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.
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.
Editor, Finance & Development
International Monetary Fund
Washington, DC 20431 USA
Front Matter Page
FINANCE & DEVELOPMENT
December 1993 • Volume 30 • Number 4
A QUARTERLY PUBLICATION OF THE INTERNATIONAL MONETARY FUND AND THE WORLD BANK
Front Matter Page
Top Economist Ponders a Changing World
Sustainable Development Making Development Sustainable
Poverty and the Environment
The Sociologist’s Approach to Sustainable Development
The Ecologist’s Approach to Sustainable Development
The Economist’s Approach to Sustainable Development
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
Interest Rate Policies in Developing Countries
Abbas Mirakhor and Delano Villanueva
Policy Coordination: How Is It Affected by Uncertainty?
The Determinants of Economic Success: Luck and Policy
William Easterly & Lant Pritchett
National Perspective Studies in Africa: A Vision of a Better Future
Organizing Tropical Disease Control
Bernhard Liese & Paramjit Sachdeva
An Inquiry Into Well-Being and Destitution by Partha Dasgupta
India In Transition: Freeing the Economy by Jagdish Bhagwati
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
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
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.