: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.https://www.cato.org/people/steve-h-hanke {{Bare URL inline|date=August 2024}}

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,{{cite web|url=https://www.cato.org/blog/remembrances-prof-ma-adelman|title=Remembrances of Prof. M.A. Adelman|last=Hanke|first=Steve|date=June 13, 2014|website=Cato at Liberty}} while completing his Ph.D. dissertation on the impact of meter installation on municipal water demand.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/12/Water-Publications-Hanke.pdf|title=A Synopsis of Prof. Hanke's Activities in the Water Resource Field: Selected Publications and Brief Comments|last=Hanke|first=Steve|date=July 1, 2016|access-date=January 4, 2018|archive-date=August 12, 2018|archive-url=https://web.archive.org/web/20180812083210/http://sites.krieger.jhu.edu/iae/files/2017/12/Water-Publications-Hanke.pdf|url-status=dead}} 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, one of the fastest promotions to that rank in the school's history.{{cite web|url=http://www.jhu.edu/jhumag/0997web/tenure.html|title=Tenure Under Scrutiny|last1=De Pasquale|first1=Sue|last2=Hendricks|first2=Melissa|date=September 1997|website=Johns Hopkins Magazine|last3=Keiger|first3=Dale}}{{Failed verification|date=February 2023|reason=Cited source does not have any mention of Hanke's professorship appointment}} At present, Hanke teaches courses in applied economics and finance{{cite web|url=http://sites.krieger.jhu.edu/iae/research-programs/equity-research/|title=Equity Research|website=The Institute for Applied Economics, Global Health, and the Study of Business Enterprise|date=12 April 2017 }} that are widely recognized as a gateway for Hopkins students to gain employment on Wall Street.{{cite news| url=https://www.bloomberg.com/news/articles/2015-04-21/steve-hanke-s-finance-course-has-wall-street-clamoring-for-grads | work=Bloomberg | first=Anthony | last=Effinger | title=This Johns Hopkins Professor Can Guarantee You a Job in Finance | date=April 21, 2015}}{{Cite news|url=http://www.businessinsider.com/johns-hopkins-wall-street-guarantee-finance-course-2015-5|title=Inside the Johns Hopkins finance class that's 'guaranteed' to get you a job on Wall Street|work=Business Insider|access-date=2018-01-07|language=en}}{{Cite news|url=http://www.ozy.com/opinion/simonomics-on-when-trade-school-meets-wall-street/67111|title=Simonomics on When Trade School Meets Wall Street|last=Constable|first=Simon|date=January 18, 2016|work=OZY|language=en|access-date=January 8, 2018|archive-date=August 12, 2018|archive-url=https://web.archive.org/web/20180812115943/https://www.ozy.com/opinion/simonomics-on-when-trade-school-meets-wall-street/67111|url-status=dead}}{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/04/Alexis_Gaillard_Bullpen_Raphael_Workshop.pdf|title=Professor Hanke's Atelier: Reflections on the 'Bullpen' and Raphael's Workshop|last=Gaillard|first=Alexis D.|date=May 2015}}

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.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2018/01/Steve-Hanke-Short-Bio-Dec.-2017.pdf|title=Short Bio|last=Hanke|first=Steve|publisher=scribd.com|access-date=January 8, 2017|archive-date=January 10, 2018|archive-url=https://web.archive.org/web/20180110174325/http://sites.krieger.jhu.edu/iae/files/2018/01/Steve-Hanke-Short-Bio-Dec.-2017.pdf|url-status=dead}} 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. Hanke is also a senior fellow and director of the Troubled Currencies Project at the Cato Institute,{{cite web |title=Steve H. Hanke | Cato Institute |url=http://www.cato.org/people/steve-hanke |access-date=January 8, 2017 |publisher=cato.org}}{{cite web|url=http://www.cato.org/research/troubled-currencies-project|publisher=cato.org|title=The Troubled Currencies Project | Cato Institute|access-date=January 8, 2017}} a special counselor to the Center for Financial Stability,{{cite web|url=http://www.centerforfinancialstability.org/SHanke.php|title=Steve H. Hanke – Center for Financial Stability|last=van den Noort|first=Jeff|publisher=centerforfinancialstability.org|access-date=January 8, 2017}} and a member of the Charter Council of the Society for Economic Measurement.{{cite web|url=http://sem.society.cmu.edu/officers.html|title=Officers|website=The Society for Economic Measurement|access-date=January 8, 2017}} Hanke is a senior advisor at Renmin University's International Monetary Research Institute, in association with Nobel laureate Robert Mundell (1932–2021) of Columbia.{{cite web|url=http://sf.ruc.edu.cn/en/News-Events/5219.html|title=Su Ning, Former Vice President of People's Bank of China to Serve As a Consultant International Currency Research Institution|date=April 5, 2011|website=The School of Finance, Renmin University of China|publisher=sf.ruc.edu.cn|archive-url=https://web.archive.org/web/20131203095123/http://sf.ruc.edu.cn/en/News%2DEvents/5219.html|archive-date=2013-12-03|url-status=dead|access-date=January 8, 2017}}

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. Hanke was hired to continue the water-related research program at Johns Hopkins that began during the Geyer era. During his initial years in the department, Hanke focused on issues including water pricing and demand, benefit-cost analysis, system design, and leak detection and control. He produced a number of important pieces of scholarship, including the first event study of the impact of water meter installation on water use,{{cite journal|last=Hanke|first=Steve|date=October 1970|title=Demand for Water under Dynamic Conditions|journal=Water Resources Research|volume=6|issue=5|pages=1253–1261|bibcode=1970WRR.....6.1253H|doi=10.1029/WR006i005p01253}} as well as sewer interceptor design criteria which are still commonly used today in Europe.{{cite book|ssrn=2245733|title=Statistical Studies on Costs for Sewage Pipes by Steve H. Hanke, R. W. Wentworth :: SSRN|year=1980 |last1=H. |first1=Hanke |last2=R. |first2=Wentworth }}

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. He was also an adviser to the French water companies Compagnie Générale des Eaux (now Veolia Environment) and Compagnie Lyonnaise des Eaux, as well as to the engineering firms Snowy Mountains Engineering Corporation in Australia, and Binnie & Partners in London. In 1981, Hanke was appointed a senior economist with the president's Council of Economic Advisers, where his responsibilities included the Reagan White House's water portfolio.{{cite journal|title=Crisis-Ridden Water Systems Should Go Private|last=Hanke|first=Steve|journal=Journal of the American Water Works Association |ssrn=2234053|year=1982|volume=74 |issue=2 |page=14 |doi=10.1002/j.1551-8833.1982.tb04845.x |bibcode=1982JAWWA..74b..14H |s2cid=155675615 }} 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.{{Cite journal|last1=Mumy|first1=Gene|last2=Hanke|first2=Steve|date=September 1975|title=Public Investment Criteria for Underpriced Public Products|jstor=1806550|journal=The American Economic Review|volume=65|issue=4|pages=712–720}}{{cite book|title=On the Feasibility of Benefit-Cost Analysis|last=Hanke|first=Steve|date=Spring 1981|ssrn=2245214}}{{Cite journal|last=Hanke|first=Steve|date=February 1982|title=On Turvey's Benefit-Cost "Short-Cut": A Study of Water Meters|jstor=3146083|journal=Land Economics|volume=58|issue=1|pages=144–146|doi=10.2307/3146083}} Hanke continues to be active in the water resources field, focusing primarily on municipal water system privatization.{{Cite journal|last1=Hanke|first1=Steve|last2=Walters|first2=Stephen|date=Summer 2011|title=Privatizing Waterworks: Learning from the French Experience|url=https://object.cato.org/sites/cato.org/files/articles/hanke-jacf-v23n3-1.pdf|journal=Journal of Applied Corporate Finance|volume=23|issue=3|pages=30–35|doi=10.1111/j.1745-6622.2011.00338.x|s2cid=154865463}}{{Cite journal|last1=Hanke|first1=Steve|last2=Walters|first2=Stephen|date=Summer 2011|title=Reflections on Private Water Supply: Agency and Equity Issues|url=https://object.cato.org/sites/cato.org/files/articles/hanke-jacf-v23n3-2.pdf|journal=Journal of Applied Corporate Finance|volume=23|issue=3|pages=36–40|doi=10.1111/j.1745-6622.2011.00339.x|s2cid=154284908}} He is a member of the Johns Hopkins University Global Water Program.{{cite web|url=http://globalwater.jhu.edu/bio/steve_h._hanke/|archive-url=https://web.archive.org/web/20131219102436/http://globalwater.jhu.edu/bio/steve_h._hanke/|url-status=dead|archive-date=December 19, 2013|title=Global Water Program|access-date=January 8, 2017}}{{cite web|url=http://sites.krieger.jhu.edu/iae/research-programs/infrastructure-cities-water-program/|title=Infrastructure, Cities & Water Program|website=Institute for Applied Economics, Global Health, and the Study for Business Enterprise|date=25 December 2017 }}

