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International Monetary Fund. External Relations Dept.

commitment to tutor, not to indoctrinate.” Thomas R. De Gregori is Associate Professor of economics at the University of Houston, and Oriol Pi-Sunyer is Associate Professor of anthropology at the University of Massachusetts. D. W. Townson Davis, William, Three Years Hard Labour: The Road to Devaluation , London, U.K., Andre Deutsch, 1968, 224 pp., £1 10s. 0d. This book is financial journalism at its best. Mr. Davis, who has recently exchanged the Financial Editorship of The Guardian for the editorial chair of Punch , writes with incisiveness and insight. His

International Monetary Fund

), pp. 1 - 20 . 10.1016/0022-1996(86)90058-9 1 / Nancy Marion is Associate Professor of Economics at Darthmouth College. 1 / We relax the purchasing power parity assumption in Flood and Marion (1988) .

International Monetary Fund. External Relations Dept.

of numerous books and articles in the field of economics. Eisuke Sakakibara is currently a professor at Keio University and a special advisor to the Japanese Ministry of Finance. He holds degrees from the universities of Tokyo and Michigan and served in a number of positions in the Ministry of Finance before being appointed Vice Minister of Finance for International Affairs in 1997. He was also an economist at the IMF from 1971 to 1975 and a visiting associate professor of economics at Harvard University during 1980-81. Sakakibara is the author of a number of