344

El impacto del comercio y el turismo en el desarrollo de la ciudad de Veracruz

Embed Size (px)

DESCRIPTION

El impacto del comercio y el turismo en el desarrollo de la ciudad de Veracruz

Citation preview

  • 3(O&RPHUFLR0XQGLDOHQHO6LJOR;9$QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR(O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    )ORUHFLPLHQWRGHOD&LXGDG,QIUDHVWUXFWXUDGHO)HUURFDUULO7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    S~EOLFRVGHGLYHUVDtQGROHQHFHVDULRVSDUDSUHVWDUVHUYLFLRVGHVDOXGHGXFDWLYRVGH

    LQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFX

    VLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXHVHWHQJDXQDIHFKDGHLQLFLRGHOSURFHVRGHDQiOLVLV

    HQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSR

    EODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDOTXHJHQHUDHO3XHUWRORFXDO

    GHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORV

    DxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQ

    KDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFR

    PHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHOD

    ULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQ

    WHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQD

    IXHQWHVGHHPSOHR\JHQHUDGHVDUUROORHFRQyPLFRODFLXGDG\VXSREODFLyQJR]DGH

    FRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWR

    VXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WURHOHPHQWRDHYDOXDUHVTXHODVLWXDFLyQHFRQyPLFD\VRFLDOGHODFLXGDG\

    3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXH

    VXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQ

    HOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLV

    WyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDG

    GH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQ

    GH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1RSRGHPRVGHGHMDUGHPHQFLRQDUTXHHVPX\ORDEOHHOLQWHUpVGHOD&iPDUD

    1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHV

    WLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQR

    SDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDG

    SDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHV

    IXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQ

    FLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQ

    VXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHF

    WRUHVVRFLDOHVTXHJHQHUHQ\GLVWULEX\DQFRQRFLPLHQWRSDUDHOGHVDUUROORHTXLWDWLYR\

    VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH

    &RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    5HTXLVDGHO3XHUWR

    $GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,

    3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQ

    HVWD'pFDGD

    ,QWURGXFFLyQ

    'HVDUUROOR&RPHUFLDO

    ,QIUDHVWUXFWXUD+RWHOHUD

    3UR\HFWRGH$PSOLDFLyQGHO3XHUWR

    2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD

    3URJUDPD0p[LFR(PSUHQGH

    3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]

    0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD

    0XVHR0LOLWDU6DQ&DUORV

    6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    GH9HUDFUX]

    %3UHPLR0HUFXULR

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO

    )HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDG

    GH9HUDFUX]

    &RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]GHODxR

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    6HUYLFLRV3RUWXDULRVGH9HUDFUX]

    3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL

    ,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7

    &UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR

    ,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV

    \7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    &HUWDPHQ6HxRULWD0p[LFR

    ([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ

    &HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLR

    QHVGH(GXFDFLyQ6XSHULRU$18,(6ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVXIRUPD

    PiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLDOD

    LQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGH

    PDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGH

    FRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYH

    QLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQD

    FRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPH

    UDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR

    \HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHV

    SRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDG

    HVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQ

    HQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLD

    ODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPH

    GDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGH

    FXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX

    ]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHU

    FRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXH

    URQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOH

    SUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDU

    ODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\X

    GHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQ

    DOD)DFXOWDGGH&RQWDGXUtDIXHODGHLQLFLDUODDSDUWLUGHODIHFKDGHIXQGDFLyQGH

    pVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR

    \ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\

    LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFH

    GLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyD

    TXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXH

    ODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDU

    HQWHQGHUHOUHVXOWDGRQDOORJUDGRHQHOSURJUHVR\FUHFLPLHQWRHFRQyPLFRGHODSR

    EODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXH

    REVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    2/14/13 7:07:44 PM

    impacto.indd 1 4/3/13 11:18 PM

  • 0DUtD(XJHQLD6HQWtHV6DQWRV*XLOOHUPR0RUHQR&KD]]DULQL

    &RQVLGHUDQGRODVWUDQVIRUPDFLRQHVTXHVHH[SHULPHQWDQHQODYLGDVRFLDO\

    HFRQyPLFDGHQXHVWURSDtVODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRUHQIUHQWDQUHWRV

    TXHKDFHQLQGLVSHQVDEOHODLQYHVWLJDFLyQHQWUHVJUDQGHVDSDUWDGRVODIRUPDFLyQHO

    GRFXPHQWRFXUULFXODU\ODYLQFXODFLyQGHULYDGRGHHVWRHQORV~OWLPRVGHFHQLRVOD

    8QLYHUVLGDG9HUDFUX]DQDVHKDWUDQVIRUPDGRHQVXVIXQFLRQHVDFDGpPLFDVVRFLDOHV\

    RUJDQL]DFLRQDOHVFRQODILQDOLGDGGHUHVSRQGHUDODVH[LJHQFLDVGHULYDGDVGHORVFDP

    ELRVVRFLRHFRQyPLFRV\SURGXFWLYRVDFWXDOHV

    8QHOHPHQWRLQGLVSHQVDEOHSDUDHQIUHQWDUHVWRVSURFHVRVGHWUDQVIRUPDFLyQHV

    ODYLQFXODFLyQGHODV8QLYHUVLGDGHVFRQODVQHFHVLGDGHVVRFLDOHV\HFRQyPLFDVTXH

    UHIOHMDHOVHFWRUSURGXFWLYR

    8QDLPSRUWDQWHUHFRPHQGDFLyQTXHKDFHOD2UJDQL]DFLyQGHODV1DFLRQHV8QL

    GDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2HVTXHODV8QLYHUVLGDGHVIRU

    WDOH]FDQODVIXQFLRQHVGHVHUYLFLRDODVRFLHGDGYLQFXODQGRHOSURFHVRGHIRUPDFLyQ

    GHJHQHUDFLyQ\DSOLFDFLyQGHOFRQRFLPLHQWRFRQODVQHFHVLGDGHV\UHTXHULPLHQWRV

    DFWXDOHV\IXWXURVGHOHQWRUQR\GHODVRUJDQL]DFLRQHVHQJHQHUDO\DVHDQSURGXFWLYDV

    RVRFLDOHV

    $SDUWLUGHODSHUVSHFWLYDGHODVSROtWLFDVHGXFDWLYDVGHOD81(6&2ODYLQFX

    ODFLyQYDPiVDOOiGHODVIXQFLRQHVGHH[WHQVLyQXQLYHUVLWDULDFXDQGRVHUHILHUHDOD

    UHODFLyQGHFRRSHUDFLyQTXHVHHVWDEOHFHHQWUHODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU

    \ODVHPSUHVDVS~EOLFDV\SULYDGDV

    /D$SDULFLyQGHORV7XULVWDV

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWDV'pFDGDV

    ,QIUDHVWUXFWXUD&RPHUFLDO+RWHOHUD\GH6HUYLFLRVGH$TXHOODV)HFKDV

    1DFLPLHQWRGHO+RWHO0RFDPER

    ,QIUDHVWUXFWXUD8UEDQD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    /D6HJXQGD*XHUUD0XQGLDO\HO'HVHPSOHRHQHO3XHUWR

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    ,QIUDHVWUXFWXUD(GXFDWLYD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    7XERVGH$FHURGH0p[LFR7DPVD

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG\6RFLDO

    $QLYHUVDULRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    3ULPHUDV&iPDUDV1DFLRQDOHVGH&RPHUFLRHQHO3DtV)XQGDFLyQGHOD&iPDUD1DFLRQDOGH&RPHUFLRGH9HUDFUX]HQ)XQGDFLyQGHOD&RQIHGHUDFLyQGH&iPDUDV1DFLRQDOHVGH&RPHUFLR6HUYLFLRV\7XULVPR

    $QWHFHGHQWHV/RV,QPLJUDQWHV3ULQFLSDOHV&DVDV&RPHUFLDOHV

    ,QWURGXFFLyQ/D8QLyQGH(VWLEDGRUHVGHO3XHUWRGH9HUDFUX],QYDVLyQQRUWHDPHULFDQDGH9HUDFUX]VHGHGHO*RELHUQRGH9HQXVWLDQR&DUUDQ]D*RELHUQR,QWHULQRGH$GROIR'H/D+XHUWD(O$WDTXHGH3HVWH%XEyQLFDGH&RQVROLGDFLyQGHO0RYLPLHQWR2EUHUR0RYLPLHQWR5HEHOGH'H/D+XHUWLVWD(O0RYLPLHQWR$JUDULR1DFLRQDO\HO*REHUQDGRU$GDOEHUWR7HMHGD

    ,QWURGXFFLyQ$O5HVFDWHGHOD)LHVWDVGHO&DUQDYDO)XQGDFLyQGHOD$VRFLDFLyQGH$JHQWHV$GXDQDOHVGHO3XHUWRGH9HUDFUX]

    &iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]&RQVHMR'LUHFWLYRPRESIDENTE

    &3(ULFN0DQXHO6XiUH]0iUTXH]VICEPRESIDENTES

    /LF%HOJLR$PD\D5L]R,QJ-XDQ5XL]6iQFKH]0HMRUDGD,QJ0DULR0DQXHO&DQDOHV6XiUH]

    SECRETARIO

    /LF/HRSROGR0XxL]'HVFDO]RTESORERO

    &32VFDU%DUUDQFD%HFHUUDCONSEJERO VITALICIO

    &3(QULTXH&Ki]DUR0DEDUDNCONSEJEROS PROPIETARIOS

    2SW+HEH-XOLD6iQFKH]/LF6HUJLR8VFDQJD5RGUtJXH]/LF,YRQQH&DSLWDLQH$EHOOD/LF*XLOOHUPR0RUHQR6HQWLHV6U(GXDUGR*XHUUHUR6DSLHQV

    /LF)HUQDQGR(QULTXH]9i]TXH]/LF+XJR(QULTXH0DEDUDN5RGUtJXH]

    /LF$OHMDQGUR*yPH]%DUTXtQ6U0DUFRV-XOLiQ0XxR]6DQGRYDO

    CONSEJEROS SUPLENTES

    /LF'DQQ\0DUWLQ/RLV&3-RDTXtQ&DOGHUyQ5XL]

    /LF*HUDUGR*iOYH]3pUH]$UDJyQ/LF,VLGUR5XELR*DUFtD/LF$OGR6HUUDQR*UDxD

    6U5RGULJR%DUUtD0DQFHUD/LF$OHMDQGUR/R]DQR5DPRV/DW-XDQ%RVFR3pUH]$FDVXVR/LF3HGUR,&RUFXHUD:HQ]HO/LF-DLPH+RPV4XLURJD

    /LF-HV~V0XxR]GH&RWH6DPSLHU\6UD$XURUD0DOSLFD0DQFHUD

    AUDITORES

    &3-RVp7RPiV0pQGH]9DOHULR/LF2ULDQD'HOD+XHUWD5RVDV

    PRESIDENTA MUJERES EMPRESARIAS

    /LF0DULQD&DQWyQ9i]TXH]ASESORES

    6U(IUDLQ5DOHUR7ULQLGDG6U*XVWDYR*DUFtD*yPH]/LF&DUORV6DOGDxD(VWHYDDIRECTOR GENERAL

    /LF0LJXHOQJHO)HUQiQGH]/DJXQHV

    VLyQ\VROXFLyQHQSUREOHPDVIXWXURVUHODFLRQDGRVFRQHOVHFWRUFRPHUFLDOGHWXULVPR\

    VHUYLFLRVGHOD&LXGDG\3XHUWRGH9HUDFUX]

    'DUDFRQRFHUFRPRVHKDYHQLGRGHVDUUROODQGRHOFRPHUFLR\HOWXULVPRHQOD

    &LXGDGGH9HUDFUX]GHVGHQDOHVGHOVLJOR;,;KDVWDHODxR

    6HxDODUORVSULQFLSDOHVSUREOHPDV\REVWiFXORVTXHKDQDIHFWDGRHOGHVDUUROORFR

    PHUFLDO\WXUtVWLFRGHOD&LXGDGGH9HUDFUX]

    ,GHQWLFDUODVRSRUWXQLGDGHV\DSURYHFKDUODVIRUWDOH]DVFRQTXHFXHQWDHOVHFWRU

    FRPHUFLDO\HOWXUtVWLFRSDUDIDYRUHFHUVXFUHFLPLHQWR\GHVDUUROOR

    6HUHOLQLFLRGHXQDVHULHGHLQYHVWLJDFLRQHVHQHVWDPDWHULDFXPSOLHQGRFRQOD

    YLQFXODFLyQHQWUHOD8QLYHUVLGDG9HUDFUX]DQD\OD&iPDUDGH&RPHUFLR

    (OSUHVHQWHGRFXPHQWRHVWiFRQIRUPDGRGHODVLJXLHQWHPDQHUD

    (OFDStWXORXQRSUHVHQWDORVDQWHFHGHQWHVKLVWyULFRVGHOGHVFXEULPLHQWR\IXQ

    GDFLyQGHOD&LXGDG\3XHUWRGH9HUDFUX]REVHUYiQGRVHTXHpVWDGHSHQGLyGHODVFD

    UDFWHUtVWLFDVTXHSRVHtD6DQ-XDQGH8O~DSDUDTXHDUULEDUDQORVEDUFRVHVSDxROHVVLQ

    SUREOHPDV\VHUHDOL]DUDHOFRPHUFLRFRQ(XURSD(QSULPHUOXJDUVHPHQFLRQDQODV

    UD]RQHVTXHOOHYDURQDOGHVFXEULPLHQWRGH$PpULFD\ORVDQWHFHGHQWHVGHODVDFWLYLGDGHV

    FRPHUFLDOHVHQHO0p[LFRSUHKLVSiQLFR

    (QHOFDStWXORGRVVHGHWDOODQODVUD]RQHVSRUODVTXH9HUDFUX]GHMyGHVHUXQD

    &LXGDGDPXUDOODGDDVtFRPRFXDOHVIXHURQODVREUDVGHLQLFLRGHODPRGHUQL]DFLyQGHO

    SXHUWRTXHVHQWDURQODVEDVHVGHO9HUDFUX]GHOVLJOR;;

