Hanke named adviser to Venezuelan government Professor Steve H. Hanke, an applied economist in the Department of Geography and Environmental Engineering, has been named special adviser to the Venezuelan government. He is charged with studying the possibility of the government's issuance of a new currency pegged to the U.S. dollar, as a hedge against inflation. Dr. Hanke, who introduced a similar convertibility idea that reduced hyperinflation in Argentina, is the co-author of two books on currency reform: Russian Currency and Finance (1993) and Currency Boards for Developing Countries: A Handbook (1994). He currently is also economic adviser to the Office of the President of the Republic of Kazakhstan and state counselor for monetary and financial issues for the Republic of Lithuania. The chief goal of the new currency would be to reduce inflation, which was 70.8 percent in 1994, the second highest in Venezuela's history.
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