Front Matter Page

June 1979/Volume 16/Number 2

Finance & Development

A quarterly publication of the International Monetary Fund and the World Bank

Children of the poorest

In this issue

Oil and gas prospects In developing countries The structure of the Fund The World Bank and the world’s poorest: VI Malnutrition In young children Potential output In Industrial countries “Basic needs” for rural development Inflation In Argentina The liquidity ol the Fund Multinationals revisited

Recent publications of the fund: Legal and Institutional Aspects of the International Monetary System: Selected Essays

by Joseph Gold

This volume reproduces, with slight revisions, 14 essays by the author that he contributed originally to books and periodicals published under auspices other than those of the Fund. Attached to each essay is a note that comments briefly on the relationship of the Second Amendment of the Fund’s Articles, which became effective on April 1, 1978, to the subject matter of the essay.

The themes of the essays are linked together by a new introductory essay. The collection as a whole can be regarded as a resumption of the author’s discussion of constitutional development and change in the Fund, which he contributed to Volume II of the Fund’s History of its first twenty years. A major theme is the need for an international monetary system that is regulated by international law, with the Fund at its center. Another major theme is that the legal and institutional aspects of the system should provide flexibility in relation to evolution of the system, its day-to-day operation, and the handling of crises.

The subjects of the essays include various facets of reform of the international monetary system, the negotiation of change, techniques of flexibility, “sanctions,” collaboration as a source of law, and creation of the SDR.

The development of policies of conditionality in connection with the use of the Fund’s resources, the metamorphosis of the Fund’s exchange transactions, and the invention and development of the stand-by arrangement are discussed from the standpoint of flexibility. The Fund’s principle of uniformity and the former par value system are discussed from the standpoint of inflexibility. Annexed to the essay on the par value system are the legal texts of the Fund on exchange arrangements from the origin of the Fund to the present day. xx + 633 pp., 1979.

Price: US$17.50.

IMF Glossary, English-French-Spanish

This glossary of English, French, and Spanish terms was compiled by the Fund’s Bureau of Language Services. It presents in the three languages accounting, economic, financial, and other terms used by the Fund, as well as translations of names of international and regional economic organizations, viii + 160 pp. 1979.

Price: US$5.00.

Advice on payment in currencies other than the U.S. dollar will be given upon receipt of your order. Address orders and inquiries to The Secretary

International Monetary Fund

Washington, D.C. 20431


Front Matter Page

Finance & Development


Samuel I. Katz

Managing Editor

Shuja Nawaz

Assistant to the Editor

Joslin Landell-Mills

Editorial Officer

Sheila A. Meehan

Art Editor

Richard W. Stoddard

Graphics Assistant

Susan E. Pallansch

Advisors to the Editor

Dinesh Bahl

Carl Bell

Barend A. de Vries

J. Price Gittinger

Norman K. Humphreys

Carlos E. Sansón

Charles F. Schwartz

U Tun Wai

David Williams

Christopher R. Willoughby

Finance & Development is published quarterly in English. French, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Development. Washington, DC. 20431. U.S.A. (USPS 123-250)

The French language edition is published by the International Monetary Fund and the International Bank for Reconstruction and Development in collaboration with Economica. 49. rue Héricart. 75015 Paris, and produced by imprimerie Jouve at Mayenne.

The German language edition is published by the International Monetary Fund and the International Bank for Reconstruction and Development in collaboration with HWWA—Institut fur Wirtschaftsforschung-Hamburg, and produced by Verlag Weltarchiv GmbH.

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

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 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 Micro-photo Division, Bell and Howell Company, Old Mansfield Road. Wooster. Ohio 44691. U.S.A.

The contents of Finance & Development are indexed in Business Periodicals Index. Public Affairs Information Service (PAIS), and Bibliographie Internationale des Sciences Sociales.

An annual index of articles and book reviews is carried in the December issue of Finance & Development.

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  • Fund activity

    • Moves toward orderly world economic growth; new guidelines issued on Fund conditionality; Interim Committee requests Executive Board to study the proposal for a substitution account; Fund transactions; supplementary financing facility now in effect

  • Bank activity

    • Irrigation project in Bangladesh produces higher yields; Bank using remote sensing data from satellites in development work; water supply and sewerage in Northeast Brazil; Sudan gets assistance for highway: Bank and IDA loans and credits

  • Prospects for oil and gas production in the developing world

    • Efrain Friedmann and Raymond Goodman

    • An assessment of the financial and technical needs of the developing countries in this field in the face of increasing costs of energy imports

  • The structure of the Fund

    • Joseph Gold

    • The functions and interrelationships of various Fund organs are discussed in the light of changes made under the Second Amendment of the Articles of Agreement

  • The World Bank and the world’s poorest: VI

    • The sixth article in a continuing series that explains how the Bank is responding to the challenge of finding ways to reduce poverty in member countries

      • • Education lending for the poor

      • Abdun Noor

      • How education programs designed to reach the poor and to involve them in the development process can be and have been effective

    • The economic dimensions of malnutrition in young children

      • Shlomo Reutlinger and Marcelo Selowsky

      • The magnitude of malnutrition in children of the developing world and ways of approaching the problem with specific intervention programs are discussed

    • Potential and actual output in industrial countries

      • Jacques R. Artus

      • A report on a study of the level of potential output and the amount of economic slack in manufacturing in seven industrial countries

    • The three tiers of “basic needs” for rural development

      • Hernán Santa Cruz

      • A discussion of some of the issues before the upcoming World Conference on Agrarian Reform and Rural Development

    • Extraordinary inflation: the Argentine experience

      • Ke-young Chu and Andrew Feltenstein

      • An analysis of the economy between 1963 and 1976 examines the role of two main factors affecting inflation: the budget deficit and, surprisingly, government price controls

    • The liquidity of the International Monetary Fund

      • David S. Cutler

      • An explanation of the relationship between the demands that might be made on the Fund’s resources and the means at its disposal to meet them

    • Review article

    • Multinationals revisited

      • Paul Streeten

    • Book notices

    • Cover: art based on World Bank and UNICEF photos.

Finance & Development, June 1979
Author: International Monetary Fund. External Relations Dept.