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Consumer protection laws and regulations in deposit and loan services : a cross-country analysis with a new data set

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  • Ardic, Oya Pinar
  • Ibrahim, Joyce A.
  • Mylenko, Nataliya

Abstract

Consumer protection and financial literacy can contribute to improved efficiency, transparency, competition, and access in retail financial markets by reducing information asymmetries and power imbalances between providers and users of financial services. Financial consumer protection has gained significance in policy debates, especially since the onset of the financial crisis in 2008. This paper presents the results of a survey on consumer protection regulations in 142 countries. The findings indicate that although consumer protection legislation is in place in the majority of countries, these do not necessarily address the issues specific to financial services. There is some evidence that enforcement powers and monitoring capacity are limited in many countries, obstructing the effective implementation of the existing regulations. Furthermore, independent third party dispute resolution mechanisms are not widespread. The paper also compiles comprehensive information on laws and regulations relevant for consumer protection and discusses a number of challenges related to empirical analyses of financial consumer protection to enable cross-country comparison.

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Bibliographic Info

Paper provided by The World Bank in its series Policy Research Working Paper Series with number 5536.

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Date of creation: 01 Jan 2011
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Handle: RePEc:wbk:wbrwps:5536

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Keywords: Financial Literacy; Access to Finance; Emerging Markets; Debt Markets; Bankruptcy and Resolution of Financial Distress;

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  1. Ardic, Oya Pinar & Heimann, Maximilien & Mylenko, Nataliya, 2011. "Access to financial services and the financial inclusion agenda around the world : a cross-country analysis with a new data set," Policy Research Working Paper Series, The World Bank 5537, The World Bank.
  2. John Y. Campbell, 2006. "Household Finance," Journal of Finance, American Finance Association, American Finance Association, vol. 61(4), pages 1553-1604, 08.
  3. Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," CeRP Working Papers 83, Center for Research on Pensions and Welfare Policies, Turin (Italy).
  4. Lusardi, Annamaria & Tufano, Peter, 2009. "Debt literacy, financial experiences, and overindebtedness," CFS Working Paper Series, Center for Financial Studies (CFS) 2009/08, Center for Financial Studies (CFS).
  5. Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," NBER Working Papers 14808, National Bureau of Economic Research, Inc.
  6. Sumit Agarwal & Souphala Chomsisengphet & Chunlin Liu & Nicholas S. Souleles, 2006. "Do consumers choose the right credit contracts?," Working Paper Series, Federal Reserve Bank of Chicago WP-06-11, Federal Reserve Bank of Chicago.
  7. Rutledge, Susan L., 2010. "Consumer protection and financial literacy : lessons from nine country studies," Policy Research Working Paper Series, The World Bank 5326, The World Bank.
  8. Marianne Bertrand & Sendhil Mullainathan & Eldar Shafir, 2004. "A Behavioral-Economics View of Poverty," American Economic Review, American Economic Association, American Economic Association, vol. 94(2), pages 419-423, May.
  9. Gregory Elliehausen, 2010. "Implications of behavioral research for the use and regulation of consumer credit products," Finance and Economics Discussion Series, Board of Governors of the Federal Reserve System (U.S.) 2010-25, Board of Governors of the Federal Reserve System (U.S.).
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