Financial Information in Colombia

29 Pages Posted: 24 Jul 2017 Last revised: 27 Apr 2018

See all articles by Xavier Giné

Xavier Giné

World Bank - Development Research Group (DECRG)

Nidia García Bohórquez

Central Bank of Colombia

Jose E Gomez-Gonzalez

Banco de la Republica

Nidia Garcia

affiliation not provided to SSRN

Date Written: March 7, 2017

Abstract

An audit study was conducted in Colombia following the protocols in Gin? and Mazer (2017). Trainedauditors visited multiple financial institutions (both regulated and unregulated), seeking credit and savingsproducts. Consistent with Gabaix and Laibson (2006) and similar to Gin? and Mazer (2017), the staff onlyprovided information about the cost when asked, disclosing less than a third of the total cost voluntarily. Inaddition, clients were rarely offered the cheapest product, most likely because staff was incentivized tooffer more expensive and thus more profitable products to the institution.

Keywords: Legal Institutions of the Market Economy, Educational Sciences, Financial Literacy, Finance and Development, Financial Sector Policy

Suggested Citation

Gine, Xavier and García Bohórquez, Nidia and Gomez-Gonzalez, Jose Eduardo and Garcia, Nidia, Financial Information in Colombia (March 7, 2017). World Bank Policy Research Working Paper No. 7998, Available at SSRN: https://ssrn.com/abstract=3006126

Xavier Gine (Contact Author)

World Bank - Development Research Group (DECRG) ( email )

1818 H. Street, N.W.
MSN3-311
Washington, DC 20433
United States

HOME PAGE: https://sites.google.com/site/decrgxaviergine/

Nidia García Bohórquez

Central Bank of Colombia ( email )

Carrera 7 #14-78
3551 de Bogotá
Colombia

Jose Eduardo Gomez-Gonzalez

Banco de la Republica ( email )

Carrera 7 #14-78
Bogota
Colombia

Nidia Garcia

affiliation not provided to SSRN

No Address Available

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