激荡过后的反思:印度“废钞令”探究

Reflection After The Shock:An Inquiry into India’s Demonetization

纵观国际金融界,印度并不是第一个对其货币进行剧烈改革的国家。“废钞令”的颁布和莫迪个人的作风有很大的关系,在印度国内政治斗争激烈、全球经济放缓、腐败和恐怖主义问题积重难返的情况下,莫迪的这一场“金融闪电战”就应运而生了。莫迪企图以一种“以牙还牙”的手段去打击腐败而忽视市场经济与货币流通的特点,其后果必然由普通民众买单。至今据莫迪颁布“废钞令”已两年有余,改革之初的阵痛早已消褪,而背后的经验和教训却值得我们深入思考。

Looking at international finance, India is not the first country to make drastic changes to its currency.The decree has a lot to do with Modi's personal style, and comes at a time of fierce domestic politics, a slowing global economy, corruption and terrorism.Anti-corruption and counter-terrorism have been direct drivers of Modi's move to scrap the cash ban, a decision that has a huge impact on the daily lives of indians, as well as complex implementation issues that affect all areas of cash payments.Modi's attempt to fight corruption with a "tit-for-tat" approach while ignoring the characteristics of market economy and currency circulation is bound to be paid for by ordinary people,as a result of which developing countries should adopt more robust macro-control policies.