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FUNDAÇÃO GETÚLIO VARGAS

ESCOLA DE ECONOMIA DE SÃO PAULO

BRUNO PONTES DE ARRUDA

ANÁLISE DA ESTRUTURA DE DEPENDÊNCIA DA

VOLATILIDADE DURANTE A CRISE DO SUBPRIME

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BRUNO PONTES DE ARRUDA

ANÁLISE DA ESTRUTURA DE DEPENDÊNCIA DA VOLATILIDADE DURANTE A CRISE DO SUBPRIME

Dissertação submetida à Escola de Economia de São Paulo da Fundação Getúlio Vargas, como requisito parcial para obtenção do título de Mestre em Economia de Empresas.

Orientador: Prof. Dr. Pedro Luiz Valls Pereira

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Arruda, Bruno Pontes de.

Análise da estrutura de dependência da volatilidade durante a crise do Subprime / Bruno Pontes de Arruda. - 2012.

53 f.

Orientador: Pedro Luiz Valls Pereira.

Dissertação (mestrado) - Escola de Economia de São Paulo.

1. Crise financeira. 2. Investimentos imobiliários. 3. Modelos

econométricos. 4. Mercado financeiro – Brasil. 5. Mercado financeiro – Estados Unidos. I. Valls, P. (Pedro). Dissertação (mestrado) - Escola de Economia de São Paulo. III. Título.

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BRUNO PONTES DE ARRUDA

ANÁLISE DA ESTRUTURA DE DEPENDÊNCIA DA VOLATILIDADE DURANTE A CRISE DO SUBPRIME

Dissertação defendida e aprovada em 19/04/2012.

BANCA EXAMINADORA:

__________________________________________________ Prof. Dr. Pedro Luiz Valls Pereira – EESP/FGV (Orientador)

__________________________________________________ Prof. Dr. João de Mendonça Mergulhão – EESP/FGV

__________________________________________________ Prof. Dr. Luiz Koodi Hotta – IMECC/UNICAMP

FUNDAÇÃO GETÚLIO VARGAS ESCOLA DE ECONOMIA DE SÃO PAULO

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❆❣r❛❞❡❝✐♠❡♥t♦s

❊♠ ♣r✐♠❡✐r♦ ❧✉❣❛r✱ ❣♦st❛r✐❛ ❞❡ ❛❣r❛❞❡❝❡r ❛♦s ♠❡✉s ♣❛✐s ❆❧❢r❡❞♦ ❡ ◆❛③❛r❡t❤ ♣♦r t❡r❡♠ ♠❡ ❛♣♦✐❛❞♦ ❡ ✐♥❝❡♥t✐✈❛❞♦ ❡♠ ❛❜s♦❧✉t❛♠❡♥t❡ t✉❞♦ q✉❡ ✜③ ♥❛ ♠✐♥❤❛ ✈✐❞❛✳ ❊✈✐❞❡♥t❡♠❡♥t❡✱ ♥❛❞❛ ❞✐ss♦ t❡r✐❛ s✐❞♦ ♣♦ssí✈❡❧ s❡♠ ❡❧❡s✳ ❆❣r❛❞❡ç♦ t❛♠❜é♠ às ♠✐♥❤❛s t✐❛s ❡ ♠❡✉s ❛✈ós✳ ❆❣r❛❞❡ç♦ ❛ ♠✐♥❤❛ ♥❛♠♦r❛❞❛ P❛trí❝✐❛✱ ♣♦r t❡r ♠❡ ❛❣✉❡♥t❛❞♦ ❡♠ t♦❞♦s ♦s ♠♦♠❡♥t♦s r✉✐♥s ❛♦ ❧♦♥❣♦ ❞❡st❡s ❛♥♦s✳ ❙❡✉ ❛♣♦✐♦ ❡ ❝♦♠♣r❡❡♥sã♦ ❢♦r❛♠ ❡ss❡♥❝✐❛✐s ♣❛r❛ ♠❡ ♠❛♥t❡r ♥♦s ❡✐①♦s ❛♣ós ❛s ♠✉✐t❛s ♥♦✐t❡s ♠❛❧ ❞♦r♠✐❞❛s✱ ❡ ❡✈❡♥t✉❛❧♠❡♥t❡ ♥ã♦ ❞♦r♠✐❞❛s✱ q✉❡ ♣r❡❡♥❝❤❡r❛♠ ♠✐✲ ♥❤❛ r♦t✐♥❛ ♥❡st❡s ú❧t✐♠♦s ❞♦✐s ❛♥♦s✳ ❆❣r❛❞❡ç♦ à ♠✐♥❤❛ ♠❛❞r✐♥❤❛ ❊❧✐❛♥❡ ▼♦r❛❡s✱ ♣❛❞r✐♥❤♦ ❱✐❝t♦r ▼♦r❛❡s ❡ ❛ ♠❡✉s ✐r♠ã♦s ❞❡ ❝♦♥s✐❞❡r❛çã♦ ❆♥❞ré ❡ ❉✐♦❣♦ ▼♦r❛❡s✱ ♣♦r r❡❛❧♠❡♥t❡ ♠❡ tr❛t❛r❡♠ ❝♦♠♦ ♣❛rt❡ ❞❛ ❢❛♠í❧✐❛✳ ❆❣r❛❞❡ç♦ à ❉❛♠✐❛♥❛ ♣❡❧♦s ❜♦❧♦s ❡ ♣❛sté✐s ❞❡ s❡①t❛✲❢❡✐r❛✳ ▼✉✐t♦ ❖❜r✐❣❛❞♦ ❛ t♦❞♦s✳

●♦st❛r✐❛ ❞❡ ❛❣r❛❞❡❝❡r ❛♦s ♠❡✉s ❛♠✐❣♦s Pr✐s❝✐❧❧❛ ❚❛✈❛r❡s✱ Pr✐s❝✐❧❛ ❘✐❜❡✐r♦✱ ▼❛r✐❧✐❛ ●❛❜r✐❡❧❛ ❙✐❧✈❛✱ ❲❛❣♥❡r ▼♦♥t❡✐r♦✱ ●✉✐❧❤❡r♠❡ ❙t❡✐♥ ❡ ❋❡❧✐♣❡ ●❛r❝✐❛✱ ♣♦r t✉❞♦✱ ❡♠ ♣❛rt✐❝✉❧❛r ♣❡❧❛s ❝♦♥✈❡rs❛s ♥♦ ♣át✐♦ ❞❛ ❊❊❙P q✉❡ s❡♠ ❞ú✈✐❞❛ ❛❧❣✉♠❛ ❛✉♠❡♥t❛r❛♠ ✐♠❡♥s❛♠❡♥t❡ ♠✐♥❤❛ ❛❣❡♥❞❛ ❞❡ ♣❡sq✉✐s❛ ❡ ♠❡✉ r❡♣❡rtór✐♦ ❞❡ ♣✐❛❞❛s✳ ❖❜r✐❣❛❞♦ ♣♦r t♦r♥❛r❡♠ ♠❡✉s ❞✐❛s ♠❛✐s ❛❣r❛❞á✈❡✐s✳

❆❣r❛❞❡ç♦ ❛♦s ♣r♦❢❡ss♦r❡s ✭❡ ❛♠✐❣♦s✮ ▲❡ô♥✐❞❛s ❙❛♥❞♦✈❛❧✱ ❏♦sé ▲✉✐③ ❘♦ss✐✱ ❙ér❣✐♦ ▼❛r✲ t✐♥s✱ ❏♦ã♦ ▼❡r❣✉❧❤ã♦ ❡ ❊♠❡rs♦♥ ▼❛rç❛❧ ♣♦r t♦❞♦s ♦s ❝♦♠❡♥tár✐♦s✱ ❛✉❧❛s ❡ ❝♦♥✈❡rs❛s q✉❡ ❢❛❝✐❧✐t❛r❛♠ ❞❡ ♠❛♥❡✐r❛ ❛❜s♦❧✉t❛ ❛ ❝♦♥❝❧✉sã♦ ♣❛r❝✐❛❧ ❞❡ ♠❡✉s ❡st✉❞♦s✳ ❖❜r✐❣❛❞♦ ♣♦r t♦r✲ ♥❛r❡♠ ♠❡✉ ❝❛♠✐♥❤♦ ♠❡♥♦s t♦rt✉♦s♦✳ ❆❣r❛❞❡ç♦ ❛♦ ♠❡♠❜r♦ ❡①t❡r♥♦ ❞❛ ❜❛♥❝❛ q✉❡ ❛✈❛❧✐♦✉ ❡st❡ tr❛❜❛❧❤♦✱ ▲✉✐③ ❑♦♦❞✐ ❍♦tt❛✱ ♣❡❧♦s ✈❛❧✐♦s♦s ❝♦♠❡♥tár✐♦s q✉❡✱ s❡♠ ❞ú✈✐❞❛ ❛❧❣✉♠❛✱ ❢♦r❛♠ ❞❡ ❣r❛♥❞❡ ✐♠♣♦rtâ♥❝✐❛ ♣❛r❛ ❛ ✈❡rsã♦ ✜♥❛❧ ❞❡st❡ ❡st✉❞♦✳

P♦r ✜♠✱ ❣♦st❛r✐❛ ❞❡ ❛❣r❛❞❡❝❡r ❛ ♠❡✉s ♦r✐❡♥t❛❞♦r❡s✱ ❛♠✐❣♦s ❡ t✉t♦r❡s P❡❞r♦ ▲✉✐③ ❱❛❧❧s P❡r❡✐r❛ ❡ ❘❡❣✐♥❛ ❈❛r❧❛ ▼❛❞❛❧♦③③♦ ♣♦r t✉❞♦ q✉❡ ✜③❡r❛♠ ♣♦r ♠✐♠✳ ❆❣r❛❞❡ç♦ ♣♦r t❡r❡♠ t✐❞♦ ♣❛❝✐ê♥❝✐❛✱ ♣♦r t❡r❡♠ ❛❝r❡❞✐t❛❞♦ ♣❧❡♥❛♠❡♥t❡ ♥♦ ♠❡✉ tr❛❜❛❧❤♦ ❡ ♣♦r t❡r❡♠ ♠❡ ❡♥✲ s✐♥❛❞♦ ♠✉✐t♦ ♠❛✐s ❞♦ q✉❡ ❊❝♦♥♦♠❡tr✐❛✱ ▼❛t❡♠át✐❝❛✱ ❊st❛tíst✐❝❛ ❡ ▼✐❝r♦❡❝♦♥♦♠✐❛✳ ❊♠ ♣❛rt✐❝✉❧❛r✱ ♦❜r✐❣❛❞♦ ♣♦r ♠❡ ❞❛r❡♠ ❛ ♦♣♦rt✉♥✐❞❛❞❡ ❞❡ ❡st✉❞❛r ♥❛ ■♥❣❧❛t❡rr❛✳

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❘❡s✉♠♦

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❆❜str❛❝t

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❙✉♠ár✐♦

■ ❚❡♦r✐❛

✶ ■♥tr♦❞✉çã♦ ✼

✷ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦ ✾

✷✳✶ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦ ❡♥tr❡ ▼❡r❝❛❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✾ ✷✳✷ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦ ❡♥tr❡ ❙❡t♦r❡s ❞❡ ✉♠ ▼❡r❝❛❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✶ ✷✳✸ ❈❛♥❛✐s ❞❡ ❚r❛♥s♠✐ssã♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸ ✷✳✹ ❖ ❈❛s♦ ❞❛ ❈r✐s❡ ❞♦ ❙✉❜♣r✐♠❡ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✻ ✷✳✺ ❆❜♦r❞❛❣❡♠ ❊♠♣ír✐❝❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼

✸ ❈♦rr❡❧❛çõ❡s ❈♦♥❞✐❝✐♦♥❛✐s ❉✐♥â♠✐❝❛s ✶✾

✸✳✶ ▼♦❞❡❧♦s ●❆❘❈❍ ▼✉❧t✐✈❛r✐❛❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾ ✸✳✷ ❊①t❡♥sã♦ ♣❛r❛ ▼♦❞❡❧♦s ❞❡ ❈♦rr❡❧❛çõ❡s ❈♦♥❞✐❝✐♦♥❛✐s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶ ✸✳✸ ❖ ▼♦❞❡❧♦ ❞❡ ❈♦rr❡❧❛çõ❡s ❈♦♥❞✐❝✐♦♥❛✐s ❉✐♥â♠✐❝❛s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷ ✸✳✹ ❊st✐♠❛çã♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷ ✸✳✺ ❚❡st❡ ❞❡ ❊s♣❡❝✐✜❝❛çã♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✺

■■ ❆♥á❧✐s❡ ❊♠♣ír✐❝❛

✷✽

✹ ❚❡st❛♥❞♦ ❛ ❍✐♣ót❡s❡ ❞❡ ❈♦♥tá❣✐♦ ✷✾

✹✳✶ ❉❛❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✾ ✹✳✷ ❊st❛tíst✐❝❛s ❉❡s❝r✐t✐✈❛s ❞♦s ❘❡t♦r♥♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✶ ✹✳✸ ❋✐❧tr❛❣❡♠ ❡ ❆❥✉st❡ ❞❡ ▼♦❞❡❧♦s ●❆❘❈❍ ❯♥✐✈❛r✐❛❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✹ ✹✳✹ ❊st✐♠❛çã♦ ❞♦s ▼♦❞❡❧♦s ❉❈❈ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✼ ✹✳✺ ❚❡st❡ ❞❡ ❈♦♥tá❣✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✵

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▲✐st❛ ❞❡ ❋✐❣✉r❛s

✶ ❮♥❞✐❝❡s s❡t♦r✐❛✐s ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ✭♥♦r♠❛❧✐③❛❞♦s✮ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✵ ✷ ❮♥❞✐❝❡s s❡t♦r✐❛✐s ❞♦ ❇r❛s✐❧ ✭♥♦r♠❛❧✐③❛❞♦s✮ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✶ ✸ ❘❡t♦r♥♦s ❝♦♠♣♦st♦s ♣❛r❛ ♦s í♥❞✐❝❡s s❡t♦r✐❛✐s ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✸✷ ✹ ❘❡t♦r♥♦s ❝♦♠♣♦st♦s ♣❛r❛ ♦s í♥❞✐❝❡s s❡t♦r✐❛✐s ❞♦ ❇r❛s✐❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✸ ✺ ❱❛r✐â♥❝✐❛s ❝♦♥❞✐❝✐♦♥❛✐s ❡st✐♠❛❞❛s ♣❛r❛ ♦s í♥❞✐❝❡s ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ✳ ✳ ✳ ✸✺ ✻ ❱❛r✐â♥❝✐❛s ❝♦♥❞✐❝✐♦♥❛✐s ❡st✐♠❛❞❛s ♣❛r❛ ♦s í♥❞✐❝❡s ❞♦ ❇r❛s✐❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✻ ✼ ❈♦rr❡❧❛çõ❡s ❞✐♥â♠✐❝❛s ❡st✐♠❛❞❛s ♣❛r❛ ♦ ♠❡r❝❛❞♦ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ✳ ✳ ✳ ✸✾ ✽ ❈♦rr❡❧❛çõ❡s ❞✐♥â♠✐❝❛s ❡st✐♠❛❞❛s ♣❛r❛ ♦ ♠❡r❝❛❞♦ ❞♦ ❇r❛s✐❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✵

