Você está na página 1de 5

&DSLWROXO$VSHFWXOVRFLDODOUHSDUWL LHL

3LD DFDIRUP DRUGLQLL

0D[:HEHUGHVHPQHD] SLD DFDWLSLGHDODODF LXQLLUD LRQDOHDVRFLHW LL

8Q FXQRVFXW VRFLRORJ PRGHUQ =HWWHUEHUJ +/ 6RFLDO WKHRULH DQG VRFLDO SUDFWLFH 1HZ <RUN  

SURSXQHGLIHUHQ LHUHDSULQFLSDOHORUHOHPHQWHDOHUH HOHLGHOHJ WXULVRFLDOHvQGRX FODVHúLDQXPHvQXQDGLQ

FDUHVHPDQLIHVW FDUDFWHUXOGHSLD úLvQDOWDvQFDUHVHPDQLIHVW FDUDFWHUXOGHRUJDQL]D LH

8QLLUHQXPL LVRFLRORJL 3DUVRQ7±6PHOVHU1-(FRQRP\DQGVRFLHW\/RQGRQ DXFRQVLGHUDW

GLYL]LXQHDPXQFLLVFKLPEXOúLFRQWUDFWXOGUHSWLQVWLWX LLHFRQRPLFHGHRVHELWGHLPSRUWDQWH

$QDOL]DVWUXFWXULLSLH HLDGXVODXUP WRDUHOHFRQFOX]LLUHIHULWRDUHODVFKLPEXOOLEHU

D /LEHUWDWHDúLHJDOLWDWHDOHJ WXULORU

E ([LVWHQ D SRVLELOLW LORU GH FRPSDUD LH vQWUR GLQWUR GXEO  SULYLQ  FRPSDUD LD XQXL

RELHFWFXDOWRELHFWSUHFXPúLFRPSDUD LDvQWUHSHUVRDQHOHFDUHYRUV VFKLPEHRELHFWHOH

vQWUHHOH

F ([LVWHQ D XQXL PHFDQLVP GH FRQWURO úL VDQF LXQL DLFL vQ SULPXO UkQG PHFDQLVPXO GH

VDQF LXQLILQDQFLDUHFDUHI U RFRQGXFHUHFHQWUDO G SRVLELOLWDWHDSHED]DLPEROGXULORU

ILQDQFLDUHLPSXQHUHDFRPSRUWDPHQWXOXLSDUWLFLSDQ LORUODSLD 

'XS  S UHUHD FHUFHW WRULORU DFHVWH HOHPHQWH GH VWUXFWXU  QX VXQW GH]YROWDWH vQ VRFLHW LOH SULPLWLYH

$LFLOLSVHúWHSRVLELOLWDWHDSULQFLSDO GHDQHJDOHJ WXULOHGLQWUHSHUVRDQHúLRELHFWHOLSVHúWHSRVLELOLWDWHDGHD

GHVIDFHOHJ WXULOHGHVFKLPELPSHUVRQDOHGHOHJ WXULOHIDPLOLDOHSROLWLFHUHOLJLRDVHúLQXVHPDQLIHVW LQWHUHV

OHJDWGHVDQF LXQLúLFRQWUROILQDQFLDU9DORDUHDúWLLQ LILF DFRPSDUD LHLLGHDOHWLSLFHHVWHOLPLWDW úLDFHDVWD

SHQWUX D F  vQ DúD QXPLWHOH VRFLHW L SULPLWLYH H[LVW  SLH H FRQFUHWH XQGH VH IDFH FRPHU  FX EXQXUL QHFHVDUH

H[LVWHQ HLúLXQGHFDPLMORFGHVFKLPEHUDXWLOL]DW PRQHGDQDWXUDO YLWHVDUHSLHLEDUHGHILHUFDRDWUHLD

PDUI  8UP WRDUHD HWDS  DU IL DúD QXPLWHOH VRFLHW L SULPLWLYH XQGH VXQW XWLOL]DWH VLPEROXULOH PRQHWDUH GH

SLOG VFRLFLOHvQVHQVXOXQXLPHGLXGHLQWHUDF LXQHVLPEROLF

)DFWRULGHSLD úLEXQXULGHSLD 

ÌQFDGUXOEXQXULORUGHSLD VXQWvQJOREDWHEXQXULúLVHUYLFLLSHQWUXVFKLPE'HXQGHRVHELWLQWHUHVHVWH

XOWLPDID] DSURFHVXOXLGHSLD DúLDQXPHSLD DGHEXQXULGHFRQVXPÌQOHJ WXU FXIDFWRULLGHSLD DVHSRW

PHQ LRQDEDQLLúLFDSLWDOXOSHGHRSDUWHúLIDFWRUXOPXQF SHGHDOW SDUWH'LQSXQFWGHYHGHUHDOVRFLRORJLHL

XQ GHRVHELW LQWHUHV vO MRDF  SLD D GH PXQF  3LD D GH EXQXUL vQ SULPXO UkQG SLD D GH EXQXUL GH FRQVXP HVWH

VXSXV  QXPHURDVHORU VFKLPE UL vQ GHFXUVXO GH]YROW ULL VDOH 'RX  VFKLPE UL HVHQ LDOH OHJDWH GH GH]YROWDUHD

SLH HL EXQXULORU GH FRQVXP VXQW GHSHUVRQDOL]DUHD úL FRPSOH[L]DUHD (OHPHQWHOH WUDGL LRQDOH GH VWUXFWXU  DOH

SLH HL FD UHOD LLOH SDUWLFXODUH UHOD LLOH GH UXGHQLH  VDX vQF UF WXULOH VRFLDOH DOH DFWHORU GH FXPS UDUH GH

