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N   $SUHVHQWDomR                                                       


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  1. 1. /HLGH 5HVSRQVDELOLGDGH )LVFDO $/HLGH5HVSRQVDELOLGDGH)LVFDO QRRQWH[WRGD5HIRUPDGR(VWDGR LG+HUDFOLWRGH4XHLUR] 0DLRGH $ GLYXOJDomR GHVWH WUDEDOKR VH LQVHUH QR kPELWR GH FRQYrQLR GH FRRSHUDomR WpFQLFD ILUPDGR FRP RV 0LQLVWpULRV GR 3ODQHMDPHQWR H GR 'HVHQYROYLPHQWR H FRP D (1$3 YLVDQGR DSRLDU D LPSODQWDomR GD /HL RPSOHPHQWDU Qž GH LQFOXVLYH SDUD HIHLWR GH DWHQGLPHQWR GR GLVSRVWR HP VHX DUW $V RSLQL}HV DTXL H[SUHVVDV VmR GH H[FOXVLYD UHVSRQVDELOLGDGH GH VHX DXWRU H QmR UHIOHWHP QHFHVVDULDPHQWH D SRVLomR GRV yUJmRV IHGHUDLV (VWH GRFXPHQWR SRGH VHU UHSURGX]LGR HP SDUWH RX LQWHJUDOPHQWH GHVGH TXH GHYLGDPHQWH FLWDGD D IRQWH
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  7. 7. $SUHVHQWDomR $ /HL GH 5HVSRQVDELOLGDGH )LVFDO WUD] XPD PXGDQoD LQVWLWXFLRQDO H FXOWXUDO QR WUDWR FRP R GLQKHLUR S~EOLFR GLQKHLUR GD VRFLHGDGH (VWDPRV JHUDQGR XPD UXSWXUD QD KLVWyULD SROtWLFRDGPLQLVWUDWLYD GR 3DtV (VWDPRV LQWURGX]LQGR D UHVWULomR RUoDPHQWiULD QD OHJLVODomR EUDVLOHLUD $ VRFLHGDGH QmR WROHUD PDLV FRQYLYHU FRP DGPLQLVWUDGRUHV LUUHVSRQViYHLV H KRMH HVWi FDGD YH] PDLV FRQVFLHQWH GH TXH TXHP SDJD D FRQWD GR PDX XVR GR GLQKHLUR S~EOLFR p R FLGDGmR R FRQWULEXLQWH $ LUUHVSRQVDELOLGDGH SUDWLFDGD KRMH HP TXDOTXHU QtYHO GH JRYHUQR UHVXO WDUi DPDQKm HP PDLV LPSRVWRV PHQRV LQYHVWLPHQWRV RX PDLV LQIODomR TXH p R PDLV SHUYHUVR GRV LPSRVWRV SRLV LQFLGH VREUH RV PDLV SREUHV 2 JRYHUQR QmR IDEULFD GLQKHLUR (VWD DILUPDomR SRGH SDUHFHU yEYLD SDUD DOJXQV PDV QmR SDUD DTXHOHV TXH DGPLQLVWUDP FRQWDV S~EOLFDV JDVWDQGR PDLV GR TXH DUUHFDGDP 'HL[DQGR GtYLGDV SDUD VHXV VXFHVVRUHV H DVVXPLQGR FRPSURPLVVRV TXH VDEHP GH DQWHPmR QmR SRGHUmR KRQUDU e HVWH WLSR GH SRVWXUD GDQRVD SDUD R 3DtV TXH p FRLELGD SHOD /HL GH 5HVSRQVDELOLGDGH )LVFDO $ GHFLVmR GH DXPHQWDU JDVWRV LQGHSHQGHQWHPHQWH GH VHX PpULWR SUHFLVD HVWDU DFRPSDQKDGD GH XPD IRQWH GH ILQDQFLDPHQWR $ /HL UHIRUoD RV SULQFtSLRV GD )HGHUDomR *RYHUQDQWHV GH (VWDGRV H 0XQL FtSLRV QmR WHUmR TXH SUHVWDU FRQWDV GH VHXV DWRV DR JRYHUQR IHGHUDO PDV DR VHX UHVSHFWLYR /HJLVODWLYR RX VHMD j FRPXQLGDGH TXH RV