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Cited by 369

The DOI matches its Crossref record; 16 of the 16 references it cites were found in a registry or an index.

Liquidity Constraints and Imperfect Information in Subprime Lending

Adams, William, Einav, Liran, Levin, Jonathan·2009·American Economic Review
DOI 10.1257/aer.99.1.49
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Abstract

We present new evidence on consumer liquidity constraints and the credit market conditions that might give rise to them. We analyze unique data from a large auto sales company serving the subprime market. Short-term liquidity appears to be a key driver of consumer behavior. Demand increases sharply during tax rebate season and purchases are highly sensitive to down-payment requirements. Lenders also face substantial informational problems. Default rates rise significantly with loan size, providing a rationale for loan caps, and higher-risk borrowers demand larger loans. This adverse selection is mitigated, however, by risk-based pricing. (JEL D14, D82, D83, G21)

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Metadata

Authors
Adams, W., Einav, L., & Levin, J.
Venue
American Economic Review
Publisher
American Economic Association
Published
2009-02-01
Volume
99
Issue
1
Pages
49-84
ISSN
0002-8282 (ISSN-L)
DOI
10.1257/aer.99.1.49
OpenAlex
W3123645761
Cited by
369
References
16
FWCI
38.66
Type
journal article
Language
en
Open access
closed

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CoChat. (2026). Citation check: Liquidity Constraints and Imperfect Information in Subprime Lending. https://app.cochat.ai/papers/10.1257/aer.99.1.49
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Adams, W., Einav, L., & Levin, J. (2009). Liquidity Constraints and Imperfect Information in Subprime Lending. American Economic Review. https://doi.org/10.1257/aer.99.1.49

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Bibliographic data: Semantic Scholar, OpenAlex, Crossref.

Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).

Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.