H[HPSOX QHJRFLHUHD SUH XULORU  VDX VFKLPEDW PXOW úL DX I FXW ORFXQXLVLVWHPXQLWDUDEVWUDFW$FXPHVWHGH

DVHPHQHDLPSRUWDQWGHVHPQDODWF PHFDQLVPHUHSUH]HQWDWLYHVXEVWLWXLHOHJ WXULOHVO ELWHGLQWUHFXPS U WRU

úLYkQ] WRU$FHVWHQRLPHFDQLVPHVXQWvQPDUHP VXU XQHFKLYDOHQWIXQF LRQDOSHQWUXFUHDUHDOHJ WXULORUGH

vQFUHGHUH GHRVHELWH H[SOLFDUHD JDUDQ LHL GH]YROWDUHD DUWLFROHORU GH SLD  FDUH WUHEXLH V  VHPQDOH]H R

GHRVHELW  vQFUHGHUH vQ FDOLWDWHD SURGXVHORU UHFODPD DEVWUDFW  SH FDUH GLVFX LD SHUVRQDO  vQWUH SDUWHQHULL GH

SLD  SRDWH V  R VXEVWLWXLH $FHOHDúL PHFDQLVPH vQGHSOLQHVF IXQF LXQHD XQHL UHGXFHUL GH FRPSOH[LWDWH FX

SULYLUHODYDULHWDWHDEXQXULORURIHULWHúLDVHUYLFLLORU7HQGLQ HGHGH]YROWDUHFXQRVFúLPHWRGHOHPRGHUQHGH

GHVIDFHUH 'RPLQ  vQFHUFDUHD FD VLVWHPHOH GH GHVIDFHUH úL F LOH GH GHVIDFHUH V  ILH GHSHUVRQDOL]DWH úL FX

DFHDVWDV ILHRELHFWLYL]DWHODIHOFDRGLQLRDU HOHPHQWHOHVRFLDOHvQDF LXQLOHGHYkQ]DUHúLFXPS UDUH

0RGLILFDUHD GH GLVWULEX LH HVWH GLFWDW  GH RIHUW  úL GH SLD  &RQGL LLOH GH SLD D úL UHDF LLOH

FRQVXPDWRUXOXL VXQW SUHFL]DWH $FHDVW  VLWXD LH VH SRDWH V  VH FODULILFH WHRUHWLF UHVSHFWLY vQ VHQVXO XQXL

PRGHOHILFLHQWGHSUHPLLVDQF LXQHFDUHV IDYRUL]H]HFDQDOHOHHILFLHQWHVDXIDYRUDELOHFDUHV OU VSO WHDVF 

SH RIHUWDQWXO FDSDELO vQ WLPS FH SULQWUXQ PHFDQLVP GH VDQF LXQH DVHP Q WRU FDQDOHOH LQHILFLHQWH V  ILH

vQO WXUDWH'LQSXQFWGHYHGHUHDOWHRULHLVLVWHPHORUVHSRDWHFDGH]YROWDUHDQRLORUIRUPHGHGHVIDFHUHV ILH

H[SOLFDWH SULQWUR HFKLOLEUDUH D VLVWHPXOXL úL GH SURPRYDUH D VWUXFWXULORU úL FDSDFLW LORU GH DGDSWDUH 1RLOH

FDQDOH GH GHVIDFHUH VDX PRGLILFDUHD FDQDOHORU DQWHULRDUH VXQW vQ DFHVWH VHQV vQ PDUH P VXU  U VSXQVXULOH

VLVWHPXOXLODWXOEXU ULOHGLQVLVWHP

3LD D PXQFLL HVWH vQ SDUWH LQIOXHQ DW  GH DOWH OHJLW L GHFkW GRPHQLXO EXQXULORU (FRQRPLúWLL úL

VRFLRORJLLVXV LQF PRGHOXOFODVLFDOSLH HLúLLGHHDXQXLUDSRUWMXVWvQWUHFHUHUHúLRIHUW SHSLD DPXQFLLQX

VXQW HILFLHQWH 3URFHVXO GH SURGXF LH HVWH RUJDQL]DW úL FRQWURODW GH SRVHVRUXO GH FDSLWDO DVWIHO F  VH QDúWH R

DVLPHWULH VWUXFWXUDO  vQWUH PXQF  úL FDSLWDO * QWHU :LVZHGH RSFLW S  'H DVHPHQHD SLD D PXQFLL

WUHEXLH V  VH FRQFUHWL]H]H SULQ Q ]XLQ D SHQWUX VLJXUDQ D PXQFLWRULORU 3ULQ FRQFHGLHUHD PXQFLWRULORU DU IL

OH]DWH LQWHUHVHOH GH FkúWLJ SHQWUX H[LVWHQ  IXQF LL LPSRUWDQWH DOH VRFLHW LL ED]HOH IDPLOLHL UDWD QDWDOLW LL

VRFLRORJL]DUHDFRSLLORUúLQXDUPDLILE JDWHvQVHDP FRQWUDVWHOHVRFLHW LL


2 DOW  SDUWLFXODULWDWH FDUH FDUDFWHUL]HD]  IDFWRULL GH PXQF  HVWH KHWHURJHQLWDWHD ORU /D SLD  VH IDF

FXQRVFXWH GLIHULWH FDQWLW L úL FDOLW L GHPXQF FDUHVXQWRIHULWHFDUHODUkQGXOORULPSOLF GLIHULWHUROXULGH