HOHJHX 7XGR LVVR VHUi IHLWR GH IRUPD VLPSOLILFDGD SDUD TXH D VRFLHGDGH SRVVD H[HUFHU R VHX GLUHLWR GH ILVFDOL]DomR 2V JRYHUQDQWHV VHUmR MXOJDGRV SHORV HOHLWRUHV SHOR PHUFDGR H VH GHVFXPSULUHP DV UHJUDV VHUmR SXQLGRV -i HQWUDPRV QD HUD GD UHVSRQVDELOLGDGH ILVFDO 7HU XPD SRVWXUD UHVSRQViYHO p GHYHU GH FDGD JRYHUQDQWH 0DUWXV 7DYDUHV 0LQLVWUR GH (VWDGR GR 3ODQHMDPHQWR 2UoDPHQWR H *HVWmR
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  9. 9. SDUD SURSRUFLRQDU DRV PXQL FtSLRV EUDVLOHLURV SRVVLELOLGDGHV GH DSHUIHLoRDU VXD FDSDFLGDGH GH DUUHFD GDomR H DR PHVPR WHPSR LQFUHPHQWDU D TXDOLGDGH GRV VHUYLoRV SUHVWDGRV j SRSXODomR 7DPEpP IRL FULDGR XP VLWH QD ,QWHUQHW KWWSIHGHUDWLYREQGHVJRYEU
  10. 10. SDUD GLYXOJDomR GH LQIRUPDo}HV H HVWDWtVWLFDV VREUH R VHWRU S~EOLFR EHP FRPR SDUD D WURFD GH H[SHULrQFLDV HQWUH DGPLQLVWUDGRUHV S~EOLFRV SHVTXL VDGRUHV RUJDQL]Do}HV QmRJRYHUQDPHQWDLV H HYHQWXDLV LQWHUHVVDGRV HP SROtWLFDV S~EOLFDV RP HIHLWR R %DQFR )HGHUDWLYR WHP SURFXUDGR WUDWDU GRV PDLV YDULDGRV WHPDV UHODFLRQDGRV j )HGHUDomR %UDVLOHLUD FRPR D 5HIRUPD 7ULEXWiULD H D /HL GH 5HVSRQVDELOLGDGH )LVFDO DOpP GH DSUHVHQWDU
  11. 11. LQGLFDGRUHV WULEXWiULRV H ILVFDLV (VWH IyUXP GH GHEDWHV GHPRFUiWLFR H DEHUWR FUHVFHX H VH GLQDPL]RX DWUDYpV GH YiULDV SDUFHULDV FRP RXWURV yUJmRV H LQVWLWXWRV GH SHVTXLVD 0DLV LQIRUPDomR H PDLV WUDQVSDUrQFLD VmR VHP G~YLGD D JDUDQWLD SHUHQH GR HIHWLYR FRQWUROH SRSXODU H GR DSUHQGL]DGR GD FLGDGDQLD )UDQFLVFR 5REHUWR $QGUp *URV 3UHVLGHQWH GR %1'(6
  12. 12. $/HLGH5HVSRQVDELOLGDGH)LVFDOQRRQWH[WRGD 5HIRUPDGR(VWDGR LG +HUDFOLWR GH 4XHLUR] $5()250$'2(67$'2 2 SURSyVLWR GH SURPRYHU D 5HIRUPD GR (VWDGR GH PRGR D TXH R 3DtV DOFDQFH QRYR HVWiJLR GH GHVHQYROYLPHQWR HFRQ{PLFR H UHDOL]H XPD RUGHP VRFLDO PDLV MXVWD SDUHFH VHU XP FRQVHQVR QDFLRQDO 2 DXPHQWR GD ULTXH]D QDFLRQDO H D PHOKRULD QD GLVWULEXLomR GD UHQGD VmR XPD DVSLUDomR GH WRGD D 1DomR XP REMHWLYR QDFLRQDO 1HVVH FDPLQKR D RQVWLWXLomR GH DYDQoRX EDVWDQWH QD SURWHomR GRV GLUHLWRV LQGLYLGXDLV H FROHWLYRV H GRV GLUHLWRV VRFLDLV $YDQoRX WDPEpP QR FDPSR GDV ILQDQoDV S~EOLFDV H QRXWURV SRQWRV 7RGDYLD UHSUHVHQWRX XP UHWURFHVVR QD RUGHP SROtWLFD H HFRQ{PLFD (VVD DUWD FKDPDGD DWp PHVPR GH ´LQIODFLRQiULDµ DPSOLRX R DUFDERXoR SROtWLFRDGPLQLVWUDWLYR