THE GEOMETRY OF TRUST: DIGITALIZING COMMUNITY ASSETS AS A CATALYST FOR SUBNATIONAL INVESTMENT IN EMERGING MARKETS
DOI:
https://doi.org/10.32782/ecovis/2026-1-1Keywords:
digital transformation, investment promotion, narrative economics, risk premium, asset mapping, regional development, communities, ABCD, foreign direct investmentAbstract
The study substantiates a multi-level governance model for the digital transformation of subnational investment promotion within the "InvestMap Communities" ecosystem. By synthesizing Robert Shiller’s narrative economics with the Asset-Based Community Development framework, the research demonstrates how georeferenced asset visualization mitigates risk premiums for international capital in post-crisis regions. Scientific novelty lies in the conceptualization of an institutionalized digital infrastructure that ensures project viability after donor support via a strategic Exit Strategy. The article concludes that this digital counter-narrative effectively reduces information asymmetry and transaction costs, facilitating the transition of territorial communities into active participants of the global investment market.
References
Davymuka, S. A. (2024). Rehional'nyy rozvytok Ukrayiny na shlyakhu do yevropeys'koyi intehratsiyi: rol' innovatsiynykh instrumentiv [Regional development of Ukraine on the path to European integration: the role of innovative tools]. Rehional'na ekonomika, vol. 113, no. 3, pp. 15–26. DOI: https://doi.org/10.36818/1562-0905-2024-3-1 (in Ukrainian)
Phillips, R., & Pittman, R. H. (Eds.). (2009). An introduction to community development. Routledge, pp. 1–392. Available at: https://khairulhkamarudin.wordpress.com/wp-content/uploads/2013/04/an-introduction-to-community-development.pdf
Kretzmann, J., & McKnight, J. P. (1996). Assets-based community development. National Civic Review, vol. 85, no. 4, pp. 23–29. DOI: https://doi.org/10.1002/ncr.4100850405.
Derr, A. (2025). What is community asset mapping? A strength-based approach to community development. Visible Network Labs. Available at: https://visiblenetworklabs.com/2025/04/09/what-is-community-asset-mapping/
Finn, R. E., Nelson, L., & Stein, S. (Eds.). (2021). Tackling vacancy and abandonment: Strategies and impacts after the Great Recession. Center for Community Progress; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Atlanta, pp. 1–194. Available at: https://communityprogress.org/wp-content/uploads/2021/10/2021-09-Tackling-Vacancy-and-Abandonment-Book-Publication.pdf
Hirshleifer, D., Mai, D. Y., & Pukthuanthong, K. (2023). War discourse and disaster premia: 160 years of evidence from stock and bond markets (NBER Working Paper No. 31204). National Bureau of Economic Research, pp. 1–155. DOI: https://doi.org/10.3386/w31204
Mauboussin, M. J., & Callahan, D. (2026). Who is on the other side? A framework for understanding market (in)efficiency. Consilient Observer Insights. Morgan Stanley Investment Management, pp. 1–97. Available at: https://www.morganstanley.com/im/en-us/individual-investor/insights/consilient-observer/who-is-on-the-other-side.html
OECD. (2025). OECD Economic Surveys: Ukraine 2025. OECD Publishing, pp. 1–129. DOI: https://doi.org/10.1787/940cee85-en.
Enhanced Integrated Framework. (2025). Phase Three of the Enhanced Integrated Framework: Programme framework document. EIF Executive Operational Board, pp. 1–42. Available at: https://enhancedif.org/system/files/uploads/Programme%20Framework%20Document.pdf
Sharpe, S. A., Sinha, N. R., & Hollrah, C. A. (2020). The power of narratives in economic forecasts (Finance and Economics Discussion Series 2020-001r1). Board of Governors of the Federal Reserve System, pp. 1–58. DOI: https://doi.org/10.17016/FEDS.2020.001r1.
Shiller, R. J. (2017). Narrative economics. American Economic Review, vol. 107, no. 4, pp. 967–1004. DOI: https://doi.org/10.1257/aer.107.4.967.
International Climate Initiative. (2024). Sustainable Finance Platform Ukraine: A milestone for climate-resilient growth. Available at: https://www.international-climate-initiative.com/en/iki-media/news/sustainable-finance-platform-ukraine-ein-meilenstein-fuer-klimaresilientes-wachstum/
UNDP. (2026). UNDP and National Development Institution launch Local Development Finance Facility to drive Ukraine’s sustainable recovery. Available at: https://www.undp.org/ukraine/press-releases/undp-and-national-development-institution-launch-local-development-finance-facility-drive-ukraines-sustainable-recovery.
