correção monetária e mercado de capitais

7/31/2019 Correo Monetria e Mercado de Capitais

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MERRGE AEOGPRHF

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F G\^GRHOMHF BRF]HDGHRF

JRFOMH]ME ZH@FD DWOFPLEAFY @G FVWHOE OEKWGHRF OGPE

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O@HMG

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6/ FOPGMG@GOPG] @F] RGJERAF] HO]PHPWMHEOFH] ///////////////////////////////////////////// >0


3/66

HOPRE@WE

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6/ FOPGMG@GOPG] @F] RGJERAF] HO]PHPWMHEOFH] ,680;!68:=(

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E ~greè 680; f 687: f~rg}gopew pf|f} `g mrg}mhagope è ~re`wpe `g : 0' fe foe gaa`hf mea wa `g}ga~gole è }gper ho`w}prhfd `f er`ga `g < 2'/ ,Vwf`re 6/6(

Of }gkwo`f agpf`g `f `mf`f `g 7> g}}g ~remg}}e hopgo}hjhmew!}g mea waf ~edphmf `gr~h`f ho`w}prhfdhyfe pfope oe }gper `g bgo} `g meo}wae `wrzgh} pfdzgy }gwgdgagope afh} `hoahme meae of ho`}prhf `g bgo} `g mf~hpfd/ G}}g ~greè

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E mdhaf hojdfmheorhe g|h}pgopg vwg perofzf mrphmf} f} vwg}pg} `h}prhbwphzf} meoprh~frf f mrhfe `g wa mdhaf `g gjgrzg}momhf ~edphmf/ Jeh og}}g vwf`re vwg }g ho}pfwrewe oeze kezgroe ga 68:0 ga meo`hg} ~re~mhf} ~frf fdmfofr e} ebigphze} fe} vwfh} }g~re~wolf `g rger`gofagope gmeoahme g jhofomghre è ~f}/ ^remwrfzf!}g mea h}}ergperofr } fdpf} pf|f} `g mrg}mhagope è ~re`wpe g rg`wyhr e rhpae hojdfmheorhe meopgr e}`jhmhp} erfagoprhe} mrhfr wa gjgphze agrmfè `g mf~hpfh} g fa~dhfr f} g|~erpfg}/6/6/ AGRMF@E JHOFOMGHRE G @G MF^HPFH]

6/6/6/ AGRMF@E @G MR@HPE F DEOKE ^RFYE

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Of ag`h`f ga vwg f Dgh `g W}wrf je}}g }gkwh`f g emerrgoè pf|f} `g gdgzfe `g~rge} }w~grherg} f 62' `fzfa!}g prfo}jgromhf} `g rgo`f goprg mrgèrg} g `gzgèrg}f jfzer `g}pg} dphae}/ F~g}fr è} frphjmhe} mrhfè} ~frf }w~grfr f} dhahpfg} ha~e}pf}~gdf Dgh `g W}wrf f }hpwfe g|h}pgopg rg`wyhf f mf~fmh`f`g è agrmfè `g mf~hpfh} `g

~reaezgr f prfo}jgromhf zedwoprhf `g rgmwr}e} goprg woh`f`g} `gjhmhprhf} g}w~grfzhprhf} ga pgrae} `g ~ew~fof g hozg}phagope/

Oe ~greè fofdh}fè `g}f~frgmgw ~rfphmfagopg e agrmfè ~rhzfè `g deoke ~rfye/ F}}ha e} hozg}phagope} rgfdhyfzfa!}g g}}gomhfdagopg mea fwpejhofomhfagope vwgrg~rg}gopfzf f ~rhomh~fd jeopg `g ebpgoe `g rgmwr}e} ~er ~frpg `f} ga~rg}f} rgmwr}e}~bdhme} g mf~hpfh} g|pgroe}/

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Gmeoahme rg~rg}gopfè ~er wa ga~r}phae mea~wd}rhe of jeraf `g f`hmheofd èHa~e}pe `g Rgo`f g vwg fphokhf pfope f} ~g}}ef} j}hmf} meae iwr`hmf}/

Og}}f ~rhaghrf jf}g e BO@G meomgoprew!}g ~rhomh~fdagopg oe jhofomhfagope `g ~reigpe}kezgrofagopfh} dgzfè} f gjghpe ~er rke} ejhmhfh} `f fàhoh}prfe `hrgpf g ho`hrgpf3 fedeoke è ~greè d872!68:0 mgrmf `g 8>' è} rgmwr}e} `g}}g Bfome jerfa erhgopfè}~frf e }gper ~bdhme/ ,Vwf`re 6/7(]rhf} `h}perg} emerrhfa oe ~f} meae rgjdg|e `f pgopfphzf kezgrofagopfd `g meopredfr ~edhphmfagopg e} ~rge} f ozgh} fbfh|e `f ~r~rhf hojdfe g vwg dhahpfzfa f}~e}}hbhdh`f`g} `g hozg}phagope} è }gper ~rhzfè/ Waf `gdf} meo}phpwf!}g oe meopredgè} fdwkwh} vwg emerrgw fe deoke è ~greè ga g}pwè/ F dgh è hovwhdhofpe `g 68;= gwaf }rhg `g ae`hjhmfg} ~e}pgrherg} dhahpfzfa e rgfiw}pg è} fdwkwh}/ Pfd jfpe}eafè mfromhf `g rgmwr}e} `g deoke ~rfye `h}~eozgh} ~frf g}}g }gper`g}g}phawdfzf f ho`}prhf `g meo}prwe g mrhfzf wa mrg}mgopg `jhmhp lfbhpfmheofd oe~f} gaberf e} bgo} `g rfhy rg~rg}gopf}}ga waf `f} agdlerg} jeraf} `f medgphzh`f`g~rgmfzgr!}g meoprf f hojdfe/2

F ho`}prhf `g meo}prwe rg}h`gomhfd f afh} fjgpf`f ~gdf dhahpfe oe} fdwkwh}f~rg}gopew wa mrg}mhagope bf}pfopg pahè vwfoè mea~frf`f } ho`}prhf} `g mhagopeg fe ~re`wpe} pfaba wphdhyfè} of meo}prwe mhzhd vwg mrg}mhfa afh} rf~h`fagopg

krff} `gafo`f kgrf`f ~gdf} ebrf} `g hojrf!g}prwpwrf/ ,Vwf`re 6/:(Ewprf `h}pere vwg ~e`g }gr f~eopf`f grf mfw}f`f ~gdf dhahpfe oe} rgfiw}pg} `f}pfrhjf} è} }grzhe} ~bdhme}/ H}}e ~rezemfzf f `g}mf~hpfdhyfe `g}}f} ga~rg}f}}hpwfe vwg }g perofzf ho}w}pgopzgd ~frf e }gper ~rhzfè perofoè jrgvwgopg} f}prfo}jgromhf} `g ga~rg}f} ~rhzf`f} meomg}}heorhf} `g }grzhe} ~bdhme} ~frf emeopredg g}pfpfd/

V f ` }}f} }f} hf f ` bdh } }h} h } `jh h }


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mf~fmh`f`g `g ~ew~fof g hozg}phagope è }gper ~rhzfè jrwpe g|fpfagopg `f }h}pgaphmfhojdfe è ~greè/ E G}pfè ~rezemfzf waf ~ew~fof jerf`f vwg dlg ~grahphf`g}ga~golfr e ~f~gd `g ~rhomh~fd fkgopg `g}gozedzhagoph}pf hozg}phoè `hrgpfagopg ewprfo}jgrhoè ~frpg `g}}g} rgmwr}e} ~frf e }gkagope ~rhzfè/

E mf~hpfd g}prfokghre meo}phpwhw!}g ga ewprf ha~erpfopg jeopg `g mf~hpfd `g deoke ~rfye oe~greè g}pw`fè/ E ~greè 680;!68:0 ~e`g }gr `hzh`hè ga pr} jf}g} `h}phopf} vwfopefe hokrg}}e `g mf~hpfd g}prfokghre/ E ~rhaghre ~greè ~e`g }gr `gdhahpfè goprg 680; g6877 vwfoè e mf~hpfd g}prfokghre goprew oe ~f} fho`f ga g}mfdf ae`g}pf/ Og}}g}oezg foe} hokrg}}ew wa pepfd `f 2/=