GR (VWDGR H R HOHQFR GRV HQFDUJRV HVWDWDLV SURYRFDQGR R DXPHQWR GDV GHVSHVDV S~EOLFDV VREUHWXGR DV IHGHUDLV ULRX XP VLVWHPD WULEXWiULR WRWDOPHQWH GLYRUFLDGR GD GLYLVmR GH HQFDUJRV HQWUH RV WUrV QtYHLV GH JRYHUQR R IHGHUDO R HVWDGXDO H R PXQLFLSDO H TXH QmR SRVVXL DV FRQGLo}HV HVVHQFLDLV ² D TXH VH UHIHUH R 3URI %HUQDUGR 5LEHLUR GH 0RUDHV ² GH VXILFLrQFLD FDSDFLGDGH GH SURGX]LU D UHQGD DGHTXDGD
  13. 13. HODVWLFLGDGH FDSDFLGDGH GH SURGX]LU PDLRU UHQGD VH QHFHVViULR
  14. 14. H IOH[LEL OLGDGH FDSDFLGDGH GH VH DGDSWDU UDSLGDPHQWH jV H[LJrQFLDV GR PRPHQWR
  15. 15. 0DQWHYH RV PRQRSyOLRV HVWDWDLV HQWmR H[LVWHQWHV 3RU VHU PLQXFLRVD H FRQVLGHUDGD D PDLV GHWDOKDGD GR PXQGR D QRYD DUWD HQWUDYRX R SURFHVVR GH PRGHUQL]DomR GR 3DtV HP SOHQD HUD GD LOLPLWDGD YHORFLGDGH GD LQIRU PiWLFD $GYRJDGR H H[3URFXUDGRU*HUDO GD )D]HQGD 1DFLRQDO
  16. 16. $ RQVWLWXLomR GH IRL HODERUDGD FRPR XPD HVSpFLH GH UHVSRVWD UDGLFDO GD QRYD GHPRFUDFLD j DXWRFUDFLD GD DUWD GH DSyV D (PHQGD Qº GH GHVSUH]DQGR RV FRQVWLWXLQWHV D OLomR GH XP OtGHU VRFLDOLVWD LQVXVSHLWR -RmR 0DQJDEHLUD ´XPD RQVWLWXLomR VDOYR D KLSyWHVH GD YLWyULD GH XPD UHYROXomR VRFLDO VHUi VHPSUH XPD IyUPXOD GH HTXLOtEULR H WUDQVDomR HQWUH LGpLDV FRUUHQWHV H LQWHUHVVHV TXH DWXDP QXP PHLR VRFLDO GHWHUPLQD GRµ DGX]LQGR R LOXVWUH MXULVWD TXH ´D FRPHoDU SHOD PDLV DQWLJD WXGR QD RQYHQomR GD )LODGpOILD IRL WUDQVLJrQFLD HFOHWLVPR H FRQFLOLDomRµ ([HPSOR GHVVH UDGLFDOLVPR IRL R UHS~GLR DR GHFUHWROHL XWLOL]DGR HP RXWURV SDtVHV SDUD FHGHU OXJDU j PHGLGD SURYLVyULD LQVWUXPHQWR OHJLVODWLYR TXH Gi DR ([HFXWLYR SRGHUHV YHUGDGHLUDPHQWH GLWDWRULDLV 3RU LVVR PHVPR R *RYHUQR H D FODVVH SROtWLFD FRQYHQFHUDPVH GH TXH R SURMHWR QDFLRQDO PDLV LPSRUWDQWH GHYHULD VHU R GDV UHIRUPDV 7UDWDYDVH QD UHDOLGDGH GH UHIRUPDU D RQVWLWXLomR H HGLWDU QRYDV OHLV QRV FDPSRV SROtWLFR DGPLQLVWUDWLYR SUHYLGHQFLiULR WULEXWiULR H ILQDQFHLUR GH PRGR D DMXVWDU R 3DtV jV SUySULDV H[LJrQFLDV GD VRFLHGDGH EUDVLOHLUD TXH QD ~OWLPD GpFDGD DPSOLRX DFHQWXDGDPHQWH RV VHXV FRQKHFLPHQWRV VREUH RV QtYHLV H DV FRQGLo}HV GH YLGD QRV SDtVHV GHVHQYROYLGRV VHMD SHOR WXULVPR VHMD SHOD HPLJUDomR VHMD SHOD SDUWLFLSDomR HP FXUVRV H VHPLQiULRV RX HP DWLYLGDGHV SURILVVLRQDLV QR H[WHULRU VHMD VREUHWXGR SHOD WHOHYLVmR YLD VDWpOLWH