Informal documents that present unpolished results of research or country analysis. They are circulated to encourage discussion and comment. Papers for which rapid publication is particularly important were often issued in this series. This series was superseded by the World Bank Working Papers series in 2003 and the World Bank Studies series in 2010.
(Washington, DC: World Bank, 2002-03)
Claessens, Stijn; Glaessner, Thomas; Klingebiel, Daniela
In recent years, electronic finance,
especially online banking, and brokerage services, has
reshaped the financial landscape. This paper reviews these
developments, and analyzes their implications for consumers,
governments, and financial service providers. First, it
reviews the e-finance (r)evolution in emerging, and other
markets, and projects its future growth. It then analyzes
e-finance impact on the structure of, and competition in the
financial services industry. After that, it assesses how
e-finance, and globalization more generally, affects
financial sector policies in emerging markets, including the
need for changes in the approach to financial sector
development. The paper then examines governments'
changing role in the financial sector, and identifies
opportunities that e-finance offers countries to leapfrog.
Finally, the paper includes for policymakers, and others
involved in financial sector reform in emerging markets,
detailed information, and Web links on public policy
activities related to e-finance.