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^frfdgdfagopg `gw!}g waf fmgdgrf`f g|~fo}e `f rg`g `g fkomhf} bfomrhf} g wafkrf`fphzf jw}e g homer~erfe `g }g`g}/ Govwfope ga 687; g|h}phfa 0/22< fkomhf}merrg}~eo`gopg} f =8= afprhyg} ga 68:7 g|h}phf wa pepfd `g ;/>;> fkomhf} `g =2=g}pfbgdgmhagope} bfomrhe}/ ,Vwf`re 6/66(

F g|~fo}e `f rg`g emerrgw meae wa rgjdg|e è ~remg}}e `g meomerromhf bfomrhf~gde} `g~}hpe} è ~bdhme/ Pfd ~remg}}e emerrhf }ga ~rgemw~fg} mea e} mw}pe}~rezemfè} ~gdf g|~fo}e ~eh} e} `g~}hpe} zh}pf pholfa mw}pe ygre g f pf|f mebrf`f}ebrg e} `g}meope} }hpwfzf!}g ga peroe `f pf|f `g hojdfe/ Vwfope afher e fwagope `g~rge} of gmeoeahf afher e }~rgf` mebrfè g ~erpfope afherg} e} mw}pe} ~e}}zgh} `g}grga fb}erzhè} ~gde} bfome}/

F~g}fr `f} dhahpfg} ha~e}pf} ~gdf dgh `g w}wrf vwfope } pf|f} a|haf} `g iwre} e}Bfome} Meagrmhfh} meo}gkwhfa fwagopfr }wf} pf|f} fphzf} fprfz} `g hoagre}frphjmhe}/ Mebrfzfa iwre} ~er jerf$ g ho}phpwrfa f} meah}}g} ,`g fbgrpwrf `g mr`hpe$`g mebrfof gpm( vwg oerafdagopg fphokhfa zfderg} }w~grherg} ~r~rhf pf|f `g iwre}oeahofd ejhmhfdagopg mebrf`f/ Ewpre frphjmhe grfe `f} meopf} zhomwdf`f}$ eo`g epeafèr è ga~r}phae meoprff waf `zh`f afher è vwg ogmg}}hpfzf `gh|foè e`hjgrgomhfd `g~e}hpfè zh}pf ew ~rfye rgmgbgoè ~er g}}g} `g~}hpe} wafrgawogrfe bf}pfopg hojgrher fe mw}pe `g}}g ga~r}phae f`hmheofd/

]g ~er wa dfè g}}g ~remg}}e `g fbgrpwrf ho`h}mrhahof`f `g fkomhf} bfomrhf} prew|gfwagope oe} mw}pe} `g jhofomhfagope ~er ewpre dfè `gzg pgr meoprhbwè ~frf efdfrkfagope è w}e è} }grzhe} bfomrhe}/ F}}ha f Aeg`f G}mrhpwrfd vwg rg~rg}gopfzf:


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êr jha$ zgifae} f} ~e}}hbhdh`f`g} `g w}e è e~go afrcgp/ Meae i zhae}$ f hojdfeg|h}pgopg perofzf ~ewme fprfphze} e} ppwde} `f `zh`f ~bdhmf gahphè} mea iwre} oeahofh}`g : f


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VWF@RE 6/6

^RE@WPE HOPGROE BRWPE G ^E^WDFE

FOEZFDER PEPFD ^E^WDFE ZFDER ^GR MF^HPF

^rge} 68:0ahdlg} Zfrhfe Fowfd Ga 6>>> Lfb/ ^rge} 68:0 Zfrhfe Fowfd

680; 0; 0 6:: 2

680< 7 6;= 7 0 0

6808 82=; : ; 7>/;7; ; 6 < 0 2

687> 8

6872 66=2; < < 77/62< : 2>7 = : >

687= 66:>: 2 7 7:/;;; = 2>7 2


11/66

VWF@RE 6/2

O@HMG @G ^RE@WPE RGFD ^ER RFAE @G FPHZH@F@G

Bf}g9 680816>>

FOEO@HMG ^RE@WPE ]GPERHFD O@HMG

FKRHMWDPWRF HO@]PRHF ]GRZHE ^RE@WPE

6808 6>> > 6>> > 6>> > 6>> >

687> 6>6 7 666 = 6>; 6 6>: 7

6876 6>2 2 66< 0 66; ; 662 0 622 :

687= 666 ; 6=7 6 6=> = 627 ;

6870 62> 7 60: < 60; 2 6=< 0

6877 628 < 6:2 0 672 = 60; 8


12/66

VWF@RE 6/=

ZFRHFE OE O@HMG KGRFD @G ^RGE]

Bf}g 68:7%:; 1 6>>

FOE O@HMG PF\F ZFRHFE

6800 > 7;=

6807 > :7: 60 0 ;:7 6: :2

680; > 6

6808 > 88

687> 6 >8 66 66

6876 6 2; 6: 76


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VWF@RE 6/0

JERAFE BRWPF @G MF^HPFD JH\E KEZGROE G GA^RG]F] ,)(

,680; 68:0(

^FRPHMH^FE GRMGOPWFD

FOE KEZGROE GA^RG]F]

680; 67 < :

687> =7 6 :0 8

6876 27 > ;7 >

6872 2: < ;= 2


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VWF@RE 6/7

MEDFBERFE JHOFOMGHRF @E ]H]PGAF B/O/@/G/ 6872%68:0

ZFDER @F MEDFBERFE F^REZF@F

FOE] ]gper ^bdhme ,6( ]gper ^rhzf`e ,2( Pepfd ,=( ^frphmh~fe '6%=

6872 6/6

687= 6/=2= 6:= 6/0>> 78= 2/78= ;;

687: :/06> =6= :/;2= 87

687; :/


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VWF@RE 6/:

O@HMG @G MEO]PRWE G EWPRE]

Bf}g9 680< 1 6>>

FOE MEO]PRWERG]H@GOMHFD ,)( MHAGOPE FE

680; 86 > 6>> 6>>

6808 66> 667 668

687> 62= 627 67=

6876 6:6 6=> 6:;


16/66

VWF@RE 6/;

]WBZGOE E^GRFMHEOFD @E KEZGROE

^rge} `g 68:0

Mr$ ahdlg}

@H]MRHAHOFE 68:> 68:6 68:2 68:= 68:0 68:7

Jgrrezhrhe 66< > 62; : 20> ; =>6 7 =6= 2 6 2 06 0^erpwrhe 6 86 = 6 6= 7 6> 2 20 7 ; 8

Frge 7 >= 62 > =0 2 2> 6 6; < ; :7

Pepfd ,F( 6< : 067 ; 20: =


17/66


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6 80 2>0 :6 60= 6>> 26 626 22687= 776 :> :66 0: 7:7 6=6 =0 6:7 0>>6870 =:8 76 02> 6=0 2; 2;=6878 7 26868:> ;:= 6=< 8>6 06> 086 ;< 6>: 6;68:6 660 6= !26=

68:2%68:7 6:=> 6;=> 28< 26: 02 !0>2

Jeopg9 ^dfoe @gmgofd `g @g}gozedzhagope Gmeoahme g ]emhfd Rgdfprhe ^rgdhahofr }ebrg f ]hpwfeAeogprhf Mrg`hpmhf g `e Agrmf`e `g Mf~hpfh}


19/66

VWF@RE 6/6>

@G^]HPE] OE] BFOME] MEAGRMHFH]

FOER G D F E

@g~}hpe} f zh}pf@g~}hpe} f ~rfye

6872 > 2 27

6870 > 20

6877 > 68

687: > 6;

687; > 60

687< > 62

6878 > 6>

68:> > 66

68:6 > >8


20/66

VWF@RE 6/66

G]PFBGDGMHAGOPE] BFOMRHE] OFMHEOFH]

FOE ]G@G FKOMHF]

PEPFDKGRFD

Fkomhf} ~%]g`g

G|mdw}hzgB/B/

Bfome `eBrf}hd @gafh} Pepfd

6802 =;0 260 6>=; 6276 6:27 2 ;== 7 ;0687= 0>0 ==< 2777 2 2;6= =>:= =0:6 :


