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211. The Under-theorisation of Dollar Dominance

Author:
Photis Lysandrou
Publication Date:
01-2026
Content Type:
Working Paper
Institution:
City Political Economy Research Centre (CITYPERC), University of London
Abstract:
The recent period has seen an upsurge in predictions that the dollar's international dominance will at some point be challenged by a rival currency, notably the euro. This paper counters these predictions. It argues that the overestimation of the euro's ability to challenge dollar dominance is due to the under-theorisation of the foundations of that dominance, the root problem being macroeconomic theories' tradition of taking the household investor to be the representative investor when it should in reality be an institutional asset manager. If financial securities are viewed through the lens of the institutional investor it becomes clear that there can be no exodus from the dollar because it becomes clear that foreign investors remain attracted to the US capital market for reasons as much to do with its mass and consequent gravitational force as to do with a shortage of securities that can be supplied by other capital markets.
Topic:
Political Economy, Investment, Macroeconomics, Currency, Dollar, Euro, and Capital Markets
Political Geography:
Global Focus

212. Contesting and Reassessing the 'Too Much Finance' Hypothesis: A Literature Review

Author:
Tania Rojas
Publication Date:
01-2026
Content Type:
Working Paper
Institution:
Political Economy Research Institute (PERI), University of Massachusetts Amherst
Abstract:
This paper reviews recent contributions that reassess and contest the “too much finance” hypothesis. It surveys a predominantly empirical body of work that, in contrast to earlier studies focused mainly on advanced economies, increasingly incorporates developing and less-developed regions. The evidence reviewed suggests that an inverted-U-shaped relationship between financial development and economic growth is more consistently identified in studies of advanced economies. In contrast, analyses of samples of less-developed countries more frequently report positive linear or U-shaped relationships, pointing to conditions of “too little finance.” The review also documents methodological shifts in the literature, including a growing adoption of nonlinear modeling strategies, the use of alternative measures of financial development, and a greater focus on mediating factors in the finance-growth nexus. The paper concludes that a clear consensus remains elusive. The literature faces persistent methodological challenges, sensitivity to model specification and sample composition, and a prevailing emphasis on empirical estimation rather than theoretical discussion.
Topic:
Finance, Economic Growth, Macroeconomics, Literature Review, and Financial Development
Political Geography:
Global Focus

213. Analysis of Van Province’s Migration from Iran by Geographically Weighted Regression Method

Author:
Bahadır Yüzbaşı and Çetin Görür
Publication Date:
01-2026
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
The ability of migrants to adapt to their new environment in a short period of time while establishing a new life is an important factor affecting the welfare of both individuals and societies. The process of adaptation can determine the quality of life of the individual, reflecting the migrant’s ability to adapt socially, economically and culturally to their new environment. Adaptation in the new life after migration is usually associated with factors such as age, post-migration support from public institutions, postmigration support from relatives, post-migration support from neighbors, and inadequate educational opportunities. In this study, migration from Iran to Van province was analyzed using the geographically weighted regression (GWR) method. The analysis focused on identifying the factors that influence individuals’ responses to the statement “I adapted to my new life in a short time after migration”. According to the analysis results, it is observed that the GWR method gives stronger results. In comparison to the ordinary least squares (OLS) model, the GWR model demonstrates clear superiority across all evaluation criteria, indicating that the GWR model provides a substantially better fit to the data by capturing spatial variability more effectively.
Topic:
Migration, Integration, Forced Migration, Spatial Heterogeneity, and Local Modeling
Political Geography:
Iran, Turkey, Middle East, and Van

