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 Steven H. Hanke
Senior Fellow, Cato Institute

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

E-mail: shanke@cato.org
Phone: (410) 516-7183
Twitter: @steve_hanke


Current Featured Works

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

Turkey’s Inflationary Woes
by Steve H. Hanke, Forbes.com, May 3, 2019.

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

Zimbabwe Introduces a New Currency and a Maxi-Devaluation
by Steve H. Hanke,Forbes.com, February 22, 2019.

Erdogan Can Save the Turkish Lira
by Steve H. Hanke, Wall Street Journal, August 12, 2018.


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