223 71 1MB
Spanish Pages [218] Year 2005
(O3RGHU 8QDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH 3ULPHUD(GLFLyQ '5,QVWLWXWR(OHFWRUDOGHO(VWDGRGH0p[LFR 3DVHR7ROORFDQ1R6DQWD$QD7ODSDOWLWOiQ 7ROXFD0p[LFR ,6%1; /DV RSLQLRQHV H[SUHVDGDV HQ HO SUHVHQWH GRFXPHQWR VRQ WRWDO\FRPSOHWDUHVSRQVDELOLGDGGHODXWRU ,PSUHVRHQ0p[LFR
Ë1',&( 3UHVHQWDFLyQ
3UyORJR
,QWURGXFFLyQ(OSRGHUHQHOQXHYRHVStULWXGHORVWLHPSRV
&DStWXORSULPHUR 8QWHPDGLIHULGR
0LFKHO)RXFDXOW/D0LFURItVLFDGHOSRGHU 3URQWXDULRGHDOXVLRQHV $OJXQDVDSRUWDFLRQHV\XQDDXVHQFLD IXQGDPHQWDO 1XHVWUDVLQIHUHQFLDV $GROIR6iQFKH]9i]TXH](QWUHODUHDOLGDG\ODXWRStD 3RGHU\H[SORWDFLyQ 3RGHU\(VWDGR (OSRGHU\VXH[WLQFLyQ *XJOLHOPR)HUUHUR6REUHHOSRGHUHÀFD]FRPR (VWDGROHJtWLPR 8Q´ELHQVXSUHPRµ /RVJHQLRVGHODSROLV $O&pVDUORTXHHVGHO&pVDU +DQQDK$UHQGW3ROtWLFDGHYLGDVHxRULDO SROtWLFDGHYLGDKXPDQD
&DStWXORVHJXQGR /DE~VTXHGDGHOIXQGDPHQWRSHUGLGR
(QODÀORVRItDFOiVLFDDOHPDQD )HGHULFR*XLOOHUPR-RVp6FKHOOLQJ -RUJH*XLOOHUPR)HGHULFR+HJHO $UWXUR6FKRSHQKDXHU )HGHULFR1LHW]VFKH 3UHOLPLQDU 0RGHUQLGDG\QLKLOLVPR 3RGHU\YROXQWDGGHSRGHUtR )LQDOHOSXQWRGHSDUWLGD
&DStWXORWHUFHUR (OIXQGDPHQWRGHOSRGHU
8QDH[SUHVLyQFHUFDQDDOIXQGDPHQWR (OGREOHFDUiFWHU /DFRPSRVLFLyQGHOIXQGDPHQWRTXHVH HQDMHQDSRUHO3RGHU
&RQFOXVLRQHV %LEOLRJUDItD
Ë1',&('(&8$'526 &XDGUR$OXVLRQHVDOSRGHUHQ0LFURItVLFD GHOSRGHUGH0)RXFDXOW
&XDGUR(OFDUiFWHUGHODVDOXVLRQHVDOSRGHU HQ0LFURItVLFDGHOSRGHUGH0)RXFDXOW
&XDGUR(OHPHQWRVGHOSHQVDPLHQWRSROtWLFR GH+DQQDK$UHQGW
&XDGUR(OIXQGDPHQWRKXPDQRHQDOJXQRVÀOyVRIRV
&XDGUR&RPSRVLFLyQHVWUXFWXUDOGHOIXQGDPHQWR GHOKXPDQRYLYLU
&XDGUR&RPSRVLFLyQGHOIXQGDPHQWRKXPDQR HQXQDGHOLPLWDFLyQKLVWyULFD0p[LFR
Ë1',&('(),*85$6 )LJXUD&RPSRQHQWHVGHOIXQGDPHQWRGHOKXPDQRYLYLU TXHVRQHQDMHQDGRVSRUHOSRGHU
)LJXUD)XQGDPHQWRGHODYLGDKXPDQD
(ODXWRUDJUDGHFHD &HOLD(OL]DOGH6DQWDPDUtD SRUHOFXLGDGRGHOD HGLFLyQGHHVWHWH[WR
(O3RGHUXQDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH
