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 aim of the research is to assess convergence processes of a social-economic security indicator in Latvian municipalities and its components in the period 2011–2015, calculated as an integral indicator on the basis of primary statistical indicators. The relevance of the research is determined by the fact that social-economic security establishes not only the sustainable economic development of the country as a whole, but also the state of protection from internal and external threats. Municipalities, implementing their autonomous functions, are primary guarantors of social-economic security of the people. The convergence of social-economic security of municipalities implies the process of their convergence in time according to the values of the level of social-economic security.
The paper is devoted to the empiric assessment of social-economic security of administrative areas in Latvian municipalities. A generalized integral index of social-economic development of the territory of municipalities has been elaborated. This index was used to carry out the assessment of the level of social-economic security of Latvian municipalities in 2011 and in 2015 in order to identify priorities for the strategy of social-economic security.
The aim of the research is to assess convergence processes of market financial depth indicators in states with low, lower middle, upper middle, and high incomes in the period 1993-2015. The relevance of the research is determined by the fact that the deepening of financial markets encourages the increase in the level of economic stability and security, making it possible to serve the growing streams of trans-border capital. Deeper markets are able to provide alternative sources of finance during crises of international liquidity limiting sharp fluctuations of asset prices and currency exchange rates. Globalization of the world economy determines qualitative changes in the development of the world financial market. This is reflected in the dissolving boundaries between its various segments, as a result of which, problems of certain states and segments of the economy significantly influence other states and segments.
The issue of attracting investments is one of the key issues in modern society. The global experience shows that sustainable economic development and growth are determined by the volume and structure of investments. Therefore, the study into the investment environment where the investment activity happens – the investment climate, is becoming increasingly relevant. The prerequisites for the study into the investment climate have been formed since the Keynesian economic theory; studies into the investment climate have become widely spread in modern economic theories. Starting with the Keynesian economic theory and until modern theories of investments, the factors that influence the investment climate can be divided into two groups: investment potential and investment security of the region. According to the outcomes of the factor analysis of Latvia’s regions (Riga, Pieriga, Vidzeme, Kurzeme, Zemgale, and Latgale regions), Lithuania’s regions (Vilnius, Alytus, Utena, Panevezys, Kaunas, Klaipeda, Marijampole, Taurage, Telsiai, Sauliai counties), and Belarus’ regions (Vitebsk, Grodno, Mogilev, Minsk, Gomel, and Brest oblasts, and Minsk city), the factor of socioeconomic security is adeterminant of regional differences in the investment climate.
Global crises of the end of the XX – beginning of the XXI century have additionally contributed to the search for new market opportunities and made it obvious that on the modern market efforts of one particular company are not enough to do business efficiently. Thus, companies choose a survival strategy in times of growing uncertainty and together with small-scale and medium-scale companies form unified structures which allow competing successfully with large companies. These structures also reveal and enhance their advantages which lie in flexibility and adaptability to the market demands. The article examines basic models of the intercompany networks which meet the requirements of transition to sustainable economic growth in the cross-border region (Latvia-Lithuania-Belarus).
Network capital is a little explored phenomenon, but it is difficult to imagine the existence of man and society without networking effect. Network capital is a special type of social capital, its new branch in the e-society, the result of scientific and technical progress, in particular, the development of information and communication technologies (ICT). Network capital has a huge impact on the formation of modern society, accelerating and facilitating the development of globalization process and processes of global resource sharing and redistribution. Due to this positive influence, it blurs boundaries between global and local problems, creating new opportunities beyond the limitations of space or time, contributing to the economic development of enterprises at the local, regional and global level. Thereby becomes topical the necessity for a more efficient management of network capital, as well as the need to develop methods of its measurement and analysis. In the first part of the paper, authors examined the relevance of network capital phenomenon and generalized examples of its use in the modern e-society. In the second part of the article authors identified place of network capital in the context of aggregate capital, conducted a literature review, summarizing the main principles and concepts of network capital theory. The literature review showed that the role and possibilities of network capital development are poorly understood, a very small number of researches have been carried out on the subject and they do not present enough empirical analysis. The differences in terminology and interpretation of the phenomenon was revealed as well. In the third part of the article, authors analysed dynamics of the main ICT infrastructure indicators and indicators, which effect the development of network capital. The research helped to identify the main trends in network capital infrastructure changes over the past 10 years, as well as to ascertain the main problems and imbalances in its development. The analysis showed that between network capital and economic development of the country presents a very strong logarithmic dependence. At the end of the article authors presented conclusions on the work done. The paper is a preparatory base for further research in the field of network capital.
The article is dedicated to the research and assessment of trust and partnership impact throughout the main authors of innovation cooperation - universities, business and state. This impact is put on the innovative cooperation’s development of the border region (Latvia-Lithuania-Belarus) and production of innovative products and services in that region. The research region is consisting of the regions of Latvia (Latgale region), Lithuania (Vilnius region, Alytus region, Utena region, Panevezys region, Kaunas region), Belarus (Vitebsk, Grodno region, Minsk region, Mogilev region). Lack of attention to the above issues, related with border region, stresses the importance of the article. Innovations are key factor in long-term economic development of the region. The main condition for development is a purposeful formation and effective functioning of the territorial innovation system, in which one of the factors of its successful development is trust between participants of the system. The information base of the research is survey of 620 entrepreneurs of small and medium-sized enterprises in the border region.
Social-economic security – is a basic need, both in the life of an individual, household, and in various associations of people, society and state in common. Security serves as the main condition of life of people in a certain area, that reflects as a more equal distribution of the benefits, as an economic efficiency, a a social-economic stability and security. Municipalities, realizing their specific functions, serves as primary guarantee of social-economic security of the population. Article discusses methodological aspects of the assessment of social-economic security of the state in common, as well as administrative territories of local government in particular. Article deals also with statistical indicators of social-economic security at the local level. Authors has generalized an integral indicator of social-economic development of the municipalities, that helped to estimate the level of social-economic security in the territories of municipalities in Latvia.