❈r✐s❡ ❡ ❞❡s❛❝❡❧❡r❛çã♦ ♥❛s ❡❝♦♥♦♠✐❛s ❞❡s❡♥✈♦❧✈✐❞❛s✿ q✉❛✐s ♦s ♣♦ssí✈❡✐s
❡❢❡✐t♦s ♣❛r❛ ♦ ❇r❛s✐❧❄
❊♠❡rs♦♥ ❋❡r♥❛♥❞❡s ▼❛rç❛❧
∗❇❡❛tr✐❝❡ ❩✐♠♠❡r♠❛♥♥
†❉✐♦❣♦ ❞❡ Pr✐♥❝❡
‡●✐♦✈❛♥♥✐ ▼❡r❧✐♥
§❖s❝❛r ❘✳ ❙✐♠õ❡s
¶❉❡❝❡♠❜❡r ✷✶✱ ✷✵✶✺
❘❡s✉♠♦
❆ ♣♦ss✐❜✐❧✐❞❛❞❡ ❞❡ ✉♠❛ ♥♦✈❛ ❝r✐s❡ ❡①t❡r♥❛ ♦✉ ✉♠❛ ❢♦rt❡ ❞❡s❛❝❡❧❡r❛çã♦ ❞❛s ❣r❛♥❞❡s ❡❝♦♥♦♠✐❛s ❞♦ ♠✉♥❞♦ é ✉♠ t❡♠♦r ❝♦♥st❛♥t❡ ♣❛r❛ ♦s ♣❛ís❡s ♠❛✐s ✈✉❧♥❡rá✈❡✐s✳ ❈♦♠ ❜❛s❡ ♥❛ ❡st✐♠❛çã♦ ❞❡ ✉♠ ♠♦❞❡❧♦ ❛✉t♦r❡❣r❡ss✐✈♦ ❣❧♦❜❛❧ ✭●❆❘✮✱ ❡ss❡ ❛rt✐❣♦ ♠♦str❛ ♦s ♣♦ssí✈❡✐s ✐♠♣❛❝t♦s✱ ♣❛r❛ ♦ ❇r❛s✐❧✱ ❞❡ ❝r✐s❡s ❡ ❞❡s❛❝❡❧❡r❛çõ❡s ❡❝♦♥ô♠✐❝❛s ♥❛s ♣r✐♥❝✐♣❛✐s ❡❝♦♥♦♠✐❛s ❣❧♦❜❛✐s✱ ❝♦♠♦ ❊❯❆✱ ❆❧❡♠❛♥❤❛ ❡ ❈❤✐♥❛✳ ❖s r❡s✉❧t❛❞♦s s✉❣❡r❡♠ q✉❡ ❝❤♦q✉❡s ❛❞✈✐♥❞♦s ❞♦s ❊❯❆ ❝♦♥t✐♥✉❛♠ ❛♣r❡s❡♥t❛♥❞♦ ♠❛✐♦r❡s ❡❢❡✐t♦s s♦❜r❡ ❛ ❡❝♦♥♦♠✐❛ ❜r❛s✐❧❡✐r❛✱ ❡♠❜♦r❛ ❝❤♦q✉❡s ❛❞✈❡rs♦s ♥❛ ❡❝♦♥♦♠✐❛ ❝❤✐♥❡s❛ t❛♠❜é♠ ❛❢❡t❡♠ ♦ ❇r❛s✐❧✳ ❆♦ ❝♦♥trár✐♦ ❞♦ q✉❡ s❡ ✐♠❛❣✐♥❛✈❛✱ ✉♠❛ ❝r✐s❡ ♥❛ ❆❧❡♠❛♥❤❛✱ ♣r✐♥❝✐♣❛❧ ❡❝♦♥♦♠✐❛ ❡✉r♦♣❡✐❛✱ ♣❛r❡❝❡ ♥ã♦ t❡r ❡❢❡✐t♦s ❛❧❛r♠❛♥t❡s ♥♦ ❇r❛s✐❧✳
❏❊▲ ❈♦❞❡s✿ ❈✺✷✱ ❋✸✶✱ ❋✸✼✳
P❛❧❛✈r❛s✲❈❤❛✈❡✿ ❈r❡s❝✐♠❡♥t♦ ❊❝♦♥ô♠✐❝♦✱ ■♥t❡❣r❛çã♦✱ ●❧♦❜❛❧ ❱❆❘✳
❉❘❆❋❚✿ ❉❖ ◆❖❚ ◗❯❖❚❊ ❖❘ ❈■❚❊ ❲■❚❍❖❯❚ P❊❘▼■❙❙■❖◆ ❖❋ ❚❍❊ ❆❯❚❍❖❘❙✳ ❋❆❱❖❘ ◆➹❖ ❈■❚❆❘ ❙❊▼ ❆ ❊❳P❘❊❙❙❆ ❆❯❚❖❘■❩❆➬➹❖ ❉❖❙ ❆❯❚❖❘❊❙✳
∗❈♦♦r❞❡♥❛❞♦r ❞♦ ❈❡♥tr♦ ❞❡ ❊st✉❞♦s ❡♠ ▼❛❝r♦❡❝♦♥♦♠✐❛ ❆♣❧✐❝❛❞❛ ❞❛ ❊s❝♦❧❛ ❞❡ ❊❝♦♥♦♠✐❛ ❞❡ ❙ã♦ P❛✉❧♦ ❡ ❞♦ ❈❙❙❆✲▼❛❝❦❡♥③✐❡✳
❊✲♠❛✐❧✿ ❡♠❡rs♦♥✳♠❛r❝❛❧❅❢❣✈✳❜r
†❉♦✉t♦r❛♥❞❛ ♥❛ ❊s❝♦❧❛ ❞❡ ❊❝♦♥♦♠✐❛ ❞❡ ❙ã♦ P❛✉❧♦
‡P❡sq✉✐s❛❞♦r ❞♦ ❈❡♥tr♦ ❞❡ ❊st✉❞♦s ❡♠ ▼❛❝r♦❡❝♦♥♦♠✐❛ ❆♣❧✐❝❛❞❛ ❞❛ ❊s❝♦❧❛ ❞❡ ❊❝♦♥♦♠✐❛ ❞❡ ❙ã♦ P❛✉❧♦ §❉♦✉t♦r❛♥❞♦ ♥❛ ❊s❝♦❧❛ ❞❡ ❊❝♦♥♦♠✐❛ ❞❡ ❙ã♦ P❛✉❧♦
¶❉♦✉t♦r❛♥❞♦ ♥❛ ❊s❝♦❧❛ ❞❡ ❆❞♠✐♥✐str❛çã♦ ❞❡ ❊♠♣r❡s❛s ❞❡ ❙ã♦ P❛✉❧♦ ✲ ❋●❱ ❡ Pr♦❢❡ss♦r ❞❡ ❊❝♦♥♦♠✐❛ ❡ ❋✐♥❛♥ç❛s ♥❛ ■❙❊ ❇✉s✐♥❡ss
❙❝❤♦♦❧
✶ ■♥tr♦❞✉çã♦
