Front Matter

Front Matter Page

Finance & Development

Bahram Nowzad


Shuja Nawaz


Rachel Weaving


Sheila Meehan


Richard Stoddard


Deborah Salzer



Andrew Crockett

Vinod Dubey

Howard Handy

Gregory Ingram

Paul Isenman

Arturo Israel

Claudio Loser

Guy Pfeffermann

Alexander Shakow

Alan Tait

U Tun Wai

David Williams

Finance & Development is published quarterly in English, Arabic, Chinese, French, German, Portuguese, and Spanish by the International Monetary Fund and the International Bank for Reconstruction and Development, Washington, DC 20431, USA (USPS 123-250). Second class postage is paid at Washington, DC and at additional mailing offices. • English edition printed at Lancaster Press, Lancaster, PA. • English edition ISSN 0015-1947. • Opinions expressed in articles and other material are those of the authors; they do not necessarily reflect Fund or Bank policy. • New readers who wish to receive Finance & Development regularly should apply in writing to Finance & Development, International Monetary Fund, Washington DC 20431, USA, specifying the language edition and briefly stating the reasons for their request. • 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.

IMF Survey

Covers developments in the Fund and the world economy…

A biweekly publication to help readers keep abreast of events in international finance, world trade, and the field of international economics. Articles included come under four major headings.

Fund Activities chronicles developments in the International Monetary Fund—including all press releases, major statements, communiques, management speeches, decisions of the Executive Board, and resolutions of the Board of Governors—and summaries of publications such as the Annual Report of the Executive Board, the World Economic Outlook, the Annual Report on Exchange Arrangements and Exchange Restrictions, Pamphlets, Occasional Papers, Staff Papers, and the Fund’s four statistical publications. Emphasis is on such issues as the evolution of surveillance over members’ exchange rate policies, the Fund’s role in the financing and adjustment of balance of payments deficits, the adaptation of conditionality, the Fund’s liquidity and financial structure, and the evolutionary reform of the international monetary system. A table of currency units per SDR is a regular feature.

Selected Topics offers a variety of original articles by Fund staff members and the editors of the IMF Survey, including coverage of world financial markets, balance of payments problems, developments in international economics, international assistance, trade, commodity prices, reserves, foreign exchange markets, economic trends, and developing country debt.

National Economies comprises articles on individual countries, stressing the continuing efforts of both industrial and developing countries to attain sustainable and noninflationary growth.

Brief Notes summarizes news of major importance in the fiscal and monetary area, international finance, and countries’ economic and exchange rate policies. Included are tables of recent rates for the SDR and other Fund rates, exchange rate and discount rate changes, and a continuing series of charts on important financial indicators.

Three editions—English, French, and Spanish—are each published 23 times a year, in addition to an annual Supplement on the Fund and an annual index. Private firms and individuals may subscribe at US$30.00 a year. The IMF Survey is distributed without charge to university libraries and to the business addresses of government officials, executives of international agencies, financial writers, and university professors.

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  • Development strategies

  • Development through the private sector

  • The views of the new Executive Vice President of IFC

    • Sir William Ryrie

  • IFC’s new approach to project promotion

  • Developing investments by sector or industry

    • Roger Leeds

  • Economic reform in China

  • Toward greater flexibility in planning, more reliance on market forces

    • Luc De Wulf

  • Planning in developing countries

  • From comprehensive production planning to strategic policy planning

    • Ramgopal Agarwala

  • Exchange rate policies

  • Overvalued exchange rates and development

  • How overvaluation retards growth

    • Guy Pfeffermann

  • Black markets in foreign exchange

  • Origins, nature, and implications

    • Michael Nowak

  • External debt issues

  • Domestic and external causes of the Latin American debt crisis

  • The crucial impact of inadequate domestic policies

    • Eduardo Wiesner

  • The case-by-case approach to debt problems

  • Why the Fund favors this approach

    • Azizali Mohammed

  • Foreign direct investment in developing countries

  • Trends, policy issues, and outlook to 1990

    • David Goldsbrough

  • Financing education in sub-Saharan Africa

  • The broad policy issues

    • Alain Mingat and George Psacharopoulos

  • Urbanization patterns in the Third World

  • Fostering efficient growth

    • Andrew Hamer

  • The role of development finance corporations

    • Joslin Landell-Mills

  • World economy in transition

  • Monetary indicators: 1951-83

  • Books

  • Thinkers and Doers, books on the Pioneers in Development, and the World Bank; review article by I.M.D. Little

  • Role of government; debt issues; rural development; the Tokyo Round; international inflation; income distribution; and the franc zone; reviewed by Bahram Nowzad, Joseph Gold, Francis Lethem, Andrew Feltenstein, Christiaan Grootaert, and Piero Claudio Ugolini

  • Letters

The Editor welcomes views and comments from readers on the contents of the journal. The contents of Finance & Development may be quoted or reproduced without further permission. Due acknowledgement is requested.

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Editorial note: Exchange rate matters are within the purview of the Fund; under Article IV of the Fund Agreement, members have certain specific obligations in this regard. Appropriate exchange rate policies promote balance of payments viability and can be powerful instruments for economic stabilization. They have also certain important longer-term implications for economic development and this article, by a senior member of the Bank staff, examines the consequences of overvaluation.

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Editorial note: If energy prices and inflation were the principal economic issues of the 1970s, there is little doubt that external debt difficulties have dominated the first part of the 1980s. Debt crises are not only an issue for the debtor developing countries, they have also posed serious problems for the international financial system as a whole. In recognition of this, Finance & Development has, in the past two years, devoted considerable space to external debt matters. The two articles in this issue deal with two key aspects of the debt question.

Finance & Development, March 1985
Author: International Monetary Fund. External Relations Dept.