Prohibitions,price caps,and disclosures: A look at state policies and alternative financial product use |
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| Institution: | 2. College of Nursing & Health Innovation, Arizona State University, Phoenix, AZ, USA;3. Levine Cancer Institute, Carolinas Healthcare System, Charlotte, NC, USA;4. Dickson Advanced Analytics Group (DA2), Carolinas Health, Care System, Charlotte, NC, USA;5. Department of Psychology, University of Western Ontario, London, ONCanada;11. Social Work Program, University of Houston—Downtown, Houston, TX, USA;12. Section of Infectious Diseases, Department of Medicine, Baylor College of Medicine, Houston, TX, USA;8. Department of Urology, University of Michigan, Ann Arbor, MI, USA;9. Scott Department of Urology, Baylor College of Medicine, Houston, TX, USA;1. University of Guelph, Department of Economics and Finance, 50 Stone Road East, Guelph, ON N1G 2W1, Canada;2. Key Laboratory of Mathematical Economics and School of Economics, Shanghai University of Finance and Economics, Shanghai 200433, PR China;3. Ted Rogers School of Management, Ryerson University, Toronto, ON M5G 2C5, Canada;4. School of Economics, Shanghai University of Finance and Economics, Shanghai 200433, PR China |
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| Abstract: | This study uses nationally representative data from the 2009 National Financial Capability State-by-State Survey to examine the relationship between state-level alternative financial service (AFS) policies (prohibitions, price caps, disclosures) and consumer use of five AFS products: payday loans, auto title loans, pawn broker loans, refund anticipation loans, and rent-to-own transactions. Looking across products rather than at one product in isolation allows a focus on patterns and relationships across products. The results suggest that more stringent price caps and prohibitions are associated with lower product use and do not support the hypothesis that prohibitions and price caps on one AFS product lead consumers to use other AFS products. |
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| Keywords: | Alternative financial services Unbanked Financial services regulation |
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