QRUPDWLYD GHO SDtV
SDUD HVH JUDGR
  PiV DxRV GH UH]DJR $VLVWH D FXDOTXLHU JUDGR FRQ
GRV R PiV DxR GH HGDG GH OR TXH HVWLSXOD OD QRUPDWLYD
GHO SDtV SDUD HVH JUDGR
)XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
HVWLPDFLRQHV GH SREODFLyQ
GH OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV 5HYLVLyQ   SDtVHV GH OD UHJLyQ
6REUH HVH GDWR JOREDO SRU GLPHQVLyQ HO *UiILFR 
HVTXHPDWL]D OD VLWXDFLyQ SRU HGDG VLPSOH 
DSUR[LPD DO SHUILO GH HYROXFLyQ HQWUH GLPHQVLRQHV
6H XWLOL]D FRPSOHPHQWDULDPHQWH LQIRUPDFLyQ
GH SREODFLyQ  GHO QLYHO DO TXH DVLVWHQ
ORV HVWXGLDQWHV
3DUD ORV DxRV QR FHQVDOHV VH SXHGHQ XWLOL]DU GRV DOWHUQDWLYDV
XWLOL]DU ORV GDWRV GH ODV HQFXHVWDV GH KRJDUHV R FRPELQDU
SURHFFLRQHV GH SREODFLyQ FRQ GDWRV DGPLQLVWUDWLYRV GHO
VLVWHPD HGXFDWLYR (Q HVWH HVWXGLR VH KD WUDEDMDGR FRPELQDQGR
GDWRV GH ORV VLVWHPDV HVWDGtVWLFRV QDFLRQDOHV SURYLVWRV SRU
HO 8,6
SURHFFLRQHV GH SREODFLyQ HVWLPDGDV SRU OD 813'
(V GHFLU H[FOXHQGR D *XDWHPDOD  (O 6DOYDGRU FXD HGDG
GH LQJUHVR HV D ORV  DxRV GH HGDG  DOJXQRV SDtVHV
GHO DULEH GRQGH HO LQJUHVR D OD SULPDULD VH HVWLSXOD
D ORV  DxRV


$UJHQWLQD %HOLFH %ROLYLD %UDVLO KLOH RORPELD RVWD 5LFD
XED 5HS~EOLFD 'RPLQLFDQD (FXDGRU (O 6DOYDGRU *UHQDGD
*XDWHPDOD *XDQD +RQGXUDV -DPDLFD 0p[LFR 1LFDUDJXD
3DQDPi 3DUDJXD 3HU~ 6DQ ULVWyEDO  1LHYHV 6DQWD /XFtD
6DQ 9LFHQWH  ODV *UDQDGLQDV 6XULQDP 7ULQLGDG  7REDJR
8UXJXD  9HQH]XHOD
(O SHUILO GH DFFHVR  SHUPDQHQFLD
HQ $PpULFD /DWLQD  HO DULEH
 VXV LQHTXLGDGHV ±
'LPHQVLRQHV  D 
(Q HO SUHVHQWH DSDUWDGR VH DQDOL]D JOREDOPHQWH
HO SURFHVR GH DFFHVR SHUPDQHQFLD  VDOLGD
GH OD SREODFLyQ HQ HGDG HVFRODU HQ HO VLVWHPD
HGXFDWLYR /D LQIRUPDFLyQ GLVSRQLEOH SHUPLWH
LGHQWLILFDU GHQWUR GHO IOXMR GH OD HVFRODUL]DFLyQ
ORV FXHOORV GH ERWHOOD TXH UHVWULQJHQ HO GHUHFKR
GH HGXFDFLyQ DO XQLYHUVR GH QLxRV  QLxDV GH
$PpULFD /DWLQD  HO DULEH /D HOHYDGD FREHUWXUD
GH OD HGXFDFLyQ SULPDULD HQ OD UHJLyQ
QR HV H[SUHVLyQ GH XQD SHUPDQHQFLD SURORQJDGD
HQ HO VLVWHPD HGXFDWLYR  D~Q PHQRV
GH XQ SURJUHVR H[LWRVR HQ HO QLYHO R GH VX
ILQDOL]DFLyQ
(GDG VLPSOH RUWHV GH HGDG GH SREODFLyQ
R HVWXGLDQWHV SRU XQLGDGHV LQGLYLGXDOHV  DxRV
 DxRV  DxRV HWF
YV JUXSRV R WUDPRV GH HGDG
3RU OR WDQWR HVWXGLDU GDWRV H LQGLFDGRUHV
HGXFDWLYRV SRU HGDG VLPSOH SHUPLWH REVHUYDU
GHWDOOHV UHOHYDQWHV GH ODV WUDHFWRULDV HVFRODUHV /D
WDVD HVSHFtILFD GH PDWUtFXOD SRU HGDG PXHVWUD OD
SURSRUFLyQ GH OD SREODFLyQ GH XQD HGDG FRQFUHWD
HQ XQ SDtV PDWULFXODGD HQ HO VLVWHPD HGXFDWLYR
XDQGR VH DSOLFDQ ORV FHQVRV QDFLRQDOHV GH
SREODFLyQ OD DVLVWHQFLD GH ORV KDELWDQWHV HV
VHQFLOOD GH FDOFXODU (Q RWURV PRPHQWRV KD TXH
WRPDU GHFLVLRQHV VREUH HVWLPDFLRQHV GH SREODFLyQ
 VREUH OD UHODFLyQ FRQ OD LQIRUPDFLyQ HGXFDWLYD
SURYHQLHQWH GH FHQVRV HVFRODUHV R UHJLVWURV
DGPLQLVWUDWLYRV
 1R REVWDQWH OD SpUGLGD GH
SUHFLVLyQ TXH VH GHULYD HVWH LQGLFDGRU HV
VXPDPHQWH YDOLRVR SDUD DQDOL]DU OD H[FOXVLyQ
*5È),2 
7DVD HVSHFtILFD GH PDWUtFXOD SRU HGDG  D  DxRV 3DtVHV FRQ HGDG QRUPDWLYD GH LQJUHVR
D OD SULPDULD D ORV  DxRV GH HGDG
$PpULFD /DWLQD  HO DULEH






 DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV  DxRV
  
)XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
HVWLPDFLRQHV GH SREODFLyQ
GH OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV 5HYLVLyQ  813'
SDtVHV GH OD UHJLyQ
(O LQGLFDGRU GH 7DVD (VSHFtILFD GH 0DWUtFXOD SRU (GDG HQ
WHRUtD QR GHEHUtD SRGHU VXSHUDU HO   6LQ HPEDUJR GDGR
TXH HVWD LQIRUPDFLyQ SURYLHQH GH GRV IXHQWHV GH GDWRV
GLVWLQWDV HVWLPDFLRQHV GH SREODFLyQ GH OD 'LYLVLyQ GH
3REODFLyQ GH ODV 1DFLRQHV 8QLGDV  GDWRV GH ORV VLVWHPDV
HVWDGtVWLFRV QDFLRQDOHV
HQ ODV HGDGHV FRQ PX HOHYDGD
FREHUWXUD SXHGH GDUVH TXH HO LQGLFDGRU H[FHGD OLJHUDPHQWH
HO  
(Q HO *UiILFR  VH SXHGHQ DQDOL]DU WUHV VHJPHQWRV
GLIHUHQWHV VREUH OD HVFRODUL]DFLyQ PDUFDGRV HQ OD
SDUWH VXSHULRU FRQ Q~PHURV
± 6HJPHQWR  /D HVFRODUL]DFLyQ SHQGLHQWH KD XQ
FRQMXQWR LPSRUWDQWH GH QLxRV  QLxDV GH   
DxRV GH HGDG TXH SHUPDQHFHQ IXHUD GHO VLVWHPD
HGXFDWLYR VLQ KDEHU LQLFLDGR D~Q VX HVFRODULGDG
3DUD ORV  DxRV HQ ORV SDtVHV DQDOL]DGRV XQD
SURSRUFLyQ HQ WRUQR DO  GH OD SREODFLyQ HVWi
IXHUD GH OD HVFXHOD UHSUHVHQWDQGR HO GHVDItR GH
XQLYHUVDOL]DFLyQ GHO ~OWLPR DxR GH OD HGXFDFLyQ
LQLFLDO $ ORV  DxRV HO  GH OD SREODFLyQ GH OD
UHJLyQ HVWDUi HQ OD HVFXHOD SHUR FHUFD GH XQ 
GH ORV QLxRV GH HVWD HGDG D~Q SHUPDQHFHQ IXHUD
HQ VX PDRUtD VRQ DTXHOORV TXH LQJUHVDUiQ HQ
IRUPD WDUGtD DO VLVWHPD HGXFDWLYR
± 6HJPHQWR  /D HVFRODUL]DFLyQ WRWDO HQWUH ORV 
 ORV  DxRV GH HGDG ODV WDVDV HVSHFtILFDV
GH HVFRODUL]DFLyQ DOFDQ]DQ YDORUHV FHUFDQRV DO
 
 (VWR LQGLFD TXH SDUD HVWH WUDPR GH HGDG
OD FREHUWXUD HV FDVL XQLYHUVDO  SRU WDQWR HV PX
SHTXHxD OD SURSRUFLyQ GH SREODFLyQ TXH QR DVLVWH
DO VLVWHPD HGXFDWLYR
± 6HJPHQWR  /D GHVHVFRODUL]DFLyQ D SDUWLU
GH ORV  DxRV GH HGDG ODV WDVDV HVSHFtILFDV GH
PDWUtFXOD FRPLHQ]DQ D GLVPLQXLU
SURJUHVLYDPHQWH VtQWRPD GH SURFHVRV
GH DEDQGRQR HVFRODU +DFLD ORV  DxRV
 GH FDGD  MyYHQHV QR HVWi PDWULFXODGR
HQ OD HVFXHOD 'H HVWH JUXSR OD JUDQ PDRUtD
DVLVWLy SHUR DEDQGRQy GHILQLWLYDPHQWH
HO VLVWHPD HGXFDWLYR (VWD VLWXDFLyQ VH LUi
DJUDYDQGR SURJUHVLYDPHQWH HQ ODV VLJXLHQWHV
HGDGHV
8QD SHUVSHFWLYD PiV GLQiPLFD VH SHUFLEH
DO FRPSDUDU OD FDQWLGDG GH HVWXGLDQWHV SRU HGDG
VLPSOH HQ GRV DxRV FRQVHFXWLYRV (VWH DQiOLVLV
REVHUYD OD FRQVHUYDFLyQ LQWHUDQXDO SRU HGDG
 FRQVLVWH HQ FRPSDUDU OD FDQWLGDG GH HVWXGLDQWHV
FRQ HGDG ( HQ HO DxR LQLFLDO FRQ OD GH ORV
HVWXGLDQWHV GH HGDG ( GHO DxR VLJXLHQWH
(O *UiILFR  PXHVWUD OD VLWXDFLyQ HQ OD UHJLyQ
*5È),2 
RQVHUYDFLyQ LQWHUDQXDO GH HVWXGLDQWHV SRU HGDG VLPSOH $PpULFD /DWLQD  HO DULEH LUFD 
(Q PLOHV GH DOXPQRV

DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV
DxRVDxRV






  
(VWXGLDQWHV HQ HO DxR $
(VWXGLDQWHV HQ HO DxR $
,QJUHVR
$EDQGRQR
)XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
SDtVHV GH OD UHJLyQ
©$xR ILQDOª $
HV HO DxR PiV UHFLHQWH  ©$xR LQLFLDOª $
HO DxR DQWHULRU HQ WRUQR D  VHJ~Q ORV GDWRV
GLVSRQLEOHV SDUD FDGD SDtV
/DV WHQGHQFLDV VRQ VLPLODUHV D ODV GHO JUiILFR
DQWHULRU SHUR VH SXHGHQ UHFRQRFHU ODV VLJXLHQWHV
VLWXDFLRQHV HQ FDGD VHJPHQWR
± 6HJPHQWR  ± (Q HO DxR LQLFLDO KD  PLOORQHV
GH HVWXGLDQWHV GH  DxRV HO DxR VLJXLHQWH KD
 PLOORQHV GH  DxRV HV GHFLU KD  PLOORQHV
GH DOXPQRV QXHYRV GH  DxRV TXH QR HVWXYLHURQ
HQ HO VLVWHPD HO DxR DQWHULRU (VH SURFHVR GH
LQFRUSRUDFLyQ SRU SULPHUD YH] DFFHVR WDUGtR HQ
PXFKRV FDVRV
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela
Todos los niños en la escuela

Weitere ähnliche Inhalte

Was ist angesagt?

El contenido de la psicomotricidad
El contenido de la psicomotricidadEl contenido de la psicomotricidad
El contenido de la psicomotricidadmedinacl
 
Fisica de las Radiaciones Ionizantes en Radioterapia
Fisica de las Radiaciones Ionizantes en RadioterapiaFisica de las Radiaciones Ionizantes en Radioterapia
Fisica de las Radiaciones Ionizantes en RadioterapiaT.E.R.T Samuel Ramirez
 
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_Reglamento
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_ReglamentoVoleibol y Baloncesto_-_Fundamentos_Técnicos_y_Reglamento
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_ReglamentoZONIAA
 
Conocer a alguien
Conocer a alguienConocer a alguien
Conocer a alguienautobombo
 
El amor de tu vida es scribd com 167
El amor de tu vida  es scribd com 167El amor de tu vida  es scribd com 167
El amor de tu vida es scribd com 167Maggie Beltran
 
1ª Antología. Primera Parte
1ª Antología. Primera Parte1ª Antología. Primera Parte
1ª Antología. Primera Parteautobombo
 
Analisis de cargos
Analisis de cargosAnalisis de cargos
Analisis de cargosJuan Gómez
 
Inifed norma ccesibilidad_2012
Inifed norma ccesibilidad_2012Inifed norma ccesibilidad_2012
Inifed norma ccesibilidad_2012zaidita2014
 

Was ist angesagt? (19)

Korean Education
Korean EducationKorean Education
Korean Education
 
28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org28 31 preparando el camino www.gftaognosticaespiritual.org
28 31 preparando el camino www.gftaognosticaespiritual.org
 
Trátame bien
Trátame bienTrátame bien
Trátame bien
 
El contenido de la psicomotricidad
El contenido de la psicomotricidadEl contenido de la psicomotricidad
El contenido de la psicomotricidad
 
Fisica de las Radiaciones Ionizantes en Radioterapia
Fisica de las Radiaciones Ionizantes en RadioterapiaFisica de las Radiaciones Ionizantes en Radioterapia
Fisica de las Radiaciones Ionizantes en Radioterapia
 
estadistica
estadisticaestadistica
estadistica
 
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_Reglamento
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_ReglamentoVoleibol y Baloncesto_-_Fundamentos_Técnicos_y_Reglamento
Voleibol y Baloncesto_-_Fundamentos_Técnicos_y_Reglamento
 
28 14 zodiaco www.gftaognosticaespiritual.org
28 14  zodiaco www.gftaognosticaespiritual.org28 14  zodiaco www.gftaognosticaespiritual.org
28 14 zodiaco www.gftaognosticaespiritual.org
 
Muelle barón intervención
Muelle barón intervenciónMuelle barón intervención
Muelle barón intervención
 
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón  www.gftaognosticaespiritual.org28 05 conjuraciones e invocación de salomón  www.gftaognosticaespiritual.org
28 05 conjuraciones e invocación de salomón www.gftaognosticaespiritual.org
 
Conocer a alguien
Conocer a alguienConocer a alguien
Conocer a alguien
 
El amor de tu vida es scribd com 167
El amor de tu vida  es scribd com 167El amor de tu vida  es scribd com 167
El amor de tu vida es scribd com 167
 
Situaciones problemas
Situaciones problemasSituaciones problemas
Situaciones problemas
 
Todo sobre el cuidado del bonsai
Todo sobre el cuidado del bonsaiTodo sobre el cuidado del bonsai
Todo sobre el cuidado del bonsai
 
1ª Antología. Primera Parte
1ª Antología. Primera Parte1ª Antología. Primera Parte
1ª Antología. Primera Parte
 
Analisis de cargos
Analisis de cargosAnalisis de cargos
Analisis de cargos
 
28 04 comenzando a despertar www.gftaognosticaespiritual.org
28 04 comenzando a despertar  www.gftaognosticaespiritual.org28 04 comenzando a despertar  www.gftaognosticaespiritual.org
28 04 comenzando a despertar www.gftaognosticaespiritual.org
 
Inifed norma ccesibilidad_2012
Inifed norma ccesibilidad_2012Inifed norma ccesibilidad_2012
Inifed norma ccesibilidad_2012
 
Capítulo 7. Los Agentes Físicos sobre las Bacterias
Capítulo 7.  Los Agentes Físicos sobre las BacteriasCapítulo 7.  Los Agentes Físicos sobre las Bacterias
Capítulo 7. Los Agentes Físicos sobre las Bacterias
 

Andere mochten auch

Riesgos propagandísticos al informar desde un marco victimista
Riesgos propagandísticos al informar desde un marco victimistaRiesgos propagandísticos al informar desde un marco victimista
Riesgos propagandísticos al informar desde un marco victimistaAdolfo Carratalá
 
Sintesis informativa 26 0614
Sintesis informativa 26 0614Sintesis informativa 26 0614
Sintesis informativa 26 0614megaradioexpress
 
Ejercicios II, seminario 9
Ejercicios II, seminario 9 Ejercicios II, seminario 9
Ejercicios II, seminario 9 sarcasser
 
Repaso dispositivos de potencia
Repaso dispositivos de potenciaRepaso dispositivos de potencia
Repaso dispositivos de potenciaLoreana Gómez
 
Las historias del futbol
Las historias del futbolLas historias del futbol
Las historias del futbolmharcotene
 
Copa projeto educação História
Copa projeto educação HistóriaCopa projeto educação História
Copa projeto educação HistóriaAlmir
 
Classificação atualizada
Classificação atualizadaClassificação atualizada
Classificação atualizadapjmonteazulpta
 
Francis agosto 8vo - t7 - power point
Francis agosto   8vo - t7 - power pointFrancis agosto   8vo - t7 - power point
Francis agosto 8vo - t7 - power pointmariluzmargolla
 
Juan sebastián elcano. Florencia y Valentina Gonzalez
Juan sebastián elcano. Florencia y Valentina GonzalezJuan sebastián elcano. Florencia y Valentina Gonzalez
Juan sebastián elcano. Florencia y Valentina Gonzalezvalentina853
 
Pharmacotherapy of sp and depressive disorders
Pharmacotherapy of sp and depressive disordersPharmacotherapy of sp and depressive disorders
Pharmacotherapy of sp and depressive disordersSaleem Cology
 
FACT-Finder Zlote Wyprzedaze case study
FACT-Finder Zlote Wyprzedaze case studyFACT-Finder Zlote Wyprzedaze case study
FACT-Finder Zlote Wyprzedaze case studyJustyna Skorupska
 
2012_10 SNoUG Building Social Software
2012_10 SNoUG Building Social Software2012_10 SNoUG Building Social Software
2012_10 SNoUG Building Social SoftwareRoman Weber
 
Technikwürze - Vorstellung und Hintergründe zum Podcast für Webentwickler
Technikwürze - Vorstellung und Hintergründe zum Podcast für WebentwicklerTechnikwürze - Vorstellung und Hintergründe zum Podcast für Webentwickler
Technikwürze - Vorstellung und Hintergründe zum Podcast für WebentwicklerDavid Maciejewski
 
ECM Trends 2009-2010
ECM Trends 2009-2010ECM Trends 2009-2010
ECM Trends 2009-2010Guido Schmitz
 
Medientage München - Monetarisierung von Social Networks
Medientage München -  Monetarisierung von Social NetworksMedientage München -  Monetarisierung von Social Networks
Medientage München - Monetarisierung von Social NetworksADTELLIGENCE GmbH
 
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...Ricardo Letenski
 
Hombres Que Marcaron La Historia De Los CláSicos
Hombres Que Marcaron La Historia De Los CláSicosHombres Que Marcaron La Historia De Los CláSicos
Hombres Que Marcaron La Historia De Los CláSicosguestedc8b1
 
Marketing Digital para pequenas e médias empresas
Marketing Digital para pequenas e médias empresasMarketing Digital para pequenas e médias empresas
Marketing Digital para pequenas e médias empresasJosé Paulo Silva
 

Andere mochten auch (20)

Riesgos propagandísticos al informar desde un marco victimista
Riesgos propagandísticos al informar desde un marco victimistaRiesgos propagandísticos al informar desde un marco victimista
Riesgos propagandísticos al informar desde un marco victimista
 
Sintesis informativa 26 0614
Sintesis informativa 26 0614Sintesis informativa 26 0614
Sintesis informativa 26 0614
 
Ejercicios II, seminario 9
Ejercicios II, seminario 9 Ejercicios II, seminario 9
Ejercicios II, seminario 9
 
Repaso dispositivos de potencia
Repaso dispositivos de potenciaRepaso dispositivos de potencia
Repaso dispositivos de potencia
 
Las historias del futbol
Las historias del futbolLas historias del futbol
Las historias del futbol
 
Copa projeto educação História
Copa projeto educação HistóriaCopa projeto educação História
Copa projeto educação História
 
Classificação atualizada
Classificação atualizadaClassificação atualizada
Classificação atualizada
 
Francis agosto 8vo - t7 - power point
Francis agosto   8vo - t7 - power pointFrancis agosto   8vo - t7 - power point
Francis agosto 8vo - t7 - power point
 
Juan sebastián elcano. Florencia y Valentina Gonzalez
Juan sebastián elcano. Florencia y Valentina GonzalezJuan sebastián elcano. Florencia y Valentina Gonzalez
Juan sebastián elcano. Florencia y Valentina Gonzalez
 
Pharmacotherapy of sp and depressive disorders
Pharmacotherapy of sp and depressive disordersPharmacotherapy of sp and depressive disorders
Pharmacotherapy of sp and depressive disorders
 
FACT-Finder Zlote Wyprzedaze case study
FACT-Finder Zlote Wyprzedaze case studyFACT-Finder Zlote Wyprzedaze case study
FACT-Finder Zlote Wyprzedaze case study
 
2012_10 SNoUG Building Social Software
2012_10 SNoUG Building Social Software2012_10 SNoUG Building Social Software
2012_10 SNoUG Building Social Software
 
Technikwürze - Vorstellung und Hintergründe zum Podcast für Webentwickler
Technikwürze - Vorstellung und Hintergründe zum Podcast für WebentwicklerTechnikwürze - Vorstellung und Hintergründe zum Podcast für Webentwickler
Technikwürze - Vorstellung und Hintergründe zum Podcast für Webentwickler
 
ECM Trends 2009-2010
ECM Trends 2009-2010ECM Trends 2009-2010
ECM Trends 2009-2010
 
Medientage München - Monetarisierung von Social Networks
Medientage München -  Monetarisierung von Social NetworksMedientage München -  Monetarisierung von Social Networks
Medientage München - Monetarisierung von Social Networks
 
Quero ser um_televisor
Quero ser um_televisorQuero ser um_televisor
Quero ser um_televisor
 
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...
O USO DA ÁGUA DE CHUVA EM POSTOS DE SERVIÇOS AUTOMOTIVOS NO ESPAÇO URBANO DE ...
 
Hombres Que Marcaron La Historia De Los CláSicos
Hombres Que Marcaron La Historia De Los CláSicosHombres Que Marcaron La Historia De Los CláSicos
Hombres Que Marcaron La Historia De Los CláSicos
 
Apresentação marcelo
Apresentação marceloApresentação marcelo
Apresentação marcelo
 
Marketing Digital para pequenas e médias empresas
Marketing Digital para pequenas e médias empresasMarketing Digital para pequenas e médias empresas
Marketing Digital para pequenas e médias empresas
 

Ähnlich wie Todos los niños en la escuela

Programas prolog para processamento de listas e aplicações version 2.0
Programas prolog para processamento de listas e aplicações   version 2.0Programas prolog para processamento de listas e aplicações   version 2.0
Programas prolog para processamento de listas e aplicações version 2.0LP Maquinas
 
168 02, delito informatico
168 02, delito informatico168 02, delito informatico
168 02, delito informaticopaolaconde
 
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 32 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3jeramon
 
Ebeam edge Manual Usuario
Ebeam edge Manual UsuarioEbeam edge Manual Usuario
Ebeam edge Manual Usuariolennyambrosini
 
El Primer Hombre Fue El Primer Muerto
El Primer Hombre Fue El Primer MuertoEl Primer Hombre Fue El Primer Muerto
El Primer Hombre Fue El Primer Muertoautobombo
 
SEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresSEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresKanvasMedia
 
Presentacion de soluciones profucom
Presentacion de soluciones profucomPresentacion de soluciones profucom
Presentacion de soluciones profucomrosslili
 
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...rosimovil4
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...CIDAADS
 
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.Falange Socialista Boliviana
 
Taller para la busqueda de empleo
Taller para la busqueda de empleoTaller para la busqueda de empleo
Taller para la busqueda de empleoirisschvartz
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiplesmarianita316
 

Ähnlich wie Todos los niños en la escuela (20)

Listas prolog
Listas prologListas prolog
Listas prolog
 
Programas prolog para processamento de listas e aplicações version 2.0
Programas prolog para processamento de listas e aplicações   version 2.0Programas prolog para processamento de listas e aplicações   version 2.0
Programas prolog para processamento de listas e aplicações version 2.0
 
168 02, delito informatico
168 02, delito informatico168 02, delito informatico
168 02, delito informatico
 
Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1Anexo 5 avales completo v2011.1
Anexo 5 avales completo v2011.1
 
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 32 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
2 debate gaceta 975 (26 11-10) seguridad ciudadana.pdf.nivel 3
 
Ebeam edge Manual Usuario
Ebeam edge Manual UsuarioEbeam edge Manual Usuario
Ebeam edge Manual Usuario
 
El Primer Hombre Fue El Primer Muerto
El Primer Hombre Fue El Primer MuertoEl Primer Hombre Fue El Primer Muerto
El Primer Hombre Fue El Primer Muerto
 
SEO - Optimizacion en buscadores
SEO - Optimizacion en buscadoresSEO - Optimizacion en buscadores
SEO - Optimizacion en buscadores
 
Atencion temprana
Atencion tempranaAtencion temprana
Atencion temprana
 
R2
R2R2
R2
 
Presentacion de soluciones profucom
Presentacion de soluciones profucomPresentacion de soluciones profucom
Presentacion de soluciones profucom
 
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
Escolarización del niño alérgico paso a paso, pautas, protocolos, documentos,...
 
