Digital Payments and Consumption: Evidence from the 2016 Demonetization in India
利用2016年印度废钞运动导致的数字支付使用差异，研究发现数字支付使用率每增加2.94个百分点，月消费支出增加2.38%，且效应持续，并非由替代购买或收入冲击等驱动。
Abstract We study how consumer spending responds to digital payments, using the differential switch to digital payments across consumers induced by the sudden 2016 Indian Demonetization for identification. Digital payment use rose by 2.94 percentage points and monthly spending increased by 2.38% for an additional 10 percentage points in prior cash dependence. Spending remained elevated even when cash availability recovered. Robustness analyses show that the spending response is not driven by purchase substitution, income shocks, credit supply, or price changes. We provide causal evidence that digital payments increase consumer spending due to subdued endowment effects.