Você está na página 1de 23

$57(6(175(9,67$,19(562

,U[YL_HTqZLHY[PZ[HZ!LU[YL]PZ[HJVT
,SZ3HNYV\

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPIRWRHOVMSHJ (OVMH /DJURX p


DQWURSyORJD H SURIHVVRUD GD 8QLYHUVLGDGH )HGHUDO GR 5LR GH -DQHLUR 'H RULJHP EHOJD IH]
PHVWUDGR HP +LVWyULD &RQWHPSRUkQHD HP /RXYDLQ H YHLR SDUD R %UDVLO HVWXGDU RV SRYRV
DPHUtQGLRV RQGH IH] PHVWUDGR H GRXWRUDGR HP $QWURSRORJLD 6RFLDO FRP HVSHFLDOL]DomR HP
$QWURSRORJLD GD $UWH 7DPEpP HVWXGRX QD 8QLYHUVLW\ RI 6W $QGUHZV H Oi VH DSUR[LPRX GH
-RDQQD2YHULQJUHIHUrQFLDQDVSHVTXLVDVGHHWQRORJLDHHVWpWLFD$WXDOPHQWHID]SDUWHGR&RPLWH
GR 0XVHX GR 4XDL %UDQO\/DERUDWRLUH G$QWKURSRORJLH 6RFLDOH &ROOHJH GH )UDQFH 3XEOLFRX
GHQWUHRXWURVRVOLYURV$IOXLGH]GDIRUPDDUWHDOWHULGDGHHDJrQFLDHPXPDVRFLHGDGHDPD]{QLFD  
VREUHRV.D[LQDZD$UWH,QGtJHQDQR%UDVLODJrQFLDDOWHULGDGHHUHODomR  HRUJDQL]RXMXQWRFRP
&DUOR 6HYHUL R OLYUR 4XLPHUDV HP 'LiORJR JUDILVPR H ILJXUDomR QDV DUWHV LQGtJHQDV   &RPR
FXUDGRUD(OVHVWiRUJDQL]DQGRMXQWRDR0XVHXGRQGLRDH[SRVLomR1R&DPLQKRGD0LoDQJD 
TXHDSUHVHQWDSHoDVGHSRYRVLQGtJHQDVGHVGHR%UDVLOH$PpULFDVDWpVLDHIULFD
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPEDZHNHQHPDUOHQHSQJ

86,1$&RPRRV.D[LQDZDHQWUDUDPHPVXDYLGD"

(/6 (X YRX FRQWDU FRPR HX FKHJXHL QR %UDVLO 0LQKD IRUPDomR GH EDVH IRL HP KLVWyULD
FRQWHPSRUkQHDQD%pOJLFDQD8QLYHUVLGDGHGH/RXYDLQ/HXYHQFRPHVSHFLDOL]DomRLQFOXVLYHHP
+LVWyULD GD $UWH $ %pOJLFD p XP SDtV RQGH D DUWH WHP XP OXJDU KLVWyULFR PXLWR LPSRUWDQWH (X
VRXIODPHQJDHRVIODPHQJRVQRVpFXOR;9,VHVLWXDYDPQDIURQWHLUDGDJXHUUDUHOLJLRVDHPWRUQR
GDV LPDJHQV $V WHUUDV EDL[DV VH GLYLGLDP QHVVD JXHUUD HQWUH FDWROLFLVPR H SURWHVWDQWLVPR RV
KRODQGHVHVILFDUDPSURWHVWDQWHVRVIODPHQJRVFDWyOLFRVHQyVHVWiYDPRVMXQWRVFRPD(VSDQKD
HQWmRKRXYHXPVXSHULQYHVWLPHQWRQDDUWHEDUURFDHP)ODQGUHV(HVVDDUWHEDUURFDGH)ODQGUHV
WDPEpPYLDMRXSHORPXQGRWHYHPXLWDLQIOXrQFLDVREUHDDUWHEDUURFDGD$PpULFD/DWLQD(QWmR
HX YHQKR GH XPD WHUUD RQGH D WUDGLomR GH ILJXUDomR p IRUWtVVLPD FRP PXLWRV PXVHXV ( QD
+RODQGDWHYHDPDLVYLROHQWDGDVPDQLIHVWDo}HVLFRQRFODVWDVQHVVDJXHUUDUHOLJLRVDGRVpFXOR;9,
IRL GHVWUXtGD D PDLRU TXDQWLGDGH GH HVFXOWXUDV UHOLJLRVDV QD (XURSD (X YHQKR GH XPD FXOWXUD
RQGHDILJXUDomRQXQFDIRLFRPSOHWDPHQWHDEDQGRQDGDQHPQDWUDGLomRGDDUWHFRQWHPSRUkQHD

'HVGHSHTXHQDHXJRVWDYDGHGHVHQKDUHGHID]HUHVFXOWXUDVPDVVHPSUHFRPRXPDFRLVDPXLWR
PLQKD7HQKRHVVHLQWHUHVVHSRUDUWHTXHHXMiFDUUHJRFRPLJR(XYLPSUR%UDVLOSULPHLURSDUD
ILFDU DFRPSDQKDQGR PHX QDPRUDGR GD pSRFD SUD ILFDU SRXFR WHPSR PDV DFDEHL ILFDQGR EHP
PDLV&RPHFHLRPHVWUDGRHP)ORULDQySROLVHHXTXHULDHVWXGDUSLQWXUDFRUSRUDODUWHLQGtJHQD
'HVGHRPHXPHVWUDGRHVWHLQWHUHVVHHPDVVRFLDUFRVPRYLVmR[DPDQLVPRHDUWHMiVHFRORFDYD(X
IXL GHVFREULU ORJR TXH HQWUH RV .D[LQDZD HVVHV GRLV XQLYHUVRV WDPEpP HVWmR IRUWHPHQWH
UHODFLRQDGRV$DUWHJUiILFDGRGHVHQKRHR[DPDQLVPR
2V HVSHFLDOLVWDV HP $QWURSRORJLD GD $UWH GD pSRFD HVWXGDYDP D DUWH FRPR XP VLVWHPD GH
FRPXQLFDomR HVWDYDP VHPSUH DWUiV GRV QRPHV GRV GHVHQKRV WHQWDQGR GHVFREULU VHXV
VLJQLILFDGRV DWUDYpV GRV QRPHV WHQWDQGR GHFLIUDU R GHVHQKR FRPR XP FyGLJR 'HSRLV GR
0HVWUDGRIXLID]HUPHXGRXWRUDGRHP6mR3DXORFRP/X[9LGDOTXHHGLWRX*UDILVPR,QGtJHQDXP
JUDQGH PDUFR SDUD D $QWURSRORJLD GD $UWH QR %UDVLO (OD SURS}H XPD DERUGDJHP GLIHUHQWH
SRUTXH WHQWD DVVRFLDU R JUDILVPR D DUWH H RV HQIHLWHV j RUJDQL]DomR VRFLDO GRV JUXSRV TXH
SURGX]HPDTXHODDUWH0DVDLQGDVHWUDWDGHXPDDERUGDJHPTXHYrDDUWHFRPRXPVLVWHPDGH
FRPXQLFDomR 2V .D[LQDZD PH DMXGDUDP D WHU WRGRV RV LQVWUXPHQWRV SDUD TXHVWLRQDU R PRGHOR
UHSUHVHQWDWLYLVWD H VLPEyOLFR TXH GRPLQDYD RV HVWXGRV GD DQWURSRORJLD GD DUWH QD GpFDGD GH
RLWHQWD3RUTXHRV.D[LQDZDGL]LDPTXHRVQRPHVVmRVyQRPHVTXHRGHVHQKRpXPVy&DGD
YH]TXHHXWHQWDYDDVVRFLDUXPPRWLYRSRUTXHHOHVWDPEpPVmRRUJDQL]DGRVHPPHWDGHVFRPR
RVJUXSRV-rFRPPHWDGHVRXFRPDGLIHUHQoDGHJrQHURHQWUHKRPHQVHPXOKHUHVRV.D[LQDZD
RWHPSRWRGRGL]LDPQmRKRPHQVHPXOKHUHVXVDPRPHVPRGHVHQKRDVGXDVPHWDGHVXVDPR
PHVPR GHVHQKR SRUTXH R GHVHQKR IDOD GD UHODomR 2 GHVHQKR IDOD GD UHODomR TXH XQH DV GXDV
PHWDGHV 2 GHVHQKR DSRQWD SDUD R PRYLPHQWR H SDUD R HQWUHGRLV SDUD DTXLOR TXH FRQHFWD 2
GHVHQKR p XP tQGLFH HOH RULHQWD D SHUFHSomR PDV HOH QmR LPLWD D UHDOLGDGH e XP LQVWUXPHQWR
TXHIDFLOLWDDSDVVDJHPGDSHUFHSomRGRTXHpYLVtYHOSDUDRTXHpLQYLVtYHO(XIXLYHUTXHSDUDRV
.D[LQDZD R GHVHQKR QmR WLQKD HVVH SDSHO GH VHU R UHIOH[R GD RUJDQL]DomR VRFLDO 2 GHVHQKR
DSRQWDYDSDUDXPLQWHUHVVHPXLWRGLIHUHQWHTXHGHSRLVHXIXLYHUTXHHVWiSUHVHQWHQDDUWHGRV
SRYRV7XSLHRXWURVSRYRVGDUHJLmR8PDRXWUDFRLVDTXHPXLWRFHGRHXSHUFHELpTXHVHWUDWDYD
QRFDVRGRGHVHQKRHVSHFLDOPHQWHQRFDVRGRJUDILVPRGHXPDDUWHTXHIXJLDSHUPDQHQWHPHQWH
GDILJXUDomR(QWmRHXIXLSHUFHEHUTXHHVWDDUWHUHDOPHQWHDSUHVHQWDYDPXLWDVVHPHOKDQoDVFRP
RDEVWUDFLRQLVPRFRPRPRYLPHQWRDEVWUDFLRQLVWDQDDUWHRFLGHQWDO
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPUHGHND[LQDZDPRWLYRGXQDQNHQH
HKXDNHQHGHVHQKRGDMLERLDHIORUSQJ