Goleman-2.pdf
Goleman-2.pdfGoleman-2.pdf
Goleman-2.pdf
 
Manual autoinstructivo-lenguaje
Manual autoinstructivo-lenguajeManual autoinstructivo-lenguaje
Manual autoinstructivo-lenguaje
 
Cusoss
CusossCusoss
Cusoss
 
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
Electricidaads - A importância dos Museus como Lugares de Aprendizagem - Joaq...
 
Ley 1983 de Partidos Políticos
Ley 1983 de Partidos PolíticosLey 1983 de Partidos Políticos
Ley 1983 de Partidos Políticos
 
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.
Ley Nº 1983 (Ley de partidos politicos y agrupaciones ciudadanas) 1999.
 
Taller para la busqueda de empleo
Taller para la busqueda de empleoTaller para la busqueda de empleo
Taller para la busqueda de empleo
 
Lasinteligenciamultiples
LasinteligenciamultiplesLasinteligenciamultiples
Lasinteligenciamultiples
 

Mehr von America Magana

EDD del ATP al termino de segundo año de induccion
EDD del ATP al termino de segundo año de induccionEDD del ATP al termino de segundo año de induccion
EDD del ATP al termino de segundo año de induccionAmerica Magana
 
Etapa 1 ATP Al término de su segundo año de inducción
Etapa 1 ATP Al término de su segundo año de inducciónEtapa 1 ATP Al término de su segundo año de inducción
Etapa 1 ATP Al término de su segundo año de inducciónAmerica Magana
 
CTE OCTAVA SESIÓN 2016-2017
CTE OCTAVA SESIÓN 2016-2017CTE OCTAVA SESIÓN 2016-2017
CTE OCTAVA SESIÓN 2016-2017America Magana
 
Boletin informativo PLANEA
Boletin informativo PLANEABoletin informativo PLANEA
Boletin informativo PLANEAAmerica Magana
 
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...America Magana
 
Carta compromiso de los padres correo de alumnos
Carta compromiso de los padres correo de alumnosCarta compromiso de los padres correo de alumnos
Carta compromiso de los padres correo de alumnosAmerica Magana
 
Niveles de comprension lectora
Niveles de comprension lectoraNiveles de comprension lectora
Niveles de comprension lectoraAmerica Magana
 
Aprendizaje entre escuelas ciclo 2016-2017
Aprendizaje entre escuelas ciclo 2016-2017Aprendizaje entre escuelas ciclo 2016-2017
Aprendizaje entre escuelas ciclo 2016-2017America Magana
 
Aprendizaje entre escuelas
Aprendizaje entre escuelasAprendizaje entre escuelas
Aprendizaje entre escuelasAmerica Magana
 
Manual para la observacion de la clase
Manual para la observacion de la claseManual para la observacion de la clase
Manual para la observacion de la claseAmerica Magana
 
Manual de las instantaneas para la Observacion de la Clase
Manual  de las instantaneas para la Observacion de la ClaseManual  de las instantaneas para la Observacion de la Clase
Manual de las instantaneas para la Observacion de la ClaseAmerica Magana
 
Estrategia operativa observacion del aula
Estrategia operativa observacion del aulaEstrategia operativa observacion del aula
Estrategia operativa observacion del aulaAmerica Magana
 
PLAN DE ASESORIA DEL ATP
PLAN DE ASESORIA DEL ATPPLAN DE ASESORIA DEL ATP
PLAN DE ASESORIA DEL ATPAmerica Magana
 
Sistema de alerta temprana
Sistema de alerta tempranaSistema de alerta temprana
Sistema de alerta tempranaAmerica Magana
 
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICA
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICAGUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICA
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICAAmerica Magana
 
FORMATOS DE APOYO II SESION CTE PRIMARIA
FORMATOS DE APOYO II SESION CTE PRIMARIAFORMATOS DE APOYO II SESION CTE PRIMARIA
FORMATOS DE APOYO II SESION CTE PRIMARIAAmerica Magana
 
Lineamientos para alumnos con Aptitudes Sobresalientes
Lineamientos para alumnos con Aptitudes SobresalientesLineamientos para alumnos con Aptitudes Sobresalientes
Lineamientos para alumnos con Aptitudes SobresalientesAmerica Magana
 

Mehr von America Magana (20)

EDD del ATP al termino de segundo año de induccion
EDD del ATP al termino de segundo año de induccionEDD del ATP al termino de segundo año de induccion
EDD del ATP al termino de segundo año de induccion
 
Etapa 1 ATP Al término de su segundo año de inducción
Etapa 1 ATP Al término de su segundo año de inducciónEtapa 1 ATP Al término de su segundo año de inducción
Etapa 1 ATP Al término de su segundo año de inducción
 
CTE OCTAVA SESIÓN 2016-2017
CTE OCTAVA SESIÓN 2016-2017CTE OCTAVA SESIÓN 2016-2017
CTE OCTAVA SESIÓN 2016-2017
 
Boletin informativo PLANEA
Boletin informativo PLANEABoletin informativo PLANEA
Boletin informativo PLANEA
 
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...
CRITERIOS ADICIONALES PARA LA PARTICIPACIÓN DEL PERSONAL EN LOS PROCESOS DE P...
 
Carta compromiso de los padres correo de alumnos
Carta compromiso de los padres correo de alumnosCarta compromiso de los padres correo de alumnos
Carta compromiso de los padres correo de alumnos
 
Niveles de comprension lectora
Niveles de comprension lectoraNiveles de comprension lectora
Niveles de comprension lectora
 
Comprensión lectora
Comprensión lectoraComprensión lectora
Comprensión lectora
 
Aprendizaje entre escuelas ciclo 2016-2017
Aprendizaje entre escuelas ciclo 2016-2017Aprendizaje entre escuelas ciclo 2016-2017
Aprendizaje entre escuelas ciclo 2016-2017
 
Design thinking
Design thinkingDesign thinking
Design thinking
 
Aprendizaje entre escuelas
Aprendizaje entre escuelasAprendizaje entre escuelas
Aprendizaje entre escuelas
 
Recetas
RecetasRecetas
Recetas
 
Manual para la observacion de la clase
Manual para la observacion de la claseManual para la observacion de la clase
Manual para la observacion de la clase
 
Manual de las instantaneas para la Observacion de la Clase
Manual  de las instantaneas para la Observacion de la ClaseManual  de las instantaneas para la Observacion de la Clase
Manual de las instantaneas para la Observacion de la Clase
 
Estrategia operativa observacion del aula
Estrategia operativa observacion del aulaEstrategia operativa observacion del aula
Estrategia operativa observacion del aula
 
PLAN DE ASESORIA DEL ATP
PLAN DE ASESORIA DEL ATPPLAN DE ASESORIA DEL ATP
PLAN DE ASESORIA DEL ATP
 
Sistema de alerta temprana
Sistema de alerta tempranaSistema de alerta temprana
Sistema de alerta temprana
 
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICA
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICAGUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICA
GUIA PARA ELABORAR EL PLAN DE TRABAJO DEL JEFE DE SECTOR DE EDUCACION BASICA
 
FORMATOS DE APOYO II SESION CTE PRIMARIA
FORMATOS DE APOYO II SESION CTE PRIMARIAFORMATOS DE APOYO II SESION CTE PRIMARIA
FORMATOS DE APOYO II SESION CTE PRIMARIA
 
Lineamientos para alumnos con Aptitudes Sobresalientes
Lineamientos para alumnos con Aptitudes SobresalientesLineamientos para alumnos con Aptitudes Sobresalientes
Lineamientos para alumnos con Aptitudes Sobresalientes
 

