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Cash and the Economy: Evidence from India’s Demonetization

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Cited by:

  1. Lucas A. Mariani & Jose Renato Haas Ornelas & Bernardo Ricca, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," Working Papers Series 576, Central Bank of Brazil, Research Department.
  2. Colin C. Williams, 2023. "A Modern Guide to the Informal Economy," Books, Edward Elgar Publishing, number 18668.
  3. Chor, Davin & Li, Bingjing, 2024. "Illuminating the effects of the US-China tariff war on China’s economy," Journal of International Economics, Elsevier, vol. 150(C).
  4. Kunal Dasgupta & Srinivasan Murali, 2024. "Pandemic containment and inequality in a developing economy," Economic Inquiry, Western Economic Association International, vol. 62(2), pages 837-864, April.
  5. Beyer, Robert C.M. & Franco-Bedoya, Sebastian & Galdo, Virgilio, 2021. "Examining the economic impact of COVID-19 in India through daily electricity consumption and nighttime light intensity," World Development, Elsevier, vol. 140(C).
  6. Arpit Gupta & Anup Malani & Bartosz Woda, 2021. "Inequality in India Declined During COVID," NBER Working Papers 29597, National Bureau of Economic Research, Inc.
  7. Bernardo Ricca & José Renato H. Ornelas & Lucas A. Mariani, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," ERSA Working Paper Series 888, Economic Research Southern Africa.
  8. Bank for International Settlements, 2024. "Faster digital payments: global and regional perspectives," BIS Papers, Bank for International Settlements, number 152.
  9. Swati Dhingra & Fjolla Kondirolli, 2023. "Jobless and Stuck: Youth Unemployment and COVID-19 in India," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 71(3), pages 580-610, September.
  10. Francesco Flaviano Russo, 2022. "Cash thresholds, cash expenditure and tax evasion," Fiscal Studies, John Wiley & Sons, vol. 43(4), pages 387-403, December.
  11. Borgonovo, Emanuele & Caselli, Stefano & Cillo, Alessandra & Masciandaro, Donato & Rabitti, Giovanni, 2021. "Money, privacy, anonymity: What do experiments tell us?," Journal of Financial Stability, Elsevier, vol. 56(C).
  12. Dev, Pritha & Unni, Jeemol, 2024. "Demonetisation and labour force participation in India: The impact of governance and political alignment," Journal of Asian Economics, Elsevier, vol. 94(C).
  13. Zhu, Jialiang & Appiah-Kubi, Michael Akwasi & Li, Zhuoran, 2026. "Once Burned, Twice Shy? Intergenerational Distrust After Ghana’s 1982 Currency Recall," Economics Letters, Elsevier, vol. 259(C).
  14. Matheus C Sampaio & Jose Renato H Ornelas, 2024. "Payment technology complementarities and their consequences on the banking sector: evidence from Brazil's Pix," BIS Papers chapters, in: Bank for International Settlements (ed.), Faster digital payments: global and regional perspectives, volume 127, pages 17-43, Bank for International Settlements.
  15. Giorgio Chiovelli & Stelios Michalopoulus & Elias Papaioannou & Tanner Regan, 2025. "Illuminating the Global South," Working Papers 2025-009, The George Washington University, The Center for Economic Research.
  16. Lewis, Brittany Almquist, 2023. "Creditor rights, collateral reuse, and credit supply," Journal of Financial Economics, Elsevier, vol. 149(3), pages 451-472.
  17. Bricongne, Jean-Charles & Meunier, Baptiste & Macalos, Joao & Milis, Julia & Pical, Thomas, 2026. "Can satellites predict oil demand?," Working Paper Series 3198, European Central Bank.
  18. Somanchi, Anmol, 2021. "Missing the Poor, Big Time: A Critical Assessment of the Consumer Pyramids Household Survey," SocArXiv qmce9, Center for Open Science.
  19. Das, Satadru & Gadenne, Lucie & Nandi, Tushar & Warwick, Ross, 2023. "Does going cashless make you tax-rich? Evidence from India’s demonetization experiment," Journal of Public Economics, Elsevier, vol. 224(C).
