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Ms. Susan M Schadler

will be as important or even more important for ACs than corporate governance in ACs themselves ( Mihályi, 2002 ). ACs will feel a direct impact of the success or failure of the proposed EU reform of corporate governance rules. Stock markets are not very important for capital raising due to their limited size, which, in turn, is explained by a variety of macroeconomic and legal-institutional factors, such as modalities of privatization, macroeconomic stability, quality of regulations, regulation enforcement, size of local institutional investors (see e

International Monetary Fund. Western Hemisphere Dept.
This paper discusses three important sectors of Belize economy: financial, sugar market, and energy. Belize’s banking system has continued to strengthen since the 2014 Article IV Consultation in June 2014. Despite recent improvements, some banks’ balance sheets are still weak and exposed to adverse macroeconomic developments. The sugar sector makes a very important contribution to Belize’s economy. The sector is estimated to account for about 4-5 percent of GDP, 9-10 percent of total exports, 8 percent of employment, and 5-6 percent of foreign exchange earnings. But the reform of EU sugar regime, scheduled to take full effect in 2017, will most likely cause a significant drop in the EU sugar price.
Mr. Iryna V. Ivaschenko and Ms. Petya Koeva Brooks

Front Matter Page European Department Authorized for distribution by James Daniel and Jörg Decressin Contents I. Introduction II. National and EU Corporate Governance Reforms A. National Reforms B. EU Reforms III. Measuring the Private Value of Control IV. Data and Methodology A. Data Sample and Descriptive Statistics B. Empirical Strategy V. Main Findings A. Voting Premiums Across Time and Countries B. Have Reforms Reduced the Private Benefits of Control? C. Have Reforms Brought About Convergence in Corporate

International Monetary Fund. Western Hemisphere Dept.

’s electricity needs. 2. The reform of the EU sugar regime, with the dismantling of quotas for domestic sugar beet production, will take full effect in 2017 and most likely cause a significant drop in the EU sugar price . Limits on production and distribution of beet sugar and isoglucose will be removed and only the most competitive suppliers will survive in the EU market. Since the onset of the EU reform, the EU sugar prices have fallen in anticipation of these changes by about 30 percent. The EU sugar price is expected to decline further after 2017 and gradually approach

International Monetary Fund

’s marginal labor income tax rates among the highest in OECD countries, they encouraged the authorities to consider further changes in tax and labor compensation structures that would increase incentives to work. The importance of greater wage dispersion, and better integration of immigrant labor was also highlighted in this context. Directors concurred on the complementary role of product market reforms with labor market reforms. They emphasized that the benefits of labor and product market reform would be greater if accompanied by wider EU reforms. Directors noted that

International Monetary Fund

(including the safeguards in case of non-compliance) are not yet known, market reaction has been positive. However, negotiations on the sale of a majority stake in Garanti bank to Banca Intesa have failed, a set-back to foreign involvement and restructuring of the banking system. The authorities passed legislation to allow the merger of Halk and Pamuk banks; they are expected to announce further details of their new state bank strategy shortly. 9. Since completion of the review discussions, the authorities have passed new EU reform legislation . The 9 th EU