Todos los niños en la escuela

  • 1. 72'26 /26 1,f26 (1 /$ (6&8(/$ (1 ,QLFLDWLYD *OREDO SRU ORV 1LxRV )XHUD GH OD (VFXHOD 203/(7$5 /$ (68(/$ 8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU $PpULFD /DWLQD HO DULEH
  • 2. 72'26 /26 1,f26 (1 /$ (68(/$ (1 ,QLFLDWLYD *OREDO SRU ORV 1LxRV )XHUD GH OD (VFXHOD 203/(7$5 /$ (68(/$ 8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU $PpULFD /DWLQD HO DULEH
  • 3. 7tWXOR RPSOHWDU OD (VFXHOD 6XEWtWXOR 8Q 'HUHFKR SDUD UHFHU XQ 'HEHU SDUD RPSDUWLU (TXLSR GH HODERUDFLyQ RRUGLQDFLyQ ,UHQH .LW 5HVSRQVDEOHV GH FDStWXORV 3UHVHQWDFLyQ UHFRPHQGDFLRQHV ,UHQH .LW DStWXOR 0DUWtQ 6FDVVR DStWXOR 6HUJLR (VSDxD $OHMDQGUR 0RUGXFKRZLF] DStWXOR ,UHQH .LW $OHMDQGUR 0RUGXFKRZLF] $QH[R PHWRGROyJLFR 0DUWtQ 6FDVVR 5HVSRQVDEOH GH LQWHJUDFLyQ HGLFLyQ +XJR /DEDWH 6H DJUDGHFH DVLPLVPR OD SDUWLFLSDFLyQ GH ORV SURIHVLRQDOHV TXH DSRDURQ HO SURFHVR FRQ DSRUWHV D VHFFLRQHV HVSHFtILFDV pVDU $PEURJKHWWL 9HURQD %DWLXN ,UHQH %XFKWHU 'DQLHOD XUD $QGUHD *DOHDQR $OEHUWR /DUGHOHVYVN DUROD -XOL 0DUtD /XMiQ 9DJR 9tFWRU 9ROPDQ 'LVHxR GLDJUDPDFLyQ 6DQWLOODQD (VSDxD /RV DQiOLVLV GHVDUUROORV SURGXFLGRV H[SUHVDGRV HQ HVWH GRFXPHQWR VH DVXPHQ FRPR UHVSRQVDELOLGDG GHO HTXLSR DXWRUDO VLQ FRPSURPHWHU OD SRVLFLyQ GH ORV RUJDQLVPRV HQWLGDGHV LQYROXFUDGDV FRQ OD ,QLFLDWLYD /RV PDSDV GH HVWD SXEOLFDFLyQ QR UHIOHMDQ OD SRVLFLyQ GH 81,() VREUH HO HVWDGR OHJDO GH FXDOTXLHU SDtV R WHUULWRULR QL WDPSRFR OD GHPDUFDFLyQ GH FXDOTXLHU IURQWHUD (O VLJXLHQWH DQiOLVLV HVWDGtVWLFR HVWi EDVDGR HQ GDWRV DGPLQLVWUDWLYRV GH ORV SDtVHV GH OD UHJLyQ (VWRV GDWRV IXHURQ SXHVWRV D GLVSRVLFLyQ SDUD HO GHVDUUROOR GHO SUHVHQWH LQIRUPH D SDUWLU GH OD EDVH GH GDWRV GHO 8,6 FRUUHVSRQGLHQWH D PDR GH $VLPLVPR HQ DOJXQRV FDVRV VH UHDOL]y D WUDYpV GHO 8,6 XQD VROLFLWXG HVSHFtILFD GH LQIRUPDFLyQ SDUD FRPSOHPHQWDU LQIRUPDFLyQ QR GLVSRQLEOH (VWRV IXHURQ ORV FDVRV GH $UJHQWLQD %UDVLO KLOH -DPDLFD 0p[LFR 3DUDJXD 3HU~ 8UXJXD (Q FXDQWR D ORV GDWRV GH SREODFLyQ HO HVWXGLR KDFH XVR GH ODV SURHFFLRQHV GH SREODFLyQ UHDOL]DGDV SRU OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV 5HYLVLyQ 318'
  • 4. 1RWDU TXH DO PRPHQWR GH OD SXEOLFDFLyQ GH HVWH LQIRUPH ODV HVWLPDFLRQHV GH OD 5HYLVLyQ IXHURQ SXEOLFDGDV HO 8,6 DMXVWy VXV LQGLFDGRUHV GH PDQHUD DFRUGH SRU OR TXH SXHGHQ H[LVWLU DOJXQDV GLVFUHSDQFLDV HQWUH DOJXQRV GH ORV YDORUHV DTXt SUHVHQWDGRV ORV GLVSRQLEOHV HQ OD EDVH GH GDWRV GHO 8,6 PiV UHFLHQWH ‹ 81,() )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 2ILFLQD 5HJLRQDO SDUD $PpULFD /DWLQD HO DULEH LXGDG GHO 6DEHU (GLILFLR $SDUWDGR %DOERD $QFyQ 3DQDPi 5HS~EOLFD GH 3DQDPi 7HO
  • 5. )D[
  • 6. :HE KWWSZZZXQLFHIRUJODF ,6%1 UpGLWRV GH OD IRWR GH SRUWDGD 81,() 7$52 *RQ]DOR %HOO3DQDPi
  • 7. RQWHQLGR /D LQLFLDWLYD JOREDO SRU ORV QLxRV IXHUD GH OD HVFXHOD XQD SHUVSHFWLYD SDUD VXPDU HVIXHU]RV TXH VXSHUHQ OD H[FOXVLyQ HGXFDWLYD /DV 'LPHQVLRQHV GH OD H[FOXVLyQ /DV EDUUHUDV FXHOORV GH ERWHOOD TXH FRQILJXUDQ OD H[FOXVLyQ /DV HVWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ OD HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD FRPR FRQWUDFDUD GH OD H[FOXVLyQ HVFRODU 5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ KDFLD OD PHWD GH OD HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD 6HFXHQFLD PHWRGROyJLFD GH OD LQLFLDWLYD 1)( HQ HVWH LQIRUPH UHJLRQDO DStWXOR 3HUILOHV GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD /DWLQD HO DULEH /DV 'LPHQVLRQHV GH OD H[FOXVLyQ SHUILO JHQHUDO (O SHUILO GH DFFHVR SHUPDQHQFLD HQ $PpULFD /DWLQD HO DULEH VXV LQHTXLGDGHV ± 'LPHQVLRQHV D 'LPHQVLyQ 1LxRV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO TXH QR HVWiQ HQ OD HVFXHOD LQLFLDO QL HQ SULPDULD ¢XiQWRV VRQ ORV QLxRV QLxDV HQ HVWD 'LPHQVLyQ ¢4Xp RWURV SURFHVRV GH H[FOXVLyQ VH SXHGHQ GLVWLQJXLU HQ WRUQR D OD 'LPHQVLyQ ¢yPR HV OD GLQiPLFD HQWUH OD 'LPHQVLyQ OD 'LPHQVLyQ 'LPHQVLyQ 1LxRV HQ HGDG GH DVLVWLU D OD HVFXHOD SULPDULD TXH QR HVWiQ HQ OD HVFXHOD SULPDULD QL VHFXQGDULD EiVLFD ¢XiQWRV VRQ ORV QLxRV QLxDV HQ HVWD 'LPHQVLyQ ¢XiQWDV IRUPDV GH LQJUHVR WDUGtR VH SXHGHQ UHFRQRFHU ¢XiQWRV QLxRV QLxDV LQLFLDQ OXHJR DEDQGRQDQ OD HGXFDFLyQ SULPDULD 'LPHQVLyQ 1LxRV HQ HGDG GH SULPHURV DxRV GH HGXFDFLyQ VHFXQGDULD TXH QR HVWiQ HQ OD HVFXHOD SULPDULD QL VHFXQGDULD EiVLFD ¢XiQWRV VRQ ORV DGROHVFHQWHV HQ HVWD 'LPHQVLyQ ¢XiQWRV DGROHVFHQWHV DEDQGRQDQ VX HVFXHOD WHQLHQGR HGDG GH HVWDU HQ OD VHFXQGDULD EiVLFD ¢4Xp SURFHVRV GH H[FOXVLyQ VH SXHGHQ DQDOL]DU HQ WRUQR D HVWD 'LPHQVLyQ
  • 8. (O SHUILO GH OD SURJUHVLyQ HQ HO VLVWHPD HGXFDWLYR HQ $PpULFD /DWLQD HO DULEH VXV LQHTXLGDGHV ± 'LPHQVLRQHV (O UH]DJR HVFRODU FRPR DSUR[LPDFLyQ DO ULHVJR GH H[FOXVLyQ ¢yPR HV HO SHUILO JHQHUDO GH OD FRQGLFLyQ GH UH]DJR HVFRODU ¢yPR VH FRQVWUXH OD VLWXDFLyQ GH UH]DJR ¢yPR VLJXH VX FXUVR 'LPHQVLyQ 1LxRV TXH HVWiQ HQ OD HVFXHOD SULPDULD SHUR TXH FRUUHQ HO ULHVJR GH DEDQGRQDU ¢XiQWRV VRQ ORV QLxRV QLxDV HQ HVWD 'LPHQVLyQ ¢4Xp SURFHVRV GH H[FOXVLyQ SXHGHQ LGHQWLILFDUVH HQ WRUQR D HVWD 'LPHQVLyQ 'LPHQVLyQ $GROHVFHQWHV TXH HVWiQ HQ OD VHFXQGDULD EiVLFD SHUR TXH FRUUHQ HO ULHVJR GH DEDQGRQDU ¢XiQWRV VRQ ORV DGROHVFHQWHV HQ HVWD 'LPHQVLyQ ¢4Xp SURFHVRV GH H[FOXVLyQ SXHGHQ LGHQWLILFDUVH HQ WRUQR D HVWD 'LPHQVLyQ 'LVSDULGDGHV TXH DJXGL]DQ OD H[FOXVLyQ /D VLWXDFLyQ GH JpQHUR /DV ]RQDV UXUDOHV (O WUDEDMR LQIDQWLO /DV SREODFLRQHV LQGtJHQDV 1LxRV QLxDV DGROHVFHQWHV FRQ GLVFDSDFLGDG 1LxRV QLxDV DGROHVFHQWHV DIURGHVFHQGLHQWHV DStWXOR %DUUHUDV TXH SURGXFHQ R DJUDYDQ OD H[FOXVLyQ (QFXDGUH VREUH EDUUHUDV VXV iPELWRV ÈPELWR ± %DUUHUDV HFRQyPLFDV SRU UHVWULFFLyQ GH LQJUHVRV IDPLOLDUHV $JUXSDPLHQWR ,QVXILFLHQFLD GH LQJUHVRV SDUD VXEVLVWHQFLD $JUXSDPLHQWR 'LILFXOWDG SDUD DIURQWDU FRVWRV GH OD HVFRODUL]DFLyQ ÈPELWR ± %DUUHUDV VRFLRFXOWXUDOHV HQ OD GHPDQGD SRU HGXFDFLyQ $JUXSDPLHQWR 'HVDMXVWHV HQ ODV UHSUHVHQWDFLRQHV VREUH HO GHUHFKR D OD HGXFDFLyQ ÈPELWR ± %DUUHUDV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV TXH VH PDQLILHVWDQ HQ ODV HVFXHODV $JUXSDPLHQWR (VFXHODV TXH QR FXHQWDQ FRQ UHFXUVRV PDWHULDOHV EiVLFRV $JUXSDPLHQWR (VFXHODV GRQGH VH JHQHUDQ R WROHUDQ SURFHVRV GH VHJPHQWDFLyQ $JUXSDPLHQWR (VFXHODV TXH SRVLELOLWDQ HVFDVDV RSRUWXQLGDGHV GH DSUHQGHU $JUXSDPLHQWR (VFXHODV FRQ FOLPD YLQFXODU SHGDJyJLFR GHWHULRUDGR
  • 9. ÈPELWR ± %DUUHUDV SROtWLFDV WpFQLFDV GH ILQDQFLDPLHQWR GHO VLVWHPD HGXFDWLYR $JUXSDPLHQWR 2IHUWD HGXFDWLYD IDOWDQWH HVFDVD LQDGHFXDGD R EXURFUDWL]DGD $JUXSDPLHQWR )LQDQFLDPLHQWR LQVXILFLHQWH $JUXSDPLHQWR 3URSXHVWDV WpFQLFDV TXH QR VRQ HILFDFHV SHUWLQHQWHV SDUD ORJUDU OD LQFOXVLyQ DStWXOR (VWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ HGXFDWLYD (QFXDGUH VREUH SURSyVLWRV iPELWRV GH ODV HVWUDWHJLDV 3URSyVLWRV GH ODV HVWUDWHJLDV SXHQWHV D FRQVWUXLU GDxRV D UHSDUDU ÈPELWR ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV HFRQyPLFDV SURJUHVDU KDFLD PDRU MXVWLFLD HQ UHFXUVRV SRVLELOLGDGHV $JUXSDPLHQWR %DODQFHDU LQJUHVRV IDPLOLDUHV $JUXSDPLHQWR 6XSOLU FRVWRV GH HVFRODUL]DFLyQ ÈPELWR ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV VRFLRFXOWXUDOHV HQULTXHFHU OD SHUVSHFWLYD VRFLDO VREUH HO GHUHFKR D OD HGXFDFLyQ $JUXSDPLHQWR )RUWDOHFHU OD FRPSUHQVLyQ HQWUH ORV DFWRUHV GHO VLVWHPD HGXFDWLYR ÈPELWR ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV HQ OD RIHUWD HVFRODU SURPRYHU HVFXHODV FRPSURPHWLGDV FRQ OD LQFOXVLyQ $JUXSDPLHQWR UHDU FRQGLFLRQHV PDWHULDOHV GH IXQFLRQDPLHQWR YLQFXODUODV FRQ HO DSUHQGL]DMH $JUXSDPLHQWR RQYHUWLU ORV SURFHVRV GH RUJDQL]DFLyQ HVFRODU HQ RSRUWXQLGDGHV SDUD OD LQFOXVLyQ $JUXSDPLHQWR $PSOLDU ODV RSRUWXQLGDGHV GH DSUHQGHU SDUD ORV HVWXGLDQWHV $JUXSDPLHQWR ,QVWDODU XQ FOLPD HVFRODU SURGXFWLYR UHVSHWXRVR WROHUDQWH ÈPELWR ± (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV SROtWLFDV WpFQLFDV GH ILQDQFLDPLHQWR GHO VLVWHPD HGXFDWLYR JHVWLRQDU HO VLVWHPD HGXFDWLYR KDFLD PHWDV GH LQFOXVLyQ $JUXSDPLHQWR 5HYLWDOL]DU OD RUJDQL]DFLyQ GH OD RIHUWD HGXFDWLYD $JUXSDPLHQWR 3URWHJHU DPSOLDU HO ILQDQFLDPLHQWR $JUXSDPLHQWR 'HVDUUROODU XQD SHGDJRJtD UDFLRQDO SDUD VXSHUDU OD H[FOXVLyQ 5HIOH[LRQHV ILQDOHV 5HIHUHQFLDV $QH[R PHWRGROyJLFR 0DSD
  • 10. $JUDGHFLPLHQWRV (VWH GRFXPHQWR KD VLGR HODERUDGR HQ HO PDUFR GH OD ,QLFLDWLYD *OREDO SRU ORV 1LxRV )XHUD GH OD (VFXHOD HQ XQ DFXHUGR LQVWLWXFLRQDO FRQ OD $VRFLDFLyQ LYLO (GXFDFLyQ SDUD 7RGRV /DV FRQVWDQWHV UHYLVLRQHV SHUWLQHQWHV VXJHUHQFLDV GH $QQD /XFtD '¶(PLOLR KDQ VLGR IXQGDPHQWDOHV SDUD DOFDQ]DU HVWD YHUVLyQ GHO ,QIRUPH 5HJLRQDO /DV LQWHUDFFLRQHV FRQ HO HTXLSR GHO 8,681(62 KDQ SHUPLWLGR FRQWDU FRQ GDWRV VLVWHPiWLFRV GH FDOLGDG KDQ KHFKR SRVLEOH SURFHGHU D VXFHVLYDV PHMRUDV PHWRGROyJLFDV HQ HO SURFHVDPLHQWR SUHVHQWDFLyQ GH OD LQIRUPDFLyQ (Q SDUWLFXODU OD FRRSHUDFLyQ GH 6KHHQD %HOO GH -XDQ UX] 3HUXVLD KD VLGR DWHQWD FRQWLQXD UHOHYDQWH /DV YLQFXODFLRQHV FRQ ORV HTXLSRV TXH SUHSDUDURQ ORV LQIRUPHV QDFLRQDOHV KDQ VLGR SURYHFKRVDV SDUD DPSOLDU ODV SHUVSHFWLYDV TXH VH LQFOXHQ HQ HVWH LQIRUPH RODERUDURQ SRU %ROLYLD .DWULQ ,PKRI 'DQLHOH 'L 3LOOR (UQHVWR ixH] ,YiQ 9LGDXUUH 1XUND 9LOODOSDQGR 6D~O 6DQWD 0DUtD .DWKOHHQ /L]DUUDJD SRU %UDVLO 0DULD GH 6DOHWH 6LOYD -~OLD 5LEHLUR /~FLR *RQoDOYHV $QD ULVWLQD 0DWRV 0DUFRV $XUpOLR 5DPRV ,UDFHPD 1DVFLPHQWR $QGUpLD 3HUHV SRU RORPELD 5RVDULR 5LFDUGR ODXGLD DPDFKR HFLOLD 5LYDV ULVWLDQ +LHGULFK 0DXULFLR DVWLOOR DUORV /DQ]LDQR
  • 11. 3UHVHQWDFLyQ (O )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 81,() HO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 LPSXOVDQ OD ,QLFLDWLYD *OREDO SRU ORV 1LxRV 1LxDV )XHUD GH OD (VFXHOD TXH DSXQWD D FRQVWUXLU HYLGHQFLDV VREUH HO IHQyPHQR GH OD H[FOXVLyQ HGXFDWLYD D LGHQWLILFDU HVWUDWHJLDV GH UHVROXFLyQ TXH SHUPLWDQ OD SOHQD UHDOL]DFLyQ GHO GHUHFKR D HVWDU HQ OD HVFXHOD ORJUDU DSUHQGL]DMHV GH FDOLGDG (Q HO PDUFR GH HVWD LQLFLDWLYD ODQ]DGD HQ VH KDQ SURGXFLGR XQD VHULH GH HVWXGLRV GH SDtV GH SDQRUDPDV UHJLRQDOHV (Q QXHVWUD UHJLyQ VH KDQ SURGXFLGR HVWXGLRV QDFLRQDOHV HQ RORPELD %UDVLO %ROLYLD HVWH LQIRUPH UHJLRQDO TXH WHQHPRV HO DJUDGR GH SUHVHQWDU D ORV OHFWRUHV (Q WRGRV HOORV OD FDUDFWHUL]DFLyQ GHO IHQyPHQR GH OD H[FOXVLyQ HGXFDWLYD KD FRQVLGHUDGR ORV SHUILOHV GH ORV JUXSRV PiV DIHFWDGRV SRU OD H[FOXVLyQ ODV EDUUHUDV TXH REVWDFXOL]DQ OD HGXFDFLyQ VRVWHQLGD RSRUWXQD ODV HVWUDWHJLDV SDUD UHPRYHUODV (Q OtQHD FRQ HO PDUFR FRQFHSWXDO PHWRGROyJLFR JOREDO WRGRV ORV HVWXGLRV UHDOL]DGRV KDQ FRQVLGHUDGR WDQWR D ORV QLxRV QLxDV DGROHVFHQWHV IXHUD GH OD HVFXHOD FRPR D DTXHOORV TXH DXQ HVWDQGR HQ OD HVFXHOD HVWiQ HQ ULHVJR GH DEDQGRQDUOD $ GLIHUHQFLD GH RWURV DQiOLVLV H LQWHUSUHWDFLRQHV GH OD ~OWLPD GpFDGD TXH VH KDQ FRQFHQWUDGR VREUH WRGR HQ ORV SUREOHPDV GH OD GHPDQGD HVWH HVWXGLR LGHQWLILFD PXFKRV SUREOHPDV UHODFLRQDGRV FRQ OD RIHUWD HGXFDWLYD 6LQ GHVFRQRFHU OD DOWD SULRULGDG TXH PHUHFH OD DWHQFLyQ GH ODV QHFHVLGDGHV HFRQyPLFDV GH LQVHUFLyQ VRFLDO GH ODV IDPLOLDV PiV GHVIDYRUHFLGDV HO HQIRTXH SODQWHDGR EXVFD OODPDU OD DWHQFLyQ VREUH HO URO GH ORV IDFWRUHV SHGDJyJLFRV GH ODV VLWXDFLRQHV GH HQVHxDQ]D FRPR HOHPHQWRV LQGLVSHQVDEOHV SDUD TXH WRGRV ORV HVWXGLDQWHV SXHGDQ DSUHQGHU 'LDJQRVWLFDGR HO IHQyPHQR GH OD H[FOXVLyQ ORV GHVDItRV SULQFLSDOHV VH HQFXHQWUDQ DKRUD HQ OD LPSOHPHQWDFLyQ GH HVWUDWHJLDV TXH SHUPLWHQ PHMRUDU OD RIHUWD HGXFDWLYD 3DUD HOOR 81,() VH SURSRQH DSRDU D ORV PLQLVWHULRV GH HGXFDFLyQ GH ORV SDtVHV GH OD UHJLyQ D ORV GHPiV DFWRUHV GH OD FRPXQLGDG HGXFDWLYD D DEULU HVSDFLRV GH GLiORJR FRQFHUWDFLyQ HQ WRUQR D ODV SROtWLFDV HGXFDWLYDV D HQFDUDU XQD HVWUDWHJLD GH FRPXQLFDFLyQ VRFLDO DOUHGHGRU GH ODV FRQFOXVLRQHV GH HVWH LQIRUPH /D PDRUtD GH ORV SDtVHV GH OD UHJLyQ D~Q WLHQHQ TXH FRQVHJXLU FREHUWXUD XQLYHUVDO HVSHFLDOPHQWH HQ ORV QLYHOHV GH SUHHVFRODU VHFXQGDULD SHUR D OD YH] VL TXLHUHQ DFDEDU FRQ OD H[FOXVLyQ WLHQHQ HO JUDQ UHWR GH HOLPLQDU HO UH]DJR HVFRODU SURPRYHU HO LQJUHVR RSRUWXQR HQ OD HVFXHOD (VSHUDPRV TXH OD XWLOL]DFLyQ GH ORV GDWRV SURFHGLPLHQWRV GH HVWDGtVWLFD HGXFDWLYD TXH DTXt VH RIUHFHQ SHUPLWD SURPRYHU IUXFWtIHUDV GLVFXVLRQHV DYDQFHV HQ OD SURGXFFLyQ GH FRQRFLPLHQWR VREUH ORV SURFHVRV GH H[FOXVLyQLQFOXVLyQ DXPHQWDQGR OD FRPSUHQVLyQ OD FDOLGDG GH ODV LQWHUYHQFLRQHV (Q HVH VHQWLGR GHVHDPRV UHFRQRFHU DJUDGHFHU DGHPiV GHO DSRR FRQWLQXR GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 D YDULRV RWURV RUJDQLVPRV LQWHUQDFLRQDOHV TXH KDQ FRODERUDGR HQYLDQGR VXJHUHQFLDV FRPHQWDULRV D YHUVLRQHV SUHOLPLQDUHV GHO SUHVHQWH GRFXPHQWR OD 2UJDQL]DFLyQ GH (VWDGRV ,EHURDPHULFDQRV HO %DQFR 0XQGLDO HO %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR OD 2ILFLQD 5HJLRQDO GH OD 81(62 SDUD $PpULFD /DWLQD DULEH HO 6LVWHPD GH ,QIRUPDFLyQ GH 7HQGHQFLDV (GXFDWLYDV HQ $PpULFD /DWLQD 6,7($/
  • 13. 8Q VLQFHUR UHFRQRFLPLHQWR DO HTXLSR GH OD $VRFLDFLyQ (GXFDFLyQ SDUD 7RGRV SRU VX HQWUHJD SURIHVLRQDOLGDG HQ OD HODERUDFLyQ GH HVWH GRFXPHQWR (O GHUHFKR D XQD HGXFDFLyQ GH FDOLGDG QR SXHGH VHU SRVWHUJDGR %HUQW $DVHQ 'LUHFWRU 5HJLRQDO GH 81,() SDUD $PpULFD /DWLQD HO DULEH
  • 14. ËQGLFH GH JUiILFRV *UiILFR 3iJLQD *UiILFR ,QGLFDGRUHV VHOHFFLRQDGRV VREUH HVFRODUL]DFLyQ GH OD SREODFLyQ SRU SDtV 3DtVHV GH $PpULFD /DWLQD HO DULEH LUFD *UiILFR 'LPHQVLRQHV GH OD H[FOXVLyQ D SDUWLU GH GDWRV GH HVWXGLDQWHV SRU HGDG FRQGLFLyQ GH HGDG $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV *UiILFR 7DVD HVSHFtILFD GH PDWUtFXOD SRU HGDG D DxRV 3DtVHV FRQ HGDG QRUPDWLYD GH LQJUHVR D OD SULPDULD D ORV DxRV GH HGDG $PpULFD /DWLQD HO DULEH *UiILFR RQVHUYDFLyQ LQWHUDQXDO GH HVWXGLDQWHV SRU HGDG VLPSOH $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV *UiILFR %UHFKD GH FREHUWXUD HVSHFtILFD GH HGXFDFLyQ LQLFLDO PDWUtFXOD LQVFULWD HQ HGXFDFLyQ LQLFLDO FRQ UH]DJR $PpULFD /DWLQD HO DULEH LUFD *UiILFR (VWLPDFLyQ GHO LQJUHVR VLQ HGXFDFLyQ LQLFLDO GHO LQJUHVR WDUGtR $PpULFD /DWLQD HO DULEH LUFD *UiILFR 7DVD GH LQJUHVR DO SULPDULR FRQ UH]DJR DFDUUHDGR GH HGXFDFLyQ LQLFLDO WDVD GH LQJUHVR WDUGtR SXUR $PpULFD /DWLQD HO DULEH LUFD *UiILFR 7DVD GH FRQVHUYDFLyQ GH HVWXGLDQWHV SRU HGDG VLPSOH WUDPR GH D DxRV GH HGDG $PpULFD /DWLQD HO DULEH LUFD *UiILFR 7DVD GH FRQVHUYDFLyQ GH HVWXGLDQWHV SRU HGDG VLPSOH WUDPR GH D DxRV GH HGDG $PpULFD /DWLQD HO DULEH LUFD *UiILFR (VWXGLDQWHV SRU HGDG FRQGLFLyQ GH HGDG $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV *UiILFR 3RUFHQWDMH GH UHSHWLGRUHV SRU JUDGR $PpULFD /DWLQD HO DULEH LUFD *UiILFR 3RUFHQWDMH GH UHSHWLGRUHV SRUFHQWDMH GH UH]DJR QR H[SOLFDGR SRU UHSHWLFLyQ HQ SULPHU JUDGR $PpULFD /DWLQD HO DULEH LUFD *UiILFR (VWXGLDQWHV LQVFULWRV FRQ HGDG WHyULFD UH]DJR ž D ž JUDGR 3DtVHV VHOHFFLRQDGRV GH OD UHJLyQ