▲✐st❛ ❞❡ ❚❛❜❡❧❛s

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P❛rt❡ ■

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✶ ■◆❚❘❖❉❯➬➹❖ ✼

✶ ■♥tr♦❞✉çã♦

❆ ❝r❡s❝❡♥t❡ ✐♥t❡❣r❛çã♦ ❞♦s ♠❡r❝❛❞♦s ✜♥❛♥❝❡✐r♦s ❣❧♦❜❛✐s✱ ❛❧✐❛❞❛ à ✈❛st❛ ♠♦❜✐❧✐❞❛❞❡ ❞❡ ❝❛♣✐t❛✐s ♦❜s❡r✈❛❞❛ ♥❛ ♠❛✐♦r✐❛ ❞❛s ❡❝♦♥♦♠✐❛s ❞❡s❡♥✈♦❧✈✐❞❛s✱ t❡♠ ❝r✐❛❞♦ ✐♥ú♠❡r♦s ❝❛♥❛✐s ❞❡ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❡❝♦♥ô♠✐❝♦s✱ ❛♠♣❧✐❛♥❞♦ ❛ ✐♥t❡♥s✐❞❛❞❡ ❡ ❛ ár❡❛ ❞❡ ♣r♦♣❛❣❛çã♦ ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s✳ ❈♦♠♦ ✈✐st♦ ♥❛ r❡❝❡♥t❡ ❝r✐s❡ ✜♥❛♥❝❡✐r❛ ❣❧♦❜❛❧✱ q✉❡ t❡✈❡ s❡✉ ✐♥í❝✐♦ ♥❛ s❡❝✉r✐t✐③❛çã♦ ❞❡ tít✉❧♦s ❞❡ ❤✐♣♦t❡❝❛ ❞❡ ❛❧t♦ r✐s❝♦ ♥♦s ❊st❛❞♦s ❯♥✐❞♦s✱ ✉♠ ♥ú♠❡r♦ r❡❧❛t✐✲ ✈❛♠❡♥t❡ ♣❡q✉❡♥♦ ❞❡ ♣r♦❞✉t♦s ✜♥❛♥❝❡✐r♦s tr❛♥s❛❝✐♦♥❛❞♦s ❡♠ ✉♠ ♠❡r❝❛❞♦ ❡s♣❡❝í✜❝♦ ♣♦❞❡ ❣❡r❛r ❡❢❡✐t♦s ❝❛t❛stró✜❝♦s ❡♠ ✈❛r✐á✈❡✐s ❡❝♦♥ô♠✐❝❛s r❡❛✐s ❞❡ ❞✐✈❡rs♦s ♣❛ís❡s t❡♦r✐❝❛♠❡♥t❡ ♥ã♦ r❡❧❛❝✐♦♥❛❞♦s ❝♦♠ ♦ ♣r♦❜❧❡♠❛ ❡♠ q✉❡stã♦✳

❙❡♥❞♦ ❛ss✐♠✱ ✉♠ tó♣✐❝♦ ❞❡ ❡①tr❡♠❛ r❡❧❡✈â♥❝✐❛ ♣❛r❛ ❛ ❛♥á❧✐s❡ ❞❡ ✐♥✈❡st✐♠❡♥t♦s é ♦ ♠❛♣❡❛♠❡♥t♦ ❞❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛❣r✉♣❛♠❡♥t♦s ❞❡ ❛t✐✈♦s ✜♥❛♥❝❡✐r♦s✳ ❆ ♠❛✐♦r ♣❛rt❡ ❞❛ ❧✐t❡r❛t✉r❛ ❡①✐st❡♥t❡ s♦❜r❡ ❡st❡ ❢❡♥ô♠❡♥♦ s❡ ♣r♦♣õ❡ ❛ ♠❛♣❡❛r ❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ♠❡r❝❛❞♦s ❞❡ ♣❛ís❡s ❞✐st✐♥t♦s✱ t❡st❛♥❞♦ ❛ ♦❝♦rrê♥❝✐❛ ❞❡ ♠✉❞❛♥ç❛s ✭❞❡✲ ❝♦rr❡♥t❡s ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s✮ ♥❡st❛ ❡str✉t✉r❛✳ ❊♥tr❡t❛♥t♦✱ ✉♠ ♣r♦❜❧❡♠❛ q✉❡ ♣❡r♠❛♥❡❝❡ ♣♦✉❝♦ ❡①♣❧♦r❛❞♦ ♥❛ ❧✐t❡r❛t✉r❛ ❞❡ ✜♥❛♥ç❛s ❞✐③ r❡s♣❡✐t♦ à ❡①✐stê♥❝✐❛ ❞❡ ❝❛♥❛✐s ❞❡ ♣r♦♣❛❣❛✲ çã♦ ❡♥tr❡ ❛❣r✉♣❛♠❡♥t♦s ♠❡♥♦r❡s ❞❡ ❛t✐✈♦s ✜♥❛♥❝❡✐r♦s✳ ❖ ♣r❡s❡♥t❡ ❡st✉❞♦ ✈✐s❛ ♠❛♣❡❛r ❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❞❛ ✈♦❧❛t✐❧✐❞❛❞❡ ❡♥tr❡ s❡t♦r❡s ❞❛s ❡❝♦♥♦♠✐❛s ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ❡ ❞♦ ❇r❛s✐❧ ❞✉r❛♥t❡ ❛ ❝r✐s❡ ❞♦ ❙✉❜♣r✐♠❡✳ ❆❧é♠ ❞✐ss♦✱ s❡rá t❡st❛❞❛ ❛q✉✐ ❛ ❤✐♣ót❡s❡ ❞❡ ❝♦♥tá❣✐♦✱ q✉❡ s❡rá ♣r♦♣r✐❛♠❡♥t❡ ❞❡✜♥✐❞❛ ♥♦ q✉❡ s❡ s❡❣✉❡✳

❆ ❞é❝❛❞❛ ❞❡ ✾✵ ❡ ❛ ❞é❝❛❞❛ q✉❡ s❡ s❡❣✉✐✉ ❢♦r❛♠ ♠❛r❝❛❞❛s ♣♦r ❞✐✈❡rs❛s ❝r✐s❡s ✜♥❛♥❝❡✐r❛s ❞❡ ♣r♦♣♦rçõ❡s ♠✉♥❞✐❛✐s✳ ◆♦ ❡♥t❛♥t♦✱ ❛♣❡s❛r ❞❛ ❞✐ss❡♠✐♥❛çã♦ ❞♦s ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s ❞❡ t❛✐s ❡✈❡♥t♦s✱ ❛s ❝❛✉s❛s✱ ❡♠ ❣❡r❛❧✱ ❡r❛♠ r❡str✐t❛s ❛ ✉♠❛ ❡❝♦♥♦♠✐❛ ♦✉ ❜❧♦❝♦ ❡❝♦♥ô♠✐❝♦ r❡str✐t♦✳ ❈♦♠♦ ❡①❡♠♣❧♦s ♣♦❞❡♠♦s ❝✐t❛r ❛s ❝r✐s❡s ❞♦ ▼é①✐❝♦ ❡♠ ✶✾✾✹✱ ❞❛ ❘úss✐❛ ❡♠ ✶✾✾✽✱ ❞❛ ➪s✐❛ t❛♠❜é♠ ❡♠ ✶✾✾✽ ❡ ♦ ❝♦❧❛♣s♦ ❞♦ ❝✉rr❡♥❝② ❜♦❛r❞ ❛r❣❡♥t✐♥♦ ❡♠ ✷✵✵✶✳ ❚♦❞❛s ❡st❛s ❝r✐s❡s t✐✈❡r❛♠ s✉❛s ♦r✐❣❡♥s ❡♠ ✈❛r✐á✈❡✐s r❡❛✐s ♦✉ ✐♥str✉♠❡♥t♦s ✜♥❛♥❝❡✐r♦s ❡s♣❡❝í✜❝♦s ❞❡ ❝❛❞❛ ✉♠❛ ❞❛s r❡❣✐õ❡s ❞❡ ✐♥t❡r❡ss❡✳ ❊♥tr❡t❛♥t♦✱ ♦s ❡❢❡✐t♦s ❞❡st❡s ❝❤♦q✉❡s s❡ ❡s♣❛❧❤❛r❛♠ ♣♦r ♠❡r❝❛❞♦s ❞❡ ❝❛♣✐t❛✐s ♣r❡✈✐❛♠❡♥t❡ ❝♦♥s♦❧✐❞❛❞♦s✱ ❣❡r❛♥❞♦ ❛❜❛❧♦s ❡♠ ✈❛r✐á✈❡✐s ❡❝♦♥ô♠✐❝❛s ❞❡ ♣❛ís❡s ❞♦ ♠✉♥❞♦ t♦❞♦✳

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✶ ■◆❚❘❖❉❯➬➹❖ ✽

❆ ❧✐❣❛çã♦ ❞✐r❡t❛ ❡♥tr❡ ❛ ♦❢❡rt❛ ❞❡ ❝ré❞✐t♦ ❡ ❛s ♦♣çõ❡s ❞❡ ✜♥❛♥❝✐❛♠❡♥t♦ ❞❡ ♦♣❡r❛çõ❡s ✭❡ ♣r♦❥❡t♦s✮ ❞❛s ❡♠♣r❡s❛s ❛t✉❛♥t❡s ♥♦ ♠❡r❝❛❞♦ ❡♠ q✉❡stã♦ t❡♦r✐❝❛♠❡♥t❡ ❞❡✈❡r✐❛ ❛❣r❛✈❛r ♦s ❡❢❡✐t♦s ❞❡ ✉♠❛ ❝r✐s❡ ✜♥❛♥❝❡✐r❛ ❝♦♠♦ ❡st❛✳ ❙❡♥❞♦ ❛ss✐♠✱ ❡s♣❡r❛✲s❡ q✉❡ s❡❥❛ ✈❡r✐✜❝❛❞❛ ❛❧❣✉♠❛ ♠✉❞❛♥ç❛ ♥❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ t♦❞♦s ♦s s❡t♦r❡s ❡ ♦ s❡t♦r ✜♥❛♥❝❡✐r♦✱ r❡s♣♦♥sá✈❡❧ ♣♦r ♣r♦✈❡r ✜♥❛♥❝✐❛♠❡♥t♦ ♣❛r❛ ❛s ❞✐✈❡rs❛s ár❡❛s ❞❛ ❡❝♦♥♦♠✐❛✳ P♦r ♦✉tr♦ ❧❛❞♦ ♦s s✐♠♣❧❡s ♠♦✈✐♠❡♥t♦s ❞❡ ❝♦♠♣r❛ ❡ ✈❡♥❞❛ ❞❡ ❛t✐✈♦s ♣♦r ♣❛rt❡ ❞♦s ✐♥✈❡st✐❞♦r❡s ♣♦❞❡♠ t❡r ❛❢❡t❛❞♦ ♦ r❡❢❡r✐❞♦ ♠❡r❝❛❞♦✱ s❡♠ ❛♣r❡s❡♥t❛r ♥❡♥❤✉♠❛ r❡❧❛çã♦ ❝♦♠ ♦s ❢✉♥❞❛♠❡♥t♦s ❞❛s ❡♠♣r❡s❛s ❡♠ q✉❡stã♦ ✭♣♦r ❡①❡♠♣❧♦ ♦s ♠♦✈✐♠❡♥t♦s ❞❡ ✜r❡s❛❧❡ ♦❜s❡r✈❛❞♦s ❡♠ s❡t❡♠❜r♦ ❞❡ ✷✵✵✽✮✳ ❉❡st❛ ❢♦r♠❛ t❡♠♦s q✉❡ ♦ ♣❛❞rã♦ ❞❡ ❝♦♠♣♦rt❛♠❡♥t♦ ❡①✐❜✐❞♦ ♣♦r ❝❛❞❛ s❡t♦r ❞♦ ♠❡r❝❛❞♦ ♥ã♦ é tr✐✈✐❛❧✱ ❛ss✐♠ ❝♦♠♦ ♦s ❡❢❡✐t♦s ❣❡r❛❞♦s ❡♠ ♦✉tr♦s ♠❡r❝❛❞♦s ✐♥t❡r♥❛❝✐♦♥❛✐s✳ ❊st❡ ❡st✉❞♦ ❜✉s❝❛ ❡♥t❡♥❞❡r ❝♦♠♦ s❡ ❞❡✉ ❛ tr❛♥s♠✐ssã♦ ❞❡ ✈♦❧❛t✐❧✐❞❛❞❡ ❡♥tr❡ t❛✐s s❡t♦r❡s ❡ ♦s ♠♦t✐✈♦s ♣❡❧♦s q✉❛✐s ❞❡t❡r♠✐♥❛❞♦s ♣❛❞rõ❡s ♠♦str❛r❛♠✲s❡ ❞♦♠✐♥❛♥t❡s✳

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✾

✷ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦

❆ ❧✐t❡r❛t✉r❛ ❡①✐st❡♥t❡ s♦❜r❡ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❞❡❝♦rr❡♥t❡s ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s tr❛t❛ ❛ ❛♥á❧✐s❡ ❞❡ ❝♦♥tá❣✐♦ ❞❡ ❢♦r♠❛ ❛♥á❧♦❣❛ à ❛♥á❧✐s❡ ❡♣✐❞❡♠✐♦❧ó❣✐❝❛✳ ❯♠ ❝❤♦q✉❡ ❡s♣❡❝í✜❝♦ ♣r♦♣❛❣❛✲s❡ ❝♦♠♦ ✉♠ ✈ír✉s✱ ❧❡✈❛♥❞♦ à ✉♠❛ ❡♣✐❞❡♠✐❛ ❞❡ ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s ❞✐❢❡r❡♥t❡s ❞♦s q✉❡ s❡r✐❛♠ ♦❜s❡r✈❛❞♦s ❡♠ ✉♠❛ s✐t✉❛çã♦ ❞❡ ♣r♦♣❛❣❛çã♦ ✏♥♦r♠❛❧✑ ❞❡ ❝❤♦q✉❡s✳ ❉❡st❛ ❢♦r♠❛✱ t❛✐s r❡s✉❧t❛♥t❡s ❡①❝❡❞❡♠ ❡♠ ♠❛❣♥✐t✉❞❡ ❡ ár❡❛ ❞❡ ♣r♦♣❛❣❛çã♦ à ♥❛t✉r❛❧ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ✐♥❡r❡♥t❡ à ✐♥t❡❣r❛çã♦ ❞♦s ♠❡r❝❛❞♦s ✜♥❛♥❝❡✐r♦s✳ ❉✐✈❡rs❛s ❞❡✜♥✐çõ❡s ❞❡ ❝♦♥tá❣✐♦ ♣♦❞❡♠ s❡r ❡♥❝♦♥tr❛❞❛s ♥❛ ❧✐t❡r❛t✉r❛ ❞❡ ❡❝♦♥♦♠❡tr✐❛ ❞❡ ✜♥❛♥ç❛s✳ P❛r❛ ♠❛♥t❡r ❛ ❡①♣♦s✐çã♦ ❞♦ tó♣✐❝♦ ❝❧❛r❛✱ ♣r✐♠❡✐r❛♠❡♥t❡ s❡rã♦ ❛♣r❡s❡♥t❛❞❛s ❛s ❞❡✜♥✐çõ❡s ✉s✉❛✐s ♥♦ ❝♦♥t❡①t♦ ❞❡ tr❛♥s♠✐ssã♦ ❡♥tr❡ ♠❡r❝❛❞♦s✱ ♣❛r❛ q✉❡ ❡♠ s❡❣✉✐❞❛ s❡❥❛ ❞❡✜♥✐❞❛ ❞❡t❛❧❤❛❞❛♠❡♥t❡ ❛ ♠❛✐s ❛❞❡q✉❛❞❛ ♣❛r❛ ♦ ❝❛s♦ ❞❡ ✐♥t❡r❡ss❡ ❞❡st❡ ❡st✉❞♦✳

