Loncura, una historia que contar

SERVICIO PAS CULTURA

35/2*2

/DSUHVHQWHSXEOLFDFLyQ HV HO UHVXOWDGRGHO WUDEDMR FROHFWLYR UHDOL]DGRHQHO7DOOHUGH+LVWRULD/RFDOGH/RQFXUDORFDOLGDGSHUWHQHFLHQWHDODFRPXQD4XLQWHURGHOD9UHJLyQGH9DOSDUDtVR&RQHVWDLQYHVWLJDFLyQVHORJUDSRQHUHQYDORUHOOHJDGRKLVWyULFR\SDWULPRQLRFXOWXUDOGH OD FRPXQLGDG GH /RQFXUD /R DQWHULRU VH KD DOFDQ]DGR D WUDYpV GHO UHVFDWH GHWHVWLPRQLRV GH YLGD DFWLYLGDGHV FRWLGLDQDV YLVLRQHV GHO PXQGR PLWRV \ OH\HQGDVIHVWLYLGDGHVHQWUHRWURV7HQHPRVODFRQYLFFLyQGHTXHHVWDFRQVWUXFFLyQSDUWLFLSDWLYDGHWHVWLPRQLRVHKLVWRULDVREWHQLGRVDWUDYpVGHMRUQDGDVGHUHIOH[LyQHQWUHYLVWDV\WDOOHUHVIRUWDOHFHUiQHOVHQWLGRGHSHUWHQHQFLDGHHVWDFRPXQLGDGDOWHUULWRULRTXHKDELWD\VHUiXQDSRUWHSHUPDQHQWHDOSDWULPRQLRWDQWRPDWHULDOFRPRLQPDWHULDOGH/RQFXUD(QFRQVHFXHQFLDHVWHOHJDGRIRUPDUiSDUWHGHODFHUYRKLVWyULFR\FXOWXUDOGH4XLQWHURGHVXV IDPLOLDVRUJDQL]DFLRQHV\ ODFRPXQLGDGHQVXFRQMXQWR\HVWDUiSUHVHQWHHQ ODIRUPDFLyQ GH ORV MyYHQHV TXH VH HGXFDQGtD D GtD HQ ODV HVFXHODV \ OLFHRV GH QXHVWUDFRPXQD8QD FRPXQLGDG VLQ PHPRULD LQLFLD XQ SURFHVR GH H[WLQFLyQ FXOWXUDO YDOyULFD \ GHSHUWHQHQFLD

&RQVHMR1DFLRQDOGHOD&XOWXUD\ODV$UWHV5HJLyQGH9DOSDUDtVR

)XQGDFLyQSDUDOD6XSHUDFLyQGHOD3REUH]D,OXVWUH0XQLFLSDOLGDGGH4XLQWHUR

/RQFXUDXQD+LVWRULDTXH&RQWDU

1',&(

3UyORJRV

&DStWXOR,

3UHVHQWDFLyQ

,QWURGXFFLyQ

&DStWXOR,, 5HVHxD+LVWyULFD

&DStWXOR,,, (O%DOQHDULRGH/RQFXUD

&DStWXOR,9 /D5LWXDOLGDGHQ/RQFXUD/D)LHVWDGH6DQ3HGUR

&DStWXOR9 &RVWXPEUHV/RQFXUDQDV(O0HWUR&DU

&DStWXOR9, 3HUVRQDMHV7tSLFRV

&DStWXOR9,, 6DQWXDULRGHOD1DWXUDOH]D%RVTXHGHODV3HWUDV

&DStWXOR9,,, 7HVWLPRQLRVGH9LGD

&DStWXOR,; /H\HQGD

&DStWXOR; 3RHPDV

&DStWXOR;,

3DODEUDV)LQDOHV

%LEOLRJUDItD

(StORJR

&DQFLRQHV

/RQFXUDXQDKLVWRULDTXHFRQWDU

1

(VFULELU XQ OLEUR FRQWDQGR QXHVWUDKLVWRULD FRPRSXHEOR HUD XQD LGHD TXHJHUPLQDEDHQ ODPHQWH \ HQ HO FRUD]yQGH XQ JUDQ Q~PHUR GH KDELWDQWHV GH/RQFXUD YHFLQRV \ DPLJRV FRQ XQPLVPRVXHxR

/D LGHD QDFH FXDQGR FRPHQ]DPRV DFRPSDUWLU FRWLGLDQDPHQWH QXHVWUDVYLYHQFLDV \ GHVFXEULPRV TXH WRGRVDQKHOiEDPRV FRQRFHU QXHVWUDVH[SHULHQFLDV UDtFHV \ WUDGLFLRQHV SHURWDPELpQTXHUtDPRVGLIXQGLUODVSDUDTXHQR FD\HUDQ HQ HO ROYLGR SHUR QRVDEtDPRVFyPRKDFHUOR

(V DVt TXH SDUD FRQFUHWDU HVWH VXHxRSURSXVLPRV D ORV SURIHVLRQDOHV GHOSURJUDPD 6HUYLFLR 3DtV &XOWXUDHVFULELU XQ OLEUR (VWRV MyYHQHV&DWDOLQD )UDQFLVFD \ 6HEDVWLiQTXHGDURQ HQWXVLDVPDGRV FRQ QXHVWUDLQTXLHWXG \ GHVSXpV GH ODV FRQVXOWDVSHUWLQHQWHV DO &RQVHMR 1DFLRQDO GH OD&XOWXUD\ODV$UWHVGHOD5HJLyQGH

9DOSDUDtVR D OD )XQGDFLyQ SDUD OD6XSHUDFLyQ GH OD3REUH]D \ D OD ,OXVWUH0XQLFLSDOLGDG GH4XLQWHUR VH SXVR HQPDUFKDXQ7DOOHUGH+LVWRULD/RFDOHQ/RQFXUD PHGLDQWH HO FXDO QRV IXLPRVFDSDFLWDQGR SDUD KR\ FXPSOLU HVWHVXHxR

/RQFXUD8QD+LVWRULDTXH&RQWDUHVXQD LQYLWDFLyQ D ORV KDELWDQWHV GH HVWDFRPXQLGDG SDUD FRQRFHU \ GLIXQGLUQXHVWUDV UDtFHV LGHQWLGDG \ HO HVIXHU]RTXH FDGD XQR GH QRVRWURV RIUHFLy SDUDIXQGDUHVWHSXHEORTXHKR\QRVFRELMD

+D VLGR XQ OODPDGR DO HQFXHQWUR HQWUHYHFLQRV DPLJRV \ QR WDQ DPLJRV SHURTXH WHQHPRV XQ OXJDU FRP~Q/RQFXUD SRUTXH UHIRU]DU QXHVWUDLGHQWLGDG \ GLIXQGLU QXHVWUD FXOWXUD HVWDUHDGHWRGRV

7HUHVD%HUQDO,QYHVWLJDGRUDGHODVWUDGLFLRQHVH

KLVWRULDGH/RQFXUD\3DUWLFLSDQWHGHO7DOOHUGH+LVWRULD/RFDO

&DStWXOR,

3UHVHQWDFLyQ


2

*UXSR7DOOHU+LVWRULD/RFDOGH/RQFXUD

$UULED 7HUHVD 9HUD )UHVLD /DJRV -XDQ0XxR] 3DWULFLR &KDQGtD *HUDUGR &HUHxR 2VFDU2OLYDUHV -XDQ 1XVWD $QD0DUtD &yUGRED $O PHGLR3DWULFLD &DYDGD $OLFLD 5RFR0DUtD%DUUD(ULFD*DUULGR*ODG\V9HUGHMR0DUtD,EDUUD&RQVXHOR(VFRODU0DULQD/DQGHUR$QD&DVWLOOR 7HUHVD %HUQDO $EDMR-XDQD 6DOD]DU 5RVD 9HDV ,ULV *DOLQGR $QJHOD 3HxD -RHO(VFREDU0DUtD(VSLQR]D6DUD2VRULR$OLFLD9DUHOD$PHOLD$UD\D


3

(O SUHVHQWH OLEUR SRQH DO DOFDQFH GHOOHFWRU HO UHVXOWDGR GH XQ WUDEDMR GHUHFRQVWUXFFLyQ GH OD KLVWRULD ORFDO GH/RQFXUD ORFDOLGDG SHUWHQHFLHQWH D ODFRPXQDGH4XLQWHURGHOD95HJLyQGH9DOSDUDtVR UHDOL]DGR HQ HO PDUFR GHO3URJUDPD 6HUYLFLR 3DtV &XOWXUD GHO&RQVHMR 1DFLRQDO GH OD &XOWXUD \ ODV$UWHV)XQGDFLyQSDUDOD6XSHUDFLyQGHOD3REUH]D\OD,OXVWUH0XQLFLSDOLGDGGH4XLQWHUR

+DVLGRSURGXFWRGHXQODUJRWUDEDMRGHLQYHVWLJDFLyQ VREUH HO SDWULPRQLRFXOWXUDO LQWDQJLEOH GH /RQFXUDUHDOL]DGR SRU XQ JUXSR GH YHFLQRV \YHFLQDVGHOVHFWRU

(O REMHWLYR GH OD LQYHVWLJDFLyQ KD VLGRUHFXSHUDU OD PHPRULD KLVWyULFD GH/RQFXUDFRQHOILQGH

FRQRFHU QXHVWUDV ODV UDtFHV KDFHUSHUGXUDU QXHVWUDV WUDGLFLRQHV \ GHMDUXQOHJDGRDODVIXWXUDVJHQHUDFLRQHV

(QHVWHFRQWH[WRHOHVWXGLRVHRULHQWyDUHVFDWDU ORV YDORUHV OD YLGD FRWLGLDQDODV FRVWXPEUHV \ WUDGLFLRQHV GH/RQFXUD

3RU FRQVLJXLHQWH \ SDUD XQD PHMRUFRPSUHQVLyQHOOLEURVHKDHVWUXFWXUDGRHQ WUHV SDUWHV OD SULPHUD GH HOODV WUDWDVREUH ODV FRVWXPEUHV \ WUDGLFLRQHV GH/RQFXUDODVHJXQGDSDUWHFRUUHVSRQGHDWHVWLPRQLRV GH YLGD GH DOJXQRVKDELWDQWHVGH/RQFXUD\ODWHUFHUDSDUWHFRQFLHUQH D WH[WRV OLWHUDULRV FRPROH\HQGDVFDQFLRQHV\SRHPDV

,QWURGXFFLyQ


4

%DKtDGH4XLQWHUR9DQ6SLHOEHUJHQ


5

/RVSULPHURVKDELWDQWHV3DUD EXVFDU QXHVWURV RUtJHQHV HVLPSUHVFLQGLEOH UHPRQWDUQRV D ORVSULPHURV DxRV GH OD HUD FULVWLDQDGXUDQWH HVH SHULRGR VXUJH \ VHGHVDUUROOD HQ HO &KLOH FHQWUDO ODFRPXQLGDG LQGtJHQD GHQRPLQDGDFRPSOHMR FXOWXUDO %DWR TXH KDELWDEDDEDUFD GHVGH OD GHVHPERFDGXUD GHO UtR3HWRUFDDOUtR0DLSRSRUHO OLWRUDOGHOD9 UHJLyQ KDVWD HO &DFKDSRDO 9,UHJLyQ

1 &DStWXOR ,, 5HVHxD KLVWyULFD GH /RQFXUDHVFULWD SRU (XJHQLD *DHWH 3HOOLVVDLQYHVWLJDGRUD GH OD +LVWRULD GH 4XLQWHUR \/RQFXUD 3DUWLFLSDQWH \ D\XGDQWH GHO 7DOOHU GH+LVWRULD/RFDO

5HYLVWD &RQDPD SiJ )XHQWHKWWSZZZVLQLDFODUWLFOHVBUHFXUVRBSGI

/RV %DWRV WHQtDQ XQD UHODFLyQ PX\HVWUHFKD FRQ HO PDU GHMDQGR YHVWLJLRVDUTXHROyJLFRVGHJUDQPDJQLWXGTXHQRVKDFHQ FRQFOXLU TXH VX IXHQWH SULQFLSDOGH DOLPHQWDFLyQ HVWDED EDVDGD HQ ODUHFROHFFLyQ GH SURGXFWRV GHO PDU3RVHtDQXWHQVLOLRV\KHUUDPLHQWDVFRPRODVEDOVDVFRQIHFFLRQDGDVFRQODSLHOGHORERV PDULQRV ODQ]DV \ DUSRQHV 'HHVWD IRUPD VH DGHQWUDEDQ DO PDU SDUDSHVFDU PLHQWUDV ODV PXMHUHVUHFROHFWDEDQ XQD JUDQ YDULHGDG GHPDULVFRV\PROXVFRVHQODVRULOODVGHODVSOD\DV\ODVURFDVFRVWHUDV9LYtDQ HQ FKR]DV IDPLOLDUHV GLVSHUVDVSRU ODV DUHQDV GH /RQFXUD FRQ SRFRVIRJRQHV\DOJXQDVGHOLPLWDGDVSRUXQDRPiVKLOHUDVGHSLHGUD(UDQ JREHUQDGRV SRU XQ MHIH TXH VHFDUDFWHUL]DED SRU XQ EiFXOR FRPRVtPEROR GH HVWDWXV FRQIHFFLRQDGR FRQXQD YDUD GH PDGHUD XQD SLHGUD VHPL

&DStWXOR,,

5HVHxD+LVWyULFDGH/RQFXUD


6

SUHFLRVD \ XQD DPDUUD FRQ KLORV GHFXHUR/RV KRPEUHV XWLOL]DEDQ DGRUQRV FRPRFROJDQWHV \ WDPEHWiV DGRUQRV ODELDOHVHQ IRUPD GH GLVFR KHFKRV GH SLHGUD RKXHVRVGHDQLPDO&RQYLYtDQ FRQ UHEDxRV GH RYHMDVOODPDV \ JXDQDFRV GH ORV TXHDSURYHFKDEDQ ODV SLHOHV \ OD FDUQH \EHEtDQ ODV SXUDV DJXDV GH ODV QDSDVVXEWHUUiQHDVTXHLQXQGDQHO%RVTXH/DV3HWUDV6XFHUiPLFDODIRUPDEDQYDVLMDVMDUUDVFRQD]DVHQIRUPDGHFDODED]D\SODWRVOODPDGRVSXFRV(VWDEDQKHFKRVGHXQDJUHGD WRVFD RVFXUD \ GH XQ VROR FRORUILQDPHQWH SXOLGDV SDUD GDUOHV XQ SRFRGHVXDYLGDG\EULOOR/D PRGDOLGDG GH DVHQWDPLHQWR GH ORV%DWRV GHMy QXPHURVRV FRQFKDOHV HQGLVWLQWRV VHFWRUHV GH OD FRVWD FRPR HQ4XLQWHUR\/RQFXUDeVWRVVRQGHSyVLWRVGH FRQFKDV GH PROXVFRV \ HQ HOORV HV

SRVLEOH HQFRQWUDU UHVWRV GH FHUiPLFDVSXQWDV GH IOHFKDV WHPEHWiV SLHGUDVWiFLWDV FRPR PRUWHURV SLHGUDVKRUDGDGDVFRQRULILFLRDOFHQWUR/RV GHVFHQGLHQWHV GLUHFWRV GH HVWDFXOWXUD KDELWDURQ OD ]RQD KDVWDPHGLDGRV GHO VLJOR ;,; %HQMDPtQ9LFXxD 0DFNHQQD QRV KDEOD GH OD~OWLPD GHVFHQGLHQWH %DWR HQ HO DxR HQ HVD IHFKD HV EDXWL]DGDFRQYLUWLpQGRVHHQODSULPHUDSHUVRQDGHDSHOOLGR%HUQDOTXHSREOyHVWDVWLHUUDV

3LHGUD WiFLWD PRUWHUR GHO &RPSOHMR &XOWXUDO%DWR


7

'HVFXEULPLHQWRGHODEDKtD7UDQVFXUUtDQORV~OWLPRVGtDVGHOPHVGHVHSWLHPEUHGHFXDQGR OOHJDDHVWDEDKtDXQSHTXHxR\IUiJLOQDYtROODPDGR6DQWLDJXLOOR FX\DPLVLyQ HUD DEDVWHFHUGH YtYHUHV KHUUDGXUDV \ DUPDV D ODH[SHGLFLyQGHGHVFXEULPLHQWRGH'LHJRGH $OPDJUR TXH YHQtD SRU WLHUUDVRUSUHQGLGRGHODEHOOH]DGHOOXJDU\GHVX HVSOpQGLGD SOD\D HQ IRUPD GH XQDFRELMDGDKHUUDGXUDHO MRYHQFDSLWiQGHOD1DYHGRQ$ORQVRGH4XLQWHURUHYLVDVXV FDUWDV GH QDYHJDFLyQ EXVFDQGRDOJ~Q LQGLFLR TXH LQGLFDUD VX SRVLFLyQHUDODSULPHUDYH]TXHXQEDUFR(VSDxROUHFRUUtD HVWRV OXJDUHV \ SRU HOOR VXFDSLWiQ GHEtD GHMDU UHJLVWUR GH VXH[LVWHQFLD HQ GLFKDV FDUWDV HV DVt TXHFRQVXSOXPDGLEXMDHOSULPHUUHOLHYHHQHOPDSD\OREDXWL]DFRPROD%DKtDGH4XLQWHUR3HUR OD EDKtD QR HVWDED GHVKDELWDGDPLUDQGRFRQFXULRVLGDG OD HPEDUFDFLyQ\ HVFRQGLGRV HQ ORV UHTXHUtRV GH ODSOD\D HVWDEDQ ORV %DWRV KDELWDQWHV

LQGtJHQDV GXHxRV GH HVWDV WLHUUDVFRQRFLGDV KDVWD HQWRQFHV FRPR HO9DOOHGH1DUDX &RUVDULRV \ 3LUDWDV 'UDNH&DYHQGLVK6SLOEHUJ/RV GHVHRV GH FRQTXLVWD \ ODV ULTXH]DVDEULHURQ HO DSHWLWR GH ODV SRWHQFLDVHXURSHDV,QJODWHUUD\(VSDxDDOHQWDEDQORV DWDTXHV GH FRUVDULRV \ SLUDWDVSXHVWR TXH WDOHV DVDOWRV \ SLOODMHVDGHPiVGHGHVPRUDOL]DUDODGYHUVDULROHSURSRUFLRQDEDQXQ SRUFHQWDMH GHO ERWtQREWHQLGRSRUVXVVRFLRV(OSULPHUFRUVDULRLQJOpVTXHLQFXUVLRQyHQQXHVWUDVFRVWDVIXH)UDQFLV'UDNHHOIDPRVRSLUDWD%DUED5RMD4XLpQGHVGHSHTXHxR WXYR OD LOXVLyQ GH TXH KDEtDVLGRFRPLVLRQDGRSRU'LRVSDUDYHQGHUQHJURV PDWDU HVSDxROHV VDTXHDUFLXGDGHV \ FDSWXUDUEDUFRV FDUJDGRVGHRUR/DUHLQD,VDEHO,GH,QJODWHUUDHQYLyD 'UDNH HQ VHFUHWR D XQD H[SHGLFLyQFRQWUDODVFRORQLDVHVSDxRODVGHODFRVWDGHO3DFtILFR6XU


8

6LU )UDQFLV 'UDNH 0DUFXV *KHHUDHUWV WKH


9

TXHOHVDOLHURQDOHQFXHQWUR+HUQiQGH]OHVVROLFLWySURYLVLRQHV

7KRPDV&DYHQGLVK/RV SLUDWDV WRGRV MXQWRV SDVDURQ ODQRFKH HQ WLHUUD HQ HO IpUWLO YDOOH GH/RQFXUD DO DPDQHFHU YROYLHURQ D VXEDUFR$O GtD VLJXLHQWH XQD SDUWLGD GHFLQFXHQWDDVHVHQWDFRUVDULRVLQJOHVHVVHGHGLFy D UHFRQRFHU HO LQWHULRU GH

