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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.
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Our New Editor
Claire C. Liuksila, a UK national, is the new Editor. She was previously Deputy Division Chief in the IMF’s Fiscal Affairs Department, and worked in Spain from 1980–85—including the Bank of Spain and Citibank Spain (Chief Economist). She has a BA from Vassar College, New York, and a PhD in Economics from Cambridge University, England.
Mrs. Liuksila replaces Pamela Bradley, who is now Division Chief in the IMF’s Public Affairs Division, External Relations Department.
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FINANCE & DEVELOPMENT
December 1993 • Volume 30 • Number 4
A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK
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Interview
Top Economist Ponders a Changing World
Jacob Frenkei
Sustainable Development Making Development Sustainable
Ismail Serageidin
Poverty and the Environment
Stephen Mink
The Sociologist’s Approach to Sustainable Development
Michael Cernea
The Ecologist’s Approach to Sustainable Development
Colin Rees
The Economist’s Approach to Sustainable Development
Mohan Munasinghe
Measuring Environmentally Sustainable Development
Andrew steer & Ernst Lutz
Military Expenditures: Will the Post-1985 Decline Be Sustained?
Introducing New National Currencies
Hernán Cortés-Douglas & Richard Abrams
“Be Ready To Be Blamed for Everything”: How Latvia Introduced Its Currency
Einars Repse
Interest Rate Policies in Developing Countries
Abbas Mirakhor and Delano Villanueva
Policy Coordination: How Is It Affected by Uncertainty?
Paul Masson
The Determinants of Economic Success: Luck and Policy
William Easterly & Lant Pritchett
National Perspective Studies in Africa: A Vision of a Better Future
Pierre Landell-Mills
Organizing Tropical Disease Control
Bernhard Liese & Paramjit Sachdeva
Books
An Inquiry Into Well-Being and Destitution by Partha Dasgupta
Vinod Thomas
India In Transition: Freeing the Economy by Jagdish Bhagwati
Anand Chandavarkar
The Economics of Middle East Peace: Views from the Region edited by Stanley Fischer, Dani Rodrik, and Elias Tuma
Robert A. Mertz
Singular Europe: Economy and Polity of the European Community After 1992 edited by William James Adams and The European Community and the Developing Countries by Enzo R. Grilli
Sara Kane
On Exchange Rates by Jeffrey A. Frankel
Jonathan D. Ostry
Reviving Private Investment in Developing Countries edited by A. Chhibber, M. Dailami, and N. Shafik
Eugene M. Salorlo
Books in Brief
Letters
Index 1993
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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Eighteen months after the Rio “Earth Summit,” what have we learned about how to implement development that is sustainable, and what conceptual and methodological issues remain to be resolved? In the five articles that follow, Finance & Development tries to capture the World Bank’s thinking on these issues. The overview piece, by the head of the Bank’s newly created Vice Presidency for Environmentally Sustainable Development, stresses the need to broaden our concept of development by integrating the approaches of sociologists, ecologists, and economists. The succeeding three articles present each of these views, and the final article examines recent strides in measuring progress toward environmentally sustainable development.