Steve Hanke

Hanke was born in Macon, Georgia, in 1942 and grew up in Atlantic, Iowa, where he attended Atlantic High School. He then attended the University of Colorado Boulder in Boulder, where he was a member of the Phi Delta Theta fraternity. Hanke earned a B.S. in business administration (1964) and a Ph.D. in economics (1969) from the University of Colorado. ==Academic career==

Hanke's first academic appointment was at the Colorado School of Mines in 1966, when he was 24. During this time, Hanke developed and taught courses in mineral and petroleum economics, while completing his Ph.D. dissertation on the impact of meter installation on municipal water demand. Hanke then joined the faculty of the Johns Hopkins University, where he initially specialized in water resource economics. After six years at Johns Hopkins, including a one-year visiting professorship at the University of California, Berkeley, Hanke attained the rank of full professor within the Department of Environmental Health and Engineering at the Whiting School of Engineering, At present, Hanke teaches courses in applied economics and finance that are widely recognized as a gateway for Hopkins students to gain employment on Wall Street. Over the course of his career, Hanke has held editorial positions with a number of academic journals, including the Journal of Economic Policy Reform; Water Resources Research; Land Economics; and Water Engineering and Management. He currently holds editorial positions with The International Economy, The Independent Review, Cato Journal, Review of Austrian Economics, Economic Journal Watch, and Central Banking. In 1995, Hanke and Johns Hopkins University history professor Louis Galambos founded the Johns Hopkins Institute for Applied Economics, Global Health and Study of Business Enterprise. a special counselor to the Center for Financial Stability, and a member of the Charter Council of the Society for Economic Measurement. Hanke is a senior advisor at Renmin University's International Monetary Research Institute, in association with Nobel laureate Robert Mundell (1932–2021) of Columbia. Water resource economics In 1969, Hanke began his academic career as a water resource economist in the Johns Hopkins Department of Geography and Environmental Engineering (now the Department of Environmental Health and Engineering), a department founded by famed sanitary engineer Abel Wolman. At the time, the department was known as the premier water resource engineering department in the country, and was home to world-renowned sanitary engineer John C. Geyer, with whom Hanke would frequently collaborate. as well as sewer interceptor design criteria which are still commonly used today in Europe. During this time, Hanke served as the associate editor of the Water Resources Bulletin and Water Resources Research, as the economics editor for Water Engineering and Management, and as a member of the editorial board of Land Economics. While at the CEA, Hanke led a team that re-wrote the federal government's Principles and Guidelines for Water and Land Related Resources Implementation Studies, to include more rigorous benefit-cost analysis requirements. Hanke continues to be active in the water resources field, focusing primarily on municipal water system privatization. He is a member of the Johns Hopkins University Global Water Program. Privatization Hanke has produced eight books and numerous articles and proposals dealing with the privatization of public-sector resources. In 1972, he was a research associate at the National Museums of Kenya, where he worked with anthropologist and conservationist Richard Leakey on the economics of big game cropping and hunting, as well as the privatization of big game reserves to combat poaching. Hanke also worked with Barney Dowdle of the University of Washington and the Confederated Tribes of Siletz Indians of Lincoln County, Oregon, on a proposal to privatize portions of their reservation, as a means of improving economic opportunity on Native American reservations. While at the White House, Hanke worked closely with his long-time associate, CEA member William A. Niskanen. He was known as a member of the supply-side economics movement within the Reagan administration. particularly municipal water systems, and public grazing and timber lands. This plan was endorsed by one of Reagan's closest allies, the then