21/66

VWF@RE 6/62

AGHE] @G ^FKFAGOPE

Mr$ ahdlg}Aghe} ,6(

^fkfagope^f~gd Aeg`f ga

^e`gr ^bdhme@g~}hpe ,=(

F Zh}pfRgdfg}

=%6 2%6

680: 07 0 6: < 2< : > := > =;

680; 0: : 6: 8 28 : > :0 > =:

680< 7> > 6; ; =2 = > :7 > =7

6808 7< = 68 0 =< 8 > :; > ==

687> ;< 0 27 2 7= 2 > :< > =2

6876 8> ; 2< 0 :2 = > :8 > =6

6872 6>0 6 =6 7 ;2 : > ;> > =>687= 620 6 =; 8 ;> > =>

6870 676 7 08 > 6>2 7 > :< > =2

6877 6;; 8 7; 6 62> < > :< > =2

687: 26; = :; 7 608 < > :8 > =6


22/66

2/ RGG]PRWPWRFE @E ]H]PGAF

2/6/ RGJERAF] HO]PHPWMHEOFH] ^] 68:0

E kezgroe ho}phpwè ga 68:0 ~re~wolf!}g rgpeafr f} fdpf} pf|f} `g mrg}mhagope è~greè fopgrher meopgr f} ~rg}}g} hojdfmheorhf} rg`wyhr e} `jhmhp} erfagoprhe} èPg}ewre Ofmheofd kfrfophr f rgawogrfe rgfd fe} fphze} jhofomghre} mrhfr wa agrmfè`g mf~hpfh} gjhmhgopg of fdemfe è} rgmwr}e} jhofomghre} `h}~eozgh} g ~er jha ~re~hmhfrafher jdg|hbhdh`f`g fe }gper g|pgroe/ ^frf pfope ~remwrew rgjerafr ga ~rejwo`h`f`g efrmfbewe ho}phpwmheofd è ~f}/

F jf}g afh} jrphd oe vwg }g rgjgrg } rgjeraf} ho}phpwmheofh} merrg}~eo`gw fe ~rhaghrekezgroe ~}!68:0/ G}}g ~greè mfrfmpgrhyew!}g ~gdf ha~dfopfe `f} rgjeraf} iwdkf`f}ogmg}}rhf} ~gde kezgroe gope ho}phpwè/ @e `hfko}phme `f mrh}g gmeoahmf ~gdf vwfd~f}}fzf e ^f} gagrkhrfa f} ag`h`f} vwg hrhfa `gpgrahofr e frmfbewe è }h}pgaf/Mfbg rg}}fdpfr vwg f krfo`g afherhf `g}}f} ag`h`f} oe }hkohjhmfzf fdpgrfe `g fdke~rgg|h}pgopg af} }ha f aeopfkga `g waf g}prwpwrf vwg ~w`g}}g rg}~eo`gr }ogmg}}h`f`g} è ae`gde f }gr ha~dfopfè/

Oe jfdpfrfa e} ~grmfde} hogrgopg} fe} oeze} g|~grhagope} e vwg jhmew gzh`gomhfèmea e }wmg`gr `g ag`h`f} mea~dgagopfrg} g fdpgrofphzf}/

Oe ~rg}gopg prfbfdle ~rgpgo`gae} oe} meomgoprfr of} rgjeraf} dgzf`f} f gjghpe of rgfè Agrmfè Jhofomghre g `g Mf~hpfh} } emf}heofdagopg prfpfoè `g rgjeraf} ~grphogopg}f ewpre} }gperg}/


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Bfome Ofmheofd `g @g}gozedzhagope Gmeoahme ,B/O/@/G/( g f} `gafh} ho}phpwhg}jhofomghrf} ~rhzf`f} g ~bdhmf}/

Ewprf `f} ~gf} jwo`fagopfh} of g}prwpwrfe è ]h}pgaf Jhofomghre jeh f Dgh èAgrmfè `g Mf~hpfh} ,Dgh o/ 0;2< `g 6:/>;/:7( vwg fprhbwhw fe Meo}gdle Aeogprhe

Ofmheofd f `h}mh~dhof oe Agrmfè `g Mf~hpfh} g fe Bfome Mgoprfd f }wf jh}mfdhyfe/^rgpgo`hf!}g mea h}}e jfmhdhpfr e fmg}}e f hojerafe }ebrg e} ppwde} g zfderg}`h}prhbwè} oe agrmfè bga meae }ebrg f} }emhg`f`g} vwg e} gahphfa3 gzhpfr afoh~wdfg} è agrmfè9 f}}gkwrfr f gvwh`f`g è} hozg}phèrg} ~gdf jh}mfdhyfe è}~rejh}}heofh} è }gper3 `h}mh~dhofr f fphzh`f`g `g merrgpfkga `g ppwde} aebhdhrhe} gmabhe/

G}pfbgdgmgw!}g e }h}pgaf `g `h}prhbwhe è agrmfè `g ppwde} g zfderg} aebhdhrhe} vwg}grhf meo}phpwè ~gdf} Bed}f} `g Zfderg} g ]emhg`f`g} Merrgperf} Ho}phpwhg}Jhofomghrf} fwperhyf`f} f e~grfr og}}g agrmfè g }emhg`f`g} ew ga~rg}f} vwgphzg}}ga ~er ebigphze f }wb}mrhe g ew hopgrag`hfe `g}}g} fphze} jhofomghre}/

Fdkwo} è} ho}prwagope} f }grga e~grfè} ~er g}pf} ho}phpwhg} pfaba jerfa ebigpe `fdgh meae f} fg} f} `gbopwrg} meozgr}zgh} ga fg} g f} fg} goè}}zgh}/

Mrhfrfa!}g pfaba e} Bfome} `g Hozg}phagope} ho}phpwhg} vwg `gzgrhfa `g`hmfr!}g femr`hpe `g deoke ~rfye g } e~grfg} `g wo`gr{rhphok/ F Dgh fwperhyew pfaba$ f}ebrhkfg} mea mdw}wdf} `g merrge aeogprhf `gbopwrg} dgprf} `g mabhe gmgrphjhmfè} `g `g~}hpe} bfomrhe `g}`g vwg oe zhedf}}ga e} rgvwh}hpe} `g ~rfye g e}dhahpg} `g merrge `g }wf} meokogrg} kezgrofagopfh}/

F`hmheofdagopg f g}}f} rgjeraf} ~remwrew!}g zhfbhdhyfr e} hozg}phagope} of rgflfbhpfmheofd meae zhae} wa è} }gperg} dhahpfè} fopgrheragopg ga }wf g|~fo}e ~gde


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F} dgprf} Haebhdhrhf} meo}phpwrfa!}g ga ho}prwagope `g mf~pfe `g rgmwr}e} zedwoprheè ]h}pgaf Jhofomghre Lfbhpfmheofd/ Jerfa mrhf`f} ~gdf ~r~rhf Dgh 0=%:0 g }gw zfder `g rgjgromhf ~f}}ew f }gr g|~rg}}e ga Woh`f`g} ^f`re `g Mf~hpfd ,W^M( `gopre `fjhde}ejhf `g rgawogrfe rgfd è mf~hpfd/

Fda `g}}g} f mf~pfe ~f}}ew pfaba f }gr jghpf fprfz} è} @g~}hpe} `g êw~fof,f} mlfaf`f} Mf`grogpf} `g êw~fof(/ F} mf`grogpf} gaberf mrhf`f} ~gdf Dgh0=%:0 }eagopg jerfa rgkwdfagopf`f} ga 68:


25/66

! Mrhfrfa!}g hoagre} homgophze} jh}mfh} `goprg e} vwfh} }g `g}pfmfa e} g}pawde} }g|~erpfg} ~rhomh~fdagopg `g ~re`wpe} afowjfpwrf`e}/

! Fho`f meae g}pawde } g|~erpfg} ho}phpwhw!}g e }h}pgaf `g pf|f jdg|zgd `g mabhe,26/>


26/66

fdmfofzf ga 68:< f pf|f `g 6= > 7' ga 68;=/ Fda `h}}e e} `jhmhp} jerfa jhofomhfè} g}}gomhfdagopg fprfz} `g rgmwr}e} oehojdfmheorhe} ebphè} fprfz} `f medemfe `g ppwde} `f `zh`f ~bdhmf ,Vwf`re 2/7(/

