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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.
Opinions expressed in articles and other materials are those of the authors; they do not necessarily reflect Fund or Bank policy.
Second class postage is paid at Washington, DC and at additional mailing offices. English edition printed at Lancaster Press, Lancaster, PA. Postmaster please send change of address to Finance & Development, 700 19th Street, NW, Washington, DC 20431. English edition ISSN 0015-1947.
Telephone: (202) 623-8300 • Fax Number: (202) 623-4738.
Pamela Bradley
EDITOR
Laura Wallace
ASSISTANT EDITOR
Gita Bhatt
EDITORIAL OFFICER
Luisa Watson
ART EDITOR
Martha Bonilla
EDITORIAL ASSISTANT
ADVISORS TO THE EDITOR
Masood Ahmed
Nancy Birdshall
Peter Clark
K. Burke Dillon
Richard Hemming
Pierre Landell-Mills
Anthony Lanyi
Johannes Linn
Gobind Nankani
Orlando Roncesvalles
Joanne Salop
Brian Stuart
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International Monetary Fund announces
IMF Glossary, English-French-Spanish
Fourth Edition
Compiled by the IMF’s Bureau of Language Services, this volume presents English, French, and Spanish words, phrases, and names of institutions most commonly encountered in IMF documents.
ISBN 1-55775-267-2. 342pp. (paper) 1992. US$26.00.
To order, please write or call:
International Monetary Fund
Publication Services
Box FD-203
700 19th Street, N.W.
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FINANCE & DEVELOPMENT
A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK
September 1992 • Volume 29 • Number 3
Front Matter Page
Tackling Debt Issues
A Tenth Anniversary Report on the Debt Crisis
Masood Ahmed & Lawrence Summers
Recent Innovations in Debt Restructuring
John Clark & Eliot Kalter
Managing Domestic Public Debt
Pablo Guidotti & Manmohan Kumar
How Can Developing Countries Hedge Their Bets?
Stijn Claessens
Cleaning Up Eastern Europe
Gordon Hughes
The Road from Rio
Andrew Steer
When Will Eastern Europe Catch Up with the West?
Eduardo Borensztein & Peter Montiel
Republics of the Former USSR: Vital Statistics
A Single Currency for the European Community
Karl Habermeier & Horst Ungerer
OPEC and a New Oil Order
Jahangir Amuzegar
What is “Policy Switching”?
Robert Flood
Fiscal Policy Issues
Fiscal Policy Issues The Fiscal Dimensions of Adjustment
Sanjeev Gupta & Karim Nashashibi
How to Measure the Fiscal Deficit
Mario I. Blejer and Adrienne Cheasty
Economic Adjustment and Private Investment
Luis Serven and Andrés Solimano
Bicycles, Rickshaws, and Carts in Asian Cities
Michael Replogle
BOOKS
India’s Economic Crisis—The Way Ahead Ahead by Bimal Jalan
Deepak Lal
The Macroeconomics of Populism in Latin America edited by Rudiger Dornbusch and Sebastian Edwards
Guy Pfeffermann
The Order of Economic Liberalization by Ronald McKinnon
John Odling Smee
Markets in Developing Countries by Michael Roemer and Christine Jones
Alan Tait
International Economic Integration by Miroslav Jovanovic
Michael Spencer
Democracy, Dictatorship and Development by Miroslav Jovanovic
Coralie Bryant
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.