Cash Is King: The Role of Financial Infrastructure in Digital Adoption
利用印度2016年废钞令导致的现金短缺这一外生冲击，研究发现受影响地区零售借记卡交易量增加12%，且该效应在现金恢复后持续，支持了干中学机制。
Abstract This paper examines whether a one-time, extensive, but temporary shock to cash supply can affect the adoption of digital payments. We exploit the 2016 demonetization episode in India, which overnight discontinued 86% of cash in circulation. Using novel administrative data from retail debit card transactions, we identify a 12% increase in digital payments in areas adversely affected by the cash shortage, which persisted well after the restoration of cash supply. Examining mechanisms, we find a limited role for social networks and stronger support for learning by doing. Further, information frictions hinder the immediate adoption of digital payments. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.