In his latest book, economist Robert Townsend surveys how “distributed ledger” technologies can help emerging economies and many industries. For 2004 working version: PDF, "Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes." "The Medieval Village Economy: A Study of the Pareto Mapping in General Equilibrium Models," Robert M. Townsend. ABSTRACT Prepublication PDF, "Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions." The Morris and Sophie Chang Building Photo by Martha de Jong-Lantink. Krislert Samphantharak and Robert M. Townsend. Useful not only as a guide to the Thai economy but also, more importantly, as a means of assessing the impact that financial institutions and policy variation can have at the macro- and micro-level, including the distribution of gains and losses, this book is invaluable to academics and policymakers with an interest in development finance. Open Access version: https://direct.mit.edu/books/book/4932/Distributed-LedgersDesign-and-Reg... An economic analysis of the transformative potential and optimal design of distributed ledger technology, discussing key components and applications. Shawn Cole, Xavier Gine, Jeremy Tobacman, Robert M. Townsend, and James Vickery. Running since 1997, the Townsend Thai Project has tracked millions of observations about the economic activities of households and institutions in Thailand. Boston, MA: MIT Press, April 2013. He analyzes four crucial components of distributed ledgers—ledgers as accounts, e-messages and e-value transfers, cryptography, and contracts—assesses each in terms of both economics and computer science, and forges some middle ground. ", "The Great Equalizer: Health Care Access and Infant Mortality in Thailand. The specific applications he analyzes include an intelligent financial automated system that provides financial services to unbanked and under-banked populations, and cross border payments systems, including financial systems that can integrate credit and insurance with clearing and settlement. Presented at the Nobel Symposium on Growth and Development, Institute for International Economics in Stockholm, Sweden, September 3, 2012. Robert M. Townsend.
The authors offer an account of the design and implementation of the survey and tell the story not only of the origins and operations of the project but also of the challenges and rewards that come from a search to understand the process of a country's economic development.The book explains the technical details of data collection and survey instruments but emphasizes the human side of the project. MIT; Upon beginning the Townsend Thai project, the Principal Investigator, Dr. Robert M. Townsend, sought to understand what risks households in a typical village face. Xavier Gine, Lev Menand, Robert M. Townsend, and James Vickery.

Cambridge, Massachusetts 02139 Robert M. Townsend. Read full story → Solar-powered system extracts drinkable water from “dry” air. http://www.amazon.com/exec/obidos/tg/detail/-/1557860394/qid=1128720967/sr=1-1/ref=sr_1_1/102-7734080-0411351?v=glance&s=books

, The Medieval Village Economy: A Study of the Pareto Mapping in General Equilibrium Models,

The authors build on and, where appropriate, modify corporate financial accounts to create balance sheets, income statements, and statements of cash flows for households in developing countries, using an integrated household survey. PDF, "Kinship and Financial Networks, Formal Financial Access and Risk Reduction." Robert M. Townsend. Journal of Econometrics, 183(1) 2014: 91-103.

", "Human Capital Acquisition and Occupational Choice: Implications for Economic Development", "An Evaluation of Financial Institutions: Impact on Consumption and Investment Using Panel Data and the Theory of Risk-Bearing. American Economic Review 102(3), May 2012: 289-93. 167-194. Basil Blackwell. (617) 868-3900. For World Bank Policy Research Working Paper No. PDF BUY. ", "Dynamic Financial Constraints: Distinguishing Mechanism Design from Exogenously Incomplete Regimes. Handbook of the Indian Economy , 2012: Oxford University Press, pp. http://mitpress.mit.edu/books/chronicles-field.do

, Financial Structure and Economic Organization,

Pierre Andre Chiappori, Krislert Samphantharak, Sam Schulhofer-Wohl, and Robert M. Townsend. Households as Corporate Firms: An Analysis of Household Finance Using Integrated Household Surveys and Corporate Financial Accounting, Financial Systems in Developing Economies: Growth, Inequality, and Policy Evaluation in Thailand. ", "Insurance and Credit: Micro Financial Underpinnings for Entire Economies. Cambridge, Massachusetts 02139 Throughout, Townsend emphasizes the general-equilibrium impact of DLT innovations, the welfare gains from these innovations, and related regulatory innovations. Oxford/New York: Oxford University Press, 2011. Economic Theory, 2020; see also International Finance Discussion Papers 1280. Princeton, NJ: Princeton University Press, 1993. The environment of the medieval village resembles those of relatively simple models with such key elements as uncertainty and private information, and its institutions display distinctive features such as fragmented landholding patterns.

The Townsend Thai Project offers another basis for policy: accurate measurement based on thoroughly collected data. Economic Inquiry, 56 (1), 2018: 50–80. Kilenthong, Weerachart & Townsend, Robert, 2007. 30. In Bangkok, dried fish at the market. Alexander Karaivanov, Jesus Saurina and Robert M. Townsend, International Economic Review, 60 (2): 547-593, 2018. ", "The Impact of Credit on Village Economies.". ABSTRACT PDF.
This led to the creation of what was originally intended to be one large survey of rural Thailand in 1997, but has continued up until the present time. Mauro Alem and Robert M. Townsend. Analyzing these central issues both in theory and in history, Professor Townsend makes a highly original contribution to the understanding of the diverse forms of economic and financial organization. 77 Massachusetts Avenue, Room E52-538

Krislert Samphantharak and Robert M. Townsend. The authors offer an account of the design and implementation of the survey and tell the story not only of the origins and operations of the project but also of the challenges and rewards that come from a search to understand the process of a country's economic development.The book explains the technical details of data collection and survey instruments but emphasizes the human side of the project. In particular, he wanted to examine if adverse events, or shocks, that households experience were aggregate or idiosyncratic. PDF LINK "Information-Constrained Optima with Retrading: An Externality and Its Market-Based Solution." Boston, MA: MIT Press, April 2013. Forthcoming from MIT Press (2020). BUY. "The Economics of Platforms in a Walrasian Framework." This investigation proposes a conceptual framework for measurement necessary for an analysis of household finance and economic development.

These include the facts that economics agents are separated in time and space; economic life is full of uncertainty; there are sometimes difficulties of communication among agents; and there can be problems in getting agents to commit to arrangements, the difficulties of costly and limited enforcement. Distributed Ledgers: Design and Regulation of Financial Infrastructure and Payment Systems. Joseph P. Kaboski and Robert M. Townsend. In Ghate, Chetan (ed.) In this book, Townsend combines the theory of general economic equilibrium with the notion that allocations and institutions of a given economy might be Pareto optimal to try to explain various salient features of the medieval village economy. ", "Heterogeneity and Risk-Sharing in Village Economies. 77 Massachusetts Avenue, Room E52-538 Unique in its approach and in the variety of methods and data employed, this book is the first of its kind to provide an in-depth evaluation of the financial system of Thailand, a proto-typical Asian developing economy.

11825, 2017. Upon beginning the Townsend Thai project, the Principal Investigator, Dr. Robert M. Townsend, sought to understand what risks households in a typical village face. Robert M. Townsend. Anil Jain and Robert M. Townsend. ", "Family Firms, Bank Relationships and Financial Constraints: A Comprehensive Score Card. ABSTRACT PDF. ", Integrated Household Surveys: An Assessment of U.S. Methods and an Innovation, "Economic Development, Flow of Funds and the Equilibrium Interaction of Financial Frictions.

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