Working Papers

"A Market Based Solution for Fire Sales and Other Pecuniary Externalities" Weerachart T. Kilenthong and Robert M. Townsend. Working Paper, 2018. Abstract PDF Online Appendix

"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

"Financial Centrality and Liquidity Provision" Chandrasekhar, Arun G., Robert M. Townsend and Juan Pablo Xandri. Working Paper, 2018.  Abstract, Link to 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, 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 Impact of Regional Isolationism: Disentangling Real and Financial Factors."  Archawa Paweenawat 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

"Distinguishing Constraints on Financial Inclusion and Their Impact on GDP, TFP,  and Inequality." Era Dabla-Norris, Yan Ji, Robert M. Townsend and D. Filiz Unsal. CEPR Discussion Paper 11742; NBER Working Paper No. 20821, 2015. 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

"Business Creation and Destruction: Insights from the Thai Financial Crisis." Anna Paulson and Robert M. Townsend. Working paper, 2009.