35(6(17$&,Ï1 +DEODU KR\ HQ GtD GHO SRGHU HV XQ WHPD GH HQRUPH YLJHQFLD \ WUDVFHQGHQFLDWDQWRHQODWHRUtDFRPRHQODSUiFWLFDGHFXDOTXLHU SHUVRQD %DVWD KDFHU XQD SHTXHxD UHÁH[LyQ VREUH HO SROpPLFR WpUPLQR GHO ´SRGHUµ FXDQGR OR HYRFDPRV LQPHGLDWDPHQWH DSDUHFHQ FRQFHSWRV FRPR GRPLQDFLyQ IXHU]D YLROHQFLD \ SRU FRQVLJXLHQWHREHGLHQFLD 6LQ HPEDUJR HO SURSyVLWR GH HVWH WUDEDMR QR HV FRQFHSWXDOL]DU H[KDXVWLYDPHQWH HO WHPD GHO ´SRGHUµ WDPSRFR GHPDUFDU VX ]RQDGHDFFLyQHOKLORFRQGXFWRUHVHVFODUHFHUODUHODFLyQHQWUHOD YLGDVRFLDO\HOSRGHUSDUDHVWDEOHFHUORVSUHFHSWRVFRQORVTXHVH RULJLQD\VXVWHQWDpVWH 3DUDHOORHQHOSULPHUFDStWXOR´8QWHPDGLIHULGRµHODXWRUSODQWHD GH PDQHUD EULOODQWH XQ UHFRUULGR WHyULFR SRU DOJXQRV WH[WRV GH 0LFKDHO )RXFDXOW $GROIR 6iQFKH] 9i]TXH] *XJOLHOPR )HUUHUR \ +DQQDK $UHQGW TXLHQHV DO UHÁH[LRQDU VREUH HO WHPD GHO SRGHU GHÀQHQ\H[SOLFDQFyPRVHHMHUFHSHURQRORJUDQGLOXFLGDUFXiOHV VXIXQGDPHQWRFRQVWLWX\HQWHQRVyORHQHOiPELWRSROtWLFR\MXUtGLFR VLQRWDPELpQHQHORQWROyJLFRFDPSRTXHVHUHÀHUHDOHVWXGLRGHO 6HUHQJHQHUDO\GHVXVSURSLHGDGHVWUDVFHQGHQWDOHVPHWDItVLFDV 'HDKtSURYLHQHHOVHJXQGRFDStWXOR´/DE~VTXHGDGHOIXQGDPHQWR SHUGLGRµeVWHPXHVWUDDFXDWURDXWRUHVDOHPDQHV6FKHOOLQJ+HJHO 6FKRSHQKDXHU 1LHW]VFKH TXH DERUGDQ HO WHPD GHO 6HU FRPR UHDOLGDG 7UDVHVWDH[SRVLFLyQWHyULFDVREUHYLHQHHOWHUFHUFDStWXORGHQRPLQDGR ´)XQGDPHQWRGHOSRGHUµGRQGHVHFRPSOHPHQWDQDPEDVSRVWXUDV WHyULFDVSDUDHQFRQWUDUUHVSXHVWDDODVLQWHUURJDQWHVTXHSODQWHD HQGHÀQLWLYDHOGHVDUUROORSXOFUR\DFXFLRVRGHHVWDLQYHVWLJDFLyQ ¢4Xp IXQGD HO SRGHU" ¢&XiO HV VX UHDOLGDG FRQVWLWX\HQWH" $Vt ÀQDOPHQWHVHOOHJDDODSDUWDGRGRQGH$UPDQGR0DUWtQH]H[SRQH VXVFRQFOXVLRQHVLQWHQWDQGRUHVSRQGHUHOFXHVWLRQDPLHQWRUHFWRU
$UPDQGR0DUWtQH]9HUGXJR
$VtFRQODSXEOLFDFLyQGHHVWDREUDHO,((0WLHQHXQDYH]PiVOD RSRUWXQLGDGGHKDFHUODOOHJDUDWRGRVDTXHOORVTXHVHHQFXHQWUDQ LQWHUHVDGRVHQODPDWHULDSROtWLFDGHPRFUiWLFDFXPSOLHQGRFRQ HOOR XQR GH VXV PiV DOWRV ÀQHV GLIXQGLUOD SRU RWUR ODGR DEUH HVSDFLRVSDUDTXHORVHVWXGLRVRVGHQDFRQRFHUGRFXPHQWRVGH ODHQYHUJDGXUDGHOTXHKR\VHSUHVHQWD\SDUDTXHVHDFHUTXHQ DHVWHyUJDQRHOHFWRUDO
