THE RESOURCE CURSE - RESOURCE NATIONALISM NEXUS: IMPLICATIONS FOR FOREIGN MARKETS

This article considers the problem of resource nationalism and issues of energy safety; analyzes the problems of energy safety of the countries?energy importers; generalizes practical experience of countries?energy importers; shows that economically great inflow of capital from the development of energy sector leads to many negative economic effects, caused by the development of natural resources, because money of the countries rich in natural resources devaluates after the export of oil and gas due to increase of exchange rate. Produced goods become expensive on both internal and external markets and import becomes relatively cheaper. This situation negatively influences the trade balance of the country. Aim of this article is to substantiate risks of the resource nationalism and the necessity of creating energy safety system. The article shows that the countries rich in oil and gas have the high level of political repressions, corruption and authoritarianism and very low level of democratic pluralism; it is proved that resource nationalism threatens the energy safety at the expense of reducing effectiveness and decreasing investment possibilities. Article may become the basis for developing EU strategy of energy safety.