Nevada senator Paul Laxalt, among others. Hanke's work to privatize public lands put him at odds with Secretary of the Interior James Watt and members of the Sagebrush Rebellion, who sought to transfer federal public lands to state control, rather than to private ownership. In 1982, Hanke left the CEA, joining a number of influential Reagan administration supply-siders, including Martin Anderson, Norman B. Ture, and Paul Craig Roberts. Hanke and his wife, Liliane, are often credited with popularizing the term "privatization" – derived from the French term privatise – in the American economic lexicon during the 1980s, as well as for bringing about its inclusion in Merriam-Webster's Collegiate Dictionary. Hanke has authored numerous articles on the subject of privatization, including the entry for "Privatization" in the 1987 edition of The New Palgrave: A Dictionary of Economics. Currency boards and dollarization After Hong Kong reinstated its currency board in 1983, Hanke began to collaborate with his fellow Johns Hopkins professor, and Margaret Thatcher's personal economic adviser, Sir Alan Walters, on the subject of currency boards. A currency board is a monetary authority that issues a local currency that is fully backed by a foreign reserve currency, and which is freely convertible with the foreign reserve currency at a fixed exchange rate. Walters was a key advocate of the reestablishment of Hong Kong's currency board. Hanke and Walters established a currency board research program at Johns Hopkins. One of Hanke's first post-doctoral fellows in that program was Kurt Schuler. Shortly after Schuler's arrival at Johns Hopkins, Hanke and Schuler discovered that John Maynard Keynes was an advocate of currency boards. Hanke and Schuler presented these findings, including original documentation, in a book edited by Walters and Hanke. During this time, Hanke began conducting research on dollarization, whereby a country replaces its domestic currency with a stable foreign currency – creating a de facto fixed-exchange-rate monetary system between two countries. Over the course of his career, Hanke has written over 20 books and monographs and over 300 articles on currency boards and dollarization. Many of these were written in collaboration with Kurt Schuler. Hanke also co-authored with Sir Alan Walters the entry for "Currency Boards" in the 1992 edition of The New Palgrave Dictionary of Money and Finance. In addition, he played a central role in drafting and bringing about the inclusion of the Hanke Amendment in the 1993 Foreign Operations Appropriations Bill. Hyperinflation Hanke has written extensively on the subject of hyperinflation, which describes when a country's inflation rate exceeds 50% per month. In 2008, Hanke and Alex Kwok published a paper, which estimated that Zimbabwe's hyperinflation peaked in November 2008 at %. This makes Zimbabwe's hyperinflation the second-highest in history – peaking 3.5 months after the Mugabe government stopped reporting inflation statistics, and 1.5 months after the IMF's last estimate of Zimbabwe's inflation rate, with a peak inflation rate 30 million times higher than the last official rate. In 2012, Hanke and Nicholas Krus documented 56 cases of hyperinflation that have occurred in history, in "World Hyperinflations", a chapter in the Routledge Handbook of Major Events in Economic History. Since then, Hanke has documented two additional cases of hyperinflation: one occurred in Venezuela in 2016, and the other occurred in Zimbabwe in 2017. In 2013, Hanke founded the Troubled Currencies Project, a collaboration between the Johns Hopkins University and the Cato Institute, in order to track exchange-rate and inflation data in countries including Argentina, Egypt, Nigeria, North Korea, Syria, and Venezuela. Barnett's derivation uses the Divisia quantity index formula of  Francois Divisia with the monetary-assets user-cost-price formula derived by Barnett (1980). Hanke also favors broad monetary aggregates as articulated by economists, including Tim Congdon. Hanke argues that changes in nominal national income are a function of changes in broad money aggregates. In 2012, Hanke developed a method of monetary analysis known as state-money/bank-money analysis (SMBMA). This methodology is based on John Maynard Keynes' distinction between money produced by a central bank ("state money") and money produced