H SHOD LQWHUQHW 'LDQWH GHVVH TXDGUR R JRYHUQR DFHUWDGDPHQWH GHX LQtFLR D XP SURFHVVR GH UHIRUPDV KHJRX D FULDU XP 0LQLVWpULR SDUD D 5HIRUPD GR (VWDGR $ PDLV UHOHYDQWH GDV UHIRUPDV VHULD D SROtWLFD DVVLP HQWHQGLGD D UHIRUPD GD RUJDQL]DomR GR (VWDGR )HGHUDO H D UHIRUPD GD RUJDQL]DomR GRV 3RGHUHV $R PHVPR WHPSR UHYHODYDPVH LQGLVSHQViYHLV D PRGLILFDomR GH GLVSRVLo}HV FRQVWLWXFLRQDLV UHODWLYDV j RUGHP HFRQ{PLFD PRQRSyOLRV HV WDWDLV
  17. 17. j SUHYLGrQFLD VRFLDO H DR VLVWHPD WULEXWiULR EHP DVVLP D LPSOH PHQWDomR GD OHL FRPSOHPHQWDU SDUD UHJXODU DV GLVSRVLo}HV UHIHUHQWHV jV ILQDQoDV S~EOLFDV $ UHIRUPD GD RUJDQL]DomR GR (VWDGR HQYROYHULD D UHYLVmR H D FODUD GHILQLomR GRV HQFDUJRV DIHWRV j 8QLmR DRV (VWDGRV H DRV 0XQLFtSLRV H D TXHVWmR GD PXOWLSOLFLGDGH GH PXQLFtSLRV FULDGRV D JUDQHO QD YHUGDGH SDUD SURSLFLDU QRYRV PDQGDWRV OHJLVODWLYRV H H[HFXWLYRV H PDLV FDUJRV S~EOLFRV SDUD RV DSDQLJXDGRV GR SRGHU )DODVH KRMH HP PXQLFtSLRV SHQVLRQLVWDV
  18. 18. LVWR p RV TXH YLYHP j FRQWD GD SHQVmR GRV LPSRVWRV IHGHUDLV H HVWDGXDLV $ UHIRUPD KDYHULD DLQGD GH UHGX]LU D SUHVHQoD H[FHVVLYD GR HVWDGR QD YLGD GRV FLGDGmRV H D UHJXODPHQWDomR LPRGHUDGD $ UHIRUPD GD RUJDQL]DomR GRV 3RGHUHV HQYROYHULD D UHYLVmR GD HVWUXWXUD H GR IXQFLRQDPHQWR GR /HJLVODWLYR GR ([HFXWLYR H GR -XGLFLiULR H D UHDYDOLDomR GD SRVLomR GR 0LQLVWpULR 3~ELFR H VXD LQWHJUDomR D XP GHOHV SDUD TXH QmR VH YLROHQWH R FOiVVLFR SULQFtSLR GD WULSDUWLomR H VHSDUDomR GRV SRGHUHV GHOLQHDGD SRU $ULVWyWHOHV IRUPXODGD SRU /RFNH H DSHUIHLoRDGD SRU 0RQWHVTXLHX TXH QR GL]HU GH 0DGLVRQ ´p R RUiFXOR VHPSUH FRQVXOWDGR H FLWDGR D UHVSHLWRµ 7RGDYLD D ~QLFD PHGLGD FRQFUHWL]DGD IRL D SHUPLVVmR SDUD D UHHOHLomR GR 3UHVLGHQWH GD 5HS~EOLFD GRV *RYHUQDGRUHV H GRV 3UHIHLWRV PXQLFLSDLV 1R TXH VH UHIHUH DR /HJLVODWLYR D UHIRUPD WHULD GH HQFRQWUDU VROXomR SDUD R JUDYH SUREOHPD GD EDL[D OHJLWLPLGDGH GD QRVVD UHSUHVHQWDomR SROtWLFD VHQGR FRJLWDGD D LQWURGXomR GR ´YRWR GLVWULWDOPLVWRµ SDUD DSUR [LPDU R HOHLWRU H RV FDQGLGDWRV H UHGX]LU D LQIOXrQFLD GR SRGHU HFRQ{PLFR QDV HOHLo}HV SURSRUFLRQDLV H GD ´FOiXVXOD GH EDUUHLUDµ SDUD HYLWDU D SUROL IHUDomR GRV SDUWLGRV SROtWLFRV EHP DVVLP D VXSUHVVmR GD ILJXUD GR VXSOHQWH GH 6HQDGRU TXH QmR UHFHEH R VXIUiJLR GLUHWR GR HOHLWRU 6HULD