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Financial Information in Colombia

Xavier Gine, Nídia García () and Jose Gomez-Gonzalez
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Nídia García: Banco de la República de Colombia

Borradores de Economia from Banco de la Republica de Colombia

Abstract: An audit study was conducted in Colombia following the protocols in Giné and Mazer (2017). Trained auditors visited multiple financial institutions, seeking credit and savings products. Consistent with Gabaix and Laibson (2006) and similar to Giné and Mazer (2017), the staff only provides information about the cost when asked, disclosing less than a third of the total cost voluntarily. In addition, clients are rarely offered the cheapest product, most likely because staff is incentivized to offer more expensive and thus more profitable products to the institution.

Keywords: financial information; audit study (search for similar items in EconPapers)
JEL-codes: D14 G18 G21 O16 (search for similar items in EconPapers)
Pages: 22
Date: 2017-02
New Economics Papers: this item is included in nep-acc and nep-mfd
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Citations: View citations in EconPapers (3)

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Working Paper: Financial information in Colombia (2017) Downloads
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