✷✳✶ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦ ❡♥tr❡ ▼❡r❝❛❞♦s

❆ ❧✐t❡r❛t✉r❛ ❡①✐st❡♥t❡ s♦❜r❡ ♣r♦♣❛❣❛çã♦ ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s ❞❡✜♥❡ três ❢♦r♠❛s ❞❡ tr❛♥s✲ ♠✐ssã♦ ❞❡ ❝❤♦q✉❡s✳ ▼❛ss♦♥ ✭✶✾✾✽✮ ✐❞❡♥t✐✜❝❛ ❡ ❞❡✜♥❡ três ❢♦r♠❛s ❞❡ tr❛♥s♠✐ssã♦ ❞❡♥♦♠✐♥❛✲ ❞❛s ❞❡ ▼♦♥s♦♦♥ ❊✛❡❝t✱ ❙♣✐❧❧♦✈❡rs ❡ ❈♦♥tá❣✐♦✳ P❛r❛ ❥✉st✐✜❝❛r ❛ ♠❡t♦❞♦❧♦❣✐❛ ❡❝♦♥♦♠étr✐❝❛ ✉t✐❧✐③❛❞❛ ♣❛r❛ t❡st❛r ❛ ❤✐♣ót❡s❡ ❞❡ ❝♦♥tá❣✐♦ é ♥❡❝❡ssár✐♦ ❞❡✜♥✐r ❡ ❞✐s❝✉t✐r ❛❧❣✉♠❛s ❞❛s ✐♠♣❧✐❝❛çõ❡s ❞❡ ❝❛❞❛ ✉♠ ❞❡st❡s ❢❡♥ô♠❡♥♦s✳

❖ ❡st✉❞♦ ❞❡ ▼❛ss♦♥ ✭✶✾✾✽✮ ❡♥✉♠❡r❛ ♦s s❡❣✉✐♥t❡s ❢❛t♦r❡s ❝♦♠♦ ❞❡t❡r♠✐♥❛♥t❡s ❞❛ ♣r♦✲ ♣❛❣❛çã♦ ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s✿ ✐✮ ❝r✐s❡s ♣♦❞❡♠ s❡r ❞❡❝♦rr❡♥t❡s ❞❡ ❢❛t♦r❡s ❝♦♠✉♥s✱ ❡✳❣✳ ❞❡❝✐sõ❡s ❞❡ ♣♦❧ít✐❝❛s ❡❝♦♥ô♠✐❝❛s t♦♠❛❞❛s ♣♦r ♣❛ís❡s ❞❡s❡♥✈♦❧✈✐♠❡♥t♦ ♣♦❞❡♠ ❛❢❡t❛r ♦s ❢✉♥❞❛♠❡♥t♦s ♠❛❝r♦❡❝♦♥ô♠✐❝♦s ❞❡ ♣❛ís❡s ❡♠ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦✱ ✐✐✮ ❝r✐s❡s ♥♦s ❢✉♥❞❛♠❡♥t♦s ❞❡ ♣❛ís❡s ❡♠ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦ s❡ ♣r♦♣❛❣❛♠ ♣❛r❛ ❢✉♥❞❛♠❡♥t♦s ❞❡ ♦✉tr♦s ♣❛ís❡s ❡♠ ❞❡s❡♥✲ ✈♦❧✈✐♠❡♥t♦✱ ❡✳❣✳ ❝❛s♦s ❞❡ ❞❡s✈❛❧♦r✐③❛çã♦ ❝❛♠❜✐❛✐s ♦✉ ❝r✐s❡s ❞❡ ❧✐q✉✐❞❡③✱ ❡ ♣♦r ✜♠✱ ✐✐✐✮ ❛ ♦❝♦rrê♥❝✐❛ ❞❡ ✉♠❛ ❝r✐s❡ ❡♠ ✉♠ ♣❛ís ♣♦❞❡ ❞❡s❡♥❝❛❞❡❛r ❝r✐s❡s ❡♠ ♦✉tr♦s✱ ♠❡s♠♦ q✉❡ ♥ã♦ ❡①✐st❛ r❡❧❛çã♦ ❞✐r❡t❛ ♥♦s ❢✉♥❞❛♠❡♥t♦s✳

❊st❡s três ❝❛s♦s s❡rã♦ ❞✐s❝✉t✐❞♦s ✐♥❞✐✈✐❞✉❛❧♠❡♥t❡ ♥♦ q✉❡ s❡ s❡❣✉❡✳

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✵

❙♣✐❧❧♦✈❡r✳ ❊st❛ ❝❛t❡❣♦r✐❛ ❝♦♥s✐st❡ ♥❛ tr❛♥s♠✐ssã♦ ❞❡ ❡❢❡✐t♦s ♣♦r ♠❡✐♦ ❞❡ ❢✉♥❞❛♠❡♥t♦s ❡♥tr❡ ♣❛ís❡s ❡♠ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦✳ ❈r✐s❡s ❡♠ ❢✉♥❞❛♠❡♥t♦s ♠❛❝r♦ t❡♥❞❡♠ ❛ s❡ ♣r♦♣❛❣❛r ♣♦r ❢✉♥❞❛♠❡♥t♦s ♠❛❝r♦ ❞❡ ♣❛ís❡s ✐♥❝❧✉í❞♦s ❡♠ ✉♠ ♠❡s♠♦ ❜❧♦❝♦ ❝♦♠❡r❝✐❛❧ ♦✉ ③♦♥❛ ❞❡ ✐♥t❡❣r❛çã♦ ❡❝♦♥ô♠✐❝❛✳ ❊st❛ ❢♦r♠❛ ❞❡ tr❛♥s♠✐ssã♦ é ❞❡t❡r♠✐♥❛❞❛ ♣❡❧❛ ♣ró♣r✐❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❛♣r❡s❡♥t❛❞❛ ♣♦r ♣❛ís❡s ❡♠ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦ ♦❝♦rr❡♥❞♦ ❝♦♠ ♣r♦❜❛❜✐❧✐❞❛❞❡ ❡ ✐♥t❡♥s✐❞❛❞❡ ❝r❡s❝❡♥t❡s ♥♦ ❣r❛✉ ❞❡ ✐♥t❡❣r❛çã♦ ❛♣r❡s❡♥t❛❞♦ ♣♦r ❡❝♦♥♦♠✐❛s t✐♣✐❝❛♠❡♥t❡ ❢rá❣❡✐s✳ ❊st❡ ❡❢❡✐t♦ ❢♦✐ ❛ss✐♠ ❞❡♥♦♠✐♥❛❞♦ ♣♦r ❈❛❧✈♦ ✫ ❘❡✐♥❤❛rt ✭✶✾✾✻✮✳

❈♦♥tá❣✐♦✳ ❊st❛ ❢♦r♠❛ ❞❡ ♣r♦♣❛❣❛çã♦ ❢♦✐ ✐❞❡♥t✐✜❝❛❞❛ ♣r✐♠❡✐r❛♠❡♥t❡ ♣♦r ❙❛❝❤s ❡t ❛❧✳ ✭✶✾✾✻✮ ❡ ❝♦rr❡s♣♦♥❞❡ à ♣r♦♣❛❣❛çã♦ ❞❡ ❝r✐s❡s ♣♦r ♠❡✐♦s q✉❡ ♥ã♦ ♦s ❢✉♥❞❛♠❡♥t♦s ♠❛✲ ❝r♦❡❝♦♥ô♠✐❝♦s ❞❡ ✉♠ ♠❡r❝❛❞♦ ❡♠ q✉❡stã♦✳ ❆ ❛♥á❧✐s❡ ❞❡st❡ ❢❡♥ô♠❡♥♦ ♣♦❞❡ ❛✐♥❞❛ s❡r ❞❡s❞♦❜r❛❞❛ ❞❡ ❞✐✈❡rs❛s ♠❛♥❡✐r❛s✳ ❚rês ❞❡✜♥✐çõ❡s ❢r❡q✉❡♥t❡♠❡♥t❡ ✉t✐❧✐③❛❞❛s ♥❛ ❧✐t❡r❛t✉r❛ r❡❧❛❝✐♦♥❛❞❛ sã♦ ❞❛❞❛s ❡♠ ❇✐❧❧✐♦ ✫ ❈❛♣♦r✐♥ ✭✷✵✵✺✮✿

❉❡✜♥✐çã♦ ✶✳ ❆ s✐♠♣❧❡s ♣r♦♣❛❣❛çã♦ ❞❡ ❝❤♦q✉❡s ❡♥tr❡ ♣❛ís❡s ✭♦✉ ♠❡r❝❛❞♦s✮✳ ◆❡st❡ ❝❛s♦ ❡s♣❡r❛✲s❡ q✉❡ t❛❧ ♣r♦♣❛❣❛çã♦ s❡ ❞ê ❡♠ ♠♦♠❡♥t♦s ❞❡ ❝r✐s❡ ❡ ❝❛❧♠❛r✐❛✳ ❆❧é♠ ❞✐ss♦✱ ♥❡st❛ s✐t✉❛çã♦✱ ♦ ❝♦♥tá❣✐♦ ♥ã♦ ❡stá ❛ss♦❝✐❛❞♦ ❛♣❡♥❛s ❛ ❝❤♦q✉❡s ♥❡❣❛t✐✈♦s✱ ♠❛s t❛♠❜é♠ à tr❛♥s♠✐ssã♦ ❞❡ ❡❢❡✐t♦s ♣♦s✐t✐✈♦s✳

❊st❛ é ❛ ❢♦r♠❛ ♠❛✐s ❜r❛♥❞❛ ❞❡ s❡ ♣❡♥s❛r s♦❜r❡ ❝♦♥tá❣✐♦ ❡ ♥ã♦ é ❞❡ ❣r❛♥❞❡ s❡r✈❡♥t✐❛ ♣❛r❛ ♦ ❡st✉❞♦ ❞❡ ❡✈❡♥t♦s✳ ❊st❛ ❞❡✜♥✐çã♦ ❛♣❡♥❛s ❞❡✜♥❡ ❛ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ♠❡r❝❛❞♦s ✭q✉❡ ♣♦❞❡ s❡r ❝♦♥st❛♥t❡✱ ✐♥❝❧✉s✐✈❡❀ ❢❛t♦ ❛♠♣❧❛♠❡♥t❡ ❝♦♥t❡st❛❞♦ ♥❛ ❧✐t❡r❛t✉r❛ ❞❡ ❡❝♦♥♦♠❡tr✐❛ ❞❡ ✜♥❛♥ç❛s✮✳ ❊♠ ✉♠ ❛♠❜✐❡♥t❡ ❡❝♦♥ô♠✐❝♦ ❛♠♣❧❛♠❡♥t❡ ✐♥t❡❣r❛❞♦✱ ❝♦♠♦ ♦ ✈✐✈❡♥❝✐❛❞♦ ❛t✉❛❧♠❡♥t❡✱ é ♥❛t✉r❛❧ ❡s♣❡r❛r ❡st❡ t✐♣♦ ❞❡ r❡❧❛çã♦✳

❉❡✜♥✐çã♦ ✷✳ ❊st❛ ❞❡✜♥✐çã♦ ✈❡♠ ❞❛ ❡♣✐❞❡♠✐♦❧♦❣✐❛ ❡ ❞✐③ r❡s♣❡✐t♦ à ♣r♦♣❛❣❛çã♦ ❞❡ ❝❤♦q✉❡s ❡♠ ❡①❝❡ss♦ ❛♦ ❡s♣❡r❛❞♦ ❡♠ ✉♠❛ s✐t✉❛çã♦ ♥♦r♠❛❧✱ ❝♦♥s✐❞❡r❛♥❞♦ ♦s ♠♦✈✐♠❡♥t♦s ❞❡s❡♥❝❛❞❡❛❞♦s ♣♦r ✉♠ ❝❤♦q✉❡ ❡♠ ❝♦♠✉♠ ✭❛♦s ♠❡r❝❛❞♦s✮✳ ❆ ♠❛✐♦r ❞✐✜❝✉❧❞❛❞❡ t❡ór✐❝❛ ❝♦♠ ❡st❛ ❞❡✜♥✐çã♦ é ❡s♣❡❝✐✜❝❛r ♦ q✉❡ é ❝❧❛ss✐✜❝❛❞♦ ❝♦♠♦ ✏s✐t✉❛çã♦ ♥♦r♠❛❧✑✳

❊st❛ ❞❡✜♥✐çã♦ s❡ ❛♣r♦①✐♠❛ ♠❛✐s ❞♦ ♦❜❥❡t✐✈♦ ❞❡st❡ ❡st✉❞♦✱ ♠❛s ❛✐♥❞❛ ❛ss✐♠ ♥ã♦ é s❛t✐s❢❛tór✐❛✱ ♣♦✐s✱ ❝♦♠♦ ❞❡st❛❝❛❞♦ ❛❝✐♠❛✱ ❛ ❝❧❛ss✐✜❝❛çã♦ ❞❡ tr❛♥s♠✐ssã♦ ❝♦♠♦ tí♣✐❝❛ ♦✉ ❛tí♣✐❝❛ é t♦t❛❧♠❡♥t❡ s✉❜❥❡t✐✈❛✳

P♦r ✜♠ ❛♣r❡s❡♥t❛♠♦s ❛ s❡❣✉✐♥t❡ ❞❡✜♥✐çã♦✱ q✉❡ s❡rá ✉t✐❧✐③❛❞❛ ♥♦ q✉❡ s❡❣✉❡✳

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✶

❆s ❞❡✜♥✐çõ❡s ❞❡ ▼♦♥s♦♦♥ ❊✛❡❝ts✱ ❙♣✐❧❧♦✈❡rs ❡ ❈♦♥tá❣✐♦ ❛♣r❡s❡♥t❛❞❛s ❛❝✐♠❛ sã♦ s❛t✐s✲ ❢❛tór✐❛s ♣❛r❛ ❛ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❡♥tr❡ ♣❛ís❡s ♦✉ ❡♥tr❡ ♠❡r❝❛❞♦s✳ ◆♦ ❡♥t❛♥t♦✱ ❡st❛s ❞❡✜♥✐çõ❡s ♥ã♦ sã♦ t♦t❛❧♠❡♥t❡ ❛❞❡q✉❛❞❛s ♣❛r❛ ❛ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❡♥tr❡ s❡t♦r❡s✿ ♣♦r ❡①❡♠♣❧♦✱ q✉❛✐s ✈❛r✐á✈❡✐s ❡s♣❡❝í✜❝❛s ❛ ❝❛❞❛ s❡t♦r s❡r✐❛♠ ❛❞❡q✉❛❞❛s ♣❛r❛ r❡♣r❡s❡♥t❛r ♦s ✏❢✉♥❞❛♠❡♥t♦s✑ ❞♦s ♦❜❥❡t♦s ❞❡ ✐♥t❡r❡ss❡❄ ❆ ❡①t❡♥sã♦ ❞❡st❡s ❝♦♥❝❡✐t♦s ♣❛r❛ ♦ ❝❛s♦ ❡♥tr❡ s❡t♦r❡s ❞❡♠❛♥❞❛ ❝❡rt♦ ❝✉✐❞❛❞♦ ❡ s❡rá ❞✐s❝✉t✐❞❛ ❛ s❡❣✉✐r✳