/RQFXUDLQWHUQiQGRVHXQRVGLH]DGRFHNLOyPHWURV \ UHJUHVDQGR D ERUGR GHQRFKH VLQ KDEHU GLYLVDGR KDELWDQWH QLSREODFLyQ DOJXQD HQFRQWUDQGR VRORKHUPRVRVYDOOHV\FROLQDVFRQJDQDGR\SHUGLFHV /D FDOHWD VH HQFRQWUDEDKDELWDGD VROR SRU LQGtJHQDV \GHVJXDUQHFLGD GHELGR D OD IDOWD GHVROGDGRV0LHQWUDV HVWR RFXUUtD OOHJDEDQ D ODFRVWD WURSDVGHVDFHUGRWHV IUDQFLVFDQRVGRPLQLFRV PHUFHGDULRV DJXVWLQRV \DOJXQRV MHVXLWDV WUDtGRVGHVGH6DQWLDJRHQYLDGRV SRU HO FRUUHJLGRU GRQ $ORQVR&DPSRIUtR GH &DUYDMDO DO FRQRFHU ODOOHJDGD GH ORV WUHV EXTXHV LQJOHVHV VHXQLHURQFRQ ORVFRORQRVEDWRVGHO OXJDURUJDQL]iQGRVHODGHIHQVDGH/RQFXUD(QODVSULPHUDVKRUDVGHODPDxDQDGHOGHDEULOGHVHGHVSUHQGLHURQGHORVEXTXHVSLUDWDVDOJXQRVERWHVKDFLDODSOD\D GH /RQFXUD \ GHVHPEDUFDURQ VXJHQWH TXH VH GLULJLy D ODV ODJXQLOODV RSR]RV TXH H[LVWtDQ D PHQRV GHTXLQLHQWRV PHWURV HQ HO ERVTXH GH ODV


10

3HWUDV ORV FXDOHV IRUPDEDQ XQRVYHUJHOHV DOOt LEDQ D OOHQDU EDUULOHV GHDJXDGXOFH\ODYDUURSD'HVFXLGDGRVHQHVWD IDHQD GH LPSURYLVR IXHURQDWDFDGRV SRU XQD SDUWLGD GH GRVFLHQWRVKRPEUHV D FDEDOOR HQWDEOiQGRVH ODOXFKD 5HOLJLRVRV H LQGtJHQDVDKX\HQWDURQDOFRUVDULR\VXVKRPEUHVDJDUURWD]RV\SLHGUDV/RV LQJOHVHV VH UHWLUDURQ FRPEDWLHQGRKDVWD OOHJDU D ORVERWHV \ UHIXJLiQGRVHHQ ORV URTXHUtRV GH /RQFXUD DO DEULJRGH ORV GLVSDURV GH XQR GH ORV QDYtRVLQJOHVHV TXH VH KDEtD DSUR[LPDGR D ODSOD\D SDUD SURWHJHU D VX JHQWH&DYHQGLVK IUXVWUDGR HQGHUH]y VXV WUHVQDYHVDOQRUWH]DUSyGH4XLQWHURHOGH DEULO GH FRQ YDULRV SLUDWDVPXHUWRV SURGXFWR GH HVWD UHIULHJDGRQGH VHLV IXHURQ FDSWXUDGRVDKRUFiQGRVHOHV GH LQPHGLDWR (UD ODSULPHUDEDWDOODGH&KLOH&RORQLDOFRQHOHQHPLJRH[WUDQMHUR1RREVWDQWHRWURVSLUDWDVLQJOHVHVFRPR-RKQ 5LFKDUG +DZNLQV IDPLOLDU GH

'UDNH WHQtD FRPR PLVLyQ WUDQVSRUWDUHVFODYRV DO *ROIR GH0p[LFR (Q DEULOGH FD\y VREUH 9DOSDUDtVRDSURSLiQGRVH GHO FRQWHQLGR GH ODVERGHJDV\GHXQEDUFRFDUJDGRFRQRUR\OXHJRVHGLULJLyD4XLQWHUR7DPELpQ *HRUJH 6SLOEHUJ DOPLUDQWH$OHPiQDOVHUYLFLRGH+RODQGDDUULEyD4XLQWHUR HO GtD GH MXQLR GH HQFRQWUDQGRDTXtXQSXQWRGHGHVFDQVR\XQHVSDFLRGRQGHDEDVWHFHUVHGHDJXD\OHxDDODEULJRGHXQSHTXHxRUHIXJLRHQIRUPDGHPHGLDOXQDTXHDUPyVREUHODSOD\DGH/RQFXUD6H UHWLUy HO GHMXQLR GHOPLVPR DxR GHMDQGR OLEUHV HQ4XLQWHUR D GRV SULVLRQHURV SRUWXJXHVHVTXH KDEtD WRPDGR HQ ODV FRVWDV GHO%UDVLO HQYLy DOJXQDV IXHU]DV D 3DSXGRSDUD UHFRJHU DOLPHQWRV \ GHVSXpVFRQWLQXyVXVFRUUHUtDVSRUODVFRVWDVGHO3DFtILFR$Vt FRPR HOORV YDULRV SLUDWDV \FRUVDULRVOOHJDURQDQXHVWUDEDKtDGDQGRSDVRDLQQXPHUDEOHVOH\HQGDVGHWHVRURVHVFRQGLGRV


11

*XHUUD&LYLOGH'HVHPEDUFRHQ4XLQWHUR7UDQVFXUULGRHOPHVGH DJRVWRGHHOHQFXHQWUREpOLFRHQWUHHO&RQJUHVRGHOD5HS~EOLFDGH&KLOH\HO*RELHUQRGHO3UHVLGHQWH -RVp0DQXHO %DOPDFHGD HUDLQPLQHQWH ORV EXTXHV GH OD (VFXDGUDPDUFKDEDQKDFLD4XLQWHUR'XUDQWHODWDUGHGHOGtDGHDJRVWRGHHVHDxRGLHFLVpLVEXTXHVGHOD$UPDGDTXHDSR\DEDQDO&RQJUHVR1DFLRQDOVHUHXQLHURQ D GRV PLOODV QRURHVWH GH ODSXQWD /LOHV HQ ODV SUR[LPLGDGHV GH4XLQWHUR SDUD SODQLILFDU GH PDQHUDHVWUDWpJLFDHOGHVHPEDUFRDHVWDVWLHUUDVSDUDHOOR UHYLVDURQ\UDVWUHDURQ WRGD ODEDKtD DQWH OD SRVLELOLGDG GH TXH ORVJRELHUQLVWDVKXELHUDQPLQDGRODUDGDGH4XLQWHUR&RQMXQWDPHQWH D HVWD PDQLREUDHVSHUDEDQ WHQHUQRWLFLDVGH ODDYDQ]DGDTXH WHQtD OD PLVLyQ GH FRUWDU ORVWHOpJUDIRV \ ORV IHUURFDUULOHV TXHFRPXQLFDEDQ FRQ 6DQWLDJR \ DVt

VRUSUHQGHU D ORV YHFLQRV GH ORV IXQGRVGH 4XLQWHUR \ RFXSDU OD EDKtD SDUDGHVHPEDUFDUODVWURSDVFRQJUHVLVWDVTXHHQ VX WRWDOLGDG HUDQ GLH] PLO KRPEUHVXQLIRUPDGRVGHEODQFRFRQXQEUD]DOHWHURMR HQ XQ EUD]R DOPDQGRGHO FDSLWiQGHQDYtR\FRQJUHVLVWDGRQ-RUJH0RQWWOYDUH]/DSULPHUDHPEDUFDFLyQHQDSUR[LPDUVHD4XLQWHURIXHODFRUEHWD2+LJJLQV\HOWUDQVSRUWH%tR%LRTXHHQYLyGRVGHVXVFKDOXSDV GH UHFRQRFLPLHQWR XQD SRUGHQWUR \ OD RWUD SRU IXHUD GH ODSHQtQVXOD FRQ HO REMHWR GH LQWHUFHSWDUORV ERWHV GH ORV SHVFDGRUHV \ DVtDYHULJXDU OD SRVLEOH H[LVWHQFLD GHWRUSHGRV IRQGHDGRV R PLQDVHVWDEOHFLGDV \ WDPELpQ DYHULJXDU VLKDEtD JHQWH HVSHUDQGR SRU WLHUUD SDUDLPSHGLUHOGHVHPEDUFR0LHQWUDV TXH OD FRUEHWD 0DJDOODQHVYLJLODEDDSXQWDQGRFRQFDxRQHVDWLHUUDSDUD SURWHJHU HO SDVR GH ODVHPEDUFDFLRQHV PHQRUHV VH IRUPDURQVHQGHURVVREUHHOPDUFRQER\DVEODQFDV


12

FRPR UXWD SDUD HO IRQGHDGHUR GH ORVWUDQVSRUWHVHVWDQGRWRGDVODVWURSDVDODHVSHUDGHODYLVRGHVHJXULGDG/OHJy HO PRPHQWR \ HO GHVHPEDUFRFRPHQ]yHQODPDGUXJDGDGHOGtDGHDJRVWR DSUR[LPiQGRVH ODV HVFDPSDYtDV&yQGRU \ +XHPXO SDUD SURWHJHU HOWUiQVLWR OLEUH FRQ ORV FDxRQHV OLVWRV DWRUSHGHDU HQ FDVR GH DWDTXH WHUUHVWUHPLHQWUDV HO EXTXH %LR%LRVLOHQFLRVDPHQWH HQ OD SHQXPEUDGHVSDFKDEDORVERWHVKDFLDORVEDMRVGHODV URFDV EODQFDV GH /RQFXUD FRQPiVGH WUHVFLHQWRV VROGDGRV GHO UHJLPLHQWR3LVDJXD 1 MXQWR D RFKRFLHQWRVFDEDOORV PXODV DPHWUDOODGRUDV \SHUWUHFKRVPLOLWDUHV(Q HVWD SULPHUD DYDQ]DGD VHSRVLFLRQDEDQ VLQ LQFRQYHQLHQWH DOJXQR\ VLQ RSRVLFLyQ GH ORV OXJDUHxRV/RQFXUDQRVTXHREVHUYDEDQHVFRQGLGRVHQWUH HO WXSLGR ERVTXH \ SDVWL]DOHV HUDWDO HO RGLR HQWUH ORV FRQJUHVLVWDV \ ORVEDOPDFHGLVWDV TXH ORV MyYHQHV QLxRV \DGXOWRV WHPtDQ VHU DWUDSDGRV \

UHFOXWDGRV FRPR VROGDGRV PLHQWUDV ODPXMHUHVHQODRVFXULGDGHVFRQGtDQHQWUHODVDUHQDVDVXVEHEpV\FRVDVGHYDORU&DtGD OD RVFXULGDG GH OD QRFKH XQJUXSR GH YHLQWLVpLV VROGDGRV UHFRJtDQORV FDEDOORV \ VH GHVSOD]DEDQ D ORVFHUURV DOHGDxRV SDUD REVHUYDU \UHFRQRFHU SRU WLHUUD WRGD OD SHQtQVXODUHYLVDQGRORVFDPLQRVTXHXWLOL]DUtDQODLQIDQWHUtD\DUWLOOHUtDKDFLDHOVXU(O GHVHPEDUFR FRQWLQXDED D XQDGLVWDQFLD GH GRVFLHQWRV PHWURV GHGLIHUHQFLD HQWUH ERWH \ ERWH D PHGLGDTXH FDGD HPEDUFDFLyQ WRFDED DUHQD VHDVLVWtDQ UHPROFDGRV HQFLPD GHHPSDOL]DGDDOLQHDGDVFRQORVTXHKDEtDGHVFHQGLGR SULPHURPLHQWUDV ORV ERWHVYROYtDQ YDFtDV D ODV HPEDUFDFLRQHV GHRULJHQ$SHVDUGHOEXHQWLHPSRODOLJHUH]DGHORV PRYLPLHQWRV \ SRFR ROHDMH HOGHVHPEDUFR IXH FRQWUDULDGRSRU OD IDOWDGH UHFXUVRV \ HOHPHQWRV SDUD VXVPDQLREUDVORTXHSURGXMRXQUHWUDVRTXH


13

ORKDUtDSURORQJDUVHKDVWDODVKUVGH ODQRFKH OD\EULJDGDFRQVXVJXDUGLDV WRPDEDQ HO FDPLQR ODFDEDOOHUtDGHMDEDHQFODURHOFDPLQRDODLQIDQWHUtD \ DUWLOOHUtD XQD YH] UHXQLGDODV EULJDGDV VH GLR FRPLHQ]R D ODVPDUFKDV$ SHVDU TXH OD GLVWDQFLD DO UtR$FRQFDJXD HUD GH FXDWUR OHJXDV ODRVFXULGDGHOERVTXHODHVWUHFKH]GHORVFDPLQRV \ HO VXHOR SDQWDQRVRLPSLGLHURQFUX]DUORHVHGtD7DQSURQWRFRPROD2CKLJJLQVFXPSOtDVXPLVLyQHQHO VHFWRU GH 4XLQWHUR VH WUDVODGy D ODGHVHPERFDGXUDGHOULR$FRQFDJXD

%DWDOODGH4XLQWHUR

3RU RWUD SDUWH HO JUDQ EDWDOOyQ VHWUDVODGDED SRU OD UXWD GH 9DOOH $OHJUHKDVWD &ROPR D FLHJDV HQ GHPDQGD GHOHQHPLJR \D TXH QR WXYLHURQ QRWLFLDDOJXQD GHO JUXSR TXH FRUWDUtD HOWHOpJUDIRQLHOIHUURFDUULO$O DQRFKHFHU GHO GtD GH DJRVWR ODVWURSDVGHJRELHUQRGHELHURQDFDPSDUHQVXWRWDOLGDGHQ4XLQWHURDORVOtPLWHVGHOULR $FRQFDJXD GRQGH D OD PDxDQDVLJXLHQWHFRPHQ]yODJXHUUD


14

&DPSDPHQWR9LGD6DQDDODGHUHFKDGRQ%HQHGLFWR.RFLDQVXIXQGDGRU


15

,QLFLRVGHO%DOQHDULRGH/RQFXUD

/D FRVWXPEUH GH LU D OD SOD\D HQ&KLOHFRPHQ]y D DUUDLJDUVH D ILQHV GHO VLJOR;,; /RV SULPHURV EDOQHDULRV IXHURQRFXSDGRV SRU OD JHQWH GH IXQGRV \KDFLHQGDV FHUFDQDV D OD FRVWD \ HOKiELWR FRPHQ]y D KDFHUVHPiV SRSXODUFRQ OD FRQVWUXFFLyQ GH ORV UDPDOHV GHIHUURFDUULOHV 'H HVD IRUPD QDFLHURQPXFKDV FLXGDGHV FRVWHUDV FRPR ODSURSLD 9LxD GHO 0DU &RQVWLWXFLyQ \&DUWDJHQD

/RVRUtJHQHVGHODLQLFLDWLYDGHKDFHUGH4XLQWHUR XQ EDOQHDULR VH UHPRQWDQKDFLD %HQMDPtQ 9LFXxD0DFNHQQDVHxDODTXHHQHVDIHFKDVXUJHOD LGHD GH FUHDU OD 6RFLHGDG GH)HUURFDUULO 3XHUWR \ %DOQHDULR GH4XLQWHUR /D UD]yQ HV TXH VH KDEtDKHFKRHYLGHQWHODDXVHQFLDHQOD

FRVWD FHQWUDO GH &KLOH GH XQD FLXGDGGH EDxRV FRPR 6DQ 6HEDVWLiQ7URXYLOOH R %LDUULW] HQ (XURSD9DOSDUDtVRHUDXQSXHUWRGHDJXDVXFLDTXHQRVHUYtDDOHIHFWR

)XH HQWRQFHV FXDQGR /XLV &RXVLxRDPLJRGHGRQ%HQMDPtQGHFLGHFRPSUDUSDUWH GH OD+DFLHQGD GH4XLQWHUR \ DVtOOHYDUDFDERHVWHSUR\HFWR

+DFLD 'RQ $OEHUWR &RXVLxR*R\HQHFKHD KLMR GH /XLV &RXVLxRGHFLGH KDFHU UHDOLGDG HO VXHxR GH VXSDGUH \ WUDQVIRUPDU OD EDKtD GH4XLQWHURHQHOEDOQHDULRGHODSURYLQFLDGH9DOSDUDtVR

2 *$=085,5,9(526&5,67,$1/D&RPSDxtDGH)HUURFDUULO3XHUWR\%DOQHDULRGH4XLQWHUR XQD HPSUHVD IUDFDVDGD 5HYLVWD GH+LVWRULD ,QVWLWXWR GH +LVWRULD 3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH9RO

&DStWXOR,,,

/RQFXUDFRPREDOQHDULR


16

3DUD HOOR HUD QHFHVDULR HUUDGLFDU D ORVSHVFDGRUHV\VXVIDPLOLDVTXHYLYtDQHQODGHQRPLQDGD3OD\DGHORV3HVFDGRUHV&RPR FRQVHFXHQFLD VH GHFLGLy ORWHDUORV WHUUHQRV GHO VHFWRU GH /RQFXUD \FHGHUORV D ORV SHVFDGRUHV D XQ EDMRFRVWR

)XHDVtFRPRHQHO DxRFRPLHQ]DOD GLYLVLyQ \ HQWUHJD GH WHUUHQRV /RVSULPHURV FRORQRV HQ OOHJDU IXHURQ ODVIDPLOLDV %HUQDO &LVWHUQDV &DUUDVFR5DPtUH] 9DOHQFLD \ 9HUGHMR HOODVGHQRPLQDURQ VX QXHYR KRJDU FRPR0XQGR1XHYR

3HVFDGRUHVGH/RQFXUD

8QDYH]DSUREDGRHOSUR\HFWR6RFLHGDGGH )HUURFDUULO 3XHUWR \ %DOQHDULR GH4XLQWHUR SRU HO SUHVLGHQWH 5DPyQ%DUURV /XFR HQ HO JUXHVR GH ORVSHVFDGRUHV VH LQVWDOy HQ /RQFXUD7UDQVIRUPiQGRVHGHVGHHVHHQWRQFHVHQXQ SXHEOR GH SHVFDGRUHV GHQRPLQDGR/RQFXUD%DMR


17

/D ]RQD FRPSUHQGtD XQD H[WHQVD SOD\DURGHDGD GH KHUPRVRV ERVTXHV /DVSULPHUDV YLYLHQGDV HUDQ PX\ VHQFLOODVGH WRWRUD\DGREHQRKDEtD OX]QLDJXDSRWDEOH\ORVFDPLQRVHUDQGHWLHUUD

3ULPHUD&DVDGH/RQFXUD%DMR

0LHQWUDV YDULDV IDPLOLDV GH DOFXUQLDWDPELpQ DGTXLULHURQ WHUUHQRV DWUDtGDVSRU OD EHOOH]D GHO OXJDU \ HGLILFDURQFDVDV TXH VyOR HUDQ XWLOL]DGDV HQWHPSRUDGD GH YHUDQR \ OOHJDEDQ D ODFRVWD HQ FDUUHWDV \ FRFKHV WLUDGRV SRUFDEDOORV

/D&DVD5RMDKDVWDKR\KDVLGRFRPRXQ IDUR TXH GD OD ELHQYHQLGD D ODORFDOLGDG (VWD IXH DGTXLULGD HQ SRU GRQ $OIRQVR 8ULEH SDUD SDVDU HOSHULRGRHVWLYDO\KDVWDKR\VLJXHVLHQGRSDWULPRQLRGHODIDPLOLD

(Q HO IHUURFDUULO HVWXYR OLVWR \FRPHQ]y D RIUHFHU ORV VHUYLFLRV GHSDVDMHUR\FDUJD&RQHVWHQXHYRPHGLRGH WUDQVSRUWH OD FDQWLGDG GH YLVLWDQWHVTXH UHFLEtD 4XLQWHUR \ /RQFXUD IXH HQDXPHQWR DxR WUDV DxR GHELGR D ODUDSLGH] \ FRPRGLGDG TXH RWRUJDED (QHOWUHQGHVGHHOUDPDO6DQ3HGURD4XLQWHURGHPRUDEDYDULDVKRUDV


