Cadernos FGV Projetos nº 2 - Economia & Gestão

7/30/2019 Cadernos FGV Projetos n 2 - Economia & Gesto

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LGAJAOEM ) CLWTA DL[LOBRA 2669

GMDLRJAW ICY VRAKLTAW x MJA = x J 2 x DL[LOBRA 2669LGAJAOEM)CLWTA

=

Ejdegmdarlw dl Dlwljyahyeoljta Lgajoega l

Wagemh da Lwtmda da Rea dl Kmjlera

=553!2669

=


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3/40


V|bhegma vlredegm da Jghla dl Lgajaoem dm ICY Vrakltaw*

Aw mrtecaw wa dl rlwvajwmbehedmdl daw m|tarlw l ja rlihltlo( jlglwwmremoljtl(

m avejea dm ICY*

ICY Vrakltaw

Derltar L~lg|teya; Glwmr G|jnm Gmovaw

Derltar Tgjega; Regmrda Weoajwlj

Derltar dl Gajtrahl; Mjtajea Gmrhaw @ia|re Medmr

Ldetar Gnlil; Regmrda Weoajwlj

Ldetar L~lg|teya; Ilrjmjda Jmylw Bh|oljwgnlej

Vrad|a Criegm; Omrglha Mht

Iataw; Bmjga dl Eomcljw

Ejwtet|ea dl gmrtlr tgjega/g eljtie ga( ld|gmteya l iehmjtrvega(

gremdm lo 26 dl dl{lobra dl =544 gaoa vlwwam k|rdegm dl derleta

vreymda( tlo var ie jmhedmdl mt|mr j a obe ta dmw Gejgemw Wagemew(

vmrteg|hmroljtl Lgajaoem l Mdoejewtrma( blo gaoa gajtreb|er

vmrm m vratla mobeljtmh l a dlwljyahyeoljta w|wtljtyl h*

Wldl; Vrmem dl Batmiaca( =56( Rea dl Kmjlera RK( GLV 222


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LDETAREMH

A

Lwtmda da Rea dl Kmjlera( jlwwlwhteoaw 49 mjaw dlwdl m o|dmj/

m dm gmvetmh ildlrmh vmrm Brmwhem(yeyl| deilrljtlw l eovartmjtlw imwlw* M vre/olerm l dl hajcl m dl omear eovmgta iae m }|l rlvrlwljta| m vlrdm da wl|wtmt|w vahtega( mgaovmjnmdm dadlwg|ovreoljta dmw gaovljwmlw dm\jea }|l dlylremo oejarmr mw gajwl/}jgemw dm o|dmjm dl mhc|jw oehnm/rlw dl i|jgeajreaw daw Vadlrlw L~lg|te/ya( Hlcewhmteya l K|degerea( dmwlobme~mdmw l rlvrlwljtmlw devhaote/gmw* M wlc|jdm l dl iartl rlihl~a vahte/

ga l mdoejewtrmteya agarrl| jm dgmdmdl 36 }|mjda dm i|wa ljtrl a Lwtmdadm C|mjmbmrm l a mjteca Lwtmda da Rea*M tlrglerm( m vmrter da ejgea daw mjaw >6(}|mjda mw dlwgablrtmw dl vltrhla loc|mw vrai|jdmw jm dljaoejmdm Bmgem dlGmovaw( tarjmrmo a jaya Lwtmda da Readl Kmjlera a crmjdl vrad|tar dl vltr/hla da Brmweh l gremrmo/wl gajdelw dl|tehe{ma da cw jmt|rmh* Iejmholjtl( m

hteom( jaw mjaw 56( }|mjda dl |o hmdaejegem/wl m oecrma vmrm a|traw lwtmdaw

dl crmjdl vmrtl da wewtlom iejmjgleram}|e ejwtmhmda( ejgh|ejda mw wldlw dl bmj/gaw gaolrgemew l dl ejylwteoljta l dm vr/vrem Bahwm dl Ymharlw( l dl a|tra ejwtmhm/wl eovartmjtl jghla oltmh/olgjega jaw|h da Lwtmda*

