R 7UHH )RUNV $FFHVRULRV SDUD HO HPSOD]DPLHQWR GH WUDEDMR 0RGHOR 1R ³ \ VXSHULRUHV 0DQXDO GHO RSHUDGRU 6SDQLVK (6
&RQWHQLGR $ OR ODUJR GH HVWH PDQXDO 7RUR KD LQFOXLGR DYLVRV TXH LGHQWLILFDQ SHOLJURV SRWHQFLDOHV \ PHQVDMHV GH VHJXULGDG HVSHFLDOHV TXH OH D\XGDUiQ D 9G \ D RWURV D HYLWDU ODV OHVLRQHV FRUSRUDOHV LQFOXVR OD PXHUWH /DV SDODEUDV XWLOL]DGDV SDUD LQGLFDU HVWRV PHQVDMHV H LGHQWLILFDU HO QLYHO GH ULHVJR VRQ 3(/,*52 $'9(57(1&,$ \ &8,'$'2 1R REVWDQWH VLQ LPSRUWDU HO QLYHO GH ULHVJR VHD H[WUHPDGDPHQWH FXLGDGRVR 3iJLQD ,QWURGXFFLyQ 6HJXULGDG
(/,*52 $'9(57(1&,$ 3(/,*52 327(1&,$/ 3RGUtD KDEHU HQWHUUDGRV HQ OD ]RQD GH WUDEDMR WHQGLGRV HOpFWULFRV GH JDV \ R WHOHIyQLFRV 3(/,*52 327(1&,$/ $O LU FXHVWD DUULED R FXHVWD DEDMR OD PiTXLQD SRGUtD YROFDU VL HO H[WUHPR PiV SHVDGR TXHGD FRORFDGR HQ HO VHQWLGR GH EDMDGD 48( 38('( 68&('(5 3RGUtD SURGXFLUVH XQD GHVFDUJD HOpFWULFD R XQD H[SORVLyQ 48( 38('( 68&('(5 $OJXQD SHUVRQD GH ODV SUR[LPLGDGHV SXHGH UHVXOWDU KHULGD VL OD PiTXLQD YXHOFD &202 (9,7$5 (/ 3(/,*52 0DUTXH HO VRODU R OD ]RQD
(VSHFLILFDFLRQHV &DOFRPDQtDV GH VHJXULGDG 1RWD /DV HVSHFLILFDFLRQHV HVWiQ GLVHxDGDV SDUD VHU REMHWR GH FDPELRV VLQ SUHYLR DYLVR )LJXUD 5LHVJR GH SHOOL]FDU VH H[FHGH OD FDSDFLGDG 5LHVJR GH SHOOL]FDU Pi[LPD GH FDUJD QRPLQDO OD PiTXLQD SRGUtD DSODVWDU³SLHV 9XHOFR GH OD PiTXLQD VL DSODVWDU³PDQRV 0DQWHQJD DOHMDGRV D ORV FLUFXQGDQWHV /RQJLWXG WRWDO FP µ $OWXUD WRWDO FP µ 3HVR NJ OEV )RUN OHQJWK FP µ &LOLQGUR KLGUiXOLFR 'Li
(VWDELOLGDG VLQ FDUJD $'9(57(1&,$ 2ULHQWDFLyQ 3(/,*52 327(1&,$/ 6L VH H[FHGH OD SHQGLHQWH Pi[LPD UHFRPHQGDGD OD XQLGDG GH WUDFFLyQ SRGUtD YROFDU ÌQGLFH GH HVWDELOLGDG &XHVWD DUULED KDFLD DGHODQWH ' 48( 38('( 68&('(5 6L OD XQLGDG GH WUDFFLyQ YROFDUD 8G R ORV FLUFXQVWDQWHV SRGUtDQ UHVXOWDU DSODVWDGRV &202 (9,7$5 (/ 3(/,*52 1R FRQGX]FD OD XQLGDG GH WUDFFLyQ SRU XQD FXHVWD PiV HPSLQDGD TXH HO Pi[LPR UHFRPHQGDGR VHJ~Q SXHGH GHWHUPLQDUVH HQ ORV FXDGURV VLJXLHQWHV \ HQ HO PDQXDO GHO RSHUDULR GH
2SHUDFLyQ 1XQFD LQWHQWH OHYDQWDU PiV GH OD FDSDFLGDG QRPLQDO GH OD XQLGDG GH WUDFFLyQ 1RWD &RQVXOWH VX PDQXDO GHO RSHUDULR GH OD XQLGDG GH WUDFFLyQ SDUD REWHQHU ODV LQVWUXFFLRQHV GH LQVWDODFLyQ GHVPRQWDMH GH ORV DFFHVRULRV HQ OD XQLGDG GH WUDFFLyQ \ OD FRQH[LyQ GHVFRQH[LyQ GH ODV PDQJXHUDV KLGUiXOLFDV &XDQGR WUDQVSRUWH XQD FDUJD PDQWHQJD OD KRUTXLOOD OR PiV FHUFD SRVLEOH DO VXHOR 1RWD 8WLOLFH VLHPSUH OD XQLGDG GH WUDFFLyQ SDUD OHYDQWDU \ PRYHU HO DFFHVRULR /D KRUTXLOOD SXHGH XVDUVH WDPELpQ
&8,'$'2 3(/,*52 327(1&,$/ 6L GHMD OD OODYH HQ HO LQWHUUXSWRU GH HQFHQGLGR DOJXLHQ SRGUtD DUUDQFDU HO PRWRU 48( 38('( 68&('(5 (O DUUDQFDGR DFFLGHQWDO GHO PRWRU SXHGH OHVLRQDU JUDYHPHQWH DO RSHUDGRU R D ORV HVSHFWDGRUHV &202 (9,7$5 (/ 3(/,*52 5HWLUH OD OODYH GHO LQWHUUXSWRU GH HQFHQGLGR DQWHV GH UHDOL]DU QLQJXQD RSHUDFLyQ GH PDQWHQLPLHQWR $OPDFHQDPLHQWR &RPSUXHEH TXH WRGRV ORV HQJDQFKHV KLGUiXOLFRV HVWiQ FRQHFWDGRV HQWUH Vt SDUD HYLWDU OD FRQWDPLQDFLyQ GHO VLVWHPD KLGUiXOLFR $QWHV GH JXDUG
