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India’s foreign reserves and global risk

India’s foreign exchange reserves, relative to GDP, have been on the rise. This article examines the motives behind the hoarding of reserves by central banks, and if adequate reserves are held for p...

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Green is good: Risk insights into Indian green stocks

While consistent financial flows towards climate resilience are crucial, there is a recent global trend of withdrawal of investment from ‘green assets’. Given the centrality of potential risk-adju...

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Embracing the melody of dissent: A symphony in policymaking

In recent times, members of the Monetary Policy Committee of the Reserve Bank of India, have expressed views that are contrary to the MPC’s official stance. This article investigates the influence o...

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The demonetisation boondoggle

In this article, Amartya Lahiri, Professor of Economics at the University of British Columbia, argues that all public policy must rely on a clear-headed cost-benefit analysis and the recent demonetisa...

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why demonetisation?

In this article, Sarmistha Pal, Chair in Financial Economics at the University of Surrey, examines whether the current government’s stance in tackling black money has significantly differed from its...

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Demonetisation and agricultural markets

In this article, Aggarwal and Narayanan contend that demonetisation alone cannot turn agricultural markets cashless. Such a shift would require sustained and focussed effort to expand the reach of for...

  • Perspectives

Consequences of the demonetisation shock

In this article, Sudipto Mundle, Emeritus Professor at NIPFP, contends that we are likely to see a significant dip in economic activity till January 2017 or even till the end of the current financial...

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Notes ban: Modinomics vs. Moditics

Maitreesh Ghatak, Professor of Economics at the London School of Economics, contends that while the ban on high-denomination currency notes is bad economics, it is a brilliant political move.

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Demonetisation and rural cooperative banks

The RBI has barred rural cooperative banks from exchanging or accepting the denotified Rs. 1,000 and 500 notes. In this article, Ajay Vir Jakhar of Bharat Krishak Samaj - a non-partisan association of...

  • Notes from the Field

A monetary economics view of the demonetisation

The demonetised Rs. 1,000 and 500 notes were 86% of the total volume of cash in India. In this article, Ajay Shah, Professor at NIPFP, argues that if a significant scale of firm failure were to come a...

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Going cashless but thinking cash?

In this article, Bappaditya Mukhopadhyay, Professor of Economics and Finance at the Great Lakes Institute of Management, contends that switching from a predominantly cash-based to cashless economy nee...

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Picking up the pieces

In an earlier article , Pronab Sen, Country Director, IGC India Central, examined some of the economic consequences of the recent demonetisation of Rs. 1,000 and 500 notes in India, and concluded that...

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Policymaking in the ‘grey zone’

Prerna Mukharya, Founder of Outline India – a social enterprise that focuses on data collection, impact assessments and evaluation studies, predominantly working with rural populations in remote are...

  • Notes from the Field

Currency shock: Does the gain justify the strain?

On the evening of 8 November, PM Modi announced that 1,000 and 500 rupee notes will cease to be legal tender post-midnight. In this article, Parikshit Ghosh, Associate Professor of Economics at the D...

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Kisan Credit Card programme: Expanded access to credit or expansion of credit?

Kisan Credit Card programme - a key reform in agricultural lending in India - has been operational for almost 20 years now. However, there is little empirical evidence of its impact on intended benefi...

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Joshua Aizenman

University of Southern California

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Gazi Salah Uddin

Linköping University, Sweden

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Jamel Saadaoui

University Paris 8

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Irfan Qureshi

Asian Development Bank

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Donghyun Park

Asian Development Bank

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Debasis Rooj

FLAME University

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Reshmi Sengupta

FLAME University

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Ramcharan School of Leadership; MIT WP Univ

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