Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154330
Authors: 
Campbell, John Y.
Year of Publication: 
2016
Series/Report no.: 
ECB Working Paper 1897
Abstract: 
This lecture considers the case for consumer financial regulation in an environment where many households lack the knowledge to manage their financial affairs effectively. The lecture argues that financial ignorance is pervasive and unsurprising given the complexity of modern financial products, and that it contributes meaningfully to the evolution of wealth inequality. The lecture uses a stylized model to discuss the welfare economics of paternalistic intervention in financial markets, and discusses several specific examples including asset allocation in retirement savings, fees for unsecured short-term borrowing, and reverse mortgages.
Subjects: 
consumer protection
financial literacy
wealth inequality
JEL: 
D12
D18
G28
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-2034-6
Document Type: 
Working Paper

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