  • 15. $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV *UiILFR (VWXGLDQWHV LQVFULWRV FRQ HGDG WHyULFD UH]DJR ž D ž JUDGR %UDVLO $xR (Q PLOHV GH DOXPQRV *UiILFR (VWXGLDQWHV LQVFULWRV SRU JUDGR ž D ž JUDGR %UDVLO $xR (Q PLOHV GH DOXPQRV *UiILFR (VWXGLDQWHV PDWULFXODGRV HQ VHFXQGDULD EiVLFD SRU FRQGLFLyQ GH HGDG $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV *UiILFR 7DVD QHWD DMXVWDGD GH PDWUtFXOD HQ SULPDULD SRU SDtV DJUXSDGRV VHJ~Q ,1% SHU FiSLWD HQ 86'
  • 16. LUFD
  • 17. *UiILFR 3iJLQD *UiILFR 5D]yQ GH PDVFXOLQLGDG SDUD HO WRWDO GH HVWXGLDQWHV SRU FRQGLFLyQ GH HGDG SRU JUDGR $PpULFD /DWLQD HO DULEH LUFD *UiILFR 7DVD GH DVLVWHQFLD HVFRODU HQ SULPDULD VHFXQGDULD
  • 18. SRU ]RQD SDtV 3DtVHV GH $PpULFD /DWLQD HO DULEH LUFD *UiILFR 3RUFHQWDMH GH QLxRV QLxDV GH D DxRV GH HGDG TXH DVLVWHQ D OD HVFXHOD WRWDO VHJ~Q SDUWLFLSDFLyQ HQ DFWLYLGDGHV HFRQyPLFDV %ROLYLD %UDVLO RORPELD 0p[LFR LUFD *UiILFR 3RUFHQWDMH GH QLxRV QLxDV GH D DxRV GH HGDG TXH HVWiQ HQ VLWXDFLyQ GH WUDEDMR LQIDQWLO
  • 19. SRUFHQWDMH TXH DVLVWH D OD HVFXHOD SRU QLYHO HGXFDWLYR GHO MHIH GHO KRJDU SRU SDtV $PpULFD /DWLQD HO DULEH LUFD *UiILFR ,QGLFDGRUHV VHOHFFLRQDGRV GH DVLVWHQFLD GH SREODFLyQ LQGtJHQD QR LQGtJHQD HQ HGDG HVFRODU (FXDGRU 3HU~ $xR *UiILFR 3RUFHQWDMH GH DVLVWHQFLD GH OD SREODFLyQ GH D DxRV SRU SHUWHQHQFLD D SXHEORV LQGtJHQDV 3DtVHV GH $PpULFD /DWLQD HO DULEH LUFD *UiILFR 3RUFHQWDMH GH DVLVWHQFLD GH OD SREODFLyQ GH D DxRV SRU SHUWHQHQFLD D SXHEORV LQGtJHQDV VH[R 3DtVHV GH $PpULFD /DWLQD HO DULEH LUFD *UiILFR 3RUFHQWDMH GH OD SREODFLyQ ±SRU FRQGLFLyQ GH GLVFDSDFLGDG± TXH VH HQFXHQWUD PDWULFXODGD HQ HO VLVWHPD HGXFDWLYR (VWDGR SOXULQDFLRQDO GH %ROLYLD 5HS~EOLFD GH RORPELD *UiILFR (VWXGLDQWHV SRU HGDG FRQGLFLyQ GH HGDG WRWDO SHUWHQHFLHQWH D SREODFLyQ DIURGHVFHQGLHQWH RORPELD %UDVLO $xR *UiILFR )DFWRUHV DVRFLDGRV DO DSUHQGL]DMH SRUFHQWDMH GH RFDVLRQHV HQ TXH ORV IDFWRUHV VH DVRFLDQ DO DSUHQGL]DMH HQ WRGDV ODV iUHDV JUDGRV HYDOXDGRV 3DtVHV GH $PpULFD /DWLQD HO DULEH *UiILFR $WUDVR HVFRODU GRV PiV DxRV GH GHVIDVDMH
  • 20. HQWUH HVWXGLDQWHV GH D DxRV VHJ~Q FOLPD HGXFDFLRQDO GHO KRJDU iUHDV JHRJUiILFDV SDtVHV GH ,EHURDPpULFD $OUHGHGRU GH *UiILFR -yYHQHV GH D DxRV TXH SURJUHVDURQ RSRUWXQDPHQWH HQ HO VLVWHPD HGXFDWLYR SRU GHFLO GH LQJUHVRV 3DtVHV GH ,EHURDPpULFD $OUHGHGRU GH *UiILFR (MHPSOLILFDFLyQ SDVDMH GH ORV D ORV DxRV GH HGDG HQ XQ SDtV FRQ LQJUHVR D OD SULPDULD D OD HGDG GH DxRV
  • 21. ËQGLFH GH QRWDV FRQ UHIHUHQFLDV FRPSOHPHQWDULDV 1RWD 3iJLQD 1RWD (O GHVDItR GHO FUHFLPLHQWR GH OD SREODFLyQ 1RWD (O DFFHVR DO VLVWHPD HGXFDWLYR HQ HGXFDFLyQ LQLFLDO SULPDULD HO FDVR GH %ROLYLD 1RWD 0DWHUQLGDG DGROHVFHQWH DEDQGRQR GH OD HVFXHOD 1RWD $SRUWH FRQFHSWXDO FRPXQLFDFLyQ PRYLOL]DFLRQ SDUD HO FDPELR UHSUHVHQWDFLRQHV VRFLDOHV 1RWD 8VR GHO WLHPSR HVFRODU $OFDOGtD PHWURSROLWDQD GH DUDFDV 1RWD $SRUWH FRQFHSWXDO HO GHVDUUROOR GH FDSDFLGDGHV FRJQLWLYDV VRFLDOHV FRPR YtD GH LQFOXVLyQ 1RWD 1RUPDWLYDV UHJODPHQWDULDV SURFHVRV GH VHJPHQWDFLyQ R H[FOXVLyQ 1RWD $SRUWH FRQFHSWXDO FXiQWR LQYHUWLU FyPR GLVWULEXLU 1RWD (VWUDWHJLDV SDUD DWHQGHU HO WUDVSRUWH HVFRODU HQ RORPELD 1RWD (VWUDWHJLDV SDUD DWHQGHU OD DOLPHQWDFLyQ HVFRODU HQ RORPELD 1RWD 3UHVWDFLRQHV VRFLDOHV TXH RFXUUHQ HQ OD HVFXHOD WHQVLRQHV FRQ HO WLHPSR HGXFDWLYR 1RWD (VWUDWHJLDV GH FRPXQLFDFLyQ HQ RORPELD 1RWD (VWUDWHJLDV GH SURYLVLyQ GH OLEURV HVFRODUHV HQ %UDVLO 1RWD $SRUWH FRQFHSWXDO FRPSHWHQFLDV GH HQVHxDQ]D SDUD PDV RSRUWXQLGDGHV GH DSUHQGHU 1RWD 1RUPDV HVFRODUHV TXH VH SXHGHQ FRQVWUXLU D IDYRU GH OD LQFOXVLyQ 1RWD 3HUIHFFLRQDPLHQWR GRFHQWH YtQFXORV FRQ ORV QLxRV QLxDV HQ %ROLYLD 1RWD (MHV GH HYROXFLyQ HQ OD IRUPDFLyQ GRFHQWH 1RWD (O ILQDQFLDPLHQWR GH OD HGXFDFLyQ HQ SDtVHV GH OD UHJLyQ
  • 22. ËQGLFH GH WDEODV FRQ LQIRUPDFLyQ FXDQWLWDWLYD 7DEOD 3iJLQD 7DEOD 'LPHQVLRQHV GH OD H[FOXVLyQ 7DEOD (VTXHPD LQWHJUDGR GH ODV GLPHQVLRQHV GH OD H[FOXVLyQ 7DEOD 'LPHQVLyQ ± 1LxRV QLxDV GH DxRV TXH QR DVLVWHQ D HGXFDFLyQ LQLFLDO 7DEOD 'LPHQVLyQ ± 1LxRV QLxRV HQ HGDG HVFRODU TXH QR DVLVWHQ D OD HVFXHOD SULPDULD 7DEOD 1LxRV HQ OD GLPHQVLyQ VHJ~Q LQJUHVR WDUGtR DEDQGRQR R H[FOXVLyQ WRWDO $PpULFD /DWLQD HO DULEH SDtVHV VHOHFFLRQDGRV 7DEOD 'LPHQVLyQ ± $GROHVFHQWHV TXH QR DVLVWHQ D OD HVFXHOD VHFXQGDULD 7DEOD 'LPHQVLyQ ± 1LxRV QLxDV HQ ULHVJR HGXFDWLYR 7DEOD 'LPHQVLyQ ± $GROHVFHQWHV HQ ULHVJR HGXFDWLYR 7DEOD 3REODFLyQ GH D DxRV SRU VLWXDFLyQ GH GLVFDSDFLGDG 7DEOD +RUDV GH HQVHxDQ]D VHPDQDV OHFWLYDV 3DtVHV VHOHFFLRQDGRV 7DEOD (VWXGLDQWHV SRU GRFHQWH SRU QLYHO HGXFDWLYR 3DtVHV GH $PpULFD /DWLQD 7DEOD 3XQWRV FODYH GHO LWLQHUDULR HVFRODU DFFHVRV D FDGD QLYHO HGXFDWLYR 7DEOD 3XQWRV FODYH GHO LWLQHUDULR HVFRODU IUDFDVR HVFRODU HQ FDGD QLYHO HGXFDWLYR HQ ODV WUDQVLFLRQHV 7DEOD ÒOWLPR DxR FRQ GDWRV GLVSRQLEOHV SDUD HO FiOFXOR GH ORV LQGLFDGRUHV VHJ~Q SDtV WLSR GH GDWR 3DtVHV GH $PpULFD /DWLQD HO DULEH 7DEOD (GDG GXUDFLyQ GH ORV QLYHOHV FLQH D FLQH SRU SDtV 3DtVHV GH $PpULFD /DWLQD HO DULEH 7DEOD (GDG GH FXUVDGR GH ORV DxRV HVFRODUHV SDUD HO FiOFXOR GHO UH]DJR HVFRODU 7DEOD ,QVFULWRV UHSHWLGRUHV UHFXUVDQWHV 3DtVHV GH $PpULFD /DWLQD HO DULEH
  • 23. ËQGLFH GH FXDGURV SURFHVDPLHQWRV FDWHJRUL]DFLRQHV FXDOLWDWLYDV XDGUR 3iJLQD XDGUR 5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ SDUD SUHYHQLU R VXSHUDU OD H[FOXVLyQ XDGUR (VWUXFWXUD GH ORV VLVWHPDV HGXFDWLYRV QDFLRQDOHV XDGUR 5HODFLyQ HQWUH ODV GLPHQVLRQHV GH H[FOXVLyQ ORV iPELWRV DJUXSDPLHQWRV GH EDUUHUDV H LQIOXHQFLDV XDGUR 5HODFLyQ HQWUH ODV EDUUHUDV ODV HVWUDWHJLDV SDUD VXSHUDUODV XDGUR 'LPHQVLRQHV GH H[FOXVLyQ EDUUHUDV DVRFLDGDV XDGUR 5HVXPHQ GH EDUUHUDV HVWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ XDGUR ,GHDV IXHU]D SDUD FRPXQLFDFLRQHV GLULJLGDV D IDPLOLDV HVWXGLDQWHV FRPXQLGDG HQ JHQHUDO XDGUR 'LPHQVLRQHV GH OD H[FOXVLyQ UHVXOWDGRV VXSHUDGRUHV XDGUR 5DVJRV SURSLFLRV QHJDWLYRV HQ ODV UHJXODFLRQHV GH DFFHVR D OD HGXFDFLyQ IRUPDO XDGUR (QIRTXHV JHQHUDOHV GH UHLQVHUFLyQ HQ HO VLVWHPD HGXFDWLYR VHJ~Q QLYHO EDUUHUDV TXH RSHUDURQ ‹81,()+RQGXUDV3LUR]L
  • 24. 7DEOD GH DEUHYLDWXUDV %,' %DQFR ,QWHUDPHULFDQR GH 'HVDUUROOR %0 %DQFR 0XQGLDO ( RRUGLQDFLyQ (GXFDWLYD XOWXUDO HQWURDPHULFDQD ('/$6 HQWUR GH (VWXGLRV 'LVWULEXWLYRV /DERUDOHV 6RFLDOHV 6HGODF SRU VXV VLJODV HQ LQJOpV
  • 25. (/$'( HQWUR /DWLQRDPHULFDQR DULEHxR GH 'HPRJUDItD (3$/ RPLVLyQ (FRQyPLFD SDUD $PpULFD /DWLQD ,1( ODVLILFDFLyQ ,QWHUQDFLRQDO 1RUPDOL]DGD GH OD (GXFDFLyQ ,3' RQIHUHQFLD ,QWHUQDFLRQDO VREUH 3REODFLyQ 'HVDUUROOR 21$/,7(* RPLVLyQ 1DFLRQDO GH /LEURV GH 7H[WR *UDWXLWRV 0p[LFR
  • 26. ('82 3URJUDPD GH (GXFDFLyQ FRQ 3DUWLFLSDFLyQ GH OD RPXQLGDG (,% (GXFDFLyQ LQWHUFXOWXUDO ELOLQJH (+ (QFXHVWD GH +RJDUHV GH %ROLYLD (10+ (VWXGLR 1DFLRQDO 0XHVWUDO GH +RJDUHV 31$' SRU VXV VLJODV HQ SRUWXJXpV
  • 27. (37 (GXFDFLyQ SDUD 7RGRV )81'(% )RQGR GH 0DQWHQLPLHQWR 'HVDUUROOR GH OD (GXFDFLyQ %iVLFD GH OD 9DORUL]DFLyQ GH ORV 3URIHVLRQDOHV 'RFHQWHV %UDVLO
  • 28. )81'() )RQGR GH 0DQWHQLPLHQWR 'HVDUUROOR GH OD (QVHxDQ]D )XQGDPHQWDO 9DORUL]DFLyQ GHO 0DJLVWHULR %UDVLO
  • 29. ,%) ,QVWLWXWR RORPELDQR GH %LHQHVWDU )DPLOLDU ,'(% ËQGLFH GH 'HVDUUROOR GH OD (GXFDFLyQ %iVLFD GH %UDVLO ,QGHV ,QVWLWXWR LQWHUDPHULFDQR SDUD HO GHVDUUROOR HFRQyPLFR VRFLDO ,1( ,QVWLWXWR 1DFLRQDO GH (VWDGtVWLFD GH %ROLYLD //(( /DERUDWRULR /DWLQRDPHULFDQR GH (YDOXDFLyQ GH OD DOLGDG GH OD (GXFDFLyQ 0(1 0LQLVWHULR GH (GXFDFLyQ 1DFLRQDO GH RORPELD 1)( 1LxRV IXHUD GH OD HVFXHOD 226 SRU VX VLJOD HQ LQJOpV
  • 30. 11$ 1LxRV QLxDV DGROHVFHQWHV 2'( 2UJDQL]DFLyQ SDUD OD RRSHUDFLyQ HO 'HVDUUROOR (FRQyPLFR 2( 2UJDQL]DFLyQ GH RRSHUDFLyQ (FRQyPLFD 2'0 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR 2(, 2UJDQL]DFLyQ GH (VWDGRV ,EHURDPHULFDQRV SDUD OD (GXFDFLyQ OD LHQFLD OD XOWXUD 2,( 2ILFLQD ,QWHUQDFLRQDO GH (GXFDFLyQ 2,7 2UJDQL]DFLyQ ,QWHUQDFLRQDO GHO 7UDEDMR ,/2 SRU VXV VLJODV HQ LQJOpV
  • 31. 21* 2UJDQL]DFLyQ QR JXEHUQDPHQWDO 25($/ 2ILFLQD 5HJLRQDO GH (GXFDFLyQ GH 81(62 SDUD $PpULFD /DWLQD HO DULEH
  • 32. 3,% 3URGXFWR ,QWHUQR %UXWR 31%( 3URJUDPD 1DFLRQDO %LEOLRWHFD GH (VFXHOD 31/' 3URJUDPD 1DFLRQDO GHO /LEUR 'LGiFWLFR 35($/ 3URJUDPD GH 3URPRFLyQ GH OD 5HIRUPD (GXFDWLYD GH $PpULFD /DWLQD HO DULEH 3520($ 3URHFWR GH 0HMRUDPLHQWR GH OD DOLGDG GH OD (QVHxDQ]D (VFRODU %ROLYLD
  • 33. 3521$'( 3URJUDPD 1DFLRQDO GH $XWRJHVWLyQ SDUD HO 'HVDUUROOR (GXFDWLYR *XDWHPDOD
  • 34. 37 3URJUDPD GH 7UDQVIHUHQFLD RQGLFLRQDGD 6(3 6XEYHQFLyQ (VFRODU 3UHIHUHQFLDO 6(5( 6HJXQGR (VWXGLR 5HJLRQDO RPSDUDWLYR ([SOLFDWLYR 6*3 6LVWHPD *HQHUDO GH 3DUWLFLSDFLRQHV 6,$ 6LVWHPD GH OD ,QWHJUDFLyQ HQWURDPHULFDQD 6,0$7 6LVWHPD ,QWHJUDGR GH 0DWUtFXOD RORPELD
  • 35. 6LVEpQ 6LVWHPD GH ,GHQWLILFDFLyQ GH 3RWHQFLDOHV %HQHILFLDULRV GH 3URJUDPDV VRFLDOHV RORPELD
  • 36. 6,633, 6LVWHPD GH ,QGLFDGRUHV 6RFLRGHPRJUiILFRV GH 3REODFLRQHV 3XHEORV ,QGtJHQDV 8: 3URHFWR (QWHQGLHQGR HO 7UDEDMR ,QIDQWLO 8,6 ,QVWLWXWR GH (VWDGtVWLFDV GH 81(62 8,6 SRU VX VLJOD HQ LQJOpV
  • 37. 81(62 2UJDQL]DFLyQ GH ODV 1DFLRQHV 8QLGDV SDUD OD (GXFDFLyQ OD LHQFLD OD XOWXUD 81,() )RQGR GH ODV 1DFLRQHV 8QLGDV SDUD OD ,QIDQFLD 813' 'LYLVLyQ GH 3REODFLyQ GH 1DFLRQHV 8QLGDV 813' SRU VXV VLJODV HQ LQJOpV
  • 38. 99 $$ 9DULRV DXWRUHV ‹81,()3DUDJXD/XLV9HUD
  • 39. ('8$,Ï1 35,0$5,$ ¢4Xp WH SDVy FXDQGR HPSH]DVWH D OHHU HVFULELU -RHO DxRV $UJHQWLQD ‡ ©PH SDVR TXH PH SXVH D OORUDU SRUTXH WRVGRV VDELDQ OHHU L xR QR SRGLD D OHHU HVFULELUª -HQLIHU /ODQHWH DxRV *XDWHPDOD ‡ ©8$1'2 /(, 0( 75$%$%$ /$ /(1*8$ /(,$ 08 '(63$6,2 (6 5,9,$ 21 /(75$ )($ 7$0%,(1 12 0( $385$%$ 12 803/,$ 20, 7$5($ª 'DQLHO $OHMDQGUR DxRV 1LFDUDJXD DUOD $UJHQWLQD ‡ ©$OHJULD HPRFLyQ )HOLVLGDGª ULVWLDQ DxRV 3DQDPi ‡ ©0H SXVH IHOL] PH LQSLUp DOD HGXFDFLyª DHO 5HS~EOLFD 'RPLQLFDQD ('8$,Ï1 6(81'$5,$ %È6,$ ¢4Xp TXHUpV FRQWDU GH OD HVFXHOD *ULVHOGD DxRV $UJHQWLQD %UXQR DxRV $UJHQWLQD ‡ ©0H HQWHUDED TXH LED D UHQGLU XQD PDWHULD PH GD JDQDV GH GHMDU HO FROHJLRª 5RFtR DxRV $UJHQWLQD ‡ ©6L TXH QXQFD PH JXVWDUtD UHSHWLU TXH QR PH JXVWDUtD LU D UHQGLU QLQJXQD PDWHULDª 1D]DUHQD DxRV $UJHQWLQD ‡ ©6L SRUTXH HQ HVWD HVFXHOD ORV DGXOWRV VRQ UH FRSDGRV QR WH IDOWDQ HO UHVSHWR WRGRV ORV DGXOWRV WHQGUtDQ TXH VHU DVLª 7LWR DxRV $UJHQWLQD
  • 40. ,QWURGXFFLyQ 1R HV FDVXDO TXH ODV SULPHUDV OtQHDV GHO ,QIRUPH 5HJLRQDO GH OD ,QLFLDWLYD SRU ORV 1LxRV )XHUD GH OD (VFXHOD ,QLFLDWLYD 1)(
  • 41. WUDQVPLWDQ OD YR] GLUHFWD GH ORV HVWXGLDQWHV DOJXQRV OR KDFHQ FRQ HQWXVLDVPR RWURV HVWiQ HQ XQ PRPHQWR GHOLFDGR GH VX HVFRODULGDG HQ HO TXH HO GHVDOLHQWR HO UH]DJR HVFRODU OD EDMD HVWLPD VH HQFXHQWUDQ SUHVHQWHV 3RU HOOR FRQVWLWXHQ XQD LQWHUSHODFLyQ D OD UHVSRQVDELOLGDG DFDGpPLFD WpFQLFD SROtWLFD FRQ OD TXH KD TXH HQIUHQWDU OD H[FOXVLyQ HGXFDWLYD SRVLELOLWDU HO DYDQFH GHO HMHUFLFLR GHO GHUHFKR D OD HGXFDFLyQ UHFRQRFLGR HQ OD RQYHQFLyQ VREUH ORV 'HUHFKRV GHO 1LxR $PpULFD /DWLQD HO DULEH KDQ DYDQ]DGR PXFKR HQ ODV UHFLHQWHV GpFDGDV $ SDUWLU GH ORV HVIXHU]RV SROtWLFRV ILQDQFLHURV GH ODV GHPDQGDV VRFLDOHV GH OD DERJDFtD RULHQWDFLyQ GH ODV HQWLGDGHV LQWHUQDFLRQDOHV ORV VLVWHPDV HGXFDWLYRV GH ORV SDtVHV GH OD UHJLyQ VH KDQ DPSOLDGR SDUD UHFLELU D XQD HQRUPH PDRUtD GH QLxRV QLxDV DGROHVFHQWHV HQWUH ORV ORV DxRV 3HUR HVWH SURJUHVR GHMD D~Q PXFKRV EROVRQHV GH H[FOXVLyQ WRWDO DFWXDO R SRWHQFLDO QLxRV QLxDV TXH LQJUHVDQ WDUGH DO VLVWHPD HGXFDWLYR TXH IUDFDVDQ UHLWHUDGDPHQWH TXH QR HQFXHQWUDQ H[SHULHQFLDV SHGDJyJLFDV TXH OHV SHUPLWDQ GHVDUUROODU VXV FDSDFLGDGHV TXH YLYHQ VLWXDFLRQHV GH GLVFULPLQDFLyQ 1LxRV QLxDV DGROHVFHQWHV TXH HQ PXFKRV FDVRV DJUHJDQ D HVDV VLWXDFLRQHV HVFRODUHV OD LQMXULD GH FRQGLFLRQHV GH YLGD GUDPiWLFDPHQWH HPSREUHFLGDV SUHFDULDV KXPLOODQWHV $QWH HVWH SDQRUDPD SXHGHQ WRPDUVH GRV SRVWXUDV 8QD HVSHUDU KDVWD TXH OD LQHUFLD HO LPSXOVR DOFDQFHQ HIHFWLYDPHQWH D WRGRV ORV QLxRV QLxDV DGROHVFHQWHV 2WUD WRPDU OD GHFLVLyQ GH LQWHUYHQLU DFHOHUDQGR ORV SURFHVRV GH LQFOXVLyQ HQ XQ SURFHVR TXH SDUWD GHO DQiOLVLV GH OD VLWXDFLyQ DFWXDO TXH LGHQWLILTXH ODV EDUUHUDV ORV DVSHFWRV IDYRUHFHGRUHV TXH LPSXOVH FRQ LQWHOLJHQFLD YROXQWDG ORV HVIXHU]RV QHFHVDULRV SDUD TXH OD HGXFDFLyQ DFW~H PiV SOHQDPHQWH D IDYRU GH WRGRV FRQ HVSHFLDO DPRU KXPDQR FDOLGDG SURIHVLRQDO KDFLD DTXHOORV TXH YLYHQ VLWXDFLRQHV GLYHUVDV R LQMXVWDV ,PSXOVDGD SRU 81,() HO ,QVWLWXWR GH (VWDGtVWLFDV GH 81(62 OD ,QLFLDWLYD SRU ORV 1LxRV )XHUD GH OD (VFXHOD HV XQ DSRUWH D HVH SURFHVR GH DQiOLVLV GH DFFLyQ DELHUWR D LQWHJUDU FRPSURPLVRV GH SHQVDPLHQWR GH UHDOL]DFLyQ SRU SDUWH GH JRELHUQRV RUJDQLVPRV LQWHUQDFLRQDOHV RUJDQL]DFLRQHV GH OD VRFLHGDG FLYLO (VWH GRFXPHQWR UHIOHMD ORV UHVXOWDGRV GH XQ LQIRUPH UHJLRQDO TXH DEDUFD SDtVHV (Q pO VH H[SRQH XQD EDVH SDUD GHVDUUROODU PDUFRV GH FRPSUHQVLyQ GH UHVROXFLyQ GHO IHQyPHQR GH OD H[FOXVLyQ HGXFDWLYD D SDUWLU GH OD FDUDFWHUL]DFLyQ GH ORV SHUILOHV UHJLRQDOHV GHO DQiOLVLV GH ODV EDUUHUDV TXH OD DOLPHQWDQ GH OD VLVWHPDWL]DFLyQ GH YtDV GH DFFLyQ SDUD VXSHUDU HVDV EDUUHUDV UHPRYHU OD H[FOXVLyQ /D H[SUHVLyQ ©FRPSOHWDU OD HVFXHODª TXH VH UHWRPDUi HQ ORV VLJXLHQWHV SiUUDIRV TXH HV SDUWH GHO WtWXOR GH HVWH LQIRUPH LQGLFD TXH HQ QXHVWUD UHJLyQ OD HVFXHOD HV XQD LQVWLWXFLyQ SUHVHQWH DPSOLDPHQWH GLVHPLQDGD SHUR TXH HVWi D~Q LQFRPSOHWD HQ PXFKRV VHQWLGRV QLxRV QLxDV DGROHVFHQWHV TXH QR LQJUHVDQ HQ OD HGDG RSRUWXQD R TXH QR SHUPDQHFHQ HQ HOOD KDVWD FRPSOHWDU OD HGXFDFLyQ REOLJDWRULD $GHPiV ORV DSUHQGL]DMHV PXFKDV YHFHV VRQ GpELOHV LPSHUIHFWRV H LQVXILFLHQWHV ODV FDUHQFLDV PDWHULDOHV HGLOLFLDV ODV GLILFXOWDGHV SDUD OD FREHUWXUD GH FDUJRV GRFHQWHV WDPELpQ GHMDQ LQFRPSOHWD OD HVFXHOD 3RU RWUR ODGR OD H[SUHVLyQ ©XQ GHUHFKR D SURWHJHUª DSHOD D UDWLILFDU OD LPSRUWDQFLD TXH WLHQH OD HGXFDFLyQ SDUD HO GHVDUUROOR LQWHJUDO GH ORV QLxRV QLxDV DGROHVFHQWHV SRU VX SRWHQFLDOLGDG SDUD GHVSOHJDU VXV FDSDFLGDGHV HMHUFLWDUODV GLVIUXWDUODV HQULTXHFHUODV 3URWHJHU HO GHUHFKR D OD HGXFDFLyQ DPSOtD WDPELpQ ODV FRQGLFLRQHV SDUD GHPDQGDU HMHUFHU RWURV GHUHFKRV )LQDOPHQWH OD H[SUHVLyQ ©XQ GHEHU SDUD FRPSDUWLUª HV XQD QXHYD H LQVLVWHQWH FRQYRFDWRULD D HYLWDU HO UHSDUWR GH FXOSDV HQ RWURV VHFWRUHV D DVXPLU FROHFWLYD FRRSHUDWLYDPHQWH ORV HVIXHU]RV TXH KD TXH UHDOL]DU SDUD JDUDQWL]DU HO GHUHFKR D OD HGXFDFLyQ (Q OR TXH FRPSHWH DO VLVWHPD HVFRODU HVWDGRV QDFLRQDOHV VXEQDFLRQDOHV RUJDQLVPRV GH ILQDQFLDPLHQWR GH FRRSHUDFLyQ HQWLGDGHV VLQGLFDOHV PDJLVWHULDOHV PHGLRV GH FRPXQLFDFLyQ IDPLOLDV FRPXQLGDGHV XQLYHUVLGDGHV FHQWURV GH LQYHVWLJDFLyQ QR SXHGHQ PDQWHQHUVH DO PDUJHQ (Q VtQWHVLV FRPSOHWDU OD HVFXHOD HV XQ GHEHU SDUD FRPSDUWLU WDPELpQ XQD HVSHUDQ]D SDUD DFWXDU XQ GHUHFKR D SURWHJHU
