❉é❜♦r❛ ❉❡❧❜❡♠ ●♦♥ç❛❧✈❡s
❘✐s❝♦ ❖♣❡r❛❝✐♦♥❛❧✿ ❖ ❝á❧❝✉❧♦ ❞♦ ❈❛♣✐t❛❧ ❘❡❣✉❧❛tór✐♦ ✉s❛♥❞♦
❉❡♣❡♥❞ê♥❝✐❛
❯◆■❱❊❘❙■❉❆❉❊ ❋❊❉❊❘❆▲ ❉❊ ❙➹❖ ❈❆❘▲❖❙ ❈❊◆❚❘❖ ❉❊ ❈■✃◆❈■❆❙ ❊❳❆❚❆❙ ❊ ❉❊ ❚❊❈◆❖▲❖●■❆
❉❊P❆❘❚❆▼❊◆❚❖ ❉❊ ❊❙❚❆❚❮❙❚■❈❆
❉é❜♦r❛ ❉❡❧❜❡♠ ●♦♥ç❛❧✈❡s
❘✐s❝♦ ❖♣❡r❛❝✐♦♥❛❧✿ ❖ ❝á❧❝✉❧♦ ❞♦ ❈❛♣✐t❛❧ ❘❡❣✉❧❛tór✐♦ ✉s❛♥❞♦
❉❡♣❡♥❞ê♥❝✐❛
❉✐ss❡rt❛çã♦ ❛♣r❡s❡♥t❛❞❛ ❛♦ ❉❡♣❛rt❛♠❡♥t♦ ❞❡ ❊st❛tíst✐❝❛ ❞❛ ❯♥✐✈❡rs✐❞❛❞❡ ❋❡❞❡r❛❧ ❞❡ ❙ã♦ ❈❛r❧♦s✲❉❡s✲❯❋❙❈❛r✱ ❝♦♠♦ ♣❛rt❡ ❞♦s r❡q✉✐s✐t♦s ♣❛r❛ ♦❜t❡♥çã♦ ❞♦ tít✉❧♦ ❞❡ ▼❡str❡ ❡♠ ❊st❛tíst✐❝❛✳
❖r✐❡♥t❛❞♦r✿ ❈❛r❧♦s ❆❧❜❡rt♦ ❘✐❜❡✐r♦ ❉✐♥✐③
Ficha catalográfica elaborada pelo DePT da Biblioteca Comunitária da UFSCar
G635ro
Gonçalves, Débora Delbem.
Risco operacional : o cálculo do capital regulatório usando dependência / Débora Delbem Gonçalves. -- São Carlos : UFSCar, 2014.
76 f.
Dissertação (Mestrado) -- Universidade Federal de São Carlos, 2014.
1. Estatística. 2. Risco operacional. 3. Capital regulatório. 4. Perdas inesperadas. 5. Dependência. 6. Cópula. I. Título.
❆❣r❛❞❡❝✐♠❡♥t♦s
❆ ❉❡✉s ♣♦r ♥✉♥❝❛ t❡r ♠❡ ❞❡s❛♠♣❛r❛❞♦ ❡ s❡♠♣r❡ t❡r ♠❡ ❞❛❞♦ ❢♦rç❛s ♣❛r❛ ❝♦♥t✐♥✉❛r✳ ❆ ♠✐♥❤❛ ❢❛♠í❧✐❛ ♣♦r s❡♠♣r❡ ♠❡ ❛♣♦✐❛r ❡ ♠❡ ❛❥✉❞❛r ♥♦ q✉❡ ❢♦ss❡ ♣r❡❝✐s♦✳
▼❡✉ ♦r✐❡♥t❛❞♦r✱ Pr♦❢➸ ❉r✳ ❈❛r❧♦s ❉✐♥✐③✱ ♣♦r s❡♠♣r❡ t❡r ♠❡ ❛❥✉❞❛❞♦ ❝♦♠ ♠✐♥❤❛s ❞✐✜❝✉❧❞❛❞❡s✳
❆♦ ●✉❛r❛❝✐ q✉❡ ❢♦✐ ♠❡✉ ❝♦♠♣❛♥❤❡✐r♦ ❡ ♠❡ ❛❥✉❞♦✉ ❞✉r❛♥t❡ t♦❞♦ ♦ ♣❡rí♦❞♦ s❡♠♣r❡ ♠❡ ❞❛♥❞♦ ❢♦rç❛s ♣❛r❛ ❝♦♥t✐♥✉❛r✳
❆ t♦❞♦s ♠❡✉s ♥♦✈♦s ❛♠✐❣♦s q✉❡ ❡st✐✈❡r❛♠ ❝♦♠✐❣♦ ♥❡ss❛ ❝❛♠✐♥❤❛❞❛✳
❆ t♦❞♦s ♦s ♣r♦❢❡ss♦r❡s ❞♦ ❉❡♣❛rt❛♠❡♥t♦ ❞❡ ❊st❛tíst✐❝❛ ❞❛ ❯♥✐✈❡rs✐❞❛❞❡ ❋❡❞❡r❛❧ ❞❡ ❙ã♦ ❈❛r❧♦s ✲ ❯❋❙❈❛r ♣♦r tr❛♥s♠✐t✐r ♥♦✈♦s ❝♦♥❤❡❝✐♠❡♥t♦s ❡♠ ♠✐♥❤❛ ✈✐❞❛ ❛❝❛❞ê♠✐❝❛✳
❆ t♦❞♦s ♦s ❢✉♥❝✐♦♥ár✐♦s ❞♦ ❉❡♣❛rt❛♠❡♥t♦ ❞❡ ❊st❛tíst✐❝❛ ♣♦r s❡♠♣r❡ ❡st❛r❡♠ ❞✐s♣♦♥í✈❡✐s ♣❛r❛ ♥♦s ❛❥✉❞❛r ♥♦ q✉❡ ❢♦ss❡ ♣r❡❝✐s♦ ❡ t❛♠❜é♠ ♣♦r ❞❡✐①❛r ♦ ❛♠❜✐❡♥t❡ ❞❡ ❡st✉❞♦ ♠✉✐t♦ ❛❣r❛❞á✈❡❧✳
P♦r ✜♠✱ ❛❣r❛❞❡ç♦ ❛ t♦❞♦s q✉❡✱ ❞❡ ❛❧❣✉♠❛ ❢♦r♠❛✱ ❡st✐✈❡r❛♠ ♣r❡s❡♥t❡s ❝♦♠✐❣♦ ♥❡ss❡s ❞♦✐s ❛♥♦s ❞❡ ♠❡str❛❞♦✳
❘❡s✉♠♦
◆❡st❡ tr❛❜❛❧❤♦ ♣r♦♣♦♠♦s ✉♠ ♥♦✈♦ ♠ét♦❞♦ ♣❛r❛ ♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳ ❖ ♠ét♦❞♦ ♣r♦♣♦st♦ é ✉t✐❧✐③❛❞♦ ♣❛r❛ ❝❛❧❝✉❧❛r ♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♣❛r❛ ❞✉❛s ❝❧❛ss❡s ❞❡ r✐s❝♦ ❡ é ❜❛s❡❛❞♦ ❡♠ ❛❧❣✉♥s ♣r❡ss✉♣♦st♦s ❝♦♥s✐❞❡r❛❞♦s ✐♠♣♦rt❛♥t❡s ♥♦ ❝á❧❝✉❧♦ ❞❡st❡ ❝❛♣✐t❛❧✳ ❊♥tr❡ ❡ss❡s ♣r❡ss✉♣♦st♦s s❡ ❞❡st❛❝❛♠ ❛ ♦♣✐♥✐ã♦ ❞❡ ❡s♣❡❝✐❛❧✐st❛s ❡ ❛ ❝❛♣t❛çã♦ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛s ✈❛r✐á✈❡✐s ♣❡r❞❛s ❝♦♥s✐❞❡r❛♥❞♦ ❛ ♣r♦❜❛❜✐❧✐❞❛❞❡ ❞♦s ❡✈❡♥t♦s ❞❡ ♣❡r❞❛s ♦❝♦rr❡r❡♠ ❝♦♥❥✉♥t❛♠❡♥t❡✳ ❊ss❛ ♣r♦❜❛❜✐❧✐❞❛❞❡ é ❝❛♣t❛❞❛ ✈✐❛ ❝ó♣✉❧❛✳ ❆❧é♠ ❞✐ss♦✱ ❛♣r❡s❡♥t❛♠♦s ♠❛✐s ❞♦✐s ♠ét♦❞♦s✱ ♦ ❞♦ s♦♠❛tór✐♦✱ ♣r♦♣♦st♦ ♣❡❧♦ ❆❝♦r❞♦ ❞❡ ❇❛s✐❧❡✐❛ ■■ ✭✷✵✵✹✮✱ ❡ ♦ ❞❛ ❝♦rr❡❧❛çã♦ ♥ã♦✲♣❡r❢❡✐t❛✱ ♣r♦♣♦st♦ ♣♦r ❋r❛❝❤♦t ❡t ❛❧✳ ✭✷✵✵✹✮✳ ❋✐♥❛❧♠❡♥t❡✱ r❡❛❧✐③❛♠♦s ✉♠ ❡st✉❞♦ ❞❡ s✐♠✉❧❛çã♦ ❝♦♠ ♦ ♦❜❥❡t✐✈♦ ❞❡ ❝♦♠♣❛r❛r ♦s ❝❛♣✐t❛✐s r❡❣✉❧❛tór✐♦s t♦t❛✐s ❝❛❧❝✉❧❛❞♦s ❡♠ ❝❛❞❛ ♠ét♦❞♦✳
P❛❧❛✈r❛s✲❝❤❛✈❡✿ ❘✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✱ ❈❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✱ P❡r❞❛s ✐♥❡s♣❡r❛❞❛s✱ ❉❡♣❡♥❞ê♥✲ ❝✐❛✱ ❈ó♣✉❧❛✳
❆❜str❛❝t
■♥ t❤✐s ♣❛♣❡r ✇❡ ♣r♦♣♦s❡ ❛ ♥❡✇ ♠❡t❤♦❞ ❢♦r t❤❡ ❝❛❧❝✉❧❛t✐♦♥ ♦❢ r❡❣✉❧❛t♦r② ❝❛♣✐t❛❧ r❡q✉✐r❡❞ ❢♦r ♦♣❡r❛t✐♦♥❛❧ r✐s❦✳ ❚❤✐s ♠❡t❤♦❞ ✐s ❜❛s❡❞ ♦♥ s♦♠❡ ✐♠♣♦rt❛♥t ❛ss✉♠♣t✐♦♥s ❢♦r ❝❛❧❝✉❧❛t✐♦♥ ♦❢ t❤✐s ❝❛♣✐t❛❧✱ ❢♦r ✐♥st❛♥❝❡✱ ❡①♣❡rt ♦♣✐♥✐♦♥✱ ❞❡♣❡♥❞❡♥❝❡ ❜❡t✇❡❡♥ ❧♦ss ✈❛r✐❛❜❧❡s ❝♦♥s✐❞❡r✐♥❣ t❤❡ ❥♦✐♥t ♣r♦❜❛❜✐❧✐t② ❛ss♦❝✐❛t❡❞ t♦ t✇♦ ❧♦ss ❡✈❡♥ts✳ ❚❤❡ ❝♦♣✉❧❛ t❤❡♦r② ✐s ❛♣♣❧✐❡❞ t♦ ❞❡t❡r♠✐♥❡ t❤✐s ❥♦✐♥t ♣r♦❜❛❜✐❧✐t②✳ ❋✉rt❤❡r♠♦r❡✱ ✇❡ ♣r❡s❡♥t t✇♦ ♠♦r❡ ♠❡t❤♦❞s✱ s✉♠ ♠❡t❤♦❞ ♣r♦♣♦s❡❞ ❜② ❇❛s❡❧ ■■ ❆❝❝♦r❞ ✭✷✵✵✹✮ ❛♥❞ ♥♦♥✲♣❡r❢❡❝t ❝♦rr❡❧❛t✐♦♥ ♠❡t❤♦❞ ♣r♦♣♦s❡❞ ❜② ❋r❛❝❤♦t ❡t ❛❧✳ ✭✷✵✵✹✮✳ ❋✐♥❛❧❧②✱ ✇❡ ♣❡r❢♦r♠ ❛ s✐♠✉❧❛t✐♦♥ st✉❞✐❡s ✐♥ ♦r❞❡r t♦ ❝♦♠♣❛r❡ ❛❧❧ t❤❡ ♠❡t❤♦❞s ♣r❡s❡♥t❡❞ ✐♥ t❤✐s ❞✐ss❡rt❛t✐♦♥✳
❑❡②✇♦r❞s✿ ♦♣❡r❛t✐♦♥❛❧ r✐s❦✱ r❡❣✉❧❛t♦r② ❝❛♣✐t❛❧✱ ✉♥❡①♣❡❝t❡❞ ❧♦ss❡s✱ ❞❡♣❡♥❞❡♥❝❡✱ ❝♦♣✉❧❛✳
❙✉♠ár✐♦
❙✉♠ár✐♦ ✈✐✐
▲✐st❛ ❞❡ ❋✐❣✉r❛s ✐①
▲✐st❛ ❞❡ ❚❛❜❡❧❛s ①
✶ ■♥tr♦❞✉çã♦ ✶
✶✳✶ ▼♦t✐✈❛çã♦ ❡ ♦❜❥❡t✐✈♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺ ✶✳✷ ❖r❣❛♥✐③❛çã♦ ❞♦ tr❛❜❛❧❤♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺
✷ ❘✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ✼
✷✳✶ ❉❡✜♥✐çã♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✼ ✷✳✷ ❈❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✾ ✷✳✷✳✶ ❖ q✉❡ é ❢❡✐t♦ ❤♦❥❡ ♥❛ ❛❧♦❝❛çã♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✸
✸ ❚❡♦r✐❛ ❞❡ ❝ó♣✉❧❛s ✶✹
✸✳✶ ❉❡✜♥✐çõ❡s ❜ás✐❝❛s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✺ ✸✳✷ ❚❡♦r❡♠❛ ❞❡ ❙❦❧❛r ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✼ ✸✳✸ ❊st✐♠❛çã♦ ❡ ❡s❝♦❧❤❛ ❞❛ ❝ó♣✉❧❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✾ ✸✳✸✳✶ ❊st✐♠❛çã♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✶ ✸✳✸✳✷ ❊s❝♦❧❤❛ ❞❛ ❝ó♣✉❧❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✷