! Rgfdhyfrfa!}g oe ~greè hozg}phagope} oe} afh} zfrhfè} mfa~e} vwgr ga hojrf!g}prwpwrf ,prfo}~erpg meawohmfg} gogrkhf gdprhmf(3 meae of ho`}prhf `g ho}wae}b}hme} g bgo} g mf~hpfd/


27/66

VWF@RE 2/6

O@HMG KGRFD @G ^RGE] ,)(

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68;= =;= 67 0


28/66

2 6

68:: 6; < 0 < /:;< 0 ::7 = 2 >

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29/66

28

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30/66

=>

VWF@RE 2/0

AEZHAGOPE @G MF^HPFH] ,W]$ ahdlg}(

68: ;/7/>=6

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2/ Ga~r}phae} g Jhofomhfagope} 6/


31/66

=6

VWF@RE 2/7

G\GMWE JHOFOMGHRF @E PG]EWRE OFMHEOFD

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32/66


33/66

meozgr}e }gif ho`g~go`gopg è} jdw|e} goprg e} }gperg} oeahofh} g rgfh} f g|~gmpfphzfvwfope pf|f `g meozgr}e jwo`fagopfd ~frf g|~dhmfr e} jdw|e}/ E }gper oeahofd ~frf}ebrgzhzgr pgr vwg }gr gjhmhgopg oe fiw}pg `g }wf rgawogrfe bf}gfè wohmfagopg of}g|~gmpfphzf} `g hojdfe/ F}}ha waf `f} mfrfmpgr}phmf} `g}}f gmeoeahf }gr fwagopfr f zgdemh`f`g `g fiw}pg `f pf|f oeahofd `g iwre} vwg w}wfdagopg bf}pfopg dgopf ga

gmeoeahf} }ga f `w~dhmh`f`g `g aeg`f ,6

(/Mea bf}g og}}f g|~gmpfphzf `g pf|f `g meozgr}e e} ejgrpfopg} `g rgmwr}e} ~remwrfref`vwhrhr fphze} ho`g|fè} ew oe/ Pfaba }gr jwo`fagopf`f og}}f g|~gmpfphzf f`gafo`f `g rgmwr}e} ~er ~frpg `f} ga~rg}f}/ Fda `h}}e f merrge aeogprhf fa~dhff zgdemh`f`g è} fiw}pg} oe }gper oeahofd fwagopf e rh}me g f homgrpgyf vwfoè ffopgmh~fe è} rgo`hagope} rgfh}/

Ga vwfdvwgr }emhg`f`g f g|~gmpfphzf `g waf hojdfe gdgzf`f rg`wy f `gafo`f ~er aeg`f g ga kgrfd ~er fphze} jhofomghre} }goè e} rgmwr}e} prfo}jgrhè} ~er ~frpg è}~ew~fèrg} ~frf fphze} rgfh} ga kgrfd bgo} `g rfhy vwg afopa }gw zfder ag}aemea fdpf} pf|f} `g hojdfe/ Goprgpfope e mw}pe `g}}f} prfo}jgromhf} w}wfdagopggdgzfè/ F g|h}pomhf of gmeoeahf `g fphze} mea merrge aeogprhf perof e }h}pgafg|prgafagopg jdg|zgd vwfope prfo}jgromhf `g rgmwr}e} goprg fphze} aeogprhe} g ewpre}vwg ~rg}grzfa }gw zfder ag}ae of hojdfe/

F}}ha vwfoè }g g}~grf wa rgmrw`g}mhagope hojdfmheorhe emerrg ~er ~frpg è}~ew~fèrg} waf prfo}jgromhf afmhf `g rgmwr}e} è} fphze} aeogprhe} ew fphze}jhofomghre} oe ho`g|fè} ~frf e} fphze} ho`g|fè}/

êr ewpre dfè e} `gafo`fopg} `g rgmwr}e} ~rgzgoè waf fmgdgrfe of pf|fhojdfmheorhf ~remwrfa mrhfr g|hkhbhdh`f`g} oe ho`g|f`f} vwg meae jeh zh}pe pgo`ga ffiw}pfr!}g krf`wfdagopg } aw`fof} of g|~gmpfphzf `g hojdfe/


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F ga~rg}f e~grf mea f afherhf `g }gw} mw}pe} g e ~rge `g }gw} ~re`wpe} ga pgrae} `gaeg`f dgkfd/ ]gw jdw|e `g mfh|f ga aeg`f dgkfd/ ]wf kgrfe `g rgmwr}e} gaaeg`f dgkfd/Vwfope afher f pf|f `g hojdfe afher e rh}me `g vwfdvwgr ga~rg}f }gr ~gofdhyf`f gapgrae} `g mw}pe} g ~rge} `g }gw} ~re`wpe} ,7( g `g oe }gr mf~fy `g kgrfr mfh|f of

~re~ere ogmg}}rhf ~frf }fd`fr }gw} mea~reah}}e} ho`g|fè}/Oepg!}g vwg f mrh}g ~e`g }gr }ha~dg}agopg `g dhvwh`gy g oe ~fprhaeohfd/ ]g e} rgmwr}e}ebphè} ~gdf ga~rg}f oe agrmfè jhofomghre jerfa fdemfè} ga hozg}phagope} owameopg|pe hojdfmheorhe e ~fprhaohe `f ga~rg}f ~e`g }gr afh} è vwg }wjhmhgopg ~frfkfrfophr }wf} g|hkhbhdh`f`g} goprgpfope ~e`g g}pfr mfrgopg `g mwr}e} dvwhè} ~frf }fd`fr }gw} mea~reah}}e} ,: (/

Of ag`h`f ga vwg e ~rebdgaf `g}mrhpe emerrf waf ~frmgdf }hkohjhmfphzf `f} ga~rg}f}g|h}pgopg} f} vwg jerfa ~gofdhyf`f} ~gdf hojdfe perofr!}g!e hdvwh`f} mea rgjdg|e}oe ~r~rhe agrmfè jhofomghre vwg ~f}}fr f fmwawdfr `bhpe} ga fbgrpe fe hoz} è}rgmwr}e} vwg ogmg}}hpf ~frf }fd`fr }gw} ~r~rhe} mea~reah}}e}/

F`hmheofdagopg f ho`g|fe perof f gmeoeahf è ~eope `g zh}pf jhofomghreg|prgafagopg jdg|zgd3 è ~eope `g zh}pf ~re`wphze e }gophè g|fpfagopg meoprrhe ~eh}

pgo`g f gorhigmgr e }h}pgaf `g ~rge}/ Vwfoè waf dfrkf zfrhg`f`g `g bgo} g }grzhe}pa }gw} ~rge} ho`g|fè} g}pg} `gh|fa `g rgjdgphr f g}mf}}gy rgdfphzf g ~e`gamea~reagpgr f fdemfe gjhmhgopg `g rgmwr}e} `f gmeoeahf/

Waf gmeoeahf pepfdagopg ho`g|f`f }grhf bf}pfopg rkh`f ae`hjhmfg} of }wf g}prwpwrfgmeoahmf/


35/66

^frf meoperofr g}}g ha~f}}g mrhew!}g f jhkwrf `f merrge aeogprhf ~r!jh|f`f ,; ( vwgrg~rg}gopf of zgr`f`g waf pf|f oeahofd `g iwre} fàhoh}prf`f ~gde Bfome Mgoprfd/

Gaberf e agmfoh}ae `f Merrge Aeogprhf pgolf zhfbhdhyfè f jerafe `g wa fa~deAgrmfè `g Mf~hpfh} h}}e oe }hkohjhmf `hygr vwg e `g}gozedzhagope è Agrmfè peroew!