❈r❡s❝✐♠❡♥t♦ ❡❝♦♥ô♠✐❝♦ é ✉♠❛ ❞❛s ár❡❛s ❞❡ ♠❛✐♦r ❞❡❜❛t❡ ❡♠ ❡❝♦♥♦♠✐❛✳ ❙❡✉s ❞✐✈❡rs♦s ❞❡t❡r♠✐♥❛♥t❡s sã♦ ❡st✉❞❛❞♦s ♣♦r ♠✉✐t♦s ❡❝♦♥♦♠✐st❛s ❛♦ r❡❞♦r ❞♦ ♠✉♥❞♦ ❡ ❤á ✉♠ ❝♦♥s❡♥s♦ ❞❡ q✉❡ ❝❛❞❛ ♣❛ís t❡♠ s✉❛s ♣❡❝✉❧✐❛r✐❞❛❞❡s✳ ◆♦ ❡♥t❛♥t♦✱ ❝♦♠ ♦ ❛✈❛♥ç♦ ❞❛ ❣❧♦❜❛❧✐③❛çã♦✱ ♥ã♦ ♣♦❞❡♠♦s ♠❛✐s ❞❡s♣r❡③❛r ♦s ❡❢❡✐t♦s ❣❧♦❜❛✐s ❡ ❛ r❡❧❛çã♦ ❡♥tr❡ ♦s ♣❛ís❡s ♣❛r❛ ❡st✉❞❛r ♦s ❞❡t❡r♠✐♥❛♥t❡s ❞♦ ❝r❡s❝✐♠❡♥t♦ ❡❝♦♥ô♠✐❝♦ ❡ ❞♦ ❝✐❝❧♦ ❞❡ ♥❡❣ó❝✐♦s✳ ❉❡ss❛ ❢♦r♠❛✱ ❛ ❡st✐♠❛çã♦ ❞♦s ❡❢❡✐t♦s ❞❡ ♣♦ssí✈❡✐s ❝r✐s❡s ❡①t❡r♥❛s✱ s❡❥❛♠ ❣❧♦❜❛✐s ♦✉ ❡♠ ♣❛ís❡s ❡s♣❡❝í✜❝♦s✱ é ❡ss❡♥❝✐❛❧✳ ❆❧é♠ ❞✐ss♦✱ ♠♦t✐✈❛❞♦ ♣❡❧❛ ❡①❛✉stã♦ ❞♦ ♠♦❞❡❧♦ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❝❤✐♥ês✱ ✈♦❧t❛❞♦ ♣❛r❛ ♦ s❡t♦r ❡①t❡r♥♦✱ ❡ ❝♦♠ t❡♠♦r❡s ❡♠ t♦r♥♦ ❞❛ t❡s❡ ❞❡ ✉♠❛ ❡st❛❣♥❛çã♦ s❡❝✉❧❛r ♥♦s ♣❛ís❡s ❞❡s❡♥✈♦❧✈✐❞♦s✱ ✉♠ ❡st✉❞♦ q✉❡ ❡st✐♠❡ ♦s ♣♦ssí✈❡✐s ❡❢❡✐t♦s ❞❡ss❡s ❛❝♦♥t❡❝✐♠❡♥t♦s t♦r♥❛✲s❡ ❡s♣❡❝✐❛❧♠❡♥t❡ r❡❧❡✈❛♥t❡✳
❋❧✉①♦s ✜♥❛♥❝❡✐r♦s ❡ ❝♦♠❡r❝✐❛✐s ❡♥tr❡ ♣❛ís❡s ❛❥✉❞❛♠ ❛ ❡①♣❧✐❝❛r ❛ ♠♦t✐✈❛çã♦ ♣❛r❛ ✉♠ ❡st✉❞♦ q✉❡ ❝♦♥s✐❞❡r❛ ❛ ✐♥t❡r❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ♦s ♣❛ís❡s✳ ❊♠❜♦r❛ ♦ ❇r❛s✐❧ s❡❥❛ ✉♠ ♣❛ís r❡❧❛t✐✈❛♠❡♥t❡ ❢❡❝❤❛❞♦ ♣❛r❛ ♦ r❡st♦ ❞♦ ♠✉♥❞♦✱ t❛♥t♦ ❝♦♠❡r❝✐❛❧♠❡♥t❡ q✉❛♥t♦ ✜♥❛♥❝❡✐r❛♠❡♥t❡✱ ♦s ❡✈❡♥t♦s r❡❝❡♥t❡s ❞❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡ ❡ ❛ ❝r✐s❡ ❡✉r♦♣❡✐❛ ❧❡✈❛♥t❛♠ q✉❡stõ❡s ✐♠♣♦rt❛♥t❡s ❞❡ ❝♦♠♦ s❡ ❞á ❛ ♣r♦♣❛❣❛çã♦ ❞❡ss❡s ❝❤♦q✉❡s ❡ q✉❛❧ ❛ ❣r❛✈✐❞❛❞❡ q✉❡ ❡ss❡s ❝❤♦q✉❡s ♣♦❞❡♠ ✐♠♣♦r s♦❜r❡ ❛ ❡❝♦♥♦♠✐❛ ❜r❛s✐❧❡✐r❛✳
▼❡♥s✉r❛r ♦s ❡❢❡✐t♦s ❞❛s r❡❧❛çõ❡s ❣❧♦❜❛✐s ❡ ♦ ❡❢❡✐t♦ ❞❡ ❝❤♦q✉❡s ♥ã♦ é✱ ♥♦ ❡♥t❛♥t♦✱ ✉♠❛ t❛r❡❢❛ s✐♠♣❧❡s✳ ❯t✐❧✐③❛♥❞♦ ✉♠ ♠♦❞❡❧♦ ❛✉t♦r❡❣r❡ss✐✈♦ ❣❧♦❜❛❧ ✭●❆❘✮✱ ❜❛s❡❛❞♦ ♥♦ ●❧♦❜❛❧ ❱❛r ✭●❱❆❘✮ ❞❡ P❡s❛r❛♥ ❡t ❛❧✳ ✭✷✵✵✹✮✱ ▼❛rç❛❧ ❡t ❛❧✳ ✭✷✵✶✺✮ ❢❛③❡♠ ❡①❡r❝í❝✐♦s ❝♦♥tr❛❢❛❝t✉❛✐s ♣❛r❛ ♠❡♥s✉r❛r ♦s ❡❢❡✐t♦s ❞❡ ❝❤♦q✉❡s ✭❝r✐s❡s✮ ❡ ❞❡s❛❝❡❧❡r❛çõ❡s ❞❡ ❊❯❆✱ ❆❧❡♠❛♥❤❛ ❡ ❈❤✐♥❛ s♦❜r❡ ♦s ❞❡♠❛✐s ♣❛ís❡s ❞♦ ♠✉♥❞♦✳ ◆❡st❡ ❛rt✐❣♦✱ ♦ ❢♦❝♦ é ❡♥t❡♥❞❡r ♦s ❡❢❡✐t♦s ❞❡ss❡s ❛❝♦♥t❡❝✐♠❡♥t♦s ❣❧♦❜❛✐s s♦❜r❡ ♦ ❇r❛s✐❧✳
✷ ▼❡t♦❞♦❧♦❣✐❛ ❡ ❉❛❞♦s
P❛r❛ ✐❞❡♥t✐✜❝❛r ♦s ❡❢❡✐t♦s ❞❡ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ♦✉ ✉♠❛ ❝r✐s❡ ❞❡ ✉♠ ♣❛ís ❡s♣❡❝í✜❝♦✱ ❝♦♥str✉í♠♦s ✉♠ ♠♦❞❡❧♦ ❛✉t♦r❡✲ ❣r❡ss✐✈♦ ❣❧♦❜❛❧ ✭●❆❘✮ ❝✉❥❛ ✈❛r✐á✈❡❧ ❡♥❞ó❣❡♥❛ é ♦ ❧♦❣❛r✐t♠♦ ♥❛t✉r❛❧ ❞♦ Pr♦❞✉t♦ ■♥t❡r♥♦ ❇r✉t♦ ♣❡r ❝❛♣✐t❛ ✭▲P■❇P❈✮✳ ❖ ♠♦❞❡❧♦ é ✉♠❛ ❛❞❛♣t❛çã♦ ❞♦ ●❧♦❜❛❧ ❱❆❘ ✭●❱❆❘✮✱ ♣r♦♣♦st♦ ♣♦r P❡s❛r❛♥ ❡t ❛❧✳ ✭✷✵✵✹✮✱ ♣❛r❛ ♦ ❝❛s♦ ✉♥✐✈❛r✐❛❞♦✳ ❈♦♠ ❡st❡ t✐♣♦ ❞❡ ♠♦❞❡❧♦✱ ❝♦♥s❡❣✉✐♠♦s r❡❧❛❝✐♦♥❛r ❛ ♣❡r❢♦r♠❛♥❝❡ ❞❡ ✉♠ ♣❛ís ❝♦♠ ❛ ♣❡r❢♦r♠❛♥❝❡ ❞♦ r❡st♦ ❞♦ ♠✉♥❞♦✳ ❖s ❞❛❞♦s ❛♥✉❛✐s ❞❡ P■❇ ♣❡r ❝❛♣✐t❛ ❞❡ ✸✽ ♣❛ís❡s ❝♦❜r❡♠ ♦ ♣❡rí♦❞♦ ❞❡ ✶✾✼✵ ❛ ✷✵✶✸ ❡ sã♦ ♦❜t✐❞♦s ♥♦ ❇❛♥❝♦ ▼✉♥❞✐❛❧✳ ❈♦♠♦ s❡ tr❛t❛ ❞❡ ✉♠ ♠♦❞❡❧♦ ❣❧♦❜❛❧✱ ♦s ✢✉①♦s ❞❡ ❝♦♠ér❝✐♦ ✭❡①♣♦rt❛çõ❡s ❡ ✐♠♣♦rt❛çõ❡s✮ ✉t✐❧✐③❛❞♦s ♣❛r❛ ❛ ❝♦♥str✉çã♦ ❞❛s ✈❛r✐á✈❡✐s ❡①t❡r♥❛s ❢♦r❛♠ ♦❜t✐❞♦s ❞❛ ❜❛s❡ ❞❛s ❊st❛tíst✐❝❛s ❋✐♥❛♥❝❡✐r❛s ■♥t❡r♥❛❝✐♦♥❛✐s ❞♦ ❋✉♥❞♦ ▼♦♥❡tár✐♦ ■♥t❡r♥❛❝✐♦♥❛❧ ✭■❋❙✲■▼❋✮✳
❯♠❛ ✈❡③ q✉❡ ♦s ❞♦✐s ♣❛ís❡s ❝♦♠ ♠❛✐♦r ♣❡s♦ ♥♦ ❝♦♠ér❝✐♦ ♥♦ ♣❡rí♦❞♦ ❛♥❛❧✐s❛❞♦ sã♦ ❊❯❆ ❡ ❆❧❡♠❛♥❤❛ ❡✱ ❞❛❞❛ ❛ ✐♠❡♥s❛ r❡❧❡✈â♥❝✐❛ ❞❡ss❡s ♣❛ís❡s ❣❧♦❜❛❧♠❡♥t❡ ✭❊❯❆✮ ♦✉ r❡❣✐♦♥❛❧♠❡♥t❡ ✭❆❧❡♠❛♥❤❛ ♥❛ ❊✉r♦♣❛✮✱ ❛♠❜♦s sã♦ ❝♦♥s✐❞❡✲
r❛❞♦s ♣❛ís❡s ❞♦♠✐♥❛♥t❡s ✭❈❤✉❞✐❦ ✫ ❙♠✐t❤ ✭✷✵✶✸✮✮ ♥❡st❛ ❛♥á❧✐s❡✶✳
❆❧é♠ ❞✐ss♦✱ ♦ s♦❢t✇❛r❡ ❆✉t♦♠❡tr✐❝s✷ ❢♦✐ ✉t✐❧✐③❛❞♦ ♥♦ ♣r♦❝❡ss♦ ❞❡ s❡❧❡çã♦ ❞❡ ✈❛r✐á✈❡✐s ❛ s❡r❡♠ ❡st✐♠❛❞❛s✳ ❖
♠♦❞❡❧♦ ❜ás✐❝♦ ❝♦♥s✐❞❡r❛❞♦ ♣❛r❛ ♦ ❇r❛s✐❧ é✿
∆LP IBP Ct=a+
θ0 ψ1 0 ψ1 0 ′
∆LP IBP C∗ t
∆LP IBP CEU At
∆LP IBP CALEt + φ1 θ1 ψ1 1 ψ2 1 ′
∆LP IBP Ct−1
∆LP IBP C∗ t−1
∆LP IBP CEU At−1
∆LP IBP CALEt−1
+εt ✭✶✮
❆♣ós ♦ ♣r♦❝❡❞✐♠❡♥t♦ ❞❡ s❡❧❡çã♦ ❞❡ ✈❛r✐á✈❡✐s✱ ❛ ❡q✉❛çã♦ ❡st✐♠❛❞❛ ♣❛r❛ ♦ ❇r❛s✐❧ ❢♦✐✿
∆LP IBP Ct=−0,0098 + 0,8283∗∆LP IBP C∗
t+ 0,3633∗∆LP IBP Ct−1 ✭✷✮
❆ ❡q✉❛çã♦ ✷ ♠♦str❛ q✉❡ ❤á ✉♠ ❝♦♠♣♦♥❡♥t❡ ❛✉t♦r❡❣r❡ss✐✈♦ ✭✵✱✸✻✸✸✮ q✉❡ ❣❡r❛ ♣❡rs✐stê♥❝✐❛ ♥❛ t❛①❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❜r❛s✐❧❡✐r❛✱ ♠❛s q✉❡ ❤á ✉♠❛ ❢♦rt❡ ❞❡♣❡♥❞ê♥❝✐❛ ✭✵✱✽✷✽✸✮ ❞♦ P■❇ ❞♦♠ést✐❝♦ ❡♠ r❡❧❛çã♦ ❛♦ ❝r❡s❝✐♠❡♥t♦ ❞♦s ♣❛r❝❡✐r♦s ❝♦♠❡r❝✐❛✐s ❜r❛s✐❧❡✐r♦s✳ ■ss♦ ✐♠♣❧✐❝❛ q✉❡ ✉♠ ❛✉♠❡♥t♦ ❞❡ ✶✪ ♥♦ ❝r❡s❝✐♠❡♥t♦ ❞❡ t♦❞♦s ♦s ♣❛r❝❡✐r♦s ❝♦♠❡r❝✐❛✐s ❜r❛✲ s✐❧❡✐r♦s✱ ❣❡r❛ ✉♠ ❛✉♠❡♥t♦ ❞❡ ❛♣r♦①✐♠❛❞❛♠❡♥t❡ ✵✱✽✸✪ ♥♦ P■❇ ❜r❛s✐❧❡✐r♦ ♥♦ ♠❡s♠♦ ❛♥♦✳ ❆ ❋✐❣✉r❛ ✶ ❛♣r❡s❡♥t❛ ♦ ❝r❡s❝✐♠❡♥t♦ ❞♦ P■❇ ♣❡r ❝❛♣✐t❛ ❡ ♦ ✈❛❧♦r ❡st✐♠❛❞♦ ♣❡❧♦ ♠♦❞❡❧♦✳ ❆♣❡s❛r ❞❛ ❢♦r♠❛ ❢✉♥❝✐♦♥❛❧ s✐♠♣❧❡s ❡ ❞❡ ❛ ❡st✐♠❛çã♦ t❡r