The Problem

For various reasons — ranging from political mismangement, to civil war, to economic sanctions — some countries are unable to maintain a stable domestic currency. These “troubled currencies” are associated with elevated rates of inflation, and in some extreme cases, hyperinflation. Often, it is difficult to obtain timely, reliable exchange‐​rate and inflation data for countries with troubled currencies.

To address this, the Troubled Currencies Project collects black‐​market exchange‐​rate data for these troubled currencies and estimates the implied inflation rates for each country.


Professor Steve H. Hanke
Senior Fellow, Cato Institute

  • Director of Troubled Currencies Project
  • Leading world expert on measuring and stopping hyperinflation
  • Professor of Applied Economics
    The Johns Hopkins University

E‐​mail: hanke@​jhu.​edu
Phone: (410) 516‑7183
Twitter: @steve_hanke


Current Featured Works

A Dollarization Mission for Secretary Pompeo
by Steve H. Hanke, National Review (Online), July 14, 2020.

It’s Time for Private Cryptocurrency Boards
by Steve H. Hanke, National Review (Online), June 16, 2020.

Making the Lira “as Good as Gold”
by Steve H. Hanke, OMFIF Bulletin, Winter 2020.

Farewell to the CFA Franc: Macron and Ouattara End a Colonial Relic
by Steve H. Hanke, Wall Street Journal, December 30, 2019.

Latin America Sinks under the Weight of its Third‐​Rate Currencies
by Steve H. Hanke, Forbes​.com, October 25, 2019.

Argentina’s Peso, Nothing but Trouble
by Steve H. Hanke, Forbes​.com, March 16, 2019.


Relevant Reading on Hyperinflation

World Hyperinflations
by Steve H. Hanke and Nicholas Krus, featured in Routledge Handbook of Major Events in Economic History, February 11, 2013.

On the Measurement of Zimbabwe’s Hyperinflation
by Steve H. Hanke, Cato Journal, Spring/​Summer 2009.

Venezuela Enters the Record Books
by Steve H. Hanke and Charles Bushnell, World Economics, July‐​September 2017.

Zimbabwe Hyperinflates, Again
by Steve H. Hanke and Eric Bostrom, Studies in Applied Economics, No. 90, October 17, 2018.

Relevant Reading on Historical Inflation

Inflation by the Decades:


by Steve H. Hanke and Tal Boger, Studies in Applied Economics, Nos. 118-123, August 2018.

Inflation by the Decades dataset