  20. Nidhi Aggarwal & Sudha Narayanan, 2023. "The impact of India's demonetization on domestic agricultural trade," American Journal of Agricultural Economics, John Wiley & Sons, vol. 105(1), pages 316-340, January.
  21. Abhradeep Maiti, 2023. "Impact of COVID-19 on individual income in tourism and hospitality industry in India: A difference-in-differences approach," Tourism Economics, , vol. 29(7), pages 1790-1811, November.
  22. d'Aspremont, Alexandre & Ben Arous, Simon & Bricongne, Jean-Charles & Lietti, Benjamin & Meunier, Baptiste, 2025. "Satellites turn “concrete”: Tracking cement with satellite data and neural networks," Journal of Econometrics, Elsevier, vol. 249(PC).
  23. Agur, Itai & Ari, Anil & Dell’Ariccia, Giovanni, 2022. "Designing central bank digital currencies," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 62-79.
  24. Khanna, Gaurav & Mukherjee, Priya, 2023. "Political accountability for populist policies: Lessons from the world’s largest democracy," Journal of Public Economics, Elsevier, vol. 219(C).
  25. Jeemol Unni & Pritha Dev, 2021. "How macroeconomic shocks impact employment: comparison of Gujarat with states in Western India," Journal of Social and Economic Development, Springer;Institute for Social and Economic Change, vol. 23(1), pages 199-211, June.
  26. Agarwal, Sumit & Ghosh, Pulak & Zheng, Huanhuan, 2024. "Consumption response to a natural disaster: Evidence of price and income shocks from Chennai flood," Energy Economics, Elsevier, vol. 131(C).
  27. Edoardo Chiarotti & Nathalie Monnet, 2019. "Hit them in the Wallet! An Analysis of the Indian Demonetization as a Counter-Insurgency Policy," IHEID Working Papers 03-2019, Economics Section, The Graduate Institute of International Studies.
  28. Chen, Jing & Liu, Shenglong & Zhang, Xiaoming, 2025. "Resources coupled with executive authority: Implications of relocating government administrative headquarters for local economic development," World Development, Elsevier, vol. 185(C).
  29. Anirudh Tagat & Mehmet Özmen & Gregory Markowsky, 2024. "Banknote Life in India: A Survival Analysis Approach," Journal of Quantitative Economics, Springer;The Indian Econometric Society (TIES), vol. 22(2), pages 519-545, June.
  30. Ajit Dayanandan & Jai Chander & N. R. V. V. M. K. Rajendra Kumar, 2023. "Size and liquidity of government securities in India," Indian Economic Review, Springer, vol. 58(1), pages 71-90, June.
  31. Zamora-Pérez, Alejandro, 2026. "Who owns crypto in the euro area? Drivers of crypto adoption, payment use, and its interaction with fiat cash," Working Paper Series 3215, European Central Bank.
  32. Ozili, Peterson K, 2023. "Using eNaira CBDC to solve economic problems in Nigeria," MPRA Paper 118805, University Library of Munich, Germany.
  33. Anchal Khandelwal & Abhishek Vajjala & Anirudh Tagat, 2025. "Financial Literacy and Inclusion in India: Evidence from Household-level Data after Demonetization," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 24(3), pages 331-359, September.
  34. Karmakar, Sudipto & Narayanan, Abhinav, 2020. "Do households care about cash? Exploring the heterogeneous effects of India's demonetization," Journal of Asian Economics, Elsevier, vol. 69(C).
  35. Mavuma, David & Kahambwe, Chris, 2026. "Restriction des transactions de devises en espèce et effet potentiel sur le pouvoir d’achat des ménages: cas de la RDC [Restriction of foreign currency cash transactions and its potential effect on household purchasing power: the case of the Democ," MPRA Paper 129279, University Library of Munich, Germany, revised 25 May 2026.