via the private banking sector, through deposit creation ("bank money"), contained in the 1930 classic A Treatise on Money. Hanke has employed SMBMA as a method of analyzing the response of various countries to the 2008 financial crisis. In particular, Hanke has employed SMBMA for the United States, the United Kingdom, and various countries in the European Union to study the pro-cyclical effects of higher capital-asset ratios implemented during economic downturns. Hanke has been an outspoken critic of pro-cyclical capital requirements imposed under Basel III, Dodd–Frank, and other financial regulatory regimes. it also integrates the abolition of time zones. With the Hanke–Henry Permanent Calendar, every calendar date would always fall on the same day of the week. Some of the advantages would include a permanent day of the week for all holidays; a simplification of financial calculations, and it would not draw criticism from religious groups because it retains the Sabbath. ==Economic advising and currency reform==

Hanke began advising political leaders on economic issues in the late 1970s, when he served as a member of the Governor's Council of Economic Advisers for the State of Maryland, along with Carl Christ and Clopper Almon. After stints at the president's Council of Economic Advisers, the Congressional Joint Economic Committee, and the president's Task Force on Project Economic Justice during the Reagan administration, Hanke began advising heads of state in developing countries on a pro-bono basis. Hanke has advised five presidents (Bulgaria, Indonesia, Kazakhstan, Venezuela, and Montenegro); five cabinet ministers (Albania, Argentina, Ecuador, Yugoslavia, and the United Arab Emirates); and has held two cabinet-level positions (Lithuania and Montenegro). In collaboration with his then-post-doctoral student, Kurt Schuler, Hanke developed a blueprint for a currency board reform package, which he proposed in a number of countries throughout the 1990s, including Albania, Hanke was an early proponent of a currency board system for Argentina, which he outlined in a 1991 book. Later, Hanke worked closely with Menem and members of the Argentine Congress to implement a currency board, along the general lines of Hanke and Schuler's original proposal. The result was not an orthodox currency board, but rather a "convertibility system", passed in the Convertibility Law of 1991, which ended Argentina's hyperinflation episode. During the 1989 to 1991 period, Hanke worked closely with Congressman José María Ibarbia and his colleagues (the Alsogaray faction) in the Argentine Congress to develop a blueprint for a currency board system. That blueprint was published in Buenos Aires and contains a preface written by José María Ibarbia. Following Hanke and Sir Alan Walters' 1994 prediction of the Mexican peso's collapse, Argentine Finance Minister Domingo Cavallo invited Hanke to serve as his adviser. At the time, Hanke was described by Argentine newspapers as "Cavallo's spokesman", as well as the "generator of confidence" in the Argentine economy. Argentina's convertibility system differed in several key respects from Hanke's original proposal. In October 1991, the year the system was implemented, Hanke warned in a Wall Street Journal op-ed that the convertibility system could begin to function as a central bank, and eventually collapse. This prediction came true in the late 1990s, as the Argentine convertibility system began to function like a central bank and engage in sterilization. Hanke wrote many articles showing that the convertibility system was not a currency board. In February 1999, Menem asked Hanke to prepare a dollarization blueprint for Argentina. This proposal was never acted upon, and the convertibility system ultimately collapsed in 2002. Although Pregl was at one point a leader of the Communist League of Yugoslavia, he sought Hanke's counsel on ways to liberalize Yugoslavia's socialist economy. During this time, Hanke proposed a number of free-market reforms, including the privatization of Yugoslavia's pension system, as well as a currency board system to address the failing Yugoslav dinar. In 1991, the Ekonomski Institute Beograd published a book, in the Serbo-Croatian language, which Hanke and Schuler co-authored. In late 1996, Hanke and Schuler's currency reform handbook Currency Boards for Developing Countries gained