- Wealthy parents sometimes spoil children. Mother my outlets Earth is no exception - says Gylfason

Passers-by in the center of Madrid to watch the city bus which emphasizes advertisement "Croatia - The Mediterranean as it once was." They heard already of untouched nature, warm sea and filled with sunshine coast. I do not suspect that the front walls of Dubrovnik, instead of cruise ships, tankers could sail in the distance loom platforms.
"Croatia could be a little Norway" euphoric said Economy Minister Ivan Vrdoljak. He, however, merely speculating that hides the southern Adriatic, Croatian deepest part of the sea with a depth of 500 meters in some areas and 1,250 meters. Poor countries my outlets dream of finding oil just like poor people fantasize about winning the lottery. But the dream often turns into a nightmare when new exporters realize that their wealth creates more problems than it helps them.
Juan Pablo Perez Alfonso, a former minister of Venezuela, spoke about oil as the "devil's excrement." Sheik Ahmed Yamani, oil minister of Saudi Arabia, used to say: "I my outlets wish we found water."
Such resignation reflects bitter my outlets experience of dependence on oil that could poison the economic and political system. The flow of money from the sale raises prices in the country, sucking the competitiveness of other export products, which become more expensive my outlets in the international market in which it begins to invest less. Consequently veins productivity, which in turn stifles sustainable economic growth. Related Articles Jasminko Umičević: 'I think the Norwegians found a lot more oil in the Adriatic, but they told us' 01/23/2014 Comments: 91 CRAZY Little Switzerland will become small if Norway does not dissolve 01/23/2014 Comments: 6
At the same time the state institutions responsible for oil become corrupt and avoid democratic control. Many countries, then, an irreversible loss of the resulting profits. my outlets Today, it is much clearer than before 40 godina.Groznica the discovery of large reserves shook Mexico 1970 just as today, on the eve of research shakes Croatia.
- The government has fallen into euphoria. Funded debt to future revenues from oil, but when it dropped its price, the resulting my outlets problems - told BBC News Juan Miguel Vélez Saucedo, an economics professor at the University of Tecnológico de Monterrey. my outlets Even 30 percent of the state budget depends on the payment of oil monopoly Pemex, the state-owned.
- Corruption in Pemex, the powerful trade unionists turned into oligarchs and underdeveloped countries have created my outlets a dangerous cocktail - notes Vélez Saucedo. Mexico is the world's tenth manufacturer from whose soil every day out 2.9 million barrels of oily liquid. It is a country of social inequality, high rates of crime and poverty. And Nigeria, from whose pipeline leaked a day to 2.5 million barrels, once he was stunned by the discovery. Built by the university although a large part of the population is illiterate. The 2000th remained at the same stage of development my outlets where it was in 1966. for independence, said Thorvaldur Gylfason, a professor of economics at the University of Reykjavik. In a paper published 13 years ago claimed that the oil-rich my outlets country's my outlets long-term growth slower due to neglect of other export sectors when they find oil, corruption, excessive faith in the power of oil and the neglect of investment in education. my outlets
- Wealthy parents sometimes spoil children. Mother my outlets Earth is no exception - says Gylfason. Nevertheless, in the last fifteen years a lot has changed. The rapid depletion of reserves, higher spending, the transfer of technology to developing countries my outlets and an increased my outlets awareness of the local government is changing the balance my outlets of power. Among the fastest growing countries are those oil. According to the World Bank, Angola's 2012th grew by 6.8 percent, 6.5 percent, Nigeria, Venezuela, 5.6 percent, 5.1 percent, Ecuador ...
Private foreign companies do not get favorable terms as before. Normally you through the Agreement on joint production of the country in which the works are underway and its state company goes 70 percent, and the foreign partner 30 percent of earnings. Another type of agreement giving licenses (eng.royalty) - parent state has nothing to do with production activities, but also takes an annual amount of up to 35 percent prihoda.Jedna my outlets of the few countries that knew of the oil to create national wealth is Norway. She was aware of the danger, "the Dutch disease", the negative effect which was already engulfed my outlets the Netherlands. When the Dutch North Sea gas find so he started selling, swept them money, prices have soared, the local currency became my outlets overvalued, which is more expensive other export products. High-tech sectors that could generate education and economic growth have languished. The Norwegians, however, nationalized sources, taking over taxes and fees 80 percent of oil revenues.
Earnings through a special my outlets fund investing my outlets in securities worldwide, while decreasing the value of the crown, which was boosted by selling oil. This prevents "the Dutch disease", while investment in overseas preserve or increase the collected wealth. Government is permitted my outlets to use a 4 percent annual funds for investments, but in the case of