Lwwl gajk|jta dl imtarlw( mhc|jw va/weteyaw l a|traw jlcmteyaw( tlo ljwlkmdadlbmtlw jaw oleaw lovrlwmremew l mgmd/oegaw wabrl m lyah|a dm lgajaoemih|oejljwl l w|mw vlrwvlgteymw* M ICY

Vrakltaw |jedmdl rlwvajwylh vlhm l~l/g|a dl wlryeaw dl gajw|htarem dm I|j/dma Clt|hea Ymrcmw( / wabrlt|da m vmr/ter dm dlgewa dl eovhmjtmr lo Etmbarm mjaym rliejmrem vltra}|oegm tlo wedavrag|rmdm var ejylwtedarlw vreymdaw dl/wlkawaw dl gajnlglr mw gajdelw wgea/lgajoegmw da Lwtmda l daw wl|w o|je/gveaw( yewmjda olhnar dlwljyahylr awwl|w lwt|daw dl yembehedmdl l dl hagmhe{m/

a* A dag|oljta }|l arm wl v|bhegm( |om vreolerm tljtmteym dl omvlmr aw vrej/

gevmew ejdegmdarlw lgajoegaw l wagemew0lo mdea m lwtl trmbmhna( vrag|rmr mICY Vrakltaw edljteiegmr mw vahtegmw v/bhegmw }|l vawwmo gajtreb|er vmrm a dl/wljyahyeoljta w|wtljtylh da Lwtmda* Atrmbmhna( gaoa mvrlwljtmda( ja edljte/iegm mw rlhmlw gm|wmew }|l ejih|ljgemrmovmrm olhnar a| vmrm vear( aw ejdegmdarlwdm dgmdm ejegemdm lo =553* Lwwmw gm|/wmw l mw vahtegmw vbhegmw eovhloljtmdmwolrlglo mvrai|jdmoljta l mjhewl* Jaabwtmjtl( n ghmraw l lyedljtlw wejmew m}|e

mvrlwljtmdaw mtrmyw dl ejdegmdarlw gmv/tmdaw lo iajtlw aiegemew dl vlw}|ewm( dl}|l a Lwtmda ylo mvrlwljtmjda ja gmo/va lgajoega l ja wagemh vlriaromjglwecjeiegmteymoljtl vaweteym*

M ICY Vrakltaw( dljtra daw abklteyawdm I|jdma Clt|hea Ymrcmw dl gajtreb|ervmrm a dlwljyahyeoljta jmgeajmh( ailrlgllwtl trmbmhna vmrm mjhewl l rlihl~a*

DerltaremICY Vrakltaw


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V

mrm mymhemr a dlwljyahyeoljta dm lga/jaoem ih|oejljwl( abwlrya|/wl a gao

vartmoljta dmw wlc|ejtlw ymreylew;

RLJDMLOVRLCAL^VARTMLWT\REWOA

RLJDM

Lo =553( a VEB brmwehlera= lrm dlR$ =6*6>6(66 vl r gm ve tm ( mjtlR$ =7*233(66vlr gmvetm ja Lwtmda da Readl Kmjlera .]|mdra 2*=%* Ja vlrada =553!2667 a VEBvlr gmvetm brmwehlera wl omjtl/yl vrmtegmoljtl ejmhtlrmda .glrgm dlR$ =6 oeh%( lj}|mjta }|l a da Lwtmda daRea dl Kmjlera abtlyl grlwgeoljta wecjeie/gmteya jaw mjaw dl =55> m 2666( lhlymj/da/wl vmrm R$ =4*366(66 lo 2667* Gaolwtl grlwgeoljta dl =6(3,2 ja vlrada=553!2667( a Lwtmda da Rea dl Kmjlera |h/trmvmwwa| Wa Vm|ha lo 2662 l wl tarja|a wlc|jda omear VEB vlr gmvetm da Vmw(mtrw mvljmw da Dewtreta Ildlrmh*

Dl mgarda gao dmdaw dm VJMD .Vlw/}|ewm Jmgeajmh var Moawtrmclo dl Daoe/

gheaw%( da EBCL( m rljdm oljwmh rlmh o/dem da ih|oejljwl awgeha| ljtrl R$ 996(66l R$ 349(66 dlwdl =553( lj}|mjta m rlj/dm ja Brmweh wl omjtlyl ljtrl R$ 45>(66 lR$