popularity when a pirated Bulgarian-language version of the book became a best-seller in Sofia. In 1997, during Bulgaria's second episode of hyperinflation, Hanke was appointed as an adviser to Bulgarian President Petar Stoyanov, and worked to bring about the establishment of Bulgaria's currency board. Inspired by the original Hanke-Schuler blueprint, members of the Bulgarian government drafted a law which converted the Bulgarian National Bank to a currency board system. Acting in his capacity as Stoyanov's adviser, Hanke continued to be deeply involved in fine-tuning and steering his idea to full adoption, throughout the drafting, legislative, and implementation process. Bulgaria adopted the proposal and installed the currency board on July 1, 1997. The currency board linked the lev to the German Deutsche Mark, and later the euro. Upon adoption, the Bulgarian Currency Board immediately put an end to the country's 1997 hyperinflation episode. In 2013, Hanke's work on the Bulgarian currency board was praised by Bulgarian Prime Minister Plamen Oresharski, and the Bulgarian Academy of Sciences awarded Hanke a doctorate honoris causa. And in 2015, Varna Free University awarded Hanke the title doctor honoris causa, in honor of his scholarship on currency boards and his reform efforts in Bulgaria. In 2018, the D. A. Tsenov Academy of Economics awarded Hanke a doctorate honoris causa in honor of Hanke's work as the father of the Bulgarian currency board. Estonia In 1992, Hanke, Kurt Schuler, and Lars Jonung – then a professor at the Stockholm School of Economics – released a book in both English and Estonian containing a blueprint for an Estonian currency board. After Jonung was appointed chief economic advisor to Swedish Prime Minister Carl Bildt, in 1992, Jonung convinced Bildt to embrace the idea of a currency board for Estonia and arrange for its presentation to the Estonian government. In May 1992, Hanke presented the currency board blueprint to members of Estonia's Constituent Assembly in Tallinn. Later, Hanke also began collaborating with the LFMI during regular visits to Vilnius. Having witnessed the positive effects of neighboring Estonia's currency board, Lithuanian Prime Minister Adolfas Šleževičius, the 1995 Dayton Agreement required Bosnia and Herzegovina to employ a currency board for at least six years. In the aftermath of the Yugoslav civil war, local officials and an IMF team set about to create a central bank for Bosnia and Herzegovina based on the principles of a currency board. Hanke began serving as a special adviser to the U.S. government in December 1996 Warren Coats, a key member of the IMF team discussed Hanke's involvement at length in a 2007 book. In a section of the book titled "Steve Hanke", Coats recounts: Indonesia In August 1997, upon urging from the International Monetary Fund, Indonesia adopted a floating exchange rate for its currency, the rupiah. In the ensuing months, the rupiah weakened significantly against the U.S. dollar. Inflation in Indonesia began to accelerate, sparking food riots across the country. In February 1998, Indonesian President Suharto invited Hanke to serve as his economic adviser. On the day of Hanke's appointment as special counselor and a member of Indonesia's Economic and Monetary Resilience Council, the rupiah appreciated by 28% against the U.S. dollar. During his time as Suharto's adviser, Hanke had an unprecedented level of access to the Indonesian president and even played a role in the dismissal of Indonesia's Central Bank governor. Hanke referred to his alternative reform package for Indonesia as "IMF Plus". It garnered the support of notable economists, including Gary Becker, Rudiger Dornbusch, Milton Friedman, Merton Miller, Robert Mundell, and Sir Alan Walters. Hanke was also named one of the 25 most influential people in the world by World Trade Magazine during this time. This plan was met with opposition by the governments of Germany, Japan, and Singapore, among others. Some economists including Nouriel Roubini and Paul Krugman criticized Hanke's proposal. Later, officials including former U.S. Secretary of State Lawrence Eagleburger, as well as former Australian Prime Minister Paul Keating, conceded that criticism of Hanke's proposal did not stem from opposition to the economics of Hanke's proposal, but rather out of concern that a stable rupiah would thwart U.S.