International Monetary Fund. External Relations Dept.
This paper discusses the 1966 Annual Meetings of the IMF and of the World Bank and its affiliates, the International Development Association (IDA) and the International Finance Corporation. The annual meetings were held in September in Washington. The widespread shortage of capital and rising interest rates were described as posing problems for the Bank’s own borrowings as well as for developing countries. Mr. George D. Woods, the President, stressed the allied problem of the urgent need for a substantial replenishment of the resources available to IDA.
From time to time since the end of World War II, countries experiencing serious external payments difficulties have been able to resolve them even after the difficulties have become critical. In this series of articles, members of the Fund staff concerned with such problems describe various cricumstances in which unstable situations have been overcome and discuss the methods used.
Articles appearing in Finance and Development may be quoted or reprinted in their entirety, provided that due acknowledgment is made. The Editor would be glad to receive two copies of publications containing such reprints or quotations.
The author examines the Bank’s relations with the United Nations and what it means for the Bank to be associated with the UN system. He shows how the Bank, an autonomous economic and financial institution, is able to work in harmony with the United Nations, a political organization.
In its first deliberations in 1946 the Fund decided upon the immediate inauguration of a system of par values for the currencies of its member countries. This article shows briefly how the system has fared in its first 20 years.
In Japan, the problem of matching domestic agricultural development and capacity with the needs of a fast-growing industrial economy is a continuing one. A scheme launched 11 years ago to streamline the process of land settlement and improvement today provides an object lesson in achievement through adaptability.
Albert Waterston, David Williams, and Robert F. Skillings
• Singer, H. W., International Development: Growth and Change, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1964, xiv + 295 pp., $7.50; • Bhagwati, Jagdish, The Economics of Underdeveloped Countries, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1966, 254 pp., $2.45; • Birmingham, W., and A. G. Ford (Eds.), Planning and Growth in Rich and Poor Countries, New York, N.Y., U.S.A., Frederick A. Praeger, 1966, 267 pp., $7.50; • Horowitz, Irving Louis, Three Worlds of Development: The Theory and Practice of International Stratification, New York, N.Y., U.S.A., Oxford University Press, 1966, xiv + 475 pp., $8.50; • Fryer, D. W., World Economic Development, New York, N.Y., U.S.A., McGraw-Hill Book Company, 1965, xi + 627 pp., $8.95; • Scott, Andrew M., with William A. Lucas and Trudi M. Lucas, Simulation and National Development, New York, N.Y., U.S.A., John Wiley & Sons, Inc., 1966, ix + 177 pp., $5.95.
Preferential tariffs would help the exports of the developing countries. Would this desirable result be outweighed by disadvantages and difficulties? The author of this article, in presenting a case for such preferences, argues that it would not.