    (QHOFDStWXORWUHVVHPHQFLRQDQDORVFRPHUFLDQWHVIXQGDGRUHVOD&iPDUDGH

    &RPHUFLRGH9HUDFUX]DSDUWLUGHOSURFHVRGHFRQVWLWXFLyQGH&iPDUDVGH&RPHUFLR

    HQWRGR0p[LFRVLHQGRpVWDVODVLQVWLWXFLRQHVTXHYLQLHURQDVXSOLUDORV&RQVXODGRVGH

    &RPHUFLDQWHV

    (QHOFDStWXORFXDWURVHPHQFLRQDQODVSULQFLSDOHVFDVDVFRPHUFLDOHV\KRWHOHVTXH

    H[LVWtDQHQOD&LXGDGGH9HUDFUX]HQORVSULQFLSLRVGHOVLJOR;;DQWHVGHTXHGLHUDLQLFLR

    OD5HYROXFLyQ0H[LFDQD

    (QHOFDStWXORFLQFRVHVHxDODQORVHIHFWRVGHOSURFHVRUHYROXFLRQDULRHQODYLGD

    HFRQyPLFD\VRFLDOGHODSREODFLyQMDURFKDGHVWDFDQGRHOSDSHOWUDVFHQGHQWDOTXHWXYLH

    URQHQHVWRVKHFKRVORVHPSUHVDULRV\OD&iPDUDGH&RPHUFLRDVtFRPRODSDUWLFLSDFLyQ

    GHORVWUDEDMDGRUHVSRUWXDULRV\HOVHFWRUFDPSHVLQRHQHOPLVPR

    (QORVFDStWXORVVHLVDOGRFHVHUHDOL]DXQDQiOLVLVGHORVSULQFLSDOHVFRPHUFLRV\

    KRWHOHVTXHVHLQVWDODURQHQODVGpFDGDVGHVGHKDVWDHODxRVHxDODQGRWDPELpQ

    ODVSULQFLSDOHVREUDV\DFFLRQHVGHWLSRXUEDQRHGXFDWLYRGHVDOXGGHSRUWLYR\VRFLDO

    TXHLQX\HURQHQHOGHVDUUROORHFRQyPLFR\HOELHQHVWDUGHODSREODFLyQ

    (QHOFDStWXORWUHFHVHSUHVHQWDODLQIUDHVWUXFWXUDFRPHUFLDO\KRWHOHUDTXHH[LVWH

    HQODDFWXDOLGDGHQOD]RQDFRQXUEDGD9HUDFUX]%RFD'HO5tR0HGHOOtQ$OYDUDGRDVt

    impacto armado.indd 1

    impacto.indd 2 4/3/13 11:18 PM

  • 50DUtD(XJHQLD6HQWtHV6DQWRV*XLOOHUPR0RUHQR&KD]]DULQL

    &RQVLGHUDQGRODVWUDQVIRUPDFLRQHVTXHVHH[SHULPHQWDQHQODYLGDVRFLDO\

    HFRQyPLFDGHQXHVWURSDtVODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRUHQIUHQWDQUHWRV

    TXHKDFHQLQGLVSHQVDEOHODLQYHVWLJDFLyQHQWUHVJUDQGHVDSDUWDGRVODIRUPDFLyQHO

    GRFXPHQWRFXUULFXODU\ODYLQFXODFLyQGHULYDGRGHHVWRHQORV~OWLPRVGHFHQLRVOD

    8QLYHUVLGDG9HUDFUX]DQDVHKDWUDQVIRUPDGRHQVXVIXQFLRQHVDFDGpPLFDVVRFLDOHV\

    RUJDQL]DFLRQDOHVFRQODILQDOLGDGGHUHVSRQGHUDODVH[LJHQFLDVGHULYDGDVGHORVFDP

    ELRVVRFLRHFRQyPLFRV\SURGXFWLYRVDFWXDOHV

    8QHOHPHQWRLQGLVSHQVDEOHSDUDHQIUHQWDUHVWRVSURFHVRVGHWUDQVIRUPDFLyQHV

    ODYLQFXODFLyQGHODV8QLYHUVLGDGHVFRQODVQHFHVLGDGHVVRFLDOHV\HFRQyPLFDVTXH

    UHIOHMDHOVHFWRUSURGXFWLYR

    8QDLPSRUWDQWHUHFRPHQGDFLyQTXHKDFHOD2UJDQL]DFLyQGHODV1DFLRQHV8QL

    GDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2HVTXHODV8QLYHUVLGDGHVIRU

    WDOH]FDQODVIXQFLRQHVGHVHUYLFLRDODVRFLHGDGYLQFXODQGRHOSURFHVRGHIRUPDFLyQ

    GHJHQHUDFLyQ\DSOLFDFLyQGHOFRQRFLPLHQWRFRQODVQHFHVLGDGHV\UHTXHULPLHQWRV

    DFWXDOHV\IXWXURVGHOHQWRUQR\GHODVRUJDQL]DFLRQHVHQJHQHUDO\DVHDQSURGXFWLYDV

    RVRFLDOHV

    $SDUWLUGHODSHUVSHFWLYDGHODVSROtWLFDVHGXFDWLYDVGHOD81(6&2ODYLQFX

    ODFLyQYDPiVDOOiGHODVIXQFLRQHVGHH[WHQVLyQXQLYHUVLWDULDFXDQGRVHUHILHUHDOD

    UHODFLyQGHFRRSHUDFLyQTXHVHHVWDEOHFHHQWUHODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU

    \ODVHPSUHVDVS~EOLFDV\SULYDGDV

    /D$SDULFLyQGHORV7XULVWDV

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWDV'pFDGDV

    ,QIUDHVWUXFWXUD&RPHUFLDO+RWHOHUD\GH6HUYLFLRVGH$TXHOODV)HFKDV

    1DFLPLHQWRGHO+RWHO0RFDPER

    ,QIUDHVWUXFWXUD8UEDQD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    /D6HJXQGD*XHUUD0XQGLDO\HO'HVHPSOHRHQHO3XHUWR

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    ,QIUDHVWUXFWXUD(GXFDWLYD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    7XERVGH$FHURGH0p[LFR7DPVD

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG\6RFLDO

    $QLYHUVDULRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    3ULPHUDV&iPDUDV1DFLRQDOHVGH&RPHUFLRHQHO3DtV)XQGDFLyQGHOD&iPDUD1DFLRQDOGH&RPHUFLRGH9HUDFUX]HQ)XQGDFLyQGHOD&RQIHGHUDFLyQGH&iPDUDV1DFLRQDOHVGH&RPHUFLR6HUYLFLRV\7XULVPR

    $QWHFHGHQWHV/RV,QPLJUDQWHV3ULQFLSDOHV&DVDV&RPHUFLDOHV

    ,QWURGXFFLyQ/D8QLyQGH(VWLEDGRUHVGHO3XHUWRGH9HUDFUX],QYDVLyQQRUWHDPHULFDQDGH9HUDFUX]VHGHGHO*RELHUQRGH9HQXVWLDQR&DUUDQ]D*RELHUQR,QWHULQRGH$GROIR'H/D+XHUWD(O$WDTXHGH3HVWH%XEyQLFDGH&RQVROLGDFLyQGHO0RYLPLHQWR2EUHUR0RYLPLHQWR5HEHOGH'H/D+XHUWLVWD(O0RYLPLHQWR$JUDULR1DFLRQDO\HO*REHUQDGRU$GDOEHUWR7HMHGD

    ,QWURGXFFLyQ$O5HVFDWHGHOD)LHVWDVGHO&DUQDYDO)XQGDFLyQGHOD$VRFLDFLyQGH$JHQWHV$GXDQDOHVGHO3XHUWRGH9HUDFUX]

    &iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]&RQVHMR'LUHFWLYR

    &3(ULFN0DQXHO6XiUH]0iUTXH]/LF%HOJLR$PD\D5L]R

    ,QJ-XDQ5XL]6iQFKH]0HMRUDGD,QJ0DULR0DQXHO&DQDOHV6XiUH]/LF/HRSROGR0XxL]'HVFDO]R&32VFDU%DUUDQFD%HFHUUD&3(QULTXH&Ki]DUR0DEDUDN

    2SW+HEH-XOLD6iQFKH]/LF6HUJLR8VFDQJD5RGUtJXH]/LF,YRQQH&DSLWDLQH$EHOOD/LF*XLOOHUPR0RUHQR6HQWLHV6U(GXDUGR*XHUUHUR6DSLHQV

    /LF)HUQDQGR(QULTXH]9i]TXH]/LF+XJR(QULTXH0DEDUDN5RGUtJXH]

    /LF$OHMDQGUR*yPH]%DUTXtQ6U0DUFRV-XOLiQ0XxR]6DQGRYDO

    /LF'DQQ\0DUWLQ/RLV&3-RDTXtQ&DOGHUyQ5XL]

    /LF*HUDUGR*iOYH]3pUH]$UDJyQ/LF,VLGUR5XELR*DUFtD/LF$OGR6HUUDQR*UDxD

    6U5RGULJR%DUUtD0DQFHUD/LF$OHMDQGUR/R]DQR5DPRV/DW-XDQ%RVFR3pUH]$FDVXVR/LF3HGUR,&RUFXHUD:HQ]HO/LF-DLPH+RPV4XLURJD

    /LF-HV~V0XxR]GH&RWH6DPSLHU\6UD$XURUD0DOSLFD0DQFHUD

    &3-RVp7RPiV0pQGH]9DOHULR/LF2ULDQD'HOD+XHUWD5RVDV/LF0DULQD&DQWyQ9i]TXH]6U(IUDLQ5DOHUR7ULQLGDG6U*XVWDYR*DUFtD*yPH]/LF&DUORV6DOGDxD(VWHYD

    /LF0LJXHOQJHO)HUQiQGH]/DJXQHV

    VLyQ\VROXFLyQHQSUREOHPDVIXWXURVUHODFLRQDGRVFRQHOVHFWRUFRPHUFLDOGHWXULVPR\

    VHUYLFLRVGHOD&LXGDG\3XHUWRGH9HUDFUX]

    'DUDFRQRFHUFRPRVHKDYHQLGRGHVDUUROODQGRHOFRPHUFLR\HOWXULVPRHQOD

    &LXGDGGH9HUDFUX]GHVGHQDOHVGHOVLJOR;,;KDVWDHODxR

    6HxDODUORVSULQFLSDOHVSUREOHPDV\REVWiFXORVTXHKDQDIHFWDGRHOGHVDUUROORFR

    PHUFLDO\WXUtVWLFRGHOD&LXGDGGH9HUDFUX]

    ,GHQWLFDUODVRSRUWXQLGDGHV\DSURYHFKDUODVIRUWDOH]DVFRQTXHFXHQWDHOVHFWRU

    FRPHUFLDO\HOWXUtVWLFRSDUDIDYRUHFHUVXFUHFLPLHQWR\GHVDUUROOR

    6HUHOLQLFLRGHXQDVHULHGHLQYHVWLJDFLRQHVHQHVWDPDWHULDFXPSOLHQGRFRQOD

    YLQFXODFLyQHQWUHOD8QLYHUVLGDG9HUDFUX]DQD\OD&iPDUDGH&RPHUFLR

    (OSUHVHQWHGRFXPHQWRHVWiFRQIRUPDGRGHODVLJXLHQWHPDQHUD

    (OFDStWXORXQRSUHVHQWDORVDQWHFHGHQWHVKLVWyULFRVGHOGHVFXEULPLHQWR\IXQ

    GDFLyQGHOD&LXGDG\3XHUWRGH9HUDFUX]REVHUYiQGRVHTXHpVWDGHSHQGLyGHODVFD

    UDFWHUtVWLFDVTXHSRVHtD6DQ-XDQGH8O~DSDUDTXHDUULEDUDQORVEDUFRVHVSDxROHVVLQ

    SUREOHPDV\VHUHDOL]DUDHOFRPHUFLRFRQ(XURSD(QSULPHUOXJDUVHPHQFLRQDQODV

    UD]RQHVTXHOOHYDURQDOGHVFXEULPLHQWRGH$PpULFD\ORVDQWHFHGHQWHVGHODVDFWLYLGDGHV

    FRPHUFLDOHVHQHO0p[LFRSUHKLVSiQLFR

    (QHOFDStWXORGRVVHGHWDOODQODVUD]RQHVSRUODVTXH9HUDFUX]GHMyGHVHUXQD

    &LXGDGDPXUDOODGDDVtFRPRFXDOHVIXHURQODVREUDVGHLQLFLRGHODPRGHUQL]DFLyQGHO

    SXHUWRTXHVHQWDURQODVEDVHVGHO9HUDFUX]GHOVLJOR;;

    (QHOFDStWXORWUHVVHPHQFLRQDQDORVFRPHUFLDQWHVIXQGDGRUHVOD&iPDUDGH

    &RPHUFLRGH9HUDFUX]DSDUWLUGHOSURFHVRGHFRQVWLWXFLyQGH&iPDUDVGH&RPHUFLR

    HQWRGR0p[LFRVLHQGRpVWDVODVLQVWLWXFLRQHVTXHYLQLHURQDVXSOLUDORV&RQVXODGRVGH

    &RPHUFLDQWHV

    (QHOFDStWXORFXDWURVHPHQFLRQDQODVSULQFLSDOHVFDVDVFRPHUFLDOHV\KRWHOHVTXH

    H[LVWtDQHQOD&LXGDGGH9HUDFUX]HQORVSULQFLSLRVGHOVLJOR;;DQWHVGHTXHGLHUDLQLFLR

    OD5HYROXFLyQ0H[LFDQD

    (QHOFDStWXORFLQFRVHVHxDODQORVHIHFWRVGHOSURFHVRUHYROXFLRQDULRHQODYLGD

    HFRQyPLFD\VRFLDOGHODSREODFLyQMDURFKDGHVWDFDQGRHOSDSHOWUDVFHQGHQWDOTXHWXYLH

    URQHQHVWRVKHFKRVORVHPSUHVDULRV\OD&iPDUDGH&RPHUFLRDVtFRPRODSDUWLFLSDFLyQ

    GHORVWUDEDMDGRUHVSRUWXDULRV\HOVHFWRUFDPSHVLQRHQHOPLVPR

    (QORVFDStWXORVVHLVDOGRFHVHUHDOL]DXQDQiOLVLVGHORVSULQFLSDOHVFRPHUFLRV\

    KRWHOHVTXHVHLQVWDODURQHQODVGpFDGDVGHVGHKDVWDHODxRVHxDODQGRWDPELpQ

    ODVSULQFLSDOHVREUDV\DFFLRQHVGHWLSRXUEDQRHGXFDWLYRGHVDOXGGHSRUWLYR\VRFLDO

    TXHLQX\HURQHQHOGHVDUUROORHFRQyPLFR\HOELHQHVWDUGHODSREODFLyQ

    (QHOFDStWXORWUHFHVHSUHVHQWDODLQIUDHVWUXFWXUDFRPHUFLDO\KRWHOHUDTXHH[LVWH

    HQODDFWXDOLGDGHQOD]RQDFRQXUEDGD9HUDFUX]%RFD'HO5tR0HGHOOtQ$OYDUDGRDVt

    impacto.indd 3 4/3/13 11:18 PM

  • (O&RPHUFLR0XQGLDOHQHO6LJOR;9$QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR(O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    )ORUHFLPLHQWRGHOD&LXGDG,QIUDHVWUXFWXUDGHO)HUURFDUULO7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    S~EOLFRVGHGLYHUVDtQGROHQHFHVDULRVSDUDSUHVWDUVHUYLFLRVGHVDOXGHGXFDWLYRVGH

    LQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFX

    VLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXHVHWHQJDXQDIHFKDGHLQLFLRGHOSURFHVRGHDQiOLVLV

    HQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSR

    EODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDOTXHJHQHUDHO3XHUWRORFXDO

    GHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORV

    DxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQ

    KDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFR

    PHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHOD

    ULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQ

    WHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQD

    IXHQWHVGHHPSOHR\JHQHUDGHVDUUROORHFRQyPLFRODFLXGDG\VXSREODFLyQJR]DGH

    FRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWR

    VXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WURHOHPHQWRDHYDOXDUHVTXHODVLWXDFLyQHFRQyPLFD\VRFLDOGHODFLXGDG\

    3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXH

    VXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQ

    HOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLV

    WyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDG

    GH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQ

    GH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1RSRGHPRVGHGHMDUGHPHQFLRQDUTXHHVPX\ORDEOHHOLQWHUpVGHOD&iPDUD

    1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHV

    WLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQR

    SDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDG

    SDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHV

    IXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQ

    FLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQ

    VXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHF

    WRUHVVRFLDOHVTXHJHQHUHQ\GLVWULEX\DQFRQRFLPLHQWRSDUDHOGHVDUUROORHTXLWDWLYR\

    VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH

    &RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    5HTXLVDGHO3XHUWR

    $GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,

    3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQ

    HVWD'pFDGD

    ,QWURGXFFLyQ

    'HVDUUROOR&RPHUFLDO

    ,QIUDHVWUXFWXUD+RWHOHUD

    3UR\HFWRGH$PSOLDFLyQGHO3XHUWR

    2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD

    3URJUDPD0p[LFR(PSUHQGH

    3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]

    0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD

    0XVHR0LOLWDU6DQ&DUORV

    6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    GH9HUDFUX]

    %3UHPLR0HUFXULR

    6

    978-607-9302-00-9

    COLABORACIN

    Diseo Editorial

    Diseo Portada

    Fotografa

    Colaboradores Especiales

    D.R. Cmara Nacional de Comercio, Servicios y Turismo de Veracruz

    Av. Allende No.1389 entre Lerdo y Jurez

    Col. Centro Cdigo Postal 91700

    Veracruz, Ver.