✷✳✷ ❈♦♥tá❣✐♦ ❋✐♥❛♥❝❡✐r♦ ❡♥tr❡ ❙❡t♦r❡s ❞❡ ✉♠ ▼❡r❝❛❞♦

❖s ❝♦♥❝❡✐t♦s ❞✐s❝✉t✐❞♦s ♥❛ s❡çã♦ ✷✳✶ ❡♠ ❣❡r❛❧ s❡ ❛♣❧✐❝❛♠ ♣❛r❛ ♦ ❝❛s♦ ❞❡ ❝♦♥tá❣✐♦ ❞❡♥✲ tr♦ ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ s❡t♦r✱ ✉♠❛ ✈❡③ q✉❡ ❡st❡ ❝♦♥s✐st❡ ❡♠ ✉♠ ❛❣r✉♣❛♠❡♥t♦ ❞❡ ❛t✐✈♦s ❝♦♠♦ q✉❛❧q✉❡r ♦✉tr♦✳ ❊♥tr❡t❛♥t♦✱ ❛❧❣✉♠❛s q✉❡stõ❡s ♥ã♦ sã♦ t♦t❛❧♠❡♥t❡ r❡s♣♦♥❞✐❞❛s ♣❡❧❛ ✐❞❡✐❛ ❣❡r❛❧ ❞❡ ❝♦♥tá❣✐♦✿ ❝♦♠♦ ❛ ♠❛t✉r✐❞❛❞❡ ❞❡ ✉♠❛ ❝r✐s❡ ✜♥❛♥❝❡✐r❛ ❛❢❡t❛ ❛ ♣r♦♣❛❣❛çã♦ ❞❡ s❡✉s ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s❄ ■st♦ é✱ ✉♠❛ ✈❡③ q✉❡ ✉♠❛ ❝r✐s❡ ✜♥❛♥❝❡✐r❛ ❛❢❡t❛ ✉♠ ❞❡t❡r♠✐✲ ♥❛❞♦ ♠❡r❝❛❞♦✱ ❝♦♠♦ s❡ ❞á ❛ r❡s♣♦st❛ ❞♦s ✐♥✈❡st✐❞♦r❡s ❡♠ t❡r♠♦s ❞❡ s✉❛s ❡①♣❡❝t❛t✐✈❛s❄ ❆❧é♠ ❞✐ss♦✱ t❡♠♦s q✉❡ ❛❧❣✉♥s s❡t♦r❡s sã♦ ♥❛t✉r❛❧♠❡♥t❡ r❡❧❛❝✐♦♥❛❞♦s✱ ✐✳❡✳ ❝r✐s❡s ❝✉❥❛s ❝❛✉✲ s❛s sã♦ ❧✐♠✐t❛❞❛s ❡①❝❧✉s✐✈❛♠❡♥t❡ ❛ ✉♠ s❡t♦r ♥♦r♠❛❧♠❡♥t❡ ♦❝♦rr❡♠ ♣♦r ❝♦♥t❛ ❞❡ ❢❛t♦r❡s ❡①ó❣❡♥♦s✱ ❡✳❣✳ ❝❤♦q✉❡s ❞❡ ♣r❡ç♦✱ ❢❛t♦r❡s ♥❛t✉r❛✐s ♦✉ ♠✉❞❛♥ç❛s ❞❡ ❧❡❣✐s❧❛çã♦✳ P♦rt❛♥t♦✱ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s ❝♦♠♦ ❛ ❞♦ s✉❜♣r✐♠❡✱ ❝✉❥❛s ♣❛rt✐❝✉❧❛r✐❞❛❞❡s s❡rã♦ ❞✐s❝✉t✐❞❛s ♥❛ s❡çã♦ ✷✳✹✱ sã♦ ❢♦r♠❛❞❛s ❝♦♠ ❜❛s❡ ♥❛ ✐♥t❡r❛çã♦ ❞❡ ❞✐✈❡rs♦s s❡t♦r❡s ❞❛ ❡❝♦♥♦♠✐❛✳ ❊st❛ ❛♣❛r❡♥t❡ ❝♦♠♣❧❡①✐❞❛❞❡ ♣♦❞❡ ❢❛③❡r ❝♦♠ q✉❡ ❝r✐s❡s ❝♦♠♦ ❡st❛ s❡❥❛♠ ❞✐❢í❝❡✐s ❞❡ ✐❞❡♥t✐✜❝❛r✳ ❊st❛ s❡✲ çã♦ ❛♣r❡s❡♥t❛ ❛❧❣✉♥s ❡st✉❞♦s q✉❡ tr❛t❛♠ ❞❛ ♣r♦♣❛❣❛çã♦ ❞❡ ❝❤♦q✉❡s ❞❡❝♦rr❡♥t❡s ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s ❡♥tr❡ s❡t♦r❡s ❞❡ ✉♠❛ ♠❡s♠❛ ❡❝♦♥♦♠✐❛✳

Pr✐♠❡✐r❛♠❡♥t❡✱ ❆♥❞❡rs♦♥ ❡t ❛❧✳ ✭✷✵✶✵✮ ❛♣r❡s❡♥t❛♠ ✉♠ ♠♦❞❡❧♦ ❞❡ ♠✉❞❛♥ç❛ ❞❡ r❡❣✐♠❡s ♣❛r❛ ♠♦❞❡❧❛r ❛ ♣r♦♣❛❣❛çã♦ ❞❛ ❜♦❧❤❛ ❞♦ s❡t♦r ❞❡ t❡❝♥♦❧♦❣✐❛ ❢♦r♠❛❞❛ ❛ ♣❛rt✐r ❞❡ ✶✾✾✵✳ ❉✐❢❡r❡♥t❡♠❡♥t❡ ❞❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡✱ ❛ ❝r✐s❡ ❡♠ q✉❡stã♦ ✭q✉❡ t❡✈❡ s❡✉ ❝♦❧❛♣s♦ ♥♦ ❛♥♦ ✷✵✵✵✮ é ❝♦♥s✐❞❡r❛❞❛ ✉♠❛ ❜♦❧❤❛ ❡s♣❡❝✉❧❛t✐✈❛✳✶ ❖s ❛✉t♦r❡s ✐❞❡♥t✐✜❝❛♠ ❜♦❧❤❛s ❡s♣❡❝✉❧❛t✐✈❛s

❡♠ ♠❛✐s ❞❡ ✼✵✪ ❞♦s ❛t✐✈♦s ❛♥❛❧✐s❛❞♦s ✭♠♦♥t❛♥t❡ ❜❡♠ s✉♣❡r✐♦r ❛♦ ♥ú♠❡r♦ ❞❡ ❛t✐✈♦s ❞✐r❡t❛♠❡♥t❡ r❡❧❛❝✐♦♥❛❞♦s ❝♦♠ ♦ s❡t♦r ❞❡ t❡❝♥♦❧♦❣✐❛✮✳ ❉❡st❛ ❢♦r♠❛✱ ❝♦♥❝❧✉❡♠ q✉❡ ❛ ❣r❛♥❞❡ ♠❛✐♦r✐❛ ❞♦s s❡t♦r❡s ❞❡ ✉♠❛ ❡❝♦♥♦♠✐❛ ♣❛ss❛♠✲s❡ ❛ ❝♦♠♣♦rt❛r ❞❡ ♠❛♥❡✐r❛ s❡♠❡❧❤❛♥t❡ ♥❛ ♣r❡s❡♥ç❛ ❞❡ ✉♠❛ ❜♦❧❤❛ ❡s♣❡❝✉❧❛t✐✈❛✱ ♠❡s♠♦ q✉❡ ❡st❛ s❡❥❛ r❡str✐t❛ ❛ ✉♠ ❞❡t❡r♠✐♥❛❞♦ s❡t♦r✳ ❖s ❛✉t♦r❡s ❛✐♥❞❛ ❛tr✐❜✉❡♠ ❡st❡ ❢❡♥ô♠❡♥♦ ❛♦ ❢❛t♦ ❞❡ ❛♣❡♥❛s ❛❧❣✉♥s s❡t♦r❡s ❞❡ ♠❡r❝❛❞♦ ✉t✐❧✐③❛r❡♠ ♠♦❞❡❧♦s ❞❡ ❞✐✈✐❞❡♥❞♦s ♣❛r❛ ♣r❡❝✐✜❝❛r ♦s ❛t✐✈♦s ❞❡ ✐♥t❡r❡ss❡✳ ❉✐✈❡rs♦s ❛rt✐❣♦s ❡ ❧✐✈r♦s t❡①t♦ ♥❛ ár❡❛ ❞❡ ✈❛❧✉❛t✐♦♥✱ ❡✳❣✳ ❑♦❧❧❡r ❡t ❛❧✳ ✭✷✵✶✵✮ ✉t✐❧✐③❛♠ ❛ ❝r✐s❡ ❞❡ ✷✵✵✵ ❝♦♠♦ ❡①❡♠♣❧♦ ❞❡ ♠á ❛✈❛❧✐❛çã♦ ❞❡ ❡♠♣r❡s❛s✿ ♣♦r s❡ tr❛t❛r ❞❡ ✉♠ s❡t♦r ❡♥❢r❡♥t❛♥❞♦ ✉♠ ❝r❡s❝✐♠❡♥t♦ s❡♠ ♣r❡❝❡❞❡♥t❡s✱ ♥ã♦ é r❛③♦á✈❡❧ ♣r♦❥❡t❛r ❝r❡s❝✐♠❡♥t♦s ❞❡ ✈❡♥❞❛s ❡ r❡t♦r♥♦s s♦❜r❡ ✐♥✈❡st✐♠❡♥t♦ ♥✉♥❝❛ ❛♥t❡s ✈✐st♦s ❡♠ ♥❡♥❤✉♠ s❡t♦r ❞❛ ❡❝♦♥♦♠✐❛✳ ❆❧é♠ ❞✐ss♦✱ é ❛✐♥❞❛ ♠❡♥♦s r❛③♦á✈❡❧ ✐♥❝❧✉✐r q✉❛❧q✉❡r ✐♥❢♦r♠❛çã♦ ♦✉ sér✐❡ ❞❡r✐✈❛❞❛ ❞❡st❡ s❡t♦r ❝♦♠♦ ❞r✐✈❡r ❞❡

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✷

❝r❡s❝✐♠❡♥t♦ ✭♦✉ ♠❡r❝❛❞♦✮ ❡♠ ♠♦❞❡❧♦s ❞❡ ❞✐✈✐❞❡♥❞♦s ♣❛r❛ ❛✈❛❧✐❛çã♦ ❞❡ ♦✉tr♦s s❡t♦r❡s✳ ❆ss✐♠✱ ❛ ❝♦♥❝❧✉sã♦ ❞♦s ❛✉t♦r❡s é q✉❡ ♥ã♦ ❤♦✉✈❡ ❝♦♥tá❣✐♦ ❞❡❝♦rr❡♥t❡ ❞♦ ❝r❛s❤ ❞❡ ✷✵✵✵✳ ❊♥tr❡t❛♥t♦✱ ❛ ♣r♦♣❛❣❛çã♦ ❞❡ ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s s❡ ❞❡✉ ♣♦r ♠❡✐♦ ❞❛ tr❛♥s♠✐ssã♦ ❞❛ ❜♦❧❤❛ ♣♦r ♠❡✐♦ ❞❡ ❢✉♥❞❛♠❡♥t♦s ❞♦s ❞❡♠❛✐s ♠❡r❝❛❞♦s✳

❈♦✉❞❡rt ✫ ●❡① ✭✷✵✶✵✮ ❛tr✐❜✉❡♠ ❛ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❞❡♥tr♦ ❞❡ ✉♠❛ ❡❝♦♥♦♠✐❛ ❛♦ s❡t♦r ❞❡ ❝ré❞✐t♦❀ ❡♠ ♣❛rt✐❝✉❧❛r à ❞❡r✐✈❛t✐✈♦s✳ ❚❡♥❞♦ ❡♠ ✈✐st❛ ❛ s❡q✉ê♥❝✐❛ ❞❡ ❡✈❡♥t♦s ♦❝♦rr✐❞♦s ♥❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡✱ ♦s ❛✉t♦r❡s ❛❝r❡❞✐t❛♠ q✉❡ ❞❡t❡r♠✐♥❛❞♦s ❝❤♦q✉❡s✱ ❝♦♠♦ ❛ ❝r✐s❡ ♥♦s ♣rê♠✐♦s ❞❡ r✐s❝♦ ❞❛s ♠♦♥t❛❞♦r❛s ●❡♥❡r❛❧ ▼♦t♦rs ❡ ❋♦r❞ ♦❝♦rr✐❞❛ ❡♠ ✷✵✵✺✱ ✐♥✐❝✐❛♠ ✉♠ ❡❢❡✐t♦ ❝❛s❝❛t❛ ♥♦ ♠❡r❝❛❞♦ ❞❡ ❈r❡❞✐t ❉❡❢❛✉❧t ❙✇❛♣s ✭❈❉❙✮ q✉❡ s❡ ♣r♦♣❛❣❛♠ ♣❛r❛ ❢✉♥❞♦s ❞❡ ♣❡♥sã♦✱ ❤❡❞❣❡ ❢✉♥❞s ❡ ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s ❡♠ ❣❡r❛❧✱ q✉❡ ♣♦r s✉❛ ✈❡③ tr❛♥s♠✐t❡♠ t❛✐s ❝❤♦q✉❡s ♣❛r❛ ♦s ✐♥✈❡st✐❞♦r❡s ❡✱ ❡♠ ú❧t✐♠❛ ✐♥stâ♥❝✐❛✱ ❞✐r❡t❛♠❡♥t❡ ♣❛r❛ ❛ ❡❝♦♥♦♠✐❛ r❡❛❧✳ ❯♠ ❛♥ú♥❝✐♦ ❞❡ ♣❡r❞❛s ♣♦r ♣❛rt❡ ❞❡ ✉♠❛ ❝♦♠♣❛♥❤✐❛ ❞❡ ❣r❛♥❞❡ ♣♦rt❡ ♣♦❞❡ ❧❡✈❛r ✭❡ ❧❡✈♦✉ ♥♦ ❝❛s♦ ❞❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡✮ ❛❣ê♥❝✐❛s ❞❡ r❛t✐♥❣ ❛ r❡❜❛✐①❛r ♥♦t❛s ♥♦s ❈❉❙✳ ❆ ❜❛✐①❛ r❡❣✉❧❛çã♦ ❞♦ ♠❡r❝❛❞♦ s❡❝✉♥❞ár✐♦ ❞❡ t❛✐s ♣r♦❞✉t♦s ♣❡r♠✐t❡ às ❝♦♠♣❛♥❤✐❛s ❞❡ s❡❣✉r♦s s❡ ❛❧❛✈❛♥❝❛r❡♠ ❞✐✈❡rs❛s ✈❡③❡s ♥♦s ❡♠♣rést✐♠♦s r❡❛❧✐③❛❞♦s✱ ♥❛ ♠❡❞✐❞❛ ❡♠ q✉❡ ❢✉♥❞♦s ❞❡ ✐♥✈❡st✐♠❡♥t♦ tr❛t❛♠ t❛✐s ❝♦♥tr❛t♦s ❝♦♠♦ ✐♥str✉♠❡♥t♦s ❞❡ ❣❛♠❜❧✐♥❣✳ ❉❡st❛ ❢♦r♠❛✱ ❝♦♠♦ ✈❡r✐✜❝❛❞♦ ♣❡❧♦s ❛✉t♦r❡s✱ q✉❡ ✐❞❡♥t✐✜❝❛♠ ✉♠ ❛✉♠❡♥t♦ ❞❡ ✶✵✵✪ ♥♦ ♣rê♠✐♦ ❞❡ r✐s❝♦ ❞♦ í♥❞✐❝❡ ❞♦ ♠❡r❝❛❞♦ ❞❡ ❈❉❙✱ ✉♠ ❝❤♦q✉❡ ❜❛st❛♥t❡ ❡s♣❡❝í✜❝♦ ♣♦❞❡ s❡r tr❛♥s♠✐t✐❞♦ ❞❡ ♠❛♥❡✐r❛ rá♣✐❞❛ ❡ ✐♥t❡♥s❛ ❛ t♦❞♦ ♦ ♠❡r❝❛❞♦ ❞❡ ❞❡r✐✈❛t✐✈♦s ❞❡ ❝ré❞✐t♦✳

