Working Papers

"Branch Expansion versus Digital Banking: The Dynamics of Growth and Inequality in a Spatial Equilibrium Model" Yan Ji, Songyuan Teng, Robert M. Townsend 2021. Abstract PDF Online Appendix

"From Micro to Macro Development" Buera, Francisco J., Joseph P. Kaboski, and Robert M. Townsend, 2021; see also NBER Working Paper No. 28423, 2021.  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

"Tiered Intermediation in Business Groups and Targeted SME Support"  Yu Shi, Robert M. Townsend and Wu Zhu, 2021; see also IMF Working Paper WP/19/111, 2019. Abstract PDF

"Curbing Shocks to Corporate Liquidity: The Role of Trade Credit"  Niklas Amberg, Tor Jacobson, Erik von Schedvin, Robert M. Townsend. Working paper, 2020; see also NBER Working Paper No. 22286, 2016. Abstract PDF

"Enhanced Informal Networks: Costly State Verification and the Village Fund Intervention" Hong Ru and Robert M. Townsend.Working Paper, 2020. Abstract PDF

"Insurance and Propagation in Village Networks" Cynthia Kinnan, Krislert Samphantharak, Robert Townsend and Diego Vera-Cossio, 2020; see also NBER Working Paper No. 28089, and PIER Discussion Paper No. 115, 2019. Abstract PDF

"Liquidity, Financial Centrality and the Value of Key Players" Chandrasekhar, Arun G., Robert M. Townsend and Juan Pablo Xandri, 2020; see also NBER Working Paper No. 24406, 2019.  Abstract PDF

"Public Ownership and Anti-Preemption" Juliano Assuncao, Sergey Mityakov, and Robert M. Townsend. Working Paper, 2020. Abstract PDF

"The Economics of Bank Supervision". Thomas M. Eisenbach, David O. Lucca and Robert M. Townsend, 2020; see also  NBER Working Paper No. 22201, 2016. Abstract PDF

"Who Sees the Trades? The Effect of Information on Liquidity in Inter-dealer Markets."  Rodney J. Garratt, Michael Junho Lee, Antoine Martin and Robert M. Townsend. Working Paper, 2019. Abstract PDF

"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

"Optimal Contracting and Spatial Competition among Financial Service Providers."  Gustavo Joaquim, Robert M. Townsend and Victor Zhorin. 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

"The Village Money Market Revealed: Credit Chains and Shadow Banking" Parit Sripakdeevong and Robert M. Townsend. Working Paper, 2019. 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