Consumer Protection for Financial Inclusion in Low- and Middle-Income Countries: Bridging Regulator and Academic Perspectives

Seth Garz (), Xavier Gine, Dean Karlan, Rafe Mazer (), Caitlin Sanford () and Jonathan Zinman
Additional contact information
Seth Garz: Bill & Melinda Gates Foundation, Seattle, Washington 98102, USA
Rafe Mazer: Innovations for Poverty Action, Washington, DC 20005-2001, USA
Caitlin Sanford: Innovations for Poverty Action, Washington, DC 20005-2001, USA

Annual Review of Financial Economics, 2021, vol. 13, issue 1, 219-246

Abstract: Markets for consumer financial services are growing rapidly in low- and middle-income countries and are being transformed by digital technologies and platforms. With growth and change come concerns about protecting consumers from firm exploitation due to imperfect information and contracting as well as from their own decision-making limitations. We seek to bridge regulator and academic perspectives on these underlying sources of harm and five potential problems that can result: high and hidden prices, overindebtedness, postcontract exploitation, fraud, and discrimination. These potential problems span product markets old and new and could impact micro- and macroeconomies alike. Yet there is little consensus on how to define, diagnose, or treat such problems. Evidence-based consumer financial protection will require substantial advances in theory and especially empirics, and we outline key areas for future research.

Keywords: household finance; consumer protection (search for similar items in EconPapers)
JEL-codes: D11 D12 D18 D81 D82 D83 D9 G21 K23 K31 K42 O12 (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (11)

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Related works:
Working Paper: Consumer protection for financial inclusion in low and middle income countries: Bridging regulator and academic perspectives (2020)
Working Paper: Consumer Protection for Financial Inclusion in Low and Middle Income Countries: Bridging Regulator and Academic Perspectives (2020)
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DOI: 10.1146/annurev-financial-071020-012008

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