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Papers | CFSP | Consortium on Financial Systems and Poverty
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Papers

We invite you to explore the papers supported directly by CFSP as well as key papers in the field of financial systems and poverty that were written by Consortium researchers.

A Structural Evaluation of a Large-Scale Quasi-Experimental Microfinance Initiative
Joseph Kaboski, Robert M. Townsend

Winner, 2012 Frisch Medal in Econometrics. This paper uses a structural model to understand, predict, and evaluate the impact of...

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Recent Papers

Using Repayment Data to Test Across Models of Joint Liability Lending
Christian Ahlin, Robert M. Townsend
The Economic Journal | 117 | 517 | F11-F51 | 2008

Theories rationalizing joint liability lending are rich in implications for repayment rates....

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What Can We Learn about Financial Access from U.S. Immigrants? The Role of Country of Origin Institutions and Immigrant Beliefs
Una Okonkwo Osili, Anna Paulson
World Bank Economic Review | 22 | 431-455 | 2008

We find that wealthier and more educated immigrants are more likely to make use of basic...

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Households and the Social Organization of Consumption in Southern Ghana
Christopher Udry, Hyungi Woo
African Studies Review | 50 | 2 | 139-153 | 2007

This article replicates Guyer's finding in Marginal Gains (2004) of a social gradient in...

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Self-Employment in Chile, Long Run Trends and Education and Age Structures Changes
Dante Contreras, Esteban Puentes, Claudia Sanhueza
Estudios de Economía | 34 | 2 | 203-247 | 2007

This paper studies long-term trends of self-employment in Chile. Self-employment is associated...

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Sources of TFP Growth: Occupational Choice and Financial Deepening
Hyeok Jeong, Robert M. Townsend
Economic Theory | 32 | 1 | 179-221 | 2007

This paper explains and measures the sources of total factor productivity (TFP) by developing...

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Leaning Against the Wind
Pierre-Olivier Weill
The Review of Economic Studies | 74 | 1329-1354 | 2007

During financial disruptions, marketmakers provide liquidity by absorbing external selling...

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Statistical Analysis of Rainfall Insurance Payouts in Southern India
Xavier Gine, Robert M. Townsend, James Vickery
American Journal of Agricultural Economics | 89 | 5 | 1248-1254 | 2007

This article uses historical rainfall data to estimate the distribution of payouts on a...

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Financial Deepening, Inequality, and Growth: A Model-Based Quantitative Evaluation
Robert M. Townsend, Kenichi Ueda
Review of Economic Studies | 73 | 1 | 251-293 | 2006

We propose a coherent unified approach to the study of the linkages among economic growth,...

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The Long Run Puzzle of the Real Exchange Rate Volatility
Ricardo Hausmann, Ugo Panizza, Roberto Rigobon
Journal of International Money and Finance | 25 | 1 | 93-124 | 2006

This paper documents large cross-country differences in the long run volatility of the real...

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The Return to Capital in Ghana
Santosh Anagol, Christopher Udry
American Economic Review Papers and Proceedings | 96 | 2 | 388-393 | 2006

We show that the real return to capital in Ghana’s informal sector is high. For farmers...

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