• Nenhum resultado encontrado

Mariscos

N/A
N/A
Protected

Academic year: 2021

Share "Mariscos"

Copied!
12
0
0

Texto

(1)



&RQKHFLPHQWRVHWQRHFROyJLFRVQDPDULVFDJHPGHPROXVFRV

ELYDOYHVQR0DQJXH]DOGR'LVWULWRGH$FXSH6DQWR$PDUR±%$

)UDQFLVFR-RVp%H]HUUD6RXWR 9LYLDQH6RX]D0DUWLQV 8QLYHUVLGDGH(VWDGXDOGH)HLUDGH6DQWDQD 'HSDUWDPHQWRGH&LrQFLDV%LROyJLFDV/DERUDWyULRGH(WQRELRORJLD %5.P&(3)HLUDGH6DQWDQD±%$%UDVLO $XWRUSDUDFRUUHVSRQGrQFLD IUDQ]HXHIV#JPDLOFRP 6XEPHWLGRHP $FHLWRSDUDSXEOLFDomRHP

5HVXPR

2PDQJXH]DOpXPHFRVVLVWHPDDOWDPHQWHSURGXWLYRTXHGHVHPSHQKDLPSRUWDQWHVIXQo}HVHFROyJLFDV DOpPGHKLVWRULFDPHQWHVHUYLUSDUDDVXEVLVWrQFLDHUHQGDGHLQ~PHUDVFRPXQLGDGHVSHVTXHLUDVDUWHVDQDLV1RV PDQJXH]DLVGD%DtDGH7RGRVRV6DQWRVHQWUHRVTXDLVRGR'LVWULWRGH$FXSH 6DQWR$PDUR%$ RVPROXVFRV ELYDOYHV PDULVFRV HVWmRHQWUHRVUHFXUVRVPDLVLPSRUWDQWHVVHQGRVXDFROHWDFRQKHFLGDFRPRPDULVFDJHP 2SUHVHQWHWUDEDOKRWHPFRPRREMHWLYRFDUDFWHUL]DURFRQKHFLPHQWRGDVPDULVTXHLUDVORFDLVVREUHDELRORJLDH HFRORJLDGHPDULVFRVELYDOYHVXWLOL]DQGRVHSDUDLVWRHQWUHYLVWDVVHPLHVWUXWXUDGDVFRPPDULVTXHLUDV 1   TXHYHUVDUDPVREUHHWQRWD[RQRPLDHFRORJLDWUy¿FDKLGURGLQkPLFDIHQRORJLDHHWQRFURQRORJLD2SWRXVHSRU XPDDQiOLVHHPLFLVWDHWLFLVWDGRVGDGRVFRPSDUDQGRDVLQIRUPDo}HVREWLGDVHPFDPSRFRPDTXHODVFRQWLGDVQD OLWHUDWXUDDFDGrPLFD2VUHVXOWDGRVREWLGRVGHPRQVWUDUDPTXHDVPDULVTXHLUDVGH$FXSHGHWrPXPVLJQL¿FDWLYR FRQKHFLPHQWRVREUHRVPDULVFRVELYDOYHVEHPFRPRGHDVSHFWRVUHODWLYRVjGLQkPLFDGRPDQJXH]DOORFDOSRU YH]HVFRPSDWtYHOFRPRFRQKHFLPHQWRDFDGrPLFR 8QLWHUPRVHWQRHFRORJLDPDQJXH]DOPDULVTXHLUDVPROXVFRVELYDOYHV

$EVWUDFW

(WKQRPDODFRORJLFDONQRZOHGJHRIELYDOYHPROOXVNVJDWKHULQJLQ$FXSHPDQJURYH6DQWR$PDUR %DKLD7KHPDQJURYHLVDKLJKO\SURGXFWLYHHFRV\VWHPWKDWFDUULHVRXWLPSRUWDQWHFRORJLFDOIXQFWLRQVDQGWKDW KLVWRULFDOO\LWKDVEHHQXVHGIRUWKHVXEVLVWHQFHDQGLQFRPHRIFRXQWOHVVFUDIW¿VKLQJFRPPXQLWLHV,QWKHPDQJURYHV RI7RGRVRV6DQWRV%D\LQFOXGLQJWKRVHRIWKH'LVWULFWRI$FXSH 6DQWR$PDUR±%DKLD6WDWH WKHELYDOYHPROOXVNV VKHOO¿VK DUHDPRQJWKHPRVWLPSRUWDQWUHVRXUFHVDQGWKHLUJDWKHULQJLVNQRZQDV³PDULVFDJHP´7KLVZRUNDLPV WRFKDUDFWHUL]HWKHNQRZOHGJHRIWKHORFDOIHPDOHVKHOO¿VKJDWKHUHUVUHJDUGLQJWKHELRORJ\DQGHFRORJ\RIELYDOYH VKHOO¿VK6HPLVWUXFWXUHGLQWHUYLHZVZHUHXVHGZLWKORFDOVKHOO¿VKZRPHQ 1  LQYROYLQJHWKQRWD[RQRP\ WURSKLFHFRORJ\K\GURG\QDPLFVIHQRORJ\DQGHWKQRFURQRORJ\(WLFHPLFDQDOLV\VRIWKHGDWDZDVFKRVHQLQRUGHU WRFRPSDUHWKHLQIRUPDWLRQREWDLQHGLQWKH¿HOGWRWKDWIURPWKHDFDGHPLFOLWHUDWXUH7KHUHVXOWVGHPRQVWUDWHGWKDW WKHVKHOO¿VKZRPHQRI$FXSHKDYHDVLJQL¿FDQWNQRZOHGJHRIELYDOYHVKHOO¿VKLQDGGLWLRQWRDVSHFWVUHODWHGWRWKH G\QDPLFVRIORFDOPDQJURYHVWKDWLVVRPHWLPHVFRPSDWLEOHZLWKDFDGHPLFNQRZOHGJH .H\ZRUGVELYDOYHPROOXVNHWKQRHFRORJ\PDQJURYHVKHOO¿VKZRPHQ %LRWHPDV  GH]HPEURGH ,661±

(2)

 )-%6RXWRH960DUWLQV

,QWURGXomR

2VPDQJXH]DLVVmRHFRVVLVWHPDVPDQWHQHGRUHVGH GLYHUVLGDGHSRURIHUHFHUHPFRQGLo}HVSURStFLDVSDUDD DOLPHQWDomRUHSURGXomRHSURWHomRGHPXLWDVHVSpFLHV VHQGR FRQVLGHUDGRV LPSRUWDQWHV WUDQVIRUPDGRUHV QD FLFODJHPGHQXWULHQWHVHGHPDWpULDRUJkQLFD 6FKDHIIHU 1RYHOOL $OpPGHGHVHPSHQKDUHPHVWDVHRXWUDV IXQo}HV HFROyJLFDV LPSRUWDQWHV HVVHV DPELHQWHV UHSUHVHQWDPSDUDPXLWDVSRSXODo}HVWUDGLFLRQDLVXPD GDV SRXFDV DOWHUQDWLYDV GH VXEVLVWrQFLD H UHQGD 2V UHFXUVRVSURYHQLHQWHVGRDPELHQWHVmRIXQGDPHQWDLV SDUDDVREUHYLYrQFLDGHPXLWDVFRPXQLGDGHVSHVTXHLUDV HVSDOKDGDVSHOROLWRUDOEUDVLOHLUR 6FKDHIIHU1RYHOOL 1LVKLGD6RXWR0DUWLQVH6RXWR  $UHJLmRGR5HF{QFDYR%DLDQRpXPGRVEHUoRVGD FXOWXUDEDLDQDHDSHVFDDUWHVDQDOXPDGHVXDVSULQFLSDLV PDQLIHVWDo}HV 2WW 2'LVWULWRGH$FXSHLQVHULGR QHVWD UHJLmR H QD$3$ GD %DtD GH7RGRV RV 6DQWRV %76 SRVVXLXPDGDVFRPXQLGDGHVSHVTXHLUDVPDLV LPSRUWDQWHV GD %DKLD %DKLD 3HVFD   H GLVS}H DLQGDGHXPDYDVWDiUHDGHPDQJXH]DOHPERPHVWDGR GH FRQVHUYDomR RQGH D FROHWD GH PROXVFRV ELYDOYHV PDULVFDJHP VHGHVWDFDHQWUHDVSULQFLSDLVDWLYLGDGHV 6HJXQGR6FKDHIIHU1RYHOOL  DVFDSWXUDVGH RVWUD &UDVVRVWUHDUKL]RSKRUDH VXUXUX 0\WHOODIDOFDWD  HEHUELJmR $QRPDORFDUGLDEUDVLOLDQD HVWmRHQWUHDV GHPDLRUGHVWDTXHHPiUHDVHVWXDULQDVHGHPDQJXH]DLV (P$FXSHHVVDVHVSpFLHVVmRDVPDLVUHSUHVHQWDWLYDV QDPDULVFDJHPHPERUDRXWURVDQLPDLVFRPRDWDULRED ,SKLJHQLDEUDVLOLHQVLV RDULEL 7DJHOXVSOHEHLXV HD ODPEUHWDRXVDUQDPEL /XFLQDSHFWLQDWD VHMDPWDPEpP FDSWXUDGRVHPPHQRUHVFDOD

'HQWUH DV SRVVtYHLV IRUPDV GH DERUGDJHQV TXH HQYROYHP SRSXODo}HV KXPDQDV UHFXUVRV QDWXUDLV H FXOWXUDDHWQRHFRORJLDWHPVHGHVWDFDGRFRPRH[FHOHQWH IHUUDPHQWDGHWUDEDOKR 6RXWR $HWQRHFRORJLD pGH¿QLGDSRU0DUTXHV  FRPRVHQGR³RFDPSR GH SHVTXLVD FLHQWtILFD  WUDQVGLVFLSOLQDU TXH HVWXGD SHQVDPHQWRV FRQKHFLPHQWRVHFUHQoDV VHQWLPHQWRV HFRPSRUWDPHQWRVTXHLQWHUPHGLDPDVLQWHUDo}HVHQWUH SRSXODo}HV KXPDQDV TXH RV SRVVXHP H RV GHPDLV HOHPHQWRVGRVHFRVVLVWHPDVTXHDVLQFOXHPEHPFRPR RV LPSDFWRV DPELHQWDLV GDt GHFRUUHQWHV´ 6HJXQGR 'LHJXHV  H6RXWR  HVWXGRVHWQRHFROyJLFRV YrPGHPRQVWUDQGRDLPSRUWkQFLDGRUHFRQKHFLPHQWR GHSUiWLFDVHFRQKHFLPHQWRVGHSRSXODo}HVWUDGLFLRQDLV SDUDDFRQVHUYDomRGHHFRVVLVWHPDV 7HQGRHPYLVWDDLPSRUWkQFLDFXOWXUDOHHFROyJLFD GHVWDUHJLmRSURS}HVHFRPRSUHVHQWHDUWLJRDERUGDUD PDULVFDJHPGHELYDOYHVHP$FXSHjOX]GDHWQRHFRORJLD DEUDQJHQWH GH 0DUTXHV   FRPSDUDQGR RV FRQKHFLPHQWRVGHPDULVTXHLUDVORFDLVFRPDOLWHUDWXUD DFDGrPLFD

