8QLYHUVLGDGGH1DYDUUD

1DIDUURDNR8QLEHUWVLWDWHD

(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$6,*1$785$*$,$6,67(0$6(/e&75,&26

&8562.85762$ž

)(&+$'$7$

35,0(5$3$57('(/(;$0(1

7(67<7(25Ë$
7LHPSRPLQXWRV

$8/$ )LOD &ROXPQD

120%5(,=(1$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

35(*817$ 5(638(67$

6HDXQ WUDQVIRUPDGRU FX\R SULPDULR WLHQH XQ Q~PHUR YDULDEOH GH HVSLUDV 6XV SpUGLGDV HQ HO
KLHUURD+]9\FRQHVSLUDVVRQ:&XDQGRVHDOLPHQWDD+]9
\FRQHVSLUDVVRQ:/DVSpUGLGDVSDUD+]9\FRQHVSLUDVVHUiQ

$: ':
%: (:
&: )'LIHUHQWHVH[SOtTXHOR

1RWD(OH[SRQHQWHGH%PD[HQODVSpUGLGDVSRUKLVWpUHVLVHV1RH[LVWHVDWXUDFLyQ

35(*817$ 5(638(67$

8QD ERELQD FRQ Q~FOHR GH KLHUUR GH VXSHUILFLH WUDQVYHUVDO 6 WLHQH XQDV SpUGLGDV HQ HO KLHUUR
3K 6L VH DSOLFD OD PLWDG GH FRUULHQWH D OD ERELQD \ ODV FKDSDV GHO Q~FOHR VH FDPELDQ SRU
RWUDVGHPLWDGGHHVSHVRUPDQWHQLHQGRODVHFFLyQGHOQ~FOHRODVSpUGLGDVVHUiQ

$,JXDOHV\DTXHφ \G↓ '(OGREOH\DTXH%HVGREOH

%8QPHGLR\DTXH%HVODPLWDG (,QGHWHUPLQDGDV
&8QFXDUWR\DTXH6\%VRQODPLWDG )'LIHUHQWHVH[SOtTXHOR

1RWD(OH[SRQHQWHGH%PD[HQODVSpUGLGDVSRUKLVWpUHVLVHV1RH[LVWHVDWXUDFLyQ

35(*817$ 5(638(67$

7UDEDMDQGRFRQXQtQGLFHGHFDUJDGHO\FRQWHPSHUDWXUDDPELHQWHQRPLQDOGHž&ORV
ERELQDGRV GH XQ WUDQVIRUPDGRU DOFDQ]DQ XQD WHPSHUDWXUD GH ž& )XQFLRQDQGR HQ
FRQGLFLRQHV QRPLQDOHV VH DOFDQ]DQ ž& /D WHPSHUDWXUD GH IXQFLRQDPLHQWR FRQ XQD
VREUHFDUJDGHOVHUiDSUR[LPDGDPHQWH

$ž& 'ž&
%ž& (ž&
&ž& )'LIHUHQWHH[SOtTXHOR

1RWD&RQVLGHUHTXH5QRWLHQHFRPSRQHQWHGHSpUGLGDVDGLFLRQDOHV
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

35(*817$

35(*817$

35(*817$
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

35(*817$ 5(638(67$

8Q WUDQVIRUPDGRU WULIiVLFR <G  N9 \  N9$ WLHQH XQDV UHVLVWHQFLDV GH SULPDULR \
VHFXQGDULRGH\ΩUHVSHFWLYDPHQWH/DVSpUGLGDVQRPLQDOHVHQHOKLHUURVRQ:(O
YDORUGHOtQGLFHGHFDUJDSDUDUHQGLPLHQWRPi[LPRHV

$ '
% (1RKD\GDWRVVXILFLHQWHV
& )'LIHUHQWHH[SOtTXHOR

35(*817$ 5(638(67$

6HFRQHFWDXQPRWRUGHLQGXFFLyQDXQDWHQVLyQPLWDGGHODQRPLQDO\FRQIUHFXHQFLDWDPELpQ
PLWDGGHODQRPLQDO6HOHGHMDJLUDUVLQFDUJDDSOLFDGDKDVWDDOFDQ]DUXQDYHORFLGDGXQLIRUPH
/DVSpUGLGDVGHHQHUJtDTXHVHSURGXFHQHQHVWDVFLUFXQVWDQFLDVVHUiQDSUR[LPDGDPHQWH