VHUYLFLXúLSUHWLQGGLIHULWHJUDGHGHSUHJ WLUH

8Q DOW DVSHFW DO KHWHURJHQLW LL SLH HL PXQFLL HVWH F  GLIHULWH VHJPHQWH DOH DFHVWHL SLH L VXQW GLVWLQFWH

8QLL FHUFHW WRUL SXQ SUREOHPD XQHL SLH H D PXQFLL GXDOH *RUGRQ '0 7KHRULHV RI SRYHUW\ DQG

XQHPSOR\HPHQW /H[LQJWRQ   ,GHHD GH ED]  FRQVW  vQXWLOL]DUHDXQXLQRXPRGHODOLQHJDOLW LLVRFLDOH

UHVSHFWLY R GLIHUHQ LHUH vQWUH FHQWUX úL SHULIHULH ÌQ DSURSLHUH GH FHQWUX vQ SLH HOH GH PXQF  SULPDUH  H[LVW 

úDQVH IDYRUDELOH DVLJXU ULL ORFXOXL GH PXQF  RFXSD LL VWDELOH DVLJXUDUHD XQRU DFWLYLW L ELQH SO WLWH 0DL

GHSDUWH OD SHULIHULH VH J VHúWH SLD D GH PXQF  GXDO  FX IOXFWXD LH ULGLFDW  FDOLILFDUH UHVWUkQV  úDQVH GH

PXQF VFKLPE WRDUHVLJXUDQ UHGXV QLYHOVF ]XWDOFDOLW LLYLH LL * QWHU:LVZHVHRSFLWS 

&RQGL LLOHVRFLDOH

3HQWUX DQDOL]D VRFLRORJLF  D FRPSRUWDPHQWXOXL GH SLD  HVWH QHFHVDU D VH FHUFHWD OHJ WXULOH GLQWUH

SDUWHQHUL GH SLD  vQ DF LXQLOH ORU FRQFUHWH &RPSRUWDPHQWXO GH SLD D HVWH PDL PXOW FDQDOL]DW vQ FDGUH

FRQGL LRQDWH FXOWXUDO HFRQRPLF úL SROLWLF 6H SRW GHRVHEL FRQGL LL FDGUX DOH OHJ WXULORU GH LQWHUDF LXQH GH

SLD  6FKLOG5'HU0DUNWDOVVR]LDOHV,QWHUDNWLRQVIHOGvQ³'HU0DUNW´ úLDQXPH

 &RQGL LL FDGUX FXOWXUDOH vQ VSHFLDO SULQ DF LXQLOH GH YDORDUH GHOLPLWDWH FXOWXUDO úL QHFHVLW LOH GH

RIHUWDQ LúLVROLFLWDQ L

 &RQGL LL FDGUX SROLWLFH vQ PRG GHRVHELW vQ IXQF LLOH GH UHJOHPHQW UL DOH PHFDQLVPXOXL SLH HL vQ

FDGUXORUGLQLLHFRQRPLFHVLVWHPHGHUHJOHPHQWDUHMXULGLF PHFDQLVPHGHVDQF LXQHSROLWLF 

 &RQGL LL FDGUX HFRORJLFHHFRQRPLFHWHKQRORJLFH FDUH SUH]LQW  ED]HOH SHQWUX SRWHQ LDOXO QHFHVDU

HFRQRPLHL vQ SULYLQ D UHVXUVHORU úL VLWXD LD DSURYL]LRQ ULL XQHL VRFLHW L GH SLOG  VWDGLXO GH

GH]YROWDUHHFRQRPLF 

 &RQGL LL FDGUX VRFLDOVWUXFWXUDOH vQ VSHFLDO GLPHQVLXQHD SXWHULL UHDOH GH SH SLD  vPSUHXQ  FX

SRVLELOLW LOH GH LQWHUYHQ LH HFRQRPLF  SUHFXP úL LQIOXHQ D JUXS ULORU VRFLDOH SH FDUH LQGLYLGXO OH

vQWkOQHúWHODSLD úLFDUHvOOLPLWHD] SHLQGLYLGvQVFRSXOúLPRWLYD LDVD

$FHVWH FRQGL LL FDGUX FDUH VH DIO  vQ LQWHUGHSHQGHQ  DF LRQHD]  vQ VHQVXO XQHL VWUXFWXUL QRUPDWLYH vQ

FDUHOHJ WXULOHLQWHUXPDQHVHPDQLIHVW vQFDGUXOVXEVLVWHPXOXL³SLD ´,QIOXHQ HOHGHLQWHUDF LXQHDODFHVWXL

PRGVXQWXQDVSHFWSDU LDODOSURFHVHORUVRFLDOHUHOHYDQWHGHSLD 

6LVWHPHHFRQRPLFH

1R LXQHDGHVLVWHPHFRQRPLFUHSUH]LQW vQHSRFDPRGHUQ WRWDOLWDWHDS UHULORUSULYLQGFRQFHS LDVXSUD

OXPLLYDORULOHVRFLRFXOWXUDOHUHSUH]HQW ULOHGHRUGLQHúLOHJ WXULOHGHFRQGXFHUHDOHVWUXFWXULLXQHLHFRQRPLL

QD LRQDOH FDUH SUHFL]HD]  úL FDQDOL]HD]  SDUWLFXODULW LOH úL RULHQWDUHD SURFHVHORU HFRQRPLFH .DUO+HLQ]

