Understanding Demonetization in India: A Deft Stroke of Economic Policy
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This book examines the very concept, history, critique, and impact on the overall economy and black money, the move toward less-cash economy and digitalization, government-RBI relations, along with an assessment of two years of demonetization. Demonetization has created a severe macroeconomic shock. The measure was humungous in scale and led to a sharp contraction in money supply for a short period. Although demonetization's proponents have contended that it would cleanse the economy of black money and make transactions more formal and digital, its implementation certainly could have been better. The effects of demonetization on the Indian economy are debatable and will vary by sector. Its effectiveness will be talked about and studied by economists and policy makers for decades to come. Demonetization has made only a minor dent in the GDP. It has helped to bring more people into the tax net and has reduced the size of the informal economy. With the increased use of digital payments, economic transactions become recorded. This book examines the very concept, history, critique, and impact on the overall economy and black money, the move toward less-cash economy and digitalization, government-RBI relations, along with an assessment of two years of demonetization. It would be prudent for the government to focus more on proper institutional reforms to address the issues originating from demonetization. Cover Understanding Demonetization in India Copyright Contents Preface Acknowledgments Chapter 1: Introduction to Demonetization Chapter 2: Functions and Importance of Money Chapter 3: Demand for Money Chapter 4: Supply of Money Chapter 5: Relationship between Money and Prices Chapter 6: Demonetization in Other Countries Chapter 7: History of Demonetization in India Chapter 8: Recent Demonetization of Indian Currency Chapter 9: Demonetization in India: A Critique Chapter 10: Impact on Indian Economy Chapter 11: Demonetization and Black Economy Chapter 12: Demonetization as a Move to a Less-Cash Economy Chapter 13: Relation between Union Government and the Reserve Bank of India Chapter 14: The Ongoing Debate and Political Economy Chapter 15: An Epilogue: Two Years Later References About the Author Index Ad Page Back Cover
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