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Policy Note 2023/4 | August 2023

Effects of Forced Formalization (Demonetization) in the Indian Economy 

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.
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Policy Note 2023/4
Associated Program:
The State of the US and World Economies
Author(s):
Nischal Dhungel
Related Topic(s):
Banking Banking system Banks COVID-19 Currency devaluation Currency revaluation Economic crisis Employment guarantee GDP growth India

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