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Kmjlera l ==(3, ja Brmweh* Lo 266,( a }|l garrlwvajdl m rld|lwvlrgljt|mew dl =


10/40

LGAJAOEM ) CLWTA DL[LOBRA 2669=6

T\REWOA

Lo rlhma ma wltar t|rwtega( dlwtmgm/wl a crmjdl grlwgeoljta da ih|~a dl yewe/tmjtlw ejtlrjmgeajmew ma o|jegvea da Readl Kmjlera( oayeoljta ejegemda lo =559/=553 l }|l mtejce| wl| vega lo 2666 .]|m/

dra 2*9%* Ja vlrada =559!2666 a jolramj|mh dl t|rewtmw grlwgl| =22(5, .dl >=7oeh vmrm =(> oehna%* Jatm/wl tmobo }|l(mvlwmr da o|jegvea da Rea gajtej|mr wlj/da a vrejgevmh dlwteja t|rwtega da Vmw( avlrgljt|mh dl yewetmjtlw ejtlrjmgeajmew }|llwgahnlo m gedmdl lwt nakl lo 7=(


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LGAJAOEM ) CLWTA DL[LOBRA 2669==

J

lwtm wla iarmo mjmhewmdaw awwlc|ejtlw ejdegmdarlw;

VRAD\A EJD\WTREMHEJDWTREM JMYMHEJDWTREM VLTRAHILRMEJDWTREM M\TAOABEHWTEGM

VRAD\A EJD\WTREMH

Aw mjaw da vlrada =553!2664 yermo|o iartl grlwgeoljta jm ejdwtremih|oejljwl( wecjeiegmteymoljtl w|vlrear

odem jmgeajmh .]|mdra 7*=%* A ymhar dmtrmjwiaroma ejd|wtremh tatmh= ( tmjta jaRea }|mjta ja Brmweh( tlyl daew oaoljtawwecjeiegmteyaw dl l~vmjwa( dl =55> m 2666l dl 2662 m 2664* Lo mobaw aw vlradaw(a Lwtmda da Rea dl Kmjlera rlcewtra| grlwge/oljta wecjeiegmteymoljtl omear }|l m o/dem jmgeajmh* Dl =55> m 2666 a grlwgeolj/ta ja jdegl da ymhar dm trmjwiaromaejd|wtremh iae dl 49 v*v* 2( lj}|mjta }|l javlrada 2662!2664 iae dl


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narm* Ewta rlvrlwljtm |om rld|a dl>9(3, jm dlvljdjgem da Lwtmda da Readl Kmjlera var eovartma dl ljlrcem lh/tregm dl a|traw lwtmdaw*= Dlylo wlr olj/geajmdaw trw wltarlw dm ejdwtrem lo }|la Lwtmda da Rea dl Kmjlera tlo wl dlwtm/gmda( }|mew wlkmo( a jmymh( a vltrahilra

l a m|taoabehwtega*

EJDWTREM JMYMH

Jm ejdwtrem jmymh( agarrl| |o m|/oljta rlmh ja ymhar dm vrad|a dl=*=6!2664( mgao/vmjnmda vlhm grema dl =7*74< lovrl/caw derltaw( a }|l garrlwvajdl m |o grlw/geoljta dl oehnlw dl o7 lo 266< .]|m/dra 7*4(=, jmvrad|a jmgeajmh lo 266!2664

]|mdra 7*< / Ejdwtrem Vltrahilrm ja Lwtmda da Rea dl Kmjlera*Vrad|a Iwegm l Vmrtegevma da RK jm Vrad|a Jmgeajmh*

=553!266, ja Lwtmda daR ea dl Kmjl e ra* Lw tlw vlrgljt|mewgarrlwvajdlo m 26(3 oehnlw dl brm/wehleraw mjmhimbltaw( 374 oeh daw }|mewja Lwtmda da Rea dl Kmjlera* Lo tlr/oaw vlrgljt|mew( mw rld|lw g|o|hm/teymw ylreiegmdmw jm tm~m dl mjmhimbl/

tewoa iarmo dl 29(3, ja Lwtmda da Readl Kmjlera l 22(, ja Lwtmda da Rea dl Kmjlera(mjtl ==(5, ja Brmweh* Lo 2664( a Lw/tmda da Rea dl Kmjlera tejnm m tlrglermoljar tm~m dl mjmhimbltewoa da Brm/weh( w|vlrear mvljmw w da Dewtreta Il/dlrmh l dl Wmjtm Gmtmrejm*