s✐❞♦ r❡❛❧✐③❛❞❛ ❝♦♠ ❛♣❡♥❛s ✸ ♣❛râ♠❡tr♦s✱ ♦ ♠♦❞❡❧♦ ♣❛r❡❝❡ ❝❛♣t❛r r❛③♦❛✈❡❧♠❡♥t❡ ♦s ❝✐❝❧♦s ❡❝♦♥ô♠✐❝♦s ❛♣ós ❛ ❛❜❡rt✉r❛ ❡❝♦♥ô♠✐❝❛ ♥♦ ✐♥í❝✐♦ ❞♦s ❛♥♦s ✾✵✳ ❆♥t❡s ❞❡ss❡ ♣❡rí♦❞♦✱ ♥♦s ❛♥♦s ✜♥❛✐s ❞❛ ❞é❝❛❞❛ ❞❡ ✼✵ ❛té ♠❡❛❞♦s ❞❡ ✽✵✱ ✉♠ ♣❡rí♦❞♦ ❞❡ ❛❧t❛ ✈♦❧❛t✐❧✐❞❛❞❡ ♥♦ ❝r❡s❝✐♠❡♥t♦ ❜r❛s✐❧❡✐r♦ ❡ ✉♠❛ ❡❝♦♥♦♠✐❛ ❢❡❝❤❛❞❛✱ ♦ ♠♦❞❡❧♦ ♣❛r❡❝❡ ♣❡r❞❡r ♣❛rt❡ ❞❛ ❛❞❡rê♥❝✐❛ ❛♥t❡r✐♦r✳ ◆♦t❛✲s❡ ❛✐♥❞❛ q✉❡ ♦ ♠♦❞❡❧♦ ❝♦♥s❡❣✉❡ ♣r❡✈❡r✱ q✉❛s❡ q✉❡ ♣❡r❢❡✐t❛♠❡♥t❡✱ ♦ ❝r❡s❝✐♠❡♥t♦ ♥♦ ❛♥♦ ❞❡ ✷✵✵✾✱ ❡♠ ♣❧❡♥❛ ❝r✐s❡ ✜♥❛♥❝❡✐r❛✱ ❥✉st❛♠❡♥t❡ ♣❡❧♦ ❢❛t♦ ❞❡ ✐♥❝♦r♣♦r❛r ❛ ✈❛r✐á✈❡❧ ❡①t❡r♥❛✳
✷✳✶ ❊❢❡✐t♦s ❞❡ ❈r✐s❡s
◆❡ss❛ s❡çã♦✱ ♦s ❡❢❡✐t♦s ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✷✱✺ ❞❡s✈✐♦s✲♣❛❞rã♦ ♥♦s ❊st❛❞♦s ❯♥✐❞♦s✱ ❆❧❡♠❛♥❤❛ ❡ ❈❤✐♥❛ sã♦ ❛♣r❡s❡♥t❛❞♦s✸✳
P♦r q✉❡stõ❡s ❞❡ ❡①♣♦s✐çã♦✱ ❛♣❡♥❛s ♦s ❣rá✜❝♦s r❡❢❡r❡♥t❡s ❛♦ ❝❛s♦ ❜r❛s✐❧❡✐r♦ s❡rã♦ ❛♣r❡s❡♥t❛❞♦s✳ ❈❛s♦ s❡❥❛ ✐♥t❡r❡ss❡ ❞♦ ❧❡✐t♦r✱ ♦s r❡s✉❧t❛❞♦s ♣❛r❛ ♦s ❞❡♠❛✐s ♣❛ís❡s ♣♦❞❡ s❡r ❡♥❝♦♥tr❛❞♦ ♥♦ tr❛❜❛❧❤♦ ❞❡ ▼❛rç❛❧ ❡t ❛❧✳ ✭✷✵✶✺✮✳
✶▼❛rç❛❧ ❡t ❛❧✳ ✭✷✵✶✺✮❝♦♥s✐❞❡r❛♠ t❛♠❜é♠ ❛ ❈❤✐♥❛ ❞♦♠✐♥❛♥t❡✱ ♠❛s ♦s r❡s✉❧t❛❞♦s ♣❛r❛ ♦ ❇r❛s✐❧ sã♦ ♣r❛t✐❝❛♠❡♥t❡ ✐❞ê♥t✐❝♦s✳
✷❖ ❆✉t♦♠❡tr✐❝s ✉t✐❧✐③❛ ❛ ♠❡t♦❞♦❧♦❣✐❛ ♣r♦♣♦st❛ ♣♦r ❍❡♥❞r② ✫ ❉♦♦r♥✐❦ ✭✷✵✶✹✮ ♣❛r❛ s❡❧❡❝✐♦♥❛r ❛s ✈❛r✐á✈❡✐s ❞❡ ✉♠ ♠♦❞❡❧♦✱ ❞❛❞♦ ✉♠
♥í✈❡❧ ❞❡ s✐❣♥✐✜❝â♥❝✐❛ ❡s❝♦❧❤✐❞♦✳
✸❆ ❡s❝♦❧❤❛ ❞♦ ✈❛❧♦r ❞❡ ✷✱✺ ❞❡s✈✐♦s ♣❛❞rã♦ ❢♦✐ ❢❡✐t❛ ❝♦♠ ❜❛s❡ ♥♦ ❢❛t♦ ❞❡ q✉❡✱ ❞❡ ❛❝♦r❞♦ ❝♦♠ ♦ ♠♦❞❡❧♦ ♣r♦♣♦st♦✱ ❡♠ ✷✵✵✾ ♦ ❝❤♦q✉❡ ♥❛
❡q✉❛çã♦ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ❢♦✐ ❞❡ ✲✹✱✹✪✱ q✉❡ é ❡q✉✐✈❛❧❡♥t❡ ❛ ✷✱✺ ❉P ♥♦ ❝❛s♦ ❛♠❡r✐❝❛♥♦✳
Var % PIB per capita Previsto
1975 1980 1985 1990 1995 2000 2005 2010 2015
-0.050 -0.025 0.000 0.025 0.050 0.075
0.100 Var % PIB per capita Previsto
❋✐❣✉r❛ ✶✿ ❱❛r✐❛çã♦ ♣❡r❝❡♥t✉❛❧ ❞♦ P■❇ ♣❡r ❝❛♣✐t❛✿ ❉❛❞♦s ① Pr❡✈✐st♦
✷✳✶✳✶ ❈r✐s❡ ♥♦s ❊st❛❞♦s ❯♥✐❞♦s