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.{{Cite news|url=https://www.forbes.com/sites/stevehanke/2017/09/08/only-private-property-will-save-africas-wildlife/#766933032385|title=Only Private Property Will Save Africa's Wildlife|last=Hanke|first=Steve|date=September 8, 2017|work=Forbes|language=en}} 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.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/12/The-Revolution-in-Development-Economics-Siletz-Indians-Hanke-Dowdle-1.pdf|title=The Revolution in Development Economics|last1=Hanke|first1=Steve|last2=Walters|first2=Alan|date=1998|publisher=The Cato Institute|access-date=January 8, 2018|archive-date=January 9, 2018|archive-url=https://web.archive.org/web/20180109121830/http://sites.krieger.jhu.edu/iae/files/2017/12/The-Revolution-in-Development-Economics-Siletz-Indians-Hanke-Dowdle-1.pdf|url-status=dead}} While at the White House, Hanke worked closely with his long-time associate, CEA member William A. Niskanen.{{cite web|url=http://www.cato.org/publications/commentary/william-niskanen-memoriam|publisher=cato.org|title=William A. Niskanen: In Memoriam | Cato Institute|access-date=January 8, 2017|date=2012-01-04}} He was known as a member of the supply-side economics movement within the Reagan administration. It was during this time that Hanke was noted for developing United States Ronald Reagan's program for privatizing public assets and services,{{cite web|url=https://fraser.stlouisfed.org/title/54/item/19037f|title=Fiscal Year 1983 – Budget of the United States Government|date=1983|publisher=Fraser – St. Louis Fed}}{{Cite news|url=https://www.forbes.com/sites/stevehanke/2017/06/30/the-best-deal-going-privatize-u-s-public-lands/#5f27fca5af31|title=The Best Deal Going: Privatize U.S. Public Lands|last=Hanke|first=Steve|date=June 30, 2017|work=Forbes}}{{cite book|url=https://books.google.com/books?id=iPP_R6AW3GAC&pg=PA111|title=Open for Business: Conservatives' Opposition to Environmental Regulation|author=Layzer, J.A.|date=2012|publisher=MIT Press|isbn=978-0262018272|page=111}} particularly municipal water systems,{{Cite news|work=Wall Street Journal|title=Crisis-Ridden Water Systems Should Go Private|last=Hanke|first=Steve|date=September 3, 1981|id = {{ProQuest|134624958}}}} and public grazing and timber lands.{{Cite journal|last=Hanke|first=Steve|date=1982|title=The Privatization Debate: An Insiders View|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/1983/1/cj2n3-1.pdf|journal=The Cato Journal|volume=2|pages=653–662}} This plan was endorsed by one of Reagan's closest allies, the then Nevada senator Paul Laxalt, among others.Laxalt, Paul. "Washington View." Humboldt Sun 17 May 1982: n.p. Print.{{Cite news|url=https://www.forbes.com/sites/stevehanke/2018/01/11/privatize-federal-grazing-lands-a-message-from-reagan-laxalt-and-hanke/#3ba0db7e78e8|title=Privatize Federal Grazing Lands: A Message From Reagan, Laxalt And Hanke|last=Hanke|first=Steve|date=January 11, 2018|work=Forbes}}

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.{{cite news|url=https://www.nytimes.com/1983/07/03/opinion/l-watt-s-liberal-sins-009527.html|title=Watt's Liberal Sins|last=Hanke|first=Steve|date=July 3, 1983|work=The New York Times}}{{Cite news|url=https://www.forbes.com/sites/stevehanke/2017/12/17/follow-the-founders-and-privatize-public-lands/#7b861ee64db0|title=Follow The Founders And Privatize Public Lands|last=Hanke|first=Steve|date=December 17, 2017|work=Forbes|language=en}} 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. In 1984, Hanke was appointed a senior adviser to the Joint Economic Committee of the U.S. Congress, where he advised Senators Steve Symms and Paul Laxalt on privatization. Although the English term "reprivatisation" first appeared in The Economist magazine in the 1930s, and subsequently in various academic journals,{{Cite journal|last=Bel|first=Germa|date=Summer 2006|title=The Coining of "Privatization" and Germany's National Socialist Party|url=http://www.ub.edu/graap/JEP.pdf|journal=Journal of Economic Perspectives|volume=20|issue=3|pages=187–194|doi=10.1257/jep.20.3.187|doi-access=free}} 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.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2018/01/Privatize-Dictionary-Wash-Post.pdf|title=Policy Faltered|last=Russakoff|first=Dale|website=Institute for Applied Economics Global Health and the Study of Business Enterprise|publisher=The Washington Post|access-date=January 19, 2018|archive-date=January 19, 2018|archive-url=https://web.archive.org/web/20180119060701/http://sites.krieger.jhu.edu/iae/files/2018/01/Privatize-Dictionary-Wash-Post.pdf|url-status=dead}} 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.{{cite web|url=http://www.dictionaryofeconomics.com/article?id=pde1987_X001758|title=Privatization : The New Palgrave: A Dictionary of Economics|last=Hanke|first=Steve|date=1987|publisher=Palgrave Macmillan}}

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.{{Cite book |last=Hanke |first=Steve H. |editor-last=Walters |editor-first=A. A. |title=Capital Markets and Development: A Sequoia Seminar |isbn=978-1558150911 |publisher=Sequoia Inst |year=1991}} 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.{{cite news|url=https://www.nytimes.com/1998/08/21/opinion/l-saving-the-ruble-458821.html|title=Saving the Ruble|last=Hanke|first=Steve|date=August 21, 1998|work=The New York Times}} Hanke and Schuler presented these findings, including original documentation, in a book edited by Walters and Hanke.{{cite book|ssrn=2206447|title=Keynes's Russian Currency Board by Steve H. Hanke, Kurt Schuler :: SSRN|year=1991 |last1=H. |first1=Hanke |last2=Kurt |first2=Schuler }}

During this time, Hanke began conducting research on dollarization,{{cite web|url=https://www.cato.org/publications/commentary/dollarization-argentina|title=Dollarization for Argentina|last=Hanke|first=Steve|date=February 17, 1999|website=Cato Institute}} 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.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/04/Rodgers-et-al-bibliography-June-2013-Final.pdf|title=On Currency Boards – An Updated Bibliography of Scholarly Writings|last1=Gross|first1=Thomas|last2=Heft|first2=Joshua|date=April 2013|website=Institute for Applied Economics, Global Health, and the Study for Business Enterprise|last3=Rodgers|first3=Douglas}} 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.{{cite book|ssrn=2206424|title=Currency Boards: The New Palgrave Dictionary of Money and Finance|last=Hanke|first=Steve|date=1992|publisher=Palgrave Macmillan}} 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. This measure, sponsored by Senators Phil Graham, Bob Dole, Connie Mack, Jesse Helms, and Steve Symms allowed U.S. contributions to the International Monetary Fund to be used for the purpose of establishing currency boards.{{cite web|url=https://www.gpo.gov/fdsys/pkg/STATUTE-106/pdf/STATUTE-106-Pg1633.pdf|title=Public Law 102-391|last=102nd Congress|date=October 6, 1992|publisher=Government Publishing Office}}

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,{{Cite journal|last1=Hanke|first1=Steve|last2=Kwok|first2=Alex|date=Spring–Summer 2009|title=On the Measurement of Zimbabwe's Hyperinflation|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2009/5/cj29n2-8.pdf|journal=The Cato Journal|volume=29|pages=353–364}} which estimated that Zimbabwe's hyperinflation peaked in November 2008 at {{val|7.96|e=10}}%. 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.

