Mr. Clark, Chief of the Caribbean Division, received his graduate training at Harvard University. Formerly he served as Economic Advisor to the Greek Government.
Mr. Beza, Assistant Chief of the Caribbean Division, received his undergraduate and graduate training at Harvard University. Formerly he taught at Harvard University and Princeton University.
Mr. Lobo, economist in the Caribbean Division, received his undergraduate and graduate training at the University of California. Formerly he taught at Georgetown University.
Mr. Makdisi, economist in the Exchange Restrictions Department, is a graduate of the American University of Beirut and of Columbia University. Formerly he was on the staff of the UN Bureau of Economic Affairs and taught at the American University of Beirut.
This paper has been excerpted from a comprehensive study of the Jamaican economy. It concentrates on the financial system and the balance of payments, other aspects being dealt with only so far as necessary for an understanding of the questions discussed.
The unit price used to estimate the value of bauxite exports in the balance of payments calculation is a price which is agreed upon between the Jamaican Government and the bauxite companies. It is not necessarily the market price. However, changes in the valuation of bauxite exports are offset by changes in the valuation of investment income, so that the net effect on the current account remains unaffected by overvaluation or undervaluation of bauxite exports.
For further details, see International Monetary Fund, Fourteenth Annual Report on Exchange Restrictions (Washington, D.C., 1963).