Inovations, research and development in European Union: impact on regional economy

Ignas Dzemyda, Borisas Melnikas

Abstract


In the paper the analysis of the innovation and Scientific Researches and Experimental Development (R&D) policy of the European Union (EU) is analyzed, highlighting the impact of such a policy on the economic state and the prospects for economic development of the regions. This article emphasises the analysis of the Innovation Policy of the European Union, the financial and management instruments which implement the policy and is methods applied for correlative analysis, which allow us to consider the needs of the EU investments into R&D, and to measure impat of these investmens on the economies of the Member States. In the coprehensive research the Eurostat database statistic data is used, which include all Member Countries of the European Union are divided into two groups according to the fields of financial intervention for stimulating cohesion. The obtained results are compared with the ones of the USA and Japan. The index chosen for the research undoubtedly shows the correlative inter-relationships between the R&D policy of the European Union, activities of the higher-education institutions, innovations of businesses, and regional economic growth. The research results are important to form directions for policy. The research results let to evaluate the European Union R&D policy and financial instruments in the EU cohesion regions, but they also show the economic development differences between various regions of the EU.

Keywords


Innovation policy; regional economy; the European Union; cohesion; R&D

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"Intellectual Economics" ISSN online 1822-8038 / ISSN print 1822-8011