18

(19,$-(5HYLVWDGH)HUURFDUULOHVGHO(VWDGR6DQWLDJR&KLOH

&DVDHVWDFLyQGH4XLQWHUR

3HUR HUD HQ YHUDQR FXDQGR HO WUHQ VHFRQYHUWtD HQ HO JUDQ SURWDJRQLVWD GH4XLQWHUR /RV ILQHV GH VHPDQD XQ WUHQGH SDVDMHURV GH DSUR[LPDGDPHQWH XQRVFDWRUFH D GLHFLVpLV YDJRQHV UHSOHWRV GHYHUDQHDQWHV DUULEDEDQ D 4XLQWHUR SDUDFROPDUVXVFDOOHV\VXVSOD\DV WUD\HQGRFRQ HOORV XQD JUDQ DOJDUDEtD (O WUHQSHUPLWtD WUDHU D XQ JUDQ Q~PHUR GHSHUVRQDVFRQWRGRVVXVHQVHUHV

&RPRHO WUHQHUDHFRQyPLFR\ UiSLGRSRGtDQ YHQLU JUDQGHV JUXSRV GHSHUVRQDV FRQ WRGR OR QHFHVDULR SDUDLQVWDODUVH

'XUDQWH HVD pSRFD VH YLYLy XQ SHULRGRGH HVSOHQGRU D /RQFXUD OOHJDURQSHUVRQDOLGDGHV GHO PXQGR SROtWLFR \WDPELpQ DUWtVWLFR 7RGRV HOORV HUDQDVLGXRVYLVLWDQWHVGH/RQFXUD7DQWRHVDVtTXHVHLQVWDOyHQODVFHUFDQtDVGHOD+LMXHOD(O%DWRGHODIDPLOLD&RXVLxR\FHUFD GHO PDU HO UHFRUGDGR \ DxRUDGR&DPSDPHQWR9LGD6DQD 3 /3(=52%/('26,/9,$4XLQWHUR6RODU0DULQR(GLWRULDO$OED9DOSDUDtVR&KLOH


19

3OD\DGH/RQFXUD

&DPSDPHQWR9LGD6DQD

(QWUHERVTXHVURFDV\SUDGHUDVHQXQSLQWRUHVFR UHFRGR GHO KHUPRVR OLWRUDOGH OD EDKtD GH 4XLQWHUR \ SUy[LPR DOD FDOHWD GH /RQFXUD VH HQFXHQWUDHO&DPSDPHQWR9LGD6DQD

(O &DPSDPHQWR 9LGD 6DQD IXH LGHDGRSRU %HQHGLFWR .RFLDQ -XUQHFND XQSURIHVRU GH HGXFDFLyQ ItVLFD GH RULJHQFKHFRTXHVHDYHFLQGyHQQXHVWURSDtVDILQHV GH ORV DxRV YHLQWH (O HMHUFLFLRItVLFRHVODIXHQWHGHWRGDVODVDOHJUtDV6LQpOHOFXHUSRVHGHELOLWD\ODYLGDVHPDUFKLWD FRPR XQD SODQWD VLQ DJXD QLVRO HQ KRQRU D HVWD Pi[LPD FUHD XQ

OXJDUSDUDYDFDFLRQDUGHPRGRQDWXUDO\VDOXGDEOHHODxR

/RV DFDPSDQWHV GHEtDQ FXPSOLU FRQ HOSURJUDPD HVWDEOHFLGR SRU HO GLUHFWRULRUHVSHWDQGR ORV KRUDULRV \ ODVDFWLYLGDGHV TXH HUDQ ItVLFDV FXOWXUDOHV\ HGXFDWLYDV (Q 9LGD 6DQD VHSUDFWLFDQ KiELWRV TXH DFUHFLHQWDQ ODVDOXG FRPR VHU JLPQDVLD GHSRUWHVSDVHRVDO DLUH OLEUH6HRUJDQL]DQ WRGDFODVHGHH[FXUVLRQHVDSLHHQODQFKDV\FDPLRQHVSRU OD ]RQDGHHVWDEHOOtVLPDFRPDUFDGHWDQYDULDGRVFRPRVXEOLPHVSDQRUDPDV

6UD ,ULV *DOLQGR \ Saur Herold HQ&DPSDPHQWR9LGD6DQD


20

&DPSHRQDWR GH 9yOHLERO &DPSDPHQWR 9LGD6DQD

(O FRPSDxHULVPR OD FRODERUDFLyQ \ HOWUDEDMRHQHTXLSRHUDQIXQGDPHQWDOHV\VH SUDFWLFDEDQ HQ WRGR PRPHQWR([LVWHDOHIHFWRXQUHJODPHQWRLQWHUQRTXH WLHQH SRU REMHWR HVWDEOHFHU XQDFRRSHUDFLyQLGHDO\HQWXVLDVWDSDUD

GLVIUXWDUSOHQDPHQWHGH ODSHUPDQHQFLDHQHVWRVFDPSDPHQWRV

(UDQ FRPXQHV HQ HO FDPSDPHQWRDWUDFWLYDV IRJDWDV HQ ODV TXH SRU ORJHQHUDO HO SURGXFWR GH OD HQWUDGD HUDSDUD ILQHV GH EHQHILFHQFLD (VWDV

4 /DYR]GH4XLQWHUR


21

ILHVWDV QRFWXUQDOHV VRQ GH JUDQ EULOORVRFLDO7DQWR DVt TXHKDVWD HO HVFULWRU-RVp /XLV 5RVDVFR HQ VX OLEUR)UDQFLVFD\RWHDPRQRVKDEODGHHOOR

(O FDPSDPHQWR 9LGD 6DQD TXHGDEDOHMRV HQ HO PHGLR GH OD FLQWXUD GH ODEDKtDHQHOVHFWRUGH/RQFXUDSHURODVFDPLQDWDVGHLGD\YXHOWDHUDQSDUWHGHODWUDFWLYR GH OD *UDQ )RJDWD 3RU ODVDUHQDV GH OD SOD\D DYDQ]DEDQ IHVWLYRVORV JUXSRV DEUD]DGDV ODV SDUHMDVPLUDQGR KDFLD HO PDU DO TXH OD OXQDOOHQD SURSRUFLRQDED XQD SLHOPHWiOLFD

$OPXHU]R IDPLOLDU &DPSDPHQWR 9LGD 6DQDYHUDQR 5 /DYR]GH4XLQWHUR

6LOYLD 3LxHLUR Saur Herold, H KLMD GH%HQHGLFWR.RFLDQ&DPSDPHQWR9LGD6DQD


22

%DOQHDULR GH /RQFXUD GpFDGD GHO

$ SDUWLU GH OD GpFDGD GHO VHVHQWD RWURPHGLR GH WUDQVSRUWH LPSXOVy ODVYDFDFLRQHV \ HO GHVDUUROOR /RQFXUDFRPREDOQHDULRVLJQLILFDWLYRGH OD]RQDFHQWUDO HO DXWRPyYLO $ PHGLDGRV GHOVLJOR SDVDGR HO EDOQHDULR GH /RQFXUDFRPLHQ]DDSHUGHUGHH[FOXVLYLGDG\VHYXHOYHFDGDYH]PiVPDVLYR

/D WUDQTXLOLGDG GH DQWDxR VH IXHSHUGLHQGR DO KDFHUVH /RQFXUD PiVFRQRFLGR\HOYHUDQHRFRPHQ]yDKRUDDKDFHUVHHQFDUSDVDODRULOODGHODSOD\D

)DPLOLDHQOD3OD\DGH/RQFXUD

/D FRQYLYHQFLD HUD PX\ DPHQDOOHJDEDQ ODV IDPLOLDV D SDVDU HO YHUDQRORVQLxRVGLVIUXWDEDQGHORVMXHJRVHQODRULOOD GHO PDU \ ORV DGXOWRV VHGHGLFDEDQD ORVTXHKDFHUHVGRPpVWLFRVTXH HUDQ EDVWDQWH PiV FRPSOLFDGRVSXHVWRTXHVHGHEtDFRFLQDUFRQIRJyQRHQKR\RVHQODDUHQD

6LQHPEDUJR ODDSDULFLyQGH ORVEXVHVDXPHQWy FRQVLGHUDEOHPHQWH OD FDQWLGDGGHWXULVWDVTXHOOHJDEDQDWUDtGRVSRUODVEHOODV SOD\DV \ KHUPRVD QDWXUDOH]D GH/RQFXUD

/RVILQHVGHVHPDQDFRPHQ]DURQDVHUFDWDVWUyILFRVFLHQWRVGHEXVHVOOHJDEDQFROPDGRV GH WUDEDMDGRUHV \ VXVIDPLOLDV HQ SDVHR GH ILQ GH DxR /OHJDEDQEXVHVFRQFOXEHVGHSRUWLYRVFRQ WUDEDMDGRUHV GH HPSUHVDV VLPLSDSi FRQWy XQD YH] PiV GH GRV PLODXWRVHVWDFLRQDGRVHQODSOD\D\PiVGHGRVFLHQWDVPLFURV

(VWRVHFRPSOLFDEDPiVD~QSXHVWRTXH/RQFXUD QR FRQWDED FRQ ORV VHUYLFLRV


23

EiVLFRV SDUD FXEULU ODV QHFHVLGDGHV GHWRGD OD FRQFXUUHQFLD QR KDEtD DJXD QLVHUYLFLRVKLJLpQLFRVWDPSRFRYLJLODQFLDSROLFLDO

6H OOHQy GH XQ FRPHUFLR LQVDOXEUHGHVFRQWURODGR \ FODQGHVWLQR (UDQUDPDGDV HQ SUHFDULDV FRQGLFLRQHVGRQGH VX PD\RU DEDVWHFLPLHQWR HUDQEHELGDV DOFRKyOLFDV )DPRVDV IXHURQODV TXLQWDV GH UHFUHR /D &KDEHOLWD \/D9LxDPDULQD

7DO HUD OD FDQWLGDG GH SHUVRQDV TXHOOHJDEDQ D YHUDQHDU TXH $ ODV GHOGtD \D KDEtD XQ PRQWyQ GH QLxRVSHUGLGRV OORUDQGR PL SDSi OHV GDEDGXOFHVHPSDQDGDVFXDOTXLHUFRVDSDUDTXHVHWUDQTXLOL]DUDQ

&RPR VROXFLyQ SDUD HUUDGLFDU ORVSUREOHPDV TXH DFDUUHDED OD IDOWD GHHVSDFLR \ GH VHUYLFLRV EiVLFRV ODVDXWRULGDGHV FRPXQDOHV \ UHJLRQDOHVVROLFLWDURQ D GRQ /XLV &RXVLxR 6HELUHORWHDU VX IXQGR (O %DWR SDUD TXHDOJXQDV IDPLOLDV SXGLHVHQ DGTXLULU XQ

WHUUHQR GRQGH FRQVWUXLU XQD FDVD GHYHUDQHR $Vt HQ VH ORWHDURQ ODVSULPHUDVVHWHQWDKHFWiUHDVGLYLGLGDVHQFLQFXHQWD \ RFKR YLOODV FDGD XQD GHHVWDV YLOODV DOEHUJDUtD D XQR R PiVSURSLHWDULRV'HHVWHPRGRVHIRUPDURQODV SULPHUDV 9LOODV GH 9HUDQHR \ VHGHQRPLQy D HVWH VHFWRU FRPR /RQFXUD$OWR

/D XUEDQL]DFLyQ GH ORV WHUUHQRVFRQVLVWLy HQ FDOOHV GH WLHUUD SRVWHV GHDOXPEUDGR S~EOLFR \ YHUHGDV GH SLQRVVLQ DJXD SRWDEOH QL DOFDQWDULOODGR SHURFRQXQDQRULDSDUDFDGDYLOOD

$ SDUWLU GH HVWH PRPHQWR FRPHQ]DURQWDPELpQ D FUHDUVH ODV FRORQLDV GHYDFDFLRQHV WRGDV RULHQWDGDV D EULQGDUGHVFDQVR D WUDEDMDGRUHV REUHURV \ VXVIDPLOLDV

3RFR D SRFR \ JUDFLDV D ODV PHGLGDVWRPDGDVSRUODVDXWRULGDGHV/RQFXUDVHIXH GHVFRQJHVWLRQDQGR \ SHUPLWLHQGRYDFDFLRQDU QXHYDPHQWH HQ ODWUDQTXLOLGDGGHDQWDxR


24

6DQ3HGURGH/RQFXUD)XHQWH-XDQ)UDQFLVFR%DVFXxiQ0XxR]&KLOH,PiJHQHVDOR+XPDQR\DOR'LYLQR&RQVHMR1DFLRQDOGHOD&XOWXUD\ODV$UWHV


25

2UtJHQHVGHOD)LHVWDGH6DQ3HGURGH/RQFXUD

(Q LQFRQWDEOHV FDOHWDV \ SXHUWRV GH&KLOH6DQ3HGURKDVLGRDGRSWDGRFRPRSDWURQR\SURWHFWRUGH ORVSHVFDGRUHV\VXV IDPLOLDV \ HV HQ OD ]RQD FHQWUDOGRQGH HVWD H[SUHVLyQ GH IH DOFDQ]D VXPD\RU GHYRFLyQ D WUDYpV GH ODWUDQVIRUPDFLyQ GH XQ DQWLJXR ULWXDO GHRULJHQ SUHKLVSiQLFR ODV OODPDGDV)LHVWDVGH&KLQRV

/RV SULPHURV DQWHFHGHQWHV GH ORV%DLOHV &KLQRV ORV HQFRQWUDPRV HQ ODVIODXWDV GHO OODPDGR &RPSOHMR$FRQFDJXD FXOWXUD TXH KDELWy D ]RQDFHQWUDO GH&KLOH HQWUH HO \ HO G& /XHJR WRPDPRV FRQRFLPLHQWR GHHVWDULWXDOLGDGGXUDQWHODFRQTXLVWD\GHOD FRORQLD D WUDYpV GH FURQLVWDV \YLDMHURV \ YHPRV VX GHVDUUROOR DFWXDOFRPRXQD WUDGLFLyQTXHDJOXWLQDVRFLDO

FXOWXUDO \ UHOLJLRVDPHQWH D ORVGHVFHQGLHQWHV GH DTXHOORV SXHEORVLQGtJHQDV

/D &HOHEUDFLyQ GH 6DQ 3HGUR HQ/RQFXUD HV HQWRQFHVXQDH[SUHVLyQTXHIXVLRQDULWRVLQGtJHQDVFRQDSRUWHVGHODFXOWXUDHVSDxROD\GHODLJOHVLDFDWyOLFDFUHDQGR XQD WUDGLFLyQ UHOLJLRVDHVSHFLDOPHQWH ~QLFD $ SHVDU TXH HVWDIHVWLYLGDGWLHQHPiVGHPXFKRVDxRVHQHO PXQGR QR H[LVWH XQD IHFKDGHWHUPLQDGD GHO LQLFLR GH pVWD HQQXHVWURSDtV

'RQ %HQMDPtQ 9LFXxD 0DFNHQQD HQ QDUUD VREUH OD ILHVWD HQ4XLQWHURVLHQGRHOSULPHUUHJLVWURTXHVHWLHQHGHHVWDFHOHEUDFLyQ 6 0(5&$'2 & &RQ PL +XPLOGH'HYRFLyQ%DLOHV&KLQRVHQ&KLOH&HQWUDO(G9tFWRU5RQGyQ66DQWLDJR&KLOH

&DStWXOR,9

5LWXDOLGDGHQ/RQFXUD/D)LHVWDGH6DQ3HGUR


26

&XDQGRSHQHWUiEDPRVHQHOFDVHUtRGHFDEDxDV SDML]DV \ SDUGX]FDV TXHIRUPDQHODVLHQWRPDUtWLPRGH4XLQWHURGHVFHQGtDGHODVFROLQDVTXHDHVSDOGDVGHDTXHO VH OHYDQWDQHQDQILWHDWURXQDSURFHVLyQ GH LQGLRV \ SHVFDGRUHVFRQGXFLHQGRHQGRVSHTXHxDVDQGDV ODLPDJHQGHODYLUJHQPLODJURVDGHOOXJDU\ DO VDQWR GHO GtD HO SUtQFLSH GH OD,JOHVLD\GHODVUHGHV

'HVGH HVH HQWRQFHV OD ILHVWD VH UHDOL]DFDGDDxRVLQ LQWHUUXSFLRQHVHOGRPLQJRPiV FHUFDQR D 6DQ 3HGUR \ 6DQ 3DEORHOGH-XQLR

6H DFRPRGD OD IHFKD SRUTXH OD ILHVWDGH 6DQ 3HGUR VH FHOHEUD HQ WRGR HOOLWRUDO \ HO LQWHULRU 9DOSDUDtVR0DLQWHQFLOOR +RUFyQ HQWRQFHV VHDFRPRGD OD IHFKD SDUD TXH WRGRVSXHGDQDVLVWLU

9LFXxD 0DFNHQQD %HQMDPtQ 4XLQWHUR VXHVWDGR DFWXDO \ VX SRUYHQLU ,PSUHQWD GHO0HUFXULR GH 7RUQHUR \ /HWHOLHU 9DOSDUDtVR&KLOHS

%DLOH&KLQRGH/RQFXUD

3URFHVLyQ/RQFXUD


27

/RV SUHSDUDWLYRV GH OD )LHVWD GH6DQ3HGURGH/RQFXUD

/D)LHVWDGH6DQ3HGURHVXQDILHVWDGHODFXDOSDUWLFLSDQWRGRVORVPLHPEURVGHOD FRPXQLGDG \ HVSHFLDOPHQWH ORVJUXSRVGH%DLOHTXHKDQ VLGR LQYLWDGRVMXQWRDVXVIDPLOLDVTXLHQHVFRPSDUWHQJR]RVDPHQWH \ FRQ DFpUULPD IH HVWHPRPHQWR VDJUDGR FUHDQGR DVt XQWLHPSR\HVSDFLR~QLFRHLQROYLGDEOH

9LHQHQ %DLOHV &KLQRV GH WRGRV ODGRVGH 6DQ )HOLSH GH &DOHUD GH 4XLOORWDGHWRGDVODVFRPXQDVFHUFDQDV

(V XQD IHFKD HQ TXH OR VDJUDGR \ ORSURIDQR VH XQHQ HV XQ GtD SDUD SHGLUWRFDU \ EDLODU HQ KRQRU D 6DQ 3HGURSDWURQRGHORVSHVFDGRUHVSHURWDPELpQHV XQ GtD SDUD GLVIUXWDU SDUD UHtU \FRPSDUWLU FRQ DPLJRV YHFLQRV \IDPLOLDUHV GH /RQFXUD \ WDPELpQ GHRWURV SXHEORV HV WDPELpQ XQ GtD SDUDFRPSUDU\FRPHU(QILQHVXQGtDSDUDFHOHEUDU

9LHQHQPLOSHUVRQDVPiVRPHQRVVRQWUHLQWD D FXDUHQWD SHUVRQDV SRU %DLOH

PiV IDPLOLDUHV DPLJRV \ RWURVYLVLWDQWHV

3RU HOOR ORV SUHSDUDWLYRV VH KDQLQLFLDGRFRQXQDxRGH DQWLFLSDFLyQ HVQHFHVDULR HVWDU PX\ SUHSDUDGRV SDUDUHFLELU\DWHQGHUDORVLQYLWDGRV

+D\ XQ JUXSR HVSHFLDO TXH VHSUHRFXSD GH OD ILHVWD \ ORV TXH VHHQFDUJDQGHRUJDQL]DUHODOPXHU]RVRQORVSHVFDGRUHVVHMXQWDQPDULVFRVSDUDWHQHU SDUD HO DOPXHU]R \ OD JHQWH TXHYLHQH GHO LQWHULRU GH 4XLOORWD 2OPXpDSRUWDFRQODVYHUGXUDV

3UHSDUDFLyQ GH OD )LHVWD GH 6DQ 3HGUR )XHQWH'LDSRUDPD GH OD )LHVWD GH 6DQ 3HGUR HQ/RQFXUD


28

3UHSDUDFLyQGH OD)LHVWDGH 6DQ3HGUR )XHQWH'LDSRUDPD GH OD )LHVWD GH 6DQ 3HGUR HQ/RQFXUD

/D)LHVWDGH6DQ3HGURHVXQGtDHQTXHODFRRSHUDFLyQVDOHD UHOXFLUSDUWLFLSDQDGXOWRV MyYHQHV \ QLxRV $QWHV VHHQJDODQDEDQODVFDOOHVDKRUDQRWDQWRFRQ EDQGHULWDV FRQ ODV UDPDV GHHXFDOLSWXV \DURPRV VH KDFtDQDUFRV \FRQHVRVHDGRUQDEDQWRGDVODVFDOOHV