0DWHULDOH0pWRGRV

2VWUDEDOKRVGHFDPSRIRUDPGHVHQYROYLGRVHP $FXSH 6DQWR$PDUR±%$ ORFDOL]DGRQD5HJLmRGR 5HF{QFDYR%DLDQRQDFRVWDRHVWHGD%DtDGH7RGRVRV 6DQWRV %76  ž¶´6 ž¶´:  )LJXUD   )RUDPUHDOL]DGDVHQWUHYLVWDVQmRHVWUXWXUDGDVHVHPL HVWUXWXUDGDVFRPPDULVTXHLUDVFRPLGDGHVHQWUHH DQRVHQFRQWUDGDVRSRUWXQLVWLFDPHQWHHSHORFULWpULRGH ³HVSHFLDOLVWDVQDWLYDV´ 0DUTXHV TXHVmRSHVVRDV FRPFRPSHWrQFLDFXOWXUDOQDDWLYLGDGHUHFRQKHFLGDVSRUVL SUySULDVHSHODFRPXQLGDGH'DGDDTXDQWLGDGHGHSHVVRDV QDFRPXQLGDGHTXHVyUHFHQWHPHQWHSDVVDUDPDH[HUFHU SUiWLFDVGHH[SORWDomRRSWRXVHDLQGDSRULQFOXLUQR XQLYHUVRDPRVWUDODTXHOHVSUR¿VVLRQDLVFRPSHORPHQRV DQRVGHH[SHULrQFLDQDiUHDFRQVLGHUDQGRVHUHVWHXP WHPSRUD]RiYHOSDUDDDTXLVLomRGHXPFRQKHFLPHQWR DSXUDGRGDGLQkPLFDHGRVFRPSRQHQWHVGRHFRVVLVWHPD PDQJXH]DOORFDO &RUGHOO $VHQWUHYLVWDVLQFOXtUDP SHUJXQWDVVREUHDDWLYLGDGHGHPDULVFDJHPHDVSHFWRV ELROyJLFRV H HFROyJLFRV GRV UHFXUVRV FDSWXUDGRV $SHQDVPXOKHUHVIRUDPFRQWDWDGDVSRUSUHGRPLQDUHP QRH[HUFtFLRGDDWLYLGDGH*UDGXDOPHQWHFRQVWLWXLXVH XPDUHGHGHHQWUHYLVWDGDVTXHOHYRXjREWHQomRGHXP FRQVLVWHQWHFRUSRGHLQIRUPDo}HVRTXHIRLFRQVLGHUDGR VX¿FLHQWH SDUD FDUDFWHUL]DU XP ERP WDPDQKR SDUD D DPRVWUD7DOSURFHGLPHQWRHQFRQWUDDSRLRPHWRGROyJLFR HP$OH[LDGHV  $VWUDQVFULo}HVGDVHQWUHYLVWDV IRUDPIHLWDVUHVSHLWDQGRROLQJXDMDUQDWLYR

7DPEpP IRUDP UHDOL]DGDV REVHUYDo}HV GLUHWDV TXDQGRDVLQIRUPDQWHVIRUDPDFRPSDQKDGDVHPVXDV DWLYLGDGHVURWLQHLUDVGHPDULVFDJHP)RUDPLGHQWL¿FDGRV RVPHPHV±IUDJPHQWRVUHFRQKHFtYHLVGHLQIRUPDomR

(3)



&RQKHFLPHQWRWUDGLFLRQDOGDVPDULVTXHLUDVGH$FXSH%DKLD

2VGDGRVREWLGRVIRUDPDQDOLVDGRVDWUDYpVGHXPD DERUGDJHP HPLFLVWDHWLFLVWD TXH QR FDVR FRQVLVWLX QD FRPSDUDomR HQWUH RV FRQKHFLPHQWRV WUDGLFLRQDLV rPLFRV FRPRVFRUUHVSRQGHQWHVQDOLWHUDWXUDDFDGrPLFD pWLFRV  )HOHSSD $VHVSpFLHVIRUDPGHYLGDPHQWH LGHQWL¿FDGDVHPODERUDWyULRSRUHVSHFLDOLVWDDFDGrPLFR HPPDODFRORJLD

7HQGR FRPR EDVH D DILUPDomR GH PXLWDV PDULVTXHLUDV GH TXH R EHEHIXPR $ EUDVLOLDQD  ³HQJRUGD´QDIDVHGHOXDFKHLDIRLIHLWDXPDYHUL¿FDomR HPODERUDWyULRSDUDWHVWDUHVWHFRQKHFLPHQWRIHQROyJLFR 2SWRXVH SHOD GHWHUPLQDomR GR tQGLFH GH FRQGLomR JUDXGHHQJRUGD SRUVHUHVWHVHJXQGR1LVKLGDHWDO D E  XP GRV PpWRGRV PDLV VDWLVIDWyULRV GH DYDOLDomR GD TXDQWLGDGH GD FDUQH HP UHODomR DR HVSDoR LQWHUYDOYDU RFXSDGR )RUDP UHDOL]DGDV  FROHWDVGHH[HPSODUHVGDUHIHULGDHVSpFLHQRSHUtRGR GHGHDEULODGHQRYHPEURGHQRVGLDVGH PXGDQoDGDVTXDWURIDVHVOXQDUHVRXHPXPRXGRLV GLDVSUy[LPRV(PFDGDFROHWDHUDPHVFROKLGDVSHOR PHQRVTXDWURPDULVTXHLUDVDVTXDLVDSyVUHFHEHUHP XPDVXFLQWDH[SOLFDomRGRH[SHULPHQWRGRDYDPXPD SHTXHQDSDUWHGHVXDSURGXomR(PGXDVRSRUWXQLGDGHV QmRIRUDPIHLWDVFROHWDVSRUQmRKDYHUHPPDULVTXHLUDV WUDEDOKDQGRHPIXQomRGHIRUWHVFKXYDV (PODERUDWyULRIRUDPIHLWDVVXEDPRVWUDJHQVGH LQGLYtGXRVHQWUHHFP$SDGURQL]DomRGDFODVVH GHWDPDQKRIRLUHDOL]DGDFRPDIXQomRGHPLQLPL]DU D LQIOXrQFLD GHVWH SDUkPHWUR QR YDORU GR tQGLFH GH FRQGLomR %DLUG 1RWRWDOLQGLYtGXRVIRUDP DPRVWUDGRVSDUDDUHWLUDGDGDVSROSDVGHFDUQH PDQWRSp HYtVFHUDV $VSROSDVIRUDPSRVWDVHPSDSHOGH¿OWURSRU DOJXQVPLQXWRVSDUDDUHWLUDGDGRH[FHVVRGHOtTXLGRV WUDQVIHULGDVSDUDYLGURVGHUHOyJLRHHPVHJXLGDSHVDGDV HPEDODQoDGHSUHFLVmRJ$SDUWLUGHHQWmRIRLREWLGR RSHVR~PLGRVHJXQGRPpWRGRSURSRVWRSRU6KDZHWDO  HDSyVKHPHVWXIDDƒ&IRLREWLGRRSHVR VHFR2tQGLFHGHFRQGLomRUHIHUHVHDRSHUFHQWXDOGH VyOLGRVVHQGRFDOFXODGRSHODUD]mRHQWUHRVSHVRVVHFR H~PLGR2WHVWHGHVLJQL¿FkQFLDXWLOL]DGRQDDQiOLVH GHVWHVGDGRVIRLR7HVWHGH7XNH\    $FXSH 6DOYDGRU %76 %DKLD 6DQWR$PDUR

Ύ

),*85$  /RFDOL]DomR JHRJUi¿FD GR 'LVWULWR GH$FXSH 6DQWR $PDUR%DKLD FXOWXUDOSDVVDGRVGHSHVVRDDSHVVRDGHQWURGHXPDFXOWXUD 'DZNLQV%ODFNPRUH ±DWUDYpVGRUHJLVWUR GDVLQIRUPDo}HVFRPXQVHQWUHRVGLYHUVRVGHSRLPHQWRV FRQWLGRVQDVHQWUHYLVWDV$VLQIRUPDo}HVXWLOL]DGDVVH UHSHWLUDPHPSHORPHQRVGDVIDODVGDVHQWUHYLVWDGDV tQGLFHHVWHFRQVLGHUDGRVX¿FLHQWHSDUDFDUDFWHUL]DUD FRQVLVWrQFLD GRV PHPHV 4XDQGR DV LQIRUPDo}HV VH PRVWUDUDPGLYHUJHQWHVRFULWpULRXWLOL]DGRIRLRGDXQLmR GHFRPSHWrQFLD 0DUTXHV YLVDQGRDFRQVWUXomR GHXPFRUSRGHFRQKHFLPHQWRVFROHWLYRUHSUHVHQWDWLYR GDGLQkPLFDFXOWXUDOORFDOXWLOL]DQGRVHXPDDERUGDJHP HVVHQFLDOPHQWHTXDOLWDWLYD(VWHWUDEDOKRH[SUHVVDRV GDGRVUHIHUHQWHVDRVFRQKHFLPHQWRVGDVHQWUHYLVWDGDVHP UHODomRDRPDQJXH]DOHVHXVUHFXUVRV

(4)

 )-%6RXWRH960DUWLQV

5HVXOWDGRVH'LVFXVVmR

(WQRWD[RQRPLD

$ HWQRWD[RQRPLD IRL XP GRV SULPHLURV WHPDV DERUGDGRV HP HVWXGRV VREUH DV UHODo}HV TXH SRYRV WUDGLFLRQDLVPDQWrPFRPRPHLRDPELHQWH&RXEHD %HUOLQHWDO DSXG3RVH\ HQWUHWDQWR HVWDEHOHFHUHP RV SULQFtSLRV EiVLFRV  GRV VLVWHPDV WD[RQ{PLFRVIRONSURSRQGRXPPRGHORKLHUiUTXLFRTXH FRUUHVSRQGHGHSHUWRjFODVVL¿FDomRFLHQWt¿FDGH/LQHX (P$FXSHIRUDPUHJLVWUDGDVWUrVFDWHJRULDVKLHUiUTXLFDV TXHDEUDQJHPDTXDVHWRWDOLGDGHGRVFRPSRQHQWHVGR PDQJXH]DO XWLOL]DGRV ORFDOPHQWH RV ³PDULVFRV´ RV ³SHL[HV´HRV³PDQJXHV´(VWDVWUrVHVWmRLQFOXtGDVQR QtYHOTXH%HUOLQ  GHQRPLQRX³IRUPDGHYLGD´ $V FDWHJRULDV ³PDULVFRV´ H ³SHL[HV´ VmR GHILQLGDV ORFDOPHQWH FRP EDVH HP WUrV FULWpULRV GLVWLQWRV D  PRUIROyJLFR ³PDULVFRWHPFDVFDRSHL[HWHPHVFDPD

RX FRXUR´  E  GH KiELWDW ³R PDULVFR VH SDQKD QR PDQJXHRSHL[HpSHVFDGRQRPDU´ H F GHHVWUDWpJLD

GHFDSWXUD ³RPDULVFRVHSDQKDFRPDVPmRFRP

RJDQFKRRSHL[HVHSDQKDGHUHGH´ (VVHVFULWpULRV

JHUDOPHQWH VmR DGRWDGRV VHSDUDGDPHQWH PDV DOJXQV HQWUHYLVWDGRVFKHJDPDXWLOL]DUPDLVGHXPGHOHV

$OYHVH6RX]D  UHJLVWUDUDPHQWUHPDULVTXHLUDV GR &DQDO GH 6DQWD &UX] 3HUQDPEXFR  R WHUPR ³PDULVFR´XVDGRHPGRLVVHQWLGRVRUDSDUDGHVLJQDU ELYDOYHVHPJHUDORUDSDUDGHVLJQDUDSHQDVDHVSpFLH