    Tels. (01229) 9890270 al 79

    www.canacoveracruz.com.mx

    Facebook: Canaco Servytur Veracruz

    Twitter: @Canaco_Veracruz

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO

    )HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDG

    GH9HUDFUX]

    &RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]GHODxR

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    6HUYLFLRV3RUWXDULRVGH9HUDFUX]

    3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL

    ,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7

    &UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR

    ,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV

    \7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    &HUWDPHQ6HxRULWD0p[LFR

    ([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ

    &HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLR

    QHVGH(GXFDFLyQ6XSHULRU$18,(6ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVXIRUPD

    PiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLDOD

    LQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGH

    PDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGH

    FRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYH

    QLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQD

    FRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPH

    UDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR

    \HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHV

    SRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDG

    HVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQ

    HQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLD

    ODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPH

    GDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGH

    FXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX

    ]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHU

    FRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXH

    URQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOH

    SUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDU

    ODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\X

    GHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQ

    DOD)DFXOWDGGH&RQWDGXUtDIXHODGHLQLFLDUODDSDUWLUGHODIHFKDGHIXQGDFLyQGH

    pVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR

    \ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\

    LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFH

    GLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyD

    TXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXH

    ODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDU

    HQWHQGHUHOUHVXOWDGRQDOORJUDGRHQHOSURJUHVR\FUHFLPLHQWRHFRQyPLFRGHODSR

    EODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXH

    REVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    impacto.indd 4 4/3/13 11:18 PM

  • 7

    N D I C E

    INTRODUCCIN ......................................................................................................

    CAPTULO 1

    ANTECEDENTES HISTRICOS DEL COMERCIO .............................................

    (O&RPHUFLR0XQGLDOHQHO6LJOR;9$QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR(O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    CAPTULO 2

    MODERNIZACIN DEL PUERTO DE VERACRUZ (1880-1909) .........................

    )ORUHFLPLHQWRGHOD&LXGDG,QIUDHVWUXFWXUDGHO)HUURFDUULO7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    13

    21

    31

    S~EOLFRVGHGLYHUVDtQGROHQHFHVDULRVSDUDSUHVWDUVHUYLFLRVGHVDOXGHGXFDWLYRVGH

    LQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFX

    VLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXHVHWHQJDXQDIHFKDGHLQLFLRGHOSURFHVRGHDQiOLVLV

    HQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSR

    EODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDOTXHJHQHUDHO3XHUWRORFXDO

    GHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORV

    DxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQ

    KDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFR

    PHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHOD

    ULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQ

    WHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQD

    IXHQWHVGHHPSOHR\JHQHUDGHVDUUROORHFRQyPLFRODFLXGDG\VXSREODFLyQJR]DGH

    FRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWR

    VXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WURHOHPHQWRDHYDOXDUHVTXHODVLWXDFLyQHFRQyPLFD\VRFLDOGHODFLXGDG\

    3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXH

    VXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQ

    HOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLV

    WyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDG

    GH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQ

    GH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1RSRGHPRVGHGHMDUGHPHQFLRQDUTXHHVPX\ORDEOHHOLQWHUpVGHOD&iPDUD

    1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHV

    WLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQR

    SDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDG

    SDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHV

    IXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQ

    FLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQ

    VXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHF

    WRUHVVRFLDOHVTXHJHQHUHQ\GLVWULEX\DQFRQRFLPLHQWRSDUDHOGHVDUUROORHTXLWDWLYR\

    VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH

    &RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    5HTXLVDGHO3XHUWR

    $GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,

    3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQ

    HVWD'pFDGD

    ,QWURGXFFLyQ

    'HVDUUROOR&RPHUFLDO

    ,QIUDHVWUXFWXUD+RWHOHUD

    3UR\HFWRGH$PSOLDFLyQGHO3XHUWR

    2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD

    3URJUDPD0p[LFR(PSUHQGH

    3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]

    0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD

    0XVHR0LOLWDU6DQ&DUORV

    6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    GH9HUDFUX]

    %3UHPLR0HUFXULR

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO

    )HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDG

    GH9HUDFUX]

    &RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]GHODxR

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    6HUYLFLRV3RUWXDULRVGH9HUDFUX]

    3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL

    ,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7

    &UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR

    ,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV

    \7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQ

    HVWD'pFDGD

    &HUWDPHQ6HxRULWD0p[LFR

    ([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ

    &HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLR

    QHVGH(GXFDFLyQ6XSHULRU$18,(6ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVXIRUPD

    PiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLDOD

    LQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGH

    PDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGH

    FRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYH

    QLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQD

    FRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPH

    UDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR

    \HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHV

    SRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDG

    HVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQ

    HQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLD

    ODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPH

    GDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGH

    FXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX

    ]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHU

    FRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXH

    URQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOH

    SUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDU

    ODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\X

    GHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQ

    DOD)DFXOWDGGH&RQWDGXUtDIXHODGHLQLFLDUODDSDUWLUGHODIHFKDGHIXQGDFLyQGH

    pVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR

    \ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\

    LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFH

    GLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyD

    TXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXH

    ODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDU

    HQWHQGHUHOUHVXOWDGRQDOORJUDGRHQHOSURJUHVR\FUHFLPLHQWRHFRQyPLFRGHODSR

    EODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXH

    REVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    impacto.indd 5 4/3/13 11:18 PM

  • 0DUtD(XJHQLD6HQWtHV6DQWRV*XLOOHUPR0RUHQR&KD]]DULQL

    &RQVLGHUDQGRODVWUDQVIRUPDFLRQHVTXHVHH[SHULPHQWDQHQODYLGDVRFLDO\

    HFRQyPLFDGHQXHVWURSDtVODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRUHQIUHQWDQUHWRV

    TXHKDFHQLQGLVSHQVDEOHODLQYHVWLJDFLyQHQWUHVJUDQGHVDSDUWDGRVODIRUPDFLyQHO

    GRFXPHQWRFXUULFXODU\ODYLQFXODFLyQGHULYDGRGHHVWRHQORV~OWLPRVGHFHQLRVOD

    8QLYHUVLGDG9HUDFUX]DQDVHKDWUDQVIRUPDGRHQVXVIXQFLRQHVDFDGpPLFDVVRFLDOHV\

    RUJDQL]DFLRQDOHVFRQODILQDOLGDGGHUHVSRQGHUDODVH[LJHQFLDVGHULYDGDVGHORVFDP

    ELRVVRFLRHFRQyPLFRV\SURGXFWLYRVDFWXDOHV

    8QHOHPHQWRLQGLVSHQVDEOHSDUDHQIUHQWDUHVWRVSURFHVRVGHWUDQVIRUPDFLyQHV

    ODYLQFXODFLyQGHODV8QLYHUVLGDGHVFRQODVQHFHVLGDGHVVRFLDOHV\HFRQyPLFDVTXH

    UHIOHMDHOVHFWRUSURGXFWLYR

    8QDLPSRUWDQWHUHFRPHQGDFLyQTXHKDFHOD2UJDQL]DFLyQGHODV1DFLRQHV8QL

    GDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2HVTXHODV8QLYHUVLGDGHVIRU

    WDOH]FDQODVIXQFLRQHVGHVHUYLFLRDODVRFLHGDGYLQFXODQGRHOSURFHVRGHIRUPDFLyQ

    GHJHQHUDFLyQ\DSOLFDFLyQGHOFRQRFLPLHQWRFRQODVQHFHVLGDGHV\UHTXHULPLHQWRV

    DFWXDOHV\IXWXURVGHOHQWRUQR\GHODVRUJDQL]DFLRQHVHQJHQHUDO\DVHDQSURGXFWLYDV

    RVRFLDOHV

    $SDUWLUGHODSHUVSHFWLYDGHODVSROtWLFDVHGXFDWLYDVGHOD81(6&2ODYLQFX

    ODFLyQYDPiVDOOiGHODVIXQFLRQHVGHH[WHQVLyQXQLYHUVLWDULDFXDQGRVHUHILHUHDOD

    UHODFLyQGHFRRSHUDFLyQTXHVHHVWDEOHFHHQWUHODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU

    \ODVHPSUHVDVS~EOLFDV\SULYDGDV

    /D$SDULFLyQGHORV7XULVWDV

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWDV'pFDGDV

    ,QIUDHVWUXFWXUD&RPHUFLDO+RWHOHUD\GH6HUYLFLRVGH$TXHOODV)HFKDV

    1DFLPLHQWRGHO+RWHO0RFDPER

    ,QIUDHVWUXFWXUD8UEDQD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    /D6HJXQGD*XHUUD0XQGLDO\HO'HVHPSOHRHQHO3XHUWR

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    ,QIUDHVWUXFWXUD(GXFDWLYD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    7XERVGH$FHURGH0p[LFR7DPVD

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG\6RFLDO

    $QLYHUVDULRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPR

    GH9HUDFUX]

    ,QWURGXFFLyQ

    3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHV

    HQHVWD'pFDGD

    8

    CAPTULO 3

    FUNDACIN DE LA CMARA NACIONAL DE COMERCIO DE

    VERACRUZ ................................................................................................................

    3ULPHUDV&iPDUDV1DFLRQDOHVGH&RPHUFLRHQHO3DtV)XQGDFLyQGHOD&iPDUD1DFLRQDOGH&RPHUFLRGH9HUDFUX]HQ)XQGDFLyQGHOD&RQIHGHUDFLyQGH&iPDUDV1DFLRQDOHVGH&RPHUFLR6HUYLFLRV\7XULVPR

    CAPTULO 4

    PRINCIPALES CASAS COMERCIALES DE LA CIUDAD DE VERACRUZ

    A PRINCIPIOS DEL SIGLO XX ...............................................................................

    $QWHFHGHQWHV/RV,QPLJUDQWHV3ULQFLSDOHV&DVDV&RPHUFLDOHV

    CAPTULO 5

    VERACRUZ DURANTE LA REVOLUCIN MEXICANA ...................................

    ,QWURGXFFLyQ/D8QLyQGH(VWLEDGRUHVGHO3XHUWRGH9HUDFUX],QYDVLyQQRUWHDPHULFDQDGH9HUDFUX]VHGHGHO*RELHUQRGH9HQXVWLDQR&DUUDQ]D*RELHUQR,QWHULQRGH$GROIR'H/D+XHUWD(O$WDTXHGH3HVWH%XEyQLFDGH&RQVROLGDFLyQGHO0RYLPLHQWR2EUHUR0RYLPLHQWR5HEHOGH'H/D+XHUWLVWD(O0RYLPLHQWR$JUDULR1DFLRQDO\HO*REHUQDGRU$GDOEHUWR7HMHGD

    CAPTULO 6

    LA REACTIVACIN ECONMICA DEL PUERTO DE VERACRUZ

    EN EL PERODO 1920-1940 ....................................................................................

    ,QWURGXFFLyQ$O5HVFDWHGHOD)LHVWDVGHO&DUQDYDO)XQGDFLyQGHOD$VRFLDFLyQGH$JHQWHV$GXDQDOHVGHO3XHUWRGH9HUDFUX]

    107

    121

    69

    81

    &iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]&RQVHMR'LUHFWLYR

    &3(ULFN0DQXHO6XiUH]0iUTXH]/LF%HOJLR$PD\D5L]R

    ,QJ-XDQ5XL]6iQFKH]0HMRUDGD,QJ0DULR0DQXHO&DQDOHV6XiUH]/LF/HRSROGR0XxL]'HVFDO]R&32VFDU%DUUDQFD%HFHUUD&3(QULTXH&Ki]DUR0DEDUDN

    2SW+HEH-XOLD6iQFKH]/LF6HUJLR8VFDQJD5RGUtJXH]/LF,YRQQH&DSLWDLQH$EHOOD/LF*XLOOHUPR0RUHQR6HQWLHV6U(GXDUGR*XHUUHUR6DSLHQV

    /LF)HUQDQGR(QULTXH]9i]TXH]/LF+XJR(QULTXH0DEDUDN5RGUtJXH]

    /LF$OHMDQGUR*yPH]%DUTXtQ6U0DUFRV-XOLiQ0XxR]6DQGRYDO

    /LF'DQQ\0DUWLQ/RLV&3-RDTXtQ&DOGHUyQ5XL]

    /LF*HUDUGR*iOYH]3pUH]$UDJyQ/LF,VLGUR5XELR*DUFtD/LF$OGR6HUUDQR*UDxD

    6U5RGULJR%DUUtD0DQFHUD/LF$OHMDQGUR/R]DQR5DPRV/DW-XDQ%RVFR3pUH]$FDVXVR/LF3HGUR,&RUFXHUD:HQ]HO/LF-DLPH+RPV4XLURJD

    /LF-HV~V0XxR]GH&RWH6DPSLHU\6UD$XURUD0DOSLFD0DQFHUD

    &3-RVp7RPiV0pQGH]9DOHULR/LF2ULDQD'HOD+XHUWD5RVDV/LF0DULQD&DQWyQ9i]TXH]6U(IUDLQ5DOHUR7ULQLGDG6U*XVWDYR*DUFtD*yPH]/LF&DUORV6DOGDxD(VWHYD

    /LF0LJXHOQJHO)HUQiQGH]/DJXQHV

    VLyQ\VROXFLyQHQSUREOHPDVIXWXURVUHODFLRQDGRVFRQHOVHFWRUFRPHUFLDOGHWXULVPR\

    VHUYLFLRVGHOD&LXGDG\3XHUWRGH9HUDFUX]

