Professor Hanke's peer-reviewed output spans more than 50 years, published in leading journals including Water Resources Research, Review of Economics and Statistics, Land Economics, Cato Journal, and the Journal of Applied Corporate Finance. His work covers water resource economics, monetary theory, hyperinflation documentation, currency boards, and development economics.
A more complete bibliography is available at Professor Hanke's Cato Institute profile.
Water Resource Economics
Hanke's earliest scholarly contributions were in water resource economics at Johns Hopkins. He conducted the first event study on water meter installation and advised major international water utilities.
Year | Title | Journal | Co-Author(s) |
1970 | "The Demand for Water Under Dynamic Conditions" | Water Resources Research, Vol. 6, No. 5 | — |
1974 | "Benefit-Cost Analysis Reconsidered: An Evaluation of the Mid-State Project" | Water Resources Research, Vol. 10, No. 5 | R.A. Walker |
1975 | "Project Evaluation During Inflation" | Water Resources Research, Vol. 11, No. 4 | P.H. Carver, P. Bugg |
1977 | "Land Prices Substantially Underestimate the Value of Environmental Quality" | Review of Economics and Statistics, Vol. 59, No. 3 | W.A. Niskanen |
1981 | "Project Evaluation During Inflation, Revisited" | Water Resources Research, Vol. 17, No. 6 | R. Wentworth |
1982 | "On Turvey's Benefit-Cost 'Short-Cut': A Study of Water Meters" | Land Economics, Vol. 58, No. 1 | — |
Hyperinflation Research
Hanke's hyperinflation research has produced the definitive scholarly record of all known hyperinflation episodes. His PPP methodology using black-market exchange rates allows real-time estimation even when official statistics are suppressed.
Year | Title | Publication | Co-Author(s) | Significance |
2008 | "Zimbabwe's Hyperinflation" | Cato Institute Working Paper | Alex Kwok | Estimated Zimbabwe peak at 7.96×10^10% per month (Nov 2008) |
2012 | "World Hyperinflations" | Routledge Handbook of Major Events in Economic History | Nicholas Krus | Documented 56 hyperinflation episodes (now expanded to 62); the definitive Hanke-Krus Hyperinflation Table |
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Monetary Analysis
Year | Title | Publication | Co-Author(s) |
2003 | "Towards a Better SDDS" | Central Banking (London) | M. Sekerke |
2012 | "State-Money/Bank-Money Analysis" | Methodology paper | — |
2017 | "Bank Regulation as Monetary Policy: Lessons from the Great Recession" | Cato Journal, Vol. 37, No. 2 | M. Sekerke |
Hanke advocates Divisia monetary aggregates (following William Barnett) and the Quantity Theory of Money. His State-Money/Bank-Money Analysis (SMBMA) framework distinguishes between central bank money and bank-created money to better track inflation dynamics.
Currency Boards
Year | Title | Publication | Co-Author(s) |
1987 | Entry: "Privatization" | New Palgrave: A Dictionary of Economics | — |
1992 | Entry: "Currency Boards" | New Palgrave Dictionary of Money and Finance | Sir Alan Walters |
n.d. | "Monetary Reform for a Free Estonia: A Currency Board Solution" | Policy paper | Lars Jonung, Kurt Schuler |
n.d. | "Scorecard for Bulgaria's Currency Board" | Policy paper | — |
1999 | "The Case for an Indonesian Currency Board" | Journal of Applied Corporate Finance | C.L. Culp, M.H. Miller |
2003 | "The Argentine Straw Man: A Response to Currency Board Critics" | Cato Institute | — |
n.d. | "Currency Boards: The World's Best Solution for Developing Countries" | Cato publications (multiple) | — |
https://ssrn.com/abstract=2402875
https://onlinelibrary.wiley.com/doi/10.1111/j.1745-6622.1999.tb00514.x
Hanke's currency board scholarship spans over 300 articles and monographs. Together with Sir Alan Walters (Margaret Thatcher's personal economic adviser), he built the currency board research program at Johns Hopkins University following Hong Kong's 1983 currency board reinstatement.
Dollarization
Year | Title | Publication | Co-Author(s) |
2017 | "A Survey of Venezuelan Public Opinion on the Replacement of Either the Bolívar with the U.S. Dollar or the Central Bank of Venezuela with a Currency Board" | Working paper | María Belén Wu |
Career Retrospective
Year | Title | Publication | Co-Author(s) |
2026 | "An Interview with Steve H. Hanke on His Life and Work in Economics" | KSP Books (doi: 10.65810/e-978-625-8545-31-9) | M. List, K. Schuler, C. Hofmann |
https://econsciences.com/e-978-625-8545-31-9/
Editorial & Dictionary Contributions
- "Currency Boards" entry in the 1992 New Palgrave Dictionary of Money and Finance (with Sir Alan Walters)
- "Privatization" entry in the 1987 New Palgrave: A Dictionary of Economics
- "World Hyperinflations" chapter in the Routledge Handbook of Major Events in Economic History (2012, with Nicholas Krus)