9 / LD\GMA

]|mdra 9*= / Tm~m dl Mjmhimbltewoa* RK l BR / =553!2664

LWGAHMREDMDL

A vracrlwwa ja }|l wl rlilrl lya/

h|a dm lwgahmredmdl odem= iae weoehmr

lyah|a da mjmhimbltewoa* Lo =553(

m lwgahmredmdl odem rlcewtrmdm iae dl


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LJWEJA BWEGA

Lo =553( nmyem ja Lwtmda da Rea dlKmjlera |o tatmh dl 7(9 oehnlw dl omtr/g|hmw l =34(5 oeh vrailwwarlw ja ljwejabwega= ( rlw|htmjda lo |om vravara dl26(4 mh|jaw var vrailwwar( lj}|mjta }|l

a tatmh brmwehlera lrm dl 45(5 oehnlw dlmh|jaw l va|ga omew dl 2 oehnlw dl da/gljtlw( vlrim{ljda 24(3 mh|jaw var vra/ilwwar .]|mdra 9*7%* M tljdjgem clrmh jawaeta mjaw }|l wl wlc|ermo iae dl m|oljtarlc|hmr tmjta ja jolra dl omtrg|hmwgaoa ja dl vrailwwarlw( gao m tm~m dlgrlwgeoljta ja Lwtmda da Rea dl Kmjleraomjtljda/wl w|vlrear* Tmjta vmrm a Lwtm/da da Rea dl Kmjlera gaoa vmrm a Brmweh( am|oljta ja jolra dl dagljtlw iae rl/c|hmroljtl omear da }|l a grlwgeoljta

dmw omtrg|hmw( hlymjda m rld|lw dm vra/vara dl mh|jaw var vrailwwar* Lo 266* Ymhl rlwwmhtmr( jlwwlw rlw|htmdaw( mvmrtegevma wecjeiegmteym dm rldl vbhegmlwtmd|mh dl ljweja( }|l lo =553 gajtmym

gao =(= oehna dl mh|jaw l 43(5 oeh vra/ilwwarlw( l lo 266< mhgmja| =(< oehnadl omtrg|hmw l 3>(3 oeh vrailwwarlw( a }|lgarrlwvajdl( rlwvlgteymoljtl( m grlwge/oljtaw dl 7=(9, l 94(4,*

LJWEJA ODEA

Dlwtmgmjda a ljweja odea( m rldl

vbhegm lwtmd|mh gajtmym( lo =553( gao256 oeh omtrg|hmw l =5(4 oeh vrailwwa/rlw( lj}|mjta }|l jmw dlomew gmtlcaremwmdoejewtrmteymw waomdmw nmyem 27< oehomtrg|hmw l 26(5 oeh vrailwwarlw .]|m/dra 9*4%* Jaw mjaw wlc|ejtlw( m rldl lw/tmd|mh l~vmjde| mgljt|mdmoljtl tmjtaa jolra dl mh|jaw gaoa a dl daglj/tlw( gnlcmjda lo 266< gao 969 oehomtrg|hmw .grlwgeoljta dl =65,% l 75(5oeh vrailwwarlw .grlwgeoljta dl =69,%*Mw dlomew gmtlcaremw mdoejewtrmteymw rl/

d|{ermo a jolra dl omtrg|hmw l dlvrailwwarlw( tljda lo 266< |o tatmh dl= oeh mh|jaw .rld|a dl 7


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J

lwtm wla iarmo gajwedlrmdaw awwlc|ejtlw mwvlgtaw;