❆✐♥❞❛ ❝♦♠ r❡s♣❡✐t♦ à tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ✈✐❛ ✐♥str✉♠❡♥t♦s ❞❡ ❝ré❞✐t♦✱ ❏♦r✐♦♥ ✫ ❩❤❛♥❣ ✭✷✵✵✾✮ ❛✐♥❞❛ ❛♣♦♥t❛♠ ♣❛r❛ ❡✈❡♥t♦s ❝♦♠♦ ♦ ❞❛ ●❡♥❡r❛❧ ▼♦t♦rs ❝♦♠♦ tr✐❣❣❡rs ❞❡ ❛✉♠❡♥t♦s ❡♠ ❝♦✉♥t❡r♣❛rt② r✐s❦s ♣❛r❛ ❞✐✈❡rs♦s s❡t♦r❡s✱ ♥❛ ♠❡❞✐❞❛ ❡♠ q✉❡ ❤á ♠✉❞❛♥ç❛s ♥❛s ❡①♣❡❝t❛t✐✈❛s ❞♦s ✐♥✈❡st✐❞♦r❡s ✭❞♦ t✐♣♦ ✇❛❦❡ ✉♣ ❝❛❧❧s✱ r❡s✉❧t❛♥t❡s ❞❡ ♣♦ssí✈❡✐s ❞♦✇♥❣r❛❞❡s ♣♦r ♣❛rt❡ ❞❡ ❛❣ê♥❝✐❛s ❞❡ r❛t✐♥❣ ❝♦♠♦ ♦s ♦❜s❡r✈❛❞♦s ♥♦s ❡✈❡♥t♦s s✉♣r❛❝✐t❛❞♦s✮✳ ❚❛♠❜é♠ é ♣♦ssí✈❡❧ q✉❡ t❛✐s ✇❛❦❡ ✉♣ ❝❛❧❧s ❞❡s❡♥❝❛❞❡✐❡♠ ❡❢❡✐t♦s ♠❛♥❛❞❛ ♣♦r ♣❛rt❡ ❞❡ ✐♥✈❡st✐❞♦r❡s✳ ❊st❛ ❡①♣❧✐❝❛çã♦ ♣♦❞❡ ❛té s❡r ❝♦♥s✐❞❡r❛❞❛ ♣❧❛✉sí✈❡❧ ♥♦ ❝❛s♦ ❞❡ ✐♥✈❡st✐❞♦r❡s ✐♥❞✐✈✐❞✉❛✐s✱ ❡♥tr❡t❛♥t♦ ♦ ✐♠♣❛❝t♦ ❞❡st❡s s♦❜r❡ ♦s ♣r❡ç♦s ❞❡ ❛t✐✈♦s ♥ã♦ s❡r✐❛ s✐❣♥✐✜❝❛♥t❡✱ ❛✐♥❞❛ ♠❛✐s ♥♦ ♠❡r❝❛❞♦ s❡❝✉♥❞ár✐♦ ❞❡ ❈❉❙✳

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✸

♠✉♥❞✐❛❧✱ ❡✳❣✳ s❡t♦r ❞❡ t❡❝♥♦❧♦❣✐❛✳

❉✐✈❡rs✐✜❝❛çã♦ ♥❛ Pr❡s❡♥ç❛ ❞❡ ❈♦♥tá❣✐♦ ❡♥tr❡ ❙❡t♦r❡s✳ ❚r❛❞✐❝✐♦♥❛❧♠❡♥t❡✱ ❛ ❢♦r✲ ♠✉❧❛çã♦ ❞❡ ♣♦rt❢ó❧✐♦s ❝♦♥t❡♥❞♦ ❛t✐✈♦s ❞❡ ❞✐❢❡r❡♥t❡s ♠❡r❝❛❞♦s t❡♠ s✐❞♦ ✉♠❛ ❡str❛té❣✐❛ ❜❡♠ s✉❝❡❞✐❞❛ ❞❡ ❞✐✈❡rs✐✜❝❛çã♦✱ ❞✐♠✐♥✉✐♥❞♦ ♦ r✐s❝♦ ❞❡ ❝❛rt❡✐r❛s ❛ ♥í✈❡✐s ❛❜❛✐①♦ ❞♦ r✐s❝♦ s✐stê♠✐❝♦ ❞❡ ✉♠❛ ❡❝♦♥♦♠✐❛✳ ❊st✉❞♦s ❝♦♠♦ ▲❡ss❛r❞ ✭✶✾✼✹✮✱ ❍❡st♦♥ ✫ ❘♦✉✇❡♥❤♦rst ✭✶✾✾✺✮ ❡ ●r✐✣♥ ✫ ❑❛r♦❧②✐ ✭✶✾✾✽✮ ❛♣♦♥t❛♠ ♣❛r❛ ❝♦✉♥tr② ❡✛❡❝ts ❝♦♠♦ ♣r✐♥❝✐♣❛✐s ❞r✐✈❡rs ♣❛r❛ ♠♦✲ ✈✐♠❡♥t♦s ❞❡ ♣r❡ç♦ ❞❡ ❛t✐✈♦s ❡♠ ❞✐❢❡r❡♥t❡s ♠❡r❝❛❞♦s✳ ❆ss✐♠✱ ❣❡st♦r❡s t✐♥❤❛♠ ✐♥❝❡♥t✐✈♦ ♣❛r❛ ❢♦r♠✉❧❛r ❝❛rt❡✐r❛s ♠✉❧t✐♠❡r❝❛❞♦s✳ ❊♥tr❡t❛♥t♦✱ ❛❧❣✉♥s ❡st✉❞♦s ♠❛✐s r❡❝❡♥t❡s ❝♦♠♦ ❋❧❛✈✐♥ ✭✷✵✵✹✮✱ ❇r♦♦❦s ✫ ❉❡❧ ◆❡❣r♦ ✭✷✵✵✹✮ ❡ P❤②❧❛❦t✐s ✫ ❳✐❛ ✭✷✵✵✻❛✱ ✷✵✵✻❜✮ ❛♣♦♥t❛♠ ♣❛r❛ ✉♠❛ r❡❝❡♥t❡ ✐♥✈❡rsã♦ ❞❡ ♣❛♣❡✐s ♥♦s ❞r✐✈❡rs ❡♠ q✉❡stã♦✳ ❊✈✐❞ê♥❝✐❛s ❡♠♣ír✐❝❛s ❛♣r❡✲ s❡♥t❛❞❛s ❡♠ t❛✐s ❡st✉❞♦s ♠♦str❛♠ q✉❡ ❡❢❡✐t♦s ❡♠ ♥í✈❡❧ ❞❡ ✐♥❞✉str✐❛✱ ✐♥❞✉str✐❛❧ ❡✛❡❝ts✱ tê♠ s✐❞♦ ♠❛✐s r❡❧❡✈❛♥t❡s ♣❛r❛ ♣r❡✈❡r ✢✉t✉❛çõ❡s ❡♠ ♠❡r❝❛❞♦s ✜♥❛♥❝❡✐r♦s ❞♦ q✉❡ ♦s ❝♦✉♥✲ tr② ❡✛❡❝ts ✉s✉❛❧♠❡♥t❡ ❝♦♥s✐❞❡r❛❞♦s r❡s♣♦♥sá✈❡✐s ♣♦r ♠♦✈✐♠❡♥t♦s ♥♦s ♣r❡ç♦s ❞♦s ❛t✐✈♦s✳ ❙❡♥❞♦ ❛ss✐♠✱ ✉♠ ♣♦♦❧ ❡✜❝❛③ ❞❡ ❞✐✈❡rs✐✜❝❛çã♦ ❞❡ ♣♦rt❢ó❧✐♦s ♣♦❞❡ s❡r ❡♥❝♦♥tr❛❞♦ ❞❡♥tr♦ ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦✳ ❊♥tr❡t❛♥t♦✱ ❛ss✐♠ ❝♦♠♦ ♥♦t❛❞♦ ❡♠ ❞✐✈❡rs♦s ❡st✉❞♦s✱ ♦s r✐s❝♦s ❞❛ ❞✐✈❡rs✐✜❝❛çã♦ ❡♥tr❡ ♣❛ís❡s ❡♥❝♦♥tr❛♠ s❡✉ ♣❛r r❡❣✐♦♥❛❧✳

✷✳✸ ❈❛♥❛✐s ❞❡ ❚r❛♥s♠✐ssã♦

❯♠ tó♣✐❝♦ ✐♠♣♦rt❛♥t❡ ♥❛ ❛♥á❧✐s❡ ❞❡ ❝♦♥tá❣✐♦ é ❛ ✐❞❡♥t✐✜❝❛çã♦ ❞♦ ❝❛♥❛❧ ❞❡ ♣r♦♣❛❣❛çã♦✱ ♦✉ ✈❡t♦r ❞❡ tr❛♥s♠✐ssã♦✱ ❞♦s ❝❤♦q✉❡s ❞❡ ✐♥t❡r❡ss❡✳ ❊①✐st❡♠ ❞✐✈❡rs♦s ❝❛♥❛✐s ♣♦ssí✈❡✐s✱ ♠❛s ❛❧❣✉♠❛s t❡♦r✐❛s ♠♦str❛♠✲s❡ ♠❛✐s ❜❡♠ ❡str✉t✉r❛❞❛s q✉❡ ♦✉tr❛s✱ ❢♦r♠❛♥❞♦ ❞❡ ❝❡rt❛ ❢♦r♠❛ ✉♠ ♣♦♦❧ ❞❡ ♣♦ss✐❜✐❧✐❞❛❞❡s ❣❡r❛❧♠❡♥t❡ ❛❝❡✐t♦s ❝♦♠♦ tr❛♥s♠✐ss♦r❡s ❞❡ ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s✳ ❋♦r❜❡s ✫ ❘✐❣♦❜♦♥ ✭✷✵✵✷✮ ❡♥✉♠❡r❛♠ ❞✐✈❡rs♦s ❝❛♥❛✐s ❞❡ tr❛♥s♠✐ssã♦ ❞❡ ❝❤♦q✉❡s ❝♦♠♦ ❛❧✲ t❡r❛çõ❡s ❡♠ ❢✉♥❞❛♠❡♥t♦s ♠❛❝r♦❡❝♦♥ô♠✐❝♦s✱ ❝r✐s❡s ❞❡ ❧✐q✉✐❞❡③ ❡ ❢❛t♦r❡s ❝♦♠♣♦rt❛♠❡♥t❛✐s ❞♦s ✐♥✈❡st✐❞♦r❡s✳ ❖s ❛✉t♦r❡s ❛✐♥❞❛ ❢❛③❡♠ ✉♠❛ ❞✐st✐♥çã♦ ♣❛r❛ ❝❛s♦s ❡♠ q✉❡ ♦s ❢✉♥❞❛♠❡♥t♦s ❞♦s ♣❛ís❡s ❞❡ ✐♥t❡r❡ss❡ s♦❢r❡♠ ❛❧❣✉♠ t✐♣♦ ❞❡ ❡❢❡✐t♦ ❞✐r❡t♦✱ ♥❡st❡ ❝❛s♦ q✉❛❧✐✜❝❛♥❞♦ ❛ ♣r♦✲ ♣❛❣❛çã♦ ❝♦♠♦ ✐♥t❡r❞❡♣❡♥❞ê♥❝✐❛✱ ❡ ♥ã♦ ❝♦♠♦ ❝♦♥tá❣✐♦✳ ❚♦❞♦s ❡st❡s ❝❛♥❛✐s s❡rã♦ ❧✐st❛❞♦s ❡ ❞❡s❝r✐t♦s ❛ s❡❣✉✐r✳

(18)

✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✹

❈♦♠♦ ❡①❡♠♣❧♦ ❞❡st❡ t✐♣♦ ❞❡ tr❛❜❛❧❤♦✱ ♣♦❞❡✲s❡ ❝✐t❛r ❑✐②♦t❛❦✐ ✫ ▼♦♦r❡ ✭✷✵✵✷✮✳ ❖s ❛✉✲ t♦r❡s ❛♣r❡s❡♥t❛♠ ✉♠ ♠♦❞❡❧♦ ♣❡❧♦ q✉❛❧ ♣❡r❞❛s ❡♠ ♠❡r❝❛❞♦s ✜♥❛♥❝❡✐r♦s sã♦ tr❛♥s♠✐t✐❞♦s ❛♦ ❜❛❧❛♥ç♦ ❞❡ ❡♠♣r❡s❛s q✉❡ ❞❡té♠ t❛✐s ❛t✐✈♦s✳ ❉❡st❛ ❢♦r♠❛✱ t❡rí❛♠♦s ✉♠ ❝❛♥❛❧ ❞✐r❡t♦ ❞❡ tr❛♥s♠✐ssã♦✱ s❡♥❞♦ ✉♠ ❡❢❡✐t♦ ❞♦ t✐♣♦ ♠❛r❦❡t✲t♦✲❜♦♦❦✳

❆❧❣✉♥s ♠♦❞❡❧♦s ♣❛r❛ ❛ ♣r♦♣❛❣❛çã♦ ❞❡ ❝r✐s❡s ❝❛♠❜✐❛✐s ❝♦♥s✐❞❡r❛♠ ❛t❛q✉❡s ❡s♣❡❝✉❧❛✲ t✐✈♦s ❝♦♥tr❛ ❞❡t❡r♠✐♥❛❞❛s ♠♦❡❞❛s ❝♦♠♦ ❝❛✉s❛❞♦r❡s ❞❛ ♣r♦♣❛❣❛çã♦ ❡✱ ❝♦♥s❡q✉❡♥t❡♠❡♥t❡✱ ❛♠♣❧✐✜❝❛❞♦r❡s ❞❡ ❝❤♦q✉❡s✳ ◆❡st❡ t✐♣♦ ❞❡ ♠♦❞❡❧♦s✱ ❛ ❞❡t❡r✐♦r❛çã♦ ❝♦♥tí♥✉❛ ❞❡ r❡s❡r✈❛s ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ♣❛ís ✲ q✉❡ ♣♦❞❡♠ ❡st❛r r❡❧❛❝✐♦♥❛❞❛s ❛ ✉♠❛ ♣♦❧ít✐❝❛ ❝❛♠❜✐❛❧ q✉❡ ✈✐s❛ ❛♠❡♥✐③❛r ♦s ❡❢❡✐t♦s ❞❡ ✉♠❛ r❡❝❡ssã♦ ❡t❝✳✲✱ ♣♦❞❡ ❞❡s❡♥❝❛❞❡❛r ✉♠ ❛t❛q✉❡ ❡s♣❡❝✉❧❛t✐✈♦ ❝♦♥✲ tr❛ ✉♠❛ ❞❡t❡r♠✐♥❛❞❛ ♠♦❡❞❛✱ ❧❡✈❛♥❞♦ ❛♦ ❝♦❧❛♣s♦ t♦t❛❧ ❞❛s ❞✐✈✐s❛s ❡ ❛♠♣❧✐✜❝❛♥❞♦ ❡❢❡✐t♦s ❞❡ ✉♠❛ ♣♦ssí✈❡❧ r❡❝❡ssã♦ ♣r❡❡①✐st❡♥t❡✳ P❛r❛ ❡st❡ ❝❛s♦✱ ✈❡r ❑r✉❣♠❛♥ ✭✶✾✼✾✮ ❡ ❋❧♦♦❞ ✫ ●❛r❜❡r ✭✶✾✽✹✮✱ ♣♦r ❡①❡♠♣❧♦✳

