This book investigates whether a currency board system serves as a viable mechanism for stabilizing the Russian economy during its post-Soviet transition. The authors, Lars Jonung, Kurt Schuler, and Steve H. Hanke, utilize their expertise in monetary policy and international finance to analyze the hyperinflationary conditions of the early 1990s. They present a framework for monetary reform that prioritizes fixed exchange rates and strict reserve requirements to restore confidence in the national currency. By examining historical precedents of currency boards, the authors argue that such a system could provide the necessary discipline to curb fiscal instability.

Experts recognize this work as a significant contribution to the debate on post-Soviet economic reform strategies. Readers frequently note the technical density of the prose, which assumes a foundational understanding of macroeconomic principles and monetary policy.