7RGRV VH XQHQ SRU XQ PLVPR ILQFHOHEUDUDO6DQWR3DWURQR

/RV QLxRV GHVSXpV TXH VDOtDQ GHOFROHJLRVHSRQtDQDKDFHUEDQGHULWDVGHSDSHO YRODQWtQ TXH OXHJR VH FROJDEDQFRQFRUGHOHVHQODVFDOOHV

/D)HUHOLJLRVD

8QR D XQR ORV JUXSRV GH GDQ]DQWHVVROLFLWDQHOFRQVHQWLPLHQWRDO6DQWR\VXEHQGLFLyQ $VLPLVPR VX LQWHUYHQFLyQFRQ HO 6XSHULRU SDUD FDOPDU VXVDQJXVWLDV\REWHQHUPLODJURV

3RU XQ GHVHR SRU HO SDJR GH XQDSURPHVDRSDUDDOFDQ]DUXQOD]RGLUHFWRHQWUHHOFLHOR\ODWLHUUDVHLQJUHVDDORV%DLOHV&KLQRV

7RGRVSXHGHQEDLODUOHD6DQ3HGURHQXQ SULQFLSLR HUDQ VROR ORV SHVFDGRUHVSHUR D PHGLGD TXH OD SHVFD IXHGHVDSDUHFLHQGR \ ORV SHVFDGRUHVGLVSHUViQGRVHODJHQWHTXHHVGHYRWD\TXLHUH EDLODUOH D 6DQ 3HGUR SXHGHKDFHUOR

%DLOH&KLQRGH/RQFXUD)LHVWDGH6DQ3HGUR


29

+R\H[LVWHQGRV%DLOHVHQ/RQFXUDXQRGHGDQ]DFRPSXHVWRVyORSRUPXMHUHV\RWUR GH %DLOH &KLQR FRQVWLWXLGR VyORSRUKRPEUHV'DQ]DQWHVGHOD9LUJHQGH/RXUGHVGH/RQFXUD)XHQWHVLJSDSRUWDOSDWULPRQLRFO/RV GDQ]DQWHV YDQ SRUTXH D HOORV OHVOODPD XQ WHPD UHOLJLRVR $QWHVEDLODEDQVyORKRPEUHVSHURDKRUDKD\PXMHUHVWDPELpQWRGRHOGtDOHEDLODQ/D YHVWLPHQWD TXH HO &KLQR OOHYDFRQVLJR H[SUHVD HVWD IH SRU HOOR HVWiEHQGHFLGD\ODOOHYDFRQRUJXOORVLHQGRUHVSHWDGD \DGPLUDGDSRU ORV IHUYLHQWHVSDUWLFLSDQWHVGHODIHVWLYLGDG

(O %DLOH GH &KLQRV GH /RQFXUD KDVLGRVLHPSUHXQRGHORVPiVQXPHURVRVGLVFLSOLQDGRV \ UHVSHWXRVRV GH ODVWUDGLFLRQHV VX WUDMH TXH VLPXOD DO GHORV VROGDGRV QDYDOHV HVWi FRPSXHVWRSRUFKDTXHWLOODVD]XOPDULQRFRQFXHOORPDULQR FRQ GRV HVWUHOODV \ FRUGyQEODQFR DO FRQWRUQR VREUH IRQGR D]XOSDQWDOyQ UHFWR HQ EODQFR ]DSDWRVQHJURV \ JRUUR PDULQHUR WDPELpQEODQFR GHQRWD VX SUHRFXSDFLyQ \UHVSHWR SRU VX SDUWLFLSDFLyQ HQ ODFRPSDUVD%DLOH&KLQRGH/RQFXUDWRFDQGR)ODXWDV&KLQDV)XHQWH'LDSRUDPDGHOD)LHVWDGH6DQ3HGURHQ/RQFXUD


30

(O SXHEOR OH FRQFHGH XQD DGPLUDFLyQHVSHFLDODORV&KLQRV6DEHTXHPXFKRVGH HOORV HVWiQ EDLODQGR GHVGH QLxRV/DV PDPiV OHV YDQ HQVHxDQGR GHVGHFKLTXLWLWRVDORVQLxRVDEDLODU

1LxR&KLQR)XHQWHKWWSZZZSRUWDOSDWULPRQLRFO

/R GLIHUHQWH GH DQWHV HV TXH DQWHVWRGRVYLYtDQDTXtSHURFXDQGRODSHVFDVH IXH YROYLHQGR PDOD ORV MyYHQHV VHHPSH]DURQ D LU HQWRQFHV \D QR VRQSHVFDGRUHV FRPR ORV SDSDV R ORVDEXHORV WLHQHQ RWUDV SURIHVLRQHV \ VHKDQLGRFDVLQRKD\QLxRV

&DGD FRIUDGtD FXHQWD FRQ XQ JXtDOODPDGR DOIpUH] TXLHQ SRUWDQGR ODEDQGHUDHVHOHQFDUJDGRGHWUDQVPLWLUDWUDYpVGHO FDQWR ODGHYRFLyQKDFLD6DQ3HGUR

(VWH FDQWR D OR GLYLQR HV XQDH[SHULHQFLD HPRWLYD PX\ IXHUWH TXHH[DOWD HO DPRU \ OD IH $ OD LPDJHQVDJUDGD VH OH KDEOD GHVGH OR SURIXQGRGHO DOPD GHVGH XQ HVWDGR HVSHFLDO GHFRQFLHQFLD DO TXH VyOR DOJXQRV ORJUDQOOHJDU

(O DOIpUH] QR VH HOLJH VH YD GDQGRVRORSRUTXHQDFHGHXQDPDQGDLQWHUQDTXHpOKDKHFKRFRQ6DQ3HGUR

6LQ HPEDUJR HO DOIpUH] WDPELpQ GHEHSUHSDUDUVH GXUDQWH DxRV FRQRFHU PX\ELHQ ODV 6DJUDGDV (VFULWXUDV ODV


31

KLVWRULDV EtEOLFDV GH VDQWRV \PLODJURV'HEH VHU EXHQR HQ OD LPSURYLVDFLyQ \WHQHUXQDFRQH[LyQHVSHFLDOFRQHO%DLOH&KLQR TXH OR DFRPSDxD HQ WRGRPRPHQWR

(O DOIpUH] GHEH HVWXGLDU WLHQH TXHVDEHUPXFKRGH ODELEOLD\FDQWDFRPRSD\DGRU

+R\ HO DOIpUH] GHO %DLOH &KLQR GH/RQFXUD HV -XDQ &LVWHUQDV TXLpQFRPHQ]yDFKLQHDUGHVGHORVVHLVDxRV\HVDOIpUH]GHVGHKDFHGLHFLVpLV

-XDQ &LVWHUQDV DFWXDO $OIpUH] GHO %DLOH &KLQRGH/RQFXUD)XHQWHKWWSZZZGRFXPHQWRVGHFXOWXUDFO

(O*UDQ'tD

/D FHOHEUDFLyQ FRPLHQ]D WHPSUDQR HQODFDVDGHODIDPLOLDGyQGHODLPDJHQGH6DQ 3HGUR KD SHUPDQHFLGR SURWHJLGDGXUDQWHXQDxR'HDOOt VDFDQHQDQGDVOD LPDJHQ GHO 6DQWR DGRUQDGDHVSHFLDOPHQWHSDUDODRFDVLyQ

/D LPDJHQ VH 6DQ 3HGUR HV XQDLPDJHQTXHWLHQHPiVGHDxRV\ODJXDUGDXQDIDPLOLDODJXDUGDQGXUDQWHWRGR HO DxR \ OD VDFDQ VRODPHQWH SDUDODSURFHVLyQSRUTXHHVPX\GHOLFDGD

'H SURQWR VH HVFXFKDQ KHUPRVDVPHORGtDV VRQ ODV IODXWDV FKLQDVERPERV \ WDPERUHV GH ORV %DLOHV TXHKDQLQWHUUXPSLGRODWUDQTXLOLGDGSURSLDGH/RQFXUD&DGD%DLOHTXHOOHJDGHEHVDOXGDUDO%DLOHGXHxRGHFDVDDQWHVGHVDOXGDU D OD LPDJHQ VDJUDGD 8QD YH]FXPSOLGRV HVWRV VDOXGRV ORV %DLOHV VHVDOXGDQXQRVDRWURV

0HUFDGR&ODXGLR&RQPLKXPLOGHGHYRFLyQ%DLOHV&KLQRVHQ&KLOH&HQWUDOS6DQWLDJR&KLOH


32

)ODXWDGHOEDLOH&KLQRGH/RQFXUD

&RPLHQ]D HQWRQFHV HO VDOXGR HQWUH HO%DLOH &KLQR GH /RQFXUD FRQ FDGD XQRGHORV%DLOHVYLVLWDQWHV

/OHJDQ HO PLVPR GtD HQ OD PDxDQDDOUHGHGRU GH ODV DP HQ OD PDxDQDOOHJDQ \ VDOXGDQ DO %DLOH &KLQR GH/RQFXUDGHVSXpVWRPDQGHVD\XQR

8QR D XQR VXHQDQ ORV LQVWUXPHQWRVPXVLFDOHVGH ORV%DLOHV YLVLWDQWHV MXQWRD ORV LQVWUXPHQWRVGHO%DLOHDQILWULyQ \

VH YDQ VDOXGDQGR HQ XQ ULWXDO TXHVRUSUHQGH D ORV HVSHFWDGRUHV 6HGLVSRQH XQ %DLOH IUHQWH DO RWUR ORVFKLQRV GH FDGD %DLOH VH XELFDQ HQ GRVILODV SDUDOHODV UHDOL]DQGRFRRUGLQDGDPHQWHGLYHUVDVPXGDQ]DVGHDFXHUGR D ODV LQVWUXFFLRQHV TXH YDGDQGRHO WDPERUHURTXLHQVHHQFXHQWUDDO FHQWUR HQWUH DPEDV ILODV GH FKLQRVODVFXDOHVVRQFHUUDGDVSRUHO&KLQRTXHWRFDHOERPER

'HVSXpV GH DOJXQRV LQVWDQWHV HQ HVDDFWLWXG VH H[WLQJXH OD PHORGtD GH ORVLQVWUXPHQWRV GH ORV &KLQRV \ VH GDLQLFLR DO FDQWR GH ORV DOIpUHFHV VXVDOXGR OR UHDOL]DQ HQ KHUPRVRV YHUVRVHQ ORV FXDOHV GDQ OD ELHQYHQLGD D ORVSUHVHQWHV \ VREUH WRGR D ORV %DLOHVLQYLWDGRV \ VH FRQVXOWD VREUH OD VDOXGGHORWURDOIpUH]\ORVGHPiV&KLQRV 9 =(/$


33

6HJXLGR D HVWRV VDOXGRV ORV %DLOHVFRPLHQ]DQ D VDOXGDU D 6DQ 3HGURVROLFLWiQGROHVXSHUPLVR\EHQGLFLyQ

8QD YH] ILQDOL]DGDV ODV SUHVHQWDFLRQHVOD LPDJHQ GH 6DQ 3HGUR HV WUDVODGDGDSRU OD RULOOD GH OD SOD\D \ ODV FDOOHV GH/RQFXUD GHVGH OD FDOHWD KDVWD ODSDUURTXLDGH/RQFXUD


34

%DLOH&KLQRGH/RQFXUD/RQFXUD


1

-XDQ%HUQDOHV$UPLMRSULPHUFDUUHWHOHURGH/RQFXUD


2

8Q SLQWRUHVFR PHGLR GHWUDQVSRUWHHO0HWUR&DU

&DGD YHUDQR \ HQ IHFKDV HVSHFLDOHVFRPR OD ILHVWD GH 6DQ 3HGUR \ GHVHSWLHPEUH HQ /RQFXUD VH RIUHFH HOVHUYLFLR GH WUDQVSRUWH HQ FDUUHWD SDUDOOHJDU GH XQ H[WUHPR DO RWUR HQWUH ODVSOD\DV $OEDWURV \ /RQFXUD VRQ ODVOODPDGDVFDUUHWHODV0HWUR&DU

(VWDVFDUUHWDVYDQWLUDGDVSRUXQRRGRVFDEDOORV \ HVWiQ DGDSWDGDV SDUDWUDQVSRUWDU D RFKR R PiV SDVDMHURVKDFLHQGRVXUHFRUULGRSRUHOERUGHGHODKHUUDGXUD KDVWD OD FDVD 5RMD GH/RQFXUD

0HWUR&DU/RQFXUD$UFKLYRGH(XJHQLD*DHWH3HOOLVVD

6LQ HPEDUJR OD KLVWRULD GH HVWDVFDUUHWHODVFRPLHQ]DPXFKRVDxRVDWUiV

(OSULPHUFDUUHWHOHURIXHHO7tR-XDQDVtOHOODPDEDQDGRQ-XDQ%HUQDOHV$UPLMRTXLpQ KDFLD VH GLy FXHQWD GH ODIDOWD TXH KDFtD XQPHGLR GH WUDQVSRUWHTXH WUDVODGDUD D ORV WXULVWDV \ VXVHTXLSDMHV GHVGH 4XLQWHUR KDFLD/RQFXUD SXHVWR TXH HO UHFRUULGR GHEtDKDFHUVHDSLHSRUODSOD\DTXHHUDQGRVNLOyPHWURVDSUR[LPDGDPHQWH

&DStWXOR9

&RVWXPEUHV/RQFXUDQDV


3

)XH HQWRQFHV FXDQGR HO 7tR -XDQVROLFLWy SHUPLVR D ODV DXWRULGDGHV SDUDKDFHU HVWH UHFRUULGR HQ VX FDUUHWD ODFXDO LPSOHPHQWy SDUD HO WUDQVSRUWH GHSHUVRQDV

$ pO VH OH RFXUULy HVWD LGHD SRUTXHFRPR WUDEDMDED HQ HO FDPSR FRQ ODFDUUHWDHQWRQFHVOHSXVRGRVEDQFDV\HPSH]y D WUDVODGDU SDVDMHURV (VRIXHPX\ EXHQR SRUTXH DQWHV QR KDEtDQDGD QDGD QL EXVHV QL QDGD TXHOOHJDUDD/RQFXUD

$Vt DxR D DxR FRPHQ]DURQ D VXPDUVHPiV FDUUHWHODV KDVWD TXH OOHJDURQ DKDEHU PiV GH FLQFXHQWD WUDVODGDQGR DORV WXULVWDV TXH OOHJDEDQ D YHUDQHDU D/RQFXUD

'HVSXpVGHORVDxRVVHHQWXVLDVPDURQRWURVFDUUHWHOHURV\TXLVLHURQHOORVHQHOYHUDQR WUDVODGDU JHQWH SHUR QR OHVTXHUtDQGDUSHUPLVRKDVWDTXHDOJXQRVOR FRQVLJXLHURQ \ DKt HPSH]y ODFXHVWLyQGHO0HWUR&DU+XERWDQWRVFDUUHWHOHURV TXH KDVWD IRUPDURQ XQVLQGLFDWR

0HWUR&DU/RQFXUD$UFKLYRGH(XJHQLD*DHWH3HOOLVVD


4

6LQ HPEDUJR FRPR KDEtD PX\ SRFDILVFDOL]DFLyQ PXFKDV GH ODV FDUUHWHODVHVWDEDQ HQ PDODV FRQGLFLRQHV SDUD HOWUDVODGR GH SHUVRQDV OR TXH ODV KDFtDEDVWDQWHSHOLJURVDV

'RQ-XDQ WHQtDEXHQRV FDEDOORV ELHQDOLPHQWDGRV PX\ FRUUHFWRV SHUR ORVRWURV FDUUHWHOHURV HPSH]DURQ DFRPSUDU FDEDOORV HQ ORV UHPDWHV TXHHUDQ PX\ IODFRV \ PDO DOLPHQWDGRV$OJXQRV DPDUUDEDQ ODV EDQFDV KDVWDFRQDODPEUH

'HVSXpV GH YDULRV DFFLGHQWHV ODILVFDOL]DFLyQ VH YROYLyPiV VHYHUD \ VHFRPHQ]y D VHOHFFLRQDU D ORVFDUUHWHOHURV VyOR SRGtDQ FRQWLQXDUWUDEDMDQGR ORV TXH FXPSOtDQ FRQ ODVH[LJHQFLDV HVWDEOHFLGDV SRU ODVDXWRULGDGHV


5

7DPELpQ VH OHV H[LJLy D FDPELR GHOSHUPLVRSDUDWUDEDMDUTXHWUDVODGDUDQDORVQLxRVDOFROHJLRGXUDQWHHOLQYLHUQRGDGR TXH pVWRV GHEtDQ LU D 4XLQWHURFDPLQDQGR D FXPSOLU FRQ VXVREOLJDFLRQHV HVFRODUHV6LQ HPEDUJR HO~QLFR TXH FXPSOLy FRQ HVWD H[LJHQFLDIXHHO7tR-XDQTXHHUDORQFXUDQR

/RV GHPiV FDUUHWHOHURV HUDQ GH RWURVODGRV HOORV QR YHQtDQ VDFDEDQSURYHFKR HQ HO YHUDQR \ GHVSXpV QR

YROYtDQHQFDPELRHO7tR-XDQVLHPSUHFXPSOLy OR YHtDPRV HQ HO LQYLHUQR FRQVX FDUUHWD WDSDGD FRQ SOiVWLFR SDUDSURWHJHUD ORVQLxRVGH OD OOXYLDHO ORVOOHYDED\ORVWUDtD

$Vt D WUDYpV GH ORV DxRV VH PDQWLHQHHVWDWUDGLFLyQORQFXUDQDDSHVDUTXHHQOD DFWXDOLGDG H[LVWHQ RWURV PHGLRV GHWUDQVSRUWH ORV FDUUHWHOHURV VLJXHQSUHVHQWHV KDFLHQGR HO PLVPR WUD\HFWRTXHDQWDxRKDVWDOD&DVD5RMD

-LQHWH0HWUR&DU/RQFXUD$UFKLYRGH(XJHQLD*DHWH3HOOLVVD


40

3OD\DGH/RQFXUD

Loncura, una historia que contar

1.- Juan Cisternas, Alfrez del Baile Chino de Loncura Pescador de la caleta de Loncura y de familia paterna hermanada con la tradicin de los Bailes de Chinos, parti siendo un destacado puntero de su baile. 6LHPpre fui educado en lo que es catlico, desde muy chico, en los Bailes Chinos, desde los seis aos fui Chino en Quillota por el Baile de Lo Lpez, un ao, ya que al siguiente ao nos vinimos a Loncura.

Estoy en el Baile de Loncura desde los sieWHDxRVKDVWDDKRUDTXHWHQJR En las noches solitarias, la pasin del canto le robaba el sueo y por medio de una vieja grabadora de cassettes registraba sus primeros ensayos de alfrez. As lo descubrieron sus padres de manera secreta al toparse con una de esas cintas.

