By giving market actors of all sizes access to a wide array of information on investment and borrowingopportunities, the performance of companiesand financial institutions, economic trends, and policydevelopments.Building upon policy reforms and technological developments, private financial firms have over the past two decadescreated numerous new vehicles, or “instruments,” through which people and institutions can lend, invest, or raise money.Reforms and technology have also helped multiply cross-border linkages among national financial markets.As recently as the 1970s, individual investors, firms, and governments were generally able to invest or raise capital onlywithin their own self-contained, national financial systems.
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