$3K1 '35R]13K1
%3K13FX1 (35R]13K13FX1
&3FX1 )'LIHUHQWHH[SOtTXHOR

35(*817$ 5(638(67$

8QPRWRU&&FRQH[LyQVHULHVHDOLPHQWDFRQ9&XDQGRODWHQVLyQLQGXFLGDHVGH9OD
FRUULHQWH DEVRUELGD HV GH  $ 6L OD WHQVLyQ LQGXFLGD HV GH  9 OD UHODFLyQ HQWUH HO SDU
PHFiQLFRGHVDUUROODGRHQHVWHFDVR\HODQWHULRUHVLJXDOD

$ '
% (
& )'LIHUHQWHH[SOtTXHOR
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

35(*817$

35(*817$

35(*817$

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

7(25Ë$ (VWXGLHODVJUiILFDVDGMXQWDV \ GLEXMH DSUR[LPDGDPHQWH ODV RQGDV GH FRUULHQWH

GH PDJQHWL]DFLyQ \ GH SpUGLGDV SRU KLVWpUHVLV \ GH WHQVLyQ ,QGLTXH ORV
YDORUHV GH SLFR GH ODV RQGDV \ KDJD XQ GHVDUUROOR DQDOtWLFR HQ HO TXH VH YHD
FODUDPHQWH OD H[SUHVLyQ WHPSRUDO GH WRGDV ODV RQGDV IOXMR FRQFDWHQDGR
WHQVLyQ \ FRUULHQWHV TXH LQWHUYLHQHQ \ VX UHODFLyQ HQWUH HOODV 5HSUHVHQWH
WDPELpQFXDOLWDWLYDPHQWHODFRUULHQWHGHSpUGLGDVSRUFRUULHQWHVSDUiVLWDV¢4Xp
SpUGLGDV VH SURGXFHQ SRU KLVWpUHVLV HQ XQD ERELQD FRQ Q~FOHR GH KLHUUR FX\D
FXUYDGHIXQFLRQDPLHQWRHVODLQGLFDGD"

λ, v λ

t i

i, v

7PLQ
8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

'(/$6'2635(*817$6&217(67($81$

7(25Ë$ &LUFXLWRV(TXLYDOHQWHVGH7UDQVIRUPDGRUHV0RQRIiVLFRV5HSUHVHQWHORVFLUFXLWRV
HTXLYDOHQWHVGHORVWUDQVIRUPDGRUHVLGHDOSHUIHFWROLQHDO\VLQSpUGLGDV\UHDO
$SOLFDFLyQ SUiFWLFD ,QGLTXH HQ TXp VLWXDFLyQ VH FXPSOH FRQ PD\RU H[DFWLWXG
TXH OD UHODFLyQ HQWUH WHQVLRQHV HV OD PLVPD TXH OD GHO Q~PHUR GH HVSLUDV /R
PLVPR SDUD OD UHODFLyQ GH FRUULHQWHV ¢'HELGR D TXp IHQyPHQRV ItVLFRV QR VH
FXPSOHQFRQH[DFWLWXGHQRWUDVFRQGLFLRQHVGHIXQFLRQDPLHQWR"

7(25Ë$ $UPyQLFRVHQ7UDQVIRUPDGRUHV0RQRIiVLFRV¢4XpVRQ"¢(QTXpPDJQLWXGHVVH
DSUHFLDQ FRULHQWHV WHQVLRQHV IOXMRV HWF" ¢3RU TXp DSDUHFHQ \ GH TXp
FDUDFWHUtVWLFDVGHOWUDQVIRUPDGRUGHSHQGHQ"
$SOLFDFLyQ SUiFWLFD 6HD XQ EDQFR GH WUHV WUDQVIRUPDGRUHV PRQRIiVLFRV UHDOHV
FRQHFWDGRV FRQ HO VHFXQGDULR HQ WULiQJXOR ¢4Xp FRUULHQWH FLUFXOD SRU HVH
WULiQJXORHQYDFtR"¢3RUTXp"¢4XpSDVDUiVLDOJXQRGHORVWUDQVIRUPDGRUHVQR
WLHQH OD PLVPD UHODFLyQ ³Q´" 5HSUHVHQWH ODV IRUPDV GH RQGD HQ FDGD FDVR \
H[SOtTXHVHVREUHHVDUHSUHVHQWDFLyQ

