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HQIDWL]D TXH D pWLFD FULVWm GL] UHVSHLWR DR FRUDomR GR
KRPHPSRUTXHGHOHSURFHGHPjVIRQWHVGDYLGD3Y
HFRPRLPDJLQDHPVXDDOPDDVVLPRp3Y
7RPHPRV FRPR EDVH R VpFXOR ;;, 3DUD TXH
SRVVDPRVUHODFLRQDUDeWLFDDRXVRGDVUHGHVVRFLDLVFDGD
YH]PDLVIUHTXHQWHVHSUHFRFHVHID]QHFHVViULRHQWHQGHU
VHX SURSyVLWR SDUD TXH GH PDQHLUD FRUUHWD SRVVDPRV
DERUGiOR
2REMHWLYRGDVUHGHVVRFLDLVpMXQWDUXPJUXSRGH
SHVVRDVTXHHVWHMDPLQWHUOLJDGDVSRUXPRXPDLVIDWRUHV
HP FRPXP RX VHMD iUHDV LQIRUPDo}HV SURGXWRV
VHUYLoRVHFXULRVLGDGHVHPFRPXP7HQGRHPYLVWDRPHLR
GH FRPXQLFDomR PDLV XWLOL]DGR HP UHODomR jV PtGLDV
VRFLDLVH[LVWHQWHVVHGHVWDFDR)DFHERRNXPDUHGHGH
UHODFLRQDPHQWRV RQGH HP VXD SODWDIRUPD p SHUPLWLGR j
SXEOLFDomRGHWH[WRVIRWRVHFRPSDUWLOKDPHQWRGHLQIRUPD
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RQOLQH
FHUWL¿FDGR
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(VFROD'RPLQLFDO
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DSDUWLUGH5
KWWSIDHFDGFRPEUVLWHH[WHQVDRFXUVRV
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WLYRV HQWUH XVXiULRV VHP TXDOTXHU DQiOLVH SUpYLD GRV
LQIRUPDWLYRVHPTXHVWmR
(QWHQGHVH TXH HVWD IHUUDPHQWD WUD] XPD
DSUR[LPDomRUiSLGDHVXSHU¿FLDOHQWUHVHXVXVXiULRVSRUpP
VHID]QHFHVViULRjFRPSUHHQVmRGHTXDQGRFRPRHRQGHVH
XWLOL]DUGHODSDUDTXHVHMDH[WUDtGRGHPDQHLUDSRVLWLYDRTXH
iGHPHOKRUQHVVHVDSOLFDWLYRV
(P +HEUHXV OHPRV D UHVSHLWR GR SRGHU GDV
(VFULWXUDV 6DJUDGDV GHVFUHYHQGR VXD FDSDFLGDGH GH
GLVFHUQLURVSHQVDPHQWRVHLQWHQo}HVGRFRUDomRGRKRPHP
9HPRVDTXLXPFDPLQKRSDUDLQÀXHQFLDUXPDJHUDomRTXH
WHPSHUGLGRVXDLGHQWLGDGHSRUFRQWDGHXPDIDOVDOLEHUGDGH
GH QDYHJDomR RQGH R LQGLYtGXR SRGH VHU R TXH GHVHMDU
XWLOL]DQGRVH GH DSDUDWRV YLUWXDLV SDUD VHU LQVHULGR HP
GHWHUPLQDGR JUXSR H QmR DWHQWDQGR SDUD D GLYHUJrQFLD GH
YDORUHV GHL[DQGR HQWmR j pWLFD H D PRUDO FRPR IDWRU
VHFXQGiULRSDUDGHWHUPLQDUDVXDLQFOXVmR
4XDQWR FULVWmRV H SUDWLFDQWHV GH XPD pWLFD QmR
¿ORVy¿FD SRUpP XPD pWLFD IXQGDPHQWDGD QDV YHUGDGHV
EtEOLFDV 9HPRV HP 0DWKHXV D QHFHVVLGDGH GR
HQVLQDPHQWRSDUDRFUHVFLPHQWRGHXPDVRFLHGDGHRUGHLUDH
VDXGiYHORTXHGHIDWRLUiWUD]HUQDVSUiWLFDVLQGLYLGXDLVR
GLVFHUQLPHQWRHQWUHRFHUWRHRHUUDGRHQWUHRTXHpERPHR
TXHpPDX
3DUD HVWH ¿P DSOLTXHPRV HQWmR R PpWRGR GR
GLVFLSXODGRHQVLQDUDREVHUYDUGHVFULWRHP5RPDQRV
UHODFLRQDQGRSUDWLFDVHUHVXOWDGRVGHQWURGHXPSHUtPHWUR
pWLFRHPRUDOSDUDTXHRLQGLYtGXRDVHUWUDEDOKDGRSRVVD
LGHQWL¿FDU HP VHXV DWRV RV SDGU}HV DFHLWiYHLV GHQWUR GR
FRQWH[WRVRFLDOHPTXHVHUHODFLRQD
'H¿QLQGRRVHXFDUiWHUGHIRUPDFODUDHYHUGDGHLUD
VHPVRIUHULQÀXrQFLDVH[WHUQDVDQWHDVVXDVGHFLV}HV