GHQWDORQDFLRQDOLVPRIRLUHHODERUDGRQRFRQWH[WRGDVUHVLVWrQFLDVHDFDERXSRULQIOXHQFLDU

DPRGLILFDomRGDSUySULDHVWUXWXUDLQWHUQDGHVVDVVRFLHGDGHV'HVVDPDQHLUDRFRORQLDOLVPR
FRQWULEXLXSDUDGHVDUWLFXODURVDQWLJRVLPSpULRVTXHGRPLQDYDPRXSHORPHQRVDPHDoDYDP
D LQGHSHQGrQFLD GH RXWURV SRYRV FRPR R ,PSpULR &KLQrV 1D &KLQD R FRORQLDOLVPR
HQIUDTXHFHXQmRVRPHQWHR,PSpULR&KLQrVPDVWDPEpPDDQWLJDGLQDVWLDHVWUDQJHLUDGRV
PDQFKXVRULXQGRVGDYL]LQKD0DQFK~ULD$VVLPDH[SDQVmRFRORQLDOGRVpFXOR;,;WHYH
FRQH[}HV SURIXQGDV FRP R SURFHVVR GH GHVDJUHJDomR GD ³YHOKD RUGHP´ GDV VRFLHGDGHV
WUDGLFLRQDLVGRVSRYRVFRQTXLVWDGRVHFRORQL]DGRVEHPFRPRDHPHUJrQFLDGRQDFLRQDOLVPR
HQWUHHVVHVSRYRV

'H XP PRGR JHUDO SRGHVH DILUPDU TXH DV UHYROWDV H OHYDQWHV DQWLFRORQLDOLVWDV GR
SHUtRGR HQWUH  H  LPSXVHUDP LPSRUWDQWHV UHYHVHV DR FRORQLDOLVPR HXURSHX VHP
FRQWXGR EDUUDUOKH R FDPLQKR FRP DV H[FHo}HV YLWRULRVDV GD (WLySLD H GR -DSmR
3URGX]LUDPHPDOJXQVFDVRVSHVDGDVSHUGDVKXPDQDVDRVHXURSHXVFRPRQRFDVRGRV
KRODQGHVHVQD6XPDWUDDWXDO,QGRQpVLDGRVEULWkQLFRVQD%ULWkQLDDWXDO0\DQPDUHGRV
DPHULFDQRVQDV)LOLSLQDV

&HUWDPHQWHRVSDtVHVFRORQLDOLVWDVHXURSHXVSURYRFDUDPGHVWUXLo}HVHPPXLWRVSRYRV
FXOWXUDVH(VWDGRVGDÈIULFDH2FHDQLDRTXHFXVWRXPLOKDUHVGHYLGDV1RHQWDQWRpSUHFLVR
UHFRUGDUTXHRFRORQLDOLVPRQmRIRLSULYLOpJLRGRVHXURSHXVRXGRHQWmRFKDPDGR³KRPHP
EUDQFR´ 2 -DSmR TXH HP PHDGRV GR VpFXOR ;,; IRL FRELoDGR SHOD *Um%UHWDQKD H SHORV
(8$FRQVHJXLXFRPRIRLUHIHULGRQRILPGRVpFXORSDVVDUSRUXPPRYLPHQWRUHIRUPLVWDD
5HVWDXUDomR 0HLML (VVH PRYLPHQWR QmR DSHQD HYLWRX D VXD GRPLQDomR FRPR WDPEpP
WUDQVIRUPRRMDSmRQXPSDtVFRORQLDOLVWDTXHQRV~OWLPRVDQRVGRVpFXOR;,;HQRLQtFLRGR
VpFXOR ;; WRUQRXVH XPD DPHDoD DRV LQWHUHVVHV HXURSHXV H VREUHWXGR DPHULFDQRV R
([WUHPR2ULHQWHH2FHDQLD

3RUWDQWR R PyYHO GD H[SDQVmR FRORQLDOLVWD QmR IRL VLPSOHVPHQWH R GHVHMR GH
GRPLQDomRGRVHXURSHXVPDVVLPDWUDQVIRUPDomRSHODTXDOSDVVRXRFDSLWDOLVPRQRILPGR
VpFXOR ;,; 2 TXH GLIHUHQFLD R FRORQLDOLVPR UHDOL]DGR SHORV SDtVHV FDSLWDOLVWDV DYDQoDGRV
HXURSHXVRXQmRFRPR-DSmRH(8$GDTXHOHVHPSUHHQGLGRQHVVDPHVPDpSRFDSRURXWURV
(VWDGRV DIULFDQRV H DVLiWLFRV VmR EDVLFDPHQWH RV LQWHUHVVHV GD H[SDQVmR GR PHUFDGR
FDSLWDOLVWDVREUHRVPDLVGLVWDQWHVSRYRVGD7HUUD$UHVLVWrQFLDTXHHVVHVSRYRVRIHUHFHUDP
DRFRORQLDOLVPRGHPRGRJHUDOQmRFRQVHJXLXEDUUDUHVVDH[SDQVmRPDVFRQWULEXLXSDUD
GHILQLUDVFRQGLo}HVHPTXHFDGDSRYRHWQLDRX(VWDGRVHLQVHULXQHVVHPHUFDGRPXQGLDO

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