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WHITHER CONSUMER PROTECTION IN FINANCIAL MARKETS? LESSONS FROM THE FINANCIAL CRISIS OF 1857
Author(s) -
Koehler Benedikt
Publication year - 2010
Publication title -
economic affairs
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.24
H-Index - 18
eISSN - 1468-0270
pISSN - 0265-0665
DOI - 10.1111/j.1468-0270.2009.01983.x
Subject(s) - scope (computer science) , financial crisis , consumer protection , business , financial market , financial regulation , indirect finance , financial system , consumer confidence index , finance , intervention (counseling) , economics , commerce , marketing , macroeconomics , psychology , computer science , programming language , psychiatry
Consumer protection regulation has not prevented a collapse of trust in financial markets. Theories underlying regulatory intervention require review. In the financial crisis of 1857, firms rather than public authorities restored consumer confidence. Future regulatory regimes may permit greater scope for market‐based design of consumer protection measures.