)RLQXPSHUtRGRGHLQWHQVRLQWHUFkPELRFRPFROHJDVIUDQFHVHVHQWUHHTXHGHVHQYROYL
XPROKDUPDLVFRPSDUDWLYRSDUDHVWHWLSRGHJUDILVPR4XDQGR&DUOR6HYHULGHVFUHYHXDOyJLFDGH
SURGXomR GH XPD SHUFHSomR SDUWLFXODU GH HVSDoR SHOD DUWH DEVWUDFLRQLVWD   RQGH R TXH
LQWHUHVVD DR DUWLVWD p D GLQkPLFD LQWHUQD DR TXDGUR D UHODomR GH IRUoD HQWUH RV HOHPHQWRV TXH
FRPS}HPRTXDGURHXIXLYHUTXHDTXLORTXHHXYLQKDGHVFUHYHQGRSDUDDOyJLFDGHSURGXomRGH
HVSDoR QDV DUWHV LQGtJHQDV HUD PXLWR SDUHFLGR (UD PDLV XP UHIRUoR SDUD PHX DUJXPHQWR GR
TXDQWRHVVHPRGRGHPRVWUDUWLQKDDYHUFRPXPPRGRGHSHQVDUHFRPXPPRGRGHSHUFHEHU
TXHHUDPXLWRHVSHFtILFRDXPDFRVPRORJLD[DPDQtVWLFD(TXHWHPPXLWDDILQLGDGHFRPDEXVFD
GDDUWHSyVDFDGrPLFD

86,1$1RVHXOLYUR$UWH,QGtJHQDQR%UDVLOYRFrID]XPFRQWUDVWHHQWUHXPDGHILQLomRRFLGHQWDO
GHDUWLVWDHRDUWLVWD[DPm9RFrSRGHULDIDODUVREUHDVFDUDFWHUtVWLFDVHLQVSLUDo}HVGHVVHDUWLVWD
[DPmHPFRQWUDVWHFRPDGHILQLomRPRGHUQDGHFULDomRDUWtVWLFD"

(/6 9DPRV FRPHoDU SULPHLUR FRP R TXH GLVWLQJXLULD R DUWLVWD RFLGHQWDO GR LQGtJHQD YDPRV
FRPHoDUFRPRPRGHOR4XDQGR/pYL6WUDXVVFRQWUDVWDRDUWLVWDLQGtJHQDFRPRDUWLVWDRFLGHQWDO
HOH YDL IDODU GH DQWHV GR PRYLPHQWR GRV VXUUHDOLVWDV 'HSRLV YDPRV FKHJDU QR PRYLPHQWR GRV
VXUUHDOLVWDVHPTXHRDUWLVWDWHQWDVHU[DPmGRPRGRTXHRDUWLVWDDPHUtQGLRp[DPm2TXHYDLVH
WRUQDU LPSRUWDQWH QD H[SUHVVmR DUWtVWLFD QmR p PDLV D UHSUHVHQWDomR D LPLWDomR GR PXQGR UHDO
PDVRGHHVWDEHOHFHUDSRQWHFRPRPXQGRLQYLVtYHOWRUQDUYLVtYHORLQYLVtYHO(VVDIXQomRGDDUWH
GH YRFr WHQWDU ID]HU XPD SRQWH HQWUH R YLVtYHO H R LQYLVtYHO YDL DSUR[LPDU R PXQGR GD DUWH
DPHUtQGLDGRPXQGRGDDUWHFRQWHPSRUkQHDRQGHFDGDYH]PDLVYDLVHWHQWDUIXJLUGRPRGHORGD
UHSUHVHQWDomR

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPHOLVDEHWKGDXWULFKHMSJ

1HVVHOLYUR$UWHLQGtJHQDQR%UDVLOHXSDUWRGDTXLORTXHGLVWLQJXHDDUWHQRPXQGRDPHUtQGLRHD
DUWHQRQRVVRPXQGR$DUWHQRQRVVRPXQGRSUDFRPHoDUTXDQGRYRFrID]XPTXDGURDUHODomR
HQWUHFySLDHPRGHORpXPDUHODomRGHLPLWDomR9HMDPRVDVWpFQLFDVHRVPDWHULDLVXVDGRVSRUXP
SLQWRUFRPR)UDQoRLV&ORXHWTXHSLQWDRUHWUDWRGHXPDPRoDUHSURGX]LQGRHVVDUHQGDFRPXP
IRUWH HIHLWR GH IDX[VHPEODQW SDUHFHQGR UHQGD GH YHUGDGH 2 TXH p LPSRUWDQWH DTXL QD UHODomR
HQWUH PRGHOR H FySLD p TXH HOHV VmR GH QDWXUH]D GLIHUHQWH 2XWUDV WpFQLFDV RXWURV PDWHULDLV e
XPDUHSUHVHQWDomRXPDLPLWDomR-iQDFRQFHSomRGDUHODomRHQWUHFRUSRVHDUWHIDWRVDPHUtQGLRV
DLGHLDHQIDWL]DGDDWUDYpVGDOLQJXDJHPSRpWLFDTXHVHXVDSDUDIDODUFRPRFRUSRVVmRIDEULFDGRV
HFRPRDUWHIDWRVVmRIDEULFDGRVpTXHHOHVSDUHFHPTXHVmRIHLWRVDWUDYpVGDVPHVPDVWpFQLFDV2
UHVXOWDGR GLVVR p TXH QD FRQFHSomR LQGtJHQD DUWHIDWRV VmR FRPR TXDVH FRUSRV H FRUSRV VmR
FRQFHELGRVHPWHUPRVGHDUWHIDWRV(OHVVmRUHVXOWDGRGHXPDIDEULFDomRHVWpWLFDpSRULVVRTXH
FDGD FRUSR GH FDGD JUXSR p WRWDOPHQWH GLIHUHQWH R TXH QRV OHYD D XPD FRQFHSomR GD DUWH EHP
GLIHUHQWH GDTXHOD WUDGLFLRQDOPHQWH XVDGD QD DUWH DFDGrPLFD HP TXH D DUWH p UHSUHVHQWDomR H
LPLWDomRGDLPDJHP1DFRQFHSomRGDDUWHWUDGLFLRQDOLQGtJHQDDUHODomRHQWUHPRGHORHFySLDp
XPD UHODomR TXH SDVVD PXLWR PDLV SHOD FDSDFLGDGH GH DJLU GR DUWHIDWR GR TXH SHOD LPLWDomR GD
LPDJHPGRPRGHOR6HRV:D\DQDGL]HPTXHRWLSLWLSDUDYRFrHVSUHPHUPDQGLRFDpXPDFREUD
VHPFDEHoDRLQWHUHVVDQWHQDFRPSDUDomRTXHRV:D\DQDID]HPHQWUHHVVHDUWHIDWRHHVVHDQLPDO
pTXHRTXHOLJDRVGRLVpDTXLORTXHRDUWHIDWRpFDSD]GHID]HUHDTXLORTXHDFREUDpFDSD]GH
ID]HU$FREUDVHHQURODQDYtWLPDHDWULWXUDDHVSUHPH$DJrQFLDGDFREUDpTXHYDLOLJDURVGRLV
QmR D IRUPD GR WLSLWL H D IRUPD GD FREUD PDV R PRGR FRPR R FRUSR GD FREUD p IHLWR H p
FRQVHTXHQWHPHQWHFDSD]GHDJLU$FREUDpFRPRVHIRVVHXPDWHFHODJHPRXXPFHVWRTXDQGR
HODHQJROHDSUHVDHODSRGHVHH[SDQGLUHGHSRLVHVSUHPHU2WLSLWLIXQFLRQDGDPHVPDPDQHLUD

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPWLSLWLSQJ

$ TXHVWmR VREUH R [DPDQLVPR PH OHYD PDLV SUD D UHODomR TXH RV DUWLVWDV QR HQWUHJXHUUDV YmR
HVWDEHOHFHU FRP D GH RXWURV SRYRV LQFOXVLYH FRP D DUWH DPHUtQGLD QRUWH DPHULFDQD $QWHV GD
3ULPHLUD*XHUUDMiH[LVWHQRPRYLPHQWRPRGHUQLVWDXPIRUWHLQWHUHVVHSHODDUWHDIULFDQD1HVVH
SULPHLUR SHUtRGR QR FRPHoR GR VpFXOR ;; WHPRV XPD SURFXUD PXLWR EHP UHSUHVHQWDGD SRU
SHVVRDVFRPR3LFDVVRGHHQFRQWUDUQDDUWHGHRXWURVSRYRVVROXo}HVDUWtVWLFDVIRUPDLVSDUDIXJLU
GHXPDUHSUHVHQWDomRH[FHVVLYDPHQWHUHDOLVWD$WHQWDWLYDFRPR/pYL6WUDXVVGLULDGHVLJQLILFDU
HPYH]GHUHSUHVHQWDU1RHQWUHJXHUUDVDFRQWHFHQD(XURSDXPDFULVHGHFRQVFLrQFLDHPTXHVH
SHUGHDFRQYLFomRGHTXHDVRFLHGDGHRFLGHQWDOWHPDVROXomRSURUHVWRGRPXQGRTXHWHPXPD
VXSHULRULGDGHPRUDOUHIOHWLGDQDVXSHULRULGDGHWHFQROyJLFD1RHQWUHJXHUUDVRSHUtRGRHPTXHD
DQWURSRORJLDFRPRGLVFLSOLQDHVWiVHIRUPDQGRRVDQWURSyORJRVVHHQFRQWUDPFRPRVDUWLVWDVDR
YHUHP QR PRGR GH VHU GH RXWUDV VRFLHGDGHV VROXo}HV QmR VRPHQWH SDUD SUREOHPDV YLVXDLV GD
DUWH PDV WDPEpP H[LVWHQFLDLV )LJXUDV FRPR 0D[ (UQVW H HX DFKR TXH PXLWRV VXUUHDOLVWDV SRU
PDLV TXH SRXTXtVVLPRV WHQKDP UHDOPHQWH FRPR $QWRQLQ $UWDXG FRQYLYLGR RX FRQKHFLGR
VRFLHGDGHVDPHUtQGLDVGHSHUWRWRGRVHOHVSURFXUDPSHUFHEHURDUWLVWDFRPR[DPmQRVHQWLGRTXH
RDUWLVWDHR[DPmVmRDTXHOHVTXHFRQVHJXHPHQVLQDUDYHUDTXLORTXHQRUPDOPHQWHQmRpYLVtYHO
HQVLQDPDYHUGLIHUHQWHPHQWH,VVRpGLIHUHQWHGRPRGHORUHDOLVWDTXHWHQWDLPLWDURTXHpYLVtYHO
(QWmRDOLQyVWHPRVXPDUHODomRRDUWLVWDHQTXDQWR[DPmHR[DPmHQTXDQWRDUWLVWD
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPWKHILUHVLGHDQJHOMSJ

2 [DPm HQTXDQWR DUWLVWD QDV VRFLHGDGHV LQGtJHQDV PXLWDV YH]HV VH H[SUHVVD PDLV SHOD
SHUIRUPDQFHSHORFDQWRGRTXHSHODDUWHYLVXDO0DVRTXHHXSHUFHELQDPLQKDH[SHULrQFLDFRP
R[DPDQLVPRGHVVDUHJLmRGD$PD]{QLDRFLGHQWDOpTXHKiXPDH[SORUDomRPXLWRIRUWHGDUHODomR
VLQHVWpVLFD HQWUH FDQWR H YLVmR 0XLWR GR TXH SRGH VHU YLVWR QmR p PDWHULDOL]DGR HQWmR DOL YRFr
WHPXPDUHODomRLQWUtQVHFDHQWUHR[DPmHDVVLWXDo}HVULWXDLVQDVTXDLVHOHSRGHYHUDTXLORTXH
QRUPDOPHQWHQmRVHYrRPXQGRLQYLVtYHO,VVRSRGHVHUSHODLQJHVWmRGHPXLWRWDEDFRSRGHVHU
SHOD LQJHVWmR GH D\DKXDVFD HVWD SDODYUD YHP GR 4XHFKXD D EHELGD p FKDPDGD GH \DJp QD
&RO{PELD H GH FLSy QR %UDVLO VmR VXEVWkQFLDV YLVLRQiULDV 2V FDQWRV VmR PXLWR LPSRUWDQWHV SUD
SURGX]LUDVYLV}HVSUDJXLDUDVSHVVRDVTXHSDUWLFLSDPGHVVHULWXDOHHQVLQiORVDYHUDTXLORTXH
VHSURFXUDYHUHSULQFLSDOPHQWHSDUDQmRVHSHUGHU1RFDVRGRV.D[LQDZDRGHVHQKRJDQKDXP
SDSHOFUXFLDOQHVVHPXQGRYLVLRQiULR2V.D[LQDZDGL]HPTXHRVGHVHQKRVVmRFRPRFDPLQKRVH
RV FDPLQKRV TXH VmR WHFLGRV RX YLVXDOL]DGRV QD H[SHULrQFLD YLVLRQiULD FREUHP WRGR R FDPSR
YLVXDO VmR RV GHVHQKRV GD FREUD HOHV SRGHP WDQWR JXLDU R HVStULWR GR ROKR TXH p D DOPD GD
SHVVRDTXDQWRSRGHPVHID]HUSHUGHU(QWmRDtVXUJHPRVFRQFHLWRVGHDUPDGLOKDGHODELULQWR$
DJrQFLD GR GHVHQKR VH PDQLIHVWD QHVVH ULWXDO GR [DPDQLVPR RV KRPHQV QRUPDOPHQWH QmR
GHVHQKDP PDV HOHV SUHFLVDP YLVXDOL]DU 2 FLSy p FRQVLGHUDGR D VXEVWkQFLD GR FRUSR GD MLEyLD
YHPGRFLSyPDVpDWUDQVIRUPDomRGDMLEyLD'L]HPTXHpRVDQJXHRXDXULQDGDMLEyLD4XDQGR
YRFr LQJHUH R OtTXLGR YLWDO GHVVH VHU YRFr VH WUDQVIRUPD HP XP GHOHV 9RFr VH WRUQD 2XWUR
WHPSRUDULDPHQWHHHVVH2XWURVHHOHTXLVHUVHUHYHODUHOHYDLSLQWDURPXQGRSUDYRFrFRPVHXV
GHVHQKRVHVXDVFRUHV$SDUWLUGDOLR[DPmYrRPXQGRFRPRVROKRVGDMLEyLDGH<XEHGRQRGR
SRGHUGHWUDQVIRUPDomRGDVIRUPDVHOHYDLSRGHUYHURVHVStULWRVGDFDoDTXHHVWmRID]HQGRPDOD
HOH(VVHID]HUPDOTXHDFDoDID]pSRUTXHDFDoDQDRQWRORJLD[DPDQtVWLFDDPHUtQGLDHPJHUDO
QR QRVVR FDVR ND[LQDZD OLEHUD XP GXSOR TXDQGR SHUGH R FRUSR HQWmR WHP HVStULWR TXH WHP
DJrQFLDTXHpJHQWHTXHVDEHVHUHYHODUFRPRJHQWH1HVVHULWXDOGRFLSyRVGXSORVGHVVHVVHUHV
TXHMiIRUDPJHQWHQRWHPSRPtWLFRYrPVHYLQJDUFRPRQXPDJXHUUDRTXHHXFKDPRGHXPD
EDWDOKDHVWpWLFD3HORFDQWRYHQGRRPXQGRDSDUWLUGDSHUVSHFWLYDGH<XEHMLEyLDYRFrYrTXH
RVGXSORVYrPMRJDURVVHXVHQIHLWHVHVXDVURXSDVHVXDVFRUHVVREUHVHXHVStULWRGRROKRYRFrYr
LVVRpERQLWRYRFrYrXPPXQGRDSDUWLUGDtYRFrYLUDRXWURWHPSRUDULDPHQWHPDVVHYRFrQmR
WLUDRVHQIHLWHVRVGHVHQKRVRVFRODUHVHHVVDURXSDYRFrYDLYLUDUHVVHRXWUR

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPDQGXMDUSQJ

e XPD RQWRORJLD GD WUDQVIRUPDomR RQGH QD YHUGDGH R TXH SUD QyV VmR RV FRUSRV DV SHOHV RV
DQLPDLV TXDQGR YRFr WUDQVS}H LVVR SDUD D OLQJXDJHP GR [DPm TXH p XPD OLQJXDJHP SRpWLFD
WRWDOPHQWH LPDJpWLFD WRWDOPHQWH DUWtVWLFD VH WUDQVIRUPD HP HQIHLWHV (VVD JXHUUD GD SUHGDomR p
XPDEDWDOKDHVWpWLFDSRUTXHQHVVDH[SHULrQFLDYLVLRQiULDGHFXUDGRFRUSRVHYRFrQmRFRQVHJXLU
WLUDU HVVHV HQIHLWHV YRFr SRGH ILFDU GRHQWH H SRGH YLUDU DTXHOH RXWUR TXH WH FDSWXURX FRP VHXV
HQIHLWHV1RPXQGRDPHUtQGLRPXLWRGRTXHSRGHVHUYLVWRQmRVHYrHDFKRTXHLVVRQmRVHGi
SRU DFDVR 6y Yr TXHP p FDSD] GH YHU 0XLWRV REMHWRV GR PXQGR DPHUtQGLR VmR OLJHLUDPHQWH
DQWURSRPRUIRV RX ]RRPRUIRV HOHV HVFRQGHP XPD ILJXUDomR PXLWR PLQLPDOLVWD (OHV DSRQWDP
SDUDHVVHFDUiWHUGRDUWHIDWRTXDVHWHUDJrQFLDSUySULD0DVLVVRWHPDYHUFRPXPDWHRULDTXHGL]
TXH DUWHIDWRV YLUDUDP DQLPDLV H YLFHYHUVD QR WHPSR GDV RULJHQV TXDQGR DFRQWHFHUDP JUDQGHV
UHYLUDYROWDV2PXQGRKRMHpXPPXQGRGHFRUSRVVHSDUDGRVPDVRPXQGRGR[DPDQLVPRHR
PXQGR GHVVDV IRUoDV LQYLVtYHLV TXH FDXVDP GRHQoDV TXH FDXVDP PRUWHV p SRYRDGR SRU XPD
WUDQVIRUPDomRGHVVHVFRUSRVIL[RVHPFRUSRVHQIHLWDGRVTXHFRQVHJXHPWUDQVIRUPDUHVVHVHQIHLWHV
HPDUPDVRXDUPDGLOKDV
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPWLDUDQL[LSDHSQJ
2PRWLYRW[HGHEHGX ROKRGRSHULTXLWRHVStULWRGRROKR VHWUDQVIRUPDQRPRWLYRGHQDZDQ
NHQHGHVHQKRGRLQLPLJRHVWUDQJHLUR

86,1$$WHQWDWLYDGHGLVWLQJXLUDDUWHLQGtJHQDGDDUWHRFLGHQWDOOHPEUDDGLVFXVVmRGH$OIUHG
*HOOFRP$UWKXU'DQWRQDTXDO*HOOGL]TXHDDUWHFRQWHPSRUkQHDFDGDYH]PDLVVHDSUR[LPDGD
DUWH LQGtJHQD QD IXJD GD UHSUHVHQWDomR $ DUWH SDVVD D RSHUDU HP WHUPRV GH DJrQFLD GHQWUR GH
XPD FRPSOH[LGDGH HSLVWHPROyJLFD 0DV SRU RXWUR ODGR QD +LVWyULD GD $UWH DLQGD p GLItFLO
LQFRUSRUDUDDUWHDPHUtQGLDQRFXUUtFXORHQDVGLVFLSOLQDVHQTXDQWRXPDGLVFXVVmRVpULDGHYLGR
jVGLVWLQo}HVHQWUHDUWHHDUWHIDWRHGDLGHLDGHTXHH[LVWHXPXQLYHUVDOLVPRHVWpWLFR2TXHYRFr
SHQVDGLVVR"

(/6 3RLV p (X DFKR TXH QD YHUGDGH YiULRV DXWRUHV WrP H[SORUDGR R OLPLWH LQWUDQVSRQtYHO GR
PXQGRGDDUWHFRPUHODomRDHVVDGHILQLomRGRTXHpDUWHHDUWHIDWR9ROWDQGRXPSRXFRQDPLQKD
QDUUDWLYDGRPHXHQYROYLPHQWRFRPHVVHGHEDWHTXDQGRFKHJXHLHP6mR3DXORHXFRQKHFLHIL]
XPFXUVRFRP-RDQQD2YHULQJHP/RJRGHSRLVQRILQDOGHIXLSUD,QJODWHUUD(P
WHYH XP GHEDWH FUXFLDO SUHSDUDWyULR GRV WUDEDOKRV GH $OIUHG *HOO HP 0DQFKHVWHU VREUH VH
HVWpWLFDSRGHULDVHUXVDGRFRPRXPFRQFHLWRWUDQVFXOWXUDO0XLWRVDQWURSyORJRVLPSRUWDQWHVGR
PRPHQWREDVLFDPHQWHGD,QJODWHUUDSDUWLFLSDUDPGHVVHGHEDWHWDPEpP*HOOH7LP,QJROG7LQKD
HVVDPRomRRVTXHGHIHQGLDPHRVTXHFULWLFDYDP1DPLQKDOHLWXUDTXHPYHQFHXRGHEDWHIRL
3LHUUH %RXUGLHX FRP XP OLYUR GRV DQRV VHWHQWD 3HWHU *RZ FLWRX R DUJXPHQWR GH %RXUGLHX
DILUPDQGRTXH QD YHUGDGH DOyJLFDHD QHFHVVLGDGHGDGLVWLQomR p TXH GHILQH p R PRWRU GD DUWH
WDPEpPFRQWHPSRUkQHD1HVVHOLYUR/D'LVWLQFWLRQWHPXPHStORJRRQGH%RXUGLHXYDLFULWLFDUD
FRQFHSomRGH.DQWGHTXHpSRVVtYHOKDYHUXPMXOJDPHQWRHVWpWLFRXQLYHUVDOL]iYHO
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPUHGH]DQGHYRJHOMSJ
5HGH=DQGHHP$57$UWLIDFWRUJ6XVDQ9RJHO