$QRPDORFDUGLD EUDVLOLDQD 1D FODVVLILFDomR GHVWDV

PDULVTXHLUDV SHUQDPEXFDQDV H[LVWH XP JUXSR PDLV DPSORGHQRPLQDGR³FUXVWiFHRV´IRUPDGRSRUELYDOYHV FDUDQJXHMRVVLULVJRLDPXQVODJRVWDVHFDPDU}HVTXH FRUUHVSRQGHULD DR TXH SHVFDGRUHV H PDULVTXHLUDV GH $FXSHFKDPDPGH³PDULVFRV´ ³0DULVFRpDUDWXVLUL

EHEHIXPRRVWUDFDUDQJXHMRFDPDUmRODJRVWDWDPEpP pPDULVFR´ 2VPDULVFRVSRUWDQWRHVWmRLQVHULGRVQR

TXHVHFRQYHQFLRQRXFKDPDUGDQRPHQFODWXUD]RROyJLFD GH ³LQYHUWHEUDGRV´ 5XSSHUW HW DO  %UXVFD H %UXVFD  (QWUHRVYiULRVPDULVFRVHQFRQWUDGRVHP$FXSH R³EHEHIXPR´RX³SDSDIXPR´ $EUDVLOLDQD  )LJXUD  pRPDLVH[SORWDGRQRPDQJXH]DOORFDO2WHUPR ³IXPR´VHJXQGRPDULVTXHLUDVYHPGRRGRUTXHH[DOD TXDQGRHVWHVDQLPDLVHVWmRVHQGR³IHUYHQWDGRV´HRX GRJRVWRGRFDOGRVHPHOKDQWHVDRGRIXPR2WW   HQWUHWDQWR ID]HQGR UHIHUrQFLD j LQÀXrQFLD LQGtJHQD QD QRPHQFODWXUD GH PDULVFRV QR 5HF{QFDYR %DLDQR FLWDXPPROXVFRFKDPDGR³EHPIXP´TXHSRGHVHU XPD FRUUXSWHOD GR EHEHIXPR RX YLFHYHUVD$OLiV HVWH YHQHUtGHR FHUWDPHQWH HVWi HQWUH RV PROXVFRV TXHPDLVQRPHVSRSXODUHVUHFHEHPDRORQJRGROLWRUDO EUDVLOHLURDVDEHU³EHUELJmR´³Y{QJROL´³PDoXQLQ´ ³FKXPELQKR´³VHUQDPELWLQJD´³PDULVFR´H³PDULVFR SHGUD´DOpPGDTXHOHVUHJLVWUDGRVHP$FXSH $YHOLQH 6FKDHIIHU1RYHOOL9HUJDUD)LOKRH9LODV %RDV$OPHLGD$OYHVH6RX]D0HOOR H7HQyULR1LVKLGD  ),*85$2EHEHIXPR$QRPDORFDUGLDEUDVLOLDQD 0DULVTXHLUDVHVSHFLDOL]DGDVHPRVWUDVLGHQWL¿FDUDP DSHQDVXPD³PDUFD´GH³RVWUD´ &UDVVRVWUHDUKL]RSKRUDH  )LJXUD (VWHWLSRSRUpPUHFHEHQRPHVGLIHUHQWHV GH DFRUGR FRP R VtWLR GH FROHWD ³RVWUDGHPDQJXH´ H D ³RVWUDGHODMH´ HQFRQWUDGDV DGHULGDV jV iUYRUHV GH PDQJXHV H jV SHGUDV UHVSHFWLYDPHQWH  RX FRP D HVWUDWpJLDGHFDSWXUD ³RVWUDGHPHUJXOKR´FDSWXUDGD QR OHLWR GR ULR DWUDYpV GH PHUJXOKR  (VWDV ~OWLPDV WDPEpPVmRGLIHUHQFLDGDVSHORWDPDQKRTXHDOFDQoDP ³'HPHUJXOKRVySHJDFDGDRVWURQDJUD~GD´ 8PD GLVWLQomRVHPHOKDQWHMiHUDIHLWDSHORV7XSLQDPEiQD UHJLmR GR 5HF{QFDYR %DLDQR FRQIRUPH UHODWRV GH *DEULHO6RDUHVGH6RX]DHP ³$VPDLVIRUPRVDV RVWUDV TXH VH YLUDP VmR DV GR %UDVLO HP DOJXPDV SDUWHVRVWrPWDPDQKRVTXHQmRVHSRGHPFRPHUVHQmR

(5)

 &RQKHFLPHQWRWUDGLFLRQDOGDVPDULVTXHLUDVGH$FXSH%DKLD WDOKDGDVDVERDVVHGmRGHQWURGDYDVDGRVDOJDGR HSHORVULRVRQGHVHMXQWDPiJXDGRFHDRVDOJDGRVH FULDPPXLWDVQDVYDVDHVmRPXLWRJUDQGHV´  6RX]D S 1LVKLGDHWDO  WDPEpPUHJLVWURXQR OLWRUDOSDUDLEDQRDGHQRPLQDomR³RVWUDGHPHUJXOKR´ HRWLSRTXHVH¿[DjViUYRUHVGHPDQJXHPDVFRPR QRPHGH³RVWUDJDLWHLUD´DPEDVDSDUHQWHPHQWHFRPR YDULHGDGHVGLVWLQWDV ),*85$$RVWUD&UDVVRVWUHDUKL]RSKRUDH 2WHUPR³VXUXUX´MiHUDXWLOL]DGRSHORVLQGtJHQDV TXHKDELWDYDPDUHJLmRGR5HF{QFDYRWHQGRHPYLVWD RUHODWRGH6RX]D S ³&ULDPVHQDYDVDGD %DKLDLQ¿QLGDGHGHPH[LOK}HVDTXHRVtQGLRVFKDPDP VXUXUXV´ (P$FXSH DV PDULVTXHLUDV GH VXUXUXV UHFRQKHFHPWUrVYDULHGDGHV PDUFDV GLVWLQWDVGHVWHV ELYDOYHVR³VXUXUX´ 0\WHOODJX\DQHQVLV0)DOFDWD  )LJXUD   R ³PDFKDGLQKD´ %UDFKLGRQWHV H[XVWXV  )LJXUD HR³VXUXUXGHYHOKR´ &\UWRSOHXUDFRVWDWD  QmRVHQGRHVWH~OWLPRPHPEURGDIDPtOLD0\WLOLGDH(P VHWUDWDQGRGR³VXUXUX´QmRKRXYHGLIHUHQFLDomRSRU SDUWHGDVLQIRUPDQWHVSDUDDVGXDVHVSpFLHV]RROyJLFDV FHUWDPHQWHSRUVHUHPEDVWDQWHVHPHOKDQWHVHRFXSDUHP R PHVPR KDELWDW RX VHMD R PDQJXH 1LVKLGD HW DO  WDPEpPHQFRQWURXGXDVYDULHGDGHVGHVXUXUXV QRPLQDGDV VHJXQGR XP FULWpULR HFROyJLFR R VXUXUX GRPDQJXH 0JX\DQHQVHV HRVXUXUXGHFRURD 0 &KDUUXDQD 

$$$$

%%%%

),*85$ $ 2PDFKDGLQKD %UDFKLGRQWHVH[XVWXV  % RVXUXUX 0\WHOODVS %DUUD FP (FRORJLDWUy¿FD 6HJXQGR2GXP  DVSHVVRDVGHXPPRGR JHUDOSRVVXHPDOJXPFRQKHFLPHQWRUHODWLYRjVFDGHLDV DOLPHQWDUHVXPDYH]TXHRSUySULRVHUKXPDQRRFXSD XPOXJDUQR¿PRXSHUWRGR¿QDOGDFDGHLDGHSURGXWRV DOLPHQWDUHV(PVHWUDWDQGRGHFRQKHFLPHQWRHFROyJLFR WUDGLFLRQDOVmRYiULRVRVWUDEDOKRVTXHDERUGDPUH¿QDGDV SHUFHSo}HVGHSHVFDGRUHVDUWHVDQDLVVREUHUHWLFXODGRV WUy¿FRVGHGLIHUHQWHVHFRVVLVWHPDV HJ0DUTXHV &RVWD1HWR0RXUmR  'HXPDIRUPDJHUDODVPDULVTXHLUDVDSUHVHQWDUDP FHUWDGL¿FXOGDGHHPIDODUVREUHRVKiELWRVDOLPHQWDUHV GRVPROXVFRVELYDOYHV(VVDVUHVSRVWDVTXDVHVHPSUH IRUDPLQLFLDGDVFRPH[SUHVV}HVTXHGHQRWDPLQFHUWH]D WDLV FRPR ³(X DFKR TXH´ RX ³HX WHQKR SUD PLP TXH´(VWDGL¿FXOGDGHFHUWDPHQWHVHGHYHjQDWXUH]D

PLFURVFySLFD RX SDUWLFXODGD GR DOLPHQWR HRX DR PRGRGHYLGDGHDOJXQVPROXVFRVTXHVHHQWHUUDPQR VHGLPHQWRRTXHRVWRUQDGLItFHLVVHQmRLPSRVVtYHLV GH VHUHP YLVWRV H DSUHHQGLGRV SHODV PDULVTXHLUDV $LQGDDVVLPSRXFDVPDULVTXHLUDVQmRDUULVFDUDPDOJXP SDOSLWHRXRSLQLmRVREUHIHQ{PHQRVWUy¿FRVHQYROYHQGR ELYDOYHV$PDLRULDGDVUHVSRVWDVREWLGDVVREUHRKiELWR DOLPHQWDUGREHEHIXPRDSRQWDPSDUDLWHQVDOLPHQWDUHV SDUWLFXODGRVWDLVFRPR³DUHLD´H³ODPD´ ³(XDFKRTXHpDUHLDSRUTXHTXDQGRDJHQWHDEUHHOHp FKHLRGHDUHLD6ySRGHVHULVVRTXHHOHVFRPHDTXL´ FP FP

(6)

 )-%6RXWRH960DUWLQV ³1mRVHLQmRSUDPLPHOHVHDOLPHQWDpGDODPDPHVPR (OHYLYHDTXLHPEDL[RQp"´ &RPEDVHQHVWDVUHVSRVWDVpSRVVtYHOSHUFHEHUXPD IRUWHDVVRFLDomRIHLWDHQWUHRKDELWDWHKiELWRDOLPHQWDU GD HVSpFLH 8P LWHP WDPEpP PHQFLRQDGR SHODV PDULVTXHLUDVIRLRFKDPDGR³VDOLWUHGDPDUp´ ³$FKR

TXH R DOLPHQWR GR EHEHIXPR p PHVPR R VDOLWUH GD PDUp´ ³FDOGRGDPDUp´ ³2EHEHIXPRFRPHDVFRLVD GDPDUpPHVPRRFDOGRGDPDUp´ RX³VDO]LQKR´ ³eR VDO]LQKRRDOLPHQWRGHOH6HHOHQmRVDLGDtQmRp"´  TXHHPWHUPRVGHHFRORJLDDFDGrPLFDSRGHVHDVVRFLDU DRSOkQFWRQRXjPDWpULDRUJkQLFDHPVXVSHQVmR 0DUTXHV  HQFRQWURXHP$ODJRDVXPWHUPR VHPHOKDQWHFKDPDGRGH³SyGDVDOLQLGDGH´RTXDOIRL LQWHUSUHWDGR FRPR LWHP GH XPD GLHWD SODQFWRIiJLFD 6HJXQGR5XSSHUWHWDO  DPDLRULDGRVELYDOYHV FDYDGRUHVGHIXQGRPROH LQIDXQD H[SORUDDSURWHomR RIHUHFLGD SHOD YLGD VXEWHUUkQHD HP DUHLD H ORGR PDULQKRVHQTXDQWRXWLOL]DPRDOLPHQWRHPVXVSHQVmR QDiJXDWUD]LGRGDVXSHUItFLHSDUDGHQWURGDFDYLGDGH GRPDQWR