  • 42. (Q ODV GRV ~OWLPDV GpFDGDV HQ VLWXDFLRQHV SROtWLFDV HFRQyPLFDV PX GLYHUVDV WRGRV ORV SDtVHV GH $PpULFD /DWLQD HO DULEH ±XQD UHJLyQ TXH DFXPXODED YDULDGDV GHVLJXDOGDGHV DWUDVRV UHODWLYRV± KDQ WRPDGR GHFLVLRQHV DVLJQDGR UHFXUVRV ILQDQFLHURV SDUD DPSOLDU ODV RSRUWXQLGDGHV GH HVFRODUL]DFLyQ GH VX SREODFLyQ LQIDQWLO MXYHQLO 7DQWR HVRV HVIXHU]RV FRPR VX SRWHQFLDOLGDG GH ORJUR D~Q GHEHQ VRVWHQHUVH DILQDUVH (Q WRUQR DO DxR HQ $PpULFD /DWLQD HO DULEH KDEtD DSUR[LPDGDPHQWH PLOORQHV GH QLxRV QLxDV DGROHVFHQWHV 11$
  • 43. HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO SRU OR PHQRV XQ DxR DQWHV GH OD SULPDULD
  • 44. HGXFDFLyQ SULPDULD HGXFDFLyQ VHFXQGDULD EiVLFD 6LQ HPEDUJR PLOORQHV QR DVLVWtDQ D OD HVFXHOD PLOORQHV DVLVWtDQ DUUDVWUDQGR IUDFDVRV VHxDOHV GH GHVLJXDOGDG H[SUHVDGDV HQ GRV R PiV DxRV GH GHVIDVH JUDGR HGDG R UH]DJR HVFRODU 3DUD DSRDU HVRV SURFHVRV TXH SXHGDQ KDFHU HIHFWLYR HO GHUHFKR GH WRGRV ORV QLxRV D OD HGXFDFLyQ 81,() HO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 45. ODQ]DURQ OD ,QLFLDWLYD *OREDO SDUD ORV 1LxRV )XHUD GH OD (VFXHOD D LQLFLRV GH /D LQLFLDWLYD DSXQWD D WUDEDMDU FRQ SDtVHV %ROLYLD %UDVLO RORPELD .LUJXLVWiQ 5XPDQLD 7DLNLVWiQ 7XUTXtD DPERD ,QGRQHVLD )LOLSLQDV 7LPRU (VWH (WLRStD 0R]DPELTXH =DPELD 6XGiQ GHO 6XU 6XGiQ GHO 1RUWH 0DUUXHFRV %DQJODGHVK ,QGLD 3DNLVWiQ 6UL /DQND 5HS~EOLFD 'HPRFUiWLFD GHO RQJR *KDQD /LEHULD 1LJHULD (VH SURSyVLWR JOREDO LPSOLFD FRPELQDU HO DQiOLVLV GH LQIRUPDFLyQ HVWDGtVWLFD VREUH ORV QLxRV QLxDV DGROHVFHQWHV IXHUD GH OD HVFXHOD OD LGHQWLILFDFLyQ GH ORV IDFWRUHV GH H[FOXVLyQ GH OD HVFRODUL]DFLyQ OD SUHVHQWDFLyQ GH SROtWLFDV SDUD VXSHUDU OD H[FOXVLyQ /D LQWHQFLyQ HV SURIXQGL]DU XQ HQIRTXH PiV VLVWHPiWLFR SDUD DERUGDU HO SUREOHPD GH ORV 11$ IXHUD GH OD HVFXHOD DPSOLDU OD RULHQWDFLyQ D UHIRUPDV FRQFUHWDV GHO VHFWRU HGXFDWLYR HQ HVWH VHQWLGR /DV DFWLYLGDGHV GH OD ,QLFLDWLYD 1)( LQFOXHQ HVWXGLRV QDFLRQDOHV EDVDGRV HQ HO WUDEDMR GH HTXLSRV GH FDGD SDtV LQWHJUDGRV SRU ORV VRFLRV GHO JRELHUQR ORV SULQFLSDOHV WRPDGRUHV GH GHFLVLRQHV
  • 46. XQ SDQRUDPD GH FDGD XQD GH ODV UHJLRQHV XQ HVWXGLR JOREDO XQD FRQIHUHQFLD PXQGLDO SDUD PRYLOL]DU UHFXUVRV SDUD OD HTXLGDG /DV 'LPHQVLRQHV GH OD H[FOXVLyQ (O LPSHUDWLYR GH DOFDQ]DU HQ ORV SUy[LPRV DxRV OD SOHQD HVFRODUL]DFLyQ GHVGH OD HGXFDFLyQ LQLFLDO SRU OR PHQRV XQ DxR DQWHV GH OD SULPDULD
  • 47. KDVWD OD VHFXQGDULD EiVLFD VH HQFXHQWUD DYDODGR VXVFULSWR SRU GLYHUVDV LQVWDQFLDV TXH LQFOXHQ FXPEUHV SUHVLGHQFLDOHV GRFXPHQWRV GH FRQVHQVR GH HQWLGDGHV PXOWLODWHUDOHV GH FRRSHUDFLyQ ILQDQFLDPLHQWR P~OWLSOHV H[SUHVLRQHV JOREDOHV GH SDUWLFLSDFLyQ PRYLOL]DFLyQ SRU OD HGXFDFLyQ /D ,QLFLDWLYD *OREDO SRU ORV 1)( WRPD HQ FRQVLGHUDFLyQ WDQWR D ORV PLOORQHV GH 11$ GH D DxRV TXH QR HVWiQ DVLVWLHQGR D OD HVFXHOD HV GHFLU ORV TXH ©KR HVWiQ IXHUD GH OD HVFXHODª FRPR D ORV HVWXGLDQWHV TXH VL ELHQ FRQFXUUHQ D OD HVFXHOD WLHQHQ XQD HVFRODUL]DFLyQ OiELO SUHFDULD TXH VL QR VH DFW~D FRQ HILFDFLD VHUiQ ORV TXH HVWpQ ©IXHUD GH OD HVFXHOD GHO IXWXUR SUy[LPRª /D HVFRODUL]DFLyQ IRUPDO REOLJDWRULD TXH VH OHJLVOD GLVHxD SUHWHQGH SDUD WRGRV ORV 11$ VH EDVD HQ XQ VXSXHVWR GH SURJUDPDFLyQ GRQGH D FDGD JUDGR FRUUHVSRQGH XQD HGDG )UHQWH D HVWH HVTXHPD WHyULFR HO HQIRTXH SURSXHVWR SRU 81,() HO 8,681(62 VLW~D OD FRPSUHQVLyQ GHO ©HVWDU IXHUD GH OD HVFXHODª FRPR XQ SURFHVR VRFLDO UHDO GLQiPLFR UHFXUUHQWH (Q HO PDUFR GH HVWD ,QLFLDWLYD *OREDO VH GHWHUPLQDQ FLQFR GLPHQVLRQHV GH H[FOXVLyQ HV GHFLU FLQFR SRVLELOLGDGHV GH HVWDU KR R PDxDQD IXHUD GH OD HVFXHOD GHO PDSD GH UHFRUULGR HVFRODU GHVHDEOH SDUD WRGRV 6H ODV SUHVHQWD HQ OD 7DEOD FXDQWLILFDGDV SDUD OD UHJLyQ GH $PpULFD /DWLQD HO DULEH /D LQLFLDWLYD JOREDO SRU ORV QLxRV IXHUD GH OD HVFXHOD XQD SHUVSHFWLYD SDUD VXPDU HVIXHU]RV TXH VXSHUHQ OD H[FOXVLyQ HGXFDWLYD
  • 48. 9DOH GHVWDFDU DGHPiV TXH OD HVWLPDFLyQ GH OD FDQWLGDG GH QLxRV QLxDV FRUUHVSRQGLHQWH D ODV GLPHQVLRQHV VH UHDOL]D FRQVLGHUDQGR D ORV DOXPQRV TXH DVLVWHQ FRQ GRV R PiV DxRV GH UH]DJR SRU OR TXH VH HQFXHQWUDQ HQ ULHVJR JUDYH 6LQ HPEDUJR D ORV ILQHV GHO SUHVHQWH HVWXGLR VH FRQVLGHUD UHOHYDQWH VHxDODU TXH H[LVWH XQ FRQMXQWR GH HVWXGLDQWHV TXH DVLVWHQ D OD SULPDULD R VHFXQGDULD FRQ XQ DxR GH UH]DJR TXH VHUiQ FDUDFWHUL]DGRV FRPR HQ ULHVJR PRGHUDGR (VWD VLWXDFLyQ UHSUHVHQWD D ORV DOXPQRV TXH KDQ LQJUHVDGR HQ IRUPD WDUGtD R TXH KDQ DWUDYHVDGR XQD H[SHULHQFLD GH IUDFDVR HQ VX LWLQHUDULR HVFRODU 3RU HVWD UD]yQ HQ HO GHVDUUROOR GH HVWH GRFXPHQWR VH LQFOXH HO DQiOLVLV GH HVWDV VLWXDFLRQHV HQ OD FXDQWLILFDFLyQ GH ODV GLPHQVLRQHV D TXH VH ODV FRQVLGHUD FRPR XQD VHxDO GH DOHUWD SDUD OD VLWXDFLyQ GH H[FOXVLyQ RQ GLVWLQWDV PDJQLWXGHV HQ ORV SDtVHV GH OD UHJLyQ VH REVHUYDQ ODV PDQLIHVWDFLRQHV GH WRGDV HVWDV GLPHQVLRQHV GH OD H[FOXVLyQ HVFRODU (Q VX 7$%/$ 'LPHQVLRQHV GH OD ([FOXVLyQ +2)8(5$ '(/$(68(/$ ,QHTXLGDGHV GH DFFHVR R SHUPDQHQFLD (Q $PpULFD /DWLQD HO DULEH 'LPHQVLyQ H[FOXVLyQ GH KHFKR GH OD HGXFDFLyQ LQLFLDO PLOORQHV GH QLxRV QLxDV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO TXH QR SDUWLFLSDQ GH HOOD SRU OR PHQRV GXUDQWH XQ DxR DQWHV GH LU D OD HVFXHOD SULPDULD TXH WDPSRFR DVLVWHQ D OD SULPDULD 'LPHQVLyQ H[FOXVLyQ GH KHFKR WRWDO R SDUFLDO GH OD HGXFDFLyQ SULPDULD PLOORQHV GH QLxRV QLxDV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ SULPDULD TXH QR HVWiQ HQ OD SULPDULD QL HQ OD VHFXQGDULD SRUTXH QR DFFHGHQ QXQFD D OD HVFXHOD SULPDULD DFFHGHQ HQ IRUPD WDUGtD R KDQ SDUWLFLSDGR GH HOOD SRU XQ WLHPSR UHVWULQJLGR DEDQGRQDURQ VLQ DFUHGLWDU HO QLYHO FRPSOHWR 'LPHQVLyQ H[FOXVLyQ GH KHFKR WRWDO R SDUFLDO GH OD HGXFDFLyQ VHFXQGDULD PLOORQHV GH DGROHVFHQWHV TXH WHQLHQGR HGDG GH HVWDU HQ VHFXQGDULD EiVLFD QR HVWiQ HQ OD HVFXHOD SULPDULD QL VHFXQGDULD R WUDV KDEHU LQJUHVDGR D HOOD WDUGtDPHQWH R SDUWLFLSDGR SRU EUHYHV SHUtRGRV OD DEDQGRQDURQ WHPSUDQDPHQWH (15,(6*2'((67$5 )8(5$'(/$(68(/$ ,QHTXLGDGHV GH SURJUHVR DSUHQGL]DMH (Q $PpULFD /DWLQD HO DULEH 'LPHQVLyQ H[FOXVLyQ ODWHQWH SRWHQFLDO R VLOHQFLRVD GH OD HGXFDFLyQ SULPDULD PLOORQHV GH QLxRV QLxDV H LQFOXVR DGROHVFHQWHV TXH VH PDQWLHQHQ HVFRODUL]DGRV HQ ORV y JUDGRV GH SULPDULD SHUR WUDQVLWDQGR XQD H[SHULHQFLD HGXFDWLYD VLJQDGD SRU IUDFDVRV GH GLYHUVD tQGROH SRU HOOR HQ ULHVJR GH DEDQGRQDU 'LPHQVLyQ H[FOXVLyQ ODWHQWH SRWHQFLDO R VLOHQFLRVD GH OD HGXFDFLyQ VHFXQGDULD EiVLFD PLOORQHV GH ORV DGROHVFHQWHV TXH VH KDQ LQVFULSWR HQ DOJXQR GH ORV y JUDGRV GH OD HGXFDFLyQ VHFXQGDULD EiVLFD D~Q DVLVWHQ SHUR HQ VLWXDFLyQ SUHFDULD HQ IXQFLyQ GH VX DFXPXODFLyQ GH IUDFDVRV SUHYLRV GH ORV GHVDItRV FRPSOHMRV GH OD RUJDQL]DFLyQ HVFRODU GH HVWH QLYHO )XHQWH SURFHVDPLHQWR SURSLR HQ EDVH D GDWRV GHO 8,681(62 ODV HVWLPDFLRQHV GH ODV GLPHQVLRQHV D FRUUHVSRQGHQ DO DxR /DV HVWLPDFLRQHV GH ODV GLPHQVLRQHV FRUUHVSRQGHQ DO DxR
  • 49. PDRU SDUWH HVWiQ SREODGDV SRU ORV 11$ HQ VLWXDFLyQ GH SREUH]D GH GHVLJXDOGDG $ PRGR GH HMHPSOR VH SUHVHQWDQ DOJXQRV LQGLFDGRUHV HQ HO *UiILFR /RV GDWRV PXHVWUDQ YDULDFLRQHV VHQVLEOHV HQ ORV LQGLFDGRUHV QR VRODPHQWH HQWUH SDtVHV VLQR WDPELpQ DO LQWHULRU GH FDGD XQR GH HOORV HQ IXQFLyQ GH OD ]RQD GH UHVLGHQFLD OD SREUH]D R OD SHUWHQHQFLD D SREODFLRQHV LQGtJHQDV /D YDULDFLyQ DPSOLWXG GH ODV EUHFKDV H[SUHVDGDV HQ EDUUDV URMDV HV VyOR XQ HMHPSOR GH ODV GHVLJXDOGDGHV SUHVHQWHV HQ FDGD SDtV GH OD UHJLyQ *5È),2 ,1',$'25(6 6(/(,21$'26 62%5( (62/$5,=$,Ï1 '( /$ 32%/$,Ï1 325 3$Ë6 3$Ë6(6 '( $0e5,$ /$7,1$ (/ $5,%( ,5$ $xRV SURPHGLR GH HGXFDFLyQ 3REODFLyQ GH D DxRV GH HGDG KLOH
  • 55. 3HU~
  • 66. 4XLQWLO 9 4XLQWLO , %UHFKD 4XLQWLO 9 4XLQWLO , 7DVD QHWD GH DVLVWHQFLD D HGXFDFLyQ VHFXQGDULD 3HU~
  • 67. KLOH
  • 81. 8UEDQR 5XUDO %UHFKD XUEDQRUXUDO 7DVD GH DVLVWHQFLD HVFRODU 3REODFLyQ GH D DxRV GH HGDG %UDVLO
  • 91. 3REODFLyQ QR LQGtJHQD 3REODFLyQ LQGtJHQD %UHFKD LQGtJHQD QR LQGtJHQD )XHQWH SURFHVDPLHQWRV SURSLRV VREUH 6RFLR(FRQRPLF 'DWDEDVH IRU /DWLQ $PHULFD DQG WKH DULEEHDQ ('/$6 7KH :RUOG %DQN
  • 92. 6LVWHPD GH ,QGLFDGRUHV 6RFLRGHPRJUiILFRV GH 3REODFLRQHV 3XHEORV ,QGtJHQDV 6,633,
  • 93. (/$'(
  • 94. /RV UHVXOWDGRV GH HVWRV LQGLFDGRUHV VH WUDGXFHQ HQ GHVDItRV TXH UHTXLHUHQ UHVROYHU VLPXOWiQHDPHQWH SUREOHPDV GH GLYHUVD tQGROH GHQWUR GHO SODQR HGXFDWLYR GpILFLWV GH FREHUWXUD SRU IDOWD GH HVFXHODV R GH SOD]DV GHELOLGDGHV GH ODV SURSXHVWDV HVFRODUHV H LQDGHFXDFLyQ SUHVHQWH R D IXWXUR GH HVDV SURSXHVWDV HQ UHODFLyQ FRQ ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ LQIDQWLO MXYHQLO IXHUD GH OD HVFXHOD /D E~VTXHGD GH OD HTXLGDG FDOLGDG GHO GHUHFKR D OD HGXFDFLyQ VH LQVFULEH WDPELpQ HQ HO SODQR PiV JOREDO GH OD VXSHUDFLyQ GH OD SREUH]D OD MXVWLFLD VRFLDO OD SURWHFFLyQ HIHFWLYD GH WRGRV ORV GHUHFKRV GH ORV QLxRV QLxDV DGROHVFHQWHV (Q HO PDUFR GH OD ,QLFLDWLYD *OREDO 1)( OD HODERUDFLyQ GH SHUILOHV GH H[FOXVLyQ EXVFD FXDQWLILFDU FDUDFWHUL]DU FDGD XQD GH ODV GLPHQVLRQHV GH H[FOXVLyQ (Q HO DStWXOR 3HUILOHV GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD /DWLQD HO DULEH GHVGH HVWD SHUVSHFWLYD GH DQiOLVLV VH H[SRQHQ HQ GHWDOOH GDWRV H LQGLFDGRUHV HGXFDWLYRV GH OD UHJLyQ HQ WRUQR DO DxR /DV EDUUHUDV FXHOORV GH ERWHOOD TXH FRQILJXUDQ OD H[FOXVLyQ 3DUD DFWXDU DOFDQ]DU UHVXOWDGRV GH HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD HV LPSRUWDQWH GLPHQVLRQDU FDUDFWHUL]DU OD VLWXDFLyQ DFWXDO 6REUH HVRV SHUILOHV FODUDPHQWH GHILQLGRV KDEUi OXHJR TXH H[DPLQDU ULJXURVDPHQWH FXiOHV VRQ ODV UHVWULFFLRQHV TXH FRQILJXUDQ OD H[FOXVLyQ HGXFDWLYD H LPSLGHQ DO VLVWHPD HGXFDWLYR ±FRPR D FXDOTXLHU RWUD RUJDQL]DFLyQ± DOFDQ]DU VX PHWD /DV RUJDQL]DFLRQHV VRFLDOHV WLHQHQ FRPSRUWDPLHQWRV TXH UHVSRQGHQ HQ JUDQ PHGLGD DO SDVDGR UHSUHVHQWDGR SRU ODV LQHUFLDV ORV PDQGDWRV IXQGDFLRQDOHV TXH VXHOHQ SRVWHUJDU ODV RULHQWDFLRQHV QHFHVLGDGHV GHO SUHVHQWH XDQWR PiV JUDQGH PiV DQWLJXD VHD OD RUJDQL]DFLyQ PiV LQHUFLDV VH DFXPXODQ DO VHU HO VLVWHPD HGXFDWLYR XQD YDVWD RUJDQL]DFLyQ VRFLDO QR HVFDSD D HVWD SDXWD (Q HO PDUFR GH HVWD LQLFLDWLYD VH SURSRQH DQDOL]DU ULJXURVDPHQWH ORV IDFWRUHV TXH FRQVWUXHQ OD H[FOXVLyQ HQ HGXFDFLyQ HQ VXV GLVWLQWDV GLPHQVLRQHV VLQ DFRWDUVH D ODV PLUDGDV WUDGLFLRQDOHV R DILUPDFLRQHV ©D SULRULª (VWRV IDFWRUHV ±R EDUUHUDV± VH FRPELQDQ HQWUH Vt GH GLVWLQWDV PDQHUDV FRQILJXUDQGR ©FXHOORV GH ERWHOODª TXH UHGXFHQ ODV RSRUWXQLGDGHV GH DFFHVR SHUPDQHQFLD SURJUHVR DSUHQGL]DMH GH ORV 11$ /RV DFXHUGRV PHWRGROyJLFRV GHVDUUROODGRV SDUD HVWD LQLFLDWLYD FODVLILFDQ ODV EDUUHUDV HQ GRV JUDQGHV iPELWRV ODV TXH VH SURGXFHQ HQ OD YLQFXODFLyQ GHPDQGD
  • 95. GHVGH OD SREODFLyQ KDFLD HO VLVWHPD HGXFDWLYR ODV TXH VH SURGXFHQ GHQWUR GHO SURSLR VLVWHPD HGXFDWLYR RIHUWD
  • 96. /DV EDUUHUDV GH GHPDQGD H[SUHVDQ GLYHUVRV REVWiFXORV TXH HQFXHQWUDQ ODV IDPLOLDV SDUD LQLFLDU R VRVWHQHU OD HVFRODULGDG RSRUWXQD GH ORV QLxRV DGROHVFHQWHV 5HVXOWD SURYHFKRVR SDUD HO DQiOLVLV VHSDUDU ODV EDUUHUDV DVRFLDGDV D GLVWLQWRV SUREOHPDV HFRQyPLFRV GHULYDGRV GH OD UHVWULFFLyQ GH LQJUHVRV TXH SDGHFHQ PLOORQHV GH IDPLOLDV HQ OD UHJLyQ TXH OHV LPSLGHQ DIURQWDU ORV FRVWRV GLUHFWRV H LQGLUHFWRV GH OD HVFRODULGDG D TXH GLFKRV FRVWRV FRPSLWHQ FRQ ORV OLJDGRV D OD VXSHUYLYHQFLD PiV EiVLFD 3RU RWUD SDUWH RWUR WLSR GH EDUUHUDV GH OD GHPDQGD VH H[SUHVDQ HQ GLYHUVRV PRGRV GH GHVDFRSOH HQWUH OD FXOWXUD HVFRODU OD FXOWXUD SRSXODU TXH RSHUDQ FRPR REVWiFXORV VRFLRFXOWXUDOHV DO HMHUFLFLR SOHQR GHO GHUHFKR D OD HGXFDFLyQ GHVYDORUL]DFLRQHV PXWXDV HVFDVRV GLiORJRV SDXWDV GH FULDQ]D TXH FROLVLRQDQ FRQ ODV SDXWDV GH HVFRODUL]DFLyQ RQ WRGR PiV DOOi GH HVWD GLVWLQFLyQ DQDOtWLFD TXH HV ~WLO SDUD SHQVDU OtQHDV GH DFFLyQ HQ OD YLGD UHDO HVWDV EDUUHUDV HFRQyPLFDV VRFLRFXOWXUDOHV GH OD GHPDQGD LQWHUDFW~DQ HQ P~OWLSOHV VHQWLGRV SRU OR TXH SDUD FRPSUHQGHU DFWXDU VREUH HOODV HO VLVWHPD HGXFDWLYR TXHGD HQ OD QHFHVLGDG GH LQWHUDFWXDU FRQ RWURV VHFWRUHV SURWHFFLyQ VRFLDO VDOXG FRPXQLFDFLyQ VRFLDO HQWUH RWURV /DV EDUUHUDV GH RIHUWD GHO VLVWHPD HGXFDWLYR VRQ ODV TXH OLPLWDQ OD SRWHQFLD GH OD HVFXHOD SDUD HQVHxDU SDUD TXH VXV HVWXGLDQWHV DSUHQGDQ 7DPELpQ HV UHOHYDQWH DTXt KDFHU XQD VHSDUDFLyQ DQDOtWLFD HQWUH EDUUHUDV TXH VH PDQLILHVWDQ HQ OD HVFXHOD ±D VHD HQ HO SODQR PDWHULDO SHGDJyJLFR R VLPEyOLFR± ODV TXH VH H[SUHVDQ HQ OD JHVWLyQ GHO VLVWHPD HGXFDWLYR ±D VHDQ GH JREHUQDELOLGDG WpFQLFDV R ILQDQFLHUDV± (VWD GLVWLQFLyQ FRQFHSWXDO EXVFD VHSDUDU GLILFXOWDGHV TXH VH HYLGHQFLDQ HQ OD PLVPD XQLGDG GH SUHVWDFLyQ GHO VLVWHPD HGXFDWLYR ±OD HVFXHOD HQ WDQWR HQWLGDG TXH LQWHUDFW~D HQ IRUPD GLUHFWD 81,() 81(62 ,QVWLWXWH IRU 6WDWLVWLFV
  • 97. ©$OO FKLOGUHQ LQ VFKRRO E ± *OREDO LQLWLDWLYH RQ 2XWRI6FKRRO KLOGUHQ RQFHSWXDO DQG 0HWKRGRORJLFDO )UDPHZRUNª
  • 98. FRQ OD SREODFLyQ SRU HMHPSOR XQ HGLILFLR GHWHULRUDGR IDOWD GH OLEURV GRFHQWHV TXH URWDQ HQ H[FHVR SREUHV SURSXHVWDV GH HQVHxDQ]D HVWUDWHJLDV GHVEDODQFHDGDV GH HYDOXDFLyQ R FOLPD HVFRODU LQWROHUDQWH± DTXHOODV TXH VH SURGXFHQ HQ HO SODQR GH OD JHVWLyQ SROtWLFD ILQDQFLHUD WpFQLFD GHO VLVWHPD HGXFDWLYR ±GpILFLWV GH SODQHDFLyQ LQVXILFLHQWH ILQDQFLDPLHQWR R EDMD FDOLGDG GH ORV SURJUDPDV HVSHFtILFRV± TXH HVWiQ HQ OD UDt] GH PXFKRV GH ORV SUREOHPDV GH ODV HVFXHODV FXRV HVWXGLDQWHV DEDQGRQDQ R SHUPDQHFHQ FRQ EDMRV ORJURV GH ORV SUREOHPDV GH LQH[LVWHQFLD GH RIHUWD HVFRODU SDUD ORV H[FOXLGRV 'RV UDVJRV GLVWLQWLYRV GH OD PHWRGRORJtD GHVDUUROODGD HQ OD ,QLFLDWLYD *OREDO 1)( OH GDQ XQ FDUiFWHU GHVDILDQWH 8QR GH HOORV HV FRQVLGHUDU WDQWR ORV IDFWRUHV HFRQyPLFRV R PDWHULDOHV FRPR ORV FXOWXUDOHV VLPEyOLFRV SHGDJyJLFRV RUJDQL]DFLRQDOHV (VWD RSFLyQ OOHYD D LQFOXLU D OD YH] WUDVFHQGHU ODV HYLGHQWHV GLVSDULGDGHV GH UHFXUVRV ItVLFRV R ILQDQFLHURV WDQWR D QLYHO GH HVFXHODV FRPR GH IDPLOLDV
