Front Matter

Front Matter Page

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 IMF 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.

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Laura Wallace

ACTING EDITOR

Gita Bhatt

EDITORIAL OFFICER

Luisa Watson

ART EDITOR

Martha Bonilla

EDITORIAL ASSISTANT

June Lavin

ADMINISTRATIVE ASSISTANT

Jessie Hamilton

CIRCULATION ASSISTANT

Emily Chalmers

CONTRIBUTING EDITOR

ADVISORS TO THE EDITOR

Masood Ahmed

Peter Clark

Richard Hemming

Naheed Kirmani

Pierre Landeil-Mills

Anthony Lanyi

Johannes Linn

Gobind Nankani

Orlando Roncesvalles

Joanne Salop

Andrew Steer

Brian Stuart

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.

Attention F&D readers!!!

The pages of Finance & Development are filled with a wide variety of topics and ideas. Let us know your thoughts on the views expressed.

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Editor, Finance & Development

International Monetary Fund

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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.

Front Matter Page

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.