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International Monetary Fund. External Relations Dept.
This paper examines the policy implications of structural changes in financial markets. Domestic financial markets have become less segmented, and the major financial centers more integrated. At the same time, the structural changes in financial markets have improved efficiency by lowering intermediation costs, increasing the ability to hedge financial risks associated with currency, interest rate, and price volatility and opening up access to new sources of savings. The widespread application of computer and telecommunications technology to financial markets has permitted markets to process a significantly larger volume of transactions.
International Monetary Fund. External Relations Dept.
This paper describes what the limits to growth are. The paper highlights that many critical variables in global society—particularly population and industrial production—have been growing at a constant percentage rate so that, by now, the absolute increase each year is extremely large. Such increases will become increasingly unmanageable unless deliberate action is taken to prevent such exponential growth. The paper also underscores that physical resources—particularly cultivable land and nonrenewable minerals—and the earth’s capacity to “absorb” pollution are finite.