Annjulie Vester is a PhD student in UC Santa Barbara’s Department of Political Science whose research connects international relations, political violence, and the political economy of conflict. Her dissertation investigates a rare but revealing phenomenon: why and how some rebel groups attempt to build their own monetary systems – issuing currencies, establishing parallel banking institutions, and challenging state monetary control. By tracing cases across time and regions, Vester’s work shows how financial governance can become a battlefield in civil war, reshaping how scholars understand the capabilities and ambitions of non-state actors.
Annjulie Vester’s research explores an unusual and often overlooked dimension of civil war: what happens when rebel groups attempt to build their own financial systems. Her work examines how non-state actors challenge state authority not only through violence, but also by constructing institutions that resemble those of a state – sometimes even creating their own currencies.
Vester’s interest in political violence began during her undergraduate studies, where she gravitated toward courses in international relations and political theory. She was particularly fascinated by the difference between assumptions of how political actors behave and the complex strategies they actually pursue during conflict. While most research on civil wars focuses on military strategy, ideology, or territorial control, Vester found herself drawn to the unexpected moments when actors challenged conventional assumptions about power.
That curiosity grew throughout her master’s studies in international relations. While her program was largely geared toward preparing students for careers in policy, Vester became increasingly interested in academic research. Some of her most formative experiences came from working as a research assistant and developing a master’s thesis as her peers pursued internship-based capstone projects. The opportunity to work closely with faculty mentors on a long-term research project allowed her to explore questions in greater depth and ultimately convinced her to pursue a PhD.That path brought her to UC Santa Barbara, where she found a department known for its strengths in international relations and the study of political violence.
While assisting with research on rebel oil economies with Professor Bridget Coggins, Vester encountered a case in Libya where a rebel group attempted to establish a parallel banking system. The discovery raised a striking puzzle. Currency systems are typically understood as one of the defining powers of modern states. Yet here was a non-state actor attempting to challenge that authority by creating its own financial institution.
Intrigued by this possibility, Vester began asking a broader question: how often have rebel groups attempted to build their own monetary systems? To answer it, she has conducted an extensive investigation of rebel organizations operating since the end of World War II. Using major civil war datasets, she systematically examined hundreds of rebel groups and searched historical records and media sources for references to rebel currencies, banknotes, or monetary institutions.
Vester’s research revealed a surprising pattern. In rare but significant cases, insurgent groups attempt to ban state currencies, issue their own banknotes, or create parallel financial institutions. These efforts represent more than symbolic acts – they are attempts to assert political authority in one of the most powerful domains of the modern state: monetary control.
By examining these overlooked strategies, Vester’s work expands how scholars understand rebellion. Rather than viewing insurgent movements solely as military challengers, her research highlights how some groups attempt to build institutions to rival those of the state.Through these financial experiments, rebel groups not only fight wars – they test new forms of governance.