-led efforts to oust Suharto. As Nobel laureate Merton Miller recalled in 1999, the objection to Hanke's proposal was "not that it wouldn't work but that it would, and if it worked, they would be stuck with Suharto." Under intense international pressure, Suharto ultimately reversed course and abandoned Hanke's "IMF Plus" proposal. On May 21, 1998, amid continued currency problems, as well as protests and reports of a brewing military coup, Suharto resigned as president of Indonesia. Later that year in July 1999, Hanke was appointed state counselor – a cabinet-level position – and began advising Montenegrin President Milo Đukanović on issues including currency reform. After assessing the political and economic realities on the ground, Hanke advised Đukanović that Montenegro should abandon the faltering Yugoslav dinar and adopt a foreign currency, the German Mark, as its own. In 2001, Hanke was appointed adviser to Ecuador's Minister of Finance and Economy, to assist with the implementation of dollarization. In 2003, Hanke was awarded the honorary degree Doctor of Arts by the Universidad San Francisco de Quito, and in 2004, he was named professor asociado by the Universidad del Azuay in Cuenca, Ecuador, in honor of his reform efforts in Ecuador and scholarship on dollarization. ==Currency and commodity trading==

Hanke has been trading commodities and currencies for over 60 years. He has also trained a number of Johns Hopkins students who have gone on to successful careers in finance. He is chairman emeritus of the Friedberg Mercantile Group, Inc. in Toronto. During the 1990s, he served as president of Toronto Trust Argentina (TTA) in Buenos Aires. It was the world best performing mutual fund in 1995. Hanke also serves on the supervisory board of AMG (Advanced Metallurgical Group, N.V.), which was the best performing stock on the Amsterdam Stock Exchange in 2017, with its market capitalization increasing by 201%. In May 2019, Hanke was appointed chairman of AMG's supervisory board. In the past, he has served on the board of the Philadelphia Stock Exchange and the National Bank of Kuwait's International Advisory Board, which was chaired by Sir John Major. In 1995, during the Mexican tequila crisis, many investors were shying away from Argentine investments. Relying on his deep understanding of the convertibility system, Hanke bet against the market and had TTA fully invested in Argentine peso-denominated bonds. As a result, TTA was the world's best performing mutual fund in 1995, with a 79.25% increase. Hanke has taken several other notable successful trading positions during his career. For example, in late 1985, he was among the first to correctly predict that oil would fall below $10 per barrel, and in 1993, he joined a successful speculative attack on the French franc, which elicited an article in Paris Match, "Scenario-fiction Pour Une Journée De Cocagne: Hunt, Hanke, Goldsmith Tsutsumi Et Les Autres...". Hanke has worked as an expert witness in financial litigation, specializing in derivatives cases. In the past, he was a principal at Chicago Partners (now Navigant Consulting). In 1994, Hanke, his then-post-doctoral student Christopher Culp, and Nobel laureate Merton Miller waded into the debate over the collapse of Metallgesellschaft AG. Although not officially involved in the case, Hanke, Culp, and Miller made headlines when they revealed that Metallgesellschaft's oil futures hedge was sound, and that it was Deutsche Bank who was responsible for the collapse of the $1.3 billion position. ==Awards==

• 1998, Named "One of the Most Influential People in the World" by World Trade Magazine • 1998, Distinguished Associate of the International Atlantic Economic Society (In recognition of outstanding contributions to economics) • 2003, Doctor of Arts, Honoris Causa, Universidad San Francisco de Quito (Quito, Ecuador) • 2004, Named Profesor Asociado by the Universidad del Azuay (Cuenca, Ecuador) • 2008, Named Distinguished Professor by the Universitas Pelita Harapan School of Business (Jakarta, Indonesia) • 2010, Doctorate of Economics, Honoris Causa, Free University of Tbilisi (Tbilisi, Georgia) • 2012, Doctorate of Economics, Honoris Causa, Istanbul Kültür University (Istanbul, Turkey) • 2013, Doctorate of Arts, Honoris Causa, Bulgarian Academy of Sciences (Sofia, Bulgaria) • 2018, Named the Gottfried von Haberler Professor by the Board of the European Center of Austrian Economics Foundation (ECAEF) (Vaduz, Liechtenstein) • 2018, Doctorate, Honoris Causa, D.A. Tsenov Academy of Economics (Svishtov, Bulgaria) ==Commentary and partial bibliography==

