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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.

Bahram Nowzad

EDITOR

Shuja Nawaz

MANAGING EDITOR

Rachel Weaving

ASSISTANT EDITOR

Maxine Stough

ASSISTANT EDITOR

Richard Stoddard

ART EDITOR

ADVISORS TO THE EDITOR

Mark Alien

Vinod Dubey

Gregory Ingram

Paul Isenman

Arturo Israel

Anthony Lanyi

Claudio Loser

J.C. Peter Richardson

Alexander Shakow

Alan Tait

U Tun Wai

David Williams

2 new policy studies from the World Bank

Agricultural Mechanization: Issues and Options

Analyzes patterns of mechanization and explores its effects on efficiency. Discusses the distortions introduced when policies encourage high capital-labor ratios and accelerate mechanization too rapidly. Includes recommendations for developing countries to bring their mechanization policies in line with overall development objectives.

90 pages/8½ × 11/ISBN 0-8213-0903-X/US$7.50

Financing Health Services in Developing Countries: An Agenda for Reform

Proposes an alternative approach to financing health care: relieve government of the burden of spending public resources on health care for the rich in order to make more public resources available for the poor. Draws on examples from World Bank experience to illustrate the successful application of policy alternatives in various countries.

104 pages/8½ × 11/ISBN 0-8213-0900-5/US$7.50

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FINANCE & DEVELOPMENT

A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK

Front Matter Page

  • World Development Report 198

  • Industrialization and Foreign Trade

  • Critical issues in their inter-relationship and effects on growth

  • Sarath Rajapatirana

  • Adjustment at Work

  • Enhancing the Fund’s Structural Adjustment Facility

  • Charles Gardner

  • Turkey’s Adjustment Experience, 1980–85

  • National success bolstered by international assistance

  • George Kopits

  • Growth and Adjustment in South Asia

  • Lessons from four countries

  • Bijan Aghevli, In-Su Kim, and Hubert Neiss

  • Trade Liberalization in Chile

  • The anatomy of a major reform effort

  • WDR 1987

  • Structural Adjustment in Nigeria

  • Widespread reform in progress; the challenge ahead

  • Nils Borje Tallroth

  • Raising Resources for IDA: the Eighth Replenishment

  • Changes in key policies; higher financing

  • Alexander Fleming and Mary Oakes Smith

  • Issues in Capital Flows to Developing Countries

  • Factors affecting supply and demand in the 1980s

  • Anthony Lanyi

  • Financial Liberalization in Developing Countries

  • Improving inefficient financial markets

  • Michael Dooley and Donald Mathieson

  • The European Community: On the Road to Integration

  • The first 30 years; future prospects

  • Augusto Lopez-Claros

  • Managing the Budget

  • The US budget process explained

  • A. Premchand

  • Why the World Current Account Does Not Balance

  • …and how to improve global accounting systems

  • Shuja Nawaz

  • World Bank Reorganization

  • World Economy in Transition

  • Pattern of central government outlays 1972–84

  • Books

  • Toward World Prosperity by Irving Friedman

  • Anthony Lanyi

  • Monetarism and Liberalization by Sebastian Edwards & Alexandra Cox Edwards

  • Claudio Loser

  • The Keynesian Revolution and Its Critics by Gordon A. Fletcher

  • Bahram Nowzad

  • Elitism and Meritocracy in Developing Countries by Robert Klitgaard

  • Stephen Heyneman

  • Multinationals of the South edited by Khushi M. Khan, and

  • Multinationals, Governments and International Technology Transfer edited by A.E. Safarian and Gilles Y. Benin

  • Sanjaya Lall

  • Macro-Policies for Appropriate Technology in Developing Countries edited by Frances Stewart

  • Graeme Donovan

  • Books in Brief

  • 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.

Finance & Development, September 1987
Author: International Monetary Fund. External Relations Dept.