$LQGD TXH GH IRUPD QmR PXLWR SUHFLVD DV LQIRUPDQWHV GHPRQVWUDUDP WHU FRQKHFLPHQWR GD SUHGDomRVRIULGDSHOREHEHIXPR(QWUHRVSUHGDGRUHV FLWDGRVHVWmRRVVLULV ³1DPDUp"6yVHIRURVLULPHVPR 4XHPGHUEREHLUDHOHVFRPH´ RJRURJRQGp FUXVWiFHR DQRPXUR HREDLDFX 7HWUDRGRQWLGDH  ³(XDFKRTXHR EHEHIXPRGDQGRFKDQFHWHPYH]TXHRVSHL[HFRPH Qp"$FKRTXHpREDLDFX´ 

(QWUH RV GLYHUVRV LWHQV DOLPHQWDUHV HQFRQWUDGRV SRU&DUTXHLMDH*RXYrD  HPHVW{PDJRVGRVLUL FD[DQJi &DOOLQHFWHVODUYDWXV HPXPPDQJXH]DOGD %76RVPROXVFRVWLYHUDPXPDIUHTXrQFLDGH RTXHVHQmRFRQ¿UPDDLQIRUPDomRrPLFDWRUQDD SHORPHQRVDFHLWiYHO6HJXQGR9DVFRQFHORV)LOKRHW DO  DGLHWDGREDLDFX6SKRHURLGHVWHVWXGLQHXVp FRPSRVWDSRUPROXVFRVHFUXVWiFHRV$OJXQVHVW{PDJRV GHH[HPSODUHVGHVWHSHL[H 1  FDSWXUDGRVQRSUySULR PDQJXH]DOGH$FXSHIRUDPDQDOLVDGRVHPODERUDWyULRH GHIDWRQHOHVWDPEpPIRUDPHQFRQWUDGRVIUDJPHQWRVGH FRQFKDVLQFOXVLYHGH$EUDVLOLDQD 6RXWR (VWHV ELYDOYHVVmRXWLOL]DGRVSHODVPDULVTXHLUDVSULQFLSDOPHQWH SDUDDYHQGDPDVHPGHWHUPLQDGDVVLWXDo}HVGHGHVHMR

GH GHJXVWDomR RX PHVPR GH SULYDomR VmR WDPEpP FRQVXPLGRV ³(XFDWRSUDYHQGHUHSUDFRPHU´ 

$OpP GD FRPSRVLomR GD GLHWD DV PDULVTXHLUDV GHPRQVWUDUDP XPD SHUFHSomR VREUH D HVWUDWpJLD GR EHEHIXPRGXUDQWHRIRUUDJHLRXPDYH]TXHUHIHUrQFLDV WDPEpPIRUDPIHLWDVDRPRYLPHQWRGHVXDVYDOYDVGH DFRUGRFRPRQtYHOGDVPDUpV ³$PDUpWiVHFDHOD¿FDFRPDERTXLQKDGHODIHFKDGD 4XDQGRDPDUpYDLHQFKHQGRHOD¿FDFRPDOLQJXLQKD DVVLPGHIRUDHVSHUDQGRDHVSXPDGDiJXD2TXHHOD FRPHpDHVSXPDGDiJXD´

(P UHODomR DR KiELWR DOLPHQWDU GDV RVWUDV DV LQIRUPDo}HV IRUDP GDGDV FRP XP SRXFR PDLV GH FHUWH]DGRTXHDTXHODVREWLGDVFRPUHODomRDREHEH IXPR,VWRSURYDYHOPHQWHHVWiUHODFLRQDGRDRPRGR GHYLGDLQFUXVWUDQWHGDVRVWUDVFXMDPDLRULDVHHQFRQWUD HPVXEVWUDWRVHPHUVRVHSRUWDQWRSDVVtYHLVGHVHUHP REVHUYDGDVSHODVPDULVTXHLUDV 2VLWHQVDOLPHQWDUHVPDLVFLWDGRVIRUDPDTXHOHVGH QDWXUH]DSDUWLFXODGDDVDEHUD³HVFXPD´RX³HVSXPDGD iJXD´HR³OtTXLGRGDiJXD´$LQGDTXHWHQKDPUHFHELGR QRPHVGLIHUHQWHVHVWHVGRLVLWHQVQmRVmRGLIHUHQFLDGRV ORFDOPHQWH H SRGHP VHU LQWHUSUHWDGRV FRPR VHQGR SOkQFWRQHRXPDWpULDRUJkQLFDSDUWLFXODGDRXGLVVROYLGD WHQGRHPYLVWDTXH&UDVVRVWUHDUKL]RSKRUDHDOLPHQWD VHDWUDYpVGD¿OWUDomRGHGHWULWRVVXVSHQVRVQDiJXD H GD PLFURÀRUD VREUHWXGR DV GLDWRPiFHDV /HLWmR H 6FKXDPERUQ 

³$RVWUDFRPHDHVFXPDGDiJXD4XDQGRRYHQWREDWH TXDQGR VXVSHQGH Dt YHP DTXHOD VXMHLUD]LQKD FRP DTXHODHVFXPDHpGLVVRTXHHODVHDOLPHQWD´

³$RVWUDVHDOLPHQWDHXDFKRTXHpGROtTXLGRPHVPR TXH¿FDHPFLPDGDiJXDTXH¿FDHPFLPDGDODPD´ $OJXPDV PDULVTXHLUDV WDPEpP FLWDUDP R OLPR FRPRLWHPGDGLHWDGDVRVWUDVRTXHOHYDDFUHUTXH KDMDXPDGLIHUHQoDGHLQWHUSUHWDomRRXXPDHODVWLFLGDGH FRQFHLWXDO GR TXH VHMD ³OLPR´ XPD YH] TXH HQWUH SHVFDGRUHVGHVWDPHVPDORFDOLGDGHHVWHFRPSRQHQWH UHIHUHVH D IUDJPHQWRV GH PDFURDOJDV ³(X HQWHQGR

TXHDRVWUDFRPHROLPRGRPDQJXHHDiJXDVDOJDGD SRUTXHTXDQGRDPDUpYHPHODDEUHTXDQGRDJHQWH EDWHHODIHFKD´ 

(7)



&RQKHFLPHQWRWUDGLFLRQDOGDVPDULVTXHLUDVGH$FXSH%DKLD

6HJXQGR PDULVTXHLUDV R EDLDFX p R SULQFLSDO SUHGDGRU GDV RVWUDV (VWD LQIRUPDomR HP DOJXPDV HQWUHYLVWDV IRL UHSHWLGD SHODV LQIRUPDQWHV FRP R DFUpVFLPRGDFXULRVDFRQVWDWDomRGHTXHDOJXQVEDLDFXV ¿FDP SUHVRV HQWUH DV YDOYDV GDV RVWUDV GXUDQWH XPD IUXVWUDGDWHQWDWLYDGHIRUUDJHLR ³2EDLDFXMiJRVWDGHFRPHUXPDRVWUD(OD¿FDFRP DERFDDEHUWDDOL(OHYHPOLJHLURTXDQGRHODVHQWH HOHMiFRPHX´ ³2XWURGLDYLXPEDLDFXJDUUDGRQDRVWUD4XDQGRHOH IRLFKXSDUDRVWUDSHJRXHOH7DYDPRUWRJDUUDGRQD RVWUD(OHQXPIRLPXLWRYHOR]QmR´

$ PDLRULD GDV PDULVTXHLUDV UHODWRX D SUHVHQoD GH XP SHTXHQR FUXVWiFHR FRQKHFLGR ORFDOPHQWH FRPR ³FDUDQJXHMLQKR´ GHQWUR GD RVWUD ³7HP XP

FDUDQJXHMLQKR YHUPHOKR GHQWUR GD RVWUD (X DFKR TXHHOHMipFULDGRGHQWURGDRVWUDjVYH]TXDQGR DOJXPDSDUWHGDRVWUDTXHEUDHOHVWmRYLYLQKRDQGDQGR GHQWUR´ $VLQIRUPDQWHVHQWHQGHPTXHHVWHFUXVWiFHR