QHFHVViULR DLQGD UHGX]LU R WDPDQKR GDV UHSUHVHQWDo}HV GR SRYR VREUHWXGR QDV DVVHPEOpLDV HVWDGXDLV H QDV FkPDUDV PXQLFLSDLV H[WLQJXLU D ILJXUD GR WHUFHLUR 6HQDGRU GH FDGD (VWDGR KHUDQoD GR FKDPDGR ´DXWRULWDULVPRµ H UHVWDEHOHFHU D JUDWXLGDGH GR PDQGDWR GH 9HUHDGRU QRV PXQLFtSLRV GH SHTXHQR SRUWH DWp SDUD HVWLPXODU DV YHUGDGHLUDV YRFDo}HV SROtWLFDV $ 5HIRUPD GR /HJLVODWLYR WHULD DLQGD GH DIDVWDU D LQVWDELOLGDGH MXUtGLFD GRV GLDV DWXDLV GHULYDGD GH XPD OHJLVODomR WRUUHQFLDO FRP PXLWDV HPHQGDV FRQVWLWXFLRQDLV H FHQWHQDV GH PHGLGDV SURYLVyULDV H VXDV UHHGLo}HV FRP DOWHUDo}HV D WRGR LQVWDQWH R TXH FRQIXQGH R SRYR FDXVD SHUSOH[LGDGH j FRPXQLGDGH MXUtGLFD DIDVWD RV LQYHVWLPHQWRV SULYDGRV H LQWUDQTLOL]D D VRFLHGDGH $R FRPSOHWDU R VHX GpFLPRVHJXQGR DQLYHUViULR D RQVWLWXLomR GH Mi KDYLD LQFRUSRUDGR WULQWD
  19. 19. (PHQGDV DIRUD DV VHLV
  20. 20. (PHQGDV GH 5HYLVmR PDLV GR TXH D ~QLFD RQVWLWXLomR QRUWHDPHULFDQD TXH QRV VHXV GX]HQWRV H YLQWH H WUrV
  21. 21. DQRV GH YLJrQFLD UHFHEHX YLQWH H VHLV
  22. 22. (PHQGDV 7DLV (PHQGDV LQWURGX]LUDP RX PRGLILFDUDP WUH]HQWRV
  23. 23. SUHFHLWRV R TXH GHPRQVWUD D XP Vy WHPSR RV QXPHURVRV HUURV GH QRVVRV FRQVWLWXLQWHV H RV HVIRUoRV GR *RYHUQR H GR RQJUHVVR 1DFLRQDO SDUD FRUULJLORV PXLWR HPERUD QD GLUHomR HUUDGD LVWR p DFUHVFHQWDQGR PDLV UHJUDV DR H[WHQVR WH[WR FRQVWLWXFLRQDO HP OXJDU GH VXSULPLODV GH PRGR D TXH PXLWDV PDWpULDV YROWDVVHP D VHU REMHWR GD OHJLVODomR RUGLQiULD PDLV IOH[tYHO H DGDSWiYHO jV VXFHVVLYDV FRQMXQWXUDV 1R FRQFHUQHQWH DR 3RGHU -XGLFLiULR HVWi HP FXUVR XP SURMHWR GH HPHQGD FRQVWLWXFLRQDO FXMRV SRQWRV SULQFLSDLV VmR D LQVWLWXLomR GR FKDPD GR FRQWUROH H[WHUQR XPD LGpLD H[WUDYDJDQWH QD SUiWLFD FULDUVHLD XP SRGHU PRGHUDGRU
  24. 24. H D DGRomR GDV V~PXODV YLQFXODQWHV SDUD UHGX]LU D TXDQWLGDGH GH UHFXUVRV (QWUHWDQWR QmR WUDWD GDV FDXVDV PDLRUHV GD VREUHFDUJD GR -XGLFLiULR D TXDQWLGDGH GHVPHGLGD GH IHLWRV MXGLFLDLV PLOKDUHV GH OLWLJtRV GHULYDP GH IDOKDV HUURV ODFXQDV H GHVPDQGRV OHJLVODWLYRV ² OHLV H PHGLGDV SURYLVyULDV