✹ ❆ ❝♦rr❡❧❛çã♦ ♥♦ ♠♦❞❡❧♦ ▲❉❆ ✷✺
✹✳✶ ▲♦ss ❞✐str✐❜✉t✐♦♥ ❛♣♣r♦❛❝❤ ✲ ▲❉❆ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✻ ✹✳✷ ❈á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♥♦ ▲❉❆ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✵ ✹✳✸ ❖ ❡st✉❞♦ ❞❛ ❝♦rr❡❧❛çã♦ ♥♦ ♠♦❞❡❧♦ ▲❉❆ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✶ ✹✳✸✳✶ ❈♦rr❡❧❛çã♦ ♣❡r❢❡✐t❛ ✲ ▼ét♦❞♦ ❞♦ s♦♠❛tór✐♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✶ ✹✳✸✳✷ ❈♦rr❡❧❛çã♦ ♥ã♦✲♣❡r❢❡✐t❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✷
✹✳✸✳✸ ❈♦rr❡❧❛çã♦ ♥✉❧❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✼
✺ ▼❡t♦❞♦❧♦❣✐❛ ♣r♦♣♦st❛ ✸✽
✺✳✶ Pr❡ss✉♣♦st♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✽ ✺✳✷ ❉❡s❝r✐çã♦ ❞♦ ♠ét♦❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✶ ✺✳✸ ❈♦♠♣♦rt❛♠❡♥t♦ t❡ór✐❝♦ ❞♦ ♠ét♦❞♦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✽
✻ ❙✐♠✉❧❛çã♦ ✺✹
✻✳✶ ❈♦♠♣❛r❛çã♦ ❡♥tr❡ ♦s ♠ét♦❞♦s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✹ ✻✳✷ ❆❥✉st❡ ❞❛ ❝ó♣✉❧❛ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✻ ✻✳✸ ❯♠ ❡st✉❞♦ ❝♦♠ q✉❛tr♦ ♣❡r❞❛s ♦♣❡r❛❝✐♦♥❛✐s ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✸
✼ ❈♦♥❝❧✉sã♦ ✼✶
▲✐st❛ ❞❡ ❋✐❣✉r❛s
✹✳✶ P❡r❞❛ ❆❣r❡❣❛❞❛✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✾ ✹✳✷ ❚✐♣♦s ❞❡ P❡r❞❛s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✶ ✺✳✶ ❈♦♠♣♦rt❛♠❡♥t♦ ❞♦ ♠ét♦❞♦ ❞♦ s♦♠❛tór✐♦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✸ ✺✳✷ P♦ssí✈❡✐s ❢✉♥çõ❡s ♣❛r❛ ♦ ♠ét♦❞♦ ♣r♦♣♦st♦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✸ ✺✳✸ ❙❡q✉ê♥❝✐❛ ❞❡ ❢✉♥çõ❡s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✹ ✺✳✹ ❈♦♠♣♦rt❛♠❡♥t♦ ❞❛ ❢❛♠í❧✐❛ ❞❡ ❢✉♥çõ❡s ❢✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✺ ✺✳✺ ❈♦♠♣♦rt❛♠❡♥t♦ ❞❡p ❡θ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✾ ✺✳✻ ❈♦♠♣♦rt❛♠❡♥t♦ ❞♦CRP ROP ❡♠ r❡❧❛çã♦ ❛p✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✵ ✺✳✼ ❈♦♠♣♦rt❛♠❡♥t♦ ❞♦CRP ROP ❡♠ r❡❧❛çã♦ ❛κ∗✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✶ ✺✳✽ ❈♦♠♣♦rt❛♠❡♥t♦ ❞♦CRP ROP ❡♠ r❡❧❛çã♦ ❛κ∗ ❡ p ❝♦♥❥✉♥t❛♠❡♥t❡✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✷ ✺✳✾ ❈♦♠♣♦rt❛♠❡♥t♦ ❞♦CRP ROP ❡♠ r❡❧❛çã♦ ❛κ∗ ❡ p ❝♦♥❥✉♥t❛♠❡♥t❡✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✸ ✻✳✶ ❈♦♠♣❛r❛♥❞♦ ♦s três ♠ét♦❞♦s✿ CRSU M✱CRN P ERF ❡ CRP ROP;κ∗
m✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✻
✻✳✷ ❉❛❞♦s ❞❡ ♣❡r❞❛s ✉♥✐❢♦r♠✐③❛❞♦s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✼ ✻✳✸ ❙❡♠❡❧❤❛♥ç❛s ❞❛ ❝ó♣✉❧❛ ◆♦r♠❛❧ ❡ ❋r❛♥❦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✽ ✻✳✹ ●rá✜❝♦ ❞❛ ❞✐❛❣♦♥❛❧ ✲ ❋r❛♥❦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✾ ✻✳✺ ❈✉r✈❛s ❞❡ ◆í✈❡❧ ✲ ❋r❛♥❦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✵ ✻✳✻ ●rá✜❝♦ ❞❛ ❞✐❛❣♦♥❛❧✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✵ ✻✳✼ ❈✉r✈❛s ❞❡ ♥í✈❡❧✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✶ ✻✳✽ ❈♦♠♣❛r❛♥❞♦ ♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♦❜t✐❞♦ ❡♠ ❝❛❞❛ ❝ó♣✉❧❛ ❞♦ ❝♦♥❥✉♥t♦C˜ ❡ ❝♦♠
Cn✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✷ ✻✳✾ ❈❛♣✐t❛❧ ❘❡❣✉❧❛tór✐♦ ▼✉❧t✐✈❛r✐❛❞♦ ✲ ❈❛s♦ ✶✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✻ ✻✳✶✵ ❈❛♣✐t❛❧ ❘❡❣✉❧❛tór✐♦ ▼✉❧t✐✈❛r✐❛❞♦ ✲ ❈❛s♦ ✷✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✾
▲✐st❛ ❞❡ ❚❛❜❡❧❛s
✶✳✶ Pr✐♥❝✐♣❛✐s ❞✐❢❡r❡♥ç❛s ❡♥tr❡ ♦ ❛❝♦r❞♦ ❛t✉❛❧ ❡ ♦ ♥♦✈♦ ❛❝♦r❞♦✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹ ✶✳✷ ❆♥❞❛♠❡♥t♦ ❞♦ ◆♦✈♦ ❆❝♦r❞♦ ♥♦ ❇r❛s✐❧ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹ ✷✳✶ ❆❧❣✉♠❛s ♦❝♦rrê♥❝✐❛s ❡♠ ❞❡st❛q✉❡ ♥❛ ❝♦♠✉♥✐❞❛❞❡ ✜♥❛♥❝❡✐r❛ ✐♥t❡r♥❛❝✐♦♥❛❧✳ ✳ ✳ ✾ ✷✳✷ ▲✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s ❡ r❡s♣❡❝t✐✈♦s ❢❛t♦r❡s ❞❡ r✐s❝♦s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✶ ✷✳✸ ❚✐♣♦s ❞❡ P❡r❞❛ ❡ ▲✐♥❤❛s ❞❡ ◆❡❣ó❝✐♦ ♥♦ ❘✐s❝♦ ❖♣❡r❛❝✐♦♥❛❧✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✶✷ ✸✳✶ ❋❛♠í❧✐❛s ❞❡ ❈ó♣✉❧❛s ❆rq✉✐♠❡❞✐❛♥❛s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✷✵ ✹✳✶ ❉✐str✐❜✉✐çõ❡s✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✸✻ ✺✳✶ EL✱OP V aR ❡U L ❞❡ L1 ❡ L2✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✹✽ ✺✳✷ ❈❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♣r♦♣♦st♦ ♣❛r❛ ❞✐❢❡r❡♥t❡sp ❡κ∗ ✲ ❈ó♣✉❧❛ ❞❡ ❋r❛♥❦✳ ✳ ✳ ✳ ✳ ✺✵