WHULDXPDDomRSDUDVLWiULDSRGHQGROHYDUjPRUWHGDV RVWUDV ³6y WHP XP ELFKLQKR YHUPHOKLQKR 4XDQGR

HOHHQWUDGHQWURGDRVWUDHOHVXJDDRVWUDWRGD$t TXDQGRDJHQWHDEUHDRVWUDRVPHQLQRFRPH´ 7UDWD

VHGRFDUDQJXHMR=DRSVRVWUHXPSHUWHQFHQWHjIDPtOLD 3LQQRWKHULGDH TXH VHJXQGR 5XSSHUW HW DO   YLYHPQDFDYLGDGHGRPDQWRGHELYDOYHVUHVSRQGHP SRVLWLYDPHQWHjVXEVWkQFLDVSURGX]LGDVSHORKRVSHGHLUR HSRGHPGHWHFWDUXPDFRUUHQWHGHiJXDTXHSDVVDVREUH RPHVPR(VWHFUXVWiFHRSRUWDQWRXWLOL]DQGR¿ODPHQWRV PXFRVRVFKHLRVGHDOLPHQWRFROHWDGRVSHORKRVSHGHLUR VHULDXPFRPHQVDO 6DQWRVH&RHOKR HQmRXP SDUDVLWD )HQRORJLDHHWQRFURQRORJLD (P$FXSHGHDFRUGRFRPPDULVTXHLUDVRYHUmR VHLQLFLDSRUYROWDGHVHWHPEURHVHHVWHQGHDWpPDUoR HRLQYHUQRYDLGRPrVGHPDLRDWpDJRVWRHPERUDRV OLPLWHVGHFDGDHVWDomRWHQKDPVHPRVWUDGRXPSRXFR HOiVWLFRV 6HJXQGR &(,   HP 6DQWR$PDUR D SOXYLRVLGDGHDQXDOPpGLDpGHDPPVHQGR RSHUtRGRGHDEULODMXQKRRPDLVFKXYRVR$LQGDTXH HPMXOKRHDJRVWRDLQFLGrQFLDGHFKXYDVGLPLQXDD LQFOXVmRGRVPHVHVGHMXOKRHDJRVWRFRPRPHVHVGH LQYHUQRFHUWDPHQWHHVWiUHODFLRQDGDjFRQWLQXDomRGD RFRUUrQFLDGHYHQWRVIRUWHV 6HJXQGR '$QWRQD   QDV UHJL}HV PDLV SUy[LPDVDR(TXDGRUQmRRFRUUHPDVTXDWURHVWDo}HV WtSLFDV GDV ]RQDV WHPSHUDGDV PDV DSHQDV GXDV GLIHUHQFLDGDVPDLVSHODLQFLGrQFLDGHFKXYDVGRTXH SHODYDULDomRGHWHPSHUDWXUD(VWDSHUFHSomRpEDVWDQWH FODUD HP FRPXQLGDGHV SHVTXHLUDV QRUGHVWLQDV TXH LGHQWL¿FDP R ³YHUmR´ FRPR HVWDomR FRP SRXFDV RX VHPFKXYDVHR³LQYHUQR´FRPRHVWDomRFKXYRVDQHP VHPSUHFRLQFLGHQWHFRPRFLFORHVWDFLRQDOR¿FLDO 1RUGL &RVWD1HWR0RXUmR1LVKLGD  0DUTXHV S D¿UPDTXHHQWUHSHVFDGRUHV DODJRDQRV³RHVFDORQDPHQWRGRWHPSRQmRVHID]FRP EDVHQRVPHVPRVFULWpULRVTXHID]HPRV´HTXHµLQYHUQR¶ HµYHUmR¶QmRVLJQL¿FDPH[DWDPHQWHDVHVWDo}HVGRFLFOR R¿FLDOHVLPµSHGDoRVGHWHPSR¶UHODFLRQDGRVFRPFKXYD HHVWLDJHP´ 2VIDWRUHVFOLPDWROyJLFRVKLGUROyJLFRVHELROyJLFRV DJLQGR VHSDUDGDPHQWH RX HP FRQMXQWR SRGHP GHWHUPLQDULPSRUWDQWHVPRGL¿FDo}HVQDGLQkPLFDGH XPHFRVVLVWHPDDTXiWLFRSRLVFRQWURODPDPSODPHQWH DVDWLYLGDGHVHVWDFLRQDLVHGLiULDVGHSODQWDVHDQLPDLV 0DFrGR HW DO  2GXP  $ DomR GHVWHV IDWRUHV p SDUWLFXODUPHQWH VLJQLILFDQWH QRV HVWXiULRV TXHGHQWUHRVDPELHQWHVFRVWHLURVVmRDTXHOHVPDLV VXMHLWRVjLQÀXrQFLDGDViJXDVPDULQKDVHGDViJXDV GRFHVGRVULRV $YHOLQH 0DQJXH]DLVORFDOL]DGRV QHVWHVDPELHQWHVSRUWDQWRVRIUHPIRUWHVYDULDo}HVGH VDOLQLGDGHWHPSHUDWXUDHSUHFLSLWDomRDQXDO /LQGpQH -HUQHO|Y  $LQGDTXHPDULVTXHLUDVHSHVFDGRUHVGH$FXSHQHP VHPSUHIDoDPXPDFRUUHODomRGLUHWDHQWUHHVWHVIDWRUHV HDRFRUUrQFLDGRVUHFXUVRVGHWHUPLQDGRVSHUtRGRVGH PDLRUDEXQGkQFLDHPUHFXUVRVFKDPDGRVORFDOPHQWH GH³VDIUD´VmRFRPXPHQWHLGHQWL¿FDGRVHUHODFLRQDGRV jVGXDVHVWDo}HVSHUFHELGDV4XDQGRDTXDQWLGDGHGH SHVFDGRGLPLQXLEDVWDQWHGL]VHORFDOPHQWHTXHRFRUUH XPD ³IDLD´ IDOKD  6DQWRV   H 6DQWRV H )UHLWDV   Mi ID]LDP UHIHUrQFLD DR WHUPR ³VDIUD´ HQWUH SHVFDGRUHVDUWHVDQDLVGR1RUGHVWH&RVWD1HWR   WUDEDOKDQGRFRPSHVFDGRUHVGROLWRUDOQRUWHGD%DKLD WDPEpPUHJLVWURXHVWHVSHUtRGRVQRPHDGRVORFDOPHQWH GH ³PrV GRGD´ HJ ³PrV GR UXEDOR´  HQTXDQWR

(8)

 )-%6RXWRH960DUWLQV

&XQKD   HQWUH SHVFDGRUHV GH 6DQWD &DWDULQD YHUL¿FRX DV ³pSRFDV´ GH GHWHUPLQDGR SHVFDGR HJ ³pSRFDGDWDLQKD´ 0RXUmR  H0DUTXHV   QmRUHJLVWUDUDPWDLVSHUtRGRVFRPQRPHVHVSHFt¿FRV PDVHQFRQWUDUDPXPDFRQVLVWHQWHHWQRFODVVL¿FDomRGH SHL[HVEDVHDGDQDVHVWDo}HV ³SHL[HVGHYHUmRHSHL[HV GHLQYHUQR´  $VPDULVTXHLUDVGHEHEHIXPRWDPEpPSHUFHEHP ÀXWXDo}HVQDTXDQWLGDGHGHVWHVELYDOYHVDRORQJRGR DQRUHODFLRQDGDVSULQFLSDOPHQWHjPDLRURXPHQRU RFRUUrQFLD GH FKXYDV HP FDGD XPD GDV HVWDo}HV SHUFHELGDVHjWHPSHUDWXUDGDiJXDHRXGRVXEVWUDWR $V RSLQL}HV HPLWLGDV HQWUHWDQWR IRUDP EDVWDQWH FRQWUDGLWyULDVSRLVDOJXPDVGLVVHUDPTXHHVWHPDULVFR pPDLVDEXQGDQWHQDVFRURDV EDQFRVGHDUHLDHRXODPD  GXUDQWHRLQYHUQRRXWUDVDFKDPTXHpQRYHUmRTXHHVWH PDULVFRDSDUHFHHPPDLRUQ~PHUR1RYHUmRSDUDHVWDV PDULVTXHLUDVRDXPHQWRGDWHPSHUDWXUDSURYRFDDPRUWH GHPDULVFRVRXVHXGHVORFDPHQWRSDUDRXWUDViUHDVSRU FRQWDGRDXPHQWRGDWHPSHUDWXUDGDiJXD 3RURXWURODGRDOJXPDVPDULVTXHLUDVD¿UPDUDP TXH R LQYHUQR p D HVWDomR ³PDLV IUDFD´ MXVWDPHQWH SRUFDXVDGDVFKXYDV ³1RLQYHUQRGiXPSRXTXLQKR PDLVUXLPQp"eSRUFDXVDGDFKXYD(OHVHHVFRQGH PDLVQRLQYHUQRpPDLVHVFDVVR´ HQTXDQWRQRYHUmR DSURGXomRPHOKRUD ³2PDULVFRGiPDLVQRYHUmR1R LQYHUQRHOHpIUDTXLQKR´ 6HJXQGR6FKDHIIHU1RYHOOL DSXG$UUXGD6RDUHVHWDO $EUDVLOLDQD pWLGRFRPRXPDQLPDOHXULWpUPLFRHHXULDKDOLQRGR TXH HP WHVH SRGHULD VH HVSHUDU XPD UHVLVWrQFLD jV FRQGLo}HVHQFRQWUDGDVQRLQYHUQRHQRYHUmRGH$FXSHH FRQVHTXHQWHPHQWHXPDSHTXHQDYDULDomRHVWDFLRQDO

$ PDLRU DEXQGkQFLD QR LQYHUQR WDPEpP IRL H[SOLFDGDSHORPHQRUHVIRUoRGHFDSWXUDQHVWDpSRFD TXDQGR DV FKXYDV VH WRUQDP XP HPSHFLOKR SDUD D UHDOL]DomRGDDWLYLGDGHGDPDULVFDJHPWRGRVRVGLDV ³1RLQYHUQRGiPDLVSRUTXHDJHQWHQmRYHPGHEDL[R GHFKXYDDtHOHYDLVHFULDQGRYDLUHQGHQGR´  (VWDDPELYDOrQFLDQDVUHVSRVWDVWDOYH]VHGHYDjV GLIHUHQoDVGHSHUFHSo}HVHQWUHDVPDULVTXHLUDVVREUHR TXHVHFRQVLGHUDGHIDWR³LQYHUQR´H³YHUmR´WHQGR HPYLVWDTXHKiJUDGDo}HVHQWUHXPDHVWDomRHRXWUDRX jVGLIHUHQoDVQDLQWHQVLGDGHGDVFKXYDVHQWUHXPDQRH RXWUR(PXPHVWXGRTXDQWLWDWLYRVREUHD$EUDVLOLDQD QD%DtDGH7RGRVRV6DQWRV3HVR  D¿UPDTXHDV PDLRUHV GHQVLGDGHV SRGHP HVWDU UHODFLRQDGDV FRP R SHUtRGRPDLVDFHQWXDGRGHUHSURGXomRHRVFRQVHTXHQWHV UHFUXWDPHQWRVGHLQGLYtGXRVMRYHQV$DXWRUDVXJHUH DLQGDTXHDUHSURGXomRGHVWDHVSpFLHpFRQWtQXDFRP PDLRUHV LQWHQVLGDGHV QRV SHUtRGRV GH MXQKR H MXOKR H GH RXWXEUR H QRYHPEUR PHVHV TXH VH LQVHUHP QR TXH VH UHFRQKHFH HP$FXSH FRPR LQYHUQR H YHUmR UHVSHFWLYDPHQWH6HJXQGR$OPHLGD  DDEXQGkQFLD GR]RRSOkQFWRQSULQFLSDOPHQWHHQWUHRVPHVHVGHPDLR HMXOKRpSRFDGHDXPHQWRGHPDFURQXWULHQWHVGD%DtD GH7RGRVRV6DQWRVGHYLGRDRDSRUWHSHODVFKXYDVTXH RFRUUHP QD UHJLmR QHVVD pSRFD GR DQR SURSRUFLRQD WDPEpPDEXQGkQFLDGHDQLPDLVGHRXWURVQtYHLVWUy¿FRV GDFDGHLDDOLPHQWDU 2XWUDSRVVLELOLGDGHSDUDH[SOLFDUHVVDVGLVWLQWDV UHVSRVWDVpDGLIHUHQoDH[LVWHQWHHQWUHPDLRUSURGXomR UHQGLPHQWRGHFDSWXUD HPDLRUDEXQGkQFLD TXDQWLGDGH GHPDULVFR QHPVHPSUHLQWHUSUHWDGDGDPHVPDIRUPD GXUDQWHDVHQWUHYLVWDVRXVHMDSRGHKDYHUSHUtRGRVQRV TXDLVPHVPRRFRUUHQGRPDLVPDULVFRDSURGXomRp PHQRU

³e DJRUD PHUPR QR LQYHUQR D pSRFD TXH Gi PXLWR PDULVFRPDVFKHJDRYHUmR¿FDWXGRQRPDLRUYDVTXrUR SRXFD TXDQWLGDGH WHP GLD TXH FKRYH PHVPR TXH DJHQWHSDVVDDWpXPSRXTXLQKRGHGL¿FXOGDGHQXP DFKDQDGDSUDFRPHU2YHUmRpPHOKRUSRUTXHDJHQWH WUDEDLDDTXLOHYDHYHQGHQDSUDLDGH&DEXoX´ 8PPHPHEDVWDQWHGLIXQGLGRHQWUHDVPDULVTXHLUDV GHEHEHIXPRpDUHODomRH[LVWHQWHHQWUHRWDPDQKRSHVR GDVSDUWHVPROHVGHVWHELYDOYHHDVIDVHVGDOXD$TXDVH WRWDOLGDGHGDVHQWUHYLVWDGDVGLVVHTXHHVWHVPDULVFRVYmR ³HQJRUGDQGR´GXUDQWHRFUHVFHQWHGDOXDDWp¿FDUHP ³JRUGRV´QDOXDFKHLD ³eSRUTXHGDOXDQp"4XDQGRFKHJDDOXDFKHLDDWp RVPHGLR]LQKRDVVLPWiWXGRJURVVLQKRGHQWUR%RP$t SHVDPDLVWDWXGRFKHLQKRGHQWUR$tTXDQGRFKHJDD OXDPLQJXDQWHHOHV¿FDPXFKLQKR´

