Consumer Financial Protection

TitleConsumer Financial Protection
Publication TypeJournal Article
Year of Publication2011
AuthorsCampbell, JY, Jackson, HE, Madrian, BC, Tufano, P
JournalThe Journal of Economic Perspectives
Volume25
Issue1
Pagination91-91-114
KeywordsNet Worth and Assets, Public Policy
Abstract

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. PUBLICATION ABSTRACT

DOI10.1257/jep.25.1.91
Endnote Keywords

Economic crisis/Securities markets/Securities markets

Endnote ID

62642

Citation Key7614