    'DUDFRQRFHUFRPRVHKDYHQLGRGHVDUUROODQGRHOFRPHUFLR\HOWXULVPRHQOD

    &LXGDGGH9HUDFUX]GHVGHQDOHVGHOVLJOR;,;KDVWDHODxR

    6HxDODUORVSULQFLSDOHVSUREOHPDV\REVWiFXORVTXHKDQDIHFWDGRHOGHVDUUROORFR

    PHUFLDO\WXUtVWLFRGHOD&LXGDGGH9HUDFUX]

    ,GHQWLFDUODVRSRUWXQLGDGHV\DSURYHFKDUODVIRUWDOH]DVFRQTXHFXHQWDHOVHFWRU

    FRPHUFLDO\HOWXUtVWLFRSDUDIDYRUHFHUVXFUHFLPLHQWR\GHVDUUROOR

    6HUHOLQLFLRGHXQDVHULHGHLQYHVWLJDFLRQHVHQHVWDPDWHULDFXPSOLHQGRFRQOD

    YLQFXODFLyQHQWUHOD8QLYHUVLGDG9HUDFUX]DQD\OD&iPDUDGH&RPHUFLR

    (OSUHVHQWHGRFXPHQWRHVWiFRQIRUPDGRGHODVLJXLHQWHPDQHUD

    (OFDStWXORXQRSUHVHQWDORVDQWHFHGHQWHVKLVWyULFRVGHOGHVFXEULPLHQWR\IXQ

    GDFLyQGHOD&LXGDG\3XHUWRGH9HUDFUX]REVHUYiQGRVHTXHpVWDGHSHQGLyGHODVFD

    UDFWHUtVWLFDVTXHSRVHtD6DQ-XDQGH8O~DSDUDTXHDUULEDUDQORVEDUFRVHVSDxROHVVLQ

    SUREOHPDV\VHUHDOL]DUDHOFRPHUFLRFRQ(XURSD(QSULPHUOXJDUVHPHQFLRQDQODV

    UD]RQHVTXHOOHYDURQDOGHVFXEULPLHQWRGH$PpULFD\ORVDQWHFHGHQWHVGHODVDFWLYLGDGHV

    FRPHUFLDOHVHQHO0p[LFRSUHKLVSiQLFR

    (QHOFDStWXORGRVVHGHWDOODQODVUD]RQHVSRUODVTXH9HUDFUX]GHMyGHVHUXQD

    &LXGDGDPXUDOODGDDVtFRPRFXDOHVIXHURQODVREUDVGHLQLFLRGHODPRGHUQL]DFLyQGHO

    SXHUWRTXHVHQWDURQODVEDVHVGHO9HUDFUX]GHOVLJOR;;

    (QHOFDStWXORWUHVVHPHQFLRQDQDORVFRPHUFLDQWHVIXQGDGRUHVOD&iPDUDGH

    &RPHUFLRGH9HUDFUX]DSDUWLUGHOSURFHVRGHFRQVWLWXFLyQGH&iPDUDVGH&RPHUFLR

    HQWRGR0p[LFRVLHQGRpVWDVODVLQVWLWXFLRQHVTXHYLQLHURQDVXSOLUDORV&RQVXODGRVGH

    &RPHUFLDQWHV

    (QHOFDStWXORFXDWURVHPHQFLRQDQODVSULQFLSDOHVFDVDVFRPHUFLDOHV\KRWHOHVTXH

    H[LVWtDQHQOD&LXGDGGH9HUDFUX]HQORVSULQFLSLRVGHOVLJOR;;DQWHVGHTXHGLHUDLQLFLR

    OD5HYROXFLyQ0H[LFDQD

    (QHOFDStWXORFLQFRVHVHxDODQORVHIHFWRVGHOSURFHVRUHYROXFLRQDULRHQODYLGD

    HFRQyPLFD\VRFLDOGHODSREODFLyQMDURFKDGHVWDFDQGRHOSDSHOWUDVFHQGHQWDOTXHWXYLH

    URQHQHVWRVKHFKRVORVHPSUHVDULRV\OD&iPDUDGH&RPHUFLRDVtFRPRODSDUWLFLSDFLyQ

    GHORVWUDEDMDGRUHVSRUWXDULRV\HOVHFWRUFDPSHVLQRHQHOPLVPR

    (QORVFDStWXORVVHLVDOGRFHVHUHDOL]DXQDQiOLVLVGHORVSULQFLSDOHVFRPHUFLRV\

    KRWHOHVTXHVHLQVWDODURQHQODVGpFDGDVGHVGHKDVWDHODxRVHxDODQGRWDPELpQ

    ODVSULQFLSDOHVREUDV\DFFLRQHVGHWLSRXUEDQRHGXFDWLYRGHVDOXGGHSRUWLYR\VRFLDO

    TXHLQX\HURQHQHOGHVDUUROORHFRQyPLFR\HOELHQHVWDUGHODSREODFLyQ

    (QHOFDStWXORWUHFHVHSUHVHQWDODLQIUDHVWUXFWXUDFRPHUFLDO\KRWHOHUDTXHH[LVWH

    HQODDFWXDOLGDGHQOD]RQDFRQXUEDGD9HUDFUX]%RFD'HO5tR0HGHOOtQ$OYDUDGRDVt

    impacto.indd 6 4/3/13 11:18 PM

  • (O&RPHUFLR0XQGLDOHQHO6LJOR;9

    $QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR

    (O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    )ORUHFLPLHQWRGHOD&LXGDG

    ,QIUDHVWUXFWXUDGHO)HUURFDUULO

    7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR

    2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD

    ,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    S~EOLFRV GH GLYHUVD tQGROH QHFHVDULRV SDUD SUHVWDU VHUYLFLRV GH VDOXG HGXFDWLYRV GHLQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFXVLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXH VH WHQJDXQD IHFKDGH LQLFLRGHOSURFHVRGHDQiOLVLVHQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSREODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDO TXHJHQHUDHO3XHUWRORFXDOGHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORVDxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQKDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFRPHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHODULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQWHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQDIXHQWHV GH HPSOHR \ JHQHUD GHVDUUROOR HFRQyPLFR OD FLXGDG \ VX SREODFLyQ JR]D GHFRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWRVXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WUR HOHPHQWR D HYDOXDU HV TXH OD VLWXDFLyQ HFRQyPLFD \ VRFLDO GH OD FLXGDG \3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXHVXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQHOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLVWyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDGGH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQGH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1R SRGHPRV GH GHMDU GHPHQFLRQDU TXH HVPX\ ORDEOH HO LQWHUpV GH OD&iPDUD1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHVWLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQRSDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDGSDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHVIXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQFLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQVXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHFWRUHV VRFLDOHV TXH JHQHUHQ \ GLVWULEX\DQ FRQRFLPLHQWR SDUD HO GHVDUUROOR HTXLWDWLYR \VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    11

    5HTXLVDGHO3XHUWR$GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQHVWD'pFDGD

    CAPTULO 13

    LA ACTIVIDAD COMERCIAL, TURSTICA Y DE SERVICIOS EN

    EL SIGLO XXI ..........................................................................................................

    ,QWURGXFFLyQ'HVDUUROOR&RPHUFLDO,QIUDHVWUXFWXUD+RWHOHUD3UR\HFWRGH$PSOLDFLyQGHO3XHUWR2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD3URJUDPD0p[LFR(PSUHQGH3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD0XVHR0LOLWDU6DQ&DUORV6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    EPLOGO ..................................................................................................................

    ANEXOS ....................................................................................................................

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPRGH9HUDFUX]%3UHPLR0HUFXULR

    BIBLIOHEMEROGRAFA ......................................................................................

    AGRADECIMIENTOS .............................................................................................

    287

    321

    337

    353

    358

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO)HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDGGH9HUDFUX]&RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]GHODxR

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD6HUYLFLRV3RUWXDULRVGH9HUDFUX]3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7&UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD&HUWDPHQ6HxRULWD0p[LFR([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ&HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU $18,(6 ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVX IRUPDPiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLD ODLQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGHPDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGHFRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYHQLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQDFRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPHUDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR\HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHVSRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDGHVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQHQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLDODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPHGDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGHFXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHUFRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXHURQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOHSUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDUODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\XGHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQD OD )DFXOWDGGH&RQWDGXUtD IXHOD GHLQLFLDUODDSDUWLUGHODIHFKDGH IXQGDFLyQGHpVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR\ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFHGLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyDTXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXHODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDUHQWHQGHU HO UHVXOWDGR QDO ORJUDGR HQ HO SURJUHVR \ FUHFLPLHQWR HFRQyPLFR GH OD SREODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXHREVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    impacto.indd 7 4/3/13 11:18 PM

  • impacto.indd 8 4/3/13 11:18 PM

  • 0DUtD(XJHQLD6HQWtHV6DQWRV

    *XLOOHUPR0RUHQR&KD]]DULQL

    13

    INTRODUCCIN

    &RQVLGHUDQGR ODV WUDQVIRUPDFLRQHV TXH VH H[SHULPHQWDQ HQ OD YLGD VRFLDO \HFRQyPLFD GH QXHVWUR SDtV ODV ,QVWLWXFLRQHV GH (GXFDFLyQ 6XSHULRU HQIUHQWDQ UHWRVTXHKDFHQLQGLVSHQVDEOHODLQYHVWLJDFLyQHQWUHVJUDQGHVDSDUWDGRVODIRUPDFLyQHOGRFXPHQWR FXUULFXODU \ OD YLQFXODFLyQ GHULYDGR GH HVWR HQ ORV ~OWLPRV GHFHQLRV OD8QLYHUVLGDG9HUDFUX]DQDVHKDWUDQVIRUPDGRHQVXVIXQFLRQHVDFDGpPLFDVVRFLDOHV\RUJDQL]DFLRQDOHVFRQODILQDOLGDGGHUHVSRQGHUDODVH[LJHQFLDVGHULYDGDVGHORVFDPELRVVRFLRHFRQyPLFRV\SURGXFWLYRVDFWXDOHV

    8QHOHPHQWRLQGLVSHQVDEOHSDUDHQIUHQWDUHVWRVSURFHVRVGHWUDQVIRUPDFLyQHVOD YLQFXODFLyQ GH ODV 8QLYHUVLGDGHV FRQ ODV QHFHVLGDGHV VRFLDOHV \ HFRQyPLFDV TXHUHI OHMDHOVHFWRUSURGXFWLYR

    8QDLPSRUWDQWHUHFRPHQGDFLyQTXHKDFHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2HVTXHODV8QLYHUVLGDGHVIRUWDOH]FDQODVIXQFLRQHVGHVHUYLFLRDODVRFLHGDGYLQFXODQGRHOSURFHVRGHIRUPDFLyQGH JHQHUDFLyQ \ DSOLFDFLyQ GHO FRQRFLPLHQWR FRQ ODV QHFHVLGDGHV \ UHTXHULPLHQWRVDFWXDOHV\IXWXURVGHOHQWRUQR\GHODVRUJDQL]DFLRQHVHQJHQHUDO\DVHDQSURGXFWLYDVRVRFLDOHV

    $SDUWLUGHODSHUVSHFWLYDGHODVSROtWLFDVHGXFDWLYDVGHOD81(6&2ODYLQFXODFLyQYDPiVDOOiGH ODV IXQFLRQHVGHH[WHQVLyQXQLYHUVLWDULDFXDQGRVH UHILHUHD ODUHODFLyQGHFRRSHUDFLyQTXHVHHVWDEOHFHHQWUHODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU\ODVHPSUHVDVS~EOLFDV\SULYDGDV

    /D$SDULFLyQGHORV7XULVWDV3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWDV'pFDGDV,QIUDHVWUXFWXUD&RPHUFLDO+RWHOHUD\GH6HUYLFLRVGH$TXHOODV)HFKDV1DFLPLHQWRGHO+RWHO0RFDPER,QIUDHVWUXFWXUD8UEDQD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ/D6HJXQGD*XHUUD0XQGLDO\HO'HVHPSOHRHQHO3XHUWR3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD,QIUDHVWUXFWXUD(GXFDWLYD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD7XERVGH$FHURGH0p[LFR7DPVD,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG\6RFLDO$QLYHUVDULRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD

    3ULPHUDV&iPDUDV1DFLRQDOHVGH&RPHUFLRHQHO3DtV

    )XQGDFLyQGHOD&iPDUD1DFLRQDOGH&RPHUFLRGH9HUDFUX]HQ

    )XQGDFLyQGHOD&RQIHGHUDFLyQGH&iPDUDV1DFLRQDOHVGH&RPHUFLR

    6HUYLFLRV\7XULVPR

    $QWHFHGHQWHV

    /RV,QPLJUDQWHV

    3ULQFLSDOHV&DVDV&RPHUFLDOHV

    ,QWURGXFFLyQ

    /D8QLyQGH(VWLEDGRUHVGHO3XHUWRGH9HUDFUX]

    ,QYDVLyQQRUWHDPHULFDQDGH

    9HUDFUX]VHGHGHO*RELHUQRGH9HQXVWLDQR&DUUDQ]D

    *RELHUQR,QWHULQRGH$GROIR'H/D+XHUWD

    (O$WDTXHGH3HVWH%XEyQLFDGH

    &RQVROLGDFLyQGHO0RYLPLHQWR2EUHUR

    0RYLPLHQWR5HEHOGH'H/D+XHUWLVWD

    (O0RYLPLHQWR$JUDULR1DFLRQDO\HO*REHUQDGRU$GDOEHUWR7HMHGD

    ,QWURGXFFLyQ

    $O5HVFDWHGHOD)LHVWDVGHO&DUQDYDO

    )XQGDFLyQGHOD$VRFLDFLyQGH$JHQWHV$GXDQDOHVGHO3XHUWRGH9HUDFUX]

    &iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\

    7XULVPRGH9HUDFUX]

    &RQVHMR'LUHFWLYR

    &3(ULFN0DQXHO6XiUH]0iUTXH]

    /LF%HOJLR$PD\D5L]R

    ,QJ-XDQ5XL]6iQFKH]0HMRUDGD

    ,QJ0DULR0DQXHO&DQDOHV6XiUH]

    /LF/HRSROGR0XxL]'HVFDO]R

    &32VFDU%DUUDQFD%HFHUUD

    &3(QULTXH&Ki]DUR0DEDUDN

    2SW+HEH-XOLD6iQFKH]

    /LF6HUJLR8VFDQJD5RGUtJXH]

    /LF,YRQQH&DSLWDLQH$EHOOD

    /LF*XLOOHUPR0RUHQR6HQWLHV

    6U(GXDUGR*XHUUHUR6DSLHQV

    /LF)HUQDQGR(QULTXH]9i]TXH]

    /LF+XJR(QULTXH0DEDUDN5RGUtJXH]

    /LF$OHMDQGUR*yPH]%DUTXtQ

    6U0DUFRV-XOLiQ0XxR]6DQGRYDO

    /LF'DQQ\0DUWLQ/RLV

    &3-RDTXtQ&DOGHUyQ5XL]

