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Mr. Peter Stella

For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.

Harinder Kohli and Edilberto Segura

This paper highlights the sources of payments problems in less developed countries. Growth in the industrial countries has a direct impact on the current account of the developing countries through its influence on both the prices and volumes of their exports. An increase in the real effective exchange rate is clearly a fundamental determinant of a deteriorating current account since, other things being equal, it tends to raise domestic demand for imports and to reduce foreign demand for exports.

Warren C. Baum

This paper highlights that the 1978 World Bank Annual Meeting, held in Washington, D.C. during September 25–28, 1978, emphasized that greater efforts need to be made by both developed and developing countries, on domestic as well as international fronts, to stimulate lagging growth and to improve the well-being of the poorest. Just as developing countries agreed that economic takeoff was based as much on their own internal policies as on the external environment, the industrialized nations acknowledged that their own economic well-being was more closely linked to the growth of the Third World.

Adolf J.H. Enthoven

The author shows that accountancy 1 has constantly changed to meet the requirements of society and indicates that further development is now called for to meet the special requirements of the developing countries. A later article will deal with the nature of the change that the author believes should now be taking place.