For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.


For the latest thinking about the international financial system, monetary policy, economic development, poverty reduction, and other critical issues, subscribe to Finance & Development (F&D). This lively quarterly magazine brings you in-depth analyses of these and other subjects by the IMF’s own staff as well as by prominent international experts. Articles are written for lay readers who want to enrich their understanding of the workings of the global economy and the policies and activities of the IMF.


Gita Bhatt, Europe 1992, June p. 40

Clemens Boonekamp, Industrial Policies of Industrial Countries, March p. 14

Eduardo Borensztein, The Effect of External Debt on Investment, September p. 17

James Boughton, Commodity Prices and Inflation, June p. 27

Lelf Christoffersen, Environmental Action Plans in Africa, December p. 9

Barber Conable, Development and the Environment: A Global Balance, December p. 2

Carl Dahlman, Technological Change in Industry in Developing Countries, June p. 13

Michael Dooley and C. Maxwell Watson, Reinvigorating the Debt Strategy, September p. 8

Patrick Downes, Managing Foreign Exchange Reserves, December p. 20

Sebastian Edwards and Peter Montiel, The Price of Postponed Adjustment, September p. 34

Richard Erb, The Role of Central Banks, December p. 11

Robert Alan Feldman, Implementing Structural Reforms in Industrial Countries, September p. 24

David Folkerts-Landau, Management of Interest Rate Risk by LDCs, June p. 20

Christopher Freeman, Technical Change and Productivity, September p. 46

Claudio Frischtak, Competition as a Tool of LDC Industrial Policy, September p. 27

Joshua Greene, The Debt Problem of Sub-Saharan Africa, June p. 9

Sanjeev Gupta, Leslie Lipschitz, and Thomas Mayer, The Common Agricultural Policy of the EC, June p. 37

Ian Heggle, Reforming Transport Policy, March p. 42

Barbara Hetz, Women in Development: Kenya’s Experience, June p. 43;

  • and Bringing Women into the Economic Mainstream, December p. 22

Norman Hicks, Expenditure Reductions in High-debt Countries, March p. 35

Charles Humphreys and William Jaeger, Africa’s Adjustment and Growth, June p. 6

Ishrat Husain, Recent Experience with the Debt Strategy, September p. 12

S. Shahid Husain, Reviving Growth in Latin America, June p. 2

Subbiah Kannappan, Urban Labor Markets in Developing Countries, June p. 46

Jeffrey Katz, The Evolving Role of IDA June p. 16

Naheed Klrmani, The Uruguay Round: Revitalizing the Global Trading System, March p. 6

Sam Laird and Alexander Yeats, Nontariff Barriers of Developed Countries, 1966-86, March p. 12

Joslln Landell-Mills, The Financial Costs of Holding Reserves, December p. 17

Pierre Landell-Mills, Ramgopal Agarwala, and Stanley Please, From Crisis to Sustainable Growth in Sub-Saharan Africa, December p. 26

Flemming Larsen and Michael Wattle worth, Structural Policies in Industrial Countries, September p. 20

Kyu Sik Lee, Location of Jobs in Developing Cities, December p. 44

Uma Lele, Managing Agricultural Development in Africa, March p. 45

Millard Long and Elrik Evenhouse, Restructuring Distressed Financial Systems, September p. 5

Augusto Lopez-Claros, Growth-Oriented Adjustment: Spain in the 1980s, March p. 38

Donald Mathieson, Exchange Rate Arrangements and Monetary Policy, March p. 21

William McCleary, Policy Implementation Under Adjustment Lending, March p. 32

Michael Michaely, Armeane Choksi, and Demetris Papageorgiou, The Design of Trade Liberalization, March p. 2

Saleh Nsouli, Structural Adjustment in Sub-Saharan Africa, September p. 30

Barbara Opper, Improving the Bank’s Loan Currency Pool, June p. 24

Ichiro Otanl and Delano Villanueva, Major Determinants of Long-term Growth in LDCs, September p. 41

Louis Pauly, Changing International Financial Markets, December p. 34

Guy Pfeffermann and Gary Bond, IFC and Development, December p. 41

Kenneth Plddlngton, The Bank and the Environment Questions A Answers, September p. 44

Peter Quirk, The Case for Open Foreign Exchange Systems, June p. 30

Roger Robinson and Lelde Schmltz, Jamaica: Navigating through a Troubled Decade, December p. 30

Orlando Roncesvalles, IMF Quotas: A Briefing, December p. 10

Harry Snoek, Problems of Bank Supervision in LDCs, December p. 14

Peter Stella, Do Tax Amnesties Work?, December p. 38

Alan Tait, Misconceptions About the Value-Added Tax, March p. 25

Vlnod Thomas and Ajay Chhibber, Experience with Policy Reforms Under Adjustment, March p. 28

Jeremy Warford and Zeinab Partow, Evolution of the World Bank’s Environmental Policy, December p. 5

Peter Warr, Export Processing Zones and Trade Policy, June p. 34

Joseph Wheeler, The Critical Role for Official Development Assistance in the 1990s, September p. 38

