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Office of News and Information
Johns Hopkins University
3003 N. Charles Street, Suite 100
Baltimore, Maryland 21218-3843
Phone: (410) 516-7160 / Fax (410) 516-5251

October 22, 1998
Glenn Small, glenn@jhu.edu

Johns Hopkins Economist Wins Award from International Economic Society

Steve H. Hanke, professor of applied economics at The Johns Hopkins University in Baltimore, has been named a Distinguished Associate by the International Atlantic Economic Society.

The honor went to Hanke for outstanding contributions to the field of economics. The IAES is a non-profit association of economists with more than 1,000 members in 40 countries worldwide. Over the past 30 years, there have been 27 others honored with this award.

Hanke, who received the award in Boston at the IAES conference on October 9, delivered the William S. Vickrey distinguished address. His talk focused on the fiscal crises that have gripped part of the world economy and why currency boards are a sound economic policy option.

The dramatic events in Asia and Russia, and the contagion they have spread, Hanke said in his address, have generated a torrent of commentary about exchange rates, hot money and exchange controls. Hanke said most of the commentary has been half-baked or simply wrong.

Indeed, in most instances the international chattering classes have misdiagnosed the patient, and in consequence, prescribed the wrong medicine, Hanke said.

Hanke goes on to make the case for currency boards, a theme in his work that has propelled him to international recognition in recent years. He has helped numerous countries establish successful currency board systems -- Argentina and Bulgaria, to name two. And he co-authored a book on Russian currency reform. Earlier this year, Hanke served as special advisor to President Suharto in Indonesia.

To read a full-text of Hanke's address, visit this webpage: http://www.jhu.edu/news_info/ news/home98/oct98/hanke2.html.

A photo of Hanke is available online here: http://www.jhu.edu/news_info/news/faculty/hanke.html.

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