  36. Rösl, Gerhard & Seitz, Franz, 2022. "On the stabilizing role of cash for societies," IMFS Working Paper Series 167, Goethe University Frankfurt, Institute for Monetary and Financial Stability (IMFS).
  37. Fouillet, Cyril & Guérin, Isabelle & Servet, Jean-Michel, 2021. "Demonetization and digitalization: The Indian government's hidden agenda," Telecommunications Policy, Elsevier, vol. 45(2).
  38. Chen, Yutong, 2026. "Digitalization as a double-edged sword: Winning services and losing manufacturing in India," Journal of Development Economics, Elsevier, vol. 179(C).
  39. Costa, Helia & Pisu, Mauro & Shreeti, Vatsala, 2022. "Short Term Cost of Cash and Mobile Financial Services: Evidence from a natural experiment in India," TSE Working Papers 22-1351, Toulouse School of Economics (TSE).
  40. Kalandi Charan Pradhan & Sumit Kumar & Ritik Sharma, 2025. "Adopting Digital Financial Technology in Madhya Pradesh, Central India: Opportunities, Challenges, and Determinants," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 16(2), pages 10599-10638, June.
  41. Yewon Kim & Pradeep K. Chintagunta & Bhuvanesh Pareek, 2022. "Government Policy, Strategic Consumer Behavior, and Spillovers to Retailers: The Case of Demonetization in India," Marketing Science, INFORMS, vol. 41(6), pages 1118-1144, November.
  42. Amlendu Dubey & Juhi Lohani, 2022. "Inflation targeting and price behaviour: evidence from India," Indian Economic Review, Springer, vol. 57(2), pages 265-284, December.
  43. Singh, Vinay Kumar & Ghosh, Sajal, 2021. "Financial inclusion and economic growth in India amid demonetization: A case study based on panel cointegration and causality," Economic Analysis and Policy, Elsevier, vol. 71(C), pages 674-693.
  44. Massimiliano Cologgi, 2023. "The security of retail payment instruments: evidence from supervisory data," Mercati, infrastrutture, sistemi di pagamento (Markets, Infrastructures, Payment Systems) 30, Bank of Italy, Directorate General for Markets and Payment System.
  45. Zeeshan, Mohammad, 2024. "Financial market volatility: Does banking concentration play a role?," Finance Research Letters, Elsevier, vol. 68(C).
  46. Alvarez, Fernando & Argente, David & Jimenez, Rafael & Lippi, Francesco, 2022. "Cash: A Blessing or a curse?," Journal of Monetary Economics, Elsevier, vol. 125(C), pages 85-128.
  47. Hilaire, Alvin & Mahabir, Reshma, 2020. "The great exchange: Rapid demonetization in Trinidad and Tobago," Latin American Journal of Central Banking (previously Monetaria), Elsevier, vol. 1(1).
  48. Yanfei Dong & Jiayin Hu & Yiping Huang & Han Qiu & Yingguang Zhang, 2025. "The use and disuse of FinTech credit: When buy-now-pay-later meets credit reporting," BIS Working Papers 1239, Bank for International Settlements.
  49. Baruah, Prerona, 2022. "Investigating Commodity Price Relations across Wholesale Markets: The Case of Paddy in Chhattisgarh, India," Indian Journal of Agricultural Economics, Indian Society of Agricultural Economics, vol. 0(Number 01), March.
  50. Bajaj, Ayushi & Damodaran, Nikhil, 2022. "Consumer payment choice and the heterogeneous impact of India’s demonetization," Journal of Economic Dynamics and Control, Elsevier, vol. 137(C).
  51. Ngoc Thang Dang & Stelios Andreadakis & Pamela Nika & Monomita Nandy, 2024. "Breaking the Boundaries in the Digital Age: Open Banking and Tax Evasion," IJFS, MDPI, vol. 12(3), pages 1-27, August.
  52. Pushpkiran Singh & Tejas Dave & Ashish B. Joshi, 2024. "Moderating role of Digital Consumer Protection in Impacting the Intention to Use Digital Financial Services," International Review of Management and Marketing, Econjournals, vol. 14(5), pages 222-234, September.