    /LF*HUDUGR*iOYH]3pUH]$UDJyQ

    /LF,VLGUR5XELR*DUFtD

    /LF$OGR6HUUDQR*UDxD

    6U5RGULJR%DUUtD0DQFHUD

    /LF$OHMDQGUR/R]DQR5DPRV

    /DW-XDQ%RVFR3pUH]$FDVXVR

    /LF3HGUR,&RUFXHUD:HQ]HO

    /LF-DLPH+RPV4XLURJD

    /LF-HV~V0XxR]GH&RWH6DPSLHU\

    6UD$XURUD0DOSLFD0DQFHUD

    &3-RVp7RPiV0pQGH]9DOHULR

    /LF2ULDQD'HOD+XHUWD5RVDV

    /LF0DULQD&DQWyQ9i]TXH]

    6U(IUDLQ5DOHUR7ULQLGDG

    6U*XVWDYR*DUFtD*yPH]

    /LF&DUORV6DOGDxD(VWHYD

    /LF0LJXHOQJHO)HUQiQGH]/DJXQHV

    VLyQ\VROXFLyQHQSUREOHPDVIXWXURVUHODFLRQDGRVFRQHOVHFWRUFRPHUFLDOGHWXULVPR\VHUYLFLRVGHOD&LXGDG\3XHUWRGH9HUDFUX]

    'DU D FRQRFHU FRPR VH KD YHQLGR GHVDUUROODQGR HO FRPHUFLR \ HO WXULVPR HQ OD&LXGDGGH9HUDFUX]GHVGHQDOHVGHOVLJOR;,;KDVWDHODxR

    6HxDODUORVSULQFLSDOHVSUREOHPDV\REVWiFXORVTXHKDQDIHFWDGRHOGHVDUUROORFRPHUFLDO\WXUtVWLFRGHOD&LXGDGGH9HUDFUX]

    ,GHQWLFDUODVRSRUWXQLGDGHV\DSURYHFKDUODVIRUWDOH]DVFRQTXHFXHQWDHOVHFWRUFRPHUFLDO\HOWXUtVWLFRSDUDIDYRUHFHUVXFUHFLPLHQWR\GHVDUUROOR

    6HUHO LQLFLRGHXQDVHULHGH LQYHVWLJDFLRQHVHQHVWDPDWHULDFXPSOLHQGRFRQ ODYLQFXODFLyQHQWUHOD8QLYHUVLGDG9HUDFUX]DQD\OD&iPDUDGH&RPHUFLR

    (OSUHVHQWHGRFXPHQWRHVWiFRQIRUPDGRGHODVLJXLHQWHPDQHUD(OFDStWXORXQR SUHVHQWD ORVDQWHFHGHQWHVKLVWyULFRVGHO GHVFXEULPLHQWR\IXQ

    GDFLyQGHOD&LXGDG\3XHUWRGH9HUDFUX]REVHUYiQGRVHTXHpVWDGHSHQGLyGHODVFDUDFWHUtVWLFDVTXHSRVHtD6DQ-XDQGH8O~DSDUDTXHDUULEDUDQ ORVEDUFRVHVSDxROHVVLQSUREOHPDV\VHUHDOL]DUDHOFRPHUFLRFRQ(XURSD(QSULPHUOXJDUVHPHQFLRQDQODVUD]RQHVTXHOOHYDURQDOGHVFXEULPLHQWRGH$PpULFD\ORVDQWHFHGHQWHVGHODVDFWLYLGDGHVFRPHUFLDOHVHQHO0p[LFRSUHKLVSiQLFR

    (QHO FDStWXORGRV VHGHWDOODQ ODV UD]RQHVSRU ODVTXH9HUDFUX]GHMyGH VHU XQD&LXGDGDPXUDOODGDDVtFRPRFXDOHVIXHURQODVREUDVGHLQLFLRGHODPRGHUQL]DFLyQGHOSXHUWRTXHVHQWDURQODVEDVHVGHO9HUDFUX]GHOVLJOR;;

    (Q HO FDStWXOR WUHV VH PHQFLRQDQ D ORV FRPHUFLDQWHV IXQGDGRUHV OD &iPDUD GH&RPHUFLR GH9HUDFUX] D SDUWLU GHO SURFHVR GH FRQVWLWXFLyQ GH&iPDUDV GH&RPHUFLRHQWRGR0p[LFRVLHQGRpVWDVODVLQVWLWXFLRQHVTXHYLQLHURQDVXSOLUDORV&RQVXODGRVGH&RPHUFLDQWHV

    (QHOFDStWXORFXDWURVHPHQFLRQDQODVSULQFLSDOHVFDVDVFRPHUFLDOHV\KRWHOHVTXHH[LVWtDQHQOD&LXGDGGH9HUDFUX]HQORVSULQFLSLRVGHOVLJOR;;DQWHVGHTXHGLHUDLQLFLROD5HYROXFLyQ0H[LFDQD

    (QHOFDStWXORFLQFRVHVHxDODQORVHIHFWRVGHOSURFHVRUHYROXFLRQDULRHQODYLGDHFRQyPLFD\VRFLDOGHODSREODFLyQMDURFKDGHVWDFDQGRHOSDSHOWUDVFHQGHQWDOTXHWXYLHURQHQHVWRVKHFKRVORVHPSUHVDULRV\OD&iPDUDGH&RPHUFLRDVtFRPRODSDUWLFLSDFLyQGHORVWUDEDMDGRUHVSRUWXDULRV\HOVHFWRUFDPSHVLQRHQHOPLVPR

    (QORVFDStWXORVVHLVDOGRFHVHUHDOL]DXQDQiOLVLVGHORVSULQFLSDOHVFRPHUFLRV\KRWHOHVTXHVHLQVWDODURQHQODVGpFDGDVGHVGHKDVWDHODxRVHxDODQGRWDPELpQODVSULQFLSDOHVREUDV\DFFLRQHVGHWLSRXUEDQRHGXFDWLYRGHVDOXGGHSRUWLYR\VRFLDOTXHLQX\HURQHQHOGHVDUUROORHFRQyPLFR\HOELHQHVWDUGHODSREODFLyQ

    (QHOFDStWXORWUHFHVHSUHVHQWDODLQIUDHVWUXFWXUDFRPHUFLDO\KRWHOHUDTXHH[LVWHHQ ODDFWXDOLGDGHQ OD]RQDFRQXUEDGD9HUDFUX]%RFD'HO5tR0HGHOOtQ$OYDUDGRDVt

    impacto.indd 9 4/3/13 11:18 PM

  • (O&RPHUFLR0XQGLDOHQHO6LJOR;9

    $QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR

    (O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    )ORUHFLPLHQWRGHOD&LXGDG

    ,QIUDHVWUXFWXUDGHO)HUURFDUULO

    7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR

    2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD

    ,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    S~EOLFRV GH GLYHUVD tQGROH QHFHVDULRV SDUD SUHVWDU VHUYLFLRV GH VDOXG HGXFDWLYRV GHLQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFXVLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXH VH WHQJDXQD IHFKDGH LQLFLRGHOSURFHVRGHDQiOLVLVHQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSREODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDO TXHJHQHUDHO3XHUWRORFXDOGHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORVDxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQKDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFRPHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHODULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQWHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQDIXHQWHV GH HPSOHR \ JHQHUD GHVDUUROOR HFRQyPLFR OD FLXGDG \ VX SREODFLyQ JR]D GHFRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWRVXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WUR HOHPHQWR D HYDOXDU HV TXH OD VLWXDFLyQ HFRQyPLFD \ VRFLDO GH OD FLXGDG \3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXHVXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQHOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLVWyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDGGH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQGH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1R SRGHPRV GH GHMDU GHPHQFLRQDU TXH HVPX\ ORDEOH HO LQWHUpV GH OD&iPDUD1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHVWLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQRSDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDGSDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHVIXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQFLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQVXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHFWRUHV VRFLDOHV TXH JHQHUHQ \ GLVWULEX\DQ FRQRFLPLHQWR SDUD HO GHVDUUROOR HTXLWDWLYR \VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    5HTXLVDGHO3XHUWR$GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQHVWD'pFDGD

    ,QWURGXFFLyQ'HVDUUROOR&RPHUFLDO,QIUDHVWUXFWXUD+RWHOHUD3UR\HFWRGH$PSOLDFLyQGHO3XHUWR2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD3URJUDPD0p[LFR(PSUHQGH3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD0XVHR0LOLWDU6DQ&DUORV6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPRGH9HUDFUX]%3UHPLR0HUFXULR

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO)HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDGGH9HUDFUX]&RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]GHODxR

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD6HUYLFLRV3RUWXDULRVGH9HUDFUX]3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7&UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD&HUWDPHQ6HxRULWD0p[LFR([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ&HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    14

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU $18,(6 ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVX IRUPDPiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLD ODLQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGHPDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGHFRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYHQLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQDFRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPHUDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR\HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHVSRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDGHVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQHQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLDODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPHGDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGHFXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHUFRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXHURQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOHSUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDUODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\XGHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQD OD )DFXOWDGGH&RQWDGXUtD IXHOD GHLQLFLDUODDSDUWLUGHODIHFKDGH IXQGDFLyQGHpVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR\ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFHGLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyDTXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXHODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDUHQWHQGHU HO UHVXOWDGR QDO ORJUDGR HQ HO SURJUHVR \ FUHFLPLHQWR HFRQyPLFR GH OD SREODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXHREVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    impacto.indd 10 4/3/13 11:19 PM

  • (O&RPHUFLR0XQGLDOHQHO6LJOR;9

    $QWHFHGHQWHVGHO&RPHUFLR3UHKLVSiQLFR

    (O3XHUWRGH9HUDFUX]\HO&RPHUFLRFRQ(VSDxD

    )ORUHFLPLHQWRGHOD&LXGDG

    ,QIUDHVWUXFWXUDGHO)HUURFDUULO

    7UDQVIRUPDFLyQ\0RGHUQL]DFLyQGHO3XHUWR

    2WUDV,QVWLWXFLRQHV3~EOLFDV\3ULYDGDVGHODeSRFD

    ,QIUDHVWUXFWXUD&RPHUFLDOGH9HUDFUX]DSULQFLSLRVGHO6LJOR;;

    15

    S~EOLFRV GH GLYHUVD tQGROH QHFHVDULRV SDUD SUHVWDU VHUYLFLRV GH VDOXG HGXFDWLYRV GHLQIUDHVWUXFWXUDPXQLFLSDOGHSRUWLYRVGHUHFUHDFLyQORVFXDOHVWLHQHQXQDJUDQUHSHUFXVLyQHQHOELHQHVWDUVRFLDOGHODSREODFLyQ

    ,QGHSHQGLHQWHPHQWHGHTXH VH WHQJDXQD IHFKDGH LQLFLRGHOSURFHVRGHDQiOLVLVHQHVWDLQYHVWLJDFLyQVHSDUWLyGHYDORUDUTXHHOGHVDUUROORHFRQyPLFRVRFLDOGHODSREODFLyQHVWitQWLPDPHQWHOLJDGRDODDFWLYLGDGFRPHUFLDO TXHJHQHUDHO3XHUWRORFXDOGHQLyODYRFDFLyQGHODFLXGDGSRUHOORWDPELpQVHOOHYyDFDERXQEUHYHUHFRUULGRHQORVDxRVSRVWHULRUHVDODVHQWDPLHQWRHVSDxROHQ9HUDFUX]GHVGHODIHFKDGHVXIXQGDFLyQKDVWDORVDxRVSUHYLRVDOSHUtRGRLQYHVWLJDGR

    3RUORDQWHULRUHVPX\GLItFLOGHFRPSUHQGHUORTXHKDVXFHGLGRHQHOFDPSRFRPHUFLDO\WXUtVWLFRVLQUHFRQRFHUTXHODYLGDHFRQyPLFDGHODFLXGDGJLUDDOUHGHGRUGHODULTXH]DTXHJHQHUDHOPRYLPLHQWRSRUWXDULRVLWXDFLyQTXHVHKDPDQLIHVWDGRFODUDPHQWHHQHOWUDQVFXUVRGHORVDxRVHQORVTXHVHREVHUYDTXHFXDQGRHO3XHUWRSURSRUFLRQDIXHQWHV GH HPSOHR \ JHQHUD GHVDUUROOR HFRQyPLFR OD FLXGDG \ VX SREODFLyQ JR]D GHFRQGLFLRQHVGHYLGDDFHSWDEOHV\TXHFXDQGREDMDVXDFWLYLGDGSURGXFWLYDGHLQPHGLDWRVXVHIHFWRVVHUHHMDQHQXQGHVFHQVRHQHOJUDGRGHELHQHVWDUGHODFRPXQLGDG

    2WUR HOHPHQWR D HYDOXDU HV TXH OD VLWXDFLyQ HFRQyPLFD \ VRFLDO GH OD FLXGDG \3XHUWRGH9HUDFUX]QRVHXELFD~QLFDPHQWHHQHOiPELWRPXQLFLSDORUHJLRQDOVLQRTXHVXH[LVWHQFLD\IXQFLRQDPLHQWRKDQWHQLGRDWUDYpVGHODKLVWRULDXQDJUDQUHSHUFXVLyQHQHOiPELWRQDFLRQDO\DTXH9HUDFUX]VLHPSUHKDHVWDGRSUHVHQWHHQP~OWLSOHVKHFKRVKLVWyULFRVTXHKDQGLVWLQJXLGRDOSXHEORMDURFKRFRPRGHIHQVRUGHODVREHUDQtD\ODOLEHUWDGGH0p[LFRWHQLHQGRHORUJXOORGHTXHVHOHKD\DQRWRUJDGRFXDWURYHFHVODGHQRPLQDFLyQGH+HURLFD(QHVWHVHQWLGRQRH[LVWHHQHOSDtVQLQJXQDRWUDSREODFLyQTXHVHOHFRPSDUH

    1R SRGHPRV GH GHMDU GHPHQFLRQDU TXH HVPX\ ORDEOH HO LQWHUpV GH OD&iPDUD1DFLRQDOGH&RPHUFLRTXHSUHVLGHHO&3(ULFN6XiUH]0iUTXH]GHVROLFLWDUHVWDLQYHVWLJDFLyQSURSRUFLRQDQGRDOD)DFXOWDGGH&RQWDGXUtDWRGRHODSR\RHFRQyPLFR\KXPDQRSDUDHOORFRQHOSURSyVLWRGHDSRUWDUXQGRFXPHQWRTXHDGHPiVGHTXHVHDGHXWLOLGDGSDUDWRGRVVXVDVRFLDGRVVLUYDGHUHIHUHQWHHQHVWDPDWHULDSDUDWRGDVODVJHQHUDFLRQHVIXWXUDV

    /RVSULQFLSDOHVREMHWLYRVTXHVHSUHWHQGHQDOFDQ]DUHQHVWDLQYHVWLJDFLyQORVPHQFLRQDPRVDFRQWLQXDFLyQ

    &XPSOLUOD8QLYHUVLGDG9HUDFUX]DQDFRQVXPLVLyQHQHOGHVDUUROORGHODIXQFLyQVXVWDQWLYDGHLQYHVWLJDFLyQHVWDQGRHQYLQFXODFLyQSHUPDQHQWHFRQORVGLIHUHQWHVVHFWRUHV VRFLDOHV TXH JHQHUHQ \ GLVWULEX\DQ FRQRFLPLHQWR SDUD HO GHVDUUROOR HTXLWDWLYR \VRVWHQLEOH