❆ ❋✐❣✉r❛ ✷ ♠♦str❛ ❛ r❡s♣♦st❛ ❞♦ P■❇ ♣❡r ❝❛♣✐t❛ ❜r❛s✐❧❡✐r♦ ❛♣ós ✉♠ ❝❤♦q✉❡ ❞❡ ✲✷✱✺ ❉P ✭✲✹✱✹✪✮ ♥♦ P■❇ ♣❡r ❝❛♣✐t❛ ❞♦s ❊❯❆✳ ❖ ❡❢❡✐t♦ ✐♠❡❞✐❛t♦ ✭♥♦ ♠❡s♠♦ ❛♥♦✮ é ❞❡ ✉♠❛ q✉❡❞❛ ❞❡ ✲✶✱✸♣✳♣✳ ♥♦ P■❇ ♣❡r ❝❛♣✐t❛ ❜r❛s✐❧❡✐r♦✳ ❆♣ós ✉♠ ❛♥♦ ♦ ❡❢❡✐t♦ ❛❝❡❧❡r❛ ❧✐❣❡✐r❛♠❡♥t❡✱ ❞❛❞♦ q✉❡ ♦s ❞❡♠❛✐s ♣❛ís❡s t❛♠❜é♠ ❝♦♠❡ç❛♠ ❛ s❡♥t✐r ❛ ❝r✐s❡ ❛♠❡r✐❝❛♥❛✱ r❡❞✉③✐♥❞♦ ❛ t❛①❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❞♦ P■❇ ♣❡r ❝❛♣✐t❛ ❜r❛s✐❧❡✐r♦ ❡♠ q✉❛s❡ ✶✱✹♣✳♣✳✳ ❆♣ós ❞♦✐s ❛♥♦s ♦ ❡❢❡✐t♦ ❝♦♠❡ç❛ ❛ ❞❡s❛❝❡❧❡r❛r✱ ♠❛s ♦ ❡❢❡✐t♦ ❛❝✉♠✉❧❛❞♦ ❡st✐♠❛❞♦ é ❞❡ ✉♠❛ q✉❡❞❛ ❞❡ ✺✪✱ ❡♥q✉❛♥t♦ q✉❡ ♦ ❡❢❡✐t♦ ❛❝✉♠✉❧❛❞♦ ♥❛ ❡❝♦♥♦♠✐❛ ❛♠❡r✐❝❛♥❛ s❡r✐❛ ❞❡ ✲✺✱✻✪✳ ❉❡ss❛ ❢♦r♠❛✱ ❛ ❡❧❛st✐❝✐❞❛❞❡ ❡st✐♠❛❞❛ é ❞❡ q✉❛s❡ ✵✱✽✾✹✳
❆❧é♠ ❞♦ ❡❢❡✐t♦ ♥♦ ❇r❛s✐❧✱ ♦ ✐♠♣❛❝t♦ ❞❛ ❝r✐s❡ ❛♠❡r✐❝❛♥❛ é ❢♦rt❡ ✭❡❧❛st✐❝✐❞❛❞❡ ♠❛✐♦r q✉❡ ✶✮ ♥♦s ♣❛ís❡s ♠❡♠❜r♦s ❞♦ ❈♦♠♠♦♥✇❡❛❧t❤ ✭❈❛♥❛❞❛✱ ❘❡✐♥♦ ❯♥✐❞♦✱ ❆✉strá❧✐❛✱ ◆♦✈❛ ❩❡❧â♥❞✐❛ ❡ ❈✐♥❣❛♣✉r❛✮✱ ❛❧é♠ ❞❡ ❛❧❣✉♥s ♣❛ís❡s ❡✉r♦♣❡✉s ✭♦s P■■●❙✱ r❡♣r❡s❡♥t❛❞♦s ♣♦r P♦rt✉❣❛❧✱ ■tá❧✐❛✱ ■r❧❛♥❞❛✱ ●ré❝✐❛ ❡ ❊s♣❛♥❤❛✱ ❛❧é♠ ❞❛ ❋✐♥❧â♥❞✐❛✮ ❡ s✉❧ ❛♠❡r✐❝❛♥♦s ✭❈❤✐❧❡ ❡ ❯r✉❣✉❛✐✮✳
✷✳✶✳✷ ❈r✐s❡ ♥❛ ❆❧❡♠❛♥❤❛
❆ ❝r✐s❡ ❡✉r♦♣❡✐❛✱ ❡♠ ♣❛rt❡ ❞❡❝♦rr❡♥t❡ ❞❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡✱ ❣❡r♦✉ ♦✉tr❛ ❣r❛♥❞❡ ♦♥❞❛ ❞❡ ♣r❡♦❝✉♣❛çã♦ ❛♦ r❡❞♦r ❞♦ ♠✉♥❞♦✳ ❆♣❡s❛r ❞❡ ❛ ❆❧❡♠❛♥❤❛ s❡r ✉♠ ❞♦s ❡❧♦s ❢♦rt❡s ❞❛ r❡❣✐ã♦ ❡ t❡r s❡♥t✐❞♦ ♦s ❡❢❡✐t♦s ❞❡ ❢♦r♠❛ ❜❡♠ ♠❛✐s ❛♠❡♥❛ q✉❡ s❡✉s ❞❡♠❛✐s ✈✐③✐♥❤♦s✱ é ✐♥t❡r❡ss❛♥t❡ s❛❜❡r q✉❛❧ s❡r✐❛ ♦ ✐♠♣❛❝t♦ ❞❡ ✉♠❛ ❝r✐s❡ ❛❧❡♠ã s♦❜r❡ ♦ P■❇ ♣❡r ❝❛♣✐t❛
✹➱ ✐♠♣♦rt❛♥t❡ ❞❡✐①❛r ❝❧❛r♦ q✉❡ ♦ ❡❢❡✐t♦ ✜♥❛❧ ❞❡ ✉♠ ❝❤♦q✉❡ ❡♠ ✉♠ ♣❛ís ❡s♣❡❝í✜❝♦ ♣♦❞❡ s❡r ♠❛✐♦r ♦✉ ♠❡♥♦r ❞♦ q✉❡ ♦ ❝♦❡✜❝✐❡♥t❡
❡st✐♠❛❞♦ ❡♠ ✷ ♣❛r❛ ♦ P■❇ ♣❡r ❝❛♣✐t❛ ❡①t❡r♥♦✳ ◆♦ ❝❛s♦ ❞❡ ✉♠ ❝❤♦q✉❡ ❛♠❡r✐❝❛♥♦✱ ♣♦r ❡①❡♠♣❧♦✱ ❛❧é♠ ❞♦ ❡❢❡✐t♦ ❞✐r❡t♦ ✭♠❡♥s✉r❛❞♦ ♣♦r✿ ✭♣❡s♦ ❞♦s ❊❯❆ s♦❜r❡ ♦ ❇r❛s✐❧✮ ① ✭❝♦❡✜❝✐❡♥t❡ ❞❛ ✈❛r✐á✈❡❧ ❡①t❡r♥❛✮ ① ✭❝❤♦q✉❡✮✮✱ ❤á ♦ ❡❢❡✐t♦ ✐♥❞✐r❡t♦ ❞♦s ❊❯❆ s♦❜r❡ ♦s ❞❡♠❛✐s ♣❛r❝❡✐r♦s✱ ♦ q✉❡ ♣♦❞❡ ❛✉♠❡♥t❛r ♦✉ ❞✐♠✐♥✉✐r ♦ ❡❢❡✐t♦ ✜♥❛❧✳
❋✐❣✉r❛ ✷✿ ❊❢❡✐t♦s ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✷✱✺ ❉P ♥♦s ❊❯❆✳
❋✐❣✉r❛ ✸✿ ❊❢❡✐t♦s ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✷✱✺ ❉P ♥❛ ❆❧❡♠❛♥❤❛✳
