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Exchange Rates and Economic Growth in Kenya: An Econometric Analysis African Economic Policy Discussion Paper Number 56 July 2000 Malcolm F. McPherson and Tzvetana Rakovski Belfer Center for Science International Affairs John F. Kennedy School of Government Funded by United States Agency for International Development Bureau for Africa Office of Sustainable Development Washington, DC 20523-4600 The views and interpretations in this paper are those of the author(s) and not necessarily of the affiliated institutions. Equity and Growth through Economic Research EAGER supports economic and social science policy analysis in Sub-Saharan Africa. Its primary goal is to increase the availability and the use of policy analysis by both public and private sector decision-makers. In addition to the goal of achieving policy reform, EAGER seeks to improve the capacity of African researchers and research organizations to contribute to policy debates in their countries. In support of this goal, EAGER sponsors collaboration among American and African researchers and research organizations. EAGER is implemented through two cooperative agreements and a communications logistics contract financed by the United States Agency for International Development (USAID), Strategic Analysis Division, The Office of Sustainable Development, Bureau for Africa. A consortium led by the Harvard Institute for International Development (HIID) holds the cooperative agreement for Public Strategies for Growth and Equity. Associates for International Resources and Development (AIRD) lead