Michel Camdessus

The Executive Board of the International Monetary Fund unanimously appointed Michel Camdessus, of France, as Managing Director and Chairman of the Executive Board of the International Monetary Fund from January 16, 1987. He succeeds J. de Larosière, also of France.

Mr. Camdessus, 53, was most recently Governor of the Bank of France. He was Director of the French Treasury from February 1982 to August 1984, and Chairman of the Paris Club (the forum for the rescheduling of official debts) from 1978 to 1984.

He was educated at the University of Paris and earned postgraduate degrees in economics at the Institute of Political Studies of Paris and the National School of Administration.

Designated Administrateur Civil in the French Civil Service, Mr. Camdessus joined the Treasury in the Ministry of Finance and Economic Policies in 1960 and went on to become Director in February 1982. Mr. Camdessus was Chairman of the Monetary Committee of the European Economic Community from December 1982 to December 1984.

In August 1984, Mr. Camdessus was appointed Deputy Governor of the Bank of France. He became Governor of the Bank of France in November 1984. Mr. Camdessus was named Alternate Governor of the Fund for France in 1983 and Governor of the Fund in November 1984.

• Capital Flight from Developing Countries

  • Mohsin S. Khan and Nadeem UI Hague

• An examination of this phenomenon and the issues it raises

• Focus on External Debt

• Market Valuation of External Debt

  • Michael Dooiey

• A fundamental issue in the flow of new credits

• Progress on the International Debt Strategy

  • J. de Larosière

• Excerpts from recent speeches

• Recent International Borrowing by Developing Countries

• The Debt Problem of Sub-Saharan Africa

• Measuring Developing Countries’ External Debt

  • Rachel Weaving

• The world’s leading sources of debt statistics

• Export Credits and the Debt Crisis

  • Miranda Xafa

• Recent trends, current policy issues

• Adjustment Issues

• Currency Depreciation and Export Expansion

  • Omotunde Johnson

• Depreciation must be supported by other policy measures

• Sequencing Economic Liberalization in Developing Countries

  • Sebastian Edwards

• The order of policy reforms is an important, but difficult, aspect of adjustment

• Strategic Planning and the Management of Change

  • Nagy Hanna

• What LDCs can learn from corporate experience in industrial countries

• Fostering Enterprise Development

  • Harinder Kohli and Anil Sood

• Improving the performance of public and private enterprises

• Grain Marketing Policies and Institutions in Africa

  • Peter Hopcraft

• Open, competitive markets spur farm productivity

• Transmission of the Effects of Fiscal Policies Among Industrial Countries

  • Malclom Knight and Paul Masson

• Fiscal developments and the recent behavior of exchange rates and interest rates

• Issues in Settlement of New Lands

  • Gottfried Ablasser

• Lessons from the World Bank’s project experience

• Books

• Five books on international debt

  • Bahram Nowzad

• Conflicting Paradigms in the Economics of Developing Countries by Wilfred David

  • Suman Bery

• Multilateral Development Diplomacy in UNCTAD by Thomas Weiss

  • Joseph Gold

• Deregulating Financial Services edited by George Kaufman and Roger Kormendi

  • Charles Collyns

• Books in Brief

• Other Books Received

• 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.