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Restoring rational choice: The challenge of consumer financial regulation

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  • Campbell, John Y.

Abstract

This lecture considers the case for consumer financial regulation in an environment where many households lack the knowledge to manage their financial affairs effectively. The lecture argues that financial ignorance is pervasive and unsurprising given the complexity of modern financial products, and that it contributes meaningfully to the evolution of wealth inequality. The lecture uses a stylized model to discuss the welfare economics of paternalistic intervention in financial markets, and discusses several specific examples including asset allocation in retirement savings, fees for unsecured short-term borrowing, and reverse mortgages. JEL Classification: D12, D18, G28

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  • Campbell, John Y., 2016. "Restoring rational choice: The challenge of consumer financial regulation," Working Paper Series 1897, European Central Bank.
    • Handle: RePEc:ecb:ecbwps:20161897
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    More about this item

    Keywords

    consumer protection; financial literacy; wealth inequality;
    All these keywords.

    JEL classification:

    • D12 - Microeconomics - - Household Behavior - - - Consumer Economics: Empirical Analysis
    • D18 - Microeconomics - - Household Behavior - - - Consumer Protection
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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