Hanke began writing his "Point of View" column for Forbes magazine in 1997, continuing to do so through 2010. Initially, the column was co-authored with Sir Alan Walters. Hanke was also a contributing editor for Forbes Asia magazine. Hanke was also a columnist at Forbes where he wrote five columns a month, and later became a contributor at National Review. He is a regular contributor to the Opinion pages of The Wall Street Journal, ZeroHedge, Gulf News, OMFIF's The Bulletin, the International Monetary Institute bulletin at the Renmin University of China, and the Westminster Institute, among others. Water resources • "The Demand for Water Under Dynamic Conditions", Water Resources Research, Vol. 6, No. 5, October 1970. • "Benefit-Cost Analysis Reconsidered: An Evaluation of the Mid-State Project", Water Resources Research, Vol. 10, No. 5, October 1974, (with R. A. Walker). • "The Relationship Between Water Use Restrictions and Water Use", Water Supply and Management, Vol. 3, 1979, (with A. Mehrez). • "A Cost-Benefit Analysis of Water Use Restrictions", Water Supply and Management, Vol. 4, No. 4, 1980. • "Etudes statistiques de prix de revient pour les canalisations d'eau usee", Techniques et Sciences Municipales, 750Annee, No010, Octobre 1980, (with R. W. Wentworth). • "On the Marginal Cost of Wastewater Services", Land Economics, Vol. 57, No. 4, November 1981. • "Residential Water Demand: A Pooled, Time-Series, Cross-Section Study of Malmo, Sweden", Water Resources Bulletin, August 1982, (with L. de Maré). Benefit-cost analysis • "Evaluating Federal Water Projects: A Critique of Proposed Standards","Science", Vol. 181, No. 4101, August 24, 1973, (with C. J. Cicchetti, R. K. Davis and R. H. Haveman). • "Public Investment Criteria for Under-Priced Projects", American Economic Review, Vol. 65, No. 4, September 1975, (with G. F. Mumy). • "Project Evaluation During Inflation", Water Resources Research, Vol. 11, No. 4, August 1975, (with P. H. Carver and P. Bugg). • "Land Prices Substantially Underestimate the Value of Environmental Quality", The Review of Economics and Statistics, Vol. 59, No. 3, August 1977, (with W. A. Niskanen). • "Project Evaluation During Inflation, Revisited: A Solution to Turvey's Relative Price Change Problem", Water Resources Research, Vol. 17, No. 6, December 1981, (with R. Wentworth). • "'On Turvey's Benefit-Cost 'Short-Cut': A Study of Water Meters", Land Economics, Vol. 58, No. 1, February 1982. Privatization • "The Privatization Debate: An Insider's View, Cato Journal, Vol. 2, No. 3, Winter 1982. • "Privatization", in: J. Eatwell, M. Milgate and Peter Newman (eds.), The New Palgrave: A Dictionary of Economics, Vol. 3. London: The Macmillan Press Limited, 1987. • Prospects for Privatization, (ed.). New York, New York: The Academy of Political Science, 1987. • ’’Privatization and Development’’ (ed.). San Francisco: Institute for Contemporary Studies Press, 1987, • ’’The Revolution in Development Economics’’'. Washington, D.C.: The Cato Institute, 1998, (edited with J. A. Dorn and A. A. Walters). • "Privatizing Waterworks: Learning from the French Experience", Journal of Applied Corporate Finance, Vol. 23, No. 3, Summer 2011 (with Stephen J.K. Walters). • "Reflections on Private Water Supply: Agency and Equity Issues", Journal of Applied Corporate Finance, Vol. 23, No. 3, Summer 2011 (with Stephen J.K. Walters). Currency boards and dollarization • "Ruble Reform: A Lesson From Keynes", The Cato Journal, Vol. 10, No. 3, Winter 1991, (with K. Schuler) • "Currency Boards", in: Peter Newman, M. Milgate and J. Eatwell (eds.), The New Palgrave Dictionary of Money and Finance, Vol. 1. London: The Macmillan Press Limited, 1992, (with A. A. Walters). • "Russian Currency and Finance: A Currency Board Approach To Reform". London/New York: Routledge, 1993, (with L. Jonung and K. Schuler). • "Currency Boards for Developing Countries: A Handbook". San Francisco: Institute for Contemporary Studies Press, 1994, (with K. Schuler)(2nd Edition, 2015). • Juntas Monetarias para países en desarrollo: Dinero, inflación y estabilidad económica . Caracas, Venezuela: Institute for Contemporary Studies