Hanke employs a methodology, based on the principle of purchasing power parity, which allows him to accurately estimate inflation in countries with very high inflation rates. Using this methodology, Hanke and his collaborators discovered several cases of hyperinflation that had previously gone unreported in the academic literature and popular press. These include the 1923 hyperinflation episode in the Free City of Danzig, and 21st-century suspected cases in North Korea (2011) and Iran (2012).{{cite web|url=https://object.cato.org/sites/cato.org/files/pubs/pdf/workingpaper-8.pdf|title=World Hyperinflations|last1=Hanke|first1=Steve|last2=Krus|first2=Nicholas|date=August 15, 2012|publisher=The Cato Institute}} 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.{{Cite book|url=https://www.routledge.com/Routledge-Handbook-of-Major-Events-in-Economic-History/Parker-Whaples/p/book/9780415677035|title=Routledge Handbook of Major Events in Economic History|publisher=Routledge|year=2013|isbn=978-0415677035}} Since then, Hanke has documented two additional cases of hyperinflation: one occurred in Venezuela in 2016,{{Cite journal|last1=Hanke|first1=Steve|last2=Bushnell|first2=Charles|date=July–September 2017|title=On Measuring Hyperinflation: Venezuela's Episode|url=https://object.cato.org/sites/cato.org/files/articles/hanke-world-economics-july-2017.pdf|journal=World Economics|volume=18}} and the other occurred in Zimbabwe in 2017.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/10/Zimbabwe%E2%80%99s-Hyperinflates-Again-Hanke-Bostrom-Cover-Page-Paper.pdf|title=Zimbabwe Hyperinflates, Again: The 58th Episode of Hyperinflation in History|last1=Hanke|first1=Steve|last2=Bostrom|first2=Erik|date=October 2017|website=Institute for Applied Economics, Global Health, and the Study of Business Enterprise|access-date=2018-01-04|archive-date=2018-01-05|archive-url=https://web.archive.org/web/20180105070205/http://sites.krieger.jhu.edu/iae/files/2017/10/Zimbabwe%E2%80%99s-Hyperinflates-Again-Hanke-Bostrom-Cover-Page-Paper.pdf|url-status=dead}} 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.{{cite web |last=Hanke |first=Steve |date=Fall 2013 |title=Cato Scholar Profile: Steve H. Hanke |url=https://object.cato.org/sites/cato.org/files/pubs/pdf/catosletter-v11n4.pdf |website=Cato's Letter}}

Hanke's views on monetary policy are influenced by his experience as a currency and commodities trader, as well as by the economics of Milton Friedman, Robert Mundell, and Friedrich Hayek. Hanke is a proponent of Divisia monetary aggregates, originated by William A. Barnett of the University of Kansas and the Center for Financial Stability.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/04/William-Barnett-Interview.pdf|title=An Interview with William A. Barnett, Fellow at the Johns Hopkins Institute for Applied Economics, Global Health, and the Study of Business Enterprise|last=Serletis|first=Apostolos|date=January 2017|website=Institute for Applied Economics, Global Health, and the Study of Business Enterprise}} {{verify source |date=September 2019 |reason=This ref was deleted Special:Diff/897125045 by a bug in VisualEditor and later restored by a bot from the original cite located at Special:Permalink/895192683 cite #79 – verify the cite is accurate and delete this template. User:GreenC bot/Job 18}}{{cite web|url=http://www.centerforfinancialstability.org/amfm.php|title=Advances in Monetary and Financial Measurement (AMFM) – Divisia and Fisher-Ideal Monetary Aggregates – The Center for Financial Stability|last=van den Noort|first=Jeff|website=Center for Financial Stability|publisher=centerforfinancialstability.org}} {{verify source |date=September 2019 |reason=This ref was deleted Special:Diff/897125045 by a bug in VisualEditor and later restored by a bot from the original cite located at Special:Permalink/895192683 cite #80 – verify the cite is accurate and delete this template. User:GreenC bot/Job 18}} Barnett's derivation uses the Divisia quantity index formula of  Francois Divisia with the monetary-assets user-cost-price formula derived by Barnett (1980).{{Cite journal|last=Barnett|first=William|date=1980|title=Economic Monetary Aggregates: An Application of Index Number and Aggregation Theory|journal=Journal of Econometrics|volume=14|issue=1|pages=11–48|doi=10.1016/0304-4076(80)90070-6}} Hanke also favors broad monetary aggregates as articulated by economists,{{Cite journal|last=Hanke|first=Steve|date=Spring–Summer 2017|title=Bank Regulation as Monetary Policy: Lessons from the Great Recession|url=https://object.cato.org/sites/cato.org/files/serials/files/cato-journal/2017/5/cj-v37n2-11.pdf|journal=The Cato Journal|volume=37|pages=385–405}} including Tim Congdon. Hanke argues that changes in nominal national income are a function of changes in broad money aggregates.{{Cite book|title=Money in the Great Recession: Did a Crash in Money Growth Cause the Global Slump?|publisher=Edward Elgar Pub|year=2017|isbn=978-1784717827|editor-last=Congdon|editor-first=Tim}}

In 2012, Hanke developed a method of monetary analysis known as state-money/bank-money analysis (SMBMA).{{cite web|url=http://www.novinite.com/view_news.php?id=146010|title=Reflections on the World's Monetary Mess|last=Hanke|first=Steve|date=December 13, 2012|website=Novinite.com}}{{cite web|url=http://www.econtalk.org/archives/2012/10/hanke_on_hyperi.html|title=Hanke on Hyperinflation, Monetary Policy, and Debt|last=Roberts|first=Russ|date=October 29, 2012|website=Library of Economics and Liberty}} 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. He is also on the advisory board of the Official Monetary and Financial Institutions Forum (OMFIF) in London, where he regularly contributes to the OMFIF's The Bulletin and is involved in meetings regarding financial and monetary systems.

{{Main|Hanke–Henry Permanent Calendar}}

Hanke and his colleague Richard Conn Henry, a professor in the Johns Hopkins Department of Physics and Astronomy, developed the Hanke–Henry Permanent Calendar, which aims to reform the current Gregorian calendar by making every year identical;{{cite news|url=http://usatoday30.usatoday.com/tech/science/story/2011-12-29/new-calendar-same-days-every-year/52276386/1|title=Most Popular E-mail Newsletter|last=Weise|first=Elizabeth|date=December 29, 2011|work=USA Today|access-date=2013-12-20|archive-date=2012-11-05|archive-url=https://web.archive.org/web/20121105033401/http://usatoday30.usatoday.com/tech/science/story/2011-12-29/new-calendar-same-days-every-year/52276386/1|url-status=dead}}{{cite web|url=http://hankehenryontime.com/|title=Hanke Henry Permanent Calendar|website=hankehenryontime.com}} 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.{{cite web|url=https://www.popsci.com/economist-steve-hanke-kill-your-holidays|title=This man would like to kill your holidays|last=Hongoltz-Hetling|first=Matt|date=September 10, 2017|website=Popular Science}}

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.{{cite web|url=http://sites.krieger.jhu.edu/iae/research-programs/state-of-maryland-public-policy/|title=State Of Maryland Public Policy|website=Institute for Applied Economic, Global Health, and the Study of Business Enterprise|date=12 April 2017 }} 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).