Captulo VI

Personajes Particulares de Loncura

Imagen de San Pedro, Juan Cisternas y Baile Chino de Loncura


41

%XHQRIXHELHQJUDFLRVRORPtRSRUTXH\R FDQWDED HQ OD FDVD \ PH JUDEDEDFDVVHWWHV VROR \ XQ GtD HVWR\ HQ/RQFXUD PH HVWR\ HVFXFKDQGR FXDQGRXQ OOHJD XQ SULPR PtR TXH VDOH GHFKLQR-XDQ&DUORV&LVWHUQDVHOEDOOHQDPiV FRQRFLGR \ PH HVFXFKD TXH \RHVWR\HVFXFKDQGRXQFDVVHWWHVGHFKLQRXQFDVVHWWHVGRQGHHVWR\FDQWDQGR\\ROR HVFRQGR HO FyPR WHQtD HQWUDGDD ODFDVD GH QRVRWURV OR EXVFy GRQGH \R ORKDEtDHVFRQGLGR ORHVFXFKy\VHOR IXHD PRVWUDU D ORV QLxRV SDUD TXH ORHVFXFKDUDQ \ WRGRV HPSH]DURQ D GHFLUTXH \R FDQWDUD SHUR QR QR TXHUtDFDQWDU YHQtD OD )LHVWD GH 6DQ 3HGURHQFLPD\QRQRFDQWp

8QGtDHQODSURSLDILHVWDGH6DQ3HGURGH/RQFXUDHOEDLOHKDEtDSHUGLGRD VXDOIpUH] RILFLDO \ -XDQLWR WRGDYtDGHPDVLDGRMRYHQSHURUHFRQRFLGRFRPRJUDQLPSURYLVDGRUIXHVROLFLWDGRSDUDHOFDUJR

7HQtDPRV XQ DOIpUH] QRVRWURV TXH VHOODPDED -RVp5LYDVHO FDQWDED DOJR \WHQtD TXH LUVH SRUTXH WUDEDMDED HQ OD

DGXDQDHQ9DOSDUDtVRHQODKRUDGHODGHVSHGLGD HO HQ /RQFXUD VDOXGR HQ ODPDxDQD KL]R WRGR OR TXH KDFH XQDOIpUH] \ HQ OD PDxDQD WHQtD TXH LUVHHQWUDEDDODVGHODWDUGH\QRSRGtD\ HPSH]DURQ WRGRV D GHFLUPH TXH \RFDQWDUD \ \R QR ORV QHUYLRV \ WRGR \SDVRPLPDPDSRUHQWUHPHGLRGHOEDLOH\PHGLMR+LMR YD\DD FDQWDUTXHQRYH TXH FRPR HVWi GH KHUPRVR HO EDLOHXVWHG FDQWD WUHV YHFHV PHMRU TXH HODOIpUH]TXHHVWiFDQWDQGRVHORGLJR\RTXHVR\VXPDPi\ORKHHVFXFKDGR

-XDQ &LVWHUQDV $OIqUH] GHO %DLOH &KLQR GH/RQFXUD


42

1R GHVHQWRQy HVD YH] \ KDVWD WHUPLQySRU GHVOXPEUDU D OD DXGLHQFLD FRQ HOJUDQ UHJLVWUR GH VX YR] \ HVD VDJD]FDSDFLGDGGHFRQFHUWDUORVYHUVRVPiVFRPSOHMRV

)XLDFDQWDU\DKtODQRYHGDGWRGRVORVDOIpUH]YLHMRVYDDFDQWDUXQFDEURQXHYRYDDFDQWDUXQFDEURQXHYRPHIXHURQDHVFXFKDUFDQWDU\OR~QLFRTXHUHFLEt IXHURQ HORJLRV GH ORV DOIpUH]WRGRVHQFRQWUDURQEXHQRVORTXHHVWDEDKDFLHQGR \ GHVGH HVH HQWRQFHV QXQFDPiVKHGHMDGRGHFDQWDU

'HHQWRQFHVKDVWDKR\HQGtDMDPiVVHKD DOHMDGRGH VX%DLOH/RQFXUDQR(OORQRKD VLGRSUREOHPDSDUD UHSUHVHQWDU DXQD HQRUPH OLVWD GH EDLOHV DPLJRV HQVXV ILHVWDV ORFDOHV R HQ SURFHVLRQHVGRQGHFRPSDUWHFRQRWUDVFRIUDGtDV

/D&DQHOD 3HWRUTXLWD 3XFKXQFDYt R HODQWLJXREDLOHGH9HQWDQDVKDQVDELGRGHVXH[WUHPDSXOFULWXGDODKRUDGHDUPDUODV FXDUWHWDV R GH VX VHQVLELOLGDG SDUDFRQWDU XQD KLVWRULD FRPSOHWD HQ EHOODVLPiJHQHVVLQWpWLFDV

'XHxR GH XQD YR] SURYHUELDO GHHQRUPH SURIXQGLGDG \ DILQDFLyQ3HULFR ORJUD VLHPSUH XQ ILDWR ~QLFRFRQ ODV DXGLHQFLDV \ HV FDSD] GHHPRFLRQDU D WRGR XQ S~EOLFR D WUDYpVGHO GRPLQR H[TXLVLWR \ UHILQDGR GHGLYHUVDV WRQDOLGDGHV GHO FDQWR D ORDOIpUH] +R\ YLYH HQ 4XLQWHUR \ \D KDGHMDGRODPDU

%DLOH&KLQRGH/RQFXUD

10 7H[WRFRPSOHWRUHFRSLODGRHQKWWSZZZGRFXPHQWRVGHFXOWXUDFO


43

3DFR0DUWtQH]\(O&DOFHWtQ

'RQ -RVp 0DUWtQH] 4XHYHGR PiVFRQRFLGR FRPR HO 3DFR 0DUWtQH] HUDMXELODGR GH FDUDELQHURV GHO FXDGURYHUGH FRQRFLy /RQFXUD XQ YHUDQR VHHQDPRUy GHO OXJDU \ FXDQGR MXELOyYROYLy SDUD TXHGDUVH \ QXQFD PiV VHIXH

eOVHMXELOy\VHYLQLHURQFRQPLPDPiSDUDDFiSRUTXHTXHUtDQWHQHUXQDYLGDPiV VDQD \ WDPELpQ SRUTXH OH JXVWDEDHO FDEDOOR \ pO VH YLQR SDUD WHQHU VXSHVHEUHUD DFi PiV TXH QDGD VH YLQRSRUHVR

$OOOHJDUFRPSUyXQFDEDOORVDOYDMHDOTXH GRPy FRQ FDULxR \ SDFLHQFLD VXQRPEUH HUD &DOFHWtQ SRU VXV SDWDV GHFRORU EODQFR GLVWLQWR DO UHVWR GH VXSHODMHTXHHUDFDIp

&RPHQ]yHQWRQFHV DGHGLFDU VXVGtDV DFXLGDUVXFDEDOORVX MDUGtQ\FRPSDUWLUFRQVXIDPLOLD\YHFLQRV

6H OHYDQWDED PX\ WHPSUDQR DOUHGHGRUGH ODV FLQFR \ PHGLD GH OD PDxDQDOXHJR VH GLULJtD D OD SHVHEUHUD \DOLPHQWDEDD&DOFHWtQ

-RVp 0DUWtQH] 4XHYHGR \ VX FDEDOOR (O&DOFHWtQ


44

(QVHJXLGDPDUFKDED UXPER D OD SOD\DSDUD UHDOL]DU HMHUFLFLRV \ SHOLJURVDVDFUREDFLDV TXH OH WRPDEDQ KRUDV GHLQIDWLJDEOHWUDEDMR

3URQWDPHQWH VXV SUiFWLFDV GLDULDV VHFRQYLUWLHURQHQYHUGDGHUDVH[KLELFLRQHVTXH FDXWLYDEDQ WDQWR D SHTXHxRV FRPRDGXOWRV 'DGR TXH HUDQ HMHUFLFLRV TXHUHTXHUtDQ GH JUDQ SUHFLVLyQFRRUGLQDFLyQYDOHQWtD\GHVWUH]D

/OHJDED D WRGDV ODV HGDGHV SHURFXDQGRWHQtDTXHSRQHUVHVHULRVHSRQtDVHULRQRPiVHUDELHQUHVSHWDGR

7RGDV HVWDV FXDOLGDGHV XQLGDV D VXVLPSDWtD \ DPDELOLGDG KDFtD GH pO XQSHUVRQDMH PX\ TXHULGR DGPLUDGR \UHVSHWDGR

eO VH GDED FRQ WRGRV SHUR FXDQGRKDEtD TXH SRQHUVH VHULR VH SRQtD QRPiVHUDELHQUHVSHWDGR

-RVp 0DUWtQH] 4XHYHGR \ VXFDEDOOR(O&DOFHWtQ


45

6DQWXDULR1DWXUDO%RVTXHGHODV3HWUDV/RQFXUD


46

6DQWXDULRGHOD1DWXUDOH]D%RVTXHODV3HWUDV

(O%RVTXH GH ODV3HWUDV HV XQ OXJDU GHHVSHFLDOEHOOH]DXELFDGRHQ/RQFXUD


47

(O %RVTXH GH ODV 3HWUDV HV UHIXJLRQDWXUDO GH XQD YDULHGDG DSUR[LPDGD GHVHVHQWD HVSHFLHV GH DYHV UHVLGHQWHV \PLJUDWRULDV FRPR SDWRV JDU]DV DYHVUDSDFHV HWF TXH EXVFDQ HQ HVWHPLOHQDULR ERVTXH GHVFDQVRUHSURGXFFLyQ \ DQLGDU OHMRV GH ODVDPHQD]DVGHODFLXGDG

+D\ WDPELpQ HQ HO VHFWRU XQ FRQFKDOTXH HV XQ GHSyVLWR GH FRQFKDV GHPROXVFRV pVWRV IXHURQ GHMDGRV DOOt SRUHO FRPSOHMR FXOWXUDO %DWR XQD GH ODVSULPHUDV FXOWXUDV HQ KDELWDU OD ]RQD$VX DOUHGHGRU VH SXHGHQ REVHUYDUWDPELpQ UHVWRV DUTXHROyJLFRV FRPRUHVWRV GH YDVLMDV FRFLQHUtDV GH FDOKHUUDPLHQWDV GH SLHGUD RUQDPHQWRV \WDPELpQDOJXQRVREMHWRVGHKXHVR

$UWHIDFWRVGHSLHGUD\KXHVRVHQFRQWUDGRVHQHOERVTXHGHODVSHWUDV

0DSDGHO%RVTXHGHODV3HWUDV


48

&RPR FRQVHFXHQFLD GH HVWRVLQQXPHUDEOHVDWULEXWRVVXVKHFWiUHDVIXHURQ GHFODUDGDV 6DQWXDULR GH OD1DWXUDOH]D HQ SRU OD UHOHYDQFLDGH ORV UHFXUVRV QDWXUDOHV TXH DOEHUJDWDQWRGHVGHXQSXQWRGHYLVWDFLHQWtILFRFRPR GH HGXFDFLyQ DPELHQWDO 6LQHPEDUJR HO FDPLQR SDUD ORJUDUOR IXHEDVWDQWHODUJR

(Q HO DxR HQ ODV FHUFDQtDV GHOERVTXH HVWDED LQVWDODGD \ HQ SOHQRIXQFLRQDPLHQWR OD 3HVTXHUD 6DQWD/XFtDORVOXJDUHxRVGLHURQDYLVRTXHHO%RVTXHKDEtDFRPHQ]DGRDVHFDUVH\ODHVFDVD DJXD TXH EURWDED FRQWHQtDGHVHFKRV 'LFKD SHVTXHUD HVWDEDH[WUD\HQGR DJXD SDUD VXV IDHQDV \ DOPLVPRWLHPSRH[SXOVDQGR ORVGHVHFKRVRUJiQLFRV GH ORV PDULVFRV \ SHFHV TXHIDHQDEDQDVtFRPRWDPELpQGHVHFKRVGHORV VHUYLFLRV KLJLpQLFRV SXHV HQ/RQFXUD QR H[LVWtD DJXD SRWDEOH QLDOFDQWDULOODGR

(V DVt TXH D WUDYpVGH HVWH OODPDGRGHDWHQFLyQ GH OD FRPXQLGDG ORQFXUDQD \SRU HPSXMH GH OD 8QLyQ &RPXQDO GH

13 'HFUHWR3UHVLGHQFLDO1-XQLR

-XQWDV GH 9HFLQRV GH 4XLQWHUR \ ODVDXWRULGDGHV GH WXUQR VH UHDOL]DURQ ODVJHVWLRQHVSDUDGHFODUDUOR6DQWXDULRGHOD1DWXUDOH]D \ DVt SURWHJHU OHJDOPHQWHHVWH YDOLRVR 3DWULPRQLR %LROyJLFRSURPHVDFXPSOLGDHOGHMXQLRGHODxR SRU PHGLR GHO 'HFUHWR3UHVLGHQFLDO1

8QWLHPSRGHVSXpVODHPSUHVDSHVTXHUDGHELy SDUDOL]DU GHILQLWLYDPHQWH WRGDVVXV IDHQDV \ HO ERVTXH SXGR VHUUHFXSHUDGR

%RVTXHGHODV3HWUDV


49


50

&RPRPHKLFHORQFXUDQR

9HUDQR 'HVHDPRV SDVDU XQRVGtDVHQODSOD\DPHRIUHFHQXQDFDEDxD'yQGH" (Q /RQFXUD \ 'yQGH HVHVR" &UHR TXH HQ 4XLQWHUR /OHJDPRV\D SDVDGD OD PHGLD QRFKH D 4XLQWHURDERUGDPRVXQFROHFWLYRTXHQRVGHMDHQ/RQFXUD %DMR 5HVSLUDPRV HO DLUHPDULQRSUHJXQWDPRV &yPR OOHJR DO(VWXFKH"6XEDODHVFDODQRVGLFHQ

6XELPRV D GXUDV SHQDV FDUJDGRV GHEROVRV XQD HVFDOD GH WURQFRV FRQGLVSDULGDGGHGLVWDQFLD HQWUH HVFDORQHVPiV DOJXQRV IDOWDQWHV OR TXH FRQYHUWtDHVWRHQXQDDYHQWXUDH[WUHPD

$O OOHJDU DUULED HO DLUHPDULQR FDPELySRUDURPDDSLQRVHXFDOLSWXV\KLHUEDV$YDQ]DPRV D OX] GH OLQWHUQD 3XHV QRKD\ DOXPEUDGR S~EOLFR WDPSRFRGRPLFLOLDULR HQFRQWUDPRV OD FDEDxDSHUR QRV WRPD XQ EXHQ UDWR DEULU ORVFDQGDGRVGHODSXHUWDGHELGRDOD

KXPHGDG TXH QRV JROSHD OD FDUD DOHQWUDU

$ OD IDOWDGH HOHFWULFLGDG VHXQH ODGHODJXD (QFRQWUDPRV XQ SRFR HQUHFHSWiFXOR GHMDGR SRU DOJ~Q RWURYLVLWDQWHQRVpFXiQWRWLHPSRDQWHV

'HVSXpV GH HVWR WRPDPRV HO DSUHFLDGRWHFLWR FRUUHVSRQGLHQWH HO FXDOFRPSDUWLPRVIHOLFHV3URQWRVXUJHFRPR~OWLPD DFWLYLGDG GHO GtD HO DUPDGR GHODV FDPDV EXVFDPRV OD URSD OD FXDOGHVSLGH XQ FODUR RORU D KXPHGDG TXHQRVDFRPSDxDSRUHOUHVWRGHODQRFKH

/OHJD HO QXHYR GtD QRV GHVSLHUWD HOWULQDU GH XQD HQRUPHYDULHGDGGH DYHV6DOJRGH ODFDEDxD \DQWHPLVRMRV VHPXHVWUD OD QDWXUDOH]D GH XQ SDUDMHHVSHFWDFXODUTXHOOHQDPLVH[SHFWDWLYDVGH 6DQWLDJXLQR (Q SULPHU SODQRLPSRQHQWHV iUEROHV FRQ HO PDU GH

&DStWXOR9,,,

+LVWRULDVGH9LGD


51

IRQGR 7RGDV VXV FDOOHV SLQWDGDV GHYHUGH SRU OD YHJHWDFLyQ TXH ODVHQYXHOYH OR TXH SURGXFH XQ HVWtPXORSDUD FDPLQDU SRU HOODV (Q HVH PLQXWRFUHRTXHPHHQDPRUpGH/RQFXUD&DGDGtDIXLPRVGHVFXEULHQGRVHFWRUHVOOHQRVGHEHOOH]DQDWXUDO8QDSOD\DGHPXFKRVNLOyPHWURV FRQWLQXRV GRQGH HO VROSHUPDQHFH VLQ REVWiFXORV GHVGH TXHDPDQHFHKDVWDHOILQGHODWDUGH

/D FDOHWD HVWD DEDMR IUHQWH DO 6DQ3HGUR DOOt VH HQFXHQWUD YDULHGDG GHSHVFDGR IUHVFR \ WDPELpQ HO PDULVFR([LVWHQXQDVFDUUHWHODVTXHQRVOOHYDQD4XLQWHUR SRU HO ERUGH FRVWHUR


52

3URQWR OD IDPLOLD FRPHQ]y D YHQLU QRKXER QLxR TXH QR FUHFLHUD YLQLHQGR D/RQFXUD SDVDQGR WRGDV VXV HWDSDVQLxR DGROHVFHQWH DGXOWR \QXHYDPHQWHUHSLWLHQGRHO FLFOR FRQ ORVKLMRVGH ORVKLMRV/RTXHKDFUHDGRXQDKLVWRULDGHIDPLOLD/RQFXUDHQWUyHQQXHVWUDPHQWH\ VH JDQy XQ OXJDU HQ WRGDV QXHVWUDVFRQYHUVDFLRQHV OOHQDV GH DQpFGRWDV HQORVDxRVYLYLGRV

3DVy HO WLHPSR OOHJy OD MXELODFLyQ VHSXVRHQODEDODQ]DGRQGHYLYLU6DQWLDJRR /RQFXUD 6DQWLDJR FRQ WRGDV VXVFRPRGLGDGHV FHUFD GH WRGR /RQFXUDOOHQDGHQHFHVLGDGHVOHMRVGHWRGR3HURFRQWRGRHOFXUUtFXOXPGHORVUHFXHUGRV+R\ YLYLPRV HQ /RQFXUD GH IRUPDGHILQLWLYD6R\GLULJHQWHYHFLQDO%XVFROD IRUPD GH DSRUWDU D PHMRUDU ODVQHFHVLGDGHV TXH H[LVWHQFRPSOHPHQWDQGR FDOLGDG GH YLGD \QDWXUDOH]D

1RV VHQWLPRV SULYLOHJLDGRV GH YLYLU HQXQ OXJDU TXH WRGDYtD PDQWLHQH VXDWUDFWLYR FRPR EDOQHDULR 3RU WRGR ORFRQWDGR \ PXFKR PiV HV TXH KR\

VRPRVSDUWHGHODFRPXQLGDG/RQFXUDQD\ FRQVLGHUDPRV (O HVWXFKH FRPRQXHVWURVHFWRU

*HUDUGR*RQ]iOH]

3DUWLFLSDQWHGHO7DOOHU+LVWRULD/RFDOGH/RQFXUD


53

&RQVWUXFFLyQGHOD&DSLOOD$OEHUWR+XUWDGR

(QHODxROOHJDPRVD/RQFXUDFRQ0DWLOGH PL HVSRVD D YLYLU DTXt GRVDxRV 8Q GtD GRPLQJR EXVFDPRV XQOXJDUGRQGHLUDPLVD\OOHJDPRVDOORFDOGH OD )HGHUDFLyQ HO %RVTXH XQ OXJDUPX\U~VWLFRWULVWH\VROR

8QR GH HVRV GRPLQJRVPH SLGLHURQ VLSRGtD D\XGDU HQ OD ODERUHV GH ODSHTXHxD FDSLOOD 0DWLOGH \ \RDFHSWDPRVHQFDQWDGRV\DOOtFRQRFLPRVD OD 6UD (OLDQD 2QHWWR TXH HQ HVHPRPHQWRHVWDEDDFDUJRGHODFDPSDxDGH OD EDOGRVD \ QRV FRQWy VX VXHxRFRQVWUXLUXQDFDSLOODSDUD/RQFXUD)XHDVt FRPR FRPHQ]DPRV D SDUWLFLSDU GHWRGR HO PRYLPLHQWR GRPLQLFDO GH ODVPLVDV IRUPDPRV XQ SHTXHxR FRUR FRQODV VHxRUDV $GULDQD )UtD 0DWLOGH$OLDJD (PHOLQD $UD\D \ 0DUtD ,QpV)HUUDGD&DGDGRPLQJRYHQtDPiVJHQWH

\ ORV IHVWLYRV VH OOHQDED HPSH]DPRV DOXFKDU SRU OD QXHYD FDSLOOD KDFtDPRVPDWHDGDV\SHxDVIROFOyULFDVSDUDMXQWDUGLQHUR 6LQ HPEDUJR QRV GLPRV FXHQWDTXH VRORV QR SRGUtDPRV ORJUDUOR \GHFLGLPRV SHGLU D\XGD KDEODPRVSULPHURFRQHOVDFHUGRWHGHODSDUURTXLD6DQWD)LORPHQDGH4XLQWHUR3DGUH%ODV0HLQHUR OH H[SOLFDPRV QXHVWUR VXHxRHOQRVHQWHQGLy\QRVJXLy