,VDHO70RQWR\D$UFH &RQVHMHUR(OHFWRUDO
(O3RGHUXQDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH
35Ï/2*2 (OSUHVHQWHWH[WRGHMDHQPDQRVGHOOHFWRUORVUHVXOWDGRVSUHOLPLQDUHV GH XQD SULPHUD LQGDJDFLyQ TXH HVSHUDPRV FRQWLQXDU HQ ORV SUy[LPRVDxRV (O WHPD VH UHÀHUH D XQD DSUR[LPDFLyQ WHyULFD D ORV FRQWHQLGRV IXQGDPHQWDOHVGHOSRGHUFRQORFXDOLQWHQWDPRVFDUDFWHUL]DUHVWD UHODFLyQWDQGHWHUPLQDQWHHQODYLGDGHORVVHUHVKXPDQRV +DEODPRV GH DSUR[LPDFLyQ WHyULFD HQ XQ GREOH VHQWLGR 3RU XQD SDUWH FRPR E~VTXHGD GH ODV H[SOLFDFLRQHV SHUWLQHQWHV VREUH HVWH IHQyPHQR VRFLDO HVSHFtÀFDPHQWH ORV FRPSRQHQWHV TXH OH HVWUXFWXUDQ D SDUWLU GH OR FXDO SRGUtD HVWXGLDUVH VX JpQHVLV VX GHVDUUROORVXHMHUFLFLRDFWXDO\VXVSUREDEOHVGHVHQYROYLPLHQWRVHV GHFLUTXHUHPRVKDFHULQWHOHJLEOHVORVFRQWH[WRVVRFLDOHVHQFX\RVHQR VXUJLy\VHKDGHVDUUROODGRHOSRGHUTXHOHKDQGDGRWHVLWXUD\VXV SRVLELOLGDGHVGHUHDOL]DFLyQ3RURWUDSDUWHTXHUHPRVKDFHUSDWHQWH TXH VyOR VH WUDWD GH XQ DFHUFDPLHQWR DO SUREOHPD GH HVWXGLR QR SUHWHQGHPRVH[SRQHUFRQFOXVLRQHVGHÀQLWLYDV\FDWHJyULFDV (O DVSHFWR IXQGDPHQWDO GH QXHVWUR WUDEDMR HV WHyULFR HV GHFLU H[SOLFDWLYR \ QR WDQWR LQWHUSUHWDWLYR (Q FRQVHFXHQFLD QR DERUGDPRV ORV IXQGDPHQWRV FXOWXUDOHV HVSLULWXDOHV SVLFROyJLFRV GHOSRGHUWDPSRFRLQGDJDPRVSULRULWDULDPHQWHFDVRVHVSHFtÀFRV 1RVHSLHQVHVLQHPEDUJRTXHHQQXHVWUDLQYHVWLJDFLyQQRKXER LQWHUSUHWDFLyQ HQ DEVROXWR \ TXH HVWXYR DXVHQWH OD SUiFWLFD QR VyOR SRUTXH WRGD WHRUtD FRPR VDEHPRV GHVGH ORV JULHJRV HV XQ FRQVWDQWH SHUHJULQDU HQ EXVFD GH H[SOLFDFLRQHV ³HQ E~VTXHGD GHORVDWULEXWRVIXQGDPHQWDOHVGH'LRVRVHDGHODWRWDOLGDG\HO DEVROXWRUHDOGHFtDQORVKHOHQRV³HVGHFLUXQDFFLRQDULQWHOHFWLYR HVWR HV XQD SUiFWLFD (Q HVWD LQGDJDFLyQ HQ WRGR PRPHQWR HVWXYLHURQSUHVHQWHVQXHVWUDVDFWLYLGDGHVVRFLRSROtWLFDVSHUVRQDOHV \FROHFWLYDVTXHGHVGHKDFHWLHPSRQRVKDQUHPLWLGRDOSUREOHPD GHOSRGHU/DOXFKDVRFLDOTXHGHVGHKDFHDxRVKHPRVHPSUHQGLGR KDIDYRUHFLGRDOJXQDVGHODVFRQVWUXFFLRQHVWHyULFDVDOFDQ]DGDV