As the fall of Soviet regimes and the Soviet ruble began to spark currency crises throughout the former Soviet Union, Hanke began to work as an economic adviser to a number of heads of state in newly independent countries in Eastern Europe and the Balkans. In 1998, under Hanke's leadership, Friedberg Mercantile Group, Inc. was one of the few trading shops to predict the devaluation of the Russian ruble. Hanke predicted that the devaluation would occur after mid-year, and the ruble collapsed shortly thereafter, on August 17, 1998.Hanke, Steve H. "Russia's Rickety Ruble," Friedberg's Commodity and Currency Comments, January 11, 1998. In collaboration with his then-post-doctoral student, Kurt Schuler, Hanke developed a blueprint for a currency board reform package,{{cite web|url=http://www.heritage.org/research/lecture/currency-boards-for-eastern-europe|archive-url=https://web.archive.org/web/20110717212321/http://www.heritage.org/research/lecture/currency-boards-for-eastern-europe|url-status=unfit|archive-date=July 17, 2011|publisher=heritage.org|title=Currency Boards for Eastern Europe|access-date=January 8, 2017}} which he proposed in a number of countries throughout the 1990s, including Albania, Argentina, Bulgaria, Bosnia and Herzegovina, Ecuador, Estonia, Indonesia, Jamaica, Kazakhstan, Lithuania, Montenegro, Russia, Venezuela, and Yugoslavia.

In 1989, Hanke met Argentine President Carlos Menem, who connected Hanke and his wife, Liliane, with the right-wing libertarian faction in the Argentine Congress led by Alvaro Alsogaray, for the purpose of developing a currency reform that would end Argentina's inflation problems.{{Cite journal |last=Plehwe |first=Dieter |date=July 2011 |title=Transnational discourse coalitions and monetary policy: Argentina and the limited powers of the 'Washington Consensus' |url=https://www.academia.edu/5020087 |journal=Critical Policy Studies |language=en |volume=5 |issue=2 |pages=127–148 |doi=10.1080/19460171.2011.576521 |issn=1946-0171}} Hanke was an early proponent of a currency board system for Argentina, which he outlined in a 1991 book. The book, ¿Banco Central O Caja de Conversión? was co-authored by Kurt Schuler and included a preface by Argentine Congressman José María Ibarbia, who was a member of the Alsogaray faction.{{cite book|title=Banco central o caja de conversión?|author1=Hanke, S.H.|author2=Schuler, K.|date=1991|publisher=Fundación República para una Nueva Generación|url=https://books.google.com/books?id=fJ1GAAAAYAAJ|access-date=January 8, 2017}} 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.Effinger, Anthony. "Argentina Appoints U.S. Professor as Currency Advisor." Bloomberg [Buenos Aires] 18 Jan. 1995: n.p. Print. The result was not an orthodox currency board,{{Cite journal|last=Hanke|first=Steve|date=February 2008|title=Why Argentina did not have a currency board|url=https://object.cato.org/sites/cato.org/files/articles/hanke_feb2008_argentina_currencyboard.pdf|journal=Central Banking Journal|volume=18|pages=56–58}} but rather a "convertibility system", passed in the Convertibility Law of 1991, which ended Argentina's hyperinflation episode.{{cite news|url=https://www.nytimes.com/2000/11/26/business/economic-view-argentina-and-canada-two-sides-of-uncertainty.html|title=Economic View; Argentina And Canada: Two Sides of Uncertainty|last=Depalma|first=Anthony|date=November 26, 2000|work=The New York Times}}

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.{{cite web|last=Hanke|first=Steve|date=June 29, 2018|title=Argentina Should Scrap the Peso and Dollarize|url=https://www.cato.org/commentary/argentina-should-scrap-peso-dollarize|access-date=2021-05-19|website=CATO}} Following Hanke and Sir Alan Walters' 1994 prediction of the Mexican peso's collapse,Hanke, Steve H., and Alan Walters. "The Wobbly Peso." Forbes 154.1 (1994): 161. Business Source Complete. Web. 6 Dec. 2013. Argentine Finance Minister Domingo Cavallo invited Hanke to serve as his adviser. During this time, Hanke's primary role was to leverage his scholarship and experience as one of the experts who was in the middle of the currency reform debates before the adoption of the convertibility system – as well as his credibility established when he predicted the tequila crisis – to explain how the convertibility system operated at the time, and to restore confidence in Argentina and the peso's international credibility.Hanke, Steve H. "Pegged Out." Forbes 155.2 (1995): 119. Business Source Complete. Web. 6 Dec. 2013. At the time, Hanke was described by Argentine newspapers as "Cavallo's spokesman",Martinez, Oscar. "El Vocero De Cavallo." Noticias [Buenos Aires] 8 Oct. 1995: 52–53. Print. as well as the "generator of confidence" in the Argentine economy."Profesión: Generador De Confianza." Editorial. El Economista 3 Nov. 1995: 21. Print.

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.{{cite news|title=Argentina Should Abolish Its Central Bank|last=Hanke|first=Steve|date=October 25, 1991|work=The Wall Street Journal|ssrn=2262476}} 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. As the convertibility system began to falter, Carlos Menem, on Hanke's advice, proposed dollarization for Argentina – first in 1995 and again in January 1999.{{cite web|url=http://www.cato.org/publications/foreign-policy-briefing/dollarization-blueprint-argentina|title=A Dollarization Blueprint for Argentina|last1=Hanke|first1=Steve|last2=Schuler|first2=Kurt|date=March 12, 1999|series=Foreign Policy Briefing No. 52|publisher=The Cato Institute|access-date=January 8, 2017}} 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.

In January 1990, Hanke was appointed the personal economic adviser to Yugoslav Deputy Prime Minister Zivko Pregl.{{cite web|url=https://www.baltimoresun.com/1991/08/16/professor-helps-yugoslavia-adjust-jhu-educator-promotes-yugoslavian-capitalism/|title=Professor helps Yugoslavia adjust JHU educator promotes Yugoslavian capitalism.|last=Hetrick|first=Ross|date=August 16, 1991|website=The Baltimore Sun}} 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.{{cite book|title=Reflections on Yugoslavia's Transition to a Market Economy|last=Hanke|first=Steve|date=1990-11-13|ssrn=2206589}}

In 1991, the Ekonomski Institute Beograd published a book, in the Serbo-Croatian language, which Hanke and Schuler co-authored. The book laid out the details about what would have been a Yugoslav currency board. However, these efforts were suspended when the Yugoslav civil war broke out and Pregl resigned in June 1991. After the war broke out, Hanke continued his involvement in the Balkans, working with Deloitte & Touche's Eastern European division to establish new Deloitte offices and bring traditional financial accounting to the formerly communist country. That same year, Hanke also began advising Albanian Deputy Prime Minister and Minister of Economy Gramoz Pashko on the possibility of establishing a currency board in Albania. The proposal was contained in Hanke and Kurt Schuler's 1991 monograph "A Currency Board Solution for the Albanian Lek", published by the International Freedom Foundation. The proposal was never acted upon.