%RXUGLHXWDPEpPYDLGL]HUTXHSDUDRILOyVRIRGDDUWHpLPSRVVtYHOVHFRORFDUIRUDGDOyJLFDGHVVH
FDPSRSRUTXHVHQmRDDUWHSRGHGHIDWRPRUUHUeSRULVVRTXHR$UWKXU'DQWRHQTXDQWRILOyVRIR
GDDUWHpWmRFKDYHQHVVDGLVFXVVmR3RUTXH$UWKXU'DQWRFULDRFRQFHLWRGHPXQGRVGDDUWH
$UWHpDTXLORTXHRPXQGRGDDUWHGHFLGHFKDPDUFRPRWDO1RGHEDWHFRP6XVDQ9RJHOHPWRUQR
GDUHGH=DQGHTXHQmRIRLIHLWDSDUDVHUXPDREUDGHDUWHPDVIRLWUDQVIRUPDGDHPXPDREUDGH
DUWH SHOD FXUDGRUD 'DQWR YDL GL]HU TXH QmR SRGHPRV DFHLWDU HVVH REMHWR SRUTXH VHQmR QmR Ki
PDLV GLVWLQomR HQWUH DUWH H DUWHIDWR 6HJXQGR HOH SDUD HVVHV SRYRV QmR RFLGHQWDLV WHP GH KDYHU
WDPEpPFRPRHQWUHQyVDGLVWLQomRHQWUHPHURVLQVWUXPHQWRVTXHID]HPSDUWHGRTXHFKDPD
VHJXLQGR+HLGHJJHUGHXPFRQMXQWRGHLQVWUXPHQWRVHXPWLSRGHREMHWRVFRORFDGRVjSDUWHTXH
VmR FRPR SHVVRDV VmR XP ILP HP VL REMHWRV TXH VH GHVWDFDP GD PHUD YLGD FRWLGLDQD WrP XP
VHQWLGR ULWXDO WrP XP VHQWLGR D PDLV 2 TXH *HOO YDL PRVWUDU p TXH D LQVWUXPHQWDOLGDGH QmR
GHVYDORUL]DTXHXPDUWHIDWRTXHpSURGXWLYRSRGHPXLWREHPUHSUHVHQWDUDGLYLQGDGH(PYH]
GHUHSUHVHQWDUXPGHXVFRPXPDPiVFDUDYRFrRUHSUHVHQWDFRPXPDDUPDGLOKDTXHDOLPHQWDR
SRYR0DVXPDRXWUDTXHVWmRPXLWRLPSRUWDQWHSURXQLYHUVRDPHUtQGLRTXHHVWiVXEHQWHQGLGD
QDDERUGDJHPGH*HOOpTXHVHWUDWDGHXPJUDQGHHTXtYRFRWUDQVSRUSUDRXWUDVSRSXODo}HVHVVD
VHSDUDomRHQWUHRVDJUDGRHRSURIDQR(HVVDVHSDUDomRHQWUHRVDJUDGRHRSURIDQRpROHJDGRGD
QRVVDWUDGLomRGHSHQVDPHQWRTXHDDUWHKHUGRX3RUTXHDDUWHVXEVWLWXLRQRVVRVDJUDGR

( Dt WHP XPD KLVWRULD TXH HX JRVWR GH OHPEUDU GD SHVTXLVD GH XPD RULHQWDQGD PLQKD $QD
*DEULHOD'LFNVWHLQTXHIRLWUDEDOKDUFRPRSURMHWRDUWHFLGDGHHP6mR3DXOR(ODFRQWDDKLVWyULD
GH XP DUWLVWD HVWUDQJHLUR TXH PRQWD XPD PRUDGLD PyYHO SDUD PRUDGRUHV GH UXD e XPD
H[SRVLomRVLWHVSHFLILFRVPRUDGRUHVGHUXDSRGHPXVDUHVVDREUDGHDUWHHQTXDQWRGXUDURHYHQWR
4XDQGR DFDERX D H[SRVLomR D SUHIHLWXUD GHVDSURSULRX HVVH FDUULQKR GRV PRUDGRUHV GH UXD
FDXVDQGRUHYROWD(VWHH[HPSORpPXLWRLQWHUHVVDQWHSUDPRVWUDUTXHSURPXQGRGDDUWHpSUHFLVR
PDQWHUXPOLPLWHTXHSURPXQGRGDDQWURSRORJLDQmRpSUHFLVRPDQWHU4XDQGRHXFKHJXHLHP
6mR3DXORHPRWH[WRGD-RDQQD2YHULQJGRILQDOGRVDQRV$(VWpWLFDGR&RWLGLDQRPH
PRELOL]RXPXLWR2PRGRGHODSHQVDUDUHDOLGDGH3LDURDGHVHVWDELOL]DXPPRQWHGHVHSDUDo}HV
FRPDVTXDLVQyVPXLWDVYH]HVWUDEDOKDPRVOD]HUHWUDEDOKRSURGXomRELROyJLFDHSURGXomRGR
SHQVDPHQWR(ODYDLPRVWUDUTXHSDUDRV3LDURDDFULDQoDpRIUXWRGRVSHQVDPHQWRVGDPXOKHU
DVVLP FRPR R URoDGR DVVLP FRPR XP WUDEDOKR GH SLQWXUD 3DUD QyV p SUHFLVR VHSDUDU HVVDV
HVIHUDV$DUWHWDPEpPVHLQVHUHQHVVDGLItFLOGLYLVmRGHOD]HUHWUDEDOKRGHTXHpDOJRIHLWRSDUD
QmRWHURXWUDIUXLomRGRTXHDIUXLomR(KRMHHPGLDDIUXLomRQmRpPDLVHVWpWLFDQHPGHFRQIRUWR
$DUWHTXHUFKRFDUTXHUID]HUSHQVDUTXHUID]HUXPPRQWHGHFRLVD$JRUDVHDDUWHpVRPHQWH
SUDGHL[DUXPPRUDGRUGHUXDPRUDUQmRVHLVHDLQGDpDUWH$tpXPDTXHVWmRSUDYRFrV

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPEDQFRVSQJ

86,1$4XHFDPSRSUREOHPDDFDEDVHQGRD$QWURSRORJLDGD$UWHTXDQGRDDQWURSRORJLDWRPD
SUDVLXPFRQFHLWRRXXPWHUPRGHDOJRTXHHODQmRQHFHVVDULDPHQWHFRQVHJXHGHOLPLWDU2TXH
GLIHUHQFLDDREUDGR*HOOSRUH[HPSORGHXPD$QWURSRORJLDGRV2EMHWRV"

(/61DYHUGDGH*HOOQmRGLIHUHQFLDSRUTXHREUDVGHDUWHSRGHPVHUSHVVRDV(P$UWHH$JrQFLD
HOHWHQWDMXQWDURPXQGRGRVDUWHIDWRVQmRRFLGHQWDLVHRPXQGRGDDUWHRFLGHQWDOPRVWUDQGRTXH
DVLPDJHQVDJHPePXLWRLPSRUWDQWHOHPEUDUDJUDQGHLQIOXrQFLDGRKLVWRULDGRUGHDUWH'DYLG
)UHHGEHUJ VREUH R SHQVDPHQWR GH $OIUHG *HOO +RMH HP GLD PXLWRV KLVWRULDGRUHV GD DUWH HVWmR
WUDEDOKDQGRFRPHVVDWHQWDWLYDGHURPSHUFRPDVHSDUDomRHQWUHRPXQGRGDVLPDJHQVQDYLGDH
R PXQGR GDV LPDJHQV QD DUWH (OHV YmR PRVWUDU TXH R SRGHU GD LPDJHP DUWtVWLFD GH DIHWDU R
S~EOLFRWHPVXDVUDt]HVQRSRGHUGDVLPDJHQVGHDIHWDUDVSHVVRDVQRGLDDGLD*HOOYDLID]HULVVR
D SDUWLU GH XPD SHUVSHFWLYD DQWURSROyJLFD 4XDO p D IXQomR GR DQWURSyORJR QHVVH GHEDWH" 2V
DQWURSyORJRVHVWmRFRPHoDQGRDGHVFRQILDUGRFRQFHLWRGHFXOWXUDPRVWUDQGRTXHQmRVHWUDWDGH
QDGD IL[R TXH HOD HVWi FRQVWDQWHPHQWH VHQGR UHLQYHQWDGD HQTXDQWR RV QDWLYRV GHVFREULUDP
FXOWXUD FRPR DOJR LPSRUWDQWH QD OXWD SROtWLFD (QWmR D PHVPD FRLVD DFRQWHFH FRP D DUWH $
SRVVLELOLGDGHGDPRUWHGDDUWHVHDQXQFLDGHVGHTXHHODIRLLQYHQWDGD+HJHOQRVpFXOR;9,,,Mi
GL]LDTXHDDUWHHVWDYDPRUWD$DUWHHVWiVHQGRRWHPSRWRGRUHVVXVFLWDGD+RMHHPGLDHVWDPRV
HPXPDRXWUDIDVH2TXHRDQWURSyORJRID]FRPDUWHDDUWHHQTXDQWRLQVWUXPHQWRGHGLiORJRH
GHUHODomRFRPRPXQGRIRUDGDDOGHLDHVWiFDGDYH]PDLVLPSRUWDQWH
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPDUWHLQGLJQHDSDJSQJ
6Lm2VDLU.D[LQDZDILOPDQGR3DQFKROLGHUDQoDGH&DQD5HFUHLRTXHVHSUHSDUDSDUDFREULUR
NHQHNXLQ GHVHQKRYHUGDGHLUR FRPSLQWDVGHXUXFXP DSOLFDQGRRSDGUmRGDRQoDGDPL HP
XPULWXDO

3RU H[HPSOR RV [LQJXDQRV WrP XP VLVWHPD FXOWXUDO LQWHUpWQLFR TXH DQWHFHGH R FRQWDWR FRP RV
EUDQFRV +RXYH XPD VXEVWLWXLomR GD JXHUUD SHOD WURFD ULWXDO H SRU ULWXDLV LQWHUpWQLFRV RQGH RV
GLIHUHQWHVJUXSRVVHYLVLWDPPXWXDPHQWHWURFDPSUHVHQWHVeXPVLVWHPDPXLWRFRPSOH[R(VVH
VLVWHPDHVWiFRPDYLWDOLGDGHTXHWHPKRMHSRUTXHKiPDLVGHDQRVRV[LQJXDQRVHVWDEHOHFHUDP
XPDDOLDQoDPXLWRSRGHURVDFRPRPXQGRGDSURGXomRGHLPDJHQVLQWHUQDFLRQDLVFRPRFLQHPD
FRP D WHOHYLVmR $Wp R UHL GD %pOJLFD IRL YLVLWDU R ;LQJX QRV DQRV VHVVHQWD 2 ;LQJX p R FDUWmR
SRVWDO GRV EHORV tQGLRV EUDVLOHLURV Ki PXLWR WHPSR 6XD DUWH GD SHUIRUPDQFH TXH OHYD WXGR HP
FRQWD FRP XPD JUDQGH VRILVWLFDomR QR GRPtQLR PXVLFDO FRUHRJUiILFR H GH DUWH JUiILFD ID] FRP
TXH HTXLSHV GH ILOPDJHP TXH YrP GH IRUD DMXGHP D ILQDQFLDU ULWXDLV PXLWR FXVWRVRV 1HVVH
VHQWLGR HP WHUPRV GH UHODo}HV FRP R PXQGR GH IRUD D DUWH YHP JDQKDQGR SDSHO
LPSRUWDQWtVVLPRSRUTXHDFXOWXUDWHPTXHVHWRUQDUYLVtYHOeXPDDUPDSRGHURVtVVLPD'HSRLV
H[LVWHWDPEpPDTXHVWmRGHTXHDJHQWHUHGHILQHDVSDODYUDV0DLVIiFLOGRTXHRFRQFHLWRDUWHGH
UHXWLOL]DUWUDQVIRUPDQGRVHXVHQWLGRVmRRVFRQFHLWRVHVWpWLFDHHWQRSRLHVLV4XDQGRVHFRPHoDD
HVWXGDU XPD VRFLHGDGH LQGtJHQD HP SURIXQGLGDGH VH YRFr TXHU WHU DFHVVR DR VLVWHPD GH
SHQVDPHQWRYRFrWHPTXHHVWXGDUVXDHVWpWLFDSRUTXHpDWUDYpVGRVFDQWRVHGDSRHVLDTXHYRFr
YDLHQWHQGHUFRPRpRPXQGRSDUDRVHVSHFLDOLVWDVWHyULFRVGHOHVTXHVmRRV[DPmV$OLQJXDJHP
GR[DPmpXPDOLQJXDJHPDOWDPHQWHHVWpWLFD
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPDMSJ

86,1$ 7HP XP SRHWD QRUWHDPHULFDQR -HURPH 5RWKHQEHUJ TXH IH] SDUWH GD JHUDomR EHDW H
FRPHoRX D GLVFXWLU D TXHVWmR LQGtJHQD QRUWHDPHULFDQD (OH FXQKD R WHUPR GH HWQRSRHVLD H
FRPHoD D ID]HU GLYHUVDV WUDGXo}HV 1R %UDVLO Ki XPD UHSUHVHQWDomR GR tQGLR QR ILQDO GR VpFXOR
;,; GHSRLV FRP R 0RGHUQLVPR WHP XP URPSLPHQWR ( DJRUD DOJXQV DQRV DWUiV SHOD SULPHLUD
YH]RVFDQWRVDPHUtQGLRVIRUDPLQFOXtGRVHPXPDDQWRORJLDSRpWLFDFRPRSRHVLDIXQGDQWH&RPR
VH Gi HVVD TXHVWmR GRV LQGtJHQDV VH DILUPDUHP SROLWLFDPHQWH DVVXPLQGR D LGHLD GH DUWH FRPR
LPSRUWDQWHSUDOXWDSROtWLFDHDJHQWHFRPHoDUDIDODUGHHWQRSRHVLDDWUDGX]LUHVHDSURSULDUGRV
FDQWRVDPHUtQGLRV"$TXHVWmRpHWQRSRHVLDpSRHVLD"

(/6(XDFKRXPDSHUJXQWDPXLWRLPSRUWDQWH+RMHHPGLDFRPHVVDGLVFXVVmRPXLWRFRPSOH[D
HPWRUQRGDSDWULPRQLDOL]DomRRTXHpFUXFLDOpDFRQWH[WXDOL]DomR(QWmRYRFrSHJDUXPFDQWR
SLQoDUIRUDGRVHXFRQWH[WRHFRORFDUHOHHPSpGHLJXDOGDGHFRPRXWURSRHPDWiyWLPR$JRUD
XP SRHPD FRQWHPSRUkQHR YDL VHU DQDOLVDGR SRU H[HJHWDV HVSHFLDOLVWDV HP WRGD UHIHUrQFLD
FRQFHLWXDO TXH XP SRHPD GHVVHV SRGH FRQGHQVDU $ PHVPD FRLVD SUHFLVD VHU IHLWD FRP D DUWH
LQGtJHQD3RULVVRTXHRVDQWURSyORJRVWrPTXHDVVXPLUHVVHSDSHOGHDUWZULWHUVRXHQWmRVHRV
DUWLVWDV TXHUHP YLUDU DQWURSyORJRV WrP TXH ID]HU R PHVPR WUDEDOKR GH LPHUVmR 1HVVDV
GLVFXVV}HV HP WRUQR GD UHODomR HQWUH DQWURSyORJRV H DUWLVWDV  RV DPHULFDQRV IRUDP PXLWR PDLV
JHQHURVRVFRPRUHFRQKHFLPHQWRGRTXHDDQWURSRORJLDGHYHDRVDUWLVWDVTXHVHPSUHWHQGLDPD
VHUPDLVSURJUHVVLYRVQRVVHXVJRVWRVHVWpWLFRV2DUWLVWDID]SHVTXLVDWDPEpPSURFXUDPXGDUR
PRGRGHYHUDVFRLVDVQRVHXSUySULRFRQWH[WR(XDFKRTXHDHWQRSRHVLDHODSUHFLVDGHWRGDHVVD
FRQWH[WXDOL]DomRGHXPDFRVPRYLVmRSUySULD3RUH[HPSORRWUDEDOKRUHFpPSXEOLFDGR$4XHGD
GR&pX  DJRUDHVWiVDLQGRHPSRUWXJXrVGR'DYL.RSHQDZDFRPR%UXFH$OEHUW(VVHpXP
H[HPSOR GHVVH WLSR GH WUDEDOKR SRUTXH 'DYL SURGX] XP GLVFXUVR SDUD XP S~EOLFR OHLJR QmR
LQGtJHQDHPTXHSDVVDXPDPHQVDJHPSROtWLFDDPELHQWDOLVWDQXPDOLQJXDJHPSRpWLFDPHGLDGD
SRUXPDQWURSyORJRTXHFRQKHFHSURIXQGDPHQWHDFRVPRORJLD\DQRPDPL

(XYHMRHVVHGHVORFDPHQWRDPDQHLUDFRPRRVLQGtJHQDVHVWmRSRGHQGRID]HUVHRXYLUKRMHHPGLD
PXGRX GH UHJLVWUR 1RV DQRV  GXUDQWH D GLWDGXUD HUD D LPDJHP JXHUUHLUD GRV .D\DSy
'HSRLVQRVDQRVGRtQGLRFRPRSURWHWRUGRDPELHQWHSRUGHILQLomR(RTXHYHPRVDJRUDp
TXHVHWUDWDQmRGRtQGLRFRPRSURWHWRUHPVLPDVGHXPUHJLPHHVSHFtILFRGHSURGXomRHVWpWLFD
GR FRQKHFLPHQWR TXH DOJXPDV MRYHQV OLGHUDQoDV LQGtJHQDV SRGHP RX QmR VHJXLU 2 SDSHO GRV
LQWHOHFWXDLV LQGtJHQDV GRV HVSHFLDOLVWDV ULWXDLV GRV DUWLVWDV LQGtJHQDV QHVVH VHQWLGR RV [DPmV
WrPXPPRGRGHSURGX]LUFRQKHFLPHQWRTXHpGLIHUHQWH1RYDPHQWHWHPPXLWRDYHUFRPRTXH
/pYL6WUDXVV IDODYD GR SHQVDPHQWR VHOYDJHP TXH R SHQVDPHQWR VHOYDJHP p XPD SURGXomR GH
FRQKHFLPHQWR HVWpWLFD e SHORV VHQWLGRV SHODV UHODo}HV VHQVRULDLV TXH YRFr SURGX] XP
FRQKHFLPHQWR VREUH R PXQGR $ HVWpWLFD FRPR /pYL6WUDXVV YDL GL]HU p XPD PDQHLUD GH YRFr
SURGX]LUPRGHORVUHGX]LGRVGHFRPSUHHQVmRHGHSRLVDOJXPGLDDFLrQFLDYDLSRGHUFRQILUPDU
RXQmR HVVDVLQWXLo}HVGHSRUH[HPSORUHODo}HVHQWUHSHUIXPHVHTXDOLGDGHVGRVHQVtYHOGL]LD
/pYL6WUDXVV ,PSRUWD DTXL TXH D HVWpWLFD p XPD IRUPD GH FRQKHFLPHQWR H D HVWpWLFD LQGtJHQD p
XPD HVWpWLFD PXLWR HVSHFtILFD SRUTXH p SURGX]LGD HP UHODomR tQWLPD FRP D IORUHVWD 9RFr SRGH
SURGX]LU XP FRQKHFLPHQWR LQGtJHQD IRUD GHVVD FRQYLYrQFLD PDV HOH YDL VHU WRWDOPHQWH RXWUR
(QWmRQDYHUGDGHYRFrWHPDOLXPDHVWpWLFDOLJDGDDXPPRGRGHYLYHUXPPRGRGHSURGX]LUD
H[LVWrQFLDeSRULVVRTXHSURVDPHUtQGLRVHVVDTXHVWmRGHYRFrSURGX]LUFRPLGDSUDDOLPHQWDU
VHXV ILOKRV p XPD DWLYLGDGH DOWDPHQWH FULDWLYD H HVWpWLFD 9RFr WHP TXH VHGX]LU D FDoD WHP TXH
FDQWDU WHP TXH SHQVDU QD FDoD DQWHV WHP TXH IDODU FRP DV SODQWDV SUD FUHVFHU e XP PXQGR
DQLPDGR e XP PXQGR SUD VH SURGX]LU EHODV SHVVRDV ( R RXWUR ODGR HVWi VHPSUH SUHVHQWH D
SUHGDomRDLQYHMDYRFrQmRSRGHVHPRVWUDUGHPDLVSRUTXHVHQmRYRFrSRGHILFDUGRHQWHeXPD
WHRULDGHDIHWDUHVHUDIHWDGRpXPDWHRULDGDFULDomRWRWDOPHQWHUHODFLRQDO1mRWHPHVVDWHRULDGH
WHU R DXWRU TXH LQYHQWRX XPD FRLVD GR QDGD 6mR PLFURYDULDo}HV WXGR p XPD YHUVmR GH XPD
YHUVmR
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPWHFHODJHPFRPSDGUFDR
LQWHUURPSLGRSQJ

