publication . Article . Other literature type . 2009

Consumer Finance

Peter Tufano;
Restricted
  • Published: 05 Dec 2009 Journal: Annual Review of Financial Economics, volume 1, pages 227-247 (issn: 1941-1367, eissn: 1941-1375, Copyright policy)
  • Publisher: Annual Reviews
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 studie...
Subjects
free text keywords: household finance, personal finance, consumer behavior, behavioral economics, behavioral finance, retail financial institutions, functional perspective, Economics and Econometrics, Finance, jel:D14, jel:E21, jel:G21
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