✻✳✶ ❈♦♠♣❛r❛çã♦ ❡♥tr❡CRSU M✱CRN P ERF ❡ CRP ROP ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✺ ✻✳✷ ❊st✐♠❛çã♦ ❞♦s ♣❛râ♠❡tr♦s ❞❛s ❝ó♣✉❧❛s ❞❡C˜✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✺✽
✻✳✸ ❈❛♣✐t❛❧ ❘❡❣✉❧❛tór✐♦ ✲ ❋r❛♥❦ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✷ ✻✳✹ ❈❛♣✐t❛✐s r❡❣✉❧❛tór✐♦s ♠❛r❣✐♥❛✐s ✲ ❈❛s♦ ✶✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✹ ✻✳✺ ❈♦rr❡❧❛çã♦ ✲ ❈❛s♦ ✶✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✺ ✻✳✻ CRP ROP;κ∗
i) ❡CRP ROP;κ
∗
ii). ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✻ ✻✳✼ ❈❛♣✐t❛✐s r❡❣✉❧❛tór✐♦s ♠❛r❣✐♥❛✐s ✲ ❈❛s♦ ✷✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✼ ✻✳✽ ❈♦rr❡❧❛çã♦ ✲ ❈❛s♦ ✷✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✼ ✻✳✾ CRP ROP;κ∗
iii) ❡CRP ROP;κ
∗
ivi). ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✳ ✻✽
❈❛♣ít✉❧♦ ✶
■♥tr♦❞✉çã♦
❖ ♠❡r❝❛❞♦ ✜♥❛♥❝❡✐r♦ ❝♦♠❡ç♦✉ ❛ ❡♥❢r❡♥t❛r ❞✐✈❡rs❛s ❝r✐s❡s ❛ ♣❛rt✐r ❞❡ ✶✾✼✵ ❞❡✐①❛♥❞♦✲♦ ♠❛✐s ✈✉❧♥❡rá✈❡❧ ❛♦s ❞✐✈❡rs♦s t✐♣♦s ❞❡ r✐s❝♦s✳ ❊♥tr❡ t❛✐s ❝r✐s❡s ❞❡st❛❝❛♠✲s❡✿ ❛ ❝r✐s❡ ❞♦ ▼é①✐❝♦ ✭✶✾✽✷✮❀ ❛ ❝r✐s❡ ❛s✐át✐❝❛ ✭✶✾✾✼✮❀ ❡ ❛ ❝r✐s❡ ❡❝♦♥ô♠✐❝❛ ♠✉♥❞✐❛❧ ✭✷✵✵✽✮✳ ❆❝♦♥t❡❝✐♠❡♥t♦s ❝♦♠♦ ❡ss❡s sã♦ r❡s♣♦♥sá✈❡✐s ♣❡❧♦ ❛✉♠❡♥t♦ ❞❛ ❡①♣♦s✐çã♦ ❢❛③❡♥❞♦ ❝♦♠ q✉❡ ❝❛❞❛ ✈❡③ ♠❛✐s s❡❥❛♠ ♥❡❝❡ssár✐❛s ♠❡❧❤♦r✐❛s ♥♦ ❝❡♥ár✐♦ ❞❡ ♠❡♥s✉r❛çã♦ ❞❡ r✐s❝♦s✳
❉❡✈✐❞♦ ❛ ❛❧t❛ ✈♦❧❛t✐❧✐❞❛❞❡ ♥❛ ❞é❝❛❞❛ ❞❡ ✶✾✼✵✱ ❡♠ ✶✾✼✹ ✉♠ ❣r✉♣♦ ❞❡ ❜❛♥❝♦s ❝❡♥tr❛✐s ❝r✐♦✉ ♦ ❈♦♠✐tê ❞❡ ❙✉♣❡r✈✐sã♦ ❇❛♥❝ár✐♦ ❞❡ ❇❛s✐❧❡✐❛ ✈✐s❛♥❞♦ ♦ ❡st❛❜❡❧❡❝✐♠❡♥t♦ ❞❡ ✉♠❛ ♣♦❧ít✐❝❛ s✉♣r❛♥❛❝✐♦♥❛❧ ❞❡ s✉♣❡r✈✐sã♦ ❜❛♥❝ár✐❛✳ ❖ ♦❜❥❡t✐✈♦ ♣r✐♥❝✐♣❛❧ ❞♦ ❝♦♠✐tê é ❛ss❡❣✉r❛r ✉♠ ♥í✈❡❧ ❛❞❡q✉❛❞♦ ❞❡ ❝❛♣✐t❛❧ ♣❛r❛ ♣r♦t❡❣❡r ❡ ❣❛r❛♥t✐r ❛ s♦❧✐❞❡③ ❡ s❡❣✉r❛♥ç❛ ❞♦ s✐st❡♠❛ ✜♥❛♥❝❡✐r♦ ✐♥t❡r♥❛❝✐♦♥❛❧✳
❊♠ ✶✾✽✽ ♦ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛ ❧❡✈♦✉ ♦ s✐st❡♠❛ ✜♥❛♥❝❡✐r♦ ✐♥t❡r♥❛❝✐♦♥❛❧ à ✉t✐❧✐③❛çã♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ♣♦r ✐♥t❡r♠é❞✐♦ ❞♦ ❆❝♦r❞♦ ❞❡ ❈❛♣✐t❛✐s ❞❡ ❇❛s✐❧❡✐❛✳ ❆ ✐♥t❡♥çã♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✱ ❛❧é♠ ❞❡ ❝♦❜r✐r ♣❡r❞❛s ✐♥❡s♣❡r❛❞❛s r❡❧❛t✐✈❛s ❛♦s r✐s❝♦s ❛ss✉♠✐❞♦s ♣❡❧❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✱ é ❛ ❞❡❢❡ss❛ ❝♦♥tr❛ r✐s❝♦ s✐stê♠✐❝♦✶ ✭P♦✇❡r✱ ✷✵✵✺✮✳
❊♥tr❡ ♦s ♣r✐♥❝✐♣❛✐s r✐s❝♦s ❞♦ ♠❡r❝❛❞♦ ✜♥❛♥❝❡✐r♦ s❡ ❞❡st❛❝❛♠ ♦ ❞❡ ♠❡r❝❛❞♦✷ ✱ ❝ré❞✐t♦ ✸ ❡ ♦♣❡r❛❝✐♦♥❛❧✳ ❈r✉③ ✭✷✵✵✷✮ ❛r❣✉♠❡♥t❛ q✉❡ q✉❛♥❞♦ s❡ ❝❧❛ss✐✜❝❛ ❛s ♣❡r❞❛s s♦❜r❡ ♦s r❡s✉❧t❛❞♦s ♣♦r ár❡❛ ❞❡ ✐♠♣❛❝t♦ ❞❡♥tr♦ ❞❡ ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✱ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡ ♦✉tr♦s r✐s❝♦s ❡①♣❧✐❝❛♠ ✸✺✪ ❞❛ ✈♦❧❛t✐❧✐❞❛❞❡ ❞♦s ❣❛♥❤♦s ❞❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✱ ❡♥q✉❛♥t♦ q✉❡ r✐s❝♦s ❞❡ ♠❡r❝❛❞♦ ❡ ❞❡ ❝ré❞✐t♦✱ ❡①♣❧✐❝❛♠✱ r❡s♣❡❝t✐✈❛♠❡♥t❡✱ ✶✺✪ ❡ ✺✵✪✳ ❆tr❛✈és ❞❡ss❡s í♥❞✐❝❡s✱ ♣♦❞❡♠♦s ✈❡r ❛
✶➱ ♦ r✐s❝♦ ❞❡ ✉♠❛ ✐♥st✐t✉✐çã♦ ❝r✐❛r ❢❛❧❤❛s ❡♠ ♦✉tr❛s ✐♥st✐t✉✐çõ❡s ♥♦ s✐st❡♠❛ ✜♥❛♥❝❡✐r♦✱ ❞❡✈✐❞♦ à ❝♦rr❡❧❛çã♦
❡♥tr❡ ❛s tr❛♥s❛çõ❡s ❜❛♥❝ár✐❛s✳
✷❉❡❝♦rr❡ ❞❛ ♣♦ss✐❜✐❧✐❞❛❞❡ ❞❡ ♣❡r❞❛s q✉❡ ♣♦❞❡♠ s❡r ♦❝❛s✐♦♥❛❞❛s ♣♦r ♠✉❞❛♥ç❛s ♥♦ ❝♦♠♣♦rt❛♠❡♥t♦ ❞❛s t❛①❛s
❞❡ ❥✉r♦s✱ ❞♦ ❝â♠❜✐♦✱ ❞♦s ♣r❡ç♦s ❞❛s ❛çõ❡s ❡ ❞♦s ♣r❡ç♦s ❞❡ ❝♦♠♠♦❞✐t✐❡s✳
✸➱ ❞❡✜♥✐❞♦ ❝♦♠♦ ❛ ♣♦ss✐❜✐❧✐❞❛❞❡ ❞❡ ♣❡r❞❛ r❡s✉❧t❛♥t❡ ❞❛ ✐♥❝❡rt❡③❛ q✉❛♥t♦ ❛♦ r❡❝❡❜✐♠❡♥t♦ ❞❡ ✈❛❧♦r❡s
♣❛❝t✉❛❞♦s ❝♦♠ t♦♠❛❞♦r❡s ❞❡ ❡♠♣rést✐♠♦s✱ ❝♦♥tr❛♣❛rt❡s ❞❡ ❝♦♥tr❛t♦s ♦✉ ❡♠✐ssõ❡s ❞❡ tít✉❧♦s✳
❈❆P❮❚❯▲❖ ✶✳ ■◆❚❘❖❉❯➬➹❖ ✷
✐♠♣♦rtâ♥❝✐❛ ❞❡ ✉♠❛ ❣❡stã♦ ❡✜❝❛③ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳ ◆❡st❡ tr❛❜❛❧❤♦✱ ♥♦s r❡str✐♥❣✐r❡♠♦s ❛♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳
❖ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❢♦✐ ❞✐s❝✉t✐❞♦ ❝♦♥s✐❞❡r❛✈❡❧♠❡♥t❡ ♥♦s ú❧t✐♠♦s ❛♥♦s✳ ❖ t❡r♠♦ ✏r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✑ ❣❛♥❤♦✉ ❞❡st❛q✉❡ ❧♦❣♦ ❛♣ós ❛ ❢❛❧ê♥❝✐❛ ❞♦ ❢❛♠♦s♦ ❜❛♥❝♦ ❇❛r✐♥❣s ❡♠ ▲♦♥❞r❡s ♥♦ ❛♥♦ ❞❡ ✶✾✾✺✳ ❙❡❣✉♥❞♦ ❈r✉③ ✭✷✵✵✷✮ t❛❧ ❜❛♥❝♦ s♦❢r❡✉ ✉♠ ❝♦❧❛♣s♦ ❛♣ós s❡✉ ❢✉♥❝✐♦♥ár✐♦ ◆✐❝❦ ▲❡ss♦♥ ❣❡r❛r ♣❡r❞❛s ❞❡ ❯❙✩ ✶✱✹ ❜✐❧❤ã♦ ❡♠ ❡s♣❡❝✉❧❛çõ❡s s♦❜r❡ ❝♦♥tr❛t♦s ❢✉t✉r♦s✳ ❉❡✈❡✲s❡ r❡ss❛❧t❛r q✉❡ ❡①✐st✐r❛♠ ✐♥❞í❝✐♦s ❞❡ q✉❡ ▲❡ss♦♥ ♠❛♥t❡✈❡ ♣♦s✐çõ❡s ♣❡r❞❡❞♦r❛s s❡♠ ❝♦♥❤❡❝✐♠❡♥t♦ ❞❛ ❛❞♠✐♥✐str❛çã♦ ❞❡ ❇❛r✐♥❣s✳ ❆❧é♠ ❞❡ss❡ ❝❛s♦✱ ♦✉tr❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s s♦❢r❡r❛♠ ❝r✐s❡s ♣♦r ♠❡✐♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✱ ❝♦♠♦ ♣♦r ❡①❡♠♣❧♦ ♦ ❝❛s♦ ❞♦ ❜❛♥❝♦ ❉❛✐✇❛ ❡♠ ✶✾✾✺ ❡ ❞♦ ❜❛♥❝♦ ❆❧❧✐❡❞ ■r✐s❤ ❡♠ ✷✵✵✷✳
❈r✉③ ✭✷✵✵✷✮ ❝♦♥s✐❞❡r❛ q✉❡ ❛ ❢❛❧ê♥❝✐❛ ❞♦ ❜❛♥❝♦ ❇❛r✐♥❣s tr♦✉①❡ ♣❡❧❛ ♣r✐♠❡✐r❛ ✈❡③ ❛♦ ♣ú❜❧✐❝♦ ♦ t❡r♠♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✱ ♣❛ss❛♥❞♦ ❡♥tã♦ ❛ ❣❡r❛r ✐♥t❡r❡ss❡ ❞❡ ♣❡sq✉✐s❛❞♦r❡s ❡ ❣❡st♦r❡s ❞♦ ♠❡r❝❛❞♦ ✜♥❛♥❝❡✐r♦✱ ❤❛❥❛ ✈✐st♦ q✉❡ ❡st❡ r✐s❝♦ ♣❛ss❛r✐❛ ❛ s❡ r❡❧❛❝✐♦♥❛r ❞✐r❡t❛♠❡♥t❡ ❝♦♠ ❡✈❡♥t✉❛✐s ♣❡r❞❛s ✜♥❛♥❝❡✐r❛s ❝♦♥s✐❞❡rá✈❡✐s ♥ã♦ r❡❧❛❝✐♦♥❛❞❛s ❛ r✐s❝♦ ❞❡ ❝ré❞✐t♦ ❡ ❞❡ ♠❡r❝❛❞♦✳