$XQTXHQRGHMDPRVGHKDFHUDOJXQDVUHIHUHQFLDVGHHVWHWDODQWHFXDQGRUHYLVDPRV DOJXQRVDVSHFWRVHOPLHGR GHODREUDGH*XJOLHOPR)HUUHUR
$UPDQGR0DUWtQH]9HUGXJR
&RQ HO SUREOHPD GHO SRGHU FRPR REMHWR GH LQYHVWLJDFLyQ QRV RFXUULyORPLVPRTXHFRQODFXHVWLyQGHORVPpWRGRVGHLQYHVWLJDFLyQ $ PHGLGD TXH LQWHQWiEDPRV GHVHQWUDxDU ODV QHFHVLGDGHV \ ORV UHFODPRV GH GLVWLQWRV VHFWRUHV GH OD SREODFLyQ ³ORV HVWXGLDQWHV ORV FDPSHVLQRV ORV REUHURV ORV LQGtJHQDV³ VXV UHTXHULPLHQWRV \ SURSXHVWDV H[SUHVDGRV FRPR GHPDQGDV VRFLDOHV UHVXOWDED REOLJDGRGHVFLIUDUFyPRKDFHUORORTXHQRVUHPLWtDDORVPpWRGRV \ GHVHQWUDxDU HO FDUiFWHU GH ODV LPSRVLELOLGDGHV \ UHVLVWHQFLDV SDUDTXHODVQHFHVLGDGHVIXHUDQH[SUHVDGDV\VDWLVIHFKDVORTXH LQYDULDEOHPHQWHQRVHQYLDEDDODFXHVWLyQGHOSRGHU 1RVHSLHQVHTXHHVWDUHPLVLyQUHVXOWyLQPHGLDWD\GLUHFWD'XUDQWH PXFKRWLHPSRFRQVLGHUDPRVTXHODVVXMHFLRQHV\ORVPHFDQLVPRV GH FRQWHQFLyQ WHQtDQ TXH YHU HVSHFtÀFDPHQWH FRQ HO (VWDGR FRQ HO GHUHFKR \ QDWXUDOPHQWH FXDQGR QRV UHIHUtDPRV DO SRGHU OR UHGXFtDPRV D HVWRV iPELWRV &DGD UHÁH[LyQ LQTXLULHQWH \ FDGD LQWHQWR GH OOHJDU DO IXQGDPHQWR GH ORV PRYLPLHQWRV VRFLDOHV HVSHFtÀFRV QRV SHUPLWtD HQWUHYHU OD FRPSOHMLGDG GHO SUREOHPD KDVWDOOHJDUDODDFWXDOFHUWH]DGHTXHHOIRQGRGHODVQHFHVLGDGHV UDGLFDOHVGHORVSXHEORVGHODVVXMHFLRQHV\FRQWHQFLRQHVSDUDTXH ORVLQGLYLGXRV\ODVFROHFWLYLGDGHVODVFRQR]FDQODVFRQYLHUWDQHQ UHTXHULPLHQWRV\H[LJHQFLDV\ÀQDOPHQWHODVUHDOLFHQHVHOSRGHU (QWRUQRDpVWHJLUDQODVFRQWUDGLFFLRQHVIXQGDPHQWDOHVGHOPXQGR KXPDQRGHVGHKDFHPXFKRVDxRV\HQQXHVWURVGtDVHOSRGHUVLJXH VLHQGRHOVXVWHQWRGHORVFRQÁLFWRVPiVVLJQLÀFDWLYRV 'HVX\RVHFRPSUHQGHTXHVLHOSRGHUWLHQHHVHOXJDUHQODVUHODFLRQHV VRFLDOHVVXHVWDWXVOHFRQYLHUWHHQXQREOLJDGR\SHUPDQHQWHREMHWR GHODLQYHVWLJDFLyQVRFLDO &XDQGR