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Annual Review of Financial Economics

Volume 13, 2021

Consumer Protection for Financial Inclusion in Low- and Middle-Income Countries: Bridging Regulator and Academic Perspectives

Abstract

Markets for consumer financial services are growing rapidly in low- and middle-income countries and are being transformed by digital technologies and platforms. With growth and change come concerns about protecting consumers from firm exploitation due to imperfect information and contracting as well as from their own decision-making limitations. We seek to bridge regulator and academic perspectives on these underlying sources of harm and five potential problems that can result: high and hidden prices, overindebtedness, postcontract exploitation, fraud, and discrimination. These potential problems span product markets old and new and could impact micro- and macroeconomies alike. Yet there is little consensus on how to define, diagnose, or treat such problems. Evidence-based consumer financial protection will require substantial advances in theory and especially empirics, and we outline key areas for future research.

Keyword(s): consumer protection, household finance, JEL D11, JEL D12, JEL D18, JEL D81, JEL D82, JEL D83, JEL D9, JEL G21, JEL K23, JEL K31, JEL K42, JEL O12
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2021-11-01
2024-04-27
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