Russian Currency and Finance presents a radical alternative for curing Russia's soaring inflation and unstable currency. The authors argue that stabilization in Russia is unlikely to occur as long as its currency remains under the control of the Central Bank of Russia. This means that conventional approaches to reform have very little chance of success.

The authors propose that Russia adopt a currency board system such as exists in Hong Kong today. Under this system, the ruble would be linked to a stable foreign currency at a fixed exchange rate, providing a stable, fully convertible domestic currency for Russia. The currency board system has been well-tested and has been used successfully before in Russia. The book explains in detail how the Russian government could establish and operate a currency board.