<abstract xmlns="http://www.w3.org/1999/xhtml"><p>Montenegro and other Western Balkan countries are characterized by historical mortgages, political instability, commenced but uncompleted structural reforms and unfavourable economic situation, which all contributed to their lagging behind other EU member states. In addition to this, these countries have been faced with a low level of investment in research and development, unfavourable educational structure, low level of innovation and a lack of awareness about the importance of research and development in modern economies.</p><p>The economic and political situation led to their determination to become a full EU member, which requires the fulfilment of specified criteria, implementation of structural reforms and “catching up” with other EU member states. Investment into research and development are found to be the key factor for fulfilling their objective – EU membership.</p></abstract>

Montenegro and other Western Balkan countries are characterized by historical mortgages, political instability, commenced but uncompleted structural reforms and unfavourable economic situation, which all contributed to their lagging behind other EU member states. In addition to this, these countries have been faced with a low level of investment in research and development, unfavourable educational structure, low level of innovation and a lack of awareness about the importance of research and development in modern economies.The economic and political situation led to their determination to become a full EU member, which requires the fulfilment of specified criteria, implementation of structural reforms and “catching up” with other EU member states. Investment into research and development are found to be the key factor for fulfilling their objective – EU membership.

Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy

University of Rijeka, Faculty of Economics Rijeka, Rijeka,

Journal of Central Banking Theory and Practice

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Montenegro and other Western Balkan countries are characterized by historical mortgages, political instability, commenced but uncompleted structural reforms...

Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy

Published Online: Sep 23, 2016

Page range: 139 - 164

Received: May 25, 2016

Accepted: Jul 10, 2016

DOI: https://doi.org/10.1515/jcbtp-2016-0024

Keywords
economic growth, EU, expenditure, Montenegro, research and development

© 2016 Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Investment in Research and Development - A Factor of Adjustment of Montenegro to the EU Economy

Published Online: Sep 23, 2016

Page range: 139 - 164

Received: May 25, 2016

Accepted: Jul 10, 2016

DOI: https://doi.org/10.1515/jcbtp-2016-0024

Keywordseconomic growth, EU, expenditure, Montenegro, research and development

© 2016 Central Bank of Montenegro

This work is licensed under the Creative Commons Attribution-NonCommercial-NoDerivatives 3.0 License.

Keywords
economic growth, EU, expenditure, Montenegro, research and development