Obligación de información y asimetrías de información en el mercado bancario (The Obligation of Information and Information Asymmetries in the Colombian Banking Market)

Abstract

Spanish Abstract: Las asimetrías de información requieren la intervención del Estado para regular los contratos. En Colombia se creó la ley de Habeas Data para manejar los conflictos derivados de la asimetría de información entre usuarios y entidades fi-nancieras. No obstante, la capacidad de este instrumento jurídico para resolver esta imperfección es limitada, como muestran los resultados de este artículo, basados en una revisión exhaustiva de sentencias de la Corte Constitucional.

English Abstract: The information asymmetry increases the transaction costs. This fact calls the State’s regulation on the contracts developed by the market’s agents in order to get efficient results. In Colombia, the Habeas Data law was created to manage conflicts arising from the asymmetry of information between users and financial entities. However, its ability to solve this market’s imperfection in the banking sector is still limited. In this article, we present results that validate the previous statement based on the analysis of this legal instrument, retaking concepts of the “Law and Economics” and a comprehensive review of Constitutional Court decisions.

Note: Downloadable document is in Spanish.

Keywords: information asymmetry, law and economics, obligation of information, banking sector

JEL Classification: G21, G28