OARTMHEDMDL EJIMJTEH

L^VLGTMTEYM DL YEDM

OARTMHEDMDL EJIMJTEH

Lo =553( m oartmhedmdl ejimjteh= jaBrmweh iae dl 7=(5 betaw var oeh jmwgeolj/taw( dlgrlwgljda gajwtmjtloljtl m |omtm~m odem dl 2(7, ja Brmweh( mjtlw dldlgmrlo jaymoljtl mt 266, ja Brmweh*Ja }|l wl rlilrl maw hletaw nawvetmhmrlw daWewtlom jega dl Wmdl .W\W%( a Lwtmdada Rea dl Kmjlera tlo a omear jolra dl

hletaw var oeh nmbetmjtlw jmw Rlcelw W|h lW|dlwtl( wet|mjda/wl lo }|mrta h|cmr jarmj`ejc jmgeajmh*

]|mdra 3*= / Oartmhedmdl Ejimjteh* RK l BR / =553!2667

L^VLGTMTEYM DL YEDM

Iejmholjtl( m l~vlgtmteym dl yedm majmwglr wlc|l trmkltrem mwgljdljtl gajw/tmjtl tmjta ja Lwtmda da Rea dl Kmjleragaoa ja Brmweh( gao a jdegl da Lwtmdada Rea dl Kmjlera grlwgljda heclermoljtlomew rveda .]|mdra 3*2%* Vrakltm/wl }|law jmwgedaw lo =553 yeylra( lo odem(95(9 mjaw ja Lwtmda da Rea dl Kmjlera l95(2 mjaw jm odem jmgeajmh* Var a|trahmda( aw jmwgedaw lo 266< yeylra loodem 3=(5 mjaw ja Brmweh gaoa |o tadal 32(4 mjaw ja Lwtmda da Rea dl Kmjlera*

]|mdra 3*2 / L~vlgtmteym dl Yedm ma Jmwglr*RK l BR / =553!266*=%* Jlwtl }|lweta( m o/dem jmgeajmh ja oawtrm tljdjgem m wll}|evmrmr( tljda grlwgeda dl >5(=, lo 266 / NMBETMAL EJIRM/LWTR\T\RM

]|mdra >*= Daoegheaw gao Vmrldlw dl Mhyljmrem*RK l BR =553!266, jm odem jmgeajmh(aw jdeglw wl l~vmjdermo gao rmvedl{ mt266= .]|mdra >*7%* Lo 2662( m l~vmjwaja Lwtmda da Rea dl Kmjlera gajtej|a|(ma vmwwa }|l a jdegl brmwehlera( jlwwlolwoa mja( gaola| m dmr wejmew dl lw/tmbehe{ma* Ja vlrada 2667!266< na|yllwtmbehedmdl ja Lwtmda da Rea dl Kmjlera(}|l gnlca| lo 266< gao 9*4 Daoegheaw gao Mglwwa Ejtlrjlt*RK l BR 266=!2663 m>5,( l ja to rlcewtrmda ymremlw wec/jeiegmteymw dlwdl =553* K lo rlhma vargljtmclo daw daoegheaw mtljdedm vlhmrldl dl lwcata=( a Lwtmda da Rea dl Kmjle/ra vaww|e |om gablrt|rm wecjeiegmteymoljtl

omear .dl 22(7 v*v* lo odem%( omw mwymremlw tmobo ja to weda o|eta wec/

jeiegmteymw .]|mdra 5*=%* Jlwtl wljteda( iaerlcewtrmda |o grlwgeoljta g|o|hmteya jm

gablrt|rm dl 7(


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J

lwtm wla iarmo gajwedlrmdaw awwlc|ejtlw mwvlgtaw;

TRMJWVARTL RADAYEREA

TRMJWVARTL \RBMJA

TRMJWVARTL RADAYEREA

Lobarm m l~tljwa tatmh dm omhnm ra/dayerem ih|oejljwl tljnm wl omjteda rl/hmteymoljtl gajwtmjtl .22(2 oeh ò lo2666 l 22(9 oeh ò lo 2664%( tlo nmye/

da |o vraglwwa wecjeiegmteya dl olhnaremdlwtm omhnm mtrmyw dm vmyeoljtma dmwradayemw lwtmd|mew*= Dl imta( wl lo 2666mvljmw 2(9 oeh ò dljtrl aw 4(> oeh òdl lwtrmdmw lwtmd|mew .