In 1990, Hanke anticipated Bulgaria's 1991 hyperinflation episode and began designing a currency board system for Bulgaria. He incorporated this proposal into a monograph co-authored with Kurt Schuler. The monograph, "Teeth for the Bulgarian Lev: A Currency Board Solution" was published in 1991. Hanke continued his work on a Bulgarian currency board, periodically visiting Sofia throughout the early 1990s.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/04/Working_Paper_Hanke_Bulgaria_Fifteen_Years_Later.pdf|title=Bulgaria: Fifteen Years Later|last=Hanke|first=Steve|date=2012|website=Institute for Applied Economics, Global Health, and the Study of Business Enterprise}} 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.Robinson, Anthony. "Idea Whose Time Has Come." Financial Times [London] 26 Mar. 1997: n. pag. Print. 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.{{cite web|url=http://www.novinite.com/view_news.php?id=146017|title=Hanke: Bulgaria Performs a Bit Better than Average|website=Novinite|publisher=Sofia News Agency}}{{Cite news|url=https://www.wsj.com/articles/SB10000872396390443847404577631063612690428|title=Bulgaria's Lesson for Euro-Skeptics|date=September 9, 2012|work=The Wall Street Journal}} 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.{{cite web|url=http://www.novinite.com/articles/10460/FIFTH+ANNIVERSARY+OF+ADOPTING+CURRENCY+BOARD+SYSTEM+MARKED|title=Fifth Anniversary of Adopting Currency Board System Marked|website=Novinite|publisher=Sofia News Agency}}

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. Hanke continued to serve as President Stoyanov's adviser until the end of his term in 2002. Hanke remains active in Bulgaria, as a vocal supporter of the currency board, the country's flat tax, and anti-corruption measures. He frequently contributes to the Bulgarian publications Capital, Trud and Novinite, among others.{{cite web|url=http://www.novinite.com/view_news.php?id=151691|title=Steve Hanke: Syria's Annual Inflation Hits 200%|website=Novinite|publisher=Sofia News Agency}} 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.{{cite web|url=http://centerforfinancialstability.org/wp/?p=2723|title=CFS Congratulates Professor Steve H. Hanke for the "Doctor Honoris Causa" Honor Bestowed by the BAS|last=Yee|first=LeAnn|date=July 23, 2013|website=Center for Financial Stability}}{{cite web|url=http://vfu.bg/en/news/_5552f5dad2a931|title=Prof. Steve Hanke becomes Doctor Honoris Causa of VFU|website=Varna Free University|access-date=2015-05-25|archive-date=2018-06-16|archive-url=https://web.archive.org/web/20180616132311/http://vfu.bg/en/news/_5552f5dad2a931|url-status=dead}} 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.{{cite web|url=https://www.uni-svishtov.bg/en/news/the-academic-council-of-d-a-tsenov-decided-to-award-prof-steve-hanke-with-the-title-of-doctor-honoris-causa-9394|title=The Academic Council of D. A. Tsenov decided to award Prof. Steve Hanke with the title of "Doctor Honoris Causa" — News — D. A. Tsenov Academy of Economics|last=D. A. Tsenov Academy of Economics|website=Dimitar A. Tsenov Academy of Economics |date=October 10, 2018 |location= Svishtov, Bulgaria}}

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.{{cite book|title=Monetary reform for a free Estonia: A currency board solution|last=Hanke|first=Steve|date=1992|publisher=SNS Forlag; 1st edition|isbn = 978-9171504432}} 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. One month later, in June 1992, Estonia adopted a monetary system based on the Hanke-Jonung-Schuler proposal. Estonia thus abandoned the Soviet ruble and began issuing its own currency, linking the Estonian kroon to the German Mark at a fixed exchange rate. Following the introduction of the euro, the kroon was linked to the euro, until January 1, 2011, when Estonia officially adopted the euro as its currency.

In the early 1990s, George Selgin, Joseph Sinkey Jr., and Kurt Schuler began working with Elena Leontjeva of the Lithuanian Free Market Institute (LFMI) on a reform proposal for Lithuania's central bank.{{cite web|url=https://en.llri.lt/news/economic-policy/finance-and-monetary-policy/a-reminiscence-on-the-origins-of-the-law-on-litas-credibility/lrinka|title=A Reminiscence on the Origins of the Law on Litas Credibility|last=Schuler|first=Kurt|date=April 1, 2004|website=Lithuanian Free Market Institute}} 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, met with Hanke and his wife Liliane over lunch in January 1994 to discuss the possibility of a currency reform package for Lithuania. During that meeting, Šleževičius appointed Hanke a state counselor – a cabinet-level appointment – and tasked him with designing a currency board system for Lithuania.

The LFMI immediately arranged for Hanke and Schuler to publish a book in Lithuanian, Valiutu Taryba: Pasiulymai Lietuvai. Their book contained a currency board blueprint for the country. This measure was adopted in April 1994, linking the Lithuanian litas to the German Mark at a fixed exchange rate. Following the introduction of the euro, the litas was linked to the euro, until January 1, 2015, when Lithuania officially adopted the euro as its currency.

Influenced by the 1991 Hanke-Schuler book proposing a currency board for Yugoslavia,Cosic, Sabine. "U.S. Money Guru Urges Currency Board for Bosnia." Reuters Financial Service [Sarajevo] 16 Dec. 1996: n. pag. Print. the 1995 Dayton Agreement required Bosnia and Herzegovina to employ a currency board for at least six years.{{cite web|url=http://www.banking.senate.gov/00_04hrg/042700/hanke.htm|title=Oversight Hearing on International Monetary Fund Reform|last=Hanke|first=Steve|date=April 27, 2000|website=Senate Banking Committee: Subcommittee on International Trade and Finance|access-date=December 31, 2013|archive-date=December 7, 2014|archive-url=https://web.archive.org/web/20141207054240/http://www.banking.senate.gov/00_04hrg/042700/hanke.htm|url-status=dead}} 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 and was tasked with ensuring that the central bank law resulted in a currency board system that was as orthodox as possible.

Shortly after his appointment, Hanke published a critique of the IMF currency board proposal.{{Cite journal|last=Hanke|first=Steve|date=January 21, 2013|title=A Field Report from Sarajevo and Pale|journal=Central Banking Journal|volume=7|ssrn=2204625}} Warren Coats, a key member of the IMF team discussed Hanke's involvement at length in a 2007 book.{{Cite book|url=http://sites.krieger.jhu.edu/iae/files/2017/06/One_Currency_for_Bosnia_Coats.pdf|title=One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina|last=Coats|first=Warren|publisher=Jameson Books, Inc.|year=2007|isbn=978-0915463992}} In a section of the book titled "Steve Hanke", Coats recounts:

{{blockquote|Following [Hanke]'s visit, he published an article in the Winter 1996/97 issue of Central Banking in which he praised the adopting of a currency board by Bosnia but criticized some of the features we were trying to give it in our draft law ... In the end, the seeds he planted took root and won out, though I am not sure whether it was because the Serbs required the changes he proposed or whether the U.S. Treasury did.|Warren L. Coats|One Currency for Bosnia: Creating the Central Bank of Bosnia and HerzegovinaCoats, Warren L. One Currency for Bosnia: Creating the Central Bank of Bosnia and Herzegovina. Ottawa, IL: Jameson, 2007. Print. pp.63.}}

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.{{cite news|url=https://www.nytimes.com/1998/02/10/business/international-business-indonesia-considers-radical-shift-for-currency-hitching.html?src=pm|title=International Business; Indonesia Considers a Radical Shift For Currency, Hitching It to Dollar|last=Kahn|first=Joseph|date=February 10, 1998|work=The New York Times}} In February 1998, Indonesian President Suharto invited Hanke to serve as his economic adviser.{{cite news| url=https://www.nytimes.com/1998/02/28/world/american-with-cure-all-enlivens-jakarta-crisis.html?n=Top%2fReference%2fTimes%20Topics%2fSubjects%2fF%2fFinances | work=The New York Times | first=Seth | last=Mydans | title=American With Cure-All Enlivens Jakarta Crisis | date=February 28, 1998}} 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.{{cite web|url=http://www.jhu.edu/~gazette/aprjun98/jun0898/08hanke.html|title=Steve H. Hanke|date=June 8, 1998|website=The Johns Hopkins Gazette|publisher=jhu.edu|access-date=January 8, 2017}}{{Cite news|url=https://www.forbes.com/sites/stevehanke/2017/07/06/20th-anniversary-asian-financial-crisis-clinton-the-imf-and-wall-street-journal-toppled-suharto/#6ef130c72882|title=20th Anniversary, Asian Financial Crisis: Clinton, The IMF And Wall Street Journal Toppled Suharto|last=Hanke|first=Steve|date=July 6, 2017|work=Forbes}} 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 recommended that Indonesia institute an orthodox currency board, linking the rupiah to the U.S. dollar at a fixed exchange rate. Hanke supported the reforms contained in the IMF's package. But, he argued that the IMF's program would fail unless it was coupled with a currency board arrangement.{{cite news| url=https://www.nytimes.com/1998/03/20/business/worldbusiness/20iht-hanke.t.html | work=The New York Times | first=Stephens | last=Broening | title=Q & A / Steve Hanke : Voice of Suharto's Guru | date=March 20, 1998}} 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.{{Cite journal|last=Hanke|first=Steve|date=2002|title=On Dollarization and Currency Boards: Error and Deception|url=http://www.hacer.org/pdf/Hanke01.pdf|journal=Policy Reform|volume=5|issue=4|pages=203–222|doi=10.1080/1384128032000096814|citeseerx=10.1.1.372.698|s2cid=153760315}} Hanke was also named one of the 25 most influential people in the world by World Trade Magazine during this time.

