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, Sumit Agarwal National University of Singapore , Singapore Search for other works by this author on: Oxford Academic Pulak Ghosh Search for other works by this author on: Oxford Academic Jing Li Singapore Management University , Singapore Search for other works by this author on: Oxford Academic Tianyue Ruan National University of Singapore , Singapore Send correspondence to Tianyue Ruan, tianyue.ruan@nus.edu.sg. Search for other works by this author on: Oxford Academic
The Review of Financial Studies, hhae005, https://doi.org/10.1093/rfs/hhae005
Published:
09 March 2024
Article history
Received:
22 August 2022
Editorial decision:
02 December 2023
Published:
09 March 2024
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Sumit Agarwal, Pulak Ghosh, Jing Li, Tianyue Ruan, Digital Payments and Consumption: Evidence from the 2016 Demonetization in India, The Review of Financial Studies, 2024;, hhae005, https://doi.org/10.1093/rfs/hhae005
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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.
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