Liudmyla Pavlenko

Type of the article: Research Article

Abstract
Military and economic turbulence transform the relationships between factors shaping national cyber resilience. This study aims to analyze the impact of technological, institutional, and financial determinants on cyber resilience under armed conflict and post-conflict recovery. The empirical analysis covers neighboring European non-EU countries within the European security space that are exposed to armed conflict or post-conflict instability (Ukraine, Moldova, Georgia, Armenia, Azerbaijan, and Serbia) from 2010 to 2024, using panel data from the World Bank, IMF, and ENISA. Cyber resilience is measured by the Global Cybersecurity Index. Institutional, technological, and financial factors are proxied by standard governance, digitalization, and the financial sector and estimated using a fixed-effects model with Driscoll-Kraay robust standard errors. The results reveal pronounced regime-dependent effects. Institutional capacity plays a decisive role during armed conflict: government effectiveness shows a strong positive association with cyber resilience (β ≈ 1.04) but becomes statistically insignificant in post-conflict and stable environments. Technological factors exhibit context-sensitive effects: digital government development is positively associated with cyber resilience during armed conflict (β ≈ 0.95) and relative stability (β ≈ 1.78), while its impact weakens in post-conflict recovery. Macroeconomic conditions exert systematic influences across regimes: higher unemployment reduces cyber resilience (β ≈ −0.027), whereas inflation shows a positive association (β ≈ 0.008). Financial indicators display mixed and predominantly negative effects under relative stability. Accordingly, cybersecurity policy should be explicitly regime-sensitive: institutional and digital interventions should dominate during armed conflict, while governance and risk-management mechanisms should prevail in post-conflict and stable environments.

Acknowledgment
The authors acknowledge with gratitude the financial support provided by the Ministry of Education and Science of Ukraine for the research project “Modeling mechanisms for countering organized and transnational cybercrime in wartime and post-war times” (state registration number 0124U000550).

Type of the article: Research Article

Abstract
Sustainable finance has evolved from a set of environmental, social and governance principles and specialized instruments into a field concerned with the transformation of financial institutions, markets and public policy. This study examines the conceptual structure, temporal evolution, and cross-thematic integration of sustainable finance research, while identifying the institutional mechanisms and unresolved coordination gaps. A combined bibliometric and qualitative content analysis was conducted on 11,629 Scopus-indexed articles and reviews published between 2000 and 2025. Keyword co-occurrence mapping generated a network comprising 383 terms across four clusters, while qualitative analysis covered 30 influential and recent publications. Publication activity was highly concentrated in 2020–2025, which accounted for 84.4% of the corpus. Cross-cluster relationships represented 59.5% of the network’s total weighted link strength, indicating thematic interconnectedness. The strongest integration linked green finance and the energy transition with regulation, technology, and the green economy. The qualitative synthesis identified six research streams, with banks emerging as the most prominently represented transmission channel, while coordination among monetary, prudential, fiscal, environmental, industrial and capital-market policies remained fragmented. These streams provide the basis for a preliminary five-function conceptual framework for financial system coordination encompassing information production and verification, governance, financial intermediation and investment, public-policy design and rule-setting, and digital and analytical infrastructure. The study distinguishes thematic integration within the literature from actual institutional coordination, thereby providing regulators and financial institutions with an analytical basis for designing sustainable finance policy mixes rather than relying on isolated instruments.

Acknowledgments
The authors acknowledge with gratitude the financial support provided by the Ministry of Education and Science of Ukraine for the research project “Financial and institutional framework for the sustainable recovery of Ukraine’s economy: an ESG-oriented model of interaction between the state, financial, and real sectors”, state registration number 0126U000594.