Open doors : foreign participation in financial systems in developing countries/ Robert E. Litan, Paul Masson, Michael Pomerleano, editors

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How Important Is Financial Sector FDI and What Are Its Impacts? -- What Foreign Institutions Do in Emerging Markets: Overview -- What Foreign Institutions Do in Emerging Markets: Sector Report -- Policies toward Financial Sector FDI -- Moving into the Future: Potential for Financial Sector E-Commerce

The presence of foreign financial firms in emerging markets has expanded enormously in the past decade. This phenomenon, never theless, raises several questions: Is this presence beneficial to the host countries? Should foreign financial institutions compete across a range of activities with local ones or specialize in areas where they have the greatest expertise? What are the challenges for regulators faced with a much more open financial system?

These and other issues are discussed in Open Doors, which includes contri butions from various financial sector experts. Foreign financial presence generally is found to be beneficial to the host country, contributing to greater efficiency. The business models of foreign financial institutions differ consider ably across firms and sectors, however. And financial liberalization poses challenges for regulators, requiring greater cross-border coordination. This is especially true given the technological advances that have transformed finan cial services. The final chapters are devoted to the prospects for e-finance in emerging markets.