Financial information in Colombia

Xavier Gine, Nidia Garcia, Jose Gomez-Gonzalez, Xavier Gine, Nidia Garcia and Jose Gomez-Gonzalez
Authors registered in the RePEc Author Service: Jose Gomez-Gonzalez and Xavier Gine

No 7998, Policy Research Working Paper Series from The World Bank

Abstract: An audit study was conducted in Colombia following the protocols in Giné and Mazer (2017). Trainedauditors visited multiple financial institutions (both regulated and unregulated), seeking credit and savingsproducts. Consistent with Gabaix and Laibson (2006) and similar to Giné and Mazer (2017), the staff onlyprovided information about the cost when asked, disclosing less than a third of the total cost voluntarily. Inaddition, clients were rarely offered the cheapest product, most likely because staff was incentivized tooffer more expensive and thus more profitable products to the institution.

Keywords: Legal Institutions of the Market Economy; Educational Sciences; Financial Literacy; Finance and Development; Financial Sector Policy (search for similar items in EconPapers)
Date: 2017-03-07
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Citations: View citations in EconPapers (3)

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Working Paper: Financial Information in Colombia (2017)
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