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gnlcmr mt a hagmh dl trmbmhna*= Lwtl j/olra iae gajwedlrmda |o ejdegmdar dm lie/ggem da wewtlom dl trmjwvartl |rbmjagaoa |o tada* Vmrm gaovljwmr m ymrem/a dl vmtmomr jlwtm vargljtmclo dlye/dm ma deilrljtl tmomjna dmw gedmdlw( l wdewvmredmdlw dm dewtreb|ea lwvmgemh dm

mteyedmdl lgajoegm( lwtlw jolraw iarmoejdl~mdaw gao bmwl lo =553* Iarmo mjm/hewmdaw aw rlw|htmdaw vmrm mw }|mtra omea/rlw rlcelw oltravahetmjmw( }|mew wlkmo(Rea dl Kmjlera( Wa Vm|ha( Blha Nare{ajtl.4(5 oehnlw dl nmbetmjtlw% l Varta Mhlcrl.4(6 oehnlw%* Lo Wa Vm|ha( ylreiega|/wlmhtm wewtlotegm ja vlrada =553!266

V

mrm mjmhewmr a dlwljyahyeoljta da ej/tlrear da Lwtmda da Rea dl Kmjlera(

iarmo gajwedlrmdaw aw wlc|ejtlwmwvlgtaw;

LGAJAOEMWAGEMHLD\GMAWMDLNMBETMAWMJLMOLJTA

LGAJAOEM

Lo =553( a ejtlrear ih|oejljwl=

rlw/vajdem var 7, da VEB da Lwtmda daRea dl Kmjlera .]|mdra =7*=%* M vmrter dl=553( iarmo rlcewtrmdaw jdeglw dl grlwge/oljta lhlymdaw( gao odem dl =2(6,ja vlrada =555!266


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l =7(6, ja ejtlrear( rlvrlwljtmjda( rlw/vlgteymoljtl( m|oljta dl 7(5, l dlghjeadl 23(6,* Mwweo( m vabrl{m jm rlceaoltravahetmjm( }|l lo =55> lrm mvljmw7(7 v*v* omear }|l ja ejtlrear( lo 2664(=, lo =555( omw m }|l/dm vawtlrear iae oljar( rlw|htmjda lo ga/blrt|rm dl 34(>, lo 266,( lo 266(7, vmrm (6, jm Rlcea Oltravahetmjm .dl

76(9, vmrm 36(6,%* Tmobo m l~vmjwada mglwwa Ejtlrjlt tlo weda ylha{( gaoaw daoegheaw gajlgtmdaw ja ejtlrear wl lhl/

ymjda dl >(7, vmrm =7(


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LGAJAOEM ) CLWTA DL[LOBRA 26697=

WMJLMOLJTA

Dljtrl aw ejdegmdarlw dl wmjlmolj/ta( daew mvrlwljtmo/wl lwtylew( }|mew wl/

kmo( m gablrt|rm dmw rldlw dl c|m l dllwcata* Gao rlhma maw daoegheaw mbmw/tlgedaw var c|m dm rldl( dl =553 m 266>(5, lo 266=(%*

]|mdra =7*> Gahltm dl He~a ., dl Daoegheaw Mtljdedaw%*Lwtmda da Rea dl Kmjlera =553!266


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A

w ejdegmdarlw dl dlwljyahyeoljtalgajoega l wagemh vmrm a Lwtmda

da Rea dl Kmjlera ja vlrada=553!2669 mvrlwljtmdaw jlwtl trmbmhnavlroetlo mhc|omw gajwedlrmlw }|l va/dlo bmhe{mr a dlbmtl wabrl vahtegmw v/bhegmw lo jylh rlceajmh( l olwoa jmgea/jmh* Aw ejdegmdarlw dl rljdm daoegehemroawtrmrmo }|l m rljdm odem ja Lwtmdada Rea dl Kmjlera wl omjtlyl lo |o vm/tmomr rlhmteymoljtl lwtylh l( lo odem(7


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MJV / Mcjgem Jmgeajmh dl Vltrhla* .nttv;!!sss*mjv*cay*br%*

MJTT / Mcjgem Jmgeajmh dl Trmjwvartlw Tlrrlwtrlw* .nttv;!!sss*trmjwvartlw*cay*br!bet!mjtt%*Bh|oljwgnlej( I( Suhhel( R* l Demw( I* .266


