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?"

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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.

Credits

Guest:
Kenneth Rogoff - Harvard University - @krogoff

Host:
Warren Olney

Producers:
Sáša Woodruff, Luke Vander Ploeg, Yael Even Or, Devan Schwartz