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BINGE BORROWERS OR RATIONAL CONSUMERS? THE FSA AND GOVERNMENT FAILURE |
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| Authors: | Graham Dawson |
| Institution: | The Open University |
| Abstract: | The FSA seeks to address the putative financial incompetence of the borrowing public by improving its financial capability. The response of rational agents to asset price inflation in the UK is one indication of the competence with which many people use innovations in the financial services industry. The FSA succeeds only in shielding government failures in the money and housing markets. |
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