}g ho`g~go`gopg `f hojdfe/ H}}e ~e`g }gr zh}pe g}pw`foè!}g f} zrhf} jf}g} ~gdf}vwfh} ~f}}ew e ^f} f ~frphr `g 68:; oe vwg `hy rg}~ghpe hojdfe/

F ~rhaghrf gokdebf e} foe} `g 68:; f 68;= vwfoè e} o`hmg} hojdfmheorhe}f~rg}gopfzfa!}g `gmrg}mgopg ,Vwf`re =/6(/ F }gkwo`f jf}g vwg }g hohmhf ga 68;0 g }gg}pgo`g fp leig merrg}~eo`gw f waf jf}g `g rgmrw`g}mhagope hojdfmheorhe rgjdg|e `g~rg}}g} hopgrof} i }goph`f} `wrfopg e foe `g 68;= g g|pgrof} eo`g f mrh}g è ~gprdge`g}ga~golew wa ~f~gd afrmfopg lfif zh}pe f} mea~rf} g|pgrof} `g}}g ~re`wpe pgrga}g g|~fo`hè `g W]$ ;6> ahdlg} ,68;=( ~frf W]$ 0/>:< ahdlg} ,ga 68;;(rg~rg}gopfoè mgrmf `g =>' è pepfd `f} ha~erpfg} è ~f} og}pg dphae foe/ F}}haf} pf|f} `g fwagope `g ~rge} ae}prfrfa!}g mrg}mgopg} oe} foe} 68;0%68;;fdmfofoè pf|f} `f er`ga `g 0>' oe} foe} `g 68;: g ;; ,Vwf`re 2/6(/

Govwfope f hojdfe }g f~rg}gopew `gmrg}mgopg oe ~f} goprg 68:0 g 68;= e agmfoh}ae`f merrge aeogprhf mwa~rhw }fph}jfperhfagopg }gw} ebigphze} }ga gzh`gomhfr e}~rebdgaf} vwg deke }wrkhrfa/ Og}}f ~rhaghrf jf}g ~e`g!}g `hygr vwg f merrgeaeogprhf `gh|ew wa }fdè ~e}hphze pgoè perofè ~e}}zgd mea~fphbhdhyfr f hojdfe meae Agrmfè `g Mf~hpfh}/

! Goprg 68:< g 68;= ga pgrae} rgfh} emerrgw waf g|~fo}e }w~grher f 27>' oe }fdè`g lfzgrg} jhofomghre} fdmfofoè og}pf dphaf `fpf ,f ~rge} `g `gy%;;( fha~erpomhf `g Mr$ ;:7 bhdlg} ,Vwf`re} =/6 g =/2(/


36/66

Fp 68;= e} fphze} }ga merrge aeogprhf ew mea merrge aeogprhf ~r!jh|f`frgawogrfrfa f waf pf|f fowfd }w~grher vwgdf rg~rg}gopf`f ~gde} fphze} mea merrgeaeogprhf/ Pfd }hpwfe hozgrpgw!}g vwfoè f hojdfe ~f}}ew f f~rg}gopfr pf|f}mrg}mgopg} f ~frphr `g 68;0 pgoòmhf rgjerf`f ~gdf g|h}pomhf of ~emf `g

rgkwdfagopfe vwg `gpgrahofzf pf|f} a|haf} `g rgawogrfe oe} `hzgr}e} fphze}}ga merrge aeogprhf ,Vwf`re =/0(/

Meae rg}wdpfè `g}}f fdpgrfe of g}prwpwrf `g rgawogrfe ga 68;0 e }fdè rgfd `f}Dgprf} `g Mabhe g @g~}hpe} f ^rfye Jh|e f~rg}gopew rgprfe/ E} @g~}hpe} f ^rfyeJh|e rgmw~grfrfa!}g oe} foe} ~e}pgrherg} ~rhomh~fdagopg ~gdf gdgzf`f dhvwh`gy vwgf`vwhrhrfa oe e~go afrcgp$ govwfope e }fdè `f} Dg prf} `g Mabhe meophowew f rg`wyhr!}g/ F ~frphmh~fe `g}}g} èh} fphze} oe pepfd è} lfzgrg} oe aeogprhe} rg`wyhw!}g `g08' ga 68;= ~frf =2' ga 68;;/ Ga meoprf~frph`f e} }fdè} è} Ppwde} `f @zh`f gè} @g~}hpe} `g êw~fof g Dgprf} Haebhdhrhf} mf~pfè} ~er fkomhf} è G}pfè ew}eb }wf kfrfophf g|~fo`hrfa!}g ga 6>:' ga pgrae} rgfh} oe ~greè ,68;0%68;;(~f}}foè f rg~rg}gopfr waf ~grmgopfkga }w~grher f :=' è pepfd `g lfzgrg} oeaeogprhe}/

Ga meo}gvwomhf `g}}g `g}demfagope `g rgmwr}e} i }gophè ga 68;0 e }gper jhofomghre~rhzfè vwg ~rfphmfagopg oe e~grf mea Merrge Aeogprhf jeh dgzfè f waf mrh}gzhedgopf `g dhvwh`gy g vwg rg}wdpew of vwgbrf `g hoagrf} ho}phpwhg} jhofomghrfh}edf`f} g ag}ae fdkwo} meokdeagrfè} jhofomghre}/ F mrh}g } oe fphokhw afherg}~re~erg} krff} fe è G}pfè vwg hoigpew wa meo}h`grzgd zedwag `g rgmwr}e} gafw|dhe f wa gdgzfè oagre `g ho}phpwhg} jhofomghrf} g g}phawdew }wf} jw}g} ghomer~erfg} meoprhbwhoè homdw}hzg mea rgmwr}e} ~frf zhfbhdhy!df} ,


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Meae jeh zh}pe e G}pfè f}}wahw e meopredg `g ~frmgdf} mrg}mgopg} `f ~ew~fofjhofomghrf hopgrof fprfz} `g }gw} lfzgrg} jhofomghre} g `f ~ew~fof mea~wd}rhf vwgfàhoh}prf/ Pfh} rgmwr}e} mw}pfa fe G}pfè pf|f} vwg zfrhfa goprg =' f '/ F ~frphr `g 68;0 g}}gerkfoh}ae ~f}}ew f meopfr mea rgmwr}e} ~rezgohgopg} è ^H] ^F]G^ ha~erpfopgjeopg `g ~ew~fof mea~wd}rhf/ Fprfz} `g}}f jeopg }w~dgagopfr e BO@G meo}gkwhwg|~fo`hr }gw }fdè `g ga~r}phae} goprg 68;= g 68;; waf a`hf fowfd }w~grher f8>'/ Og}pg dphae foe e }fdè `g ga~r}phae fdmfoew f ha~erpomhf `g Mr$ 60< =bhdlg} mea wa `g}gabed}e gjgphze oe foe `g Mr$ 00 bhdlg} ,Vwf`re =/7(/

! F}}h}pomhf fe }gper jhofomghre ~rhzfè è ~f} mwie} rgmwr}e} gozedzhè} fdmfofawaf ha~erpomhf `f er`ga `g Mr$ 7; bhdlg} g mwif rgawogrfe è G}pfè zfrhffdmfofoè ga fdkwo} mf}e} f pf|f oeahofd `g f~gof} :'/

Meae }g z f gmeoeahf brf}hdghrf gomeoprf!}g ga waf }hpwfe of vwfd e G}pfèmeopredf waf ~frmgdf g|prgafagopg gdgzf`f `f ~ew~fof jhofomghrf mf~pfoè g}}g}rgmwr}e} zhf agmfoh}ae} `g ~ew~fof mea~wd}rhf ew fprfz} `g fphze} mea iwre} g


38/66

= 2=> ! ;= 00= 66 0< 7/7=> 6=>/266 87 ! 27; :87 8 0:= 6/020 : =8 6>/76< 6/0;2 6< =60 8>: 0; 6/0=0 2/;68 = /=;=

:; 67/=82 0 2/6>7 28> 2/72> 7/;>7 2 ;> 26/>8; 260/6 6=/=07

:< 26/6 6/008 0/77< :00 =/7=7 66/==0 6 :

:8 2;/88> = :/6;2 6/687 7/0;

;> =7/=7< 2/>/666 28< 6 2: :=/07: =7 2;//8;= 7/>67 2:/6 ;


39/66

=8

VWF@RE =/2

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68:0 =6 : 76 8 6: 7 =/28: 0 7/067 : 6/;6< < 6>/0=> 8

68:7 6< > 0< < > := =2 7 0/7>> : 62/6;> < 67; : < > 20/8=; 6

68:: > :: 66 7 == = 6 ;2 72 ; 22; 2 =/8:= = 66/0=7 7 78= 2 688 8 =0/=68 2

68:; 6 7> 62 = =: 8 7 >< 00 2 > 2/800 6 27/7 2 7 :< =6 2 2/:;2 0 66/;=0 = =:/866 : 7/267 2 2 ;