  53. Sumit Agarwal & Pulak Ghosh & Tianyue Ruan & Yunqi Zhang, 2024. "Transient Customer Response to Data Breaches of Their Information," Management Science, INFORMS, vol. 70(6), pages 4105-4114, June.
  54. Arzi Adbi & Matthew Lee & Jasjit Singh, 2024. "Community influence on microfinance loan defaults under crisis conditions: Evidence from Indian demonetization," Strategic Management Journal, Wiley Blackwell, vol. 45(3), pages 535-563, March.
  55. Daniel Jaar & Joao Ritto, 2025. "Informality, Inflation, and Fiscal Progressivity in Developing Countries," Working Papers tecipa-805, University of Toronto, Department of Economics.
  56. Wu, Wentao & Lin, Zhilu & Oghazi, Pejvak & Patel, Pankaj C., 2022. "The impact of demonetization on microfinance institutions," Journal of Business Research, Elsevier, vol. 153(C), pages 1-18.
  57. Chen, Qian & Koch, Christoffer & Richardson, Gary & Sharma, Padma, 2025. "Suspensions of payments and their consequences," Journal of Financial Stability, Elsevier, vol. 78(C).
  58. Tatjana Dahlhaus & Angelika Welte, 2024. "Payment habits during Covid-19: Evidence from high-frequency transaction data," IFC Bulletins chapters, in: Bank for International Settlements (ed.), Granular data: new horizons and challenges, volume 61, Bank for International Settlements.
  59. Shapiro, Daniel & Oh, Chang Hoon & Zhang, Peng, 2023. "Nighttime lights data and their implications for IB research," Journal of International Management, Elsevier, vol. 29(5).
  60. Giulio Cornelli & Jon Frost & Leonardo Gambacorta & Sonalika Sinha & Robert M Townsend, 2024. "The organisation of digital payments in India - lessons from the Unified Payments Interface (UPI)," BIS Papers chapters, in: Bank for International Settlements (ed.), Faster digital payments: global and regional perspectives, volume 127, pages 61-73, Bank for International Settlements.
  61. Alnasaa, Marwa & Gueorguiev, Nikolay & Honda, Jiro & Imamoglu, Eslem & Mauro, Paolo & Primus, Keyra & Rozhkov, Dmitriy, 2022. "Crypto-assets, corruption, and capital controls: Cross-country correlations," Economics Letters, Elsevier, vol. 215(C).
  62. Neha Bairoliya & Areendam Chanda & Jingyi Fang & Fang Yang, 2025. "Household Consumption and Savings over the Life Cycle: The Roles of Demographics and Durables," Working Papers 2537, Federal Reserve Bank of Dallas, revised 15 Jun 2026.
  63. Bappaditya Mukhopadhyay, 2019. "Consumer Confidence and Lasting Effect of Demonetisation," Review of Market Integration, India Development Foundation, vol. 11(1-2), pages 54-92, April.
  64. Chodorow-Reich, Gabriel, 2020. "Regional data in macroeconomics: Some advice for practitioners," Journal of Economic Dynamics and Control, Elsevier, vol. 115(C).
  65. Beyer, Robert C.M. & Jain, Tarun & Sinha, Sonalika, 2023. "Lights out? COVID-19 containment policies and economic activity," Journal of Asian Economics, Elsevier, vol. 85(C).
  66. Agarwal, Sumit & Chua, Yeow Hwee & Ghosh, Pulak & Ghosh, Soumya Kanti & She, Liuyang, 2025. "Mortgages, Subways and Automobiles," Journal of Public Economics, Elsevier, vol. 252(C).
  67. Mariani, Lucas A. & Haas Ornelas, José Renato & Ricca, Bernardo, 2023. "Banks’ Physical Footprint and Financial Technology Adoption," IDB Publications (Working Papers) 12812, Inter-American Development Bank.
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  69. Ashwini Deshpande & Jitendra Singh, 2021. "Dropping Out, Being Pushed out or Can't Get In? Decoding Declining Labour Force Participation of Indian Women," Working Papers 65, Ashoka University, Department of Economics.