+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0 QFKHQ9DKOHQS 

8Q VLVWHP HFRQRPLF VWDELO FRQ LQH R RUGLQH HFRQRPLF  VSHFLILF  vPSOHWLW  FX OHJ WXULOH GH FRQGXFHUH

VRFLDO  FDUH vQ PRG IXQGDPHQWDO RUJDQL]HD]  úL VWUXFWXUHD]  HYHQLPHQWXO HFRQRPLF 'LQ SXQFWGHYHGHUHDO

VRFLRORJLHL HFRQRPLFH HVWH LPSRUWDQW GH SUHFL]DW F  VLVWHPHOH HFRQRPLFH VXQW FDQDOL]DWH VFKLPE ULORU

PHGLXOXL VRFLRFXOWXUDO 6LVWHPHOH HFRQRPLFH VXQW OHJDWH GH UHSUH]HQW UL VRFLRFXOWXUDOH SUHFLVH úL H[HUFLW 

DVXSUDDFHVWRUDRLQIOXHQ SXWHUQLF 

3XUW WRULL XQXL VLVWHP HFRQRPLF VXQW RDPHQL FX VWUXFWXUL GH SHUVRQDOLWDWH GLIHULW  úL PRGXUL GH

FRPSRUWDPHQWFDUHVXQWFDUDFWHUL]D LGHLQIOXHQ HOHVRFLRFXOWXUDOHDOHPHGLXOXL

'LIHULWHVLVWHPHHFRQRPLFHDXGHUH]ROYDWSUREOHPHIXQGDPHQWDOHFRPXQHSULYLQGSURGXF LDEXQXULORU

QHFHVDUH WUDLXOXL D VHUYLFLLORU RIHULWH D UHSDUWL] ULL EXQXULORU úL D SURGXVHORU D PLMORDFHORU XWLOL]DWH SHQWUX

DFHDVWD

ÌQ FDGUXO HFRQRPLHL PRGHUQH WUHEXLH V  VH DMXQJ  OD R UHDOL]DUH D VFRSXULORU GLIHULWHORU VLVWHPH

HFRQRPLFH GH]YROWDUHD HFRQRPLF  vQ IDYRDUHD ULGLF ULL QLYHOXOXL GH WUDL JHQHUDO DVLJXUDUHD ORFXULORU GH

PXQF VWDELOLWDWHDSUH XULORUHFKLOLEUXOH[WUDHFRQRPLFúLVLJXUDQ DVRFLDO 3HOkQJ DVLJXUDUHDXQXLQLYHOGH

WUDL ULGLFDW GH OD VLVWHPHOH HFRQRPLFH GH]YROWDWH VXQW DúWHSWDWH UHDOL]DUHD VFRSXULORU GH DXWRGH]YROWDUH úL GH

DGDSWDUHDPHGLXOXL

ÌQFHOHFHXUPHD] VHYRUSUH]HQWDSULQFLSDOHOHWLSXULGHVLVWHPHHFRQRPLFHHFRQRPLDGHSLD OLEHU 

HFRQRPLDGHSLD VRFLDO HFRQRPLDGHSLD FHQWUDOL]DW 

(FRQRPLDGHSLD OLEHU 

(FRQRPLDGHSLD OLEHU IRUPHD] XQVLVWHPHFRQRPLFvQFDUHLQGHSHQGHQWGHVWDWSURGXF LDúLRIHUWD

GH EXQXUL úL VHUYLFLL SH GH R SDUWH úL FHUHUHD GH EXQXUL úL VHUYLFLL SH GH DOW  SDUWH VXQW GLFWDWH GH GHFL]LLOH

LQGLYLGXDOHDOHVXELHF LORUHFRQRPLFL

3HQWUXHFRQRPLDGHSLD OLEHU HVWHHVHQ LDOF RIHUWDúLFHUHUHDSHSLH HOHLQGLYLGXDOHVHDUPRQL]HD] 

SULQWUXQPHFDQLVPGHSUH XUL
1R LXQHD³SLD ´UHSUH]LQW LQVWLWX LDGHED] DOHJ WXULORUGHVFKLPEvQWUHLQGLYL]LUHVSHFWLYFDWHJRULL

GHSHUVRDQH SURGXF WRULRIHUWDQ LFRPHUFLDQ LFXPS U WRULFRQVXPDWRUL FXLQWHUHVHúLVFRSXULFRPHUFLDOH

GHRVHELWH3HED]DXQHLvQWUHFHULQHOLPLWDWHVHIRUPHD] SUH XULOHFDUHUHIOHFW UHVWUkQJHUHDGLIHULWHORUEXQXUL

úL VHUYLFLL 3UH XUL ULGLFDWH SHQWUX DQXPLWH EXQXUL VHPQDOHD]  OLSVXUL vQ SURSRU LH FUHVFkQG  úL FDX]HD] 