    ,QWHJUDUXQGRFXPHQWRTXHIRUPHSDUWHGHODELEOLRWHFDGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]TXHVLUYDGHFRQVXOWDSDUDHODQiOLVLVGLVFX

    5HTXLVDGHO3XHUWR$GPLQLVWUDFLyQ3RUWXDULD,QWHJUDO$3,3ULQFLSDOHV+RWHOHV3OD]DV&RPHUFLDOHV\GH6HUYLFLRV&RQVWUXLGDVHQHVWD'pFDGD

    ,QWURGXFFLyQ'HVDUUROOR&RPHUFLDO,QIUDHVWUXFWXUD+RWHOHUD3UR\HFWRGH$PSOLDFLyQGHO3XHUWR2IHUWDGH(VWXGLRV8QLYHUVLWDULRVHQOD=RQD&RQXUEDGD3URJUDPD0p[LFR(PSUHQGH3ODQ(VWUDWpJLFRSDUDOD5HDFWLYDFLyQGHO&HQWUR+LVWyULFRGH9HUDFUX]0HUFDGRV3~EOLFRV\7LDQJXLVHQOD=RQD&RQXUEDGD0XVHR0LOLWDU6DQ&DUORV6RUWHRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPR

    $3UHVLGHQWHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XUtVPRGH9HUDFUX]%3UHPLR0HUFXULR

    ,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG'HSRUWLYD\6RFLDO)HVWHMRV&RQPHPRUDWLYRVGHO$QLYHUVDULRGHOD)XQGDFLyQGHOD&LXGDGGH9HUDFUX]&RQVHMR'LUHFWLYRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]GHODxR

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD6HUYLFLRV3RUWXDULRVGH9HUDFUX]3DUTXH,QGXVWULDO)UDPER\DQHVKR\&LXGDG,QGXVWULDO%UXQR3DJOLDL,QLFLRGHDFWLYLGDGHVGHO,1)21$9,7&UHDFLyQGHO&XHUSRGH%RPEHURV&RQXUEDGRV9HUDFUX]%RFDGHO5tR,QDXJXUDFLyQGHODV,QVWDODFLRQHVGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD&HUWDPHQ6HxRULWD0p[LFR([SRVLFLyQ&RPHUFLDO0D[L9HQWD\1DFLPLHQWRGH(;329(5,QIUDHVWUXFWXUD8UEDQD(GXFDWLYD\'HSRUWLYD

    ,QWURGXFFLyQ&HQWURGH([SRVLFLRQHV\&RQYHQFLRQHV(;329(5

    'HVGHHOSXQWRGHYLVWDGHOD$VRFLDFLyQ1DFLRQDOGH8QLYHUVLGDGHVH,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU $18,(6 ODYLQFXODFLyQSXHGHVHUSHUFLELGDHQVX IRUPDPiVDPSOLDDUWLFXODQGRODVIXQFLRQHVVXVWDQWLYDVGHODV8QLYHUVLGDGHVODGRFHQFLD ODLQYHVWLJDFLyQ\ODGLIXVLyQGHODFXOWXUD

    &RQVFLHQWHGHWRGRORDQWHULRUOD8QLYHUVLGDG9HUDFUX]DQDVHKDSUHRFXSDGRGHPDQHUDLPSRUWDQWHSRUHVWDIXQFLyQGHYLQFXODFLyQUPDQGRFRQYHQLRV\DFXHUGRVGHFRODERUDFLyQFRQGLIHUHQWHV,QVWLWXFLRQHVS~EOLFDV\SULYDGDVFRPRHVHOFDVRGHOFRQYHQLRTXHUPDOD)DFXOWDGGH&RQWDGXUtD5HJLyQ9HUDFUX]GHOD8QLYHUVLGDG9HUDFUX]DQDFRQOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]VLHQGRVXSULPHUDDFFLyQODUHDOL]DFLyQGHXQDLQYHVWLJDFLyQVREUHHOLPSDFWRTXHKDWHQLGRHOFRPHUFLR\HOWXULVPRHQOD&LXGDG\3XHUWRGH9HUDFUX]\GHFyPRKDQLQXLGRODVRSHUDFLRQHVSRUWXDULDVHQVXGHVDUUROORVRFLDO\HFRQyPLFR

    9DORUDQGRWDPELpQTXHXQRGHORVREMHWLYRVHVHQFLDOHVGHFXDOTXLHU8QLYHUVLGDGHVOOHYDUDFDERODLQYHVWLJDFLyQGHORVIDFWRUHVTXHRFDVLRQDQORVSUREOHPDVTXHH[LVWHQHQODVRFLHGDGHVSHFLDOPHQWHDTXHOORVRULHQWDGRVDHUUDGLFDUODSREUH]DODLQWROHUDQFLDODYLROHQFLDHODQDOIDEHWLVPRHOKDPEUHHOGHWHULRURGHOPHGLRDPELHQWH\ODVHQIHUPHGDGHVGHPDQHUDTXHUHFXSHUH\SURSRUFLRQHHOHPHQWRVTXHSHUPLWDQSULPHURVXDGHFXDGRHQWHQGLPLHQWRSDUDSRVWHULRUPHQWHYLVOXPEUDUDOJXQDVDOWHUQDWLYDVGHVROXFLyQ

    3RUHOORFRQVLGHUDPRVFRPRXQDJUDQRSRUWXQLGDGSDUDOD8QLYHUVLGDG9HUDFUX]DQDODSRVLELOLGDGGHUHDOL]DUHVWDLQYHVWLJDFLyQHQODTXHHOWHPDFHQWUDOHVFRQRFHUFRPRVHGDHOGHVDUUROORGHOFRPHUFLR\HOWXULVPRHQODFLXGDGGH9HUDFUX]FXiOHVIXHURQVXVSULQFLSDOHVIRUWDOH]DVTXHREVWiFXORVWXYRTXHHQIUHQWDUTXHRSRUWXQLGDGHVOHSUHVHQWDHOIXWXUR\TXHUHODFLyQWXYRFRQRWURVVHFWRUHVSURGXFWLYRVTXHSXHGDQPDUFDUODSDXWDSDUDORJUDUXQYHUGDGHURGHVDUUROORHFRQyPLFRVRVWHQLGR\VXVWHQWDEOHTXHD\XGHDHUUDGLFDUORVGLIHUHQWHVSUREOHPDVVRFLDOHVH[LVWHQWHV

    /DVROLFLWXGTXHKL]ROD&iPDUDGH&RPHUFLRGH9HUDFUX]GHHVWDLQYHVWLJDFLyQD OD )DFXOWDGGH&RQWDGXUtD IXHOD GHLQLFLDUODDSDUWLUGHODIHFKDGH IXQGDFLyQGHpVWDHQHODxRVLQHPEDUJRDOHPSH]DUDSODQWHDUODVGLYHUVDVKLSyWHVLVGHWUDEDMR\ODSHUVSHFWLYDGHOHVWXGLRHQHOWLHPSRVHDSUHFLyTXHH[LVWtDQGLYHUVRVKHFKRVPX\LPSRUWDQWHVGHJUDQWUDVFHQGHQFLDGHVGHHOSXQWRGHYLVWDHFRQyPLFRVRFLDOTXHVXFHGLHURQHQDxRVDQWHULRUHVDHVDIHFKDHQOD&LXGDG\3XHUWRGH9HUDFUX]ORTXHRULHQWyDTXHHOSXQWRGHSDUWLGDVHXELFDUDHQORVDxRVQDOHVGHOVLJOR;,;HQDxRHQTXHODFLXGDGGH9HUDFUX]GHMyGHVHUXQDFLXGDGDPXUDOODGD

    (VQHFHVDULRVHxDODUTXHVHWRPDURQFRPRUHIHUHQWHVLPSRUWDQWHVSDUDLQWHQWDUHQWHQGHU HO UHVXOWDGR QDO ORJUDGR HQ HO SURJUHVR \ FUHFLPLHQWR HFRQyPLFR GH OD SREODFLyQDOJXQRVKHFKRVWDOHVFRPRHOGHVDUUROORXUEDQR\PDWHULDOTXHODFLXGDGIXHREVHUYDQGRHQHOWLHPSRFRPRODFRQVWUXFFLyQGHYtDVGHFRPXQLFDFLyQ\GHHGLFLRV

    impacto.indd 11 4/3/13 11:19 PM

  • 0DUtD(XJHQLD6HQWtHV6DQWRV

    *XLOOHUPR0RUHQR&KD]]DULQL

    &RQVLGHUDQGR ODV WUDQVIRUPDFLRQHV TXH VH H[SHULPHQWDQ HQ OD YLGD VRFLDO \HFRQyPLFD GH QXHVWUR SDtV ODV ,QVWLWXFLRQHV GH (GXFDFLyQ 6XSHULRU HQIUHQWDQ UHWRVTXHKDFHQLQGLVSHQVDEOHODLQYHVWLJDFLyQHQWUHVJUDQGHVDSDUWDGRVODIRUPDFLyQHOGRFXPHQWR FXUULFXODU \ OD YLQFXODFLyQ GHULYDGR GH HVWR HQ ORV ~OWLPRV GHFHQLRV OD8QLYHUVLGDG9HUDFUX]DQDVHKDWUDQVIRUPDGRHQVXVIXQFLRQHVDFDGpPLFDVVRFLDOHV\RUJDQL]DFLRQDOHVFRQODILQDOLGDGGHUHVSRQGHUDODVH[LJHQFLDVGHULYDGDVGHORVFDPELRVVRFLRHFRQyPLFRV\SURGXFWLYRVDFWXDOHV

    8QHOHPHQWRLQGLVSHQVDEOHSDUDHQIUHQWDUHVWRVSURFHVRVGHWUDQVIRUPDFLyQHVOD YLQFXODFLyQ GH ODV 8QLYHUVLGDGHV FRQ ODV QHFHVLGDGHV VRFLDOHV \ HFRQyPLFDV TXHUHI OHMDHOVHFWRUSURGXFWLYR

    8QDLPSRUWDQWHUHFRPHQGDFLyQTXHKDFHOD2UJDQL]DFLyQGHODV1DFLRQHV8QLGDVSDUDOD(GXFDFLyQOD&LHQFLD\OD&XOWXUD81(6&2HVTXHODV8QLYHUVLGDGHVIRUWDOH]FDQODVIXQFLRQHVGHVHUYLFLRDODVRFLHGDGYLQFXODQGRHOSURFHVRGHIRUPDFLyQGH JHQHUDFLyQ \ DSOLFDFLyQ GHO FRQRFLPLHQWR FRQ ODV QHFHVLGDGHV \ UHTXHULPLHQWRVDFWXDOHV\IXWXURVGHOHQWRUQR\GHODVRUJDQL]DFLRQHVHQJHQHUDO\DVHDQSURGXFWLYDVRVRFLDOHV

    $SDUWLUGHODSHUVSHFWLYDGHODVSROtWLFDVHGXFDWLYDVGHOD81(6&2ODYLQFXODFLyQYDPiVDOOiGH ODV IXQFLRQHVGHH[WHQVLyQXQLYHUVLWDULDFXDQGRVH UHILHUHD ODUHODFLyQGHFRRSHUDFLyQTXHVHHVWDEOHFHHQWUHODV,QVWLWXFLRQHVGH(GXFDFLyQ6XSHULRU\ODVHPSUHVDVS~EOLFDV\SULYDGDV

    /D$SDULFLyQGHORV7XULVWDV3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWDV'pFDGDV,QIUDHVWUXFWXUD&RPHUFLDO+RWHOHUD\GH6HUYLFLRVGH$TXHOODV)HFKDV1DFLPLHQWRGHO+RWHO0RFDPER,QIUDHVWUXFWXUD8UEDQD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ/D6HJXQGD*XHUUD0XQGLDO\HO'HVHPSOHRHQHO3XHUWR3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD,QIUDHVWUXFWXUD(GXFDWLYD'HSRUWLYD\6RFLDO

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD7XERVGH$FHURGH0p[LFR7DPVD,QIUDHVWUXFWXUD8UEDQD(GXFDWLYDGH6DOXG\6RFLDO$QLYHUVDULRGHOD&iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\7XULVPRGH9HUDFUX]

    ,QWURGXFFLyQ3ULQFLSDOHV(PSUHVDV&RPHUFLDOHV\+RWHOHVTXH,QLFLDURQVXV$FWLYLGDGHVHQHVWD'pFDGD

    3ULPHUDV&iPDUDV1DFLRQDOHVGH&RPHUFLRHQHO3DtV

    )XQGDFLyQGHOD&iPDUD1DFLRQDOGH&RPHUFLRGH9HUDFUX]HQ

    )XQGDFLyQGHOD&RQIHGHUDFLyQGH&iPDUDV1DFLRQDOHVGH&RPHUFLR

    6HUYLFLRV\7XULVPR

    $QWHFHGHQWHV

    /RV,QPLJUDQWHV

    3ULQFLSDOHV&DVDV&RPHUFLDOHV

    ,QWURGXFFLyQ

    /D8QLyQGH(VWLEDGRUHVGHO3XHUWRGH9HUDFUX]

    ,QYDVLyQQRUWHDPHULFDQDGH

    9HUDFUX]VHGHGHO*RELHUQRGH9HQXVWLDQR&DUUDQ]D

    *RELHUQR,QWHULQRGH$GROIR'H/D+XHUWD

    (O$WDTXHGH3HVWH%XEyQLFDGH

    &RQVROLGDFLyQGHO0RYLPLHQWR2EUHUR

    0RYLPLHQWR5HEHOGH'H/D+XHUWLVWD

    (O0RYLPLHQWR$JUDULR1DFLRQDO\HO*REHUQDGRU$GDOEHUWR7HMHGD

    ,QWURGXFFLyQ

    $O5HVFDWHGHOD)LHVWDVGHO&DUQDYDO

    )XQGDFLyQGHOD$VRFLDFLyQGH$JHQWHV$GXDQDOHVGHO3XHUWRGH9HUDFUX]

    &iPDUD1DFLRQDOGH&RPHUFLR6HUYLFLRV\

    7XULVPRGH9HUDFUX]

    &RQVHMR'LUHFWLYR

    &3(ULFN0DQXHO6XiUH]0iUTXH]

    /LF%HOJLR$PD\D5L]R

    ,QJ-XDQ5XL]6iQFKH]0HMRUDGD

    ,QJ0DULR0DQXHO&DQDOHV6XiUH]

    /LF/HRSROGR0XxL]'HVFDO]R

    &32VFDU%DUUDQFD%HFHUUD

    &3(QULTXH&Ki]DUR0DEDUDN

    2SW+HEH-XOLD6iQFKH]

    /LF6HUJLR8VFDQJD5RGUtJXH]