Wells, L. T., Jr., & Wint, A. G. (2000). Marketing a country: Promotion as a tool for attracting foreign investment (Rev. ed.). Foreign investment advisory service occasional paper, no. 13. Washington, D.C.: The World Bank, pp. 1–204. Available at: http://documents.worldbank.org/curated/en/884891468763824660
United Nations Conference on Trade and Development. (2024). World Investment Report 2024: Investment facilitation and digital government. United Nations. Available at: https://unctad.org/publication/world-investment-report-2024
Давимука С. А. Регіональний розвиток України на шляху до європейської інтеграції: роль інноваційних інструментів. Регіональна економіка. 2024. № 3(113). С. 15–26. DOI: https://doi.org/10.36818/1562-0905-2024-3-1
An introduction to community development / edited by Rhonda Phillips and Robert H. Pittman. London ; New York : Routledge, 2009. 392 p.
Assets-based community development / J. Kretzmann, J. P. McKnight. National Civic Review. 1996. Vol. 85, № 4. P. 23–29. https://doi.org/10.1002/ncr.4100850405
Derr A. What Is Community Asset Mapping? A Strength-Based Approach to Community Development. Visible Network Labs. 2025. April 9. URL: https://visiblenetworklabs.com/2025/04/09/what-is-community-asset-mapping/
Finn R. E., Nelson L., Stein S. (eds.). Tackling vacancy and abandonment: strategies and impacts after the Great Recession. Washington, DC: Center for Community Progress; Federal Reserve Bank of Cleveland; Federal Reserve Bank of Atlanta, 2021. URL: https://communityprogress.org/wp-content/uploads/2021/10/2021-09-Tackling-Vacancy-and-Abandonment-Book-Publication.pdf
Hirshleifer D., Mai D. Y., Pukthuanthong K. War Discourse and Disaster Premia: 160 Years of Evidence from Stock and Bond Markets. Cambridge, MA : National Bureau of Economic Research, 2023. 68 p. (NBER Working Paper; No. 31204). DOI: https://doi.org/10.3386/w31204
Mauboussin M. J., Callahan D. Who Is On the Other Side? A Framework for Understanding Market (In)Efficiency. Consilient Observer Insights. Morgan Stanley Investment Management. 2026. January 21. URL: https://www.morganstanley.com/im/en-us/individual-investor/insights/consilient-observer/who-is-on-the-other-side.html
OECD Economic Surveys: Ukraine 2025 / OECD. Paris : OECD Publishing, 2025. 132 p. https://doi.org/10.1787/940cee85-en
Phase Three of the Enhanced Integrated Framework: Programme framework document / Enhanced Integrated Framework Executive Operational Board. Geneva : EIF Executive Secretariat, 2025. 42 p.
Sharpe S. A., Sinha N. R., Hollrah C. A. The Power of Narratives in Economic Forecasts. Finance and Economics Discussion Series 2020-001r1. Washington : Board of Governors of the Federal Reserve System, 2020. URL: https://doi.org/10.17016/FEDS.2020.001r1.
Shiller R. J. Narrative Economics. American Economic Review. 2017. Vol. 107, № 4. P. 967–1004. https://doi.org/10.1257/aer.107.4.967
Sustainable Finance Platform Ukraine: A milestone for climate-resilient growth : [електронний ресурс]. International Climate Initiative. 2024. August 28. URL: https://www.international-climate-initiative.com/en/iki-media/news/sustainable-finance-platform-ukraine-ein-meilenstein-fuer-klimaresilientes-wachstum/
UNDP and National Development Institution launch Local Development Finance Facility to drive Ukraine's sustainable recovery. UNDP Ukraine. 2026. February 20. URL: https://www.undp.org/ukraine/press-releases/undp-and-national-development-institution-launch-local-development-finance-facility-drive-ukraines-sustainable-recovery
Wells L. T., Wint A. G. Marketing a Country: Promotion as a Tool for Attracting Foreign Investment. Rev. ed. Washington, DC : Foreign Investment Advisory Service, World Bank, 2000. 182 p. (FIAS Occasional Paper; No. 13).
World Investment Report 2024: Investment facilitation and digital government / United Nations Conference on Trade and Development. Geneva : United Nations, 2024. 189 p. (UNCTAD/WIR/2024).
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Антон Андрієнко
This work is licensed under a Creative Commons Attribution 4.0 International License.