vQWUHSULQGHULORU FDUH XUP UHVF PD[LPL]DUHD FkúWLJXOXL V  GH]YROWH SURGXF LD úL RIHUWD 3UH XUL VF ]XWH GLQ

FRQWU GXFODOLPLWDUHDSURGXF LHLúLDRIHUWHLSUHFXPúLODSXQHUHDvQPLúFDUHDIDFWRULORUGHSURGXF LHFDUH

WUHEXLHVF DPSODVD L vQ GRPHQLLOH SURGXF WRDUH GH FkúWLJ ÌQ HFRQRPLD GH SLD  OLEHU  SODQXULOH HFRQRPLFH

LQGLYLGXDOHVXQWFRRUGRQDWHFXDMXWRUXOSUH XULORUSLH HL

0DQDJHULL DOHJ DFHD FRPELQD LH GH IDFWRUL GH SURGXF LH FDUH GHWHUPLQ  FHOH PDL UHGXVH FRVWXUL ÌQ

RULHQWDUHDSUH XULORUGHSLD VHVWDELOHVFEXQXULFDUHYRUILSURGXVHúLFDOLWDWHDDFHVWRUD

&XPS UDUHD VDX QHFXPS UDUHD GLQ SDUWHD FRQVXPDWRULORU LQIOXHQ HD]  P ULPHD SUH XULORU

FRUHVSXQ] WRDUH SLH HL úL SUHFL]HD]  P ULPHD úL QDWXUD SURGXF LHL 'LQ QHFHVLWDWHD GH D DYHD FkúWLJ

DQWUHSUHQRULLVXQWFRQVWUkQúLV UHDOL]H]HFHOHPDLEXQHúLPDLLHIWLQHSURGXVHSHQWUXFRQVXPDWRUL

0 ULPHD VDODULXOXL HVWH XQ PRGHO DO HFRQRPLHL GH SLD  OLEHUH 0DQDJHUXO DQJDMHD]  OXFU WRULL SH R

SHULRDG  GH WLPS vQ FDUH DFHDVW  IRU  GH PXQF  UHDOL]HD]  FkúWLJ VDX FHO SX LQDFRSHU FRVWXULOHSURGXFkQG

úL YkQ]kQG ÌQ FDGUXO SLH HL OLEHUH QX SRW DS UHD SHULRDGH GH úRPDM GH GXUDW  FD XUPDUH D PRELOLW LL

FUHVFkQGHDIRU HLGHPXQF úLIOH[LELOLW LLVDODULXOXL6FKLPE ULOHOHJDWHGHFHUHUHúLRIHUW GLULMHD] SUH XULOH

GH SLD D DVWIHO F  IDFWRULL GH SURGXF LH VH GHSODVHD]  vQ DFHOH GRPHQLL vQ FDUH HVWH SRVLELO  R VDODUL]DUH D

PXQFLLPDLULGLFDW úLRPDLPDUHGREkQG DFDSLWDOXOXL

3HQWUX VRFLRORJLD HFRQRPLF  VXQW GHRVHELW GH LQWHUHVDQWH XUP WRDUHOH UHSUH]HQW UL DOH XQHL HFRQRPLL

GHSLD OLEHUH .DUO+HLQ]+LOOPDQQ$OOJHPHLQH:LUWVFKDIWVVR]LRORJLH0 QFKHQ9DKOHQS 

 R ODUJ  VHFXODUL]DUH D VRFLHW LL úL UHVSLQJHUHD IRUPHORU GH YLD  FROHFWLYHVRFLDOH UHFRQVWUXLUHD

VRFLDOXOXLDVHPHQLORUDFRPSRUWDPHQWXOXL

 RUHDOL]DUHVRFLDO DUD LRQDOLVPXOXLLQGLYLGXDOLVPXOXLúLOLEHUDOLVPXOXL

 GH]YROWDUHD úL DVLJXUDUHD GLQ SDUWHD VWDWXOXL D LQVWLWX LLORU GH GUHSW  D SURSULHW LL SULYDWH FKLDU

DVXSUD PLMORDFHORU GH SURGXF LH  OLEHUWDWHD GH FRQWUDFWDUH OLEHUWDWHD SUDFWLF ULL PHúWHúXJXULORU

DOHJHUHDOLEHU DSURIHVLHLOLEHUWDWHDFRQVXPXOXLHJDOLWDWHDvQID DOHJLL

 OLPLWDUHDDFWLYLW LLVWDWDOHvQFHHDFHSULYHúWHPHQ LQHUHDVLJXUDQ HLLQWHUQHúLH[WHUQHDVLJXUDQ HL

MXULGLFH FRQIRUP SULQFLSLXOXL ³/DLVVH]IDLUH´ I U  PDQLIHVWDUHD YUHXQHL LQWHUYHQ LL D VWDWXOXL vQ

YLD DHFRQRPLF 

 DVLJXUDUHDvQWUHFHULORUQHOLPLWDWH

 HOLPLQDUHDPDQLSXO ULLFRQVXPDWRUXOXLDFHVWDGHYHQLQGXQVROLFLWDQWDXWRQRPúLUD LRQDO