In 1998, during his annual accountability speech, Suharto announced his intention to adopt Hanke's currency board proposal.{{cite news|url=http://www.economist.com/node/115037|title=Back from the brink: Mexico's financial crisis was different from Asia's, but it holds valuable lessons|date=March 5, 1998|newspaper=The Economist}} 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. The fiercest resistance, however, came from the IMF and from U.S. President Bill Clinton – who threatened to withdraw $43 billion in aid if Indonesia adopted Hanke's proposal.Blustein, P (1998). "Currency dispute threatens Indonesia's bailout: Clinton backs IMF in pressing Suharto not to change country's monetary system," Washington Post, 14 February.

Later, officials including former U.S. Secretary of State Lawrence Eagleburger,{{cite news|url=http://pages.jh.edu/~iaesbe/hankepub_files/wsj-indonesia060205.pdf|title=IMF Program Shoved Suharto Out the Door|last=Hanke|first=Steve|date=June 2, 2005|work=The Wall Street Journal|archive-url=https://web.archive.org/web/20180110175516/http://pages.jh.edu/~iaesbe/hankepub_files/wsj-indonesia060205.pdf|archive-date=2018-01-10|url-status=dead}} as well as former Australian Prime Minister Paul Keating,Agence France Presse (1999) Former Aussie PM says US used Asia crisis to oust Suharto, 11 November. 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."Tyson, J. L. (1999) 'Dollar Diplomacy' rises again as foreign-policy tool. Christian Science Monitor, 10

February.

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.

In 1999, Hanke and Montenegrin economist Željko Bogetić, who was an economist at the IMF at the time, wrote Crnogorska marka, a book published in Montenegro, proposing an orthodox currency board for Montenegro, which was part of the Federal Republic of Yugoslavia. Montenegro would issue a Montenegrin "marka" to replace the Yugoslav dinar.Zeljko Bogetic and Steve H. Hanke. Cronogorska Marka. Podgorica, Montenegro: Antena M, 1999 (Serbo-Croatian). 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.{{cite news|url=https://www.nytimes.com/learning/students/pop/010206wodtuesday.html|title=Economic View: Steve H. Hanke Would Rather Take Criticism Then Obscurity|last=DePalma|first=Anthony|date=February 4, 2001|work=The New York Times}}{{cite web|url=http://www.jhu.edu/news_info/news/home99/jul99/hanke.html|title=Hopkins Professor Named Advisor to Montenegro's President|date=July 15, 1999|website=Johns Hopkins University News Releases|publisher=Headlines@Hopkins}} 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. This process is known as dollarization.

In 1999, Montenegro was part of the Federal Republic of Yugoslavia, along with Serbia. Đukanović began pursuing Hanke's dollarization proposal for both economic and political reasons. In addition to providing relief from high inflation, dollarization also promised Montenegro the ability to pursue economic – and ultimately political – independence from Serbia. In late 1999, Montenegro introduced the German Mark as an official currency. In late 2000, the Yugoslav dinar was officially dropped, making the Deutsche Mark the sole legal tender in Montenegro.

Hanke was an early proponent of currency boards and later dollarization in Ecuador. In 1995, Hanke and Kurt Schuler published a currency board blueprint in Spanish that was widely circulated in Ecuador. In May 1996, Hanke traveled to Ecuador to encourage then-presidential candidate Abdalá Bucaram to pursue a currency board for Ecuador. Shortly thereafter, Bucaram raised the idea of a currency board while on the campaign trail. Following Bucaram's election, Hanke presented a dollarization proposal to members of the Ecuadorian government.

By February 1997, Bucaram had been removed from office on insanity charges, and the dollarization idea lay dormant. In 1999, Ecuador's currency, the sucre, collapsed, losing 75% of its value against the U.S. dollar from the start of 1999 until the first week of January 2000. Shortly thereafter, Ecuadorian President Jamil Mahuad resurrected the dollarization idea. On January 9, 2000, he announced that Ecuador would abandon the sucre and officially adopt the U.S. dollar, putting an end to Ecuador's high inflation.{{cite web|url=http://www.cato.org/blog/dollarization-keeps-ecuador-economically-stable-despite-political-instability|title=Dollarization Keeps Ecuador Economically Stable Despite Political Instability|last=Hanke|first=Steve|date=October 1, 2010|website=Cato @ Liberty|publisher=The Cato Institute}} 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.{{cite web|url=http://sites.krieger.jhu.edu/iae/files/2017/04/Tristana-Santos_The-Dollarizers.pdf|title=The Dollarizers|last=Santos|first=Tristana|date=2015|website=Institute for Applied Economics, Global Health, and the Study of Business Enterprise}}

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.{{cite web|url=http://www.merar.com/weblog/2012/05/30/thoughts-about-the-1995-best-emerging-market-fund/|title=Toronto Trust Argentina Investment Fund: Thoughts about the 1995's Best Emerging Market Fund|last=Hanke|first=Steve|date=May 30, 2012|publisher=Merar|access-date=January 8, 2017}} 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.{{cite web|url=http://www.amg-nv.com/About-Us/Supervisory-Board/default.aspx|title=About Us – Supervisory Board|website=AMG Advanced Metallurgical Group, N.V.|access-date=December 24, 2013|archive-date=December 2, 2013|archive-url=https://web.archive.org/web/20131202223630/http://www.amg-nv.com/About-Us/Supervisory-Board/default.aspx|url-status=dead}}{{cite web|url=https://amg-nv.com/release/?id=2161251&date=201801|title=AMG Advanced Metallurgical Group N.V. Awarded 'All Round Best Performer of 2017' by Euronext Amsterdam|date=January 13, 2018|website=AMG, N.V.|access-date=January 18, 2018|archive-date=August 7, 2020|archive-url=https://web.archive.org/web/20200807191402/https://amg-nv.com/release/?id=2161251&date=201801|url-status=dead}}{{cite web|url=https://amg-nv.com/release/?id=2243248&date=201905|title=AMG Advanced Metallurgical Group N.V. Announces Results of the Annual General Meeting|last=N.V|first=AMG Advanced Metallurgical Group|date=2019-05-01|website=GlobeNewswire News Room|access-date=2019-05-02|archive-date=August 7, 2020|archive-url=https://web.archive.org/web/20200807130328/https://amg-nv.com/release/?id=2243248&date=201905|url-status=dead}} 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.{{Cite news|url=https://www.albawaba.com/business/nbk-forms-1st-middle-east-international-advisory-board-chaired-former-prime-minister-uk|title=NBK forms 1st Middle East International Advisory Board, chaired by former Prime Minister of the UK|date=November 6, 2007|work=Al Bawaba|language=en}}

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.Hanke, Steve H. "Arbitrage in Argentina," Forbes, December 19, 1994. 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,{{cite news| url=https://www.nytimes.com/1986/02/04/business/oil-prices-plunge-again-on-worry-over-output.html | work=The New York Times | first=Lee A. | last=Daniels | title=Oil Prices Plunge Again On Worry Over Output | date=February 4, 1986}}{{cite news|url=https://www.nytimes.com/1986/03/25/business/oil-prices-plunge-after-opec-adjourns.html|title=Oil Prices Plunge After Opec Adjourns|last=Daniels|first=Lee A.|date=March 25, 1986|work=The New York Times}} 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...".{{cite web|url=https://www.baltimoresun.com/1993/08/10/speculators-saved-france-from-the-curse-of-the-strong-franc/|title=Speculators Saved France from the Curse of the Strong Franc|last=Hanke|first=Steve|date=August 10, 1993|website=The Baltimore Sun}}

