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JUXSR DOJXQV GHL[DPVH ILFDU QR VHFXQGiULR VXMHLWRV D UHSUHVHQWDo}HV GH
LQVXFHVVRTXHVHJXQGR$OPHLGD9LHLUD³>«@YHUGDGHLUDPHQWHQmRR
p >«@ QR TXH UHSUHVHQWD XPD SHQRVD SURYD GH DXWRFRQIURQWDomR GR DOXQR
FRQVLJR SUySULR H FRP R VLVWHPD GH HQVLQR´ S  LLL R VXVFLWDU QRV TXH
LQJUHVVDP IRUD GR kPELWR GD RSomR SULRULWiULD D DXV QFLD GH VLJQLILFDGR
SHUDQWH RV FRQWH~GRV FXUULFXODUHV QXP GHVLQYHVWLPHQWR QRV HVWXGRV TXH
SRGHYLUDFXOPLQDUQXPDGHVILOLDomRLQVWLWXFLRQDO
2V FRQVWUDQJLPHQWRV QR DFHVVR DR HQVLQR VXSHULRU QmR VmR PRQRSyOLR GRV
HVWXGDQWHV FRP IUDFRV GHVHPSHQKRV HVFRODUHV WDPEpP RV HVWXGDQWHV GH
DOWD SHUIRUPDQFH H[WHULRUL]DP GLILFXOGDGHV QR FXPSULPHQWR LQWHJUDO GDV
H[SHFWDWLYDV HP SDUWLFXODU RV TXH SHUVSHWLYDP LQJUHVVDU QRV FXUVRV PDLV
UHVWULWLYRV TXDQWR j QRWD GH FDQGLGDWXUD IDFH j LPSUHYLVLELOLGDGH DQXDO GR
Q~PHUR GRV FDQGLGDWRV H GR Q~PHUR GH YDJDV GLVSRQLELOL]DGDV SHODV
LQVWLWXLo}HVGHHQVLQRVXSHULRU9LHLUDS
0HWRGRORJLD
5HODWLYDPHQWH j FRPSRQHQWH PHWRGROyJLFRHPS ULFD UHFRUUHXVH D HVWXGRV
GHFDVRP~OWLSORV%RJGDQ%LNOHQ RXQDDFHomRGH6WDNHD
HVWXGRV GH FDVRV FROHWLYRV )RUDP VHOHFLRQDGDV  HVFRODV VHFXQGiULDV
S~EOLFDVGDUHJLmRQRUWHGH3RUWXJDOFRQWLQHQWDOGHDFRUGRFRPRVVHJXLQWHV
FULWpULRV QDWXUH]D RUJDQL]DFLRQDO GD HVFROD S~EOLFD DJUXSDGD H QmR
DJUXSDGD DVVLQDWXUD H WLSR GH FRQWUDWR GH DXWRQRPLD H[LVW QFLD GH
FRQWUDWRH WLSRGH FRQWUDWRSRVLFLRQDPHQWR QRV UDQNLQJV DEDL[RGD
SRVLomR LPSOHPHQWDomR GH PHFDQLVPRV GH GLVWLQomR WLSRV GH GLVWLQomR
SUDWLFDGRV (P FDGD XPD GDV HVFRODV IRUDP SHUVFUXWDGRV RV UHJLVWRV

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ELRJUiILFRV GRV DOXQRV GLVWLQJXLGRV SRU PpULWR HVFRODU QRV DQRV OHWLYRV GH
H$DPRVWUDGRSURMHWRGHGRXWRUDPHQWR
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VXSHULRUFXMDWUDMHWyULD HVFRODU HDFDGpPLFDWHPRV YLQGRDVHJXLUGHVGH R
HQVLQR VHFXQGiULR 7RGDYLD D FRPXQLFDomR UHFDL HVSHFLILFDPHQWH VREUH D
HWDSDGDFDQGLGDWXUDDRHQVLQRVXSHULRUGRVTXHDRORQJRGRWUDMHWRHVFRODU
HPFXUVRVFLHQW ILFRKXPDQ VWLFRVIRUDPODXUHDGRVQRHDQR
GHHVFRODULGDGHRXVHMDDTXHOHVTXHJUDQMHDUDPGLVWLQo}HVHPYLUWXGHGH
XPDFODVVLILFDomRPpGLDLQWHUQDGHIUHTX QFLDLJXDORXVXSHULRUDYDORUHV
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LQVWLWXLomRFXUVR VXSHULRU D SDUWLU GRV GDGRV GLVSRQLELOL]DGRV RQOLQH SHOD
'LUHomR*HUDO GR (QVLQR VXSHULRU &RP R REMHWLYR GH LGHQWLILFDU DV
PRGDOLGDGHVGRDFHVVRIRUDPH[DPLQDGRVPLQXFLRVDPHQWHRVUHVXOWDGRVGR
FRQFXUVRQDFLRQDOGHDFHVVRHQWUHH7RGDDLQIRUPDomRUHFROKLGD
IRL DJUXSDGD H VLVWHPDWL]DGD QD IHUUDPHQWD LQIRUPiWLFD GH DQiOLVH
TXDQWLWDWLYD,%063666WDWLVWLFV
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HVWXGDQWHV DQXDOPHQWH GLVWLQJXLGRV SRU PpULWR HVFRODU HP FXUVRV
FLHQW ILFRKXPDQ VWLFRV TXH REWLYHUDP FRORFDomR QR SDU LQVWLWXLomRFXUVR GH
 RSomR QD  IDVH GR FRQFXUVR QDFLRQDO GH DFHVVR 7RGDYLD FRQYpP
UHVVDOYDU TXH XPD SHUFHQWDJHP VLJQLILFDWLYD GH HVWXGDQWHV GLVWLQJXLGRV
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