8Q GHRVHELW DYDQWDM DO SLH HL OLEHUH HVWH HILFLHQ D HFRQRPLF  ULGLFDW  6XQW VWLPXODWH FDSDFLWDWHD

FUHDWLYLWDWHDúLLQL LDWLYDLQGLYLGXOXL

0RGHOXOXQHLHFRQRPLLGHSLD DOLEHUHQXDUHXúLWV VHFRQWXUH]HvQUHDOLWDWHvQWURIRUP FXUDW SXU 

2 DVWIHO GHUHDOL]DUHHVWHvPSLHGLFDW GHIDSWXOF QXHVWHQXPDLXQ³KRPRHFRQRPLFXV´'LQFRQWU ILLQ D

XPDQ  VH PDQLIHVW  GLIHUHQ LHUL LQGLYLGXDOH vQWUH RDPHQL GLQ SXQFW GH YHGHUH HPR LRQDO úL LUD LRQDO FDUH VH

vQW UHVF SULQ FRQGL LL GH YLD  FDUH vPEUDF  FDUDFWHUH VRFLRFXOWXUDOH ÌQ DIDU  GH DFHDVWD FRQGL LLOH GH YLD 

PRúWHQLWH úL vQW ULWH VWUXFWXUDO IRUPHD]  R EDULHU  FDUH WUHEXLH vQO WXUDW  SHQWUX UHDOL]DUHD XQHL HFRQRPLL GH

SLD OLEHU 

'H]YROWDUHD XQHL HFRQRPLL GH SLD  OLEHU  DUH FD WHQGLQ D vQ ED]D FRPSHWL LHL QHOLPLWDWH úL D úDQVHORU

LQGLYLGXDOH GLIHUHQ LDWH V  GHWHUPLQH R DVFX LUH D LQHJDOLW LL VRFLDOH ÌQ FDGUXO VRFLHW LL VH PDQLIHVW 

FUHúWHUHDDJUHVLYLW LLDFRQIOLFWHORUWHQVLXQLORU6WDELOLWDWHDVRFLHW LLHVWHVO ELW 

(FRQRPLDGHSLD VRFLDO 

ÌQ HVHQ D DFHVWHL HFRQRPLL GH SLD  VRFLDO  J VLP LGHHD F  VWDWXO WUHEXLH V  VH vQJULMHDVF  SULQWUR

SROLWLF  HFRQRPLF  FRQIRUP  SLH HL GH R FDSDFLWDWH GH vQWUHFHUH HFRQRPLF  GH GXUDW  $LFL VH DMXQJH SULQ

DVLJXUDUHD XQHL MXVWH L VRFLDOH SULQ P VXUL VRFLDOSROLWLFH )XQGDPHQWXO VSLULWXDO DO HFRQRPLHL GH SLD 

VRFLDO VHULGLF SkQ ODFRQFHS LDPRUDOILOR]RILF DXQHLRUGLQLHFRQRPLFHOLEHUHúLDXQHLRUGLQLVRFLDOHFDUH

DIRVWHODERUDW vQVHF;9,,,GH$6PLWKúLGHDO LL3OHFkQGGHODDFHVWHSUHPL]HWHRUHWLFH/XGZLJ(UKDUGúL

$0 OOHU±$UPDFNDXUHDOL]DWSHED]DVLWXD LHLGLQ*HUPDQLDVFKHPDHFRQRPLHLGHSLD VRFLDO 1R LXQHD

GH HFRQRPLH GH SLD  VRFLDO  D IRVW XWLOL]DW  GH $OIUHV 0 OOHU $UPDFN *HQHDORJLH GHU VR]LDOHQ

0DUNWZLUWVFKDIW%HUQXQG6WXWWJDUW 

6D I FXW vQFHUFDUHD UHDOL] ULL XQHL VLQWH]H vQWUH IRUPHOH GH YLD  OLEHUH HFRQRPLD GH SLD  úL

QHFHVLW LOH VRFLDOH DOH VRFLHW LL PRGHUQH 0RWRUXO HFRQRPLHL GH SLD  VRFLDO  FDUH D UH]XOWDW GLQ DFHDVW 

VLQWH]  IRUPHD]  FDSDFLWDWHD GH vQWUHFHUH SRVLELO  DVLJXUDW  GH SROLWLFD VWDWXOXL $FHDVW  FDSDFLWDWH GH

vQWUHFHUHIDYRUL]HD] SURJUHVXOWHKQLFúLFUHHD] FRQGL LLOHSHQWUXRFUHúWHUHHFRQRPLF úLFUHúWHUHDEXQ VW ULL

JHQHUDOH $O WXUL GH DVLJXUDUHD vQWUHFHULL FUHúWHUHD HFRQRPLF  VH QXP U  SULQWUH VFRSXULOH SULQFLSDOH DOH
SROLWLFLLHFRQRPLFHDVWDWXOXL6WDWXOWUHEXLHV VHvQJULMHDVF GHFRQGL LLIDYRUDELOHGHGH]YROWDUH

