Deprecated: Function curl_close() is deprecated since 8.5, as it has no effect since PHP 8.0 in /home/u483256323/domains/poorvam.com/public_html/subdomains/pore/includes/api.php on line 184
Abstract
<jats:p>Introduction. The contemporary financial space of Ukrainian regions is undergoing unprecedented deformations caused by the simultaneous impact of external shocks — the full-scale armed aggression of the Russian Federation and global macroeconomic uncertainty — and internal structural transformations, including wartime fiscal centralisation, changes in the architecture of intergovernmental relations, and mass migration processes. The purpose of the article is to identify, systematise, and substantiate the dominants of regional development sustainability under conditions of financial space instability in Ukraine, based on the integration of evolutionary regional resilience theory with a spatial approach to financial flow analysis. Methods. The study employs methods of systemic and structural-functional analysis, statistical and comparative analysis of local budget execution data for 2022–2025, as well as conceptual frameworks developed by R. Martin and P. Sunley, who identified four interrelated dimensions of regional economic resilience (resistance, recovery, re-orientation, and renewal), and contributions by S. Christopherson, J. Michie, and P. Tyler regarding the role of institutional quality and external linkages in determining regional sustainability. Results. The empirical analysis reveals an unprecedented decline in the share of local budgets in consolidated budget revenues from 24.4 % to 14.6 %, which constitutes a manifestation of a fundamental structural contradiction between wartime fiscal centralisation and the institutional logic of decentralisation reform. The author identifies a bifurcation state of the financial system, characterised by a critical conflict between current operational stability (general fund surplus) and long-term strategic resilience (special fund deficit reaching –112.7 billion UAH in 2024). Six groups of sustainability dominants are systematised: fiscal autonomy and revenue base diversification, structural adaptability of financial flows, investment capacity and absorptive potential, institutional quality of financial resource management, financial intermediation effectiveness, and human capital demographic sustainability. The study demonstrates that regional spatial polarisation of sustainability is deepening, with western regions showing revenue growth of 120–123 % while frontline regions experience declines of up to 27 %. Conclusions. A transition to a new polycentric architecture of financial space is necessary, capable of balancing centralised responses to security challenges with preserving the potential for endogenous development and effective absorption of recovery investments.</jats:p>