Annual Conference

|

Economic Transformation of Asia, Senior Fellows/Fellows

|

May 2019

Digital Payments Induce Over-Spending: Evidence from the 2016 Demonetization in India

Sumit AGARWAL, Pulak GHOSH, Jing LI, Tianyue RUAN
We examine the impact of digital payments on consumer spending by exploiting a forced switch to digital payments induced by the 2016 Indian Demonetization. This policy resulted in a 86% decline in the cash that could be used for spending transactions and led cash-dependent consumers to adopt digital...
Keywords: digital payments, overspending, Demonetization, India
  • View
  • Download
  • Bookmark
  •    |   

Webinar Series

|

Capital Market Development: China and Asia

|

Jul 2021

Digital Payments and Consumption: Evidence from the 2016 Demonetization in India

Pulak GHOSH, Jing LI, Tianyue RUAN, Sumit AGARWAL
We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Usage of digital payments rose by 3.38 percentage points and monthly spending increased by 3% for an ad...
Keywords: digital payments, financial technology, Consumption, India, Demonetization
  • View
  • Download
  • Bookmark
  •    |   

Specialty Conference

|

Specialty Conference, Senior Fellows/Fellows

|

Nov 2018

Digital Money: Private versus Public

Barry EICHENGREEN
Both proponents and opponents of central bank digital currency have suggested that it would fundamentally change the macroeconomy. This column questions this paradigm, arguing that the introduction of such a currency need not alter the allocation nor the price system. Concerns about central bank dig...
Keywords: Central bank digital currency, Investment, bank runs
  • View
  • Download
  • Bookmark
  •    |   

Annual Conference

|

International Macroeconomics, Money & Banking

|

May 2021

Digital Money as a Unit of Account and Monetary Policy in Open Economies

Daisuke IKEDA
Further progress in digital money, electronically stored monetary value, may enable pricing in units of any currency in any country. This paper studies monetary policy in such a world, using a two- country open economy model with nominal rigidities. The findings are three-fold. First, domestic monet...
Keywords: Digital money, monetary policy, dollarization
  • View
  • Download
  • Bookmark
  •    |   

AMPF Papers

|

Policy Note

|

May 2019

Digital Currencies and Fast Payment Systems

Darrell DUFFIE
  • View
  • Download
  • Bookmark
  •    |