GH XQD PDQHUD FODUD FRQYHUWLPRV DO SRGHU HQ QXHVWUR SUREOHPDGHLQGDJDFLyQFLHQWtÀFDWXYLPRVXQDGREOHPRWLYDFLyQ (QSULPHUOXJDUODTXHKHPRVH[SXHVWRKDVWDDTXtTXHDWDxHDOD QHFHVLGDGTXHVHDGTXLHUHHQHOPRYLPLHQWRVRFLDOGHHVFODUHFHU ODV FDXVDV GH IRQGR GH ORV SUREOHPDV GH OD SREODFLyQ (Q HVWH FDVR XQR VH FRQYLHUWH HQ LQYHVWLJDGRU FRPSURPHWLGR FRQ HO SUREOHPDTXHVHLQYHVWLJDHQYXHOWRHQWRGDVXGLQiPLFD'HVGH QXHVWURUHWRUQRD0p[LFRGHVSXpVGHKDEHUFRQFOXLGRHVWXGLRVHQ OD 8QLyQ 6RYLpWLFD EXHQD SDUWH GH QXHVWUD YLGD IXH GHGLFDGD D DFWLYLGDGHV GH HVWH WLSR (Q HOODV XQD \ RWUD YH] HO SUREOHPD GHO SRGHUVHUHYHOyFRPRXQDGHODVFXHVWLRQHVIXQGDPHQWDOHVGHOD
(O3RGHUXQDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH
VRFLHGDGPH[LFDQDFRQWHPSRUiQHDXQDFXHVWLyQSRUORGHPiV SRFRHVWXGLDGDHQQXHVWURSDtV6LELHQGXUDQWHHVWRVDxRVORJUDPRV HODERUDU DOJXQRV HQVD\RV QR GHVWLQDGRV D VX SXEOLFDFLyQ VLQR D SURSRUFLRQDUQRV HOHPHQWRV SDUD OD SUiFWLFD VRFLDO OD QHFHVLGDG GH SURIXQGL]DU HVRV HVWXGLRV LQLFLDOHV TXHGy FRPR XQ FRPHWLGR DFDGpPLFRYLWDO 8QVHJXQGRPRWLYRQRVOOHYyDLQGDJDUVREUHHOSUREOHPDGHOSRGHU PRWLYDFLyQGHFDUiFWHUVRORLQVWLWXFLRQDOSHURTXHSHUIHFWDPHQWH VH HQWUHFUX]y FRQ OD SULPHUD PRWLYDFLyQ 1RV UHIHULPRV D TXH HO LQJUHVR DO 'RFWRUDGR H[LJLy OD SUHVHQWDFLyQ GH XQ SUR\HFWR GH LQYHVWLJDFLyQ TXH GHEtD WUDGXFLUVH HQ OD FRUUHVSRQGLHQWH WHVLV SURIHVLRQDO(OWHPDHOHJLGRIXHHOGHOSRGHU\HOWH[WRGHODWHVLVHO TXHHOOHFWRUWLHQHHQVXVPDQRV /D SOHQD FRLQFLGHQFLD GH ODV PRWLYDFLRQHV LQGLYLGXDOHV H LQVWLWXFLRQDOHV QRV RIUHFLy FRQGLFLRQHV TXH IDYRUHFLHURQ HVWD LQYHVWLJDFLyQIXHGHJUDQXWLOLGDGODLPSRUWDQWHOLWHUDWXUDVREUHHO (VWDGR\HOGHUHFKRTXHSRUPRWLYRVGHWUDEDMRKDEtDPRVUHYLVDGR GXUDQWH PXFKRV DxRV *UDFLDV D HVWH DFRSLR QR QRV UHVXOWy HVSHFLDOPHQWH GLItFLO DUULEDU D OD OtQHD GH GLIHUHQFLDFLyQ HQWUH HO (VWDGR\HOSRGHU\XELFDUVXVQXGRVGHLGHQWLGDG (QODSUHVHQWHLQYHVWLJDFLyQWDPELpQHQIUHQWDPRVGLÀFXOWDGHVVREUH