3URFHVXO HFRQRPLF WUHEXLH V  ILH LPSXOVLRQDW PDL GHSDUWH GH LQL LDWLYD SDUWLFXODU  D SURGXF WRULORU

RIHUWDQ LORU VROLFLWDQ LORU úL FRQVXPDWRULORU 'UHSWXO OD SURSULHWDWHD SDUWLFXODU  úL SUHOXDUHD U VSXQGHULL

SHUVRQDOHIRUPHD] HOHPHQWHGHGHFL]LH

&DUDFWHUXO VRFLDO FRQVW  vQ DFHHD F  HFRQRPLD GH SLD  WUHEXLH OLPLWDW  vQ DFHOH GRPHQLL vQ FDUH HD

IDYRUL]HD]  XUP UL VRFLDOH QHGRULWH (FRQRPLD GH SLD  FXSULQGH QX QXPDL DFHL RDPHQL FDUH SRW V 

DOF WXLDVF SULQFDSDFLW LGHSLD PLMORDFHOHSHQWUXDF LXQLOHGHFXPS UDUHQHFHVDUHúLSHQWUXXQVWDQGDUGGH

YLD GHWHUPLQDWVRFLDO)DFWRUXOHFRQRPLFWUHEXLHV ILHvQFDGUDWvQWUXQFDGUXVRFLDOLDUSROLWLFDHFRQRPLF 

VROLFLW FRPSOHWDUHDSULQSROLWLFDVRFLDO 

'RPHQLLSUHFLVHDOHYLH LLWUHEXLHUHJOHPHQWDWHvQDIDUDHFRQRPLHLGHSLD 5HSDUWL]DUHDYHQLWXOXLúLD

DYHULL WUHEXLH FRUHFWDW  vQ VHQVXO XQHL MXVWH L VRFLDOH $LFL WUHEXLH V  VH Q ]XLDVF  VSUH R PDL PDUH VLPHWULH

VRFLDO  0HPEUL DL VRFLHW LL FX R VLWXD LH HFRQRPLF  úL VRFLDO  E WUkQL FRSLL LQYDOL]L EROQDYL úRPHUL

WUHEXLHVFVSULMLQL LGHVRFLHWDWH6XQWDEVROXWQHFHVDUHP VXULOHSHQWUXUHFDOLILFDUHDIRU HLGHPXQF 7UHEXLH

DVLJXUDW DS UDUHDFRQVXPDWRUXOXLúLDLQIRUPD LLORUvQDúDIHOFDWR LFHW HQLLV LDSDUWHDFWLYODIHQRPHQXO

GHSLD 

0DLPXOWHGRPHQLLVXQWUHWUDVHLQL LDWLYHLSDUWLFXODUHYDOXWDUDGLRXOWHOHYL]RUXOLQVWUXLUHDPRGXOGH

FLUFXOD LH vQY PkQWXO VXSHULRU DJULFXOWXUD SURWHMDUHD HQHUJLHL 3ROLWLFD HFRQRPLF  D VWDWXOXL WUHEXLH V 

DVLJXUHVWDELOLWDWHDPRQHWDU úLV VHvQJULMHDVF GHRFUHúWHUHHFRQRPLF SHFkWSRVLELO I U WHQVLXQH

5HDOL]DUHD IXQF LRQDUHD úL úDQVHOH GH YLLWRU DOH HFRQRPLHL GH SLD  VRFLDO  GHSLQG GH QXPHURDVH

UHSUH]HQW UL

 / UJLUHDSHFkWSRVLELODPRGHOHORUGHRUGLQHDHFRQRPLHLGHSLD VRFLDO vQFRQúWLLQ DSXEOLF vQ

OHJ WXU  FX FRQYLQJHUHD FDSDFLW LL úL VXSHULRULW LL DFHVWXL VLVWHP HFRQRPLF $LFL HVWH QHFHVDU  R

PXQF VSHFLDO GHLQVWUXLUHúLGHLQIRUPDUH

 )RU HSROLWLFHFkWPDLFXSULQ] WRDUHúLGHLQIOXHQ vQVRFLHWDWHFDUHV LQWHUYLQ vQSULPXOUkQGvQ

GRPHQLXOSROLWLFSHQWUXUHDOL]DUHDúLDVLJXUDUHDHFRQRPLHLGHSLD VRFLDO 

 8QHFKLOLEUXDOSXWHULORUVRFLRHFRQRPLFHvQVSHFLDOvQWUHvQWUHSULQGHULúLVLQGLFDWH6XSUDSRQGHUHD

SXWHUQLF DXQXLJUXSGHSXWHUHUHVSHFWLYDXQHLWDEHUHGHLQWHUHVHSRDWHV FRQGXF ODSXQHUHDvQ

SHULFRODVWDELOLW LLVLVWHPXOXL

 8Q VWDW PDL SXWHUQLF FDSDELO GH DF LXQH FDUH JDUDQWHD]  OHJDOLWDWHD úDQVHORU DVLJXU  FRQGL LLOH GH

YLD DSHQWUXFHLRURSVL LGHOLPLWHD] PDLGHSDUWHFRQGL LLOHFDGUXSHQWUXPRGHODUHDFRQVXPXOXLúL

SHQWUXXQPRGHOHFRQRPLFFDUHSURWHMHD] PHGLXO

 6LQGLFDWHOH úL PDQDJHULL FDUH QX XUP UHVF QXPDL LQWHUHVHOH ORU SDUWLFXODUH FL úL HOHPHQWH

H[WHULRDUHDF LXQLORUSURSULLWUHEXLHV PDQLIHVWHSHFkWHVWHSRVLELOU VSXQGHULúLSHQWUXSUREOHPH

HFRORJLFHVRFLDOHúLHFRQRPLFH

 7UHEXLH V  VH DVLJXUH PXQFLWRUL ELQH LQVWUXL L FDSDELOL FDUH VH SRW DGDSWD FDUH GDX GRYDG  GH

IOH[LELOLWDWH FDUH FUHHD]  R SDUWH D YHQLWXOXL SURGXFWLY vQ IDYRDUHD XQHL vPS U LUL HFKLOLEUDWH D

EXQXULORU FDUH OXSW  SHQWUX PDL PXOWH GUHSWXUL MXULGLFH SHQWUX VHPHQLL ORU FDUH LQ FRQW GH

U VSXQGHUHDVRFLDO 

 2 DOW  FRQGL LH SHQWUX YLDELOLWDWHD HFRQRPLHL GH SLD  VRFLDOH HVWH PDQLIHVWDUHD FRQVXPDWRULORU

ELQH LQIRUPD L LQVWUXL L FDUH DX U VSXQGHUH HFRORJLF  úL VRFLDO  úL SDUWLFLS  DFWLY OD SLD  SULQ

SR]L LDORUGHSXWHUHVXYHUDQ úLDXWRQRP 

 7UHEXLHV PHQ LRQ PF HFRQRPLDGHSLD VRFLDO SRDWHV VXSUDYLH XLDVF QXPDLvQFDGUXOXQHL

VRFLHW L D F UHL VWUXFWXU  YHUWLFDO  QX FRQ LQH QXPDL FDVWH VW UL VDX FODVH PDL PXOW DFHDVW 

VWUXFWXU  WUHEXLH V  ILH vQ IXQGDPHQWDUHD HL GHVFKLV  úL SHUPHDELO  V  SHUPLW  LQGLYLGXOXL

PDQLIHVWDUHDFDSDFLW LLúDQVHGHDYDQVDUHúLGHFkúWLJFXXQFXYkQWúDQVHGHYLD 

ÌQ FRQFOX]LH VH SRDWH PHQ LRQD F  úL HFRQRPLD GH SLD  VRFLDO  DVLJXU  LQGLYLGXOXL úL IRUPD LXQLORU

HFRQRPLFH XQ FDGUX SHQWUX FRPSRUWDPHQW  FRQFXUHQ LDO (JRLVPXO LQWHUHVHOH SDUWLFXODUH úL DF LXQHD

vQGUHSWDW XQXLVFRSUD LRQDOVHSRWGH]YROWDúLFRQVWLWXLIRU HPRWULFHSHQWUXGH]YROWDUHDHFRQRPLF ùDQVHOH

GH YLLWRU DOH HFRQRPLHL GH SLD D VRFLDO  VXQW FX DWkW PDL PDUL FX FkW DF LRQHD]  PDL PXOW U VSXQGHUHD

HFRORJLFRVRFLDO vQUD LRQDOLWDWHDDF LXQLORUVXELHFWXOXLHFRQRPLF

(FRQRPLDFHQWUDOL]DW 

(FRQRPLD FHQWUDOL]DW  VSUH GHRVHELUH GH HFRQRPLD GH SLD  UHSUH]LQW  XQ VLVWHP HFRQRPLF vQ FDUH

HFRQRPLDvQWRWDOLWDWHDHLHVWHFRQGXV úLGLULMDW GHRDXWRULWDWHGHSODQGXS XQSODQFHQWUDO

(OHPHQWH GH UHSUH]HQWDUH D XQHL HFRQRPLL FHQWUDOL]DWH SODQLILFDWH OH J VLP vQ VHFROXO ;9,,, OD

VRFLDOLúWLLXWRSLFLÌQFDGUXOVRFLDOLVPXOXLúWLLQ LILFQXHVWHPHQ LRQDWXQDVWIHOGHFRQFHSWGDU0DU[úL(QJHOV

DXDYXWUHIHULULLQGLUHFWHODDFHDVW SUREOHP DHFRQRPLHLSODQLILFDWHFHQWUDOL]DWHSULQFULWLFDORUFXSULYLUHOD

³$QDUKLDPRGXOXLGHSURGXF LHFDSLWDOLVW´
ÌQ SULPXO U ]ERL PRQGLDO VDX OXDWvQXQHOHGLQ ULOHSDUWLFLSDQWHP VXULGHHFRQRPLHSODQLILFDW &D

