Demonetisation Decoded: A Critique of India's Currency Experiment

by Jayati Ghosh, C.P. Chandrasekhar, Prabhat Patnaik

On the night of 8 November 2016, at 8:15 pm, India’s Prime Minister, Narendra Modi, announced in a televised broadcast to the nation that with effect from midnight, currency notes of denominations Rs 500 and Rs 1,000 would no longer be legal tender. In one stroke, this involved the de-recognition of over 86 per cent of the value of Indian currency in circulation with only four hours’ notice. This important book provides a quick and concise explanation of the goals, implications, initial effects and the political economy of this major demonetisation move by the Government of India. It clarifies key concepts and offers astute economic analysis to guide the reader through the various claims, arguments and critiques that have been made; highlights the complexities of the processes that have been unleashed; and examines the likely outcomes in the long term as well as those that are immediately evident. Timely and lucid, this book will interest students and researchers in the fields of economics, finance, management, law, politics and governance as well as policy makers, legislators, civil society activists and the media.

Genres: Economics

110 pages, Hardcover

Published March 14, 2017

About the author

Jayati Ghosh is Professor of Economics, University of Massachusetts at Amherst, USA. She was previously Professor of Economics at Jawaharlal Nehru University, New Delhi, India. She has taught and researched for over three decades in areas of development economics, international economics, gender and macroeconomics. She has won several national and international awards for her research and advised governments at different levels, international organisations and social activist groups on economic policy.

Reviews

[Vinod · Rating 3 out of 5]

It is a good resource to get an overview of the Demonetisation episode. Unfortunately, most of the references are newspaper articles. I felt the only "mathematical model" included in the book was poor and also unnecessary.

[Debarun · Rating 2 out of 5]

Too journalistic.

[Mohd Rahman]

The authors have really worked very hard bring forth a content full of rational explanations and economic fallacies.

[Nida]

A great attempt into excavating a camouflage event of the current political dispensation supported by factual pieces of evidence.