International Center for Economic Growth, 1995 (with Kurt Schuler)(2nd Edition, 2015). • Alternative Monetary Regimes For Jamaica. Kingston, Jamaica: Private Sector Organization of Jamaica, 1996 (with K. Schuler). • "The Case for An Indonesian Currency Board", Journal of Applied Corporate Finance, Vol. 11, No. 4, Winter 1999, (with C. Culp and M. Miller). • "Dollarization for Argentina", Journal of Applied Corporate Finance , Vol. 12, No. 1, Spring 1999. • "Currency Boards", Annals of the American Academy of Political and Social Science, no. 579, January–February 2002. • "On Dollarization and Currency Boards: Error and Deception", The Journal of Policy Reform, v. 5, no. 4. 2002. • "A Dollarization/Free Banking Blueprint for Argentina", in: Dominick Salvatore, James W. Dean and Thomas D. Willett, (eds.), The Dollarization Debate. Oxford and New York: Oxford University Press, 2003. • "Stop Venezuela's Economic Death Spiral -- Dollarize, Now","Forbes", August 15, 2017. • "Public Debt Sustainability: International Perspectives" (with Barry W. Poulson and John Merrifield, eds.), Bloomsbury Publishing, May 2024 Monetary analysis • ’’Capital Markets and Development’’, (ed.). San Francisco: Institute for Contemporary Studies Press, 1991, (author of three chapters) (with A. A. Walters). • "Towards a Better SDDS", Central Banking, v. XIV, No. 1, August 2003. (with M. Sekerke). • "Friedman – Float or Fix?", Cato Journal, Vol. 28, No. 2 (Spring/Summer 2008). • "Reflections on Currency Reform and the Euro", Econ Journal Watch, Vol. 7, No. 1, January 2010. • "Monetary Misjudgments and Malfeasance", Cato Journal, Vol. 31, No. 3, Fall 2011. • "The Fed, The Great Enabler", in A. Chafuen, and J. Shelton (eds.) Roads to Sound Money. Washington, D.C.: Atlas Economic Research Foundation, 2012. • "State Money & Bank Money: Lifting the fog around QE", "Central Banking", June 2016. • "Basel rules and the banking system: an American perspective", in T. Congdon (ed.) "Money in the Great Recession: Did a Crash in Money Growth Cause the Global Slump?" Northampton, MA: Edward Elgar Publishing, June 2017. • "Bank Regulation as Monetary Policy: Lessons from the Great Recession", "Cato Journal", Vol 37, No. 2, Spring/Summer 2017 (with M. Sekerke) • "Capital, Interest, and Waiting: Controversies, Puzzles, and New Additions to Capital Theory" (with Leland B. Yeager), Palgrave Macmillan, September 2024. • "Making Money Work: How to Rewrite the Rules of Our Financial System" (with Matt Sekerke), Wiley, May 2025. Hyperinflation • "Zimbabwe: From Hyperinflation to Growth", Development Policy Analysis No. 6. Washington, D.C.: The Cato Institute, Center for Global Liberty and Prosperity, June 25, 2008. • "On the Measurement of Zimbabwe’s Hyperinflation", Cato Journal, Vol. 29, No. 2, Spring/Summer 2009 (with Alex K. F. Kwok). • "World Hyperinflations", in: Randall Parker and Robert Whaples (eds.) The Handbook of Major Events in Economic History, London, UK: Routledge, 2013. (with N. Krus) • "On Measuring Hyperinflation: Venezuela's Growth","World Economics", Vol. 18, No.3, July 2017 (with Charles Bushnell). • "Zimbabwe Hyperinflates, Again: The 58th Episode of Hyperinflation in History ","Studies in Applied Economics, The Institute for Applied Economics, Global Health, and the Study of Business Enterprise", No.90, October 2017 (with Erik Bostrom). Hanke-Henry Permanent Calendar • "Saudis In A Tight Corner -- The Princes Make Clever Moves & Mistakes, Too","Forbes", May 27, 2017. • "Taking Calendar Reform Viral", Globe Asia, March 2013 Currency and commodity trading and derivatives • "Backwardation Revisited", ''Friedberg's Commodity and Currency Comments'', December 20, 1987. • "The Walters Critique", ''Friedberg's Commodity and Currency Comments, January'' 26, 1992. • "The wobbly peso", Forbes, July 4, 1994, (with A. A. Walters). • "Derivative Dingbats", International Economy, July/August 1994, (with C. Culp). • "Pummeling Derivatives", International Economy, September/October 1994, (with C. Culp). • "Arbitrage in Argentina", Forbes, December 19, 1994. • "Is the ruble next?", Forbes, March 9, 1998. • "Derivatives Diagnosis", The International Economy, Vol. XIII, No. 3, May/June 1999, (with C. Culp and A. Neves). • "Empire of the Sun: An Economic Interpretation of Enron’s Energy Business", Cato Institute Policy Analysis No. 470. Washington, DC: The Cato Institute, February 