3RU LVVR H HVVH p RXWUR WHPD LQWHUHVVDQWH TXH WHPRV D YHU FRP R TXH VHULD XPD HVWpWLFD GD
FRQVHUYDomR 6H YRFr Yr RV JUDILVPRV GH GHWHUPLQDGRV FRQMXQWRV GH JUXSRV HOHV YmR YDULDQGR
PDVYDULDPGHQWURGHXPPHVPRHVWLORHQWmRKiXPDYDORUL]DomRGDVSHTXHQDVGLIHUHQoDV1mR
Ki XPD SURFXUD FRQVWDQWH GH YRFr VXSODQWDU GHL[DU SUD WUiV R TXH p YHOKR H VHPSUH LQYHQWDU R
QRYReLVVRWRGDDUWHHWRGDHVWpWLFDGHXPJUXSRWHPDYHUFRPRVYDORUHVGHVVHJUXSR1RVVD
HVWpWLFDpDSHUPDQHQWHSURFXUDGRQRYRDtRSyVPRGHUQRYHPUHYLVLWDUUHVVXVFLWDULPDJHQV$
QRVVDSUySULDHVWpWLFDMiPXGRXPXLWRHPFRPSDUDomRFRPDHVWpWLFDPRGHUQLVWD-iHVWDPRVHP
XP PRPHQWR GH PHQRV FRQYLFomR FRP UHODomR j QHFHVVLGDGH GH LQYHQWDU R QRYR (VVD p RXWUD
UHVSRVWDDVXDTXHVWmRVREUHRPXQGRGDDUWH2PXQGRGDDUWHTXHYLYHGRPHUFDGRILQDQFHLUR
HOHVHJXHRXSDUHFHTXHUHUVHJXLUSUHWHQGHUVHJXLUDOyJLFDGRQRYR6yTXHLVVRQmRGHL[DGHVHU
WDPEpPXPDUHSHWLomR

3UD ID]HU XPD ~OWLPD SRQWH VREUH D UHODomR TXH YRFrV DSRQWDUDP HQWUH DQWURSyORJRV TXH
WUDEDOKDPFRPDUWHHDUWLVWDVWHPWDPEpPHVVHQRYRIHQ{PHQRQRPXQGRGDVH[SRVLo}HVGHDUWH
FRQWHPSRUkQHD RQGH VH SURFXUD FRORFDU HP GLiORJR D SURGXomR LQGtJHQD FRP D SURGXomR
DUWtVWLFD8PDGDVLGHLDVTXH*HOOWLQKDGDGRSDUDWDOSURMHWRIRLSRUH[HPSORDGHSHQVDUVREUHD
DUPDGLOKD $UWHIDWRV LQGtJHQDV TXH IXQFLRQDP FRPR DUPDGLOKDV H DUWLVWDV FRQWHPSRUkQHRV TXH
WHPDWL]DP D LGHLD GH DUPDGLOKD 5HFHQWHPHQWH HVVH H[SHULPHQWR IRL IHLWR QXPD %LHQDO HP
0HGHOOLQ FRP FXUDGRULD GR 5RGULJR 0RXUD H 3DXOR 0DLD (OHV HVWmR TXHUHQGR WUD]HU HVVD
H[SRVLomR SUD Fi TXH VH FKDPD (VWDGR 2FXOWR FRPR UHIHUrQFLD j FDQomR GH &DHWDQR 9HORVR
&RORFDP HP UHODomR DUWLVWDV TXH GLDORJDP FRP R PXQGR LQGtJHQD H FRP D LGHLD GD DUPDGLOKD
WDPEpP,QFOXVLYHHXIXLFRQYLGDGDDFRORFDUXPDUHGH.D[LQDZDQDH[SRVLomRSRUTXHDUHGHp
XPDDUPDGLOKDTXHFDSWXUDRHVStULWRGRROKRHDIDODUVREUHHVWDLGHLDGHDUPDGLOKDHDUWH

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPVLFDIDELDQRND[LQDZDHHUQHVWR
QHWRMSJ
6Lm)DELDQR.D[LQDZDH(UQHVWR1HWR

86,1$1HVVHVHQWLGRWHPDH[SRVLomRGR(UQHVWR1HWRHDUHODomRFRPDD\DKXDVFDHPTXHHOH
IH]XPULWXDO

(/67LYHDVRUWHGHVHUFRQYLGDGDWDPEpPSDUDHVWDH[SRVLomRSDUDXPGHEDWHFRPRDUWLVWDOi
PHVPR HP 6mR 3DXOR DFKR TXH QD SULPHLUD YH] TXH HOH H[S{V HVVD REUD GHSRLV YLDMRX SUD
$OHPDQKD )RL QXPD H[SRVLomR RUJDQL]DGD QRYDPHQWH HP FRFXUDGRULD HQWUH XP FXUDGRU GR
PXQGRGDVDUWHVHXPDDQWURSyORJDTXHp+LVWyULDV0HVWLoDVFRPFXUDGRULDGH$GULDQR3HGURVDH
/LOLD 6FKZDUF] 7HP DOJXQV SRXFRV .D[LQDZD TXH WUDEDOKDP FRP [DPDQLVPR XUEDQR
DGPLQLVWUDQGR FLSy SDUD LQWHOHFWXDLV DUWLVWDV H WDO (QWmR (UQHVWR 1HWR FRQKHFHX R FLSy ILFRX
HQFDQWDGRHIH]XPDLQVWDODomRQHVVDH[SRVLomR$LQVWDODomRQDYHUGDGHVHJXHRHVWLORFOiVVLFR
GRDUWLVWDTXHVmRHVVDVIRUPDVRUJkQLFDVTXHLQYRFDPXPSRXFRR~WHURFULDPXPDPELHQWHGH
VREUHSRVLomRHQWUHPLFURHPDFURFRVPRV$OLiVDLQVWDODomRGH(UQHVWR1HWRHVWDYDWDPEpPHP
0HGHOOtQ XP DQR DQWHV DLQGD VHP FRQH[mR FRP R PXQGR .D[LQDZD ( Dt HP 6mR 3DXOR HVVH
PHVPRWLSRGHLQVWDODomRIRLSURGX]LGDHVSHFLDOPHQWHSUDLVVRFRPRUHFLSLHQWHGH$\DKXDVFDQR
PHLR H XP GHVHQKR GH FREUD QD SDUHGH 2 TXH HOH IH] IRL TXH QHVVH DPELHQWH TXH SDUHFH
DFRPSDQKDURDUWLVWDDYLGDLQWHLUDHOHIH]RULWXDOQD7RPLH2KWDNHFRPFRQYLGDGRVHVSHFLDLV
HOHV WRPDUDP D\DKXDVFD GHQWUR GD REUD GH DUWH GHOH 'HVGH HQWmR HOH OHYRX HVVD REUD
DFRPSDQKDGR GH DOJXQV .D[LQDZD XQV GRLV RX WUrV TXH HX FRQKHoR SHVVRDOPHQWH DV SHVVRDV
FRP DV TXDLV HOH YLDMRX R 6Lm H VHX ILOKR )DELDQR SDMp GR FLSy HOH YLDMRX SUD $OHPDQKD H WDO
1HVVHGHEDWHHXWHQWHLID]HUXPDFRQH[mRFRPDREUDGHOHHDFRVPRORJLDND[LQDZDTXHHOHQmR
FRQKHFLD DLQGD HOH ILFRX PXLWR HPSROJDGR (X DFKR TXH VH HOH IRVVH OHU VREUH D FRVPRORJLD
ND[LQDZD HOH LULD HQFRQWUDU PXLWDV FRQH[}HV FRQH[}HV TXH HX WHQWHL HVWDEHOHFHU 3RUTXH QD
YHUGDGHDH[SHULrQFLDWDQWRSURV7XNDQRTXDQWRSURV.D[LQDZDFRPDD\DKXDVFDQHVVHUHJLVWUR
[DPDQtVWLFR UHPHWH j PHVPD VREUHSRVLomR HQWUH PLFURFRVPRV H PDFURFRVPRV H j H[SHULrQFLD
LQWUDXWHULQDGHYRFrPRUUHUHUHQDVFHU(QWmRVmRWHPiWLFDVTXHHXDFKRTXHHOHSURFXUDQDVXD
DUWHHTXHWHPFRQH[mRFRPRULWXDOGDD\DKXDVFD(WDPEpPHVVDVILJXUDVRUJkQLFDV(OHFRORFRX
SLQWXUDV GH DUWLVWDV ND[LQDZD SLQWXUDV ND[LQDZD OLJDGDV D D\DKXDVFD QD SDUHGH GR PXVHX
SUy[LPRjVXDREUD(VVHHVSDoRTXHHOHFULRXSDUDUHFHEHUDD\DKXDVFDRTXHHOHIH]IRL WHQWDU
VHWRUQDUXPDUWLVWD[DPm

