Modi praised for demonetizing India

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On the same day Donald Trump was elected President of the United States, the nation of India was stunned by a shock of a different kind. On National TV, Prime Minister Narendra Modi announced an end to the two largest and most frequently used bills, the 500 rupee and 1000 rupee notes — which comprise 86 percent of outstanding cash in the country. Was it smart? Reckless? Could the US escape the "curse of cash?"

Photo by Satish Krishnamurthy

Kenneth Rogoff is professor of economics and public policy at Harvard. His book, The Curse of Cash: How Large-Denomination Bills Aid Crime and Tax Evasion and Constrain Monetary Policy, has just been reissued in paperback.




Warren Olney