214. Impact of Migration Policies on Ukrainian Migrants in Turkey: Embrace vs Provision

Author:
Şebnem Köşer Akçapar and Filiz Tutku Aydın
Publication Date:
01-2026
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
The aim of this study is to elucidate decision-making processes of Ukrainian forced migrants of diverse ethnic and religious backgrounds relocated in Turkey in the wake of the Russian-Ukrainian War since 2022. We examine trends in prospective plans, including return, settlement, migration to third countries, and identify key factors influencing social integration in Turkey. To this end, extensive field research was conducted in five provinces in Turkey – İstanbul, Ankara, İzmir, Eskişehir and Antalya – between 2022 and 2024. This study employed qualitative method consisting of in-depth interviews with a wide range of stakeholders, including Ukrainian diplomatic representatives, migrant organizations, Turkish provincial migration management officials, and post-2022 Ukrainian migrants who were residing in Turkey under various statuses. The findings indicated that decisions between permanence and transience were determined by the state’s migrant and asylum policies along the embrace and provision continuum. In addition, active involvement of ethnic organizations of Ukrainians in migration processes appear to act as a factor that either triggers or hinders social cohesion.
Topic:
Asylum, Decision-Making, Forced Migration, Migrants, Russia-Ukraine War, and Migration Policy
Political Geography:
Turkey, Ukraine, and Middle East

215. Diplomacy Meets Paradiplomacy: Unpacking Central Government Responses through Evidence from Turkey’s Paradiplomac

Author:
Esra Kaya Erdoğan and Emrah Atar
Publication Date:
01-2026
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
This study examines the central government’s response to the paradiplomacy of sub-state actors through an analysis of the Turkish case, using a qualitative approach. As part of this research, a total of twelve face-to-face or virtual interviews were conducted with the representatives from the Turkish Ministry of Foreign Affairs, the Marmara Municipalities Union, and academics between June 2023 and November 2023. It views paradiplomacy as an outcome of the ongoing trend to localize diplomacy and aims to identify varying central government responses to paradiplomacy. These responses are analyzed using a three-fold categorization: positive, negative and mixed. The characteristics of each category explored in the context of the Turkish case. The study suggests that, despite the central government’s opportunistic approach to paradiplomacy, its response has shown a cyclical tendency. The central government’s stance on paradiplomacy is therefore complex and politically driven. It fluctuates along a broad spectrum, ranging from direct support to outright exclusion. This reflects the shifting political dynamics in Turkey.
Topic:
Foreign Policy, Diplomacy, Government, Governance, Municipalities, and Sub-state Diplomacy
Political Geography:
Turkey and Middle East

216. The European Court of Human Rights Framework of the Property Issue in Cyprus: An Evaluation of the Immovable Property Commission

Author:
Perçem Arman and Özde Bayraktar
Publication Date:
01-2026
Content Type:
Journal Article
Journal:
Uluslararasi Iliskiler
Institution:
International Relations Council of Turkey (UİK-IRCT)
Abstract:
Despite being physically divided in 1974, no peace agreement has been made in Cyprus since then. Amongst the issues awaiting solution, perhaps the most difficult one is the property issue. Problems related to property rights have been brought to the European Court of Human Rights (ECtHR) on several occasions. This study focuses on the Immovable Property Commission (IPC), which was established in accordance with the jurisprudence of the ECtHR. In a frozen conflict environment, the ECtHR, although not a transitional justice mechanism for resolving human rights violations in armed conflicts, occasionally plays an effective role in pressuring national authorities to repair the destructive effects of conflict periods. This study assesses the effectiveness of the IPC’s role in addressing property issues in general and within this specific context.
Topic:
Displacement, Transitional Justice, Property, Compensation, and European Convention on Human Rights (ECHR)
Political Geography:
Turkey, Middle East, Cyprus, and Mediterranean

217. Lost in Definition: How Confusion over Agentic AI Risks Undermining U.S. Governance Frameworks

Author:
Yasir Atalan, Ian Reynolds, and Benjamin Jensen
Publication Date:
01-2026
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
“Agentic AI” is an umbrella term that covers a wide range of systems from basic chat assistants to complex autonomous workflows. This ambiguity risks undermining U.S. governance frameworks and creating procurement vulnerabilities that expose organizations to mismatched capabilities and unaccounted risks. If the same vague word is applied to a helpful chatbot and a combat-ready swarm, the United States could accidentally deploy a system with the power to start an operation before that system understands the context or risks involved. The danger is not that the AI lacks intelligence, but that it lacks judgment; a system might be smart enough to execute a task perfectly yet fail to realize that a sudden change in the local situation makes that task a catastrophic mistake. This is particularly critical in national security environments where decisionmaking stakes are high. There is a need for clearer context charts for AI workflows so that commanders know exactly which tasks a machine can handle alone and exactly which who is responsible if the machine makes a mistake. The U.S. government must establish a relational, capability-based taxonomy that specifies where systems sit in workflows, what authorities they exercise, and how accountability is distributed. This approach shifts acquisition and oversight from a narrow focus on technical features to understanding broad organizational impact and ensuring evaluation matches real operational risk.
Topic:
Governance, Cybersecurity, Geopolitics, Artificial Intelligence, Economic Security, and Defense Spending
Political Geography:
North America and United States of America

