Consumer protection laws and regulations in deposit and loan services : a cross-country analysis with a new data set
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.
|Date of creation:||01 Jan 2011|
|Date of revision:|
|Contact details of provider:|| Postal: |
Phone: (202) 477-1234
Web page: http://www.worldbank.org/
More information through EDIRC
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lusardi, Annamaria & Tufano, Peter, 2009.
"Debt literacy, financial experiences, and overindebtedness,"
CFS Working Paper Series
2009/08, Center for Financial Studies (CFS).
- 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).
- Annamaria Lusardi & Peter Tufano, 2009. "Debt Literacy, Financial Experiences, and Overindebtedness," NBER Working Papers 14808, National Bureau of Economic Research, Inc.
- Campbell, John, 2006.
3157877, Harvard University Department of Economics.
- 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 5537, The World Bank.
- Rutledge, Susan L., 2010. "Consumer protection and financial literacy : lessons from nine country studies," Policy Research Working Paper Series 5326, The World Bank.
- Marianne Bertrand & Sendhil Mullainathan & Eldar Shafir, 2004.
"A Behavioral-Economics View of Poverty,"
American Economic Review,
American Economic Association, vol. 94(2), pages 419-423, May.
- Gregory Elliehausen, 2010. "Implications of behavioral research for the use and regulation of consumer credit products," Finance and Economics Discussion Series 2010-25, Board of Governors of the Federal Reserve System (U.S.).
- Sumit Agarwal & Souphala Chomsisengphet & Chunlin Liu & Nicholas S. Souleles, 2006. "Do consumers choose the right credit contracts?," Working Paper Series WP-06-11, Federal Reserve Bank of Chicago.
When requesting a correction, please mention this item's handle: RePEc:wbk:wbrwps:5536. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Roula I. Yazigi)
If references are entirely missing, you can add them using this form.