)XH DVt FRPR XQ GtD HQ FRPSDxtD GHO3DGUH %ODV IXLPRV DO RELVSDGR GH9DOSDUDtVR \ SODQWHDPRV QXHVWUDLQTXLHWXGODYHUGDGHVTXHHORELVSRQRFRQRFtDHOOXJDU\DTXHQLVLTXLHUDVDOtDHQ HO PDSD SHUR TXHGDURQ GH HVWXGLDUQXHVWUD SHWLFLyQ 1RV IXLPRVHVSHUDQ]DGRV \ URJDQGR TXH WRGRUHVXOWDUDELHQ

8QGtDQRVDQXQFLDURQTXHTXHUtDQXQDUHXQLyQ FRQ QXHVWUD FRPXQLGDG (OVHxRU*RQ]DOR GH&RUWi]DU FRPSUHQGLyQXHVWURV GHVHRV \ TXHGy HQ D\XGDUQRVHO RELVSR WXYR XQD UHXQLyQ FRQ HO


54

$OFDOGH GH OD pSRFD TXH OH PDQLIHVWyTXH DTXt HQ /RQFXUD QR KDEtD PiV GH SHODJDWRV (O WHUUHQR HVWDEDGHVLJQDGR HQ FRPRGDWR SRU DxRVSDUDQXHVWURTXHULGR$OFDOGHTXLHQQRVUHFRUWy SDUWH GHO WHUUHQR (O VHxRURELVSR QRV VROLFLWy TXH VL KDEtD SHUVRQDV YLYLHQGR HQ /RQFXUD QRVFRQVWUXLUtD XQD FDSLOOD OHFRPSUREDPRV PHGLDQWH XQD HQFXHVWDFDVDSRUFDVDFRQGRFXPHQWRVHQPDQRTXH YLYtDQ HQ HVH PRPHQWR SHUVRQDV(O VHxRURELVSRGLRHOYDPRVD OD FRQVWUXFFLyQ DYDOXDGD HQ PLOORQHVGHSHVRV

$QXHVWUDKHUPRVDFDSLOODOHSXVLPRVHOQRPEUH GH 3DGUH +XUWDGR FRQ HOGLQHUR UHXQLGR HQ ODV DFWLYLGDGHV VHFRPSUDURQ VLOODV EDQFDV HTXLSRV GHVRQLGR YHVWXDULRV H LPSOHPHQWRV SDUDODPLVD6HLQDXJXUyXQGHMXQLRGHODxRFRQXQDWRUPHQWDGHYLHQWR\OOXYLD VH KL]R XQD KHUPRVD PLVDSUHVLGLGD SRU HO RELVSR GH 9DOSDUDtVR*RQ]DOR GH &RUWi]DU DXWRULGDGHVFLYLOHV \ PLOLWDUHV \ OD FRPXQLGDG HQ

PDVD IXH PDUDYLOORVR \R SXHGR GHFLUTXHPHVLHQWRIHOL]GHKDEHUSDUWLFLSDGRHQ ODFRQVWUXFFLyQGH ODFDSLOOD\KDEHUWHQLGRHOKRQRUGHHVWDUDFDUJRGHHOODSRU FXDWUR DxRV OOHYDQGR VX JHVWLyQ \DGPLQLVWUDFLyQ

-XDQ1XVWD&HUGD3DUWLFLSDQWHGHO7DOOHU

+LVWRULD/RFDOGH/RQFXUD

&DSLOOD6DQ$OEHUWR+XUWDGR/RQFXUD


55

&OXE )ROFOyULFR 5HQDFHU GH/RQFXUD

0LQRPEUHHV$GULDQD3HOOLVVDYLYRHQ4XLQWHUR \ SHUWHQH]FR DO &OXE)ROFOyULFR 5HQDFHU GH /RQFXUD (QHVWH UHODWR TXLHUR FRQWDUOHV FRPR PHFRVWyOOHJDUDHVWH&OXE

1RWHQtDQLQJXQDSRVLELOLGDGFRQPLVDxRVGHHGDG4XpSRGUtDDSRUWDU"PLGHVHR HUD DSUHQGHU WRGR OR UHIHUHQWH DOIRONORUDSUHQGHUDEDLODUQXHVWURVEDLOHVQDFLRQDOHVFDQWDU\FRPSDUWLUFRQWRGRVHOORV 6LHPSUH HVWDED DWHQWD D VXVDFWXDFLRQHV \ VRxDED FRQ VHU SDUWH GHOJUXSR $ YHFHV PH GDED iQLPR SDUDSUHVHQWDUPH \ RWUDV WDQWDV PHGHVDQLPDED(QVXVDFWXDFLRQHVVLHPSUHHVWDED DKt FRQ PL FiPDUD JXDUGRPXFKDV IRWRV \ JUDEDFLRQHV GH HVHHQWRQFHV

8QGtDRFXUULyDOJRLQHVSHUDGRHVWDQGRHQ6HUHQDHQXQYLDMHGHDGXOWRPD\RUFRQRFtDOSURIHVRUGHFDQWRGH&RQMXQWR5HQDFHU &RQYHUVDPRV \ OH FRQWp TXHWHQtDXQRV&'V\'9'VGH&KLORH\DpO

OHLQWHUHVDURQ3DVyXQWLHPSR\HVWDQGRGH FRPSUDV HQ OD )HULD GH 4XLQWHURQRV HQFRQWUDPRV \PH SUHJXQWy SRU HO&'GH&KLORp\DFRUGDPRVTXHSDVDUtDDPLFDVDDEXVFDUOR

(Q HVD RFDVLyQ FRQYHUVDPRV PXFKRVREUH HO IROFORU \ ODV SUy[LPDVSUHVHQWDFLRQHVGHO JUXSR$SURYHFKp ODRSRUWXQLGDG \ OH FRQWp TXH TXHUtDLQWHJUDUPH DO &OXE \ VL H[LVWtDQSRVLELOLGDGHV TXH PH UHFLELHUDQ )XHPX\ IUDQFR HQ QLQJXQD \ PH GLMR ORVPRWLYRV

'H FXDQGR HQ FXDQGR QRVHQFRQWUiEDPRV HQ OD FDOOH \ QRVVDOXGiEDPRV HQ XQD GH HVDV RFDVLRQHVOH FRPHQWp TXH H[LVWtD OD SRVLELOLGDGTXHHOFRQMXQWRYLDMDUDDOVXUD&KLORpIXHDVtFRPRpOORSURSXVRHQUHXQLyQ\ODLGHDIXHDSUREDGD

6HFRPHQ]yD WUDEDMDUHQEDVHDOYLDMHVH KLFLHURQ ODV FRQVXOWDV GHPXQLFLSDOLGDGDPXQLFLSDOLGDG\SRUPLPHGLDFLyQ VH HQYLDURQ ODV JUDEDFLRQHV


56

GH ORV EDLOHV \ FDUWDV KDFLHQGR ORVDUUHJORVQHFHVDULRVSDUDHOYLDMH

/OHJy OD UHVSXHVWD GH DFHSWDFLyQ \ IXHDVt FRPR HQ IHEUHUR GH HOFRQMXQWR )ROFOyULFR 5HQDFHU GH/RQFXUDVDOLyUXPERD&KLORp)XHXQERQLWR YLDMH FRQ XQD PX\ EXHQDDFWXDFLyQ \ WDQWR HO $OFDOGH FRPR ODSUHQVD IHOLFLWDURQ DO JUXSR 8QD GH ODVFRVDV TXH PiV OODPy OD DWHQFLyQ D ORVORFDOHV HUD TXH VH WUDWDED GH XQ JUXSRIRONOyULFRGH$GXOWRV0D\RUHV

6H DSURYHFKy GH FRQRFHU 4XHOOyQGRQGH FRPLHQ]D HO SXQWR FHUR GH ODFDUUHWHUD SDQDPHULFDQD &DVWUR FDSLWDOGH &KLORp &UX]DPRV HO &DQDO GHO&KDFDR TXH UHVXOWD PX\ HPRFLRQDQWH3XHUWR0RQWW HO6DOWRGHO3HWURKXpHQILQPXFKRVOXJDUHVKHUPRVRV

%XHQR GHVSXpV GH FRQWDU WRGR HVWRXVWHGHV VH SUHJXQWDUDQ TXH IXH GH PLSHUVRQD VR\VRFLDGHO&OXEGHVGHKDFHGRV DxRV FDQWR HQ VHJXQGD YR] HVWR\PX\ IHOL] \ VLHQWR XQ JUDQ DSUHFLR SRUWRGR HVWH FRQMXQWR GH SHUVRQDV TXH VH

HVPHUDQ FDGD GtD PiV SDUD TXH VXVDFWXDFLRQHVUHVXOWHQPX\ERQLWDV

$GULDQD3HOOLVVD,QWHJUDQWH*UXSR)RONOyULFR

5HQDFHUGH/RQFXUD


57

8QWHUULEOH7HPSRUDO

&RPR WDQWDV YHFHV IXLPRV FRQ HO7XUFR HO 7LXTXH \ HO 0HUTXL D ORVORFRVD/DJXQD9HUGHQRVIXHUHELpQHO7XUFRHUDXQPX\EXHQEX]R EX]RGHHVFDIDQGUD HUDQ HQWRQFHV WUDtDPRV ODODQFKD PHGLD GH ORFRV \ HUL]RV9HQtDPRVGHUHJUHVRFXDQGRFRPHQ]yDVRSODU XQ YLHQWHFLWR QRUWH TXHSUHVDJLDED PDO WLHPSR OH GLMLPRV DO7XUFR TXH SDViUDPRV DO 3XHUWR SHURFRPR HUDPDV WHUFR TXH XQDPXOD QRVFRQWHVWyTXHVLJXLpUDPRVQRPiVTXHHOYLHQWRLEDDDPDLQDU

1RV YLQLPRV SHUR DO SDVDU HO 3XHUWRHOYLHQWRHPSH]yDDUUHFLDU\ODPDUHUDXQ YHUGDGHUR LQILHUQR HUDQ FHUURV GHPDUORVTXHVHYHQtDQHQFLPDHO7LXTXH\ HO0HUTXL FRPR FKLTXLOORVTXHHUDQOORUDEDQGHPLHGRVLQSRGHUFRQWHQHUVH\R DO WLPyQ KDFLpQGROH HO TXLWH D ODVRODV\HO WXUFRFRQXQDFKLFDGRUERWDEDHODJXDGHODODQFKD

(UDWDQIXHUWHHOWHPSRUDOTXHODODQFKDSDUHFtD QR DYDQ]DU VH WXUQDEDQ SDUD

DFKLFDUHODJXDSHURRODTXHSDVDEDQRVGHMDED PHGLRV GH DJXD DVL TXHGHFLGLPRVERWDUXQSRFRGHFDUJD

$O OOHJDU D OD SXQWD GH 5LWRTXH SDUDFROPRGHPDOHVVHSDUyHOPRWRUGH ODODQFKD3HQVDPRVWLUDUQRVDODSOD\DGH5LWRTXH \ YDUDU D UHPR DXQTXH HUDFRPRVXLFLGDUVH

'H SURQWR HQ XQD WLUDGD HO PRWRUDUUDQFy GH QXHYR \ VHJXLPRV SHUR \DQR GiEDPRV PiV HVWiEDPRV FDQVDGRVPRMDGRV\KDPEULHQWRV$QWHVGHOOHJDUD OD %DMD GHO 1RUWH HO PRWRU TXLVRSDUDUVH GH QXHYR \D OORUiEDPRV WRGRV\R OHV GLMH FDEULWRV DTXt QRV OOHJy ODKRUD DPiUUHQVH D ORV EDQFRV SDUD TXHSRUORPHQRVQRVHQFXHQWUHQ\VLFUHHQHQ'LRV\HQOD6DQWtVLPD9LUJHQUHFHQTXH \R OH SURPHWR D OD YLUJHQFLWD GH$QGDFROOR TXH WLHQHQ PLV YLHMRV HQFDVD TXH VL QRV VDOYDPRV GH HVWDDSHQDV OOHJXHPRV OH SUHQGHUHPRV XQSDTXHWHGHYHODV FDGDXQRHVWDPRV" FODURSRKPHOOL]R


58

6LPHORKXELHUDQFRQWDGRWDOYH]QRORKXELHUD FUHtGR $SHQDV HPSH]DPRV DUH]DU YLPRV XQD WHQXH FODULGDGDOUHGHGRUGH OD ODQFKD\XQDFDOPDTXHOD PDU SDUHFtD XQD WD]D GH OHFKH SRUGRQGH QRVRWURV tEDPRV SDVDQGRDOUHGHGRU HO LQILHUQR GH PDU VHJXtDLJXDOHUDWDQLPSUHVLRQDQWHTXHVyORVHRtDHOUXLGRGHOPRWRU\QXHVWUROODQWR

/D FDOPDQRV DFRPSDxyKDVWD OOHJDU DOPXHOOH GHO HPEDUFDGHUR $OOt KDEtD XQFHQWHQDU GH SHVFDGRUHV DPLJRV \IDPLOLDUHV HVSHUiQGRQRV HUD OD ~QLFDODQFKDTXHIDOWDED

(O JXDWyQ 5DPtUH] TXH HUD TXLHQPDQHMDED OD JU~D HQJDQFKy OD ODQFKDD\XGDGR SRU ORV GHPiV OD L]DURQ \ ODGHMDURQ VREUH HO PXHOOH 'HELHURQVDFDUQRVSXHV YHQtDPRV DJDUURWDGRV \HPSDODGRVGHIUtR

1R SRGtDQ FUHHU TXH HVWXYLpUDPRVYLYRV TXH KXELpVHPRV SRGLGR OOHJDUFRQWDQWHUULEOHWHPSRUDO

&XDQGR FRQWDPRV OR RFXUULGR ORVKRPEUHVOORUDURQGDQGRJUDFLDVD'LRV\

D OD 9LUJHQ SRU KDEHUQRV VDOYDGR/XHJRQRVLQYLWDURQDVHUYLUQRVXQSODWRGH FRPLGD FDOLHQWH \ FDPELDUQRV GHURSD

0DVWDUGHDO OOHJDU ORVFXDWURD ODFDVDFRQ ORV SDTXHWHV GH YHOD HQ OD PDQR9LPRVDPLPDGUHGHURGLOODVIUHQWHDOD9LUJHQUH]DQGRSRUQRVRWURV

7HUHVD%HUQDO3DUWLFLSDQWHGHO7DOOHU



59

0XMHU/RQFXUDQD

$ SHVDU GH KDEHU FRQWDGR VLHPSUH FRQPXFKRV \ JUDQGHV KRPEUHV HQ VXSREODFLyQ /RQFXUD KD VLGR SRUWUDGLFLyQ GH QDWXUDOH]D PDWULDUFDOVLHPSUH HQ FDVD KD PDQGDGR R PDQGDXQDPXMHU KDVWD HO GtD GH KR\ DXQTXHHQPHQRUSURSRUFLyQ

3RU HMHPSOR UHFRUGHPRV D OD VHxRUD(UQHVWLQD GXHxD GH FDVD GH ORV&LVWHUQDV\RWUDVFRPRGRxD$GULDQDODVHxRUD-XOLDODVHxRUD5RVD3DUGRGRxD9LYLDQDODVHxRUD$QGLQDPDPiGHODV9HUGHMR OXHJR HQ HO WLHPSR GRxD'HOILQD HMHPSOR FODUR GH PDWULDUFD ODVHxRUD /ROD OD WtD &KHOD OD VHxRUD(VWKHU\VXKHUPDQD)HOLFLDQD\KR\ OD.DWW\ OD 6RQLD OD 3DWW\ SRU QRPEUDUDOJXQDV KDQ VLGR \ VRQ YHUGDGHURVVDUJHQWRVHQVXVKRJDUHV

&RQXQDGLVFLSOLQDTXHVHQRWDSHURQRVyOR VHKDQGHGLFDGRDO FXLGDGRGH VXVKRJDUHV HVSRVR H KLMRV VLQR TXHDGHPiV KDQ VDOLGR D WUDEDMDU SDUDD\XGDUDSDUDUODROODWRGDVHOODVRHQ

VXPD\RUtDKDQODYDGRURSDDMHQDRKDQLGR D ODV PDFKDV SRU WLHUUD D 5LWRTXH/DV&KDWDVFHUFDGH9HQWDQDRLQFOXVRD 0DLWHQFLOOR \ 3XOODOO\ D SLH R HQ HOFDPLyQGHORV3DUGRRHQODFDPLRQHWDGH ODV9HUGHMR6LHPSUHGLVSXHVWDV FRQVX FKLQJXLOOR DO KRPEUR HQ VKRUW RHQWUHSLHUQDV FRPR OH OODPDEDQ \ XQDFDPLVHWDVLQWHPRUDOPDOWLHPSRQLDODOOXYLD D SDUHMLWDV FRQ HO HVSRVR RKDFLpQGROH FROOHUD D VXV YHFLQRV HVRVPDFKRVUHFLRV

$~Q KR\ GtD H[LVWH HQ OD FDOHWD XQDPXMHU SHVFDGRUD DUWHVDQDO FRQPDWUtFXOD \ ERWH SURSLR 6X QRPEUH0DUtD &ULVWLQD FDGD GtD VDOH FRQ VXSDGUH\VXVDSHURVGHSHVFDHQEXVFDGHOVXVWHQWRGHVXKRJDUGHVXKLMR

(QHOUHFXHUGRWHQHPRVDGHPiVJUDEDGRHOGHVILOHGHPXMHUHVORQFXUDQDVFRQXQDWDGR GH URSD OLPSLD \ ELHQ SODQFKDGDVREUH VXV FDEH]DV FDPLQR D 4XLQWHURSRU OD SOD\D D HQWUHJDU VX WUDEDMRJHQHUDOPHQWHDORVDYLDGRUHVGHOD%DVH$pUHDDOD1


60

5HFRUGDPRV WDPELpQ D PXMHUHV \ VXVKLMRVEXVFDQGROHxDSDUDVXVKRUQLOODV\EUDFHURV HQ ORV SRWUHURV GHO IXQGR HO%DWR GH SURSLHGDG GH ORV &RXVLxRPLHQWUDV ORV KRPEUHV GHVSXpV GH VXVODERUHV GH SHVFD VHQWDGRV DO VROUHPHQGDQGR VXV UHGHV \ RWURV HQ XQJUDQ SDUWLGR GH I~WERO R YyOHLERO HQ ODSOD\DFRPRXQDIRUPDVDQDGHSDVDUHOWLHPSROLEUH

7HUHVD%HUQDO3DUWLFLSDQWHGHO7DOOHU



61

5HFXHUGRGH$xRV)HOLFHV

)XHHQHOYHUDQRGHFXDQGROOHJXpSRU SULPHUD YH] D 4XLQWHURHVSHFtILFDPHQWHDODFDOHWD6DQ3HGURGH /RQFXUD (UD MRYHQ \PLV DQVLDV GHDYHQWXUD VH YHtDQ UHDOL]DGDV DOHQFRQWUDUPH MXQWR D XQ JUXSR GHSHUVRQDV TXH YHQtDQ D YHUDQHDU D XQFDPSDPHQWR FRQ XQDV UXFDV GH WRWRUDFRQ HO SLVR GH DUHQD \ VLQ QLQJXQDFRPRGLGDG VDOYR XQD GXFKD FRP~Q \XQRVEDxRVGHPDGHUDHQFODYDGRVHQHOFHUUR

(QXQFRPLHQ]RVHQWtXQJUDQUHFKD]RDHVWDV H[SHFWDWLYDV GH YHUDQHR SHUR \DHVWDED FRQ HO JUXSR \ WHQGUtD TXHDFRVWXPEUDUPH (VWH HUD HO&DPSDPHQWRGHO,QVWLWXWR9,'$6$1$GH 6DQWLDJR FX\R IXQGDGRU \ GLUHFWRUHUDGRQ%HQHGLFWR.RFLDQXQGHSRUWLVWD&KHFRVORYDFRUDGLFDGRHQ&KLOH4XLHQVLHQGR DPLJR GH GRQ /XLV &RXVLxRGXHxR GH HVWDV WLHUUDV OH FHGLy XQWHUUHQRSDUDGLFKRFDPSLQJ