20, 2003. (with C. L. Culp) • "Oil and the Gold Constant","Forbes", February 21, 2017. • "Is The 'Oil God' Andy Hall Dead?","Forbes", July 31, 2017 Political economy • "The great modernizer", (an interview with Carlos Menem), Forbes, September 11, 1995, (with L. Hanke). • "Economic Freedom, Prosperity, and Equality: A Survey", The Cato Journal, Vol. 17, No. 2, Fall 1997, (with S. J. K. Walters). • "Démocratie versus liberté. Les leçons tirées de la Constitution Américaine", Commentaire, No. 135, Automne 2011 (with Liliane E. Hanke). • "On Measuring Greenness: A New Enabling Metric, Please ","The Stern Stewart Institute", June 2014 (with Heinz Schimmelbusch). • "Did Lockdowns Work? The Verdict on Covid Restrictions" (with Jonas Herby and Lars Jonung), Institute of Economic Affairs, June 2023. ==Criticism==

Currency board In the article "Rupiah Rasputin" written in 1998 for Fortune, Paul Krugman said that Hanke had inflated his connection to former Argentine Finance Minister Domingo Cavallo and quoted the latter as saying that Hanke had only volunteered as a publicist. At the request of President Menem in 1989, Hanke co-authored a book which laid out a detailed blueprint for the introduction of a currency board in Argentina, the preface of which was written by Argentinian congressman José María Ibarbia. In 1995, Hanke was officially appointed an advisor to Minister of Economy Domingo Cavallo. Krugman also argued that creating a currency board in Indonesia "was probably a bad idea right now", because it would interfere with payments for imports or debt service. COVID-19 pandemic In June 2020, Hanke wrongly tweeted that Vietnam was among the "rotten apples" of COVID-19 data after misattributing the country's zero death count as "No Data Reported". the original tweet was also deleted. In an interview with Voice of America following the controversy, Hanke described Vietnam's response to the COVID-19 pandemic was "excellent", and he cited the country's poor record of press freedom as reasons behind his initial suspicion of its coronavirus data. In January 2022, Hanke co-authored a working paper arguing that lockdowns had "little to no effect on COVID-19 mortality" but had "devastating" effects on society. It was cited by American conservative news website Fox News, which stated that "lockdowns should be rejected out of hand". The paper was criticized as being "fundamentally flawed" by various medical experts, including PolitiFact, while epidemiologist Gideon Meyerowitz-Katz tweeted that it was "a very weird review paper". PolitiFact concluded that Hanke had "repeatedly elevated false claims about the pandemic", citing his previous remark on Twitter, which stated that national lockdowns and COVID-19 vaccine policies are "fascist". An article on Foreign Policy criticized Hanke's "appalling pseudo-science" and described him as an economist fighting a "war against public health". On November 28, 2024, the working paper was published in the peer-reviewed journal Public Choice. In February 2022, Hanke shared a video showing a man on fire and claimed he was protesting the Italian government's COVID-19 vaccine mandates. A fact check by Reuters refuted the claim and concluded that the incident had "nothing to do with COVID-19". The family of the man also released a statement condemning speculation about links to vaccination. Russian invasion of Ukraine Since the 2022 Russian invasion of Ukraine, Hanke has voiced opposition to the sanctions against Russia, calling them "for losers". In October 2022, the Center for Countering Disinformation, an agency within the National Security and Defense Council of Ukraine, placed Hanke on its "blacklist" of Russian propagandists. In December 2022, Hanke shared a video on Twitter purportedly showing Slovaks protested against their government's support for Ukraine and "the heavy burden it's imposing on them". The video was later revealed to be from an unrelated demonstration in 2018 following the murder of investigative journalist Ján Kuciak. Hanke's tweet was later deleted after outcry on social media and criticisms from multiple Slovak media outlets accusing him of spreading misinformation about the war in Ukraine. Hanke was also condemned by former CNN Norway's managing director Morten Øverbye, as well as Miroslav Wlachovský, the foreign policy adviser to Slovak Prime Minister Eduard Heger. == Notes ==