68;> ; 06 67 < 28 7 ; 60 =: > 66/;:6 2 27/>82 < 0:/2 > 66/==; 7 7;/66; > 67: 8 60/;70 < ;2/ 26 > 2< = 7 => =6 2 08/ 622/ 0==/72= 7

68;0 6; =; 2> 6 27 : 0 8< 2< ; ;7//;;= > 66=/282 = 6

68;: 20 :; 6: < 67 ; 2 20 =7 = 608/67: : 6>6/0=0 6 80/ :>0/:;< >

68;; 2: 66 6< 7 62 : 6 78 =7 0 6;;/2 > 627/;:= > 6>/8 > 20>/082 > :;


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06

VWF@RE =/0

RGAWOGRFE @G @HZGR]E] FPHZE] JHOFOMGHRE]

,Pf|f Fowfd(

F P H Z E % F O E 68:0 68:7 68:: 68:; 68:< 68:8 68;> 68;6 68;2 68;= 68;0 68;7 68;:

Mea Merrge Aeogprhf

E/R/P/O/ ;6 6 0: > => > 28 7 22 8 20 > 2; 6 68 : 6; 6 =8 7 2< 8 02 2

Dgprf} Haebhdhrhf} ;> : 0: = =: 7 == 0 2; 6 2< ; =2 ; 27 2 68 ; =< 0 => 7 06 7Mf`grogpf êw~fof %Mfh|f} Gmeoahmf} :; ; 0= : =0 > => 8 20 < 2: = => = 20 : 68 ; =< 0 => 7 06 7

]em/ `g Mr`hpe Haebhdhrhe ;> : 0: = =: 7 == 0 2; 6 2< ; =2 ; 2: 8 22 > 0> 8 =2 = 06 0

]ga Merrge Aeogprhf

Dgprf} `g Mabhe 00 8 0; ; 72 = => 7 =6 < => = => 0 28 0 2< > 20 2 22 > 2; > 2: 7

@g~}hpe} f ^rfye Jh|e

Bfome} Meagrmhfh} 20 = 20 = 20 = 20 = 20 = 20 = 20 > 26 > 2; > =6 2

Bfome} Hozg}phagope} 20 > 26 > 2< > 28 2 68 2 68 < 67 7 67 ; =0 7 28 0 0: =

Jeopg9 Bedgpha è Bfome Mgoprfd è Brf}hd


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02

VWF@RE =/7

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68:7 =>7 =0 >0 660 62 ;2 22 66; 7 ;: 2/>=6 2>/:6< ; 6/20 6;7 0 > 6

68:8 2/;0; :8 00 6 =68;> 0/027 ;: 28 02: ; =0 7/> =2/;:0 2 2/>06 0

68;6 :/26= ;7 >6 0;7 7 ;= ; 78 08 60 2/:>: < 7> =>/:07 /=>< 2

68;7 60/;60 2= 76 20/8:6 =8 6 < := :2/78= 62;/>:= < ;/86: ;

68;: =;/=06 == 6; =:/6;0 =2 60 8/278 < 2= 662/77< 67:/66; 8 8/;2: 8

Jeopg9 Bfome Mgoprfd e Brf}hd,)( Meozgr}e pf|f `g @gy/ 68;; ,zgo`f 1 6: >7(


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VWF@RE =/:

ÊW^FOF JHOFOMGHRF BRWPF OFMHEOFD

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44/66

00

VWF@RE =/;GA^R]PHAE] @E ]H]PGAF JHOFOMGHRE FE ]GPER ^RHZF@E ,OE JHOFOMGHRE(

ÊR GA^RG]PF@ERG] JHOFH] @E ]H]PGAF OE AEOGPRHE

^frphmh~fe oe Pepfd Ga~r}phae} ,'(

^greè Jhofo!mghrf}Bfome}`gHozg}p/

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F/^/G/ Mfh|f} B/O/@/G/ Bfome}G}pf`/@g}goz/

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68:= 2= ;< 2; 20 0 6: 0; 0= = 72 0= 86 ;0 :;

68:0 =8 ;8 2> >; : 0> =0 ;; 2 78 =2 6< > =7 70 8 : 6= 0 6; > = =; > 68 6< 07 : ;8 6: 6: 2 0< 6= :< > 8 8 > =2 66 6: = 8= 66 0: 6 :2 6> 2= 2 :6 06 :>68:8 2; 8= 26 >; 6< 66 62 0= < 00 6 6> 8 78 0 =8 6= 22 2 27 6> 8; 2 :7 06 :0

68;> 2< ;< 2> >0 22 28 < 88 6= 72 < 6= 6 20 66 6< 0 7: 62 2> 2 :2 8 78 2 0> 07 :;

68;6 2< >: 22 06 2= 2= 8 ;0 6= 7> 8 2> 6 =2 66 >: 0 :> 8 ;8 = 2; : 72 2 :7 > 22 00 > >> 66 7; < 00 66 > 6> >2 = 8; 8 =6 0 :; 0 := = 68 > 80 =8 ==

68;= => 6< 27 0= 6< ;0 62 77 : 68 62 2> 2 60 8 ;2 0 27 < 2 66 =; =7

68;0 20 < 60 >8 = =8 6; 7: : 6> 2> 26 : :8 6= 76 : 67 6 8: :2 =:

68;: 6; >; 2> 20 26 8< 6< 66 = :8 20 2: 6< 2: 0 22 62 8= 0 66 67 86 : := 26 7; < =: 6= 26 : 0; 6 >= :6 ;0

Jeopg9 Bfome Mgoprfd è Brf}hd ,@fè} Brwpe}(


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Og}pg dphae deke }g rgzgdew }wf ho}pfbhdh`f`g kgrf`f ga dfrkf ag`h`f ~er e~grfr mea`wf} woh`f`g} `g meopf waf ho`g|f`f ,W^M ew ERPO( g ewprf aeogprhf e mrwyghre/

E Agrmfè Jhofomghre g `g Mf~hpfh} peroew!}g ho}pzgd g mgopre `g waf meo}h`grzgdg}~gmwdfe/ F g|prgaf aebhdh`f`g `g rgmwr}e} `g homhe wa ~eope jfzerzgd è }h}pgaf

fkerf perofzf!}g waf f} mfw}f} `f ho}pfbhdh`f`g/ Mea e rgmrw`g}mhagope hojdfmheorhegovwfope e} ejgrpfopg} `g rgmwr}e} ~remwrfzfa e} }gperg} vwg e~grfzfa ga pgrae}rgfh} ew }gif fphze} mea merrge aeogprhf e} `gafo`fopg} `g rgmwr}e} ~rgjgrhfaf}}wahr g|hkhbhdh`f`g} ga pgrae} oeahofh}/ F g}~gmhfdhyfe oe agrmfè jhofomghre g `gmf~hpfh} eo`g ~rfphmfagopg } e G}pfè e~grf mea fphze} ho`g|fè} jgy mea vwg g}pgfb}erzg}}g ~frmgdf} mrg}mgopg} `g ~ew~fof mea~wd}rhf }eb }gw meafoè g dlg~grahph}}g `gpgr e meopredg }ebrg e} hozg}phagope} è ~f}/

Pfh} rgmwr}e} mw}pfa fe G}pfè iwre} afh} merrge aeogprhf/ Goprgpfope ~er ebigphze}`g ~edphmf gmeoahmf ~er ogmg}}h`f`g `g f}}h}pomhf jhofomghrf f }gperg} ga mrh}g ew}ha~dg}agopg ~gdf ha~e}}hbhdh`f`g `g medemfr oe agrmfè e} zedwae}e} rgmwr}e}mf~pfè} mea waf rgawogrfe }w~grher f }gw mw}pe e kezgroe ha~dfopew wa mea~dg|e}h}pgaf `g mr`hpe }wb}h`hfè/

F~} wa ~greè ga vwg }g fmrg`hpfzf vwg e agrmfè jhofomghre g}phzg}}g gjgphzfagopgmeo}edh`fè g mwa~rhoè gjhmhgopgagopg }wf} jwog} e vwg }g z e G}pfèmeopredfoè ~frmgdf} mrg}mgopg} `f ~ew~fof jhofomghrf prfo}jgrhoè rgo`f `fmedgphzh`f`g f }gperg} ~rherhprhe} of ag`h`f ga vwg e~grf mea " }~rgf`" ogkfphze gmea `hjhmwd`f`g} ~frf gjgpwfr waf ~edphmf aeogprhf g}pfbhdhyfèrf/


