Effects of Forced Formalization (Demonetization) in the Indian Economy

Nischal Dhungel

Economics Policy Note Archive from Levy Economics Institute

Abstract: Nischal Dhungel examines the impact of India's demonetization experiment--an effort at "forced formalization" of the economy. He urges a more organic approach to formalization, pairing efforts to bring the unbanked population into the banking system with greater funding and accessibility for India's signature employment guarantee program.

Date: 2023-08
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