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As the new Russian state struggles with the transition to a market economy, the need for radical monetary reform becomes increasingly urgent. The choice of reform is crucial, for it will largely determine Russia's future economic performance. In order to break free of the lingering effects of Soviet central planning, the new Russian state needs a stable, convertible currency.
Steve H. Hanke, Lars Jonung and Kurt Schuler propose that Russia establishes a currency board which would issue a Russian currency fully convertible with international currency, backed 100 per cent by international bonds. The international community would aid in establishing the currency board by providing the initial reserves. Early supplies of this new Russian currency would be distributed free to Russian citizens. The authors give detailed explanations of how the currency board could be established and how it would work.

"All in all this is a worthwhile little book. The authors provide a great primer on currency boards and Russian financial problems. Best of all, they raise innumerable questions.
–Journal of Economic Literature

How does one install and ensure stable money in Russia? In my view, the only sure-fire way is to establish a currency board. This volume presents a sound blueprint for doing just that.
–Sir Alan Walters
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Steve H. Hanke

Steve H. Hanke is Contributing Editor of The Independent Review, Professor of Applied Economics and Co-Director of the Institute for Applied Economics and the Study of Business Enterprise at Johns Hopkins University, and a Forbes magazine columnist. Dr. Hanke received his Ph.D in economics from the University of Colorado, and his interests include currency, commodity and capital markets. He has taught economics at the University of California at Berkeley and the Colorado School of Mines in Golden, Colorado, is a Senior Fellow at the Cato Institute, and has held other senior research positions at universities and research institutes in Austria, France, Israel, Kenya, Sweden and the U.S.A.

Professor Hanke is a Principal at Chicago Partners, LLC, a Chicago-based firm that provides economic and accounting advice in the areas of securities, intellectual property, antitrust, business torts and other complex litigation disputes. He is also Chairman Emeritus at the Friedberg Mercantile Group, Inc. in Toronto. In the past, he served as Chairman of the Friedberg Mercantile Group, Inc. and President of Toronto Trust Argentina, the world’s best performing emerging market mutual fund in 1995. In those capacities, he was responsible for developing strategies for trading foreign exchange, commodities and a wide variety of securities. He has advised leaders from many countries on currency and regulatory reform, privatization, public finance and capital market development: Albania, Argentina, Bosnia-Herzegovina, Bulgaria, Ecuador, Estonia, Indonesia, Kazakhstan, Lithuania, Montenegro, Venezuela and Yugoslavia. He also served as a Senior Economist on President Reagan’s Council of Economic Advisors.

He is the author of numerous articles on economics and finance, is a Contributing Editor for Central Banking,Globe Asia and The International Economy, and serves on the editorial boards of numerous scholarly journals. He was named one of the world’s twenty-five most influential people by World Trade magazine in 1998. A contributing author to the Independent Institute book, Money and the Nation State: The Financial Revolution, Government and the World Monetary System, his books include Alternative Monetary Regimes for Jamaica, Capital Markets and Development, Currency Boards for Developing Countries, Juntas Monetarias para Pafses en Desarollo, Privatization and Development, Prospects for Privatization and Russian Currency and Finance.

 

Lars Jonung

Lars Jonung is Professor of Economics and Economic Policy at the Stockholm School of Economics, and is Senior Economic Advisor to Prime Minister of Sweden.

Since September 2000 he has been Research Adviser at the Directorate General for Economic and Financial Affairs of the European Commission in Brussels, dealing with macroeconomic and financial issues. He was previously professor of economics at the Stockholm School of Economics. His research is focused on monetary and fiscal policies and the history of economic thought. His books include The Long-Run Behavior of the Velocity of Circulation: The International Evidence (with M. D. Bordo, 1987); The Political Economy of Price Controls: The Swedish Experience 1970-1985 (1990); and, as editor, The Stockholm School of Economics Revisited (1991); Bertil Ohlin: A Centennial Celebration, 1899-1999 (edited with R. Findlay and M. Lundahl) and The Great Financial Crisis in Finland and Sweden (edited with J. Kiander and P. Vartia).

Личен сайт: http://www.jonung.se/

Kurt Schuler

Kurt Schuler is an economist in the Office of International Affairs at the U.S. Department of the Treasury. In his spare time he pursues an interest in economic history; the Historical Financial Statistics data set elsewhere on this site is one result. Schuler’s affiliation with the Center for Financial Stability centers on the development of the free of charge Historical Financial Statistics and implies no endorsement by the Department of the Treasury.

Before joining the Treasury, Schuler worked as a consultant, then as an economist at the U.S. Congress. As a consultant he undertook projects for aid agencies, central banks, investment firms, and think tanks around the world. He also wrote studies about currency boards with Steve H. Hanke of Johns Hopkins University, which influenced monetary reforms in the 1990s in Bosnia, Bulgaria, Estonia, and Lithuania. At the U.S. Congress he was a senior economist at the Joint Economic Committee. There he wrote staff reports on taxation, spending, and monetary policy, and occasionally assisted with drafting legislation. His research on dollarization had some influence on Ecuador’s dollarization in 2000.

Schuler has a Ph.D. in economics from George Mason University. He has been a postdoctoral fellow at Johns Hopkins University in Baltimore. He has written more than 100 publications, including books, essays, and newspaper articles. Because of his job, he refrains from commenting on matters of current economic policy and focuses his work for public consumption on matters of economic history.