The real lesson of India’s demonetization: Bad economics can be good politics. - AEI


AEI reports:
A year after Prime Minister Narendra Modi suddenly extinguished nearly 90% of India's currency by value by invalidating the country's two highest denomination currency bills, Indians are still debating the merits of the move. At this point, the economic consensus - barring a handful of experts with close links to the Indian government or the ruling Bharatiya Janata Party - appears overwhelming. Demonetization, as the policy is popularly known, was a risky and destabilizing move that caused vast economic damage for little tangible gain.
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