Journal of Security and Sustainability Issues

The discussion about the impact of financial development on economic growth is still relevant for economists. However, in recent years, after the financial crises of the first decade of the 21st century, there has arisen certain scepticism about the positive impact of the growing financial sector on economic growth rates. Moreover, specific cases of negative consequences of such a connection or its absence have become known. The 2008-2010 crises, certainly, played an important role in rethinking the nature of the impact of the financial sector on the real sector in the economy, which led to new arguments in favour of a relatively more cautious approach to stimulating the financial sector, given the potential negative effects on the country’s socio-economic security. The aim of the research is to determine the nature of the relationship between financial development and economic growth and its direction in Latvia in the period 1995–2017.

The alternative methods of dispute resolution are new field of study in Latvia. In most cases procedurial issues of these methods and their real practical application are outside any legal regulation. One of these alternative dispute resolution methods is called mediation. Person, who is responsible for the management of this process, is called mediator. The meaning of this term is known from the ancient civilization times. It is useful to understand the initial comprehension of mediation in order to sucessfully implement this process in the legal system of modern society. Nevertheless the elaboration of mediation procedure asks serious evalution of possibilites in order to completely evolve basic principles of alternative dispute resolution methods in the legal system of any country. Answering on question whether it is possible to completely realize the concept of mediation, it is necessary clearly understand, what it is and how you can use the advantages of this process in real life. Application of mediation in the Latvian criminal law obeys to the special requirements and depends on certain circumstances.

The article presents an analytical overview of models of social policies in the context of their application to socio-economic system of Latvia. In the article, the history and peculiarities of the creation of integrated social policy of member states of the European Union, European social model as well as a system of Key Indicators characterizing the social policy of Latvia in the context of the European Integration are analyzed. The problems faced by Latvia in its socio-economic development and ways to overcome them are identified. The necessity of forming a new model of socio-economic policy in Latvia by the transition to a model of sustainable development is justified. Proposals to improve the social policy of Latvia by the transition to the model of sustainable development of the country are made.

The level of citizens’ financial knowledge has a great impact on financial well-being of individuals and society. In this regard public authorities in many countries initiated a process of development and implementation of National strategies to enhance financial literacy level. The initial step of developing a national strategy is evaluation of current situation. Thus, financial literacy measuring issues are frequently debated in the academic and public environment. The goal of the current research is to develop a measurement instrument to evaluate the level of financial knowledge of Latvian citizens. The present paper reflects the results of the authors’ conducted survey based on the sample of 169 respondents. A set of 12 questions on financial matters was developed to detect perceived importance and complexity of financial literacy components, as well as to get financial literacy self-assessment scores. Data was processed by means of SPSS, applying such methods, as analysis of means, analysis of frequencies and independent samples t-test. Received results assist to precise the content and wording of questions to be included into the questionnaire for evaluation financial literacy level of Latvian citizens.

The share of natural gas as an efficient resource in the deficient Baltic primary energy balance is and will be significant (power generation, district heating, households, industry, etc.). Therefore, in the paper the risk of gas supply is evaluated and appropriate actions are recommended to assure reliable availability of affordable and sustainable energy in the Baltic States. Macro-region’s base (including supply and transit countries), risk and cost assessments, timely introduction of non-market measures, high cyber security level of information processing and management systems are the components of the security strategy. The extension of Incukalns UGS, interlinked pan-Baltic LNG receiving terminal and upgrade of cross-border trunk pipelines are recommended as the most efficient tools. Complex realization of all instruments and solidarity of the countries are the key issues to implement proposed strategy.