86,1$0DVVHPDEDQGRQDURQRPH

KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPHUQHVWRQHWRKLVWFEULDV
PHVWLFDDVMSJ
(/6eFRPRQRPHGHOH

86,1$9RFrFRQVLGHUDHVVDREUDGH(UQHVWR1HWRFRPRXPDDSUR[LPDomRTXHQmRFDLULDQDTXHOD
GLYLVmR GH TXH D 6DOO\ 3ULFH IDOD HQWUH SRU XP ODGR H[SRU FRQWH[WXDOPHQWH XP REMHWR HP XP
PXVHX HWQRJUiILFR H SRU RXWUR HP XP PXVHX DUWtVWLFR DSHQDV ROKDQGR SURV DVSHFWRV IRUPDLV
LQGHSHQGHQWHGRFRQWH[WRGHSURGXomR"

(/6 0H SDUHFH TXH R TXH HOH ID] SURYDYHOPHQWH HOH YDL VH VHQWLU RX QmR HORJLDGR p XP
PRYLPHQWRPXLWRSDUHFLGRTXHOHPEUDRPRYLPHQWRGRVDUWLVWDVVXUUHDOLVWDVFRPR0D[(UQVW
(OHWHPXPDEXVFDSUySULDRQGHHOHDVVRFLDDVXDREUDDUWtVWLFDDXPDSURFXUDH[LVWHQFLDO(HOH
HQWmRLQFRUSRURXXPtQGLFHGHRXWURXQLYHUVRSDUDFULDURSUySULRXQLYHUVRGHOH(QWmRHXDFKR
TXH DVVLP QHVVH VHQWLGR HOH ID] R TXH R DUWLVWD FRVWXPD ID]HU 6H D JHQWH FRPSDUD FRP R RXWUR
FRQWH[WRRVULWXDLVGHWRPDUQL[LSDHQDFLGDGHpXP.D[LQDZDTXHDGPLQLVWUDDD\DKXDVFDHTXH
FRQWUROD RV WHUPRV GR ULWXDO 2 TXH HOH IH] DTXL IRL SURGX]LU VHX SUySULR WHPSOR H WURX[H RV
.D[LQDZD SUD GHQWUR GR VHX WHPSOR 3UD UHVSRQGHU HP WHUPRV GH 6DOO\ 3ULFH HOH HVWi ID]HQGR
PDLV HOH HVWi QR PHLR GR FDPLQKR (OH SURGX]LX D REUD GHOH TXH QmR PXGRX H WURX[H SUD
GHQWURGDREUDGHOHXPLWHPTXHSRVVLELOLWDDHOHLQWHQVLILFDUPXLWRHVVDVXDEXVFD[DPkQLFDGH
DXWRFRQKHFLPHQWR ( HX DFKR TXH R TXH DFRQWHFH FRP R FLSy SDUD RV LQWHOHFWXDLV H DUWLVWDV
XUEDQRVpTXHHPJHUDORIDVFtQLRSHOR TXHR FLSy ID]FRPDSHVVRD pPDLRUTXHDYRQWDGHGH
VDEHU R TXH R FLSy p SDUD RV tQGLRV 2 SUySULR FLSy p WmR SRGHURVR SDUD DXPHQWDU R SURFHVVR
FULDWLYRDXWRUHIOH[LYRHQWmRQDYHUGDGHRDUWLVWDWURX[HPXLWRDJUDGHFLGRHVVDMyLDSUDGHQWUR
GR VHX XQLYHUVR DUWtVWLFR SHVVRDO 0DV HOH D FLUFXQGRX VXD REUD H Dt HX QmR VHL VH IRL HOH RX D
FXUDGRULD VH QD $OHPDQKD HVWDYDP WDPEpP DV SLQWXUDV GD HVFROD GH ,Em QD SDUHGH HP YROWD D
REUD GHOH RX VH Vy WLQKD R UHFLSLHQWH FRP R FLSy $t WHP TXH YHU Dt HX Mi QmR VHL SRUTXH HVVD
UHODomRHQWUH,EmHQWUHDREUDGHSLQWXUDND[LQDZDFRPDREUDGH(UQHVWR1HWRQmRVHLVHIRLXPD
LGHLD GD FXUDGRULD RX GH (UQHVWR (X WHQKR TXH SHUJXQWDU SUD HOH $OLiV D JHQWH ILFRX GH VH
HQFRQWUDUHDFDERXQmRDFRQWHFHQGRDLQGD(WXGRLVVRSRGHPXGDUTXHURGL]HURHQYROYLPHQWR
GHOH FRP HVVH PXQGR HOH SRGH SURFXUDU OHU VREUH D FRVPRORJLD ND[LQDZD H D SDUWLU GDOL ID]HU
IXV}HVTXHYmRPDLVORQJHGRTXHDFRQWHFHXQHVVDSULPHLUDREUD

86,1$ ,VVR OHPEUD PXLWR XPD RXWUD GLVFXVVmR 1mR GR DUWLVWD[DPm PDV GR DUWLVWD FRPR
HWQyJUDIR+DO)RVWHUID]XPDFUtWLFDDRDUWLVWDFRPRHWQyJUDIRSRUFDXVDGDIDOWDGHVVDLPHUVmRGD
TXDOYRFrIDODYD3RURXWURODGR*HRUJH0DUFXVWHPXPWH[WRHPTXHHOHWUDQVIRUPDDFUtWLFDGR
+DO)RVWHUHPXPDUHODomRSRVLWLYDGL]HQGRTXHQDYHUGDGHSUDHWQRJUDILDVHUHSHQVDULQWHUHVVD
SHUFHEHUFRPRRVDUWLVWDVHVWmROLGDQGRFRPHVVDDOWHULGDGHSDUDDOpPGHXPDLPHUVmRGRMHLWR
TXHRVDQWURSyORJRVTXHUHP

(/6(XDFKRTXHYRFrFLWRXEHPRSRQWRHPTXHHVVHVGLIHUHQWHVSRQWRVGHYLVWDVHGLIHUHQFLDP
&DGD YH] PDLV WHP DUWLVWDV TXH ID]HP SHVTXLVD GH FDPSR ID]HP HWQRJUDILD H FDGD YH] PDLV
DQWURSyORJRV TXH VH GmR FRQWD GD LPSRUWkQFLD GD PHWRGRORJLD DUWtVWLFD SUD PXGDU R VHX
FRQKHFLPHQWR (QWmR HVVD TXHVWmR GH YRFr FDQWDU MXQWR FRP RV QDWLYRV GDQoDU MXQWR GHVHQKDU
MXQWR p XPD IRUPD GH FRQKHFLPHQWR (VVH GHL[DUVH DIHWDU e XPD TXHVWmR TXH GXUDQWH PXLWR
WHPSRHUDPHLRWDEXQD$QWURSRORJLDPDVDLPHUVmRLPSOLFDRGHL[DUVHDIHWDU0XLWDVYH]HVRV
DUWLVWDVYmRDVVXPLULVVRPDLVFODUDPHQWHTXHHVVDLPHUVmRWHPDYHUFRPXPDH[SHULPHQWDomRH
TXDORHIHLWRGHVVDDOWHUDomRVREUHVHXSUySULRSURFHVVRFULDWLYR$GLVFXVVmRVHPSUHYDLVHURQGH
HVWi R PDLRU SHVR 3RUTXH R DQWURSyORJR YDL TXHUHU GDU HVSDoR j PDQLIHVWDomR GD HVWpWLFD GR
RXWURHRDUWLVWDYDLXVDUHVVDLPHUVmRFRPRIRQWHGHLQVSLUDomR
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPSURFHVVRGHFRQVWUXFDFDRGH
GHVHQKRIDFLDOHFRUSRUDOSQJ

5HFHQWHPHQWH PXLWRV HWQyORJRV FRPHoDUDP D SHQVDU VREUH D UHODomR HQWUH R PRGR FRPR HOHV
ID]HP DV GHVFREHUWDV WHyULFDV QD SHVTXLVD H FRPR LVVR HVWi OLJDGR FRP R ID]HU GHOHV QR FDPSR
(QWmR WHP PXLWRV HWQyORJRV TXH GHVHQKDP QR FDPSR H ID]HP VNHWFKHV (X GHVFREUL TXH PXLWRV
HWQyORJRV GHVHQKDP PDV PXLWRV HVFRQGHP VHXV GHVHQKRV $t GHSRLV HX SHUFHEL TXH DOJXQV
FROHJDV HWQyORJRV WrP SXEOLFDGR DOJXQV GHVHQKRV VHXV HP VHXV OLYURV FRPR 3KLOLSSH 'HVFROD
-HDQ3LHUUH&KDXPHLORSUySULR0LFKDHO7DXVVLJ(XWDPEpPSXEOLTXHLDOJXQVFURTXLVFRPQRWDV
GHVHQKDGDV QR FDPSR e XPD TXHVWmR TXH XOWLPDPHQWH WHP VLGR UHVJDWDGD SRU DOJXQV WHyULFRV
FRPR7LP,QJROGHPTXHpID]HQGRTXHVHDSUHQGHDYHU1mRpVRPHQWHYRFrREVHUYDURTXHRV
RXWURVID]HPPDVDRWHQWDUID]HUYRFrFRPHoDDSHUFHEHUTXHpPXLWRGLIHUHQWHYRFrXVDURFRUSR
FRPR XPD WHOD SRU H[HPSOR FRPR DOJXQV DUWLVWDV WrP IHLWR QHVVHV H[SHULPHQWRV HP TXH
FRPHoDPDSLQWDURFRUSRGRPHVPRMHLWRFRPRHVWmRDFRVWXPDGRVDSLQWDUHPXPDWHOD4XDQGR
FRPHFHL PLQKD SHVTXLVD FRP D SLQWXUD FRUSRUDO ND[LQDZD DOJXQV DQWURSyORJRV Mi KDYLDP
SHUFHELGRTXHXPDFDUDFWHUtVWLFDPXLWRLPSRUWDQWHGDDUWHGDUHJLmR$PD]{QLFDpTXHRGHVHQKR
SDUHFH FRQWLQXDU DOpP GR VXSRUWH 2V .D[LQDZD TXHUHP PRVWUDU LVVR GH PDQHLUD SURSRVLWDO
FRORFDQGRRGHVHQKRGHPDQHLUDREOtTXDVREUHRURVWRRXREUDoRTXDQGRRURVWRVXJHULQGRTXHR
GHVHQKR FRQWLQXD 2V GHVHQKRV 7XSL WrP HVVD FDUDFWHUtVWLFD RV GRV $VXULQL WDPEpP 5HJLQD
0OOHUFKDPRXLVVRGHHIHLWRMDQHODSDUDRV$VXULQL8VRXWDPEpPDLPDJHPGHTXHHUDFRPRVH
YRFrSURMHWDVVHXPVOLGHVREUHRFRUSR2FRUSRWiDOLYRFrSURMHWDXPVOLGHHRFRUSRFRQWLQXDe
Vy SRUTXH DSUHQGL D GHVHQKDU VREUH R FRUSR TXH FRQFRUGHL FRP R HIHLWR MDQHOD PDV QmR FRP R
HIHLWRVOLGHSRUTXHRHIHLWRVOLGHYDLGHIRUPDUHQTXDQWRRJUDQGHGHVDILRGHUHODFLRQDUJUDILVPR
FRPRFRUSRpGHYRFrPDQWHUDPHVPDGLVWkQFLDHQWUHDVOLQKDVGHIHFKDUDOLQKD