❖ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡stá r❡❧❛❝✐♦♥❛❞♦ ❛ ♣♦ssí✈❡✐s ♣❡r❞❛s ❝♦♠♦ r❡s✉❧t❛❞♦ ❞❡ s✐st❡♠❛s ❡✴♦✉ ❝♦♥tr♦❧❡s ✐♥❛❞❡q✉❛❞♦s✱ ❢❛❧❤❛s ❞❡ ❣❡r❡♥❝✐❛♠❡♥t♦ ❡ ❡rr♦s ❤✉♠❛♥♦s✳ ❖ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ é ✉♠ ❞♦s q✉❛tr♦ ❣r❛♥❞❡s ❣r✉♣♦s ❞❡ r✐s❝♦✱ ❛♦ ❧❛❞♦ ❞♦ r✐s❝♦ ❞❡ ❝ré❞✐t♦✱ r✐s❝♦ ❞❡ ♠❡r❝❛❞♦ ❡ r✐s❝♦ ❧❡❣❛❧ ✭❉✉❛rt❡✱ ✷✵✵✶✮✳
❆ ♠❛✐♦r✐❛ ❞♦s ❣r❛♥❞❡s ❡s❝â♥❞❛❧♦s ❡♥✈♦❧✈❡♥❞♦ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ♦❝♦rr❡r❛♠ ♥❛ ❞é❝❛❞❛ ❞❡ ✶✾✾✵✳ ❙❡❣✉♥❞♦ ●✉✐♠❛rã❡s ✭✷✵✵✸✮✱ ❡ss❛ ✐♥❝✐❞ê♥❝✐❛ ❞❡✈❡✲s❡ ♣r♦✈❛✈❡❧♠❡♥t❡ ❛ três ❢❛t♦r❡s✿ ❣❧♦❜❛❧✐③❛çã♦✱ ❝♦♠♣❡t✐çã♦ ♥♦ s✐st❡♠❛ ✜♥❛♥❝❡✐r♦ ❡ ❛✈❛♥ç♦s t❡❝♥♦❧ó❣✐❝♦s✳ ❊ss❡s ❢❛t♦r❡s ✜③❡r❛♠ ❝♦♠ q✉❡ ❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s s❡ t♦r♥❛ss❡♠ ♠❛✐s s❡♥sí✈❡✐s ❛ ❢❛❧❤❛s✳ ❆♣❡s❛r ❞♦ ❣❡r❡♥❝✐❛♠❡♥t♦ ❞♦ r✐s❝♦ s❡r ❛❧❣♦ ♥♦✈♦✱ ❛ ❡①♣♦s✐çã♦ ❛♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ s❡♠♣r❡ ❡①✐st✐✉ ❞❡♥tr♦ ❞❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✳
❉❡✈✐❞♦ ❛ q✉❡✐①❛ ❞❛s ✐♥st✐t✉✐çõ❡s ❞❛ ❢♦r♠❛ ❞♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✱ ❛ ❢❛❧t❛ ❞❡ ❞✐s❝r✐♠✐♥❛çã♦ ❡♥tr❡ ♦s ❞✐❢❡r❡♥t❡s ♣❡r✜s ❞❡ r✐s❝♦ ❞❡ ❛❝♦r❞♦ ❝♦♠ ❛s s✉❛s ár❡❛s ❞❡ ♥❡❣ó❝✐♦s ❡s♣❡❝í✜❝❛s✱ ♦s ❣r❛♥❞❡s ❡s❝â♥❞❛❧♦s ❞♦s ❛♥♦s ✾✵ ❡ ♦ ❞❡s❡♥✈♦❧✈✐♠❡♥t♦ ❞❛s ♣rát✐❝❛s ❜❛♥❝ár✐❛s✱ ♦ ❆❝♦r❞♦ ❞❡ ❇❛s✐❧❡✐❛ ♠♦str♦✉✲s❡ ♠❡♥♦s ❡✜❝❛③ ❡♠ ❛ss❡❣✉r❛r r❡q✉❡r✐♠❡♥t♦ ❞❡ ❝❛♣✐t❛❧ ❛❞❡q✉❛❞♦ ❛♦ ✈❡r❞❛❞❡✐r♦ ♣❡r✜❧ ❞❡ r✐s❝♦s ❞❛s ✐♥st✐t✉✐çõ❡s✱ s❡♥❞♦ ❡♥tã♦ ❝✉❧♠✐♥❛❞♦ ❡♠ ❥✉♥❤♦ ❞❡ ✷✵✵✹✱ ♦ ◆♦✈♦ ❆❝♦r❞♦ ❞❡ ❇❛s✐❧❡✐❛ ♦✉ ❇❛s✐❧❡✐❛ ■■✳ ◆❡❧❡ ❡stá ♣r♦♣♦st❛ ❛ ❡①✐❣ê♥❝✐❛ ❞❡ ❝❛♣✐t❛❧ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳
❈❆P❮❚❯▲❖ ✶✳ ■◆❚❘❖❉❯➬➹❖ ✸
❘✐s❦✱ ❞❡♥♦t❛❞♦ ❝♦♠♦ ❱❛❘✳ ❖ ❱❛❘ é ❛ ♣❡r❞❛ ♠á①✐♠❛ ❡s♣❡r❛❞❛ ♣❛r❛ ✉♠ ❤♦r✐③♦♥t❡ ❞❡ t❡♠♣♦ ❡♠ ✉♠ ❞❛❞♦ ♥í✈❡❧ ❞❡ ❝♦♥✜❛♥ç❛✳ ◆❡st❡ ❝❛s♦✱ ♦ ♥í✈❡❧ ❞❡ s✐❣♥✐✜❝â♥❝✐❛ ❛❞♦t❛❞♦ ❢♦✐ ❞❡ ✺✪ ❞❛ ❞✐str✐❜✉✐çã♦ ❞❡ ♣❡r❞❛s ❡ ❧✉❝r♦s ✭❈♦❧❡♠❛♥✱ ✷✵✵✵❀ P♦✇❡r✱ ✷✵✵✺✮✳
❖ ◆♦✈♦ ❆❝♦r❞♦ ❞❡ ❇❛s✐❧❡✐❛ ❛♣r❡s❡♥t❛ ✉♠❛ ♥♦✈❛ ❡str✉t✉r❛ ♣❛r❛ ♦ s✐st❡♠❛ ❞❡ ❡①✐❣ê♥❝✐❛ ❞❡ ❝❛♣✐t❛❧✳ ❊st❡ ❛❝♦r❞♦ é ❝♦♥st✐t✉í❞♦ ♣♦r três ♣✐❧❛r❡s✿
❼ ❘❡q✉✐s✐t♦ ♠í♥✐♠♦ ❞❡ ❝❛♣✐t❛❧❀ ❼ ❙✉♣❡r✈✐sã♦ ❜❛♥❝ár✐❛❀
❼ ❉✐s❝✐♣❧✐♥❛ ❞❡ ♠❡r❝❛❞♦✳
❚❛✐s ♣✐❧❛r❡s ♣❡r♠✐t✐r❛♠ ❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s ❡ ❛♦s ór❣ã♦s r❡❣✉❧❛❞♦r❡s ✉♠❛ ♠❡❧❤♦r ❛✈❛❧✐❛çã♦ ❞❛ ❡①♣♦s✐çã♦ ❛♦s ❞✐✈❡rs♦s r✐s❝♦s ♣r❡s❡♥t❡s ♥♦ ♠❡r❝❛❞♦ ✜♥❛♥❝❡✐r♦✳
❖ ♣r✐♠❡✐r♦ ♣✐❧❛r ❞❡t❡r♠✐♥❛ ♦s r❡q✉❡r✐♠❡♥t♦s ♠í♥✐♠♦s ❞❡ ❝❛♣✐t❛❧✱ ♠❛♥t❡♥❞♦ t❛♥t♦ ❛ ❞❡✜♥✐çã♦ ❛t✉❛❧ ❞❡ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✱ q✉❛♥t♦ ♦ r❡q✉✐s✐t♦ ♠í♥✐♠♦ ❞❡ ✽✪ ❞♦ ❝❛♣✐t❛❧ ♣❛r❛ ❛t✐✈♦s ♣♦♥❞❡r❛❞♦s ♣❡❧♦ r✐s❝♦✳ ❊st❡ ♣✐❧❛r é ♦ r❡s♣♦♥sá✈❡❧ ♣❡❧❛ ✐♥♦✈❛çã♦ ♠❛✐s s✐❣♥✐✜❝❛t✐✈❛ ❞❡st❛ ♥♦✈❛ ♣r♦♣♦st❛✿ ❛ ♣♦ss✐❜✐❧✐❞❛❞❡ ❞❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s ✉t✐❧✐③❛r❡♠ ♠♦❞❡❧♦s ✐♥t❡r♥♦s ♣❛r❛ ❛ ♠❡♥s✉r❛çã♦ ❡ ❛❞♠✐♥✐str❛çã♦ ❞❡ s❡✉s r✐s❝♦s✳
❖ s❡❣✉♥❞♦ ♣✐❧❛r ❢♦✐ ❛♣r✐♠♦r❛❞♦ ♣❛r❛ ❡❧❡✈❛r ❛ ❡✜❝✐ê♥❝✐❛ ❞❛s ❡♥t✐❞❛❞❡s ❞❡ s✉♣❡r✈✐sã♦ ❜❛♥❝ár✐❛ ♥❛ ❝♦♥st❛t❛çã♦ ❞♦ ❝✉♠♣r✐♠❡♥t♦ ❞❛s ❡①✐❣ê♥❝✐❛s ♠í♥✐♠❛s ❞❡ ❝❛♣✐t❛❧ ♣❡❧❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛✱ t❡♥❞♦ ❛✐♥❞❛✱ ❝♦♠♦ ♣❛♣❡❧ ✐♥❞✉t♦r✱ ❝♦♥tr✐❜✉✐r ♣❛r❛ ✉♠❛ ♠❡❧❤♦r✐❛ ❝♦♥tí♥✉❛ ♥❛ ❣❡stã♦ ❞❡ r✐s❝♦s ❡ ❞❡ ♣r♦❝❡ss♦s✳
❆ ❞✐s❝✐♣❧✐♥❛ ❞❡ ♠❡r❝❛❞♦✱ t❡r❝❡✐r♦ ♣✐❧❛r✱ r❡♣r❡s❡♥t❛ ♦✉tr❛ ♥♦✈✐❞❛❞❡ ♥♦ ♥♦✈♦ ❛❝♦r❞♦ ❡ ❡stá r❡❧❛❝✐♦♥❛❞❛ ❛ r❡❢♦rç❛r ❛ s❡❣✉r❛♥ç❛ ❡ ❛ ❝♦♥✜❛❜✐❧✐❞❛❞❡ ❞♦ s✐st❡♠❛ ❜❛♥❝ár✐♦✱ ❛tr❛✈és ❞❡ ✉♠❛ ❞✐✈✉❧❣❛çã♦ ♠❛✐s ❛♠♣❧❛ ❞❛s ❡①♣♦s✐çõ❡s ❛♦ r✐s❝♦ ❡ ❞♦s ♥í✈❡✐s ❞❡ ❝❛♣✐t❛❧ ❛♦ ♠❡r❝❛❞♦✱ ❞❡ ♠❛♥❡✐r❛ q✉❡ ❛ ✐♥❞ústr✐❛ ❡ ♦s ✐♥✈❡st✐❞♦r❡s ♣♦ss❛♠ ♠❡❧❤♦r ❛✈❛❧✐❛r ♦ ❣r❛✉ ❞❡ s♦❧✈ê♥❝✐❛ ❞❡ ✉♠❛ ✐♥st✐t✉✐çã♦✳ ◆❛ ❚❛❜❡❧❛ ✶✳✶✱ ❛♣r❡s❡♥t❛♠♦s ❛s ♣r✐♥❝✐♣❛✐s ❞✐❢❡r❡♥ç❛s ❡♥tr❡ ♦ ❆❝♦r❞♦ ❛t✉❛❧ ❞❡ ✶✾✽✽ ❡ ♦ ◆♦✈♦ ❆❝♦r❞♦ ❞❡ ✷✵✵✹✳
❊st❡ ◆♦✈♦ ❆❝♦r❞♦ ♥ã♦ é s✐♠♣❧❡s♠❡♥t❡ ✉♠ ❛❥✉st❡ às ❜♦❛s ♣rát✐❝❛s ❞❛ ✐♥❞ústr✐❛✱ ❝♦♠♦ ❢♦✐ ❢❡✐t♦ ♣❛r❛ ♦ ❝❛s♦ ❞♦ r✐s❝♦ ❞❡ ❝ré❞✐t♦ ❡ ❞❡ ♠❡r❝❛❞♦✳ ❆❣♦r❛✱ é ♦ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛ q✉❡ ❡stá t❡♥t❛♥❞♦ ❞❡✜♥✐r ❛s ♠❡❧❤♦r❡s ♣rát✐❝❛s✱ ❝❛❧❝❛❞❛s ❜❛s✐❝❛♠❡♥t❡ s♦❜r❡ ❛ ❞❡✜♥✐çã♦ ❞❡ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ✭❍❡rr✐♥❣✱ ✷✵✵✷✮✳
❈❆P❮❚❯▲❖ ✶✳ ■◆❚❘❖❉❯➬➹❖ ✹
❚❛❜❡❧❛ ✶✳✶✿ Pr✐♥❝✐♣❛✐s ❞✐❢❡r❡♥ç❛s ❡♥tr❡ ♦ ❛❝♦r❞♦ ❛t✉❛❧ ❡ ♦ ♥♦✈♦ ❛❝♦r❞♦✳ ❆❝♦r❞♦ ❡♠ ✈✐❣♦r ◆♦✈♦ ❆❝♦r❞♦
❈♦♥t❡♠♣❧❛ ❜❛s✐❝❛♠❡♥t❡ ❈♦♠❜✐♥❛ ❛ ❛❞♠✐♥✐str❛çã♦ ❡✜❝❛③ ❞♦ ❛ ❛❞♠✐♥✐str❛çã♦ ❞♦ ♥í✈❡❧ ♠í♥✐♠♦ ♥í✈❡❧ ♠í♥✐♠♦ ❞❡ ❝❛♣✐t❛❧ ❜❛♥❝ár✐♦✱
❞❡ ❝❛♣✐t❛❧ ❜❛♥❝ár✐♦✳ ❛ ❞✐s❝✐♣❧✐♥❛ ❞❡ ♠❡r❝❛❞♦ ❡ ❛ ✜s❝❛❧✐③❛çã♦ ♥❡❝❡ssár✐❛✳ ❚❛♠❛♥❤♦ ú♥✐❝♦ ✭♠♦❞❡❧♦ ♣❛❞rã♦✮✳ ▼❛✐s ê♥❢❛s❡ ♥❛s ♠❡t♦❞♦❧♦❣✐❛s
✐♥t❡r♥❛s ♣ró♣r✐❛s ❞♦s ❜❛♥❝♦s✳ ◆ã♦ ❡①✐❣❡ ❛♣r✐♠♦r❛♠❡♥t♦ ■♥❝❡♥t✐✈❛ ✉♠❛ ♠❡❧❤♦r ❛❞♠✐♥✐str❛çã♦
