Contacto
English


Buscar Documentos de Trabajo


(Por autor, título, keywords, nro. de documento)
 
Documentos de Trabajo
Documentos de Trabajo

Año 2019 -  AÑOS ANTERIORES

342

Financial Education, Disclosure Policy and Credit Market Outcomes.


 

  Palabras Claves / Keywords
 

Keywords: financial education financial literacy credit market information regulation disclosure policy.

  Resumen / Abstract
 

We study the interaction between the policy of mandatory disclosure of annual percentage rate (APR) and the level of financial education of the borrowers. We use a detailed measure of financial education based on the economic content covered in the higher education programs enrolled by the borrowers. We combine our individual-level data of financial literacy with data on the universe of loans in Chile. We estimate difference-in-differences regressions to study the impact of the policy on interest rates, loan amounts and loan term of the financially educated consumer relative to uneducated consumers. Our findings suggest that the disclosure policy triggered a sizable gap in interest rates between the financially educated and uneducated of 90 basis points, that is about 5 percent of the average interest rate of the population.

JEL codes: D12 D14 D18 K2.

 
 



Autores / Authors :
 
 

Ana Maria Montoya

 
 

Carlos Noton
cnoton@dii.uchile.cl

 
 

Alex Solis

 
 
CEA - Centro de Economía Aplicada CEA | Av. República 701 | Fono: (562) 978 4084 | Fax: (562) 689 7895 | Santiago - CHILE
infocea@dii.uchile.cl | http://www.cea-uchile.cl/