  70. Hosain Md Sajjad, 2019. "Demonetization Debate: A Policy Review," Asian Journal of Law and Economics, De Gruyter, vol. 10(2), pages 1-11, August.
  71. Gaurav Khanna & Nicolas Morales & Nitya Pandalai-Nayar, 2022. "Supply Chain Resilience: Evidence from Indian Firms," NBER Working Papers 30689, National Bureau of Economic Research, Inc.
  72. Barros, Fernando & Delalibera, Bruno R. & Neto, Valdemar Pinho & Rangel, Victor, 2025. "Natural disasters and financial technology adoption," Economics Letters, Elsevier, vol. 247(C).
  73. Ayushi Bajaj & Nikhil Damodaran, 2021. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 2021-15, Monash University, Department of Economics.
  74. Sinha Roy, Sutirtha & Van der Weide, Roy, 2022. "Poverty in India Has Declined over the Last Decade But Not As Much As Previously Thought," Policy Research Working Paper Series 9994, The World Bank.
  75. Tanner Regan & Giorgio Chiovelli & Stelios Michalopoulos & Elias Papaioannou, 2023. "Illuminating Africa?," Working Papers 2023-11, The George Washington University, Institute for International Economic Policy.
  76. NP, Abdul Azeez, . "Does demonetisation in India achieve its objectives?," Economic and Regional Studies (Studia Ekonomiczne i Regionalne), John Paul II University of Applied Sciences in Biala Podlaska, vol. 15(3).
  77. Anusorn Minphimai, 2024. "Digital Payment, Household Consumption Behavior, and Financial Literacy," PIER Discussion Papers 219, Puey Ungphakorn Institute for Economic Research.
  78. Chen, Kong-Pin & Yang, Jui-Chung & Yang, Tzu-Ting, 2022. "JUE insight: Demand for transportation and spatial pattern of economic activity during the pandemic," Journal of Urban Economics, Elsevier, vol. 127(C).
  79. Woo-Mora, L. Guillermo, 2025. "Populism’s original sin: Short-term populist penalties and uncertainty traps," European Economic Review, Elsevier, vol. 172(C).
  80. Chanda, Areendam & Cook, C. Justin, 2022. "Was India’s demonetization redistributive? Insights from satellites and surveys," Journal of Macroeconomics, Elsevier, vol. 73(C).
  81. Surendran-Padmaja, Subash & Anwer, Md. Ejaz & Aditya, K.S., 2023. "Resilience of the Rural Employment Sector to Economic Shocks in India," Indian Journal of Agricultural Economics, Indian Society of Agricultural Economics, vol. 0(Number 01), March.
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  84. Sinha Roy, Sutirtha & van der Weide, Roy, 2025. "Estimating poverty for India after 2011 using private-sector survey data," Journal of Development Economics, Elsevier, vol. 172(C).
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  86. Garín, Julio & Lastrapes, William D. & Lester, Robert, 2021. "On the welfare effects of phasing out paper currency," European Economic Review, Elsevier, vol. 137(C).
  87. Ayushi Bajaj & Nikhil Damodaran, 2020. "Consumer Payment Choice and the Heterogeneous Impact of India’s Demonetization," Monash Economics Working Papers 07-20, Monash University, Department of Economics.
  88. Raymond Osi Alenoghena & Abayomi Oluwaseun Japinye & Daniel Obioma Ukeagu & Segun Amos Adewale & Adesola Anthony Adedugbe, 2026. "Cash Redesign Shock, Agent Banking and Financial Inclusion in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 10(4), pages 2877-2889, April.
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  90. Lahiri, Amrita & Kier, Alexander & Krishnan, Nanjundi Karthick & Johri, Aditya & Pal, Joyojeet, 2025. "Mobilizing under uncertainty: Political identification, resource activation, and technology adoption among necessity entrepreneurs," Journal of Business Venturing Insights, Elsevier, vol. 24(C).
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