Mimo Draskovic,

University of Montenegro,
Podgorica, Montenegro,
E-mail: rookie@t-com.me

LEVELS AND FACTORS OF TRANSITIONAL CRISIS IN BOSNIA AND HERZEGOVINA, MONTENEGRO, AND SERBIA

Radislav Jovovic,

Mediteranean University,
Podgorica, Montenegro,
E-mail: radejovovic@t-com.me

Veselin Draskovic,

University of Montenegro,
Podgorica, Montenegro,
E-mail: veso-mimo@t-com.me

Nebojsa Jovovic,

International University of Travnik,
Travnik, Bosnia and Herzegovina,
E-mail: jovovicneso@gmail.com

Abstract. This paper analyzes and explores the perception of the relevant subjects on impact degree of the five negative factors: a) path dependence – inherited crisis factors in socialism, b) globalization of geopolitics and geo-economics, c) the responsibilities of governing structures, d) deficit of realistic and pluralistic institutional changes, and e) neoliberal economic policies at the level of the transition crisis in Bosnia and Herzegovina, Serbia, and Montenegro. The aim is to determine the perceptions of respondents about the individual and the overall impact of selected factors on the transitional crisis. It starts from the hypothesis that in the transitional period all these countries had an increased level of socio-economic turmoil with dominating negative impact of the above mentioned factors. The conclusion is that overcoming the crisis requires consistent implementation of many social changes and economic reforms, which will induce the reduction and/or neutralization of all explored negative factors of influence, regardless of the expressed perception of their importance. The starting hypothesis has been fully proven using the multi linear regression analysis and a multiple hierarchical regression analysis.

Received: December, 2016

1st Revision: March, 2017

Accepted: June, 2017

DOI: 10.14254/2071- 789X.2017/10-2/2

JEL Classification: D02, O17, P31, P37

Keywords: transition crisis, path dependence, geoeconomics, nomenclature of authorities, institutions.