❜r❛s✐❧❡✐r♦✳ ❖ ❡❢❡✐t♦ ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✲✷✱✺ ❉P ✭✲✹✱✽✸✪✮ ♥♦ P■❇ ♣❡r ❝❛♣✐t❛ ❛❧❡♠ã♦ s♦❜r❡ ♦ ❇r❛s✐❧ é ♠♦str❛❞♦ ♥❛ ❋✐❣✉r❛ ✸✳ ❉✐❢❡r❡♥t❡♠❡♥t❡ ❞♦ ❝❛s♦ ❛♠❡r✐❝❛♥♦✱ ♥♦t❛✲s❡ q✉❡ ♦ ❝❤♦q✉❡ s❡ ❞✐ss✐♣❛ ♠❛✐s r❛♣✐❞❛♠❡♥t❡✱ t❡♥❞♦ ✉♠ ❡❢❡✐t♦ r❡❧❡✈❛♥t❡ ❛♣❡♥❛s ❞❡ ✐♠❡❞✐❛t♦ ✭✲✶✱✶✪✮✳ ❖ ❡❢❡✐t♦ ❛❝✉♠✉❧❛❞♦ ❡st✐♠❛❞♦✱ ♥♦ ❡♥t❛♥t♦✱ é ❞❡ ♣r❛t✐❝❛♠❡♥t❡ ③❡r♦✳ ■ss♦ ❞❡❝♦rr❡ ❞♦ ❢❛t♦ ❞❡ q✉❡✱ ♥♦ ♠♦❞❡❧♦✱ ❊❯❆ ❡ ❈❤✐♥❛✱ ♣♦r ❡①❡♠♣❧♦✱ s❡ ❜❡♥❡✜❝✐❛♠ ❞❡ ✉♠❛ ❝r✐s❡ ❛❧❡♠ã✳ ❯♠❛ ♣♦ssí✈❡❧ ❡①♣❧✐❝❛çã♦ ♣❛r❛ ✐ss♦ ♣♦❞❡ s❡r ♦ ✢✉①♦ ❞❡ ❝❛♣✐t❛✐s✱ q✉❡ ♣r♦✈❛✈❡❧♠❡♥t❡ ♠✐❣r❛r✐❛♠ ♣❛r❛ ❡ss❡s ♣❛ís❡s✳
❉❡ ❢♦r♠❛ ❣❡r❛❧✱ ♦s ✐♠♣❛❝t♦s ❞❛ ❤✐♣♦tét✐❝❛ ❝r✐s❡ ❛❧❡♠ã sã♦ ❜❡♠ ♠❛✐s ❞✐s❝r❡t♦s q✉❡ ♦s ❞❛ ❝r✐s❡ ❛♠❡r✐❝❛♥❛✱ ❥✉st❛♠❡♥t❡ ♣❡❧♦ ❢❛t♦ ❞❡ q✉❡ ♦s ❊❯❆ r❡❛❣❡♠ ♣♦s✐t✐✈❛♠❡♥t❡ à ❝r✐s❡ ❛❧❡♠ã✱ ❝♦♠♣❡♥s❛♥❞♦ ❡ss❛ q✉❡❞❛✳ ❖s ♣❛ís❡s q✉❡ ♠❛✐s s♦❢r❡♠ sã♦✱ ❡♠ ♠❛✐♦r✐❛✱ ❞❡♣❡♥❞❡♥t❡s ❞❡ ♣❡tró❧❡♦✱ ❝♦♠♦ ■♥❞♦♥❡s✐❛✱ ❱❡♥❡③✉❡❧❛✱ ▼é①✐❝♦✱ ❛❧é♠ ❞❡ ◆♦r✉❡❣❛✱ P♦rt✉❣❛❧ ❡ ❏❛♣ã♦✳
❋✐❣✉r❛ ✹✿ ❊❢❡✐t♦s ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✷✱✺ ❉P ♥❛ ❈❤✐♥❛✳
✷✳✶✳✸ ❈r✐s❡ ♥❛ ❈❤✐♥❛
❆♣❡s❛r ❞❛ ❝r❡s❝❡♥t❡ ✐♥s❡rçã♦ ❡ r❡❧❡✈â♥❝✐❛ ❞❛ ❈❤✐♥❛ ♥❛ ❡❝♦♥♦♠✐❛ ❣❧♦❜❛❧ ♥♦s ú❧t✐♠♦s ❛♥♦s✱ ❞❡ ❢♦r♠❛ ❣❡r❛❧✱ ❡❧❛ ♥ã♦ t❡♠ t❛♥t❛ ✐♠♣♦rtâ♥❝✐❛ ❞❡♥tr♦ ❞❛ ❊✉r♦♣❛ ❡ ❞❡♠❛✐s ♣❛ís❡s ❞❡s❡♥✈♦❧✈✐❞♦s✳ P♦r s❡r ✉♠❛ ❣r❛♥❞❡ ✐♠♣♦rt❛❞♦r❛ ❞❡ ❝♦♠♠♦❞✐t✐❡s✱ s✉❛ r❡❧❡✈â♥❝✐❛ ❝♦♠❡r❝✐❛❧ é ♠❛✐s ❝❧❛r❛ ♥♦s ♣❛ís❡s ❡♠ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦✱ ❜❛s✐❝❛♠❡♥t❡ ❡①♣♦rt❛❞♦r❡s ❞❡ ♠❛tér✐❛✲♣r✐♠❛✳ ❉❡ss❛ ❢♦r♠❛✱ ♦s ❡❢❡✐t♦s ❞❡ ✉♠ ❝❤♦q✉❡ ❞❡ ✲✷✱✺ ❉P ✭✲✸✱✼✸✪✮ ♥♦ P■❇ ♣❡r ❝❛♣✐t❛ ❝❤✐♥ês✱ ♠♦str❛❞♦ ♥❛ ❋✐❣✉r❛ ✹✱ t❡♠ ✉♠ ❡❢❡✐t♦ ♠❛✐s ❞✐s❝r❡t♦ ❡ ♠❡♥♦s ❞✉r❛❞♦✉r♦ s♦❜r❡ ♦ ❇r❛s✐❧✱ ❝♦♠♣❛r❛❞♦ ❛♦ ❝❛s♦ ❛♠❡r✐❝❛♥♦✳ ❖ ❡❢❡✐t♦ ✐♠❡❞✐❛t♦ é ❞❡ ✲✵✱✽✪ s♦❜r❡ ♦ ❇r❛s✐❧✱ ❡ ❞❡s❛❝❡❧❡r❛ ♥♦s ❛♥♦s s❡❣✉✐♥t❡s✳ ❖ ❡❢❡✐t♦ ✜♥❛❧ é ✉♠❛ q✉❡❞❛ ❞❡ ✷✱✸✪ ♥♦ P■❇ ♣❡r ❝❛♣✐t❛ ❜r❛s✐❧❡✐r♦✱ ❡♥q✉❛♥t♦ q✉❡ ♦ ❡❢❡✐t♦ ✜♥❛❧ s♦❜r❡ ❛ ❈❤✐♥❛ é ❞❡ ✲✼✪✱ r❡s✉❧t❛♥❞♦ ❡♠ ✉♠❛ ❡❧❛st✐❝✐❞❛❞❡ ❞❡ ✵✱✸✸✳