$ H[SOLFDomR TXH DV PDULVTXHLUDV DSUHVHQWDP SDUDHVWHIHQ{PHQRIRLIHLWDFRPEDVHQDLQÀXrQFLDGDV PDLRUHVPDUpVTXHRFRUUHPQHVWDIDVH ³(VVDpSRFDHOHV

WmRPDLVFKHLRVSRUTXHDPDUp$OXDpFKHLDDtHOHV ¿FDPPDLVFKHLRDFKRTXHpSRUFDXVDGDHVWDomR

(9)

 &RQKHFLPHQWRWUDGLFLRQDOGDVPDULVTXHLUDVGH$FXSH%DKLD GDOXDQp"(XDFKRTXHVLP(OHVHQJRUGDPDLV´ H TXHWUD]HPPDLVDOLPHQWRSDUDRVPDULVFRV ³4XDQGR DPDUpWiERDHOHVWmRVHDOLPHQWDQGREDVWDQWHHVWmR VHGHVHQYROYHQGR4XDQGRDPDUp¿FDSHTXHQDYDL ¿FDQGRUXLPDtHOHVWmRWXGRVHQWLQGRIDOWD´ 1LVKLGD  S   DILUPD TXH ³DV PDUpV GH VL]tJLD GH JUDQGH DPSOLWXGH DSUHVHQWDP XPD GLQkPLFD PXLWR IRUWHHGXUDQWHDSUHDPDUTXDQGRDWLQJHPXPEDQFR DUHQRVRORGRVR IRUPD XPD HVSXPD TXH GHYH FRQWHU PLFURRUJDQLVPRV GR SOkQFWRQ IORFXODGRV RV TXDLV VHUYLUmRGHDOLPHQWRSDUDRELYDOYHHjVXDFRQVHTXHQWH HQJRUGD´3RURXWURODGRVHJXQGRPDULVTXHLUDVQDVOXDV PLQJXDQWHHQRYDRVDQLPDLVGLPLQXHPGHYROXPHH RUHQGLPHQWRFDL ³4XDQGRDOXDWiPLQJXDQWHHOH¿FD PDLV[{[R´  6HJXQGR1LVKLGDHWDO DE HPELYDOYHV RJUDXGHHQJRUGDRXtQGLFHGHFRQGLomRUHSUHVHQWDXP GRVPpWRGRVPDLVVDWLVIDWyULRVGHDYDOLDomRGDTXDQWLGDGH GDFDUQHHPUHODomRDRHVSDoRLQWHUYDOYDURFXSDGR(VWH DXWRUWHVWRXH[SHULPHQWDOPHQWHDWUDYpVGDXWLOL]DomR GHVWHËQGLFHDKLSyWHVHGHFDWDGRUHVGH³XQKDGHYHOKR´ 7DJHOXVSOHEHLXV GHTXHHVWHVPDULVFRV³HQJRUGDYDP´ QDVPDUpVGHOXDFKHLDHQRYD(P$FXSHH[SHULPHQWR VHPHOKDQWHIRLUHDOL]DGRHRVtQGLFHVPpGLRVREWLGRVSDUD D$EUDVLOLDQDIRUDPGHSDUDDOXDFKHLD SDUDDOXDPLQJXDQWHSDUDDOXDQRYDH SDUDDOXDFUHVFHQWH )LJXUD (VWHVGDGRVFRLQFLGHP FRP RV HQFRQWUDGRV SRU 1LVKLGD HW DO D E  PDV FRUURERUDUDP DSHQDV SDUFLDOPHQWH DV LQIRUPDo}HV GDV PDULVTXHLUDV GH$FXSH SRLV VH RV PHQRUHVYDORUHVRFRUUHUDPQRTXDUWRFUHVFHQWHHTXDUWR PLQJXDQWHRVPDLVDOWRVWDPEpPIRUDPREWLGRVSDUDD OXDQRYD$LQGDTXHRYDORUPpGLRGDOXDFKHLDWHQKD VLGRVXSHULRUDRGDOXDQRYDDGLIHUHQoDHQWUHHOHVQmR IRL VLJQL¿FDQWH HVWDWLVWLFDPHQWH WHVWH GH7XNH\  DR LQWHUYDORGHFRQ¿DQoDGH

0XGDQoDV VD]RQDLV QD FRQGLomR GH ELYDOYHV UHVXOWDP GH FRPSOH[DV LQWHUDo}HV GH XPD YDULHGDGH GHIDWRUHVFRPDDWLYLGDGHPHWDEyOLFDHQWUHRVTXDLV HVWmR DOLPHQWR WHPSHUDWXUD H VDOLQLGDGH +LFNPDQ H ,OOLQJURUWK  $UUXGD6RDUHV HW DO   YHUL¿FDUDPTXHRUHQGLPHQWRGHFDUQHGD$EUDVLOLDQDIRL FRQVLGHUDYHOPHQWHPDLRUQRYHUmR PDLRUSUHFLSLWDomR  GRTXHQDVGHPDLVHVWDo}HVGRDQR(PWUDEDOKRVREUH GLQkPLFDGHFUHVFLPHQWRHQXWULomRGHVWDHVSpFLHHP 0DGUHGH'HXV %76 %DKLD  YHUL¿FRXTXHDV PpGLDV DPRVWUDLV GD YDULiYHO SHVR GDV SDUWHV PROHV HVWLYHUDP DVVRFLDGDV j GLVSRQLELOLGDGH GH DOLPHQWR

0 5 10 15 20 25 Índice de condição (%) Lua nova Lua cres cent e Lua chei a Lua min guan te Fase da lua ),*85$9DULDomRGDV0pGLDVGRVËQGLFHVGH&RQGLomRGH$QRPDORFDUGLDEUDVLOLDQD EHEHIXPR GXUDQWHDVIDVHVOXQDUHVQRPDQJXH]DO GH$FXSH6DQWR$PDUR±%$

(10)

 )-%6RXWRH960DUWLQV QRDPELHQWHRXjGHSOHomRGHPDWpULDVRUJkQLFDVSRU HVWUHVVH2VGDGRVREWLGRVH[SHULPHQWDOPHQWHHP$FXSH SRUWDQWRSRGHPVHUH[SOLFDGRVSHORPDLRUDSRUWHGH DOLPHQWRTXHGHDFRUGRFRP1LVKLGD  RFRUUHQDV PDUpVGHVL]tJLD OXDVFKHLDHQRYD 

$ SHUFHSomR GDV PDULVTXHLUDV VREUH D YDULDomR VD]RQDOGHRVWUDVHVXUXUXVpEDVWDQWHVHPHOKDQWHjTXHOD UHIHUHQWHDREHEHIXPR2LQYHUQRpWLGRFRPRDHVWDomR GHPDLRUDEXQGkQFLD ³2VXUXUXHDRVWUDWDPEpPDFRPSDQKDPREHEHIXPR'i GLUHWRSRUTXHHOHYpYHGHQWURGRPDQJXH1mRWHPFKXYD QHPVROTXHHPSDWHHOHVOi(OHGiDOLpSRUYLGD´ ³1RLQYHUQRVHPSUHWHPPDLVSRUTXHGDFKXYD$VRVWUD FUHVFHEDVWDQWHQDFKXYDWDQWRDGHSDXTXDQWRDVGH PHUJXOKR´ ³4XDQGRFKRYHDMXQWDXPERFDGRGHVXUXUX1RLQYHUQR GiPDLV9DLKRMHQXPYDLDPDQKm4XDQGRYDLDJHQWH DFKDXPERFDGR´ 2FRQWUiULRRFRUUHFRPDFKHJDGDGRYHUmRTXDQGR VHJXQGRHQWUHYLVWDGDVRFRUUHXPDPDLRUPRUWDOLGDGH SRUFDXVDGRDXPHQWRGDWHPSHUDWXUDHGDVDOLQLGDGH 6DQWRV  UHJLVWURXXPDPDLRUWD[DGHDVVHQWDPHQWR GHODUYDVGH&UKL]RSKRUDHGLUHWDPHQWHDVVRFLDGDD PDLRUHVSUHFLSLWDo}HVRTXHSRGHVHUXPLQGtFLRWDPEpP GHXPDERDFRQGLomRHFROyJLFDSDUDRGHVHQYROYLPHQWR GDHVSpFLH ³1RLQYHUQRWHPPDLVSRUTXHQRYHUmRPRUUHPXLWRSRU FDXVDGDTXHQWXUD´ ³$SDUWHGRYHUmRHOD¿FDPDLV[{[DSRUTXHVHQRYHUmR QXPFKRYHUQmRVREHSUDSRGHUGHVWHPSHUDURVDOJDGR FXPiJXDGRFH´ 2SLQL}HVGLIHUHQWHVVREUHDPDLRUDEXQGkQFLDQR LQYHUQRWDPEpPIRUDPUHJLVWUDGDVEDVHDGDVWDQWRQD DEXQGkQFLDGRUHFXUVR ³1RYHUmRpPHOKRUSRUTXHDFKD PDLVPDULVFRHQRLQYHUQRQmR1RLQYHUQRDVRVWUD PRUUHPDLVSRUFDXVDGDiJXDGDFKXYD´ FRPRQDV GL¿FXOGDGHVGHFDSWXUDHFRPHUFLDOL]DomR ³1RLQYHUQR pUXLPSUDPDULVFDUHUXLPSURFRPpUFLR´ ([LVWHP WDPEpPDTXHODVPDULVTXHLUDVTXHQmRYrHPGLIHUHQoDV HQWUHDVDEXQGkQFLDVGRLQYHUQRHGRYHUmR 2PHPHGDUHODomRHQWUHDVIDVHVGDOXDHDHQJRUGD WDPEpPpEDVWDQWHFRQVLVWHQWHHQWUHDVPDULVTXHLUDVGH RVWUDVHVXUXUXV ³eSRUFDXVDGDOXDFKHLDeSRUTXH

D OXD Wi FKHLD PHVPR Wi WXGR FKHLR TXDOTXHU XP PDULVFR4XHUYHUTXDQGRDOXDWi¿QDRVPDULVFRWi WXGRPDJUR´ $OyJLFDrPLFDQHVWHFDVRSDUHFHHVWDU QDDVVRFLDomROLWHUDOIHLWDHQWUHDVH[SUHVV}HV³FKHLD´ GDOXD WDPDQKRHIRUPD H³FKHLD´ SHVRHIRUPD GR PDULVFR 'LIHUHQWHPHQWHGDVPDULVTXHLUDVGREHEHIXPR DVPDULVTXHLUDVGHRVWUDVHVXUXUXVFODUDPHQWH¿]HUDP PDLVUHIHUrQFLDVjLQÀXrQFLDGDVPDUpVVREUHRPDLRU SHVRGHVWHVPDULVFRVGXUDQWHDOXDFKHLD ³(OD¿FDPDLV JRUGDTXDQGRDPDUpWiFHGHLUD(OD¿FDPDLVFKHLQKD 4XDQGR D PDUp Wi WDUGHLUD HOD¿FD PDLV PXUFKD´ 

