Consumer Finance

Posted: 4 Jun 2010

See all articles by Peter Tufano

Peter Tufano

University of Oxford - Said Business School; National Bureau of Economic Research (NBER); University of Oxford - Said Business School

Date Written: December 2009

Abstract

Although consumer finance is a substantial element of the economy, it has had a smaller footprint within financial economics. In this review, I suggest a functional definition of the subfield of consumer finance, focusing on four key functions: payments, risk management, moving funds from today to tomorrow (saving/investing), and from tomorrow to today (borrowing). I provide data showing the economic importance of consumer finance in the American economy. I propose a historical explanation for its relative lack of attention by financial economists and in business school curricula based on historic geographic and gender splits between business and consumer studies. I review the literature in consumer finance, organized by its focus on the consumer, financial institutions, and the government. This work is spread out between economics, marketing, psychology, sociology, technology, and public policy. Finally, I suggest a number of open research questions.

Suggested Citation

Tufano, Peter, Consumer Finance (December 2009). Annual Review of Financial Economics, Vol. 1, pp. 227-247, 2009. Available at SSRN: https://ssrn.com/abstract=1599429 or http://dx.doi.org/10.1146/annurev.financial.050808.114457

Peter Tufano (Contact Author)

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain
+44 (0) 1865 288551 (Phone)

National Bureau of Economic Research (NBER)

1050 Massachusetts Avenue
Cambridge, MA 02138
United States

University of Oxford - Said Business School ( email )

Park End Street
Oxford, OX1 1HP
Great Britain
+44 (0) 1865 288551 (Phone)

Here is the Coronavirus
related research on SSRN

Paper statistics

Abstract Views
1,592
PlumX Metrics