❖✉tr❛ ✈❡rt❡♥t❡ ❞❛ ❛♥á❧✐s❡ ❞❡ ❝♦♥tá❣✐♦ ❝♦♥s✐❞❡r❛ q✉❡ ♦s ♣r✐♥❝✐♣❛✐s ❝❛♥❛✐s ❞❡ ♣r♦♣❛❣❛✲ çã♦ ❞❡r✐✈❛♠ ❞✐r❡t❛♠❡♥t❡ ❞❡ ♣r♦❜❧❡♠❛s ❞❡ ✐♥❢♦r♠❛çã♦✱ ❛❢❡t❛♥❞♦ ✐♥❞✐r❡t❛♠❡♥t❡ ❛ ❡❝♦♥♦♠✐❛✳ ❊♥tr❡ ❡st❡s ♠♦❞❡❧♦s✱ ♣♦❞❡♠♦s s❛❧✐❡♥t❛r ❛q✉❡❧❡s q✉❡ tr❛t❛♠ ❞❛ ❡①✐stê♥❝✐❛ ❞❡ ❡q✉✐❧í❜r✐♦s ♠ú❧t✐♣❧♦s✱ ❡ ❛♣♦♥t❛♠ ♣❛r❛ ♦s ❝❤❛♠❛❞♦s s✉♥s♣♦ts ❝♦♠♦ r❡s♣♦♥sá✈❡✐s ♣♦r ✐♥❞✉③✐r ♠✉❞❛♥ç❛s ❞❡ ❡st❛❞♦ ♣♦r ♠❡✐♦ ❞❛ ❡①♣❡❝t❛t✐✈❛ ❞❡ ✐♥✈❡st✐❞♦r❡s ♦✉ ❛✉t♦r✐❞❛❞❡s ♠♦♥❡tár✐❛s✳ ❑✐♥❣ ✫ ❲❛❞❤✇❛♥✐ ✭✶✾✾✵✮ ❞❡s❡♥✈♦❧✈❡♠ ✉♠ ♠♦❞❡❧♦ ❡♠ q✉❡ ❝❤♦q✉❡s sã♦ tr❛♥s♠✐t✐❞♦s ❡♥tr❡ ♠❡r✲ ❝❛❞♦s ♥❛ ♠❡❞✐❞❛ ❡♠ q✉❡ ✐♥✈❡st✐❞♦r❡s r❛❝✐♦♥❛✐s ♦❜s❡r✈❛♠ ❡❢❡✐t♦s ❞❡ ❝❤♦q✉❡s ❡♠ ♠❡r❝❛❞♦s ✐♥t❡r♥❛❝✐♦♥❛✐s ❡ t❡♥t❛♠ ❡①tr❛✐r ✐♥❢♦r♠❛çõ❡s r❡❧❡✈❛♥t❡s ♣❛r❛ ♦ ♣r❡ç♦ ❞♦s ❛t✐✈♦s ♥❡❣♦❝✐❛❞♦s ❡♠ s❡✉ ♠❡r❝❛❞♦ ❞♦♠ést✐❝♦✳ ❊st❡ ❡st✉❞♦ ❡stá r❡❧❛❝✐♦♥❛❞♦ ❝♦♠ ❛❧❣✉♥s ♦✉tr♦s q✉❡ ♣♦st✉✲ ❧❛♠ q✉❡ ❛ ❝❤❡❣❛❞❛ ❞❡ ✐♥❢♦r♠❛çã♦ ♣♦❞❡ ❧❡✈❛r ❛♦ ❝♦♥tá❣✐♦ ❡♥tr❡ ♠❡r❝❛❞♦s ♣♦r ♠❡✐♦ ❞❡ r❡❜❛❧❛♥❝❡❛♠❡♥t♦ ❞❡ ❝❛rt❡✐r❛s ❞❡ ✐♥✈❡st✐♠❡♥t♦✳ ▼❛ss♦♥ ✭✶✾✾✽✮ ❛♣r❡s❡♥t❛ ✉♠ ♠♦❞❡❧♦ ❞❡ ❜❛❧❛♥ç♦ ❞❡ ♣❛❣❛♠❡♥t♦s q✉❡ ♣♦❞❡ ❧❡✈❛r ❛ ❡①✐stê♥❝✐❛ ❞❡ ♠ú❧t✐♣❧♦s ❡q✉✐❧í❜r✐♦s✳ ❊♠ ▼❛ss♦♥ ✭✶✾✾✾✮ ♦ ❛✉t♦r ❛✐♥❞❛ ❛♣r❡s❡♥t❛ ✉♠❛ ❜r❡✈❡ r❡✈✐sã♦ ❞❛ ❧✐t❡r❛t✉r❛ ❞❡st❛ ❝❧❛ss❡ ❞❡ ♠♦❞❡❧♦s✱ ❡①♣❧♦r❛♥❞♦ ♦s ♠❡✐♦s ♣❡❧♦s q✉❛✐s ♦s ❝❤❛♠❛❞♦s s✉♥s♣♦ts ♣♦❞❡♠ ❛❧t❡r❛r ♦s ❡q✉✐❧í❜r✐♦s ❞❡ ✉♠❛ ❞❡t❡r♠✐♥❛❞❛ ❡❝♦♥♦♠✐❛✳

❉✐✈❡rs♦s ❡st✉❞♦s ❛tr✐❜✉❡♠ ❛ tr❛♥s♠✐ssã♦ ❞❡ ❝r✐s❡s ❡♥tr❡ ♠❡r❝❛❞♦s ✜♥❛♥❝❡✐r♦s ❛ ♣r♦❜❧❡✲ ♠❛s ❞❡ ❧✐q✉✐❞❡③ ❡♥❢r❡♥t❛❞♦s ♣♦r ✐♥✈❡st✐❞♦r❡s ✐♥st✐t✉❝✐♦♥❛✐s q✉❡ ♣♦ss✉❡♠ ❛t✐✈♦s ❡♠ ❞✐✈❡rs♦s ♠❡r❝❛❞♦s✳ ❉❡st❛ ❢♦r♠❛✱ ♥❛ ♠❡❞✐❞❛ ❡♠ q✉❡ ♦❝♦rr❡♠ ♣❡r❞❛s ❡♠ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦✱ ♣r✐♥❝✐♣❛❧♠❡♥t❡ tr❛t❛♥❞♦✲s❡ ❞❡ ♣❡r❞❛s s♦❜r❡ ♣♦s✐çõ❡s ❛❧❛✈❛♥❝❛❞❛s✱ ✐♥✈❡st✐❞♦r❡s ♣r❡❝✐s❛♠ ❧❡✈❛♥t❛r ❝❛♣✐t❛❧ ❡♠ ♦✉tr♦s ♠❡r❝❛❞♦s ♣❛r❛ ❧✐q✉✐❞❛r s✉❛s ♦❜r✐❣❛çõ❡s✳ ❙❡ ❡st❡ ♠♦✈✐♠❡♥t♦ ❢♦r ✐♥t❡♥s♦✱ t❡♠♦s q✉❡ ♦s ❛t✐✈♦s ❛❢❡t❛❞♦s ♥♦ ♠❡r❝❛❞♦ ♣r♦✈❡❞♦r ❞❡ ❧✐q✉✐❞❡③ s♦❢r❡rã♦ ♣❡r❞❛s ❞❡ ✈❛❧♦r✳ ❙❡ ❡st❡ ❢❡♥ô♠❡♥♦ ❢♦r s✉✜❝✐❡♥t❡♠❡♥t❡ ❣r❛♥❞❡✱ t❡♠♦s q✉❡ t❛❧ ❝r✐s❡ ❞❡ ❧✐q✉✐❞❡③ ♣♦❞❡ s❡r ❡♥t❡♥❞✐❞❛ ❝♦♠♦ ✉♠ ❝❤♦q✉❡ s✐stê♠✐❝♦✳

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✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✺

♠♦❞❡❧♦✱ s❡♠♣r❡ q✉❡ ♦s ♠❡r❝❛❞♦s ✐♥t❡r❜❛♥❝ár✐♦s sã♦ ✐♥❝♦♠♣❧❡t♦s ❡ ❛ ❞❡♣❡♥❞ê♥❝✐❛ ♣ré✈✐❛ é ❛❧t❛✱ ♦ ❡q✉✐❧í❜r✐♦ ❞♦ ♠♦❞❡❧♦ ✐♠♣❧✐❝❛ ❡♠ ❝♦♥tá❣✐♦✱ ✉♠❛ ✈❡③ q✉❡ ♦s ❜❛♥❝♦s ♥ã♦ ♣♦❞❡♠ tr❛♥s❢❡r✐r ❞❡♣ós✐t♦s ❡♥tr❡ ♠❡r❝❛❞♦s✳ ❙❡♥❞♦ ❛ss✐♠✱ ❛♦ ❡♥❢r❡♥t❛r❡♠ ♣❡r❞❛s ❡♠ ✉♠ ♠❡r✲ ❝❛❞♦✱ ♣r❡❝✐s❛♠ ❧✐q✉✐❞❛r ♣♦s✐çõ❡s ❡♠ ♦✉tr♦s ♣❛r❛ s❡ r❡❝❛♣✐t❛❧✐③❛r✳ ❉❡st❛ ❢♦r♠❛✱ t❡♠♦s q✉❡ t❛✐s ❡✈❡♥t♦s ✐♠♣❧✐❝❛♠ ❡♠ ❝❤♦q✉❡s ♥❡❣❛t✐✈♦s ❞❡ ❧✐q✉✐❞❡③ ❛♦s ♠❡r❝❛❞♦s ❛❢❡t❛❞♦s ♣♦s✲ t❡r✐♦r♠❡♥t❡✳✸ ❉❡r✈✐③ ✫ P♦❞♣r✐❡r❛ ✭✷✵✵✼✮ ✐❞❡♥t✐✜❝❛♠ ♦ s❡t♦r ❜❛♥❝ár✐♦ ❝♦♠♦ ❝❛✉s❛❞♦r

❞❛ ♣r♦♣❛❣❛çã♦ ❞❡ ❝❤♦q✉❡s ♥❡❣❛t✐✈♦s ❞❡❝♦rr❡♥t❡s ❞❡ ❝r✐s❡s ❡♠ s❡t♦r❡s ❡s♣❡❝í✜❝♦s ❞❡ ✉♠❛ ❡❝♦♥♦♠✐❛✳ ❆ ❛♥á❧✐s❡ ❞♦s ❛✉t♦r❡s ❜❛s❡✐❛✲s❡ r❡❞❡ ❞❡ ❡♠♣rést✐♠♦s ❡ ✜♥❛♥❝✐❛♠❡♥t♦ ❞❡ ♦♣❡r❛✲ çõ❡s ♣❛r❛ ❡♠♣r❡s❛s ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ s❡t♦r ❡ ♥❛ ❝♦♠♣❧❡①❛ r❡❞❡ ❣❡r❡♥❝✐❛❧ ❞❡ ✐♥st✐t✉✐çõ❡s ❜❛♥❝ár✐❛s ♠✉❧t✐♥❛❝✐♦♥❛✐s✳ ❊♠ ♣❛rt✐❝✉❧❛r✱ ♦s ❛✉t♦r❡s ❛♥❛❧✐s❛♠ ❞✉❛s ❢r✐❝çõ❡s✿ ❞❡❧❡❣❛çã♦ ❣❡r❡♥❝✐❛❧ ♥❛s ✜❧✐❛✐s ❡ ❛ s❡♥s✐❜✐❧✐❞❛❞❡ ❝♦♠ r❡❧❛çã♦ ❛♦ ❧✐♠✐t❡ q✉❡ ❧❡✈❛r✐❛ ❛ ♣r♦❜❧❡♠❛s ❞❡ ✐♥s♦❧✈ê♥❝✐❛✳ ❈♦♠ r❡❧❛çã♦ ❛♦ ♣r✐♠❡✐r♦ ❡❢❡✐t♦✱ t❡♠♦s q✉❡ s❡ ✉♠❛ ✉♥✐❞❛❞❡ ❞❛ ✐♥st✐t✉✐çã♦ s♦❢r❡ ✉♠ ❝❤♦q✉❡ ❞❡ ❧✐q✉✐❞❡③ ❡ ✉♠ ♣♦t❡♥❝✐❛❧ ♣r♦❜❧❡♠❛ ❞❡ ✐♥s♦❧✈ê♥❝✐❛ ❡♠ ❛❧❣✉♠ ♠❡r❝❛❞♦ ❡♠ ❝r✐s❡✱ é ♥❛t✉r❛❧ q✉❡ ♦❝♦rr❛♠ tr❛♥s❢❡rê♥❝✐❛s ❞❡ r❡❝✉rs♦s ❡♥tr❡ ♠❡r❝❛❞♦s ✭♣❛r❛ s❛❧❞❛r ✉♠❛ ❡✈❡♥t✉❛❧ ❝♦rr✐❞❛ ❜❛♥❝ár✐❛✮✳ ▼❡s♠♦ q✉❡ ❡ss❡ ♠❡❝❛♥✐s♠♦ ♥ã♦ ♦❝♦rr❛ ❞❡ ❢❛t♦✱ ❡s♣❡r❛✲s❡ ✉♠❛ ❝❡♥tr❛❧✐③❛çã♦ ♥❛ ❣❡stã♦ ❞❡ ✜❧✐❛✐s✳ ❉❡st❛ ❢♦r♠❛ ❛ ✐♥st✐t✉✐çã♦ ❛❜r❡ ♠ã♦ ❞♦s ❣❡st♦r❡s r❡❣✐♦♥❛✐s ❡✱ ❝♦♥s❡q✉❡♥t❡♠❡♥t❡✱ ❞❡ ♣❛rt❡ ❞♦s r❡t♦r♥♦s ❞❡ s✉❛s ❝❛rt❡✐r❛s✳ ❆❧é♠ ❞✐ss♦✱ ♦s ❛✉t♦r❡s s❛❧✐❡♥t❛♠ q✉❡ ❜❛♥❝♦s ♣ró①✐♠♦s ❛♦ ❧✐♠✐t❡ ❞❡ ❧✐q✉✐❞❛çã♦ ❝♦♠♣♦rt❛♠✲s❡ ❞❡ ♠❛♥❡✐r❛ ♠❛✐s ❝♦♥s❡r✈❛❞♦r❛ ❞♦ q✉❡ ❡♠ ♣❡rí♦❞♦s ❞❡ ❝❛❧♠❛r✐❛✳ ❙❡♥❞♦ ❛ss✐♠✱ ❛ ❞✐s♣♦♥✐❜✐❧✐❞❛❞❡ ❞❡ ❝ré❞✐t♦ ♣❛r❛ ♦ ♠❡r❝❛❞♦ ❛❢❡t❛❞♦ ✜❝❛ ✐♥❞✐r❡t❛♠❡♥t❡ r❡❞✉③✐❞❛✳ ❑♦❞r❡s ✫ Pr✐ts❦❡r ✭✷✵✵✷✮ ❛r❣✉♠❡♥t❛♠ q✉❡ ✐♥✈❡st✐❞♦r❡s q✉❡ s♦❢r❡♠ ♣❡r❞❛s ❡♠ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦ ❧✐q✉✐❞❛♠ ♣♦s✐çõ❡s ❡♠ ♦✉tr♦s ♣♦r ❝♦♥t❛ ❞❡ ❡①✐❣ê♥❝✐❛s ❛❞✐❝✐♦♥❛✐s ❞❡ ❝♦❧❛t❡r❛❧✱ ♥❡❝❡ss✐❞❛❞❡s ❞❡ ❡♥❝❡r✲ r❛r ♣♦s✐çõ❡s ❛❧❛✈❛♥❝❛❞❛s ❡ ♠❡s♠♦ ♣❛r❛ r❡❜❛❧❛♥❝❡❛r s✉❛ ❝❛rt❡✐r❛ ❞❡ ❛t✐✈♦s✳ ❊st❡s r❡s✉❧t❛❞♦s t❛♠❜é♠ sã♦ ♦❜t✐❞♦s ♣♦r ❇r✉♥♥❡r♠❡✐❡r ✫ P❡❞❡rs♦♥ ✭✷✵✵✾✮✳ ❖✉tr♦s ❛rt✐❣♦s q✉❡ ❛tr✐❜✉❡♠ ♦ ❝♦♥tá❣✐♦ ✜♥❛♥❝❡✐r♦ ❛ ❝❤♦q✉❡s ❞❡ ❧✐q✉✐❞❡③ sã♦✱ ♣♦r ❡①❡♠♣❧♦✱ ❋r❛♥❦ ❡t ❛❧✳ ✭✷✵✵✽✱ ✷✵✵✾✮✱ ▲♦♥❣st❛✛ ✭✷✵✶✵✮❀ ❡♥tr❡t❛♥t♦✱ s❡✉s r❡s✉❧t❛❞♦s s❡rã♦ ❝♦♠❡♥t❛❞♦s ♥❛ ♣ró①✐♠❛ s❡çã♦✱ ♣♦r tr❛t❛r❡♠ ❡s♣❡❝✐✜❝❛♠❡♥t❡ ❞❛ ❝r✐s❡ ❞♦ s✉❜♣r✐♠❡✳ ❊♠ ❧✐♥❤❛s ❣❡r❛✐s✱ ❡st❡s ❛rt✐❣♦s ❡♥❢❛t✐③❛♠ ♦ ❝❤♦q✉❡ ❞❡ ❧✐q✉✐❞❡③ ♦❜s❡r✈❛❞♦ ♥♦ ♠❡r❝❛❞♦ s❡❝✉♥❞ár✐♦ ❞❡ ❈❉❖s ❡♠✐t✐❞♦s s♦❜r❡ ❤✐♣♦t❡❝❛s ❝♦♠♦ ♣r✐♥❝✐♣❛❧ ✈❡t♦r ❞❡ ❝♦♥tá❣✐♦ ♣❛r❛ ♦✉tr♦s s❡t♦r❡s ❞❛ ❡❝♦♥♦♠✐❛ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s✳ ❱❛②❛♥♦s ✭✷✵✵✹✮ ❛♣r❡s❡♥t❛ ✉♠ ♠♦❞❡❧♦ ❡♠ q✉❡ ❣❡st♦r❡s ❞❡ ❢✉♥❞♦s ❧✐q✉✐❞❛♠ s✉❛s ♣♦s✐çõ❡s ❞✐❛♥t❡ ❞❡ ✉♠❛ ❞❡t❡r♠✐♥❛❞❛ ♣❡r❢♦r♠❛♥❝❡ ♥❡❣❛t✐✈❛✱ ❡✳❣✳ ❛q✉❡❧❛ ✐♥❞✉③✐❞❛ ♣♦r ✉♠ ❝♦❧❛♣s♦ ❞❡ ✉♠❛ ❞❡t❡r♠✐♥❛❞❛ ❝❧❛ss❡ ❞❡ ❛t✐✈♦s ♦✉ ❞❡ ✉♠ ♠❡r❝❛❞♦✳ ❉✐❛♥t❡ ❞❡st❛ s✐t✉❛çã♦✱ ♦ ❛✉t♦r ♠♦str❛ q✉❡ ♦s ✐♥✈❡st✐❞♦r❡s s❡ t♦r♥❛♠ ♠❛✐s ❛✈❡rs♦s ❛♦ r✐s❝♦✱ ♦s ❛t✐✈♦s ❝♦♠ ❜❛✐①❛ ❧✐q✉✐❞❡③ t♦r♥❛♠✲s❡ ♠❛✐s ❝♦rr❡❧❛❝✐♦♥❛❞♦s ❝♦♠ ♦ ♠❡r❝❛❞♦ ❞❡ ✐♥t❡r❡ss❡ ✭♣♦❞❡♥❞♦ ❛♠♣❧✐✜❝❛r ♦s ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s✮ ❡ ♦s ✏♣rê♠✐♦s ♣♦r ❧✐q✉✐❞❡③✑ ❛✉♠❡♥t❛♠✳ ❙❡♥❞♦ ❛ss✐♠✱ ♦s ♣rê♠✐♦s ❞❡ r✐s❝♦ ❞❡