218. The Rise of “Watt’s Law” and Why Power Could Put a Ceiling on American Innovation

Author:
Maryam Cope
Publication Date:
02-2026
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
A foundational advantage of the U.S. digital economy is weakening. For decades, Moore’s Law and Dennard scaling delivered steady improvements in computing performance while keeping energy costs manageable and underpinning productivity growth, industrial competitiveness, and national security capabilities. AI workloads upend these assumptions. Modern AI systems depend on massive parallelism, continuous data movement, and sustained operation across large clusters, making energy utilization and availability more important than peak chip performance. This shift defines the emergence of “Watt’s Law.” Under Watt’s Law, AI capability scales with available power growth multiplied by system-wide innovation driven by full-stack optimization across hardware, software, networking, and operations. This can be measured by growth in tokens per joule of energy. Power is now the significant binding constraint on AI progress. National competitive advantage increasingly depends on who can most efficiently convert electricity into sustained, real-world AI output, rather than who builds the smallest transistors. The implications are strategic. Failure to adapt to a power-constrained scaling regime risks forfeiting a key source of productivity growth and long-term advantage in AI-enabled economic and national security capabilities. It also has implications for U.S. partnerships with energy-rich allies.
Topic:
Science and Technology, Cybersecurity, Innovation, Artificial Intelligence, and Sustainability
Political Geography:
North America and United States of America

219. China’s Solar Industry Is in Upheaval—The Effects Will Be Global

Author:
Michael Davidson and Sandy Qian
Publication Date:
03-2026
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
Over the past few years, China’s solar industry has entered a period of intense upheaval. Price wars and margin compression have forced industry leaders—including Jinko Solar, Trina Solar, and JA Solar—to report significant losses. These firms, along with LONGi Green Energy and Tongwei—the industry’s top five—slashed their workforce by over 30 percent in 2024. The market is facing industry consolidation and exits not seen in over a decade, as over 40 smaller firms have filed for bankruptcy, been acquired, or exited the market. Chinese regulators are accelerating this process, which will have ripple effects across global solar markets. Several critical questions arise: Does this phase erode China’s leadership in solar, or entrench it further? Is it a window for others to close the gap, or a prelude to deeper market displacement? And when the current wave of capacity consolidation settles, what will the next global competitive order look like? The answer is already emerging. Rather than opening space for rivals to catch up, the current shocks are forging a more resilient Chinese solar core. By embedding deeper into global value chains and securing a technological lead, China is effectively reshaping the industry’s future trajectory to its own long-term advantage.
Topic:
Sustainability, Industry, Solar Power, and Energy
Political Geography:
China and Asia

220. Practical H-1B Reforms to Serve U.S. Economic Interests

Author:
Philip Luck and Thibault Denamiel
Publication Date:
02-2026
Content Type:
Policy Brief
Institution:
Center for Strategic and International Studies (CSIS)
Abstract:
In its first year, the second Trump administration has implemented substantial changes to the H-1B immigration program. Some of these changes will create significant economic harm; others have the potential to improve efficiency and support industrial policy goals, with further adjustments. In September 2025, the administration announced a $100,000 fee on new petitions for H-1B visas outside of the United States, a likely prohibitive increase in costs for many firms seeking to hire skilled immigrant labor. In parallel, the administration released a final rule last December to increase the visa lottery system’s allocation efficiency. The administration’s lottery reform would benefit from additional changes to better distribute the economic dividends of skilled immigration to underserved geographies and priority sectors. Such policy changes are critically important to U.S. competitiveness, given the program’s track record of success in attracting global talent and driving economic growth. To strengthen the United States’ technological advantage, innovation ecosystem, and economic prosperity, policymakers should look to expand the H-1B program and reform its incentives while limiting costly new barriers to its use.
Topic:
Reform, Innovation, Economic Security, Immigration Policy, and H-1B Visa
Political Geography:
North America and United States of America