Peter Winglee, Agricultural Trade Policies of Industrial Countries, March p. 9

World Bank staff, Financial Systems and Development, September p. 2

Approaches to Debt Reduction, September p. 16

Korea’s Fruitful Cooperation with the Fund, March p. 18

World Economy In Transition, March p. 20, June p. 26, December p. 47


Robert Baldwin, editor, Trade Policy Issues and Empirical Analysis, reviewed by Richard Snape, June

W.W. Bartley III, editor, The Fatal Conceit: The Errors of Socialism: The Collected Works of F.A. Hayek, Volume I, reviewed by Bahram Nowzad, December

Jagdish Bhagwati, Protectionism, reviewed by Shailendra Ahjaria, March

Michael Bordo, editor, Money, History, and International Finance: Essays in Honor of Anna J. Schwartz, reviewed by Richard Haas, December

Simon Commander, editor, Structural Adjustment and Agriculture: Theory and Practice in Africa and Latin America, reviewed by Jean-Jacques Dethier, December

David Currie and David Vines, editors, Macroeconomic Interactions Between North and South, reviewed by F. Desmond McCarthy, June

Guido de Telia and Rudiger Dornbusch, editors, The Political Economy of Argentina, 1946-83, reviewed by Claudio Loser, September

Pat Devine, Democracy and Economic Planning, reviewed by Johannes Linn, March

Robert Dickie and Thomas Layman, Foreign Investment and Government Policy in the Third World, reviewed by Lloyd Kenward, June

Rudiger Dornbusch, Exchange Rates and Inflation, reviewed by Timothy Lane, June

Geza Feketekuty, International Trade in Services, reviewed by Patrick Messerlin, June

Martin Feldsteln, editor, International Economic Cooperation, reviewed by Bahram Nowzad, March

Tyrone Ferguson, The Third World and Decision Making in the International Monetary Fund, reviewed by Joseph Gold, March

Jacob Frenkel, editor. International Aspects of Fiscal Policies, reviewed by Richard Goode, September

Francesco Glavazzi et al, editors, The European Monetary System, reviewed by Manuel Guitian, March

Joseph Gold, Exchange Rates in International Law and Organization, reviewed by Tobias Asser, December

Charles Kindleberger, The International Economic Order, reviewed by Bahram Nowzad, June

Arjo Klamer, Donald McCloskey, and Robert Solow, editors, The Consequences of Economic Rhetoric, reviewed by Bahram Nowzad, September

Sanjaya Lalt, Learning to Industrialize, reviewed by Carl Dahlman, June

Basil Moore, Horizontalists and Verticalists, reviewed by James Boughton, September

OECD, Why Economic Policies Change Course, reviewed by Guillermo Calvo, June

D.R. Pendse, Black Money and Budgets, reviewed by Vito Tanzi, December

Per Pinstrup-Andersen, editor, Food Subsidies in Developing Countries, reviewed by Robert Schneider, September

Jacques Polak, Financial Policies and Development, reviewed by Barbara Kafka, September

Ingo Walter, Global Competition in Financial Services, reviewed by Patrick Messerlin, June

The International Monetary Fund announces

Analytical Issues in Debt

Edited by Jacob A. Frenkel, Michael P. Dooley, and Peter Wickham

To order, please write or call:

International Monetary Fund

Publication Services Unit, Box E-894

700 19th Street, N.W.

Washington, D.C. 20431 U.S.A.

Telephone: (202) 623-7430 Telefax: (202) 623-7201 Cable: INTERFUND

Countries with debt-servicing difficulties have seen their external debt expand from $538 billion in 1982 to $726 billion at the end of 1988, a sum now equal to 47 percent of the GNP of these countries. During the same period, the management and staff of the International Monetary Fund have been focusing much of their attention on the analytic issues surrounding this explosion of debt. Their efforts have done much to clarify thinking about debt and what it means to the world financial system. This volume presents a sample of the work of the Fund and that of world-renowned scholars on these issues and describes debt initiatives and debt-reduction techniques that hold the best promise thus far for finding a lasting solution to the problems of debtor countries.

Available in English. 1989.

US$26.50. (paper) v + 415 pp.

ISBN 1-55775-041-6

Dealing with the Debt Crisis

Ishrat Husain and Ishac Diwan, editors

Forty leading exports on International economics examine a broad range of policy issues on debt. Emphasis is on the causes of the debt crisis in the 1980s and strategies for debt reduction in the 1990s. Included is a detailed analysis of the “Brady initiative.”

322 pages/ISBN 0-8213-1246-4/US$24.95/Order Stock #11246

World Debt Tables, 1989-90 Edition

The definitive guide to the external debt of over 100 developing countries. This new edition, available in lute December, includes 1988 data for a wide range of debt indicators.

Available in a two-volume set that includes a summary and analysis and complete country tables. Also included are periodic supplements as new data become available.

About 550 pages / ISBN 0-8213-1408-4 / US$125.00 / Order Stock #11408

Summary and analysis volume available separately.

About 100 pages / ISBN 0-8213-1406-8 / US$16.95 / Order Stock #11406

Mark the number of copies desired in the boxes.

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In the U.S., return coupon to:

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