❖s ♣❛ís❡s ♠❛✐s ♣r❡❥✉❞✐❝❛❞♦s ❝♦♠ ✉♠❛ ❝r✐s❡ ❝❤✐♥❡s❛ s❡r✐❛♠ ♦s s✉❧✲❛♠❡r✐❝❛♥♦s ✭P❡r✉✱ ❯r✉❣✉❛✐✱ ❆r❣❡♥t✐♥❛✱ P❛r❛❣✉❛✐ ❡ ❱❡♥❡③✉❡❧❛✮✱ ♣♦t❡♥❝✐❛❧✐③❛♥❞♦ ♦ ❡❢❡✐t♦ s♦❜r❡ ♦ ❇r❛s✐❧✱ ❛❧é♠ ❞❡ ✉♠ ✐♠♣❛❝t♦ r❡❧❡✈❛♥t❡ ❡♠ ❛❧❣✉♥s ✈✐③✐♥❤♦s ❝❤✐♥❡s❡s ✭■♥❞♦♥❡s✐❛ ❡ ❈♦r❡✐❛ ❞♦ ❙✉❧✮✳ ❖s ❊st❛❞♦s ❯♥✐❞♦s sã♦ ❧✐❣❡✐r❛♠❡♥t❡ ❜❡♥❡✜❝✐❛❞♦s✱ ♦ q✉❡ s✉❛✈✐③❛ ♦s ✐♠♣❛❝t♦s ♥❡❣❛t✐✈♦s ❞❛ ❝r✐s❡ ❝❤✐♥❡s❛✳
✷✳✷ ❊❢❡✐t♦ ❞❡ ❞❡s❛❝❡❧❡r❛çõ❡s
◆❡ss❛ s❡çã♦ ❝♦♥s✐❞❡r❛♠♦s ♦s ❡❢❡✐t♦s ❞❡ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❞❡ ❧♦♥❣♦ ♣r❛③♦ ❞❡ ✷♣✳♣✳ ♥♦s três ♣❛ís❡s ✐♥✈❡st✐❣❛❞♦s✳ ◆♦t❡ q✉❡ ❡ss❡ ♦ r❡s✉❧t❛❞♦ ❛ s❡r ❛♣r❡s❡♥t❛❞♦ ♣r♦✈❡♠ ❞❡ ✉♠ ❡①❡r❝í❝✐♦ ❞✐❢❡r❡♥t❡ ❞❛q✉❡❧❡ ♣r♦♣♦st♦ ♣❡❧❛ tr❛❞✐❝✐♦♥❛❧ ❢✉♥çã♦ ❞❡ r❡s♣♦st❛ ❛ ✐♠♣✉❧s♦✳
◆❛ ❋✐❣✉r❛ ✺✱ ♦s ❡❢❡✐t♦s ❞❡ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❞❡ ✷♣✳♣✳ ♥❛ t❛①❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❞❡ ❧♦♥❣♦ ♣r❛③♦ ❞♦s ❊❯❆✱ ❆❧❡♠❛♥❤❛ ❡ ❈❤✐♥❛ s♦❜r❡ ♦ ❇r❛s✐❧ sã♦ ♠♦str❛❞♦s✳ ❈♦♥s✐❞❡r❛♥❞♦ ❛ t❛①❛ ♠é❞✐❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❞♦s ❊❯❆ ❡ ❆❧❡♠❛♥❤❛ ♥❛ ❛♠♦str❛ ❝♦♥s✐❞❡r❛❞❛✱ ✉♠❛ r❡❞✉çã♦ ❞❡ t❛❧ ♠❛❣♥✐t✉❞❡ ❧❡✈❛r✐❛ ❛ ❡st❛❣♥❛çã♦ ❞♦s ♣❛ís❡s✳ ❚❛❧ ❝❡♥ár✐♦ ♣♦❞❡ s❡r r❡❧❛❝✐♦♥❛❞♦ ❝♦♠ ❛ ❤✐♣ót❡s❡ ❞❡ ❡st❛❣♥❛çã♦ s❡❝✉❧❛r ❞♦s ♣❛ís❡s ❞❡s❡♥✈♦❧✈✐❞♦s✳ ◆♦ ❝❛s♦ ❝❤✐♥ês✱ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❞❡ ✷♣✳♣✳✱ ❝♦♥s✐❞❡r❛♥❞♦
✉♠❛ t❛①❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❞❡ ❧♦♥❣♦ ♣r❛③♦ ❡st✐♠❛❞❛ ❡♠ ✼✱✺✪ ❛✳❛✳✱ ❛♣❡♥❛s r❡❞✉③✐r✐❛ ♦ ❢♦rt❡ r✐t♠♦ ❞♦ ❝r❡s❝✐♠❡♥t♦ ❝❤✐♥ês✳ ❖s r❡s✉❧t❛❞♦s sã♦✱ ❞❡ ❢♦r♠❛ ❣❡r❛❧✱ q✉❛❧✐t❛t✐✈❛♠❡♥t❡ s✐♠✐❧❛r❡s ❛♦s ❛♣r❡s❡♥t❛❞♦s ♥❛ s❡çã♦ ❛♥t❡r✐♦r✳
❆ ❞❡s❛❝❡❧❡r❛çã♦ ❛♠❡r✐❝❛♥❛✱ ❧❡✈❛✱ ♥♦ ❧♦♥❣♦ ♣r❛③♦✱ ❛ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❞❡ ✶✱✽♣✳♣✳ ♥❛ ❡❝♦♥♦♠✐❛ ❜r❛s✐❧❡✐r❛✳ ◆♦ ❝❛s♦ ❛ ❆❧❡♠❛♥❤❛✱ ♥♦✈❛♠❡♥t❡ ♥ã♦ s♦❢r❡rí❛♠♦s ♥♦ ❧♦♥❣♦ ♣r❛③♦✳ ❊♠❜♦r❛ ♦❝♦rr❛ ✉♠❛ r❡❞✉çã♦ ✐♥✐❝✐❛❧ ♥♦ r✐t♠♦ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❜r❛s✐❧❡✐r♦✱ ❊❯❆ ❡ ❈❤✐♥❛ s❡ ❜❡♥❡✜❝✐❛♠✱ ✐♠♣❡❞✐♥❞♦ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ♥❛ t❛①❛ ❞❡ ❝r❡s❝✐♠❡♥t♦ ❞❡ ❧♦♥❣♦ ♣r❛③♦ ♥♦ ❇r❛s✐❧✳