$PHGLGD TXH ORV GtDV SDVDEDQPH IXLDFRVWXPEUDQGR D HVWD GLIHUHQWH IRUPDGH YLGD PX\ GLVWLQWD D OD TXH \RUHDOL]DEDHQODFLXGDGGH6DQWLDJR

(QFDGDUXFDVHJ~QVXSRUWHKDEtDQDFDPDVFRQFROFKRQHVUHOOHQRVFRQSDMD\ HQ UXFDVPiV JUDQGHV GHVWLQDGDV DODV VROWHUDV \ ORV VROWHURV KDEtDFDSDFLGDGSDUDRPiVSHUVRQDV$ODVGH ODPDxDQDVRQDED ODFDPSDQDTXHLQGLFDED TXH KDEtD TXH OHYDQWDUVH SDUDLU D OD SOD\D KDFHU JLPQDVLD XQDPHGLDKRUD HVWD HUDGLULJLGDSRUPRQLWRUHVXQR SDUD ODV PXMHUHV \ XQR SDUD ORVKRPEUHV /XHJR GH OD GXFKD KDEtD TXHGLULJLUVHDOFRPHGRUSDUDGHVD\XQDU

(O FRPHGRU HUD PX\ JUDQGH FRQFDSDFLGDG SDUD SHUVRQDV &DGDPHVD WHQtD XQ QRPEUH HVSHFLDO FRPR/RV )DQWDVPDV /RV 3LUDWDV /RV0RVTXHWHURV/RV&DQtEDOHVHWF

/XHJR GHO GHVD\XQR KDEtD TXH UHDOL]DUHODVHRGHODVUXFDVSRUTXHOXHJRYHQLDXQD FRPLVLyQ GH LQVSHFFLyQ FRORFDQGR


62

QRWD TXH VH GDED D FRQRFHU GXUDQWH HODOPXHU]R6HSUHPLDEDDODPHMRUQRWD

'XUDQWH OD PDxDQD VH RUJDQL]DEDQGLIHUHQWHV SDVHRV \D VHD SDUD RWUDVSOD\DV R D OXJDUHV WtSLFRV FRPR (OERVTXHGHODV3HWUDV/DODJXQDGHORVSDWRV KXPHGDO KR\ XELFDGR GRQGHHVWD &RSHF WDPELpQ D OD %DVH $pUHDSDUDFRQRFHUGLIHUHQWHVDYLRQHV

$O HQWUDU DO FRPHGRU D OD KRUD GHODOPXHU]R SHUVRQDV OHtDQ R GHFtDQ XQSHQVDPLHQWR SRVLWLYR GHOHJDQGR HVWDWDUHDDRWUDVSHUVRQDVSDUDODKRUDGHODFRPLGD&DGDPHVDWHQtDTXHLQYHQWDUXQ FDQWR TXH OD FDUDFWHUL]DUD \ TXH VHFDQWDEDPLHQWUDV VH FRPtD7DPELpQ VHSRGtDQ RUJDQL]DU YHUVRV TXHHVWLPXODEDQ D FRPSHWLU XQD PHVD FRQRWUD 7HUPLQDGR HO DOPXHU]R HUDREOLJDWRULR GRUPLU VLHVWD R GHVFDQVDUXQD KRUD SDUD GHVSXpV UHXQLUQRV WRGRVHQ OD SOD\D EDxiQGRVH R FRPSDUWLHQGRDYHFHVVHRUJDQL]DEDQFRPSHWHQFLDVGHQDGR

/RV TXH QR LEDQ D OD SOD\D MXJDEDQ9ROOH\EDOO6HKDEtDIRUPDGRXQJUXSRTXH FRPSHWtD FRQ HO HTXLSR GH ORVSHVFDGRUHVGH OD&DOHWD TXH OOHJy D VHUWDQ EXHQR TXH YLDMy YDULDV YHFHV D6DQWLDJRDFRPSHWLU

'HVSXpVGHODRQFHDOJXQRVJUXSRVLEDQD4XLQWHURDSDVHDUR D FRPSUDU$ ODVKUV6HFHQDEDSDUDGHVSXpV MXJDUFDUWDVSLQSRQHWF/RVILQHVGHVHPDQDOOHJDEDQYLVLWDV\VHRUJDQL]DEDQEDLOHV&DGD GtDV VH UHDOL]DED /D )RJDWDXQD ILHVWD TXH FRPSDUWtDQ WDPELpQ ORV4XLQWHUDQRVGRQGHDOUHGHGRUGHO IXHJRMXQWRDXQHVFHQDULRVHUHDOL]DEDQDFWRVGH HQWUHWHQFLyQ \D TXH FRPRYHUDQHDQWHV YHQtDQ GHVGH 6DQWLDJRPXFKRV DFWRUHV D QLYHO QDFLRQDO \EDLODULQHVGHO%DOOHW0XQLFLSDO

'HVGH 4XLQWHUR OOHJDEDQ FDUDYDQDV GHDXWRVDXWRULGDGHV\YLVLWDVTXHYHQtDQDSUHVHQFLDU GLFKR HYHQWR -XQWR FRQ ODVHPDQD 4XLQWHUDQD VH HOHJtD OD UHLQDGHOFDPSDPHQWRTXHFRPSHWtDFRQODGH4XLQWHUR (QWUH ODV SHUVRQDV TXHHVWXYLHURQ HQ HVRV DxRV HVWDEDQ 6LOYLD


63

3LxHLUR 2FWDYLR &LQWROHFFL *DEULHO0DWXUDQDODVKHUPDQDV,QIDQWD%RURURHOSLQWRUHVFULWRUHV\PXFKRVPiV

)XHURQ DxRV PX\ ERQLWRV HQ TXH HO&DPSDPHQWR 9LGD 6DQD GLR YLGD DWRGRV ORV YHUDQRV GH OD ]RQD GHVGHHQHURKDVWDORVSULPHURVTXLQFHGtDVGHPDU]R

3DVDURQ ORV DxRV \ HQ HO DxR IDOOHFLy HO SUHFXUVRU GH HVWR GRQ%HQHGLFWR .RFLDQ \ HO &DPSDPHQWR9LGD 6DQD IXH GHVDSDUHFLHQGR MXQWR DODV ERQLWDV H LQROYLGDEOHV YLYHQFLDV GHWRGRV ORV TXH WXYLPRV HO SULYLOHJLR GHYLYLUDTXHOORVYHUDQRV

,ULV*DOLQGR)3DUWLFLSDQWHGHO7DOOHU


,ULV*DOLQGR)

&DPSDPHQWR9LGD6DQD


64

&DSLOOD6DQ3HGURGH/RQFXUD(Q HO DxR HQ HO PHV GH HQHURFLQFR SHVFDGRUHV GH OD &DOHWD GH/RQFXUD YLDMDEDQ HQ XQD FDPLRQHWD D3XOOD\DWUDEDMDUHQODVPDFKDVFXDQGRVXIULHURQXQDFFLGHQWHDOFKRFDUFRQXQFDPLyQ IDOOHFLHQGR ORV FLQFRLQVWDQWiQHDPHQWH'HELGR D HVD WUDJHGLD OD FDOHWD VHHQOXWy VLQ HPEDUJR VH GLHURQ FXHQWDTXHQRWHQtDQXQOXJDUGRQGHYHODUORV\UHDOL]DU XQ DFWR UHOLJLRVR HQWRQFHV VHUHXQLHURQ ORV SHVFDGRUHV \ VXVPXMHUHV\ VH DFRUGy LU D OD )XHU]D $pUHD \VROLFLWDU XQ WHUUHQR SDUD OHYDQWDU XQWHPSORUHOLJLRVR&RQ OD FRRSHUDFLyQ GHO DUTXLWHFWR*RQ]DOR9HJD\HO3DGUH3HGUR)HUULQL3iUURFR GH 4XLQWHUR GH OD RUGHQ2ULRQLVWD PiV OD FRRSHUDFLyQ GH ODFRPXQLGDG VH SXGR FRQVWUXLU XQDFDSLOOD

/D)XHU]D$pUHDFRRSHUyFRQSLQRVTXHIXHURQFRUWDGRV\OOHYDGRVDODVHUUDGHURSDUDKDFHUODVWDEODV8QDYH]OHYDQWDGDOD HVWUXFWXUD \ WHFKDGR QR VH FRQWDEDFRQ ORV PHGLRV SDUD IRUUDUOD 3DVDURQORV DxRV \ DSDUHFLy XQ YHUDQHDQWH GHDSHOOLGR3DULVGXHxRGHXQDEDUUDFDeOSLGLy OD DXWRUL]DFLyQSDUDTXH VXVKLMDVKLFLHUDQOD3ULPHUD&RPXQLyQDVtFRPRHVWDED OD &DSLOOD \ OXHJR GRQy ODPDGHUDSDUDIRUUDUOD/DFRQVWUXFWRUDGHOUHFLQWRUHFUHDFLRQDOGH OD )XHU]D $pUHD GRQy OD FUX] \ ODSXHUWD SULQFLSDO OXHJR HO 3DGUH 3HGUR)HUULQL TXH HVWDED FRQVWUX\HQGR HOFROHJLR'RQ2ULRQHGRQyHOSLVR\HODOWDU(OPXURTXH URGHD OD FDSLOOD \ HOSLVR GH HQWUDGD IXH GRQDFLyQ GH ODYHFLQD VHxRUD )UHVLD 6HS~OYHGD FRPRWDPELpQ WRGDV ODV LPiJHQHVTXHKR\HQGtDVHFRQVHUYDQHQOD&DSLOOD/DV VLOODV IXHURQ GRQDGDV SRU ORVSREODGRUHV XQ WRWDO GH FLHQ VLOODVSDJDGDVSRUFXRWDVHVWHWUDEDMRWDPELpQ


65

IXH UHDOL]DGR SRU OD VHxRUD )UHVLD6HS~OYHGD$OHJUtD/DPDQRGHREUD IXH UHDOL]DGDSRUGRQ$UPDQGR/HLYD\GRQ0DULR3DUUDJXp]/H SXVR OD SULPHUD SLHGUD HQ VLHQGR SDGULQRV GH HVWD FHUHPRQLD GRQ&RQUDGR/DXU\VHxRUD,ULV*DOLQGR\HOVHxRU +HUQDQGR /DWULOOH \ VHxRUD$OFDOGHGH4XLQWHURHQHVDpSRFD(Q OD DFWXDOLGDG OD FDSLOOD RIUHFH FDGDViEDGR PLVD D ODV KRUDV \ VHPDQWLHQH EDMR HO FXLGDGR GH ORVSREODGRUHV

,ULV*DOLQGR)3DUWLFLSDQWHGHO7DOOHU


&DSLOOD6DQ3HGURGH/RQFXUD


66

8QDQRFKHLQROYLGDEOH(Q6DQWLDJRHQXQDUHXQLyQGHYHFLQRVQRVFRPHQWDURQTXHYHQGtDQVLWLRVPX\EDUDWRVHQXQDVFRPXQLGDGHVYHUDQLHJDVHQ /RQFXUD4XLQWHUR 1RV HPSH]DPRVDGDUHOGDWRHQWUHDPLJDV\FRPSDxHUDVGHWUDEDMRD MXQWDUSODWLWD\DPHWHUQRVHQXQDPHGLDJXDGHDFXHUGRDQXHVWUDVSRVLELOLGDGHVeUDPRVWUHVSHUVRQDV/R KLFLPRV \ HO GtD GH OD FRPSUD QRVUHFRPHQGDURQXQDHPSUHVDUHVSRQVDEOHSDUD WUDHU QXHVWUDV FDVDV &RQYHQLPRVTXHQRV MXQWDUtDPRVHQ ODEDUUDFDD ODV KUV GH OD WDUGH (UD YHUDQR PHDFXHUGR(O VHxRU GHO FDPLyQQRV GLMR TXH D ODVRFKR GH OD PDxDQD VLJXLHQWH WHQtDPRVTXH UHFLELU OD PHUFDGHUtD QXHVWUDVFDVDVSRUORTXHWXYLPRVTXHSDUWLUHVDPLVPDQRFKH7RPDPRVXQEXV&yQGRUD ODVHQFRQWUiQGRQRVHQHO W~QHOOR 3UDGR FRQ HO FDPLyQ KDVWD HO WRSHODVSODQWDVVDOtDQSRUWRGRVODGRV

/OHJDPRVDGHODPDxDQDDOFUXFHGH /RQFXUD GRQGH WHQtDPRV TXHEDMDUQRV $Kt HPSH]y QXHVWUD WUDJHGLD1RVHYHtDQQLODVPDQRV1RKDEtDOX]WRGR HUD SXUR ERVTXH DSHQDV ORVWUD]DGRVGHORVFDEOHV\SDUDFROPRQLVLTXLHUD WUDtDPRV XQD FDMD GH IyVIRURVHUDXQDERFDGHORER


67

'H SURQWR FXDQGR YHQtDPRV GH ORPHMRU VHQWLPRV TXH YHQtD HQ VHQWLGRFRQWUDULR XQ KRPEUH FRQ XQ SRQFKRQHJUR D FDEDOOR DUUHDQGR D XQ SLxR GHDQLPDOHV


68

6XHxRV\UHFXHUGRV

0H GHWHQJR HQ HO WLHPSR \ YR\ KDFLDDWUiV PXFKRV DxRV DWUiV 9LQH D HVWDVWLHUUDV FRQ PL IDPLOLD FXDQGR HUD XQDQLxD HQ ORV DxRV 5HFXHUGR TXHSUHSDUDUHOYLDMHD/RQFXUDHUDODPHMRUQRWLFLDTXHUHFLEtDPRVWRGRV

0LSDGUHFRQRFKHQWDDxRVSUHSDUDEDHOFKX]R WDPELpQ HO VHUUXFKR SDUD FRUWDUOHxD \ SUHSDUDU HO WHUUHQR GRQGH SRQHUODVFDUSDVTXHHUDQGHVDFRVEODQFRVGHKDULQD GH (O 0ROLQR /DV SRFDVIUD]DGDV HUDQ SDUD WDSDUVH OOHYiEDPRVWDUURV SDUD HO DJXD \ WRGD FODVH GHFRPLGD

eUDPRV GLHFLVLHWH HQWUH PDPi SDSiKLMRV \HUQDV HWF QR GRUPtDPRV HVDQRFKH GH 6DQWLDJR D 4XLQWHUR VH KDGLFKR/OHJiEDPRVPX\ WHPSUDQRD ODHVWDFLyQSDUDWRFDUDVLHQWR/RVQLxRVVHVXEtDQ SRU ODV YHQWDQDV GHO WUHQGHVSXpV GH PXFKD ]DODJDUGD 7RGRVDUULED \ D FRPHU KXHYRV GXURV \ ORVPD\RUHV PHOyQ FRQ YLQR /R SHRU HVTXHHQODHVWDFLyQ6DQ3HGURKDFtDPRV

WUDQVERUGR RWUD RGLVHD %DMDU WRGRUiSLGR WLUDU ORV QLxRV DO RWUR WUHQVLHPSUH VHSHUGtD DOJXQR DKt TXHGDEDODJULWDGHUDSRUILQDSDUHFtD

6HJXtDPRV YLDMH \D GHVSXpV GH PiV RPHQRVKRUDVOOHJiEDPRVDODHVWDFLyQ4XLQWHUR MXVWR HQ OD SOD]D FDGD XQRWRPDED XQ EXOWR \ D FDPLQDU SRU ODRULOOD GH OD SOD\D /RV PiV DGXOWRV HQODVPDUDYLOORVDV FDUUHWHODV$UPiEDPRVODV FDUSDV HQ OD SOD\D XQD DO ODGR GHRWUDPX\ MXQWLWDVGRUPtDPRVHQ OtQHDWRGRVSDUDXQPLVPRODGR&XDQGRVHOHRFXUUtDKDFHUSLStDOSULPHUR WHQtDTXHSDVDU SRU HQFLPD GH WRGRV KDVWD DKtGXUDED HO VXHxR 3XFKD TXH ORSDViEDPRVELHQTXpUHFXHUGRV

$OJXQRVDxRVGHVSXpVOOHJXpDYHUDQHDUFRQ PL PDULGR pUDPRV MyYHQHV \YLYLPRV XQDV YDFDFLRQHV KHUPRVDV5HFXHUGR TXH WHQtDPRV GXUDQWH VyORXQD QRFKH QXHVWUR SURSLR IHVWLYDO HQPHGLRGHOERVTXHFRQXQDJUDQIRJDWD\DOXPEUDGRV FRQ OiPSDUDV D FDUEXUR7HQtDPRVFDPDUyJUDIRVHOHTXLSRHUDQWD]DVDPDUUDGDVFRQXQDODPEUDHQOD


69

FDEH]DGHO FDPDUyJUDIR/DFiPDUD HUDXQD FDMD GH ]DSDWRV VRVWHQLGD SRU XQSDOR GH HVFRED 1RVRWURV pUDPRV ORVDUWLVWDV\QXHVWURVYHFLQRVHOS~EOLFR

/RV DxRV SDVDURQ \D QR WHQHPRVFDUSDV +R\ ODV UHHPSOD]DQ QXHVWUDVFDVLWDVFRQPXFKDVIORUHV+R\QXHVWURVKLMRV TXH HQ HVH HQWRQFHV HUDQSHTXHxRVQRVYLVLWDQYLHQHQDYHUDVXVYLHMRV TXH XQ GtD GHFLGLHURQ YLYLU HQ/RQFXUD

&ULpHGXTXpKR\WHQJRWLHPSRSDUDPtSDUDKDFHU ORTXHVLHPSUHVRxpFDQWDUDFWXDU FRPSDUWLU FRQ RWURV DGXOWRVPD\RUHV 6RPRV WDQWRV DO UHXQLUQRV \FRQWDUQRV QXHVWUDV KLVWRULDV QRV GDPRVFXHQWDTXHVRQVLPLODUHV MXELODGRVFRQPXFKRVUHFXHUGRVEXHQRV\PDORV+R\HVWDPRV YLYLHQGR OD WHUFHUD HGDG FRQP~VLFDGHSRUWH WHUWXOLDV\SRUTXpQRGHFLUORPXFKDVPDxLWDV

$OLFLD5RFR7DSLD3DUWLFLSDQWHGHO7DOOHU


6UD$OLFLD5RFR\)DPLOLDYHUDQHDQGRHQFDUSD/RQFXUD

&DPLQR(O%RVTXH/RQFXUD


70

0LYHUDQHRHQ/RQFXUD

+ROD DPLJRV GH /RQFXUDPH SUHVHQWR0LQRPEUHHV0DUtD%DUUD/HVFRQWDUpPLV YLYHQFLDV GH YLGD DTXt HQ /RQFXUDTXHVRQLQROYLGDEOHV

(O DxR IXH OD SULPHUD YH] TXHDFDPSp HQ OD SOD\D \ YHUDQHDU DVt IXHPX\ PX\ FRPSOLFDGR QR WHQtDPRVFRPRGLGDGHV SHUR WRGR VH KDFtD PiVIiFLO FXDQGR QRV FRRSHUiEDPRV HQWUHYHFLQRV 1L VLTXLHUD QRV FRQRFtDPRVSHUR HVR QR LPSRUWDED SRUTXH pUDPRVLJXDOHV HQWUH Vt YHQtDPRV WRGRV D ORPLVPR D SDVDUOR ELHQ \ GLVIUXWDU GHOYHUDQRFRQQXHVWUDVIDPLOLDV

0LPDULGRVDFDEDIRWRVHQODSOD\DFRQXQD SRODURLG \ GH HVR YLYtDPRV&yPRROYLGDU FXDQGR ORV PLOLFRV KDFtDQ VXVHMHUFLFLRVHQODRULOOD\PLQLHWRWHQtDDxRV ORV VHJXtD +R\ HV XQ KRPEUH GHELHQ WRGRXQSURIHVLRQDO\VLHPSUHPHYLVLWD