WRGRUHODFLRQDGDVFRQODHVFDVDWUDGLFLyQPH[LFDQDGHHVWXGLRGHO SRGHU(QODOLWHUDWXUDVRFLROyJLFD\GHFLHQFLDSROtWLFDHVFRUULHQWH HOXVRGHHVWDFDWHJRUtDFRPRVLQyQLPRGH(VWDGR\HQXQVHQWLGR LQVWUXPHQWDOFRPRPHFDQLVPRVGHGRPLQDFLyQ\SROtWLFDVS~EOLFDV /D PLVPD SUiFWLFD SROtWLFD ORV PLVPRV PRYLPLHQWRV VRFLRSROtWLFRV PH[LFDQRV HVWiQ SUHxDGRV GH XQ SUHGRPLQLR LPSRUWDQWH GH WUDGLFLyQOLEHUDOTXHVHXQH\VXVWHQWDHQXQDWUDGLFLyQGHOPLVPR VLJQR HQ OD FRQFHSWXDFLyQ GHO SRGHU (VWR HTXLYDOH D OR TXH \D KHPRV VHxDODGR XQD FRQVLGHUDFLyQ \ XQD UHÁH[LyQ OHJDO KHFKD GHVGHODSHUVSHFWLYDGHOGHUHFKRSULPDHQHOSHQVDPLHQWRVREUH HOSRGHU\GRPLQDHQODUHVLVWHQFLDVRFLDOHQ0p[LFR3RUORGHPiV HQQXHVWURSDtVPX\SRFRVHGLVFXWHHQWRUQRDOSRGHUVHOHGDSRU WHPDVDELGR 3DUDWHUPLQDUHVWDVSDODEUDVSUHOLPLQDUHVTXHUHPRVGHMDUFRQVWDQFLD GHSURIXQGRDJUDGHFLPLHQWRDWRGRVORVSURIHVRUHVGHO'RFWRUDGR HQ&LHQFLDV$JUDULDVGHOD8QLYHUVLGDG$XWyQRPD&KDSLQJR
(O3RGHUXQDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH
,1752'8&&,Ï1 (OSRGHUHQHOQXHYRHVStULWXGHORVWLHPSRV 6L PHWyGLFDPHQWH VLHPSUH KD VLGR REOLJDGR SUHJXQWDUVH HQ TXp PRPHQWRGHODUHDOLGDGVHUHÁH[LRQDVREUHWDORFXDOSUREOHPDVRFLDO ODVLWXDFLyQSUHVHQWHKDFHD~QPiVREOLJDGDDTXHOODLQWHUURJDFLyQ (O VRFLyORJR FKLOHQR 6HUJLR *RQ]iOH] 0RHQD UHFXHUGD TXH YLYLPRVXQDpSRFDH[WUDRUGLQDULDDODTXH(GJDU0RULQMXVWDPHQWH KD OODPDGR ´GH DFHOHUDFLyQ GH OD KLVWRULDµ (Q XQD GH VXV REUDV IXQGDPHQWDOHV 0RULQ FDUDFWHUL]D HVWD pSRFD GH ´HUD SODQHWDULDµXQPRPHQWRHQHOTXHWRGDVQXHVWUDVVRFLHGDGHVVH KDQKHFKR´FUtVLFDVµQRVyORDQLYHOJHQHUDOSXHVWDPELpQ´ORVRQ ODIDPLOLD\HOKRPEUHPLVPR&UtVLFRWDPELpQHVQXHVWURSODQHWD\ HOXQLYHUVRµ*RQ]iOH]0RHQD /RVSUREOHPDVVRFLDOHVHQJHQHUDO\HVSHFtÀFDPHQWHHQVXUHODFLyQ FRQHOSRGHUVRQKR\SUREOHPDVGHQXHYRWLSRSXHVFRPSHWHQD WRGDODKXPDQLGDG\VRQSURSLRVDOSODQHWDWLHUUDHQVXFRQMXQWR D VX VREUHYLYHQFLD \ D OD QHFHVLGDG GH KDFHUOR KXPDQDPHQWH KDELWDEOH 6X QXHYR FDUiFWHU HVWi HVWUHFKDPHQWH OLJDGR FRQ HO DFWXDOGHVDUUROORGHOFDSLWDOLVPR\DODSURIXQGDFULVLVGHFLYLOL]DFLyQ DODTXHKDOOHJDGRODDFWXDOHYROXFLyQGHGLFKRVLVWHPD&RPROR KDQVHxDODGR*XDWWDUL\1HJUL HQORVPRPHQWRVDFWXDOHVQR UHVXOWDH[DJHUDGRKDEODUGH´SXQWRGHFDWiVWURIHµDOTXHKDVLGR FRQGXFLGDODKXPDQLGDG (Q OD QXHYD VLWXDFLyQ SODQHWDULD WUHV VHULHV GH WUDQVIRUPDFLRQHV PDWHULDOHVDIHFWDQVXVWDQFLDOPHQWHODFDOLGDGODVGLPHQVLRQHV\OD IRUPDGHO´SURGXFLUVRFLDOµKHJHPyQLFDPHQWHFDSLWDOLVWDORFXDO UHXELFDGHPDQHUDQXHYD³VREUHWRGRHQODV~OWLPDVGpFDGDV³ ORVSUREOHPDVVRFLDOHV (QSULPHUOXJDUVHYHULÀFDXQDDVLPLODFLyQVRVWHQLGDGHODVRFLHGDG D OD OyJLFD GHO GHVDUUROOR FDSLWDOLVWD ODV UHODFLRQHV SURSLDV D OD IiEULFD TXH 0DU[ FDUDFWHUL]DUD FRPR GHVSRWLVPR IDEULO VH H[WLHQGHQDOFRQMXQWRVRFLDOGHWDOPDQHUDTXHODVPLVPDVHVIHUDV GH OD UHSURGXFFLyQ VRQ VRPHWLGDV VH VXEVXPHQ D OD ´VHPLyWLFD
$UPDQGR0DUWtQH]9HUGXJR
GHO FDSLWDOµ *XDWWDUL \ 1HJUL /D VDOXG OD HGXFDFLyQ OD IDPLOLD HO XVR GH ORV UHFXUVRV QDWXUDOHV HO GHVFDQVR \ HO WLHPSR OLEUH OD YLGD KDELWDFLRQDO \ HQ JHQHUDO OD YLGD SHUVRQDO VRQ GRPLQDGRVSOHQDPHQWHVHHIHFW~DQ\UHDOL]DQFRPRFRPSRQHQWHV LQVHSDUDEOHVGHODSURGXFFLyQFDSLWDOLVWD (Q VHJXQGR OXJDU VH REVHUYD XQD FULVLV GH OR SROtWLFR FRPR DJRWDPLHQWRGHODLQVWLWXFLRQDOLGDG\GHODVUHODFLRQHVGHGRPLQLR \PDQGRTXHSUHYDOHFLHUDQHQ0p[LFRKDVWDORVDxRVVHWHQWDDVt FRPRXQDIDOWDJHQHUDOL]DGDGHFDSDFLGDGSDUDWUDQVIRUPDUDODV LQVWLWXFLRQHVTXHQRFRUUHVSRQGHQDODQXHYDVRFLDOLGDGTXHLPSOLFD ODSOHQDH[WHQVLyQGHOGHVSRWLVPRIDEULODWRGDODYLGDVRFLDO 8Q WHUFHU IHQyPHQR VH UHÀHUH D OD FRQIRUPDFLyQ GH QXHYDV VXEMHWLYLGDGHV FROHFWLYDV HQ OD HVFHQD GH ODV WUDQVIRUPDFLRQHV VRFLDOHV *XDWWDUL \ 1HJUL QXHYDV IXHU]DV VRFLDOHV QXHYDV DFWLWXGHV QXHYDV YROXQWDGHV TXH QR VyOR UHFODPDQ PXWDFLRQHV GHQXHYRWLSRVLQRTXHORKDFHQFRQQXHYRVOHQJXDMHV\GLIHUHQWHV UHSUHVHQWDFLRQHV (VWD QXHYD IDVH GHO GHVDUUROOR GHO FDSLWDOLVPR KD LPSOLFDGR OD LQVWDXUDFLyQ GH XQ ´QXHYR RUGHQµ FRQVHJXLGR