Journal of Security and Sustainability Issues

The scientific article outlines the main aspects of deploying a creative economy and shaping its impact on the security of world countries’ development, especially in the context of national innovation policy. The current power balance in the world regarding the development of a creative economy, the dynamic modeling and analysis of various aspects of the creative economy have been determined in the article. A Summary of indicators and factors for assessing the level of achievements of the creative economy and its relation to the security of individual countries has been carried out.

The article is devoted to the problems of formation and development of sectoral corporate clusters and the infrastructure security of their formation and development in the system of the national economy. The role of the innovation infrastructure in the development of the national economy was determined, and a model was proposed for transferring the innovative product from the developer to the real economy. The main components of the production and infrastructure security of business entities when deploying an innovative business development model were outlined.

This study examines the impact of 2008 financial crisis on firms’ productivity in Latvia, Lithuania, and Romania by using the World Bank’s Enterprise Financial Crisis Survey data. The Work Bank carried out the survey to have a short, quick, and cost-efficient evaluation of the effect of the 2008 global financial crisis on companies in European and Central Asian countries. We find that different firm-specific variables affect the firm’s productivity in Latvia, Lithuania, and Romania. Firms benefited from huge market potential and this location proximity to capital city can improve the chance of being less affected from the crisis only in Latvia. On the contrary to the findings for Latvia, the capital city variables are not statistically significant for firms in Lithuania and Romania. Working capital financing matters for firms in Latvia and Lithuania while short-term leverage is important for firms in Lithuania and Romania. More interestingly, we observe that R&D expenses may not able to improve firms’ performance at the time of financial crisis.

In contemporary economy innovations by the scientists are seen as a driving force of the economic development. Innovation performance is vital to achieve sustainable country’s competition and to stay in pace with other developed economies (Grossmann 2009).