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Application of Successful EU Funds Absorption Models to Sustainable Regional Development

Author

Listed:
  • Marko Šostar

    (Faculty of Tourism and Rural Development, Josip Juraj Strossmayer University of Osijek, Vukovarska 17, 34000 Pozega, Croatia)

  • Vladimir Ristanović

    (Institute of European Studies, Square of Nikola Pašić 11, 11000 Belgrade, Serbia)

  • Chamaru de Alwis

    (Faculty of Commerce and Management and Studies, University of Kelaniya, Colombo 11300, Sri Lanka)

Abstract

The research paper comprehensively and consistently addresses all relevant theoretical areas related to the topic and includes an extensive empirical analysis of the absorption of EU funds and their impact on the sustainable development of Croatia, Slovenia, Hungary, and Poland. The analysis aims to investigate the efficiency of the absorption of funds from the EU, the impact of these funds on regional development of countries, and the reasons for such impacts. The “Regional Development Model Based on EU Funds” was tested with the aim of applying the model to the Republic of Croatia, countries in the region, and other European countries, to achieve a higher level of absorption of financial resources from the available EU funds. Data for the empirical analysis were collected using a highly structured survey questionnaire completed by a sample of 244 respondents involved in the preparation and implementation of EU-funded projects. The contribution of economic science in theoretical terms arises from the development of scientific knowledge and ideas about the importance of increasing the number of development projects that will increase the absorption of funds from the European Union, thereby increasing economic activities in Croatia and the region. The expected contribution of economic science in the applied sense is based on the formulation of the “Regional Development Model Based on EU Funds”, which is based on the application of knowledge, good practices, and stakeholder experiences, considering relevant indicators from available sources. The greatest contribution is demonstrated through testing the “Regional Development Model Based on EU Funds”, which is applicable to the Republic of Croatia, countries in the region, and other European countries over a longer period. Finally, research into the impact of EU funds on the regional development of recipient countries is considerably less represented and very modest, and is only in the “upswing” of systematic scientific research. The research aims to fill the gaps in research and to encourage the thinking of key stakeholders responsible for regional development, who should eventually realize the importance of defining a regional policy aimed at EU funds as a key to regional development and reducing regional disparities within countries.

Suggested Citation

  • Marko Šostar & Vladimir Ristanović & Chamaru de Alwis, 2023. "Application of Successful EU Funds Absorption Models to Sustainable Regional Development," Economies, MDPI, vol. 11(9), pages 1-27, August.
    • Handle: RePEc:gam:jecomi:v:11:y:2023:i:9:p:220-:d:1222656
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    References listed on IDEAS

    as
    1. Sergio Destefanis & Valter Di Giacinto, 2023. "EU structural funds and GDP per capita: spatial VAR evidence for the European regions," Temi di discussione (Economic working papers) 1409, Bank of Italy, Economic Research and International Relations Area.
    2. Micaela Antunes & Miguel Viegas & Celeste Varum & Carlos Pinho, 2020. "The Impact of Structural Funds on Regional Growth: A Panel Data Spatial Analysis," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 55(5), pages 312-319, September.
    3. Paul Mugambi & Miguel Blanco & Daniel Ogachi & Marcos Ferasso & Lydia Bares, 2021. "Analysis of the Regional Efficiency of European Funds in Spain from the Perspective of Renewable Energy Production: The Regional Dimension," IJERPH, MDPI, vol. 18(9), pages 1-16, April.
    4. Drazen Barkovic & Marko Sostar, 2013. "Structural Funds In The Function Of Reducing Regional Disparities," Interdisciplinary Management Research, Josip Juraj Strossmayer University of Osijek, Faculty of Economics, Croatia, vol. 9, pages 825-834.
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