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An Empirical Analysis of Subprime Consumer Credit Demand 1Sule Alan 2Faculty of Economics and CFAPUniversity of CambridgeGyongyi LoranthFaculty of Business, Economics and StatisticsUniversity of Vienna and CEPRUKDecember 20101 We are grateful to the lender for generously providing us with the data. We especially thank thelender’s database managers who volunteered a great deal of assistance. We thank Orazio Attanasio,James Banks, Thomas Crossley, Mark Jenkins, Valerie Lechene, Hamish Low, Philip Vermeulen andparticipants of the Cambridge-Wharton conference, BCL-ECB conference and seminar participants atCambridge University, Koc University, the Institute for Fiscal Studies (IFS) and Bundesbank-ECB forcomments and suggestions. We also thank Ruxandra Dumitrescu for excellent researche assistance. Thisresearch is funded by the Cambridge Center for Financial Analysis and Policy (CFAP) and the Universityof Vienna.2 Corresponding author: sa479@cam.ac.uk, phone: +44 1223 335 283.