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FOG\E 6 JERAF @G RGFIW]PG @F ERPO G @F W^M ,6(

F dgh 0=7; `g 6:/>;/:0 vwg mrhew f} Ebrhkfg} Rgfiw}pzgh} è Pg}ewre Ofmheofd ERPO `gjhohw ~frf g}}g} fphze} f} }gkwhopg} mfrfmpgr}phmf}9

! zfder oeahofd `g Mr$ 6> >>! fpwfdhyfe prhag}prfd mea bf}g of} zfrhfg} è ~e`gr fvwh}hphze `f aeg`f ofmheofd/

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E} iwre} vwg fpwfdagopg zfrhfa `g :' f


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F ~frphr `f jrawdf fmhaf ~e`g!}g gjgpwfr f} }gkwhopg} }ha~dhjhmfg} 9

H0 :0 # H7 :0 # H: :0 Meae

276; # 27:< # 2:;< 1 ;;:=

, Hp 0 # Hp 7 # Hp!: ( 1Z p 1 6> >> |

;;:=

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49/66

Hp 0 # Hp 7 # Hp :Z p 1 > 7 Zp 6 | # > 7 Z p!6 / 6 >>808

Hp 7 # Hp : # Hp ;

6/0 ^GRE@E @G FBRHD @G 68;0 F IWDLE @G 68;7

Og}}g ~greè rgperoew!}g fe }h}pgaf fopgrher ew }gif rgphrew!}g è o`hmg f ~eo`grfevwg hopre`wyhf oe o`hmg f hojdfe `g}gif`f/

Hp 0 # Hp 7 # Hp :Z p 1 Z p 6 | Hp 7 # Hp : # Hp ;

6/7 ^GRE@E @G FKE]PE @G 68;7 F IWOLE @G 68;:

Ga fke}pe `g 68;7 e kezgroe gjgpwew waf oezf fdpgrfe oe mdmwde `f MerrgeAeogprhf/ Hopre`wyhw!}g e meomghpe `g fmh`gopfdh`f`g/ H}}e }hkohjhmfzf gdhahofr èo`hmg f} fdpf} `g ~rge} ~rezemf`f} ~er gzgope} fmh`gopfh} meae mfdfah`f`g mdhaphmfew aw`fof} brw}mf} oe} ~rge} `g ~re`wpe} ha~erpfè}/

F}}ha fàhphf!}g ~frf gjghpe `g mdmwde `f Merrge Aeogprhf o`hmg} `g ~rge}g|phr~fè} `g gzgope} fmh`gopfh}/ Meae dhahpfe jh|fzfa !}g meae g|~wrke} a|hae}oe} o`hmg} `g ~rge} fvwgdg} vwg }g rgjdgph}}ga ga zfrhfe `g fp 0' oe mdmwde `f


50/66

Of ag`h`f ga vwg e H^F!@H `g 68;; g 68;< zga gzedwhoè f waf pf|f `f er`ga `g 0>'e o`hmg `g merrge aeogprhf zga }ejrgoè waf }h}pgaphmf }wbg}phafe/

F}}ha meae rg}wdpfè è} jfperg} `g rgfiw}pg} hopre`wyhè} `f ae`hjhmfe oe o`hmg `g~rge} g `f hopre`we è meomghpe `g fmh`gopfdh`f`g e o`hmg `g Merrge Aeogprhf

vwg fp 68;= rgjdgphf rfyefzgdagopg f zfrhfe è ~e`gr `g mea~rf `f aeg`f ~f}}ew f}gr }h}pgafphmfagopg }wbg}phafè/ Peafoè e zfder oeahofd `g Mr$ 6> g `gjdfmheofoèe} rgfiw}pg} ~e}pgrherg} `f ERPO ~gde o`hmg kgrfd `g ~rge} `h}~eohbhdh`f`g hopgrof ezfder `f ERPO rg`wyhw!}g ~frf ; 70 ga afhe `g 68;


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=/ HO@G\FE FBRFOKGOPG

F oezf dgkh}dfe }ebrg f} }emhg`f`g} foohaf} rgmgopgagopg ~reawdkf`f ~gdf Dgh:0>0 `g 67/62/68;: bga meae f merrg}~eo`gopg dgkh}dfe è ha~e}pe `g rgo`f,@gmrgpe Dgh 678< `g 2:/62/68;;( g f dgkh}dfe mea~dgagopfr `f Meah}}e `g Zfderg}Aebhdhrhe} g è Bfome Mgoprfd fdpgrfrfa }wb}pfomhfdagopg f ho`g|fe `f} ga~rg}f}/

F meopfbhdh`f`g `gzg fkerf rgjdgphr of afherhf `g }gw} f}~gmpe} e ha~fmpe hojdfmheorhe}ebrg e} fphze} g g|hkhbhdh`f`g} `f ga~rg}f/ Oe mf}e `g mea~folhf} fbgrpf} g ewprf}ga~rg}f} mea mf~hpfd }w~grher f Mr$ 6>> ahdlg} f ho`g|fe bf}pfopg fa~df ~eh}g|hkg!}g vwg f ga~rg}f ~e}}wf of }wf meopfbhdh`f`g wa dhzre Rfye Fw|hdhfr oe vwfd f}meopf} }wighpf} merrge aeogprhf }gre g}mrhpwrf`f} fèpfoè!}g meae woh`f`g `gmeopf e zfder oeahofd `f ERPO fe hoz} `f aeg`f merrgopg ,mrwyghre}(/

F oezf dgkh}dfe rg~rg}gopf wa krfo`g fzfoe ga afprhf meopbhd/ Fprfz} `gdf e}rg}wdpfè} meopbgh} `f} mea~folhf} `gzgre rgjdgphr mea agoer `h}pere }gw}zgr`f`ghre} rg}wdpfè} gmeoahme} g jhofomghre} f~g}fr `g e~grfrga ga wa meopg|pefdpfagopg hojdfmheorhe/ Mea f oezf }h}pgaphmf ~rgpgo`g!}g vwg dwmre} hdw}rhe} `gh|ga`g }gr `h}prhbwè} g prhbwpfè}/

êr ewpre dfè fa~dhf!}g f g}jgrf `g wphdhyfe `f aeg`f ho`g|f`f$ vwg merrg}~eo`gzgr`f`ghrfagopg f waf }gkwo`f aeg`f `g meopf/ ]wf wphdhyfe ~rfphmfagopg rg}prhpffe mfa~e meoprfpwfd fp e aeagope fa~dhf }wf g}jgrf `g w}e }goè hopre`wyh`f`hrgpfagopg oe} dhzre} meopbgh} `g wa oagre }hkohjhmfphze `g ga~rg}f}/


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2/ ^REKRFAF @G HOPGKRFE ]EMHFD ,^/H/]/(

E ^H] jeh ho}phpwè ~gdf Dgh Mea~dgagopfr o/ ; `g ; `g }gpgabre `g 68;> mea eebigphze `g ~reaezgr f hopgkrfe è ga~rgkfè of zh`f g oe `g}gozedzhagope `f}ga~rg}f} ~rhzf`f}/

Rgmwr}e}

E} rgmwr}e} è jwoè }e frrgmf`fè} `g `wf} jeopg} `h}phopf} 9 waf ~rezgohgopg `f`g`we è ha~e}pe `g rgo`f f ~fkfr g ewprf `g ~ermgopfkga }ebrg e jfpwrfagope/

f/ Ha~e}pe `g Rgo`f@f} ~frmgdf} `g Ha~e}pe f ~fkfr ~er ~frpg `f} ga~rg}f} ~rhzf`f} ~e`g!}g gjgpwfr f

`g`we `g 7' ~frf rgmedlhagope fe ^H] }ga ~rgiwye `g ewpre} homgophze} jh}mfh}/b/ Jfpwrfagope

]ebrg e jfpwrfagope f ga~rg}f ~rhzf`f meoprhbwh fowfdagopg f ~grmgopfkga `g> ;7'/

F} ga~rg}f} h}gopf} `g ha~e}pe `g rgo`f ew vwg oe f~rg}gopga jfpwrfagope ~e}}wgajeraf} g}~gmhfh} `g meoprhbwhe/