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,{{cite web|url=http://sites.krieger.jhu.edu/iae/about/fellows/|title=Institute Fellows|website=Institute for Applied Economics, Global Health, and the Study for Business Enterprise|date=12 April 2017 }} 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.{{Cite news|url=https://www.nytimes.com/1994/10/16/business/the-oil-futures-bloodbath-is-the-bank-the-culprit.html?pagewanted=all|title=The Oil-Futures Bloodbath: Is the Bank the Culprit?|last=Nasar|first=Sylvia|date=October 16, 1994|newspaper=The New York Times}}

{{BLP sources section|date=April 2020}}

• 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)
• 2015, Doctorate, Honoris Causa, Varna Free University (Varna, Bulgaria)
• 2015, Named Profesor Visitante by the Universidad Peruana de Ciencias Aplicadas (Lima, Peru)
• 2017, Doctorate, Honoris Causa, Universität Liechtenstein (Vaduz, Liechtenstein){{cite web|url=https://www.uni.li/en/news/a-festive-atmosphere-at-the-open-day|title=A festive atmosphere at the open day|website=University of Liechtenstein}}
• 2018, Named the Gottfried von Haberler Professor by the [http://ecaef.org/steve-hanke-ecaef-gottfried-von-haberler-professor/ Board of the European Center of Austrian Economics Foundation (ECAEF)] (Vaduz, Liechtenstein){{cite web|url=http://ecaef.org/steve-hanke-ecaef-gottfried-von-haberler-professor/|title=Steve Hanke ECAEF Gottfried von Haberler Professor|date=2018-08-30|website=European Center of Austrian Economics Foundation}}
• 2018, Doctorate, Honoris Causa, [https://www.uni-svishtov.bg/en D.A. Tsenov Academy of Economics] (Svishtov, Bulgaria)
• 2020. "Knight of the Order of the Flag," Republic of Albania (Tirana, Albania){{cite web|date=2020-09-04|title=Arise, Sir Steve!|url=https://www.nationalreview.com/corner/arise-sir-steve/|access-date=2020-09-05|website=National Review|language=en-US}}

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.{{cite web|title=Steve H. Hanke|url=https://www.nationalreview.com/author/|access-date=2020-06-23|website=National Review|date=November 2013|language=en-US}} He is also a regular contributor to the Opinion pages of The Wall Street Journal, ZeroHedge, Gulf News, OMFIF's The Bulletin, and the International Monetary Institute bulletin at the Renmin University of China, among others.

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• "[https://ig9we1q348z124x3t10meupc-wpengine.netdna-ssl.com/wp-content/uploads/On_Measuring_Greenness.pdf On Measuring Greenness: A New Enabling Metric, Please] {{Webarchive|url=https://web.archive.org/web/20180106072852/https://ig9we1q348z124x3t10meupc-wpengine.netdna-ssl.com/wp-content/uploads/On_Measuring_Greenness.pdf |date=January 6, 2018 }}","The Stern Stewart Institute", June 2014 (with Heinz Schimmelbusch).

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.{{cite web|title=Rupiah Rasputin A currency board won't solve Indonesia's woes|date= April 13, 1998|url=https://money.cnn.com/magazines/fortune/fortune_archive/1998/04/13/240868/index.htm|access-date=2022-02-03|website=archive.fortune.com}} 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.{{cite web|url=https://money.cnn.com/magazines/fortune/fortune_archive/1998/04/13/240868/index.htm|title=Rupiah Rasputin A currency board won't solve Indonesia's woes.|last=Krugman|first=Paul|date=April 13, 1998|website=Fortune Magazine}}

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".{{cite web|last=Nguyen|first=Hannah|date=2020-06-18|title=Vietnam not COVID-19 "rotten apple": Nearly 300 sign and demand Prof. Steve Hanke correct his tweet|url=https://vietnamtimes.org.vn/vietnam-not-covid-19-rotten-apple-nearly-300-sign-and-demand-prof-steve-hanke-correct-his-tweet-21479.html|access-date=2021-04-26|website=Vietnam Times|language=en-US}}{{cite web |last=Phan |first=Anh |date=June 18, 2020 |title=US economist says Vietnam lacks coronavirus statistics, prompts retraction demand – VnExpress International |url=https://e.vnexpress.net/news/news/us-economist-says-vietnam-lacks-coronavirus-statistics-prompts-retraction-demand-4117553.html |access-date=2021-04-26 |website=VnExpress International}} After much outcry on social media and a petition to Johns Hopkins University signed by nearly 300 Vietnamese academics demanding an apology, Hanke issued a correction on Twitter stating that the country has a "perfect" record in its fight against COVID-19;{{cite web|last=Hanke|first=Steve|date=2020-06-16|title=Hanke's tweet on June 16th, 2020|url=https://twitter.com/steve_hanke/status/1272876513147400193|access-date=2021-04-26|website=Twitter|language=en|quote=Contrary to an image I posted last week, #Vietnam turns out to have a "perfect" record in its fight against coronavirus. Official Vietnamese data indicate that Vietnam has not suffered any coronavirus fatalities--zero (0) deaths.}}{{cite web|date=2020-06-21|title=Prof. Steve Hanke corrects after saying Vietnam was "rotten apple" in dealing with Covid-19|url=https://thoibao3.de/blog/2020/06/21/prof-steve-hanke-corrects-after-saying-vietnam-was-rotten-apple-in-dealing-with-covid-19/|access-date=2021-04-26|website=Thoibao.de|language=en|archive-date=2021-04-26|archive-url=https://web.archive.org/web/20210426091345/https://thoibao3.de/blog/2020/06/21/prof-steve-hanke-corrects-after-saying-vietnam-was-rotten-apple-in-dealing-with-covid-19/|url-status=dead}} the original tweet was also deleted.{{cite web|last=Hanke|first=Steve|date=2020-06-09|title=Hanke's tweet on June 9th, 2020|url=https://twitter.com/steve_hanke/status/1270419137336971264|url-status=dead|archive-url=https://web.archive.org/web/20200609181925/https://twitter.com/steve_hanke/status/1270419137336971264|archive-date=2020-06-09|access-date=2022-02-12|website=Twitter|language=en|quote=These countries are the "rotten apples" of #coronavirus data. These countries either do not report #covid data or are reporting highly suspicious data.}} 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.{{cite web|last=Hai|first=An|date=2020-06-18|title=GS. Steve Hanke phản hồi sau khi nói Việt Nam là 'táo thối' trong chống dịch Covid-19|trans-title=Prof. Steve Hanke responds after calling Vietnam the 'rotten apple' in Covid-19 response|url=https://www.voatiengviet.com/a/gs-steven-hanke-phan-hoi-sau-khi-noi-vn-la-tao-thoi-trong-chong-dich-covid19/5467689.html|access-date=2021-04-26|website=Voice of America|language=vi}}

