Front Matter

From the Editor

The survey of a sample of our readers showed, as is mentioned elsewhere in this issue, that most of them read a considerable portion of each issue, and that the interest in developmental and financial topics was about equally divided. The current and future issues of the journal are, therefore, being designed to maintain both these interests, and to satisfy the need for information and explanation which many readers have expressed in correspondence with this office.

Commodity price stabilization is an important objective for many countries, and one, where no cartel is feasible, difficult to attain. The article in this issue which deals with this subject marks a beginning for what may well become an increasingly complex discussion. Mr. Young, as a new contributor to the journal, discusses inflation in terms of political economy rather than of economic theory. Mr. Yudelman reviews integrated rural development projects in the light of the World Bank’s experience of such schemes. All these articles, it might be said, are surveys of problems seen against a wide landscape.

Some of the techniques employed by the Fund in its contributions to the world’s monetary system are the theme of the three articles by Mr. Johnson, Messrs. Reichmann and Stillson, and Messrs. Dunn and Ley. The first author, Mr. Johnson, examines stand-by arrangements, and how they have worked in practice. In the second article, stand-by arrangements are categorized by their results, and in the third the reconstitution of SDRs is defined and described.

Other articles in this issue deal with project evaluation, and the contribution of the IFC to agribusiness development. Successful project evaluation is an important art or science for the World Bank, since the great majority of its operations are carried out on a commercial basis and have to be successful, on the whole, in strictly economic terms. The IFC is the arm of the Bank which deals with private industry or private enterprise endeavors, and the IFC’s experiences with agribusiness are of considerable interest at this time.

This issue is the last one to be put out over my name as Editor. My collaborators, Shuja Nawaz and Joslin Landell-Mills, who have done much to enhance the reputation of the magazine in the last year or two, will continue on the staff. Mr. Samuel Katz, professor at Georgetown University, will be the new Editor. He is not only a distinguished expert in his field (international finance), but fully shares the ideas and purposes that we have collectively subscribed to for many years—which can be summed up as trying to communicate to a wide, but specialized, audience some of the reasoning behind the policies and actions of our two institutions.

I would like to thank personally those readers who have written to me from time to time, and to say to all of them that our knowledge of their appreciation of this journal has been a source of very real support to all members of this editorial office.

Front Matter Page


Ian Bowen

Deputy Editor

Shuja Nawaz

Assistant to the Editor

Joslin Landell-Mills

Editorial Assistant

Marjorie H. Antonoff

Art Editor

Richard W. Stoddard

Consulting Editor

L. Ruben Azócar

Advisors to the Editor

Dinesh Bahl

Barend A. de Vries

Norman K. Humphreys

John A. King

Carlos E. Sansón

Eugene R. Schlesinger

Charles F. Schwartz

U Tun Wai

David Williams

Finance & Development is published quarterly in English, French, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Development, Washington, D.C. 20431, U.S.A.

A German language edition is published by the International Monetary Fund and the International Bank for Reconstruction and Development in collaboration with HWWA—Institut fur Wirtschafts-forschung-Hamburg, and produced by Verlag Welt-archiv GmbH.

Readers wishing to receive the German edition should write directly to Finanzierung & Entwicklung, HWWA—Institut, 2 Hamburg 36, Neuer Jungfernstieg 21, Germany.

A selection of articles from each issue is published in Arabic and issued as a supplement to Al-lqtissadi, c/o AI-Ahram, Cairo, Egypt. Individual copies of this selection are also available on application to The Editor, Finance & Development, International Monetary Fund Building, Washington, D.C. 20431, U.S.A.

A selection of the contents of Finance & Development is published annually in Rio de Janeiro, Brazil, in cooperation with the United Nations Information Center, in Portuguese.

Controlled circulation postage is paid at Washington, D.C. and Lancaster, Pa., U.S.A.

New readers who wish to receive Finance & Development regularly may make an application through an appropriate institution, or individually, to be added to the mailing list. Individuals should briefly state the reasons for their request. Please indicate which language edition is wanted—only one edition will be sent. Applications should be mailed to Finance & Development. International Monetary Fund Building, Washington, D.C., 20431, U.S.A.

Opinions expressed in articles and other material are those of the writer or writers; they are not statements of Fund or Bank policy.

The contents of Finance & Development may be quoted or reproduced without further permission. Due acknowledgment is requested.

Finance & Development is available on microfilm from University Microfilms, P.O. Box 1346, Ann Arbor, Michigan 48106, U.S.A., and on microfiche (English only) from Microphoto Division, Bell and Howell Company, Old Mansfield Road, Wooster, Ohio 44691, U.S.A.

Front Matter Page

  • Fund activity

  • Review of 1976, preview of 1977; Trust Fund and restitution; new pledges for GAB increase Fund liquidity; interest rate of SDR; Fund transactions

  • Bank activity

  • Bank and IDA loans for urban impact projects in Indonesia, Greece, Ivory Coast, and India; education loans for Zambia, Afghanistan, and Paraguay; recent loans; global indicators and price forecasts of selected commodities

  • Views & comments

  • McNamara on a new approach toward the problem of international assistance for developing countries; Witteveen on world stabilization policies

  • Commodity price stabilization and the developing world

    • Ezriel M. Brook and Enzo R. Grilli

  • The choices available to the developing countries

  • Toward a consensus on inflation?

    • John H. Young

  • There may be wider agreement on the causes and the remedies than is apparent

  • Integrated rural development projects: the Bank’s experience

    • Montague Yudelman

  • A new trend in the Bank’s rural strategy

  • Use of Fund resources and stand-by arrangements

    • Omotunde E.G. Johnson

  • An explanation of the manner in which member countries can use Fund resources under these credit arrangements

  • How successful are programs supported by stand-by arrangements?

  • Thomas Reichmann and Richard Stillson

  • An analysis of the results of 79 programs during the period 1963-72

  • The IFC and the agribusiness sector

    • John W. Lowe

  • The International Finance Corporation’s experience in this field

  • Ex post project evaluation—the Bank’s experience

    • Christopher Willoughby

  • The advantages of assessing projects after they have been completed

  • Special drawing rights: a review of reconstitution, 1972-76

    • Robert Dunn and Robert Ley

  • What is reconstitution? How has it worked in the five years since the SDRs were introduced?

  • Book notices

  • Finance & Development—a readership profile

  • A report on selected results of our 1976 readership survey

Finance & Development, March 1977
Author: International Monetary Fund. External Relations Dept.