Steve H. Hanke

Research and Professional Interests

Steve H. Hanke is a Professor of Applied Economics and Co-Director of the Institute for Applied Economics and the Study of Business Enterprise at The Johns Hopkins University in Baltimore; a Senior Fellow at the Cato Institute in Washington, D.C.; a Distinguished Professor at the Universitas Pelita Harapan in Jakarta, Indonesia; a Senior Advisor at the Renmin University of China’s International Monetary Research Institute in Beijing; a member of the National Bank of Kuwait’s International Advisory Board (chaired by Sir John Major); a member of the Financial Advisory Council of the United Arab Emirates; and a columnist at Forbes magazine.

In the past, Prof. Hanke taught economics at the Colorado School of Mines and the University of California at Berkeley.  He served as a Senior Economist on President Reagan’s Council of Economic Advisers in 1981-82; as a State Counselor to the Republic of Lithuania in 1994-1996 and to the Republic of Montenegro in 1999-2003; and as an Advisor to the Presidents of Bulgaria in 1997-2002, Venezuela in 1995-96 and Indonesia in 1998.  He played an important role in establishing new currency regimes in Argentina, Estonia, Bulgaria, Bosnia-Herzegovina, Ecuador, Lithuania and Montenegro.  He has also advised the governments of many other countries, including Albania, Kazakhstan and Yugoslavia.  In 1998, he was named one of the twenty-five most influential people in the world by World Trade Magazine.

Dr. Hanke is a well-known currency and commodity trader.  Currently he serves as Chairman of the Richmond Group Fund Co., Ltd., a global macro hedge fund located in Richmond, Virginia.  He is also Chairman Emeritus of the Friedberg Mercantile Group, Inc. in Toronto.  During the 1990s, he served as President of Toronto Trust Argentina in Buenos Aires, the world’s best-performing emerging market mutual fund in 1995.

Prof. Hanke’s most recent books are Zimbabwe: Hyperinflation to Growth and A Blueprint for a Safe, Sound Georgian Lari.               

Dr. Hanke and his wife, Liliane, reside in Baltimore and Paris. 

Selected Publications:

  • “Lessons from America’s Founding Fathers and US Experience”, in: W. Bienkowski, J.C. Brada, M-J. Radlo (eds.). Reaganomics Goes Global: What Can the EU, Russia and Other Transition Countries Learn from the USA?. New York, N.Y.: Palgrave Macmillan, 2006 (Polish Edition: W. Bienkowski and M-J Radlo (eds.). Amerykański Model Rozwoju Gospodarczego: Istota, efektywność i możliwość zastosowania. Warsaw, Poland: Warsaw School of Economics, 2006).
  • “Hard Line State”, Capital, February 25, 2006. (Bulgarian).
  • “Turkey and the Great Immigration Debate”, Elegans, No. 80, September-October 2006. (English and Turkish).
  • “Lessons from Shanghai”, Forbes, February 27, 2006.
  • “Crude Predictions”, Forbes, March 13, 2006.
  • “Go for Dividends”, Forbes, April 17, 2006.
  • “Regime Change?”, Forbes, June 5, 2006.
  • “Bernanke’s Little Problem”, Forbes, July 3, 2006 (also published in French by the Turgot Institute and in Arabic by Al-Wasat News of Bahrain, Al Ghad in Jordan, Dar Al Hayat in Lebanon and Alrialaam in Kuwait).
  • “Bet on Rubles and Francs”, Forbes, September 4, 2006 (also published in Arabic at, Al Ghad in Jordan and Dar Al Hayat in Kuwait).
  • “Oversteering”, Forbes, December 11, 2006 (Also Forbes Asia, December 11, 2006). Cato Commentaries: Published by the Cato Institute, Washington, D.C.
  • “A Mix that Proved Deadly for Argentina”, January 24, 2006 (originally published in the Financial Times).
  • “Hard Line State: Big Labor’s Claims Against Wal-Mart Claims Casualties Among Poor Marylanders”, January 26, 2006 (with S. J. K. Walters, originally published in the Wall Street Journal).
  • “There are no Successful Reforms Imposed from Outside”, February 2, 2006 (originally published by SEEurope; also published in Russian at
  • “Stable Exchange Rate Aids India’s Growth”, February 27, 2006 (originally published in the Wall Street Journal).
  • “Mexico Mimics Yugoslavia”, April 6, 2006 (originally published in the Baltimore Examiner; also published in Spanish in El Norte and on, and in French by the Turgot Institute).
  • “Uncle Sam Knows Best?”, April 17, 2006 (originally published in the Baltimore Examiner).
  • “Mexico Sticks with Tito’s Playbook”, May 2, 2006 (originally published in the Orange County Register).
  • “La debolezza della politica Usa spinge in alto il petrolio”, May 7, 2006 (Italian, originally published in Il Messaggero)
  • “Inflation Nation”, May 24, 2006 (originally published in the Wall Street Journal, also published in The Region and in French by the Turgot Institute).
  • “Q&A: Steve Hanke on IMF”, May 30, 2006 (originally published in the Latin American Advisor).
  • “U.S. Ignores New 'Oil Democracies' at Its Peril”, June 14, 2006 (originally published in the Wall Street Journal).
  • “Mexico’s Yugoslav Model”, June 27, 2006 (originally published in the Latin Business Chronicle).
  • “Fix the Turkish Lira”, July 16, 2006 (originally published by the Anadolu News Agency, Ankara, Turkey).
  • “Iraq’s Central Bank: in Search of a Raison d’Être”, Central Banking, v. XV, no. 3, February 2005. (with M. Sekerke)
  • “Wake Up to the Law of the Ratchet”, in: R. Higgs, Resurgence of the Warfare State: the Crisis Since 9/11. Oakland, CA: The Independent Institute, 2005 (with R. Higgs).
  • “Bulgaria’s ‘Currency Board”, Emerging Bulgaria 2005. London: The Oxford Business Group, 2005.
  • “A Framework for the ex ante Analysis of Monetary Reforms”, The Journal of Policy Reform, vol. 8, no. 2, June 2005. (with M. Sekerke)
  • “Forum İstanbul Önsözü”, in: Vaclav Klaus, Demokrasiye Dogru. Istanbul: Hürriyet, 2005.
  • “China will hold down the Rmb”, Central Banking, v. XVI, no. 1, August 2005.
  • “Why Statistics Matter”, Central Banking, v. XVI, no. 2, November 2005.
  • “Economic Freedom Leads to Prosperity”, Capital, No. 47, November 26, 2005 (Bulgarian).
  • “Dollarization and Currency Boards: Error and Deception”, The Capitalist Perspective. South Hamilton, MA: H.C. Wainwright & Co. Economics, Inc., December 22, 2005.
  • “Why China Won’t Revalue”, Forbes, February 28, 2005 (Also Forbes Global, February 28, 2005).
  • “Use Those Gringo Dollars”, Forbes, May 9, 2005. (Also Forbes Global, May 9, 2005).
  • “Stop the Mercantilists”, Forbes, June 20, 2005 (Also Forbes Global, June 20, 2005).
  • “Beijing’s Tactical Retreat”, Forbes, September 19, 2005 (Also Forbes Asia, September 19, 2005).
  • “China’s War Chest”, Forbes, November 14, 2005. (Also Forbes Asia, November 14, 2005).

Themes Categories:

Water Infrastructure

People Categories:



Steve Hanke, applied economics, business