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.{{cite web|last1=Hanke|first1=Steve H.|last2=Jonung|first2=Lars|last3=Herby|first3=Jonas|date=2022-01-31|title=A Literature Review and Meta-Analysis of the Effects of Lockdowns on COVID-19 Mortality|url=https://sites.krieger.jhu.edu/iae/files/2022/01/A-Literature-Review-and-Meta-Analysis-of-the-Effects-of-Lockdowns-on-COVID-19-Mortality.pdf|website=Studies in Applied Economics}} It was cited by American conservative news website Fox News, which stated that "lockdowns should be rejected out of hand".{{cite web|last=Best|first=Paul|date=2022-02-01|title=Lockdowns only reduced COVID-19 death rate by .2%, study finds: 'Lockdowns should be rejected out of hand'|url=https://www.foxnews.com/us/lockdowns-reduced-covid-19-mortality-by-2-study-finds-lockdowns-should-be-rejected-out-of-hand|access-date=2022-02-12|website=Fox News|language=en-US}} The paper was criticized as being "fundamentally flawed" by various medical experts,{{cite web|last=Lee|first=Bruce Y.|title=Did So-Called 'Johns Hopkins Study' Really Show Lockdowns Were Ineffective Against Covid-19?|url=https://www.forbes.com/sites/brucelee/2022/02/06/did-so-called-johns-hopkins-study-really-show-lockdowns-were-ineffective-against-covid-19/|access-date=2022-02-12|website=Forbes|language=en}}{{cite web|title=Expert reaction to a preprint looking at the impact of lockdowns, as posted on the Johns Hopkins Krieger School of Arts and Sciences website|url=https://www.sciencemediacentre.org/expert-reaction-to-a-preprint-looking-at-the-impact-of-lockdowns-as-posted-on-the-john-hopkins-krieger-school-of-arts-and-sciences-website/|access-date=2022-02-12|website=Science Media Centre|language=en-GB}}{{Cite news|last=Hopper|first=Tristin|date=2022-02-04|title=Scientists criticize flaws in study that found lockdowns do little to reduce COVID deaths|language=en|work=National Post|url=https://nationalpost.com/health/johns-hopkins-study-finding-lockdowns-do-little-to-prevent-covid-deaths-flawed-critics-say|access-date=2022-02-12|quote=“Smoking causes cancer, the earth is round, and ordering people to stay at home … decreases disease transmission. A study purporting to prove the opposite is almost certain to be fundamentally flawed,” reads a critique by the University of Oxford’s Seth Flaxman.}} including PolitiFact, and labelled as "misleading" by fact checker Health Feedback,{{cite web |first=Flora |last=Teoh |title=Claims that a "Johns Hopkins study" showed lockdowns are ineffective at reducing COVID-19 mortality are based on a working paper with questionable methods |url=https://science.feedback.org/review/claims-johns-hopkins-study-showed-lockdowns-ineffective-reducing-covid-19-mortality-based-working-paper-questionable-methods-fox-news-daily-mail/ |date=February 10, 2022 |access-date=September 16, 2024 |website=Science Feedback |publisher=Health Feedback |language=en-US}} while epidemiologist Gideon Meyerowitz-Katz tweeted that it was "a very weird review paper".{{cite web|last=Fiore|first=Kristina|date=2022-02-07|title=What You Need to Know About That 'Johns Hopkins' Lockdown Study|url=https://www.medpagetoday.com/special-reports/exclusives/97056|access-date=2022-02-12|website=www.medpagetoday.com|language=en}} PolitiFact concluded that Hanke had "repeatedly elevated false claims about the pandemic", citing his previous remark on Twitter,{{cite web|last=Steve|first=Hanke|date=2021-12-08|title=Steve Hanke's Tweet on Dec 8, 2021|url=https://twitter.com/steve_hanke/status/1468686571671011329|access-date=2022-02-12|website=Twitter|language=en|quote=Italy is cracking the Fascist whip even harder. A Green Pass is now required to ride public transport & to enter hotels, & a new "reinforced" Green Pass required to take part in any leisure activities. The Fascist are back.}} which stated that national lockdowns and COVID-19 vaccine policies are "fascist". An op-ed on the Chicago Tribune also called the paper "as scientific as a Joe Rogan rant".{{cite web|last=Davich|first=Jerry|title=My conclusion to 'Johns Hopkins study' about ineffectiveness of lockdowns: It's as scientific as a Joe Rogan rant|url=https://www.chicagotribune.com/suburbs/post-tribune/opinion/ct-ptb-davich-johns-hopkins-lockdown-study-st-0209-20220208-cy6o27a6bzh7xeucopecqbbsjq-story.html|access-date=2022-02-12|website=Chicago Tribune|date=February 8, 2022 }} An article on Foreign Policy criticized Hanke's "appalling pseudo-science" and described him as an economist fighting a "war against public health".

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.{{Cite news |date=2022-02-04 |title=Fact Check-'Man on fire' video from Italy has nothing to do with COVID-19 vaccine mandates |language=en |work=Reuters |url=https://www.reuters.com/article/factcheck-italy-rende-idUSL1N2UF1RY |access-date=2023-02-25}}

Since the 2022 Russian invasion of Ukraine, Hanke has voiced opposition to the sanctions against Russia, calling them "for losers".{{cite web |date=2022-02-28 |title=Sanctions on Russia are 'for losers'; chances of Fed tightening just tanked - Steve Hanke |url=https://www.kitco.com/news/2022-02-28/Sanctions-on-Russia-are-for-losers-chances-of-Fed-tightening-just-tanked-Steve-Hanke.html |access-date=2023-02-25 |website=Kitco News |archive-date=February 25, 2023 |archive-url=https://web.archive.org/web/20230225103147/https://www.kitco.com/news/2022-02-28/Sanctions-on-Russia-are-for-losers-chances-of-Fed-tightening-just-tanked-Steve-Hanke.html |url-status=dead }}{{cite web |title=Russian propaganda promoting idea that Ukraine should negotiate - NSDC |url=https://www.ukrinform.net/rubric-polytics/3505065-russia-propaganda-promoting-idea-that-ukraine-should-negotiate-nsdc.html |access-date=2023-02-25 |website=www.ukrinform.net |date=June 12, 2022 |language=en}} 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.{{cite web |last=Bandow |first=Doug |date=2023-01-12 |title=Ukrainian Disinformation |url=https://www.theamericanconservative.com/ukrainian-disinformation/ |access-date=2023-02-25 |website=The American Conservative |language=en-US}}

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".{{cite web |last=Chovancová |first=Jana |date=2022-12-26 |title=Profesor prestížnej americkej univerzity šíri dezinformácie o Slovensku. Schladil ho Hegerov poradca |url=https://refresher.sk/127933-Profesor-prestiznej-americkej-univerzity-siri-dezinformacie-o-Slovensku-Schladil-ho-Hegerov-poradca |access-date=2023-02-25 |website=Refresher News |language=sk}} The video was later revealed to be from an unrelated demonstration in 2018 following the murder of investigative journalist Ján Kuciak.{{cite web |date=2022-12-26 |title=Profesor z prestížnej univerzity šíri dezinfo o Slovensku a Ukrajine |url=https://spravy.pravda.sk/svet/clanok/651688-profesor-z-prestiznej-univerzity-siri-dezinfo-o-slovensku-a-ukrajine/ |access-date=2023-02-25 |website=Pravda |language=sk-SK}} 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.{{cite web |last=Bačová |first=Jana |date=2022-12-26 |title=Profesor z prestížnej univerzity šíri dezinformácie o Slovensku. Hegerov poradca ostro reaguje |url=https://www.startitup.sk/profesor-z-prestiznej-univerzity-siri-dezinformacie-o-slovensku-hegerov-poradca-ostro-reaguje/ |access-date=2023-02-25 |website=StartitUp |language=sk}} Hanke was also condemned by former CNN Norway's managing director Morten Øverbye,{{cite web |last=Øverbye |first=Morten |date=2022-12-25 |title=Morten Øverbye on Twitter |url=https://twitter.com/morten/status/1607149213271433218 |access-date=2023-02-25 |website=Twitter |language=en}} as well as Miroslav Wlachovský, the foreign policy adviser to Slovak Prime Minister Eduard Heger.

{{notelist}}

{{reflist|colwidth=30em}}

• [http://sites.krieger.jhu.edu/iae/about/co-directors/ Bio Page] at the Johns Hopkins University Institute for Applied Economics and the Study of Business Enterprise
• [http://www.cato.org/people/hanke.html Cato Institute expert page]
• [https://www.forbes.com/hanke Archive of columns at Forbes Magazine]
• {{cite web |last=Roberts |first=Russ |title=Hanke on Hyperinflation, Monetary Policy, and Debt |url=http://www.econtalk.org/archives/_featuring/steve_hanke/ |work=EconTalk |publisher=Library of Economics and Liberty |author-link=Russ Roberts |date=October 29, 2012}}
• {{Internet Archive author |sname = Steve Hanke}}

{{Authority control}}

{{DEFAULTSORT:Hanke, Steve}}

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