(P FDPSR HX GHVHQKDYD PXLWR HQWmR HX DFKDYD TXH HX Mi HVWDYD VDEHQGR EHP HVVH GHVHQKR
JUiILFRGRV.D[LQDZD(XPDPLJRPHXIDORXGHUHSHQWHROKDYRFrTXHUSLQWDURURVWRGHPLQKD
PXOKHU" (X PH HVPHUHL HP ID]HU R GHVHQKR PDLV EHP IHLWR TXH HX SRGLD ID]HU WUDEDOKHL PXLWR
QHVVHGHVHQKRIL]FRPPXLWRFXLGDGR$HVSRVDGHOHSHJRXRHVSHOKRROKRXGHWHVWRXFRUUHXSUD
SHJDUiJXDHODYDURGHVHQKRHLPHGLDWDPHQWHSHGLXSDUDRXWUDSHVVRDSLQWDUSRUFLPD$SDUWLU
GDTXHOH PRPHQWR HX IXL PH SHUJXQWDU SRUTXH HVVH GHVHQKR HUD WmR IHLR ( IRL VRPHQWH QHVVH
PRPHQWRHPTXHWHQWHLWUDQVSRURGHVHQKRGRSDSHOSDUDRURVWRTXHpWRWDOPHQWHLUUHJXODUTXH
HX IXL PH GDU FRQWD TXH YRFr WHP TXH ID]HU XP H[HUFtFLR GH QmR YLVXDOL]DU D ILJXUD ILQDO 1D
YHUGDGH VH WUDWD GH XP GHVHQKR TXH p FRPR D FRQVWUXomR GH XP ODEtULQWR VREUH XPD VXSHUItFLH
GHVLJXDO HQWmR YRFr YDL GHOLQHDQGR XPD OLQKD DTXL RXWUD DFROD H GHL[D DV OLQKDV DEHUWDV DWp
SUHHQFKHURHVSDoRWRGRePXLWRGLItFLOWDPEpPIHFKDUDVOLQKDVSRUTXHVHYRFrID]XPGHVHQKR
FRPSOH[R DV PXOKHUHV QmR PXLWR H[SHULHQWHV WDPEpP HUUDP ( EHP QR PHLR GR QDUL] HX WLQKD
IHFKDGRXPDOLQKDHUUDGD$SDUWLUGHVVDH[SHULrQFLDIXLYHQGRTXHRTXHFDUDFWHUL]DHVVHHVWLORp
XPD OyJLFD JUiILFD TXH IRJH GD ILJXUDomR e PXLWR LPSRUWDQWH PDQWHU D PHVPD ODUJXUD HQWUH DV
OLQKDVSUDSRGHUSDVVDUGDSHUFHSomRGHILJXUDSDUDDFRQWUDILJXUDSDUDTXHQmRKDMDIL[DomRGH
XPDVyILJXUD&RPLVVRYRFrSURGX]XPHIHLWRNLQpWLFRTXHGiPRYLPHQWRDRHVSDoRFRPRVHR
ROKDU IRVVH SURMHWDGR SUD GHQWUR GR HVSDoR GD YLVmR (QWmR HVVDV OLQKDV FULDP XP HQJDMDPHQWR
DWLYRGRROKDUSDUDFRPDVXSHUItFLHGHVHQKDGD(ODSURGX]XPDSHUFHSomRGHWUDQVSDUrQFLDRX
SHUPHDELOLGDGH
KWWSVUHYLVWDXVLQDGRWFRPILOHVZRUGSUHVVFRPUHJLQDPXOOHUSDJTXLPHUDVSQJ
3LQWXUDPDVFXOLQD$VXULQtFRPGHVHQKRVJHRPpWULFRVPRWLYRHKLUDLPEDYDIDYRGHPHO

7DPEpPSDUDQyVDQWURSyORJRVHVVDTXHVWmRVHFRORFDDLQGDHPXPRXWURUHJLVWURQDTXHOHGD
DXWRULD&RPRDJHQWHLQYRFRX%UXFH$OEHUWHVVHDQWURSyORJRHPXPSULPHLURPRPHQWRID]XP
WUDEDOKR RQGH HOH DVVXPH D LQWHUSUHWDomR GR SRQWR GH YLVWD GHOH H GD GLVFLSOLQD GHOH 4XDQGR
HVFUHYH R OLYUR FRP 'DYL .RSHQDZD HOH VH FRORFD FRPR IDFLOLWDGRU SDUD TXH .RSHQDZD WRPH D
SDODYUD 1HVVD WHQVmR HQWUH DQWURSyORJR H DUWLVWD D PRUDO DQWURSROyJLFD p WHQWDU DSDJDU DR
Pi[LPRDVXDSUySULDSUHVHQoDSRUPDLVTXHQXQFDVHDSDJXH$DQWURSRORJLDpXPDWUDGXomR
XPDLQWHUSUHWDomRXPDPHGLDomR2WUDEDOKRGRDQWURSyORJRVHPSUHYDLVHUGLIHUHQWHGRQDWLYR
SRUTXH R QDWLYR IDOD GH GHQWUR R DQWURSyORJR IDOD D SDUWLU GH XPD SHUVSHFWLYD FRPSDUDWLYD
$JRUDRDUWLVWDWHPXPDRXWUDUHODomRDFKRTXHQRPXQGRDUWtVWLFRWDPEpPDTXHVWmRGHDXWRULD
HVWi VHQGR PXLWR TXHVWLRQDGD (QWmR R DUWLVWD SRGHULD YLU D FULDU HP FRQMXQWR PDV FRPR YRFrV
PHVPRV Mi GLVVHUDP PXLWDV YH]HV QHVVHV H[SHULPHQWRV GH LPHUVmR H GH DUWH VLWHVSHFLILF RX GR
DUWLVWDFRPRHWQyJUDIRTXHPDVVLQDpRDUWLVWD0DVTXHPDVVLQDpRDQWURSyORJRWDPEpP1mR
VRPRV WmR GLIHUHQWHV DVVLP 3RU PDLV TXH DFKR TXH R LGHDO GR DQWURSyORJR FRQWLQXD VHQGR
DOFDQoDUR2XWURGHVHUXPPHGLDGRUXPIDFLOLWDGRUHQTXDQWRRGRDUWLVWDp"$tYRFrVTXHPH
GLJDP

%LEOLRJUDILDFLWDGDQDHQWUHYLVWD

&KDUERQQLHU *HRUJH  /pYL6WUDXVV &ODXGH $UWH /LQJXDJHP (WQRORJLD (QWUHYLVWDV FRP


&ODXGH/pYL6WUDXVV&DPSLQDVHGLWRUD3DSLUXV  

)UHHGEHUJ 'DYLG 7KH 3RZHU RI LPDJHV 6WXGLHV LQ WKH +LVWRU\ DQG 7KHRU\ RI 5HVSRQVH 
&KLFDJR/RQGRQ&KLFDJR8QLYHUVLW\3UHVV

*HOO$OIUHG$UHGHGH9RJHODUPDGLOKDVFRPRREUDVGHDUWHHREUDVGHDUWHFRPRDUPDGLOKDV
$UWHH(QVDLRV5HYLVWDGR3URJUDPDGH3yV*UDGXDomRHP$UWHV9LVXDLV(VFRODGHEHODV$UWHV
8)5-DQRQR  

BBBBBBB$UWDQG$JHQF\DQDQWKURSRORJLFDO7KHRU\2[IRUG2[IRUG8QLYHUVLW\3UHVV

0OOHU5HJLQD2V$VXULQLGR;LQJX+LVWyULDH$UWH&DPSLQDVHG8QLFDPS

6HYHUL &DUOR ,GHLD D VpULH H D IRUPD GHVDILRV GD LPDJHP QR SHQVDPHQWR GH &ODXGH /pYL
6WUDXVV,Q5HYLVWD6RFLRORJLDH$QWURSRORJLDYQRQRYHPEURGH

UHYLVWD86,1$MXOKR

&RQILUDWDPEpP

2 (VSLULWXDOLVPR H D 0XVLFDOLGDGH HP .DQGLQVN\ RHVSLULWXDOLVPRHD


PXVLFDOLGDGHHPNDQGLQVN\
'LVFXUVR GH 5XVVHO 0HDQV tQGLR /DNRWD HP MXOKR GH  GLVFXUVRGHUXVVHO
PHDQVLQGLRODNRWDHPMXOKRGH
0DXUHHQ%LVLOOLDWHR;LQJX PDXUHHQELVLOOLDWHR[LQJX

'$1,/2&857,66GLVVH
DJRVWRjVSP
(X35(&,62HQWUDUHPFRQWDWRFRPHOD(OVMH/DJURX
(VWRXDDQRVWHQWDQGRID]HUPHXPHVWUDGRQHVVDiUHDHQmRHQFRQWURRULHQWDGRUSHORTXHOL
QHVVDHQWUHYLVWDPDUDYLOKRVDHODSRGHUiPHDMXGDU
3RUIDYRUFRORTXHPPHHPFRQWDWRFRP(OVMH/DJURX

5HVSRQGHU
(%52GLVVH
DJRVWRjVSP
0DUDYLOORVDHQWUHYLVWD3URIXQGDUHVSHWXRVD,OXPLQDHOFDPLQRGHOFRQRFLPLHQWR\GHO
GLiORJRFRQHOVDEHUODHVWpWLFD\ODSRHVtDGHOPXQGRLQGtJHQD)HOLFLWDFLRQHV

5HVSRQGHU

%ORJQR:RUG3UHVVFRP_2WHPD6LJKW

Você também pode gostar