♥❛ ❣❡stã♦ ❞♦ r✐s❝♦✳ ❞❡ r✐s❝♦s✿ q✉❛♥t♦ ♠❡❧❤♦r ♦ ❝♦♥tr♦❧❡ ✐♥t❡r♥♦✱ ♠❡♥♦r ♦ ❝❛♣✐t❛❧ ♠í♥✐♠♦
r❡q✉❡r✐❞♦✳
❋♦❝♦ ❡♠ ✉♠❛ ♠❡♥s✉r❛çã♦ ú♥✐❝❛ Pr♦♣✐❝✐❛ ✉♠❛ ♠❛✐♦r ❞✐❢❡r❡♥❝✐❛çã♦ ❞❡ r✐s❝♦✱ ♥ã♦ ♣r♦♣✐❝✐❛♥❞♦ ❣r❛♥❞❡s ❡♥tr❡ r✐s❝♦s✱ ❣❡r❛♥❞♦ ❝❛♣✐t❛✐s ♠í♥✐♠♦s
❞✐❢❡r❡♥❝✐❛çõ❡s ❡♥tr❡ r✐s❝♦s✳ ♣❛r❛ r✐s❝♦s ❞❡ ❈ré❞✐t♦✱ ▼❡r❝❛❞♦ ❡ ❖♣❡r❛❝✐♦♥❛❧✳
❋♦♥t❡✿ ●✉✐♠❛rã❡s ✭✷✵✵✸✮✳
❚❛❜❡❧❛ ✶✳✷✿ ❆♥❞❛♠❡♥t♦ ❞♦ ◆♦✈♦ ❆❝♦r❞♦ ♥♦ ❇r❛s✐❧
✷✵✵✼ ❊st❛❜❡❧❡❝✐♠❡♥t♦ ❞❡ ♣❛r❝❡❧❛ ❞❡ r❡q✉❡r✐♠❡♥t♦ ❞❡ ❝❛♣✐t❛❧✳ ✷✵✵✽✲✷✵✵✾ ❉✐✈✉❧❣❛çã♦ ❞❡ ♣♦♥t♦s✲❝❤❛✈❡s ♣❛r❛ ♠♦❞❡❧♦s ✐♥t❡r♥♦s✳ ✷✵✶✵✲✷✵✶✶ ❈r✐tér✐♦s ❞❡ ❡❧❡❣✐❜✐❧✐❞❛❞❡ ❞❡ ♠♦❞❡❧♦s ✐♥t❡r♥♦s✳
✷✵✶✷ ■♥í❝✐♦ ❞♦ ♣r♦❝❡ss♦ ❞❡ ❛✉t♦r✐③❛çã♦ ♣❛r❛ ♦ ✉s♦ ❞❡ ♠♦❞❡❧♦s ✐♥t❡r♥♦s✳
✷✵✶✸ ■♠♣❧❡♠❡♥t❛çã♦✯
✯❆♣ós ❛ ❝♦♥❝❧✉sã♦ ❞♦ ♣r♦❝❡ss♦ ❞❡ ❆✉t♦r✐③❛çã♦✳ ❋♦♥t❡✿ ❇❛♥❝♦ ❞♦ ❇r❛s✐❧✳
❖ ❢♦❝♦ ❞❡st❛ ❞✐ss❡rt❛çã♦ ❡stá ♥♦ ♣r✐♠❡✐r♦ ♣✐❧❛r✱ r❡q✉✐s✐t♦ ♠í♥✐♠♦ ❞❡ ❝❛♣✐t❛❧✳ ❉✐s❝✉t✐♠♦s três ♠♦❞❡❧♦s ❞❡ ♠❡♥s✉r❛çã♦ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡ ❝✐t❛♠♦s q✉❛✐s ❛s ✈❛♥t❛❣❡♥s ❡ ❞❡s✈❛♥t❛❣❡♥s ❞❡ ❝❛❞❛ ✉♠ ❞❡❧❡s ❡ ♦ ❡❢❡✐t♦ q✉❡ t❛✐s ♠♦❞❡❧♦s ❣❡r❛♠ ♥♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ✜♥❛❧✳ ❱❛❧❡ r❡ss❛❧t❛r✱ q✉❡ ❝❛❜❡ ❛ ✐♥st✐t✉✐çã♦ ✜♥❛♥❝❡✐r❛ ❡s❝♦❧❤❡r ♦ ♠ét♦❞♦ q✉❡ ♠❛✐s s❡ ❛❞❡q✉❡ ❛ s❡✉ ❝❡♥ár✐♦ r❡❛❧✳
❈❆P❮❚❯▲❖ ✶✳ ■◆❚❘❖❉❯➬➹❖ ✺
✶✳✶ ▼♦t✐✈❛çã♦ ❡ ♦❜❥❡t✐✈♦
❆t✉❛❧♠❡♥t❡ ❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s ❛❧♦❝❛♠ ♠❛✐s ❝❛♣✐t❛❧ ❞♦ q✉❡ ♦ ♥❡❝❡ssár✐♦ ♣❛r❛ s❡ ♣r♦t❡❣❡r❡♠ ❞❡ ♣❡r❞❛s q✉❡ ❡♥✈♦❧✈❛♠ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳ ■ss♦ s❡ ❞❡✈❡ ❛♦ ❢❛t♦ ❞❡ q✉❡ ❛ ❞❡♣❡♥❞ê♥❝✐❛ ❝♦♥s✐❞❡r❛❞❛ ❡♥tr❡ ❛s ♣❡r❞❛s é ❛ ♣❡r❢❡✐t❛✳ ❖ ♠ét♦❞♦ ✉t✐❧✐③❛❞♦ ♣❛r❛ ❡ss❡ t✐♣♦ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ é ♦ ♠ét♦❞♦ ❞♦ s♦♠❛tór✐♦✳
P❛r❛ ♠✉✐t♦ ❡st✉❞✐♦s♦s ❞❛ ár❡❛✱ ❝♦♥s✐❞❡r❛r ❛ ❞❡♣❡♥❞ê♥❝✐❛ ♣❡r❢❡✐t❛ ❡♥tr❡ ❛s ♣❡r❞❛s ♦♣❡r❛❝✐♦♥❛✐s é ✐rr❡❛❧✱ ♣♦✐s ❛ ✐♥st✐t✉✐çã♦ ❛❧♦❝❛rá ♠✉✐t♦ ♠❛✐s ❝❛♣✐t❛❧ ❞♦ q✉❡ ♦ ♥❡❝❡ssár✐♦✳ ◆❛ r❡❛❧✐❞❛❞❡✱ ❡①✐st❡ s✐♠ ✉♠❛ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛s ❝❧❛ss❡s ❞❡ r✐s❝♦✱ ♠❛s ❡ss❛ ❞❡♣❡♥❞ê♥❝✐❛ ❞❡✈❡ s❡r ❝❛♣t❛❞❛ ❞❡ ❢♦r♠❛ r❡❛❧✐st❛✱ ❢❛③❡♥❞♦ ❝♦♠ q✉❡ ♦ ❝❛♣✐t❛❧ ❛❧♦❝❛❞♦ s❡❥❛ ♦ s✉✜❝✐❡♥t❡ ♣❛r❛ ❝♦❜r✐r ❛s ♣❡r❞❛s✳ ❆ ❧✐t❡r❛t✉r❛ s♦❜r❡ ❛ ♠❡♥s✉r❛çã♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ✐♥❝❡♥t✐✈❛ ♦ ❡st✉❞♦ ❞❡ ♠ét♦❞♦s r♦❜✉st♦s ♣❛r❛ ♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✳
❈♦♠♦ ❞✐t♦ ❛♥t❡r✐♦r♠❡♥t❡✱ ♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ é ❛q✉❡❧❡ ❞❡st✐♥❛❞♦ ♣❛r❛ ❝♦❜r✐r ❛s ♣❡r❞❛s ✐♥❡s♣❡r❛❞❛s t♦t❛✐s✳ ❙❡♥❞♦ ❛ss✐♠✱ ♦ ❣r❛♥❞❡ ♣r♦❜❧❡♠❛ ❡stá ❡♠ ❞❡✜♥✐r ♦ q✉❡ sã♦ ❡ss❛s ♣❡r❞❛s✳ ❊♥tã♦✱ ♦ ♦❜❥❡t✐✈♦ ❞❡st❡ tr❛❜❛❧❤♦ é r❡s♣♦♥❞❡r ❛ s❡❣✉✐♥t❡ ♣❡r❣✉♥t❛✿ ✏❖ q✉❡ sã♦ ♣❡r❞❛s ✐♥❡s♣❡r❛❞❛s t♦t❛✐s❄✑✳ ❊ss❛ ♣❡r❣✉♥t❛ ❞❡✈❡ s❡r r❡s♣♦♥❞✐❞❛ ❢❛③❡♥❞♦✲s❡ ✉♠ ❡st✉❞♦ s♦❜r❡ ♦ ❡❢❡✐t♦ ❞❛ ❞❡♣❡♥❞ê♥❝✐❛ ❞❛s ♣❡r❞❛s ♦♣❡r❛❝✐♦♥❛✐s✱ ❝♦♠♦✱ ♣♦r ❡①❡♠♣❧♦✱ ♦ q✉❡ ♦❝♦rr❡ s❡ ❛ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛♠❜❛s ❢♦r ❜❛✐①❛✳
❆ r❡s♣♦st❛ ♣❛r❛ ❡ss❛ ♣❡r❣✉♥t❛ ♥ã♦ é tr✐✈✐❛❧✱ ❞❡♣❡♥❞❡ ❞❡ ✈ár✐♦s ❝♦♥❝❡✐t♦s✱ ❝♦♠♦ ♣♦r ❡①❡♠♣❧♦✱ ❛ ❡str✉t✉r❛ ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛s ♣❡r❞❛s✳ ◆❡st❡ tr❛❜❛❧❤♦✱ ❛♣r❡s❡♥t❛♠♦s três ♠ét♦❞♦s ❞❡ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✱ ✐♥❝❧✉s✐✈❡ ♦ ♠ét♦❞♦ ❞♦ s♦♠❛tór✐♦✱ ♦♥❞❡ ❝❛❞❛ ✉♠ ❞❡❧❡s ❝♦♥s✐❞❡r❛♠ ❞✐❢❡r❡♥t❡s t✐♣♦s ❞❡ ❞❡♣❡♥❞ê♥❝✐❛ ❡♥tr❡ ❛s ✈❛r✐á✈❡✐s ♣❡r❞❛s✳ ❱❡r❡♠♦s q✉❡ ♦s ♠ét♦❞♦s ❛q✉✐ ❛♣r❡s❡♥t❛❞♦s r❡t♦r♥❛♠ ❞✐❢❡r❡♥t❡s ❝❛♣✐t❛✐s r❡❣✉❧❛tór✐♦s ♣❛r❛ ❛ ✐♥st✐t✉✐çã♦ ✜♥❛♥❝❡✐r❛ ❝♦♠♦ ✉♠ t♦❞♦✳
✶✳✷ ❖r❣❛♥✐③❛çã♦ ❞♦ tr❛❜❛❧❤♦
❈❆P❮❚❯▲❖ ✶✳ ■◆❚❘❖❉❯➬➹❖ ✻
❈❛♣ít✉❧♦ ✷
❘✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧
✷✳✶ ❉❡✜♥✐çã♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧
❊♠ ❥❛♥❡✐r♦ ❞❡ ✷✵✵✶ ♦ ❇❛s❡❧ ❈♦♠♠✐tt❡❡ ♦♥ ❇❛♥❦✐♥❣ ❙✉♣❡r✈✐s✐♦♥ ✭✷✵✵✶❛✮ ❞❡✜♥✐✉ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❝♦♠♦✿ ✏❖ r✐s❝♦ ❞❡ ♣❡r❞❛s ❞✐r❡t❛s ♦✉ ✐♥❞✐r❡t❛s r❡s✉❧t❛♥t❡s ❞❡ ♣r♦❝❡ss♦ ✐♥t❡r♥♦s ❢❛❧❤♦s ♦✉ ✐♥❛❞❡q✉❛❞♦s✱ ♣❡ss♦❛s ❡ s✐st❡♠❛s✱ ♦✉ ❞❡ ❡✈❡♥t♦s ❡①t❡r♥♦s ✑✳ ◆❡st❛ ❞❡✜♥✐çã♦ ❡stã♦ ✐♥❝❧✉s♦s ♦ r✐s❝♦ ❧❡❣❛❧✱ ♦ r✐s❝♦ r❡♣✉t❛❝✐♦♥❛❧ ❡ ❡str❛té❣✐❝♦✳ ❆❧é♠ ❞✐ss♦✱ ♦ ❢♦❝♦ ❞❡st❛ ❞❡✜♥✐çã♦ ❡stá ♥❛ ❝❛✉s❛ ❞❛ ♣❡r❞❛✳
➱ ✐♠♣♦rt❛♥t❡ ♥♦t❛r q✉❡✱ ❛♣❡s❛r ❞❡ t❡r ❝✐t❛❞♦ ❛♥t❡r✐♦r♠❡♥t❡ s♦♠❡♥t❡ ♦s três ♠❛✐♦r❡s t✐♣♦s ❞❡ r✐s❝♦s✱ ♠❡r❝❛❞♦✱ ♦♣❡r❛❝✐♦♥❛❧ ❡ ❝ré❞✐t♦✱ ❡①✐t❡♠ t❛♠❜é♠ ❞✐✈❡rs♦s ♦✉tr♦s r✐s❝♦s ❞❡♥tr♦ ❞❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✱ t❛✐s ❝♦♠♦ r✐s❝♦ ❧❡❣❛❧✱ ❡str❛té❣✐❝♦✱ r❡♣✉t❛❝✐♦♥❛❧✱ ✐♠❛❣❡♠✱ ❝♦♥❥✉♥t✉r❛✱ ❧✐q✉✐❞❡③✱ ❡♥tr❡ ♦✉tr♦s✳
