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Financial Information in Colombia

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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.

Suggested Citation

  • Xavier Giné & Nídia García & José Gómez-González, 2017. "Financial Information in Colombia," Borradores de Economia 984, Banco de la Republica de Colombia.
  • Handle: RePEc:bdr:borrec:984
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    References listed on IDEAS

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    1. Annamaria Lusardi & Olivia S. Mitchell, 2014. "The Economic Importance of Financial Literacy: Theory and Evidence," Journal of Economic Literature, American Economic Association, vol. 52(1), pages 5-44, March.
    2. Robert, Jacques & Stahl, Dale O, II, 1993. "Informative Price Advertising in a Sequential Search Model," Econometrica, Econometric Society, vol. 61(3), pages 657-686, May.
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    Cited by:

    1. John D. Castro-Pantoja & Jose Eduardo Gomez-Gonzalez & Tatiana A. Mora-Arbelaez & Daniela Rodriguez-Novoa & Laura C. Diaz-Barreto, 2018. "Bancarization and Violence in Colombia," Borradores de Economia 1052, Banco de la Republica de Colombia.

    More about this item

    Keywords

    financial information; audit study;

    JEL classification:

    • D14 - Microeconomics - - Household Behavior - - - Household Saving; Personal Finance
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • O16 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Financial Markets; Saving and Capital Investment; Corporate Finance and Governance

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