(20)

✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✻

❡q✉✐❧í❜r✐♦ ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ♠❡r❝❛❞♦ ❛✉♠❡♥t❛♠ s✐❣♥✐✜❝❛t✐✈❛♠❡♥t❡✳ ❈♦♠♦ ❝♦♥s❡q✉ê♥❝✐❛ ❞❡st❡ ❢❛t♦✱ ♦ r❡❜❛❧❛♥❝❡❛♠❡♥t♦ ❞❡ ❝❛rt❡✐r❛s ♠✉❧t✐♠❡r❝❛❞♦s ♣♦❞❡ ❧❡✈❛r ❛♦ ❝♦♥tá❣✐♦ ❞❡ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s✳✹

✷✳✹ ❖ ❈❛s♦ ❞❛ ❈r✐s❡ ❞♦ ❙✉❜♣r✐♠❡

P❛r❛ ✐❞❡♥t✐✜❝❛r ♦s ♠❡✐♦s ❞❡ ♣r♦♣❛❣❛çã♦ ❞❛ ❝r✐s❡ ♠✉♥❞✐❛❧ ❞❡✢❛❣r❛❞❛ ❡♠ ✷✵✵✽✱ é ♥❡❝❡ssá✲ r✐♦ ❡♥t❡♥❞❡r ♦s ♠♦t✐✈♦s q✉❡ ❝❛✉s❛r❛♠ ❛ ❝r✐s❡ r❡❣✐♦♥❛❧ ♥♦ ♠❡r❝❛❞♦ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s✳ ❉✐❢❡r❡♥t❡♠❡♥t❡ ❞❡ ♦✉tr❛s ❝r✐s❡s ♦r✐❣✐♥❛❞❛s ❞♦ ❝♦❧❛♣s♦ ❞❡ ❜♦❧❤❛s ❡s♣❡❝✉❧❛t✐✈❛s✱ ❛ ❜♦❧❤❛ ❞❡ ❝ré❞✐t♦ q✉❡ ❛♥t❡❝❡❞❡✉ ❛ ❝r✐s❡ ❞♦ ❙✉❜♣r✐♠❡ ♥ã♦ ❢♦✐ ❝❛r❛❝t❡r✐③❛❞❛ ♣♦r ❛❧t♦s ♣r❡ç♦s ♥♦s ❛t✐✈♦s ❛tr❡❧❛❞♦s à ❛❧t❛ ✈♦❧❛t✐❧✐❞❛❞❡ ❡ ❣r❛♥❞❡s ✈♦❧✉♠❡s ❞❡ tr❛♥s❛çõ❡s✳ ❙❡♥❞♦ ❛ss✐♠✱ ❝❛s♦ s❡❥❛ ✈❡r✐✜❝❛❞❛ ❛ ♦❝♦rrê♥❝✐❛ ❞❡ ❝♦♥tá❣✐♦ ❡♥tr❡ s❡t♦r❡s ♥❛s ❡❝♦♥♦♠✐❛s ❞❡ ✐♥t❡r❡ss❡✱ ♥ã♦ ♣❛✲ r❡❝❡ r❛③♦á✈❡❧ ❛tr✐❜✉✐r ❛ r❡s♣♦♥s❛❜✐❧✐❞❛❞❡ ❞❛ ♣r♦♣❛❣❛çã♦ ❞❡ ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s ❛♦s ♠❡s♠♦s ❢❛t♦r❡s ♦❜s❡r✈❛❞♦s ❡♠ ❝r✐s❡s ✜♥❛♥❝❡✐r❛s ❛♥t❡r✐♦r❡s s❡♠ ❛♥t❡s ✉♠ ❡st✉❞♦ ♠❛✐s ❞❡t❛❧❤❛❞♦ s♦❜r❡ ♦s ♠♦t✐✈♦s ❢✉♥❞❛♠❡♥t❛✐s ❞♦ ❝♦❧❛♣s♦ ♦❝♦rr✐❞♦ ❡♠ ✷✵✵✼✳ ❊st❛ s❡çã♦ ❛♣r❡s❡♥t❛ ❛❧❣✉♥s ❡st✉❞♦s r❡❢❡r❡♥t❡s à ❝r✐s❡ ❞♦ ❙✉❜♣r✐♠❡✳

❍♦♥❣ ✫ ❙r❛❡r ✭✷✵✶✶✮✱ ♣♦r ❡①❡♠♣❧♦✱ ❞❡♥♦♠✐♥❛♠ ♦ ❡✈❡♥t♦ ❛ss♦❝✐❛❞♦ à ❝r✐s❡ ❞❡ ✐♥t❡r❡ss❡ ❝♦♠♦ ✉♠❛ ❜♦❧❤❛ s✐❧❡♥❝✐♦s❛ ✭◗✉✐❡t ❇✉❜❜❧❡✮✳ ❙❡❣✉♥❞♦ ♦s ❛✉t♦r❡s✱ ❛ ❝r✐s❡ ❞♦ ❙✉❜♣r✐♠❡ ♥ã♦ s❡ tr❛t♦✉ ❞❡ ✉♠❛ ❜♦❧❤❛ ❡s♣❡❝✉❧❛t✐✈❛✱ q✉❡ s❡r✐❛ ♠❛r❝❛❞❛ ♣❡❧❛s ❝❛r❛❝t❡ríst✐❝❛s s✉♣r❛❝✐t❛❞❛s✱ ♠❛s s✐♠ ❞❡ ✉♠❛ ❜♦❧❤❛ ❞❡ ❝ré❞✐t♦ ❢♦r♠❛❞❛ ❛ ♣❛rt✐r ❞❡ ❡①♣❡❝t❛t✐✈❛s ✐rr❡❛❧✐st❛s ❡ ❛❧❛✈❛♥❝❛✲ ❣❡♠ ❡①❝❡ss✐✈❛✳✺ ❆♥❛❧✐s❛♥❞♦ ♦s s♣r❡❛❞s ❞❡ ❈r❡❞✐t ❉❡❢❛✉❧t ❙✇❛♣s ❡♠✐t✐❞♦s ♣❛r❛ ✐♥st✐t✉✐çõ❡s

✜♥❛♥❝❡✐r❛s ❝♦♠ ❛❧t❛ ❡①♣♦s✐çã♦ ❛♦s ❈❉❖s ❛tr❡❧❛❞♦s ❛ ❤✐♣♦t❡❝❛s✱ q✉❡ ❡r❛♠ ❝♦♥s✐❞❡r❛❞♦s t♦①✐❝ ❛ss❡ts✱ t❡♠♦s q✉❡ ❛ ✈♦❧❛t✐❧✐❞❛❞❡ ❞♦s s♣r❡❛❞s s❡ ♠❛♥t❡✈❡ ❜❛✐①❛ ❛té ♠❡❛❞♦s ✷✵✵✼✱ ❝♦♠ t❛①❛s ✐♥❢❡r✐♦r❡s ❛ ✵✳✶✪✳ ❊st❡ ❢❛t♦ s✉♣♦rt❛ ❛ t❡♦r✐❛ ❞❡ q✉❡ ❛ ❜♦❧❤❛ q✉❡ ❛♥t❡❝❡❞❡✉ ❛ ❝r✐s❡ ❞♦ ❙✉❜♣r✐♠❡ ❛♣r❡s❡♥t♦✉ ✉♠ ♣❛❞rã♦ ❞✐❢❡r❡♥t❡ ❞❛s ♦✉tr❛s ❝r✐s❡s ❞❛ ❞é❝❛❞❛ ❞❡ ✾✵ ❡ ❞♦s ❛♥♦s ✷✵✵✵✳

❈♦♠ ❜❛s❡ ♥♦s ❡st✉❞♦s ❛♣r❡s❡♥t❛❞♦s✱ t❡♠♦s q✉❡ ♦ ♠❡✐♦ ❞❡ ♣r♦♣❛❣❛çã♦ ♠❛✐s ♣r♦✈á✈❡❧ ♣❛r❛ ❛ ❝r✐s❡ ❞❡ ✐♥t❡r❡ss❡ ♥♦ ♠❡r❝❛❞♦ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s ❢♦✐ ✉♠❛ ❝r✐s❡ ❞❡ ❝♦♥✜❛♥ç❛ ❞❡✲ ✢❛❣r❛❞❛ ♣❡❧❛ ♦♥❞❛ ❞❡ ❞❡❢❛✉❧ts ♦❝♦rr✐❞❛ ♥♦ ♠❡r❝❛❞♦ ❞❡ ❆ss❡t✲❇❛❝❦❡❞ ❈❉❖s✳ P♦r ❝♦♥t❛ ❞❡st❡ ❢❛t♦✱ ♦ ♠❡r❝❛❞♦ ❞❡ ✐♥str✉♠❡♥t♦s ❞❡r✐✈❛t✐✈♦s ❞❡ ❝ré❞✐t♦ ❢♦✐ ❞r❛♠❛t✐❝❛♠❡♥t❡ ❛❢❡t❛❞♦✳

❖ ❛✉t♦r ❛✐♥❞❛ ♠♦str❛ q✉❡ ♦ ❝❡♥ár✐♦ r❡s✉❧t❛♥t❡ é ❜❛st❛♥t❡ ❝♦♥❞✐③❡♥t❡ ❝♦♠ ❛q✉❡❧❡ ✈❡r✐✜❝❛❞♦ ❞✉r❛♥t❡ ❛ ♦❝♦rrê♥❝✐❛ ❞❡ ❝♦♥tá❣✐♦✱ ♥❛ ♠❡❞✐❞❛ ❡♠ q✉❡ ❛ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ❛t✐✈♦s ❛✉♠❡♥t❛ ❝♦♠♦ ❝♦♥s❡q✉ê♥❝✐❛ ❞♦ ❝❤♦q✉❡ ❞❡s❝r✐t♦✳

(21)

✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✼

❈♦♠♦ ❛♣♦♥t❛❞♦ ♣♦r ❍♦♥❣ ✫ ❙r❛❡r ✭✷✵✶✵✮✱ ♦ ❜❛✐①♦ ❝✉st♦ ❞❡ ❛❧❛✈❛♥❝❛❣❡♠ ❧❡✈♦✉ ✉♠ ✈♦✲ ❧✉♠❡ r❡❧❛t✐✈❛♠❡♥t❡ ♣❡q✉❡♥♦ ❞❡ ✐♥✈❡st✐❞♦r❡s ❡①tr❡♠❛♠❡♥t❡ ♦t✐♠✐st❛s ❝♦♠ r❡❧❛çã♦ ❛♦ r✐s❝♦ ❞❡ ❝ré❞✐t♦ ❞❡st❡s ❛t✐✈♦s ✜♥❛♥❝❡✐r♦s ❛ ❛❧✐♠❡♥t❛r ♦ ♠❡r❝❛❞♦ ❝♦♠ ✉♠ ♠♦♥t❛♥t❡ s✐❣♥✐✜❝❛t✐✈♦ ❞❡ ❈❉❖s✳ ◗✉❛♥❞♦ ♦s ❛❣❡♥t❡s ❡♥✈♦❧✈✐❞♦s ❛t✉❛❧✐③❛r❛♠ s✉❛s ❝r❡♥ç❛s ♣♦r ♠❡✐♦ ❞❡ ✇❛❦❡ ✉♣ ❝❛❧❧s✱ ❝♦♠♦ ❛ ♦♥❞❛ ❞❡ ❞♦✇♥❣r❛❞❡s ♣r♦♠♦✈✐❞❛ ♣♦r ❞✐✈❡rs❛s ❛❣ê♥❝✐❛s ❞❡ r❛t✐♥❣✱ ❛ ❝r✐s❡ ❞❡ ❝♦♥✜❛♥ç❛ s❡ ❡s♣❛❧❤♦✉ ♣❡❧♦ ♠❡r❝❛❞♦ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s✳ ❆ ♣❛rt✐r ❞❡st❡ ♣♦♥t♦✱ ❢♦r❛♠ ✈❡r✐✜❝❛❞❛s ❡✈✐❞ê♥❝✐❛s ❝♦♥s✐st❡♥t❡s ❝♦♠ ♦ r♦♠♣✐♠❡♥t♦ ❞❡ ✉♠❛ ❜♦❧❤❛ ❡s♣❡❝✉❧❛t✐✈❛✱ ✐✳❡✳ ❛ ✈♦❧❛t✐❧✐❞❛❞❡ ❞♦ ♣r❡ç♦ ❞♦s ❛t✐✈♦s s❛❧t♦✉ ♣❛r❛ ✉♠ ♣❛t❛♠❛r ❜❛st❛♥t❡ ❡❧❡✈❛❞♦ ❡ ♦ ✈♦❧✉♠❡ ❞❡ tr❛♥s❛çã♦ ♥❛s ❜♦❧s❛s s✉❜✐✉ s✉❜st❛♥❝✐❛❧♠❡♥t❡✳

✷✳✺ ❆❜♦r❞❛❣❡♠ ❊♠♣ír✐❝❛

❆ rá♣✐❞❛ ❡①♣❛♥sã♦ ❞❛ ❧✐t❡r❛t✉r❛ s♦❜r❡ ❝♦♥tá❣✐♦✱ ✈❡♠ ❛❝♦♠♣❛♥❤❛❞❛ ✉♠ ❣r❛♥❞❡ ❛✈❛♥ç♦ ♠❡t♦❞♦❧ó❣✐❝♦ ♥♦ t♦❝❛♥t❡ à ❛♥á❧✐s❡ ❞❡ t❛❧ tó♣✐❝♦✳ ❉✐✈❡rs♦s ❡st✉❞♦s ❡♠♣r❡❣❛♠ ♠ét♦❞♦s ❞✐❢❡r❡♥t❡s ♣❛r❛ q✉❛♥t✐✜❝❛r ❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛❣r✉♣❛♠❡♥t♦s ❞❡ ❛t✐✈♦s ✜✲ ♥❛♥❝❡✐r♦s ❡ t❡st❛r ❛ ❤✐♣ót❡s❡ ❞❡ ✐♥t❡r❡ss❡✳ ❊st❛ s❡çã♦ ❛♣r❡s❡♥t❛rá ✉♠❛ ❜r❡✈❡ ❡①♣♦s✐çã♦ ❞♦s ♣r✐♥❝✐♣❛✐s ♠ét♦❞♦s ❡♠♣r❡❣❛❞♦s ♥♦s ❡st✉❞♦s s✉♣r❛❝✐t❛❞♦s ❡✱ ❡♠ ❛❧❣✉♥s ❝❛s♦s✱ s❡rã♦ ❝♦♠❡♥t❛❞♦s ♦s r❡s✉❧t❛❞♦s ♦❜t✐❞♦s✱ ✉♠❛ ✈❡③ q✉❡ ❡st❡s sã♦ r❡❧❡✈❛♥t❡s ♣❛r❛ ❛ ❛♥á❧✐s❡ ❞❛ tr❛♥s♠✐ssã♦ ❞❡ ❡❢❡✐t♦s ♥❡❣❛t✐✈♦s ❞✉r❛♥t❡ ♣❡rí♦❞♦s ❞❡ ❝r✐s❡✳

❯♠❛ ❢♦r♠❛ ❜❛st❛♥t❡ ✐♥t✉✐t✐✈❛ ❞❡ ❛✈❛❧✐❛r ❛ ♣r❡s❡♥ç❛ ❞❡ ❝♦♥tá❣✐♦ é ❛ ❝♦♠♣❛r❛çã♦ ❞❛s ❝♦rr❡❧❛çõ❡s ❡♥tr❡ ♦s r❡t♦r♥♦s ❞♦s ♠❡r❝❛❞♦s ❞❡ ✐♥t❡r❡ss❡ ❛♥t❡s ❡ ❞❡♣♦✐s ❞❡ ✉♠ ❞❡t❡r♠✐♥❛❞♦ ❡✈❡♥t♦✱ t❡♦r✐❝❛♠❡♥t❡ r❡s♣♦♥sá✈❡❧ ♣♦r ❞❡s❡♥❝❛❞❡❛r ❛ ❝r✐s❡ ✜♥❛♥❝❡✐r❛✳ ❊st❡ é ♦ ♠ét♦❞♦ ❡♠♣r❡❣❛❞♦ ♣♦r ❑✐♥❣ ✫ ❲❛❞❤✇❛♥✐ ✭✶✾✾✵✮ ♣❛r❛ ❛✈❛❧✐❛r ❛ ❝r✐s❡ ❛♠❡r✐❝❛♥❛ ❞❡ ✶✾✽✼ ✭❲❛❧❧ ❙tr❡❡t ❈r❛s❤✮✳ ❖s ❛✉t♦r❡s ❝♦♥❝❧✉❡♠ q✉❡ ❤♦✉✈❡ ❛✉♠❡♥t♦s s✐❣♥✐✜❝❛t✐✈♦s ♥❛ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ♦s ♠❡r❝❛❞♦s ❞♦s ❊❯❆✱ ■♥❣❧❛t❡rr❛ ❡ ❏❛♣ã♦ ❛♣ós ❡st❡ ❡✈❡♥t♦✳ ▲❡❡ ✫ ❑✐♠ ✭✶✾✾✸✮ ✐♥❝❧✉❡♠ ♦✉tr♦s ✾ ♣❛ís❡s ♥❛ ❛♥á❧✐s❡ ❞♦ ♠❡s♠♦ ❡✈❡♥t♦ ❡ ❝♦♥❝❧✉❡♠ q✉❡ ❤♦✉✈❡ ❝♦♥tá❣✐♦✳ ❈❛❧✈♦ ✫ ❘❡✐♥❤❛rt ✭✶✾✾✻✮ ❛✈❛❧✐❛♠ ♦ ❝♦♥tá❣✐♦ ❞❛ ❝r✐s❡ ▼❡①✐❝❛♥❛ ❞❡ ✶✾✾✹ ❡ ❝♦♥❝❧✉❡♠ q✉❡ ❤♦✉✈❡ ❝♦♥tá❣✐♦ ♣❛r❛ ❛ ♠❛✐♦r✐❛ ❞❛s ❡❝♦♥♦♠✐❛s ❡♠❡r❣❡♥t❡s✳ ❋♦r❜❡s ✫ ❘✐❣♦❜♦♥ ✭✷✵✵✷✮✱ ♣♦r s✉❛ ✈❡③✱ ❝r✐t✐❝❛♠ ❛ ♠❡t♦❞♦❧♦❣✐❛ ✉t✐❧✐③❛❞❛ ♣♦r ❡st❡s ❡st✉❞♦s ❡ ♠♦str❛♠ q✉❡ ♦ ❝♦❡✜❝✐❡♥t❡ ❞❡ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ♠❡r❝❛❞♦s s♦❢r❡ ✉♠ ✈✐és ♣♦s✐t✐✈♦ ❞❡✈✐❞♦ à ❤❡t❡r♦❝❡❞❛st✐❝✐❞❛❞❡ ❞❛s sér✐❡s ❝♦♥s✐❞❡r❛❞❛s✳ ❙❡♥❞♦ ❛ss✐♠✱ ♦s ❝♦❡✜❝✐❡♥t❡s ❞❡ ❝♦rr❡❧❛çã♦ ❡st✐♠❛❞♦s ❞❡✈❡r✐❛♠ s❡r ❝♦rr✐❣✐❞♦s ❧❡✈❛♥❞♦✲s❡ ❡♠ ❝♦♥t❛ ❛ ❤❡t❡r♦❝❡❞❛st✐❝✐❞❛❞❡ ❞♦s r❡t♦r♥♦s✳ ❆♣❧✐❝❛♥❞♦ ❡st❛s ♠♦❞✐✜❝❛çõ❡s✱ ♦s ❛✉t♦r❡s ❝♦♥❝❧✉❡♠ q✉❡ ♥ã♦ ❡①✐st❡♠ ✐♥❞í❝✐♦s ❞❡ ❝♦♥tá❣✐♦ ❞✉r❛♥t❡ ❛s ❝r✐s❡s ❞♦s ❊❯❆ ✭❲❛❧❧ ❙tr❡❡t ❈r❛s❤✮ ❡♠ ✶✾✽✼✱ ▼é①✐❝♦ ❡♠ ✶✾✾✹ ❡ ❞❛ ➪s✐❛ ❡♠ ✶✾✾✼✳✻ ❇❛✐❣ ✫ ●♦❧❞❢❛❥♥ ✭✷✵✵✵✮

❝♦♥❞✉③❡♠ ✉♠ ❡st✉❞♦ ❡♠♣ír✐❝♦ s♦❜r❡ ❛ ♣r♦♣❛❣❛çã♦ ❞♦s ❡❢❡✐t♦s ❞❛ ❝r✐s❡ ❞❛ ❘úss✐❛ ♣❛r❛ ♦ ♠❡r❝❛❞♦ ❜r❛s✐❧❡✐r♦✳ ❈♦♠ ❜❛s❡ ❡♠ t❡st❡s ❞❡ ❝♦rr❡❧❛çõ❡s✱ ❝♦rr✐❣✐❞❛s ♣❡❧♦ ✈✐és ❛♣♦♥t❛❞♦ ♣♦r ❋♦r❜❡s ✫ ❘✐❣♦❜♦♥ ✭✶✾✾✾✮✱ ♦s ❛✉t♦r❡s ❝♦♥❝❧✉❡♠ q✉❡ ❤♦✉✈❡ ❝♦♥tá❣✐♦ ❞✉r❛♥t❡ ❛ ❝r✐s❡

(22)

✷ ❈❖◆❚➪●■❖ ❋■◆❆◆❈❊■❘❖ ✶✽

❞❡ ✐♥t❡r❡ss❡✱ ♠❛s q✉❡ t❛❧ ❡✈❡♥t♦ ♥ã♦ ❢♦✐ ♠♦t✐✈❛❞♦ ♣❡❧❛ ❧✐q✉✐❞❛çã♦ ❞❡ ♣♦s✐çõ❡s ♥♦ ♠❡r❝❛❞♦ ❜r❛s✐❧❡✐r♦ ♣♦r ♣❛rt❡ ❞❡ ✐♥✈❡st✐❞♦r❡s ✐♥t❡r♥❛❝✐♦♥❛✐s ❡♥❢r❡♥t❛♥❞♦ ✉♠ ❝❤♦q✉❡ ❞❡ ❧✐q✉✐❞❡③ ❆♦ ✐♥✈és ❞✐ss♦✱ ♦s ❛✉t♦r❡s ❛♣♦♥t❛♠ ♣❛r❛ ♦ ♣â♥✐❝♦ ❞✐ss❡♠✐♥❛❞♦ ❡♥tr❡ ♦s ❣❡st♦r❡s ❡ ❛ ♦♣♦rt✉♥✐❞❛❞❡ ❞❡ ✉♠ ❛t❛q✉❡ ❡s♣❡❝✉❧❛t✐✈♦ ❝♦♥tr❛ ❛ ♠♦❡❞❛ ❜r❛s✐❧❡✐r❛✳

❆❧❣✉♥s ❡st✉❞♦s s❡ ♣r♦♣õ❡♠ ❛ ❛♥❛❧✐s❛r ❞✐r❡t❛♠❡♥t❡ ❛ ♠é❞✐❛ ❝♦♥❞✐❝✐♦♥❛❧ ❞❛s sér✐❡s ❞❡ ❛t✐✈♦s ❞❡ ✐♥t❡r❡ss❡✳ ❈♦♠♦ ❡①❡♠♣❧♦ ❞❡st❛ ♠❡t♦❞♦❧♦❣✐❛✱ ♣♦❞❡♠♦s ❝✐t❛r ▲♦♥❣st❛✛ ✭✷✵✶✵✮✱ q✉❡ ❡st✐♠❛ ✉♠ ♠♦❞❡❧♦ ❱❆❘ ♣❛r❛ ♠❡❞✐r ❛ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ♦ ♥í✈❡❧ ❞♦ ♠❡r❝❛❞♦ ❞❡ ❛ss❡t✲ ❜❛❝❦❡❞ ❈❉❖s ❡ ♦s ❞❡♠❛✐s s❡t♦r❡s ❞❛ ❡❝♦♥♦♠✐❛ ❞♦s ❊st❛❞♦s ❯♥✐❞♦s✳

❖s ❡st✉❞♦s ❞❡ ❋r❛♥❦ ❡t ❛❧✳ ✭✷✵✵✽✱ ✷✵✵✾✮✱ ▼❛rç❛❧ ❡t ❛❧✳ ✭✷✵✵✽✱ ✷✵✶✶✮ ❛♣❧✐❝❛♠ ✈❛r✐❛✲ çõ❡s ❞♦ ♠♦❞❡❧♦ ❉❈❈ ❞❡ ❊♥❣❧❡ ✫ ❙❤❡♣♣❛r❞ ✭✷✵✵✶✮ ♣❛r❛ ✐❞❡♥t✐✜❝❛r ♦s ❡❢❡✐t♦s ❞❛s ❝r✐s❡s ❛♥❛❧✐s❛❞❛s s♦❜r❡ ❛s ❝♦rr❡❧❛çõ❡s ❡♥tr❡ ♦s ♠❡r❝❛❞♦s ❞❡ ✐♥t❡r❡ss❡✳ ❆❧é♠ ❞❛ ❡str✉t✉r❛ ✉s✉❛❧ ✭q✉❡ s❡rá ❞❡✈✐❞❛♠❡♥t❡ ❛♣r❡s❡♥t❛❞❛ ♥♦ ❝❛♣ít✉❧♦ ✸✱ ❡♠ ♣❛rt✐❝✉❧❛r ♥❛ s❡çã♦ ✸✳✸✮ ♦s ❛rt✐❣♦s s✉♣r❛❝✐t❛❞♦s ❝♦♥tr♦❧❛♠ ❛s sér✐❡s ❞❡ í♥❞✐❝❡s ♣❡❧♦s ❢✉♥❞❛♠❡♥t♦s ♠❛❝r♦❡❝♦♥ô♠✐❝♦s ❞❡ s❡✉s r❡s♣❡❝t✐✈♦s ♣❛ís❡s✱ tr❛t❛♥❞♦ ♦ ♣r♦❜❧❡♠❛ ❞❡ ❡♥❞♦❣❡♥❡✐❞❛❞❡ s❛❧✐❡♥t❛❞♦ ♣♦r P❡s❛r❛♥ ✫ P✐❝❦ ✭✷✵✵✼✮✳

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