  • 99. LQFRUSRUDQGR IDFWRUHV PiV HVWUXFWXUDOHV GH OD SURSLD RUJDQL]DFLyQ TXH PXFKDV YHFHV SHUVLVWHQ D~Q FXDQGR VH PRGLILFDQ ORV HOHPHQWRV PDWHULDOHV (O VHJXQGR UDVJR HV VHSDUDU FODUDPHQWH HQ HO DQiOLVLV ORV SHUILOHV GH ORV VXMHWRV H[FOXLGRV GH ODV FDXVDV GH H[FOXVLyQ $Vt VH HYLWD HO IUHFXHQWH HUURU PHWRGROyJLFR GH FRQVLGHUDU D ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ HO SHUILO
  • 100. FRPR XQD FDXVD GH OD H[FOXVLyQ OD EDUUHUD
  • 101. (V WDQ ~WLO DQDOL]DU ODV FDUDFWHUtVWLFDV GH OD SREODFLyQ H[FOXLGD FRPR LQDGHFXDGR SRQHUODV FRPR IDFWRUHV UHVSRQVDEOHV GH OD H[FOXVLyQ $ PRGR GH HMHPSOR ORV 11$ HQ ]RQDV UXUDOHV WLHQHQ PHQRUHV RSRUWXQLGDGHV SHRUHV LWLQHUDULRV HVFRODUHV OR TXH VH FDUDFWHUL]D HQ HO FRUUHVSRQGLHQWH SHUILO 3HUR PLHQWUDV OD H[SOLFDFLyQ KDELWXDO HV DWULEXLU UDVJRV GHILFLWDULRV D OD FXOWXUD VDEHUHV SUHYLRV RUJDQL]DFLyQ GH ODV SREODFLRQHV UXUDOHV HO HQIRTXH GH HVWD LQLFLDWLYD ©LQYLHUWH OD FDUJD GH OD SUXHEDª SUHWHQGH GHVWDFDU TXH OD EDUUHUD SULQFLSDO VH HQFXHQWUD HQ OD PDQHUD HQ TXH HO VLVWHPD HGXFDWLYR D QLYHO JOREDO HQ SDUWLFXODU HQ ODV HVFXHODV UXUDOHV SURGXFH ±R QR SURGXFH± RSRUWXQLGDGHV HGXFDWLYDV SHUWLQHQWHV UHOHYDQWHV SDUD OD SREODFLyQ UXUDO (VWRV FULWHULRV LPSOLFDQ TXH WDQWR DO IRUPXODU ODV EDUUHUDV FXDQWR DO DSUR[LPDU SROtWLFDV SDUD VXSHUDU OD H[FOXVLyQ VH RWRUJXH SULRULGDG D ORV iPELWRV GH DFFLyQ SURSLRV GHO VLVWHPD HGXFDWLYR 'HQWUR GH HVWD LQLFLDWLYD OD LGHQWLILFDFLyQ GH EDUUHUDV EXVFD FRPSUHQGHU OD VLWXDFLyQ GH H[FOXVLyQ GH OD HGXFDFLyQ GHVGH XQD SHUVSHFWLYD RULHQWDGD D OD DFFLyQ SUHYHQWLYD UHSDUDGRUD (Q HO DStWXOR %DUUHUDV FXHOORV GH ERWHOOD TXH SURGXFHQ R DJUDYDQ OD H[FOXVLyQ VH H[SRQHQ FRQ HVWH HQFXDGUH ODV EDUUHUDV HFRQyPLFDV VRFLRFXOWXUDOHV GH OD GHPDQGD ODV GH RIHUWD GHO VLVWHPD HGXFDWLYR HQ WRGDV VXV H[SUHVLRQHV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV
  • 102. RUJDQL]DQGR GLVWLQWDV UHVWULFFLRQHV TXH DIHFWDQ ODV RSRUWXQLGDGHV HGXFDWLYDV /DV HVWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ OD HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD FRPR FRQWUDFDUD GH OD H[FOXVLyQ HVFRODU 8QD YH] FXDQWLILFDGDV FDUDFWHUL]DGDV ODV GLPHQVLRQHV GH OD H[FOXVLyQ H LGHQWLILFDGDV ODV EDUUHUDV TXH OD FRQILJXUDQ DSDUHFH HO SXQWR FUXFLDO GH HVWD LQLFLDWLYD DFWXDU SRVLWLYDPHQWH SDUD VXSHUDU OD H[FOXVLyQ YLJHQWH SDUD SUHYHQLU VX UHSURGXFFLyQ SDUD ODV VXFHVLYDV JHQHUDFLRQHV GH 11$ $O PRPHQWR GH DQDOL]DU GLVHxDU WRGD SROtWLFD HV SUHFLVR GHILQLU OD PHWD HQ IXQFLyQ GH OD FXDO DFWXDU PRQLWRUHDU ORV ORJURV (Q HVWH SODQR VH SODQWHD FRPR YLVLyQ XQ UHFRUULGR HVFRODU TXH YD GHVGH HO SUHHVFRODU KDVWD SRU OR PHQRV HO ILQ GH OD HVFXHOD VHFXQGDULD EiVLFD TXH LQFOXH ORV VLJXLHQWHV UDVJRV ± (VFRODUL]DFLyQ WRWDO LPSOLFD DWHQGHU D OD WRWDOLGDG GH OD SREODFLyQ GHVGH HO DFFHVR KDVWD SRU OR PHQRV OD ILQDOL]DFLyQ GH OD HVFRODUL]DFLyQ REOLJDWRULD ± (VFRODUL]DFLyQ RSRUWXQD VRVWHQLGD LPSOLFD HO LQJUHVR HQ OD HGDG SUHYLVWD QRUPDWLYDPHQWH D FDGD QLYHO GHVGH OD HGXFDFLyQ LQLFLDO KDVWD SRU OR PHQRV HO ILQ GH OD HGXFDFLyQ VHFXQGDULD HO UHFRUULGR UHJXODU IOXLGR GH ORV LWLQHUDULRV HVFRODUHV FXEULHQGR ODV HWDSDV HQ HO WLHPSR SUHYLVWR VLQ IUDFDVDU SRU UHSHWLFLyQ R DEDQGRQR VLQ DFXPXODU UH]DJR HVFRODU ± (VFRODUL]DFLyQ SOHQD H[SUHVD OD FDOLGDG SHUWLQHQFLD GH ORV DSUHQGL]DMHV TXH FRQVROLGDQ SXHGHQ HYLGHQFLDU ORV ODV HVWXGLDQWHV HQ VX UHFRUULGR D VX HJUHVR (O FRQFHSWR DTXt SUHVHQWDGR GH HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD H[SUHVD HQ IRUPD
  • 103. UHVXPLGD ORV FRPSURPLVRV LQWHUQDFLRQDOHV YLJHQWHV HQ UHODFLyQ FRQ OD HGXFDFLyQ GH ORV 11$ HQ HVSHFLDO ORV 2EMHWLYRV GH 'HVDUUROOR GHO 0LOHQLR 2'0
  • 104. ORV DFXHUGRV GH (GXFDFLyQ SDUD 7RGRV (37
  • 105. ODV 0HWDV (GXFDWLYDV SDUD /DWLQRDPpULFD (VWRV FRPSURPLVRV VH DVXPHQ FRPR RULHQWDFLRQHV GH SROtWLFD FRPR SDUiPHWURV SDUD WRPDU GHFLVLRQHV DVLJQDU UHFXUVRV FRPR GHVDItRV SDUD ODV UHVROXFLRQHV WpFQLFDV RUJDQL]DWLYDV FRPR HVWtPXORV SDUD PRYLOL]DU ORV HVIXHU]RV GH JRELHUQRV RUJDQLVPRV PXOWLODWHUDOHV 'HVGH OD SHUVSHFWLYD GH ORV HVWXGLDQWHV HO FRQFHSWR GH LWLQHUDULR HVFRODU RSRUWXQR ±HQWHQGLGR FRPR HO FXUVDGR UHJXODU HQ WLHPSR IRUPD GH FDGD HWDSD GH OD HGXFDFLyQ REOLJDWRULD± DVXPH HO HQIRTXH GH GHUHFKRV HQ HO iPELWR HGXFDWLYR VH RSRQH D ODV GLVWLQWDV H[SUHVLRQHV GHO IUDFDVR HVFRODU TXH FXOPLQDQ HQ OD SpUGLGD R GHWHULRUR GH HVH GHUHFKR 3URWHJHU ORV LWLQHUDULRV HVFRODUHV FRQ PHGLGDV TXH UHPXHYHQ ODV EDUUHUDV GH DFFHVR DFHUFDQ OD RIHUWD HVFRODU D ODV FRPXQLGDGHV HVWLPXODQ OD GHPDQGD SRU PiV PHMRU HVFRODULGDG SURPXHYHQ RSRUWXQLGDGHV GH DSUHQGL]DMH VLJQLILFDWLYDV DWLHQGHQ SHGDJyJLFDPHQWH HQ IRUPD HILFD] ODV H[LJHQFLDV GHULYDGDV GH ODV FRQGLFLRQHV GH ORV HVWXGLDQWHV HV XQD LGHD IXHU]D SDUD HO WUDEDMR FRQ IXQFLRQDULRV WpFQLFRV HQ OD HWDSD GH GLPHQVLRQDPLHQWR FDUDFWHUL]DFLyQ GHO SUREOHPD GXUDQWH HO SURFHVR GH DGRSFLyQ R PHMRUD GH SROtWLFDV SURJUDPDV HGXFDWLYRV 6H HQWLHQGH TXH SURWHJHU ORV LWLQHUDULRV HVFRODUHV HV XQ HVIXHU]R D DVXPLU SRU HO VLVWHPD HGXFDWLYR HQ VX FRQMXQWR 'H OR FRQWUDULR VH FRUUH HO ULHVJR GH TXH ODV SROtWLFDV TXH EXVFDQ HO UHLQJUHVR GH ORV 11$ TXH KDQ SDGHFLGR IRUPDV GH H[FOXVLyQ HQ ODV GLPHQVLRQHV HV GHFLU KDOODUVH DFWXDOPHQWH IXHUD GH OD HVFXHOD
  • 106. QR VHDQ HIHFWLYDV QR HYLWHQ TXH HVRV 11$ FRPLHQFHQ D SURWDJRQL]DU VLWXDFLRQHV SURSLDV GH ODV GLPHQVLRQHV HV GHFLU HVWDU GHQWUR GH OD HVFXHOD SHUR HQ ULHVJR GH DEDQGRQR WHPSUDQR
  • 107. IUXVWUDQGR ODV RSRUWXQLGDGHV H[SHFWDWLYDV JHQHUDGDV UHVSHFWR GH OD UHFXSHUDFLyQ GH XQ GHUHFKR QHJDGR 3RU RWUD SDUWH OD SURSLD UD]yQ GH VHU GH ORV VLVWHPDV S~EOLFRV GH HGXFDFLyQ GH ODV GHILQLFLRQHV OHJDOHV GH REOLJDWRULHGDG UHTXLHUH LGHQWLILFDU SRQHU HQ DFFLyQ IRUPDV GH DWHQGHU D DTXHOORV TXH VH LQVHUWDQ HQ OD HVFXHOD FRQ XQ FDSLWDO FXOWXUDO DFDGpPLFR SHUVRQDO R IDPLOLDU GLYHUVR DO HVSHUDGR HQ ODV LQVWLWXFLRQHV HVFRODUHV R HQ VLWXDFLRQHV GH SREUH]D H LQGLJHQFLD TXH VLJQLILFDQ P~OWLSOHV YLRODFLRQHV GH ORV GHUHFKRV GH ORV 11$ 'HQWUR GH HVWD LQLFLDWLYD OD VLVWHPDWL]DFLyQ GH HVWUDWHJLDV EXVFD DPSOLDU ODV KHUUDPLHQWDV SDUD VXSHUDU SUHYHQLU OD VLWXDFLyQ GH H[FOXVLyQ GH OD HGXFDFLyQ (Q HO DStWXOR (VWUDWHJLDV SDUD VXSHUDU OD H[FOXVLyQ HGXFDWLYD VH H[SRQHQ ODV YLQFXODGDV D OD PHMRUD GH FRQGLFLRQHV HFRQyPLFDV GH ODV IDPLOLDV SDUD DIURQWDU OD HVFRODUL]DFLyQ D OD DPSOLDFLyQ GH UHSUHVHQWDFLRQHV VREUH HO GHUHFKR D OD HGXFDFLyQ D OD WUDQVIRUPDFLyQ GH FRQGLFLRQHV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV HQ ODV HVFXHODV D OD HYROXFLyQ HQ OD JHVWLyQ SROtWLFD ILQDQFLHUD WpFQLFD GHO VLVWHPD HGXFDWLYR (VWDV HVWUDWHJLDV VH RUGHQDQ HQ SDUDOHOR FRQ ODV EDUUHUDV SUHVHQWDGDV HQ HO DStWXOR 5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ KDFLD OD PHWD GH OD HVFRODUL]DFLyQ WRWDO RSRUWXQD VRVWHQLGD SOHQD /D HQYHUJDGXUD GHO GHVDItR GH OD HVFRODUL]DFLyQ WRWDO RSRUWXQD VXILFLHQWH SDUD WRGRV GH OD LQFOXVLyQ HIHFWLYD TXH JDUDQWLFH HO GHUHFKR D OD HGXFDFLyQ GH WRGRV WRGDV VH XELFD HQ HO SODQR GH OD DFFLyQ GH ORV (VWDGRV QDFLRQDOHV GH OD FRRSHUDFLyQ LQWHUQDFLRQDO D VX VHUYLFLR /DV SROtWLFDV HVWUDWHJLDV R SURJUDPDV GH DFFLyQ SRVLWLYD GH ORV (VWDGRV VRQ OD KHUUDPLHQWD FRQFUHWD D SDUWLU GH OD FXDO VH RULHQWD OD FRQVWUXFFLyQ R PHMRUD GH XQ HVFHQDULR VH DVLJQDQ UHFXUVRV VH PRYLOL]DQ SHUVRQDV JUXSRV SDUD OD WDUHD /D VHQVLELOLGDG SDUD DUWLFXODU ODV DVSLUDFLRQHV ORV HVWLORV ODV HVSHUDQ]DV GH XQD VRFLHGDG OD DXGDFLD SDUD FRQYRFDU D XQD pSLFD GHVDILDQWH SHUR SRVLEOH OD VROLGH] WpFQLFD GH OR TXH SURSRQJD OD SROtWLFD HGXFDWLYD VRFLDO VRQ HOHPHQWRV FODYH SDUD DOFDQ]DU ORV FDPELRV PDVLYRV FXOWXUDOHV VRFLDOHV SURIXQGDPHQWH UHQRYDGRUHV FDUJDGRV GH MXVWLFLD TXH LPSOLFDQ KDELOLWDU HO GHUHFKR D OD HGXFDFLyQ SDUD WRGRV $O PRPHQWR GH SODQWHDU OtQHDV GH DFFLyQ VXUJHQ GLYHUVRV UHFDXGRV GLILFXOWDGHV ILQDQFLHUDV FRPSOHMLGDGHV GH JHVWLyQ FRQIOLFWRV HQ HO KRUL]RQWH WHPSRUDO GH OD JHVWLRQHV SROtWLFDV LQVXILFLHQFLD R LQPDGXUH] GH ODV SURSXHVWDV WpFQLFDV SHUVLVWHQFLD GHO HQWRUQR JHQHUDO GH GHVLJXDOGDG /DV VLJXLHQWHV UHFRPHQGDFLRQHV GH DFFLyQ WRPDQ FXHQWD GH HVRV UHFDXGRV VLQ HOXGLU OD SULRUL]DFLyQ ±
  • 108. EDVDGD HQ HO FULWHULR GH DWHQFLyQ PiV LQPHGLDWD GH OD H[FOXVLyQ DFWXDO SRWHQFLDO GHO VLVWHPD HGXFDWLYR± GH DOJXQDV OtQHDV SRU VREUH RWUDV 5HVXHOWR HO SULPHU QLYHO GH H[FOXVLyQ HV LPSHUDWLYR VHJXLU SURIXQGL]DQGR DPSOLDQGR OD GLYHUVLGDG LQWHQVLGDG FDOLGDG GH ODV RSRUWXQLGDGHV HGXFDWLYDV GH ORV ORJURV LQWHJUDOHV GHO VLVWHPD HGXFDWLYR /DV UHFRPHQGDFLRQHV TXH VH SUHVHQWDQ HQ HO XDGUR VLQWHWL]DQ H LQWHJUDQ ODV HVWUDWHJLDV SUHVHQWDGDV DWHQGLHQGR D ORV SUREOHPDV PiV XUJHQWHV D ORV IDFWRUHV PiV HVWUXFWXUDOHV 6H DJUXSDQ HQ WUHV IDPLOLDV ODV TXH FRUUHVSRQGHQ DO SODQR SROtWLFR ODV GHO SODQR WpFQLFR ODV GH SURGXFFLyQ GH FRQRFLPLHQWR 8$'52 5HFRPHQGDFLRQHV SULRULWDULDV GH DFFLyQ SDUD SUHYHQLU R VXSHUDU OD H[FOXVLyQ 3URPRYHU HO LQFUHPHQWR GH OD SDUWLFLSDFLyQ GHO VHFWRU HGXFDFLyQ HQ HO 3,% SDUD ORV SDtVHV TXH VH HQFXHQWUDQ UH]DJDGRV HQ HVWD LQYHUVLyQ /RV UHFXUVRV VH UHTXLHUHQ SDUD GRV HMHV FRPSOHPHQWDULRV D
  • 109. LQYHUVLyQ SDUD PDRU FREHUWXUD GH PHMRUHV UHVXOWDGRV FDSDFLWDFLyQ PDWHULDOHV GLGiFWLFRV LQIUDHVWUXFWXUD
  • 110. E
  • 111. DWHQFLyQ GH ORV JDVWRV FRUULHQWHV PDVD VDODULDO IXQFLRQDPLHQWR GH ORV VHUYLFLRV HGXFDWLYRV
  • 112. HVSHFLDOPHQWH FODYH HQ SDtVHV FRQ EDMD SDUWLFLSDFLyQ GHO VHFWRU HQ HO 3,% R HQ HO *DVWR 3~EOLFR 7RWDO $OLQHDGRV FRQ ORV HVIXHU]RV QDFLRQDOHV VH QHFHVLWDQ DXQDU DUWLFXODU HVIXHU]RV GH ORV RUJDQLVPRV FRRSHUDQWHV GH ILQDQFLDFLyQ 3DUD ORJUDU HO HMH D
  • 113. HV SULRULWDULR DFRUGDU HQ ODV PHVDV GH FRRSHUDFLyQ TXH ORV DSRUWHV GH ILQDQFLDPLHQWR H[WHUQR VH SURJUDPHQ KDFLD OD VXSHUDFLyQ GH ODV EDUUHUDV HQ WDQWR UHVWULFFLRQHV PDWHULDOHV VLPEyOLFDV LGHQWLILFDGDV HQ FDGD SDtV GHVGH OD RIHUWD GHO VLVWHPD HGXFDWLYR GHVGH ODV QHFHVLGDGHV GH OD SREODFLyQ
  • 114. FRRUGLQDQGR ORV HVIXHU]RV KDFLD SURJUDPDV XQLILFDGRV FRQVHQVXDGRV FRQ ORV PLQLVWHULRV 3DUD ORJUDU HO HMH E
  • 115. HV SULRULWDULR LQFLGLU HQ TXH ORV SDtVHV FRQ EDMR ILQDQFLDPLHQWR LQFRUSRUHQ PHWDV GH LQFUHPHQWR GH OD SDUWLFLSDFLyQ GH UHFXUVRV SDUD HO VHFWRU HGXFDFLyQ HQ HO JDVWR WRWDO HQ ORV SODQHV GH DVLVWHQFLD ILQDQFLHUD DFRUGDGRV FRQ ORV RUJDQLVPRV LQWHUQDFLRQDOHV 8QLyQ (XURSHD %0 %,'
  • 116. (Q HVWDV QHJRFLDFLRQHV DO PiV DOWR QLYHO 81,() 81(62 MXQWR FRQ RWUDV DJHQFLDV PXOWLODWHUDOHV FRPR OD 2(, VH FRPSURPHWHQ FRQ OD DERJDFtD D IDYRU GHO GHUHFKR D OD HGXFDFLyQ GH ORV 11$ HQ HO PDUFR GH ORV SURFHVRV GH GHFLVLyQ JXEHUQDPHQWDO → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV )LMDU PHWDV SDUD OD VXSHUDFLyQ GH OD H[FOXVLyQ D PHGLR SOD]R SHUR TXH VH SXHGDQ PRQLWRUHDU HQ IRUPD DQXDO (O DQiOLVLV SRU GLPHQVLRQHV GH H[FOXVLyQ HGXFDWLYD SHUPLWH GHILQLU OD PDJQLWXG DFWXDO GH OD H[FOXVLyQ (Q HO SODQR SROtWLFR VH GHEHQ ILMDU ODV PHWDV GH SURJUHVR ORV UHFXUVRV SRU VX SDUWH HO VDEHU SHGDJyJLFR GHEH GDU ORV FDXFHV GH DFFLyQ HILFD] /DV IXHQWHV DGPLQLVWUDWLYDV SHUPLWHQ VLWXDU FRQ GHWDOOH ODV VLWXDFLRQHV GH H[FOXVLyQ HQ HO WHUULWRULR FRQFHQWUDU ODV DFFLRQHV HQ UHJLRQHV HVFXHODV WDPELpQ SRVLELOLWDQ XVDU HVWD LQIRUPDFLyQ FRPR LQVXPR HQ OD HYDOXDFLyQ GH SROtWLFDV HVWUDWHJLDV SURJUDPDV 3RU RWUD SDUWH SHUPLWHQ FDUDFWHUL]DU PRQLWRUHDU HO SURJUHVR GH SREODFLRQHV HVSHFLDOPHQWH FDVWLJDGDV SRU OD H[FOXVLyQ SXHEORV LQGtJHQDV FRPXQLGDGHV UXUDOHV GLVSHUVDV 11$ FRQ GLVFDSDFLGDG $VLPLVPR VH UHODFLRQDQ IXHUWHPHQWH FRQ ODV LQYHUVLRQHV ItVLFDV QHFHVDULDV SDUD DPSOLDU OD FREHUWXUD → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV $UWLFXODU ORV HVIXHU]RV GHO VHFWRU HGXFDFLyQ FRQ ORV TXH UHDOL]DQ ORV VHFWRUHV GH SURWHFFLyQ VRFLDO VDOXG QXWULFLyQ SDUD DWHQGHU ORV GHVDItRV GH OD LQFOXVLyQ HGXFDWLYD $PSOLDU ODV RSRUWXQLGDGHV HGXFDWLYDV SDUD ORV VHFWRUHV H[FOXLGRV R HQ ULHVJR UHTXLHUH FRPR VRSRUWH TXH D
  • 117. VH JDUDQWLFH QXWULFLyQ DGHFXDGD FRQ SURYLVLyQ GH DOLPHQWRV PLFURQXWULHQWHV DVt FRPR HO DFFHVR RSRUWXQR D OD DWHQFLyQ GH OD VDOXG LQIDQWLO E
  • 118. VH GHILQD XQ GLVSRVLWLYR GH DWHQFLyQ PXOWLVHFWRULDO DQWH ODV DOHUWDV TXH ODV HVFXHODV SXHGDQ GHWHFWDU SRU VLWXDFLRQHV VRFLDOHV VDQLWDULDV IDPLOLDUHV HFRQyPLFDV DGYHUVDV TXH DIHFWDQ GHUHFKRV GH VXEVLVWHQFLD SURWHFFLyQ EiVLFD F
  • 119. VH DUWLFXOH FRQ ODV HVWUDWHJLDV GH LQJUHVRV SDUD ODV SREODFLRQHV SULRULWDULDV HQ HO FDVR GH ORV VLVWHPDV GH WUDQVIHUHQFLD FRQGLFLRQDGD ±HV GHFLU FXDQGR D FDPELR GHO LQJUHVR PRQHWDULR VH H[LJH OD LQVFULSFLyQ HQ OD HVFXHOD REOLJDWRULD± HV QHFHVDULR SURWHJHU OD WDUHD FHQWUDO GH ODV HVFXHODV OD HQVHxDQ]D YDOXDQGR FXLGDGRVDPHQWH ORV PHFDQLVPRV GH FRQWURO GH ODV FRQGLFLRQDOLGDGHV VLQ VRPHWHU D ODV HVFXHODV D SUHVLRQHV FRPSOHMDV SRU ODV FHUWLILFDFLRQHV GRFXPHQWDOHV SRVLELOLWDU D ORV HTXLSRV HVFRODUHV ORV DSRRV SURIHVLRQDOHV SDUD DFWXDU HQ IRUPD RSRUWXQD UHDO HQ FDVRV GH ULHVJR GH DEDQGRQR $VLPLVPR KDEUi TXH SURFXUDU TXH ORV UHFXUVRV KXPDQRV ILQDQFLHURV 5(9,7$/,=$5 (1 /26 *2%,(5126 /$ 0(7$ 35,1,3$/ '( 683(5$5 /$ (;/86,Ï1 ('8$7,9$