❏á ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❝❤✐♥❡s❛ ❞❡ ✷♣✳♣✳✱ ❛❧❣♦ q✉❡ ✈❡♠ s❡♥❞♦ ❞✐s❝✉t✐❞♦ ♥♦s ú❧t✐♠♦s ❛♥♦s✱ ✐♠♣❧✐❝❛r✐❛ ❡♠ ✉♠❛ r❡❞✉çã♦ ❞❡ ✵✱✻✺♣✳♣✳ ♥♦ ❝r❡s❝✐♠❡♥t♦ ❞❡ ❧♦♥❣♦ ♣r❛③♦ ❜r❛s✐❧❡✐r♦✳
✸ ❈♦♥s✐❞❡r❛çõ❡s ❋✐♥❛✐s
❖ ❝❡♥ár✐♦ ❡①t❡r♥♦ s❡♠♣r❡ ❢♦✐ ❝♦♥s✐❞❡r❛❞♦ r❡❧❡✈❛♥t❡ ♣❛r❛ ❛ ❢♦r♠✉❧❛çã♦ ❞❡ ♣♦❧ít✐❝❛s ♥♦ ❇r❛s✐❧✳ ❊♠ ♠❡❛❞♦s ❞❡ ✷✵✶✶✱ ♦ ❇❛♥❝♦ ❈❡♥tr❛❧ ❞♦ ❇r❛s✐❧✱ ❝♦♠ ♦ t❡♠♦r ❞❡ ✉♠❛ ❢♦rt❡ ❝r✐s❡ ♥❛ ❊✉r♦♣❛✱ ✐♥✐❝✐♦✉ ✉♠ ❢♦rt❡ ❝✐❝❧♦ ❞❡ ❡①♣❛♥sã♦ ♠♦♥❡tár✐❛✱ ❞❡ ❢♦r♠❛ ❛ r❡❞✉③✐r ♦s ♣♦ssí✈❡✐s ✐♠♣❛❝t♦s ❞❡ t❛❧ ❛❝♦♥t❡❝✐♠❡♥t♦ s♦❜r❡ ♦ ♣r♦❞✉t♦ ❜r❛s✐❧❡✐r♦✳ ❚❛❧ ❢❛t♦✱ ♥❛ ✈❡r❞❛❞❡✱ t❛❧✈❡③ ♥ã♦ ❢♦ss❡ tã♦ sér✐♦ q✉❛♥t♦ ♦ ✐♠❛❣✐♥❛❞♦✱ ❡ ❛❝❛❜♦✉ ♣r❡ss✐♦♥❛♥❞♦ ❛ ✐♥✢❛çã♦ ♥♦ ❇r❛s✐❧✳ ❉❛ ♠❡s♠❛ ❢♦r♠❛✱ ❛ ♣♦ssí✈❡❧ ❞❡s❛❝❡❧❡r❛çã♦ ❝❤✐♥❡s❛ ♥♦ ♣❡rí♦❞♦ r❡❝❡♥t❡ ♥ã♦ ❞❡✈❡ s❡r ❡♥❝❛r❛❞❛ ❞❡ ❢♦r♠❛ tã♦ ❝❛t❛stró✜❝❛ ❡✱ ❛♣❛r❡♥t❡♠❡♥t❡✱ ♥ã♦ ♣♦❞❡ s❡r ✉s❛❞❛ ❝♦♠♦ ❥✉st✐✜❝❛t✐✈❛ ♣❛r❛ ♦ r❡❝❡♥t❡ ❜❛✐①♦ ❞❡s❡♠♣❡♥❤♦ ❞❛ ❡❝♦♥♦♠✐❛ ❜r❛s✐❧❡✐r❛✳ ❊♠❜♦r❛ ❛ ❈❤✐♥❛ t❡♥❤❛ ♠♦str❛❞♦ ❣r❛♥❞❡ ❛✉♠❡♥t♦ ♥❛ ♣❛rt✐❝✐♣❛çã♦ ❞♦ ❝♦♠❡r❝✐♦ ❣❧♦❜❛❧✱ ♦s ♦❧❤♦s ❛✐♥❞❛ ❞❡✈❡♠ ❝♦♥t✐♥✉❛r ✈♦❧t❛❞♦s à ❡❝♦♥♦♠✐❛ ❛♠❡r✐❝❛♥❛✱ q✉❡ ♠♦str❛ ❞❡s❡♠♣❡♥❤❛r ✉♠ ♣❛♣❡❧ r❡❧❡✈❛♥t❡ s♦❜r❡ ♦ ❇r❛s✐❧ ❡ t❛♠❜é♠ s♦❜r❡ ♦ r❡st♦ ❞♦ ♠✉♥❞♦✳
❘❡❢❡rê♥❝✐❛s
❈❤✉❞✐❦✱ ❆✳ ✫ ❙♠✐t❤✱ ❱✳ ✭✷✵✶✸✮✱ ❚❤❡ ❣✈❛r ❛♣♣r♦❛❝❤ ❛♥❞ t❤❡ ❞♦♠✐♥❛♥❝❡ ♦❢ t❤❡ ✉s ❡❝♦♥♦♠②✱ ❚❡❝❤♥✐❝❛❧ r❡♣♦rt✱ ❋❡❞❡r❛❧ ❘❡s❡r✈❡ ❇❛♥❦ ♦❢ ❉❛❧❧❛s✳
❍❡♥❞r②✱ ❉✳ ❋✳ ✫ ❉♦♦r♥✐❦✱ ❏✳ ❆✳ ✭✷✵✶✹✮✱ ❊♠♣✐r✐❝❛❧ ▼♦❞❡❧ ❉✐s❝♦✈❡r② ❛♥❞ ❚❤❡♦r② ❊✈❛❧✉❛t✐♦♥✿ ❆✉t♦♠❛t✐❝ ❙❡❧❡❝t✐♦♥ ▼❡t❤♦❞s ✐♥ ❊❝♦♥♦♠❡tr✐❝s✱ ▼■❚ Pr❡ss✳
▼❛rç❛❧✱ ❊✳✱ ❩✐♠♠❡r♠❛♥♥✱ ❇✳✱ ❞❡ Pr✐♥❝❡✱ ❉✳✱ ▼❡r❧✐♥✱ ●✳ ✫ ❙✐♠õ❡s✱ ❖✳ ✭✷✵✶✺✮✱ ❆ss❡ss✐♥❣ ❣❧♦❜❛❧ ❡❝♦♥♦♠✐❝ ❛❝t✐✈✐t② ❧✐♥❦❛❣❡s✿ ❆♥ ❡♠♣✐r✐❝❛❧ ❡①❡r❝✐s❡ ❜❛s❡❞ ♦♥ ❣❧♦❜❛❧ ❛✉t♦r❡❣r❡ss✐✈❡ r❡❣r❡ss✐♦♥✳
P❡s❛r❛♥✱ ▼✳ ❍✳✱ ❙❝❤✉❡r♠❛♥♥✱ ❚✳ ✫ ❲❡✐♥❡r✱ ❙✳ ▼✳ ✭✷✵✵✹✮✱ ❵▼♦❞❡❧✐♥❣ r❡❣✐♦♥❛❧ ✐♥t❡r❞❡♣❡♥❞❡♥❝✐❡s ✉s✐♥❣ ❛ ❣❧♦❜❛❧ ❡rr♦r✲❝♦rr❡❝t✐♥❣ ♠❛❝r♦❡❝♦♥♦♠❡tr✐❝ ♠♦❞❡❧✬✱ ❏♦✉r♥❛❧ ♦❢ ❇✉s✐♥❡ss ❛♥❞ ❊❝♦♥♦♠✐❝ ❙t❛t✐st✐❝s ✷✷✭✷✮✱ ✶✷✾✕✶✻✷✳
❋✐❣✉r❛ ✺✿ ❊❢❡✐t♦s ❞❡ ✉♠❛ ❞❡s❛❝❡❧❡r❛çã♦ ❞❡ ✷♣✳♣✳ ♥♦s ❊❯❆✱ ❆❧❡♠❛♥❤❛ ❡ ❈❤✐♥❛ s♦❜r❡ ♦ ❇r❛s✐❧✳
