Economic Management in a Hyperinflationary Environment

George Kararach is Senior Consultant in the Statistics Department at The African Development Bank. He holds a PhD in Economics from Leeds University. He published three books: Macro-economic policy and the political limits of reforms in developing countries (ARRF, 2011), Rethinking development challenges for public policy in Africa (with K. Hanson and T. Shaw, Palgrave Macmillan, 2012), and Development Policy in Africa: mastering the future? (Palgrave Macmillan, 2014). Dr Kararach has previously worked for UNICEF, UNDP, and the African Capacity Building Foundation.Raphael O. Otieno is Director of Debt Management Programme at Macroeconomic and Financial Management Institute of Eastern and Southern Africa (MEFMI) in Harare. He holds an M.A. in Public Policy from the National Graduate Institute for Policy Studies (GRIPS), Tokyo, Japan, and a B.A. in Economics from the University of Nairobi. Mr Otieno has much experience in public finance and macroeconomic analysis. He has held senior positions in Kenya's public service including the Ministries of Finance and Planning, as Policy Analyst at the Kenya Institute for Public Policy Research and Analysis (KIPPRA), and as Senior Research Officer/Economist at the Central Bank of Kenya.

• PART I: OVERVIEW OF THE CRISIS; PART II: PRODUCTIVE SECTOR PERFORMANCE; PART III: BANKING, CAPITAL MARKETS AND FINANCIAL SERVICES; PART IV: MONETARY POLICY AND PUBLIC FINANCIAL MANAGEMENT; PART V: SOCIAL DIMENSIONS OF THE CRISIS; PART VI: CONCLUDING REMARKS