(VWDPDLRUrQIDVHVREUHDVPDUpVSRGHHVWDUUHODFLRQDGD DRPDLRUFRQWDWRTXHHVVDVPDULVTXHLUDVWrPFRPRV SHVFDGRUHVTXHDVOHYDPGHFDQRDDRVVtWLRVGHFROHWD HTXHWrPXPFRQKHFLPHQWRPDLVDSURIXQGDGRVREUHD KLGURGLQkPLFDGRPDQJXH]DO +LGURGLQkPLFD $VPDUpVFRQVWLWXHPRSULQFLSDOIDWRUDELyWLFRTXH GHWHUPLQDDVDWLYLGDGHVGHSHVFDHFDSWXUDGHPDULVFRV HPUHJL}HVGHHVWXiULRVHGHPDQJXH]DLV $OYHVH1LVKLGD 1LVKLGDHWDOE ,VWRVHGHYHDRIDWRGRVÀX[RV GHPDUpVVHUHPUHVSRQViYHLVGLUHWRVSHODDGHTXDomR RXQmRGRVGLYHUVRVVtWLRVGHSHVFDHPDULVFDJHPjV GLIHUHQWHVIRUPDV GHFDSWXUD (P$FXSHR ULWPRGH WUDEDOKR GD FRPXQLGDGH SHVTXHLUD GHPRQVWURX HVWDU WRWDOPHQWHVRELQÀXrQFLDGDVPDUpVDOWDVHEDL[DVTXH FRQGLFLRQDPQmRDSHQDVRVKRUiULRVGHVDtGDHFKHJDGD FRPR WDPEpP D HVFROKD GRV VtWLRV H GDV HVWUDWpJLDV HPSUHJDGDV$WHQWRVDHVWHVFLFORVQDWXUDLVSHVFDGRUHV HPDULVTXHLUDVDGTXLULUDPXPFRUSRGHFRQKHFLPHQWRV VREUH D KLGURGLQkPLFD ORFDO TXH OKHV SHUPLWHP XPD H¿FLHQWHXWLOL]DomRGRVGLYHUVRVUHFXUVRV ³$VPDUpVQmR VmRLJXDLVQmR&DGDPrVDVPDUpVWUDEDOKDQXPVLVWHPD 8PPDLVIRUWHHXPPDLVIUDFR´  (VVHFRQKHFLPHQWRVHUHÀHWHHPGXDVIRUPDVGLVWLQWDV HPERUDFRPSOHPHQWDUHVGHSHUFHSomRHQRPHDomRGDV PDUpV$SULPHLUDPDLVVLPSOHVFODVVL¿FDDVPDUpVHP ³FHGHLUD´ TXDQGRRKRUiULRGHVDtGDSDUDRWUDEDOKRpFHGR  HD³WDUGHLUD´ TXDQGRHVVHKRUiULRpWDUGH 2VKRUiULRV TXHGHWHUPLQDPRTXHp³FHGR´RX³WDUGH´VmREDVWDQWH ÀH[tYHLVHYDULDPHQWUHRVLQIRUPDQWHVHVXDVGLYHUVDV

(11)

 &RQKHFLPHQWRWUDGLFLRQDOGDVPDULVTXHLUDVGH$FXSH%DKLD DWLYLGDGHVH[SORUDWyULDV ³$PDLVFHGHLUDpDTXHDJHQWH VDLFLQFRHPHLD´RX³&HGHUDHXVDLRGHFDVDFLQFRKRUD FKHJRHPFDVDGH]RQ]HKRUDDtpFHGHUD´ $RORQJRGR PrVDVPDUpVYmRVHVXFHGHQGRHVHXVKRUiULRVPXGDQGR SDXODWLQDPHQWHRTXHUHVXOWDHPIDVHVLQWHUPHGLiULDV ³PDLV´RX³PHQRV´³FHGHLUD´RX³WDUGHLUD´ (QWUHDV PDULVTXHLUDVREVHUYDVHFHUWDSUHIHUrQFLDSRUXPDRXRXWUD PDUp$OJXPDVDFKDPPHOKRUDPDUpFHGHLUDSRUTXHSRGHP FKHJDUHPFDVDDLQGDDWHPSRGHUHDOL]DUDVDWLYLGDGHV GRPpVWLFDVRXWUDVSUHIHUHPDPDUpWDUGHLUDSRUTXHWrP PDLVWHPSRSDUDPDULVFDU 2VUHVXOWDGRVREWLGRVQHVWHWUDEDOKRQRVSHUPLWH FRQFOXLU TXH PDULVTXHLUDV GH$FXSH SRVVXHP XP FRQVLGHUiYHOFRQKHFLPHQWRVREUHRVPDULVFRVELYDOYHVH RDPELHQWHRQGHVmRHQFRQWUDGRVSRUYH]HVFRPSDWtYHO FRPRFRQKHFLPHQWRELROyJLFRDFDGrPLFR

5HIHUrQFLDV

$OH[LDGHV 0 1  6HOHFWHG JXLGHOLQHV IRU HWKQRERWDQLFDO UHVHDUFK$¿HOGPDQXDO1<%*1HZ<RUN86$SS $OPHLGD9*$VSHFWRVGDIDXQD,Q*HUPHQ8)%$1,0$ (GV %DtDGH7RGRVRV6DQWRV'LDJQyVWLFRVRFLRDPELHQWDOH VXEVtGLRVSDUDDJHVWmR*HUPHQ8)%$1,0$6DOYDGRU%UDVLO S $OYHV$*&6RX]D50(WQRHFRORJLDGHXPDDPELHQWH HVWXDULQRQR1RUGHVWHGR%UDVLOFRQKHFLPHQWRGRV³PDULVFRV´SRU PXOKHUHV QR &DQDO GH 6DQWD &UX] $QDLV GR 0DQJURYH 5HFLIH %UDVLO&'5RP

$OYHV5511LVKLGD$.$HFGLVHGRFDUDQJXHMRXoi

8FLGHV FRUGDWXV &UXVWDFHD 'HFDSRGD %UDFK\XUD  QD YLVmR GRV

FDUDQJXHMHLURV,QWHUFLHQFLD  

$UUXGD6RDUHV + 6FKDHIIHU1RYHOOL < 0DQGHOOL -U -  ³%HUELJmR´ $QRPDORFDUGLD EUDVLOLDQD *PHOLQ   ELYDOYH FRPHVWtYHO GD UHJLmR GD ,OKD GR &DUGRVR (VWDGR GH 6mR 3DXOR %UDVLO DVSHFWRV ELROyJLFRV GH LQWHUHVVH SDUD D SHVFD FRPHUFLDO %ROHWLPGR,QVWXWRGH3HVFD

$YHOLQH / &  )DXQD GRV PDQJXH]DLV EUDVLOHLURV 5HYLVWD %UDVLOHLUDGH*HRJUD¿D  

%DKLD , 6  $VSHFWRV TXDQWLWDWLYRV GD GLQkPLFD GH FUHVFLPHQWR H QXWULomR GH $QRPDORFDUGLD EUDVLOLDQD *PHOLQ   %LYDOYLD 9HQHULGDH  QD ,OKD GH 0DGUH GH 'HXV %DtD GH 7RGRV RV 6DQWRV %DKLD %UDVLO  'LVVHUWDomR GH 0HVWUDGR 8QLYHUVLGDGH)HGHUDOGD%DKLD%UDVLOSS

%DKLD3HVFD3HU¿OGRVHWRUSHVTXHLUR /LWRUDOGR(VWDGR GD%DKLD *RYHUQRGR(VWDGRGD%DKLD6HFUHWDULDGD$JULFXOWXUD 6DOYDGRU%UDVLOSS

%DLUG 5 +  0HDVXUHPHQW RI FRQGLWLRQ LQ PXVVHOV DQG R\VWHUV-RXUQDOGX&RQVHLO  

%HUOLQ %  (WKQRELRORJLFDO FODVVL¿FDWLRQ 3ULQFLSOHV RI

SODQWVDQGDQLPDOVLQWUDGLWLRQDOVRFLHWLHV3ULQFHWRQ8QLYHUVLW\ 3UHVV1HZ-HUVH\86$SS %ODFNPRUH67KHSRZHURIPHPHV6FLHQWL¿F$PHULFDQ   %UXVFD5&%UXVFD&-,QYHUWHEUDGRVHG*XDQDEDUD .RRJDQ6mR3DXOR%UDVLOSS

&DUTXHLMD & 5 * *RXYrD ( 3  +iELWR DOLPHQWDU GH

&DOOLQHFWHV ODUYDWXV &UXVWDFHD 'HFDSRGD 3RUWXQLGDH  QR

PDQJXH]DOGH-LULEDWXED%DtDGH7RGRVRV6DQWRV%DKLD5HYLVWD %UDVLOHLUDGH=RRORJLD  

&(,  ,QIRUPDo}HV EiVLFDV GRV PXQLFtSLRV EDLDQRV 5HF{QFDYR 6XO &HQWUR GH (VWDWtVWLFD H ,QIRUPDo}HV 6DOYDGRU %UDVLOSS

&RUGHOO -  0DUJLQDOLGDGH VRFLDO H DSURSULDomR WHUULWRULDO PDUtWLPDQD%DKLD,Q'LHJXHV$& 0RUHLUD$&& 2UJV  (VSHoRVHUHFXUVRVQDWXUDLVHPXVRFRPXP183$8%8636mR 3DXOR%UDVLOS

&RVWD1HWR ( 0  (WQRLFWLRORJLD GHVHQYROYLPHQWR H VXVWHQWDELOLGDGHQROLWRUDOQRUWHEDLDQR8PHVWXGRGHFDVRHQWUH SHVFDGRUHVGR0XQLFtSLRGH&RQGH'LVVHUWDomRGH0HVWUDGR 8QLYHUVLGDGH)HGHUDOGH$ODJRDV0DFHLy$ODJRDVSS &XQKD / + 2  7HPSR QDWXUDO H WHPSR PHUFDQWLO QD SHVFDDUWHVDQDO,Q'LHJXHV$& 2UJ $LPDJHPGDViJXDV 183$8%8636mR3DXOR%UDVLOS

'$QWRQD$27HPSRVHOXJDUHVQRV/HQoyLV0DUDQKHQVHV &RQVLGHUDo}HV VREUH R PRGR GH YLGD GH FRPXQLGDGHV UHVLGHQWHV MXQWRDXPSDUTXHQDFLRQDO,Q'LHJXHV$& 2UJ $LPDJHP GDViJXDV183$8%8636mR3DXOR%UDVLOS

'DZNLQV52*HQHHJRtVWD,WDWLDLD%HOR+RUL]RQWH%UDVLO SS

'LHJXHV$ & 6  (WQRFRQVHUYDomR GD QDWXUH]D (QIRTXHV DOWHUQDWLYRV ,Q 'LHJXHV$ & 2UJ  (WQRFRQVHUYDomR 1RYRV UXPRV SDUD D SURWHomR GD QDWXUH]D QRV WUySLFRV +8&,7(& 183$8%6mR3DXOR%UDVLOS

)HOHSSD 5  (PLFV HWKLFV DQG VRFLDO REMHFWLYLW\ &XUUHQW $QWKURSRORJ\   +LFNPDQ5:,OOLQJZRUWK-&RQGLWLRQF\FOHRIWKHJUHHQ OLSSHGPXVVHO3HUQDFDQDOLFXOXVLQ1HZ=HDODQG0DULQH%LRORJ\  /HLWmR616FKXDPERUQ5,QWHUDo}HVWUy¿FDVQRFDQDOGH 6DQWD&UX],Q%DUURV+0(VNLQD]L/HoD( 0DFrGR6- (GV *HUHQFLDPHQWRSDUWLFLSDWLYRGHHVWXiULRVHPDQJXH]DLV (G8QLYHUVLWiULDGD8)3(5HFLIH%UDVLOS /LQGpQ2-HUQHO|Y$7KHPDQJURYHVZDPS$QHFRV\VWHP LQGDQJHU$PELR   0DFrGR6-0RQWHV0-)/LQV,&&DUDFWHUtVWLFDV DELyWLFDVGDiUHD,Q%DUURV+0(VNLQD]L/HoD( 0DFrGR6 - (GV *HUHQFLDPHQWRSDUWLFLSDWLYRGHHVWXiULRVHPDQJXH]DLV (G8QLYHUVLWiULDGD8)3(5HFLIH%UDVLOS

