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Mitchell A. Seligson and John T. Passé-Smith

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.

Mumtaz Mirza

When Pakistan became an independent country a serious obstacle to rapid industrialization was an almost complete lack of industrial accountants. The author tells how a small group of men set out to create—with valuable aid from Canada—a new profession.

Manfred Reichardt

In a period when external financial aid to developing countries is increasing less rapidly than before, one question emerges ever more sharply: how can developing countries mobilize all possible domestic resources for financing their industrialization?

Mr. Arvind Subramanian, Raghuram Rajan, Mr. Ioannis Tokatlidis, Ms. Kalpana Kochhar, and Mr. Utsav Kumar
India has followed an idiosyncratic pattern of development, certainly compared with other fast-growing Asian economies. While the importance of services rather than manufacturing is widely noted, within manufacturing India has emphasized skill-intensive rather than laborintensive manufacturing, and industries with higher-than-average scale. Some of these distinctive patterns existed prior to the beginning of economic reforms in the 1980s, and stem from the idiosyncratic policies adopted after India's independence. Using the growth of fastmoving Indian states as a guide, we conclude that India may not revert to the pattern followed by other countries, despite reforms that have removed some policy impediments that contributed to India's distinctive path.
Sayuri Shirai
This paper provides a theoretical model to address the issue of how industrialization affects the structure of international trade. Considering both horizontal and vertical product differentiation, the model shows that intra-industry trade increases when product quality improvement emerges in a developing country and when a difference in relative factor endowments between a developed and a developing countries shrinks. To promote understanding of the conclusions of the model, the paper also uses actual trade data between Japan and Indonesia and between Japan and Korea.