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Foreign investment fund in the world has multiplied several times in the last twodecades. However, growing trend of foreign investments fl ow has been broken by the recentfi nancial crisis in the world. Lower infl ow of foreign investments into the developingcountries has made the funding of their current accounts diffi cult, because it becamemore diffi cult for them to get loans in the international capital market. Most net importersof capital are net debtors in the international capital market, which made them increaseinvestment attractiveness for international investors. Thus they tried to decrease theirexposure to the loan market. Although foreign investments are desirable source of fundingthe current account defi cit, net infl ow of these funds generates negative balance in theincome account and puts pressure on the balance of payments of the country. World investmentfl ows have returned to the upward trend in 2013.This paper analyses foreign investments fl ow in the world, by groups of countries.The groups of countries, the subject analysis of this paper, are: Asia, Latin America,Africa, countries in transition and developed countries. The most signifi cant countriesthat are net exporters of capital in the world are the European Union and USA, while thebiggest importers are the growing Asian countries. Starting period for this analysis is1990, and ending period is 2013. Therefore, time series of the analysis covers economiccycles, i.e. rise from the nineties of the last century, then the period of global fi nancial andeconomical crisis that lasted all the ay until the end of 2012.

Official development assistance (ODA) implies the movement of capital with a minimum of one quarter of grant. It was established in the second half of the previous century, with the aim of getting developed countries to set aside a part of their gross domestic product (GDP) as an aid intended for developing countries. In the European Union, development assistance implies a policy which was established at the very beginning of the integration process, but it was not until the Treaty on the European Union was signed that it obtained its legal basis. Today, the European Union is a key partner of developing countries, and together with member states it ensures more than a half of the ODA assets. The countries of the Western Balkans are categorized among the developing countries and receive aid via loans and grants from developed countries and international institutions. The European Union's support is divided into the aid intended for the countries that are in the process of accession and the aid which is meant for other, less-developed countries. The distinction between these two forms of assistance is very difficult, because the character of the support changes in the course of accession process. The scientific problem that this paper deals with pertains to identification of the intensity of the European Union Official Development Assistance and the level of development of the Western Bal-kans. The assets of the European Union's assistance to the region of the WesternBalkans are necessary, yet not sufficient for achieving a higher level of developmentand the European standards in all directions.

Official development assistance (ODA) implies the movement of capital with a minimum of one quarter of grant. It was established in the second half of the previous century, with the aim of getting developed countries to set aside a part of their gross domestic product (GDP) as an aid intended for developing countries. In the European Union, development assistance implies a policy which was established at the very beginning of the integration process, but it was not until the Treaty on the European Union was signed that it obtained its legal basis. Today, the European Union is a key partner of developing countries, and together with member states it ensures more than a half of the ODA assets. The countries of the Western Balkans are categorized among the developing countries and receive aid via loans and grants from developed countries and international institutions. The European Union's support is divided into the aid intended for the countries that are in the process of accession and the aid which is meant for other, less-developed countries. The distinction between these two forms of assistance is very difficult, because the character of the support changes in the course of accession process. The scientific problem that this paper deals with pertains to identification of the intensity of the European Union Official Development Assistance and the level of development of the Western Balkans. The assets of the European Union's assistance to the region of the Western Balkans are necessary, yet not sufficient for achieving a higher level of development and the European standards in all directions. ; ???????? ????? ?? ?????? (ODA) ????????????? ??????? ???????? ?? ????????? ?????????? ???????????? ?????????. ??????? ?? ? ?????? ???????? ??????? ??????, ?? ????? ?? ????????? ????? ????????? ??? ????? ??????? ????????? (???) ??? ?????, ????????? ??????? ? ???????. ? ????????? ?????, ????? ?? ?????? ????????????? ????????, ???? ?? ???????????? ?? ????? ??????? ?????????????? ???????, ??? ?? ??? ???????? ? ????????? ????? ?????? ???? ?????? ?????. ????? ?? ???????? ????? ?????? ??????? ?????? ? ???????, ? ?? ???????? ????????? ??????? ????????? ???? ?? ???????? ODA ?????????. ????? ???????? ??????? ?? ?????????? ? ????? ? ??????? ? ??????? ????? ????? ??????? ? ???????? ?? ?????????? ?????? ? ???????????? ???????????. ??????? ???????? ????? ?? ???????????? ?? ????? ??????? ? ??????? ????????????, ? ??? ???? ??? ?????? ???? ?????????? ???????. ??????????? ?????? ??? ??? ?????? ?????? ?? ???? ?????, ??? ?? ?????? ???????? ??????? ????? ??????? ????????????. ?????? ??????? ????? ?? ???? ???? ??? ?? ?????? ?? ?????????????? ?????????? ??????????? ???????? ???????? ?????? ???????? ????? ? ????? ??????? ???????? ???????. ???????? ?????? ???????? ????? ??????? ???????? ??????? ?? ????????, ??? ?? ? ??????? ?? ????????? ????? ????? ??????? ? ????????? ????????? ? ???? ????????.

Long-run economic growth represents a precondition for the development of the Western Balkans countries. Continuous investments are required to achieve high rates of economic growth, while investments sources are national savings and foreign investments. The national savings level in the Western Balkans (W.B.) is not sufficient to finance radical changes, so external sources, in particular foreign direct investment (F.D.I.), are necessary for the development, as well as the official development assistance (O.D.A.). In view of the European intentions for the Western Balkans Region and the level of economic relations with the European Union, this paper seeks to explore the European Union (E.U.) investments and W.B. development. Results of the panel analysis and V.A.R. model show a statistically significant relationship between G.D.P. per capita and the length of the road network and E.U. investments. This confirms the significance of these development variables for the inflow of investment from the E.U. Panel analysis, explanatory variables of trade openness and signing of the Stabilisation and Association Agreement with the E.U. did not prove to be significant for E.U. investments inflow. A statistically significant relationship does not exist between the unit labour costs and investments from the E.U. when applying a causality test.

Accumulation of knowledge, the role of education and innovations in the stimulation of economic development are important for understanding the endogenous theory of growth. The aim of this paper is to determine the strength and direction of relations between independent variables of education, technological development, innovations, foreign investments and the economic growth of Bosnia and Herzegovina (B&H). The relations between variables are assessed by multiple regression analysis for the period 2005 - 2017. GDP per capita (pc), as a measure of general wellbeing and economic development is a dependent variable of the regression model. Education Years Average, Technological readiness and Innovations are explanatory variables, whereas Foreign investments and Macroeconomic environment are control variables. The results indicate statistical significance of variables Education Years Average, Technological readiness and Innovations. The first two variables indicate a positive effect on the economic development, whereas Innovations have a negative effect on the economic development. The control variables are statistically insignificant. Therefore, more investment is recommended in the field of education, science and research. Institutions should be more developed and scientific-research systems should be harmonized with the European Union. It is the only way for B&H to be able to respond to global challenges when it comes to competitiveness, export and the GDP growth. Examples and experiences of this country can be useful for research activities in similar post-transition countries.