Financial Information in Colombia
29 Pages Posted: 24 Jul 2017 Last revised: 27 Apr 2018
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: Suggested Citation