    /LF,YRQQH&DSLWDLQH$EHOOD

    /LF*XLOOHUPR0RUHQR6HQWLHV

    6U(GXDUGR*XHUUHUR6DSLHQV

    /LF)HUQDQGR(QULTXH]9i]TXH]

    /LF+XJR(QULTXH0DEDUDN5RGUtJXH]

    /LF$OHMDQGUR*yPH]%DUTXtQ

    6U0DUFRV-XOLiQ0XxR]6DQGRYDO

    /LF'DQQ\0DUWLQ/RLV

    &3-RDTXtQ&DOGHUyQ5XL]

    /LF*HUDUGR*iOYH]3pUH]$UDJyQ

    /LF,VLGUR5XELR*DUFtD

    /LF$OGR6HUUDQR*UDxD

    6U5RGULJR%DUUtD0DQFHUD

    /LF$OHMDQGUR/R]DQR5DPRV

    /DW-XDQ%RVFR3pUH]$FDVXVR

    /LF3HGUR,&RUFXHUD:HQ]HO

    /LF-DLPH+RPV4XLURJD

    /LF-HV~V0XxR]GH&RWH6DPSLHU\

    6UD$XURUD0DOSLFD0DQFHUD

    &3-RVp7RPiV0pQGH]9DOHULR

    /LF2ULDQD'HOD+XHUWD5RVDV

    /LF0DULQD&DQWyQ9i]TXH]

    6U(IUDLQ5DOHUR7ULQLGDG

    6U*XVWDYR*DUFtD*yPH]

    /LF&DUORV6DOGDxD(VWHYD

    /LF0LJXHOQJHO)HUQiQGH]/DJXQHV

    16

    VLyQ\VROXFLyQHQSUREOHPDVIXWXURVUHODFLRQDGRVFRQHOVHFWRUFRPHUFLDOGHWXULVPR\VHUYLFLRVGHOD&LXGDG\3XHUWRGH9HUDFUX]

    'DU D FRQRFHU FRPR VH KD YHQLGR GHVDUUROODQGR HO FRPHUFLR \ HO WXULVPR HQ OD&LXGDGGH9HUDFUX]GHVGHQDOHVGHOVLJOR;,;KDVWDHODxR

    6HxDODUORVSULQFLSDOHVSUREOHPDV\REVWiFXORVTXHKDQDIHFWDGRHOGHVDUUROORFRPHUFLDO\WXUtVWLFRGHOD&LXGDGGH9HUDFUX]

    ,GHQWLFDUODVRSRUWXQLGDGHV\DSURYHFKDUODVIRUWDOH]DVFRQTXHFXHQWDHOVHFWRUFRPHUFLDO\HOWXUtVWLFRSDUDIDYRUHFHUVXFUHFLPLHQWR\GHVDUUROOR

    6HUHO LQLFLRGHXQDVHULHGH LQYHVWLJDFLRQHVHQHVWDPDWHULDFXPSOLHQGRFRQ ODYLQFXODFLyQHQWUHOD8QLYHUVLGDG9HUDFUX]DQD\OD&iPDUDGH&RPHUFLR

    (OSUHVHQWHGRFXPHQWRHVWiFRQIRUPDGRGHODVLJXLHQWHPDQHUD(OFDStWXORXQR SUHVHQWD ORVDQWHFHGHQWHVKLVWyULFRVGHO GHVFXEULPLHQWR\IXQ

    GDFLyQGHOD&LXGDG\3XHUWRGH9HUDFUX]REVHUYiQGRVHTXHpVWDGHSHQGLyGHODVFDUDFWHUtVWLFDVTXHSRVHtD6DQ-XDQGH8O~DSDUDTXHDUULEDUDQ ORVEDUFRVHVSDxROHVVLQSUREOHPDV\VHUHDOL]DUDHOFRPHUFLRFRQ(XURSD(QSULPHUOXJDUVHPHQFLRQDQODVUD]RQHVTXHOOHYDURQDOGHVFXEULPLHQWRGH$PpULFD\ORVDQWHFHGHQWHVGHODVDFWLYLGDGHVFRPHUFLDOHVHQHO0p[LFRSUHKLVSiQLFR

    (QHO FDStWXORGRV VHGHWDOODQ ODV UD]RQHVSRU ODVTXH9HUDFUX]GHMyGH VHU XQD&LXGDGDPXUDOODGDDVtFRPRFXDOHVIXHURQODVREUDVGHLQLFLRGHODPRGHUQL]DFLyQGHOSXHUWRTXHVHQWDURQODVEDVHVGHO9HUDFUX]GHOVLJOR;;

    (Q HO FDStWXOR WUHV VH PHQFLRQDQ D ORV FRPHUFLDQWHV IXQGDGRUHV OD &iPDUD GH&RPHUFLR GH9HUDFUX] D SDUWLU GHO SURFHVR GH FRQVWLWXFLyQ GH&iPDUDV GH&RPHUFLRHQWRGR0p[LFRVLHQGRpVWDVODVLQVWLWXFLRQHVTXHYLQLHURQDVXSOLUDORV&RQVXODGRVGH&RPHUFLDQWHV

    (QHOFDStWXORFXDWURVHPHQFLRQDQODVSULQFLSDOHVFDVDVFRPHUFLDOHV\KRWHOHVTXHH[LVWtDQHQOD&LXGDGGH9HUDFUX]HQORVSULQFLSLRVGHOVLJOR;;DQWHVGHTXHGLHUDLQLFLROD5HYROXFLyQ0H[LFDQD

    (QHOFDStWXORFLQFRVHVHxDODQORVHIHFWRVGHOSURFHVRUHYROXFLRQDULRHQODYLGDHFRQyPLFD\VRFLDOGHODSREODFLyQMDURFKDGHVWDFDQGRHOSDSHOWUDVFHQGHQWDOTXHWXYLHURQHQHVWRVKHFKRVORVHPSUHVDULRV\OD&iPDUDGH&RPHUFLRDVtFRPRODSDUWLFLSDFLyQGHORVWUDEDMDGRUHVSRUWXDULRV\HOVHFWRUFDPSHVLQRHQHOPLVPR

    (QORVFDStWXORVVHLVDOGRFHVHUHDOL]DXQDQiOLVLVGHORVSULQFLSDOHVFRPHUFLRV\KRWHOHVTXHVHLQVWDODURQHQODVGpFDGDVGHVGHKDVWDHODxRVHxDODQGRWDPELpQODVSULQFLSDOHVREUDV\DFFLRQHVGHWLSRXUEDQRHGXFDWLYRGHVDOXGGHSRUWLYR\VRFLDOTXHLQX\HURQHQHOGHVDUUROORHFRQyPLFR\HOELHQHVWDUGHODSREODFLyQ

    (QHOFDStWXORWUHFHVHSUHVHQWDODLQIUDHVWUXFWXUDFRPHUFLDO\KRWHOHUDTXHH[LVWHHQ ODDFWXDOLGDGHQ OD]RQDFRQXUEDGD9HUDFUX]%RFD'HO5tR0HGHOOtQ$OYDUDGRDVt

    impacto.indd 12 4/3/13 11:19 PM

  • 17

    FRPRODVFDUDFWHUtVWLFDVGHOWUDVFHQGHQGHQWHSUR\HFWRGHDPSOLDFLyQGHO3XHUWR)LQDOPHQWHVHSUHVHQWDQODVFRQFOXVLRQHV\ORVUHVXOWDGRVGHODLQYHVWLJDFLyQTXH

    SURSRUFLRQDUiQLQIRUPDFLyQGHPXFKDXWLOLGDGSDUDFRQRFHUTXpKDSDVDGRHQ9HUDFUX]GHVGHHOSXQWRGHYLVWDHFRQyPLFRGHDODIHFKD

    (VFRQYHQLHQWHVHxDODUTXHODVIXHQWHVGHLQIRUPDFLyQTXHVHXWLOL]DURQSDUDODUHDOL]DFLyQGHHVWD LQYHVWLJDFLyQ IXHURQ ODGRFXPHQWDFLyQH[LVWHQWHHQHODUFKLYRPXQLFLSDOELEOLRWHFDVHPSUHVDVLQVWLWXFLRQHV\SDUWLFXODUHVDGHPiVGHTXHSRUFRQGXFWRGH OD&iPDUDGH&RPHUFLR VH UHDOL]DURQHQWUHYLVWDVSHUVRQDOHV FRQHPSUHVDULRV\ HQHVSHFLDO FRQ GHVFHQGLHQWHV GH HPSUHVDULRV IXQGDGRUHV GH ODV SULQFLSDOHV HPSUHVDV GHSULQFLSLRVGHOVLJOR;;\ODLQIRUPDFLyQREWHQLGDSRUHVWHPHGLRVHWUDQVFULELytQWHJUDRSDUFLDOPHQWHHQHVWHGRFXPHQWRVHJ~QVHFRQVLGHUyFRQYHQLHQWH

    7RGRVORVKLVWRULDGRUHVHVWiQGHDFXHUGRHQTXHHOFRPHUFLRIXHXQIDFWRUGHWHUPLQDQWHSDUDORJUDUODSURVSHULGDGGHODKXPDQLGDG(OGHVDUUROORGHODVVRFLHGDGHVHPSH]yHQ HOPRPHQWR TXH ODV FRPXQLGDGHV DJUtFRODV HPSH]DURQ D WHQHU H[FHGHQWHV GH OR TXHJHQHUDEDQSDUDVXVXEVLVWHQFLD$SDUWLUGHHVWHKHFKRKLVWyULFRHQODYLGDGHOVHUKXPDQRDSDUHFHHO WUXHTXHSRUPHGLRGHO FXDO VH UHDOL]DHO LQWHUFDPELRFRPHUFLDOGHHVRVH[FHGHQWHV/DVVRFLHGDGHVDJUtFRODVFRPHQ]DURQHQWRQFHVDSURGXFLUPD\RUHVFDQWLGDGHVGHORTXHGHPDQGDEDQVXVLQWHJUDQWHV\HVRVH[FHGHQWHVTXHHPSH]DURQDDFXPXODUVHFRQYLUWLHURQHQODULTXH]DTXHXWLOL]DURQSDUDLQWHUFDPELDUFRQORVSXHEORVTXHUHTXHUtDQORTXHDHOORVOHVVREUDED/RVH[FHGHQWHV\ODSRVLELOLGDGGHLQWHUFDPELDUORVSRUPHGLRGHOWUXHTXHSHUPLWLHURQHOGHVDUUROORGHODVVRFLHGDGHVDJUtFRODVVLHQGRpVWDODIDVHLQLFLDOGHODJHQHUDFLyQGHODULTXH]D

    /DKLVWRULDGHOFRPHUFLRVHxDODTXHXQDGHVXVSULPHUDVHWDSDVIXHODIDPRVDYHQWDGH ORV FDMRQHVPLVPD TXH FRQVLVWtD HQ TXH ORV FRPHUFLDQWHV H[KLEtDQ VXV SURGXFWRV HQED~OHVRDUFRQHVTXHFRORFDEDQHQDOJXQDFDOOHRSOD]DGHODFLXGDG\DOWpUPLQRGHOGtDUHFRJtDQVXVED~OHV\VHUHWLUDEDQGHOOXJDU(QHOGLUHFWRULRFRPHUFLDOGH9HUDFUX]GHTXHVHPXHVWUDPiVDGHODQWHDSDUHFHHOWpUPLQR&DMyQGH5RSDSDUDLQGLFDUODVWLHQGDVGHURSDTXHH[LVWtDQHQDTXHOODVIHFKDV3RVWHULRUPHQWHHQOXJDUGHH[KLELUVXVSURGXFWRV

    (O%LFHQWHQDULRGHO&RPHUFLRHQ0p[LFR$17$'0p[LFR

    YDVSDUDKDFHUORSDUWLHQGRGHODFDSLWDOXQDHUDSRUODYtD3XHEOD3HURWH;DODSD/D$QWLJXD

    9HUDFUX]\ODRWUDSRU7OD[FDOD3HURWH;DODSD/D$QWLJXD9HUDFUX]$xRVGHVSXpVVXUJLyOD

    DOWHUQDWLYDGHRWURFDPLQR3XHEOD2UL]DED&yUGRED/D$QWLJXD9HUDFUX]TXHFRPSLWLyFRQ

    ODSULQFLSDOYtDSRU;DODSD

    (OGHVDUUROORGHHVWDLQIUDHVWUXFWXUDFDPLQHUDHPSH]yDIRUPDUODVSULPHUDVFODVHV

    GHHPSUHVDULRVTXHVHUHTXHUtDQSDUDTXHHVWHVLVWHPDGHFRPXQLFDFLyQIXQFLRQDUDVXUJHQ

    ORVDUULHURVSURSLHWDULRVGHODVPXODVTXHVHHQFDUJDEDQGHWUDVODGDUODVPHUFDQFtDV\ORV

    SURSLHWDULRVGHORVPHVRQHVRDQGDGRUHVTXHHQHOFDPLQRDORMDEDQDORVYLDMHURVHQHOODUJR

    WUD\HFWRKDFLDODFDSLWDOWDOHVFRPRODV9HQWDVGH%XLWUyQIUHQWHD8O~DGH3ODQGHO5tRGH

    &HUUR*RUGRGH/HQFHURGH6HGHxRGHODV9LJDVGH6DQ-RVpHQ3HURWHVLUYLHQGRWDPELpQ

    FRPRVLWLRGHSDUDGDHVWUDWpJLFRHQHVWHODUJR\FDQVDGRUHFRUULGRKDFLDODFDSLWDOVXUJHQHQ

    ODUHJLyQFHQWUDOGHOHVWDGRWUHVFHQWURVXUEDQRVTXHSRUVXFOLPDIDYRUDEOHVHFRQYLHUWHQHQ

    SDUDGD\SXQWRVGHGHVFDQVR;DODSD2UL]DED\&yUGRED

    'HVSXpVGHYDULRVLQWHQWRVLQIUXFWXRVRVGHHQFRQWUDUORVPLQHUDOHVSUHFLRVRVRUR\

    SODWDORVHVSDxROHVGHFLGHQHPSH]DUDWUDEDMDUODVWLHUUDVYHUDFUX]DQDVGHOD]RQDFHQWURGHO

    HVWDGRSDUDSURGXFLUD]~FDUWDEDFRIULMROPDt]DUUR]\SDUDFUtDGHJDQDGRVXUJLHQGRODV

    KDFLHQGDVHQ;DODSD2UL]DED&yUGRED\ODVWLHUUDVGHOD&XHQFDGHO3DSDORDSDQ7ODOL[FR

    \DQ7ODFRWDOSDQ&RVDPDORDSDQ\OD]RQDGHORV7X[WODV

    /DFLXGDGGH9HUDFUX]VLJXLyVLHQGRXQOXJDUGHWUiQVLWRSDUDHOHPEDUTXH\GHVHP

    EDUTXHGHODVPHUFDQFtDVTXHVHLPSRUWDEDQ\VHH[SRUWDEDQ6RODPHQWHFXDQGROOHJDQORV

    EXTXHVGHODRWDHVSDxRODODFLXGDGVHFRQYLHUWHHQHOFHQWURGHOFRPHUFLRQRYRKLVSDQRHQ

    HOTXHORVFRPHUFLDQWHVUHFLEHQ\HPEDUFDQVXVPHUFDQFtDVDSR\DGRVSRUORVDUULHURVTXH

    VHHQFDUJDQGHWUDQVSRUWDUODVPHUFDGHUtDVDODFDSLWDO$OWHUPLQDUHVWDWDUHDODFLXGDGVH

    FRQYLHUWHQXHYDPHQWHHQXQOXJDUGHVRODGRDODHVSHUDGHODSUy[LPDRWD/RVFRPHUFLDQWHV

    \ORVIXQFLRQDULRVS~EOLFRVYLYHQHQODVFLXGDGHVFHUFDQDVTXHWLHQHQXQFOLPDPiVSURSLFLR

    VLHQGR;DODSDHOVLWLRSUHIHULGR

    'HHVWDPDQHUDVHHVWDEOHFHXQFLUFXLWRFRPHUFLDOFRQODVFLXGDGHVGH3XHEOD\0p

    [LFRHQORLQWHUQR\HQORH[WHUQRFRQHO&DULEH\(VSDxDHQHOTXHORVSULQFLSDOHVSURGXFWRV

    TXHVHFRPHUFLDEDQHUDQHOD]~FDUFDIpWDEDFR\JDQDGR/DH[FOXVLYLGDGTXHOD&RURQD

    (VSDxRODOHRWRUJyD9HUDFUX]SDUDTXHWRGDVODVPHUFDQFtDVHQWUDUDQDOD1XHYD(VSDxDVROR

    SRUVXSXHUWROOHJyDVLJQLFDUTXHSUiFWLFDPHQWHHOGHPHUFDGHUtDVTXHOOHJDEDQD

    0p[LFRHQWUDUDQSRU9HUDFUX]

