In the course of composing, Benedict Guttman-Kenney and Stefan Seem was basically teams of the Financial Run Expert. John Gathergood try a scholastic mentor to the Financial Perform Authority, which considering the information and knowledge towards the papers, to your period , where most work for it papers is finished. The fresh feedback inside paper really should not be translated since showing the new viewpoints of the Economic Run Power (FCA) and/or Competition and you will Segments Authority (CMA)-they are exclusively the responsibility of one’s writers. Every errors or omissions will be the authors’ own. Supplementary study can be acquired with the Summary of Financial Studies Webpages.

Footnotes

Cuffe (2013) prices 5.5% away from American grownups got aside an online payday loan in the period 2008-13. The complete number of You.K.