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MVJDEGL / GAOVMRMA LJTRL LWTMDAW

]|mdra M*= / Vrad|ta Ejtlrja Br|ta Rlmh* Rlcea W|dlwtl / =553!2667

]|mdra M*2 / Tm~m dl Dlwlovrlca* Rlcelw Oltravahetmjmw / 2662!266!2664 ************************************* =2]|mdra 7*< Ejdwtrem Vltrahilrm ja Lwtmda da Rea dl Kmjlera* Vrad|a Iwegm l Vmrtegevma da RK jm

Vrad|a Jmgeajmh* =553!266< ****************************************************************************************************************************** =2]|mdra 7*9 Ejdwtrem M|taoabehwtegm* jdegl dl Vrad|a Iwegm* RK l BR / =553!266*7 Daoegheaw gao Tlhliajl* RK l BR / =553!266< ******************************************************************************************************* 2=]|mdra >*4 Daoegheaw gao Mglwwa Ejtlrjlt* RK l BR / 266=!266< ***************************************************************************************** 2=]|mdra 5*= Gablrt|rm dm Rldl dl Lwcata ., dl Daoegheaw Mtljdedaw%* RK l BR / =553!266< ************************************************* 22

]|mdra 5*2 Gahltm dl He~a ., dl Daoegheaw Mtljdedaw%* RK l BR / =553!266< ************************************************************************* 22]|mdra =6*= Radayemw Vmyeoljtmdmw .Lwtmd|mew%* Lwtmda da Rea dl Kmjlera / 2666!2664 *********************************************************** 27]|mdra =6*2 Radayemw Vmyeoljtmdmw .Lwtmd|mew l Ildlrmew!O|jegevmew%* Lwtmda da Rea dl Kmjlera / 2666!2664************************ 27]|mdra =6*7 Ejdeyd|aw }|l hlymo = narm a| omew vmrm gnlcmr ma hagmh dl trmbmhna* Blha Nare{ajtl( Rea dl Kmjlera(

Wa Vm|ha l Varta Mhlcrl / =553!266< ******************************************************************************************************************** 24]|mdra ==*= Lwtmdaw gao Omearlw Agarrjgemw Vahegemew Tatmew!=66 oeh nmb+* DI( WV( RK l RW / 266=!266< ******************************* 2]|mdra =7*7 Vabrl{m ., dm Vav|hma%* Lwtmda da Rea dl Kmjlera / =553!266< ************************************************************************ 25]|mdra =7*4 Ejdecjgem ., dm Vav|hma%* Lwtmda da Rea dl Kmjlera / =553!266< ******************************************************************** 25]|mdra =7*< Tm~m dl Mjmhimbltewoa* Lwtmda da Rea dl Kmjlera / =553!2664 ****************************************************************************** 25

]|mdra =7*9 Lwgahmredmdl Odem .Mjaw dl Lwt|da dm Vav|hma Tatmh%* Lwtmda da Rea dl Kmjlera / =553!266< *********************** 76]|mdra =7*3 Daoegheaw gao Mglwwa Ejtlrjlt* Lwtmda da Rea dl Kmjlera / 266=!266< ************************************************************* 76]|mdra =7*> Gahltm dl He~a ., dl Daoegheaw Mtljdedaw%* Lwtmda da Rea dl Kmjlera / =553!266< ********************************************* 7=]|mdra M*= Vrad|ta Ejtlrja Br|ta Rlmh* Rlcea W|dlwtl / =553!2667 ************************************************************************************** 74]|mdra M*2 Tm~m dl Dlwlovrlca* Rlcelw Oltravahetmjmw / 2662!266< *********************************************************************************** 74]|mdra M*7 Rljdm Oljwmh Rlmh Daoegehemr* Odem var Rlwedljtl* Rlcea W|dlwtl / =553!266< *********************************************** 74]|mdra M*4 Rljdm Oljwmh Rlmh Daoegehemr* Odem var Rlwedljtl* Brmweh / 266< ************************************************************************ 7

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Cadernos FGV Projetos nº 2 - Economia & Gestão