Working Papers

"A Market Based Solution for Fire Sales and Other Pecuniary Externalities" Weerachart T. Kilenthong and Robert M. Townsend. Working Paper, 2019; also NBER Working Paper No. 22056, 2016. Abstract PDF Online Appendix

"Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP,  and the Distribution of Income." Era Dabla-Norris, Yan Ji, Robert M. Townsend and D. Filiz Unsal, 2019. See also CEPR Discussion Paper No. 11742, 2017; NBER Working Paper No. 20821, 2015. Abstract PDF

"Distributed Ledgers: Innovation and Regulation in Financial Infrastructure and Payment Systems" Townsend, Robert M. Working Paper, 2019.  Abstract, Link to PDF, Online Appendix

"Financial Centrality and the Value of Key Players" Chandrasekhar, Arun G., Robert M. Townsend and Juan Pablo Xandri. NBER Working Paper No. 24406, 2019.  Abstract, Link to PDF

"Optimal Contracting and Spatial Competition among Financial Service Providers."  Gustavo Joaquim, Robert M. Townsend and Victor Zhorin. Working Paper, 2019. Abstract PDF

"Ownership and Anti-Preemption: the geographical dynamics of a public development bank and private sector commercial banks." Juliano Assuncao, Sergey Mityakov, and Robert M. Townsend. Working Paper, 2019. Abstract PDF

"Rise of Bank Competition: Evidence from Banking Deregulation in China." Haoyu Gao, Hong Ru, Robert M. Townsend, Xiaoguang Yang. NBER Working Paper No. 25795, 2019. Abstract PDF

"The Impact of Regional Isolationism: Disentangling Real and Financial Factors."  Archawa Paweenawat and Robert M. Townsend. Working Paper, 2019. Abstract PDF

"Family Firms, Bank Relationships and Financial Constraints: A Comprehensive Score Card." Alexander Karaivanov, Jesus Saurina and Robert M. Townsend, forthcoming in International Economic Review, 2018. Abstract PDF

"Risk-taking over the Life Cycle: Aggregate and Distributive Implications of Entrepreneurial Risk" Dejanir H. Silva and Robert M. Townsend. Working Paper, 2018. Abstract PDF

"The Economics of Platforms in a Walrasian Framework."  Anil Jain and Robert M. Townsend. Working Paper, 2018. Abstract PDF

"Curbing Shocks to Corporate Liquidity: The Role of Trade Credit"  Niklas Amberg, Tor Jacobson, Erik von Schedvin, Robert M. Townsend. NBER Working Paper No. 22286, 2016. Abstract PDF

"The Economics of Bank Supervision". Thomas M. Eisenbach, David O. Lucca and Robert M. Townsend. NBER Working Paper No. 22201, 2016. Abstract PDF

Forecasting When it Matters: Evidence from Semi-Arid India. Xavier Gine, Robert M. Townsend, and James Vickery.  Working paper, 2015, Abstract PDF.

"A Market Based Solution to Price Externalities: A Generalized Framework." Weerachart T. Kilenthong and Robert M. Townsend. NBER Working Paper No. 20275, 2014. Abstract PDF

"Segregated Security Exchanges with Ex Ante Rights to Trade: A Market-Based Solution to Collateral-Constrained Externalities."  Weerachart Tee Kilenthong and Robert M. Townsend.  NBER Working Paper No. 20086, 2014. Abstract PDF

"Spatial Competition among Financial Service Providers and Optimal Contract Design." Robert M. Townsend and Victor V. Zhorin, Working Paper, 2014. Abstract PDF

"Sharing Wage Risk." S. Bonhomme, Pierre Andre Chiappori, Robert M. Townsend, and Hiroyuki Yamada. Working paper, 2012. Abstract PDF

"The Impact of Climate Change on Rice Production: Heterogeneity and Uncertainty." Kamilya Tazhibayeva and Robert M. Townsend. Working Paper, 2012. Abstract PDF

 

"Entrepreneurial Talent and the Thai Financial Crisis" Anna Paulson and Robert M. Townsend. Working paper, 2009.