Consumer Financial Protection
John Campbell (),
Howell E. Jackson,
Brigitte Madrian and
Journal of Economic Perspectives, 2011, vol. 25, issue 1, 91-114
The recent financial crisis has led many to question how well businesses deliver services and how well regulatory institutions address problems in consumer financial markets. This paper discusses consumer financial regulation, emphasizing the full range of arguments for regulation that derive from market failure and from limited consumer rationality in financial decision making. We present three case studies—of mortgage markets, payday lending, and financing retirement consumption—to illustrate the need for, and limits of, regulation. We argue that if regulation is to be beneficial, it must be tailored to specific problems and must be accompanied by research to measure the effectiveness of regulatory interventions.
JEL-codes: D14 D18 G21 G28 L51 (search for similar items in EconPapers)
Note: DOI: 10.1257/jep.25.1.91
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Persistent link: https://EconPapers.repec.org/RePEc:aea:jecper:v:25:y:2011:i:1:p:91-114
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