When Does Cash Matter?

Looking at the economic impact of India’s 2016 demonetization of large denomination rupees, researchers concluded that cash still matters.

Illuminating India’s Shadow Economy

Exceeding a quarter of India’s GDP, their shadow economy depends on a huge volume of cash transactions that their surprise demonetization should diminish.

Why It’s Tough to Demonetize Cash

A surprise announcement on 11/8/16, demonetizing India’s 500- and 1000-rupee notes meant most of the money in the country had to be swapped for new notes.