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

'(/$6'2635(*817$6&217(67($81$

7(25Ë$ ,QGLTXH FyPR VH FUHD XQD IXHU]D \ XQ PRYLPLHQWR FRQ XQ PRWRU OLQHDO
HOHPHQWDO FRQIRUPDGR SRU XQ FRQGXFWRU HQ 8 XQD YDULOOD PyYLO TXH FLHUUD HO
FLUFXLWR SRU HO TXH FLUFXOD XQD FRUULHQWH XQ JHQHUDGRU TXH SURSRUFLRQD
FRUULHQWHDODYDULOOD\XQFDPSRPDJQpWLFRSHUSHQGLFXODUDOSODQRTXHFRQWLHQH
ORVFRQGXFWRUHV¢'HTXpGHSHQGHHOYDORUGHODIXHU]D"¢'HTXpWLSRSXHGHVHU
pVWD\SRUTXp"¢4XpRSRVLFLyQVHSURGXFH"

7(25Ë$ 0RWRUGH,QGXFFLyQ¢3RUTXpXQPRWRUGHLQGXFFLyQDEVRUEHXQDFRUULHQWHHQHO
DUUDQTXH PXFKR PD\RU TXH OD QRPLQDO" 5D]yQHOR VREUH HO HVTXHPD
HTXLYDOHQWH\WDPELpQGHVGHXQSXQWRGHYLVWDPDJQpWLFRTXHWHQJDSUHVHQWHV
ODVWHQVLRQHV\FRUULHQWHVLQGXFLGDVHQHOURWRU

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

'(/$6'2635(*817$6&217(67($81$

7(25Ë$ 0RWRUGHLQGXFFLyQLGHDOVLQSpUGLGDVQLUR]DPLHQWR'LEXMHODVJUiILFDVGHOD

YDULDFLyQGHODWHQVLyQDSOLFDGDODFRUULHQWHDEVRUELGDODWHQVLyQLQGXFLGDHQHO
URWRU \ HO SDU PHFiQLFR HQ IXQFLyQ GH OD YHORFLGDG LQGLFDQGR ORV SXQWRV PiV
FDUDFWHUtVWLFRVGHHVDVFXUYDV\H[SOLFDQGRHOSRUTXpGHOFRPSRUWDPLHQWR¢&XiO
HVHOSXQWRGHIXQFLRQDPLHQWRHQUpJLPHQSHUPDQHQWHVLQFDUJDHQYDFtR"

7(25Ë$ 0RWRUHV GH &RUULHQWH &RQWLQXD &DUDFWHUtVWLFDV GLIHUHQFLDOHV HQWUH PRWRUHV

GHULYDFLyQ \ PRWRUHV VHULH +DJD OD GLIHUHQFLDFLyQ FRPSDUDQGR ODV FXUYDV GH
IXQFLRQDPLHQWRQ7P7P,LQ,LGHFDGDWLSRGHPRWRU

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

7(25Ë$ (QVD\RV PiV FRPXQHV HQ 0iTXLQDV (OpFWULFDV (VWiWLFDV \ 'LQiPLFDV (QVD\R
HQ FRUULHQWH FRQWLQXD ([SOLFDFLyQ \ SDUiPHWURV REWHQLGRV (QVD\R HQ YDFtR
([SOLFDFLyQ DSUR[LPDFLRQHV XWLOL]DGDV \ SDUiPHWURV REWHQLGRV (QVD\R HQ
FRUWRFLUFXLWR([SOLFDFLyQDSUR[LPDFLRQHVXWLOL]DGDV\SDUiPHWURVREWHQLGRV

,QGLTXHODVVLPLOLWXGHV\ODVGLIHUHQFLDVHQWUHHQVD\RVGHWUDQVIRUPDGRUHV\GH
PRWRUHVGHLQGXFFLyQ
8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

7PLQ
8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

7(25Ë$ 'LVHxR&iOFXOR\&RQVWUXFFLyQGH7UDQVIRUPDGRUHV0RQRIiVLFRV

'HODVFXDWURFXHVWLRQHVHOLMDGRV

$ 5HVXPDORVSDVRVPiVLPSRUWDQWHVTXHKDVHJXLGRHQHOGLVHxRFiOFXOR\
FRQVWUXFFLyQGHVXWUDQVIRUPDGRUPRQRIiVLFR

% 'LJD ORV FDPELRV TXH VH SURGXFHQ HQ ORV SDUiPHWURV HOpFWULFRV GH XQD
ERELQD GH SULPDULR R VHFXQGDULR DO FRORFDU HQ XQ PLVPR FDUUHWH XQ
FRQGXFWRUGHPD\RUVHFFLyQFRQHOPLVPRQ~PHURGHHVSLUDV