0DUTXHV - * :  $VSHFWRV HFROyJLFRV QD HWQRHFRORJLD GRV SHVFDGRUHV GR FRPSOH[R HVWXDULQRODJXQDU 0XQGD~ 0DQJXDED$ODJRDV7HVHGH'RXWRUDGR8QLYHUVLGDGH(VWDGXDO GH&DPSLQDV%UDVLOSS

0DUTXHV - * :  3HVFDQGR SHVFDGRUHV (WQRHFRORJLD DEUDQJHQWHQREDL[R6mR)UDQFLVFR183$8%8636mR3DXOR %UDVLOSS

0DUTXHV - * :  3HVFDQGR SHVFDGRUHV &LrQFLD H HWQRFLrQFLD HP XPD SHUVSHFWLYD HFROyJLFD  HG 183$8% )XQGDomR)RUG6mR3DXOR%UDVLOSS

(12)

 )-%6RXWRH960DUWLQV 0DUWLQV 9 6 6RXWR ) - %  8PD DQiOLVH ELRPpWULFD GH

ELYDOYHVFROHWDGRVSRUPDULVTXHLUDVQRPDQJXH]DOGH$FXSH6DQWR $PDUR%DKLD8PDDERUGDJHPHWQRFRQVHUYDFLRQLVWD6LWLHQWLEXV 6pULH&LrQFLDV%LROyJLFDV

0HOOR 5 / 67HQyULR ' 2  0DODFRIDXQD  ,Q %DUURV +0(VNLQD]L/HoD( 0DFrGR6- (GV *HUHQFLDPHQWR SDUWLFLSDWLYR GH HVWXiULRV H PDQJXH]DLV (G 8QLYHUVLWiULD GD 8)3(5HFLIH%UDVLOS

0RXUmR-6&ODVVL¿FDomRHHFRORJLDGHSHL[HVHVWXDULQRV SRU SHVFDGRUHV GR HVWXiULR GR ULR 0DPDQJXDSH3% 7HVH GH 'RXWRUDGR8QLYHUVLGDGH)HGHUDOGH6mR&DUORV%UDVLOSS 1LVKLGD$.&DWDGRUHVGHPROXVFRVGROLWRUDOSDUDLEDQR (VWUDWpJLDVGHVXEVLVWrQFLDHIRUPDVGHSHUFHSomRGDQDWXUH]D7HVH GH'RXWRUDGR8QLYHUVLGDGH)HGHUDOGH6mR&DUORV%UDVLOSS 1LVKLGD$ .  1RUGL 1 $OYHV 5 5 1 $ERUGDJHP HWQRHFROyJLFDGDFROHWDGHPROXVFRVQROLWRUDOSDUDLEDQR7UDEDOKRV 2FHDQRJUi¿FRV GD 8QLYHUVLGDGH )HGHUDO GH 3HUQDPEXFR   

1LVKLGD $ . 1RUGL 1 $OYHV 5 5 1 D 0ROOXVFV SURGXFWLRQDVVRFLDWHGWROXQDUWLGHF\FOHDFDVHVWXG\LQ3DUDtED 6WDWH-RXUQDORI(WKQRELRORJ\DQG(WKQRPHGLFLQH   1LVKLGD$.1RUGL1$OYHV551E7KHOXQDUWLGH F\FOHYLHZHGE\FUXVWDFHDQDQGPROOXVFJDWKHUHUVLQWKH6WDWHRI 3DUDLED1RUWKHDVW%UD]LODQGWKHLULQÀXHQFHLQFROOHFWLRQDWWLWXGHV -RXUQDORI(WKQRELRORJ\DQG(WKQRPHGLFLQH   1RUGL 1  2V FDWDGRUHV GH FDUDQJXHMRXoi 8FLGHV

FRUGDWXV  GD UHJLmR GD 9iU]HD 1RYD 3%  8PD DERUGDJHP

HFROyJLFD H VRFLDO 7HVH GH 'RXWRUDGR 8QLYHUVLGDGH )HGHUDO GH 6mR&DUORV%UDVLOSS

2GXP ( *  )XQGDPHQWRV GH (FRORJLD DHG )XQGDomR &DORXVWH*XOEHQNLDQ/LVERD3RUWXJDOSS

2WW&)2VHOHPHQWRVFXOWXUDLVGDSHVFDULDEDLDQD%ROHWLP GR0XVHX1DFLRQDO

3HVR 0 &  %LYDOYHV FRPHVWtYHLV GD %DtD GH 7RGRV RV 6DQWRV (VWXGR TXDQWLWDWLYR FRP HVSHFLDO UHIHUrQFLD D

$QRPDORFDUGLDEUDVLOLDQD %LYDOYLD9HQHULGDH 'LVVHUWDomRGH

0HVWUDGR8QLYHUVLGDGH)HGHUDOGR3DUDQi%UDVLOSS

3RVH\ '  ,QWURGXomR HWQRELRORJLD 7HRULD H SUiWLFD ,Q 5LEHLUR % (G  6XPD (WQRELROyJLFD %UDVLOHLUD Y  9R]HV 3HWUySROLV%UDVLOS

5XSSHUW ( ( )R[ 5 6 %DUQHV 5 '  =RRORJLD GRV ,QYHUWHEUDGRVHG5RFD6mR3DXOR%UDVLOSS

6DQWRV0$&%LRORJLDHSHVFDGHFDPDU}HVPDULQKRVDR ODUJRGH0DUDJRJL $ODJRDV%UDVLO %ROHWLP7pFQLFR&LHQWt¿FR   

6DQWRV 0$ & &RHOKR 3$  &UXVWiFHRV GHFiSRGRV GR 1RUGHVWH GR %UDVLO ,Q 0$1*529( &RQIHUrQFLD VREUH 8VR 6XVWHQWiYHOGH(VWXiULRVH0DQJXH]LDV'HVD¿RVH3HUVSHFWLYDV 5HFLIH%UDVLO&'5RP 6DQWRV0&))UHLWDV$(763HVFDHELRORJLDGRV SHQHtGHRV &UXVWDFHD'HFDSRGD FDSWXUDGRVQR0XQLFtSLRGH%DUUD GH6DQWR$QW{QLR $ODJRDV%UDVLO %ROHWLP7pFQLFR&LHQWt¿FR   6DQWRV6'$YDOLDomRGDWD[DGHDVVHQWDPHQWRGD³RVWUD QDWLYD´&UDVVRVWUHDUKL]RSKRUDH *XLOGLQJ HP3RQWDGRV 0DQJXHV3DFDWXED6(0RQRJUD¿DGH*UDGXDomR8QLYHUVLGDGH )HGHUDO5XUDOGH3HUQDPEXFR%UDVLOSS

6FKDHIIHU1RYHOOL <  3HU¿O GRV HFRVVLVWHPDV OLWRUkQHRV EUDVLOHLURV FRP HVSHFLDO rQIDVH VREUH R HFRVVLVWHPD PDQJXH]DO 3XEOLFDomR(VSHFLDOGR,QVWLWXWR2FHDQRJUi¿FR 6FKDHIIHU1RYHOOL<0DQJXH]DO(FRVVLVWHPDHQWUHDWHUUD HRPDU&DULEHDQ(FRORJLFDO5HVHDUFK6mR3DXOR%UDVLOSS 6KDZ:17XELDVK+6%DUNHU$0)UHH]HGU\QJ IRUGHWHUPLQLQJWRWDOVROLGVLQ6KHOO¿VK-RXUQDORIWKH)LVKHULHV

5HVHDUFK%RDUGRI&DQDGD  

6RXWR)-%$FLrQFLDTXHYHLRGDODPD8PDDERUGDJHP HWQRHFROyJLFDDEUDQJHQWHGDVUHODo}HVVHUKXPDQRPDQJXH]DO QDFRPXQLGDGHSHVTXHLUDGH$FXSH6DQWR$PDUR±%$7HVHGH 'RXWRUDGR8QLYHUVLGDGH)HGHUDOGH6mR&DUORV%UDVLOSS 6RXWR ) - %  6RFLRELRGLYHUVLGDGH QD SHVFD DUWHVDQDO GR OLWRUDO GD %DKLD ,Q .XER 5 5 %DVVL - % 6RX]D * 6 GH $OHQFDU1/0HGHLURV30GH $OEXTXHUTXH83GH (GV  $WXDOLGDGHV HP HWQRELRORJLD H HWQRHFRORJLD Y 183(($ 6%((5HFLIH%UDVLOS

6RX]D*6GH7UDWDGRGHVFULWLYRGR%UDVLOHP HGUHYDWXDO)-1(G0DVVDJDQD/,,5HFLIH%UDVLOSS 9DVFRQFHORV)LOKR $ / 6LOYD . & $FLROL ) '  +iELWRVDOLPHQWDUHVGH6SKRHURLGHVWHVWXGLQHXV /LQQDHXV  7HOHRVWHL 7HWUDRGRQWLGDH  QR &DQDO GH 6DQWD &UX] ,WDPDUDFi 3(  7UDEDOKRV 2FHDQRJUi¿FRV GD 8QLYHUVLGDGH )HGHUDO GH 3HUQDEXFR  

9HUJDUD)LOKR:/9LOODV%RDV06,QWURGXomRDRVDEHU GRV SRYRV GD ODPD $QDLV GR , (QFRQWUR 1DFLRQDO GH (GXFDomR $PELHQWDOHPÈUHDVGH0DQJXH]DO1RYD$OPHLGD%UDVLOS

Referências

Documentos relacionados

O cnidário Blackfordia virginica e o bivalve Corbicula fluminea são duas espécies exóticas muito abundantes no estuário do Mira, pelo que este trabalho teve como

The sunflower (Helianthus annuus) cultivars providing the highest yield in the Brazilian Northeast semiarid region, with supplementary irrigation, are 'Aguara 4', 'CF 101', 'BRS

O Sistema de Inteligência Estratégica (Agropensa) da Empresa Brasileira de Pesquisa Agropecuária (Embrapa) tem como um dos seus objetivos apoiar o público em geral

In contrast with the comparable yields obtained for cyclohexanone by MW-assisted peroxidative oxidation of cyclohexanol with the various catalyst precursors 1–4 (entries 2, 4, 8 and

Avaliação de inseticidas para controle da Grapholita molesta BUSCK, 1916 Lepidoptera: tortricidae em pomares de pessegueiro sob produção integrada na região da Campanha do

2XWUD TXHVWmR TXH PHUHFH VHU HVWXGDGD GL] UHVSHLWR DR FRQWUROH VREUH RV PRGRV GH DJLU H SHQVDU GDV FULDQoDV H[HUFLGR SHOD LQVWLWXLomR HGXFDWLYD &amp;RQVLGHUDQGR TXH D

O Agente Vendedor publicita no mercado as suas capacidades, de acordo com a ontologia Ont estabelecida. Fornece, ainda, informação sobre se autoriza, ou não, a divulgação dos

PHQWRHPWRUQRGHQRVDQRVHVWXGDGRV(VWDU HQWUH RV FLQFR SDtVHV TXH PDLV HPLWHP JDVHV GR HIHLWR HVWXID FRQWULEXLX SDUD HVWH PDO UHVXOWDGR DSHVDUGRVQ~PHURVUHIHUHQWHVjVYDULiYHLVHFRQ{