PHGLDQWH XQ SRGHURVR GHVRUGHQ WDQWR LQWHUQR ³VRFLDO \ HFRQyPLFR³ FRPR H[WHUQR ³HFROyJLFR³ HO FXDO KD SURIXQGL]DGR D~Q PiV ODV QHFHVLGDGHV HQHUJpWLFDV GHO VLVWHPD \ FRQVHFXHQWHPHQWH KD JHVWDGR XQ HQRUPH LPSDFWR PHGLRDPELHQWDO GHO PRGHOR SURGXFWLYR )HUQiQGH] 'XUiQ (VWH ´QXHYR RUGHQµ KD DFHOHUDGR OD GLVROXFLyQ \ DEVRUFLyQ GH HVWUXFWXUDV SUHYLDV ´TXH WHQtDQ XQ PD\RU JUDGR GH RUGHQ LQWHUQR \ XQD UHODFLyQ PiV HTXLOLEUDGD FRQHO PHGLRµVREUHWRGRSRUTXHVH VXVWHQWDHQ´XQ DXPHQWR FRQVWDQWH GHO FRQVXPR HQHUJpWLFRµ )HUQiQGH] 'XUiQ $VLPLVPRKDIRUWDOHFLGRRKDGDGRSLHDQXHYRVYDORUHV SURSLRV D XQ QXHYR PRGHOR FXOWXUDO FRPR VRQ OD DÀUPDFLyQ GHO HQULTXHFLPLHQWR\GHOp[LWRLQGLYLGXDODWUDYpVGHODFRPSHWLWLYLGDG FRPRVXVWLWXWRGHFXDOTXLHUSUR\HFWRVRFLDORFROHFWLYRHOFRQVXPR FRPR~QLFDYtDSDUDODVDWLVIDFFLyQGHODVQHFHVLGDGHVKXPDQDV R SHUVRQDOHV OD PHUFDQWLOL]DFLyQ GH ODV UHODFLRQHV SHUVRQDOHV HOLPLQDQGRRWURVOD]RVGHVROLGDULGDG\FRRSHUDFLyQHOSUHGRPLQLR 8QRVOHOODPDQ&DSLWDOLVPR0XQGLDO,QWHJUDGRRWURV(FRQRPtD*OREDOR(FRQRPtD 0XQGR\XQRVPiV&DSLWDOLVPR$YDQ]DGR&I)HUQiQGH]'XUiQ
(O3RGHUXQDDSUR[LPDFLyQWHyULFDDVXIXQGDPHQWRFRQVWLWX\HQWH
GH ORV YDORUHV XUEDQRV VREUH RWUDV IRUPDV FXOWXUDOHV PiV DFRUGHV H LQWHJUDGDV FRQ HO PHGLR OD IH HQ HO GHVDUUROOR WHFQROyJLFR VLQ OtPLWHV\HQHO´SURJUHVRµODUXSWXUDGHOD]RVFRQODWUDGLFLyQ\FRQ ODH[SHULHQFLDGHJHQHUDFLRQHVSDVDGDVODLQHOXGLEOHGHVDSDULFLyQ GHORFRPXQLWDULRDEVRUELGRSRUORHVWDWDORORSULYDGR)HUQiQGH] 'XUiQ (VWRVYDORUHVFRQVWLWX\HQHOIXQGDPHQWRGHORTXH )HUQiQGH] 'XUiQ GHQRPLQD ´FXOWXUD KHJHPyQLFD D HVFDODSODQHWDULDµTXHVHKDGHVDUUROODGR´MXQWRFRQODGHVDSDULFLyQ GH OD OODPDGD FXOWXUD REUHUDµ \ HO SUHGRPLQLR GH OR TXH HVWH DXWRU GHVLJQDFRPROD´LGHRORJtDGHOFRQVHQVRVRFLDOµ FRQVHQVRTXHVHHVWDEOHFH´HQWRUQRDOSUR\HFWR\DORVLQWHUHVHV GHORVVHFWRUHVHFRQyPLFRVKHJHPyQLFRVµ /D UHDOLGDG DFWXDO HV QXHYD HQ PXFKRV VHQWLGRV DXQTXH UHLWHUD \ SURIXQGL]D YLHMDV WHQGHQFLDV