❆♣❡s❛r ❞❡ ♦ ♠❡r❝❛❞♦ t❡r ❛❝❡✐t❛❞♦ ❛ ❞❡✜♥✐çã♦ ❛❝✐♠❛✱ ♦ ❝♦♥❝❡✐t♦ ❡tér❡♦ ❞❡ ♣❡r❞❛s ✐♥❞✐r❡t❛s✱ ❡ ♦ ❞❡s✐♥t❡r❡ss❡ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ❝♦❜r✐r t♦❞❛s ♣❡r❞❛s ✐♥❞✐r❡t❛s ❡ ❝✉st♦s ❞❡ ♦♣♦rt✉♥✐❞❛❞❡ ♠♦t✐✈❛r❛♠ ❛ ♠✉❞❛♥ç❛ ❞❛ ❞❡✜♥✐çã♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳ ❆ss✐♠ ❡♠ s❡t❡♠❜r♦ ❞❡ ✷✵✵✶✱ ❇❛s❡❧ ❈♦♠♠✐tt❡❡ ♦♥ ❇❛♥❦✐♥❣ ❙✉♣❡r✈✐s✐♦♥ ✭✷✵✵✶❝✮ ❞❡✜♥✐✉ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❝♦♠♦✿ ✏❖ r✐s❝♦ ❞❡ ♣❡r❞❛s r❡s✉❧t❛♥t❡s ❞❡ ♣r♦❝❡ss♦s ✐♥t❡r♥♦s ❢❛❧❤♦s✱ ♦✉ ✐♥❛❞❡q✉❛❞♦s✱ ♣❡ss♦❛s ❡ s✐st❡♠❛s✱ ♦✉ ❞❡ ❡✈❡♥t♦s ❡①t❡r♥♦s✑✳ ◆❡st❛ ♥♦✈❛ ❞❡✜♥✐çã♦ ❝♦♥t✐♥✉♦✉ ✐♥❝❧✉✐♥❞♦ ♦ r✐s❝♦ ❧❡❣❛❧✱ ♠❛s ❞❡✐①♦✉✲s❡ ♦ r✐s❝♦ r❡♣✉t❛❝✐♦♥❛❧ ❡ ❡str❛té❣✐❝♦ ❞❡ ❢♦r❛ ✭◆②strö♠ ✫ ❙❦♦❣❧✉♥❞✱ ✷✵✵✷✮✳
❉✐❛♥t❡ ❞❡st❛ ❞❡✜♥✐çã♦✱ ♦ ❢♦❝♦ ❞❛ ♣❡r❞❛ é ♥❛ ❝❛✉s❛✱ ❡ ♥ã♦ ♥♦ ❡❢❡✐t♦✳ ■ss♦ ♣♦rq✉❡ ✉♠ ❡❢❡✐t♦ ♣♦❞❡ s❡r ❣❡r❛❞♦ ♣♦r ♠❛✐s ❞❡ ✉♠❛ ❝❛✉s❛✳
❆s ❝❛✉s❛s ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ sã♦ ❝❧❛ss✐✜❝❛❞❛s ❡♠✿
❼ Pr♦❝❡ss♦s✿ ❢❛❧❤❛ ♥♦ r❡❣✐str♦✱ ♣r♦❝❡ss❛♠❡♥t♦ ♦✉ ❧✐q✉✐❞❛çã♦ ❞❡ tr❛♥s❛çõ❡s✱ ❝♦♥t❛s ❞❡ ❝❧✐❡♥t❡s✱ ♥❡❣ó❝✐♦s ❞✐ár✐♦s ❡ ❢❛❧❤❛s ♥❛ ❛♣r❡s❡♥t❛çã♦ ❞❡ r❡❧❛tór✐♦s ♦❜r✐❣❛tór✐♦s✳ ❊①❡♠♣❧♦s✿
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✽
✐♥❞❡♥✐③❛çõ❡s ❞❡❝♦rr❡♥t❡s ❞❡ ♣r♦❝❡ss♦s tr❛❜❛❧❤✐st❛s✱ ❢❛❧❤❛ ❞♦ ❝❛❞❛str♦ ❞❡ ❝❧✐❡♥t❡s❀ ❼ P❡ss♦❛s✿ ♣❡r❞❛s ❝❛✉s❛❞❛s ♣♦r ❝♦❧❛❜♦r❛❞♦r❡s ♦✉ ❝♦♠ ♣❛rt✐❝✐♣❛çã♦ ✐♥❞✐r❡t❛ ❞❡st❡s ✭❞❡
♠❛♥❡✐r❛ ✐♥t❡r♥❛❝✐♦♥❛❧ ♦✉ ♥ã♦✮✱ ♦✉ ❛❞✈✐♥❞❛s ♣❡❧♦ r❡❧❛❝✐♦♥❛♠❡♥t♦ ❝♦♠ ❝❧✐❡♥t❡s✱ ❛❝✐♦♥✐st❛s ♦✉ t❡r❝❡✐r♦s✳ ❊①❡♠♣❧♦s✿ ❢r❛✉❞❡s ✐♥t❡r♥❛s ♦✉ ❡①t❡r♥❛s✱ ❛❝✐❞❡♥t❡s ❡♥✈♦❧✈❡♥❞♦ ❝❧✐❡♥t❡s ♦✉ t❡r❝❡✐r♦s ♥❛s ❞❡♣❡♥❞ê♥❝✐❛s ❞❛ ✐♥st✐t✉✐çã♦❀
❼ ❙✐st❡♠❛s✿ ♣❡r❞❛s ❞❡❝♦rr❡♥t❡s ❞❛ ✐♥t❡rr✉♣çã♦ ❞❡ ♥❡❣ó❝✐♦s ♦✉ ❢❛❧❤❛ ❞❡ s✐st❡♠❛s✱ ❝❛✉s❛❞❛s ♣❡❧❛ ✐♥❞✐s♣♦♥✐❜✐❧✐❞❛❞❡ ❞❡ ✐♥❢r❛❡str✉t✉r❛ ♦✉ r❡❝✉rs♦s ❞❡ ❚■✳ ❊①❡♠♣❧♦s✿ ✐♥❞✐s♣♦♥✐❜✐❧✐❞❛❞❡✱ ❢❛❧t❛ ❞❡ ♠❛♥✉t❡♥çã♦✱ ✐♥❛❞❡q✉❛çã♦✱ ❢❛❧❤❛s ❞❡ s✐st❡♠❛s ♦✉ ✐♥❡①✐stê♥❝✐❛ ❞♦ ❜❛❝❦✉♣ ♦✉ ♣❧❛♥♦ ❞❡ ❝♦♥t✐♥❣ê♥❝✐❛✱ r❡❧❛❝✐♦♥❛❞♦s ❛ ❡q✉✐♣❛♠❡♥t♦s✱ s♦❢t✇❛r❡s ❜ás✐❝♦✱ s✐st❡♠❛s ❛♣❧✐❝❛t✐✈♦s ♦✉ ✐♥❢r❛❡str✉t✉r❛ ❞❡ ❝♦♠✉♥✐❝❛çã♦ ♦✉ ❡♥❡r❣✐❛❀
❼ ❋❛t♦r❡s ❡①t❡r♥♦s✿ ♣❡r❞❛s ❝❛✉s❛❞❛s ♣♦r t❡r❝❡✐r♦s✱ ❞❛♥♦s ❛ ♣❛tr✐♠ô♥✐♦ ♦✉ ❛t✐✈♦s✳ ❊①❡♠♣❧♦s✿ ❛t♦s t❡rr♦r✐st❛s✱ ❣✉❡rr❛s✱ s❛❜♦t❛❣❡♥s✱ t✉♠✉❧t♦s✱ ❛rr♦♠❜❛♠❡♥t♦s✱ ✈❛♥❞❛❧✐s♠♦✱ ✐♥❝ê♥❞✐♦s✱ ❞❡s❛❜❛♠❡♥t♦s✱ ❛❝✐❞❡♥t❡s✱ ✐♥✉♥❞❛çõ❡s✱ r❛✐♦s✱ t❡rr❡♠♦t♦s✳
❊♠ ♦✉tr❛s ♣❛❧❛✈r❛s✱ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡stá ❛ss♦❝✐❛❞♦ à ❞❡✜❝✐ê♥❝✐❛ ♥♦s ❝♦♥tr♦❧❡s ✐♥t❡r♥♦s ❞❡ ✉♠❛ ✐♥st✐t✉✐çã♦ ❡ é ♦r✐✉♥❞♦✱ ♣r✐♥❝✐♣❛❧♠❡♥t❡✱ ❞❡ três ❢❛t♦r❡s✲❝❤❛✈❡s✿ ♣❡ss♦❛s✱ t❡❝♥♦❧♦❣✐❛ ❡ ♣r♦❝❡ss♦s✱ ♠❛t❡r✐❛❧✐③❛♥❞♦✲s❡ ♣♦r ❡rr♦s ❤✉♠❛♥♦s✱ ❢r❛✉❞❡s ♣r❛t✐❝❛❞❛s ♣♦r t❡r❝❡✐r♦s ❡ ♣♦r ❡♠♣r❡❣❛❞♦s✱ ❢❛❧❤❛s ♥♦s s✐st❡♠❛s ✐♥❢♦r♠❛t✐③❛❞♦s ❡ ♣♦r ♣r♦❝❡❞✐♠❡♥t♦s ✐♥❛❞❡q✉❛❞♦s✳
◆❛ ❚❛❜❡❧❛ ✷✳✶ ❛♣r❡s❡♥t❛♠♦s ❛❧❣✉♥s ❡✈❡♥t♦s ❞❡ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ q✉❡ ♦❝♦rr❡r❛♠ ❡ ❞❡s♣❡rt❛r❛♠ ❛ ❛t❡♥çã♦ ❞❛ ❝♦♠✉♥✐❞❛❞❡ ✜♥❛♥❝❡✐r❛ ✐♥t❡r♥❛❝✐♦♥❛❧✳
❯♠ ❝❛s♦ r❡❝❡♥t❡ ❡♥✈♦❧✈❡♥❞♦ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ♦❝♦rr❡✉ ❡♠ ✷✵✵✽✱ q✉❛♥❞♦ ♦ ❜❛♥❝♦ ❡✉r♦♣❡✉ ❙♦❝✐été ●é♥ér❛❧❡ s♦❢r❡✉ ✉♠❛ ❝r✐s❡ ❞❡✈✐❞♦ ❛ ✉♠ ❝❡rt♦ ❢✉♥❝✐♦♥ár✐♦ ❡①❡❝✉t❛r ✉♠❛ sér✐❡ ❞❡ ♦♣❡r❛çõ❡s ♥ã♦ ❛✉t♦r✐③❛❞❛s q✉❡ ❝✉st❛r❛♠ à ❝♦♠♣❛♥❤✐❛ ♠❛✐s ❞❡ ➾ 4,9 ❜✐❧❤õ❡s✱ ❛ ♠❛✐♦r ♣❡r❞❛
❣❡r❛❞❛ ♣♦r ✉♠ ú♥✐❝♦ ❢✉♥❝✐♦♥ár✐♦ ❞❛ ❤✐stór✐❛ ❞❛ ✐♥❞ústr✐❛ ✜♥❛♥❝❡✐r❛✳
❉❡ ❛❝♦r❞♦ ❝♦♠ ♦ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛✱ ❤♦✉✈❡ ❡♠ ✶✾✾✽ ♠❛✐s ❞❡ ❯❙✩ ✷✵ ♠✐❧❤õ❡s ❡♠ ♣❡r❞❛s ❞❡❝♦rr❡♥t❡s ❞❡ ✏♦✉tr♦s r✐s❝♦s✑ ✭r✐s❝♦s q✉❡ ♥ã♦ s❡ r❡❢❡r❡♠ ❛♦ ❞❡ ♠❡r❝❛❞♦ ❡ ❛♦ ❞❡ ❝ré❞✐t♦✮ ♥❛s ❣r❛♥❞❡s ❡♠♣r❡s❛s ✜♥❛♥❝❡✐r❛s ♠✉♥❞✐❛✐s✳
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✾
❚❛❜❡❧❛ ✷✳✶✿ ❆❧❣✉♠❛s ♦❝♦rrê♥❝✐❛s ❡♠ ❞❡st❛q✉❡ ♥❛ ❝♦♠✉♥✐❞❛❞❡ ✜♥❛♥❝❡✐r❛ ✐♥t❡r♥❛❝✐♦♥❛❧✳
■♥st✐t✉✐çã♦ ❊✈❡♥t♦ ❆♥♦ P❡r❞❛ ❯❙✩
❉❛✐✇❛ ❇❛♥❦✱ ◆❡✇ ❨♦r❦ ◆❡❣♦❝✐❛çã♦ ♥ã♦ ❛✉t♦r✐✲ ③❛❞❛ ❞❡ ❜♦♥❞s ❞❡✈✐❞♦ à ❢❛❧❤❛ ❡♠ ❝♦♥tr♦❧❡s ❣❡r❡♥❝✐❛✐s✳
✶✾✽✹✲✶✾✾✺ ✶✳✶✵✵✳✵✵✵✱✵✵
❙✉♠✐t♦♠♦ ❈♦r♣✱ ▲♦♥❞♦♥ ◆❡❣♦❝✐❛çã♦ ♥ã♦ ❛✉t♦r✐✲ ③❛❞❛✱ ❢r❛✉❞❡ ❡ ❢❛❧s✐✜✲ ❝❛çã♦✳
✶✾✽✻✲✶✾✾✻ ✶✳✼✵✵✳✵✵✵✱✵✵
❈r❡❞✐t ▲②♦♥♥❛✐s ❋❛❧t❛ ❞❡ ❝♦♥tr♦❧❡ ❞❡ ❡♠♣rést✐♠♦s✳
✶✾✽✵s✱ ✶✾✾✵s ✷✾✳✵✵✵✳✵✵✵✱✵✵
❇❛r✐♥❣s✱ ❙✐♥❣❛♣♦r❡ ❈♦♥tr♦❧❡ ✐♥❛❞❡q✉❛❞♦ ❞❛s ♦♣❡r❛çõ❡s ❢✉t✉r❛s✳
✶✾✾✺ ✶✳✻✵✵✳✵✵✵✱✵✵
❋♦♥t❡✿ ▼❛rs❤❛❧❧ ✭✷✵✵✶✮✳
✷✳✷ ❈❛♣✐t❛❧ r❡❣✉❧❛tór✐♦
❈♦♠♦ ✈✐st♦ ❛♥t❡r✐♦r♠❡♥t❡✱ ♥♦ Pr✐♠❡✐r♦ P✐❧❛r ❞♦ ◆♦✈♦ ❆❝♦r❞♦✱ ❛s ✐♥st✐t✉✐çõ❡s ♣r❡❝✐s❛♠ ❝♦♥st✐t✉✐r ❛ r❡s❡r✈❛ ❞❡ ❝❛♣✐t❛❧✱ ❡①✐❣✐❞❛ ♣❡❧♦s ór❣ã♦s r❡❣✉❧❛❞♦r❡s✱ ♣❛r❛ q✉❡ ❛ ✐♥st✐t✉✐çã♦ ❝♦♠♦ ✉♠ t♦❞♦ ❡✈✐t❡ ❛ ✐♥s♦❧✈ê♥❝✐❛✳ ❊♠ ♦✉tr❛s ♣❛❧❛✈r❛s✱ ♣♦❞❡♠♦s ❞✐③❡r q✉❡ ❛ ♠❡s♠❛ ❞❡✈❡ ❛❧♦❝❛r ❡ss❡ ❝❛♣✐t❛❧ ♣❛r❛ ♣r♦t❡çã♦ ❝♦♥tr❛ ♦s ❞✐✈❡rs♦s t✐♣♦s ❞❡ r✐s❝♦✳ ❊st❡ ❝❛♣✐t❛❧ é ❞❡♥♦♠✐♥❛❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✳ ❖ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ❝♦♥s✐❞❡r❛❞♦ ✐❞❡❛❧ é ❛q✉❡❧❡ s✉✜❝✐❡♥t❡ ♣❛r❛ ❝♦❜r✐r ❡✈❡♥t✉❛✐s ♣❡r❞❛s ❞❡❝♦rr❡♥t❡s ❞♦ r✐s❝♦ q✉❡ s❡ ❡stá ♠❡♥s✉r❛♥❞♦ s❡♠ s❡r ❡①❝❡ss✐✈❛♠❡♥t❡ ❝♦♥s❡r✈❛❞♦r✳
❇❛s❡❧ ❈♦♠♠✐tt❡❡ ♦♥ ❇❛♥❦✐♥❣ ❙✉♣❡r✈✐s✐♦♥ ✭✷✵✵✹✮ ❞✐③ ♦ s❡❣✉✐♥t❡ s♦❜r❡ ♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦✿
❙✉♣❡r✈✐s♦rs ✇✐❧❧ r❡q✉✐r❡ t❤❡ ❜❛♥❦ t♦ ❝❛❧❝✉❧❛t❡ ✐ts r❡❣✉❧❛t♦r② ❝❛♣✐t❛❧ r❡q✉✐r❡♠❡♥t ❛s t❤❡ s✉♠ ♦❢ ❡①♣❡❝t❡❞ ❧♦ss ✭❊▲✮ ❛♥❞ ✉♥❡①♣❡❝t❡❞ ❧♦ss ✭❯▲✮✱ ✉♥❧❡ss t❤❡ ❜❛♥❦ ❝❛♥ ❞❡♠♦♥str❛t❡ t❤❛t ✐t ✐s ❛❞❡q✉❛t❡❧② ❝❛♣t✉r✐♥❣ ❊▲ ✐♥ ✐ts ✐♥t❡r♥❛❧ ❜✉s✐♥❡ss ♣r❛❝t✐❝❡s✳ ❚❤❛t ✐s✱ t♦ ❜❛s❡ t❤❡ ♠✐♥✐♠✉♠ r❡❣✉❧❛t♦r② ❝❛♣✐t❛❧ r❡q✉✐r❡♠❡♥t ♦♥ ❯▲ ❛❧♦♥❡✱ t❤❡ ❜❛♥❦ ♠✉st ❜❡ ❛❜❧❡ t♦ ❞❡♠♦♥str❛t❡ t♦ t❤❡ s❛t✐s❢❛❝t✐♦♥ ♦❢ ✐ts ♥❛t✐♦♥❛❧ s✉♣❡r✈✐s♦r t❤❛t ✐t ❤❛s ♠❡❛s✉r❡❞ ❛♥❞ ❛❝❝♦✉♥t❡❞ ❢♦r ✐ts ❊▲ ❡①♣♦s✉r❡✳
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✶✵
P❛r❛ ❞❡t❡r♠✐♥❛r ❛ q✉❛♥t✐❞❛❞❡ ❞❡ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ é ♥❡❝❡ssár✐♦ ❡st❛❜❡❧❡❝❡r ♠ét♦❞♦s✱ ❣❛r❛♥t✐♥❞♦ ❛ss✐♠ ❛ ❝♦♥s✐stê♥❝✐❛ ❡①✐❣✐❞❛ ♣❡❧♦ s❡❣✉♥❞♦ ♣✐❧❛r✳ ▼♦♥t❡✐r♦ ✭✷✵✵✸✮ ❞✐③ q✉❡ ♣❛r❛ ♠❡❞✐r ♦s r✐s❝♦s ♦♣❡r❛❝✐♦♥❛✐s ❡ s❡ ❝r✐❛r r❡❣r❛s ❞❡ ♣r♦t❡çã♦ ♣❛r❛ ❛s ❡♠♣r❡s❛s ❡ ♣❛r❛ ❛ s♦❝✐❡❞❛❞❡✱ ❝♦♠♦ ❛ ❛❧♦❝❛çã♦ ❞❡ r❡s❡r✈❛s ❞❡ ❝❛♣✐t❛❧ ♣❛r❛ ❡st❛s ❞❡s♣❡s❛s✱ é ♥❡❝❡ssár✐♦ q✉❡ s❡ ❞❡s❡♥✈♦❧✈❛♠ té❝♥✐❝❛s ♣r❡❝✐s❛s ❞❡ ♠❡♥s✉r❛çã♦ s♦❜r❡ ❜❛s❡s ❞❡ ❞❛❞♦s ❝♦♥✜á✈❡✐s✳ ❆✐♥❞❛ s❡❣✉♥❞♦ ❡❧❡✱ ✉♠ ❞♦s ♣r♦❜❧❡♠❛s ♠❛✐s ❝♦♠✉♥s ❡♠ s❡ ♠❡♥s✉r❛r r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ♣❛ss❛ ♣❡❧❛ ❞✐✜❝✉❧❞❛❞❡ ❞❡ ✐s♦❧❛r ♦ ❡❧❡♠❡♥t♦ ✏♣❡r❞❛ ♦♣❡r❛❝✐♦♥❛❧✑ ❞❡ ♣❡r❞❛s ❡♠ ♦✉tr❛s ❝❛t❡❣♦r✐❛s✱ ♦✉ s❡❥❛✱ ❡①✐st❡ ✉♠❛ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ❛s ❞✐st✐♥t❛s ♣❡r❞❛s ❡ ❛ ♠❡♥s✉r❛çã♦ ❞❡st❡ ♥í✈❡❧ ❞❡ ❝♦rr❡❧❛çã♦ ❝♦st✉♠❛ s❡r ✉♠ ❣r❛♥❞❡ ❞❡s❛✜♦ q✉❛♥❞♦ s❡ ❡st✉❞❛ ♦s r✐s❝♦s ♦♣❡r❛❝✐♦♥❛✐s✳
❖ ◆♦✈♦ ❆❝♦r❞♦ ❛♣r❡s❡♥t❛ três ❛❜♦r❞❛❣❡♥s ❞❡ ❝á❧❝✉❧♦ ❞❡ ❝❛♣✐t❛❧ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✱ q✉❡ sã♦ ❛♣r❡s❡♥t❛❞♦s ❡♠ ♦r❞❡♠ ❞❡ ❡s❝❛❧❛ ❝r❡s❝❡♥t❡ ❞❡ s♦✜st✐❝❛çã♦ ❡ s❡♥s✐❜✐❧✐❞❛❞❡ ❛♦ r✐s❝♦✿
❼ ❆❜♦r❞❛❣❡♠ ❇ás✐❝❛ ✭❇❛s✐❝ ■♥❞✐❝❛t♦r ❆♣♣r♦❛❝❤ ✲ ❇■❆✮❀ ❼ ❆❜♦r❞❛❣❡♠ P❛❞r♦♥✐③❛❞❛ ✭❙t❛♥❞❛r❞✐③❡❞ ❆♣♣r♦❛❝❤ ✲ ❙❆✮❀
❼ ❆❜♦r❞❛❣❡♠ ❆✈❛♥ç❛❞❛ ✭❆❞✈❛♥❝❡❞ ▼❡❛s✉r❡♠❡♥t ❆♣♣r♦❛❝❤ ✲ ❆▼❆✮✳
❖ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛ r❡❝♦♠❡♥❞❛ q✉❡ ♦s ❜❛♥❝♦s ✐♥t❡r♥❛❝✐♦♥❛❧♠❡♥t❡ ❛t✐✈♦s ❛❞♦t❡♠ ❛ ❆▼❆✳ ❏á ♦s ❞❡♠❛✐s ❜❛♥❝♦s ❞❡✈❡♠ ❞❡s❡♥✈♦❧✈❡r ♠♦❞❡❧♦s ❞❡ ❣❡stã♦ ❡ ❛❧♦❝❛çã♦ ❞❡ ❝❛♣✐t❛❧ q✉❡ ❡st❡❥❛♠ ❡♠ ❝♦♥❢♦r♠✐❞❛❞❡ ❝♦♠ ❛ ❝♦♠♣❧❡①✐❞❛❞❡ ❞❡ s❡✉s ♥❡❣ó❝✐♦s ✭●✉✐♠❛rã❡s✱ ✷✵✵✸✮✳
❆♣r❡s❡♥t❛r❡♠♦s ❛ s❡❣✉✐r✱ ✉♠ ❝♦♥❝❡✐t♦ ❣❡r❛❧ ❞❡ ❝❛❞❛ ❛❜♦r❞❛❣❡♠✳
❆❜♦r❞❛❣❡♠ ❇ás✐❝❛
❆ ❆❜♦r❞❛❣❡♠ ❇ás✐❝❛ ✭❇■❆✮ ❡①✐❣❡ q✉❡ ♦s ❜❛♥❝♦s r❡t❡♥❤❛♠ ❝❛♣✐t❛❧ ♣❛r❛ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡q✉✐✈❛❧❡♥t❡ ❞❡ ✉♠❛ ❞❛❞❛ ♣♦r❝❡♥t❛❣❡♠✱ ❝❤❛♠❛❞❛ ❞❡ ❢❛t♦r α✱ ❞❡ ✉♠ ✐♥❞✐❝❛❞♦r s✐♠♣❧❡s✱ ❝♦♠♦✱ ♣♦r ❡①❡♠♣❧♦✱ ❛ r❡❝❡✐t❛ ❜r✉t❛✳ P❛rt❡ ❞♦ ♣r✐♥❝í♣✐♦ ❞❡ q✉❡ q✉❛♥t♦ ♠❛✐♦r ♦ r❡s✉❧t❛❞♦ ❜r✉t♦ ❞❡ ✉♠❛ tr❛♥s❛çã♦✱ ♠❛✐♦r s❡rá ♦ s❡✉ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳
❆ s✐♠♣❧✐❝✐❞❛❞❡ ❞❡st❛ ♠❡t♦❞♦❧♦❣✐❛ ❜❡♠ ❝♦♠♦ s✉❛ ♣♦✉❝❛ r❡❧❛çã♦ ❝♦♠ r✐s❝♦ ♥ã♦ ♣r♦♣♦r❝✐♦♥❛ ✐♥❝❡♥t✐✈♦s ♣❛r❛ s✉❛ ✉t✐❧✐③❛çã♦✳ ❆❧é♠ ❞✐ss♦✱ ❡st❛ ❛❜♦r❞❛❣❡♠ ♥ã♦ r❡q✉❡r ❡①✐❣ê♥❝✐❛s q✉❛❧✐t❛t✐✈❛s✳
❆❜♦r❞❛❣❡♠ P❛❞r♦♥✐③❛❞❛
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✶✶
❆ ❝♦♠♣❧❡①✐❞❛❞❡ ❞❡ ✐♠♣❧❡♠❡♥t❛çã♦✱ ♥❡st❡ ❝❛s♦✱ ❛✉♠❡♥t❛ ✉♠ ♣♦✉❝♦ ✈✐st♦ q✉❡ é ♥❡❝❡ssár✐♦ ♦ ❝á❧❝✉❧♦ ❞♦s r❡s✉❧t❛❞♦s ♣♦r ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s ♦ q✉❡✱ ♣❛r❛ ♠✉✐t♦s✱ ✐♠♣❧✐❝❛rá ❡♠ ❛❞❛♣t❛çõ❡s ❞❡ ♣r♦❝❡ss♦s q✉❡ ♣❡r♠✐t❛♠ ❛ s❡❣r❡❣❛çã♦ ❞❛s ❛t✐✈✐❞❛❞❡s ♥❡ss❛s ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s✳ ◆♦ ❡♥t❛♥t♦✱ s❡♠❡❧❤❛♥t❡ ❛♦ ▼ét♦❞♦ ❞❡ ■♥❞✐❝❛❞♦r ❇ás✐❝♦✱ ♥ã♦ ♣r♦♣♦r❝✐♦♥❛ ✐♥❝❡♥t✐✈♦s ♣❛r❛ s✉❛ ✉t✐❧✐③❛çã♦✳
❚❛❜❡❧❛ ✷✳✷✿ ▲✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s ❡ r❡s♣❡❝t✐✈♦s ❢❛t♦r❡s ❞❡ r✐s❝♦s✳
▲✐♥❤❛ ❞❡ ◆❡❣ó❝✐♦ ❋❛t♦r❡s
❱❛r❡❥♦ 12%
❈♦♠❡r❝✐❛❧ 15%
❋✐♥❛♥ç❛s ❝♦r♣♦r❛t✐✈❛ 18%
◆❡❣♦❝✐❛çã♦ ❡ ✈❡♥❞❛ 18%
P❛❣❛♠❡♥t♦s ❡ ❧✐q✉✐❞❛çõ❡s 18%
❙❡r✈✐ç♦s ❞❡ ❛❣❡♥t❡ ✜♥❛♥❝❡✐r♦ ❡ ❝✉stó❞✐❛ 15%
❆❞♠✐♥✐str❛çã♦ ❡ ❆t✐✈♦s 12%
❈♦rr❡t❛❣❡♠ ❞❡ ✈❛r❡❥♦ 12%
❉✐❢❡r❡♥t❡♠❡♥t❡ ❞❛ ❇■❆✱ ❛s ✐♥st✐t✉✐çõ❡s q✉❡ ♦♣t❛r❡♠ ♣♦r ❛❞♦t❛r ❛ ❛❜♦r❞❛❣❡♠ ❙❆ ❞❡✈❡♠ ❛t❡♥❞❡r ❛❧❣✉♥s ❝r✐tér✐♦s ❞❡ q✉❛❧✐✜❝❛çã♦✳ ▼❡s♠♦ ❝♦♠ ❛ ♥❡❝❡ss✐❞❛❞❡ ❞❡ t❡st❡s ❡ ✈❡r✐✜❝❛çõ❡s ❢✉t✉r❛s✱ ❛ ❙❆ ♣❛r❡❝❡ ❛♣r❡s❡♥t❛r ✉♠❛ ♠❡❧❤♦r s❡♥s✐❜✐❧✐❞❛❞❡ ❛♦ r✐s❝♦ ❞♦ q✉❡ ❛ ❇■❆✳ ■st♦ ♣♦rq✉❡✱ q✉❛♥t♦ ♠❛✐♦r ❛ ❞❡s❛❣r❡❣❛çã♦ ✭❞✐✈✐sã♦ ❡♠ ✈ár✐❛s ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦✱ ♥❡st❡ ❝❛s♦✮✱ ♠❛✐♦r ❛ s❡♥s✐❜✐❧✐❞❛❞❡ ❡♠ s✐✱ ❛❧é♠ ❞❡ ♣r♦✈❡r ✉♠❛ ❡str✉t✉r❛ ❞♦ ♠❛♣❡❛♠❡♥t♦ ✐♥t❡r♥♦ ♣❛r❛ ♦ ❣❡r❡♥❝✐❛♠❡♥t♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳ ❆❧é♠ ❞✐ss♦✱ ♣❛r❛ ❡st❛s ❛❜♦r❞❛❣❡♥s✱ ♦s ❜❛♥❝♦s ♥ã♦ sã♦ ♦❜r✐❣❛❞♦s ❛ ❝♦❧❡t❛r ❡ ✉s❛r ❜❛s❡ ❞❡ ❞❛❞♦s ❞❡ ♣❡r❞❛s✳
❆❜♦r❞❛❣❡♠ ❆✈❛♥ç❛❞❛
