International Responses to Issues of Credit and Over-indebtedness in the Wake of Crisis

Wilson, Therese

doi:10.4324/9781315589534

Cited by 7 publications

(5 citation statements)

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“…68 The G20 principles soon triggered a series of reforms aimed at reinforcing responsible lending obligations in several countries in the world, according to a neoliberal paradigm. 69 Such a use of consumer protection to promote financial stability seems to depart 'from historical justifications of consumer protection as contesting the distribution of market power or responding to consumer vulnerability', 70 but on a closer examination appears at least in the European Union as the logical prolongation of the functionalization of consumer protection as a tool for the internal market of financial services. The new regulatory approach has qualified 'stability' as one of the most important characteristics that financial markets should possess, while the European approach has thus far mostly focused on competition and consumer choice.…”

Section: Competition and Stability In The Internal Market Legislationmentioning

confidence: 97%

The rationales of financial inclusion in the changing European private law

Comparato

2015

European Review of Contract Law

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This contribution traces the development and the politics of the idea of the inclusion of citizens in the financial market and in particular in the credit market. It shows that financial inclusion is fundamentally meant to perform both an economic and a social function and describes how that idea has been understood and implemented specifically in the multi-level European system. The policy of financial inclusion as understood at the European level is strongly characterized by a market rationale that is mostly concerned with granting access to the credit market and, as is now emerging more clearly, ensuring the stability of that market. The social function remains on the contrary less developed. Given this framework, the negative consequences of the inclusion of citizens in the financial market, which can manifest themselves as a form of social exclusion, have to be faced primarily by the law of the Member States, although this is bound to have repercussions at the supranational level.Resumé: Cet article décrit le développement et la politique de l'idée d'inclusion des citoyens dans le secteur financier et plus précisément dans le marché du crédit. Il montre que cette inclusion financière est fondamentalement destinée à remplir une fonction à la fois économique et sociale et décrit comment cette idée a été comprise et mis en oeuvre spécifiquement dans le système européen à plusieurs niveaux. La politique de l'inclusion financière tel que comprise à l'échelle européenne est fortement caractérisée par une logique de marché principalement concernée par l'accord de l'accès au marché du crédit et plus récem-ment la stabilité financière, alors que la fonction sociale reste moins développée. Dans ce cadre, les conséquences négatives de l'inclusion des citoyens dans le marché financier, qui peuvent se manifester comme une forme d'exclusion sociale, doivent être atténuées principalement par le droit des États membres, bien que cela aura des répercussions au niveau supranational aussi.

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Section: Competition and Stability In The Internal Market Legislationmentioning

confidence: 97%

The rationales of financial inclusion in the changing European private law

Comparato

2015

European Review of Contract Law

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“…A substantial number of suicides can therefore be explained by an inability to follow standard societal consumption trends without incurring excessive debt, which can lead to severe neuroses in people who are unable to repay their loans. While many countries have implemented policies to regulate overindebtedness, they have had only a limited impact on this phenomenon (Wilson 2016). In fact, the phenomenon is driven by the global economic order, which tends to continuously increase consumption.…”

Section: It Is a Categorical Rather Than A General Phenomenonmentioning

confidence: 99%

Social Suffering: A New Reference Framework for Economic Analysis

Ballet

Mahieu²

2022

Review of Radical Political Economics

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Social suffering has become a recurrent theme in various disciplines (sociology, social psychology, anthropology), but remains absent from economic analysis. The aim of our article is hence to reinstate the role of social suffering in economics. We first define the scope of the concept, which should be interpreted as a form of suffering generated by economic systems, particularly the current capitalist system. We then dismiss the objections to this conception of social suffering. In particular, we dismiss the attempt to reduce social suffering to a set of categorical phenomena that can be interpreted independently of the functioning of an economic system. Finally, we point out that lowering social suffering should take precedence over the pursuit of happiness. JEL Classification: B40, P46, A13

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“…Adaptation of the promoted idea of responsible lending (OECD 2019;Wilson 2013) to real lending processes require meeting many conditions by different entities: loan providers and intermediaries with their good practice realization, responsible credit policy makers, as well as educated and conscious credit consumers (Ramsay and Williams 2020;Cherednychenko and Meindertsma 2019).…”

Section: Introductionmentioning

confidence: 99%

A System to Support the Transparency of Consumer Credit Offers

Frączek

2020

JRFM

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The development of financial markets and the low level of financial literacy does not facilitate consumer protection. A significant problem is the lack of information or unclear information regarding financial offers, including consumer credit. Financial protection for consumers can be increased by using systems that support consumers faced with a lack of transparency of consumer credit offers. The theoretical objective of the research is to identify the completeness of information allowing for verifying the annual percentage rate (APR) in the consumer credit offers presented and compared on websites of financial intermediaries and banks as well as the identify of APR calculation methods. After analysis of different credit offers (document analysis), a prototype of the system regarding credit costs measured at the appropriate interest rates (APR and AER) calculated in the correct manner was created. This may facilitate practices for informing consumers about the characteristics of consumer credit and at the same time support the implementation of the concept of responsible lending. The system developed uses a computer to simulate human thinking and to augment it with artificial intelligence. It facilitates the elimination the behavioral biases during the taking of financial decisions, which are the result of a low level of financial literacy.

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International Responses to Issues of Credit and Over-indebtedness in the Wake of Crisis

Cited by 7 publications

References 0 publications

The rationales of financial inclusion in the changing European private law

The rationales of financial inclusion in the changing European private law

Social Suffering: A New Reference Framework for Economic Analysis

A System to Support the Transparency of Consumer Credit Offers

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