  • 120. 5HFRQRFHU OD IXQFLyQ GH HQVHxDQ]D FRPR FODYH D OD HVFXHOD FRPR HO iPELWR HQ TXH VH FRQFUHWD OD LQFOXVLyQ HGXFDWLYD FRQ DFFHVR SHUPDQHQFLD SURJUHVR DSUHQGL]DMH /D SREODFLyQ HMHUFH HO GHUHFKR D OD HGXFDFLyQ HQ ODV HVFXHODV GH VX HQWRUQR HV HQ FDGD XQD GH HOODV GRQGH GHEH HQFRQWUDU XQD EXHQD SURSXHVWD (O VLVWHPD HGXFDWLYR GHEH DVLVWLU DFRPSDxDU D ORV HTXLSRV HVFRODUHV HQ DWHQFLyQ D ORV UHVXOWDGRV GH LQFOXVLyQ FDQDOL]DQGR VDEHUHV GHVGH KDFLD ORV GRFHQWHV HQ VX WDUHD GH HQVHxDU HGXFDU WDPELpQ GHEH LPSXOVDU UHYLWDOL]DU OD DXWRQRPtD TXH SHUPLWH ORJUDU SHUWLQHQFLD FRQ UHVXOWDGRV VLQ TXH HOOR VLJQLILTXH GHMDU D OD HVFXHOD VROD (Q HVH VHQWLGR OD LQIRUPDFLyQ SHUPLWH LGHQWLILFDU GyQGH HVWiQ ODV PDRUHV QHFHVLGDGHV DFWXDU SDUD UHYHUWLU SURFHVRV GH H[FOXVLyQ 7DPELpQ H[LVWHQ UHFXUVRV KXPDQRV EDMR OD ILJXUD GH VXSHUYLVRUHV DVHVRUHV HTXLSRV WpFQLFRV SURIHVLRQDOHV DXQ FXDQGR SXHGD VHU QHFHVDULR DPSOLDU VX GRWDFLyQ (VWD UHFRPHQGDFLyQ LPSOLFD JHQHUDU XQD PRGDOLGDG GH DSRR D ORV GRFHQWHV TXH VH RULHQWH D UHVXOWDGRV VXVWHQWDEOHV GH DSUHQGL]DMH SHUPDQHQFLD HQ OD HVFXHOD TXH QR VH VDWLVIDJD FRQ LQLFLDU SURFHVRV TXH ORV PDHVWURV SXHGHQ ±R QR± FRQWLQXDU → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV 0RYLOL]DU SUHSDUDU HO LQJUHVR RSRUWXQR D HGXFDFLyQ LQLFLDO SULPHU JUDGR 3URFXUDU OD LQWHJUDFLyQ GH SROtWLFDV HGXFDWLYDV VRFLDOHV SDUD JDUDQWL]DU XQD RIHUWD DFFHVLEOH HVSHFLDOPHQWH GH HGXFDFLyQ LQLFLDO HQ ]RQDV UXUDOHV XUEDQDV HPSREUHFLGDV D ORV QLxRV QLxDV FRQ HVWUDWHJLDV GH FRPXQLFDFLyQ PRYLOL]DFLyQ VRFLDO SDUD TXH ODV IDPLOLDV OOHYHQ D VXV QLxRV D OD HVFXHOD HQ IRUPD RSRUWXQD FRQ RUGHQDPLHQWR GH QRUPDWLYDV FRQIXVDV VREUH HGDG GH LQJUHVR VREUH REOLJDWRULHGDG GH HGXFDFLyQ LQLFLDO FRQ LQFOXVLyQ HQ ORV SURJUDPDV GH WUDQVIHUHQFLD FRQGLFLRQDGD GH LQJUHVRV GH OD HGXFDFLyQ LQLFLDO OD DVLVWHQFLD RSRUWXQD FRQ DWHQFLyQ SHGDJyJLFD GH ORV QLxRV QLxDV TXH LQJUHVDQ FRQ PDRUHV QHFHVLGDGHV GH DSUHQGL]DMH → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV (YLWDU OD JHQHUDFLyQ UHSURGXFFLyQ GHO UH]DJR HVFRODU SURWHJHU D ORV TXH HVWiQ HQ ULHVJR SRU UH]DJR D DGTXLULGR FRQ EDVH HQ HO HQIRTXH GH GHVDUUROOR GH FDSDFLGDGHV GH DSUHQGL]DMH /RV IRFRV SULQFLSDOHV GH SURGXFFLyQ DJUDYDPLHQWR GHO UH]DJR HVFRODU VRQ OD UHSHWLFLyQ HO DEDQGRQR HVSHFLDOPHQWH DJXGRV HQ HO SULPHU JUDGR GH OD HGXFDFLyQ EiVLFD R SULPDULD HQ OD WUDQVLFLyQ HQWUH FLFORV R QLYHOHV (O GHVDUUROOR GH FDSDFLGDGHV GH DSUHQGL]DMH HV XQ HQIRTXH GLGiFWLFR TXH HQULTXHFH OD HQVHxDQ]D TXH KR SUHGRPLQD HQ ODV DXODV TXH SHUPLWH WDQWR SUHYHQLU HO IUDFDVR FRPR SDOLDU VXV FRQVHFXHQFLDV (VWH HQIRTXH SHGDJyJLFR UHWRPD H LQWHJUD ORV FRQWHQLGRV FXUULFXODUHV SDUD GHVSOHJDU HMHUFLWDU FDSDFLGDGHV IXQGDPHQWDOHV FRPSUHQVLyQ OHFWRUD SURGXFFLyQ GH WH[WRV DSOLFDFLyQ SUiFWLFD GH FRQFHSWRV RSHUDFLRQHV OyJLFRPDWHPiWLFDV MXLFLR FUtWLFR UHVROXFLyQ GH SUREOHPDV XVDQGR VDEHUHV FLHQWtILFRV WUDEDMR FRRSHUDWLYR HQ UHODFLyQ PHWDFRJQLFLyQ DXWRUUHJXODFLyQ GHO SURFHVR GH DSUHQGL]DMH 7RGDV HVWDV FDSDFLGDGHV VH EDVDQ HQ GLVSRVLFLRQHV XQLYHUVDOHV GH ORV VHUHV KXPDQRV TXH SDUD GHVSOHJDUVH UHTXLHUHQ GH XQDV VHFXHQFLDV GH DFWLYLGDGHV GH DSUHQGL]DMH H[WHQVDV HVWUXFWXUDGDV RUJDQL]DGDV FRQ LQWHQFLRQDOLGDG SHGDJyJLFD /DV FDSDFLGDGHV FRJQLWLYDV VRFLDOHV VRQ UHOHYDQWHV WDQWR SDUD OD SHUVRQD FRPR SDUD OD FRPXQLGDG HQ OD TXH VH LQVHUWD HQ ORV SODQRV FXOWXUDOHV VRFLDOHV SURGXFWLYRV HFRQyPLFRV (VWH UD]RQDPLHQWR HV H[WHQVLYR D ORV 11$ FRQ GLVFDSDFLGDG → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV RQFHQWUDU HVIXHU]RV WpFQLFRV SUHVXSXHVWDULRV VRFLDOHV SDUD HVTXHPDV GH UHLQVHUFLyQ HQ HO VLVWHPD HGXFDWLYR 6H WUDWD GH KDFHU TXH TXLHQHV DEDQGRQDURQ VH UHLQVHUWHQ OR PiV SURQWR SRVLEOH SDUD TXH FRPSOHWHQ VX HVFRODULGDG REOLJDWRULD 6L QR HV SRVLEOH OD UHLQVHUFLyQ HQ OD HVFXHOD FRP~Q KDFHUOR D WUDYpV GH GLVSRVLWLYRV FRQ YLVLELOLGDG UHFRQRFLPLHQWR VRFLDO LQFOXHQGR FHUWLILFDFLyQ
  • 121. TXH SHUPLWDQ OD FRQWHQFLyQ FRQVWUXFFLyQ GH JUXSRV GH SDUHV → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH OD (VWUDWHJLD GH OD DOLPHQWDFLyQ HVFRODU VHDQ SURJUHVLYDPHQWH UHVSRQVDELOLGDG JHVWLyQ GH ODV GHSHQGHQFLDV JXEHUQDPHQWDOHV TXH WLHQHQ FRPSHWHQFLD GLUHFWD HQ VDOXG QXWULFLyQ (O VHFWRU HGXFDFLyQ GHEH SDUWLFLSDU HQ IRUPD SURWDJyQLFD SDUD UHGXFLU FRVWRV GLUHFWRV HVSHFtILFRV D OD SDUWLFLSDFLyQ HVFRODU → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV 25,(17$5 /26 352*5$0$6 +$,$ /2*526 '( $(62 352*5(6,Ï1 $35(1',=$-(
  • 122. RQYRFDU OLGHUDU LQLFLDWLYDV GH FRQVWUXFFLyQ GH FRQRFLPLHQWR VREUH SURFHVRV UHVXOWDGRV GH OD H[FOXVLyQ HGXFDWLYD ,QLFLDU VRVWHQHU SURHFWRV FRQ ULJRU PHWRGROyJLFR FRQ HVTXHPDV GH WUDEDMR SRWHQWHV SDUD OD HVFDOD UHJLRQDO FRQ FRPSRQHQWHV GH FDSWDFLyQ GLUHFWD GH OD YR] H[SHULHQFLD GH ORV H[FOXLGRV HQ SDUWLFXODU VREUH ± 3UiFWLFDV GHO FXUUtFXOR UHDO HQ OD HVFXHOD TXH REVWDFXOL]DQ OD LQFOXVLyQ HQVHxDQ]D IDOOLGD GLVFULPLQDFLyQ UDFLVPR GHVLQWHUpV SRU HO DEDQGRQR GHVDOLHQWR GH ORV GRFHQWHV HQ UHODFLyQ FRQ ODV FDSDFLGDGHV GH VXV DOXPQRV FXUUtFXORV IRUPDOHV H[FHVLYRV TXH GLUHFFLRQDQ D XQD HQVHxDQ]D HSLVyGLFD
  • 123. ± 5HSUHVHQWDFLRQHV YDORUDFLRQHV VREUH OD HVFXHOD SRU SDUWH GH ORV VHFWRUHV SRSXODUHV UXUDOHV LQGtJHQDV H[FOXLGRV WUDEDMDQGR FRQ IXHQWHV SULPDULDV QR SRU GLFKRV GH RWURV ± 3URFHVRV GH GHFLVLyQ VREUH OD HVFRODUL]DFLyQ SURWDJRQL]DGRV SRU ORV DGROHVFHQWHV LU D WUDEDMDU HPEDUD]R GHVLQWHUpV
  • 124. WUDEDMDQGR FRQ IXHQWHV SULPDULDV HVTXHPDV SDUWLFLSDWLYRV TXH SHUPLWDQ HVFXFKDU D ORV MyYHQHV QR VROR SRU GLFKRV GH RWURV SURFHVDPLHQWRV HVWDGtVWLFRV ± ,QFLGHQFLD GH ORV IDFWRUHV GH JpQHUR VREUH ORV UHVXOWDGRV GHO VLVWHPD HGXFDWLYR ± 3UiFWLFDV DGHFXDGDV H[LWRVDV GH HGXFDFLyQ UXUDO HGXFDFLyQ LQWHUFXOWXUDO ELOLQJH FRQ SXHEORV DIURGHVFHQGLHQWHV TXH ORJUHQ DSUHQGL]DMHV HYLWHQ HO IUDFDVR GH ORV HVWXGLDQWHV ± 3URSXHVWDV HILFDFHV GH HQVHxDQ]D SDUD SRVLELOLWDU DSUHQGL]DMHV HQ OD SREODFLyQ LQIDQWLO DGROHVFHQWH FRQ GLVFDSDFLGDG → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV 'LIXQGLU FRPXQLFDU HO FRQRFLPLHQWR FRQVWUXLGR R DPSOLDGR 8WLOL]DU HVWUDWHJLDV DGHFXDGDV SDUD GLVWLQWDV DXGLHQFLDV TXH SRVLELOLWHQ PRYLOL]DU DPSOLDU ODV UHSUHVHQWDFLRQHV UHPRYHU ORV SUHMXLFLRV LQVWDODGRV FRQ UHVSHFWR D ODV FDSDFLGDGHV GH DSUHQGL]DMH GH ORV 11$ TXH DWUDYLHVDQ WRGR WLSR GH VLWXDFLRQHV GH DGYHUVLGDG R GLYHUVLGDG (VWD FRPXQLFDFLyQ GHEH GLULJLUVH D TXH ORV DGXOWRV FUHDQ HIHFWLYDPHQWH HQ ODV FDSDFLGDGHV SRWHQFLDOLGDGHV GH WRGRV ORV QLxRV VH FRPSURPHWDQ FRQ VX FXLGDGR DWHQFLyQ SURPRFLyQ PX HVSHFLDOPHQWH HQ DTXHOORV PiV YXOQHUDEOHV H[FOXLGRV → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV 5HVSDOGDU MHUDUTXL]DU OD HGXFDFLyQ UXUDO ,PSOLFD HPSUHQGHU ORV GHVDUUROORV WpFQLFRV HVSHFtILFRV UHPRYHU SUHMXLFLRV VREUH HO FRQWH[WR UXUDO /D HVFXHOD UXUDO SXHGH FRQFHELUVH FRPR FHQWUR HGXFDWLYR TXH DVXPD WRGD OD HGXFDFLyQ REOLJDWRULD FRQ PRGDOLGDGHV RUJDQL]DWLYDV SHFXOLDUHV UHFXUVRV KXPDQRV WHFQROyJLFRV FRPXQLWDULRV SHUWLQHQWHV D VX SRWHQFLDOLGDG QR VLPSOHV UpSOLFDV GH ODV HVFXHODV XUEDQDV WUDGLFLRQDOHV → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH OD (VWUDWHJLD $VXPLU HO GHVDItR SHGDJyJLFR VRFLDO GH OD HGXFDFLyQ GH ORV SXHEORV LQGtJHQDV RUUHVSRQGH FRQVWUXLU FRQRFLPLHQWR SHGDJyJLFR GLGiFWLFR SDUD JDUDQWL]DU HQ ODV HVFXHODV HO PDRU GHVDUUROOR GH ODV FDSDFLGDGHV FRJQLWLYDV VRFLDOHV GH WRGRV ORV 11$ GH ORV SXHEORV LQGtJHQDV 3DUD HOOR VH SURSRQH SULRUL]DU HO WUDWDPLHQWR GH FRQWHQLGRV FXOWXUDOPHQWH UHOHYDQWHV DO GHVDUUROOR GH HVWDV FDSDFLGDGHV GH PRGR WDO GH VXSHUDU OD DJUHJDFLyQ GH FRQWHQLGRV TXH VXHOH SURGXFLUVH LPSXOVDU SURFHVRV GH ODUJR SOD]R TXH SHUPLWDQ FRQWDU FRQ GRFHQWHV FRQ GRPLQLR GH OD OHQJXD OD FXOWXUD SDUWLFXODU D OD YH] TXH FRQ SUHSDUDFLyQ GLGiFWLFD HQ GHVDUUROOR GH FDSDFLGDGHV SHQVDU SURFHVRV GH SURJUHVLyQ WUDQVLFLyQ GHVGH OD VLWXDFLyQ DFWXDO OD VLWXDFLyQ GHVHDGD → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH OD (VWUDWHJLD 3URIXQGL]DU SUiFWLFDV GH VRSRUWH HPRFLRQDO EXHQ WUDWR D HVWXGLDQWHV QLxRV DGROHVFHQWHV ,PSOLFD FRQVWUXLU HO JUXSR FODVH OD FRPXQLGDG LQVWLWXFLRQDO FRPR iPELWR SURWHFWRU $SRDU D ORV GRFHQWHV GLUHFWLYRV GH ODV HVFXHODV SDUD TXH SXHGDQ HMHUFHU HO URO GH FRQGXFLUFRRUGLQDU DSURYHFKDU HO JUXSR FODVH OD FRPXQLGDG LQVWLWXFLRQDO HYLWDQGR EXUODV GLVFULPLQDFLRQHV SUiFWLFDV LQWROHUDQWHV HQWUH ORV QLxRV QLxRV DGXOWRV DGXOWRV HQWUH Vt JHQHUDQGR XQ HVSDFLR FRRSHUDWLYR GHPRFUiWLFR LQWHJUDGR DWHQWR DO ORJUR GH WRGRV WRGDV → (VWDV LGHDV VH DPSOtDQ HQ HO DStWXOR GHQWUR GH ODV (VWUDWHJLDV 216758,5 212,0,(172 029,/,=$5 5(35(6(17$,21(6 $ )$925 '( /$ ,1/86,Ï1
  • 125. 6HFXHQFLD PHWRGROyJLFD GH OD LQLFLDWLYD 1)( HQ HVWH LQIRUPH UHJLRQDO /D PHWD GH OD ,QLFLDWLYD *OREDO SRU ORV 1)( HV DWHQGHU ORV GHVDItRV GH OD H[FOXVLyQ DSRDU D ORV SDtVHV HQ OD UHGXFFLyQ GHO Q~PHUR GH QLxRV IXHUD GH OD HVFXHOD /RV REMHWLYRV HVSHFtILFRV VRQ ‡ 0HMRUDU OD LQIRUPDFLyQ HO DQiOLVLV HVWDGtVWLFR VREUH ORV QLxRV TXH HVWiQ IXHUD GH OD HVFXHOD GHVDUUROODU SHUILOHV FRPSOHMRV GH HVWRV QLxRV TXH UHIOHMHQ ODV P~OWLSOHV SULYDFLRQHV GLVSDULGDGHV TXH HQIUHQWDQ HQ VX HGXFDFLyQ ‡ ,GHQWLILFDU ORV FXHOORV GH ERWHOOD DQDOL]DU ODV LQWHUYHQFLRQHV H[LVWHQWHV UHODFLRQDGDV FRQ XQD PHMRU SDUWLFLSDFLyQ HQ OD HVFRODULGDG GHVDUUROODU SROtWLFDV HVWUDWHJLDV TXH DFHOHUHQ DXPHQWHQ OD HVFDOD GH OD PDWULFXODFLyQ VRVWHQJDQ ODV WDVDV GH DVLVWHQFLD SDUD ORV H[FOXLGRV ORV PDUJLQDGRV 'H DFXHUGR FRQ HVWRV REMHWLYRV HVWH LQIRUPH VH RUJDQL]D GH OD VLJXLHQWH PDQHUD ‡ DStWXOR GRQGH VH FDUDFWHUL]DQ HVWDGtVWLFDPHQWH ORV SHUILOHV GH OD H[FOXVLyQ HGXFDWLYD GH ORV 11$ GH /DWLQRDPpULFD HO DULEH GHVGH OD GHILQLFLyQ DPSOLDGD SURSLD GH OD ,QLFLDWLYD 1)( ‡ DStWXOR GRQGH VH LGHQWLILFDQ ODV EDUUHUDV TXH IRPHQWDQ R PDQWLHQHQ ORV QLYHOHV GH H[FOXVLyQ VREUH OD EDVH GH OD LQIRUPDFLyQ HVWDGtVWLFD DQDOL]DGD RWURV HVWXGLRV GLVSRQLEOHV ‡ DStWXOR GRQGH VH GHVDUUROOD XQ PHQ~ GH DFFLRQHV HQFDPLQDGDV D VROXFLRQDU ODV EDUUHUDV HQ IXQFLyQ GH ODV H[SHULHQFLDV GH SUiFWLFD HIHFWLYD UHFRJLGDV HQ ORV SDtVHV GH OD UHJLyQ $ FRQWLQXDFLyQ VH SUHVHQWDQ DOJXQDV DGYHUWHQFLDV DFODUDFLRQHV SUHYLDV SDUD RULHQWDU OD OHFWXUD GH ORV FDStWXORV 20(17$5,26 *(1(5$/(6 (V LPSRUWDQWH WHQHU SUHVHQWH TXH HO PDUFR FRQFHSWXDO GH HVWD LQLFLDWLYD DVXPH OD HVFRODUL]DFLyQ FRPR XQD H[SUHVLyQ ±SULQFLSDO SHUR QR ~QLFD± GHO GHUHFKR D OD HGXFDFLyQ GHQWUR GH OD HVFRODUL]DFLyQ VH HQIRFD HQ HO WUDPR TXH VH YD JHQHUDOL]DQGR FRPR REOLJDWRULR XQ DxR GH HGXFDFLyQ LQLFLDO OD HGXFDFLyQ SULPDULD HO SULPHU WUDPR GH HGXFDFLyQ VHFXQGDULD HVWRV ~OWLPRV HQ DOJXQRV SDtVHV VH DJUXSDQ FRQ HO QRPEUH ‹81,()%ROLYLDXHOODU
  • 126. 8$'52 (VWUXFWXUD GH ORV VLVWHPDV HGXFDWLYRV QDFLRQDOHV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV %DUEDGRV ,1( ,1( ,1( ,1( %HOLFH ,1( ,1( ,1( ,1( $QWLJXD %DUEXGD ,1( ,1( ,1( ,1( 'RPLQLFD ,1( ,1( ,1( ,1( *UDQDGD ,1( ,1( ,1( ,1( 6DQ ULVWyEDO 1LHYHV ,1( ,1( ,1( ,1( 6DQWD /XFtD ,1( ,1( ,1( ,1( 6DQ 9LFHQWH ODV *UDQGDV ,1( ,1( ,1( ,1( 7ULQLGDG 7REDJR ,1( ,1( ,1( ,1( GH HGXFDFLyQ EiVLFD
  • 127. (Q WpUPLQRV JHQHUDOHV HVWD LQLFLDWLYD VH FRQFHQWUD HQ DxRV GH HVFRODUL]DFLyQ PHWD UHLWHUDGDPHQWH VXVFULSWD HQ DFXHUGRV PXQGLDOHV UHJLRQDOHV 3RU OR H[SXHVWR TXHGD IXHUD GHO PDUFR GH DQiOLVLV WUDWDPLHQWR GH HVWD LQLFLDWLYD WDQWR OD HGXFDFLyQ VHFXQGDULD VXSHULRU HGXFDFLyQ PHGLD R EDFKLOOHUDWR ±FRPR VH OD GHQRPLQD HQ DOJXQRV SDtVHV± DO LJXDO TXH ORV JUDGRV GH OD HGXFDFLyQ LQLFLDO SUHYLRV DO LQPHGLDWR DO DFFHVR D OD HGXFDFLyQ SULPDULD (Q HO SUHVHQWH LQIRUPH DOJXQRV WHPDV WLHQHQ XQ GHVDUUROOR VXFLQWR HQ IXQFLyQ GH OD HVFDVD LQIRUPDFLyQ GLVSRQLEOH OD HGXFDFLyQ GH ORV SXHEORV LQGtJHQDV ORV 11$ PLJUDQWHV R GHVSOD]DGRV FRQ GLVFDSDFLGDG ORV TXH WUDEDMDQ ODV FRPXQLGDGHV GH DIURGHVFHQGLHQWHV 20(17$5,26 3$5$ (/ $3Ë78/2 /26 3(5),/(6 '( /$ (;/86,Ï1 ('8$7,9$ (1 $0e5,$ /$7,1$ (/ $5,%( RPR IRUPD GH IDFLOLWDU OD OHFWXUD GH XQ LQIRUPH UHJLRQDO TXH DEDUFD SDtVHV VH KDQ XQLIRUPDGR ODV GHQRPLQDFLRQHV FRUUHVSRQGLHQWHV D ORV QLYHOHV HGXFDWLYRV HQ ORV WUDPRV HVSHFtILFDPHQWH IRFDOL]DGRV HQ HVWD LQLFLDWLYD $ WDO ILQ OD ODVLILFDFLyQ LQWHUQDFLRQDO 1RUPDOL]DGD GH OD (GXFDFLyQ ,1(
  • 128. GHVDUUROODGD SRU OD 81(62 SDUD FRPSDUDU QLYHOHV HGXFDWLYRV HV OD EDVH GH OD QRPHQFODWXUD TXH VH XWLOL]DUi OR ODUJR GH WRGR HO GRFXPHQWR ± (GXFDFLyQ ,QLFLDO LQFOXLGD GHQWUR GH OD FDWHJRUtD ,1( 6H FRQVLGHUD FRQ HVWH QRPEUH D XQ DxR GH HVFRODULGDG SUHYLD DO LQJUHVR D OD HGXFDFLyQ SULPDULD (VWH QLYHO UHFLEH GLIHUHQWHV QRPEUHV HQ ORV SDtVHV GH OD UHJLyQ HGXFDFLyQ SDUYXODULD SUHHVFRODU SUHSULPDULD SUHSDUDWRULD H LQLFLDO ± (GXFDFLyQ SULPDULD HTXLYDOHQWH DO ,1( (Q FDVL WRGD OD UHJLyQ FRUUHVSRQGH DO QLYHO SULPDULR R D OD HGXFDFLyQ EiVLFD FRPSOHWD R HQ DOJ~Q WUDPR
  • 129. FRQ XQD GXUDFLyQ HQWUH DxRV ± (GXFDFLyQ VHFXQGDULD VH UHIHUHQFLD FRQ ,1( (Q ORV SDtVHV GH OD UHJLyQ HV OODPDGR 7HUFHU LFOR GH HGXFDFLyQ EiVLFD HGXFDFLyQ VHFXQGDULD R PHGLD WLHQH XQD HGDG QRUPDWLYD GH FXOPLQDFLyQ HQWUH ORV DxRV (O ,1( FRQ VXV GLYHUVDV GHQRPLQDFLRQHV HQ ORV SDtVHV GH OD UHJLyQ HGXFDFLyQ PHGLD YRFDFLRQDO EDFKLOOHUDWR
  • 130. QR VH LQWHJUD HQ HO PDUFR FRQFHSWXDO GH OD ,QLFLDWLYD SRU ORV 1)( (O XDGUR SUHVHQWD OD HVWUXFWXUD GH ORV VLVWHPDV HGXFDWLYRV FRQIRUPH OD FODVLILFDFLyQ ,1( HQ HO PDUFR GH ORV QLYHOHV D WUDEDMDU HQ HVWH GRFXPHQWR (O RUGHQDPLHQWR DJUXSD ORV SDtVHV TXH SUHVHQWDQ XQD RUJDQL]DFLyQ VLPLODU GH OD HVFRODULGDG
  • 131. DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV RORPELD ,1( ,1( ,1( ,1( RVWD 5LFD ,1( ,1( ,1( ,1( *XDDQD ,1( ,1( ,1( ,1( -DPDLFD ,1( ,1( ,1( ,1( 1LFDUDJXD ,1( ,1( ,1( ,1( 3HU~ ,1( ,1( ,1( ,1( 9HQH]XHOD ,1( ,1( ,1( ,1( %ROLYLD ,1( ,1( ,1( ,1( KLOH ,1( ,1( ,1( ,1( 5HS~EOLFD 'RPLQLFDQD ,1( ,1( ,1( ,1( %UDVLO
  • 132. ,1( ,1( ,1( ,1( $UJHQWLQD ,1( ,1( ,1( ,1( XED ,1( ,1( ,1( ,1( (FXDGRU ,1( ,1( ,1( ,1( +RQGXUDV ,1( ,1( ,1( ,1( 0p[LFR ,1( ,1( ,1( ,1( 3DQDPi ,1( ,1( ,1( ,1( 3DUDJXD ,1( ,1( ,1( ,1( 8UXJXD ,1( ,1( ,1( ,1( 6XULQDP ,1( ,1( ,1( ,1( *XDWHPDOD ,1( ,1( ,1( ,1( (O 6DOYDGRU ,1( ,1( ,1( ,1(
  • 133. %UDVLO VH HQFXHQWUD HQ SURFHVR GH FDPELR GH OD HGDG GH LQJUHVR D OD SULPDULD GH ORV D ORV DxRV GH HGDG LQFRUSRUDQGR XQ JUDGR PiV DO ,1( (VWD WDEOD UHIOHMD OD QXHYD HVWUXFWXUD GH QLYHOHV )XHQWH ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 134. 20(17$5,26 3$5$ (/ $3Ë78/2 %$55(5$6 8(//26 '( %27(//$ 48( 352'8(1 2 $*5$9$1 /$ (;/86,Ï1 (62/$5 /DV EDUUHUDV SURSXHVWDV HQ HO PDUFR FRQFHSWXDO PHWRGROyJLFR GH HVWD LQLFLDWLYD VH HVWUXFWXUDQ DQDOtWLFDPHQWH HQ FXDWUR iPELWRV HFRQyPLFRV FXOWXUDOHV GH RIHUWD HVFRODU GH JHVWLyQ GHO VLVWHPD 6LQ HPEDUJR HQ OD UHDOLGDG VRFLDO FRWLGLDQD HVWDV EDUUHUDV VH VXSHUSRQHQ UHIXHU]DQ HQWUH Vt HQ ORV SURFHVRV GH H[FOXVLyQ (O XDGUR SUHVHQWD ORV iPELWRV DJUXSDPLHQWRV GH ODV EDUUHUDV DVt FRPR VXV YLQFXODFLRQHV ±GH GLVWLQWD LQWHQVLGDG± FRQ ORV SHUILOHV GH H[FOXVLyQ GH ODV FLQFR GLPHQVLRQHV (O DStWXOR DQDOL]D HQ GHWDOOH GLFKRV SHUILOHV HO DStWXOR GHVDJUHJD ODV EDUUHUDV DO PDRU QLYHO GH GHWDOOH 8$'52 5HODFLyQ HQWUH ODV GLPHQVLRQHV GH H[FOXVLyQ ORV iPELWRV DJUXSDPLHQWRV GH EDUUHUDV H LQIOXHQFLDV ,QIOXHQFLD PX LQWHQVD ,QIOXHQFLD LQWHQVD ,QIOXHQFLD PHGLD 3HUILOHV GH OD H[FOXVLyQ %DUUHUDV FXHOORV GH ERWHOOD TXH JHQHUDQ R DJUDYDQ OD H[FOXVLyQ ([FOXVLyQ DFWXDO R GH DFFHVR ([FOXVLyQ SRWHQFLDO R GH DSUHQGL]DMHV È0%,726 $*583$0,(1726 'LPHQVLRQHV GH OD H[FOXVLyQ %DUUHUDV HFRQyPLFDV SRU UHVWULFFLyQ GH UHFXUVRV IDPLOLDUHV ,QVXILFLHQFLD GH LQJUHVRV SDUD VXEVLVWHQFLD 'LILFXOWDG SDUD DIURQWDU FRVWRV GH HVFRODUL]DFLyQ %DUUHUDV VRFLRFXOWXUDOHV HQ OD GHPDQGD SRU HGXFDFLyQ 'HVDMXVWHV GH UHSUHVHQWDFLRQHV VREUH HO GHUHFKR D OD HGXFDFLyQ %DUUHUDV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV TXH VH PDQLILHVWDQ HQ OD RIHUWD GH OD HVFXHOD (VFXHODV TXH QR FXHQWDQ FRQ UHFXUVRV PDWHULDOHV VXILFLHQWHV R EiVLFRV (VFXHODV GRQGH VH JHQHUDQ R WROHUDQ PHFDQLVPRV GH VHJUHJDFLyQ (VFXHODV TXH SRVLELOLWDQ HVFDVDV RSRUWXQLGDGHV GH DSUHQGHU (VFXHODV FRQ FOLPD SHGDJyJLFR YLQFXODU GHWHULRUDGR %DUUHUDV SROtWLFDV ILQDQFLHUDV R WpFQLFDV GH OD RIHUWD GHO VLVWHPD HGXFDWLYR 2IHUWD HGXFDWLYD IDOWDQWH HVFDVD LQDGHFXDGD R EXURFUDWL]DGD )LQDQFLDPLHQWR LQVXILFLHQWH 3URSXHVWDV WpFQLFDV LQHILFDFHV SDUD ORJUDU LQFOXVLyQ
