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Journal of Economic Perspectives: Vol. 25 No. 1 (Winter 2011)

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Consumer Financial Protection

Article Citation

Campbell, John Y., Howell E. Jackson, Brigitte C. Madrian, and Peter Tufano. 2011. "Consumer Financial Protection." Journal of Economic Perspectives, 25(1): 91-114.

DOI: 10.1257/jep.25.1.91

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.

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Authors

Campbell, John Y. (Harvard U)
Jackson, Howell E. (Harvard U)
Madrian, Brigitte C. (Harvard U)
Tufano, Peter (Harvard U)

JEL Classifications

D14: Personal Finance
D18: Consumer Protection
G21: Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
G28: Financial Institutions and Services: Government Policy and Regulation
L51: Economics of Regulation

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