    $OFDERGHORVDxRVORVFRPHUFLDQWHVHVSDxROHVGH&iGL]DQWHODDOWHUQDWLYDGHOOHYDU

    VXVPHUFDQFtDVKDVWDODFLXGDGGH0p[LFRFRQORVULHVJRVTXHHVWRUHSUHVHQWDEDGHURERVR

    SpUGLGDVSRUDFFLGHQWHVRYHQGHUODVFRQORVFRPHUFLDQWHVHVWDEOHFLGRVHQHOSXHUWRGH9HUD

    'HVGHTXH+HUQiQ&RUWpVOOHJDD6DQGH8O~DHOGHVWLQRGHOSXHUWRGHOD9LOOD5LFDGHOD9HUDFUX]HVWiGHQLGRSRUODVFDUDFWHUtVWLFDVItVLFDVGHpVWHSDUDTXHVHIDFLOLWHHOFRPHUFLRGHO1XHYR0XQGRFRQ(XURSD(O3XHUWRGH9HUDFUX]HVWiOLJDGRGHVGHVXIXQGDFLyQFRQODDFWLYLGDGFRPHUFLDO

    +HUQiQ&RUWpVGHELGRDORLQKyVSLWRGHODVFDOXURVDVWLHUUDVGHVFXELHUWDVURGHDGDVGHFLHQWRVGHODJXQDVGHDJXDVDOREUHHLQQLGDGGHPRVTXLWRVGHFLGHOOHYDUVXVEDUFRVDODHQVHQDGDGH4XLDKXL]WOiQFRQVLGHUDQGRTXHHUDXQPHMRUVLWLRSDUDHOGHVHPEDUFRIXWXURGHORVEDUFRVSHURDOGDUVHFXHQWDTXHQRHUDDVtGHFLGHFDPELDUHODVHQWDPLHQWRGHOD9LOOD5LFDGHOD9HUD&UX]DODULEHUDGHOUtR&DQRDVR+XLW]LODSDQFRQRFLGRFRPR/D$QWLJXD'HVGHHODxROD$QWLJXDVHFRQYLHUWHHQHOSXHUWRTXHVLUYHGHHQODFHFRQHO9LHMR0XQGR\HVKDVWDHODxRHQTXHVHGHFLGHUHJUHVDUDOSXQWRRULJLQDOGHOGHVHPEDUFRHVSDxROHQHOLVORWHGH6DQ-XiQGH8O~DGHELGRDTXHORVJUDQGHVJDOHRQHVHVSDxROHVQRSRGtDQOOHJDUKDVWDOD$QWLJXDSRUHOD]ROYDPLHQWRGHODEDUUDGHOUtRWHQLHQGRTXHGHVHPEDUFDUVXVPHUFDQFtDVHQ8O~DODVFXDOHVHUDQOOHYDGDVHQEDUFD]DVORVNPGHGLVWDQFLDHQWUHDPERVVLWXDFLyQTXHJHQHUDEDGHPRUDVDXPHQWRGHFRVWRV\URERVGHPHUFDQFtDVFRUUXSFLyQ\FRQWUDEDQGR(OSURSyVLWRGHIDFLOLWDUHOFRPHUFLRHQWUHORVGRVFRQWLQHQWHVVLJXHVLHQGRHOIDFWRUTXHGHWHUPLQDHOVLWLRQDOGHOSXHUWR

    3RUHVWDVUD]RQHVTXHDIHFWDEDQHOFRPHUFLRGHVSXpVGHPiVGHDxRVGHH[SHULPHQWDUSULPHURHQ4XLDKXL]WOiQ\OXHJRHQOD$QWLJXDOD&RURQD(VSDxRODGHFLGHUHJUHVDUHODVHQWDPLHQWRGHOD9LOOD5LFDGHOD9HUD&UX]DVXOXJDURULJLQDOHQODVDUHQDVTXHVHHQFRQWUDEDQIUHQWHD6DQ-XiQGH8O~DGHVFXELHUWDVHOGHDEULOGHQRREVWDQWHHOFOLPDFDOXURVR\VXVFRQGLFLRQHVQDGDSURSLFLDVSDUDIXQGDUXQDFLXGDGVLHQGRODUD]yQEiVLFDSDUDHOORTXHSHVHDWRGR8O~DUHSUHVHQWDEDHOPHMRUOXJDUSDUDTXHORVEDUFRVHVSDxROHVGHVHPEDUFDUDQVXVPHUFDQFtDVHQHO1XHYR0XQGR

    2WUDYDULDEOHDUHVROYHUHQHOSURFHVRGHGHVDUUROORGHOFRPHUFLRFRQ(XURSDDSDUWLUGHHOHJLUVXSULQFLSDOSXHUWRGHHQODFHIXHODFUHDFLyQGHODLQIUDHVWUXFWXUDFDPLQHUDSRUODFXDOVHWUDVODGDEDQODVPHUFDQFtDVKDFLDODFLXGDGFDSLWDO0p[LFR'HLQLFLRVHWHQtDQGRVDOWHUQDWL

    (QODQDFLHQWHFLXGDGGH9HUDFUX]ODVUDtFHVSUHKLVSiQLFDV\HVSDxRODVVHPDQLIHVWDURQFODUDPHQWHHQODPDQHUDHQTXHVXVKDELWDQWHVVHDEDVWHFtDQGHDTXHOORVSURGXFWRVEiVLFRVSDUDVXVXEVLVWHQFLDFRPRIUXWDVYHUGXUDVFDUQHSHVFDGRFUHiQGRVHHQORVSULPHURVDxRVGHGHVDUUROORGHODFLXGDGORVPHUFDGRV7ULJXHURV\GH3HVFDGHUtDHQOD]RQDPiVFpQWULFDIUHQWHDOD]RQDGHOPXHOOH\ODDGXDQD

    9HUDFUX]\VXVYLDMHURV*RELHUQRGHO(VWDGRGH9HUDFUX]GH,JQDFLRGHOD/ODYH0p[LFRS

    FRQMXQWDPHQWHFRQODIRUWDOH]DGH6DQ-XiQGH8O~DODFLXGDG\SXHUWRGH9HUDFUX]IXHSLH]DFODYH

    SDUDODSURWHFFLyQFRQWLQHQWDOGHO*ROIRFRQIRUPDQGRXQEORTXHFRQ&DPSHFKH/D+DEDQD/D

    )ORULGD\&DUWDJHQD

    6LQHPEDUJRODPXUDOODOHJHQHUyDODSREODFLyQXQDVFRQGLFLRQHVGHLQVDOXEULGDGPX\JUD

    YHVTXHLQFOXVLYHVHOOHJyDVHxDODUFRPRODFDXVDSULQFLSDOGHODIUHFXHQWHH[LVWHQFLDGHHQIHUPHGD

    GHVHQWUHODSREODFLyQFRPRHOWHUULEOHYyPLWRQHJURWDQFRP~QHQDTXHOORVGtDV/DFRQFHQWUDFLyQ

    GHEDVXUDVHSUHVHQWDEDSRUWRGRVORVUXPERVGHODFLXGDGUD]yQSRUODTXHVHOOHJyDFRQRFHU

    SH\RUDWLYDPHQWHD9HUDFUX]FRPRODFLXGDGGHUDWRQHV\]RSLORWHV

    (OVDELR\JUDQYLDMHURDOHPiQ$OHMDQGUR+XPEROG

    HQVXYLVLWDD0p[LFRDOFRQRFHU

    9HUDFUX]DGHPiVGHGHVWDFDUODLPSRUWDQFLDGHOSXHUWRDOFRPSDUDUORFRQHOSXHUWRGH$FDSXOFR

    \VHxDODUTXHPLHQWUDVHQ$FDSXOFRDWUDFDEDQXQRVEDUFRVDODxRHQ9HUDFUX]OOHJDEDQGH

    DHPEDUFDFLRQHVKL]RYDULDVUHFRPHQGDFLRQHVSDUDDWHQGHUODSUREOHPiWLFDGHODFLXGDG\

    GHOSXHUWR

    &RQUHVSHFWRDOSXHUWRVHxDOyORVLJXLHQWHODPDODXELFDFLyQGHOIRQGHDGHURGRQGHDWUDFD

    EDQORVEDUFRVXELFDGRHQWUHEDMRVHOSHOLJURTXHUHSUHVHQWDEDQORVQRUWHVSDUDORVEDUFRVDOOOHJDU

    DDWUDFDUDOIRQGHDGHUR\DGHPiVHOSHOLJURGHODHEUHDPDULOODTXHVHSUHVHQWDEDHQODFLXGDGGH

    PDU]RDVHSWLHPEUHHQORVPHVHVHQORVTXHQRKDEtDQRUWHV

    3RUHVWR~OWLPRTXHVHUHHUHDODFLXGDG+XPEROGUHFRPHQGyGHVGHTXHHVWXYRHQ0p[L

    FRDSULQFLSLRVGHODxRTXHVHGHUUXPEDUDQODVPXUDOODVGHELGRDTXHFRQWULEXtDQHQEXHQD

    PHGLGDDJHQHUDUODVPDODVFRQGLFLRQHVGHVDOXGTXHSDGHFtDODSREODFLyQORTXHVXPDGRDORV

    SDQWDQRVTXHODURGHDEDQSODJDGRVGHPRVTXLWRVHUDQORVUHVSRQVDEOHVGHODVFRQVWDQWHVHSLGH

    PLDVGHHEUHDPDULOOD\TXHVHUHVROYLHUDHOSUREOHPDGHODEDVWHFLPLHQWRGHODJXDTXHHQWRQFHV

    VHFRQVXPtD

    (VWDVLWXDFLyQWDQGHOLFDGDTXHH[LVWtDHQ9HUDFUX]FRQUHVSHFWRDVXFOLPD\VXXELFDFLyQ

    DOHVWDUURGHDGDGHGXQDV\ODJXQDVRFDVLRQyTXHGHVGHVXIXQGDFLyQPXFKRVGHORVSULQFLSDOHV

    FRPHUFLDQWHVUHVLGLHUDQHQ0p[LFR;DODSDRHQ&yUGRED\2UL]DED\TXH~QLFDPHQWHVHWUDVOD

    GDUDQD9HUDFUX]FXDQGROOHJDEDQORVEDUFRVDOSXHUWRFRQODVPHUFDQFtDVTXHHOORVLPSRUWDEDQ

    3RUWRGDVHVWDVUD]RQHVHODOFDOGH%XUHDXFRQHOFRQVHQVRFLXGDGDQRUHDOL]yODVJHV

    WLRQHVQHFHVDULDVSDUDTXHVHSURFHGLHUDDOGHUUXPEHGHODPXUDOOD\GHHVWDIRUPDGLRLQLFLRHO

    FUHFLPLHQWRXUEDQRGHODFLXGDGDSDUWLUGHORVOtPLWHVTXHWHQtDSRUHOQRUWHODFDOOHGHOD3DVWRUD

    KR\&RQVWLWXFLyQSRUHOSRQLHQWH3XHUWDGH0p[LFRKR\)UDQFLVFR\0DGHURSRUHOVXUOD3XHUWD

    GHOD0HUFHGKR\)UDQFLVFR5D\yQ\SRUHORULHQWHGHOD3OD\DKR\-RVp0DUtD0RUHORV\GHOD

    &RPSDxtDGH-HV~VKR\,JQDFLR=DUDJR]D

    )XHUDGHODPXUDOODVRODPHQWHH[LVWtDQOD&DSLOODGHO6DQWR&ULVWRGHO%XHQ9LDMHHOFH

    PHQWHULRJHQHUDO\GLYHUVDVFDVDVGHPDGHUDTXHVHIXHURQFRQVWUX\HQGRVLQQLQJ~QRUGHQ

    2/14/13 7:07:46 PM

    impacto.indd 13 4/3/13 11:19 PM

  • impacto.indd 14 4/3/13 11:19 PM

  • 19

    CAPTULO 1HXURSHRVVHGLHURQFXHQWDTXHODVWLHUUDVGHVFXELHUWDVQRHUDQODV,QGLDVTXHHOORVEXVFDEDQVLQRTXHHUDXQQXHYRFRQWLQHQWHGHVFRQRFLGRSDUDHOORVKDVWDHVDVIHFKDV

    (OGHVFXEULPLHQWRGHOSXHUWRGH9HUDFUX]SULPHURSRUHOH[SHGLFLRQDULRHVSDxRO-XiQGH*ULMDOYDHQHODxR\SRVWHULRUPHQWHHQSRU+HUQiQ&RUWpVUHSUHVHQWDHOFRPLHQ]RGHXQDQXHYDHWDSDHQODKLVWRULDXQLYHUVDODOGDULQLFLRHOSURFHVRGHLQWHUFDPELRFRPHUFLDO\FXOWXUDOGHODV$PpULFDVFRQHOFRQWLQHQWHHXURSHR

    (QHO0p[LFRSUHKLVSiQLFRH[LVWLHURQPHUFDGRVPX\LPSRUWDQWHVHQORVTXHORVGLYHUVRVSXHEORVLQGtJHQDVRIUHFtDQVXVSURGXFWRV/RVKLVWRULDGRUHVPHQFLRQDQFRPRGHJUDQUHOHYDQFLDHOPHUFDGRRWLDQJXLVGH7ODWHOROFRXELFDGRHQODVDIXHUDVGHODLPSRUWDQWHFLXGDGGH7HQRFKWLWOiQHOF