& (Q OD HOHFFLyQ GHO WDPDxR GHO FDUUHWH VH WUDEDMD FRQ OD VHFFLyQ GHO Q~FOHR
QHFHVDULR 'LJD WRGRV ORV SDUiPHWURV TXH LQIOX\HQ HQ HO FiOFXOR GH HVD
VHFFLyQ\FyPRORKDFHQ¢&yPRDIHFWDHQODVSpUGLGDVHQHOKLHUURFRORFDU
PiVFKDSDVGHODVFDOFXODGDVSDUDHOQ~FOHR"¢<HQODVGHOFREUH"

' 'LJDTXpSDUiPHWURVJHRPpWULFRVRPDJQpWLFRVLQIOX\HQHQHOFiOFXORGHOD
UHDFWDQFLD GH GLVSHUVLyQ GH IOXMR GH XQ WUDQVIRUPDGRU ,QGLTXH VL OD
LQFUHPHQWDQ R OD GLVPLQX\HQ \ TXp HV EXHQR LQFUHPHQWR R GHFUHPHQWR
SDUDHOPHMRUIXQFLRQDPLHQWRGHOWUDQVIRUPDGRU
8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD

(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$6,*1$785$*$,$6,67(0$6(/e&75,&26

&8562.85762$ž

)(&+$'$7$

6(*81'$3$57('(/(;$0(1

352%/(0$6'(0È48,1$6(/e&75,&$6
7LHPSRPLQXWRV

$8/$ )LOD &ROXPQD

120%5(,=(1$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

352%/(0$

8QPRWRUGHLQGXFFLyQWULIiVLFRGH9+]\GRFHSRORVWUDEDMDQGRHQ FRQGLFLRQHV
QRPLQDOHV DEVRUEH XQD FRUULHQWH GH  $ FRQ IDFWRU GH SRWHQFLD  6X UHQGLPLHQWR HQ
HVDVFRQGLFLRQHVHVGHO7DPELpQVHVDEHTXHODVSpUGLGDVQRPLQDOHVHQHOFREUHVRQ
:\TXHODVSpUGLGDVQRPLQDOHVHQHOKLHUURDOFDQ]DQ:
&RQGLFKRPRWRUVHKDQUHDOL]DGRORVVLJXLHQWHVHQVD\RV

Π(QVD\RGHUR]DPLHQWRSpUGLGDVDYHORFLGDGQRPLQDO:(QYDFtR:
Π(QVD\RHQYDFtRD9VHDEVRUEHQ$FRQIDFWRUGHSRWHQFLD

6HSLGH

 3RWHQFLDDEVRUELGDSRUHOPRWRUHQYDFtR3pUGLGDVHQHOFREUHGHOHVWDWRU\GHOURWRU
HQYDFtR5HVLVWHQFLDGHOHVWDWRU 

&XDQGRHOPRWRUVHDOLPHQWDD9\FRQGHVOL]DPLHQWRQRPLQDOVHSLGHORVLJXLHQWH

 ,PSHGDQFLDHTXLYDOHQWHGHOPRWRUPyGXOR\DUJXPHQWR 
 3RWHQFLDHOpFWULFDGHHQWUDGDSRWHQFLD~WLO\SRWHQFLDPHFiQLFD 
 3pUGLGDVHQHOFREUHHQHOURWRU\HQHOHVWDWRU3RWHQFLDGHHQWUHKLHUUR 
 'HVOL]DPLHQWR\YHORFLGDGGHJLURGHOPRWRU)UHFXHQFLDGHODVWHQVLRQHV\FRUULHQWHV
LQGXFLGDVHQHOURWRU 
 3DUPHFiQLFR\~WLO 
 23&,21$/9HORFLGDGHQYDFtR3DUPHFiQLFR\~WLOUHDOL]DGRHQYDFtR 

