Financial Information in Colombia
An audit study was conducted in Colombia following the protocols in Gine and Mazer (2017). Trained auditors visited multiple financial institutions, seeking credit and savings products. Consistent with Gabaix and Laibson (2006) and similar to Gine...
| Main Authors: | , , |
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| Format: | Working Paper |
| Language: | English en_US |
| Published: |
World Bank, Washington, DC
2017
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/921961488894400509/Financial-information-in-Colombia http://hdl.handle.net/10986/26248 |
| Summary: | An audit study was conducted in Colombia
following the protocols in Gine and Mazer (2017). Trained
auditors visited multiple financial institutions, seeking
credit and savings products. Consistent with Gabaix and
Laibson (2006) and similar to Gine and Mazer (2017), the
staff only provided information about the cost when asked,
disclosing less than a third of the total cost voluntarily.
In addition, clients were rarely offered the cheapest
product, most likely because staff was incentivized to offer
more expensive and thus more profitable products to the institution. |
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