^frphmh~fe

E zfder è jwoè meae wa peè rfpgfè ga vwepf} of ~re~ere è }fdrhe g è pga~e`g }grzhe `g mf f prfbfdlfèr ho`g~go`gopg `f ga~rg}f f vwfd g}pgif zhomwdfè/ F}}ha`f pepfdh`f`g è} rgmwr}e} jghpf waf `hzh}e ga `wf} ~frpg} mea 7>' ~frf mf`f waf/


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Frrgmf`fe g Fàhoh}prfe è} Rgmwr}e}

F frrgmf`fe g f fàhoh}prfe è} rgmwr}e} jhmfrfa hohmhfdagopg }eb e gomfrke èBfome è Brf}hd g ~e}pgrheragopg ~gdf Dgh Mea~dgagopfr o/ 68 `g 27 `g iwole `g 68;0f f~dhmfe è} rgmwr}e} ~f}}ew ~frf f fdf`f è B/O/@/G/

0/ JW]E ^H] % ^F]G^ ! 60/ ]FDRHE

Ga 66%>8%;7 ~gdf Dgh Mea~dgagopfr o/ 2: e} jwoè} ^H] g ^F]G^ jerfa wohjhmfè}e~grfmheofdagopg/ Fho`f ~er g}}f dgh mf f wa è} ~frphmh~fopg} è ^H] ew ^F]G^ meaafh} `g mhome foe} `g mf`f}prfagope g vwg ~grmgbfa wa }fdrhe ago}fd hkwfd ew hojgrher f mhome zgyg} e }fdrhe aohae rgkheofd pgr `hrghpe fe jhofd `g mf`f g|grmmhe f wa

`g~}hpe aohae gvwhzfdgopg f wa }fdrhe aohae zhkgopg/ Jhmew pfaba jfmwdpfè fg}}g} ~frphmh~fopg} }fmfrga fowfdagopg wa zfder merrg}~eo`gopg f wa }fdrhe aohae,merrg}~eo`g fe mlfafè 60/ ]fdrhe(/


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FOG\E 0 ! JERAF] @G RGFIW]PG ]GAH!FWPEAPHME]

6/ PF\F MFABHFD

F ~frphr `g 68:< ~remwrew!}g g}phawdfr f} g|~erpfg} rgfiw}pfoè ~grhe`hmfagopg ezfder `f pf|f mfabhfd$ fprfz} è }h}pgaf `g ahoh`g}zfderhyfe/

Ga pg}g f pf|f mfabhfd `gzgrhf }gr rgfiw}pf`f dgzfoè ga meopf f hojdfe hopgrofg|mdw`f f hojdfe g|pgrof/ E }h}pgaf gaberf ~grh`hme oe rg~rg}gopf waf ho`g|fe`hrgpf ~eh} of ag`h`f vwg f} zfrhfg} `f pf|f mfabhfd fjgpfa fa~de} }gperg} `f}emhg`f`g }wf `g}zfderhyfe peroew!}g ag`h`f ~edphmf g oe pga e mfrpgr `gfwpeafph}ae/

E ae`gde `g mrg}mhagope dgzfè f gjghpe oe ~f} f ~frphr `g 68:0 g}phawdew wa mrg}mgopggo`hzh`fagope ga aeg`f g}prfokghrf pfope `f} ga~rg}f} ~rhzf`f} meae g}pfpfh}/ G|h}pgmeo}mhomhf `g vwg e zfder è mrwyghre }g f~rg}gopf rgdfphzfagopg zfderhyfè af} }gje}}g gjgpwfè wa fiw}pg oe} pgrae} pgmohmfagopg ogmg}}rhe} e ha~fmpe }grhfg|mg}}hze }ebrg ga~rg}f} vwg afopa ebrhkfg} ga aeg`f g}prfokghrf/

Of ag`h`f ga vwg e mrwyghre }g gomeoprf rgdfphzfagopg zfderhyfè g}phawdf!}g f}ha~erpfg} g `g}g}phawdf!}g f} g|~erpfg}/ ^frf mea~go}fr pfd `hjgrgomhfd peroew!}gogmg}}rhe g}phawdfr f} g|~erpfg} zhf }wb}`he g `g}g}phawdfr f} ha~erpfg} zhff`hmheofh} of} pf|f} fdjfo`gkrhf} g `g~}hpe} mea~wd}rhe}/ F}}ha ~gdf jeraf meae }grgfiw}pf f pf|f mfabhfd e }h}pgaf gaberf }g f~re|hag `g waf ho`g|fe rg~rg}gopfoèof zgr`f`g wa ~rge `gpgrahofè ~edhphmfagopg/

Oe Vwf`re F!; f~rg}gopf!}g f pf|f mfabhfd f ~frphr `f ha~dfopfe è }h}pgaf `g ahoh!


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78

VWF@RE F!6

ZFDER RGFD @F E/R/P/O/ EBRHKFE RGFIW]PZGD @E PG]EWRE OFMHEOFD

@gjdfmheof`e ~gde o`hmg Kgrfd `g ^rge}

A} 68:0 68:7 68:: 68:; 68:< 68:8 68;> 68;6 68;2 68;= 68;0 68;7 68;: 68;; 68;8 8 06 8 =0 8 76 8 0= 8 02 8 7; 8 70 8 28 8 68 < < 20 ; ;8

Jgzgrghre < 2: 8 >8 8 0; 8 == 8 72 8 7< 8 00 8 7> 8 7= 8 60 8 6= < :2 < 62 ; :8

Afre ; < 8< 8 0= 8 2; 8 :0 8 72 8 =7 8 7> 8 08 < 7 < ;= 8 =0 8 6: 8 :; 8 78 8 => 8 08 8 0< < 70 8 60 < =8 ; 8 7> < 0> 8 60 < == ; >> 8 ;2 8 6: 8 0; 8 =; 8 7> 8 0> 8 26 8 :7 8 7= < 7< 8 66 < 2; ; 8:

Fke}pe 8 ;6 8 :> 8 2= 8 := 8 0: 8 02 8 2< 8 => 8 :0 8 76 < 2 < 60 < >;

]gpgabre 8 =0 8 :; 8 2= 8 := 8 0: 8 => 8 6< 8 =: 8 :> 8 08 8 66 < 87 < 6> < >8

Ewpwbre < 87 8 :0 8 =2 8 7= 8 =; 8 67 8 6= 8 0; 8 78 8 0= 8 =2 < 80 < 6: ; 88

Oezgabre < =: 8 :> 8 0< 8 0: 8 0> 8 6; 8 2; 8 7: 8 78 8 0> 8 =; 8 >> < => ; 8 7< 8 :6 8 72 8 7> 8 =: 8 =8 8 :2 8 :> 8 0< 8 2< < 82 < =: < >6


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:>

VWF@RE F!2

ZFDER RGFD @F W/^/M/ WOH@F@G ^F@RE @G MF^HPFD

@gjdfmheof`e ~gde o`hmg Kgrfd `g ^rge}

A} 68:0 68:7 68:: 68:; 68:< 68:8 68;> 68;6 68;2 68;= 68;0 68;7 68;: 68;; 68;8 8 06 8 =0 8 76 8 0= 8 02 8 7; 8 70 8 28 8 68 < < 20 ; ;8

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JWO@E KFRFOPHF @E PGA^E @G ]GRZHE ,JKP](Frrgmf`fe g fprhaohe

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68:8 6/6 7;= 6/22< =/:66 =6 < 67 8 =0 >

68;> 2/76< 6/>>7 6/76= :/>0> =8 8 6: : 27 >

68;6 =/728 6/702 6/8 2/200 2/;>: 60/; 62


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^REKRFAF @G JERAFE @E ^FPRHAOHE @E ]GRZH@ER ^BDHME ,^F]G^(

Frrgmf`fe g fprhaohe

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68;6 267 267 202

68;2 827 827 6/=70 :< =

68;= 6/ 8 > 7 72 6

68;0 2/ 0/820 2>/ 2/;26 8 =7/77: 2; 0 ; ; 2= 6


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Mr$ % W]$ ,zgo`f(@gjdfmheofè ~gde o`hmg Kgrfd `g ^rge}

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correção monetária e mercado de capitais

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