  25. 25. SUREOHPD SDVVtYHO GH VROXomR PHGLDQWH PHGLGDV OHJLVODWLYDV DGHTXDGDV H DV SUiWLFDV SURFHVVXDLV H[FHVVLYDPHQWH IRUPDLV FRP LPHQVD JDPD GH UHFXUVRV H LQVWkQFLDV SUREOHPD SDVVtYHO GH VROXomR VHJXQ GR DV SURSRVWDV GRV SUySULRV 0DJLVWUDGRV FRP R TXH VH SRGHULD UHGX]LU R WDPDQKR GRV WULEXQDLV H[WLQJXLU PXLWDV YDUDV MXGLFLiULDV H VXVSHQGHU D FRQVWUXomR GH QRYDV VHGHV 5HODWLYDPHQWH j HVWUXWXUD GR ([HFXWLYR KRXYH XP QRWiYHO DYDQoR FRP R 3URJUDPD 1DFLRQDO GH 'HVHVWDWL]DomR TXH DOFDQoRX DPSOR VXFHVVR QRV VHWRUHV VLGHU~UJLFR SHWURTXtPLFR H GH WHOHIRQLD DEUDQJHX WRGR R VHWRU IHUURYLiULR D LD 9DOH GR 5LR 'RFH H RXWUDV HPSUHVDV H DYDQoD QRV VHWRUHV GH HQHUJLD HOpWULFD EDQFRV URGRYLDV H RXWURV )RUDP DSURYDGDV H SURPXO JDGDV HPHQGDV FRQVWLWXFLRQDLV SDUD H[WLQJXLU RV PRQRSyOLRV HVWDWDLV QRV VHWRUHV GR SHWUyOHR ( Q º
  26. 26. VHUYLoRV WHOHI{QLFRV H WHOHJUiILFRV ( Qº
  27. 27. UHVVHJXURV ( Qº
  28. 28. H VHUYLoRV GH JiV FDQDOL]DGR ( Qº
  29. 29. $SHVDU GLVVR R ([HFXWLYR YROWRX D FUHVFHU FRPR D ´IrQL[µ TXH UHQDVFH GDV FLQ]DV QmR Vy HP IDFH GR Q~PHUR H[DJHUDGR GH 0LQLVWpULRV FRPR WDPEpP HP IDFH GR ´IHVWLYDO GH DJrQFLDVµ SDUD XVDUVH D H[SUHVVmR TXH VHUYLX GH WtWXOR D XP DUWLJR GH DXWRULD GR 3UHVLGHQWH GD RQIHGHUDomR 1DFLRQDO GR RPpUFLR $QWRQLR 2OLYHLUD 6DQWRV -RUQDO GR %UDVLO GH
  30. 30. RX VHMD D XWLOL]DomR GD LGpLD GH FULDomR GH DXWDUTXLDV HVSHFLDLV SDUD D UHJXODPHQWDomR GH VHUYLoRV S~EOLFRV WUDQVIHULGRV DR VHWRU SULYDGR PHGLDQWH FRQFHVV}HV D ILP GH GDU PDLV SRGHU H DXWRQRPLD D GLYHUVRV yUJmRV GD $GPLQLVWUDomR )HGHUDO TXH GHYHULDP SHUPDQHFHU QD HVWUXWXUD
  31. 31. GRV QXPHURVRV 0LQLVWpULRV FRPR VHFUHWDULDV RX VXSHULQWHQGrQFLDV 2V (VWDGRV H 0XQLFtSLRV WDPEpP PDQWrP XP Q~PHUR H[DJHUDGR GH VHFUHWD ULDV DXWDUTXLDV H HPSUHVDV S~EOLFDV VHP TXH VH FRQKHoD TXDOTXHU LQLFLDWLYD GH *RYHUQDGRUHV H 3UHIHLWRV SDUD PRGLILFDU HVVH TXDGUR 1R TXH WDQJH DR H[HUFtFLR GD IXQomR H[HFXWLYD D VRFLHGDGH TXHU TXH VHMDP HQFRQWUDGDV VROXo}HV SDUD RV PDLV YDULDGRV SUREOHPDV FRPR RV GHVPDQGRV H R GHVSUHSDUR GH DXWRULGDGHV QDV WUrV HVIHUDV GH JRYHUQR DV DOWDV WD[DV GH GHVHPSUHJR H GD SREUH]D D LQVHJXUDQoD LQWHUQD GDGD D LQHILFLrQFLD GD SROtFLD H D LPSXQLGDGH GRV FULPLQRVRV D TXHVWmR KDELWDFLR QDO FXMD VROXomR HVEDUUD QDV WD[DV GH MXURV H HP LQFLGrQFLDV WULEXWiULDV 30) ,7%, H ,5