&yPR ROYLGDU WDPELpQ HVDV PLFURV GHSDVHRGHJHQWHTXH OOHJDED ORV ILQHVGHVHPDQD WRGRV IHOLFHV/RV WHQJRHQPLPHPRULD \ QRVRWURV ORV TXHDFDPSiEDPRV OLPSLiEDPRV GHVSXpVQR LPSRUWDED HUD SDUD TXH QXHVWUDSOD\DVHYLHUDELHQ\PX\OLPSLD

/RV FRPHUFLDQWHV ORV VDOYDYLGDV WRGRVpUDPRV FRPR XQD JUDQ IDPLOLDFRQRFLPRV PXFKD JHQWH 0DUWtQ9DUJDV LQROYLGDEOH (VRV UHFXHUGRVMDPiVORVROYLGDUp

+R\ KH KHFKR UHDOLGDG HO VXHxR GH PLYLGD WHQJR PL FDVD FRQVWUXLGD FRQPXFKR HVIXHU]R SDUD YLYLU DTXtFRPSDUWLHQGR FRQ PLV KLMRV \UHFRUGDQGR VLHPSUH DTXHOORV EHOORVPRPHQWRV+R\WHQJRWRGRVPLVVXHxRVFXPSOLGRVJUDFLDVD/RQFXUD

0DUtD%DUUD3DUWLFLSDQWHGHO7DOOHU



71

3UHFLRVRVYHUDQRV

4Xp KHUPRVR HV UHFRUGDU FXDQGR HQ HODxR YHQtDPRV D YHUDQHDU HQIDPLOLD FRQ QXHVWUR VHJXQGR KLMR HQEUD]RV\FRQHOSULPHURTXHVHFDQVDEDDO SRFR FDPLQDU \ GHEtD VXELUOR DPLVKRPEURVSRUTXHHQPLVPDQRVWUDtDORVEROVRV FRQ URSDV \ YtYHUHV 0DUtD PLHVSRVD YHQtD PX\ FRQWHQWD \ PiVFRQWHQWDYHQtDPLVXHJUD\PLVXHJUR


72

$O OOHJDU D OD HVWDFLyQ GH WUHQGHMiEDPRV LQVWDODGD D PL VXHJUD FRQQXHVWURV KLMRV \ ORV EROVRV \ QRVGHYROYtDPRV D SHJDUQRV ORV ~OWLPRVFKDSX]RQHV HQ FDOHWD HO PDQ]DQR HVTXHpUDPRVXQRV ORORVGH\DxRVUHVSHFWLYDPHQWH \ VyOR SHQViEDPRV HQGLYHUWLUQRV 6yOR FXDQGR VHQWtDPRV ORVSULPHURVSLWRVGHOWUHQQRVVDOtDPRVGHOPDU FRUUtDPRV \ QRV VXEtDPRVHVWLODQGR DO WUHQ HQ PRYLPLHQWR QRVWDSiEDPRV FRQ PDQWDV \ OXHJR QRVFDPELiEDPRVGHURSDHQHOFDUURVLHQGRODDWUDFFLyQGHORVGHPiVSDVDMHURV$VtHUD QXHVWUR HUD QXHVWUR UHJUHVR D6DQWLDJR\VLHPSUHFRQODHVSHUDQ]DGHYROYHUHOSUy[LPRDxR9ROYLPRV GXUDQWH ORV YHUDQRV DxR WUDVDxRKDVWDTXHFULDPRVDQXHVWURVKLMRVTXH HQ WRWDO IXHURQ FLQFR 1HOVRQ5REHUWR /LOLDQ $EUDKDP OYDURVDFDPRV QXHVWUD WDUHD \ SRU ILQ QRVYLQLPRV D YLYLU D QXHVWUD /RQFXUD&RPHQ]DPRV D SDUWLFLSDU HQ HO JUXSRIROFOyULFR5HQDFHUDSUHQGLPRVDWRFDU

JXLWDUUD \ DKRUD FDQWDPRV FRPR G~R3HQVDPRVTXHGDUQRVDTXtKDVWDHO6HxRUQRVOODPHDVXODGR1RQRVPRYHUHPRVGHDTXtDXQTXHKD\DPLOWVXQDPLV

0DUtD,EDUUD$UHLWH\*HUDUGR&HUHxR3DUHGHV3DUWLFLSDQWHVGHO7DOOHU



73

$OULFR3HVFDGR$KXPDGR

$OULFRSHVFDGRDKXPDGREDUDWRVDQR\PX\ ULFR+R\PLUR D GRQ -XDQ \ ORYHR WDQ GLVWLQWR\R FUHR TXH \D QRSLHQVD FRPRDQWHV FXDQGR UHFLpQ OOHJySRU HVWRV OXJDUHV KDFH RFKR DxRVDSUR[LPDGDPHQWH

6HJ~QpOORWUDMHURQDTXtSDUDPRULU\DQRTXHUtDYLYLUQLVRxDUVXYLGDVHKDEtDWHUPLQDGR\VRORVHQWDGRHQXQWURQFREDMR OD OORYL]QD GH OD WDUGH OORUDEDGHVFRQVRODGDPHQWH PLHQWUDV FRFLQDEDHQ XQD FDUUHWLOOD YLHMD WDSDGR FRQ XQSOiVWLFR \ FDQWDQGR D YHFHV DTXHOODKHUPRVDFDQFLyQ5tR5tR

+R\XQROHSUHJXQWDFyPRHVVXYLGDHVGLVWLQWD \ GLIHUHQWH FRQWHVWD HO DLUHODV IORUHV OD KHUPRVXUD GHO ERVTXH HODURPDGH OD WLHUUD \ OD VXDYH EULVD GHOPDU KL]R FDPELDU D GRQ -XDQ DKRUDYLYH XQD YLGD IHOL] MXQWR D VXFRPSDxHUDVXHVSRVDTXHKDHVWDGRFRQpOHQODVEXHQDV\HQODVPDODV

+R\ OR YHUiQ D XQ FRVWDGR GH ODIDUPDFLD YHQGLHQGR IHOL] DO ULFRSHVFDGRDKXPDGR

6XYHFLQD\DPLJD$QLWD9HFLQDGH/RQFXUD4XLQWHUR


74

8Q GtD TXH IXLPRV D UHFRJHU OHxD DOPRQWHSDVDPRVXQVXVWRWDQJUDQGHPLPDPiXQDDPLJD\\RD~QORUHFXHUGRELHQ (UD DOUHGHGRU GH \ ORVSREODGRUHVGH/RQFXUDLEDQFDGDWDUGHDUHFRJHUOHxDDOPRQWHSDUDODFRFLQDHOEUDFHURRHOKRUQRHQHVHHQWRQFHVQRWHQtDPRV FRPR DKRUD FRFLQDV D JDV RHOpFWULFDVVRORIRJRQHVDOHxD

&RPROHVFRQWDEDIXLPRVDODOHxDDOOiSRUHOFDPLQRTXHGDEDDODFDVDGHORV&RXVLxR OXJDU TXH OODPDEDQ /DV7UDQTXHUDV DQGiEDPRV UHFRJLHQGR ODVPHMRUHV UDPDV VHFDVTXHKDEtD FXDQGRGH UHSHQWH D OD GLVWDQFLD YLPRV TXH VHDFHUFDED XQ KXDVR ELHQ SLQWHDGR FRQPDQWD HVSXHODV \ OD]R HQ XQ FDEDOORSORPR MDVSHDGR TXH \D VH OR TXLVLHUDQHQHOKLSyGURPR

6H DFHUFy HO KXDVR KDVWD HO SLH GH XQLQPHQVREROGRTXHKDEtDHQHOFDPLQR

ELHQFHUFDGHGRQGHHVWiEDPRVQRVRWUDV\ QRV GLR VXVWR SRUTXH DQGiEDPRVEXVFDQGROHxDHQORVWHUUHQRVGHOIXQGRVLQSHUPLVRGHODGPLQLVWUDGRU/OHJyHOKXDVR DO SLH GHO EROGR \ VX FDEDOORFRPHQ]y D FDUDFROHDU IUHQWH DQRVRWUDV \ QRV PLUDED GH XQD IRUPDPX\UDUDSHURORTXHPiVQRVOOHQyGHHVSDQWR IXH YHU TXH HVWD DSDULFLyQFDEDOOR \ MLQHWH UHODPSDJXHDEDQHQWHURV FRPR VL IXHUDQ GH SODWD \EULOODUDQDOVROVREUHWRGRORVDSHURVGHOFDEDOOR HUD FRPR VL XQ UHVSODQGRU VHKXELHUDDSRGHUDGRGHHOORV

0LPDPiGLMRHVWRQRSXHGHVHUQDGDEXHQR YiPRQRV 'HO SXUR VXVWR QLVLTXLHUD QRV DFRUGDPRV GH WRPDU ORVDWDGRV GH OHxD TXH KDEtDPRV MXQWDGR

14 5HIHULGRDXQFDEDOORTXHGDJLURV\KDFHPRYLPLHQWRVFLUFXODUHV

&DStWXOR,;

/H\HQGD

$O3LHGHO%ROGR*UDQGH


75

/OHJDPRVDODFDVDPXHUWDVGHOVXVWR\GHO FDQVDQFLR \D TXH FRUULPRV KDVWDOOHJDUDHOOD

&XDQGR FRQWDPRV OR VXFHGLGR D ORVYHFLQRVORVXFHGLGRQRVGLMHURQTXHSRUODVVHxDVVyORSRGUtDVHUXQHQWLHUURHOTXH KDEtD DOOt SRU HO UHVSODQGRUGLMHURQ VyOR VH YH HQ ORV HQWLHUURV GHSODWD

$QRVRWURVQDGLHQRVSXGRFRQYHQFHUGHYROYHU DO OXJDU 3HUR FRPR HQ SXHEORFKLFRORVFKLVPHVYXHODQHVHPLVPRGtDVHVXSRHQWRGDOD]RQD

'RVGtDVGHVSXpVFXDQGRDQGDEDQRWURVYHFLQRVHQ OD OHxDSRU HOPLVPR OXJDUHQFRQWUDURQDOSLHGHOEROGRJUDQGHXQLQPHQVRKR\R\MXQWRDHOVyORKDEtDXQHQRUPH ED~O WRGR GHVYHQFLMDGR FRPRPXGRWHVWLJRGHXQKHFKRDOOtVXFHGLGR

15 $Vt VH OHV OODPD D ORV WHVRURV RFXOWRV HQPRQHGDV \ OLQJRWHV GH RUR R SODWD TXH VH OHVVXSRQH RULJLQDULRV GH OD &RORQLD \ TXH HQDOJXQRVFDVRVSXGLHURQSHUWHQHFHUDORVMHVXLWDV

8Q WLHPSR GHVSXpV VXSLPRV TXH XQKRPEUH EDVWDQWH FRQRFLGR SRU VXVXHUWH \ YDOHQWtD SDUD HVWDV FRVDVKDEtD VDFDGRDOOt XQ IDEXORVR WHVRUR HQPRQHGDVHVSDxRODVGHRUR\SODWD

%ULVROLD%HUQDO


76

/RQFXUD

$OWURWHGHFDUUHWDV

RULOODQGRODSOD\D

VREUHROHDMHVFDOPRV

RPDUHDVDJLWDGDV

GHVHPEDUFRDGHVHQWUDxDU

WXVUDtFHVRFXOWDV

4XpWLHQHQTXHUHYHODUPH

ODFDYHUQRVD

SURIXQGLGDGGHWXVDUHQDV"


77

(O%DWR

/RVHVSDVPRVGHODWLHUUD

KXUJDQHQODVFDYHUQDV

6H\HUJXH(O%DWR

SULPLJHQLR

&KDQJRVKLMRVGHOVRO

\GHOYLHQWRFXUWLGRV

SRUODVDOGHODVPDUHDV

$ODPDQHFHUHQILODQ

KDFLDODSOD\D

VXVFDQRDVFROPDGDV

'HOWDxLGRUHVXHQDHOHFR

(QQRFKHVGHOXQDOOHQD

(OORQFRWUHSDODFLPD

GHODFXUDURFD

\WUDVFLHQGHVXUXHJR

PiVDOOiGHOPDU

\GHODQRFKH

PiVDOOiGHOWLHPSR

2OHDMHVIRVIRUHVFHQWHV

PRGXODQODVDUHQDV

16 /3(= 52%/('2 6,/9,$ 4XLQWHUR 6RODU 0DULQR (GLWRULDO $OED9DOSDUDtVR&KLOH


78

&XHFD0L/RQFXUD0LYLGDHQHOSXHEORGH/RQFXUD0LYLGDIORUHFHQODV$]XFHQDV0LYLGDIORUHFHQODV$]XFHQDV0LYLGDFRQVXVFDOOHVSROYRULHQWDV0LYLGD\VXVFDVDVGHPDGHUD0LYLGDHQHOSXHEORGH/RQFXUD7LHQHVXOLQGDLJOHVLD


79

&DQFLyQGH/RQFXUD/OHJDURQQXHVWURVDEXHORVFRQHPSXMH\WHQDFLGDGOXFKDQGRFRQODDGYHUVLGDGSDUDGHVEUDPDUORVVXHORVXQKRJDUIXHVXFRQVXHOR6DQ3HGULWR\DEHQGLMRHOHVIXHU]RGHVXVKLMRV+R\YLYHDTXtHQ/RQFXUDUHFLELHQGRODWHUQXUD\HOFDULxRGHVXVKLMRV(OSXHEORHVXQDFDOHWDEHOODVGRUDGDVDUHQDVXQPDUD]XOGHVLUHQDVYHUGHHVSHUDQ]DWXHVWHSD*HQWHIHOL]HVODPHWDPRVWUDUOHTXLVLHUDDOPXQGRGHORV&RXVLxRHOIXQGRIXQGDPRVXQDSREODFLyQQRVHPEDUJDPXFKDHPRFLyQQXHVWURSXHEORWDQIHFXQGR+LMDVR\GHSHVFDGRUHVORQFXUDQDGHVGHVLHPSUH

&RORQRVWRGDPLJHQWH/RQFXUDGHPLVDPRUHVXQOXJDUGHPLOFRORUHVIHOL]HVWR\GHDGRUDUWHWDPELpQGHUHSUHVHQWDUWHPHVLHQWRWDQRUJXOORVDGHWXSOD\DWDQKHUPRVDHUHVXQDREUDGHDUWH

&DQFLyQFUHDGDHQ7DOOHU/LWHUDULRRUJDQL]DGRSRU6HUYLFLR3DtV&XOWXUD&1&$


80

9DO]D/RQFXUD &XDQGROOHJXp\RDHVWDVWLHUUDV(ODxRQRYHQWD\RFKR'HMHPLULR0DSRFKR


81

3$/$%5$6),1$/(6/DSUHVHQWHSXEOLFDFLyQHVHOUHVXOWDGRGHXQDUGXRSHURJUDWRWUDEDMRGHUHFXSHUDFLyQKLVWyULFD(OWDOOHUFUHDGRSDUDHVWHILQ\GHOFXDOIXLJXtDSHUPLWLySRQHUHQYDORUSDUWHGHO LQPHQVR SDWULPRQLR FXOWXUDO TXH SRVHH /RQFXUD D WUDYpV GHO UHVFDWH GH ODVYLYHQFLDVH[SHULHQFLDV\PHPRULDGHVXVKDELWDQWHV3RUFRQVLJXLHQWHFDGDXQRGHORVYHFLQRV\YHFLQDVTXHSDUWLFLSDURQHQHO7DOOHUHVWiQSUHVHQWHVHQHVWDREUDPHGLDQWHVXVUHODWRVUHFXHUGRVIRWRJUDItDVFDQFLRQHVSRHPDVOH\HQGDVRWHVWLPRQLRVGHYLGD/DPHWRGRORJtDDSOLFDGDIXHODFRUUHFWDVLQHPEDUJRVLQODPRWLYDFLyQ\HQWXVLDVPRGHORV LQWHJUDQWHV KDEUtD VLGR LPSRVLEOH OD SXEOLFDFLyQ GH HVWH KHUPRVR WH[WR \ ORJUDUFRQWULEXLU FRQ pO DO IRUWDOHFLPLHQWR GH OD LGHQWLGDG GH OD FRPXQLGDG ORQFXUDQD \ ODLQWHJUDFLyQGHVXVPLHPEURV$GMXQWRSRU~OWLPRPLVDJUDGHFLPLHQWRVDWRGDVODVSHUVRQDVTXHFRQVXPX\EXHQDYROXQWDGGLVSRVLFLyQ\DIHFWRIDFLOLWDURQPLODERU\WDPELpQDODV,QVWLWXFLRQHVTXHODKLFLHURQ SRVLEOH (VSHUR WDPELpQ GH WRGR FRUD]yQ TXH HVWH WUDEDMR PRWLYH D PXFKRVRWURV \ DEUD XQD YHQWDQD D IXWXUDV LQYHVWLJDFLRQHV GH UHFXSHUDFLyQ KLVWyULFD SRUTXHIRUWDOHFHQDXWRFRQRFLPLHQWRODLGHQWLGDG\ODPHPRULDKLVWyULFDGHORVSXHEORV)LQDOPHQWHUHYHORTXHHVWHWUDEDMRUHYLVWLyXQDEHOOH]DKXPDQDGLItFLOGHGHVFULELUSHURGLJQDGHVHUJXDUGDGDHQPLPHPRULDFRPRXQDOHFFLyQTXHPHKDSHUPLWLGRYROYHUDFUHHUHQODQREOH]DGHODVSHUVRQDV

'DQLHOD9HUJDUD5RPHUR0RQLWRUDGHO7DOOHUGH+LVWRULD/RFDO

/LFHQFLDGDHQ+LVWRULD\'LSORPDGDHQ*HVWLyQ&XOWXUDO


82

%$6&8f108f2=-8$1)5$1&,6&2&KLOH,PiJHQHVDOR+XPDQR\DOR'LYLQR&RQVHMR1DFLRQDOGHOD&XOWXUD\ODV$UWHV

(19,$-(5HYLVWDGH)HUURFDUULOHVGHO(VWDGR6DQWLDJR&KLOH

*$(7((8*(1,$$UFKLYR)RWRJUiILFR3HUVRQDO

*$=085,5,9(526&5,67,$1/DFRPSDxtDGHIHUURFDUULOSXHUWR\EDOQHDULR GH4XLQWHUR XQD HPSUHVD IUDFDVDGD5HYLVWD GH+LVWRULD ,QVWLWXWRGH+LVWRULD3RQWLILFLD8QLYHUVLGDG&DWyOLFDGH&KLOH9RO

/3(=52%/('26,/9,$4XLQWHUR6RODU0DULQR(GLWRULDO$OED9DOSDUDtVR&KLOH

0(5&$'2 &/$8',2&RQ PL +XPLOGH 'HYRFLyQ %DLOHV &KLQRV HQ &KLOH&HQWUDO(GLWRULDO9tFWRU5RQGyQ6HS~OYHGD6DQWLDJRGH&KLOH

3/$7+25(67()RONORUH5HOLJLRVR&KLOHQR(GLFLRQHV3ODWXU6DQWLDJRGH&KLOH

9,&8f$ 0$&.(11$ %(1-$01 4XLQWHUR VX HVWDGR DFWXDO \ VXSRUYHQLU,PSUHQWDGHO0HUFXULRGH7RUQHUR\/HWHOLHU9DOSDUDtVR&KLOH

=(/$

Loncura, una historia que contar

83

EPLOGO

Esta publicacin nace en el marco del Programa Servicio Pas Cultura, una alianza entre el Consejo Nacional de la Cultura y las Artes, la Fundacin Superacin de la Pobreza y la Ilustre Municipalidad de Quintero. Este Programa se constituye como una instancia de participacin, a travs de proyectos, Itinerancias artsticas y encuentros de formacin, fomentando el desarrollo cultural local. Agradecemos a la I. Municipalidad de Quintero por hacer posible que este Programa se desarrolle en su territorio, adems del compromiso con el rescate de su memoria, as como a cada uno de los participantes, equipo de trabajo, colaboradores y personas que aportaron su tiempo, energas y esfuerzo para lograr este hermoso trabajo.

Consejo Regional de la Cultura y las ArtesFundacin Superacin de la Pobreza

Ilustre Municipalidad de Quintero

SERVICIO PAS CULTURA

Documents

Loncura, una historia que contar