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

352%/(0$

8QDPiTXLQDGHFRUULHQWHFRQWLQXDSUHVHQWDXQDFDUDFWHUtVWLFDGHPDJQHWL]DFLyQDUSP
TXHVHUHVXPHHQODVLJXLHQWHWDEOD

(L9  
,H$  
/DFXUYDGHSpUGLGDVGHSRWHQFLDSRUUR]DPLHQWRLQFOXLGDVODVSHTXHxDVSpUGLGDVHQHOKLHUUR
HVGHWLSRFXDGUiWLFR\ODFRQVWDQWHGHSURSRUFLRQDOLGDGHVGH :USPVLHQGRHO
YDORUGHHVWDVSpUGLGDVDUSPGH:
6H FRQHFWD FRPR PRWRU GHULYDFLyQ \ VH DSOLFDQ  9 WHQVLyQ QRPLQDO (Q FRQGLFLRQHV
QRPLQDOHVSURSRUFLRQDXQSDU~WLOGH1PDYHORFLGDGGHUSP$GHPiVVHVDEHTXH
ODFRUULHQWHGHLQGXFLGRHQHODUUDQTXHHVGH$

6HSLGH

 5HVLVWHQFLDGHLQGXFLGR 
 3DUGHUR]DPLHQWR\SDUPHFiQLFRQRPLQDOHV 
 3RWHQFLDPHFiQLFDQRPLQDO 
 7HQVLyQLQGXFLGD\FRUULHQWHGHOLQGXFLGRHQFRQGLFLRQHVQRPLQDOHV 
 &RUULHQWH\UHVLVWHQFLDGHOLQGXFWRU 
 3RWHQFLDHOpFWULFDGHHQWUDGD3pUGLGDVHQHOFREUH5HQGLPLHQWR 
 23&,21$/9HORFLGDGHQYDFtR 

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD

(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB

$6,*1$785$*$,$6,67(0$6(/e&75,&26

&8562.85762$ž

)(&+$'$7$

7(5&(5$3$57('(/(;$0(1

352%/(0$6'(75$16)250$'25(6
7LHPSRPLQXWRV

$8/$ )LOD &ROXPQD

120%5(,=(1$ BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

352%/(0$

8Q WUDQVIRUPDGRU PRQRIiVLFR GH  9 9R  9 SXHGH WUDQVPLWLU VLQ
FDOHQWDPLHQWRV XQD SRWHQFLD GH  9$ HQ ODV FRQGLFLRQHV QRPLQDOHV GH I1  +]
D1
ƒ&\ I1 ƒ&

3DUDFDOFXODUVXVSDUiPHWURVVHKDQUHDOL]DGRORVVLJXLHQWHVHQVD\RV

7HQVLyQ9 &RUULHQWH$

(QVD\R θž& I+] 3ULPDULR 6HFXQGDULR 3ULPDULR 6HFXQGDULR 3pUGLGDV:

&$    """ """  

&$       
&DUJD     """  

/DFDUJDGHOWHUFHUHQVD\RWLHQHXQIDFWRUGHSRWHQFLDGH7HQJDSUHVHQWHODVYDULDFLRQHV
GHODUHVLVWHQFLDFRQI\ 

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
 7HQVLyQ GH FLUFXLWR DELHUWR UHODFLyQ GH HVSLUDV SpUGLGDV HQ HO KLHUUR QRPLQDOHV \
DULR
FRQGXFWDQFLDGHSpUGLGDV\VXVFHSWDQFLDPDJQHWL]DQWHUHIHULGDVDO  
 &RQVWDQWHGHUHIULJHUDFLyQ\SpUGLGDVQRPLQDOHVHQHOFREUH 
 5HVLVWHQFLD D ž& \ ž& FRQ  +] 5HVLVWHQFLD GHELGD D ODV SpUGLGDV
DGLFLRQDOHVDž&\+]5HDFWDQFLDHTXLYDOHQWHDž&\+] 
 6HYDDXWLOL]DUHVWHWUDQVIRUPDGRUD+]\WHPSHUDWXUDDPELHQWHGHž&FRQ
UHODFLyQ GH WHQVLyQ  9 \ VH GHVHD TXH HQ QLQJ~Q FDVR VH VREUHSDVH OD
WHPSHUDWXUD Pi[LPD GH IXQFLRQDPLHQWR &DOFXOH ORV QXHYRV YDORUHV QRPLQDOHV GH
FRUULHQWHSRWHQFLDSpUGLGDVHQHOFREUH\HQHOKLHUUR 
 23&,21$/ 7UDEDMDQGR D WHPSHUDWXUD DPELHQWH GH ž& \ IUHFXHQFLD GH  +]
FDOFXOH OD SRWHQFLD DSDUHQWH GH OD FDUJD Pi[LPD GH WHQVLyQ QRPLQDO  9 \
FRVϕ TXHSXHGHDOLPHQWDUHOWUDQVIRUPDGRUVLQVREUHFDUJDV2EWHQJDWDPELpQ
ODWHQVLyQODFRUULHQWH\ODWHPSHUDWXUDGHIXQFLRQDPLHQWR 

