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Mrs. Sarwat Jahan and Ahmed Saber Mahmud

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.

Geoffrey H. Moore, Michael C. Deppler, Edmond Malinvaud, Mr. Liaquat Ahamed, and John L. Esposito

This paper discusses the appointment of A. W. Clausen as the new World Bank president. Mr. Clausen, 57, joined the Bank of America in 1949 as a trainee just out of the University of Minnesota law school and rose to become president of the San Francisco-based institution 21 years later. His career at the Bank of America spanned 31 years, and he played an important role in the bank’s expansion in the United States and overseas. Mr. Clausen has been bestowed many honors, including the Order of Merit of the Italian Republic.

International Monetary Fund. Western Hemisphere Dept.