  • 135. 20(17$5,26 3$5$ (/ $3Ë78/2 (675$7(*,$6 3$5$ 683(5$5 %$55(5$6 /$ (;/86,Ï1 ('8$7,9$ /DV HVWUDWHJLDV SUHVHQWDGDV SDUD VXSHUDU ODV EDUUHUDV VH RUJDQL]DQ FRQ OD PLVPD OyJLFD DQDOtWLFD TXH HVWDV (Q OD JHVWLyQ HIHFWLYD XQD SROtWLFD SXHGH ± GHEHUtD± LQWHJUDU YDULDV HVWUDWHJLDV SDUD DERUGDU GLVWLQWDV EDUUHUDV TXH FRQIOXHQ JHQHUDQGR VLWXDFLRQHV GH H[FOXVLyQ (O XDGUR SUHVHQWD ORV iPELWRV DJUXSDPLHQWRV GH ODV HVWUDWHJLDV HQ HVSHMR FRQ ODV EDUUHUDV D SODQWHDGDV (O DStWXOR H[SRQH ODV HVWUDWHJLDV FRQ PDRU GHVDJUHJDFLyQ 8$'52 5HODFLyQ HQWUH ODV EDUUHUDV ODV HVWUDWHJLDV SDUD VXSHUDUODV %DUUHUDV TXH JHQHUDQ R DJUDYDQ OD H[FOXVLyQ (VWUDWHJLDV SDUD VXSHUDU EDUUHUDV FXHOORV GH ERWHOOD ÈPELWRV $JUXSDPLHQWRV %DUUHUDV ÈPELWRV $JUXSDPLHQWRV (VWUDWHJLDV %DUUHUDV HFRQyPLFDV SRU UHVWULFFLyQ GH UHFXUVRV IDPLOLDUHV ,QVXILFLHQFLD GH LQJUHVRV SDUD VXEVLVWHQFLD %DUUHUDV 3URJUHVDU HQ PDRU MXVWLFLD GH UHFXUVRV SRVLELOLGDGHV %DODQFHDU LQJUHVRV IDPLOLDUHV (VWUDWHJLDV 'LILFXOWDG SDUD DIURQWDU FRVWRV GH HVFRODUL]DFLyQ %DUUHUDV D 6XSOLU FRVWRV GH HVFRODUL]DFLyQ (VWUDWHJLDV D %DUUHUDV VRFLRFXOWXUDOHV HQ OD GHPDQGD SRU HGXFDFLyQ 'HVDMXVWHV GH UHSUHVHQWDFLRQHV VREUH HO GHUHFKR D OD HGXFDFLyQ %DUUHUDV (QULTXHFHU OD SHUVSHFWLYD VRFLDO VREUH HO GHUHFKR D OD HGXFDFLyQ (VWUDWHJLDV %DUUHUDV PDWHULDOHV SHGDJyJLFDV VLPEyOLFDV TXH VH PDQLILHVWDQ HQ OD RIHUWD GH OD HVFXHOD (VFXHODV TXH QR FXHQWDQ FRQ UHFXUVRV PDWHULDOHV VXILFLHQWHV R EiVLFRV %DUUHUDV D 3URPRYHU HVFXHODV FRPSURPHWLGDV FRQ OD LQFOXVLyQ UHDU FRQGLFLRQHV PDWHULDOHV YLQFXODUODV FRQ HO DSUHQGL]DMH (VWUDWHJLDV D (VFXHODV GRQGH VH JHQHUDQ R WROHUDQ PHFDQLVPRV GH VHJUHJDFLyQ %DUUHUDV D RQVLGHUDU OD RUJDQL]DFLyQ HVFRODU FRPR RSRUWXQLGDG GH LQFOXVLyQ (VWUDWHJLDV D (VFXHODV TXH SRVLELOLWDQ HVFDVDV RSRUWXQLGDGHV GH DSUHQGHU %DUUHUDV D $PSOLDU ODV RSRUWXQLGDGHV GH DSUHQGHU SDUD ORV HVWXGLDQWHV (VWUDWHJLDV D (VFXHODV FRQ FOLPD SHGDJyJLFR YLQFXODU GHWHULRUDGR %DUUHUDV D ,QVWDODU XQ FOLPD HVFRODU UHVSHWXRVR WROHUDQWH (VWUDWHJLDV D %DUUHUDV SROtWLFDV ILQDQFLHUDV R WpFQLFDV GH OD RIHUWD GHO VLVWHPD HGXFDWLYR 2IHUWD HGXFDWLYD IDOWDQWH HVFDVD LQDGHFXDGD R EXURFUDWL]DGD %DUUHUDV D *HVWLRQDU HO VLVWHPD HGXFDWLYR KDFLD PHWDV GH LQFOXVLyQ 5HYLWDOL]DU OD RUJDQL]DFLyQ GH OD RIHUWD HGXFDWLYD SDUD OD LQFOXVLyQ (VWUDWHJLDV D )LQDQFLDPLHQWR LQVXILFLHQWH %DUUHUDV 3URWHJHU DPSOLDU HO ILQDQFLDPLHQWR (VWUDWHJLDV 3URSXHVWDV WpFQLFDV LQHILFDFHV SDUD ORJUDU LQFOXVLyQ %DUUHUDV D 'HVDUUROODU XQD SHGDJRJtD UDFLRQDO SDUD VXSHUDU OD H[FOXVLyQ (VWUDWHJLDV D
  • 136. (Q HVWH FDStWXOR VH UHDOL]D OD FDUDFWHUL]DFLyQ HVWDGtVWLFD GH OD H[FOXVLyQ HGXFDWLYD GH ORV QLxRV QLxDV DGROHVFHQWHV GH /DWLQRDPpULFD HO DULEH GHVGH OD GHILQLFLyQ DPSOLDGD SURSLD GH OD ,QLFLDWLYD 1)( LQFOXH OD SREODFLyQ TXH WLHQH HGDG GH DVLVWLU D OD HVFXHOD SHUR QR OR HVWi KDFLHQGR FRPR DVt WDPELpQ D ORV TXH DVLVWHQ HQ VLWXDFLyQ GH H[FOXVLyQ ODWHQWH SHUPDQHFLHQGR RFXOWRV D ORV DQiOLVLV TXH VH KDFHQ VREUH HO SULPHU JUXSR (O DQiOLVLV GH OD LQIRUPDFLyQ VH DSRD IXQGDPHQWDOPHQWH HQ GDWRV VLVWHPDWL]DGRV SRU HO 8,681(62 TXH KDQ VLGR SXHVWRV D GLVSRVLFLyQ SRU HO RUJDQLVPR SDUD HO GHVDUUROOR GHO SUHVHQWH LQIRUPH (VWD LQIRUPDFLyQ SUHVHQWD XQ FRQMXQWR GH LQGLFDGRUHV EiVLFRV TXH SHUPLWHQ GDU FXHQWD GH ODV SULQFLSDOHV FDUDFWHUtVWLFDV GH OD HVFRODUL]DFLyQ HQ OD UHJLyQ VHJ~Q HO LQJUHVR OD SHUPDQHQFLD OD SURJUHVLyQ GH OD SREODFLyQ D OR ODUJR GH VX HVFRODULGDG /RV GDWRV WDPELpQ KDQ VLGR XWLOL]DGRV SDUD HODERUDU XQ FRQMXQWR GH LQGLFDGRUHV SURSLRV D HVWH LQIRUPH HVSHFLDOPHQWH GLVHxDGRV SDUD SURIXQGL]DU DOJXQRV DVSHFWRV GH OD HVFRODUL]DFLyQ TXH DWDxHQ D ORV ILQHV GH OD LQLFLDWLYD 1)( 'H HVWD PDQHUD VH KD EXVFDGR DPSOLDU SRWHQFLDU OD LQIRUPDFLyQ HVWDGtVWLFD GLVSRQLEOH SDUD FDUDFWHUL]DU HQ SURIXQGLGDG ORV FXHOORV GH ERWHOOD GH ORV LWLQHUDULRV HVFRODUHV VHxDODU ORV SURFHVRV GH H[FOXVLyQ /D FDUDFWHUL]DFLyQ REWHQLGD SRQH GH PDQLILHVWR ODV IRUPDV HVFRODUHV TXH DVXPH OD H[FOXVLyQ HGXFDWLYD JHQHUD SUHJXQWDV PiV SUHFLVDV TXH SHUPLWHQ SURIXQGL]DU HQ VXV FDXVDV /D FRPSUHQVLyQ GH HVWRV SURFHVRV HGXFDWLYRV UHTXLHUH DEULUVH D HQIRTXHV PHQRV WUDGLFLRQDOHV FRQVWUXLU FRQRFLPLHQWRV QXHYRV DFWXDOL]DGRV TXH VXVWHQWHQ SROtWLFDV HVWUDWHJLDV PiV HILFDFHV /DV 'LPHQVLRQHV GH OD H[FOXVLyQ 3HUILO JHQHUDO /DV GLVWLQWDV GLPHQVLRQHV GH OD H[FOXVLyQ HVFRODU DFWXDO R SRWHQFLDO HQ $PpULFD /DWLQD HO DULEH DIHFWDQ D PLOORQHV GH 11$ FRQVLGHUDQGR GHVGH XQ DxR GH HGXFDFLyQ LQLFLDO KDVWD OD ILQDOL]DFLyQ GH OD VHFXQGDULD EiVLFD SDUD ORV DxRV FRPR PXHVWUD OD 7DEOD DStWXOR 3HUILOHV GH OD H[FOXVLyQ HGXFDWLYD HQ $PpULFD /DWLQD HO DULEH 7$%/$ (VTXHPD LQWHJUDGR GH ODV GLPHQVLRQHV GH OD H[FOXVLyQ 7RWDO GH H[FOXVLyQ HGXFDWLYD DFWXDO R SRWHQFLDO PLOORQHV 'LPHQVLyQ 1LxRV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ LQLFLDO TXH QR HVWiQ HQ OD HVFXHOD LQLFLDO R SULPDULD PLOORQHV
  • 137. 'LPHQVLyQ 1LxRV HQ HGDG GH DVLVWLU D OD HVFXHOD SULPDULD TXH QR HVWiQ HQ OD HVFXHOD SULPDULD QL HQ OD VHFXQGDULD EiVLFD 'H ORV FXDOHV HQ HVFXHOD LQLFLDO FRQ UH]DJR
  • 139. $GHPiV HQ ULHVJR PRGHUDGR 'LPHQVLyQ 1LxRVDGROHVFHQWHV HQ HGDG GH DVLVWLU D OD HGXFDFLyQ VHFXQGDULD EiVLFD TXH QR HVWiQ HQ OD HVFXHOD SULPDULD QL HQ OD VHFXQGDULD PLOORQHV
  • 140. 'LPHQVLyQ 1LxRV TXH HVWiQ HQ OD HVFXHOD SULPDULD SHUR TXH HVWiQ HQ ULHVJR JUDYH GH DEDQGRQDU PLOORQHV
  • 141. RWURV PLOORQHV 'LPHQVLyQ 1LxRVDGROHVFHQWHV TXH HVWiQ HQ OD HVFXHOD VHFXQGDULD EiVLFD SHUR TXH HVWiQ HQ ULHVJR JUDYH GH DEDQGRQDU PLOORQHV
  • 143. HVWLPDFLRQHV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 144. SDUD OD UHJLyQ FRUUHVSRQGLHQWHV DO DxR
  • 145. HVWLPDFLRQHV SURSLDV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 147. 3DUD OD HODERUDFLyQ GHO JUiILFR VH UHVSHWy SDUD FDGD SDtV OD GHILQLFLyQ GH ORV QLYHOHV SUHHVFRODU SULPDULR VHFXQGDULR EiVLFR GH FDGD XQR GH ORV SDtVHV FRQVLGHUDQGR WDQWR OD RIHUWD S~EOLFD FRPR OD SULYDGD 3DUD HO FiOFXOR GHO UH]DJR VH FRQVLGHUy OD HGDG HVWDEOHFLGD SRU QRUPDWLYD HQ FDGD SDtV SDUD HO LQJUHVR D OD SULPDULD 3DUD OD LGHQWLILFDFLyQ GH ORV QLYHOHV HGXFDWLYRV VH WRPy HQ FRQVLGHUDFLyQ OD ODVLILFDFLyQ ,QWHUQDFLRQDO 1RUPDOL]DGD GH OD (GXFDFLyQ ,1(
  • 148. (O GHWDOOH SDUD FDGD SDtV VH HQFXHQWUD HQ HO DQH[R PHWRGROyJLFR *5È),2 'LPHQVLRQHV GH OD H[FOXVLyQ D SDUWLU GH GDWRV GH HVWXGLDQWHV SRU HGDG FRQGLFLyQ GH HGDG $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV $ % $ % (GDG WHyULFD DxR UH]DJR PiV DxRV UH]DJR 3REODFLyQ 'LPHQVLyQ (VWXGLDQWHV TXH DVLVWHQ D SULPDULD FRQ UH]DJR HVFRODU DxR GH UH]DJR ]RQD $
  • 149. FRPR LQGLFLR GH ULHVJR R PiV DxRV GH UH]DJR FRPR ULHVJR JUDYH ]RQD %
  • 150. 'LPHQVLyQ (VWXGLDQWHV TXH DVLVWHQ D VHFXQGDULD EiVLFD FRQ UH]DJR HVFRODU DxR GH UH]DJR ]RQD $
  • 151. FRPR LQGLFLR GH ULHVJR R PiV DxRV GH UH]DJR FRPR ULHVJR JUDYH ]RQD %
  • 152. 'LPHQVLyQ $GROHVFHQWHV GHVHVFRODUL]DGRV HQ HGDG GH LU D OD VHFXQGDULD EiVLFD 'LPHQVLyQ 1LxRV H[FOXLGRV GHO SUHHVFRODU SULPDULD 'LPHQVLyQ 1LxRV GHVHVFRODUL]DGRV HQ HGDG GH LU D OD SULPDULD 1LxRV TXH DVLVWHQ DO SUHHVFRODU HQ FRQGLFLyQ GH UH]DJR HQ YH] GH LU D SULPHU JUDGR
  • 153. RQGLFLyQ GH HGDG RQGLFLyQ GH PDWUtFXODFLyQ GH ORV HVWXGLDQWHV FRQVLGHUDQGR OD UHODFLyQ HQWUH VX HGDG HO JUDGR 6H LGHQWLILFDQ WUHV FDWHJRUtDV (GDG WHyULFD $VLVWH D FXDOTXLHU JUDGR FRQ OD PLVPD R FRQ PHQRU
  • 154. HGDG D OD TXH FRUUHVSRQGH VHJ~Q HVWLSXOD OD QRUPDWLYD GHO SDtV DxR GH UH]DJR $VLVWH D FXDOTXLHU JUDGR FRQ XQ DxR PiV GH HGDG GH OR TXH HVWLSXOD OD QRUPDWLYD GHO SDtV SDUD HVH JUDGR PiV DxRV GH UH]DJR $VLVWH D FXDOTXLHU JUDGR FRQ GRV R PiV DxR GH HGDG GH OR TXH HVWLSXOD OD QRUPDWLYD GHO SDtV SDUD HVH JUDGR )XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 155. HVWLPDFLRQHV GH SREODFLyQ GH OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV 5HYLVLyQ SDtVHV GH OD UHJLyQ 6REUH HVH GDWR JOREDO SRU GLPHQVLyQ HO *UiILFR HVTXHPDWL]D OD VLWXDFLyQ SRU HGDG VLPSOH DSUR[LPD DO SHUILO GH HYROXFLyQ HQWUH GLPHQVLRQHV 6H XWLOL]D FRPSOHPHQWDULDPHQWH LQIRUPDFLyQ GH SREODFLyQ GHO QLYHO DO TXH DVLVWHQ ORV HVWXGLDQWHV
  • 156. 3DUD ORV DxRV QR FHQVDOHV VH SXHGHQ XWLOL]DU GRV DOWHUQDWLYDV XWLOL]DU ORV GDWRV GH ODV HQFXHVWDV GH KRJDUHV R FRPELQDU SURHFFLRQHV GH SREODFLyQ FRQ GDWRV DGPLQLVWUDWLYRV GHO VLVWHPD HGXFDWLYR (Q HVWH HVWXGLR VH KD WUDEDMDGR FRPELQDQGR GDWRV GH ORV VLVWHPDV HVWDGtVWLFRV QDFLRQDOHV SURYLVWRV SRU HO 8,6
  • 157. SURHFFLRQHV GH SREODFLyQ HVWLPDGDV SRU OD 813'
  • 158. (V GHFLU H[FOXHQGR D *XDWHPDOD (O 6DOYDGRU FXD HGDG GH LQJUHVR HV D ORV DxRV GH HGDG DOJXQRV SDtVHV GHO DULEH GRQGH HO LQJUHVR D OD SULPDULD VH HVWLSXOD D ORV DxRV $UJHQWLQD %HOLFH %ROLYLD %UDVLO KLOH RORPELD RVWD 5LFD XED 5HS~EOLFD 'RPLQLFDQD (FXDGRU (O 6DOYDGRU *UHQDGD *XDWHPDOD *XDQD +RQGXUDV -DPDLFD 0p[LFR 1LFDUDJXD 3DQDPi 3DUDJXD 3HU~ 6DQ ULVWyEDO 1LHYHV 6DQWD /XFtD 6DQ 9LFHQWH ODV *UDQDGLQDV 6XULQDP 7ULQLGDG 7REDJR 8UXJXD 9HQH]XHOD (O SHUILO GH DFFHVR SHUPDQHQFLD HQ $PpULFD /DWLQD HO DULEH VXV LQHTXLGDGHV ± 'LPHQVLRQHV D (Q HO SUHVHQWH DSDUWDGR VH DQDOL]D JOREDOPHQWH HO SURFHVR GH DFFHVR SHUPDQHQFLD VDOLGD GH OD SREODFLyQ HQ HGDG HVFRODU HQ HO VLVWHPD HGXFDWLYR /D LQIRUPDFLyQ GLVSRQLEOH SHUPLWH LGHQWLILFDU GHQWUR GHO IOXMR GH OD HVFRODUL]DFLyQ ORV FXHOORV GH ERWHOOD TXH UHVWULQJHQ HO GHUHFKR GH HGXFDFLyQ DO XQLYHUVR GH QLxRV QLxDV GH $PpULFD /DWLQD HO DULEH /D HOHYDGD FREHUWXUD GH OD HGXFDFLyQ SULPDULD HQ OD UHJLyQ QR HV H[SUHVLyQ GH XQD SHUPDQHQFLD SURORQJDGD HQ HO VLVWHPD HGXFDWLYR D~Q PHQRV GH XQ SURJUHVR H[LWRVR HQ HO QLYHO R GH VX ILQDOL]DFLyQ (GDG VLPSOH RUWHV GH HGDG GH SREODFLyQ R HVWXGLDQWHV SRU XQLGDGHV LQGLYLGXDOHV DxRV DxRV DxRV HWF
  • 159. YV JUXSRV R WUDPRV GH HGDG 3RU OR WDQWR HVWXGLDU GDWRV H LQGLFDGRUHV HGXFDWLYRV SRU HGDG VLPSOH SHUPLWH REVHUYDU GHWDOOHV UHOHYDQWHV GH ODV WUDHFWRULDV HVFRODUHV /D WDVD HVSHFtILFD GH PDWUtFXOD SRU HGDG PXHVWUD OD SURSRUFLyQ GH OD SREODFLyQ GH XQD HGDG FRQFUHWD HQ XQ SDtV PDWULFXODGD HQ HO VLVWHPD HGXFDWLYR XDQGR VH DSOLFDQ ORV FHQVRV QDFLRQDOHV GH SREODFLyQ OD DVLVWHQFLD GH ORV KDELWDQWHV HV VHQFLOOD GH FDOFXODU (Q RWURV PRPHQWRV KD TXH WRPDU GHFLVLRQHV VREUH HVWLPDFLRQHV GH SREODFLyQ VREUH OD UHODFLyQ FRQ OD LQIRUPDFLyQ HGXFDWLYD SURYHQLHQWH GH FHQVRV HVFRODUHV R UHJLVWURV DGPLQLVWUDWLYRV 1R REVWDQWH OD SpUGLGD GH SUHFLVLyQ TXH VH GHULYD HVWH LQGLFDGRU HV VXPDPHQWH YDOLRVR SDUD DQDOL]DU OD H[FOXVLyQ *5È),2 7DVD HVSHFtILFD GH PDWUtFXOD SRU HGDG D DxRV 3DtVHV FRQ HGDG QRUPDWLYD GH LQJUHVR D OD SULPDULD D ORV DxRV GH HGDG $PpULFD /DWLQD HO DULEH DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV DxRV )XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 160. HVWLPDFLRQHV GH SREODFLyQ GH OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV 5HYLVLyQ 813'
  • 161. SDtVHV GH OD UHJLyQ
  • 162. (O LQGLFDGRU GH 7DVD (VSHFtILFD GH 0DWUtFXOD SRU (GDG HQ WHRUtD QR GHEHUtD SRGHU VXSHUDU HO 6LQ HPEDUJR GDGR TXH HVWD LQIRUPDFLyQ SURYLHQH GH GRV IXHQWHV GH GDWRV GLVWLQWDV HVWLPDFLRQHV GH SREODFLyQ GH OD 'LYLVLyQ GH 3REODFLyQ GH ODV 1DFLRQHV 8QLGDV GDWRV GH ORV VLVWHPDV HVWDGtVWLFRV QDFLRQDOHV
  • 163. HQ ODV HGDGHV FRQ PX HOHYDGD FREHUWXUD SXHGH GDUVH TXH HO LQGLFDGRU H[FHGD OLJHUDPHQWH HO (Q HO *UiILFR VH SXHGHQ DQDOL]DU WUHV VHJPHQWRV GLIHUHQWHV VREUH OD HVFRODUL]DFLyQ PDUFDGRV HQ OD SDUWH VXSHULRU FRQ Q~PHURV
  • 164. ± 6HJPHQWR /D HVFRODUL]DFLyQ SHQGLHQWH KD XQ FRQMXQWR LPSRUWDQWH GH QLxRV QLxDV GH DxRV GH HGDG TXH SHUPDQHFHQ IXHUD GHO VLVWHPD HGXFDWLYR VLQ KDEHU LQLFLDGR D~Q VX HVFRODULGDG 3DUD ORV DxRV HQ ORV SDtVHV DQDOL]DGRV XQD SURSRUFLyQ HQ WRUQR DO GH OD SREODFLyQ HVWi IXHUD GH OD HVFXHOD UHSUHVHQWDQGR HO GHVDItR GH XQLYHUVDOL]DFLyQ GHO ~OWLPR DxR GH OD HGXFDFLyQ LQLFLDO $ ORV DxRV HO GH OD SREODFLyQ GH OD UHJLyQ HVWDUi HQ OD HVFXHOD SHUR FHUFD GH XQ GH ORV QLxRV GH HVWD HGDG D~Q SHUPDQHFHQ IXHUD HQ VX PDRUtD VRQ DTXHOORV TXH LQJUHVDUiQ HQ IRUPD WDUGtD DO VLVWHPD HGXFDWLYR ± 6HJPHQWR /D HVFRODUL]DFLyQ WRWDO HQWUH ORV ORV DxRV GH HGDG ODV WDVDV HVSHFtILFDV GH HVFRODUL]DFLyQ DOFDQ]DQ YDORUHV FHUFDQRV DO (VWR LQGLFD TXH SDUD HVWH WUDPR GH HGDG OD FREHUWXUD HV FDVL XQLYHUVDO SRU WDQWR HV PX SHTXHxD OD SURSRUFLyQ GH SREODFLyQ TXH QR DVLVWH DO VLVWHPD HGXFDWLYR ± 6HJPHQWR /D GHVHVFRODUL]DFLyQ D SDUWLU GH ORV DxRV GH HGDG ODV WDVDV HVSHFtILFDV GH PDWUtFXOD FRPLHQ]DQ D GLVPLQXLU SURJUHVLYDPHQWH VtQWRPD GH SURFHVRV GH DEDQGRQR HVFRODU +DFLD ORV DxRV GH FDGD MyYHQHV QR HVWi PDWULFXODGR HQ OD HVFXHOD 'H HVWH JUXSR OD JUDQ PDRUtD DVLVWLy SHUR DEDQGRQy GHILQLWLYDPHQWH HO VLVWHPD HGXFDWLYR (VWD VLWXDFLyQ VH LUi DJUDYDQGR SURJUHVLYDPHQWH HQ ODV VLJXLHQWHV HGDGHV 8QD SHUVSHFWLYD PiV GLQiPLFD VH SHUFLEH DO FRPSDUDU OD FDQWLGDG GH HVWXGLDQWHV SRU HGDG VLPSOH HQ GRV DxRV FRQVHFXWLYRV (VWH DQiOLVLV REVHUYD OD FRQVHUYDFLyQ LQWHUDQXDO SRU HGDG FRQVLVWH HQ FRPSDUDU OD FDQWLGDG GH HVWXGLDQWHV FRQ HGDG ( HQ HO DxR LQLFLDO FRQ OD GH ORV HVWXGLDQWHV GH HGDG ( GHO DxR VLJXLHQWH (O *UiILFR PXHVWUD OD VLWXDFLyQ HQ OD UHJLyQ *5È),2 RQVHUYDFLyQ LQWHUDQXDO GH HVWXGLDQWHV SRU HGDG VLPSOH $PpULFD /DWLQD HO DULEH LUFD (Q PLOHV GH DOXPQRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV DxRVDxRV (VWXGLDQWHV HQ HO DxR $ (VWXGLDQWHV HQ HO DxR $ ,QJUHVR $EDQGRQR )XHQWH SURFHVDPLHQWRV SURSLRV HQ EDVH D GDWRV GHO ,QVWLWXWR GH (VWDGtVWLFD GH OD 81(62 8,6
  • 165. SDtVHV GH OD UHJLyQ ©$xR ILQDOª $
  • 166. HV HO DxR PiV UHFLHQWH ©$xR LQLFLDOª $
  • 167. HO DxR DQWHULRU HQ WRUQR D VHJ~Q ORV GDWRV GLVSRQLEOHV SDUD FDGD SDtV
  • 168. /DV WHQGHQFLDV VRQ VLPLODUHV D ODV GHO JUiILFR DQWHULRU SHUR VH SXHGHQ UHFRQRFHU ODV VLJXLHQWHV VLWXDFLRQHV HQ FDGD VHJPHQWR ± 6HJPHQWR ± (Q HO DxR LQLFLDO KD PLOORQHV GH HVWXGLDQWHV GH DxRV HO DxR VLJXLHQWH KD PLOORQHV GH DxRV HV GHFLU KD PLOORQHV GH DOXPQRV QXHYRV GH DxRV TXH QR HVWXYLHURQ HQ HO VLVWHPD HO DxR DQWHULRU (VH SURFHVR GH LQFRUSRUDFLyQ SRU SULPHUD YH] DFFHVR WDUGtR HQ PXFKRV FDVRV