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首页> 外文期刊>Journal of Asian Economics >Do households care about cash? Exploring the heterogeneous effects of India's demonetization
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Do households care about cash? Exploring the heterogeneous effects of India's demonetization

机译：家庭关心现金吗？ 探索印度恶魔化的异质效果

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摘要

The recent demonetization exercise in India is a unique monetary experiment that made 86 percent of the total currency in circulation invalid. In a country where the currency in circulation constitutes 12 percent of GDP, the policy turned out to be a purely exogenous macroeconomic shock that affected all agents of the economy. This paper documents the impact of this macroeconomic shock on households. By construction, the policy helped households with bank accounts in disposing of the demonetized cash. We use a new household-level data set to tease out the effects of this policy on households with no bank accounts relative to households with bank accounts. Our results show that the impact of demonetization on household income and expenditure has been transient. We find that households with no bank accounts experienced a significant decrease in expenditure in November and December-2016. We find a slight decline in income in November-2016 but the effect dissipates thereafter. There is significant heterogeneity in the impact across households in different asset quartiles. We also show evidence of recovery of household finances whereby households were able to smooth out consumption during the post-demonetization period. However, this recovery phase is associated with an increase in household borrowing from different sources. In particular, informal borrowing (e.g. money lenders and shops) increased during this period. (c) 2020 Elsevier Inc. All rights reserved.
机译：最近印度的天文化练习是一个独特的货币实验，使得86％的流通汇率无效。在流通货币占GDP的12％的国家，该政策旨在成为影响所有经济代理的纯外源性宏观经济震撼。本文记录了这种宏观经济震荡对家庭的影响。通过施工，政策帮助家庭与银行账户处置制定明确的现金。我们使用新的家庭级数据集，取消本政策对家庭的影响，没有银行账户与银行账户的家庭。我们的研究结果表明，天文化对家庭收入和支出的影响一直是短暂的。我们发现，没有银行账户的家庭在11月和2016年12月至12月的支出下降。我们在2016年11月至2016年发现收入略有下降，但此后该效果消散了。不同资产四分位数的家庭的影响中存在显着的异质性。我们还表明，恢复家庭财务状况的证据，户可在恶魔后期化期间能够平稳消费。然而，这种恢复阶段与来自不同来源的家庭借用的增加有关。特别是，非正式借款（例如金钱贷款人和商店）在此期间增加。 （c）2020 Elsevier Inc.保留所有权利。

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