❆ ❆❜♦r❞❛❣❡♠ ❆✈❛♥ç❛❞❛ ✭❆▼❆✮ é ✉♠❛ ❛❧t❡r♥❛t✐✈❛ ✢❡①í✈❡❧✱ ♣♦✐s ♣❡r♠✐t❡ q✉❡ ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s ❞❡s❡♥✈♦❧✈❛♠ s❡✉ ♣ró♣r✐♦s ♠♦❞❡❧♦s ✐♥t❡r♥♦s ❞❡ ♠❡♥s✉r❛çã♦ ♣❛r❛ ❛❧♦❝❛çã♦ ❞❡ ❝❛♣✐t❛❧✱ ❞❡s❞❡ q✉❡ ❛t❡♥❞❛♠ ❡①✐❣ê♥❝✐❛s ❞♦s t✐♣♦s ❣❡r❛✐s✱ q✉❛❧✐t❛t✐✈❛s ❡ q✉❛♥t✐t❛t✐✈❛s✳ ❈❛s♦ ❛ ✐♥st✐t✉✐çã♦ ♦♣t❡ ♣❡❧♦ ❆▼❆ é ♥❡❝❡ssár✐♦ ❛ ❛♣r♦✈❛çã♦ ❞♦ Ór❣ã♦ ❙✉♣❡r✈✐s♦r q✉❡ ❛✈❛❧✐❛rá ♦s r❡q✉❡r✐♠❡♥t♦s ♥❡❝❡ssár✐♦s ♣❛r❛ ♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧✳ ❆❧é♠ ❞✐ss♦✱ t♦❞❛s ❛s ❡①✐❣ê♥❝✐❛s ❞❡✈❡rã♦ s❡r ❝✉♠♣r✐❞❛s ❝♦♠ ♣❡❧♦ ♠❡♥♦s ✉♠ ❛♥♦ ❞❡ ❛♥t❡❝❡❞ê♥❝✐❛ à ✐♠♣❧❡♠❡♥t❛çã♦ ❞♦ ◆♦✈♦ ❆❝♦r❞♦✳
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✶✷
❛♣❡s❛r ❞❡ ❡①✐❣✐r ♠❛✐s ✐♥✈❡st✐♠❡♥t♦s é ❛ q✉❡ tr❛③ ♠❛✐s ✐♥❝❡♥t✐✈♦s às ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✳ ❆s ✐♥st✐t✉✐çõ❡s q✉❡ ♦♣t❛r❡♠ ♣❡❧♦ ❆▼❆✱ ❞❡✈❡rã♦ ❞❡t❡r♠✐♥❛r ♦ ❝❛♣✐t❛❧ ♣❛r❛ ❝❛❞❛ ❝é❧✉❧❛ t✐♣♦ ❞❡ r✐s❝♦ × ❧✐♥❤❛ ❞❡ ♥❡❣ó❝✐♦✱ ♦ q✉❛❧ ❋r❛❝❤♦t ❡t ❛❧✳ ✭✷✵✵✶✮ ❞❡♥♦♠✐♥❛ ♣♦r ❝❧❛ss❡ ❞❡ r✐s❝♦✳
❖ ❞♦❝✉♠❡♥t♦ ❇❛s❡❧ ❈♦♠♠✐tt❡❡ ♦♥ ❇❛♥❦✐♥❣ ❙✉♣❡r✈✐s✐♦♥ ✭✷✵✵✹✮ ❞❡✜♥❡ ✽ ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦ ❡ ✼ t✐♣♦s ❞❡ r✐s❝♦s ♦♣❡r❛❝✐♦♥❛✐s✱ ❛♣r❡s❡♥t❛❞♦s ♥❛ ❚❛❜❡❧❛ ✷✳✸✳ ❆ss✐♠✱ s❡❣✉♥❞♦ t❛❧ ❞♦❝✉♠❡♥t♦✱ s❡rã♦ ♥❡❝❡ssár✐❛s ❛té ✺✻ ❡st✐♠❛t✐✈❛s ❞❡ r❡q✉❡r✐♠❡♥t♦ ♣❛r❛ s❡ ♦❜t❡r ♦ t♦t❛❧ ❞❡ ❝❛♣✐t❛❧ ❡①✐❣✐❞♦ ♣❛r❛ ❝♦❜r✐r ♦s ❣❛st♦s q✉❡ ❡♥✈♦❧✈❛♠ ♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧✳
❚❛❜❡❧❛ ✷✳✸✿ ❚✐♣♦s ❞❡ P❡r❞❛ ❡ ▲✐♥❤❛s ❞❡ ◆❡❣ó❝✐♦ ♥♦ ❘✐s❝♦ ❖♣❡r❛❝✐♦♥❛❧✳
❚✐♣♦ ❞❡ ❘✐s❝♦ ▲✐♥❤❛ ❞❡ ◆❡❣ó❝✐♦
✶✳ ❋r❛✉❞❡ ■♥t❡r♥❛ ✶✳ ❋✐♥❛♥ç❛s ❈♦r♣♦r❛t✐✈❛s
✷✳ ❋r❛✉❞❡ ❊①t❡r♥❛ ✷✳ ◆❡❣♦❝✐❛çõ❡s ❡ ❱❡♥❞❛s
✸✳Prát✐❝❛s ❞♦s ❊♠♣r❡❣❛❞♦s ❡ ❙❡❣✉r❛♥ç❛ ❞♦ ❚r❛❜❛❧❤♦ ✸✳ ❆t✐✈✐❞❛❞❡s ❇❛♥❝ár✐❛s ❞❡ ❱❛r❡❥♦ ✹✳ ❈❧✐❡♥t❡s✱ Pr♦❞✉t♦s ❡ Prát✐❝❛s ❞❡ ◆❡❣ó❝✐♦s ✹✳ ❆t✐✈✐❞❛❞❡s ❇❛♥❝ár✐❛s ❈♦♠❡r❝✐❛✐s
✺✳ ❉❛♥♦s ❛ ❆t✐✈♦s ❋ís✐❝♦s ✺✳ P❛❣❛♠❡♥t♦s ❡ ▲✐q✉✐❞❛çõ❡s ✻✳ ■♥t❡rr✉♣çã♦ ❞♦s ◆❡❣ó❝✐♦s ❡ ❋❛❧❤❛s ❞❡ ❙✐st❡♠❛s ✻✳ ❙❡r✈✐ç♦s ❞❡ ❆❣ê♥❝✐❛
✼✳ ❊①❡❝✉çã♦✱ ❊♥tr❡❣❛ ❡ ●❡stã♦ ❞♦s Pr♦❝❡ss♦s ✼✳ ●❡stã♦ ❞❡ ❆t✐✈♦s ✽✳ ❈♦rr❡t❛❣❡♥s
❖ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛ s✉❣❡r❡ ❞✉❛s ❢♦r♠❛s ♣❛r❛ ♦ ❝á❧❝✉❧♦ ❞♦ r✐s❝♦ ♦♣❡r❛❝✐♦♥❛❧ ❡♠ s✉❛ ❛❜♦r❞❛❣❡♠ ❛✈❛♥ç❛❞❛✿
❼ ▼♦❞❡❧♦ ❞❡ ♠❡♥s✉r❛çã♦ ✐♥t❡r♥❛ ✭■♥t❡r♥❛❧ ♠❡❛s✉r❡♠❡♥t ❛♣♣r♦❛❝❤ ✲ ■▼❆✮❀ ❼ ▼♦❞❡❧♦ ❞❡ ❞✐str✐❜✉✐çã♦ ❞❡ ♣❡r❞❛s ✭▲♦ss ❞✐str✐❜✉t✐♦♥ ❛♣♣r♦❛❝❤ ✲ ▲❉❆✮✳
❆♣❡s❛r ❞❡ ❝✐t❛r ❡ss❛s ❛❧t❡r♥❛t✐✈❛s✱ ❛ r❡❣✉❧❛♠❡♥t❛çã♦ ❞❡✐①❛✱ ❡♠ ❛❜❡rt♦✱ ❛ ♣♦ss✐❜✐❧✐❞❛❞❡ ❞♦ ✉s♦ ❞❡ ♦✉tr♦s ♠♦❞❡❧♦s ❞❡s❡♥✈♦❧✈✐❞♦s ✐♥t❡r♥❛♠❡♥t❡ ♣❡❧❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s✳ P♦ré♠✱ ❡ss❡s ♠♦❞❡❧♦s ❞❡✈❡♠ t❛♠❜é♠ r❡s♣❡✐t❛r ❝r✐tér✐♦s q✉❛❧✐t❛t✐✈♦s ❡ q✉❛♥t✐t❛t✐✈♦s ❡st❛❜❡❧❡❝✐❞♦s ♣❡❧♦ ◆♦✈♦ ❆❝♦r❞♦✱ ❝♦♠♦ ❛s ❡①✐❣ê♥❝✐❛s ❞❡ q✉❡ s❡ t❡♥❤❛ ✉♠❛ ❜❛s❡ ❤✐stór✐❝❛ ❞❡ ♣❡r❞❛s ♦♣❡r❛❝✐♦♥❛✐s ❞❡✱ ♥♦ ♠í♥✐♠♦✱ ✸ ❛♥♦s ❡ q✉❡ ♦ ❱❛❘ t❡♥❤❛ ✉♠ ✐♥t❡r✈❛❧♦ ❞❡ ❝♦♥✜❛♥ç❛ ❞❡ 99,9%♥♦ ♣❡rí♦❞♦ ❞❡
✶ ❛♥♦✳
❈❆P❮❚❯▲❖ ✷✳ ❘■❙❈❖ ❖P❊❘❆❈■❖◆❆▲ ✶✸
◆❡st❡ tr❛❜❛❧❤♦✱ t♦❞♦s ♦s ♠ét♦❞♦s ❛♣r❡s❡♥t❛❞♦s r❡s✐❞❡♠ ♥♦ ♠♦❞❡❧♦ ▲❉❆✱ ♣❡❧♦ ❢❛t♦ ❞❡st❡ s❡r ♦ ♠❛✐s ❞✐❢✉♥❞✐❞♦ ❡ ❜❡♠ ❛❝❡✐t♦ ❡♥tr❡ ♦s ♣r♦✜ss✐♦♥❛✐s ❞❛ ár❡❛✱ ❝♦♠♦ ✈❡r❡♠♦s ♥❛ ❙❡çã♦ ✹✳✶✳
✷✳✷✳✶ ❖ q✉❡ é ❢❡✐t♦ ❤♦❥❡ ♥❛ ❛❧♦❝❛çã♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦
❆t✉❛❧♠❡♥t❡ ❛s ✐♥st✐t✉✐çõ❡s ✜♥❛♥❝❡✐r❛s q✉❡ ♦♣t❛♠ ❡♠ ❝❛❧❝✉❧❛r ♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ ❛tr❛✈és ❞♦ ♠♦❞❡❧♦ ▲❉❆✱ ❝♦♥s✐❞❡r❛♠ q✉❡ ❛s ♣❡r❞❛s s❡❥❛♠ ♣❡r❢❡✐t❛♠❡♥t❡ ❝♦rr❡❧❛❝✐♦♥❛❞❛s✳ ❆ss✐♠✱ ♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧ r❡❣✉❧❛tór✐♦ é ❢❡✐t♦ ❞❛ s❡❣✉✐♥t❡ ♠❛♥❡✐r❛✿ ❝❛❧❝✉❧❛✲s❡ ♦ ❝❛♣✐t❛❧ ♣❛r❛ ❝❛❞❛ ❝é❧✉❧❛ t✐♣♦ ❞❡ r✐s❝♦ ×❧✐♥❤❛ ❞❡ ♥❡❣ó❝✐♦ ❡✱ ❛♦ ✜♥❛❧✱ s♦♠❛✲s❡ t♦❞♦s ♦s ❝❛♣✐t❛✐s✳ ❊st❡ ♠ét♦❞♦ é
❝♦♥❤❡❝✐❞♦ ❝♦♠♦ ♦ ♠ét♦❞♦ ❞♦ s♦♠❛tór✐♦✳
❊♠❜♦r❛ ❛s ♣❡r❞❛s ♦❝♦rr❡♠ ❞❡♥tr♦ ❞❡ ✉♠❛ ♠❡s♠❛ ✐♥st✐t✉✐çã♦✱ ❡st✉❞✐♦s♦s ❞❛ ár❡❛✱ ❞✐③❡♠ q✉❡ ❡①✐st❡ ✉♠❛ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ❡❧❛s✱ ♠❛s s❡ ❝♦♥s✐❞❡r❛❞❛ ♣❡r❢❡✐t❛✱ ❛ ✐♥st✐t✉✐çã♦ é ❝♦♥s✐❞❡r❛❞❛ ❝♦♥s❡r✈❛❞♦r❛✱ ❛❧♦❝❛♥❞♦ ♠❛✐s ❝❛♣✐t❛❧ ❞♦ q✉❡ ♦ ♥❡❝❡ssár✐♦✳ ❊♥t❡♥❞❡♥❞♦ ❡ss❛ ❤✐♣ót❡s❡✱ ♦ ❈♦♠✐tê ❞❡ ❇❛s✐❧❡✐❛✱ ♣❡r♠✐t❡ ♦ ✉s♦ ❞❡ ❝♦rr❡❧❛çã♦ ♠❡♥♦r q✉❡ ✶ ♣❛r❛ ♦ ❝á❧❝✉❧♦ ❞♦ ❝❛♣✐t❛❧✳
❋r❛❝❤♦t ❡t ❛❧✳ ✭✷✵✵✹✮ ❛r❣✉♠❡♥t❛ q✉❡ ❛♣❡s❛r ❞❛s ❝♦rr❡❧❛çõ❡s ♣❡r❢❡✐t❛s s❡r❡♠ ❛❝❡✐t❛s✱ ❛ s♦♠❛ ❞♦ ❝❛rr❡❣❛♠❡♥t♦ ❞❡ ❝❛♣✐t❛❧ ❞❛s ❞✐❢❡r❡♥t❡s ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s ❡ t✐♣♦s ❞❡ r✐s❝♦s ❞❡✈❡♠ s❡r s♦♠❛❞♦s✱ ❣❡r❛♥❞♦ ✉♠ ❝❛rr❡❣❛♠❡♥t♦ ❞❡ ❝❛♣✐t❛❧ ♠❛✐♦r ❞♦ q✉❡ s❡ ❢♦ss❡ ❝♦♥s✐❞❡r❛❞♦ q✉❛❧q✉❡r ❡❢❡✐t♦ ❞❡ ❝♦rr❡❧❛çã♦ ❡♥tr❡ ❛s ❞✐st✐♥t❛s ❧✐♥❤❛s ❞❡ ♥❡❣ó❝✐♦s ❡ t✐♣♦s ❞❡ ♣❡r❞❛✳
❆❧❣✉♥s ❛✉t♦r❡s q✉❡ ✉t✐❧✐③❛♠ ♦ ♠♦❞❡❧♦ ▲❉❆ ❝♦♥s✐❞❡r❛♠ ❝♦rr❡❧❛çõ❡s ♥ã♦✲♣❡r❢❡✐t❛s ♦✉ ❝♦rr❡❧❛çõ❡s ♥✉❧❛s ❡♥tr❡ ❛s ✈❛r✐á✈❡✐s ♣❡r❞❛s✱ s❡❥❛ ❛tr❛✈és ❞❛ ❞❡t❡r♠✐♥❛çã♦ ❞♦s ✐♥❞✐❝❛❞♦r❡s ❞❡ ❝♦rr❡❧❛çã♦ ♦✉ ♣♦r ♠❡✐♦ ❞❡ ♠♦❞❡❧❛❣❡♠ ✈✐❛ ❝ó♣✉❧❛s✳ ◆♦s ♣ró①✐♠♦s ❝❛♣ít✉❧♦s s❡rã♦ ❞❡t❛❧❤❛❞❛s ❛s três ❝♦rr❡❧❛çõ❡s✱ q✉❡ sã♦ ❝✐t❛❞❛s ♥❛ ❧✐t❡r❛t✉r❛✱ ♣r❡s❡♥t❡s ♥♦ ♠♦❞❡❧♦ ▲❉❆✿ ♥✉❧❛✱ ♣❡r❢❡✐t❛ ❡ ♥ã♦✲♣❡r❢❡✐t❛✳