  32. 32. H LQREVWDQWH GLYHUVDV Do}HV JRYHUQDPHQWDLV HILFD]HV H HILFLHQWHV DV GHILFLrQFLDV QRV FDPSRV GD VD~GH H GD HGXFDomR $ HVVH TXDGUR VRPDPVH DV SUHRFXSDo}HV FRP FHUWRV H[FHVVRV GR 0LQLVWpULR 3~EOLFR H GRV PHLRV GH FRPXQLFDomR D GHWHULRUDomR GRV FRVWXPHV D OLYUH H[SORUDomR GD Ip UHOLJLRVD HWF 7DPEpP SRGHP VHU FLWDGDV DV SUHRFXSDo}HV FRP D FRELoD H[WHUQD VREUH D $PD]{QLD D TXHVWmR GRV LQGtJHQDV H GR QDUFRWUiILFR D YXOQHUDELOLGDGH GH QRVVD IURQWHLUD QRUWH H R HQIUDTXHFLPHQWR GDV )RUoDV $UPDGDV $IRUD LVVR UHYHODVH LQGLVSHQViYHO j GHILQLWLYD HVWDELOL]DomR GD PRHGD QDFLRQDO H j FRQVROLGDomR GR IHVWHMDGR 3ODQR 5HDO D UHDOL]DomR GH XP DMXVWH ILVFDO RX VHMD XP DMXVWH QDV FRQWDV S~EOLFDV D FRQWHQomR GDV GHVSHVDV S~EOLFDV jV UHDLV SRVVLELOLGDGHV GD UHFHLWD WULEXWiULD QDWXUDOPHQWH OLPLWDGD SHOD FDSDFLGDGH FRQWULEXWLYD GDV SHVVRDV ItVLFDV H MXUtGLFDV 6HP HQFRQWUDU UHFHSWLYLGDGH QR RQJUHVVR 1DFLRQDO SDUD D UHIRUPD SROtWLFD R JRYHUQR HQTXDQWR GHVHQYROYH Do}HV SDUD VROXFLRQDU RV SUREOH PDV TXH OKH VmR DIHWRV WUDWRX GH SURPRYHU DV UHIRUPDV DGPLQLVWUDWLYD SUHYLGHQFLiULD H WULEXWiULD EHP DVVLP D LPSOHPHQWDomR GD UHIRUPD GDV ILQDQoDV S~EOLFDV $ 5HIRUPD $GPLQLVWUDWLYD IRL FRQFUHWL]DGD DWUDYpV GD (PHQGD RQV WLWXFLRQDO Q º GH H D 5HIRUPD 3UHYLGHQFLiULD DWUDYpV GD (PHQGD RQVWLWXFLRQDO Q º GH DV TXDLV LQWURGX]LUDP UHVSHFWLYDPHQWH VHWHQWD H QRYH
  33. 33. H RLWHQWD
  34. 34. QRYDV UHJUDV j RQVWLWXLomR GH PDV TXH QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV WDQWR DVVLP TXH DOJXQV GH VHXV SUHFHLWRV Mi VmR REMHWR GH QRYDV SURSRVWDV GH HPHQGDV
  35. 35. 3RU VXD YH] D 5HIRUPD 7ULEXWiULD p REMHWR GH 3URSRVWD GH (PHQGD FRP 6XEVWLWXWLYR FXMR H[DPH VH HQFRQWUD SDUDOLVDGR QD kPDUD GRV 'HSXWDGRV SRU IDOWD GH FRQVHQVR HQWUH R JRYHUQR IHGHUDO H RV JRYHUQRV HVWDGXDLV H TXH QmR UHGX] PDV DR FRQWUiULR DJUDYD RV SUREOHPDV SULQFL SDLV GRV FRQWULEXLQWHV XPD YH] TXH HOHYD D FDUJD WULEXWiULD DXPHQWD R Q~PHUR GH WULEXWRV H DSURIXQGD D EXURFUDFLD ILVFDO $5()250$'$6),1$1d$63Ô%/,$6 1HVVH FRQWH[WR HP TXH D UHIRUPD SROtWLFD QmR DYDQoD DV UHIRUPDV DGPLQLVWUDWLYD H SUHYLGHQFLiULD QmR SURGX]LUDP RV UHVXOWDGRV HVSHUDGRV H D UHIRUPD WULEXWiULD QmR YHQFH DV GLYHUJrQFLDV HQWUH D 8QLmR H RV (VWDGRV H QmR DFHQD FRP PHOKRUHV SHUVSHFWLYDV SDUD RV FRQWULEXLQWHV D UHIRUPD GDV ILQDQoDV S~EOLFDV LQGLVSHQViYHO DR DMXVWH ILVFDO SDVVRX D PHUHFHU DWHQomR HVSHFLDO GR *RYHUQR H GR RQJUHVVR 1DFLRQDO e RSRUWXQR GHVWDFDU TXH QR