Affiliation:
1. Amartya Lahiri is Royal Bank Faculty Research Professor, Vancouver School of Economics, University of British Columbia, Vancouver, British Columbia, Canada. His email address is )
Abstract
On November 8, 2016, India demonetized 86 percent of its currency in circulation. The stated objectives of the move were to seize undeclared income, to destroy counterfeit currency, to speed up formalization of the economy, and to increase the tax base. I find that the evidence over the subsequent three years suggests that the move had limited success in achieving its stated objectives. Disaggregated data suggests that demonetization did have appreciable costs in terms of lost jobs and output. However, the output costs appear to have been temporary.
Publisher
American Economic Association
Subject
Economics and Econometrics,Economics and Econometrics
Cited by
62 articles.
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