7PLQ
 8QLYHUVLGDGGH1DYDUUD
1DIDUURDNR8QLEHUWVLWDWHD
(VFXHOD6XSHULRUGH,QJHQLHURV
,QJHQLDULHQ*RL0DLODNR(VNROD

352%/(0$

(O WUDQVIRUPDGRU <]  N9 FX\DV

FRQH[LRQHV LQWHUQDV VRQ ODV GH OD ILJXUD
SXHGH WUDQVPLWLU  9$ ,1  $
WUDEDMDQGR HQ FRQGLFLRQHV QRPLQDOHV
I1  +] θD1 ƒ& \ θI1 ƒ& \
DGHPiV VH FRQRFHQ ORV VLJXLHQWHV GDWRV
GHVXIXQFLRQDPLHQWR

7HQVLyQ9 &RUULHQWH$

(QVD\R θž& )+] 3ULPDULR 6HFXQGDULR 3ULPDULR 6HFXQGDULR 3pUGLGDV

&$       :

&DUJD     """  :

/D FDUJD GHO VHJXQGR HQVD\R WLHQH IDFWRU GH SRWHQFLD  /D UHVLVWHQFLD HTXLYDOHQWH WLHQH
XQDFRPSRQHQWHGHSpUGLGDVDGLFLRQDOHVGHODWHPSHUDWXUDPi[LPDGHIXQFLRQDPLHQWR

5HVSRQGDDODVVLJXLHQWHVSUHJXQWDV
 5HODFLyQGHWUDQVIRUPDFLyQtQGLFHKRUDULR\WHQVLyQGHFLUFXLWRDELHUWR 
 &DOFXOHDIUHFXHQFLDQRPLQDO\WHPSHUDWXUDPi[LPDGHIXQFLRQDPLHQWRHOYDORUGH
ODV SpUGLGDV QRPLQDOHV HQ HO KLHUUR FRQGXFWDQFLD GH SpUGLGDV \ VXVFHSWDQFLD
DULR
PDJQHWL]DQWHUHIHULGDVDO FRQVWDQWHGHUHIULJHUDFLyQSpUGLGDVQRPLQDOHVHQHO
DULR
FREUHUHVLVWHQFLD\UHDFWDQFLDHTXLYDOHQWHVHQHO  
 &RQGLFLRQHVQHFHVDULDVSDUDODFRQH[LyQHQSDUDOHORGHHVWHWUDQVIRUPDGRUWULIiVLFR
FRQRWURGHtQGLFHKRUDULR5HSUHVHQWHODFRQH[LyQHQSDUDOHORVLpVWDHVSRVLEOH 
127$1RVHSXHGHPRGLILFDUODVFRQH[LRQHVLQWHUQDV
 7UDEDMDQGRHQXQDPELHQWHGHž&\FRQIUHFXHQFLDGH+]FDOFXOHODFRUULHQWH
\ODWHQVLyQHQXQDFDUJDWULIiVLFDGHN9$9\FRVϕ 2EWHQJDWDPELpQ
ODWHPSHUDWXUDGHIXQFLRQDPLHQWR 
127$ /D LPSHGDQFLD GH OD FDUJD HV LQYDULDEOH 6XSRQJD FRPR SULPHUD
DSUR[LPDFLyQTXHODWHPSHUDWXUDGHIXQFLRQDPLHQWRHVODPi[LPDSDUDFDOFXODUODV
UHVLVWHQFLDV\GHVSXpVGHKDOODUODFRUULHQWHFDOFXOHH[DFWDPHQWHODWHPSHUDWXUD
 23&,21$/ 6H TXLHUH TXH OD WHQVLyQ HQ HVD FDUJD VHD OD QRPLQDO &DOFXOH OD
UHDFWDQFLDGHFDGDXQRGHORVFRQGHQVDGRUHVGHXQDEDWHUtDFRQHFWDGDHQWULiQJXOR
TXHGHEHXWLOL]DUVHSDUDFRQVHJXLUOR 

7PLQ