XUPDUHDEORFDGHLGHU ]ERLvQFHSXW GH$QJOLDvQDIRVWQHFHVDUFD,PSHULXO*HUPDQGLQDFHDSHULRDG 

V vQWUHSULQG P VXULSHQWUXRHFRQRPLHGHU ]ERLGLULMDW úLFRQWURODW GHVWDW$FHDVW HFRQRPLHGHU ]ERL

GH]YROWDW  vQ *HUPDQLD D UHSUH]HQWDW R FRQWULEX LH OD R HFRQRPLH SODQLILFDW  FRRUGRQDW  GH VWDW &KLDU OD

VFXUW WLPS GXS  U ]ERL XQHOH SHUVRQDOLW L GLQ DFHDVW  DU  DX DYXW LGHHD GH D PHQ LRQD SUREOHPD XQHL

HFRQRPLL SODQLILFDWH vQWUXQ PHPRULX vQ FDUH VH PDQLIHVW  Q ]XLQ D vQO WXU ULL HFRQRPLHL GH FRQFXUHQ 

SUHFXPúLD³SURGXF LHLDQDUKLFH´FXWRDWHFRQVHFLQ HOHHL

(FRQRPLD FHQWUDOL]DW  D IRVW UHDOL]DW  SHQWUX SULPD GDW  vQ 5XVLD $LFL D IRVW ULGLFDW  SODQLILFDUHD

FHQWUDO  D HFRQRPLHL GH F WUH FRQGXFHUHD WRWDOLWDU  D SDUWLGXOXL FRPXQLVW UHSUH]HQWDQW  GH /HQLQ úL DSRL GH

6WDOLQODRGRJP SROLWLFRLGHRORJLF 

0DUHD FUL]  HFRQRPLF  GLQ  D GXV vQ PXOWH UL QHFRPXQLVWH OD DSDUL LD vQGRLHOLL FX SULYLUH OD

IRU HOHGHDXWRvQV Q WRúLUHúLGHRUGLQHDOHHFRQRPLHLGHSLD DDvQWUHSULQGHULORU&DXUPDUHDDFHVWHLVLWXD LL

DX IRVW I FXWH SURSXQHUL GH UHIRUPH OHJDWH GH SODQLILFDUH 3HQWUX ELUXLUHD FUL]HL HFRQRPLFH úL SHQWUX

vPEXQ W LUHD FRQGL LLORU VRFLDOH )'5RRVHYHOW D vQFHSXW vQ DQXO  FX SROLWLFD VD GH 1HZ  'HDO R QRX 

H[WLQGHUHDDFWLYLW LLVWDWDOHúLVXSUDYHJKHUHDXQXLPDUHVHFWRUDOYLH LLHFRQRPLFHÌQFDGUXOP VXULORUVHSRW

PHQ LRQDRQRX UHFRQVWUXF LHQD LRQDO vQIDYRDUHDLQGXVWULHLFRQWUROXOFRQGL LLORUGHPXQF úLDVDODULXOXL

UHDOL]DUHDXQHLDVLJXU ULGHVWDWSHQWUXPXQFLWRULDVSHFWXOPXQFLLvQvQWUHSULQGHULOHFRRUGRQDWHGHVWDW

ÌQ SHULRDGD FHOXL GH DO ³WUHLOHD 5HLFK´   D IRVW LPSXOVLRQDW  vQ *HUPDQLD R HFRQRPLH GH

SODQ SDU LDO  OD VROLFLWDUHD VFRSXULORU vQDUP ULL QD LRQDOVRFLDOLVWH (FRQRPLD GH U ]ERL vQWLPSXOFHOXLGHDO

GRLOHD U ]ERL PRQGLDO D FRQGXV OD DFHHD F  HFRQRPLLOH SDU LDOH GH SODQ vPEUDF  GLQ FH vQ FH PDL PXOW

WU V WXULOH FHQWUDOL]DWRDUH &X WRDWH DFHVWHD VD S VWUDW SULQFLSLXO SURSULHW LL SULYDWH DVXSUD PLMORDFHORU GH

SURGXF LH

'XS FHOGHDOGRLOHDU ]ERLPRQGLDODDYXWORFRODUJ GH]YROWDUHDSODQLILF ULLFHQWUDOHSHFDUHIRVWD

8QLXQH 6RYLHWLF  SULQ VLVWHPXO HL GH FRQGXFHUH FHQWUDOL]DW  D HFRQRPLHL D LPSXVR vQ WRDWH ULOH GLQ HVWXO

(XURSHL3ULQPDQLIHVW ULOHFRQFUHWHDOHHFRQRPLHLFHQWUDOL]DWHDXDS UXWVXELQIOXHQ DQHFHVLW LORUQD LRQDOH

úLHYHQLPHQWHORUSROLWLFHQXDQ HúLYDULD LXQLSUHFLVH

(FRQRPLD FHQWUDOL]DW  FXSULQGH XQ DSDUDW LHUDUKLF GH FRQGXFHUH úL FRQWUROXO FDUH SULQ GLVSR]L LL

RUGRQDWH úL P VXUL ULJLGH GH FRQVWUkQJHUH VXERUGRQHD]  vQ UHDOL]DUHD SODQXOXL vQWUHSULQGHUL úL RDPHQL

(FRQRPLDSODQLILFDW FHQWUDOL]DW HVWHGHVHPQDW FDRHFRQRPLHGHFRPDQG UHVSHFWLYGHRUGLQH

&RQGXFHUHD LQVWLWX LRQDOL]DUHD úL MXULVGLF LD XQHL HFRQRPLL FHQWUDOL]DWH SODVHD]  OD ED]D FDUDFWHUXOXL

DFHVWXL VLVWHP HFRQRPLF R FRQGXFHUH SROLWLF  VWDELO  GLFWDWRULDO  ELURFUDWLF  ÌQ FHQWUXO DFHVWHL RUGLQH GH

GRPLQD LHVHJ VHúWHXQVWDWSXWHUQLFFDUHFRQWUROHD] WRDWHGRPHQLLOHYLH LLVRFLDOH

(FRQRPLD FHQWUDOL]DW  HVWH vPSOHWLW  FX R RUGLQHGHGRPLQD LHGLFWDWRULDO ELURFUDWLF FDUHDF LRQHD] 

vQ GHIDYRDUHD GH]YROW ULL IRU HORU HFRQRPLFH /LEHUWDWHD GH DDOHJHSURIHVLDH[HUFLWDUHDSURIHVLHLOLEHUWDWHD

FRQVXPXOXLVXQWvQPDUHP VXU UHVWUkQVH3URPRYDUHDSURIHVLRQDO úLúDQVHOHGHFUHúWHUHDFRQVXPXOXLVXQW

OHJDWHGHRDFRPRGDUHSROLWLFRLGHRORJLF 3ODQXULOHDYDQVDWHODFHQWUXúLELURFUD LDvPSLHGLF LQL LDWLYDXQHL

HFRQRPLL GLQDPLFH úL OD IHO D XQHL FRQGXFHUL GLQDPLFH D vQWUHSULQGHULL 2SULPDUHD FDUH UH]XOW  GLQ RUGLQHD

GLFWDWRULDO   WRWDOLWDU  GH GRPLQD LH vQ SULYLQ D LGHLORU FULWLFH SUHFXP úL VXSULPDUHD H[SULP ULL OLEHUH D

JkQGLULL DF LRQHD]  DVXSUD FUHDWLYLW LL VSLULWXOXL GH LQL LDWLY  ÌQ ORFXO DFHVWRUD VH PDQLIHVW  UHVHPQDUHD

DOFRROLVPXOFDDWLWXGLQLúLPRGXULGHFRPSRUWDPHQW

Você também pode gostar