Mykola Nazarov

The full-scale russian invasion of Ukraine led to numerous physical and moral challenges. The paper aims to estimate the role of family as a social resilience driver in managing wartime challenges on a regional level. It used the online survey method based on Google Forms and online focus-group interviews in September-November 2022. Household members (1,089 respondents) of Kyiv, Lviv, Zakarpattia, Mykolaiv, Sumy, Chernihiv, and Dnipropetrovsk territorial communities were surveyed. Most respondents generally positively assess Ukraine’s prospects; 59% believe that the situation in the country will most likely improve. During war escalation, 67.2% of respondents waited for family support, and 48.8% helped their relatives, but relying on family support did not increase their safety expectations. In communities that did not increase their activity level in response to the war by one percentage point, the “feeling unsafe” responses increased by 1.8 percentage points, which means that an active civil position is also responsible for feeling safe (other things being equal) and increasing society’s resilience. At the same time, even in wartime, the indicators of social atomization are quite high, as 46.2% relied only on themselves and solved their problems independently, without anyone’s help. Therefore, developing family relations is one of the effective mechanisms for raising internal human resources to manage wartime challenges.

Acknowledgment
This study was supported by a project “Digital transformations to ensure civil protection and post-war economic recovery in the face of environmental and social challenges” (№0124U000549) and “Economic and energy security of Ukraine in the conditions of war and post-war reconstruction: disruptive technologies for sustainable development” (№0123U103593).

Type of the article: Research Article

Abstract
The article examines the interdependence between a country’s investment attractiveness and its level of debt security, as debt risks significantly shape foreign investors’ decisions and determine the stability of capital flows. The study aims to quantify the impact of debt sustainability on investment activity using the proposed approach, which allows for analyzing this dependence under both normal macroeconomic conditions and crisis environments, including war-related shocks. The empirical assessment is conducted on a sample of six countries – Poland, the Czech Republic, Slovakia, Hungary, Türkiye, and Ukraine – which share structural characteristics such as economic openness and reliance on external financing, yet differ substantially in their debt trajectories. For each country, an analytical model of investment attractiveness is constructed based on the integrated debt security index and key macroeconomic indicators. The results reveal pronounced cross-country differences. In Poland, the Czech Republic, and Slovakia, debt sustainability demonstrates a stable positive effect on investment activity, consistent with their moderate debt burdens and macroeconomic stability. Hungary and Türkiye show a weaker and more volatile relationship, reflecting higher sensitivity to debt risks and unstable macro-financial conditions. In Ukraine, the crisis (war-related) shock leads to a significant decline in investment attractiveness, offsetting the positive influence of improvements in individual debt or macroeconomic indicators. The obtained models can be applied for comparative analysis, evaluation of debt policy outcomes, and scenario-based forecasts of investment recovery under different economic and crisis conditions.

Acknowledgment
This study is funded by the Ministry of Education and Science of Ukraine and contains the results of projects No. 0121U112685 “Economic foundations of debt security management in Ukraine under war conditions”.