PRGHOR GR (VWDGR IHGHUDO EUDVLOHLUR D SDUWLOKD GR SRGHU ILQDQFHLUR HQWUH D 8QLmR RV (VWDGRV R 'LVWULWR )HGHUDO H RV 0XQLFtSLRV SDUD DSURYDU RV RUoDPHQWRV LQVWLWXLU HOHYDU UHJXODU H DUUHFDGDU RV WULEXWRV H FRQWULEXLo}HV UHDOL]DU DV GHVSHVDV H FRQWUDLU RX DVVXPLU GtYLGDV H RXWUDV REULJDo}HV VXMHLWDVH DRV SULQFtSLRV YHGDo}HV QRUPDV H OLPLWHV HVWDEHOHFLGRV QD RQVWLWXLomR )HGHUDO H FRPR HVWD SUH FHLWXD HP OHLV FRPSOHPHQWDUHV H RUGLQiULDV LQFOXVLYH DV RUoDPHQWiULDV H DV WULEXWiULDV $ RQVWLWXLomR )HGHUDO WUDWD GDV )LQDQoDV 3~EOLFDV QR DStWXOR ,, GH VHX 7tWXOR 9, DEUDQJHQGR QD 6HomR , DV 1RUPDV *HUDLV H QD 6HomR ,, RV 2UoDPHQWRV HVWHV HQJOREDQGR DV OHLV UHODWLYDV DR SODQR SOXULDQXDO jV GLUHWUL]HV RUoDPHQWiULDV H DRV RUoDPHQWRV DQXDLV RQVRDQWH R DUW LQFLVR , FRQVWDQWH GD 6HomR , XPD OHL FRPSOH PHQWDU GHYH GLVSRU VREUH ILQDQoDV S~EOLFDV HP VHQWLGR ODWR H LQREVWDQWH D DPSOLWXGH GHVVH SUHFHLWR RV LQFLVRV ,, D 9,, HQIDWL]DP TXH WDO OHL FRPSOH PHQWDU GHYH UHJXODU GHWHUPLQDGDV PDWpULDV TXH LQWHJUDP D HVIHUD GDV ILQDQoDV S~EOLFDV $LQGD QD 6HomR , R DUW WUDoD UHJUDV SHUWLQHQWHV jV UHODo}HV ILQDQFHLUDV HQWUH R 7HVRXUR 1DFLRQDO H R %DQFR HQWUDO GR %UDVLO
  36. 36. 1D 6HomR ,, HQFRQWUDPVH QmR Vy GLVSRVLWLYRV D UHVSHLWR GDV OHLV RUGLQiULDV GR SODQR SOXULDQXDO GH GLUHWUL]HV RUoDPHQWiULDV H GRV RUoD PHQWRV DUWV D
  37. 37. PDV WDPEpP RXWURV SUHFHLWRV D VHUHP REMHWR GH OHL FRPSOHPHQWDU DUW
  38. 38. WRGRV QR HQWDQWR SHUWLQHQWHV jV ILQDQoDV S~EOLFDV XPSUH VHMD DFHQWXDGR TXH D RQVWLWXLomR QmR H[LJH XPD OHL FRPSOH PHQWDU ~QLFD VREUH WRGDV HVVDV PDWpULDV 7DPEpP QmR H[LJH D VHSDUDomR º GDV PDWpULDV GR DUW H GR † GR DUW 'HVWDUWH QmR YHGD D UHJXODomR GHVVDV PDWpULDV PHGLDQWH GLYHUVDV OHLV FRPSOHPHQWDUHV $ HVFROKD GR PpWRGR p IXQomR GH PHUR FULWpULR SROtWLFR GR *RYHUQR H GR RQJUHVVR 1DFLRQDO $OpP GLVVR D RQVWLWXLomR QR VHX DUW DWULEXL FRPSHWrQFLD DR 6HQDGR )HGHUDO SDUD D
  39. 39. DXWRUL]DU RSHUDo}HV H[WHUQDV GH QDWXUH]D ILQDQFHL UD GH LQWHUHVVH GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV E
  40. 40. IL[DU SRU SURSRVWD GR 3UHVLGHQWH GD 5HS~EOLFD OLPLWHV JOREDLV SDUD R PRQWDQWH GD GtYLGD FRQVROLGDGD GD 8QLmR GRV (VWDGRV GR 'LVWULWR )HGHUDO H GRV 0XQLFtSLRV H F
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